Arcadia City Council
February 6, 2024

and amend the Development Code to implement the rezone strategies in the Housing Element Update.

BACKGROUND
In January of 2021, the City retained the services of Kimley Horn & Associates to help assist with updating the Housing Element. The City was also awarded a Local Early Action Planning Grant (“LEAP”) in the amount of $150,000 to help with this Housing Element Update. State law requires that all cities update their Housing Element once every eight (8) years to be in compliance with the law. The Housing Element Update must include an evaluation of the effectiveness of previous housing programs and existing goals and policies, and identi fy revisions that ar e necessary to bring the Housing Element into compliance with current State law and HCD requirements, namely:

 Providing adequate housing sites to achieve a variety of housing  Preserving and improving housing and neighborhoods
 Assisting in the provision of affordable housing
 Removing governmental constraints to housing developments  Promoting fair and equal housing opportunities

An important component of the Housing Element is compliance with the Regional Housing Needs Assessment (RHNA) allocation. The RHNA is the process by which each city is assigned a share of the region’s need for additional housing units during the next Housing Element planning period (2021- 2029). RHNA allocations are determined for the City by the Southern California Association of Governments ( SCAG) based on criteria established by State law. The City’s allocation is as follows:

Income Category Number of Units Percentage
Very Low Income Units 1,102 34%
Low Income Units 570 18%
Moderate Income Units 605 19%
Above-Moderate Income Units 937 29%
Total 3,214 100%

As mentioned above, the Housing Element Update must demonstrate site development capacity to facilitate the construction of a variety of housing types for all income levels. It is important to note that the City is not responsible for the production of these units; rather, the City is obligated to provide adequate sites for the development of units through either appropriate General Plan land use and zoning designations , or through zoning changes to accommodate these units. Whether or not housing actually gets built, and what type of housing gets built, is largely up to the landowners and the housing market. However, as mentioned, the City is responsible to provide programs and policies to facilitate new housing development, especially for low and very-low income housing.

Housing Element Update- Rezoning Project
January 23, 2024

It was determined through a review of projects within the pipeline, as well as growth patterns in general, that the City’s allocation of “above moderate” units would be met through existing zoning and current policy. However, in order to meet the City’s RHNA requirement for affordable units, additional housing programs and strategies we re needed. As a result, strategies were developed through the Housing Element Update process that expanded high density zones, increased the allowed density in various areas, allowed residential overlay zones in predominantly commercial or industrial areas, and created policies to encourage affordable housing and a range of additional housing types. In keeping with the City’s overall policy of the last 15 years or so, growth and density continues to be directed into areas with adequate infrastructure and away from single-family neighborhoods.

With assistance from Kimley Horn, the City progressed through its process of adopting the updated Housing Element for the 6
th Cycle. This included an extensive public outreach
component through the latter months of 2021, and study sessions with the Planning Commission and City Council. Ultimately, a package of material was completed that consisted of the following components:

1. The Housing Element itself (Chapter 5 of the General Plan) , which sets forth the City’s housing goals and policies to address identified housing needs.

2. The Housing Element Implementation Plan (Chapter 10) , which identifie d 3 7 specific implementation programs to be pursued to achieve Housing Element goals and policies, including a number of the aforementioned rezoning efforts to achieve the density and residential land uses necessary to encourage housing units to be built.

3. The Housing Element Technical Background Report, which includes the following:

• An analysis of the City’s population, household and employment base, and characteristics of the housing stock.
• A review of potential market, governmental, and environmental constraints on production, maintenance, and affordability of housing. • An analysis of fair housing issues and actions to foster inclusive communities to achieve racial equity, fair housing choice, and opportunity for all.
• An evaluation of the land and financial resources available to address the City’s identified housing needs.
• An analysis of strategies for housing sites identified by income category to meet the City’s RHNA allocation.
• A summary of the community outreach efforts undertaken that focused on issues relating to residential land uses and housing needs.

Housing Element Update- Rezoning Project
January 23, 2024

• A review of past accomplishments under the previously adopted Housing Element.

The entire Housing Element update package was presented to the Planning Commission on January 25, 2022, and was recommended for approval to the City Council. The Council held a public hearing on February 15, 2022, where the Housing Element Update was approved along with the provision that any additional modifications or additions required by HCD could be approved administratively. Development Services Staff then worked with HCD over the next eight months to achieve certification. Several complete iterations were provided to HCD based on technical comments provided. Ult imately, the City submitted what was believed to be a final and compliant version of the documents , and re-adopted the Housing Element on November 1, 2022 at HCD’s request. However, HCD ultimately determined through a letter dated January 6, 2023, that the rezoning strategies outlined in the Element must be completed prior to receiving certification. While the City disagreed with this determination, since that time the Development Services Department and the City’s consultant group have been working to implement these zoning changes.

The rezoning efforts require the following entitlements: a General Plan Amendment to amend the Land Use Map and the text of the Land Use Element of the General Plan, a Zone Change to modify the zoning designations of various properties citywide and to change the City’s Zoning Map, and a Text Amendment to change the text of the Development Code to effectuate the zoning changes. The complete package of draft materials was submitted to HCD for their review on December 11 , 2023, to receive any comments prior to the City’s review process.

ANALYSIS

The Housing Element Implementation Plan provides 37 specific implementation programs. Of these, HCD identified those programs that proposed rezoning actions as required prior to certification. Through the current action, the following rezoning efforts are being proposed to meet HCD’s requirement:

1. Expand the Downtown Mixed-Use Zone to properties east of 2 nd Avenue and west
of 5th Avenue and also along Rolyn Place.

2. Add a Downtown Mixed- Use Overlay Z one over commercial manufacturing properties generally along St. Joseph and La Porte Streets.

3. Increase the residential density allowed in the Mixed- Use zone from 30 dwelling units/acre to 50 dwelling units/acre.

4. Add a “Residential Flex” Overlay Zone over portions of Live Oak Avenue, Las Tunas Drive, and the General Commercial (C-G) zoned areas of the City to allow

Housing Element Update- Rezoning Project
January 23, 2024

residential projects in these locations up to 50 dwelling units/acre, if affordable housing units are proposed.

5. Increase the residential density allowed in the High-Density Multi-Family Residential (R-3) zone from 30 dwelling units/acre to 40 dwelling units/acre.

Each of the proposed rezoning actions is described further below. It is important to note that HCD recognizes “eligible sites” for the provision of new low and very low -income housing units if the properties meet certain criteria for size, common ownership, and/or the number of units that can be accommodated. The total projected capacity for units toward meeting the RHNA is based on these eligible sites recognized by HCD. As can be seen in Figures 1- 5 below, a map is provided for each rezoning strategy showing the eligible sites along with a table providing the estimated number of affordable units and market-rate units that the eligible sites can accommodate . However, it is not practical or desirable land use planning to only rezone the eligible sites. Proceeding in this manner would lead to a patchwork of zoning changes where sites adjacent to similarly-zoned sites would have different land use standards and allowances. In order to provide a straightforward and sensible land use map, the rezones proposed encompass more property than just the eligible sites as identified by HCD.

Figures 6-9 below show the entirety of the properties being proposed for rezoning as part of this effort. The associated Addendum to the Adopted Negative Declaration for the Housing Element (see Attachment No. 6) reflects th e fact that this rezoning effort encompasses more property than just the eligible sites. Development over time will be tracked and, if the capacity identified in the eligible sites estimates is close to being met, additional environmental analysis will be needed under CEQA.

1. Downtown Mixed-Use (DMU) Expansion

The City has identified General Commercial (C-G) and Commercial Manufacturing (C-M) zoned properties in and adjacent to Downtown Arcadia as an opportunity to introduce high density residential zoning in the form of the existing Downtown Mixed- Use (DMU) Zone. The current DMU Z one has been successful in attracting several projects that provide a large number of new housing units, including affordable units.

As shown in Figure 1, it is proposed that the DMU zone will be expanded to the area east of 2
nd Avenue to 5th Avenue and from the I-210 Freeway on the north to the light rail right- of-way on the south. In addition, another area along Santa Anita Avenue and Rolyn Place and Santa Anita Avenue and W. Huntington Drive are also proposed to be rezoned to DMU. Of the 40+ acres of land identified as part of this strategy, 3 8.8 acres met the criteria required by the State for sites projected to accommodate low and very low-income units. This area will be rezoned to Downtown Mixed- Use at 80 dwelling unit s per acre (du/acre) with a 1.0 floor area ratio for non-residential uses.

Housing Element Update- Rezoning Project
January 23, 2024

The area to be rezoned is currently a mix of successful strip commercial centers as well as restaurants, banks, office buildings and the like. As properties transition over time, there are ample opportunities for these sites to add residential units as part of mixed-use projects, or in certain circumstances, stand- alone residential uses. Recently, a property within this area received entitlements for a new mixed-use project. “The Derby Mixed-Use Development” proposed 214 units, including 9 affordable units, as well as a rebuilt The Derby restaurant and additional restaurant space and can serve as a model for the type of development expected in this zone.

2. Downtown Mixed-Use Overlay

Commercially-zoned property north of the existing Downtown Mixed- Use Zone is appropriate for the implementation of a Downtown Mixed -Use (DMU) Overlay that will allow for residential uses in a mixed-use development format at a maximum density of 80 du/acre with a 1.0 floor area ratio for non- residential uses. As shown in Figure 1, this location is typified by small lots and a mix of commercial, industrial, and auto-related uses.

The DMU Overlay will not make any current uses nonconforming but will allow properties to transition over time to residential projects where suitable. Approximately eight acres of property within this area is eligible for development with very low or low-income units.

For both the DMU Zone and DMU Overlay, the adopted Housing Element assumed a density of 64 du/acre to calculate the theoretical capacity of each site and assumed only 50% of these properties would redevelop over time. As such, t he realistic capacity of these two rezoning strategies is a total of 1,361 units, 352 of which are l ow or very low- income units.

Housing Element Update- Rezoning Project
January 23, 2024

Income Category Capacity to Accommodate RHNA
Low and Very Low 352
Moderate 205
Above Moderate 804
Total New Net Units 1,361
Figure 1 – Downtown Mixed Use and DMU Overlay Map and Table

3. Increase the Residential Density in the Mixed-Use Zone

The City has identified the Mixed-Use (MU) Zone as an opportunity to increase density to promote the development of more residential units which could be supported by adjacent uses. The proposal is to increase the maximum density from 30 du/acre to 50 du/acre. Of the Mixed-Use acreage in the City approximately 27 acres met the criteria required by the State for sites projected to accommodate low and v ery low-income units. An assumed density of 40 du/acre was applied to calculate the theoretical capacity of each site along with a redevelopment percentage of 50%. With these assumptions, the theoretical capacity of these sites is projected at 502 units, 133 of which are projected to be affordable to low and very low-income households.

Figure 2 below shows the Mixed- Use Zones along First Avenue between Huntington Drive and Duarte Road and within the Live Oak/Las Tunas corridor s. Mixed-use development has already occurred in this area (e.g. the corner of Santa Anita Avenue and Las Tunas Drive) and several additional projects have been proposed for redevelopment.

Housing Element Update- Rezoning Project
January 23, 2024

Income Category Capacity to Accommodate RHNA
Low and Very Low 133
Moderate 76
Above Moderate 293
Total New Net Units 502
Figure 2 – Mixed-Use Upzone Map and Table

4. Add a Residential Flex Overlay Zone over portions of Live Oak Avenue, Las Tunas Drive, and General Commercial Areas around the City

The Las Tunas and Live Oak Corridor s provide an opportunity to introduce increased residential density on viable commercial properties. The adjacent Mixed-Use zoning and access to transit supports the increase of residential uses in the corridor. As mentioned above, there have been several projects proposed in this area and there are a number of parcels that are currently underdeveloped that could transition into housing and/or mixed- use projects. To the east, a djacent to this stretch of predominantly commercial uses in Arcadia, the County has approved several large residential projects that have begun to change the face of this corridor and introduce a much more residential feeling. A Residential Flex Overlay Zone is recommended over portions of both Las Tunas and Live Oak. The Residential Flex Overlay Zone has already been applied successfully to properties along Las Tunas in the past.

Housing Element Update- Rezoning Project
January 23, 2024

Approximately 13.88 acres of property along Las Tunas Drive and 6.15 acres of property along Live Oak met the criteria to accommodate low and very low -income units. A Residential Flex Overlay would be applied to these sites that will allow for residential uses at a maximum density of 50 du/acre. Taken together, eligible parcels within the Las Tunas and Live Oak corridors were given an assumed density of 40 du/acre of theoretical capacity with the understanding that they would all redevelop over time. As such, between these two areas, a total of 780 housing units could be provided, 202 of which would be affordable to l ow or v ery low-income households. Figure 3 below show s the area of proposed changes, and the table provides the realistic capacity.

Income Category Capacity to Accommodate RHNA
Low and Very Low 202
Moderate 118
Above Moderate 460
Total New Net Units 780
Figure 3 – Residential Flex Overlay (Las Tunas and Live Oak)

The General Commercial zoned properties throughout the City are another area that provide redevelopment opportunities where underutilized commercial sites can transition to support residential development in cases where it is more desirable than a struggling commercial use, if affordable units are provided. For these areas, the Residential Flex Overlay Zone is also proposed. Several sites that were previously zoned as General Commercial have redeveloped over time or are proposed for redevelopment (e.g. former Coco’s site on Colorado Blvd., former Vons headquarters site on Michillinda Ave., etc.).

Approximately 73.5 acres of property are part of the C-G Residential Flex Overlay Focus Area
that will allow for residential uses at maximum density of 5 0 du/acre. However, an

Housing Element Update- Rezoning Project
January 23, 2024

assumed density of 40 du/acre was applied to calculate the theoretical capacity of each site along with a redevelopment factor of 50%. Based on these assumptions, the realistic capacity of these sites is projected at 1,470 units, 382 of which are projected to be affordable to low and very low-income households.

Figure 4 provides a map and table that depicts the proposed rezone for General Commercial.

Income Category Capacity to Accommodate RHNA
Low and Very Low 382
Moderate 221
Above Moderate 867
Total New Net Units 1,470
Figure 4 – Residential Flex Overlay (General Commercial)

5. Increase the Density in the Multi-Family (R-3) Zone

The High Density Residential (R-3) Zone has been identified by the City as an area with the opportunity to support increased density ( from 30 du/acre to 40 du/acre) that is compatible with adjacent higher density residential uses and other uses that support residential development. Higher density within this Focus Area can be expected to accommodate lower income units.

Housing Element Update- Rezoning Project
January 23, 2024

Approximately 177.21 acres met the criteria to accommodate l ow and very low-income units. An assumed density of 32 du/acre was applied to calculate the theoretical capacity of each site along with a reasonable redevelopment percentage of 25 percent . T he resulting realistic capacity of these sites is projected at 635 units, 165 of which are projected to be affordable to Low and Very Low-income households. The expectation with these sites is that units will be added over time as properties develop and smaller units will be proposed to reach higher density levels within the same basic footprint of the buildings.

Figure 5 below provides a map and table that shows the area of the proposed changes.

Income Category Capacity to Accommodate RHNA
Low and Very Low 165
Moderate 97
Above Moderate 373
Total New Net Units 635
Figure 5 – High Density Multi-Family Residential (R-3) Upzone

As mentioned in the text above, the maps in Figures 1- 5 represent the eligible sites identified to meet HCD’s requirements to calculate capacity toward the RHNA. In order to create a coherent and efficient land use map, however, the proposed rezoning strategies

Housing Element Update- Rezoning Project
January 23, 2024

apply to more property than just the eligible sites. Figure 6 below (and included as Attachment No. 4) provides the properties included in the rezoning effort citywide, and Figures 7-9 show magnified images of the same map focusing on various regions of the City for ease of viewing.

Figure 6 – Rezoning Efforts Citywide

Housing Element Update- Rezoning Project
January 23, 2024

Figure 7 – Project Rezone Map – East

Housing Element Update- Rezoning Project
January 23, 2024

Figure 8: Project Rezone Map – West

Housing Element Update- Rezoning Project
January 23, 2024

Figure 9: Project Rezone Map – South

In order to effectuate the zone changes described in the maps and tables above, modifications to the General Plan, Zoning Map, and Development Code are needed. Each of these entitlements is described below.

General Plan Amendment

In order to rezone the properties identified, the City’s General Plan Land Use Map and Land Use Element must be modified. Attachment No. 2 shows the proposed changes to the General Plan Land Use Map. The changes proposed are directly related to the zone changes and facilitate additional residential development (or higher residential densities) in various areas of the City. The changes to the General Plan Land Use Map are summarized below; please see Attachment No. 2 for the specific parcels being modified.

• Downtown Mixed -Use Zone Expansion – The land use designation for the properties being included in the Downtown Mixed-Use expansion will be changed

Housing Element Update- Rezoning Project
January 23, 2024

to be consistent with the rest of the DMU zoned areas. This new designation will be “Downtown Mixed Use (80 du/acre & 1.0 FAR) .” This means the area will support 80 dwelling units/acre and a Floor Area Ratio of 1.0 for the commercial component of any project.

• Downtown Mixed -Use Overlay – The DMU Overlay Zone will be placed over existing Commercial/Light Industrial zoned property in the downtown area. As such, the land use designation will be “Commercial/ Light Industrial (80 du/acre &

1.0 FAR).” This means that the base zoning designation will remain, but residential projects will be allowed at the density shown.

• Mixed-Use Upzone – The General Plan land use designation for the Mixed- Use (MU) Zone will simply be modified from 30 dwelling units/acre to 50 dwelling units/acre. These areas are shown on the map as “Mixed- Use (50 du/ac & 1.0 FAR).”

• Residential Flex Overlay Zone Areas – The General Plan land use designation for General Commercial zoned properties citywide will be modified to allow for residential projects up to 50 dwelling units/acre to facilitate the Residential Flex Overlay Zone. This is shown on the map as “Commercial (50 du/ac & .5 FAR).”

• High Density Residential (R-3) Upzone – The General Plan land used designation for the High Density Residential areas of the City (zoned R -3) will simply be modified to allow up to 40 dwelling units an acre instead of 30. This is shown on the Map as “High Density Residential (20-40 du/ac)”.

In addition to the General Plan Land Use Map, Chapter 2 of the General Plan, the Land Use and Community Design Element, also needs to be modified to facilitate the rezoning efforts. The Land Use and Community Design Element (LU Element) provides the blueprint for land use and development throughout the City, in all zones and geographic areas. It includes goals and policies to ensure compatibility between land uses and adherence to the overall vision for growth in the City.

Attachment No. 3 provides the proposed amendments to the LU Element to allow for the additional residential densities proposed as well as the allowance for residential uses in specific areas throughout the City. These changes are shown in redlines throughout the document. There are modifications proposed to the High Density Residential, Commercial, Commercial/Light Industrial, Mixed- Use, and Downtown Mixed- Use land use designations to allow for the density and housing modifications described in each of the rezones. In addition, several policies have been added to the LU Element to acknowledge that stand- alone residential projects with affordable units are encouraged in various land use designations. Finally, additional commentary has been added to the section on the implications of land use policy to acknowledge that the changes are within the growth and development anticipated when the LU Element was last drafted in 2010.

Housing Element Update- Rezoning Project
January 23, 2024

Zone Changes

The Zone Changes are of course the driver of the P roject and these were discussed above in detail. Please see Attachment No. 4 for the full citywide Zoning Map that shows all of the properties being modified by this rezoning effort. A summary of the changes is provided below.

• Downtown Mixed-Use Zone Expansion – The Zoning Map shows the areas being re-zoned to DMU, both east of 2
nd Avenue and west of 5th Avenue and along Rolyn
Place and Santa Anita Avenue.

• Downtown Mixed-Use Overlay – The DMU Overlay Zone is a new zone shown on the map and applied to the existing Commercial/Light Industrial zoned property adjacent to Downtown Arcadia.

• Mixed-Use Upzone – The MU-zoned areas are shown on the map as changes because the allowable density is being increased.

• Residential Flex Overlay Zone Areas – The Residential Flex Overlay Zone is shown on the map and applied to the applicable areas along Live Oak, Las Tunas, and General Commercially zoned properties citywide.

• High Density Residential (R-3) Upzone – The R-3 zoned areas are included on the map as changes because the allowable density is being increased.

Text Amendments to the Development Code

Along with changes to the General Plan and Zoning Map, the City’s Development Code (Article IX, Chapter 1 of the Municipal Code) also must be modified to allow for the changes to residential density and development potential. Each of the applicable zones and/or land uses has been modified to reflect the zone changes , and development standards have been added or changed to allow for affordable housing and/or other state- required housing types.

Each year at the State level, there are numerous changes and new bills that are passed by the legislature that impact cities. Many of these changes need to be codified and added to local Development Codes. Given this, in addition to the changes required by the rezoning effort, the text amendments being proposed also include modifications to achieve compliance with state housing law s and/or to implement additional portions of the City’s adopted Housing Element Implementation Plan. There will be additional modifications needed to the Development Code over time to complete the implementation efforts identified in the Housing Element. Most notably, the City is committed to bringing an Inclusionary Housing Ordinance forward in the near future as a modification to the Development Code. Inclusionary Housing is a method of requiring affordable units be built

Housing Element Update- Rezoning Project
January 23, 2024

along with any proposed housing project. This is an important component of the overall approach to providing affordable housing, and will be considered by the Planning Commission and City Council in the near future. However, as has been mentioned, the current effort encompasses only the portions of Housing Element implementation that are required by HCD prior to certification.

Attachment No. 5 provides the proposed text amendments included with this project. The amendments occur in many of the Divisions of the Development Code and have been grouped into a single document for ease of review. Only those pages relevant to the changes (shown in redline) or necessary for context, are provided. To facilitate review of Attachment No. 5, a summary of the changes proposed to each of the Divisions of the Development Code is provided below.

Division 1—Enactment, Applicability, and Enforcement
o Showing newly created Downtown Mixed-Use Overlay Zone.

Division 2 – Zones, Allowable Uses, and Development Standards o Added Downtown Mixed-Use Overlay Zone development standards. o Added clause that High Density multi-family housing is permitted by right if 20% of the units provided are affordable units (per the Government Code) o Changed densities in specific zones, and allowed residential projects in specific zones if affordable units are proposed, to match the proposed zone changes
o Modified regulations for Residential Care Facilities, Supportive Housing, Transitional Housing, and Employee Housing to meet State law o Added Residential Flex Overlay Zone development standards

Division 3 – Regulations Applicable to All Zones
o Modified parking requirements if affordable housing units are provided o Modified density bonus provisions to meet State law

Division 4 – Regulations for Specific Land Uses and Activities o Added new development standards and regulations for Emergency Shelters per State law
o Added new regulations for Employee Housing per State law

Division 5 – Subdivisions
o Added a lot merger incentive program citywide to promote lot assembly

Division 7—Permit Processing Procedures
o Modified rules for Reasonable Accommodations per State law o Simplified design review processes for High Density multi-family projects if affordable housing units are provided

Housing Element Update- Rezoning Project
January 23, 2024

Division 9 – Definitions
o Added new definitions for Emergency Shelters, Employee Housing, and Farmworker Housing.

FINDINGS

General Plan Amendment
Section 9108.03.060(A) of the Development Code requires that for a General Plan Amendment to be granted, it must be found that all of the following prerequisite conditions can be satisfied:

1. The proposed action is consistent with the goals, policies, and actions of the General Plan.

Facts to Support This Finding: The Rezoning Project is a primary implementation effort associated with the City’s approved Housing Element, which in and of itself is part of the General Plan. An approved (and certified) Housing Element is required to make the General Plan consistent with S tate law requirements per G overnment Code Section 65580 , which requires the Housing Element to be updated every eight years upon the adoption of a region’s Regional Housing Needs Allocation (RHNA). The Housing Element Update identified goals, policies, and implementation programs addressing housing opportunities, removal of governmental constraints, improving the condition of existing housing and providing equal housing opportunities for all Arcadia residents. These goals, policies, and program actions further the City’s overall policy goal within the General Plan to inspire a more diverse, sustainable, and balanced community by implementing strategies and programs that contribute to economic and socially diverse housing opportunities that preserve and enhance Arcadia’s character. The rezoning efforts that are part of the proposed action are the heart of the Housing Element’s Implementation Plan and will provide the capacity for required affordable housing units throughout the City.

2. The proposed action would not be detrimental to the public interest, health, safety, convenience, or welfare of the City.

Facts to Support This Finding: The Housing Element Update reflects the input of residents, decision makers, and other stakeholders in the community. The proposed action is to implement the adopted Housing Element rezoning strategies to enable additional residential units (and especially affordable housing units) to be built throughout the City. This is a direct benefit to the public interest in that housing affordability is a regional crisis and all cities need to do their part to accommodate regional housing needs. The rezones proposed do not compromise

Housing Element Update- Rezoning Project
January 23, 2024

public health, convenience, or welfare; rather, they provide additional opportunities for new housing of all types to be built in the City of Arcadia.

The Addendum to the Adopted Initial Study /Negative Declaration for the Housing Element Update analyzed all the significant environmental impacts of all candidate housing sites associated with the proposed 6th Cycle Housing Element Update, and it was determined that all the potential impacts would be less than significant.

Additionally, the Addendum also documented the fact that the total number of housing units anticipated by the rezoning effort will be less than the number that was approved in the adopted Negative Declaration for the Housing Element Update. Therefore, the proposed General Plan A mendment would not b e detrimental to the public health and welfare.

Zone Change
Section 9108.03.060(C) of the Development Code requires that for a Zone Change to be granted, it must be found that all of the following prerequisite conditions can be satisfied:

1. The proposed amendment is in conformance with the goals, policies, and objectives of the General Plan.

Facts to Support This Finding: The proposed zone changes are in conformance with the General Plan. The Zone Changes proposed are to implement the City’s approved Housing Element, which is an integral part of the General Plan. There are five (5) separate zone change actions being proposed: 1) Expansion of the Downtown Mixed -Use zone ; 2) establishment of a new Downtown Mixed- Use Overlay; 3) Increase the density in the Mixed- Use zone; 4) Expansion of the Residential Flex Overlay Zone; and 5) Increase the density in the High Density Multi-Family Zone. The changes to the Downtown Mixed- Use Zones, will allow residential development in an urban, mixed-use format, in furtherance of the goals and polices found in the Land Use & Community Design Element, the Economic Development Element, the Circulation and Infrastructure Element and, most importantly, the Housing Element of the General Plan. The upzoning of both of the Mixed-Use Zone and the High Density Multi-Family Residential Zones will enable more dense projects to be built and encourage the development of affordable housing, in furtherance of the goals and polices of the Housing Element and The Land Use & Community Design Element. The City’s Housing Element requires that the City meet the State-mandated Regional Housing Needs Allocation. Mixed-use development in what was formerly commercial areas is the most effective and beneficial way to do so. The addition of the Residential Flex Overlay Zone also achieves this purpose. For all of these reasons, the proposed project is consistent with the General Plan.

Housing Element Update- Rezoning Project
January 23, 2024

2. The site is physically suitable (including absence of physical constraints, access, compatibility with adjoining land uses, and provision of utilities) for the requested/anticipated land uses/developments.

Facts to Support This Finding: The Rezoning Project does not, in and of itself, propose any specific development. Where applicable , the rezones have been accompanied by text amendments that provide development standards appropriate for each respective zone. Additionally, the proposed rezones for the most part follow existing zoning patterns and simply increase density options or introduce residential development into new areas . The Addendum to the Adopted Negative Declaration submitted along with the Project reviewed all of the rezones proposed and found them to be consistent with the adopted Housing Element Update and previous environmental review. A ny new project that is proposed on a site that has been rezoned will be subject to its own site review to determine compatibility with adjoining land uses and the provision of utilities. In addition, all projects submitted on a rezoned site will be subject to its own CEQA review as well.

3. The proposed amendment will not be detrimental to the public interest, health, safety, convenience, or general welfare of the City.

Facts to Support This Finding: The Housing Element Update reflects the input of residents, decision makers, and other stakeholders in the community. The proposed action is to implement the adopted Housing Element rezoning strategies to enable additional residential units (and especially affordable housing units) to be built throughout the City. This is a direct benefit to the public interest in that housing affordability is a regional crisis and all cities need to do their part to accommodate regional housing needs. The rezones proposed do not compromise public health, convenience, or welfare; rather, they provide additional opportunities for new housing of all types to be built in the City of Arcadia.

The Addendum to the Adopted Negative Declaration for the Housing Element Update analyzed all the significant environmental impacts of all candidate housing sites associated with the proposed 6th Cycle Housing Element Update, and it was determined that all the potential impacts would be less than significant.

Additionally, the Addendum also documented the fact that the total number of housing units anticipated by the rezoning effort is less than the number that was approved in the adopted Negative Declaration for the Housing Element Update.

Therefore, the proposed zone changes would not be detrimental to the public health and welfare.

Housing Element Update- Rezoning Project
January 23, 2024

Text Amendment

Pursuant to Section 9108.03.060(B), an amendment to the Development Code may be approved only if all of the following findings are made:

1. The proposed Development Code amendment is consistent with the goals, policies, and objectives of the General Plan; and any applicable specific plan(s).

Facts to Support the Finding: The proposed Text Amendments are in conformance with the General Plan. The Text Amendments proposed effectuate the rezones that implement the City’s approved Housing Element, which is an integral part of the General Plan. There are five (5) separate zone change actions being proposed: 1) Expansion of the Downtown Mixed-Use zone; 2) Establishment of a new Downtown Mixed-Use Overlay; 3) Increase the density in the Mixed-Use Zone; 4) Expansion of the Residential Flex Overlay Zone; and 5) Increase the density in the High Density Multi-Family Zone. The Text Amendments provide new code sections or edits to existing sections that support these rezones so that the Development Code and General Plan are internally consistent.

The changes to the Downtown Mixed-Use zones, for example, will allow residential development in an urban, mixed-use format, in furtherance of the goals and polices found in the Land Use & Community Design Element, the Economic Development Element, the Circ ulation and Infrastructure Element and, most importantly, the Housing Element of the General Plan. The upzoning of both of the Mixed-Use Zone and the High Density Multi -Family Residential Z ones will enable more dense projects to be built and encourage the development of affordable housing, in furtherance of the goals and polices of the Housing Element and The Land Use & Community Design Element. The City’s Housing Element requires that the C ity meet the State -mandated Regional Housing Needs Allocation. Mixed- use development in what was formerly commercial areas is the most effective and beneficial way to do so. The addition of the Residential Flex Overlay Zone achieves this. For all of these reasons, the proposed project is consistent with the General Plan.

2. The proposed amendment is internally consistent with other applicable provisions of this Development Code.

Facts to Support the Finding: The purpose of the proposed Text Amendment is to effectuate the rezones required by the Housing Element Implementation Plan. As such, all Divisions of the Development Code have been evaluated to bring them all into compliance with each other, and with the General Plan. In addition to the rezones, additional text amendments to the Development Code are provided as part of this action to meet State law and standards related to the Government Code. As such, the proposed text a mendments have been reviewed to ensure they are

Housing Element Update- Rezoning Project
January 23, 2024

consistent with the other applicable provisions of the Development Code, as well as State law. Finally, the proposed amendments have been reviewed by the City Attorney for internal consistency to ensure that there are no conflicting standards or uncertainties.

ENVIRONMENTAL ANALYSIS
The proposed project has been assessed in accordance with the authority and criteria contained in the California Environmental Quality Act (CEQA) and CEQA Guidelines. An Initial Study/Negative Declaration (IS/ND) was originally prepared for the Housing Element Update project for the City, as the lead agency. Th e IS/ND was prepared consistent with the requirements of the California Environmental Quality Act (CEQA) on the basis that there was no substantial evidence that there may be significant environmental impacts on specific environmental areas. The original IS/ND was made available for public review from September 30, 2021 to November 1, 2021 and ultimately was adopted along with the Housing Element Update project on February 15, 2022.

Since the rezoning effort is implementation of the adopted Housing Element, the appropriate CEQA document for rezoning project is an Addendum to the Adopted IS/ND.

A Notice of Intent to adopt the Addendum to the adopted IS/ND was published in both the Pasadena Star News and the Arcadia Weekly on December 21 , 2023, posted on the City’s webpage, mailed to individuals who are on the City’s interested party list for the Housing Element Update, and posted at the L.A. County Clerk’s office on December 22, 2023. A copy of the Addendum was made available for public review from December 22, 2023, to January 22, 2024, on the City’s webpage, at the Planning Division office, and at the City’s Library. During this time period, public agencies, organizations, and the public in general were afforded the opportunity to review the Addendum a nd submit written comments regarding the documents and the proposed project. As of January 19, 2024, no comments were received regarding these rezones or to the environmental analysis.

Similar to the adopted IS/ND, the Addendum reviewed the rezoning project and concluded that there was no substantial evidence that there may be significant environmental impacts on specific environmental areas. The Addendum accounted for the fact that the number of housing units anticipated to result from the rezones was less than what was anticipated during the original adoption of the Housing Element. The Addendum to the adopted IS/ND is provided as Attachment No. 6 to the Staff Report.

RECOMMENDATION

It is recommended that the Planning Commission adopt Resolution No. 2141 recommending that the City Council adopt the Addendum to the adopted Initial Study/Negative Declaration and approve General Plan Amendment No. GPA 23-02, Zone Change No. ZC 23-03, and Text Amendment No. TA 23-02, approving the Rezoning Project to implement the rezone strategies in the Housing Element Update.

Housing Element Update- Rezoning Project
January 23, 2024

The City Council is scheduled to consider this item at its February 6 , 202 4, meeting.

Should the Council approve the Rezoning Project , it will be sent to HCD for certification along with the entire Housing Element. If HCD has further substantive comments and does not certify the Housing Element, it will return to the Planning Commission and City Council for further review.

If any Planning Commissioner, or other interested party has any questions or comments regarding this matter prior to the January 23, 2023, Planning Commission Meeting please contact me at (626) 547-5445, or by email at [email protected].

Approved:

Lisa Flores
Deputy Development Services Director

Attachment No. 1: Resolution No. 2141
Attachment No. 2: Changes to the General Plan Land Use Map Attachment No. 3: General Plan Land Use and Community Design Element (redlined) Attachment No. 4: Changes to the Zoning Map
Attachment No. 5 Draft Text Amendments to the Development Code (redlined) Attachment No. 6: Addendum to the Adopted Initial Study/Negative Declaration for the Housing Element Update

Attachment No. 7
Addendum to the Adopted Initial
Study/Negative Declaration for the Housing
Element Update
Z&dʹ ĞĐĞŵďĞƌϮϬϮϯ

EhDdKd,

Z/ϲd,z>
,Kh^/E'
>
D
EdhWd

/E/d/>^dhzͬE
'd/s

>Zd/KE
ĞĐĞŵďĞƌϮϬϮϯ
WƌĞƉĂƌĞĚLJ͗
<ŝŵůĞLJͲ,ŽƌŶĂŶĚƐƐŽĐŝĂƚĞƐ͕/ŶĐ͘
ϯϴϬϭhŶŝǀĞƌƐŝƚLJǀĞŶƵĞ͕^ƵŝƚĞϯϬϬ
ZŝǀĞƌƐŝĚĞ͕ϵϮϱϬϭ

ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞŝ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
dĂďůĞŽĨŽŶƚĞŶƚƐ
ϭ͘Ϭ /ŶƚƌŽĚƵĐƚŝŽŶĂŶĚƉƵƌƉŽƐĞ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭ ϭ͘ϭ WƵƌƉŽƐĞĂŶĚ^ĐŽƉĞŽĨƚŚĞĚĚĞŶĚƵŵ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭ Ϯ͘Ϭ ĞƐĐƌŝƉƚŝŽŶŽĨWƌŽƉŽƐĞĚWƌŽũĞĐƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯ Ϯ͘ϭ WƌŽũĞĐƚ^ĞƚƚŝŶŐĂŶĚ>ŽĐĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯ Ϯ͘Ϯ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϱ Ϯ͘ϯ WƌŽũĞĐƚƉƉƌŽǀĂůƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϲ ϯ͘Ϭ dŚĞƌĐĂĚŝĂ,
h/^ͬE
ŶǀŝƌŽŶŵĞŶƚĂů/ŵƉĂĐƚŶĂůLJƐŝƐ^ƵŵŵĂƌLJ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϳ ϰ͘Ϭ ŝƚLJŽĨƌĐĂĚŝĂ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
ŶǀŝƌŽŶŵĞŶƚĂů/ŵƉĂĐƚ
ŶĂůLJƐŝƐĂŶĚWƌŽũĞĐƚƉƉƌŽǀĂůƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴ  ϰ͘ϭ ĞƐƚŚĞƚŝĐƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϵ ϰ͘Ϯ ŐƌŝĐƵůƚƵƌĞĂŶĚ&ŽƌĞƐƚƌLJ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϮ ϰ͘ϯ ŝƌYƵĂůŝƚLJ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϰ ϰ͘ϰ ŝŽůŽŐŝĐĂů ZĞƐŽƵƌĐĞƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϳ ϰ͘ϱ ƵůƚƵƌĂůZĞƐŽƵƌĐĞƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϯϮ ϰ͘ϲ
ŶĞƌŐLJ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϯϱ ϰ͘ϳ 'ĞŽůŽŐLJĂŶĚ^ŽŝůƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϯϳ ϰ͘ϴ 'ƌĞĞŶŚŽƵƐĞ'Ă Ɛ
ŵŝƐƐŝŽŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϰϭ ϰ͘ϵ ,ĂnjĂƌĚƐĂŶĚ,ĂnjĂƌĚŽƵƐDĂƚĞƌŝĂůƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϰϯ ϰ͘ϭϬ ,LJĚƌŽůŽŐLJĂŶĚ tĂƚĞƌYƵĂůŝƚLJ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϰϴ ϰ͘ϭϭ >ĂŶĚhƐĞĂŶĚWůĂŶŶŝŶŐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϱϮ ϰ͘ϭϮ DŝŶĞƌĂůZĞƐŽƵƌĐĞƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϱϰ ϰ͘ϭϯ EŽŝƐĞ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϱϱ ϰ͘ϭϰ WŽƉƵůĂƚŝŽŶĂŶĚ,ŽƵƐŝŶŐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϱϴ ϰ͘ϭϱ WƵďůŝĐ^ĞƌǀŝĐĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϲϬ ϰ͘ϭϲ ZĞĐƌĞĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϲϰ ϰ͘ϭϳ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϲϲ ϰ͘ϭϴ dƌŝďĂůƵůƚƵƌĂůZĞƐŽƵƌĐĞƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϲϵ ϰ͘ϭϵ hƚŝůŝƚŝĞƐĂŶĚ^ĞƌǀŝĐĞ^LJƐƚĞŵƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϳϬ ϰ͘ϮϬ tŝůĚĨŝƌĞ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϳϰ ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞŝŝ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϱ͘Ϭ ĞƚĞƌŵŝŶĂƚŝŽŶŽĨƉƉƌŽƉƌŝĂƚĞ
YŽĐƵŵĞŶƚĂƚŝŽŶ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϳ ϲ͘Ϭ ŽŶĐůƵƐŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϬ  ϳ͘Ϭ ZĞĨĞƌĞŶĐĞƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϭ  
>ŝƐƚŽĨdĂďůĞƐ
dĂďůĞϭͲϭ͗ŝƚLJŽĨƌĐĂĚŝĂϮϬϮϭͲϮϬϮϵZ,EůůŽĐĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯ dĂďůĞϮͲϭ͗ĂŶĚŝĚĂƚĞ,ŽƵƐŝŶŐ^ŝƚĞƐʹ
džŝƐƚŝŶŐ'ĞŶĞƌĂůWůĂŶ>ĂŶĚhƐĞĞƐŝŐŶĂƚŝŽŶƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰ dĂďůĞϮͲϮ͗ĂŶĚŝĚĂƚĞ,ŽƵƐŝŶŐ^ŝƚĞƐʹ
džŝƐƚŝŶŐŽŶŝŶŐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘ϱ dĂďůĞϰ͘ϭϰͲϭ͗WŽƉƵůĂƚŝŽŶ/ŶĐƌĞĂƐĞĨƌŽŵ,ŽƵƐŝŶŐ
ůĞŵĞŶƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϴ  
>ŝƐƚŽĨ
džŚŝďŝƚƐ

džŚŝďŝƚϭ͗ZĞŐŝŽŶĂůDĂƉ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳ

džŚŝďŝƚϮ͗>ŽĐĂůsŝĐŝŶŝƚLJDĂƉ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴ

džŚŝďŝƚϯ͗,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞ^ŝƚĞƐʹůů ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ

džŚŝďŝƚϰ͗,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞ^ŝƚĞƐʹ
ĂƐƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘͘͘͘͘͘͘ϭϬ

džŚŝďŝƚϱ͗,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞ^ŝƚĞƐʹtĞƐƚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭ

džŚŝďŝƚϲ͗,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞ^ŝƚĞƐʹ^ŽƵƚŚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮ

džŚŝďŝƚϳ͗WƌŽũĞĐƚZĞnjŽŶĞDĂƉʹůů ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϯ

džŚŝďŝƚϴ͗WƌŽũĞĐƚZĞnjŽŶĞDĂƉʹ
ĂƐƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϰ

džŚŝďŝƚϵ͗WƌŽũĞĐƚZĞnjŽŶĞDĂƉʹtĞƐƚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱ

džŚŝďŝƚϭϬ͗WƌŽũĞĐƚZĞnjŽŶĞDĂƉʹ^ŽƵƚŚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϲ 

ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϭ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϭ͘Ϭ /EdZKhd/KEEWhZWK^

ϭϭ͘ϭ WƵƌƉŽƐĞĂŶĚ^ĐŽƉĞŽĨƚŚĞĚĚĞŶĚƵŵ
dŚŝƐ ĚĚĞŶĚƵŵ ŚĂƐ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚĞ ĂůŝĨŽƌŶŝĂ ŶǀŝƌŽŶŵĞŶƚĂů
YƵĂůŝƚLJĐƚ;
YͿ;ĂůŝĨŽƌŶŝĂWƵďůŝĐZĞƐŽƵƌĐĞƐŽĚĞ΀WZ΁^ĞĐƚ ŝŽŶϮϭϬϬϬĞƚƐĞƋ͘Ϳ͖ƚŚĞ Y'ƵŝĚĞůŝŶĞƐ
;dŝƚůĞ ϭϰ͕ ĂůŝĨŽƌŶŝĂ ŽĚĞ ŽĨ ZĞŐƵůĂƚŝŽŶƐ ΀Z΁ ^ĞĐƚŝŽŶ ϭϱϬϬϬ Ğƚ ƐĞƋ͘Ϳ͖ ĂŶĚ ƚŚĞ ƌƵůĞƐ͕ ƌĞŐƵůĂƚŝŽŶƐ͕ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐĨŽƌŝŵƉůĞŵĞŶƚŝŶŐ
YĂƐƐĞƚĨŽƌƚŚďLJƚŚĞŝƚLJŽĨƌ ĐĂĚŝĂ;ŝƚLJͿ͘dŚĞŝƚLJŝƐƚŚĞůĞĂĚĂŐĞŶĐLJ ƵŶĚĞƌ
Y͘
^ĞĐƚŝŽŶϭϱϭϲϰ;ĂͿŽĨƚŚĞ
Y'ƵŝĚĞůŝŶĞƐƐƚĂƚĞƐƚŚĂƚ͞ƚŚĞůĞĂĚĂŐĞŶĐLJŽƌĂƌĞƐƉŽŶƐŝďůĞĂŐĞŶĐLJƐŚĂůůƉƌĞƉĂƌĞ ĂŶ ĂĚĚĞŶĚƵŵ ƚŽ Ă ƉƌĞǀŝŽƵƐůLJ ĐĞƌƚŝĨŝĞĚ
/Z Žƌ ŶĞŐĂƚŝǀĞ ĚĞĐůĂƌĂƚŝŽŶ ŝĨ ƐŽŵĞ ĐŚĂŶŐĞƐ Žƌ ĂĚĚŝƚŝŽŶƐ ĂƌĞ ŶĞĐĞƐƐĂƌLJ͕ďƵƚŶŽŶĞŽĨƚŚĞĐŽŶĚŝƚŝŽŶƐĚĞƐĐƌŝďĞĚŝŶ^ĞĐƚŝŽŶϭϱϭϲϮĐĂůůŝŶŐĨŽƌƉƌĞƉĂƌĂƚŝŽŶŽĨĂƐƵďƐĞƋƵĞŶƚ

/ZŚĂǀĞŽĐĐƵƌƌĞĚ͘͟^ĞĐƚŝŽŶϭϱϭϲϮ;ĂͿŽĨƚŚĞ
Y'ƵŝĚĞůŝŶĞƐŝŶĚŝĐĂƚĞƐƚŚĂƚƚŚĞůĞĂĚĂŐĞŶĐLJŵĂLJĨŽƌŐŽƚŚĞ ĐƌĞĂƚŝŽŶŽĨĂƐƵďƐĞƋƵĞŶƚ
/Z;^
/ZͿƵŶůĞƐƐƚŚĞůĞĂĚĂŐĞŶĐLJĚĞƚĞƌŵŝŶĞƐ͕ŽŶƚŚĞďĂƐŝƐŽĨƐƵďƐƚĂŶƚŝĂůĞǀŝĚĞŶĐĞ ŝŶƚŚĞůŝŐŚƚŽĨƚŚĞǁŚŽůĞƌĞĐŽƌĚ͕ŽŶĞŽƌŵŽƌĞŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ ;ϭͿ ^ƵďƐƚĂŶƚŝĂůĐŚĂŶŐĞƐĂƌĞƉƌŽƉŽƐĞĚŝŶƚŚĞƉƌŽũĞĐƚǁŚŝĐŚǁŝůůƌĞƋƵŝƌĞŵĂũŽƌƌĞǀŝƐŝŽŶƐŽĨƚŚĞƉƌĞǀŝŽƵƐ

/ZŽƌŶĞŐĂƚŝǀĞĚĞĐůĂƌĂƚŝŽŶĚƵĞƚŽƚŚĞŝŶǀŽůǀĞŵĞŶƚŽĨŶĞǁƐŝŐŶŝĨŝĐĂŶƚĞŶǀŝƌŽŶŵĞŶƚĂůĞĨĨĞĐƚƐŽƌĂ ƐƵďƐƚĂŶƚŝĂůŝŶĐƌĞĂƐĞŝŶƚŚĞƐĞǀĞƌŝƚLJŽĨƉƌĞǀŝŽƵƐůLJŝĚĞŶƚŝĨŝĞĚƐŝŐŶŝĨŝĐĂŶƚĞĨĨĞĐƚƐ͖ ;ϮͿ ^ƵďƐƚĂŶƚŝĂů ĐŚĂŶŐĞƐ ŽĐĐƵƌ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ƚŚĞ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ƵŶĚ Ğƌ ǁŚŝĐŚ ƚŚĞ ƉƌŽũĞĐƚ ŝƐ ƵŶĚĞƌƚĂŬĞŶǁŚŝĐŚǁŝůůƌĞƋƵŝƌĞŵĂũŽƌƌĞǀŝƐŝŽŶƐŽĨƚŚĞƉƌĞǀŝŽƵƐ /ZŽƌEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶĚƵĞƚŽ
ƚŚĞŝŶǀŽůǀĞŵĞŶƚŽĨŶĞǁƐŝŐŶŝĨŝĐĂŶƚĞŶǀŝƌŽŶŵĞŶƚĂůĞĨĨĞĐƚƐŽƌĂƐƵďƐƚĂŶƚŝĂůŝŶĐƌĞĂƐĞŝŶƚŚĞƐĞǀĞƌŝƚLJ ŽĨƉƌĞǀŝŽƵƐůLJŝĚĞŶƚŝĨŝĞĚƐŝŐŶŝĨŝĐĂŶƚĞĨĨĞĐƚƐ͖Žƌ
;ϯͿ EĞǁ ŝŶĨŽƌŵĂƚŝŽŶ ŽĨ ƐƵďƐƚĂŶƚŝĂů ŝŵƉŽƌƚĂŶĐĞ͕ ǁŚŝĐŚ ǁĂƐ ŶŽƚ ŬŶŽǁŶĂŶĚ ĐŽƵůĚ ŶŽƚ ŚĂǀĞ ďĞĞŶ ŬŶŽǁŶ ǁŝƚŚ ƚŚĞ ĞdžĞƌĐŝƐĞ ŽĨ ƌĞĂƐŽŶĂďůĞ ĚŝůŝŐĞŶĐĞ Ăƚ ƚŚĞ ƚŝŵĞ ƚŚĞ ƉƌĞǀŝŽƵƐ /Z ǁĂƐ ĐĞƌƚŝĨŝĞĚ ĂƐ
ĐŽŵƉůĞƚĞŽƌƚŚĞEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶǁĂƐĂĚŽƉƚĞĚ͕ƐŚŽǁƐĂŶLJŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ ;Ϳ dŚĞƉƌŽũĞĐƚǁŝůůŚĂǀĞŽŶĞŽƌŵŽƌĞƐŝŐŶŝĨŝĐĂŶƚĞĨĨĞĐƚƐŶŽƚĚŝƐĐƵ ƐƐĞĚŝŶƚŚĞƉƌĞǀŝŽƵƐ /ZŽƌ
ŶĞŐĂƚŝǀĞĚĞĐůĂƌĂƚŝŽŶ͖
;Ϳ ^ŝŐŶŝĨŝĐĂŶƚĞĨĨĞĐƚƐƉƌĞǀŝŽƵƐůLJĞdžĂŵŝŶĞĚǁŝůůďĞƐƵďƐƚĂŶƚŝĂůůLJŵ ŽƌĞƐĞǀĞƌĞƚŚĂŶƐŚŽǁŶŝŶ ƚŚĞƉƌĞǀŝŽƵƐ
/Z͖
;Ϳ DŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐŽƌĂůƚĞƌŶĂƚŝǀĞƐƉƌĞǀŝŽƵƐůLJĨŽƵŶĚŶŽƚƚŽďĞ ĨĞĂƐŝďůĞǁŽƵůĚŝŶĨĂĐƚďĞ ĨĞĂƐŝďůĞ͕ĂŶĚǁŽƵůĚƐƵďƐƚĂŶƚŝĂůůLJƌĞĚƵĐĞŽŶĞŽƌŵŽƌĞƐŝŐŶŝĨŝĐĂŶƚĞĨĨĞĐƚƐŽĨƚŚĞƉƌŽũĞĐƚ͕ďƵƚ ƚŚĞƉƌŽũĞĐƚƉƌŽƉŽŶĞŶƚƐĚĞĐůŝŶĞƚŽĂĚŽƉƚƚŚĞŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞŽƌĂůƚĞƌŶĂƚŝǀĞ͖Žƌ ;Ϳ DŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐŽƌĂůƚĞƌŶĂƚŝǀĞƐǁŚŝĐŚĂƌĞĐŽŶƐŝĚĞƌĂďůLJĚŝĨĨĞƌĞŶƚĨƌŽŵƚŚŽƐĞĂŶĂůLJnjĞĚ ŝ Ŷ ƚ Ś Ğ Ɖ ƌ Ğ ǀ ŝ Ž Ƶ Ɛ 
/ Z ǁ Ž Ƶ ů Ě Ɛ Ƶ ď Ɛ ƚ Ă Ŷ ƚ ŝ Ă ů ů LJ ƌ Ğ Ě Ƶ Đ Ğ Ž Ŷ Ğ Ž ƌ ŵ Ž ƌ Ğ Ɛ ŝ Ő ŶŝĨŝĐĂŶƚ ĞĨĨĞĐƚƐ ŽŶ ƚŚĞ Ğ Ŷ ǀ ŝ ƌ Ž Ŷ ŵ Ğ Ŷ ƚ ͕ ď Ƶ ƚ ƚ Ś Ğ Ɖ ƌ Ž ũ Ğ Đ ƚ Ɖ ƌ Ž Ɖ Ž Ŷ Ğ Ŷ ƚ Ɛ Ě Ğ Đ ů ŝ Ŷ Ğ ƚ Ž Ă Ě Ž Ɖ ƚ ƚ Ś Ğ ŵ ŝƚŝŐĂƚŝŽŶ ŵĞĂƐƵƌĞ Žƌ ĂůƚĞƌŶĂƚŝǀĞ͘
dŚĞƌĐĂĚŝĂ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞ;,
hͿǁĂƐƉƌĞƉĂƌĞĚĂƐƚŚĞĨŝĨƚŚĞůĞŵĞŶƚŽĨƚŚĞƌĐĂĚŝĂ'ĞŶĞƌĂůWůĂŶ ;ƌĐĂĚŝĂ 'WͿ ĂŶĚ ĨƵŶĐƚŝŽŶƐ ĂƐ ŽŶĞ ŽĨ ƐĞǀĞŶ ƐƚĂƚĞͲŵĂŶĚĂƚĞĚ 'ĞŶĞƌĂů WůĂŶ ĞůĞŵĞŶƚƐ ;ŝ͘Ğ͕͘ >ĂŶĚ hƐĞ͕ ,ŽƵƐŝŶŐ͕ŝƌĐƵůĂƚŝŽŶ͕EŽŝƐĞ͕^ĂĨĞƚLJ͕KƉĞŶ^ƉĂĐĞ͕ĂŶĚŽŶƐĞƌǀĂƚŝ ŽŶͿƚŚĂƚĂƌĞƉƌĞƉĂƌĞĚĂĐĐŽƌĚŝŶŐƚŽ' ΑϲϱϱϴϯƌĞƋƵŝƌĞŵĞŶƚƐ͘ĂůŝĨŽƌŶŝĂ'ŽǀĞƌŶŵĞŶƚŽĚĞΑϲϱϱϴϯƐĞƚƐĨŽƌ ƚŚƚŚĞƐƉĞĐŝĨŝĐĐŽŶƚĞŶƚƌĞƋƵŝƌĞŵĞŶƚƐ ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϮ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ŽĨĂũƵƌŝƐĚŝĐƚŝŽŶ͛ƐŚŽƵƐŝŶŐĞůĞŵ ĞŶƚ͘/ŶĐůƵĚĞĚŝŶƚŚĞƐĞƌĞƋƵŝƌĞŵ ĞŶƚƐĂƌĞŽďůŝŐĂƚŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨůŽĐĂů ũƵƌŝƐĚŝĐƚŝŽŶƐƚŽƉƌŽǀŝĚĞƚŚĞŝƌ͞ĨĂŝƌƐŚĂƌĞ͟ŽĨƌĞŐŝŽŶĂůŚŽƵƐŝŶŐŶĞĞĚƐ͘ dŚĞƌĐĂĚŝĂ,
hĂůƐŽŝŶĐůƵĚĞƐƉŽůŝĐŝĞƐĂŶĚŐŽĂůƐĚĞƐŝŐŶĞĚƚŽĂƐƐŝƐƚƚŚĞŝƚLJŝŶŵĞĞƚŝŶŐŝƚƐƐƚĂƚĞͲŵĂŶĚĂƚĞĚ ZĞŐŝŽŶĂů,ŽƵƐŝŶŐEĞĞĚƐƐƐĞƐƐŵĞŶƚ;Z,EͿĂůůŽĐĂƚŝŽŶ͘>ŝŬĞƚŚĞĐ ƌĞĂƚŝŽŶŽĨƚŚĞƌĐĂĚŝĂ, h͕ƚŚĞŝƚLJ͛Ɛ
Z,EĂůůŽĐĂƚŝŽŶŝƐŵĂŶĚĂƚĞĚďLJƚŚĞ^ƚĂƚĞ,ŽƵƐŝŶŐ>ĂǁĂƐƉĂƌƚŽĨ ƚŚĞƉĞƌŝŽĚŝĐƉƌŽĐĞƐƐŽĨƵƉĚĂƚŝŶŐůŽĐĂů 'ĞŶĞƌĂůWůĂŶ,ŽƵƐŝŶŐ
ůĞŵĞŶƚƐ͘/ƚƋƵĂŶƚŝĨŝĞƐƚŚĞŚŽƵƐŝŶŐŶĞĞĚƐ ǁŝƚŚŝŶĞĂĐŚũƵƌŝƐĚŝĐƚŝŽŶĨŽƌĂůůĞĐŽŶŽŵŝĐ ƐĞŐŵĞŶƚƐŽĨƚŚĞĐŽŵŵƵŶŝƚLJ;ŬŶŽǁŶĂƐƚŚĞZ,EĂůůŽĐĂƚŝŽŶƉůĂŶͿŝŶĨŽƵƌŝŶĐŽŵĞĐĂƚĞŐŽƌŝĞƐ͗ǀĞƌLJůŽǁ͕ůŽǁ͕ ŵŽĚĞƌĂƚĞ͕ĂŶĚĂďŽǀĞŵŽĚĞƌĂƚĞ͘dĂďůĞϭͲϭ͗ŝƚLJŽĨƌĐĂĚŝĂϮϬϮϭͲϮϬϮϵZ,EůůŽĐĂƚŝŽŶƉƌŽǀŝĚĞƐƚŚĞĨŝŶĂů Z,EĂůůŽĐĂƚŝŽŶƚŽƚŚĞŝƚLJ͘
dĂďůĞϭͲϭ͗ŝƚLJŽĨƌĐĂĚŝĂϮϬϮϭͲϮϬϮϵZ,EůůŽĐĂƚŝŽŶ
/ŶĐŽŵĞ>ĞǀĞů йŽĨǀĞƌĂŐĞDĞĚŝĂŶ/ŶĐŽŵĞ;D/Ϳ Z,EůůŽĐĂƚŝŽŶ;,ŽƵƐŝŶŐhŶŝƚƐͿ sĞƌLJ>Žǁ/ŶĐŽŵĞ ϬͲϱϬй ϭ͕ϭϬϮ
>ŽǁͲ/ŶĐŽŵĞ ϱϭͲϴϬй ϱϳϬ
DŽĚĞƌĂƚĞ/ŶĐŽŵĞ ϴϭͲϭϮϬй ϲϬϱ
ďŽǀĞDŽĚĞƌĂƚĞ/ŶĐŽŵĞ ϭϮϬйн ϵϯϳ
dŽƚĂů ϯ͕Ϯϭϰ
^ŽƵƌĐĞ͗^ŽƵƚŚĞƌŶĂůŝĨŽƌŶŝĂƐƐŽĐŝĂƚŝŽŶŽĨ'ŽǀĞƌŶŵĞŶƚƐ;^'Ϳ͘ϮϬϮϭ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ͗ŚƚƚƉƐ͗ͬͬƐĐĂŐ͘ĐĂ͘ŐŽǀͬƐŝƚĞƐͬŵĂŝŶͬĨŝůĞƐͬĨŝůĞͲ ĂƚƚĂĐŚŵĞŶƚƐͬϲƚŚͲĐLJĐůĞͲƌŚŶĂͲƉƌŽƉŽƐĞĚͲĨŝŶĂůͲĂůůŽĐĂƚŝŽŶͲƉůĂŶ͘ƉĚĨ͍ϭϲϭϰϵϭϭϭϵϲ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘ Ϯ͘Ϭ 
^Z/Wd/KEK&WZKWK^
WZK:
d
ϮϮ͘ϭ WƌŽũĞĐƚ^ĞƚƚŝŶŐĂŶĚ>ŽĐĂƚŝŽŶ
dŚĞŝƚLJŝƐůŽĐĂƚĞĚŝŶĐĞŶƚƌĂů>ŽƐŶŐĞůĞƐŽƵŶƚLJ;ŽƵŶƚLJͿŝŶƚ ŚĞŶŽƌƚŚǁĞƐƚƉŽƌƚŝŽŶŽĨƚŚĞ^ĂŶ'ĂďƌŝĞů sĂůůĞLJ;sĂůůĞLJͿ͘dŚĞŝƚLJŝƐďŽƵŶĚĞĚďLJƚŚĞ^ĂŶ'ĂďƌŝĞůDŽƵŶƚĂŝ ŶƐ͕ƚŚĞŶŐĞůĞƐEĂƚŝŽŶĂů&ŽƌĞƐƚ͕ĂŶĚƚŚĞ ŝƚLJŽĨ^ŝĞƌƌĂDĂĚƌĞƚŽƚŚĞŶŽƌƚŚ͕ƚŚĞŝƚLJŽĨWĂƐĂĚĞŶĂƚŽƚŚĞŶŽƌƚŚǁĞƐƚ͕ƚŚĞŝƚLJŽĨDŽŶƌŽǀŝĂƚŽƚŚĞĞĂƐƚ ĂŶĚŶŽƌƚŚĞĂƐƚ͕dĞŵƉůĞŝƚLJƚŽƚŚ ĞƐŽƵƚŚǁĞƐƚ͕ĂŶĚƵŶŝŶĐŽƌƉŽƌĂƚĞĚŽƵŶƚLJĐŽŵŵƵŶŝƚŝĞƐƚŽƚŚĞǁĞƐƚĂŶĚ ƐŽƵƚŚĞĂƐƚ͘ZĞŐŝŽŶĂůĂĐĐĞƐƐƚŽƚŚĞŝƚLJŝƐƉƌŽǀŝĚĞĚǀŝĂƚŚĞ/ŶƚĞƌƐƚĂƚĞϮϭϬ&ƌĞĞǁĂLJ;/ͲϮϭϬͿ͕ǁŚŝĐŚƌƵŶƐŝŶĂŶ ĞĂƐƚͲǁĞƐƚĚŝƌĞĐƚŝŽŶƚŚƌŽƵŐŚƚŚĞŶŽƌƚŚĞƌŶƉŽƌƚŝŽŶŽĨƚŚĞŝƚLJ͘d ŚĞ/ŶƚĞƌƐƚĂƚĞϲϬϱ&ƌĞĞǁĂLJ;/ͲϲϬϱͿ͕ŬŶŽǁŶ ĂƐƚŚĞ^ĂŶ'ĂďƌŝĞůZŝǀĞƌ&ƌĞĞǁĂLJͿ͕ƌƵŶƐŝŶĂŶŽƌƚŚͲƐŽƵƚŚĚŝƌĞĐƚŝŽŶ͕ŝƐĂƉƉƌŽdžŝŵĂƚĞůLJϬ͘ϭϴŵŝůĞƐĞĂƐƚŽĨƚŚĞ ŝƚLJ͛ƐƐŽƵƚŚĞĂƐƚĞƌŶĞĚŐĞ͘
džŚŝďŝƚϭ͗ZĞŐŝŽŶĂůDĂƉĚĞƉŝĐƚƐƚŚĞŝƚLJ͛ƐůŽĐĂƚŝŽŶŝŶĂƌĞŐŝŽŶĂůĐŽŶƚĞdžƚ͕ǁŚŝůĞ

džŚŝďŝƚϮ͗>ŽĐĂůsŝĐŝŶŝƚLJDĂƉĚĞƉŝĐƚƐƚŚĞŝƚLJŝŶĂůŽĐĂůĐŽŶƚĞdžƚ͘ dŚĞŝƚLJŝƐƉƌĞĚŽŵŝŶĂŶƚůLJĐŽŵƉƌŝƐĞĚŽĨƌĞƐŝĚĞŶƚŝĂůůĂŶĚƵƐĞƐ͕ǁ ŝƚŚŽƚŚĞƌŶŽƚĂďůĞůĂŶĚƵƐĞƐŝŶĐůƵĚŝŶŐƚŚĞ ^ĂŶƚĂ ŶŝƚĂ ZĂĐĞƚƌĂĐŬ ĂŶĚ ^ŚŽƉƐ Ăƚ ^ĂŶƚĂ ŶŝƚĂ DĂůů͕ ŚŝŐŚ ĚĞŶƐŝƚLJ ƌĞƐŝĚĞŶƚŝĂů ŝŶ ƚŚĞ ĂƌĞĂ ŽĨ  tĞƐƚ ,ƵŶƚŝŶŐƚŽŶƌŝǀĞ͕ĂŶĚŝŶĚƵƐƚƌŝĂůƵƐĞƐĂůŽŶŐEŽƌƚŚWĞĐŬZŽĂĚĂŶĚ>ŽǁĞƌnjƵƐĂZŽĂĚ͘ dŚĞ ŝƚLJ͛Ɛ ƚŽƉŽŐƌĂƉŚLJ ƌĂŶŐĞƐ ĨƌŽŵ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϭ͕ϴϬϬ ĨĞĞƚ ĂďŽǀ Ğ ŵĞĂŶ ƐĞĂ ůĞǀĞů ;ĂŵƐůͿ Ăƚ ƚŚĞ ŶŽƌƚŚǁĞƐƚĞƌŶĐŽƌŶĞƌŽĨƚŚĞŝƚLJƚŽϯϮϬĨĞĞƚĂŵƐůĂƚƚŚĞƐŽƵƚŚĞĂƐƚĞƌŶŝƚLJďŽƵŶĚĂƌLJ͘ϭ WŽƉƵůĂƚŝŽŶ

