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 ‡ dƌŝŐŐĞƌDŽĚĞ  ͗^LJŶĐŚƌŽŶŝƐĞĚǀŽůƚĂŐĞƉƵůƐĞ
 ‡ ZĞĐŽƌĚŝŶŐ&ƌĞƋƵĞŶĐLJ  ͗ϭϬͲϰϬϬ,nj͘
 ‡ ^ĂŵƉůŝŶŐ/ŶƚĞƌǀĂů  ͗ϮϱPƐĞĐ
‡ ZĞĐŽƌĚŝŶŐ&ŽƌŵĂƚ  ͗^'Ϯ
 ‡ ĂƚĂWƌŽĐĞƐƐŝŶŐ ͗^/ZdďĂƐĞĚŝŶǀĞƌƐŝŽŶƐŽĨƚǁĂƌĞ


dŚĞƐĞŝƐŵŝĐƐŽƵƌĐĞƵƐĞĚŝŶƚŚŝƐĞdžĞƌĐŝƐĞǁĂƐĂŚŝŐŚǀŽůƚĂŐĞƐƉĂƌŬĞƌƐŽƵƌĐĞǁŚĞƌĞŝŶǀŽůƚĂŐĞ
ĚŝƐĐŚĂƌŐĞ ŝŶ Ă ƐŚŽƌƚ ƐƉĂŶ ŽĨ ƚŝŵĞ ƉƌŽĚƵĐĞƐ ƚŚĞ ĚĞƐŝƌĞĚ ƐŚŽĐŬ ǁĂǀĞ͘ dŚĞ ƌĞĐĞŝǀĞƌ ǁĂƐ
ŚLJĚƌŽƉŚŽŶĞ ĐŚĂŝŶ ĂƌƌĂŶŐĞĚ ŝŶ ĂŶ ĂƌƌĂLJ ŽĨ ϭŵ ƐƉĂĐŝŶŐ͘ dŚĞ Y ƵŶŝƚ ƵƐĞĚ ŝŶ ƚŚĞ ƉƌĞƐĞŶƚ
ƐƵƌǀĞLJǁĂƐĂĚŝŐŝƚĂůƐŝŐŶĂůĞŶŚĂŶĐĞŵĞŶƚƐĞŝƐŵŽŐƌĂƉŚǁŝƚŚĨĂĐŝůŝƚLJĨŽƌŵƵůƚŝƉůĞĚĂƚĂƐƚĂĐŬŝŶŐ
ĂƚŽŶĞ ƉŽŝŶƚƚŽ ĞŶŚĂŶĐĞ ƚŚĞ ƐŝŐŶĂů͘ dŚĞ ƌĞĐĞŝǀĞĚ ƐĞŝƐŵŝĐ ƐŝŐŶĂůƐ ĂƌĞĚŝŐŝƚĂůůLJ ƐĂŵƉůĞĚ ĂŶĚ
ƌĞĐŽƌĚĞĚŝŶ^'ϮĨŽƌŵĂƚĨŽƌĨƵƌƚŚĞƌŽīͲůŝŶĞƉƌŽĐĞƐƐŝŶŐ͘

ϳ͘dYh/^/d/KEΘWZ^Edd/KE
dŚĞƐĐŚĞŵĂƚŝĐǀŝĞǁŽĨƚŚĞǁĂǀĞŐĞŶĞƌĂƚŝŽŶ͕ƉƌŽƉĂŐĂƚŝŽŶĂŶĚƌĞĐĞƉƚŝŽŶŝƐŐŝǀĞŶŝŶƚŚĞĮŐ͘ϱ͘
&Žƌ ŽŶĞ ƚƌĂŶƐŵŝƚƚĞƌ ƉŽƐŝƚŝŽŶ ƐŝŐŶĂů ŝƐ ƌĞĐĞŝǀĞĚ ďLJ ƚŚĞ ƌĞĐĞŝǀĞƌ ĂƌƌĂLJ ;ϭϮ ƌĞĐĞŝǀĞƌƐ Λϭŵ
ŝŶƚĞƌǀĂůͿŝŶƚŚĞĚŝŐŝƚĂůƐĞŝƐŵŽŐƌĂƉŚ͘dŚĞŶƚŚĞƚƌĂŶƐŵŝƩĞƌŝƐƐŚŝĨƚĞĚďLJĂϭŵĂŶĚƚŚĞƉƌŽĐĞƐƐ


 
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ŝƐ ƌĞƉĞĂƚĞĚ Ăůů ĂůŽŶŐ ƚŚĞ ůĞŶŐƚŚ ĨƌŽŵ ƚŚĞ ďŽƚƚŽŵ ŵŽƐƚ ƉŽŝŶƚ ƚŽ ƚŚĞ ĨůŽŽƌ ŽĨ ƚŚĞ ŐĂůůĞƌLJ͘
tŚĞŶ ƚŚĞ ƚƌĂǀĞů ƚŝŵĞ ĚŝƐƚĂŶĐĞ ĂĐƌŽƐƐ ƚŚĞ ďŽƌĞŚŽůĞ ǁĂƐ ĞdžĐĞĞĚŝŶŐ ϯϬŵ͕ ƚŚĞ ƚƌĂŶƐŵŝƚƚĞĚ
ƐŝŐŶĂůǁĂƐƚŽŽĨĞĞďůĞƚŽďĞƌĞĐŽƌĚĞĚ͘ ,ĞŶĐĞŝŶŵŽƐƚŽĨƚŚĞĐĂƐĞƐ͕ƚŚĞĚĂƚĂĂĐƋƵŝƐŝƚŝŽŶǁĂƐ
ƐƉůŝƚŝŶƚǁŽƉĂƌƚƐ͕ŝ͘Ğ͘ďŽƚƚŽŵϮϯŵĂŶĚƌĞŵĂŝŶŝŶŐŝŶƚŚĞƚŽƉƐĞĐƚŝŽŶ͘dĂďůĞϭůŝƐƚƐƚŚĞƉĂŝƌƐŽĨ
ŚŽůĞƐďĞƚǁĞĞŶǁŚŝĐŚƚŚĞƚŽŵŽŐƌĂƉŚLJĚĂƚĂǁĂƐĂĐƋƵŝƌĞĚ͘

dĂďůĞϭ͗WĂŝƌŽĨŚŽůĞƐĂƚƚǁŽZƐďĞƚǁĞĞŶǁŚŝĐŚƚŚĞĚĂƚĂĂĐƋƵŝƐŝƚŝŽŶǁĂƐĚŽŶĞ͗
ĞƉƚŚŽĨ
^ů͘EŽ >ŽĐĂƚŝŽŶ;ŵͿ
ŝŶǀĞƐƚŝŐĂƚŝŽŶ;ŵͿ
ϭ͘  Zϰϴ͘ϳͲZϱϴ͘ϰ ϰϱ
Ϯ͘  Zϱϴ͘ϰͲZϲϳ͘ϵϱ ϰϳ
ϯ͘  Zϲϳ͘ϵϱͲZϳϳ͘ϭϳ ϰϳ
ϰ͘  Zϳϳ͘ϭϳͲZϴϴ͘ϬϬ ϰϴ
ϱ͘  Zϴϴ͘ϬϬͲZϭϬϴ͘ϬϬ ϰϮ
ϲ͘  ZϭϬϴ͘ϬϬͲZϭϭϴ͘ϭϱ ϰϮ
ϳ͘  Zϭϭϴ͘ϭϱͲZϭϮϲ͘ϴϬ ϱϲ
ϴ͘  ZϭϮϲ͘ϴϬͲZϭϯϲ͘ϳϬ ϱϰ
ϵ͘  Zϭϯϲ͘ϳϬͲZϭϰϲ͘ϰϬ ϰϴ


