Creating An Inclusive School Tool - Web PDF

Creating an Inclusive School
Indicators of Success
Prepared for the New Brunswick
Community Inclusion Inititative Project
ED
UC
AT
IO
N
N
Diversity and
O
Inclusion are
TI
AC
Embraced
Creating a
Sense of
Belonging
Collaborative
Approach is Student Learning
Taken Experiences are
Inclusive
Proactive School Management

and Leadership
Innovative and Creative Environment
Inclusion and
Students with
Exceptionalities
Supports are Available

and Properly
Utilized
N
R
O
EF
TI
LE
Fostering Appropriate I NA
C
M
TI
Behaviour
XA
O
N
5 o
YEARS
ANNÉES
f
Creating an Inclusive School
A Reflection Tool for Administrators, Educators and Other School

Staff
New Brunswick Association for Community Living

L’Association du Nouveau-Brunwick pour l’intégration communautaire
First Edition, January 2011
The New Brunswick Association for Community Living gratefully

acknowledges funding for this publication provided by the Government
of Canada’s Social Development Partnership Program- Disability
component.
The opinions and interpretations in this publication are those of the

authors and do not necessarily reflect those of the Government of
Canada.
ƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůʹdĂďůĞŽĨŽŶƚĞŶƚƐ
d>K&KEdEd^

/ŶƚƌŽĚƵĐƚŝŽŶ͗ WƵƌƉŽƐĞ Ϯ
,ŽǁƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůĐĂŶďĞƵƐĞĚ ϱ
ŝŵĞŶƐŝŽŶƐŽĨĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽů ϲ
,ŽǁƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůǁĂƐĚĞǀĞůŽƉĞĚ ϳ
KǀĞƌǀŝĞǁ͗ ŶKǀĞƌǀŝĞǁŽĨƚŚĞ/ŶĚŝĐĂƚŽƌƐŽĨ^ƵĐĐĞƐƐ ϴ
Ŷ/ŶĚŝĐĂƚŽƌĞƐĐƌŝƉƚŝŽŶ͗ ĞƐĐƌŝƉƚŝŽŶŽĨĂĐŚ/ŶĚŝĐĂƚŽƌŽĨ^ƵĐĐĞƐƐ ϭϭ
'ƵŝĚĞƚŽƚŚĞƌĞĂƚŝŶŐĂŶ
/ŶĐůƵƐŝǀĞ^ĐŚŽŽůWƌŽĐĞƐƐ͗ ^ƚĞƉƐŝŶƚŚĞWƌŽĐĞƐƐ ϮϬ
&ĂĐŝůŝƚĂƚŽƌƐ'ƵŝĚĞ͗ ^ƚĞƉƐŝŶƚŚĞ&ĂĐŝůŝƚĂƚŝŽŶ Ϯϴ
ƉƉĞŶĚŝǆ͗ /ĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨWĂƌƚŝĐŝƉĂŶƚƐ ϯϯ
ƉƉĞŶĚŝǆ͗ /ŶĚŝĐĂƚŽƌYƵĞƐƚŝŽŶŶĂŝƌĞ ϯϰ
ƉƉĞŶĚŝǆ͗ ^ĂŵƉůĞDĞŵŽŽĨ/ŶǀŝƚĂƚŝŽŶ ϲϵ
ƉƉĞŶĚŝǆ͗ WƌŽĨŝůĞ^ŚĞĞƚƐ ϳϬ
ƉƉĞŶĚŝǆ͗ ZĞǀŝĞǁŽĨƚŚĞWƌŽĨŝůĞ ϭϬϮ
ƉƉĞŶĚŝǆ&͗ZĞǀŝĞǁŝŶŐWƌŽŐƌĞƐƐƚŽǁĂƌĚƐƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽů ϭϬϴ
ƉƉĞŶĚŝǆ'͗ /ŶĐůƵƐŝǀĞĚƵĐĂƚŝŽŶĞĨŝŶŝƚŝŽŶ ϭϬϵ
ƉƉĞŶĚŝǆ,͗ ĞƐĐƌŝƉƚŝŽŶŽĨhŶŝǀĞƌƐĂůĞƐŝŐŶĨŽƌ>ĞĂƌŶŝŶŐ;h>Ϳ ϭϭϯ
ƉƉĞŶĚŝǆ/͗ WƌŽŚŝďŝƚĞĚ'ƌŽƵŶĚƐŽĨŝƐĐƌŝŵŝŶĂƚŝŽŶ ϭϭϰ
ZĞƐŽƵƌĐĞƐ͗ ZĞƐŽƵƌĐĞƐ͕tĞďƐŝƚĞƐĂŶĚWƵďůŝĐĂƚŝŽŶƐ ϭϭϱ
ϭ

ƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůͲ/ŶƚƌŽĚƵĐƚŝŽŶ
/EdZKhd/KE
WƵƌƉŽƐĞ
ƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůŝƐĂƌĞƐŽƵƌĐĞĚĞƐŝŐŶĞĚƚŽŵŽƚŝǀĂƚĞƐĐŚŽŽůĐŽŵŵƵŶŝƚŝĞƐƚŽ
ƉƌŽŵŽƚĞ͕ĐƌĞĂƚĞĂŶĚƐƵƐƚĂŝŶŝŶĐůƵƐŝǀĞƐĐŚŽŽůƐƚŚƌŽƵŐŚŽƵƚEĞǁƌƵŶƐǁŝĐŬ͘/ƚŝƐŝŶƚĞŶĚĞĚƚŽŚĞůƉ
ŶƵƌƚƵƌĞƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƌŝĐŚĂŶĚŝŶĐůƵƐŝǀĞĞĚƵĐĂƚŝŽŶĂůƐĞƚƚŝŶŐƐƚŚĂƚƌĞƐƉĞĐƚĂŶĚǀĂůƵĞ
ĚŝǀĞƌƐŝƚǇ͕ƉƌŽŵŽƚĞďĞůŽŶŐŝŶŐĨŽƌĞǀĞƌǇƐƚƵĚĞŶƚ͕ĂŶĚĞŶƐƵƌĞƚŚĂƚƐƚƵĚĞŶƚƐƌĞĐĞŝǀĞĂƋƵĂůŝƚǇ
ĞĚƵĐĂƚŝŽŶŝŶĐŽŵŵŽŶůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚƐ͘
/ŶĐůƵƐŝǀĞƐĐŚŽŽůƐĂƌĞĂŶŝŵƉŽƌƚĂŶƚĨŽƵŶĚĂƚŝŽŶĨŽƌĂŶŝŶĐůƵƐŝǀĞƐŽĐŝĞƚǇ͘EĞǁƌƵŶƐǁŝĐŬŚĂƐ
ƌĞĐŽŐŶŝǌĞĚƚŚŝƐĨŽƌŽǀĞƌϮϬǇĞĂƌƐĨŽůůŽǁŝŶŐĐŚĂŶŐĞƐƚŽůĂǁƐĂŶĚƉŽůŝĐŝĞƐƚŚĂƚƌĞĐŽŐŶŝǌĞĚƚŚĞ
ƌŝŐŚƚŽĨƐƚƵĚĞŶƚƐǁŝƚŚĂĚŝƐĂďŝůŝƚǇ;ŝĚĞŶƚŝĨŝĞĚĂƐ͞ĞǆĐĞƉƚŝŽŶĂů͟ƐƚƵĚĞŶƚƐŝŶƚŚĞĚƵĐĂƚŝŽŶĐƚͿƚŽ
ďĞŝŶĐůƵĚĞĚŝŶƌĞŐƵůĂƌĐůĂƐƐƌŽŽŵƐ͘
DƵĐŚŚĂƐĐŚĂŶŐĞĚƐŝŶĐĞƚŚĞŵŝĚͲϭϵϴϬƐ͘ĨƚĞƌĂĨĞǁǇĞĂƌƐ͕ŝƚďĞĐĂŵĞĐůĞĂƌƚŚĂƚ͞ŝŶƚĞŐƌĂƚŝŽŶ͟ͲͲ
ŵĂŬŝŶŐĂƉůĂĐĞŝŶĂŶĞǆŝƐƚŝŶŐƐǇƐƚĞŵĨŽƌƐƚƵĚĞŶƚƐǁŚŽŚĂĚƉƌĞǀŝŽƵƐůǇďĞĞŶĞǆĐůƵĚĞĚʹǁĂƐŶŽƚ
ĞŶŽƵŐŚ͘͞/ŶƚĞŐƌĂƚŝŽŶ͟ƚĞŶĚĞĚƚŽƌĞƚĂŝŶƚŚĞŶŽƚŝŽŶƚŚĂƚƚŚĞƌĞǁĞƌĞƚǁŽŬŝŶĚƐŽĨƐƚƵĚĞŶƚƐ͗
͞ƌĞŐƵůĂƌ͟ƐƚƵĚĞŶƚƐ͕ĂŶĚƚŚŽƐĞǁŚŽǁĞƌĞ͞ŝŶƚĞŐƌĂƚĞĚ͘͟^ĐŚŽŽůƐƚŚŝŶŬŝŶŐ͞ŝŶƚĞŐƌĂƚŝŽŶ͟ĂůƐŽ
ƚĞŶĚĞĚƚŽƌĞƚĂŝŶŵĂŶǇŽĨƚŚĞŽůĚǁĂǇƐŽĨĚŽŝŶŐƚŚŝŶŐƐ͕ĂŶĚŵĂŶǇŽĨƚŚĞƐĞĚŝĚŶŽƚǁŽƌŬǁĞůů
ǁŝƚŚƚŚĞŵŽƌĞĚŝǀĞƌƐĞƐƚƵĚĞŶƚďŽĚǇ͘^ĐŚŽŽůƐŶĞĞĚĞĚƚŽƌĞƚŚŝŶŬƚŚĞŝƌĂƉƉƌŽĂĐŚƚŽĞĚƵĐĂƚŝŽŶ
ǁŝƚŚƚŚĞƵŶĚĞƌƐƚĂŶĚŝŶŐƚŚĂƚ͗
• ůůƐƚƵĚĞŶƚƐŚĂǀĞĞƋƵĂůǀĂůƵĞ͖
• ůůƐƚƵĚĞŶƚƐ͞ďĞůŽŶŐ͟ĂŶĚƐŚŽƵůĚďĞŵĂĚĞƚŽĨĞĞůƚŚĞǇ͞ďĞůŽŶŐ͟ŝŶĂůůĐƵƌƌŝĐƵůĂƌ
ĂĐƚŝǀŝƚŝĞƐĂŶĚƚŚŽƐĞĞǆƚƌĂͲĐƵƌƌŝĐƵůĂƌĂĐƚŝǀŝƚŝĞƐƚŚĞƐƚƵĚĞŶƚŵĂǇĐŚŽŽƐĞƚŽ
ƉĂƌƚŝĐŝƉĂƚĞŝŶ͖ĂŶĚ
• 'ŽŽĚƚĞĂĐŚŝŶŐƉƌĂĐƚŝĐĞƌĞƐƉĞĐƚƐĞĂĐŚƐƚƵĚĞŶƚ͕ŶŽƚĂƐĂŵĞŵďĞƌŽĨĂŐƌŽƵƉƚŚĂƚ
ŝƐĚĞĨŝŶĞĚďǇƐŽŵĞŽŶĞĞůƐĞ͕ďƵƚĂƐĂŶŝŶĚŝǀŝĚƵĂů͘

&ŽƌƋƵĂůŝƚǇŝŶĐůƵƐŝǀĞƉƵďůŝĐĞĚƵĐĂƚŝŽŶ͕ƚŚŝƐƌĞƋƵŝƌĞƐĂƚĂůůůĞǀĞůƐ͗

• dƌĞĂƚŝŶŐĞĂĐŚƐƚƵĚĞŶƚǁŝƚŚĚŝŐŶŝƚǇĂŶĚƌĞƐƉĞĐƚ͖
• dĂŬŝŶŐĂĐĐŽƵŶƚŽĨĞĂĐŚƐƚƵĚĞŶƚΖƐůĞĂƌŶŝŶŐƐƚǇůĞ͖
• ,ĂǀŝŶŐŚŝŐŚďƵƚƌĞĂůŝƐƚŝĐĞǆƉĞĐƚĂƚŝŽŶƐĨŽƌĞĂĐŚƐƚƵĚĞŶƚ͕ďĂƐĞĚŽŶƚŚĞƐƚƵĚĞŶƚΖƐ
ƐƚƌĞŶŐƚŚƐĂŶĚǁĞĂŬŶĞƐƐĞƐ͕ĂŶĚ
• ĞǀĞůŽƉŝŶŐĂƉƉƌŽƉƌŝĂƚĞůĞĂƌŶŝŶŐŐŽĂůƐ͕ƌĞůĂƚĞĚƚŽƚŚŽƐĞĞǆƉĞĐƚĂƚŝŽŶƐƚŚĂƚƚŚĞ
Ϯ

ƐƚƵĚĞŶƚĨŝŶĚƐƵƐĞĨƵůĂŶĚŝŶƚĞƌĞƐƚŝŶŐ͘

/ƚĂůƐŽŵĞĂŶƐƚŚĂƚĞĂĐŚƐƚƵĚĞŶƚĞǆƉĞƌŝĞŶĐĞƐĂƉŽƐŝƚŝǀĞĂŶĚƐƵƉƉŽƌƚŝǀĞůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚĂƚ
ĂůůƚŝŵĞƐĂŶĚĂƐĂĨĞ͕ĨƌŝĞŶĚůǇĂŶĚƐƵƉƉŽƌƚŝǀĞƐĐŚŽŽůĞŶǀŝƌŽŶŵĞŶƚŽƵƚƐŝĚĞŽĨƚŚĞĐůĂƐƐƌŽŽŵ;Žƌ
ŽƚŚĞƌůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚͿ͘

dŚŝƐŝƐƚŚĞĞƐƐĞŶĐĞŽĨ͞ŝŶĐůƵƐŝŽŶ͖͟ŵŽƌĞĂǀĂůƵĞƐǇƐƚĞŵƚŚĂŶĂůŝƐƚŽĨƌĞƋƵŝƌĞŵĞŶƚƐ͘

/ŶϮϬϭϬ͕ƚŚĞŐŽǀĞƌŶŵĞŶƚŽĨEĞǁƌƵŶƐǁŝĐŬƌĞůĞĂƐĞĚĂŶĞǁƉŽůŝĐǇƐƚĂƚĞŵĞŶƚ;ĐĂůůĞĚĂ
͚ĞĨŝŶŝƚŝŽŶ͛ͿŽŶŝŶĐůƵƐŝǀĞĞĚƵĐĂƚŝŽŶ;ƚŚĞĐŽŵƉůĞƚĞƐƚĂƚĞŵĞŶƚĐĂŶďĞĨŽƵŶĚŝŶƉƉĞŶĚŝǆ'ͿƚŚĂƚ
ŝŶĐůƵĚĞƐƚŚĞĨŽůůŽǁŝŶŐĚĞĨŝŶŝƚŝŽŶ͗
/ŶĐůƵƐŝǀĞĞĚƵĐĂƚŝŽŶŝƐĂƉĂŝƌŝŶŐŽĨƉŚŝůŽƐŽƉŚǇĂŶĚƉĞĚĂŐŽŐŝĐĂůƉƌĂĐƚŝĐĞƐƚŚĂƚĂůůŽǁĞĂĐŚ
ƐƚƵĚĞŶƚƚŽĨĞĞůƌĞƐƉĞĐƚĞĚ͕ĐŽŶĨŝĚĞŶƚĂŶĚƐĂĨĞƐŽŚĞŽƌƐŚĞĐĂŶůĞĂƌŶĂŶĚĚĞǀĞůŽƉƚŽŚŝƐŽƌŚĞƌĨƵůů
ƉŽƚĞŶƚŝĂů͘/ƚŝƐďĂƐĞĚŽŶĂƐǇƐƚĞŵŽĨǀĂůƵĞƐĂŶĚďĞůŝĞĨƐĐĞŶƚƌĞĚŽŶƚŚĞďĞƐƚŝŶƚĞƌĞƐƚƐŽĨƚŚĞ
ƐƚƵĚĞŶƚ͕ǁŚŝĐŚƉƌŽŵŽƚĞƐƐŽĐŝĂůĐŽŚĞƐŝŽŶ͕ďĞůŽŶŐŝŶŐ͕ĂĐƚŝǀĞƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶůĞĂƌŶŝŶŐ͕ĂĐŽŵƉůĞƚĞ
ƐĐŚŽŽůĞǆƉĞƌŝĞŶĐĞ͕ĂŶĚƉŽƐŝƚŝǀĞŝŶƚĞƌĂĐƚŝŽŶƐǁŝƚŚƉĞĞƌƐĂŶĚŽƚŚĞƌƐŝŶƚŚĞƐĐŚŽŽůĐŽŵŵƵŶŝƚǇ͘
dŚĞƐĞǀĂůƵĞƐĂŶĚďĞůŝĞĨƐǁŝůůďĞƐŚĂƌĞĚďǇƐĐŚŽŽůƐĂŶĚĐŽŵŵƵŶŝƚŝĞƐ͘/ŶĐůƵƐŝǀĞĞĚƵĐĂƚŝŽŶŝƐƉƵƚ
ŝŶƚŽƉƌĂĐƚŝĐĞǁŝƚŚƐĐŚŽŽůĐŽŵŵƵŶŝƚŝĞƐƚŚĂƚǀĂůƵĞĚŝǀĞƌƐŝƚǇĂŶĚŶƵƌƚƵƌĞƚŚĞǁĞůůďĞŝŶŐĂŶĚƋƵĂůŝƚǇ
ŽĨůĞĂƌŶŝŶŐŽĨĞĂĐŚŽĨƚŚĞŝƌŵĞŵďĞƌƐ͘/ŶĐůƵƐŝǀĞĞĚƵĐĂƚŝŽŶŝƐĐĂƌƌŝĞĚŽƵƚƚŚƌŽƵŐŚĂƌĂŶŐĞŽĨƉƵďůŝĐ
ĂŶĚĐŽŵŵƵŶŝƚǇƉƌŽŐƌĂŵƐĂŶĚƐĞƌǀŝĐĞƐĂǀĂŝůĂďůĞƚŽĂůůƐƚƵĚĞŶƚƐ͘/ŶĐůƵƐŝǀĞĞĚƵĐĂƚŝŽŶŝƐƚŚĞ
ĨŽƵŶĚĂƚŝŽŶĨŽƌĞŶƐƵƌŝŶŐĂŶŝŶĐůƵƐŝǀĞEĞǁƌƵŶƐǁŝĐŬƐŽĐŝĞƚǇ͘
dŚĞƉŽůŝĐǇƐƚĂƚĞŵĞŶƚĂůƐŽƌĞĐŽŐŶŝǌĞƐƚŚĂƚĞǀĞƌǇƐƚƵĚĞŶƚŚĂƐƚŚĞƌŝŐŚƚƚŽĞǆƉĞĐƚƚŚĂƚŚĞŽƌƐŚĞ
ǁŝůůƉĂƌƚŝĐŝƉĂƚĞĨƵůůǇŝŶƚŚĞ͞ĐŽŵŵŽŶůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚ͕͟ŵĞĂŶŝŶŐ͞ĂŶĞŶǀŝƌŽŶŵĞŶƚƚŚĂƚŝƐ
ĚĞƐŝŐŶĞĚĨŽƌĂůůƐƚƵĚĞŶƚƐ͕ŝƐƚǇƉŝĐĂůĨŽƌƚŚĞƐƚƵĚĞŶƚ͛ƐĂŐĞĂŶĚŐƌĂĚĞ͕ĂŶĚŝƐƐŚĂƌĞĚǁŝƚŚŚŝƐͬŚĞƌ
ŶĞŝŐŚďŽƵƌŚŽŽĚƉĞĞƌƐ͘͟^ƚƵĚĞŶƚƐĂůƐŽŚĂǀĞƚŚĞƌŝŐŚƚƚŽĞǆƉĞĐƚƚŚĂƚĂĐĐŽŵŵŽĚĂƚŝŽŶƐǁŝůůďĞ
ĐŽŶƐŝĚĞƌĞĚĂŶĚŝŵƉůĞŵĞŶƚĞĚŝŶĂŶĂƉƉƌŽƉƌŝĂƚĞĂŶĚƚŝŵĞůǇŵĂŶŶĞƌĂŶĚƚŚĂƚůĞĂƌŶŝŶŐŽƵƚĐŽŵĞƐ͕
ŝŶƐƚƌƵĐƚŝŽŶ͕ĂƐƐĞƐƐŵĞŶƚ͕ŝŶƚĞƌǀĞŶƚŝŽŶƐ͕ĂĐĐŽŵŵŽĚĂƚŝŽŶƐ͕ƐƵƉƉŽƌƚƐ͕ĂĚĂƉƚĂƚŝŽŶƐ͕ĂŶĚůĞĂƌŶŝŶŐ
ĞŶǀŝƌŽŶŵĞŶƚƐǁŝůůďĞĚĞƐŝŐŶĞĚƚŽƌĞƐƉĞĐƚŝŶĚŝǀŝĚƵĂůůĞĂƌŶŝŶŐƐƚǇůĞƐ͕ŶĞĞĚƐĂŶĚƐƚƌĞŶŐƚŚƐ͘
/ƚŝƐĐůĞĂƌƚŚĂƚŵƵĐŚŝƐĞǆƉĞĐƚĞĚĨƌŽŵĂŶŝŶĐůƵƐŝǀĞƐĐŚŽŽůĂŶĚĞĚƵĐĂƚŝŽŶƐǇƐƚĞŵ͘dŚŝƐƌĞƐŽƵƌĐĞŝƐ
ĚĞƐŝŐŶĞĚƚŽďĞĂƚŽŽůĨŽƌƌĞĨůĞĐƚŝŽŶĂŶĚĂĐƚŝŽŶƚŚĂƚǁŝůůĂůůŽǁĞĚƵĐĂƚŽƌƐĂŶĚĂĚŵŝŶŝƐƚƌĂƚŽƌƐƚŽ
ůĞĂƌŶĂďŽƵƚƚŚĞŬĞǇŝŶĚŝĐĂƚŽƌƐŽĨƐƵĐĐĞƐƐĨŽƌĐƌĞĂƚŝŶŐĂŶĚƐƵƐƚĂŝŶŝŶŐĂŶŝŶĐůƵƐŝǀĞƐĐŚŽŽů͕
ĞǆĂŵŝŶĞƚŚĞĐƵƌƌĞŶƚƐƚĂƚĞŽĨŝŶĐůƵƐŝŽŶǁŝƚŚǇŽƵƌƐĐŚŽŽů͕ĂŶĚƚŽĚĞǀĞůŽƉƉůĂŶƐƚŽƚĂŬĞ
ĂƉƉƌŽƉƌŝĂƚĞĂĐƚŝŽŶƐ͘ǀĞƌǇƐĐŚŽŽůǁŝůůůŝŬĞůǇĨŝŶĚĂƌĞĂƐŽĨƐƚƌĞŶŐƚŚƚŽĐĞůĞďƌĂƚĞĂƐǁĞůůĂƐĂƌĞĂƐ
ƚŚĂƚŶĞĞĚŝŵƉƌŽǀĞŵĞŶƚ͘
ϯ

^ƉĞĐŝĨŝĐĂůůǇ͕ƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůǁŝůůƉƌŽǀŝĚĞĞůĞŵĞŶƚĂƌǇ͕ŵŝĚĚůĞĂŶĚƐĞĐŽŶĚĂƌǇ
ƐĐŚŽŽůƐǁŝƚŚĂŶŽƉƉŽƌƚƵŶŝƚǇƚŽ͗
• ^ƚŝŵƵůĂƚĞĚŝĂůŽŐƵĞĂďŽƵƚƚŚĞǀĂůƵĞŽĨŝŶĐůƵƐŝŽŶĂŶĚŝŶĐůƵƐŝǀĞĞĚƵĐĂƚŝŽŶ͖
• ĞůĞďƌĂƚĞĐƵƌƌĞŶƚƐƵĐĐĞƐƐĞƐĂŶĚŝĚĞŶƚŝĨǇǁĂǇƐƚŽŝŵƉƌŽǀĞŝŶĐůƵƐŝŽŶ͖
• ŶƐƵƌĞƚŚĂƚƚŚĞǇĂƌĞŵĞĞƚŝŶŐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌĞĚƵĐĂƚŝŽŶĂŶĚŚƵŵĂŶƌŝŐŚƚƐůĂǁƐ͖
ĂŶĚ
• hŶĐŽǀĞƌĂƚƚŝƚƵĚĞƐ͕ĂĐƚŝŽŶƐ͕ƉŽůŝĐŝĞƐĂŶĚƉƌĂĐƚŝĐĞƐƚŚĂƚŵĂǇďĞĂďĂƌƌŝĞƌƚŽŝŶĐůƵƐŝŽŶ
ĂŶĚĚĞǀĞůŽƉĂƌĞĂůŝƐƚŝĐƉůĂŶƚŽĂĚĚƌĞƐƐƚŚĞŵ͘
ϰ

,ŽǁƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůĂŶďĞhƐĞĚ
ƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůŝƐĚŝƌĞĐƚĞĚƚŽƐĐŚŽŽůĚŝƐƚƌŝĐƚƐ͕ĂĚŵŝŶŝƐƚƌĂƚŽƌƐ͕ĞĚƵĐĂƚŽƌƐĂŶĚŽƚŚĞƌ
ƐĐŚŽŽůƐƚĂĨĨʹĂŶǇŽŶĞǁŚŽǁĂŶƚƐƚŽĐƌĞĂƚĞĂŶĚƐƵƐƚĂŝŶŝŶĐůƵƐŝǀĞƐĐŚŽŽůĐŽŵŵƵŶŝƚŝĞƐ͘/ƚŝƐ
ŝŵƉŽƌƚĂŶƚƚŽƌĞĐŽŐŶŝǌĞƚŚĂƚĂŶŝŶĐůƵƐŝǀĞƐĐŚŽŽůĐĂŶŶŽƚďĞďƌŽƵŐŚƚĂďŽƵƚďǇŽŶĞŝŶĚŝǀŝĚƵĂů͕ŶŽ
ŵĂƚƚĞƌŚŽǁƉĂƐƐŝŽŶĂƚĞĂŶĚĐŽŵŵŝƚƚĞĚƚŚĞǇĂƌĞƚŽŝŶĐůƵƐŝŽŶ͘ŶŝŶĐůƵƐŝǀĞƐĐŚŽŽůĨůŽƵƌŝƐŚĞƐ
ďĞĐĂƵƐĞĂŐƌŽƵƉŽĨƐƚĂŬĞŚŽůĚĞƌƐƐŚĂƌĞĂǀŝƐŝŽŶĂŶĚĂƌĞƉƌĞƉĂƌĞĚƚŽŵĂŬĞŝŶĐůƵƐŝŽŶĂĐƌŝƚŝĐĂů
ĐŽŵƉŽŶĞŶƚŽĨĂƐƵĐĐĞƐƐĨƵůƐĐŚŽŽů͘
dŚĞƚŽŽůŝƐĚĞƐŝŐŶĞĚƚŽďĞĂĐĂƚĂůǇƐƚƚŽĐŚĂŶŐĞĂŶĚĐĂŶďĞƵƐĞĚŝŶĂŶƵŵďĞƌŽĨĚŝĨĨĞƌĞŶƚǁĂǇƐ͘
/ƚĐĂŶďĞƵƐĞĚĂƐ͗
• ĂŶĞĚƵĐĂƚŝŽŶĂůŽƉƉŽƌƚƵŶŝƚǇƚŽůĞĂƌŶĂďŽƵƚƚŚĞŬĞǇŝŶĚŝĐĂƚŽƌƐƚŚĂƚŵƵƐƚďĞŝŶƉůĂĐĞƚŽ
ŚĂǀĞĂŶŝŶĐůƵƐŝǀĞƐĐŚŽŽůĂŶĚƚŚĞĨĂĐƚŽƌƐƚŚĂƚĐŽŶƚƌŝďƵƚĞƚŽƚŚĞŵ͖
• ĂƋƵĂůŝƚĂƚŝǀĞƐĞůĨͲĂƐƐĞƐƐŵĞŶƚŽĨĂƐĐŚŽŽů͛ƐŝŶĐůƵƐŝŽŶĂƚƚŝƚƵĚĞƐ͕ƉƌĂĐƚŝĐĞƐ͕ƉŽůŝĐŝĞƐĂŶĚ
ƉƌŽĐĞĚƵƌĞƐ͖
• ĂƌĞĨůĞĐƚŝǀĞƉƌŽĐĞƐƐƚŽĞǆĂŵŝŶĞĂŶĚĐŚĂůůĞŶŐĞƵŶĚĞƌůǇŝŶŐĂƐƐƵŵƉƚŝŽŶƐ͕ďĞůŝĞĨƐĂŶĚ
ǀĂůƵĞƐƚŚĂƚŝŶĨůƵĞŶĐĞďĞŚĂǀŝŽƵƌ͖ĂŶĚ
• ĂƌĞƐŽƵƌĐĞŝŶĂĐƚŝŽŶƉůĂŶŶŝŶŐĂŶĚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨ^ĐŚŽŽů/ŵƉƌŽǀĞŵĞŶƚWůĂŶƐ͘
/ƚĐĂŶĂůƐŽďĞƵƐĞĚďǇƐĐŚŽŽůĚŝƐƚƌŝĐƚƐƚŽůĞĂƌŶĂďŽƵƚƚƌĞŶĚƐ͕ĐŚĂůůĞŶŐĞƐĂŶĚƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌ
ƐƵƉƉŽƌƚĨŽƌŝŶĐůƵƐŝŽŶŝŶƚŚĞŝƌĐŽŵŵƵŶŝƚǇŽĨƐĐŚŽŽůƐ͘
&ŝŶĂůůǇ͕ŝƚĐĂŶďĞƵƐĞĚďǇŐŽǀĞƌŶŵĞŶƚƚŽďĞƚƚĞƌƵŶĚĞƌƐƚĂŶĚǁŚĂƚĂŶŝŶĐůƵƐŝǀĞƐĐŚŽŽůůŽŽŬƐůŝŬĞŝŶ
ƐĐŚŽŽůĐŽŵŵƵŶŝƚŝĞƐŝŶŽƌĚĞƌƚŽĚĞǀĞůŽƉƉŽůŝĐŝĞƐĂŶĚƌĞƐŽƵƌĐĞƐƚŚĂƚƐƵƉƉŽƌƚŝƚ͘
ϱ

ŝŵĞŶƐŝŽŶƐŽĨĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽů
ŶŝŶĐůƵƐŝǀĞƐĐŚŽŽůƐƚĂƌƚƐĨƌŽŵƚŚĞƉƌĞŵŝƐĞƚŚĂƚĞǀĞƌǇŽŶĞŝŶƚŚĞƐĐŚŽŽůʹƐƚƵĚĞŶƚƐ͕ĞĚƵĐĂƚŽƌƐ͕
ĂĚŵŝŶŝƐƚƌĂƚŽƌƐ͕ƐƵƉƉŽƌƚƐƚĂĨĨĂŶĚƉĂƌĞŶƚƐʹƐŚŽƵůĚĨĞĞůƚŚĂƚƚŚĞǇďĞůŽŶŐ͕ƌĞĂůŝǌĞƚŚĞŝƌƉŽƚĞŶƚŝĂů
ĂŶĚĐŽŶƚƌŝďƵƚĞƚŽƚŚĞůŝĨĞŽĨƚŚĞƐĐŚŽŽů͘/ŶĂŶŝŶĐůƵƐŝǀĞƐĐŚŽŽů͕ĚŝǀĞƌƐĞĞǆƉĞƌŝĞŶĐĞƐ͕
ƉĞƌƐƉĞĐƚŝǀĞƐĂŶĚŐŝĨƚƐĂƌĞƐĞĞŶƚŽĞŶƌŝĐŚƚŚĞƐĐŚŽŽůĐŽŵŵƵŶŝƚǇƌĞŐĂƌĚůĞƐƐŽĨƌĂĐĞ͕ĂďŝůŝƚǇ͕
ĐƵůƚƵƌĞ͕ƌĞůŝŐŝŽŶͬƐƉŝƌŝƚƵĂůŝƚǇ͕ŐĞŶĚĞƌ͕ƐĞǆƵĂůŽƌŝĞŶƚĂƚŝŽŶ͕ĂŐĞ͕ƐŽĐŝŽͲĞĐŽŶŽŵŝĐƐƚĂƚƵƐ͕ŶĞǁŶĞƐƐƚŽ
ƚŚĞĐŽŵŵƵŶŝƚǇĂŶĚ&ŝƌƐƚEĂƚŝŽŶƐ͘
ĐŚŝĞǀŝŶŐĂŶŝŶĐůƵƐŝǀĞƐĐŚŽŽůŐŽĞƐďĞǇŽŶĚŵĂŬŝŶŐĂĚĞĐŝƐŝŽŶƚŽƌƵŶĂǁŽƌŬƐŚŽƉŽŶďƵůůǇŝŶŐ͕
ŝŶƐƚĂůůĂƌĂŵƉŽƌŽĨĨĞƌĚŝǀĞƌƐŝƚǇƚƌĂŝŶŝŶŐƚŽƐƚĂĨĨ͘/ƚŝƐŵŽƌĞƚŚĂŶũƵƐƚĚĞǀĞůŽƉŝŶŐĂǀĂůƵĞ
ƐƚĂƚĞŵĞŶƚƚŚĂƚĂĚĚƌĞƐƐĞƐŝŶĐůƵƐŝŽŶ͘ŶŝŶĐůƵƐŝǀĞƐĐŚŽŽůƌĞƋƵŝƌĞƐĂƐŚŝĨƚŝŶƚŚĞĂƚƚŝƚƵĚĞƐŽĨĂůůŽĨ
ƚŚĞƐƚĂŬĞŚŽůĚĞƌƐĂƐǁĞůůĂƐƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚƵƐĞŽĨƉŽůŝĐŝĞƐĂŶĚƉƌĂĐƚŝĐĞƐƚŚĂƚƌĞŝŶĨŽƌĐĞ
ŝŶĐůƵƐŝǀĞďĞŚĂǀŝŽƵƌ͘ZĞĂůŝŶĐůƵƐŝŽŶŝƐĂďŽƵƚĂĐƚŝŽŶƐ͕ŶŽƚũƵƐƚǁŽƌĚƐ͘
ŶŝŶĐůƵƐŝǀĞƐĐŚŽŽůŝƐďĂƐĞĚŽŶƚŚĞƉŚŝůŽƐŽƉŚǇƚŚĂƚƚŚĞǁŚŽůĞƐĐŚŽŽůƐŚĂƌĞƐŝŶƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇ
ĨŽƌŝŶĐůƵƐŝŽŶ͘ƌĞĂůĐƵůƚƵƌĞŽĨŝŶĐůƵƐŝŽŶĐĂŶŶŽƚďĞďƌŽƵŐŚƚĂďŽƵƚƵŶůĞƐƐĞǀĞƌǇŽŶĞĞŵďƌĂĐĞƐŝƚ͘
ƌĞĂƚŝŶŐĂŶŝŶĐůƵƐŝǀĞƐĐŚŽŽůŝƐĐƌŝƚŝĐĂůďĞĐĂƵƐĞŽƵƌƐĐŚŽŽůƐĂĐƚĂƐŵŝƌƌŽƌƐŽĨƚŚĞůĂƌŐĞƌ
ĐŽŵŵƵŶŝƚǇ͘dŚĞƌĞŝƐĂŐƌĞĂƚŽƉƉŽƌƚƵŶŝƚǇƚŽƚĞĂĐŚƐƚƵĚĞŶƚƐĞĂƌůǇŝŶƚŚĞŝƌĚĞǀĞůŽƉŵĞŶƚ͕ĂƐ
ĐŝƚŝǌĞŶƐ͕ĂďŽƵƚƚŚĞŝŵƉŽƌƚĂŶĐĞĂŶĚǀĂůƵĞŽĨŝŶĐůƵƐŝŽŶ͘dŚĞǇǁŝůůůĞĂƌŶďĞŚĂǀŝŽƵƌƚŚĂƚǁŝůů
ƵůƚŝŵĂƚĞůǇŚĞůƉŶƵƌƚƵƌĞƚƌƵůǇŝŶĐůƵƐŝǀĞĐŽŵŵƵŶŝƚŝĞƐ͘/ƚĂůƐŽƉƌŽǀŝĚĞƐĂŶŽƉƉŽƌƚƵŶŝƚǇĨŽƌƉĂƌĞŶƚƐ
ƚŽůĞĂƌŶƚŚƌŽƵŐŚƚŚĞŝƌĐŚŝůĚƌĞŶĂďŽƵƚƚŚĞŝŵƉŽƌƚĂŶĐĞŽĨďĞůŽŶŐŝŶŐ͕ĂĐĐĞƉƚĂŶĐĞĂŶĚĐŽŵŵƵŶŝƚǇ͘
/ŶĂŶŝŶĐůƵƐŝǀĞƐĐŚŽŽů͕ĚŝǀĞƌƐŝƚǇŝƐĞŵďƌĂĐĞĚ͖ůĞĂƌŶŝŶŐƐƵƉƉŽƌƚƐĂƌĞĂǀĂŝůĂďůĞĂŶĚƉƌŽƉĞƌůǇ
ƵƚŝůŝǌĞĚĂŶĚƐƚƵĚĞŶƚƐĂƌĞƚĂƵŐŚƚŝŶŝŶĐůƵƐŝǀĞĐŽŵŵŽŶůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚƐƚŚĂƚƌĞƐƉĞĐƚƚŚĞŝƌ
ƵŶŝƋƵĞůĞĂƌŶŝŶŐŐŽĂůƐ͕ƐƚǇůĞƐĂŶĚŶĞĞĚƐ͘dŚĞƌĞŝƐĂŶŝŶŶŽǀĂƚŝǀĞĂŶĚĐƌĞĂƚŝǀĞĞŶǀŝƌŽŶŵĞŶƚĂŶĚĂ
ĐŽůůĂďŽƌĂƚŝǀĞĂƉƉƌŽĂĐŚŝƐƚĂŬĞŶ͘ƚƚŚĞŚĞĂƌƚŽĨŝŶĐůƵƐŝŽŶŝƐĐŽŵŵŝƚƚĞĚůĞĂĚĞƌƐŚŝƉĂŶĚĂƐŚĂƌĞĚ
ĚŝƌĞĐƚŝŽŶ͘
ϲ

,ŽǁƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůǁĂƐĞǀĞůŽƉĞĚ
ƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůŝƐďĂƐĞĚŽŶƚŚĞďĞƐƚƉƌĂĐƚŝĐĞƐĨŽƵŶĚŝŶůŝƚĞƌĂƚƵƌĞ͕ǁŽƌŬƐŚŽƉƐĂŶĚ
ƌĞƐĞĂƌĐŚŽŶŝŶĐůƵƐŝǀĞƐĐŚŽŽůƐĨŽƵŶĚŝŶEĞǁƌƵŶƐǁŝĐŬĂŶĚƚŚĞƌĞƐƚŽĨĂŶĂĚĂ͕ƚŚĞhŶŝƚĞĚ
^ƚĂƚĞƐ͕ƚŚĞhŶŝƚĞĚ<ŝŶŐĚŽŵ͕ĂŶĚƵƐƚƌĂůŝĂ͘DƵĐŚŽĨƚŚĞŝŶĨŽƌŵĂƚŝŽŶƵƐĞĚĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚ
ŽĨƚŚŝƐƌĞƐŽƵƌĐĞŝƐĨŽƵŶĚŽŶǁĞďͲƐŝƚĞƐĂŶĚƉƵďůŝĐĂƚŝŽŶƐƚŚĂƚĂƌĞůŝƐƚĞĚŝŶƚŚĞZĞƐŽƵƌĐĞƐƐĞĐƚŝŽŶ͘
ƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůŝƐďĂƐĞĚŽŶĂƌĞƐŽƵƌĐĞƚŽŽůĐĂůůĞĚŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůƵůƚƵƌĞƚŚĂƚ
ǁĂƐĐƌĞĂƚĞĚďǇŽŵŵƵŶŝƚǇ>ŝǀŝŶŐKŶƚĂƌŝŽ͕ƵŶĚĞƌƚŚĞĚŝƌĞĐƚŝŽŶŽĨ>ĂƵƌŝĞdŚŽŵƉƐŽŶ͘>ŝŶĚĂ
DŽůůĞŶŚĂƵĞƌĚĞǀĞůŽƉĞĚĂŶĚǁƌŽƚĞƚŚĞŽƌŝŐŝŶĂůKŶƚĂƌŝŽƉƵďůŝĐĂƚŝŽŶ͘dŚĞĚĞǀĞůŽƉŵĞŶƚŽĨŶ
/ŶĐůƵƐŝǀĞ^ĐŚŽŽůƵůƚƵƌĞǁĂƐĨƵŶĚĞĚďǇ,ƵŵĂŶZĞƐŽƵƌĐĞƐĂŶĚ^ŬŝůůƐĞǀĞůŽƉŵĞŶƚĂŶĂĚĂ
ƚŚƌŽƵŐŚKŶƚĂƌŝŽ͛ƐŽŵŵƵŶŝƚǇ/ŶĐůƵƐŝŽŶWƌŽũĞĐƚ͗͞/ƚdĂŬĞƐĂsŝůůĂŐĞ͙tŚĞƌĞůůWĞŽƉůĞĞůŽŶŐ͘͟
ZĞƐŽƵƌĐĞdĞĂŵƉƌŽǀŝĚĞĚĚŝƌĞĐƚŝŽŶĂŶĚĨĞĞĚďĂĐŬƚŚƌŽƵŐŚŽƵƚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƉƌŽũĞĐƚ
ĂŶĚŝŶĐůƵĚĞĚŽŶŶŝĞ:ŽŚŶƐƚŽŶ͕ĂƚŚĞƌŝŶĞDĐ<ĞŶǌŝĞ͕ŝŶĚǇŽǁĚĞů͕ƌŝŶ/ŵƉŽůĂĂŶĚ>ŝŶĚĂ
sŝƐĐĂƌĚŝƐ͘dŚĞ<ĂǁĂƌƚŚĂWŝŶĞZŝĚŐĞŝƐƚƌŝĐƚ^ĐŚŽŽůŽĂƌĚ;<WZ^ͿƉůĂǇĞĚĂƐŝŐŶŝĨŝĐĂŶƚƌŽůĞŝŶ
ƌĞĨŝŶŝŶŐƚŚĞƌĞǀŝĞǁƉƌŽĐĞƐƐĂŶĚƉŝůŽƚŝŶŐƚŚĞKŶƚĂƌŝŽƉƌŽũĞĐƚ͘
ƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůďƵŝůĚƐŽŶĂŶĚĂĚĂƉƚƐƚŚĞŽƌŝŐŝŶĂůKŶƚĂƌŝŽĚŽĐƵŵĞŶƚ͘ƵƌŝŶŐ
ŝŶĨŽƌŵĂƚŝŽŶƐĞƐƐŝŽŶƐƉƌĞƐĞŶƚĞĚďǇŽŵŵƵŶŝƚǇ>ŝǀŝŶŐKŶƚĂƌŝŽŝŶϮϬϬϴ͕EĞǁƌƵŶƐǁŝĐŬ
ĞĚƵĐĂƚŽƌƐĂŶĚƐĐŚŽŽůĂĚŵŝŶŝƐƚƌĂƚŽƌƐƐĂǁƚŚĞŶĞĞĚĨŽƌĂŶĞǁƚŽŽůƚŚĂƚďĞƚƚĞƌƌĞĨůĞĐƚĞĚƚŚĞEĞǁ
ƌƵŶƐǁŝĐŬƌĞĂůŝƚǇĂŶĚŽƵƌŚŝƐƚŽƌǇŽĨŝŶĐůƵƐŝǀĞĞĚƵĐĂƚŝŽŶƐŝŶĐĞƚŚĞŵŝĚͲϭϵϴϬƐ͘
dŚĞEĞǁƌƵŶƐǁŝĐŬƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůƌĞƐŽƵƌĐĞƚŽŽůǁĂƐĚĞǀĞůŽƉĞĚďǇĂŶE>
ĚǀŝƐŽƌǇŽŵŵŝƚƚĞĞƚŚĂƚŝŶĐůƵĚĞĚĂǀŝĚ:ŽƌǇ͕ĂǀŝĚDĐdŝŵŽŶĞǇ͕ĂŶǇĞƐũĂƌĚŝŶƐ͕:ƵůŝĞ^ƚŽŶĞ͕
^ŚĂŶĂ^ŽƵĐǇ͕<ƌŝƐƚĂĂƌƌĂŶĚ<ĞŶWŝŬĞ͘^ĐŚŽŽůŝƐƚƌŝĐƚϭϳĂŶĚƚŚƌĞĞĚŝƐƚƌŝĐƚƐĐŚŽŽůƐŚĂǀĞĂůƐŽ
ƉĂƌƚŶĞƌĞĚǁŝƚŚE>ƚŽƚĞƐƚĂŶĚƌĞĨŝŶĞƚŚĞƚŽŽůĨŽƌƵƐĞƚŚƌŽƵŐŚŽƵƚEĞǁƌƵŶƐǁŝĐŬ͘
dŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůǁĂƐĨƵŶĚĞĚďǇ,ƵŵĂŶZĞƐŽƵƌĐĞƐĂŶĚ^ŬŝůůƐ
ĞǀĞůŽƉŵĞŶƚĂŶĂĚĂƚŚƌŽƵŐŚƚŚĞKĨĨŝĐĞŽĨŝƐĂďŝůŝƚǇ/ƐƐƵĞƐ͛ŶĂƚŝŽŶĂůŽŵŵƵŶŝƚǇ/ŶĐůƵƐŝŽŶ
/ŶŝƚŝĂƚŝǀĞ͘
ϳ

ƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůʹ/ŶĚŝĐĂƚŽƌƐŽĨ^ƵĐĐĞƐƐ
KsZs/t
ŶKǀĞƌǀŝĞǁŽĨƚŚĞ/ŶĚŝĐĂƚŽƌƐŽĨ^ƵĐĐĞƐƐ
Ɛ Ă ƌĞƐ ƵůƚŽĨĞǆƚĞŶƐŝǀĞƌĞƐĞĂƌĐŚ͕ǁĞŚĂǀĞĨŽƵŶĚƚŚĂƚƚŚĞĨŽůůŽǁŝŶŐŶŝŶĞŝŶĚŝĐĂƚŽƌƐĂƌĞĐƌŝƚŝĐĂůƚŽ
Ɛ ƵĐĐĞƐƐ͘/ƚŝƐŚĞůƉĨƵůƚŽŝŵĂŐŝŶĞƚŚĞŶŝŶĞŬĞǇĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐƚŚĂƚŶĞĞĚƚŽďĞŝ ŶƉůĂĐĞƚŽŚĂǀĞĂŶ
ŝ ŶĐů ƵƐŝǀĞƐĐŚŽŽůĂƐĐŽŐƐŝŶĂǁŚĞĞů͘ĂĐŚƌĞŝŶĨŽƌĐĞƐĂŶĚŝƐĚĞƉĞŶĚĞŶƚƵƉŽŶƚŚĞƐƚƌĞŶŐƚŚŽĨƚŚĞ
ŽƚŚĞƌ͘dŚĞĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐĂ ƌĞĂůůĞƋƵĂůůǇŝŵƉŽƌƚĂŶƚďĞĐĂƵƐĞŶŽŽŶĞĨĂĐƚŽƌ͕ŝ ŶŝƐŽůĂƚŝŽŶ͕ĐĂ Ŷ
ďƌŝ ŶŐĂ ďŽƵƚĂŶŝ ŶĐůƵƐŝǀĞƐ ĐŚŽŽů͘