ϭŽŶdĞƌƌĂŽŶƐƵůƚŝŶŐ͘ϮϬϭϬ͘ƌĐĂĚŝĂ'ĞŶĞƌĂůWůĂŶhƉĚĂƚĞƌĂĨƚWƌŽŐƌĂŵ /Z͘WĂŐĞϰ͘ϲͲϱ͘
ŚƚƚƉƐ͗ͬͬĐŵƐϵĨŝůĞƐ͘ƌĞǀŝnjĞ͘ĐŽŵͬĂƌĐĂĚŝĂͬ^ŚĂƉĞйϮϬƌĐĂĚŝĂͬĞǀĞůŽƉŵĞŶƚйϮϬ^ĞƌǀŝĐĞƐͬĞŝƌͬ'ĞŽůŽŐLJ͘ƉĚĨ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘ ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϯ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
dŚĞϮϬϮϮĂůŝĨŽƌŶŝĂĞƉĂƌƚŵĞŶƚŽĨ&ŝŶĂŶĐĞ;K&ͿĞƐƚŝŵĂƚĞƐǁĞƌĞƵƐĞĚĨŽƌƚŚĞƉƉƌŽǀĞĚ/^ͬE͘ĐĐŽƌĚŝŶŐ ƚŽƚŚĞƐĞĞƐƚŝŵĂƚĞƐ͕ƌĐĂĚŝĂ͛ƐƉŽƉƵůĂƚŝŽŶǁĂƐϱϱ͕ϱϬϯƉĞŽƉůĞŝŶϮ ϬϮϮ͘ϮĐĐŽƌĚŝŶŐƚŽ^ŽƵƚŚĞƌŶĂůŝĨŽƌŶŝĂ ƐƐŽĐŝĂƚŝŽŶ ŽĨ 'ŽǀĞƌŶŵĞŶƚƐ ;^'Ϳ ϮϬϮϬ ŽŶŶĞĐƚ ^ŽĂů WůĂŶ ƚŚĞ  ŝƚLJ͛Ɛ ƉŽƉƵůĂƚŝŽŶ ŝŶ ϮϬϭϲ ǁĂƐ ĂƉƉƌŽdžŝŵĂƚĞůLJϱϳ͕ϯϬϬƉĞŽƉůĞ͕ĂŶĚ^'ĨŽƌĞĐĂƐƚƐƚŚĂƚƚŚĞƉŽƉƵůĂƚŝŽŶǁŝůůŐƌŽǁƚŽϲϮ͕ϮϬϬƉĞŽƉůĞŝŶϮϬϰϱ͘ϯ dŚĞƌĞĨŽƌĞ͕ƚŚĞŝƚLJŝƐƉƌŽũĞĐƚĞĚƚŽŐƌŽǁďLJĂƉƉƌŽdžŝŵĂƚĞůLJϳ͘ϴƉ ĞƌĐĞŶƚ;ϰ͕ϵϬϬƉĞŽƉůĞͿďĞƚǁĞĞŶϮϬϭϲĂŶĚ ϮϬϰϱ͘
,ŽƵƐŝŶŐ
/Ŷ ϮϬϮϮ͕ ƚŚĞ ĂůŝĨŽƌŶŝĂ K& ĞƐƚŝŵĂƚĞĚ ƌĐĂĚŝĂ͛Ɛ ŶƵŵďĞƌ ŽĨ ŚŽƵƐĞŚŽůĚƐ ƚŽ ďĞ ϮϬ͕ϲϴϲ͘ϰ ^'͛Ɛ ϮϬϮϬ ŽŶŶĞĐƚ ^ŽĂů WůĂŶ ĞƐƚŝŵĂƚĞĚƚŚĂƚƚŚĞ ŝƚLJ͛Ɛ ŶƵŵďĞƌ ŽĨ ŚŽƵƐĞŚŽůĚƐ ŝŶ ϮϬϭϲ ǁĂƐ ϭϵ͕ϲϬϬ ĂŶĚ ĨŽƌĞĐĂƐƚƐ ƚŚĞƌĞǁŝůůďĞĂŶŝŶĐƌĞĂƐĞƚŽϮϮ͕ϰϬϬŝŶϮϬϰϱ͘ϱdŚĞŝƚLJ͛ƐƚŽƚĂůŶƵŵďĞƌŽĨŚŽƵƐĞŚŽůĚƐŝƐĨŽƌĞĐĂƐƚĞĚƚŽŐƌŽǁ ď LJ Ă Ɖ Ɖ ƌ Ž dž ŝ ŵ Ă ƚ Ğ ů LJ Ϯ ͕ ϴ Ϭ Ϭ ƚ Ś ƌ Ž Ƶ Ő Ś ϮϬϰϱ͕ ĂƉƉƌŽdžŝŵĂƚĞůLJ Ă ϭϮ ƉĞƌĐĞŶƚ ŝŶĐƌĞĂƐĞ͘ Ɛ ŽĨ :ĂŶƵĂƌLJ ϮϬϮϯ͕ ƚŚĞ ĂůŝĨŽƌŶŝĂ K& ĞƐƚŝŵĂƚĞƐƚŚĂƚ ƚŚĞ ŝƚLJ ŚŽƵƐŝŶŐ ƐƚŽĐŬ ƚŽƚĂůĞĚ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϮϬ͕ϲϴϲ ŚŽƵƐŝŶŐ ƵŶŝƚƐ͕ǁŝƚŚ ƐŝŶŐůĞͲĨĂŵŝůLJŚŽŵĞƐ;ĚĞƚĂĐŚĞĚĂŶĚĂƚƚĂĐŚĞĚͿĂƐƚŚĞƉƌĞĚŽŵŝŶĂŶƚŚŽƵƐŝŶŐƚLJƉĞŝŶƚŚĞŝƚLJ͘ϲ^ŝŶŐůĞͲĨĂŵŝůLJ ŚŽƵƐŝŶŐƵŶŝƚƐŵĂŬĞƵƉĂƉƉƌŽdžŝŵĂƚĞůLJϳϬƉĞƌĐĞŶƚ;Žƌϭϰ͕ϱϭϬƵŶŝƚƐͿŽĨƚŚĞŚŽƵƐŝŶŐƐƚŽĐŬ͕ŵƵůƚŝͲĨĂŵŝůLJƵŶŝƚƐ ŵĂŬĞƵƉĂƉƉƌŽdžŝŵĂƚĞůLJϯϬƉĞƌĐĞŶƚ;Žƌϲ͕ϭϳϲƵŶŝƚƐͿ͘ ϳdŚĞĂůŝĨŽƌŶŝĂK&ƌĞƉŽƌƚƐƚŚĂƚĂƐŽĨ:ĂŶƵĂƌLJϮϬϮϯ ƚŚĞƌĞĂƌĞŶŽƚĂŶLJŵŽďŝůĞŚŽŵĞƐŝŶƚŚĞŝƚLJ͘ϴ
'ĞŶĞƌĂůWůĂŶ
dŚĞƌĐĂĚŝĂ'ĞŶĞƌĂůWůĂŶ;͞ƌĐĂĚŝĂ'W͟ͿǁĂƐĂĚŽƉƚĞĚŝŶEŽǀĞŵďĞƌϮϬϭϬ͘dŚĞƌĐĂĚŝĂ'WƌĞƉƌĞƐĞŶƚƐƚŚĞ ĐŽŵŵƵŶŝƚLJ͛ƐǀŝĞǁŽĨŝƚƐĨƵƚƵƌĞĂŶĚŝƐŽĨƚĞŶƌĞĨĞƌƌĞĚƚŽĂƐĂďů ƵĞƉƌŝŶƚĨŽƌŐƌŽǁƚŚĂŶĚĚĞǀĞůŽƉŵĞŶƚ͘ϵdŚĞ ƌĐĂĚŝĂ 'W ŝƐ ƚŚĞ ŝƚLJ͛Ɛ ǀŝƐŝŽŶ ĨŽƌ Ϯϱ LJĞĂƌƐ ĂŶĚ ďĞLJŽŶĚ͘ϭϬ ƌĐĂĚŝĂ 'W ŚĂƉƚĞƌƐ ŝŶĐůƵĚĞ͗ >ĂŶĚ hƐĞ ĂŶĚ ŽŵŵƵŶŝƚLJ ĞƐŝŐŶ͕
ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ͕ ŝƌĐƵůĂƚŝŽŶ ĂŶĚ /ŶĨƌĂƐƚ ƌƵĐƚƵƌĞ͕ ,ŽƵƐŝŶŐ͕ ZĞƐŽƵƌĐĞ ^ƵƐƚĂŝŶĂďŝůŝƚLJ͕WĂƌŬƐ͕ZĞĐƌĞĂƚŝŽŶ͕ĂŶĚŽŵŵƵŶŝƚLJZĞƐŽƵƌĐĞƐ͕^ĂĨĞƚLJ͕ĂŶĚEŽŝƐĞ͘ dŚĞ>ĂŶĚhƐĞĂŶĚŽŵŵƵŶŝƚLJĞƐŝŐŶ
ůĞŵĞŶƚŝĚĞŶƚŝĨŝĞƐ͕ƉƌĞƐĞƌǀĞƐ͕ĂŶĚĞŶŚĂŶĐĞƐƚŚĞƉŚLJƐŝĐĂůĂƐƉĞĐƚƐŽĨ ƚŚĞ ŝƚLJ ƚŚĂƚ ĂƌĞ ŚŝŐŚůLJ ǀĂůƵĞĚ ďLJ ŝƚLJ ƌĞƐŝĚĞŶƚƐ ĂŶĚ ƚŚĞ ďƵƐŝŶ ĞƐƐ ĐŽŵŵƵŶŝƚLJ͘ dŚĞ >ĂŶĚ hƐĞ ĂŶĚ ŽŵŵƵŶŝƚLJ ĞƐŝŐŶ
ůĞŵĞŶƚ ĂůƐŽ ŝĚĞŶƚŝĨŝĞƐ ŐŽĂůƐ ĂŶĚ ƉŽůŝĐŝĞƐ ƚŚĂ ƚ ƐĞƚ ĨŽƌƚŚ ƚŚĞ ŝƚLJ͛Ɛ ǀŝƐŝŽŶ ĂŶĚ ĨƵŶĚĂŵĞŶƚĂůůĂŶĚƵƐĞƉŚŝůŽƐŽƉŚLJƌĞŐĂƌĚŝŶŐ ĂƉƉƌŽƉƌŝĂƚĞƚLJƉĞƐ͕ŝŶ ƚĞŶƐŝƚLJ͕ĂŶĚůŽĐĂƚŝŽŶŽĨĚĞǀĞůŽƉŵĞŶƚ͕ ĂŶĚƚŚĞŵĞĂŶƐĨŽƌŵĂŝŶƚĂŝŶŝŶŐƚŚĞĐŽŵŵƵŶŝƚLJ͛ƐĞŶǀŝƌŽŶŵĞŶƚĂů͕ƐŽĐŝĂů͕ƉŚLJƐŝĐĂů͕ĂŶĚĞĐŽŶŽŵŝĐŚĞĂůƚŚĂŶĚ 
Ϯ^ƚĂƚĞŽĨĂůŝĨŽƌŶŝĂ͘ϮϬϮϯ͘
ͲϱWŽƉƵůĂƚŝŽŶĂŶĚ,ŽƵƐŝŶŐ
ƐƚŝŵĂƚĞƐĨŽƌŝƚŝĞƐ͕ŽƵŶƚŝĞƐ͕ĂŶĚƚŚĞ^ƚĂƚĞ͕ϮϬϮϬͲϮϬϮϯ͘ ŚƚƚƉƐ͗ͬͬĚŽĨ͘ĐĂ͘ŐŽǀͬĨŽƌĞĐĂƐƚŝŶŐͬĚĞŵŽŐƌĂƉŚŝĐƐͬĞƐƚŝŵĂƚĞƐͬĞͲϱͲƉŽƉƵůĂƚŝŽŶͲĂŶĚͲŚŽƵƐŝŶŐͲĞƐƚŝŵĂƚĞƐͲĨŽƌͲĐŝƚŝĞƐͲĐŽƵŶƚŝĞƐͲĂŶĚͲƚŚĞͲƐƚĂƚĞͲϮϬϮϬͲϮϬϮϯͬ ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘
ϯ^'͘ϮϬϮϬ͘ĞŵŽŐƌĂƉŚŝĐƐĂŶĚ'ƌŽǁƚŚ&ŽƌĞĐĂƐƚ͘WĂŐĞϯϯ͘ŚƚƚƉƐ͗ͬͬƐĐĂŐ͘ĐĂ͘ŐŽǀͬƐŝƚĞƐͬŵĂŝŶͬĨŝůĞƐͬĨŝůĞͲ ĂƚƚĂĐŚŵĞŶƚƐͬϬϵϬϯĨĐŽŶŶĞĐƚƐŽĐĂůͺĚĞŵŽŐƌĂƉŚŝĐƐͲĂŶĚͲŐƌŽǁƚŚͲĨŽƌĞĐĂƐƚ͘ƉĚĨ͍ϭϲϬϲϬϬϭϱϳϵ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘ ϰ^ƚĂƚĞŽĨĂůŝĨŽƌŶŝĂ͘ϮϬϮϯ͘
ͲϱWŽƉƵůĂƚŝŽŶĂŶĚ,ŽƵƐŝŶŐ
ƐƚŝŵĂƚĞƐĨŽƌŝƚŝĞƐ͕ŽƵŶƚŝĞƐ͕ĂŶĚƚŚĞ^ƚĂƚĞ͕ϮϬϮϬͲϮϬϮϯ͘ ŚƚƚƉƐ͗ͬͬĚŽĨ͘ĐĂ͘ŐŽǀͬĨŽƌĞĐĂƐƚŝŶŐͬĚĞŵŽŐƌĂƉŚŝĐƐͬĞƐƚŝŵĂƚĞƐͬĞͲϱͲƉŽƉƵůĂƚŝŽŶͲĂŶĚͲŚŽƵƐŝŶŐͲĞƐƚŝŵĂƚĞƐͲĨŽƌͲĐŝƚŝĞƐͲĐŽƵŶƚŝĞƐͲĂŶĚͲƚŚĞͲƐƚĂƚĞͲϮϬϮϬͲϮϬϮϯͬ ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘
ϱ^'͘ϮϬϮϬ͘ĞŵŽŐƌĂƉŚŝĐƐĂŶĚ'ƌŽǁƚŚ&ŽƌĞĐĂƐƚ͘WĂŐĞϯϯ͘ŚƚƚƉƐ͗ͬͬƐĐĂŐ͘ĐĂ͘ŐŽǀͬƐŝƚĞƐͬŵĂŝŶͬĨŝůĞƐͬĨŝůĞͲ ĂƚƚĂĐŚŵĞŶƚƐͬϬϵϬϯĨĐŽŶŶĞĐƚƐŽĐĂůͺĚĞŵŽŐƌĂƉŚŝĐƐͲĂŶĚͲŐƌŽǁƚŚͲĨŽƌĞĐĂƐƚ͘ƉĚĨ͍ϭϲϬϲϬϬϭϱϳϵ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘ ϲ^ƚĂƚĞŽĨĂůŝĨŽƌŶŝĂ͘ϮϬϮϯ͘
ͲϱWŽƉƵůĂƚŝŽŶĂŶĚ,ŽƵƐŝŶŐ
ƐƚŝŵĂƚĞƐĨŽƌŝƚŝĞƐ͕ŽƵŶƚŝĞƐ͕ĂŶĚƚŚĞ^ƚĂƚĞ͕ϮϬϮϬͲϮϬϮϯ͘ ŚƚƚƉƐ͗ͬͬĚŽĨ͘ĐĂ͘ŐŽǀͬĨŽƌĞĐĂƐƚŝŶŐͬĚĞŵŽŐƌĂƉŚŝĐƐͬĞƐƚŝŵĂƚĞƐͬĞͲϱͲƉŽƉƵůĂƚŝŽŶͲĂŶĚͲŚŽƵƐŝŶŐͲĞƐƚŝŵĂƚĞƐͲĨŽƌͲĐŝƚŝĞƐͲĐŽƵŶƚŝĞƐͲĂŶĚͲƚŚĞͲƐƚĂƚĞͲϮϬϮϬͲϮϬϮϯͬ ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘
ϳ/ďŝĚ͘
ϴ/ďŝĚ͘
ϵŝƚLJŽĨƌĐĂĚŝĂ͘ϮϬϮϮ͘'ĞŶĞƌĂůWůĂŶ͘
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĂƌĐĂĚŝĂĐĂ͘ŐŽǀͬƐŚĂƉĞͬĚĞǀĞůŽƉŵĞŶƚͺƐĞƌǀŝĐĞƐͺĚĞƉĂƌƚŵĞŶƚͬƉůĂŶŶŝŶŐͺͺͺnjŽŶŝŶŐͬŐĞŶĞƌĂůͺƉůĂŶ͘ƉŚƉηŽƵƚĞƌͲϳϬϴ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌ ϮϬϮϯͿ͘
ϭϬ/ďŝĚ͘
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϰ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ǀŝƚĂůŝƚLJ͘ϭϭdŚĞĞdžŝƐƚŝŶŐƌĐĂĚŝĂ'WůĂŶĚƵƐĞĚĞƐŝŐŶĂƚŝŽŶƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞWƌŽũĞĐƚĂƌĞĚĞƐĐƌŝďĞĚŝŶdĂďůĞ ϮͲϭ͗ĂŶĚŝĚĂƚĞ,ŽƵƐŝŶŐ^ŝƚĞƐʹ
džŝƐƚŝŶŐ'ĞŶĞƌĂůWůĂŶ>ĂŶĚhƐĞĞƐŝŐŶĂƚŝŽŶƐ͘
dĂďůĞϮͲϭ͗ĂŶĚŝĚĂƚĞ,ŽƵƐŝŶŐ^ŝƚĞƐʹ
džŝƐƚŝŶŐ'ĞŶĞƌĂůWůĂŶ>ĂŶĚhƐĞĞƐŝŐŶĂƚŝŽŶƐ
>ĂŶĚhƐĞĞƐŝŐŶĂƚŝŽŶ ĞƐĐƌŝƉƚŝŽŶ
DŝdžĞĚhƐĞ;DhͿ
;ĞŶƐŝƚLJ͗ϮϮͲϯϬĚƵͬĂĐĂŶĚϭ͘Ϭ&ZͿ
ůůŽǁƐĨŽƌĐŽŵŵĞƌĐŝĂůĂŶĚƌĞƐŝĚĞŶƚŝĂůŵŝdžĞĚͲƵƐĞ
ĚĞǀĞůŽƉŵĞŶƚƚŚĂƚƚĂŬĞƐĂĚǀĂŶƚĂŐĞŽĨĞĂƐLJĂĐĐĞƐƐƚŽƚƌĂŶƐŝƚ ĂŶĚƉƌŽdžŝŵŝƚLJƚŽĞŵƉůŽLJŵĞŶƚĐĞŶƚĞƌƐ͕ĂŶĚƚŚĂƚƉƌŽǀŝĚĞ Ă ĐŽŵƉůĞŵĞŶƚĂƌLJŵŝdžŽĨƵƐĞƐƚŚĂƚƐƵƉƉŽƌƚĂŶĚĞŶĐŽƵƌĂŐĞ
ƉĞĚĞƐƚƌŝĂŶĂĐƚŝǀŝƚLJ͘
ŽŵŵĞƌĐŝĂů;Ϳ;ĞŶƐŝƚLJ͗Ϭ͘ϱ&ZͿ
ůůŽǁƐĨŽƌĂǁŝĚĞƌĂŶŐĞŽĨĐŽŵŵĞƌĐŝĂůƵƐĞƐǁŚŝĐŚƐĞƌǀĞďŽƚŚ ŶĞŝŐŚďŽƌŚŽŽĚĂŶĚĐŝƚLJǁŝĚĞŵĂƌŬĞƚƐ͘dŚĞĚĞƐŝŐŶĂƚŝŽŶĂůůŽǁƐ ĂďƌŽĂĚĂƌƌĂLJŽĨĐŽŵŵĞƌĐŝĂůĞŶƚĞƌƉƌŝƐĞƐ͕ŝŶĐůƵĚŝŶŐ
ƌĞƐƚĂƵƌĂŶƚƐ͕ĚƵƌĂďůĞŐŽŽĚƐƐĂůĞƐ͕ĨŽŽĚƐƚŽƌĞƐ͕ůŽĚŐŝŶŐ͕ ƉƌŽĨĞƐƐŝŽŶĂůŽĨĨŝĐĞƐ͕ƐƉĞĐŝĂůƚLJƐŚŽƉƐ͕ŝŶĚŽŽƌĂŶĚŽƵƚĚŽŽƌ ƌĞĐƌĞĂƚŝŽŶĂůĨĂĐŝůŝƚŝĞƐ͕ĂŶĚĞŶƚĞƌƚĂŝŶŵĞŶƚƵƐĞƐ͘
ŽŵŵĞƌĐŝĂů;Ϳ;ĞŶƐŝƚLJ͗ϴϬĚƵͬĂĐĂŶĚϭ͘Ϭ&ZͿ
ůůŽǁƐĨŽƌŵŝdžĞĚͲƵƐĞĚĞǀĞůŽƉŵĞŶƚ͕ĂŶĚŝƐŝŶƚĞŶĚĞĚƚŽ
ĞŶĐŽƵƌĂŐĞĂƐƚƌŽŶŐƉĞĚĞƐƚƌŝĂŶͲŽƌŝĞŶƚĞĚĞŶǀŝƌŽŶŵĞŶƚƚŚĂƚ ƉƌŽǀŝĚĞƐĂǀĂƌŝĞƚLJŽĨƌĞƚĂŝůĂŶĚƐĞƌǀŝĐĞƵƐĞƐ͕ƌĞƐƚĂƵƌĂŶƚƐ͕ĂŶĚ ŶĞŝŐŚďŽƌŚŽŽĚͲƐĞƌǀŝŶŐĐŽŵŵĞƌĐŝĂůƵƐĞƐƚŚĂƚĐŽŵƉůĞŵĞŶƚ
ĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞŽǁŶƚŽǁŶDŝdžĞĚͲhƐĞĂƌĞĂƐ͘
ŽŵŵĞƌĐŝĂůͬ>ŝŐŚƚ/ŶĚƵƐƚƌŝĂů;ͬ>/Ϳ;ĞŶƐŝƚLJ͗Ϭ͘ϱ&ZͿ ůůŽǁƐĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨůŝŐŚƚŵĂŶƵĨĂĐƚƵƌŝŶŐ͕ĂƵƚŽ ƐĞƌǀŝĐĞĂŶĚƌĞƉĂŝƌ͕ŽĨĨŝĐĞ͕ĂŶĚƌĞƚĂŝůƵƐĞƐ
,ŝŐŚĞŶƐŝƚLJZĞƐŝĚĞŶƚŝĂů;,ZͿ;ĞŶƐŝƚLJ͗ϭϮͲϯϬĚƵͬĂĐͿ
ůůŽǁƐĨŽƌŚŝŐŚĞƌĚĞŶƐŝƚLJĂƚƚĂĐŚĞĚŚŽƵƐŝŶŐƚLJƉĞƐĨŽƌďŽƚŚ ƌĞŶƚĞƌĂŶĚŽǁŶĞƌŚŽƵƐĞŚŽůĚƐǁŝƚŚŝŶĂŶĞŝŐŚďŽƌŚŽŽĚ
ĐŽŶƚĞdžƚ͘
^ŽƵƌĐĞ͗ŝƚLJŽĨƌĐĂĚŝĂ͘;ϮϬϭϬͿ͘ŚĂƉƚĞƌϮ͗>ĂŶĚhƐĞĂŶĚŽŵŵƵŶŝƚLJĞƐŝŐŶ ůĞŵĞŶƚ͘WĂŐĞϮͲϴƚŚƌŽƵŐŚϮͲϭϯ͘
ŚƚƚƉƐ͗ͬͬĐŵƐϵĨŝůĞƐ͘ƌĞǀŝnjĞ͘ĐŽŵͬĂƌĐĂĚŝĂͬ>ĂŶĚйϮϬhƐĞйϮϬ
ůĞŵĞŶƚйϮϬhƉĚĂƚĞйϮϬ&ŝŶĂů͘ƉĚĨ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘ ŽŶŝŶŐ
dŚĞŝƚLJ͛ƐŽŶŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐĂŶďĞĨŽƵŶĚŝŶƚŚĞŝƚLJŽĨƌĐĂĚŝĂĞǀĞůŽƉŵĞŶƚŽĚĞ;ƌĐĂĚŝĂͿŝǀŝƐŝŽŶ Ϯ͗ŽŶĞƐ͕ůůŽǁĂďůĞhƐĞƐ͕ĂŶĚĞǀĞůŽƉŵĞŶƚ^ƚĂŶĚĂƌĚƐ͘dŚĞŽŶŝŶŐŽĚĞ͛ƐŝŶƚĞŶƚŝƐƚŽĞƐƚĂďůŝƐŚƉĞƌŵŝƚƚĞĚ ůĂŶĚƵƐĞƐĂŶĚĚĞǀĞůŽƉŵĞŶƚƐƚĂŶĚĂƌĚƐĨŽƌĞĂĐŚnjŽŶĞ͘/ƚĂůƐŽŝƐŝ ŶƚĞŶĚĞĚƚŽŝŵƉůĞŵĞŶƚƌĐĂĚŝĂ'WŐŽĂůƐ ĂŶĚŽďũĞĐƚŝǀĞƐ͖ŐƵŝĚĞĂŶĚŵĂŶĂŐĞĚĞǀĞůŽƉŵĞŶƚǁŝƚŚŝŶƚŚĞŝƚLJŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ'W͖ĂŶĚƚŽƌĞĚƵĐĞ ŚĂnjĂƌĚƐ ƚŽ ƚŚĞ ƉƵďůŝĐ ƌĞƐƵůƚŝŶŐ ĨƌŽŵ ƚŚĞ ŝŶĂƉƉƌŽƉƌŝĂƚĞ ůŽĐĂƚŝŽŶ͕ ƵƐĞ͕ Žƌ ĚĞƐŝŐŶ ŽĨ ďƵŝůĚŝŶŐƐ ĂŶĚ ŽƚŚĞƌ ŝŵƉƌŽǀĞŵĞŶƚƐ͘dŚĞĞdžŝƐƚŝŶŐnjŽŶŝŶŐĚĞƐŝŐŶĂƚŝŽŶƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚ ƚŚĞWƌŽũĞĐƚĂƌĞĚĞƐĐƌŝďĞĚŝŶ dĂďůĞϮͲϮ͗ ĂŶĚŝĚĂƚĞ,ŽƵƐŝŶŐ^ŝƚĞƐʹ
džŝƐƚŝŶŐŽŶŝŶŐ͘

ϭϭŝƚLJŽĨƌĐĂĚŝĂ͘ϮϬϭϬ͘ŚĂƉƚĞƌϮ͗>ĂŶĚhƐĞĂŶĚŽŵŵƵŶŝƚLJĞƐŝŐŶ ůĞŵĞŶƚ͘WĂŐĞϮͲϭ͘
ŚƚƚƉƐ͗ͬͬĐŵƐϵĨŝůĞƐ͘ƌĞǀŝnjĞ͘ĐŽŵͬĂƌĐĂĚŝĂͬ>ĂŶĚйϮϬhƐĞйϮϬ
ůĞŵĞŶƚйϮϬhƉĚĂƚĞйϮϬ&ŝŶĂů͘ƉĚĨ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘ ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϱ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
dĂďůĞϮͲϮ͗ĂŶĚŝĚĂƚĞ,ŽƵƐŝŶŐ^ŝƚĞƐʹ
džŝƐƚŝŶŐŽŶŝŶŐ
ŽŶĞ ĞƐĐƌŝƉƚŝŽŶ
ŽǁŶƚŽǁŶDŝdžĞĚhƐĞ;DhͿ
ůůŽǁƐĨŽƌĐŽŵƉůĞŵĞŶƚĂƌLJƐĞƌǀŝĐĞĂŶĚƌĞƚĂŝůĐŽŵŵĞƌĐŝĂů ďƵƐŝŶĞƐƐĞƐ͕ƉƌŽĨĞƐƐŝŽŶĂůŽĨĨŝĐĞƐ͕ĂŶĚƌĞƐŝĚĞŶƚŝĂůƵƐĞƐůŽĐĂƚĞĚ ǁŝƚŚŝŶƚŚĞŝƚLJ͛ƐĚŽǁŶƚŽǁŶ͘
ŽŵŵĞƌĐŝĂůDĂŶƵĨĂĐƚƵƌŝŶŐ;ͲDͿ ůůŽǁƐĨŽƌĂĐŽŵƉůĞŵĞŶƚĂƌLJŵŝdžŽĨůŝŐŚƚŵĂŶƵĨĂĐƚƵƌŝŶŐ ďƵƐŝŶĞƐƐĞƐ͕ĂŶĚĂŵŝdžŽĨĐŽŵŵĞƌĐŝĂůĂŶĚůŝŐŚƚŝŶĚƵƐƚƌŝĂů͘ 'ĞŶĞƌĂůŽŵŵĞƌĐŝĂů;Ͳ'Ϳ ůůŽǁƐĨŽƌƌĞƚĂŝůĂŶĚƐĞƌǀŝĐĞƵƐĞƐ͕ŽĨĨŝĐĞƐ͕ƌĞƐƚĂƵƌĂŶƚƐ͕ƉƵďůŝĐ ƵƐĞƐ͕ĂŶĚƐŝŵŝůĂƌĂŶĚĐŽŵƉĂƚŝďůĞƵƐĞƐ͘
WƌŽĨĞƐƐŝŽŶĂůKĨĨŝĐĞ;ͲKͿ ůůŽǁƐĨŽƌĂĚŵŝŶŝƐƚƌĂƚŝǀĞ͕ĨŝŶĂŶĐŝĂů͕ďƵƐŝŶĞƐƐ͕ƉƌŽĨĞƐƐŝŽŶĂů͕ ŵĞĚŝĐĂů͕ĂŶĚŐŽǀĞƌŶŵĞŶƚĂůŽĨĨŝĐĞƐ͘
ĞŶƚƌĂůƵƐŝŶĞƐƐŝƐƚƌŝĐƚ;Ϳ
ůůŽǁƐĨŽƌƌĞƚĂŝůĂŶĚƐĞƌǀŝĐĞƵƐĞƐ͕ƉƌŽĨĞƐƐŝŽŶĂůŽĨĨŝĐĞƐ͕ ƌĞƐƚĂƵƌĂŶƚƐ͕ƉƵďůŝĐƵƐĞƐ͕ĂŶĚŽƚŚĞƌƐŝŵŝůĂƌĂŶĚĐŽŵƉĂƚŝďůĞ ƵƐĞƐ͘dŚŝƐnjŽŶĞĂůƐŽĂůůŽǁƐĨŽƌƌĞƐŝĚĞŶƚŝĂůƵƐĞƐĂďŽǀĞŐƌŽƵŶĚ ĨůŽŽƌĐŽŵŵĞƌĐŝĂůŽƌĂĚũĂĐĞŶƚƚŽĂĐŽŵŵĞƌĐŝĂůĚĞǀĞůŽƉŵĞŶƚ͘ ,ŝŐŚĞŶƐŝƚLJZĞƐŝĚĞŶƚŝĂů;ZͲϯͿ ůůŽǁƐĨŽƌƐŝŶŐůĞƵŶŝƚĂƚƚĂĐŚĞĚ͕ƚŽǁŶŚŽŵĞƐ͕ĐŽŶĚŽŵŝŶŝƵŵƐ͕ ĂŶĚĂƉĂƌƚŵĞŶƚƐƚƌƵĐƚƵƌĞƐĂƚĂĚĞŶƐŝƚLJŽĨƵƉƚŽϭϮͲϯϬĚƵͬĂĐ͘ ^ŽƵƌĐĞ͗ŝƚLJŽĨƌĐĂĚŝĂ͘;ϮϬϮϯͿ͘ŚĂƉƚĞƌϭĞǀĞůŽƉŵĞŶƚŽĚĞ͘ ŚƚƚƉƐ͗ͬͬůŝďƌĂƌLJ͘ŵƵŶŝĐŽĚĞ͘ĐŽŵͬĐĂͬĂƌĐĂĚŝĂͬĐŽĚĞƐͬĐŽĚĞͺŽĨͺŽƌĚŝŶĂŶĐĞƐ͍ŶŽĚĞ/ĚсZd/y/h^>ͺ,ϭ Kͺ/sϮK>h^
^dͺ^ϵϭϬϮ͘ϬϯK/EK
;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘

ϮϮ͘Ϯ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ
dŚĞŝƚLJŽĨƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ;ƉƉƌŽǀĞĚ/^ͬEͿ ŝĚĞŶƚŝĨŝĞĚĂƚŽƚĂůŽĨϳϱϭƐŝƚĞƐǁŝƚŚŝŶĂǀĂƌŝĞƚLJŽĨĚŝĨĨĞƌĞŶƚƌ ĞƐŝĚĞŶƚŝĂůůLJĂŶĚŶŽŶͲƌĞƐŝĚĞŶƚŝĂůůLJnjŽŶĞĚĂƌĞĂƐ ƚŚĂƚŚĂĚƚŚĞĐĂƉĂĐŝƚLJƚŽĂĐĐŽŵŵŽĚĂƚĞƵƉƚŽĂƉƉƌŽdžŝŵĂƚĞůLJϳ͕ϮϮϮƚŽƚĂůŚŽƵƐŝŶŐƵŶŝƚƐ͘^ĞĞƉƉĞŶĚŝdžŽĨ ƚŚĞƉƉƌŽǀĞĚ/^ͬEĨŽƌĂĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶǀĞŶƚŽƌLJŽĨƚŚĞĐĂŶĚŝĚĂƚĞŚŽƵƐŝŶŐƐŝƚĞƐ͘ dŚĞƉƉƌŽǀĞĚ/^ͬEĂŶĂůLJnjĞĚƚŚĞƌĐĂĚŝĂ,
hƉƌŝŽƌƚŽĂĚĚŝƚŝŽŶĂůƌĞƋƵĞƐƚĞĚƌĞǀŝƐŝŽŶƐĨƌŽŵƚŚĞĂůŝĨŽƌŶŝĂ ĞƉĂƌƚŵĞŶƚŽĨ,ŽƵƐŝŶŐĂŶĚŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚ͘ƐƐƵĐŚĂZĞǀŝ ƐĞĚ&ŝŶĂůƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ

ůĞŵĞŶƚhƉĚĂƚĞ;&ŝŶĂůƌĐĂĚŝĂ,
hͿǁĂƐĂƉƉƌŽǀĞĚ͘dŚƌŽƵŐŚƌĞǀŝƐŝŽŶŽĨƚŚĞŽƌŝŐŝŶĂůƌĐĂĚŝĂ, hďƵŝůĚŽƵƚ
ƉŽƚĞŶƚŝĂů͕ŚŽƵƐŝŶŐďƵŝůĚŽƵƚĨŽƌƚŚĞŝƚLJǁĂƐƌĞĚƵĐĞĚďLJϱϬϬƵŶŝƚƐƚŽƚŽƚĂůϲ͕ϳϮϮƉŽƚĞŶƚŝĂůƵŶŝƚƐ͘ dŚĞŝƚLJŽĨƌĐĂĚŝĂ,ŽƵƐŝŶŐ
ůĞŵĞŶƚZĞnjŽŶĞWƌŽũĞĐƚ;WƌŽũĞĐƚͿ Ɖƌ ŽƉŽƐĞƐ'ĞŶĞƌĂůWůĂŶŵĞŶĚŵĞŶƚƐĂŶĚ ŽŶĞĐŚĂŶŐĞƐǁŚŝĐŚĂƌĞŝŶƚĞŶĚĞĚƚŽŵŽĚŝĨLJƚŚĞĞdžŝƐƚŝŶŐĂůůŽǁĞĚĚǁĞůůŝŶŐƵŶŝƚƉĞƌĂĐƌĞ;ĚƵͬĂĐͿĚĞŶƐŝƚLJĨŽƌ ƐĞůĞĐƚĞĚƉĂƌĐĞůƐǁŝƚŚŝŶƚŚĞŝƚLJ͘dŚĞƉƌŽƉŽƐĞĚWƌŽũĞĐƚǁŽƵůĚĂƉ ƉůLJ'ĞŶĞƌĂůWůĂŶŵĞŶĚŵĞŶƚƐĂŶĚŽŶĞ  Ś Ă Ŷ Ő Ğ Ɛ ƚ Ž Ɖ Ă ƌ Đ Ğ ů Ɛ ŝ Ě Ğ Ŷ ƚ ŝ Ĩ ŝ Ğ Ě ǁ ŝ ƚ Ś ŝ Ŷ ƚ Ś Ğ  ƌ Đ Ă Ě ŝ Ă , h Ă Ɛ ǁ Ğ ů ů Ă Ɛ ƉĂƌĐĞůƐ ŶŽƚ ŽƌŝŐŝŶĂůůLJ ŝĚĞŶƚŝĨŝĞĚ ŝŶ ƚŚĞ  ƌ Đ Ă Ě ŝ Ă ,
h ͘ d Ś Ğ Ɖ Ƶ ƌ Ɖ ŽƐ Ğ ŽĨ ƚ Ś ŝ Ɛ ŝ Ɛ ƚ Ž Đ ƌ Ğ Ă ƚ Ğ Ă ŵ Žƌ Ğ Đ ŽŵƉ ƌ Ğ Ś Ğ Ŷ ƐŝǀĞ͕ ĂŶĚĐŽŶƐŝƐƚĞŶƚ ůĂŶĚ ƵƐĞ ƉĂƚƚĞƌŶ ƚŚƌŽƵŐŚŽƵƚƚŚĞŝƚLJ͘
WƌŽƉŽƐĞĚ 'ĞŶĞƌĂů WůĂŶ ŵĞŶĚŵĞŶƚƐ ǁŽƵůĚ ĞdžƉĂŶĚ ƚŚĞ Dh ůĂŶĚ ƵƐĞĚĞƐŝŐŶĂƚŝŽŶ͕ ĂĚĚ Ă ŽǁŶƚŽǁŶ DŝdžĞĚhƐĞKǀĞƌůĂLJŽǀĞƌƐƉĞĐŝĨŝĐƉƌŽƉĞƌƚŝĞƐ͕ ŝŶĐƌĞĂƐĞƚŚĞĂůůŽǁĞ ĚĚĞŶƐŝƚLJĨŽƌƚŚĞ Dh ĂŶĚZͲϯůĂŶĚƵƐĞ ĚĞƐŝŐŶĂƚŝŽŶƐ͕ĂŶĚĞƐƚĂďůŝƐŚĂŶĞǁZĞƐŝĚĞŶƚŝĂů&ůĞdžKǀĞƌůĂLJnjŽŶĞŝŶĂƌĞĂƐĂůŽŶŐ>ŝǀĞKĂŬǀĞŶƵĞ͕>ĂƐdƵŶĂƐ ƌŝǀĞ͕ĂŶĚŝŶƚŚĞ'ĞŶĞƌĂůŽŵŵĞƌĐŝĂůůĂŶĚƵƐĞĚĞƐŝŐŶĂƚŝŽŶ͘dŚĞƐ Ğ'ĞŶĞƌĂůWůĂŶŵĞŶĚŵĞŶƚƐĂŶĚŽŶĞ ŚĂŶŐĞƐĂƌĞůŝƐƚĞĚƐƉĞĐŝĨŝĐĂůůLJďĞůŽǁ͕ƵŶĚĞƌ^ĞĐƚŝŽŶϮ͘ϯ͕WƌŽũĞĐƚƉƉƌŽǀĂůƐ͘ ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϲ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
dŚĞĞdžƉĂŶƐŝŽŶŽĨƌĞnjŽŶĞĂĐƚŝŽŶƐƚŽƚŚĞůĂŶĚƵƐĞƐĂŶĚnjŽŶŝŶŐĚĞƐ ŝŐŶĂƚŝŽŶƐůŝƐƚĞĚĂďŽǀĞŝƐĞƐƚŝŵĂƚĞĚƚŽ ŐĞŶĞƌĂƚĞĂƉƉƌŽdžŝŵĂƚĞůLJϯϰϯĂĚĚŝƚŝŽŶĂůƵŶŝƚƐǁŝƚŚŝŶƚŚĞŝƚLJ͘tŚ ĞŶĐŽŵďŝŶĞĚǁŝƚŚƚŚĞĞƐƚŝŵĂƚĞƐŽĨƚŚĞ &ŝŶĂůƌĐĂĚŝĂ,
h͕ƚŚŝƐǁŽƵůĚŐĞŶĞƌĂƚĞĂϳ͕ϬϲϱͲƵŶŝƚƚŽƚĂůŝŶĐƌĞĂƐĞŝŶŚŽƵƐŝŶŐƐƵƉƉůLJŝŶƚŚĞŝƚLJ͘ dŚŝƐ 
Y ĚŽĐƵŵĞŶƚ ĂĚĚƌĞƐƐĞƐ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ĐĂƉĂĐŝƚLJ ŐĞŶĞƌĂƚĞĚ ƚ Ś ƌ Ž Ƶ Ő Ś ƚ Ś Ğ Đ Ž ŵ ď ŝ Ŷ Ă ƚ ŝ Ž Ŷ Ž Ĩ  ĂĚĚŝƚŝŽŶĂůƌĞnjŽŶĞƉĂƌĐĞůƐǁŝƚŚƚŚĞĞƐƚŝŵĂƚĞƐƉƌŽǀŝĚĞĚŝŶƚŚĞ&ŝŶĂůƌĐĂĚŝĂ, hĂŶĚƉƌŽǀŝĚĞƐĂĚŝƐĐƵƐƐŝŽŶ
ŽĨĞŶǀŝƌŽŶŵĞŶƚĂůĞĨĨĞĐƚƐďĂƐĞĚŽŶƚŚĞĂŶĂůLJƐĞƐĂŶĚĐŽŶĐůƵƐŝŽŶƐƉƌŽǀŝĚĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘ ϮϮ͘ϯ WƌŽũĞĐƚƉƉƌŽǀĂůƐ
dŚĞŝƚLJŝƐƚŚĞ>ĞĂĚŐĞŶĐLJĂƐƐĞƚĨŽƌƚŚŝŶ
Y^ƚĂƚƵƚĞ^ĞĐƚŝŽ ŶϮϭϬϲϳĂŶĚŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƌĞǀŝĞǁŝŶŐ ĂŶĚ ĂƉƉƌŽǀŝŶŐ ƚŚŝƐ /^ͬE͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ƚŚŝƐ /^ͬE͕ ƚŚĞ ŝƚLJ ǁŝůů ĐŽŶƐŝĚĞƌ ƚŚĞ ĨŽůůŽǁŝŶŐ ĚŝƐĐƌĞƚŝŽŶĂƌLJ ĂƉƉƌŽǀĂůƐ ĨŽƌ ƚŚĞ WƌŽũĞĐƚ͗   'ĞŶĞƌĂů WůĂŶ ŵĞŶĚŵĞŶƚ͕ ŽŶĞ ŚĂŶŐĞ͕ ĂŶĚ dĞdžƚ ŵĞŶĚŵĞŶƚƐ ƚŽ ƚŚĞ ĞǀĞůŽƉŵĞŶƚŽĚĞ͘
ĂĐŚŽĨƚŚĞůĂŶĚƵƐĞĂĐƚŝŽŶƐŝƐĚĞƐĐƌŝďĞĚďĞů Žǁ͕ĂůŽŶŐǁŝƚŚǁŚĂƚĞŶƚŝƚůĞŵĞŶƚƐĂƌĞ ŶĞĞĚĞĚƚŽĞĨĨĞĐƚƵĂƚĞŝƚ͘ĚĚŝƚŝŽŶĂůůLJ͕ĞĂĐŚŽĨƚŚĞƐĞƌĞnjŽŶŝŶŐĞ ĨĨŽƌƚƐĂŶĚ'ĞŶĞƌĂůWůĂŶ>ĂŶĚhƐĞĐŚĂŶŐĞƐ ĂƌĞƐŚŽǁŶŝŶƚŚĞŵĂƉƐƉƌŽǀŝĚĞĚĂƐ
džŚŝďŝƚϯƚŚƌŽƵŐŚ
džŚŝďŝƚϭϬ͘/ƚŝƐŝŵƉŽƌƚĂŶƚƚŽŶŽƚĞƚŚĂƚƚŚĞĂĐƌĞĂŐĞƐ
ƚŚĂƚ ĂƌĞ ůŝƐƚĞĚ ŝŶ ƚŚĞ ƐĞĐƚŝŽŶ ďĞůŽǁ ƌĞƉƌĞƐĞŶƚ ƚŚĞ ĂĐƌĞĂŐĞ ŽĨ ͞ĞůŝŐŝďůĞ ƐŝƚĞƐ͟ ƚŚĂƚ ĂƌĞ ĞĂƌŵĂƌŬĞĚ ĨŽƌ ƉŽƚĞŶƚŝĂů ƌĞĚĞǀĞůŽƉŵĞŶƚ ŝŶ ƚŚĞ ĨƵƚƵƌĞ ƉĞƌ , ƐƚĂŶĚĂƌĚƐ͘ ŶLJ ĚĞǀĞůŽƉŵĞŶƚ ĂďŽǀĞ ĂŶĚ ďĞLJŽŶĚ ƚŚĞ ƚŚƌĞƐŚŽůĚƐĂŶĚŵĂdžŝŵƵŵƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚǁŝůůďĞƐƵďũĞĐƚƚŽĂĚĚŝƚŝŽŶĂů
YƌĞǀŝĞǁ͘
ŽŶĞŚĂŶŐĞĨŽƌϯϴ͘ϴĂĐƌĞƐŽĨƉƌŽƉĞƌƚLJĨƌŽŵ'ĞŶĞƌĂůŽŵŵĞƌĐŝĂů ;Ͳ'ͿƚŽŽǁŶƚŽǁŶ DŝdžĞĚ hƐĞ ;DhͿ͘ ZĞƋƵŝƌĞƐ Ă ŽŶĞ ŚĂŶŐĞ͕ 'ĞŶĞƌĂů WůĂŶ ŵĞŶĚŵĞŶƚ Ă Ŷ Ě d Ğ dž ƚ  ŵĞŶĚŵĞŶƚ͘
ƒ ŚĂŶŐĞ ƚŚĞ ůĂŶĚ ƵƐĞ ĚĞƐŝŐŶĂƚŝŽŶ ĨƌŽŵ ŽŵŵĞƌĐŝĂů ;Ϭ͘ϱ ĨůŽŽƌ ĂƌĞĂ  ƌĂƚŝŽ ΀&Z΁Ϳ ƚŽ ŽŵŵĞƌĐŝĂů;ϴϬĚǁĞůůŝŶŐƵŶŝƚƐ΀ĚƵ΁ͬĂĐƌĞ΀ĂĐ΁ĂŶĚϭ͘Ϭ&ZͿĨŽƌϴĂĐƌĞƐŽĨƉƌŽƉĞƌƚLJƚŽĂůůŽǁ ĨŽƌ Ă ŶĞǁ ŽǁŶƚŽǁŶ DŝdžĞĚ hƐĞ KǀĞƌůĂLJ ŽŶĞ͘ ZĞƋƵŝƌĞƐ Ă ŽŶĞ ŚĂŶŐĞ͕ 'ĞŶĞƌĂů WůĂŶ ŵĞŶĚŵĞŶƚ͕ĂŶĚdĞdžƚŵĞŶĚŵĞŶƚ͘
ƒ hƉnjŽŶĞƚŚĞĚĞŶƐŝƚLJŽŶƚŚĞŝƚLJ>ĂŶĚhƐĞDĂƉĨƌŽŵDŝdžĞĚhƐĞ;ϮϮͲϯϬĚƵͬĂĐͿƚŽDŝdžĞĚhƐĞ ;ϱϬĚƵͬĂĐĂŶĚϭ͘Ϭ&ZͿĨŽƌϮϳ͘ϬϲĂĐƌĞƐŽĨƉƌŽƉĞƌƚLJ͘ZĞƋƵŝƌĞƐĂ'ĞŶĞƌĂůWůĂŶŵĞŶĚŵĞŶƚ ĂŶĚdĞdžƚŵĞŶĚŵĞŶƚ͘
ƒ ƉƉůLJĂŶĞǁ͞ZĞƐŝĚĞŶƚŝĂů&ůĞdž͟>ĂŶĚhƐĞĞƐŝŐŶĂƚŝŽŶĨŽƌϲ͘ϭϱĂĐƌĞƐŽĨƉƌŽƉĞƌƚLJĂůŽŶŐ>ŝǀĞ KĂŬǀĞŶƵĞƚŚĂƚǁŽƵůĚĐŚĂŶŐĞƚŚĞĚĞŶƐŝƚLJŽŶƚŚĞŝƚLJ>ĂŶĚhƐĞD ĂƉĨƌŽŵDŝdžĞĚhƐĞ ;ϮϮͲϯϬĚƵͬĂĐƌĞͿƚŽDŝdžĞĚhƐĞ;ϱϬĚƵͬĂĐĂŶĚϭ͘Ϭ&ZͿ͘
ƒ ƉƉůLJĂŶĞǁ͞ZĞƐŝĚĞŶƚŝĂů&ůĞdž͟>ĂŶĚhƐĞĞƐŝŐŶĂƚŝŽŶĨŽƌϭϯ͘ϴϴĂĐƌĞƐŽĨƉƌŽƉĞƌƚLJĂůŽŶŐ>ĂƐ dƵŶĂƐ ƌŝǀĞ ƚŚĂƚ ǁŽƵůĚ ďĞ ŽŵŵĞƌĐŝĂů ;ϱϬ ĚƵͬĂĐ ĂŶĚ Ϭ͘ϱ &ZͿ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ƌĞnjŽŶŝŶŐ ƐĞǀĞƌĂůŽĨƚŚĞWƌŽĨĞƐƐŝŽŶĂůKĨĨŝĐĞƉƌŽƉĞƌƚŝĞƐƚŽ'ĞŶĞƌĂůŽŵŵĞƌĐŝĂů͘ ƒ hƉnjŽŶĞƚŚĞ,ŝŐŚͲĞŶƐŝƚLJZĞƐŝĚĞŶƚŝĂůŽŶĞ;ZͲϯͿŽŶƚŚĞŝƚLJ>ĂŶĚhƐĞDĂƉĂŶĚƚŚĞŝƚLJ'W > Ă Ŷ Ě h Ɛ Ğ 
ů Ğ ŵ Ğ Ŷ ƚ Ĩ ƌ Ž ŵ ϯ Ϭ Ě Ƶ ͬ Ă Đ ƚ Žϰ Ϭ Ě Ƶ ͬ Ă ĐĨ Žƌ ϭ ϳ ϳ ͘ Ϯ ϭ Ă Đ ƌ Ğ Ɛ ŽĨ ƉƌŽƉĞƌƚLJ͘ ZĞƋƵŝƌĞƐ Ă 'ĞŶĞƌĂůWůĂŶŵĞŶĚŵĞŶƚĂŶĚdĞdžƚŵĞŶĚŵĞŶƚ͘
ƒ ƉƉůLJ Ă ŶĞǁ ͞ZĞƐŝĚĞŶƚŝĂů &ůĞdž͟ >ĂŶĚ hƐĞ ĞƐŝŐŶĂƚŝŽŶ ĨŽƌ ϳϯ͘ϱ ĂĐƌĞƐ ŽĨ ƉƌŽƉĞƌƚLJ ŝŶ ƚŚĞ 'ĞŶĞƌĂůŽŵŵĞƌĐŝĂůŽŶĞ;Ͳ'ͿƚŚĂƚǁŽƵůĚďĞŽŵŵĞƌĐŝĂů;ϱϬĚƵͬĂĐĂŶĚϬ͘ϱ&ZͿ͘ 
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϳ Z&dͲĞĐĞŵďĞƌϮϬϮϯ

džŚŝďŝƚϭ͗ZĞŐŝŽŶĂůDĂƉ

ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϴ Z&dͲĞĐĞŵďĞƌϮϬϮϯ

džŚŝďŝƚϮ͗>ŽĐĂůsŝĐŝŶŝƚLJDĂƉ

ƌĐĂĚŝĂϲƚŚ LJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϵ Z&d Ͳ Ğ Đ Ğ ŵ ď Ğ ƌϮ Ϭ Ϯ ϯ

džŚŝďŝƚϯ͗,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞ ^ŝƚĞƐ ʹ ůů

ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϭϬ Z&dͲĞĐĞŵďĞƌϮϬϮϯ

džŚŝďŝƚϰ͗,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞ^ŝƚĞƐʹ
ĂƐƚ


ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϭϭ Z&dͲĞĐĞŵďĞƌϮϬϮϯ

džŚŝďŝƚϱ͗,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞ^ŝƚĞƐʹtĞƐƚ

 

ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϭϮ Z&dͲĞĐĞŵďĞƌϮϬϮϯ

džŚŝďŝƚϲ͗,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞ^ŝƚĞƐʹ^ŽƵƚŚ



ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϭϯ Z&dͲĞĐĞŵďĞƌϮϬϮϯ

džŚŝďŝƚϳ͗WƌŽũĞĐƚZĞnjŽŶĞDĂƉʹůů



ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϭϰ Z&dͲĞĐĞŵďĞƌϮϬϮϯ


džŚŝďŝƚϴ͗WƌŽũĞĐƚZĞnjŽŶĞDĂƉʹ
ĂƐƚ



ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϭϱ Z&dͲĞĐĞŵďĞƌϮϬϮϯ


džŚŝďŝƚϵ͗WƌŽũĞĐƚZĞnjŽŶĞDĂƉʹtĞƐƚ



ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϭϲ Z&dͲĞĐĞŵďĞƌϮϬϮϯ


džŚŝďŝƚϭϬ͗WƌŽũĞĐƚZĞnjŽŶĞDĂƉʹ^ŽƵƚŚ



ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϭϳ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϯ͘Ϭ d,
Z/,
h/^ͬE
Es/ZKED
Ed>/DWdE>z^/^
^hDDZz
dŚĞĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚĨŝŶĚŝŶŐƐŽĨƚŚĞƉƉƌŽǀĞĚ/^ͬEĂƌĞƐƵŵŵĂƌŝnjĞĚďĞůŽǁ͘ EŽ/ŵƉĂĐƚ͗dŚĞƉƉƌŽǀĞĚ/^ͬEĚĞƚĞƌŵŝŶĞĚƚŚĂƚŶŽŝŵƉĂĐƚǁŽƵůĚŽĐĐƵƌǁŝƚŚ ƌĞƐƉĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐ ĞŶǀŝƌŽŶŵĞŶƚĂůƚŽƉŝĐĂƌĞĂƐďĞůŽǁ͗
x ŐƌŝĐƵůƚƵƌĞĂŶĚ&ŽƌĞƐƚƌLJ/ŵƉĂĐƚƐϮ;ĂͲĞͿ
x ŝƌYƵĂůŝƚLJ/ŵƉĂĐƚϯ;ĨͿ
x ŝŽůŽŐŝĐĂůZĞƐŽƵƌĐĞƐ/ŵƉĂĐƚƐϰ;ĨͿ
x 'ĞŽůŽŐLJĂŶĚ^ŽŝůƐ/ŵƉĂĐƚϳ;ĞͿ
>ĞƐƐdŚĂŶ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗dŚĞƉƉƌŽǀĞĚ/^ͬEŝĚĞŶƚŝĨŝĞĚůĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚƐŝŶƚŚĞĨŽůůŽǁŝŶŐ ĞŶǀŝƌŽŶŵĞŶƚĂůƚŽƉŝĐĂƌĞĂƐ͗
x ĞƐƚŚĞƚŝĐ/ŵƉĂĐƚƐϭ;ĂͲĚͿ
x ŝƌYƵĂůŝƚLJ/ŵƉĂĐƚƐϯ;ĂͲĞͿ
x ŝŽůŽŐŝĐĂůZĞƐŽƵƌĐĞƐ/ŵƉĂĐƚƐϰ;ĂͲĞͿ
x ƵůƚƵƌĂůZĞƐŽƵƌĐĞƐ/ŵƉĂĐƚƐϱ;ĂͲĐͿ
x
ŶĞƌŐLJ/ŵƉĂĐƚƐϲ;ĂͲďͿ
x 'ĞŽůŽŐLJĂŶĚ^ŽŝůƐ/ŵƉĂĐƚƐϳ;ĂͲĚ͕ĨͿ
x 'ƌĞĞŶŚŽƵƐĞ'ĂƐ
ŵŝƐƐŝŽŶƐ/ŵƉĂĐƚƐϴ;ĂͲďͿ
x ,ĂnjĂƌĚƐĂŶĚ,ĂnjĂƌĚŽƵƐDĂƚĞƌŝĂůƐ/ŵƉĂĐƚƐϵ;ĂͲŐͿ
x ,LJĚƌŽůŽŐLJĂŶĚtĂƚĞƌYƵĂůŝƚLJ/ŵƉĂĐƚƐϭϬ;ĂͲĞͿ
x >ĂŶĚhƐĞĂŶĚWůĂŶŶŝŶŐ/ŵƉĂĐƚƐϭϭ;ĂͲďͿ
x DŝŶĞƌĂůZĞƐŽƵƌĐĞƐ/ŵƉĂĐƚƐϭϮ;ĂͲďͿ
x EŽŝƐĞ/ŵƉĂĐƚƐϭϯ;ĂͲĐͿ
x WŽƉƵůĂƚŝŽŶĂŶĚ,ŽƵƐŝŶŐ/ŵƉĂĐƚƐϭϰ;ĂͲďͿ
x WƵďůŝĐ^ĞƌǀŝĐĞƐ/ŵƉĂĐƚƐϭϱ;ĂͿ
x ZĞĐƌĞĂƚŝŽŶ/ŵƉĂĐƚƐϭϲ;ĂͲďͿ
x dƌĂŶƐƉŽƌƚĂƚŝŽŶϭϳ;ĂͲĚͿ
x dƌŝďĂůƵůƚƵƌĂůZĞƐŽƵƌĐĞƐ/ŵƉĂĐƚƐϭϴ;ĂͿ
x hƚŝůŝƚŝĞƐĂŶĚ^ĞƌǀŝĐĞ^LJƐƚĞŵƐ/ŵƉĂĐƚƐϭϵ;ĂͲĞͿ
x tŝůĚĨŝƌĞ/ŵƉĂĐƚƐϮϬ;ĂͲĚͿ

ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϭϴ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϰ͘Ϭ /dzK&Z/,Kh^/E'
>
D
EdhWd
Z
KE

WZK'ZD
Es/ZKED
Ed>/DWdE>z^/^EWZK:
d
WWZKs>^
dŚĞ ƐĐŽƉĞ ŽĨƚŚĞ ŝƚLJ͛Ɛ ƌĞǀŝĞǁŽĨ ƚŚĞ WƌŽũĞĐƚ ŝƐ ƐĞƚ ĨŽƌƚŚ ŝŶ  Y ĂŶĚ 
Y'ƵŝĚĞůŝŶĞƐ͘ dŚŝƐ ƌĞǀŝĞǁ ŝƐ
ůŝŵŝƚĞĚƚŽĞǀĂůƵĂƚŝŶŐƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂůĞĨĨĞĐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚ ƚŚĞWƌŽũĞĐƚǁŚĞŶĐŽŵƉĂƌĞĚƚŽƚŚĞŝƚLJ ,ŽƵƐŝŶŐ
ůĞŵĞŶƚ hƉĚĂƚĞ ĂƐ ƐĞƚ ĨŽƌƚŚ ŝŶ ƚŚĞ ƉƉƌŽǀĞĚ /^ͬE͘ dŚŝƐ  ĚĚĞŶĚƵŵ ĂůƐŽ ƌĞǀŝĞǁƐ ŶĞǁ ŝŶĨŽƌŵĂƚŝŽŶ͕ŝĨĂŶLJ͕ŽĨƐƵďƐƚĂŶƚŝĂůŝŵƉŽƌƚĂŶĐĞƚŚĂƚǁĂƐŶŽƚŬŶŽ ǁŶĂŶĚĐŽƵůĚŶŽƚŚĂǀĞďĞĞŶŬŶŽǁŶǁŝƚŚ ƚŚĞĞdžĞƌĐŝƐĞŽĨƌĞĂƐŽŶĂďůĞĚƵĞĚŝůŝŐĞŶĐĞĂƚƚŚĞƚŝŵĞƚŚĞƉƉƌŽǀ ĞĚ/^ͬEǁĂƐĐĞƌƚŝĨŝĞĚ͘dŚŝƐĞǀĂůƵĂƚŝŽŶ ŝŶĐůƵĚĞƐĂĚĞƚĞƌŵŝŶĂƚŝŽŶĂƐƚŽǁŚĞƚŚĞƌƚŚĞĐŚĂŶŐĞƐƉƌŽƉŽƐĞĚĨŽƌ ƚŚĞWƌŽũĞĐƚǁŽƵůĚƌĞƐƵůƚŝŶĂŶLJŶĞǁ ƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚƐŽƌŵŽƌĞƐĞǀĞƌĞƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚ͘ ůƚŚŽƵŐŚ
Y'ƵŝĚĞůŝŶĞƐ^ĞĐƚŝŽŶϭϱϭϲϰĚŽĞƐŶŽƚƐƚŝƉƵůĂƚĞƚŚĞĨŽƌŵĂƚŽƌĐŽŶƚĞŶƚŽĨĂŶĚĚĞŶĚƵŵ͕ƚŚĞ ƚŽƉŝĐĂů ĂƌĞĂƐ ŝĚĞŶƚŝĨŝĞĚ ŝŶƚŚĞ ƉƉƌŽǀĞĚ /^ͬE ǁĞƌĞƵƐĞĚ ĂƐ ŐƵŝĚĂŶĐĞ ĨŽƌ ƚŚŝƐĚĚĞŶĚƵŵ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ^ĞĐƚŝŽŶϭϱϭϲϰ;ĞͿŽĨƚŚĞ
Y'ƵŝĚĞůŝŶĞƐƐƚĂƚĞƐƚŚĂƚ͞ďƌŝĞĨĞdžƉůĂŶĂƚŝŽŶŽĨƚŚĞĚĞĐŝƐŝŽŶŶŽƚƚŽƉƌĞƉĂƌĞĂ ƐƵďƐĞƋƵĞŶƚ΀/^ͬE΁ƉƵƌƐƵĂŶƚƚŽ^ĞĐƚŝŽŶϭϱϭϲϮƐŚŽƵůĚďĞŝŶĐůƵĚĞĚŝŶĂŶĂĚĚĞŶĚƵŵƚŽĂŶ΀/^ͬE΁͕ƚŚĞůĞĂĚ ĂŐĞŶĐLJΖƐ ĨŝŶĚŝŶŐƐ ŽŶ ƚŚĞ WƌŽũĞĐƚ͕ Žƌ ĞůƐĞǁŚĞƌĞ ŝŶ ƚŚĞ ƌĞĐŽƌĚ͘ dŚĞ ĞdžƉůĂŶĂƚŝŽŶ ŵƵƐƚ ďĞ ƐƵƉƉŽƌƚĞĚ ďLJ ƐƵďƐƚĂŶƚŝĂůĞǀŝĚĞŶĐĞ͘͟dŚŝƐĐŽŵƉĂƌĂƚŝǀĞĂŶĂůLJƐŝƐƉƌŽǀŝĚĞƐƚŚĞ ŝƚLJǁŝƚŚƚŚĞĨĂĐƚƵĂůďĂƐŝƐĨŽƌĚĞƚĞƌŵŝŶŝŶŐ ǁŚĞƚŚĞƌ ĂŶLJ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ WƌŽũĞĐƚ͕ ĂŶLJ ĐŚĂŶŐĞƐ ŝŶ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ Žƌ ĂŶLJ ŶĞǁ ŝŶĨŽƌŵĂƚŝŽŶ ƐŝŶĐĞ ƚŚĞ ƉƉƌŽǀĞĚ /^ͬE ǁĂƐ ĐĞƌƚŝĨŝĞĚ ǁŽƵůĚ ƌĞƋƵŝƌĞ ĂĚĚŝƚŝŽŶĂů ĞŶǀŝƌŽŶŵĞŶƚĂů ƌĞǀŝĞǁ Žƌ ƉƌĞƉĂƌĂƚŝŽŶŽĨ Ă ŶĞǁ /^ͬE͘
WƵƌƐƵĂŶƚƚŽ
Y'ƵŝĚĞůŝŶĞƐ^ĞĐƚŝŽŶϭϱϭϲϮ͕ƚŚĞŝƚLJŚĂƐĚĞƚĞƌŵŝŶĞĚ͕ŽŶƚŚĞďĂƐŝƐŽĨƐƵďƐƚĂŶƚŝĂůĞǀŝĚĞŶĐĞ ŝŶƚŚĞůŝŐŚƚŽĨƚŚĞǁŚŽůĞƌĞĐŽƌĚ͕ƚŚĂƚŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚĚŽĞƐŶŽƚƉƌŽƉŽƐĞƐƵďƐƚĂŶƚŝĂůĐŚĂŶŐĞƐ ƚŽƚŚĞƉƉƌŽǀĞĚ/^ͬE͕ĂŶĚŶŽŶĞǁŝŶĨŽƌŵĂƚŝŽŶŽĨƐƵďƐƚĂŶƚŝĂůŝŵ ƉŽƌƚĂŶĐĞŚĂƐďĞĞŶƌĞǀĞĂůĞĚƐŝŶĐĞƚŚĞ ĐĞƌƚŝĨŝĐĂƚŝŽŶŽĨƚŚĞƉƉƌŽǀĞĚ/^ͬEƚŚĂƚǁŽƵůĚƌĞƐƵůƚŝŶĞŝƚŚĞƌŶĞǁƐŝŐŶŝĨŝĐĂŶƚĞĨĨĞĐƚƐŽƌĂŶŝŶĐƌĞĂƐĞŝŶƚŚĞ ƐĞǀĞƌŝƚLJŽĨƉƌĞǀŝŽƵƐůLJĂŶĂůLJnjĞĚƐŝŐŶŝĨŝĐĂŶƚĞĨĨĞĐƚƐ͘
 
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϭϵ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϰϰ͘ϭ ĞƐƚŚĞƚŝĐƐ
^ƵŵŵĂƌLJŽĨWƌĞǀŝŽƵƐ
ŶǀŝƌŽŶŵĞŶƚĂůŶĂůLJƐŝƐ
dŚĞƉƉƌŽǀĞĚ/^ͬEĐŽŶĐůƵĚĞĚƚŚĂƚƐŝŶĐĞƚŚĞƌĐĂĚŝĂ,
hĚŽĞƐŶŽƚƌĞƐƵůƚŝŶĚŝƌĞĐƚŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͕
ŶŽƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚƐǁĞƌĞĂŶƚŝĐŝƉĂƚĞĚƚŽĂĞƐƚŚĞƚŝĐƌĞƐŽƵƌĐĞƐ͘ &ƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĂƐƐĞƐƐĞĚŝŶ ƚŚĞ ƉƉƌŽǀĞĚ /^ͬE ǁŽƵůĚ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ƵŶĚĞƌŐŽ ƉƌŽũĞĐƚ ůĞǀĞů  Y ĂŶĂůLJƐŝƐ͕ ĂŶĚ ĐŽŵƉůLJ ǁŝƚŚ ĂŶLJ
ƌĞůĞǀĂŶƚůŽĐĂů͕ƐƚĂƚĞ͕ĂŶĚĨĞĚĞƌĂůƌĞŐƵůĂƚŝŽŶƐƌĞŐĂƌĚŝŶŐǀŝƐƵĂů ƌĞƐŽƵƌĐĞƐ͘/ŵƉĂĐƚƐǁĞƌĞĚĞƚĞƌŵŝŶĞĚƚŽďĞ ůĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚǁŝƚŚŶŽŵŝƚŝŐĂƚŝŽŶƌĞƋƵŝƌĞĚ͘
ŶĂůLJƐŝƐŽĨWƌŽƉŽƐĞĚWƌŽũĞĐƚ
Ă͘ ,ĂǀĞĂƐƵďƐƚĂŶƚŝĂůĂĚǀĞƌƐĞŝŵƉĂĐƚŽŶĂƐĐĞŶŝĐǀŝƐƚĂ͍ EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚƐ͗dŚĞƌĐĂĚŝĂ'W&ŝŶĂů ŶǀŝƌŽŶŵĞŶƚĂů/ŵƉĂĐƚZĞƉŽƌƚ;&
/ZͿŝĚĞŶƚŝĨŝĞƐ
ǀŝĞǁƐŽĨƚŚĞŶĞĂƌďLJ^ĂŶ'ĂďƌŝĞůDŽƵŶƚĂŝŶƐĂŶĚ^ĂŶ'ĂďƌŝĞůDŽƵŶƚĂŝŶĨŽŽƚŚŝůůƐůŽĐĂƚĞĚƚŽƚŚĞŶŽƌƚŚŽĨƚŚĞ ŝƚLJĂƐĂƐĐĞŶŝĐǀŝƐƚĂ͘ϭϮ^ŝŵŝůĂƌƚŽƚŚĞƌĐĂĚŝĂ,
h͕ƚŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚŚĂǀĞĂƐƵďƐƚĂŶƚŝĂůĂĚǀĞƌƐĞĞĨĨĞĐƚ ŽŶƐĐĞŶŝĐǀŝƐƚĂƐďĞĐĂƵƐĞƚŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶĚŝƌĞĐƚ ŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶďƵƚǁŽƵůĚĨĂĐŝůŝƚĂƚĞ ĂŶĚƉƌŽǀŝĚĞĂƉŽůŝĐLJĨƌĂŵĞǁŽƌŬĨŽƌĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚŽŶĐĂŶĚŝĚĂƚĞŚŽƵƐŝŶŐƐŝƚĞƐƚŚƌŽƵŐŚŽƵƚƚŚĞŝƚLJ͘ ĚĚŝƚŝŽŶĂůůLJ͕ĂůůĨƵƚƵƌĞŚŽƵƐŝŶŐĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚďĞƐƵďũĞĐƚƚŽĞŶǀŝƌŽŶŵĞŶƚĂůƌĞǀŝĞǁƵŶĚĞƌ 
Y͕ƚŚĞŝƚLJ͛ƐĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁƉƌŽĐĞƐƐ͕ĂŶĚǁŽƵůĚďĞƌĞƋƵŝ ƌĞĚƚŽĚĞŵŽŶƐƚƌĂƚĞĐŽŶƐŝƐƚĞŶĐLJǁŝƚŚ ƌĐĂĚŝĂ'WƉŽůŝĐĞƐ͘&ƵƚƵƌĞŚŽƵƐŝŶŐĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚĂůƐŽŚĂǀĞƚŽĚĞŵŽŶƐƚƌĂƚĞĐŽŵƉůŝĂŶĐĞ ǁŝƚŚƌĐĂĚŝĂD͕ŝŶĐůƵĚŝŶŐƌƚŝĐůĞ/y͕ŚĂƉƚĞƌϭʹĞǀĞůŽƉŵĞŶƚŽĚĞ;ƌĐĂĚŝĂͿƐƚĂŶĚĂƌĚƐ͘ĐĐŽƌĚŝŶŐůLJ͕ ŶŽŶĞǁŝŵƉĂĐƚƐƌĞůĂƚŝǀĞƚŽĂĚǀĞƌƐĞĞĨĨĞĐƚƐŽŶĂƐĐĞŶŝĐǀŝƐƚĂŽƌ ĂƐƵďƐƚĂŶƚŝĂůŝŶĐƌĞĂƐĞŝŶƚŚĞƐĞǀĞƌŝƚLJŽĨĂ ƉƌĞǀŝŽƵƐůLJŝĚĞŶƚŝĨŝĞĚƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚĞǀĂůƵĂƚĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬEǁŽƵůĚŽĐĐƵƌ͘dŚĞWƌŽũĞĐƚǁŽƵůĚ ŶŽƚŚĂǀĞĂŵŽƌĞƐĞǀĞƌĞŽƌƐƵďƐƚĂŶƚŝĂůĂĚǀĞƌƐĞĞĨĨĞĐƚŽŶĂƐĐĞŶŝ ĐǀŝƐƚĂƚŚĂŶǁŚĂƚǁĂƐŽƌŝŐŝŶĂůůLJĂŶĂůLJnjĞĚ ŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ď͘ ^ƵďƐƚĂŶƚŝĂůůLJ ĚĂŵĂŐĞ ƐĐĞŶŝĐ ƌĞƐŽƵƌĐĞƐ͕ ŝŶĐůƵĚŝŶŐ͕ ďƵƚ ŶŽƚ ůŝŵŝƚ ĞĚ ƚŽ͕ ƚƌĞĞƐ͕ ƌŽĐŬ ŽƵƚĐƌŽƉƉŝŶŐƐ͕ĂŶĚŚŝƐƚŽƌŝĐďƵŝůĚŝŶŐƐǁŝƚŚŝŶĂ^ƚĂƚĞƐĐĞŶŝĐŚŝŐŚǁĂLJ͍ EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚƐ͗dŚĞƌĞĂƌĞŶŽŽĨĨŝĐŝĂůůLJƐƚĂƚĞĚĞƐŝŐŶĂƚĞĚƐƚĂƚĞƐĐĞŶŝĐŚŝŐŚǁĂLJƐǁŝƚŚŝŶ ƚŚĞŝƚLJ͘ϭϯdŚĞWƌŽũĞĐƚƐŝƚĞŝƐŶŽƚǁŝƚŚŝŶŽƌĂĚũĂĐĞŶƚƚŽĂƐĐĞŶŝĐŚŝŐŚǁĂLJ ͘dŚĞĐůŽƐĞƐƚŽĨĨŝĐŝĂůůLJĚĞƐŝŐŶĂƚĞĚ ŚŝŐŚǁĂLJŝƐĂƉŽƌƚŝŽŶŽĨƚŚĞ^ƚĂƚĞZŽƵƚĞ;^ZͿϮƚƌĂŶƐŝƚŝŽŶĨƌŽŵ >ŽƐŶŐĞůĞƐŽƵŶƚLJŝŶƚŽ^ĂŶĞƌŶĂƌĚŝŶŽ ŽƵŶƚLJƚŚƌŽƵŐŚƚŚĞ^ĂŶ'ĂďƌŝĞůDŽƵŶƚĂŝŶƐ͕ĂƉƉƌŽdžŝŵĂƚĞůLJϲ͘ϰŵŝů ĞƐŶŽƌƚŚŽĨƚŚĞŝƚLJ͛ƐŶŽƌƚŚĞƌŶŵŽƐƚ ďŽƵŶĚĂƌLJ͘ϭϰdŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐǁŽƵůĚŽĐĐƵƌŝŶƚŚŝƐƌ ĞŐĂƌĚ͘EŽŶĞǁŵŝƚŝŐĂƚŝŽŶ ŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚĨŽƌŝƐƐƵĞƐƌĞůĂƚĞĚƚŽĂĞƐƚŚĞƚŝĐƐ͘ 
ϭϮŽŶdĞƌƌĂŽŶƐƵůƚŝŶŐ͘ϮϬϭϬ͘ŝƚLJŽĨƌĐĂĚŝĂϮϬϭϬ'ĞŶĞƌĂůWůĂŶhƉĚĂƚĞ͘WĂŐĞϰ͘ϭͲϭϭ͘ ϭϯŽŶdĞƌƌĂŽŶƐƵůƚŝŶŐ͘ϮϬϭϬ͘ŝƚLJŽĨƌĐĂĚŝĂϮϬϭϬ'ĞŶĞƌĂůWůĂŶhƉĚĂƚĞ͘WĂŐĞϰ͘ϭͲϭϮ͘ ϭϰĂůŝĨŽƌŶŝĂĞƉĂƌƚŵĞŶƚŽĨdƌĂŶƐƉŽƌƚĂƚŝŽŶ;ĂůƚƌĂŶƐͿ͘ϮϬϮϭ͘ĂůŝĨŽƌŶŝĂ^ƚĂƚĞ^ĐĞŶŝĐ,ŝŐŚǁĂLJ^LJƐƚĞŵDĂƉ͘ ŚƚƚƉƐ͗ͬͬĐĂůƚƌĂŶƐ͘ŵĂƉƐ͘ĂƌĐŐŝƐ͘ĐŽŵͬĂƉƉƐͬǁĞďĂƉƉǀŝĞǁĞƌͬŝŶĚĞdž͘Śƚŵů͍ŝĚсϰϲϱĚĨĚϯĚϴϬϳĐϰϲĐĐϴĞϴϬϱϳϭϭϲĨϭĂĂĐĂĂ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘ ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϮϬ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Đ͘ ^ƵďƐƚĂŶƚŝĂůůLJĚĞŐƌĂĚĞƚŚĞĞdžŝƐƚŝŶŐǀŝƐƵĂůĐŚĂƌĂĐƚĞƌŽƌƋƵĂůŝƚLJŽĨƉƵďůŝĐǀŝĞǁƐŽĨƚŚĞƐŝƚĞĂŶĚ ŝƚƐ ƐƵƌƌŽƵŶĚŝŶŐƐ͍ ;WƵďůŝĐ ǀŝĞǁƐ ĂƌĞ ƚŚŽƐĞ ƚŚĂƚ ĂƌĞ ĞdžƉĞƌŝĞŶĐĞĚĨƌŽŵ ƉƵďůŝĐůLJ ĂĐĐĞƐƐŝďůĞ ǀĂŶƚĂŐĞ ƉŽŝŶƚͿ͘ /Ĩ ƚŚĞ ƉƌŽũĞĐƚ ŝƐ ŝŶ ĂŶ ƵƌďĂŶŝnjĞĚ ĂƌĞĂ͕ ǁŽƵůĚ ƚŚĞ ƉƌŽũĞĐƚ ĐŽŶĨůŝĐƚ ǁŝƚŚ ĂƉƉůŝĐĂďůĞnjŽŶŝŶŐĂŶĚŽƚŚĞƌƌĞŐƵůĂƚŝŽŶƐŐŽǀĞƌŶŝŶŐƐĐĞŶŝĐƋƵĂůŝƚLJ͍ EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚƐ͗ƐĚŝƐĐƵƐƐĞĚĂďŽǀĞ͕ƚŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶĚŝƌĞĐƚŚŽƵ ƐŝŶŐ ĐŽŶƐƚƌƵĐƚŝŽŶ͕ ďƵƚ ǁŽƵůĚ ĨĂĐŝůŝƚĂƚĞ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ǁŝƚŚŝŶ ƵƌďĂŶŝnjĞĚ ĂƌĞĂƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ŝƚLJ͘dŚĞƌĐĂĚŝĂ'WĐŽŶƚĂŝŶƐŐŽĂůƐĂŶĚƉŽůŝĐŝĞƐƚŚĂƚŐŽǀĞƌŶƐĐĞŶŝĐƋƵĂůŝƚLJŝŶƚŚĞ,ŝůůƐŝĚĞĂƌĞĂ͘ϭϱ,ŽǁĞǀĞƌ͕ ƚŚĞƐĞŐŽĂůƐǁŽƵůĚŶŽƚĂƉƉůLJƚŽƚŚĞWƌŽũĞĐƚĂƐĐĂŶĚŝĚĂƚĞƐŝƚĞƐŚĂǀĞŶŽƚďĞĞŶŝĚĞŶƚŝĨŝĞĚǁŝƚŚŝŶƚŚĞ,ŝůůƐŝĚĞ ĂƌĞĂ͘
ĚĚŝƚŝŽŶĂůůLJ͕ ĂŶLJ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ďĞ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ŝƚLJ͛Ɛ ĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁƉƌŽĐĞƐƐ͕ǁŚŝĐŚĐŽƵůĚŝŶĐůƵĚĞĂƌĞǀŝĞǁƉƵƌƐƵĂŶƚƚŽ Y͕ĂŶĚďĞƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJ
ǁŝƚŚ ƌĐĂĚŝĂ 'W ƉŽůŝĐŝĞƐ͕ ƌĐĂĚŝĂ D ƐƚĂŶĚĂƌĚƐ͕ ĂŶĚ ĂĚŚĞƌĞ ƚŽ Ăů ů Ă Ɖ Ɖ ů ŝ Đ Ă ď ů Ğ Ĩ Ğ Ě Ğ ƌ Ă ů ͕ Ɛ ƚ Ă ƚ Ğ ͕ Ă Ŷ Ě ů Ž Đ Ă ů  ƌĞŐƵůĂƚŝŽŶƐ͘ &ƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ǁŽƵůĚ ŚĂǀĞ ƉŽƚĞŶƚŝĂů ƚŽ ĐŚĂŶŐĞ ƚŚĞ ĂƉƉĞĂƌĂŶĐĞ ŽĨ ƚŚĞ ŝƚLJ͘ ,ŽǁĞǀĞƌ͕ďĞĐĂƵƐĞĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚǁŽƵůĚďĞǀĞƌŝĨŝĞĚƚŚƌŽƵŐŚƚŚĞŝƚLJ͛ƐĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁ ƉƌŽĐĞƐƐƚŽĞŶƐƵƌĞĐŽŶƐŝƐƚĞŶĐLJǁŝƚŚƌĐĂĚŝĂ'WƉŽůŝĐŝĞƐĂŶĚƌĐĂĚŝĂDƐƚĂŶĚĂƌĚƐ͕ƚŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚ ĐŽŶĨůŝĐƚǁŝƚŚĂƉƉůŝĐĂďůĞƉŽůŝĐŝĞƐŽƌƐƚĂŶĚĂƌĚƐŐŽǀĞƌŶŝŶŐƐĐĞŶŝĐƋƵĂůŝƚLJ͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞ ŝŵƉĂĐƚƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚĨŽƌŝƐƐƵĞƐƌĞůĂƚĞĚƚŽĂĞƐƚŚĞƚŝĐƐ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Ě͘ ƌĞĂƚĞ Ă ŶĞǁ ƐŽƵƌĐĞ ŽĨ ƐƵďƐƚĂŶƚŝĂů ůŝŐŚƚ Žƌ ŐůĂƌĞ ǁŚŝĐŚ ǁŽƵůĚ ĂĚǀĞƌƐĞůLJ ĂĨĨĞĐƚ ĚĂLJ Žƌ ŶŝŐŚƚƚŝŵĞǀŝĞǁƐŝŶƚŚĞĂƌĞĂ͍
EŽEĞǁŽƌDŽƌĞ^ĞǀĞƌĞ/ŵƉĂĐƚƐ͗ƐĚŝƐĐƵƐƐĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͕ŝŵƉĂĐƚƐƌĞŐĂƌĚŝŶŐůŝŐŚƚĂŶ ĚŐůĂƌĞ ǁŽƵůĚ ƌĞŵĂŝŶ ůĞƐƐ ƚŚĂŶ ƐŝŐŶŝĨŝĐĂŶƚ ĂƐ ůŽŶŐ ĂƐ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ ĐŽŵƉůŝĞƐ ǁŝƚŚ ƌĐĂĚŝĂ 'W ƉŽůŝĐĞƐ͕ ƌĐĂĚŝĂD͕ĂŶĚdŝƚůĞϮϰŽĨƚŚĞĂůŝĨŽƌŶŝĂ'ƌĞĞŶƵŝůĚŝŶŐŽĚĞ͘dŚĞWƌŽũĞĐƚǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJ ǁŝƚŚ ƌĐĂĚŝĂ D ^ĞĐƚŝŽŶ ϵϭϬϯ͘Ϭϭ͘ϭϮϬ͕ ƌĞƋƵŝƌŝŶŐ ƚŚĂƚ ůŝŐŚƚŝŶŐ Ĩŝ džƚƵƌĞƐ ďĞ ƐŚŝĞůĚĞĚ ĂƉƉƌŽƉƌŝĂƚĞůLJ ƚŽ ŵŝŶŝŵŝnjĞ ůŝŐŚƚ ƚƌĞƐƉĂƐƐ ŽŶƚŽ ƐƵƌƌŽƵŶĚŝŶŐ ƉƌŽƉĞƌƚŝĞƐ͘ϭϲ dŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ƌĞŵĂŝŶ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ƉƉƌŽǀĞĚ/^ͬEŝŶƚŚŝƐƌĞŐĂƌĚ͘

ϭϱŝƚLJŽĨƌĐĂĚŝĂ͘ϮϬϭϬ͘ŚĂƉƚĞƌϮ͗>ĂŶĚhƐĞĂŶĚŽŵŵƵŶŝƚLJĞƐŝŐŶ ůĞŵĞŶƚ͘WĂŐĞϮͲϯϬ͘
ŚƚƚƉƐ͗ͬͬĐŵƐϵĨŝůĞƐ͘ƌĞǀŝnjĞ͘ĐŽŵͬĂƌĐĂĚŝĂͬ>ĂŶĚйϮϬhƐĞйϮϬ
ůĞŵĞŶƚйϮϬhƉĚĂƚĞйϮϬ&ŝŶĂů͘ƉĚĨ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘
ϭϲŝƚLJŽĨƌĐĂĚŝĂ͘ϮϬϮϯ͘ϵϭϬϯ͘Ϭϭ͘ϭϮϬʹ
džƚĞƌŝŽƌ>ŝŐŚƚŝŶŐ͘
ŚƚƚƉƐ͗ͬͬůŝďƌĂƌLJ͘ŵƵŶŝĐŽĚĞ͘ĐŽŵͬĐĂͬĂƌĐĂĚŝĂͬĐŽĚĞƐͬĐŽĚĞͺŽĨͺŽƌĚŝŶĂŶĐĞƐ͍ŶŽĚĞ/ĚсZd/y/h^>ͺ,ϭ Kͺ/sϯZ
W>K/dW>'

^dͺ^ϵϭϬϯ͘Ϭϭ^/
W>'

^dͺϵϭϬϯ͘Ϭϭ͘ϭϮϬ
y>/;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϮϭ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ŽŶƐŝƐƚĞŶĐLJǁŝƚŚƚŚĞƐĞƉŽůŝĐŝĞƐĂŶĚƌĞŐƵůĂƚŝŽŶƐǁŽƵůĚĞŶƐƵƌĞƚŚĂƚƉŽƚĞŶƚŝĂůŝŵƉĂĐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚůŝŐŚƚ ĂŶĚŐůĂƌĞǁŽƵůĚďĞůĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚ͘ŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƉƉƌŽǀĞĚ/^ͬE͕ŶŽŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞ ƌĞƋƵŝƌĞĚ͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ŽŶĐůƵƐŝŽŶ
dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐ͘ůĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚǁĂƐŝĚĞŶƚŝĨŝĞĚ ŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬEĂůŽŶŐǁŝƚŚĂŶŽŝŵƉĂĐƚĚĞƚĞƌŵŝŶĂƚŝŽŶ͘dŚĞ WƌŽũĞĐƚǁŽƵůĚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞ ĂŶĂůLJƐŝƐĐŽŶƚĂŝŶĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚĨŽƌŝƐƐƵĞƐ ƌĞůĂƚĞĚƚŽĂĞƐƚŚĞƚŝĐƐ͘

ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϮϮ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϰϰ͘Ϯ ŐƌŝĐƵůƚƵƌĞĂŶĚ&ŽƌĞƐƚƌLJ
^ƵŵŵĂƌLJŽĨWƌĞǀŝŽƵƐ
ŶǀŝƌŽŶŵĞŶƚĂůŶĂůLJƐŝƐ
dŚĞƉƉƌŽǀĞĚ/^ͬEĐŽŶĐůƵĚĞĚƚŚĂƚƐŝŶĐĞƚŚĞŝƚLJĚŽĞƐŶŽƚŚĂǀĞĂŐƌŝĐƵůƚƵƌĂůůLJĚĞǀĞůŽƉĞĚůĂŶĚǁŝƚŚŝŶƚŚĞ ƌĐĂĚŝĂ,
hĂƌĞĂƚŚĞƌĞǁŽƵůĚďĞŶŽŝŵƉĂĐƚ͘
ŶĂůLJƐŝƐŽĨƚŚĞWƌŽƉŽƐĞĚWƌŽũĞĐƚ
Ă͘ ŽŶǀĞƌƚ WƌŝŵĞ &ĂƌŵůĂŶĚ͕ hŶŝƋƵĞ &ĂƌŵůĂŶĚ͕ Žƌ &ĂƌŵůĂŶĚ ŽĨ ^ƚĂƚĞǁŝ ĚĞ /ŵƉŽƌƚĂŶĐĞ ;&ĂƌŵůĂŶĚͿ͕ ĂƐ ƐŚŽǁŶ ŽŶ ƚŚĞ ŵĂƉƐ ƉƌĞƉĂƌĞĚ ƉƵƌƐƵĂŶƚ ƚŽ ƚŚĞ &Ăƌŵů ĂŶĚ DĂƉƉŝŶŐ ĂŶĚ DŽŶŝƚŽƌŝŶŐWƌŽŐƌĂŵŽĨƚŚĞĂůŝĨŽƌŶŝĂZĞƐŽƵƌĐĞƐŐĞŶĐLJ͕ƚŽŶŽŶͲĂŐƌŝĐƵůƚƵƌĂůƵƐĞ͍ ď͘ ŽŶĨůŝĐƚǁŝƚŚĞdžŝƐƚŝŶŐnjŽŶŝŶŐĨŽƌĂŐƌŝĐƵůƚƵƌĂůƵƐĞ͕ŽƌĂtŝůůŝĂŵƐŽŶĐƚĐŽŶƚƌĂĐƚ͍ Đ͘ ŽŶĨůŝĐƚ ǁŝƚŚ ĞdžŝƐƚŝŶŐ njŽŶŝŶŐ ĨŽƌ͕ Žƌ ĐĂƵƐĞ ƌĞnjŽŶŝŶŐ ŽĨ͕ ĨŽƌĞƐƚ ůĂŶĚ ;ĂƐ ĚĞĨŝŶĞĚ ŝŶ WƵďůŝĐ ZĞƐŽƵƌĐĞƐŽĚĞƐĞĐƚŝŽŶϭϮϮϮϬ;ŐͿͿ͕ƚŝŵďĞƌůĂŶĚ;ĂƐĚĞĨŝŶĞĚďLJWƵďůŝĐZĞƐŽƵƌĐĞƐŽĚĞƐĞĐƚŝŽŶ ϰϱϮϲͿ͕ŽƌƚŝŵďĞƌůĂŶĚnjŽŶĞĚdŝŵďĞƌůĂŶĚWƌŽĚƵĐƚŝŽŶ;ĂƐĚĞĨŝŶĞĚďLJ'ŽǀĞƌŶŵĞŶƚŽĚĞƐĞĐƚŝŽŶ ϱϭϭϬϰ;ŐͿͿ͍
Ě͘ tŽƵůĚƚŚĞƉƌŽũĞĐƚƌĞƐƵůƚŝŶƚŚĞůŽƐƐŽĨĨŽƌĞƐƚůĂŶĚŽƌĐŽŶǀĞƌƐŝŽŶŽĨĨŽƌĞƐƚůĂŶĚƚŽŶŽŶͲĨŽƌĞƐƚ ƵƐĞ͍
Ğ͘ tŽƵůĚƚŚĞƉƌŽũĞĐƚŝŶǀŽůǀĞŽƚŚĞƌĐŚĂŶŐĞƐŝŶƚŚĞĞdžŝƐƚŝŶŐĞŶǀŝƌŽŶ ŵĞŶƚǁŚŝĐŚ͕ ĚƵĞ ƚŽ ƚŚĞŝƌ ůŽĐĂƚŝŽŶ Žƌ ŶĂƚƵƌĞ͕ ĐŽƵůĚ ƌĞƐƵůƚ ŝŶ ĐŽŶǀĞƌƐŝŽŶ ŽĨ &ĂƌŵůĂŶĚ͕ ƚŽ ŶŽŶͲĂŐƌŝĐƵůƚƵƌĂů ƵƐĞ Žƌ ĐŽŶǀĞƌƐŝŽŶŽĨĨŽƌĞƐƚůĂŶĚƚŽŶŽŶͲĨŽƌĞƐƚůĂŶĚ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚƐ͗ ƐĚŝƐĐƵƐƐĞĚĂďŽǀĞƚŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶĚŝƌĞĐƚŚŽƵƐŝ ŶŐ ĐŽŶƐƚƌƵĐƚŝŽŶ ďƵƚ ǁŽƵůĚ ĨĂĐŝůŝƚĂƚĞ ĂŶĚ ƉƌŽǀŝĚĞ Ă ƉŽůŝĐLJ ĨƌĂŵĞǁŽƌ Ŭ ĨŽƌ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ƚŚƌŽƵŐŚŽƵƚƚŚĞŝƚLJ͘dŚĞƌĐĂĚŝĂ'W
/ZƐƚĂƚĞƐƚŚĂƚƚŚĞƌĞĂƌĞŶ ŽĞdžŝƐƚŝŶŐĂŐƌŝĐƵůƚƵƌĂůƵƐĞƐŝŶƚŚĞŝƚLJŽƌ ĂĚũĂĐĞŶƚ ĂƌĞĂƐ͕ ĂŶĚ ƚŚĞƌĞ ĂƌĞ ŶŽ ůĂŶĚƐ ǁŝƚŚ tŝůůŝĂŵƐŽŶ Đƚ ĐŽŶƚ ƌĂĐƚƐ ŝŶ ƚŚĞ ŝƚLJ͘ ϭϳd Ś Ğ  ŝ ƚ LJ ŝ Ɛ  ƉƌĞĚŽŵŝŶĂŶƚůLJ ĐĂƚĞŐŽƌŝnjĞĚ ĂƐ ƵƌďĂŶ ĂŶĚ ďƵŝůƚͲƵƉ͘ ĚĚŝƚŝŽŶĂůůLJ͕ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ŶŽƚ ŽĐĐƵƌ ŽŶ ůĂŶĚƐ ĚĞƐŝŐŶĂƚĞĚ ĂƐ WƌŝŵĞ &ĂƌŵůĂŶĚ͕hŶŝƋƵĞ &ĂƌŵůĂŶĚ͕ Žƌ &ĂƌŵůĂŶĚ ŽĨ ^ƚĂƚĞǁŝĚĞ/ŵƉŽƌƚĂŶĐĞ͘ϭϴdŚĞƌĞĂƌĞĂůƐŽŶŽĚĞƐŝŐŶĂƚĞĚĨŽƌĞƐƚůĂŶĚƐŽƌƚŝŵďĞƌůĂŶĚƐŝŶƚŚ ĞŝƚLJ͘ϭϵƐƐƵĐŚ͕ ƚŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐƌĞůĂ ƚĞĚƚŽƚŚĞůŽƐƐŽĨĨĂƌŵůĂŶĚǁŽƵůĚŽĐĐƵƌ ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞŶĞĐĞƐƐĂƌLJ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘

ϭϳŽŶdĞƌƌĂŽŶƐƵůƚŝŶŐ͘ϮϬϭϬ͘ŝƚLJŽĨƌĐĂĚŝĂϮϬϭϬ'ĞŶĞƌĂůWůĂŶhƉĚĂƚĞ͘WĂŐĞϰ͘ϮͲϮ͘ ϭϴĂůŝĨŽƌŶŝĂĞƉĂƌƚŵĞŶƚŽĨŽŶƐĞƌǀĂƚŝŽŶ͘ϮϬϮϮ͘ĂůŝĨŽƌŶŝĂ/ŵƉŽƌƚĂŶƚ&ĂƌŵůĂŶĚ&ŝŶĚĞƌ͘ŚƚƚƉƐ͗ͬͬŵĂƉƐ͘ĐŽŶƐĞƌǀĂƚŝŽŶ͘ĐĂ͘ŐŽǀͬ>ZWͬ/&&ͬ;ĂĐĐĞƐƐĞĚ EŽǀĞŵďĞƌϮϬϮϯͿ͘
ϭϵŽŶdĞƌƌĂŽŶƐƵůƚŝŶŐ͘ϮϬϭϬ͘ŝƚLJŽĨƌĐĂĚŝĂϮϬϭϬ'ĞŶĞƌĂůWůĂŶhƉĚĂƚĞ͘WĂŐĞϰ͘ϮͲϮ͘ ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϮϯ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ŽŶĐůƵƐŝŽŶ
dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐ͘EŽ ŝŵƉĂĐƚǁĂƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ /^ͬE͘dŚĞWƌŽũĞĐƚǁŽƵůĚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂŶĂůLJƐŝƐĐŽŶƚĂŝŶĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘dŚĞƌĞĨŽƌĞ͕ŶŽ ŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚĨŽƌŝƐƐƵĞƐƌĞůĂƚĞĚƚŽĂŐƌŝĐƵůƚƵƌĞĂŶĚĨŽƌĞƐƚƌLJ͘

ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϮϰ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϰϰ͘ϯ ŝƌYƵĂůŝƚLJ
^ƵŵŵĂƌLJŽĨWƌĞǀŝŽƵƐ
ŶǀŝƌŽŶŵĞŶƚĂůŶĂůLJƐŝƐ
dŚĞ ƉƉƌŽǀĞĚ /^ͬE ĐŽŶĐůƵĚĞĚ ƚŚĂƚ Ă ůĞƐƐ ƚŚĂŶ ƐŝŐŶŝĨŝĐĂŶƚ ŝŵƉĂĐƚ ǁŽƵůĚ ŽĐĐƵƌ ĚƵĞ ƚŽ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞƌĐĂĚŝĂ,
h͛ƐƌĞƋƵŝƌĞŵĞŶƚƚŽĐ ŽŵƉůLJǁŝƚŚ^ƚĂƚĞŝƌYƵĂůŝƚLJ
ƌĞŐƵůĂƚŝŽŶƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƐĂƐƐĞƐƐĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬEǁŽƵůĚďĞ ƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJǁŝƚŚĂŶLJƌĞůĞǀĂŶƚůŽĐĂůĂŶĚĨĞĚĞƌĂůƌĞŐƵůĂƚŝŽŶƐƌĞŐĂƌĚŝŶŐĂŝƌƋƵĂůŝƚLJ͕ŝŵƉĂĐƚƐ ǁĞƌĞĚĞƚĞƌŵŝŶĞĚƚŽďĞůĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚǁŝƚŚŶŽŵŝƚŝŐĂƚŝŽŶƌĞƋƵŝƌĞĚ͘ ŶĂůLJƐŝƐŽĨƚŚĞWƌŽƉŽƐĞĚWƌŽũĞĐƚ
Ă͘ ŽŶĨůŝĐƚǁŝƚŚŽƌŽďƐƚƌƵĐƚŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞĂƉƉůŝĐĂďůĞĂŝƌƋƵĂůŝƚLJƉůĂŶ͍ EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ ^ŝŵŝůĂƌƚŽƚŚĞƌĐĂĚŝĂ, h͕ƚŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶ
ĚŝƌĞĐƚ ŚŽƵƐŝŶŐ ĐŽŶƐƚƌƵĐƚŝŽŶ ďƵƚ ǁŽƵůĚ ĨĂĐŝůŝƚĂƚĞ ĂŶĚ ƉƌŽǀŝĚĞ Ă ƉŽůŝĐLJ ĨƌĂŵĞǁŽƌŬ ĨŽƌ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ͘ dŚĞ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ďĞ ƐƵďũĞĐƚƚŽƚŚĞŝƚLJ͛ƐĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁƉƌŽĐĞƐƐ͕ǁŚŝĐŚŵĂLJŝŶĐ ůƵĚĞƌĞǀŝĞǁƉƵƌƐƵĂŶƚƚŽ Y͕
ĂŶĚďĞƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJǁŝƚŚƌĐĂĚŝĂDƐƚĂŶĚĂƌĚƐ͕ĂƐǁĞůůĂƐƌĞƋƵŝƌĞĚƚŽĂĚŚĞƌĞƚŽĂůůĨĞĚĞƌĂů͕ Ɛ ƚ Ă ƚ Ğ ͕ Ă Ŷ Ě ů Ž Đ Ă ů ƌ Ğ Ő Ƶ ů Ă ƚ ŝ Ž Ŷ Ɛ Ĩ Ž ƌ ŵ ŝ Ŷ ŝ ŵ ŝ nj ŝ Ŷ Ő Đ Ž Ŷ Ɛ ƚ ƌ Ƶ Đ ƚ ŝ Ž Ŷ Ă Ŷ Ě Ž ƉĞƌĂƚŝŽŶĂů ƉŽůůƵƚĂŶƚ ĞŵŝƐƐŝŽŶƐ͕ ŝŶĐůƵĚŝŶŐ ^ŽƵƚŚ ŽĂƐƚ ŝƌ YƵĂůŝƚLJ DĂŶĂŐĞŵĞŶƚ ŝƐƚƌŝĐƚ ;^YDͿZƵůĞƐ ϰϬϮ ;EƵŝƐĂŶĐĞͿ͕ ϰϬϯ ;&ƵŐŝƚŝǀĞ ƵƐƚͿ͕ ĂŶĚ ϭϭϭϯ ;ƌĐŚŝƚĞĐƚƵƌĂů ŽĂƚŝŶŐƐͿ͘ &ƵƚƵƌĞ ŚŽƵƐ ŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ǁŽƵůĚ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ďĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ƌĐĂĚŝĂ 'W͕ ŝŶĐůƵĚŝŶŐ 'ŽĂůƐ Z^Ͳϭ͕ Z^ͲϮ͕ ĂŶĚ Z^Ͳϯ ǁŚŝĐŚ ĞŶĐŽƵƌĂŐĞƐƚŚĞƌĞĚƵĐƚŝŽŶŽĨƚŽdžŝĐĞŵŝƐƐŝŽŶƐĂŶĚĐĂƌďŽŶĨŽŽƚƉƌŝŶ ƚ͘ dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞ ƐĞǀĞƌĞŝŵƉĂĐƚƐĂƌĞĞdžƉĞĐƚĞĚ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐǁŽƵůĚďĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ď͘ ZĞƐƵůƚ ŝŶĂĐƵŵƵůĂƚŝǀĞůLJĐŽŶƐŝĚĞƌĂďůĞŶĞƚŝŶĐƌĞĂƐĞŽĨĂŶLJĐƌŝƚĞ ƌŝĂƉŽůůƵƚĂŶƚĨŽƌǁŚŝĐŚƚŚĞ ƉƌŽũĞĐƚƌĞŐŝŽŶŝƐŶŽŶͲĂƚƚĂŝŶŵĞŶƚƵŶĚĞƌĂŶĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůŽƌ ^ƚĂƚĞĂŵďŝĞŶƚĂŝƌƋƵĂůŝƚLJ ƐƚĂŶĚĂƌĚ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ ƐĚŝƐĐƵƐƐĞĚĂďŽǀĞ͕ƚŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶĚŝƌĞĐƚ ŚŽƵƐŝŶŐ ĐŽŶƐƚƌƵĐƚŝŽŶ͕ ďƵƚ ǁŽƵůĚ ĨĂĐŝůŝƚĂƚĞ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ŝƚLJ͕ ǁŚŝĐŚǁŽƵůĚŽĐĐƵƌĂƐŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐĂůůŽǁĂŶĚĂƚƚŚĞĚŝƐĐƌĞƚ ŝŽŶŽĨƚŚĞŝŶĚŝǀŝĚƵĂůƉƌŽƉĞƌƚLJ ŽǁŶĞƌƐ͘ŽŶƐƚƌƵĐƚŝŽŶĞŵŝƐƐŝŽŶƐǁŽƵůĚďĞƚĞŵƉŽƌĂƌLJ͕ǁŝƚŚĐŽŶƐƚƌƵĐƚŝŽŶĂĐƚŝǀŝƚŝĞƐĂŶĚĂƐƐŽĐŝĂƚĞĚ ĞŵŝƐƐŝŽŶƐĐĞĂƐŝŶŐŽŶĐĞƚŚĞĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƐĂƌĞĐŽŵƉ ůĞƚĞ͘ƐĚŝƐĐƵƐƐĞĚĂďŽǀĞ͕Ăůů ĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚďĞ ƌĞƋƵŝƌĞĚƚŽĂĚŚĞƌĞƚŽ^YD ZƵůĞƐ ϰϬϮ ;EƵŝƐĂŶĐĞͿ͕ ϰϬϯ ;&ƵŐŝƚŝǀĞ ƵƐƚͿ͕ ĂŶĚ ϭϭϭϯ ;ƌĐŚŝƚĞĐƚƵƌĂů ŽĂƚŝŶŐƐͿ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ĂůůĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚƐ ǁŽƵůĚ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ĚĞŵŽŶƐƚƌĂƚĞ ƚŚĂƚ sŽůĂƚŝůĞ KƌŐĂŶŝĐ ŽŵƉŽƵŶĚƐ ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϮϱ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
;sKͿ͕EŝƚƌŽŐĞŶKdžŝĚĞƐ;EKyͿ͕ĂƌďŽŶDŽŶŽdžŝĚĞ;KͿ͕^ƵůĨƵƌKdžŝĚĞƐ;^KyͿ͕WĂƌƚŝĐƵůĂƚĞDĂƚƚĞƌǁŝƚŚ ĂĚŝĂŵĞƚĞƌŽĨϭϬŵŝĐƌŽŶƐŽƌůĞƐƐ;WD ϭϬͿ͕ĂŶĚWĂƌƚŝĐƵůĂƚĞDĂƚƚĞƌǁŝƚŚĂĚŝĂŵĞƚĞƌŽĨϮ͘ϱŵŝĐƌŽŶƐ ŽƌůĞƐƐ;WD Ϯ͘ϱͿĞŵŝƐƐŝŽŶƐǁŽƵůĚďĞďĞůŽǁƚŚĞƐŝŐŶŝĨŝĐĂŶĐĞƚŚƌĞƐŚŽůĚƐĨŽƌďŽƚŚ ĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚ ŽƉĞƌĂƚŝŽŶĂů ĂĐƚŝǀŝƚŝĞƐ͘ /Ŷ ĂĚĚŝƚŝŽŶƚŽ ƚŚĞ ŝƚLJ͛Ɛ ĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁƉƌŽĐĞƐƐ Ăůů ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ĚĞŵŽŶƐƚƌĂƚĞĚ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůƌĞŐƵůĂƚŝŽŶƐŝŶĞĨĨĞĐƚĂƚƚŚĞƚŝŵĞŽĨ ĚĞǀĞůŽƉŵĞŶƚ͕ŝŶĐůƵĚŝŶŐƌĐĂĚŝĂ'W ƉŽůŝĐŝĞƐ ĂŶĚ ƌĐĂĚŝĂ D ƐƚĂŶĚĂƌĚƐ͘ &ƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ĂůƐŽ Đ Ž ŵ Ɖ ů LJ ǁ ŝ ƚ Ś ƚ Ś Ğ  ŝ ƚ LJ ͛ Ɛ 
Ŷ ǀ ŝ ƌ Ž Ŷ ŵ Ğ Ŷ ƚ Ă ů  Ɛ Ɛ Ğ Ɛ Ɛ ŵ Ğ Ŷ ƚ Ɖ ƌ Ž Đ Ğ Ɛ Ɛ Ž Ƶ ƚ ů ŝ Ŷ ĞĚ ŝŶ ƚŚĞ ƌĐĂĚŝĂ D ΑϵϭϬϳ͘Ϭϯ͘ϬϳϬϮϬǁŚŝĐŚŵĂLJƌĞƋƵŝƌĞĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĐŽŶĚƵĐƚĂŝƌƋƵĂůŝ ƚLJ;ĂŶĚŽƚŚĞƌ ƚĞĐŚŶŝĐĂůͿƐƚƵĚŝĞƐƚŽĚĞŵŽŶƐƚƌĂƚĞĐŽŵƉůŝĂŶĐĞǁŝƚŚ^YDĂŝƌƋƵĂůŝƚLJĐŽŶƐƚƌƵĐƚŝŽŶƚŚƌĞƐŚŽůĚƐ͘ dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐĂƌĞĞdžƉĞĐƚĞĚ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐǁŽƵůĚ ďĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Đ͘
džƉŽƐĞƐĞŶƐŝƚŝǀĞƌĞĐĞƉƚŽƌƐƚŽƐƵďƐƚĂŶƚŝĂůƉŽůůƵƚĂŶƚĐŽŶĐĞŶƚƌĂƚŝŽŶƐ͍ EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚŝŵƉĞĚĞĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚƐĨƌŽŵ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ǀĂƌŝŽƵƐ ƉŽůůƵƚĂŶƚ ĐŽŶĐĞŶƚƌĂƚŝŽŶ ƌĞŐƵůĂƚŝŽŶƐ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĂůŝĨŽƌŶŝĂ ŽĚĞ ŽĨ ZĞŐƵůĂƚŝŽŶƐ;ZͿϮϰϰϵĂŶĚϭϯZϮϰϴϱ͕ĂŶĚƌĞƋƵŝƌĞŵĞŶƚƐŝŶǀŽůǀŝŶŐŝŵƉƌŽǀĞŵĞŶƚƐŝŶǀĞŚŝĐƵůĂƌ ĞŵŝƐƐŝŽŶƐ͘ dŚĞ ĐŚĂŶŐĞƐ ƉƌŽƉŽƐĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ŶŽƚ ƌĞƐƵůƚ ŝ Ŷ Ă Ŷ ŝ Ŷ Đ ƌ Ğ Ă Ɛ Ğ ŝ Ŷ  ŝ Ğ Ɛ Ğ ů  WĂƌƚŝĐƵůĂƚĞ DĂƚƚĞƌ ;WDͿ Žƌ ƉŽƚĞŶƚŝĂů ĨŽƌ K ŚŽƚƐƉŽƚƐ ŝŶ ƚŚĞ ^ŽƵƚŚ ŽĂƐƚ ŝƌ ĂƐŝŶ ;^ŽͿ͘ ĚĚŝƚŝŽŶĂůůLJ͕ŝƚŝƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚƚŚĞĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚ ŽĨŚŽƵƐŝŶŐƐŝƚĞƐĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ƐƵďƐƚĂŶƚŝĂůůLJ ŝŶĐƌĞĂƐĞ ĚƵĞ ƚŽ ĐŚĂŶŐĞƐ ƚŚĞ WƌŽũĞĐƚ ƉƌŽƉŽƐĞĚ ĂŶĚ ƚŚĞƌĞĨŽƌĞ͕ ŝƚ ŝƐ ƵŶůŝŬĞůLJƚŚĂƚĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽ ũĞĐƚǁŽƵůĚƌĞƋƵŝƌĞƚŚĞĞdžƚĞŶƐŝǀĞ ŽƉĞƌĂƚŝŽŶ ŽĨ ŚĞĂǀLJͲĚƵƚLJ ĐŽŶƐƚƌƵĐƚŝŽŶ ĞƋƵŝƉŵĞŶƚ͕ Žƌ ĞdžƚĞŶƐŝǀĞ ƵƐ Ğ ŽĨ ĚŝĞƐĞů ƚƌƵĐŬƐ͘ &ƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ŐŽ ƚŚƌŽƵŐŚ ƚŚĞ ŝƚLJ͛Ɛ ĚĞǀĞůŽƉŵĞŶƚ ƌĞǀŝĞǁ ƉƌŽĐĞƐƐ ƚŽ ĚĞŵŽŶƐƚƌĂƚĞ ƚŚĂƚ ďŽƚŚ ĚĂŝůLJ ĐŽŶƐƚ ƌƵĐƚŝŽŶ ĞŵŝƐƐŝŽŶƐ ĂŶĚ ŽƉĞƌĂƚŝŽŶƐ ǁŽƵůĚ ŶŽƚ ĞdžĐĞĞĚ ^YD͛Ɛ ƐŝŐŶŝĨŝĐĂŶĐĞ ƚŚƌĞƐŚŽůĚƐ ĨŽƌ ĂŶLJ ĐƌŝƚĞƌŝĂ Ăŝƌ ƉŽůůƵƚĂŶƚ͘ >ĂƐƚůLJ͕ĨƵƚƵƌĞĐŽŶƐƚƌƵĐƚŝŽŶĂĐƚŝǀŝƚŝĞƐǁŽƵůĚďĞƐƵďũĞĐƚƚŽĂĚĚŝƚŝŽŶĂůĞŶǀŝƌŽŶŵĞŶƚĂůƌĞǀŝĞǁƵŶĚĞƌ 
Y  Ă Ŷ Ě Đ Ž ŵ Ɖ ů ŝ Ă Ŷ Đ Ğ ǁ ŝ ƚ Ś ^   Y D  Z Ƶ ů Ğ Ɛ ͘ d Ś Ğ ƌ Ğ Ĩ Ž ƌ Ğ ͕ Ŷ Ž Ŷ Ğ ǁ Ž ƌ ŵ Ž ƌĞ ƐĞǀĞƌĞ ŝŵƉĂĐƚ ǁŽƵůĚ ŽĐĐƵƌ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐǁŽƵůĚďĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE

ϮϬŝƚLJŽĨƌĐĂĚŝĂ͘ϮϬϮϯ͘ϵϭϬϳ͘Ϭϯ͘ϬϳϬ
ŶǀŝƌŽŶŵĞŶƚĂůƐƐĞƐƐŵĞŶƚ͘
ŚƚƚƉƐ͗ͬͬůŝďƌĂƌLJ͘ŵƵŶŝĐŽĚĞ͘ĐŽŵͬĐĂͬĂƌĐĂĚŝĂͬĐŽĚĞƐͬĐŽĚĞͺŽĨͺŽƌĚŝŶĂŶĐĞƐ͍ŶŽĚĞ/ĚсZd/y/h^>ͺ,ϭ Kͺ/sϳW
WZWZͺ^ϵϭϬϳ͘ϬϯWWZWZͺϵϭϬϳ͘Ϭ
ϯ͘ϬϳϬ
E^;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϮϲ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Ě͘ ZĞƐƵůƚŝŶŽƚŚĞƌĞŵŝƐƐŝŽŶƐ;ƐƵĐŚĂƐƚŚŽƐĞůĞĂĚŝŶŐƚŽŽĚŽƌƐͿĂĚǀĞƌƐĞůLJĂĨĨĞĐƚŝŶŐĂƐƵďƐƚĂŶƚŝĂů ŶƵŵďĞƌŽĨƉĞŽƉůĞ͍
EŽEĞǁŽƌDŽƌĞ^ ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ dŚĞ^YD
YŝƌYƵĂůŝƚLJ,ĂŶĚŬŝĚĞŶƚŝĨŝĞƐůĂŶĚ
ƵƐĞƐƐƵĐŚĂƐĂŐƌŝĐƵůƚƵƌĞ;ĨĂƌŵŝŶŐĂŶĚůŝǀĞƐƚŽĐŬͿ͕ǁĂƐƚĞǁĂƚĞƌƚƌ ĞĂƚŵĞŶƚƉůĂŶƚƐ͕ĨŽŽĚƉƌŽĐĞƐƐŝŶŐ ƉůĂŶƚƐ͕ĐŚĞŵŝĐĂůƉůĂŶƚƐ͕ĐŽŵƉŽƐƚŝŶŐĨĂĐŝůŝƚŝĞƐ͕ƌĞĨŝŶĞƌŝĞƐ͕ůĂŶĚĨŝůůƐ͕ĚĂŝƌŝĞƐ͕ĂŶĚĨŝďĞƌŐůĂƐƐŵŽůĚŝŶŐ ĂƐ ƐŽƵƌĐĞƐ ŽĨ ŽĚŽƌƐ͘ dŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ŶŽƚ ŝŶĐůƵĚĞ ĂŶLJ ŽĨ ƚŚĞƐĞ ůĂŶĚ ƵƐĞƐ ƚŚĂƚ ^YD ŚĂƐ ŝĚĞŶƚŝĨŝĞĚ ĂƐ ŽĚŽƌ ƐŽƵƌĐĞƐ͘ ,ŽǁĞǀĞƌ͕ ǀĞŚŝĐůĞƐ ĂŶĚͬŽƌ ĞƋƵŝƉŵĞŶƚ ĞdžŚĂƵƐƚ ĚƵƌŝŶŐ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚĐŽŶƐƚƌƵĐƚŝŽŶĐŽƵůĚƌĞƐƵůƚŝŶŽĚŽƌƐ͘dŚĞƐĞŽĚŽƌƐĂƌĞĂƚĞŵƉŽƌĂƌLJƐŚŽƌƚͲƚĞƌŵŝŵƉĂĐƚ ƚŚĂƚŝƐƚLJƉŝĐĂůŽĨĐŽŶƐƚƌƵĐƚŝŽŶƉƌŽũĞĐƚƐĂŶĚǁŽƵůĚĚŝƐƉĞƌƐĞƌĂƉ ŝĚůLJ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞWƌŽũĞĐƚǁŽƵůĚ ŶŽƚ ĐƌĞĂƚĞ ŽďũĞĐƚŝŽŶĂďůĞ ŽĚŽƌƐ ĂŶĚ ŶŽ ŶĞǁ Žƌ ŵŽƌĞ ƐĞǀĞƌĞ ŝŵƉĂĐƚǁ Ž Ƶ ů Ě Ž Đ Đ Ƶ ƌ Ă Ŷ Ě Ŷ Ž Ŷ Ğ ǁ  ŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐǁŽƵůĚďĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ŽŶĐůƵƐŝŽŶ
dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐ͘EŽ ŝŵƉĂĐƚǁĂƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ /^ͬE͘dŚĞWƌŽũĞĐƚǁŽƵůĚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂŶĂůLJƐŝƐĐŽŶƚĂŝŶĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘dŚĞƌĞĨŽƌĞ͕ŶŽ ŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚĨŽƌŝƐƐƵĞƐƌĞůĂƚĞĚƚŽĂŝƌƋƵĂůŝƚLJ͘ 
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϮϳ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϰϰ͘ϰ ŝŽůŽŐŝĐĂůZĞƐŽƵƌĐĞƐ
^ƵŵŵĂƌLJŽĨWƌĞǀŝŽƵƐ
ŶǀŝƌŽŶŵĞŶƚĂůŶĂůLJƐŝƐ
dŚĞ ƉƉƌŽǀĞĚ /^ͬE ĐŽŶĐůƵĚĞĚ ƚŚĂƚ ƚŚĞ ƌĐĂĚŝĂ ,
h ǁŽƵůĚ ŚĂǀĞ ŶŽ ĚŝƌĞĐƚ ƉŚLJƐŝĐĂů ĞĨĨĞĐƚƐ ŽŶ ƚŚĞ ĞŶǀŝƌŽŶŵĞŶƚ͕ĂŶĚƚŚĂƚĂůůĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞƌĐĂĚŝĂ, hǁŽƵůĚďĞƐƵďũĞĐƚƚŽ
ƚŚĞ ŝƚLJ͛Ɛ ĚĞǀĞůŽƉŵĞŶƚ ƌĞǀŝĞǁ ƉƌŽĐĞƐƐ͕ ǁŚŝĐŚ ĐŽƵůĚ ŝŶĐůƵĚĞ ĞŶǀŝƌŽŶŵĞŶƚĂů ƌĞǀŝĞǁ ƵŶĚĞƌ  Y͕ ĂŶĚ
ǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽĚĞŵŽŶƐƚƌĂƚĞĐŽŵƉůŝĂŶĐĞǁŝƚŚƌĞůĞǀĂŶƚĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůƌĞŐƵůĂƚŝŽŶƐ͘/ŵƉĂĐƚƐ ǁĞƌĞĚĞƚĞƌŵŝŶĞĚƚŽďĞůĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚ͘
ŶĂůLJƐŝƐŽĨƚŚĞWƌŽƉŽƐĞĚWƌŽũĞĐƚ
Ă͘ ,ĂǀĞĂƐƵďƐƚĂŶƚŝĂůĂĚǀĞƌƐĞĞĨĨĞĐƚ͕ĞŝƚŚĞƌĚŝƌĞĐƚůLJŽƌƚŚƌŽƵŐŚŚ ĂďŝƚĂƚŵŽĚŝĨŝĐĂƚŝŽŶƐ͕ŽŶĂŶLJ ƐƉĞĐŝĞƐ ŝĚĞŶƚŝĨŝĞĚ ĂƐ Ă ĐĂŶĚŝĚĂƚĞ͕ ƐĞŶƐŝƚŝǀĞ͕ Žƌ ƐƉĞĐŝĂůͲƐƚĂƚƵƐ ƐƉĞĐŝĞƐ ŝŶ ůŽĐĂů Žƌ ƌĞŐŝŽŶĂů ƉůĂŶƐ͕ƉŽůŝĐŝĞƐ͕ŽƌƌĞŐƵůĂƚŝŽŶƐ͕ŽƌďLJƚŚĞĂůŝĨŽƌŶŝĂĞƉĂƌƚŵĞŶ ƚŽĨ&ŝƐŚĂŶĚtŝůĚůŝĨĞŽƌh͘^͘ &ŝƐŚĂŶĚtŝůĚůŝĨĞ^ĞƌǀŝĐĞ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ dŚĞWƌŽũĞĐƚĚŽĞƐŶŽƚĚŝƌĞĐƚůLJƉƌŽƉŽƐĞƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨŚŽƵƐŝ ŶŐ ƵŶŝƚƐ ǁŝƚŚŝŶ ƚŚĞ ŝƚLJ͘ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ƌĐĂĚŝĂ 'W /Z͕ ƚŚĞ ŝƚ LJ ŝƐ ƉƌĞĚŽŵŝŶĂŶƚůLJ ďƵŝůƚ ŽƵƚ ĂŶĚ
ĂƉƉƌŽdžŝŵĂƚĞůLJŽŶůLJϵϭ͘ϰĂĐƌĞƐŽƌĂƉƉƌŽdžŝŵĂƚĞůLJŽŶĞ;ϭͿƉĞƌĐĞŶƚŽĨƚŚĞŝƚLJ͛ƐƚŽƚĂůůĂŶĚĂƌĞĂĂŶĚŝƚƐƐƉŚĞƌĞ ŽĨŝŶĨůƵĞŶĐĞ;^K/ͿƌĞŵĂŝŶǀĂĐĂŶƚĂŶĚƵŶĚĞǀĞůŽƉĞĚ͘ϮϭdŚĞĐĂŶĚŝĚĂƚĞŚŽƵƐŝŶŐƐŝƚĞƐŝĚĞŶƚŝĨŝĞĚďLJƚŚĞWƌŽũĞĐƚ ŵŽƐƚůLJ ŝŶĐůƵĚĞ ƉƌŽƉĞƌƚŝĞƐ ƚŚĂƚ ŚĂǀĞ ĞŝƚŚĞƌ ďĞĞŶ ĚĞǀĞůŽƉĞĚ͕ ĚŝƐƚ ƵƌďĞĚ͕ ĂŶĚͬŽƌ ĂĚũĂĐĞŶƚ ƚŽ ĞdžŝƐƚŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ͘&ƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚĐŽƵůĚƉŽƚĞŶƚŝĂůůLJŝŵƉĂĐƚĐĂŶĚŝĚĂƚĞ͕ƐĞŶƐŝƚŝǀĞ͕ ŽƌƐƉĞĐŝĂůƐƚĂƚƵƐǁŝůĚůŝĨĞŽĨƉůĂŶƐƉĞĐŝĞƐƚŚƌŽƵŐŚĚŝƌĞĐƚŽƌŝŶĚŝƌĞĐƚĚŝƐƚƵƌďĂŶĐĞŽƌĞůŝŵŝŶĂƚŝŽŶŽĨĞƐƐĞŶƚŝĂů ŚĂďŝƚĂƚ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJƚŚĞWƌŽũĞĐƚŵĂLJ ŚĂǀĞ ƚŚĞ ƉŽƚĞŶƚŝĂůƚŽ ŝŵƉĂĐƚŶĞƐƚŝŶŐďŝƌĚƐǁŚŝĐŚŚĂǀĞĂĐĐůŝŵĂƚĞĚƚŽƵƌďĂŶůŝĨĞĂŶĚŶĞƐƚĂŶĚĨŽƌĂŐĞŝŶƚŚĞůŽĐĂůƚƌĞĞƐĂŶĚƐŚƌƵďƐ͘ ^ĞŶƐŝƚŝǀĞďŝƌĚƐƉĞĐŝĞƐĂƌĞƉƌŽƚĞĐƚĞĚƵŶĚĞƌƚŚĞDŝŐƌĂƚŽƌLJŝƌĚd ƌĞĂƚLJĐƚ;DdͿ͘dŚĞDdŝƐŶŽůŽŶŐĞƌ ŝŶƚĞƌƉƌĞƚĞĚƚŽƉƌŽƚĞĐƚŵŝŐƌĂƚŽƌLJďŝƌĚƐĂŶĚƌĂƉƚŽƌƐĨƌŽŵŝŶĐŝĚĞŶ ƚĂůƚĂŬĞ͕ŚŽǁĞǀĞƌ͕^ƚĂƚĞ&ŝƐŚĂŶĚ'ĂŵĞ ŽŵŵŝƐƐŝŽŶ ΑϯϱϬϯ ĂŶĚΑϯϱϬϯ͘ϱ Ɛƚŝůů ƉƌŽǀŝĚĞ ƚŚĞƐĞ ƉƌŽƚĞĐƚŝŽŶƐ͘ /Ŷ Ě ŝ ƌ Ğ Đ ƚ ŝ ŵƉ Ă Đ ƚ Ɛ ƚ ŽŶ Ğ Ɛ ƚ ŝ Ŷ Ő ď ŝ ƌ Ě Ɛ Đ ŽƵ ů Ě  ŽĐĐƵƌĚƵƌŝŶŐĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚŝĨǀĞŐĞƚĂƚŝŽŶĐůĞĂƌŝŶŐŽĐĐƵƌƐĚƵƌŝŶŐƚŚĞďŝƌĚďƌĞĞĚŝŶŐƐĞĂƐŽŶ;&ĞďƌƵĂƌLJ ϭƚŽ:ƵůLJϭϱĨŽƌƌĂƉƚŽƌƐĂŶĚ:ĂŶƵĂƌLJϭϱƚŽƵŐƵƐƚϯϭĨŽƌŽƚŚĞƌďŝƌĚƐͿ͘ ůů ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ďĞ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ŝƚLJ͛Ɛ ĚĞǀĞůŽƉŵĞŶƚ ƌĞǀŝĞǁƉƌŽĐĞƐƐ͕ǁŚŝĐŚŵĂLJŝŶĐůƵĚĞƌĞǀŝĞǁƉƵƌƐƵĂŶƚƚŽ
YƚŚĂƚŝŶĐůƵĚĞƐƐŝƚĞͲƐƉĞĐŝĨŝĐĂŶĂůLJƐŝƐĂŶĚǁŽƵůĚ
ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ĚĞŵŽŶƐƚƌĂƚĞ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ĨĞĚĞƌĂů͕ ƐƚĂƚĞ͕ ĂŶĚůŽĐĂů ƌĞŐƵůĂƚŝŽŶƐ ĂŝŵĞĚ Ăƚ ƉƌŽƚĞĐƚŝŶŐ ďŝŽůŽŐŝĐĂůƌĞƐŽƵƌĐĞƐ͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐ ĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶ ŵĞĂƐƵƌĞƐĂƌĞŶĞĐĞƐƐĂƌLJ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘


ϮϭŽŶdĞƌƌĂŽŶƐƵůƚŝŶŐ͘ϮϬϭϬ͘ŝƚLJŽĨƌĐĂĚŝĂϮϬϭϬ'ĞŶĞƌĂůWůĂŶhƉĚĂƚĞ͘WĂŐĞϰ͘ϰͲϱ͘ ŚƚƚƉƐ͗ͬͬĐŵƐϵĨŝůĞƐ͘ƌĞǀŝnjĞ͘ĐŽŵͬĂƌĐĂĚŝĂͬ^ŚĂƉĞйϮϬƌĐĂĚŝĂͬĞǀĞůŽƉŵĞŶƚйϮϬ^ĞƌǀŝĐĞƐͬĞŝƌͬŝŽůŽŐŝĐĂůZĞƐŽƵƌĐĞƐ͘ƉĚĨ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘ ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϮϴ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ď͘ ,ĂǀĞ Ă ƐƵďƐƚĂŶƚŝĂů ĂĚǀĞƌƐĞ ĞĨĨĞĐƚ ŽŶ ĂŶLJ ƌŝƉĂƌŝĂŶ ŚĂďŝƚĂƚ Žƌ Žƚ ŚĞƌ ƐĞŶƐŝƚŝǀĞ ŶĂƚƵƌĂů ĐŽŵ ŵ ƵŶŝƚLJŝĚĞŶ ƚŝĨ ŝĞĚ ŝŶ ů ŽĐĂů Žƌ ƌĞ ŐŝŽ ŶĂů Ɖ ůĂŶƐ ͕ ƉŽ ůŝĐŝĞƐ ͕ ƌĞ ŐƵůĂƚ ŝŽŶƐ ͕ Žƌ ďLJ ƚŚĞ Ă ůŝ ĨŽƌŶŝ Ă  ĞƉĂƌƚŵĞŶƚŽĨ&ŝƐŚĂŶĚtŝůĚůŝĨĞŽƌh͘^͘&ŝƐŚĂŶĚtŝůĚůŝĨĞ^ĞƌǀŝĐĞ͍ EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗dŚĞWƌŽũĞĐƚĚŽĞƐŶŽƚĚŝƌĞĐƚůLJƉƌŽƉŽƐĞŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ ďƵƚ ǁŽƵůĚ ĨĂĐŝůŝƚĂƚĞ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ŝƚLJ͘ &ƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ďĞ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ŝƚLJ͛Ɛ ĚĞǀĞůŽƉŵĞŶƚ ƌĞǀŝĞǁ ƉƌŽĐĞƐƐ͕ ǁŚŝĐŚ ŵĂLJ ŝŶĐůƵĚĞ ĞŶǀŝƌŽŶŵĞŶƚĂů ƌĞǀŝĞǁ ƵŶĚĞƌ  Y ǁŚŝĐ Ś ŝŶĐůƵĚĞƐ ƐŝƚĞͲƐƉĞĐŝĨŝĐ
ĂŶĂůLJƐŝƐǁŚĞƌĞƐĞŶƐŝƚŝǀĞǀĞŐĞƚĂƚŝŽŶĐŽŵŵƵŶŝƚŝĞƐĂƌĞĂƐƐƵŵĞĚƚŽďĞƉƌĞƐĞŶƚ͘^ƵƌǀĞLJƐĐŽŶĚƵĐƚĞĚ Ă Ɛ Ɖ Ă ƌ ƚ Ž Ĩ Ɛ ŝ ƚ Ğ Ͳ Ɛ Ɖ Ğ Đ ŝ Ĩ ŝ Đ Ă Ŷ Ă ů LJ Ɛ ŝ Ɛ ǁ Ž Ƶ ů Ě ǀ Ğ ƌ ŝ Ĩ LJ Ă Ŷ Ě Đ Ž Ŷ Ĩ ŝ ƌ ŵ ƚ Ś Ğ ƉƌĞƐĞŶĐĞ ŽĨ ƐĞŶƐŝƚŝǀĞ ǀĞŐĞƚĂƚŝŽŶ ĐŽŵŵƵŶŝƚŝĞƐ ĂŶĚ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ĞdžƚĞŶƚ ŽĨ ĂŶLJ ƉŽƚĞŶƚŝĂů ŝŵƉĂĐƚƐ ĂŶ Ě ŝ Ĩ ŵ ŝ ƚ ŝ Ő Ă ƚ ŝ Ž Ŷ ǁ Ž Ƶ ů Ě ď Ğ  ŶĞĞĚĞĚ͘
ƐĚŝƐĐƵƐƐĞĚĂďŽǀĞƵŶĚĞƌdŚƌĞƐŚŽůĚ;ĂͿĂůůĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚ ǁŽƵůĚĂůƐŽďĞƌĞƋƵŝƌĞĚƚŽĚĞŵŽŶƐƚƌĂƚĞĐŽŵƉůŝĂŶĐĞǁŝƚŚĨĞĚĞƌĂů͕ ƐƚĂƚĞ͕ĂŶĚůŽĐĂůƌĞƋƵŝƌĞŵĞŶƚƐ ĂŝŵĞĚĂƚƉƌŽƚĞĐƚŝŶŐďŝŽůŽŐŝĐĂůƌĞƐŽƵƌĐĞƐ͕ŝŶĐůƵĚŝŶŐƚŚŽƐĞŝŶƚŚ ĞƌĐĂĚŝĂ'W͘dŚĞƌĞĨŽƌĞ͕WƌŽũĞĐƚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐ ĂƌĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Đ͘ ,ĂǀĞĂƐƵďƐƚĂŶƚŝĂůĂĚǀĞƌƐĞĞĨĨĞĐƚŽŶƐƚĂƚĞŽƌĨĞĚĞƌĂůůLJƉƌŽƚĞĐƚ ĞĚǁĞƚůĂŶĚƐ;ŝŶĐůƵĚŝŶŐ͕ďƵƚ ŶŽƚůŝŵŝƚĞĚƚŽ͕ŵĂƌƐŚ͕ǀĞƌŶĂůƉŽŽů͕ĐŽĂƐƚĂů͕ĞƚĐ͘ͿƚŚƌŽƵŐŚĚŝƌĞĐƚƌĞŵŽǀĂů͕ĨŝůůŝŶŐ͕ŚLJĚƌŽůŽŐŝĐĂů ŝŶƚĞƌƌƵƉƚŝŽŶ͕ŽƌŽƚŚĞƌŵĞĂŶƐ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ ƐĚŝƐĐƵƐƐĞĚĂďŽǀĞ͕ƚŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶĚŝƌĞĐƚ ŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶďƵƚǁŽƵůĚĨĂĐŝůŝƚĂƚĞĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽ ƉŵĞŶƚƚŚƌŽƵŐŚŽƵƚƚŚĞŝƚLJĂŶĚ ǁŽƵůĚďĞƐƵďũĞĐƚƚŽƚŚĞŝƚLJ͛ƐĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁƉƌŽĐĞƐƐǁŚŝĐŚ ŵĂLJŝŶĐůƵĚĞƉƌŽũĞĐƚƐƉĞĐŝĨŝĐ ƌĞǀŝĞǁ ƵŶĚĞƌ 
Y͘ ŽŶƐƚƌƵĐƚŝŽŶ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵů Ě ĂůƐŽ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ĚĞŵŽŶƐƚƌĂƚĞ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ĂƉƉůŝĐĂďůĞ ĨĞĚĞƌĂů͕ ƐƚĂƚĞ͕ ĂŶĚ ůŽĐĂů ƌĞŐƵůĂƚŝŽŶƐ ĨŽƌ ĂǀŽŝĚŝŶŐ ĂŶĚ ŵŝŶŝŵŝnjŝŶŐ ŝŵƉĂĐƚƐ ƚŽ ǁĞƚůĂŶĚƐ ĂŶĚ ŽƚŚĞƌ ǁĂƚĞƌƐ ŽĨ ƚŚĞ h͘^͘ ĂŶĚ ƐƚĂƚĞ͘ dŚĞƌĞĨŽƌĞ͕ ŝƚ ŝƐ ŶŽƚ ĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚƚŚĞWƌŽũĞĐƚǁŽƵůĚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞ ŝŵƉĂĐƚƐĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶ ŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϮϵ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
Ě͘ /ŶƚĞƌĨĞƌĞ ƐƵďƐƚĂŶƚŝĂůůLJ ǁŝƚŚ ƚŚĞ ŵŽǀĞŵĞŶƚ ŽĨ ĂŶLJ ŶĂƚŝǀĞ ƌĞƐŝĚĞŶƚ Žƌ ŵŝŐƌĂƚŽƌLJ ĨŝƐŚ Žƌ ǁŝůĚůŝĨĞ ƐƉĞĐŝĞƐ Žƌ ǁŝƚŚ ĞƐƚĂďůŝƐŚĞĚ ŶĂƚŝǀĞ ƌĞƐŝĚĞŶƚ Žƌ ŵŝŐƌĂƚŽ ƌLJ ǁŝůĚůŝĨĞ ĐŽƌƌŝĚŽƌƐ͕ Žƌ ŝŵƉĞĚĞƚŚĞƵƐĞŽĨŶĂƚŝǀĞǁŝůĚůŝĨĞŶƵƌƐĞƌLJƐŝƚĞƐ͍
E Ž E Ğ ǁ Ž ƌ D Ž ƌ Ğ ^ ŝ Ő Ŷ ŝ Ĩ ŝ Đ Ă Ŷ ƚ / ŵ Ɖ Ă Đ ƚ ͗ &ƵƚƵƌĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ŝƐ ŶŽƚ ĂŶƚŝĐŝƉĂƚĞĚƚŽƐƵďƐƚĂŶƚŝĂůůLJŝŶƚĞƌĨĞƌĞǁŝƚŚƚŚĞŵŽǀĞŵĞŶƚŽĨŶĂƚ ŝǀĞƐƉĞĐŝĞƐ͘ƐĚŝƐĐƵƐƐĞĚĂďŽǀĞ͕ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚŝĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ďĞ  ƐƵďũĞĐƚ ƚŽ ƚŚĞ ŝƚLJ͛Ɛ ĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁƉƌŽĐĞƐƐ͕ǁŚŝĐŚŵĂLJŝŶĐůƵĚĞĞŶǀŝƌŽŶŵĞŶƚĂůƌĞǀ ŝĞǁƵŶĚĞƌ Y͕ĂŶĚǁŽƵůĚ
ď Ğ ƌ Ğ Ƌ Ƶ ƌ ŝ Ğ Ě ƚ Ž Đ Ž ŵ Ɖ ů LJ ǁ ŝ ƚ Ś Ă Ɖ Ɖ ů ŝ Đ Ă ď ů Ğ Ĩ Ğ Ě Ğ ƌ Ă ů ͕ Ɛ ƚ Ă ƚ Ğ ͕ Ă Ŷ Ě ů Ž Đ Ă ů ƌĞŐƵůĂƚŝŽŶƐ ĨŽƌ ĂǀŽŝĚŝŶŐ ĂŶĚ ŵŝŶŝŵŝnjŝŶŐŝŶƚĞƌĨĞƌĞŶĐĞǁŝƚŚƚŚĞŵŽǀĞŵĞŶƚŽĨĂŶLJŶĂƚŝǀĞƌĞƐŝĚĞŶƚŽƌŵŝŐƌĂƚŽƌLJĨŝƐŚĂŶĚǁŝůĚůŝĨĞ ƐƉĞĐŝĞƐ͕ŵŝŐƌĂƚŽƌLJǁŝůĚůŝĨĞƐƉĞĐŝĞƐ͕ŽƌŵŝŐƌĂƚŽƌLJǁŝůĚůŝĨĞĐŽƌƌŝĚŽƌƐ͘dŚĞƌĐĂĚŝĂ'WŶŽƚĞƐŽŶĞĂƌĞĂ ŽĨƚŚĞŝƚLJ͕dŚĞ,ŝůůƐŝĚĞƐ͕ǁŚŝĐŚĐŽŶƚĂŝŶƐdŚĞtŝůĚĞƌŶĞƐƐWĂƌŬĂŶĚĨĞǁƉƌŝǀĂƚĞƉĂƌĐĞůƐǁŚŝĐŚĐŽƵůĚ ƉƌŽǀŝĚĞ ƐƵŝƚĂďůĞ ŚĂďŝƚĂƚ ƚŽ ĂĐĐŽŵŵŽĚĂƚĞ ǁŝůĚůŝĨĞ ĐŽƌƌŝĚŽƌƐ͘ ,ŽǁĞǀĞƌ͕ ŶŽ ƐŝƚĞƐ ŝĚĞŶƚŝĨŝĞĚ ĨŽƌ ƌĞnjŽŶŝŶŐ ŝŶ ĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚ ƚŚŝƐ WƌŽũĞĐƚ ǁŽƵůĚ ďĞ ǁŝƚŚŝŶ ƚŚĞ ,ŝůůƐŝĚĞƐ ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ŝƚLJ͘ dŚĞƌĞĨŽƌĞ͕ŝƚŝƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚƚŚĞWƌŽũĞĐƚǁŽƵůĚƌĞƐƵůƚ ŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐĂŶĚ ŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Ğ͘ ŽŶĨůŝĐƚǁŝƚŚĂŶLJůŽĐĂůƉŽůŝĐŝĞƐŽƌŽƌĚŝŶĂŶĐĞƐƉƌŽƚĞĐƚŝŶŐďŝŽůŽŐŝĐĂůƌĞƐŽƵƌĐĞƐ͕ƐƵĐŚĂƐĂƚƌĞĞ ƉƌĞƐĞƌǀĂƚŝŽŶƉŽůŝĐLJŽƌŽƌĚŝŶĂŶĐĞ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗&ƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚĐŽƵůĚ ůĞĂĚ ƚŽ ƚŚĞ ƌĞŵŽǀĂů ŽĨ ƚƌĞĞƐ ĚƵƌŝŶŐ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂĐƚŝǀŝƚŝĞƐ͘ dŚĞ ƌĐĂĚŝĂ D ŚĂƐ ƉŽůŝĐŝĞƐ ĂŶĚ ŽƌĚŝŶĂŶĐĞƐĨŽƌƚŚĞƉƌŽƚĞĐƚŝŽŶŽĨƚƌĞĞƐ͘^ƉĞĐŝĨŝĐĂůůLJ͕ƌĐĂĚŝĂDΑϵϭϭϬ͘Ϭϭ͘ϬϯϬůŝƐƚƐƉƌŽƚĞĐƚĞĚƚƌĞĞ ƐƉĞĐŝĞƐǁŚŝĐŚƌĞƋƵŝƌĞƚŚĞƉƌŽǀŝƐŝŽŶŽĨĂŶĂƉƉůŝĐĂďůĞƚƌĞĞƉĞƌŵŝƚ͘dŚĞƐĞƐƉĞĐŝĞƐŝŶĐůƵĚĞ͗ x
ŶŐĞůŵĂŶŶ KĂŬƐ ĂŶĚ ŽĂƐƚ >ŝǀĞ KĂŬƐ ǁŚŝĐŚ ŚĂǀĞ Ă ƚƌƵŶŬ ĚŝĂŵĞƚĞƌŐƌĞĂƚĞƌ ƚŚĂŶ ĨŽƵƌ ŝŶĐŚĞƐǁŚĞŶŵĞĂƐƵƌĞĚϰ͘ϱĨĞĞƚĂďŽǀĞƚŚĞƌŽŽƚĐƌŽǁŶ͖
x ŶLJŽƚŚĞƌŶĂƚŝǀĞͬŶŽŶͲŶĂƚŝǀĞŽĂŬƚƌĞĞǁŚŝĐŚŚĂƐĂƚƌƵŶŬĚŝĂŵĞƚĞƌ ŐƌĞĂƚĞƌƚŚĂŶϭϮŝŶĐŚĞƐ ǁŚĞŶŵĞĂƐƵƌĞĚϰ͘ϱĨĞĞƚĂďŽǀĞƚŚĞƌŽŽƚĐƌŽǁŶ͖
x ĂůŝĨŽƌŶŝĂŽƌǁĞƐƚĞƌŶ^LJĐĂŵŽƌĞƚƌĞĞƐǁŚŝĐŚŚĂǀĞĂƚƌƵŶŬĚŝĂŵĞƚĞƌŐƌĞĂƚĞƌƚŚĂŶƐŝdžŝŶĐŚĞƐ ǁŚĞŶŵĞĂƐƵƌĞĚϰ͘ϱĨĞĞƚĂďŽǀĞƚŚĞƌŽŽƚĐƌŽǁŶ͖
x ŶLJ ŵĂƚƵƌĞ ƚƌĞĞ ;ĞdžĐĞƉƚ ƚŚŽƐĞ ƐƉĞĐŝĨŝĐĂůůLJ ůŝƐƚĞĚ ĂƐ ƵŶƉƌŽƚĞĐƚĞĚͿ ǁŚŝĐŚ ŚĂǀĞ Ă ƚƌƵŶŬ ĚŝĂŵĞƚĞƌ ŐƌĞĂƚĞƌ ƚŚĂŶ ϭϮ ŝŶĐŚĞƐ͕ Žƌ ƚǁŽ ƚƌƵŶŬƐ ŵĞĂƐƵƌŝŶŐ ϭϬ ŽƌŵŽƌĞ ŝŶĐŚĞƐ ǁŚĞŶ ŵĞĂƐƵƌĞĚϰ͘ϱĨĞĞƚĂďŽǀĞƚŚĞƌŽŽƚĐƌŽǁŶ͘
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϯϬ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ĚĚŝƚŝŽŶĂůůLJ͕ƌĐĂĚŝĂDΑϵϭϭϬ͘Ϭϭ͘ϬϰϬƉƌŽǀŝĚĞƐĂůŝƐƚŽĨƐƉĞĐŝ ĨŝĐƚƌĞĞƐƉĞĐŝĞƐĂŶĚƚLJƉĞƐǁŚŝĐŚ ĂƌĞĚĞƐŝŐŶĂƚĞĚĂƐƵŶƉƌŽƚĞĐƚĞĚ͘dŚŝƐŝŶĐůƵĚĞƐ͗
x &ƌƵŝƚĂŶĚEƵƚƚƌĞĞƐ
x ^ŚĂŵĞůƐŚ
x &ŝĐƵƐĞƐ͕ĞdžĐĞƉƚDŽƌĞƚŽŶĂLJĨŝŐ
x
ƵĐĂůLJƉƚƵƐ
x dƌĞĞŽĨ,ĞĂǀĞŶ
x WĂůŵdƌĞĞ
x ƌĂnjŝůŝĂŶWĞƉƉĞƌ
x ĂƌŽď
x
ƵƌŽƉĞĂŶtŚŝƚĞďŝƌĐŚ
x ^ŝůŬKĂŬ
x DƵůďĞƌƌLJ
x ^ŝůǀĞƌDĂƉůĞ
x /ƚĂůŝĂŶLJƉƌĞƐƐ
x tĞƐƚĞƌŶŽƚƚŽŶǁŽŽĚ
x tŚŝƚĞůĚĞƌ
x ůĂĐŬŽƚƚŽŶǁŽŽĚ
x ůůŽƚŚĞƌǀĂƌŝĞƚŝĞƐĂŶĚͬŽƌŚLJďƌŝĚƐŽĨĐŽƚƚŽŶǁŽŽĚ
x ƌƌŽLJŽǁŝůůŽǁ
x ^ǁĞĞƚ'Ƶŵ
dŚĞŝƚLJŚĂƐĂŽŵƉƌĞŚĞŶƐŝǀĞdƌĞĞDĂŶĂŐĞŵĞŶƚWƌŽŐƌĂŵĨŽƌƚŚĞƉƌŽƚĞĐƚŝŽŶŽĨƐƚƌĞĞƚƚƌĞĞƐ͘ϮϮƐ ŶŽƚĞĚĂďŽǀĞ͕ĂůůĨƵƚƵƌĞŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞ WƌŽũĞĐƚǁŽƵůĚďĞƐƵďũĞĐƚƚŽƚŚĞ ŝƚLJ͛ƐĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁƉƌŽĐĞƐƐǁŚŝĐŚŵĂLJŝŶĐůƵĚĞĞŶǀŝƌŽŶŵĞŶƚ ĂůƌĞǀŝĞǁƵŶĚĞƌ Y͕ĂŶĚ
ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ĚĞŵŽŶƐƚƌĂƚĞ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚĞ ƌĐĂĚŝĂ 'W ŐŽĂůƐ ĂŶĚ ƉŽůŝĐŝĞƐ͕ ƌĐĂĚŝĂ D ƐƚĂŶĚĂƌĚƐ͕ĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůƌĞŐƵůĂƚŝŽŶƐ͘&ƵƚƵƌĞŚŽƵƐŝŶ ŐĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞ WƌŽũĞĐƚǁŽƵůĚĂůƐŽďĞƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJǁŝƚŚƚŚĞKĂŬdƌĞĞZĞŐƵůĂƚŝŽŶƐĂŶĚƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞ 
ϮϮ/ďŝĚ͘
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϯϭ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
dƌĞĞDĂŶĂŐĞŵĞŶƚWƌŽŐƌĂŵ͘dŚĞƌĞĨŽƌĞ͕ŝƚŝƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚƚŚĞWƌŽũĞĐƚǁŽƵůĚƌĞƐƵůƚŝŶŶĞǁ ŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Ĩ͘ ŽŶĨůŝĐƚǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨĂŶĂĚŽƉƚĞĚ,ĂďŝƚĂƚŽŶƐĞƌǀĂƚŝŽŶ WůĂŶ͕EĂƚƵƌĂůŽŵŵƵŶŝƚLJ ŽŶƐĞƌǀĂƚŝŽŶWůĂŶ͕ŽƌŽƚŚĞƌĂƉƉƌŽǀĞĚůŽĐĂů͕ƌĞŐŝŽŶĂů͕Žƌ^ƚĂƚĞŚĂďŝƚĂƚĐŽŶƐĞƌǀĂƚŝŽŶƉůĂŶ͍ EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗dŚĞŝƚLJĐƵƌƌĞŶƚůLJĚŽĞƐŶŽƚŚĂǀĞĂŶLJĂĚŽƉƚĞĚ͕ĂƉƉƌŽǀĞĚ͕Žƌ ƉƌŽƉŽƐĞĚ,ĂďŝƚĂƚŽŶƐĞƌǀĂƚŝŽŶWůĂŶƐ͕EĂƚƵƌĂůŽŵŵƵŶŝƚLJŽŶƐĞƌǀĂƚŝŽŶWůĂŶƐ͕ŽƌŽƚŚĞƌĂƉƉƌŽǀĞĚ ůŽĐĂů͕ƌĞŐŝŽŶĂů͕ŽƌƐƚĂƚĞŚĂďŝƚĂƚĐŽŶƐĞƌǀĂƚŝŽŶƉůĂŶƐƚŚĂƚĐŽǀĞƌŚĂďŝƚĂƚƐǁŝƚŚŝŶƚŚĞŝƚLJ͘ϮϯƐŶŽƚĞĚ Ă ď Ž ǀ Ğ ͕ ƚ Ś Ğ W ƌ Ž ũ Ğ Đ ƚ Ě Ž Ğ Ɛ Ŷ Ž ƚ ƌ Ğ Ɛ Ƶ ů ƚ ŝ Ŷ Ě ŝ ƌ Ğ Đ ƚ Ś Ž Ƶ Ɛ ŝ Ŷ Ő Đ Ž Ŷ Ɛ ƚ ƌ Ƶ Đ ƚ ŝŽŶ͕ ďƵƚ ǁŽƵůĚ ĨĂĐŝůŝƚĂƚĞ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚ ƚŚƌŽƵŐŚŽƵƚƚŚĞ ŝƚLJ͘ ĚĚŝƚŝŽŶĂůůLJ͕ĂƐĚŝƐĐƵƐƐĞĚ ĂďŽǀĞ Ăůů ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ďĞ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ŝƚLJ͛Ɛ ĚĞǀĞůŽƉŵĞŶƚ ƌĞǀŝĞǁ ƉƌŽĐĞƐƐ͕ǁŚŝĐŚŵĂLJŝŶĐůƵĚĞĞŶǀŝƌŽŶŵĞŶƚĂůƌĞǀŝĞǁƵŶĚĞƌ Y͕ĂŶĚďĞƌĞƋƵŝƌĞĚƚŽĚĞŵŽŶƐƚƌĂƚĞ
ĐŽŵƉůŝĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůƌĞŐƵůĂƚŝŽŶ ƐƌĞŐĂƌĚŝŶŐďŝŽůŽŐŝĐĂůƌĞƐŽƵƌĐĞƐ͘ dŚĞƌĞĨŽƌĞ͕ŝƚŝƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚƚŚĞWƌŽũĞĐƚǁŽƵůĚƌĞƐƵůƚ ŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐĂŶĚ ŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ŽŶĐůƵƐŝŽŶ
dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐ͘>ĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚƐǁĞƌĞ ŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘dŚĞWƌŽũĞĐƚǁŽƵůĚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂŶĂůLJƐŝƐĐŽŶƚĂŝŶĞĚ ŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚĨŽƌŝƐƐƵĞƐƌĞůĂƚĞĚ ƚŽďŝŽůŽŐŝĐĂůƌĞƐŽƵƌĐĞƐ͘


Ϯϯ/ďŝĚ͘
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϯϮ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϰϰ͘ϱ ƵůƚƵƌĂůZĞƐŽƵƌĐĞƐ
^ƵŵŵĂƌLJŽĨWƌĞǀŝŽƵƐ
ŶǀŝƌŽŶŵĞŶƚĂůŶĂůLJƐŝƐ
dŚĞƉƉƌŽǀĞĚ/^ͬEĐŽŶĐůƵĚĞĚƚŚĂƚǁŝƚŚĐŽŵƉůŝĂŶĐĞǁŝƚŚĞƐƚĂďůŝƐŚĞĚƌĞŐƵůĂƚŽƌLJĨƌĂŵĞǁŽƌŬƐ ƚŚĞƌĐĂĚŝĂ,
hǁŽƵůĚŚĂǀĞůĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚƐŽŶĐƵůƚƵƌĂůƌĞƐŽƵƌĐĞƐ͘ ŶĂůLJƐŝƐŽĨƚŚĞWƌŽƉŽƐĞĚWƌŽũĞĐƚ
Ă͘ ĂƵƐĞĂƐƵďƐƚĂŶƚŝĂůĂĚǀĞƌƐĞĐŚĂŶŐĞŝŶƚŚĞƐŝŐŶŝĨŝĐĂŶĐĞŽĨĂŚŝƐ ƚŽƌŝĐĂůƌĞƐŽƵƌĐĞƉƵƌƐƵĂŶƚƚŽ ΑϭϱϬϲϰ͘ϱ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ dŚĞWƌŽũĞĐƚƉƌŽƉŽƐĞƐƵƉĚĂƚĞƐƚŽƚŚĞĞdžŝƐƚŝŶŐƌĐĂĚŝĂ'W͕ ǁŚŝĐŚ ŝƐ Ă ƉŽůŝĐLJ ĚŽĐƵŵĞŶƚ͕ ĂŶĚ ǁŽƵůĚ ŶŽƚ ƌĞƐƵůƚ ŝŶ ĚŝƌĞĐƚ ŚŽƵƐŝŶŐ ĐŽŶƐƚƌƵĐƚŝŽŶ͘ /ŶƐƚĞĂĚ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ĨĂĐŝůŝƚĂƚĞ ĂŶĚ ƉƌŽǀŝĚĞ Ă ƉŽůŝĐLJ ĨƌĂŵĞǁŽƌŬ ĨŽƌ ĨƵƚ ƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ƚŚƌŽƵŐŚŽƵƚƚŚĞŝƚLJ͘WĞƌƚŚĞƉƉƌŽǀĞĚ/^ͬEƚŚĞƌĞĂƌĞϯϭĐƵůƚƵƌ ĂůƌĞƐŽƵƌĐĞƐƚƵĚŝĞƐŚĂǀĞďĞĞŶ ĐŽŵƉůĞƚĞĚǁŝƚŚŝŶƚŚĞŝƚLJ͕ǁŝƚŚϳϬƉŽƚĞŶƚŝĂůĂƌĐŚĂĞŽůŽŐŝĐĂůĂŶĚŚŝƐƚŽƌŝĐƌĞƐŽƵƌĐĞƐŝĚĞŶƚŝĨŝĞĚƉĞƌ ƚŚĞƌĞĐŽƌĚƐĂƚƚŚĞ^ŽƵƚŚĞŶƚƌĂůŽĂƐƚĂů/ŶĨŽƌŵĂƚŝŽŶĞŶƚĞƌ;^/Ϳ͘KĨƚŚĞϳϬŝĚĞŶƚŝĨŝĞĚƉŽƚĞŶƚŝĂů ĐƵůƚƵƌĂůƌĞƐŽƵƌĐĞƐ͕ŽŶůLJƚŚƌĞĞ;ϯͿďƵŝůƚĞŶǀŝƌŽŶŵĞŶƚĂůŚŝƐƚŽƌŝĐ ƌĞƐŽƵƌĐĞƐĂƌĞĞůŝŐŝďůĞĨŽƌůŝƐƚŝŶŐŽƌ ůŝƐƚĞĚŝŶƚŚĞEĂƚŝŽŶĂůZĞŐŝƐƚĞƌŽĨ,ŝƐƚŽƌŝĐWůĂĐĞƐ;EZ,WͿ͘^ŝŵŝůĂƌƚŽƚŚĞƉƉƌŽǀĞĚ/^ͬE͕ƉŽƚĞŶƚŝĂů ŝŵƉĂĐƚƐƚŽŬŶŽǁŶĐƵůƚƵƌĂůƌĞƐŽƵƌĐĞƐƌĞƐƵůƚŝŶŐĨƌŽŵĨƵƚƵƌĞŚŽƵƐŝ ŶŐĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ďĞ ĚĞƚĞƌŵŝŶĞĚ ŽŶ Ă ƉƌŽũĞĐƚͲďLJͲƉƌŽũĞĐƚ ďĂƐŝƐ Ăƚ ƚŚĞ ƚŝŵĞ ƚŚĞ ƉƌŽũĞĐƚƐ ĂƌĞ ƉƌŽƉŽƐĞĚ͘ ĚĚŝƚŝŽŶĂůůLJ͕ Ăůů ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ďĞ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ŝƚLJ͛Ɛ ĚĞǀĞůŽƉŵĞŶƚ ƌĞǀŝĞǁ ƉƌŽĐĞƐƐ͕ ǁŚŝĐŚ ŵĂLJ ŝŶĐůƵĚĞ ĞŶǀŝƌŽŶŵĞŶƚĂů ƌĞǀŝĞǁ ƵŶĚĞƌ
Y͕ĂŶĚƚŚĞWƌŽũĞĐƚǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽƐŚŽǁĐŽŵƉůŝĂŶĐ ĞǁŝƚŚĂůůĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚ ůŽĐĂů ƌĞŐƵůĂƚŝŽŶƐ ĨŽƌ ĂǀŽŝĚŝŶŐ ŝŵƉĂĐƚƐ ƚŽ ŚŝƐƚŽƌŝĐĂů ƌĞƐŽƵƌĐĞƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ EĂƚŝŽŶĂů ,ŝƐƚŽƌŝĐ WƌĞƐĞƌǀĂƚŝŽŶĐƚ͘dŚĞƌĞĨŽƌĞ͕ŝƚŝƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚƚŚĞWƌŽ ũĞĐƚǁŽƵůĚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞ ƐĞǀĞƌĞŝŵƉĂĐƚƐĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ď͘ ĂƵƐĞ Ă ƐƵďƐƚĂŶƚŝĂů ĂĚǀĞƌƐĞ ĐŚĂŶŐĞ ŝŶ ƚŚĞ ƐŝŐŶŝĨŝĐĂŶĐĞ ŽĨ ĂŶ Ăƌ ĐŚĂĞŽůŽŐŝĐĂů ƌĞƐŽƵƌĐĞ ƉƵƌƐƵĂŶƚƚŽΑϭϱϬϲϰ͘ϱ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶĚŝƌĞĐƚŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͕ ďƵƚǁŽƵůĚĨĂĐŝůŝƚĂƚĞĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƚŚƌŽƵŐŚŽƵƚƚŚĞŝƚLJ͘ŵĂũŽƌŝƚLJŽĨƚŚĞĐĂŶĚŝĚĂƚĞ ŚŽƵƐŝŶŐƐŝƚĞƐŝĚĞŶƚŝĨŝĞĚďLJƚŚĞWƌŽũĞĐƚĂƌĞůŽĐĂƚĞĚŝŶƵƌďĂŶĂƌ ĞĂƐĂŶĚďƵŝůƚĂƌĞĂƐƚŚĂƚŚĂǀĞďĞĞŶ ĚĞǀĞůŽƉĞĚ͘&ƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐ ƚĐŽƵůĚĚŝƐƚƵƌďĂŶĚƉŽƚĞŶƚŝĂůůLJ ĚĞƐƚƌŽLJ ƐƵďƐƵƌĨĂĐĞ ƉƌĞŚŝƐƚŽƌŝĐͬŚŝƐƚŽƌŝĐ ĂƌĐŚĂĞŽůŽŐŝĐĂů ƌĞƐŽƵƌĐĞƐ ƚŚƌŽƵŐŚ ŐƌŽƵŶĚĚŝƐƚƵƌďĂŶĐĞƐ͘ ,ŽǁĞǀĞƌ͕ĂƐĚŝƐĐƵƐƐĞĚĂďŽǀĞĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚ ŚĞWƌŽũĞĐƚǁŽƵůĚďĞƐƵďũĞĐƚƚŽ ƚ Ś Ğ  ŝ ƚ LJ ͛ Ɛ Ě Ğ ǀ Ğ ů Ž Ɖ ŵ Ğ Ŷ ƚ ƌ Ğ ǀ ŝ Ğ ǁ Ɖ ƌ Ž Đ Ğ Ɛ Ɛ ͕ ǁ Ś ŝ Đ Ś Đ Ž Ƶ ů Ě ŝ Ŷ Đ ů Ƶ Ě Ğ Ɖ ƌ Ž ũĞĐƚ ƐƉĞĐŝĨŝĐ ĞŶǀŝƌŽŶŵĞŶƚĂů ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϯϯ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ƌĞǀŝĞǁ ƵŶĚĞƌ 
Y ĂŶĚ ǁŽƵůĚ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ ƐŝƚĞͲƐƉĞĐŝĨŝĐ ĂƉƉůŝĐĂďůĞ ŵŝƚŝŐĂƚŝŽŶ ŵĞĂƐƵƌĞƐ͕ ŝĨ ĂŶLJ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ĨƵƚƵƌĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ŚŽƵƐŝŶŐƵŶŝƚƐ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽĂĚŚĞƌĞƚŽĂůůĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůƌĞƋƵŝƌĞŵĞŶƚƐƐƵĐŚĂƐƚŚĞƌĐĂĚŝĂ'W ǁŚŝĐŚŝŶĐůƵĚĞƐŐŽĂůƐĂŝŵĞĚĂƚƌĞĚƵĐŝŶŐŝŵƉĂĐƚƐƚŽĂƌĐŚĂĞŽůŽŐŝĐĂ ůƌĞƐŽƵƌĐĞƐ͘dŚĞƌĞĨŽƌĞ͕ŝƚŝƐŶŽƚ ĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚƚŚĞWƌŽũĞĐƚǁŽƵůĚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞ ŝŵƉĂĐƚƐĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶ ŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Đ͘ ŝƐƚƵƌďĂŶLJŚƵŵĂŶƌĞŵĂŝŶƐ͕ŝŶĐůƵĚŝŶŐƚŚŽƐĞŝŶƚĞƌƌĞĚŽƵƚƐŝĚĞŽĨĚĞĚŝĐĂƚĞĚĐĞŵĞƚĞƌŝĞƐ͍ EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗dŚĞƌĐĂĚŝĂ'W
/ZƐƚĂƚĞƐƚŚĂƚŶŽŚƵŵĂŶƌĞŵĂŝŶƐ͕ŝŶĐůƵĚŝŶŐ
ƚŚŽƐĞŝŶƚĞƌƌĞĚŽƵƚƐŝĚĞŽĨĨŽƌŵĂůĐĞŵĞƚĞƌŝĞƐ͕ŚĂǀĞďĞĞŶŝĚĞŶƚŝĨŝ ĞĚŝŶƚŚĞŝƚLJ͘ Ϯϰ,ƵŵĂŶƌĞŵĂŝŶƐ ĐŽƵůĚďĞĂĐĐŝĚĞŶƚĂůůLJƵŶĐŽǀĞƌĞĚĚƵƌŝŶŐĨƵƚƵƌĞŐƌĂĚŝŶŐ ĂŶĚŐƌŽƵŶ ĚŵŽǀŝŶŐĂĐƚŝǀŝƚŝĞƐŽĐĐƵƌƌŝŶŐ ĚƵƌŝŶŐĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚ͘ d ŚƵƐ͕ĨƵƚƵƌĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞ ĐĂŶĚŝĚĂƚĞ ŚŽƵƐŝŶŐ ƐŝƚĞƐ ŚĂǀĞƚŚĞ ƉŽƚĞŶƚŝĂů ƚŽ ĚŝƐƚƵƌď ƐĂĐƌĞĚ ŚƵŵĂŶ ƌĞŵĂŝŶƐƚŚƌŽƵŐŚ ŐƌĂĚŝŶŐ͕ ƚŚĞƌĞďLJƌĞƐƵůƚŝŶŐŝŶĂƉŽƚĞŶƚŝĂůůLJƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚ͘ ĚĚŝƚŝŽŶĂůůLJ͕ŝŶƚŚĞƵŶůŝŬĞůLJĞǀĞŶƚƚŚĂƚŚƵŵĂŶƌĞŵĂŝŶƐĂƌĞĚŝƐĐŽǀĞƌĞĚ͕ƚŚĞWƌŽũĞĐƚǁŽƵůĚĐŽŵƉůLJ ǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐƐĞƚĨŽƌƚŚŝŶĂůŝĨŽƌŶŝĂWZΑϱϬϵϳ͘ϵϴĂŶĚ^ƚ ĂƚĞ,^ΑϳϬϱϬ͘ϱĂŶĚƚŚĞLJǁŽƵůĚ ďĞŝŵƉůĞŵĞŶƚĞĚŝŶĐŽŶƐƵůƚĂƚŝŽŶǁŝƚŚƚŚĞĂƐƐŝŐŶĞĚŵŽƐƚůŝŬĞůLJĚĞ ƐĐĞŶĚĂŶƚĂƐŝĚĞŶƚŝĨŝĞĚďLJƚŚĞ E,͘EŽĨƵƌƚŚĞƌĐŽŶƐƚƌƵĐƚŝŽŶĂĐƚŝǀŝƚŝĞƐǁŽƵůĚďĞƉĞƌŵŝƚƚĞĚƵŶƚ ŝůƚŚĞĐŽƌŽŶĞƌŝƐĐŽŶƚĂĐƚĞĚ͕ĂƐ ǁĞůůĂƐĂŶLJĂƉƉůŝĐĂďůĞEĂƚŝǀĞŵĞƌŝĐĂŶƚƌŝďĞƐ͘dŚĞŝƚLJǁŽƵůĚĂ ůƐŽďĞƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJǁŝƚŚ ƚŚĞĂůŝĨŽƌŶŝĂEĂƚŝǀĞŵĞƌŝĐĂŶ'ƌĂǀĞƐWƌŽƚĞĐƚŝŽŶĂŶĚZĞƉĂƚƌŝĂƚŝ ŽŶĐƚ;ϮϬϬϭͿĂŶĚƚŚĞ&ĞĚĞƌĂů EĂƚŝǀĞ ŵĞƌŝĐĂŶ 'ƌĂǀĞƐ WƌŽƚĞĐƚŝŽŶ ĂŶĚ ZĞƉĂƚƌŝĂƚŝŽŶ Đƚ ;ϭϵϵϬͿ͘ ŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚĞƐĞ ƌĞŐƵůĂƚŝŽŶƐǁŽƵůĚĂĚĚƌĞƐƐŝŶĂĚǀĞƌƚĞŶƚƵŶĐŽǀĞƌŝŶŐŽĨŚƵŵĂŶƌĞŵĂŝŶƐĚƵƌŝŶŐŐƌĂĚŝŶŐ͘dŚĞƌĞĨŽƌĞ͕ ŝƚŝƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚƚŚĞWƌŽũĞĐƚǁŽƵůĚƌĞƐƵůƚŝŶŶĞǁŽƌŵ ŽƌĞ ƐĞǀĞƌĞ ŝŵƉĂĐƚƐ ĂŶĚŶŽ ŶĞǁ ŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ŽŶĐůƵƐŝŽŶ
dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐ͘>ĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚƐǁĞƌĞ ŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘dŚĞWƌŽũĞĐƚǁŽƵůĚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂŶĂůLJƐŝƐĐŽŶƚĂŝŶĞĚ 
ϮϰŽŶdĞƌƌĂŽŶƐƵůƚŝŶŐ͘ϮϬϭϬ͘ŝƚLJŽĨƌĐĂĚŝĂϮϬϭϬ'ĞŶĞƌĂůWůĂŶhƉĚĂƚĞ͘WĂŐĞϰ͘ϱͲϭϵ͘ ŚƚƚƉƐ͗ͬͬĐŵƐϵĨŝůĞƐ͘ƌĞǀŝnjĞ͘ĐŽŵͬĂƌĐĂĚŝĂͬ^ŚĂƉĞйϮϬƌĐĂĚŝĂͬĞǀĞůŽƉŵĞŶƚйϮϬ^ĞƌǀŝĐĞƐͬĞŝƌͬƵůƚƵƌĂůZĞƐŽƵƌĐĞƐ͘ƉĚĨ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘ ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϯϰ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚĨŽƌŝƐƐƵĞƐƌĞůĂƚĞĚ ƚŽĐƵůƚƵƌĂůƌĞƐŽƵƌĐĞƐ͘
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϯϱ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϰϰ͘ϲ
ŶĞƌŐLJ
^ƵŵŵĂƌLJŽĨWƌĞǀŝŽƵƐ
ŶǀŝƌŽŶŵĞŶƚĂůŶĂůLJƐŝƐ
dŚĞƉƉƌŽǀĞĚ/^ͬEĐŽŶĐůƵĚĞĚƚŚĂƚǁŝƚŚĐŽŵƉůŝĂŶĐĞǁŝƚŚĞƐƚĂďůŝƐŚĞĚůŽĐĂů͕ƐƚĂƚĞ͕ĂŶĚĨĞĚĞƌĂů ƌĞŐƵůĂƚŝŽŶƐŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞƌĐĂĚŝĂ,
hǁŽƵůĚŚĂǀĞůĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚƐ͘
ŶĂůLJƐŝƐŽĨƚŚĞWƌŽƉŽƐĞĚWƌŽũĞĐƚ
Ă͘ ZĞƐƵůƚ ŝŶ Ă ƉŽƚĞŶƚŝĂůůLJ ƐŝŐŶŝĨŝĐĂŶƚ ĞŶǀŝƌŽŶŵĞŶƚĂů ŝŵƉĂĐƚ ĚƵĞ ƚŽ ǁĂƐƚĞĨƵů͕ ŝŶĞĨĨŝĐŝĞŶƚ͕ Žƌ ƵŶŶĞĐĞƐƐĂƌLJĐŽŶƐƵŵƉƚŝŽŶŽĨĞŶĞƌŐLJƌĞƐŽƵƌĐĞƐ͕ĚƵƌŝŶŐƉƌŽũĞĐƚĐŽŶƐƚƌƵĐƚŝŽŶŽƌŽƉĞƌĂƚŝŽŶ͍ ŽŶƐƚƌƵĐƚŝŽŶĂŶĚKƉĞƌĂƚŝŽŶƐ
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ dŚĞŝŶĐƌĞĂƐĞĚĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJ ƚŚĞWƌŽũĞĐƚǁŽƵůĚŝŶǀŽůǀĞŝŶĐƌĞĂƐĞĚĐŽŶƐƚƌƵĐƚŝŽŶĂĐƚŝǀŝƚŝĞƐĂŶĚ ĞŶĞƌŐLJƵƐĂŐĞ͘ ,ŽǁĞǀĞƌ͕ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽƵŶĚĞƌŐŽƉƌŽũĞĐƚůĞǀĞůĞŶǀŝƌŽŶŵĞŶƚĂů ƌĞǀŝĞǁ ĂĐĐŽƌĚŝŶŐ ƚŽ ^ƚĂƚĞ 
Y 'ƵŝĚĞůŝŶĞƐ͘ ĚĚŝƚŝŽŶĂůůLJ͕ Ăůů ĨƵ ƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJǁŝƚŚƚŚĞŝƚLJĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁƉƌŽĐĞƐƐ͕ ĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĞŶĞƌŐLJĞĨĨŝĐŝĞŶĐLJ͕ŝŶĐůƵĚŝŶŐ^ĞŶĂƚĞŝůů;^ͿϯϮ͛Ɛ^ĐŽƉŝŶŐ WůĂŶƚŚĂƚ ŝŶĐůƵĚĞƐĂ ϱϬƉĞƌĐĞŶƚ ƌĞĚƵĐƚŝŽŶ ŝŶƉĞƚƌŽůĞƵŵƵƐĞ ŝŶ ǀĞŚŝĐůĞƐ ĂŶĚƚŚĞ ůĂƚĞƐƚ dŝƚůĞϮϰ ƐƚĂŶĚĂƌĚƐ͘ dŚĞ ĨƵƚƵƌĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ŚŽƵƐŝŶŐ ƵŶŝƚĞƐ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ĂůƐŽ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ĂĚŚĞƌĞ ƚŽ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ >'ƌĞĞŶ͕ ǁŚŝĐŚ ĞƐƚĂďůŝ ƐŚĞƐ ƉůĂŶŶŝŶŐ ĂŶĚ ĚĞƐŝŐŶ ƐƚĂŶĚĂƌĚƐĨŽƌƐƵƐƚĂŝŶĂďůĞĚĞǀĞůŽƉŵĞŶƚ͕ĞŶĞƌŐLJĞĨĨŝĐŝĞŶĐLJ;ŝŶĞdžĐĞƐƐŽĨƚŚĞĂůŝĨŽƌŶŝĂ ŶĞƌŐLJŽĚĞ
ƌĞƋƵŝƌĞŵĞŶƚƐͿ͕ ǁĂƚĞƌ ĐŽŶƐĞƌǀĂƚŝŽŶ͕ ŵĂƚĞƌŝĂů ĐŽŶƐĞƌǀĂƚŝŽŶ͕ ĂŶĚ ŝ ŶƚĞƌŶĂů Ăŝƌ ĐŽŶƚĂŵŝŶĂŶƚƐ͘ dŚĞƌĞĨŽƌĞ͕ ŝƚ ŝƐ ŶŽƚ ĂŶƚŝĐŝƉĂƚĞĚ ƚŚĂƚ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ĚŝƌĞĐƚůLJ ƌ Ğ Ɛ Ƶ ů ƚ ŝ Ŷ Ŷ Ğ ǁ Ž ƌ ŵ Ž ƌ Ğ Ɛ Ğ ǀ Ğ ƌ Ğ  ŝŵƉĂĐƚƐĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐǁŽƵůĚďĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ď͘ ŽŶĨůŝĐƚǁŝƚŚŽƌŽďƐƚƌƵĐƚĂ^ƚĂƚĞŽƌůŽĐĂůƉůĂŶĨŽƌƌĞŶĞǁĂďůĞĞŶĞƌŐLJŽƌĞŶĞƌŐLJĞĨĨŝĐŝĞŶĐLJ͍ EŽ EĞǁ Žƌ DŽƌĞ ^ŝŐŶŝĨŝĐĂŶƚ /ŵƉĂĐƚ͗  Ɛ Ě ŝ Ɛ Đ Ƶ Ɛ Ɛ Ğ Ě Ɖ ƌ Ğ ǀ ŝ Ž Ƶ Ɛ ů LJ ͕ ƚ Ś Ğ W ƌ Ž ũ Ğ Đ ƚ ǁ Ž Ƶ ů Ě Ŷ Ž ƚ ƌ Ğ Ɛ Ƶ ů ƚ ŝ Ŷ  ĚŝƌĞĐƚ ŚŽƵƐŝŶŐ ĐŽŶƐƚƌƵĐƚŝŽŶ͕ ďƵƚ ǁŽƵůĚ ĨĂĐŝůŝƚĂƚĞ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ͘ &ƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ ŵŽƐƚ ĐƵƌƌĞŶƚ ^ƚĂƚĞ ƵŝůĚŝŶŐ
ŶĞƌŐLJ
ĨĨŝĐŝĞ ŶĐLJ ^ƚĂŶĚĂƌĚƐ͕ ĂƉƉůŝĂŶĐĞ ĞĨĨŝĐŝĞŶĐLJ ƌĞŐƵ ůĂƚŝŽŶƐ͕ ĂŶĚ ŐƌĞĞŶ ďƵŝůĚŝŶŐ ƐƚĂŶĚĂƌĚƐ͘dŚĞWƌŽũĞĐƚǁŽƵůĚĂůƐŽĐŽŵƉůLJǁŝƚŚƉŽůŝĐŝĞƐŝŶĐůƵĚĞĚ ŝŶƚŚĞƌĐĂĚŝĂ'WƐƵĐŚĂƐ'ŽĂů Z^ͲϱǁŚŝĐŚŝƐĂŝŵĞĚĂƚƌĞĚƵĐŝŶŐĞŶĞƌŐLJĐŽŶƐƵŵƉƚŝŽŶ͘ĚĚŝƚŝŽŶĂůů LJ͕ĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJ ƚŚĞWƌŽũĞĐƚǁŽƵůĚďĞƌĞĚƵĐĞĚĐŽŵƉĂƌĞĚƚŽƚŚĞƉƉƌŽǀĞĚ/^ͬE͘dŚ ĞƌĞĨŽƌĞ͕ŝƚŝƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚ ƚŚĂƚ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ĐĂƵƐĞ ŝŶĞĨĨŝĐŝĞŶƚ͕ ǁĂƐƚĞĨƵů͕ ĂŶĚ ƵŶŶĞĐĞƐƐĂƌLJĞŶĞƌŐLJĐŽŶƐƵŵƉƚŝŽŶ͘ĚĚŝƚŝŽŶĂůůLJ͕ĂŶLJĨƵƚƵƌĞŚŽƵƐŝŶ ŐĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJ ƚŚĞWƌŽũĞĐƚǁŽƵůĚĂůƐŽďĞƌĞƋƵŝƌĞĚƚŽŽďƚĂŝŶƉĞƌŵŝƚƐĂŶĚĐŽŵƉůLJ ǁŝƚŚĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂů ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϯϲ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ƌĞŐƵůĂƚŝŽŶƐĂŝŵĞĚĂƚƌĞĚƵĐŝŶŐĞŶĞƌŐLJĐŽŶƐƵŵƉƚŝŽŶ͘&ĞĚĞƌĂůĂŶĚƐƚĂƚĞĞŶĞƌŐLJƌĞŐƵůĂƚŝŽŶƐƐƵĐŚĂƐ ƚŚĞ ĂůŝĨŽƌŶŝĂ
ŶĞƌŐLJ ŽĚĞ ƵŝůĚŝŶŐ
ŶĞƌŐLJ
ĨĨŝĐŝĞŶĐLJ ^ƚĂŶĚĂƌĚƐ  ;Z dŝƚůĞ Ϯϰ͕ WĂƌƚ ϲͿ͕ ƚŚĞ >'ƌĞĞŶ ŽĚĞ ;Z dŝƚůĞ Ϯϰ͕ WĂƌƚ ϭϭͿ͕ ĂŶĚ ^ ϳϰϯ ƚƌĂŶƐƉŽƌƚĂƚŝŽ ŶͲƌĞůĂƚĞĚ ŝŵƉĂĐƚ ĂŶĂůLJƐŝƐ ƌĞƋƵŝƌĞŵĞŶƚƐǁŽƵůĚ ĂůƐŽ ďĞ ŝŵƉŽƐĞĚƚŚƌŽƵŐŚ ĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚ ƉĞƌŵŝƚ ƌĞǀŝĞǁ ƚŽ ŵŝŶŝŵŝnjĞ ĨƵƚƵƌĞĞŶĞƌŐLJĐŽŶƐƵŵƉƚŝŽŶ͘dŚĞƌĞĨŽƌĞ͕ƚŚƌŽƵŐŚĐŽŵƉůŝĂŶĐĞǁŝƚŚĂ ƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ůŽĐĂů ůĂǁƐ͕ ƉŽůŝĐŝĞƐ͕ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ ƌĞůĂƚĞĚ ƚŽ ƌĞŶĞǁĂďůĞ ĞŶĞƌŐLJ ĂŶĚ  ĞŶĞƌŐLJ ĞĨĨŝĐŝĞŶĐLJ ŝƚ ŝƐ ŶŽƚ ĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐǁŽƵůĚďĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ŽŶĐůƵƐŝŽŶ
dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐ͘>ĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚƐǁĞƌĞ ŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘dŚĞWƌŽũĞĐƚǁŽƵůĚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂŶĂůLJƐŝƐĐŽŶƚĂŝŶĞĚ ŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚĨŽƌŝƐƐƵĞƐƌĞůĂƚĞĚ ƚŽĞŶĞƌŐLJ͘

ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϯϳ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϰϰ͘ϳ 'ĞŽůŽŐLJĂŶĚ^ŽŝůƐ
^ƵŵŵĂƌLJŽĨWƌĞǀŝŽƵƐ
ŶǀŝƌŽŶŵĞŶƚĂůŶĂůLJƐŝƐ
dŚĞƉƉƌŽǀĞĚ/^ͬEĐŽŶĐůƵĚĞĚƚŚĂƚƚŚĞƌĐĂĚŝĂ,
hǁŽƵůĚŚĂǀĞŶŽĚŝƌĞĐƚƉŚLJƐŝĐĂůĞĨĨĞĐƚƐŽŶ
ƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͕ĂŶĚƌŝƐŬƐƚŽƚŚĞĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚƌĞůĂƚĞĚƚŽƐŽŝůĐŽŶĚŝƚŝŽŶƐǁŽƵůĚďĞůĞƐƐ ƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚ͘
ŶĂůLJƐŝƐŽĨƚŚĞWƌŽƉŽƐĞĚWƌŽũĞĐƚ
Ă͘ ŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĐĂƵƐĞƉŽƚĞŶƚŝĂůƐƵďƐƚĂŶƚŝĂůĂĚǀĞƌƐĞĞĨĨĞ ĐƚƐ͕ŝŶĐůƵĚŝŶŐƚŚĞƌŝƐŬŽĨůŽƐƐ͕ ŝŶũƵƌLJ͕ŽƌĚĞĂƚŚŝŶǀŽůǀŝŶŐ
ŝ͘ ZƵƉƚƵƌĞŽĨĂŬŶŽǁŶĞĂƌƚŚƋƵĂŬĞĨĂƵůƚ͕ĂƐĚĞůŝŶĞĂƚĞĚŽŶƚŚĞŵŽƐƚƌĞĐĞŶƚůƋƵŝƐƚͲWƌŝŽůŽ

ĂƌƚŚƋƵĂŬĞ&ĂƵůƚŽŶŝŶŐDĂƉŝƐƐƵĞĚďLJƚŚĞ^ƚĂƚĞ'ĞŽůŽŐŝƐƚĨŽƌƚ ŚĞĂƌĞĂŽƌďĂƐĞĚŽŶ ŽƚŚĞƌƐƵďƐƚĂŶƚŝĂůĞǀŝĚĞŶĐĞŽĨĂŬŶŽǁŶĨĂƵůƚ͍
ŝŝ͘ ^ƚƌŽŶŐƐĞŝƐŵŝĐŐƌŽƵŶĚƐŚĂŬŝŶŐ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ dŚĞůƋƵŝƐƚͲWƌŝŽůŽŽŶĞ ĂƌƚŚƋƵĂŬĞ&ĂƵůƚŽŶŝŶŐĐƚ;ĐƚͿ
ǁĂƐƉĂƐƐĞĚŝŶϭϵϳϮƚŽĂĚĚƌĞƐƐƚŚĞŚĂnjĂƌĚŽĨƐƵƌĨĂĐĞĨĂƵůƚŝŶŐƚŽƐƚƌƵĐƚƵƌĞƐĨŽƌŚƵŵĂŶŽĐĐƵƉĂŶĐLJ͘ dŚĞŝƚLJĐŽŶƚĂŝŶƐĨŽƵƌĨĂƵůƚnjŽŶĞƐ͗ƚŚĞƌĐĂĚŝĂʹŽůƚŽŶ&ĂƵůƚ͕ĂƉŽƌƚŝŽŶŽĨƚŚĞ^ĂŶ:ĂĐŝŶƚŽ&ĂƵůƚ͕ ƚŚĞZĂLJŵŽŶĚ&ĂƵůƚ͕ĂŶĚĂƉŽƌƚŝŽŶŽĨƚŚĞ^ŝĞƌƌĂDĂĚƌĞ&ĂƵůƚ͘dŚĞƉŽƌƚŝŽŶŽĨƚŚĞZĂLJŵŽŶĚ&ĂƵůƚŝƐ ĐŽŶƐŝĚĞƌĞĚĂŶůƋƵŝƐƚͲWƌŝŽůŽ&ĂƵůƚŽŶĞ͘Ϯϱ,ŽǁĞǀĞƌ͕ƚŚĞƐĞĂƌĞĂƐǁĞƌĞƉƌĞǀŝŽƵƐůLJĞǀĂůƵĂƚĞĚŝŶƚŚĞ ƌĐĂĚŝĂ 'W
/Z ĂŶĂůLJƐŝƐ ĂŶĚ ǁĞƌĞ ĨŽƵŶĚ ƚŽ ƌĞƐƵůƚ ŝŶ ůĞƐƐ ƚŚĂŶ ƐŝŐŶŝĨŝĐĂŶƚ ŝŵƉĂĐƚƐ ǁŝƚŚ ƉƌŽƉĞƌ ŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƌĐĂĚŝĂ'W
/ZŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐ͘&ƵƚƵƌĞŚŽ ƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚ ďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽĂĚŚĞƌĞƚŽƉƌŽũĞĐƚƐƉĞĐŝĨŝĐ ŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐƚŽƌĞĚƵĐĞ ŝŵƉĂĐƚƐ ƚŽ ůĞƐƐ ƚŚĂŶ ƐŝŐŶŝĨŝĐĂŶƚ͘ dŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ŶŽƚ ĐŽŶĨůŝĐƚ ǁŝƚŚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ ŵŝƚŝŐĂƚŝŽŶƉƌŽƉŽƐĞĚŝŶƚŚĞƌĐĂĚŝĂ'W
/Z͘dŚĞWƌŽũĞĐƚǁŽƵůĚĂůƐŽĐŽŵƉůLJǁŝƚŚƌĞůĞǀĂŶƚŐŽĂůƐĂŶĚ ƉŽůŝĐŝĞƐ ĐŽŶƚĂŝŶĞĚ ǁŝƚŚŝŶ ƚŚĞ ƌĐĂĚŝĂ 'W ŝŶĐůƵĚŝŶŐ 'ŽĂů ^Ͳϭ͕ WŽ ůŝĐLJ ^Ͳϭ͘Ϯ͕ ĂŶĚ WŽůŝĐLJ ^Ͳϭ͘ϯ͘ ĚĚŝƚŝŽŶĂůůLJ͕ĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚŽƵƚƐŝĚĞŽĨƚŚĞůƋƵŝƐƚͲWƌŝŽůŽĨĂƵůƚnjŽŶĞĂƌĞĂǁŽƵůĚďĞ ƌĞƋƵŝƌĞĚ ƚŽ ĚĞŵŽŶƐƚƌĂƚĞ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚĞ ƐĞŝƐŵŝĐ ĚĞƐŝŐŶ ŐƵŝĚ ĞůŝŶĞƐ ĂŶĚ ƌĞƋƵŝƌĞŵĞŶƚƐ ĐŽŶƚĂŝŶĞĚŝŶƚŚĞĐƵƌƌĞŶƚdŝƚůĞϮϰͲĂůŝĨŽƌŶŝĂ^ƚĂŶĚĂƌĚƐƵŝůĚŝ ŶŐŽĚĞ;Ϳ͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁ ŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐǁŽƵůĚŽĐĐƵƌ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘

ϮϱŽŶdĞƌƌĂŽŶƐƵůƚŝŶŐ͘ϮϬϭϬ͘ŝƚLJŽĨƌĐĂĚŝĂϮϬϭϬ'ĞŶĞƌĂůWůĂŶhƉĚĂƚĞ͘WĂŐĞϰ͘ϲͲϵ͘ ŚƚƚƉƐ͗ͬͬĐŵƐϵĨŝůĞƐ͘ƌĞǀŝnjĞ͘ĐŽŵͬĂƌĐĂĚŝĂͬ^ŚĂƉĞйϮϬƌĐĂĚŝĂͬĞǀĞůŽƉŵĞŶƚйϮϬ^ĞƌǀŝĐĞƐͬĞŝƌͬ'ĞŽůŽŐLJ͘ƉĚĨ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘ ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϯϴ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ŝŝŝ͘ ^ĞŝƐŵŝĐƌĞůĂƚĞĚŐƌŽƵŶĚĨĂŝůƵƌĞ͕ŝŶĐůƵĚŝŶŐůŝƋƵĞĨĂĐƚŝŽŶ͍ ŝǀ͘ >ĂŶĚƐůŝĚĞƐ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶĚŝƌĞĐƚŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ ďƵƚǁŽƵůĚĨĂĐŝůŝƚĂƚĞĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƚŚƌŽƵŐŚŽƵƚƚŚĞ ŝƚLJ͘ĐĐŽƌĚŝŶŐƚŽƚŚĞƌĐĂĚŝĂ 'W&ŝŐƵƌĞ^Ͳϯ͕ƐŽŵĞŽĨƚŚĞĐĂŶĚŝĚĂƚĞŚŽƵƐŝŶŐƐŝƚĞƐůŽĐĂƚĞĚĂůŽŶ Ő>ŝǀĞKĂŬǀĞŶƵĞĂŶĚ&ŽŽƚŚŝůů ŽƵůĞǀĂƌĚĂƌĞůŽĐĂƚĞĚŝŶ>ŝƋƵĞĨĂĐƚŝŽŶŽŶĞ͘Ϯϲ&ƵƚƵƌĞŚŽƵƐŝŶŐĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚďĞ ƐƵďũĞĐƚƚŽƚŚĞŝƚLJ͛ƐĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁƉƌŽĐĞƐƐ͕ĞŶǀŝƌŽŶŵĞŶƚĂůƌĞǀŝĞǁƵŶĚĞƌ Y͕ĂŶĚǁŽƵůĚ
ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ Ăůů ĂƉƉůŝĐĂďůĞ ĨĞĚĞƌĂů͕ ƐƚĂƚĞ͕ ĂŶĚ ůŽĐĂů ƌĞƋƵŝƌĞŵĞŶƚƐ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ƌĐĂĚŝĂDΑϵϭϬϱ͘Ϭϵ͘ϭϭϬƌĞƋƵŝƌĞƐƚŚĞŝŶĐůƵƐŝŽŶŽĨĂ^ŽŝůƐZĞƉŽƌ ƚŝŶŐƌĂĚŝŶŐƉůĂŶƐ͘ϮϳdŚĞWƌŽũĞĐƚ ǁŽƵůĚ ĐŽŵƉůLJ ǁŝƚŚ ƌĐĂĚŝĂ D ΑϵϭϬϱ͘Ϭϵ͘ϭϭϬ ĂŶĚ ŝƚ ŝƐ ŶŽƚ ĂŶƚŝĐŝƉĂƚĞĚ ƚŚĂƚ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ĐƌĞĂƚĞ ƐƵďƐƚĂŶƚŝĂů  ƌŝƐŬƐ ƚŽ ůŝĨĞ Žƌ ƉƌŽƉĞƌƚLJ ĂƐƐŽĐŝĂƚĞĚǁŝƚŚĞdžƉĂŶƐŝǀĞƐŽŝůƐ͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐǁŽƵůĚŽĐĐƵƌ͕ĂŶĚŶŽ ŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ď͘ ZĞƐƵůƚŝŶƐƵďƐƚĂŶƚŝĂůƐŽŝůĞƌŽƐŝŽŶŽƌƚŚĞůŽƐƐŽĨƚŽƉƐŽŝů͍ EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ ƐƉƌĞǀŝŽƵƐůLJŵĞŶƚŝŽŶĞĚ͕ƚŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶ ĚŝƌĞĐƚ ŚŽƵƐŝŶŐ ĐŽŶƐƚƌƵĐƚŝŽŶ͕ ďƵƚ ǁŽƵůĚ ĨĂĐŝůŝƚĂƚĞ ĂŶĚ ƉƌŽǀŝĚĞ Ă ƉŽůŝĐLJ ĨƌĂŵĞǁŽƌŬ ĨŽƌ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ͘ &ƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ŝŶǀŽůǀĞ ŐƌĂĚŝŶŐ ĂĐƚŝǀŝƚŝĞƐƚŚĂƚǁŽƵůĚĚŝƐƌƵƉƚƐŽŝůƉƌŽĨŝůĞƐ͕ĂŶĚƌĞƐƵůƚŝŶƉŽƚĞ ŶƚŝĂůŝŶĐƌĞĂƐĞĚĞdžƉŽƐƵƌĞŽĨƐŽŝůƐƚŽ ǁ ŝ Ŷ Ě Ă Ŷ Ě ƌ Ă ŝ Ŷ ͘ 
ƌ Ž Ɛ ŝ Ž Ŷ Ž Ŷ Ő ƌ Ă Ě Ğ Ě Ɛ ů Ž Ɖ Ğ Ɛ Đ Ž Ƶ ů Ě Đ Ă Ƶ Ɛ Ğ Ě Ž ǁ Ŷ Ɛ ƚ ƌ Ğ Ă ŵ ƐĞĚŝŵĞŶƚĂƚŝŽŶ ŝŵƉĂĐƚƐ͘ Ɛ ĚŝƐĐƵƐƐĞĚƉƌĞǀŝŽƵƐůLJ͕ĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚďĞƐƵďũĞĐƚƚŽ ĞŶǀŝƌŽŶŵĞŶƚĂů ƌĞǀŝĞǁ ƵŶĚĞƌ 
Y͕ ƚŚĞ ŝƚLJ͛Ɛ ĚĞǀĞůŽƉŵĞŶƚ ƌĞǀŝĞǁƉƌŽĐĞƐƐ͕ ĂŶĚ ƌĞƋƵŝƌĞĚ ƚŽ ĂĚŚĞƌĞ ƚŽ Ăůů ĨĞĚĞƌĂů͕ ^ƚĂƚĞ͕ ĂŶĚ ůŽĐĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ ĂǀŽŝĚŝ ŶŐ ĂŶĚ ŵŝŶŝŵŝnjŝŶŐ ŝŵƉĂĐƚƐ ĐŽŶĐĞƌŶŝŶŐ ƐŽŝů ĞƌŽƐŝŽŶ Žƌ ůŽƐƐ ŽĨ ƚŽƉƐŽŝů͘ ĚĚŝƚŝŽŶĂůůLJ͕ ƉƌŝŽƌ ƚŽ ŝŶŝƚŝĂƚŝŽŶ ŽĨ ŐƌŽƵŶĚ ĚŝƐƚƵƌďŝŶŐ ĂĐƚŝǀŝƚŝĞƐ͕ ĨƵƚƵƌĞ ƉƌŽũĞĐƚ ĂƉƉůŝĐĂŶƚƐ ǁŽƵůĚ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ĚĞŵŽŶƐƚƌĂƚĞ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚĞ ƌĐĂĚŝĂDŝŶĐůƵĚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐƉĞƌƚĂŝŶŝŶŐƚŽĞƌŽƐŝŽŶĐŽŶƚƌŽů ƚŽƚŚĞƐĂƚŝƐĨĂĐƚŝŽŶŽĨƚŚĞŝƚLJ ĞŶŐŝŶĞĞƌƐ͕ĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶͲƌĞůĂƚĞĚĞƌŽƐŝŽŶǁŽƵůĚďĞĂĚĚƌĞƐƐĞĚ ƚŚƌŽƵŐŚĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞ EĂƚŝŽŶĂů WŽůůƵƚĂŶƚ ŝƐĐŚĂƌŐĞ
ůŝŵŝŶĂƚŝŽŶ ^LJƐƚĞŵ ;EW
^Ϳ ƉƌŽŐƌĂŵ ͕ ǁŚŝĐŚ ƌĞƋƵŝƌĞƐ
ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ Ă ^ƚŽƌŵ tĂƚĞƌ WŽůůƵƚŝŽŶ WƌĞǀĞŶƚŝŽŶ WůĂŶ ;^tWWWͿ ĂŶĚ ďĞƐƚ ŵĂŶĂŐĞŵĞŶƚ ƉƌĂĐƚŝĐĞƐ;DWƐͿŝŶƚĞŶĚĞĚƚŽƌĞĚƵĐĞƐŽŝůĞƌŽƐŝŽŶ͘ŽŶƐŝĚĞƌŝŶŐƚŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐ͕ĨƵƚƵƌĞŚŽƵƐŝŶŐ 
ϮϲŝƚLJŽĨƌĐĂĚŝĂ͘ϮϬϭϬ͘ƌĐĂĚŝĂ'ĞŶĞƌĂůWůĂŶ͕ŚĂƉƚĞƌϴ͗^ĂĨĞƚLJ ůĞŵĞŶƚ͘WĂŐĞϴͲϭϮ͘
ŚƚƚƉƐ͗ͬͬĐŵƐϵĨŝůĞƐ͘ƌĞǀŝnjĞ͘ĐŽŵͬĂƌĐĂĚŝĂͬ^ŚĂƉĞйϮϬƌĐĂĚŝĂͬĞǀĞůŽƉŵĞŶƚйϮϬ^ĞƌǀŝĐĞƐͬŐĞŶĞƌĂůйϮϬƉůĂŶͬ^ĂĨĞƚLJ͘ƉĚĨ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘ ϮϳŝƚLJŽĨƌĐĂĚŝĂ͘ϮϬϮϯ͘^ĞĐƚŝŽŶϵϭϬϱ͘Ϭϵ͘ϭϭϬʹ^ŽŝůƐZĞƉŽƌƚƐ͘ ŚƚƚƉƐ͗ͬͬůŝďƌĂƌLJ͘ŵƵŶŝĐŽĚĞ͘ĐŽŵͬĐĂͬĂƌĐĂĚŝĂͬĐŽĚĞƐͬĐŽĚĞͺŽĨͺŽƌĚŝŶĂŶĐĞƐ͍ŶŽĚĞ/ĚсZd/y/h^>ͺ,ϭ Kͺ/sϱ^hͺ^ϵϭϬϱ͘Ϭϵ^h
/DͺϵϭϬϱ͘Ϭϵ͘ϭϭϬ
^KZ
;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϯϵ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ŶŽƚ ƌĞƐƵůƚ ŝŶ ƐƵďƐƚĂŶƚŝĂů ƐŽŝů ĞƌŽƐŝŽŶ Žƌ ůŽƐƐ ŽĨ ƚŽƉƐŽŝů͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐǁŽƵůĚŽĐĐƵƌ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐ ĂƌĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Đ͘ ĞůŽĐĂƚĞĚŽŶĂŐĞŽůŽŐŝĐƵŶŝƚŽƌƐŽŝůƚŚĂƚŝƐƵŶƐƚĂďůĞ͕ŽƌƚŚĂƚ ǁŽƵůĚďĞĐŽŵĞƵŶƐƚĂďůĞĂƐĂ ƌĞƐƵůƚ ŽĨƚŚĞ ƉƌŽũĞĐƚ͕ĂŶĚ ƉŽƚĞŶƚŝĂůůLJ ƌĞƐƵůƚ ŝŶ ŽŶͲ Žƌ ŽĨĨͲƐŝƚĞ ůĂŶĚƐůŝĚĞ͕ ůĂƚĞƌĂů ƐƉƌĞĂĚŝŶŐ͕ ƐƵďƐŝĚĞŶĐĞ͕ůŝƋƵĞĨĂĐƚŝŽŶ͕ŽƌĐŽůůĂƉƐĞ͍
Ě͘ ĞůŽĐĂƚĞĚŽŶĞdžƉĂŶƐŝǀĞƐŽŝů͕ĂƐĚĞĨŝŶĞĚŝŶdĂďůĞϭϴͲϭͲŽĨƚŚĞhŶŝĨŽƌŵƵŝůĚŝŶŐŽĚĞ;ϭϵϵϰͿ͕ ĐƌĞĂƚŝŶŐƐƵďƐƚĂŶƚŝĂůĚŝƌĞĐƚŽƌŝŶĚŝƌĞĐƚƌŝƐŬƐƚŽůŝĨĞŽƌƉƌŽƉĞƌƚLJ͍ EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ ƐĚŝƐĐƵƐƐĞĚĂďŽǀĞƐŽŵĞŽĨƚŚĞĐĂŶĚŝĚĂƚĞŚŽƵƐŝŶŐƐŝƚĞƐ ůŽĐĂƚĞĚĂůŽŶŐ>ŝǀĞKĂŬǀĞŶƵĞĂƌĞůŽĐĂƚĞĚŝŶ>ŝƋƵĞĨĂĐƚŝŽŶŽŶĞ͘ Ϯϴ,ŽǁĞǀĞƌ͕ĂůůĨƵƚƵƌĞŚŽƵƐŝŶŐ
ĐŽŶƐƚƌƵĐƚŝŽŶĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚďĞƐƵďũĞĐƚƚŽĞŶǀ ŝƌŽŶŵĞŶƚĂůƌĞǀŝĞǁƵŶĚĞƌ Y͕
ƚŚĞ ŝƚLJ͛ƐĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁ ƉƌŽĐĞƐƐ͕ ĂŶĚ ƌĞƋƵŝƌĞĚ ƚŽ ĂĚŚĞƌĞƚŽ ĂůůĨĞĚĞƌĂů͕ ƐƚĂƚĞ͕ ĂŶĚ ůŽĐĂů ƌĞƋƵŝƌĞŵĞŶƚƐ͕ŝŶĐůƵĚŝŶŐƚŚĞŝƚLJ͛ƐƵŝůĚŝŶŐĂŶĚŽŶƐƚƌƵĐƚŝŽŶĐŽĚĞƐ;ƌĐĂĚŝĂDƌƚŝĐůĞs///Ϳ͘dŚĞ WƌŽũĞĐƚǁŽƵůĚĐŽŵƉůLJǁŝƚŚƚŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐ͕ŝŶĐůƵĚŝŶŐƚŚĞƉƌĞ ƉĂƌĂƚŝŽŶŽĨĂ^ŽŝůƐZĞƉŽƌƚĨŽƌ ĨƵƚƵƌĞƉƌŽũĞĐƚůĞǀĞůŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƐ͕ĂŶĚŝƚŝƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚ ďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚĐƌĞĂƚĞƐƵďƐƚĂŶƚŝĂůƌŝƐŬƐƚŽůŝĨĞŽƌƉƌŽƉĞƌ ƚLJĂƐƐŽĐŝĂƚĞĚǁŝƚŚĞdžƉĂŶƐŝǀĞƐŽŝůƐ͘ dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐǁŽƵůĚŽĐĐƵƌ͕ĂŶĚŶŽŶĞ ǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞ ƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Ğ͘ ,ĂǀĞ ƐŽŝůƐ ŝŶĐĂƉĂďůĞ ŽĨ ĂĚĞƋƵĂƚĞůLJ ƐƵƉƉŽƌƚŝŶŐ ƚŚĞ ƵƐĞ ŽĨ ƐĞƉƚŝĐ  ƚĂŶŬƐ Žƌ ĂůƚĞƌŶĂƚŝǀĞ ǁĂƐƚĞǁĂƚĞƌ ĚŝƐƉŽƐĂů ƐLJƐƚĞŵƐ ǁŚĞƌĞ ƐĞǁĞƌƐ ĂƌĞ ŶŽƚ ĂǀĂŝůĂďůĞ ĨŽƌ ƚŚĞ ĚŝƐƉŽƐĂů ŽĨ ǁĂƐƚĞǁĂƚĞƌ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶĚŝƌĞĐƚŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ ďƵƚǁŽƵůĚĨĂĐŝůŝƚĂƚĞĂŶĚƉƌŽǀŝĚĞĂƉŽůŝĐLJĨƌĂŵĞǁŽƌŬĨŽƌĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƚŚƌŽƵŐŚŽƵƚ ƚŚĞŝƚLJ͘ůůĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƐĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌ ŽũĞĐƚǁŽƵůĚďĞŝŶĂƌĞĂƐƐĞƌǀĞĚďLJ ƚŚĞŝƚLJ͛ƐƐĂŶŝƚĂƌLJƐĞǁĞƌƐLJƐƚĞŵ͕ĂŶĚǁŽƵůĚŶŽƚƵƐĞƐĞƉƚŝĐƚĂŶŬƐŽƌŽƚŚĞƌĂůƚĞƌŶĂƚŝǀĞǁĂƐƚĞǁĂƚĞƌ ĚŝƐƉŽƐĂůƐLJƐƚĞŵƐ͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐǁŽƵůĚŽĐĐƵƌ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶ ŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘

ϮϴŝƚLJŽĨƌĐĂĚŝĂ͘ϮϬϭϬ͘ƌĐĂĚŝĂ'ĞŶĞƌĂůWůĂŶ͕ŚĂƉƚĞƌϴ͗^ĂĨĞƚLJ ůĞŵĞŶƚ͘WĂŐĞϴͲϭϮ͘
ŚƚƚƉƐ͗ͬͬĐŵƐϵĨŝůĞƐ͘ƌĞǀŝnjĞ͘ĐŽŵͬĂƌĐĂĚŝĂͬ^ŚĂƉĞйϮϬƌĐĂĚŝĂͬĞǀĞůŽƉŵĞŶƚйϮϬ^ĞƌǀŝĐĞƐͬŐĞŶĞƌĂůйϮϬƉůĂŶͬ^ĂĨĞƚLJ͘ƉĚĨ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘ ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϰϬ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Ĩ͘ ŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĚĞƐƚƌŽLJĂ ƵŶŝƋƵĞƉĂůĞŽŶƚŽůŽŐŝĐĂůƌĞƐŽƵƌĐ ĞŽƌƐŝƚĞŽƌƵŶŝƋƵĞŐĞŽůŽŐŝĐ ĨĞĂƚƵƌĞ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶĚŝƌĞĐƚŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͕ ŝƚǁŽƵůĚĨĂĐŝůŝƚĂƚĞĂŶĚƉƌŽǀŝĚĞĂƉŽůŝĐLJĨƌĂŵĞǁŽƌŬĨŽƌĨƵƚƵƌĞŚ ŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƚŚƌŽƵŐŚŽƵƚ ƚŚĞŝƚLJ͘dŚĞƌĞŝƐĂĐŚĂŶĐĞƚŚĂƚĞĂƌƚŚǁŽƌŬĂĐƚŝǀŝƚŝĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚĨƵƚƵƌĞŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ ĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚĞŶĐŽƵŶƚĞƌĂ ƉĂůĞŽŶƚŽůŽŐŝĐĂůƌĞ ƐŽƵƌĐĞ͘ƐƉƌĞǀŝŽƵƐůLJŶŽƚĞĚ͕Ăůů ĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJ ƚŚĞ,
hǁŽƵůĚďĞƐƵďũ ĞĐƚƚŽĞŶǀŝƌŽŶŵĞŶƚĂůƌĞǀŝĞǁ
ƵŶĚĞƌ
Y͕ƚŚĞŝƚLJ͛ƐĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁƉƌŽĐĞƐƐ͕ĂŶĚƌĞůĞǀĂŶƚ ĨĞĚĞƌĂůĂŶĚ^ƚĂƚĞƌĞŐƵůĂƚŝŽŶƐ ƌĞŐĂƌĚŝŶŐ ƉĂůĞŽŶƚŽůŽŐŝĐĂů ƌĞƐŽƵƌĐĞƐ͘ dŚĞ ŝƚLJ͛Ɛ ĚĞǀĞůŽƉŵĞŶƚ ƌĞǀ ŝĞǁ ƉƌŽĐĞƐƐ ŵĂLJ ƌĞƋƵŝƌĞ ĂĚĚŝƚŝŽŶĂů ƐƚƵĚŝĞƐ ŝĨ ƉĂůĞŽŶƚŽůŽŐŝĐĂů ƌĞƐŽƵƌĐĞƐ ĂƌĞ ƐƵƐƉĞĐƚĞĚ ƚ Ž ďĞ ŝŵƉĂĐƚĞĚ ďLJ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ ŽŶ ĨƵƚƵƌĞ ĐĂŶĚŝĚĂƚĞ ŚŽƵƐŝŶŐ ƐŝƚĞƐ͘ ŽŵƉůŝĂŶĐĞ ǁŝƚŚƚŚĞ ĞƐƚĂďůŝƐŚĞĚ ƌĞŐƵůĂƚŽƌLJ ĨƌĂŵĞǁŽƌŬ ǁŽƵůĚ ĞŶƐƵƌĞ ƉŽƚĞŶƚŝĂů ŝŵƉĂĐƚƐ ĨƌŽŵ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĐŽŶĐĞƌŶŝŶŐ ƚŚĞ ĚĞƐƚƌƵĐƚŝŽŶŽĨĂƵŶŝƋƵĞƉĂůĞŽŶƚŽůŽŐŝĐĂůƌĞƐŽƵƌĐĞŽƌƵŶŝƋƵĞŐĞŽů ŽŐŝĐĨĞĂƚƵƌĞǁŽƵůĚďĞůĞƐƐƚŚĂŶ ƐŝŐŶŝĨŝĐĂŶƚ͘ dŚĞƌĞĨŽƌĞ͕ ŶŽ ŶĞǁ Žƌ ŵŽƌĞ ƐĞǀĞƌĞ ŝŵƉĂĐƚƐ ǁŽƵůĚ ŽĐĐƵƌ͕ ĂŶĚ ŶŽ ŶĞǁ ŵŝƚŝŐĂƚŝŽŶ ŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ŽŶĐůƵƐŝŽŶ

dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐ͘>ĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚƐǁĞƌĞ ŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘dŚĞWƌŽũĞĐƚǁŽƵůĚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂŶĂůLJƐŝƐĐŽŶƚĂŝŶĞĚ ŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚĨŽƌŝƐƐƵĞƐƌĞůĂƚĞĚ ƚŽŐĞŽůŽŐLJĂŶĚƐŽŝůƐ͘

ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϰϭ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϰϰ͘ϴ 'ƌĞĞŶŚŽƵƐĞ'ĂƐ
ŵŝƐƐŝŽŶƐ
^ƵŵŵĂƌLJŽĨWƌĞǀŝŽƵƐ
ŶǀŝƌŽŶŵĞŶƚĂůŶĂůLJƐŝƐ
dŚĞ ƉƉƌŽǀĞĚ /^ͬE ĐŽŶĐůƵĚĞĚ ƚŚĂƚ ƚŚĞ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ƉƌŽƉŽƐĞĚ ďLJ ƚŚĞ ƌĐĂĚŝĂ , h ĐŽƵůĚ
ŝŶĐƌĞĂƐĞŐƌĞĞŶŚŽƵƐĞŐĂƐĞŵŝƐƐŝŽŶƐ;','ͿŝŶƚŚĞŝƚLJ͘,ŽǁĞǀĞƌ͕ŶĞǁĚĞǀĞůŽƉŵĞŶƚƐĨĂĐŝůŝƚĂƚĞĚďLJ ƚŚĞƌĐĂĚŝĂ,
hǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJǁŝƚŚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůƌĞŐƵůĂƚŝŽŶƐ ƌĞŐĂƌĚŝŶŐ ',' ĞŵŝƐƐŝŽŶ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ŝŶĐƌĞĂƐĞ ŝŶ ŐƌĞĞŶŚŽƵƐĞ ŐĂƐ ĞŵŝƐƐŝŽŶƐ ;','Ϳ ĚƵĞ ƚŽ ŝŶĐƌĞĂƐĞĚ ǀĞŚŝĐůĞ ŵŝůĞƐ ƚƌĂǀĞůĞĚ ;sDdͿ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ƚŚĞ ƌĐĂĚŝĂ , h ǁŽƵůĚ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ
ĐŽŵƉůLJǁŝƚŚĞŶĞƌŐLJĞĨĨŝĐŝĞŶĐLJƌĞŐƵůĂƚŝŽŶƐ͘/ŵƉĂĐƚƐǁĞƌĞĚĞƚĞƌŵŝ ŶĞĚƚŽďĞůĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚ ǁŝƚŚŶŽŵŝƚŝŐĂƚŝŽŶƌĞƋƵŝƌĞĚ͘
ŶĂůLJƐŝƐŽĨƚŚĞWƌŽƉŽƐĞĚWƌŽũĞĐƚ
Ă͘ 'ĞŶĞƌĂƚĞŐƌĞĞŶŚŽƵƐĞŐĂƐĞŵŝƐƐŝŽŶƐ͕ĞŝƚŚĞƌĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJ͕ƚŚĂƚŵĂLJŚĂǀĞĂƐŝŐŶŝĨŝĐĂŶƚ ŝŵƉĂĐƚŽŶƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶƚŚĞĚŝƌĞĐƚĐŽŶƐƚƌƵĐƚŝŽŶŽĨ ŶĞǁŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƐŝŶƚŚĞŝƚLJ͘dŚĞWƌŽũĞĐƚǁŽƵůĚůĞĂĚƚŽĂƌĞĚƵĐĞĚŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚ ĐĂƉĂĐŝƚLJĂƐĐŽŵƉĂƌĞĚƚŽƚŚĞƉƉƌŽǀĞĚ/^ͬE͘ƐƐƵĐŚ͕ĨƵƚƵƌĞŚŽƵ ƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƐĨĂĐŝůŝƚĂƚĞĚ ďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚƌĞƐƵůƚŝŶĂŶĚĞĐƌĞĂƐĞĚ','ĞŵŝƐƐŝŽŶƐĚƵĞƚŽĚĞĐƌĞĂƐĞĚsDd͕ĐŽŶƐƚƌƵĐƚŝŽŶ ĂĐƚŝǀŝƚŝĞƐ͕ ƐƚĂƚŝŽŶĂƌLJ ĂƌĞĂ ƐŽƵƌĐĞƐ ;ŝ͘Ğ͕͘ ŶĂƚƵƌĂů ŐĂƐ ĐŽŶƐƵŵƉƚŝŽŶ ĨŽƌ ƐƉĂĐĞ ĂŶĚ ǁĂƚĞƌ ŚĞĂƚŝŶŐ ĚĞǀŝĐĞƐ͕ůĂŶĚƐĐĂƉĞŵĂŝŶƚĞŶĂŶĐĞĞƋƵŝƉŵĞŶƚŽƉĞƌĂƚŝŽŶƐ͕ĂŶĚƵƐĞŽĨ ĐŽŶƐƵŵĞƌƉƌŽĚƵĐƚƐͿ͕ĞŶĞƌŐLJ ĐŽŶƐƵŵƉƚŝŽŶ͕ǁĂƚĞƌ ƐƵƉƉůLJ͕ ĂŶĚ ƐŽůŝĚǁĂƐƚĞ ŐĞŶĞƌĂƚŝŽŶ͘ ,ŽǁĞǀĞƌ͕ƚ Ś Ğ Ě Ğ ǀ Ğ ů Ž Ɖ ŵ Ğ Ŷ ƚ Ž Ĩ Ĩ Ƶ ƚ Ƶ ƌ Ğ  ŚŽƵƐŝŶŐƵŶŝƚƐĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚďĞƌĞƋƵŝƌĞĚĐŽŵƉ ůLJǁŝƚŚƚŚĞŝƚLJ͛ƐĚŝƐĐƌĞƚŝŽŶĂƌLJ ƌĞǀŝĞǁƉƌŽĐĞƐƐ͕
YĞǀĂůƵĂƚŝŽŶ͕ĂŶĚƉůĂŶĐŚĞĐŬƉƌŽĐĞƐƐ͕ǁŚŝĐŚ ŵĂLJƌĞƋƵŝƌĞĨƵƚƵƌĞĂƉƉůŝĐĂŶƚƐ ƉƌĞƉĂƌĞĂŝƌƋƵĂůŝƚLJĂŶĚŐƌĞĞŶŚŽƵƐĞŐĂƐĞŵŝƐƐŝŽŶƐƚƵĚŝĞƐƵƐŝŶŐƚŚĞĂůŝĨŽƌŶŝĂ ŵŝƐƐŝŽŶƐ
ƐƚŝŵĂƚŽƌ
DŽĚĞů ;Ăů

DŽĚͿ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ƚŚĞ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚƐ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽŵĞĞƚƚŚĞŵĂŶĚĂƚŽƌLJĞŶĞƌŐLJƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞĂůŝĨŽƌŶŝĂ'ƌĞĞŶƵŝůĚŝŶŐ ^ƚĂŶĚĂƌĚƐŽĚĞ;>'ƌĞĞŶͿĂŶĚƚŚĞ
ŶĞƌŐLJŽĚĞ;ZdŝƚůĞϮϰ͕WĂ ƌƚϲͿŝŶĞĨĨĞĐƚĂƚƚŚĞƚŝŵĞŽĨ ĚĞǀĞůŽƉŵĞŶƚ͘dŚĞƐĞƌĞŐƵůĂƚŝŽŶƐǁŽƵůĚƌĞƋƵŝƌĞƚŚĂƚƚŚĞŶĞǁĚĞǀĞů ŽƉŵĞŶƚƐŝŶĐŽƌƉŽƌĂƚĞĚĞƐŝŐŶ ĨĞĂƚƵƌĞƐƚŚĂƚǁŽƵůĚĐĂƉƚƵƌĞĞŶĞƌŐLJĞĨĨŝĐŝĞŶĐŝĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚďƵŝůĚŝŶŐŚĞĂƚŝŶŐ͕ǀĞŶƚŝůĂƚŝŶŐ͕ĂŶĚ Ăŝƌ ĐŽŶĚŝƚŝŽŶŝŶŐ ŵĞĐŚĂŶŝĐĂů ƐLJƐƚĞŵƐ͕ ǁĂƚĞƌ ŚĞĂƚŝŶŐ ƐLJƐƚĞŵƐ͕ ĂŶĚ ůŝŐŚƚŝŶŐ͘ dŚĞ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚƐĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚĂůƐŽďĞƌĞƋƵŝƌĞĚƚŽŝŵƉůĞŵĞŶƚƐƚƌĂƚĞŐŝĞƐŽƵƚůŝŶĞĚ ŝŶ ƚŚĞ ŝƚLJ͛Ɛ ůŝŵĂƚĞ ĐƚŝŽŶ WůĂŶ͕ǁŚŝĐŚ ŝŶĐůƵĚĞƐ ŵĞĂƐƵƌĞƐ ĂŝŵĞĚ Ăƚ ƌĞĚƵĐŝŶŐ ',' ĞŵŝƐƐŝŽŶƐ͘ dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐǁŽƵůĚŽĐĐƵƌ͕ĂŶĚŶŽŶĞ ǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞ ƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϰϮ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ď͘ ŽŶĨůŝĐƚǁŝƚŚĂƉƉůŝĐĂďůĞƉůĂŶ͕ƉŽůŝĐLJŽƌƌĞŐƵůĂƚŝŽŶĂĚŽƉƚĞĚĨŽƌ ƚŚĞƉƵƌƉŽƐĞŽĨƌĞĚƵĐŝŶŐƚŚĞ ĞŵŝƐƐŝŽŶƐŽĨŐƌĞĞŶŚŽƵƐĞŐĂƐĞƐ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚ ƌĞƐƵůƚŝŶƚŚĞĚŝƌĞĐƚĐŽŶƐƚƌƵĐƚŝŽŶŽĨ ŶĞǁŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƐŝŶƚŚĞŝƚLJ͘ƐĚŝƐĐƵƐƐĞĚĂďŽǀĞƚŚĞĂĚĚŝƚŝŽŶĂůŚŽƵƐŝŶŐĂƐƐŽĐŝĂƚĞĚǁŝƚŚ ƚŚĞWƌŽũĞĐƚĐŽƵůĚŝŶŚĞƌĞŶƚůLJŐĞŶĞƌĂƚĞ','ĂƚĂƌĂƚĞďĞůŽǁƚŚĞƉ ƌĞǀŝŽƵƐĞƐƚŝŵĂƚĞƐĐŽŶĐůƵĚĞĚŝŶ ƚŚĞƉƉƌŽǀĞĚ/^ͬE͘dŚĞĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƐĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚƚŚĞƌĞĨŽƌĞ ƌĞƐƵůƚŝŶĂŶĚĞĐƌĞĂƐĞĚ','ĞŵŝƐƐŝŽŶƐĚƵĞƚŽĚĞĐƌĞĂƐĞĚsDd͕ĐŽŶƐ ƚƌƵĐƚŝŽŶĂĐƚŝǀŝƚŝĞƐ͕ƐƚĂƚŝŽŶĂƌLJ ĂƌĞĂ ƐŽƵƌĐĞƐ ;ŝ͘Ğ͕͘ ŶĂƚƵƌĂů ŐĂƐ ĐŽŶƐƵŵƉƚŝŽŶ ĨŽƌ ƐƉĂĐĞ ĂŶĚ ǁĂƚĞƌ ŚĞĂƚŝŶŐ ĚĞǀŝĐĞƐ͕ ůĂŶĚƐĐĂƉĞ ŵĂŝŶƚĞŶĂŶĐĞĞƋƵŝƉŵĞŶƚŽƉĞƌĂƚŝŽŶƐ͕ĂŶĚƵƐĞŽĨĐŽŶƐƵŵĞƌƉƌŽĚƵĐƚƐͿ͕ĞŶĞƌŐLJĐŽŶƐƵŵƉƚŝŽŶ͕ǁĂƚĞƌ ƐƵƉƉůLJ͕ĂŶĚƐŽůŝĚǁĂƐƚĞŐĞŶĞƌĂƚŝŽŶ͘/ŶĐƌĞĂƐĞĚ','ĞŵŝƐƐŝŽŶƐĐŽƵ ůĚĐŽŶƚƌŝďƵƚĞƚŽŐůŽďĂůĐůŝŵĂƚĞ ĐŚĂŶŐĞ ƉĂƚƚĞƌŶƐ ĂŶĚ ƚŚĞ ĂĚǀĞƌƐĞ ŐůŽďĂů ĞŶǀŝƌŽŶŵĞŶƚĂů ĞĨĨĞĐƚƐ ƚŚ ĞƌĞŽĨ͘ ,ŽǁĞǀĞƌ͕ ůŝŬĞ ƚŚĞ ĂƉƉƌŽǀĞĚ/^ͬEŶĞǁĚĞǀĞůŽƉŵĞŶƚƐĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚĂƚƚ ŚĞƚŝŵĞŽĨŝŶŝƚŝĂƚŝŽŶǁŽƵůĚďĞ ƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJǁŝƚŚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůƌĞŐƵůĂƚŝŽŶƐƌĞŐĂƌĚŝŶŐ','ĞŵŝƐƐŝŽŶƐ͘ dŚŝƐ ǁŽƵůĚ ŝŶĐůƵĚĞ ƉŽůŝĐŝĞƐ ŝŶƐƚŝƚƵƚĞĚ ďLJ ^YD ŝŶ ǁŚŝĐŚ ĚĞǀĞůŽƉĞƌƐ ǁŽƵůĚ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ĐŽŵƉůLJǁŝƚŚŽŶĞŽĨĨŝǀĞĞdžĐůƵƐŝŽŶƚŝĞƌƐƚŽĂǀŽŝĚƐŝŐŶŝĨŝĐĂŶƚĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚƐ͘>ĂƐƚůLJ͕ĨƵƚƵƌĞ ƉƌŽũĞĐƚƐĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJ ǁŝƚŚƚŚĞŝŶĐůƵĚŝŶŐdŝƚůĞϮϰ͕ ƉĂƌƚ ϭϭ ;>'ƌĞĞŶͿ͘ ZĞƋƵŝƌŝŶŐ ƚŚĂƚ ƌĞƐŝĚĞŶƚŝĂů ĚĞǀĞůŽƉŵĞŶƚƐ ďĞƉůĂŶŶĞĚ ĂŶĚ ĚĞǀĞůŽƉĞĚ ŝŶ Ă ŵ Ă Ŷ Ŷ Ğ ƌ ƚ Ś Ă ƚ ŝ Ɛ Đ Ž Ŷ Ɛ ŝ Ɛ ƚ Ğ Ŷ ƚ ǁ ŝ ƚ Ś Ă Ŷ LJ Ă Ɖ Ɖ ů ŝ Đ Ă ď ů Ğ ƌ Ğ Ő Ƶ ů Ă ƚ ŝ Ž Ŷ Ɛ ŝ Ŷ ǀ Ž ůǀŝŶŐ ĞŶĞƌŐLJ ĞĨĨŝĐŝĞŶĐLJ͕ ǁĂƚĞƌ ĞĨĨŝĐŝĞŶĐLJͬĐŽŶƐĞƌǀĂƚŝŽŶ͕ ŵĂƚĞƌŝĂů ĐŽŶƐĞƌǀĂƚŝŽŶ ĂŶĚ ƌĞƐŽƵƌĐĞ ĞĨĨ ŝĐŝĞŶĐLJ͕ ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚĂů ƋƵĂůŝƚLJ͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐǁŽƵůĚŽĐĐƵƌ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐ ĂƌĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ŽŶĐůƵƐŝŽŶ

dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐ͘>ĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚƐǁĞƌĞ ŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘dŚĞWƌŽũĞĐƚǁŽƵůĚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂŶĂůLJƐŝƐĐŽŶƚĂŝŶĞĚ ŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚĨŽƌŝƐƐƵĞƐƌĞůĂƚĞĚ ƚŽ','ĞŵŝƐƐŝŽŶƐ͘

ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϰϯ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϰϰ͘ϵ ,ĂnjĂƌĚƐĂŶĚ,ĂnjĂƌĚŽƵƐDĂƚĞƌŝĂůƐ
^ƵŵŵĂƌLJŽĨWƌĞǀŝŽƵƐ
ŶǀŝƌŽŶŵĞŶƚĂůŶĂůLJƐŝƐ
dŚĞ ƉƉƌŽǀĞĚ /^ͬE ĐŽŶĐůƵĚĞĚƚŚĂƚĚƵĞ ƚŽ ƚŚĞ ƌĐĂĚŝĂ , h͛Ɛ ůĂĐŬ ŽĨƉŚLJƐŝĐĂů ĐŽŵƉŽŶĞŶƚƐ͕ Ă
ŵŝŶŝŵĂů ƌŝƐŬ ŽĨ ĞdžƉŽƐƵƌĞ ƚŽ ŚĂnjĂƌĚŽƵƐ ŵĂƚĞƌŝĂůƐ ǁŽƵůĚ ŽĐĐƵƌ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ƚŚĞ ƌĐĂĚŝĂ , h
ǁŽƵůĚŶŽƚŝŶĐůƵĚĞĚĞƐŝŐŶƐǁŚŝĐŚǁŽƵůĚŝŵƉĂŝƌƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨĂŶĞŵĞƌŐĞŶĐLJƌĞƐƉŽŶƐĞ ƉůĂŶ͕ŽƌĞǀĂĐƵĂƚŝŽŶƉůĂŶ͘dŚĞƉƉƌŽǀĞĚ/^ͬEĨŽƵŶĚƚŚĂƚŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚǁŝƚŚŝŶƚŚĞ>ŝǀĞ KĂŬŽƌƌŝĚŽƌǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJǁŝƚŚŚĞŝŐŚƚůŝŵŝƚĂƚŝŽŶƐŝŶƚŚĞ&ZWĂƌƚϳϳ͘ ŶĂůLJƐŝƐŽĨƚŚĞWƌŽƉŽƐĞĚWƌŽũĞĐƚ
Ă͘ ƌĞĂƚĞĂƐŝŐŶŝĨŝĐĂŶƚŚĂnjĂƌĚƚŽƚŚĞƉƵďůŝĐŽƌƚŚĞĞŶǀŝƌŽŶŵĞŶƚƚŚƌŽƵŐŚƚŚĞƌŽƵƚŝŶĞƚƌĂŶƐƉŽƌƚ͕ ƵƐĞ͕ŽƌĚŝƐƉŽƐĂůŽĨŚĂnjĂƌĚŽƵƐŵĂƚĞƌŝĂůƐ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶĚŝƌĞĐƚŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ ď Ƶ ƚ ǁ Ž Ƶ ů Ě Ĩ Ă Đ ŝ ů ŝ ƚ Ă ƚ Ğ Ă Ŷ Ě Ɖ ƌ Ž ǀ ŝ Ě Ğ Ă Ɖ Ž ů ŝ Đ LJ Ĩ ƌ Ă ŵ Ğ ǁ Ž ƌ Ŭ Ĩ Ž ƌ Ĩ Ƶ ƚ Ƶ ƌ Ğ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ŽŶ ĐĂŶĚŝĚĂƚĞ ŚŽƵƐŝŶŐ ƐŝƚĞƐƚŚƌŽƵŐŚŽƵƚƚŚĞ ŝƚLJ͘ dŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶŽĨ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ƌĞƋƵŝƌĞ ƚŚĞ ƚƌĂŶƐƉŽƌƚ ŽĨ ŚĂnjĂƌĚŽƵƐ ŵĂƚĞƌŝĂůƐ ;Ğ͘Ő͕͘ ĂƐďĞƐƚŽƐ ĐŽŶƚĂŝŶŝŶŐ ŵĂƚĞƌŝĂůƐ͕ ůĞĂĚͲďĂƐĞĚ ƉĂŝŶƚ͕ ĂŶĚͬŽƌ ĐŽŶƚĂŵŝŶĂƚĞĚ ƐŽŝ ůƐͿ͘ dŚĞ ƚƌĂŶƐƉŽƌƚ ŽĨ ƚŚĞƐĞ ŵĂƚĞƌŝĂůƐǁŽƵůĚďĞůŝŵŝƚĞĚŝŶĚƵƌĂƚŝŽŶ͘&ƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚǁŝƚŚŝŶƚŚĞŝƚLJǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽ ĐŽŵƉůLJǁŝƚŚƌĞŐƵůĂƚŝŽŶƐƉƵƚŝŶƉůĂĐĞďLJƚŚĞ^ƚĂƚĞĞƉĂƌƚŵĞŶƚŽĨdŽdžŝĐ^ƵďƐƚĂŶĐĞƐŽŶƚƌŽů;d^Ϳ͘ /ƚŝƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚŽƉĞƌĂƚŝŽŶŽĨƚŚĞĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƐǁŽƵůĚƵƚŝůŝnjĞƐƵďƐƚĂŶƚŝĂů Žƌ ƐĞǀĞƌĞ ŚĂnjĂƌĚŽƵƐ ŵĂƚĞƌŝĂůƐ͘ ŶƚŝĐŝƉĂƚĞĚ ŵĂƚĞƌŝĂůƐ ŝŶĐůƵĚĞ Đů ĞĂŶŝŶŐ ƐŽůǀĞŶƚƐ͕ ĨĞƌƚŝůŝnjĞƌƐ͕ ƉĞƐƚŝĐŝĚĞƐ͕ĂŶĚŽƚŚĞƌŵĂƚĞƌŝĂůƐ ƵƐĞĚŝŶƌĞŐƵůĂƌŵĂŝŶƚĞŶĂŶĐĞ͘EŽ  ŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝ ƚŚ ƚ ŚĞƚƌĂŶ ƐƉŽƌƚ͕ ƵƐĞ͕ Žƌ ĚŝƐ ƉŽƐĂůŽ ĨŚĂ njĂƌ ĚŽƵƐ ŵĂƚĞƌŝĂůƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͕ĂŶĚŶŽ ŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐǁŽƵůĚďĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ď͘  ƌ Ğ Ă ƚ Ğ Ă Ɛ ŝ Ő Ŷ ŝ Ĩ ŝ Đ Ă Ŷ ƚ Ś Ă nj Ă ƌ Ě ƚ Ž ƚ Ś Ğ Ɖ Ƶ ď ů ŝ Đ Ž ƌ ƚ Ś Ğ Ğ Ŷ ǀ ŝ ƌ Ž Ŷ ŵ Ğ Ŷ ƚ ƚ ŚƌŽƵŐŚ ƌĞĂƐŽŶĂďůLJ ĨŽƌĞƐĞĞĂďůĞƵƉƐĞƚĂŶĚĂĐĐŝĚĞŶƚĐŽŶĚŝƚŝŽŶƐŝŶǀŽůǀŝŶŐƚŚĞƌĞůĞĂƐĞŽĨŚĂnjĂƌĚŽƵƐŵĂƚĞƌŝĂůƐŝŶƚŽ ƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͍
EŽ EĞǁ Žƌ DŽƌĞ ^ŝŐŶŝĨŝĐĂŶƚ /ŵƉĂĐƚ͗ Ɛ Ŷ Ž ƚ Ğ Ě Ă ď Ž ǀ Ğ ƚ Ś Ğ W ƌ Ž ũ Ğ Đ ƚ ǁ Ž Ƶ ů Ě Ŷ Ž ƚ ƌ Ğ Ɛ Ƶ ů ƚ ŝ Ŷ Ě ŝ ƌ Ğ Đ ƚ  ŚŽƵƐŝŶŐ ĐŽŶƐƚƌƵĐƚŝŽŶ ďƵƚ ǁŽƵůĚ ĨĂĐŝůŝƚĂƚĞ ĂŶĚ ƉƌŽǀŝĚĞ Ă ƉŽůŝĐLJĨƌĂŵĞǁŽƌŬ ĨŽƌ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ŽŶ ĐĂŶĚŝĚĂƚĞ ŚŽƵƐŝŶŐ ƐŝƚĞƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ŝƚLJ͘ &ƵƚƵƌĞ ĞdžĐĂǀĂƚŝŽŶ ĂŶĚ ŐƌĂĚŝŶŐ ĂĐƚŝǀŝƚŝĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨŚŽƵƐŝŶŐƵŶŝƚƐĐŽƵ ůĚĞdžƉŽƐĞĐŽŶƐƚƌƵĐƚŝŽŶǁŽƌŬĞƌƐ ĂŶĚƚŚĞŐĞŶĞƌĂůƉƵďůŝĐƚŽƵŶŬŶŽǁŶŚĂnjĂƌĚƐŵĂƚĞƌŝĂůƐƉƌĞƐĞŶƚŝŶ ƐŽŝůŽƌŐƌŽƵŶĚǁĂƚĞƌ͘,ŽǁĞǀĞƌ͕ Ăůů ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚƐ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵů Ě ďĞ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ŝƚLJ͛Ɛ ĚĞǀĞůŽƉŵĞŶƚ ƌĞǀŝĞǁ ƉƌŽĐĞƐƐ͕ ǁŚŝĐŚ ĐŽƵůĚ ŝŶĐůƵĚĞ ĞŶǀŝƌŽŶŵĞŶƚĂů ƌĞǀŝĞǁ ƵŶĚĞƌ  Y͕ ĂŶĚ ďĞ
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϰϰ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ƌĞƋƵŝƌĞĚƚŽĚĞŵŽŶƐƚƌĂƚĞĐŽŶƐŝƐƚĞŶĐLJǁŝƚŚƌĞŐƵůĂƚŽƌLJĨƌĂŵĞǁŽƌŬĨŽƌŵŝŶŝŵŝnjŝŶŐƵƉƐĞƚĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚŚĂnjĂƌĚŽƵƐŵĂƚĞƌŝĂůƐ͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͕ĂŶĚŶŽŶĞǁ ŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Đ͘
ŵŝƚŚĂnjĂƌĚŽƵƐĞŵŝƐƐŝŽŶƐŽƌŚĂŶĚůĞŚĂnjĂƌĚŽƵƐŽƌĂĐƵƚĞůLJŚĂnjĂƌĚŽƵƐŵĂƚĞƌŝĂůƐ͕ƐƵďƐƚĂŶĐĞƐ͕ ŽƌǁĂƐƚĞǁŝƚŚŝŶŽŶĞͲƋƵĂƌƚĞƌŵŝůĞŽĨĂŶĞdžŝƐƚŝŶŐŽƌƉƌŽƉŽƐĞĚƐĐŚŽŽů͍ EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶƚŚĞĚŝƌĞĐƚĐŽŶƐƚƌƵĐƚŝŽŶŽĨ ŚŽƵƐŝŶŐ͕ďƵƚǁŽƵůĚĨĂĐŝůŝƚĂƚĞĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƚŚƌŽƵŐŚŽƵƚƚŚĞŝƚLJ͘dŚĞWƌŽũĞĐƚǁŽƵůĚ ĨĂĐŝůŝƚĂƚĞĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƚŚƌŽƵŐŚŽƵƚƚŚĞŝƚLJ͕ŝŶĐůƵĚŝŶŐŝŶƵƌďĂŶŝnjĞĚĂƌĞĂƐĂŶĚĂƌĞĂƐ ǁŝƚŚŝŶ Ϭ͘Ϯϱ ŵŝůĞƐ ŽĨ Ă ƐĐŚŽŽů͘ ,ŽǁĞǀĞƌ͕ ƚŚĞ WƌŽũĞĐƚ ĚŽĞƐ ŶŽƚ ƉƌŽƉŽƐĞ ůĂŶĚ ƵƐĞƐ ƚŚĂƚ ǁŽƵůĚ ƚLJƉŝĐĂůůLJ Ğŵŝƚ ŚĂnjĂƌĚŽƵƐ ŵĂƚĞƌŝĂůƐ͕ ƐƵďƐƚĂŶĐĞƐ͕ Žƌ ǁĂƐƚĞƐ͘ Ɛ ƉƌĞǀŝŽƵƐůLJ ĚŝƐĐƵƐƐĞĚ͕ Ăůů ĨƵƚƵƌĞ ŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞ,
hǁŽƵůĚďĞƐƵďũĞĐƚƚŽ ƚŚĞŝƚLJ͛ƐĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁ
ƉƌŽĐĞƐƐ͕ǁŚŝĐŚ ŵĂLJ ŝŶĐůƵĚĞ ĞŶǀŝƌŽŶŵĞŶƚĂů ƌĞǀŝĞǁ ƵŶĚĞƌ  Y͕ ĂŶĚď Ğ ƌ Ğ Ƌ Ƶ ŝ ƌ Ğ Ě ƚ Ž Ă Ě Ś Ğ ƌ Ğ ƚ Ž 
ƌĞŐƵůĂƚŝŽŶƐƌĞůĂƚĞĚƚŽƚŚĞĞŵŝƐƐŝŽŶƐŽƌŚĂŶĚůŝŶŐŽĨŚĂnjĂƌĚŽƵƐŵ ĂƚĞƌŝĂůƐ͕ƐƵďƐƚĂŶĐĞƐ͕ŽƌǁĂƐƚĞƐ ŶĞĂƌƐĐŚŽŽůƐƚŽƌĞĚƵĐĞƚŚĞƉŽƚĞŶƚŝĂůĨŽƌŝŵƉĂĐƚƐƚŽƐĐŚŽŽůƐ͘ĚĚŝƚŝŽŶĂůůLJ͕ĂĚŚĞƌĞŶĐĞƚŽĂůŝĨŽƌŶŝĂ ,ĂnjĂƌĚŽƵƐ tĂƐƚĞ ŽŶƚƌŽů >Ăǁ͕ ĂůŝĨŽƌŶŝĂ ,ĞĂůƚŚ ĂŶĚ ^ĂĨĞƚLJ ŽĚĞ͕ ĂŶĚ ZĞƐŽƵƌĐĞ ŽŶƐĞƌǀĂƚŝŽŶ ĂŶĚ ZĞĐŽǀĞƌLJ Đƚ ;ZZͿ ƌĞŐƵůĂƚŝŽŶƐ ǁŽƵůĚ ƌĞĚƵĐĞ ƉŽƚĞŶƚŝĂů ŝŵƉĂ ĐƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ĂĐĐŝĚĞŶƚĂů ƌĞůĞĂƐĞ ŽĨ ŚĂnjĂƌĚŽƵƐ ŵĂƚĞƌŝĂůƐ͘ dŚĞƌĞĨŽƌĞ͕ ŶŽ ŶĞǁ Žƌ  ŵŽƌĞ ƐĞǀĞƌĞ ŝŵƉĂĐƚƐ ĂƌĞ ĂŶƚŝĐŝƉĂƚĞĚ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Ě͘ Ğ ůŽĐĂƚĞĚ ŽŶ Ă ƐŝƚĞ ǁŚŝĐŚ ŝƐ ŝŶĐůƵĚĞĚ ŽŶ Ă ůŝƐƚ ŽĨ ŚĂnjĂƌĚŽƵƐ ŵĂƚĞƌŝĂůƐ ƐŝƚĞƐ ĐŽŵƉŝůĞĚ ƉƵƌƐƵĂŶƚƚŽ'ŽǀĞƌŶŵĞŶƚŽĚĞ^ĞĐƚŝŽŶϲϱϵϲϮ͘ϱĂŶĚ͕ĂƐĂƌĞƐƵůƚ͕ǁŽƵůĚŝƚĐƌĞĂƚĞĂƐŝŐŶŝĨŝĐĂŶƚ ŚĂnjĂƌĚƚŽƚŚĞƉƵďůŝĐŽƌƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗'ŽǀĞƌŶŵĞŶƚŽĚĞΑϲϱϵϲϮ͘ϱ;ĐŽŵŵŽŶůLJƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞ ŽƌƚĞƐĞ>ŝƐƚͿŝŶĐůƵĚĞƐd^ͲůŝƐƚĞĚŚĂnjĂƌĚŽƵƐǁĂƐƚĞĨĂĐŝůŝƚŝĞƐĂ ŶĚƐŝƚĞƐ͕ƚŚĞ^ƚĂƚĞĞƉĂƌƚŵĞŶƚŽĨ ,ĞĂůƚŚ ^ĞƌǀŝĐĞƐ͛ ůŝƐƚƐ ŽĨ ĐŽŶƚĂŵŝŶĂƚĞĚ ĚƌŝŶŬŝŶŐ ǁĂƚĞƌ ǁĞůůƐ͕ ƐŝƚĞƐ ůŝƐƚĞĚ ďLJ ƚŚĞ ^ƚĂƚĞ tĂƚĞƌ ZĞƐŽƵƌĐĞƐŽŶƚƌŽůŽĂƌĚ;^tZͿĂƐŚĂǀŝŶŐƵŶĚĞƌŐƌŽƵŶĚƐƚŽƌĂŐĞƚ ĂŶŬůĞĂŬƐĂŶĚŚĂǀŝŶŐŚĂĚĂ ĚŝƐĐŚĂƌŐĞŽĨŚĂnjĂƌĚŽƵƐǁĂƐƚĞƐŽƌŵĂƚĞƌŝĂůƐŝŶƚŽƚŚĞǁĂƚĞƌŽƌŐƌ ŽƵŶĚǁĂƚĞƌ͖ĂƐǁĞůůĂƐ͕ůŝƐƚƐĨƌŽŵ ůŽĐĂůƌĞŐƵůĂƚŽƌLJĂŐĞŶĐŝĞƐŽĨƐŝƚĞƐƚŚĂƚŚĂǀĞŚĂĚĂŬŶŽǁŶŵŝŐƌĂƚŝŽŶŽĨŚĂnjĂƌĚŽƵƐǁĂƐƚĞͬŵĂƚĞƌŝĂů͘ dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶĚŝƌĞĐƚŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͕ďƵ ƚǁŽƵůĚĨĂĐŝůŝƚĂƚĞĂŶĚƉƌŽǀŝĚĞĂ ƉŽůŝĐLJ ĨƌĂŵĞǁŽƌŬ ĨŽƌ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ŝ ƚ LJ ͘ & Ƶ ƚ Ƶ ƌ Ğ Ě Ğ ǀ Ğ ů Ž Ɖ ŵ Ğ Ŷ ƚ  ĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚďĞƐƵďũĞĐƚƚŽǀĞƌŝĨŝĐĂƚŝŽŶŽĨ ƚŚĞƐŝƚĞ;ƐͿŶŽŶĞͲŝŶĐůƵƐŝŽŶŽŶƚŚĞůŝƐƚ ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϰϱ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ŽĨ ŚĂnjĂƌĚŽƵƐ ǁĂƐƚĞ ƐŝƚĞƐ ;ŽƌƚĞƐĞ >ŝƐƚͿ ĐŽŵƉŝůĞĚ ďLJ ƚŚĞ d^ ƉƵ ƌƐƵĂŶƚ ƚŽ ' ΑϲϱϵϲϮ͘ϱ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ ƌĐĂĚŝĂ 'W 'ŽĂů ^Ͳϰ ĂŶĚ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ĐƚŝŽŶƐ ϴͲϲ ĂŶĚ ϴͲϳ͕ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ ĞdžŝƐƚŝŶŐ ƌĞŐƵůĂƚŝŽŶƐ͖ ĂƐ ǁĞůů ĂƐ ƉƌĞƉĂƌĞ
ŶǀŝƌŽŶŵĞŶƚĂů^ŝƚĞƐƐĞƐƐŵĞŶƚƐƚŽŝĚĞŶƚŝĨLJĂŶĚĂďĂƚĞŚĂnjĂƌĚŽƵƐŵĂƚĞƌŝĂůƌĞůĞĂƐĞƐĨƌŽŵ ƉƌŝŽƌůĂŶĚƵƐĞƐ͘ Ϯϵ>ĂƐƚůLJ͕ĐŽŵƉůŝĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůƌ ĞŐƵůĂƚŝŽŶƐǁŽƵůĚ ĞŶƐƵƌĞ ŶŽŶĞǁŽƌ ŵŽƌĞ ƐĞǀĞƌĞ ŝŵƉĂĐƚƐ ĂƌĞ ĂŶƚŝĐŝƉĂƚĞĚ͕ ĂŶĚ ŶŽŶĞǁ ŵŝƚŝŐĂƚŝŽŶ ŵĞĂƐƵƌĞƐ ĂƌĞ ƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Ğ͘ &ŽƌĂƉƌŽũĞĐƚůŽĐĂƚĞĚǁŝƚŚŝŶĂŶĂŝƌƉŽƌƚůĂŶĚƵƐĞƉůĂŶŽƌ͕ǁŚĞƌĞ ƐƵĐŚĂƉůĂŶŚĂƐ ŶŽƚďĞĞŶ  ĂĚŽƉƚĞĚ͕ǁŝƚŚŝŶƚǁŽŵŝůĞƐŽĨĂƉƵďůŝĐĂŝƌƉŽƌƚŽƌƉƵďůŝĐƵƐĞĂŝƌƉŽƌƚ͕ǁŽƵůĚƚŚĞƉƌŽũĞĐƚƌĞƐƵůƚ ŝŶĂƐĂĨĞƚLJŚĂnjĂƌĚŽƌĞdžĐĞƐƐŝǀĞŶŽŝƐĞĨŽƌƉĞŽƉůĞƌĞƐŝĚŝŶŐŽƌǁŽƌŬŝŶŐŝŶƚŚĞƉƌŽũĞĐƚĂƌĞĂ͍ EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ dŚĞƌĐĂĚŝĂ'W
/Z͕ƐƚĂƚĞƐƚŚĂƚƚŚĞĐůŽƐĞƐƚĂŝƌƉŽƌƚƚŽƚŚĞ
ŝƚLJŝƐƚŚĞ
ůDŽŶƚĞŝƌƉŽƌƚ͕ĂŶĚƚŚĂƚƚŚĞZƵŶǁĂLJWƌŽƚĞĐƚŝŽŶŽŶĞ;ZWͿĨŽƌƚŚĞ ůDŽŶƚĞŝƌƉŽƌƚ
ĚŽĞƐ ŶŽƚ ĞdžƚĞŶĚ ŝŶƚŽ ƚŚĞ ŝƚLJ ŽĨ ƌĐĂĚŝĂ͘
ϯϬ ,ŽǁĞǀĞƌ͕ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ŝŶƚŚĞ ƐŽƵƚŚĞƌŶƉŽƌƚŝŽŶ ŽĨƚŚĞ ŝƚLJ͕ ǁŝƚŚŝŶƚŚĞ >ŝǀĞ KĂŬ  Ž ƌ ƌ ŝ Ě Ž ƌ Ă Ŷ Ě ƚ Ś Ğ  ƌ Đ Ă Ě ŝ Ă ' Ž ů Ĩ  ŽƵƌƐĞŵĂLJĞdžƚĞŶĚŝŶƚŽƚŚĞŶĂǀŝŐĂďůĞĂŝƌƐƉĂĐĞ;ǁŝƚŚŝŶƚǁŽ;ϮͿŵŝůĞƐͿŽĨƚŚĞ ůDŽŶƚĞŝƌƉŽƌƚĂŶĚ
ĐŽƵůĚĂĨĨĞĐƚĂŝƌĐƌĂĨƚůĂŶĚŝŶŐĂŶĚƚĂŬĞͲŽĨĨŽƉĞƌĂƚŝŽŶƐ͘ ϯϭdŚĞƌĞĨŽƌĞ͕ĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞ,
hŝŶƚŚĞƐĞĂƌĞĂƐǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽĐŽŵƉ ůLJǁŝƚŚƚŚĞŚĞŝŐŚƚůŝŵŝƚĂƚŝŽŶƐŝŶ ƚŚĞ &Z WĂƌƚ ϳϳ͘ϯϮ >ĂƐƚůLJ͕ Ăůů ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ďĞ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ŝƚLJ͛Ɛ ĚĞǀĞůŽƉŵĞŶƚ ƌĞǀŝĞǁ ƉƌŽĐĞƐƐ͕ ǁŚŝĐŚ ŵĂLJ ŝŶĐůƵĚĞ ĞŶǀŝƌŽŶŵĞŶƚĂů ƌĞǀŝĞǁ ƵŶĚĞƌ
Y͕ĂŶĚďĞƌĞƋƵŝƌĞĚƚŽĂĚŚĞƌĞƚŽĂůůĂƉƉůŝĐĂďůĞƌĞŐƵůĂƚŝŽŶƐ͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞ ƐĞǀĞƌĞŝŵƉĂĐƚƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘

ϮϵŝƚLJŽĨƌĐĂĚŝĂ͘ϮϬϭϬ͘ƌĐĂĚŝĂ'ĞŶĞƌĂůWůĂŶ͕ŚĂƉƚĞƌϭϬ͗/ŵƉůĞŵĞŶƚĂƚŝŽŶWůĂŶ͘ ŚƚƚƉƐ͗ͬͬĐŵƐϵĨŝůĞƐ͘ƌĞǀŝnjĞ͘ĐŽŵͬĂƌĐĂĚŝĂͬ^ŚĂƉĞйϮϬƌĐĂĚŝĂͬĞǀĞůŽƉŵĞŶƚйϮϬ^ĞƌǀŝĐĞƐͬŐĞŶĞƌĂůйϮϬƉůĂŶͬ/ŵƉůĞŵĞŶƚĂƚŝŽŶйϮϬWůĂŶ͘ƉĚĨ;ĂĐĐĞƐƐĞĚ EŽǀĞŵďĞƌϮϬϮϯͿ͘
ϯϬŽŶdĞƌƌĂŽŶƐƵůƚŝŶŐ͘ϮϬϭϬ͘ŝƚLJŽĨƌĐĂĚŝĂϮϬϭϬ'ĞŶĞƌĂůWůĂŶhƉĚĂƚĞ͘WĂŐĞϰ͘ϳͲϮϭ͘ ŚƚƚƉƐ͗ͬͬĐŵƐϵĨŝůĞƐ͘ƌĞǀŝnjĞ͘ĐŽŵͬĂƌĐĂĚŝĂͬ^ŚĂƉĞйϮϬƌĐĂĚŝĂͬĞǀĞůŽƉŵĞŶƚйϮϬ^ĞƌǀŝĐĞƐͬĞŝƌͬ,ĂnjĂƌĚƐ͘ƉĚĨ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘ ϯϭ/ďŝĚ͘
ϯϮ/ďŝĚ͘
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϰϲ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
Ĩ͘ /ŵƉĂŝƌŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨŽƌƉŚLJƐŝĐĂůůLJŝŶƚĞƌĨĞƌĞǁŝƚŚĂŶĂĚŽƉƚĞĚĞŵĞƌŐĞŶĐLJƌĞƐƉŽŶƐĞƉůĂŶ ŽƌĞŵĞƌŐĞŶĐLJĞǀĂĐƵĂƚŝŽŶƉůĂŶ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶĚŝƌĞĐƚŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ ďƵƚ ǁŽƵůĚ ĨĂĐŝůŝƚĂƚĞ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞŝƚLJ͘ dŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ĂůƐŽ ĚĞĐƌĞĂƐĞĂůůŽǁĂďůĞŚŽƵƐŝŶŐĐĂƉĂĐŝƚLJŝŶĐĞƌƚĂŝŶĂƌĞĂƐůŽĐĂƚĞĚƚŚƌŽƵŐŚŽƵƚƚŚĞŝƚLJĂƐĐŽŵƉĂƌĞĚƚŽ ƚŚĞ ƉƉƌŽǀĞĚ /^ͬE͘ dŚĞ ĚĞĐƌĞĂƐĞĚ ŚŽƵƐŝŶŐ ĚĞŶƐŝƚLJ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ĂůƐŽ ĚĞĐƌĞĂƐĞĞŵĞƌŐĞŶĐLJƌĞƐƉŽŶƐĞĚĞŵĂŶĚƐĚƵƌŝŶŐĞǀĂĐƵĂƚŝŽŶƉĞƌŝŽĚƐĂƐĐŽŵƉĂƌĞĚƚŽƚŚĞƉƉƌŽǀĞĚ /^ͬE͘ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚĚŝƌĞĐƚůLJƌĞƐƵůƚŝŶŵ ŽĚŝĨŝĐĂƚŝŽŶƐƚŽĐŝƌĐƵůĂƚŝŽŶƐLJƐƚĞŵƐ Žƌ ŵĞƚŚŽĚƐ ĨŽƌ ƌĞƐƉŽŶĚŝŶŐ ĚƵƌŝŶŐ ƉĞƌŝŽĚƐ ŽĨ ĞŵĞƌŐĞŶĐLJ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚƐ ǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽƵŶĚĞƌŐŽŝƚLJƌĞǀŝĞǁǁŚŝĐŚĞƐƚĂďůŝƐŚĞƐĐŽŶƐŝƐƚĞŶĐLJǁŝƚŚĂƉƉůŝĐĂďůĞďƵŝůĚŝŶŐ ĂŶĚĂĐĐĞƐƐƌĞŐƵůĂƚŝŽŶƐĂƐǁĞůůĂƐĨŝƌĞĂďĂƚĞŵĞŶƚƉŽůŝĐŝĞƐ͘&ƵƚƵ ƌĞĚĞǀĞůŽƉŵĞŶƚƐǁŽƵůĚĂůƐŽďĞ ƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJǁŝƚŚƌĐĂĚŝĂDΑϵϭϬϯ͘Ϭϳ ϯϯǁŚŝĐŚƌĞƋƵŝƌĞƐĚĞǀĞůŽƉĞƌƐƚŽŝŶĐůƵĚĞƐƵŝƚĂďůĞ ƐŝƚĞĂĐĐĞƐƐĨŽƌĞŵĞƌŐĞŶĐLJǀĞŚŝĐůĞƐ͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞƐ ĞǀĞƌĞŝŵƉĂĐƚƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͕ ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Ő͘
džƉŽƐĞƉĞŽƉůĞŽƌƐƚƌƵĐƚƵƌĞƐ͕ĞŝƚŚĞƌĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJ͕ƚŽ ĂƐŝŐŶŝĨŝĐĂŶƚƌŝƐŬŽĨůŽƐƐ͕ŝŶũƵƌLJ ŽƌĚĞĂƚŚŝŶǀŽůǀŝŶŐǁŝůĚůĂŶĚĨŝƌĞƐ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ &ŽƌĂĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶƌĞĨĞƌƚŽ ^ĞĐƚŝŽŶϰ͘ϮϬ͗tŝůĚĨŝƌĞ͘ &ƵƚƵƌĞŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚďLJ ƚŚĞWƌŽũĞĐƚ ǁŽƵůĚ ŶŽƚĚŝƌĞĐƚůLJ Žƌ ŝŶĚŝƌĞĐƚůLJ ĞdžƉŽƐĞ ƉĞŽƉůĞŽƌƐƚƌƵĐƚƵƌĞƐƚŽĂƌŝƐŬŽĨůŽƐƐ͕ŝŶũƵƌLJ͕ŽƌĚĞĂƚŚŝŶǀŽůǀ ŝŶŐǁŝůĚůĂŶĚĨŝƌĞƐ͘ƐŵĂƉƉĞĚďLJƚŚĞ ĂůŝĨŽƌŶŝĂĞƉĂƌƚŵĞŶƚŽĨ&ŽƌĞƐƚƌLJĂŶĚ&ŝƌĞWƌŽƚĞĐƚŝŽŶ;>&/Z Ϳ͕ƚŚĞŶŽƌƚŚĞƌŶƉŽƌƚŝŽŶŽĨƚŚĞŝƚLJ
ŝƐ ĚĞƐŝŐŶĂƚĞĚ ĂƐ Ă sĞƌLJ ,ŝŐŚ &ŝƌĞ ,ĂnjĂƌĚ ^ĞǀĞƌŝƚLJ ŽŶĞ͘ dŚĞ ĐĂŶĚŝĚĂƚĞ ŚŽƵƐŝŶŐ ƐŝƚĞƐ ŵĂLJ ďĞ ĐŽŶƐƚƌƵĐƚĞĚŝŶƚŚĞƐĞĂƌĞĂƐĂĚũĂĐĞŶƚƚŽĂƌĞĂƐŶĞĂƌŽƉĞŶƐƉĂĐĞ͖ƚ ŚĞƌĞĨŽƌĞ͕ƌŝƐŬŽĨǁŝůĚĨŝƌĞĐŽƵůĚ ŽĐĐƵƌ͘ dŚĞ ŝƚLJ ŚĂƐ ďƵŝůĚŝŶŐ ĂŶĚ ĨŝƌĞ ĐŽĚĞƐ ƚŚĂƚ ŵƵƐƚ ďĞ ĨŽůůŽǁĞ Ě Ɛ Ƶ Đ Ś Ă Ɛ Ƶ Ɛ ŝ Ŷ Ő Ĩ ŝ ƌ ĞͲ ƌ Ğ Ɛ ŝ Ɛ ƚ Ă Ŷ ƚ  ďƵŝůĚŝŶŐŵĂƚĞƌŝĂůƐ͕ŝŵƉůĞŵĞŶƚŝŶŐĨƵĞůŵŽĚŝĨŝĐĂƚŝŽŶnjŽŶĞƐ͕ĂŶĚŵĂŝŶƚĂŝŶŝŶŐǀĞŐĞƚĂƚŝŽŶĐůĞĂƌĂŶĐĞ ĂƌŽƵŶĚ ƐƚƌƵĐƚƵƌĞƐ ŝƐ ƌĞƋƵŝƌĞĚ ƚŽ ƉƌŽƚĞĐƚ ďƵŝůĚŝŶŐƐ ĂŶĚ ƌĞĚƵĐĞ ƚŚ Ğ Ɖ Ž ƚ Ğ Ŷ ƚ ŝ Ă ů ů Ž Ɛ Ɛ Ž Ĩ ů ŝ Ĩ Ğ Ă Ŷ Ě  ƉƌŽƉĞƌƚLJ͘EĞǁĚĞǀĞůŽƉŵĞŶƚŝŶǁŝůĚůĂŶĚĂŶĚƵƌďĂŶͲǁŝůĚůĂŶĚŝŶƚĞƌĨ ĂĐĞĂƌĞĂƐŵƵƐƚďĞĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ĞdžŝƐƚŝŶŐ ƌĞŐƵůĂƚŝŽŶƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ^ƚĂƚĞ &ŝƌĞ ŽĚĞ͕ ƚŽ ŵĞĞƚ ĨŝƌĞ ƐĂĨĞƚLJ ƐƚĂŶĚĂƌĚƐ ĨŽƌ ďƵŝůĚŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͘dŚƌŽƵŐŚĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞ^ƚĂƚĞŽĨĂůŝĨŽƌŶŝĂ͕ŽƵŶƚLJŽĨ^ĂŶĞƌŶĂƌĚŝŶŽ͕ ĂŶĚƚŚĞŝƚLJďƵŝůĚŝŶŐĐŽĚĞƐĂŶĚƌĞǀŝĞǁďLJƚŚĞĨŝƌĞĚĞƉĂƌƚŵĞŶƚƚ ŽƌĞĚƵĐĞǁŝůĚůĂŶĚĨŝƌĞƐ͕ŶŽŶĞǁ ŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘ 
ϯϯŝƚLJŽĨƌĐĂĚŝĂ͘ϮϬϮϯ͘^ĞĐƚŝŽŶϵϭϬϯ͘ϬϳʹKĨĨͲ^ƚƌĞĞƚWĂƌŬŝŶŐĂŶĚ>ŽĂĚŝŶŐ͘ ŚƚƚƉƐ͗ͬͬůŝďƌĂƌLJ͘ŵƵŶŝĐŽĚĞ͘ĐŽŵͬĐĂͬĂƌĐĂĚŝĂͬĐŽĚĞƐͬĐŽĚĞͺŽĨͺŽƌĚŝŶĂŶĐĞƐ͍ŶŽĚĞ/ĚсZd/y/h^>ͺ,ϭ Kͺ/sϯZ
W>K/dW>'

^dͺ^ϵϭϬϯ͘ϬϳK
Z
W>K;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϰϳ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ŽŶĐůƵƐŝŽŶ
dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐ͘>ĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚƐǁĞƌĞ ŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘dŚĞWƌŽũĞĐƚǁŽƵůĚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂŶĂůLJƐŝƐĐŽŶƚĂŝŶĞĚ ŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚĨŽƌŝƐƐƵĞƐƌĞůĂƚĞĚ ƚŽŚĂnjĂƌĚƐĂŶĚŚĂnjĂƌĚŽƵƐŵĂƚĞƌŝĂůƐ͘


ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϰϴ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϰϰ͘ϭϬ ,LJĚƌŽůŽŐLJĂŶĚtĂƚĞƌYƵĂůŝƚLJ
^ƵŵŵĂƌLJŽĨWƌĞǀŝŽƵƐ
ŶǀŝƌŽŶŵĞŶƚĂůŶĂůLJƐŝƐ
dŚĞƉƉƌŽǀĞĚ/^ͬEĐŽŶĐůƵĚĞĚƚŚĂƚƚŚĞƌĐĂĚŝĂ,
hǁŽƵůĚƌĞƐƵůƚŝŶĂůĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚ
ƚŽ ŚLJĚƌŽůŽŐLJ ĂŶĚ ǁĂƚĞƌ ƋƵĂůŝƚLJ ƌĞƐŽƵƌĐĞƐ͘ dŚŝƐ ǁĂƐ ĂƚƚƌŝďƵƚĞĚ ƚ Ž ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ĞdžŝƐƚŝŶŐ ƌĞŐƵůĂƚŝŽŶĂŶĚDWƐƐƵĐŚĂƐƚŚĞƌĞĐĞƉƚŝŽŶŽĨĂEW
^ƉĞƌŵŝƚĂŶĚĂ^tWWW͘
ŶĂůLJƐŝƐŽĨƚŚĞWƌŽƉŽƐĞĚWƌŽũĞĐƚ
Ă͘ sŝŽůĂƚĞ ĂŶLJ ǁĂƚĞƌ ƋƵĂůŝƚLJ ƐƚĂŶĚĂƌĚƐ Žƌ ǁĂƐƚĞ ĚŝƐĐŚĂƌŐĞ ƌĞƋƵŝƌĞŵ ĞŶƚƐ Žƌ ŽƚŚĞƌǁŝƐĞ ƐƵďƐƚĂŶƚŝĂůůLJĚĞŐƌĂĚĞƐƵƌĨĂĐĞŽƌŐƌŽƵŶĚǁĂƚĞƌƋƵĂůŝƚLJ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶĚŝƌĞĐƚŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͕ ďƵƚǁŽƵůĚĨĂĐŝůŝƚĂƚĞĂŶĚƉƌŽǀŝĚĞĂƉŽůŝĐLJĨƌĂŵĞǁŽƌŬĨŽƌĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƚŚƌŽƵŐŚŽƵƚ ƚŚĞŝƚLJ͘&ƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĐŽƵůĚƌĞƐƵůƚŝŶƉŽƚĞŶƚŝĂů ŝŵƉĂĐƚƐƌĞůĂƚĞĚƚŽǁĂƚĞƌƋƵĂůŝƚLJ ŽǀĞƌƚŚƌĞĞ;ϯͿĚŝĨĨĞƌĞŶƚƉĞƌŝŽĚƐ͗
x ƵƌŝŶŐƚŚĞĞĂƌƚŚǁŽƌŬĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶƉŚĂƐĞ͕ǁŚĞƌĞƚŚĞƉŽƚĞŶƚŝĂ ůĨŽƌĞƌŽƐŝŽŶ͕ƐŝůƚĂƚŝŽŶ͕ ĂŶĚƐĞĚŝŵĞŶƚĂƚŝŽŶǁŽƵůĚďĞƚŚĞŐƌĞĂƚĞƐƚ͖
x &ŽůůŽǁŝŶŐ ĐŽŶƐƚƌƵĐƚŝŽŶ͕ ďĞĨŽƌĞ ƚŚĞ ĞƐƚĂďůŝƐŚŵĞŶƚ ŽĨ ŐƌŽƵŶĚ ĐŽǀĞƌ͕ ǁŚĞŶ ƚŚĞ ĞƌŽƐŝŽŶ ƉŽƚĞŶƚŝĂůŵĂLJƌĞŵĂŝŶƌĞůĂƚŝǀĞůLJŚŝŐŚ͖ĂŶĚ
x ĨƚĞƌ ƉƌŽũĞĐƚ ĐŽŵƉůĞƚŝŽŶ͕ ǁŚĞŶ ŝŵƉĂĐƚƐ ƌĞůĂƚĞĚ ƚŽ ƐĞĚŝŵĞŶƚĂƚŝŽŶ  ǁŽƵůĚ ĚĞĐƌĞĂƐĞ ŵĂƌŬĞĚůLJďƵƚƚŚŽƐĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚƵƌďĂŶƌƵŶŽĨĨǁŽƵůĚŝŶĐƌĞĂƐĞ͘ dŽƌĞĚƵĐĞƚŚĞůŝŬĞůŝŚŽŽĚŽĨƚŚŝƐ͕ŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƐĨĂĐŝůŝƚĂ ƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚĐŽŵƉůLJ ǁŝƚŚƉŽůŝĐŝĞƐƐƵĐŚĂƐƚŚŽƐĞƌĞƋƵŝƌŝŶŐƚŚĞŽďƚĂŝŶŵĞŶƚŽĨĂŶEW ^ƉĞƌŵŝƚĂŶĚĂƉƌŽũĞĐƚƐƉĞĐŝĨŝĐ
^tWWW͘&ƵƌƚŚĞƌŵŽƌĞ͕ĞĂĐŚĚĞǀĞůŽƉŵĞŶƚǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽĐŽŵƉůĞƚĞƚŚĞŝƚLJ͛ƐĚĞǀĞůŽƉŵĞŶƚ ƌĞǀŝĞǁ ƉƌŽĐĞƐƐ͕ǁŚŝĐŚ ŝŶĐůƵĚĞƐ ƌĞǀŝĞǁƉƵƌƐƵĂŶƚƚŽ  Y͕ ĂŶĚƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ Ă ŽŶƐƚƌƵĐƚŝŽŶ
ĐƚŝǀŝƚLJ'ĞŶĞƌĂůWĞƌŵŝƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚĂ^tWWW͘ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐ ĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJǁŝƚŚƚŚĞŝƚLJ͛Ɛ^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚ ĂŶĚŝƐĐŚĂƌŐĞŽŶƚƌŽůKƌĚŝŶĂŶĐĞ ;ƌĐĂĚŝĂDƌƚŝĐůĞs//ŚĂƉƚĞƌ ϴͿĂŶĚƚŚĞƌĐĂĚŝĂ'WǁŽƵůĚ ŶĞĞĚƚŽďĞĂĚŚĞƌĞĚƚŽŵŝŶŝŵŝnjĞƉŽƚĞŶƚŝĂůŝŵƉĂĐƚƐ͘dŚĞƌĞĨŽƌĞ͕ŶŽ ŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐ ĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϰϵ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ď͘ ^ƵďƐƚĂŶƚŝĂůůLJĚĞĐƌĞĂƐĞŐƌŽƵŶĚǁĂƚĞ ƌƐƵƉƉůŝĞƐŽƌŝŶƚĞƌĨĞƌĞƐƵďƐƚĂ ŶƚŝĂůůLJǁŝƚŚŐƌŽƵŶĚǁĂƚĞƌ ƌĞĐŚĂƌŐĞƐƵĐŚƚŚĂƚƚŚĞƉƌŽũĞĐƚŵĂLJŝŵƉĞĚĞƐƵƐƚĂŝŶĂďůĞŐƌŽƵŶĚǁĂƚ ĞƌŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞ ďĂƐŝŶ͍
EŽ EĞǁ Žƌ DŽƌĞ ^ŝŐŶŝĨŝĐĂŶƚ /ŵƉĂĐƚ͗ Ɛ Ğ Ɛ ƚ Ă ď ů ŝ Ɛ Ś Ğ Ě ŝ Ŷ ƚ Ś Ğ  Ɖ Ɖ ƌ Ž ǀ Ğ Ě / ^ ͬ E  ƚ Ś Ğ  ŝ ƚ LJ ͛ Ɛ Ɖ Ž ƚ Ă ď ů Ğ  ǁĂƚĞƌƐƵƉƉůLJŝƐƐĞƌǀĞĚďLJƚŚĞŝƚLJǀŝĂƚŚĞWƵďůŝĐtŽƌŬƐ^ĞƌǀŝĐĞƐĞƉĂƌƚŵĞŶƚ͘dŚĞƐĞǁĂƚĞƌƵƚŝůŝƚŝĞƐ ĂĐƋƵŝƌĞ ƚŚĞŝƌ ǁĂƚĞƌ ĨƌŽŵ ŐƌŽƵŶĚǁĂƚĞƌ ďĂƐŝŶƐ ŝŶ ƚŚĞ ĂƌĞĂ͕ ƐƵƌĨĂĐĞ ǁ Ă ƚ Ğ ƌ ͕ Ă Ŷ Ě Ĩ ƌ Ž ŵ ŝ ŵ Ɖ Ž ƌ ƚ ŝ Ŷ Ő  ǁĂƚĞƌ ĨƌŽŵ ŽƚŚĞƌ ƐƵƌƌŽƵŶĚŝŶŐ ƵƚŝůŝƚŝĞƐ ĂŶĚ ǁĂƚĞƌ ĚŝƐƚƌŝĐƚƐ͘ &Ƶƚ ƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ĐŽƵůĚ ŝŶĐƌĞĂƐĞ ǁĂƚĞƌ ĚĞŵĂŶĚ ďLJ ŝŶĐƌĞĂƐŝŶŐ ƌĞƐŝĚĞŶƚŝĂů ĚĞŶƐŝƚLJ ĂŶĚ ƉŽƉƵůĂƚŝŽŶ͕ƚŚĞŝƚLJǁŽƵůĚŶĞĞĚƚŽŵĞĞƚƚŚŝƐĚĞŵĂŶĚďLJƉŽƚĞŶƚŝĂ ůůLJŝŶĐƌĞĂƐŝŶŐƚŚĞĂŵŽƵŶƚŽĨ ŝŵƉŽƌƚĞĚ ǁĂƚĞƌ͕ ĂŶĚ ǁŽƵůĚ Ăŝŵ ƚŽ ŶŽƚ ƐŝŐŶŝĨŝĐĂŶƚůLJ ŝŶĐƌĞĂƐĞ ŐƌŽ ƵŶĚǁĂƚĞƌ ǁŝƚŚĚƌĂǁĂů͘ ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞĨƵƚƵƌĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨŚŽƵƐŝŶŐƉƌŽũĞĐƚƐĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚŝŶǀŽůǀĞ ĞdžĐĂǀĂƚŝŽŶŝŶƚŽŽƌďĞůŽǁƚŚĞǁĂƚĞƌƚĂďůĞǁŚŝĐŚǁŽƵůĚƌĞƋƵŝƌĞĚĞǁĂƚĞƌŝŶŐĂŶĚƚŚŽƐĞĚĞǁĂƚĞƌŝŶŐ ŽƉĞƌĂƚŝŽŶƐ ǁŽƵůĚ ŶĞĞĚ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ Ăůů ĚĞǁĂƚĞƌŝŶŐ ƌĞƋƵŝƌĞŵĞŶƚƐ ƚŽ ƉƌŽƚĞĐƚ ŐƌŽƵŶĚǁĂƚĞƌ ƋƵĂůŝƚLJĂŶĚƐƵƉƉůLJ͘dŚŝƐĂůŽŶŐǁŝƚŚDWƐƚŚĂƚǁŽƵůĚďĞŝŵƉůĞŵĞŶƚĞĚĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶĂƐůĂŝĚ ŽƵƚ ŝŶ ƚŚĞ ƉƌŽũĞĐƚ ƐƉĞĐŝĨŝĐ ^tWWW ǁŽƵůĚ ůŝŵŝƚ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ƉŽů ů Ƶ ƚ ŝ Ž Ŷ ŝ Ŷ Ɛ ƚ Ž ƌ ŵ ǁ Ă ƚ Ğ ƌ ƚ Ś Ă ƚ  ƌĞĐŚĂƌŐĞƐŐƌŽƵŶĚǁĂƚĞƌďĂƐŝŶƐ͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞ ŝŵƉĂĐƚƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͕ĂŶĚ ŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Đ͘ ^ƵďƐƚĂŶƚŝĂůůLJĂůƚĞƌƚŚĞĞdžŝƐƚŝŶŐĚƌĂŝŶĂŐĞƉĂƚƚĞƌŶŽĨƚŚĞƐŝƚĞŽ ƌĂƌĞĂ͕ŝŶĐůƵĚŝŶŐƚŚƌŽƵŐŚƚŚĞ ĂůƚĞƌĂƚŝŽŶŽĨƚŚĞĐŽƵƌƐĞŽĨĂƐƚƌĞĂŵŽƌƌŝǀĞƌŽƌƚŚƌŽƵŐŚƚŚĞĂĚĚŝƚŝŽŶŽĨŝŵƉĞƌǀŝŽƵƐƐƵƌĨĂĐĞƐ͕ ŝŶĂŵĂŶŶĞƌǁŚŝĐŚǁŽƵůĚ͗
ŝ͘ ZĞƐƵůƚŝŶƐƵďƐƚĂŶƚŝĂůĞƌŽƐŝŽŶŽƌƐŝůƚĂƚŝŽŶŽŶͲŽƌŽĨĨͲƐŝƚĞ͍ ŝŝ͘ ^ƵďƐƚĂŶƚŝĂůůLJŝŶĐƌĞĂƐĞƚŚĞƌĂƚĞŽƌĂŵŽƵŶƚŽĨƐƵƌĨĂĐĞƌƵŶŽĨĨŝŶ ĂŵĂŶŶĞƌǁŚŝĐŚǁŽƵůĚ ƌĞƐƵůƚŝŶĨůŽŽĚŝŶŐŽŶͲŽƌŽĨĨͲƐŝƚĞ͍
ŝŝŝ͘ ƌĞĂƚĞ Žƌ ĐŽŶƚƌŝďƵƚĞ ƌƵŶŽĨĨ ǁĂƚĞƌ ǁŚŝĐŚ ǁŽƵůĚ ĞdžĐĞĞĚ ƚŚĞ ĐĂƉĂĐŝ ƚ LJ Ž Ĩ Ğ dž ŝ Ɛ ƚ ŝ Ŷ Ő Ž ƌ  ƉůĂŶŶĞĚ ƐƚŽƌŵ ǁĂƚĞƌ ĚƌĂŝŶĂŐĞ ƐLJƐƚĞŵƐ Žƌ ƉƌŽǀŝĚĞ ƐƵďƐƚĂŶƚŝĂů ĂĚĚŝƚŝŽŶĂů ƐŽƵƌĐĞƐ ŽĨ ƉŽůůƵƚĞĚƌƵŶŽĨĨ͍
ŝǀ͘ /ŵƉĞĚĞŽƌƌĞĚŝƌĞĐƚĨůŽŽĚĨůŽǁƐ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶĚŝƌĞĐƚŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͘ DŽƐƚĐĂŶĚŝĚĂƚĞŚŽƵƐŝŶŐƐŝƚĞƐŝĚĞŶƚŝĨŝĞĚĨŽƌƚŚĞWƌŽũĞĐƚĂƌĞĚĞǀ ĞůŽƉĞĚĂŶĚĐŽŶƚĂŝŶŝŵƉĞƌǀŝŽƵƐ ƐƵƌĨĂĐĞƐ͕ǁŚŝĐŚĚŝƌĞĐƚƐƵƌĨĂĐĞĨůŽǁƐƚŽǁĂƌĚĞdžŝƐƚŝŶŐŝƚLJĨĂĐŝů ŝƚŝĞƐ͘dŚĞŝƚLJŝƐƉƌŝŵĂƌŝůLJďƵŝůƚͲŽƵƚ͕ ĐŽŶƐƚƌƵĐƚŝŽŶŽĨĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƐĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞ WƌŽũĞĐƚǁŽƵůĚŶŽƚƐƵďƐƚĂŶƚŝĂůůLJ ĂůƚĞƌƚŚĞĞdžŝƐƚŝŶŐĚƌĂŝŶĂŐĞƉĂƚƚĞƌŶƚŚƌŽƵŐŚƚŚĞĂĚĚŝƚŝŽŶŽĨŝŵƉĞƌǀŝŽƵƐƐƵƌĨĂĐĞƐ͘ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞ ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϱϬ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
WƌŽũĞĐƚǁŽƵůĚƌĞƐƵůƚŝŶƌĞĚƵĐĞĚĚĞǀĞůŽƉŵĞŶƚĂƐĐŽŵƉĂƌĞĚƚŽƚŚĞƉƉƌŽǀĞĚ/^ͬE͘&ƵƌƚŚĞƌŵŽƌĞ͕ Ăůů ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ďĞ ƐƵďũĞĐƚ ƚŽ ĞŶǀŝƌŽŶŵĞŶƚĂů ƌĞǀŝĞǁƵŶĚĞƌ
Y͕ƚŚĞŝƚLJ͛ƐĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁƉƌŽĐĞƐƐ͕ĂŶĚǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽĂĚŚĞƌĞƚŽ ĂůůĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĂǀŽŝĚŝŶŐŝŵƉĂĐƚƐ ƚŚĂƚĐŽƵůĚƐƵďƐƚĂŶƚŝĂůůLJĂůƚĞƌƚŚĞ ĞdžŝƐƚŝŶŐĚƌĂŝŶĂŐĞƉĂƚƚĞƌŶŽƌĂůƚĞƌƚŚĞĐŽƵƌƐĞŽĨĂƐƚƌĞĂŵŽƌƌŝǀĞƌ͕ŝŶĐůƵĚŝŶŐƚŚĞŝƚLJ͛Ɛ^ƚŽƌŵǁĂƚĞƌ DĂŶĂŐĞŵĞŶƚĂŶĚŝƐĐŚĂƌŐĞŽŶƚƌŽůKƌĚŝŶĂŶĐĞ;ƌĐĂĚŝĂDƌƚŝĐůĞs//ŚĂƉƚĞƌϴͿ͘dŚĞƌĞĨŽƌĞ͕ŶŽ ŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Ě͘ / Ŷ Ĩ ů Ž Ž Ě Ś Ă nj Ă ƌ Ě ͕ ƚ Ɛ Ƶ Ŷ Ă ŵ ŝ ͕ Ž ƌ Ɛ Ğ ŝ Đ Ś Ğ nj Ž Ŷ Ğ Ɛ ͕ ƌ ŝ Ɛ Ŭ ƌ Ğ ů Ğ Ă Ɛ Ğ Ž Ĩ Ɖ Ž ů ůƵƚĂŶƚƐ ĚƵĞ ƚŽ ƉƌŽũĞĐƚ ŝŶƵŶĚĂƚŝŽŶ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ ƐĞƐƚĂďůŝƐŚĞĚŝŶƚŚĞƉƉƌŽǀĞĚ /^ͬEƚŚĞŝƚLJŝƐůŽĐĂƚĞĚ ĂƉƉƌŽdžŝŵĂƚĞůLJϮϯ͘ϲŵŝůĞƐŝŶůĂŶĚĨƌŽŵƚŚĞWĂĐŝĨŝĐKĐĞĂŶ͕ŐŝǀĞŶƚŚŝƐĚŝƐƚĂŶĐĞƚŚĞƉŽƚĞŶƚŝĂůĨŽƌƚŚĞ WƌŽũĞĐƚƐŝƚĞƚŽďĞŝŶƵŶĚĂƚĞĚďLJĂůĂƌŐĞ͕ĐĂƚĂƐƚƌŽƉŚŝĐƚƐƵŶĂŵŝŝ ƐĞdžƚƌĞŵĞůLJůŽǁ͘EŽƐƚĞĞƉƐůŽƉĞƐ ĂƌĞ ŝŶ ƚŚĞ ǀŝĐŝŶŝƚLJ ŽĨ ƚŚĞ ŝƚLJ͖ ƚŚĞƌĞĨŽƌĞ͕ ƚŚĞ ƌŝƐŬ ŽĨ ŵƵĚĨůŽǁ ŝƐ ŝŶƐŝŐŶŝĨŝĐĂŶƚ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ĂƐ ƉƌĞǀŝŽƵƐůLJŶŽƚĞĚƚŚĞ&ĞĚĞƌĂů
ŵĞƌŐĞŶĐLJDĂŶĂŐĞŵĞŶƚŐĞŶĐLJ;&
DͿ ŝĚĞŶƚŝĨŝĞƐƚŚĞĞŶƚŝƌĞŝƚLJ
ŽĨƌĐĂĚŝĂƚŽďĞŝŶ&ůŽŽĚ,ĂnjĂƌĚŽŶĞy͕ǁŚŝĐŚŝƐŝĚĞŶƚŝĨŝĞĚĂƐ ϱϬϬͲLJĞĂƌ&ůŽŽĚƉůĂŝŶ͕ĂŶĂƌĞĂŽĨ ŵŝŶŝŵĂů ĨůŽŽĚ ŚĂnjĂƌĚ͘ϯϰ dŚŝƐ͕ ŝŶ ĐŽŵďŝŶĂƚŝŽŶ ǁŝƚŚ ĨƵƚƵƌĞ ĚĞǀĞůŽƉĞƌƐ͛ ƌĞƋƵŝƌĞŵĞŶƚƐ ƚŽ ĐŽŵƉůLJ ǁŝƚŚŝƚLJ͛ƐĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁƉƌŽĐĞƐƐĂŶĚĂŶLJƐƚĂƚĞŽƌĨĞĚĞƌĂůƌĞŐƵůĂƚŝŽŶƐ͕ǁŚŝĐŚŵĂLJŝŶĐůƵĚĞ ƌĞǀŝĞǁ ƉƵƌƐƵĂŶƚ ƚŽ 
Y͕ ǁŽƵůĚ ŵŝŶŝŵŝnjĞ ƉŽƚĞŶƚŝĂů ƌŝƐŬƐ͘ dŚĞƌĞĨŽƌĞ͕ ŶŽ ŶĞǁ Žƌ ŵŽƌĞ ƐĞǀĞƌĞ ŝŵƉĂĐƚƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Ğ͘ ŽŶĨůŝĐƚ ǁŝƚŚ Žƌ ŽďƐƚƌƵĐƚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ Ă ǁĂƚĞƌ ƋƵĂůŝƚLJ ĐŽŶƚƌŽů ƉůĂŶ Žƌ ƐƵƐƚĂŝŶĂďůĞ ŐƌŽƵŶĚǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƉůĂŶ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ ƐĚŝƐĐƵƐƐĞĚƵŶĚĞƌdŚƌĞƐŚŽůĚϰ͘ϭϬď͕ƚŚĞŝƚLJŝƐƵŶůŝŬĞůLJƚŽ ĨĂĐĞŐƌŽƵŶĚǁĂƚĞƌŝŵƉĂĐƚƐƚŚƌŽƵŐŚƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚ͘dŚĞƌĞĨŽƌĞ͕ĨƵƚƵƌĞŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJ ƚŚĞ WƌŽũĞĐƚǁŽƵůĚŶŽƚ ŽďƐƚƌƵĐƚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨƚŚĞ ^ƵƐƚĂŝŶĂďůĞ 'ƌŽƵŶĚǁĂƚĞƌ DĂŶĂŐĞŵĞŶƚ Đƚ ;^'DͿ ĂŶĚ ǁŽƵůĚ ĐŽŵƉůLJ ǁŝƚŚ ƚŚĞ ƌĐĂĚŝĂ D Αϳϱϱϰ͘ϵ ʹ ^ƚŽƌŵǁĂƚĞƌ DĂŶĂŐĞŵĞŶƚ ĂŶĚ ZĂŝŶǁĂƚĞƌ ZĞƚĞŶƚŝŽŶ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ƚŚ Ğ ŝƚLJ͛Ɛ ^ƚŽƌŵǁĂƚĞƌ DĂŶĂŐĞŵĞŶƚĂŶĚŝƐĐŚĂƌŐĞ ŽŶƚƌŽů KƌĚŝŶĂŶĐĞ;ƌĐĂĚŝĂDƌĐĂĚŝĂ D ƌƚŝĐ ůĞs//  ŚĂƉ ƚĞƌϴͿ  
ϯϰ&
D͘;ϮϬϬϴͿ͘&
D&ůŽŽĚDĂƉ^ĞƌǀŝĐĞĞŶƚĞƌ͘ŚƚƚƉƐ͗ͬͬŵƐĐ͘ĨĞŵĂ͘ŐŽǀͬƉŽƌƚĂůͬƐĞĂƌĐŚ͍ĚĚƌĞƐƐYƵĞƌLJсĂƌĐĂĚŝĂηƐĞĂƌĐŚƌĞƐƵůƚƐĂŶĐŚŽƌ;ĂĐĐĞƐƐĞĚ EŽǀĞŵďĞƌϮϬϮϯͿ͘
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϱϭ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ĂŝŵƐƚŽƉƌŽƚĞĐƚǁĂƚĞƌƌĞƐŽƵƌĐĞƐĂŶĚŝŵƉƌŽǀĞǁĂƚĞƌƋƵĂůŝƚLJ͘dŚĞ ŽƌĚŝŶĂŶĐĞƌĞƋƵŝƌĞƐƚŚĞƵƐĞŽĨ ŵĂŶĂŐĞŵĞŶƚ ƉƌĂĐƚŝĐĞƐďLJ ƚŚĞ ŝƚLJĂ Ŷ Ě ŝ ƚ Ɛ Đ ŝ ƚ ŝ nj Ğ Ŷ Ɛ ƚ Ś Ă ƚ ƌ Ğ Ě Ƶ Đ Ğ ƚŚĞ ĂĚǀĞƌƐĞ ĞĨĨĞĐƚƐ ŽĨ ƉŽůůƵƚĞĚ ƌƵŶŽĨĨĚŝƐĐŚĂƌŐĞƐŽŶǁĂƚĞƌƐŽĨƚŚĞ^ƚĂƚĞĂŶĚĐŽŶƚƌŽůĐŽŶƚƌŝďƵƚŝŽŶŽĨƉŽůůƵƚĂŶƚƐƚŽŝƚLJ͛ƐŵƵŶŝĐŝƉĂů ƐĞƉĂƌĂƚĞƐƚŽƌŵƐĞǁĞƌƐLJƐƚĞŵƐ;D^ϰƐͿ͕ĂŶĚƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞŝƚLJŝƐĐŽŵƉůŝĂŶƚǁŝƚŚZtYĂŶĚ ǁŝƚŚĂƉƉůŝĐĂďůĞ^ƚĂƚĞĂŶĚĨĞĚĞƌĂůůĂǁ͘>ŝŬĞƚŚĞƉƉƌŽǀĞĚ/^ͬE͕ ĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚƐĨĂĐŝůŝƚĂƚĞĚ ďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽƉƌĞƉĂƌĞĂƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞ ŵĞŶƚƉůĂŶĂŶĚŝŶĐŽƌƉŽƌĂƚĞ ƐƚŽƌŵǁĂƚĞƌ ƐƚĂŶĚĂƌĚƐ ŵĂŶƵĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ŝŶƚŽ ĚĞƐŝŐŶ ĚŽĐƵŵĞŶƚƐ ƚŽ ŵŝŶŝŵŝnjĞ ƉŽƚĞŶƚŝĂů ŝŵƉĂĐƚƐƚŽǁĂƚĞƌƋƵĂůŝƚLJ͘&ƵƌƚŚĞƌ͕ŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƐĨĂĐŝůŝƚ ĂƚĞĚďLJƚŚĞWƌŽũĞĐƚƚŚĂƚĚŝƐƚƵƌď ŽŶĞŽƌŵŽƌĞĂĐƌĞƐŽĨƐŽŝůŽƌǁŚŽƐĞƉƌŽũĞĐƚƐĚŝƐƚƵƌďůĞƐƐƚŚĂŶŽ ŶĞĂĐƌĞďƵƚĂƌĞƉĂƌƚŽĨĂůĂƌŐĞƌ ĐŽŵŵŽŶƉůĂŶŽĨĚĞǀĞůŽƉŵĞŶƚƚŚĂƚŝŶƚŽƚĂůĚŝƐƚƵƌďƐŽŶĞŽƌŵŽƌĞĂ ĐƌĞƐ͕ĂƌĞƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJ ǁŝƚŚ ƚŚĞ 'ĞŶĞƌĂů WĞƌŵŝƚ ĨŽƌ ŝƐĐŚĂƌŐĞƐ ŽĨ ^ƚŽƌŵǁĂƚĞƌ ƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ŽŶƐƚƌƵĐƚŝŽŶ ĐƚŝǀŝƚLJ ;ŽŶƐƚƌƵĐƚŝŽŶ'ĞŶĞƌĂůWĞƌŵŝƚKƌĚĞƌϮϬϬϵͲϬϬϬϵͲtYͿ͘dŚĞŽŶƐƚƌƵĐƚŝŽŶ'ĞŶĞƌĂůWĞƌŵŝƚƌĞƋƵŝƌĞƐ ƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨĂ^tWWWďLJĂĐĞƌƚŝĨŝĞĚYƵĂůŝĨŝĞĚ^tWWWĞǀĞůŽƉĞƌ͘/ƚŝƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚďLJ ƚŚĞ,
h ǁŽƵůĚŶŽƚ ƉƌĞǀĞŶƚƚŚĞ ŝƚLJ͛Ɛ ůĞĂŶ tĂƚĞƌ
WƌŽŐƌĂŵĨƌŽŵĞŶƐƵƌŝŶŐƚŚĂƚD^ϰWĞƌŵŝƚ͕ĂŶĚĂƐŝŶWůĂŶƌĞƋƵŝƌĞŵĞŶƚƐĂƌĞŵĞƚ͘>ĂƐƚůLJ͕ĂůůĨƵƚƵƌĞ ŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞ,
hǁŽƵůĚďĞƐƵďũĞĐƚƚŽ ĞŶǀŝƌŽŶŵĞŶƚĂůƌĞǀŝĞǁƵŶĚĞƌ

Y͕ƚŚĞŝƚLJ͛ƐĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁƉƌŽĐĞƐƐ͕ĂŶĚƌĞƋƵŝƌĞĚƚŽĂĚ ŚĞƌĞƚŽĂůůĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚ ůŽĐĂůƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĂǀŽŝĚŝŶŐĂŶĚŵŝŶŝŵŝnjŝŶŐĐŽŶĨůŝĐƚƐǁŝƚŚŽ ƌŽďƐƚƌƵĐƚŝŽŶŽĨŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨĂǁĂƚĞƌƋƵĂůŝƚLJĐŽŶƚƌŽůƉůĂŶŽƌƐƵƐƚĂŝŶĂďůĞŐƌŽƵŶĚǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƉůĂŶ͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁ ŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ŽŶĐůƵƐŝŽŶ
dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐ͘>ĞƐ ƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚƐǁĞƌĞ ŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘dŚĞWƌŽũĞĐƚǁŽƵůĚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂŶĂůLJƐŝƐĐŽŶƚĂŝŶĞĚŝŶ ƚŚĞƉƉƌŽǀĞĚ/^ͬE͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌ ĞƋƵŝƌĞĚĨŽƌŝƐƐƵĞƐƌĞůĂƚĞĚƚŽ ŚLJĚƌŽůŽŐLJĂŶĚǁĂƚĞƌƋƵĂůŝƚLJ͘

ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϱϮ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϰϰ͘ϭϭ >ĂŶĚhƐĞĂŶĚWůĂŶŶŝŶŐ
^ƵŵŵĂƌLJŽĨWƌĞǀŝŽƵƐ
ŶǀŝƌŽŶŵĞŶƚĂůŶĂůLJƐŝƐ
dŚĞƉƉƌŽǀĞĚ/^ͬEĐŽŶĐůƵĚĞĚƚŚĂƚƚŚĞƌĐĂĚŝĂ,
hǁŽƵůĚƌĞƐƵůƚŝŶĂůĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚ
ƌĞůĂƚŝǀĞƚŽůĂŶĚƵƐĞĂŶĚƉůĂŶŶŝŶŐƐŝŶĐĞƚŚĞƌĐĂĚŝĂ,
hǁŽƵůĚĂ ĐƚĂƐĂƐƚĂƚĞŵĂŶĚĂƚĞĚƉůĂŶŶŝŶŐ
ĚŽĐƵŵĞŶƚƚŽƉƌŽǀŝĚĞŐƵŝĚĂŶĐĞƚŽƚŚĞŝƚLJ͛ƐŚŽƵƐŝŶŐĂŶĚƉŽƉƵůĂƚŝŽŶŐƌŽǁƚŚ͘ ŶĂůLJƐŝƐŽĨƚŚĞWƌŽƉŽƐĞĚWƌŽũĞĐƚ
Ă͘ WŚLJƐŝĐĂůůLJĚŝǀŝĚĞĂŶĞƐƚĂďůŝƐŚĞĚĐŽŵŵƵŶŝƚLJ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ dŚĞWƌŽũĞĐƚĚŽĞƐŶŽƚƌĞƐƵůƚŝŶĚŝƌĞĐƚŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ Ăůů ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ďĞ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ŝƚLJ͛Ɛ ĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁƉƌŽĐĞƐƐĂŶĚǁŽƵůĚŽĐĐƵƌĂƐŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ ĂůůŽǁĂŶĚĂƚƚŚĞĚŝƐĐƌĞƚŝŽŶ ŽĨƚŚĞŝŶĚŝǀŝĚƵĂůƉƌŽƉĞƌƚLJŽǁŶĞƌƐ͘dŚĞWƌŽũĞĐƚǁŽƵůĚƌĞŵĂŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƉƉƌŽǀĞĚ/^ͬE ŝŶƚŚĂƚĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶ ƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁ ŽƵůĚůĂƌŐĞůLJŽĐĐƵƌŝŶĚĞǀĞůŽƉĞĚ ĂƌĞĂƐĂŶĚŝŶĂƌĞĂƐĐƵƌƌĞŶƚůLJnjŽŶĞĚĨŽƌƌĞƐŝĚĞŶƚŝĂůƵƐĞƐ͖ƚŚĞƌĞĨŽƌĞ͕ĂŶŝŶĐƌĞĂƐĞŝŶŚŽƵƐŝŶŐĐĂƉĂĐŝƚLJ ǁŽƵůĚ ďĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ĞdžŝƐƚŝŶŐ njŽŶŝŶŐ ĂŶĚ ǁŽƵůĚ ŶŽƚ ĚŝǀŝĚĞ ĂŶ ĞƐƚĂďůŝƐŚĞĚ ĐŽŵŵƵŶŝƚLJ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ŝƚ ŝƐ ŶŽƚ ĂŶƚŝĐŝƉĂƚĞĚ ƚŚĂƚ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚƐ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚƌĞƋƵŝƌĞƐƵďƐƚĂŶƚŝĂůƌŽĂĚͲǁŝĚĞŶŝŶŐƐŽƌŽƚŚĞƌĨĞĂƚƵƌĞƐǁŚŝĐ ŚĐŽƵůĚĚŝǀŝĚĞƚŚĞĞƐƚĂďůŝƐŚĞĚ ĐŽŵŵƵŶŝƚLJ͘>ĂƐƚůLJ͕ĐĂŶĚŝĚĂƚĞŚŽƵƐŝŶŐƐŝƚĞƐŚĂǀĞďĞĞŶŝĚĞŶƚŝĨŝĞĚƚŚƌŽƵŐŚŽƵƚƚŚĞŝƚLJĂŶĚĂƌĞŶŽƚ ĐŽŶĐĞŶƚƌĂƚĞĚŝŶĂƐŝŶŐůĞĂƌĞĂ͕ƚŚƵƐǁŽƵůĚŶŽƚĚŝǀŝĚĞĂŶĞƐƚĂďůŝ ƐŚĞĚĐŽŵŵƵŶŝƚLJ͘ dŚĞƌĞĨŽƌĞ͕ŶŽ ŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ď͘ ĂƵƐĞĂƐŝŐŶŝĨŝĐĂŶƚĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚĚƵĞƚŽĂĐŽŶĨůŝĐƚǁŝƚŚ ĂŶLJůĂŶĚƵƐĞƉůĂŶ͕ƉŽůŝĐLJ͕ ŽƌƌĞŐƵůĂƚŝŽŶĂĚŽƉƚĞĚĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨĂǀŽŝĚŝŶŐŽƌŵŝƚŝŐĂƚŝŶŐĂŶĞŶǀŝƌŽŶŵĞŶƚĂůĞĨĨĞĐƚ͍ EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗dŚĞWƌŽũĞĐƚƉƌŽƉŽƐĞŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚĞŝƚLJ͛Ɛ'ĞŶĞƌĂůWůĂŶ ĂŶĚ ĞǀĞůŽƉŵĞŶƚ ŽĚĞ͘ Ɛ ŶŽƚĞĚ ĂďŽǀĞ͕ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ŶŽƚ ƌĞƐ Ƶůƚ ŝŶ ĚŝƌĞĐƚ ŚŽƵƐŝŶŐ ĐŽŶƐƚƌƵĐƚŝŽŶ͕ďƵƚǁŽƵůĚĨĂĐŝůŝƚĂƚĞĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚ͘ƐƉĂƌƚŽĨƚŚĞWƌŽũĞĐƚ͕ĂĚĚŝƚŝŽŶĂů ŚŽƵƐŝŶŐ ƵŶŝƚƐ ǁŽƵůĚ ďĞ ĂĐĐŽŵŵŽĚĂƚĞĚ ŽŶ ƚŚĞ ĐĂŶĚŝĚĂƚĞ ŚŽƵƐŝŶŐ Ɛŝ ƚĞƐ ƚŚĂƚ ĂƌĞ ƵůƚŝŵĂƚĞůLJ ƐĞůĞĐƚĞĚƚŚƌŽƵŐŚƌĞǀŝƐŝŽŶƐƚŽƚŚĞŝƚLJ͛Ɛ,ŽƵƐŝŶŐ
ůĞŵĞŶƚ͘&ƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚ
ďLJ ƚŚĞ WƌŽũĞĐƚ ŝƐ ĂŶƚŝĐŝƉĂƚĞĚ ƚŽ ŝŶĐƌĞĂƐĞ ƚŚĞ ŝƚLJ͛Ɛ ŚŽƵƐŝŶŐ Ɛƚ ŽĐŬ ǁŚĞƌĞ ĐĂƉĂĐŝƚLJ ĞdžŝƐƚƐ͘ ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƐĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚƵŶĚĞƌŐŽƚŚĞŝƚLJ͛Ɛ ĚĞǀĞůŽƉŵĞŶƚ ƌĞǀŝĞǁ ƉƌŽĐĞƐƐ͕ ǁŚŝĐŚ ŵĂLJ ŝŶĐůƵĚĞ ĚŝƐĐƌĞƚŝŽŶĂƌLJ ƉĞƌ ŵŝƚ ĂƉƉƌŽǀĂů ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚĂů ƌĞǀŝĞǁƵŶĚĞƌ 
Y͕ĂƐ ǁĞůů ĂƐ͕ďĞ ƌĞƋƵŝƌĞĚƚŽ ĐŽŵƉůLJǁŝƚŚ ĂƉƉůŝĐĂďůĞ ĨĞĚĞƌĂů͕ ƐƚĂƚĞ͕ ĂŶĚ ůŽĐĂů ůĂǁƐ ĂŶĚ ůŽĐĂů ƉŽůŝĐŝĞƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ͕ ĂƐ ĂƉ ƉůŝĐĂďůĞ ƚŽ ŶĞǁ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ͘ƐƐƵĐŚ͕ƚŚĞWƌŽũĞĐƚǁŽƵůĚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚĂƉƉů ŝĐĂďůĞůĂŶĚƵƐĞĂŶĚƉůĂŶŶŝŶŐ ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϱϯ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ƉŽůŝĐŝĞƐŝŶƚŚĞƐƚĂƚĞ͕ƌĞŐŝŽŶĂů͕ĂŶĚůŽĐĂůĐŽŶƚĞdžƚĂƐŶĞĐĞƐƐĂƌLJƚŽŵĞĞƚƚŚĂƚůĞŐŝƐůĂƚŝŽŶ͘dŚŝƐŝŶĐůƵĚĞƐ ĐŽŶƐŝƐƚĞŶĐLJǁŝƚŚƚŚĞ'ĞŶĞƌĂůWůĂŶ͘&ŝŶĂůůLJ͕ƚŚŝƐWƌŽũĞĐƚǁŽƵůĚďĞŝŵƉůĞŵĞŶƚĞĚĂƐĂĐŽŵƉŽŶĞŶƚŽĨ ƚŚĞŝƚLJ͛ƐƌĐĂĚŝĂ,
hĂŶĚĂƐƐƵĐŚŝƐĂĐŽŵƉŽŶĞŶƚŽĨĞƐƚĂďůŝƐŚĞ ĚůĂŶĚƵƐĞƉůĂŶ͘dŚĞƌĞĨŽƌĞ͕ŶŽ ŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ŽŶĐůƵƐŝŽŶ

dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐ͘>ĞƐ ƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚƐǁĞƌĞ ŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘dŚĞWƌŽũĞĐƚǁŽƵůĚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂŶĂůLJƐŝƐĐŽŶƚĂŝŶĞĚŝŶ ƚŚĞƉƉƌŽǀĞĚ/^ͬE͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌ ĞƋƵŝƌĞĚĨŽƌŝƐƐƵĞƐƌĞůĂƚĞĚƚŽ ůĂŶĚƵƐĞŽƌƉůĂŶŶŝŶŐ͘

ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϱϰ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϰϰ͘ϭϮ DŝŶĞƌĂůZĞƐŽƵƌĐĞƐ
^ƵŵŵĂƌLJŽĨWƌĞǀŝŽƵƐ
ŶǀŝƌŽŶŵĞŶƚĂůŶĂůLJƐŝƐ
dŚĞƉƉƌŽǀĞĚ/^ͬEĐŽŶĐůƵĚĞĚƚŚĂƚƐŝŶĐĞƚŚĞƌĞĂƌĞŶŽŵŝŶŝŶŐŽƉĞ ƌĂƚŝŽŶƐĐƵƌƌĞŶƚůLJŽŶŐŽŝŶŐŝŶƚŚĞŝƚLJ ĂŶĚǁŝƚŚĂĚŚĞƌĞŶĐĞƚŽƌĐĂĚŝĂ'WŐŽĂůƐĂŶĚƉŽůŝĐŝĞƐƚŚĞƌĐĂĚŝĂ , h ǁ ŽƵůĚŚĂ ǀĞů ĞƐƐ ƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚ 
ŝŵƉĂĐƚƐŽŶŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐ͘
ŶĂůLJƐŝƐŽĨƚŚĞWƌŽƉŽƐĞĚWƌŽũĞĐƚ
Ă͘ ZĞƐƵůƚŝŶƚŚĞůŽƐƐŽĨĂǀĂŝůĂďŝůŝƚLJŽĨĂŬŶŽǁŶŵŝŶĞƌĂůƌĞƐŽƵƌĐĞ ƚŚĂƚǁŽƵůĚďĞŽĨǀĂůƵĞƚŽƚŚĞ ƌĞŐŝŽŶĂŶĚƚŚĞƌĞƐŝĚĞŶƚƐŽĨƚŚĞ^ƚĂƚĞ͍
ď͘ ZĞƐƵůƚ ŝŶ ƚŚĞ ůŽƐƐ ŽĨ ĂǀĂŝůĂďŝůŝƚLJ ŽĨ Ă ůŽĐĂůůLJͲŝŵƉŽƌƚĂŶƚ ŵŝŶĞƌ Ăů ƌĞƐŽƵƌĐĞ ƌĞĐŽǀĞƌLJ ƐŝƚĞ ĚĞůŝŶĞĂƚĞĚŽŶĂůŽĐĂůŐĞŶĞƌĂůƉůĂŶ͕ƐƉĞĐŝĨŝĐƉůĂŶ͕ŽƌŽƚŚĞƌůĂŶĚƵƐĞƉůĂŶ͍ EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚƐ͗dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶĚŝƌĞĐƚŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ ŝŶ ƚŚĞ ŝƚLJ͕ ďƵƚ ǁŽƵůĚ ĨĂĐŝůŝƚĂƚĞ ĂŶĚ ƉƌŽǀŝĚĞ Ă ƉŽůŝĐLJ ĨƌĂŵĞǁŽƌ Ŭ ĨŽƌ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ ƚŚƌŽƵŐŚŽƵƚƚŚĞŝƚLJ͘WĞƌƚŚĞƌĐĂĚŝĂ'W
/Z͕ƚŚĞƌĞĂƌĞŶŽŵŝŶŝŶŐŽƉĞƌĂƚŝŽŶƐĐƵƌƌĞŶƚůLJŽŶŐŽŝŶŐŝŶ ƚŚĞ ŝƚLJ͘ ϯϱ &ƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ďĞ  ƐƵďũĞĐƚ ƚŽ ĚŝƐĐƌĞƚŝŽŶĂƌLJ ƉĞƌŵŝƚƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ŝƚLJ͛Ɛ ĚĞǀĞůŽƉŵĞŶƚ ƌĞǀŝĞǁ Ɖ ƌ Ž Đ Ğ Ɛ Ɛ ͕ Ɖ ƌ Ž ũ Ğ Đ ƚ ů Ğ ǀ Ğ ů  ĞŶǀŝƌŽŶŵĞŶƚĂůƌĞǀŝĞǁƵŶĚĞƌ
Y͕ĂŶĚĐŽŵƉůLJǁŝƚŚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐĂŶĚ ůŽĐĂůƉŽůŝĐŝĞƐĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘dŚĞƌĞĨŽƌĞ͕ŶŽĚŝƌĞĐƚƉŚLJƐŝĐĂůĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚǁŽƵůĚŽĐĐƵƌĂƐ ĂƌĞƐƵůƚŽĨƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ŽŶĐůƵƐŝŽŶ
dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐ͘ů ĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚǁĂƐ ŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ /^ͬEĂůŽŶŐǁŝƚŚĂŶŽŝŵƉĂĐƚĚĞƚĞƌŵŝ ŶĂƚŝŽŶ͘dŚĞWƌŽũĞĐƚǁŽƵůĚďĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ĂŶĂůLJƐŝƐ ĐŽŶƚĂŝŶĞĚ ŝŶ ƚŚĞ ƉƉƌŽǀĞĚ /^ͬE͘ dŚĞƌĞĨŽƌĞ͕ ŶŽ ŶĞǁ ŵŝƚŝŐĂƚŝŽŶ ŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚĨŽƌŝƐƐƵĞƐƌĞůĂƚĞĚƚŽŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐ͘


ϯϱŽŶdĞƌƌĂŽŶƐƵůƚŝŶŐ͘ϮϬϭϬ͘ϮϬϭϬ'ĞŶĞƌĂůWůĂŶ
ŶǀŝƌŽŶŵĞŶƚĂů/ŵƉĂĐƚZĞƉŽƌƚ^ĞĐƚŝŽŶϰ͘ϭϬʹDŝŶĞƌĂůZĞƐŽƵƌĐĞƐ͘WĂŐĞϰ͘ϭϬͲϮ͘ǀĂŝůĂďůĞĂƚ͗ ŚƚƚƉƐ͗ͬͬĐŵƐϵĨŝůĞƐ͘ƌĞǀŝnjĞ͘ĐŽŵͬĂƌĐĂĚŝĂͬ^ŚĂƉĞйϮϬƌĐĂĚŝĂͬĞǀĞůŽƉŵĞŶƚйϮϬ^ĞƌǀŝĐĞƐͬĞŝƌͬDŝŶĞƌĂůZĞƐŽƵƌĐĞƐ͘ƉĚĨ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘ ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϱϱ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϰϰ͘ϭϯ EŽŝƐĞ
^ƵŵŵĂƌLJŽĨWƌĞǀŝŽƵƐ
ŶǀŝƌŽŶŵĞŶƚĂůŶĂůLJƐŝƐ
dŚĞƉƉƌŽǀĞĚ/^ͬEĐŽŶĐůƵĚĞĚƚŚĂƚƐŝŶĐĞƚŚĞƌĞĂƌĞŶŽŵŝŶŝŶŐŽƉĞ ƌĂƚŝŽŶƐĐƵƌƌĞŶƚůLJŽŶŐŽŝŶŐŝŶƚŚĞŝƚLJ ĂŶĚǁŝƚŚĂĚŚĞƌĞŶĐĞƚŽƌĐĂĚŝĂ'WŐŽĂůƐĂŶĚƉŽůŝĐŝĞƐƚŚĞƌĐĂĚŝĂ , h ǁ ŽƵůĚŚĂ ǀĞů ĞƐƐ ƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚ 
ŝŵƉĂĐƚƐŽŶŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐ͘
ŶĂůLJƐŝƐŽĨƚŚĞWƌŽƉŽƐĞĚWƌŽũĞĐƚ
Ă͘ 'ĞŶĞƌĂƚĞ Ă ƐƵďƐƚĂŶƚŝĂů ƚĞŵƉŽƌĂƌLJ Žƌ ƉĞƌŵĂŶĞŶƚ ŝŶĐƌĞĂƐĞ ŝŶ ĂŵďŝĞŶƚ ŶŽŝƐĞ ůĞǀĞůƐ ŝŶ ƚŚĞ ǀŝĐŝŶŝƚLJŽĨƚŚĞƉƌŽũĞĐƚŝŶĞdžĐĞƐƐŽĨƐƚĂŶĚĂƌĚƐĞƐƚĂďůŝƐŚĞĚŝŶƚ ŚĞůŽĐĂůŐĞŶĞƌĂůƉůĂŶŽƌŶŽŝƐĞ ŽƌĚŝŶĂŶĐĞŽƌĂƉƉůŝĐĂďůĞƐƚĂŶĚĂƌĚƐŽĨŽƚŚĞƌĂŐĞŶĐŝĞƐ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶĚŝƌĞĐƚŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ ďƵƚǁŽƵůĚĨĂĐŝůŝƚĂƚĞĂŶĚƉƌŽǀŝĚĞĂƉŽůŝĐLJĨƌĂŵĞǁŽƌŬĨŽƌĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƚŚƌŽƵŐŚŽƵƚ ƚŚĞŝƚLJ͘&ƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚƌĞƐƵůƚŝŶĐŽŶƐƚƌƵĐƚŝŽŶŶŽŝƐĞ ŐĞŶĞƌĂƚĞĚ ĨƌŽŵ ĚĞǀĞůŽƉŵĞŶƚ ĂĐƚŝǀŝƚŝĞƐ͘ 'ĞŶĞƌĂůůLJ͕ ĐŽŶƐƚƌƵĐƚŝŽŶ ǁŽƵůĚ ƚLJƉŝĐĂůůLJ ŝŶǀŽůǀĞ ƚŚĞ ĨŽůůŽǁŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶƐĞƋƵĞŶĐĞƐ͗;ϭͿƐŝƚĞƉƌĞƉĂƌĂƚŝŽŶĂŶĚͬŽƌĚĞŵŽůŝƚŝŽŶ͖;ϮͿŐƌĂĚŝŶŐĂŶĚƵƚŝůŝƚŝĞƐ ĐŽŶƐƚƌƵĐƚŝŽŶ͖ ;ϯͿ ďƵŝůĚŝŶŐ ĐŽŶƐƚƌƵĐƚŝŽŶ͖ ;ϰͿ ƉĂǀŝŶŐ͖ ĂŶĚ ;ϱͿ Ăƌ ĐŚŝƚĞĐƚƵƌĂů ĐŽĂƚŝŶŐƐ͘ dLJƉŝĐĂů ĐŽŶƐƚƌƵĐƚŝŽŶ ĞƋƵŝƉŵĞŶƚ ǁŽƵůĚ ŝŶĐůƵĚĞ ďĂĐŬŚŽĞƐ͕ ĞdžĐĂǀĂƚŽƌƐ͕ ŐƌĂĚ ĞƌƐ͕ ůŽĂĚĞƌƐ͕ ĐŽŵƉĂĐƚŽƌƐ͕ ĐƌĂŶĞƐ͕ƚƌƵĐŬƐ͕ƉĂǀĞƌƐ͕ƉŶĞƵŵĂƚŝĐƚŽŽůƐ͕ŐĞŶĞƌĂƚŽƌƐĞƚƐ͕ĂŶĚĂŝ ƌĐŽŵƉƌĞƐƐŽƌƐ͘WŝůĞĚƌŝǀŝŶŐŝƐƚŚĞ ŽŶůLJĂĐƚŝǀŝƚLJĂŶƚŝĐŝƉĂƚĞĚƚŽŐĞŶĞƌĂƚĞŶŽƚĂďůĞŶŽŝƐĞ͘,ŽǁĞǀĞƌ͕ĂƐĚŝƐĐƵƐƐĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͕ Ĩ Ƶ ƚ Ƶ ƌ Ğ Ś Ž Ƶ Ɛ ŝ Ŷ Ő Ě Ğ ǀ Ğ ů Ž Ɖ ŵ Ğ Ŷ ƚ Ĩ Ă Đ ŝ ů ŝ ƚ Ă ƚ Ğ Ě ď LJ ƚ Ś Ğ W ƌ Ž ũ Ğ Đ ƚ ŝ Ɛ Ă Ŷ ƚ ŝ Đ ŝƉĂƚĞĚ ƚŽ ŽĐĐƵƌ ŝŶ ŝŶĐƌĞŵĞŶƚĂů ƉŚĂƐĞƐŽǀĞƌƚŝŵĞďĂƐĞĚŽŶŵĂƌŬĞƚĚĞŵĂŶĚ͕ĞĐŽŶŽŵŝĐ͕ĂŶĚƉůĂŶŶŝŶŐĐŽŶƐŝĚĞƌĂƚŝŽŶƐ͘ƐĂƌĞƐƵůƚ͕ ĐŽŶƐƚƌƵĐƚŝŽŶͲƌĞůĂƚĞĚŶŽŝƐĞǁŽƵůĚŶŽƚďĞĐŽŶĐĞŶƚƌĂƚĞĚŝŶĂŶLJŽŶĞ ĂƌĞĂŽĨƚŚĞŝƚLJ͘ĚĚŝƚŝŽŶĂůůLJ͕ Ăůů ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ď Ğ Ɛ Ƶ ď ũ Ğ Đ ƚ ƚ Ž ƚ Ś Ğ  ŝ ƚ LJ ͛ Ɛ  ĚĞǀĞůŽƉŵĞŶƚ ƌĞǀŝĞǁ ƉƌŽĐĞƐƐ͕ ǁŚŝĐŚ ŵĂLJ ŝŶĐůƵĚĞ ĞŶǀŝƌŽŶŵĞŶƚĂů ƌĞǀŝĞǁ ƵŶĚĞƌ  Y͕ ĂŶĚ ďĞ
ƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJǁŝƚŚƚŚĞƌĐĂĚŝĂDŚĂƉƚĞƌϲ͕EŽŝƐĞZĞŐƵůĂƚ ŝŽŶ͘ŽŶƐƚƌƵĐƚŝŽŶĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJǁŝƚŚƚŚĞ ƌĐĂĚŝĂDΑϰϲϭϬ͘ϯ;EŽŝƐĞ>ŝŵŝƚƐͿĂŶĚĂĚŚĞƌĞƚŽƌĐĂĚŝĂ'W'ŽĂůEͲϭĂŶĚWŽůŝĐŝĞƐEͲϭ͕ϭƚŚƌŽƵŐŚ EͲϭ͘ϱǁŚŝĐŚĂŝŵƚŽƌĞĚƵĐĞĂŶLJƉŽƚĞŶƚŝĂůŝŵƉĂĐƚƐǁŝƚŚƌĞŐĂƌĚƚŽŶŽŝƐĞ͘ /ŶƚĞƌŵƐŽĨŽƉĞƌĂƚŝŽŶĂůŶŽŝƐĞĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚƌĞƐƵůƚ ŝ Ŷ Ă Ě Ě ŝ ƚ ŝ Ž Ŷ Ă ů Ś Ž Ƶ Ɛ ŝ Ŷ Ő ͕ Ɖ Ğ Ž Ɖ ů Ğ ͕ Ɖ Ğ ƚ Ɛ ͕ Ă Ŷ Ě Ă Ƶ ƚ Ž ŵ Ž ď ŝ ů Ğ Ɛ ŝ Ŷ ƚ Ś Ğ  ŝ ƚLJ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ŶŽŝƐĞ ǁŽƵůĚ ďĞ ŐĞŶĞƌĂƚĞĚ ďLJ ƐƚĂƚŝŽŶĂƌLJ ŽƉĞƌĂƚŝŽŶͲƌĞůĂƚĞĚ ƐŽƵƌĐĞƐ͕ ƐƵĐŚ ĂƐ ŚĞĂƚ ŝŶŐ͕ ǀĞŶƚŝůĂƚŝŽŶ͕ ĂŶĚ Ăŝƌ ĐŽŶĚŝƚŝŽŶŝŶŐ ;,sͿ ƵŶŝƚƐ͕ ƚĂŶŬůĞƐƐ ǁĂƚĞƌ ŚĞĂƚĞƌƐ͕ ŐĞŶĞƌĂƚŽƌƐ͕ůĂǁŶ ŵĂŝŶƚĞŶĂŶĐĞ ĞƋƵŝƉŵĞŶƚ͕ ĂŶĚ ƐǁŝŵŵŝŶŐ ƉŽŽů ƉƵŵƉƐ͘ ůů ĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚďLJ ƚŚĞ WƌŽũĞĐƚ ŵĂLJ ďĞ ƐƵďũĞĐƚƚŽĚŝƐĐƌĞƚŝŽŶĂƌLJƉĞƌŵŝƚƐĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůƌĞǀŝĞǁƵŶĚĞƌ  YĂŶĚǁŽƵůĚďĞƌĞƋƵŝƌĞĚ
ƚŽ ĚĞŵŽŶƐƚƌĂƚĞ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƌĐĂĚŝĂ D ŚĂƉƚĞƌ ϲ͘ ůů ĨƵƚƵƌĞ  ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ďĞ ƐƵďũĞĐƚ ƚŽ ĞŶǀŝƌŽŶŵĞŶƚĂů ƌĞǀŝĞǁ ƵŶĚĞƌ  Y͕ ƚŚĞ ŝƚLJ͛Ɛ
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϱϲ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁƉƌŽĐĞƐƐ͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͕ĂŶĚŶŽ ŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ď͘ 'ĞŶĞƌĂƚĞĞdžĐĞƐƐŝǀĞŐƌŽƵŶĚďŽƌŶĞǀŝďƌĂƚŝŽŶŽƌŐƌŽƵŶĚďŽƌŶĞŶŽŝƐĞůĞǀĞůƐ͍ EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶĚŝƌĞĐƚŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ ďƵƚǁŽƵůĚĨĂĐŝůŝƚĂƚĞĂŶĚƉƌŽǀŝĚĞĂƉŽůŝĐLJĨƌĂŵĞǁŽƌŬĨŽƌĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƚŚƌŽƵŐŚŽƵƚ ƚŚĞŝƚLJ͘ŽŶƐƚƌƵĐƚŝŽŶĂĐƚŝǀŝƚŝĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚĨƵƚƵƌĞŚŽƵƐŝŶ ŐĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞ WƌŽũĞĐƚĐŽƵůĚƌĞƐƵůƚŝŶǀĂƌLJŝŶŐĚĞŐƌĞĞƐŽĨŐƌŽƵŶĚďŽƌŶĞǀŝďƌĂƚŝŽŶŝŵƉĂĐƚƐĨƌŽŵŚĞĂǀLJĞƋƵŝƉŵĞŶƚ ŽƉĞƌĂƚŝŽŶƐ͕ĚĞƉĞŶĚŝŶŐŽŶƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶƉƌŽĐĞĚƵƌĞĂŶĚĞƋƵŝƉŵĞŶƚƵƐĞĚ͘ ĂƐĞĚŽŶƚŚĞ&ĞĚĞƌĂůdƌĂŶƐŝƚĚŵŝŶŝƐƚƌĂƚŝŽŶ;&dͿĚĂƚĂǀŝďƌĂƚŝŽ ŶǀĞůŽĐŝƚŝĞƐĨƌŽŵƚLJƉŝĐĂůŚĞĂǀLJ ĐŽŶƐƚƌƵĐƚŝŽŶ ĞƋƵŝƉŵĞŶƚ ŽƉĞƌĂƚŝŽŶƐ ƚŚĂƚ ǁŽƵůĚ ďĞ ƵƐĞĚ ĚƵƌŝŶŐ ĨƵƚ ƵƌĞ ŚŽƵƐĞ ĚĞǀĞůŽƉŵĞŶƚ ĐŽŶƐƚƌƵĐƚŝŽŶĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚƌĂŶŐĞĨƌŽŵϬ͘ϬϬϯƚŽϬ͘Ϭ ϴϵŝŶͬƐĞĐWWsĂƚϮϱĨĞĞƚĨƌŽŵƚŚĞ ƐŽƵƌĐĞ ŽĨ ĂĐƚŝǀŝƚLJ͘ Ɛ ĂƐƐĞƐƐĞĚ ŝŶ ƚŚĞ ƉƉƌŽǀĞĚ /^ͬE͕ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚǁŽƵůĚ ŽĐĐƵƌ ŝŶ ŝŶĐƌĞŵĞŶƚĂů ƉŚĂƐĞƐ ŽǀĞƌ ƚŝŵĞ ďĂƐĞĚ ŽŶ ŵĂƌŬĞƚĚĞŵĂŶĚ͕ ĂŶĚ ƉůĂŶŶŝŶŐ ĐŽŶƐŝĚĞƌĂƚŝŽŶƐ͘ Ɛ Ă ƌĞƐƵůƚ͕ ŐƌŽƵŶĚ ďŽƌŶĞ ǀŝďƌĂƚŝŽŶ ǁŽƵůĚ ŶŽƚ ďĞ ĐŽŶĐĞŶƚƌĂƚĞĚ ŝŶ ĂŶLJ ŽŶĞ ƉĂƌƚŝĐƵůĂƌĂƌĞĂŽĨƚŚĞŝƚLJ͘ĚĚŝƚŝŽŶĂůůLJ͕ĂŶLJĨƵƚƵƌĞĚĞǀĞůŽƉŵĞ ŶƚǁŝƚŚŝŶƚŚĞĐĂŶĚŝĚĂƚĞŚŽƵƐŝŶŐ ƐŝƚĞƐǁŽƵůĚďĞƐƵďũĞĐƚƚŽƚŚĞŝƚLJ͛ƐƐƚĂŶĚĂƌĚĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁƉƌŽĐĞƐƐ͕ŝŶĐůƵĚŝŶŐĐŽŵƉůŝĂŶĐĞ ǁŝƚŚƚŚĞŝƚLJ͛Ɛ'W͕ĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŵƵŶŝĐŝƉĂůĐŽĚĞ͕ĂŶĚƐŝƚĞͲƐƉĞĐŝĨŝĐ YƌĞǀŝĞǁ͘dŚĞƌĞĨŽƌĞ͕
ŶŽŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Đ͘ &ŽƌĂƉƌŽũĞĐƚůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞǀŝĐŝŶŝƚLJŽĨĂƉƌŝǀĂƚĞĂŝƌƐƚƌŝƉ ŽƌĂŶĂŝƌƉŽƌƚůĂŶĚƵƐĞƉůĂŶŽƌ͕ ǁŚĞƌĞƐƵĐŚĂƉůĂŶŚĂƐŶŽƚďĞĞŶĂĚŽƉƚĞĚ͕ǁŝƚŚŝŶƚǁŽŵŝůĞƐŽĨĂƉ ƵďůŝĐĂŝƌƉŽƌƚŽƌƉƵďůŝĐƵƐĞ ĂŝƌƉŽƌƚ͕ǁŽƵůĚƚŚĞƉƌŽũĞĐƚĞdžƉŽƐĞƉĞŽƉůĞƌĞƐŝĚŝŶŐŽƌǁŽƌŬŝŶŐŝŶƚŚĞƉƌŽũĞĐƚĂƌĞĂƚŽĞdžĐĞƐƐŝǀĞ ŶŽŝƐĞůĞǀĞůƐ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ ƐĚŝƐĐƵƐƐĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬEƚŚĞƌĞĂƌĞŶŽĂŝƌƉŽƌƚƐ ǁŝƚŚŝŶƚŚĞŝƚLJ͘ƐƉƌĞǀŝŽƵƐůLJĚŝƐĐƵƐƐĞĚ͕ƚŚĞĐůŽƐĞƐƚĂŝƌƉŽƌƚƚ ŽƌĐĂĚŝĂŝƐƚŚĞ ůDŽŶƚĞŝƌƉŽƌƚ͕
ǁŚŝĐŚŝƐůŽĐĂƚĞĚĂƉƉƌŽdžŝŵĂƚĞůLJϭ͘ϮϱŵŝůĞƐƐŽƵƚŚŽĨƚŚĞŝƚLJ͛ƐƐŽƵƚŚĞƌŶŝƚLJďŽƵŶĚĂƌLJ͘ĐĐŽƌĚŝŶŐ ƚŽƚŚĞƌĐĂĚŝĂ'W
/Z͕ĂŝƌĐƌĂĨƚŽƉĞƌĂƚŝŽŶƐĂƚƚŚŝƐĂŝƌƉŽƌƚŝƐĂ ƵĚŝďůĞĂƚƚŚĞƐŽƵƚŚĞƌŶƐĞĐƚŝŽŶŽĨƚŚĞ ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϱϳ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ŝƚLJ͕ĂŶĚĨůLJŽǀĞƌƐĂƚůŽǁůĞǀĞůƐĂƌĞĂƵĚŝďůĞŽǀĞƌƚŚĞŝƚLJ͘ϯϲ^ŽŵĞĐĂŶĚŝĚĂƚĞŚŽƵƐŝŶŐƐŝƚĞƐŝĚĞŶƚŝĨŝĞĚ ĨŽƌ ƚŚĞ WƌŽũĞĐƚ ĂƌĞ ůŽĐĂƚĞĚ ǁŝƚŚŝŶ ƚŚĞ >ŝǀĞ KĂŬ ŽƌƌŝĚŽƌ ĂŶĚ ǁŽƵůĚ ďĞ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ŝƚLJ͛Ɛ ĚĞǀĞůŽƉŵĞŶƚ ƌĞǀŝĞǁ ƉƌŽĐĞƐƐ ŽŶ Ă ĐĂƐĞͲďLJͲĐĂƐĞďĂƐŝƐ͕ ǁŚŝĐŚ ŵĂLJ ŝŶĐůƵĚĞ ĚŝƐĐƌĞƚŝŽŶĂƌLJ ƉĞƌŵŝƚ ƌĞǀŝĞǁĂŶĚĂƉƉƌŽǀĂůĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůƌĞǀŝĞǁƵŶĚĞƌ
Y͘dŚĞWƌŽũĞĐƚĚŽĞƐŶŽƚĚŝƌĞĐƚůLJŝŶǀŽůǀĞ
ŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͕ĂŶĚƚŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚĐŽŶƚĂŝŶƉŽůŝĐŝĞƐƚŚĂƚǁŽƵůĚĐŽŶĨůŝĐƚǁŝƚŚĂŝƌƉŽƌƚ ůĂŶĚƵƐĞƉůĂŶƐ͕ŶŽƌǁŽƵůĚŝƚƉƌŽŵŽƚĞĚĞǀĞůŽƉŵĞŶƚŶĞĂƌĂŶLJĂŝƌƉŽƌƚƐ͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞ ƐĞǀĞƌĞŝŵƉĂĐƚƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ŽŶĐůƵƐŝŽŶ
dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐ͘ů ĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚǁĂƐ ŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ /^ͬEĂůŽŶŐǁŝƚŚĂŶŽŝŵƉĂĐƚĚĞƚĞƌŵŝ ŶĂƚŝŽŶ͘dŚĞWƌŽũĞĐƚǁŽƵůĚďĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ĂŶĂůLJƐŝƐ ĐŽŶƚĂŝŶĞĚ ŝŶ ƚŚĞ ƉƉƌŽǀĞĚ /^ͬE͘ dŚĞƌĞĨŽƌĞ͕ ŶŽ ŶĞǁ ŵŝƚŝŐĂƚŝŽŶ ŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚĨŽƌŝƐƐƵĞƐƌĞůĂƚĞĚƚŽŶŽŝƐĞ͘


