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12 June
Matthew E.
Webb
Digitally signed by Matthew E.
Webb
Date: 2026.06.12 14:54:46 -07'00'
ϭ͘ WůĂŶƐĂŶĚ^ƉĞĐŝĨŝĐĂƚŝŽŶƐ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
&LW\RI5LYHUVLGH/DQGVFDSH0DLQWHQDQFH'LVWULFW1R 6\FDPRUH+LJKODQGV
$QQXDO(QJLQHHU¶V5HSRUWIRU)LVFDO<HDU ϭ
>ĂŶĚƐĐĂƉĞDĂŝŶƚĞŶĂŶĐĞŝƐƚƌŝĐƚEŽ͘ϴϴͲϭ;^LJĐĂŵŽƌĞ,ŝŐŚůĂŶĚƐͿ dŚĞ ŐĞŶĞƌĂů ŶĂƚƵƌĞ͕ ůŽĐĂƚŝŽŶ͕ ĂŶĚ ĞdžƚĞŶƚŽĨ ƚŚĞ ůĂŶĚƐĐĂƉĞ ŝŵƉƌŽǀĞŵĞŶƚƐ ƚŽ ďĞŵĂŝŶƚĂŝŶĞĚ ďLJ ƚŚĞ ƐƐĞƐƐŵĞŶƚ ŝƐƚƌŝĐƚĂƌĞĂƐĨŽůůŽǁƐ͗
^LJĐĂŵŽƌĞĂŶLJŽŶŽƵůĞǀĂƌĚ
^ůŽƉĞůĂŶĚƐĐĂƉĞŝŵƉƌŽǀĞŵĞŶƚƐǁĞƐƚƐŝĚĞŽĨƐƚƌĞĞƚ͘
DĞĚŝĂŶůĂŶĚƐĐĂƉĞŝŵƉƌŽǀĞŵĞŶƚƐƐŽƵƚŚŽĨ&Ăŝƌ/ƐůĞƌŝǀĞƚŽƐŽƵƚŚĞƌŶƐƐĞƐƐŵĞŶƚŝƐƚƌŝĐƚŽƵŶĚĂƌLJ͘ >ŽĐŚŵŽŽƌƌŝǀĞ
DĞĚŝĂŶůĂŶĚƐĐĂƉĞŝŵƉƌŽǀĞŵĞŶƚƐďĞƚǁĞĞŶ&Ăŝƌ/ƐůĞƌŝǀĞĂŶĚŚƌŝƐƚŝĞǀĞŶƵĞ͘ WĂƌŬǁĂLJ ĂŶĚ ƌĞǀĞƌƐĞ ĨƌŽŶƚĂŐĞ ůĂŶĚƐĐĂƉĞ ŝŵƉƌŽǀĞŵĞŶƚƐ ĂůŽŶŐ ĞŶƚŝƌĞ ůĞŶŐƚŚ ƚŽ ŶŽƌƚŚĞƌŶ ƐƐĞƐƐŵĞŶƚ ŝƐƚƌŝĐƚŽƵŶĚĂƌLJ͘
/ŶĐŝĚĞŶƚĂůƉĂƌŬǁĂLJĂŶĚƌĞǀĞƌƐĞĨƌŽŶƚĂŐĞůĂŶĚƐĐĂƉĞŝŵƉƌŽǀĞŵĞŶƚƐĂƚƐŝĚĞƐƚƌĞĞƚŝŶƚĞƌƐĞĐƚŝŽŶƐ͘ &Ăŝƌ/ƐůĞƌŝǀĞ
WĂƌŬǁĂLJĂŶĚƌĞǀĞƌƐĞĨƌŽŶƚĂŐĞůĂŶĚƐĐĂƉĞŝŵƉƌŽǀĞŵĞŶƚƐĂůŽŶŐďŽƚŚƐŝĚĞƐŽĨƐƚƌĞĞƚĨŽƌŝƚƐĞŶƚŝƌĞůĞŶŐƚŚ͘ /ŶĐŝĚĞŶƚĂůƉĂƌŬǁĂLJĂŶĚƌĞǀĞƌƐĞĨƌŽŶƚĂŐĞůĂŶĚƐĐĂƉĞŝŵƉƌŽǀĞŵĞŶƚƐĂƚƐŝĚĞƐƚƌĞĞƚŝŶƚĞƌƐĞĐƚŝŽŶƐ͘ dŚĞƚŽƚĂůĂƉƉƌŽdžŝŵĂƚĞĂĐƌĞĂŐĞŽĨƚŚĞůĂŶĚƐĐĂƉĞĚŵĞĚŝĂŶƐĂŶĚƉĂƌŬǁĂLJƐŝƐϳ͘ϴϬĂĐƌĞƐ;Ϳ͘ ůůŽĨƚŚĞŝŵƉƌŽǀĞŵĞŶƚƐŚĂǀĞďĞĞŶŽƌǁŝůůďĞŝŶƐƚĂůůĞĚŝŶĂĐĐŽƌ ĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂŶĚĂƌĚƐŽĨƚŚĞŝƚLJŽĨZŝǀĞƌƐŝĚĞ͕ ĞƉĂƌƚŵĞŶƚŽĨWĂƌŬƐĂŶĚZĞĐƌĞĂƚŝŽŶ͘
;ϭͿ ĐƌĞĂŐĞŝƐƉƌŽǀŝĚĞĚďLJŝƚLJŽĨZŝǀĞƌƐŝĚĞWĂƌŬƐĞƉĂƌƚŵĞŶƚ͘ Ϯ͘ DĞƚŚŽĚŽĨƐƐĞƐƐŵĞŶƚƉƉŽƌƚŝŽŶŵĞŶƚ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ &LW\RI5LYHUVLGH/DQGVFDSH0DLQWHQDQFH'LVWULFW1R 6\FDPRUH+LJKODQGV
$QQXDO(QJLQHHU¶V5HSRUWIRU)LVFDO<HDU Ϯ
WƌŽƉŽƐŝƚŝŽŶϮϭϴ
KŶEŽǀĞŵďĞƌϱ͕ϭϵϵϲ͕ĂůŝĨŽƌŶŝĂǀŽƚĞƌƐĂƉƉƌŽǀĞĚWƌŽƉŽƐŝƚŝŽŶϮϭϴ ͕ĞŶƚŝƚůĞĚƚŚĞ͞ZŝŐŚƚƚŽsŽƚĞŽŶdĂdžĞƐĐƚ͖͟ŝƚ ĂĚĚĞĚƌƚŝĐůĞy///ƚŽƚŚĞĂůŝĨŽƌŶŝĂŽŶƐƚŝƚƵƚŝŽŶ͘tŚŝůĞŝƚƐƚ ŝƚůĞƌĞĨĞƌƐŽŶůLJƚŽƚĂdžĞƐ͕WƌŽƉŽƐŝƚŝŽŶϮϭϴĞƐƚĂďůŝƐŚĞĚ ŶĞǁƉƌŽĐĞĚƵƌĂůƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞĨŽƌŵĂƚŝŽŶĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨĂƐƐĞƐƐŵĞŶƚĚŝƐƚƌŝĐƚƐ͘ >ĂŶĚƐĐĂƉĞ DĂŝŶƚĞŶĂŶĐĞ ŝƐƚƌŝĐƚ EŽ͘ ϴϴͲϭ ;^LJĐĂŵŽƌĞ ,ŝŐŚůĂŶĚƐͿ ŝƐ ĂŶ ĂƐƐĞƐƐŵĞŶƚ ĚŝƐƚƌŝĐƚ ĂŶĚ͕ ĂƐ ƐƵĐŚ͕ ŝƐ ŐŽǀĞƌŶĞĚ ďLJ WƌŽƉŽƐŝƚŝŽŶ Ϯϭϴ͘ dŚĞ ŝƐƚƌŝĐƚ ǁĂƐ ĂƉƉƌŽǀĞĚ ďLJ ƉƌŽƉĞ ƌƚLJ ŽǁŶĞƌƐ ŽŶ ^ĞƉƚĞŵďĞƌ ϭϯ͕ ϭϵϴϴ͕ ŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚWƌŽƉŽƐŝƚŝŽŶϮϭϴƉƌŽĐĞĞĚŝŶŐƐ͘
WƌŽƉŽƐŝƚŝŽŶ Ϯϭϴ ĚĞĨŝŶĞƐ ƚŚĞ ƚĞƌŵ ͞ĂƐƐĞƐƐŵĞŶƚ͟ ĂƐ ͞ĂŶLJ ůĞǀLJ Žƌ ĐŚĂƌŐĞ ƵƉŽŶ ƌĞĂů ƉƌŽƉĞƌƚLJ ďLJ ĂŶ ĂŐĞŶĐLJ ĨŽƌ Ă ƐƉĞĐŝĂůďĞŶĞĨŝƚĐŽŶĨĞƌƌĞĚƵƉŽŶƚŚĞƌĞĂůƉƌŽƉĞƌƚLJ͘͟Ăů͘ŽŶƐƚ͕͘ Ăƌƚ͘y///͕ΑϮ;ďͿ͘ƐƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚ͕ƐŽŵĞƚŝŵĞƐ ĐĂůůĞĚĂ͞ďĞŶĞĨŝƚĂƐƐĞƐƐŵĞŶƚ͕͟ŝƐĂĐŚĂƌŐĞŐĞŶĞƌĂůůLJůĞǀŝĞĚƵƉŽ ŶƉĂƌĐĞůƐŽĨƌĞĂůƉƌŽƉĞƌƚLJƚŽƉĂLJĨŽƌďĞŶĞĨŝƚƐƚŚĞ Ɖ Ă ƌ Đ Ğ ů Ɛ ƌ Ğ Đ Ğ ŝ ǀ Ğ Ĩ ƌ Ž ŵ ů Ž Đ Ă ů ŝ ŵ Ɖ ƌ Ž ǀ Ğ ŵ Ğ Ŷ ƚ Ɛ ͘ d Ś Ğ Ŭ Ğ LJ Ĩ Ğ Ă ƚ Ƶ ƌ Ğ ƚ Ś Ă ƚ ŝĚĞŶƚŝĨŝĞƐ Ă ĐŚĂƌŐĞ ĂƐ ĂŶ ĂƐƐĞƐƐŵĞŶƚ ŝƐ ƚŚĞ ĞdžŝƐƚĞŶĐĞŽĨĂƐƉĞĐŝĂůďĞŶĞĨŝƚƚŽƌĞĂůƉƌŽƉĞƌƚLJ͘
/Ĩ ƚŚĞ ƉƌŽƉŽƐĞĚ ĂƐƐĞƐƐŵĞŶƚ ĞǀĞƌ ĞdžĐĞĞĚƐ ƚŚĞ ŵĂdžŝŵƵŵ ĂůůŽǁĂďůĞ ĂƐƐĞƐƐŵĞŶƚ ĂƐ ƉƌĞǀŝŽƵƐůLJ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ƉƌŽƉĞƌƚLJŽǁŶĞƌƐ͕ĂŶĞǁWƌŽƉŽƐŝƚŝŽŶϮϭϴĂůůŽƚƉƌŽĐĞĞĚŝŶŐǁŽƵůĚ ďĞƌĞƋƵŝƌĞĚ͕ǁŝƚŚƚŚĞƉƌŽƉĞƌƚLJŽǁŶĞƌƐŝŶƚŚĞ ĚŝƐƚƌŝĐƚǀŽƚŝŶŐŽŶƚŚĞƉƌŽƉŽƐĞĚŝŶĐƌĞĂƐĞ͘
ŝƐƚŝŶŐƵŝƐŚŝŶŐ'ĞŶĞƌĂůĂŶĚ^ƉĞĐŝĂůĞŶĞĨŝƚ
WƌŽƉŽƐŝƚŝŽŶϮϭϴĂĚĚĞĚĂƐĞƚŽĨƉƌŽĐĞĚƵƌĞƐĂŶĚƌĞƋƵŝƌĞŵĞŶƚƐƚŽƌƚŝĐůĞy///ŽĨƚŚĞĂůŝĨŽƌŶŝĂŽŶƐƚŝƚƵƚŝŽŶǁŚŝĐŚ Ă ůŽĐĂů ŐŽǀĞƌŶŵĞŶƚ ŵƵƐƚ ĨŽůůŽǁ ƚŽ ůĞǀLJ ĂŶ ĂƐƐĞƐƐŵĞŶƚ͘ /Ŷ ĂĚĚŝƚŝŽ Ŷ ƚ Ž Ŷ Ž ƚ ŝ Đ Ğ ͕ Ś Ğ Ă ƌ ŝ Ŷ Ő ͕ Ă Ŷ Ě Ă Ɛ Ɛ Ğ Ɛ Ɛ ŵ Ğ Ŷ ƚ ď Ă ů ů Ž ƚ ƉƌŽĐĞĞĚŝŶŐƐ͕ WƌŽƉŽƐŝƚŝŽŶ Ϯϭϴ ƉƌŽǀŝĚĞƐ ƚŚĂƚ ͞ŽŶůLJ ƐƉĞĐŝĂů ďĞŶĞĨŝ ƚƐ ĂƌĞ ĂƐƐĞƐƐĂďůĞ͟ ĂŶĚ ƌĞƋƵŝƌĞƐ Ă ůŽĐĂů ŐŽǀĞƌŶŵĞŶƚƚŽ͞ƐĞƉĂƌĂƚĞƚŚĞŐĞŶĞƌĂůďĞŶĞĨŝƚƐĨƌŽŵƚŚĞƐƉĞĐŝĂůďĞŶĞĨŝƚƐĐŽŶĨĞƌƌĞĚŽŶĂƉĂƌĐĞů͘͟ LJŝƚƐŶĂƚƵƌĞ͕ŵŽƐƚƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐĨŝŶĂŶĐĞĚƚŚƌŽƵŐŚĂŶĂƐƐ ĞƐƐŵĞŶƚĚŝƐƚƌŝĐƚĐŽŶƚĂŝŶĂŶĞůĞŵĞŶƚŽĨƉƵďůŝĐ ďĞŶĞĨŝƚ͘ dŚĞ ƚĞƐƚ ŝƐ͗ ĚŽĞƐ ƚŚĞƌĞ ĞdžŝƐƚ͕ ǁŝƚŚ ƌĞůĂƚŝŽŶ ƚŽ ƚŚĞ ŝŵ ƉƌŽǀĞŵĞŶƚ͕ Ă ƐƉĞĐŝĂů ďĞŶĞĨŝƚ ƚŽ ƚŚĞ ƉƌŽƉĞƌƚLJ ĂƐƐĞƐƐĞĚ͍dŚĞůĂǁƌĞƋƵŝƌĞƐƚŚĂƚƚŚĞƉŽƌƚŝŽŶŽĨƚŚĞĐŽƐƚŽĨƚŚĞ ŝŵƉƌŽǀĞŵĞŶƚ͕ǁŚŝĐŚďĞŶĞĨŝƚƐƚŚĞƉƵďůŝĐŐĞŶĞƌĂůůLJ͕ ďĞ ƐĞƉĂƌĂƚĞĚ ĨƌŽŵ ƚŚĂƚ ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ĐŽƐƚ ŽĨ ƚŚĞ ŝŵƉƌŽǀĞŵĞŶƚ ǁŚŝĐŚ ƐƉĞĐŝĂůůLJ ďĞŶĞĨŝƚƐ ĂƐƐĞƐƐĞĚ ƉƌŽƉĞƌƚŝĞƐ͘ ƌƚŝĐůĞy///^ĞĐƚŝŽŶϮ;ŝͿĚĞĨŝŶĞƐ^ƉĞĐŝĂůĞŶĞĨŝƚĂƐĨŽůůŽǁƐ͗ Η^ƉĞĐŝĂů ďĞŶĞĨŝƚΗŵĞĂŶƐ ĂƉĂƌƚŝĐƵůĂƌ ĂŶĚ ĚŝƐƚŝŶĐƚ ďĞŶĞĨŝƚ ŽǀĞƌĂŶĚ ĂďŽǀĞ ŐĞŶĞƌĂů ďĞŶĞĨŝƚƐ ĐŽŶĨĞƌƌĞĚ ŽŶ ƌĞĂůƉƌŽƉĞƌƚLJůŽĐĂƚĞĚŝŶƚŚĞĚŝƐƚƌŝĐƚŽƌƚŽƚŚĞƉƵďůŝĐĂƚůĂƌŐĞ͘'ĞŶĞƌĂůĞŶŚĂŶĐĞŵĞŶƚŽĨƉƌŽƉĞƌƚLJǀĂůƵĞĚŽĞƐ ŶŽƚĐŽŶƐƚŝƚƵƚĞΗƐƉĞĐŝĂůďĞŶĞĨŝƚ͘Η
^ƉĞĐŝĂůĞŶĞĨŝƚƐ
