Memorandum — Joint Meeting for the Rules and Open Government Committee and Committee of the Whole, October 23, 2024

TO: RULES AND OPEN

GOVERNMENT COMMITTEE
FROM: Sarah Zárate
SUBJECT: Annual City Council Referral
Status Report
DATE: October 16, 2024
Approved Date:
10/16/24

RECOMMENDATION
(a) Accept the Annual City Council Referral Status Report. (b) Drop select City Council Referrals listed in the staff memorandum. (c) Defer the City Council Referral listed in the staff memorandum.

SUMMARY AND OUTCOME
Accepting the Annual City Council Referral Status Report will fulfill Council Policy 0-12's requirement for the City Administration to issue an annual report on the status of City Council Referrals to the Rules and Open Government Committee.

Dropping the selected City Council Referrals will instruct staff to cease work on those items and refocus staff efforts on higher priority work. Deferring the selected Council Referral will direct staff to temporarily pause related actions until a later, specified date.

BACKGROUND
Council Policy 0-12 establishes uniform procedures for processing and tracking requests for policy analysis. Council Policy 0-12 defines City Council Referrals (in relevant part) as major studies of “an item of a legislative, service delivery, policy, and/or investment nature” that may require over 40 hours of staff work, fiscal resources, complex policy analyses, City Council action, and/or changes to the San José Municipal Code.1
1 https://www.sanjoseca.gov/home/showpublisheddocument/112018/638518933024700000 RULES COMMITTEE: 10/23/24
ITEM: C.1

RULES AND OPEN GOVERNMENT COMMITTEE
October 16, 2024
Subject: Annual City Council Referral Status Report

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The Administration ensures City Council Referrals are completed by the agreed timeline and regularly provides a summary of outstanding City Council Referrals to the City Council through direct correspondence. The City Manager most recently provided summaries of outstanding City Council Referrals on February 15, 2024 and August 28, 2024.

On May 7, 2024, City Council adopted an updated Council Policy 0-12, which requires the City Manager (or her designee) to issue an annual City Council Referral status report to the Rules and Open Government Committee. This report complies with that requirement.

ANALYSIS
This report provides both aggregate and itemized status updates of outstanding City Council Referrals. It recommends dropping three existing City Council Referrals and recommends deferring one additional existing City Council Referral.

City Council Referral Status Updates
Since July 1, 2021, City Council has issued 592 City Council Referrals to the City Administration.2 These City Council Referrals vary greatly in complexity: some require as little as approximately 40 hours of staff time, while others require multi-year efforts by teams of staff from multiple departments. City Council Referrals are issued through two main sources: (1) the annual budget process; and (2) actions during City Council and Council Committee meetings. The table below shows the status and source of all City Council Referrals issued since July 1, 2021.

Table 1 – City Council Referral Source and Status by Fiscal Year Complete In Progress Not Started Total
2021-2022 102 17 119
City Council or Committee Meeting 15 4 19
Annual Budget Process 87 13 100
2022-2023 141 25 166
City Council or Committee Meeting 39 13 52
Annual Budget Process 102 12 114
2023-2024 110 60 3 173
City Council or Committee Meeting 36 33 1 60
Annual Budget Process 74 27 2 103
2 On July 1, 2021 the City Manager’s Office began tracking Council Referrals in a consolidated database; this data is provided for reference. City Council Referrals issued before July 1, 2021, are primarily tracked by the responsible department. Note: the Administration does not track or monitor City Council Referrals issued to other Council Appointees.

RULES AND OPEN GOVERNMENT COMMITTEE
October 16, 2024
Subject: Annual City Council Referral Status Report

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Table 1 – City Council Referral Source and Status by Fiscal Year Complete In Progress Not Started Total
2024-2025 4 79 51 134
City Council or Committee Meeting 2 4 6
Annual Budget Process 4 77 47 128
Grand Total 357 181 54 592
The majority of City Council Referrals are assigned to a relatively small number of departments and/or offices.3 Approximately half of all City Council Referrals since July 1, 2021 were assigned to one of three departments: (1) the Parks, Recreation and Neighborhood Services Department; (2) the City Manager’s Office of Economic Development and Cultural Affairs; and (3) the Transportation Department. Table 2 below shows how City Council Referrals are distributed by department.

Table 2 – Number of City Council Referrals by Lead Department Fiscal Year
Lead Department
2021-
2022
2022-
2023
2023-
2024
2024-
2025 Total
Parks, Recreation and Neighborhood Services 37 33 29 29 128 City Manager – Office of Economic Development
and Cultural Affairs 12 31 22 33 98
Transportation 23 23 17 18 81
Housing 12 13 17 7 49
Planning, Building and Code Enforcement 9 15 9 8 41
City Manager’s Office 5 8 22 3 38
Police 2 11 12 7 32
Public Works 3 7 11 4 25
Library 3 7 5 8 23
City Manager – Office of Administration, Policy, and
Intergovernmental Relations 5 2 4 5 16
City Manager – Budget Office 2 3 8 3 16
Information Technology 2 2 1 3 8
Energy 1 0 5 1 7
Environmental Services 0 4 1 1 6
City Manager - Office of Racial and Social Equity 0 1 3 1 5 City Manager – Office of Emergency Management 1 1 1 1 4 City Manager – Office of Employee Relations 0 0 4 0 4
Fire 0 1 1 2 4
3 Note: many City Council Referrals require staff time and resources from multiple departments. Table 2 organizes City Council Referrals by the department assigned the primary responsibility for completing the City Council Referral.

RULES AND OPEN GOVERNMENT COMMITTEE
October 16, 2024
Subject: Annual City Council Referral Status Report

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Table 2 – Number of City Council Referrals by Lead Department Fiscal Year
Lead Department
2021-
2022
2022-
2023
2023-
2024
2024-
2025 Total
Human Resources 0 2 1 0 3
Finance 1 1 0 0 2
City Manager – Office of Civic Innovation 1 0 0 0 1
City Manager – Office of Communications 0 1 0 0 1
In FY 2023-2024, City Council issued 128 City Council Referrals to the Administration through the FY 2024-2025 Adopted Budget, and 60 City Council Referrals through other City Council and Council Committee actions. During that same period, the Administration closed 157 outstanding City Council Referrals (including City Council Referrals issued before FY 2023-2024).

There are currently 235 open City Council Referrals. As of August 28, 2024, City staff reported 181 of these were in progress; and 54 were not yet started.4 About 75% (179 of 236) of open City Council Referrals are from annual budget processes, including 124 new City Council Referrals from the FY 2024-2025 Adopted Budget.

Attachment A – City Council Referral Status Update provides the status of all City Council Referrals as of August 28, 2024 that were either completed or issued since the City Manager’s February 2024 update. Please note that some City Council Referrals may have changed statuses since this list was compiled.

City Council Referrals – Proposed Drops and Deferrals

“Dropping” a City Council Referral instructs City staff to stop all related action. “Deferring” a City Council Referral directs City staff to temporarily pause related action until a specified future date.

Over the last few months, departments reviewed existing City Council Referrals to identify items suitable to recommend dropping and/or deferring. Departments screened existing City Council Referrals to determine whether: (1) continued action was impossible or impractical; (2) the City Council Referral was not in alignment with existing City Council Focus Areas; and/or (3) dropping or deferring action on the City Council Referral would allow staff to refocus resources on higher priority work. 4 The vast majority of City Council Referrals that have not yet been started (51 of the 54) were issued in the past six months, including during the FY 2024-2025 budget process.

RULES AND OPEN GOVERNMENT COMMITTEE
October 16, 2024
Subject: Annual City Council Referral Status Report

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Using these principles, City staff reviewed all existing outstanding City Council Referrals. Through this process, staff identified three City Council Referrals to recommend dropping, and one City Council Referral to recommend deferring.

Staff recommends dropping the following City Council Referrals:
x Referral # 2021-06-15-3.3pcf: Parks and Community Facility Improvements:

Police Activities League (Parks, Recreation, and Neighborhood Services) x Referral # 2023-06-13-3.4mba: 2020-2025 Community Plan to End Homelessness Assessment (City Manager’s Office)
x Referral # 2023-06-13-3.4smf: SJ Makers for Friday Night Activation at Backesto Park (Parks, Recreation, and Neighborhood Services)
A justification of the recommendation to drop these referrals is described in detail in Attachment B - List of City Council Referrals Recommended to Drop.

Staff recommends deferring the following City Council Referral to June 2026:
x Referral # 2024-03-19-3.3dwo: Digital Wayfinding Ordinance (Planning, Building and Code Enforcement/Office of Economic Development and Cultural Affairs) A justification of the recommendation to defer this referral is described in detail in Attachment C – List of City Council Referrals Recommended to Defer.

These referrals are included as outstanding referrals in Tables 1 and 2 above.

EVALUATION AND FOLLOW-UP
The City Manager will provide an updated summary of outstanding City Council Referrals to the City Council through direct correspondence in spring of 2025.

The Administration will bring forward an annual report on City Council Referral statuses to the Rules and Open Government Committee in the fall of 2025.

COORDINATION
This memorandum was coordinated with the City Attorney’s Office and the City Manager’s Budget Office.

PUBLIC OUTREACH

This memorandum will be posted on the City’s website for the October 23, 2024 Rules and Open Government Committee meeting.

RULES AND OPEN GOVERNMENT COMMITTEE
October 16, 2024
Subject: Annual City Council Referral Status Report

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COMMISSION RECOMMENDATION AND INPUT

No commission recommendation or input is associated with this action.

CEQA

Not a Project, File No. PP17-008, General Procedure and Policy Making resulting in no changes to the physical environment.

PUBLIC SUBSIDY REPORTING

This item does not include a public subsidy as defined in section 53083 or 53083.1 of the California Government Code or the City’s Open Government Resolution.

Sarah Zárate
Director, Office of Administration, Policy,
and Intergovernmental Relations, City
Manager’s Office
For questions, please contact Tom Westphal, Deputy Director, City Manager’s Office of Administration, Policy, and Intergovernmental Relations, at [email protected].

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ƐƚĂďůŝƐŚϭϰEĞǁZƵůĞϮϬhŶĚĞƌŐƌŽƵŶĚhƚŝůŝƚǇŝƐƚƌŝĐƚƐͲWhĂŶĚW'Θ

DĞŵŽƌĂŶĚƵŵĨƌŽŵŽƵŶĐŝůŵĞŵďĞƌƐŽŚĞŶĂŶĚ&ŽůĞǇ;ĂͿŝƌĞĐƚƚŚĞŝƚǇDĂŶĂŐĞƌƚŽĐŽŶƚŝŶƵĞǁŝƚŚƚŚĞƉůĂŶŶĞĚƵŶĚĞƌŐƌŽƵŶ ĚŝŶŐŽĨƵƚŝůŝƚŝĞƐůŝŶĞƐďĂƐĞĚŽŶƚŚĞĐƵƌƌĞŶƚĂǀĂŝůĂďŝůŝƚǇŽĨĨƵŶĚƐĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŐƵŝĚĞůŝŶĞƐŽƵƚůŝŶĞĚŝŶƚŚĞĂĨŽƌĞŵĞŶƚŝŽŶĞĚŝƚǇŽƵŶĐŝůŝƚĞŵ͖ĂŶĚƐƚĂĨĨƐŚŽƵůĚƉƌŽĐĞĞĚǁŝƚŚWhƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌZƵůĞϮϬ͕ĞŶƐƵƌŝŶŐƚŚĂƚƚŚĞƵŶĚĞƌŐƌŽƵŶĚŝŶŐƉƌŽĐĞƐƐĂĚŚĞƌĞƐƚŽƌĞŐƵůĂƚŽƌǇƐƚĂŶĚĂƌĚƐĂŶĚƚŝŵĞůŝŶĞƐ͘;ďͿŝƌĞĐƚƚŚĞŝƚǇDĂŶĂŐĞƌƚŽĂĚǀŽĐĂƚĞǁŝƚŚWhĂŶĚW'Θ ƚŽŝŶĐƌĞ ĂƐĞƚŚĞŵĂǆŝŵƵŵƌĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚŚĞĐŽƐƚŽĨƵƉŐƌĂĚŝŶŐĞůĞĐƚƌŝĐĂůƉĂŶĞůƐ͘;ĐͿŝƌĞĐƚƚŚĞŝƚǇDĂŶĂŐĞƌƚŽƌĞƚƵƌŶƚŽĐŽƵŶĐŝůĂŶŶƵĂůůǇƚŽƉƌŽǀŝĚ ĞƵƉĚĂƚĞƐŽŶƚŚĞƉƌŽŐƌĞƐƐŵĂĚĞďǇƚŚĞWhĂŶĚW'Θ ƌĞŐĂƌĚŝŶŐƚŚĞƌĞĐŽŵŵĞŶĚĞĚƐŝƚĞƐĨŽƌƵŶĚĞƌŐƌŽƵŶĚŝŶŐ͖ĂŶĚƚŽ ĂůůŽǁĨŽƌƚƌĂŶƐƉĂƌĞŶĐǇĂŶĚĂĐĐŽƵŶƚĂďŝůŝƚǇŝŶƚŚĞƉƌŽĐĞƐƐ͕ĞŶƐƵƌĞƚŚĂƚƐƚĂŬĞŚŽůĚĞƌƐĂƌĞŝŶĨŽƌŵĞĚŽĨĚĞǀĞůŽƉŵĞŶƚƐĂŶĚĂŶǇƉŽƚĞŶƚŝĂůĐŚĂůůĞŶŐĞƐĞŶĐŽƵŶƚĞƌĞĚ͘ ϰͬϵͬϮϬϮϰ ϭϮͬϯϭͬϮϬϮϰ /ŶWƌŽŐƌĞƐƐ >ŽĞƐĐŚ͕ DĂƚƚŚĞǁ͖ηϮϲϳ WƵďůŝĐtŽƌŬƐ ĨƚĞƌ^ĐŚŽŽůĂƌĞĂŶĚ,ŽŵĞǁŽƌŬƐƐŝƐƚĂŶĐĞ dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞĂŶĂĚĚŝƚŝŽŶĂůΨϱϬ͕ϬϬϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵƚŚĞ ^ZĨŽƌƐƚƵĚĞŶƚƐĐŚŽůĂƌƐŚŝƉƐŝŶŽƵŶĐŝůŝƐƚƌŝĐƚϳ͘;ηϭϰŽĂŶͿ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ ŝĐŝƌĞůůŝ͕:ŽŶ͖ηϭϲϭ WĂƌŬƐ͕ZĞĐƌĞĂƚŝŽŶΘ EĞŝŐŚďŽƌŚŽŽĚ^ĞƌǀŝĐĞƐ ϲͬϭͬϮϬϮϰŵĞŶĚŵĞŶƚƚŽƚŚĞŐƌĞĞŵĞŶƚƐǁŝƚŚdĞĂŵ^ĂŶ:ŽƐĠ͘ DĞŵŽƌĂŶĚƵŵĨƌŽŵDĂŚĂŶ͕ŽŚĞŶ͕ĂǀŝƐ͕&ŽůĞǇ͗ƉƉƌŽǀĞƚŚĞdĞĂŵ^ĂŶ:ŽƐĠ;d^:ͿŽŶƚƌĂĐƚ ǆƚĞŶƐŝŽŶĂŶĚ͗Ϯ͘ ŝƌĞĐƚƚŚĞŝƚǇDĂŶĂŐĞƌƚŽ͗ϭ͘ ZĞƐĞĂƌĐŚĂŶĚĂŶĂůǇǌĞŚŽǁd^:͛ΖƐƉĞƌĨŽƌŵĂŶĐĞŵĞƚƌŝĐƐĐŽŵƉĂƌĞƚŽŽƚŚĞƌĐŝƚŝĞƐǁŝƚŚƐŝŵŝůĂƌǀĞŶƵĞƐĂŶĚŚŽǁƚŚĞǇĂůŝŐŶǁŝƚŚŽƵƌĐƵƌƌĞŶƚĚĞƐŝƌĞĚŽƵƚĐŽŵĞƐĨŽƌĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ĂŶĚĚŽǁŶƚŽǁŶǀŝďƌĂŶĐǇ͘Ϯ͘ ƐƐĞƐƐƚŚĞĨĞĂƐŝďŝůŝƚǇŽĨŵĂƌŬĞƚŝŶŐ^ĂŶ:ŽƐĠŵŽƌĞĞĨĨĞĐƚŝǀĞůǇƚŽĚŝǀĞƌƐĞĂƵĚŝĞŶĐĞƐ͕ŝŶĐůƵĚŝŶŐůŽĐĂů͕ƌĞŐŝŽŶĂů͕ƐƚĂƚĞǁŝĚĞ͕ĂŶĚŶĂƚŝŽŶĂůŵĂƌŬĞƚƐ͘ϯ͘ ŽŶĚƵĐƚĂZĞƋƵĞƐƚĨŽƌ/ŶĨŽƌŵĂƚŝŽŶ;Z&/ͿǁŝƚŚŝŶƚŚĞŶĞǆƚƚŚƌĞĞǇĞĂƌƐƚŽďĞƚƚĞƌŝŶĨŽƌŵĂĨƵƚƵƌĞZĞƋƵĞƐƚĨŽƌWƌŽƉŽƐĂů;Z&WͿ͘ϰ͘ hƐŝŶŐŝŶĚƵƐƚƌǇŬŶŽǁůĞĚŐĞĐĂƉƚƵƌĞĚĨƌŽŵƚŚĞZ&/͕ƌĞůĞĂƐĞĂŶZ&WĂƚůĞĂƐƚϭϴŵŽŶƚŚƐďĞĨŽƌĞƚŚĞĨŝŶĂůϱͲǇĞĂƌŽƉƚŝŽŶǁŝƚŚd^:ĞǆƉŝƌĞƐʹĞŶƐƵƌŝŶŐƚŚĞƉƌŽĐĞƐƐŝƐĐŽŵƉĞƚŝƚŝǀĞĂŶĚƉŽƚĞŶƚŝĂůďŝĚĚĞƌƐĐĂŶďŝĚŽŶƐƵďƐĞĐƚŝŽŶƐŽĨŽƉĞƌĂƚŝŽŶƐƐĞƉĂƌĂƚĞůǇ͕ƐƵĐŚĂƐƚŚĞĂƚĞƌŽƉĞƌĂƚŝŽŶƐ͕ŽŶǀĞŶƚŝŽŶĂŶĚsŝƐŝƚŽƌƐƵƌĞĂƵ͕ĂŶĚĐŽŶǀĞŶƚŝŽŶŽƉĞƌĂƚŝŽŶƐĂŶĚŵĂŶĂŐĞŵĞŶƚ͘ ϯ͘ ŝƌĞĐƚƚŚĞŝƚǇDĂŶĂŐĞƌƚŽĐƌĞĂƚĞĂϮϬϮϲǁŽƌŬŝŶŐŐƌŽƵƉƚŚĂƚŝŶĐůƵĚĞƐdĞĂŵ^ĂŶ:ŽƐĞ͕ƚŚĞKĨĨŝĐĞŽĨ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚĂŶĚƵůƚƵƌĂůĨĨĂŝƌƐ͕ĂŶĚŽƚŚĞƌĂƌƚƐ͕ďƵƐŝŶĞƐƐ͕ĐŽŵŵƵŶŝƚǇ͕ĂŶĚůĂďŽƌƐƚĂŬĞŚŽůĚĞƌƐ͕ĂƐǁĞůůĂƐƚŚĞDĂǇŽƌ͛ƐŽĨĨŝĐĞ͕ŝƐƚƌŝĐƚϯŽƵŶĐŝůKĨĨŝĐĞ͕ĂŶĚŝƐƚƌŝĐƚϲŽƵŶĐŝůKĨĨŝĐĞĂŶĚƉƌŽǀŝĚĞĂƐƚĂƚƵƐƵƉĚĂƚĞŽĨƚŚĞǁŽƌŬŝŶŐŐƌŽƵƉƚŽƚŚĞŽŵŵƵŶŝƚǇĂŶĚ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚŽŵŵŝƚƚĞĞĂƐƉĂƌƚŽĨƚŚĞdĞĂŵ^ĂŶ:ŽƐĞ^ĞŵŝͲŶŶƵĂů^ƚĂƚƵƐZĞƉŽƌƚŝŶ^ĞƉƚĞŵďĞƌϮϬϮϰ͘ ϲͬϭϴͬϮϬϮϰ ŽŵƉůĞƚĞ <ůĞŝŶ͕EĂŶĐŝ͖ηϭϳϵ

ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚΘƵůƚƵƌĂůĨĨĂŝƌƐ
ϴͬϭϯͬϮϬϮϰ
dŚŝƐĂƚƚĂĐŚŵĞŶƚƉƌŽǀŝĚĞƐƚŚĞƐƚĂƚƵƐŽĨĂůůŝƚǇŽƵŶĐŝůZĞĨĞƌƌĂůƐĂƐŽĨƵŐƵƐƚϮϴ͕ϮϬϮϰƚŚĂƚǁĞƌĞĞŝƚŚĞƌĐŽŵƉůĞƚĞĚŽƌŝƐƐƵĞĚƐŝŶĐĞƚŚĞŝƚǇDĂŶĂŐĞƌ͛Ɛ&ĞďƌƵĂƌǇϮϬϮϰƵƉĚĂƚĞ͘ ƚƚĂĐŚŵĞŶƚͲͲŝƚǇŽƵŶĐŝůZĞĨĞƌƌĂůƐĂƐŽĨϴ͘Ϯϴ͘Ϯϰ
WůĞĂƐĞŶŽƚĞ͗ƐŽŵĞŝƚǇŽƵŶĐŝůZĞĨĞƌƌĂůƐŵĂǇŚĂǀĞĐŚĂŶŐĞĚƐƚĂƚƵƐĞƐƐŝŶĐĞƚŚŝƐůŝƐƚǁĂƐĐŽŵƉŝůĞĚŝŶƵŐƵƐƚϮϬϮϰ͘ 1 ŵĞŶĚŵĞŶƚƚŽdŝƚůĞϮϬ
;ŽŶŝŶŐKƌĚŝŶĂŶĐĞŽƌŽŶŝŶŐŽĚĞͿĨŽƌƚŚĞWĂƌŬŝŶŐĂŶĚdƌĂŶƐƉŽƌƚĂƚŝŽŶĞŵĂŶĚDĂŶĂŐĞŵĞŶƚWŽůŝĐǇKƌĚŝŶĂŶĐĞĨŽƌƐŝŵƉůĞƌĐŽŵƉůŝĂŶĐĞĂŶĚĨůĞǆŝďŝůŝƚǇĨŽƌŽƵƚĚŽŽƌĚŝŶŝŶŐ DŽĚŝĨǇƚŚĞŽƌĚŝŶĂŶĐĞƚŽƉƌŽǀŝĚĞƐŝŵƉůĞƌĐŽŵƉůŝĂŶĐĞĂŶĚŐƌĞĂƚĞƌĨůĞǆŝďŝůŝƚǇĨŽƌŽƵƚĚŽŽƌĚŝŶŝŶŐŝŶǌŽŶŝŶŐĚĞƐŝŐŶĂƚŝŽŶƐĂŶĚĚŝƐƚƌŝĐƚƐŽƵƚƐŝĚĞŽĨĚŽǁŶƚŽǁŶ͘Ă͘ůůŽǁŽƵƚĚŽŽƌƵƐĞƐŽŶƉƌŝǀĂƚĞƉƌŽƉĞƌƚǇǁŝƚŚŝŶϭϱϬĨĞĞƚŽĨĂƌĞƐŝĚĞŶƚŝĂůƵƐĞƚŽĂƉƉůǇĨŽƌĂƉĞƌŵŝƚƚŚƌŽƵŐŚĂƐŝŵƉůĞƌ͕ůĞƐƐĞǆƉĞŶƐŝǀĞƉƌŽĐĞƐƐƚŚĂŶƚŚĂƚƉƌĞƐĐƌŝďĞĚĨŽƌĂ^ƉĞĐŝĂůhƐĞWĞƌŵŝƚʹƐƵĐŚĂƐƚŚĞƉƌŽĐĞƐƐƵƐĞĚĨŽƌĂWƵďůŝĐtŽƌŬƐ͞ƉĂƌŬůĞƚƉĞƌŵŝƚ͘͟ď͘dŚĞƉĞƌŵŝƚƐŚŽƵůĚĞŶĂďůĞďƵƐŝŶĞƐƐĞƐĂŶĚƌĞƐƚĂƵƌĂŶƚƐƚŽĐŽŶƚŝŶƵĞƵƐŝŶŐƚŚĞŝƌƉƌŝǀĂƚĞƉĂƌŬŝŶŐůŽƚƐǁŝƚŚŝŶϭϱϬĨĞĞƚŽĨĂƌĞƐŝĚĞŶƚŝĂůƵƐĞǁŚĞƌĞƚŚŽƐĞďƵƐŝŶĞƐƐĞƐĚŽŶŽƚǀŝŽůĂƚĞĂŶǇƐƉĞĐŝĨŝĞĚĐŽŶĚŝƚŝŽŶƐĨŽƌƐĂĨĞĂŶĚŶĞŝŐŚďŽƌŚŽŽĚͲĨƌŝĞŶĚůǇŽƉĞƌĂƚŝŽŶ͘ŝ͘ZĞƚƵƌŶƚŽŽƵŶĐŝůǁŝƚŚƚŚĞůŝƐƚŽĨƚŚŽƐĞƐƉĞĐŝĨŝĞĚĐŽŶĚŝƚŝŽŶƐ͕ƚŚĞǀŝŽůĂƚŝŽŶŽĨǁŚŝĐŚĐŽƵůĚƉƌŽǀŝĚĞƚŚĞďĂƐŝƐĨŽƌƚŚĞƌĞǀŽĐĂƚŝŽŶŽĨĂƉĞƌŵŝƚƚŽŽƉĞƌĂƚĞŽƵƚĚŽŽƌƐ͘ŝŝ͘KŶĞŽĨƚŚŽƐĞĐŽŶĚŝƚŝŽŶƐƐŚŽƵůĚŝŶĐŽƌƉŽƌĂƚĞĂ͞ĐĂƚĐŚĂůů͟ƉƌŽŚŝďŝƚŝŽŶŽŶĂŶǇĐŽŶĚƵĐƚĐƌĞĂƚŝŶŐĂ͞ƉƵďůŝĐŶƵŝƐĂŶĐĞ͟ĂƐĚĞĨŝŶĞĚďǇŽƚŚĞƌƐƚĂƚƵƚŽƌǇĂŶĚĐĂƐĞůĂǁ͘Ϯ͘^ƵƐƉĞŶĚĞŶĨŽƌĐĞŵĞŶƚĂŐĂŝŶƐƚŽƵƚĚŽŽƌĚŝŶŝŶŐĂŶĚŽƵƚĚŽŽƌƵƐĞƐŽŶƉƌŝǀĂƚĞƉƌŽƉĞƌƚǇĂƐƌĞĐŽŵŵĞŶĚĞĚŝŶ^ƚĂĨĨ͛Ɛ^ƵƉƉůĞŵĞŶƚĂůDĞŵŽƌĂŶĚƵŵĚĂƚĞĚEŽǀĞŵďĞƌϮϯ͕ϮϬϮϮƵŶƚŝůƚŚŝƐŶĞǁƉƌŽŐƌĂŵŝƐĂƉƉƌŽǀĞĚďǇŽƵŶĐŝůĂŶĚŝŵƉůĞŵĞŶƚĞĚ͘ ϭϮͬϲͬϮϬϮϮ ŽŵƉůĞƚĞ ƵƌƚŽŶ͕ŚƌŝƐ͖ηϭϮϬ WůĂŶŶŝŶŐ͕ƵŝůĚŝŶŐΘ ŽĚĞ ŶĨŽƌĐĞŵĞŶƚ ϱͬϮϭͬϮϬϮϰ
ŵĞŶĚŵĞŶƚƚŽdŝƚůĞϮϰŽĨƚŚĞ^ĂŶ:ŽƐĠDƵŶŝĐŝƉĂůŽĚĞĨŽƌĂWƌŽƉŽƐĞĚZĞƐƉŽŶƐŝďůĞŽŶƐƚƌƵĐƚŝŽŶKƌĚŝŶĂŶĐĞ ;ϭͿŝƌĞĐƚƐƚĂĨĨƚŽĚŽĂĚĚŝƚŝŽŶĂůŽƵƚƌĞĂĐŚǁŝƚŚĚĞǀĞůŽƉĞƌƐ͕ĐŽŶƚƌĂĐ ƚŽƌƐ͕ĂŶĚůĂďŽƌĐŽŵŵƵŶŝƚŝĞƐ͘ ;ϮͿ/ŶĐůƵĚĞƉĂƌƚ;ĂͿĂŶĚ;ďͿŽĨƚŚĞŵĞŵŽƌĂŶĚƵŵĨƌŽŵKƌƚŝǌ͕dŽƌƌĞƐ͕ :ŝŵĞŶĞǌ͕ĂǀŝƐƚŽƚŚĞŽƌĚŝŶĂŶĐĞ͗;ĂͿZĞƉůĂĐĞƚŚĞƉƌŽƉŽƐĞĚƐŝǌĞƚŚƌĞƐŚŽůĚĞǆĞŵƉƚŝŽŶĨƌŽŵ͞ůĞƐƐƚŚĂŶϭϱ͕ϬϬϬƐƋƵĂƌĞĨĞĞƚŽĨŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶŽƌƌĞŵŽĚĞůŝŶŐ͟ƚŽ͞ůĞƐƐƚŚĂŶϭϬ͕ϬϬϬƐƋƵĂƌĞĨĞĞƚŽĨŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶŽƌƌĞŵŽĚĞůŝŶŐ͘͟;ďͿ/ŶĐůƵĚĞĂWƌŽŚŝďŝƚŝŽŶŽŶZĞƚĂůŝĂƚŝŽŶ^ĞĐƚŝŽŶƚŚĂƚEŽĞǀĞůŽƉĞƌŽƌWĞƌŵŝƚ,ŽůĚĞƌ͕ĐŽŶƚƌĂĐƚŽƌŽƌƐƵďĐŽŶƚƌĂĐƚŽƌƐŚĂůůĚŝƐĐƌŝŵŝŶĂƚĞŽƌƌĞƚĂůŝĂƚĞĂŐĂŝŶƐƚĂŶǇƉĞƌƐŽŶŽƌĞŶƚŝƚǇĨŽƌĐŽŽƉĞƌĂƚŝŶŐ ǁŝƚŚĂŶŝŶǀĞƐƚŝŐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽƌĚŝŶĂŶĐĞŽƌĨŽƌŵĂŬŝŶŐĂĐŽŵƉůĂŝŶƚĐŽŶĐĞƌŶŝŶŐĂŶĂůůĞŐĞĚǀŝŽůĂƚŝŽŶŽĨƚŚŝƐŽƌĚŝŶĂŶĐĞ͘;ϯͿZĞƚƵƌŶŝƚǇŽƵŶĐŝůŽŶ:ĂŶƵĂƌǇϮϯǁŝƚŚĂŶĂŵĞŶĚĞĚŽƌĚŝŶĂŶĐĞ͘ ϭϮͬϭϮͬϮϬϮϯ ŽŵƉůĞƚĞ >ŽĞƐĐŚ͕ DĂƚƚŚĞǁ͖ηϮϲϳ WƵďůŝĐtŽƌŬƐ ϭͬϮϯͬϮϬϮϰ ŵĞŶĚŵĞŶƚƚŽdŝƚůĞϮϰŽĨƚŚĞ^ĂŶ:ŽƐĠDƵŶŝĐŝƉĂůŽĚĞĨŽƌĂWƌŽƉŽƐĞĚZĞƐƉŽŶƐŝďůĞŽŶƐƚƌƵĐƚŝŽŶKƌĚŝŶĂŶĐĞ ŝƌĞĐƚƚŚĞŝƚǇDĂŶĂŐĞƌƚŽƌĞƚƵƌŶƚŽŝƚǇŽƵŶĐŝůǁŝƚŚĂZĞƐƉŽŶƐŝďůĞŽŶƐƚƌƵĐƚŝŽŶKƌĚŝŶĂŶĐĞƚŚĂƚŵŽĚŝĨŝĞƐƚŚĞƉƌŽƉŽƐĞĚŽƌĚŝŶĂŶĐĞ͕ƉŽƐƚĞĚĨŽƌƚŚĞĞĐĞŵďĞƌϭϮ͕ϮϬϮϯŝƚǇŽƵŶĐŝůŵĞĞƚŝŶŐ͕ƚŚĂƚƌĞĨůĞĐƚƐƚŚĞĨŽůůŽǁŝŶŐŵŽĚŝĨŝĐĂƚŝŽŶƐ͗;ĂͿ>ŝŵŝƚƚŚĞďĂƐŝƐĨŽƌǀŝŽůĂƚŝŽŶƚŽĂŶƵŶƉĂŝĚǁĂŐĞƚŚĞĨƚũƵĚŐŵĞŶƚƚŽĞŵƉůŽǇĞĞƐĂŶĚĐŽŶƚƌĂĐƚŽƌƐǁŚŽĂƌĞǁŽƌŬŝŶŐŽŶƚŚĞ^ĂŶ:ŽƐĠƉĞƌŵŝƚƚĞĚƉƌŽũĞĐƚƚŚĂƚŝƐƚŚĞƐƵďũĞĐƚŽĨƚŚĞĐĞƌƚŝĨŝĐĂƚĞŽĨŽĐĐƵƉĂŶĐǇ͘;ďͿ>ŝŵŝƚƚŚĞƵŶƉĂŝĚĨŝŶĂůǁĂŐĞƚŚĞĨƚũƵĚŐĞŵĞŶƚƐƚŽĨŝŶĂůũƵĚŐŵĞŶƚƐƚŚĂƚĐĂŶďĞĐŽŶĨŝƌŵĞĚďǇƚŚĞĐŽŶƚƌĂĐƚŽƌƚŚƌŽƵŐŚƚŚĞĂůŝĨŽƌŶŝĂ>ĂďŽƌŽŵŵŝƐƐŝŽŶĞƌ͛ƐƉŽƌƚĂů͘ ;ĐͿ
ǆĞŵƉƚĨƌŽŵƚŚĞƌĞŐƵůĂƚŝŽŶƉƌŽũĞĐƚƐƚŚĂƚĂƌĞƐƵďũĞĐƚƚŽƉƌĞǀĂŝůŝŶŐǁĂŐĞƵŶĚĞƌƐƚĂƚĞůĂǁ͕ĂŶĚƉƌŽũĞĐƚƐƚŚĂƚĂƌĞƵŶĚĞƌϭϬ͕ϬϬϬƐƋ͘Ĩƚ͘EǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐĂĚĚŝƚŝŽŶƐĂŶĚŵŽĚŝĨŝĐĂƚŝŽŶƐĨƌŽŵŽƵŶĐŝůŵĞŵďĞƌƐĂǀŝƐ͕:ŝŵĞŶĞǌ͕dŽƌƌĞƐ͕Kƌƚŝǌ͕ĂŶĚ&ŽůĞǇŵĞŵŽƌĂŶĚƵŵ͗ϭ͘ ĞĨŽƌĞƌĞĐĞŝǀŝŶŐĂďƵŝůĚŝŶŐƉĞƌŵŝƚ͕ĂƉƉůŝĐĂŶƚƐǁŝůůĂƚƚĞƐƚƚŚĂƚ͕ƚŽƚŚĞďĞƐƚŽĨƚŚĞŝƌŬŶŽǁůĞĚŐĞ͕ĂůůĐŽŶƚƌĂĐƚŽƌƐĂŶĚƐƵďĐŽŶƚƌĂĐƚŽƌƐŚŝƌĞĚŽƌƚŽďĞŚŝƌĞĚƚŽƉƌŽǀŝĚĞůĂďŽƌŽŶƚŚĞŝƌƉƌŽũĞĐƚ ĂƌĞĞŝƚŚĞƌŶŽƚůŝƐƚĞĚŽŶƚŚĞŽƵƚƐƚĂŶĚŝŶŐƵŶƉĂŝĚǁĂŐĞƚŚĞĨƚũƵĚŐŵĞŶƚƐůŝƐƚĂƚƚŚĞƚŝŵĞŽĨĂƚƚĞƐƚĂƚŝŽŶŽƌ͕ŝĨƚŚĞǇĂƌĞůŝƐƚĞĚ͕ǁŝůůƉƌŽĚƵĐĞƉƌŽŽĨŽĨƐĂƚŝƐĨĂĐƚŝŽŶŽĨƚŚĞũƵĚŐŵĞŶƚ;ƐͿďĞĨŽƌĞǁŽƌŬ ďĞŐŝŶƐ͘;ĂͿƉƉůŝĐĂŶƚĂƚƚĞƐƚĂƚŝŽŶƐǁŝůůďĞďĂƐĞĚŽŶĐŚĞĐŬŝŶŐĂůŝĨŽƌŶŝĂĞƉĂƌƚŵĞŶƚŽĨ/ŶĚƵƐƚƌŝĂůZĞůĂƚŝŽŶƐ:ƵĚŐŵĞŶƚ^ĞĂƌĐŚƚŽĞŶƐƵƌĞƚŚĂƚŶŽŶĞŽĨƚŚĞŝƌĐŽŶƚƌĂĐƚŽƌƐŽƌƐƵďĐŽŶƚƌĂĐƚŽƌƐŚĂǀĞŽƵƚƐƚĂŶĚŝŶŐƵŶƉĂŝĚǁĂŐĞƚŚĞĨƚũƵĚŐŵĞŶƚƐŝŶƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŝŶĚƵƐƚƌǇ͘ ǆŚŝďŝƚƐŚŽǁƐƚŚĞƐĞĂƌĐŚƚĞƌŵƐƚŽďĞƵƐĞĚ͘
ĂĐŚƉƌŽũĞĐƚǁŝůůƉĞƌĨŽƌŵƚŚĞƐĞĂƌĐŚŽŶĐĞŽŶŽƌĂƌŽƵŶĚƚŚĞĚĂƚĞŽĨ ƚŚĞĂƚƚĞƐƚĂƚŝŽŶĂŶĚƵƐĞƚŚŽƐĞƐĞĂƌĐŚƌĞƐƵůƚƐ;ĂŬĂ͞ŽƵƚƐƚĂŶĚŝŶŐũƵĚŐŵĞŶƚƐůŝƐƚ͟ͿĂƐŶĞĞĚĞĚĨŽƌƚŚĞĚƵƌĂƚŝŽŶŽĨƚŚĞƉƌŽũĞĐƚ͘;ďͿ/ĨĂĐŽŶƚƌĂĐƚŽƌŽƌƐƵďĐŽŶƚƌĂĐƚŽƌŝƐĂĚĚĞĚƚŽƚŚĞƉƌŽũĞĐƚƐƵďƐĞƋƵĞŶƚƚŽďƵŝůĚŝŶŐƉĞƌŵŝƚƌĞĐĞŝƉƚ͕ƚŚĞƉƌŽũĞĐƚŽǁŶĞƌŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌĐŚĞĐŬŝŶŐĞĂĐŚŶĞǁĐŽŵƉĂŶǇƚŚĂƚŝƐŚŝƌĞĚĞŝƚŚĞƌŝƐŶŽƚŽŶƚŚĞŝƌŽƵƚƐƚĂŶĚŝŶŐũƵĚŐŵĞŶƚƐůŝƐƚŽƌƉƌŽĚƵĐĞƐƉƌŽŽĨƚŚĂƚƚŚĞũƵĚŐŵĞŶƚŚĂƐďĞĞŶƐĂƚŝƐĨŝĞĚďĞĨŽƌĞďĞŐŝŶŶŝŶŐǁŽƌŬŽŶƚŚĞƉƌŽũĞĐƚ͘;ĐͿ/ĨĂĐŽŶƚƌĂĐƚŽƌŽƌƐƵďĐŽŶƚƌĂĐƚŽƌŝƐŶŽƚŽŶƚŚĞŽƵƚƐƚĂŶĚŝŶŐũƵĚŐŵĞŶƚƐůŝƐƚĂƚƚŚĞŽƵƚƐĞƚ͕ďƵƚůĂƚĞƌƌĞĐĞŝǀĞƐĂǁĂŐĞƚŚĞĨƚũƵĚŐŵĞŶƚ͕ĚŽĞƐŶŽƚƉĂǇ͕ĂŶĚŝƐƐƵďƐĞƋƵĞŶƚůǇĂĚĚĞĚƚŽƚŚĞĂůŝĨŽƌŶŝĂĞƉĂƌƚŵĞŶƚŽĨ/ŶĚƵƐƚƌŝĂůZĞůĂƚŝŽŶƐĚĂƚĂďĂƐĞ͕ƚŚĞƉƌŽũĞĐƚŽǁŶĞƌǁŽƵůĚŶŽƚďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞƵŶůĞƐƐƚŚĞƵŶƉĂŝĚũƵĚŐŵĞŶƚŝƐĨŽƌǁŽƌŬŽŶƚŚĞƉƌŽũĞĐƚ͘;ĚͿƐƉƌŽǀŝĚĞĚŝŶƚŚĞŽƌŝŐŝŶĂůŽƌĚŝŶĂŶĐĞĚƌĂĨƚ͕ĂƉƌŽũĞĐƚŽǁŶĞƌǁŚŽŚŝƌĞĚĂĐŽŶƚƌĂĐƚŽƌŽƌƐƵďĐŽŶƚƌĂĐƚŽƌǁŚŽǁĂƐŽŶƚŚĞŽƵƚƐƚĂŶĚŝŶŐũƵĚŐŵĞŶƚƐůŝƐƚǁŝƚŚŽƵƚƉƌŽĚƵĐŝŶŐƉƌŽŽĨŽĨƐĂƚŝƐĨĂĐƚŝŽŶŽĨƚŚĞũƵĚŐŵĞŶƚďĞĨŽƌĞďĞŐŝŶŶŝŶŐǁŽƌŬǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽƉĂǇƚŚĞũƵĚŐŵĞŶƚŽƌĐĂƵƐĞƚŚĞĐŽŶƚƌĂĐƚŽƌŽǁŶŝŶŐƚŚĞŵŽŶĞǇƚŽƉĂǇƚŚĞũƵĚŐŵĞŶƚ͕ďĞĨŽƌĞƌĞĐĞŝǀŝŶŐƚŚĞĨŝŶĂůĞƌƚŝĨŝĐĂƚĞŽĨKĐĐƵƉĂŶĐǇ͘;,ŽǁĞǀĞƌ͕ŝĨĂĐŽŶƚƌĂĐƚŽƌŽƌƐƵďĐŽŶƚƌĂĐƚŽƌǁĂƐŶŽƚŽŶƚŚĞŽƵƚƐƚĂŶĚŝŶŐũƵĚŐŵĞŶƚƐůŝƐƚďƵƚǁĂƐƐƵďƐĞƋƵĞŶƚůǇĂĚĚĞĚƚŽ ƚŚĞĂůŝĨŽƌŶŝĂĞƉĂƌƚŵĞŶƚŽĨ/ŶĚƵƐƚƌŝĂůZĞůĂƚŝŽŶƐĚĂƚĂďĂƐĞ͕ƚŚĞƉƌŽũĞĐƚŽǁŶĞƌǁŽƵůĚŶŽƚďĞƌĞƐƉŽŶƐŝďůĞƵŶůĞƐƐƚŚĞƵŶƉĂŝĚũƵĚŐŵĞŶƚŝƐĨŽƌǁŽƌŬŽŶƚŚĞƉƌŽũĞĐƚ͘Ϳ;ĞͿƐƉƌŽǀŝĚĞĚŝŶƚŚĞŽƌŝŐŝŶĂůŽƌĚŝŶĂŶĐĞĚƌĂĨƚ͕ŽŶůǇĐŽŶƚƌĂĐƚŽƌƐĂŶĚƐƵďĐŽŶƚƌĂĐƚŽƌƐƚŚĂƚŵĞĞƚƚŚĞŵĂƚĞƌŝĂůŝƚǇƚŚƌĞƐŚŽůĚĨŽƌĂƉƌŽũĞĐƚĂƌĞŝŶĐůƵĚĞĚ͘Ϯ͘ůůƉƌŽũĞĐƚƐĂƚŽƌĂďŽǀĞϭϬ͕ϬϬϬƐƋƵĂƌĞĨĞĞƚĂƌĞŝŶĐůƵĚĞĚ͕ƌĞŐĂƌĚůĞƐƐŽĨƉƌŽũĞĐƚůĂďŽƌĂŐƌĞĞŵĞŶƚƐŽƌƉƌĞǀĂŝůŝŶŐǁĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘ ϭͬϮϯͬϮϬϮϰ ŽŵƉůĞƚĞ >ŽĞƐĐŚ͕ DĂƚƚŚĞǁ͖ηϮϲϳ WƵďůŝĐtŽƌŬƐ ϭͬϮϯͬϮϬϮϰ ŶŝŵĂůĂƌĞ^ĞƌǀŝĐĞƐΖŽŐĂŶĚĂƚ>ŝĐĞŶƐĞ&ĞĞtĂŝǀĞƌ
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<ĂŵĞŝ͗KǀĞƌƐŝǌĞĚsĞŚŝĐůĞƐʹŝŶĐůƵĚĞŝŶƚŚĞŝƚǇDĂŶĂŐĞƌ͛ƐĞǆƉůŽƌĂƚŝŽŶŽĨŽŶĞͲƚŝŵĞŽƌŽŶŐŽŝŶŐĨƵŶĚŝŶŐƚŽĂĚĚƌĞƐƐŽǀĞƌƐŝǌĞĚǀĞŚŝĐůĞƐ͕ĞŶĨŽƌĐĞŵĞŶƚŵĞĐŚĂŶŝƐŵƐƚŽƉƌŽŚŝďŝƚǀĂŶůŽƌĚƐŝŶƚŚĞŝƚǇŽĨ^ĂŶ:ŽƐĞdŽƌƌĞƐ͗ŝƌĞĐƚƚŚĞŝƚǇDĂŶĂŐĞƌƚŽƉƌĞƉĂƌĞŽŶDĂƐƌĞƋƵĞƐƚĞĚďǇƚŚĞZƵůĞƐŽŵŵŝƚƚĞĞŽŶDĂƌĐŚϲ͕ϮϬϮϰƌĞůĂƚĞĚƚŽ^:>Ƶǀ;ŝƚĞŵZK'ϮϰͲϱϮϵͿƚŽƵŶĚĞƌƐƚĂŶĚƚŚĞĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨƐƚƌĂƚĞŐŝĞƐĂŶĚƌĞǀĞŶƵĞŵĞĂƐƵƌĞƐ ϯͬϭϵͬϮϬϮϰ ŽŵƉůĞƚĞ ^ŚĂŶŶŽŶ͕:ŝŵ͖ηϱϱ ŝƚǇDĂŶĂŐĞƌͲƵĚŐĞƚ ϱͬϮϱͬϮϬϮϰ 2 ƌƚƐ͕ƵůƚƵƌĞĂŶĚ
,ŽƐƉŝƚĂůŝƚǇ&ƵŶĚŝŶŐͲ^ƚƵĚǇ^ĞƐƐŝŽŶ
ŝƌĞĐƚŝƚǇDĂŶĂŐĞƌƚŽĚĞǀĞůŽƉĂŶĂŐĞŶĚĂĂŶĚĨĂĐŝůŝƚĂƚĞĂ^ƚƵĚǇ^ĞƐƐŝŽŶǁŝƚŚƚŚĞŽďũĞĐƚŝǀĞƐĂŶĚŐŽĂůƐƚŽĞǆƉůŽƌĞĚŝĨĨĞƌĞŶƚĨƵŶĚŝŶŐŵĞĐŚĂŶŝƐŵƐƚŚĂƚĐĂŶďĞƵƐĞĚƚŽĂĚĚŵŽƌĞĨƵŶĚƐƚŽƚŚĞ ĂƌƚƐĐŽŵŵƵŶŝƚǇ͕ĂƐŽƵƚůŝŶĞĚŝŶDĂŶĂŐĞƌ͛ƐƵĚŐĞƚĚĚĞŶĚƵŵηϱϴ͘ŝƌĞĐƚŝƚǇůĞƌŬƚŽƐĞƚĂŝƚǇŽƵŶĐŝů^ƚƵĚǇ^ĞƐƐŝŽŶŝŶ&ĂůůͬtŝŶƚĞƌϮϬϮϯ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ <ůĞŝŶ͕EĂŶĐŝ͖ηϭϳϵ

ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚΘƵůƚƵƌĂůĨĨĂŝƌƐ
ϮͬϭϲͬϮϬϮϰ
ƵĚŝƚŽĨĞĂƵƚŝĨǇ^:
ŝƌĞĐƚƚŚĞŝƚǇDĂŶĂŐĞƌƚŽĐŽŶĚƵĐƚĂŶĂƵĚŝƚŽĨĞĂƵƚŝĨǇ^:ƉƌŽŐƌĂŵƐĂĨĞƚǇ͕ƚƌĂŝŶŝŶŐ͕ĂŶĚĞŵƉůŽǇĞĞƐƵƉƉŽƌƚƉƌŽƚŽĐŽůƐ͕ŝŶĐůƵĚŝŶŐ͗Ă͘ZĞǀŝĞǁŝŶŐƚƌĂŝŶŝŶŐƉƌŽǀŝĚĞĚƚŽĞŵƉůŽǇĞĞƐĐŽŶĚƵĐƚŝŶŐĞŶĐĂŵƉŵĞŶƚĂďĂƚĞŵĞŶƚƐĂŶĚĐůĞĂŶͲƵƉƐ͕ƉĂƌƚŝĐƵůĂƌůǇƚŚŽƐĞǁŚŽǁŽƌŬĚŝƌĞĐƚůǇǁŝƚŚƵŶŚŽƵƐĞĚŝŶĚŝǀŝĚƵĂůƐŽƌĂƌĞĞǆƉŽƐĞĚƚŽ ŚĂǌĂƌĚŽƵƐǁĂƐƚĞĂŶĚŽƚŚĞƌƉŽƚĞŶƚŝĂůůǇŚĂǌĂƌĚŽƵƐĐŽŶĚŝƚŝŽŶƐ͖ď͘ZĞǀŝĞǁŝŶŐƚŚĞƐĂĨĞƚǇƉƌŽƚŽĐŽůƐŝŶƉůĂĐĞĨŽƌĞŵƉůŽǇĞĞƐĐŽŶĚƵĐƚŝŶŐĞŶĐĂŵƉŵĞŶƚĂďĂƚĞŵĞŶƚƐĂŶĚĐůĞĂŶƵƉƐ͕ŝŶĐůƵĚŝŶŐĞǀĂůƵĂƚŝŽŶŽĨƉƌŽƚĞĐƚŝǀĞŐĞĂƌĂŶĚƐĞĐƵƌŝƚǇ͖ Đ͘ƐƐĞƐƐŝŶŐƉŽƚĞŶƚŝĂůŝŵƉĂĐƚƐŽŶƐƚĂĨĨǁŚŽƌĞŐƵůĂƌůǇĐŽŶĚƵĐƚĞŶĐĂŵƉŵĞŶƚĂďĂƚĞŵĞŶƚƐĂŶĚǁŽƌŬǁŝƚŚĂŶĚĞŶĐŽƵŶƚĞƌƉĞŽƉůĞůŝǀŝŶŐŝŶĂďũĞĐƚƉŽǀĞƌƚǇŽƌƐƵĨĨĞƌŝŶŐĨƌŽŵŵĞŶƚĂůŚĞĂůƚŚ ĐŽŶĚŝƚŝŽŶƐĂŶĚĂĚĚŝĐƚŝŽŶŝŶĞŶĐĂŵƉŵĞŶƚƐ͘dŚŝƐĐŽƵůĚŝŶĐůƵĚĞƌĞǀŝĞǁŝŶŐǁŽƌŬĞƌ͛ƐĐŽŵƉĞŶƐĂƚŝŽŶĐůĂŝŵƐ͕ƐƚĂĨĨƚƵƌŶŽǀĞƌ͕ĂďƐĞŶĐĞ͕ŽƌǀĂĐĂŶĐǇƌĂƚĞƐ͕ŽƌŽƚŚĞƌƌĞůĞǀĂŶƚĚĂƚĂ͘ZĞƚƵƌŶƚŽZƵůĞƐŽƌŽƵŶĐŝůďǇĞŶĚŽĨDĂƌĐŚϮϬϮϯ;ďĞĨŽƌĞƚŚĞďƵĚŐĞƚƉƌŽĐĞƐƐͿ ϭͬϭϭͬϮϬϮϯ ŽŵƉůĞƚĞ ^ĐŚĞŵďƌŝ͕ :ĞŶŶŝĨĞƌ͖ηϵϴ ,ƵŵĂŶZĞƐŽƵƌĐĞƐ ϲͬϮϴͬϮϬϮϰ ĂǇƌĞĂZĞŐŝŽŶĂů,ŽƵƐŝŶŐŽŶĚ
DĞŵŽƌĂŶĚƵŵĨƌŽŵDĂŚĂŶ͕<ĂŵĞŝ͕:ŝŵĞŶĞǌ͕ŽŚĞŶ͕ĂǀŝƐ͗Ϯ͘/ĨǀŽƚĞƌƐĂƉƉƌŽǀĞƚŚĞZĞŐŝŽŶĂů,ŽƵƐŝŶŐŽŶĚ͕ĚŝƌĞĐƚƚŚĞŝƚǇDĂŶĂŐĞƌƚŽƌĞƚƵƌŶǁŝƚŚĂƐƉĞŶĚŝŶŐƉůĂŶŝŶ^ƉƌŝŶŐϮϬϮϱĐŽŶƐŝƐƚĞŶƚǁŝƚŚƐƚĂƚĞůĂǁƚŚĂƚƌĞĨůĞĐƚƐƚŚĞĨŽůůŽǁŝŶŐƉƌŝŽƌŝƚŝĞƐ͗ Ă͘&ŝĨƚǇͲƚǁŽƉĞƌĐĞŶƚŽĨƚŚĞĨƵŶĚŝŶŐƐŚĂůůďĞƵƐĞĚĨŽƌƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨŶĞǁĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚďĞƐƉĞŶƚĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝƚǇ͛ƐĞǆŝƐƚŝŶŐĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ/ŶǀĞƐƚŵĞŶƚWůĂŶǁŚŝĐŚ ŝŶĐůƵĚĞƐĂƐĞƚĂƐŝĚĞŽĨϰϱйĨŽƌ
ǆƚƌĞŵĞůǇ>Žǁ/ŶĐŽŵĞ,ŽƵƐŝŶŐ͘ŝ͘dŚĞĨŝƌƐƚŝƐƐƵĂŶĐĞŽĨďŽŶĚƉƌŽĐĞĞĚƐǁŝůůƉƌŝŽƌŝƚŝǌĞƚŚĞƉŝƉĞůŝŶĞŽĨƉƌŽũĞĐƚƐŽŶƚŚĞϮϬϮϯEK&ǁĂŝƚůŝƐƚ͘ŝŝ͘WƌŝŽƌƚŽŝƐƐƵŝŶŐĂŶǇĨƵŶĚŝŶŐ͕ƐƚĂĨĨƐŚĂůůĐŽŶĚƵĐƚĂĐŽŵƉƌĞŚĞŶƐŝǀĞƌĞǀŝĞǁŽĨƚŚĞŝƚǇΖƐƵŶĚĞƌǁƌŝƚŝŶŐŐƵŝĚĞůŝŶĞƐĂŶĚEŽƚŝĐĞŽĨ&ƵŶĚŝŶŐǀĂŝůĂďŝůŝƚǇ;EK&ͿƉƌŽĐĞƐƐĂŶĚƌĞƚƵƌŶƚŽŽƵŶĐŝů ǁŝƚŚƉƌŽƉŽƐĞĚĐŽƐƚͲĐŽŶƚƌŽůŵĞĂƐƵƌĞƐƚŽŵĂǆŝŵŝǌĞƵŶŝƚƉƌŽĚƵĐƚŝŽŶĂŶĚƚŝŵĞƐĂǀŝŶŐƐ͘ď͘dǁĞŶƚǇͲĞŝŐŚƚƉĞƌĐĞŶƚŽĨƚŚĞĨƵŶĚŝŶŐƐŚĂůůďĞƵƐĞĚŽŶŝŵŵĞĚŝĂƚĞ͕ůŽǁďĂƌƌŝĞƌ͕ĂŶĚĨůĞǆŝďůĞƐŽůƵƚŝŽŶƐƚŚĂƚƉƌŽǀŝĚĞƐĂĨĞĂŶĚĚŝŐŶŝĨŝĞĚƐŚĞůƚĞƌ͘^ŽůƵƚŝŽŶƐŵĂǇŝŶĐůƵĚĞ͗ ŝ͘
ŵĞƌŐĞŶĐǇŝŶƚĞƌŝŵŚŽƵƐŝŶŐŝŝ͘ĐƋƵŝƐŝƚŝŽŶĂŶĚƌĞŚĂďŝůŝƚĂƚŝŽŶŽĨŵŽƚĞůƐͬŚŽƚĞůƐ͘ŝŝŝ͘ĐƋƵŝƐŝƚŝŽŶŽĨůĂŶĚĨŽƌƐĂĨĞƉĂƌŬŝŶŐŽƌƐĂĨĞƐůĞĞƉŝŶŐ͘ŝǀ͘ĐƋƵŝƐŝƚŝŽŶĂŶĚĐŽŶǀĞƌƐŝŽŶŽĨŝŶĚƵƐƚƌŝĂůŽƌĐŽŵŵĞƌĐŝĂůďƵŝůĚŝŶŐƐ͘ ǀ͘ŽŶƐƚƌƵĐƚŝŽŶŽĨŶĞǁĂŶĚͬŽƌƌĞĚĞƐŝŐŶŝŶŐŽĨĞǆŝƐƚŝŶŐĐŽŶŐƌĞŐĂƚĞƐŚĞůƚĞƌ͘ǀŝ͘ĐƋƵŝƐŝƚŝŽŶŽĨŵĂƌŬĞƚƌĂƚĞŚŽƵƐŝŶŐƚŽĐŽŶǀĞƌƚƚŽƉĞƌŵĂŶĞŶƚĚĞĞĚƌĞƐƚƌŝĐƚĞĚŚŽƵƐŝŶŐ͘ǀŝŝ͘KƉĞƌĂƚŝŽŶƐĂŶĚƐĞƌǀŝĐĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŝŶƚĞƌŝŵŚŽƵƐŝŶŐŝĨ^ƚĂƚĞůĂǁŝƐĂŵĞŶĚĞĚƚŽĂůůŽǁĨŽƌďŽŶĚƉƌŽĐĞĞĚƐƚŽďĞƵƐĞĚĨŽƌƉƌŽǀŝĚŝŶŐƐĞƌǀŝĐĞƐ͘ Đ͘&ŝĨƚĞĞŶƉĞƌĐĞŶƚƐŚĂůůďĞƵƐĞĚĨŽƌƚŚĞƉƌĞƐĞƌǀĂƚŝŽŶŽĨĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐ͕ǁŝƚŚĂƉƌŝŽƌŝƚǇĨŽƌƉƌŝǀĂƚĞůǇͲŽǁŶĞĚĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƐǁŝƚŚĞǆƉŝƌŝŶŐĚĞĞĚƌĞƐƚƌŝĐƚŝŽŶƐ͘ Ě͘/Ĩ^ƚĂƚĞůĂǁŝƐĂŵĞŶĚĞĚƚŽĂůůŽǁĨŽƌďŽŶĚƉƌŽĐĞĞĚƐƚŽďĞƵƐĞĚĨŽƌƉƌŽǀŝĚŝŶŐƐĞƌǀŝĐĞƐ͗ ŝ͘&ŝǀĞƉĞƌĐĞŶƚŽĨďŽŶĚƉƌŽĐĞĞĚƐƐŚĂůůďĞƵƐĞĚĨŽƌƚĞŶĂŶƚƉƌŽƚĞĐƚŝŽŶƐ͘ŝŝ͘/Ĩ^ƚĂƚĞůĂǁŝƐŶŽƚĂŵĞŶĚĞĚ͕ĨŝǀĞƉĞƌĐĞŶƚŽĨƚŚĞĨƵŶĚŝŶŐƐŚĂůůďĞƵƐĞĚĨŽƌƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨŶĞǁĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚϮ͘Ă͘ Ğ͘ŽŶĚƵĐƚƌŽďƵƐƚĐŽŵŵƵŶŝƚǇĞŶŐĂŐĞŵĞŶƚŽŶƚŚĞƐƉĞŶĚŝŶŐƉůĂŶǁŝƚŚƚŚĞƐĞƉƌŝŽƌŝƚŝĞƐďĞĨŽƌĞƚŚĞƐƉĞŶĚŝŶŐƉůĂŶƌĞƚƵƌŶƐƚŽŝƚǇŽƵŶĐŝůĨŽƌĂƉƉƌŽǀĂů͘Ĩ͘ŽŶĚƵĐƚĂƐƚƵĚǇƐĞƐƐŝŽŶĨŽƌŽƵŶĐŝůŽŶƚŚĞƐƉĞŶĚŝŶŐƉůĂŶ͘ϯ͘ŶǇĐŚĂŶŐĞƐƚŽƚŚĞĂůůŽĐĂƚŝŽŶƐĚĞƐĐƌŝďĞĚŝŶZĞĐŽŵŵĞŶĚĂƚŝŽŶϮϭƐŚĂůůƌĞƋƵŝƌĞƚǁŽƚŚŝƌĚƐǀŽƚĞŽĨƚŚĞĐŝƚǇĐŽƵŶĐŝůŝŶĂĚĚŝƚŝŽŶƚŽĐŽŵƉůǇŝŶŐǁŝƚŚĂƉƉůŝĐĂďůĞƐƚĂƚĞůĂǁ͘ ϰ͘ŝƌĞĐƚƚŚĞ,ŽƵƐŝŶŐĞƉĂƌƚŵĞŶƚĂŶĚWůĂŶŶŝŶŐ͕ƵŝůĚŝŶŐĂŶĚŽĚĞ ŶĨŽƌĐĞŵĞŶƚƚŽƉƌĞƉĂƌĞĂƉůĂŶƚŽƉƌŽǀŝĚĞĂƉƉƌŽƉƌŝĂƚĞƚĞĐŚŶŝĐĂůĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝǀĞƐƵƉƉŽƌƚ͕ĂŶĚĐŽŽƌĚŝŶĂƚĞĚĞĨĨŝĐŝĞŶƚ ƉĞƌŵŝƚƚŝŶŐ͕ĨŽƌůŽĐĂůĨƵŶĚŝŶŐĂƉƉůŝĐĂƚŝŽŶƐƚŽĂĐĐĞƐƐƚŚĞƌĞŐŝŽŶĂůĨƵŶĚƐĂĚŵŝŶŝƐƚĞƌĞĚďǇ,&͕ĂŶĚƌĞƚƵƌŶƚŽĐŽƵŶĐŝůǁŝƚŚĂƐƚĂƚƵƐƌĞƉŽƌƚŶŽůĂƚĞƌƚŚĂŶDĂǇϲ͕ϮϬϮϱ͘ ϲͬϰͬϮϬϮϰ ŽŵƉůĞƚĞ ^ŽůŝǀĂŶ͕
ƌŝŬ͖ηϯϲϱ ,ŽƵƐŝŶŐ ϴͬϮϳͬϮϬϮϰ
ĞĂƵƚŝĨǇ^ĂŶ:ŽƐĠͲŝƐƚƌŝĐƚϳDƵƌĂůƐ
DƵƌĂůƐĐĂŶďĞĂŶĞĨĨĞĐƚŝǀĞƐƚƌĂƚĞŐǇĨŽƌƌĞĚƵĐŝŶŐƚĂŐŐŝŶŐĂŶĚŐƌĂĨĨŝƚŝŝŶŽƵƌĐŽŵŵƵŶŝƚǇ͘dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϯϬ͕ϬϬϬƚŽƐƉŽŶƐŽƌƚǁŽŵƵƌĂůƉƌŽũĞĐƚƐŝŶĨƌĞƋƵĞŶƚůǇƚĂƌŐĞƚĞĚĂƌĞĂƐǁŝƚŚŝŶŝƐƚƌŝĐƚϳǁŝƚŚĂĐŽŵďŝŶĞĚĂƌĞĂŶŽƚĞǆĐĞĞĚŝŶŐϭ͕ϬϬϬƐƋĨƚ ϲͬϭϱͬϮϬϮϭ ŽŵƉůĞƚĞ <ůĞŝŶ͕EĂŶĐŝ͖ηϭϳϵ

ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚΘƵůƚƵƌĂůĨĨĂŝƌƐ
ϲͬϮϴͬϮϬϮϰ
3 ĞĂƵƚŝĨǇ^:sĞŚŝĐůĞůŝŐŚƚ
^ƚĂƚƵƐZĞƉŽƌƚ
ŝƌĞĐƚŝŽŶĨƌŽŵŵĞŵŽƌĂŶĚƵŵĨƌŽŵŽŚĞŶ͕ĂǀŝƐ͕Kƌƚŝǌ͕<ĂŵĞŝ͕DĂŚĂŶĂŶĚŝƚĞŵƐηϭĂŶĚηϮŽĨŵĞŵŽƌĂŶĚƵŵĨƌŽŵĂƚƌĂ͗DĞŵŽƌĂŶĚƵŵĨƌŽŵŽŚĞŶ͕ĂǀŝƐ͕Kƌƚŝǌ͕<ĂŵĞŝ͕DĂŚĂŶ͗ϭ͘ĚĚƌĞƐƐŝŶŐĂďĂŶĚŽŶĞĚĂŶĚŝůůĞŐĂůůǇƉĂƌŬĞĚǀĞŚŝĐůĞƐ͗;KdͿĂ͘ZĞƚƵƌŶƚŽŝƚǇŽƵŶĐŝůǁŝƚŚĂŶŽƌĚŝŶĂŶĐĞƚŽĂĚĚƌĞƐƐƚŚĞƉĂƌŬŝŶŐŽĨĂůůďŽĂƚƐ͕ƵŶŽĐĐƵƉŝĞĚƚƌĂŝůĞƌƐ͕ĂŶĚŽƚŚĞƌĂĐĐĞƐƐŽƌŝĞƐ;ĞƋƵŝƉŵĞŶƚĂŶĚƐŝŐŶĂŐĞůŝŬĞĂĚǀĞƌƚŝƐŝŶŐ͕ƉƵŵƉƐ͕ƚĂŶŬƐ͕ĞƚĐ͘ͿŽŶƚŚĞƐƚƌĞĞƚďǇƚŚĞĞŶĚ ŽĨϮϬϮϯ͘ď͘/ŵƉƌŽǀĞĐŽŵƉůŝĂŶĐĞŽĨƚŚĞϳϮͲŚŽƵƌƉĂƌŬŝŶŐůŝŵŝƚŽƌĚŝŶĂŶĐĞďǇŵŽƌĞƉƌŽŵŝŶĞŶƚůǇŵĂƌŬŝŶŐǀĞŚŝĐůĞƐǁŝƚŚĂůĂƌŐĞǁĂƌŶŝŶŐŵĞƐƐĂŐĞǁŚĞŶƚŚĞǇŚĂǀĞǀŝŽůĂƚĞĚƚŚĞƚŝŵĞůŝŵŝƚ͘/ĨƚŚĞǇƐƚŝůůĚŽŶŽƚŵŽǀĞ͕ƉƌŽǀŝĚĞ ĐŝƚĂƚŝŽŶƐ͕ĂŶĚĞǀĞŶƚƵĂůůǇƚŽǁǀĞŚŝĐůĞƐ͘Đ͘ŽŶƐŝĚĞƌĞǆƉĂŶĚŝŶŐĂŶĚŵĂƌŬĞƚŝŶŐƚŚĞ&ƌĞĞhŶǁĂŶƚĞĚĂƌWŝĐŬƵƉƉƌŽŐƌĂŵ͕ƉŽƚĞŶƚŝĂůůǇƉĂƌƚŶĞƌŝŶŐǁŝƚŚĂŶŽŶͲƉƌŽĨŝƚ͕ƚŚĂƚĨĂĐŝůŝƚĂƚĞƐƌĞƐŝĚĞŶƚƐĚŝƐƉŽƐŝŶŐƚŚĞŝƌƵŶǁĂŶƚĞĚǀĞŚŝĐůĞƐ͕ƚŽŝŶĐůƵĚĞƉƵďůŝĐƉƌŽƉĞƌƚǇ͘ ŝ͘
ǆƉůŽƌĞǁĂǇƐƚŚŝƐĐĂŶďĞŝŶƚĞŐƌĂƚĞĚŝŶƚŽƚŚĞ^:ϯϭϭĂƉƉ͘;/dͿŝŝ͘WŽƚĞŶƚŝĂůůǇĂůůŽǁǀĞŚŝĐůĞŽǁŶĞƌƚŽŵĂƌŬƚŚĞŶŽƚŝĐĞŽĨǀŝŽůĂƚŝŽŶŽƌĐĂůůĂŶƵŵďĞƌŝĨƚŚĞǇǁĂŶƚƚŚĞǀĞŚŝĐůĞƚŽǁĞĚŝĨƚŚĞǇĂƌĞƚŚĞůĞŐĂůŽǁŶĞƌŽĨƚŚĞǀĞŚŝĐůĞ͘ Ě͘^ŚŝĨƚƌĞƐŽƵƌĐĞƐƚŽƌĞƐƉŽŶĚƚŽĂƚůĞĂƐƚϭϬ͕ϬϬϬĐŽŵƉůĂŝŶƚͲďĂƐĞĚŝŶǀĞƐƚŝŐĂƚŝŽŶƐŽĨǀĞŚŝĐůĞƐƚŚĂƚĂƌĞǀŝŽůĂƚŝŶŐƚŚĞϳϮͲŚŽƵƌƉĂƌŬŝŶŐŽƌĚŝŶĂŶĐĞ͕ǁŚŝůĞĐŽŶƚŝŶƵŝŶŐĨŽĐƵƐĞĚƉƌŽĂĐƚŝǀĞĞŶĨŽƌĐĞŵĞŶƚ͘Ğ͘WƵƌƐƵĞůĞŐŝƐůĂƚŝǀĞĂŶĚŽƌĚŝŶĂŶĐĞĐŚĂŶŐĞƐƚŽĂĚĚƌĞƐƐŚĞĂůƚŚ͕ƐĂĨĞƚǇ͕ĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚƐŽĨůŝǀĞĚͲŝŶǀĞŚŝĐůĞƐƚŽĂĚĚƌĞƐƐĚƵŵƉŝŶŐďŝŽͲǁĂƐƚĞĂŶĚŽƚŚĞƌƐĂĨĞƚǇŚĂǌĂƌĚƐ͘Ϯ͘/ŵƉƌŽǀŝŶŐƚŚĞ^:ϯϭϭĂƉƉůŝĐĂƚŝŽŶ͗;/dͿĂ͘ WƌŽǀŝĚĞŵŽƌĞĐŽƵƌƚĞŽƵƐĂŶĚĐůĞĂƌƌĞƉůŝĞƐƚŽǀĞŚŝĐůĞďůŝŐŚƚƌĞƉŽƌƚƐ͘ď͘ KĨĨĞƌĂŶŽƉƉŽƌƚƵŶŝƚǇĨŽƌŽŶĞĂƉƉĞĂůͬƌĞďƵƚƚĂůŽĨƚŚĞĚĞĐŝƐŝŽŶǁŝƚŚŐƵŝĚĂŶĐĞŐŝǀĞŶŽŶǁŚĂƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐĂƌĞĂŶĚǁŚǇƚŚĞŽƌŝŐŝŶĂůĐŽŵƉůĂŝŶƚĚŝĚŶŽƚŵĞĞƚƚŚĞƉĂƌĂŵĞƚĞƌƐ͘ ϯ͘ĞǀĞůŽƉĂŶĚƉƌĞƐĞŶƚƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐƚŽƚŚĞdƌĂŶƐƉŽƌƚĂƚŝŽŶĂŶĚ ŶǀŝƌŽŶŵĞŶƚŽŵŵŝƚƚĞĞ;dΘ
ͿŽĨŚŽǁƚŽŝŵƉƌŽǀĞƐƚƌĞĞƚƐǁĞĞƉŝŶŐƉĞƌĨŽƌŵĂŶĐĞƚŚƌŽƵŐŚĞŶĨŽƌĐĞŵĞŶƚŽĨƉĂƌŬŝŶŐƌĞƐƚƌŝĐƚŝŽŶƐ͗;KdͿ Ă͘
ǆƉůŽƌĞƚŚĞƵƐĞŽĨĂůƚĞƌŶĂƚŝŶŐƐǁĞĞƉƐĐŚĞĚƵůĞƐƚŚĂƚĂůůŽǁƌĞƐŝĚĞŶƚƐƚŽƉĂƌŬŽŶŽŶĞƐŝĚĞŽĨƚŚĞŝƌƐƚƌĞĞƚŽŶƐƚƌĞĞƚƐǁĞĞƉŝŶŐĚĂǇ͘ ď͘
ǆƉůŽƌĞĂŵĞƚŚŽĚĨŽƌƚƌĂĐŬŝŶŐƐƚƌĞĞƚƐǁĞĞƉŝŶŐĂŶĚǁŚĞƌĞƚƌŽƵďůĞƐƉŽƚƐĂƌĞƚŽĨŽĐƵƐŽƵƚƌĞĂĐŚĂŶĚĞŶĨŽƌĐĞŵĞŶƚ͘Đ͘ĞǀĞůŽƉĐŽŵŵƵŶŝĐĂƚŝŽŶƐĂŶĚŵĂƌŬĞƚŝŶŐĐĂŵƉĂŝŐŶƚŽŝŶĨŽƌŵƌĞƐŝĚĞŶƚƐŽĨƚŚĞŝƌƐƚƌĞĞƚƐǁĞĞƉŝŶŐĚĂǇƐ͕ŝŶĐůƵĚŝŶŐƉƌŽǀŝĚŝŶŐƐǁĞĞƉŝŶŐƐĐŚĞĚƵůĞƐƚŽŝƚǇŽƵŶĐŝůŵĞŵďĞƌƐ͛ŽĨĨŝĐĞƐƚŽĚŝƐƚƌŝďƵƚĞƚŽƚŚĞŝƌĚŝƐƚƌŝĐƚƐ͘ ϰ͘WƌŽǀŝĚĞĂǀĞƌďĂůƐƚĂƚƵƐƌĞƉŽƌƚĞǀĞƌǇƐŝǆŵŽŶƚŚƐƚŽdΘ ŽŵŵŝƚƚĞĞŝŶ&zϮϯͲϮϰ͕ĨŽůůŽǁĞĚďǇĂŶŶƵĂůƌĞƉŽƌƚƐŝŶƐƵďƐĞƋƵĞŶƚĨŝƐĐĂůǇĞĂƌƐ͘;KdͿ DĞŵŽƌĂŶĚƵŵĨƌŽŵĂƚƌĂ͗ϭ͘/ŶǀĞƐƚŝŐĂƚĞŵĞƚŚŽĚƐƚŚĂƚĐĂŶďĞƵƐĞĚƚŽƌĞƉŽƌƚƚŚĞŶƵŵďĞƌŽĨǀĞŚŝĐůĞƐƚŚĂƚŚĂǀĞďĞĞŶƚŽǁĞĚĂŶĚŝŵƉŽƵŶĚĞĚďƵƚǁĞƌĞůĂƚĞƌƌĞůĞĂƐĞĚƚŽĚĞƚĞƌŵŝŶĞŚŽǁŵĂŶǇǀĞŚŝĐůĞƐǁĞƌĞƚƌƵůǇĂďĂŶĚŽŶĞĚĂŶĚŚŽǁ ŵĂŶǇǁĞƌĞƌĞĐůĂŝŵĞĚďǇƚŚĞŝƌŽǁŶĞƌƐ͘;KdͿϮ͘
ǆƉůŽƌĞĂůƚĞƌŶĂƚŝǀĞŵĞƚŚŽĚƐƚŚĂƚĐĂŶďĞƵƐĞĚƚŽŽďƚĂŝŶƉƌĞĐŝƐĞŵŽǀĞŵĞŶƚĂŶĚƐƚĂƚƵƐŽĨĂƌĞƉŽƌƚĞĚǀĞŚŝĐůĞƐŝŶĐĞŝƚƐŝŶŝƚŝĂůƌĞƉŽƌƚŝŶŐ͘;/dͿ ϱͬϭϲͬϮϬϮϯ ŽŵƉůĞƚĞ dĂǁĨŝŬ͕ <ŚĂůĞĚ͖ηϮϬϳ /ŶĨŽƌŵĂƚŝŽŶ dĞĐŚŶŽůŽŐǇ ϲͬϯͬϮϬϮϰ ĞĂƵƚŝĨǇ^:sĞŚŝĐůĞůŝŐŚƚ^ƚĂƚƵƐZĞƉŽƌƚ
ŝƌĞĐƚŝŽŶĨƌŽŵŵĞŵŽƌĂŶĚƵŵĨƌŽŵŽŚĞŶ͕ĂǀŝƐ͕Kƌƚŝǌ͕<ĂŵĞŝ͕DĂŚĂŶĂŶĚŝƚĞŵƐηϭĂŶĚηϮŽĨŵĞŵŽƌĂŶĚƵŵĨƌŽŵĂƚƌĂ͗DĞŵŽƌĂŶĚƵŵĨƌŽŵŽŚĞŶ͕ĂǀŝƐ͕Kƌƚŝǌ͕<ĂŵĞŝ͕DĂŚĂŶ͗ϭ͘ĚĚƌĞƐƐŝŶŐĂďĂŶĚŽŶĞĚĂŶĚŝůůĞŐĂůůǇƉĂƌŬĞĚǀĞŚŝĐůĞƐ͗;KdͿĂ͘ZĞƚƵƌŶƚŽŝƚǇŽƵŶĐŝůǁŝƚŚĂŶŽƌĚŝŶĂŶĐĞƚŽĂĚĚƌĞƐƐƚŚĞƉĂƌŬŝŶŐŽĨĂůůďŽĂƚƐ͕ƵŶŽĐĐƵƉŝĞĚƚƌĂŝůĞƌƐ͕ĂŶĚŽƚŚĞƌĂĐĐĞƐƐŽƌŝĞƐ;ĞƋƵŝƉŵĞŶƚĂŶĚƐŝŐŶĂŐĞůŝŬĞĂĚǀĞƌƚŝƐŝŶŐ͕ƉƵŵƉƐ͕ƚĂŶŬƐ͕ĞƚĐ͘ͿŽŶƚŚĞƐƚƌĞĞƚďǇƚŚĞĞŶĚ ŽĨϮϬϮϯ͘ď͘/ŵƉƌŽǀĞĐŽŵƉůŝĂŶĐĞŽĨƚŚĞϳϮͲŚŽƵƌƉĂƌŬŝŶŐůŝŵŝƚŽƌĚŝŶĂŶĐĞďǇŵŽƌĞƉƌŽŵŝŶĞŶƚůǇŵĂƌŬŝŶŐǀĞŚŝĐůĞƐǁŝƚŚĂůĂƌŐĞǁĂƌŶŝŶŐŵĞƐƐĂŐĞǁŚĞŶƚŚĞǇŚĂǀĞǀŝŽůĂƚĞĚƚŚĞƚŝŵĞůŝŵŝƚ͘/ĨƚŚĞǇƐƚŝůůĚŽŶŽƚŵŽǀĞ͕ƉƌŽǀŝĚĞ ĐŝƚĂƚŝŽŶƐ͕ĂŶĚĞǀĞŶƚƵĂůůǇƚŽǁǀĞŚŝĐůĞƐ͘Đ͘ŽŶƐŝĚĞƌĞǆƉĂŶĚŝŶŐĂŶĚŵĂƌŬĞƚŝŶŐƚŚĞ&ƌĞĞhŶǁĂŶƚĞĚĂƌWŝĐŬƵƉƉƌŽŐƌĂŵ͕ƉŽƚĞŶƚŝĂůůǇƉĂƌƚŶĞƌŝŶŐǁŝƚŚĂŶŽŶͲƉƌŽĨŝƚ͕ƚŚĂƚĨĂĐŝůŝƚĂƚĞƐƌĞƐŝĚĞŶƚƐĚŝƐƉŽƐŝŶŐƚŚĞŝƌƵŶǁĂŶƚĞĚǀĞŚŝĐůĞƐ͕ƚŽŝŶĐůƵĚĞƉƵďůŝĐƉƌŽƉĞƌƚǇ͘ ŝ͘
ǆƉůŽƌĞǁĂǇƐƚŚŝƐĐĂŶďĞŝŶƚĞŐƌĂƚĞĚŝŶƚŽƚŚĞ^:ϯϭϭĂƉƉ͘;/dͿŝŝ͘WŽƚĞŶƚŝĂůůǇĂůůŽǁǀĞŚŝĐůĞŽǁŶĞƌƚŽŵĂƌŬƚŚĞŶŽƚŝĐĞŽĨǀŝŽůĂƚŝŽŶŽƌĐĂůůĂŶƵŵďĞƌŝĨƚŚĞǇǁĂŶƚƚŚĞǀĞŚŝĐůĞƚŽǁĞĚŝĨƚŚĞǇĂƌĞƚŚĞůĞŐĂůŽǁŶĞƌŽĨƚŚĞǀĞŚŝĐůĞ͘ Ě͘^ŚŝĨƚƌĞƐŽƵƌĐĞƐƚŽƌĞƐƉŽŶĚƚŽĂƚůĞĂƐƚϭϬ͕ϬϬϬĐŽŵƉůĂŝŶƚͲďĂƐĞĚŝŶǀĞƐƚŝŐĂƚŝŽŶƐŽĨǀĞŚŝĐůĞƐƚŚĂƚĂƌĞǀŝŽůĂƚŝŶŐƚŚĞϳϮͲŚŽƵƌƉĂƌŬŝŶŐŽƌĚŝŶĂŶĐĞ͕ǁŚŝůĞĐŽŶƚŝŶƵŝŶŐĨŽĐƵƐĞĚƉƌŽĂĐƚŝǀĞĞŶĨŽƌĐĞŵĞŶƚ͘Ğ͘WƵƌƐƵĞůĞŐŝƐůĂƚŝǀĞĂŶĚŽƌĚŝŶĂŶĐĞĐŚĂŶŐĞƐƚŽĂĚĚƌĞƐƐŚĞĂůƚŚ͕ƐĂĨĞƚǇ͕ĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚƐŽĨůŝǀĞĚͲŝŶǀĞŚŝĐůĞƐƚŽĂĚĚƌĞƐƐĚƵŵƉŝŶŐďŝŽͲǁĂƐƚĞĂŶĚŽƚŚĞƌƐĂĨĞƚǇŚĂǌĂƌĚƐ͘Ϯ͘/ŵƉƌŽǀŝŶŐƚŚĞ^:ϯϭϭĂƉƉůŝĐĂƚŝŽŶ͗;/dͿĂ͘ WƌŽǀŝĚĞŵŽƌĞĐŽƵƌƚĞŽƵƐĂŶĚĐůĞĂƌƌĞƉůŝĞƐƚŽǀĞŚŝĐůĞďůŝŐŚƚƌĞƉŽƌƚƐ͘ď͘ KĨĨĞƌĂŶŽƉƉŽƌƚƵŶŝƚǇĨŽƌŽŶĞĂƉƉĞĂůͬƌĞďƵƚƚĂůŽĨƚŚĞĚĞĐŝƐŝŽŶǁŝƚŚŐƵŝĚĂŶĐĞŐŝǀĞŶŽŶǁŚĂƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐĂƌĞĂŶĚǁŚǇƚŚĞŽƌŝŐŝŶĂůĐŽŵƉůĂŝŶƚĚŝĚŶŽƚŵĞĞƚƚŚĞƉĂƌĂŵĞƚĞƌƐ͘ ϯ͘ĞǀĞůŽƉĂŶĚƉƌĞƐĞŶƚƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐƚŽƚŚĞdƌĂŶƐƉŽƌƚĂƚŝŽŶĂŶĚ ŶǀŝƌŽŶŵĞŶƚŽŵŵŝƚƚĞĞ;dΘ
ͿŽĨŚŽǁƚŽŝŵƉƌŽǀĞƐƚƌĞĞƚƐǁĞĞƉŝŶŐƉĞƌĨŽƌŵĂŶĐĞƚŚƌŽƵŐŚĞŶĨŽƌĐĞŵĞŶƚŽĨƉĂƌŬŝŶŐƌĞƐƚƌŝĐƚŝŽŶƐ͗;KdͿ Ă͘
ǆƉůŽƌĞƚŚĞƵƐĞŽĨĂůƚĞƌŶĂƚŝŶŐƐǁĞĞƉƐĐŚĞĚƵůĞƐƚŚĂƚĂůůŽǁƌĞƐŝĚĞŶƚƐƚŽƉĂƌŬŽŶŽŶĞƐŝĚĞŽĨƚŚĞŝƌƐƚƌĞĞƚŽŶƐƚƌĞĞƚƐǁĞĞƉŝŶŐĚĂǇ͘ ď͘
ǆƉůŽƌĞĂŵĞƚŚŽĚĨŽƌƚƌĂĐŬŝŶŐƐƚƌĞĞƚƐǁĞĞƉŝŶŐĂŶĚǁŚĞƌĞƚƌŽƵďůĞƐƉŽƚƐĂƌĞƚŽĨŽĐƵƐŽƵƚƌĞĂĐŚĂŶĚĞŶĨŽƌĐĞŵĞŶƚ͘Đ͘ĞǀĞůŽƉĐŽŵŵƵŶŝĐĂƚŝŽŶƐĂŶĚŵĂƌŬĞƚŝŶŐĐĂŵƉĂŝŐŶƚŽŝŶĨŽƌŵƌĞƐŝĚĞŶƚƐŽĨƚŚĞŝƌƐƚƌĞĞƚƐǁĞĞƉŝŶŐĚĂǇƐ͕ŝŶĐůƵĚŝŶŐƉƌŽǀŝĚŝŶŐƐǁĞĞƉŝŶŐƐĐŚĞĚƵůĞƐƚŽŝƚǇŽƵŶĐŝůŵĞŵďĞƌƐ͛ŽĨĨŝĐĞƐƚŽĚŝƐƚƌŝďƵƚĞƚŽƚŚĞŝƌĚŝƐƚƌŝĐƚƐ͘ ϰ͘WƌŽǀŝĚĞĂǀĞƌďĂůƐƚĂƚƵƐƌĞƉŽƌƚĞǀĞƌǇƐŝǆŵŽŶƚŚƐƚŽdΘ ŽŵŵŝƚƚĞĞŝŶ&zϮϯͲϮϰ͕ĨŽůůŽǁĞĚďǇĂŶŶƵĂůƌĞƉŽƌƚƐŝŶƐƵďƐĞƋƵĞŶƚĨŝƐĐĂůǇĞĂƌƐ͘;KdͿ DĞŵŽƌĂŶĚƵŵĨƌŽŵĂƚƌĂ͗ϭ͘/ŶǀĞƐƚŝŐĂƚĞŵĞƚŚŽĚƐƚŚĂƚĐĂŶďĞƵƐĞĚƚŽƌĞƉŽƌƚƚŚĞŶƵŵďĞƌŽĨǀĞŚŝĐůĞƐƚŚĂƚŚĂǀĞďĞĞŶƚŽǁĞĚĂŶĚŝŵƉŽƵŶĚĞĚďƵƚǁĞƌĞůĂƚĞƌƌĞůĞĂƐĞĚƚŽĚĞƚĞƌŵŝŶĞŚŽǁŵĂŶǇǀĞŚŝĐůĞƐǁĞƌĞƚƌƵůǇĂďĂŶĚŽŶĞĚĂŶĚŚŽǁ ŵĂŶǇǁĞƌĞƌĞĐůĂŝŵĞĚďǇƚŚĞŝƌŽǁŶĞƌƐ͘;KdͿϮ͘
ǆƉůŽƌĞĂůƚĞƌŶĂƚŝǀĞŵĞƚŚŽĚƐƚŚĂƚĐĂŶďĞƵƐĞĚƚŽŽďƚĂŝŶƉƌĞĐŝƐĞŵŽǀĞŵĞŶƚĂŶĚƐƚĂƚƵƐŽĨĂƌĞƉŽƌƚĞĚǀĞŚŝĐůĞƐŝŶĐĞŝƚƐŝŶŝƚŝĂůƌĞƉŽƌƚŝŶŐ͘;/dͿ ϱͬϭϲͬϮϬϮϯ ŽŵƉůĞƚĞ ZŝƐƚŽǁ͕:ŽŚŶ͖ηϭϮϮ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ϲͬϯͬϮϬϮϰ ĂůůĞtŝůůŽǁƵƐŝŶĞƐƐŝƐƚƌŝĐƚͲ^ƚƌĞĞƚdƌĞĞƐ
/ŶŽƌĚĞƌƚŽĐƌĞĂƚĞĂŶƵƌďĂŶĐĂŶŽƉǇƚŚĂƚƐƵƉƉŽƌƚƐďŽƚŚŽĨƚŚĞƐĞďƵƐŝŶĞƐƐĚŝƐƚƌŝĐƚƐ͕ƚŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϮϱ͕ϬϬϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵƚŚĞ ^ZƚŽƚŚĞĂůůĞtŝůůŽǁ
ďƵƐŝŶĞƐƐĚŝƐƚƌŝĐƚƚŽƌĞŵŽǀĞƚŚĞĐŽŶĐƌĞƚĞĂŶĚƉůĂŶƚƚƌĞĞƐŝŶĞĂĐŚďƵƐŝŶĞƐƐĚŝƐƚƌŝĐƚ͘;ηϲϯdŽƌƌĞƐͿ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ ZŝƐƚŽǁ͕:ŽŚŶ͖ηϭϮϮ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ϲͬϮϴͬϮϬϮϰ ĂŶŶĂďŝƐƵƐŝŶĞƐƐZĞŐƵůĂƚŝŽŶƐĂŶĚŶŶƵĂůKƉĞƌĂƚŝŶŐ&ĞĞŽŵƉĂƌŝƐŽŶƐ ŝƌĞĐƚŝŽŶƚŽ͗ϭ͘ ZĞĚƵĐĞƚŚĞĂŶŶĂďŝƐ^ƚŽƌĞĨƌŽŶƚZĞƚĂŝůĂŶŶƵĂůĨĞĞƚŽΨϯϬ͕ϬϬϬƉĞƌǇĞĂƌƐƵďũĞĐƚƚŽǁŚĞŶƚŚĞĨĞĞƐĂŶĚĐŚĂƌŐĞƌƐĂƌĞďŽƵŐŚƚĨŽƌƚŚĂŶĚŝŶĨƵƚƵƌĞǇĞĂƌƐĂůůŽǁĂƌĞĂƐŽŶĂďůĞĂŶŶƵĂůW/ ĂĚũƵƐƚŵĞŶƚƚŽŵĂŝŶƚĂŝŶĐŽƐƚƌĞĐŽǀĞƌǇďƵƚŶŽƚŝŶĐƌĞĂƐĞƐĐŽƉĞŽĨƌĞŐƵůĂƚŝŽŶǁŝƚŚŽƵƚĂŶĂĚĚŝƚŝŽŶĂůŝƚǇŽƵŶĐŝůǀŽƚĞ͘Ϯ͘ /ŶĚŝƌĞĐƚƌĞůĂƚŝŽŶƚŽƚŚĞĚĞĐƌĞĂƐĞŽĨĂŶŶƵĂůĨĞĞ͕ĂůŝŐŶŽƵƌĐŝƚǇ͛ƐƌĞŐƵůĂƚŝŽŶƐǁŝƚŚƐƚĂƚĞƌĞŐƵůĂƚŝŽŶƐ͕ďǇŝĚĞŶƚŝĨǇŝŶŐĂŶĚĞůŝŵŝŶĂƚŝŶŐĚƵƉůŝĐĂƚŝǀĞĂŶĚďƵƌĚĞŶƐŽŵĞƌĞŐƵůĂƚŝŽŶƐǁŝƚŚŝŶƚŚĞ^ĂŶ :ŽƐĠDƵŶŝĐŝƉĂůŽĚĞ͘^ƚĂĨĨŝƐƚĂƐŬĞĚƚŽŵĂŬĞƚŚĞŶĞĐĞƐƐĂƌǇĐƵƚƐƚŽƚŚĞŝǀŝƐŝŽŶŽĨĂŶŶĂďŝƐZĞŐƵůĂƚŝŽŶƚŽŵĂŬĞƚŚĞƉƌŽŐƌĂŵĐŽƐƚƌĞĐŽǀĞƌǇǁŝƚŚŝŶƚŚĞůŽǁĞƌĨĞĞƐƚƌƵĐƚƵƌĞĂŶĚǁŝƚŚŽƵƚ ƐŚŝĨƚŝŶŐĂŶǇĐŽƐƚƚŽƚŚĞ'ĞŶĞƌĂů&ƵŶĚ͘
ϯͬϭϵͬϮϬϮϰ ŽŵƉůĞƚĞ :ŽƐĞƉŚ͕WĂƵů͖ηϮϵϲ WŽůŝĐĞ ϱͬϮϰͬϮϬϮϰ
ŝƚǇ&ŝƌĞǁŽƌŬƐĨŽƌϰƚŚŽĨ:ƵůǇĞůĞďƌĂƚŝŽŶ
dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϭϱϬ͕ϬϬϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵƚŚĞ ^ZƚŽƉƌŽĚƵĐĞĂϰƚŚŽĨ:ƵůǇĨŝƌĞǁŽƌŬƐƐŚŽǁŝŶƉĂƌƚŶĞƌƐŚŝƉǁŝƚŚƚŚĞŝƐƚƌŝĐƚϭϬŽƵŶĐŝůŽĨĨŝĐĞ͕ƚŚĞůŵĂĚĞŶsĂůůĞǇtŽŵĞŶ͛ƐůƵď͕ĂŶĚƚŚĞ<ŝǁĂŶŝƐůƵďŽĨůŵĂĚĞŶsĂůůĞǇ͘;ηϰϵĂƚƌĂͿ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ <ůĞŝŶ͕EĂŶĐŝ͖ηϭϳϵ

ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚΘƵůƚƵƌĂůĨĨĂŝƌƐ
ϯͬϯϭͬϮϬϮϰ
ŝƚǇ/ŶŝƚŝĂƚŝǀĞƐZŽĂĚŵĂƉ͗ƵƐƚŽŵĞƌ^ĞƌǀŝĐĞsŝƐŝŽŶĂŶĚ^ƚĂŶĚĂƌĚƐ/ŶŝƚŝĂƚŝǀĞZĞƉŽƌƚ ZĞĐŽŵŵĞŶĚĂƚŝŽŶϱ͘ϮŽĨƚŚĞƌĞƉŽƌƚ͗WƌŽĐƵƌĞĂƵƐƚŽŵĞƌZĞůĂƚŝŽŶƐŚŝƉDĂŶĂŐĞŵĞŶƚ;ZDͿƐŽůƵƚŝŽŶƚŽĐĞŶƚƌĂůŝǌĞĐƵƐƚŽŵĞƌĚĂƚĂĐŽůůĞĐƚŝŽŶ͕ƚƌĂĐŬŝŶŐ͕ĂŶĚƐŚĂƌŝŶŐ;ůŽŶŐƚĞƌŵͿ͘EĐŽŶƐŽůŝĚĂƚĞŝŶƚŽĂƐŝŶŐůĞZDƉůĂƚĨŽƌŵƐŽůƵƚŝŽŶŽƌŚĂǀĞŵƵůƚŝƉůĞƉůĂƚĨŽƌŵƐǁŽƌŬƚŽŐĞƚŚĞƌ͖ĂŶĚĞǆƉůŽƌĞƐŽůƵƚŝŽŶƐŽƌĂďŝůŝƚǇƚŽĞŶŚĂŶĐĞĂŶŽŶǇŵŽƵƐƌĞƉŽƌƚŝŶŐĐĂƉĂďŝůŝƚǇĂŶĚŵĂŬĞƚƌĂŶƐĨĞƌƐŽĨŝƐƐƵĞƐďĞƚǁĞĞŶŝƚǇƐĞƌǀŝĐĞƐĂŶĚŽƵŶƚǇƐĞƌǀŝĐĞƐƐŝŵƉůĞƌĂŶĚƐŵŽŽƚŚĞƌ ϯͬϳͬϮϬϮϯ ŽŵƉůĞƚĞ ĞĐŬĞů͕ ŽůĂŶ͖ηϭϱϮ ŝƚǇDĂŶĂŐĞƌ ϴͬϮϳͬϮϬϮϰ ůŝŵĂƚĞ^ŵĂƌƚ^ĂŶ:ŽƐĞ ŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϮϬϬ͕ϬϬϬĨŽƌůŝŵĂƚĞ^ŵĂƌƚ^:͘ĚĚŝƚŝŽŶĂůǁŽƌŬƌĞŵĂŝŶƐŽŶĂƌĞĂĐŚĐŽĚĞĂŶĚďƵŝůĚŝŶŐĞůĞĐƚƌŝĨŝĐĂƚŝŽŶƉŽůŝĐǇ͕ĂŶĚĂĚĚŝƚŝŽŶĂůĨƵŶĚŝŶŐǁŝůůĂƐƐŝƐƚƐƚĂĨĨŝŶ ĂĐĐĞůĞƌĂƚŝŶŐƚŚĂƚǁŽƌŬ͘;DηϯϮͿ ϲͬϭϰͬϮϬϮϮ ŽŵƉůĞƚĞ ZŽŵĂŶŽǁ͕ <ĞƌƌŝĞ͖ηϮϮϰ ŶǀŝƌŽŶŵĞŶƚĂů^ĞƌǀŝĐĞƐ ϭͬϯϬͬϮϬϮϰ
4 ŽůůĞĐƚŝŽŶĂŶĚhƐĞŽĨdƌĞĞͲ
ZĞůĂƚĞĚŝŶͲůŝĞƵĨĞĞƐ͕ĞŶĨŽƌĐĞŵĞŶƚŽĨƚƌĞĞƉůĂŶƚŝŶŐĐŽŶĚŝƚŝŽŶƐŽŶĚĞǀĞůŽƉŵĞŶƚĂŶĚƚŚĞĐŽƐƚŽĨƚƌĞĞƉůĂŶƚŝŶŐĂƵĚŝƚ ZĞƉŽƌƚďĂĐŬƚŽƚŚĞdƌĂŶƐƉŽƌƚĂƚŝŽŶΘ
ŶǀŝƌŽŶŵĞŶƚŽŵŵŝƚƚĞĞ;dΘ
ͿŵĞĞƚŝŶŐŝŶ:ƵŶĞϮϬϮϯŽŶƚŚĞĐŽŵƉůĞƚŝŽŶƐƚĂƚƵƐŽĨĂƵĚŝƚƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĂŶĚĂƉůĂŶĨŽƌĐŽŵƉůĞƚŝŶŐƵĚŝƚ ZĞĐŽŵŵĞŶĚĂƚŝŽŶηϲ͕ĂŶĚĐŽŵĞďĂĐŬƚŽdΘ
ĂƚƚŚĞĞŶĚŽĨϮϬϮϯǁŝƚŚĂŶƵƉĚĂƚĞ͘Ϯ͘ZĞƉŽƌƚďĂĐŬƚŽƚŚĞdΘ ĂŶŶƵĂůůǇŽŶƚŚĞŵĞƚƌŝĐƐĨŽƌƚƌĞĞƌĞŵŽǀĂůƉĞƌŵŝƚƚŝŶŐĂŶĚŵŝƚŝŐĂƚŝŽŶ͕ǁŝƚŚĚĞƚĂŝůƐ ŽŶĐŽůůĞĐƚŝŽŶĂŶĚƵƚŝůŝǌĂƚŝŽŶŽĨŝŶͲůŝĞƵĨĞĞƐ͘ϯ͘
ŶƐƵƌĞƚŚĂƚƚƌĞĞƌĞŵŽǀĂůŵŝƚŝŐĂƚŝŽŶĂĚŽƉƚĞĚĂƐƉĂƌƚŽĨƚŚĞĐŝƚǇ͛ƐďŝůůďŽĂƌĚƉŽůŝĐǇŝƐŝŶĐůƵĚĞĚĂƐƉĂƌƚŽĨƚŚĞŵŽŶŝƚŽƌĞĚƉƌŽĐĞƐƐ͘ϰ͘ ŶƐƵƌĞƚŚĂƚ
ƚŚĞŝƚǇdƌĞĞZĞƉůĂĐĞŵĞŶƚWŽůŝĐǇŝŶĐůƵĚĞƐƉƌŽǀŝƐŝŽŶƐĨŽƌƚƌĞĞƐŽŶƉƌŝǀĂƚĞƉƌŽƉĞƌƚǇ͕ŝŶƉƵďůŝĐƐƉĂĐĞƐ͕ĂŶĚĂůŽŶŐƉĂƌŬŝŶŐƐƚƌŝƉƐ͘ϱ͘WůĂĐĞϱϬйŽĨƚƌĞĞŝŶͲůŝĞƵĨĞĞƐĐŽůůĞĐƚĞĚƚŽƌĞƚƵƌŶƚŽƚŚĞĚŝƐƚƌŝĐƚĨƌŽŵǁŚŝĐŚŝƚǁĂƐĐŽůůĞĐƚĞĚĂŶĚƚŚĞƌĞŵĂŝŶŝŶŐϱϬйŝŶƚŚĞĐŝƚǇǁŝĚĞƚƌĞĞŵŝƚŝŐĂƚŝŽŶĨƵŶĚ͘ϲ͘ ǀĂůƵĂƚĞƚŚĞĐŝƚǇ͛ƐƚƌĞĞƌĞŵŽǀĂůƉĞƌŵŝƚ
ĂŶĚĨĞĞƌĞƋƵŝƌĞŵĞŶƚƐƚŽŵŝŶŝŵŝǌĞĚŝĨĨŝĐƵůƚǇĨŽƌƌĞƐŝĚĞŶƚƐǁŚŝůĞƐƚŝůůƐƵƉƉŽƌƚŝŶŐƚŚĞĐŝƚǇ͛ƐŐŽĂůŽĨƉƌĞƐĞƌǀŝŶŐĂŶĚĞŶŚĂŶĐŝŶŐ^ĂŶ:ŽƐĞ͛ƐƚƌĞĞĐĂŶŽƉǇ͘ϳ͘ ŶƐƵƌĞĂƌŽďƵƐƚƉƵďůŝĐŽƵƚƌĞĂĐŚƉƌŽĐĞƐƐŝƐŝŶƉůĂĐĞƚŽŝŶĨŽƌŵƚŚĞƉƵďůŝĐĂďŽƵƚƚŚĞƵƐĂďůĞƉƌŽĐĞƐƐĨŽƌĨƌĞĞƌĞƉůĂĐĞŵĞŶƚƚƌĞĞƐ͘ĂŶĚŶĚǁŝƚŚƌĞĐηϱͲWůĂĐĞϱϬйŽĨƚƌĞĞŝŶͲůŝĞƵĨĞĞƐĐŽůůĞĐƚĞĚƚŽƌĞƚƵƌŶƚŽƚŚĞĚŝƐƚƌŝĐƚĨƌŽŵǁŚŝĐŚŝƚǁĂƐĐŽůůĞĐƚĞĚĂŶĚƚŚĞƌĞŵĂŝŶŝŶŐϱϬйŝŶƚŚĞĐŝƚǇǁŝĚĞƚƌĞĞŵŝƚŝŐĂƚŝŽŶĨƵŶĚƚŽŝŶĐůƵĚĞĂƉŽůŝĐǇƚŚƌĞƐŚŽůĚĨŽƌŵŝƚŝŐĂƚŝŽŶĨĞĞƐĂŶĚƉƌŝŽƌŝƚŝǌĞĐŽŵŵƵŶŝƚŝĞƐǁŝƚŚůĂĐŬŽĨĐĂŶŽƉǇĂŶĚŽŚĞŶʹďƌŝŶŐďĂĐŬĂƉŽůŝĐǇƚŽĚĞƚĞƌŵŝŶĞƵƐĞĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨĨƵŶĚƐĨŽƌĂůůŽĐĂƚŝŽŶŽĨĐŝƚǇǁŝĚĞĨƵŶĚƐ ϭͬϭϬͬϮϬϮϯ ŽŵƉůĞƚĞ ZŝƐƚŽǁ͕:ŽŚŶ͖ηϭϮϮ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ϲͬϮϴͬϮϬϮϰ ŽŵŵĞƌĐŝĂůŽƌƌŝĚŽƌWŽǁĞƌtĂƐŚŝŶŐ
dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϭϬϬ͕ϬϬϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵƚŚĞ ^ZƚŽƉƌŽǀŝĚĞƚǁŽƌŽƵŶĚƐŽĨƉƌĞƐƐƵƌĞǁĂƐŚŝŶŐŝŶĐŽŵŵĞƌĐŝĂůĐŽƌƌŝĚŽƌƐůŽĐĂƚĞĚĂůŽŶŐůƵŵZŽĐŬǀĞ͕͘ <ŝŶŐZĚ͕͘ĂŶĚ^ƚŽƌǇZĚ͘;ηϰϱKƌƚŝǌͿ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ ZŝƐƚŽǁ͕:ŽŚŶ͖ηϭϮϮ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ϲͬϮϴͬϮϬϮϰ ŽŵƉƌĞŚĞŶƐŝǀĞZĞǀŝĞǁŽĨŝƚǇWƌŽŐƌĂŵƐǁŝƚŚ/ŶĐŽŵĞ
ůŝŐŝďŝůŝƚǇƌŝƚĞƌŝĂ
/ŶĐůƵĚĞĂĐŽŵƉƌĞŚĞŶƐŝǀĞƌĞǀŝĞǁŽĨŽƚŚĞƌŝƚǇWƌŽŐƌĂŵƐǁŝƚŚŝŶĐŽŵĞĞůŝŐŝďŝůŝƚǇĐƌŝƚĞƌŝĂƚŽŚĞůƉĂƐƐĞƐƐƚŚĞĨŝŶĂŶĐŝĂůƐŝƚƵĂƚŝŽŶŽĨƚŚŽƐĞǁŚŽĂƌĞƵŶĂďůĞƚŽĂĨĨŽƌĚƚŚĞƌĞŶĞǁĂůŽĨƚŚĞƐĞĨĞĞƐ͕ŝŶƚŚĞƐĐŚĞĚƵůĞĚ&ĞĞƐĂŶĚŚĂƌŐĞƐƐƚƵĚǇƐĞƐƐŝŽŶ͘ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ ^ŚĂŶŶŽŶ͕:ŝŵ͖ηϱϱ ŝƚǇDĂŶĂŐĞƌͲƵĚŐĞƚ ϱͬϮϱͬϮϬϮϰ ƌĞĂƚŝŽŶŽĨĂŝƚǇŽƵŶĐŝůWŽůŝĐǇĨŽƌhŶŝĨŽƌŵdƌĂŶƐŝƚŝŽŶƐĚƵƌŝŶŐŚĂŶŐĞƐŝŶ ůĞĐƚĞĚKĨĨŝĐŝĂůƐ
ŝƌĞĐƚƚŚĞŝƚǇDĂŶĂŐĞƌĂŶĚŝƚǇƚƚŽƌŶĞǇƚŽƐƚƵĚǇĂŶĚĞǀĂůƵĂƚĞƚŚĞĨĞĂƐŝďŝůŝƚǇŽĨĂŝƚǇŽƵŶĐŝůƉŽůŝĐǇĨŽƌŽƵŶĐŝůĐŽŶƐŝĚĞƌĂƚŝŽŶǁŚŝĐŚĂĚĚƌĞƐƐĞƐƚŚĞŶĞĞĚĨŽƌĂƵŶŝĨŽƌŵƚƌĂŶƐŝƚŝŽŶĚƵƌŝŶŐ ĐŚĂŶŐĞƐŝŶĞůĞĐƚĞĚŽĨĨŝĐŝĂůƐ͘tĞĂƐŬƚŚĂƚƚŚŝƐǁŽƌŬǁŝůůďĞĐŽŵƉůĞƚĞĚŝŶϵϬĚĂǇƐĂŶĚǁŝůůŝŶĐůƵĚĞ͕ďƵƚŶŽƚďĞůŝŵŝƚĞĚƚŽƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ DĂǇŽƌĂŶĚŝƚǇŽƵŶĐŝůKĨĨŝĐĞƐƚŽƵƐĞŝƚǇͲďĂƐĞĚĂĐĐŽƵŶƚƐĨŽƌŽǁŶĞƌƐŚŝƉĂŶĚĂĐĐĞƐƐĐƌĞĚĞŶƚŝĂůƐĨŽƌƐŽĐŝĂůŵĞĚŝĂ͕ǁĞďƐŝƚĞĚŽŵĂŝŶƌĞŐŝƐƚƌĂƚŝŽŶƐ͕ĐŽŶƐƚŝƚƵĞŶƚĚĂƚĂďĂƐĞƐ͕ĂŶĚƐŽĨƚǁĂƌĞ ƐƵďƐĐƌŝƉƚŝŽŶƐ͕ĂƐǁĞůůĂƐƌĞƋƵŝƌĞĂĚŵŝŶŝƐƚƌĂƚŝǀĞĂĐĐŽƵŶƚƐĨŽƌƚŚĞ/ŶĨŽƌŵĂƚŝŽŶdĞĐŚŶŽůŽŐǇĞƉĂƌƚŵĞŶƚĂŶĚͬŽƌƚŚĞŝƚǇůĞƌŬƚŽĂĚŵŝŶŝƐƚĞƌĐŽƐƚƐ͕ĐŽŶƚƌĂĐƚƐ͕ĂŶĚƚƌĂŶƐŝƚŝŽŶƐǁŚĞŶƚŚĞƌĞŝƐĂĐŚĂŶŐĞŝŶĞůĞĐƚĞĚŽĨĨŝĐŝĂůƐ͘ĂƚĂŝƐŶŽƚƚŽďĞƐŚĂƌĞĚǁŝƚŚĂŶǇŽƚŚĞƌĚĞƉĂƌƚŵĞŶƚŽƌŽĨĨŝĐĞĂŶĚŵƵƐƚďĞƐĂĨĞŐƵĂƌĚĞĚ͘ Ϯ͘ ŽŶƐŝƐƚĞŶƚǁŝƚŚƐƐĞŵďůǇŝůůϭϲϯϳ͕ƉƌŽǀŝĚĞĂŐĞŶĞƌĂůƉůĂŶĨŽƌƚŚĞŝƚǇƚŽĂĚŽƉƚ͘͞ŐŽǀ͕͟ĐŽŽƌĚŝŶĂƚĞŝƚǇŽǁŶĞƌƐŚŝƉŽĨƌĞŐŝƐƚƌĂƚŝŽŶƐďǇƚŚĞŝƚǇ͛Ɛ/ŶĨŽƌŵĂƚŝŽŶdĞĐŚŶŽůŽŐǇĞƉĂƌƚŵĞŶƚ ĂŶĚͬŽƌƚŚĞŝƚǇůĞƌŬĂŶĚĂƉƉůǇŝŶŐƐĞĐƵƌŝƚǇĂŶĚƉƌŝǀĂĐǇƐƚĂŶĚĂƌĚƐƐĞƚƉĞƌŝƚǇŽƵŶĐŝůƉŽůŝĐǇ͘ Ă͘ ŶǇŶŽŶͲ͘ŐŽǀŵĂǇŽŶůǇĐŽŶƚŝŶƵĞŽƉĞƌĂƚŝŽŶĂƐĂƉŽŝŶƚĞƌƚŽĂ͘ŐŽǀƌĞƐŽƵƌĐĞ͘ď͘ ůůĚŽŵĂŝŶƐĂƌĞƚŽďĞŝƚǇƉƌŽƉĞƌƚǇĂŶĚŶŽƚƌĞŐŝƐƚĞƌĞĚĂƐŝŶĚŝǀŝĚƵĂůƉƌŽƉĞƌƚǇ͘Đ͘ ĚŵŝŶŝƐƚƌĂƚŝǀĞƉƌŝǀŝůĞŐĞƐĂŶĚĐƌĞĚĞŶƚŝĂůƐŵƵƐƚďĞĂĚŵŝŶŝƐƚĞƌĞĚďǇƚŚĞŝƚǇ͛Ɛ/ŶĨŽƌŵĂƚŝŽŶdĞĐŚŶŽůŽŐǇĞƉĂƌƚŵĞŶƚĂŶĚͬŽƌƚŚĞŝƚǇůĞƌŬ͘ ϯ͘ ŝƚǇͲďĂƐĞĚƐŽĐŝĂůŵĞĚŝĂĂĐĐŽƵŶƚƐĂƌĞƚŽďĞƐĞƚĂƐďƵƐŝŶĞƐƐĂĐĐŽƵŶƚƐĨŽƌƚŚĞƵƐĞŽĨƚŚĞŽĨĨŝĐĞĂŶĚƐŚŽƵůĚďĞƵƐĞĚĂƐƚŚĞƉƌŝŵĂƌǇĂĐĐŽƵŶƚĨŽƌĐŽŶƐƚŝƚƵĞŶƚĐŽŵŵƵŶŝĐĂƚŝŽŶƐ͘ ϰ͘ KƉƚŝŵŝǌĞĂƐŵŽŽƚŚƚƌĂŶƐŝƚŝŽŶĞǆƉĞƌŝĞŶĐĞĨŽƌŽƵƚŐŽŝŶŐĂŶĚŝŶĐŽŵŝŶŐĞůĞĐƚĞĚŽĨĨŝĐŝĂůƐƚŽĞŶƐƵƌĞƚŚĞƌĞƐŝĚĞŶƚƐŽĨ^ĂŶ:ŽƐĠĂƌĞĂůǁĂǇƐƐĞƌǀĞĚ͘ ϱ͘
ŶƐƵƌĞƚŚĞůĞƌŬ͛ƐKĨĨŝĐĞŵĂŝŶƚĂŝŶƐĂĐŚĞĐŬůŝƐƚŽĨĂůůŝƚǇŽǁŶĞĚĂŶĚƉƵƌĐŚĂƐĞĚĂƐƐĞƚƐ͕ďŽƚŚĚŝŐŝƚĂůĂŶĚƉŚǇƐŝĐĂů͘ϲ͘ ŶǇƚŚŝŶŐĞůƐĞƌĞůĂƚĞĚƚŽƚŚĞƚƌĂŶƐŝƚŝŽŶŽĨĞůĞĐƚĞĚŽĨĨŝĐŝĂůƐƚŚĂƚƐƚĂĨĨŝĚĞŶƚŝĨŝĞƐĂƐĂƉƉůŝĐĂďůĞ͘ϳ͘ ĚĚƌĞƐƐĂŶĚĞǀĂůƵĂƚĞĂŶǇƉŽƚĞŶƚŝĂůůĞŐĂůŝƐƐƵĞƐ͘ϴ͘ ǆĞŵƉƚŝŽŶƐƐŚŽƵůĚĂƉƉůǇĨŽƌƚŚĞĐŽŶƚŝŶƵĞĚƵƐĞŽĨƉƌĞǀŝŽƵƐůǇĐƌĞĂƚĞĚĂŶĚŝŶͲƵƐĞƐŽĐŝĂůŵĞĚŝĂĂĐĐŽƵŶƚƐ͕ĂƐǁĞůůĂƐĨŽƌĚŽŵĂŝŶƐͬǁĞďƐŝƚĞƐŽĨƚŚĞĐƵƌƌĞŶƚDĂǇŽƌĂŶĚŽƵŶĐŝůŵĞŵďĞƌƐ ƵŶƚŝůĂĐŚĂŶŐĞŝŶĞůĞĐƚĞĚŽĨĨŝĐŝĂůŽĐĐƵƌƐ͕ŚŽǁĞǀĞƌůŽŐŝŶĐƌĞĚĞŶƚŝĂůƐĂŶĚĂĐĐŽƵŶƚŽǁŶĞƌƐŚŝƉƐŚŽƵůĚďĞƉƌŽǀŝĚĞĚƚŽƚŚĞĂƉƉƌŽƉƌŝĂƚĞĐŝƚǇĚĞƉĂƌƚŵĞŶƚ͘ ϵͬϮϬͬϮϬϮϯ ϭϬͬϮϮͬϮϬϮϰ /ŶWƌŽŐƌĞƐƐ dĂǁĨŝŬ͕ <ŚĂůĞĚ͖ηϮϬϳ /ŶĨŽƌŵĂƚŝŽŶ dĞĐŚŶŽůŽŐǇ ĞŶǌĂWĂƌŬZĞƐƚƌŽŽŵZĞŶŽǀĂƚŝŽŶ dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϭϱ͕ϬϬϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵŝƐƚƌŝĐƚϵ͛ƐΘ&ƵŶĚĂŶĚΨϲϱ͕ϬϬϬŝŶŽŶĞͲƚŝŵĞ ^ZĨƵŶĚŝŶŐƚŽƌĞŶŽǀĂƚĞƚŚĞďĂƚŚƌŽŽŵ͘;ηϲϵ&ŽůĞǇͿ ϲͬϭϯͬϮϬϮϯ ϴͬϭͬϮϬϮϱ /ŶWƌŽŐƌĞƐƐ ŝĐŝƌĞůůŝ͕:ŽŶ͖ηϭϲϭ WĂƌŬƐ͕ZĞĐƌĞĂƚŝŽŶΘ EĞŝŐŚďŽƌŚŽŽĚ^ĞƌǀŝĐĞƐ ůŝŵŝŶĂƚŝŶŐWĂƌŬ
ǀĞŶƚWĞƌŵŝƚ&ĞĞƐ
ŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϰ͕ϬϬϬƚŽĞůŝŵŝŶĂƚĞƉĂƌŬƉĞƌŵŝƚĨĞĞƐŽŶĂŽŶĞͲƚŝŵĞďĂƐŝƐĨŽƌŶĞŝŐŚďŽƌŚŽŽĚĂƐƐŽĐŝĂƚŝŽŶƐƌĞƋƵĞƐƚŝŶŐĂƉĞƌŵŝƚƚŽĂĐƚŝǀĂƚĞĂƉĂƌŬŝŶƚŚĞŝƌ ŶĞŝŐŚďŽƌŚŽŽĚ͘;ηϱϳ&ŽůĞǇͿ ϲͬϭϰͬϮϬϮϮ ŽŵƉůĞƚĞ ŝĐŝƌĞůůŝ͕:ŽŶ͖ηϭϲϭ WĂƌŬƐ͕ZĞĐƌĞĂƚŝŽŶΘ EĞŝŐŚďŽƌŚŽŽĚ^ĞƌǀŝĐĞƐ ϵͬϭͬϮϬϮϮ

ŵĞƌŐĞŶĐǇ/ŶƚĞƌŝŵ,ŽƵƐŝŶŐWƌŽŐƌĂŵƐ;DĂŶĚĞůĂƐͿ
DĞŵŽƌĂŶĚƵŵĨƌŽŵĂŶĚĞůĂƐ͗ŝƌĞĐƚƐƚĂĨĨƚŽĞŶŐĂŐĞŚĞĂůƚŚĐĂƌĞƉƌŽǀŝĚĞƌƐƚŽĐŽŵĞƵƉǁŝƚŚƉƌĞǀĞŶƚŝǀĞĐĂƌĞƐŽůƵƚŝŽŶƐĂƚŽƵƌ ŵĞƌŐĞŶĐǇ/ŶƚĞƌŝŵ,ŽƵƐŝŶŐƐŝƚĞƐƚŽƌĞĚƵĐĞĞŵĞƌŐĞŶĐǇƐĞƌǀŝĐĞĐĂůůƐƐƵĐŚĂƐ^ĂŶƚĂůĂƌĂ ŽƵŶƚǇ,ĞĂůƚŚĂŶĚ,ŽƐƉŝƚĂů^ǇƐƚĞŵ͕<ĂŝƐĞƌWĞƌŵĂŶĞŶƚĞ͕^ƚĂŶĨŽƌĚ,ĞĂůƚŚĂƌĞ͕ŽƌŽƚŚĞƌƉƵďůŝĐĂŶĚƉƌŝǀĂƚĞƉĂƌƚŶĞƌƐ͘ ϭϬͬϮϰͬϮϬϮϯ ϭͬϭͬϮϬϮϱ /ŶWƌŽŐƌĞƐƐ ^ŽůŝǀĂŶ͕ ƌŝŬ͖ηϯϲϱ ,ŽƵƐŝŶŐ

ŵĞƌŐĞŶĐǇ/ŶƚĞƌŝŵ,ŽƵƐŝŶŐWƌŽŐƌĂŵƐ;DdŽƌƌĞƐͿ
DĞŵŽƌĂŶĚƵŵĨƌŽŵdŽƌƌĞƐ͗ϭ͘ ŝƌĞĐƚƐƚĂĨĨƚŽĐůŽƐĞůǇŵŽŶŝƚŽƌ,ŽŵĞ&ŝƌƐƚ͛ƐƉĞƌĨŽƌŵĂŶĐĞŝŶĂůůŝƚǇĐŽŶƚƌĂĐƚƐ͕ŝŶĐůƵĚŝŶŐĂŶǇŝƐƐƵĞƐǁŝƚŚƚŚĞŝƌƐƚĂĨĨ͕ĂŶĚĞŶƐƵƌĞĐŽŶƚƌĂĐƚƉĞƌĨŽƌŵĂŶĐĞŵĞƚƌŝĐƐĂƌĞŵĞƚ͘ Ϯ͘ ŝƌĞĐƚƐƚĂĨĨƚŽƉƌŽǀŝĚĞĂŶŝŶĨŽƌŵĂƚŝŽŶŵĞŵŽƌĂŶĚƵŵďǇ&ĞďƌƵĂƌǇϮϬϮϰŽŶƉĞƌĨŽƌŵĂŶĐĞĚĂƚĂŽŶĂůůƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌƐ͘ ϭϬͬϮϰͬϮϬϮϯ ŽŵƉůĞƚĞ ^ŽůŝǀĂŶ͕ ƌŝŬ͖ηϯϲϱ ,ŽƵƐŝŶŐ ϯͬϭϱͬϮϬϮϰ
5 ŵĞƌŐĞŶĐǇ/ŶƚĞƌŝŵ,ŽƵƐŝŶŐ
WƌŽŐƌĂŵƐ;DĂǇŽƌDĂŚĂŶ͕D:ŝŵĞŶĞǌ͕ŽŚĞŶ͕&ŽůĞǇͿ
DĂŚĂŶ͕:ŝŵĞŶĞǌ͕ŽŚĞŶ͕&ŽůĞǇ͗ŝƌĞĐƚƐƚĂĨĨƚŽ͗ϭ͘/ŶĐŽůůĂďŽƌĂƚŝŽŶǁŝƚŚƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌƐ͕ĚĞǀĞůŽƉĂŶĚŝŶĐůƵĚĞŬĞǇƉĞƌĨŽƌŵĂŶĐĞŝŶĚŝĐĂƚŽƌƐǁŚĞŶƌĞƚƵƌŶŝŶŐƚŽŽƵŶĐŝůǁŝƚŚĂŶƵƉĚĂƚĞǁŝƚŚŝŶŽŶĞǇĞĂƌŽĨƚŚĞƐƚĂƌƚŽĨŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ƐƵĐŚĂƐ͗Ă͘EƵŵďĞƌŽĨƌĞƐŝĚĞŶƚƐƐĞƌǀĞĚĂŶĚĞǆŝƚƐƚŽƚĞŵƉŽƌĂƌǇŽƌƉĞƌŵĂŶĞŶƚŚŽƵƐŝŶŐ͖ď͘ǀĞƌĂŐĞůĞŶŐƚŚŽĨƐƚĂǇĂŶĚĚĂŝůǇƵƚŝůŝǌĂƚŝŽŶƌĂƚĞƐ͖ĂŶĚĐ͘ŽƐƚƉĞƌƉĂƌƚŝĐŝƉĂŶƚƐĞƌǀĞĚĂƚĞĂĐŚƐŝƚĞ͘ Ϯ͘WƌŽĚƵĐĞĂŶŝŶĨŽƌŵĂƚŝŽŶŵĞŵŽďǇ&ĞďƌƵĂƌǇϮϬϮϰǁŝƚŚĂŶĂŶĂůǇƐŝƐŽĨƚŚĞ^:ƌŝĚŐĞƉƌŽŐƌĂŵĂƚ'ƵĂĚĂůƵƉĞ /,͕ŝŶĐůƵĚŝŶŐĂŶǇƉŽƚĞŶƚŝĂůƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐƚŽƐĐĂůĞƚŚĞŵŽĚĞůƚŽŽƚŚĞƌ ĐŽŵŵƵŶŝƚŝĞƐĂŶĚŬĞǇƉĞƌĨŽƌŵĂŶĐĞŝŶĚŝĐĂƚŽƌƐ͗Ă͘EƵŵďĞƌŽĨƌĞƐŝĚĞŶƚƐĨƌŽŵ'ƵĂĚĂůƵƉĞĞŶƌŽůůĞĚŝŶƚŚĞƉƌŽŐƌĂŵ͖ď͘EƵŵďĞƌŽĨƉĂƌƚŝĐŝƉĂŶƚƐĐŽŶŶĞĐƚĞĚƚŽƉĞƌŵĂŶĞŶƚŽƌůŝǀŝŶŐǁĂŐĞũŽďƐ͖ĂŶĚĐ͘EƵŵďĞƌŽĨƉĂƌƚŝĐŝƉĂŶƚƐƚƌĂŶƐŝƚŝŽŶĞĚƚŽƉĞƌŵĂŶĞŶƚŚŽƵƐŝŶŐ͘ϯ͘ZĞƚƵƌŶƚŽŽƵŶĐŝůǁŝƚŚŝŶŽŶĞǇĞĂƌǁŝƚŚĨƵƌƚŚĞƌĂŶĂůǇƐŝƐŽĨŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽƌĞƐƚƌƵĐƚƵƌĞƉƌŽŐƌĂŵĚĞƐŝŐŶƚŽĨƵŶĚŽƉĞƌĂƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͗Ă͘>ĞǀĞƌĂŐŝŶŐƚŚĞ^ƚĂƚĞ͛ƐĂů/DŝŶŝƚŝĂƚŝǀĞ͖ď͘ŚĂƌŐŝŶŐŶŽŵŝŶĂůƌĞŶƚŽŶĂĐĂƐĞͲďǇͲĐĂƐĞďĂƐŝƐ͖ĂŶĚĐ͘ ǆƉĂŶĚŝŶŐƉĂƌƚŶĞƌƐŚŝƉŽƉƉŽƌƚƵŶŝƚŝĞƐǁŝƚŚƚŚĞ,ŽƵƐŝŶŐƵƚŚŽƌŝƚǇƚŽůĞǀĞƌĂŐĞĨĞĚĞƌĂůĚŽůůĂƌƐĂƚĂĚĚŝƚŝŽŶĂůƐŝƚĞƐ͘ ϰ͘ZĞŶĞŐŽƚŝĂƚĞƚŚĞŝƚǇ͛ƐůĞĂƐĞĂŐƌĞĞŵĞŶƚǁŝƚŚĂůƚƌĂŶƐƚŽƌĞŵŽǀĞƚŚĞƌĞƋƵŝƌĞŵĞŶƚƚŽůŝŵŝƚĂƉĂƌƚŝĐŝƉĂŶƚ͛ƐƐƚĂǇƚŽƐŝǆŵŽŶƚŚƐĂƚƚŚĞ&ĞůŝƉĞƌŝĚŐĞ,ŽƵƐŝŶŐŽŵŵƵŶŝƚǇ͘ϱ͘ ŶƐƵƌĞƚŚĞůĞǀĞůŽĨƐĞĐƵƌŝƚǇĂŐƌĞĞĚƵƉŽŶďǇƚŚĞsdŽĂƌĚ͕ƐƚĂĨĨĂŶĚƵŶŝŽŶƌĞƉƌĞƐĞŶƚĂƚŝŽŶŝƐƉƌŽǀŝĚĞĚĂƚƚŚĞĞƌŽŶĞ /,͘ϲ͘
ǀĂůƵĂƚĞƚŚĞŶĞĞĚĨŽƌϮϰͬϳƐĞĐƵƌŝƚǇĂƚĞĂĐŚĨƵƚƵƌĞƐŝƚĞǁŝƚŚƚŚĞŽƉƚŝŽŶƚŽƌĞĚƵĐĞƐĞĐƵƌŝƚǇŽŶĂĐĂƐĞͲďǇͲĐĂƐĞďĂƐŝƐŝĨĚĞĞŵĞĚĂƉƉƌŽƉƌŝĂƚĞďǇŽŶƐŝƚĞ /,ƐƚĂĨĨĂŶĚƌĞƐŝĚĞŶƚƐ͘ϳ͘WƌŽǀŝĚĞĨůĞǆŝďŝůŝƚǇƚŽĞŶƐƵƌĞƐĞƌǀŝŶŐƐƉĞĐŝĨŝĐƐƵďƉŽƉƵůĂƚŝŽŶƐĚŽĞƐŶŽƚĐŽŶĨůŝĐƚǁŝƚŚůŽĐĂůƉƌĞĨĞƌĞŶĐĞŽƌůĞĂĚƚŽƵŶĚĞƌƵƚŝůŝǌĂƚŝŽŶŽĨďĞĚƐĂĐƌŽƐƐƐŝƚĞƐ͘ϴ͘WƌŝŽƌŝƚŝǌĞƚŚĞƐƚĂĨĨƌĞĐŽŵŵĞŶĚĂƚŝŽŶƚŽĚĞǀĞůŽƉƐƚĂŶĚĂƌĚŝǌĞĚƌŽůĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌĞĂĐŚŝŶƚĞƌŝŵŚŽƵƐŝŶŐƐŝƚĞ͕ǁŝƚŚĂĐŽŵƉŽƐŝƚŝŽŶƚŚĂƚŝŶĐůƵĚĞƐĂƐĞĂƚĨŽƌĂƉĞƌƐŽŶǁŝƚŚůŝǀĞĚĞǆƉĞƌŝĞŶĐĞ͘ ϭϬͬϮϰͬϮϬϮϯ ϳͬϭͬϮϬϮϱ /ŶWƌŽŐƌĞƐƐ ^ŽůŝǀĂŶ͕
ƌŝŬ͖ηϯϲϱ ,ŽƵƐŝŶŐ

ŵƉůŽǇĞĞdƌĂŶƐŝƚWĂƐƐĞƐ ŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵƚŚĞWĂƌŬŝŶŐ&ƵŶĚƚŽƐƵƉƉŽƌƚsd^ŵĂƌƚWĂƐƐĞƐĨŽƌƐŵĂůůďƵƐŝŶĞƐƐĞƐŝŶƚŚĞŽǁŶƚŽǁŶĂŶĚƐƵƌƌŽƵŶĚŝŶŐďƵƐŝŶĞƐƐĚŝƐƚƌŝĐƚƐ ƐƵďũĞĐƚĞĚƚŽƉĂƌŬŝŶŐŵĞƚĞƌƐ͕ƐƵĐŚĂƐ ĂƐƚ^ĂŶƚĂůĂƌĂ^ƚƌĞĞƚĂŶĚ:ĂƉĂŶƚŽǁŶ͘ŶĂůůŽĐĂƚŝŽŶŽĨΨϮϬϬ͕ϬϬϬĐŽƵůĚƐĞƌǀĞŵŽƌĞƚŚĂŶϱϬϬĞŵƉůŽǇĞĞƐĨŽƌƚǁŽǇĞĂƌƐ͘ ϯͬϭϱͬϮϬϮϮ ŽŵƉůĞƚĞ ZŝƐƚŽǁ͕:ŽŚŶ͖ηϭϮϮ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ϳͬϭͬϮϬϮϰ ŶĐĂŵƉŵĞŶƚƌŝƚĞƌŝĂͬ&ƌĂŵĞǁŽƌŬĨŽƌŽƐƚůǇĂŶĚhŶƐĂĨĞŽŶĚŝƚŝŽŶƐ dŚĞŝƚǇDĂŶĂŐĞƌƐŚŽƵůĚĚĞǀĞůŽƉĂĐƌŝƚĞƌŝĂͬĨƌĂŵĞǁŽƌŬƚŚĂƚŝĚĞŶƚŝĨŝĞƐĂƌĞĂƐŝŶƚŚĞĐŝƚǇǁŚĞƌĞƚŚĞŝŵƉĂĐƚƐŽĨĞŶĐĂŵƉŵĞŶƚƐĂƌĞŵŽƐƚĐŽƐƚůǇĂŶĚĐƌĞĂƚĞƵŶƐĂĨĞĐŽŶĚŝƚŝŽŶƐĨŽƌĂůůƌĞƐŝĚĞŶƚƐ ĂŶĚƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͘ ϯͬϮϭͬϮϬϮϯ ϭϮͬϯϭͬϮϬϮϰ /ŶWƌŽŐƌĞƐƐ WĂƐƐŽŶƐ͕ KŵĂƌ͖ηϮϰϲ ŝƚǇDĂŶĂŐĞƌ

ŶŚĂŶĐĞĚůŝŐŚƚZĞƐƉŽŶƐĞEĞĂƌ
ŵĞƌŐĞŶĐǇ/ŶƚĞƌŝŵ,ŽƵƐŝŶŐŽŵŵƵŶŝƚŝĞƐ
dŽĞǆƉĂŶĚƚŚĞĐŝƚǇ͛ƐĐĂƉĂĐŝƚǇƚŽƌĞƐƉŽŶĚƚŽďůŝŐŚƚ͕ƚŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐŽĨΨϯϱϬ͕ϬϬϬĨƌŽŵƚŚĞ ^ZĨŽƌĞŶŚĂŶĐĞĚƐĞƌǀŝĐĞƐĨŽƌĐŽŵŵƵŶŝƚŝĞƐŝŶƚŚĞŝŵŵĞĚŝĂƚĞǀŝĐŝŶŝƚǇŽĨĂŶ /,͘dŚŝƐĨƵŶĚŝŶŐǁŽƵůĚĞǆƉĂŶĚĞĂƵƚŝĨǇ^:͛ƐĂďŝůŝƚǇƚŽƉƌŽĂĐƚŝǀĞůǇĂŶĚŵŽƌĞƋƵŝĐŬůǇƌĞƐƉŽŶĚƚŽĐĂůůƐĨŽƌďůŝŐŚƚͲƌĞůĂƚĞĚƐĞƌǀŝĐĞƐ͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚŐƌĂĨĨŝƚŝ͕ŝůůĞŐĂůĚƵŵƉŝŶŐ͕ĂŶĚŽƚŚĞƌĐůĞĂŶƵƉŶĞĞĚƐ͘;ηϮϯ:ŝŵĞŶĞǌ͕DηϯϱͿ ϲͬϭϯͬϮϬϮϯ ϭϬͬϭͬϮϬϮϰ /ŶWƌŽŐƌĞƐƐ ŝĐŝƌĞůůŝ͕:ŽŶ͖ηϭϲϭ WĂƌŬƐ͕ZĞĐƌĞĂƚŝŽŶΘ EĞŝŐŚďŽƌŚŽŽĚ^ĞƌǀŝĐĞƐ

ǆƉĂŶĚ/ŶƚĞƌǀĞŶƚŝŽŶZĞƐŽƵƌĐĞƐĨŽƌhŶŚŽƵƐĞĚZĞƐŝĚĞŶƚƐĂƚ:ĂŝůƐ͕&ŽƐƚĞƌĂƌĞ͕ĂŶĚ,ŽƐƉŝƚĂůƐ dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽǁŽƌŬǁŝƚŚƚŚĞŽƵŶƚǇ͛ƐKĨĨŝĐĞŽĨZĞĞŶƚƌǇ^ĞƌǀŝĐĞƐ͕KĨĨŝĐĞŽĨ^ƵƉƉŽƌƚŝǀĞ,ŽƵƐŝŶŐ͕ĞƉĂƌƚŵĞŶƚŽĨ&ĂŵŝůǇĂŶĚŚŝůĚƌĞŶ͛Ɛ^ĞƌǀŝĐĞƐ͕ĂŶĚůŽĐĂůŚĞĂůƚŚƉůĂŶƐƚŽĞǆƉůŽƌĞƉĂƌƚŶĞƌƐŚŝƉƐĂŶĚĂƐƐŽĐŝĂƚĞĚĨƵŶĚŝŶŐŶĞĞĚƐĨŽƌĂũĂŝů͞ŝŶƌĞĂĐŚ͟ŝŶƚĞƌǀĞŶƚŝŽŶƉƌŽŐƌĂŵƚŚĂƚǁŽƵůĚĨŽĐƵƐŽŶŚĞůƉŝŶŐŝŶĐĂƌĐĞƌĂƚĞĚƵŶŚŽƵƐĞĚƌĞƐŝĚĞŶƚƐŶĂǀŝŐĂƚĞĨƌŽŵĐƵƐƚŽĚǇƐƚƌĂŝŐŚƚƚŽĂŚŽŵĞ͕ŝŶĐƌĞĂƐĞŚŽƵƐŝŶŐƐƵƉƉŽƌƚĨŽƌƵŶŚŽƵƐĞĚƌĞƐŝĚĞŶƚƐƌĞĐŽǀĞƌŝŶŐĨƌŽŵŚŽƐƉŝƚĂůƐƚĂǇƐ͕ĂŶĚŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽƐƵƉƉŽƌƚƐĞůĨͲƐƵĨĨŝĐŝĞŶĐǇĂŶĚŚŽƵƐŝŶŐĨŽƌĨŽƌŵĞƌĨŽƐƚĞƌǇŽƵƚŚ͘ ϯͬϮϭͬϮϬϮϯ ϭϮͬϯϭͬϮϬϮϰ /ŶWƌŽŐƌĞƐƐ WĂƐƐŽŶƐ͕ KŵĂƌ͖ηϮϰϲ ŝƚǇDĂŶĂŐĞƌ

ǆƉĂŶĚĞĚďĂŶĚŽŶĞĚ^ŚŽƉƉŝŶŐĂƌƚƐKƌĚŝŶĂŶĐĞ

ŶŐĂŐĞǁŝƚŚůĂƌŐĞƌĞƚĂŝůĞƌƐƚŚĂƚĨĂůůƵŶĚĞƌDƵŶŝĐŝƉĂůŽĚĞϵ͘ϲϬĂŶĚ͕ŝŶĐŽůůĂďŽƌĂƚŝŽŶǁŝƚŚƚŚĞŝƚǇƚƚŽƌŶĞǇ͕ƌĞƚƵƌŶƚŽŽƵŶĐŝůǁŝƚŚƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĂŶĚĚƌĂĨƚůĂŶŐƵĂŐĞĨŽƌĂŶĞǆƉĂŶĚĞĚ ďĂŶĚŽŶĞĚ^ŚŽƉƉŝŶŐĂƌƚŽƌĚŝŶĂŶĐĞƚŽĞŶĂďůĞƚŚĞŝƚǇƚŽĐŽůůĞĐƚĂďĂŶĚŽŶĞĚƐŚŽƉƉŝŶŐĐĂƌƚƐĂƚĂĨĂƐƚĞƌƌĂƚĞ͕ƌĞƚƵƌŶƚŚĞŵƚŽƚŚĞŝƌŽǁŶĞƌƐ͕ĂŶĚĞŶƐƵƌĞĨƵůůĐŽƐƚƌĞĐŽǀĞƌǇǀŝĂĂŶŝŶĐƌĞĂƐĞŝŶƚŚĞĞǆŝƐƚŝŶŐĨĞĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚŝƐŽƌĚŝŶĂŶĐĞ͘ ϯͬϭϵͬϮϬϮϰ ŽŵƉůĞƚĞ ƵƌƚŽŶ͕ŚƌŝƐ͖ηϭϮϬ WůĂŶŶŝŶŐ͕ƵŝůĚŝŶŐΘ ŽĚĞ ŶĨŽƌĐĞŵĞŶƚ ϱͬϭͬϮϬϮϰ