ϯϲŽŶdĞƌƌĂŽŶƐƵůƚŝŶŐ͘ϮϬϭϬ͘ŝƚLJŽĨƌĐĂĚŝĂϮϬϭϬ'ĞŶĞƌĂůWůĂŶhƉĚĂƚĞ͘WĂŐĞϰ͘ϭϭͲϯϬ͘ ŚƚƚƉƐ͗ͬͬĐŵƐϵĨŝůĞƐ͘ƌĞǀŝnjĞ͘ĐŽŵͬĂƌĐĂĚŝĂͬ^ŚĂƉĞйϮϬƌĐĂĚŝĂͬĞǀĞůŽƉŵĞŶƚйϮϬ^ĞƌǀŝĐĞƐͬĞŝƌͬEŽŝƐĞ͘ƉĚĨ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘ ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϱϴ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϰϰ͘ϭϰ WŽƉƵůĂƚŝŽŶĂŶĚ,ŽƵƐŝŶŐ
^ƵŵŵĂƌLJŽĨWƌĞǀŝŽƵƐ
ŶǀŝƌŽŶŵĞŶƚĂůŶĂůLJƐŝƐ
dŚĞƉƉƌŽǀĞĚ/^ͬEĐŽŶĐůƵĚĞĚƚŚĂƚƚŚĞƌĐĂĚŝĂ,
hǁŽƵůĚƌĞƐƵůƚŝŶĂůĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚƌĞůĂƚĞĚ ƚŽƉŽƉƵůĂƚŝŽŶĂŶĚŚŽƵƐŝŶŐ͘dŚŝƐǁĂƐĂƚƚƌŝďƵƚĞĚƚŽƚŚĞƌĐĂĚŝĂ, hĂƐƐŽĐŝĂƚŝŽŶǁŝƚŚƚŚĞƐƚĂƚĞƌĞƋƵŝƌĞĚ
ŚŽƵƐŝŶŐƉŽůŝĐLJ͘ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞƌĐĂĚŝĂ,
hĚŝĚŶŽƚĚŝƌĞĐƚůLJ ƉƌŽƉŽƐĞĂŶLJŚŽƵƐŝŶŐƵŶŝƚƐ͕ŝŵƉĂĐƚƐǁĞƌĞ ĚĞƚĞƌŵŝŶĞĚƚŽďĞůĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚǁŝƚŚŶŽŵŝƚŝŐĂƚŝŽŶƌĞƋƵŝƌĞĚ͘ ŶĂůLJƐŝƐŽĨƚŚĞWƌŽƉŽƐĞĚWƌŽũĞĐƚ
Ă͘ /ŶĚƵĐĞƐƵďƐƚĂŶƚŝĂůƵŶƉůĂŶŶĞĚƉŽƉƵůĂƚŝŽŶŐƌŽǁƚŚŝŶĂŶĂƌĞĂ͕ĞŝƚŚĞƌĚŝƌĞĐƚůLJ;ĨŽƌĞdžĂŵƉůĞ͕ďLJ ƉƌŽƉŽƐŝŶŐ ŶĞǁ ŚŽŵĞƐ ĂŶĚ ďƵƐŝŶĞƐƐĞƐͿ Žƌ ŝŶĚŝƌĞĐƚůLJ ;ĨŽƌ ĞdžĂŵƉůĞ͕ ƚŚƌŽƵŐŚ ĞdžƚĞŶƐŝŽŶ ŽĨ ƌŽĂĚƐŽƌŽƚŚĞƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞͿ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗^ŝŵŝůĂƌƚŽƚŚĞƌĐĂĚŝĂ, hĂŶĂůLJnjĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͕
ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚŶŽƚ ƌĞƐƵůƚ ŝŶ ĚŝƌĞĐƚ ŚŽƵƐŝŶŐ ĐŽŶƐƚƌƵĐƚŝŽŶďƵƚǁŽƵůĚ ĨĂĐŝůŝƚĂƚĞ ĂŶĚ ƉƌŽǀŝĚĞ Ă ƉŽůŝĐLJĨƌĂŵĞǁŽƌŬĨŽƌĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚǁŝƚŚŝŶƚŚĞŝƚLJ͘dŚĞƉƉƌŽǀĞĚ/^ͬEĂƐƐĞƐƐĞĚ ƚŚĞƌĐĂĚŝĂ,
h͛ƐĂƐƐŽĐŝĂƚĞĚϳ͕ϮϮϮŚŽƵƐŝŶŐ ƵŶŝƚƐ͘dŚĞ&ŝŶĂůƌĐ ĂĚŝĂ, hĐŽŶƚĂŝŶĞĚĂƌĞĚƵĐĞ Ě
ŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĞƐƚŝŵĂƚĞŽĨϲ͕ϳϮϮƵŶŝƚƐƚŚƌŽƵŐŚƚŚĞĐƵƌƌĞŶƚƉůĂŶŶŝŶŐƉĞƌŝŽĚ͘ϯϳdŚĞWƌŽũĞĐƚ ŝƐ ĞƐƚŝŵĂƚĞĚ ƚŽ ĨĂĐŝůŝƚĂƚĞ ƚŚĞ ĚĞ ǀĞůŽƉŵĞŶƚ ŽĨ ĂŶ ĂĚĚŝƚŝŽŶĂů ϯϰϯ Ś Ž Ƶ Ɛ ŝ Ŷ Ő Ƶ Ŷ ŝ ƚ Ɛ ď Ă Ɛ Ğ Ě Ž Ŷ  ŝ ŵ Ɖ ů Ğ ŵ Ğ Ŷ ƚ Ă ƚ ŝ Ž Ŷ Ž Ĩ Ɖ ƌ Ž Ɖ Ž Ɛ Ğ Ě ' Ğ Ŷ Ğ ƌ Ă ů W ů Ă Ŷ  ŵ Ğ Ŷ Ě ŵ Ğ Ŷ ƚ Ɛ Ă Ŷ Ě  Ž Ŷ Ğ  Ś ĂŶŐĞƐ͘ dŚŝƐ ĞƐƚŝŵĂƚĞ͕ ĂƉƉůŝĞĚ ƚŽ ƚŚĞ &ŝŶĂů ƌĐĂĚŝĂ ,
h ǁŽƵůĚ ĨĂĐŝůŝƚĂƚĞ Ă ƚŽƚĂů ŽĨ ϳ͕Ϭϲϱ ŚŽƵƐŝŶŐ ƵŶŝƚƐ͘ Ɛ ǁŝƚŚ ƚŚĞ ƉƉƌŽǀĞĚ /^ͬE ŝƚ ŝƐ ŶŽƚĞĚ ƚŚĂƚ ƚŚŝƐ ŐƌŽǁƚŚ ǁŽƵůĚ ŽĐĐƵƌ ŝŶ ƵƌďĂŶŝnjĞĚ ůŽĐĂƚŝŽŶƐ ŶĞĂƌ ĞdžŝƐƚŝŶŐ ƵƚŝůŝƚŝĞƐ ĂŶĚ ƐĞƌǀŝĐĞ ƐLJƐƚĞŵƐ͕ ĂŶĚ ĂƌĞĂƐ ĂůƌĞĂĚLJ ƐĞƌǀĞĚ ďLJ ƉƵďůŝĐ ƐĞƌǀŝĐĞƐ ;Ğ͘Ő͕͘ ƉŽůŝĐĞ ĂŶĚ ĨŝƌĞ ƉƌŽƚĞĐƚŝŽŶ͕ĂŶĚŽƚŚĞƌĞŵĞƌŐĞŶĐLJƌĞƐƉŽŶĚĞƌƐͿ͘
dĂďůĞ ϰ͘ϭϰͲϭ͗ WŽƉƵůĂƚŝŽŶ
ƐƚŝŵĂƚĞ ŽŵƉĂƌŝƐŽŶ  ďĞůŽǁ ĐŽŵƉĂƌĞƐ ƚŚĞ ƉŽƉƵůĂƚŝŽŶ ĞƐƚŝŵĂƚĞƐ ŝŶĐůƵĚĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬEĂŶĚƚŚŽƐĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞWƌŽũĞĐƚ͘ dĂďůĞϰ͘ϭϰͲϭ͗WŽƉƵůĂƚŝŽŶ/ŶĐƌĞĂƐĞĨƌŽŵ,ŽƵƐŝŶŐ
ůĞŵĞŶƚ
ĞĨŝŶŝƚŝŽŶ ƌĐĂĚŝĂ
,
h WƌŽũĞĐƚ
EƵŵďĞƌŽĨWŽƚĞŶƚŝĂůĂŶĚŝĚĂƚĞ,ŽƵƐŝŶŐhŶŝƚƐ ϳ͕ϮϮϮ ϳ͕Ϭϲϱ

džŝƐƚŝŶŐĂƉĂĐŝƚLJǁŝƚŚŽƵƚhƐ Ϯ͕ϭϳϴ Ϯ͕ϭϳϴ

džŝƐƚŝŶŐĂƉĂĐŝƚLJŝŶĐůƵĚŝŶŐhƐ Ϯ͕ϯϴϲ Ϯ͕ϯϴϲ
EĞǁ,ŽƵƐŝŶŐhŶŝƚƐ ϰ͕ϴϯϲ ϰ͕ϲϳϵ
WĞƌƐŽŶƐƉĞƌŚŽƵƐĞŚŽůĚ;ĞƉĂƌƚŵĞŶƚŽĨ&ŝŶĂŶĐĞ͕ϮϬϮϬͿ Ϯ͘ϴϲ Ϯ͘ϴϲ WŽƉƵůĂƚŝŽŶ;ĞƉĂƌƚŵĞŶƚŽĨ&ŝŶĂŶĐĞ͕ϮϬϮϬͿ ϱϳ͕ϴϮϬ ϱϳ͕ϴϮϬ dŽƚĂůWŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚǁŝƚŚ,
hͬWƌŽũĞĐƚ ϳϭ͕ϲϱϭ ϳϭ͕ϮϬϮ
&ŽƌĞĐĂƐƚĞĚWŽƉƵůĂƚŝŽŶ/ŶĐƌĞĂƐĞǁŝƚŚ,
hͬWƌŽũĞĐƚ ϭϯ͕ϴϯϭ ϭϯ͕ϯϴϮ
WŽƉƵůĂƚŝŽŶ'ƌŽǁƚŚ&ŽƌĞĐĂƐƚďLJWĞƌĐĞŶƚĂŐĞǁŝƚŚ,
hͬWƌŽũĞĐƚ Ϯϰй Ϯϯй

ϯϳŝƚLJŽĨƌĐĂĚŝĂ͘ϮϬϮϮ͘ŝƚLJŽĨƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ ůĞŵĞŶƚhƉĚĂƚĞdĞĐŚŶŝĐĂůĂĐŬŐƌŽƵŶĚZĞƉŽƌƚ͘WĂŐĞͲϮ͘
ZĞƚƌŝĞǀĞĚĨƌŽŵ͗ŚƚƚƉƐ͗ͬͬĐŵƐϵĨŝůĞƐ͘ƌĞǀŝnjĞ͘ĐŽŵͬĂƌĐĂĚŝĂͬdZͺƌĐĂĚŝĂйϮϬ, hͺŽŵƉŝůĞĚ ͺůĞĂŶ͘ƉĚĨ;ĐĐĞƐƐĞĚ
ĞĐĞŵďĞƌϮϬ͕ϮϬϮϯͿ
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϱϵ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ĞĨŝŶŝƚŝŽŶ ƌĐĂĚŝĂ
,
h WƌŽũĞĐƚ
ϮϬϯϱĞǀĞůŽƉŵĞŶƚĂƉĂĐŝƚLJŽĨϮϬϭϬƌĐĂĚŝĂ'W;DĂdžŝŵƵŵƵŝůĚŽƵƚͿ ϲϭ͕ϵϵϱ ϲϭ͕ϵϵϱ hŶƉůĂŶŶĞĚĚĚŝƚŝŽŶĂůWŽƉƵůĂƚŝŽŶ'ƌŽǁƚŚ&ŽƌĞĐĂƐƚĨƌŽŵϮϬϯϱDĂdžŝŵƵŵƵŝůĚŽƵƚǁŝƚŚ ,
hͬWƌŽũĞĐƚ ϵ͕ϲϱϲ ϵ͕ϮϬϳ
WŽƉƵůĂƚŝŽŶ'ƌŽǁƚŚ&ŽƌĞĐĂƐƚ;ϮϬϮϬͲϮϬϯϱͿƉĞƌĐĞŶƚĂŐĞǁŝƚŚŽƵƚ, hͬW ƌŽũĞĐƚ ϳ͘Ϯй ϳ͘Ϯй
WŽƉƵůĂƚŝŽŶ'ƌŽǁƚŚ&ŽƌĞĐĂƐƚ;ϮϬϮϬͲϮϬϯϱͿďLJWĞƌĐĞŶƚĂŐĞǁŝƚŚ, hͬWƌŽũĞĐƚ ϭϱ͘ϲй ϭϰ͘ϵй
dŽƚĂů&ŽƌĞĐĂƐƚĞĚ^'WŽƉƵůĂƚŝŽŶϮϬϰϱ ϲϮ͕ϮϬϬ ϲϮ͕ϮϬϬ
dŽƚĂů&ŽƌĞĐĂƐƚĞĚ^'WŽƉƵůĂƚŝŽŶϮϬϰϱǁŝƚŚ,
hͬWƌŽũĞĐƚ ϳϲ͕Ϭϯϭ ϳϱ͕ϱϴϮ
^'ϮϬϰϱWŽƉƵůĂƚŝŽŶ'ƌŽǁƚŚ&ŽƌĞĐĂƐƚWĞƌĐĞŶƚĂŐĞǁŝƚŚ,
h ϮϮ͘Ϯй Ϯϭ͘ϱй
ƐƐŚŽǁŶŝŶdĂďůĞϭϰͲϭ͗WŽƉƵůĂƚŝŽŶ
ƐƚŝŵĂƚĞŽŵƉĂƌŝƐŽŶ ͕ƚŚĞWƌŽũĞĐƚŝƐĞƐƚŝŵĂƚĞĚƚŽŐĞŶĞƌĂƚĞ ĂŶŽǀĞƌĂůůƉŽƉƵůĂƚŝŽŶŐƌŽǁƚŚŝŶƚŚĞŝƚLJďLJĂƉƉƌŽdžŝŵĂƚĞůLJϭϯ͕ϯϴ ϮƉĞŽƉůĞ͖ĂŶĂƉƉƌŽdžŝŵĂƚĞůLJϯ͘ϯ ƉĞƌĐĞŶƚ ĚĞĐƌĞĂƐĞ ĐŽŵƉĂƌĞĚ ƚŽ ƚŚĞ ƉƉƌŽǀĞĚ /^ͬE͘ ,ŽƵƐŝŶŐ ŐƌŽǁƚŚ ĂŶĚ ƉŽƉƵůĂƚŝŽŶ ŐƌŽǁƚŚ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ƉŽƌƚŝŽŶƐ ŽĨƚŚĞ WƌŽũĞĐƚ ŝĚĞŶƚŝĨŝĞĚ ŝŶ ƚŚĞ ƉƉƌŽǀĞĚ /^ͬE ĂƐ ǁĞůů ĂƐ ƚŚĞ ƉƌŽƉŽƐĞĚWƌŽũĞĐƚǁŽƵůĚĐŽŶƚŝŶƵĞƚŽƌĞƋƵŝƌĞĐŽŵƉůŝĂŶĐĞǁŝƚŚƐƚĂƚ ĞͲůĞǀĞůƌĞŐƵůĂƚŝŽŶĂŶĚǁŽƵůĚ ƚŚĞƌĞĨŽƌĞŶŽƚďĞĐŽŶƐŝĚĞƌĞĚƵŶƉůĂŶŶĞĚ͘&ƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚĂůƐŽ ĂƉƉůLJŝŵƉůĞŵĞŶƚŝŶŐĂĐƚŝŽŶƐŝŶĐůƵĚĞĚŝŶƚŚĞƌĐĂĚŝĂ,
hƚŽŝŶĐƌĞ ĂƐĞƚŚĞŝƚLJ͛ƐŚŽƵƐŝŶŐĐĂƉĂĐŝƚLJ͘
ĚĚŝƚŝŽŶĂůůLJ͕ƐŝŶĐĞƚŚĞWƌŽũĞĐƚĚŽĞƐŶŽƚĚŝƌĞĐƚůLJƉƌŽƉŽƐĞŚŽƵƐŝ ŶŐĚĞǀĞůŽƉŵĞŶƚǁŝƚŚŝŶƚŚĞŝƚLJ͕ ƚŚĞŐƌŽǁƚŚǁŽƵůĚŽĐĐƵƌďĂƐĞĚŽŶŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐŽǀĞƌĂŶĞdžƚĞŶĚĞĚƉĞƌŝŽĚ;ŝ͘Ğ͕͘ϮϬϮϭƚŚƌŽƵŐŚ ϮϬϯϱͿ͘&ƵƌƚŚĞƌŵŽƌĞ͕ĂůůĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚ ďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚďĞƐƵďũĞĐƚ ƚŽĂĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁƉƌŽĐĞƐƐĂůŽŶŐǁŝƚŚĂůůĨĞĚĞƌĂůĂŶĚƐƚĂƚ ĞƌĞƋƵŝƌĞŵĞŶƚƐ͕ƐƵĐŚĂƐƉƌŽũĞĐƚ ƐƉĞĐŝĨŝĐ ĞŶǀŝƌŽŶŵĞŶƚĂů ƌĞǀŝĞǁ ƵŶĚĞƌ 
Y͕ ƚŽ ĂƐƐĞƐƐ ĞĂĐŚ ĚĞǀĞůŽ ƉŵĞŶƚ͛Ɛ ƉŽƚĞŶƚŝĂů ĞĨĨĞĐƚƐ ĐŽŶĐĞƌŶŝŶŐƉŽƉƵůĂƚŝŽŶŐƌŽǁƚŚ͘ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞWƌŽũĞĐƚǁŽƵůĚĐ ŽŶƚŝŶƵĞƚŽŝŶĐƌĞĂƐĞĂĨĨŽƌĚĂďůĞ ŚŽƵƐŝŶŐƵŶŝƚƐǁŝƚŚŝŶƚŚĞŝƚLJǁŚŝĐŚǁŽƵůĚƉƌŽǀŝĚĞŚŽƵƐŝŶŐŽƉƉŽƌƚƵŶŝƚŝĞƐŝŶƉƌŽdžŝŵŝƚLJƚŽũŽďƐĨŽƌ ƚŚŽƐĞĞŵƉůŽLJĞĚǁŝƚŚŝŶƚŚĞŝƚLJƚŚĂƚŵĞĞƚƚŚĞƐĞŚŽƵƐĞŚŽůĚŝŶĐŽŵĞĐĂƚĞŐŽƌŝĞƐ͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁ ŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐǁŽƵůĚďĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ď͘ ŝƐƉůĂĐĞƐƵďƐƚĂŶƚŝĂůŶƵŵďĞƌƐŽĨĞdžŝƐƚŝŶŐƉĞŽƉůĞŽƌŚŽƵƐŝŶŐ͕ŶĞĐ ĞƐƐŝƚĂƚŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨƌĞƉůĂĐĞŵĞŶƚŚŽƵƐŝŶŐĞůƐĞǁŚĞƌĞ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ dŚĞWƌŽũĞĐƚǁŽƵůĚŵŝŶŝŵĂůůLJŝŶĐƌĞĂƐĞƚŚĞŝƚLJ͛ƐƉŽƚĞŶƚŝĂů ŚŽƵƐŝŶŐƐƚŽĐŬ͘,ŽǁĞǀĞƌĂŶƚŝĐŝƉĂƚĞĚŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂ ƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚƐƚŝůů ĐŽŶƐƚŝƚƵƚĞĂŶĂƉƉƌŽdžŝŵĂƚĞůLJϯ͘ϯ ƉĞƌĐĞŶƚĚĞĐƌĞĂƐĞŝŶŚŽƵƐŝŶŐĚĞǀ ĞůŽƉŵĞŶƚƉŽƚĞŶƚŝĂůŝŶƚŚĞŝƚLJ ĐŽŵƉĂƌĞĚƚŽƚŚĞƉƉƌŽǀĞĚ/^ͬE͕ĂŶĚƚŚĞƌĞĨŽƌĞǁŽƵůĚŵŝŶŝŵĂůůLJŝ ŶĐƌĞĂƐĞŚŽƵƐŝŶŐĂǀĂŝůĂďŝůŝƚLJ ĨŽƌƌĞƐŝĚĞŶƚƐ͘dŚĞWƌŽũĞĐƚĂƐƐƵŵĞƐĨƵƚƵƌĞŚŽƵƐŝŶŐƵŶŝƚƐǁŽƵůĚď ĞĚĞǀĞůŽƉĞĚǁŝƚŚŝŶĂĐĐĞƉƚĂďůĞ Ă ƌ Ğ Ă Ɛ Ž Ĩ ƚ Ś Ğ  ŝ ƚ LJ ͘ d Ś Ğ ƌ Ğ Ĩ Ž ƌ Ğ ͕ Ŷ Ž Ŷ Ğ ǁ Ž ƌ ŵ Ž ƌ Ğ Ɛ Ğ ǀ Ğ ƌ Ğ ŝ ŵ Ɖ Ă Đ ƚ Ɛ Ă ƌ Ğ ĂŶƚŝĐŝƉĂƚĞĚ͕ ĂŶĚ ŶŽ ŶĞǁ ŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϲϬ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ŽŶĐůƵƐŝŽŶ
dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐ͘ů ĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚǁĂƐ ŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ /^ͬEĂůŽŶŐǁŝƚŚĂŶŽŝŵƉĂĐƚĚĞƚĞƌŵŝ ŶĂƚŝŽŶ͘dŚĞWƌŽũĞĐƚǁŽƵůĚďĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ĂŶĂůLJƐŝƐ ĐŽŶƚĂŝŶĞĚ ŝŶ ƚŚĞ ƉƉƌŽǀĞĚ /^ͬE͘ dŚĞƌĞĨŽƌĞ͕ ŶŽ ŶĞǁ ŵŝƚŝŐĂƚŝŽŶ ŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚĨŽƌŝƐƐƵĞƐƌĞůĂƚĞĚƚŽƉŽƉƵůĂƚŝŽŶĂŶĚŚŽƵƐŝŶŐ͘ ϰϰ͘ϭϱ WƵďůŝĐ^ĞƌǀŝĐĞƐ
^ƵŵŵĂƌLJŽĨWƌĞǀŝŽƵƐ
ŶǀŝƌŽŶŵĞŶƚĂůŶĂůLJƐŝƐ
dŚĞ ƉƉƌŽǀĞĚ /^ͬE ĐŽŶĐůƵĚĞĚƚŚĂƚ ƚŚĞ ƐŝŶĐĞƚŚĞ ƌĐĂĚŝĂ , h ǁŽƵůĚŚĂǀĞ ŶŽĚŝƌĞĐƚ ƉŚLJƐŝĐĂů
Ğ Ĩ Ĩ Ğ Đ ƚ Ɛ Ž Ŷ ƚ Ś Ğ Ğ Ŷ ǀ ŝ ƌ Ž Ŷ ŵ Ğ Ŷ ƚ Ă Ŷ Ě ǁ Ž Ƶ ů Ě Ŷ Ž ƚ Ě ŝ ƌ Ğ Đ ƚ ů LJ Ɖ ƌ Ž Ɖ Ž Ɛ Ğ ƚ Ś Ğ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ĂĚĚŝƚŝŽŶĂů ŚŽƵƐŝŶŐ͕ŝŵƉĂĐƚƐƌĞůĂƚĞĚƚŽƉƵďůŝĐƐĞƌǀŝĐĞƐǁŽƵůĚƌĞŵĂŝŶůĞƐƐƚ ŚĂŶƐŝŐŶŝĨŝĐĂŶƚ͘ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞ ĂŶĂůLJƐŝƐƌĞƉĞĂƚĞĚƚŚĂƚƚŚĞƌĐĂĚŝĂ,
hǁŽƵůĚŶŽƚƉƌĞĐůƵĚĞĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚĨƌŽŵƵŶĚĞƌŐŽŝŶŐ ƚŚĞŝƚLJ͛ƐĨƵůůĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁĂŶĚƉĂƌƚŝĐŝƉĂƚŝŶŐŝŶĂŶLJĂƉƉůŝĐĂďůĞĚĞǀĞůŽƉŵĞŶƚŝŵƉĂĐƚĨĞĞƐ͘ ŶĂůLJƐŝƐŽĨƚŚĞWƌŽƉŽƐĞĚWƌŽũĞĐƚ
Ă͘ ZĞƐƵůƚ ŝŶ ƐƵďƐƚĂŶƚŝĂů ĂĚǀĞƌƐĞ ƉŚLJƐŝĐĂů ŝŵƉĂĐƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚƚ Ś Ğ Ɖ ƌ Ž ǀ ŝ Ɛ ŝ Ž Ŷ Ž Ĩ Ŷ Ğ ǁ Ž ƌ  ƉŚLJƐŝĐĂůůLJĂůƚĞƌĞĚŐŽǀĞƌŶŵĞŶƚĂůĨĂĐŝůŝƚŝĞƐŽƌŶĞĞĚĨŽƌŶĞǁŽƌƉŚLJƐŝĐĂůĂůƚĞƌĞĚŐŽǀĞƌŶŵĞŶƚĂů ĨĂĐŝůŝƚŝĞƐ͕ƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨǁŚŝĐŚĐŽƵůĚĐĂƵƐĞƐŝŐŶŝĨŝĐĂŶƚĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚƐ͕ŝŶŽƌĚĞƌ ƚŽŵĂŝŶƚĂŝŶĂĐĐĞƉƚĂďůĞƐĞƌǀŝĐĞƌĂƚŝŽƐ͕ƌĞƐƉŽŶƐĞƚŝŵĞƐ͕ŽƌŽƚŚĞƌ ƉĞƌĨŽƌŵĂŶĐĞŽďũĞĐƚŝǀĞƐĨŽƌ ĨŝƌĞƉƌŽƚĞĐƚŝŽŶ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ dŚĞWƌŽũĞĐƚǁŽƵůĚĨĂĐŝůŝƚĂƚĞ ĨĞǁĞƌŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚ ĐŽŵƉĂƌĞĚ ƚŽ ƚŚĞ ƉƉƌŽǀĞĚ /^ͬE ǁŚŝůĞ ƌĞŵĂŝŶŝŶŐ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚƚŚĞ ƉŽůŝĐLJ ĨƌĂŵĞǁŽƌŬ ĨŽƌ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ŝƚLJ ĂƐ ƉƌŽǀŝĚĞĚ ƚŚƌŽƵŐŚ ƚŚĞ ƌĐĂĚŝĂ , h͘ Ɛ
ĐŽŶĐůƵĚĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͕ƚŚĞĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚǁŝƚŚŝŶƚŚĞŝƚLJǁŽƵůĚŝŶĐƌĞĂƐĞ ĚĞŵĂŶĚ ĨŽƌ ĨŝƌĞ ƉƌŽƚĞĐƚŝŽŶ ƐĞƌǀŝĐĞƐ ŽǀĞƌ ƚŝŵĞ͘ &ŝƌĞ ƉƌŽƚĞĐƚŝŽŶƐĞƌǀŝĐĞƐ ĂƌĞ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ ƌĐĂĚŝĂ&ŝƌĞĞƉĂƌƚŵĞŶƚ;&Ϳ͘dŚĞ&ǁŽƵůĚĐŽŶƚŝŶƵĞƚŽƉƌŽǀŝĚĞƐĞƌǀŝĐĞƐƚŽƚŚĞĨƵƚƵƌĞŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚƐĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚ͘ƐĚŝƐĐƵƐƐĞĚŝŶƚŚĞƉ ƉƌŽǀĞĚ/^ͬE͕ĂůůĨƵƚƵƌĞŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚďĞƐƵďũĞĐƚƚŽƚŚĞŝƚLJĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁƉƌŽĐĞƐƐ͕ ǁŚŝĐŚŵĂLJŝŶĐůƵĚĞƌĞǀŝĞǁƉƵƌƐƵĂŶƚƚŽ
Y͕ĂŶĚďĞƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJǁŝƚŚƌĐĂĚŝĂ'W'ŽĂů^Ͳ
ϱĂŶĚWŽůŝĐŝĞƐ^Ͳϱ͘ϭƚŚƌŽƵŐŚ^Ͳϱ͘ϭϮĂŶĚƚŽĂĚŚĞƌĞƚŽƚŚĞϮϬϭϵ ĂůŝĨŽƌŶŝĂ&ŝƌĞŽĚĞĂŶĚƌĐĂĚŝĂ DΑϯϭϮϮ͘ϳ;&ŝƌĞŽĚĞͿ͘ĚĚŝƚŝŽŶĂůůLJ͕ĂůůĨƵƚƵƌĞŚŽƵƐŝŶŐƉƌŽũĞĐƚƐĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚ ďĞ ƐƵďũĞĐƚ ƚŽ ĚĞǀĞůŽƉŵĞŶƚ ŝŵƉĂĐƚ ĨĞĞƐ ĂŶĚ ƚĂdž ƌĞǀĞŶƵĞ ǁŽƵůĚ ďĞ ŐĞŶĞƌĂƚĞĚ ĨƌŽŵ ƚŚĞŝƌ ĚĞǀĞůŽƉŵĞŶƚ͘ &ƵƚƵƌĞ ƉƌŽũĞĐƚƐ ǁŽƵůĚ ĂůƐŽ ŝŶĐŽƌƉŽƌĂƚĞ ĨŝƌĞ ƉƌĞǀĞŶ ƚĂƚŝǀĞ ĚĞƐŝŐŶƐ ĂŶĚ ǁŽƵůĚ ƉƌŽǀŝĚĞĂĐĐĞƐƐĨŽƌĞŵĞƌŐĞŶĐLJƐĞƌǀŝĐĞƐ͘,ŽǁĞǀĞƌ͕ƚŚĞWƌŽũĞĐƚ͛Ɛƌ ĞĚƵĐĞĚĚĞǀĞůŽƉŵĞŶƚƉŽƚĞŶƚŝĂů ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϲϭ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ǁŽƵůĚ ĐŽŶƐƚŝƚƵƚĞ Ă ƌĞĚƵĐĞĚ ĚĞŵĂŶĚ ĨƌŽŵ ƉƵďůŝĐ ƐĞƌǀŝĐĞƐ͘ dŚĞƌĞĨŽƌĞ͕ ŶŽ ŶĞǁ Žƌ ŵŽƌĞ ƐĞǀĞƌĞ ŝŵƉĂĐƚƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ď͘ ZĞƐƵůƚ ŝŶ ƐƵďƐƚĂŶƚŝĂů ĂĚǀĞƌƐĞ ƉŚLJƐŝĐĂů ŝŵƉĂĐƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚƚ Ś Ğ Ɖ ƌ Ž ǀ ŝ Ɛ ŝ Ž Ŷ Ž Ĩ Ŷ Ğ ǁ Ž ƌ  ƉŚLJƐŝĐĂůůLJĂůƚĞƌĞĚŐŽǀĞƌŶŵĞŶƚĂůĨĂĐŝůŝƚŝĞƐŽƌŶĞĞĚĨŽƌŶĞǁŽƌƉŚLJƐŝĐĂůĂůƚĞƌĞĚŐŽǀĞƌŶŵĞŶƚĂů ĨĂĐŝůŝƚŝĞƐ͕ƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨǁŚŝĐŚĐŽƵůĚĐĂƵƐĞƐŝŐŶŝĨŝĐĂŶƚĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚƐ͕ŝŶŽƌĚĞƌ ƚŽŵĂŝŶƚĂŝŶĂĐĐĞƉƚĂďůĞƐĞƌǀŝĐĞƌĂƚŝŽƐ͕ƌĞƐƉŽŶƐĞƚŝŵĞƐ͕ŽƌŽƚŚĞƌ ƉĞƌĨŽƌŵĂŶĐĞŽďũĞĐƚŝǀĞƐĨŽƌ ƉŽůŝĐĞƉƌŽƚĞĐƚŝŽŶ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗dŚĞŝƚLJƌĞĐĞŝǀĞƐƉŽůŝĐĞƉƌŽƚĞĐƚŝŽŶƐĞƌǀŝĐĞƐĨƌŽŵƚŚĞƌĐĂĚŝĂ WŽůŝĐĞĞƉĂƌƚŵĞŶƚ;WͿ͘&ƵƚƵƌĞƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚƐĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚĐŽƵůĚƐůŝŐŚƚůLJ ŝŶĐƌĞĂƐĞĚĞŵĂŶĚĨŽƌƉŽůŝĐĞƉƌŽƚĞĐƚŝŽŶƐĞƌǀŝĐĞƐ͕ďƵƚŝƚŝƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚƚŽŶĞŐĂƚŝǀĞůLJŝŵƉĂĐƚƚŚĞ ĂďŝůŝƚLJŽĨƚŚĞWƚŽƉƌŽǀŝĚĞƐĞƌǀŝĐĞƐƚŽƚŚĞŝƚLJ͘ĚĚŝƚŝŽŶĂůů LJ͕ĨƵƚƵƌĞƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚƐ ǁŽƵůĚ ďĞ ƉĂLJ ĚĞǀĞůŽƉŵĞŶƚ ŝŵƉĂĐƚ ĨĞĞƐ͕ ĂŶĚ ĐŽŶƚŝŶƵĞĚ ƚĂdž ƌĞǀĞŶƵĞ ƚŚĂƚ ǁŽƵůĚ ŐŽ ƚŽǁĂƌĚƐ ƐƵƉƉŽƌƚŝŶŐ ƉƵďůŝĐ ƐĞƌǀŝĐĞƐ͕ ƐƵĐŚ ĂƐ ƉŽůŝĐĞ ƐĞƌǀŝĐĞƐ͕ ĨĂĐŝůŝƚŝĞƐ͕ ĂŶĚ ƐƵƉƉůŝĞƐ͘ ůů ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚďĞƐƵďũĞĐƚƚŽƚŚĞŝƚLJĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁƉƌŽĐĞƐƐ͕ ǁŚŝĐŚŵĂLJŝŶĐůƵĚĞƌĞǀŝĞǁƉƵƌƐƵĂŶƚƚŽ
Y͕ĂŶĚďĞƌĞƋƵŝƌĞĚƚŽĐ ŽŵƉůLJǁŝƚŚ'W'ŽĂů^ϱĂŶĚ
WŽůŝĐŝĞƐ ^Ͳϱ͘ϭ ƚŚƌŽƵŐŚ ^Ͳϱ͘ϭϮ͘ ,ŽǁĞǀĞƌ͕ ƚŚĞ WƌŽũĞĐƚ͛Ɛ ƌĞĚƵĐĞĚ ĚĞǀĞůŽƉŵĞŶƚ ƉŽƚĞŶƚŝĂů ǁŽƵůĚ ĐŽŶƐƚŝƚƵƚĞĂƌĞĚƵĐĞĚĚĞŵĂŶĚĨƌŽŵƉƵďůŝĐƐĞƌǀŝĐĞƐ͘dŚĞƌĞĨŽƌĞ͕ŶŽ ŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐ ĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Đ͘ ZĞƐƵůƚ ŝŶ ƐƵďƐƚĂŶƚŝĂů ĂĚǀĞƌƐĞ ƉŚLJƐŝĐĂů ŝŵƉĂĐƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚƚ Ś Ğ Ɖ ƌ Ž ǀ ŝ Ɛ ŝ Ž Ŷ Ž Ĩ Ŷ Ğ ǁ Ž ƌ  ƉŚLJƐŝĐĂůůLJĂůƚĞƌĞĚŐŽǀĞƌŶŵĞŶƚĂůĨĂĐŝůŝƚŝĞƐŽƌŶĞĞĚĨŽƌŶĞǁŽƌƉŚLJƐŝĐĂůĂůƚĞƌĞĚŐŽǀĞƌŶŵĞŶƚĂů ĨĂĐŝůŝƚŝĞƐ͕ƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨǁŚŝĐŚĐŽƵůĚĐĂƵƐĞƐŝŐŶŝĨŝĐĂŶƚĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚƐ͕ŝŶŽƌĚĞƌ ƚŽŵĂŝŶƚĂŝŶĂĐĐĞƉƚĂďůĞƐĞƌǀŝĐĞƌĂƚŝŽƐ͕ƌĞƐƉŽŶƐĞƚŝŵĞƐ͕ŽƌŽƚŚĞƌ ƉĞƌĨŽƌŵĂŶĐĞŽďũĞĐƚŝǀĞƐĨŽƌ ƐĐŚŽŽůƐ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ ƐĚŝƐĐƵƐƐĞĚĂďŽǀĞ͕ƚŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶĚŝƌĞĐƚ ŚŽƵƐŝŶŐ ĐŽŶƐƚƌƵĐƚŝŽŶ͕ ďƵƚ ǁŽƵůĚ ĨĂĐŝůŝƚĂƚĞ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞů ŽƉŵĞŶƚ͘ &ƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ƌĞƐƵůƚ ŝŶ ĂŶ ĞƐƚŝŵĂƚĞĚ ƵŶƉůĂŶŶĞĚ ƉŽƉƵůĂƚŝŽŶ ŐƌŽǁƚŚŽĨĂƉƉƌŽdžŝŵĂƚĞůLJϭϯ͕ϯϴϮƉĞŽƉůĞ͖ϰϰϵƉĞŽƉůĞĨĞǁĞƌƚŚĂŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘dŚĞWƌŽũĞĐƚ ǁŽƵůĚ ŐĞŶĞƌĂƚĞ Ă ůŽǁĞƌ ŐĞŶĞƌĂƚĞ ƐƚƵĚĞŶƚ ƉŽƉƵůĂƚŝŽŶ ŐƌŽǁƚŚ ŝŶ ƚŚĞ ƌĐĂĚŝĂ hŶŝĨŝĞĚ ^ĐŚŽŽů ŝƐƚƌŝĐƚ;h^Ϳ͘EĞǀĞƌƚŚĞůĞƐƐ͕ĂƐƚƵĚĞŶƚƉŽƉƵůĂƚŝŽŶŐƌŽǁƚŚŝŶĐƌĞĂƐĞǁŽƵůĚĂůƐŽŝŶĐƌĞĂƐĞĚĞŵĂŶĚ ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϲϮ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ĨŽƌƐĐŚŽŽůƐĞƌǀŝĐĞƐ͘,ŽǁĞǀĞƌ͕ĂŶLJĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĨĂ ĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ ^ĞŶĂƚĞ ŝůů ;^Ϳ ϱϬ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ǁŚŝĐŚ ĂůůŽǁ ƐĐŚŽŽů ĚŝƐƚƌŝĐƚƐ ƚŽ ĐŽůůĞĐƚ ŝŵƉĂĐƚ ĨĞĞƐ ĨƌŽŵ ĚĞǀĞůŽƉĞƌƐ ŽĨ ŶĞǁ ƌĞƐŝĚĞŶƚŝĂů ƉƌŽũĞĐƚƐ ƚ Ž Ž Ĩ Ĩ Ɛ Ğ ƚ ƚ Ś Ğ Đ Ž Ɛ ƚ Ž Ĩ Ŷ Ğ ǁ  ĚĞǀĞůŽƉŵĞŶƚ͘ dŚĞ WƌŽũĞĐƚ ĚŽĞƐ ŶŽƚ ŝŶĐůƵĚĞ ƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ŶĞǁ ƐĐŚŽŽů ĨĂĐŝůŝƚŝĞƐ ƚŽ ƐĞƌǀĞ ĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƐ͕ƐŽŶŽƉŚLJƐŝĐĂůŝŵƉĂĐƚƐǁŽƵůĚŽĐĐƵƌ ŝŶƚŚŝƐƌĞŐĂƌĚĚƵĞƚŽWƌŽũĞĐƚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ ,ŽǁĞǀĞƌ͕ ƚŚĞ WƌŽũĞĐƚ͛Ɛ ƌĞĚƵĐĞĚ ĚĞǀĞůŽƉŵĞŶƚ ƉŽƚĞŶƚŝĂů ǁŽƵůĚ ĐŽŶƐƚŝƚƵƚĞ Ă ƌĞĚƵĐĞĚĚĞŵĂŶĚĨƌŽŵƉƵďůŝĐƐĞƌǀŝĐĞƐ͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͕ ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Ě͘ ZĞƐƵůƚ ŝŶ ƐƵďƐƚĂŶƚŝĂů ĂĚǀĞƌƐĞ ƉŚLJƐŝĐĂů ŝŵƉĂĐƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚƚ Ś Ğ Ɖ ƌ Ž ǀ ŝ Ɛ ŝ Ž Ŷ Ž Ĩ Ŷ Ğ ǁ Ž ƌ  ƉŚLJƐŝĐĂůůLJĂůƚĞƌĞĚŐŽǀĞƌŶŵĞŶƚĂůĨĂĐŝůŝƚŝĞƐŽƌŶĞĞĚĨŽƌŶĞǁŽƌƉŚLJƐŝĐĂůĂůƚĞƌĞĚŐŽǀĞƌŶŵĞŶƚĂů ĨĂĐŝůŝƚŝĞƐ͕ƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨǁŚŝĐŚĐŽƵůĚĐĂƵƐĞƐŝŐŶŝĨŝĐĂŶƚĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚƐ͕ŝŶŽƌĚĞƌ ƚŽŵĂŝŶƚĂŝŶĂĐĐĞƉƚĂďůĞƐĞƌǀŝĐĞƌĂƚŝŽƐ͕ƌĞƐƉŽŶƐĞƚŝŵĞƐ͕ŽƌŽƚŚĞƌ ƉĞƌĨŽƌŵĂŶĐĞŽďũĞĐƚŝǀĞƐĨŽƌ ƉĂƌŬƐ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗WůĞĂƐĞƌĞĨĞƌƚŽ^ĞĐƚŝŽŶϰ͘ϭϲ͗ZĞĐƌĞĂƚŝŽŶďĞůŽǁ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Ğ͘ ZĞƐƵůƚ ŝŶ ƐƵďƐƚĂŶƚŝĂů ĂĚǀĞƌƐĞ ƉŚLJƐŝĐĂů ŝŵƉĂĐƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚƚ Ś Ğ Ɖ ƌ Ž ǀ ŝ Ɛ ŝ Ž Ŷ Ž Ĩ Ŷ Ğ ǁ Ž ƌ  ƉŚLJƐŝĐĂůůLJĂůƚĞƌĞĚŐŽǀĞƌŶŵĞŶƚĂůĨĂĐŝůŝƚŝĞƐŽƌŶĞĞĚĨŽƌŶĞǁŽƌƉŚLJƐŝĐĂůĂůƚĞƌĞĚŐŽǀĞƌŶŵĞŶƚĂů ĨĂĐŝůŝƚŝĞƐ͕ƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨǁŚŝĐŚĐŽƵůĚĐĂƵƐĞƐŝŐŶŝĨŝĐĂŶƚĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚƐ͕ŝŶŽƌĚĞƌ ƚŽŵĂŝŶƚĂŝŶĂĐĐĞƉƚĂďůĞƐĞƌǀŝĐĞƌĂƚŝŽƐ͕ƌĞƐƉŽŶƐĞƚŝŵĞƐ͕ŽƌŽƚŚĞƌ ƉĞƌĨŽƌŵĂŶĐĞŽďũĞĐƚŝǀĞƐĨŽƌ ŽƚŚĞƌƉƵďůŝĐĨĂĐŝůŝƚŝĞƐ͍
EŽ EĞǁ Žƌ DŽƌĞ ^ŝŐŶŝĨŝĐĂŶƚ /ŵƉĂĐƚ͗Ɛ ƉƌĞǀŝŽƵƐůLJ ĚŝƐĐƵƐƐĞĚ͕ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ŶŽƚ ƌĞƐƵůƚ ŝŶ ĚŝƌĞĐƚŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͕ďƵƚǁŽƵůĚĨĂĐŝůŝƚĂƚĞĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚ͘dŚĞĨƵƚƵƌĞŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ƌĞƐƵůƚ ŝŶ ƵŶƉůĂŶŶĞ Ě ƉŽƉƵůĂƚŝŽŶ ŐƌŽǁƚŚ ŽĨ ĂƉƉƌŽdžŝŵĂƚĞůLJϭϯ͕ϯϴϮƉĞŽƉůĞ;ĂŶ ĂƉƉƌŽdžŝŵĂƚĞϯ͘ϯƉĞƌĐĞŶƚĚĞĐƌĞĂƐĞĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬEͿ͕ ǁŚŝĐŚĐŽƵůĚŝŶĐƌĞŵĞŶƚĂůůLJĚĞĐƌĞĂƐĞƚŚĞĚĞŵĂŶĚĨŽƌůŝďƌĂƌLJĨĂĐŝůŝƚŝĞƐĂƐĂŶĂůLJnjĞĚŝŶƚŚĞƉƉƌŽǀĞĚ /^ͬE͘ĚĚŝƚŝŽŶĂůůLJ͕ĨƵƚƵƌĞƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚƐǁŽƵůĚƉĂLJĚĞǀĞůŽƉŵĞŶƚŝŵƉĂĐƚĨĞĞƐĂŶĚƚĂdž ƌĞǀĞŶƵĞ ĨƌŽŵ ĨƵƚƵƌĞ ƌĞƐŝĚĞŶƚƐ ǁŽƵůĚ ƉĂƌƚŝĂůůLJ ŽĨĨƐĞƚ ŝŶĐƌĞĂƐĞĚĚĞŵĂŶĚƐ ŽŶ ůŝďƌĂƌLJ ĨĂĐŝůŝƚŝĞƐ͘ dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞ ƌĞƋƵŝƌĞĚ͘
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϲϯ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ŽŶĐůƵƐŝŽŶ
dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐ͘ů ĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚǁĂƐ ŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ /^ͬEĂůŽŶŐǁŝƚŚĂŶŽŝŵƉĂĐƚĚĞƚĞƌŵŝ ŶĂƚŝŽŶ͘dŚĞWƌŽũĞĐƚǁŽƵůĚďĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ĂŶĂůLJƐŝƐ ĐŽŶƚĂŝŶĞĚ ŝŶ ƚŚĞ ƉƉƌŽǀĞĚ /^ͬE͘ dŚĞƌĞĨŽƌĞ͕ ŶŽ ŶĞǁ ŵŝƚŝŐĂƚŝŽŶ ŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚĨŽƌŝƐƐƵĞƐƌĞůĂƚĞĚƚŽƉƵďůŝĐƐĞƌǀŝĐĞƐ͘ 
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϲϰ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϰϰ͘ϭϲ ZĞĐƌĞĂƚŝŽŶ
^ƵŵŵĂƌLJŽĨWƌĞǀŝŽƵƐ
ŶǀŝƌŽŶŵĞŶƚĂůŶĂůLJƐŝƐ
dŚĞ ƉƉƌŽǀĞĚ /^ͬE ĐŽŶĐůƵĚĞĚ ƚŚĂƚ ŝŵƉĂĐƚƐ ƚŽ ƌĞĐƌĞĂƚŝŽŶĂů ĨĂĐŝů ŝƚŝĞƐ ǁŽƵůĚ ďĞ ůĞƐƐ ƚŚĂŶ ƐŝŐŶŝĨŝĐĂŶƚĚƵĞƚŽƚŚĞƌĐĂĚŝĂ,
h͛ƐůĂĐŬŽĨĚŝƌĞĐƚůLJƉƌŽƉŽƐĞĚ ƉŚLJƐŝĐĂůŝŵƉƌŽǀĞŵĞŶƚƐ͘ ,ŽǁĞǀĞƌ͕ ĨƵƚƵƌĞĚĞǀĞůŽƉĞƌƐǁŽƵůĚďĞƌĞƋƵŝ ƌĞĚƚŽĂĚŚĞƌĞƚŽĂŶLJĂƉƉůŝĐĂďůĞ ƌĞĐƌĞĂƚŝŽŶĂůůĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽĚĞƐ ĂƐƐŽĐŝĂƚĞĚǁŝƚŚƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚ͘
ŶĂůLJƐŝƐŽĨƚŚĞWƌŽƉŽƐĞĚWƌŽũĞĐƚ
Ă͘ /ŶĐƌĞĂƐĞƚŚĞƵƐĞŽĨĞdžŝƐƚŝŶŐŶĞŝŐŚďŽƌŚŽŽĚĂŶĚƌĞŐŝŽŶĂůƉĂƌŬƐŽƌŽƚŚĞƌƌĞĐƌĞĂƚŝŽŶĂůĨĂĐŝůŝƚŝĞƐ ƐƵĐŚƚŚĂƚƐƵďƐƚĂŶƚŝĂůƉŚLJƐŝĐĂůĚĞƚĞƌŝŽƌĂƚŝŽŶŽĨƚŚĞĨĂĐŝůŝƚLJǁŽƵůĚŽĐĐƵƌŽƌďĞĂĐĐĞůĞƌĂƚĞĚ͍ EŽ EĞǁ Žƌ DŽƌĞ ^ŝŐŶŝĨŝĐĂŶƚ /ŵƉĂĐƚ͗Ɛ ƉƌĞǀŝŽƵƐůLJ ĚŝƐĐƵƐƐĞĚ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ŶŽƚ ĚŝƌĞĐƚůLJ ŝŵƉĂĐƚ ƌĞĐƌĞĂƚŝŽŶ ĨŽƌ ƚŚĞ ŝƚLJ͘dŚĞ ĨƵƚƵƌĞ ƌĞƐŝĚĞŶƚŝĂů ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚĂůƐŽŝŶĚƵĐĞĚĞĐƌĞĂƐĞĚĚĞŵĂŶĚŽĨƉĂƌŬƐĂŶĚŽƚŚĞƌƌĞĐƌĞĂƚŝŽ ŶĂůĨĂĐŝůŝƚŝĞƐĐŽŵƉĂƌĞĚƚŽƚŚĞ ƉƉƌŽǀĞĚ/^ͬE͘/ƚŝƐĐƵƌƌĞŶƚůLJƵŶŬŶŽǁŶƵŶƚŝůĨƵƚƵƌĞŚŽƵƐŝŶŐƉƌŽũĞĐƚƐĂƌĞƉƌŽƉŽƐĞĚŝĨƚŚĞLJǁŽƵůĚ ŝŶĐůƵĚĞĂĚĚŝƚŝŽŶĂůƌĞĐƌĞĂƚŝŽŶĂůĨĂĐŝůŝƚŝĞƐ͘,ŽǁĞǀĞƌ͕ĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚ ǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽƉĂLJĚĞǀĞůŽƉŵĞŶƚŝŵƉĂĐƚĨĞĞƐĂŶĚĂŶLJƚĂdžƌĞ ǀĞŶƵĞŐĞŶĞƌĂƚĞĚǁŝůůďĞŶĞĨŝƚ ƚŚĞ ĨƵŶĚŝŶŐ ĨŽƌ ƉĂƌŬƐ ĂŶĚ ĨĂĐŝůŝƚŝĞƐ ƚŽ ŽĨĨƐĞƚ ƉŽƚĞŶƚŝĂů ŝŶĐƌĞĂƐĞƐ ŝŶ ĚĞŵĂŶĚ͘ &ƵƚƵƌĞ ŚŽƵƐŝŶŐ ƉƌŽũĞĐƚƐ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚďĞ ƌĞǀŝĞǁĞĚďLJ ƚŚĞ ŝƚLJ͘ dŚĞƌĞĨŽƌĞ͕ ŶŽ ŶĞǁ Žƌ ŵŽƌĞ ƐĞǀĞƌĞŝŵƉĂĐƚƐǁŽƵůĚŽĐĐƵƌ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘ ď͘ /ŶĐůƵĚĞ ƌĞĐƌĞĂƚŝŽŶĂů ĨĂĐŝůŝƚŝĞƐ Žƌ ƌĞƋƵŝƌĞ ƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶ Žƌ ĞdžƉĂŶƐŝŽŶ ŽĨ ƌĞĐƌĞĂƚŝŽŶĂů ĨĂĐŝůŝƚŝĞƐǁŚŝĐŚŵŝŐŚƚŚĂǀĞĂŶĂĚǀĞƌƐĞƉŚLJƐŝĐĂůĞĨĨĞĐƚŽŶƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͍ EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗^ĞĞƚŚƌĞƐŚŽůĚ;ĂͿĂďŽǀĞ͘dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚůĞĂĚƚŽĚŝƌĞĐƚ ŝŵƉĂĐƚƐ ƚŽ ƌĞĐƌĞĂƚŝŽŶ ĨĂĐŝůŝƚŝĞƐ͕ ďƵƚ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ƉƌŽũĞĐƚƐ ŵĂLJ ŶĞĐĞƐƐŝƚĂƚĞ ƚŚĞ ĞdžƉĂŶƐŝŽŶ ŽĨ ƌĞĐƌĞĂƚŝŽŶĂů ĨĂĐŝůŝƚŝĞƐ͘ ƚ ƚŚĞ ƚŝŵĞ ŽĨ ĐŽŶƐƚƌƵĐƚŝŽŶ ĨƵƚƵƌĞ ŚŽƵ ƐŝŶŐ ƉƌŽũĞĐƚƐ ǁŽƵůĚ ƵŶĚĞƌŐŽ ĂĚĚŝƚŝŽŶĂůĞŶǀŝƌŽŶŵĞŶƚĂůƌĞǀŝĞǁĂŶĚĐŽŵƉůLJǁŝƚŚĂŶLJĂƉƉůŝĐĂďůĞĚŝƐĐƌĞƚŝŽŶĂƌLJĂĐƚŝŽŶƐƌĞůĂƚĞĚƚŽ ƚŚĞ ĞdžƉĂŶƐŝŽŶ ŽĨ ƌĞĐƌĞĂƚŝŽŶĂů ĨĂĐŝůŝƚŝĞƐ͘ ^ŝŶĐĞ ƚŚĞ WƌŽũĞĐƚ ĚŽĞ Ɛ ŶŽƚ ƉƌŽƉŽƐĞ ƚŚĞ ĐƌĞĂƚŝŽŶ͕ ŵŽĚŝĨŝĐĂƚŝŽŶ͕ŽƌƌĞŵŽǀĂůŽĨƌĞĐƌĞĂƚŝŽŶĂůĨĂĐŝůŝƚŝĞƐŶŽŶĞǁŽƌŵ ŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐǁŽƵůĚŽĐĐƵƌ͕ ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐǁŽƵůĚďĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ŽŶĐůƵƐŝŽŶ
dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐ͘ů ĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚǁĂƐ ŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ /^ͬEĂůŽŶŐǁŝƚŚĂŶŽŝŵƉĂĐƚĚĞƚĞƌŵŝ ŶĂƚŝŽŶ͘dŚĞWƌŽũĞĐƚǁŽƵůĚďĞ ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϲϱ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ĂŶĂůLJƐŝƐ ĐŽŶƚĂŝŶĞĚ ŝŶ ƚŚĞ ƉƉƌŽǀĞĚ /^ͬE͘ dŚĞƌĞĨŽƌĞ͕ ŶŽ ŶĞǁ ŵŝƚŝŐĂƚŝŽŶ ŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚĨŽƌŝƐƐƵĞƐƌĞůĂƚĞĚƚŽƌĞĐƌĞĂƚŝŽŶ͘ 
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϲϲ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϰϰ͘ϭϳ dƌĂŶƐƉŽƌƚĂƚŝŽŶ
^ƵŵŵĂƌLJŽĨWƌĞǀŝŽƵƐ
ŶǀŝƌŽŶŵĞŶƚĂůŶĂůLJƐŝƐ
dŚĞ ƉƉƌŽǀĞĚ /^ͬE ĐŽŶĐůƵĚĞĚƚŚĂƚ ƚŚĞ ƐŝŶĐĞƚŚĞ ƌĐĂĚŝĂ , h ǁŽƵůĚŚĂǀĞ ŶŽĚŝƌĞĐƚ ƉŚLJƐŝĐĂů
Ğ Ĩ Ĩ Ğ Đ ƚ Ɛ Ž Ŷ ƚ Ś Ğ Ğ Ŷ ǀ ŝ ƌ Ž Ŷ ŵ Ğ Ŷ ƚ Ă Ŷ Ě ǁ Ž Ƶ ů Ě Ŷ Ž ƚ Ě ŝ ƌ Ğ Đ ƚ ů LJ Ɖ ƌ Ž Ɖ Ž Ɛ Ğ ƚ Ś Ğ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ĂĚĚŝƚŝŽŶĂů ŚŽƵƐŝŶŐ͕ŝŵƉĂĐƚƐƌĞůĂƚĞĚƚŽƉƵďůŝĐƐĞƌǀŝĐĞƐǁŽƵůĚƌĞŵĂŝŶůĞƐƐƚ ŚĂŶƐŝŐŶŝĨŝĐĂŶƚ͘ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞ ĂŶĂůLJƐŝƐƌĞƉĞĂƚĞĚƚŚĂƚƚŚĞƌĐĂĚŝĂ,
hǁŽƵůĚŶŽƚƉƌĞĐůƵĚĞĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚĨƌŽŵƵŶĚĞƌŐŽŝŶŐ ƚŚĞŝƚLJ͛ƐĨƵůůĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁĂŶĚƉĂƌƚŝĐŝƉĂƚŝŶŐŝŶĂŶLJĂƉƉůŝĐĂďůĞĚĞǀĞůŽƉŵĞŶƚŝŵƉĂĐƚĨĞĞƐ͘ ŶĂůLJƐŝƐŽĨƚŚĞWƌŽƉŽƐĞĚWƌŽũĞĐƚ
Ă͘ ŽŶĨůŝĐƚ ǁŝƚŚ Ă ƉƌŽŐƌĂŵ͕ ƉůĂŶ͕ ŽƌĚŝŶĂŶĐĞ͕ Žƌ ƉŽůŝĐLJ ĂĚĚƌĞƐƐŝŶŐ ƚŚĞ ĐŝƌĐƵůĂƚŝŽŶ ƐLJƐƚĞŵ͕ ŝŶĐůƵĚŝŶŐƚƌĂŶƐŝƚ͕ƌŽĂĚǁĂLJƐ͕ďŝĐLJĐůĞ͕ĂŶĚƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐ͍ EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶĚŝƌĞĐƚŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ ď Ƶ ƚ ǁ Ž Ƶ ů Ě Ĩ Ă Đ ŝ ů ŝ ƚ Ă ƚ Ğ Ă Ŷ Ě Ɖ ƌ Ž ǀ ŝ Ě Ğ Ă Ɖ Ž ů ŝ Đ LJ Ĩ ƌ Ă ŵ Ğ ǁ Ž ƌ Ŭ Ĩ Ž ƌ Ĩ Ƶ ƚ Ƶ ƌ Ğ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ŽŶ ĐĂŶĚŝĚĂƚĞŚŽƵƐŝŶŐƐŝƚĞƐƚŚƌŽƵŐŚŽƵƚƚŚĞŝƚLJ͘dŚĞWƌŽũĞĐƚĚŽĞƐŶ ŽƚŝŶĐůƵĚĞĂŶLJŐŽĂůƐ͕ƉŽůŝĐŝĞƐ͕Žƌ ŝŵƉůĞŵĞŶƚĂƚŝŽŶƉƌŽŐƌĂŵƐƚŚĂƚǁŽƵůĚĐŽŶĨůŝĐƚǁŝƚŚƉůĂŶƐŽƌŽƚŚĞƌ ƌĞŐƵůĂƚŝŽŶƐƚŚĂƚĂĚĚƌĞƐƐƚŚĞ ĐŝƌĐƵůĂƚŝŽŶƐLJƐƚĞŵ͘&ƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐǁŽƵůĚďĞƌĞǀŝĞǁ ĞĚŽŶĂĐĂƐĞͲďLJͲĐĂƐĞďĂƐŝƐƚŽ ĞŶƐƵƌĞĐŽŶƐŝƐƚĞŶĐLJǁŝƚŚĂƉƉůŝĐĂďůĞƌĞŐƵůĂƚŝŽŶƐƚŚĂƚĂĚĚƌĞƐƐƚŚĞ ĐŝƌĐƵůĂƚŝŽŶƐLJƐƚĞŵ͘dŚĞWƌŽũĞĐƚ Ě Ž Ğ Ɛ Ŷ Ž ƚ Ɖ ƌ Ž Ɖ Ž Ɛ Ğ Ă Ě Ě ŝ ƚ ŝ Ž Ŷ Ă ů Đ Ž ŵ ƉŽŶĞŶƚƐ ƚŚĂƚ ǁŽƵůĚ ĐŽŶƚƌĂĚŝĐƚ ǁŚĂƚ ǁĂƐ ĞƐƚĂďůŝƐŚĞĚ ŝŶ ƚŚĞ ƉƉƌŽǀĞĚ/^ͬEĂŶĚŝƐĞƐƚŝŵĂƚĞĚƚŽŐĞŶĞƌĂƚĞĂĚĞĐƌĞĂƐĞĚƉŽƉƵůĂƚŝŽŶ͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞ ƐĞǀĞƌĞŝŵƉĂĐƚƐǁŽƵůĚŽĐĐƵƌ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ď͘ ŽŶĨůŝĐƚŽƌďĞŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚ
Y'ƵŝĚĞůŝŶĞƐ^ĞĐƚŝŽŶϭϱϬϲϰ͘ϯ͕ƐƵďĚŝǀŝƐŝŽŶ;ďͿ͍
E Ž E Ğ ǁ Ž ƌ D Ž ƌ Ğ ^ ŝ Ő Ŷ ŝ Ĩ ŝ Đ Ă Ŷ ƚ / ŵ Ɖ Ă Đ ƚ ͗ ^ŝŵŝůĂƌ ƚŽ ƚŚĞ ƉƉƌŽǀĞĚ /^ͬE͕ Ăůů ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ĂĚŚ ĞƌĞ ƚŽ Ăůů ƐƚĂƚĞ ĂŶĚ ůŽĐĂů ƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĂǀŽŝĚŝŶŐƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚƐƚŽsDd͘ĚĚŝƚŝŽŶĂůůLJ͕ĂŶLJƚƌĂĨĨŝĐĚĞŵĂŶĚŵĞĂƐƵƌĞƐ ƌĞƋƵŝƌĞĚĨŽƌŵŝƚŝŐĂƚŝŽŶǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJǁŝƚŚƌĐĂĚŝĂ'W'ŽĂůƐ/Ͳϭϭ͕/ͲϮ͕ĂŶĚ/Ͳϱ͕ ǁŚŝĐŚ ĞŶĐŽƵƌĂŐĞ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ĞĨĨŝĐŝĞŶƚ ƌŽĂĚǁĂLJ ĐĂƉĂĐŝƚŝĞƐ ĂŶĚ ŵŝŶŝŵŝnjĂƚŝŽŶ ŽĨ ƚƌĂĨĨŝĐ ŚĂnjĂƌĚƐŶĞĂƌƌĞƐŝĚĞŶƚŝĂůƵƐĞƐ͘dŚĞĐĂŶĚŝĚĂƚĞŚŽƵƐŝŶŐƐŝƚĞƐŝĚĞŶƚŝĨŝĞĚďLJƚŚĞWƌŽũĞĐƚĂƌĞĚŝƐƉĞƌƐĞĚ ƚŚƌŽƵŐŚŽƵƚƚŚĞŝƚLJƚŽƌĞĚƵĐĞƚŚĞƉŽƚĞŶƚŝĂůĨŽƌĂĚǀĞƌƐĞĞŶǀŝƌŽŶ ŵĞŶƚĂůŝŵƉĂĐƚƐ͘dŚĞŝŶƚĞŶƚŝƐƚŽ ƌĞĚƵĐĞ ŝŵƉĂĐƚƐ ƌĞůĂƚĞĚ ƚŽ sDd ďLJ ƉůĂĐŝŶŐ ŚŽƵƐŝŶŐ ŶĞĂƌ ƉƵďůŝĐ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ĂŶĚ ƌĞĐƌĞĂƚŝŽŶ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ĂŶĚ ĂǁĂLJ ĨƌŽŵ ĞŶǀŝƌŽŶŵĞŶƚĂůůLJ ƐĞŶƐŝƚŝǀĞ ƌĞƐŽƵƌĐĞƐ ͘ &ƵƚƵƌĞ ƌĞƐŝĚĞŶƚŝĂů ĚĞǀĞůŽƉŵĞŶƚ ƉƌŽũĞĐƚƐ ǁŽƵůĚ ďĞ ƌĞǀŝĞǁĞĚ ŽŶ Ă ĐĂƐĞͲďLJͲĐĂƐĞ ďĂƐŝƐƚŽ ĞŶƐƵƌĞ ĐŽŶƐŝƐƚĞŶĐLJ ǁŝƚŚ ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϲϳ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ĂƉƉůŝĐĂƚŝŽŶƌĞŐƵůĂƚŝŽŶƐƚŚĂƚĂĚĚƌĞƐƐƚŚĞĐŝƌĐƵůĂƚŝŽŶƐLJƐƚĞŵ͕ŝŶĐůƵĚŝŶŐsDd͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌ ŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐǁŽƵůĚŽĐĐƵƌ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Đ͘ ^ƵďƐƚĂŶƚŝĂůůLJ ŝŶĐƌĞĂƐĞ ŚĂnjĂƌĚƐ ĚƵĞ ƚŽ Ă ŐĞŽŵĞƚƌŝĐ ĚĞƐŝŐŶ ĨĞĂƚƵƌĞ ;Ğ͘Ő͕͘ ƐŚĂƌƉ ĐƵƌǀĞƐ Žƌ ĚĂŶŐĞƌŽƵƐŝŶƚĞƌƐĞĐƚŝŽŶƐͿŽƌŝŶĐŽŵƉĂƚŝďůĞƵƐĞƐ;Ğ͘Ő͕͘ĨĂƌŵĞƋƵŝƉŵĞŶƚͿ͍ E Ž E Ğ ǁ Ž ƌ D Ž ƌ Ğ ^ ŝ Ő Ŷ ŝ Ĩ ŝ Đ Ă Ŷ ƚ / ŵ Ɖ Ă Đ ƚ ͗ DƵĐŚ ŽĨ ƚŚĞ ŝƚLJ ŝƐ ƵƌďĂŶŝnjĞĚ͕ ĂŶĚ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ŽĐĐƵƌ ŽŶ ŵŽƐƚůLJ ĚĞǀĞůŽƉĞĚ ƉƌŽƉĞƌƚŝĞƐ͘ dŚƵƐ͕ ĞdžŝƐƚŝŶŐƌŽĂĚǁĂLJƐĂƌĞĞdžƉĞĐƚĞĚƚŽĐŽŶƚŝŶƵĞďĞŝŶŐƵƐĞĚĂƐƚŚĞLJŚ ĂǀĞďĞĞŶƉƌĞǀŝŽƵƐůLJĐŽŶŶĞĐƚĞĚ ĂŶĚĂĚũĂĐĞŶƚƚŽƚŚĞĞdžŝƐƚŝŶŐƚƌĂŶƐƉŽƌƚĂƚŝŽŶŶĞƚǁŽƌŬ͘ĚĚŝƚŝŽŶĂů ůLJ͕ŚĂnjĂƌĚƐĚƵĞƚŽĂŐĞŽŵĞƚƌŝĐ ĚĞƐŝŐŶĨĞĂƚƵƌĞŽƌŝŶĐŽŵƉĂƚŝďůĞƵƐĞƐĂƌĞŶŽƚĂŶƚŝĐŝƉĂƚĞĚ͘dŚĞWƌ ŽũĞĐƚǁŽƵůĚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚ ƚŚĞ ƉƉƌŽǀĞĚ /^ͬE͘ dŚĞƌĞĨŽƌĞ͕ ŶŽ ŶĞǁ Žƌ ŵŽƌĞ ƐĞǀĞƌĞ ŝŵƉĂĐƚƐ ǁŽƵůĚ ŽĐĐƵƌ͕ ĂŶĚ ŶŽ ŶĞǁ ŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Ě͘ ZĞƐƵůƚŝŶŝŶĂĚĞƋƵĂƚĞĞŵĞƌŐĞŶĐLJĂĐĐĞƐƐ͍
E Ž E Ğ ǁ Ž ƌ D Ž ƌ Ğ ^ ŝ Ő Ŷ ŝ Ĩ ŝ Đ Ă Ŷ ƚ / ŵ Ɖ Ă Đ ƚ ͗ dŚĞ WƌŽũĞĐƚ ƉƌŽƉŽƐĞƐ ŵŽĚŝĨŝĐĂƚŝŽŶ ƚŽ ŝƚLJ ƌĞŐƵůĂƚŝŽŶƐ ƌĞŐĂƌĚŝŶŐ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ǁŚŝĐŚ ǁŽƵůĚ ĂůůŽǁ ĨŽƌ ĞdžƉĂŶĚĞĚ ƌĞƐŝĚĞŶƚŝĂů ĚĞǀĞůŽƉŵĞŶƚ ŽŶ ĐĂŶĚŝĚĂƚĞŚŽƵƐŝŶŐƐŝƚĞƐƚŚƌŽƵŐŚŽƵƚƚŚĞŝƚLJ͘dŚĞŝŶĐƌĞĂƐĞĚŚŽƵƐ ŝŶŐĚĞŶƐŝƚLJĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞ WƌŽũĞĐƚ ŵĂLJ ŝŶĐƌĞĂƐĞ ĞŵĞƌŐĞŶĐLJ ƌĞƐƉŽŶƐĞ ĚĞŵĂŶĚƐ ĚƵƌŝŶŐ ĞǀĂĐƵĂƚŝ ŽŶ ƉĞƌŝŽĚƐ͘ /ƚ ŝƐ ŶŽƚ ĂŶƚŝĐŝƉĂƚĞĚ ƚŚĂƚ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ǁŽƵůĚ ƌĞƐƵůƚ ŝŶ ŝŶĂĚĞƋƵĂƚĞ ĞŵĞƌŐĞŶĐLJ ĂĐĐĞƐƐ͘ ,ŽǁĞǀĞƌ͕ƚŚĞŝƚLJŚĂƐĂĚŽƉƚĞĚƚŚĞĂůŝĨŽƌŶŝĂ&ŝƌĞŽĚĞ;&ͿƵŶ ĚĞƌƌĐĂĚŝĂDΑϯϭϮϮ͘ϭϭ͘dŚĞ & ƐĞƚƐ ƐƚĂŶĚĂƌĚƐ ĨŽƌ ƌŽĂĚ ĚŝŵĞŶƐŝŽŶ͕ ĚĞƐŝŐŶ͕ ŐƌĂĚĞƐ͕ ĂŶĚ ŽƚŚĞ ƌ ĨŝƌĞ ƐĂĨĞƚLJ ĨĞĂƚƵƌĞƐ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ǁŽƵůĚ ĐŽŵƉůLJ ǁŝƚŚ  ƐƚĂŶĚĂƌĚƐ ƌĞŐĂƌĚŝŶŐ ŶĞǁ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ĞŵĞƌŐĞŶĐLJ ĂĐĐĞƐƐ ŝƐƐƵĞƐ ĂƐƐŽĐŝĂ ƚĞĚ ǁŝƚŚ ĞĂƌƚŚƋƵĂŬĞƐ͕ ĨůŽŽĚŝŶŐ͕ ĐůŝŵĂƚĞͬƐƚƌŽŶŐ ǁŝŶĚƐ͕ ĂŶĚ ǁĂƚĞƌ ƐŚŽƌƚĂŐĞƐ͘ &ƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ǁŽƵůĚ ďĞ ƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJǁŝƚŚĂƉƉůŝĐĂďůĞďƵŝůĚŝŶŐĂŶĚĨŝƌĞƐĂĨĞƚLJƌĞŐƵůĂƚŝŽŶƐƌĞƋƵŝƌĞĚĨŽƌƚŚĞĚĞƐŝŐŶŽĨ ŶĞǁŚŽƵƐŝŶŐĂŶĚĞŵĞƌŐĞŶĐLJĂĐĐĞƐƐ͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐǁŽƵůĚŽĐĐƵƌ͕ĂŶĚ ŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϲϴ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ŽŶĐůƵƐŝŽŶ
dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐ͘ů ĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚǁĂƐ ŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ /^ͬEĂůŽŶŐǁŝƚŚĂŶŽŝŵƉĂĐƚĚĞƚĞƌŵŝ ŶĂƚŝŽŶ͘dŚĞWƌŽũĞĐƚǁŽƵůĚďĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ĂŶĂůLJƐŝƐ ĐŽŶƚĂŝŶĞĚ ŝŶ ƚŚĞ ƉƉƌŽǀĞĚ /^ͬE͘ dŚĞƌĞĨŽƌĞ͕ ŶŽ ŶĞǁ ŵŝƚŝŐĂƚŝŽŶ ŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚĨŽƌŝƐƐƵĞƐƌĞůĂƚĞĚƚŽƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͘ 
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϲϵ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϰϰ͘ϭϴ dƌŝďĂůƵůƚƵƌĂůZĞƐŽƵƌĐĞƐ
^ƵŵŵĂƌLJŽĨWƌĞǀŝŽƵƐ
ŶǀŝƌŽŶŵĞŶƚĂůŶĂůLJƐŝƐ
dŚĞƉƉƌŽǀĞĚ/^ͬEŝŶĐůƵĚĞĚŝŶŝƚŝĂůĐŽŶƐƵůƚĂƚŝŽŶǁŝƚŚƚƌŝďĞƐŝĚĞŶƚŝĨŝĞĚƚŚƌŽƵŐŚƐƐĞŵďůLJŝůů; ϱϮͿ ĂŶĚ ^ĞŶĂƚĞ ŝůů ;^ ϭϴͿ͘ EŽ ƌĞƐƉŽŶƐĞƐ ǁĞƌĞ ƌĞĐĞŝǀĞĚ ĨƌŽŵ ĂŶLJ ŽĨ ƚŚĞ ĂůŝĨŽƌŶŝĂ EĂƚŝǀĞ ŵĞƌŝĐĂŶƚƌŝďĞƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐƌĞŐĂƌĚŝŶŐϱϮĂŶĚ^ϭϴ͘ ŶĂůLJƐŝƐŽĨƚŚĞWƌŽƉŽƐĞĚWƌŽũĞĐƚ
Ă͘ >ŝƐƚĞĚŽƌĞůŝŐŝďůĞĨŽƌůŝƐƚŝŶŐŝŶƚŚĞĂůŝĨŽƌŶŝĂZĞŐŝƐƚĞƌŽĨ,ŝ ƐƚŽƌŝĐĂůZĞƐŽƵƌĐĞƐ͕ŽƌŝŶĂůŽĐĂů ƌĞŐŝƐƚĞƌŽĨŚŝƐƚŽƌŝĐĂůƌĞƐŽƵƌĐĞƐĂƐĚĞĨŝŶĞĚŝŶWƵďůŝĐZĞƐŽƵƌĐĞƐŽĚĞƐĞĐƚŝŽŶϱϬϮϬ͘ϭ;ŬͿ͕Žƌ ď͘ ƌĞƐŽƵƌĐĞĚĞƚĞƌŵŝŶĞĚďLJƚŚĞůĞĂĚĂŐĞŶĐLJ͕ŝŶŝƚƐĚŝƐĐƌĞƚŝŽŶĂŶĚ ƐƵƉƉŽƌƚĞĚďLJƐƵďƐƚĂŶƚŝĂů ĞǀŝĚĞŶĐĞ͕ƚŽďĞƐŝŐŶŝĨŝĐĂŶƚƉƵƌƐƵĂŶƚƚŽĐƌŝƚĞƌŝĂƐĞƚĨŽƌƚŚŝŶƐƵďĚŝǀŝƐŝŽŶ;ĐͿŽĨWƵďůŝĐZĞƐŽƵƌĐĞƐ ŽĚĞ^ĞĐƚŝŽŶϱϬϮϰ͘ϭ͘/ŶĂƉƉůLJŝŶŐ ƚŚĞĐƌŝƚĞƌŝĂƐĞƚĨŽƌƚŚŝŶƐƵďĚ ŝǀŝƐŝŽŶ;ĐͿŽĨWƵďůŝĐZĞƐŽƵƌĐĞ ŽĚĞ^ĞĐƚŝŽŶϱϬϮϰ͘ϭ͕ƚŚĞůĞĂĚ ĂŐ ĞŶĐLJƐŚĂůůĐŽŶƐŝĚĞƌƚŚĞƐŝŐŶŝĨŝ ĐĂŶĐĞŽĨƚŚĞƌĞƐŽƵƌĐĞƚŽĂ ĂůŝĨŽƌŶŝĂEĂƚŝǀĞŵĞƌŝĐĂŶƚƌŝďĞ͘
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ϱϮĚŽĞƐŶŽƚĂƉƉůLJƚŽƚŚŝƐWƌŽũĞĐƚĂƐƚŚŝƐĚŽĐƵŵĞŶƚŝƐĂŶ ĚĚĞŶĚƵŵ ƚŽ ƚŚĞ ƉƉƌŽǀĞĚ /^ͬE ĂŶĚ ŶŽƚ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ  ϱϮ͘ dŚĞ WƌŽũĞĐƚ ĐŽŶƚĂŝŶƐƚŚĞƐĂŵĞĨŽŽƚƉƌŝŶƚĂƐƚŚĞƌĐĂĚŝĂ,
h͘WƵƌƐƵĂŶƚƚŽ ϱϮĂŶĚ^ϭϴĂŶĚĂƐƉĂƌƚŽĨƚŚĞ
ƉƉƌŽǀĞĚ/^ͬEƚŚĞŝƚLJŝŶŝƚŝĂƚĞĚƚƌŝďĂůĐŽŶƐƵůƚĂƚŝŽŶǁŝƚŚŝŶƚĞ ƌĞƐƚĞĚĂůŝĨŽƌŶŝĂEĂƚŝǀĞŵĞƌŝĐĂŶ ƚƌŝďĞƐŽŶ:ƵŶĞϭϬ͕ϮϬϮϭ͘EŽƌĞƐƉŽŶƐĞƐǁĞƌĞƌĞĐĞŝǀĞĚĨƌŽŵĂŶLJŽĨƚŚĞĂůŝĨŽƌŶŝĂEĂƚŝǀĞŵĞƌŝĐĂŶ ƚƌŝďĞƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐƌĞŐĂƌĚŝŶŐϱϮĂŶĚ^ϭϴ͘ĚĚŝƚŝŽŶĂůůLJ͕ŽŶ:ƵŶĞϭ͕ϮϬϮϭ͕ƚŚĞŝƚLJƌĞĐĞŝǀĞĚ ƚŚĞŶĞŐĂƚŝǀĞƌĞƐƵůƚŽĨƚŚĞ^ĂĐƌĞĚ>ĂŶĚƐ&ŝůĞ;^>&ͿĨƌŽŵƚŚĞEĂƚŝǀĞŵĞƌŝĐĂŶ,ĞƌŝƚĂŐĞŽŵŵŝƐƐŝŽŶ ;E,Ϳ͘ƐĂƌĞƐƵůƚ͕ŝƚŝƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚŶĞǁŽƌŵŽƌĞƐĞǀ ĞƌĞŝŵƉĂĐƚƐǁŽƵůĚŽĐĐƵƌ͕ĂŶĚŶŽ ŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ŽŶĐůƵƐŝŽŶ
dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐ͘ů ĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚǁĂƐ ŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ /^ͬEĂůŽŶŐǁŝƚŚĂŶŽŝŵƉĂĐƚĚĞƚĞƌŵŝ ŶĂƚŝŽŶ͘dŚĞWƌŽũĞĐƚǁŽƵůĚďĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ĂŶĂůLJƐŝƐ ĐŽŶƚĂŝŶĞĚ ŝŶ ƚŚĞ ƉƉƌŽǀĞĚ /^ͬE͘ dŚĞƌĞĨŽƌĞ͕ ŶŽ ŶĞǁ ŵŝƚŝŐĂƚŝŽŶ ŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚĨŽƌŝƐƐƵĞƐƌĞůĂƚĞĚƚŽƚƌŝďĂůĐƵůƚƵƌĂůƌĞƐŽƵƌĐĞƐ͘ 
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϳϬ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϰϰ͘ϭϵ hƚŝůŝƚŝĞƐĂŶĚ^ĞƌǀŝĐĞ^LJƐƚĞŵƐ
^ƵŵŵĂƌLJŽĨWƌĞǀŝŽƵƐ
ŶǀŝƌŽŶŵĞŶƚĂůŶĂůLJƐŝƐ
dŚĞƉƉƌŽǀĞĚ/^ͬEĐŽŶĐůƵĚĞĚƚŚĂƚƚŚĞƌĐĂĚŝĂ,
hǁŽƵůĚŚĂǀĞĂ ůĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚ
ƌĞŐĂƌĚŝŶŐ ƵƚŝůŝƚŝĞƐ ĂŶĚ ƐĞƌǀŝĐĞ ƐLJƐƚĞŵƐ ǁŝƚŚŝŶ ƚŚĞ ŝƚLJ͘ dŚŝƐ ĚĞ ƚ Ğ ƌ ŵ ŝ Ŷ Ă ƚ ŝ Ž Ŷ ǁ Ă Ɛ Ě Ƶ Ğ ƚ Ž Ĩ Ƶ ƚ Ƶ ƌ Ğ  ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚƐ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ ƌĐĂĚŝĂ , h ŶĞĞĚŝŶŐ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ ĞƐƚĂďůŝƐŚĞĚ
ƌĞŐƵůĂƚŝŽŶƐŝŶĐůƵĚŝŶŐƚŚŽƐĞĨŽƌǁĂƐƚĞǁĂƚĞƌĨĂĐŝůŝƚLJƵƐĂŐĞ͕ƐƚĂƚ ĞƌĞĐLJĐůŝŶŐƉƌŽŐƌĂŵƐ͕ĂŶĚǁĂƚĞƌ ƵƐĂŐĞŵŝŶŝŵŝnjĂƚŝŽŶ͘
ŶĂůLJƐŝƐŽĨƚŚĞWƌŽƉŽƐĞĚWƌŽũĞĐƚ
Ă͘ ZĞƋƵŝƌĞŽƌƌĞƐƵůƚŝŶƚŚĞƌĞůŽĐĂƚŝŽŶŽƌĐŽŶƐƚƌƵĐƚŝŽŶŽĨŶĞǁŽƌĞ džƉĂŶĚĞĚǁĂƚĞƌ͕ǁĂƐƚĞǁĂƚĞƌ ƚƌĞĂƚŵĞŶƚ͕ Žƌ ƐƚŽƌŵǁĂƚĞƌ ĚƌĂŝŶĂŐĞ͕ ĞůĞĐƚƌŝĐ ƉŽǁĞƌ͕ ŶĂƚƵƌĂů ŐĂƐ͕ Žƌ ƚĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ĨĂĐŝůŝƚŝĞƐ͕ ƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶ Žƌ ƌĞůŽĐĂƚŝŽŶ ŽĨ ǁŚŝĐŚ ĐŽƵůĚ ĐĂƵƐĞ ƐŝŐŶŝĨŝĐĂŶƚ ĞŶǀŝƌŽŶŵĞŶƚĂů ĞĨĨĞĐƚƐ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗dŚĞWƌŽũĞĐƚĚŽĞƐŶŽƚĚŝƌĞĐƚůLJƉƌŽƉŽƐĞŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ Ăůů ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ďĞ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ŝƚLJ͛Ɛ ĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁƉƌŽĐĞƐƐĂƐǁĞůůĂƐƉŽƚĞŶƚŝĂů
YƌĞǀŝĞǁ͘dŚ ĞŝƚLJŽǁŶƐĂŶĚŽƉĞƌĂƚĞƐŝƚƐ
ǁĂƚĞƌ ĚŝƐƚƌŝďƵƚŝŽŶ ƐLJƐƚĞŵ ƚŚƌŽƵŐŚ ƚŚĞ WƵďůŝĐ tŽƌŬƐ ^ĞƌǀŝĐĞ ĞƉĂ ƌƚŵĞŶƚ͘ &ƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚďĞůŽĐĂƚĞĚŝŶĚĞǀĞ ůŽƉĞĚĂƌĞĂƐŽĨƚŚĞŝƚLJǁŚĞƌĞ ǁĂƚĞƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂůƌĞĂĚLJĞdžŝƐƚƐĂŶĚŵŽƐƚŽĨƚŚĞĐĂŶĚŝĚĂƚĞŚ ŽƵƐŝŶŐƐŝƚĞƐĂůƐŽŝŶĐůƵĚĞĞdžŝƐƚŝŶŐ ĐŽŶŶĞĐƚŝŽŶƐƚŽ ƚŚĞWƵďůŝĐ tŽƌŬƐ ^ĞƌǀŝĐĞƐ ĞƉĂƌƚŵĞŶƚ ƐLJƐƚĞŵ͘ dŚĞƌĞĨŽƌĞ͕ ĂƐ ĐŽŶĐůƵĚĞĚ ŝŶ ƚŚĞ ƉƉƌŽǀĞĚ /^ͬE ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ŝƐ ŶŽƚ ĂŶƚŝĐŝƉĂƚĞĚ ƚŽ ƌĞƋƵŝƌĞŽƌƌĞƐƵůƚŝŶƚŚĞƌĞůŽĐĂƚŝŽŶŽƌĐŽŶƐƚƌƵĐƚŝŽŶŽĨŶĞǁŽƌĞdžƉĂŶĚĞĚǁĂƚĞƌĨĂĐŝůŝƚŝĞƐƚŚĂƚǁŽƵůĚ ĐĂƵƐĞƐŝŐŶŝĨŝĐĂŶƚĞŶǀŝƌŽŶŵĞŶƚĂůĞĨĨĞĐƚƐ͘
/ŶĂĚĚŝƚŝŽŶ͕ŝƚŝƐĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚĨƵƚƵƌĞƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚƐŵĂLJďĞƌĞƋƵŝƌĞĚƚŽŝŵƉůĞŵĞŶƚ Ă^tWWWƚŽĞŶƐƵƌĞƚŚĂƚǁĂƚĞƌƋƵĂůŝƚLJŝƐŶŽƚĚĞŐƌĂĚĞĚĂŶĚƚŚĂƚƐƚŽƌŵǁĂƚĞƌĨůŽǁƐĚŽŶŽƚĞdžĐĞĞĚ ǁĂƐƚĞǁĂƚĞƌ ƚƌĞĂƚŵĞŶƚ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ &ƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ǁŽƵůĚ ĂůƐŽ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ĂĚŚĞƌĞ ƚŽ Ăůů ĨĞĚĞƌĂů͕ ƐƚĂƚĞ͕ ĂŶĚ ůŽĐĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ƌĞůĂƚĞĚ ƚŽ ǁĂƐƚĞǁĂƚĞƌ ƚƌĞĂƚŵĞŶƚ ĚƵƌŝŶŐ ĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚŽƉĞƌĂƚŝŽŶƐ͕ŝŶĐ ůƵĚŝŶŐƚŚĞŝƚLJ͛Ɛ^ĞǁĞƌ^LJƐƚĞŵ ŐƵŝĚĞůŝŶĞƐ;ƌĐĂĚŝĂDŚĂƉƚĞƌ ϰͿĂŶĚƌĞƋƵŝƌĞĚĐŽŶƐƚƌƵĐƚŝŽŶƉĞƌŵŝƚƐ͘
/ƚŝƐĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚƚŚĞĨƵƚƵƌĞƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚƐĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚŝŶĐƌĞĂƐĞ ƚŚĞ ĚĞŵĂŶĚƐ ĨŽƌ ĚƌLJ ƵƚŝůŝƚŝĞƐ͘ ,ŽǁĞǀĞƌ͕ ƚŚĞ ĐĂŶĚŝĚĂƚĞ ŚŽƵƐŝŶŐ ƐŝƚĞƐ ĂƌĞ ůŽĐĂƚĞĚ ŝŶ ĚĞǀĞůŽƉĞĚ ĂƌĞĂƐŽĨƚŚĞŝƚLJƚŚĂƚĂƌĞĂůƌĞĂĚLJƐĞƌǀĞĚďLJĞůĞĐƚƌŝĐƉŽǁĞƌ͕ŶĂƚƵƌĂůŐĂƐ͕ĂŶĚƚĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ĨĂĐŝůŝƚŝĞƐ͘&ƵƌƚŚĞƌ͕ŵŽƐƚŽĨƚŚĞĐĂŶĚŝĚĂƚĞŚŽƵƐŝŶŐƐŝƚĞƐĂƌĞĚĞ ǀĞůŽƉĞĚĂŶĚŚĂǀĞĐŽŶŶĞĐƚŝŽŶƐƚŽ ĞdžŝƐƚŝŶŐ ĚƌLJ ƵƚŝůŝƚLJ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ >ĂƐƚůLJ͕ ƚŚĞ ĨƵƚƵƌĞ ƌĞƐŝĚĞŶƚŝĂů ĚĞǀĞůŽƉŵĞŶƚ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ŝŶĐƌĞĂƐĞ ƉŽƉƵůĂƚŝŽŶ ŝŶ ƚŚĞ ŝƚLJ ĂŶĚ ŝŶĐƌĞĂƐĞ ƐĞƌǀ ŝĐĞ ĚĞŵĂŶĚ͕ ďƵƚ ŐƌŽǁƚŚ ƉƌŽũĞĐƚŝŽŶƐ ĂƌĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƌĞŐŝŽŶĂů ĂŶĚ ůŽĐĂů ƉůĂŶƐ ƵƐĞĚ ƚ Ž ŐƵŝĚĞ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ͘^ŝŵŝůĂƌƚŽƚŚĞƉƉƌŽǀĞĚ/^ͬEĂůůĨƵƚƵƌĞŚŽƵƐŝŶŐĚ ĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞ ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϳϭ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
WƌŽũĞĐƚ ǁŽƵůĚ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ŵĞĞƚ ƚŚĞ ŵĂŶĚĂƚŽƌLJ ƌĞƋƵŝƌĞŵĞŶƚƐ ƵŶ ĚĞƌ ƚŚĞ ŝƚLJ͛Ɛ ǀĂƌŝŽƵƐ ƉƌŽŐƌĂŵƐĂŝŵĞĚĂƚĞŶƐƵƌŝŶŐĂĚĞƋƵĂƚĞƐƵƉƉůŝĞƐĂŶĚƐĞƌǀŝĐĞŝŶĨƌĂƐ ƚƌƵĐƚƵƌĞĂƌĞĂǀĂŝůĂďůĞƚŽƐĞƌǀĞ ƚŚĞŶĞǁĚĞǀĞůŽƉŵĞŶƚƐ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞWƌŽũĞĐƚǁŽƵůĚƌĞƐƵůƚŝŶŶŽŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐĂƐ ŝƚƉĞƌƚĂŝŶƐƚŽƉůĂĐĞŵĞŶƚŽĨƵƚŝůŝƚŝĞƐĂŶĚƐĞǁĞƌƐLJƐƚĞŵƐ͕ŽƌǁĂƐƚĞǁĂƚĞƌƚƌĞĂƚŵĞŶƚĐĂƉĂĐŝƚLJĂŶĚŶŽ ŶĞǁĂŶĚͬŽƌŵŽĚŝĨŝĞĚŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ď͘ ,ĂǀĞ ƐƵĨĨŝĐŝĞŶƚ ǁĂƚĞƌ ƐƵƉƉůŝĞƐ ĂǀĂŝůĂďůĞ ƚŽ ƐĞƌǀĞ ƚŚĞ ƉƌŽũĞĐƚ ĂŶĚ ƌĞĂƐŽŶĂďůLJ ĨŽƌĞƐĞĞĂďůĞ ĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚĚƵƌŝŶŐŶŽƌŵĂů͕ĚƌLJ͕ĂŶĚŵƵůƚŝƉůĞĚƌLJLJĞĂƌƐ͍ EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶĚŝƌĞĐƚŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͕ ďƵƚǁŽƵůĚĨĂĐŝůŝƚĂƚĞĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚ͘ĐĐŽƌĚŝŶŐƚŽƚ ŚĞϮϬϮϭŝƚLJŽĨƌĐĂĚŝĂhƌďĂŶ tĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶ;htDWͿ͕ƚŚĞŝƚLJ͛ƐƉĞƌĐĂƉŝƚĂǁĂƚĞƌƵƐĂŐĞ ƌĂƚĞŝƐĂƉƉƌŽdžŝŵĂƚĞůLJϮϯϬ ŐĂůůŽŶƐƉĞƌĚĂLJ;ŐƉĚͿ͘
ϯϴtŚĞŶĂƉƉůŝĞĚƚŽƚŚĞϭϯ͕ϯϴϮͲƉĞƌƐŽŶƉŽƉƵůĂƚŝŽŶĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚ͕ ƚŚĞWƌŽũĞĐƚǁŽƵůĚŐĞŶĞƌĂƚĞĂĚĞŵĂŶĚŽĨϯ͕Ϭϳϳ͕ϴϲϬŐƉĚŽƌĂƉƉƌŽdžŝ ŵĂƚĞůLJϯ͕ϰϱϬ&z͘dŚŝƐǁŽƵůĚ ĐŽŶƐƚŝƚƵƚĞĂƉƉƌŽdžŝŵĂƚĞůLJϮϱƉĞƌĐĞŶƚŽĨƚŚĞĐƵƌƌĞŶƚǁĂƚĞƌĚĞŵĂŶĚ ŽĨϭϯ͕ϵϯϱ&z͘ ϯϵdŚŝƐǁŽƵůĚ ĂůƐŽůĞĂĚƚŽĂϮϬϮ&zƌĞĚƵĐƚŝŽŶŝŶǁĂƚĞƌĚĞŵĂŶĚĐŽŵƉĂƌĞĚƚŽƚŚĞƉƉƌŽǀĞĚ/^ͬE͘ ƵƌŝŶŐĚƌLJLJĞĂƌƐ͕ƚŚĞŝƚLJǁŽƵůĚďĞĂďůĞƚŽƐŽƵƌĐĞǁĂƚĞƌĨƌŽŵƚ ŚĞZĂLJŵŽŶĚĂƐŝŶƌĞĂĂŶĚƚŚĞ DĂŝŶ ĂƐŝŶ ƌĞĂ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ŝƚ ŝƐ ĂŶƚŝĐŝƉĂƚĞĚ ƚŚĂƚ ƚŚĞ ŝƚLJ͛Ɛ ĚŝǀĞƌƐĞ ǁĂƚĞƌ ƐƵƉƉůLJ ;ŝŵƉŽƌƚĞĚ ǁĂƚĞƌ͕ƐƵƌĨĂĐĞǁĂƚĞƌ͕ĂŶĚŐƌŽƵŶĚǁĂƚĞƌͿǁŽƵůĚƉƌŽǀŝĚĞĂĚĞƋƵĂƚĞƐ ƵƉƉůLJƚŚƌŽƵŐŚĨŝǀĞĚƌŽƵŐŚƚ LJĞĂƌƐ͘ϰϬ >ĂƐƚůLJ͕ ĨƵƚƵƌĞ ƌĞƐŝĚĞŶƚŝĂů ƉƌŽũĞĐƚ ĚĞǀĞůŽƉŵĞŶƚ ǁŽƵůĚ ƌĞƋƵŝƌĞ ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ Ă tĂƚĞƌ ^ƵƉƉůLJ ƐƐĞƐƐŵĞŶƚ ;t^Ϳ ŝŶ ŽƌĚĞƌ ƚŽ ǀĞƌŝĨLJ ƐƵĨĨŝĐŝĞŶƚ ǁĂƚĞƌ ƐƵƉƉůLJ ŝƐ ĂǀĂŝůĂďůĞ ƚŽ ŵĞĞƚ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ͛ƐǁĂƚĞƌĚĞŵĂŶĚ͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵ ƉĂĐƚƐǁŽƵůĚŽĐĐƵƌ͕ĂŶĚŶŽ ŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘
^ƚŽƌŵǁĂƚĞƌ
/ƚŝƐĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚƚŚĞĨƵƚƵƌĞƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚƐĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚƌĞƋƵŝƌĞ ƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ƐƚŽƌŵ ĚƌĂŝŶĂŐĞƐ ƚŽ ƚŝĞ ŝŶƚŽ ĞdžŝƐƚŝŶŐ ƐƚŽƌŵǁĂƚĞƌ ĚƌĂŝŶĂŐĞ ĨĂĐŝůŝƚŝĞƐ ǁŝƚŚŝŶ ĞdžŝƐƚŝŶŐƌŝŐŚƚƐͲŽĨͲǁĂLJ͘/ƚŝƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚǁĂƚĞƌĚŝƐĐŚĂƌŐĞĚĨƌŽŵƚŚĞĨƵƚƵƌĞƌĞƐŝĚĞŶƚŝĂůƐŝƚĞƐ ǁŽƵůĚŶĞŐĂƚŝǀĞůLJĂĨĨĞĐƚŽĨĨͲƐŝƚĞŽƌĚŽǁŶƐƚƌĞĂŵĨůŽǁƐ͘^ĞĞ ^ĞĐƚŝŽŶϰ͘ϭϬ͗,LJĚƌŽůŽŐLJĂŶĚtĂƚĞƌ YƵĂůŝƚLJ ĨŽƌ ĨƵƌƚŚĞƌ ĚŝƐĐƵƐƐŝŽŶ͘ EŽ ŶĞǁ Žƌ ŵŽƌĞ ƐĞǀĞƌĞ ŝŵƉĂĐƚƐ ĂƌĞ ĂŶƚŝĐŝƉĂƚĞĚ͕ ĂŶĚ ŶŽ ŶĞǁ ŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘

ϯϴŝƚLJŽĨƌĐĂĚŝĂ͘;ϮϬϮϭͿ͘&ŝŶĂůϮϬϮϬhƌďĂŶtĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶ͘WĂŐĞϰͲϭϯ͘ ŚƚƚƉƐ͗ͬͬĐŵƐϵĨŝůĞƐ͘ƌĞǀŝnjĞ͘ĐŽŵͬĂƌĐĂĚŝĂͬ^ŚĂƉĞйϮϬƌĐĂĚŝĂͬWƵďůŝĐйϮϬtŽƌŬƐйϮϬ^ĞƌǀŝĐĞƐйϮϬĞƉĂƌƚŵĞŶƚͬtĂƚĞƌйϮϬΘйϮϬ^ĞǁĞƌйϮϬ^ĞƌǀŝĐĞƐͬ&ŝŶĂů йϮϬϮϬϮϬйϮϬhtDW͘ƉĚĨ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘
ϯϵ/ďŝĚ͕WĂŐĞϰͲϱ͘
ϰϬ/ďŝĚ͕WĂŐĞϳͲϲ͘
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϳϮ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Đ͘ ZĞƐƵůƚŝŶĂĚĞƚĞƌŵŝŶĂƚŝŽŶďLJƚŚĞǁĂƐƚĞǁĂƚĞƌƚƌĞĂƚŵĞŶƚƉƌŽǀŝĚĞƌǁŚŝĐŚƐĞƌǀĞƐŽƌŵĂLJƐĞƌǀĞ ƚŚĞƉƌŽũĞĐƚƚŚĂƚŝƚŚĂƐĂĚĞƋƵĂƚĞĐĂƉĂĐŝƚLJƚŽƐĞƌǀĞƚŚĞƉƌŽũĞĐƚƉƌŽũĞĐƚĞĚĚĞŵĂŶĚŝŶĂĚĚŝƚŝŽŶ ƚŽƚŚĞƉƌŽǀŝĚĞƌ͛ƐĞdžŝƐƚŝŶŐĐŽŵŵŝƚŵĞŶƚƐ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ ^ŝŵŝůĂƌƚŽƚŚĞƌĐĂĚŝĂ, h͕ĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƐ
ĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚďĞƐƵďũĞĐƚƚŽĚŝƐĐƌĞƚŝŽŶĂƌLJƉĞ ƌŵŝƚƐĂŶĚǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽ ĂĚŚĞƌĞ ƚŽ Ăůů ĨĞĚĞƌĂů͕ ƐƚĂƚĞ͕ ĂŶĚ ůŽĐĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ƌĞůĂƚĞĚ ƚŽ ǁĂƐƚĞǁĂƚĞƌ ƚƌĞĂƚŵĞŶƚ ĚƵƌŝŶŐ ĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚŽƉĞƌĂƚŝŽŶƐ͕ŝŶĐ ůƵĚŝŶŐƚŚĞŝƚLJ͛Ɛ^ĞǁĞƌ^LJƐƚĞŵ ŐƵŝĚĞůŝŶĞƐ;ƌĐĂĚŝĂDŚĂƉƚĞƌ ϰͿĂŶĚƌĞƋƵŝƌĞĚĐŽŶƐƚƌƵĐƚŝŽŶƉĞƌŵŝƚƐ͘dŚĞWƌŽũĞĐƚŝƐŽŶůLJƉƌŽƉŽƐŝŶŐĂŶĂĚĚŝƚŝŽŶĂůϭϭϳƌĞƐŝĚĞŶƚŝĂů ĚǁĞůůŝŶŐ ƵŶŝƚƐ ĐŽŵƉĂƌĞĚ ƚŽ ƚŚĞ ƉƉƌŽǀĞĚ /^ͬE͘ ŽŶƐŝĚĞƌŝŶŐ ƚŚĞƐ Ğ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ĂŶĚ ƚŚĞ ĂǀĂŝůĂďůĞ ĐĂƉĂĐŝƚLJ ĚŝƐĐƵƐƐĞĚ ĂďŽǀĞ͕ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ŶŽƚ ƌĞƐƵůƚ ŝŶ Ă ĚĞƚĞƌŵŝŶĂƚŝŽŶ ďLJ ƚŚĞ ǁĂƐƚĞǁĂƚĞƌƚƌĞĂƚŵĞŶƚƉƌŽǀŝĚĞƌƚŚ ĂƚŝƚŚĂƐŝŶĂĚĞƋƵĂƚĞĐĂƉĂĐŝƚLJƚ ŽƐĞƌǀĞƚŚĞWƌŽũĞĐƚ͛ƐƉƌŽũĞĐƚĞĚ ĚĞŵĂŶĚŝŶĂĚĚŝƚŝŽŶƚŽƚŚĞƉƌŽǀŝĚĞƌ͛ƐĞdžŝƐƚŝŶŐĐŽŵŵŝƚŵĞŶƚƐ͘dŚĞƌ ĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞ ŝŵƉĂĐƚƐǁŽƵůĚŽĐĐƵƌ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Ě͘ 'ĞŶĞƌĂƚĞƐŽůŝĚǁĂƐƚĞŝŶĞdžĐĞƐƐŽĨ^ƚĂƚĞŽƌůŽĐĂůƐƚĂŶĚĂƌĚƐ͕Žƌ ŝŶĞdžĐĞƐƐŽĨƚŚĞĐĂƉĂĐŝƚLJŽĨ ůŽĐĂůŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ŽƌŽƚŚĞƌǁŝƐĞŝŵƉĂŝƌƚŚĞĂƚƚĂŝŶŵĞŶƚŽĨƐŽůŝĚǁĂƐƚĞƌĞĚƵĐƚŝŽŶŐŽĂůƐ͍ EŽ EĞǁ Žƌ DŽƌĞ ^ŝŐŶŝĨŝĐĂŶƚ /ŵƉĂĐƚ͗ůƚŚŽƵŐŚ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ĨĂĐŝůŝƚĂƚĞ ŝŶĐƌĞĂƐĞĚ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ͕ŝƚŝƐŶŽƚĂŶƚŝĐŝƉĂƚ ĞĚƚŚĂƚƚŚĞĨƵƚƵƌĞƌĞƐŝĚĞŶƚŝĂů ƉƌŽũĞĐƚƐǁŽƵůĚůĞĂĚƚŽŝŶĂĚĞƋƵĂƚĞ ůĂŶĚĨŝůůĐĂƉĂĐŝƚLJĂƚƚŚĞ^ĐŚŽůůĂŶLJŽŶ>ĂŶĚĨŝůů͕ǁŚŝĐŚŚĂƐĂĚĂ ŝůLJĐĂƉĂĐŝƚLJŽĨϯ͕ϰϬϬƚŽŶƐƉĞƌĚĂLJ͘ dŚĞ ůĂŶĚĨŝůů ŚĂƐ ƚŚĞ ĐĂƉĂĐŝƚLJ ĨŽƌ ϱϴ͘ϵ ŵŝůůŝŽŶ ĐƵďŝĐ LJĂƌĚƐ ĂŶĚŚĂƐ ĂŶ ŽƉĞƌĂƚŝŽŶĂů ůŝĨĞ ƚŚƌŽƵŐŚ ϮϬϯϬ͘
ϰϭ^ŽůŝĚǁĂƐƚĞŐĞŶĞƌĂƚĞĚĨƌŽŵĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƐĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚ ƌĞƉƌĞƐĞŶƚĂƌĞĚƵĐƚŝŽŶŝŶĚŝƐƉŽƐĂůƌĂƚĞƐŝŶĐŽŵƉĂƌŝƐŽŶƚŽƚŚŽƐĞ ĂŶĂůLJnjĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘ /ƚŝƐĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚĞdžŝƐƚŝŶŐůĂŶĚĨŝůůĐĂƉĂĐŝƚLJǁŽƵůĚďĞƐƵĨĨ ŝĐŝĞŶƚƚŽƐĞƌǀĞĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚ ǁŝƚŚŝŶƚŚĞŝƚLJ͘ĚĚŝƚŝŽŶĂůůLJ͕ĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞ, hǁŽƵůĚďĞƐƵďũĞĐƚ
ƚŽƚŚĞŝƚLJ͛ƐĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁƉƌŽĐĞƐƐ͕ǁŚŝĐŚŵĂLJŝŶĐůƵĚĞĚŝƐ ĐƌĞƚŝŽŶĂƌLJƉĞƌŵŝƚƌĞǀŝĞǁĂŶĚ ĂƉƉƌŽǀĂů͖ĂƐǁĞůůĂƐĞŶǀŝƌŽŶŵĞŶƚĂůƌĞǀŝĞǁƵŶĚĞƌ
Y͕ĂŶĚďĞƌĞƋƵŝƌĞĚƚŽĂĚŚĞƌĞƚŽĂůůĨĞĚĞƌĂů͕

ϰϭĂůZĞĐLJĐůĞ͘ϮϬϭϭ͘^t/^&ĂĐŝůŝƚLJͬ^ŝƚĞĐƚŝǀŝƚLJĞƚĂŝůƐ^ĐŚŽůůĂŶLJŽŶ>ĂŶĚĨŝůů;ϭϵͲͲϬϬϭϮͿ͘ ŚƚƚƉƐ͗ͬͬǁǁǁϮ͘ĐĂůƌĞĐLJĐůĞ͘ĐĂ͘ŐŽǀͬ^ŽůŝĚtĂƐƚĞͬ^ŝƚĞĐƚŝǀŝƚLJͬĞƚĂŝůƐͬϯϱϯϭ͍ƐŝƚĞ/сϭϬϬϬ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘ ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϳϯ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
^ƚĂƚĞ͕ĂŶĚůŽĐĂůƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƐŽůŝĚǁĂƐƚĞƌĞĚƵĐƚŝŽŶĂŶĚƌĞĐLJĐůŝŶŐ͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞ ƐĞǀĞƌĞŝŵƉĂĐƚƐǁŽƵůĚŽĐĐƵƌ͕ĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Ğ͘ ŽŵƉůLJǁŝƚŚĨĞĚĞƌĂů͕^ƚĂƚĞ͕ĂŶĚůŽĐĂůŵĂŶĂŐĞŵĞŶƚĂŶĚƌĞĚƵĐƚŝŽŶƐƚĂƚƵƚĞƐĂŶĚƌĞŐƵůĂƚŝŽŶƐ ƌĞůĂƚĞĚƚŽƐŽůŝĚǁĂƐƚĞ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ ƐƉƌĞǀŝŽƵƐůLJŶŽƚĞĚ͕ƚŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶĚŝƌĞĐƚ ŚŽƵƐŝŶŐ ĐŽŶƐƚƌƵĐƚŝŽŶ͕ ďƵƚ ǁŽƵůĚ ĨĂĐŝůŝƚĂƚĞ ĨƵƚƵƌĞ ŚŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ͘ ůů ĨƵƚƵƌĞ ƌĞƐŝĚĞŶƚŝĂů ĚĞǀĞůŽƉŵĞŶƚƐ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ĚĞŵŽŶƐƚƌĂƚĞ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůƐƚĂƚƵƚĞƐĂŶĚƌĞŐƵůĂƚŝŽŶƐĨŽƌƐŽůŝĚǁĂƐƚĞ͘ŽŶƐƚƌƵĐƚŝŽŶĂĐƚŝǀŝƚŝĞƐǁŽƵůĚďĞ ƐƵďũĞĐƚƚŽĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞϱϬƉĞƌĐĞŶƚĚŝǀĞƌƐŝŽŶŽĨƐŽůŝĚǁĂ ƐƚĞƌĞƋƵŝƌĞŵĞŶƚƉƵƌƐƵĂŶƚƚŽƚŚĞ ĂůŝĨŽƌŶŝĂ/ŶƚĞŐƌĂƚĞĚtĂƐƚĞDĂŶĂŐĞŵĞŶƚĐƚŽĨϭϵϴϵ;ϵϯϵͿ͘ĚĚŝƚŝŽŶĂůůLJ͕ϯϰϭƌĞƋƵŝƌĞƐƚŚĂƚ ŝƚŝĞƐ ĂŶĚ ŽƵŶƚŝĞƐŝŵƉůĞŵĞŶƚ ƌĞĐLJĐůŝŶŐ ƉƌŽŐƌĂŵƐ͕ ƌĞĚƵĐĞ ƌĞĨƵƐĞ ĂƚƚŚĞ ƐŽƵƌĐĞ͕ ĂŶĚ ĐŽŵƉŽƐƚ ǁĂƐƚĞƚŽĂĐŚŝĞǀĞƚŚĞĞƐƚĂďůŝƐŚĞĚϳϱƉĞƌĐĞŶƚĚŝǀĞƌƐŝŽŶŽĨƐŽůŝĚǁĂƐƚĞĨƌŽŵůĂŶĚĨŝůůƐ͘&ƵƌƚŚĞƌ͕ĨƵƚƵƌĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ƌĞƐŝĚĞŶƚŝĂů ĚĞǀĞůŽƉŵĞŶƚƐ ǁŽƵůĚ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ ƚŚĞ ŵŽƐƚ ƌĞĐĞŶƚ Ăů'ƌĞĞŶ ŽĚĞ͕ ǁŚŝĐŚ ŝŵƉůĞŵĞŶƚƐ ĚĞƐŝŐŶ ĂŶĚ ĐŽŶƐƚƌƵĐƚŝŽŶ ŵĞĂƐƵƌĞ Ɛ ƚŚĂƚ Ăŝŵ ƚŽ ƌĞĚƵĐĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ƌĞůĂƚĞĚ ǁĂƐƚĞ ƚŚƌŽƵŐŚ ŵĂƚĞƌŝĂů ĐŽŶƐĞƌǀĂƚŝŽŶ ŵĞĂƐƵƌĞƐ ĂŶĚ ŽƚŚĞƌ ĐŽŶƐƚƌƵĐƚŝŽŶͲ ƌĞůĂƚĞĚĞĨĨŝĐŝĞŶĐLJŵĞĂƐƵƌĞƐ͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐǁŽƵůĚŽĐĐƵƌ͕ĂŶĚŶŽŶĞǁ ŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ŽŶĐůƵƐŝŽŶ
dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐ͘ů ĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚǁĂƐ ŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ /^ͬEĂůŽŶŐǁŝƚŚĂŶŽŝŵƉĂĐƚĚĞƚĞƌŵŝ ŶĂƚŝŽŶ͘dŚĞWƌŽũĞĐƚǁŽƵůĚďĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ĂŶĂůLJƐŝƐ ĐŽŶƚĂŝŶĞĚ ŝŶ ƚŚĞ ƉƉƌŽǀĞĚ /^ͬE͘ dŚĞƌĞĨŽƌĞ͕ ŶŽ ŶĞǁ ŵŝƚŝŐĂƚŝŽŶ ŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚĨŽƌŝƐƐƵĞƐƌĞůĂƚĞĚƚŽƵƚŝůŝƚŝĞƐĂŶĚƐĞƌǀŝĐĞƐLJƐƚĞŵƐ͘ 
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϳϰ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϰϰ͘ϮϬ tŝůĚĨŝƌĞ
^ƵŵŵĂƌLJŽĨWƌĞǀŝŽƵƐ
ŶǀŝƌŽŶŵĞŶƚĂůŶĂůLJƐŝƐ
dŚĞƉƉƌŽǀĞĚ/^ͬEĐŽŶĐůƵĚĞĚƚŚĂƚŵŽƐƚŽĨƚŚĞĐĂŶĚŝĚĂƚĞƐŝƚĞƐŝ ĚĞŶƚŝĨŝĞĚĨŽƌƚŚĞƌĐĂĚŝĂ, hĞdžĐĞƉƚ
ƚŚŽƐĞŝŶƚŚĞŶŽƌƚŚĞƌŶŵŽƐƚƉŽƌƚŝŽŶŽĨƚŚĞŝƚLJ͕ĂƌĞŶŽƚůŽĐĂƚĞĚǁŝƚŚŝŶĂ^ƚĂƚĞZĞƐƉŽŶƐŝďŝůŝƚLJƌĞĂ;^ZͿŽƌ ĂsĞƌLJ,ŝŐŚ&ŝƌĞ,ĂnjĂƌĚ^ĞǀĞƌŝƚLJŽŶĞ;s,&,^Ϳ͘&ƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞƌĐĂĚŝĂ, hǁŽƵůĚ
ĂůƐŽ ƌĞƋƵŝƌĞ ĂĚĚŝƚŝŽŶĂů ƉƌŽũĞĐƚ ůĞǀĞů ŝƚLJ ĂŶĚ  Y ƌĞǀŝĞǁ ĨŽƌ ǁŝůĚĨŝƌĞ ƌŝƐŬ͘ dŚĞ ƉƉƌŽǀĞĚ /^ͬE ĚĞƚĞƌŵŝŶĞĚƚŚĂƚƚŚĞƌĐĂĚŝĂ,
hǁŽƵůĚŚĂǀĞĂůĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚŝŶƌĞŐĂƌĚƚŽǁŝůĚĨŝƌĞ͘ ŶĂůLJƐŝƐŽĨƚŚĞWƌŽƉŽƐĞĚWƌŽũĞĐƚ
Ă͘ ^ƵďƐƚĂŶƚŝĂůůLJŝŵƉĂŝƌĂŶĂĚŽƉƚĞĚĞŵĞƌŐĞŶĐLJƌĞƐƉŽŶƐĞƉůĂŶŽƌĞŵĞƌŐĞŶĐLJĞǀĂĐƵĂƚŝŽŶƉůĂŶ͍ EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗ƐƉƌĞǀŝŽƵƐůLJĚŝƐĐƵƐƐĞĚƚŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶĚŝƌĞĐƚ ŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͕ďƵƚǁŽƵůĚ ĨĂĐŝůŝƚĂƚĞĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞů ŽƉŵĞŶƚ͘ dŚĞĐĂŶĚŝĚĂƚĞŚŽƵƐŝŶŐ ƐŝƚĞƐĂƌĞůŽĐĂƚĞĚŝŶĚĞǀĞůŽƉĞĚĂƌĞĂƐŽĨƚŚĞŝƚLJǁŚŝĐŚƌĞĚƵĐĞƐƌŝƐŬĨŽƌǁŝůĚůĂŶĚĨŝƌĞŝŶƚŚĞǁŝůĚůĂŶĚ ƵƌďĂŶ ŝŶƚĞƌĨĂĐĞ͘ /ƚ ŝƐ ŶŽƚ ĂŶƚŝĐ ŝƉĂƚĞĚ ƚŚĂƚ ĞŵĞƌŐĞŶĐLJ ƐĞƌǀŝĐĞƐ ƚ ƌ Ă ǀ Ğ ů ŝ Ŷ Ő Ĩ ƌ Ž ŵ ƚ Ś Ğ  ŝ ƚ LJ ƚ Ž  ƵŶĚĞǀĞůŽƉĞĚĂƌĞĂƐŽĨƚŚĞŝƚLJǁŽƵůĚďĞŝŵƉĞĚĞĚďLJĨƵƚƵƌĞĐŽŶƐƚƌƵĐƚŝŽŶĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚ͘ ĐĐŽƌĚŝŶŐƚŽƚŚĞĂů&ŝƌĞ,ĂnjĂƌĚ^ĞǀĞƌŝƚLJŽŶĞDĂƉ͕ƚŚĞŵĂũŽƌŝƚLJ ŽĨƚŚĞĐĂŶĚŝĚĂƚĞŚŽƵƐŝŶŐƐŝƚĞƐ͕ ĞdžĐĞƉƚ ƚŚŽƐĞ ŶŽƌƚŚ ŽĨ &ŽŽƚŚŝůů ŽƵůĞǀĂƌĚ͕ ĂƌĞ ŶŽƚ ǁŝƚŚŝŶ ĂŶ ^Z Žƌ Ă s,&^͘ϰϮ dŚĞ ĐĂŶĚŝĚĂƚĞ ŚŽƵƐŝŶŐƐŝƚĞƐŶŽƌƚŚŽĨ&ŽŽƚŚŝůůŽƵůĞǀĂƌĚĂƌĞůŽĐĂƚĞĚŝŶĂs,&,^ĂŶĚĂ>ŽĐĂůZĞƐƉŽŶƐŝďŝůŝƚLJƌĞĂ ;>ZͿ͘&ƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJƚŚĞĂůŝĨŽƌŶŝĂ &ŝƌĞ ŽĚĞ ;&Ϳ͕ ƚŚĞ ĂůŝĨŽƌŶŝĂ ƵŝůĚŝŶŐ ŽĚĞ ;Ϳ͕ ĂŶĚ ŐŽ ƚŚƌ ŽƵŐŚ ƚŚĞ ĞƐƚĂďůŝƐŚĞĚ ŝƚLJ ƉĞƌŵŝƚƚŝŶŐƉƌŽĐĞƐƐ͘ƐĂƌĞƐƵůƚ͕ƚŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƐƵďƐƚĂŶƚ ŝĂůůLJŝŵƉĂŝƌĂŶĂĚŽƉƚĞĚůŽĐĂůŽƌ ĐŽƵŶƚLJͲǁŝĚĞĞŵĞƌŐĞŶĐLJƌĞƐƉŽŶƐĞŽƌĞǀĂĐƵĂƚŝŽŶƉůĂŶ͘dŚĞƌĞĨŽƌĞ͕WƌŽũĞĐƚŝŵƉůĞŵĞŶƚĂƚŝŽŶǁŽƵůĚ ŶŽƚƌĞƐƵůƚŝŶĂŶLJŶĞǁŽƌŵŽƌĞƐĞǀĞƌŝŵƉĂĐƚƐǁŝƚŚƌĞƐƉĞĐƚƚŽĞŵĞ ƌŐĞŶĐLJƌĞƐƉŽŶƐĞŽƌĞǀĂĐƵĂƚŝŽŶ ƉůĂŶƐĂŶĚŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ď͘ ƵĞ ƚŽ ƐůŽƉĞ͕ ƉƌĞǀĂŝůŝŶŐ ǁŝŶĚƐ͕ ĂŶĚ ŽƚŚĞƌ ĨĂĐƚŽƌƐ͕ ĞdžĂĐĞƌďĂƚĞ ǁŝůĚĨŝƌĞ ƌŝƐŬƐ͕ ĂŶĚ ƚŚĞƌĞďLJ ĞdžƉŽƐĞ ƉƌŽũĞĐƚ ŽĐĐƵƉĂŶƚƐ ƚŽ͕ ƉŽůůƵƚĂŶƚ ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ ĨƌŽŵ ǁŝůĚůŝĨĞ Žƌ ƚŚĞ ƵŶĐŽŶƚƌŽůůĞĚ ƐƉƌĞĂĚŽĨĂǁŝůĚĨŝƌĞ͍
EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚƐ͗ ƐĚŝƐĐƵƐƐĞĚĂďŽǀĞĐĂŶĚŝĚĂƚĞŚŽƵƐŝŶŐƐŝƚĞƐůŽĐĂƚĞĚŶŽƌƚŚ ŽĨ &ŽŽƚŚŝůů ŽƵůĞǀĂƌĚ ĂƌĞ ůŽĐĂƚĞĚ ŝŶ Ă s,&,^͘ dŽ ĨƵƌƚŚĞƌ ŵŝŶŝŵŝnjĞ ƌŝƐŬ ĨƌŽŵ ǁŝůĚĨŝƌĞ͕ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚŽŶƚŚĞƐĞĐĂŶĚŝĚĂƚĞŚŽƵƐŝŶŐƐŝƚĞƐǁŽƵůĚďĞƌĞƋƵŝƌĞĚ ƚŽĐŽŵƉůLJǁŝƚŚƚŚĞϮϬϮϮ&͕ dŝƚůĞϮϰ͕WĂƌƚϵ͕ΑϯϬϰ͘ϭ͘Ϯ͘&ƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚǁŽƵůĚĂĚŚĞƌĞƚŽĂůůŽƚŚĞƌ 
ϰϮ>&/Z
͘ϮϬϮϮ͘&,^sŝĞǁĞƌ͘ŚƚƚƉƐ͗ͬͬĞŐŝƐ͘ĨŝƌĞ͘ĐĂ͘ŐŽǀͬ&,^ͬ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘ ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϳϱ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ĂƉƉůŝĐĂďůĞ ĨŝƌĞ ƉƌĞǀĞŶƚŝŽŶ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ͘ dŚĞƌĞĨŽƌĞ͕ WƌŽũĞĐƚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ǁŽƵůĚ ŶŽƚ ƌĞƐƵůƚ ŝŶ ĂŶLJ ŶĞǁ Žƌ ŵŽƌĞ ƐĞǀĞƌĞ ŝŵƉĂĐƚƐ ǁŝƚŚ ƌĞƐƉĞĐƚƚ Ž ǁ ŝ ů Ě Ĩ ŝ ƌ Ğ ͕ Ă Ŷ Ě Ŷ Ž Ŷ Ğ ǁ  ŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Đ͘ ZĞƋƵŝƌĞ ƚŚĞ ŝŶƐƚĂůůĂƚŝŽŶ Žƌ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ĂƐƐŽĐŝĂƚĞĚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ;ƐƵĐŚ ĂƐ ƌŽĂĚƐ͕ ĨƵĞů ďƌĞĂŬƐ͕ĞŵĞƌŐĞŶĐLJǁĂƚĞƌƌĞƐŽƵƌĐĞƐ͕ƉŽǁĞƌůŝŶĞƐŽƌŽƚŚĞƌƵƚŝůŝƚŝĞƐͿƚŚĂƚŵĂLJĞdžĂĐĞƌďĂƚĞĨŝƌĞ ƌŝƐŬŽƌƚŚĂƚŵĂLJƌĞƐƵůƚŝŶƚĞŵƉŽƌĂƌLJŽƌŽŶŐŽŝŶŐŝŵƉĂĐƚƐƚŽƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͍ EŽ EĞǁ Žƌ DŽƌĞ ^ŝŐŶŝĨŝĐĂŶƚ /ŵƉĂĐƚ͗ Ɛ ƉƌĞǀŝŽƵƐůLJ ĚŝƐĐƵƐƐĞĚ͕ ƚŚĞ WƌŽũĞĐƚ ǁŽƵůĚ ŶŽƚ ƌĞƐƵůƚ ŝŶ ĚŝƌĞĐƚ ŚŽƵƐŝŶŐ ĐŽŶƐƚƌƵĐƚŝŽŶ͕ ĂŶĚ ǁŽƵůĚ ŽŶůLJ ĨĂĐŝůŝƚĂƚĞ ĨƵƚƵƌĞ Ś ŽƵƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ͘ dŚĞ ĐĂŶĚŝĚĂƚĞŚŽƵƐŝŶŐƐŝƚĞƐĂƌĞůŽĐĂƚĞĚƉƌŝŵĂƌŝůLJŝŶĚĞǀĞůŽƉĞĚƉĂƌƚƐŽĨƚŚĞŝƚLJ͕ĂŶĚŝƚŝƐĂŶƚŝĐŝƉĂƚĞĚ ƚŚĂƚƚŚĞLJǁŽƵůĚďĞƐĞƌǀĞĚďLJƚŚĞĞdžƚĞŶƐŝŽŶŽĨĞdžŝƐƚŝŶŐƵƚŝůŝƚLJ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞůŽĐĂƚĞĚŝŶĞdžŝƐƚŝŶŐ ƌŝŐŚƚƐͲŽĨͲǁĂLJ͘ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞŶĞĞĚĨŽƌŝŶƐƚĂůůĂƚŝŽŶĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ;ƐƵĐŚ ĂƐ ƌŽĂĚ͕ ĨƵĞů ďƌĞĂŬƐ͕ ĞŵĞƌŐĞŶĐLJ ǁĂƚĞƌ ƌĞƐŽƵƌĐĞƐ͕ ƉŽǁĞƌ ůŝŶĞƐ͕ Ž ƌ ŽƚŚĞƌ ƵƚŝůŝƚŝĞƐͿ ǁŽƵůĚ ďĞ ĞǀĂůƵĂƚĞĚ ŽŶ Ă ƉƌŽũĞĐƚͲďLJͲƉƌŽũĞĐƚ ďĂƐŝƐ ĚƵƌŝŶŐ ƚŚĞ ĚŝƐĐƌĞƚŝŽŶĂů  ĚĞǀĞůŽƉŵĞŶƚ ƉĞƌŵŝƚ ƌĞǀŝĞǁ ƉƌŽĐĞƐƐ͘ dŚƌŽƵŐŚ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ĂƉƉůŝĐĂďůĞ ĚĞǀĞůŽƉŵĞŶƚ ƌĞŐƵůĂƚŝŽŶƐ ŝŶ ƚŚĞ ĐĂƐĞ ŽĨ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ͕WƌŽũĞĐƚŝŵƉůĞŵĞŶƚĂƚŝŽŶǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶĂŶLJŶĞǁ ŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐĂŶĚ ŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘
DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
Ě͘
džƉŽƐĞ ƉĞŽƉůĞ Žƌ ƐƚƌƵĐƚƵƌĞƐ ƚŽ Ɛ ŝŐŶŝĨŝĐĂŶƚ ƌŝƐŬƐ͕ ŝŶĐůƵĚŝŶŐ ĚŽǁ ŶƐůŽƉĞ Žƌ ĚŽǁŶƐƚƌĞĂŵ ĨůŽŽĚŝŶŐŽƌůĂŶĚƐůŝĚĞƐ͕ĂƐĂƌĞƐƵůƚŽĨƌƵŶŽĨĨ͕ƉŽƐƚͲĨŝƌĞƐůŽƉĞŝŶƐƚĂďŝůŝƚLJ͕ŽƌĚƌĂŝŶĂŐĞĐŚĂŶŐĞƐ͍ EŽEĞǁŽƌDŽƌĞ^ŝŐŶŝĨŝĐĂŶƚ/ŵƉĂĐƚ͗dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨŚŽƵƐŝŶŐ͕ ďƵƚǁŽƵůĚĨĂĐŝůŝƚĂƚĞĨƵƚƵƌĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚ͘&ƵƚƵƌĞĐŽŶƐƚƌƵ ĐƚŝŽŶĨĂĐŝůŝƚĂƚĞĚďLJƚŚĞWƌŽũĞĐƚ ǁŽƵůĚĂĚŚĞƌĞƚŽƐƚĂƚĞĂŶĚŝƚLJĐŽĚĞƐ͕ĂŶĚĞŵĞƌŐĞŶĐLJĂŶĚĞǀĂĐƵĂƚ ŝŽŶƉůĂŶƐƐĞƚďLJƚŚĞŝƚLJĂŶĚ ƚŚĞ ŽƵŶƚLJ ƚŽ ƉƌĞǀĞŶƚ ŝŵƉĂĐƚƐ ƚŽ ƉĞŽƉůĞ Žƌ ƐƚƌƵĐƚƵƌĞƐ ĨƌŽŵ ƌŝƐŬ Ɛ͕ ŝŶĐůƵĚŝŶŐ ĚŽǁŶƐůŽƉĞ Žƌ ĚŽǁŶƐƚƌĞĂŵĨůŽŽĚŝŶŐ͕ŽƌůĂŶĚƐůŝĚĞƐĂƐĂƌĞƐƵůƚŽĨƌƵŶŽĨĨ͕ƉŽƐƚͲ ĨŝƌĞƐůŽƉĞŝŶƐƚĂďŝůŝƚLJ͕ŽƌĚƌĂŝŶĂŐĞ ĐŚĂŶŐĞƐ͘ dŚĞƌĞĨŽƌĞ͕ WƌŽũĞĐƚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ǁŽƵůĚ ŶŽƚ ƌĞƐƵůƚ ŝŶ ĂŶLJ ŶĞǁ ŽƌĞ ŵŽƌĞ ƐĞǀĞƌĞ ŝŵƉĂĐƚƐ͕ĂŶĚŶŽŶĞǁŵŽĚŝĨŝĞĚŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘ DŝƚŝŐĂƚŝŽŶWƌŽŐƌĂŵ
DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐĨƌŽŵƚŚĞƉƉƌŽǀĞĚ/^ͬE
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϳϲ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
EŽŶĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘
ŽŶĐůƵƐŝŽŶ
dŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞŝŵƉĂĐƚƐ͘ůĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚǁĂƐŝĚĞŶƚŝĨŝĞĚ ŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬEĂůŽŶŐǁŝƚŚĂŶŽŝŵƉĂĐƚĚĞƚĞƌŵŝŶĂƚŝŽŶ͘dŚĞ WƌŽũĞĐƚǁŽƵůĚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞ ĂŶĂůLJƐŝƐĐŽŶƚĂŝŶĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞǁŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚĨŽƌŝƐƐƵĞƐ ƌĞůĂƚĞĚƚŽǁŝůĚĨŝƌĞ͘

ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϳϳ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϱ͘Ϭ 
d
ZD/Ed/KEK&WWZKWZ/d

YKhD
Edd/KE
dŚĞĨŽůůŽǁŝŶŐĚŝƐĐƵƐƐŝŽŶůŝƐƚƐƚŚĞĂƉƉƌŽƉƌŝĂƚĞƐƵďƐĞĐƚŝŽŶƐŽĨ^ ĞĐ ƚŝ ŽŶƐ ϭ ϱ ϭϲϮ ĂŶ Ě ϭϱ ϭϲϰ Ž Ĩ ƚ ŚĞ  
Y 'ƵŝĚĞůŝŶĞƐ ĂŶĚ ƉƌŽǀŝĚĞƐ ũƵƐƚŝĨŝĐĂƚŝŽŶ ĨŽƌ ƚŚĞ ŝƚLJ ƚŽ ŵĂŬĞ  Ă ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ 
Y ĚŽĐƵŵĞŶƚ ĨŽƌ ƚŚĞ WƌŽũĞĐƚ͕ ďĂƐĞĚ ŽŶ ƚŚĞ ĞŶǀŝƌŽŶŵĞŶƚĂů ĂŶĂůLJƐŝƐ ƉƌŽǀŝĚĞĚ ĂďŽǀĞ͘

Y'ƵŝĚĞůŝŶĞƐ^ĞĐƚŝŽŶϭϱϭϲϮവ^ƵďƐĞƋƵĞŶƚ
/ZƐĂŶĚEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶƐ
;ĂͿ tŚĞŶ ĂŶ
/Z ŚĂƐ ďĞĞŶ ĐĞƌƚŝĨŝĞĚ Žƌ Ă ŶĞŐĂƚŝǀĞ ĚĞĐůĂƌĂƚŝŽŶ ĂĚŽƉƚĞĚ ĨŽƌ Ă ƉƌŽũĞĐƚ͕ ŶŽ ƐƵďƐĞƋƵĞŶƚ
/ZƐŚĂůůďĞƉƌĞƉĂƌĞĚĨŽƌƚŚĂƚWƌŽũĞĐƚƵŶůĞƐƐƚŚĞůĞ ĂĚĂŐĞŶĐLJĚĞƚĞƌŵŝŶĞƐ͕ŽŶ ƚŚĞďĂƐŝƐŽĨƐƵďƐƚĂŶƚŝĂůĞǀŝĚĞŶĐĞŝŶůŝŐŚƚŽĨƚŚĞǁŚŽůĞƌĞĐŽƌĚ͕ŽŶĞŽƌŵŽƌĞŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ ;ϭͿ ^ƵďƐƚĂŶƚŝĂůĐŚĂŶŐĞƐĂƌĞƉƌŽƉŽƐĞĚŝŶƚŚĞWƌŽũĞĐƚǁŚŝĐŚǁŝůůƌĞƋƵ ŝƌĞŵĂũŽƌƌĞǀŝƐŝŽŶƐŽĨ ƚŚĞƉƌĞǀŝŽƵƐ
/ZŽƌŶĞŐĂƚŝǀĞĚĞĐůĂƌĂƚŝŽŶĚƵĞƚŽƚŚĞŝŶǀŽůǀĞŵĞŶƚ ŽĨŶĞǁƐŝŐŶŝĨŝĐĂŶƚ ĞŶǀŝƌŽŶŵĞŶƚĂůĞĨĨĞĐƚƐŽƌĂƐƵďƐƚĂŶƚŝĂůŝŶĐƌĞĂƐĞŝŶƚŚĞƐĞǀĞƌŝƚLJŽĨƉƌĞǀŝŽƵƐůLJŝĚĞŶƚŝĨŝĞĚ ƐŝŐŶŝĨŝĐĂŶƚĞĨĨĞĐƚƐ͘
dŚĞ ŝƚLJ ƉƌŽƉŽƐĞƐ ƚŽ ŝŵƉůĞŵĞŶƚ ƚŚĞ WƌŽũĞĐƚ ǁŝƚŚŝŶ ƚŚĞ ĐŽŶƚĞdžƚ ŽĨ ƚŚĞ ƉƉƌŽǀĞĚ /^ͬE͕ ĂƐ ĚĞƐĐƌŝďĞĚŝŶƚŚŝƐĚĚĞŶĚƵŵ͘ƐĚŝƐĐƵƐƐĞĚŝŶƚŚĞ
ŶǀŝƌŽŶŵĞŶƚĂů/ ŵƉĂĐƚŶĂůLJƐŝƐƐĞĐƚŝŽŶŽĨƚŚŝƐ
ĚĚĞŶĚƵŵ͕ŶŽŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞƐŝŐŶŝĨŝĐĂŶƚĞŶǀŝƌŽŶŵĞŶƚĂůĞĨĨĞĐƚƐďĞLJŽŶĚǁŚĂƚǁĂƐĞǀĂůƵĂƚĞĚ ŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬEǁŽƵůĚŽĐĐƵƌ͘
;ϮͿ ^ƵďƐƚĂŶƚŝĂůĐŚĂŶŐĞƐŽĐĐƵƌǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞĐŝƌĐƵŵƐƚĂŶĐĞƐƵŶĚĞƌǁŚŝĐŚƚŚĞƉƌŽũĞĐƚ ŝƐ ƵŶĚĞƌƚĂŬĞŶ ǁŚŝĐŚ ǁŝůů ƌĞƋƵŝƌĞ ŵĂũŽƌ ƌĞǀŝƐŝŽŶƐ ŽĨ ƚŚĞ ƉƌĞǀŝŽƵƐ /Z Žƌ ŶĞŐĂƚŝǀĞ
ĚĞĐůĂƌĂƚŝŽŶ ĚƵĞ ƚŽ ƚŚĞ ŝŶǀŽůǀĞŵĞŶƚ ŽĨ ŶĞǁ ƐŝŐŶŝĨŝĐĂŶƚ ĞŶǀŝƌŽŶŵĞŶ ƚ Ă ů Ğ Ĩ Ĩ Ğ Đ ƚ Ɛ Ž ƌ Ă  ƐƵďƐƚĂŶƚŝĂůŝŶĐƌĞĂƐĞŝŶƚŚĞƐĞǀĞƌŝƚLJŽĨƉƌĞǀŝŽƵƐůLJŝĚĞŶƚŝĨŝĞĚƐŝŐŶŝĨŝĐĂŶƚĞĨĨĞĐƚƐ͘ Ɛ ĚŽĐƵŵĞŶƚĞĚ ŚĞƌĞŝŶ͕ ŶŽ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ůŽĐĂ ƚŝŽŶ͕ ƚLJƉĞ͕ ƐĞƚƚŝŶŐ͕ Žƌ ŽƉĞƌĂƚŝŽŶƐ ŽĨ ƚŚĞ WƌŽũĞĐƚ ŚĂǀĞ ƐƵďƐƚĂŶƚŝǀĞůLJ ĐŚĂŶŐĞĚ ďĞLJŽŶĚ ǁŚĂ ƚ ǁĂƐ ĞǀĂůƵĂƚĞĚ ŝŶ ƚŚĞ ƉƉƌŽǀĞĚ/^ͬE͖ĂŶĚŶŽŶĞŽĨƚŚĞWƌŽũĞĐƚĞůĞŵĞŶƚƐǁŽƵůĚƌĞƐƵůƚŝŶŶĞǁŽƌŵŽƌĞƐĞǀĞƌĞƐŝŐŶŝĨŝĐĂŶƚ ĞŶǀŝƌŽŶŵĞŶƚĂůĞĨĨĞĐƚƐƚŚĂŶƉƌĞǀŝŽƵƐůLJŝĚĞŶƚŝĨŝĞĚ͘EŽŵĂũŽƌƌĞǀŝ ƐŝŽŶƐƚŽƚŚĞƉƉƌŽǀĞĚ/^ͬEĂƌĞ ƌĞƋƵŝƌĞĚ͘
;ϯͿ EĞǁŝŶĨŽƌŵĂƚŝŽŶŽĨƐƵďƐƚĂŶƚŝĂůŝŵƉŽƌƚĂŶĐĞ͕ǁŚŝĐŚǁĂƐŶŽƚŬŶŽǁŶĂŶĚĐŽƵůĚŶŽƚŚĂǀĞ ďĞĞŶŬŶŽǁŶǁŝƚŚƚŚĞĞdžĞƌĐŝƐĞŽĨƌĞĂƐŽŶĂďůĞĚŝůŝŐĞŶĐĞĂƚƚŚĞƚŝŵ ĞƚŚĞƉƌĞǀŝŽƵƐ /Z
ǁĂƐĐĞƌƚŝĨŝĞĚĂƐĐŽŵƉůĞƚĞŽƌƚŚĞŶĞŐĂƚŝǀĞĚĞĐůĂƌĂƚŝŽŶǁĂƐĂĚŽƉƚĞĚ͕ƐŚŽǁƐĂŶLJŽĨƚŚĞ ĨŽůůŽǁŝŶŐ͗
;Ϳ dŚĞƉƌŽũĞĐƚǁŝůůŚĂǀĞŽŶĞŽƌŵŽƌĞƐŝŐŶŝĨŝĐĂŶƚĞŶǀŝƌŽŶŵĞŶƚĂůĞĨĨĞĐƚƐŶŽƚĚŝƐĐƵƐƐĞĚ ŝŶƚŚĞƉƌĞǀŝŽƵƐ
/ZŽƌŶĞŐĂƚŝǀĞĚĞĐůĂƌĂƚŝŽŶ͖
EŽŶĞǁƐŝŐŶŝĨŝĐĂŶƚĞŶǀŝƌŽŶŵĞŶƚĂůĞĨĨĞĐƚƐďĞLJŽŶĚƚŚŽƐĞĂĚĚƌĞƐƐĞĚ ŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬEǁĞƌĞ ŝĚĞŶƚŝĨŝĞĚ͘
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϳϴ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
;Ϳ ^ŝŐŶŝĨŝĐĂŶƚ ĞĨĨĞĐƚƐ ƉƌĞǀŝŽƵƐůLJ ĞdžĂŵŝŶĞĚ ǁŝůů ďĞ ƐƵďƐƚĂŶƚŝĂůůLJ ŵŽƌĞ ƐĞǀĞƌĞ ƚŚĂŶ ƐŚŽǁŶŝŶƚŚĞƉƌĞǀŝŽƵƐ
/Z͖
dŚĞƉƉƌŽǀĞĚ/^ͬEŝĚĞŶƚŝĨŝĞĚŶŽƐŝŐŶŝĨŝĐĂŶƚĞĨĨĞĐƚƐ͘ ;Ϳ DŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐŽƌĂůƚĞƌŶĂƚŝǀĞƐƉƌĞǀŝŽƵƐůLJĨŽƵŶĚŶŽƚƚŽďĞ ĨĞĂƐŝďůĞǁŽƵůĚŝŶ ĨĂĐƚďĞĨĞĂƐŝďůĞ͕ĂŶĚǁŽƵůĚƐƵďƐƚĂŶƚŝĂůůLJƌĞĚƵĐĞŽŶĞŽƌŵŽƌĞƐŝŐŶŝĨŝĐĂŶƚĞĨĨĞĐƚƐŽĨ ƚŚĞƉƌŽũĞĐƚ͕ďƵƚƚŚĞƉƌŽũĞĐƚƉƌŽƉŽŶĞŶƚƐĚĞĐůŝŶĞƚŽĂĚŽƉƚƚŚĞŵŝ ƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞ ŽƌĂůƚĞƌŶĂƚŝǀĞ͖Žƌ
dŚĞƉƉƌŽǀĞĚ/^ͬEĚŝĚŶŽƚŝĚĞŶƚŝĨLJĂŶLJŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐ͘ ;Ϳ DŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐŽƌĂůƚĞƌŶĂƚŝǀĞƐǁŚŝĐŚĂƌĞĐŽŶƐŝĚĞƌĂďůLJĚŝĨĨ ĞƌĞŶƚĨƌŽŵƚŚŽƐĞ ĂŶĂůLJnjĞĚŝŶƚŚĞƉƌĞǀŝŽƵƐ
/ZǁŽƵůĚƐƵďƐƚĂŶƚŝĂůůLJƌĞĚƵĐĞŽŶĞŽƌ ŵŽƌĞƐŝŐŶŝĨŝĐĂŶƚ ĞĨĨĞĐƚƐ ŽŶ ƚŚĞ ĞŶǀŝƌŽŶŵĞŶƚ͕ ďƵƚ ƚŚĞ ƉƌŽũĞĐƚ ƉƌŽƉŽŶĞŶƚƐ ĚĞĐůŝŶĞƚŽ ĂĚŽƉƚ ƚŚĞ ŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞŽƌĂůƚĞƌŶĂƚŝǀĞ͘
EŽ ŽƚŚĞƌ ŵŝƚŝŐĂƚŝŽŶ ŵĞĂƐƵƌĞƐ Žƌ ĨĞĂƐŝďůĞ ĂůƚĞƌŶĂƚŝǀĞƐ ŚĂǀĞ ďĞĞŶ  ŝĚĞŶƚŝĨŝĞĚ ƚŚĂƚ ǁŽƵůĚ ƐƵďƐƚĂŶƚŝĂůůLJƌĞĚƵĐĞƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚƐ͘
;ďͿ /ĨĐŚĂŶŐĞƐƚŽĂƉƌŽũĞĐƚŽƌŝƚƐĐŝƌĐƵŵƐƚĂŶĐĞƐŽĐĐƵƌŽƌŶĞǁŝŶĨŽƌ ŵĂƚŝŽŶďĞĐŽŵĞƐĂǀĂŝůĂďůĞ ĂĨƚĞƌĂĚŽƉƚŝŽŶŽĨĂŶĞŐĂƚŝǀĞĚĞĐůĂƌĂƚŝŽŶ͕ƚŚĞůĞĂĚĂŐĞŶĐLJƐŚĂůů ƉƌĞƉĂƌĞĂƐƵďƐĞƋƵĞŶƚ /Z
ŝĨƌĞƋƵŝƌĞĚƵŶĚĞƌƐƵďƐĞĐƚŝŽŶ;ĂͿ͘KƚŚĞƌǁŝƐĞ͕ƚŚĞůĞĂĚĂŐĞŶĐLJƐŚ ĂůůĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌƚŽ ƉƌĞƉĂƌĞĂƐƵďƐĞƋƵĞŶƚŶĞŐĂƚŝǀĞĚĞĐůĂƌĂƚŝŽŶ͕ĂŶĂĚĚĞŶĚƵŵ͕ŽƌŶŽĨƵƌƚŚĞƌĚŽĐƵŵĞŶƚĂƚŝŽŶ͘ ^ƵďƐĞƋƵĞŶƚƚŽĐĞƌƚŝĨŝĐĂƚŝŽŶŽĨƚŚĞƉƉƌŽǀĞĚ /^ͬEŝŶ&ĞďƌƵĂƌLJϮ ϬϮϮ͕ĂĚĚŝƚŝŽŶĂůĂŶĂůLJƐĞƐǁĞƌĞ ƉĞƌĨŽƌŵĞĚĨŽƌƚŚĞWƌŽũĞĐƚĂŶĚĂƌĞƚŚĞƐƵďũĞĐƚŽĨƚŚŝƐĚĚĞŶĚƵŵ͘ ĂƐĞĚŽŶƚŚĞĂŶĂůLJƐŝƐŝŶƚŚŝƐ ĚŽĐƵŵĞŶƚ͕ƚŚĞWƌŽũĞĐƚǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶĂŶLJŶĞǁƐŝŐŶŝĨŝĐĂŶƚĞ ŶǀŝƌŽŶŵĞŶƚĂůĞĨĨĞĐƚƐ͕ŶŽƌǁŽƵůĚ ŝƚŝŶĐƌĞĂƐĞƚŚĞƐĞǀĞƌŝƚLJŽĨƐŝŐŶŝĨŝĐĂŶƚĞĨĨĞĐƚƐƉƌĞǀŝŽƵƐůLJŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƉƌŽǀĞĚ/^ͬE͘EŽŶĞŽĨ ƚŚĞ ĐŽŶĚŝƚŝŽŶƐ ůŝƐƚĞĚ ƵŶĚĞƌ ƐƵďƐĞĐƚŝŽŶ ;ϭͿ ǁŽƵůĚ ŽĐĐƵƌ ƚŚĂƚ ǁŽƵůĚ ƌĞƋƵŝƌĞ ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ Ă ƐƵďƐĞƋƵĞŶƚ
/Z͘
;ĐͿ K Ŷ Đ Ğ Ă Ɖ ƌ Ž ũ Ğ Đ ƚ Ś Ă Ɛ ď Ğ Ğ Ŷ Ă Ɖ Ɖ ƌ Ž ǀ Ğ Ě ͕ ƚ Ś Ğ ů Ğ Ă Ě Ă Ő Ğ Ŷ Đ LJ ͛ Ɛ ƌ Ž ů Ğ ŝ Ŷ Ɖ ƌ ŽũĞĐƚ ĂƉƉƌŽǀĂů ŝƐ ĐŽŵƉůĞƚĞĚ͕ƵŶůĞƐƐĨƵƌƚŚĞƌĚŝƐĐƌĞƚŝŽŶĂƌLJĂƉƉƌŽǀĂůŽŶƚŚĂƚƉƌŽũĞĐƚŝƐƌĞƋƵŝƌĞĚ͘/ŶĨŽƌŵĂƚŝŽŶ ĂƉƉĞĂƌŝŶŐ ĂĨƚĞƌ ĂŶ ĂƉƉƌŽǀĂů ĚŽĞƐ ŶŽƚ ƌĞƋƵŝƌĞ ƌĞŽƉĞŶŝŶŐ ŽĨ ƚŚĂƚĂƉƉƌŽǀĂů͘ /Ĩ ĂĨƚĞƌ ƚŚĞ ƉƌŽũĞĐƚ ŝƐ ĂƉƉƌŽǀĞĚ͕ ĂŶLJ ŽĨ ƚŚĞ ĐŽŶĚŝƚŝŽŶƐ ĚĞƐĐƌŝďĞĚ ŝŶ ƐƵďƐĞĐƚ ŝŽŶ ;ĂͿ ŽĐĐƵƌƐ͕ Ă ƐƵďƐĞƋƵĞŶƚ
/ZŽƌŶĞŐĂƚŝǀĞĚĞĐůĂƌĂƚŝŽŶƐŚĂůůŽŶůLJďĞƉƌĞƉĂƌĞĚďLJƚŚĞƉƵďůŝĐĂŐĞŶĐLJǁŚŝĐŚ ŐƌĂŶƚƐƚŚĞŶĞdžƚĚŝƐĐƌĞƚŝŽŶĂƌLJĂƉƉƌŽǀĂůĨŽƌƚŚĞƉƌŽũĞĐƚ͕ŝĨĂŶLJ͘ /ŶƚŚŝƐƐŝƚƵĂƚŝŽŶ͕ŶŽ ŽƚŚĞƌ ZĞƐƉŽŶƐŝďůĞŐĞŶĐLJƐŚĂůůŐƌĂŶƚĂŶĂƉƉƌŽǀĂůĨŽƌƚŚĞƉƌŽũĞĐƚƵŶƚŝ ůƚŚĞƐƵďƐĞƋƵĞŶƚ /ZŚĂƐ
ďĞĞŶĐĞƌƚŝĨŝĞĚŽƌƐƵďƐĞƋƵĞŶƚŶĞŐĂƚŝǀĞĚĞĐůĂƌĂƚŝŽŶĂĚŽƉƚĞĚ͘ EŽŶĞŽĨƚŚĞĐŽŶĚŝƚŝŽŶƐůŝƐƚĞĚŝŶƐƵďƐĞĐƚŝŽŶ;ĂͿǁŽƵůĚŽĐĐƵƌĂƐ ĂƌĞƐƵůƚŽĨƚŚĞWƌŽũĞĐƚ͘EŽ^ /ZŝƐ
ƌĞƋƵŝƌĞĚ͘
ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϳϵ Z&dͲĞĐĞŵďĞƌϮϬϮϯ