/ƚŝ Ɛ ĂůƐŽŝ ŵƉŽƌƚĂŶƚƚŽƌĞĐŽŐŶŝǌĞƚŚĂƚĂŶŝŶĐůƵƐŝǀĞƐ ĐŚŽŽůŝƐŶĞǀĞƌƐ ƚĂƚŝĐ͘dŽďĞƐƵĐĐĞƐƐĨƵů͕ŝƚ
ƌĞƋƵŝ ƌĞƐĂ ĐŽŶƐƚĂŶƚƉƌŽĐĞƐƐŽĨĞĚƵĐĂƚŝŽŶ͕ĞǆĂŵŝŶĂƚŝŽŶ͕ƌĞĨůĞĐƚŝŽŶĂ ŶĚĂ ĐƚŝŽŶƐ͘
ϴ

ŝǀĞƌƐŝƚǇĂŶĚ/ŶĐůƵƐŝŽŶĂƌĞŵďƌĂĐĞĚ
• ŝǀĞƌƐĞĞǆƉĞƌŝĞŶĐĞƐ͕ƉĞƌƐƉĞĐƚŝǀĞƐĂŶĚŬŶŽǁůĞĚŐĞĂƌĞƌĞĨůĞĐƚĞĚ͕ƌĞƐƉĞĐƚĞĚĂŶĚŚŽŶŽƵƌĞĚ
• ƵƚǇƚŽĐĐŽŵŵŽĚĂƚĞ
• /ŶĚŝǀŝĚƵĂůƐǁŝƚŚŝŶƚŚĞƐĐŚŽŽůĐŽŵŵƵŶŝƚǇƐƚĞƉĨŽƌǁĂƌĚĂŶĚƚĂŬĞĂŶĂĐƚŝǀĞƌŽůĞŝŶďƌŝŶŐŝŶŐĂďŽƵƚ
ŝŶĐůƵƐŝŽŶ
• /ŶĐůƵƐŝŽŶǀĂůƵĞƐĂƌĞĂƌƚŝĐƵůĂƚĞĚĂŶĚǀŝƐŝďůĞ
• ĐĐĞƐƐŝďŝůŝƚǇ
• ,ŝŐŚĞǆƉĞĐƚĂƚŝŽŶƐĨŽƌĂůůƐƚƵĚĞŶƚƐ
ƌĞĂƚŝŶŐĂ^ĞŶƐĞŽĨĞůŽŶŐŝŶŐ
• ŶƐƵƌŝŶŐĂƐĞŶƐĞŽĨďĞůŽŶŐŝŶŐ
^ƚƵĚĞŶƚ>ĞĂƌŶŝŶŐǆƉĞƌŝĞŶĐĞƐĂƌĞ/ŶĐůƵƐŝǀĞ
• >ĞĂƌŶŝŶŐŝƐďĂƐĞĚŽŶĂĨůĞǆŝďůĞĞĚƵĐĂƚŝŽŶƉƌŽŐƌĂŵ
• &ŽĐƵƐŽŶƐƚƌĞŶŐƚŚƐĂŶĚĐĂƉĂďŝůŝƚŝĞƐ
• ŽŵŵŽŶůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚƐĂŶĚĨƵůůƉĂƌƚŝĐŝƉĂƚŝŽŶ
• ^ƚƵĚĞŶƚƐŽƵƚƐŝĚĞŽĨƚŚĞĐŽŵŵŽŶůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚ
• ƵƌƌŝĐƵůƵŵ
• /ŶƐƚƌƵĐƚŝŽŶ
• KŶŐŽŝŶŐĂƵƚŚĞŶƚŝĐĂƐƐĞƐƐŵĞŶƚ
^ƵƉƉŽƌƚƐĂƌĞǀĂŝůĂďůĞĂŶĚWƌŽƉĞƌůǇhƚŝůŝǌĞĚ
• ^ƚƵĚĞŶƚƐĂƌĞƉƌŽǀŝĚĞĚǁŝƚŚƚŚĞƉƌŽƉĞƌƐƵƉƉŽƌƚƐƌĞƋƵŝƌĞĚƚŽĨƵůůǇƉĂƌƚŝĐŝƉĂƚĞ
• ^ƵƉƉŽƌƚĨŽƌĐŽŵŵƵŶŝĐĂƚŝŽŶ
&ŽƐƚĞƌŝŶŐƉƉƌŽƉƌŝĂƚĞĞŚĂǀŝŽƵƌ
• ƉƉƌŽƉƌŝĂƚĞĞŚĂǀŝŽƵƌ
• ƵůůǇŝŶŐ͕ƚĞĂƐŝŶŐĂŶĚŚĂƌĂƐƐŵĞŶƚĂƌĞĚĞĂůƚǁŝƚŚĞĨĨĞĐƚŝǀĞůǇ
• ^ƵƉƉŽƌƚƐ
WƌŽĂĐƚŝǀĞ^ĐŚŽŽůDĂŶĂŐĞŵĞŶƚĂŶĚ>ĞĂĚĞƌƐŚŝƉ
• DĂŶĂŐĞŵĞŶƚŽĨƚŚĞƐĐŚŽŽů
• DĂŶĂŐĞŵĞŶƚŽĨƚŚĞĐŽŵŵŽŶůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚ
ϵ


/ŶĐůƵƐŝŽŶĂŶĚ^ƚƵĚĞŶƚƐǁŝƚŚĂŝƐĂďŝůŝƚǇ
• /ŶĐůƵƐŝŽŶŝŶƚŚĞƐĐŚŽŽůĂŶĚƚŚĞĐŽŵŵŽŶůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚ
• ^ƵƉƉŽƌƚƐ
• ƐƐĞƐƐŵĞŶƚ
• ^ĞůĨͲĚĞƚĞƌŵŝŶĂƚŝŽŶ
/ŶŶŽǀĂƚŝǀĞĂŶĚƌĞĂƚŝǀĞŶǀŝƌŽŶŵĞŶƚ
• ǀĞƌǇŽŶĞŝƐĞŶĐŽƵƌĂŐĞĚƚŽďĞĐƌĞĂƚŝǀĞ
• ^ƵĐĐĞƐƐĞƐĂƌĞĐĞůĞďƌĂƚĞĚ
• WƌŽĨĞƐƐŝŽŶĂůĚĞǀĞůŽƉŵĞŶƚŝƐƉƌŽǀŝĚĞĚ
ŽůůĂďŽƌĂƚŝǀĞƉƉƌŽĂĐŚ
• ǀĞƌǇŽŶĞƉĂƌƚŝĐŝƉĂƚĞƐŝŶĨŝŶĚŝŶŐƐŽůƵƚŝŽŶƐ
• dŚĞƐĐŚŽŽůŝƐůŝŶŬĞĚƚŽƚŚĞďƌŽĂĚĞƌĐŽŵŵƵŶŝƚǇ
• WĂƌĞŶƚƐͬŐƵĂƌĚŝĂŶƐĂƌĞĞŵďƌĂĐĞĚĂƐĞƋƵĂůĂŶĚĞƐƐĞŶƚŝĂůƉĂƌƚŶĞƌƐ
• ^ĐŚŽŽůƚĂŬĞƐƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƚƌĂŶƐŝƚŝŽŶ
• KŶŐŽŝŶŐĂŶĚĐŽŶƐƚƌƵĐƚŝǀĞĚŝĂůŽŐƵĞƚĂŬĞƐƉůĂĐĞ
ϭϬ

E/E/dKZ^Z/Wd/KE
ϭ͘ ŝǀĞƌƐŝƚǇĂŶĚ/ŶĐůƵƐŝŽŶĂƌĞŵďƌĂĐĞĚ
ƌĞĂ ƚŝ ŶŐĂŶ/ŶĐůƵƐŝǀĞƐĐŚŽŽůǁŝůůŶŽƚďĞƐƵĐĐĞƐƐĨƵůǁŝƚŚŽƵƚĞŵďƌĂĐŝŶŐƚŚĞĚŝǀĞƌƐŝƚǇƚŚĂƚĞĂĐŚ
Ɛ ƚƵĚĞŶƚďƌŝŶŐƐƚŽƚŚĞƐ ĐŚŽŽůŽƌǁŝ ƚŚŽƵƚŝŶĐůƵĚŝŶŐĞǀĞƌǇƐ ƚƵĚĞŶƚ͕ĞĚƵĐĂƚŽƌĂ ŶĚŽƚŚĞƌƐƚĂĨĨ
ŵĞŵďĞƌĂ ŶĚƉĂƌĞŶƚƐ͘dŚĞƐ ĐŚŽŽůǁŝůůŐŽŽƵƚŽĨŝƚƐǁĂǇƚŽĞŶƐƵƌĞƚŚĂƚďŽƚŚƐƚƵĚĞŶƚƐĂ ŶĚƐ ƚĂĨĨ
ŵĞŵďĞƌƐƵŶĚĞƌƐƚĂŶĚǁŚĂƚĚŝǀĞƌƐŝƚǇĂ ŶĚŝŶĐůƵƐŝŽŶĂƌĞĂ ŶĚǁŚǇƚŚĞǇĂƌĞƐŽŝ ŵƉŽƌƚĂŶƚƚŽ
ĐƌĞĂ ƚŝ ŶŐĂŶŝ ŶĐůƵƐŝǀĞƐ ĐŚŽŽů͘
ϭ͘ϭŝǀĞƌƐĞǆƉĞƌŝĞŶĐĞƐ͕WĞƌƐƉĞĐƚŝǀĞƐ Θ<ŶŽǁůĞĚŐĞĂƌĞZĞĨůĞĐƚĞĚ͕ZĞƐƉĞĐƚĞĚΘ ,ŽŶŽƵƌĞĚ
ŝ ĨĨĞƌĞŶĐĞƐƐƵĐŚĂƐĂďŝůŝƚŝĞƐ͕ĐƵůƚƵƌĞ͕ƌĂĐĞ͕ƌĞůŝŐŝŽŶͬƐƉŝƌŝƚƵĂůŝƚǇ͕Ɛ ŽĐŝŽͲĞĐŽŶŽŵŝĐƐƚĂƚƵƐ͕Ɛ ĞǆƵĂů

Žƌŝ ĞŶƚĂƚŝŽŶ͕ŐĞŶĚĞƌ͕ĂŐĞ͕ŶĞǁŶĞƐƐƚŽƚŚĞĐŽŵŵƵŶŝƚǇĂ ŶĚĨŝƌƐƚŶĂƚŝŽŶƐĂ ƌĞƌĞƐƉĞĐƚĞĚĂ ŶĚǀĂ ůƵĞĚ
ďǇĂ ů ů ŵĞŵďĞƌƐŽĨƚŚĞƐ ĐŚŽŽůĐŽŵŵƵŶŝƚǇ͘dŚĞƐ ĐŚŽŽůǁŝůůĞŶƐƵƌĞƚŚĂƚĚŝĨĨĞƌĞŶĐĞƐĂ ƌĞƌĞƐƉĞĐƚĞĚ
Ă ŶĚƉƌŽǀŝĚĞƐ ƚƵĚĞŶƚƐĂ ŶĚƐ ƚĂĨĨǁŝƚŚƉƌŽƉĞƌŽƉƉŽƌƚƵŶŝƚŝĞƐŝ ŶƚŚĞůŝĨĞŽĨƚŚĞƐĐŚŽŽůĨŽƌůĞĂƌŶŝŶŐ
Ă ďŽƵƚĚŝǀĞƌƐĞƉĞƌƐƉĞĐƚŝǀĞƐ͕ĞǆƉĞƌŝĞŶĐĞƐĂŶĚŬŶŽǁůĞĚŐĞ͘
ϭ͘ϮƵƚǇƚŽĐĐŽŵŵŽĚĂƚĞ
ĚĞƋƵĂƚĞĞĚƵĐĂƚŝŽŶŽŶƚŚĞů ĞŐĂůĚƵƚǇƚŽĂ ĐĐŽŵŵŽĚĂƚĞŝ ƐƐƵĞĚďǇƚŚĞEĞǁƌƵŶƐǁŝĐŬ,ƵŵĂŶ

Zŝ ŐŚƚƐŽŵŵŝƐƐŝŽŶŚĂƐďĞĞŶƉƌŽǀŝ ĚĞĚƚŽĂůůƐ ĐŚŽŽůĂ ĚŵŝŶŝƐƚƌĂƚŽƌƐ͘^ĐŚŽŽůĂ ĚŵŝŶŝƐƚƌĂƚŽƌƐĂ ŶĚ
ĞĚƵĐĂƚŽƌƐĂĐƚŝǀĞůǇĨŽůůŽǁƚŚĞƐĞŐƵŝĚĞůŝŶĞƐŽŶĂĐĐŽŵŵŽĚĂƚŝŶŐƐƚƵĚĞŶƚƐǁŚŽŚĂǀĞĚŝƐĂďŝůŝƚŝĞƐŝ Ŷ
Ă ŶĚŽƵƚŽĨƚŚĞĐŽŵŵŽŶů ĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚĂŶĚĚƵƌŝŶŐƐĐŚŽŽůĂ Đƚŝǀŝ ƚŝĞƐ͘dŚĞƐĞ
Ă ĐĐŽŵŵŽĚĂƚŝŽŶƐĐĂŶĂƐƐŝƐƚƚŚĞƐƚƵĚĞŶƚĂ ĐĂĚĞŵŝĐĂůůǇĂƐǁĞůůĂƐƐ ŽĐŝĂůůǇ͘
ϭ͘ϯ/ŶĚŝǀŝĚƵĂůƐ ǁŝƚŚŝŶ ƚŚĞ^ĐŚŽŽů ŽŵŵƵŶŝƚǇ^ƚĞƉ&ŽƌǁĂƌĚ ĂŶĚdĂŬĞĂŶĐƚŝǀĞZŽůĞŝŶ

ƌŝŶŐŝŶŐĂďŽƵƚ /ŶĐůƵƐŝŽŶ
ĚƵĐĂ ƚŽƌƐ͕ƐƚƵĚĞŶƚƐ͕ƉĂƌĞŶƚƐͬŐƵĂƌĚŝĂŶƐĂŶĚƐƵƉƉŽƌƚƐƚĂĨĨǁŝƚŚŝŶƚŚĞƐĐŚŽŽůĐŽŵŵƵŶŝƚǇĞŶƐƵƌĞ
ƚŚĂ ƚĞĂ ĐŚƐƚƵĚĞŶƚĂ ŶĚƐ ƚĂĨĨŵĞŵďĞƌŝƐĂ ǀĂůƵĞĚŵĞŵďĞƌŽĨƚŚĞŝƌƐĐŚŽŽůĂ ŶĚƚŚĂƚĞĂĐŚĂŶĚĞǀĞƌǇ
ŝ ŶĚŝǀŝĚƵĂůŝ ŶƚŚĞƐ ĐŚŽŽůĨĞĞůƐĂ ĐĐĞƉƚĞĚ͘ǀĞƌǇŽŶĞƐ ƚĞƉƐĨŽƌǁĂƌĚĂ ŶĚƚĂ ŬĞƐĂŶĂĐƚŝǀĞƌŽůĞŝ Ŷ
ďƌŝ ŶŐŝŶŐĂďŽƵƚŝ ŶĐůƵƐŝŽŶǁŚĞŶŝ ƚŝƐĨĞůƚƚŚĂƚĂŶŝŶĚŝǀŝ ĚƵĂůŽƌĂŐƌŽƵƉŽĨƉĞŽƉůĞǁŝƚŚŝŶƚŚĞƐ ĐŚŽŽů
ŝ Ɛ ŶŽƚďĞŝŶŐŝŶĐůƵĚĞĚ͘
ϭ͘ϰ/ŶĐůƵƐŝŽŶ sĂůƵĞƐĂƌĞƌƚŝĐƵůĂƚĞĚ ĂŶĚsŝƐŝďůĞ
dŚĞƐ ĐŚŽŽůŚĂƐĐƌĞĂƚĞĚĂǀŝ ƐŝŽŶƐ ƚĂƚĞŵĞŶƚƚŚĂƚĚĞĨŝŶĞƐŝ ŶĐůƵƐŝŽŶĂ ŶĚŚŽǁŝ ƚǁŝůůďĞƉƌŽŵŽƚĞĚŝ Ŷ

ƚŚĞƐ ĐŚŽŽů͘dŚŝƐǀŝƐŝŽŶƐƚĂƚĞŵĞŶƚŝƐĐůĞĂƌůǇǁƌŝ ƚƚĞŶĂŶĚŝƐĂ ĐĐŽŵƉĂŶŝĞĚďǇĂ ƉůĂŶƚŚĂƚĞǆƉůĂŝŶƐ
ϭϭ

ŚŽǁƚŚĞƐ ĐŚŽŽůǁŝůůĂĐŚŝĞǀĞƚŚĂƚǀŝƐŝŽŶĂŶĚĚĞǀĞůŽƉĂŵŽƌĞŝŶĐůƵƐŝǀĞƐĐŚŽŽů͘dŚĞŝ ŶĐůƵƐŝŽŶ

ǀĂ ů ƵĞƐĂƌĞǀĞƌǇǀŝ ƐŝďůĞǁŝƚŚŝŶƚŚĞƐĐŚŽŽů͘
ϭ͘ϱĐĐĞƐƐŝďŝůŝƚǇ
ů ů ƉĂƌƚƐŽĨƚŚĞƐĐŚŽŽůĂƌĞĂĐĐĞƐƐŝďůĞƚŽĂ ůůƐ ƚƵĚĞŶƚƐĂ ŶĚƐƚĂĨĨŵĞŵďĞƌƐƐŽƚŚĂƚĞǀĞƌǇŝ ŶĚŝǀŝĚƵĂů

ĐĂ ŶƉĂ ƌƚŝĐŝƉĂƚĞŝŶĂ ĐƚŝǀŝƚŝĞƐŐŽŝŶŐŽŶŝ ŶĞĂĐŚƉĂƌƚŽĨƚŚĞƐ ĐŚŽŽů͘ů ůĂĐƚŝǀŝƚŝĞƐŐŽŝŶŐŽŶǁŝƚŚŝŶƚŚĞ
ĐŽŵŵŽŶů ĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚĂ ŶĚǁŝƚŚŝŶƚŚĞƐĐŚŽŽůĂ ƌĞĂĐĐĞƐƐŝďůĞƚŽĞǀĞƌǇŽŶĞ͘/ĨĂŶĂĐƚŝǀŝƚǇ
ŽƌĂ ƌĞĂ ŝƐŶŽƚĂ ĐĐĞƐƐŝďůĞƚŽĂůůƐ ƚƵĚĞŶƚƐĂ ŶĚƐ ƚĂĨĨŵĞŵďĞƌƐ͕ƚŚĞƐĐŚŽŽůĂĚŵŝŶŝƐƚƌĂƚŽƌƐǁŝůůĚŽ
ĞǀĞƌǇƚŚŝ ŶŐŝŶƚŚĞŝƌƉŽǁĞƌƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞĂĐƚŝǀŝƚǇŝ ƐĚŽŶĞĞůƐĞǁŚĞƌĞŽƌĂĐĐŽŵŵŽĚĂƚŝŽŶƐĂ ƌĞ
ŵĂ ĚĞǁŝƚŚƚŚĞĂĐƚŝǀŝƚǇƐ ŽƚŚĂƚĞǀĞƌǇŽŶĞĐĂŶƉĂƌƚŝĐŝƉĂƚĞ͘
ϭ͘ϲ,ŝŐŚǆƉĞĐƚĂƚŝŽŶƐ ĨŽƌĂůů^ƚƵĚĞŶƚƐ
tŚĞƚŚĞƌƚŚĞƐ ƚƵĚĞŶƚŝƐŽŶĂ Ŷ^W͕ŚĂƐĂďĞŚĂǀŝŽƵƌĂůƉƌŽďůĞŵŽƌŚĂƐĞǆĐĞůůĞŶƚŵĂƌŬƐ͕ƐĐŚŽŽů

Ă ĚŵŝŶŝƐƚƌĂƚŽƌƐĂ ŶĚĞĚƵĐĂƚŽƌƐŚĂǀĞŚŝŐŚĞǆƉĞĐƚĂƚŝŽŶƐĨŽƌĂ ůůƐƚƵĚĞŶƚƐ͘ǀĞƌǇƐ ƚƵĚĞŶƚŝƐ
ĞŶĐŽƵƌĂŐĞĚƚŽĚŽŚŝƐͬŚĞƌďĞƐƚĂ ŶĚŝƐƉƌĂŝƐĞĚǁŚĞŶƚŚĞǇĚŽŐŽŽĚǁŽƌŬ͘
Ϯ͘ ƌĞĂƚŝŶŐĂ^ĞŶƐĞŽĨĞůŽŶŐŝŶŐ
tŝ ƚŚŽƵƚĂ ƐĞŶƐĞŽĨďĞůŽŶŐŝŶŐ͕ƐĐŚŽŽůƐǁŝůůŶŽƚďĞƐ ĞĞŶŽƌĨĞůƚĂ ƐďĞŝŶŐŝ ŶĐůƵƐŝǀĞďǇŝ ƚƐŵĞŵďĞƌƐ͘

/ŶŽƌĚĞƌĨŽƌƐƚƵĚĞŶƚƐĂŶĚƐƚĂĨĨŵĞŵďĞƌƐƚŽĨĞĞůůŝŬĞƚŚĞǇďĞůŽŶŐ͕ƚŚĞƐĐŚŽŽůŶĞĞĚƐƚŽďĞĂŶ
ŝ Ŷǀŝ ƚŝŶŐƉůĂĐĞǁŚĞƌĞĞĂĐŚŝ ŶĚŝǀŝĚƵĂůĨĞĞůƐĐŽŵĨŽƌƚĂďůĞĂŶĚǁĞůĐŽŵĞĚ͘
Ϯ͘ϭŶƐƵƌŝŶŐ Ă^ĞŶƐĞŽĨĞůŽŶŐŝŶŐ
ǀĞƌǇŵĞŵďĞƌŽĨƚŚĞƐĐŚŽŽůĐŽŵŵƵŶŝƚǇŵĂŬĞƐƐ ƵƌĞƚŚĂƚƚŚĞƐĐŚŽŽůŝƐĂ Ŷŝ ŶǀŝƚŝŶŐĂŶĚ

ǁĞů ĐŽŵŝŶŐƉůĂĐĞƚŽĞĂĐŚŝ ŶĚŝǀŝĚƵĂů͕ĞƐƉĞĐŝĂůůǇƚŽƚŚĞŝƌƐƚƵĚĞŶƚƐ͘ƉƉƌŽƉƌŝĂƚĞĂ ĐƚŝŽŶŝƐƚĂ ŬĞŶ
ǁŚĞŶƐ ĐŚŽŽůƐ ƚĂĨĨŶŽƚŝĐĞƚŚĂƚĂƐ ƚƵĚĞŶƚŝƐŝƐŽůĂƚĞĚ͕ů ŽŶĞůǇŽƌĨĞĞůƐů ŝŬĞƚŚĞǇĚŽŶ͛ƚďĞůŽŶŐ͘
^ƚƵĚĞŶƚƐĂ ƌĞĂůƐŽĞŶĐŽƵƌĂŐĞĚƚŽĨŽƌŵĂ ƉƉƌŽƉƌŝĂƚĞƐŽĐŝĂůŶĞƚǁŽƌŬƐĂŶĚƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞ
Ɛ ĐŚŽŽůĂ ĐƚŝǀŝƚŝĞƐƚŚĞǇĂ ƌĞŝ ŶƚĞƌĞƐƚĞĚŝ Ŷ͘/ĨƚŚĞƐ ƚƵĚĞŶƚǁĂŶƚƐƚŽƉĂƌƚŝĐŝƉĂƚĞŝ ŶĂ ŶĂĐƚŝǀŝƚǇ͕ŚĞͬƐŚĞ
ĨĞĞůƐůŝŬĞƚŚĞǇŚĂǀĞĂ ŶŽƉƉŽƌƚƵŶŝƚǇƚŽƉĂƌƚŝĐŝƉĂƚĞĂŶĚǁŝůůďĞƉƌŽǀŝĚĞĚǁŝƚŚƚŚĞŶĞĐĞƐƐĂƌǇ
Ɛ ƵƉƉŽƌƚƐƚŚĂƚŚĞͬƐŚĞŶĞĞĚƐƚŽĞŶƐƵƌĞƚŚĂƚŚĞͬƐŚĞĐĂŶƉĂƌƚŝĐŝƉĂƚĞ͘
ϯ͘ ^ƚƵĚĞŶƚ>ĞĂƌŶŝŶŐǆƉĞƌŝĞŶĐĞƐĂƌĞ/ŶĐůƵƐŝǀĞ
/ŶŽƌĚĞƌĨŽƌƐƚƵĚĞŶƚƐƚŽďĞŝŶĐůƵĚĞĚŝ ŶĂůůĂƐƉĞĐƚƐŽĨƚŚĞƐ ĐŚŽŽůů ŝĨĞ͕ƚŚĞǇĂ ůƐŽŶĞĞĚƚŽďĞ

ƉƌŽǀŝ ĚĞĚǁŝƚŚĂůůŶĞĐĞƐƐĂƌǇƐ ƵƉƉŽƌƚƐŝ ŶƚŚĞĐŽŵŵŽŶůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚƐ ŽƚŚĂƚƚŚĞŝƌ
ů ĞĂƌŶŝŶŐĞǆƉĞƌŝĞŶĐĞƐĂƌĞĂ ůƐŽŝŶĐůƵƐŝǀĞ͘/ĨĂƐƚƵĚĞŶƚŶĞĞĚƐĂƐƐŝƐƚŝǀĞƚĞĐŚŶŽůŽŐǇ͕
ϭϮ

Ă ĐĐŽŵŵŽĚĂƚŝŽŶƐŽƌŵŽĚŝĨŝĐĂƚŝŽŶƐŵĂĚĞƚŽŚŝƐĞĚƵĐĂƚŝŽŶƉůĂŶŽƌĂ ŶǇĂ ĚĚŝƚŝŽŶĂůƐ ƵƉƉŽƌƚƐŝŶ

ŽƌĚĞƌƚŽƌĞĂ ĐŚŚŝƐͬŚĞƌĨƵůůƉŽƚĞŶƚŝĂů͕ƚŚĞƐĐŚŽŽůǁŝůůĚŽĞǀĞƌǇƚŚŝŶŐŝŶŝ ƚƐƉŽǁĞƌƚŽĞŶƐƵƌĞƚŚĂƚ
ƚŚĞƐ ƚƵĚĞŶƚŝƐƉƌŽǀŝĚĞĚǁŝƚŚƚŚĞƐĞƐ ƵƉƉŽƌƚƐ͘
ϯ͘ϭ>ĞĂƌŶŝŶŐ ŝƐďĂƐĞĚŽŶ Ă&ůĞǆŝďůĞĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵ
ĚƵĐĂ ƚŽƌƐŚĂǀĞƌĞĐĞŝǀĞĚĂĚĞƋƵĂƚĞƚƌĂ ŝŶŝŶŐŽŶĚŝĨĨĞƌĞŶƚŝĂƚŝŽŶĂ ŶĚŵƵůƚŝƉůĞƐƚǇůĞƐŽĨůĞĂƌŶŝŶŐ

Ă ŶĚƵƐĞĨůĞǆŝďůĞƉƌŽŐƌĂŵŵŝŶŐŽĨĨĞƌĞĚŝŶĂǀĂ ƌŝĞƚǇŽĨĂ Đƚŝǀŝ ƚŝĞƐƐŽƚŚĂƚĂůůƐƚƵĚĞŶƚƐ͛ůĞĂƌŶŝŶŐ
Ɛ ƚǇů ĞƐŚĂǀĞďĞĞŶĐŽŶƐŝĚĞƌĞĚ͘
ϯ͘Ϯ&ŽĐƵƐŽŶ ^ƚƌĞŶŐƚŚƐĂŶĚĂƉĂďŝůŝƚŝĞƐ
ĚƵĐĂ ƚŽƌƐĨŽĐƵƐŽŶƚŚĞŝƌƐ ƚƵĚĞŶƚƐ͛ƐƚƌĞŶŐƚŚƐĂ ŶĚĐĂ ƉĂďŝůŝƚŝĞƐŝŶŽƌĚĞƌƚŽŵŽƚŝǀĂƚĞĂŶĚ

ĞŶĐŽƵƌĂŐĞƚŚĞŵƚŽǁŽƌŬƚŽƚŚĞďĞƐƚŽĨƚŚĞŝƌĂďŝůŝƚŝĞƐĂ ŶĚƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞǇŚĂ ǀĞĂŶŝŶƚĞƌĞƐƚŝŶ
ƚŚĞǁŽƌŬƚŚĂƚƚŚĞǇĂ ƌĞĚŽŝŶŐ͘dŚĞƌĞŝƐĂ ůƐŽĂĨŽĐƵƐŽŶĐŚĂůůĞŶŐĞƐĂ ŶĚĞĚƵĐĂƚŽƌƐǁŝůůƵƐĞĂ
ǀĂ ƌŝ ĞƚǇŽĨĂ ĐƚŝǀŝƚŝĞƐƚŚĂƚǁŝůůĞŶĐŽŵƉĂƐƐĚŝĨĨĞƌĞŶƚů ĞĂƌŶŝŶŐƐƚǇůĞƐƐ ŽƚŚĂƚĞǀĞƌǇƐ ƚƵĚĞŶƚŝƐ
ĐŽŶƐ ŝĚĞƌĞĚ͘
ϯ͘ϯŽŵŵŽŶ >ĞĂƌŶŝŶŐ ŶǀŝƌŽŶŵĞŶƚƐ ĂŶĚ&ƵůůWĂƌƚŝĐŝƉĂƚŝŽŶ
ů ů Ɛ ƚƵĚĞŶƚƐƐ ŚĂƌĞĂ ĐŽŵŵŽŶů ĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚĂŶĚŚĂǀĞĞƋƵĂůŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽƉĂƌƚŝĐŝƉĂƚĞ

ŝ ŶƚŚĞĐŽŵŵŽŶůĞĂƌŶŝŶŐĞŶǀŝ ƌŽŶŵĞŶƚ͘dŚĞƉƌŽŐƌĞƐƐŝŽŶƚŚƌŽƵŐŚŐƌĂĚĞƐŝƐƚŚĞƐĂŵĞƉƌŽĐĞƐƐĨŽƌ
ĞĂ ĐŚƐ ƚƵĚĞŶƚĂ ŶĚĂ ůůŽĨƚŚĞŵŚĂǀĞƚŚĞŽƉƉŽƌƚƵŶŝƚǇƚŽƉĂ ƌƚŝĐŝƉĂƚĞŝŶƚŚĞŐƌĂ ĚƵĂƚŝŽŶĐĞƌĞŵŽŶǇ͘
ů ů Ɛ ƚƵĚĞŶƚƐƉĂƌƚŝĐŝƉĂƚĞŝ ŶƚŚĞƐĂŵĞƌŽƵƚŝŶĞƐ͕ŚĂǀĞůƵŶĐŚĂ ƚƚŚĞƐĂŵĞƚŝŵĞĂƐƚŚŽƐĞŝŶƚŚĞŝƌ
ŐƌĂ ĚĞĂŶĚďĞŐŝŶĂŶĚĞŶĚƚŚĞŝƌƐĐŚŽŽůĚĂǇĂ ƚƚŚĞƐĂŵĞƚŝŵĞ͘dŚĞƐ ƚƵĚĞŶƚƐƚŚĂƚĂƌĞƐŚĂƌŝŶŐƚŚĞ
ĐŽŵŵŽŶů ĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚĂ ƌĞů ĞĂƌŶŝŶŐƚŚĞƐ ĂŵĞƐ ƵďũĞĐƚ͕ŚŽǁĞǀĞƌ͕ĨŽƌƐ ŽŵĞ͕ŵŽĚŝĨŝĐĂƚŝŽŶƐ
Ă ŶĚĂ ĐĐŽŵŵŽĚĂƚŝŽŶƐŵĂǇďĞŶĞĐĞƐƐĂƌǇ͘dŚĞƐĐŚŽŽůǁŝůůĞŶƐƵƌĞƚŚĂƚƚŚĞŝƌƐ ƚƵĚĞŶƚƐ͛Ɛ ĞŶƐŽƌǇ
Ă ŶĚĞŶǀŝ ƌŽŶŵĞŶƚĂůŶĞĞĚƐĂƌĞĂ ĚĚƌĞƐƐĞĚŝ ŶƚŚĞƐĞĞŶǀŝƌŽŶŵĞŶƚƐ͘^ŚŽƌƚĞŶĞĚƐĐŚŽŽůĚĂǇƐ ŵĂǇďĞ
ƉŽƐ ƐŝďůĞǁŚĞŶĂƐ ƚƵĚĞŶƚŚĂƐĂĚĞĨŝŶĞĚĂ ĐĂĚĞŵŝĐƌĞĂƐŽŶĨŽƌŝ ƚ͘,ŽǁĞǀĞƌ͕ŶŽƐ ƚƵĚĞŶƚŚĂƐĂ
Ɛ ŚŽƌƚĞŶĞĚƐĐŚŽŽůĚĂǇĨŽƌŶŽŶͲĂĐĂĚĞŵŝĐƌĞĂƐŽŶƐ͘/ĨĂďƵƐƐ ĐŚĞĚƵůĞŝƐŝ ŶƚĞƌĨĞƌŝŶŐǁŝƚŚĂ
Ɛ ƚƵĚĞŶƚƐ͛Ɛ ĐŚŽŽůĚĂǇ͕ƚŚĞƐĐŚŽŽůǁŝůůĨŝ ŶĚĂ ŶŽƚŚĞƌǁĂǇƚŽƚƌĂ ŶƐƉŽƌƚƚŚĞƐƚƵĚĞŶƚƐ ŽƚŚĂƚŝƚĚŽĞƐ
ŶŽƚĂ ĨĨĞĐƚŚŝƐŽƌŚĞƌƐ ĐŚŽŽůĚĂǇ͘
ϯ͘ϰ^ƚƵĚĞŶƚƐ KƵƚƐŝĚĞ ŽĨƚŚĞŽŵŵŽŶ >ĞĂƌŶŝŶŐŶǀŝƌŽŶŵĞŶƚ
^ƚƵĚĞŶƚƐĂ ƌĞŶŽƚƉƵůůĞĚŽƵƚŽĨƚŚĞĐŽŵŵŽŶů ĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚƵŶůĞƐƐƚŚŝƐŚĂƉƉĞŶƐĂĨƚĞƌ

ĐĂ ƌĞĨƵůĐŽŶƐŝĚĞƌĂƚŝŽŶ͘/ĨĂ ƐƚƵĚĞŶƚŚĂƐƚŽďĞƉƵůůĞĚŽƵƚďĞĐĂƵƐĞŽĨŝŶƚĞŶƐŝǀĞĂ ĐĂĚĞŵŝĐŚĞůƉ͕ŝ ƚ
Ɛ ŚŽƵůĚŽŶůǇďĞĨŽƌƚŚĂƚƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞĂŶĚƚŝŵĞůŝŵŝƚĞĚ͘/ĨĂƐ ƚƵĚĞŶƚŶĞĞĚƐƚŽďĞƉƵůůĞĚŽƵƚ͕
ƚŚĞƐ ĐŚŽŽůǁŝůůĚĞǀĞůŽƉĂƉůĂŶĨŽƌƚŚĞƌĞͲĞŶƚƌǇŽĨƚŚĞƐ ƚƵĚĞŶƚŝ ŶƚŽƚŚĞĐŽŵŵŽŶůĞĂƌŶŝŶŐ
ĞŶǀŝ ƌŽŶŵĞŶƚ͘dŚĞƐƚƵĚĞŶƚŝƐŶŽƚƉƵůůĞĚŽƵƚŽĨƚŚĞĐůĂƐƐƌŽŽŵďĞĐĂƵƐĞƚŚĞƐƵďũĞĐƚŵĂƚƚĞƌŝƐƚŽŽ
͚Ěŝ ĨĨŝĐƵůƚ͛ĨŽƌŚŝŵͬŚĞƌŽƌƚŽǁŽƌŬŽŶƐŽĐŝĂůƐŬŝůůƐŝ ŶƚŚĞƌĞƐŽƵƌĐĞƌŽŽŵŽƌĂŶŽƚŚĞƌĐů ĂƐƐƌŽŽŵ͘dŚĞ
ϭϯ

Ɛ ƚƵĚĞŶƚƐƉĞŶĚƐĂƐŵƵĐŚƚŝŵĞĂƐƉŽƐƐŝďůĞŝ ŶƚŚĞĐŽŵŵŽŶů ĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚǁŝƚŚŚŝƐŽƌŚĞƌ

ƉĞĞƌƐ͘
ϯ͘ϱƵƌƌŝĐƵůƵŵ
dŚĞƐ ĐŚŽŽůĞŶƐƵƌĞƐƚŚĂƚĞĂĐŚŽĨƚŚĞŝƌƐ ƚƵĚĞŶƚƐ͛ů ĞĂƌŶŝŶŐŝƐďĂƐĞĚŽŶĐƵƌƌŝĐƵůƵŵŽƵƚĐŽŵĞƐ͘/Ĩ

ŶĞĐĞƐƐĂƌǇ͕ĞĚƵĐĂƚŽƌƐǁŝůůŝŶĚŝǀŝĚƵĂůŝǌĞůĞĂƌŶŝŶŐŽƵƚĐŽŵĞƐĨŽƌƐƚƵĚĞŶƚƐƚŽŚĞůƉĞŶƐƵƌĞƚŚĂƚƚŚĞ
Ɛ ƚƵĚĞŶƚŝƐůĞĂƌŶŝŶŐĂ ŶĚĂ ďůĞƚŽƌĞĂĐŚŚŝƐŽƌŚĞƌĨƵůůƉŽƚĞŶƚŝĂů͘
ϯ͘ϲ/ŶƐƚƌƵĐƚŝŽŶ
dŚĞƐ ĐŚŽŽůƉƌŽǀŝĚĞƐŝƚƐĞĚƵĐĂƚŽƌƐĂŶĚĂĚŵŝŶŝƐƚƌĂƚŽƌƐǁŝƚŚĂĚĞƋƵĂƚĞƚƌĂŝŶŝŶŐŽŶĚŝĨĨĞƌĞŶƚŝĂƚĞĚ
ŝ ŶƐ ƚƌƵĐƚŝŽŶĂŶĚŝŶƐƚƌƵĐƚŝŽŶƌĞĨůĞĐƚƐƚŚĞƉƌŝŶĐŝƉůĞƐŽĨhŶŝǀĞƌƐĂůĞƐŝŐŶĨŽƌ>ĞĂƌŶŝŶŐ;h>Ϳ;^ĞĞ
ƉƉĞŶĚŝǆ,Ϳ͘ĚƵĐĂƚŽƌƐƵƐĞǀŝƐƵĂů͕ƚĂĐƚŝůĞ͕ĂŶĚŬŝŶĂĞƐƚŚĞƚŝĐŵĂƚĞƌŝĂůƐĂŶĚĞǆƉĞƌŝĞŶĐĞƐŝ ŶƚŚĞ
ĐŽŵŵŽŶů ĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚƐ ŽƚŚĂƚƚŚĞŝƌŝŶƐƚƌƵĐƚŝŽŶƌĞĨůĞĐƚƐƚŚĞů ĞĂƌŶŝŶŐƐƚǇůĞƐŽĨĂůů
Ɛ ƚƵĚĞŶƚƐ͘^ĐŚŽŽůĂ ĚŵŝŶŝƐƚƌĂƚŽƌƐĂ ŶĚĞĚƵĐĂƚŽƌƐƵƐĞĨŽƌŵĂƚŝǀĞĂƐƐĞƐƐŵĞŶƚĂŶĚĐŽŽƉĞƌĂƚŝǀĞ
ů ĞĂƌŶŝŶŐǁŝƚŚĂůůƐƚƵĚĞŶƚƐĂŶĚƚŚĞŝƌŝ ŶƐƚƌƵĐƚŝŽŶŝ ƐƉƌŽǀŝĚĞĚŝŶŵƵůƚŝƉůĞĨŽƌŵĂƚƐ͘ĚƵĐĂƚŽƌƐǁŝůů
ŶŽƚŽŶů ǇƚĞĂĐŚƚŚĞŝƌůĞƐƐŽŶƐƚŽƚŚĞǁŚŽůĞĐůĂƐƐ͕ƚŚĞǇǁŝůůƚĞĂĐŚƚŽŝ ŶĚŝǀŝĚƵĂůƐ͕ƉĂŝƌƐĂŶĚƐŵĂůů
ŐƌŽƵƉƐ͘
ϯ͘ϳKŶŐŽŝŶŐ ƵƚŚĞŶƚŝĐ ƐƐĞƐƐŵĞŶƚ
dŚĞƐ ĐŚŽŽůĞǀĂůƵĂƚĞƐĂŶĚĂƐƐĞƐƐĞƐĂůůŽĨŝ ƚƐƐ ƚƵĚĞŶƚƐŝ ŶĂ ƐŝŵŝůĂƌǁĂǇŝ ŶǁŚŝĐŚƚŚĞŝƌƉĞƌƐŽŶĂů

ďĞƐ ƚĂĐŚŝĞǀĞŵĞŶƚĂŶĚŝŵƉƌŽǀĞŵĞŶƚĂƌĞƌĞĐŽŐŶŝǌĞĚ͘/ĨĂƐ ƚƵĚĞŶƚŚĂƐĚŝĨĨŝĐƵůƚǇĐŽŵŵƵŶŝĐĂƚŝŶŐ͕
ƉƌŽƉĞƌƐ ƵƉƉŽƌƚƐƚŚĂƚǁŝůůŚĞůƉŚŝŵŽƌŚĞƌĐŽŵŵƵŶŝĐĂƚĞǁŝůůďĞƉƌŽǀŝĚĞĚ͘
ϰ͘ ^ƵƉƉŽƌƚƐĂƌĞǀĂŝůĂďůĞĂŶĚWƌŽƉĞƌůǇhƚŝůŝǌĞĚ
tŝ ƚŚŽƵƚƉƌŽƉĞƌƐ ƵƉƉŽƌƚƐ͕ƐƚƵĚĞŶƚƐĂƌĞŶŽƚĂďůĞƚŽů ĞĂƌŶƚŽƚŚĞďĞƐƚŽĨƚŚĞŝƌĂ ďŝůŝƚŝĞƐĂ ŶĚƌĞĂĐŚ

ƚŚĞŝ ƌĨƵůůƉŽƚĞŶƚŝĂů͘/ŶŽƌĚĞƌĨŽƌĞĂĐŚƐƚƵĚĞŶƚƚŽƐƵĐĐĞĞĚ͕ƚŚĞƐĐŚŽŽůŚĂƐƚŽƉƌŽǀŝĚĞŝƚƐƐƚƵĚĞŶƚƐ
ǁŝ ƚŚƚŚĞƉƌŽƉĞƌƐ ƵƉƉŽƌƚƐƚŚĂƚĂƌĞŶĞĐĞƐƐĂƌǇ͘/ĨƚŚĞƐƵƉƉŽƌƚƐƚŚĂƚĂƌĞŶĞĐĞƐƐĂƌǇĂ ƌĞŶŽƚ
Ă ǀĂ ŝůĂďůĞŝ ŶƚŚĞƐĐŚŽŽů͕Ɛ ĐŚŽŽůĂ ĚŵŝŶŝƐƚƌĂƚŽƌƐǁŝůůĚŽĞǀĞƌǇƚŚŝŶŐŝŶƚŚĞŝƌƉŽǁĞƌƚŽƉƌŽǀŝ ĚĞƚŚĞ
Ɛ ƚƵĚĞŶƚǁŝƚŚĂĚĚŝƚŝŽŶĂůŚĞůƉƵŶƚŝůƚŚĞƐƵƉƉŽƌƚŝ ƐĂǀĂŝůĂďůĞ͘
ϰ͘ϭ^ƚƵĚĞŶƚƐ ĂƌĞƉƌŽǀŝĚĞĚ ǁŝƚŚƚŚĞ WƌŽƉĞƌ ^ƵƉƉŽƌƚƐ ZĞƋƵŝƌĞĚ ƚŽ&ƵůůǇWĂƌƚŝĐŝƉĂƚĞ
dŚĞƐ ĐŚŽŽůŚĂƐƉƌŽǀŝĚĞĚŝ ƚƐƐ ƚĂĨĨǁŝƚŚƚŚĞĂ ƉƉƌŽƉƌŝĂƚĞƚƌĂŝŶŝŶŐŽŶƚŚĞƵƐĞĂ ŶĚĂ ǀĂŝůĂďŝůŝƚǇŽĨ

Ă Ɛ ƐŝƐƚŝǀĞƚĞĐŚŶŽůŽŐǇ͘^ŚŽƵůĚĂƐƚƵĚĞŶƚŶĞĞĚĂƐƐŝƐƚŝǀĞƚĞĐŚŶŽůŽŐǇŽƌĂ ŶǇŽƚŚĞƌŬŝŶĚŽĨƐ ƵƉƉŽƌƚƐ
ŝ ŶŽƌĚĞƌƚŽĨƵůůǇƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞĐŽŵŵŽŶůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚ͕ŝƚǁŝůůďĞƉƌŽǀŝĚĞĚƚŽƚŚĞ
Ɛ ƚƵĚĞŶƚ͘dŚĞƐĞƐƵƉƉŽƌƚƐĚŽŶŽƚƐ ƚŽƉŝ ŶƚŚĞĐŽŵŵŽŶůĞĂƌŶŝŶŐĂ ƌĞĂ͕ƚŚĞǇǁŝůůĂůƐŽďĞƉƌŽǀŝ ĚĞĚ
ĚƵƌŝ ŶŐĞǆƚƌĂͲĐƵƌƌŝ ĐƵůĂƌĂ ĐƚŝǀŝƚŝĞƐĂ ŶĚĂůůŽƚŚĞƌƐĐŚŽŽůĂ ĐƚŝǀŝƚŝĞƐůŝŬĞĚĂŶĐĞƐĂŶĚĨŝĞůĚƚƌŝ ƉƐ͘
ϭϰ

ϰ͘Ϯ^ƵƉƉŽƌƚƐ ĨŽƌ ŽŵŵƵŶŝĐĂƚŝŽŶ
/ƚŝ Ɛ ǀĞƌǇŝ ŵƉŽƌƚĂŶƚĨŽƌĂƐ ƚƵĚĞŶƚƚŽďĞĂďůĞƚŽĐŽŵŵƵŶŝĐĂƚĞƐŽƚŚĂƚĞĚƵĐĂƚŽƌƐĂƌĞĂ ǁĂƌĞŽĨŚŝƐ

ŽƌŚĞƌĂ ĐŚŝĞǀĞŵĞŶƚƐĂ ŶĚĐŚĂůůĞŶŐĞƐ͘dŚĞƐĐŚŽŽůĞŶƐƵƌĞƐƚŚĂƚĂůůƐƚƵĚĞŶƚƐŚĂǀĞĂŵĞĂŶƐƚŽ
ĐŽŵŵƵŶŝĐĂƚĞĂƚĂůůƚŝ ŵĞƐ͘Ɛ ƚƵĚĞŶƚƚŚĂƚŚĂƐĚŝĨĨŝĐƵůƚǇĐŽŵŵƵŶŝĐĂƚŝŶŐǁŝůůŚĂǀĞĂ ĐĐĞƐƐƚŽƚŚĞ
ƚĞĐŚŶŽůŽŐǇƚŚĂƚǁŝůůŚĞůƉǁŝƚŚŚŝƐŽƌŚĞƌĐŽŵŵƵŶŝĐĂƚŝŽŶ͘
ϱ͘ &ŽƐƚĞƌŝŶŐƉƉƌŽƉƌŝĂƚĞĞŚĂǀŝŽƵƌ

&ŽƐ ƚĞƌŝŶŐĂ ƉƉƌŽƉƌŝĂƚĞďĞŚĂǀŝŽƵƌŝƐĂ ĐŽŵƉůĞǆŝ ƐƐƵĞďƵƚĂůƐŽŽŶĞƚŚĂƚŝ ƐĐƌŝƚŝĐĂůƚŽĐƌĞĂƚŝŶŐĂ Ŷ

