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 ‘Ǧ‘’ͳͲͳǣ  —‹†‡–‘–ƒ”–‹‰ƒ‘‘’‡”ƒ–‹˜‡ tĞůĐŽŵĞƚŽ/ /ƌŽĐŚƵƌĞ tŚĂƚŝƐĂŽŽƉĞƌĂƚŝǀĞ͗WƌŝŶĐŝƉůĞƐΘsĂůƵĞƐ͕tŚŽĞŶĞĨŝƚƐΘ,Žǁ ^ƚĞƉƐƚŽ&ŽƌŵŝŶŐĂŽŽƉĞƌĂƚŝǀĞ ^ƚĂƌƚŝŶŐĂŽŽƉĞƌĂƚŝǀĞ͗^ƚĂŐĞƐ ŽŽƉĞƌĂƚŝǀĞLJͲ>ĂǁƐ͕ĞƚĐ͘ ĞǀĞůŽƉŝŶŐĂ>ĂƐƚŝŶŐĂŶĚĨĨĞĐƚŝǀĞŽŵŵŝƚƚĞĞ <ĞLJƐƚŽ^ƵĐĐĞƐƐĨƵůŽŽƉĞƌĂƚŝǀĞĞǀĞůŽƉŵĞŶƚ

WŚŽƚŽĐƌĞĚŝƚ͗:ƵůŝĂ&ƌĞĞŵĂŶͲtŽŽůƉĞƌƚ

ϭ͘ Ϯ͘ ϯ͘ ϰ͘ ϱ͘ ϲ͘ ϳ͘ ϴ͘




Dear Inquirer, Greetings from the Cooperative Development Institute. Our mission is to build a cooperative economy through the creation and development of successful cooperative enterprises and networks in diverse communities in Massachusetts, New Hampshire, Vermont, Connecticut, Maine, Rhode Island and New York. Our vision of a cooperative economy is of an inter-dependent dense network of enterprises and institutions that allow us to meet our needs through principled democratic ownership, and that care for community, combat injustice and inequity, and promote conscious self-governance. The cooperative economy is embedded within and helps create a cooperative society aware of its place in a cooperative ecology. Our organization provides education, training and technical assistance to existing and start-up cooperatively-structured enterprises in all business sectors: food, housing, energy, agriculture, arts, health, forestry, fisheries, retail, service and more. CDI collaborates with numerous other actors to work toward this vision. Our particular role is to provide direct technical assistance services and training, communicate about the multitude of paths individuals and groups can take toward the vision, and convene meetings that spark further collaboration and development. We help bring the resources and energy together to produce creative, lasting responses to our real human needs. Following is a Co-op 101 Start-Up Packet, a set of materials about cooperatives and the start-up process. Please review the packet materials and complete the Online Request for Assistance form. Completing this form will help us determine how we can best support you in your venture. Please feel free to call us with any questions or concerns and we will be happy to assist you. We wish you the best of luck with your endeavors. Sincerely,

NoĂŠmi Giszpenc Executive Director


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Lilac Drive Co-op in Raymond, NH, the site of the ROC USA launch event in May of 2008. Photo credit: Geoff Forester.

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Birdhaven Blueberry Farm in Southampton, MA

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ϰ͘ƵƚŽŶŽŵLJĂŶĚ/ŶĚĞƉĞŶĚĞŶĐĞͶŽŽƉĞƌĂƚŝǀĞƐĂƌĞ ĂƵƚŽŶŽŵŽƵƐ͕ƐĞůĨͲŚĞůƉŽƌŐĂŶŝnjĂƚŝŽŶƐĐŽŶƚƌŽůůĞĚďLJ ƚŚĞŝƌŵĞŵďĞƌƐ͘/ĨƚŚĞLJĞŶƚĞƌŝŶƚŽĂŐƌĞĞŵĞŶƚƐǁŝƚŚ ŽƚŚĞƌŽƌŐĂŶŝnjĂƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐŐŽǀĞƌŶŵĞŶƚƐ͕ŽƌƌĂŝƐĞ ĐĂƉŝƚĂůĨƌŽŵĞdžƚĞƌŶĂůƐŽƵƌĐĞƐ͕ƚŚĞLJĚŽƐŽŽŶƚĞƌŵƐƚŚĂƚ ĞŶƐƵƌĞĚĞŵŽĐƌĂƚŝĐĐŽŶƚƌŽůďLJƚŚĞŝƌŵĞŵďĞƌƐĂŶĚ ŵĂŝŶƚĂŝŶƚŚĞŝƌĐŽŽƉĞƌĂƚŝǀĞĂƵƚŽŶŽŵLJ͘ ϱ͘ĚƵĐĂƚŝŽŶ͕dƌĂŝŶŝŶŐĂŶĚ/ŶĨŽƌŵĂƚŝŽŶͶ ŽŽƉĞƌĂƚŝǀĞƐƉƌŽǀŝĚĞĞĚƵĐĂƚŝŽŶĂŶĚƚƌĂŝŶŝŶŐĨŽƌƚŚĞŝƌ ŵĞŵďĞƌƐ͕ĞůĞĐƚĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ŵĂŶĂŐĞƌƐĂŶĚ ĞŵƉůŽLJĞĞƐƐŽƚŚĞLJĐĂŶĐŽŶƚƌŝďƵƚĞĞĨĨĞĐƚŝǀĞůLJƚŽƚŚĞ ĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞŝƌĐŽŽƉĞƌĂƚŝǀĞ͘dŚĞLJŝŶĨŽƌŵƚŚĞ ŐĞŶĞƌĂůƉƵďůŝĐͶƉĂƌƚŝĐƵůĂƌůLJLJŽƵŶŐƉĞŽƉůĞĂŶĚ ŽƉŝŶŝŽŶůĞĂĚĞƌƐͶĂďŽƵƚƚŚĞŶĂƚƵƌĞĂŶĚďĞŶĞĨŝƚƐŽĨ ĐŽŽƉĞƌĂƚŝŽŶ͘ ϲ͘ŽŽƉĞƌĂƚŝŽŶĂŵŽŶŐŽŽƉĞƌĂƚŝǀĞƐͶŽŽƉĞƌĂƚŝǀĞƐ ƐĞƌǀĞƚŚĞŝƌŵĞŵďĞƌƐŵŽƐƚĞĨĨĞĐƚŝǀĞůLJĂŶĚƐƚƌĞŶŐƚŚĞŶ ƚŚĞĐŽŽƉĞƌĂƚŝǀĞŵŽǀĞŵĞŶƚďLJǁŽƌŬŝŶŐƚŽŐĞƚŚĞƌ ƚŚƌŽƵŐŚůŽĐĂů͕ŶĂƚŝŽŶĂů͕ƌĞŐŝŽŶĂůĂŶĚŝŶƚĞƌŶĂƚŝŽŶĂů ƐƚƌƵĐƚƵƌĞƐ͘ ϳ͘ŽŶĐĞƌŶĨŽƌŽŵŵƵŶŝƚLJͶtŚŝůĞĨŽĐƵƐŝŶŐŽŶ ŵĞŵďĞƌŶĞĞĚƐ͕ĐŽŽƉĞƌĂƚŝǀĞƐǁŽƌŬĨŽƌƚŚĞƐƵƐƚĂŝŶĂďůĞ ĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞŝƌĐŽŵŵƵŶŝƚŝĞƐƚŚƌŽƵŐŚƉŽůŝĐŝĞƐ ĂĐĐĞƉƚĞĚďLJƚŚĞŝƌŵĞŵďĞƌƐ͘