dŚĞƉƌŽƉĞƌƚLJǁŝƚŚŝŶƚŚĞŝƐƚƌŝĐƚƌĞĐĞŝǀĞƐĚŝƌĞĐƚĂŶĚƐƉĞĐŝĂůďĞ ŶĞĨŝƚĨƌŽŵƚŚĞŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞŝŵƉƌŽǀĞŵĞŶƚƐ ĚĞƐĐƌŝďĞĚ ŝŶ ^ĞĐƚŝŽŶ ϭ ŽĨ ƚŚŝƐ ƌĞƉŽƌƚ͘ DĂŝŶƚĞŶĂŶĐĞ ŽĨ ƚŚĞ ƉĂƌŬǁ ĂLJ ĂŶĚ ƌĞǀĞƌƐĞ ĨƌŽŶƚĂŐĞƐ ĂůŽŶŐ ǁŝƚŚ ƚŚĞ ĞŶŚĂŶĐĞĚ ůĂŶĚƐĐĂƉĞĚ ĂƌĞĂƐ ĂŶĚ ƌĞĐƌĞĂƚŝŽŶĂů ĞƋƵŝƉŵĞŶƚ ƉƌŽǀŝĚĞƐ Ă Ŷ ĂĞƐƚŚĞƚŝĐ ďĞŶĞĨŝƚ͕ ĚŝƌĞĐƚůLJ ĞŶŚĂŶĐĞƐ ƉƌŽƉĞƌƚLJ ǀĂůƵĞƐ ǁŝƚŚŝŶ ƚŚĞ ŝƐƚƌŝĐƚ͕ ƉƌŽǀŝĚĞƐ Ă ƐĞŶƐĞ ŽĨ ĐŽŵŵƵŶŝƚLJ͕ ĂŶĚ ƉƌŽǀŝĚĞƐ ĞƌŽƐŝŽŶ ĂŶĚ ĚƵƐƚ ĐŽŶƚƌŽů͕ ƌĞƐƵůƚŝŶŐŝŶĂĚĚŝƚŝŽŶĂůƐƉĞĐŝĂůďĞŶĞĨŝƚ͘
'ĞŶĞƌĂůWƵďůŝĐĞŶĞĨŝƚƐ
dŚĞ ŝŵƉƌŽǀĞŵĞŶƚƐ ĂƌĞ ďĞŝŶŐ ŵĂŝŶƚĂŝŶĞĚ ĨŽƌ ƚŚĞ ƐŽůĞ ďĞŶĞĨŝƚ ĂŶĚĞŶũŽLJŵĞŶƚŽĨ ƚŚĞ ƉĂƌĐĞůƐŽĨ ƉƌŽƉĞƌƚLJ ǁŝƚŚŝŶ ƚŚĞŝƐƚƌŝĐƚĂŶĚĚŽŶŽƚĞdžƚĞŶĚďĞLJŽŶĚƚŚĞŝƐƚƌŝĐƚďŽƵŶĚĂƌŝĞƐ͘ dŚĞƌĞĨŽƌĞ͕ƚŚĞŝŵƉƌŽǀĞŵĞŶƚƐĚŽŶŽƚƌĞƐƵůƚŝŶĂŶLJ ŐĞŶĞƌĂůďĞŶĞĨŝƚƐ͘
DĞƚŚŽĚŽĨƐƐĞƐƐŵĞŶƚƉƉŽƌƚŝŽŶŵĞŶƚ
dŚĞΗ>ĂŶĚƐĐĂƉŝŶŐĂŶĚ>ŝŐŚƚŝŶŐĐƚŽĨϭϵϳϮΗĂŶĚƉƌŽǀŝƐŝŽŶƐŽĨƌ ƚŝĐůĞy///ŽĨƚŚĞĂůŝĨŽƌŶŝĂŽŶƐƚŝƚƵƚŝŽŶƌĞƋƵŝƌĞ ƚ Ś Ă ƚ ƚ Ś Ğ Ă Ɛ Ɛ Ğ Ɛ Ɛ ŵ Ğ Ŷ ƚ ď Ğ Ă Ɖ Ɖ Ž ƌ ƚ ŝ Ž Ŷ Ğ Ě ď LJ Ă Ĩ Ž ƌ ŵ Ƶ ů Ă Ž ƌ ŵ Ğ ƚ Ś Ž Ě ǁ Ś ŝ Đ Ś ĨĂŝƌůLJ ĚŝƐƚƌŝďƵƚĞƐ ƚŚĞ ŶĞƚ ĐŽƐƚ ŽĨ Ϯ͘ DĞƚŚŽĚŽĨƐƐĞƐƐŵĞŶƚƉƉŽƌƚŝŽŶŵĞŶƚ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ &LW\RI5LYHUVLGH/DQGVFDSH0DLQWHQDQFH'LVWULFW1R 6\FDPRUH+LJKODQGV
$QQXDO(QJLQHHU¶V5HSRUWIRU)LVFDO<HDU ϯ
ŝŵƉƌŽǀĞŵĞŶƚƐ ĂŵŽŶŐ Ăůů ĂƐƐĞƐƐĂďůĞ ůŽƚƐ ĂŶĚ ƉĂƌĐĞůƐ ŝŶ ƉƌŽƉŽƌƚŝŽŶ ƚŽ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ƐƉĞĐŝĂů ďĞŶĞĨŝƚƐ ƚŽ ďĞ ƌĞĐĞŝǀĞĚ ďLJ ĞĂĐŚ ůŽƚ Žƌ ƉĂƌĐĞů ĨƌŽŵ ƚŚĞ ŝŵƉƌŽǀĞŵĞŶƚƐ͘ dŚĞ ĂĐƚ ĚŽĞƐ ŶŽƚ ƐƉĞĐŝĨLJ ƚŚĞ ŵĞƚŚŽĚ Žƌ ĨŽƌŵƵůĂ ƚŚĂƚ ƐŚŽƵůĚďĞƵƐĞĚƚŽĂƉƉŽƌƚŝŽŶƚŚĞ ĂƐƐĞƐƐŵĞŶƚŝŶĂŶLJƐƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚĚŝƐƚƌŝĐƚƉƌŽĐĞĞĚŝŶŐƐ͘dŚĞŝƚLJŽƵŶĐŝůŚĂƐ ƌĞƚĂŝŶĞĚ tĞďď DƵŶŝĐŝƉĂů &ŝŶĂŶĐĞ͕ >>͘ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ĂŶĂůLJnjŝŶŐ ƚŚĞ ĨĂĐƚƐ ŝŶ ƚŚŝƐ ƐƐĞƐƐŵĞŶƚ ŝƐƚƌŝĐƚ ĂŶĚ ƌĞĐŽŵŵĞŶĚŝŶŐƚŚĞĐŽƌƌĞĐƚĂƉƉŽƌƚŝŽŶŵĞŶƚŽĨƚŚĞĂƐƐĞƐƐŵĞŶƚŽďůŝŐĂƚŝŽŶ͘ /ŶƉĞƌĨŽƌŵŝŶŐƚŚĞĂŶĂůLJƐŝƐ͕ŝƚǁĂƐŶĞĐĞƐƐĂƌLJƚŽŝĚĞŶƚŝĨLJƚŚĞďĞ ŶĞĨŝƚƐƚŚĂƚƚŚĞŝŵƉƌŽǀĞŵĞŶƚƐďĞŝŶŐĨŝŶĂŶĐĞĚǁŝůů ƌĞŶĚĞƌƚŽƚŚĞƉƌŽƉĞƌƚŝĞƐǁŝƚŚŝŶƚŚĞďŽƵŶĚĂƌŝĞƐŽĨƚŚŝƐƐƐĞƐƐŵĞ ŶƚŝƐƚƌŝĐƚĂŶĚƚŽĚĞƚĞƌŵŝŶĞƚŚĞĞdžƚĞŶƚƚŽǁŚŝĐŚ ƐƵĐŚƉƌŽƉĞƌƚŝĞƐƌĞĐĞŝǀĞĂĚŝƌĞĐƚĂŶĚƐƉĞĐŝĂůďĞŶĞĨŝƚĂƐĚŝƐƚŝŶŐƵŝƐŚĞĚĨƌŽŵƚŚĂƚŽĨƚŚĞŐĞŶĞƌĂůƉƵďůŝĐ͘
^ƉĞĐŝĂůĞŶĞĨŝƚƐ
dŚĞƉƌŽƉĞƌƚLJǁŝƚŚŝŶƚŚĞƐƐĞƐƐŵĞŶƚŝƐƚƌŝĐƚǁŝůůƌĞĐĞŝǀĞĚŝƌĞĐƚ ĂŶĚƐƉĞĐŝĂůďĞŶĞĨŝƚĨƌŽŵƚŚĞŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞ ůĂŶĚƐĐĂƉŝŶŐ ĚĞƐĐƌŝďĞĚ ŝŶ ^ĞĐƚŝŽŶ Ϯ͘ DĂŝŶƚĞŶĂŶĐĞ ŽĨ ƚŚĞ ƉĂƌŬǁĂLJ ĂŶĚ ŵĞĚŝĂŶ ůĂŶĚƐĐĂƉŝŶŐ ǁŝůů ƉƌŽǀŝĚĞ ĂŶ ĂĞƐƚŚĞƚŝĐďĞŶĞĨŝƚǁŚŝĐŚǁŝůůĞŶŚĂŶĐĞƚŚĞƉƌŽƉĞƌƚLJǁŝƚŚŝŶƚŚĞƐ ƐĞƐƐŵĞŶƚŝƐƚƌŝĐƚ͘DĂŝŶƚĞŶĂŶĐĞŽĨƐůŽƉĞƉůĂŶƚŝŶŐ ǁŝůůƉƌŽǀŝĚĞĞƌŽƐŝŽŶĂŶĚĚƵƐƚĐŽŶƚƌŽů͕ƌĞƐƵůƚŝŶŐŝŶĂĚĚŝƚŝŽŶĂůƐƉĞĐŝĂůďĞŶĞĨŝƚ͘
'ĞŶĞƌĂůĞŶĞĨŝƚƐ
dŚĞŝŶƐƚĂůůĂƚŝŽŶŽĨƚŚĞůĂŶĚƐĐĂƉŝŶŐĚĞƐĐƌŝďĞĚŝŶ^ĞĐƚŝŽŶϭǁĂƐ ƌĞƋƵŝƌĞĚĂƐĂĐŽŶĚŝƚŝŽŶŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞ ĂƌĞĂ ĞŶĐŽŵƉĂƐƐĞĚ ďLJ ƚŚĞ ƐƐĞƐƐŵĞŶƚ ŝƐƚƌŝĐƚ͘ dŚĞ ůĂŶĚƐĐĂƉŝŶŐ ŝƐ ďĞŝŶŐ ŵĂŝŶƚĂŝŶĞĚ ĨŽƌ ƚŚĞ ƐŽůĞ ďĞŶĞĨŝƚ ĂŶĚ ĞŶũŽLJŵĞŶƚ ŽĨ ƚŚŽƐĞ ƉĂƌĐĞůƐ ǁŝƚŚŝŶ ƚŚĞ ƐƐĞƐƐŵĞŶƚ ŝƐƚƌŝĐƚ͘ dŚĞƌĞ Ĩ Ž ƌ Ğ ͕ ƚ Ś Ğ ŝ ŵ Ɖ ƌ Ž ǀ Ğ ŵ Ğ Ŷ ƚ Ɛ Ě Ž Ŷ Ž ƚ ƌ Ğ Ɛ Ƶ ů ƚ ŝ Ŷ Ă Ŷ LJ ŐĞŶĞƌĂůďĞŶĞĨŝƚƐ͘
ůůŽĐĂƚŝŽŶŽĨ^ƉĞĐŝĂůĞŶĞĨŝƚƐƐĞƐƐŵĞŶƚƐ
dŚĞ ƚŽƚĂů ŵĂdžŝŵƵŵ ĂůůŽǁĂďůĞ ƐƉĞĐŝĂů ďĞŶĞĨŝƚ ĂƐƐĞƐƐŵĞŶƚ ĨŽƌ &ŝƐĐĂů zĞĂƌ ϮϬϮϲͲϮϳ ŝƐ ΨϭϮϯ͕Ϭϲϵ͘ϲϴ͘ dŚĞ ƐƉĞĐŝĂů ďĞŶĞĨŝƚ ĂƐƐĞƐƐŵĞŶƚ ǁŝůů ďĞ ĂůůŽĐĂƚĞĚ ƚŽ ƉĂƌĐĞůƐ ǁŝƚŚŝŶ ƚŚĞ ƐƐĞƐƐŵĞŶƚ ŝƐƚƌŝĐƚ ŽŶ ĂŶ ƋƵŝǀĂůĞŶƚ ǁĞůůŝŶŐ hŶŝƚ
;
hͿ ďĂƐŝƐ͘
ĂĐŚ ƐŝŶŐůĞͲĨĂŵŝůLJ ƌĞƐŝĚĞŶƚŝĂů ƉĂƌĐĞů ǁŝƚŚŝŶ ƚŚĞ ƐƐĞƐƐŵĞŶƚ ŝƐƚƌŝĐƚ ǁŝůů ƌĞĐĞŝǀĞ Ă ƐŝŵŝůĂƌ ďĞŶĞĨŝƚ͖ ĂĐĐŽƌĚŝŶŐůLJ͕ ĞĂĐŚ ĚĞǀĞůŽƉĞĚ ƐŝŶŐůĞͲĨĂŵŝůLJ ƌĞƐŝĚĞŶƚŝĂů ůŽƚ ŚĂƐ ďĞĞŶ ĂƐƐĞƐƐĞĚ ŽŶĞ ;ϭͿ h͘ ^ŝŶŐůĞͲĨĂŵŝůLJ ůŽƚƐ ĂƌĞ
ĚĞƉŝĐƚĞĚŽŶƚŚĞƐƐĞƐƐŵĞŶƚŝĂŐƌĂŵŝŶ^ĞĐƚŝŽŶϱĂŶĚŝŶƉƉĞŶĚŝdž ĂƐWĂƌĐĞůEŽƐ͘ϭƚŚƌŽƵŐŚϭϲϬĂŶĚEŽƐ͘ϭϳϰ ƚŚƌŽƵŐŚϳϯϭ͘
ƉĂƌƚŵĞŶƚĂĐƌĞĂŐĞŝƐĚĞĞŵĞĚƚŽƌĞĐĞŝǀĞůĞƐƐƐƉĞĐŝĂůďĞŶĞĨŝƚƉĞƌĚǁĞůůŝŶŐƵŶŝƚƚŚĂŶƚŚĂƚƌĞĐĞŝǀĞĚďLJƐŝŶŐůĞͲĨĂŵŝůLJ ƌĞƐŝĚĞŶĐĞƐĚƵĞƚŽ͗
dŚĞƚƌĂŶƐŝĞŶƚŶĂƚƵƌĞŽĨĂƉĂƌƚŵĞŶƚŽĐĐƵƉĂŶĐLJ
dŚĞƌĞůĂƚŝǀĞůLJŚŝŐŚŶƵŵďĞƌŽĨĚǁĞůůŝŶŐƵŶŝƚƐƉĞƌĂĐƌĞŽĨůĂŶĚƐĐĂƉĞĨƌŽŶƚĂŐĞ dŚĞůŽǁĞƌĂǀĞƌĂŐĞƉŽƉƵůĂƚŝŽŶƉĞƌĚǁĞůůŝŶŐƵŶŝƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚĂƉĂƌƚŵĞŶƚƐ ĐĐŽƌĚŝŶŐůLJ͕ĂƉĂƌƚŵĞŶƚĂĐƌĞĂŐĞŚĂƐďĞĞŶĂƐƐĞƐƐĞĚŽŶƚŚĞďĂƐŝƐŽ ĨƐŝdž;ϲͿ hƐƉĞƌĂĐƌĞǁŝƚŚĂŵŝŶŝŵƵŵŽĨŽŶĞ
;ϭͿ
h ƉĞƌ ƉĂƌĐĞů͕ ǁŚŝĐŚ ƌĞƉƌĞƐĞŶƚƐ Ă ƌĂƚĞ ĞƋƵŝǀĂůĞŶƚ ƚŽ ƚŚĂƚŽĨ ƚŚĞ ŚŝŐŚĞƐƚ ƐŝŶŐůĞͲĨĂŵŝůLJ ƌĞƐŝĚĞŶƚŝĂů ĚĞŶƐŝƚLJ ǁŝƚŚŝŶ ƚŚĞ ƐƐĞƐƐŵĞŶƚ ŝƐƚƌŝĐƚ͘ ŽŵŵĞƌĐŝĂů ĂĐƌĞĂŐĞ ŚĂƐ ďĞĞŶ ĚĞĞŵ Ğ Ě ƚ Ž ƌ Ğ Đ Ğ ŝ ǀ Ğ Ă ď Ğ Ŷ Ğ Ĩ ŝ ƚ Ɛ ŝ ŵ ŝ ů Ă ƌ ƚ Ž ƚ Ś Ă ƚ Ž Ĩ ĂƉĂƌƚŵĞŶƚĂĐƌĞĂŐĞĂŶĚŚĂƐĂůƐŽďĞĞŶĂƐƐĞƐƐĞĚŽŶƚŚĞďĂƐŝƐŽĨƐŝ dž;ϲͿ hƐƉĞƌĂĐƌĞǁŝƚŚĂŵŝŶŝŵƵŵŽĨŽŶĞ;ϭͿ
hƉĞƌƉĂƌĐĞů͘
>ĂŶĚƐĐĂƉĞŵĂŝŶƚĞŶĂŶĐĞŚĂƐďĞĞŶĚĞĞŵĞĚƚŽƉƌŽǀŝĚĞĂƐƉĞĐŝĂůďĞŶĞ ĨŝƚƚŽƵŶĚĞǀĞůŽƉĞĚƉƌŽƉĞƌƚLJ͕ƐŝŵŝůĂƌƚŽƚŚĂƚ ƌĞĐĞŝǀĞĚ ďLJ ĚĞǀĞůŽƉĞĚ ƉƌŽƉĞƌƚLJ͘ dŚĞ ĐŽŶƚŝŶƵŝŶŐ ŝŶƚĞŐƌŝƚLJ ŽĨ ƚŚĞ ůĂŶĚƐĐĂƉŝŶŐ ŝƐ ŝŵƉŽƌƚĂŶƚ ŝŶ ŵĂŝŶƚĂŝŶŝŶŐ ƚŚĞ ǀŝĂďŝůŝƚLJ ŽĨ ƵŶĚĞǀĞůŽƉĞĚ ƉƌŽƉĞƌƚLJ ĨŽƌ ƉŽƚĞŶƚŝĂů ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ƐĂůĞ͘ ĐĐŽƌĚŝŶŐůLJ͕ ƵŶĚĞǀĞůŽƉĞĚ ƉƌŽƉĞƌƚLJ ŝƐ ĂƐƐĞƐƐĞĚĂƚƚŚĞƐĂŵĞƌĂƚĞĂƐĚĞǀĞůŽƉĞĚƉƌŽƉĞƌƚLJ͘hŶĚĞǀĞůŽƉĞĚƉĂ ƌĐĞůƐƉƌŽƉŽƐĞĚĨŽƌƐŝŶŐůĞͲĨĂŵŝůLJĚĞǀĞůŽƉŵĞŶƚ ŚĂǀĞďĞĞŶĂƐƐŝŐŶĞĚ