&ŝŐ͘ϱ^ĐŚĞŵĂƚŝĐǀŝĞǁŽĨƐŝŐŶĂůŐĞŶĞƌĂƚŝŽŶ͕ƌĞĐĞƉƚŝŽŶĂŶĚƌĞĐŽƌĚŝŶŐ

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dŚĞ ĞŶƚŝƌĞ ĚĂƚĂ ƐĞƚ ĐŽůůĞĐƚĞĚ ƚŚŝƐ ĂƌĞ ƚŚĞŶ ƉƌĞͲƉƌŽĐĞƐƐĞĚ ƚŽ ŐĞƚ ƌŝĚ ŽĨ ĂŶLJ ĐŽŚĞƌĞŶƚ ŶŽŝƐĞ
ƌĞĐŽƌĚĞĚĚƵƌŝŶŐĚĂƚĂĚƵƌŝŶŐĂĐƋƵŝƐŝƚŝŽŶ͘dŚĞĂƌƌŝǀĂůƚŝŵĞƐŽĨƐŝŐŶĂůĨŽƌĞĂĐŚƚƌĂŶƐŵŝƚƚĞƌĂŶĚ
ƌĞĐĞŝǀĞƌ ƉŽƐŝƚŝŽŶƐ ŝŶ ĞĂĐŚ ĐŚĂŶŶĞů ŝƐ ƚŚĞŶ ƉŝĐŬĞĚ ĂŶĚ ƐŽƌƚĞĚ ŝŶ ŽƌĚĞƌ͘ dŚƵƐ͕͕ ĂŶ ĂƌƌĂLJ ŽĨ
ĂƌƌŝǀĂů ƚŝŵĞ ĚĂƚĂ ŵĂƚƌŝdž ĨŽƌ ƚŚĞ ĞŶƚŝƌĞ ůĞŶŐƚŚ ŽĨ ďŽƌĞŚŽůĞ ǁĂƐ ŐĞŶĞƌĂƚĞĚ͘ dŚŝƐ ǁĂƐ ƚŚĞŶ
ƐƵďũĞĐƚĞĚƚŽ^/ZdŝŶǀĞƌƐŝŽŶĂůŐŽƌŝƚŚŵĂƐƉĞƌƉƌŽĐĞƐƐĞdžƉůĂŝŶĞĚĞĂƌůŝĞƌ͘

dŚĞƚŽŵŽŐƌĂŵďĞƚǁĞĞŶĞĂĐŚƉĂŝƌŽĨŚŽůĞŚĂƐďĞĞŶŽďƚĂŝŶĞĚŝŶƚŚĞŝŶĐƌĞĂƐŝŶŐZĚŝƌĞĐƚŝŽŶ
ĨƌŽŵ Zϰϴ ƚŽ Zϭϰϴ͘ Ɛ ĞdžƉůĂŝŶĞĚ ĞĂƌůŝĞƌ͕ ĞĂĐŚ ƚŽŵŽŐƌĂŵ ŝƐ ŽďƚĂŝŶĞĚ ŝŶ ƚǁŽ ƐĞĐƚŝŽŶƐ ŝ͘Ğ
ďŽƚƚŽŵƐĞĐƚŝŽŶĂŶĚƚŽƉƐĞĐƚŝŽŶ͖ƚŚĞLJŚĂǀĞďĞĞŶƐƚĂĐŬĞĚŽŶĞŽǀĞƌŽƚŚĞƌŝŶƚŚŝƐƉƌĞƐĞŶƚĂƚŝŽŶ
ƚŽƐŚŽǁĂŶŝŶƚĞŐƌĂƚĞĚƉŝĐƚƵƌĞďĞƚǁĞĞŶĂƉĂŝƌŽĨďŽƌĞŚŽůĞƐ͘dŚĞƌĞŝƐǀĞƌLJŶĞŐůŝŐŝďůĞǀĂƌŝĂƚŝŽŶ
ŝŶ ƚŚĞ ƐĞŝƐŵŝĐ ǀĞůŽĐŝƚLJ Ăƚ ƚŚĞ ũƵŶĐƚŝŽŶ ĚƵĞ ƚŽ ǁŚŝĐŚ ƚŚĞLJ ĚŽ ŶŽƚ ĂƉƉĞĂƌ ƚŽ ďĞ ĐŽŶƚŝŶƵŽƵƐ͘
dŚŝƐǀĂƌŝĂƚŝŽŶĚŽĞƐŶŽƚĂůƚĞƌŽǀĞƌĂůůŐĞŽůŽŐŝĐĂůĐŽŶĚŝƚŝŽŶƐŽĨƚŚĞƐƵďƐƵƌĨĂĐĞŵĞĚŝƵŵ͘

ŶŶĞdžƵƌĞͲϭ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ƌĞƉŽƌƚ ŚĂƐ Ăůů ƚŽŵŽŐƌĂŵƐ ƉůĂĐĞĚ ƐŝĚĞ ďLJ ƐŝĚĞ ŝŶ ƉĞƌƐƉĞĐƚŝǀĞ
ǀŝĞǁ ŽĨ ƚŚĞ ůŝŬĞůLJ ƌŽĐŬŵĂƐƐ ĐŽŶĚŝƚŝŽŶƐ ďĞůŽǁ ƚŚĞ ĚĂŵ ĨŽƵŶĚĂƚŝŽŶ͘ ůů ƐŚĞĂƌ njŽŶĞƐ ĂƌĞ
ĚĞŵĂƌĐĂƚĞĚŽŶƚŚŝƐƉůĂŶĞĂŶĚƚŚĞŶƉůŽƚƚĞĚƚŽƚŚĞǀĞƌƚŝĐĂůƐĞĐƚŝŽŶďĞůŽǁĚĂŵĂdžŝƐƚŽƐŚŽǁ
ƚŚĞƉŽĐŬĞƚƐŽƌnjŽŶĞƐŽĨǁĞĂŬŶĞƐƐͬƐŚĞĂƌŝŶƚĞƌƐĞĐƚŝŶŐƚŚŝƐƉůĂŶĞ͘

ϴ͘^/^&KZd/EdZWZdd/KE
dŚĞŽƵƚƉƵƚŽĨĐƌŽƐƐͲŚŽůĞƐĞŝƐŵŝĐƚŽŵŽŐƌĂƉŚLJŝƐƚŚĞϮͲŝŵĂŐĞŽĨƉͲǁĂǀĞǀĞůŽĐŝƚLJĚŝƐƚƌŝďƵƚŝŽŶ
ŝŶ ƚŚĞ ǀĞƌƚŝĐĂů ƉůĂŶĞ ďĞƚǁĞĞŶ ƚŚĞ ŚŽůĞƐ͘ dŚĞ ƚŽŵŽŐƌĂƉŚLJ ŝŵĂŐĞ ƐŚŽǁĞĚ ƋƵŝƚĞ ƐŝŐŶŝĮĐĂŶƚ
ǀĂƌŝĂƚŝŽŶ ŝŶ ƚŚĞ ƉͲǁĂǀĞ ǀĞůŽĐŝƚLJ ŽĨ ƚŚĞ ƌŽĐŬ ŝŶĚŝĐĂƚŝŶŐ ƚŚĂƚ ƚŚĞ ƌŽĐŬ ďĞŶĞĂƚŚ ƚŚĞ ĚĂŵ
ĨŽƵŶĚĂƚŝŽŶǁĂƐŶŽƚƵŶŝĨŽƌŵŝŶĐŚĂƌĂĐƚĞƌĂŶĚƚŚĞƌĞǁĞƌĞƐŽŵĞnjŽŶĞƐŽƌƉĂƚĐŚĞƐǁŝƚŚůŽǁĞƌ
ƐĞŝƐŵŝĐǀĞůŽĐŝƚŝĞƐƌĞƉƌĞƐĞŶƚŝŶŐǁĞĂŬŽƌƐŚĞĂƌnjŽŶĞǁŝƚŚƉŽŽƌƌŽĐŬƋƵĂůŝƚLJ͘dŚĞŽǀĞƌĂůůƌĂŶŐĞ
ŽĨ ƐĞŝƐŵŝĐ ǀĞůŽĐŝƚŝĞƐ ŽďƐĞƌǀĞĚ ŝŶ ƚŚĞ ƉƌĞƐĞŶƚ ƚŽŵŽŐƌĂƉŚŝĐ ĚĂƚĂ ƐĞƚ ǀĂƌŝĞĚ ŽŶ ĂǀĞƌĂŐĞ
ďĞƚǁĞĞŶ ϯϱϬϬͲϱϱϬϬ ŵͬƐĞĐ͕ ǁŚŝĐŚ ŝƐ ƚLJƉŝĐĂů ŽĨ Ă ŚĂƌĚ ƌŽĐŬ ĐŚĂƌĂĐƚĞƌ͘ dŚĞƌĞ ǁĞƌĞ Ă ĨĞǁ
ƉŽĐŬĞƚƐŽĨ ůŽǁĞƌƐĞŝƐŵŝĐǀĞůŽĐŝƚŝĞƐŝŶƚŚĞƌĂŶŐĞŽĨϮϱϬϬͲϯϱϬϬŵͬƐĞĐ͕ǁŚŝĐŚŝƐƚLJƉŝĐĂůůLJƐĞĞŶ
ŝŶĐĂƐĞŽĨŚĂƌĚƌŽĐŬǁŝƚŚĨĞǁũŽŝŶƚƐ͘

