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ƚŚƌĞĂĚĞĚΘĨůĂŶŐĞĚĞŶĚĐŽŶŶĞĐƚŝŽŶƐŝŶŐůĞďĂLJŽŶĞƚͲƐƚLJůĞůŽĐŬĨĂĐŝůŝƚĂƚĞƐĞĂƐĞŽĨƌĞƉĂŝƌĂŶĚͬŽƌŵĂŝŶƚĞŶĂŶĐĞďLJĂůůŽǁŝŶŐƌĞŵŽǀĂůŽĨƚŚĞǀĂůǀĞ
ďŽĚLJĨƌŽŵƚŚĞƉŝƉĞůŝŶĞ͘&ƵůůƉŽƌƚƐĂůůŽǁŵĂdžŝŵƵŵĨůŽǁĂŶĚŵŝŶŝŵƵŵƉƌĞƐƐƵƌĞĚƌŽƉŽƌƚƵƌďƵůĞŶĐĞ͘ZĞĐŽŵŵĞŶĚĞĚĨŽƌĐŽŵŵĞƌĐŝĂůĂŶĚ
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^ƉĞĐŝĨŝĐĂƚŝŽŶ
^ŝnjĞ ϭͬϮΗͲϮΗ
DĂƚĞƌŝĂů hWs͕Ws͕WW
:ŽŝŶƚŶĚ ^ŽĐŬĞƚ͗;E^/͕:/^͕E^͕/EͿͬdŚƌĞĂĚĞĚ͗;EWd͕^Wd͕^W&Ϳͬ
&ůĂŶŐĞĚ͗;ϭϬ<͕ϭϱϬ>Ϳ
tŽƌŬŝŶŐWƌĞƐƐƵƌĞ ϭϱϬW^/
KƉĞƌĂƚŝŽŶdĞŵƉƵƚƵƌĞ Ws;ϬΕϱϱ濎Ϳ͕Ws;ϬΕϵϱ濎Ϳ͕WW;ͲϮϬ濎ΕϭϮϬ濎Ϳ
ŽůŽƌ hWs;ĂƌŬ'ƌĞLJͿ͕Ws;'ƌĞLJͿ͕Ws;/ǀŽƌLJͿ

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ϭ͘^ŵŽŽƚŚŽƉĞŶŝŶŐΘĐůŽƐŝŶŐƚŚĂŶŬƐƚŽĂůŽǁĞƌƚŽƌƋƵĞ
Ϯ͘ϭϬϬйƉƵƌĞǀŝƌŐŝŶŵĂƚĞƌŝĂů͕ĂKϯĨƌĞĞ;ŚĂůŬͿ
ϯ͘hsƌĞƐŝƐƚĂŶƚƉŽǁĚĞƌĂĚĚĞĚ
ϰ͘ϭϬϬйƉƌĞƐƐƵƌĞƚĞƐƚŝŶŐďĞĨŽƌĞůĞĂǀŝŶŐƚŚĞĨĂĐƚŽƌLJ
ϱ͘ĂŶďĞĂƐƐĞŵďůĞĚǁŝƚŚWŶĞƵŵĂƚŝĐͬůĞĐƚƌŝĐĐƚƵĂƚŽƌƐ

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hE/KEEhd^ hWsͬWs
EWdZ hWsͬWs
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ŝŵĞŶƐŝŽŶƐ͗
sĂůǀĞ > / WŽƌƚ
^ŝnjĞ цϯŵŵ цϮŵŵ цϭŵŵ  
ϭͬϮΗ;ϭϱŵŵͿ ϭϭϮ ϮϮ ϭϰ /
ϯͬϰΗ;ϮϬŵŵͿ ϭϭϱ͘ϱ Ϯϳ ϭϵ͘Ϯ
ϭΗ;ϮϱŵŵͿ ϭϯϬ ϯϯ͘ϴ Ϯϰ
ϭ͘ϭͬϰΗ;ϯϮŵŵͿ ϭϰϲ ϰϮ͘ϰ ϯϭ ^ƌ͘EŽ͘ WZd DdZ/>
ϭ͘ϭͬϮΗ;ϰϬŵŵͿ ϭϲϭ͘ϱ ϰϴ͘ϰ ϯϴ͘ϯ ϭ ŽĚLJ hWs
ϮΗ;ϱϬŵŵͿ ϭϳϳ͘ϱ ϲϬ͘ϱ ϰϴ Ϯ Ăůů hWs
Ϯ͘ϭͬϮΗ;ϲϱŵŵͿ ϮϰϮ ϳϯ͘ϱ ϲϭ͘ϲ ϯ ^ƚĞŵ hWs
ϯΗ;ϴϬŵŵͿ Ϯϵϯ ϴϵ ϳϰ ϰ ^ĞĂƚ Wd&
ϰΗ;ϭϬϬŵŵͿ ϯϮϴ ϭϭϱ ϴϵ͘ϱ ϱ >ĞǀĞƌ ^

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͞Ăŝƌ͟DĂŬĞWsϯtzƚƌƵĞͲƵŶŝŽŶďĂůůǀĂůǀĞƐĂƌĞĐŽŶƐƚƌƵĐƚĞĚŽĨ^dDϭϳϴϰǀŝƌŐŝŶhWsƌĞƐŝŶ͘dŚĞƵŶŝƋƵĞĚŽƵďůĞƵŶŝŽŶ͕ǀĂŝůĂďůĞŝŶ
^ŽĐŬĞƚ͕ƚŚƌĞĂĚĞĚΘĨůĂŶŐĞĚĞŶĚĐŽŶŶĞĐƚŝŽŶƐŝŶŐůĞďĂLJŽŶĞƚͲƐƚLJůĞůŽĐŬĨĂĐŝůŝƚĂƚĞƐĞĂƐĞŽĨƌĞƉĂŝƌĂŶĚͬŽƌŵĂŝŶƚĞŶĂŶĐĞďLJĂůůŽǁŝŶŐƌĞŵŽǀĂůŽĨ
ƚŚĞǀĂůǀĞďŽĚLJĨƌŽŵƚŚĞƉŝƉĞůŝŶĞ͘&ƵůůƉŽƌƚƐĂůůŽǁŵĂdžŝŵƵŵĨůŽǁĂŶĚŵŝŶŝŵƵŵƉƌĞƐƐƵƌĞĚƌŽƉŽƌƚƵƌďƵůĞŶĐĞ͘ZĞĐŽŵŵĞŶĚĞĚĨŽƌĐŽŵŵĞƌĐŝĂů
ĂŶĚŝŶĚƵƐƚƌŝĂůĂƉƉůŝĐĂƚŝŽŶƐƐƵĐŚĂƐƐĞǁĂŐĞĂŶĚǁĂƚĞƌƚƌĞĂƚŵĞŶƚ͕ĐŚĞŵŝĐĂůƐ͕ĨŽŽĚƉƌŽĐĞƐƐŝŶŐ͕ƐǁŝŵŵŝŶŐƉŽŽůƐ͕ĞƚĐ͘

WƌĞƐƐƵƌĞͬdĞŵƉĞƌĂƚƵƌĞ
WZ^^hZZd/E' ϭϱϬt͘K͘'͘dϳϯK&
Dy/DhD^Zs/dDWZdhZ ϭϰϬK

^ƉĞĐŝĨŝĐĂƚŝŽŶ
^ŝnjĞ ϭͬϮΗͲϮΗ
DĂƚĞƌŝĂů hWs͕Ws͕WW
:ŽŝŶƚŶĚ ^ŽĐŬĞƚ͗;E^/͕:/^͕E^͕/EͿͬdŚƌĞĂĚĞĚ͗;EWd͕^Wd͕^W&Ϳͬ
&ůĂŶŐĞĚ͗;ϭϬ<͕ϭϱϬ>Ϳ
tŽƌŬŝŶŐWƌĞƐƐƵƌĞ ϭϱϬW^/
KƉĞƌĂƚŝŽŶdĞŵƉƵƚƵƌĞ Ws;ϬΕϱϱ濎Ϳ͕Ws;ϬΕϵϱ濎Ϳ͕WW;ͲϮϬ濎ΕϭϮϬ濎Ϳ
ŽůŽƌ hWs;ĂƌŬ'ƌĞLJͿ͕Ws;'ƌĞLJͿ͕Ws;/ǀŽƌLJͿ

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ϭ͘^ŵŽŽƚŚŽƉĞŶŝŶŐΘĐůŽƐŝŶŐƚŚĂŶŬƐƚŽĂůŽǁĞƌƚŽƌƋƵĞ
Ϯ͘ϭϬϬйƉƵƌĞǀŝƌŐŝŶŵĂƚĞƌŝĂů͕ĂKϯĨƌĞĞ;ŚĂůŬͿ
ϯ͘hsƌĞƐŝƐƚĂŶƚƉŽǁĚĞƌĂĚĚĞĚ
ϰ͘ϭϬϬйƉƌĞƐƐƵƌĞƚĞƐƚŝŶŐďĞĨŽƌĞůĞĂǀŝŶŐƚŚĞĨĂĐƚŽƌLJ 
ϱ͘ĂŶďĞĂƐƐĞŵďůĞĚǁŝƚŚWŶĞƵŵĂƚŝĐͬůĞĐƚƌŝĐĐƚƵĂƚŽƌƐ 