Šƒ–‹•ƒ‘‘’‡”ƒ–‹˜‡ǫ Š‘‡‡ˆ‹–•ƒ† ‘™ ‘‘’‡”ƒ–‹˜‡•ƒ”‡ǣ ͻ ͻ ͻ

hƐĞƌͲŽǁŶĞĚʹdŚĞƉĞŽƉůĞǁŚŽŽǁŶĂŶĚĨŝŶĂŶĐĞƚŚĞĐŽŽƉĞƌĂƚŝǀĞĂƌĞƚŚŽƐĞǁŚŽƵƐĞƚŚĞĐŽŽƉĞƌĂƚŝǀĞ͘ hƐĞƌͲĐŽŶƚƌŽůůĞĚʹdŚĞƉĞŽƉůĞǁŚŽĐŽŶƚƌŽůƚŚĞĐŽŽƉĞƌĂƚŝǀĞĂƌĞƚŚŽƐĞǁŚŽƵƐĞƚŚĞĐŽŽƉĞƌĂƚŝǀĞ͘ hƐĞƌͲďĞŶĞĨŝƚŝŶŐʹdŚĞĐŽŽƉĞƌĂƚŝǀĞ͛ƐƐŽůĞƉƵƌƉŽƐĞŝƐƚŽƉƌŽǀŝĚĞĂŶĚĚŝƐƚƌŝďƵƚĞďĞŶĞĨŝƚƐƚŽŝƚƐƵƐĞƌƐŽŶƚŚĞďĂƐŝƐŽĨƚŚĞŝƌƵƐĞ͘

^ŽLJŽƵƌĨŝƌƐƚũŽďŝƐƚŽĚĞĐŝĚĞǁŚŽĂƌĞƚŚĞŵĞŵďĞƌƐĂŶĚǁŚĂƚďĞŶĞĨŝƚƐĚŽƚŚĞLJǁĂŶƚĨƌŽŵƚŚŝƐĐŽŽƉĞƌĂƚŝǀĞ͘

‘Ǧ‘’•ƒ”‡‘™‡†„›ǣ ͻ ͻ ͻ

ŽŶƐƵŵĞƌƐ WƌŽĚƵĐĞƌƐͬĨĂƌŵĞƌƐͬĨŝƐŚĞƌƐ tŽƌŬĞƌƐ

ͻ ͻ ͻ

ƵƐŝŶĞƐƐĞƐͬŽƌŐĂŶŝnjĂƚŝŽŶƐ DƵŶŝĐŝƉĂůŝƚŝĞƐͬŐŽǀĞƌŶŵĞŶƚ KƚŚĞƌĐŽͲŽƉƐ

‘‘’‡”ƒ–‹˜‡•„”‹‰–Š‡ˆ‘ŽŽ‘™‹‰–›’‡•‘ˆ„‡‡ˆ‹–•–‘–Š‡‹”‡„‡”•ǣ ͻ ͻ ͻ ͻ ͻ

ŽŶƐƵŵĞƌĐŽͲŽƉƐʹƉƌŽǀŝĚĞƌĞƚĂŝůƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐĨŽƌƚŚĞŝƌĐƵƐƚŽŵĞƌŵĞŵďĞƌƐ WƵƌĐŚĂƐŝŶŐĐŽͲŽƉƐʹƉƵƌĐŚĂƐĞƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐŝŶďƵůŬƚŽƌĞĚƵĐĞŽƌƐŚĂƌĞĐŽƐƚƐĨŽƌŝŶĚŝǀŝĚƵĂůŽƌŽƌŐĂŶŝnjĂƚŝŽŶĂůŵĞŵďĞƌƐ DĂƌŬĞƚŝŶŐĐŽͲŽƉƐʹďƵŝůĚŵĂƌŬĞƚƐĨŽƌŵĞŵďĞƌƐ͛ƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐ͕ŝŵƉƌŽǀĞŵĞŵďĞƌďĂƌŐĂŝŶŝŶŐƉŽǁĞƌ͕ĨĂĐŝůŝƚĂƚĞĚĞůŝǀĞƌLJ ŽĨƉƌŽĚƵĐƚƐƚŽŵĂƌŬĞƚ͕ĂŶĚŝŵƉƌŽǀĞƉƌŽĚƵĐƚƋƵĂůŝƚLJ sĂůƵĞͲĂĚĚĞĚWƌŽĐĞƐƐŝŶŐŽͲŽƉƐʹĂĚĚǀĂůƵĞƚŽŵĞŵďĞƌƐ͛ƉƌŽĚƵĐƚƐƚŽŝŶĐƌĞĂƐĞŵĞŵďĞƌƐ͛ƐŚĂƌĞŽĨƌĞƚĂŝůŵĂƌŬͲƵƉƐ tŽƌŬĞƌĐŽͲŽƉƐʹƉƌŽǀŝĚĞũŽďƐĨŽƌƚŚĞŝƌŵĞŵďĞƌƐĂŶĚƐĞƌǀŝĐĞƐĨŽƌƚŚĞŝƌĐŽŵŵƵŶŝƚŝĞƐ

‹š‡ƒ•‘•Š›‘—‹‰Š–ƒ––‘–ƒ”–ƒ‘Ǧ‘’ǣ ͻ ͻ ͻ ͻ ͻ ͻ

ŽŽƉĞƌĂƚŝǀĞƐĞdžŝƐƚƚŽŵĞĞƚƚŚĞŝƌŵĞŵďĞƌƐ͛ŶĞĞĚƐ͘dŚĞŝƌĨŽĐƵƐŝƐŽŶƐĞƌǀŝĐĞƚŽŵĞŵďĞƌƐ͕ŶŽƚŽŶďƌŝŶŐŝŶŐĂƌĞƚƵƌŶƚŽŝŶǀĞƐƚŽƌƐ͘ ŽŽƉĞƌĂƚŝǀĞŵĞŵďĞƌƐĂƌĞŶŽƚƉĞŶĂůŝnjĞĚĨŽƌǁŽƌŬŝŶŐƚŽŐĞƚŚĞƌŝŶĂĐŽŽƉĞƌĂƚŝǀĞďƵƐŝŶĞƐƐƵŶĚĞƌh^dĂdžŽĚĞ͖ƚŚĞƌĞĨŽƌĞŵĂŶLJ ĐŽŽƉĞƌĂƚŝǀĞƐĞŶũŽLJƚĂdžĂĚǀĂŶƚĂŐĞƐ͘ ŽŽƉĞƌĂƚŝǀĞƐĂƌĞŽǁŶĞĚĂŶĚĐŽŶƚƌŽůůĞĚďLJƚŚĞŝƌŵĞŵďĞƌƐ͘dŚĞLJŚĞůƉŬĞĞƉƌĞƐŽƵƌĐĞƐŝŶƚŚĞŵĞŵďĞƌƐ͛ĐŽŵŵƵŶŝƚLJĂŶĚĂƌĞ ŐƵŝĚĞĚďLJŵĞŵďĞƌƐ͛ǀĂůƵĞƐ͘ ĞĐŝƐŝŽŶƐŵĂĚĞĚĞŵŽĐƌĂƚŝĐĂůůLJďLJƚŚĞŵĞŵďĞƌƐŚŝƉƉƌŽǀŝĚĞĂƐƚƌŽŶŐĚŝƌĞĐƚŝŽŶƚŚĂƚŝƐƐƵƉƉŽƌƚĞĚĂĐƌŽƐƐƚŚĞŽƌŐĂŶŝnjĂƚŝŽŶ͘ WƌŽĨŝƚƐĂƌĞƌĞƚƵƌŶĞĚƚŽŵĞŵďĞƌƐƐŽŵĞŵďĞƌƐďĞŶĞĨŝƚĨƌŽŵƚŚĞďƵƐŝŶĞƐƐƚŚĞLJĚŽǁŝƚŚƚŚĞĐŽŽƉĞƌĂƚŝǀĞ͘ ŽŽƉĞƌĂƚŝǀĞƐĐŽŶƚƌŝďƵƚĞƚŽƚŚĞĞĐŽŶŽŵŝĐƐƚĂďŝůŝƚLJŽĨƚŚĞŝƌĐŽŵŵƵŶŝƚŝĞƐ͘