hĂůůŽĐĂƚŝŽŶƐďĂƐĞĚƵƉŽŶƚŚĞŝƌĂŶƚŝĐŝƉĂƚĞĚ ĚĞŶƐŝƚŝĞƐ͘dŚĞƐĞĂůůŽĐĂƚŝŽŶƐĂƌĞƐŚŽǁŶŽŶƚŚĞ ƐƐĞƐƐŵĞŶƚŝĂŐƌĂŵŝŶƉƉĞŶĚŝdž͘
Ϯ͘ DĞƚŚŽĚŽĨƐƐĞƐƐŵĞŶƚƉƉŽƌƚŝŽŶŵĞŶƚ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ &LW\RI5LYHUVLGH/DQGVFDSH0DLQWHQDQFH'LVWULFW1R 6\FDPRUH+LJKODQGV
$QQXDO(QJLQHHU¶V5HSRUWIRU)LVFDO<HDU ϰ
WƵďůŝĐ>ĂŶĚƐ
ƌƚŝĐůĞy///͕ǁŚŝĐŚǁĂƐĂĚĚĞĚƚŽƚŚĞĂůŝĨŽƌŶŝĂŽŶƐƚŝƚƵƚŝŽŶď LJƚŚĞƉĂƐƐĂŐĞŽĨWƌŽƉŽƐŝƚŝŽŶϮϭϴ͕ŵĂŶĚĂƚĞƐƚŚĂƚ ΗWĂƌĐĞůƐǁŝƚŚŝŶĂĚŝƐƚƌŝĐƚƚŚĂƚĂƌĞŽǁŶĞĚŽƌƵƐĞĚďLJĂŶLJĂŐĞŶĐLJ͕ƚŚĞ^ƚĂƚĞŽĨĂůŝĨŽƌŶŝĂ͕ŽƌƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐƐŚĂůů ŶŽƚďĞĞdžĞŵƉƚĨƌŽŵĂƐƐĞƐƐŵĞŶƚƵŶůĞƐƐƚŚĞĂŐĞŶĐLJĐĂŶĚĞŵŽŶƐƚƌĂƚĞďLJĐůĞĂƌĂŶĚĐŽŶǀŝŶĐŝŶŐĞǀŝĚĞŶĐĞƚŚĂƚƚŚŽƐĞ ƉƵďůŝĐůLJŽǁŶĞĚƉĂƌĐĞůƐ͕ŝŶĨĂĐƚ͕ƌĞĐĞŝǀĞŶŽƐƉĞĐŝĂůďĞŶĞĨŝƚ͘Ηd ŚŝƐƐƐĞƐƐŵĞŶƚŝƐƚƌŝĐƚŝŶĐůƵĚĞƐƐŝdžƉƵďůŝĐůLJŽǁŶĞĚ Ɖ Ă ƌ Đ Ğ ů Ɛ ͘ Ɛ Ɛ Ğ Ɛ Ɛ ŵ Ğ Ŷ ƚ E Ž ͘ ϭ ϳ ϭ ŝ Ɛ Ž ǁ Ŷ Ğ Ě ď LJ ƚ Ś Ğ ^ ƚ Ă ƚ Ğ Ž Ĩ Ă ů ŝ Ĩ Ž ƌ Ŷ ŝ Ă ĞƉĂƌƚŵĞŶƚ ŽĨ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ĂŶĚ ŚĂƐ ďĞĞŶ ŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶƚŽ ƚŚĞ ϮϭϱͬϲϬ &ƌĞĞǁĂLJ ŽŶƌĂŵƉ͘ ƐƐĞƐƐŵĞŶƚ EŽ͘ ϭϳϯ ŝƐ ƵƐĞĚ ďLJ ƚŚĞ ŝƚLJ ŽĨ ZŝǀĞƌƐŝĚĞ WƵďůŝĐ hƚŝůŝƚŝĞƐĞƉĂƌƚŵĞŶƚĂƐĂƌĞƐĞƌǀŽŝƌƐŝƚĞ͘
dŚŝƐ ĨĂĐŝůŝƚLJ ŝƐ ĂŶ ŝŶƚĞŐƌĂů ƉĂƌƚ ŽĨ ƚŚĞ ŝƚLJΖƐ ƐLJƐƚĞŵ ĨŽƌ ĚĞůŝǀ Ğ ƌ ŝ Ŷ Ő Ɖ Ž ƚ Ă ď ů Ğ ǁ Ă ƚ Ğ ƌ ƚ Ž ƚ Ś Ğ Ă ƌ Ğ Ă Ă Ŷ Ě ŝ Ɛ Ě Ğ ǀ Ž ƚ Ğ Ě ĞdžĐůƵƐŝǀĞůLJƚŽƚŚĂƚƉƵƌƉŽƐĞ͘^ŝŶĐĞƚŚŝƐƉĂƌĐĞůŝƐƵƐĞĚŽŶůLJƚŽĨĂĐŝůŝƚĂƚĞƚŚĞĚĞůŝǀĞƌLJŽĨǁĂƚĞƌ͕ƚŚĞďĞŶĞĨŝƚƐƉƌŽǀŝĚĞĚ ďLJƚŚĞŝŵƉƌŽǀĞŵĞŶƚƐĚŽŶŽƚƉƌŽǀŝĚĞĂŶLJƐƉĞĐŝĂůďĞŶĞĨŝƚƚŽƚŚĞƉ ĂƌĐĞů͘ůƐŽ͕ƐƐĞƐƐŵĞŶƚEŽƐ͘ϭϲϲ͕ϭϲϳ͕ϭϲϴ͕ĂŶĚ ϳϯϮŚĂǀĞďĞĞŶĚĞĚŝĐĂƚĞĚƚŽƚŚĞŝƚLJŽĨZŝǀĞƌƐŝĚĞĨŽƌĂŶĞŝŐŚďŽƌ ŚŽŽĚƉĂƌŬĂŶĚŶĂƚƵƌĂůŽƉĞŶƐƉĂĐĞ͘dŚĞƉĂƌŬĂŶĚ ŽƉĞŶ ƐƉĂĐĞ ƵƐĞƐ ƌĞĐĞŝǀĞ ŶŽ ƐƉĞĐŝĂů ďĞŶĞĨŝƚ ĨƌŽŵ ƚŚĞ ŝŵƉƌŽǀĞŵĞŶƚ Ɛ ͘ Đ Đ Ž ƌ Ě ŝ Ŷ Ő ů LJ ͕ ƚ Ś Ğ Ɛ Ğ Ɖ Ă ƌ Đ Ğ ů Ɛ Ś Ă ǀ Ğ ď Ğ Ğ Ŷ ĂƐƐŝŐŶĞĚnjĞƌŽ;ϬͿ
hƐĂŶĚĂƌĞĞdžĞŵƉƚĨƌŽŵĂƐƐĞƐƐŵĞŶƚ͘
dŚĞ ƚŽƚĂů ďƵĚŐĞƚĞĚ ĐŽƐƚ ĨŽƌ &ŝƐĐĂů zĞĂƌ ϮϬϮϲͲϮϳ ŝƐ Ψϭϰϱ͕ϯϲϮ͘ϬϬ͘ tŚĞŶ ƚŚĞ ďƵĚŐĞƚĞĚ ĐŽƐƚ ŝƐ ĚŝǀŝĚĞĚ ďLJ ƚŚĞ ŶƵŵďĞƌ ŽĨ
hƐ ;ϭ͕ϬϱϬͿ ǁŝƚŚŝŶ ƚŚĞ ƐƐĞƐƐŵĞŶƚ ŝƐƚƌŝĐƚ͕ ƚŚĞ ĐŽƐƚ ƉĞƌ h ŝƐ Ψϭϯϴ͘ϰϰ͘ ĂƐĞĚ ƵƉŽŶ ƚŚĞ
ŵĞƚŚŽĚŽůŽŐLJŽƵƚůŝŶĞĚ ŝŶ ƚŚĞ ƐĞĐƚŝŽŶ ďĞůŽǁ͕͞&ƵƚƵƌĞDĂdžŝŵƵŵ ŶŶƵĂů ƐƐĞƐƐŵĞŶƚƐ͕͟ƚŚĞŵĂdžŝŵƵŵ ĂůůŽǁĂďůĞ ĂƐƐĞƐƐŵĞŶƚ ĨŽƌ &ŝƐĐĂů zĞĂƌ ϮϬϮϲͲϮϳ ŝƐ Ψϭϭϳ͘Ϯϭ ƉĞƌ h͘ tŚĞŶ ŵƵůƚŝƉůŝĞĚ ďLJ ƚŚĞ ŶƵŵďĞƌ ŽĨ
hƐ ǁŝƚŚŝŶ ƚŚĞ
ƐƐĞƐƐŵĞŶƚ ŝƐƚƌŝĐƚ ;ϭ͕ϬϱϬͿ͕ ƚŚĞ ŵĂdžŝŵƵŵ ĂƐƐĞƐƐŵĞŶƚ ĨŽƌ &ŝƐĐĂůzĞĂƌ ϮϬϮϲͲϮϳ ŝƐ ΨϭϮϯ͕Ϭϲϵ͘ϲϴ;ϮͿ͘ ƐƐĞƐƐŵĞŶƚƐ ĂƉƉůŝĐĂďůĞƚŽĞĂĐŚƉĂƌĐĞůĨŽƌ&ŝƐĐĂůzĞĂƌϮϬϮϲͲϮϳĂƌĞƐŚŽǁŶŽŶƚŚĞĂƐƐĞƐƐŵĞŶƚƌŽůůŽŶĨŝůĞŝŶƚŚĞŽĨĨŝĐĞŽĨƚŚĞŝƚLJ ůĞƌŬĂŶĚŵĂĚĞĂƉĂƌƚŚĞƌĞŽĨ͘
dŚĞ ŝƚLJ ŽĨ ZŝǀĞƌƐŝĚĞ ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶ ĂŐƌĞĞŵĞŶƚ ǁŝƚŚ ƚŚĞ ZŝǀĞƌƐŝĚĞ ^LJĐĂŵŽƌĞ ƉĂƌƚŵĞŶƚƐ >͘W͘ ǁŚĞƌĞŝŶ ƚŚĞ ZŝǀĞƌƐŝĚĞ ^LJĐĂŵŽƌĞ ƉĂƌƚŵĞŶƚƐ >͘W͕͘ ŶŽǁ ƌĞŶĂŵĞĚ ƚŚĞ ĂƐƚůĞƌŽĐŬ ƉĂƌƚŵĞŶƚƐ Ăƚ ^LJĐĂŵŽƌĞ ,ŝŐŚůĂŶĚƐ͕ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŵĂŝŶƚĂŝŶŝŶŐ Ϭ͘ϱϴ ĂĐƌĞƐ ŽĨ ƉĂƌŬǁĂLJƐ ĂĚũĂĐĞŶƚ ƚŽ ƚŚĞ ϮϳϮͲƵŶŝƚ ĂƉĂƌƚŵĞŶƚ ƉƌŽũĞĐƚ͘ dŚĞ WĂƌĐĞů /ĚĞŶƚŝĨŝĐĂƚŝŽŶ EƵŵďĞƌ ŽĨ ƚŚĞ ĂƉĂƌƚŵĞŶƚ ƐŝƚĞ ƉĂƌĐĞů ŝƐ ϮϱϲͲϭϮϬͲϬϭϮ͘ dŚĞ Ϭ͘ϱϴ ĂĐƌĞƐ ďĞŝŶŐ ŵĂŝŶƚĂŝŶĞĚ ďLJ ƚŚĞ ĐƵƌƌĞŶƚ ĂƉĂƌƚŵĞŶƚ ŽǁŶĞƌ ƌĞƉƌĞƐĞŶƚƐ ϳ͘ϰϰй ŽĨ ƚŚĞ ƐƐĞƐƐŵĞŶƚ ŝƐƚ ƌ ŝ Đ ƚ Ζ Ɛ ƚ Ž ƚ Ă ů Ž Ĩ ϳ ͘ ϴ Ϭ Ă Đ ƌ Ğ Ɛ Ž Ĩ ů Ă Ŷ Ě Ɛ Đ Ă Ɖ Ğ ŝŵƉƌŽǀĞŵĞŶƚƐ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞĂƉĂƌƚŵĞŶƚƐŝƚĞƉĂƌĐĞůǁŝůůƌĞĐĞŝǀĞ ĂƉƌŽƉŽƌƚŝŽŶĂůĐƌĞĚŝƚŽĨϳϵ hƐŝŶƚŚĞĂŵŽƵŶƚ
Ž Ĩ Ψ ϵ ͕ Ϯ ϱ ϵ ͘ ϱ ϯ ͘ d Ś Ğ ƚ Ž ƚ Ă ů Ă Ɛ Ɛ Ğ Ɛ Ɛ ŵ Ğ Ŷ ƚ Ĩ Ž ƌ ƚ Ś Ğ Ă Ɖ Ă ƌ ƚ ŵ Ğ Ŷ ƚ Ɛ ŝ ƚ Ğ ď Ă Ɛ Ğ Ě ŽŶ ϵϰ hƐ ǁŽƵůĚ ďĞ Ψϭϭ͕Ϭϭϳ͘ϲϳ͘ dŚĞ ŶĞƚ
ĂƐƐĞƐƐŵĞŶƚ͕ĂĨƚĞƌĂƉƉůŝĐĂƚŝŽŶŽĨƚŚĞĐƌĞĚŝƚ͕ŝƐΨϭ͕ϳϱϴ͘ϭϰ;ϭϱ hƐͿ͕ǁŚŝĐŚ͕ǁŚĞŶĐŽŵďŝŶĞĚǁŝƚŚƚŚĞĐŽŶƚƌŝďƵƚŝŽŶ
ĨƌŽŵƚŚĞŝƚLJŝŶƚŚĞĂŵŽƵŶƚŽĨΨϮϮ͕ϮϵϮ͘ϯϮ͕ƌĞĚƵĐĞƐƚŚĞƉƌŽũĞĐƚĞ ĚĂƐƐĞƐƐŵĞŶƚĨŽƌƚŚĞŝƐƚƌŝĐƚƚŽΨϭϭϯ͕ϴϭϬ͘ϭϱ ;ϮͿ ĨŽƌ&ŝƐĐĂůzĞĂƌϮϬϮϲͲϮϳ͘
dŚĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞZŝǀĞƌƐŝĚĞ^LJĐĂŵŽƌĞƉĂƌƚŵĞŶƚƐ>͘W͘ĂŶĚƚŚĞŝƚLJŽĨZŝǀĞƌƐŝĚĞǁĂƐƌĞĐŽƌĚĞĚŽŶ:ƵŶĞ ϯϬ͕ϭϵϵϵ͕ĂƐ/ŶƐƚƌƵŵĞŶƚEƵŵďĞƌϳϵϬϴϱϮĂŶĚŝƐŽŶĨŝůĞŝŶƚŚĞKĨĨŝĐĞŽĨƚŚĞŝƚLJůĞƌŬ͘ /ŶƚŚĞĞǀĞŶƚƚŚĞĂƉĂƌƚŵĞŶƚƉƌŽũĞĐƚŽǁŶĞƌĚŽĞƐŶŽƚŵĂŝŶƚĂŝŶƚŚĞ Ϭ͘ϱϴĂĐƌĞƐŽĨůĂŶĚƐĐĂƉĞŝŵƉƌŽǀĞŵĞŶƚƐƚŽƚŚĞ ŝƚLJŽĨZŝǀĞƌƐŝĚĞƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ƚŚĞŝƚLJǁŝůůƚŚĞŶƚĂŬĞŽǀĞƌƚŚĞŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞůĂŶĚƐĐĂƉĞŝŵƉƌŽǀĞŵĞŶƚƐĂŶĚ ĞŶƌŽůůϭϬϬйŽĨĂƐƐĞƐƐŵĞŶƚĐŚĂƌŐĞƐǁŝƚŚƚŚĞŽƵŶƚLJŽĨZŝǀĞƌƐŝĚĞ͘
&ƵƚƵƌĞDĂdžŝŵƵŵŶŶƵĂůƐƐĞƐƐŵĞŶƚƐ
dŚĞ ĂƐƐĞƐƐŵĞŶƚƐ ǁŝůů ďĞ ůĞǀŝĞĚŽŶ ĂŶ ĂŶŶƵĂů ďĂƐŝƐ ĨŽƌ Ă ĚƵƌĂƚŝŽŶ ŽĨ ϯ Ϭ LJ Ğ Ă ƌ Ɛ ͖ ƚ Ś Ğ Ĩ ŝ Ŷ Ă ů Ă Ɖ Ɖ ƌ Ž ǀĞ Ě LJ Ğ Ă ƌ ŝ Ɛ & ŝ Ɛ Đ Ă ů zĞĂƌϮϬϮϲͲϮϳ͘dŚĞƐƐĞƐƐŵĞŶƚŝƐƚƌŝĐƚĨŽƌŵĂƚŝŽŶĞƐƚĂďůŝƐŚĞĚƚŚĞ ďĂƐĞϭϵϵϳͲϵϴŵĂdžŝŵƵŵĂŶŶƵĂůĂƐƐĞƐƐŵĞŶƚĂƚ Ψϱϴ͘ϬϬ ƉĞƌ
h͘ ŽŵŵĞŶĐŝŶŐ ǁŝƚŚ ƚŚĞ &ŝƐĐĂů zĞĂƌ ϭϵϵϴͲϵϵ ĂŶŶƵĂů ĂƐƐĞƐƐŵĞŶƚƐ͕ ƚŚĞ ŵĂdžŝŵƵŵ ĂŶŶƵĂů ĂƐƐĞƐƐŵĞŶƚƉĞƌ