ŝ ŶĐů ƵƐŝǀĞƐĐŚŽŽů͘ǇƚŚĞŝƌŶĂƚƵƌĞ͕ŝŶĐůƵƐŝǀĞƐĐŚŽŽůƐƐ ŚŽƵůĚďĞƉůĂĐĞƐŽĨďĞůŽŶŐŝŶŐĂŶĚ
Ă ĐĐĞƉƚĂŶĐĞĨŽƌĂůůƉĞŽƉůĞ͘/ƚŚĂƐďĞĞŶĂƌŐƵĞĚƚŚĂƚĐƌĞĂƚŝŶŐĂŶŝŶĐůƵƐŝǀĞĂ ŶĚǁĞůĐŽŵŝŶŐƐ ĐŚŽŽů
ĞŶǀŝ ƌŽŶŵĞŶƚĨŽƌĂůůƐƚƵĚĞŶƚƐǁŝůůŚĂǀĞĂŶŽǀĞƌĂůůƉŽƐŝƚŝǀĞŝ ŵƉĂĐƚŽŶƐƚƵĚĞŶƚďĞŚĂǀŝŽƵƌĂ ŶĚƚŚĞ
ĐƵů ƚƵƌĞŽĨƚŚĞƐ ĐŚŽŽůĐŽŵŵƵŶŝƚǇ͘
ϱ͘ϭƉƉƌŽƉƌŝĂƚĞ ĞŚĂǀŝŽƵƌ
dŚĞƐ ĐŚŽŽůƚŚŝŶŬƐƉƌŽĂĐƚŝǀĞůǇĂ ďŽƵƚĨŽƐƚĞƌŝŶŐĂƉƉƌŽƉƌŝĂƚĞďĞŚĂǀŝŽƵƌďǇĚĞǀĞůŽƉŝŶŐĐů ĞĂƌ

ƉŽů ŝĐŝĞƐĂŶĚŐƵŝĚĞůŝŶĞƐĂŶĚŵĂŬŝŶŐĞǀĞƌǇŽŶĞĂ ǁĂƌĞŽĨƚŚĞƐĞƉŽůŝĐŝĞƐĂ ŶĚƚŚĞǁĂǇƐŝ ŶǁŚŝĐŚ
Ěŝ Ɛ ƌĞƐƉĞĐƚĨƵůďĞŚĂǀŝŽƵƌǁŝůůďĞĚĞĂůƚǁŝƚŚ͘dŚĞƐĐŚŽŽůĂůƐŽƉůĂŶƐĨŽƌĂ ĚĚƌĞƐƐŝŶŐďĞŚĂǀŝŽƵƌ;ƚŚĂƚ
ŵĂ ǇƌĞƐ ƵůƚĨƌŽŵĂĐƚŝŽŶƐƚŚĂƚĂ ƌĞďĞǇŽŶĚĂ ƉĞƌƐŽŶ͛ƐĐŽŶƚƌŽůŽƌǁŚŝĐŚŵĂǇďĞƌĞůĂƚĞĚƚŽ
ĞŶǀŝ ƌŽŶŵĞŶƚĂůŽƌŽƚŚĞƌĨĂ ĐƚŽƌƐͿŝ ŶƉŽƐŝƚŝǀĞǁĂǇƐ͘
ϱ͘ϮƵůůǇŝŶŐ͕dĞĂƐŝŶŐĂŶĚ ,ĂƌĂƐƐŵĞŶƚĂƌĞĞĂůƚǁŝƚŚ ĨĨĞĐƚŝǀĞůǇ
dŚĞƐ ĐŚŽŽůŐŽĞƐĨƵƌƚŚĞƌƚŚĂŶƉƌŽǀŝĚŝŶŐǁŽƌŬƐŚŽƉƐŽŶďƵůůǇŝŶŐ͕ƚĞĂƐŝŶŐĂŶĚŚĂƌĂƐƐŵĞŶƚ͘/ƚĂůƐŽ
ĞŶƐ ƵƌĞƐƚŚĂƚƐƚƵĚĞŶƚƐ͕ƉĂƌĞŶƚƐͬŐƵĂƌĚŝĂŶƐ͕Ă ŶĚƐ ƚĂĨĨĂƌĞƐ ƵƉƉŽƌƚĞĚƐŽƚŚĂƚƚŚĞǇƚĂ ŬĞĂ ĐƚŝŽŶŝ Ŷ
ƉƌĞǀĞŶƚŝŶŐĂŶĚĞĨĨĞĐƚŝǀĞůǇĚĞĂůŝŶŐǁŝƚŚƚŚĞƐĞĨŽƌŵƐŽĨŝ ŶĂƉƉƌŽƉƌŝĂƚĞďĞŚĂǀŝŽƵƌ͘
ϱ͘ϯ^ƵƉƉŽƌƚƐ
dŚĞƐ ĐŚŽŽůŝƐƉƌŽĂĐƚŝǀĞŝŶĚĞǀĞůŽƉŝŶŐĂ ŶĚŝ ŵƉůĞŵĞŶƚŝŶŐƐƵƉƉŽƌƚƐĨŽƌƐ ƚƵĚĞŶƚƐǁŚŽĂ ƌĞ

ĚĞŵŽŶƐƚƌĂƚŝŶŐŝŶĂƉƉƌŽƉƌŝĂƚĞďĞŚĂǀŝŽƵƌ͘WŽƐŝƚŝǀĞďĞŚĂǀŝŽƵƌƐ ƵƉƉŽƌƚƐƚƌĂƚĞŐŝĞƐĂ ƌĞǁĞůůŬŶŽǁŶ
Ă ŶĚƵŶĚĞƌƐƚŽŽĚďǇƐ ĐŚŽŽůƐ ƚĂĨĨĂŶĚŝŶĐůƵĚĞĐů ĞĂƌůǇĚĞĨŝŶĞĚǁĂǇƐƚŽŝ ŶǀĞƐƚŝŐĂƚĞƚŚĞƉŽƐƐŝďůĞ
ĐĂ ƵƐ ĞƐŽĨŝ ŶĂƉƉƌŽƉƌŝĂƚĞďĞŚĂǀŝŽƵƌ͕ƚĞĂĐŚƐƚƵĚĞŶƚƐŶĞǁƐ ŬŝůůƐƚŽĚĞĂůǁŝƚŚďĞŚĂǀŝŽƵƌ͕ĂŶĚ
Ă ĚĚƌĞƐƐƐƚƵĚĞŶƚƐ͛ƐĞŶƐŽƌǇŶĞĞĚƐŝ ŶĐŝ ƌĐƵŵƐƚĂŶĐĞƐǁŚĞƌĞĞŶǀŝƌŽŶŵĞŶƚĂůĨĂĐƚŽƌƐĐŽŶƚƌŝďƵƚĞƚŽ
ďĞŚĂǀŝ ŽƵƌŝƐƐƵĞƐ͘
ϭϱ

ϲ͘ WƌŽĂĐƚŝǀĞ^ĐŚŽŽůDĂŶĂŐĞŵĞŶƚĂŶĚ>ĞĂĚĞƌƐŚŝƉ

/ŶĐů ƵƐŝǀĞƐ ĐŚŽŽůƐǁŝůůŶŽƚďĞĐŽŵĞĂ ƌĞĂůŝƚǇƵŶůĞƐƐƚŚĞƌĞŝƐƐƚƌŽŶŐůĞĂĚĞƌƐŚŝƉĨŽƌŝ ŶĐůƵƐŝŽŶĂ ŶĚ

Ɛ ƚĞƉƐĂƌĞƚĂ ŬĞŶƚŽŵĂŶĂŐĞƚŚĞƐ ĐŚŽŽůĞŶǀŝ ƌŽŶŵĞŶƚŝ ŶƐ ƵĐŚǁĂǇƐƚŚĂƚƉƌŽŵŽƚĞŝŶĐůƵƐŝŽŶĂƚĂůů
ů ĞǀĞůƐ͘WƌŽĂĐƚŝǀĞƐĐŚŽŽůŵĂŶĂŐĞŵĞŶƚĂ ŶĚůĞĂĚĞƌƐŚŝƉƌĞƋƵŝƌĞƚŚĂƚƐ ĐŚŽŽůůĞĂĚĞƌƐĂŶĚĞĚƵĐĂƚŽƌƐ
Ă Ɛ ƐƵŵĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌĞŶƐƵƌŝŶŐƚŚĂƚŝŶĐůƵƐŝǀĞǀĂ ůƵĞƐĂŶĚƉƌĂĐƚŝĐĞƐĂ ƌĞǁĞůůƵŶĚĞƌƐƚŽŽĚĂ ŶĚ
Ă ƉƉůŝĞĚŽŶĂ ĚĂŝůǇďĂƐŝƐ͘
ϲ͘ϭDĂŶĂŐĞŵĞŶƚ ŽĨƚŚĞ^ĐŚŽŽů
dŚĞƐ ĐŚŽŽůƉƌŝŶĐŝƉĂůŝƐŽĨƚĞŶƚŚĞŬĞǇƉĞƌƐŽŶƌĞƐƉŽŶƐŝďůĞĨŽƌĞŶƐƵƌŝŶŐƚŚĂƚƚŚĞƐĐŚŽŽůŝƐĨŽĐƵƐĞĚ
ŽŶƚŚĞǀĂ ůƵĞƐĂ ŶĚƉƌĂĐƚŝĐĞƐŽĨŝŶĐůƵƐŝŽŶ͘dŚŝƐƌĞƋƵŝƌĞƐĂƐ ŽƵŶĚƵŶĚĞƌƐƚĂŶĚŝŶŐŽŶƚŚĞƉĂƌƚŽĨƚŚĞ
Ɖƌŝ ŶĐŝƉĂůŽĨǁŚĂƚŝ ƚŵĞĂŶƐƚŽŚĂǀĞĂŶŝŶĐůƵƐŝǀĞƐ ĐŚŽŽů͘ĚĚŝƚŝŽŶĂůůǇ͕ƚŚĞƉƌŝŶĐŝƉĂůĂ ƐƐƵŵĞƐ
ƌĞƐ ƉŽŶƐŝďŝůŝƚǇĨŽƌŵĂŬŝŶŐƐ ƵƌĞƚŚĂƚĂůůƐĐŚŽŽůƐ ƚĂĨĨŚĂǀĞĂĐĐĞƐƐƚŽŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽůĞĂƌŶĂďŽƵƚ
ŝ ŶĐů ƵƐŝŽŶĂ ŶĚƚŚĞƐ ƚƌĂƚĞŐŝĞƐƚŚĂƚǁŝůůĚĞǀĞůŽƉĂŶŝŶĐůƵƐŝǀĞƐ ĐŚŽŽů͘dŚĞƉƌŝŶĐŝƉĂůĂůƐŽŝƐƉƌŽĂĐƚŝǀĞ
ŝ ŶĚĞǀĞůŽƉŝŶŐǁĂǇƐĨŽƌƐ ĐŚŽŽůƐƚĂĨĨƚŽĐŽůůĂďŽƌĂƚĞĂ ŶĚƉƌŽďůĞŵƐ ŽůǀĞŝ ŶǁĂǇƐƚŚĂƚĂ ƌĞƚŝŵĞůǇĂŶĚ
ĞĨĨĞĐƚŝǀĞ͘
ϲ͘ϮDĂŶĂŐĞŵĞŶƚ ŽĨƚŚĞŽŵŵŽŶ >ĞĂƌŶŝŶŐŶǀŝƌŽŶŵĞŶƚ
ĨĨĞĐƚŝ ǀĞŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞĐŽŵŵŽŶůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚŝŶǀŽůǀĞƐĂ ŶƵŵďĞƌŽĨŝŵƉŽƌƚĂŶƚ

Ă Đƚŝ ŽŶƐ͘dŚŝƐƐƚĂƌƚƐǁŝƚŚĞĚƵĐĂƚŽƌƐƚĂŬŝŶŐƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƚŚĞĞĚƵĐĂƚŝŽŶĂůƉƌŽŐƌĂŵĨŽƌĂůů
Ɛ ƚƵĚĞŶƚƐŝ ŶŚŝƐŽƌŚĞƌůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚ͘&ŽƌƐ ƚƵĚĞŶƚƐŽŶĂŶ^W͕ƐƵďũĞĐƚƚĞĂĐŚĞƌƐĂƌĞ
Ěŝ ƌĞĐƚůǇŝ ŶǀŽůǀĞĚŝ ŶƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞĞĚƵĐĂƚŝŽŶƉůĂŶŝŶĐŽůůĂďŽƌĂƚŝŽŶǁŝƚŚŽƚŚĞƌƐ͘
^ƚƵĚĞŶƚƐǁŚŽŚĂǀĞĂ Ŷ^WĂ ƌĞŶĞǀĞƌƚŚĞŵĂŝŶƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨĂ ŶĞĚƵĐĂƚŝŽŶĂůĂƐƐŝƐƚĂŶƚĨŽƌƚŚĞ
ƉƵƌƉŽƐĞŽĨĞĚƵĐĂƚŝŽŶĂůƉůĂŶŶŝŶŐŽƌŝŶƐƚƌƵĐƚŝŽŶ͘ĚƵĐĂƚŽƌƐŚĂǀĞĂ ůƐŽďĞĞŶŐŝǀĞŶƚŚĞƚƌĂŝŶŝŶŐ
Ă ŶĚƉƌŽĨĞƐƐŝŽŶĂůĚĞǀĞůŽƉŵĞŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐƚŚĞǇŵĂ ǇŶĞĞĚƚŽďĞĞĨĨĞĐƚŝǀĞŵĂŶĂŐĞƌƐŽĨƚŚĞŝƌ
ů ĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚƐĂ ŶĚŚĂǀĞŬŶŽǁůĞĚŐĞŽŶŚŽǁƚŽŵĂŶĂŐĞĞĚƵĐĂƚŝŽŶĂůĂƐƐŝƐƚĂŶƚƐĂŶĚ
ŽƚŚĞƌƐ ƵƉƉŽƌƚƉƌŽĨĞƐƐŝŽŶĂůƐǁŚŽŵĂǇďĞŝ ŶǀŽůǀĞĚ͘
ϳ͘ /ŶĐůƵƐŝŽŶĂŶĚ^ƚƵĚĞŶƚƐǁŝƚŚǆĐĞƉƚŝŽŶĂůŝƚŝĞƐ
/ŶĐů ƵƐŝǀĞƐ ĐŚŽŽůƐƉĂǇƉĂƌƚŝĐƵůĂƌĂ ƚƚĞŶƚŝŽŶƚŽƚŚĞŝ ŶĐůƵƐŝŽŶŽĨƐ ƚƵĚĞŶƚƐǁŝƚŚĞǆĐĞƉƚŝŽŶĂůŝƚŝĞƐ͘

ŽŵŵŽŶů ĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚƐ͕ŝ ŶƐƚƌƵĐƚŝŽŶŵĞƚŚŽĚƐ͕ĂƐƐĞƐƐŵĞŶƚƐ͕ĂĐĐŽŵŵŽĚĂƚŝŽŶƐ͕Ă ŶĚ
Ɛ ƵƉƉŽƌƚƐĂƌĞĂ ůůĚĞƐŝŐŶĞĚĂ ŶĚŝ ŵƉůĞŵĞŶƚĞĚƐ ŽƚŚĂƚƐƚƵĚĞŶƚƐǁŝƚŚĞǆĐĞƉƚŝŽŶĂůŝƚŝĞƐĐĂŶ
ƉĂ ƌƚŝ ĐŝƉĂƚĞĂůŽŶŐƐŝĚĞƚŚĞŝƌ;ƐĂŵĞͲĂŐĞĚͿƉĞĞƌƐĂ ŶĚŚĂǀĞĂ ĨƵůůĂ ŶĚĞŶƌŝĐŚŝŶŐƐ ĐŚŽŽůĞǆƉĞƌŝĞŶĐĞ͘
ϭϲ

ϳ͘ϭ/ŶĐůƵƐŝŽŶ ŝŶ ƚŚĞ^ĐŚŽŽů ĂŶĚƚŚĞŽŵŵŽŶ >ĞĂƌŶŝŶŐ ŶǀŝƌŽŶŵĞŶƚ
^ƚƵĚĞŶƚƐǁŝƚŚĞǆĐĞƉƚŝŽŶĂůŝƚŝĞƐĂƚƚĞŶĚƚŚĞƐĐŚŽŽůŚĞŽƌƐ ŚĞǁŽƵůĚƚǇƉŝĐĂůůǇĂƚƚĞŶĚ͖Ɛ ƚƵĚĞŶƚƐĂ ƌĞ

ŶŽƚƉů ĂĐĞĚŝŶƐ ƉĞĐŝĨŝĐƐ ĐŚŽŽůƐĨŽƌƌĞĂƐŽŶƐƌĞůĂƚŝŶŐƚŽƚŚĞŝƌĞǆĐĞƉƚŝŽŶĂůŝƚǇ͘tŝƚŚŝŶƐ ĐŚŽŽůƐ͕ƚŚĞƌĞ
Ă ƌĞŶŽ͞Ɛ ƉĞĐŝĂů͟ƉůĂĐĞƐ;ƐƵĐŚĂƐƌĞƐŽƵƌĐĞƌŽŽŵƐŽƌ͞ůŝĨĞƐŬŝůůƐ͟ĐůĂƐƐĞƐͿĨŽƌƐ ƚƵĚĞŶƚƐǁŝƚŚ
ĞǆĐĞƉƚŝŽŶĂůŝƚŝĞƐ͘tŝ ƚŚŝŶƚŚĞĐŽŵŵŽŶůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚ͕ƐƚƵĚĞŶƚƐǁŝƚŚĞǆĐĞƉƚŝŽŶĂůŝƚŝĞƐĂƌĞ
ĨƵů ůǇƉĂ ƌƚŝĐŝƉĂƚŝŶŐŝ ŶǁĂǇƐƚŚĂƚĂƌĞƐŝŵŝůĂƌƚŽŽƚŚĞƌƐ ƚƵĚĞŶƚƐʹƐ ƚƵĚĞŶƚƐĂ ƌĞŶŽƚƐĞƉĂƌĂƚĞĚǁŝƚŚŝŶ
ƚŚĞĐŽŵŵŽŶů ĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚĨŽƌĂ ĐĂĚĞŵŝĐŝ ŶƐƚƌƵĐƚŝŽŶ͘ŶǇƌĞŵŽǀĂůŽĨĂ ƐƚƵĚĞŶƚĨƌŽŵ
ƚŚĞĐŽŵŵŽŶů ĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚŝ ƐĚŽŶĞŝ ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĐůĞĂƌůǇĞƐƚĂďůŝƐŚĞĚƉŽůŝĐŝĞƐĂ ŶĚ
ŐƵŝ ĚĞůŝŶĞƐ͘
ϳ͘Ϯ^ƵƉƉŽƌƚƐ
^ƵƉƉŽƌƚƐĂƌĞŽĨƚĞŶĐƌŝ ƚŝĐĂůĨŽƌƚŚĞƐ ƵĐĐĞƐƐĨƵůƉĂƌƚŝĐŝƉĂƚŝŽŶŽĨƐƚƵĚĞŶƚƐǁŝƚŚĞǆĐĞƉƚŝŽŶĂůŝƚŝĞƐ͘

^ƵƉƉŽƌƚƐĐŽŵĞŝ ŶŵĂŶǇĨŽƌŵƐĂ ŶĚĐĂ ŶŝŶĐůƵĚĞƉĞƌƐŽŶĂůƐ ƵƉƉŽƌƚƐ͕ůĞĂƌŶŝŶŐƚĞĐŚŶŽůŽŐŝĞƐ͕
Ă ĐĐŽŵŵŽĚĂƚŝŽŶƐ͕ƉƌŽĨĞƐƐŝŽŶĂůƐ ĞƌǀŝĐĞƐ͕ŵŽĚŝĨŝĐĂƚŝŽŶƐ͕ĂŶĚƐŽŽŶ͘tŚĞŶĞǀĞƌƐ ƵƉƉŽƌƚƐĂƌĞ
ƌĞƋƵŝ ƌĞĚ͕ƚŚĞǇĂ ƌĞĐů ĞĂƌůǇŝ ĚĞŶƚŝĨŝĞĚŝ ŶĂƐ ƚƵĚĞŶƚ͛Ɛ^WŽƌŝ ŶƚĞƌǀĞŶƚŝŽŶƉůĂŶĂŶĚĂƌĞƉƌŽǀŝĚĞĚƚŽ
ƚŚĞĨƵůůĞƐƚĞǆƚĞŶƚƉŽƐƐŝďůĞŝŶƚŚĞĐŽŵŵŽŶůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚ͘tŚĞŶŶĞĐĞƐƐĂƌǇ͕Ɛ ƵƉƉŽƌƚƐĂƌĞ
Ă ů ƐŽƉƌŽǀŝĚĞĚƚŽĂƐƐŝƐƚƐ ƚƵĚĞŶƚƐĚĞǀĞůŽƉƐŽĐŝĂůŶĞƚǁŽƌŬƐĂ ŶĚƌĞůĂƚŝŽŶƐŚŝƉƐĂŶĚƚŽďĞŝŶǀŽůǀĞĚŝŶ
ƚŚĞĞǆƚƌĂ ͲĐƵƌƌŝĐƵůĂƌů ŝĨĞŽĨƚŚĞƐĐŚŽŽůĐŽŵŵƵŶŝƚǇ͘
ϳ͘ϯ^ĞůĨͲĞƚĞƌŵŝŶĂƚŝŽŶĂŶĚ dƌĂŶƐŝƚŝŽŶ
^ĐŚŽŽůƐŵƵƐƚƉƌŽĂĐƚŝǀĞůǇƐĞĞŬƚŽĂƐƐŝƐƚƐ ƚƵĚĞŶƚƐǁŝƚŚĞǆĐĞƉƚŝŽŶĂůŝƚŝĞƐƚŽĚĞǀĞůŽƉƐŬŝůůƐĂŶĚ
ĐŽŶĨŝ ĚĞŶĐĞŝŶƐƉĞĂŬŝŶŐĨŽƌƚŚĞŵƐĞůǀĞƐĂ ŶĚŵĂŬŝŶŐƚŚĞŝƌŽǁŶĚĞĐŝƐŝŽŶƐ͘dŚŝƐǁŝůůŽĨƚĞŶŵĞĂŶ
ƚŚĂ ƚƐ ƚƵĚĞŶƚƐĂ ƌĞĂĐƚŝǀĞůǇĞŶŐĂŐĞĚŝŶƚŚĞŐŽĂůƐĞƚƚŝŶŐĂŶĚĞǀĂůƵĂƚŝŽŶʹĞƐƉĞĐŝĂůůǇĂƐƚŚĞǇŐĞƚ
Žů ĚĞƌĂ ŶĚĐůŽƐĞƌƚŽŐƌĂ ĚƵĂƚŝŽŶ͘^ƚƵĚĞŶƚƉĂƌƚŝĐŝƉĂƚŝŽŶŝ ŶŵĞĞƚŝŶŐƐĐŽŶĐĞƌŶŝŶŐƚŚĞŝƌĞĚƵĐĂƚŝŽŶ
Ă ŶĚƚƌĂ ŶƐŝƚŝŽŶĨƌŽŵƐĐŚŽŽůŝƐŚŝŐŚůǇĞŶĐŽƵƌĂŐĞĚ͘KƌŐĂŶŝǌĞĚƚƌĂŶƐŝƚŝŽŶƉůĂŶŶŝŶŐƐ ƚĂƌƚƐŶŽůĂƚĞƌ
ƚŚĂ ŶŐƌĂ ĚĞŶŝŶĞĨŽƌƐƚƵĚĞŶƚƐĨŽƌǁŚŽŵƚŚĞŵŽǀĞƚŽĂ ĚƵůƚůŝĨĞǁŝůůůŝŬĞůǇďĞŵŽƌĞĐŚĂůůĞŶŐŝŶŐ͘
ϴ͘ /ŶŶŽǀĂƚŝǀĞĂŶĚƌĞĂƚŝǀĞŶǀŝƌŽŶŵĞŶƚ
/ŶĐů ƵƐŝǀĞƐ ĐŚŽŽůƐĂ ƌĞŝŶŶŽǀĂƚŝǀĞĂŶĚĐƌĞĂƚŝǀĞĞŶǀŝ ƌŽŶŵĞŶƚƐ͘^ĐŚŽŽůƐƚĂŬĞŚŽůĚĞƌƐƌĞǀŝĞǁĂŶĚ

ƋƵĞƐƚŝŽŶƚŚĞŝƌƉƌĂ ĐƚŝĐĞƐĂ ŶĚů ŽŽŬĨŽƌǁĂǇƐƚŽŝŵƉƌŽǀĞƚŚĞŝƌĂ ďŝůŝƚǇƚŽďĞŝŶĐůƵƐŝǀĞ͘
ϴ͘ϭǀĞƌǇŽŶĞŝƐŶĐŽƵƌĂŐĞĚ ƚŽďĞƌĞĂƚŝǀĞ
Ěŵŝ ŶŝƐƚƌĂƚŽƌƐ͕ĞĚƵĐĂƚŽƌƐ͕ƐƵƉƉŽƌƚƐ ƚĂĨĨ͕Ɛ ƚƵĚĞŶƚƐ͕Ă ŶĚƉĂƌĞŶƚƐͬŐƵĂƌĚŝĂŶƐĨĞĞůƚŚĂƚƚŚĞ

ĞŶǀŝ ƌŽŶŵĞŶƚŝƐĐŽŶĚƵĐƚŝǀĞƚŽƚĂŬŝŶŐƌŝ ƐŬƐǁŝƚŚŶĞǁŝĚĞĂƐ͘dŚĞǇĂ ƌĞĐŽŵĨŽƌƚĂďůĞƋƵĞƐƚŝŽŶŝŶŐ
ƚŚĞƐ ƚĂƚƵƐƋƵŽĂ ŶĚĐŚĂůůĞŶŐŝŶŐĂƐƐƵŵƉƚŝŽŶƐĂ ďŽƵƚƚŚĞǁĂǇ͞ƚŚŝŶŐƐŚĂǀĞƚŽďĞ͘͟ŚĂ ŶŐĞŝƐ
ϭϳ

ĞŵďƌĂ ĐĞĚĂƐĂ ŶĞĐĞƐƐĂƌǇƉĂƌƚŽĨŵĂŬŝŶŐŝ ŵƉƌŽǀĞŵĞŶƚƐ͘dŚĞƌĞĂƌĞŵĂŶǇŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌ

Ă ĚŵŝŶŝƐƚƌĂƚŽƌƐ͕ĞĚƵĐĂƚŽƌƐ͕ƐƚƵĚĞŶƚƐĂŶĚƉĂƌĞŶƚƐͬŐƵĂƌĚŝĂŶƐƚŽďƌĂŝŶƐƚŽƌŵŝĚĞĂƐĂ ďŽƵƚŶĞǁǁĂǇƐ
ŽĨĚŽŝ ŶŐƚŚŝŶŐƐ͘WĞŽƉůĞŝ Ŷů ĞĂĚĞƌƐŚŝƉƉŽƐŝƚŝŽŶƐůŝƐƚĞŶĐĂ ƌĞĨƵůůǇƚŽŝ ĚĞĂƐĂŶĚĂƌĞƚŚĞŶĂƐ
ƌĞƐ ƉŽŶƐŝǀĞƚŽƚŚĞŵĂƐƉŽƐƐŝďůĞ͘
ϴ͘Ϯ^ƵĐĐĞƐƐĞƐĂƌĞĞůĞďƌĂƚĞĚ
ů ů ĚŝĨĨĞƌĞŶƚŬŝŶĚƐŽĨƐƵĐĐĞƐƐĞƐďǇƐ ƚƵĚĞŶƚƐ͕ĨĂŵŝůŝĞƐ͕ǀŽůƵŶƚĞĞƌƐĂŶĚƐƚĂĨĨĂ ƌĞĐĞůĞďƌĂƚĞĚ͘dŚĞ

Ɛ ĐŚŽŽůĐĞůĞďƌĂƚĞƐůĞĂĚĞƌƐŚŝƉ͕ǀŽůƵŶƚĞĞƌĂ ĐƚŝǀŝƚŝĞƐĂ ŶĚŝŵƉƌŽǀĞŵĞŶƚ͕ĂƐǁĞůůĂƐĂĐĂĚĞŵŝĐ
Ă ĐŚŝ ĞǀĞŵĞŶƚĂ ŶĚĂ ƚŚůĞƚŝĐĂ ďŝůŝƚǇ͘
ϴ͘ϯWƌŽĨĞƐƐŝŽŶĂů ĞǀĞůŽƉŵĞŶƚŝƐWƌŽǀŝĚĞĚ
^ƚĂ ĨĨƌĞĐĞŝǀĞƚŚĞƉƌŽĨĞƐƐŝŽŶĂůĚĞǀĞůŽƉŵĞŶƚƌĞƋƵŝƌĞĚƚŽĐƌĞĂƚĞĂ ŶĚƐ ƵƐƚĂŝŶŝ ŶĐůƵƐŝǀĞů ĞĂƌŶŝŶŐ

ĞŶǀŝ ƌŽŶŵĞŶƚƐĂŶĚƐĐŚŽŽůƐ͘WƌŽĨĞƐƐŝŽŶĂůĚĞǀĞůŽƉŵĞŶƚŝƐŽĨĨĞƌĞĚŝ ŶĚŝĨĨĞƌĞŶƚĨŽƌŵƐƐƵĐŚĂƐ
Ɛ ŚĂ ƌŝŶŐĂŵŽŶŐƚĞĂĐŚŝŶŐĐŽůůĞĂŐƵĞƐ͕ŝ ŶƐƚƌƵĐƚŝŽŶĂůĂ ĚǀŝĐĞ͕ƉĞƌĨŽƌŵĂŶĐĞĨĞĞĚďĂĐŬ͕ǁŽƌŬƐŚŽƉƐ͕
ŽŶͲů ŝŶĞĐŽƵƌƐĞƐĂ ŶĚŵŽĚƵůĞƐ͕ĂŶĚŽƚŚĞƌƚƌĂ ŝŶŝŶŐƉƌŽǀŝĚĞĚďǇŽƵƚƐŝĚĞƐŽƵƌĐĞƐ͘Ɛ ǁĞůů͕
Ɛ ƚƌĂ ƚĞŐŝĞƐƵƐĞĚŝŶƚŚĞĐŽŵŵŽŶů ĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚĂƌĞďĂƐĞĚŽŶƚŚĞŵŽƐƚĐƵƌƌĞŶƚƌĞƐĞĂƌĐŚ
Ă ŶĚŝ ŶĨŽƌŵĂƚŝŽŶĂ ďŽƵƚŝ ŶĐůƵƐŝǀĞĞĚƵĐĂƚŝŽŶƐƚƌĂƚĞŐŝĞƐĂ ŶĚƉƌĂĐƚŝĐĞƐ͘
ϵ͘ ŽůůĂďŽƌĂƚŝǀĞƉƉƌŽĂĐŚ
/ŶĐů ƵƐŝǀĞƐ ĐŚŽŽůƐĂ ƌĞďĂƐĞĚŽŶƌĞŐƵůĂƌĐŽůůĂďŽƌĂƚŝŽŶďĞƚǁĞĞŶƐƚƵĚĞŶƚƐ͕ĨĂŵŝůŝĞƐ͕ĞĚƵĐĂƚŽƌƐ͕

Ă ĚŵŝŶŝƐƚƌĂƚŽƌƐĂ ŶĚĐŽŵŵƵŶŝƚŝĞƐ͘ŽůůĂďŽƌĂƚŝŽŶŝƐĚǇŶĂŵŝĐĂŶĚƌĞƐƵůƚŽƌŝĞŶƚĞĚ͘
ϵ͘ϭǀĞƌǇŽŶĞWĂƌƚŝĐŝƉĂƚĞƐ ŝŶ&ŝŶĚŝŶŐ^ŽůƵƚŝŽŶƐ
Ěŵŝ ŶŝƐƚƌĂƚŽƌƐ͕ĞĚƵĐĂƚŽƌƐ͕ƐƵƉƉŽƌƚƐ ƚĂĨĨ͕Ɛ ƚƵĚĞŶƚƐĂ ŶĚƉĂƌĞŶƚƐͬŐƵĂƌĚŝĂŶƐĂƌĞĞŶĐŽƵƌĂŐĞĚĂŶĚ

ĞŵƉŽǁĞƌĞĚƚŽĨŝŶĚƐŽůƵƚŝŽŶƐƚŽŝƐƐƵĞƐĂŶĚĐŽŶĐĞƌŶƐ͘ĞĐŝƐŝŽŶͲŵĂŬŝŶŐĂ ŶĚƉƌŽďůĞŵƐŽůǀŝŶŐŝƐ
ĐŽů ů ĂďŽƌĂƚŝǀĞ͘/ƚŝƐĚƌŝǀĞŶďǇƚŚĞƌĞĐŽŐŶŝƚŝŽŶƚŚĂƚĞǀĞƌǇŽŶĞŚĂƐĂ ŶŝŵƉŽƌƚĂŶƚƌŽůĞƚŽƉůĂǇŝ Ŷ
Ĩŝ ŶĚŝŶŐƐŽůƵƚŝŽŶƐĂŶĚŵĂŬŝŶŐƚŚĞŵǁŽƌŬ͕ŝŶĐůƵĚŝŶŐƚŚŽƐĞǁŚŽĂƌĞƉĞƌĐĞŝǀĞĚƚŽďĞ͞ƉĂƌƚŽĨƚŚĞ
ƉƌŽďů Ğŵ͘͟
ϵ͘ϮdŚĞ^ĐŚŽŽů ŽŵŵƵŶŝƚǇ ŝƐ>ŝŶŬĞĚƚŽ ƚŚĞƌŽĂĚĞƌ ŽŵŵƵŶŝƚǇ
dŚĞƐ ĐŚŽŽůĚƌĂǁƐŽŶĞǆƉĞƌƚŝƐĞĂŶĚƌĞƐŽƵƌĐĞƐĨƌŽŵƚŚĞĐŽŵŵƵŶŝƚǇ͕Ɛ ƵĐŚĂƐĐŽŵŵƵŶŝƚǇ

Ă ŐĞŶĐŝĞƐ͕ďƵƐŝŶĞƐƐĞƐ͕ŐƌŽƵƉƐĂ ŶĚŝ ŶĚŝǀŝĚƵĂůƐƚŽĞŶƌŝĐŚƐĐŚŽŽůůŝĨĞ͘dŚĞƐ ĐŚŽŽůŝ ƐĂůƐŽĂŵŽĚĞůĨŽƌ
ŝ ŶĐů ƵƐŝŽŶĂ ŶĚƉůĂǇƐĂŶĂĐƚŝǀĞƌŽůĞŝ ŶƚŚĞĐŽŵŵƵŶŝƚǇ͕ƉƌŽŵŽƚŝŶŐƚŚĞǀĂ ůƵĞƐŽĨŝŶĐůƵƐŝŽŶ;ĨŽƌ
ĞǆĂ ŵƉůĞ͕ƐŚŽǁŝŶŐǁĂǇƐƚŽƌĞƐƉĞĐƚĂŶĚǀĂ ůƵĞĚŝǀĞƌƐŝƚǇͿ͘
ϭϴ

ϵ͘ϯWĂƌĞŶƚƐͬ'ƵĂƌĚŝĂŶƐ ĂƌĞŵďƌĂĐĞĚĂƐƋƵĂůĂŶĚƐƐĞŶƚŝĂůWĂƌƚŶĞƌƐ
WĂ ƌĞŶƚƐͬŐƵĂƌĚŝĂŶƐĂ ƌĞĐů ĞĂƌůǇƐ ĞĞŶĂƐĞƋƵĂůĂ ŶĚĞƐƐĞŶƚŝĂůƉĂƌƚŶĞƌƐŝ ŶƵŶĚĞƌƐƚĂŶĚŝŶŐƚŚĞ

Ɛ ƚƌĞŶŐƚŚƐĂŶĚŶĞĞĚƐ͕ƐĞƚƚŝŶŐŐŽĂůƐĂŶĚĚĞǀĞůŽƉŝŶŐƐ ƚƌĂƚĞŐŝĞƐĨŽƌƚŚĞŝƌĐŚŝůĚ͘ůůƉĂƌĞŶƚƐĂ ƌĞ
ĞŶĐŽƵƌĂŐĞĚĂŶĚƐƵƉƉŽƌƚĞĚƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶŵĂ ŶǇĂƐƉĞĐƚƐŽĨƚŚĞƐ ĐŚŽŽůĐŽŵŵƵŶŝƚǇ͕Ɛ ƵĐŚĂƐ
ƉĂ ƌĞŶƚŵĞĞƚŝŶŐƐ͕Ɛ ĐŚŽŽůĐŽŵŵŝƚƚĞĞƐĂ ŶĚĞǀĞŶƚƐ͘
ϵ͘ϰ^ĐŚŽŽů ƚĂŬĞƐZĞƐƉŽŶƐŝďŝůŝƚǇ ĨŽƌdƌĂŶƐŝƚŝŽŶ
dŚĞƐ ĐŚŽŽůĨĂĐŝůŝƚĂƚĞƐƚŚĞƚƌĂ ŶƐŝƚŝŽŶŽĨƐƚƵĚĞŶƚƐƚŚƌŽƵŐŚŽƵƚƚŚĞŝƌĞĚƵĐĂƚŝŽŶ͘dŚĞĞĨĨŽƌƚĞŶƐƵƌĞƐ

ƚŚĂ ƚƚŚĞƚƌĂ ŶƐŝƚŝŽŶŝƐĞĨĨĞĐƚŝǀĞůǇĂ ŶĚƐĞŶƐŝƚŝǀĞůǇŚĂŶĚůĞĚŝ ŶƚŚĞďĞƐƚŝŶƚĞƌĞƐƚƐŽĨƐƚƵĚĞŶƚƐ͕
ĨĂ ŵŝ ůŝĞƐ͕ƐƚĂĨĨĂ ŶĚŽƚŚĞƌƐŝŶǀŽůǀĞĚĂŶĚƚŚĂƚŝƚůĞĂĚƐƚŽƚŚĞďĞƐƚƉŽƐƐŝďůĞŽƉƉŽƌƚƵŶŝƚŝĞƐ͘
ϵ͘ϱKŶͲŐŽŝŶŐĂŶĚ ŽŶƐƚƌƵĐƚŝǀĞ ŝĂůŽŐƵĞdĂŬĞƐWůĂĐĞ
ů ů Ɛ ƚĂŬĞŚŽůĚĞƌƐŝŶƚŚĞƐ ĐŚŽŽůĐŽŵŵƵŶŝƚǇŚĂǀĞĂƌĞŐƵůĂƌ͕ŽƉĞŶĂ ŶĚŚŽŶĞƐƚĞǆĐŚĂŶŐĞŽĨ

ŝ ŶĨŽƌŵĂƚŝŽŶ͘dŚĞƌĞĂƌĞŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌĐŽŶƐƚƌƵĐƚŝǀĞĨĞĞĚďĂĐŬĂ ŶĚĐŽŶĐĞƌŶƐĂƌĞĚĞĂůƚǁŝƚŚ
ŽƉĞŶůǇĂ ŶĚŝ ŵŵĞĚŝĂƚĞůǇǁŝ ƚŚƚŚĞĂ ƉƉƌŽƉƌŝĂƚĞƉĞŽƉůĞ͘Ɛ ǁĞůů͕ĂůůŵĞĞƚŝŶŐƐŚĂǀĞĂĐů ĞĂƌ
Ă ŐĞŶĚĂ͕ƚŚĞĂƉƉƌŽƉƌŝĂƚĞƉĞŽƉůĞĂƚƚĞŶĚ͕ĂŶĚĂĐů ĞĂƌĚĞƐĐƌŝƉƚŝŽŶŝƐƉƌŽǀŝĚĞĚŽĨĂůůƚŚĞĚĞĐŝƐŝŽŶƐ
Ɛ ŽŽŶĂĨƚĞƌƚŚĞŵĞĞƚŝŶŐŚĂƐƚĂ ŬĞŶƉůĂĐĞ͘
ϭϵ

ƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůʹ'ƵŝĚĞƚŽƚŚĞƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůWƌŽĐĞƐƐ
'h/dKd,Zd/E'E/E>h^/s
^,KK>WZK^^
WƵƌƉŽƐĞŽĨƚŚĞWƌŽĐĞƐƐ
dŚĞƉƵƌƉŽƐĞŽĨƚŚĞƉƌŽĐĞƐƐŝƐƚŽĐƌĞĂƚĞĂŶĚƐƵƐƚĂŝŶŝŶĐůƵƐŝǀĞƐĐŚŽŽůƐĂƚƚŚĞĞůĞŵĞŶƚĂƌǇ͕ŵŝĚĚůĞ
ĂŶĚƐĞĐŽŶĚĂƌǇůĞǀĞůƐďǇŚĞůƉŝŶŐŬĞǇƐƚĂŬĞŚŽůĚĞƌƐƚŽďĞƚƚĞƌƵŶĚĞƌƐƚĂŶĚŝŶĐůƵƐŝŽŶ͕ĐĞůĞďƌĂƚĞ
ƐƵĐĐĞƐƐĞƐĂŶĚŵĂŬĞŝŵƉƌŽǀĞŵĞŶƚƐ͘dŚĞƉƌŽĐĞƐƐĂůůŽǁƐƐƚĂŬĞŚŽůĚĞƌƐƚŽĚĞǀĞůŽƉĂƉƌŽĨŝůĞŽĨƚŚĞ
ƐĐŚŽŽů͛ƐĐƵƌƌĞŶƚŝŶĐůƵƐŝǀĞĐƵůƚƵƌĞĂŶĚƉƌĂĐƚŝĐĞƐ͖ŝĚĞŶƚŝĨǇƚŚĞƐƚƌĞŶŐƚŚƐĂŶĚĂƌĞĂƐƚŚĂƚĐĂŶďĞ
ŝŵƉƌŽǀĞĚ͖ĂŶĚďƵŝůĚĂŵĂŶĂŐĞĂďůĞƉůĂŶƚŽĞŶƐƵƌĞƚŚĂƚĞǀĞƌǇŽŶĞĨĞĞůƐƚŚĂƚƚŚĞǇďĞůŽŶŐĂŶĚĐĂŶ
ĨƵůůǇƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞůŝĨĞŽĨƚŚĞƐĐŚŽŽů͘
^ŽŵĞƐĐŚŽŽůƐŵĂǇŶŽƚĨĞĞůƚŚĞǇĂƌĞƌĞĂĚǇŽƌǁĂŶƚƚŽƵŶĚĞƌƚĂŬĞĂĨƵůůƌĞǀŝĞǁŽĨƚŚĞŝƌƐĐŚŽŽů͛Ɛ
ŝŶĐůƵƐŝǀĞƉƌĂĐƚŝĐĞƐ͕ďƵƚĚŽǁĂŶƚƚŽƵƐĞƚŚĞƚŽŽůĂƐĂŶĞĚƵĐĂƚŝŽŶĂůŽƉƉŽƌƚƵŶŝƚǇ͘/ŶƚŚŝƐĐĂƐĞ͕ƚŚĞ
ŝŶĚŝĐĂƚŽƌƐĂŶĚƋƵĞƐƚŝŽŶŶĂŝƌĞĐĂŶďĞƵƐĞĚƚŽƐƚŝŵƵůĂƚĞƌĞĨůĞĐƚŝŽŶ͕ĚŝƐĐƵƐƐŝŽŶĂŶĚůĞĂƌŶŝŶŐĂďŽƵƚ
ŝŶĐůƵƐŝŽŶ͘
tŚŽĂƌĞƚŚĞWĂƌƚŝĐŝƉĂŶƚƐŝŶƚŚĞWƌŽĐĞƐƐ
ƐŵĂŶǇƐƚĂŬĞŚŽůĚĞƌƐĂƐƉŽƐƐŝďůĞƐŚŽƵůĚƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞƉƌŽĐĞƐƐ͘^ƚĂŬĞŚŽůĚĞƌƐĂƌĞƚŚĞ
ƉĞŽƉůĞǁŚŽĐĂŶŝŶĨůƵĞŶĐĞĂŶĚͬŽƌĂƌĞĂĨĨĞĐƚĞĚďǇŝŶĐůƵƐŝŽŶŝŶƚŚĞƐĐŚŽŽů͘ƚƚŚĞŽƵƚƐĞƚ͕ƚŚŝƐƚŽŽů
ƐŚŽƵůĚďĞƵƐĞĚďǇ͗
ĚŵŝŶŝƐƚƌĂƚŽƌƐ͗ WƌŝŶĐŝƉĂů͕sŝĐĞͲWƌŝŶĐŝƉĂů͕'ƵŝĚĂŶĐĞ͕ĞƉĂƌƚŵĞŶƚŚĞĂĚƐ
ĚƵĐĂƚŽƌƐ͗ ĚƵĐĂƚŽƌƐ;ĞůĞŵĞŶƚĂƌǇ͕ŵŝĚĚůĞĂŶĚƐĞĐŽŶĚĂƌǇĞĚƵĐĂƚŽƌƐŝŶĐůƵĚŝŶŐ
ƵŶŝǀĞƌƐŝƚǇ͕ĐŽůůĞŐĞ͕ĚƵĐĂƚŝŽŶƐƐŝƐƚĂŶƚƐͬŚŝůĚzŽƵƚŚtŽƌŬĞƌƐĂŶĚ
ZĞƐŽƵƌĐĞƚĞĂĐŚĞƌƐͿ
&ŽƌĐĞƌƚĂŝŶĂƐƉĞĐƚƐŽĨƚŚĞŝŶĚŝĐĂƚŽƌƐĂŶĚƋƵĞƐƚŝŽŶŶĂŝƌĞ͕ǇŽƵŵĂǇǁĂŶƚƚŽŝŶǀŽůǀĞŽƚŚĞƌƉĞŽƉůĞ
ƚŽŐĂƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶ͕ŝŶƉĂƌƚŝĐƵůĂƌ͗^ƵƉƉŽƌƚƐƚĂĨĨ͕ƐƚƵĚĞŶƚƐĂŶĚƉĂƌĞŶƚƐͬŐƵĂƌĚŝĂŶƐ͘
ϮϬ