dŚĞŐĞŽůŽŐŝĐĂůƐĞƩŝŶŐŽĨƚŚĞnjŽŶĞƵŶĚĞƌŝŶǀĞƐƚŝŐĂƚŝŽŶŚĂĚƌŽĐŬŵĂƐƐƵŶĚĞƌŚLJĚƌŽƐƚĂƚŝĐůŽĂĚ
ŽĨϳϬŵŽĨǁĂƚĞƌĐŽůƵŵŶŽĨĨƵůůLJĐŚĂƌŐĞĚƌĞƐĞƌǀŽŝƌ͘dŚĞŝŶĐƌĞĂƐĞŝŶƐĞŝƐŵŝĐǀĞůŽĐŝƚŝĞƐŝŶƌŽĐŬ
ƵŶĚĞƌĐŽŵƉƌĞƐƐŝŽŶŝƐǁĞůůĚŽĐƵŵĞŶƚĞĚŝŶƐĞǀĞƌĂůƉƵďůŝƐŚĞĚůŝƚĞƌĂƚƵƌĞĂŶĚŝƐĂůƐŽŽďƐĞƌǀĞĚ
ŝŶ Ă ŶƵŵďĞƌ ŽĨ ƐĂŵƉůĞ ƚĞƐƚŝŶŐ ĞdžƉĞƌŝŵĞŶƚƐ ŝŶ ŽƵƌ ůĂďŽƌĂƚŽƌLJ͘ hŶĚĞƌ ƚŚŝƐ ƐŝƚƵĂƚŝŽŶ͕ ŝƚ ŝƐ
ĞdžƉĞĐƚĞĚƚŚĂƚƚŚĞƐŚĞĂƌnjŽŶĞƵŶĚĞƌĐŽŵƉƌĞƐƐŝŽŶǁŽƵůĚĞdžŚŝďŝƚĂŵƵĐŚŚŝŐŚĞƌǀĞůŽĐŝƚLJƚŚĞŶ
ƚLJƉŝĐĂů ŽĨ ƐƵĐŚ ŵĞĚŝĂ͕ ŝ͘Ğ͕͘ ϭϱϬϬͲϮϱϬϬŵͬƐĞĐ͘ ŽŶƐŝĚĞƌŝŶŐ ƚŚŝƐ ĨĂĐƚ ŝŶ ǀŝĞǁ͕ ƚŚĞ ƐĞŝƐŵŝĐ
ǀĞůŽĐŝƚLJ ŝŶ ƚŚĞ ƌĂŶŐĞ ŽĨϮϱϬϬͲϯϱϬϬŵͬƐĞĐǁĂƐ ĂƐĐƌŝďĞĚ ƚŽ ƚŚĂƚŽĨ Ă ůŝŬĞůLJ ƐŚĞĂƌnjŽŶĞ ƵŶĚĞƌ
ĐŽŵƉƌĞƐƐŝŽŶ͘ĐĐŽƌĚŝŶŐůLJƐĐĂůĞŽĨƐĞŝƐŵŝĐǀĞůŽĐŝƚŝĞƐŝŶŽƚŚĞƌŵĞĚŝƵŵǁĂƐƐĐĂůĞĚƵƉƚŽĂƌƌŝǀĞ
ĂƚĂƌĞǀŝƐĞĚƐŝƚĞͲƐƉĞĐŝĮĐĐůĂƐƐŝĮĐĂƚŝŽŶĂƐůŝƐƚĞĚŝŶƚĂďůĞͲϮ͘



 
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dĂďůĞʹϮ͗ĐůĂƐƐŝĮĐĂƚŝŽŶŽĨƌŽĐŬŵĂƐƐďĂƐĞĚŽŶƐĞŝƐŵŝĐǀĞůŽĐŝƚLJ

^ƵďƐƵƌĨĂĐĞ WͲtĂǀĞ
>ŝŬĞůLJƌŽĐŬŵĂƐƐĐŽŶĚŝƚŝŽŶ
ƐƚƌĂƚĂƚLJƉĞ ǀĞůŽĐŝƚŝĞƐ

DĂƐƐŝǀĞ ĂŶĚ ŚĂƌĚ ƉŚLJůůŝƚĞ ǁŝƚŚ ǀĞƌLJ ĨĞǁ ũŽŝŶƚƐ

DĂƐƐŝǀĞZŽĐŬ хϰϱϬϬŵͬƐĞĐ
ƌĞƐĞŵďůŝŶŐŵĂƐƐŝǀĞƌŽĐŬ

,ĂƌĚZŽĐŬ ϯϱϬϬͲϰϱϬϬ
WŚLJůůŝƚĞĐŚĂƌĂĐƚĞƌŝƐĞĚďLJĂĨĞǁũŽŝŶƚƐ
ǁŝƚŚũŽŝŶƚƐ ŵͬƐĞĐ
^ŚĞĂƌŽŶĞŽƌtĞĂŬ ϮϱϬϬʹϯϱϬϬ ,ĞĂǀŝůLJ ũŽŝŶƚĞĚ͕ ŵŽĚĞƌĂƚĞůLJ ƐŚĞĂƌĞĚ ͬ ĨƌĂĐƚƵƌĞĚ
njŽŶĞǁŝƚŚŝŶŚĂƌĚƌŽĐŬ ŵͬƐĞĐ ƉŚLJůůŝƚĞŽƌƌŽĐŬŵĂƐƐǁŝƚŚŵŽĚĞƌĂƚĞƚŽƉŽŽƌƋƵĂůŝƚLJ

ϭϱϬϬʹϮϱϬϬ ,ŝŐŚůLJƐŚĞĂƌĞĚͬĨƌĂĐƚƵƌĞĚƉŚLJůůŝƚĞŽƌƌŽĐŬŵĂƐƐǁŝƚŚ
,ŝŐŚůLJĨƌĂĐƚƵƌĞĚnjŽŶĞ
ŵͬƐĞĐ ǀĞƌLJƉŽŽƌƋƵĂůŝƚLJ

tŚŝůĞ ůŽŽŬŝŶŐ Ăƚ ƚŚŝƐ ƐĐĂůĞ ŝƚ ŵƵƐƚ ďĞ ďŽƌŶĞ ŝŶ ŵŝŶĚ ƚŚĂƚ ǀĂƌŝŽƵƐ ŐĞŽůŽŐŝĐĂů ŵĞĚŝƵŵ ŚĂǀĞ
ŽǀĞƌůĂƉƉŝŶŐ ƌĂŶŐĞ ŽĨ ƐĞŝƐŵŝĐ ǀĞůŽĐŝƚŝĞƐ͘ ,ĞŶĐĞ ƚŚĞ ǀĞůŽĐŝƚLJ ŝŶĚŝĐĞƐ ŝŶ ƚĂďůĞͲϮ ŵŝŐŚƚ ŶŽƚ
ƌĞƉƌĞƐĞŶƚ ƚŚĞ ĂĐƚƵĂů ŐĞŽůŽŐŝĐĂů ŚŽƌŝnjŽŶƐ͘ EĞǀĞƌƚŚĞůĞƐƐ͕ ƚŚĞLJ ƉƌŽǀŝĚĞ Ă ƌĞĂƐŽŶĂďůĞ ĐůŽƐĞ
ƌĞƉƌĞƐĞŶƚĂƚŝŽŶŽĨƚŚĞƐƵƐƉĞĐƚĞĚǁĞĂŬnjŽŶĞƐŝŶƚĞƌŵƐŽĨƚŚĞĞŶŐŝŶĞĞƌŝŶŐƉƌŽƉĞƌƚŝĞƐŽĨƐƚƌĂƚĂ
ďĂƐĞĚ ŽŶ ǁŚŝĐŚ Ă ƉƌŽƉĞƌ ƌĞŝŶĨŽƌĐĞŵĞŶƚ ƉůĂŶ ĐĂŶ ďĞ ĚƌĂǁŶ͘ /Ŷ ƚŚŝƐ ďĂĐŬĚƌŽƉ ŽĨ ƚŚŝƐ
ƚŚĞŽƌĞƚŝĐĂůĨŽƵŶĚĂƚŝŽŶĂŶĚƚŚĞƐŝƚĞͲƐƉĞĐŝĨŝĐǀĞůŽĐŝƚLJƐĐĂůĞ͕ĞŶƚŝƌĞƐĞƚŽĨƚŽŵŽŐƌĂŵƐďĞƚǁĞĞŶ
ZϰϴĂŶĚZϭϰϴĂƌĞŝŶƚĞƌƉƌĞƚĞĚŝŶƚŚĞĨŽůůŽǁŝŶŐƐĞĐƚŝŽŶ͘

