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Yϰ͗,ŽǁŵĂŶLJĚĂLJƐĂǁĞĞŬŝƐW>ĞdžƉĞĐƚŝŶŐƚŽŚĂǀĞƚŚĞƚƌĂĐŬŽƉĞŶ͍ tĞŚŽƉĞƚŽŽƉĞŶƚŚĞƚƌĂĐŬϯĚĂLJƐĂǁĞĞŬ͘
džĂĐƚƐĐŚĞĚƵůĞƐĂŶĚƚ ŝŵĞƐŚĂǀĞŶŽƚďĞĞŶĚĞƚĞƌŵŝŶĞĚLJĞƚĂŶĚǁŝůůďĞĚĞƉĞŶĚĞŶƚŽŶŽƵƌ ĂďŝůŝƚLJƚŽĂƚƚƌĂĐƚ͕ƌĞƚĂŝŶĂŶĚƚƌĂŝŶĞŶŽƵŐŚǀŽůƵŶƚĞĞƌƐƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞƐĞƉƌĂĐƚŝĐĞƐĐĂŶďĞƌƵŶƐĂĨĞůLJ͘
Yϱ͗/ƐW>ĞdžƉĞĐƚŝŶŐƚŽƌĂŝƐĞƚŚĞĨĞĞƐĂďŽǀĞΨϭϬƉĞƌƌŝĚĞƌĂŶĚ ŝƐW>ŐŽŝŶŐƚŽĐŚĂƌŐĞŵŽƌĞĨŽƌŶŽŶͲƌĞƐŝĚĞŶƚƐŽĨƚŚĞŝƚLJ͍ tĞ ŚĂǀĞ ĂŶŶŽƵŶĐĞĚ ƚŚĂƚ ĨŽƌ ƚŚĞ ŵŽŶƚŚ ŽĨ :ƵŶĞ ƚŚĞƌĞ ǁŝůů ďĞ ŶŽ ĨĞĞ ƚŽ ĂŶLJŽŶĞ ĨŽƌ ĂƚƚĞŶĚŝŶŐ ƚŚĞ ƚƌĂĐŬ͘ /ĨͬǁŚĞŶ ǁĞ ĐŽŵĞ ƚŽ ĂŐƌĞĞŵĞŶƚǁŝƚŚh^DyƌĞŐĂƌĚŝŶŐƐĂŶĐƚŝŽŶŝŶŐƚŚĞƚƌĂĐŬ͕ǁĞŚĂǀĞĐŽŵŵŝƚƚĞĚƚŽŶŽƚŝŶĐƌĞĂƐŝŶŐƚŚĞƐĞĨĞĞƐĂďŽǀĞΨϭϬƉĞƌƌŝĚĞƌĨŽƌ ͞ůŽĐĂů͟ƌĂĐĞƐ͘tĞŚĂǀĞĂůǁĂLJƐĐŚĂƌŐĞĚƚŚĞƐĂŵĞĨĞĞƚŽƌĞƐŝĚĞŶƚ ƐĂŶĚŶŽŶͲƌĞƐŝĚĞŶƚƐĂŶĚƉůĂŶƚŽĐŽŶƚŝŶƵĞƚŚĂƚƉƌĂĐƚŝĐĞŝŶƚŚĞŶ ĞĂƌ ĨƵƚƵƌĞ͘
^ĂŶƚĂůĂƌĂW>ʹDydƌĂĐŬ
&ŽůůŽǁͲƵƉƚŽƚŚĞŝƚLJŽĨ^ĂŶƚĂůĂƌĂŝƚLJŽƵŶĐŝůDĞĞƚŝŶŐ :ƵůLJϴ͕ϮϬϮϮ
WĂŐĞϯŽĨϲ
6DQWD&ODUD3ROLFH$FWLYLWLHV_(O&DPLQR5HDO6DQWD&ODUD&$ _3
)
Yϳ͗,ŽǁǁŝůůW>ĐŽůůĞĐƚĨĞĞƐŝĨŶŽƚƵƐŝŶŐƚŚĞh^DyĞǀĞŶƚŵĂ ŶĂŐĞŵĞŶƚƐŽĨƚǁĂƌĞ͍ dŚĞƉƌŝŵĂƌLJƉƵƌƉŽƐĞŽĨƚŚĞĞǀĞŶƚŵĂŶĂŐĞŵĞŶƚƐŽĨƚǁĂƌĞŝƐƚŽƉůĂĐ ĞƌŝĚĞƌƐŝŶƚŽƌĂĐĞƐǁŝƚŚŽƚŚĞƌƌŝĚĞƌƐŽĨƚŚĞƐĂŵĞĂŐĞĂŶĚĂďŝůŝ ƚLJ͘ /ƚŝƐŶŽƚƉĂƌƚŽĨƚŚĞƉƌŽĐĞƐƐŽĨĐŽůůĞĐƚŝŶŐĨĞĞƐ͘&ƌŽŵƉƌŝů ϮϬϮϭƚŚƌŽƵŐŚDĂƌĐŚϮϬϮϮǁĞƵƐĞĚƚŚĞ h^DyǁĞďƐŝƚĞƚŽƌĞŐŝƐƚĞƌĂŶĚ ĐŽůůĞĐƚĨĞĞƐĨŽƌĂƉƉƌŽdžŝŵĂƚĞůLJϵϱйŽĨƌĂĐĞƌƐ͖ǁĞǁŝůůŶŽƚďĞĂď ůĞƚŽĚŽƚŚĂƚƵŶůĞƐƐͬƵŶƚŝůǁĞĐŽŵĞƚŽĂŶĂŐƌĞĞŵĞŶƚǁŝƚŚh^Dy ͘ tĞĂƌĞŶŽƚĐŚĂƌŐŝŶŐĂŶLJĨĞĞƐĨŽƌƚŚĞĞǀĞŶƚƐǁĞŚŽůĚŝŶ:ƵŶĞ͘tĞǁŝůůƵƐĞƚŚĂƚƚŝŵĞƚŽƵƉĚĂƚĞŽƵƌƉƌŽĐĞƐƐĞƐĂŶĚƉůĂŶƚŽĂůůŽǁƌŝĚĞƌƐ ƚŽƉĂLJŝŶƉĞƌƐŽŶĂƚƚŚĞƚƌĂĐŬǁŝƚŚĐĂƐŚŽƌĐƌĞĚŝƚĐĂƌĚ͘
Yϴ͗tŚĞŶĚŽǁĞĞdžƉĞĐƚƚŽŐĞƚƚŚĞĂƵĚŝƚƌĞƉŽƌƚĨƌŽŵDƌ͘ZŝĐŚĂƌĚ'ŽƌĚŽŶŽĨtŝƚŚƵŵ&ŝƌŵ͍tŚLJĂƌĞǁĞŵĂŬŝŶŐĚĞĐŝƐŝŽŶƐďĞĨŽƌĞ ŐĞƚƚŝŶŐƚŚĞƌĞƉŽƌƚ͍
dŚĞĂƵĚŝƚŝƐĐŽŵƉůĞƚĞ͕ĂŶĚǁĞŚĂǀĞĂƚƚĂĐŚĞĚƚŚĞƌĞƉŽƌƚĂƐĂŶĂĚ ĚĞŶĚƵŵƚŽƚŚŝƐůĞƚƚĞƌ͘ĞĂƌŝŶŵŝŶĚƚŚĂƚǁŚŝůĞǁĞďĞůŝĞǀĞƚŚĂƚ ƚŚĞƐĞĞƐƚŝŵĂƚĞƐĂƌĞƌĞůŝĂďůĞ͕ǁĞĚŝĚŶŽƚŚĂǀĞĂĐĐĞƐƐƚŽƚŚĞWĂLJ WĂůĂĐĐŽƵŶƚƐƵƐĞĚďLJƚŚĞĨŽƌŵĞƌǀŽůƵŶƚĞĞƌŐƌŽƵƉǁŚŝĐŚǁŽƵůĚŚĂǀ Ğ ƉƌŽǀŝĚĞĚĂĚĚŝƚŝŽŶĂůŝŶƐŝŐŚƚ͘
tĞĂƐƐƵŵĞƚŚĞĚĞĐŝƐŝŽŶƐďĞŝŶŐƌĞĨ ĞƌƌĞĚƚŽĂƌĞƚŚĞĚĞĐŝƐŝŽŶƐƚŽ ŝŶĐƌĞĂƐĞƚŚĞŶƵŵďĞƌŽĨƉĞŽƉůĞŽŶ ƚŚĞDyďŽĂƌĚĂŶĚƚŽƚĞƌŵŝŶĂƚĞ ƚŚĞǀŽůƵŶƚĞĞƌƐŚŝƉŽĨƚŚĞĨŽƌŵĞƌǀŽůƵŶƚĞĞƌŐƌŽƵƉ͘tĞǁĂŶƚĞĚƚŽ ŝŶĐƌĞĂƐĞƚŚĞŶƵŵďĞƌŽĨƉĞŽƉůĞŽŶƚŚĞDyďŽĂƌĚďĞĐĂƵƐĞĚŽŝŶŐ ƐŽ ǁŽƵůĚ ĂůůŽǁ ŐƌĞĂƚĞƌ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ŝŶ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƚŚĞ ƚƌĂĐŬ ďLJ ŽƚŚĞƌ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ƉƵďůŝĐ ĂŶĚ ŝŶĐƌĞĂƐĞ ĨŝŶĂŶĐŝĂů ƚƌĂŶƐƉĂƌĞŶĐLJĂŶĚĂĐĐŽƵŶƚĂďŝůŝƚLJ͘tĞǁĞƌĞĐŽŶĐĞƌŶĞĚƚŚĂƚW>ǁĂ ƐĞdžƉŽƐĞĚƚŽŵŝƐĐŽŶĚƵĐƚĂĨƚĞƌǁĞĚŝƐĐŽǀĞƌĞĚƌĞĐŽƌĚƐŝŶĚŝĐĂƚŝŶŐ ƚŚĂƚĐŽĂĐŚĞƐĂƚƚŚĞƚƌĂĐŬŚĂĚďĞĞŶƉĂŝĚĨŽƌƚŚĞŝƌĐŽĂĐŚŝŶŐĂŶĚ ǁĞŚĂĚŶŽƚŝƐƐƵĞĚĂŶLJϭϬϵϵƐ͘tĞĂůƐŽĚŝĚŶŽƚĂƚƚŚĂƚƚŝŵĞŬŶŽǁ ǁŚĞƌĞƚŚĞŵŽŶĞLJŚĂĚĐŽŵĞĨƌŽŵƚŽƉĂLJƚŚĞŵ͘KƵƌĚĞĐŝƐŝŽŶƚŽƚĞƌ ŵŝŶĂƚĞĂŶĚƌĞƉůĂĐĞƚŚĞĨŽƌŵĞƌǀŽůƵŶƚĞĞƌŐƌŽƵƉĐĂŵĞĂĨƚĞƌƚŚĞLJ ƚŽůĚƵƐƚŚĞLJǁĞƌĞƵŶǁŝůůŝŶŐƚŽƐŚĂƌĞǁŝƚŚƵƐƚŚĞƚƌĂŶƐĂĐƚŝŽŶƐƵŶĚĞƌůLJŝŶŐǀĂƌŝŽƵƐWĂLJWĂůĂĐĐŽƵŶƚƐƚŚĞLJŽƉĞƌĂƚĞĚĂŶĚďLJƚŚĞŵƚĞůůŝŶŐ ƵƐƚŚĞLJĚŝĚŶŽƚǁŝƐŚƚŽǀŽůƵŶƚĞĞƌĂŶLJŵŽƌĞ͘