KǀĞƌǀŝĞǁŽĨƚŚĞ^ƚĞƉƐŝŶƚŚĞWƌŽĐĞƐƐ
dŚĞĨŽůůŽǁŝŶŐĚĞƐĐƌŝďĞƐƚŚĞƐƚĞƉƐƚŽďĞƚĂŬĞŶƚŽĐŽŵƉůĞƚĞƚŚĞƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽů
ƉƌŽĐĞƐƐ͘tŚŝůĞĚŝĨĨĞƌĞŶƚƐĐŚŽŽůƐŽƌƐĐŚŽŽůĚŝƐƚƌŝĐƚƐŵĂǇĐŚŽŽƐĞƚŽƵŶĚĞƌƚĂŬĞƚŚĞƐƚĞƉƐ
ĚŝĨĨĞƌĞŶƚůǇ͕ŝƚŝƐŝŵƉŽƌƚĂŶƚƚŽĐŽŵƉůĞƚĞĞĂĐŚƐƚĞƉ͘dŚĞƐƚĞƉƐĂƌĞ͗
ϭ͘ 'ĞƚŽƌŐĂŶŝǌĞĚ
Ϯ͘ ŽŵƉůĞƚĞƚŚĞYƵĞƐƚŝŽŶŶĂŝƌĞ
ϯ͘ 'ĞŶĞƌĂƚĞĂƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůWƌŽĨŝůĞ
ϰ͘ ŶĂůǇǌĞƚŚĞWƌŽĨŝůĞ
ϱ͘ /ĚĞŶƚŝĨǇ'ŽĂůƐ
ϲ͘ ĞǀĞůŽƉĂŶĐƚŝŽŶWůĂŶ
ϳ͘ /ŵƉůĞŵĞŶƚƚŚĞĐƚŝŽŶWůĂŶ
tŚŽ^ŚŽƵůĚDĂŶĂŐĞƚŚĞWƌŽĐĞƐƐ
dŚĞƉƌŽĐĞƐƐĐĂŶďĞŵĂŶĂŐĞĚďǇĂƐĐŚŽŽůĚŝƐƚƌŝĐƚƐƚĂĨĨŵĞŵďĞƌǁŚŽŝƐĐŽŶĐĞƌŶĞĚĂďŽƵƚĚŝǀĞƌƐŝƚǇ
ŝƐƐƵĞƐ͘/ƚĐĂŶĂůƐŽďĞŵĂŶĂŐĞĚďǇĂůĞĂĚĞƌǁŝƚŚŝŶƚŚĞƐĐŚŽŽůƐƵĐŚĂƐƚŚĞWƌŝŶĐŝƉĂů͕sŝĐĞͲ
WƌŝŶĐŝƉĂů͕ĂŶĞĚƵĐĂƚŽƌ͕ŽƌƉĂƌĞŶƚͬŐƵĂƌĚŝĂŶ͘
/ƚŝƐŝŵƉŽƌƚĂŶƚƚŚĂƚƐŽŵĞŽŶĞƚĂŬĞƚŚĞůĞĂĚŝŶĞŶƐƵƌŝŶŐƚŚĂƚĂůůƚŚĞƐƚĞƉƐĂƌĞĨŽůůŽǁĞĚ͘dŚĞŬĞǇ
ƚĂƐŬƐŝŶǀŽůǀĞĚŝŶŵĂŶĂŐŝŶŐƚŚĞƉƌŽĐĞƐƐŝŶĐůƵĚĞ͗
• ůĂƌŝĨǇŝŶŐƚŚĞƉƵƌƉŽƐĞ͕ŽďũĞĐƚŝǀĞƐĂŶĚƚŚĞŐƵŝĚŝŶŐƉƌŝŶĐŝƉůĞƐƚŚĂƚĚƌŝǀĞƚŚĞƉƌŽĐĞƐƐ
• ĞƐŝŐŶŝŶŐƚŚĞƉƌŽĐĞƐƐĂŶĚĞŶƐƵƌŝŶŐŝƚŝƐĚŽŶĞŝŶƚŚĞŵŽƐƚĞĨĨĞĐƚŝǀĞĂŶĚĞĨĨŝĐŝĞŶƚǁĂǇ
• ZĞĐƌƵŝƚŝŶŐƚŚĞĨĂĐŝůŝƚĂƚŽƌ
• DŽƚŝǀĂƚŝŶŐƐƚĂŬĞŚŽůĚĞƌƐƚŽƉĂƌƚŝĐŝƉĂƚĞ
• ŽŽƌĚŝŶĂƚŝŶŐƚŚĞƐƚĞƉƐŝŶƚŚĞƉƌŽĐĞƐƐʹĨƌŽŵƌĞĐƌƵŝƚŝŶŐƐƚĂŬĞŚŽůĚĞƌƐƚŽĐŽŵƉůĞƚĞƚŚĞ
ƋƵĞƐƚŝŽŶŶĂŝƌĞĂŶĚƚĂůůǇŝŶŐĂŶĚƐƵŵŵĂƌŝǌŝŶŐƚŚĞƌĞƐƵůƚƐ͕ƚŚƌŽƵŐŚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨĂŶ
ĂĐƚŝŽŶƉůĂŶ

Ϯϭ

d/>^Z/Wd/KEK&d,^dW^
ϭ͘ 'ĞƚKƌŐĂŶŝǌĞĚ
dŚĞƉƵƌƉŽƐĞŽĨƚŚŝƐƐƚĞƉŝƐƚŽĚĞƚĞƌŵŝŶĞƚŚĞďĞƐƚǁĂǇƚŽŵĂŶĂŐĞƚŚĞƉƌŽĐĞƐƐĂŶĚƚŚĞŶƚŽ
ƉƵƚƚŚĞŬĞǇĞůĞŵĞŶƚƐŝŶƉůĂĐĞ͘ĞĨŽƌĞĐŽŵƉůĞƚŝŶŐƚŚŝƐƐƚĞƉ͕ŝƚŝƐŝŵƉŽƌƚĂŶƚƚŽƌĞĂĚƚŚƌŽƵŐŚ
ƚŚĞŽƚŚĞƌƐƚĞƉƐĂƐǁĞůůĂƐƚŚĞ&ĂĐŝůŝƚĂƚŽƌƐ'ƵŝĚĞ;ƐĞĞƉĂŐĞϮϳͿ͘dŚŝƐǁŝůůŐŝǀĞǇŽƵĂĐůĞĂƌ
ƉŝĐƚƵƌĞŽĨĞǀĞƌǇƚŚŝŶŐƚŚĂƚŶĞĞĚƐƚŽďĞĚŽŶĞ͘/ŶŽƌĚĞƌƚŽŐĞƚŽƌŐĂŶŝǌĞĚ͕ǇŽƵǁŝůůŶĞĞĚƚŽ͗
• ůĂƌŝĨǇƚŚĞWƵƌƉŽƐĞ
/ƚŝƐŝŵƉŽƌƚĂŶƚƚŽďĞĐůĞĂƌĂďŽƵƚǁŚĂƚŝƐƚŽďĞĂĐĐŽŵƉůŝƐŚĞĚ͘dŚĞƉƵƌƉŽƐĞŵŝŐŚƚďĞ
ĚĞƐĐƌŝďĞĚĂƐ͞ŝŵƉƌŽǀŝŶŐƚŚĞŝŶĐůƵƐŝǀĞŶĞƐƐŽĨŽƵƌƐĐŚŽŽů͘͟
KŶĐĞƚŚĞƌĞŝƐĂŐƌĞĞŵĞŶƚĂďŽƵƚƚŚĞƉƵƌƉŽƐĞŽĨƚŚĞƉƌŽĐĞƐƐ͕ŝƚƐŚŽƵůĚďĞǁƌŝƚƚĞŶĚŽǁŶ
ĂŶĚĐŽŵŵƵŶŝĐĂƚĞĚƚŽĂůůƐƚĂŬĞŚŽůĚĞƌƐ͘dŚĞĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞƉƵƌƉŽƐĞƐŚŽƵůĚŝŶĐůƵĚĞ
ĐůĞĂƌĂŶĚƐƉĞĐŝĨŝĐĞǆƉĞĐƚĂƚŝŽŶƐƐŽƚŚĂƚĞǀĞƌǇŽŶĞŬŶŽǁƐĂƚƚŚĞĞŶĚŽĨƚŚĞƉƌŽĐĞƐƐ
ǁŚĞƚŚĞƌƚŚĞǇŚĂǀĞďĞĞŶĂĐŚŝĞǀĞĚ͘
• ƌƚŝĐƵůĂƚĞƚŚĞWƌŝŶĐŝƉůĞƐŽƌsĂůƵĞƐ

ĞǀĞůŽƉƉƌŝŶĐŝƉůĞƐŽƌǀĂůƵĞƐƚŚĂƚǁŝůůŐƵŝĚĞƚŚĞƉƌŽĐĞƐƐ͘&ŽƌĞǆĂŵƉůĞ͕ƚŚĞǇŵŝŐŚƚ
ŝŶĐůƵĚĞƚŚĂƚƚŚĞƉƌŽĐĞƐƐǁŝůů͗
• &ŽĐƵƐŽŶƚŚĞƉƌĞƐĞŶƚĂŶĚŶŽƚŐĞƚďŽŐŐĞĚĚŽǁŶŝŶƚŚĞƉĂƐƚ
• WƌŽǀŝĚĞŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌƐƚĂŬĞŚŽůĚĞƌƐƚŽƌĂŝƐĞ͕ĚĞďĂƚĞ͕ĐůĂƌŝĨǇĂŶĚƌĞƐŽůǀĞŝƐƐƵĞƐ
ƌĞůĂƚĞĚƚŽŝŶĐůƵƐŝŽŶ
• ŶƐƵƌĞƚŚĂƚƚŚĞĂĐƚŝŽŶƉůĂŶŝƐŵĂŶĂŐĞĂďůĞ
• ĞƚƌĂŶƐƉĂƌĞŶƚĂŶĚĞŶĐŽƵƌĂŐĞŽƉĞŶĂŶĚŚŽŶĞƐƚĚŝĂůŽŐƵĞ

• ĞƚĞƌŵŝŶĞtŚŽtŝůůWĂƌƚŝĐŝƉĂƚĞ

/ĚĞĂůůǇĂůůĞĚƵĐĂƚŽƌƐĂŶĚƐĐŚŽŽůĂĚŵŝŶŝƐƚƌĂƚŽƌƐŝŶƚŚĞƐĐŚŽŽůƐŚŽƵůĚƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞ
ƉƌŽĐĞƐƐ͕ƚŚŽƵŐŚƚŚŝƐŵĂǇŶŽƚďĞƌĞĂůŝƐƚŝĐ͘/ƚŝƐ͕ŚŽǁĞǀĞƌ͕ŝŵƉŽƌƚĂŶƚƚŽŚĂǀĞĂƐŵĂŶǇ
ĞĚƵĐĂƚŽƌƐĂŶĚĂĚŵŝŶŝƐƚƌĂƚŽƌƐĂƐƉŽƐƐŝďůĞĐŽŵƉůĞƚĞƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞ͘/ĨŶĞĐĞƐƐĂƌǇ͕Ă
ƐŵĂůůĞƌŐƌŽƵƉŽĨƐƚĂŬĞŚŽůĚĞƌƐĐĂŶƚŚĞŶĚĞƚĞƌŵŝŶĞƐƚƌĂƚĞŐŝĞƐĨŽƌŵĂŬŝŶŐŝŵƉƌŽǀĞŵĞŶƚƐ͘
ϮϮ

^ŽŵĞƐĐŚŽŽůƐŵĂǇĂƚƚĞŵƉƚƚŽŝŶǀŽůǀĞĂůůĞĚƵĐĂƚŽƌƐĂŶĚĂĚŵŝŶŝƐƚƌĂƚŽƌƐŝŶĐŽŵƉůĞƚŝŶŐƚŚĞ
ƋƵĞƐƚŝŽŶŶĂŝƌĞďǇƵƚŝůŝǌŝŶŐĞǆŝƐƚŝŶŐĨŽƌƵŵƐ;ƐƵĐŚĂƐƐƚĂĨĨŵĞĞƚŝŶŐƐŽƌƵƐŝŶŐƚŚĞƚŽŽůĂƐ
ƉĂƌƚŽĨĂƉƌŽĨĞƐƐŝŽŶĂůĚĞǀĞůŽƉŵĞŶƚĞǆĞƌĐŝƐĞͿ͘ƚƚŚĞǀĞƌǇůĞĂƐƚ͕ŝƚŝƐŝŵƉŽƌƚĂŶƚƚŽŚĂǀĞ
ƉĂƌƚŝĐŝƉĂƚŝŽŶŽĨƉĞŽƉůĞǁŝƚŚĚŝǀĞƌƐĞƉĞƌƐƉĞĐƚŝǀĞƐ͘'ĞƚƚŝŶŐĚŝǀĞƌƐĞĨĞĞĚďĂĐŬǁŝůůŵĞĂŶ
ƚŚĞĞŶĚƌĞƐƵůƚŝƐŵŽƌĞďƌŽĂĚůǇŽǁŶĞĚĂŶĚƐĞĞŶĂƐĐƌĞĚŝďůĞ͘

• /ĚĞŶƚŝĨǇĂŶĚZĞĐƌƵŝƚĂ&ĂĐŝůŝƚĂƚŽƌ
dŚĞĨĂĐŝůŝƚĂƚŽƌƉůĂǇƐĂǀĞƌǇŝŵƉŽƌƚĂŶƚƌŽůĞŝŶƚŚĞƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůƉƌŽĐĞƐƐ͘
,ŝƐŽƌŚĞƌƉƌŝŵĂƌǇƌŽůĞŝƐƚŽĨĂĐŝůŝƚĂƚĞƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞƐ͘,ĞŽƌƐŚĞ
ĐĂŶĂůƐŽĨĂĐŝůŝƚĂƚĞƚŚĞƉƌŽĐĞƐƐŽĨƌĞǀŝĞǁŝŶŐƚŚĞƉƌŽĨŝůĞ͕ƐĞƚƚŝŶŐŐŽĂůƐĂŶĚĚĞǀĞůŽƉŝŶŐĂŶ
ĂĐƚŝŽŶƉůĂŶ͘
dŚĞũŽďŽĨƚŚĞĨĂĐŝůŝƚĂƚŽƌŝƐƚŽ͗ŐƵŝĚĞƚŚĞĚŝƐĐƵƐƐŝŽŶ͕ŚĞůƉǁŝƚŚĐůĂƌŝĨŝĐĂƚŝŽŶ͕ĞŶƐƵƌĞƚŚĂƚ
ĞǀĞƌǇŽŶĞƉĂƌƚŝĐŝƉĂƚĞƐ͕ĞŶĐŽƵƌĂŐĞĐĂŶĚŝĚĚŝƐĐƵƐƐŝŽŶ͕ĂŶĚŬĞĞƉƉĞŽƉůĞŽŶƚƌĂĐŬĂŶĚŽŶ
ƚŝŵĞ͘dŚĞĨĂĐŝůŝƚĂƚŽƌŵĂǇĂůƐŽƉƌŽǀŝĚĞĞǆĂŵƉůĞƐŽĨŝŶĐůƵƐŝǀĞďĞŚĂǀŝŽƵƌĨƌŽŵŚŝƐŽƌŚĞƌ
ŽǁŶĞǆƉĞƌŝĞŶĐĞƐ͘
dŚĞĨĂĐŝůŝƚĂƚŽƌŵƵƐƚďĞĂƐŽďũĞĐƚŝǀĞĂƐƉŽƐƐŝďůĞ͘/ƚŝƐŝŵƉŽƌƚĂŶƚƚŚĂƚŚĞͬƐŚĞƌĞĐŽŐŶŝǌĞƐ
ĂŶĚĂĚĚƌĞƐƐĞƐďŝĂƐĂŶĚǁŽƌŬƐƚŽĞŶƐƵƌĞƚŚĞǇĚŽŶ͛ƚŝŶĨůƵĞŶĐĞƚŚĞƉƌŽĐĞƐƐ͘ŽŶ͛ƚĂƐƐŝŐŶĂ
ĨĂĐŝůŝƚĂƚŽƌƚŽĂŐƌŽƵƉƚŚĂƚŵĂǇďĞŝŶƚŝŵŝĚĂƚĞĚďǇƚŚĞŵ;Ğ͘Ő͘ĂƉƌŝŶĐŝƉĂůĨĂĐŝůŝƚĂƚŝŶŐĂŶ
ĞĚƵĐĂƚŽƌŐƌŽƵƉͿŽƌĂƌĞĂŶŝŵƉŽƌƚĂŶƚƉĂƌƚŝĐŝƉĂŶƚŝŶƚŚĞƉƌŽĐĞƐƐ͘
dŚĞĨĂĐŝůŝƚĂƚŽƌĐĂŶďĞĚƌĂǁŶĨƌŽŵƚŚĞďƌŽĂĚĐŽŵŵƵŶŝƚǇ;ƐƵĐŚĂƐE>Ϳ͖ƐĐŚŽŽů
ĐŽŵŵƵŶŝƚǇ;Ğ͘Ő͘ƉĂƌĞŶƚƐǁŚŽŚĂǀĞĞǆƉĞƌŝĞŶĐĞĂƐĨĂĐŝůŝƚĂƚŽƌƐĂŶĚĐĂŶďĞŽďũĞĐƚŝǀĞͿ͖ĂŶĚ
ƚŚĞƐĐŚŽŽůĚŝƐƚƌŝĐƚ͘
• ĞƐŝŐŶƚŚĞWƌŽĐĞƐƐĂŶĚĞǀĞůŽƉĂtŽƌŬWůĂŶ

tŚŝůĞƚŚĞŬĞǇƐƚĞƉƐĂƌĞŽƵƚůŝŶĞĚŝŶƚŚŝƐǁŽƌŬďŽŽŬ͕ƐĐŚŽŽůƐŽƌƐĐŚŽŽůĚŝƐƚƌŝĐƚƐǁŝůůŶĞĞĚƚŽ
ĂĚĂƉƚƚŚĞƉƌŽĐĞƐƐƚŽŵĞĞƚƚŚĞŝƌŶĞĞĚƐ͘dŚĞĨŽůůŽǁŝŶŐĂƌĞĐŽŶƐŝĚĞƌĂƚŝŽŶƐƚŚĂƚǁŝůůŚĞůƉŝŶ
ĚĞƐŝŐŶŝŶŐƚŚĞƉƌŽĐĞƐƐ͗

9 tŚĂƚŝƐĂƌĞĂƐŽŶĂďůĞƚŝŵĞĨƌĂŵĞĨŽƌĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽĐĞƐƐ͍
9 tŚŽǁŝůůƉĂƌƚŝĐŝƉĂƚĞĂŶĚŚŽǁĐĂŶǁĞĞŶƐƵƌĞƚŚĂƚǁĞŚĂǀĞƚŚĞďƌŽĂĚĞƐƚƉŽƐƐŝďůĞ
ƌĞƉƌĞƐĞŶƚĂƚŝŽŶǁŚŝůĞƌĞĐŽŐŶŝǌŝŶŐůŝŵŝƚĞĚƌĞƐŽƵƌĐĞƐ͍
9 tŚŽǁŝůůŝŶǀŝƚĞƉŽƚĞŶƚŝĂůƉĂƌƚŝĐŝƉĂŶƚƐĂŶĚĐŽƉǇƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞ͍
9 tŚĂƚŝƐƚŚĞďĞƐƚǁĂǇƚŽĐŽŵƉůĞƚĞƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞ͍tŚĞƌĞĐĂŶƚŚĞŐƌŽƵƉŵĞĞƚ
;ĚŽŶ͛ƚƵƐĞƚŚĞƐƚĂĨĨƌŽŽŵĂƐƚŚĞŐƌŽƵƉƚĞŶĚƐƚŽďĞŝŶƚĞƌƌƵƉƚĞĚĚƵĞƚŽĨůĞǆŝďůĞ
ƐĐŚĞĚƵůŝŶŐŽĨƐƚĂĨĨͿ͍
Ϯϯ

9 ^ŚŽƵůĚƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞďĞĐŽŵƉůĞƚĞĚĚƵƌŝŶŐŽƌĂĨƚĞƌƐĐŚŽŽůŚŽƵƌƐ͍tŚĂƚĂƌĞ
ƚŚĞŝŵƉůŝĐĂƚŝŽŶƐĨŽƌĂƚƚĞŶĚĂŶĐĞ͍
9 ,ŽǁǁŝůůǁĞƌĞĐƌƵŝƚĂĨĂĐŝůŝƚĂƚŽƌ͍/ƐŚĞŽƌƐŚĞƚƌĂŝŶĞĚŝŶƚŚŝƐƉƌŽĐĞƐƐ͍
9 ,ŽǁǁŝůůƚŚĞƌĞƐƵůƚƐŽĨƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞďĞƚĂůůŝĞĚĂŶĚƐƵŵŵĂƌŝǌĞĚ͍tŚŽǁŝůů
ĚŽŝƚ͍ŽǇŽƵǁĂŶƚƚŽĞŶƐƵƌĞĐŽŶĨŝĚĞŶƚŝĂůŝƚǇĨŽƌƉĂƌƚŝĐŝƉĂŶƚƐĐŽŵƉůĞƚŝŶŐƚŚĞ
ƋƵĞƐƚŝŽŶŶĂŝƌĞ͍
9 tŚĂƚŝƐƚŚĞďĞƐƚǁĂǇƚŽƌĞǀŝĞǁƚŚĞƉƌŽĨŝůĞ͕ƐĞƚŐŽĂůƐĂŶĚĚĞǀĞůŽƉĂŶĂĐƚŝŽŶƉůĂŶ͍
9 tŚĂƚƌĞƐŽƵƌĐĞƐĂƌĞƌĞƋƵŝƌĞĚƚŽĐŽŵƉůĞƚĞƚŚĞƉƌŽĐĞƐƐ;Ğ͘Ő͘ƌĞůĞĂƐĞƚŝŵĞĨŽƌ
ĞĚƵĐĂƚŽƌƐͿ͍tŚĞƌĞǁŝůůǁĞŐĞƚƚŚĞƌĞƐŽƵƌĐĞƐ͍
9 ,ŽǁǁŝůůǁĞĐŽŵŵƵŶŝĐĂƚĞƚŚĞƉƵƌƉŽƐĞĂŶĚƌĞƐƵůƚƐŽĨƚŚĞƉƌŽĐĞƐƐƚŽ
ƐƚĂŬĞŚŽůĚĞƌƐ͍

Ϯ͘ ŽŵƉůĞƚĞƚŚĞYƵĞƐƚŝŽŶŶĂŝƌĞ
dŚĞƉƵƌƉŽƐĞŽĨƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞŝƐƚŽŐĂƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞĂƚƚŝƚƵĚĞƐĂŶĚƉƌĂĐƚŝĐĞƐ
ǁŝƚŚŝŶƚŚĞƐĐŚŽŽůƚŽǁĂƌĚŝŶĐůƵƐŝŽŶĂŶĚƚŽƐƚŝŵƵůĂƚĞĚŝƐĐƵƐƐŝŽŶĂŶĚůĞĂƌŶŝŶŐĂďŽƵƚŝŶĐůƵƐŝŽŶ͘
zŽƵŵĂǇǁĂŶƚƚŽĐŽŶƐŝĚĞƌďƌĞĂŬŝŶŐƚŚĞĂĚŵŝŶŝƐƚƌĂƚŽƌƐĂŶĚĞĚƵĐĂƚŽƌƐŝŶƚŽƚŚĞŝƌŽǁŶŐƌŽƵƉƐ͘
dŚĞĐŽŵƉůĞƚŝŽŶŽĨƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞƐŚŽƵůĚďĞůĞĚďǇĂĨĂĐŝůŝƚĂƚŽƌ͘dŚŝƐŝƐŝŵƉŽƌƚĂŶƚ
ďĞĐĂƵƐĞƚŚĞŝŶƚĞŶƚŽĨƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞƉƌŽĐĞƐƐŝƐƚŽŐĂƚŚĞƌĨĞĞĚďĂĐŬĂďŽƵƚƚŚĞ
ŝŶĐůƵƐŝǀĞŶĞƐƐŽĨƚŚĞƐĐŚŽŽů͕ĂƐǁĞůůĂƐƚŽƉƌŽǀŝĚĞĂŶŽƉƉŽƌƚƵŶŝƚǇĨŽƌƉĂƌƚŝĐŝƉĂŶƚƐƚŽƌĞĨůĞĐƚ
ƵƉŽŶĂŶĚĚŝƐĐƵƐƐƚŚĞŝƐƐƵĞƐ͘^ŽŵĞŽĨƚŚĞďĞƐƚůĞĂƌŶŝŶŐĂďŽƵƚŝŶĐůƵƐŝŽŶǁŝůůŚĂƉƉĞŶƚŚƌŽƵŐŚ
ƚŚĞĚŝƐĐƵƐƐŝŽŶĂŶĚƚŚŝƐŝŶŝƚƐĞůĨǁŝůůŵŽǀĞƚŚĞƐĐŚŽŽůƚŽǁĂƌĚŐƌĞĂƚĞƌŝŶĐůƵƐŝŽŶ͘
dŚĞƌĞĂƌĞƚǁŽŽƉƚŝŽŶƐĨŽƌĐŽŵƉůĞƚŝŶŐƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞ͗
/͘ 'ƌŽƵƉƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͗ƌŝŶŐŝŶŐƚŽŐĞƚŚĞƌƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐĨƌŽŵĞĂĐŚŽĨƚŚĞ
ƐƚĂŬĞŚŽůĚĞƌŐƌŽƵƉƐ;ĂĚŵŝŶŝƐƚƌĂƚŽƌƐ͕ĞĚƵĐĂƚŽƌƐ͕ĂŶĚǁŚĞŶĂƉƉƌŽƉƌŝĂƚĞ͕ŽƚŚĞƌƐĐŚŽŽů
ƐƚĂĨĨ͕ƐƚƵĚĞŶƚƐĂŶĚƉĂƌĞŶƚƐͬŐƵĂƌĚŝĂŶƐͿƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶŽŶĞĚŝƐĐƵƐƐŝŽŶ͘ĂĐŚ
ƐƚĂŬĞŚŽůĚĞƌŐƌŽƵƉƐŚŽƵůĚďĞŵĂĚĞƵƉŽĨĂĨĂŝƌƐĂŵƉůŝŶŐ͕ƐŽĨŽƌĞǆĂŵƉůĞ͕ƚŚĞ
ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐŝŶƚŚĞĞĚƵĐĂƚŽƌƐŐƌŽƵƉĐŽƵůĚďĞŵĂĚĞŽĨĂƚĞĂĐŚĞƌĨƌŽŵĞĂĐŚŐƌĂĚĞ
ĂŶĚĂZĞƐŽƵƌĐĞƚĞĂĐŚĞƌ͘
WƌŽƐ͗ ƌĞƋƵŝƌĞƐŽŶůǇŽŶĞĨĂĐŝůŝƚĂƚŽƌ͖ƚĂŬĞƐůĞƐƐƚŝŵĞƚŽĐŽŵƉůĞƚĞ͖ĂůůŽǁƐ
ĨŽƌŵŽƌĞŝŶͲĚĞƉƚŚĚŝƐĐƵƐƐŝŽŶ
ŽŶƐ͗ ĞŶŐĂŐĞƐĨĞǁĞƌƐƚĂŬĞŚŽůĚĞƌƐĂŶĚŵĂǇƉƌŽǀŝĚĞĂůĞƐƐĂĐĐƵƌĂƚĞ
ƉŝĐƚƵƌĞŽĨŝŶĐůƵƐŝŽŶ
//͘ ^ĞƉĂƌĂƚĞĚŝƐĐƵƐƐŝŽŶŐƌŽƵƉƐǁŝƚŚďƌŽĂĚĞƌƉĂƌƚŝĐŝƉĂƚŝŽŶ͗ĚŵŝŶŝƐƚƌĂƚŽƌƐĂŶĚ
ĞĚƵĐĂƚŽƌƐĂƌĞĚŝǀŝĚĞĚŝŶƚŽƐĞƉĂƌĂƚĞŐƌŽƵƉƐǁŝƚŚĂƐŵĂŶǇƐƚĂŬĞŚŽůĚĞƌƐŝŶĞĂĐŚŐƌŽƵƉ
Ϯϰ

ĂƐƉŽƐƐŝďůĞ͘/ĨƚŚĞƌĞĂƌĞŽŶůǇŽŶĞŽƌƚǁŽĂĚŵŝŶŝƐƚƌĂƚŽƌƐƚŚĞǇĐĂŶĨŝůůŽƵƚƚŚĞ
ƋƵĞƐƚŝŽŶŶĂŝƌĞŽŶƚŚĞŝƌŽǁŶĂŶĚŽƚŚĞƌǁŝƐĞ͕ƚŚĞǇƐŚŽƵůĚŚĂǀĞĂĨĂĐŝůŝƚĂƚŽƌ͘^ƵƉƉŽƌƚ
ƐƚĂĨĨƐƵĐŚĂƐĞĚƵĐĂƚŝŽŶĂůĂƐƐŝƐƚĂŶƚƐŵĂǇũŽŝŶƚŚĞĞĚƵĐĂƚŽƌŐƌŽƵƉ͘
WƌŽƐ͗ ĞŶŐĂŐĞƐŵŽƌĞƉĂƌƚŝĐŝƉĂŶƚƐŽŶƚŚĞŝƐƐƵĞŽĨŝŶĐůƵƐŝŽŶĂŶĚƉƌŽǀŝĚĞƐĂ
ŵŽƌĞĂĐĐƵƌĂƚĞƌĞĨůĞĐƚŝŽŶŽĨŝŶĐůƵƐŝŽŶƉƌĂĐƚŝĐĞƐĂŶĚĂƚƚŝƚƵĚĞƐ
ŽŶƐ͗ ƌĞƋƵŝƌĞƐƚŚĂƚŵŽƌĞĨĂĐŝůŝƚĂƚŽƌƐďĞƵƐĞĚ͖ƚĂŬĞƐŵŽƌĞƚŝŵĞĂŶĚ
ĞĨĨŽƌƚƚŽĐŽŽƌĚŝŶĂƚĞ͖ůŝŵŝƚƐĚŝƐĐƵƐƐŝŽŶ

ϯ͘ 'ĞŶĞƌĂƚĞƚŚĞƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůWƌŽĨŝůĞ
dŚĞƉƵƌƉŽƐĞŽĨƚŚŝƐƐƚĞƉŝƐƚŽĐŽŵƉŝůĞƚŚĞŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞƐŝŶƚŽĂƐƵŵŵĂƌǇ
ŽĨƌĞƐƵůƚƐĐĂůůĞĚĂƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůWƌŽĨŝůĞ͘
/ĨƚŚĞƌĞŝƐďƌŽĂĚƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶĐŽŵƉůĞƚŝŶŐƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞ͕ƚŚĞŶƚŚĞĨŽůůŽǁŝŶŐƉƌŽĐĞƐƐ
ƐŚŽƵůĚďĞĨŽůůŽǁĞĚ͗
ϭ͘ ŽƵŶƚƚŚĞŶƵŵďĞƌŽĨƌĞƐƉŽŶƐĞƐƚŽĞĂĐŚŝŶĚŝĐĂƚŽƌƐƚĂƚĞŵĞŶƚĨŽƌĞĂĐŚďŽǆĨŽƌĞĂĐŚŐƌŽƵƉ
;ĞĚƵĐĂƚŽƌƐĂŶĚĂĚŵŝŶŝƐƚƌĂƚŽƌƐͿ͘&ŽƌĞǆĂŵƉůĞ͕ŝŶƚŚĞĨŝƌƐƚŝŶĚŝĐĂƚŽƌƐƚĂƚĞŵĞŶƚ͕ŚŽǁŵĂŶǇ
ĞĚƵĐĂƚŽƌƐĐŚĞĐŬĞĚsĞƌǇǀŝĚĞŶƚ͕DŽƐƚůǇǀŝĚĞŶƚ͕^ŽŵĞǁŚĂƚǀŝĚĞŶƚ͕EŽƚĂƚůůǀŝĚĞŶƚŽƌ
EĞĞĚDŽƌĞ/ŶĨŽƌŵĂƚŝŽŶ͘

Ϯ͘ ĚĚƚŚĞĐŽůƵŵŶƐĨŽƌĂƚŽƚĂůŶƵŵďĞƌŽĨƌĞƐƉŽŶƐĞƐĨƌŽŵĞĂĐŚŐƌŽƵƉ;ĞĚƵĐĂƚŽƌƐĂŶĚ
ĂĚŵŝŶŝƐƚƌĂƚŽƌƐͿƚŽĞĂĐŚŝŶĚŝĐĂƚŽƌƐƚĂƚĞŵĞŶƚ͘

ϯ͘ ŽĂƉĞƌĐĞŶƚĂŐĞŽĨƌĞƐƉŽŶƐĞƐĨŽƌĞĂĐŚŐƌŽƵƉĨŽƌĞĂĐŚŝŶĚŝĐĂƚŽƌƐƚĂƚĞŵĞŶƚ͘

ϰ͘ dƌĂŶƐĐƌŝďĞƚŚĞĐŽŵŵĞŶƚƐǁƌŝƚƚĞŶŝŶǀŝĚĞŶĐĞ͘^ƵŵŵĂƌŝǌĞĐŽŵŵĞŶƚƐĨƌŽŵĞĚƵĐĂƚŽƌƐĂŶĚ
ĂĚŵŝŶŝƐƚƌĂƚŽƌƐ͘
/ĨƚŚĞƌĞŚĂƐŽŶůǇďĞĞŶŐƌŽƵƉƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐƉĂƌƚŝĐŝƉĂƚŝŶŐŝŶĐŽŵƉůĞƚŝŶŐƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞƚŚĞŶ
ĂƐƵŵŵĂƌǇŽĨƌĞƐƉŽŶƐĞƐĂŶĚĂƐƵŵŵĂƌǇŽĨƚŚĞĞǀŝĚĞŶĐĞĐĂŶďĞƉƌĞƉĂƌĞĚ͘
WƌŽĨŝůĞ^ŚĞĞƚ͕ƉƌŽǀŝĚĞĚŝŶĂƉƉĞŶĚŝǆ͕ĐĂŶďĞƵƐĞĚƚŽƚĂůůǇĂŶĚƐƵŵŵĂƌŝǌĞƚŚĞƌĞƐƵůƚƐ͘
dŚĞŝŶĚŝǀŝĚƵĂůĐŽŵŵĞŶƚƐǁƌŝƚƚĞŶƵŶĚĞƌǀŝĚĞŶĐĞŽŶƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞƐŚŽƵůĚďĞƐƵŵŵĂƌŝǌĞĚ
ŝŶŽƌĚĞƌƚŽĐĂƉƚƵƌĞŬĞǇĨĞĞĚďĂĐŬ͘ŶǇƌĞĨĞƌĞŶĐĞƐƚŽĂƐƉĞĐŝĨŝĐŝŶĚŝǀŝĚƵĂů͕ŽƌƵŶƉƌŽĚƵĐƚŝǀĞ
ŶĞŐĂƚŝǀĞĐŽŵŵĞŶƚƐ͕ƐŚŽƵůĚďĞŽŵŝƚƚĞĚ͘
Ϯϱ

dŚĞWƌŽĨŝůĞĐĂŶďĞĚŽŶĞďǇĂǀĂƌŝĞƚǇŽĨƉĞŽƉůĞƐƵĐŚĂƐĂǀŽůƵŶƚĞĞƌƉĂƌĞŶƚĂƚƚŚĞƐĐŚŽŽůŽƌĂŶ
ĞĚƵĐĂƚŽƌǁŚŽŚĂƐĂŶŝŶƚĞƌĞƐƚŝŶǁŽƌŬŝŶŐŽŶƚŚŝƐƉƌŽĐĞƐƐ͘
ϰ͘ ŶĂůǇǌĞƚŚĞWƌŽĨŝůĞ
KŶĐĞƚŚĞƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůWƌŽĨŝůĞŚĂƐďĞĞŶĐŽŵƉůĞƚĞĚ͕ƚŚĞŶĞǆƚƐƚĞƉŝŶƚŚĞƉƌŽĐĞƐƐ
ŝƐƚŽĂŶĂůǇǌĞƚŚĞWƌŽĨŝůĞ͘dŚŝƐĐĂŶďĞĚŽŶĞŝŶĂŶƵŵďĞƌŽĨǁĂǇƐ͘KŶĞǁĂǇŝƐƚŽƌĞǀŝĞǁƚŚĞ
WƌŽĨŝůĞĂƚĂƐĐŚŽŽůƐƚĂĨĨŵĞĞƚŝŶŐ͘ŶŽƚŚĞƌŽƉƚŝŽŶŝƐƚŽďƌŝŶŐƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶƚŽƚŚĞƐĐŚŽŽů͛Ɛ
ƌĞŐƵůĂƌ^ĐŚŽŽů/ŵƉƌŽǀĞŵĞŶƚWůĂŶŶŝŶŐWƌŽĐĞƐƐĂŶĚŝŶǀŽůǀĞƉĞŽƉůĞǁŚŽĂƌĞƚǇƉŝĐĂůůǇŝŶǀŽůǀĞĚŝŶ
ƚŚŝƐƉƌŽĐĞƐƐ͘dŚŝƐŵĂǇďĞƚŚĞďĞƐƚĂƉƉƌŽĂĐŚŝĨƚŚĞŝŶƚĞŶƚŝƐƚŽƵƐĞƚŚĞƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ
^ĐŚŽŽůƚŽŽůĂƐƉĂƌƚŽĨĂŶŝŵƉƌŽǀĞŵĞŶƚƉƌŽĐĞƐƐ͘dŚŝƐĂůƐŽĨŝƚƐǁŝƚŚƚŚĞŶĞǆƚƚǁŽƐƚĞƉƐƚŚĂƚ
ŝŶǀŽůǀĞŝĚĞŶƚŝĨǇŝŶŐŐŽĂůƐĂŶĚĚĞǀĞůŽƉŝŶŐĂŶĂĐƚŝŽŶƉůĂŶďĂƐĞĚŽŶƚŚĞŝŶĨŽƌŵĂƚŝŽŶƌĞĐĞŝǀĞĚĨƌŽŵ
ƚŚĞƚŽŽů͘
dŚĞĂŶĂůǇƐŝƐŽĨƚŚĞWƌŽĨŝůĞĂŶĚƚŚĞƐƚĞƉƐŽĨŝĚĞŶƚŝĨǇŝŶŐŐŽĂůƐĂŶĚĚĞǀĞůŽƉŝŶŐĂŶĂĐƚŝŽŶƉůĂŶŵĂǇ
ĂůƐŽďĞŶĞĨŝƚĨƌŽŵƚŚĞƵƐĞŽĨĂŶŽƵƚƐŝĚĞĨĂĐŝůŝƚĂƚŽƌ͘dŚĞĨĂĐŝůŝƚĂƚŽƌĐĂŶŚĞůƉŐƵŝĚĞƚŚĞĚŝƐĐƵƐƐŝŽŶ
ĂŶĚŬĞĞƉƚŚĞƉƌŽĐĞƐƐĨŽĐƵƐĞĚŽŶĂĐŚŝĞǀŝŶŐƚŚĞƌĞƐƵůƚƐǇŽƵǁĂŶƚƚŽĂĐŚŝĞǀĞĨŽƌǇŽƵƌƐĐŚŽŽů͘
ϱ͘ /ĚĞŶƚŝĨǇ'ŽĂůƐ
dŚĞƉƵƌƉŽƐĞŽĨƚŚŝƐƐƚĞƉŝƐƚŽŝĚĞŶƚŝĨǇŵĂŶĂŐĞĂďůĞĂŶĚƐƉĞĐŝĨŝĐŐŽĂůƐƚŚĂƚĐĂŶŚĞůƉŵŽǀĞƚŚĞ
ƐĐŚŽŽůƚŽǁĂƌĚďĞĐŽŵŝŶŐŵŽƌĞŝŶĐůƵƐŝǀĞ͘dŚĞŐŽĂůƐƚĂƚĞŵĞŶƚƐĂƌĞĚƌĂǁŶĨƌŽŵƚŚĞƌĞƐƵůƚƐŽĨƚŚĞ
ƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůWƌŽĨŝůĞ͘&ŽƌĞǆĂŵƉůĞ͕ŝĨƚŚĞWƌŽĨŝůĞĨŽƵŶĚƚŚĂƚƐƚƵĚĞŶƚƐĂƌĞŶŽƚĨƵůůǇ
ĞĚƵĐĂƚĞĚĂŶĚƐƵƉƉŽƌƚĞĚƚŽĞĨĨĞĐƚŝǀĞůǇĚĞĂůǁŝƚŚďƵůůǇŝŶŐ͕ƚĞĂƐŝŶŐĂŶĚŚĂƌĂƐƐŵĞŶƚ͕ƚŚĞŶƚŚĞŐŽĂů
ŵŝŐŚƚƐƚĂƚĞ͗͞ƚŽƉƌŽǀŝĚĞŵŽƌĞƐƵƉƉŽƌƚƚŽƐƚƵĚĞŶƚƐƐŽƚŚĂƚƚŚĞǇĐĂŶĞĨĨĞĐƚŝǀĞůǇĚĞĂůǁŝƚŚ
ďƵůůǇŝŶŐ͕ƚĞĂƐŝŶŐĂŶĚŚĂƌĂƐƐŵĞŶƚ͘͟
tŚĞŶĚĞǀĞůŽƉŝŶŐŐŽĂůƐƚĂƚĞŵĞŶƚƐ͕ŝƚŝƐŝŵƉŽƌƚĂŶƚƚŚĂƚƚŚĞǇĂƌĞƐƉĞĐŝĨŝĐĞŶŽƵŐŚƚŚĂƚƉĞŽƉůĞǁŝůů
ŬŶŽǁǁŚĞŶƚŚĞǇŚĂǀĞďĞĞŶĂĐŚŝĞǀĞĚ͘^ƚĂƌƚŝŶŐǁŝƚŚĂǀĞƌďĐĂŶŚĞůƉĞŶƐƵƌĞƚŚĂƚƚŚĞǇĂƌĞŵŽƌĞ
ŵĞĂƐƵƌĂďůĞ͘/ƚŝƐďĞƚƚĞƌƚŽƐĞƚůĞƐƐĂŵďŝƚŝŽƵƐŐŽĂůƐĂŶĚďĞƐƵĐĐĞƐƐĨƵů͕ƚŚĂŶƚŽĐƌĞĂƚĞĂŵďŝƚŝŽƵƐ
ŽŶĞƐƚŚĂƚĂƌĞŶ͛ƚĂĐŚŝĞǀĞĚ͘
/ƚŝƐĐƌŝƚŝĐĂůƚŚĂƚĂďƌŽĂĚŐƌŽƵƉŽĨŬĞǇƐƚĂŬĞŚŽůĚĞƌƐ;ƐƵĐŚĂƐ͗ĂĚŵŝŶŝƐƚƌĂƚŽƌƐ͕ĞĚƵĐĂƚŽƌƐ͕ƐƵƉƉŽƌƚ
ƐƚĂĨĨ͕ƐƚƵĚĞŶƚƐĂŶĚƉĂƌĞŶƚƐͬŐƵĂƌĚŝĂŶƐͿďƵǇŝŶƚŽƚŚĞŐŽĂůƐƐŽƚŚĞǇĂƌĞŵŽƌĞĐŽŵŵŝƚƚĞĚƚŽ
ĂĐĐŽŵƉůŝƐŚŝŶŐƚŚĞŵ͘<ĞǇƐƚĂŬĞŚŽůĚĞƌƐƐŚŽƵůĚŚĞůƉĚĞǀĞůŽƉƚŚĞŐŽĂůƐĂŶĚĚĞƚĞƌŵŝŶĞǁŚŝĐŚĂƌĞ
ƚŚĞŵŽƐƚŝŵƉŽƌƚĂŶƚ͘
Ϯϲ

ϲ͘ ĞǀĞůŽƉĂŶĐƚŝŽŶWůĂŶ
dŚĞƉƵƌƉŽƐĞŽĨĚĞǀĞůŽƉŝŶŐĂƉůĂŶŝƐƚŽĞŶƐƵƌĞƚŚĂƚĂĐƚŝŽŶƐĂƌĞƚĂŬĞŶƚŽƐƚƌĞŶŐƚŚĞŶƚŚĞ
ŝŶĐůƵƐŝǀĞŶĞƐƐŽĨƚŚĞƐĐŚŽŽů͘/ƚƐŚŽƵůĚďĞƉĞƌĐĞŝǀĞĚĂƐŵĂŶĂŐĞĂďůĞďǇƚŚŽƐĞŝŶĚŝǀŝĚƵĂůƐǁŚŽĂƌĞ
ĐƌŝƚŝĐĂůƚŽŝƚƐƐƵĐĐĞƐƐ͘dŚĞƉůĂŶƐŚŽƵůĚŝŶĐůƵĚĞ͗ƉƌŝŽƌŝƚŝĞƐĂŶĚƐƚƌĂƚĞŐŝĞƐ͕ƚĂĐƚŝĐƐ͕ƌĞƐŽƵƌĐĞƐ͕
ƚŝŵĞůŝŶĞƐ͕ĂƐƐŝŐŶĞĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĂŶĚĂŵĞĐŚĂŶŝƐŵƚŽĞǀĂůƵĂƚĞƉƌŽŐƌĞƐƐ͘
Ϯϳ

ƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůʹ&ĂĐŝůŝƚĂƚŽƌƐ'ƵŝĚĞ
&/>/ddKZ^'h/
dŚĞĨĂĐŝůŝƚĂƚŽƌǁŝůů͗ŝŶƚƌŽĚƵĐĞƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞ͖ĚĞƐĐƌŝďĞƚŚĞƌŽůĞŽĨƚŚĞĨĂĐŝůŝƚĂƚŽƌ͖ŽƵƚůŝŶĞƚŚĞ
ƉƌŝŶĐŝƉůĞƐƚŚĂƚǁŝůůŐƵŝĚĞƚŚĞƉƌŽĐĞƐƐ͖ĂŶĚƉƌŽǀŝĚĞĚŝƌĞĐƚŝŽŶƐƚŽĐŽŵƉůĞƚŝŶŐƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞ͘
ϭ͘ /ŶƚƌŽĚƵĐĞƚŚĞYƵĞƐƚŝŽŶŶĂŝƌĞ

tĞůĐŽŵĞWĂƌƚŝĐŝƉĂŶƚƐ

ƐŬƉĞŽƉůĞƚŽŝŶƚƌŽĚƵĐĞƚŚĞŵƐĞůǀĞƐ͘/ĨŝƚŝƐĂůĂƌŐĞŐƌŽƵƉ͕ƚŚĞŶĂƐŬƉĂƌƚŝĐŝƉĂŶƚƐƚŽŝŶƚƌŽĚƵĐĞ
ƚŚĞŵƐĞůǀĞƐŝŶƚŚĞďƌĞĂŬŽƵƚŐƌŽƵƉƐ͘

/ŶƚƌŽĚƵĐĞƚŚĞWƵƌƉŽƐĞŽĨƚŚĞ^ĞƐƐŝŽŶ

ZĞŵŝŶĚƉĂƌƚŝĐŝƉĂŶƚƐƚŚĂƚƚŚĞƉƵƌƉŽƐĞŽĨƚŚĞƐĞƐƐŝŽŶŝƐƚŽƚĂůŬĂďŽƵƚŝŶĐůƵƐŝŽŶĂŶĚŐĞƚĂƉŝĐƚƵƌĞ
ŽĨŚŽǁŝŶĐůƵƐŝŽŶŚĂƉƉĞŶƐŽƌĚŽĞƐŶ͛ƚŚĂƉƉĞŶŝŶƚŚĞƐĐŚŽŽů͘ůƐŽƐƚĂƚĞƚŚĂƚĂƐƵŵŵĂƌǇŽĨĂůůƚŚĞ
ƐƚĂŬĞŚŽůĚĞƌƐ͛ƌĞƐƉŽŶƐĞƐĂŶĚƚŚĞŝƌĐŽŵŵĞŶƚƐǁŝůůďĞƉƌŽǀŝĚĞĚĂƚĂůĂƚĞƌĚĂƚĞ͘/ŶĨŽƌŵ
ƉĂƌƚŝĐŝƉĂŶƚƐƚŚĂƚƚŚĞŝŶĨŽƌŵĂƚŝŽŶǁŝůůĂůůŽǁƚŚĞƐĐŚŽŽůƚŽĐĞůĞďƌĂƚĞǁŚĂƚƚŚĞǇĂƌĞĚŽŝŶŐǁĞůů
ĂŶĚŵĂŬĞŝŵƉƌŽǀĞŵĞŶƚƐŝŶƚŚĞŽƚŚĞƌĂƌĞĂƐ͘

dĂŬĞĂŵŝŶƵƚĞƚŽĚŝƐĐƵƐƐǁŚĂƚŝƐŵĞĂŶƚďǇŝŶĐůƵƐŝŽŶ͘ĞƐƵƌĞƚŽƐƚƌĞƐƐƚŚĂƚŝƚŝƐĂďŽƵƚƚŚĞ
ŝŶĐůƵƐŝŽŶŽĨĞǀĞƌǇŽŶĞ͕ƌĞŐĂƌĚůĞƐƐŽĨĂďŝůŝƚǇ͕ĐƵůƚƵƌĞ͕ƌĂĐĞ͕ƌĞůŝŐŝŽŶͬƐƉŝƌŝƚƵĂůŝƚǇ͕ƐŽĐŝŽͲĞĐŽŶŽŵŝĐ
ƐƚĂƚƵƐ͕ƐĞǆƵĂůŽƌŝĞŶƚĂƚŝŽŶ͕ŐĞŶĚĞƌ͕ĂŐĞ͕ŶĞǁŶĞƐƐƚŽƚŚĞĐŽŵŵƵŶŝƚǇŽƌ&ŝƌƐƚEĂƚŝŽŶƐ͘

dĂŬĞƚŚĞƚŝŵĞƚŽƌĞĚƵĐĞĂŶǇĂŶǆŝĞƚǇƉĂƌƚŝĐŝƉĂŶƚƐŚĂǀĞĂďŽƵƚƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞ͘WŽŝŶƚŽƵƚƚŚĂƚ͗

• dŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞǁŝůůĚƌĂǁŽƵƚĚŝƐĐƵƐƐŝŽŶƐĂďŽƵƚĂƌĞĂƐŝŶǁŚŝĐŚƚŚĞƐĐŚŽŽůŝƐŝŶĐůƵƐŝǀĞ
ĂƐǁĞůůĂƐŝĚĞŶƚŝĨǇƐŽŵĞĂƌĞĂƐƚŚĂƚĐĂŶďĞŝŵƉƌŽǀĞĚ͘WĂƌƚŝĐŝƉĂŶƚƐƐŚŽƵůĚŶ͛ƚĨĞĞůƚŚĂƚƚŚŝƐ
ŝƐĂƚĞƐƚŽƌĨŽƌŵĂůĂƐƐĞƐƐŵĞŶƚĂƚǁŚŝĐŚƚŚĞǇĐĂŶĨĂŝů͘ǀĞƌǇƐĐŚŽŽůǁŝůůŚĂǀĞĂƌĞĂƐƚŽ
ĐĞůĞďƌĂƚĞĂŶĚĂƌĞĂƐƚŽŝŵƉƌŽǀĞ͘

• dŚĞƐƚĂƚĞŵĞŶƚƐƚŚĂƚƉĂƌƚŝĐŝƉĂŶƚƐǁŝůůďĞĂƐŬĞĚƚŽƌĞĨůĞĐƚŽŶĚĞƐĐƌŝďĞĂŶŝĚĞĂůƐĐŚŽŽů͘EŽ
ƐĐŚŽŽůǁŝůůďĞĞƋƵĂůůǇƐƚƌŽŶŐŝŶĂůůƚŚĞĂƌĞĂƐ͘

Ϯϴ

• dŚĞWƌŽĨŝůĞŐĞŶĞƌĂƚĞĚďǇĐŽŵƉůĞƚŝŶŐƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞǁŝůůŶŽƚďĞĂƉĞƌĨĞĐƚůǇĂĐĐƵƌĂƚĞ
ƌĞĨůĞĐƚŝŽŶŽĨƚŚĞƐĐŚŽŽů͘/ƚŝƐŝŶƚĞŶĚĞĚƚŽďĞĂƐŶĂƉƐŚŽƚĂƐǁĞůůĂƐƉƌŽǀŝĚĞĂŶ
ŽƉƉŽƌƚƵŶŝƚǇƚŽŽƉĞŶůǇĚŝƐĐƵƐƐĂŶĚƌĞĨůĞĐƚƵƉŽŶƚŚĞƐĐŚŽŽů͛ƐŝŶĐůƵƐŝǀĞŶĞƐƐ͘

Ϯ͘ ĞƐĐƌŝďĞƚŚĞZŽůĞŽĨƚŚĞ&ĂĐŝůŝƚĂƚŽƌ
WĂƌƚŝĐŝƉĂŶƚƐŶĞĞĚƚŽĨĞĞůĐŽŵĨŽƌƚĂďůĞǁŝƚŚƚŚĞĨĂĐŝůŝƚĂƚŽƌ͘ŵƉŚĂƐŝǌĞƚŚĂƚŚĞŽƌƐŚĞŝƐƚŚĞƌĞƚŽ
ŚĞůƉŐƵŝĚĞƚŚĞĚŝƐĐƵƐƐŝŽŶ͕ŶŽƚƚŽŚĂǀĞĂŶŽƉŝŶŝŽŶŽƌƚŽƉĂƐƐũƵĚŐĞŵĞŶƚ͘ǆƉůĂŝŶƚŚĂƚŚĞŽƌƐŚĞ
ǁŝůůŬĞĞƉƉĂƌƚŝĐŝƉĂŶƚƐŽŶƚƌĂĐŬĂŶĚĞŶƐƵƌĞƚŚĂƚĞǀĞƌǇŽŶĞƉĂƌƚŝĐŝƉĂƚĞƐĂŶĚƚŚĞƌĞĨŽƌĞŵĂǇŚĂǀĞ
ƚŽŵŽǀĞƚŚĞĚŝƐĐƵƐƐŝŽŶĂůŽŶŐ͘
ϯ͘ KƵƚůŝŶĞƚŚĞ'ƵŝĚŝŶŐWƌŝŶĐŝƉůĞƐĨŽƌƚŚĞ^ĞƐƐŝŽŶ
dŚĞĨĂĐŝůŝƚĂƚŽƌƐŚŽƵůĚƐŚĂƌĞƚŚĞĨŽůůŽǁŝŶŐŐƵŝĚŝŶŐƉƌŝŶĐŝƉůĞƐĨŽƌƚŚĞĚŝƐĐƵƐƐŝŽŶ͗
• ŶƐǁĞƌĨƌŽŵǇŽƵƌŽǁŶƉĞƌƐƉĞĐƚŝǀĞĂŶĚŝĨǇŽƵĂƌĞĐŽŵĨŽƌƚĂďůĞ͕ĨƌŽŵǇŽƵƌĂǁĂƌĞŶĞƐƐŽĨ
ŽƚŚĞƌƐƚĂŬĞŚŽůĚĞƌƐĞǆƉĞƌŝĞŶĐĞƐŽƌƉĞƌƐƉĞĐƚŝǀĞƐ͖ĨŽƌĞǆĂŵƉůĞ͕ĞĂĐŚĞĚƵĐĂƚŽƌƐŚŽƵůĚ
ƚŚŝŶŬĂďŽƵƚŚŽǁŚĞͬƐŚĞĚŽĞƐƚŚŝŶŐƐĂƐǁĞůůĂƐŚŽǁŚŝƐͬŚĞƌĐŽůůĞĂŐƵĞƐĂƉƉƌŽĂĐŚ
ŝŶĐůƵƐŝŽŶ͘

• dŚĞƌĞĂƌĞŶŽǁƌŽŶŐĂŶƐǁĞƌƐ͘ǀĞƌǇŽŶĞŝƐĞŶƚŝƚůĞĚƚŽƚŚĞŝƌŽƉŝŶŝŽŶ͘dŚĞŝŶƚĞŶƚŝŽŶŝƐŶŽƚ
ƚŽĐŽŵĞƚŽĐŽŶƐĞŶƐƵƐĂƐĂŐƌŽƵƉ͕ďƵƚƚŽƐŚĂƌĞǀŝĞǁƉŽŝŶƚƐĂŶĚƚŚĞŶƚŽǁƌŝƚĞĚŽǁŶǇŽƵƌ
ŽǁŶŽƉŝŶŝŽŶ͘

• ,ŽǁĞǀĞƌ͕ĚŽŶ͛ƚĚǁĞůůŽŶƚŚĞƉĂƐƚŝĨĐŝƌĐƵŵƐƚĂŶĐĞƐŚĂǀĞĐŚĂŶŐĞĚ͘

• dŚĞĨĂĐŝůŝƚĂƚŽƌǁŝůůďĞĞŶĐŽƵƌĂŐŝŶŐĞǀĞƌǇŽŶĞƚŽƉĂƌƚŝĐŝƉĂƚĞ͘KŶůǇŽŶĞƉĞƌƐŽŶĐĂŶƚĂůŬĂƚ
ĂƚŝŵĞƐŽƚŚĂƚĞǀĞƌǇŽŶĞďĞŶĞĨŝƚƐĨƌŽŵƚŚĞĐŽŵŵĞŶƚƐ͘

• dŚĞŐŽĂůŝƐƚŽĐŽŵƉůĞƚĞĂůůƐĞĐƚŝŽŶƐŽĨƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞ͘/ƚŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐƵƚŽĨĨ
ĚŝƐĐƵƐƐŝŽŶŝŶŽƌĚĞƌƚŽĂĐĐŽŵƉůŝƐŚŝƚ͘

• dŚĞƐĞĐƚŝŽŶƐǁŝůůĂĚĚƌĞƐƐĚŝĨĨĞƌĞŶƚĂƐƉĞĐƚƐŽĨŝŶĐůƵƐŝŽŶ͘/ĨĂƉĂƌƚŝĐŝƉĂŶƚŝƐƐŚĂƌŝŶŐĂŶ
ĞǆƉĞƌŝĞŶĐĞŽƌŵĂŬŝŶŐĂŶŽďƐĞƌǀĂƚŝŽŶƚŚĂƚďĞƚƚĞƌĨŝƚƐĂŶŽƚŚĞƌĂƌĞĂ͕ǇŽƵǁŝůůďĞĂƐŬĞĚƚŽ
ŚŽůĚƚŚĞƚŚŽƵŐŚƚĂŶĚďƌŝŶŐŝƚĨŽƌǁĂƌĚŝŶƚŚĞĂƉƉƌŽƉƌŝĂƚĞƐĞĐƚŝŽŶ͘

• /ƚŝƐŝŵƉŽƌƚĂŶƚƚŽƉƌŽǀŝĚĞĐŽŶƐƚƌƵĐƚŝǀĞĨĞĞĚďĂĐŬŽŶƚŚĞǁƌŝƚƚĞŶƉĂƌƚŽĨƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞ
ĂŶĚŝŶĚŝƐĐƵƐƐŝŽŶ͘WĂƌƚŝĐŝƉĂŶƚƐƐŚŽƵůĚĂǀŽŝĚƵƐŝŶŐŶĂŵĞƐŽƌŵĂŬŝŶŐƐƚĂƚĞŵĞŶƚƐƚŚĂƚĂƌĞ
ǀĞƌǇŶĞŐĂƚŝǀĞ͘&ŽƌĞǆĂŵƉůĞ͕ĂƉĂƌƚŝĐŝƉĂŶƚƐŚŽƵůĚƐĂǇƚŚĂƚ͚͗ŵŽƌĞŽƉƉŽƌƚƵŶŝƚŝĞƐĐĂŶďĞ
Ϯϵ

ƉƌŽǀŝĚĞĚƚŽƐŚĂƌĞŽƵƌŝĚĞĂƐĂŶĚŽƉŝŶŝŽŶƐ͛ƌĂƚŚĞƌƚŚĂŶ͚ǁĞĂƌĞŵƵǌǌůĞĚĂŶĚŶĞǀĞƌ
ĂůůŽǁĞĚƚŽƐƉĞĂŬŽƵƌŵŝŶĚ͛͘ůƐŽ͕ĚŽŶ͛ƚŝĚĞŶƚŝĨǇƐƉĞĐŝĨŝĐƉĞŽƉůĞŝŶǇŽƵƌĐŽŵŵĞŶƚƐ͘

• ĞƉŽƐŝƚŝǀĞďǇƉƌŽǀŝĚŝŶŐĞǆĂŵƉůĞƐŽĨǁŚĞƌĞŝƚŝƐŚĂƉƉĞŶŝŶŐŝŶƚŚĞƐĐŚŽŽůĂƐǁĞůůĂƐ
ǁŚĞƌĞŝƚŝƐŶ͛ƚ͘

• ŽŶ͛ƚĚŝƐŵŝƐƐƚŚĞƉŽƐƐŝďŝůŝƚŝĞƐŽĨŝŶĐůƵƐŝŽŶũƵƐƚďĞĐĂƵƐĞŽĨĂůĂĐŬŽĨƌĞƐŽƵƌĐĞƐ͘ŽŶƐŝĚĞƌ
ƚŚĞĐƌĞĂƚŝǀĞǁĂǇƐƚŚĂƚŝƚŝƐŚĂƉƉĞŶŝŶŐŽƌĐŽƵůĚŚĂƉƉĞŶ͘

ϰ͘ ŝƌĞĐƚŝŽŶƐƚŽŽŵƉůĞƚŝŶŐƚŚĞYƵĞƐƚŝŽŶŶĂŝƌĞ
WĂƌƚŝĐŝƉĂŶƚƐĂƌĞŶŽǁƌĞĂĚǇƚŽĨŝůůŽƵƚƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞ͘dŚĞĨŽůůŽǁŝŶŐĚĞƐĐƌŝďĞƐƚŚĞƐƚĞƉƐƚŚĞ
ĨĂĐŝůŝƚĂƚŽƌŶĞĞĚƐƚŽƚĂŬĞƚŽŵŽǀĞƉĂƌƚŝĐŝƉĂŶƚƐƚŚƌŽƵŐŚƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞ͘
WƌŽǀŝĚĞĂŶKǀĞƌǀŝĞǁ
ǆƉůĂŝŶƚŚĂƚƚŚĞƌĞĂƌĞŶŝŶĞƐĞĐƚŝŽŶƐďĞŐŝŶŶŝŶŐǁŝƚŚŝǀĞƌƐŝƚǇĂŶĚ/ŶĐůƵƐŝŽŶĂƌĞŵďƌĂĐĞĚ͘dŚĞ
ŽƚŚĞƌƐĞĐƚŝŽŶƐĂƌĞ͗ƌĞĂƚŝŶŐĂ^ĞŶƐĞŽĨĞůŽŶŐŝŶŐ͕^ƚƵĚĞŶƚ>ĞĂƌŶŝŶŐǆƉĞƌŝĞŶĐĞƐĂƌĞ/ŶĐůƵƐŝǀĞ͕
^ƵƉƉŽƌƚƐĂƌĞǀĂŝůĂďůĞĂŶĚWƌŽƉĞƌůǇhƚŝůŝǌĞĚ͕&ŽƐƚĞƌŝŶŐƉƉƌŽƉƌŝĂƚĞĞŚĂǀŝŽƵƌ͕WƌŽĂĐƚŝǀĞ^ĐŚŽŽů
DĂŶĂŐĞŵĞŶƚĂŶĚ>ĞĂĚĞƌƐŚŝƉ͕/ŶĐůƵƐŝŽŶĂŶĚ^ƚƵĚĞŶƚƐǁŝƚŚǆĐĞƉƚŝŽŶĂůŝƚŝĞƐ͕/ŶŶŽǀĂƚŝǀĞĂŶĚ
ƌĞĂƚŝǀĞŶǀŝƌŽŶŵĞŶƚ͕ĂŶĚŽůůĂďŽƌĂƚŝǀĞƉƉƌŽĂĐŚ͘
;EŽƚĞ͗/ĨƚŚĞƐƵƉƉŽƌƚƐƚĂĨĨũŽŝŶƐƚŚĞĞĚƵĐĂƚŽƌŐƌŽƵƉ͕ĂƐŬƚŚĞŵƚŽďĞƉĂƚŝĞŶƚƚŚƌŽƵŐŚƚŚŽƐĞ
ƐĞĐƚŝŽŶƐƚŚĂƚƌĞůĂƚĞƐƉĞĐŝĨŝĐĂůůǇƚŽĚĞƐŝŐŶŝŶŐƉƌŽŐƌĂŵƐŝŶƚŚĞĐůĂƐƐƌŽŽŵ͕ĞƚĐ͘/ĨƚŚĞǇĚŽŶ͛ƚĨĞĞů
ŝŶĨŽƌŵĞĚ͕ĂƐŬƚŚĞŵƚŽŵĂƌŬ͞EĞĞĚŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶ͘͟Ϳ
KƵƚůŝŶĞƚŚĞ^ƚĞƉƐ
dŚĞƐƚĞƉƐƚŚĂƚǁŝůůďĞƚĂŬĞŶĨŽƌĞĂĐŚƐƚĂƚĞŵĞŶƚǁŝůůďĞƚŽ͗
• ZĞĂĚƚŚĞƐƚĂƚĞŵĞŶƚƐ
• ZĞĂĚƚŚĞĞǆĂŵƉůĞƐ
• /ŶǀŝƚĞĚŝƐĐƵƐƐŝŽŶ
• ƐŬƉĂƌƚŝĐŝƉĂŶƚƐƚŽĐŚĞĐŬĂďŽǆĂŶĚƚŚĞŶƚŽǁƌŝƚĞƚŚĞŝƌĐŽŵŵĞŶƚƐ͘dĞůůƚŚĞŵƚŚĂƚƚŚĞǇ
ǁŝůůďĞƐƵŵŵĂƌŝǌĞĚŝŶƚŚĞWƌŽĨŝůĞ
• DŽǀĞƚŽƚŚĞŶĞǆƚƐƚĂƚĞŵĞŶƚ
ĞƐĐƌŝďĞƚŚĞ^ƚĞƉƐŝŶDŽƌĞĞƚĂŝů
dŚĞĨĂĐŝůŝƚĂƚŽƌǁŝůůĞǆƉůĂŝŶ͗
ϯϬ

• ĂĐŚƐĞĐƚŝŽŶŚĂƐŽŶĞŽƌŵŽƌĞƐƚĂƚĞŵĞŶƚƐ͘&ŽƌĞǆĂŵƉůĞ͕ƚŚĞĨŝƌƐƚƐĞĐƚŝŽŶŝƐŝǀĞƌƐŝƚǇĂŶĚ
/ŶĐůƵƐŝŽŶĂƌĞŵďƌĂĐĞĚĂŶĚƚŚĞƐƚĂƚĞŵĞŶƚŝƐ͗ŝǀĞƌƐŝƚǇŽĨĞǆƉĞƌŝĞŶĐĞƐ͕ƉĞƌƐƉĞĐƚŝǀĞƐĂŶĚ
ŬŶŽǁůĞĚŐĞĂƌĞƌĞĨůĞĐƚĞĚ͕ƌĞƐƉĞĐƚĞĚĂŶĚŚŽŶŽƵƌĞĚ͘WĂƌƚŝĐŝƉĂŶƚƐĂƌĞĂƐŬĞĚƚŚĞŝƌŽƉŝŶŝŽŶ
ĂďŽƵƚĞĂĐŚŽĨƚŚĞƐƚĂƚĞŵĞŶƚƐ͘dŚĞǇĂƌĞĂƐŬĞĚƚŽĐŚĞĐŬŽĨĨŽŶĞďŽǆĨŽƌĞĂĐŚƐƚĂƚĞŵĞŶƚ͘
ǆƉůĂŝŶĞĂĐŚƚǇƉĞŽĨƌĞƐƉŽŶƐĞ͘dŚĞĐŚŽŝĐĞƐĂƌĞ͗

9 sĞƌǇǀŝĚĞŶƚʹƚŚĞƌĞŝƐĂůŽƚŽĨĞǀŝĚĞŶĐĞƚŚĂƚƚŚĞƐƚĂƚĞŵĞŶƚŝƐƚƌƵĞ͖ŝƚǁŽƵůĚďĞ
ĚŝĨĨŝĐƵůƚƚŽĨŝŶĚǁĂǇƐƚŽŝŵƉƌŽǀĞ

9 DŽƐƚůǇǀŝĚĞŶƚʹƚŚĞƌĞŝƐĂůŽƚŽĨĞǀŝĚĞŶĐĞƚŚĂƚƚŚĞƐƚĂƚĞŵĞŶƚŝƐƚƌƵĞ͕ďƵƚƚŚĞƌĞ
ĂƌĞĂĨĞǁĂƌĞĂƐƚŚĂƚĐŽƵůĚďĞƐƚƌĞŶŐƚŚĞŶĞĚ

9 ^ŽŵĞǁŚĂƚǀŝĚĞŶƚʹƐŽŵĞĞǀŝĚĞŶĐĞĐĂŶďĞŐŝǀĞŶƚŚĂƚƚŚĞƐƚĂƚĞŵĞŶƚŝƐƚƌƵĞ͕ďƵƚ
ƚŚĞƌĞĂƌĞĂŶƵŵďĞƌŽĨĂƌĞĂƐĨŽƌŝŵƉƌŽǀĞŵĞŶƚŽƌŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌƐƚƌĞŶŐƚŚĞŶŝŶŐ

9 EŽƚĂƚůůǀŝĚĞŶƚʹƚŚĞƌĞŝƐŶŽĞǀŝĚĞŶĐĞƚŽƐƵƉƉŽƌƚƚŚĞƐƚĂƚĞŵĞŶƚ

9 EĞĞĚDŽƌĞ/ŶĨŽƌŵĂƚŝŽŶʹŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶŝƐƌĞƋƵŝƌĞĚŝŶŽƌĚĞƌƚŽĂŶƐǁĞƌƚŚĞ
ƋƵĞƐƚŝŽŶ;ƚƌǇƚŽĚŝƐĐŽƵƌĂŐĞĐŚĞĐŬŝŶŐƚŚŝƐďŽǆͿ

• ǆĂŵƉůĞƐĂƌĞƉƌŽǀŝĚĞĚƚŽŚĞůƉĨƌĂŵĞƚŚĞƐƚĂƚĞŵĞŶƚ͘dŚĞĨĂĐŝůŝƚĂƚŽƌƐŚŽƵůĚƌĞĂĚƚŚĞƐĞ
ŽƵƚůŽƵĚƚŽƚŚĞƉĂƌƚŝĐŝƉĂŶƚƐ͘,ĞͬƐŚĞŵŝŐŚƚĂůƐŽǁĂŶƚƚŽĂĚĚŽƚŚĞƌĞǆĂŵƉůĞƐĨƌŽŵƚŚĞŝƌ
ŽǁŶĞǆƉĞƌŝĞŶĐĞƐ͘

• WĂƌƚŝĐŝƉĂŶƚƐǁŝůůǁƌŝƚĞĚŽǁŶƵŶĚĞƌƚŚĞŚĞĂĚŝŶŐǀŝĚĞŶĐĞƚŚĞŝƌŽǁŶǀŝĞǁƐŽĨǁŚĞƌĞŽƌ
ǁŚĞŶŝƚŚĂƉƉĞŶƐŽƌĚŽĞƐŶ͛ƚŚĂƉƉĞŶŝŶƚŚĞƐĐŚŽŽů͘dŚĞŵŽƌĞƚĂŶŐŝďůĞƚŚĞĞǆĂŵƉůĞƚŚĞ
ďĞƚƚĞƌ͘
^ƚĂƌƚƚŚĞWƌŽĐĞƐƐ
WĂƌƚŝĐŝƉĂŶƚƐĂƌĞŶŽǁƌĞĂĚǇƚŽĨŝůůŽƵƚƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞ͘ZĞŵĞŵďĞƌ͗ƌĞĂĚƚŚĞƐƚĂƚĞŵĞŶƚ
ĂŶĚĞǆĂŵƉůĞƐƉƌŽǀŝĚĞĚ͕ŝŶǀŝƚĞĚŝƐĐƵƐƐŝŽŶĂŶĚƚŚĞŶĂƐŬƉĂƌƚŝĐŝƉĂŶƚƐƚŽĐŚĞĐŬŽĨĨĂďŽǆĂŶĚ
ǁƌŝƚĞƚŚĞŝƌĐŽŵŵĞŶƚƐ͘
ŽŶƐŝĚĞƌƚŚĞůĞŶŐƚŚŽĨƚŝŵĞƉĂƌƚŝĐŝƉĂŶƚƐŚĂǀĞĨŽƌĞĂĐŚƐĞĐƚŝŽŶ͘DŽƐƚƉĂƌƚŝĐŝƉĂŶƚƐǁŝůůŶĞĞĚ
ĂďƌĞĂŬŝŶƚŚĞŵŝĚĚůĞ͘
ϯϭ

ϱ͘ tƌĂƉhƉƚŚĞ^ĞƐƐŝŽŶ
ƚƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƚŚĞƉƌŽĐĞƐƐ͕ďĞƐƵƌĞƚŽĐŽůůĞĐƚĂůůƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞƐĂŶĚŐŝǀĞƚŚĞŵƚŽƚŚĞ
ƉĞƌƐŽŶƌĞƐƉŽŶƐŝďůĞĨŽƌƚĂůůǇŝŶŐƚŚĞƌĞƐƵůƚƐ͘
ĞƐĐƌŝďĞƚŚĞŶĞǆƚƐƚĞƉƐƚŽƉĂƌƚŝĐŝƉĂŶƚƐ͘&ŽƌĞǆĂŵƉůĞ͗ĂƉƌŽĨŝůĞŽĨƚŚĞŝŶĐůƵƐŝǀĞŶĞƐƐŽĨƚŚĞƐĐŚŽŽů
ǁŝůůďĞŐĞŶĞƌĂƚĞĚƚŚƌŽƵŐŚƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞƐ͖ƉĂƌƚŝĐŝƉĂŶƚƐǁŝůůŚĂǀĞĂŶ
ŽƉƉŽƌƚƵŶŝƚǇƚŽƌĞǀŝĞǁƚŚĞƉƌŽĨŝůĞƐ͖ĂŶĚŐŽĂůƐǁŝůůďĞƐĞƚƚŽĂĚĚƌĞƐƐƚŚĞĂƌĞĂƐƚŚĂƚŶĞĞĚ
ŝŵƉƌŽǀĞŵĞŶƚ͘
dŚĂŶŬƉĂƌƚŝĐŝƉĂŶƚƐĨŽƌƚŚĞƚŝŵĞƚŚĞǇƚŽŽŬƚŽŚĞůƉŵĂŬĞƚŚĞƐĐŚŽŽůŵŽƌĞŝŶĐůƵƐŝǀĞ͘
ϯϮ

ƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůʹ/ĚĞŶƚŝĨŝĐĂƚŝŽŶ
WWE/y
/ĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨWĂƌƚŝĐŝƉĂŶƚƐ

/ĚĞŶƚŝĨǇŝĨǇŽƵĂƌĞĂ͗
^ĐŚŽŽůĚŵŝŶŝƐƚƌĂƚŽƌ
ĚƵĐĂƚŽƌ
KƚŚĞƌ;^ƉĞĐŝĨǇͿ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ϯϯ
ƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůʹ/ŶƐƚƌƵĐƚŝŽŶƐĨŽƌŽŵƉůĞƚŝŶŐƚŚĞ/ŶĚŝĐĂƚŽƌYƵĞƐƚŝŽŶŶĂŝƌĞ
WWE/y
/ŶĚŝĐĂƚŽƌYƵĞƐƚŝŽŶŶĂŝƌĞ
/ŶƐƚƌƵĐƚŝŽŶƐĨŽƌŽŵƉůĞƚŝŶŐƚŚĞ/ŶĚŝĐĂƚŽƌYƵĞƐƚŝŽŶŶĂŝƌĞ
dŚĞ'ŽĂů͗
dŚĞŐŽĂůŽĨƚŚĞƌĞǀŝĞǁƉƌŽĐĞƐƐŝƐƚŽŚĞůƉďƵŝůĚĂŶĚŶƵƌƚƵƌĞĂŵŽƌĞŝŶĐůƵƐŝǀĞƐĐŚŽŽůĨŽƌ
ĞǀĞƌǇŽŶĞ͘zŽƵƌŽƉŝŶŝŽŶŝƐǀĞƌǇŝŵƉŽƌƚĂŶƚƚŽƚŚŝƐƉƌŽĐĞƐƐ͘WůĞĂƐĞďĞĐĂŶĚŝĚďĞĐĂƵƐĞŝƚǁŝůůŐŝǀĞ
ƵƐĂŵŽƌĞĂĐĐƵƌĂƚĞĂŶĚĐůĞĂƌƉŝĐƚƵƌĞ͘
,ŽǁƚŚĞ/ŶĚŝĐĂƚŽƌYƵĞƐƚŝŽŶŶĂŝƌĞŝƐKƌŐĂŶŝǌĞĚ͗
dŚĞŝŶĚŝĐĂƚŽƌƋƵĞƐƚŝŽŶŶĂŝƌĞŝƐĚŝǀŝĚĞĚŝŶƚŽŶŝŶĞƐĞĐƚŝŽŶƐ͘dŚĞƐĞƐĞĐƚŝŽŶƐĚĞƐĐƌŝďĞĞĂĐŚŽĨƚŚĞ
ŬĞǇĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐƚŚĂƚŶĞĞĚƚŽďĞŝŶƉůĂĐĞŝŶŽƌĚĞƌĨŽƌƵƐƚŽŚĂǀĞƐƵĐĐĞƐƐĨƵůŝŶĐůƵƐŝŽŶŝŶŽƵƌ
ƐĐŚŽŽů͘&ŽƌĞǆĂŵƉůĞ͕ƚŚĞĨŝƌƐƚŬĞǇĐŚĂƌĂĐƚĞƌŝƐƚŝĐŝƐƚŚĂƚŝǀĞƌƐŝƚǇĂŶĚ/ŶĐůƵƐŝŽŶĂƌĞŵďƌĂĐĞĚ͘
tŝƚŚŝŶĞĂĐŚŽĨƚŚĞŶŝŶĞĨĂĐƚŽƌƐ͕ƚŚĞƌĞĂƌĞŝŶĚŝĐĂƚŽƌƐ;ŝŶĐĂƉŝƚĂůůĞƚƚĞƌƐͿƚŚĂƚƚĞůůƵƐǁŚĞƚŚĞƌŽƌ
ŶŽƚǁĞĂƌĞĂĐŚŝĞǀŝŶŐƚŚĞĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͘&ŽƌĞǆĂŵƉůĞ͕ŝŶŽƌĚĞƌĨŽƌŝǀĞƌƐŝƚǇĂŶĚ/ŶĐůƵƐŝŽŶƚŽďĞ
ŵďƌĂĐĞĚ͕ƚŚĞĚŝǀĞƌƐŝƚǇŽĨĞǆƉĞƌŝĞŶĐĞƐ͕ƉĞƌƐƉĞĐƚŝǀĞƐĂŶĚŬŶŽǁůĞĚŐĞĂƌĞƌĞĨůĞĐƚĞĚ͕ƌĞƐƉĞĐƚĞĚ
ĂŶĚŚŽŶŽƵƌĞĚ͕ĚŝƐƌĞƐƉĞĐƚĨƵůďĞŚĂǀŝŽƵƌĐĂŶŶŽƚďĞƚŽůĞƌĂƚĞĚĂŶĚďƵůůǇŝŶŐ͕ƚĞĂƐŝŶŐĂŶĚ
ŚĂƌĂƐƐŵĞŶƚŵƵƐƚďĞĚĞĂůƚǁŝƚŚĞĨĨĞĐƚŝǀĞůǇ͘
hŶĚĞƌĞĂĐŚŽĨƚŚĞŝŶĚŝĐĂƚŽƌƐƚŚĞƌĞŝƐŽŶĞŽƌĂĨĞǁƐƚĂƚĞŵĞŶƚƐƚŚĂƚǇŽƵŶĞĞĚƚŽƌĞƐƉŽŶĚƚŽďǇ
ŝŶĚŝĐĂƚŝŶŐǁŚĞƚŚĞƌŝƚŝƐsĞƌǇǀŝĚĞŶƚ͕DŽƐƚůǇǀŝĚĞŶƚ͕^ŽŵĞǁŚĂƚǀŝĚĞŶƚ͕ŽƌEŽƚĂƚĂůůǀŝĚĞŶƚ͘
/ĨǇŽƵĐĂŶ͛ƚĂŶƐǁĞƌďĞĐĂƵƐĞǇŽƵĚŽŶ͛ƚŬŶŽǁŽƌƌĞƋƵŝƌĞŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶŝŶŽƌĚĞƌƚŽĂŶƐǁĞƌ͕
ǇŽƵĐĂŶĐŚĞĐŬEĞĞĚDŽƌĞ/ŶĨŽƌŵĂƚŝŽŶ͘/ƚŝƐĐƌŝƚŝĐĂůƚŚĂƚǇŽƵĐŚĞĐŬŽŶĞŽĨƚŚĞďŽǆĞƐĨŽƌĞĂĐŚ
ƐƚĂƚĞŵĞŶƚ͘
dŚĞƌĞĂƌĞĂŶƵŵďĞƌŽĨĞǆĂŵƉůĞƐŐŝǀĞŶƚŚĂƚǁŝůůŚĞůƉĐůĂƌŝĨǇǁŚĂƚŝƐŵĞĂŶƚďǇƚŚĞƐƚĂƚĞŵĞŶƚ͘
zŽƵĚŽŶŽƚŶĞĞĚƚŽƌĞƐƉŽŶĚƚŽĞĂĐŚŽĨƚŚĞĞǆĂŵƉůĞƐ͘dŚĞǇĂƌĞŝŶƚĞŶĚĞĚƚŽĐůĂƌŝĨǇƚŚĞŵĞĂŶŝŶŐ
ŽĨƚŚĞƐƚĂƚĞŵĞŶƚĂŶĚƐƚŝŵƵůĂƚĞƚŚŽƵŐŚƚŽƌĚŝƐĐƵƐƐŝŽŶ͘
zŽƵĂƌĞĂůƐŽĂƐŬĞĚƚŽƉƌŽǀŝĚĞǁƌŝƚƚĞŶĞǀŝĚĞŶĐĞ͘ŽŶƐŝĚĞƌǁŚĂƚĞǀŝĚĞŶĐĞƚŚĞƌĞŝƐƚŽƐƵƉƉŽƌƚŽƌ
ŶŽƚƐƵƉƉŽƌƚƚŚĞƐƚĂƚĞŵĞŶƚĂŶĚĞǆĂŵƉůĞƐ͘dŚŝŶŬĂďŽƵƚǁŚĞƚŚĞƌŝƚŚĂƉƉĞŶƐĂƚƚŚĞƐĐŚŽŽů͖ŚŽǁ
ϯϰ
ƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůʹ/ŶƐƚƌƵĐƚŝŽŶƐĨŽƌŽŵƉůĞƚŝŶŐƚŚĞ/ŶĚŝĐĂƚŽƌYƵĞƐƚŝŽŶŶĂŝƌĞ
ĚŽĞƐŝƚŚĂƉƉĞŶ͖ĚŽĞƐŝƚŚĂƉƉĞŶŽĨƚĞŶŽƌĂůŝƚƚůĞ͖ŚŽǁĚŽǇŽƵďĞŚĂǀĞͬĨĞĞů͖ŚŽǁĚŽŽƚŚĞƌƐƚŚĂƚ
ǇŽƵŬŶŽǁďĞŚĂǀĞͬĨĞĞů͖ĂŶĚǁŚĞŶĚŽĞƐŝƚŶŽƚŚĂƉƉĞŶ͘
tƌŝƚĞĚŽǁŶƚŚĞĞǀŝĚĞŶĐĞŝŶďƵůůĞƚĨŽƌŵ͘hƐĞƚŚĞůŝŶĞƐŚĞĂĚĞĚǁŝƚŚǀŝĚĞŶĐĞ͘zŽƵŵĂǇĚŽƚŚŝƐ
ŝŶĚŝǀŝĚƵĂůůǇŽƌ͕ŝĨǇŽƵĂƌĞŐŽŝŶŐƚŚƌŽƵŐŚƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞĂƐĂƐƚĂŬĞŚŽůĚĞƌŐƌŽƵƉ͕ƚŚĞŐƌŽƵƉ
ŵĂǇǁĂŶƚƚŽƌĞĐŽƌĚƚŚĞĞǀŝĚĞŶĐĞŽŶŽŶĞƋƵĞƐƚŝŽŶŶĂŝƌĞ͘
'ƵŝĚĞůŝŶĞƐŽŶZĞƐƉŽŶĚŝŶŐƚŽƚŚĞ^ƚĂƚĞŵĞŶƚƐ͗
dŚĞĨŽůůŽǁŝŶŐŝƐĂŐƵŝĚĞůŝŶĞƚŚĂƚǁŝůůŚĞůƉǇŽƵŬŶŽǁŚŽǁƚŽƌĞƐƉŽŶĚƚŽƚŚĞƐƚĂƚĞŵĞŶƚƐ͗
sĞƌǇǀŝĚĞŶƚ͗ ƚŚĞƌĞŝƐĂůŽƚŽĨĞǀŝĚĞŶĐĞƚŚĂƚƚŚĞƐƚĂƚĞŵĞŶƚŝƐƚƌƵĞ͖ŝƚǁŽƵůĚďĞ
ĚŝĨĨŝĐƵůƚƚŽĨŝŶĚǁĂǇƐƚŽŝŵƉƌŽǀĞ
DŽƐƚůǇǀŝĚĞŶƚ͗ ƚŚĞƌĞŝƐĂůŽƚŽĨĞǀŝĚĞŶĐĞƚŚĂƚƚŚĞƐƚĂƚĞŵĞŶƚŝƐƚƌƵĞ͕ďƵƚƚŚĞƌĞĂƌĞ
ĂĨĞǁĂƌĞĂƐƚŚĂƚĐŽƵůĚďĞƐƚƌĞŶŐƚŚĞŶĞĚ
^ŽŵĞǁŚĂƚǀŝĚĞŶƚ͗ ƐŽŵĞĞǀŝĚĞŶĐĞĐĂŶďĞŐŝǀĞŶƚŚĂƚƚŚĞƐƚĂƚĞŵĞŶƚŝƐƚƌƵĞ͕ďƵƚƚŚĞƌĞ
ĂƌĞĂŶƵŵďĞƌŽĨĂƌĞĂƐĨŽƌŝŵƉƌŽǀĞŵĞŶƚŽƌŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌ
ƐƚƌĞŶŐƚŚĞŶŝŶŐ
EŽƚĂƚůůǀŝĚĞŶƚ͗ ƚŚĞƌĞŝƐŶŽĞǀŝĚĞŶĐĞƚŽƐƵƉƉŽƌƚƚŚĞƐƚĂƚĞŵĞŶƚ
EĞĞĚDŽƌĞ/ŶĨŽƌŵĂƚŝŽŶ͗ ŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶŝƐƌĞƋƵŝƌĞĚŝŶŽƌĚĞƌƚŽĂŶƐǁĞƌƚŚĞƋƵĞƐƚŝŽŶ
dŚĂŶŬǇŽƵĨŽƌǇŽƵƌƐƵƉƉŽƌƚŝŶŚĞůƉŝŶŐƚŽĐƌĞĂƚĞĂŶĚŶƵƌƚƵƌĞĂŵŽƌĞŝŶĐůƵƐŝǀĞƐĐŚŽŽůĐƵůƚƵƌĞ͊
ϯϱ
ƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůʹ/ŶĚŝĐĂƚŽƌYƵĞƐƚŝŽŶŶĂŝƌĞ
WWE/y
/E/dKZYh^d/KEE/Z
^ĞĐƚŝŽŶϭ
ϭ͘ϭ/sZ^yWZ/E^͕ sZzDK^d>z^KDt,dEKdd>>EDKZ
WZ^Wd/s^Θ<EKt>'Z s/Eds/Eds/Eds/Ed/E&KZDd/KE
Z&>d͕Z^WdΘ,KEKhZ

ͳǤͳǤͳ

ȋȌǣ

Ȁ
Ǧ

ǆĂŵƉůĞƐ͗ • dŚĞƌĞĂƌĞŵĂŶǇŽƉƉŽƌƚƵŶŝƚŝĞƐŝŶƚŚĞůŝĨĞŽĨƚŚĞƐĐŚŽŽů;ĐůĂƐƐƌŽŽŵ͕ĐƵƌƌŝĐƵůƵŵ͕ĞǆƚƌĂĐƵƌƌŝĐƵůĂƌ͕ƐƉĞĐŝĂů
ĞǀĞŶƚƐ͕ĂŶĚůŝďƌĂƌǇͿĨŽƌůĞĂƌŶŝŶŐĂďŽƵƚĚŝǀĞƌƐĞƉĞƌƐƉĞĐƚŝǀĞƐ͕ĞǆƉĞƌŝĞŶĐĞƐĂŶĚŬŶŽǁůĞĚŐĞ͘

• tĞŚĂǀĞŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽƌĞƐƉĞĐƚŝǀĞůǇĂŶĚŵĞĂŶŝŶŐĨƵůůǇůĞĂƌŶĂďŽƵƚƚŚĞĐŽŶƚƌŝďƵƚŝŽŶƐŽĨĂůůƉĞŽƉůĞƐŝŶ
ƐŽĐŝĞƚǇ͘
• tĞƵŶĚĞƌƐƚĂŶĚƚŚĂƚůĞĂƌŶŝŶŐĂďŽƵƚĚŝǀĞƌƐĞƉĞƌƐƉĞĐƚŝǀĞƐ͕ĞǆƉĞƌŝĞŶĐĞƐĂŶĚŬŶŽǁůĞĚŐĞďĞŶĞĨŝƚƐƚŚĞĞŶƚŝƌĞ
ƐĐŚŽŽůĐŽŵŵƵŶŝƚǇ͕ŶŽƚĂƐƉĞĐŝĨŝĐŐƌŽƵƉ͘
ǀŝĚĞŶĐĞ͗
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ϯϲ
ϭ͘ϮhdzdKKDDKd sZzDK^d>z^KDt,dEKdd>>EDKZ
s/Eds/Eds/Eds/Ed/E&KZDd/KE
ͳǤʹǤͳ

Ǥ

ͳǤʹǤʹ
ǡ

ǡ

Ǥ

• ^ĐŚŽŽůĂĚŵŝŶŝƐƚƌĂƚŝŽŶŚĂƐĂƚƚĞŶĚĞĚĂŶŝŶĨŽƌŵĂƚŝŽŶƐĞƐƐŝŽŶŽŶƚŚĞůĞŐĂůĚƵƚǇƚŽĂĐĐŽŵŵŽĚĂƚĞ͕ƉƌŽǀŝĚĞĚ
ǆĂŵƉůĞƐ͗ ďǇƚŚĞ,ƵŵĂŶZŝŐŚƚƐŽŵŵŝƐƐŝŽŶ͘

• ŽƉŝĞƐŽĨƚŚĞŐƵŝĚĞůŝŶĞ͞ĐĐŽŵŵŽĚĂƚŝŶŐ^ƚƵĚĞŶƚƐǁŝƚŚĂŝƐĂďŝůŝƚǇ͟ĂƌĞƌĞĂĚŝůǇĂǀĂŝůĂďůĞƚŽĂůůƐĐŚŽŽů

ƐƚĂĨĨĂŶĚŚĂǀĞďĞĞŶĚŝƐƚƌŝďƵƚĞĚĂŵŽŶŐĂůůĞĚƵĐĂƚŽƌƐ͘

• dŚĞĂĚŵŝŶŝƐƚƌĂƚŝŽŶŚĂƐƉƌŽǀŝĚĞĚŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌůĞĂƌŶŝŶŐĂŶĚĚŝƐĐƵƐƐŝŽŶŽĨƚŚĞĚƵƚǇƚŽĂĐĐŽŵŵŽĚĂƚĞ
ĂƚĂƌĞŐƵůĂƌƐƚĂĨĨŵĞĞƚŝŶŐ͘

• ĐĐŽŵŵŽĚĂƚŝŽŶƐĨŽƌƐƚƵĚĞŶƚƐĂƌĞƌŽƵƚŝŶĞůǇŵĂĚĞĂŶĚƌĞĐŽƌĚĞĚ͘

ǀŝĚĞŶĐĞ͗
ϯϳ
ϭ͘ϯ/E/s/h>^t/d,/Ed,^,KK> sZzDK^d>z^KDt,dEKdd>>EDKZ
KDDhE/dz^dW&KZtZE s/Eds/Eds/Eds/Ed/E&KZDd/KE
d<Ed/sZK>/EZ/E'/E'
Khd/E>h^/KE͗
ͳǤ͵Ǥͳ

ͳǤ͵Ǥʹ

ͳǤ͵Ǥ͵

ͳǤ͵ǤͶȀ

ͳǤ͵Ǥͷ

• ^ĐŚŽŽůůĞĂĚĞƌƐƚĂŬĞĂŶĂĐƚŝǀĞƌŽůĞŝŶĞŶƐƵƌŝŶŐĂŶĚƉƌŽŵŽƚŝŶŐƚŚĂƚĂůůƐƚƵĚĞŶƚƐĂƌĞƌĞŐƵůĂƌůǇŝŶĐůƵĚĞĚŝŶ
ǆĂŵƉůĞƐ͗ ĂůůƐĐŚŽŽůĨƵŶĐƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐĨŝĞůĚƚƌŝƉƐ͕ĂƐƐĞŵďůŝĞƐ͕ĐůƵďƐ͕ĐŽŵŵŝƚƚĞĞƐ͕ĞƚĐ͕͘ĂŶĚĂƌĞĂĐĐŽŵŵŽĚĂƚĞĚ
ĂĐĐŽƌĚŝŶŐůǇ͘

• ^ƚƵĚĞŶƚƐĂƌĞĂĐƚŝǀĞůǇŝŶǀŽůǀĞĚŝŶƉƌŽŵŽƚŝŶŐŝŶĐůƵƐŝŽŶŝŶƚŚĞŝƌƐĐŚŽŽů;Ğ͘Ő͘ĂǁĂƌĞŶĞƐƐĂĐƚŝǀŝƚŝĞƐ͕ŝŶĐůƵƐŝŽŶ
ĐŽŵŵŝƚƚĞĞ͕ŝŶĐůƵƐŝŽŶƐůŽŐĂŶƐͿ͘
•
^ƚƵĚĞŶƚƐǁŝƚŚĚŝĨĨĞƌĞŶĐĞƐĂƐƐƚĂƚĞĚŝŶŝŶĚŝĐĂƚŽƌϭ͘ϭŚĂǀĞŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽƚĂůŬƚŽƚŚĞŝƌƉĞĞƌƐĂďŽƵƚƚŚĞŝƌ
ƵŶŝƋƵĞĂďŝůŝƚŝĞƐ͕ƚƌĂŝƚƐĂŶĚŝŶƚĞƌĞƐƚƐ͘
ǀŝĚĞŶĐĞ͗
ϯϴ
ϭ͘ϰ/E>h^/KEs>h^Z sZzDK^d>z^KDt,dEKdd>>EDKZ
Zd/h>dEs/^/> s/Eds/Eds/Eds/Ed/E&KZDd/KE
ͳǤͶǤͳ
Ǥ

ͳǤͶǤʹ

ȋ
ȌǤ

ͳǤͶǤ͵
Ǥ

ͳǤͶǤͶ

ǯǤ

ͳǤͶǤͷǤ

ǆĂŵƉůĞƐ͗ • /ŶĐůƵƐŝŽŶƌĞůĂƚĞĚƉŽƐƚĞƌƐͬƐůŽŐĂŶƐĂƌĞǀŝƐŝďůĞƚŚƌŽƵŐŚŽƵƚƚŚĞƐĐŚŽŽů͘

• dŚĞĞƉĂƌƚŵĞŶƚŽĨĚƵĐĂƚŝŽŶƉŽůŝĐǇĚŽĐƵŵĞŶƚ;ƉƉĞŶĚŝǆ'ͿŚĂƐďĞĞŶǁŝĚĞůǇĚŝƐƚƌŝďƵƚĞĚƚŽĂůůƐĐŚŽŽů

ƐƚĂĨĨ͘

• KƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌĚŝƐĐƵƐƐŝŽŶƐŽŶŝŵƉůĞŵĞŶƚĂƚŝŽŶƐƚƌĂƚĞŐŝĞƐŽŶƚŚĞƉƌŽǀŝŶĐŝĂůƉŽůŝĐǇĂƌĞƌĞŐƵůĂƌůǇ
ƉƌŽǀŝĚĞĚ͘

ǀŝĚĞŶĐĞ͗
ϯϵ
ϭ͘ϱ^^//>/dz sZzDK^d>z^KDt,dEKdd>>EDKZ
ͳǤͷǤͳ

Ǥ

ǆĂŵƉůĞƐ͗ • ŶĂĐĐĞƐƐŝďŝůŝƚǇ͚ĂƵĚŝƚ͛ŝƐĐŽŶĚƵĐƚĞĚŽŶĂƌĞŐƵůĂƌďĂƐŝƐĂŶĚŝŶĐůƵĚĞƐďŽƚŚƉŚǇƐŝĐĂůĂŶĚƉƌŽŐƌĂŵůĞǀĞů
ĂĐĐĞƐƐŝďŝůŝƚǇ͘

• tŚĞƌĞŶĞĞĚĞĚ͕ƌĂŵƉƐĂƌĞŝŶƐƚĂůůĞĚƚŚƌŽƵŐŚŽƵƚƚŚĞƐĐŚŽŽů;ŝŶĐůƵĚŝŶŐĂƌĞĂƐƐƵĐŚĂƐĂƵĚŝƚŽƌŝƵŵƐ͕
ŐǇŵŶĂƐŝƵŵƐ͕ĨŝĞůĚŚŽƵƐĞƐ͕ĞƚĐ͘Ϳ͘
ǀŝĚĞŶĐĞ͗
ϰϬ
ϭ͘ϲ,/',yWdd/KE^&KZ>> sZzDK^d>z^KDt,dEKdd>>EDKZ
^dhEd^ s/Eds/Eds/Eds/Ed/E&KZDd/KE
ͳǤ͸Ǥͳ