ϵ͘/EdZWZdd/KEK&dKDK'ZD^
dŚĞ ƚŽŵŽŐƌĂŵƐ ĨƌŽŵ ĞĂĐŚ ƉĂŝƌ ŽĨ ŚŽůĞƐ ĂƌĞ ƉƌĞƐĞŶƚĞĚ ĂŶĚ ŝŶƚĞƌƉƌĞƚĞĚ ƐĞƉĂƌĂƚĞůLJ ŝŶ ƚŚŝƐ
ƐĞĐƚŝŽŶ͘ dŚĞ ǀĂƌŝĂƚŝŽŶ ŝŶƚŚĞ ƐĞŝƐŵŝĐǀĞůŽĐŝƚLJ ŝŶ ƚŚĞ ƚŽŵŽŐƌĂŵ ŝƐ ĚŝƐĐƵƐƐĞĚ ŝŶ ƚŚĞ ůŝŐŚƚ ŽĨ
ĞdžƉůĂŶĂƚŝŽŶƐŐŝǀĞŶĞĂƌůŝĞƌ͘

͘Zϰϴ͘ϳŵʹZϱϴ͘ϰŵ;,ϭͲ,ϮͿ͗
dŚĞĮƌƐƚƚŽŵŽŐƌĂŵǁĂƐŽďƚĂŝŶĞĚďĞƚǁĞĞŶƚŚĞƉĂŝƌŽĨŚŽůĞƐ,ϭĂƚZϰϴ͘ϳŵĂŶĚ,ϮĂƚZ
ϱϴ͘ϰŵƚŽǁĂƌĚƐƚŚĞƌŝŐŚƚďĂŶŬĞŶĚŽĨƚŚĞĚƌĂŝŶĂŐĞŐĂůůĞƌLJ͘dŚĞƐĞƉĂƌĂƚŝŽŶďĞƚǁĞĞŶƚŚĞƚǁŽ
ŚŽůĞƐǁĂƐϵ͘ϴϬŵ͘dŚĞĚĞƉƚŚŽĨƚŚĞŚŽůĞ,ϭĂŶĚ,ϮǁĂƐϰϱŵĂŶĚϰϳŵƌĞƐƉĞĐƚŝǀĞůLJ͘ ^ŽƚŚĞ
ĚĞƉƚŚ ŽĨ ŝŶǀĞƐƚŝŐĂƚŝŽŶ ǁĂƐ ƌĞƐƚƌŝĐƚĞĚ ƚŽ ϰϱŵ͘ dŚƵƐ͕͕ ƚŚĞ ĚŝŵĞŶƐŝŽŶ ŽĨ ƚŚĞ ƉůĂŶĞ ŽĨ ƚŚŝƐ
ƚŽŵŽŐƌĂŵŝƐϵ͘ϴϬŵdžϰϱŵ͘dŚĞƚŽŵŽŐƌĂŵĨŽƌƚŚŝƐƉĂŝƌŽĨŚŽůĞƐĨƌŽŵZ>ϱϮϯŵƚŽZ>ϰϳϴŵŝƐ
ƐŚŽǁŶŽŶĮŐ͘ϲ͘

ZŽĐŬ ĐŽŶĚŝƚŝŽŶƐ ĂƉƉĞĂƌ ƚŽ ďĞ ƋƵŝƚĞ ŐŽŽĚ ŝŶ ƚŚŝƐ ƐĞĐƚŝŽŶ ŝŶĚŝĐĂƚŝŶŐ ƉƌĞƐĞŶĐĞ ŽĨ ŚĂƌĚ ƚŽ
ŵĂƐƐŝǀĞƌŽĐŬĂůůŽǀĞƌƚŚĞƐĞĐƚŝŽŶ͘/ŶĨĂĐƚƌŽĐŬƋƵĂůŝƚLJŝƐďĞƩĞƌŝŶƚŚĞƚŽƉŚĂůĨŽĨƚŚĞƐĞĐƚŝŽŶŝ͘Ğ
ďĞƚǁĞĞŶZ>ϱϮϯͲϱϬϯƚŚĂŶƚŚĂƚŽĨƚŚĞůŽǁĞƌŚĂůĨŽĨƚŚĞƐĞĐƚŝŽŶǁŚĞƌĞƉͲǁĂǀĞǀĞůŽĐŝƚLJŽĨƌŽĐŬ
ƌĂŶŐĞƐďĞƚǁĞĞŶϯϱϬϬͲϰϬϬϬŵͬƐ͘ϯŵdžϰŵŚŝŐŚǀĞůŽĐŝƚLJ;хϱϱϬϬŵͬƐͿƉĂƚĐŚŵŝŐŚƚďĞĚƵĞƚŽ
ƋƵĂƌƚnjŝƚŝĐƉŚLJůůŝƚĞŽƌĂǁĞůůĐŽŶƐŽůŝĚĂƚĞĚƌŽĐŬŵĂƐƐ͘ƐŽůŝƚĂƌLJůŽǁǀĞůŽĐŝƚLJƉĂƚĐŚŽĨĂďŽƵƚϮŵ
džϮŵŝƐƐĞĞŶŽŶƚŚĞƚŽƉďĞƚǁĞĞŶZϰϵ͘ϱŵƚŽZϱϭ͘ϳŵƌĂŶŐĞ͘dŚŝƐĐŽƵůĚďĞĂĚƵĞƚŽůŽŽƐĞ
ƉŽĐŬĞƚŝŶƚŚĞĐŽŶĐƌĞƚĞůĂLJĞƌ͘EŽŽƚŚĞƌƐŝŐŶŝĮĐĂŶƚĨĞĂƚƵƌĞŝƐƐĞĞŶĞůƐĞǁŚĞƌĞ͘

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͘Zϱϴ͘ϰŵʹZϲϳ͘ϵϱŵ;,ϮͲ,ϯͿ
dŚŝƐ ŝƐ ƚŚĞ ƐĞĐŽŶĚ ƚŽŵŽŐƌĂŵ ŽďƚĂŝŶĞĚ ďĞƚǁĞĞŶ ƚŚĞ ŚŽůĞ ,Ϯ Ăƚ Zϱϴ͘ϰŵ ĂŶĚ ,ϯ Ăƚ
Zϲϳ͘ϵϱŵ͘dŚĞƐĞƉĂƌĂƚŝŽŶďĞƚǁĞĞŶƚŚĞƚǁŽŚŽůĞƐǁĂƐϵ͘ϲϱŵ͘dŚĞĚĞƉƚŚŽĨďŽƚŚƚŚĞŚŽůĞƐ
ǁĂƐϰϳŵ͘ ^ŽƚŚĞĚĞƉƚŚŽĨŝŶǀĞƐƚŝŐĂƚŝŽŶǁĂƐƌĞƐƚƌŝĐƚĞĚƚŽϰϳŵ͘^ŽƚŚĞƚŽŵŽŐƌĂŵĨƌŽŵƚŚŝƐ
ƉĂŝƌ ŽĨ ŚŽůĞ ŚĂƐ Ă ĚŝŵĞŶƐŝŽŶ ŽĨ ϵ͘ϲϱŵ dž ϰϳŵ͘ dŚĞ ƚŽŵŽŐƌĂŵ ĨŽƌ ƚŚŝƐ ƉĂŝƌ ŽĨ ŚŽůĞƐ ĨƌŽŵ
Z>ϱϮϯŵƚŽZ>ϰϳϴŵŝƐƐŚŽǁŶŽŶĮŐ͘ϳ͘