Y ϵ ͗ d Ś Ğ ƌ Ğ Ă ƌ Ğ Ă ů ů Ğ Ő Ă ƚ ŝ Ž Ŷ Ɛ ƚ Ś Ă ƚ W > Ě ŝ Ě Ŷ ͛ ƚ Ɖ Ƶ ƚ Ă Ŷ LJ ŵ Ž Ŷ Ğ LJ ŝ Ŷ ƚ Ž ŵ Ăŝ Ŷ ƚ Ğ Ŷ Ă Ŷ Đ Ğ Ž Ĩ ƚ Ś Ğ ƚ ƌ Ă Đ Ŭ ͕ ď Ƶ ƚ W > Ɛ Ă LJ Ɛ Ž ƚ Ś Ğ ƌ ǁ ŝ Ɛ Ğ ͘ , Ă Ɛ W > ƐƵďŵŝƚƚĞĚĂŶLJĚŽĐƵŵĞŶƚĂƚŝŽŶŽĨŚŽǁŵƵĐŚŵŽŶĞLJƚŚĞLJŚĂǀĞƐƉĞŶƚŽ ŶŵĂŝŶƚĞŶĂŶĐĞ͍ KŶ :ƵůLJ ϲ͕ ϮϬϮϮ ŝŶ Ă ůĞƚƚĞƌ ƚŽ h^ Dy ĂƐ Ă ĨŽůůŽǁͲƵƉ ƚŽ ƚŚĞ ĐŽƵŶƚĞƌƉƌŽƉŽƐĂů ŽĨ :ƵŶĞ ϮϯƌĚ͕ ^W> ŝƐƐƵĞĚ ƚŚĞ tŝƚŚƵŵ ĨŽƌĞŶƐŝĐ ĂĐĐŽƵŶƚŝŶŐƌĞƉŽƌƚƚŽĚŽĐƵŵĞŶƚƚŚĞĚŝƐĐƌĞƉĂŶĐLJŽĨΨϭϮϵ<ĞƐƚŝŵĂƚĞ ĚĂƐŵŝƐƐŝŶŐĨƌŽŵƚŚĞŐĞŶĞƌĂƚĞĚŝŶĐŽŵĞŽŶƚŚĞDyƚƌĂĐŬ͘dŚĞ Ɖ Ƶ ƌ Ɖ Ž Ɛ Ğ Ž Ĩ ƚ Ś Ğ ŝ Ŷ Ĩ Ž ƌ ŵ Ă ƚ ŝ Ž Ŷ Ɛ Ğ Ŷ ƚ ƚ Ž h ^ D y ǁ Ă Ɛ ď Ă Ɛ Ğ Ě Ž Ŷ ƚ Ś Ğ Ɛ Ƶ ƉƉŽƌƚ ŽĨ ƚŚĞ ƉƌŝŽƌ ƚƌĂĐŬ ŽƉĞƌĂƚŽƌƐ ǁŚĞƌĞ h^ Dy ƵƐĞĚ ƚŚĞ ƐĂŶĐƚŝŽŶŝŶŐŽĨƚŚĞƚƌĂĐŬĂƐůĞǀĞƌĂŐĞƚŽƌĞŝŶƐƚĂƚĞƚŚĞŽƉĞƌĂƚŽƌƐ ƚŽŵĂŶĂŐĞĂůůƚŚĞƚƌĂĐŬΖƐŽƉĞƌĂƚŝŽŶƐĂŶĚƚŽĞŵƉŚĂƐŝnjĞƚŚĞŶĞĞĚ ƚŽ ŶĞŐŽƚŝĂƚĞĂŶĂŐƌĞĞŵĞŶƚƚŽŚĂǀĞƚŚĞƐĂŶĐƚŝŽŶŝŶŐŽĨƚƌĂĐŬƌĞŝŶƐƚĂ ƚĞĚ͘
W> ŚĂƐ ƉĂŝĚ ĨŽƌ Ăůů ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ƚŚĞ ƚƌĂĐŬ ƐŝŶĐĞ ŝƚ ǁĂƐďƵŝůƚ͘ /Ŷ ϮϬϮϭ ǁĞ ƐƉĞŶƚ ΨϭϮϯŬ ŝŶ ƌŽƵƚŝŶĞ ŽƉĞƌĂƚŝŶŐ ĐŽƐƚƐ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞƚƌĂĐŬ͘dŚĞŵŽƐƚƌĞĐĞŶƚƐŝŐŶŝĨŝĐĂŶƚĞdžƉĞŶƐĞǁĞŝŶĐƵƌƌĞĚŝŶƵƉŐƌĂĚŝŶŐƚŚĞƚƌĂĐŬǁĂƐƚŽƉĂLJĨŽƌƚŚĞ&ĞďƌƵĂƌLJϮϬϮϮ ƚƌĂĐŬƌĞďƵŝůĚ͘tĞƵŶĚĞƌƐƚĂŶĚƚŚĂƚŝŶƚŚĞƉĂƐƚ͕ƐĞĞŝŶŐƚŚŝƐŝŶĨŽƌŵĂƚŝŽŶǁĂƐŶŽƚƉŽƐƐŝďůĞďĞĐĂƵƐĞŝƚŝƐŶŽƚƐĞƉĂƌĂƚĞůLJĚŝƐĐůŽƐĞĚŝŶŽƵƌ &Žƌŵ ϵϵϬƐ ǁŚŝĐŚ ĂƌĞ ĨŝůĞĚ ǁŝƚŚ ƚŚĞ /Z^ ĂŶĚ ƉƵďůŝĐůLJ ĂǀĂŝůĂďůĞ ŽŶ ƚŚĞŝƌ ǁĞďƐŝƚĞ͘ 'ŽŝŶŐ ĨŽƌǁĂƌĚ ǁĞ ƉůĂŶ ƚŽ ƉƵďůŝĐůLJ ĚŝƐĐůŽƐĞ ƚŚĞ ĨŝŶĂŶĐŝĂůƌĞƐƵůƚƐŽĨƚŚĞDyƚƌĂĐŬŽƉĞƌĂƚŝŽŶƐ;ǁŚŝĐŚĚŽĞƐŶŽƚŝ ŶĐůƵĚĞƐŝŐŶŝĨŝĐĂŶƚĞdžƉĞŶƐĞƐǁĞŝŶĐƵƌŝŶĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨĂůůŽ ĨŽƵƌ ƉƌŽŐƌĂŵƐͿŽŶĂƋƵĂƌƚĞƌůLJďĂƐŝƐ͘
YϭϬ͗tŝůůƚŚĞƌĞďĞŵĞƚƌŝĐƐĨŽƌƌŝĚĞƌƐŚŝƉͬĂƚƚĞŶĚĂŶĐĞƚŽĐŽŵƉĂƌĞW>ƉĞƌĨŽƌŵĂŶĐĞǀĞƌƐƵƐƉƌĞǀŝŽƵƐƚƌĂĐŬŽƉĞƌĂƚŽƌĂƚƚĞŶĚĂŶĐĞ͍ /Ŷ ĂŶ ĂĐƚŝŽŶ ƚĂŬĞŶ Ă ĚĂLJ Žƌ ƚǁŽ ĂĨƚĞƌ ƚŚĞ DĂLJ Ϯϰ͕ ϮϬϮϮ͕ ĐŝƚLJ ĐŽƵŶĐŝů ŵĞĞƚŝŶŐ h^ Dy ŚĂƐ ƌĞŵŽǀĞĚ ĨƌŽŵ ƚŚĞŝƌ ǁĞďƐŝƚĞ Ăůů ŝŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐƚƌĂĐŬϭϬϯϭ͞^ ĂŶƚĂůĂƌĂW>Dy͟ǁŚŝĐŚǁŝ ůůŵĂŬĞŝƚĚŝĨĨŝĐƵůƚƚŽĐŽŵƉĂƌĞƉĞƌĨŽƌŵĂŶĐĞ͘hŶƚŝůǁĞĐĂŶĐŽŵĞ ƚŽĂŐƌĞĞŵĞŶƚǁŝƚŚh^DyƌĞŐĂƌĚŝŶŐƐĂŶĐƚŝŽŶŝŶŐŽƵƌƚƌĂĐŬ͕ǁĞĞdžƉĞĐƚĂƚƚĞŶĚĂŶĐĞƚŽďĞƐŝŐŶŝĨŝĐĂŶƚůLJůŽǁĞƌƚŚĂŶŝŶƚŚĞƉĂƐƚ͘
Yϭϭ͗/ĨŝƚŝƐĞdžƉĞĐƚĞĚƚŽƚĂŬĞϭϵϱϬŚŽƵƌƐĨŽƌŝƚLJWĂƌŬƐĂŶĚZĞĐƐƚĂĨĨƚŽŽǀĞƌƐĞĞƚŚĞƚƌĂĐŬ͕ŚŽǁŵƵĐŚƐƚĂĨĨƚŝŵĞŝƐW>ĐŽŵŵŝƚƚŝŶŐ ƚŽĐŽǀĞƌƚŚĞƐĂŵĞƚĂƐŬƐ͍
ƐŝƚLJƐƚĂĨĨĂĐŬŶŽǁůĞĚŐĞĚŝƚǁĂƐĚŝĨĨŝĐƵůƚĨŽƌƚŚĞŵƚŽĐŽŵĞƵƉǁŝƚŚĂŶĞƐƚŝŵĂƚĞŽĨƚŚĞƚŝŵĞŝƚǁŝůůƚĂŬĞƚŽŽǀĞƌƐĞĞƚŚĞƚƌĂĐŬ͘DƵĐŚ ŽĨƚŚĞƚŝŵĞƚŚĂƚƚŚĞLJĞƐƚŝŵĂƚĞĚ ŝŶĐůƵĚĞĚĂĐƚŝǀŝƚŝĞƐƚŚĂƚŝŶƚŚĞ ƉĂƐƚŚĂĚďĞĞŶƉĞƌĨŽƌŵĞĚďLJƚŚĞǀŽůƵŶƚĞĞƌƐĂƚƚŚĞƚƌĂĐŬ͘tĞĚŽ ŶŽƚ ^ĂŶƚĂůĂƌĂW>ʹDydƌĂĐŬ
&ŽůůŽǁͲƵƉƚŽƚŚĞŝƚLJŽĨ^ĂŶƚĂůĂƌĂŝƚLJŽƵŶĐŝůDĞĞƚŝŶŐ :ƵůLJϴ͕ϮϬϮϮ
WĂŐĞϰŽĨϲ
6DQWD&ODUD3ROLFH$FWLYLWLHV_(O&DPLQR5HDO6DQWD&ODUD&$ _3
)
ĞdžƉĞĐƚƚŚĞŶĞĐĞƐƐŝƚLJĨŽƌƚŚĞƐĞĂ ĐƚŝǀŝƚŝĞƐƚŽŐŽĂǁĂLJ͘tĞƉůĂŶ ƚŽƵƚŝůŝnjĞǀŽůƵŶƚĞĞƌƐƚŽĚŽŵŽƐƚŽĨƚŚŝƐǁŽƌŬĂŶĚƌĞĂůŝnjĞƚŚĞŶ ĞĐĞƐƐŝƚLJ ƚŽƉĂLJĨŽƌĐĞƌƚĂŝŶƐĞƌǀŝĐĞƐ͕ƐƵĐŚĂƐĐŽĂĐŚŝŶŐ͘WĂLJŵĞŶƚƐǁŝůůďĞŵĂĚĞďLJĐŚĞĐŬĂŶĚĂƐƉĂLJŵĞŶƚƐŝŶŬŝŶĚďLJǁĂLJŽĨƌĞĚƵĐĞĚƌĂĐĞĨĞĞƐ͘ tĞĞdžƉĞĐƚŽƵƌĞdžƉĞŶƐĞŝŶŽƉĞƌĂƚŝŶŐƚŚĞƚƌĂĐŬƚŽŝŶĐƌĞĂƐĞ ͘
džŚŝďŝƚϮ
ĚĚŝƚŝŽŶĂůYƵĞƐƚŝŽŶƐWŽƐĞĚďLJŽƵŶĐŝůDĞŵďĞƌYƵĞƐƚŝŽŶƐĨƚĞƌƚŚ ĞWƵďůŝĐŽŵŵĞŶƚWĞƌŝŽĚŽĨƚŚĞϱͬϮϰͬϮϮDĞĞƚŝŶŐ