Ǥ

ǆĂŵƉůĞƐ͗ • ǆƉĞĐƚĂƚŝŽŶƐĂƌĞǁƌŝƚƚĞŶĂƐǁĞůůĂƐƐƉŽŬĞŶĂŶĚĂƌĞĐůŽƐĞůǇŵŽŶŝƚŽƌĞĚ͘

• ĚƵĐĂƚŽƌƐĂƌĞĨƵůůǇĂǁĂƌĞŽĨĞǆƉĞĐƚĂƚŝŽŶƐŽƵƚůŝŶĞĚŝŶĐƵƌƌŝĐƵůƵŵĂŶĚ^WĚŽĐƵŵĞŶƚƐ͘

ǀŝĚĞŶĐĞ͗
ϰϭ
WWE/y
/E/dKZYh^d/KEE/Z
^ĞĐƚŝŽŶϮ
Ϯ͘ϭE^hZ/E'Ê^K& sZzDK^d>z^KDt,dEKdd>>EDKZ
>KE'/E' s/Eds/Eds/Eds/Ed/E&KZDd/KE
ʹǤͳǤͳǡ
ǡ
ǡ

ǡ
Ǥ
ʹǤͳǤʹ
ǡǡ
ǲǳǡ

Ǥ
ʹǤͳǤ͵

Ǥ
ʹǤͳǤͶ

ǡǡǡ
ǡ
Ǧ

Ǥ

ǆĂŵƉůĞƐ͗ • dŚĞƐĐŚŽŽů͛ƐĨŽǇĞƌĞŶƚƌĂŶĐĞŝƐǀĞƌǇǁĞůĐŽŵŝŶŐĂŶĚŚŽƐƉŝƚĂďůĞ͘

• ŵĞŵďĞƌŽĨƚŚĞƐĐŚŽŽůƐƚĂĨĨŐƌĞĞƚƐƉĞŽƉůĞĂƐƚŚĞǇĂƌƌŝǀĞŝŶƚŚĞŵŽƌŶŝŶŐ͘

• Ŷ͞ŝŶĐůƵƐŝŽŶĐŽŵŵŝƚƚĞĞ͟ĂĐƚŝǀĞůǇƐĞĞŬƐƚŽĞŶƐƵƌĞĞǀĞƌǇŽŶĞǁŚŽǁŝƐŚĞƐƚŽŚĂǀĞƐŽĐŝĂůŽƉƉŽƌƚƵŶŝƚŝĞƐŝƐ
ƐƵƉƉŽƌƚĞĚƚŽĚŽƐŽ͘

ǀŝĚĞŶĐĞ͗
ϰϮ
WWE/y
/E/dKZYh^d/KEE/Z
^ĞĐƚŝŽŶϯ
ϯ͘ϭ>ZE/E'/^^KE&>y/> sZzDK^d>z^KDt,dEKdd>>EDKZ
hd/KEWZK'ZD s/Eds/Eds/Eds/Ed/E&KZDd/KE
͵ǤͳǤͳ

ǆĂŵƉůĞƐ͗ • ĚƵĐĂƚŽƌƐƌĞŐƵůĂƌůǇƵƐĞŵƵůƚŝƉůĞĨŽƌŵĂƚƐ͕ƐƚƌĂƚĞŐŝĞƐĂŶĚŵĂƚĞƌŝĂůƐƚŽĂĐƚŝǀĞůǇĞŶŐĂŐĞĂůůƐƚƵĚĞŶƚƐŝŶƚŚĞ
ůĞĂƌŶŝŶŐ͘
• >ĞĐƚƵƌĞͲƐƚǇůĞƚĞĂĐŚŝŶŐŝƐůŝŵŝƚĞĚƚŽŽŶůǇƉĂƌƚŽĨĞĂĐŚƉĞƌŝŽĚ͘ŚĞĂůƚŚǇŵŝǆƚƵƌĞŽĨƚĞĂĐŚĞƌƚĂůŬĂŶĚ
ƐƚƵĚĞŶƚĂĐƚŝǀŝƚǇŝƐƌĞŐƵůĂƌůǇĞǀŝĚĞŶƚ͘

ǀŝĚĞŶĐĞ͗
ϰϯ
ϯ͘Ϯ&Kh^KE^dZE'd,Ê sZzDK^d>z^KDt,dEKdd>>EDKZ
W/>/d/^ s/Eds/Eds/Eds/Ed/E&KZDd/KE
͵ǤʹǤͳ
ǡ
Ǥ

ǆĂŵƉůĞƐ͗ • ůůƐƚƵĚĞŶƚƐĂƌĞƌĞŐƵůĂƌůǇŽďƐĞƌǀĞĚƵƐŝŶŐŵƵƐŝĐĂůĂŶĚĂƌƚŝƐƚŝĐƚĂůĞŶƚƐ͕ƚĞĐŚŶŝĐĂůƐŬŝůůƐ͕ĞƚĐ͕͘ĂƐĂŵĞĂŶƐŽĨ
ĚĞŵŽŶƐƚƌĂƚŝŶŐĂŶĚĞŶŚĂŶĐŝŶŐƚŚĞŝƌůĞĂƌŶŝŶŐ͘
• ĚƵĐĂƚŽƌƐƌĞŐƵůĂƌůǇƵƐĞƐƵƌǀĞǇƐĂŶĚŝŶǀĞŶƚŽƌŝĞƐƚŽĚĞƚĞƌŵŝŶĞƐƚƌĞŶŐƚŚƐ͕ŝŶƚĞƌĞƐƚƐĂŶĚĂƉƚŝƚƵĚĞƐŽĨƚŚĞ
ƐƚƵĚĞŶƚƐŝŶƚŚĞŝƌĐůĂƐƐĞƐ͘

ǀŝĚĞŶĐĞ͗
ϰϰ
ϯ͘ϯKDDKE>ZE/E' sZzDK^d>z^KDt,dEKdd>>EDKZ
Es/ZKEDEdÊ&h>> s/Eds/Eds/Eds/Ed/E&KZDd/KE
WZd//Wd/KE
͵Ǥ͵Ǥͳ
ȋ
͹Ȍ
͵Ǥ͵Ǥʹ

ǯǤ
͵Ǥ͵Ǥ͵

ǡ
ǡ
Ǥ
͵Ǥ͵ǤͶ

Ǥ
͵Ǥ͵Ǥͷ

ȋǤǤ
ǡ
ǡ ǡ
ȌǤ
͵Ǥ͵Ǥ͸

ǡ

Ǥ

ǆĂŵƉůĞƐ͗

ǀŝĚĞŶĐĞ͗
ϰϱ
ϯ͘ϰ^dhEd^Khd^/K&d, sZzDK^d>z^KDt,dEKdd>>EDKZ
KDDKE>ZE/E'Es/ZKEDEd s/Eds/Eds/Eds/Ed/E&KZDd/KE
͵ǤͶǤͳ

ǡ

Ǥ
͵ǤͶǤʹ
ǡ
Ǧ
Ǥ

ǆĂŵƉůĞƐ͗ • ^ƚƵĚĞŶƚƐŵĂǇůĞĂǀĞƚŚĞĐŽŵŵŽŶůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚĨŽƌŽŶĞͲŽŶͲŽŶĞŝŶƐƚƌƵĐƚŝŽŶ;Ğ͘Ő͘DĂƚŚĞŵĂƚŝĐƐͿ
ĨŽƌĂƐƉĞĐŝĨŝĐĂŵŽƵŶƚŽĨƚŝŵĞ;ĂƐƉĂƌƚŽĨƚŚĞŝƌĚŽĐƵŵĞŶƚĞĚůĞĂƌŶŝŶŐƉůĂŶͿ͘

• ^ƚƵĚĞŶƚƐƉĂƌƚŝĐŝƉĂƚĞŝŶƐŚŽƌƚƚĞƌŵƌĞŵĞĚŝĂůůĞƐƐŽŶƐ;Ğ͘Ő͘ϰͲϲǁĞĞŬƐŽĨŝŶƚĞŶƐŝǀĞƚĞĂĐŚŝŶŐŝŶĂƉĂƌƚŝĐƵůĂƌ
ƐƵďũĞĐƚͿ͘
• ^ƚƵĚĞŶƚƐǁŝƚŚƐĞŶƐŽƌǇĚŝĨĨŝĐƵůƚŝĞƐƐƵĐŚĂƐďĂĐŬŐƌŽƵŶĚŶŽŝƐĞ͕ĨůŝĐŬĞƌŝŶŐůŝŐŚƚƐ͕ĞƚĐ͕͘ŵŝŐŚƚůĞĂǀĞƚŚĞ
ĐŽŵŵŽŶůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚĨŽƌƐŚŽƌƚƉĞƌŝŽĚƐŽĨƚŝŵĞƚŽƚĂŬĞĂďƌĞĂŬ͘
ǀŝĚĞŶĐĞ͗
ϰϲ
ϯ͘ϱhZZ/h>hD sZzDK^d>z^KDt,dEKdd>>EDKZ
͵ǤͷǤͳ
Ǥ
͵ǤͷǤʹ

Ǥ

ǆĂŵƉůĞƐ͗ • ƵƌƌŝĐƵůĂƌŽƵƚĐŽŵĞ;ƐͿĂƌĞĞǀŝĚĞŶƚĂŶĚŽďǀŝŽƵƐƚŽĂůůƐƚƵĚĞŶƚƐ͘

• ůůƐƚƵĚĞŶƚƐĂƌĞǁŽƌŬŝŶŐŽŶƚŚĞƐĂŵĞĐƵƌƌŝĐƵůĂƌŽƵƚĐŽŵĞ;ƐͿĂƚƚŚĞƐĂŵĞƚŝŵĞƚŚƌŽƵŐŚĂǀĂƌŝĞƚǇŽĨ

ŵĞƚŚŽĚƐĂŶĚĂĐƚŝǀŝƚŝĞƐ͘

• ^ƚƵĚĞŶƚŝŶĚŝǀŝĚƵĂůŶĞĞĚƐĂƌĞƚĂŬĞŶƵŶĚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶǁŚĞŶĐƵƌƌŝĐƵůĂƌŽƵƚĐŽŵĞƐĂƌĞďĞŝŶŐĂĚĚƌĞƐƐĞĚ͘
ǀŝĚĞŶĐĞ͗
ϰϳ
ϯ͘ϲ/E^dZhd/KE sZzDK^d>z^KDt,dEKdd>>EDKZ
͵Ǥ͸Ǥͳ

ȋȌȋ
ȌǤ
͵Ǥ͸Ǥʹ
ȋȌ
͵Ǥ͸Ǥ͵

ǡǡ
Ǥ
͵Ǥ͸ǤͶ

ǡǣ
Ǧ
Ǧ
͵Ǥ͸Ǥͷ
ǡ
ǡǡǤ

ǆĂŵƉůĞƐ͗ • dŚĞƉƌŝŶĐŝƉůĞƐĂŶĚƉƌĂĐƚŝĐĞƐĨŽƌhŶŝǀĞƌƐĂůĞƐŝŐŶĨŽƌ>ĞĂƌŶŝŶŐ;h>ͿĂƌĞƉƌŽŵŽƚĞĚǁŝƚŚŝŶƚŚĞƐĐŚŽŽů
ƚŚƌŽƵŐŚWŽƉƉŽƌƚƵŶŝƚŝĞƐĂŶĚĞǆĂŵƉůĞƐŚĞĞƚƐ͘

• ĚƵĐĂƚŽƌƐĂƌĞĂĐƚŝǀĞůǇƐĞĞŬŝŶŐŽƵƚŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚh>ƚŚƌŽƵŐŚƚŚĞŝŶƚĞƌŶĞƚ;Ğ͘Ő͘^dǁĞďƐŝƚĞͿ͘

• ĚƵĐĂƚŽƌƐĂƌĞƵƐŝŶŐŝŶƐƚƌƵĐƚŝŽŶĂůƐƚƌĂƚĞŐŝĞƐďĂƐĞĚŽŶƚŚĞh>ƉƌŝŶĐŝƉůĞƐƵĐŚĂƐŵƵůƚŝƉůĞ͕ĨůĞǆŝďůĞ
ŵĞƚŚŽĚƐŽĨĞǆƉƌĞƐƐŝŽŶĂŶĚĞŶŐĂŐĞŵĞŶƚ͘
ǀŝĚĞŶĐĞ͗
ϰϴ
ϯ͘ϳKE'K/E'hd,Ed/ sZzDK^d>z^KDt,dEKdd>>EDKZ
^^^^DEd s/Eds/Eds/Eds/Ed/E&KZDd/KE
͵Ǥ͹Ǥͳ

Ǥ
͵Ǥ͹Ǥʹ
ǲǳ
Ǥ
͵Ǥ͹Ǥ͵
ǡ
Ǥ
͵Ǥ͹ǤͶ

ǡǦ
Ǥ
͵Ǥ͹Ǥͷ

Ǥ
͵Ǥ͹Ǥ͸

ǡ
Ǥ
͵Ǥ͹Ǥ͹
ǣ
Ǧ ǯǡǡ

Ǧ ǯ
Ǧ ǯ
Ǧ
Ǥ

ǆĂŵƉůĞƐ͗ • ^ƚƵĚĞŶƚƐĂƌĞĂůůŽǁĞĚƚŽƵƐĞĂĐĐŽŵŵŽĚĂƚŝŽŶƐĂƐƌĞƋƵŝƌĞĚĚƵƌŝŶŐĂƐƐĞƐƐŵĞŶƚƐͬĞǀĂůƵĂƚŝŽŶƐ;Ğ͘Ő͘ƌĞĂĚĞƌƐ͕
ƐĐƌŝďĞƐ͕ĂƐƐŝƐƚŝǀĞƚĞĐŚŶŽůŽŐǇͿ͘

• ^ƚƵĚĞŶƚƐĂƌĞĂůůŽǁĞĚƚŽĚĞŵŽŶƐƚƌĂƚĞůĞĂƌŶŝŶŐĂƐƌĞƋƵŝƌĞĚƚŚƌŽƵŐŚŵĞƚŚŽĚƐŽƚŚĞƌƚŚĂŶƐƚĂŶĚĂƌĚƚĞƐƚŝŶŐ
;Ğ͘Ő͘ŵŽĚĞů͕ƉŽƐƚĞƌ͕ǁƌŝƚŝŶŐĂƐŽŶŐ͕ĐŽŵƉůĞƚĞĂƉƌŽũĞĐƚ͕ƉůĂǇĂƉŝĞĐĞŽĨŵƵƐŝĐ͕ĨŝŶĚĂƌƚŝĨĂĐƚƐ͕ŵĂŬŝŶŐĂ
ƉůĂǇͿ͘
ǀŝĚĞŶĐĞ͗

ϰϵ
WWE/y
/E/dKZYh^d/KEE/Z
^ĞĐƚŝŽŶϰ
ϰ͘ϭ^dhEd^ZWZKs/t/d, sZzDK^d>z^KDt,dEKdd>>EDKZ
d,WZKWZ^hWWKZd^ZYh/ZdK s/Eds/Eds/Eds/Ed/E&KZDd/KE
&h>>zWZd//Wd
ͶǤͳǤͳ

ǡ

Ǥ
ͶǤͳǤʹ
ȋǤǤ
ǡǡȌǤ
ͶǤͳǤ͵ǡ

Ǥ

ǆĂŵƉůĞƐ͗ • WĞƌƐŽŶĂůŽƌĐůĂƐƐƌŽŽŵ&DƐǇƐƚĞŵƐĂƌĞƵƐĞĚǁŝĚĞůǇŝŶƚŚĞƐĐŚŽŽů͘
• ^ĐŚŽŽůƐŚĂǀĞĐŚĞĐŬĞĚŝŶƚŽŽďƚĂŝŶŝŶŐĂŶǇŶĞĐĞƐƐĂƌǇŝŶƐƵƌĂŶĐĞͬĚŝƐĂďŝůŝƚǇĐŽǀĞƌĂŐĞƚŽƚƌĂŶƐƉŽƌƚĂůů
ƐƚƵĚĞŶƚƐŽŶĨŝĞůĚƚƌŝƉƐ͕ĞƚĐ͘

• dŚĞƌĞĂƌĞĂƚůĞĂƐƚϮĐŽŵƉƵƚĞƌƐǁŝƚŚĂƐƐŝƐƚŝǀĞƚĞĐŚŶŽůŽŐǇŝŶƐƚĂůůĞĚŽŶƚŚĞŵŝŶƚŚĞůĞĂƌŶŝŶŐ
ĐĞŶƚƌĞͬůŝďƌĂƌǇͬƌĞƐŽƵƌĐĞƌŽŽŵŽĨƚŚĞƐĐŚŽŽůĨŽƌŐĞŶĞƌĂůƐƚƵĚĞŶƚƵƐĞ͘

• ŶǇƐƚƵĚĞŶƚŶĞĞĚŝŶŐĂƐƐŝƐƚŝǀĞƚĞĐŚŶŽůŽŐǇĨŽƌƚŚĞƐĐŚŽŽůĚĂǇŝƐƉƌŽǀŝĚĞĚǁŝƚŚƚŚĞŝƌŽǁŶƉĞƌƐŽŶĂů
ǀŝĚĞŶĐĞ͗ ĐŽŵƉƵƚĞƌ͘
ϱϬ
ϰ͘Ϯ^hWWKZd^&KZKDDhE/d/KE sZzDK^d>z^KDt,dEKdd>>EDKZ
ͶǤʹǤͳ

Ǥ
ͶǤʹǤʹǡ

Ǥ

ǆĂŵƉůĞƐ͗ • tŚĞŶĂƐƚƵĚĞŶƚŚĂƐĂƉĂƌƚŝĐƵůĂƌĐŽŵŵƵŶŝĐĂƚŝŽŶŵĞƚŚŽĚ͕ŚŝƐͬŚĞƌĐůĂƐƐŵĂƚĞƐƌĞĐĞŝǀĞŝŶƐƚƌƵĐƚŝŽŶƐŽŶƚŚĞ
ĐŽŵŵƵŶŝĐĂƚŝŽŶŵĞƚŚŽĚ;Ğ͘Ő͘W^͕ƐŝŐŶůĂŶŐƵĂŐĞͿ͘

• dŚĞƐĐŚŽŽůƚĂŬĞƐƚŚĞŝŶŝƚŝĂƚŝǀĞƚŽŝŶǀŝƚĞĂƚĞĐŚŶŽůŽŐǇŵĞŶƚŽƌƚŽƉƌŽǀŝĚĞŝŶŝƚŝĂůĂŶĚĨŽůůŽǁͲƵƉƚƌĂŝŶŝŶŐŽŶ
ƚŚĞƵƐĞŽĨĂƐƐŝƐƚŝǀĞƚĞĐŚŶŽůŽŐǇ͘
ǀŝĚĞŶĐĞ͗
ϱϭ
WWE/y
/E/dKZYh^d/KEE/Z
^ĞĐƚŝŽŶϱ
ϱ͘ϭWWZKWZ/d,s/KhZ sZzDK^d>z^KDt,dEKdd>>EDKZ
ͷǤͳǤͳ

ͽͶ͹Ǥ
ͷǤͳǤʹ

Ǥ
ͷǤͳǤ͵ǯ
ǣ
Ȍ

Ǥ
Ȍ

Ǥ

ǆĂŵƉůĞƐ͗ • ^ĐŚŽŽůĞǆƉĞĐƚĂƚŝŽŶƌĞŐĂƌĚŝŶŐƐƚƵĚĞŶƚĐŽŶĚƵĐƚŝƐƉƵďůŝƐŚĞĚŝŶƚŚĞĂŐĞŶĚĂ͘

• ^ƚƵĚĞŶƚƐĂƌĞŶŽƚĚŝƐĐŝƉůŝŶĞĚĨŽƌďĞŚĂǀŝŽƵƌƚŚĂƚŝƐŽƵƚŽĨƚŚĞŝƌĐŽŶƚƌŽůĚƵĞƚŽƚŚĞŝƌĚŝƐĂďŝůŝƚǇŽƌ
ĞŶǀŝƌŽŶŵĞŶƚĂůĨĂĐƚŽƌƐ;Ğ͘Ő͘ĂƐƚƵĚĞŶƚǁŝƚŚdŽƵƌĞƚƚĞ^ǇŶĚƌŽŵĞŝƐŶŽƚĚŝƐĐŝƉůŝŶĞĚĨŽƌƵŶĐŽŶƚƌŽůůĞĚǀĞƌďĂů
ŽƵƚďƵƌƐƚƐͿ͘

ǀŝĚĞŶĐĞ͗
ϱϮ
ϱ͘Ϯh>>z/E'͕d^/E'E sZzDK^d>z^KDt,dEKdd>>EDKZ
,Z^^DEdZ>dt/d, s/Eds/Eds/Eds/Ed/E&KZDd/KE
&&d/s>z
ͷǤʹǤͳ

ǡ
Ǥ

ǆĂŵƉůĞƐ͗ • dŚĞƐĐŚŽŽůƵƐĞƐŝŶƚĞƌǀĞŶƚŝŽŶƐŝŶƐƚĞĂĚŽĨ͕ŽƌŝŶĂĚĚŝƚŝŽŶƚŽ͕ĐŽŶƐĞƋƵĞŶĐĞƐ͘

• dŚĞƐĐŚŽŽůƵƐĞƐĂƐǇƐƚĞŵ;Ğ͘Ő͘ďŽǆͿǁŚĞƌĞďǇĂƐƚƵĚĞŶƚĐĂŶƌĞƉŽƌƚďƵůůǇŝŶŐͬŚĂƌĂƐƐŵĞŶƚĂŶŽŶǇŵŽƵƐůǇ

;ĞŝƚŚĞƌǁŝƚŶĞƐƐĞĚŽƌĞǆƉĞƌŝĞŶĐĞĚͿ͘

• dŚĞƐĐŚŽŽůƚĂŬĞƐďƵůůǇŝŶŐͬŚĂƌĂƐƐŵĞŶƚƐĞƌŝŽƵƐůǇĂŶĚŝŶĨƌĂĐƚŝŽŶƐĂƌĞĚĞĂůƚǁŝƚŚŝŶĂŶĂƉƉƌŽƉƌŝĂƚĞĂŶĚ
ŝŵŵĞĚŝĂƚĞǁĂǇ͘

• /ŶƚĞƌǀĞŶƚŝŽŶƐĂƌĞƉůĂŶŶĞĚ͕ƐĞƋƵĞŶƚŝĂůĂŶĚĂƌƚŝĐƵůĂƚĞĚƌĞŐƵůĂƌůǇƚŚƌŽƵŐŚŽƵƚƚŚĞƐĐŚŽŽůǇĞĂƌ͘
ǀŝĚĞŶĐĞ͗
ϱϯ
ϱ͘ϯ^hWWKZd^ sZzDK^d>z^KDt,dEKdd>>EDKZ
ͷǤ͵Ǥͳ
ǯ
Ǥ
ͷǤ͵Ǥʹ

Ǥ
ͷǤ͵Ǥ͵

Ǥ
ͷǤ͵ǤͶ

Ǥ

ǆĂŵƉůĞƐ͗ /ĨĂƐƚƵĚĞŶƚǁŚŽŚĂƐƐŝŐŶŝĨŝĐĂŶƚĚŝĨĨŝĐƵůƚŝĞƐǁŝƚŚĐŽŵŵƵŶŝĐĂƚŝŽŶĂĐƚƐŝŶƵŶĂĐĐĞƉƚĂďůĞǁĂǇƐ͕ƚŚĞĞĚƵĐĂƚŽƌ;ƐͿƚƌŝĞƐƚŽ
ĚŝƐĐŽǀĞƌƚŚĞĐĂƵƐĞŽĨƚŚĞƵŶĂĐĐĞƉƚĂďůĞĂĐƚŝŽŶĂŶĚǁŚĂƚƚŚĞƐƚƵĚĞŶƚŝƐƚƌǇŝŶŐƚŽĐŽŵŵƵŶŝĐĂƚĞ͕ďĞĨŽƌĞĚĞĐŝĚŝŶŐ
ǁŚĞƚŚĞƌŽƌŶŽƚƚŽƚĂŬĞĚŝƐĐŝƉůŝŶĂƌǇĂĐƚŝŽŶĂŐĂŝŶƐƚƚŚĞƐƚƵĚĞŶƚ͘
ǀŝĚĞŶĐĞ͗
ϱϰ
WWE/y
/E/dKZYh^d/KEE/Z
^ĞĐƚŝŽŶϲ
ϲ͘ϭDE'DEdK&d,^,KK> sZzDK^d>z^KDt,dEKdd>>EDKZ
͸ǤͳǤͳǡ

Ǥ
͸ǤͳǤʹ
ȂǦǡ
ǡǡ
ǦȋǦ

ȌȂǡ

Ǥ
͸ǤͳǤ͵ǡǡ
ǡ

ǡ
Ǥ

ǆĂŵƉůĞƐ͗ • dŚĞƉƌŝŶĐŝƉĂůĂƚƚĞŶĚƐƐĞƐƐŝŽŶƐŽŶŝŶĐůƵƐŝǀĞĞĚƵĐĂƚŝŽŶĂŶĚŚŝƐͬŚĞƌƌŽůĞĂƐĂƐĐŚŽŽůůĞĂĚĞƌĨŽƌŝŶĐůƵƐŝŽŶ͘

• dŚĞƉƌŝŶĐŝƉĂůǁŽƌŬƐǁŝƚŚƚŚĞƐƚƵĚĞŶƚƐĞƌǀŝĐĞƐƚĞĂŵƚŽŝŵƉůĞŵĞŶƚĂƉůĂŶĨŽƌŝŶĐůƵƐŝŽŶ͘dŚŝƐƉůĂŶŝƐ

ĨŽƌŵĂůŝǌĞĚŝŶƚŚĞƐĐŚŽŽů͛ƐŝŵƉƌŽǀĞŵĞŶƚƉůĂŶ͘

• dŚĞƉƌŝŶĐŝƉĂůŚĂƐĂǀŝƐŝŽŶĨŽƌŝŶĐůƵƐŝŽŶƚŚĂƚŝƐĂƌƚŝĐƵůĂƚĞĚ͕ĚŽĐƵŵĞŶƚĞĚĂŶĚƐŚĂƌĞĚǁŝƚŚĂůůƐƚĂĨĨ͘
• tŽƌŬŝŶŐƚŽŐĞƚŚĞƌ͕ƚŚĞƐƚƵĚĞŶƚƐĞƌǀŝĐĞƐƚĞĂŵŐŝǀĞƐƵƉƉŽƌƚƚŚƌŽƵŐŚƚŚĞĐŚĂŶŐĞƉƌŽĐĞƐƐ͘
• dŚĞƉƌŝŶĐŝƉĂůĚŝƌĞĐƚƐƚŚĞƐƚƵĚĞŶƚƐĞƌǀŝĐĞƐƚĞĂŵƚŽŵŽƌĂůůǇͬĂĐĂĚĞŵŝĐĂůůǇƐƵƉƉŽƌƚƚŚĞĞĚƵĐĂƚŽƌƐǁŚŽŵĂǇ
ďĞƐƚƌƵŐŐůŝŶŐǁŝƚŚĐŚĂŶŐĞƐƚĞŵŵŝŶŐĨƌŽŵŝŶĐůƵƐŝǀĞƉƌĂĐƚŝĐĞƐ͘
ǀŝĚĞŶĐĞ͗
ϱϱ
ϲ͘ϮDE'DEdK&d,KDDKE sZzDK^d>z^KDt,dEKdd>>EDKZ
>ZE/E'Es/ZKEDEd s/Eds/Eds/Eds/Ed/E&KZDd/KE
͸ǤʹǤͳȋȌ

ǡ

Ǥ
͸ǤʹǤʹ

Ǥ
͸ǤʹǤ͵

ȋǡǡ
ǦȌ
Ǥ
͸ǤʹǤͶ

ȋȌǡ
ǡǡ
Ǥ
͸ǤʹǤͷǡ
ȋȌǡ

ǡ
ȋȌǡ
Ȁȋ
ȌǡǤ

ǆĂŵƉůĞƐ͗ • ĚƵĐĂƚŝŽŶĂůĂƐƐŝƐƚĂŶƚƐĂƌĞŶĞǀĞƌƚŚĞƉƌŝŵĂƌǇŝŶƐƚƌƵĐƚŽƌƐŽĨĂŶǇƐƚƵĚĞŶƚŶŽƌĂƌĞƚŚĞǇƉƌŝŵĂƌŝůǇ
ƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞǀĞůŽƉŝŶŐůĞƐƐŽŶƉůĂŶƐĨŽƌĂŶǇƐƚƵĚĞŶƚ͘

• dŚĞĞĚƵĐĂƚŽƌŝŶƚŚĞĐŽŵŵŽŶůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚĂŶĚƚŚĞĞĚƵĐĂƚŝŽŶĂůĂƐƐŝƐƚĂŶƚĂƌĞŐŝǀĞŶĂĚĞƋƵĂƚĞ
ƚŝŵĞƚŽƉůĂŶƚŽŐĞƚŚĞƌŽŶŚŽǁƚŽďĞƐƚƐĞƌǀĞƚŚĞƐƚƵĚĞŶƚƐŝŶƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͘
• dŚĞĂƉƉƌŽƉƌŝĂƚĞĂŶĚĞĨĨĞĐƚŝǀĞƌŽůĞŽĨƚŚĞĞĚƵĐĂƚŝŽŶĂůĂƐƐŝƐƚĂŶƚŝƐĚŽĐƵŵĞŶƚĞĚĂŶĚƐŚĂƌĞĚǁŝƚŚ
ĂƉƉƌŽƉƌŝĂƚĞƐĐŚŽŽůƐƚĂĨĨ͘
• dŚĞƐĐŚŽŽůƵŶĚĞƌƚĂŬĞƐWŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌĞĚƵĐĂƚŽƌƐŽŶƚŚĞƌŽůĞĂŶĚŵĂŶĂŐĞŵĞŶƚŽĨĞĚƵĐĂƚŝŽŶĂů
ĂƐƐŝƐƚĂŶƚƐ͘
ǀŝĚĞŶĐĞ͗
ϱϲ
WWE/y
/E/dKZYh^d/KEE/Z
^ĞĐƚŝŽŶϳ
/ŶĐůƵƐŝŽŶĂŶĚ^ƚƵĚĞŶƚƐǁŝƚŚǆĐĞƉƚŝŽŶĂůŝƚŝĞƐ
ϳ͘ϭ/E>h^/KE/Ed,^,KK>E sZzDK^d>z^KDt,dEKdd>>EDKZ
d,KDDKE>ZE/E' s/Eds/Eds/Eds/Ed/E&KZDd/KE
Es/ZKEDEd
͹ǤͳǤͳ
ȀȀǯ
Ǥ
͹ǤͳǤʹǦ
ȋ
͹ǤͺȌǤ
͹ǤͳǤ͵

Ǣǣ
ǡǡ
ǡ
ǡǤ
͹ǤͳǤͶ

Ǣ

Ǥ
͹ǤͳǤͷǯ

Ǥ

ǆĂŵƉůĞƐ͗ • dŚĞƌĞĂƌĞŶŽůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚƐĚĞƐŝŐŶĞĚƐƉĞĐŝĨŝĐĂůůǇĨŽƌƐƚƵĚĞŶƚƐǁŝƚŚĞǆĐĞƉƚŝŽŶĂůŝƚŝĞƐ͘

• ^ĐŚŽŽůƐƚŚĂƚĐƵƌƌĞŶƚůǇŚĂǀĞƐĞůĨͲĐŽŶƚĂŝŶĞĚůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚƐĨŽƌƐƚƵĚĞŶƚƐǁŝƚŚĞǆĐĞƉƚŝŽŶĂůŝƚŝĞƐŚĂǀĞ
ƉůĂŶƐĚĞǀĞůŽƉĞĚĂŶĚŝŵƉůĞŵĞŶƚĞĚƚŽŵŽǀĞƚŚĞƐƚƵĚĞŶƚƐŝŶƚŽƚŚĞĐŽŵŵŽŶůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚ͘
ǀŝĚĞŶĐĞ͗
ϱϳ
ϳ͘Ϯ^hWWKZd^ sZzDK^d>z^KDt,dEKdd>>EDKZ
͹ǤʹǤͳ

Ǥ
͹ǤʹǤʹ
ǯȋ
Ȍǡǣ
ǡǡ
ǢǢ
Ǣ
Ǣ
Ǣ

Ǥ
͹ǤʹǤ͵

ǣǡ
ǡ
ǡǤ
͹ǤʹǤͶǡ

Ǥ
͹ǤʹǤͷȋǣ
ǡǡǤȌ

Ǥ

ǆĂŵƉůĞƐ͗ • ^ĐŚŽŽůƐŝŵƉůĞŵĞŶƚƚŚĞŝƌĐůĞŽĨ&ƌŝĞŶĚƐƉƌŽŐƌĂŵŝŶĞůĞŵĞŶƚĂƌǇƐĐŚŽŽůƐ͘

• ^ĐŚŽŽůƐŚĂǀĞĂĚĞĚŝĐĂƚĞĚŐĂŵĞƐƌŽŽŵĨŽƌĂůůƐƚƵĚĞŶƚƐƚŚĂƚŝƐŝŶĐůƵƐŝǀĞ;Ğ͘Ő͘ǁŚĞƌĞƐƚƵĚĞŶƚƐǁŝƚŚĂŶĚ
ǁŝƚŚŽƵƚĞǆĐĞƉƚŝŽŶĂůŝƚŝĞƐƉĂƌƚŝĐŝƉĂƚĞͿ͘

• dŚĞƐƉĞĞĐŚůĂŶŐƵĂŐĞƉĂƚŚŽůŽŐŝƐƚƚĞĂĐŚĞƐĂůůƐƚƵĚĞŶƚƐŝŶƚŚĞĐŽŵŵŽŶůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚƚŽĂƐƐŝƐƚ
ǁŝƚŚƐƉĞĞĐŚŐŽĂůƐĂŶĚĂĐƚŝǀŝƚŝĞƐ͘
• ^ĐŚŽŽůƐĐƌĞĂƚŝǀĞůǇĚĞǀĞůŽƉŽƌŵŽĚŝĨǇĂĐƚŝǀŝƚŝĞƐƐŽƚŚĂƚĂůůƐƚƵĚĞŶƚƐĐĂŶƉĂƌƚŝĐŝƉĂƚĞ;Ğ͘Ő͘ƵƐĞtŝŝŝŶ

ƉŚǇƐŝĐĂůĞĚƵĐĂƚŝŽŶĐůĂƐƐƚŽĂĐĐŽŵŵŽĚĂƚĞĂƐƚƵĚĞŶƚǁŚŽŚĂƐůŝŵŝƚĞĚƉŚǇƐŝĐĂůŵŽǀĞŵĞŶƚ͘
ǀŝĚĞŶĐĞ͗
ϱϴ
ϳ͘ϯ^>&ͲdZD/Ed/KEE sZzDK^d>z^KDt,dEKdd>>EDKZ
dZE^/d/KE s/Eds/Eds/Eds/Ed/E&KZDd/KE
͹Ǥ͵Ǥͳ
ǡǡǡ
ǡ
ǡ
ǡǡǤ
͹Ǥ͵Ǥʹ
ǡ
ǡ

Ǥ
͹Ǥ͵Ǥ͵

Ǥ
͹Ǥ͵ǤͶ
ͿǤ

ǆĂŵƉůĞƐ͗ • dŚĞŐƵŝĚĂŶĐĞĐŽƵŶƐĞůůŽƌŝƐŝŶǀŽůǀĞĚŝŶƚŚĞƐƚƵĚĞŶƚƐ͛ĐŽƵƌƐĞƐĞůĞĐƚŝŽŶĂŶĚƚƌĂŶƐŝƚŝŽŶƉůĂŶ͘

• dŚĞWd,ƉƌŽĐĞƐƐŝƐƵƐĞĚƚŽŚĞůƉƐƚƵĚĞŶƚƐŝĚĞŶƚŝĨǇƚŚĞŝƌŝŶƚĞƌĞƐƚƐĂŶĚŐŽĂůƐ͘

• ^ƚƵĚĞŶƚƐĂƌĞŝŶǀŝƚĞĚƚŽũŽŝŶƚŚĞ^WƉůĂŶŶŝŶŐŵĞĞƚŝŶŐƐŽƌƚƌĂŶƐŝƚŝŽŶƉůĂŶŶŝŶŐŵĞĞƚŝŶŐƐĂŶĚĂƌĞ
ƐƵƉƉŽƌƚĞĚƚŽƉĂƌƚŝĐŝƉĂƚĞĂŶĚƉƌŽǀŝĚĞŝŶƉƵƚŝŶƚŽĚĞĐŝƐŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞŝƌĞĚƵĐĂƚŝŽŶŽƌƚƌĂŶƐŝƚŝŽŶ͘
ǀŝĚĞŶĐĞ͗
ϱϵ
WWE/y
/E/dKZYh^d/KEE/Z
^ĞĐƚŝŽŶϴ
ϴ͘ϭsZzKE/ÊKhZ'dK sZzDK^d>z^KDt,dEKdd>>EDKZ
Zd/s s/Eds/Eds/Eds/Ed/E&KZDd/KE
ͺǤͳǤͳ

Ǥ

ǆĂŵƉůĞƐ͗ • ^ƚƵĚĞŶƚƐĂƌĞĞŶĐŽƵƌĂŐĞĚƚŽĚĞŵŽŶƐƚƌĂƚĞƚŚĞŝƌůĞĂƌŶŝŶŐŝŶĂǀĂƌŝĞƚǇŽĨĚŝĨĨĞƌĞŶƚǁĂǇƐ͘

• ĚƵĐĂƚŽƌƐĨĞĞůĨƌĞĞƚŽƚƌǇŶĞǁŵĞƚŚŽĚƐĂŶĚƐƚƌĂƚĞŐŝĞƐĨŽƌŝŶƐƚƌƵĐƚŝŽŶĂŶĚĂƐƐĞƐƐŵĞŶƚ͘

• ^ƚƵĚĞŶƚƐ͕ĞĚƵĐĂƚŽƌƐĂŶĚŽƚŚĞƌƐĐŚŽŽůƐƚĂĨĨĂƌĞĞŶĐŽƵƌĂŐĞĚƚŽĐŚĂůůĞŶŐĞƚŚĞƐƚĂƚƵƐƋƵŽ;Ğ͘Ő͘ĂƐƚƵĚĞŶƚ
ĂƐŬŝŶŐĨŽƌƚŚĞŬĞǇƚŽƚŚĞƐĐŚŽŽůĞůĞǀĂƚŽƌͿ͘
ǀŝĚĞŶĐĞ͗
ϲϬ
ϴ͘Ϯ^h^^^Z>Zd sZzDK^d>z^KDt,dEKdd>>EDKZ
ͺǤʹǤͳ
ǡǡǡ
Ǥ

ǆĂŵƉůĞƐ͗ • ^ƚƵĚĞŶƚŽĨƚŚĞǁĞĞŬͬŵŽŶƚŚƌĞĐŽŐŶŝƚŝŽŶŝŶĐůƵĚĞƐĂůůƐƚƵĚĞŶƚƐ;Ğ͘Ő͘ĂĐĂĚĞŵŝĐ͕ĂƌƚŝƐƚŝĐ͕ĂƚŚůĞƚŝĐ͕
ŝŵƉƌŽǀĞŵĞŶƚ͕ĞƚĐ͘Ϳ͘
• ^ĐŚŽŽůƐŚŽůĚƌĞŐƵůĂƌĂƐƐĞŵďůŝĞƐŽƌŚĂǀĞƌĞŐƵůĂƌĂŶŶŽƵŶĐĞŵĞŶƚƐƚŽƌĞĐŽŐŶŝǌĞƐƚƵĚĞŶƚĂŶĚƐƚĂĨĨ
ĂĐŚŝĞǀĞŵĞŶƚƐ͘

ǀŝĚĞŶĐĞ͗
ϲϭ
ϴ͘ϯWZK&^^/KE>s>KWDEd/^ sZzDK^d>z^KDt,dEKdd>>EDKZ
WZKs/ s/Eds/Eds/Eds/Ed/E&KZDd/KE
ͺǤ͵Ǥͳǡ
ǡ
Ǥ
ͺǤ͵ǤʹǦ

Ǧ
Ǥ
ͺǤ͵Ǥ͵

ȋȌ
ȋȌ
ͺǤ͵ǤͶ

Ǥ
ͺǤ͵Ǥͷ

Ǥ

ǆĂŵƉůĞƐ͗ • ĚƵĐĂƚŽƌƐǁŚŽĂƚƚĞŶĚƚƌĂŝŶŝŶŐŽƵƚŽĨƚŚĞĚŝƐƚƌŝĐƚŽƌƐƉĞĐŝĨŝĐƚƌĂŝŶŝŶŐ͕ĂƌĞƉƌŽǀŝĚĞĚǁŝƚŚŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽ
ƐŚĂƌĞƚŚĞŝƌůĞĂƌŶŝŶŐǁŝƚŚƚŚĞŽƚŚĞƌĞĚƵĐĂƚŽƌƐĂŶĚƐĐŚŽŽůƐƚĂĨĨ͘

ǀŝĚĞŶĐĞ͗
ϲϮ
WWE/y
/E/dKZYh^d/KEE/Z
^ĞĐƚŝŽŶϵ
ϵ͘ϭsZzKEWZd//Wd^/E sZzDK^d>z^KDt,dEKdd>>EDKZ
&/E/E'^K>hd/KE^ s/Eds/Eds/Eds/Ed/E&KZDd/KE
ͻǤͳǤͳǡǡ
ǡ
Ȁ

Ǥ
ͻǤͳǤʹ

ǦǡǦ
ǡǡ
ǦǦ
Ǥ
ͻǤͳǤ͵
ǡ
ǡ

Ǥ
ͻǤͳǤͶ

ǡ

Ǥ
ͻǤͳǤͷ
ǡǦ

Ǥ

ǆĂŵƉůĞƐ͗ • ZĞƐŽƵƌĐĞĂŶĚDĞƚŚŽĚƐƚĞĂĐŚĞƌƐĂƌĞƵƐĞĚĂƐĐŽͲƚĞĂĐŚĞƌƐǁŝƚŚŽƚŚĞƌĞĚƵĐĂƚŽƌƐĚƵƌŝŶŐƉĂƌƚŽĨĞĂĐŚƐĐŚŽŽů
ĚĂǇ͘

• ŽŵŵŽŶůĞĂƌŶŝŶŐƚŝŵĞŚĂƐďĞĞŶƐĞƚĂƐŝĚĞĨŽƌWƌŽĨĞƐƐŝŽŶĂů>ĞĂƌŶŝŶŐŽŵŵƵŶŝƚŝĞƐ;W>͕ĞĚƵĐĂƚŽƌƐǁŚŽ
ƚĞĂĐŚƚŚĞƐĂŵĞƐƵďũĞĐƚŵĂƚƚĞƌ͕ŐƌĂĚĞůĞǀĞůͿ͘
• dŚĞƐĐŚŽŽůƵƐĞƐƚŚĞϮϬŵŝŶƵƚĞƉƌŽďůĞŵƐŽůǀŝŶŐƉƌŽĐĞƐƐ͕ƚŽĐŽůůĂďŽƌĂƚŝǀĞůǇƐĞĞŬƐŽůƵƚŝŽŶƐǁŝƚŚŝŶĚŝǀŝĚƵĂůƐ

ŽƌŐƌŽƵƉƐŽĨƐƚƵĚĞŶƚƐ;ůĞĂƌŶŝŶŐŽƌďĞŚĂǀŝŽƵƌƉƌŽďůĞŵƐͿ͘
ϲϯ
ǀŝĚĞŶĐĞ͗
ϲϰ
ϵ͘Ϯd,^,KK>/^>/E<dKd, sZzDK^d>z^KDt,dEKdd>>EDKZ
ZKZKDDhE/dz s/Eds/Eds/Eds/Ed/E&KZDd/KE
ͻǤʹǤͳ

ȋǤǤǡ
ǡ
ǡȌ
Ǥ

ǆĂŵƉůĞƐ͗ • ,ŝŐŚƐĐŚŽŽůƐŽĨĨĞƌĂĚǀĂŶĐĞĚŽƌŽŶůŝŶĞĐŽƵƌƐĞƐĨŽƌƐƚƵĚĞŶƚƐǁŝƚŚƉĂƌƚŝĐƵůĂƌŝŶƚĞƌĞƐƚƐŽƌĐĂƌĞĞƌŐŽĂůƐ͘

• ^ĐŚŽŽůƐƉĂƌƚŶĞƌǁŝƚŚůŽĐĂůĐŽŵƉĂŶŝĞƐƚŚĂƚƉƌŽǀŝĚĞǀŽůƵŶƚĞĞƌƐĨŽƌƌĞĂĚŝŶŐŽƌŵĞŶƚŽƌŝŶŐǁŝƚŚƐƚƵĚĞŶƚƐ

;Ğ͘Ő͘W>^Ϳ͘

• ^ĐŚŽŽůƐƉĂƌƚŶĞƌǁŝƚŚůŽĐĂůŝŶĚƵƐƚƌŝĞƐŽŶƐƉĞĐŝĂůƉƌŽũĞĐƚƐ;ŵĂƌŬĞƚŝŶŐƉƌŽĚƵĐƚƐ͕ƐĞƌǀŝĐĞƐͿ͘
ǀŝĚĞŶĐĞ͗
ϲϱ
ϵ͘ϯWZEd^ͬ'hZ/E^Z sZzDK^d>z^KDt,dEKdd>>EDKZ
DZ^Yh>E^Êd/> s/Eds/Eds/Eds/Ed/E&KZDd/KE
WZdEZ^
ͻǤ͵ǤͳȀ

ǡ

Ǥ
ͻǤ͵Ǥʹ
Ȁǡ
Ǥ
ͻǤ͵Ǥ͵

ǯǤ
ͻǤ͵ǤͶ

Ǥ
ͻǤ͵Ǥͷ

Ǥ
ǆĂŵƉůĞƐ͗ • WĂƌĞŶƚƐĂĐƚŝǀĞůǇǀŽůƵŶƚĞĞƌĨŽƌĚŝĨĨĞƌĞŶƚƐĐŚŽŽůĂĐƚŝǀŝƚŝĞƐ͘

• dŚĞƐĐŚŽŽůŚĂƐĂĐƵƌƌĞŶƚǁĞďƐŝƚĞƚŚĂƚŝŶĨŽƌŵƐƉĂƌĞŶƚƐŽŶĐƵƌƌĞŶƚĞǀĞŶƚƐŽƌĐŚĂŶŐĞƐ͘
ǀŝĚĞŶĐĞ͗
ϲϲ
ϵ͘ϰ^,KK>d<^Z^WKE^//>/dz sZzDK^d>z^KDt,dEKdd>>EDKZ
&KZdZE^/d/KE s/Eds/Eds/Eds/Ed/E&KZDd/KE
ͻǤͶǤͳǡ
ǡ

ǡ
ǡ
ǡ
ȋȌǤ
ͻǤͶǤʹ

Ǥ

ǆĂŵƉůĞƐ͗ • ^ƵƉƉŽƌƚƐĂŶĚĞĚƵĐĂƚŝŽŶĂůƉƌŽŐƌĂŵƐĂƌĞƉĂƐƐĞĚďĞƚǁĞĞŶƌĞĐĞŝǀŝŶŐĂŶĚƐĞŶĚŝŶŐƐĐŚŽŽů͘

• dŚĞƐĐŚŽŽůƐƚƌŝǀĞƐƚŽĞŶƐƵƌĞƚŚĂƚǁŽƌŬĞǆƉĞƌŝĞŶĐĞŝƐĚŽŶĞŽƵƚƐŝĚĞŽĨƚŚĞƐĐŚŽŽůǁŝƚŚŝŶƌĞŐƵůĂƌǁŽƌŬ