>ŝŬĞƚŚĞƉƌĞǀŝŽƵƐƚŽŵŽŐƌĂŵ͕ƚŚĞǀĞůŽĐŝƚLJŝŵĂŐĞďĞƚǁĞĞŶƚŚĞƐĞƚǁŽŚŽůĞƐƚŽŽĞdžŚŝďŝƚƐŝŵŝůĂƌ
ƚƌĞŶĚŝŶƚŚĞĚŝƐƚƌŝďƵƚŝŽŶŽĨǀĞůŽĐŝƚŝĞƐĂŶĚŚĞŶĐĞƚŚĞŐĞŽůŽŐŝĐĂůĐŽŶĚŝƚŝŽŶƐƚŽŽĂƌĞƐŝŵŝůĂƌ͘dŚĞ
ǀĞůŽĐŝƚLJ ĐŽŶƚŽƵƌƐ ŽĨ ƚŚĞ ƐĞŝƐŵŝĐ ǀĞůŽĐŝƚLJ ϯϱϬϬŵͬƐͲϰϱϬϬŵͬƐ ŽĨ ƚŚĞ ƉƌĞǀŝŽƵƐ ƚŽŵŽŐƌĂŵ
ĂƉƉĞĂƌƚŽĐŽŶƚŝŶƵĞŚĞƌĞƚŽŽĂƌŽƵŶĚƚŚĞƐĂŵĞĚĞƉƚŚƌĂŶŐĞŝ͘ĞZ>ϰϴϬŵͲZ>ϱϬϴŵǁŝƚŚƚŚĞƚŽƉ
ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ƐĞĐƚŝŽŶ ŝŶĚŝĐĂƚŝŶŐ ƉƌĞƐĞŶĐĞ ŽĨ ŵĂƐƐŝǀĞ ƉŚLJůůŝƚĞ͘ dŚĞ ƐĞŝƐŵŝĐ ǀĞůŽĐŝƚLJ ŵŽƌĞ
ƚŚĂŶϰϱϬϬŵͬƐƚŽŽĐŽŶƚŝŶƵĞƐǁŝƚŚĂƐŝŵŝůĂƌĂƐƐĞĞŶŝŶƚŚĞƉƌĞǀŝŽƵƐƐĞĐƚŝŽŶ͘


dŚŝƐǀĞůŽĐŝƚLJĚŝƐƚƌŝďƵƚŝŽŶŝŶƚŚŝƐƚŽŵŽŐƌĂŵŝŶĚŝĐĂƚĞƐƚŚĂƚƌŽĐŬƋƵĂůŝƚLJŝŶƚŚĞĞŶƚŝƌĞƐĞĐƚŝŽŶŝƐ
ƋƵŝƚĞŐŽŽĚĂŶĚĚĞǀŽŝĚŽĨĂŶLJnjŽŶĞŽĨĨƌĂĐƚƵƌĞŽƌǁĞĂŬŶĞƐƐ͘dŚĞǀĂƌŝĂƚŝŽŶŝŶƚŚĞĐŽŶƚŽƵƌƐŝƐ
ĚƵĞƚŽĞŝƚŚĞƌǀĂƌŝĂƚŝŽŶŝŶƚŚĞƋƵĂůŝƚLJŽĨƌŽĐŬůŝŬĞũŽŝŶƚĞĚŽƌŵĂƐƐŝǀĞ͘ ,ĞƌĞƚŽŽ͕ĂǀĞƌLJƐŵĂůů
ƐŽůŝƚĂƌLJ ůŽǁ ǀĞůŽĐŝƚLJ ƉŽĐŬĞƚ ŝƐ ƐĞĞŶ ŽĐĐƵƉLJŝŶŐ ƚŚĞ ƚŽƉ ůĞĨƚ ĐŽƌŶĞƌ ŽĨ ƚŚĞ ƚŽŵŽŐƌĂŵ͘ dŚŝƐ
ĐŽƵůĚďĞůŽĐĂůŝƐĞĚůŽŽƐĞnjŽŶĞŽŶƚŚĞƚŽƉƐƵƌĨĂĐĞŽĨĐŽŶĐƌĞƚĞƚŚĂƚŶĞĞĚƐƐŽŵĞƌĞŝŶĨŽƌĐĞŵĞŶƚ͘
EŽŽƚŚĞƌƐŝŐŶŝĮĐĂŶƚĨĞĂƚƵƌĞŝƐƐĞĞŶĞůƐĞǁŚĞƌĞ͘

͘Zϲϳ͘ϵϱŵʹZϳϳ͘ϭϳŵ;,ϯͲ,ϰͿ
dŚĞƚŚŝƌĚƚŽŵŽŐƌĂŵĨƌŽŵƚŚĞƌŝŐŚƚďĂŶŬďĞƚǁĞĞŶZϲϳ͘ϵϱŵĂŶĚZĚϳϳ͘ϭϳŵŝƐƐŚŽǁŶŝŶĮŐ͘ϴ͘
dŚĞĚĞƉƚŚŽĨƚŚĞŚŽůĞ,ϯǁĂƐϰϳŵĂŶĚƚŚĂƚŽĨƚŚĞŚŽůĞ,ϰǁĂƐϰϴŵ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞĚĞƉƚŚŽĨ
ŝŶǀĞƐƚŝŐĂƚŝŽŶ ĨŽƌ ƚŚĞƐĞ ƐĞƚ ŽĨ ďŽƌĞŚŽůĞƐ ǁĂƐ ƌĞƐƚƌŝĐƚĞĚ ƚŽ ϰϳŵ͘ dŚĞ ƐĞƉĂƌĂƚŝŽŶ ďĞƚǁĞĞŶ ƚŚĞ
ƚǁŽŚŽůĞƐǁĂƐϵ͘Ϯϱŵ͘dŚƵƐ͕ƚŚŝƐƚŽŵŽŐƌĂŵŚĂƐĂĐŽǀĞƌĂŐĞŽĨϵ͘Ϯϱŵdžϰϳŵ͘