tĞŚĂǀĞƌĞǀŝĞǁĞĚƚŚĞĂƵĚŝŽƌĞĐŽƌĚŝŶŐĂŶĚĂƚƌĂŶƐĐƌŝƉƚŽĨƚŚĞϱͬ ϮϰͬϮϬϮϮĐŽƵŶĐŝůŵĞĞƚŝŶŐĂŶĚĨƌŽŵƚŚĂƚǁĞŚĂǀĞŝĚĞŶƚŝĨŝĞĚƚŚĞ ĨŽůůŽǁŝŶŐƋƵĞƐƚŝŽŶƐƉŽƐĞĚďLJŵĞŵďĞƌƐŽĨƚŚĞŽƵŶĐŝůŝŶƚŚĞĚŝƐĐ ƵƐƐŝŽŶǁŚŝĐŚŽĐĐƵƌƌĞĚĂĨƚĞƌƚŚĞƉƵďůŝĐĐŽŵŵĞŶƚƉŽƌƚŝŽŶŽĨƚŚĞ ŵĞĞƚŝŶŐ͗
YƵĞƐƚŝŽŶƐĨƌŽŵŽƵŶĐŝůDĞŵďĞƌ:ĂŝŶ͗
Yϭ͘tŚLJŚĂƐƚŚĞWĂLJWĂůĂĐĐŽƵŶƚŶŽƚďĞĞŶŵĂĚĞĂǀĂŝůĂďůĞ͍ dŚŝƐƋƵĞƐƚŝŽŶŝƐďĞƐƚĂŶƐǁĞƌĞĚďLJEŝĐŚŽůĂƐsĂůĞŶĐŝĂ;ĂƐůĞĂĚĞƌŽĨƚŚĞĨŽƌŵĞƌǀŽůƵŶƚĞĞƌŐƌŽƵƉͿ͕DĂƌŝƐĂ^ĞƌĞŶŝ;ĂƐƚŚĞƉƌŝŵĂƌLJŵŽŶĞLJ ŚĂŶĚůĞƌͿĂŶĚ:ŽĞLJŝdžůĞƌ;ĂƐĨŽƌŵĞƌƚƌĂĐŬŽƉĞƌĂƚŽƌͿ͘ ^ŝŶĐĞƚŚĞϱͬϮϰͬϮϮĐŽƵŶĐŝůŵĞĞƚŝŶŐǁĞŚĂǀĞŵĂĚĞĂŶŽƚŚĞƌƌĞƋƵĞƐƚďLJǁĂLJŽĨƌĞŐŝƐƚĞƌĞĚůĞƚƚĞƌ;ƚƚĂĐŚŵĞŶƚϰͿƚŽĞĂĐŚŽĨƚŚĞƐĞƚŚƌĞĞ ƉƌŝŶĐŝƉĂůƐƌĞƋƵĞƐƚŝŶŐƚŚŝƐŝŶĨŽƌŵĂƚŝŽŶ͘tĞĚŝĚŶŽƚƌĞĐĞŝǀĞĂƌĞƐƉŽŶƐĞ͘ ZĞĐĞŶƚůLJƚŚŝƐLJĞĂƌ͕^W>ŚĂƐƐĞŶƚĂŶ
ŵĂŝůƚŽƚŚĞƉƌŝŽƌƚƌĂĐŬŽƉĞƌĂƚŽƌƐĚĂƚĞĚƉƌŝůϲ͕ϮϬϮϮĨŽƌĂĐĐĞƐƐƚŽƚŚĞWĂLJWĂůĂĐĐŽƵŶƚďLJƉƌŝů Ϯϭ͕ϮϬϮϮ͕ ĂƐ ǁĞůůĂƐ ƌĞŐŝƐƚĞƌĞĚůĞƚƚĞƌƐƚŽƚŚĞƚŚƌĞĞƉƌŝŽƌŽƉĞ ƌĂƚŽƌΖƐŚŽŵĞĂĚĚƌĞƐƐĞƐĚĂƚĞĚ:ƵŶĞϭϱ͕ϮϬϮϮǁŝƚŚĂĚĞĂĚůŝŶĞĨŽƌ Ă ƌĞƐƉŽŶƐĞďLJ:ƵŶĞϮϮ͕ϮϬϮϮĂůůŽĨǁŚŝĐŚŚĂǀĞĞdžƉŝƌĞĚǁŝƚŚŶŽƌĞƐƉŽŶƐĞƐƚŽĚĂƚĞ͘
YϮ͘/ǁŽƵůĚůŝŬĞƚŽŬŶŽǁǁŚĞŶǁĞŚĂǀĞĂĚĞĂĚůŝŶĞĨŽƌŐĞƚƚŝŶŐƚŚ ĞĂŶƐǁĞƌƐƚŽƚŚĞĐŽƵŶĐŝůƋƵĞƐƚŝŽŶƐƚŚĂƚǁĞƌĞŝŶƚŚĞĂƐƐŝƐƚĂŶƚ ĐŝƚLJŵĂŶĂŐĞƌƐƉƌĞƐĞŶƚĂƚŝŽŶ͘
dŚŽƐĞĂŶƐǁĞƌƐŝŶƐĞĐƚŝŽŶϭŽĨƚŚŝƐůĞƚƚĞƌ͘
Yϯ͘ĂŶLJŽƵƉƵƚƐŽŵĞƐŽƌƚŽĨĚĞĂĚůŝŶĞĨŽƌǁŚĞŶĂƐĂŶĐƚŝŽŶĐŽƵůĚďĞĂĐŚŝĞǀĞĚĨŽƌƚŚŝƐƚƌĂĐŬ͍ Ɛ ŶŽƚĞĚ ďLJ ƚŚĞ ĂƐƐŝƐƚĂŶƚ ĐŝƚLJ ŵĂŶĂŐĞƌ ĂŶĚ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ĐŽƵŶĐŝů ŝƚ ŝƐ ƚŚĞ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ŽĨ W> ĂŶĚ h^ Dy ƚŽ ĐŽŵĞ ƚŽ ĂŶ ĂŐƌĞĞŵĞŶƚƌĞŐĂƌĚŝŶŐƐĂŶĐƚŝŽŶĞĚƌĂĐ ŝŶŐĂƚƚŚĞƚƌĂĐŬ͘dŽƚŚĂƚĞŶ ĚŽŶ:ƵŶĞϮϯ͕ϮϬϮϮǁĞƐĞŶƚĂŶŽƚŚĞƌŽĨĨĞƌƚŽh^DyŝŶĚŝĐĂƚŝŶŐ ŽƵƌǁŝůůŝŶŐŶĞƐƐƚŽĐŽŵĞƚŽĂŶĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞŵĂŶĚƐĞƚƚŝŶŐĨŽƌƚŚǁŚĂƚǁĞďĞůŝĞǀĞĂƌĞƌĞĂƐŽŶĂďůĞƚĞƌŵƐĨŽƌƐƵĐŚĂŶĂŐƌĞĞŵĞŶƚ͘ ;^ĞĞƚƚĂĐŚŵĞŶƚϯͿ
YƵĞƐƚŝŽŶŽƵŶĐŝůDĞŵďĞƌĞĐŬĞƌ͗
Yϰ͘ƋƵĞƐƚŝŽŶĚŝƌĞĐƚĞĚĂƚǁŚŽĞǀĞƌŝƐŝŶĐŚĂƌŐĞŽĨƚŚĞWĂLJWĂůƉ ĂLJŵĞŶƚƐ͘tŚLJŚĂǀĞƚŚĞLJŶŽƚďĞĞŶƚƵƌŶĞĚŽǀĞƌ͍ WůĞĂƐĞƌĞĨĞƌƚŽŽƵƌƌĞƐƉŽŶƐĞƚŽƋƵĞƐƚŝŽŶϭĂďŽǀĞƉŽƐĞĚďLJŽƵŶĐ ŝůŵĞŵďĞƌ:ĂŝŶ͘
YƵĞƐƚŝŽŶƐĨƌŽŵŽƵŶĐŝůDĞŵďĞƌWĂƌŬ͗
Yϱ͘/ŶƌĞƉĞĂƚŝŶŐĂƋƵĞƐƚŝŽŶĨƌŽŵĂŵĞŵďĞƌŽĨƚŚĞƉƵďůŝĐŽƵŶĐŝů DĞŵďĞƌWĂƌŬĂƐŬĞĚǁŚLJĚŝĚW>ŶŽƚĂĐĐĞƉƚh^Dy͛ƐŽĨĨĞƌ ƚŽƌƵŶƚŚĞƚƌĂĐŬ͍
ΎΎdŚĞĨŝŶĂŶĐŝĂůƚĞƌŵƐƉƌŽǀŝĚĞĚď LJh^DyŝŶƚŚĞŝƌ
ŵĂŝůŽĨDĂLJϯϭ͕ϮϬϮϮǁĂƐŶŽƚŝŶƚŚĞďĞƐƚŝŶƚĞƌĞƐƚĨŽƌƚŚĞŝƚLJŽĨ^ĂŶƚĂ ůĂƌĂ ŶŽƌĨŽƌ^W>͘/ŶϮϬϮϭƚŚĞŝŶĐŽŵĞŐĞŶĞƌĂƚĞĚĨƌŽŵƚŚĞDyƚƌĂĐƚǁĂƐŝŶĞdžĐĞƐƐŽĨΨϮϬϬ͕ϬϬϬ͘/ĨƚŚĞĨƵŶĚƐƚŚĂƚǁĞƌĞŶŽƚƌĞƉŽƌƚĞĚĂƐ ŽƵƚůŝŶĞĚ ŝŶ ƚŚĞ tŝƚŚƵŵ ƌĞƉŽƌƚ ŽĨ ΨϭϮϵ͕ϬϬϬ ǁĞƌĞ ĂĚĚĞĚ ƚŽ ƚŚĞ ΨϮϬϬ͕ϬϬϬ ŽĨ ŝŶĐŽŵĞ ƚŽ ^W>͕ ƚŽƚĂů ƌĞǀĞŶƵĞ ǁŽƵůĚ ŚĂǀĞ ďĞĞŶ ĂƉƉƌŽdžŝŵĂƚĞůLJΨϯϯϬ͕ϬϬϬƚŽƚŽƚĂůƌĞǀĞŶƵĞƚŽW>ǁŚŝĐŚǁŽƵůĚŚĂǀĞ ƌĞŵĂŝŶĞĚŝŶƚŚĞŝƚLJŽĨ^ĂŶƚĂůĂƌĂƚŽŚĞůƉŽĨĨͲƐĞƚƚŚĞĐŽƐƚƐ ŽĨ ƚŚĞŽƚŚĞƌƐƉŽƌƚƐƉƌŽŐƌĂŵƐĂŶĚƚŚĞŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞDyƚƌĂĐƚ ĂƐŶŽƚĞĚĞĂƌůŝĞƌ͘ ^ĂŶƚĂůĂƌĂW>ʹDydƌĂĐŬ
&ŽůůŽǁͲƵƉƚŽƚŚĞŝƚLJŽĨ^ĂŶƚĂůĂƌĂŝƚLJŽƵŶĐŝůDĞĞƚŝŶŐ :ƵůLJϴ͕ϮϬϮϮ
WĂŐĞϱŽĨϲ
6DQWD&ODUD3ROLFH$FWLYLWLHV_(O&DPLQR5HDO6DQWD&ODUD&$ _3
)
dŚĞŽĨĨĞƌŵĂĚĞďLJh^DyǁĂƐƵŶƌĞĂƐŽŶĂďůĞĂŶĚŶŽƚĂƌĞƐƉŽŶƐŝďůĞŽĨĨĞƌ͘/Ŷ^W>ΖƐůĞƚƚĞƌŽĨ:ƵŶĞϮϯ͕ϮϬϮϮĂĚĚƌĞƐƐƚŽh^Dy ŽŶƚŚĞĐŽƵŶƚĞƌƉƌŽƉŽƐĂůƚŽƚŚĞDĂLJϯϭƐƚďƵƐŝŶĞƐƐƚĞƌŵƐ͕W>ŽĨĨĞ ƌĞĚĂϲϬͬϰϬƐƉůŝƚ͘ϲϬйŽĨĨĂůůŐƌŽƐƐƉƌŽĐĞĞĚƐŐĞŶĞƌĂƚĞĚĨƌŽŵƚŚ Ğ ƚƌĂĐƚǁŽƵůĚďĞŝƐƐƵĞĚƚŽ^W>ĂŶĚƚŚĞďĂůĂŶĐĞƚŽh^Dy͘