Y'ƵŝĚĞůŝŶĞƐ^ĞĐƚŝŽŶϭϱϭϲϰവĚĚĞŶĚƵŵƚŽĂŶ
/ZŽƌEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
;ĂͿ dŚĞ ůĞĂĚ ĂŐĞŶĐLJ Žƌ ƌĞƐƉŽŶƐŝďůĞ ĂŐĞŶĐLJ ƐŚĂůů ƉƌĞƉĂƌĞ ĂŶ ĂĚĚĞŶĚƵŵ  ƚŽ Ă ƉƌĞǀŝŽƵƐůLJ ĐĞƌƚŝĨŝĞĚ
/Z ŝĨ ƐŽŵĞ ĐŚĂŶŐĞƐ Žƌ ĂĚĚŝƚŝŽŶƐ ĂƌĞ ŶĞĐĞƐƐĂƌLJ͕ ďƵƚ ŶŽŶĞ ŽĨ ƚŚĞ ĐŽŶĚŝƚŝŽŶƐ ĚĞƐĐƌŝďĞĚŝŶ^ĞĐƚŝŽŶϭϱϭϲϮĐĂůůŝŶŐĨŽƌƉƌĞƉĂƌĂƚŝŽŶŽĨĂƐƵďƐĞƋƵĞŶƚ /ZŚĂǀĞŽĐĐƵƌƌĞĚ͘
Ɛ ĚĞƐĐƌŝďĞĚ ĂďŽǀĞ͕ ŶŽŶĞ ŽĨ ƚŚĞ ĐŽŶĚŝƚŝŽŶƐ ĚĞƐĐƌŝďĞĚ ŝŶ ƚŚĞ  Y 'ƵŝĚĞůŝŶĞƐ ^ĞĐƚŝŽŶ ϭϱϭϲϮ
ĐĂůůŝŶŐĨŽƌƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨĂ^
/ZŚĂǀĞŽĐĐƵƌƌĞĚ͘
;ďͿ ŶĂĚĚĞŶĚƵŵƚŽĂŶĂĚŽƉƚĞĚŶĞŐĂƚŝǀĞĚĞĐůĂƌĂƚŝŽŶŵĂLJďĞƉƌĞƉĂƌĞĚŝĨŽŶůLJŵŝŶŽƌƚĞĐŚŶŝĐĂů ĐŚĂŶŐĞƐŽƌĂĚĚŝƚŝŽŶƐĂƌĞŶĞĐĞƐƐĂƌLJŽƌŶŽŶĞŽĨƚŚĞĐŽŶĚŝƚŝŽŶƐĚĞ ƐĐƌŝďĞĚŝŶ^ĞĐƚŝŽŶϭϱϭϲϮ ĐĂůůŝŶŐĨŽƌƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨĂƐƵďƐĞƋƵĞŶƚ
/ZŽƌŶĞŐĂƚŝǀĞĚĞĐůĂƌĂƚŝŽŶŚĂǀĞŽĐĐƵƌƌĞĚ͘
EŽŶĞŽĨƚŚĞĐŽŶĚŝƚŝŽŶƐĚĞƐĐƌŝďĞĚŝŶ^ĞĐƚŝŽŶϭϱϭϲϮĐĂůůŝŶŐĨŽƌƉ ƌĞƉĂƌĂƚŝŽŶŽĨĂƐƵďƐĞƋƵĞŶƚ /Z
ǁŽƵůĚŽĐĐƵƌĂƐĂƌĞƐƵůƚŽĨƚŚĞWƌŽũĞĐƚ͘dŚĞƌĞĨŽƌĞ͕ĂŶĂĚĚĞŶĚƵŵ ƚŽƚŚĞĐĞƌƚŝĨŝĞĚƉƉƌŽǀĞĚ/^ͬE ŝƐƚŚĞĂƉƉƌŽƉƌŝĂƚĞ
YĚŽĐƵŵĞŶƚĨŽƌƚŚĞWƌŽũĞĐƚ͘
;ĐͿ ŶĂĚĚĞŶĚƵŵŶĞĞĚŶŽƚďĞĐŝƌĐƵůĂƚĞĚĨŽƌƉƵďůŝĐƌĞǀŝĞǁďƵƚĐĂŶďĞŝŶĐůƵĚĞĚŝŶŽƌĂƚƚĂĐŚĞĚ ƚŽƚŚĞƉƉƌŽǀĞĚ/^ͬEŽƌĂĚŽƉƚĞĚŶĞŐĂƚŝǀĞĚĞĐůĂƌĂƚŝŽŶ͘ dŚŝƐĚĚĞŶĚƵŵǁŝůůďĞĂƚƚĂĐŚĞĚƚŽƚŚĞƉƉƌŽǀĞĚ /^ͬEĂŶĚŵĂŝŶƚĂ ŝŶĞĚŝŶƚŚĞĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ƌĞĐŽƌĚĨŝůĞƐĂƚƚŚĞŝƚLJ͘
;ĚͿ dŚĞ ĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐ ďŽĚLJ ƐŚĂůů ĐŽŶƐŝĚĞƌ ƚŚĞ ĂĚĚĞŶĚƵŵ ǁŝƚŚ ƚŚĞ ƉƉƌŽǀĞĚ /^ͬE Žƌ ĂĚŽƉƚĞĚŶĞŐĂƚŝǀĞĚĞĐůĂƌĂƚŝŽŶƉƌŝŽƌƚŽŵĂŬŝŶŐĂĚĞĐŝƐŝŽŶŽŶƚŚĞƉƌŽũĞĐƚ͘ dŚĞŝƚLJǁŝůůĐŽŶƐŝĚĞƌƚŚŝƐĚĚĞŶĚƵŵǁŝƚŚƚŚĞƉƉƌŽǀĞĚ/^ͬEƉƌŝŽƌƚŽŵĂŬŝŶŐĂĚĞĐŝƐŝŽŶŽŶƚŚĞ WƌŽũĞĐƚ͘
;ĞͿ ďƌŝĞĨĞdžƉůĂŶĂƚŝŽŶŽĨƚŚĞĚĞĐŝƐŝŽŶŶŽƚƚŽƉƌĞƉĂƌĞĂƐƵďƐĞƋƵĞŶƚ  /ZƉƵƌƐƵĂŶƚƚŽ^ĞĐƚŝŽŶ
ϭϱϭϲϮƐŚŽƵůĚďĞŝŶĐůƵĚĞĚŝŶĂŶĂĚĚĞŶĚƵŵƚŽĂŶ
/Z͕ƚŚĞůĞĂĚĂŐĞ ŶĐLJ͛ƐƌĞƋƵŝƌĞĚĨŝŶĚŝŶŐƐ
ŽŶ ƚŚĞ WƌŽũĞĐƚ͕ Žƌ ĞůƐĞǁŚĞƌĞ ŝŶ ƚŚĞ ƌĞĐŽƌĚ͘ dŚĞ ĞdžƉůĂŶĂƚŝŽŶ ŵƵƐ ƚ ďĞ ƐƵƉƉŽƌƚĞĚ ďLJ ƐƵďƐƚĂŶƚŝĂůĞǀŝĚĞŶĐĞ͘
dŚŝƐĚŽĐƵŵĞŶƚƉƌŽǀŝĚĞƐƐƵďƐƚĂŶƚŝĂůĞǀŝĚĞŶĐĞĨŽƌŝƚLJƌĞĐŽƌĚƐƚŽ ƐƵƉƉŽƌƚƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚŝƐ ĚĚĞŶĚƵŵĨŽƌƚŚĞWƌŽũĞĐƚ͘

ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϴϬ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϲ͘Ϭ KE>h^/KE
dŚŝƐĚĚĞŶĚƵŵŚĂƐďĞĞŶƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽ ŶƐŽĨƚŚĞ Y^ƚĂƚƵƚĞĂŶĚ
ƚŚĞ
Y'ƵŝĚĞůŝŶĞƐƚŽĚŽĐƵŵĞŶƚƚŚĞĨŝŶĚŝŶŐƚŚĂƚŶŽŶĞŽĨƚŚĞĐŽ ŶĚŝƚŝŽŶƐŽƌĐŝƌĐƵŵƐƚĂŶĐĞƐƚŚĂƚ ǁŽƵůĚƌĞƋƵŝƌĞƉƌĞƉĂƌĂƚŝŽŶŽĨĂ^
/Z͕ƉƵƌƐƵĂŶƚƚŽ^ĞĐƚŝŽŶϭϱϭϲϮ ĂŶĚ^ĞĐƚŝŽŶϭϱϭϲϰŽĨƚŚĞ Y
'ƵŝĚĞůŝŶĞƐ͕ ĞdžŝƐƚ ŝŶ ĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚ ƚŚĞ WƌŽũĞĐƚ͘EŽ ŵĂũŽƌ ƌĞǀŝƐŝŽŶƐǁŽƵůĚ ďĞ ƌĞƋƵŝƌĞĚƚŽ ƚŚĞ ƉƉƌŽǀĞĚ /^ͬE ƉƌĞƉĂƌĞĚ ĨŽƌ ƚŚĞ ƌĐĂĚŝĂ ,
h ĂƐ Ă ƌĞƐƵůƚ ŽĨ ƚŚĞWƌŽũĞĐƚ͘ EŽ ŶĞǁ ƐŝŐŶŝĨŝĐĂŶƚ ĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚƐŚĂǀĞďĞĞŶŝĚĞŶƚŝĨŝĞĚ͘^ŝŶĐĞƚŚĞĐĞƌƚŝĨŝĐĂƚŝŽŶŽĨƚŚĞƉƉƌŽǀĞĚ/^ͬE͕ƚŚĞƌĞ ŚĂƐ ďĞĞŶ ŶŽ ŶĞǁ ŝŶĨŽƌŵĂƚŝŽŶ ƐŚŽǁŝŶŐ ƚŚĂƚ ĂůƚĞƌŶĂƚŝǀĞƐ ŽŶĐĞ ĐŽŶƐŝĚĞƌĞĚ ŝŶĨĞĂƐŝďůĞ ĂƌĞ ŶŽǁ ĨĞĂƐŝďůĞŽƌƐŚŽǁŝŶŐƚŚĂƚĂůƚĞƌŶĂƚŝǀĞƐƐƵďƐƚĂŶƚŝĂůůLJĚŝĨĨĞƌĞŶƚĨ ƌŽŵƚŚŽƐĞĂŶĂůLJnjĞĚŝŶƚŚĞ /ZƚŚĂƚ
ƚŚĞŝƚLJĚĞĐůŝŶĞĚƚŽĂĚŽƉƚ͘dŚĞƌĞĨŽƌĞ͕ƉƌĞƉĂƌĂƚŝŽŶŽĨĂ^ /ZŝƐ ŶŽƚƌĞƋƵŝƌĞĚĂŶĚƚŚĞĂƉƉƌŽƉƌŝĂƚĞ

YĚŽĐƵŵĞŶƚĨŽƌƚŚĞWƌŽũĞĐƚŝƐƚŚŝƐĚĚĞŶĚƵŵƚŽƚŚĞƉƉƌŽǀĞĚ/^ͬE͘dŚŝƐĚŽĐƵŵĞŶƚǁŝůůďĞ ŵĂŝŶƚĂŝŶĞĚŝŶƚŚĞĂĚŵŝŶŝƐƚƌĂƚŝǀĞƌĞĐŽƌĚĨŝůĞƐĂƚƚŚĞŝƚLJ͘

ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϴϭ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϳ͘Ϭ Z
&
Z
E
^
ŽŶdĞƌƌĂŽŶƐƵůƚŝŶŐ͘ϮϬϭϬ͘ƌĐĂĚŝĂ'ĞŶĞƌĂůWůĂŶhƉĚĂƚĞƌĂĨƚWƌŽŐƌĂŵ /Z͘
ŚƚƚƉƐ͗ͬͬĐŵƐϵĨŝůĞƐ͘ƌĞǀŝnjĞ͘ĐŽŵͬĂƌĐĂĚŝĂͬ^ŚĂƉĞйϮϬƌĐĂĚŝĂͬĞǀĞůŽƉŵĞŶƚйϮϬ^ĞƌǀŝĐĞƐͬĞŝƌͬ 'ĞŽůŽŐLJ͘ƉĚĨ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘
ĂůŝĨŽƌŶŝĂĞƉĂƌƚŵĞŶƚŽĨŽŶƐĞƌǀĂƚŝŽŶ͘ϮϬϮϮ͘ĂůŝĨŽƌŶŝĂ/ŵƉŽƌƚĂŶƚ&ĂƌŵůĂŶĚ&ŝŶĚĞƌ͘ ŚƚƚƉƐ͗ͬͬŵĂƉƐ͘ĐŽŶƐĞƌǀĂƚŝŽŶ͘ĐĂ͘ŐŽǀͬ>ZWͬ/&&ͬ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘ ĂůŝĨŽƌŶŝĂĞƉĂƌƚŵĞŶƚŽĨdƌĂŶƐƉŽƌƚĂƚŝŽŶ;ĂůƚƌĂŶƐͿ͘ϮϬϮϭ͘ĂůŝĨŽƌŶŝĂ^ƚĂƚĞ^ĐĞŶŝĐ,ŝŐŚǁĂLJ ^LJƐƚĞŵDĂƉ͘
ŚƚƚƉƐ͗ͬͬĐĂůƚƌĂŶƐ͘ŵĂƉƐ͘ĂƌĐŐŝƐ͘ĐŽŵͬĂƉƉƐͬǁĞďĂƉƉǀŝĞǁĞƌͬŝŶĚĞdž͘Śƚŵů͍ŝĚсϰϲϱĚĨĚϯĚϴϬϳĐϰϲĐ ĐϴĞϴϬϱϳϭϭϲĨϭĂĂĐĂĂ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘
>&/Z
͘ϮϬϮϮ͘&,^sŝĞǁĞƌ͘ŚƚƚƉƐ͗ͬͬĞŐŝƐ͘ĨŝƌĞ͘ĐĂ͘ŐŽǀͬ&,^ͬ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘ ĂůZĞĐLJĐůĞ͘ϮϬϭϭ͘^t/^&ĂĐŝůŝƚLJͬ^ŝƚĞĐƚŝǀŝƚLJĞƚĂŝůƐ^ĐŚŽůůĂŶLJŽŶ>ĂŶĚĨŝůů;ϭϵͲͲϬϬϭϮͿ͘ ŚƚƚƉƐ͗ͬͬǁǁǁϮ͘ĐĂůƌĞĐLJĐůĞ͘ĐĂ͘ŐŽǀͬ^ŽůŝĚtĂƐƚĞͬ^ŝƚĞĐƚŝǀŝƚLJͬĞƚĂŝůƐͬϯϱϯϭ͍ƐŝƚĞ/сϭϬϬϬ ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘
ŝƚLJŽĨƌĐĂĚŝĂ͘;ϮϬϮϯͿ͘ƌĐĂĚŝĂ'ĞŶĞƌĂůWůĂŶ͕ŚĂƉƚĞƌϭĞǀĞůŽƉŵĞŶƚŽĚĞ͘ ŚƚƚƉƐ͗ͬͬůŝďƌĂƌLJ͘ŵƵŶŝĐŽĚĞ͘ĐŽŵͬĐĂͬĂƌĐĂĚŝĂͬĐŽĚĞƐͬĐŽĚĞͺŽĨͺŽƌĚŝŶĂŶĐĞƐ͍ŶŽĚĞ/ĚсZd/y/h ^>ͺ,ϭ
Kͺ/sϮK>h^
^dͺ^ϵϭϬϮ͘ϬϯK/EK;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘
ŝƚLJŽĨƌĐĂĚŝĂ͘ϮϬϮϮ͘ŝƚLJŽĨƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ ůĞŵĞŶƚhƉĚĂƚĞdĞĐŚŶŝĐĂůĂĐŬŐƌŽƵŶĚ
ZĞƉŽƌƚ͘WĂŐĞͲϮ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ͗
ŚƚƚƉƐ͗ͬͬĐŵƐϵĨŝůĞƐ͘ƌĞǀŝnjĞ͘ĐŽŵͬĂƌĐĂĚŝĂͬdZͺƌĐĂĚŝĂйϮϬ,
hͺŽŵƉŝůĞĚͺůĞĂŶ͘ƉĚĨ
;ĐĐĞƐƐĞĚĞĐĞŵďĞƌϮϬ͕ϮϬϮϯͿ
ŝƚLJŽĨƌĐĂĚŝĂ͘ϮϬϭϬ͘ƌĐĂĚŝĂ'ĞŶĞƌĂůWůĂŶ͕ŚĂƉƚĞƌϮ͗>ĂŶĚhƐĞĂŶĚŽŵŵƵŶŝƚLJĞƐŝŐŶ

ůĞŵĞŶƚ͘
ŚƚƚƉƐ͗ͬͬĐŵƐϵĨŝůĞƐ͘ƌĞǀŝnjĞ͘ĐŽŵͬĂƌĐĂĚŝĂͬ>ĂŶĚйϮϬhƐĞйϮϬ
ůĞŵĞŶƚйϮϬhƉĚĂƚĞйϮϬ&ŝŶĂů͘ƉĚĨ
;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘
ŝƚLJŽĨƌĐĂĚŝĂ͘ϮϬϭϬ͘ƌĐĂĚŝĂ'ĞŶĞƌĂůWůĂŶ͕ŚĂƉƚĞƌϴ͗^ĂĨĞƚLJ ůĞŵĞŶƚ͘
ŚƚƚƉƐ͗ͬͬĐŵƐϵĨŝůĞƐ͘ƌĞǀŝnjĞ͘ĐŽŵͬĂƌĐĂĚŝĂͬ^ŚĂƉĞйϮϬƌĐĂĚŝĂͬĞǀĞůŽƉŵĞŶƚйϮϬ^ĞƌǀŝĐĞƐͬŐĞŶĞ ƌĂůйϮϬƉůĂŶͬ^ĂĨĞƚLJ͘ƉĚĨ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘
ŝƚLJŽĨƌĐĂĚŝĂ͘ϮϬϭϬ͘ƌĐĂĚŝĂ'ĞŶĞƌĂůWůĂŶ͕ŚĂƉƚĞƌϭϬ͗/ŵƉůĞŵĞŶƚĂƚŝŽŶWůĂŶ͘ ŚƚƚƉƐ͗ͬͬĐŵƐϵĨŝůĞƐ͘ƌĞǀŝnjĞ͘ĐŽŵͬĂƌĐĂĚŝĂͬ^ŚĂƉĞйϮϬƌĐĂĚŝĂͬĞǀĞůŽƉŵĞŶƚйϮϬ^ĞƌǀŝĐĞƐͬŐĞŶĞ ƌĂůйϮϬƉůĂŶͬ/ŵƉůĞŵĞŶƚĂƚŝŽŶйϮϬWůĂŶ͘ƉĚĨ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘ ŝƚLJŽĨƌĐĂĚŝĂ͘;ϮϬϮϭͿ͘&ŝŶĂůϮϬϮϬhƌďĂŶtĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶ͘ ŚƚƚƉƐ͗ͬͬĐŵƐϵĨŝůĞƐ͘ƌĞǀŝnjĞ͘ĐŽŵͬĂƌĐĂĚŝĂͬ^ŚĂƉĞйϮϬƌĐĂĚŝĂͬWƵďůŝĐйϮϬtŽƌŬƐйϮϬ^ĞƌǀŝĐĞƐй ƌĐĂĚŝĂϲƚŚLJĐůĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚhƉĚĂƚĞZĞnjŽŶĞWƌŽŐƌĂŵ
 ĚĚĞŶĚƵŵ/ŶŝƚŝĂů^ƚƵĚLJͬEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶ
WĂŐĞϴϮ Z&dͲĞĐĞŵďĞƌϮϬϮϯ
ϮϬĞƉĂƌƚŵĞŶƚͬtĂƚĞƌйϮϬΘйϮϬ^ĞǁĞƌйϮϬ^ĞƌǀŝĐĞƐͬ&ŝŶĂůйϮϬϮϬϮϬйϮϬhtDW͘ƉĚĨ ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘
ŝƚLJŽĨƌĐĂĚŝĂ͘ϮϬϮϯ͘ϵϭϬϯ͘Ϭϭ͘ϭϮϬʹ
džƚĞƌŝŽƌ>ŝŐŚƚŝŶŐ͘
ŚƚƚƉƐ͗ͬͬůŝďƌĂƌLJ͘ŵƵŶŝĐŽĚĞ͘ĐŽŵͬĐĂͬĂƌĐĂĚŝĂͬĐŽĚĞƐͬĐŽĚĞͺŽĨͺŽƌĚŝŶĂŶĐĞƐ͍ŶŽĚĞ/ĚсZd/y/h ^>ͺ,ϭ
Kͺ/sϯZ
W>K/dW>'

^dͺ^ϵϭϬϯ͘Ϭϭ^/W>'

^dͺϵϭϬϯ͘Ϭϭ͘ϭϮϬ
y>/
;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘
ŝƚLJŽĨƌĐĂĚŝĂ͘ϮϬϮϯ͘^ĞĐƚŝŽŶϵϭϬϯ͘ϬϳʹKĨĨͲ^ƚƌĞĞƚWĂƌŬŝŶŐĂŶĚ>ŽĂĚŝŶŐ͘ ŚƚƚƉƐ͗ͬͬůŝďƌĂƌLJ͘ŵƵŶŝĐŽĚĞ͘ĐŽŵͬĐĂͬĂƌĐĂĚŝĂͬĐŽĚĞƐͬĐŽĚĞͺŽĨͺŽƌĚŝŶĂŶĐĞƐ͍ŶŽĚĞ/ĚсZd/y/h ^>ͺ,ϭ
Kͺ/sϯZ
W>K/dW>'

^dͺ^ϵϭϬϯ͘ϬϳKZ
W>K;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌ
ϮϬϮϯͿ͘
ŝƚLJŽĨƌĐĂĚŝĂ͘ϮϬϮϯ͘^ĞĐƚŝŽŶϵϭϬϱ͘Ϭϵ͘ϭϭϬʹ^ŽŝůƐZĞƉŽƌƚƐ͘ ŚƚƚƉƐ͗ͬͬůŝďƌĂƌLJ͘ŵƵŶŝĐŽĚĞ͘ĐŽŵͬĐĂͬĂƌĐĂĚŝĂͬĐŽĚĞƐͬĐŽĚĞͺŽĨͺŽƌĚŝŶĂŶĐĞƐ͍ŶŽĚĞ/ĚсZd/y/h ^>ͺ,ϭ
Kͺ/sϱ^hͺ^ϵϭϬϱ͘Ϭϵ^h
/DͺϵϭϬϱ͘Ϭϵ͘ϭϭϬ^KZ
;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌ
ϮϬϮϯͿ͘
ŝƚLJŽĨƌĐĂĚŝĂ͘ϮϬϮϯ͘ϵϭϬϳ͘Ϭϯ͘ϬϳϬ
ŶǀŝƌŽŶŵĞŶƚĂůƐƐĞƐƐŵĞŶƚ͘
ŚƚƚƉƐ͗ͬͬůŝďƌĂƌLJ͘ŵƵŶŝĐŽĚĞ͘ĐŽŵͬĐĂͬĂƌĐĂĚŝĂͬĐŽĚĞƐͬĐŽĚĞͺŽĨͺŽƌĚŝŶĂŶĐĞƐ͍ŶŽĚĞ/ĚсZd/y/h ^>ͺ,ϭ
Kͺ/sϳW
WZWZͺ^ϵϭϬϳ͘ϬϯWWZWZͺϵϭϬϳ͘Ϭϯ͘ϬϳϬ
E^;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌ
ϮϬϮϯͿ͘
&
D͘;ϮϬϬϴͿ͘&
D&ůŽŽĚDĂƉ^ĞƌǀŝĐĞĞŶƚĞƌ͘
ŚƚƚƉƐ͗ͬͬŵƐĐ͘ĨĞŵĂ͘ŐŽǀͬƉŽƌƚĂůͬƐĞĂƌĐŚ͍ĚĚƌĞƐƐYƵĞƌLJсĂƌĐĂĚŝĂηƐĞĂƌĐŚƌĞƐƵůƚƐĂŶĐŚŽƌ ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘
^'͘ϮϬϮϬ͘ĞŵŽŐƌĂƉŚŝĐƐĂŶĚ'ƌŽǁƚŚ&ŽƌĞĐĂƐƚ͘ŚƚƚƉƐ͗ͬͬƐĐĂŐ͘ĐĂ͘ŐŽǀͬƐŝƚĞƐͬŵĂŝŶͬĨŝůĞƐͬĨŝůĞͲ ĂƚƚĂĐŚŵĞŶƚƐͬϬϵϬϯĨĐŽŶŶĞĐƚƐŽĐĂůͺĚĞŵŽŐƌĂƉŚŝĐƐͲĂŶĚͲŐƌŽǁƚŚͲĨŽƌĞĐĂƐƚ͘ƉĚĨ͍ϭϲϬϲϬϬϭϱϳϵ ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘
^ƚĂƚĞŽĨĂůŝĨŽƌŶŝĂ͘ϮϬϮϯ͘
ͲϱWŽƉƵůĂƚŝŽŶĂŶĚ,ŽƵƐŝŶŐ
ƐƚŝŵĂƚĞƐĨŽƌŝƚŝĞƐ͕ŽƵŶƚŝĞƐ͕ĂŶĚƚŚĞ
^ƚĂƚĞ͕ϮϬϮϬͲϮϬϮϯ͘ŚƚƚƉƐ͗ͬͬĚŽĨ͘ĐĂ͘ŐŽǀͬĨŽƌĞĐĂƐƚŝŶŐͬĚĞŵŽŐƌĂƉŚŝĐƐͬĞƐƚŝŵĂƚĞƐͬĞͲϱͲ ƉŽƉƵůĂƚŝŽŶͲĂŶĚͲŚŽƵƐŝŶŐͲĞƐƚŝŵĂƚĞƐͲĨŽƌͲĐŝƚŝĞƐͲĐŽƵŶƚŝĞƐͲĂŶĚͲƚŚĞͲƐƚĂƚĞͲϮϬϮϬͲϮϬϮϯͬ ;ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϮϬϮϯͿ͘


Arcadia 6th Cycle HEU
Administrative Draft

INITIAL STUDY/NEGATIVE DECLARATION
December 2021
Prepared By:

Kimley-Horn and Associates, Inc.
3880 Lemon Street, Suite 420
Riverside, CA 92501

Arcadia 6th Cycle HEU
Initial Study/Negative Declaration
Page i December 2021
Table of Contents

1.0 Introduction ........................................................................................................... 1

1.1 Project Overview .......................................................................................................... ..... 1

1.2 Lead Agency ............................................................................................................... ....... 2

1.3 Purpose and Scope of the Initial Study ............................................................................. 2

1.4 Environmental Resource Topics ........................................................................................ 3

1.5 Document Organization .................................................................................................... 3

1.6 Permits and Approvals ..................................................................................................... . 3

1.7 Summary of Findings ....................................................................................................... .. 4

1.8 Initial Study Review Process .............................................................................................. 4

1.9 Project Applicant(s)/Sponsor(s) ........................................................................................ 4

2.0 Project Description ................................................................................................. 5

2.1 Location .................................................................................................................. ........... 5

2.2 Environmental Setting ....................................................................................................... 5

2.3 Background ................................................................................................................ ..... 11

2.4 Project Characteristics ................................................................................................... . 15

2.5 Development Capacity Projections for Future Site Development .................................. 22

2.6 Project Approvals ......................................................................................................... ... 23

3.0 INITIAL STUDY ...................................................................................................... 37 I. Aesthetics ........................................................................................................................ 54 II. Agriculture and Forestry ................................................................................................. 57 III. Air Quality........................................................................................................................ 58 IV. Biological Resources ........................................................................................................ 64 V. Cultural Resources .......................................................................................................... 68 VI. Energy .............................................................................................................................. 70 VII. Geology and Soils ............................................................................................................ 72 VIII. Greenhouse Gas Emissions ............................................................................................. 76 IX. Hazards and Hazardous Materials ................................................................................... 79 X. Hydrology and Water Quality.......................................................................................... 83 XI. Land Use and Planning .................................................................................................... 89 XII. Mineral Resources ........................................................................................................... 91 XIII. Noise ................................................................................................................................ 92 XIV. Population and Housing .................................................................................................. 96 Arcadia 6th Cycle HEU
Initial Study/Negative Declaration
Page ii December 2021
XV. Public Services ............................................................................................................... 100 XVI. Recreation ..................................................................................................................... 103 XVII. Transportation............................................................................................................... 105 XVIII. Tribal Cultural Resources .............................................................................................. 108 XIX. Utilities and Service Systems ......................................................................................... 109 XX. Wildfire .......................................................................................................................... 114 XXI. Mandatory Findings of Significance .............................................................................. 117 XXII. References ..................................................................................................................... 119

List of Tables
Table 1: Population Growth (2010 – 2045) ................................................................................................... 6 Table 2: Housing Units (2010-2020).............................................................................................................. 7 Table 3: Candidate Housing Sites - Existing General Plan Land Use Designations ....................................... 8 Table 4: Candidate Housing Sites - Existing Zoning .................................................................................... 10 Table 5: Households by Income Category in Arcadia.................................................................................. 13 Table 6: City of Arcadia 2021-2029 RHNA Allocation ................................................................................. 15 Table 7: Summary of RHNA Status and Sites Inventory (Housing Units) .................................................... 17 Table 8: Maximum Noise Levels Generated by Construction Equipment .................................................. 92 Table 9: Population Increase from Housing Element ................................................................................. 96

List of Exhibits
Exhibit 1: Regional Map .............................................................................................................................. 24 Exhibit 2: Vicinity Map ................................................................................................................................ 25 Exhibit 3: Map of Candidate Housing Sites ................................................................................................. 26 Exhibit 4: Map of Downtown Mixed-Use Expansion .................................................................................. 27 Exhibit 5: Map of Downtown Mixed-Use Overlay ...................................................................................... 28 Exhibit 6: Map Site Inventory – Mixed-Use Upzone (1) .............................................................................. 29 Exhibit 7: Map of Site Inventory – Mixed-Use Upzone (2) .......................................................................... 30 Exhibit 8: Map of Site Inventory – (Live Oak Corridor) Residential Flex Overlays ...................................... 31 Exhibit 9: Map of Site Inventory – C-G Residential Flex Overlay ................................................................ 32 Exhibit 10: Map of Site Inventory – R-3 Upzone (1) .................................................................................... 33 Exhibit 11: Map of Site Inventory – R-3 Upzone (2) .................................................................................... 34 Exhibit 12: Map of Site Inventory – R-3 Upzone (3) .................................................................................... 35 Exhibit 13: Map of Site Inventory – Arcadia Golf Course ............................................................................ 36 Arcadia 6th Cycle HEU
Initial Study/Negative Declaration

1.0 INTRODUCTION

11.1 Project Overview
This Initial Study/Negative Declaration (IS/ND) was prepared by Kimley-Horn and Associates (Kimley-Horn) for the City of Arcadia (City) to assess whether there may be significant environmental impacts of future housing development on the candidate housing sites and of the other Project components described in Section 2.0 Project Description, associated with the proposed 6th Cycle Housing Element Update (HEU) Project (Project). The Project includes 7,222 candidate housing units within the City’s boundaries; see Appendix A: Candidate Housing Sites Inventory. The candidate housing units are located with in 751 sites, totaling approximately 512 acres. The Project area and candidate housing site locations are illustrated on Exhibit 3: Map of Candidate Housing Sites.

Per California Government Code (CGC) §§65580 – 65589.11, also referred to as the California Housing Law, jurisdictions are required to mainta in and update Housing Elements within their General Plans. Furthermore, CGC §§65580–65589.8 require that jurisdictions evaluate their Housing Elements every eight (8) years. Currently, this regulation requires jurisdictions to update their Housing Element for the 2021 to 2029 6t h Cycle Housing Element Update. The City is preparing an update for its Housing Element, which will include updated goals and policies intended to increase the City’s housing potential to combat the growing housing scarcity in the State.

The HEU will provide the City with a coordinated and comprehensive strategy for promoting the production of safe, decent, and affordable housing for all within the City. The HEU will be prepared to ensure the City establishes policie s, procedures, and incentives in its land use planning and development activities that result in maintenance and expansion of the housing supply to adequately accommodate households currently living and expected to live in the City.

The Arcadia’s HEU consists of four (4) sections, Chapters 5 and 10 of the Arcadia General Plan (2010), a Technical Background Section, and asso ciated appendices. The HEU is intended to summarize the existing status of the City’s communities, the City’s existing housing strategy, and provide updated policies to be implemented for the 6th Cycle. To assist the State in mitigating its current housing crisis, in which residents are facing a shortage of housing units, the State Department of Housing and Community Development (HCD) Determines Regional Housing Needs Assessment (RHNA) for all the metropolitan planning organizations (MPOs) statewide.

HCD approves and the Southern California Associ ation of Governments (SCAG) adopts SCAG’s RHNA allocation methodology for 196 jurisdictions in the SCAG region, which includes the City of Arcadia.

Based on SCAG’s final adopted RHNA allocation in March 20201, the City’s RHNA allocation was finalized as 3,214 dwelling units (DUs). This is broken down between each income category as:

Arcadia 6th Cycle HEU
Initial Study/Negative Declaration

x 1,102 units for very low-income households;
x 570 units for low-income households;
x 605 units for moderate-income households; and
x 937 units for above moderate-income households
This IS/ND was prepared consistent with the requirements of the California Environmental Quality Act (CEQA) on the basis that there was no substantial evidence that there may have significant environmental impacts on specific envi ronmental areas. If a potentially significant impact may occur, the most appropriate mitigati on measure(s) have been identified and would be applied to avoid or mitigate the potential impact to a level of less than significant.

11.2 LLead Agency
The lead agency is the public agency with prim ary responsibility for a proposed project. Where two or more public agencies will be involved with a project, CEQA Guidelines §15051 establishes criteria for identifying the lead agency. In accord ance with CEQA Guidelines §15051(b) (1), “the lead agency will normally be the agency with ge neral governmental powers, such as a city or county, rather than an agency with a single or limited purpose.” Pursuant to State CEQA Guidelines §15367 and based on the criterion abov e, the City of Arcadia is the lead agency for the proposed Project.

1.3 Purpose and Scope of the Initial Study
In accordance with CEQA (Ca lifornia Public Resources Code [PRC] §21000 et seq.) and its Guidelines (California Code of Regulations [CCR], Title 14, §15000 et seq.), this IS/ND has been prepared to evaluate the potential environmenta l effects associated with the construction and operation of the Project.

Per State CEQA Guidelines, §15070, a public agency shall prepare or have prepared a proposed negative declaration or ND for a project subject to CEQA when:
a) The initial study shows no substantial evidence , in light of the whole record before the agency, that the project may have a significant effect on the environment, or b) The initial study identifies potentially significant effects, but:
1) Revisions in the project plans or proposals made by, or agreed to by the applicant before the proposed mitigated negative declaration and initial study are released for public review would avoid the effects or mitigate the effects to a point where clearly no significant effects would occur, and
2) There is no substantial evidence, in light of the whole record before the agency, that the project as revised may have a significant effect on the environment.

Arcadia 6th Cycle HEU
Initial Study/Negative Declaration

11.4 Environmental Resource Topics
This IS/ND evaluates the proposed Project’s impacts on the following resource topics:
x Aesthetics
x Agricultural and Forestry Resources
x Air Quality
x Biological Resources
x Cultural Resources
x Energy
x Geology and Soils
x Greenhouse Gas Emissions
x Hazards and Hazardous Materials
x Hydrology and Water Quality
x Land Use and Planning
x Mineral Resources
x Noise
x Population and Housing
x Public Services
x Recreation
x Transportation
x Tribal Cultural Resources
x Utilities and Service Systems
x Wildfire
x Mandatory Findings of Significance

1.5 Document Organization
This IS/ND is divided into the following sections:

Section 1.0: Introduction – This section describes the purpose and organization of the document.

Section 2.0: Project Description describes the whole of the Project in detail. It also identifies any other public agencies whose review, approval, and/or permits may be required.

Section 3.0: Initial Study Environmental Checklist and Evaluation – This section describes the environmental setting and overview for each of the environmental resource topics, using the City of Arcadia’s Form J: Initial Study. It evaluates a range of impacts classified as “no impact,” “less than significant impact,” “less than significan t impact with mitigation incorporated,” and “potentially significant impact” in response to the CEQA Appendix G: Environmental Checklist Form (Environmental Checklist).

Section 4.0: References: The section identifies resources used to prepare the initial study.

1.6 Permits and Approvals
Upon its adoption by the Arcadia City Council, the 6th Cycle Housing Element Update would serve as a comprehensive statement of City’s housing policy and program of actions to support those policies. The Project involves approval of the following City of Arcadia entitlement:
ƒ General Plan Amendment for Housing Element adoption (GPA 21-02) to include the 6 th Cycle Housing Element.

Arcadia 6th Cycle HEU
Administrative Draft Initia l Study/Negative Declaration

11.7 Summary of Findings
Section 3.0 of this document contains the Environmental Checklist (Arcadia Form J – Initial Study) that was prepared for the proposed Project pursuant to Appendix G of the State CEQA Guidelines.

The Environmental Checklist indicates that the pr oposed Project would not result in significant impacts with the implementation of mitigation measures, as identified where applicable throughout this document.

1.8 Initial Study Review Process
The IS and a Notice of Intent (NOI) to adopt an ND will be distributed to responsible and trustee agencies, other affected agencies, and other parties for a 30-day public review period.

Written comments regarding this ND should be addressed to:

Lisa Flores – Planning & Community Development Administrator 240 West Huntington Drive
P.O. Box 60021
Arcadia, CA 91066-6021
626-574-5445
[email protected]
Comments submitted to the City during the 30-d ay public review period will be considered and addressed prior to the adoption of the ND by the City.

1.9 Project Applicant(s)/Sponsor(s)
City of Arcadia
240 West Huntington Drive
P.O. Box 60021
Arcadia, CA 91066-6021

Arcadia 6th Cycle HEU
Administrative Draft Initia l Study/Negative Declaration

2.0 PROJECT DESCRIPTION

22.1 Location
The City of Arcadia (City) is located in cent ral Los Angeles County (Co unty) in the northwest portion of the San Gabriel Valley (Valley). The City is bounded by the San Gabriel Mountains, the Angeles National Forest, and the City of Sierra Ma dre to the north, the City of Pasadena to the northwest, the City of Monrovia to the east and northeast, Temple City to the southwest, and unincorporated County communities to the west an d southeast. Regional access to the City is provided via the Interstate 210 Freeway (I-210), which runs in an east-west direction through the northern portion of the City. The Interstate 605 Freeway (I-605), known as the San Gabriel River Freeway), runs in a north-south direction, is approximately 0.18 miles east of the City’s southeastern edge. Exhibit 1: Regional Map depicts the City’s location in a regional context, while Exhibit 2: Local Vicinity Map depicts the City in a local context.

This Initial Study considers candidate housing sites to accommodate 7,222 units within the City’s boundaries. The proposed number of available candidate housing units exceeds the City’s RHNA allocation of 3,214 by 4,008 units.; see Appendix A: Candidate Housing Sites Inventory . The candidate housing sites are comprised of 751 parcels totaling approximately 512 acres. The Project area and candidate housing site locations are illustrated in Exhibit 3: Map of Candidate Housing Sites. Solely for analysis purposes, the candidate housing sites identified in Appendix A have been assigned a numeric label, as depicted on Exhibits 3 through 13.

2.2 Environmental Setting
Physical Setting
Arcadia is located in the northwest portion of the Valley and in the central portion of Los Angeles County. The County covers an approximately 4,084- square-mile area in th e Southern California region and the Valley covers approximately 400-square-mile area.1 The Valley is bounded on the north by the San Gabriel Mountains, on the west by the Repetto and Merced Hills, on the south by the Puente Hills, and on the east by the San Jose Hills.2 The City encompasses approximately 7,109 acres of land area or 11.1 square miles.3 As described above, the City is bordered by the San Gabriel Mountains, the Angeles National Forest, and the City of Sierra Madre to the north, the City of Pasadena to the northwest, the City of Monrovia to the east and northeast, Temple City to the southwest, and unincorporated County communities to the west and southeast.

1 City of Arcadia. General Plan Final Environmental Impact Report, November 2010. Available at https://www.arcadiaca.gov/shape/development_services_department/planning___zoning/general_plan.php#outer-708. Accessed on October 15, 2021.
2 Ibid.
3 Ibid.

Arcadia 6th Cycle HEU
Administrative Draft Initia l Study/Negative Declaration

The City is predominantly comprised of resident ial land uses, with other notable land uses including the Los Angeles Arboretum, Santa Anit a Racetrack, Arcadia County Park, Westfield Santa Anita Mall, and Santa Anita Golf Course; as well as various commercial and industrial areas throughout the City.

Population
The 2010 Census reported the total population for the City to be 56,364 persons, which is higher than the neighboring City of Monrovia (to th e east), but significantly lower than nearby jurisdictions, such as Pasadena (to the west ) and El Monte (to the south); as shown in Table 1:

Population Growth (2010 – 2045) . In addition to the data shown in Table 1 , the California Department of Finance (DOF) estimated the tota l population for Arcadia to be approximately 57,660 persons in 2020. 4 Therefore, from 2010 to 2020, the City’s population increased by approximately 2.58 percent (or 1,456 persons) . The Southern California Association of Governments (SCAG) compiled a Regional Growth Forecast using data and direction from multiple state entities to produce socio-econ omic estimates and projections at multiple geographic levels and in multiple years. The SCAG’s 2020-2045 Regional Transportation Plan and Sustainable Communities (RTP/SCS) projected Arcadia’s population to be 62,200 persons by 2045.5 Therefore, from 2020 to 2045, the City is expected to see an increase in population of 7.58 percent (or 4,380 persons), simila r to the City of Pasadena’s pr ojected increase, but less than Cities of Monrovia and El Monte. Table 1 shows the projected growth for Arcadia, the Cities of Monrovia, Pasadena, and El Monte, and the County of Los Angeles.

Table 1: Population Growth (2010 – 2045)
Jurisdictions
Population Percent Change
2010
Actual1
2020
Estimate2
2045
Projected3 2010-2020 2020-2045
Monrovia 36,590 37,964 42,100 3.76% 10.90%
Pasadena 137,122 145,061 155,500 5.79% 7.20%
Arcadia 56,364 57,820 62,200 2.58% 7.58%
El Monte 113,475 116,876 137,500 3.00% 17.65%
Los Angeles County 9,818,605 10,135,614 11,674,000 3.23% 15.18% Sources:
1 U.S. Census Bureau, 2010 Census of Population and Housing 2 DOF E-5 City/County Population and Housing Estimates 1/1/2020. 3 SCAG Connect SoCal 2020-2045 Demographics and Growth Forecast (September 3, 2020).

Housing
In 2020, the California Department of Finance (DOF) estimated a total of 21,237 housing units in the City. According to the DOF, the City’s housing stock increased by 2.66 percent (551 housing units) between 2010 and 2020. Single-family de tached housing units were the most common

4 California Department of Finance. E-5 City/County Population and Housing Estimates with 2010 Census Benchmark, 1/1/2020. Available at https://dof.ca.gov/Forecasting/Demographics/Estimates/e-5/. Accessed on October 17, 2021. 5 Southern California Association of Governments (SCAG). Retrieved from 2016-2040 RTP/SCS Final Growth Forecast by Jurisdiction. Accessed on October 6, 2021.

Arcadia 6th Cycle HEU
Administrative Draft Initia l Study/Negative Declaration

housing type in Arcadia in 2020, comprising approximately 70.34 percent (or 14,939 units).

Table 2: Housing Units (2010-2020) shows the increase in the number of housing unit comparison between the City of Arcadia and neighboring Cities of Monrovia, Pasadena, and El Monte, and the County of Los Angeles. Arcadia experienced a smaller increase when compared to Monrovia, Pasadena, and the County. However, the City had a higher increase in the number of housing units when compared to the City of El Monte.

Table 2: Housing Units (2010-2020)
Jurisdictions Housing Units Percent Change
2010 2020 Estimate 2010-2020
Monrovia 14,473 15,084 4.22%
Pasadena 59,551 62,753 5.38%
Arcadia 20,686 21,237 2.66%
El Monte 29,069 29,588 1.79%
Los Angeles County 3,443,087 3,590,574 4.28%
Source: Department of Finance. May 2021. E-5 Population and Housing Estimates for Cities, Counties, and the State, 2011-2021 with 2010 Census Benchmark. https://www.dof.ca.gov/forecasting/demographics/estimates/e-5/.

Candidate Housing Sites
Every eight (8) years, SCAG prepares and designates Regional Housing Needs Allocation (RHNA) for each local jurisdiction. For the 2021-2029 pl anning period, Arcadia is required to meet the RHNA number of 3,214 housing units. The Housin g Element is required to identify potential candidate housing sites by income category to meet the City’s RHNA Allocation. The sites identified within the Housing Element represent the City’s plan for housing at the designated income levels within the 6th housing cycle pla nning period. The identified sites are either residentially zoned at a minimum of 30 dwelling un its per acre (du/ac) or within areas of focus identified by the City with supporting strategies to stimulate future housing growth.

To select the sites, the City evaluated candidate housing sites based on surrounding and existing on-site development to determine the extent to which on-site uses have the potential to redevelop within the planning period (2021-2029). The City identified 751 parcels within a variety of different residentially and non-residentially zoned areas. These 751 parcels have the capacity to accommodate up to approximated 7,222 total housing units, which includes 1,087 units under pipeline projects, 1,091 units within existing residentially zoned land, 385 projected accessory dwelling units (ADUs), and 4,748 units under rezone strategies. The candidate housing site inventory in Appendix A provides a breakdown of these housing sites.

General Plan
The Arcadia General Plan (Arcadia GP) and th e Arcadia GP Environmental Impact Report (Arcadia GP EIR) were adopted and certified in November 2010. The Arcadia GP provides the City’s long-range planning goals and policies for development within the City. The Arcadia GP is the City’s vision for growth to 2035. Arcadia GP Chapters 2 through 9 include the necessary GP elements: Land Use and Community Design, Economic Development, Circulation and Arcadia 6th Cycle HEU
Administrative Draft Initia l Study/Negative Declaration

Infrastructure, Housing, Resources Sustainability, Parks, Recreation, and Community Resources, Safety, and Noise.

The Land Use and Community Design Element establishes land use designations for the City. The existing land use designations for the identified candidate housing sites are described in Table 3:

Candidate Housing Sites - Existing General Plan Land Use Designations.

Table 3: Candidate Housing Sites - Existing General Plan Land Use Designations Land Use Designation Description
Commercial (C) The Commercial designation with a 0.5 Floor Area Ratio (FAR ) is intended to permit a wide range of commercial us es which serve both neighborhood and citywide markets. The designation a llows a broad array of commercial enterprises, including restaurants, durable goods sales, fo od stores, lodging, professional offices, specialty shops, indoor and outdoor recreational facilities, and entertainment uses. Adjacent to Do wntown, the Commercial designation is intended to encourage small
-scale office and neighborhood-serving commercial
uses that complement develo pment in the Downtown Mixed -Use areas. While the land use designation provides th e general parameters within which development must take place, the Zoning Code or other land use regulatory document specifies the type and intensit y of uses that will be permitted in a given area. In the Downtown area, for example, where properties are designated Commercial, land use regulations might specify that restaurants and cafes are permitted, but secondhan
d stores are not. The Zoning Code and other regulatory
documents also indicate permitted buildin g height limits for specific properties.

Maximum FAR – 0.50 (0.30 FAR for Santa Anita Park) Higher intensity overlays are applied to portions of Downtown along Santa Anita Avenue, Colorado Place, and Huntington Drive (1.0 FAR).

Building Height: up to 48 feet in the Do wntown area (including Santa Anita Avenue, Colorado Place, and Huntington Drive); up to 40 feet for commercial uses outside of Downtown
Commercial (C 1.0) The Commercial designation that allows mixed-use development with a density of 80 du/acre and a 1.0 Floor Area Ratio (FAR) is within the City’s Downtown area.

This Commercial designation is intended to encourage a strong pedestrian- oriented environ ment that provides a variety of retai l and service uses, restaurants, and neighborhood -serving commercial uses that complement development in the Downtown Mixed -Use areas. In order to provide the residential population that is required to support the uses in the downtown and around the Metro
Gold Line transit station, residential uses in a mixed- use development are permitted above ground floor commercial or adjacent to a commercial use. The Development Code and other regulatory documents also indicate permitted building height limits for specific properties. Maximum FAR –

1.0 (only commercial square footage is counted in calculation of FAR) Unit Density: Up to 80 du/ac - Maximum Height: Up to 60 feet Downtown Mixed Use (DMU) The Downtown Mixed-Use designation provides opportunities for complementary service and retail commercial businesses, professional offices, and residential uses to locate within the City's downtown. Downtown Mixed Use encourages the inclusion of a ground
-floor, street- frontage commercial
component, but is not required. Resi dential uses in a mixed- use development are permitted above ground floor commercial or adjacent to a commercial use.

Mixed commercial/office and residential tenancies and standalone commercial or office uses are allowed . However, exclusively residential bu ildings are not allowed. Development approaches encourage shared use of parking areas and Arcadia 6th Cycle HEU
Administrative Draft Initia l Study/Negative Declaration

Land Use Designation Description
public open spaces, pedestrian travel wa ys, and interaction of uses within the district. Particular features that will define Downtown include public open space as an integral component of the Gold Line station, as well as any larger mixed- use or commercial developments. Guided by the policies and vision of the General Plan, a specific pl an or subsequent zoning changes for Downtown will contain detailed development standards, infrastructure requirements, land use regulations, and implementation measures for coordinated development.

Maximum FAR: 1.0 (only commercial square footage is counted in calculation of FAR) Unit Density: Up to 80 du/ac - Maximum Height: up to 60 feet Mixed Use (MU) The Mixed-Use designation provides opportunities for commercial and residential mixed-use development that takes advantage of easy access to transit and proximity to employment centers, and that provide complementary mixes of uses that support and encourage pedestrian activity. Mixed- use districts support commercial uses that integrate well with residential activity without creating conflicts. Development approaches encourage shared use of parking areas and public open spaces, pedestrian movement, and inter action of uses within a mixed -use district. Design approaches should minimize or limit curb cuts/driveways at the front of the development when rear or side egress options are available. Residential uses in a mixed-use development are permitted above ground floor commercial or adjacent to a commercial use. Mixed commercial/office and residential tenancies and stand
-alone commercial or
office uses are allowed. However, excl usively residential buildings are not.

Maximum FAR – 1.0 (only commercial square foota ge is counted in calculation of FAR) Unit Density: 22 -30 du/ac - Maximum Height: up to 40 feet Medium Density Residential
(MDR)
The Medium Density Residential desi gnation accommodates varied housing types and sizes within a suburban neighborhood context. Permitted residential uses include detached and attached residences with private and/or shared yards and open space areas. Other uses that may be appropriate, consistent with zoning regulations, include public and private schools, pub lic parks, and other open space uses.

Unit Density: 6 to 12 du/ac Typical Population Density: 17-35 persons per acre High Density Residential (HDR) The High-Density Residential design ation accommodates higher-density attached housing types for both rente r and owner households within a neighborhood context. Such housing ty pes generally are located near transit stops, along arterials and transit corridors , and within easy walking distance of shops and services. Appropriate transition to adjacent lower -density neighborhoods is required through the us e of yards, other open areas, and building heights. Other uses that may be appropriate, consistent with zoning regulations, include public and private schools, public parks, and other open space uses. Unit Density : 12 to 30 du/ac - Typical Population Density: 34- 86 persons per acre
Commercial/ Light Industrial
(C/LI)
The Commercial/Light Industrial designation provides areas for a complementary mix of light manufacturing businesse s, limited auto service and repai r, and support office and retail uses. The desi gnation recognizes the importance of small-scale industrial and quasi-industrial businesses for the community in terms of business start -ups/entrepreneurship, job provision, residents’ access to needed goods a nd services, and revenue from point-of- sales operations. Such uses are low scale, with development an d operating conditions built into the development to minimize impact on surrounding uses. Permitted retail uses are limited to those that support the indus trial businesses. Larger-scale commercial uses will be considered on a case -by-case basis in the Lower Azusa Road Reclamation area. Maximum FAR: 0.50
Arcadia 6th Cycle HEU
Administrative Draft Initia l Study/Negative Declaration

Land Use Designation Description
Open Space – Outdoor
Recreation (OS-OR)
The Open Space–Outdoor Recreation desi gnation encompasses all City, county, state, and federal parks and associated fa cilities, including private facilities on leased public lands. The designation identi fies public lands intended to be used for active and passive recreational activities, such as parks, golf courses, tr ails, and the Arboretum. Public lands used as detention basins may also be designated Open Space – Outdoor Recreation when co-located with active recreational uses or when open spaces serve two uses, such as a sports field and a detention basin.

Maximum FAR: N/A
Source: City of Arcadia. (2010). City of Arcadia General Plan. Chapter 2: Land Use and Community Design Element. Retrieved from:
https://www.arcadiaca.gov/Shape%20Arcadia/Development%20Services/general%20plan/Land%20Use%20Element%20Update%20Final.pdf.

Accessed on October 15, 2021.

Zoning
The City’s Zoning Code/Development Code (Arcadia DC) can be found in City of Arcadia Municipal Code (Arcadia MC) Article IX Chapter 1. The Arca dia DC’s intent is to regulate the use and development of land within the City, consistent with the Arcadia GP.6 The existing zoning for each of the candidate housing sites is specified in Appendix A and each zone is described below in Table 4: Existing Zoning.

Table 4: Candidate Housing Sites - Existing Zoning
Zone Description
Commercial Manufacturing (C-M) The C-M zone is intended to provid e areas for a complementary mix of light manufacturing businesses, mino r vehicle service and repairs, and support office and retail uses. A wide range of small-scale industrial and quasi-industrial uses with minimal impact to surrounding uses are appropriate. Retail use s are limited to business services, food service, and convenience goods for those who work in the area. Residential uses are not permitted in this zone. This zone implements the General Plan Commercial/Light Industrial designation.

Downtown Mixed Use (DMU) The Downtown Mixed-Use zone is intended to provide opportunities for complementary service and retail commercial businesses, professional offices, and residential uses located within the City’s downtown. A wide range of commercial and residential uses are appropriate, oriented towards pedestrians to encourage shared use of parking, public open space, and interaction of uses with in the zone. Residential uses are permitted above ground floor commerci al or adjacent to a commercial development. Both uses
must be located on the same lot or on the same
project site, and exclusive residentia l structures are not allowed. This zone implements the General Plan Downtown Mixed-Use designation.

General Commercial (C-G) The C-G zone is intended to provid e areas for retail and service uses, offices, restaurants, public uses, and similar and compatible uses. This zone implements the General Plan Commercial designation.

Specific Plan-Arroyo Pacific (SP-AP) The purpose of the Arroyo Pacific Academy Specific Plan is to create an educational campus that is pe destrian-oriented and integrated with the surrounding area. More specifically, the Specific Plan creates a zone for a high school use on N. Santa Anit a Avenue at the ed ge of Downtown Arcadia.

6 City of Arcadia. Municipal Code Article IX Chapter 1 – Development Code. Available at https://library.municode.com/ca/arcadia/codes/code_of_ordinances?nodeId=ARTIXDIUSLA_CH1DECO_DIV1ENAPEN_S9101.01PUAPDECOAc cessed on October 15, 2021.

Arcadia 6th Cycle HEU
Administrative Draft Initia l Study/Negative Declaration

Zone Description
Commercial Business District (CBD)
The Commercial Business District zone is intended to promote a strong pedestrian-oriented environment and to serve community and regional needs for retail and service uses, professional offices, restaurants, public uses, and other similar and compat ible uses. Residential uses are permitted above ground floor commerci al or adjacent to a commercial development. Both uses must be located on the same lot or on the same project site. This zone implemen ts the General Plan Commercial designation.

Medium Density Residential (R-2)
The R-2 zone is intended to provide areas for a variety of dwelling types and accessory uses compatible with the residential use of the zone.

Types of dwelling units include attached or detached single - unit and multi-unit homes and duplexes at a density of six to 12 dwelling units per acre. This zone implements is the General Plan Medium Density Residential designation.

High Density Residential Zone (R-3)
The R-3 zone is intended to provid e areas for a variety of medium- to high-density residential development and a ccessory uses compatible with the residential use of the zone. Types of dwelling units include single unit attached, townhomes, condominiums, and apartment structures at a density of 12 to 30 units per acre. This zone implements the General Plan High Density Residential designation.

Mixed Use (MU)
The Mixed-Use zone is intended to provide opportunities for commercial and residential mixed -use development that takes advantage of easy access to transit and proximity to employment centers and encourages pedestrian activity. A wide range of integrated commercial and residential uses are appropriate. Re sidential uses are permitted above ground floor commercial or adjacent to a commercial development. Both uses must be lo
cated on the same lot or on the same proje ct site, and exclusive residential structures are not allowed. This zone implements the General Plan Mixed Use designation.

Professional Commercial (C-O)
The C-O zone is intended to pr ovide sites for development as administrative, financial, business, professional, medical and governmental offices. This zone implements the General Plan Commercial designation.

Open Space – Outdoor Recreation
(OS-OR)
The OS-OR zone is intended to provide areas to be used for active and passive recreational activities, such as parks, golf courses, trails, and the Los Angeles County Arboretum. This zone implements the General Plan Open Space-Outdoor Recreation designation.

Source: City of Arcadia. (2016). City of Arcadia Development Code Title IX, Division 2. Available at https://www.arcadiaca.gov/Shape%20Arcadia/Development%20Services/development%20code/2021%20Update/Arcadia%20DevCode%20 -%20Division%202%20Zones,%20Uses,%20and%20Standards%20-TA%207-19-2021.pdf. Accessed on October 15, 2021.

22.3 Background
State Policy and Authorization
California State Housing Element Law (California Government Code Article 10.6), enacted in 1969, establishes the requirements for Housing Elemen ts. California Government Code (CGC) §65583 requires that local governments review and revise the Housing Element of their comprehensive General Plans not less than once every eight years. Additionally, the California Legislature identifies overall housing goals for the state to ensure every resident has access to housing and a suitable living environment.

Arcadia 6th Cycle HEU
Administrative Draft Initia l Study/Negative Declaration

Housing Element
Through the Housing Element, all California jurisdictions (cities and counties) are mandated to adequately plan to meet the housing needs of everyone in the community, regardless of economic status.7 State law requires each city and county to adopt a General Plan as a “blueprint” for its physical development. A General Plan is a key tool that addresses a variety of subject areas and expresses the community's development goals related to the jurisdiction’s future land uses.

The Housing Element, one of seven State-mandated General Plan elements (i.e., Land Use, Housing, Circulation, Noise, Safety, Open Space, and Conservation), is prepared according to CGC §65583 requirements. California Government Co de §65583 sets forth the specific content requirements of a jurisdiction’s housing element. Included in these requirements are obligations on the part of local jurisdictions to provide their “fair share” of regional housing needs.

The City’s Housing Element is designated as Arcadia GP Chapter 5. Arcadia’s Housing Element was last adopted in 2013 for the 5th Cycle Upda te – 2013-2021 planning period. The City of Arcadia 6th Cycle Housing Element Update 2021-2029 (HEU or Project) is a comprehensive update to the 5th Cycle Update. The HEU is part of a new update cycle for jurisdictions within the SCAG region to allow for synchronization with SC AG’s Regional Transportation Plan/Sustainable Communities Strategy (RTP/SCS). The Housing Element sets forth an eight (8) -year strategy to address the City’s identified housing needs, including specific implementing programs and activities. Some amendments have been made to Housing Element law since adoption of the City’s 5th Cycle Housing Element 2013-2021. These new statutory provisions change the Housing Element’s analysis reporting and policy requ irements. The Project complies with these amendments to state housing law and all other federal, state, and local requirements.

Household Income
The California State Department of Housing an d Community Development (HCD) has identified the following income categories based on the County of Los Angeles’ Area Median Income (AMI):
x Extremely Low-income: households earning up to 30 percent of the AMI x Very Low-income: households earning between 31 and 50 percent of the AMI x Low-income: households earning between 51 percent and 80 percent of the AMI x Moderate Income: households earning between 81 percent and 120 percent of the AMI x Above Moderate Income: households earning over 120 percent of the AMI Lower income groups refer to extremely low, very low, and low-income groups. Arcadia’s household income characteristics can help identify housing types that would be affordable to the City’s population. Income characteristics a ssist in determining what housing types and

7 California Department of Housing and Community Development (HCD). Available at https://www.hcd.ca.gov/community- development/housing-element/index.shtml. Accessed on October 6, 2021.

Arcadia 6th Cycle HEU
Administrative Draft Initia l Study/Negative Declaration

characteristics are required to meet the population’s needs. Table 5: Households by Income Category in Arcadia shows that lower income categories represent 28.74 percent of Arcadia’s households, while moderate to above moderate-income households represent 71.26 percent.

Table 5: Households by Income Category in Arcadia
Income Category (Percent of County MFI) Households Percent Extremely Low (30% AMI or less) 2,515 8.48%
Very Low (31 to 50% AMI) 2,115 7.63%
Low (51 to 80% AMI) 2,455 12.63%
Moderate or Above (over 80% AMI) 14,245 71.26%
Total 19,990 100.0%
Source: Department of Housing and Urban Development (HUD) Comprehensive Housing Affordability Strategy (CHAS), 2013-2017.

Regional Housing Needs Assessment
As previously noted, CGC §65583 sets forth the specific content requirements of a jurisdiction’s housing element. Included in these requirements are obligations on the part of local jurisdictions to provide their “fair share” of regional housing needs. Local governments and Councils of Governments (COGs) are required to determin e existing and future housing need and the allocation of this need must be approved by HCD.

The City is a member agency of SCAG, who is responsible for preparing the Regional Housing Needs Assessment (RHNA) for all jurisdictions with in the SCAG region and therefore acts as the COG for San Bernardino County in this case. The RHNA is mandated by State Housing Law as part of the periodic process of updating local General Plan Housing Elements. 8 It quantifies the housing need within each jurisdiction for all economic segments of the community (known as RHNA allocation plan) in four (4) income categories: very low, low, moderate, and above moderate.

Per CGC §65584(d), the RHNA allocation plan de termines existing and projected housing need with the following objectives:
x Increasing the housing supply and the mix of housing types, tenure, and affordability in all cities and counties within the region in an equitable manner, which shall result in each jurisdiction receiving an allocation of units for low- and very low-income households. x Promoting infill development and socioeconomic equity, the protection of environmental and agricultural resources, the encouragem ent of efficient development patterns, and the achievement of the region’s greenhouse gas reductions targets provided by the State Air Resources Board pursuant to CGC §65080.

8 Southern California Association of Governments (SCAG). What is RHNA? Available at https://scag.ca.gov/rhna. Accessed on August 10, 2021 Arcadia 6th Cycle HEU
Administrative Draft Initia l Study/Negative Declaration

x Promoting an improved intraregional relationship between jobs and housing, including an improved balance between the number of low-wage jobs and the number of housing units affordable to low-wage workers in each jurisdiction. x Allocating a lower proportion of housing need to an income category when a jurisdiction already has a disproportionately high share of households in that income category, as compared to the countywide distribution of households in that category from the most recent American Community Survey.
x Affirmatively furthering fair housing.

Each jurisdiction must demonstrate within its Housing Element that it can accommodate its RHNA allocation at all income levels. The California Department of Finance (DOF)’s population estimates and RHNA are also used for regional transportation planning purposes. Senate Bill (SB) 375 integrates RHNA with SCAG’s Regional Transportation Plan (RTP) and Sustainable Communities Strategy (SCS). In the past, the RHNA was undertaken independently from the RTP.

However, in 2008, the California Legislature pa ssed SB 375 as the land use and transportation planning component of the State’s effort to reduce vehicle miles traveled (VMT) to achieve the Global Warming Solutions Act of 2006 (Assembl y Bill [AB] 32) GHG emission reduction. The law recognizes the importance of planning for ho using and land use in creating sustainable communities where residents of all income levels have access to jobs, services, and housing by using transit, walking, or bicycling.

In addition, SB 166 ensures that jurisdictions at all times have si tes available and identified in their Housing Elements to meet their RHNA alloca tion if unmet. In the event that at any time during the 6th Cycle planning period, the City does not have sufficient sites to meet their RHNA need, the City will be required to take remedial action by identifying and if necessary, rezoning, alternative sites to replace the ones not developed at the affordability or densities projected in the candidate housing sites inventory so that there is no net loss of residential unit capacity.

RHNA Allocation
As previously mentioned, RHNA allocates housing need based on future estimates of housing unit growth need over the RHNA planning period (2 021-2029). The RHNA allocation plan identifies the projected number of housing units that wi ll be needed to accommodate estimated future growth need during the planning period at specified levels of affordability.

On March 4, 2021, SCAG adopted the final RHNA allocations and distributed the RHNA allocation to all local jurisdictions. Table 6: City of Arcadia 2021-2029 RHNA Allocation provides the final RHNA allocation to the City. The City’s projected housing need for the 6 th Cycle planning period is 3,214 housing units, including 1,102 very low-income units and 570 low-income units.

Arcadia 6th Cycle HEU
Administrative Draft Initia l Study/Negative Declaration

Table 6: City of Arcadia 2021-2029 RHNA Allocation
Income Level % of Average Median Income (AMI) RHNA Allocation (Housing Units) Very Low Income <50% 1,102
Low-income 50-80% 570
Moderate Income 80-120% 605
Above Moderate Income >120% 937
Total 3,214
Source: SCAG, 2021
In accordance with State Housing law, local governments must be accountable for ensuring that projected housing needs can be fully accommodat ed at all times during the Housing Element planning period. The HEU provides a framework for evaluating the adequacy of local zoning and regulatory actions to ensure each local government is providing sufficient appropriately designated land throughout the planning period. The Housing Element must identify and analyze the City’s housing needs and establish reasonable goals, objectives, and policies based on those needs. The HEU must also identify candidate ho using sites with the potential to accommodate housing at higher densities to meet the City’s assigned low-income RHNA (extremely low, very low and low-income) category need.

22.4 Project Characteristics
Housing Element Overview and Organization
The City of Arcadia is proposing the 6th Cycle Housing Element (2021–2029 planning period) as a comprehensive update to the City’s 5 th Cycle (2013-2021) Housing Element. The City’s goal for the HEU Project is to achieve HCD certification of its 6 th Cycle Housing Element. The Housing Element includes the City’s Housing Policy Plan in Chapter 10 of the Arcadia GP, which addresses the City’s identified housing needs, and includ es goals, policies, and programs concerning housing and housing-related services, and the City ’s approach to addressing its share of the regional housing need.

The City’s 6th Cycle Housing Element (2021-2029) has be en prepared in compliance with State Housing Element law, contains the following components:
x City of Arcadia General Plan Chapter 5: Housing Element x City of Arcadia General Plan Chapter 10: Implementation Plan x Technical Background Report:
o Section 1: Introduction contains a summary of the Housing Element’s content, organization, and statutory considerations;
Arcadia 6th Cycle HEU
Administrative Draft Initia l Study/Negative Declaration

o Section 2: City of Arcadia Community Profile contains analysis of the City’s population, household and employment base, and the characteristics of the housing stock;
o Section 3: Housing Constraints, Resource s, and Affirmatively Furthering Fair Housing (AFFH) examines governmental and non-governmental constraints on housing production, maintenance, an d affordability and summarizes housing resources, including identification of housing sites, and funding and financial considerations
o Section 4: Review of Past Performance reviews and evaluations the City’s housing project and program performance from the 5th Cycle (2013-2020 Planning Period). o Appendices:
ƒ Appendix A: Adequate Sites
ƒ Appendix B: Community Engagement Summary
ƒ Appendix C: Glossary of Housing Terms
Candidate Housing Sites Inventory
To demonstrate the availability of sites, the Ci ty completed a land inventory that identifies potential candidate housing sites with capacity to accommodate the 2021-2029 RHNA allocation.

These sites represent the City’s plan for housing at the designated income levels within the 6th housing cycle planning period (2021 – 2029) and are either residentially zoned at a minimum of 30 du/ac or are within areas of focus identified by the City with supporting strategies to stimulate future housing growth. It should be noted that while all the candidate sites were found to be suitable for future housing development, the HEU does not necessitate or directly propose the full development of the identified candidate sites, especially those beyond the established RHNA allocation for the City.

Through the analysis of existing residentially zoned sites and non-residentially zoned sites, the City has identified the following categories of properties to accommodate the 6th Cycle RHNA:
x 23 existing residentially zoned parcels at their existing densities x 30 parcels as part of the Downtown Mixed Use expansion strategy x 75 parcels as part of the Downtown Mixed Us e residential flex overlay implementation strategy
x 106 parcels as part of the Mixed Use Upzone strategy
x 31 parcels as part of the Las Tunas Residential flex overlay implementation strategy x 26 parcels as part of the Live Oak residential flex overlay implementation strategy Arcadia 6th Cycle HEU
Administrative Draft Initia l Study/Negative Declaration

x 76 parcels as part of the C-G residential flex overlay implementation strategy x 355 parcels as part of the High Density Residential (R-3) Upzone strategy x The Arcadia Golf Course site
The City has identified a total of 751 parcels wi thin a variety of different residentially and non- residentially zoned areas that have the capacity to accommodate up to approximately 7,222 total housing units. Appendix A provides a comprehensive inventor y of the candidate housing sites.

Each site is identified by assessor parcel number (APN) and a unique identifier. Table 7: Summary of RHNA Status and Sites Inventory identifies the City’s 2021-2029 RHNA by income category that meet the RHNA allocation.

Table 7: Summary of RHNA Status and Sites Inventory (Housing Units) Very Low
Income Low Income Moderate
Income*
Above
Moderate
Income
Total
RHNA (2021-2029)
1,102 570
605 937 3,214
1,672
Unit Capacity on Site Inventory
Pipeline Projects 26 80 981 1,087
Existing Residentially Zoned
Land 277 112 702 1,091
Accessory Dwelling Unit
Projection 202 6 88 296
Total Existing Capacity 303 192 1,683 2,178
Total Existing Capacity plus
ADUs 443 198 1,771 2,474
Remaining Unmet RHNA 1,167 407 -- 1,5741
Focus Areas
Downtown Mixed-Use 375 148 960 1,483
Mixed-Use Upzone 124 51 302 477
Live Oak Residential Flex 203 82 509 794
C-G Residential Flex 252 100 640 992
R-3 Upzone 213 84 513 810
Arcadia Golf Course 48 72 72 192
Total Potential Development
Capacity with Focus Areas 1,215 669 4,184 4,748
Total Potential Development
Capacity 1,658 866 5,979 7,222
Sites Surplus/Shortfall 48 130 3,830 +4,008
Percentage Buffer 3% 22% 409% 125%
1 The total remaining unmet RHNA is calculated from the remaining unmet Very Low, Low, and Moderate income units. Above Moderate Income inventory was not included in this calculation.

Arcadia 6th Cycle HEU
Administrative Draft Initia l Study/Negative Declaration

Table 7 demonstrates the capacity to accommodate up to a total of 7,222 candidate housing units through existing capacity, which includes 1,087 units under pipeline projects and 1,091 units within existing residentially zoned land, 296 projected ADUs, and 4,748 units within Focus Areas. Exhibit 3 depicts the candidate housing sites identified for future housing development, as facilitated by Project implementation. The City has identified candidate sites that yield 7,222 potential housing units within the City, which ex ceed the total required RHNA growth need of 3,214 housing units and results in a surplus of 4,008 housing units or 125 percent.

Projects in the Pipeline
The City has identified a number of projects currently in, or that have completed the entitlement process. These projects are likel y to be developed and/or first occupied during the planning period and count as credit towards the 2021-2029 RHNA allocation. As shown in Table 7, the City has currently identified 28 parcels with a planned development of 1,087 units, 26 of 1,087 units will be affordable to Low and Very Low-income households.

Redevelopment of Nonvacant Sites for Residential Use
The City of Arcadia does not have sufficient vacant land available to accommodate 50 percent of the low/very-low income RHNA. To accommodate the need at all income levels, the City has analyzed sites that currently permit residential development. As part of the candidate housing sites analysis, the City has evaluated recent projects that have redeveloped on non-vacant sites to include residential units. The City has also conducted a parcel specific analysis of existing uses for each of the identified sites. This analysis is based on existing use data and other information that can be found through online research. As part of the site selection process, the City identified 23 parcels to accommodate a total of 1,091 units, 277 of 1,091 units can accommodate Low and Very Low-income households.

Accessory Dwelling Units
Accessory dwelling units (ADUs) are housing units which may be developed in addition to an existing single- or multi-family residential us e. These housing units can be free-standing or attached to a primary structure and provide additi onal housing on an existing residential lot.

Other ADUs provide housing for family members or are rented to members of the community. In accordance with State Law, ADUs are allowed in all zones that allow single dwelling unit or multiple dwelling unit development. Junior Accessory Dwelling Units (JADUs) are permitted only in single dwelling unit zones.

The City of Arcadia has determined based on past performance that it is appropriate to anticipate the development of 296 accessory dwelling uni ts from 2021 to 2029. To facilitate the development of ADUs available for lower income households, the City has developed relevant policies and programs as contained in Arcadia GP Chapter 10: Implementation Plan. The City has allocated 202 ADUs to Low- and Very-Low Income, 88 ADUs to Above Moderate Income, and six Arcadia 6th Cycle HEU
Administrative Draft Initia l Study/Negative Declaration