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ϯͬϰΗ;ϮϬŵŵͿ ϭϳϮ Ϯϲ͘ϴϳ ϮϬ ϭ ŽĚLJ hWs
ϭΗ;ϮϱŵŵͿ ϮϬϬ ϯϯ͘ϲϱ Ϯϱ Ϯ Ăůů hWs
ϭ͘ϭͬϰΗ;ϯϮŵŵͿ ϮϬϴ ϰϮ͘ϰϮ ϯϮ ϯ ^ƚĞŵ hWs
ϭ͘ϭͬϮΗ;ϰϬŵŵͿ ϮϮϲ ϰϴ͘ϱϲ ϰϬ ϰ ^ĞĂƚ WD
ϮΗ;ϱϬŵŵͿ Ϯϰϲ ϲϬ͘ϲϯ ϱϬ ϱ >ĞǀĞƌ Ws

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͞Ăŝƌ͟ DĂŬĞ hWsͬ Ws ďƵƚƚĞƌĨůLJ ǀĂůǀĞƐ ĂƌĞ ĐŽŶƐƚƌƵĐƚĞĚ ŽĨ ^dD ϭϳϴϰ ǀŝƌŐŝŶ hWs ƌĞƐŝŶ͘ ŽƚŚ ŵŽĚĞůƐ ŚĂǀĞ ĞdžĐĞůůĞŶƚ ĨůŽǁ
ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐĂŶĚƉƌŽǀŝĚĞĂĐůĞĂƌŝŶĚŝĐĂƚŝŽŶŽĨĚŝƐĐƉŽƐŝƚŝŽŶ͘/ĚĞĂůůLJƐƵŝƚĞĚĨŽƌĨůŽǁĐŽŶƚƌŽůƵƐŝŶŐŵŝŶŝŵĂůƉŝƉŝŶŐƐƉĂĐĞ͘ZĞĐŽŵŵĞŶĚĞĚ
ĨŽƌĐŽŵŵĞƌĐŝĂůĂŶĚŝŶĚƵƐƚƌŝĂůĂƉƉůŝĐĂƚŝŽŶƐƐƵĐŚĂƐƐĞǁĂŐĞĂŶĚǁĂƚĞƌƚƌĞĂƚŵĞŶƚ͕ĐŚĞŵŝĐĂůƐ͕ŵĂƌŝŶĞ͕ĨŽŽĚƉƌŽĐĞƐƐŝŶŐ͕ƐǁŝŵŵŝŶŐƉŽŽůƐ͕

WƌĞƐƐƵƌĞͬdĞŵƉĞƌĂƚƵƌĞ
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:ŽŝŶƚŶĚ &ůĂŶŐĞĚŶĚ;ϭϬ<͕ϭϱϬ>͕WEϭϬͿ
tŽƌŬŝŶŐWƌĞƐƐƵƌĞ ϭϱϬW^/
&ĞĂƚƵƌĞ tĂĨĞƌŽĚLJĞƐŝŐŶͬWsǁŝƚŚWsŝƐĐͬϯϬϰ'ƌĂĚĞ
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ϯ͘ĐŽŶŽŵŝĐĂůůƚĞƌŶĂƚŝǀĞƚŽDĞƚĂůƵƚƚĞƌĨůLJsĂůǀĞ
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ϱ͘ƋƵĂĐƵůƚƵƌĞ
ϲ͘ƋƵĂƌŝƵŵΘŽŽ^ĞƌǀŝĐĞ
ϳ͘WŚĂƌŵĂĐĞƵƚŝĐĂů