hǁĂƐŽƌŝŐŝŶĂůůLJƐĞƚƚŽďĞĂĚũƵƐƚĞĚďLJƚŚĞĐƵŵ ƵůĂƚŝǀĞƉĞƌĐĞŶƚĂŐĞŝŶĐƌĞĂƐĞŝŶƚŚĞŽŶƐƵŵĞƌ WƌŝĐĞ /ŶĚĞdž ĨŽƌ ůů hƌďĂŶ ŽŶƐƵŵĞƌƐ ;W/ͲhͿ ĨŽƌ ƚŚĞ >ŽƐ ŶŐĞůĞƐͲZŝǀĞƌƐŝĚĞͲKƌĂŶŐĞ ŽƵŶƚLJ͕ ĂůŝĨŽƌŶŝĂ ^ƚĂŶĚĂƌĚ
;ϮͿ WƌŽƉŽƐĞĚƐƐĞƐƐŵĞŶƚƐŵĂLJĚŝĨĨĞƌƐůŝŐŚƚůLJĨƌŽŵĐƚƵĂůƐƐĞƐƐŵĞŶ ƚƐ͕ĚƵĞƚŽƌŽƵŶĚŝŶŐ͘ Ϯ͘ DĞƚŚŽĚŽĨƐƐĞƐƐŵĞŶƚƉƉŽƌƚŝŽŶŵĞŶƚ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ &LW\RI5LYHUVLGH/DQGVFDSH0DLQWHQDQFH'LVWULFW1R 6\FDPRUH+LJKODQGV
$QQXDO(QJLQHHU¶V5HSRUWIRU)LVFDO<HDU ϱ
DĞƚƌŽƉŽůŝƚĂŶ ^ƚĂƚŝƐƚŝĐĂů ĂƌĞĂ͕ ƉƵďůŝƐŚĞĚ ďLJ ƚŚĞ ƵƌĞĂƵ ŽĨ >ĂďŽƌ ^ ƚ Ă ƚ ŝ Ɛ ƚ ŝ Đ Ɛ ; ƚ Ś Ğ > ^ Ϳ Ž Ĩ ƚ Ś Ğ h Ŷ ŝ ƚ Ğ Ě ^ ƚ Ă ƚ Ğ Ɛ ĞƉĂƌƚŵĞŶƚŽĨ>ĂďŽƌ͕ŶŽƚƚŽĞdžĐĞĞĚϭϬйŝŶĂŶLJĨŝƐĐĂůLJĞĂƌ͘ /ŶĞĐĞŵďĞƌϮϬϭϳ͕ƚŚĞ>^ƌĞǀŝƐĞĚƚŚĞŽŶƐƵŵĞƌWƌŝĐĞ/ŶĚĞdžĞƐĨŽƌ^ŽƵƚŚĞƌŶĂůŝĨŽƌŶŝĂ͕ƐƉůŝƚƚŝŶŐƚŚĞ>ŽƐŶŐĞůĞƐͲ ZŝǀĞƌƐŝĚĞͲKƌĂŶŐĞŽƵŶƚLJ/ŶĚĞdžŝŶƚŽƚǁŽƐĞƉĂƌĂƚĞ/ŶĚĞdžĞƐ͕ƚŚĞ>Ž ƐŶŐĞůĞƐͲ>ŽŶŐĞĂĐŚͲŶĂŚĞŝŵ/ŶĚĞdžĂŶĚƚŚĞ ZŝǀĞƌƐŝĚĞͲ^ĂŶ ĞƌŶĂƌĚŝŶŽͲKŶƚĂƌŝŽ /ŶĚĞdž͕ ǁŝƚŚ ƚŚĞ >ŽƐ ŶŐĞůĞƐͲ>Ž ŶŐ ĞĂĐŚͲŶĂŚĞŝŵ /ŶĚĞdž ŵĂŝŶƚĂŝŶŝŶŐ ƚŚĞ ŚŝƐƚŽƌLJŽĨƚŚĞŽƌŝŐŝŶĂů/ŶĚĞdž͘dŚĞĞƐĐĂůĂƚŝŽŶŵĞƚŚŽĚŽůŽŐLJŽĨƚŚĞƐƐĞƐƐŵĞŶƚŝƐƚƌŝĐƚŚĂƐďĞĞŶƵƉĚĂƚĞĚƚŽƵƐĞƚŚĞ ŶĞǁZŝǀĞƌƐŝĚĞͲ^ĂŶĞƌŶĂƌĚŝŶŽͲKŶƚĂƌŝŽ/ŶĚĞdž͕ƐŝŶĐĞŝƚǁŝůůŵŽƌĞ ĂĐĐƵƌĂƚĞůLJƌĞĨůĞĐƚĐŽŶƐƚƌƵĐƚŝŽŶƉƌŝĐĞŝŶĐƌĞĂƐĞƐŝŶ ƚŚĞ/ŶůĂŶĚ
ŵƉŝƌĞ͘dĂďůĞϮͲϭĐŽŶƚĂŝŶƐƚŚĞŚŝƐƚŽƌLJŽĨƚŚĞŽƌŝŐŝŶ Ăů/ŶĚĞdž͘dĂďůĞϮͲϮĐŽŶƚĂŝŶƐƚŚĞŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵ ƚŚĞŶĞǁ/ŶĚĞdž͘
/Ŷ ƚŚĞ ƉĂƐƚ͕ ƚŚĞ ĂŶŶƵĂů ŵĂdžŝŵƵŵ ĂƐƐĞƐƐŵĞŶƚ ƉĞƌ
h ǁĂƐ ĂĚũƵƐƚĞĚ ĞĂĐŚ LJĞĂƌ ďĂƐĞĚ ƵƉŽŶ ƚŚĞ ĐƵŵƵůĂƚŝǀĞ ŝ Ŷ Đ ƌ Ğ Ă Ɛ Ğ ͕ ŝ Ĩ Ă Ŷ LJ ͕ ŝ Ŷ ƚ Ś Ğ / Ŷ Ě Ğ dž Ă Ɛ ŝ ƚ ǁ Ă Ɛ Ğ Ă Đ Ś Ğ Đ Ğ ŵ ď Ğ ƌ Ž ǀ Ğ ƌ ƚ Ś Ğ ďĂƐĞ /ŶĚĞdž ŽĨ ϭϱϴ͘ϯ ĨƌŽŵ ĞĐĞŵďĞƌ ϭϵϵϲ͘ ĞŐŝŶŶŝŶŐǁŝƚŚ&ŝƐĐĂůzĞĂƌϮϬϭϵͲϮϬ͕ƚŚĞĂŶŶƵĂůŵĂdžŝŵƵŵĂƐƐĞƐƐŵĞŶƚƉĞƌ hŝƐŶŽǁďĂƐĞĚƵƉŽŶĂĐŽŵďŝŶĂƚŝŽŶ
ŽĨƚŚĞĐƵŵƵůĂƚŝǀĞŝŶĐƌĞĂƐĞƐ͕ŝĨĂŶLJ͕ŝŶƚŚĞŽƌŝŐŝŶĂů>ŽƐŶŐĞůĞ ƐͲZŝǀĞƌƐŝĚĞͲKƌĂŶŐĞŽƵŶƚLJĂŶĚƚŚĞŶĞǁZŝǀĞƌƐŝĚĞͲ ^ĂŶĞƌŶĂƌĚŝŶŽͲKŶƚĂƌŝŽ/ŶĚĞdžĞƐ͘dŚĞŽƌŝŐŝŶĂů/ŶĚĞdžĞŶĚĞĚǁŝƚŚĂ ĐƵŵƵůĂƚŝǀĞŝŶĐƌĞĂƐĞŽĨϲϯ͘ϳϱйŽǀĞƌƚŚĞďĂƐĞ LJĞĂƌ͘ ĞĐĂƵƐĞ ƚŚĞ ŶĞǁ /ŶĚĞdž ƉƵďůŝƐŚĞƐ ĞǀĞƌLJ ŽƚŚĞƌ ŵŽŶƚŚ ƚŚĞ ĞƐĐĂůĂƚŝŽŶ ŵŽŶƚŚ ǁĂƐ ŵŽǀĞĚ ƚŽ :ĂŶƵĂƌLJ͘ &Žƌ & ŝ Ɛ Đ Ă ů z Ğ Ă ƌ Ϯ Ϭ Ϯ ϲ Ͳ Ϯ ϳ ͕ ƚ Ś Ğ ŝ Ŷ Đ ƌ Ğ Ă Ɛ Ğ ŝ Ŷ ƚ Ś Ğ Ŷ Ğ ǁ / Ŷ Ě Ğ dž Ž ǀ Ğ ƌ ƚ Ś Ğ ď Ă ƐĞ LJĞĂƌ ŽĨ ϮϬϭϴͲϭϵ ǁĂƐ ϯϴ͘ϯϯй͕ ŵĂŬŝŶŐ ƚŚĞ ĐƵŵƵůĂƚŝǀĞ ŝŶĐƌĞĂƐĞ͕ ĐŽŵďŝŶŝŶŐ ďŽƚŚ /ŶĚĞdžĞƐ͕ ϭϬϮ͘Ϭϴй͘ dŚĞ ŵĂdžŝŵƵŵ ĂƐƐĞƐƐŵĞŶƚ ĂůůŽǁĂďůĞ ĨŽƌ &ŝƐĐĂů zĞĂƌ ϮϬϮϲͲϮϳŝƐΨϭϭϳ͘ϮϬϵϮƉĞƌ
h͘
^ŚŽƵůĚ ĚĞŶƐŝƚLJ Žƌ ůĂŶĚ ƵƐĞ ĨŽƌ ĨƵƚƵƌĞ LJĞĂƌƐ ĚĞǀŝĂƚĞ ĨƌŽŵ ƚŚŽƐĞĂŶƚŝĐŝƉĂƚĞĚ͕ ƚŚĞ ĨƵƚƵƌĞ h ĂůůŽĐĂƚŝŽŶƐ ĂŶĚ
ĂƐƐĞƐƐŵĞŶƚƐǁŝůůďĞďĂƐĞĚƵƉŽŶƚŚĞĂĐƚƵĂůƵƐĞƐƌĞĂůŝnjĞĚ͘dŚŝƐĐ ŽƵůĚƌĞƐƵůƚŝŶǀĂƌŝĂƚŝŽŶƐŝŶĨƵƚƵƌĞ hƚŽƚĂůƐĨŽƌ
ƚŚĞ ƐƐĞƐƐŵĞŶƚŝƐƚƌŝĐƚ͘ &Žƌ ƉƵƌƉŽƐĞƐŽĨ ƚŚŝƐ ĂƐƐĞƐƐŵĞŶƚ͕ ƚŽǁŶŚŽ ŵĞ Ɛ ǁ ŝ ů ů ď Ğ Ă Ɛ Ɛ Ğ Ɛ Ɛ Ğ Ě ŽŶ ƚ Ś Ğ ď Ă Ɛ ŝ Ɛ ŽĨ Ž Ŷ Ğ ; ϭ Ϳ
hƉĞƌĚǁĞůůŝŶŐƵŶŝƚ͕ĂŶĚĐŽŶĚŽŵŝŶŝƵŵƐǁŝůůďĞĂƐƐĞƐƐĞĚŽŶƚŚĞďĂƐŝƐŽĨƐŝdž;ϲͿ hƐƉĞƌĂĐƌĞ͘
Ϯ͘ DĞƚŚŽĚŽĨƐƐĞƐƐŵĞŶƚƉƉŽƌƚŝŽŶŵĞŶƚ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ &LW\RI5LYHUVLGH/DQGVFDSH0DLQWHQDQFH'LVWULFW1R 6\FDPRUH+LJKODQGV
$QQXDO(QJLQHHU¶V5HSRUWIRU)LVFDO<HDU ϲ
DĂdžŝŵƵŵƐƐĞƐƐŵĞŶƚZĂƚĞĂůĐƵůĂƚŝŽŶƐ
dĂďůĞϮͲϭ
W/
ƐĐĂůĂƚŝŽŶ,ŝƐƚŽƌLJhƐŝŶŐKƌŝŐŝŶĂů/ŶĚĞdž
&ŝƐĐĂůzĞĂƌ ĞĐĞŵďĞƌW/ йŚĂŶŐĞ DĂdždĂdžZĂƚĞ;Ϳ
ϭϵϵϳͲϭϵϵϴ ϭϱϴ͘ϯϬϬ Ψϱϴ͘ϬϬϬϬ
ϭϵϵϴͲϭϵϵϵ ϭϲϭ͘ϮϬϬ ϭ͘ϴϯй Ψϱϵ͘ϬϲϮϱ
ϭϵϵϵͲϮϬϬϬ ϭϲϯ͘ϱϬϬ ϯ͘Ϯϴй Ψϱϵ͘ϵϭϱϮ
ϮϬϬϬͲϮϬϬϭ ϭϲϳ͘ϯϬϬ ϱ͘ϲϵй Ψϲϭ͘Ϯϵϳϱ
ϮϬϬϭͲϮϬϬϮ ϭϳϯ͘ϱϬϬ ϵ͘ϲϬй Ψϲϯ͘ϱϳϵϮ
ϮϬϬϮͲϮϬϬϯ ϭϳϳ͘ϭϬϬ ϭϭ͘ϴϴй Ψϲϰ͘ϴϴϴϮ
ϮϬϬϯͲϮϬϬϰ ϭϴϯ͘ϳϬϬ ϭϲ͘Ϭϱй Ψϲϳ͘ϯϭϲϰ
ϮϬϬϰͲϮϬϬϱ ϭϴϳ͘ϬϬϬ ϭϴ͘ϭϯй Ψϲϴ͘ϱϭϱϱ
ϮϬϬϱͲϮϬϬϲ ϭϵϱ͘ϮϬϬ Ϯϯ͘ϯϭй Ψϳϭ͘ϱϭϵϵ
ϮϬϬϲͲϮϬϬϳ ϮϬϯ͘ϵϬϬ Ϯϴ͘ϴϭй Ψϳϰ͘ϳϭϳϱ
ϮϬϬϳͲϮϬϬϴ ϮϭϬ͘ϲϬϬ ϯϯ͘Ϭϰй Ψϳϳ͘ϭϲϮϯ
ϮϬϬϴͲϮϬϬϵ Ϯϭϵ͘ϯϳϯ ϯϴ͘ϱϴй ΨϴϬ͘ϯϳϲϳ
ϮϬϬϵͲϮϬϭϬ Ϯϭϵ͘ϲϮϬ ϯϴ͘ϳϰй ΨϴϬ͘ϰϳϳϮ
ϮϬϭϬͲϮϬϭϭ ϮϮϯ͘ϲϰϯ ϰϭ͘Ϯϴй Ψϴϭ͘ϵϰϭϮ
ϮϬϭϭͲϮϬϭϮ ϮϮϲ͘ϲϯϵ ϰϯ͘ϭϳй Ψϴϯ͘Ϭϯϴϵ
ϮϬϭϮͲϮϬϭϯ Ϯϯϭ͘ϱϲϳ ϰϲ͘Ϯϴй Ψϴϰ͘ϴϰϰϱ
ϮϬϭϯͲϮϬϭϰ Ϯϯϲ͘ϬϰϮ ϰϵ͘ϭϭй Ψϴϲ͘ϰϴϰϭ
ϮϬϭϰͲϮϬϭϱ Ϯϯϴ͘ϳϰϮ ϱϬ͘ϴϮй Ψϴϳ͘ϰϴϯϰ
ϮϬϭϱͲϮϬϭϲ ϮϰϬ͘ϰϳϱ ϱϭ͘ϵϭй Ψϴϴ͘Ϭϵϴϯ
ϮϬϭϲͲϮϬϭϳ Ϯϰϱ͘ϯϱϳ ϱϰ͘ϵϵй Ψϴϵ͘ϴϵϬϬ
ϮϬϭϳͲϮϬϭϴ ϮϱϬ͘ϭϴϵ ϱϴ͘Ϭϱй Ψϵϭ͘ϲϲϳϱ
ϮϬϭϴͲϮϬϭϵ;ϰͿ Ϯϱϵ͘ϮϮϬ ϲϯ͘ϳϱй Ψϵϰ͘ϵϳϲϰ
;ϯͿ WƌŽƉŽƐĞĚƐƐĞƐƐŵĞŶƚƐŵĂLJĚŝĨĨĞƌƐůŝŐŚƚůLJĨƌŽŵĐƚƵĂůƐƐĞƐƐŵĞ ŶƚƐ͕ĚƵĞƚŽƌŽƵŶĚŝŶŐ͘ ;ϰͿ /Ŷ ĞĐĞŵďĞƌ ϮϬϭϳ͕ ƚŚĞ ƵƌĞĂƵ ŽĨ >ĂďŽƌ ^ƚĂƚŝƐƚŝĐƐ ƌĞǀŝƐĞĚ ƚŚĞ Ž Ŷ Ɛ Ƶ ŵ Ğ ƌ W ƌ ŝ Đ Ğ / Ŷ Ě Ğ dž Ğ Ɛ Ĩ Ž ƌ ^ Ž Ƶ ƚ Ś Ğ ƌ Ŷ Ă ů ŝ Ĩ Ž ƌ Ŷ ŝ Ă ͕ Ɛ Ɖ ů ŝ ƚ ƚ ŝ Ŷ Ő ƚ Ś Ğ >ŽƐ ŶŐĞůĞƐͲZŝǀĞƌƐŝĚĞͲKƌĂŶŐĞŽƵŶƚLJ/ŶĚĞdžŝŶƚŽƚǁŽƐĞƉĂƌĂƚĞ/ŶĚĞdžĞƐ ͕ƚŚĞ>ŽƐŶŐĞůĞƐͲ>ŽŶŐĞĂĐŚͲŶĂŚĞŝŵ/ŶĚĞdžĂŶĚƚŚĞZŝǀĞƌƐŝĚĞͲ^Ă Ŷ ĞƌŶĂƌĚŝŶŽͲKŶƚĂƌŝŽ/ŶĚĞdž͕ǁŝƚŚƚŚĞ>ŽƐŶŐĞůĞƐͲ>ŽŶŐĞĂĐŚͲŶĂŚĞ ŝŵ/ŶĚĞdž͘dŚĞĞƐĐĂůĂƚŝŽŶŵĞƚŚŽĚŽůŽŐLJŽĨƚŚĞƐƐĞƐƐŵĞŶƚŝƐƚƌŝĐƚ ŚĂƐ ďĞĞŶ ƵƉĚĂƚĞĚ ƚŽ ƵƐĞ ƚŚĞ ŶĞǁ ZŝǀĞƌƐŝĚĞͲ^ĂŶ ĞƌŶĂƌĚŝŶŽͲKŶƚĂƌŝŽ / Ŷ Ě Ğ dž ͕ Ɛ ŝ Ŷ Đ Ğ ŝ ƚ ǁ ŝ ů ů ŵ Ž ƌ Ğ Ă Đ Đ Ƶ ƌ Ă ƚ Ğ ů LJ ƌ Ğ Ĩ ů Ğ Đ ƚ Đ Ž Ŷ Ɛ ƚ ƌ Ƶ Đ ƚ ŝ Ž Ŷ Ɖ ƌ ŝĐĞ ŝŶĐƌĞĂƐĞƐŝŶƚŚĞ/ŶůĂŶĚ
ŵƉŝƌĞ͘dĂďůĞϮͲϭĐŽŶƚĂŝŶƐƚŚĞŚŝƐƚŽƌLJ ŽĨƚŚĞŽƌŝŐŝŶĂů/ŶĚĞdž͘dĂďůĞϮͲϮĐŽŶƚĂŝŶƐƚŚĞŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵ ƚŚĞŶĞǁ /ŶĚĞdž͘