‘—”‡ƒ•‘•Š›‘—‹‰Š–ƒ––‘Š‹™‹…‡‡ˆ‘”‡–ƒ”–‹‰ƒ‘‘’ǣ ͻ ͻ ͻ ͻ

^ŽŵĞƚŝŵĞƐĐŽŽƉĞƌĂƚŝǀĞƐŚĂǀĞĚŝĨĨŝĐƵůƚLJŐĂŝŶŝŶŐĂĐĐĞƐƐƚŽƚŚĞĐĂƉŝƚĂůƚŚĞLJŶĞĞĚǁŝƚŚŽƵƚďĞŝŶŐĂďůĞƚŽďƌŝŶŐŽŶŝŶǀĞƐƚŽƌƐǁŚŽ ŚĂǀĞĂƐĞĂƚŽŶƚŚĞďŽĂƌĚ͘ ŽŽƉĞƌĂƚŝǀĞƐŶĞĞĚƚŽŝŶǀĞƐƚƚŝŵĞĂŶĚŵŽŶĞLJŝŶƐƵƉƉŽƌƚŝŶŐƚŚĞŝƌĚĞŵŽĐƌĂƚŝĐƉƌŽĐĞƐƐʹĞĚƵĐĂƚŝŶŐŵĞŵďĞƌƐĂďŽƵƚŬĞLJŝƐƐƵĞƐ͕ ŚŽůĚŝŶŐŵĞĞƚŝŶŐƐ͕ĂŶĚƌĞƐƉŽŶĚŝŶŐƚŽŵĞŵďĞƌĐŽŶĐĞƌŶƐ͘dŚŝƐĐĂŶďĞĞdžƉĞŶƐŝǀĞĂŶĚƚŝŵĞĐŽŶƐƵŵŝŶŐ͘ ^ŽŵĞƚŝŵĞƐƚŚĞƌĞĂƌĞůĞŐĂůůŝŵŝƚƐƚŽƚŚĞƐĐŽƉĞŽĨŽƉĞƌĂƚŝŽŶƐŽƌŵĞŵďĞƌƐŚŝƉĨŽƌĂĐŽŽƉĞƌĂƚŝǀĞ͘ ŽŽƉĞƌĂƚŝǀĞƐĂƌĞŽŶůLJĂƐŐŽŽĚĂƐƚŚĞŝƌŵĞŵďĞƌƐĂƐŬƚŚĞŵƚŽďĞ͘tŚĞŶŵĞŵďĞƌƐƐƚŽƉŝŶǀĞƐƚŝŶŐƚŝŵĞĂŶĚĞŶĞƌŐLJ͕ĐŽŽƉĞƌĂƚŝǀĞƐ ĐĂŶƌĞĚƵĐĞƚŚĞďĞŶĞĨŝƚƐƚŚĞLJƉƌŽǀŝĚĞƚŽƚŚĞŝƌŵĞŵďĞƌƐ͘






–‡’•–‘ ‘”‹‰ƒ‘‘’‡”ƒ–‹˜‡ ͳǤ Š›ǫ • •

/ĚĞŶƚŝĨLJƉƌĞůŝŵŝŶĂƌLJŶĞĞĚƐ͕ŽƉƉŽƌƚƵŶŝƚŝĞƐĂŶĚƌĞƐŽƵƌĐĞƐ ŽŶǀĞŶĞĂĐŽƌĞŐƌŽƵƉŽĨŝŶƚĞƌĞƐƚĞĚŝŶĚŝǀŝĚƵĂůƐ

ʹǤ ”‰ƒ‹œ‡ǣ • •

,ŽůĚĂŵĞĞƚŝŶŐŽĨƉŽƚĞŶƚŝĂůŵĞŵďĞƌƐƚŽĚŝƐĐƵƐƐŶĞĞĚƐĂŶĚŽƉƚŝŽŶƐ ^ĞůĞĐƚĂƐƚĞĞƌŝŶŐĐŽŵŵŝƚƚĞĞƚŽĐŽŽƌĚŝŶĂƚĞƚŚĞŐƌŽƵƉ

͵Ǥ ‡•‡ƒ”…Šˆ‡ƒ•‹„‹Ž‹–›ǣ • • •

^ƵƌǀĞLJƉŽƚĞŶƚŝĂůŵĞŵďĞƌƐ ŽŶĚƵĐƚŵĂƌŬĞƚƌĞƐĞĂƌĐŚ WƌĞƉĂƌĞĂĨĞĂƐŝďŝůŝƚLJƐƚƵĚLJ

ͶǤ ‡˜‹‡™ˆ‹†‹‰•ƒ†˜‘–‡–‘‹…‘”’‘”ƒ–‡ǣ • • •

ZĞƉŽƌƚŽŶƚŚĞƌĞƐƵůƚƐŽĨƚŚĞĨĞĂƐŝďŝůŝƚLJƐƚƵĚLJ &ŝůĞĂƌƚŝĐůĞƐŽĨŝŶĐŽƌƉŽƌĂƚŝŽŶ ůĞĐƚĂďŽĂƌĚŽĨĚŝƌĞĐƚŽƌƐĂŶĚĂĚŽƉƚďLJͲůĂǁƐ

ͷǤ Žƒ‹‰ƒ† ‹ƒ…‹‰ǣ • • •

WƌĞƉĂƌĞĂďƵƐŝŶĞƐƐƉůĂŶ ŽŶƚŝŶƵĞƌĞƐĞĂƌĐŚŝŶŐĨŝŶĂŶĐŝŶŐŽƉƚŝŽŶƐ /ĚĞŶƚŝĨLJĨĂĐŝůŝƚLJŽƉƚŝŽŶƐ͕ƉƵƌĐŚĂƐĞĂŶĚůĞĂƐĞĂƌƌĂŶŐĞŵĞŶƚƐ

͸Ǥ ‡…”—‹–‡„‡”•ǣ • • •

WƌĞƉĂƌĞŵĂƚĞƌŝĂůƐĚĞƐĐƌŝďŝŶŐƚŚĞĐŽͲŽƉ͖,ŽůĚŵĞĞƚŝŶŐƐ ƐƚĂďůŝƐŚŵĞŵďĞƌŝŶǀĞƐƚŵĞŶƚŽƉƚŝŽŶƐ ŽŶĚƵĐƚĂŵĞŵďĞƌĞƋƵŝƚLJĚƌŝǀĞ

͹Ǥ ‡…—”‡ˆ‹ƒ…‹‰ǣ •

&ŝŶĂůŝnjĞŽƵƚƐŝĚĞĨŝŶĂŶĐŝŶŐƐŽƵƌĐĞƐĂŶĚƚĞƌŵƐ

ͺǤ ‡‰‹‘’‡”ƒ–‹‘•ǣ • •

,ŝƌĞĂŵĂŶĂŐĞƌ ƐƚĂďůŝƐŚďƵƐŝŶĞƐƐ͊








–ƒ”–‹‰ƒ‘‘’‡”ƒ–‹˜‡ ‡˜‡Ž‘’‡––ƒ‰‡• –ƒ‰‡‡ǣš’Ž‘”ƒ–‹‘ȋ͵Ǧ͸‘–Š•Ȍ džƉůŽƌĞLJŽƵƌŶĞǁďƵƐŝŶĞƐƐŝĚĞĂ͘

&ƵŶĚͲ ƌĂŝƐŝŶŐ

DĞŵďĞƌ ĞǀĞůŽƉŵĞŶƚ

ƵƐŝŶĞƐƐĞǀĞůŽƉŵĞŶƚ

KƌŐĂŶŝnjĂƚŝŽŶĂů ĞǀĞůŽƉŵĞŶƚ



zŽƵǁŝůůŶĞĞĚƚŽ͙ &ŽƌŵĂŶKƌŐĂŶŝnjŝŶŐŽƌ^ƚĞĞƌŝŶŐ ŽŵŵŝƚƚĞĞǁŝƚŚƉĞŽƉůĞǁŚŽ ƌĞƉƌĞƐĞŶƚƚŚĞĐŽŽƉĞƌĂƚŝǀĞ͛Ɛ ƉŽƚĞŶƚŝĂůŵĞŵďĞƌƐ͘/ĚĞŶƚŝĨLJ LJŽƵƌŵŝƐƐŝŽŶĂŶĚĐŽƌĞǀĂůƵĞƐ͘

 

/ĐĂŶƉƌŽǀŝĚĞ͙ DĞĞƚŝŶŐĨĂĐŝůŝƚĂƚŝŽŶ͘

 

LJƚŚĞĞŶĚŽĨƚŚŝƐƐƚĂŐĞLJŽƵ͛ůůŚĂǀĞ͙ ĐŽŵŵŝƚƚĞĚŐƌŽƵƉŽĨƉĞŽƉůĞǁŚŽ ĂŐƌĞĞŽŶǁŚĂƚƚŚĞLJǁĂŶƚƚŚŝƐ ďƵƐŝŶĞƐƐƚŽƐĞůůƚŽǁŚŽŵ͘