Yϲ͘/ŶƌĞƉĞĂƚŝŶŐĂƋƵĞƐƚŝŽŶĨƌŽŵĂŵĞŵďĞƌŽĨƚŚĞƉƵďůŝĐŽƵŶĐŝ ůDĞŵďĞƌWĂƌŬĂƐŬĞĚǁŚLJW>ĂƌĞǁŝůůŝŶŐƚŽĂůůŽǁƉĞŽƉůĞƚŽ ŐĞƚŚƵƌƚƵŶĚĞƌŝŶĞdžƉĞƌŝĞŶĐĞĚŽƉĞƌĂƚŽƌƐ͍
tĞĚŽŶŽƚǁĂŶƚĂŶLJŽŶĞƚŽŐĞƚŚƵƌƚǁŚŝůĞƌŝĚŝŶŐĂƚƚŚĞƚƌĂĐŬĂŶĚ͕ƚŽƚŚĂƚĞŶĚ͕ŽƵƌǀŽůƵŶƚĞĞƌƐĂƌĞŐŽŝŶŐƚŚƌŽƵŐŚďĂĐŬŐƌŽƵŶĚĐŚĞĐŬƐ ĂŶĚĨŝƌƐƚĂŝĚƚƌĂŝŶŝŶŐŽĨƚŚĞŬŝŶĚƚLJƉŝĐĂůůLJƉĞƌĨŽƌŵĞĚďLJh^DyĨŽƌĐĞƌƚŝĨŝĞĚƚƌĂĐŬŽƉĞƌĂƚŽƌƐĂŶĚĐŽĂĐŚĞƐ͘ tĞĂĐŬŶŽǁůĞĚŐĞƚŚĂƚDyƌŝĚŝŶŐ͕ĂŶĚƉĂƌƚŝĐƵůĂƌůLJƌĂĐŝŶŐ͕ŝƐĂŶ ŝŶŚĞƌĞŶƚůLJĚĂŶŐĞƌŽƵƐƐƉŽƌƚ͘/ƚŝƐƵŶĨŽƌƚƵŶĂƚĞƚŚĂƚǁĞĂƌĞĐƵƌƌĞ ŶƚůLJ ŽŶůLJĂďůĞƚŽŽƉĞƌĂƚĞƉƌĂĐƚŝĐĞƐĞƐƐŝŽŶƐďƵƚ͕ŝŶĂǁĂLJ͕ďĞĐĂƵƐĞƚ ŚĞƌĞŝƐŶŽĐŽŵƉĞƚŝƚŝǀĞƌĂĐŝŶŐ͕ŝƚŵĂŬĞƐƚŚĞůŝŬĞůŝŚŽŽĚŽĨĂŶĂĐ ĐŝĚĞŶƚ ǁŚŝůĞƌŝĚŝŶŐůĞƐƐůŝŬĞůLJ͘
džŚŝďŝƚϯ
hƉĚĂƚĞŽŶƚŚĞ^ƚĂƚƵƐŽĨƚŚĞ&ŽƌĞŶƐŝĐĐĐŽƵŶƚŝŶŐƵĚŝƚ
dŚĞĂƵĚŝƚŝƐĐŽŵƉůĞƚĞĂŶĚĂĐŽƉLJŽĨŝƚŝƐĂƚƚĂĐŚĞĚĂƐ ;ƚƚĂĐŚŵĞŶƚϱͿ͘dŚĞĂƵĚŝƚĂƚƚĞŵƉƚĞĚƚŽƵŶĚĞƌƐƚĂŶĚǁŚĂƚƚŚĞĚŝĨĨĞƌĞŶĐĞǁĂƐ ďĞƚǁĞĞŶĞdžƉĞĐƚĞĚƌĞĐĞŝƉƚƐĨƌŽŵƌĂĐĞƌĞŐŝƐƚƌĂƚŝŽŶ͕ĐĂŵƉƐĂŶĚĐůŝŶŝĐƐĂŶĚĂĐƚƵĂůƌĞĐĞŝƉƚƐĂŶĚƌĞƐƵůƚĞĚŝŶĂŶƵŶƌĞĐŽŶĐŝůĞĚĚŝĨĨĞƌĞŶĐĞ ŽĨĂƉƉƌŽdžŝŵĂƚĞůLJΨϭϮϵ͕ϲϳϮ͘tĞǁĞƌĞŶŽƚĂďůĞƚŽƉƌŽǀŝĚĞDƌ͘'Žƌ ĚŽŶǁŝƚŚŝŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐƚŚĞƚƌĂŶƐĂĐƚŝŽŶƐŝŶƚŚĞWĂLJWĂů ĂĐĐŽƵŶƚƐƵƐĞĚďLJƚŚĞĨŽƌŵĞƌǀŽůƵŶƚĞĞƌŐƌŽƵƉƚŽƐŽůŝĐŝƚƉĂLJŵĞŶƚƐĨŽƌƌĂĐĞƌĞŐŝƐƚƌĂƚŝŽŶ͕ĐĂŵƉƐĂŶĚĐůŝŶŝĐƐǁŚŝĐŚǁŽƵůĚŚĂǀĞĂůůŽǁĞĚ ŚŝŵƚŽƌĞĐŽŶĐŝůĞƚŚĞĂŵŽƵŶƚƐŵŽƌĞĂĐĐƵƌĂƚĞůLJ͘,ĞŶŽƚĞƐƚŚĂƚĨĂ ĐƚŝŶŚŝƐƌĞƉŽƌƚ͘
džŚŝďŝƚϰ
hƉĚĂƚĞŽŶ^W>͛ƐĂƚƚĞŵƉƚƚŽŐĂŝŶƐĂĐĐĞƐƐƚŽƚŚĞWĂLJWĂůĐĐŽƵŶƚ Ɛ ĂƐĞĚŽŶĂƌĞǀŝĞǁŽĨ&ĂĐĞŬƉŽƐƚƐǁĞďĞůŝĞǀĞƚŚĂƚƚŚĞĨŽƌŵĞƌ ǀŽůƵŶƚĞĞƌŐƌŽƵƉŚĂǀĞƵƐĞĚWĂLJWĂůĂĐĐŽƵŶƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚĂ ŶƵŵďĞƌŽĨĚŝĨĨĞƌĞŶƚĞŵĂŝůĂĚĚƌĞƐƐĞƐĂƐĨŽůůŽǁƐ͗
ͻ ĐĐŽƵŶƚŶĂŵĞ͗DĂƌŝƐĂ^ĞƌĞŶŝ
ĐĐŽƵŶƚŝĚĞŶƚŝĨŝĞƌ͗ƐĂŶƚĂĐůĂƌĂƉĂůďŵdžΛŐŵĂŝů͘ĐŽŵ
hƐĞĚĨƌŽŵϮϬϭϵƚŚƌŽƵŐŚĂƉƉƌŽdžŝŵĂƚĞůLJƵŐƵƐƚϮϬϮϬ
ͻ ĐĐŽƵŶƚŶĂŵĞ^ĂŶƚĂůĂƌĂW>Dy
ĐĐŽƵŶƚŝĚĞŶƚŝĨŝĞƌ͗ƐĐƉĂůďŵdžƌĂĐŝŶŐΛŐŵĂŝů͘ĐŽŵ
hƐĞĚĨƌŽŵĂƉƉƌŽdžŝŵĂƚĞůLJƵŐƵƐƚϮϬϮϬƚŽƉƌŝůϮϬϮϭ
ͻ ĐĐŽƵŶƚŶĂŵĞ͗^ĂŶƚĂůĂƌĂW>Dy
ĐĐŽƵŶƚŝĚĞŶƚŝĨŝĞƌďŵdžƌŝĚĞƌĐůŝŶŝĐΛŐŵĂŝů͘ĐŽŵ
hƐĞĚĨƌŽŵĂƉƉƌŽdžŝŵĂƚĞůLJĞĐĞŵďĞƌϮϬϮϭƚŽƚŚĞĐƵƌƌĞŶƚĚĂƚĞ
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WĂŐĞϲŽĨϲ
6DQWD&ODUD3ROLFH$FWLYLWLHV_(O&DPLQR5HDO6DQWD&ODUD&$ _3
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^ƵďũĞĐƚ͗ZĞ͗^ĂŶƚĂůĂƌĂW>DydƌĂĐŬ
DŝŬĞ͕
/ŶĐŽŽƉĞƌĂƚŝŽŶǁŝƚŚƚŚĞƌĞƋƵĞƐƚďLJƚŚĞĐŝƚLJĐŽƵŶĐŝů/ĂŵŽĨĨĞƌŝŶŐLJŽƵĂŶŽƚŚĞƌŽƉƚŝŽŶĨŽƌƌĞǀŝĞǁĂŶĚĐŽŶƐŝĚĞƌĂƚŝŽŶ͘KƵƌĐŽŵŵŽŶŐŽĂůŚĂƐďĞĞŶ ĐŽŶƐŝƐƚĞŶƚƐŝŶĐĞƚŚĞƐĞĚŝƐĐƵƐƐŝŽŶƐďĞŐĂŶŝŶ&ĞďƌƵĂƌLJ͘dŚĞŐŽĂůŝƐƚŽŬĞĞƉŬŝĚƐƌŝĚŝŶŐďŝŬĞƐŽŶƚŚĂƚĨĂĐŝůŝƚLJǀŝĂŽƌŐĂŶŝnjĞĚLJŽƵƚŚĂĐƚŝǀŝƚŝĞƐĂŶĚDy ZĂĐŝŶŐ͘tĞŚĂǀĞƚŚŽƵŐŚƚŝŶĚĞƉƚŚŽŶŚŽǁǁĞĐĂŶĐƌĞĂƚĞĂĨĂŝƌĂŶĚĞƋƵŝƚĂďůĞƉĂƌƚŶĞƌƐŚŝƉƚŚĂƚůĞĂǀĞƐƚŚĞƌŝĚĞƌƐŚŝƉǁŝƚŚĂŚŝŐŚƉĞƌĨŽƌŵŝŶŐ ƉĂƌĞŶƚŐƌŽƵƉƉƌŽǀŝĚŝŶŐLJŽƵƚŚĂĐƚŝǀŝƚLJƚŽƚŚĞĐŝƚLJŽĨ^ĂŶƚĂůĂƌĂ͘
tĞŵĂLJŶŽƚƐĞĞĞLJĞͲƚŽͲĞLJĞĂƐĂŐƌŽƵƉŽŶĐĞƌƚĂŝŶĨƵŶĐƚŝŽŶƐŽĨĂƉĂƌĞŶƚŐƌŽƵƉďƵƚǁĞĐĞƌƚĂŝŶůLJĂŐƌĞĞƚŚĂƚƉƌŽǀŝĚŝŶŐDyŝƐƚŚĞŵŝƐƐŝŽŶĂƚ ŚĂŶĚ͘/ĨƚŚĞŐŽĂůŝƐƚŽƉƌŽǀŝĚĞĂŶŽƉĞƌĂƚŝŶŐDyĨĂĐŝůŝƚLJĂƚƚŚĞĐŽŵƉĂƌĂďůĞƉĞƌĨŽƌŵĂŶĐĞůĞǀĞůƚŚĂƚŚĂƐďĞĞŶĐƌĞĂƚĞĚŽǀĞƌƚŚĞŵŽƐƚƌĞĐĞŶƚLJĞĂƌƐ ŽĨŽƉĞƌĂƚŝŽŶǁĞǁŽƵůĚůŝŬĞƚŽŵĂŬĞĂŶŽƚŚĞƌŽĨĨŝĐŝĂůŽĨĨĞƌ͘
tĞǁŽƵůĚƉƌŽƉŽƐĞĂĚŝƌĞĐƚďƵƐŝŶĞƐƐƚŽďƵƐŝŶĞƐƐƐƵďůĞĂƐĞĨĞĞŽĨΨϮ͕ϬϬϬƉĞƌŵŽŶƚŚ͘dŚŝƐůĞĂƐĞǁŽƵůĚďĞĂůůŝŶĐůƵƐŝǀĞŽĨŽƉĞƌĂƚŝŶŐĞǀĞƌLJ ĞǀĞŶƚ͘dŚŝƐǁŝůůŝŶĐůƵĚĞƌĂĐŝŶŐ͕ƉƌĂĐƚŝĐĞƐ͕ĐůŝŶŝĐƐ͕ĐĂŵƉƐĂŶĚĂŶLJƚŚŝŶŐƚŚĂƚŵĂŝŶƚĂŝŶƐĂůůŶŽƌŵĂůƐĂŶĐƚŝŽŶĞĚĂĐƚŝǀŝƚŝĞƐ͘tĞǁŽƵůĚĂůƐŽƉƌŽƉŽƐĞ ƚŚĂƚĞĂĐŚƐƚĂƚĞŽƌƌĞŐŝŽŶĂůůĞǀĞůĞǀĞŶƚƉƌŽǀŝĚĞĂŶĂĚĚŝƚŝŽŶĂůΨϮ͕ϬϬϬƐƵďůĞĂƐĞƉĂLJŵĞŶƚ͘