Ϯ͘ DĞƚŚŽĚŽĨƐƐĞƐƐŵĞŶƚƉƉŽƌƚŝŽŶŵĞŶƚ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ &LW\RI5LYHUVLGH/DQGVFDSH0DLQWHQDQFH'LVWULFW1R 6\FDPRUH+LJKODQGV
$QQXDO(QJLQHHU¶V5HSRUWIRU)LVFDO<HDU ϳ
dĂďůĞϮͲϮ
W/
ƐĐĂůĂƚŝŽŶĨƌŽŵ^ƉůŝƚŽĨ/ŶĚĞdžƚŽWƌĞƐĞŶƚ
&ŝƐĐĂůzĞĂƌ :ĂŶƵĂƌLJW/;Ϳ йŚĂŶŐĞ DĂdždĂdžZĂƚĞ;Ϳ ϮϬϭϴͲϮϬϭϵ ϭϬϬ͘ϵϭϲ
ϮϬϭϵͲϮϬϮϬ ϭϬϯ͘ϵϵϭ ϲϲ͘ϴϬй Ψϵϲ͘ϳϰϮϯ
ϮϬϮϬͲϮϬϮϭ ϭϬϳ͘ϭϰϯ ϲϵ͘ϵϮй Ψϵϴ͘ϱϱϯϵ
ϮϬϮϭͲϮϬϮϮ ϭϬϵ͘ϱϱϬ ϳϮ͘ϯϭй Ψϵϵ͘ϵϯϳϯ
ϮϬϮϮͲϮϬϮϯ ϭϭϴ͘ϵϲϯ ϴϭ͘ϲϯй ΨϭϬϱ͘ϯϰϳϯ
ϮϬϮϯͲϮϬϮϰ ϭϮϳ͘ϲϴϯ ϵϬ͘Ϯϳй ΨϭϭϬ͘ϯϱϴϵ
ϮϬϮϰͲϮϬϮϱ ϭϯϭ͘ϯϱϴ ϵϯ͘ϵϮй ΨϭϭϮ͘ϰϳϭϭ
ϮϬϮϱͲϮϬϮϲ ϭϯϱ͘Ϯϭϱ ϵϳ͘ϳϰй Ψϭϭϰ͘ϲϴϳϵ
ϮϬϮϲͲϮϬϮϳ ϭϯϵ͘ϲϬϮ ϭϬϮ͘Ϭϴй Ψϭϭϳ͘ϮϬϵϮ
;ϱͿ /Ŷ ĞĐĞŵďĞƌ ϮϬϭϳ͕ ƚŚĞ ƵƌĞĂƵ ŽĨ >ĂďŽƌ ^ƚĂƚŝƐƚŝĐƐ ƌĞǀŝƐĞĚ ƚŚĞ Ž Ŷ Ɛ Ƶ ŵ Ğ ƌ W ƌ ŝ Đ Ğ / Ŷ Ě Ğ dž Ğ Ɛ Ĩ Ž ƌ ^ Ž Ƶ ƚ Ś Ğ ƌ Ŷ Ă ů ŝ Ĩ Ž ƌ Ŷ ŝ Ă ͕ Ɛ Ɖ ů ŝ ƚ ƚ ŝ Ŷ Ő ƚ Ś Ğ >ŽƐ ŶŐĞůĞƐͲZŝǀĞƌƐŝĚĞͲKƌĂŶŐĞŽƵŶƚLJ/ŶĚĞdžŝŶƚŽƚǁŽƐĞƉĂƌĂƚĞ/ŶĚĞdžĞƐ ͕ƚŚĞ>ŽƐŶŐĞůĞƐͲ>ŽŶŐĞĂĐŚͲŶĂŚĞŝŵ/ŶĚĞdžĂŶĚƚŚĞZŝǀĞƌƐŝĚĞͲ^Ă Ŷ ĞƌŶĂƌĚŝŶŽͲKŶƚĂƌŝŽ/ŶĚĞdž͕ǁŝƚŚƚŚĞ>ŽƐŶŐĞůĞƐͲ>ŽŶŐĞĂĐŚͲŶĂŚĞ ŝŵ/ŶĚĞdž͘dŚĞĞƐĐĂůĂƚŝŽŶŵĞƚŚŽĚŽůŽŐLJŽĨƚŚĞƐƐĞƐƐŵĞŶƚŝƐƚƌŝĐƚ ŚĂƐ ďĞĞŶ ƵƉĚĂƚĞĚ ƚŽ ƵƐĞ ƚŚĞ ŶĞǁ ZŝǀĞƌƐŝĚĞͲ^ĂŶ ĞƌŶĂƌĚŝŶŽͲKŶƚĂƌŝŽ / Ŷ Ě Ğ dž ͕ Ɛ ŝ Ŷ Đ Ğ ŝ ƚ ǁ ŝ ů ů ŵ Ž ƌ Ğ Ă Đ Đ Ƶ ƌ Ă ƚ Ğ ů LJ ƌ Ğ Ĩ ů Ğ Đ ƚ Đ Ž Ŷ Ɛ ƚ ƌ Ƶ Đ ƚ ŝ Ž Ŷ Ɖ ƌ ŝĐĞ ŝŶĐƌĞĂƐĞƐŝŶƚŚĞ/ŶůĂŶĚ
ŵƉŝƌĞ͘dĂďůĞϮͲϭĐŽŶƚĂŝŶƐƚŚĞŚŝƐƚŽƌLJ ŽĨƚŚĞŽƌŝŐŝŶĂů/ŶĚĞdž͘dĂďůĞϮͲϮĐŽŶƚĂŝŶƐƚŚĞŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵ ƚŚĞŶĞǁ /ŶĚĞdž͘
;ϲͿ WƌŽƉŽƐĞĚƐƐĞƐƐŵĞŶƚƐŵĂLJĚŝĨĨĞƌƐůŝŐŚƚůLJĨƌŽŵĐƚƵĂůƐƐĞƐƐŵĞ ŶƚƐ͕ĚƵĞƚŽƌŽƵŶĚŝŶŐ͘ ϯ͘ ŽƐƚ
ƐƚŝŵĂƚĞͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ &LW\RI5LYHUVLGH/DQGVFDSH0DLQWHQDQFH'LVWULFW1R 6\FDPRUH+LJKODQGV
$QQXDO(QJLQHHU¶V5HSRUWIRU)LVFDO<HDU ϴ
dŚĞĨŽůůŽǁŝŶŐĂƌĞƚŚĞ&ŝƐĐĂůzĞĂƌϮϬϮϲͲϮϳƉƌŽũĞĐƚĞĚĐŽƐƚƐĨŽƌƚŚ ĞƐƐĞƐƐŵĞŶƚŝƐƚƌŝĐƚ͕ĂƐƉƌŽǀŝĚĞĚďLJƚŚĞŝƚLJŽĨ ZŝǀĞƌƐŝĚĞ&ŝŶĂŶĐĞĞƉĂƌƚŵĞŶƚ͘
dĂďůĞϯͲϭ
ŽƐƚ
ƐƚŝŵĂƚĞĨŽƌ&ŝƐĐĂůzĞĂƌϮϬϮϲͲϮϳ
ŝƌĞĐƚŽƐƚƐ &zϮϬϮϲͲϮϳ
ŽŶƚƌĂĐƚDĂŝŶƚĞŶĂŶĐĞ Ψϴϵ͕ϲϭϬ͘ϬϬ
hƚŝůŝƚŝĞƐ Ψϰϵ͕ϰϰϬ͘ϬϬ
ŽŶƚƌĂĐƚŽŶƚŝŶŐĞŶĐŝĞƐĂŶĚDŝƐĐ͘ZĞƉĂŝƌƐ ΨϳϱϬ͘ϬϬ dŽƚĂůŝƌĞĐƚŽƐƚƐ
/ŶĚŝƌĞĐƚŽƐƚƐ
ƐƐĞƐƐŵĞŶƚ
ŶŐŝŶĞĞƌ Ψϱ͕ϭϰϮ͘ϬϬ
KƉĞƌĂƚŝŶŐŽƐƚƐ ΨϰϮϬ͘ϬϬ
dŽƚĂů/ŶĚŝƌĞĐƚŽƐƚƐ Ψϱ͕ϱϲϮ͘ϬϬ
dŽƚĂůŝƌĞĐƚΘ/ŶĚŝƌĞĐƚŽƐƚƐ Ψϭϰϱ͕ϯϲϮ͘ϬϬ
ĚũƵƐƚŵĞŶƚƐ
WƌŝŽƌzĞĂƌ^ƵƌƉůƵƐ ΨϬ͘ϬϬ
ZĞƐĞƌǀĞŽůůĞĐƚŝŽŶͬ;ŝƚLJŽŶƚƌŝďƵƚŝŽŶͿ ;ΨϮϮ͕ϮϵϮ͘ϯϮͿ ĂƐƚůĞƌŽĐŬƉĂƌƚŵĞŶƚ,ŽŵĞƐƌĞĚŝƚ ;Ψϵ͕Ϯϱϵ͘ϱϯͿ
dŽƚĂůĚũƵƐƚŵĞŶƚƐ ;Ψϯϭ͕ϱϱϭ͘ϴϱͿ
WƌŽƉŽƐĞĚƐƐĞƐƐŵĞŶƚ Ψϭϭϯ͕ϴϭϬ͘ϭϱ ;ϳͿ
ƐƐĞƐƐŵĞŶƚĞƚĂŝůƐ
dŽƚĂů
hƐ ϭ͕ϬϱϬ͘ϬϬ
ƐƐĞƐƐĞĚ
hƐ ϵϳϭ͘ϬϬ
DĂdžŝŵƵŵƉĞƌ
hƐƐĞƐƐŵĞŶƚ Ψϭϭϳ͘ϮϬϵϮ
WƌŽƉŽƐĞĚ&zϮϬϮϲͲϮϳƉĞƌ
hƐƐĞƐƐŵĞŶƚ Ψϭϭϳ͘ϮϬϵϮ
DĂdžŝŵƵŵůůŽǁĂďůĞƐƐĞƐƐŵĞŶƚ ΨϭϮϯ͕Ϭϲϵ͘ϲϴ
;ϳͿWƌŽƉŽƐĞĚƐƐĞƐƐŵĞŶƚŵĂLJĚŝĨĨĞƌƐůŝŐŚƚůLJĨƌŽŵĐƚƵĂůƐƐĞƐƐŵĞŶƚ͕ĚƵĞƚŽƌŽƵŶĚŝŶŐ͘
dĂďůĞϯͲϮ
ĂƐƚůĞƌŽĐŬƉĂƌƚŵĞŶƚ,ŽŵĞƐƐƐĞƐƐŵĞŶƚĂŶĚƌĞĚŝƚ
ĂƐƚůĞƌŽĐŬƉĂƌƚŵĞŶƚ,ŽŵĞƐ
hƐ ƐƐĞƐƐŵĞŶƚ
dŽƚĂů
hƐ ϵϰ Ψϭϭ͕Ϭϭϳ͘ϲϳ
hƌĞĚŝƚ ϳϵ ;Ψϵ͕Ϯϱϵ͘ϱϯͿ
hƐƚŽďĞ>ĞǀŝĞĚ ϭϱ Ψϭ͕ϳϱϴ͘ϭϰ
ϰ͘ ƐƐĞƐƐŵĞŶƚZŽůůͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ &LW\RI5LYHUVLGH/DQGVFDSH0DLQWHQDQFH'LVWULFW1R 6\FDPRUH+LJKODQGV
$QQXDO(QJLQHHU¶V5HSRUWIRU)LVFDO<HDU ϵ
ƉƌŽƉŽƐĞĚĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞƚŽƚĂůĐŽƐƚƐĂŶĚĞdžƉĞŶƐĞƐŽĨƚŚĞŝŵ ƉƌŽǀĞŵĞŶƚƐĨŽƌ&zϮϬϮϲͲϮϳƵƉŽŶĞĂĐŚƉĂƌĐĞůŽĨ ůĂŶĚǁŝƚŚŝŶƚŚĞƐƐĞƐƐŵĞŶƚŝƐƚƌŝĐƚ͕ŝŶƉƌŽƉŽƌƚŝŽŶƚŽƚŚĞĞƐƚŝŵ ĂƚĞĚďĞŶĞĨŝƚƐƚŽďĞƌĞĐĞŝǀĞĚďLJƐƵĐŚƉĂƌĐĞůƐĨƌŽŵ ƐĂŝĚŝŵƉƌŽǀĞŵĞŶƚƐ͕ŝƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐƌĞƉŽƌƚ͕ĂŶĚŝƐƐĞƚĨŽƌƚ ŚŝŶĚĞƚĂŝůƵƉŽŶƚŚĞĂƐƐĞƐƐŵĞŶƚƌŽůůŽŶĨŝůĞŝŶƚŚĞ KĨĨŝĐĞŽĨƚŚĞŝƚLJůĞƌŬĂŶĚŵĂĚĞĂƉĂƌƚŽĨƚŚŝƐƌĞƉŽƌƚ͕ĂƐƐŚŽǁŶŝŶƉƉĞŶĚŝdž͘
ϱ͘ ƐƐĞƐƐŵĞŶƚŝĂŐƌĂŵƐ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ &LW\RI5LYHUVLGH/DQGVFDSH0DLQWHQDQFH'LVWULFW1R 6\FDPRUH+LJKODQGV
$QQXDO(QJLQHHU¶V5HSRUWIRU)LVFDO<HDU ϭϬ
dŚĞ ďŽƵŶĚĂƌŝĞƐ ŽĨ ƚŚĞ ƐƐĞƐƐŵĞŶƚ ŝƐƚƌŝĐƚ ĂƌĞ ĐŽŵƉůĞƚĞůLJ ǁŝƚŚŝŶ ƚŚĞ ďŽƵŶĚĂƌŝĞƐ ŽĨ ƚŚĞ ŝƚLJ ŽĨ ZŝǀĞƌƐŝĚĞ͘ dŚĞ ƐƐĞƐƐŵĞŶƚŝƐƚƌŝĐƚŝĂŐƌĂŵƐĂƌĞŽŶĨŝůĞŝŶƚŚĞŽĨĨŝĐĞŽĨƚŚĞ ŝƚLJůĞƌŬŽĨƚŚĞŝƚLJŽĨZŝǀĞƌƐŝĚĞĂŶĚĂƌĞƐŚŽǁŶŝŶ ƉƉĞŶĚŝdž ŽĨ ƚŚŝƐ ZĞƉŽƌƚ͘ dŚĞ ůŝŶĞƐ ĂŶĚ ĚŝŵĞŶƐŝŽŶƐ ŽĨ ĞĂĐŚ ůŽƚ Žƌ ƉĂƌĐĞů ǁŝƚŚŝŶ ƚŚĞ ƐƐĞƐƐŵĞŶƚ ŝƐƚƌŝĐƚ ĂƌĞ ƚŚŽƐĞůŝŶĞƐĂŶĚĚŝŵĞŶƐŝŽŶƐƐŚŽǁŶŽŶƚŚĞŵĂƉƐŽĨƚŚĞZŝǀĞƌƐŝĚĞ ŽƵŶƚLJƐƐĞƐƐŽƌ͕ĨŽƌƚŚĞLJĞĂƌǁŚĞŶƚŚŝƐZĞƉŽƌƚ ǁĂƐƉƌĞƉĂƌĞĚ͕ĂŶĚĂƌĞŝŶĐŽƌƉŽƌĂƚĞĚďLJƌĞĨĞƌĞŶĐĞĂŶĚŵĂĚĞƉĂƌƚŽĨƚŚŝƐZĞƉŽƌƚ͘
WW
E/y
ZĞƐŽůƵƚŝŽŶEŽ͘Ϯϰϯϱϲ
WW
E/y
ƐƐĞƐƐŵĞŶƚZŽůů
PIN Levy Amount PIN Levy Amount PIN Levy Amount
CITY OF RIVERSIDE LMD 88-1 Sycamore Highlands
PIN Levy Amount
Fiscal Year 2026-27 Assessment Roll
Assessible Parcels