dŚĞ ƉͲǁĂǀĞ ǀĞůŽĐŝƚLJ ĚŝƐƚƌŝďƵƚŝŽŶ ŝŶ ƚŚŝƐ ƐĞĐƚŝŽŶ ŝŶĚŝĐĂƚĞƐ ĚŝƐƚƵƌďĞĚ ƐƵďƐƵƌĨĂĐĞ ŐĞŽůŽŐŝĐĂů
ĐŽŶĚŝƚŝŽŶƐďĞůŽǁƚŚŝƐƉĂƌƚŽĨƚŚĞŐĂůůĞƌLJ͘dŚĞƌĞŝƐƐŽŵĞĚĞŐƌĂĚĂƚŝŽŶŝŶƚŚĞƌŽĐŬƋƵĂůŝƚLJŝŶƚŚĞ
ƌŝŐŚƚ ŚĂůĨ ŽĨ ƚŚĞ ƚŽƉ ƉŽƌƚŝŽŶ ĂŶĚ ůĞĨƚ ŚĂůĨ ŽĨ ƚŚĞ ďŽƚƚŽŵ ƉŽƌƚŝŽŶ͘ ŽƚƚŽŵ ƉŽƌƚŝŽŶ ŚĂƐ ƚŚƌĞĞ
ĐŽŶƐƉŝĐƵŽƵƐƉŽĐŬĞƚƐŽĨůŽǁǀĞůŽĐŝƚLJ͕ŽŶĞĂĚũŽŝŶŝŶŐƚŚĞďŽƌĞŚŽůĞ,ϯďĞƚǁĞĞŶZ>ϰϵϮͲϰϵϳŵ͕ƚŚĞ
ƐĞĐŽŶĚ ŽŶĞ ĐůŽƐĞ ƚŽ ,ϰ ďĞƚǁĞĞŶ Z>ϰϳϲͲϰϴϬŵ ĂŶĚ ƚŚĞ ƚŚŝƌĚ ŽŶĞ Ăƚ ƚŚĞ ƚŽƉ ŽĨ ƚŚŝƐ ƉŽƌƚŝŽŶ
ďĞƚǁĞĞŶ Z> ϰϵϳͲϱϬϬŵ͘ ^ŝŵŝůĂƌůLJ͕ ŝŶ ƚŚĞ ƚŽƉ ƉŽƌƚŝŽŶ ĂůƐŽ͕ ƚŚĞƌĞ ŝƐ ŽŶĞ ƐŵĂůů ůŽǁ ǀĞůŽĐŝƚLJ
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ĚĞƉƚŚ ŽĨ ŝŶǀĞƐƚŝŐĂƚŝŽŶ ĨŽƌ ƚŚŝƐ ƐƚƌĞƚĐŚ ƚŽ ϰϳŵ͘ dŚĞƐĞ ŚŽůĞƐ ǁĞƌĞ ϭϬ͘ϵϬŵ ĂƉĂƌƚ͘ dŚƵƐ͕͕ ƚŚŝƐ
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ůŵŽƐƚϲϬйƚŚĞƉͲǁĂǀĞǀĞůŽĐŝƚLJĚŝƐƚƌŝďƵƚŝŽŶŽĨƚŚŝƐƐĞĐƚŝŽŶŝƐĂďŽǀĞϱϱϬϬŵͬƐ͕ϮϬйƉŽƌƚŝŽŶŚĂƐ
ƉͲǁĂǀĞǀĞůŽĐŝƚLJŝŶƚŚĞƌĂŶŐĞŽĨϰϱϬϬͲϱϱϬϬŵͬƐĂŶĚƌĞƐƚďĞƚǁĞĞŶϯϱϬϬͲϰϱϬϬŵͬƐ͘ůůŽĨƚŚĞŵ
ƌĞƉƌĞƐĞŶƚ ĞdžĐĞůůĞŶƚ ƌŽĐŬŵĂƐƐ ƋƵĂůŝƚLJ͕ ǁŚŝĐŚ ŝƐ ŝŶ ƐŚĂƌƉ ĐŽŶƚƌĂƐƚ ƚŽ ƚŚĞ ŽŶĞ ƐĞĞŶ ŝŶ ƚŚĞ
ƉƌĞǀŝŽƵƐ ƐĞĐƚŝŽŶ͘  ƐŽůŝƚĂƌLJ ůŽǁ ǀĞůŽĐŝƚLJ ƉŽĐŬĞƚ ŽďƐĞƌǀĞĚ ĐůŽƐĞ ƚŽ ƐƵƌĨĂĐĞ ŵŝŐŚƚ ďĞ ƐŽŵĞ
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dŚŝƐ ĂůƐŽ ĐŽŶĮƌŵƐ ƚŚĂƚ ƚŚĞ ůŽǁ ǀĞůŽĐŝƚLJ njŽŶĞƐ ŝŶ ƚŚĞ ƉƌĞǀŝŽƵƐ ƐĞĐƚŝŽŶ ǁĞƌĞ ŝŶĚĞĞĚ ƐŚĞĂƌ Žƌ
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dŚĞĮĨƚŚƚŽŵŽŐƌĂŵǁĂƐŐĞŶĞƌĂƚĞĚďĞƚǁĞĞŶZϴϴ͘ϬϬŵƚŽZϭϬϴ͘ϭϳŵƵƐŝŶŐďŽƌĞŚŽůĞƐ,ϱĂŶĚ
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ƵƐĞĚ͘ dŚƵƐ͕ ƚŚĞƐĞ ƚǁŽ ŚŽůĞƐ ǁĞƌĞ ƐĞƉĂƌĂƚĞĚ ďLJ Ă ĚŝƐƚĂŶĐĞ ŽĨ ϮϬ͘ϭϱŵ͘  dŚĞ ĚĞƉƚŚ ŽĨ
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ƚŚĞ ĐŽƌƌĞƐƉŽŶĚŝŶŐ ƚŽŵŽŐƌĂŵ ŝƐ ƐŚŽǁŶ ŝŶ ĮŐ͘ϭϬ͘  'ŽŝŶŐ ďLJ ƚŚĞ ƉƌŝŶĐŝƉůĞ ŽĨ ƚŽŵŽŐƌĂƉŚŝĐ
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dŚŝƐ ƚŽŵŽŐƌĂŵ ƐŚŽǁƐƚŚĂƚ ĂƌŽƵŶĚ ϲϱйŽĨ ƌŽĐŬ ŝŶ ƚŚĞ ƐƵďƐƵƌĨĂĐĞ ŚĂƐ ƐĞŝƐŵŝĐ ǀĞůŽĐŝƚLJ ŝŶƚŚĞ
ƌĂŶŐĞ ŽĨ ϰϱϬϬͲϱϱϬϬŵͬƐ Žƌ ĂďŽǀĞ͕ ǁŚŝĐŚ ŝƐ ŝŶĚŝĐĂƚŝǀĞ ŽĨ ŵĂƐƐŝǀĞ ƉŚLJůůŝƚĞ͘ ZĞŵĂŝŶŝŶŐ ϯϱй
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dŚŝƐƚŽŵŽŐƌĂŵŝƐŐĞŶĞƌĂƚĞĚďĞƚǁĞĞŶŚŽůĞ,ϴ;ĂƚZϭϭϴŵͿĂŶĚ,ϵ;ZϭϮϲ͘ϴϬŵͿƐĞƉĂƌĂƚĞĚďLJ
ĚŝƐƚĂŶĐĞ ŽĨ ϴ͘ϵϱŵ͘ ŽƚŚ ƚŚĞƐĞ ŚŽůĞƐ ǁĞƌĞ ϱϲŵ ĞĂĐŚ ĞdžƚĞŶĚŝŶŐ ƵƉ ƚŽ Z>ϰϲϳŵ͘  dŚƵƐ͕͕
ƚŽŵŽŐƌĂŵĐŽǀĞƌƐĂŶĂƌĞĂŽĨϴ͘ϵϱŵdžϱϲŵ͘


/Ŷ ƚŚĞ ƚŽƉ ƉŽƌƚŝŽŶ ŽĨ ƚŚŝƐ ƚŽŵŽŐƌĂŵ ďĞƚǁĞĞŶ Z>ϰϵϬͲϱϮϯŵ ŚĂƐ ŵŝdžĞĚ ǀĞůŽĐŝƚLJ ĚŝƐƚƌŝďƵƚŝŽŶ
ŝŶĚŝĐĂƚŝŶŐǀĂƌLJŝŶŐĚĞŐƌĞĞŽĨĨŽůŝĂƚŝŽŶŽƌũŽŝŶƚƐŝŶƚŚĞƉŚLJůůŝƚĞ͘dŚĞĚŽŵŝŶĂŶƚǀĞůŽĐŝƚLJƌĂŶŐĞŝŶ
ƚŚŝƐ ƉĂƌƚ ŽĨ ƚŚĞ ƐĞĐƚŝŽŶ ŝƐ ϰϱϬϬͲϱϱϬϬŵͬƐ ŝŶƚĞƌƐƉĞƌƐĞĚ ǁŝƚŚ ƉŽĐŬĞƚƐ ŽĨ ǀĞůŽĐŝƚLJ ŝŶ ƚŚĞ ϯϱϬϬͲ
ϰϱϬϬŵͬƐ ƌĂŶŐĞ͘  KǀĞƌĂůů ƚŚĞLJ ƌĞĨůĞĐƚ Ă ĨĂŝƌůLJ ŐŽŽĚ ƌŽĐŬ ĐŽŶĚŝƚŝŽŶƐ͘ /Ŷ ƚŚĞ ďŽƩŽŵ ƉŽƌƚŝŽŶ
ďĞƚǁĞĞŶ Z>ϰϲϳͲϰϵϬŵ͕ ƚŚĞƌĞ ŝƐ Ă ŵŝŶŽƌ ůŽǁ ǀĞůŽĐŝƚLJ ƉŽĐŬĞƚ ĐůŽƐĞ ƚŽ ,ϴ Ăƚ Z>ϰϴϲŵ͘ dŚŝƐ
ĐŽƵůĚďĞĂůŽĐĂůŝƐĞĚĚĂŵĂŐĞŽĨƚŚĞƌŽĐŬŵĂƐƐĚƵƌŝŶŐĚƌŝůůŝŶŐŽƌŵŝŐŚƚďĞƚŚĞĐŽŶƚŝŶƵĂƚŝŽŶŽĨ
ƚŚĞũŽŝŶƚƉůĂŶĞƐĞĞŶŝŶƚŚĞƉƌĞǀŝŽƵƐƐĞĐƚŝŽŶ͘dŚĞƌĞŝƐĂŶŽƚŝĐĞĂďůĞĐŚĂŶŐĞŝŶƚŚĞƐĞŝƐŵŝĐǁĂǀĞ
ǀĞůŽĐŝƚLJŽŶĞŝƚŚĞƌƐŝĚĞŽĨƚŚĞŚŽůĞ,ϴ͕ĂƐĐĂŶďĞƐĞĞŶďLJĐŽŵƉĂƌŝŶŐǁŝƚŚƚŚĞƉƌĞǀŝŽƵƐƐĞĐƚŝŽŶ͘
dŚƵƐ͕͕ ƚŚĞ ƌŽĐŬ ƋƵĂůŝƚLJ ĂƉƉĞĂƌƐ ƚŽ ďĞ ĚĞŐƌĂĚŝŶŐ ĂƐ ǁĞ ĂƉƉƌŽĂĐŚ ĨƵƌƚŚĞƌ ĂǁĂLJ ƚŽ ŚŝŐŚĞƌ Z
ĨƌŽŵ ,ϴ͘ džĐĞƉƚ ĨŽƌ ƚŚĞƐĞ ŽďƐĞƌǀĂƚŝŽŶƐ͕ ŐŽŽĚ ƌŽĐŬ ĐŽŶĚŝƚŝŽŶƐ ĂƉƉĞĂƌ ƚŽ ƉƌĞǀĂŝů ŝŶ ƚŚŝƐ
ƉŽƌƚŝŽŶĂůƐŽ͘