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Kz hWs
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>Z',E> ^
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^WZ/E'W/E ϯϬϰ^^
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'Z^d hWs ϮΗ;ϱϬŵŵͿ ϰϵ ϰϲ ϭϱϵ ϭϵ ϰ ϭϮϭ Ϯ ŝƐĐ hWs
K>d ϯϬϰ^^ Ϯ͘ϭͬϮΗ;ϲϱŵŵͿ ϲϰ ϰϮ ϭϳϴ͘ϳ ϭϵ ϰ ϭϯϵ͘ϱ ϯ ^ŚĂĨƚ /^/ϰϭϬ
Ehd hWs ϯΗ;ϴϬŵŵͿ ϴϬ ϰϳ ϭϵϰ͘ϱ ϭϵ ϴ ϭϱϱ ϰ ^ĞĂƚ EZ
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Z/sd ^d/E>^^^d> ϲΗ;ϭϱϬŵŵͿ ϭϰϴ ϲϵ Ϯϳϵ͘ϱ Ϯϰ ϴ Ϯϯϲ͘ϱ
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͞Ăŝƌ͟DĂŬĞ,ŝŐŚƋƵĂůŝƚLJ^ŬŶŝĨĞŐĂƚĞǀĂůǀĞ͕/ŶĞdžƉĞŶƐŝǀĞǀĂůǀĞƐĨŽƌ/ŶĚƵƐƚƌŝĂů͕ŐƌŝĐƵůƚƵƌĂůĂŶĚŽŵŵĞƌĐŝĂůŵĂƌŬĞƚƐ͘/ĚĞĂůĨŽƌƋƵŝĐŬƐŚƵƚͲ
ŽĨĨŝŶůŽǁƉƌĞƐƐƵƌĞŽƌǀĂĐƵƵŵůŝŶĞƐ͘tĞƐƉĞĐŝĂůŝnjĞŝŶĞĐŽŶŽŵŝĐĂůŬŶŝĨĞŐĂƚĞǀĂůǀĞƐǁŚŝĐŚĂƌĞŝĚĞĂůĨŽƌĚƌĂŝŶĂƉƉůŝĐĂƚŝŽŶƐƚŚĂƚƌĞƋƵŝƌĞƋƵŝĐŬ
ƐŚƵƚͲŽĨĨŝŶůŽǁƉƌĞƐƐƵƌĞŽƌǀĂĐƵƵŵƐLJƐƚĞŵƐ͘ƉƉůŝĐĂƚŝŽŶƐŝŶĐůƵĚĞǁĂƐƚĞǁĂƚĞƌĐŽŶƚƌŽů͕ƐĞƉƚŝĐƐLJƐƚĞŵƐ͕ŝƌƌŝŐĂƚŝŽŶ͕ĂƋƵĂĐƵůƚƵƌĞ͕ƉŽŽůƐ͕ƐƉĂƐ͕
/͕ƚĂŶŬĚƌĂŝŶƐ͕ĂŶĚĐĂƌƉĞƚͬĞdžƚƌĂĐƚŝŽŶĞƋƵŝƉŵĞŶƚ͘ĂůůǀĂůǀĞƐ͕ƐǁŝŶŐĐŚĞĐŬǀĂůǀĞƐĂŶĚƐǁŝŶŐͬƐƉƌŝŶŐĐŽŵďŽĐŚĞĐŬ͘
WƌĞƐƐƵƌĞͬdĞŵƉĞƌĂƚƵƌĞ
Dy/DhDWZ^^hZKWE ϭϰϬŬWĂ
Dy/DhDWZ^^hZ>K^ ϮϳϱŬWĂ
t/',d Ϯ͘ϭ<Ő
dŚŝƐǀĂůǀĞŝƐƵƐĞĚĨŽƌĚƌĂŝŶŝŶŐƚŚĞƐƚĂŐŶĂŶƚǁĂƚĞƌŝŶƐŝĚĞŽĨƚŚĞƌĂŝŶǁĂƚĞƌǁĞƚƐLJƐƚĞŵ͘/ƚŝƐĂ
ǀĂůƵĂďůĞƉƵƌĐŚĂƐĞĂůůŽǁŝŶŐƚŚĞƵƐĞƌƚŽƋƵŝĐŬůLJĂŶĚĞĂƐŝůLJĚƌĂŝŶƚŚĞǁĞƚƐLJƐƚĞŵǁŝƚŚŽƵƚŐĞƚƚŝŶŐ
ǁĞƚ͊^ŝŵƉůLJƌĂŝƐĞƚŚĞƉůƵŶŐĞƌƵƉǁĂƌĚƐŚĂŶĚůĞǁŝƚŚĞĂƐĞĂŶĚƚŚĞǁĂƚĞƌĚƌĂŝŶƐĨƌŽŵƚŚĞƐLJƐƚĞŵ
ƋƵŝĐŬůLJ͘dŚĞǀĂůǀĞŝƐϵϬŵŵĚŝĂŵĞƚĞƌŝŶƚĞƌŶĂůůLJĂůůŽǁŝŶŐƚŚĞǁĂƚĞƌƚŽĚƌĂŝŶĂƚŚŝŐŚƐƉĞĞĚ͘dŚŝƐ
ŚĞůƉƐƚŽĨůƵƐŚŽƵƚƚŚĞůĞĂǀĞƐĂŶĚƐůƵĚŐĞǁŚŝĐŚŚĂƐĂĐĐƵŵƵůĂƚĞĚŝŶƚŚĞďŽƚƚŽŵŽĨƚŚĞƉŝƉĞƐ͘
^ŝŵƉůLJŝŶƐƚĂůůĂdͲũƵŶĐƚŝŽŶŝŶƚŽƚŚĞǁĞƚƐLJƐƚĞŵƉŝƉĞǁŽƌŬĂƚƚŚĞůŽǁĞƐƚƉŽŝŶƚƉŽƐƐŝďůĞ͘dŚĞ'ĂƚĞ
sĂůǀĞĐĂŶƚŚĞŶďĞŐůƵĞĚŝŶƚŽƚŚĞũƵŶĐƚŝŽŶ͘&ŽƌďĞƐƚƌĞƐƵůƚƐ͕ĨŝůůƚŚĞǁĞƚƐLJƐƚĞŵĨƌŽŵƚŚĞŐƵƚƚĞƌ
ŽƵƚůĞƚĂŶĚĚƌĂŝŶƚŚĞŐĂƚĞǀĂůǀĞƐĞǀĞƌĂůƚŝŵĞƐƵŶƚŝůƚŚĞǁĂƚĞƌƌƵŶƐŽƵƚĐůĞĂŶĂŶĚĐůĞĂƌ͘
DdZ/>Θ'EZ>^W/&/d/KE^
^ŝnjĞ ϭ͘ϭͬϮΗ;ϱϬŵŵͿ ϮΗ;ϲϯŵŵŽƌϳϱͬϵϬŵŵͿ ϯΗ;ϵϬŵŵͿ ϰΗ;ϭϭϬŵŵͿ ϲΗͬϴΗ;ϭϲϬͬϮϬϬŵŵͿ ϭϬΗͬϭϮΗ
ŽůŽƌ tŚŝƚĞŽƌůĂĐŬ;'ƌĂLJͿ tŚŝƚĞŽƌůĂĐŬ;'ƌĂLJͿ tŚŝƚĞŽƌůĂĐŬ;'ƌĂLJͿ tŚŝƚĞ;'ƌĂLJͿ tŚŝƚĞ;'ƌĂLJͿ tŚŝƚĞ
,ƵďƐ WsŽƌ^;WsͿ WsŽƌ^;WsͿ WsŽƌ^;WsͿ Ws;WsͿ Ws Ws
ŽĚLJ WsŽƌ^;WsͿ WsŽƌ^;WsͿ WsŽƌ^;WsͿ Ws;WsͿ ^ ^
^ŚĂĨƚ ϯϬϰ^^ ϯϬϰ^^ ϯϬϰ^^ ϯϬϰ^^ ϯϬϰ^^ ϯϬϰ^^
WĂĚĚůĞ WŽůLJƉƌŽ WŽůLJƉƌŽŽƌϯϬϰ^^ WŽůLJƉƌŽŽƌϯϬϰ^^ ϯϬϰ^^ ϯϬϰ^^ ϯϬϰ^^
,ĂŶĚůĞ WůĂƐƚŝĐŽƌ WůĂƐƚŝĐŽƌ WůĂƐƚŝĐŽƌ ŝĞĂƐƚů ϯϬϰ^^ ϯϬϰ^^
ŝĞĂƐƚů ŝĞĂƐƚů ŝĞĂƐƚů
^ĞĂůƐ ^ĂƌůŝŶŬ ^ĂƌůŝŶŬ ^ĂƌůŝŶŬ ^ĂƌůŝŶŬ ^ĂƌůŝŶŬ ^ĂƌůŝŶŬ
DĂdžW^/KƉĞŶͬůŽƐĞĚ ϰϱͬϭϬϬ ϰϬͬϴϬ ϯϬͬϯϬ ϮϬͬϰϬ ϭϬͬϮϬ ϭϬͬϭϱ
DŝĚͲ&ůŽǁDĂdžůŽƐŝŶŐ ϲƉƐŝ ϭƉƐŝ;WWͿϭϱƉƐŝ;^^Ϳ ͘ϱƉƐŝ;WWͿϵƉƐŝ;^^Ϳ ϴƉƐŝ Ϯ͘ϱƉƐŝ Ϯ͘ϱƉƐŝ
WƌĞƐƐƵƌĞ
ŝƌLJůŝŶĚĞƌ ZĞŝŶĨŽƌĐĞĚELJůŽŶ DĞƚĂůŽƌZĞŝŶĨŽƌĐĞĚ DĞƚĂůŽƌZĞŝŶĨŽƌĐĞĚ DĞƚĂů DĞƚĂů DĞƚĂů
ELJůŽŶ ELJůŽŶ
EŽƚĞƐ͗ 
sĂĐƵƵŵƉƉůŝĐĂƚŝŽŶƐ͗ϭ͘ϭͬϮΗƚŽϰΗƚĞƐƚĞĚƚŽϮϲ,ƋŝŶ͘ǁŚĞŶƌĞƋƵĞƐƚĞĚďLJĐƵƐƚŽŵĞƌ
DĞƚƌŝĐsĂůǀĞƐĂƌĞ'ƌĂLJWs


^ƌ͘EŽ͘ WZd DdZ/>

ŝŵĞŶƐŝŽŶƐ͗

sĂůǀĞ E >
^ŝnjĞ цϮŵŵ цϯŵŵ
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ϭ͘ϭͬϰΗ;ϯϮŵŵͿ ϯϮ ϲϴ
ϭ͘ϭͬϮΗ;ϰϬŵŵͿ ϰϬ ϵϴ
ϮΗ;ϱϬŵŵͿ ϱϬ ϭϬϴ 
Ϯ͘ϭͬϮΗ;ϲϱŵŵͿ ϲϱ ϭϮϰ
ϯΗ;ϴϬŵŵͿ ϴϬ ϭϮϴ
ϰΗ;ϭϬϬŵŵͿ ϭϬϬ ϭϯϮ /

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͞Ăŝƌ͟DĂŬĞWsďĂůůĐŚĞĐŬǀĂůǀĞƐĂƌĞĐŽŶƐƚƌƵĐƚĞĚŽĨ^dDϭϳϴϰǀŝƌŐŝŶhWsƌĞƐŝŶ͘dŚĞďĂůůƐĞĂůƐďLJŐƌĂǀŝƚLJŝŶƚŚĞǀĞƌƚŝĐĂůƉŽƐŝƚŝŽŶĂŶĚ
ĂƚϮƚŽϰW͘^͘/͘ďĂĐŬƉƌĞƐƐƵƌĞ͕ŝŶƉŽƐŝƚŝŽŶƐŽƚŚĞƌƚŚĂŶǀĞƌƚŝĐĂů͘dŚĞLJĐĂŶďĞĞĂƐŝůLJĐŽŶǀĞƌƚĞĚƚŽĨŽŽƚǀĂůǀĞƐďLJƚŚĞĂĚĚŝƚŝŽŶŽĨĂŶŽƉƚŝŽŶĂů
ƉůĂƐƚŝĐƐĐƌĞĞŶ͘ZĞĐŽŵŵĞŶĚĞĚĨŽƌĐŽŵŵĞƌĐŝĂůĂŶĚŝŶĚƵƐƚƌŝĂůĂƉƉůŝĐĂƚŝŽŶƐǁŚĞƌĞďĂĐŬĨůŽǁƉƌĞǀĞŶƚŝŽŶŝƐĚĞƐŝƌĞĚ͘
WƌĞƐƐƵƌĞͬdĞŵƉĞƌĂƚƵƌĞ
WZ^^hZZd/E' ϭϱϬt͘K͘'͘dϳϯK&
Dy/DhD^Zs/dDWZdhZ ϭϰϬK&
WsƐŝŶŐůĞƵŶŝŽŶĂůůŚĞĐŬsĂůǀĞŝƐĂďĂůůƚLJƉĞŚĞĐŬsĂůǀĞǁŝƚŚƐŝŶŐůĞ