ĞĨŝŶĞLJŽƵƌŬĞLJďƵƐŝŶĞƐƐ ĐŽŶĐĞƉƚʹtŚĂƚƉƌŽĚƵĐƚƐĂŶĚ ƐĞƌǀŝĐĞƐŵŝŐŚƚƚŚĞĐŽͲŽƉƐƵƉƉůLJ ƚŚĂƚĐŽƵůĚŵĂŬĞĂƐŝŐŶŝĨŝĐĂŶƚ ĞĐŽŶŽŵŝĐĚŝĨĨĞƌĞŶĐĞŝŶƚŚĞ ůŝǀĞƐŽĨŝƚƐŵĞŵďĞƌƐ͍



DĞĞƚŝŶŐĨĂĐŝůŝƚĂƚŝŽŶ͖



DĂƌŬĞƚƌĞƐĞĂƌĐŚƚŚĂƚƐŚŽǁƐƚŚĞƌĞŝƐĂ ůĂƌŐĞĞŶŽƵŐŚŵĂƌŬĞƚĂŶĚƐƵĨĨŝĐŝĞŶƚ ƉƌŽĚƵĐƚƚŽƐĞůůƚŚĂƚƚŚĞĐŽŽƉĞƌĂƚŝǀĞǁŝůů ďĞĨŝŶĂŶĐŝĂůůLJǀŝĂďůĞĂŶĚŵĂŬĞĂ ƐŝŐŶŝĨŝĐĂŶƚĞĐŽŶŽŵŝĐĐŽŶƚƌŝďƵƚŝŽŶƚŽŝƚƐ ŵĞŵďĞƌƐ͖

ŵĂƌŬĞƚƌĞƐĞĂƌĐŚĂŶĚ ĨĞĂƐŝďŝůŝƚLJĂŶĂůLJƐŝƐŽƌŚĞůƉ ŚŝƌŝŶŐĂŶĚŵĂŶĂŐŝŶŐĂ ĐŽŶƐƵůƚĂŶƚƚŽĂƐƐŝƐƚLJŽƵ͖ ůĞƐƐŽŶƐůĞĂƌŶĞĚďLJŽƚŚĞƌ ƉƌŽũĞĐƚƐĂŶĚƐĂŵƉůĞƉƌŽũĞĐƚ ƉůĂŶƐ͕ŵĂƌŬĞƚƌĞƐĞĂƌĐŚ͕ĂŶĚ ĨĞĂƐŝďŝůŝƚLJĂŶĂůLJƐŝƐ͘

ƌĞĂƚĞĂƉƌŽũĞĐƚĚĞǀĞůŽƉŵĞŶƚ ƉůĂŶĂŶĚďƵĚŐĞƚ͘ ŽŶĚƵĐƚDĂƌŬĞƚZĞƐĞĂƌĐŚƚŽ ĚĞƚĞƌŵŝŶĞƚŚĞŶĞĞĚĨŽƌLJŽƵƌ ĐŽŽƉĞƌĂƚŝǀĞ͛ƐƉƌŽĚƵĐƚƐĂŶĚ ƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉůĞƚĞLJŽƵƌ ĨĞĂƐŝďŝůŝƚLJĂŶĂůLJƐŝƐƚŽƐĞĞŝĨLJŽƵ ŚĂǀĞĂǀŝĂďůĞďƵƐŝŶĞƐƐŝĚĞĂ͘ ^ŚĂƌĞŝŶĨŽƌŵĂƚŝŽŶǁŝƚŚ ƉŽƚĞŶƚŝĂůŵĞŵďĞƌƐĂďŽƵƚLJŽƵƌ ďƵƐŝŶĞƐƐŝĚĞĂ͘



^ĂŵƉůĞŵĞŵďĞƌĞĚƵĐĂƚŝŽŶ ŵĂƚĞƌŝĂůƐ͖

ĐůĞĂƌƉůĂŶĂŶĚďƵĚŐĞƚĨŽƌĞĂĐŚƐƚĂŐĞŽĨ ĚĞǀĞůŽƉŵĞŶƚ͘



'ƌŽǁŝŶŐŝŶƚĞƌĞƐƚĨƌŽŵƉŽƚĞŶƚŝĂů ĐŽŽƉĞƌĂƚŝǀĞŵĞŵďĞƌƐ͘



&ƵŶĚƐƌĂŝƐĞĚƚŽĐŽǀĞƌƚŚĞĐŽƐƚŽĨ ĚĞǀĞůŽƉŵĞŶƚĨŽƌ^ƚĂŐĞKŶĞĂŶĚƐŽŵĞŽĨ ^ƚĂŐĞdǁŽ͗ ΨϬͲΨϭϬ͕ϬϬϬ

ŚĞůƉĐƌĞĂƚŝŶŐƉƌŝŶƚƌĞƐŽƵƌĐĞƐ ĨŽƌƉŽƚĞŶƚŝĂůŵĞŵďĞƌƐ ŝŶĨŽƌŵŝŶŐƚŚĞŵĂďŽƵƚLJŽƵƌ ƉƌŽũĞĐƚ͘ ^ĞĐƵƌĞĨƵŶĚƐĨŽƌ^ƚĂŐĞKŶĞĂŶĚ ďĞŐŝŶĨƵŶĚƌĂŝƐŝŶŐĨŽƌ^ƚĂŐĞ dǁŽ͘



,ĞůƉƚŽŝĚĞŶƚŝĨLJƐŽƵƌĐĞƐĂŶĚ ƌĂŝƐĞĨƵŶĚƐ͘






–ƒ‰‡™‘ǣ—•‹‡••Žƒ‹‰ȋ͵Ǧ͸‘–Š•Ȍ&ŝŐƵƌĞŽƵƚŚŽǁƚŽŵĂŬĞLJŽƵƌďƵƐŝŶĞƐƐŝĚĞĂĂƌĞĂůŝƚLJ͘

&ƵŶĚͲ ƌĂŝƐŝŶŐ

DĞŵďĞƌƐ

ƵƐŝŶĞƐƐĞǀĞůŽƉŵĞŶƚ

KƌŐĂŶŝnjĂƚŝŽŶĂů ĞǀĞůŽƉŵĞŶƚ



zŽƵǁŝůůŶĞĞĚƚŽ͙ ^ĞƚƵƉLJŽƵƌ&ŽƵŶĚŝŶŐŽĂƌĚ͕ ŝŶĐŽƌƉŽƌĂƚĞLJŽƵƌĐŽŽƉĞƌĂƚŝǀĞ͕ ĂŶĚĂĚŽƉƚLJůĂǁƐƚŚĂƚĚĞƐĐƌŝďĞ ŚŽǁLJŽƵǁŝůůǁŽƌŬƚŽŐĞƚŚĞƌ͘

ƌĞĂƚĞĂƵƐŝŶĞƐƐWůĂŶĂŶĚ DĂƌŬĞƚŝŶŐWůĂŶƚŚĂƚĚĞƐĐƌŝďĞƐ ŚŽǁLJŽƵǁŝůůůĂƵŶĐŚLJŽƵƌ ďƵƐŝŶĞƐƐ͕ǁŚĂƚŝƚǁŝůůĐŽƐƚ͕ĂŶĚ ǁŚĞƌĞLJŽƵ͛ůůŐĞƚƚŚĞŵŽŶĞLJ͘ ZĂŝƐĞŵŽŶĞLJ;ĞƋƵŝƚLJͿĨƌŽŵ ŵĞŵďĞƌƐĂŶĚŐĞƚĂůŽĂŶƚŽ ůĂƵŶĐŚLJŽƵƌďƵƐŝŶĞƐƐ͘ ZĞĐƌƵŝƚŵĞŵďĞƌƐĨŽƌLJŽƵƌ ĐŽŽƉĞƌĂƚŝǀĞ͘

^ĞĐƵƌĞĚĞǀĞůŽƉŵĞŶƚĨƵŶĚƐĨŽƌ ^ƚĂŐĞƐdǁŽĂŶĚdŚƌĞĞ͘

 

/ĐĂŶƉƌŽǀŝĚĞ͙ dƌĂŝŶŝŶŐƐĨŽƌLJŽƵƌĨŽƵŶĚŝŶŐ ďŽĂƌĚ͖

 