dŚĞũŽŝŶƚƉůĂŶĞƚLJƉĞĨĞĂƚƵƌĞƐĞĞŶŝŶƚŚĞƉƌĞǀŝŽƵƐƐĞĐƚŝŽŶĂƉƉĞĂƌƐŝŶƚŚĞĐĞŶƚƌĂůƉĂƌƚŽĨďŽƚƚŽŵ
ƐĞĐƚŝŽŶ ǁŚĞƌĞ Ă ƌĞůĂƚŝǀĞůLJ ůŽǁĞƌ ǀĞůŽĐŝƚLJ njŽŶĞ ǁŝƚŚ Ă ƐŝŵŝůĂƌ ƚƌĞŶĚ ŝƐ ƐĞĞŶ͘ ,ŽǁĞǀĞƌ͕ ƚŚĞ
ŽǀĞƌĂůůƉŝĐƚƵƌĞŽĨƚŚĞƐƵďƐƵƌĨĂĐĞƌŽĐŬŵĂƐƐĐŽŶĚŝƚŝŽŶĂƉƉĞĂƌƐƚŽďĞƋƵŝƚĞŐŽŽĚ͘

,͘ZϭϮϲ͘ϴϬŵʹZϭϯϲ͘ϳϬŵ;,ϵͲ,ϭϬͿ
dŚĞĞŝŐŚƚŚĐƌŽƐƐͲŚŽůĞƚŽŵŽŐƌĂƉŚLJƐĞĐƚŝŽŶďĞƚǁĞĞŶƚŚĞŚŽůĞƐůŽĐĂƚĞĚĂƚZϭϮϲ͘ϴϬŵ;,ϵͿĂŶĚ
Zϭϯϲ͘ϳϬŵ;,ϭϬͿŝƐƐŚŽǁŶŝŶĮŐ͘ϭϯ͘dŚĞƐĞƉĂƌĂƚŝŽŶďĞƚǁĞĞŶƚŚĞƐĞƚǁŽŚŽůĞƐǁĂƐϵ͘ϵϬŵ͕ƚŚĞ
ĚĞƉƚŚ ŽĨ ŚŽůĞ ,ϵ ǁĂƐ ϱϲŵ ĂŶĚ ŽĨ ŚŽůĞ ,ϭϬ ǁĂƐ ϱϰŵ͘ ,ĞŶĐĞ ƚŚĞ ŵĂdžŝŵƵŵ ĚĞƉƚŚ ŽĨ
ŝŶǀĞƐƚŝŐĂƚŝŽŶ ƉŽƐƐŝďůĞ ďĞƚǁĞĞŶ ƚŚĞ ŚŽůĞƐ ǁĂƐ ϱϰŵ ŽŶůLJ͘  tŝƚŚ ƚŚŝƐ ĚĞƉƚŚ ƚŚĞ ƚŽŵŽŐƌĂƉŚŝĐ
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dŚĞ ǀĞůŽĐŝƚLJ ĐŽŶƚŽƵƌƐ ŝŶ ƚŚŝƐ ƐĞĐƚŝŽŶ ŚĂǀĞ ƉƌŽŵŝŶĞŶƚ ĚŝĂŐŽŶĂů ƚƌĞŶĚ ĨƌŽŵ ƚŽƉ ůĞĨƚ ĐŽƌŶĞƌ ƚŽ
ƚŚĞďŽƚƚŽŵƌŝŐŚƚĐŽƌŶĞƌ͘,ŽǁĞǀĞƌ͕ƚŚĞǀĞůŽĐŝƚLJƌĂŶŐĞǁŝƚŚŝŶƚŚŝƐĚŝĂŐŽŶĂůƚƌĞŶĚŝƐďĞƚǁĞĞŶ
ϰϱϬϬͲϱϱϬϬŵͬƐ͕ ŝŶĚŝĐĂƚŝŶŐ ƚŚĂƚ ƚŚŝƐ ĨĞĂƚƵƌĞ ŵŝŐŚƚ ďĞ ĚƵĞ ƚŽ ƉƌĞƐĞŶĐĞ ŽĨ ƚŝŐŚƚ ũŽŝŶƚ ƉůĂŶĞ ŝŶ
ŽƚŚĞƌǁŝƐĞŵĂƐƐŝǀĞƉŚLJůůŝƚĞ͘^ŵĂůůƉŽĐŬĞƚƐŽĨůŽǁĞƌƌĂŶŐĞƐĞŝƐŵŝĐǀĞůŽĐŝƚLJĐŽŶƚŽƵƌƐǁŝƚŚŝŶƚŚŝƐ
ĚŝĂŐŽŶĂů ĨĞĂƚƵƌĞ ĐŽƵůĚ ďĞ ƚŚĞ njŽŶĞ ŽĨǁĞĂŬŶĞƐƐ ǁŝƚŚŝŶ ƚŚĞŵ ďƵƚĐĞƌƚĂŝŶůLJ ŶŽƚ ĚƵĞ ƚŽ ƐŚĞĂƌ
njŽŶĞ͘ dŚĞ ůŽǁ ǀĞůŽĐŝƚLJ ƉŽĐŬĞƚ ƐĞĞŶ ŽŶ ƚŚĞ ƚŽƉ ƌŝŐŚƚ ĐŽƌŶĞƌ ŽĨƚŚŝƐ ƐĞĐƚŝŽŶ ŵŝŐŚƚ ďĞ ĚƵĞ ƚŽ
ƐŽŵĞůŽŽƐĞƉĂĐŬŝŶŐŝŶƚŚĞƚŽƉĐŽŶĐƌĞƚĞůĂLJĞƌ͘dŚŝƐƌĞƋƵŝƌĞƐůŽĐĂůƌĞŝŶĨŽƌĐĞŵĞŶƚ͘