256120012 $1,758.12 256351001 $117.20 256351002 $117.20 256351003 $117.20 256351004 $117.20 256351005 $117.20 256352001 $117.20 256352002 $117.20 256352003 $117.20 256352004 $117.20 256352005 $117.20 256352006 $117.20 256352007 $117.20 256352008 $117.20 256352009 $117.20 256352010 $117.20 256353001 $117.20 256353002 $117.20 256353003 $117.20 256353004 $117.20 256353005 $117.20 256353006 $117.20 256353007 $117.20 256353008 $117.20 256353009 $117.20 256353011 $117.20 256353012 $117.20 256353013 $117.20 256353014 $117.20 256353015 $117.20 256353016 $117.20 256353017 $117.20 256353018 $117.20 256353019 $117.20 256353020 $117.20 256353021 $117.20 256353022 $117.20 256353023 $117.20 256353024 $117.20 256353025 $117.20 256353026 $117.20 256353027 $117.20 256353028 $117.20 256353029 $117.20 256353030 $117.20 256353031 $117.20 256353032 $117.20 256353033 $117.20 256361001 $117.20 256361002 $117.20 256361003 $117.20 256361004 $117.20 256361005 $117.20 256361006 $117.20 256361007 $117.20 256361008 $117.20 256361009 $117.20 256361010 $117.20 256361011 $117.20 256361012 $117.20 256361013 $117.20 256361014 $117.20 256361015 $117.20 256361016 $117.20 256361017 $117.20 256361018 $117.20 256361019 $117.20 256361020 $117.20 256361021 $117.20 256361022 $117.20 256361023 $117.20 256361024 $117.20 256362001 $117.20 256362002 $117.20 256362003 $117.20 256362004 $117.20 256362005 $117.20 256362006 $117.20 256371001 $117.20 256371002 $117.20 256371003 $117.20 256371004 $117.20 256371005 $117.20 256371006 $117.20 256371007 $117.20 256371008 $117.20 256371009 $117.20 256371010 $117.20 256371011 $117.20 256372001 $117.20 256372002 $117.20 256372003 $117.20 256372004 $117.20 256372005 $117.20 256372006 $117.20 256372007 $117.20 256372008 $117.20 256372009 $117.20 256372010 $117.20 256372011 $117.20 256372012 $117.20 256372013 $117.20 256372014 $117.20 256372015 $117.20 256372016 $117.20 256381001 $117.20 256381002 $117.20 256381003 $117.20 256381004 $117.20 256381005 $117.20 256381006 $117.20 256381007 $117.20 256381008 $117.20 256381009 $117.20 256381010 $117.20 256381011 $117.20 256381012 $117.20 256381013 $117.20 256381014 $117.20 256381015 $117.20 256381016 $117.20 256381017 $117.20 256381018 $117.20 256381019 $117.20 256381020 $117.20 256382001 $117.20 256382002 $117.20 256382003 $117.20 256382004 $117.20 256391001 $117.20 256391002 $117.20 256392001 $117.20 256392002 $117.20 256392003 $117.20 256392004 $117.20 256392005 $117.20 256392006 $117.20 256392007 $117.20 256392008 $117.20 256392009 $117.20 256392010 $117.20 256392011 $117.20 256392012 $117.20 256392013 $117.20 256392014 $117.20 256392015 $117.20 256392016 $117.20 256392017 $117.20 256392018 $117.20 256392019 $117.20 256392020 $117.20 256392021 $117.20 256392022 $117.20 256392023 $117.20 256392024 $117.20 256392025 $117.20 256392026 $117.20 256392027 $117.20 256392028 $117.20 256401001 $117.20 256401002 $117.20 256401003 $117.20 256401004 $117.20 256401005 $117.20 256401006 $117.20 256401007 $117.20 256401008 $117.20 256401009 $117.20 256401010 $117.20 256401011 $117.20 256401012 $117.20 256402001 $117.20 256402002 $117.20 256402003 $117.20 256402004 $117.20 256402005 $117.20 256402006 $117.20 256402009 $117.20 256402010 $117.20 256402011 $117.20 256402012 $117.20 256402013 $117.20 256402014 $117.20 256402015 $117.20 256402016 $117.20 256402017 $117.20 256402018 $117.20 256402019 $117.20 256402020 $117.20 256402021 $117.20 256402022 $117.20 256402023 $117.20 256411001 $117.20 256411002 $117.20 256411003 $117.20 256411004 $117.20 256411005 $117.20 256411008 $117.20 256411009 $117.20 256411010 $117.20 256411011 $117.20 256411012 $117.20 256411013 $117.20 256411014 $117.20 256411015 $117.20 256411016 $117.20 256411017 $117.20 256411018 $117.20 256412001 $117.20 256412002 $117.20 256412003 $117.20 256412004 $117.20 256412005 $117.20 256412006 $117.20 256412007 $117.20 256412008 $117.20
PIN Levy Amount PIN Levy Amount PIN Levy Amount
CITY OF RIVERSIDE LMD 88-1 Sycamore Highlands
PIN Levy Amount
Fiscal Year 2026-27 Assessment Roll
Assessible Parcels
256412009 $117.20 256412010 $117.20 256412011 $117.20 256412012 $117.20 256412013 $117.20 256412014 $117.20 256413001 $117.20 256413002 $117.20 256413003 $117.20 256413004 $117.20 256413005 $117.20 256413006 $117.20 256413007 $117.20 256413008 $117.20 256413009 $117.20 256413010 $117.20 256413011 $117.20 256413012 $117.20 256413013 $117.20 256413014 $117.20 256413015 $117.20 256413016 $117.20 256413017 $117.20 256413018 $117.20 256413019 $117.20 256413020 $117.20 256413021 $117.20 256413022 $117.20 256413023 $117.20 256413024 $117.20 256421001 $117.20 256421002 $117.20 256421003 $117.20 256421004 $117.20 256421005 $117.20 256421006 $117.20 256421007 $117.20 256421008 $117.20 256421009 $117.20 256421010 $117.20 256421011 $117.20 256421012 $117.20 256421013 $117.20 256421014 $117.20 256421015 $117.20 256421016 $117.20 256421017 $117.20 256421018 $117.20 256421019 $117.20 256421020 $117.20 256421021 $117.20 256421022 $117.20 256421023 $117.20 256421024 $117.20 256422001 $117.20 256422002 $117.20 256422003 $117.20 256422004 $117.20 256422005 $117.20 256422006 $117.20 256422007 $117.20 256422008 $117.20 256422009 $117.20 256422010 $117.20 256422011 $117.20 256422012 $117.20 256422013 $117.20 256422014 $117.20 256422015 $117.20 256422016 $117.20 256422017 $117.20 256422018 $117.20 256422019 $117.20 256422020 $117.20 256422021 $117.20 256422022 $117.20 256422023 $117.20 256422024 $117.20 256422025 $117.20 256422026 $117.20 256422027 $117.20 256422028 $117.20 256422029 $117.20 256422030 $117.20 256422031 $117.20 256422032 $117.20 256431001 $117.20 256431002 $117.20 256431003 $117.20 256431004 $117.20 256431005 $117.20 256431006 $117.20 256431007 $117.20 256431008 $117.20 256431009 $117.20 256431010 $117.20 256431011 $117.20 256431012 $117.20 256431013 $117.20 256431014 $117.20 256431015 $117.20 256431016 $117.20 256431017 $117.20 256431018 $117.20 256431019 $117.20 256431020 $117.20 256431021 $117.20 256431022 $117.20 256431023 $117.20 256431024 $117.20 256431025 $117.20 256431026 $117.20 256431027 $117.20 256431028 $117.20 256431029 $117.20 256431030 $117.20 256432001 $117.20 256432002 $117.20 256432003 $117.20 256432004 $117.20 256432005 $117.20 256432006 $117.20 256432007 $117.20 256432008 $117.20 256432009 $117.20 256432010 $117.20 256432011 $117.20 256432012 $117.20 256432013 $117.20 256432014 $117.20 256432015 $117.20 256432016 $117.20 256432017 $117.20 256432018 $117.20 256432019 $117.20 256432020 $117.20 256432021 $117.20 256432022 $117.20 256432023 $117.20 256432024 $117.20 256432025 $117.20 256432026 $117.20 256432027 $117.20 256440001 $117.20 256440002 $117.20 256440003 $117.20 256440004 $117.20 256440005 $117.20 256440006 $117.20 256440007 $117.20 256440008 $117.20 256440009 $117.20 256440010 $117.20 256440011 $117.20 256440012 $117.20 263030053 $234.40 263030060 $468.82 263030061 $5,626.04 263030062 $8,790.68 263030063 $11,486.50 263030071 $820.46 263030077 $468.82 263261001 $117.20 263261002 $117.20 263261003 $117.20 263261004 $117.20 263261005 $117.20 263261006 $117.20 263261007 $117.20 263261008 $117.20 263261009 $117.20 263261010 $117.20 263261011 $117.20 263261012 $117.20 263261013 $117.20 263261014 $117.20 263261015 $117.20 263261016 $117.20 263261017 $117.20 263261018 $117.20 263261019 $117.20 263261020 $117.20 263261021 $117.20 263261022 $117.20 263261023 $117.20 263261024 $117.20 263262001 $117.20 263262002 $117.20 263262003 $117.20 263262004 $117.20 263262005 $117.20 263262006 $117.20 263262007 $117.20 263262008 $117.20 263262009 $117.20 263262010 $117.20 263262011 $117.20 263262012 $117.20 263262013 $117.20 263262014 $117.20 263263001 $117.20 263263002 $117.20 263263003 $117.20 263263004 $117.20 263263005 $117.20 263263006 $117.20 263263007 $117.20 263263008 $117.20 263263009 $117.20 263263010 $117.20 263263011 $117.20 263263012 $117.20 263263013 $117.20 263271001 $117.20 263271002 $117.20 263271003 $117.20
PIN Levy Amount PIN Levy Amount PIN Levy Amount
CITY OF RIVERSIDE LMD 88-1 Sycamore Highlands
PIN Levy Amount
Fiscal Year 2026-27 Assessment Roll
Assessible Parcels
263271004 $117.20 263271005 $117.20 263271006 $117.20 263271007 $117.20 263271008 $117.20 263271009 $117.20 263271010 $117.20 263271011 $117.20 263271012 $117.20 263271013 $117.20 263271014 $117.20 263271015 $117.20 263271016 $117.20 263271017 $117.20 263271018 $117.20 263271019 $117.20 263271020 $117.20 263271021 $117.20 263271022 $117.20 263271023 $117.20 263271024 $117.20 263271025 $117.20 263271026 $117.20 263271027 $117.20 263271028 $117.20 263271029 $117.20 263271030 $117.20 263271031 $117.20 263271032 $117.20 263271033 $117.20 263271034 $117.20 263271035 $117.20 263271036 $117.20 263271037 $117.20 263271038 $117.20 263271039 $117.20 263271040 $117.20 263272001 $117.20 263272002 $117.20 263272003 $117.20 263272004 $117.20 263272005 $117.20 263272006 $117.20 263272007 $117.20 263272008 $117.20 263272009 $117.20 263272010 $117.20 263272011 $117.20 263272012 $117.20 263272013 $117.20 263272014 $117.20 263272015 $117.20 263272016 $117.20 263272017 $117.20 263272018 $117.20 263272019 $117.20 263272020 $117.20 263272021 $117.20 263272022 $117.20 263331001 $117.20 263331002 $117.20 263331003 $117.20 263331004 $117.20 263331005 $117.20 263331006 $117.20 263331007 $117.20 263331008 $117.20 263331009 $117.20 