/
ƵŶŝŽŶƐƚƌƵĐƚƵƌĞ͘ƐŝŶŐůĞƵŶŝŽŶĞŶĚŝƐĐŽŶǀĞŶŝĞŶƚĨŽƌŝŶƐƚĂůůĂƚŝŽŶ͕ƚŚĞ 

ƐŽĐŬĞƚĐŽŶŶĞĐƚŝŽŶĂƐƉĞƌƐƚĂŶĚĂƌĚƐŽĨ/E͕E^/͕:/^͕E^͘WsŚĞĐŬ 

sĂůǀĞƐŝŶŐůĞƵŶŝŽŶŝƐŽŶůLJƐƵŝƚĂďůĞĨŽƌǀĞƌƚŝĐĂůŝŶƐƚĂůůĂƚŝŽŶ͘ĂŝƌŽĨĨĞƌ 

dƌƵĞhŶŝŽŶĂůůŚĞĐŬsĂůǀĞWsǁŝƚŚƚŚĞƐƉĞĐŝĨŝĐĂƚŝŽŶƐĂƐĨŽůůŽǁƐ͗

&dhZK&s>s͗ 3RUW
ϭ͘ĂůůŽƌďŝƚĂůĚĞƐŝŐŶůŽǁĞƌƚŚĞǀĂůǀĞůĞĂŬŝŶŐƌŝƐŬ͘
Ϯ͘ŽƵďůĞƵŶŝŽŶĚĞƐŝŐŶĞĂƐLJƚŽƌĞƉůĂĐĞĂŶĚŝŶƐƚĂůůŽĨǀĂůǀĞƐ͘ ^ƌ͘EŽ͘ WZd DdZ/>
ϭ ŽĚLJ hWs
ϯ͘,ŽůůŽǁďĂůůĚĞƐŝŐŶŵĂŬĞƚŚĞǀĂůǀĞƐĞĂůďĞƚƚĞƌ͘
Ϯ Ăůů hWs
ŝŵĞŶƐŝŽŶƐ͗ ϰ͘^ŝŵƉůĞƐƚƌƵĐƚƵƌĞŵĂŬĞŝƚĞĂƐLJƚŽĚŝĂŐŶŽƐĞƉƌŽďůĞŵĂŶĚƌĞƉĂŝƌǀĂůǀĞ͘ ϯ ^ĞĂƚ WD
sĂůǀĞ WŽƌƚ > ϱ͘&ůĂŶŐĞĞŶĚŝƐŽƉƚŝŽŶĂů͘
^ŝnjĞ цϭŵŵ цϮŵŵ DdZ/>^W/&/d/KE
ϭͬϮΗ;ϭϱŵŵͿ Ϯϭ͘ϱϰ ϭϭϴ͘ϰ
WZd DdZ/>
ϯͬϰΗ;ϮϬŵŵͿ Ϯϲ͘ϴϳ ϭϯϰ͘ϰ
ϭΗ;ϮϱŵŵͿ ϯϯ͘ϲϱ ϭϱϱ͘Ϯ ^ƉĞĐŝĨŝĐĂƚŝŽŶ Kz hWs
ϭ͘ϭͬϰΗ;ϯϮŵŵͿ ϰϮ͘ϰϮ ϭϳϭ hE/KEEhd hWs
ϭ͘ϭͬϮΗ;ϰϬŵŵͿ ϰϴ͘ϱϲ ϭϴϳ ^ŝnjĞ EϭϱΕEϴϬ;ϭͬϮ/ŶĐŚΕϯ/ŶĐŚͿ EWdZ hWs
ϮΗ;ϱϬŵŵͿ ϲϬ͘ϲϯ ϮϬϯ ŽĚLJDĂƚĞƌŝĂů WsͲh͕WsͲ͕WWͲ, &/>dZ hWs
Ϯ͘ϭͬϮΗ;ϲϱŵŵͿ ϳϯ͘ϯϴ Ϯϳϲ ^ĞĂůDĂƚĞƌŝĂů WD
ϯΗ;ϴϬŵŵͿ ϴϵ͘ϯϭ ϯϬϳ
>> hWs
ϰΗ;ϭϬϬŵŵͿ ϭϭϰ͘ϳϲ ϯϵϲ
^ŽĐŬĞƚŽŶŶĞĐƚŝŽŶ /E͕E^/͕:/^͕E^ ^d WD
ϲΗ;ϭϱϬŵŵͿ ϭϲϲ͘Ϯ ϰϯϮ ĞƐŝŐŶWƌĞƐƐƵƌĞ ϭ͘ϬDƉĂ;WEϭϬĂƌͿ '>E hWs

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WZKhd^Z/Wd/KE 

͞Ăŝƌ͟DĂŬĞ&ŽŽƚsĂůǀĞŝƐĂůƐŽŶĂŵĞĚďŽƚƚŽŵǀĂůǀĞ͕ŝƚƉƌĞǀĞŶƚŵĞĚŝƵŵďĂĐŬĨůŽǁ͕ŵĂŝŶůLJƵƐĞĚŝŶ 

ƉƵŵƉƐĂŶĚŽƚŚĞƌĞƋƵŝƉŵĞŶƚ͘&ŽŽƚǀĂůǀĞŝƐĂƐŽĐŬĞƚĐŽŶŶĞĐƚŝŽŶĨŽŽƚǀĂůǀĞ͕ďĂůůƚLJƉĞĨƌŽŵƐŝnjĞϭͬϮΗƚŽ
ϴΗ͕ŵĂƚĞƌŝĂůŵĂĚĞďLJWsĂŶĚWW͘^ŽĐŬĞƚĞŶĚĂƐƉĞƌƐƚĂŶĚĂƌĚ/E͕E^/͕:/^͕E^͘Ws&ŽŽƚsĂůǀĞŝƐ 3RUW

ǁŝĚĞůLJƵƐĞĚŝŶǁĂƚĞƌƚƌĞĂƚŵĞŶƚ͕ĂŐƌŝĐƵůƚƵƌĞŝƌƌŝŐĂƚŝŽŶĂŶĚǁĂƚĞƌƐƵƉƉůLJ͘
,'
‘'
&ŽŽƚǀĂůǀĞŚĂƐƚŚĞĨŽůůŽǁŝŶŐƐƉĞĐŝĨŝĐĂƚŝŽŶƐĂŶĚĨĞĂƚƵƌĞƐ͗
ŝŵĞŶƐŝŽŶƐ͗
^ƉĞĐŝĨŝĐĂƚŝŽŶ sĂůǀĞ WŽƌƚ / T
^ŝnjĞ цϭŵŵ цϮŵŵ цϮŵŵ
^ŝnjĞ EϭϱΕEϴϬ;ϭͬϮ/ŶĐŚΕϯ/ŶĐŚͿ ϯͬϰΗ;ϮϬŵŵͿ Ϯϲ͘ϱϳ Ϯϲ͘ϴϳ ϯϱ
ϭΗ;ϮϱŵŵͿ ϯϯ͘Ϯϳ ϯϯ͘ϲϱ ϰϯ
ŽĚLJDĂƚĞƌŝĂů WsͲh͕WsͲ͕WWͲ, ϭ͘ϭͬϰΗ;ϯϮŵŵͿ ϰϮ͘Ϭϰ ϰϮ͘ϰϮ ϱϯ
ϭ͘ϭͬϮΗ;ϰϬŵŵͿ ϰϴ͘ϭϭ ϰϴ͘ϱϲ ϲϮ
^ĞĂůDĂƚĞƌŝĂů WD ϮΗ;ϱϬŵŵͿ ϲϬ͘ϭϳ ϲϬ͘ϲϯ ϳϱ
^ŽĐŬĞƚŽŶŶĞĐƚŝŽŶ /E͕E^/͕:/^͕E^ Ϯ͘ϭͬϮΗ;ϲϱŵŵͿ ϳϮ͘ϴϱ ϳϯ͘ϯϴ
ϯΗ;ϴϬŵŵͿ ϴϴ͘ϳϬ ϴϵ͘ϯϭ
ϵϭ
ϭϭϬ
ĞƐŝŐŶWƌĞƐƐƵƌĞ ϭ͘ϬDƉĂ;WEϭϬĂƌͿ ϰΗ;ϭϬϬŵŵͿ ϭϭϰ͘ϭ ϭϭϰ͘ϳϲ ϭϯϱ
ϲΗ;ϭϱϬŵŵͿ ϭϲϰ͘ϲ ϭϲϲ͘Ϯ ϭϵϯ
&dhZK&s>s͗
ϭ͘^ŝŶŐůĞƵŶŝŽŶďĂƐŬĞƚĚĞƐŝŐŶĞĂƐLJƚŽƌĞƉůĂĐĞƚŚĞŝŶŶĞƌƉĂƌƚƐŽĨǀĂůǀĞƐ͘ ^ƌ͘EŽ͘ WZd DdZ/>
Ϯ͘,ŽůůŽǁďĂůůĚĞƐŝŐŶŵĂŬĞƚŚĞǀĂůǀĞƐĞĂůďĞƚƚĞƌ͘ ϭ ŽĚLJ hWs
ϯ͘^ŝŵƉůĞƐƚƌƵĐƚƵƌĞŵĂŬĞŝƚĞĂƐLJƚŽĚŝĂŐŶŽƐĞƉƌŽďůĞŵĂŶĚƌĞƉĂŝƌǀĂůǀĞ͘ Ϯ Ăůů hWs
ϰ͘&ůĂŶŐĞĞŶĚŝƐŽƉƚŝŽŶĂů͘ ϯ ^ĞĂƚ WD

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͞Ăŝƌ͟DĂŬĞzƚLJƉĞWůĂƐƚŝĐ^ƚƌĂŝŶĞƌ&Žƌ/ŶĚƵƐƚƌŝĂůĂƉƉůŝĐĂƚŝŽŶ͕ŝƚŝƐŵĂĚĞďLJŵĂƚĞƌŝĂů 