ǆƉĂŶĚŝŶŐdƌĞĞĂŶŽƉǇ dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĞǆƉůŽƌĞǁŚĞƚŚĞƌĂĚĚŝƚŝŽŶĂůƐƚĂĨĨŽƌĐŽŶƚƌĂĐƚƐǁŝƚŚĐŽŵŵƵŶŝƚǇƉĂƌƚŶĞƌƐǁŝůůƌĞƐƵůƚŝŶŵŽƌĞƚƌĞĞƐŝŶƚŚĞŐƌŽƵŶĚďǇƚŚĞĞŶĚŽĨƚŚŝƐǇĞĂƌ͕ĂŶĚʹĂƐƉƌĞǀŝŽƵƐůǇ ĚŝƌĞĐƚĞĚďǇŽƵŶĐŝůʹĨŽĐƵƐƚƌĞĞƉůĂŶƚŝŶŐĞĨĨŽƌƚƐŝŶĚŝƐƚƌŝĐƚƐǁŝƚŚƚŚĞůŽǁĞƐƚƚƌĞĞĐĂŶŽƉǇ͘ ϯͬϮϭͬϮϬϮϯ ŽŵƉůĞƚĞ ZŝƐƚŽǁ͕:ŽŚŶ͖ηϭϮϮ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ϲͬϮϴͬϮϬϮϰ&ĞƌŶŝƐŚWĂƌŬ/ŵƉƌŽǀĞŵĞŶƚƐ dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϯϱ͕ϬϬϬĨƌŽŵŝƐƚƌŝĐƚϴ͛ƐΘĨƵŶĚƚŽƌĞƉůĂĐĞƚŚĞƉŝĐŶŝĐƚĂďůĞƐ͕YƉŝƚƐĂŶĚďĞŶĐŚĞƐĂƚĨƵƌŶŝƐŚWĂƌŬ͘;ηϯϬĂŶĚĞůĂƐͿ ϲͬϭϯͬϮϬϮϯ ϭϬͬϭͬϮϬϮϰ /ŶWƌŽŐƌĞƐƐ ŝĐŝƌĞůůŝ͕:ŽŶ͖ηϭϲϭ WĂƌŬƐ͕ZĞĐƌĞĂƚŝŽŶΘ EĞŝŐŚďŽƌŚŽŽĚ^ĞƌǀŝĐĞƐ&ŝŶĂŶĐŝĂůEĞĞĚĂƐĞĚ^ƚŝƉĞŶĚƐĨŽƌŽŵŵƵŶŝƚǇ ŶŐĂŐĞŵĞŶƚĐƚŝǀŝƚŝĞƐͬWƌŽĐĞƐƐĞƐ
ŝƌĞĐƚŝŽŶƚŽƐƚĂĨĨƚŽƌĞƐĞĂƌĐŚĂŶĚĞǆƉůŽƌĞĐŽŵƉĞŶƐĂƚŝŽŶ͕ƐƚŝƉĞŶĚƐ͕ĂŶĚͬŽƌŝŶĐĞŶƚŝǀĞƐĨŽƌƌĞƐŝĚĞŶƚƐǁŚŽƉĂƌƚŝĐŝƉĂƚĞŝŶĐŽŵŵƵŶŝƚǇĞŶŐĂŐĞŵĞŶƚĂĐƚŝǀŝƚŝĞƐͬƉƌŽĐĞƐƐĞƐĂŶĚĚŝƌĞĐƚƐƚĂĨĨƚŽ ƌĞƚƵƌŶƚŽŝƚǇŽƵŶĐŝůŝŶƐƉƌŝŶŐϮϬϮϯ͘ ϭϭͬϴͬϮϬϮϮ ŽŵƉůĞƚĞ ,ƵŐŚĞǇ͕ ZŽƐĂůǇŶŶ͖ηϭϮϭ ŝƚǇDĂŶĂŐĞƌ ϱͬϮϴͬϮϬϮϰ 'WϮϯͲϬϬϲͲŝƚǇͲ/ŶŝƚŝĂƚĞĚ'ĞŶĞƌĂůWůĂŶŵĞŶĚŵĞŶƚƚŽŚĂŶŐĞƚŚĞ ŶǀŝƐŝŽŶ^ĂŶ:ŽƐĠϮϬϰϬ'ĞŶĞƌĂůWůĂŶ>ĂŶĚhƐĞĞƐŝŐŶĂƚŝŽŶĨŽƌDŽďŝůĞŚŽŵĞWĂƌŬƐŝŶƚŚĞŝƚǇŽĨ^ĂŶ:ŽƐĠ DĞŵŽƌĂŶĚƵŵĨƌŽŵDĂŚĂŶ͕:ŝŵĞŶĞǌ͕ŽŚĞŶ͕ŽĂŶ͕&ŽůĞǇŝƌĞĐƚƐƚĂĨĨƚŽƉĞƌĨŽƌŵŽƵƚƌĞĂĐŚƚŚĂƚŝƐĐůĞĂƌůǇƵŶĚĞƌƐƚĂŶĚĂďůĞƚŽŵĂŶƵĨĂĐƚƵƌĞĚŚŽŵĞŽǁŶĞƌƐĂŶĚŵŽďŝůĞŚŽŵĞƉĂƌŬƌĞƐŝĚĞŶƚƐĚƵƌŝŶŐƚŚĞ'ĞŶĞƌĂůWůĂŶŵĞŶĚŵĞŶƚƉƌŽĐĞƐƐĨŽƌĨƵƚƵƌĞDŽďŝůĞŚŽŵĞWĂƌŬĚĞƐŝŐŶĂƚŝŽŶŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽ͗;ĂͿŽŵŵƵŶŝĐĂƚĞƚŚĞŝŶƚĞŶƚŝŽŶŽĨƚŚĞ'ĞŶĞƌĂůWůĂŶĚĞƐŝŐŶĂƚŝŽŶŵŽĚŝĨŝĐĂƚŝŽŶŝƐƚŽƉƌŽƚĞĐƚĂŶĚƉƌĞƐĞƌǀĞĞǆŝƐƚŝŶŐŵŽďŝůĞŚŽŵĞƉĂƌŬƐ͖ĂŶĚ ;ďͿŽŵŵƵŶŝĐĂƚĞƚŚĂƚƌĞƐŝĚĞŶƚŝĂůŵŽďŝůĞŚŽŵĞƵƐĞƐǁŝůůĐŽŶƚŝŶƵĞƚŽďĞƉĞƌŵŝƚƚĞĚƵŶĚĞƌƚŚĞŶĞǁDŽďŝůĞŚŽŵĞWĂƌŬĚĞƐŝŐŶĂƚŝŽŶ͘ ϭϮͬϭϮͬϮϬϮϯ ŽŵƉůĞƚĞ ƵƌƚŽŶ͕ŚƌŝƐ͖ηϭϮϬ WůĂŶŶŝŶŐ͕ƵŝůĚŝŶŐΘ ŽĚĞ ŶĨŽƌĐĞŵĞŶƚ ϲͬϮϴͬϮϬϮϰ
'ƌĂŶƚĨŽƌZĞĐŽǀĞƌǇĂĨĠ^ĂŶ:ŽƐĠEƵƚƌŝƚŝŽŶͲĞŶƐĞDĞĂůWƌŽŐƌĂŵ dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϭϬ͕ϬϬϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵƚŚĞ ^ZĨŽƌĂŐƌĂŶƚƚŽZĞĐŽǀĞƌǇĂĨĠƚŽƉƵƌĐŚĂƐĞƉƌŽƚĞŝŶƐĂŶĚĨƌĞƐŚƉƌŽĚƵĐĞƚŽƐƵƉƉůĞŵĞŶƚƚŚĞĚŽŶĂƚŝŽŶƐƚŚĞǇƌĞĐĞŝǀĞĂŶĚƐĞƌǀĞϰ͕ϬϬϬŵĞĂůƐƚŽƚŚŽƐĞŝŶŶĞĞĚ͘;ηϳϬ&ŽůĞǇͿ ϲͬϭϯͬϮϬϮϯ ϭϭͬϭͬϮϬϮϰ /ŶWƌŽŐƌĞƐƐ ^ŽůŝǀĂŶ͕ ƌŝŬ͖ηϯϲϱ ,ŽƵƐŝŶŐ
'ƵŶ^ĂĨĞƚǇŽŶƚƌĂĐƚtŽƌŬǁŝƚŚƚŚĞ^ƚĂƚĞŽĨĞƉĂƌƚŵĞŶƚŽĨ:ƵƐƚŝĐĞ;K:Ϳ ŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽƐĞƚĂƐŝĚĞΨϭϱϬ͕ϬϬϬƚŽĐŽŶƚƌĂĐƚǁŝƚŚƚŚĞK:ĨŽƌƚŚŝƐǁŽƌŬ͕ŽƌƌĞůĂƚĞĚŐƵŶƐĂĨĞƚǇĐŽŵŵƵŶŝĐĂƚŝŽŶĞĨĨŽƌƚƐ͘ ϲͬϭϰͬϮϬϮϮ ϲͬϯϬͬϮϬϮϱ /ŶWƌŽŐƌĞƐƐ :ŽƐĞƉŚ͕WĂƵů͖ηϮϵϲ WŽůŝĐĞ ,ŽůĚŝŶŐEĞŐůŝŐĞŶƚWƌŽƉĞƌƚǇKǁŶĞƌƐĐĐŽƵŶƚĂďůĞĂŶĚWƌŽƚĞĐƚŝŶŐĂŶĚWƌĞƐĞƌǀŝŶŐƚŚĞ&ŽƌŵĞƌ&ŝƌƐƚŚƵƌĐŚŽĨŚƌŝƐƚ^ĐŝĞŶƚŝƐƚƵŝůĚŝŶŐ͘ ŝƌĞĐƚƚŚĞŝƚǇDĂŶĂŐĞƌƚŽ͗Ă͘ŽŽƌĚŝŶĂƚĞǁŝƚŚƚŚĞŝƚǇƚƚŽƌŶĞǇƚŽŝŶĐƌĞĂƐĞƚŚĞŵĂǆŝŵƵŵĐŽĚĞĞŶĨŽƌĐĞŵĞŶƚĨŝŶĞƐƚŚĂƚĐĂŶďĞĂƉƉůŝĞĚƚŽƉƌŽƉĞƌƚǇŽǁŶĞƌƐƌĞƐƉŽŶƐŝďůĞĨŽƌĐŚƌŽŶŝĐĐŽĚĞǀŝŽůĂƚŝŽŶƐŝŶǀŽůǀŝŶŐĚĞƐŝŐŶĂƚĞĚĐŝƚǇ͕ƐƚĂƚĞ͕ŽƌĨĞĚĞƌĂůůĂŶĚŵĂƌŬƐĨƌŽŵΨϭϬϬ͕ϬϬϬƚŽΨϱϬϬ͕ϬϬϬ͘ď͘KŶĐĞŝŵƉůĞŵĞŶƚĞĚ͕ĐŽŶƚŝŶƵĞĂƐƐĞƐƐŝŶŐĂĚĚŝƚŝŽŶĂůĨŝŶĞƐĨŽƌĂŶǇŽŶŐŽŝŶŐĐŽĚĞǀŝŽůĂƚŝŽŶƐƌĞůĂƚĞĚƚŽƚŚĞĨŽƌŵĞƌ&ŝƌƐƚŚƵƌĐŚŽĨŚƌŝƐƚ͕^ĐŝĞŶƚŝƐƚďƵŝůĚŝŶŐƵŶƚŝůƌĞĂĐŚŝŶŐƚŚĞŶĞǁŵĂǆŝŵƵŵ ĨŝŶĞĂŵŽƵŶƚŽĨΨϱϬϬ͕ϬϬϬ͘ŽŶƐŝĚĞƌŝŶĐƌĞĂƐŝŶŐƚŚĞŵĂǆŝŵƵŵĚĂŝůǇĨŝŶĞĨƌŽŵΨϮ͕ϱϬϬƚŽΨϭϬ͕ϬϬϬ͘Đ͘tŽƌŬǁŝƚŚƚŚĞŝƚǇƚƚŽƌŶĞǇƚŽĞŶŐĂŐĞŽƵŶƚǇŽĨ^ĂŶƚĂůĂƌĂŽƵŶƚǇĂŶĚŽƚŚĞƌƌĞůĞǀĂŶƚƉĂƌƚŝĞƐ͕ŝŶĐůƵĚŝŶŐĂĨĨŽƌĚĂďůĞĂŶĚŵĂƌŬĞƚƌĂƚĞŚŽƵƐŝŶŐĚĞǀĞůŽƉĞƌƐ͕ƚŽĞǆƉůŽƌĞƌĞƉƵƌĐŚĂƐĞĂŶĚ ƌĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƉƌŽƉĞƌƚǇ͘^ƚĂĨĨŚĂƐŐƌĞĞŶůŝƚŝƚĞŵƐϭ͕Ϯ͘ĂĂŶĚϮ͘ď͖ĂŶĚǇĞůůŽǁůŝƚϮ͘Đ͖/ƚĞŵ͘ϮĂƉƉƌŽǀĞĚ͖ƐƚĂĨĨƚŽƌĞƚƵƌŶƚŽŽƵŶĐŝůďǇĞŶĚŽĨϮϬϮϯ ϴͬϯϬͬϮϬϮϯ ϭϮͬϯϭͬϮϬϮϰ /ŶWƌŽŐƌĞƐƐ <ůĞŝŶ͕EĂŶĐŝ͖ηϭϳϵ

ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚΘƵůƚƵƌĂůĨĨĂŝƌƐ
6 /ŵƉƌŽǀŝŶŐ
ĚƵĐĂƚŝŽŶĂů
KƵƚĐŽŵĞƐĨŽƌ>ĂƚŝŶŽzŽƵƚŚͲ,ŝƐƉĂŶŝĐ&ŽƵŶĚĂƚŝŽŶŽůůĞŐĞ^ƵĐĐĞƐƐWƌŽŐƌĂŵ dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϮϱ͕ϬϬϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵƚŚĞ ^ZƚŽƚŚĞ,ŝƐƉĂŶŝĐ&ŽƵŶĚĂƚŝŽŶŽĨ^ŝůŝĐŽŶsĂůůĞǇ͕ĨƵƌƚŚĞƌƐƚƌĞŶŐƚŚĞŶŝŶŐƚŚĞŝƌĂďŝůŝƚǇƚŽĞŵƉŽǁĞƌĂƐƉŝƌŝŶŐƐƚƵĚĞŶƚƐŝŶĂĐŚŝĞǀŝŶŐƚŚĞŝƌĞĚƵĐĂƚŝŽŶĂůŐŽĂůƐ͘;ηϰϬKƌƚŝǌͿ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ ŽƵƌŶĞ͕:ŝůů͖ηϭϴϮ >ŝďƌĂƌǇ ϲͬϮϴͬϮϬϮϰ /ŵƉƌŽǀŝŶŐ
ĚƵĐĂƚŝŽŶĂůKƵƚĐŽŵĞƐĨŽƌ>ĂƚŝŶŽzŽƵƚŚͲ
ĂƐƚ^ŝĚĞ
ĚƵĐĂƚŝŽŶ/ŶŝƚŝĂƚŝǀĞ
dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϮϱ͕ϬϬϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵƚŚĞ ^ZƐƉĞĐŝĨŝĐĂůůǇĨŽƌƚŚĞ
ĂƐƚ^ŝĚĞ
ĚƵĐĂƚŝŽŶ/ŶŝƚŝĂƚŝǀĞ͘;ηϰϮKƌƚŝǌͿ ϲͬϭϯͬϮϬϮϯ ϭͬϭͬϮϬϮϱ /ŶWƌŽŐƌĞƐƐ ŝĐŝƌĞůůŝ͕:ŽŶ͖ηϭϲϭ WĂƌŬƐ͕ZĞĐƌĞĂƚŝŽŶΘ EĞŝŐŚďŽƌŚŽŽĚ^ĞƌǀŝĐĞƐ /ŵƉƌŽǀŝŶŐ
ĚƵĐĂƚŝŽŶĂůKƵƚĐŽŵĞƐĨŽƌ>ĂƚŝŶŽzŽƵƚŚͲ
ƐĐƵĞůĂWŽƉƵůĂƌ
dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϭϱ͕ϬϬϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵƚŚĞ ^ZƚŽƐƵƐƚĂŝŶĂŶĚĞŶŚĂŶĐĞƚŚĞƐĞƌǀŝĐĞƐŽĨĨĞƌĞĚďǇ
ƐĐƵĞůĂWŽƉƵůĂƌ͘;ηϰϭKƌƚŝǌͿ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ ŽƵƌŶĞ͕:ŝůů͖ηϭϴϮ >ŝďƌĂƌǇ ϲͬϮϴͬϮϬϮϰ /ŵƉƌŽǀŝŶŐ
ĚƵĐĂƚŝŽŶĂůKƵƚĐŽŵĞƐĨŽƌ>ĂƚŝŶŽzŽƵƚŚͲ>ĂƚŝŶŽ
ĚƵĐĂƚŝŽŶĚǀĂŶĐĞŵĞŶƚ&ŽƵŶĚĂƚŝŽŶ;>
&Ϳ
dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϮϱ͕ϬϬϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵƚŚĞ ^ZƚŽƐƵƉƉŽƌƚƚŚĞƉƌŽŐƌĂŵƐĨĂĐŝůŝƚĂƚĞĚďǇ>
&;ηϱϵdŽƌƌĞƐͿ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ ŝĐŝƌĞůůŝ͕:ŽŶ͖ηϭϲϭ WĂƌŬƐ͕ZĞĐƌĞĂƚŝŽŶΘ EĞŝŐŚďŽƌŚŽŽĚ^ĞƌǀŝĐĞƐ ϱͬϭͬϮϬϮϰ /ŶĐƌĞĂƐŝŶŐŽŐtĂƐƚĞŝƐƉŽƐĂůWŝůŽƚŝŶŝƚǇWĂƌŬƐ
dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϭϴ͕ϬϬϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵƚŚĞ ^ZƚŽůĂƵŶĐŚĂƉŝůŽƚƉƌŽŐƌĂŵǁŚĞƌĞWZE^ƌĞƉůĞŶŝƐŚĞƐĚŽŐǁĂƐƚĞďĂŐĚŝƐƉĞŶƐĞƌƐĂƐƉĂƌƚŽĨƌĞŐƵůĂƌƉĂƌŬŵĂŝŶƚĞŶĂŶĐĞƐĐŚĞĚƵůĞƐĂƚĨŽƵƌƉĂƌŬƐŝŶŝƐƚƌŝĐƚϰ͘dŚĞƉŝůŽƚƉƌŽŐƌĂŵƌĞĐŽŐŶŝǌĞƐůŝŵŝƚĞĚWZE^ƐƚĂĨĨďĂŶĚǁŝĚƚŚǁŚŝůĞŽĨĨĞƌŝŶŐĂŶŽƉƉŽƌƚƵŶŝƚǇƚŽƚĞƐƚƐŽůƵƚŝŽŶƐƚŚĂƚŚĞůƉŬĞĞƉƉĂƌŬƐĐůĞĂŶ͘ dŚĞƉŝůŽƚƉƌŽŐƌĂŵƐŚŽƵůĚďĞĞǀĂůƵĂƚĞĚĂĨƚĞƌĂǇĞĂƌŽĨŽƉĞƌĂƚŝŽŶƚŽŚĞůƉŝŶĨŽƌŵĂĐŝƚǇǁŝĚĞ͕ůŽŶŐͲƚĞƌŵƐŽůƵƚŝŽŶ͘;ηϳŽŚĞŶͿ ϲͬϭϯͬϮϬϮϯ ϵͬϯϬͬϮϬϮϰ /ŶWƌŽŐƌĞƐƐ ŝĐŝƌĞůůŝ͕:ŽŶ͖ηϭϲϭ WĂƌŬƐ͕ZĞĐƌĞĂƚŝŽŶΘ EĞŝŐŚďŽƌŚŽŽĚ^ĞƌǀŝĐĞƐ >ĂǁƌĞŶĐĞWĞĚĞƐƚƌŝĂŶKǀĞƌƉĂƐƐ&ĞĂƐŝďŝůŝƚǇ^ƚƵĚǇ
dŚĞsĂůůĞǇdƌĂŶƐƉŽƌƚĂƚŝŽŶƵƚŚŽƌŝƚǇ;sdͿŚĂƐŝŶŝƚŝĂƚĞĚƚŚĞƉƌŽĐĞƐƐĨŽƌĐƌĞĂƚŝŶŐWůĂŶϮϬϱϬ͕ǁŚŝĐŚĂŝŵƐƚŽŝĚĞŶƚŝĨǇƉƌŝŽƌŝƚǇƉƌŽũĞĐƚƐƚŚĂƚĐŽƵůĚŝŶĐůƵĚĞĂ>ĂǁƌĞŶĐĞWĞĚĞƐƚƌŝĂŶKǀĞƌƉĂƐƐ͘dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϮϲ͕ϬϬϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵƚŚĞWĂƌŬƐdƌƵƐƚ&ƵŶĚĂŶĚΨϭϮϲ͕ϬϬϬĨƌŽŵŝƐƚƌŝĐƚϭ͛ƐΘ&ƵŶĚĨŽƌƚŚĞ>ĂǁƌĞŶĐĞWĞĚĞƐƚƌŝĂŶKǀĞƌƉĂƐƐĨĞĂƐŝďŝůŝƚǇƐƚƵĚǇ͘dŚŝƐƐƚƵĚǇǁŝůůŚĞůƉƚŚĞŝƚǇďĞŵŽƌĞĐŽŵƉĞƚŝƚŝǀĞŝŶĨƵƚƵƌĞĨƵŶĚŝŶŐĂƉƉůŝĐĂƚŝŽŶƐĨŽƌŝŵƉƌŽǀĞĚƉĞĚĞƐƚƌŝĂŶŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝŶƚŚŝƐĂƌĞĂ͘;ηϱϯ<ĂŵĞŝͿ ϲͬϭϯͬϮϬϮϯ ϭϬͬϭͬϮϬϮϰ EŽƚ^ƚĂƌƚĞĚ ZŝƐƚŽǁ͕:ŽŚŶ͖ηϭϮϮ dƌĂŶƐƉŽƌƚĂƚŝŽŶ >ƵŶĂWĂƌŬƵƐŝŶĞƐƐŝƐƚƌŝĐƚͲ^ƚƌĞĞƚdƌĞĞƐ
/ŶŽƌĚĞƌƚŽĐƌĞĂƚĞĂŶƵƌďĂŶĐĂŶŽƉǇƚŚĂƚƐƵƉƉŽƌƚƐďŽƚŚŽĨƚŚĞƐĞďƵƐŝŶĞƐƐĚŝƐƚƌŝĐƚƐ͕ƚŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϱϮ͕ϴϬϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵƚŚĞ ^ZƚŽǁĂƌĚƐƚŚĞ>ƵŶĂ
WĂƌŬƵƐŝŶĞƐƐŝƐƚƌŝĐƚ;ηϲϮdŽƌƌĞƐͿ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ ZŝƐƚŽǁ͕:ŽŚŶ͖ηϭϮϮ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ϲͬϮϴͬϮϬϮϰ DͲϮϬϮϬͲϮϬϮϱŽŵŵƵŶŝƚǇWůĂŶƚŽ
ŶĚ,ŽŵĞůĞƐƐŶĞƐƐƐƐĞƐƐŵĞŶƚ
ŝƌĞĐƚŝƚǇƐƚĂĨĨƚŽǁŽƌŬǁŝƚŚƚŚĞŽƵŶƚǇŽĨ^ĂŶƚĂůĂƌĂĂŶĚŽƚŚĞƌŬĞǇŽŶƚŝŶƵƵŵŽĨĂƌĞƉĂƌƚŶĞƌƐƚŽĐŽŶĚƵĐƚĂŶĞĞĚƐĂƐƐĞƐƐŵĞŶƚƚŚĂƚĐůĞĂƌůǇŝĚĞŶƚŝĨŝĞƐƚŚĞĂĐƚŝŽŶƐĂŶĚƌĞƐŽƵƌĐĞƐƚŚĂƚǁŝůů ďĞƌĞƋƵŝƌĞĚƚŽŵĞĞƚƚŚĞĨŽůůŽǁŝŶŐŐŽĂůƐůĂŝĚŽƵƚŝŶƚŚĞϮϬϮϬͲϮϬϮϱŽŵŵƵŶŝƚǇWůĂŶƚŽ ŶĚ,ŽŵĞůĞƐƐŶĞƐƐ͗
Ă͘ ,ŽƵƐĞϮϬ͕ϬϬϬƉĞŽƉůĞƚŚƌŽƵŐŚƚŚĞƐƵƉƉŽƌƚŝǀĞŚŽƵƐŝŶŐƐǇƐƚĞŵ͖ď͘ ŽƵďůĞƚĞŵƉŽƌĂƌǇŚŽƵƐŝŶŐĂŶĚƐŚĞůƚĞƌĐĂƉĂĐŝƚǇ͖ĂŶĚĐ͘ ǆƉĂŶĚƚŚĞ,ŽŵĞůĞƐƐŶĞƐƐWƌĞǀĞŶƚŝŽŶ^ǇƐƚĞŵĂŶĚŽƚŚĞƌĞĂƌůǇŝŶƚĞƌǀĞŶƚŝŽŶƐƚŽƐĞƌǀĞϮ͕ϱϬϬƉĞŽƉůĞƉĞƌǇĞĂƌ ϲͬϭϯͬϮϬϮϯ ϭϮͬϯϭͬϮϬϮϰ /ŶWƌŽŐƌĞƐƐ WĂƐƐŽŶƐ͕ KŵĂƌ͖ηϮϰϲ ŝƚǇDĂŶĂŐĞƌ DĐ<ĞĞZŽĂĚsŝƐŝŽŶĞƌŽ^ĂĨĞƚǇ/ŵƉƌŽǀĞŵĞŶƚWƌŽũĞĐƚ
ŝƌĞĐƚŝŽŶƚŽ͗&ŽůůŽǁͲƵƉĂŶĚƉƌŽǀŝĚĞŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞŝƐĂĚǀĂŶƚĂŐĞĚƵƐŝŶĞƐƐ ŶƚĞƌƉƌŝƐĞƐƉƌŽĐĞƐƐƌĞƋƵŝƌĞŵĞŶƚƐ ϭϬͬϰͬϮϬϮϮ ϭϮͬϯϭͬϮϬϮϰ /ŶWƌŽŐƌĞƐƐ >ŽĞƐĐŚ͕ DĂƚƚŚĞǁ͖ηϮϲϳ WƵďůŝĐtŽƌŬƐ DŽďŝůĞ,ŽŵĞWĂƌŬ>ĂŶĚhƐĞĞƐŝŐŶĂƚŝŽŶtŽƌŬ
ŝƌĞĐƚŝŽŶƚŽ͗ϭ͘ ZĞƚƵƌŶƚŽŽƵŶĐŝůǁŝƚŚĂĚĞƚĂŝůĞĚŵƵůƚŝͲǇĞĂƌƉůĂŶĂŶĚƚŝŵĞůŝŶĞƚŽĐŽŵƉůĞƚĞƚŚĞ'ĞŶĞƌĂůWůĂŶ>ĂŶĚhƐĞĚĞƐŝŐŶĂƚŝŽŶǁŽƌŬĨŽƌƚŚĞƌĞŵĂŝŶŝŶŐϱϲŵŽďŝůĞŚŽŵĞƉĂƌŬƐŝŶƚŚĞŝƚǇ͕ŝŶĐůƵĚŝŶŐ ƌĞƚƵƌŶŝŶŐƚŚƌŽƵŐŚƚŚĞDŝĚͲzĞĂƌƵĚŐĞƚZĞǀŝĞǁǁŝƚŚƌĞƐŽƵƌĐĞƐŶĞĞĚĞĚƚŽĐŽŵƉůĞƚĞůĂŶĚƵƐĞĚĞƐŝŐŶĂƚŝŽŶƐƚŚŝƐĨŝƐĐĂůǇĞĂƌĨŽƌƚŚĞϭϮŵŽƐƚĂƚƌŝƐŬƉĂƌŬƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĂŶĚƌĞƚƵƌŶŝŶŐƚŚƌŽƵŐŚƚŚĞƵĚŐĞƚWƌŽĐĞƐƐǁŝƚŚƌĞƐŽƵƌĐĞƐŶĞĞĚĞĚƚŽƌĞĚĞƐŝŐŶĂƚĞĂůůŽĨƚŚĞƌĞŵĂŝŶŝŶŐƉĂƌŬƐŝŶƚŚĞŝƚǇ͕ĂŶĚĂĚĞƚĂŝůĞĚƉůĂŶĂŶĚƚŝŵĞůŝŶĞĨŽƌĚŽŝŶŐƐŽ͘ Ϯ͘ ^ƚƌĞĂŵůŝŶĞƚŚĞƉƵďůŝĐŽƵƚƌĞĂĐŚƉƌŽĐĞƐƐĨŽƌƚŚĞůĂŶĚƵƐĞĚĞƐŝŐŶĂƚŝŽŶǁŽƌŬ͕ƌĞĐŽŐŶŝǌŝŶŐƚŚĂƚƚŚŝƐŝƐǁŽƌŬƚŚĂƚŽƵƌŵŽďŝůĞŚŽŵĞƌĞƐŝĚĞŶƚƐŚĂǀĞďŽƚŚďĞĞŶĂǁĂƌĞŽĨĂŶĚĂĐƚŝǀĞůǇĨŝŐŚƚŝŶŐ ĨŽƌƐŝŶĐĞϮϬϭϱ͘ϯ͘ /ŶĐůƵĚĞDŝůůƉŽŶĚϮĂůŽŶŐǁŝƚŚƚŚĞŽƚŚĞƌϭϮƉĂƌŬƐĂƐƐĞƐƐĞĚďǇƐƚĂĨĨƚŽďĞŚŝŐŚĞƐƚƌŝƐŬƚŽďĞƌĞĚĞƐŝŐŶĂƚĞĚƚŚŝƐĨŝƐĐĂůǇĞĂƌƚŚƌŽƵŐŚƚŚĞDŝĚͲzĞĂƌƵĚŐĞƚZĞǀŝĞǁƉƌŽĐĞƐƐ͘dŚƵƐŵĂŬŝŶŐƚŚĞ ĐŽŵƉůĞƚĞůŝƐƚŽĨƉĂƌŬƐƚŽďĞƌĞĚĞƐŝŐŶĂƚĞĚƚŚŝƐǇĞĂƌ͗KĂŬƌĞƐƚ͕>ĂŵƉůŝŐŚƚĞƌ͕YƵĂŝů,ŽůůŽǁ͕ŚĂƚĞĂƵ>Ă^ĂůůĞ͕DŝůůWŽŶĚϭĂŶĚϮ͕ĂƌŝďĞĞƐ͕,ŽŵĞƚŽǁŶ͕^ĂŶ:ŽƐĞDŽďŝůĞ,ŽŵĞĂŶĚZsWĂƌŬ͕^ĂŶ:ŽƐĞdƌĂŝůĞƌWĂƌŬ͕>ĂƵŽŶĂsŝƚĂ͕^ƵŶƐŚĂĚŽǁ͕ĂŶĚ^ŝůǀĞƌƌĞĞŬDŽďŝůĞ ƐƚĂƚĞƐ͘ϰ͘ ůŝŐŶƚŚĞƌĞůĞǀĂŶƚƉŽƌƚŝŽŶƐŽĨƚŚĞ,ŽƵƐŝŶŐ
ůĞŵĞŶƚǁŝƚŚƚŚĞƉůĂŶĂŶĚƚŝŵĞůŝŶĞĨŽƌƚŚŝƐǁŽƌŬƚŽĞŶƐƵƌĞĐŽŶƐŝƐƚĞŶĐǇ͘ ϭϬͬϭϴͬϮϬϮϮ ŽŵƉůĞƚĞ ƵƌƚŽŶ͕ŚƌŝƐ͖ηϭϮϬ WůĂŶŶŝŶŐ͕ƵŝůĚŝŶŐΘ ŽĚĞ ŶĨŽƌĐĞŵĞŶƚ ϲͬϮϴͬϮϬϮϰ
DŽĚŝĨŝĐĂƚŝŽŶƐƚŽŽƵŶĐŝůWŽůŝĐǇϱͲϲ
dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽŝŶŝƚŝĂƚĞƉŽůŝĐǇǁŽƌŬƌĞƋƵŝƌĞĚƚŽĚĞĐƌĞĂƐĞƚŚĞŵŝůĞƐͲƉĞƌͲŚŽƵƌƚŚƌĞƐŚŽůĚǁŝƚŚŝŶŽƵŶĐŝůWŽůŝĐǇϱͲϲƚŽϯϭŵŝůĞƐͲƉĞƌͲŚŽƵƌƚŽĞŶĂďůĞƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƐƉĞĞĚ ŚƵŵƉƐŽŶŵŽƌĞƌĞƐŝĚĞŶƚŝĂůƐƚƌĞĞƚƐƚŚĂƚǁŽƵůĚďĞŶĞĨŝƚĨƌŽŵƐůŽǁĞƌƐƉĞĞĚƐ͘;ηϮϰ:ŝŵĞŶĞǌͿ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ ZŝƐƚŽǁ͕:ŽŚŶ͖ηϭϮϮ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ϲͬϮϴͬϮϬϮϰ 7 DƵůƚŝƉůĞWƌŽŐƌĂŵƐ^ĞƌǀŝŶŐ
,ŽƵƐĞŚŽůĚƐ
ǆƉĞƌŝĞŶĐŝŶŐ,ŽŵĞůĞƐƐŶĞƐƐŝŶ&ŝƐĐĂůzĞĂƌϮϬϮϰͲϮϬϮϱ
DĞŵŽƌĂŶĚƵŵĨƌŽŵDĂŚĂŶ͕:ŝŵĞŶĞǌ͕ŽŚĞŶ͕&ŽůĞǇ͗ĐĐĞƉƚƐƚĂĨĨƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐĂĚĚŝƚŝŽŶĂůĚŝƌĞĐƚŝŽŶƌĞůĂƚĞĚƚŽƐƚĂĨĨƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ;ďͿ;ϴͿƚŚƌŽƵŐŚ;ďͿ;ϭϭͿǁŝƚŚƚŚĞƌĞŶĞǁĂůƐĐŽŶƚŝŶŐĞŶƚƵƉŽŶƚŚĞƉƌŽǀŝĚĞƌƐΖ ĂŐƌĞĞŵĞŶƚƚŽďĞŝŶĂĐĐŽƌĚĂŶĐĞĂŶĚĂůŝŐŶĞĚǁŝƚŚƚŚĞƐĞƉĞƌĨŽƌŵĂŶĐĞŵĞƚƌŝĐƐ͗;ϭͿŝƌĞĐƚƚŚĞŝƚǇDĂŶĂŐĞƌƚŽ͗ ;ĂͿĞǀĞůŽƉƉŽůŝĐǇĂŶĚƉƌŽĐĞĚƵƌĞƐĨŽƌŶĞǁĞŵĞƌŐĞŶĐǇŝŶƚĞƌŝŵŚŽƵƐŝŶŐ ; /,ͿĂŐƌĞĞŵĞŶƚƐƌĞŐĂƌĚŝŶŐƉƌŽƉĞƌƚǇŵĂŶĂŐĞŵĞŶƚĂŶĚƉĞƌĨŽƌŵĂŶĐĞŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞƐƵƉƉŽƌƚŝǀĞƐĞƌǀŝĐĞƐ ƉĂƌƚŶĞƌƐƚŚĂƚƐĞƚĐůĞĂƌ͕ĐŽŶƚƌĂĐƚƵĂůŽƵƚĐŽŵĞƐĂŶĚĂƉƉƌŽƉƌŝĂƚĞƉĞƌĨŽƌŵĂŶĐĞŵĞƚƌŝĐƐ͘ ;ďͿŽŶƐŝĚĞƌƚŚĞĨŽůůŽǁŝŶŐƉŽƚĞŶƚŝĂůŵĞƚƌŝĐƐŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨ ƚŚĞƉŽůŝĐǇĂŶĚƉƌŽĐĞĚƵƌĞƐĨŽƌŝŶĐůƵƐŝŽŶŝŶĨƵƚƵƌĞĂŐƌĞĞŵĞŶƚƐ͗ ;ŝͿdŽƚĂůŶƵŵďĞƌŽĨƉĞŽƉůĞŚŽƵƐĞĚŝŶƚŚĞ
/,ƵŶŝƚƐ
;ŝŝͿdŽƚĂůŶƵŵďĞƌŽĨƉĞŽƉůĞŽŶǁĂŝƚůŝƐƚ ;ŝŝŝͿdŽƚĂůŶƵŵďĞƌŽĨĞǆŝƚƐ;ŝǀͿdŽƚĂůŶƵŵďĞƌŽĨƵŶŝƚĂďĂŶĚŽŶŵĞŶƚƐ ;ǀͿdŽƚĂůŶƵŵďĞƌŽĨƐƵĐĐĞƐƐĨƵůĞǆŝƚƐ͕ǁŚŝĐŚŝŶĐůƵĚĞƐŽƚŚĞƌŝŶƚĞƌŝŵ ĂŶĚƉĞƌŵĂŶĞŶƚŚŽƵƐŝŶŐŽƉƚŝŽŶƐ͕ĨƵƌƚŚĞƌďƌŽŬĞŶĚŽǁŶďǇ͗ ;ϭͿ
ǆŝƚƐƚŽƐƵďƐŝĚŝǌĞĚŚŽƵƐŝŶŐ ;ϮͿ
ǆŝƚƐƚŽƵŶƐƵďƐŝĚŝǌĞĚŚŽƵƐŝŶŐ ;ϯͿZĞƵŶŝĨŝĐĂƚŝŽŶƐǁŝƚŚĨĂŵŝůǇŽƌůŽǀĞĚŽŶĞƐ ;ϰͿ ǆŝƚƐƚŽůŽŶŐͲƚĞƌŵĐĂƌĞ ;ϱͿhŶŬŶŽǁŶŽƌŽƚŚĞƌĞǆŝƚĚĞƐƚŝŶĂƚŝŽŶƐ ;ǀŝͿhŶŝƚƵƚŝůŝǌĂƚŝŽŶƌĂƚĞƐĂŶĚƐƵďƐĞƋƵĞŶƚůǇďĞĚƌĂƚĞƐ
;ǀŝŝͿǀĞƌĂŐĞĐŽƐƚƉĞƌƵŶŝƚƚƵƌŶ ;ǀŝŝŝͿdŽƚĂůĂŶŶƵĂůĐŽƐƚŽĨƵŶŝƚƚƵƌŶƐ;ŝǆͿŶŶƵĂůWŚǇƐŝĐĂůEĞĞĚƐƐƐĞƐƐŵĞŶƚƚŽƉƌŽũĞĐƚĨƵƚƵƌĞĐĂƉŝƚĂůĞǆƉĞ ŶĚŝƚƵƌĞƐ ;ǆͿǀĞƌĂŐĞŶƵŵďĞƌŽĨĚĂǇƐĨŽƌƵŶŝƚƚƵƌŶŽǀĞƌ͕ĨƌŽŵǀĂĐĂƚĞĚƚŽŽĐĐƵƉ ŝĞĚ;ǆŝͿǀĞƌĂŐĞůĞŶŐƚŚŽĨƐƚĂǇďǇĞǆŝƚƚǇƉĞ;ǆŝŝͿEƵŵďĞƌŽĨƌĞƐŝĚĞŶƚƐĞŶŐĂŐŝŶŐŝŶĐĂƐĞŵĂŶĂŐĞŵĞŶƚƐĞƌǀŝĐĞƐĂƐĚĞĨ ŝŶĞĚďǇƉŽůŝĐǇĂŶĚƉƌŽĐĞĚƵƌĞƐ ;ǆŝŝŝͿŶǇŽƚŚĞƌŵĞƚƌŝĐƐƚŚĂƚǁŝůůŚĞůƉƚŚĞŽƵŶĐŝůƵŶĚĞƌƐƚĂŶĚƚŚĞƉĞƌĨŽƌŵĂŶĐĞĂŶĚĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨ /,Ɛ
ϲͬϭϴͬϮϬϮϰ ϵͬϯϬͬϮϬϮϰ /ŶWƌŽŐƌĞƐƐ ^ŽůŝǀĂŶ͕
ƌŝŬ͖ηϯϲϱ ,ŽƵƐŝŶŐ
EĞŝŐŚďŽƌͲƚŽͲEĞŝŐŚďŽƌͬĞĂƵƚŝĨǇzŽƵƌůŽĐŬŽŶƐŽůŝĚĂƚŝŽŶ
ŽŶƐŽůŝĚĂƚĞƚŚĞĞĂƵƚŝĨǇzŽƵƌůŽĐŬ/ŶŝƚŝĂƚŝǀĞĂŶĚEĞŝŐŚďŽƌͲƚŽͲEĞŝŐŚďŽƌ'ƌĂŶƚƉƌŽŐƌĂŵƐŝŶƚŽĂƐŝŶŐůĞĞĨĨŽƌƚƚŽďŽŽƐƚŚĂŶĚƐͲŽŶĐŽŵŵƵŶŝƚǇŝŶǀŽůǀĞŵĞŶƚŝŶďůŝŐŚƚƌĞĚƵĐƚŝŽŶĂŶĚ ďĞĂƵƚŝĨŝĐĂƚŝŽŶǁŝƚŚƉƌŝŽƌŝƚǇŐŝǀĞŶƚŽŶĞŝŐŚďŽƌŚŽŽĚƐǁŝƚŚŝŶůŽǁͲŝŶĐŽŵĞĐĞŶƐƵƐƚƌĂĐƚƐ͘ ϯͬϭϵͬϮϬϮϰ ŽŵƉůĞƚĞ ŝĐŝƌĞůůŝ͕:ŽŶ͖ηϭϲϭ WĂƌŬƐ͕ZĞĐƌĞĂƚŝŽŶΘ EĞŝŐŚďŽƌŚŽŽĚ^ĞƌǀŝĐĞƐ ϲͬϮϵͬϮϬϮϰ KĨĨŝĐĞŽĨZĞƚŝƌĞŵĞŶƚ^ĞƌǀŝĐĞƐ/ŶƚĞƌŝŵƵĚŝƚZĞƉŽƌƚ
DĞŵŽƌĂŶĚƵŵĨƌŽŵDĂǇŽƌDĂŚĂŶ͗Ϯ͘ŝƌĞĐƚƚŚĞŝƚǇƚƚŽƌŶĞǇĂŶĚŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ĂŶĚŽĂƌĚƐũƵĚŝĐŝĂƌǇĐŽƵŶƐĞů͕ƚŽďƌŝŶŐĨŽƌǁĂƌĚDƵŶŝĐŝƉĂůŽĚĞĐŚĂŶŐĞƐƚŽĂŵĞŶĚƚŚĞWůĂŶƐ;^:Dϯ͘Ϯϴ͘ϭϱϱĂŶĚ^:Dϯ͘ϯϲ͘ϯϴϱ͕ĂŶĚĂŶǇŽƚŚĞƌĂƉƉůŝĐĂďůĞƐĞĐƚŝŽŶƐͿǁŝƚŚƉƌŽǀŝƐŝŽŶƐƐƚĂƚŝŶŐƚŚĞŝƚǇ͛ƐƉƌŽĐƵƌĞŵĞŶƚƉƌŽĐĞƐƐŝŶWĂƌƚϰ͘ϭϮŽĨƚŚĞDƵŶŝĐŝƉĂůŽĚĞĂŶĚƚŚĞŝƚǇ͛ƐƉƌŽĐƵƌĞŵĞŶƚƉŽůŝĐŝĞƐĂƉƉůǇƚŽƚŚĞŽĂƌĚƐ͛ĐŽŶƚƌĂĐƚƐĂŶĚĂŵĞŶĚ^ĞĐƚŝŽŶϳŝŶƚŚĞ^ƵŶƐŚŝŶĞƌĞƐŽůƵƚŝŽŶƚŽĂĚĚŝƚƐĂƉƉůŝĐĂƚŝŽŶƚŽƚŚĞŽĂƌĚƐ͘ϯ͘ ŝƌĞĐƚƚŚĞŝƚǇƚƚŽƌŶĞǇĂŶĚŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶƚŽƌĞǀŝĞǁƚŚĞŝƚǇŚĂƌƚĞƌĂŶĚďƌŝŶŐĨŽƌǁĂƌĚĂŶǇƉƌŽƉŽƐĞĚĐŚĂŶŐĞƐƚŽĞŶƐƵƌĞĂƉƉƌŽƉƌŝĂƚĞŽǀĞƌƐŝŐŚƚ͕ǁŚŝůĞŵĂŝŶƚĂŝŶŝŶŐƚŚĞ ŝŶĚĞƉĞŶĚĞŶĐĞǁŚĞƌĞŶĞĐĞƐƐĂƌǇŽĨƚŚĞZĞƚŝƌĞŵĞŶƚŽĂƌĚƐ͘
ϭϬͬϮϰͬϮϬϮϯ ŽŵƉůĞƚĞ ^ĐŚĞŵďƌŝ͕ :ĞŶŶŝĨĞƌ͖ηϵϴ ŝƚǇDĂŶĂŐĞƌͲ ŵƉůŽǇĞĞZĞůĂƚŝŽŶƐ ϴͬϲͬϮϬϮϰ
KůŝŶĚĞƌŽŵŵƵŶŝƚǇĞŶƚĞƌDƵƌĂů
dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϱϬ͕ϬϬϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵŝƐƚƌŝĐƚϯ͛ƐΘ&ƵŶĚƚŽƌĞƐƚŽƌĞƚŚĞKůŝŶĚĞƌŽŵŵƵŶŝƚǇĞŶƚĞƌDƵƌĂůƉĂŝŶƚĞĚďǇĂƌƚŝƐƚ:ƵĂŶZĂƵů͘;ηϱϴdŽƌƌĞƐͿ ϲͬϭϯͬϮϬϮϯ ϭϭͬϭͬϮϬϮϰ /ŶWƌŽŐƌĞƐƐ ŝĐŝƌĞůůŝ͕:ŽŶ͖ηϭϲϭ WĂƌŬƐ͕ZĞĐƌĞĂƚŝŽŶΘ EĞŝŐŚďŽƌŚŽŽĚ^ĞƌǀŝĐĞƐ KƌĚŝŶĂŶĐĞŵĞŶĚŝŶŐsĂƌŝŽƵƐ^ĞĐƚŝŽŶƐŽĨdŝƚůĞϮϬŽĨƚŚĞ^ĂŶ:ŽƐĠDƵŶŝĐŝƉĂůŽĚĞĂŶĚƚŽDĂŬĞKƚŚĞƌdĞĐŚŶŝĐĂů͕EŽŶ^ƵďƐƚĂŶƚŝǀĞ͕Žƌ&ŽƌŵĂƚƚŝŶŐŚĂŶŐĞƐ;KƉƚŝŽŶƐĨŽƌ/ŵƉůĞŵĞŶƚŝŶŐϭϬϯϯͿ ŝƌĞĐƚƚŚĞŝƚǇDĂŶĂŐĞƌĂŶĚƚŚĞŝƚǇƚƚŽƌŶĞǇƚŽƌĞƚƵƌŶƚŽƚŚĞŝƚǇŽƵŶĐŝůǁŝƚŚŽƉƚŝŽŶƐĨŽƌĂŶŽƌĚŝŶĂŶĐĞŝŵƉůĞŵĞŶƚŝŶŐϭϬϯϯ͕ĂůůŽǁŝŶŐƚŚĞƐĞƉĂƌĂƚĞƐĂůĞŽĨhƐ͕ĂƐƉĂƌƚŽĨƚŚĞŶĞǆƚƌŽƵŶĚŽĨƌŽƵƚŝŶĞŽŶŝŶŐŽĚĞĂŵĞŶĚŵĞŶƚƐ͘ ϭϮͬϱͬϮϬϮϯ ŽŵƉůĞƚĞ ƵƌƚŽŶ͕ŚƌŝƐ͖ηϭϮϬ WůĂŶŶŝŶŐ͕ƵŝůĚŝŶŐΘ ŽĚĞ ŶĨŽƌĐĞŵĞŶƚ ϲͬϭϭͬϮϬϮϰ
KƌĚŝŶĂŶĐĞŵĞŶĚŝŶŐsĂƌŝŽƵƐ^ĞĐƚŝŽŶƐŽĨdŝƚůĞϮϬŽĨƚŚĞ^ĂŶ:ŽƐĠDƵŶŝĐŝƉĂůŽĚĞĂŶĚƚŽDĂŬĞKƚŚĞƌdĞĐŚŶŝĐĂů͕EŽŶ^ƵďƐƚĂŶƚŝǀĞ͕Žƌ&ŽƌŵĂƚƚŝŶŐŚĂŶŐĞƐ;^ƚĂƚĞĚǀŽĐĂĐǇͿ ŝƌĞĐƚƚŚĞ/ŶƚĞƌŐŽǀĞƌŶŵĞŶƚĂůZĞůĂƚŝŽŶƐdĞĂŵƚŽƉƌŽǀŝĚĞƚŚĞŝƚǇŽƵŶĐŝůĂŶŝŶĨŽƌŵĂƚŝŽŶĂůŵĞŵŽƌĂŶĚƵŵŽŶǁŚĂƚŵĞĂƐƵƌĞƐƚŚĞĐŝƚǇĐĂŶƚĂŬĞƌĞŐĂƌĚŝŶŐƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚĂŶĚŝƚƐ ŝŵƉĂĐƚŽŶĐŽŵŵĞƌĐŝĂůƚĞŶĂŶƚƐͬƐŵĂůůďƵƐŝŶĞƐƐĞƐĂƚƚŚĞƐƚĂƚĞůĞǀĞů͘ ϭϮͬϱͬϮϬϮϯ ŽŵƉůĞƚĞ ĂƌĂƚĞ͕^ĂƌĂŚ͖ηϭϬϴ ŝƚǇDĂŶĂŐĞƌ ϲͬϮϳͬϮϬϮϰ WĂƌŬůĂŶĚ>ĞĂƐĞZĞǀĞŶƵĞDĞĂƐƵƌĞ