dŚĞƌĞůĂƚŝŽŶƐŚŝƉĨŽƌW>ǁŽƵůĚďĞƐƚƌŝĐƚůLJďƵƐŝŶĞƐƐͲϮͲďƵƐŝŶĞƐƐǁŝƚŚƚŚĞŝŶĐŽŵĞďĞŝŶŐĂĚŝƌĞĐƚƌĞƐƵůƚŽĨƐƵďůĞĂƐĞ͘h^DyǁŽƵůĚĚŝƌĞĐƚůLJ ŵĂŶĂŐĞƚŚĞĨĂĐŝůŝƚLJĂŶĚƉƌŽǀŝĚĞĂďŝͲĂŶŶƵĂůƌĞǀŝĞǁŽĨƚŚĞĂƚƚĞŶĚĂŶĐĞŶƵŵďĞƌƐĂŶĚĚŝƌĞĐƚĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞŽƉĞƌĂƚŝŽŶ͘
dŚĞŵĞƚŚŽĚĂďŽǀĞŝƐƚŚĞĨĂǀŽƌĂďůĞƌĞůĂƚŝŽŶƐŚŝƉƚŚĂƚŵŽƐƚƚƌĂĐŬƐĨŽůůŽǁĨŽƌƚŚĞŝƌůĂŶĚƵƐĞ͘ĞĐĂƵƐĞƚŚĞĚLJŶĂŵŝĐŽĨƚŚĞW>ƉƌŽŐƌĂŵŝƐǀĞƌLJ ƵŶŝƋƵĞĂŶĚŶŽƚƐŽŵĞƚŚŝŶŐƚŚĂƚĂŶLJƚƌĂĐŬŝŶƚŚĞĐŽƵŶƚƌLJŚĂƐŽƉĞƌĂƚĞĚǁŝƚŚ͕ǁĞĨĞĞůƚŚŝƐŵĞƚŚŽĚǁŽƵůĚĐƌĞĂƚĞĂŶŽƵƚĐŽŵĞƚŚĂƚŝƐĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚDyĂĐƌŽƐƐƚŚĞĐŽƵŶƚƌLJ͘
WůĞĂƐĞůĞƚƵƐŬŶŽǁďLJ&ƌŝĚĂLJ:ƵŶĞϯƌĚĂƚϭϮWDŝĨǁĞĐĂŶĨĂĐŝůŝƚĂƚĞĂŶĂƌƌĂŶŐĞŵĞŶƚĂŶĚĂŐƌĞĞŵĞŶƚďĂƐĞĚŽŶŽƵƌƉƌŽƉŽƐĂůĂďŽǀĞ͘/ĨƚŚĂƚŝƐƚŚĞ ĐĂƐĞǁĞŚĂǀĞƐŽŵĞůŝŵŝƚĞĚĂǀĂŝůĂďŝůŝƚLJŶĞdžƚǁĞĞŬƚŽŚĂǀĞĂĚŝƐĐƵƐƐŝŽŶƌĞŐĂƌĚŝŶŐƚŚŝƐǀŝĂĂŶŽĨĨŝĐŝĂůŵĞĞƚŝŶŐ͘
dŚĂŶŬƐ͕
Kzt/>^KE
ŝƌĞĐƚŽƌKĨdƌĂĐŬKƉĞƌĂƚŝŽŶƐ
h^DyͮDyĂŶĂĚĂ
h^Dy&ƌĞĞƐƚLJůĞ
h^Dy&ŽƵŶĚĂƚŝŽŶ
K͗ϰϴϬͲϵϲϭͲϭϵϬϯyϭϰϱ
ĐŽĚLJΛƵƐĂďŵdž͘ĐŽŵ
^ĂŶƚĂůĂƌĂW>ʹDydƌĂĐŬ
&ŽůůŽǁͲƵƉƚŽƚŚĞŝƚLJŽĨ^ĂŶƚĂůĂƌĂŝƚLJŽƵŶĐŝůDĞĞƚŝŶŐ :ƵůLJϴ͕ϮϬϮϮ
WĂŐĞϴŽĨϲ
6DQWD&ODUD3ROLFH$FWLYLWLHV_(O&DPLQR5HDO6DQWD&ODUD&$ _3
)
ƚƚĂĐŚŵĞŶƚϮ
&ƌŽŵ͗LJŶƚŚŝĂŽũŽƌƋƵĞnjфŽũŽƌƋƵĞnjΛ^ĂŶƚĂůĂƌĂ͘ŐŽǀх
^ĞŶƚ͗DŽŶĚĂLJ͕:ƵŶĞϮϬ͕ϮϬϮϮϭ͗ϭϵWD
dŽ͗ŽĚLJtŝůƐŽŶ͖ƐĨĞƌŶĂŶĚĞnjΛƵƐĂďŵdž͘ĐŽŵ͖DŝŬĞtĂůŬĞͲ^W>;ŵŵǁĂůŬĞΛĐŽŵĐĂƐƚ͘ŶĞƚͿ͖ ũŽŚŶΛƵƐĂďŵdž͘ĐŽŵ͖:ŽŚŶ
ůǁŽŽĚ͖ĚĂŶƌĂĐŝŵŽΛĐŽŵĐĂƐƚ͘ŶĞƚ͖ũƵƐƚŝŶΛƵƐĂďŵdž͘ĐŽŵ͖
ďƌŝĂŶŶĞŝůĂůůĞŶΛLJĂŚŽŽ͘ĐŽŵ͖ŚƌŝƐƚŝŶĞ:ƵŶŐ͖>ŽŶWĞƚĞƌƐŽŶ Đ͗ZĂũĞĞǀĂƚƌĂ͖EĂĚŝŶĞEĂĚĞƌ
^ƵďũĞĐƚ͗^ƵďůĞĂƐĞ
/ŵƉŽƌƚĂŶĐĞ͗,ŝŐŚ
'ŽŽĚĂĨƚĞƌŶŽŽŶĞǀĞƌLJŽŶĞ͕
:ƵƐƚǁĂŶƚĞĚƚŽĐůŽƐĞƚŚĞůŽŽƉŽŶƚŚĞŝƐƐƵĞŽĨĂƐƵďůĞĂƐĞ͘
ƚƚŚŝƐƉŽŝŶƚ͕ƚŚĞŝƚLJǁŽƵůĚŶŽƚďĞŽƉĞŶƚŽĂƐƵďůĞĂƐĞ͖ŚŽǁĞǀĞƌ͕ƐŚŽƵůĚW>ĂŶĚh^DyĐŽŵĞƚŽƚĞƌŵƐŽŶĂ ƉƌŽƉŽƐĞĚƉĂƌƚŶĞƌƐŚŝƉ͕ƚŚĞŝƚLJǁŽƵůĚďĞǁŝůůŝŶŐƚŽƌĞǀŝĞǁĂůŝĐĞŶƐĞĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞƐƚŝƉƵůĂƚŝŽŶƚŚĂƚƚŚĞůŝĐĞŶƐĞ ĂŐƌĞĞŵĞŶƚĂůŝŐŶƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞůĞĂƐĞďĞƚǁĞĞŶƚŚĞŝƚLJŽĨ^ĂŶƚĂůĂƌĂĂŶĚW>ĂŶĚƚŚĂƚƚŚĞƚĞƌŵƐŽĨƚŚĞůŝĐĞŶƐĞ ĂŐƌĞĞŵĞŶƚĚĞŵŽŶƐƚƌĂƚĞĂďĞŶĞĨŝƚƚŽƚŚĞƌĞƐŝĚĞŶƚƐŽĨƚŚĞŝƚLJŽĨ^ĂŶƚĂůĂƌĂ͘
KƵƌƐŝŶĐĞƌĞƐƚŚŽƉĞƌĞŵĂŝŶƐƚŚĂƚƚŚĞW>ĂŶĚh^DyǁŝůůĐŽŵĞƚŽƚĞƌŵƐŽŶĂŶĂĐĐĞƉƚĂďůĞůŝĐĞŶƐŝŶŐĂƌƌĂŶŐĞŵĞŶƚƚŽ ĨĂĐŝůŝƚĂƚĞƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨƐĂŶĐƚŝŽŶĞĚƌĂĐŝŶŐĞǀĞŶƚƐŝŶ^ĂŶƚĂůĂƌĂ͘
/ůŽŽŬĨŽƌǁĂƌĚƚŽŚĞĂƌŝŶŐĨƌŽŵLJŽƵ͘WůĞĂƐĞĚŽŶŽƚŚĞƐŝƚĂƚĞƚŽĐŽŶƚĂĐƚŵĞŝĨLJŽƵŚĂǀĞĂŶLJƋƵĞƐƚŝŽŶƐŽƌŝĨ/ĐĂŶďĞŽĨŚĞůƉ͘
^ĂŶƚĂůĂƌĂW>ʹDydƌĂĐŬ
&ŽůůŽǁͲƵƉƚŽƚŚĞŝƚLJŽĨ^ĂŶƚĂůĂƌĂŝƚLJŽƵŶĐŝůDĞĞƚŝŶŐ :ƵůLJϴ͕ϮϬϮϮ
WĂŐĞϵŽĨϲ
6DQWD&ODUD3ROLFH$FWLYLWLHV_(O&DPLQR5HDO6DQWD&ODUD&$ _3
)
ƚƚĂĐŚŵĞŶƚϯ
^W>ŽƵŶƚĞƌƉƌŽƉŽƐĂůƚŽh^Dy>ĞƚƚĞƌĂƚĞĚ:ƵŶĞϮϯ͕ϮϬϮϮ
^ĂŶƚĂůĂƌĂW>ʹDydƌĂĐŬ
&ŽůůŽǁͲƵƉƚŽƚŚĞŝƚLJŽĨ^ĂŶƚĂůĂƌĂŝƚLJŽƵŶĐŝůDĞĞƚŝŶŐ :ƵůLJϴ͕ϮϬϮϮ
WĂŐĞϭϬŽĨϲ
6DQWD&ODUD3ROLFH$FWLYLWLHV_(O&DPLQR5HDO6DQWD&ODUD&$ _3
)
^ĂŶƚĂůĂƌĂW>ʹDydƌĂĐŬ
&ŽůůŽǁͲƵƉƚŽƚŚĞŝƚLJŽĨ^ĂŶƚĂůĂƌĂŝƚLJŽƵŶĐŝůDĞĞƚŝŶŐ :ƵůLJϴ͕ϮϬϮϮ
WĂŐĞϭϭŽĨϲ
6DQWD&ODUD3ROLFH$FWLYLWLHV_(O&DPLQR5HDO6DQWD&ODUD&$ _3
)
^ĂŶƚĂůĂƌĂW>ʹDydƌĂĐŬ
&ŽůůŽǁͲƵƉƚŽƚŚĞŝƚLJŽĨ^ĂŶƚĂůĂƌĂŝƚLJŽƵŶĐŝůDĞĞƚŝŶŐ :ƵůLJϴ͕ϮϬϮϮ
WĂŐĞϭϮŽĨϲ
6DQWD&ODUD3ROLFH$FWLYLWLHV_(O&DPLQR5HDO6DQWD&ODUD&$ _3