WsǁŝƚŚWDƐĞĂůĂŶĚWWƐĐƌĞĞŶ͕WszƚLJƉĞ^ƚƌĂŝŶĞƌƐŝnjĞĨƌŽŵϮϬŵŵƚŽϭϭϬŵŵ 

ǁŝƚŚƐŽĐŬĞƚĞŶĚĂŶĚĨůĂŶŐĞĐŽŶŶĞĐƚŝŽŶĂƐƉĞƌƐƚĂŶĚĂƌĚ/E͕E^/͕:/^͕E^͘Wsz
^ƚƌĂŝŶĞƌŝƐǁŝĚĞůLJƵƐĞĚĨŽƌĐŚĞŵŝĐĂůŝŶĚƵƐƚƌŝĂů͕ǁĂƚĞƌƚƌĞĂƚŵĞŶƚ͕ǁĂƚĞƌƐƵƉƉůLJ͕ĞƚĐ͘

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^ƉĞĐŝĨŝĐĂƚŝŽŶ '

^ŝnjĞ EϭϱΕEϭϬϬ;ϭͬϮ/ŶĐŚΕϰ/ŶĐŚͿ
ŽŶŶĞĐƚŝŽŶ &ůĂŶŐĞĚ͕^ŽĐŬĞƚ͕dŚƌĞĂĚ
/
ŽĚLJDĂƚĞƌŝĂů WsͲh
^ĐƌĞĞŶDĂƚĞƌŝĂů WW͕^ƚĂŝŶůĞƐƐ^ƚĞĞů
ĞƐŝŐŶWƌĞƐƐƵƌĞ ϭ͘ϬDƉĂ;WEϭϬĂƌͿ ŝŵĞŶƐŝŽŶƐ͗
&dhZK&s>s͗ sĂůǀĞ > T  W
EͲT
ϭ͘dƌĂŶƐƉĂƌĞŶƚWsďŽĚLJŝƐĐŽŶǀĞŶŝĞŶƚƚŽŽďƐĞƌǀĞƚŚĞŵĞĚŝƵŵ͘ ^ŝnjĞ цϮŵŵ цϯŵŵ цϭŵŵ цϭŵŵ
Ϯ͘^ĐƌĞĞŶĐĂŶďĞƚĂŬĞŶŽƵƚĂŶĚĐůĞĂŶ͘ ϭͬϮΗ;ϭϱŵŵͿ ϭϳϴ ϵϱ Ϯϭ͘Ϯϯ ϰͲϭϱ ϲϬ͘ϯ
ϯ͘hŶŝŽŶĚĞƐŝŐŶŝƐĐŽŶǀĞŶŝĞŶƚƚŽŝŶƐƚĂůůĂŶĚƌĞƉůĂĐĞƚŚĞƐƚƌĂŝŶĞƌ͘ ϯͬϰΗ;ϮϬŵŵͿ ϭϵϴ͘ϰ ϭϬϬ Ϯϲ͘ϱϳ ϰͲϭϱ ϳϬ
ϰ͘^ƵŝƚĂďůĞĨŽƌŚŽƌŝnjŽŶƚĂůĂŶĚǀĞƌƚŝĐĂůŝŶƐƚĂůůĂƚŝŽŶ͘ ϭΗ;ϮϱŵŵͿ ϮϮϯ͘Ϯ ϭϮϱ ϯϯ͘Ϯϳ ϰͲϭϲ ϳϵ͘ϰ
ϱ͘^ƚĂŝŶůĞƐƐƐƚĞĞůƐĐƌĞĞŶŝƐŽƉƚŝŽŶĂů͘ ϭ͘ϭͬϰΗ;ϯϮŵŵͿ ϮϰϬ ϭϯϵ ϰϮ͘Ϭϰ ϰͲϭϲ ϴϴ͘ϵ
ϭ͘ϭͬϮΗ;ϰϬŵŵͿ Ϯϵϰ ϭϰϬ ϰϴ͘ϭϭ ϰͲϭϵ ϵϴ͘ϰ
^ƌ͘EŽ͘ WZd DdZ/>
ϮΗ;ϱϬŵŵͿ ϯϰϲ ϭϲϱ ϲϬ͘ϭϳ ϰͲϭϵ ϭϮϬ͘ϳ
ϭ ŽĚLJ Ws Ϯ͘ϭͬϮΗ;ϲϱŵŵͿ ϰϮϰ͘ϲ ϭϳϱ ϳϮ͘ϴϱ ϰͲϭϵ ϭϯϵ͘ϱ
Ϯ ^ĞĂů WD ϯΗ;ϴϬŵŵͿ ϰϴϬ ϮϬϬ ϴϴ͘ϳϬ ϰͲϭϵ ϭϱϮ͘ϰ
ϯ ŽǀĞƌ ^ ϰΗ;ϭϬϬŵŵͿ ϱϭϮ ϮϮϬ ϭϭϰ͘ϭ ϰͲϭϵ ϭϵϬ͘ϱ

39&6LQJOH3LHFH:DIHU&KHFN9DOYH

͞Ăŝƌ͟DĂŬĞWsƐŝŶŐůĞƉŝĞĐĞtĂĨĞƌŚĞĐŬsĂůǀĞŝƐĐŽŵŵŽŶƚLJƉĞWsŚĞĐŬsĂůǀĞ͕ŝƚ
ŝƐ ƐŝŵƉůĞ ƐƚƌƵĐƚƵƌĞ͕ ƐŵĂůů ǁĞŝŐŚƚ͕ ĞĂƐLJ ƚŽ ŝŶƐƚĂůůĂƚŝŽŶ͕ ĂŶĚ ĐŽŶǀĞŶŝĞŶƚ ƚŽ
ŵĂŝŶƚĞŶĂŶĐĞ͕ ƚŚŝƐ ƉůĂƐƚŝĐ ǁĂĨĞƌ ŚĞĐŬ sĂůǀĞ ŝƐ ǁŝĚĞůLJ ƵƐĞĚ ŝŶ ǁĂƚĞƌ ƐLJƐƚĞŵ͕
ĞƐƉĞĐŝĂůůLJŝŶƐǁŝŵŵŝŶŐƉŽŽů͕ǁĂƚĞƌƚƌĞĂƚŵĞŶƚ͕ŝƌƌŝŐĂƚŝŽŶ͕ĨŝŶŝƐŚĨĂƌŵ͕ĞƚĐ͘
ĂŝƌŽĨĨĞƌWstĂĨĞƌŚĞĐŬsĂůǀĞǁŝƚŚƚŚĞƐƉĞĐŝĨŝĐĂƚŝŽŶƐĂƐĨŽůůŽǁƐ͗

ĂƐŝĐ/ŶĨŽ
WƌĞƐƐƵƌĞ >ŽǁWƌĞƐƐƵƌĞ
&ƵŶĐƚŝŽŶ EƌǀŐ^ŝůĞŶĐĞ
&ůŽǁŝƌĞĐƚŝŽŶ hŶŝͲĚŝƌĞĐƚŝŽŶ
^ƚĂŶĚĂƌĚ /E͕/E͕E^/͕:/^͕E^ ŝŵĞŶƐŝŽŶƐ͗
ƉƉůŝĐĂƚŝŽŶ /ŶĚƵƐƚƌŝĂůhƐĂŐĞ
sĂůǀĞ
DĂƚĞƌŝĂů Ws͕hWs   Ě
^ŝnjĞ
^ĞĂůŝŶŐ&Žƌŵ KZŝŶŐ
^ŝnjĞ EϭϱΕEϯϬϬ ϯΗ;ϴϬŵŵͿ ϭϰϬ Ϯϯ Ϯϳ
ŽŶŶĞĐƚŝŽŶ tĂĨĞƌ ϰΗ;ϭϬϬŵŵͿ ϭϲϬ Ϯϯ ϲϮ
ϱΗ;ϭϮϱŵŵͿ ϭϵϮ Ϯϰ ϴϯ
^ƚƌƵĐƚƵƌĞ ^ǁŝŶŐ
ϲΗ;ϭϱϬŵŵͿ Ϯϭϴ Ϯϲ ϭϬϱ
ϴΗ;ϮϬϬŵŵͿ Ϯϳϯ ϯϰ ϭϰϬ
WZKhd^Z/Wd/KE͗Ͳ ϭϬΗ;ϮϱϬŵŵͿ ϯϮϴ ϰϬ ϭϳϬ
ĂƐŝĐƐƉĞĐŝĮĐĂƚŝŽŶ ϭϮΗ;ϯϬϬŵŵͿ ϯϴϬ ϰϱ ϮϮϬ
^ŝnjĞ͗EϴϬΕEϯϬϬ;ϯŝŶĐŚΕϭϮŝŶĐŚͿ &dhZK&s>s͗
ŽŶŶĞĐƚŝŽŶĂƐƉĞƌ͗/EWEϭϬ͖E^/>ϭϱϬ͖:/^ϭϬ< ϭ͘ůůƚŚĞƉĂƌƚƐƚŚĂƚǁŝůůƚŽƵĐŚŵĞĚŝƵŵŝƐŵĂĚĞĨƌŽŵƚŚĞƌŵŽ
ŽĚLJDĂƚĞƌŝĂů͗WsͲh ƉůĂƐƚŝĐĂŶĚƌƵďďĞƌ
^ĞĂůŵĂƚĞƌŝĂů͗WD Ϯ͘^ƵŝƚĂďůĞĨŽƌŚŽƌŝnjŽŶƚĂůŝŶƐƚĂůůĂƚŝŽŶ
ĞƐŝŐŶƉƌĞƐƐƵƌĞ͗ϭ͘ϬDƉĂ;WEϭϬďĂƌͿ ϯ͘^ŝŵƉůĞƐƚƌƵĐƚƵƌĞŝƐĞĂƐLJĨŽƌŝŶƐƚĂůůĂƚŝŽŶĂŶĚƌĞƉůĂĐĞ͘
ϰ͘&ůĂŶŐĞĂƐƐĞŵďůĞĚƚLJƉĞďLJƐŽĐŬĞƚĐŽŶŶĞĐƚŝŽŶŝƐŽƉƚŝŽŶĂů