LJƚŚĞĞŶĚŽĨƚŚŝƐƐƚĂŐĞLJŽƵ͛ůůŚĂǀĞ͙ ůĞŐĂůůLJŝŶĐŽƌƉŽƌĂƚĞĚĐŽŽƉĞƌĂƚŝǀĞ ǁŝƚŚĂƐĞĂƚĞĚďŽĂƌĚ͘



ƵƐŝŶĞƐƐWůĂŶĂŶĚDĂƌŬĞƚŝŶŐWůĂŶ ƐŚŽǁŝŶŐŚŽǁƚŚĞĐŽŽƉĞƌĂƚŝǀĞǁŝůůďĞ ůĂƵŶĐŚĞĚ͘

,ĞůƉĐƌĞĂƚŝŶŐLJŽƵƌůĞŐĂů ĚŽĐƵŵĞŶƚƐĂŶĚŚŝƌŝŶŐĂ ůĂǁLJĞƌƚŽƌĞǀŝĞǁƚŚĞŵ͖



>ĞƐƐŽŶƐůĞĂƌŶĞĚĨƌŽŵŽƚŚĞƌ ƉƌŽũĞĐƚƐĂŶĚƐĂŵƉůĞďŽĂƌĚ ƉŽůŝĐŝĞƐĂŶĚůĞŐĂůĚŽĐƵŵĞŶƚƐ͘ ,ĞůƉĐƌĞĂƚŝŶŐLJŽƵƌƵƐŝŶĞƐƐ WůĂŶĂŶĚDĂƌŬĞƚŝŶŐWůĂŶŽƌ ŚŝƌŝŶŐĂŶĚŵĂŶĂŐŝŶŐĂ ĐŽŶƐƵůƚĂŶƚƚŽĂƐƐŝƐƚLJŽƵ͖ >ĞƐƐŽŶƐůĞĂƌŶĞĚĨƌŽŵŽƚŚĞƌ ƉƌŽũĞĐƚƐĂŶĚƐĂŵƉůĞďƵƐŝŶĞƐƐ ƉůĂŶƐ͘



,ĞůƉǁŝƚŚŽƵƚƌĞĂĐŚƚŽ ƉŽƚĞŶƚŝĂůŵĞŵďĞƌƐ͘



ŶŽƵŐŚŵĞŵďĞƌƐĂŶĚŵŽŶĞLJƚŽůĂƵŶĐŚ LJŽƵƌĐŽŽƉĞƌĂƚŝǀĞ͘



,ĞůƉƚŽŝĚĞŶƚŝĨLJƐŽƵƌĐĞƐĂŶĚ ƌĂŝƐĞĨƵŶĚƐ͘



&ƵŶĚƐƌĂŝƐĞĚƚŽĐŽǀĞƌƚŚĞĐŽƐƚŽĨ ĚĞǀĞůŽƉŵĞŶƚĨŽƌ^ƚĂŐĞdǁŽ͗ ΨΨϭϬ͕ϬϬϬͲΨϯϬ͕ϬϬϬ

zŽƵǁŝůůŶĞĞĚƚŽ͙



/ĐĂŶƉƌŽǀŝĚĞ͙



LJƚŚĞĞŶĚŽĨƚŚŝƐƐƚĂŐĞLJŽƵ͛ůůŚĂǀĞ͙

^ĞƚƵƉŽĨĨŝĐĞĂŶĚŚŝƌĞƐƚĂĨĨ͘



^ƚĂƌƚͲƵƉĂĐĐŽƵŶƚŝŶŐ͕ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ͕ĂŶĚƐƵƉƉŽƌƚ ƐƚĂĨĨŝŶŐ͖



ŶŽĨĨŝĐĞƐĞƚƵƉĂŶĚƐƚĂĨĨĞĚ͘



/ŶŝƚŝĂůƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐƌĞĂĚLJƚŽ ŽĨĨĞƌ͖

DĞŵďĞƌƐ

ƵƐŝŶĞƐƐ ĞǀĞůŽƉŵĞŶƚ

KƌŐĂŶŝnjĂƚŝŽŶĂů ĞǀĞůŽƉŵĞŶƚ



–ƒ‰‡Š”‡‡ǣ‘‘’‡”ƒ–‹˜‡ƒ—…ŠȋʹǦ͸‘–Š•Ȍ'ĞƚƚŚĞďƵƐŝŶĞƐƐƐĞƚƵƉĂŶĚƌĞĂĚLJƚŽŽƉĞŶ͘



^ĂŵƉůĞũŽďĚĞƐĐƌŝƉƚŝŽŶƐĂŶĚ ƉĞƌƐŽŶŶĞůŚĂŶĚŬƐ͖ dƌĂŝŶŝŶŐƐĨŽƌŵĂŶĂŐĞŵĞŶƚ͕ ƐƚĂĨĨ͕ŵĞŵďĞƌƐĂŶĚďŽĂƌĚ͘ ŽŶƚƌĂĐƚĨŽƌĂŶĚŵĂƌŬĞƚ ƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐ͘



>ĞƐƐŽŶƐůĞĂƌŶĞĚďLJŽƚŚĞƌ ƉƌŽũĞĐƚƐ͖ƐĂŵƉůĞŵĂƌŬĞƚŝŶŐ ŵĂƚĞƌŝĂůƐ͘

WƌĞƐĞůůŵĞŵďĞƌƐĂŶĚͬŽƌ ĐƵƐƚŽŵĞƌƐƉƌŽĚƵĐƚƐĂŶĚ ƐĞƌǀŝĐĞƐ͘ KƌŝĞŶƚŶĞǁŵĞŵďĞƌƐƚŽƚŚĞŝƌ ƌŽůĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͘

ƵƐƚŽŵĞƌƐƐŝŐŶĞĚƵƉĨŽƌƉƌŽĚƵĐƚƐĂŶĚ ƐĞƌǀŝĐĞƐ͘



^ĂŵƉůĞDĞŵďĞƌŽƌŝĞŶƚĂƚŝŽŶ ŵĂƚĞƌŝĂůƐ͘



DĞŵďĞƌƐĞĚƵĐĂƚĞĚĂďŽƵƚƚŚĞŝƌƌŝŐŚƚƐ ĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĂƐĐŽͲŽƉŵĞŵďĞƌƐ͘


–ƒ‰‡ ‘—”ǣ —•‹‡•• KƉĞŶƚŚĞĚŽŽƌƐĂŶĚƐƚĂƌƚƉƌŽǀŝĚŝŶŐŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ͘ zŽƵǁŝůůŶĞĞĚƚŽ͙ WƌŽǀŝĚĞƐƚĂĨĨĂŶĚŵĂŶĂŐĞŵĞŶƚ ĞĚƵĐĂƚŝŽŶĂŶĚĞŶŐĂŐĞŝŶ ƐƚƌĂƚĞŐŝĐƉůĂŶŶŝŶŐ͘

 

/ĐĂŶƉƌŽǀŝĚĞ͙ DĞĞƚŝŶŐĨĂĐŝůŝƚĂƚŝŽŶ͖

 

&ŝŶĂŶĐŝĂůƐLJƐƚĞŵƐƐƵƉƉŽƌƚ͖ dƌĂŝŶŝŶŐƐĨŽƌŵĂŶĂŐĞŵĞŶƚ͕ ƐƚĂĨĨ͕ŵĞŵďĞƌƐĂŶĚďŽĂƌĚ͕ ŝŶĐůƵĚŝŶŐŽŶĐŽŶĨůŝĐƚ ŵĂŶĂŐĞŵĞŶƚ͖ ZĞĨĞƌƌĂůƐƚŽĐŽͲŽƉ ƉƌŽĨĞƐƐŝŽŶĂůƐĂŶĚƉĞĞƌ ƐƵƉƉŽƌƚĞƌƐ͖

ǀŝĂďůĞďƵƐŝŶĞƐƐ͕ƵƉĂŶĚƌƵŶŶŝŶŐ͕ ďƌŝŶŐŝŶŐĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƚŽŝƚƐ ŵĞŵďĞƌƐĂŶĚĨƵŶĐƚŝŽŶŝŶŐŝŶĂ ĚĞŵŽĐƌĂƚŝĐ͕ƌĞƐƉŽŶƐŝďůĞŵĂŶŶĞƌ͘