ǆƉůŽƌĞƉůĂĐŝŶŐĂŵĞĂƐƵƌĞŽŶƚŚĞƵƉĐŽŵŝŶŐEŽǀĞŵďĞƌϮϬϮϰďĂůůŽƚƚŚĂƚǁŽƵůĚĂůůŽǁƚŚĞŝƚǇƚŽĞŶƚĞƌůŽŶŐͲƚĞƌŵƌĞƚĂŝůĂŶĚĐŽŵŵĞƌĐŝĂůůĞĂƐĞƐŽŶŝƚǇƉĂƌŬůĂŶĚĂŶĚĚŝƌĞĐƚƚŚĞƌĞƐƵůƚŝŶŐ ƌĞǀĞŶƵĞƐďĂĐŬŝŶƚŽŽƵƌƉĂƌŬƐ͕ƌĞƚƵƌŶŝŶŐƚŽŽƵŶĐŝůŶŽůĂƚĞƌƚŚĂŶƚŚĞĞŶĚŽĨDĂǇϮϬϮϰǁŝƚŚĂƐƚĂƚƵƐƵƉĚĂƚĞĂŶĚĂŶǇƉŽůůŝŶŐƌĞƐƵůƚƐ͘ ϯͬϭϵͬϮϬϮϰ ŽŵƉůĞƚĞ ĂƌĂƚĞ͕^ĂƌĂŚ͖ηϭϬϴ ŝƚǇDĂŶĂŐĞƌͲĚŵŝŶŝƐƚƌĂƚŝŽŶ͕WŽůŝĐǇ͕Θ/ŶƚĞƌŐŽǀĞƌŶŵĞŶƚĂůZĞůĂƚŝŽŶƐ ϲͬϭϴͬϮϬϮϰ
WĂƌŬƐĂŶĚŽŵŵƵŶŝƚǇ&ĂĐŝůŝƚǇ/ŵƉƌŽǀĞŵĞŶƚƐͲWŽůŝĐĞĐƚŝǀŝƚŝĞƐ>ĞĂŐƵĞϮ dŚĞWŽůŝĐĞĐƚŝǀŝƚŝĞƐ>ĞĂŐƵĞ;W>ͿƉƌŽǀŝĚĞƐĂƚŚůĞƚŝĐƉƌŽŐƌĂŵƐĨŽƌǇŽƵƚŚŝŶ ĂƐƚ^ĂŶ:ŽƐĠĂŶĚŽƉĞƌĂƚĞƐŽƵƚŽĨƚŚĞŝƚǇͲŽǁŶĞĚ:͘Z͘ůĂĐŬŵŽƌĞW>^ƚĂĚŝƵŵŽŵƉůĞǆ͘ΨϰϬϬ͕ϬϬϬDĂƐƚĞƌWůĂŶƉƌŽĐĞƐƐƚŚĂƚǁŝůůĐŽŵŵĞŶĐĞŝŶƚŚĞĨĂůůϮϬϮϭ͘ŽƵŶĐŝůŵĞŵďĞƌĂƌƌĂƐĐŽǁŽƵůĚůŝŬĞƚŽƐĞĞƌĞŶŽǀĂƚŝŽŶƐŝŶĐůƵĚĞĐŽŶǀĞƌƚŝŶŐƚŚĞĚŝƌƚƚŽĂƌƵďďĞƌŝǌĞĚƐƵƌĨĂĐĞ͕ƌĞͲƉĂǀŝŶŐƚŚĞƉĂƌŬŝŶŐůŽƚ͕ĂŶĚŝŵƉƌŽǀŝŶŐƚŚĞďůĞĂĐŚĞƌƐ͕WƐǇƐƚĞŵ͕ůŝŐŚƚŝŶŐ͕ĂŶĚƐĐŽƌĞďŽĂƌĚ͘dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞƐĞƌĞŶŽǀĂƚŝŽŶƐĂƌĞŝŶĐŽƌƉŽƌĂƚĞĚĂŶĚĞǀĂůƵĂƚĞĚĂƐĂƉĂƌƚŽĨƚŚŝƐƉůĂŶŶŝŶŐ ƉƌŽĐĞƐƐ͘
ϲͬϭϱͬϮϬϮϭ ŽŵƉůĞƚĞ ŝĐŝƌĞůůŝ͕:ŽŶ͖ηϭϲϭ WĂƌŬƐ͕ZĞĐƌĞĂƚŝŽŶΘ EĞŝŐŚďŽƌŚŽŽĚ^ĞƌǀŝĐĞƐ ϲͬϮϴͬϮϬϮϰ WĂƌŬƐĂŶĚŽŵŵƵŶŝƚǇ&ĂĐŝůŝƚǇ/ŵƉƌŽǀĞŵĞŶƚƐͲdĂŝŬŽƌŝĚŐĞϱ /ƚŝƐŵǇƵŶĚĞƌƐƚĂŶĚŝŶŐƚŚĂƚƚŚĞĐŽƐƚŽĨƌĞƉĂŝƌƐƚŽƚŚĞdĂŝŬŽƌŝĚŐĞĂƚƚŚĞ:ĂƉĂŶĞƐĞ&ƌŝĞŶĚƐŚŝƉ'ĂƌĚĞŶƐƚŝůůŶĞĞĚƚŽďĞĨŝŶĂůŝǌĞĚ͘/ĚŝƌĞĐƚƚŚĞŝƚǇDĂŶĂŐĞƌƚŽĨŝŶĂůŝǌĞƚŚŝƐĐŽƐƚĞƐƚŝŵĂƚĞ͕ĂŶĚŝĚĞŶƚŝĨǇƉŽƚĞŶƚŝĂůŐƌĂŶƚĨƵŶĚŝŶŐƐŽƵƌĐĞƐƚŚĂƚĐĂŶĂĚĚƌĞƐƐƚŚĞƐĞƌĞƉĂŝƌƐĂƐǁĞůůĂƐĂĐŽŶƐƵůƚŝŶŐƐĞƌǀŝĐĞƐƉƌŽǀŝĚŝŶŐƚƌĂĚŝƚŝŽŶĂů͕ĐƵůƚƵƌĂůůǇͲŝŶĨŽƌŵĞĚƚĞĐŚŶŝƋƵĞƐĂŶĚƉƌĂĐƚŝĐĞƐĨŽƌůŽŶŐͲƚĞƌŵ ĐĂƌĞĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨŽƵƌ'ĂƌĚĞŶ͘
ϲͬϭϱͬϮϬϮϭ ŽŵƉůĞƚĞ ŝĐŝƌĞůůŝ͕:ŽŶ͖ηϭϲϭ WĂƌŬƐ͕ZĞĐƌĞĂƚŝŽŶΘ EĞŝŐŚďŽƌŚŽŽĚ^ĞƌǀŝĐĞƐ ϱͬϮϰͬϮϬϮϰ WĂƌƚŶĞƌƐŚŝƉƐƚŽ/ŶĐƌĞĂƐĞŽǁŶƚŽǁŶsŝďƌĂŶĐǇ
dŚĞŝƚǇDĂŶĂŐĞƌƐŚŽƵůĚĂƉƉƌŽĂĐŚůĂƌŐĞĂŶĐŚŽƌŝŶƐƚŝƚƵƚŝŽŶƐŝŶŽǁŶƚŽǁŶ͕ŝŶĐůƵĚŝŶŐ^:^h͕ĚŽďĞĂŶĚ^ŚĂƌŬƐ^ƉŽƌƚƐΘ ŶƚĞƌƚĂŝŶŵĞŶƚƚŽĞǆƉůŽƌĞƚŚĞƉŽƚĞŶƚŝĂůĨŽƌĐƌĞĂƚŝǀĞƉĂƌƚŶĞƌƐŚŝƉƐ ĂƌŽƵŶĚƉŽƉͲƵƉƐ͕ƉƌŽŐƌĂŵŵŝŶŐĂŶĚƉƵďůŝĐĂƌƚƚŚĂƚǁŝůůĐŽŶƚƌŝďƵƚĞƚŽǀŝďƌĂŶĐǇ͘ ϯͬϮϭͬϮϬϮϯ ŽŵƉůĞƚĞ <ůĞŝŶ͕EĂŶĐŝ͖ηϭϳϵ

ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚΘƵůƚƵƌĂůĨĨĂŝƌƐ
ϲͬϮϴͬϮϬϮϰ
8 WĂƐĞŽĚĞ^ĂŶŶƚŽŶŝŽ
hƉĚĂƚĞ
ŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂĚĚΨϳϱ͕ϬϬϬƚŽƚŚĞůŝŶĞŝƚĞŵĨŽƌŽǁŶƚŽǁŶƉĞĚĞƐƚƌŝĂŶĂĐƚŝǀĂƚŝŽŶǁŝƚŚĂƌĞƋƵŝƌĞŵĞŶƚƚŽƌĞǀŝƐĞĚĞƐŝŐŶŝŶƚŚĞĞǆŝƐƚŝŶŐWĂƌŬWĂƐĞŽƉůĂŶ͕ŝĚĞŶƚŝĨǇŝŶŐŐƌŽƵŶĚĨůŽŽƌĂĐƚŝǀĂƚŝŽŶŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ƉƵďůŝĐƌĞĂůŵŝŵƉƌŽǀĞŵĞŶƚƐĂŶĚĞŶŚĂŶĐĞĚŽƵƚĚŽŽƌĚŝŶŝŶŐ͘KƵƚĐŽŵĞ͗&ŽƌŵƵůĂƚŝŽŶŽĨƌĞǀŝƐĞĚĚĞƐŝŐŶƉůĂŶŽƌĚĞƚĞƌŵŝŶĂƚŝŽŶƚŚĂƚĞǆŝƐƚŝŶŐĐŽŶĚŝƚŝŽŶƐŶŽůŽŶŐĞƌǁĂƌƌĂŶƚĂƌĞǀŝƐĞĚĚĞƐŝŐŶƉůĂŶ͘ ϲͬϭϰͬϮϬϮϮ ŽŵƉůĞƚĞ <ůĞŝŶ͕EĂŶĐŝ͖ηϭϳϵ

ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚΘƵůƚƵƌĂůĨĨĂŝƌƐ
ϳͬϯϬͬϮϬϮϰ
WWϮϯͲϬϬϳͲŶKƌĚŝŶĂŶĐĞŵĞŶĚŝŶŐsĂƌŝŽƵƐ^ĞĐƚŝŽŶƐŽĨdŝƚůĞϮϬŽĨƚŚĞ^ĂŶ:ŽƐĠDƵŶŝĐŝƉĂůŽĚĞ;ŽŶŝŶŐKƌĚŝŶĂŶĐĞŽƌŽŶŝŶŐŽĚĞͿ dŚĞŽƵŶĐŝůƌĞĨĞƌƌĞĚƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƌĞƋƵŝƌŝŶŐĨŝƌĞƐƉƌŝŶŬůĞƌƐǇƐƚĞŵƐŝŶƋƵĂůŝĨǇŝŶŐĐĐĞƐƐŽƌǇǁĞůůŝŶŐhŶŝƚƐƚŽďĞƐŽůĚĂƐĐŽŶĚŽŵŝŶŝƵŵƐƚŽƚŚĞŽŵŵƵŶŝƚǇĂŶĚ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚŽŵŵŝƚƚĞĞ͘EŽƐƉĞĐŝĨŝĐĚĂƚĞŽƌƚŝŵĞĨƌĂŵĞǁĂƐŐŝǀĞŶ͖ƐƚĂĨĨǁŝůůƉƌŽǀŝĚĞĂŽŵŵŝƚƚĞĞŵĞĞƚŝŶŐĚĂƚĞ͘ ϲͬϭϭͬϮϬϮϰ ϴͬϮϲͬϮϬϮϰ /ŶWƌŽŐƌĞƐƐ ^ĂƉŝĞŶ͕ ZŽďĞƌƚ͖ηϮϴϱ &ŝƌĞ WWϮϰͲϬϬϰʹ
ŵĞƌŐĞŶĐǇZĞƐŝĚĞŶƚŝĂů^ŚĞůƚĞƌƐͲŶKƌĚŝŶĂŶĐĞŵĞŶĚŝŶŐsĂƌŝŽƵƐ^ĞĐƚŝŽŶƐŽĨdŝƚůĞϮϬŽĨƚŚĞ^ĂŶ:ŽƐĞDƵŶŝĐŝƉĂůŽĚĞ;ŽŶŝŶŐKƌĚŝŶĂŶĐĞŽƌŽŶŝŶŐŽĚĞͿZĞůĂƚĞĚƚŽ ŵĞƌŐĞŶĐǇZĞƐŝĚĞŶƚŝĂů^ŚĞůƚĞƌƐ
DĞŵŽƌĂŶĚƵŵĨƌŽŵ:ŝŵĞŶĞǌ͕<ĂŵĞŝ͕ĂŶĚDĂŚĂŶ͗ŝƌĞĐƚƐƚĂĨĨƚŽŝŶĐƌĞĂƐĞƚŚĞŵĂǆŝŵƵŵŶƵŵďĞƌŽĨďĞĚƐĨƌŽŵϭϬϬƚŽϭϱϬďĞĨŽƌĞƌĞƋƵŝƌŝŶŐĂŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚ͘ ϲͬϭϭͬϮϬϮϰ ŽŵƉůĞƚĞ ƵƌƚŽŶ͕ŚƌŝƐ͖ηϭϮϬ WůĂŶŶŝŶŐ͕ƵŝůĚŝŶŐΘ ŽĚĞ ŶĨŽƌĐĞŵĞŶƚ ϲͬϭϴͬϮϬϮϰ
WƌŽŐƌĂŵŵŝŶŐŝŶŽƵƌWĂƌŬƐͲsŝǀĂWĂƌŬƐ
ǀĞŶƚƐŝŶϭϬ dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵƚŚĞ ^ZĨŽƌϮϱsŝǀĂWĂƌŬƐĞǀĞŶƚƐŝŶƚŚĞĐŽŵŝŶŐĨŝƐĐĂůǇĞĂƌ͕ŝŶĐůƵĚŝŶŐΨϱϴ͕ϳϬϵĨŽƌĨŝǀĞsŝǀĂWĂƌŬƐĞǀĞŶƚƐŝŶŝƐƚƌŝĐƚϭϬ͘ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ ŝĐŝƌĞůůŝ͕:ŽŶ͖ηϭϲϭ WĂƌŬƐ͕ZĞĐƌĞĂƚŝŽŶΘ EĞŝŐŚďŽƌŚŽŽĚ^ĞƌǀŝĐĞƐ ϲͬϮϴͬϮϬϮϰWƌŽŐƌĂŵŵŝŶŐŝŶŽƵƌWĂƌŬƐͲsŝǀĂWĂƌŬƐ ǀĞŶƚƐŝŶϮ
dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵƚŚĞ ^ZĨŽƌϮϱsŝǀĂWĂƌŬƐĞǀĞŶƚƐŝŶƚŚĞĐŽŵŝŶŐĨŝƐĐĂůǇĞĂƌ͕ŝŶĐůƵĚŝŶŐΨϳϲ͕ϬϬϬĨŽƌƐĞǀĞŶĞǀĞŶƚƐ;ƚŚƌĞĞsŝǀĂWĂƌŬƐĞǀĞŶƚƐ͕ƚǁŽsŝǀĂWĂƌŬƐĞǀĞŶƚƐǁŝƚŚDŽǀŝĞEŝŐŚƚƐĞǀĞŶƚƐ͕ĂŶĚƚǁŽsŝǀĂWĂƌŬƐǁŝƚŚWĂŝŶƚEŝƚĞĞǀĞŶƚƐͿŝŶŝƐƚƌŝĐƚϮ͕ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ ŝĐŝƌĞůůŝ͕:ŽŶ͖ηϭϲϭ WĂƌŬƐ͕ZĞĐƌĞĂƚŝŽŶΘ EĞŝŐŚďŽƌŚŽŽĚ^ĞƌǀŝĐĞƐ ϲͬϮϴͬϮϬϮϰ WƌŽŐƌĂŵŵŝŶŐŝŶŽƵƌWĂƌŬƐͲsŝǀĂWĂƌŬƐ
ǀĞŶƚƐŝŶϯ dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵƚŚĞ ^ZĨŽƌϮϱsŝǀĂWĂƌŬƐĞǀĞŶƚƐŝŶƚŚĞĐŽŵŝŶŐĨŝƐĐĂůǇĞĂƌ͕ŝŶĐůƵĚŝŶŐΨϱϰ͕ϬϬϬĨŽƌĨŝǀĞsŝǀĂWĂƌŬƐĞǀĞŶƚƐŝŶŝƐƚƌŝĐƚϯ͘ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ ŝĐŝƌĞůůŝ͕:ŽŶ͖ηϭϲϭ WĂƌŬƐ͕ZĞĐƌĞĂƚŝŽŶΘ EĞŝŐŚďŽƌŚŽŽĚ^ĞƌǀŝĐĞƐ ϲͬϮϴͬϮϬϮϰWƌŽŐƌĂŵŵŝŶŐŝŶŽƵƌWĂƌŬƐͲsŝǀĂWĂƌŬƐ ǀĞŶƚƐŝŶϴ
dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵƚŚĞ ^ZĨŽƌϮϱsŝǀĂWĂƌŬƐĞǀĞŶƚƐŝŶƚŚĞĐŽŵŝŶŐĨŝƐĐĂůǇĞĂƌ͕ŝŶĐůƵĚŝŶŐΨϭϬϳ͕ϮϵϲŝŶŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨŽƌsŝǀĂWĂƌŬƐǁŝƚŚDŽǀŝĞEŝŐŚƚƐĂŶĚŽƚŚĞƌƉĂƌŬĂĐƚŝǀĂƚŝŽŶƐŝŶŝƐƚƌŝĐƚϴ͘ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ ŝĐŝƌĞůůŝ͕:ŽŶ͖ηϭϲϭ WĂƌŬƐ͕ZĞĐƌĞĂƚŝŽŶΘ EĞŝŐŚďŽƌŚŽŽĚ^ĞƌǀŝĐĞƐ ϲͬϮϴͬϮϬϮϰ WƌŽŚŝďŝƚŝŶŐƚŚĞhŶůĂǁĨƵůWŽƐƐĞƐƐŝŽŶŽĨĂƚĂůǇƚŝĐŽŶǀĞƌƚĞƌƐ DĞŵŽƌĂŶĚƵŵĨƌŽŵKƌƚŝǌ͕ĂŶĚĞůĂƐ͕ĂǀŝƐ͕:ŝŵĞŶĞǌ͕ŽĂŶ͗ϭ͘ŝƌĞĐƚƐƚĂĨĨƚŽĐƌĞĂƚĞĂƐƚĂŶĚĂƌĚƚƌĂŝŶŝŶŐĨŽƌŽĨĨŝĐĞƌƐƚŽƉƌŽƉĞƌůǇŝĚĞŶƚŝĨǇĐĂƚĂůǇƚŝĐĐŽŶǀĞƌƚĞƌƐ͕ĂƐƚŚĞǇǀĂƌǇďĞƚǁĞĞŶďƌĂŶĚƐ͕ŵĂŬĞƐ͕ĂŶĚŵŽĚĞůƐ͕ĂŶĚĚŝƐƚŝŶŐƵŝƐŚƚŚĞŵĨƌŽŵŽƚŚĞƌĐĂƌƉĂƌƚƐ͘Ϯ͘ŵĞŶĚƚŚĞƐƚĂĨĨƌĞĐŽŵŵĞŶĚĂƚŝŽŶƌĞŐĂƌĚŝŶŐĂϭϮͲŵŽŶƚŚƚŝŵĞĨƌĂŵĞƚŽŝŶƐƚĞĂĚƌĞĨůĞĐƚĂϯϲͲŵŽŶƚŚƚŝŵĞůŝŶĞŝŶǁŚŝĐŚǀŝŽůĂƚŝŽŶƐŶĞĞĚƚŽŽĐĐƵƌƚŽďĞĐŽŶƐŝĚĞƌĞĚĂƐƵďƐĞƋƵĞŶƚǀŝŽůĂƚŝŽŶ;ƐͿ ĨƌŽŵƚŚĞĨŝƌƐƚŝŶŝƚŝĂůǀŝŽůĂƚŝŽŶ͘Ă͘dŚĞƌĞĨŽƌĞ͕ĂůůƐƵďƐĞƋƵĞŶƚǀŝŽůĂƚŝŽŶƐďǇƌĞƉĞĂƚŽĨĨĞŶĚĞƌƐǁŝůůĐŽŶƚŝŶƵĞƚŽďĞĨŝŶĞĚĂƚΨϰ͕ϬϬϬƉĞƌƐƚŽůĞŶĐĂƚĂůǇƚŝĐĐŽŶǀĞƌƚĞƌĨŽƌϯǇĞĂƌƐ͘ϯ͘ŵĞŶĚŝŶŐƚŚĞƉƌŽƉŽƐĞĚĚŵŝŶŝƐƚƌĂƚŝǀĞŝƚĂƚŝŽŶ^ĐŚĞĚƵůĞŽĨ&ŝŶĞƐƚŽĞƐƚĂďůŝƐŚĐŝǀŝůĨŝŶĞƐĨŽƌƵŶůĂǁĨƵůƉŽƐƐĞƐƐŝŽŶŽĨĂĐĂƚĂůǇƚŝĐĐŽŶǀĞƌƚĞƌƐƉĞĐŝĨǇŝŶŐŝŶĐƌĞĂƐĞĚĨŝŶĞƐĨŽƌƌĞƉĞĂƚǀŝŽůĂƚŝŽŶƐŽĨƚŚĞƐĂŵĞĐŽĚĞƉƌŽǀŝƐŝŽŶďǇƚŚĞƐĂŵĞƉĞƌƐŽŶƚŽƚŚĞĨŽůůŽǁŝŶŐĂŵŽƵŶƚƐ͗Ă͘ΨϮ͕ϬϬϬƉĞƌƐƚŽůĞŶĐĂƚĂůǇƚŝĐĐŽŶǀĞƌƚĞƌĨŽƌĂĨŝƌƐƚŽĨĨĞŶƐĞ͕ď͘Ψϰ͕ϬϬϬƉĞƌƐƚŽůĞŶĐĂƚĂůǇƚŝĐĐŽŶǀĞƌƚĞƌĨŽƌĂƐĞĐŽŶĚŽĨĨĞŶƐĞǁŝƚŚŝŶĂϯϲͲŵŽŶƚŚƉĞƌŝŽĚĨƌŽŵƚŚĞĚĂƚĞŽĨƚŚĞĨŝƌƐƚǀŝŽůĂƚŝŽŶ͕Đ͘Ψϲ͕ϬϬϬƉĞƌƐƚŽůĞŶĐĂƚĂůǇƚŝĐĐŽŶǀĞƌƚĞƌĨŽƌĂƚŚŝƌĚĂŶĚƐƵďƐĞƋƵĞŶƚǀŝŽůĂƚŝŽŶƐǁŝƚŚŝŶĂϯϲͲŵŽŶƚŚƉĞƌŝŽĚĨƌŽŵƚŚĞĨŝƌƐƚǀŝŽůĂƚŝŽŶ͘ ϮͬϲͬϮϬϮϰ ŽŵƉůĞƚĞ :ŽƐĞƉŚ͕WĂƵů͖ηϮϵϲ WŽůŝĐĞ ϮͬϲͬϮϬϮϰ
WƌŽƉŽƐĞĚKŶĞzĞĂƌ
ǆƚĞŶƐŝŽŶŽĨƚŚĞDĞĂƐƵƌĞ
ZĞĂůWƌŽƉĞƌƚǇdƌĂŶƐĨĞƌdĂǆZĞĨƵŶĚĨŽƌYƵĂůŝĨǇŝŶŐEŽŶƉƌŽĨŝƚZĞĂůWƌŽƉĞƌƚǇdƌĂŶƐĨĞƌƐWŝůŽƚWƌŽŐƌĂŵ ŝƌĞĐƚƐƚĂĨĨƚŽƌĞƚƵƌŶƚŽ
ŽŵŵŝƚƚĞĞǁŝƚŚĂƐƚĂƚƵƐƌĞƉŽƌƚŽŶƚŚĞDĞĂƐƵƌĞ
ZĞĂů
ƐƚĂƚĞdƌĂŶƐĨĞƌdĂǆZĞĨƵŶĚĨŽƌYƵĂůŝĨǇŝŶŐEŽŶƉƌŽĨŝƚZĞĂůWƌŽƉĞƌƚǇdƌĂŶƐĨĞƌWŝůŽƚWƌŽŐƌĂŵ͕ŝŶĐůƵĚŝŶŐĂŶǇ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐƚŽĞŶĚƚŚĞƉŝůŽƚŽƌĞƐƚĂďůŝƐŚĂĨŽƌŵĂůƉƌŽŐƌĂŵ͘ ϲͬϮϬͬϮϬϮϯ ŽŵƉůĞƚĞ ,ƵŐŚĞǇ͕ ZŽƐĂůǇŶŶ͖ηϭϮϭ ŝƚǇDĂŶĂŐĞƌ ϲͬϮϳͬϮϬϮϰ ZĞŐƵůĂƚŝŶŐƚŚĞZĞŶƚĂůŽĨZĞĐƌĞĂƚŝŽŶĂůsĞŚŝĐůĞƐĨŽƌ>ŝǀŝŶŐŽŶŝƚǇ^ƚƌĞĞƚƐ͘ ŝƌĞĐƚƚŚĞŝƚǇDĂŶĂŐĞƌƚŽĐŽŽƌĚŝŶĂƚĞǁŝƚŚƚŚĞŝƚǇƚƚŽƌŶĞǇ͛ƐKĨĨŝĐĞƚŽĞǀĂůƵĂƚĞƚŚĞǀŝĂďŝůŝƚǇŽĨĂŶĞŶĨŽƌĐĞŵĞŶƚƉƌŽŐƌĂŵƐŝŵŝůĂƌƚŽ>ŽƐŶŐĞůĞƐƚŽƌĞŐƵůĂƚĞƚŚĞůĞĂƐŝŶŐŽĨǀĂŶƐͬǀĞŚŝĐůĞƐĨŽƌ ƵƐĞĂƐĚǁĞůůŝŶŐƐŽŶŝƚǇƐƚƌĞĞƚƐĂŶĚƌĞƉŽƌƚďĂĐŬƚŽƚŚĞŝƚǇŽƵŶĐŝů͘ ϵͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ :ŽƐĞƉŚ͕WĂƵů͖ηϮϵϲ WŽůŝĐĞ ϭͬϯϭͬϮϬϮϰ ZĞŶƚ^ƚĂďŝůŝǌĂƚŝŽŶ^ƚƌĂƚĞŐŝĐWůĂŶhƉĚĂƚĞ
ŝƌĞĐƚƐƚĂĨĨƚŽ͗ϭͿdĂŬĞĚƌĂĨƚƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐƚŽ,ϮͿZĞƚƵƌŶƚŽ ŽŵŵŝƚƚĞĞŝŶƚŚĞ&ĂůůϮϬϮϯϯͿ'ŽďĂĐŬƚŽŝƚǇŽƵŶĐŝůŝŶƚŚĞ&ĂůůϮϬϮϯ ϰͬϮϰͬϮϬϮϯ ϵͬϭϳͬϮϬϮϰ /ŶWƌŽŐƌĞƐƐ ^ŽůŝǀĂŶ͕ ƌŝŬ͖ηϯϲϱ ,ŽƵƐŝŶŐ
ZĞƐŽůƵƚŝŽŶŽŶ&ĞĚĞƌĂůZĞĐŽŐŶŝƚŝŽŶĨŽƌDƵǁĞŬŵĂKŚůŽŶĞdƌŝďĞ ϭ͘ ŽŶƐŝĚĞƌĂƌĞƐŽůƵƚŝŽŶŽĨƚŚĞŝƚǇŽƵŶĐŝůŽĨƚŚĞŝƚǇŽĨ^ĂŶ:ŽƐĠĚĞĐůĂƌŝŶŐƚŚĞŝƚǇ͛ƐƐƵƉƉŽƌƚŽĨĨĞĚĞƌĂůƌĞĐŽŐŶŝƚŝŽŶŽĨƚŚĞDƵǁĞŬŵĂKŚůŽŶĞdƌŝďĞ͘Ϯ͘ ĚĚƚŚĞĚƌĂĨƚƌĞƐŽůƵƚŝŽŶŽĨƚŚĞŝƚǇŽƵŶĐŝůŽĨƚŚĞŝƚǇŽĨ^ĂŶ:ŽƐĠĚĞĐůĂƌŝŶŐƚŚĞŝƚǇ͛ƐƐƵƉƉŽƌƚŽĨĨĞĚĞƌĂůƌĞĐŽŐŶŝƚŝŽŶŽĨƚŚĞDƵǁĞŬŵĂKŚůŽŶĞdƌŝďĞƚŽƚŚĞŝƚǇŽƵŶĐŝůŐĞŶĚĂĨŽƌŝƚƐƌĞŐƵůĂƌŵĞĞƚŝŶŐŽĨƵŐƵƐƚϮϳ͕ϮϬϮϰ͘ĚĚŝƚŝŽŶĂůĚŝƌĞĐƚŝŽŶ͗ŵĞŶĚƚŚĞƌĞƐŽůƵƚŝŽŶƚŽƌĞŵŽǀĞƚŚĞϭϭƚŚtŚĞƌĞĂƐĐůĂƵƐĞƌĞĨĞƌƌŝŶŐƚŽĂůŝĨŽƌŶŝĂŽŶŐƌĞƐƐǁŽŵĂŶŽĞ>ŽĨŐƌĞŶ͖ĚŝƌĞĐƚƐƚĂĨĨƚŽƉƌŽǀŝĚĞĂƉƌĞƐĞŶƚĂƚŝŽŶŽŶďĂĐŬŐƌŽƵŶĚ͕ŝŵƉĂĐƚƐ͕ĂŶĚĂĚĚŝƚŝŽŶĂůŝŶƉƵƚͬŝŶĨŽƌŵĂƚŝŽŶƌĞůĂƚĞĚƚŽƚŚĞƌĞƐŽůƵƚŝŽŶ ϴͬϳͬϮϬϮϰ ϭϮͬϯϭͬϮϬϮϰ EŽƚ^ƚĂƌƚĞĚ DĂĐŝĞů͕ ƵůŵĂ͖ηϭϳϯ ŝƚǇDĂŶĂŐĞƌͲKĨĨŝĐĞ ŽĨZĂĐŝĂůĂŶĚ^ŽĐŝĂů ƋƵŝƚǇ
9 ZĞƐƉŽŶƐĞƚŽƚŚĞ
/ŶǀĞƐƚŝŐĂƚŝŽŶƐŽĨWŽůŝĐĞDŝƐĐŽŶĚƵĐƚŝŶ^ĂŶ:ŽƐĠZĞƉŽƌƚďǇDŽĞĞů͕>ĂŚ͕&ĂŬŚŽƵƌǇ͕>>WͲ/WWŽƐŝƚŝŽŶƐ ŝƌĞĐƚƚŚĞŝƚǇDĂŶĂŐĞƌƚŽƌĞƚƵƌŶǁŝƚŚĂŶDŽŶĞǀĂůƵĂƚŝŶŐĂĚĚŝŶŐƚǁŽŽƌŵŽƌĞƉŽƐŝƚŝŽŶƐƚŽƚŚĞ/ŶĚĞƉĞŶĚĞŶƚWŽůŝĐĞƵĚŝƚŽƌŽĨĨŝĐĞ͘ ϭϭͬϭϰͬϮϬϮϯ ŽŵƉůĞƚĞ tŝůĐŽǆ͕ >ĞůĂŶĚ͖ηϭϬϳ ŝƚǇDĂŶĂŐĞƌͲƵĚŐĞƚ ϱͬϯϬͬϮϬϮϰ ZĞƚŝƌĞŵĞŶƚŽĂƌĚƐŽĨĚŵŝŶŝƐƚƌĂƚŝŽŶ͛ƐĚŽƉƚŝŽŶŽĨŝƚǇWŽůŝĐŝĞƐĂŶĚZĞĐŽŵŵĞŶĚĞĚWŽůŝĐŝĞƐĨŽƌŝƚǇ͛ƐĚŽƉƚŝŽŶĨŽƌKĨĨŝĐĞŽĨZĞƚŝƌĞŵĞŶƚ^ĞƌǀŝĐĞKƉĞƌĂƚŝŽŶƐ dŚĞZĞƚŝƌĞŵĞŶƚŽĂƌĚƐŽĨĚŵŝŶŝƐƚƌĂƚŝŽŶ͛ƐZĞƉŽƌƚŽŶƚŚĞĂĚŽƉƚŝŽŶŽĨŝƚǇƉŽůŝĐŝĞƐĂŶĚƌĞĐŽŵŵĞŶĚĞĚƉŽůŝĐŝĞƐĨŽƌŝƚǇ͛ƐĂĚŽƉƚŝŽŶĨŽƌKĨĨŝĐĞŽĨZĞƚŝƌĞŵĞŶƚ^ĞƌǀŝĐĞƐŽƉĞƌĂƚŝŽŶƐǁĂƐĂĐĐĞƉƚĞĚǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐĚŝƌĞĐƚŝŽŶ͗ŝƌĞĐƚƚŚĞŝƚǇDĂŶĂŐĞƌƚŽǁŽƌŬǁŝƚŚƚŚĞKĨĨŝĐĞŽĨZĞƚŝƌĞŵĞŶƚ^ĞƌǀŝĐĞƐƚŽĚĞƚĞƌŵŝŶĞĂŵĞƚŚŽĚĨŽƌĂĚĚƌĞƐƐŝŶŐĚŝƐĂŐƌĞĞŵĞŶƚƐŽŶĐŽŶƚƌŽůƐ͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ƉƌŽĐƵƌĞŵĞŶƚ͕ĨŝŶĂŶĐĞ͕ĚŝƐĐŝƉůŝŶĞ͕ĂŶĚƚƌĂǀĞůƉŽůŝĐǇ͖ǁŚĞŶKZ^ĂĚĚƌĞƐƐĞƐĚĞǀŝĂƚŝŽŶƐƚŽŝƚǇƉŽůŝĐŝĞƐ͖ƚŽĞŶŚĂŶĐĞĐŽŽƌĚŝŶĂƚŝŽŶĂŶĚĂĚĚƌĞƐƐĚŝƐĂŐƌĞĞŵĞŶƚƐŽŶĐŽŶƚƌŽůƐǁŚĞŶƚŚĞƌĞĂƌĞĚĞǀŝĂƚŝŽŶƐƚŽŝƚǇƉŽůŝĐŝĞƐƉƌŽƉŽƐĞĚďǇKZ^ŽƌZĞƚŝƌĞŵĞŶƚŽĂƌĚƐĂŶĚƌĞƉŽƌƚďĂĐŬƚŽŽƵŶĐŝů͘ ϰͬϮϯͬϮϬϮϰ ŽŵƉůĞƚĞ ^ĐŚĞŵďƌŝ͕ :ĞŶŶŝĨĞƌ͖ηϵϴ ŝƚǇDĂŶĂŐĞƌͲ ŵƉůŽǇĞĞZĞůĂƚŝŽŶƐ ϴͬϲͬϮϬϮϰ
^ĂĨĞWĂƌŬŝŶŐWƌŽŐƌĂŵZĞƋƵŝƌĞŵĞŶƚƐ͘
ϭ͘ŝƌĞĐƚƚŚĞŝƚǇDĂŶĂŐĞƌƚŽĞǀĂůƵĂƚĞĂŵĞŶĚŝŶŐƚŚĞŝƚǇǁŝĚĞ^ĂĨĞWĂƌŬŝŶŐWƌŽŐƌĂŵƚŽƌĞŵŽǀĞƌĞŐŝƐƚƌĂƚŝŽŶ͕ŽƉĞƌĂďŝůŝƚǇ͕ĂŶĚŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐ͕ĂŶĚƌĞƚƵƌŶƚŽŽƵŶĐŝůĨŽƌ ĐŽŶƐŝĚĞƌĂƚŝŽŶĂŶĚĂƉƉƌŽǀĂů͘Ϯ͘ŝƌĞĐƚƚŚĞŝƚǇDĂŶĂŐĞƌƚŽĞŶŐĂŐĞ>ŝĨĞDŽǀĞƐƚŽĂŵĞŶĚƚŚĞŽƉĞƌĂƚŝŽŶĂŐƌĞĞŵĞŶƚĨŽƌƚŚĞsd^ĂŶƚĂdĞƌĞƐĂ^ĂĨĞWĂƌŬŝŶŐƉƌŽŐƌĂŵƚŽƌĞŵŽǀĞƌĞŐŝƐƚƌĂƚŝŽŶ͕ŽƉĞƌĂďŝůŝƚǇ͕ĂŶĚŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐ͕ĂŶĚƌĞƚƵƌŶƚŽŽƵŶĐŝůĨŽƌĐŽŶƐŝĚĞƌĂƚŝŽŶĂŶĚĂƉƉƌŽǀĂů͘ ϵͬϭϯͬϮϬϮϯ ϭϬͬϯϭͬϮϬϮϰ /ŶWƌŽŐƌĞƐƐ ^ŽůŝǀĂŶ͕
ƌŝŬ͖ηϯϲϱ ,ŽƵƐŝŶŐ
^ĂĨĞƚǇ/ŵƉƌŽǀĞŵĞŶƚƐĂƚ,ĞƐƚĞƌǀĞŶƵĞdƵŶŶĞů
dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϯϮ͕ϮϯϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵŝƐƚƌŝĐƚϲ͛ƐΘ&ƵŶĚƚŽŝŶƐƚĂůůĚŝĂŵŽŶĚƉůĂƚĞůŝĚƐŽǀĞƌƚŚĞ ƐƚĂŝƌǁĞůůƐĂƚĞĂĐŚƐŝĚĞŽĨƚŚĞůĂŵĞĚĂƵŶĚĞƌĐƌŽƐƐŝŶŐ͘;ηϭϮĂǀŝƐͿ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ ZŝƐƚŽǁ͕:ŽŚŶ͖ηϭϮϮ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ϲͬϮϴͬϮϬϮϰ ^ĐŚŝĞůĞǀĞŶƵĞΘůĂŵĞĚĂWĂƌŬ,ŝƐƚŽƌŝĐŝƐƚƌŝĐƚ
dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϭϬϬ͕ϬϬϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵƚŚĞ ^ZƚŽŚĞůƉďƌŝŶŐƚŚĞ^ĐŚŝĞůĞǀĞŶƵĞĂŶĚůĂŵĞĚĂWĂƌŬ,ŝƐƚŽƌŝĐŝƐƚƌŝĐƚĚĞƐŝŐŶĂƚŝŽŶďĂĐŬƚŽƚŚĞŝƚǇŽƵŶĐŝůĨŽƌĐŽŶƐŝĚĞƌĂƚŝŽŶďǇƚŚĞĞŶĚŽĨƚŚŝƐĨŝƐĐĂůǇĞĂƌ͘;ηϭϯĂǀŝƐͿ ϲͬϭϯͬϮϬϮϯ ϵͬϮϱͬϮϬϮϰ /ŶWƌŽŐƌĞƐƐ ƵƌƚŽŶ͕ŚƌŝƐ͖ηϭϮϬ WůĂŶŶŝŶŐ͕ƵŝůĚŝŶŐΘ ŽĚĞ ŶĨŽƌĐĞŵĞŶƚ
^ĞĞĚDŽŶĞǇĨŽƌ&ƵƚƵƌĞůƵŵZŽĐŬsŝůůĂŐĞ^ŝŐŶ
dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϱϯ͕ϬϬϬĨƌŽŵƚŚĞ ^ZƚŽǁĂƌĚƐƚŚĞĨƵƚƵƌĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂƐŝŐŶƌĞĂĚŝŶŐ͞tĞůĐŽŵĞƚŽƚŚĞůƵŵZŽĐŬsŝůůĂŐĞ͟ŽƌĂŶŽƚŚĞƌƐŝŵŝůĂƌĨŽƌŵƵůĂƚŝŽŶĚĞƚĞƌŵŝŶĞĚƚŚƌŽƵŐŚĂƉƌŽĐĞƐƐŵĂŶĂŐĞĚďǇƌĞůĞǀĂŶƚĐŝƚǇƐƚĂĨĨŝŶĐŽŶƐƵůƚĂƚŝŽŶǁŝƚŚƚŚĞŝƐƚƌŝĐƚϱŽƵŶĐŝůKĨĨŝĐĞĂŶĚĐŽŵŵƵŶŝƚǇŵĞŵďĞƌƐ͘;ηϯϴKƌƚŝǌͿ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ >ŽĞƐĐŚ͕ DĂƚƚŚĞǁ͖ηϮϲϳ WƵďůŝĐtŽƌŬƐ ϲͬϮϴͬϮϬϮϰ ^ĞŝƐŵŝĐ^ĂĨĞƚǇ ŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂĐĐĞůĞƌĂƚĞŽƵƌƉƌŽŐƌĞƐƐĚƌĂŵĂƚŝĐĂůůǇŽŶĞǆƉůŽƌŝŶŐŝŶĐĞŶƚŝǀĞƐĂŶĚŽƚŚĞƌŵĞĐŚĂŶŝƐŵƐĨŽƌƐĞŝƐŵŝĐƌĞƚƌŽĨŝƚƐŽĨƐŽĨƚͲƐƚŽƌǇďƵŝůĚŝŶŐƐĂŶĚƌĞƚƵƌŶƚŽŽƵŶĐŝůǁŝƚŚ ŽƉƚŝŽŶƐƚŽŝŶĐĞŶƚŝǀŝǌĞŽƌƌĞƋƵŝƌĞƚŚĞƐĞŝƐŵŝĐƵƉŐƌĂĚĞƐ͘ ϯͬϭϱͬϮϬϮϮ ϵͬϯϬͬϮϬϮϰ /ŶWƌŽŐƌĞƐƐ ƵƌƚŽŶ͕ŚƌŝƐ͖ηϭϮϬ WůĂŶŶŝŶŐ͕ƵŝůĚŝŶŐΘ ŽĚĞ ŶĨŽƌĐĞŵĞŶƚ^ĞŶŝŽƌ^ĂĨĂƌŝWƌŽŐƌĂŵ'ƌĂŶƚ dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽƉƌŽǀŝĚĞŽŶĞͲƚŝŵĞŐƌĂŶƚƐĨƌŽŵƚŚĞ ^ZƚŽƚŚĞĨŽůůŽǁŝŶŐŽƌŐĂŶŝǌĂƚŝŽŶ͗Ψϱ͕ϬϬϬƚŽƚŚĞ,ĂƉƉǇ,ŽůůŽǁ&ŽƵŶĚĂƚŝŽŶƚŽƐƵƉƉŽƌƚƚŚĞ^ĞŶŝŽƌ^ĂĨĂƌŝWƌŽŐƌĂŵ͘; ηϭϬŽĂŶͿ ϲͬϭϭͬϮϬϮϰ ϵͬϯϬͬϮϬϮϰ /ŶWƌŽŐƌĞƐƐ ŝĐŝƌĞůůŝ͕:ŽŶ͖ηϭϲϭ WĂƌŬƐ͕ZĞĐƌĞĂƚŝŽŶΘ EĞŝŐŚďŽƌŚŽŽĚ^ĞƌǀŝĐĞƐ^:DĂŬĞƌƐĨŽƌ&ƌŝĚĂǇEŝŐŚƚĐƚŝǀĂƚŝŽŶĂƚĂĐŬĞƐƚŽWĂƌŬ dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϮϬ͕ϬϬϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵƚŚĞ ^ZƚŽ^:DĂŬĞƌƐĨŽƌ&ƌŝĚĂǇEŝŐŚƚĐƚŝǀĂƚŝŽŶĂƚĂĐŬĞƐƚŽWĂƌŬƚŽƐĂĨĞůǇŬĞĞƉƚŚĞƉĂƌŬŽƉĞŶƉĂƐƚƐƵŶƐĞƚƐŽ ƚŚĂƚƌĞƐŝĚĞŶƚƐĐĂŶĞŶũŽǇǀĞŶĚŽƌƉŽƉͲƵƉƐĂŶĚĞǀĞŶŝŶŐďĂƐŬĞƚďĂůů͘;ηϲϬdŽƌƌĞƐͿ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ ŝĐŝƌĞůůŝ͕:ŽŶ͖ηϭϲϭ WĂƌŬƐ͕ZĞĐƌĞĂƚŝŽŶΘ EĞŝŐŚďŽƌŚŽŽĚ^ĞƌǀŝĐĞƐ ϲͬϮϴͬϮϬϮϰ ^:ƌŝĚŐĞZĞƐƚƌƵĐƚƵƌĞĚZĞĨĞƌƌĂůWƌŽĐĞƐƐ ZĞƐƚƌƵĐƚƵƌĞ^:ƌŝĚŐĞ͛ƐƌĞĨĞƌƌĂůƉƌŽĐĞƐƐŝŶůŝŶĞǁŝƚŚƚŚĞ,ŽƵƐŝŶŐĞƉĂƌƚŵĞŶƚ͛ƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ͕ĂŶĚƐƉƌĞĂĚƚŚĞƉƌŽŐƌĂŵĂĐƌŽƐƐĞǀĞƌǇĞŵĞƌŐĞŶĐǇŝŶƚĞƌŝŵŚŽƵƐŝŶŐ͘ ϯͬϭϵͬϮϬϮϰ ŽŵƉůĞƚĞ ^ŽůŝǀĂŶ͕ ƌŝŬ͖ηϯϲϱ ,ŽƵƐŝŶŐ ϱͬϭͬϮϬϮϰ^ŵĂůůƵƐŝŶĞƐƐDĂƌŬĞƚŝŶŐWŝůŽƚ dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϯϬ͕ϬϬϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵƚŚĞ ^ZƚŽƚŚĞ>ĂƚŝŶŽƵƐŝŶĞƐƐ&ŽƵŶĚĂƚŝŽŶƚŽŚĞůƉϯϬƐŵĂůůďƵƐŝŶĞƐƐĞƐŝŶŝƐƚƌŝĐƚϯƵƚŝůŝǌĞƐŽĐŝĂůŵĞĚŝĂƚŽŐƌŽǁƚŚĞŝƌƌĞǀĞŶƵĞ͘;ηϱϳdŽƌƌĞƐͿ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ <ůĞŝŶ͕EĂŶĐŝ͖ηϭϳϵ

ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚΘƵůƚƵƌĂůĨĨĂŝƌƐ
ϲͬϮϴͬϮϬϮϰ
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ͻϮϴϴϭ;>ĞĞͿʹdŚĞ^ŽĐŝĂů,ŽƵƐŝŶŐĐƚʹDKE/dKZEZ dhZEdKKhE/>
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ĞĨŝŶŝƚŝŽŶŽĨŽŶĞ͗/'ZǁŝůůĐŽŵƉůĞƚĞůĞƚƚĞƌƐŽĨƐƵƉƉŽƌƚĨŽƌϭϯϬϬ͕ϭϵϵϬ͕ϮϬϯϬ͕^ϵϴϮ͕ϮϮϬϬ͕^ϭϰϯϭ͕ϯϬϴϵ͘/'ZǁŝůůŝƐƐƵĞĂůĞƚƚĞƌŽĨ͚^ƵƉƉŽƌƚŝĨŵĞŶĚĞĚ͛ŽŶϯϬϯϱ͘/'Z ǁŝůůĐůĂƌŝĨǇϮϱϴϰƚŽƐĞĞŝĨĂůŝŐŶĞĚǁŝƚŚŽƵŶĐŝůĚŝƌĞĐƚŝŽŶƌĞĐĞŝǀĞĚ͖ŝĨƐŽ͕ŝƐƐƵĞĂůĞƚƚĞƌŽĨƐƵƉƉŽƌƚ͘/'ZǁŝůůŵŽŶŝƚŽƌϮϴϴϭĂŶĚ^ϭϮϭϭĂŶĚŝŶĐůƵĚĞƚŚĞŵŝŶƚŚĞ^ƵŵŵĞƌ/'ZƌĞƉŽƌƚ͘dĂƌŐĞƚƚŽŽŵƉůĞƚĞĂƚĞ͗>ĞƚƚĞƌƐŽĨƐƵƉƉŽƌƚǁŝůůďĞŝƐƐƵĞĚďǇDĂǇϭϱ͕ϮϬϮϰ͘ ϰͬϮϯͬϮϬϮϰ ŽŵƉůĞƚĞ ĂƌĂƚĞ͕^ĂƌĂŚ͖ηϭϬϴ
ŝƚǇDĂŶĂŐĞƌͲĚŵŝŶŝƐƚƌĂƚŝŽŶ͕WŽůŝĐǇ͕Θ/ŶƚĞƌŐŽǀĞƌŶŵĞŶƚĂůZĞůĂƚŝŽŶƐ ϴͬϮϳͬϮϬϮϰ
^ƚĂƚƵƐZĞƉŽƌƚŽŶWŽůŝĐŝĞƐĚŽƉƚĞĚďǇZĞƚŝƌĞŵĞŶƚŽĂƌĚƐĚŵŝŶŝƐƚƌĂƚŝŽŶĨŽƌKƉĞƌĂƚŝŽŶŽĨKĨĨŝĐĞŽĨZĞƚŝƌĞŵĞŶƚ^ĞƌǀŝĐĞƐ/ŶƚĞƌŝŵƵĚŝƚZĞƉŽƌƚ ŝƌĞĐƚƐƚĂĨĨ;K
ZͬKͿƚŽƌĞǀŝĞǁƉƌŽƉŽƐĞĚƉŽůŝĐǇƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐďǇƚŚĞZĞƚŝƌĞŵĞŶƚŽĂƌĚƐĚŵŝŶŝƐƚƌĂƚŝŽŶĨŽƌƚŚĞŽƉĞƌĂƚŝŽŶŽĨƚŚĞKĨĨŝĐĞŽĨZĞƚŝƌĞŵĞŶƚ^ĞƌǀŝĐĞƐƉƌŝŽƌƚŽĨŝŶĂůŽƵŶĐŝů ĐŽŶƐŝĚĞƌĂƚŝŽŶŝŶĞĂƌůǇƐƉƌŝŶŐϮϬϮϰ͘ ϭϮͬϭϮͬϮϬϮϯ ŽŵƉůĞƚĞ ^ĐŚĞŵďƌŝ͕ :ĞŶŶŝĨĞƌ͖ηϵϴ ŝƚǇDĂŶĂŐĞƌͲ ŵƉůŽǇĞĞZĞůĂƚŝŽŶƐ ϲͬϮϴͬϮϬϮϰ
10 ^ƚƌĂƚĞŐǇĨŽƌKŶŐŽŝŶŐ
KƉĞƌĂƚŝŶŐĂŶĚ^ĞƌǀŝĐĞŽƐƚƐĨŽƌ/ŶƚĞƌŝŵ,ŽƵƐŝŶŐ^ŝƚĞƐ
ŝƌĞĐƚŝƚǇƐƚĂĨĨƚŽĚĞǀĞůŽƉĂƉƌŽƉŽƐĞĚƉůĂŶĨŽƌĨƵŶĚŝŶŐƚŚĞƐŝŐŶŝĨŝĐĂŶƚŽŶŐŽŝŶŐŽƉĞƌĂƚŝŶŐĂŶĚƐĞƌǀŝĐĞƐĐŽƐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞŝƚǇ͛ƐĐƵƌƌĞŶƚĂŶĚƉůĂŶŶĞĚŝŶƚĞƌŝŵŚŽƵƐŝŶŐƐŝƚĞƐ͘/ŶĚĞǀĞůŽƉŝŶŐƚŚŝƐƉůĂŶ͕ƐƚĂĨĨƐŚŽƵůĚ͗ Ă͘ ŽŶƐŝĚĞƌŽƉƚŝŽŶƐĨŽƌĐƌĞĂƚŝŶŐĂĚĞĚŝĐĂƚĞĚĨƵŶĚŝŶŐƐƚƌĞĂŵƚŽůŝŵŝƚŝŵƉĂĐƚƐƚŽƚŚĞ'ĞŶĞƌĂů &ƵŶĚ͖
ď͘ WƌŝŽƌŝƚŝǌĞƚŚĞƉƌĞƐĞƌǀĂƚŝŽŶŽĨƚŚĞŽƵŶĐŝůͲĂƉƉƌŽǀĞĚDĞĂƐƵƌĞ ĂůůŽĐĂƚŝŽŶĨŽƌŵƵůĂƐ͖Đ͘
ǆƉůŽƌĞĐŽƐƚͲƐŚĂƌŝŶŐĂŐƌĞĞŵĞŶƚƐǁŝƚŚƚŚĞŽƵŶƚǇ͕,ŽƵƐŝŶŐƵƚŚŽƌŝƚǇ͕ĂŶĚŽƚŚĞƌŬĞǇ ƉĂƌƚŶĞƌƐ͖ĂŶĚ
Ě͘ WƌĞƐĞŶƚƚŚĞŝƌƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĂƐƉĂƌƚŽĨƚŚĞϮϬϮϰͲϮϬϮϱďƵĚŐĞƚĚĞǀĞůŽƉŵĞŶƚƉƌŽĐĞƐƐ͘ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ ^ŚĂŶŶŽŶ͕:ŝŵ͖ηϱϱ ŝƚǇDĂŶĂŐĞƌͲƵĚŐĞƚ ϮͬϮϴͬϮϬϮϰ ^ƚƌĞĞƚWĂƌŬŝŶŐ;ŽĂƚƐ͕hŶŚŝƚĐŚĞĚdƌĂŝůĞƌƐ͕ĞƚĐ͘Ϳ
dŚĞŝƚǇDĂŶĂŐĞƌƐŚŽƵůĚĞǆƉůŽƌĞŶĞǁƐŽůƵƚŝŽŶƐĨŽƌĂĚŵŝŶŝƐƚĞƌŝŶŐƐƚƌĞĞƚƉĂƌŬŝŶŐĐĂƉĂĐŝƚǇĂŶĚĂůůŽǁŝŶŐĂĐĐĞůĞƌĂƚĞĚƌĞŵŽǀĂůŽĨďŽĂƚƐ͕ƚƌĂŝůĞƌƐ͕ĂŶĚƐŝŵŝůĂƌǀĞŚŝĐůĞƐŽƌĂĐĐĞƐƐŽƌŝĞƐŝŵƉĂĐƚŝŶŐƉƵďůŝĐƌŝŐŚƚƐͲŽĨͲǁĂǇ͕ŝŶĐůƵĚŝŶŐƚŚĞĐŽƐƚĂŶĚƐƚĂĨĨŝŶŐŝŵƉůŝĐĂƚŝŽŶƐŽĨƚŚŝƐůĞǀĞůŽĨĞŶĨŽƌĐĞŵĞŶƚ͘ ϯͬϮϭͬϮϬϮϯ ŽŵƉůĞƚĞ ZŝƐƚŽǁ͕:ŽŚŶ͖ηϭϮϮ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ϴͬϮϳͬϮϬϮϰ ^ƵƉƉŽƌƚĨŽƌƚŚĞ&ĞĚĞƌĂů&ŝƐĐĂůzĞĂƌϮϬϮϱDŽǀŝŶŐƚŽtŽƌŬŶŶƵĂůWůĂŶ ŝƌĞĐƚ/'ZƚŽǁŽƌŬǁŝƚŚ,hĂŶĚĨĞĚĞƌĂůĞůĞĐƚĞĚŽĨĨŝĐŝĂůƐƚŽĞŶƐƵƌĞƚŚĂƚǀŽƵĐŚĞƌƐĂƌĞŶŽƚƌĞĚƵĐĞĚʹĂůůŽĐĂƚŝŽŶƚƌĂĚĞŽĨĨƐͬĐĂŶǁĞŐĞƚΨϱϬϬƐƵƉƉůĞŵĞŶƚĨƌŽŵĨĞĚĞƌĂůŐŽǀĞƌŶŵĞŶƚƚŽĞŶƐƵƌĞƚŚĞƌĞŝƐŶŽůŽƐƐʹŵĂǆŝŵƵŵŝŵƉĂĐƚŽĨĚŽůůĂƌƐ͘ ϯͬϮϲͬϮϬϮϰ ŽŵƉůĞƚĞ ĂƌĂƚĞ͕^ĂƌĂŚ͖ηϭϬϴ ŝƚǇDĂŶĂŐĞƌͲĚŵŝŶŝƐƚƌĂƚŝŽŶ͕WŽůŝĐǇ͕Θ/ŶƚĞƌŐŽǀĞƌŶŵĞŶƚĂůZĞůĂƚŝŽŶƐ ϴͬϮϳͬϮϬϮϰ
^ƵƉƉŽƌƚŝŶŐ>ŽĐĂůƵƐŝŶĞƐƐĞƐͲ>ĂƚŝŶŽƵƐŝŶĞƐƐ&ŽƵŶĚĂƚŝŽŶ^ŝůŝĐŽŶsĂůůĞǇ;>&^sͿDƵũĞƌĞƐ/ŵƉĂƌĂďůĞƐWƌŽŐƌĂŵ dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϭϬ͕ϬϬϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚƐĨƌŽŵƚŚĞ ^ZĨŽƌĂŐƌĂŶƚƚŽ>&^sƚŽĐŽŶƚŝŶƵĞƚŚĞŝƌǁŽƌŬĂŶĚĞŵƉŽǁĞƌŵŽƌĞĨƵƚƵƌĞĞŶƚƌĞƉƌĞŶĞƵƌƐƚŽĂĐŚŝĞǀĞĨŝŶĂŶĐŝĂůŝŶĚĞƉĞŶĚĞŶĐĞ͘;ηϳϵ&ŽůĞǇͿ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ <ůĞŝŶ͕EĂŶĐŝ͖ηϭϳϵ

ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚΘƵůƚƵƌĂůĨĨĂŝƌƐ
ϲͬϮϴͬϮϬϮϰ
^ƵƉƉŽƌƚŝŶŐ^ŵĂůůƵƐŝŶĞƐƐĂůŽŶŐƚŚĞ^ƚŽƌǇZŽĂĚŽƌƌŝĚŽƌ dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽŝŶŝƚŝĂƚĞĂƚǁŽͲǇĞĂƌĐŽŶƐƵůƚŝŶŐĐŽŶƚƌĂĐƚƵƐŝŶŐΨϭϮϬ͕ϬϬϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵƚŚĞ ^ZƚŽĞŶŐĂŐĞǁŝƚŚďƵƐŝŶĞƐƐĂŶĚƉƌŽƉĞƌƚǇŽǁŶĞƌƐƚŽĐƌĞĂƚĞĂ^ƚŽƌǇZŽĂĚƵƐŝŶĞƐƐŽŵŵƵŶŝƚǇƐƐŽĐŝĂƚŝŽŶ͕ŽƌǁŚĂƚĞǀĞƌŶĂŵĞƉĂƌƚŝĐŝƉĂƚŝŶŐďƵƐŝŶĞƐƐĞƐĚĞĞŵĂƉƉƌŽƉƌŝĂƚĞ͘;ηϭϳĂŶĚηϮϭŽĂŶͿ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ <ůĞŝŶ͕EĂŶĐŝ͖ηϭϳϵ

ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚΘƵůƚƵƌĂůĨĨĂŝƌƐ
ϯͬϭͬϮϬϮϰ
dŚĂŶŐŽDĞŵŽƌŝĂů ŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĐŽŶƚƌŝďƵƚĞƵƉƚŽΨϮϱ͕ϬϬϬͶŝŶĐŽůůĂďŽƌĂƚŝŽŶǁŝƚŚdŚĂŶŐ͛ƐĨĂŵŝůǇ͕ /^ƌĐŚŝƚĞĐƚƐ͕ĂŶĚƚŚĞŵĞƌŝĐĂŶ>ĞĂĚĞƌƐŚŝƉ&ŽƌƵŵͶƚŽĞŶŐĂŐĞǁŝƚŚĂůŽĐĂůĂƌƚŝƐƚŽƌĂƌƚŝƐĂŶ ĨŽƌĂŵĞŵŽƌŝĂůĨŽƌdŚĂŶŐŽĂƚĂůŽĐĂƚŝŽŶƌĞĨůĞĐƚŝŶŐŚŝƐĂƌĐŚŝƚĞĐƚƵƌĂůĐŽŶƚƌŝďƵƚŝŽŶƚŽŽƵƌĐŝƚǇ͘ ϯͬϭϱͬϮϬϮϮ ŽŵƉůĞƚĞ <ůĞŝŶ͕EĂŶĐŝ͖ηϭϳϵ ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚΘ ƵůƚƵƌĂůĨĨĂŝƌƐ ϭϭͬϭͬϮϬϮϯdŚĞůƵĞŽŶĞƐWƌŽũĞĐƚ'ƌĂŶƚ dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐŽĨΨϭϱϬ͕ϬϬϬĨƌŽŵƚŚĞ ^ZƚŽƚŚĞůƵĞŽŶĞƐWƌŽũĞĐƚ͘/ĨƚŚĞĨƵůůĨƵŶĚŝŶŐĨƌŽŵŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚĂŐĞŶĐŝĞƐĂŶĚƉŚŝůĂŶƚŚƌŽƉŝĐŽƌŐĂŶŝǌĂƚŝŽŶƐŝƐŶŽƚƐĞĐƵƌĞĚǁŝƚŚŝŶƚǁŽǇĞĂƌƐ͕ƚŚĞΨϭϱϬ͕ϬϬϬĂůůŽĐĂƚŝŽŶƐŚĂůůďĞƌĞƚƵƌŶĞĚƚŽƚŚĞ ^ZĨŽƌŽƚŚĞƌƵƐĞƐ͘;ηϴĂǀŝƐͿ ϲͬϭϯͬϮϬϮϯ ϯͬϭͬϮϬϮϱ /ŶWƌŽŐƌĞƐƐ ŝĐŝƌĞůůŝ͕:ŽŶ͖ηϭϲϭ WĂƌŬƐ͕ZĞĐƌĞĂƚŝŽŶΘ EĞŝŐŚďŽƌŚŽŽĚ^ĞƌǀŝĐĞƐ dƌĂĨĨŝĐĂůŵŝŶŐĂŶĚWĞĚĞƐƚƌŝĂŶ^ĂĨĞƚǇͲ<ŽŽƐĞƌƌŽƐƐǁĂůŬ ŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϭϮϱ͕ϬϬϬƚŽŝŶƐƚĂůůŚŝŐŚͲǀŝƐŝďŝůŝƚǇŵĂƌŬŝŶŐƐĂŶĚĨůĂƐŚŝŶŐďĞĂĐŽŶƐĂƚƚŚĞĞǆŝƐƚŝŶŐĐƌŽƐƐǁĂůŬ͕ĂŶĚƐƚƵĚǇƚŚĞĨĞĂƐŝďŝůŝƚǇŽĨĂĚĚŝŶŐďƵůďŽƵƚƐ͕ĂŵĞĚŝĂŶ͕ŽƌƌĞĐŽŶƐƚƌƵĐƚĐƵƌďƌĂŵƉƐ͘;ηϱϬ&ŽůĞǇͿ ϲͬϭϰͬϮϬϮϮ ϭϮͬϯϭͬϮϬϮϰ /ŶWƌŽŐƌĞƐƐ ZŝƐƚŽǁ͕:ŽŚŶ͖ηϭϮϮ dƌĂŶƐƉŽƌƚĂƚŝŽŶ dƌĂĨĨŝĐĂůŵŝŶŐWĞĚĞƐƚƌŝĂŶ^ĂĨĞƚǇͲĂŶŽĂƐ'ĂƌĚĞŶǀĞŶƵĞϰ /ŶƐƚĂůůĂƚŝŽŶŽĨĂĂŶŽĂƐ'ĂƌĚĞŶǀĞŶƵĞĐƌŽƐƐǁĂůŬƚŽĞŶƐƵƌĞƐĂĨĞƚǇĨŽƌƉĞĚĞƐƚƌŝĂŶƐǁŚŽǁĂůŬĨƌŽŵƚŚĞsdƵƌƚŶĞƌ>ŝŐŚƚZĂŝů^ƚĂƚŝŽŶĂŶĚhŶŝǀĞƌƐŝƚǇWƌĞƉĂƌĂƚŽƌǇĐĂĚĞŵǇ͘dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϭϮϱ͕ϬϬϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚƐĨƌŽŵƚŚĞ ƐƐĞŶƚŝĂů^ĞƌǀŝĐĞƐZĞƐĞƌǀĞĨŽƌƚŚŝƐƉƌŽũĞĐƚ͘ ϲͬϭϱͬϮϬϮϭ ϭϮͬϯϭͬϮϬϮϰ /ŶWƌŽŐƌĞƐƐ ZŝƐƚŽǁ͕:ŽŚŶ͖ηϭϮϮ dƌĂŶƐƉŽƌƚĂƚŝŽŶ dƌĂĨĨŝĐĂůŵŝŶŐWĞĚĞƐƚƌŝĂŶ^ĂĨĞƚǇͲŝƐƚƌŝĐƚdŚƌĞĞ ĚĚŝƚŝŽŶĂůŽŶĞͲƚŝŵĞĨƵŶĚƐŽĨΨϭϬϬ͕ϬϬϬĨƌŽŵƚŚĞ ƐƐĞŶƚŝĂů^ĞƌǀŝĐĞƐZĞƐĞƌǀĞĨŽƌƚƌĂĨĨŝĐĐĂůŵŝŶŐƉƌŽũĞĐƚƐŝŶŝƐƚƌŝĐƚϯƚŽĂĚĚƌĞƐƐƌĞƐŝĚĞŶƚƐĂĨĞƚǇĐŽŶĐĞƌŶƐ ϲͬϭϱͬϮϬϮϭ ϭϮͬϯϭͬϮϬϮϰ /ŶWƌŽŐƌĞƐƐ ZŝƐƚŽǁ͕:ŽŚŶ͖ηϭϮϮ dƌĂŶƐƉŽƌƚĂƚŝŽŶdƌĂĨĨŝĐĂůŵŝŶŐWĞĚĞƐƚƌŝĂŶ^ĂĨĞƚǇͲ&ŽǆǁŽƌƚŚǇǀĞŶƵĞ dŚĞŝƐƚƌŝĐƚϵŽĨĨŝĐĞŚĂƐŚĞĂƌĚŶƵŵĞƌŽƵƐƌĞƉŽƌƚƐĨƌŽŵƌĞƐŝĚĞŶƚƐŽĨƐƉĞĞĚŝŶŐĂůŽŶŐ&ŽǆǁŽƌƚŚǇǀĞŶƵĞ͘dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϮϬ͕ϬϬϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚƐĨƌŽŵƚŚĞ

ƐƐĞŶƚŝĂů^ĞƌǀŝĐĞƐZĞƐĞƌǀĞĂŶĚΨϭϯϬ͕ϬϬϬĨƌŽŵƚŚĞŝƐƚƌŝĐƚ͛Ɛ^ĂĨĞƚǇͲWĞĚĞƐƚƌŝĂŶ/ŵƉƌŽǀĞŵĞŶƚƐƉƌŽũĞĐƚďĂůĂŶĐĞƚŽƉĞƌĨŽƌŵĂĐŽŵƉƌĞŚĞŶƐŝǀĞƚƌĂĨĨŝĐĐĂůŵŝŶŐƐƚƵĚǇƚŽĚĞƚĞƌŵŝŶĞĞĨĨĞĐƚŝǀĞ ƚƌĂĨĨŝĐĐĂůŵŝŶŐƚƌĞĂƚŵĞŶƚƐĨŽƌ&ŽǆǁŽƌƚŚǇǀĞŶƵĞ͘
ϲͬϭϱͬϮϬϮϭ ŽŵƉůĞƚĞ ZŝƐƚŽǁ͕:ŽŚŶ͖ηϭϮϮ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ϴͬϮϳͬϮϬϮϰ dƌĂĨĨŝĐĂůŵŝŶŐWĞĚĞƐƚƌŝĂŶ^ĂĨĞƚǇͲ,ŝůůƐĚĂůĞĂŶĚsŝƐƚĂWĂƌŬϭϬ ^ĞǀĞƌĂůƐŝĚĞƐŚŽǁƐŚĂǀĞŽĐĐƵƌƌĞĚĂƚƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨ,ŝůůƐĚĂůĞĂŶĚsŝƐƚĂWĂƌŬ͘dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϮϳϬ͕ϬϬϬŝŶĨƵŶĚƐĨƌŽŵƚŚĞŝƐƚƌŝĐƚ͛Ɛ^ĂĨĞƚǇͲWĞĚĞƐƚƌŝĂŶ/ŵƉƌŽǀĞŵĞŶƚƐƉƌŽũĞĐƚďĂůĂŶĐĞƚŽĐŽŶƐƚƌƵĐƚĂƉŝůŽƚƌŽƵŶĚĂďŽƵƚƚŽƉƌĞǀĞŶƚƐŝĚĞƐŚŽǁƐ͕ƐƉĞĞĚŝŶŐ͕ĂŶĚƐƚƌĞĞƚƌĂĐŝŶŐĨƌŽŵŽĐĐƵƌƌŝŶŐĂƚƚŚŝƐůŽĐĂƚŝŽŶ ϲͬϭϱͬϮϬϮϭ ŽŵƉůĞƚĞ ZŝƐƚŽǁ͕:ŽŚŶ͖ηϭϮϮ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ϴͬϮϳͬϮϬϮϰ dƌĂĨĨŝĐ^ĂĨĞƚǇ/ŵƉƌŽǀĞŵĞŶƚƐͲDĞƌŝĚŝĂŶ
dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϭϮ͕ϱϬϬŽĨŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĞĂĐŚĨƌŽŵƚŚĞ ^ZĂŶĚƚŚĞ^ĂĨĞƚǇͲWĞĚĞƐƚƌŝĂŶ/ŵƉƌŽǀĞŵĞŶƚƐĂůůŽĐĂƚŝŽŶŝŶƚŚĞdƌĂĨĨŝĐĂƉŝƚĂůWƌŽŐƌĂŵƚŽŝŶƐƚĂůů ĞůĞĐƚƌŽŶŝĐƐŵĂƌƚƌĂĚĂƌƐŝŐŶƐĂƚDĞƌŝĚŝĂŶ;ƐŽƵƚŚŽĨzŽƌŬ^ƚ͘Ϳ͕ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ ZŝƐƚŽǁ͕:ŽŚŶ͖ηϭϮϮ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ϲͬϮϴͬϮϬϮϰ 11 dƌĂĨĨŝĐ^ĂĨĞƚǇ
/ŵƉƌŽǀĞŵĞŶƚƐͲEĞǁ:ĞƌƐĞǇǀĞ
dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϮϬ͕ϬϬϬĨƌŽŵƚŚĞ^ĂĨĞƚǇͲWĞĚĞƐƚƌŝĂŶ/ŵƉƌŽǀĞŵĞŶƚƐĂůůŽĐĂƚŝŽŶŝŶƚŚĞdƌĂĨĨŝĐĂƉŝƚĂůWƌŽŐƌĂŵƚŽĞŶŚĂŶĐĞĂƐĐŚŽŽůĐƌŽƐƐǁĂůŬǁŝƚŚƋƵŝĐŬďƵŝůĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂƚEĞǁ:ĞƌƐĞǇǀĞ͘ĂŶĚ:ŽƐĞƉŚŝŶĞǀĞ͘ ϲͬϭϯͬϮϬϮϯ ϭϮͬϯϭͬϮϬϮϰ /ŶWƌŽŐƌĞƐƐ ZŝƐƚŽǁ͕:ŽŚŶ͖ηϭϮϮ dƌĂŶƐƉŽƌƚĂƚŝŽŶ dƌĂĨĨŝĐ^ĂĨĞƚǇ/ŵƉƌŽǀĞŵĞŶƚƐͲWĂǇŶĞǀĞ
dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϯϲ͕ϬϬϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵƚŚĞ ^ZĂŶĚΨϵ͕ϬϬϬƚŚĞ^ĂĨĞƚǇͲWĞĚĞƐƚƌŝĂŶ/ŵƉƌŽǀĞŵĞŶƚƐĂůůŽĐĂƚŝŽŶŝŶƚŚĞdƌĂĨĨŝĐĂƉŝƚĂůWƌŽŐƌĂŵĨŽƌƚŚĞ ĚĞƐŝŐŶ͕ŝŶƐƚĂůůĂƚŝŽŶ͕ĂŶĚƉƌŽŐƌĂŵŵŝŶŐŽĨƌĂĚĂƌƐŝŐŶƐŽŶWĂǇŶĞǀĞŶƵĞ͕ďĞƚǁĞĞŶtŝŶĐŚĞƐƚĞƌůǀĚ͘ĂŶĚ^ĂŶdŽŵĂƐ ǆƉƌĞƐƐǁĂǇ͘;ηϱϰ<ĂŵĞŝͿ ϲͬϭϯͬϮϬϮϯ ϭϮͬϯϭͬϮϬϮϰ EŽƚ^ƚĂƌƚĞĚ ZŝƐƚŽǁ͕:ŽŚŶ͖ηϭϮϮ dƌĂŶƐƉŽƌƚĂƚŝŽŶ dƌĂĨĨŝĐ^ĂĨĞƚǇ/ŵƉƌŽǀĞŵĞŶƚƐͲ^ĐŽƚƚ^ƚ
dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϱϬ͕ϬϬϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵƚŚĞ^ĂĨĞƚǇͲWĞĚĞƐƚƌŝĂŶ/ŵƉƌŽǀĞŵĞŶƚƐĂůůŽĐĂƚŝŽŶŝŶƚŚĞdƌĂĨĨŝĐĂƉŝƚĂůWƌŽŐƌĂŵƚŽŝŶƐƚĂůůƐƉĞĞĚŚƵŵƉƐŽŶ^ĐŽƚƚ ^ƚ͘;ηϭϬĂǀŝƐͿ ϲͬϭϯͬϮϬϮϯ ϲͬϯϬͬϮϬϮϱ /ŶWƌŽŐƌĞƐƐ ZŝƐƚŽǁ͕:ŽŚŶ͖ηϭϮϮ dƌĂŶƐƉŽƌƚĂƚŝŽŶ hƌďĂŶ&ŽƌĞƐƚƌǇdƌŝŵŵŝŶŐWŝůŽƚŝŶϭ
dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϭϭϳ͕ϬϬϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵƚŚĞ ^ZƚŽƉƌŽǀŝĚĞŐƌĂŶƚƐƚŽŝƐƚƌŝĐƚϭƌĞƐŝĚĞŶƚƐƚŽƚƌŝŵƚƌĞĞƐĂůŽŶŐƚŚĞƉƵďůŝĐƌŝŐŚƚͲŽĨͲǁĂǇƚŚĂƚĐŽƵůĚŚĂǀĞĂŶŝŵƉĂĐƚŽŶƐĂĨĞƚǇ͘;ηϱϭ<ĂŵĞŝͿ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ ZŝƐƚŽǁ͕:ŽŚŶ͖ηϭϮϮ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ϲͬϮϴͬϮϬϮϰ sĂĐĂŶƚƵŝůĚŝŶŐůŝŐŚƚ
ŶĨŽƌĐĞŵĞŶƚ
dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĂůůŽĐĂƚĞΨϭϳϬ͕ϬϬϬŝŶŽŶĞͲƚŝŵĞĨƵŶĚŝŶŐĨƌŽŵƚŚĞ ^ZƚŽŚŝƌĞŽŶĞŽĚĞ
ŶĨŽƌĐĞŵĞŶƚ/ŶƐƉĞĐƚŽƌ//ĂŶĚƉƌŽǀŝĚĞĨŽƌƚŚĞŝƌŶŽŶͲƉĞƌƐŽŶĂůĐŽƐƚƐ͘dŚĞŝƚǇŽĨ^ĂŶ:ŽƐĠĂŶƚŝĐŝƉĂƚĞƐƚŚŝƐƉŽƐŝƚŝŽŶďĞŝŶŐĂƚůĞĂƐƚƉĂƌƚŝĂůůǇĐŽƐƚƌĞĐŽǀĞƌǇ͘Ψϴϱ͕ϬϬϬŝƐĞǆƉĞĐƚĞĚƚŽďĞƌĞĐŽǀĞƌĞĚĨƌŽŵƚŚĞŚŝƌŝŶŐŽĨƚŚŝƐƉŽƐŝƚŝŽŶ͘;DηϱͿ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ ƵƌƚŽŶ͕ŚƌŝƐ͖ηϭϮϬ WůĂŶŶŝŶŐ͕ƵŝůĚŝŶŐΘ ŽĚĞ ŶĨŽƌĐĞŵĞŶƚ ϲͬϮϴͬϮϬϮϰ
sĞŚŝĐůĞůŝŐŚƚWĞƌĨŽƌŵĂŶĐĞ ŶĚ͕ĂƐĚŝƌĞĐƚĞĚŝŶƚŚĞDĂƌĐŚƵĚŐĞƚDĞƐƐĂŐĞ͕ƚŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽƚƌĂĐŬƚŚĞƉƌŽŐƌĞƐƐŽĨƚŚŝƐƌĞŝŶǀŝŐŽƌĂƚĞĚsĞŚŝĐůĞďĂƚĞŵĞŶƚWƌŽŐƌĂŵĂŶĚƌĞŐƵůĂƌůǇƌĞƉŽƌƚďĂĐŬƚŽŽƵŶĐŝů ƵŶƚŝůƉĞƌĨŽƌŵĂŶĐĞƐŝŐŶŝĨŝĐĂŶƚůǇŝŵƉƌŽǀĞƐ͘ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ ZŝƐƚŽǁ͕:ŽŚŶ͖ηϭϮϮ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ϲͬϯͬϮϬϮϰsŽůƵŶƚĞĞƌDĂŶĂŐĞŵĞŶƚ dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĞŵďƌĂĐĞůŽŶŐƐƚĂŶĚŝŶŐŝƚǇƵĚŝƚŽƌƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐƚŽŝŶĐŽƌƉŽƌĂƚĞŵŽƌĞĐĞŶƚƌĂůŝǌĞĚǀŽůƵŶƚĞĞƌŵĂŶĂŐĞŵĞŶƚĐĂƉĂĐŝƚǇŝŶŽƌĚĞƌƚŽƐƵƉƉŽƌƚĂŶĚĐŽŽƌĚŝŶĂƚĞĐŝƚǇǁŝĚĞĞĨĨŽƌƚƐͶŝ͘Ğ͕͘ĨŽƌĨŝŶŐĞƌƉƌŝŶƚŝŶŐ͕ƚĞĐŚŶŽůŽŐǇƉůĂƚĨŽƌŵƐ͕ĨĞůůŽǁƐŚŝƉƌĞĐƌƵŝƚŵĞŶƚĂŶĚŐƌĂŶƚĂƉƉůŝĐĂƚŝŽŶƐ͕ĂŶĚĐŽŽƌĚŝŶĂƚŝŽŶŽĨĐƌŽƐƐͲĚĞƉĂƌƚŵĞŶƚĂůƉƌŽũĞĐƚƐͶƚŚĞƌĞďǇůŝďĞƌĂƚŝŶŐĐĂƉĂĐŝƚǇǁŝƚŚŝŶĚĞƉĂƌƚŵĞŶƚƐ͘ ϲͬϭϲͬϮϬϮϬ ϭϮͬϯϭͬϮϬϮϱ EŽƚ^ƚĂƌƚĞĚ ĞĐŬĞů͕ ŽůĂŶ͖ηϭϱϮ ŝƚǇDĂŶĂŐĞƌ tĂŐĞdŚĞĨƚWƌĞǀĞŶƚŝŽŶWŽůŝĐǇZĞǀŝƐŝŽŶ
ŽƵŶĐŝůĂƉƉƌŽǀĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚĂŶĚƚŚĞŵĞŵŽĨƌŽŵsŝĐĞDĂǇŽƌ<ĂŵĞŝ͕ĂŶĚŽƵŶĐŝůŵĞŵďĞƌƐĂŶĚĞůĂƐĂŶĚŽŚĞŶǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐŵŽĚŝĨŝĐĂƚŝŽŶƐŝŶƚŚĞŝƌŵĞŵŽ͗ dĞĐŚŶŝĐĂůĐŚĂŶŐĞĨŽƌ/ƚĞŵϭ͘ďͿŝͿ͗ŝͿhŶĚĞƌŝĚŽƌWƌŽƉŽƐĂůŝƐƋƵĂůŝĨŝĐĂƚŝŽŶŝƌĐƵŵƐƚĂŶĐĞƐ͕ƐĞĐƚŝŽŶ/͗ΗƉŽƚĞŶƚŝĂůĐŽŶƚƌĂĐƚŽƌƚŚĂƚŚĂƐƐƵďŵŝƚƚĞĚĂĨŽƌŵĂůŽƌŝŶĨŽƌŵĂůďŝĚŽƌƉƌŽƉŽƐĂůƚŽƉƌŽǀŝĚĞƐƵƉƉůŝĞƐ͕ŵĂƚĞƌŝĂůƐ͕ŐŽŽĚƐ͕ĂŶĚͬŽƌƐĞƌǀŝĐĞƐƚŽƚŚĞŝƚǇƉƵƌƐƵĂŶƚƚŽ^ĂŶ:ŽƐĞDƵŶŝĐŝƉĂůŽĚĞŚĂƉƚĞƌϰ͘ϭϮƐŚĂůůďĞĚŝƐƋƵĂůŝĨŝĞĚŝĨƚŚĞƉŽƚĞŶƚŝĂůĐŽŶƚƌĂĐƚŽƌŚĂƐƌĞĐĞŝǀĞĚƚǁŽŽƌŵŽƌĞĨŝŶĂůǁĂŐĞũƵĚŐŵĞŶƚƐĨƌŽŵƚŚĞĂůŝĨŽƌŶŝĂ>ĂďŽƌŽŵŵŝƐƐŝŽŶĞƌΖƐKĨĨŝĐĞŝŶƚŚĞůĂƐƚĨŝǀĞǇĞĂƌƐƉƌŝŽƌƚŽƚŚĞĚĂƚĞŽĨƐƵďŵŝƐƐŝŽŶ͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽŝǀŝůtĂŐĞĂŶĚWĞŶĂůƚǇƐƐĞƐƐŵĞŶƚƐ;tWƐͿĂŶĚƵƌĞĂƵŽ;&ŝĞůĚ ŶĨŽƌĐĞŵĞŶƚ;K&
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ŵƉŽǁĞƌŵĞŶƚůůŝĂŶĐĞ
dŚĞŝƚǇDĂŶĂŐĞƌŝƐĚŝƌĞĐƚĞĚƚŽĞǆĞĐƵƚĞƐƚĂĨĨ͛ƐƌĞĐŽŵŵĞŶĚĞĚƌĞƐŽƵƌĐĞĂůůŽĐĂƚŝŽŶƉůĂŶĨŽƌϮϬϮϯͲϮϬϮϰ͕ǁŚŝĐŚŝŶĐůƵĚĞƐΨϯ͘ϮϲŵŝůůŝŽŶĨŽƌŐƌĂŶƚŵĂŬŝŶŐƉƌŽŐƌĂŵƐƚŚĂƚƌĞĚƵĐĞǀŝŽůĞŶĐĞĂŶĚΨϮ͘ϲϱŵŝůůŝŽŶƚŽĐŽŵŵƵŶŝƚǇͲďĂƐĞĚŽƌŐĂŶŝǌĂƚŝŽŶƐ͘;DηϮϯͿ ϲͬϭϯͬϮϬϮϯ ŽŵƉůĞƚĞ ŝĐŝƌĞůůŝ͕:ŽŶ͖ηϭϲϭ WĂƌŬƐ͕ZĞĐƌĞĂƚŝŽŶΘ EĞŝŐŚďŽƌŚŽŽĚ^ĞƌǀŝĐĞƐ ϮͬϭͬϮϬϮϰ 12

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Request to Drop or Defer Existing Council Referral
Referral Name Parks and Community Facility Improvements – Police Activities League 2 Referral Date / Source 6/15/2021 City Council, Item 3.3 – Budget Referral Requesting Department Parks, Recreation, and Neighborhood Services Department Rep. Name Jon Cicirelli / Sara Sellers Staff Recommendation ܈ DROP: Discontinue action on the Council Referral. ܆ DEFER: Delay action on Council Referral until __[enter date]__* *If selecting this action, please add a new estimated completion date inthe “Expanded Justification” section below.

Staff Evaluation
Is continued action on this Council Referral impossible or impractical? (Explain below)
܈ Yes
܆ No
Does this Council Referral align with current City Focus Areas? ܆ Yes
܈ No
Will dropping or deferring this Council Referral result in additional staff / resources prioritized to other projects aligned with current City Focus Areas? ܆ Yes
܈ No
Will continued action on this Council Referral require substantial resources, staffing, budget, or strategic support?
܈ Yes
܆ No
Expanded JustificationExplain the rationale for staff recommendation, including any mitigating factors that need to be considered (recent City Council action, changes to state law, significant work plan changes, etc.). Describe the impact to department staff resources and budget, including how staff time and resources would be reallocated if this recommendation were accepted. The initial budget direction read: “The Police Activities League (PAL) provides athletic programs for youth in East San José and operates out of the City-owned J.R. Blackmore PAL Stadium Complex. A $400,000 Master Plan process that will commence in the fall 2021. Councilmember Carrasco would like to see renovations include converting the dirt to a rubberized surface, re-paving the parking lot, and improving the bleachers, Public Announcements system, lighting, and scoreboard. The City Manager is directed to ensure that these renovations are incorporated and evaluated as a part of this planning process.” Parks, Recreation, and Neighborhood Services staff coordinated with Council District 5 and the City Manager’s Budget Office to reallocate these funds into the PAL Turf Replacement Referral (Parks and Community Facility Improvement – PAL Turf Replacement 3), which was underfunded. As funds have been reallocated to the turf replacement project rather than using them for a master plan process, staff recommends this referral be dropped. ƚƚĂĐŚŵĞŶƚͲZĞƋƵĞƐƚƚŽƌŽƉ
ǆŝƐƚŝŶŐŽƵŶĐŝůZĞĨĞƌƌĂůƐ

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Request to Drop or Defer Existing Council Referral
Referral Name MBA - 2020-2025 Community Plan to End Homelessness Assessment Referral Date / Source 6/13/2023 City Council – Item 3.4, Budget Referral Requesting Department City Manager's Office Department Rep. Name Omar Passons Staff Recommendation ܈ DROP: Discontinue action on the Council Referral. ܆ DEFER: Delay action on Council Referral until __[enter date]__* *If selecting this action, please add a new estimated completion date inthe “Expanded Justification” section below.

Staff Evaluation
Is continued action on this Council Referral impossible or impractical? (Explain below)
܈ Yes
܆ No
Does this Council Referral align with current City Focus Areas? ܈ Yes
܆ No
Will dropping or deferring this Council Referral result in additional staff / resources prioritized to other projects aligned with current City Focus Areas? ܈ Yes
܆ No
Will continued action on this Council Referral require substantial resources, staffing, budget, or strategic support?
܈ Yes
܆ No
Expanded JustificationExplain the rationale for staff recommendation, including any mitigating factors that need to be considered (recent City Council action, changes to state law, significant work plan changes, etc.). Describe the impact to department staff resources and budget, including how staff time and resources would be reallocated if this recommendation were accepted. This item was from the Fiscal Year 2023-2024 Adopted Budget and the direction was substantially shifted by City Council as part of this year’s March and June Budget messages specific to funding the significant stormwater mandates and associated housing work. In addition, the City Council adopted the City’s Implementation Plan for the Community Plan to End Homelessness that detailed the City’s alignment and approach to the Community Plan. At this time, attempting to complete the item would require substantial rework by the City Manager’s Budget Office, even with the changed priority. ƚƚĂĐŚŵĞŶƚͲZĞƋƵĞƐƚƚŽƌŽƉ
ǆŝƐƚŝŶŐŽƵŶĐŝůZĞĨĞƌƌĂůƐ

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Request to Drop or Defer Existing Council Referral
Referral Name SJ Makers for Friday Night Activation at Backesto Park Referral Date / Source 6/13/2023 City Council – Item 3.4, Budget Referral Requesting Department Parks, Recreation, and Neighborhood Services Department Rep. Name Jon Cicirelli/Avi Yotam Staff Recommendation ܈ DROP: Discontinue action on the Council Referral. ܆ DEFER: Delay action on Council Referral until __[enter date]__* *If selecting this action, please add a new estimated completion date inthe “Expanded Justification” section below.

Staff Evaluation
Is continued action on this Council Referral impossible or impractical? (Explain below)
܈ Yes
܆ No
Does this Council Referral align with current City Focus Areas? ܆ Yes
܈ No
Will dropping or deferring this Council Referral result in additional staff / resources prioritized to other projects aligned with current City Focus Areas? ܆ Yes
܈ No
Will continued action on this Council Referral require substantial resources, staffing, budget, or strategic support?
܈ Yes
܆ No
Expanded JustificationExplain the rationale for staff recommendation, including any mitigating factors that need to be considered (recent City Council action, changes to state law, significant work plan changes, etc.). Describe the impact to department staff resources and budget, including how staff time and resources would be reallocated if this recommendation were accepted. The initial budget direction was for the City Manager is to allocate $20,000 in one-time funding from the Essential Services Reserve to SJ Makers for Friday Night Activation at Backesto Park to safely keep the park open past sunset so that residents can enjoy vendor pop-ups and evening basketball. (Budget Document #60 Torres)
Staff defined the definition of done as: “Grant is awarded and Friday Night Activation organized or determination that organization is not qualified and funds are returned to General Fund.” Because the group was unable to obtain proper documentation to verify eligibility of status and funds were returned to the General Fund, staff recommends this referral be dropped. ƚƚĂĐŚŵĞŶƚͲZĞƋƵĞƐƚƚŽƌŽƉ
ǆŝƐƚŝŶŐŽƵŶĐŝůZĞĨĞƌƌĂůƐ

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Request to Drop or Defer Existing Council Referral
Referral Name Digital Wayfinding Ordinance Referral Date / Source 3/19/2024 City Council - Item 3.3, Budget Referral Requesting Department Planning, Building and Code Enforcement Department Rep. Name Chris Burton/Martina Davis Staff Recommendation ܆ DROP: Discontinue action on the Council Referral. ܈ DEFER: Delay action on Council Referral until June 2026 *If selecting this action, please add a new estimated completion date inthe “Expanded Justification” section below.

Staff Evaluation
Is continued action on this Council Referral impossible or impractical? (Explain below)
܆ Yes
܈ No
Does this Council Referral align with current City Focus Areas? ܈ Yes
܆ No
Will dropping or deferring this Council Referral result in additional staff / resources prioritized to other projects aligned with current City Focus Areas? ܈ Yes
܆ No
Will continued action on this Council Referral require substantial resources, staffing, budget, or strategic support?
܈ Yes
܆ No
Expanded JustificationExplain the rationale for staff recommendation, including any mitigating factors that need to be considered (recent City Council action, changes to state law, significant work plan changes, etc.). Describe the impact to department staff resources and budget, including how staff time and resources would be reallocated if this recommendation were accepted. Work on this item needs to be deferred due to competing priorities, such the supergraphics sign ordinance update in anticipation of the 2026 special events, and updates to the Senate Bill 9 ordinance which is a commitment in the Housing Element. The policy team responsible for this work lost a position in the Fiscal Year 2024-2025 budget. Suggesting deferring the completion of the ordinance until the end of the next fiscal year (June 2026). ƚƚĂĐŚŵĞŶƚͲZĞƋƵĞƐƚƚŽĞĨĞƌ
ǆŝƐƚŝŶŐŝƚǇŽƵŶĐŝůZĞĨĞƌƌĂů

Joint Meeting for the Rules and Open Government Committee and Committee of the WholeOctober 23, 2024

Joint Meeting for the Rules and Open Government Committee and Committee of the Whole
October 23, 2024