/͘Zϭϯϲ͘ϳϬŵʹZϭϰϲ͘ϰϬŵ;,ϭϬͲ,ϭϭͿ
dŚŝƐŝƐƚŚĞŶŝŶƚŚĂŶĚůĂƐƚƐĞĐƚŝŽŶůŽĐĂƚĞĚŽŶƚŚĞůĞĨƚďĂŶŬĞŶĚŽĨƚŚĞĚƌĂŝŶĂŐĞŐĂůůĞƌLJ͘dŚĞƚǁŽ
ŚŽůĞƐ ,ϭϬ ĂŶĚ ,ϭϭ ƵƐĞĚ ĨŽƌ ƚŽŵŽŐƌĂƉŚLJ ŝŶ ƚŚŝƐ ƐƚƌĞƚĐŚ ǁĞƌĞ ůŽĐĂƚĞĚ Ăƚ Zϭϯϲ͘ϳϬŵ ĂŶĚ
Zϭϰϲ͘ϰϬŵƌĞƐƉĞĐƚŝǀĞůLJ͘dŚĞƐĞƉĂƌĂƚŝŽŶďĞƚǁĞĞŶƚŚĞƚǁŽŚŽůĞƐǁĂƐϵ͘ϴϱŵĂŶĚƚŚĞĚĞƉƚŚŽĨ
ŝŶǀĞƐƚŝŐĂƚŝŽŶ ǁĂƐ ϰϴŵ ďĞůŽǁ ƚŚĞ ĚƌĂŝŶĂŐĞ ŐĂůůĞƌLJ ŇŽŽƌ ĞŶĚŝŶŐ Ăƚ Z>ϰϳϱŵ͘ dŚƵƐ͕͕ ƚŚĞ
ƚŽŵŽŐƌĂŵĨŽƌƚŚŝƐƐĞĐƚŝŽŶĂƐƐŚŽǁŶŝŶĮŐ͘ϭϰƌĞƉƌĞƐĞŶƚƐĂŶĂƌĞĂŽĨϵ͘ϴϱŵdžϰϴŵ͘


/Ŷ ŐĞŶĞƌĂů Ă ďĂĐŬŐƌŽƵŶĚ ǀĞůŽĐŝƚLJ ŽĨ ϯϱϬϬŵͬƐͲϰϱϬϬŵͬƐ ŝƐ ƐĞĞŶ ŝŶ ƚŚĞ ƚŽŵŽŐƌĂŵ ǁŚŝĐŚ
ƌĞƉƌĞƐĞŶƚƐ ƚŚĞ ũŽŝŶƚĞĚ ƉŚLJůůŝƚĞ ŝŶ ƚŚĞ ƐƵďƐƵƌĨĂĐĞ͕ ĂƌŽƵŶĚ ϮϬͲϮϱй ŽĨ ƚŚĞ ƐĞĐƚŝŽŶ ŚĂƐ ƐĞŝƐŵŝĐ
ǁĂǀĞǀĞůŽĐŝƚLJŽĨŽǀĞƌϰϱϬϬͲϱϬϬϬŵͬƐĞĐƌĞƉƌĞƐĞŶƚŝŶŐŵĂƐƐŝǀĞƉŚLJůůŝƚĞ͘,ŽǁĞǀĞƌ͕ƐƵĐŚŵĂƐƐŝǀĞ
ƌŽĐŬŵĂƐƐĐŽŶĚŝƚŝŽŶƐĂƌĞĨĂŝƌůLJƐĐĂƩĞƌĞĚŝŶĚŝĐĂƚŝŶŐƐŽŵĞƋƵĂƌƚnjŝƚŝĐŝŶƚƌƵƐŝŽŶƐ͘


dŚĞ ǀĞůŽĐŝƚLJ ĚŝƐƚƌŝďƵƚŝŽŶ ŝŶ ƚŚŝƐ ƚŽŵŽŐƌĂŵ ŝŶĚŝĐĂƚĞĚ ŐĞŽůŽŐŝĐĂůůLJ ĚŝƐƚƵƌďĞĚ ƌŽĐŬŵĂƐƐ
ĐŽŶĚŝƚŝŽŶƐ Ăƚ Ă ŶƵŵďĞƌ ŽĨ ůŽĐĂƚŝŽŶƐ ŝŶ ƚŚĞ ƐƵďƐƵƌĨĂĐĞ͘ ƚ ůĞĂƐƚ ƚǁŽ ƉƌŽŵŝŶĞŶƚ ůŽǁ ǀĞůŽĐŝƚLJ
ƉŽĐŬĞƚƐǁĞƌĞŽďƐĞƌǀĞĚŝŶƚŚĞďŽƚƚŽŵŚĂůĨŽĨƚŚŝƐƐĞĐƚŝŽŶ͕ŽŶĞůŽĐĂƚĞĚĂƚŝƚƐƚŽƉďĞƚǁĞĞŶZ>
ϰϵϰͲϰϵϴŵ ĂŶĚ ƚŚĞ ŽƚŚĞƌ Ăƚ ƚŚĞ ďŽƚƚŽŵ ďĞƚǁĞĞŶ Z>ϰϴϭͲƚŝůů ƚŚĞ ĞŶĚ ŽĨ ŵĞĂƐƵƌĞŵĞŶƚƐ͘ /Ŷ
ĂĚĚŝƚŝŽŶƚǁŽůŽǁǀĞůŽĐŝƚLJƉĂƚĐŚĞƐǁĞƌĞŽďƐĞƌǀĞĚĐůŽƐĞƚŽŚŽůĞƐ,ϭϬĂŶĚ,ϭϭďĞƚǁĞĞŶZ>ϰϴϬͲ
ϰϴϴŵ͘  ůů ŽĨ ƚŚĞŵ ŚĂĚ ůŽǁĞƐƚ ǀĞůŽĐŝƚLJ ŽĨ ďĞůŽǁ ϮϱϬϬŵͬƐĞĐ ŝŶ ƚŚĞ ĐĞŶƚƌĞ͕ ŝŶĚŝĐĂƚŝǀĞ ŽĨ
ĨƌĂĐƚƵƌĞĚŽƌƐŚĞĂƌnjŽŶĞ͘ KƵƚŽĨƚŚĞŵ͕ƚŚĞĐĞŶƚƌĂůƚǁŽƉŽĐŬĞƚƐĐĂŶĐĞƌƚĂŝŶůLJďĞĂƐĐƌŝďĞĚƚŽ
ƚŚĞĐƌŽƐƐƐĞĐƚŝŽŶŽĨůŝŬĞůLJƐŚĞĂƌnjŽŶĞĐƌŽƐƐŝŶŐƚŚŝƐƐĞĐƚŝŽŶ͕ƚŚĞŽƚŚĞƌƚǁŽĐůŽƐĞƚŽŚŽůĞƐŵŝŐŚƚ
ďĞ ƚŚĞ ĚƌŝůůŝŶŐ ŝŶĚƵĐĞĚ ĚĂŵĂŐĞƐ͘  ^ŝŵŝůĂƌůLJ ŝŶ ƚŚĞ ƚŽƉ ƌŝŐŚƚ ĐŽƌŶĞƌ ĐůŽƐĞ ƚŽ ŚŽůĞ ,ϭϭ͕ Ă
ƉƌŽŵŝŶĞŶƚ ůŽǁǀĞůŽĐŝƚLJ ƉŽĐŬĞƚ ŝƐ ƐĞĞŶ ǁŚŝĐŚ ĐŽƵůĚ ďĞ ůŽŽƐĞ ƉĂƚĐŚ ŝŶ ƚŚĞ ƚŽƉ ĐŽŶĐƌĞƚĞ ůĂLJĞƌ
ĂŶĚƐŚŽƵůĚďĞƉĂĐŬĞĚͬŐƌŽƵƚĞĚ͘


^ƵĚĚĞŶ ĞŵĞƌŐĞŶĐĞ ŽĨ ƐƵĐŚ ůŽǁ ƉƌŽŵŝŶĞŶƚ ůŽǁ ǀĞůŽĐŝƚLJ ƉŽĐŬĞƚƐ ŝŶ ƚŚŝƐ ƐĞĐƚŝŽŶ͕ ŝŶ ƐŚĂƌƉ
ĐŽŶƚƌĂƐƚ ƚŽ ĂĚũŽŝŶŝŶŐ ƐĞĐƚŝŽŶ ŽŶ ƚŚĞ ƌŝŐŚƚ͕ ƐŚŽǁƐ ƚŚĂƚ Ăƚ ůĞĂƐƚ ƚǁŽ ƐŚĞĂƌ njŽŶĞƐ ŵŝŐŚƚ ďĞ
ĐƌŽƐƐŝŶŐ ŝŶƚŽ ƚŚĞ ůĞĨƚ ďĂŶŬ ŽĨ ƚŚĞ ŐĂůůĞƌLJ Ăƚ Ă ĚĞƉƚŚ ŽĨ Ϯϱ ĂŶĚ ϰϱŵ͘ dŚŝƐ ŝƐ Ă ƐŝŐŶŝĮĐĂŶƚ
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