DĞŵďĞƌƐ

ƵƐŝŶĞƐƐ ĞǀĞůŽƉŵĞŶƚ

ŽŶŶĞĐƚŝŽŶƐƚŽŽƚŚĞƌĐŽͲŽƉƐ ŝŶƚŚĞEŽƌƚŚĞĂƐƚĂŶĚďĞLJŽŶĚ͘ WƌŽǀŝĚĞƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐ ŝŶƌĞƐƉŽŶƐĞƚŽŵĞŵďĞƌŶĞĞĚƐ͖ ĞŶŐĂŐĞŝŶƐĂůĞƐĂŶĚŵĂƌŬĞƚŝŶŐ ĂŶĚŽŶŐŽŝŶŐďƵƐŝŶĞƐƐ ĚĞǀĞůŽƉŵĞŶƚ͘



ŶŐĂŐĞŝŶŵĞŵďĞƌĂŶĚďŽĂƌĚ ĞĚƵĐĂƚŝŽŶ͘



DĞŵďĞƌͬĐƵƐƚŽŵĞƌƐƵƌǀĞLJƐ͖



,ĞůƉǁŝƚŚŵĂƌŬĞƚŝŶŐ͖ ^ƵŐŐĞƐƚŝŽŶƐĨŽƌĞdžƉĂŶƐŝŽŶ͕ ĚŝǀĞƌƐŝĨŝĐĂƚŝŽŶ͕ƐƉŝŶͲŽĨĨƐ͕ĞƚĐ͘ dƌĂŝŶŝŶŐ͖ ^ĂŵƉůĞŵĞŵďĞƌĞĚƵĐĂƚŝŽŶ ŵĂƚĞƌŝĂůƐ͕ŶĞǁƐŝƚĞŵƐ͕ĞƚĐ͘

 ŶĚƚĂŬĞƚŝŵĞƚŽĐĞůĞďƌĂƚĞĂŶĚĂĐŬŶŽǁůĞĚŐĞLJŽƵƌĂĐĐŽŵƉůŝƐŚŵĞŶƚƐ͊



LJƚŚĞĞŶĚŽĨƚŚŝƐƐƚĂŐĞLJŽƵ͛ůůŚĂǀĞ͙

ŽŵŵƵŶŝĐĂƚŝŽŶƐƐƵƉƉŽƌƚ͖

KƌŐĂŶŝnjĂƚŝŽŶĂůĞǀĞůŽƉŵĞŶƚ








‡˜‡Ž‘’‹‰›‘—”‘‘’‡”ƒ–‹˜‡ ”–‹…Ž‡•‘ˆ …‘”’‘”ƒ–‹‘ǡ›Ǧƒ™•ǡƒ†‡„‡”•Š‹’‰”‡‡‡–• ŶƐǁĞƌƚŚĞƐĞƋƵĞƐƚŝŽŶƐďĞĨŽƌĞLJŽƵĐŽŶƐƵůƚǁŝƚŚĂŶĂƚƚŽƌŶĞLJƚŽŚĞůƉLJŽƵĚĞƐŝŐŶLJŽƵƌůĞŐĂůĚŽĐƵŵĞŶƚƐ͘

—‹Ž†‹‰Šƒ”‡†‹•‹‘ǡ‹••‹‘ǡƒŽ—‡• ƒ†–”ƒ–‡‰› ͻtŚŽĂƌĞƚŚĞŵĞŵďĞƌƐŽĨƚŚŝƐĐŽŽƉĞƌĂƚŝǀĞ͍tŚĂƚŶĞĞĚƐ ŽĨƚŚĞŝƌƐŝƐƚŚĞĐŽŽƉĞƌĂƚŝǀĞĚĞƐŝŐŶĞĚƚŽŵĞĞƚ͍ ͻ>ŝƐƚƚŚĞĂƐƐƵŵƉƚŝŽŶƐLJŽƵŚŽůĚ͘ ͻ/ĚĞŶƚŝĨLJƚŚĞďůŽĐŬƐĨŽƌŵŽǀŝŶŐĨŽƌǁĂƌĚ͘ ͻ>ŝƐƚƚŚĞĐŽƌĞǀĂůƵĞƐͬƉƌŝŶĐŝƉůĞƐƚŚĂƚŐƵŝĚĞƚŚĞ ĐŽŽƉĞƌĂƚŝǀĞ͘ ͻ,ŽǁĚŽLJŽƵǁĂŶƚƚŚĞǁŽƌůĚƚŽďĞĚŝĨĨĞƌĞŶƚďĞĐĂƵƐĞƚŚĞ ĐŽŽƉĞƌĂƚŝǀĞĞdžŝƐƚƐ͍ ͻtŚĂƚŝƐƚŚĞǀŝƐŝŽŶLJŽƵŚŽůĚĨŽƌƚŚŝƐĐŽŽƉĞƌĂƚŝǀĞ͍ ͻtŚĂƚĚŽLJŽƵǁĂŶƚƚŚĞĐŽŽƉĞƌĂƚŝǀĞƚŽĂĐĐŽŵƉůŝƐŚ͍tŚĂƚ ŝƐŝƚƐŵŝƐƐŝŽŶ͍ ͻtŚŽǁŝůůƐĞƌǀĞĂƐƚŚĞƐƚĂƌƚͲƵƉďŽĂƌĚŽĨĚŝƌĞĐƚŽƌƐ͕ ŽǀĞƌƐĞĞŝŶŐƚŚĞĚĞǀĞůŽƉŵĞŶƚĂĐƚŝǀŝƚŝĞƐ͍

ͻ,ŽǁǁŝůůǀĂĐĂŶĐŝĞƐďĞĨŝůůĞĚ͍ ͻ,ŽǁŽĨƚĞŶǁŝůůƚŚĞďŽĂƌĚŵĞĞƚ͍tŚĂƚƋƵŽƌƵŵŝƐ ƌĞƋƵŝƌĞĚ͍tŚĂƚŵĞĞƚŝŶŐŶŽƚŝĐĞŝƐƌĞƋƵŝƌĞĚ͍ ͻtŝůůƚŚĞƌĞďĞƐƚĂŶĚŝŶŐĐŽŵŵŝƚƚĞĞƐŽĨƚŚĞďŽĂƌĚ͍/ĨLJĞƐ͕ ǁŚĂƚĂƌĞƚŚĞLJĂŶĚǁŚĂƚĂƌĞƚŚĞĨƵŶĐƚŝŽŶƐ͍ ͻtŝůůƚŚĞƌĞďĞŽĨĨŝĐĞƌƐ͍/ĨLJĞƐ͕ǁŚĂƚŽĨĨŝĐĞƐ͕ƚĞƌŵƐ͕ĚƵƚŝĞƐ͕ ƐĞůĞĐƚŝŽŶƉƌŽĐĞƐƐ͍

ƒ’‹–ƒŽ–”—…–—”‡ ͻtŚĂƚǁŝůůLJŽƵƌĐĂƉŝƚĂůƐƚƌƵĐƚƵƌĞďĞ͍;tŝůůLJŽƵŝƐƐƵĞ ƐŚĂƌĞƐŽĨƐƚŽĐŬ͍DĞŵďĞƌƐŚŝƉͬŽŵŵŽŶ͍WƌĞĨĞƌƌĞĚ͍ ,ŽǁŵĂŶLJ͍ƚǁŚĂƚǀĂůƵĞ͍Ϳ ͻtŚĂƚĂƌĞƚŚĞƌŝŐŚƚƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨĞĂĐŚ ƐƚŽĐŬŚŽůĚĞƌ͍ ͻtŝůůƐŚĂƌĞƐĞĂƌŶĚŝǀŝĚĞŶĚƐ͍ ͻtŚĂƚǁŝůůƚŚĞƌĞĚĞŵƉƚŝŽŶƉƌŽĐĞĚƵƌĞďĞ͍

‡„‡”•Š‹’