ZZZXSYFYDOYHFRP 
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͞Ăŝƌ͟DĂŬĞdŚĞďĂĐŬĨůƵƐŚŝŶŐǀĂůǀĞĨƌŽŵZŝƐĂƐŵĂůůdƚLJƉĞƚƌŝƉůĞǀĂůǀĞ͕ƚŚŝƐƐĞƌŝĞƐŝƐĂĚŽƵďůĞ
ĐĂǀŝƚLJĚŝĂƉŚƌĂŐŵƚLJƉĞŚLJĚƌĂƵůŝĐĐŽŶƚƌŽůǀĂůǀĞƐǁŝƚŚŚLJĚƌĂƵůŝĐĚƌŝǀĞƌ͘dŚĞǀĂůǀĞƐƵƐĞĨŽƌƵƚŽŵĂƚŝĐ
ďĂĐŬͲĨůƵƐŚŝŶŐĨŝůƚƌĂƚŝŽŶƐLJƐƚĞŵƐ͕ƚŚĞǁĂƚĞƌĨůŽǁŝŶŝŶůĞƚŝƐƐƚƌĂŝŐŚƚͲƚŚƌŽƵŐŚ;^ͿĂŶĚĂŶŐĞůĨůŽǁ;Ϳ͘
tŽƌŬŝŶŐWƌŝŶĐŝƉůĞ͗Ͳ
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ŽŶƚƌŽůŚĞĂĚǀĂůǀĞƐĂƌĞƚŚƌĞĞƉŽƌƚŚLJĚƌĂƵůŝĐǀĂůǀĞƐĨŽƌďĂĐŬǁĂƐŚŽĨĨŝůƚĞƌƐƚĂƚŝŽŶƐ͕ƐĂŶĚŵĞĚŝĂ
ĨŝůƚĞƌƐ͕ŐƌĂǀĞůĨŝůƚĞƌƐ͕ĚŝƐĐĨŝůƚĞƌƐĂŶĚƐĐƌĞĞŶĨŝůƚĞƌƐ͘/ƚŝƐĂĐŽŵƉĂĐƚǀĂůǀĞ͕dĐŽŶĨŝŐƵƌĂƚŝŽŶŽƌŝŶͲůŝŶĞ͘
ĂĐŬǁĂƐŚǀĂůǀĞĐůŽƐĞƐƚŚĞĨŝůƚĞƌŝŶůĞƚ͕ƌĞĚŝƌĞĐƚŝŶŐǁĂƚĞƌŝŶƚŚĞŽƉƉŽƐŝƚĞĨůŽǁ͕ƐŽďĂĐŬĨůƵƐŚǁŽƵůĚ
ĐůĞĂŶĨŝůƚĞƌŝŶŐĞůĞŵĞŶƚƐĂŶĚƉƵƌŐĞĂůůĐĂƉƚƵƌĞĚŝŵƉƵƌŝƚŝĞƐ͘
KƵƌĨŝůƚĞƌďĂĐŬǁĂƐŚǀĂůǀĞƐƌĂŶŐĞŝŶĐůƵĚĞƐ͗ dzW/>WW>/d/KE^͗
ϭͿ&ŝůƚĞƌďĂĐŬǁĂƐŚŚLJĚƌĂƵůŝĐǀĂůǀĞϮΗdžϮΗ ϭͿƵƚŽŵĂƚŝĐďĂĐŬǁĂƐŚŽĨƐĂŶĚŵĞĚŝĂĨŝůƚĞƌƐƚĂƚŝŽŶƐ
ϮͿ&ŝůƚĞƌďĂĐŬǁĂƐŚŚLJĚƌĂƵůŝĐǀĂůǀĞϯΗdžϯΗ ϮͿ'ƌĂǀĞůĨŝůƚĞƌƐ͕ĚŝƐĐĨŝůƚĞƌƐ͕ƐĐƌĞĞŶĨŝůƚĞƌƐ
ϯͿ&ŝůƚĞƌďĂĐŬǁĂƐŚŚLJĚƌĂƵůŝĐǀĂůǀĞϰΗdžϰΗ ϯͿ^ŝŶŐůĞ&ŝůƚĞƌƵƚŽŶŽŵŝĐĂĐŬǁĂƐŚ^LJƐƚĞŵ
ϰͿŶŐůĞĨůŽǁŽƌƐƚƌĂŝŐŚƚĨůŽǁĐŽŶĨŝŐƵƌĂƚŝŽŶ