ĞŶǀŝƌŽŶŵĞŶƚƐ͘
ǀŝĚĞŶĐĞ͗
ϲϳ
ϵ͘ϱKE'K/E'E sZzDK^d>z^KDt,dEKdd>>EDKZ
KE^dZhd/s/>K'hd<^ s/Eds/Eds/Eds/Ed/E&KZDd/KE
W>
ͻǤͷǤͳ

ǡ
ǡȀ
Ǥ

ǆĂŵƉůĞƐ͗

ǀŝĚĞŶĐĞ͗
ϲϴ
ƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůʹ^ĂŵƉůĞDĞŵŽŽĨ/ŶǀŝƚĂƚŝŽŶ
WWE/y
^ĂŵƉůĞDĞŵŽŽĨ/ŶǀŝƚĂƚŝŽŶ

ĂƚĞ͗
dK͗ WĂƌƚŝĐŝƉĂŶƚƐŝŶƚŚĞƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůWƌŽĐĞƐƐ
&ZKD͗ WƌŝŶĐŝƉĂů
Z͗ ZĞǀŝĞǁŽĨƚŚĞWƌŽĨŝůĞĨƌŽŵƋƵĞƐƚŝŽŶŶĂŝƌĞƐ
dŚĂŶŬǇŽƵĨŽƌƚĂŬŝŶŐƉĂƌƚŝŶƚŚĞƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůƉƌŽĐĞƐƐ͘/ŚŽƉĞƚŚĂƚƉĂƌƚŝĐŝƉĂŶƚƐ
ĨŽƵŶĚƚŚĞƉƌŽĐĞƐƐŽĨĐŽŵƉůĞƚŝŶŐƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞĞĚƵĐĂƚŝŽŶĂůĂŶĚƚŚĂƚŝƚƉƌŽǀŝĚĞĚŝŶƐŝŐŚƚŝŶƚŽ
ƚŚĞŝŶĐůƵƐŝǀĞŶĞƐƐŽĨŽƵƌƐĐŚŽŽů͘tĞĂƌĞũƵƐƚĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽĐĞƐƐŽĨƚĂůůǇŝŶŐƚŚĞƌĞƐƵůƚƐŝŶƚŽĂ
WƌŽĨŝůĞŽĨŽƵƌƐĐŚŽŽů͛ƐŝŶĐůƵƐŝǀĞŶĞƐƐ͘
dŚĞŶĞǆƚƐƚĂŐĞŝŶƚŚĞƉƌŽĐĞƐƐŝƐƚŽƉƌŽǀŝĚĞĞĂĐŚƉĂƌƚŝĐŝƉĂŶƚǁŝƚŚĂŶŽƉƉŽƌƚƵŶŝƚǇƚŽƌĞǀŝĞǁƚŚĞ
ƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůWƌŽĨŝůĞĂƚĂƐĞƐƐŝŽŶƚŽďĞŚĞůĚŽŶĚĂƚĞĂƚůŽĐĂƚŝŽŶĨƌŽŵƚŝŵĞ͘
dŚŝƐƐĞƐƐŝŽŶǁŝůůĂůƐŽƉƌŽǀŝĚĞĂŶŽƉƉŽƌƚƵŶŝƚǇƚŽƉƌŽǀŝĚĞĨĞĞĚďĂĐŬĂďŽƵƚƚŚĞWƌŽĐĞƐƐ͘
WůĞĂƐĞůĞƚŶĂŵĞŬŶŽǁǁŚĞƚŚĞƌǇŽƵĐĂŶĂƚƚĞŶĚ͘
dŚĂŶŬǇŽƵĨŽƌǇŽƵƌĐŽŵŵŝƚŵĞŶƚƚŽĞŶƐƵƌŝŶŐƚŚĂƚŽƵƌƐĐŚŽŽůŝƐĂŶŝŶĐůƵƐŝǀĞůĞĂƌŶŝŶŐ
ĞŶǀŝƌŽŶŵĞŶƚ͘
ϲϵ
ƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůʹWƌŽĨŝůĞ^ŚĞĞƚ
WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϭ
ϭ͘ϭ/sZ^yWZ/E^͕ sZzDK^d>z^KDt,dEKdd>>EDKZ
WZ^Wd/s^Θ<EKt>'Z s/Eds/Eds/Eds/Ed/E&KZDd/KE
Z&>d͕Z^WdΘ,KEKhZ

ǣ

Ȁ
Ǧ

dKd>
^hDDZzK&s/E͗
ϳϬ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϭ
ϭ͘ϮhdzdKKDDKd sZzDK^d>z^KDt,dEKdd>>EDKZ

Ȁ
dKd>

^hDDZzK&s/E͗
ϳϭ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϭ
ϭ͘ϯ/E/s/h>^t/d,/Ed,^,KK> sZzDK^d>z^KDt,dEKdd>>EDKZ
KDDhE/dz^dW&KZtZE s/Eds/Eds/Eds/Ed/E&KZDd/KE
d<Ed/sZK>/EZ/E'/E'
Khd/E>h^/KE

Ȁ
dKd>

^hDDZzK&s/E͗
ϳϮ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϭ
ϭ͘ϰ/E>h^/KEs>h^Z sZzDK^d>z^KDt,dEKdd>>EDKZ
Zd/h>dEs/^/> s/Eds/Eds/Eds/Ed/E&KZDd/KE

Ȁ
dKd>

^hDDZzK&s/E͗
ϳϯ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϭ
ϭ͘ϱ^^//>/dz sZzDK^d>z^KDt,dEKdd>>EDKZ

Ȁ
dKd>

^hDDZzK&s/E͗
ϳϰ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϭ
ϭ͘ϲ,/',yWdd/KE^&KZ>> sZzDK^d>z^KDt,dEKdd>>EDKZ
^dhEd^ s/Eds/Eds/Eds/Ed/E&KZDd/KE

Ȁ
dKd>

^hDDZzK&s/E͗
ϳϱ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϮ
Ϯ͘ϭE^hZ/E'Ê^K& sZzDK^d>z^KDt,dEKdd>>EDKZ
>KE'/E' s/Eds/Eds/Eds/Ed/E&KZDd/KE

Ȁ
dKd>

^hDDZzK&s/E͗
ϳϲ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϯ
ϯ͘ϭ>ZE/E'/^^KE&>y/> sZzDK^d>z^KDt,dEKdd>>EDKZ
hd/KEWZK'ZD s/Eds/Eds/Eds/Ed/E&KZDd/KE

Ȁ
dKd>

^hDDZzK&s/E͗
ϳϳ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϯ
ϯ͘Ϯ&Kh^KE^dZE'd,Ê sZzDK^d>z^KDt,dEKdd>>EDKZ
W/>/d/^ s/Eds/Eds/Eds/Ed/E&KZDd/KE

Ȁ
dKd>

^hDDZzK&s/E͗
ϳϴ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϯ
ϯ͘ϯKDDKE>ZE/E' sZzDK^d>z^KDt,dEKdd>>EDKZ
Es/ZKEDEdÊ&h>> s/Eds/Eds/Eds/Ed/E&KZDd/KE
WZd//Wd/KE

Ȁ
dKd>

^hDDZzK&s/E͗
ϳϵ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϯ
ϯ͘ϰ^dhEd^Khd^/K&d, sZzDK^d>z^KDt,dEKdd>>EDKZ
KDDKE>ZE/E'Es/ZKEDEd s/Eds/Eds/Eds/Ed/E&KZDd/KE

Ȁ
dKd>

^hDDZzK&s/E͗
ϴϬ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϯ
ϯ͘ϱhZZ/h>hD sZzDK^d>z^KDt,dEKdd>>EDKZ

Ȁ
dKd>

^hDDZzK&s/E͗
ϴϭ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϯ
ϯ͘ϲ/E^dZhd/KE sZzDK^d>z^KDt,dEKdd>>EDKZ

Ȁ
dKd>

^hDDZzK&s/E͗
ϴϮ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϯ
ϯ͘ϳKE'K/E'hd,Ed/ sZzDK^d>z^KDt,dEKdd>>EDKZ
^^^^DEd s/Eds/Eds/Eds/Ed/E&KZDd/KE

Ȁ
dKd>

^hDDZzK&s/E͗
ϴϯ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϰ
ϰ͘ϭ^dhEd^ZWZKs/t/d, sZzDK^d>z^KDt,dEKdd>>EDKZ
d,WZKWZ^hWWKZd^ZYh/ZdK s/Eds/Eds/Eds/Ed/E&KZDd/KE
&h>>zWZd//Wd

Ȁ
dKd>

^hDDZzK&s/E͗
ϴϰ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϰ
ϰ͘Ϯ^hWWKZd^&KZKDDhE/d/KE sZzDK^d>z^KDt,dEKdd>>EDKZ

Ȁ
dKd>

^hDDZzK&s/E͗
ϴϱ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϱ
ϱ͘ϭWWZKWZ/d,s/KhZ sZzDK^d>z^KDt,dEKdd>>EDKZ

Ȁ
dKd>

^hDDZzK&s/E͗
ϴϲ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϱ
ϱ͘Ϯh>>z/E'͕d^/E'E sZzDK^d>z^KDt,dEKdd>>EDKZ
,Z^^DEdZ>dt/d, s/Eds/Eds/Eds/Ed/E&KZDd/KE
&&d/s>z

Ȁ
dKd>

^hDDZzK&s/E͗
ϴϳ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϱ
ϱ͘ϯ^hWWKZd^ sZzDK^d>z^KDt,dEKdd>>EDKZ

Ȁ
dKd>

^hDDZzK&s/E͗
ϴϴ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϲ
ϲ͘ϭDE'DEdK&d,^,KK> sZzDK^d>z^KDt,dEKdd>>EDKZ

Ȁ
dKd>

^hDDZzK&s/E͗
ϴϵ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϲ
ϲ͘ϮDE'DEdK&d,KDDKE sZzDK^d>z^KDt,dEKdd>>EDKZ
>ZE/E'Es/ZKEDEd s/Eds/Eds/Eds/Ed/E&KZDd/KE

Ȁ
dKd>

^hDDZzK&s/E͗
ϵϬ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϳ
ϳ͘ϭ/E>h^/KE/Ed,^,KK>E sZzDK^d>z^KDt,dEKdd>>EDKZ
d,KDDKE>ZE/E' s/Eds/Eds/Eds/Ed/E&KZDd/KE
Es/ZKEDEd

Ȁ
dKd>

^hDDZzK&s/E͗
ϵϭ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϳ
ϳ͘Ϯ^hWWKZd^ sZzDK^d>z^KDt,dEKdd>>EDKZ

Ȁ
dKd>

^hDDZzK&s/E͗
ϵϮ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϳ
ϳ͘ϯ^>&ͲdZD/Ed/KEE sZzDK^d>z^KDt,dEKdd>>EDKZ
dZE^/d/KE s/Eds/Eds/Eds/Ed/E&KZDd/KE

Ȁ
dKd>

^hDDZzK&s/E͗
ϵϯ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϴ
ϴ͘ϭsZzKE/ÊKhZ'dK sZzDK^d>z^KDt,dEKdd>>EDKZ
Zd/s s/Eds/Eds/Eds/Ed/E&KZDd/KE

Ȁ
dKd>

^hDDZzK&s/E͗
ϵϰ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϴ
ϴ͘Ϯ^h^^^Z>Zd sZzDK^d>z^KDt,dEKdd>>EDKZ

Ȁ
dKd>

^hDDZzK&s/E͗
ϵϱ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϴ
ϴ͘ϯWZK&^^/KE>s>KWDEd/^ sZzDK^d>z^KDt,dEKdd>>EDKZ
WZKs/ s/Eds/Eds/Eds/Ed/E&KZDd/KE

Ȁ
dKd>

^hDDZzK&s/E͗
ϵϲ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϵ
ϵ͘ϭsZzKEWZd//Wd^/E sZzDK^d>z^KDt,dEKdd>>EDKZ

Ȁ
dKd>

^hDDZzK&s/E͗
ϵϳ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϵ
ϵ͘Ϯd,^,KK>/^>/E<dKd, sZzDK^d>z^KDt,dEKdd>>EDKZ
ZKZKDDhE/dz s/Eds/Eds/Eds/Ed/E&KZDd/KE

Ȁ
dKd>

^hDDZzK&s/E͗
ϵϴ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϵ
ϵ͘ϯWZEd^ͬ'hZ/E^Z sZzDK^d>z^KDt,dEKdd>>EDKZ
DZ^Yh>^Êd/> s/Eds/Eds/Eds/Ed/E&KZDd/KE
WZdEZ^

Ȁ
dKd>

^hDDZzK&s/E͗
ϵϵ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϵ
ϵ͘ϰ^,KK>d<^Z^WKE^//>/dz sZzDK^d>z^KDt,dEKdd>>EDKZ
&KZdZE^/d/KE s/Eds/Eds/Eds/Ed/E&KZDd/KE

Ȁ
dKd>

^hDDZzK&s/E͗
ϭϬϬ

WWE/y
WZK&/>^,d
^ĞĐƚŝŽŶϵ
ϵ͘ϱsZzKEWZd//Wd^/E sZzDK^d>z^KDt,dEKdd>>EDKZ

Ȁ
dKd>

^hDDZzK&s/E͗
ϭϬϭ

ƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůʹZĞǀŝĞǁŽĨƚŚĞWƌŽĨŝůĞ
WWE/y
Zs/tK&d,Zd/E'E/E>h^/s^,KK>WZK&/>E
Zd/E'^,KK>W>E&KZ/E>h^/KE
ŝƐĐƵƐƐŝŽŶ&ƌĂŵĞǁŽƌŬ
ΎdŚŝƐĚŝƐĐƵƐƐŝŽŶƐŚŽƵůĚďĞĨĂĐŝůŝƚĂƚĞĚďǇƚŚĞƐĐŚŽŽůƉƌŝŶĐŝƉĂůŽƌĂŶŽƵƚƐŝĚĞ
ĨĂĐŝůŝƚĂƚŽƌ͘dŚĞƚŝŵĞůŝŶĞƐŝŶĚŝĐĂƚĞĚĂƌĞƉƌŽǀŝĚĞĚĂƐĂƐƵŐŐĞƐƚŝŽŶƚŽŐƵŝĚĞƚŚĞ
ĚŝƐĐƵƐƐŝŽŶ͘dŚŝƐĚŝƐĐƵƐƐŝŽŶƐŚŽƵůĚƚĂŬĞĂƉƉƌŽǆŝŵĂƚĞůǇƚǁŽƚŽƚŚƌĞĞŚŽƵƌƐƚŽ
ĐŽŵƉůĞƚĞ͘
ϭ͘ ZĞǀŝĞǁƚŚĞWƵƌƉŽƐĞŽĨƚŚĞŝƐĐƵƐƐŝŽŶ&ƌĂŵĞǁŽƌŬ;ϭϬŵŝŶ͘Ϳ

/ŶƚƌŽĚƵĐĞƚŚĞƉƵƌƉŽƐĞŽĨƚŚĞĚŝƐĐƵƐƐŝŽŶ͘dŚĞŝŶƚĞŶƚŝƐƚŽƵŶĚĞƌƐƚĂŶĚƚŚĞƉƌŽĨŝůĞĂŶĚ
ĚŝƐĐƵƐƐǁŚĂƚƚŚĞŶĞǆƚƐƚĞƉƐǁŝůůďĞŝŶŽƌĚĞƌƚŽĚĞǀĞůŽƉĂƉůĂŶƚŽĐĞůĞďƌĂƚĞƚŚĞĂƌĞĂƐŽĨ
ƐƚƌĞŶŐƚŚĂŶĚĂĚĚƌĞƐƐƚŚĞĂƌĞĂƐǇŽƵǁĂŶƚƚŽŝŵƉƌŽǀĞ͘

Ϯ͘ ZĞǀŝĞǁWƌŽĨŝůĞZĞƐƵůƚƐ;ϲϬŵŝŶ͘Ϳ

/ĚĞŶƚŝĨǇƚŚŽƐĞĂƌĞĂƐƚŚĂƚŚĂĚĂůŽƚŽĨƉĞŽƉůĞǁŚŽƐĂŝĚƚŚĂƚŝƚǁĂƐ͗

͚sĞƌǇŽƌDŽƐƚůǇǀŝĚĞŶƚ͛;ƐƚƌŽŶŐĂƌĞĂͿ
͚^ŽŵĞǁŚĂƚǀŝĚĞŶƚ͛;ŝƐƉƌĞƚƚǇŐŽŽĚ͕ďƵƚĐŽƵůĚďĞďĞƚƚĞƌͿ
͚^ŽŵĞǁŚĂƚŽƌEŽƚƚůůǀŝĚĞŶƚ͛;ĂŶĂƌĞĂƚŚĂƚŶĞĞĚƐƌĞĂůŝŵƉƌŽǀĞŵĞŶƚͿ

>ŽŽŬĂƚƚŚĞĂƌĞĂƐƚŚĂƚǁĞƌĞŶ͛ƚĂƐƐƚƌŽŶŐĂŶĚƐĞĞŝĨƚŚĞƌĞǁĞƌĞĂůŽƚŽĨĚŝĨĨĞƌĞŶƚŽƉŝŶŝŽŶƐ
ĂďŽƵƚŝƚ͘

ZĞǀŝĞǁƚŚĞ^ƵŵŵĂƌǇŽĨǀŝĚĞŶĐĞ;ǁƌŝƚƚĞŶĐŽŵŵĞŶƚƐͿŝŶƚŚŽƐĞĂƌĞĂƐǁŚĞƌĞƉĞŽƉůĞĨĞůƚ
ƚŚĞƐĐŚŽŽůĐŽƵůĚĚŽďĞƚƚĞƌ͘ŝƐĐƵƐƐǁŚĂƚƚŚĞĐŽŵŵĞŶƚƐƚĞůůǇŽƵ͘

ŽŶƐŝĚĞƌƚŚĞĨŽůůŽǁŝŶŐƋƵĞƐƚŝŽŶƐǁŚĞŶůŽŽŬŝŶŐĂƚƚŚĞƌĞƐƵůƚƐ͗
• ĂƌĞƚŚĞƌĞĚŝǀĞƌƐĞŽƉŝŶŝŽŶƐ͕ŝĨƐŽ͕ǁŚǇ͍
• ǁŚĂƚŝƐƐƵƌƉƌŝƐŝŶŐ͕ĂŶĚǁŚǇ͍
• ǁŚĂƚĂƌĞƚŚĞƵŶĚĞƌůǇŝŶŐĂƐƐƵŵƉƚŝŽŶƐĂŶĚǀĂůƵĞƐďĞŚŝŶĚƚŚĞĐŽŵŵĞŶƚƐ͍

ϭϬϮ
ϯ͘ ŽŵƉůĞƚĞƚŚĞ^ƚƌĞŶŐƚŚƐĂŶĚƌĞĂĨŽƌ/ŵƉƌŽǀĞŵĞŶƚ^ŚĞĞƚƐ;ϯϬ
ŵŝŶ͘Ϳ

ŚĞĐŬŽĨĨƚŚĞĂƌĞĂƐƚŚĂƚĂƌĞƐƚƌŽŶŐŽŶ^ŚĞĞƚ͘ůƐŽĐŚĞĐŬŽĨĨƚŚĞĂƌĞĂƐƚŚĂƚ
ƐŚŽƵůĚͬĐŽƵůĚďĞŝŵƉƌŽǀĞĚŽŶ^ŚĞĞƚ͘

ϰ͘ tƌŝƚĞŽǁŶtŚĂƚ^ƉĞĐŝĨŝĐĂůůǇEĞĞĚƐƚŽďĞ/ŵƉƌŽǀĞĚ͘hƐĞ^ŚĞĞƚ
͘;ϭϱŵŝŶ͘Ϳ

ϱ͘ ĞĐŝĚĞŽŶzŽƵƌ'ŽĂůƐĂŶĚWƌŝŽƌŝƚǇĐƚŝŽŶƐ͘hƐĞ^ŚĞĞƚ͘;ϰϱ
ŵŝŶ͘Ϳ

'ŽĂůƐƐŚŽƵůĚďĞĂĐŚŝĞǀĂďůĞĂŶĚŵĞĂƐƵƌĂďůĞ;ƉŽƐŝƚŝǀĞĂŶĚƉŽƐƐŝďůĞͿ͘

tŚĂƚƐƉĞĐŝĨŝĐŐŽĂůƐĚŽǁĞǁĂŶƚƚŽĂĚĚƌĞƐƐĨŝƌƐƚ;ƐŚŽƌƚƚĞƌŵͿ͍tŚĂƚŐŽĂůƐǁŝůů
ƚĂŬĞůŽŶŐĞƌƚŽĂĐŚŝĞǀĞ͍
,ŽǁǁŝůůǁĞŬŶŽǁƚŚĂƚŽƵƌŐŽĂůƐŚĂǀĞďĞĞŶĂĐŚŝĞǀĞĚ;ŬĞǇŝŶĚŝĐĂƚŽƌƐͿ͍
,ŽǁǁŝůůǁĞŐĞƚƐĐŚŽŽůͲǁŝĚĞďƵǇŝŶŽŶƚŚĞŐŽĂůƐĂŶĚƉƌŝŽƌŝƚǇĂĐƚŝŽŶƐ͍
tŚĂƚƌĞƐŽƵƌĐĞƐ͕ŝĨĂŶǇ͕ĚŽǁĞŶĞĞĚŝŶŽƌĚĞƌƚŽĂĐŚŝĞǀĞŽƵƌŐŽĂůƐ͍
tŚŽǁŝůůŚĂǀĞůĞĂĚƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌŝŵƉůĞŵĞŶƚŝŶŐƉƌŝŽƌŝƚǇĂĐƚŝŽŶƐĂŶĚŬĞĞƉŝŶŐ
ƚƌĂĐŬŽĨƉƌŽŐƌĞƐƐ͍
ϭϬϯ
^ŚĞĞƚd,^Z^^,KtZ>^dZE'd,
ϭ͘ŝǀĞƌƐŝƚǇĂŶĚ/ŶĐůƵƐŝŽŶĂƌĞŵďƌĂĐĞĚ ϱ͘&ŽƐƚĞƌŝŶŐƉƉƌŽƉƌŝĂƚĞĞŚĂǀŝŽƵƌ

Ƒ ϭ͘ϭŝǀĞƌƐĞĞǆƉĞƌŝĞŶĐĞƐ͕ƉĞƌƐƉĞĐƚŝǀĞƐ Ƒ ϱ͘ϭƉƉƌŽƉƌŝĂƚĞďĞŚĂǀŝŽƵƌ
ΘŬŶŽǁůĞĚŐĞĂƌĞƌĞĨůĞĐƚĞĚ͕ƌĞƐƉĞĐƚĞĚ Ƒ ϱ͘ϮƵůůǇŝŶŐ͕ƚĞĂƐŝŶŐĂŶĚŚĂƌĂƐƐŵĞŶƚ
ΘŚŽŶŽƵƌĞĚ ĂƌĞĚĞĂůƚǁŝƚŚĞĨĨĞĐƚŝǀĞůǇ
Ƒ ϭ͘ϮƵƚǇƚŽĂĐĐŽŵŵŽĚĂƚĞ Ƒ ϱ͘ϯ^ƵƉƉŽƌƚƐ
Ƒ /ŶĚŝǀŝĚƵĂůƐǁŝƚŚŝŶƚŚĞƐĐŚŽŽů
ĐŽŵŵƵŶŝƚǇƐƚĞƉĨŽƌǁĂƌĚĂŶĚƚĂŬĞĂŶ ϲ͘WƌŽĂĐƚŝǀĞ^ĐŚŽŽůDĂŶĂŐĞŵĞŶƚĂŶĚ
ĂĐƚŝǀĞƌŽůĞŝŶďƌŝŶŐŝŶŐĂďŽƵƚŝŶĐůƵƐŝŽŶ >ĞĂĚĞƌƐŚŝƉ
Ƒ ϭ͘ϯ/ŶĐůƵƐŝŽŶǀĂůƵĞƐĂƌĞĂƌƚŝĐƵůĂƚĞĚĂŶĚ
ǀŝƐŝďůĞ Ƒ ϲ͘ϭDĂŶĂŐĞŵĞŶƚŽĨƚŚĞƐĐŚŽŽů
Ƒ ϭ͘ϰĐĐĞƐƐŝďŝůŝƚǇ Ƒ ϲ͘ϮDĂŶĂŐĞŵĞŶƚŽĨƚŚĞĐŽŵŵŽŶ
Ƒ ϭ͘ϱ,ŝŐŚĞǆƉĞĐƚĂƚŝŽŶƐĨŽƌĂůůƐƚƵĚĞŶƚƐ ůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚ

Ϯ͘ƌĞĂƚŝŶŐĂ^ĞŶƐĞŽĨĞůŽŶŐŝŶŐ ϳ͘/ŶĐůƵƐŝŽŶĂŶĚ^ƚƵĚĞŶƚƐǁŝƚŚ
ǆĐĞƉƚŝŽŶĂůŝƚŝĞƐ
Ƒ Ϯ͘ϭŶƐƵƌŝŶŐĂƐĞŶƐĞŽĨďĞůŽŶŐŝŶŐ
Ƒ ϳ͘ϭ/ŶĐůƵƐŝŽŶŝŶƚŚĞƐĐŚŽŽůĂŶĚƚŚĞ
ϯ͘^ƚƵĚĞŶƚ>ĞĂƌŶŝŶŐǆƉĞƌŝĞŶĐĞƐĂƌĞ/ŶĐůƵƐŝǀĞ ĐŽŵŵŽŶůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚ
Ƒ ϳ͘Ϯ^ƵƉƉŽƌƚƐ
Ƒ ϯ͘ϭ>ĞĂƌŶŝŶŐŝƐďĂƐĞĚŽŶĂĨůĞǆŝďůĞ Ƒ ϳ͘ϯ^ĞůĨͲĚĞƚĞƌŵŝŶĂƚŝŽŶĂŶĚƚƌĂŶƐŝƚŝŽŶ
ĞĚƵĐĂƚŝŽŶƉƌŽŐƌĂŵ
Ƒ ϯ͘Ϯ&ŽĐƵƐŽŶƐƚƌĞŶŐƚŚƐĂŶĚĐĂƉĂďŝůŝƚŝĞƐ ϴ͘/ŶŶŽǀĂƚŝǀĞĂŶĚƌĞĂƚŝǀĞŶǀŝƌŽŶŵĞŶƚ
Ƒ ϯ͘ϯŽŵŵŽŶůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚƐ
ĂŶĚĨƵůůƉĂƌƚŝĐŝƉĂƚŝŽŶ Ƒ ϴ͘ϭǀĞƌǇŽŶĞŝƐĞŶĐŽƵƌĂŐĞĚƚŽďĞ
Ƒ ϯ͘ϰ^ƚƵĚĞŶƚƐŽƵƚƐŝĚĞŽĨƚŚĞĐŽŵŵŽŶ ĐƌĞĂƚŝǀĞ
ůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚ Ƒ ϴ͘Ϯ^ƵĐĐĞƐƐĞƐĂƌĞĐĞůĞďƌĂƚĞĚ
Ƒ ϯ͘ϱƵƌƌŝĐƵůƵŵ Ƒ ϴ͘ϯWƌŽĨĞƐƐŝŽŶĂůĚĞǀĞůŽƉŵĞŶƚŝƐ
Ƒ ϯ͘ϲ/ŶƐƚƌƵĐƚŝŽŶ ƉƌŽǀŝĚĞĚ
Ƒ ϯ͘ϳKŶŐŽŝŶŐĂƵƚŚĞŶƚŝĐĂƐƐĞƐƐŵĞŶƚ
ϵ͘ŽůůĂďŽƌĂƚŝǀĞƉƉƌŽĂĐŚ
ϰ͘^ƵƉƉŽƌƚƐĂƌĞǀĂŝůĂďůĞĂŶĚWƌŽƉĞƌůǇ
hƚŝůŝǌĞĚ Ƒ ϵ͘ϭǀĞƌǇŽŶĞƉĂƌƚŝĐŝƉĂƚĞƐŝŶĨŝŶĚŝŶŐ
ƐŽůƵƚŝŽŶƐ
Ƒ ϰ͘ϭ^ƚƵĚĞŶƚƐĂƌĞƉƌŽǀŝĚĞĚǁŝƚŚƚŚĞ Ƒ ϵ͘ϮdŚĞƐĐŚŽŽůŝƐůŝŶŬĞĚƚŽƚŚĞďƌŽĂĚĞƌ
ƉƌŽƉĞƌƐƵƉƉŽƌƚƐƌĞƋƵŝƌĞĚƚŽĨƵůůǇ ĐŽŵŵƵŶŝƚǇ
ƉĂƌƚŝĐŝƉĂƚĞ Ƒ ϵ͘ϯWĂƌĞŶƚƐͬŐƵĂƌĚŝĂŶƐĂƌĞĞŵďƌĂĐĞĚĂƐ
Ƒ ϰ͘Ϯ^ƵƉƉŽƌƚƐĨŽƌĐŽŵŵƵŶŝĐĂƚŝŽŶ ĞƋƵĂůĞƐƐĞŶƚŝĂůƉĂƌƚŶĞƌƐ
Ƒ ϵ͘ϰ^ĐŚŽŽůƚĂŬĞƐƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌ
ƚƌĂŶƐŝƚŝŽŶ
Ƒ ϵ͘ϱKŶŐŽŝŶŐĂŶĚĐŽŶƐƚƌƵĐƚŝǀĞĚŝĂůŽŐƵĞ
ƚĂŬĞƐƉůĂĐĞ
ϭϬϰ
^ŚĞĞƚd,^ZÊ/DWZKs
ϭ͘ŝǀĞƌƐŝƚǇĂŶĚ/ŶĐůƵƐŝŽŶĂƌĞŵďƌĂĐĞĚ ϱ͘&ŽƐƚĞƌŝŶŐƉƉƌŽƉƌŝĂƚĞĞŚĂǀŝŽƵƌ

Ƒ ϭ͘ϭŝǀĞƌƐĞĞǆƉĞƌŝĞŶĐĞƐ͕ƉĞƌƐƉĞĐƚŝǀĞƐ Ƒ ϱ͘ϭƉƉƌŽƉƌŝĂƚĞďĞŚĂǀŝŽƵƌ
ΘŬŶŽǁůĞĚŐĞĂƌĞƌĞĨůĞĐƚĞĚ͕ƌĞƐƉĞĐƚĞĚ Ƒ ϱ͘ϮƵůůǇŝŶŐ͕ƚĞĂƐŝŶŐĂŶĚŚĂƌĂƐƐŵĞŶƚ
ΘŚŽŶŽƵƌĞĚ ĂƌĞĚĞĂůƚǁŝƚŚĞĨĨĞĐƚŝǀĞůǇ
Ƒ ϭ͘ϮƵƚǇƚŽĂĐĐŽŵŵŽĚĂƚĞ Ƒ ϱ͘ϯ^ƵƉƉŽƌƚƐ
Ƒ ϭ͘ϯ/ŶĚŝǀŝĚƵĂůƐǁŝƚŚŝŶƚŚĞƐĐŚŽŽů
ĐŽŵŵƵŶŝƚǇƐƚĞƉĨŽƌǁĂƌĚĂŶĚƚĂŬĞĂŶ ϲ͘WƌŽĂĐƚŝǀĞ^ĐŚŽŽůDĂŶĂŐĞŵĞŶƚĂŶĚ
ĂĐƚŝǀĞƌŽůĞŝŶďƌŝŶŐŝŶŐĂďŽƵƚŝŶĐůƵƐŝŽŶ >ĞĂĚĞƌƐŚŝƉ
Ƒ ϭ͘ϰ/ŶĐůƵƐŝŽŶǀĂůƵĞƐĂƌĞĂƌƚŝĐƵůĂƚĞĚĂŶĚ
ǀŝƐŝďůĞ Ƒ ϲ͘ϭDĂŶĂŐĞŵĞŶƚŽĨƚŚĞƐĐŚŽŽů
Ƒ ϭ͘ϱĐĐĞƐƐŝďŝůŝƚǇ Ƒ ϲ͘ϮDĂŶĂŐĞŵĞŶƚŽĨƚŚĞĐŽŵŵŽŶ
Ƒ ϭ͘ϲ,ŝŐŚĞǆƉĞĐƚĂƚŝŽŶƐĨŽƌĂůůƐƚƵĚĞŶƚƐ ůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚ

Ϯ͘ƌĞĂƚŝŶŐĂ^ĞŶƐĞŽĨĞůŽŶŐŝŶŐ ϳ͘/ŶĐůƵƐŝŽŶĂŶĚ^ƚƵĚĞŶƚƐǁŝƚŚ
ǆĐĞƉƚŝŽŶĂůŝƚŝĞƐ
Ƒ Ϯ͘ϭŶƐƵƌŝŶŐĂƐĞŶƐĞŽĨďĞůŽŶŐŝŶŐ
Ƒ ϳ͘ϭ/ŶĐůƵƐŝŽŶŝŶƚŚĞƐĐŚŽŽůĂŶĚƚŚĞ
ϯ͘^ƚƵĚĞŶƚ>ĞĂƌŶŝŶŐǆƉĞƌŝĞŶĐĞƐĂƌĞ/ŶĐůƵƐŝǀĞ ĐŽŵŵŽŶůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚ
Ƒ ϳ͘Ϯ^ƵƉƉŽƌƚƐ
Ƒ ϯ͘ϭ>ĞĂƌŶŝŶŐŝƐďĂƐĞĚŽŶĂĨůĞǆŝďůĞ Ƒ ϳ͘ϯ^ĞůĨͲĚĞƚĞƌŵŝŶĂƚŝŽŶĂŶĚƚƌĂŶƐŝƚŝŽŶ
ĞĚƵĐĂƚŝŽŶƉƌŽŐƌĂŵ
Ƒ ϯ͘Ϯ&ŽĐƵƐŽŶƐƚƌĞŶŐƚŚƐĂŶĚĐĂƉĂďŝůŝƚŝĞƐ ϴ͘/ŶŶŽǀĂƚŝǀĞĂŶĚƌĞĂƚŝǀĞŶǀŝƌŽŶŵĞŶƚ
Ƒ ϯ͘ϯŽŵŵŽŶůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚƐ
ĂŶĚĨƵůůƉĂƌƚŝĐŝƉĂƚŝŽŶ Ƒ ϴ͘ϭǀĞƌǇŽŶĞŝƐĞŶĐŽƵƌĂŐĞĚƚŽďĞ
Ƒ ϯ͘ϰ^ƚƵĚĞŶƚƐŽƵƚƐŝĚĞŽĨƚŚĞĐŽŵŵŽŶ ĐƌĞĂƚŝǀĞ
ůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚ Ƒ ϴ͘Ϯ^ƵĐĐĞƐƐĞƐĂƌĞĐĞůĞďƌĂƚĞĚ
Ƒ ϯ͘ϱƵƌƌŝĐƵůƵŵ Ƒ ϴ͘ϯWƌŽĨĞƐƐŝŽŶĂůĚĞǀĞůŽƉŵĞŶƚŝƐ
Ƒ ϯ͘ϲ/ŶƐƚƌƵĐƚŝŽŶ ƉƌŽǀŝĚĞĚ
Ƒ ϯ͘ϳKŶŐŽŝŶŐĂƵƚŚĞŶƚŝĐĂƐƐĞƐƐŵĞŶƚ
ϵ͘ŽůůĂďŽƌĂƚŝǀĞƉƉƌŽĂĐŚ
ϰ͘^ƵƉƉŽƌƚƐĂƌĞǀĂŝůĂďůĞĂŶĚWƌŽƉĞƌůǇ
hƚŝůŝǌĞĚ Ƒ ϵ͘ϭǀĞƌǇŽŶĞƉĂƌƚŝĐŝƉĂƚĞƐŝŶĨŝŶĚŝŶŐ
ƐŽůƵƚŝŽŶƐ
Ƒ ϰ͘ϭ^ƚƵĚĞŶƚƐĂƌĞƉƌŽǀŝĚĞĚǁŝƚŚƚŚĞ Ƒ ϵ͘ϮdŚĞƐĐŚŽŽůŝƐůŝŶŬĞĚƚŽƚŚĞďƌŽĂĚĞƌ
ƉƌŽƉĞƌƐƵƉƉŽƌƚƐƌĞƋƵŝƌĞĚƚŽĨƵůůǇ ĐŽŵŵƵŶŝƚǇ
ƉĂƌƚŝĐŝƉĂƚĞ Ƒ ϵ͘ϯWĂƌĞŶƚƐͬŐƵĂƌĚŝĂŶƐĂƌĞĞŵďƌĂĐĞĚĂƐ
Ƒ ϰ͘Ϯ^ƵƉƉŽƌƚƐĨŽƌĐŽŵŵƵŶŝĐĂƚŝŽŶ ĞƋƵĂůĞƐƐĞŶƚŝĂůƉĂƌƚŶĞƌƐ
Ƒ ϵ͘ϰ^ĐŚŽŽůƚĂŬĞƐƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌ
ƚƌĂŶƐŝƚŝŽŶ
Ƒ ϵ͘ϱKŶŐŽŝŶŐĂŶĚĐŽŶƐƚƌƵĐƚŝǀĞĚŝĂůŽŐƵĞ
ƚĂŬĞƐƉůĂĐĞ
ϭϬϱ
^ŚĞĞƚt,dZd,^W/&/Z^
d,dEͬ^,Kh>/DWZKs

ϭϬϲ
^ŚĞĞƚ^dd/E''K>ÊWZ/KZ/dzd/KE^

dŚĞƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůYƵĞƐƚŝŽŶŶĂŝƌĞƐŚŽƵůĚďĞĂŶŽŶŐŽŝŶŐƉĂƌƚŽĨǇŽƵƌ
ƐĐŚŽŽů͛ƐŝŵƉƌŽǀĞŵĞŶƚƉůĂŶŶŝŶŐƉƌŽĐĞƐƐ͘

^ĞƚƚŝŶŐ'ŽĂůƐ
^ŚŽƌƚdĞƌŵ tŝƚŚŝŶĂǇĞĂƌ
DŝĚdĞƌŵ tŝƚŚŝŶϯǇĞĂƌƐ
>ŽŶŐĞƌdĞƌŵ ĞǇŽŶĚϯǇĞĂƌƐ

ĞƚĞƌŵŝŶŝŶŐWƌŝŽƌŝƚǇĐƚŝŽŶƐͲtŚĂƚǇŽƵǁŝůůĚŽŽǀĞƌƚŚĞŶĞǆƚϭͲϮǇĞĂƌƐ͘

• DĂŬĞƐƵƌĞĂĐƚŝŽŶƐĂƌĞůŝŶŬĞĚƚŽǇŽƵƌŐŽĂůƐ͘
• ŚŽŽƐĞŬĞǇƉĞŽƉůĞƌĞƐƉŽŶƐŝďůĞĨŽƌŝŵƉůĞŵĞŶƚŝŶŐĂĐƚŝŽŶƐ͘
• /ĚĞŶƚŝĨǇĂƚŝŵĞĨƌĂŵĞĨŽƌďĞŐŝŶŶŝŶŐĂŶĚĞŶĚŝŶŐƚŚĞĂĐƚŝŽŶƐƐƚĞƉƐ͘

WƌŝŽƌŝƚǇĐƚŝŽŶƐ dŝŵĞ&ƌĂŵĞ;ƐƚĂƌƚΘĞŶĚͿ <ĞǇƉĞƌƐŽŶ;ƐͿƌĞƐƉŽŶƐŝďůĞ

ϭϬϳ
ƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůʹZĞǀŝĞǁŝŶŐWƌŽŐƌĞƐƐƚŽǁĂƌĚƐƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽů
WWE/y&
ZĞǀŝĞǁŝŶŐWƌŽŐƌĞƐƐƚŽǁĂƌĚƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽů

ZĞǀŝĞǁŝŶŐƉƌŽŐƌĞƐƐƚŽǁĂƌĚƐĂĐŚŝĞǀŝŶŐŐŽĂůƐŝƐĂŶŝŵƉŽƌƚĂŶƚƉĂƌƚŽĨĂŶǇĐŚĂŶŐĞŽƌ
ŝŵƉƌŽǀĞŵĞŶƚƉƌŽĐĞƐƐ͘tĞƐƵŐŐĞƐƚƚŚĂƚĂƐĐŚŽŽůĐŽŵŵŝƚƚĞĞ;ůĞĚďǇƚŚĞƉƌŝŶĐŝƉĂůͿ
ƌĞǀŝĞǁƉƌŽŐƌĞƐƐĂƚůĞĂƐƚŽŶĐĞƉĞƌǇĞĂƌ͘dŚĞĨŽůůŽǁŝŶŐƌĞǀŝĞǁĂŶĚĞǀĂůƵĂƚŝŽŶ
ĨƌĂŵĞǁŽƌŬŝƐŽĨĨĞƌĞĚƚŽŚĞůƉŐƵŝĚĞǇŽƵƌƐĐŚŽŽůǁŝƚŚƚŚŝƐƉƌŽĐĞƐƐ͘/ĨŐŽĂůƐŚĂǀĞǇĞƚ
ƚŽďĞĂĐŚŝĞǀĞĚ͕ŝƚǁŝůůďĞŝŵƉŽƌƚĂŶƚƚŽĚĞƚĞƌŵŝŶĞƚŚĞƌĞĂƐŽŶƐǁŚǇĂŶĚƚŽƌĞǀŝĞǁ
ĂŶĚŝĚĞŶƚŝĨǇĨƵƌƚŚĞƌĂĐƚŝŽŶƐƚĞƉƐƚŚĂƚŵĂǇďĞƌĞƋƵŝƌĞĚ͘

ZĞǀŝĞǁĂŶĚǀĂůƵĂƚŝŽŶ&ƌĂŵĞǁŽƌŬ

'ŽĂů <ĞǇ/ŶĚŝĐĂƚŽƌƐŽĨ ĂƚĂͬǀŝĚĞŶĐĞ 'ŽĂůĐŚŝĞǀĞĚŽƌ
^ƵĐĐĞƐƐ &ƵƌƚŚĞƌtŽƌŬ
ZĞƋƵŝƌĞĚ;ƌĞǀŝĞǁ
ĂĐƚŝŽŶƐƐƚĞƉƐͿ

ϭϬϴ
ƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůʹĞĨŝŶŝƚŝŽŶŽĨ/ŶĐůƵƐŝǀĞĚƵĐĂƚŝŽŶ
WWE/y'
ĞĨŝŶŝƚŝŽŶŽĨ/ŶĐůƵƐŝǀĞĚƵĐĂƚŝŽŶ

Inclusive Education

I. Vision
An evolving and systemic model of inclusive education where all children reach their full
learning potential and decisions are based on the individual needs of the student and founded
on evidence.
II. Definition
Inclusive education is a pairing of philosophy and pedagogical practices that allow each student
to feel respected, confident and safe so he or she can learn and develop to his or her full
potential. It is based on a system of values and beliefs centered on the best interests of the
student, which promotes social cohesion, belonging, active participation in learning, a complete
school experience, and positive interactions with peers and others in the school community.
These values and beliefs will be shared by schools and communities. Inclusive education is put
into practice within school communities that value diversity and nurture the well-being and
quality of learning of each of their members. Inclusive education is carried out through a range
of public and community programs and services available to all students. Inclusive education is
the foundation for ensuring an inclusive New Brunswick society.
III. Overarching Principles
The provision of inclusive public education is based on three complementary principles:
(1) public education is universal - the provincial curriculum is provided equitably to all students
and this is done in an inclusive, common learning environment shared among age-
appropriate, neighbourhood peers;
ϭϬϵ
(2) public education is individualized - the success of each student depends on the degree to
which education is based on the student’s best interests and responds to his or her
strengths and needs; and
(3) public education is flexible and responsive to change.
Recognizing that every student can learn, the personnel of the New Brunswick public education
system will provide a quality inclusive education to each student ensuring that:
Student-Centered 1. all actions pertaining to a student are guided by the best interest of the
student as determined through competent examination of the available
evidence;
2. all students are respected as individuals. Their strengths, abilities and

diverse learning needs are recognized as their foundation for learning
and their learning challenges are identified, understood and
accommodated;
3. all students have the right to learn in a positive learning environment;
Curriculum and
4. the common learning environment, including curriculum and instruction, is
Assessments structured and adapted such that all students learn to their best potential;
5. assessment of student learning is diverse, authentic, appropriate,

relevant, and sufficiently frequent to inform precision teaching;
Educators and 6. skills, attitudes and knowledge required for the successful learning of all
Support Personnel students are fostered in all personnel who work with students through
ongoing professional development and adherence to professional
standards;
Services and 7. all students are provided with a range of programs, services and
Community resources, including transition planning, that meet their individual goals
Partnerships and needs, and contribute to their cognitive, social, psychological, and
cultural development;
8. partnerships with parents and community groups which capitalize on the

expertise and resources of these groups are cultivated;
Government-Wide 9. systematic measures aimed at prevention, and early, timely assessment

Supports
of need and evidence-based intervention are in place; and
10. government departments collaborate to offer responsive and integrated

services of professionals and paraprofessionals beginning pre-school.
ϭϭϬ
IV. Equity
The principle of universal design is the starting point for an inclusive public education system
whereby the learning needs of the greatest number of students are met by maximizing the
usability of programs, services, practices, and learning environments. When this measure alone
is insufficient to meet the needs of an individual student or groups of students, accommodations
are required. This is both an ethical and a legal requirement. However, it is a requirement that is
always exercised within a concrete context.
The New Brunswick public education system will ensure:
1. compliance with the Canadian Charter of Rights and Freedoms and The New Brunswick
Human Rights Act, which require reasonable accommodation of students’ special needs
unless they demonstrably give rise to undue hardship due to cost, risk to safety, or
impact on others, particularly on other students.
2. resolution in a timely manner when the needs of students conflict such that the
opportunity for some or all students to meet their learning outcomes is jeopardized, or
their safety is at risk. If necessary, provision will be made for mediation, advocacy,
and/or the provision of external expertise to find solutions which respect the best
interests of all students involved.
IV. Accommodation
Accommodation means changing learning conditions to meet student needs rather than
requiring students to fit system needs. Based on analysis, student needs may be met through
individual accommodation or, in some cases, through universal responses that meet the
individual student’s needs as well as those of other students.
Every student has the right to expect that:
1. accommodations will be considered and implemented as appropriate in a timely manner,

when evidence demonstrates that the status quo is not in the best interest of the student;
2. he or she will participate fully in the common learning environment, meaning an environment
that is designed for all students, is typical for the student’s age and grade, and is shared with
his/her neighbourhood peers; and
3. his or her learning outcomes, instruction, assessment, interventions, accommodations,
modifications, supports, adaptations, additional resources and learning environment will be
designed to respect his or her learning style, needs and strengths.
The following must be respected:
ϭϭϭ
a. the ultimate purpose of schools as places for academic learning and the development of
social capital must be maintained;
b. clear and precise learning outcomes are established by the school in ongoing consultation
with parents. When it is determined that students require learning outcomes other than those
prescribed by the provincial curriculum, parental consultation must be on an individual basis;
c. there is a justifiable, rational connection between the program of learning, the established
learning outcomes and the assessment of learning;
d. the student’s success in achieving each learning outcome is well-documented;
e. clear measures are in place to ensure all students are included in the social and
extracurricular life of the school and exposed to a wide range of activities and people;
f. curricular and other learning must take place in the most inclusive environment in which the
learning outcomes can be achieved, meaning that:
i. before a learning environment outside of the common learning environment can

be considered, it must be clearly demonstrated that the learning outcomes could
not be met in a more inclusive environment despite all reasonable efforts to
provide support and accommodation, and monitored on an ongoing basis and
participation in the common learning environment is reestablished when it meets
the needs of the student and the other students; or
ii. temporary situations have been created outside of the common learning
environment to better assist the student to meet his or her learning outcomes
within the common learning environment, and
iii. while, type of disability and medical diagnosis provide important information,
learning environments are never developed or assigned on the basis of disability
or label.
V. Accountability
1. Inclusive school practices are synonymous with successful school practices,

therefore indicators and targets for school success, including indicators for inclusive
practices, must be clearly defined and evaluated provincially, by school districts and
by schools, and areas for improvement identified and addressed.
2. Indicators of student learning and development must be created, evaluated, and
publicly reported to ensure:
a. New Brunswick students are achieving on par with other Canadian students;
b. students in all school districts and schools have an equal opportunity to
succeed; and
c. students whose characteristics associated with vulnerable groups or who
require enrichment have an equal opportunity to succeed.
ϭϭϮ
ƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůʹĞƐĐƌŝƉƚŝŽŶŽĨhŶŝǀĞƌƐĂůĞƐŝŐŶĨŽƌ>ĞĂƌŶŝŶŐ
WWE/y,
ĞƐĐƌŝƉƚŝŽŶŽĨhŶŝǀĞƌƐĂůĞƐŝŐŶĨŽƌ>ĞĂƌŶŝŶŐ;h>Ϳ