ƒ–”‘ƒ‰‡‹˜‹†‡†•

ͻtŚŽŝƐĞůŝŐŝďůĞĨŽƌŵĞŵďĞƌƐŚŝƉ͍ ͻtŚĂƚĞƋƵŝƚLJǁŝůůŵĞŵďĞƌƐĐŽŶƚƌŝďƵƚĞ͍ ͻtŝůůŵĞŵďĞƌƐĞĂĐŚŚĂǀĞŽŶĞǀŽƚĞ͍KƌǁŝůůƚŚĞƌĞďĞ ǁĞŝŐŚĞĚǀŽƚŝŶŐ͍ ͻƌĞƚŚĞƌĞĨŝŶĂŶĐŝĂůŽďůŝŐĂƚŝŽŶƐĨŽƌǀŽƚŝŶŐ͍ ͻƌĞĂůůŵĞŵďĞƌƐƚƌĞĂƚĞĚƚŚĞƐĂŵĞ͍KƌĂƌĞƚŚĞƌĞĐůĂƐƐĞƐ ŽĨŵĞŵďĞƌƐ͍ ͻ,ŽǁĐĂŶĂŵĞŵďĞƌƚĞƌŵŝŶĂƚĞŚŝƐͬŚĞƌŵĞŵďĞƌƐŚŝƉ͍ ,ŽǁĐĂŶƚŚĞĐŽŽƉƚĞƌŵŝŶĂƚĞĂŵĞŵďĞƌ͛ƐŵĞŵďĞƌƐŚŝƉ͍

ͻtŚĂƚŝƐƚŚĞďĂƐŝƐĨŽƌĚŝƐƚƌŝďƵƚŝŶŐƉĂƚƌŽŶĂŐĞĚŝǀŝĚĞŶĚƐƚŽ ŵĞŵďĞƌƐ͍

‘ƒ”† ͻtŚŽŝƐĞůŝŐŝďůĞƚŽƐĞƌǀĞŽŶƚŚĞďŽĂƌĚ͍ ͻtŚĂƚĂƌĞƚŚĞŝƌĚƵƚŝĞƐ͍ ͻ,ŽǁŵĂŶLJƐĞĂƚƐƐŚŽƵůĚƚŚĞƌĞďĞ͍ ͻtŝůůLJŽƵŚĂǀĞďŽĂƌĚŵĞŵďĞƌĨƌŽŵŽƵƚƐŝĚĞƚŚĞ ŽƌŐĂŶŝnjĂƚŝŽŶ͍ ͻ,ŽǁůŽŶŐǁŝůůĂďŽĂƌĚŵĞŵďĞƌƐĞƌǀĞ͍ ͻ,ŽǁĂƌĞďŽĂƌĚŵĞŵďĞƌƐĞůĞĐƚĞĚ͍ZĞŵŽǀĞĚ͍ ͻƌĞƚŚĞLJƉĂŝĚ͍ƌĞĞdžƉĞŶƐĞƐƌĞŝŵďƵƌƐĞĚ͍

‡„‡”•Š‹’‡‡–‹‰• ͻ,ŽǁŽĨƚĞŶǁŝůůŵĞŵďĞƌƐŵĞĞƚ͍tŚŽĐĂŶĐĂůůĂƐƉĞĐŝĂů ŵĞĞƚŝŶŐ͍tŚĂƚŶŽƚŝĐĞŝƐƌĞƋƵŝƌĞĚ͍tŚĂƚƋƵŽƌƵŵŝƐ ƌĞƋƵŝƌĞĚ͍ ͻtŚĂƚŝƐƐƵĞƐǁŝůůŵĞŵďĞƌƐĚĞĐŝĚĞ͍ ͻ,ŽǁĐĂŶŵĞŵďĞƌƐǀŽƚĞ͍LJƉƌŽdžLJ͕ďLJŵĂŝů͕ ĞůĞĐƚƌŽŶŝĐĂůůLJ͍ ͻ,ŽǁǁŝůůƚŚĞďLJͲůĂǁƐďĞĂŵĞŶĚĞĚ͍

‡„‡”•Š‹’‰”‡‡‡–• ͻtŚĂƚǁŝůůŵĞŵďĞƌƐƌĞĐĞŝǀĞ͍ ͻtŚĂƚǁŝůůŵĞŵďĞƌƐĂŐƌĞĞƚŽŐŝǀĞ͍ ͻ,ŽǁǁŝůůŵŽŶĞLJĐŚĂŶŐĞŚĂŶĚƐ͍ ͻ,ŽǁǁŝůůƋƵĂůŝƚLJďĞĞǀĂůƵĂƚĞĚ͍ ͻ,ŽǁǁŝůůƚŚĞĂŐƌĞĞŵĞŶƚďĞĞŶĨŽƌĐĞĚ͍ ͻ,ŽǁǁŝůůƚŚĞĂŐƌĞĞŵĞŶƚďĞƚĞƌŵŝŶĂƚĞĚͬƌĞŶĞǁĞĚ͍








‡˜‡Ž‘’‹‰ƒƒ•–‹‰ƒ†ˆˆ‡…–‹˜‡‘‹––‡‡ͳ  ŶĞĨĨĞĐƚŝǀĞ^ƚĞĞƌŝŶŐŽŵŵŝƚƚĞĞǁŝůůďĞƚŚĞĚƌŝǀŝŶŐĨŽƌĐĞďĞŚŝŶĚĂǁĞůůͲŽƌŐĂŶŝnjĞĚĐŽŽƉĞƌĂƚŝǀĞĚĞǀĞůŽƉŵĞŶƚĞĨĨŽƌƚ͘/ƚǁŝůůĂůƐŽ ďĞĂŶŝŵƉŽƌƚĂŶƚŽƌŐĂŶŝnjĂƚŝŽŶĨŽƌĐĂƌƌLJŝŶŐƚŚĞĞĨĨŽƌƚďĞLJŽŶĚƚŚĞƉůĂŶŶŝŶŐƉŚĂƐĞ͘dŚĞƌĞĂƌĞĂĨĞǁďĂƐŝĐLJĞƚŽĨƚĞŶŽǀĞƌůŽŽŬĞĚ ŵĞƚŚŽĚƐĨŽƌƚƵƌŶŝŶŐĂŐƌŽƵƉŽĨǀŽůƵŶƚĞĞƌƐŝŶƚŽĂŶĞĨĨĞĐƚŝǀĞ͕ĞŶĚƵƌŝŶŐŽƌŐĂŶŝnjĂƚŝŽŶ͘

‡Ž‡…–ƒ‡ˆˆ‡…–‹˜‡…Šƒ‹”’‡”•‘ dŚĞŝĚĞĂůĐŚĂŝƌƉĞƌƐŽŶŝƐĂŐŽŽĚŵĞĞƚŝŶŐĨĂĐŝůŝƚĂƚŽƌ͕ƐŬŝůůĞĚĂƚĚĞůĞŐĂƚŝŶŐƚĂƐŬƐĂŶĚŵŽŶŝƚŽƌŝŶŐƉƌŽŐƌĞƐƐ͘dŚĞĐŚĂŝƌƉĞƌƐŽŶƐŚŽƵůĚ ďĞĂƌĞƐƉĞĐƚĞĚŵĞŵďĞƌŽĨƚŚĞĐŽŵŵƵŶŝƚLJ͕ĂďůĞƚŽƐĞƌǀĞĂƐĂƐƉŽŬĞƐƉĞƌƐŽŶĨŽƌƚŚĞƉůĂŶŶŝŶŐĞĨĨŽƌƚ͕ĂŶĚƐŬŝůůĞĚĂƚďƵŝůĚŝŶŐ ĐŽĂůŝƚŝŽŶƐĂŶĚĐŽůůĂďŽƌĂƚŝǀĞĞĨĨŽƌƚƐ͘

—‹Ž†…‘‹––‡‡•‹ŽŽ• ŽŵŵƵŶŝƚLJƉƌŽũĞĐƚƐĐĂŶĨĂůƚĞƌǁŚĞŶĂŬĞLJŝŶĚŝǀŝĚƵĂůůĞĂǀĞƐ͘^ŚĂƌĞƚĂƐŬƐĂŶĚĐƵůƚŝǀĂƚĞƐŬŝůůƐƚŽĞŶƐƵƌĞƚŚĂƚŶŽŽŶĞƉĞƌƐŽŶŝƐ ŝŶĚŝƐƉĞŶƐĂďůĞ͘