3/$67,&6&5((1<7<3(),/7(5)25,55,*$7,21

͞Ăŝƌ͟DĂŬĞ,ŝŐŚ&ŝůƚƌĂƚŝŽŶZĞůŝĂďŝůŝƚLJ͗ƵƚŽŵĂƚŝĐďĂĐŬǁĂƐŚŝŶŐŽĨĐĞŶƚƌŝĨƵŐĂůĚŝƐĐĂĐŚŝĞǀĞƐŵŽƌĞĞĨĨĞĐƚŝǀĞĂŶĚŵŽƌĞƌĞůŝĂďůĞĨŝůƚƌĂƚŝŽŶĞĨĨĞĐƚ͖ŝƚŝƐŵŽƌĞ
ǁĂƚĞƌͲƐĂǀŝŶŐ͕ĞŶĞƌŐLJͲƐĂǀŝŶŐĂŶĚŐĞŶĞƌĂƚĞƐůŽǁĞƌŵĂŝŶƚĞŶĂŶĐĞĐŽƐƚƐ͘dŚĞŬĞLJƚŽŝƚƐƵŶŝƋƵĞĚĞƐŝŐŶůŝĞƐŝŶƚŚĞŚŝŐŚůLJƉƌĞĐŝƐĞŐƌŽŽǀĞĚůĂŵŝŶĂƚŝŽŶƐĂŶĚƐƉŝƌĂů
ĚŝƐĐƐŽŶƚŚĞďŽƚƚŽŵŽĨƚŚĞůĂŵŝŶĂƚŝŽŶƐ͘>ŽǁDĂŝŶƚĞŶĂŶĐĞŽƐƚƐ͗dŚĞƵƚŽŵĂƚŝĐĂĐŬǁĂƐŚŝŶŐĞŶƚƌŝĨƵŐĂů&ŝůƚƌĂƚŝŽŶ^LJƐƚĞŵǁŝƚŚ,WĐĂŶŵŝŶŝŵŝnjĞƚŚĞ
ĨŝůƚƌĂƚŝŽŶƐLJƐƚĞŵŵĂŝŶƚĞŶĂŶĐĞĐŽƐƚƐƚŽƚŚĞŚŝůƚ͘
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ŽĨĂůůŬŝŶĚƐŽĨǁĂƚĞƌƐŽƵƌĐĞƐĨŽƌŝŶĚƵƐƚƌŝĂůƵƐĞ͕ĂŐƌŝĐƵůƚƵƌĞ͕ƵƌďĂŶĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚůĂŶĚƐĐĂƉĞĂŶĚĐĂŶǁŽƌŬŝŶĂǀĂƌŝĞƚLJŽĨŚĂƌƐŚĞŶǀŝƌŽŶŵĞŶƚƐ͘ĂƐLJĂŶĚ
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ƋƵŝĐŬĐŽŶŶĞĐƚŝŽŶŵĞƚŚŽĚƐ͘
ĚǀĂŶƚĂŐĞƐŽĨ>ĂŵŝŶĂƚŝŽŶ&ŝůƚĞƌƐ͗
^ƚĂďůĞĨŝůƚĞƌŝŶŐĞĨĨĞĐƚ
ĞĞƉĨŝůƚƌĂƚŝŽŶ͕ŽƵƚƐƚĂŶĚŝŶŐƚƌĂƐŚŚŽůĚŝŶŐĂďŝůŝƚŝĞƐ
^ŝŵƉůĞŽƉĞƌĂƚŝŽŶ͕ĞĂƐLJŵĂŝŶƚĞŶĂŶĐĞ
>ŽǁƐLJƐƚĞŵŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͕ƌĞůŝĂďůĞƉĞƌĨŽƌŵĂŶĐĞ͕ŽǀĞƌϭϬLJĞĂƌƐŽĨƐĞƌǀŝĐĞůŝĨĞ
ůůͲƉůĂƐƚŝĐ>ĂŵŝŶĂƚĞĚ&ŝůƚĞƌ͗
ĐĐƵƌĂƚĞ&ŝůƚƌĂƚŝŽŶ͗ĂŶĐŚŽŽƐĞĨŝůƚĞƌĚŝƐĐƐŽĨĚŝĨĨĞƌĞŶƚƉƌĞĐŝƐŝŽŶƐĂĐĐŽƌĚŝŶŐƚŽƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨǁĂƚĞƌ͖ƚŚĞƌĞĂƌĞĂ
ǀĂƌŝĞƚLJŽĨƐƉĞĐŝĨŝĐĂƚŝŽŶƐĨŽƌŽƉƚŝŽŶ͘ĨĨŝĐŝĞŶƚůĞĂŶŝŶŐ͗,ŝŐŚͲƐƉĞĞĚĂŶĚƚŚŽƌŽƵŐŚďĂĐŬǁĂƐŚŝŶŐĐĂŶďĞĐŽŵƉůĞƚĞĚŝŶŽŶůLJ
ϮϬ ƐĞĐŽŶĚƐ͘ ƵƚŽŵĂƚŝĐ KƉĞƌĂƚŝŽŶ͕ ŽŶƚŝŶƵŽƵƐ tĂƚĞƌ zŝĞůĚŝŶŐ͗ /Ŷ ƚŚĞ ĨŝůƚĞƌ ƐĞƚ͕ ƚŚĞ ďĂĐŬǁĂƐŚŝŶŐ ƉƌŽĐĞƐƐ ƚƵƌŶƐ
ĂůƚĞƌŶĂƚĞůLJ͖ǁŽƌŬĂŶĚďĂĐŬǁĂƐŚŝŶŐƐƚĂƚĞƐǁŝƚĐŚĂƵƚŽŵĂƚŝĐĂůůLJ͕ǁŚŝĐŚĐĂŶĞŶƐƵƌĞĐŽŶƚŝŶƵŽƵƐǁĂƚĞƌLJŝĞůĚŝŶŐĂŶĚƐŵĂůů
ƐLJƐƚĞŵƉƌĞƐƐƵƌĞůŽƐƐ͘^ƚĂŶĚĂƌĚ͗^ƚĂŶĚĂƌĚŵŽĚƵůĂƌƐLJƐƚĞŵĚĞƐŝŐŶ͕ĐŚŽŽƐĞďĂƐĞĚŽŶĚĞŵĂŶĚ͕ĨůĞdžŝďůĞĂŶĚĐŚĂŶŐĞĂďůĞ͕
ƐƚƌŽŶŐůLJŝŶƚĞƌĐŚĂŶŐĞĂďůĞ͘EŽŶͲƐƚĂŶĚĂƌĚ͗ĂŶĨůĞdžŝďůLJƵƐĞƚŚĞĐŽƌŶĞƌƐƉĂĐĞ͕ŝŶƐƚĂůůĂĐĐŽƌĚŝŶŐƚŽůŽĐĂůĐŽŶĚŝƚŝŽŶƐ͕ĐŽǀĞƌĂ
ƐŵĂůůĨŽŽƚƉƌŝŶƚ͘ZĞůŝĂďůĞKƉĞƌĂƚŝŽŶ͕ĞĂƐLJŵĂŝŶƚĞŶĂŶĐĞ͕ĂůŵŽƐƚŶĞĞĚŶŽƌŽƵƚŝŶĞŵĂŝŶƚĞŶĂŶĐĞ͕ŶŽŶĞĞĚƚŽƵƐĞƐƉĞĐŝĂů
ƚŽŽůƐ͕ĨĞǁƐƉĂƌĞƉĂƌƚƐ>ŽŶŐ^ĞƌǀŝĐĞ>ŝĨĞ͗ŚŝŐŚͲƚĞĐŚƉůĂƐƚŝĐĨŝůƚĞƌĞůĞŵĞŶƚ͕ƐŽůŝĚ͕ŶŽǁĞĂƌ͕ŶŽĐŽƌƌŽƐŝŽŶ͖LJĞĂƌƐŽĨŝŶĚƵƐƚƌŝĂů
ƉƌĂĐƚŝĐĞǀĞƌŝĨŝĞƐƚŚĂƚƚŚĞĨŝůƚƌĂƚŝŽŶĂŶĚďĂĐŬǁĂƐŚŝŶŐĞĨĨĞĐƚǁŝůůŶŽƚďĞĐŽŵĞƉŽŽƌĞƌĂƐƚŚĞƵƐĞƚŝŵĞďĞĐŽŵĞƐůŽŶŐĞƌ͘
ůĂŵŝŶĂƚĞĚĨŝůƚĞƌŚĂƐƚŚĞĨŽůůŽǁŝŶŐĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͗
>ĂŵŝŶĂƚĞĚĨŝůƚĞƌƐŚĂǀĞĂůĂƌŐĞƌĨŝůƚƌĂƚŝŽŶƐƵƌĨĂĐĞĂƌĞĂĂŵŽŶŐĨŝůƚĞƌĞƋƵŝƉŵĞŶƚŽĨƚŚĞƐĂŵĞǀŽůƵŵĞ͖
&ůŽǁƌĞƐŝƐƚĂŶĐĞŝƐƐŵĂůů͕ĂŶĚƚŚĞƌĞĨŽƌĞƚŚĞŽƉĞƌĂƚŝŶŐĐŽƐƚƐĂƌĞůŽǁĞƌ͖
/ŵƉƵƌŝƚLJƌĞƚĞŶƚŝŽŶƐƉĂĐĞŝƐůĂƌŐĞ͕ǁŚŝĐŚŵĞĂŶƐƚŚĂƚƚŚĞĨƌĞƋƵĞŶĐLJŽĨďĂĐŬǁĂƐŚŝŶŐŝƐůŽǁ͘
:ƵƐƚŶĞĞĚƚŽƚƵƌŶƚŚĞƚĂŶŬŐĞŶƚůLJĨŽƌƐĞǀĞƌĂůƚŝŵĞƐŝŶƚŚĞĐĂƐĞŽĨďĂĐŬǁĂƐŚŝŶŐ͕ŶŽĚŝƐĂƐƐĞŵďůLJ͕ĐĂŶďĞĐŽŵƉůĞƚĞĚŝŶĚŽnjĞŶƐŽĨƐĞĐŽŶĚƐ͘

ZZZXSYFYDOYHFRP 
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ůĞĞĚĐŽŶƚƌŽůůŽŽƉ͘dŚĞĂŝƌWůĂƐƚŝĐ^ŽůĞŶŽŝĚŽŶƚƌŽůůĞĚsĂůǀĞŽƉĞŶƐĂŶĚĐůŽƐĞƐĚƌŝƉͲƚŝŐŚƚŝŶƌĞƐƉŽŶƐĞƚŽĂŶĞůĞĐƚƌŝĐƉƵůƐĞ͕ǁŚŝĐŚĐĂƵƐĞƐ
ƚŚĞƐŽůĞŶŽŝĚƚŽŽƉĞŶŽƌĐůŽƐĞƚŚĞǀĂůǀĞ͛ƐŝŶƚĞƌŶĂůŚLJĚƌĂƵůŝĐůŽŽƉ͘
ϭͿ^ƚƌĂŝŐŚƚ^ŽůĞŶŽŝĚsĂůǀĞǁŝƚŚ&ĞŵĂůĞƚŚƌĞĂĚƐŽŶŝŶůĞƚĂŶĚŽƵƚůĞƚ͘
ϮͿWƌŝŵĂƌŝůLJƵƐĞĚŝŶŝƌƌŝŐĂƚŝŽŶƐLJƐƚĞŵƐ͕ǁĂƚĞƌƚƌĞĂƚŵĞŶƚƉůĂŶƚƐ͕ŐĂƌĚĞŶǁĂƚĞƌŝŶŐƐLJƐƚĞŵ͕
ůĂŶĚƐĐĂƉĞǁĂƚĞƌŝŶŐ͘
ϯͿǀĂŝůĂďůĞŝŶϭϮs͕Ϯϰs͕Ϯϰs͕ϮϮϬs͕ƵƉƚŽϰϬs>ĂƚĐŚŝŶŐ
dLJƉŝĐĂůƉƉůŝĐĂƚŝŽŶƐ s>sd͗Ͳ
ĂƚƚĞƌLJĂŶĚͬŽƌ^ŽůĂƌWŽǁĞƌĞĚ/ƌƌŝŐĂƚŝŽŶ^LJƐƚĞŵƐ ^/͗ϮϱDDdKϴϬDD
ZĞŵŽƚĞͬůĞǀĂƚĞĚ^LJƐƚĞŵƐ KEEd/KEdzW͗^W/EEZ^Ztd,Z
dƵƌĨΘƵƌŝĞĚWŝƉĞƉƉůŝĐĂƚŝŽŶƐ s>s^t/d,͗EKZD>>z>K^ͬEKZD>>z
/ŶĚƵƐƚƌŝĂů'ƌĞĞŶŚŽƵƐĞ/ƌƌŝŐĂƚŝŽŶ KWE;KWd/KE>Ϳ
>Žǁ^ƵƉƉůŝĞĚWƌĞƐƐƵƌĞ/ƌƌŝŐĂƚŝŽŶ^LJƐƚĞŵƐ s>sDdZ/>͗'>^^&/ZZ/E&KZEz>KE
ŶĞƌŐLJ^ĂǀŝŶŐ/ƌƌŝŐĂƚŝŽŶ^LJƐƚĞŵƐ