)
^ĂŶƚĂůĂƌĂW>ʹDydƌĂĐŬ
&ŽůůŽǁͲƵƉƚŽƚŚĞŝƚLJŽĨ^ĂŶƚĂůĂƌĂŝƚLJŽƵŶĐŝůDĞĞƚŝŶŐ :ƵůLJϴ͕ϮϬϮϮ
WĂŐĞϭϯŽĨϲ
6DQWD&ODUD3ROLFH$FWLYLWLHV_(O&DPLQR5HDO6DQWD&ODUD&$ _3
)
ƚƚĂĐŚŵĞŶƚϰ
ŵĂŝůƚŽdƌĂĐŬKƉĞƌĂƚŽƌƐZĞĨĞƌĞŶĐĞĐĐĞƐƐƚŽWĂLJWĂůĐĐŽƵŶƚĚĂƚĞĚƉƌŝůϲ͕ϮϬϮϮ &ƌŽŵ͗ĂƚĂůŝŶĂZĂŶŐĞů
^ĞŶƚ͗tĞĚŶĞƐĚĂLJ͕Ɖƌŝůϲ͕ϮϬϮϮϯ͗ϬϳWD
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JuneϮϬ,2022 ^ĞŶƚǀŝĂĞŵĂŝů͗ŵŵǁĂůŬĞΛĐŽŵĐĂƐƚ͘ŶĞƚ
DŝŬĞtĂůŬĞ͕WƌĞƐŝĚĞŶƚ
SantaClaraPoliceActivitiesLeague,Inc.
SantaClaraPoliceAdministrationBuilding
601ElCaminoReal
SantaClara,CA95050
Re: SantaClaraPALBMXProgram
DearDƌ͘tĂůŬĞ:
Pursuanttoourengagement,weperformedadetailedanalysisofthefinancialrecordsoftheSantaClara PoliceActivitiesLeague(“SCPAL”)BMXProgram(the“Program”)fortheperiodJanuary1through December31,2021(the“Period”).Basedonthedocumentsreviewed,theanalysesperformed,andthe assumptionspresentedthroughoutthisreport,itisouropinionthattheProgramhasanunknown discrepancy of $129,672 in its cash receipts compared to expected revenues for the Period. We understandthis report will be reliedupon by theSCPAL andthe City of Santa Clarain evaluating the reasonablenessofthereportedrevenuesandintegrityoftheProgram’saccountingduringthePeriod. Inperformingouranalysis,wereliedupondocumentsprovidedtousbySCPAL.Wehavenotconfirmed theaccuracyofalldatapresentedwithinthedocumentsandhavereliedupontheunderlyingdataas completeandaccurate.Theinformationreviewedinthismatterincluded,butwerenotlimitedto,the followingSCPALdocuments:
1. SCPAL detailedfinancialtransactionsasrecordedintheProgram’saccountingsoftwareforthe Period
2. Program bankstatementsforthePeriod
3. Historical FacebookpagesfromtheProgram’ssitesupportingtheassumptionsmaderegarding eventsandregistrationactivityandconfirmationduringthePeriod
4. PayPal records and activity received both from SCPAL and directly from a small sample of registrantsoftheProgramduringthePeriod
5. Racing eventdataobtainedbySCPALthroughinformationgatheredontheUSABMXwebsite ThisanalysiswaspreparedunderthesupervisionanddirectionofRichardC.Gordon,CPA/ABV/CFF,CFE, CGMA.Mr.GordonisaCertifiedPublicAccountant(“CPA”)andholdstheCertifiedFraudExaminer(“CFE”) credentialfromtheAssociationofCertifiedFraudExaminers(“ACFE”)aswellastheAccreditedinBusiness Valuation(“ABV”),CertifiedinFinancialForensics(“CFF”)andCharteredGlobalManagementAccountant (“CGMA”) credentials from the American Institute of Certified Public Accountants (“AICPA). Our compensationisnotcontingentuponthefindingsoutlinedherein. Attachment 5
Forensic Accounting Report
SantaClaraPoliceActivitiesLeague,Inc.
JuneϮϬ,2022
Page2
AnalysisandAssumptions
TheProgramwasmaintained,andrevenueswerecollectedandreported,byvolunteermembersofthe communityasauthorizedbySCPAL.ThesemembersmaintainedtheFacebookpages,collectedfees, registeredattendees,oversawmaintenanceoftheBMXtrack,andwereresponsiblefortheoverall monitoringandoperationsoftheProgram.