•–ƒ„Ž‹•Š•‡–‡‡–‹‰–‹‡• &ƌĞƋƵĞŶƚŵĞĞƚŝŶŐƐĂƚƌĞŐƵůĂƌůLJƐĐŚĞĚƵůĞĚƚŝŵĞƐŐŝǀĞƚŚĞĐŽŵŵŝƚƚĞĞĐŽŶƚŝŶƵŝƚLJĂŶĚƐƚĂďŝůŝƚLJ͘<ĞĞƉŝŶŐLJŽƵƌŵĞĞƚŝŶŐƐĂƚƚŚĞ ƐĂŵĞƚŝŵĞĂŶĚƉůĂĐĞǁŝůůĞŶĐŽƵƌĂŐĞĐŽŶƐŝƐƚĞŶƚĂƚƚĞŶĚĂŶĐĞ͘

‘—‹…ƒ–‡ǡ…‘—‹…ƒ–‡ǡ…‘—‹…ƒ–‡ ^ĞŶĚŝŶŐŽƵƚĂŐĞŶĚĂƐ͕ŵĞĞƚŝŶŐŶŽƚĞƐ͕ĂŶĚďĂĐŬŐƌŽƵŶĚŵĂƚĞƌŝĂůƐŬĞĞƉƐŵĞŵďĞƌƐŝŶĨŽƌŵĞĚĂŶĚƉƌĞƉĂƌĞĚĨŽƌƵƉĐŽŵŝŶŐ ŵĞĞƚŝŶŐƐ͘dŚĞƐĞŵĂŝůŝŶŐƐĂůƐŽůĞŶĚƉƌŽĨĞƐƐŝŽŶĂůŝƐŵƚŽLJŽƵƌĞĨĨŽƌƚƐ͘

ƒ‡‡˜‡”›‡‡–‹‰…‘—– ƚĞĂĐŚŵĞĞƚŝŶŐ͕ŚĂǀĞĂŶĂŐĞŶĚĂĂŶĚƐƚŝĐŬƚŽŝƚ͘^ĞĞƚŚĂƚƚŚĞŐƌŽƵƉŵĂŬĞƐĚĞĐŝƐŝŽŶƐƚŽŵŽǀĞĨŽƌǁĂƌĚĂŶĚƚŚĂƚŵĞŵďĞƌƐůĞĂǀĞ ǁŝƚŚĂƐƐŝŐŶŵĞŶƚƐƚŽďĞĐŽŵƉůĞƚĞĚǁŝƚŚŝŶƐƉĞĐŝĨŝĐƚŝŵĞĨƌĂŵĞƐ͘

‡‡’‡‡–‹‰•…‘…‹•‡ƒ†–‘–Š‡’‘‹– dŚĞƉĞŽƉůĞLJŽƵǁŝůůǁĂŶƚŽŶƚŚĞƐƚĞĞƌŝŶŐĐŽŵŵŝƚƚĞĞĂƌĞŽĨƚĞŶƚŚĞďƵƐŝĞƐƚƉĞŽƉůĞŝŶƚŽǁŶ͘hƐĞƚŚĞŝƌƚŝŵĞǁŝƐĞůLJ͘^ƚĂƌƚĂŶĚĞŶĚ ŵĞĞƚŝŶŐƐƉƌŽŵƉƚůLJ͘<ĞĞƉŵĞĞƚŝŶŐƐůĞƐƐƚŚĂŶŽŶĞŚŽƵƌƵŶůĞƐƐƉĂƌƚŝĐŝƉĂŶƚƐĂŐƌĞĞƚŽĂůŽŶŐĞƌŵĞĞƚŝŶŐ͘ĞĂǁĂƌĞŽĨĚŝƐĐƵƐƐŝŽŶƐ ƚŚĂƚŵĂLJďĞŵŽƌĞĂƉƉƌŽƉƌŝĂƚĞĨŽƌĂůŽŶŐĞƌƚŝŵĞ͘

‡‹ˆ‘”…‡ƒ†…‡Ž‡„”ƒ–‡–Š‡•’‹”‹–‘ˆ…‘ŽŽƒ„‘”ƒ–‹‘ /ĨŵƵůƚŝƉůĞŐƌŽƵƉƐĂƌĞŝŶǀŽůǀĞĚŝŶĂĐŽůůĂďŽƌĂƚŝǀĞĐŽŽƉĞƌĂƚŝǀĞĚĞǀĞůŽƉŵĞŶƚĞĨĨŽƌƚ͕ƚŚĞŶŝƚ͛ƐĞƐƐĞŶƚŝĂůƚŚĂƚĂůůŐƌŽƵƉƐƌĞĐĞŝǀĞ ĐƌĞĚŝƚĨŽƌƚŚĞŝƌƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶƚŚĞĐŽĂůŝƚŝŽŶ͘WƵďůŝĐŝnjĞƚŚĞĚŝǀĞƌƐŝƚLJŽĨƉĞŽƉůĞŝŶǀŽůǀĞĚĂŶĚŵĂŬĞƐƵƌĞƚŚĂƚƐŝŶŐůĞŝŶĚŝǀŝĚƵĂůƐŽƌ ŐƌŽƵƉƐĚŽŶŽƚŐĞƚĐƌĞĚŝƚĨŽƌǁŚĂƚŝƐĂĐŽůůĂďŽƌĂƚŝǀĞĞŶĚĞĂǀŽƌ͘

   ϭ

ĚĂƉƚĞĚĨƌŽŵŽŵŵƵŶŝƚLJŶĞƌŐLJtŽƌŬŬ͗'ƵŝĚĞƚŽƵŝůĚŝŶŐĂ^ƵƐƚĂŝŶĂďůĞĐŽŶŽŵLJ͕ďLJůŝĐĞ,ƵďďĂƌĚĂŶĚůĂLJ&ŽŶŐ͘ZŽĐŬLJDŽƵŶƚĂŝŶ /ŶƐƚŝƚƵƚĞ͗^ŶŽǁŵĂƐƐ͕K͘ϭϵϵϱ͘WƉ͘ϮϮͲϮϯ͘






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‡‡”ƒŽ —‹†‡Ž‹‡•ˆ‘”—……‡•• ͻ ͻ ͻ ͻ ͻ ͻ ͻ ͻ ͻ

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ŽŵŵŝƚƚĞĚƚŽƚŚĞƉƌŽũĞĐƚ DŽƚŝǀĂƚĞĚďLJĂĐŽŵŵŽŶǀŝƐŝŽŶ &ůĞdžŝďůĞƚŚŝŶŬĞƌƐ

”‘ƒˆ‹ƒ…‹ƒŽ’‡”•’‡…–‹˜‡ǡ–Š‡ ’”‘Œ‡…–Šƒ•ǣ

ƵƐŝŶĞƐƐĂĐƵŵĞŶ ĚŝǀĞƌƐŝƚLJŽĨƐŬŝůůƐ /ŶƚĞŐƌŝƚLJ /ŶƚĞƌĞƐƚĞĚŝŶƚŚĞŵŽƐƚǀŝĂďůĞďƵƐŝŶĞƐƐƉŽƐƐŝďůĞ ŽŵŵŝƚŵĞŶƚƚŽƚŚĞƉƌŽũĞĐƚ dŚĞĂďŝůŝƚLJƚŽŐŽǀĞƌŶƚŚĞĐŽͲŽƉ

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ĐŽŵƉĞůůŝŶŐŶĞĞĚ ƐƚƌŽŶŐĐŚĂŵƉŝŽŶ ĐůĞĂƌǀŝƐŝŽŶ ŐŽŽĚďƵƐŝŶĞƐƐŝĚĞĂ

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dŚŽƌŽƵŐŚŵĂƌŬĞƚƵŶĚĞƌƐƚĂŶĚŝŶŐ ,ŽŶĞƐƚŵĂƌŬĞƚƌĞƐĞĂƌĐŚ ĨĨĞĐƚŝǀĞďƵƐŝŶĞƐƐƉůĂŶ ƵĞĚŝůŝŐĞŶĐĞ džŝƚƐƚƌĂƚĞŐLJ ĐŽŶƐĐŝŽƵƐƚƌĂŶƐŝƚŝŽŶĨƌŽŵĚĞǀĞůŽƉŵĞŶƚƚŽŽƉĞƌĂƚŝŽŶ

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