263331010 $117.20 263331011 $117.20 263331012 $117.20 263331013 $117.20 263331014 $117.20 263331015 $117.20 263331016 $117.20 263331017 $117.20 263331018 $117.20 263332001 $117.20 263332002 $117.20 263332003 $117.20 263332004 $117.20 263332005 $117.20 263332006 $117.20 263332007 $117.20 263332008 $117.20 263332009 $117.20 263332010 $117.20 263332011 $117.20 263332012 $117.20 263332013 $117.20 263332014 $117.20 263332015 $117.20 263332016 $117.20 263332017 $117.20 263332018 $117.20 263332019 $117.20 263332020 $117.20 263332021 $117.20 263332022 $117.20 263332023 $117.20 263332024 $117.20 263332025 $117.20 263332026 $117.20 263332027 $117.20 263332028 $117.20 263332029 $117.20 263332030 $117.20 263332031 $117.20 263341001 $117.20 263341002 $117.20 263341003 $117.20 263341004 $117.20 263341005 $117.20 263341006 $117.20 263341007 $117.20 263341008 $117.20 263341009 $117.20 263341010 $117.20 263341011 $117.20 263341012 $117.20 263341013 $117.20 263341014 $117.20 263341015 $117.20 263341016 $117.20 263341017 $117.20 263341018 $117.20 263341019 $117.20 263341020 $117.20 263341021 $117.20 263341022 $117.20 263341023 $117.20 263341024 $117.20 263341025 $117.20 263341026 $117.20 263341027 $117.20 263341028 $117.20 263341029 $117.20 263341030 $117.20 263341031 $117.20 263341032 $117.20 263341033 $117.20 263341034 $117.20 263341035 $117.20 263341036 $117.20 263341037 $117.20 263341038 $117.20 263341039 $117.20 263342001 $117.20 263342002 $117.20 263342003 $117.20 263342004 $117.20 263342005 $117.20 263342006 $117.20 263342007 $117.20 263342008 $117.20 263342009 $117.20 263342010 $117.20 263342011 $117.20 263342012 $117.20 263342013 $117.20 263342014 $117.20 263342015 $117.20 263342016 $117.20 263342017 $117.20 263342018 $117.20 263342019 $117.20 263342020 $117.20 263342021 $117.20 263342022 $117.20 263342023 $117.20 263342024 $117.20 263342025 $117.20 263342026 $117.20 263342027 $117.20 263342028 $117.20 263342029 $117.20 263342030 $117.20 263342031 $117.20 263342032 $117.20 263342033 $117.20 263342034 $117.20 263342035 $117.20 263351001 $117.20 263351002 $117.20 263351003 $117.20 263351004 $117.20 263351005 $117.20 263351006 $117.20 263351007 $117.20 263351008 $117.20 263351009 $117.20 263351010 $117.20 263351011 $117.20 263351012 $117.20 263351013 $117.20 263351014 $117.20 263351015 $117.20 263351016 $117.20 263351017 $117.20 263351018 $117.20 263351019 $117.20 263351020 $117.20 263351021 $117.20 263351022 $117.20 263351023 $117.20 263351024 $117.20 263351025 $117.20 263351026 $117.20 263351027 $117.20 263351028 $117.20 263351029 $117.20 263351030 $117.20 263351031 $117.20 263351032 $117.20 263351033 $117.20 263351034 $117.20
PIN Levy Amount PIN Levy Amount PIN Levy Amount
CITY OF RIVERSIDE LMD 88-1 Sycamore Highlands
PIN Levy Amount
Fiscal Year 2026-27 Assessment Roll
Assessible Parcels
263351035 $117.20 263351036 $117.20 263351037 $117.20 263351038 $117.20 263351039 $117.20 263351040 $117.20 263351041 $117.20 263351042 $117.20 263351043 $117.20 263351044 $117.20 263352001 $117.20 263352002 $117.20 263352003 $117.20 263352004 $117.20 263352005 $117.20 263352006 $117.20 263352007 $117.20 263352008 $117.20 263352009 $117.20 263352010 $117.20 263352011 $117.20 263352012 $117.20 263352013 $117.20 263352014 $117.20 263352015 $117.20 263352016 $117.20 263352017 $117.20 263352018 $117.20 263352019 $117.20 263352020 $117.20 263352021 $117.20 263360001 $117.20 263360002 $117.20 263360003 $117.20 263360004 $117.20 263360005 $117.20 263360006 $117.20 263360007 $117.20 263360008 $117.20 263360009 $117.20 263360010 $117.20 263360011 $117.20 263360012 $117.20 263360013 $117.20 263360014 $117.20 263360015 $117.20 263360016 $117.20 263360017 $117.20 263360018 $117.20 263360019 $117.20 263360020 $117.20 263360021 $117.20 263360022 $117.20 263360023 $117.20 263360024 $117.20 263360025 $117.20 263360026 $117.20 263360027 $117.20 263360028 $117.20 263360029 $117.20 263360030 $117.20 263360031 $117.20 263360032 $117.20 263360033 $117.20 263360034 $117.20 263360035 $117.20 263360036 $117.20 263360037 $117.20 263360038 $117.20 263360039 $117.20 263360040 $117.20 263360041 $117.20 263360042 $117.20 263360043 $117.20 263360044 $117.20 263360045 $117.20 263360046 $117.20 263360047 $117.20 Parcels: 726
$113,803.44Levy:
Total Parcels: 726
$113,803.44Total Levy:
WW
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ƐƐĞƐƐŵĞŶƚŝĂŐƌĂŵƐ
3788 McCray St.
Riverside, CA 92506
951.200.8600
www.webbmfinance.com