Baseduponouranalysisofaccountingrecords,financialreporting,andbankstatements,theSCPAL recordedanddeposited$217,201duringthePeriodfortheProgram. WewerelimitedinourabilitytoverifyactualProgramrelatedregistrationsandattendeecashreceipts duringthePeriod,asitisourunderstandingthatthemembersassociatedwithcollectionsand maintenanceofthePayPalaccounts(towhichregistrationfeesweresubmittedbyattendees)didnot provideorallowaccesstoSCPALExecutiveCommitteeforpurposesofthisengagement.Forthatreason, ourprojectionsofestimatedrevenuesfromProgramactivitiesforthePeriodarelimitedtoinformation availableasprovidedbytheSCPAL.
Annualexpectedrevenuesandcollectionsourcesconsistofthefollowingmajorcategories:
1. BMX Clinics
2. BMX Camps
3. BMX RacingEvents
1. BMX Clinics were held weekly on Thursdays during the Period. During the Period, there were approximatelyfortyͲeightclinics(excludingrainouts)andfourmakeͲupclinicstoaccommodate registrantswhowere“waitlisted”forcertainweeksduetothefactthatmostclinicsconsistently hadregistrantsofbetweenfortytofiftyparticipants,usuallyatcapacitylevel.Inreviewingthe provided Facebook pages and considering historical participation, we estimate that over the courseofthePeriodprojectedrevenuesamountedto$45,525.SeeExhibit1.
2. BMXCampswereheldinthemonthsofJuneandJuly.Sevencampsintotalwereheldwithan estimatedtwohundredtwentyͲsevenattendeesatapriceofeither$199or$209perperson.In reviewingtheprovidedFacebookpagesandconsideringhistoricalparticipation,weestimatethat overthecourseofthePeriodprojectedrevenuesamountedto$45,933.SeeExhibit2.
3. BMX RacingEventswereheldonTuesdays,Fridays,andSundaysofeachweek.Inreviewing2021 Race Data received from SCPAL through activity compiled from race data originating on the USABMXwebsite,weestimatethatoverthecourseofthePeriodprojectedrevenuesamounted to$255,415.SeeExhibit3.
SantaClaraPoliceActivitiesLeague,Inc.
JuneϮϬ,2022
Page3
Conclusion
OurengagementproceduresandresultsindicatethatadiscrepancyexistsbetweenexpectedProgram revenuesandactualcashdepositsduringthePeriod,representedbythefollowingreconciliation: Accordingly,basedonthedocumentsreviewed,analysesperformed,andassumptionspresented throughoutthisreportandschedules,itisouropinionthatanunknowndiscrepancyexistsintheamount of$129,672betweencashdepositedandexpectedProgramrevenues. Asaddressedabove,inordertoreconciletherevenuesmoreaccurately,andverifytheactualProgram resultsforthePeriod,wewouldneedaccesstotheactivityoftheapplicablePayPalaccountsusedand registrationreportsfromtheresponsibleparties.TothatendonApril6,2022,SCPALmadearequestby email to two of the principals previously involved in operating the track, asking that they provide the PayPalaccountaccesscredentialsbyApril21,2022,towhichnoresponsewasreceived(SeeExhibit4). It was also represented to us that in a meeting between SCPAL and USA BMX on June 9, 2022, SCPAL requestedthattherepresentativefromUSABMXpresentusetheirinfluencewiththepriortrack operations team to gain access to the PayPal account, which request was denied. Finally, on June 15, 2022,SCPALsentaregisteredlettertoeachofthethreeprincipalspreviouslyinvolvedinoperatingthe trackrequestingPayPalaccountlogincredentialsandaccesstothetransactioninformationinthePayPal accounts(SeeExhibit5).Asofthedateofthisreport,weunderstandthatnoresponsehasbeenreceived bySCPAL.
Wereservetherighttoamendorsupplementthisreportshouldsuchactionbedeemedappropriateor necessary.
Weshallbepleasedtodiscusstheenclosedreportwithyouatyourconvenience. Sincerely,
RichardC.Gordon,CPA/ABV/CFF,CFE,CGMA
Principal,ForensicandValuationServices
Program Source Amounts
BMX Clinics $45,525 Exhibit 1
BMX Camps 45,933 Exhibit 2
BMX Racing Events 255,415 Exhibit 3
Expected Revenues $346,873
Cash/Revenue Reported 217,201
Unreconciled Difference ($129,672)
SANTACLARAPOLICEACTIVITIESLEAGUE,INC.
BMXCLINICSͲ2021
ClinicDate
Estimated
Attendees
Estimated
Revenues Status Notes/Facebook Comments
1/7/21 45 1,125 $ Clinicon "Clinic full"Approx45ridersifFBcommentsareaccurate 1/14/21 47 1,175 Clinic on "Clinic full"Approx47ridersifFBcommentsareaccurate 1/21/21 40 1,000 Clinic on "Clinic full"Approx40ridersifFBcommentsareaccurate 1/28/21 0 0 No clinic/Rainout Rainout
2/4/21 47 1,175 Clinic on "Clinic full"Approx47ridersifFBcommentsareaccurate 2/11/21 38 950 Clinicon "Clinic full"Approx38ridersifFBcommentsareaccurate 2/18/21 45 1,125 Clinic on "Clinic full"Approx45ridersifFBcommentsareaccurate 2/25/21 39 975 Clinic on "Clinic full"Approx39ridersifFBcommentsareaccurate 3/4/21 48 1,200 Clinic on "Clinic full"Approx48ridersifFBcommentsareaccurate 3/11/21 40 1,000 Clinicon "Clinic full"Approx40ridersifFBcommentsareaccurate 3/18/21 0 0 No clinic/Rainout Rainout
3/25/21 32 800 Clinic on "Clinic full"Approx32ridersifFBcommentsareaccurate 4/1/21 42 1,050 Clinic on "Clinic full"Approx42ridersifFBcommentsareaccurate 4/8/21 52 1,300 Clinic on "Clinic full"Approx52ridersifFBcommentsareaccurate 4/15/21 0 0 No clinic No clinicdatanoted
4/22/21 45 1,125 Clinic on "The 1st45PayPalswillbewhoarein.Restwillbewaitlisted."(74totalrespondents) 4/25/21 29 725 MakeupClinic This amakeupclinicforthoseon4/22waitlist.(74Ͳ45=29attendees) 4/29/21 43 1,075 Clinic on Approx 43ridersifFBcommentsareaccurate 5/6/21 39 975 Clinic on Approx 39ridersifFBcommentsareaccurate 5/9/21 24 600 Makeup Clinic Makeup clinicforthoseon5/6waitlist,whichwas24ifcommentsareaccurate. 5/13/21 39 975 Clinicon Approx 39ridersifFBcommentsareaccurate 5/16/21 30 750 Makeup Clinic Makeup clinicforthoseon5/13waitlist,whichwas30ifcommentsareaccurate. 5/20/21 39 975 Clinic on Approx 39ridersifFBcommentsareaccurate 5/23/21 24 600 Makeup Clinic Makeup clinicforthoseon5/20waitlist,whichwas24ifcommentsareaccurate. 5/27/21 44 1,100 Clinicon Approx 44ridersifFBcommentsareaccurate 6/2/21 45 1,125 Clinic on "Gate Clinictonight"(Wed.)"Cashonlyatthetrack.GetreadyforSummerNationals" 6/10/21 43 1,075 Clinic on Approx 43ridersifFBcommentsareaccurate 6/17/21 31 775 Clinic on Approx 31ridersifFBcommentsareaccurate 6/24/21 30 750 Clinic on Approx 30ridersifFBcommentsareaccurate 7/1/21 39 975 Clinicon Approx 39ridersifFBcommentsareaccurate 7/8/21 37 925 Clinic on Approx 37ridersifFBcommentsareaccurate 7/14/21 30 750 Clinic on Approx 30ridersifFBcommentsareaccurate.HeldonWednesday. 7/22/21 23 575 Clinic on Approx 23ridersifFBcommentsareaccurate 7/29/21 21 525 Clinic on Approx 21ridersifFBcommentsareaccurate 8/5/21 43 1,075 Clinic on Approx43ridersifFBcommentsareaccurate 8/12/21 43 1,075 Clinic on Approx 43ridersifFBcommentsareaccurate 8/19/21 41 1,025 Clinic on Approx 41ridersifFBcommentsareaccurate 8/25/21 35 875 Clinic on Approx 35ridersifFBcommentsareaccurate.HeldonWednesday. 9/2/21 0 0 {1}
9/9/21 0 0 {1}
9/16/21 0 0 {1}
9/23/21 41 1,025 Clinic on Approx 41ridersifFBcommentsareaccurate 9/30/21 37 925 Clinic on Approx 37ridersifFBcommentsareaccurate 10/7/21 33 825 Clinicon Approx 33ridersifFBcommentsareaccurate 10/13/21 37 925 Clinic on Approx 37ridersifFBcommentsareaccurate.HeldonWednesday. 10/20/21 33 825 Clinic on Approx 33ridersifFBcommentsareaccurate.HeldonWednesday. 10/28/21 37 925 Clinic on Approx 37ridersifFBcommentsareaccurate 11/4/21 38 950 Clinic on Approx 38ridersifFBcommentsareaccurate 11/11/21 41 1,025 Clinicon Approx 41ridersifFBcommentsareaccurate 11/18/21 47 1,175 Clinic on Approx 47ridersifFBcommentsareaccurate 11/25/21 0 0 {1}
12/2/21 35 875 Clinic on Approx 35ridersifFBcommentsareaccurate 12/9/21 35 875 Clinic on Approx 35ridersifFBcommentsareaccurate 12/16/21 35 875 Clinic on Approx 35ridersifFBcommentsareaccurate 12/23/21 0 0 No clinic/Rainout Rainout
12/30/21 40 1,000 Clinicon Approx 40ridersifFBcommentsareaccurate Totals 1,821 45,525$
{1} TherewerenoFacebookpostsforclinicson9/2/21,9/9/21,9/16/21and11/25/21.Itislikelythatclinicsdidoccuronthesedates,sincethepossibiltyofrainis usuallylow,andwhenitdidraintherewasusuallyanotificationposted.Itismorelikelythatclinicsdidoccuronthosedatesandthatthepostsweredeleted.
Wewereabletoconfirmpaymentson9/2/21and9/9/21byreviewingPaypaltransactionsofsomeparentswhosechildrenattended,andwhoprovided personalpaymentinformationdirectlytous.Nevertheless,forconservatism,calculationsandestimatesaboveassumetheseclinicsdidnotoccur.Ifattendees werebetween35and45forthese4clinicstheestimateofclinicrecieptswouldbebetween$3,500and$4,500higher.IfweweretoobtainaccesstoPaypal accountsandFacebookpages,wewouldbeabletogainadditionalinsightandamoreaccurateestimatationofrevenuesforallclinics.
Exhibit 1
SANTACLARAPOLICEACTIVITIESLEAGUE,INC.