3/$67,&35(6685(5('8&,1*9$/9()25,55,*$7,21

ŽŶŶĞĐƚŝŽŶƚLJƉĞ͗^WŝŶŶĞƌƐĐƌĞǁƚŚƌĞĂĚͬ&>E'E
sĂůǀĞďŽĚLJŵĂƚĞƌŝĂů͗ŐůĂƐƐĨŝďĞƌƌĞŝŶĨŽƌĐĞĚŶLJůŽŶ
tŽƌŬŝŶŐĚĂƚĂ͗
WƌĞƐƐƵƌĞďĞĂƌŝŶŐĐĂƉĂĐŝƚLJ͗ϭ͘ϬDWĂ
ǁŽƌŬŝŶŐƉƌĞƐƐƵƌĞ͗Ϭ͘ϬϳDWĂ
&ůŽǁƌĂŶŐĞ͗ϭϬͲϰϬŵϯͬ,

ůĞĐƚƌŝĐĂŶĚŚLJĚƌĂƵůŝĐĂůůLJŽƉĞƌĂƚĞĚǀĂůǀĞƐ
dŚŝƐƉƌĞƐƐƵƌĞƌĞĚƵĐŝŶŐǀĂůǀĞŝƐĂŚLJĚƌĂƵůŝĐĂůůLJŽƉĞƌĂƚĞĚ͕ĚŝĂƉŚƌĂŐŵĂĐƚƵĂƚĞĚĐŽŶƚƌŽůǀĂůǀĞƚŚĂƚĂĐĐƵƌĂƚĞůLJ
ƌĞĚƵĐĞƐŚŝŐŚĞƌƵƉƐƚƌĞĂŵƉƌĞƐƐƵƌĞƚŽǀĞƌLJůŽǁĂŶĚƐƚĂďůĞƉƌĞƐĞƚĚŽǁŶƐƚƌĞĂŵƉƌĞƐƐƵƌĞƌĞŐĂƌĚůĞƐƐŽĨĨůƵĐƚƵĂƚŝŶŐ
ĚĞŵĂŶĚŽƌǀĂƌLJŝŶŐƵƉƐƚƌĞĂŵƉƌĞƐƐƵƌĞ͘dŚŝƐǀĂůǀĞŝƐŶŽƌŵĂůůLJĨƵůůLJŽƉĞŶďƵƚƐŚƵƚƐĂƵƚŽŵĂƚŝĐĂůůLJŽĨĨƵƉŽŶůŝŶĞ
ƉƌĞƐƐƵƌĞŝŶĐƌĞĂƐĞ͘ůůĂĐĐĞƐƐŽƌŝĞƐĂƌĞŵĂĚĞŽĨŵĞƚĂů͕ŚŝŐŚůLJĚƵƌĂďůĞĞǀĞŶƵŶĚĞƌƐĞǀĞƌĞǁŽƌŬŝŶŐĐŽŶĚŝƚŝŽŶƐ͘/ƚ
ĞŝƚŚĞƌŽƉĞŶƐŽƌƐŚƵƚƐŝŶƌĞƐƉŽŶƐĞƚŽĂƌĞŵŽƚĞƉƌĞƐƐƵƌĞĐŽŵŵĂŶĚ͘

&ĞĂƚƵƌĞƐ͗
DĂŶƵĨĂĐƚƵƌĞĚŝŶŐůĂƐƐĨŝůůĞĚŶLJůŽŶŵĂƚĞƌŝĂů͕ƌĞƐŝƐƚĂŶƚƚŽĐŚĞŵŝĐĂůƐƵƐĞĚŝŶĂŐƌŝĐƵůƚƵƌĞ͘
&ŽƌďŽƚŚǀĞƌƚŝĐĂůŽƌŚŽƌŝnjŽŶƚĂůŝŶƐƚĂůůĂƚŝŽŶ͘
hŶŝƚŝnjĞĚ&ůĞdžŝďůĞ^ƵƉĞƌdƌĂǀĞůŝĂƉŚƌĂŐŵĂŶĚ'ƵŝĚĞĚWůƵŐ͘
dzW/>WW>/d/KE^͗
ĞŶĞĨŝƚƐ͗  ŽŵƉƵƚĞƌŝnjĞĚŝƌƌŝŐĂƚŝŽŶƐLJƐƚĞŵƐ
EŽĐŚĂƚƚĞƌŝŶŐĂŶĚĨĂƐƚĐůŽƐŝŶŐ͘  ZĞŵŽƚĞĐŽŶƚƌŽůůĞĚŝƌƌŝŐĂƚŝŽŶƐLJƐƚĞŵƐ
ĐĐƵƌĂƚĞĂŶĚƐƚĂďůĞƌĞŐƵůĂƚŝŽŶǁŝƚŚƐŵŽŽƚŚŵŽƚŝŽŶ͘  ƵƌŝĞĚĚŝƐƚƌŝďƵƚŝŽŶƐLJƐƚĞŵƐ
/ĚĞĂůĨŽƌůŽǁƐƵƉƉůŝĞĚƉƌĞƐƐƵƌĞŝƌƌŝŐĂƚŝŽŶƐLJƐƚĞŵƐ͘  'ƌĞĞŶŚŽƵƐĞŝƌƌŝŐĂƚŝŽŶ
EŽĚŝĂƉŚƌĂŐŵĚŝƐƚŽƌƐŝŽŶ͘  >ŽǁƐƵƉƉůŝĞĚƉƌĞƐƐƵƌĞŝƌƌŝŐĂƚŝŽŶƐLJƐƚĞŵƐ
^ƉĂƌĞƉĂƌƚƐ͕ĚŝĂƉŚƌĂŐŵƐĂŶĚƐƉƌŝŶŐƐĂǀĂŝůĂďůĞŝŶƐĞǀĞƌĂůŵŽĚĞůƐ͘  ƌŝƉŝƌƌŝŐĂƚŝŽŶ
ĞƐŝŐŶĞĚƚŽŵĞĞƚĂďƌŽĂĚĨůŽǁƌĂƚĞĂŶĚƉƌĞƐƐƵƌĞƌĂŶŐĞ͘  ŶĚͲůŝŶĞƉƌŽƚĞĐƚŝŽŶ

KƵƌƌĂŶŐĞŽĨƉƌĞƐƐƵƌĞƌĞĚƵĐŝŶŐǀĂůǀĞƐŝŶĐůƵĚĞ͗
 ,LJĚƌĂƵůŝĐĂůůLJŽƉĞƌĂƚĞĚƉƌĞƐƐƵƌĞƌĞĚƵĐŝŶŐǀĂůǀĞͲƐŝnjĞƐĨƌŽŵĚŝĂŵĞƚĞƌϭΗƚŽEϭϱϬ͖
 ůĞĐƚƌŝĐƉƌĞƐƐƵƌĞƌĞĚƵĐŝŶŐǀĂůǀĞǁŝƚŚϯͲǁĂLJƐŽůĞŶŽŝĚϮϰsͲƐŝnjĞƐĨƌŽŵĚŝĂŵĞƚĞƌϭΗЪƚŽEϭϱϬ͖
 ,LJĚƌĂƵůŝĐƉƌĞƐƐƵƌĞƌĞĚƵĐŝŶŐǀĂůǀĞͲĐŽƐƚĞĨĨĞĐƚŝǀĞƐĞƌŝĞƐͲƐŝnjĞƐϭΗЪĂŶĚϮΗ͖
 ůĞĐƚƌŝĐƉƌĞƐƐƵƌĞƌĞĚƵĐŝŶŐǀĂůǀĞǁŝƚŚϯͲǁĂLJƐŽůĞŶŽŝĚϮϰsͲĐŽƐƚĞĨĨĞĐƚŝǀĞƐĞƌŝĞƐͲƐŝnjĞƐϭΗЪĂŶĚϮΗ͖

ZZZXSYFYDOYHFRP 
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&HUW1R