BMXCAMPSͲ2021
Date
Estimated
Attendees
Estimated
Revenues Category Notes
6/7/202 40 7,960 $ Camp $199 perattendee
6/12/21 32 6,368 Camp $199 perattendee
6/14/21 40 7,960 Camp $199 perattendee
6/28/21 39 7,761 Camp $199 perattendee
7/5/21 30 6,270 Camp $209 perattendee
7/19/21 18 3,762 Camp $209 perattendee
7/26/21 28 5,852 Camp $209 perattendee
Totals 227 45,933 $
Exhibit 2
SANTACLARAPOLICEACTIVITIESLEAGUE,INC.
BMXRACINGEVENTSͲ2021
Race Name/Data Source Entrants Fees
Triple Point State Race 661 28,230$
https://www.usabmx.com/tracks/1031/events/464252 661 28,230 Earned Double 323 7,625$
https://www.usabmx.com/tracks/1031/events/468469 323 7,625 Local Race Single 22,498 215,900 $
https://www.usabmx.com/tracks/1031/events/457553 170 1,645 https://www.usabmx.com/tracks/1031/events/457555 165 1,590 https://www.usabmx.com/tracks/1031/events/457558 244 2,235 https://www.usabmx.com/tracks/1031/events/457559 192 1,855 https://www.usabmx.com/tracks/1031/events/457566 199 1,915 https://www.usabmx.com/tracks/1031/events/457568 216 2,055 https://www.usabmx.com/tracks/1031/events/457570 182 1,770 https://www.usabmx.com/tracks/1031/events/457574 170 1,625 https://www.usabmx.com/tracks/1031/events/457577 227 2,190 https://www.usabmx.com/tracks/1031/events/457579 246 2,370 https://www.usabmx.com/tracks/1031/events/457581 234 2,265 https://www.usabmx.com/tracks/1031/events/457586 170 1,635 https://www.usabmx.com/tracks/1031/events/457588 141 1,335 https://www.usabmx.com/tracks/1031/events/457590 140 1,335 https://www.usabmx.com/tracks/1031/events/457592 169 1,620 https://www.usabmx.com/tracks/1031/events/457594 138 1,300 https://www.usabmx.com/tracks/1031/events/457596 205 1,990 https://www.usabmx.com/tracks/1031/events/457598 177 1,730 https://www.usabmx.com/tracks/1031/events/457600 141 1,340 https://www.usabmx.com/tracks/1031/events/457602 228 2,225 https://www.usabmx.com/tracks/1031/events/457603 202 1,935 https://www.usabmx.com/tracks/1031/events/457605 224 2,195 https://www.usabmx.com/tracks/1031/events/457607 212 2,090 https://www.usabmx.com/tracks/1031/events/457610 152 1,470 https://www.usabmx.com/tracks/1031/events/457614 91 875 https://www.usabmx.com/tracks/1031/events/457615 182 1,780 https://www.usabmx.com/tracks/1031/events/457616 202 1,960 https://www.usabmx.com/tracks/1031/events/457617 126 1,235 https://www.usabmx.com/tracks/1031/events/457619 164 1,605 https://www.usabmx.com/tracks/1031/events/457621 203 1,960 https://www.usabmx.com/tracks/1031/events/457622 210 2,055 https://www.usabmx.com/tracks/1031/events/457623 118 1,160 https://www.usabmx.com/tracks/1031/events/457627 183 1,775 https://www.usabmx.com/tracks/1031/events/457628 138 1,360 https://www.usabmx.com/tracks/1031/events/457629 87 835 https://www.usabmx.com/tracks/1031/events/457630 159 1,535 https://www.usabmx.com/tracks/1031/events/457631 159 1,505 https://www.usabmx.com/tracks/1031/events/457632 74 675 https://www.usabmx.com/tracks/1031/events/457633 156 1,495 https://www.usabmx.com/tracks/1031/events/457634 134 1,295 https://www.usabmx.com/tracks/1031/events/457636 172 1,650 https://www.usabmx.com/tracks/1031/events/457637 203 1,965 https://www.usabmx.com/tracks/1031/events/457638 128 1,220 https://www.usabmx.com/tracks/1031/events/457639 128 1,220 https://www.usabmx.com/tracks/1031/events/457640 150 1,445 https://www.usabmx.com/tracks/1031/events/457642 124 1,205 https://www.usabmx.com/tracks/1031/events/457646 187 1,835 https://www.usabmx.com/tracks/1031/events/457648 141 1,360 https://www.usabmx.com/tracks/1031/events/457650 128 1,225 https://www.usabmx.com/tracks/1031/events/457652 137 1,335 Exhibit 3
SANTACLARAPOLICEACTIVITIESLEAGUE,INC.
BMXRACINGEVENTSͲ2021
Race Name/Data Source Entrants Fees
https://www.usabmx.com/tracks/1031/events/457654 150 1,440 https://www.usabmx.com/tracks/1031/events/457656 93 -
https://www.usabmx.com/tracks/1031/events/457658 125 1,215 https://www.usabmx.com/tracks/1031/events/457660 176 1,705 https://www.usabmx.com/tracks/1031/events/457662 137 1,335 https://www.usabmx.com/tracks/1031/events/457666 165 1,610 https://www.usabmx.com/tracks/1031/events/457670 200 1,980 https://www.usabmx.com/tracks/1031/events/457672 158 1,560 https://www.usabmx.com/tracks/1031/events/457674 160 1,570 https://www.usabmx.com/tracks/1031/events/457676 244 2,410 https://www.usabmx.com/tracks/1031/events/457679 195 1,925 https://www.usabmx.com/tracks/1031/events/457685 188 1,855 https://www.usabmx.com/tracks/1031/events/457687 186 1,835 https://www.usabmx.com/tracks/1031/events/457698 140 1,355 https://www.usabmx.com/tracks/1031/events/457699 171 1,665 https://www.usabmx.com/tracks/1031/events/457703 261 2,545 https://www.usabmx.com/tracks/1031/events/457707 200 1,930 https://www.usabmx.com/tracks/1031/events/457708 232 2,100 https://www.usabmx.com/tracks/1031/events/457709 211 2,010 https://www.usabmx.com/tracks/1031/events/457710 185 1,770 https://www.usabmx.com/tracks/1031/events/457711 232 2,120 https://www.usabmx.com/tracks/1031/events/457712 220 2,110 https://www.usabmx.com/tracks/1031/events/457714 241 2,215 https://www.usabmx.com/tracks/1031/events/457716 205 1,985 https://www.usabmx.com/tracks/1031/events/457718 194 1,860 https://www.usabmx.com/tracks/1031/events/457720 199 1,850 https://www.usabmx.com/tracks/1031/events/457722 202 1,950 https://www.usabmx.com/tracks/1031/events/457723 169 1,620 https://www.usabmx.com/tracks/1031/events/457725 223 2,170 https://www.usabmx.com/tracks/1031/events/457727 223 2,165 https://www.usabmx.com/tracks/1031/events/457734 142 1,375 https://www.usabmx.com/tracks/1031/events/457738 92 870 https://www.usabmx.com/tracks/1031/events/457740 183 1,760 https://www.usabmx.com/tracks/1031/events/457742 177 1,725 https://www.usabmx.com/tracks/1031/events/457744 131 1,260 https://www.usabmx.com/tracks/1031/events/457746 189 1,830 https://www.usabmx.com/tracks/1031/events/457748 184 1,790 https://www.usabmx.com/tracks/1031/events/457751 193 1,875 https://www.usabmx.com/tracks/1031/events/457753 160 1,535 https://www.usabmx.com/tracks/1031/events/457756 191 1,845 https://www.usabmx.com/tracks/1031/events/457758 144 1,385 https://www.usabmx.com/tracks/1031/events/457759 175 1,690 https://www.usabmx.com/tracks/1031/events/457760 140 1,355 https://www.usabmx.com/tracks/1031/events/457765 170 1,670 https://www.usabmx.com/tracks/1031/events/457771 181 1,765 https://www.usabmx.com/tracks/1031/events/457782 128 1,210 https://www.usabmx.com/tracks/1031/events/457788 140 1,315 https://www.usabmx.com/tracks/1031/events/457792 148 1,420 https://www.usabmx.com/tracks/1031/events/457794 170 1,650 https://www.usabmx.com/tracks/1031/events/457796 158 1,545 https://www.usabmx.com/tracks/1031/events/457798 157 1,510 https://www.usabmx.com/tracks/1031/events/457800 141 1,365 https://www.usabmx.com/tracks/1031/events/457802 162 1,580 https://www.usabmx.com/tracks/1031/events/457804 155 1,500 https://www.usabmx.com/tracks/1031/events/457808 167 1,645 Exhibit 3.
SANTACLARAPOLICEACTIVITIESLEAGUE,INC.
BMXRACINGEVENTSͲ2021
Race Name/Data Source Entrants Fees
https://www.usabmx.com/tracks/1031/events/457810 136 1,325 https://www.usabmx.com/tracks/1031/events/457814 163 1,615 https://www.usabmx.com/tracks/1031/events/457816 176 1,740 https://www.usabmx.com/tracks/1031/events/457818 223 2,170 https://www.usabmx.com/tracks/1031/events/457820 213 2,095 https://www.usabmx.com/tracks/1031/events/457822 146 1,435 https://www.usabmx.com/tracks/1031/events/457825 190 1,860 https://www.usabmx.com/tracks/1031/events/457831 157 1,525 https://www.usabmx.com/tracks/1031/events/457833 185 1,825 https://www.usabmx.com/tracks/1031/events/457835 265 2,625 https://www.usabmx.com/tracks/1031/events/457837 207 2,035 https://www.usabmx.com/tracks/1031/events/460459 190 1,865 https://www.usabmx.com/tracks/1031/events/460460 166 1,630 https://www.usabmx.com/tracks/1031/events/460461 152 1,485 https://www.usabmx.com/tracks/1031/events/460462 134 1,310 https://www.usabmx.com/tracks/1031/events/460843 206 2,025 https://www.usabmx.com/tracks/1031/events/460844 185 1,805 https://www.usabmx.com/tracks/1031/events/462652 127 1,255 https://www.usabmx.com/tracks/1031/events/462752 174 1,700 https://www.usabmx.com/tracks/1031/events/467377 290 2,775 https://www.usabmx.com/tracks/1031/events/467378 102 970 https://www.usabmx.com/tracks/1031/events/468743 210 2,035 https://www.usabmx.com/tracks/1031/events/468982 168 1,620 https://www.usabmx.com/tracks/1031/events/474116 89 860 https://www.usabmx.com/tracks/1031/events/478810 81 -
https://www.usabmx.com/tracks/1031/events/485542 72 705 State Race Double 632 - $
https://www.usabmx.com/tracks/1031/events/468470 632 - Warnicke Double 372 3,660$
https://www.usabmx.com/tracks/1031/events/478603 372 3,660 Grand Total 24,486 255,415 $
Exhibit 3.
Exhibit 4
Exhibit 5
Exhibit 4
Exhibit 5