͞hŶŝǀĞƌƐĂůĚĞƐŝŐŶŝƐƚŚĞĚĞƐŝŐŶŽĨƉƌŽĚƵĐƚƐĂŶĚĞŶǀŝƌŽŶŵĞŶƚƐƚŽďĞƵƐĂďůĞďǇĂůů
ƉĞŽƉůĞ͕ƚŽƚŚĞŐƌĞĂƚĞƐƚĞǆƚĞŶƚƉŽƐƐŝďůĞ͕ǁŝƚŚŽƵƚƚŚĞŶĞĞĚĨŽƌĂĚĂƉƚĂƚŝŽŶŽƌ
ƐƉĞĐŝĂůŝǌĞĚĚĞƐŝŐŶ͘͟

ʹZŽŶDĂĐĞ͕&ĂƚŚĞƌŽĨhŶŝǀĞƌƐĂůĞƐŝŐŶ

^ŝŶĐĞǁĞĂƌĞƚĞĂĐŚŝŶŐŝŶĚŝǀĞƌƐĞĐůĂƐƐƌŽŽŵƐ͕ĞĚƵĐĂƚŽƌƐŶĞĞĚƚŽůĞĂƌŶŶĞǁ
ƐƚƌĂƚĞŐŝĞƐƚŚĂƚǁŝůůŚĞůƉƚŚĞŵŝŶĐůƵĚĞĂůůůĞĂƌŶĞƌƐ͘hƐŝŶŐƚŚĞhŶŝǀĞƌƐĂůĞƐŝŐŶĨŽƌ
>ĞĂƌŶŝŶŐŝƐŽŶĞǁĂǇŽĨĚŽŝŶŐƚŚĂƚ͘
hŶŝǀĞƌƐĂůĚĞƐŝŐŶďĞŶĞĨŝƚƐƐƚƵĚĞŶƚƐŽĨĂůůůĞǀĞůƐĂŶĚĂďŝůŝƚŝĞƐ͘ĚƵĐĂƚŽƌƐƵƐŝŶŐ
hŶŝǀĞƌƐĂůĞƐŝŐŶĨŽƌ>ĞĂƌŶŝŶŐĂƌĞĚĞƐŝŐŶŝŶŐƚŚĞŝƌůĞƐƐŽŶƉůĂŶƐŝŶǁĂǇƐƚŚĂƚĂůů
ƐƚƵĚĞŶƚƐŝŶƚŚĞĐůĂƐƐƌŽŽŵĐĂŶůĞĂƌŶĨƌŽŵƚŚĞŵ͘dŚŝƐĐĂŶďĞĚŽŶĞďǇ͗

WƌŽǀŝĚŝŶŐƐƚƵĚĞŶƚƐǁŝƚŚŵƵůƚŝƉůĞŵĞĂŶƐŽĨƌĞƉƌĞƐĞŶƚĂƚŝŽŶ
WƌŽǀŝĚŝŶŐƐƚƵĚĞŶƚƐǁŝƚŚŵƵůƚŝƉůĞŵĞĂŶƐŽĨĞǆƉƌĞƐƐŝŽŶ
WƌŽǀŝĚŝŶŐƐƚƵĚĞŶƚƐǁŝƚŚŵƵůƚŝƉůĞŵĞĂŶƐŽĨĞŶŐĂŐĞŵĞŶƚ

dŚŝƐĐĂŶĂůƐŽďĞĚŽŶĞďǇƉƌŽǀŝĚŝŶŐĂůůƐƚƵĚĞŶƚƐŝŶƚŚĞĐůĂƐƐƌŽŽŵǁŝƚŚhŶŝǀĞƌƐĂů
ĐĐŽŵŵŽĚĂƚŝŽŶƐůŝŬĞĞŶůĂƌŐĞĚƉƌŝŶƚŽƌƉŚŽƚŽĐŽƉŝĞĚŶŽƚĞƐ͕ĂƐƐŝƐƚŝǀĞƚĞĐŚŶŽůŽŐǇ͕
ĞƚĐ͘

dŚŝƐǁŽƵůĚŶŽƚŝŶĐůƵĚĞůŽǁĞƌŝŶŐƚŚĞƐƚĂŶĚĂƌĚƐĨŽƌƚŚĞƐƚƵĚĞŶƚƐ͘

&ŽƌŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶ͕ǇŽƵŵĂǇǀŝƐŝƚǁǁǁ͘ĐĂƐƚ͘ŽƌŐ͘
ϭϭϯ
ƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůʹWƌŽŚŝďŝƚĞĚ'ƌŽƵŶĚƐŽĨŝƐĐƌŝŵŝŶĂƚŝŽŶ
WWE/y/
WƌŽŚŝďŝƚĞĚ'ƌŽƵŶĚƐŽĨŝƐĐƌŝŵŝŶĂƚŝŽŶ

dŚĞEĞǁƌƵŶƐǁŝĐŬ,ƵŵĂŶZŝŐŚƚƐĐƚƌĞĐŽŐŶŝǌĞƐƚŚĂƚĚŝƐĐƌŝŵŝŶĂƚŝŽŶŽĐĐƵƌƐŵŽƐƚŽĨƚĞŶ
ďĞĐĂƵƐĞŽĨĂƉĞƌƐŽŶ͛ƐŵĞŵďĞƌƐŚŝƉŝŶĂƉĂƌƚŝĐƵůĂƌŐƌŽƵƉŝŶƐŽĐŝĞƚǇ͘/ĨĂƉĞƌƐŽŶĨĂĐĞƐ
ĚŝƐĐƌŝŵŝŶĂƚŝŽŶŽŶƚŚĞĨŽůůŽǁŝŶŐŐƌŽƵŶĚƐ͕ƚŚĞŶƐŚĞŽƌŚĞŝƐƉƌŽƚĞĐƚĞĚďǇƚŚĞĐƚ͘WůĞĂƐĞŶŽƚĞ
ƚŚĂƚƚŚĞƌĞĂƌĞĐĞƌƚĂŝŶĞǆĐĞƉƚŝŽŶƐƚŽƚŚĞƉƌŽŚŝďŝƚĞĚŐƌŽƵŶĚƐĂŶĚƚŚĂƚƐŽŵĞĂƉƉůǇŽŶůǇŝŶ
ƉĂƌƚŝĐƵůĂƌƐŽĐŝĂůĂƌĞĂƐ͕ƐƵĐŚĂƐĞŵƉůŽǇŵĞŶƚĂŶĚŚŽƵƐŝŶŐ͘
dŚĞƌĞĂƌĞƐŝǆƚĞĞŶƉƌŽŚŝďŝƚĞĚŐƌŽƵŶĚƐĨŽƌĚŝƐĐƌŝŵŝŶĂƚŝŽŶ͗
• ZĂĐĞ
• ŽůŽƵƌ
• EĂƚŝŽŶĂůŽƌŝŐŝŶ
• WůĂĐĞŽĨŽƌŝŐŝŶ
• ŶĐĞƐƚƌǇ
• ZĞůŝŐŝŽŶ
• ŐĞ
• DĂƌŝƚĂůƐƚĂƚƵƐ
• ^Ğǆ
• ^ĞǆƵĂůŽƌŝĞŶƚĂƚŝŽŶ
• WŚǇƐŝĐĂůŽƌŵĞŶƚĂůĚŝƐĂďŝůŝƚǇ
• ^ŽĐŝĂůĐŽŶĚŝƚŝŽŶ͕ǁŚŝĐŚŝŶĐůƵĚĞƐƐŽƵƌĐĞŽĨŝŶĐŽŵĞ͕ůĞǀĞůŽĨĞĚƵĐĂƚŝŽŶĂŶĚŽĐĐƵƉĂƚŝŽŶ͕
ĂŶĚ
• WŽůŝƚŝĐĂůďĞůŝĞĨŽƌĂĐƚŝǀŝƚǇ
ϭϭϰ
ƌĞĂƚŝŶŐĂŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůʹZĞƐŽƵƌĐĞƐ
ZĞƐŽƵƌĐĞƐ
tĞďƐŝƚĞƐ

ǁǁǁ͘ŶďĂĐů͘Ŷď͘ĐĂ
EĞǁƌƵŶƐǁŝĐŬƐƐŽĐŝĂƚŝŽŶĨŽƌŽŵŵƵŶŝƚǇ>ŝǀŝŶŐǁĞďƐŝƚĞ
ǁǁǁ͘ŐŶď͘ĐĂͬϬϬϬϬͬŝŶĚĞǆͲĞ͘ĂƐƉ
EĞǁƌƵŶƐǁŝĐŬ͛ƐĞƉĂƌƚŵĞŶƚŽĨĚƵĐĂƚŝŽŶǁĞďƐŝƚĞ
ǁǁǁ͘ŐŶď͘ĐĂͬŚƌĐͲĐĚƉͬŝŶĚĞǆͲĞ͘ĂƐƉ
EĞǁƌƵŶƐǁŝĐŬ͛Ɛ,ƵŵĂŶZŝŐŚƚƐŽŵŵŝƐƐŝŽŶŽĨĨŝĐŝĂůǁĞďƐŝƚĞ
ǁǁǁ͘ŝŶĐůƵƐŝǀĞĞĚƵĐĂƚŝŽŶ͘ĐĂ
/ŶĐůƵƐŝǀĞĚƵĐĂƚŝŽŶĂŶĂĚĂǁĞďƐŝƚĞ
ǁǁǁ͘ŝŶĐůƵƐŝǀĞͲĞĚƵĐĂƚŝŽŶ͘ĐĂ
KŶƚĂƌŝŽŽĂůŝƚŝŽŶĨŽƌ/ŶĐůƵƐŝǀĞĚƵĐĂƚŝŽŶǁĞďƐŝƚĞ
ǁǁǁ͘ďĐĂĐů͘ŽƌŐ
ƌŝƚŝƐŚŽůƵŵďŝĂƐƐŽĐŝĂƚŝŽŶĨŽƌŽŵŵƵŶŝƚǇ>ŝǀŝŶŐ
ǁǁǁ͘ďƌŽŽŬĞƐƉƵďůŝƐŚŝŶŐ͘ĐŽŵ
WƵďůŝĐĂƚŝŽŶƐŽŶŝŶĐůƵƐŝǀĞƐĐŚŽŽůƐʹŝŶĐůƵĚĞƐƌĞƐĞĂƌĐŚŽŶďĞŶĞĨŝƚƐŽĨŝŶĐůƵƐŝŽŶ
ǁǁǁ͘ĐŝƌĐůĞŽĨŝŶĐůƵƐŝŽŶ͘ŽƌŐͬĞŶŐůŝƐŚͬŐƵŝĚĞůŝŶĞƐͬŵŽĚƵůĞŽŶĞͬǀĂůƵĞƐ͘Śƚŵů
hŶŝǀĞƌƐŝƚǇŽĨ<ĂŶƐĂƐ͕ŝƌĐůĞŽĨ/ŶĐůƵƐŝŽŶ
ǁǁǁ͘ĚŝĐĞ͘ŽƌŐ͘ĂƵͬ/EͬƌĞƉŽƌƚĐĂƌĚͬ͘
/ŶĐůƵƐŝŽŶEĂƚŝŽŶĂůZĞƉŽƌƚĂƌĚʹZĞƉŽƌƚĂƌĚŽŶƚŚĞ^ƚĂƚĞŽĨ/ŶĐůƵƐŝŽŶĚƵĐĂƚŝŽŶŝŶƵƐƚƌĂůŝĂ
ǁǁǁ͘ĚŝƐĂďŝůŝƚǇŝƐŶĂƚƵƌĂů͘ĐŽŵ
ŝƐĂďŝůŝƚǇŝƐŶĂƚƵƌĂůƐŝƚĞ
ǁǁǁ͘ĚŝƐĂďŝůŝƚǇƌĞƐŽƵƌĐĞƐ͘ŽƌŐ
ŝƐĂďŝůŝƚǇƌĞƐŽƵƌĐĞƐʹĐůŝĐŬŽŶĚƵĐĂƚŝŽŶĂŶĚƚŚĞŶ/ŶĐůƵƐŝŽŶ
ǁǁǁ͘ĞĚĐ͘ŽƌŐͬƵƌďĂŶͬƉƵďůŝĐĂƚ͘ŚƚŵŶŝƐǁ
EĂƚŝŽŶĂů/ŶƐƚŝƚƵƚĞĨŽƌhƌďĂŶ^ĐŚŽŽů/ŵƉƌŽǀĞŵĞŶƚ;ĚŝĚĨŝƌƐƚEĂƚŝŽŶĂů/ŶĐůƵƐŝǀĞ^ĐŚŽŽůƐtĞĞŬͿ
ǁǁǁ͘ŝŶĐůƵƐŝŽŶ͘ĐŽŵ
/ŶĐůƵƐŝŽŶWƌĞƐƐĂŶĚ/ŶĐůƵƐŝŽŶEĞƚǁŽƌŬʹĞǆĐĞůůĞŶƚƌĞƐŽƵƌĐĞƐ
ŚƚƚƉ͗ͬͬŝŶĐůƵƐŝŽŶ͘ƵǁĞ͘ĂĐ͘ƵŬ
ĞŶƚƌĞĨŽƌ^ƚƵĚŝĞƐŽŶ/ŶĐůƵƐŝǀĞĚƵĐĂƚŝŽŶ͕hŶŝƚĞĚ<ŝŶŐĚŽŵ
ǁǁǁ͘ŬŝĚƐƚŽŐĞƚŚĞƌ͘ŽƌŐ
/ŶĨŽƌŵĂƚŝŽŶĂŶĚƌĞƐŽƵƌĐĞƐĨŽƌƐƚƵĚĞŶƚͬĂĚƵůƚƐǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐʹĐůŝĐŬŽŶ/ŶĐůƵƐŝŽŶ
ϭϭϱ
ZĞƐŽƵƌĐĞƐ
tĞďƐŝƚĞƐ

ǁǁǁ͘ĐŽŵŵƵŶŝƚǇůŝǀŝŶŐŽŶƚĂƌŝŽ͘ĐĂ
ŽŵŵƵŶŝƚǇ>ŝǀŝŶŐKŶƚĂƌŝŽ
ǁǁǁ͘ƋƵĂƐĂƌ͘ƵĂůďĞƌƚĂ͘ĐĂ
/ŶĐůƵƐŝǀĞĚƵĐĂƚŝŽŶ͗^ƚŽƌŝĞƐͬ^ƚƌĂƚĞŐŝĞƐĨŽƌ^ƵĐĐĞƐƐ͕ďǇ,ĞĂƚŚĞƌZĂǇŵŽŶĚʹĐůŝĐŬŽŶ:͘W͘ĂƐ
ĞǀĞůŽƉŵĞŶƚĂůŝƐĂďŝůŝƚǇĞŶƚƌĞ͕ƚŚĞŶ/ŶĐůƵƐŝǀĞĚƵĐĂƚŝŽŶ
ǁǁǁ͘ƌƵƐŚƐĞƌǀŝĐĞƐ͘ĐŽŵͬ/ŶĐůƵƐŝŽŶͬŚŽŵĞƉĂŐĞ͘Śƚŵ
/ŶĐůƵƐŝŽŶ͗zŽƵƌƐͬDŝŶĞͬKƵƌƐ
ŚƚƚƉ͗ͬͬƐŽĞǁĞď͘ƐǇƌ͘ĞĚƵͬƚŚĞĐŚƉ͘Śƚŵ
ĞŶƚƌĞŽŶ,ƵŵĂŶWŽůŝĐǇ͕^ǇƌĂĐƵƐĞhŶŝǀĞƌƐŝƚǇʹƉŽůŝĐǇ͕ƌĞƐĞĂƌĐŚĂŶĚĂĚǀŽĐĂĐǇŽƌŐĂŶŝǌĂƚŝŽŶĞŶƐƵƌŝŶŐ
ƌŝŐŚƚƐŽĨƉĞŽƉůĞǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐ
ǁǁǁ͘ƚĂƐŚ͘ŽƌŐ
/ŶƚĞƌŶĂƚŝŽŶĂůĂĚǀŽĐĂĐǇĂƐƐŽĐŝĂƚŝŽŶŽĨƉĞŽƉůĞǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐ͕ƚŚĞŝƌĨĂŵŝůǇŵĞŵďĞƌƐ͕ŽƚŚĞƌĂĚǀŽĐĂƚĞƐ
ĂŶĚƉĞŽƉůĞǁŚŽǁŽƌŬŝŶƚŚĞĚŝƐĂďŝůŝƚǇĨŝĞůĚ
ZĞƐŽƵƌĐĞƐŽŶŝǀĞƌƐŝƚǇ
EĞǁƌƵŶƐǁŝĐŬ,ƵŵĂŶZŝŐŚƚƐŽŵŵŝƐƐŝŽŶ͘'ƵŝĚĞůŝŶĞ͗ĐĐŽŵŵŽĚĂƚŝŶŐ^ƚƵĚĞŶƚƐǁŝƚŚĂŝƐĂďŝůŝƚǇ͘
EĞǁƌƵŶƐǁŝĐŬ͗dŚĞEĞǁƌƵŶƐǁŝĐŬ,ƵŵĂŶZŝŐŚƚƐŽŵŵŝƐƐŝŽŶ͕ϮϬϬϳ͘
^ĐŚŶŝĞĚĞǁŝŶĚ͕E͘ΘůůĞŶĂǀŝĚƐŽŶ͘KƉĞŶDŝŶĚƐƚŽƋƵĂůŝƚǇ͗^ŽƵƌĐĞďŽŽŬŽĨ>ĞĂƌŶŝŶŐĐƚŝǀŝƚŝĞƐƚŽ
ĨĨŝƌŵŝǀĞƌƐŝƚǇĂŶĚWƌŽŵŽƚĞƋƵĂůŝƚǇ͘ϮŶĚĞ͘
ŽƐƚŽŶ͗ůůǇŶΘĂĐŽŶ͕ϭϵϵϴ͘
Ğŝ͕'͘ĞƚĂů͘ZĞŵŽǀŝŶŐƚŚĞDĂƌŐŝŶƐ͗dŚĞŚĂůůĞŶŐĞƐĂŶĚWŽƐƐŝďŝůŝƚŝĞƐŽĨ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůŝŶŐ͘
dŽƌŽŶƚŽ͗ĂŶĂĚŝĂŶ^ĐŚŽůĂƌƐ͛WƌĞƐƐ͕ϮϬϬϮ͘
Ğŝ͕'͘ĞƚĂů͘/ŶĐůƵƐŝǀĞĚƵĐĂƚŝŽŶ͗dĞĂĐŚĞƌ͛Ɛ'ƵŝĚĞƚŽZĞŵŽǀŝŶŐƚŚĞDĂƌŐŝŶƐ͘
dŽƌŽŶƚŽ͗ĂŶĂĚŝĂŶ^ĐŚŽůĂƌƐ͛WƌĞƐƐ͕ϮϬϬϮ͘
KŶƚĂƌŝŽ,ƵŵĂŶZŝŐŚƚƐŽŵŵŝƐƐŝŽŶ͗dĞĂĐŚŝŶŐ,ƵŵĂŶZŝŐŚƚƐŝŶKŶƚĂƌŝŽ͗ŶĚƵĐĂƚŝŽŶĂůWĂĐŬĂŐĞĨŽƌ
KŶƚĂƌŝŽ^ĐŚŽŽůƐ͘dŽƌŽŶƚŽ͗KŶƚĂƌŝŽ,ƵŵĂŶZŝŐŚƚƐŽŵŵŝƐƐŝŽŶ͕ϮϬϬϭ͘

ϭϭϲ
ZĞƐŽƵƌĐĞƐ
WƵďůŝĐĂƚŝŽŶƐ
ĐŚŝĞǀŝŶŐ/ŶĐůƵƐŝŽŶ͗WĂƌĞŶƚ͛Ɛ'ƵŝĚĞƚŽ/ŶĐůƵƐŝǀĞĚƵĐĂƚŝŽŶŝŶEĞǁƌƵŶƐǁŝĐŬ͖WŝŬĞ͕<ĞŶŶĞƚŚsŝĐƚŽƌ͖
dŚĞEĞǁƌƵŶƐǁŝĐŬƐƐŽĐŝĂƚŝŽŶĨŽƌŽŵŵƵŶŝƚǇ>ŝǀŝŶŐ͕ϮϬϬϬ
/ŶĐůƵƐŝǀĞĚƵĐĂƚŝŽŶďƌŽĐŚƵƌĞ͖dŚĞEĞǁƌƵŶƐǁŝĐŬƐƐŽĐŝĂƚŝŽŶĨŽƌŽŵŵƵŶŝƚǇ>ŝǀŝŶŐ
ĚŽůĞƐĐĞŶƚƐĂŶĚ/ŶĐůƵƐŝŽŶ͗dƌĂŶƐĨŽƌŵŝŶŐ^ĞĐŽŶĚĂƌǇ^ĐŚŽŽů͖͘ĂƵĞƌ͕'͘ƌŽǁŶ͕WĂƵůƌŽŽŬĞƐWƵďůŝƐŚŝŶŐ
ŽŵƉĂŶǇ͕ϮϬϬϭ
ůůDǇ>ŝĨĞ͛ƐĂŝƌĐůĞ͕hƐŝŶŐƚŚĞdŽŽůƐ͗ŝƌĐůĞ͕DW^ĂŶĚWd,^͕DĂƌǇ&ĂůǀĞǇ͕DĂƌƐŚĂ&ŽƌĞƐƚ͕:ĂĐŬ
WĞĂƌƉŽŝŶƚ͕ZŝĐŚĂƌĚZŽƐĞŶďĞƌŐ͖/ŶĐůƵƐŝŽŶWƌĞƐƐ͕ĂŶĂĚĂ͕ϭϵϵϳ
ĞƐƚWƌĂĐƚŝĐĞƐĨŽƌ/ŶĐůƵƐŝŽŶ͖ĞƉĂƌƚŵĞŶƚŽĨĚƵĐĂƚŝŽŶ͕^ƚƵĚĞŶƚ^ĞƌǀŝĐĞƐƌĂŶĐŚ͕'ŽǀĞƌŶŵĞŶƚŽĨEĞǁ
ƌƵŶƐǁŝĐŬ͕ϭϵϵϰ
ŽŽƉĞƌĂƚŝǀĞ>ĞĂƌŶŝŶŐĂŶĚ^ƚƌĂƚĞŐŝĞƐĨŽƌ/ŶĐůƵƐŝŽŶ͕ĞůĞďƌĂƚŝŶŐŝǀĞƌƐŝƚǇŝŶƚŚĞůĂƐƐƌŽŽŵ͕:ŽŶŶĞ
WƵƚŶĂŵ͖WĂƵů,͘ƌŽŽŬĞƐWƵďůŝƐŚŝŶŐŽ͕͘dŽƌŽŶƚŽ͕ϭϵϵϯ;ƚĞĂĐŚŝŶŐƐƚƌĂƚĞŐŝĞƐĂŶĚƌĂƚŝŽŶĂůĞͿ
ƌĞĂƚŝŶŐ^ĐŚŽŽůƐĨŽƌůůKƵƌ^ƚƵĚĞŶƚƐ͕WƌŽĚƵĐƚŽĨƚŚĞtŽƌŬŝŶŐ&ŽƌƵŵŽŶ/ŶĐůƵƐŝǀĞ^ĐŚŽŽůƐ͕WƵďůŝƐŚĞĚ
ďǇdŚĞŽƵŶĐŝůĨŽƌǆĐĞƉƚŝŽŶĂů^ƚƵĚĞŶƚ͕h͘^͘ϭϵϵϰ;ƚĞĂĐŚŝŶŐƐƚƌĂƚĞŐŝĞƐͿ
/ŶĐůƵƐŝǀĞĚƵĐĂƚŝŽŶ͕WĂƌĞŶƚ,ĂŶĚďŽŽŬ͕ƌŝƚŝƐŚŽůƵŵďŝĂƐƐŽĐŝĂƚŝŽŶĨŽƌŽŵŵƵŶŝƚǇ>ŝǀŝŶŐ͖ĂŶĂĚĂ͕
ϭϵϵϯ
/ŶĐůƵƐŝǀĞĚƵĐĂƚŝŽŶWŽůŝĐǇŶĂůǇƐŝƐ͗&ƌĂŵĞǁŽƌŬĨŽƌƐƐĞƐƐŝŶŐ'ŽǀĞƌŶŵĞŶƚWŽůŝĐǇ͖ZŽĞŚĞƌ/ŶƐƚŝƚƵƚĞ͕
ϮϬϬϮ
/ŶĐůƵƐŝŽŶ͗,ŽǁƚŽ͕ƐƐĞŶƚŝĂůůĂƐƐƌŽŽŵ^ƚƌĂƚĞŐŝĞƐ͕'ĂƌǇƵŶĐŚ͖/ŶĐůƵƐŝŽŶWƌĞƐƐ͕ĂŶĂĚĂ͕ϭϵϵϵ;ƚĞĂĐŚŝŶŐ
ƐƚƌĂƚĞŐŝĞƐͿ
/ŶĚĞǆĨŽƌ/ŶĐůƵƐŝŽŶ͗ĞǀĞůŽƉŝŶŐ>ĞĂƌŶŝŶŐĂŶĚWĂƌƚŝĐŝƉĂƚŝŽŶŝŶ^ĐŚŽŽůƐ͖ĞŶƚƌĞĨŽƌ^ƚƵĚŝĞƐŝŶ/ŶĐůƵƐŝǀĞ
ĚƵĐĂƚŝŽŶ͕h<͕ŚƚƚƉ͗ͬͬŝŶĐůƵƐŝŽŶ͘ƵǁĞ͘ĂĐ͘ƵŬͬĐƐŝĞͬŝŶĚĞǆͬĂƵŶĐŚ͘Śƚŵ
>ĞƐƐŽŶƐĨŽƌ/ŶĐůƵƐŝŽŶ͕/ŶĐůƵƐŝŽŶWƌĞƐƐ͕ϭϵϵϰ
DĂŬŝŶŐ^ĐŚŽŽů/ŶĐůƵƐŝŽŶtŽƌŬ͕'ƵŝĚĞƚŽǀĞƌǇĚĂǇWƌĂĐƚŝĐĞƐ͕<ĂƚŝĞůĞŶŬǁŝƚŚŽƌŝƐ>ĂŶĚĂƵ&ŝŶĞ͖
ƌŽŽŬůŝŶĞŽŽŬƐ͕h͘^͕͘ϭϵϵϱ;ƚĞĂĐŚŝŶŐƐƚƌĂƚĞŐŝĞƐͿ
WĂƌƚŶĞƌƐĨŽƌ/ŶĐůƵƐŝŽŶ͖dŚĞd&ĂƐĞ^ƚƵĚŝĞƐ͖ĂǀĂŝůĂďůĞƚŚƌŽƵŐŚZĞƐĞĂƌĐŚĂŶĚdĞĐŚŶŽůŽŐǇŝǀŝƐŝŽŶŽĨ
ƌŝƚŝƐŚŽůƵŵďŝĂdĞĂĐŚĞƌƐ&ĞĚĞƌĂƚŝŽŶ
ZĞĨůĞĐƚŝŽŶƐŽŶ/ŶĐůƵƐŝǀĞĚƵĐĂƚŝŽŶ͕WĂƚƌŝĐŬDĂĐŬĂŶ͖/ŶĐůƵƐŝŽŶWƌĞƐƐ͕ĂŶĂĚĂ͕ϭϵϵϭ
^ĐŚŽŽůŝǀĞƌƐŝƚǇ/ŶǀĞŶƚŽƌǇ͖ŽůƵŵďŝĂ͕^ŽƵƚŚKƌĂŶŐĞ͕E:͖ĞǀĞůŽƉĞĚďǇ'͘'ŽƚƚĨƌĞĚƐŽŶ͕͘ǌĞŚ͕:͘
>ĂŵďĞƌƚ͕Z͘&ƌŝĞŶĚ͕'ŽƚƚĨƌĞĚƐŽŶƐƐŽĐŝĂƚĞƐ/ŶĐ͕͘ϮϬϬϬ͘
ϭϭϳ
^ƉĞĐŝĂůĚƵĐĂƚŝŽŶǁĂƌĚƐĨŽƌǆĞŵƉůĂƌǇWƌĂĐƚŝĐĞŝŶ/ŶƚĞŐƌĂƚŝŽŶ͕DŝŶŝƐƚƌǇŽĨĚƵĐĂƚŝŽŶĂŶĚdƌĂŝŶŝŶŐ͕
ĂŶĂĚĂ͕ϭϵϵϲ
dŚĞŽŽŬŽŶ/ŶĐůƵƐŝǀĞĚƵĐĂƚŝŽŶ͗/ŶĐůƵƐŝŽŶʹ^ĐŚŽŽůĂƐĂĂƌŝŶŐŽŵŵƵŶŝƚǇ͖'͘>ĞŽƵƚŝůůŝĞƌĂŶĚ>͘
^ƵƚŚĞƌůĂŶĚ͕ǁǁǁ͘ƋƵĂƐĂƌ͘ƵĂůďĞƌƚĂ͘ĐĂͬĚĚĐ͘ŝŶĐůͬŝŶƚƌŽ͘Śƚŵ
ϭϭϴ

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Creating An Inclusive School Tool - Web PDF

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Creating an Inclusive School

Proactive School Management

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A Reflection Tool for Administrators, Educators and Other School

New Brunswick Association for Community Living

First Edition, January 2011

The New Brunswick Association for Community Living gratefully

The opinions and interpretations in this publication are those of the

Ŷ/ŶĚŝĐĂƚŽƌĞƐĐƌŝƉƚŝŽŶ͗ ĞƐĐƌŝƉƚŝŽŶŽĨĂĐŚ/ŶĚŝĐĂƚŽƌŽĨ^ƵĐĐĞƐƐ ϭϭ

&ĂĐŝůŝƚĂƚŽƌƐ'ƵŝĚĞ͗ ^ƚĞƉƐŝŶƚŚĞ&ĂĐŝůŝƚĂƚŝŽŶ Ϯϴ

ƉƉĞŶĚŝǆ͗ /ĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨWĂƌƚŝĐŝƉĂŶƚƐ ϯϯ

ƉƉĞŶĚŝǆ͗ /ŶĚŝĐĂƚŽƌYƵĞƐƚŝŽŶŶĂŝƌĞ ϯϰ

ƉƉĞŶĚŝǆ͗ ^ĂŵƉůĞDĞŵŽŽĨ/ŶǀŝƚĂƚŝŽŶ ϲϵ

ƉƉĞŶĚŝǆ͗ WƌŽĨŝůĞ^ŚĞĞƚƐ ϳϬ

ƉƉĞŶĚŝǆ͗ ZĞǀŝĞǁŽĨƚŚĞWƌŽĨŝůĞ ϭϬϮ

ƉƉĞŶĚŝǆ,͗ ĞƐĐƌŝƉƚŝŽŶŽĨhŶŝǀĞƌƐĂůĞƐŝŐŶĨŽƌ>ĞĂƌŶŝŶŐ;h>Ϳ ϭϭϯ

ƉƉĞŶĚŝǆ/͗ WƌŽŚŝďŝƚĞĚ'ƌŽƵŶĚƐŽĨŝƐĐƌŝŵŝŶĂƚŝŽŶ ϭϭϰ

ZĞƐŽƵƌĐĞƐ͗ ZĞƐŽƵƌĐĞƐ͕tĞďƐŝƚĞƐĂŶĚWƵďůŝĐĂƚŝŽŶƐ ϭϭϱ

ϭ͘ϭŝǀĞƌƐĞǆƉĞƌŝĞŶĐĞƐ͕WĞƌƐƉĞĐƚŝǀĞƐ Θ<ŶŽǁůĞĚŐĞĂƌĞZĞĨůĞĐƚĞĚ͕ZĞƐƉĞĐƚĞĚΘ ,ŽŶŽƵƌĞĚ

ŝ ĨĨĞƌĞŶĐĞƐƐƵĐŚĂƐĂďŝůŝƚŝĞƐ͕ĐƵůƚƵƌĞ͕ƌĂĐĞ͕ƌĞůŝŐŝŽŶͬƐƉŝƌŝƚƵĂůŝƚǇ͕Ɛ ŽĐŝŽͲĞĐŽŶŽŵŝĐƐƚĂƚƵƐ͕Ɛ ĞǆƵĂů

ĚĞƋƵĂƚĞĞĚƵĐĂƚŝŽŶŽŶƚŚĞů ĞŐĂůĚƵƚǇƚŽĂ ĐĐŽŵŵŽĚĂƚĞŝ ƐƐƵĞĚďǇƚŚĞEĞǁƌƵŶƐǁŝĐŬ,ƵŵĂŶ

ϭ͘ϯ/ŶĚŝǀŝĚƵĂůƐ ǁŝƚŚŝŶ ƚŚĞ^ĐŚŽŽů ŽŵŵƵŶŝƚǇ^ƚĞƉ&ŽƌǁĂƌĚ ĂŶĚdĂŬĞĂŶĐƚŝǀĞZŽůĞŝŶ

ϭ͘ϰ/ŶĐůƵƐŝŽŶ sĂůƵĞƐĂƌĞƌƚŝĐƵůĂƚĞĚ ĂŶĚsŝƐŝďůĞ

dŚĞƐ ĐŚŽŽůŚĂƐĐƌĞĂƚĞĚĂǀŝ ƐŝŽŶƐ ƚĂƚĞŵĞŶƚƚŚĂƚĚĞĨŝŶĞƐŝ ŶĐůƵƐŝŽŶĂ ŶĚŚŽǁŝ ƚǁŝůůďĞƉƌŽŵŽƚĞĚŝ Ŷ

ŚŽǁƚŚĞƐ ĐŚŽŽůǁŝůůĂĐŚŝĞǀĞƚŚĂƚǀŝƐŝŽŶĂŶĚĚĞǀĞůŽƉĂŵŽƌĞŝŶĐůƵƐŝǀĞƐĐŚŽŽů͘dŚĞŝ ŶĐůƵƐŝŽŶ

ů ů ƉĂƌƚƐŽĨƚŚĞƐĐŚŽŽůĂƌĞĂĐĐĞƐƐŝďůĞƚŽĂ ůůƐ ƚƵĚĞŶƚƐĂ ŶĚƐƚĂĨĨŵĞŵďĞƌƐƐŽƚŚĂƚĞǀĞƌǇŝ ŶĚŝǀŝĚƵĂů

tŚĞƚŚĞƌƚŚĞƐ ƚƵĚĞŶƚŝƐŽŶĂ Ŷ^W͕ŚĂƐĂďĞŚĂǀŝŽƵƌĂůƉƌŽďůĞŵŽƌŚĂƐĞǆĐĞůůĞŶƚŵĂƌŬƐ͕ƐĐŚŽŽů

tŝ ƚŚŽƵƚĂ ƐĞŶƐĞŽĨďĞůŽŶŐŝŶŐ͕ƐĐŚŽŽůƐǁŝůůŶŽƚďĞƐ ĞĞŶŽƌĨĞůƚĂ ƐďĞŝŶŐŝ ŶĐůƵƐŝǀĞďǇŝ ƚƐŵĞŵďĞƌƐ͘

ǀĞƌǇŵĞŵďĞƌŽĨƚŚĞƐĐŚŽŽůĐŽŵŵƵŶŝƚǇŵĂŬĞƐƐ ƵƌĞƚŚĂƚƚŚĞƐĐŚŽŽůŝƐĂ Ŷŝ ŶǀŝƚŝŶŐĂŶĚ

/ŶŽƌĚĞƌĨŽƌƐƚƵĚĞŶƚƐƚŽďĞŝŶĐůƵĚĞĚŝ ŶĂůůĂƐƉĞĐƚƐŽĨƚŚĞƐ ĐŚŽŽůů ŝĨĞ͕ƚŚĞǇĂ ůƐŽŶĞĞĚƚŽďĞ

Ă ĐĐŽŵŵŽĚĂƚŝŽŶƐŽƌŵŽĚŝĨŝĐĂƚŝŽŶƐŵĂĚĞƚŽŚŝƐĞĚƵĐĂƚŝŽŶƉůĂŶŽƌĂ ŶǇĂ ĚĚŝƚŝŽŶĂůƐ ƵƉƉŽƌƚƐŝŶ

ϯ͘ϭ>ĞĂƌŶŝŶŐ ŝƐďĂƐĞĚŽŶ Ă&ůĞǆŝďůĞĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵ

ĚƵĐĂ ƚŽƌƐŚĂǀĞƌĞĐĞŝǀĞĚĂĚĞƋƵĂƚĞƚƌĂ ŝŶŝŶŐŽŶĚŝĨĨĞƌĞŶƚŝĂƚŝŽŶĂ ŶĚŵƵůƚŝƉůĞƐƚǇůĞƐŽĨůĞĂƌŶŝŶŐ

ĚƵĐĂ ƚŽƌƐĨŽĐƵƐŽŶƚŚĞŝƌƐ ƚƵĚĞŶƚƐ͛ƐƚƌĞŶŐƚŚƐĂ ŶĚĐĂ ƉĂďŝůŝƚŝĞƐŝŶŽƌĚĞƌƚŽŵŽƚŝǀĂƚĞĂŶĚ

ϯ͘ϯŽŵŵŽŶ >ĞĂƌŶŝŶŐ ŶǀŝƌŽŶŵĞŶƚƐ ĂŶĚ&ƵůůWĂƌƚŝĐŝƉĂƚŝŽŶ

ů ů Ɛ ƚƵĚĞŶƚƐƐ ŚĂƌĞĂ ĐŽŵŵŽŶů ĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚĂŶĚŚĂǀĞĞƋƵĂůŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽƉĂƌƚŝĐŝƉĂƚĞ

ϯ͘ϰ^ƚƵĚĞŶƚƐ KƵƚƐŝĚĞ ŽĨƚŚĞŽŵŵŽŶ >ĞĂƌŶŝŶŐŶǀŝƌŽŶŵĞŶƚ

^ƚƵĚĞŶƚƐĂ ƌĞŶŽƚƉƵůůĞĚŽƵƚŽĨƚŚĞĐŽŵŵŽŶů ĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚƵŶůĞƐƐƚŚŝƐŚĂƉƉĞŶƐĂĨƚĞƌ

Ɛ ƚƵĚĞŶƚƐƉĞŶĚƐĂƐŵƵĐŚƚŝŵĞĂƐƉŽƐƐŝďůĞŝ ŶƚŚĞĐŽŵŵŽŶů ĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚǁŝƚŚŚŝƐŽƌŚĞƌ

dŚĞƐ ĐŚŽŽůĞŶƐƵƌĞƐƚŚĂƚĞĂĐŚŽĨƚŚĞŝƌƐ ƚƵĚĞŶƚƐ͛ů ĞĂƌŶŝŶŐŝƐďĂƐĞĚŽŶĐƵƌƌŝĐƵůƵŵŽƵƚĐŽŵĞƐ͘/Ĩ

ϯ͘ϳKŶŐŽŝŶŐ ƵƚŚĞŶƚŝĐ ƐƐĞƐƐŵĞŶƚ

dŚĞƐ ĐŚŽŽůĞǀĂůƵĂƚĞƐĂŶĚĂƐƐĞƐƐĞƐĂůůŽĨŝ ƚƐƐ ƚƵĚĞŶƚƐŝ ŶĂ ƐŝŵŝůĂƌǁĂǇŝ ŶǁŚŝĐŚƚŚĞŝƌƉĞƌƐŽŶĂů

tŝ ƚŚŽƵƚƉƌŽƉĞƌƐ ƵƉƉŽƌƚƐ͕ƐƚƵĚĞŶƚƐĂƌĞŶŽƚĂďůĞƚŽů ĞĂƌŶƚŽƚŚĞďĞƐƚŽĨƚŚĞŝƌĂ ďŝůŝƚŝĞƐĂ ŶĚƌĞĂĐŚ

ϰ͘ϭ^ƚƵĚĞŶƚƐ ĂƌĞƉƌŽǀŝĚĞĚ ǁŝƚŚƚŚĞ WƌŽƉĞƌ ^ƵƉƉŽƌƚƐ ZĞƋƵŝƌĞĚ ƚŽ&ƵůůǇWĂƌƚŝĐŝƉĂƚĞ

dŚĞƐ ĐŚŽŽůŚĂƐƉƌŽǀŝĚĞĚŝ ƚƐƐ ƚĂĨĨǁŝƚŚƚŚĞĂ ƉƉƌŽƉƌŝĂƚĞƚƌĂŝŶŝŶŐŽŶƚŚĞƵƐĞĂ ŶĚĂ ǀĂŝůĂďŝůŝƚǇŽĨ

ϰ͘Ϯ^ƵƉƉŽƌƚƐ ĨŽƌ ŽŵŵƵŶŝĐĂƚŝŽŶ

/ƚŝ Ɛ ǀĞƌǇŝ ŵƉŽƌƚĂŶƚĨŽƌĂƐ ƚƵĚĞŶƚƚŽďĞĂďůĞƚŽĐŽŵŵƵŶŝĐĂƚĞƐŽƚŚĂƚĞĚƵĐĂƚŽƌƐĂƌĞĂ ǁĂƌĞŽĨŚŝƐ

&ŽƐ ƚĞƌŝŶŐĂ ƉƉƌŽƉƌŝĂƚĞďĞŚĂǀŝŽƵƌŝƐĂ ĐŽŵƉůĞǆŝ ƐƐƵĞďƵƚĂůƐŽŽŶĞƚŚĂƚŝ ƐĐƌŝƚŝĐĂůƚŽĐƌĞĂƚŝŶŐĂ Ŷ

dŚĞƐ ĐŚŽŽůƚŚŝŶŬƐƉƌŽĂĐƚŝǀĞůǇĂ ďŽƵƚĨŽƐƚĞƌŝŶŐĂƉƉƌŽƉƌŝĂƚĞďĞŚĂǀŝŽƵƌďǇĚĞǀĞůŽƉŝŶŐĐů ĞĂƌ

ϱ͘ϮƵůůǇŝŶŐ͕dĞĂƐŝŶŐĂŶĚ ,ĂƌĂƐƐŵĞŶƚĂƌĞĞĂůƚǁŝƚŚ ĨĨĞĐƚŝǀĞůǇ

dŚĞƐ ĐŚŽŽůŝƐƉƌŽĂĐƚŝǀĞŝŶĚĞǀĞůŽƉŝŶŐĂ ŶĚŝ ŵƉůĞŵĞŶƚŝŶŐƐƵƉƉŽƌƚƐĨŽƌƐ ƚƵĚĞŶƚƐǁŚŽĂ ƌĞ

/ŶĐů ƵƐŝǀĞƐ ĐŚŽŽůƐǁŝůůŶŽƚďĞĐŽŵĞĂ ƌĞĂůŝƚǇƵŶůĞƐƐƚŚĞƌĞŝƐƐƚƌŽŶŐůĞĂĚĞƌƐŚŝƉĨŽƌŝ ŶĐůƵƐŝŽŶĂ ŶĚ

ϲ͘ϮDĂŶĂŐĞŵĞŶƚ ŽĨƚŚĞŽŵŵŽŶ >ĞĂƌŶŝŶŐŶǀŝƌŽŶŵĞŶƚ

ĨĨĞĐƚŝ ǀĞŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞĐŽŵŵŽŶůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚŝŶǀŽůǀĞƐĂ ŶƵŵďĞƌŽĨŝŵƉŽƌƚĂŶƚ

/ŶĐů ƵƐŝǀĞƐ ĐŚŽŽůƐƉĂǇƉĂƌƚŝĐƵůĂƌĂ ƚƚĞŶƚŝŽŶƚŽƚŚĞŝ ŶĐůƵƐŝŽŶŽĨƐ ƚƵĚĞŶƚƐǁŝƚŚĞǆĐĞƉƚŝŽŶĂůŝƚŝĞƐ͘

ϳ͘ϭ/ŶĐůƵƐŝŽŶ ŝŶ ƚŚĞ^ĐŚŽŽů ĂŶĚƚŚĞŽŵŵŽŶ >ĞĂƌŶŝŶŐ ŶǀŝƌŽŶŵĞŶƚ

^ƚƵĚĞŶƚƐǁŝƚŚĞǆĐĞƉƚŝŽŶĂůŝƚŝĞƐĂƚƚĞŶĚƚŚĞƐĐŚŽŽůŚĞŽƌƐ ŚĞǁŽƵůĚƚǇƉŝĐĂůůǇĂƚƚĞŶĚ͖Ɛ ƚƵĚĞŶƚƐĂ ƌĞ

^ƵƉƉŽƌƚƐĂƌĞŽĨƚĞŶĐƌŝ ƚŝĐĂůĨŽƌƚŚĞƐ ƵĐĐĞƐƐĨƵůƉĂƌƚŝĐŝƉĂƚŝŽŶŽĨƐƚƵĚĞŶƚƐǁŝƚŚĞǆĐĞƉƚŝŽŶĂůŝƚŝĞƐ͘

/ŶĐů ƵƐŝǀĞƐ ĐŚŽŽůƐĂ ƌĞŝŶŶŽǀĂƚŝǀĞĂŶĚĐƌĞĂƚŝǀĞĞŶǀŝ ƌŽŶŵĞŶƚƐ͘^ĐŚŽŽůƐƚĂŬĞŚŽůĚĞƌƐƌĞǀŝĞǁĂŶĚ

Ěŵŝ ŶŝƐƚƌĂƚŽƌƐ͕ĞĚƵĐĂƚŽƌƐ͕ƐƵƉƉŽƌƚƐ ƚĂĨĨ͕Ɛ ƚƵĚĞŶƚƐ͕Ă ŶĚƉĂƌĞŶƚƐͬŐƵĂƌĚŝĂŶƐĨĞĞůƚŚĂƚƚŚĞ

ĞŵďƌĂ ĐĞĚĂƐĂ ŶĞĐĞƐƐĂƌǇƉĂƌƚŽĨŵĂŬŝŶŐŝ ŵƉƌŽǀĞŵĞŶƚƐ͘dŚĞƌĞĂƌĞŵĂŶǇŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌ

ů ů ĚŝĨĨĞƌĞŶƚŬŝŶĚƐŽĨƐƵĐĐĞƐƐĞƐďǇƐ ƚƵĚĞŶƚƐ͕ĨĂŵŝůŝĞƐ͕ǀŽůƵŶƚĞĞƌƐĂŶĚƐƚĂĨĨĂ ƌĞĐĞůĞďƌĂƚĞĚ͘dŚĞ

^ƚĂ ĨĨƌĞĐĞŝǀĞƚŚĞƉƌŽĨĞƐƐŝŽŶĂůĚĞǀĞůŽƉŵĞŶƚƌĞƋƵŝƌĞĚƚŽĐƌĞĂƚĞĂ ŶĚƐ ƵƐƚĂŝŶŝ ŶĐůƵƐŝǀĞů ĞĂƌŶŝŶŐ

Ŷ/ŶĚŝĐĂƚŽƌĞƐĐƌŝƉƚŝŽŶ͗ ĞƐĐƌŝƉƚŝŽŶŽĨĂĐŚ/ŶĚŝĐĂƚŽƌŽĨ^ƵĐĐĞƐƐ ϭϭ

ƉƉĞŶĚŝǆ͗ /ŶĚŝĐĂƚŽƌYƵĞƐƚŝŽŶŶĂŝƌĞ ϯϰ

ƉƉĞŶĚŝǆ͗ ^ĂŵƉůĞDĞŵŽŽĨ/ŶǀŝƚĂƚŝŽŶ ϲϵ

ƉƉĞŶĚŝǆ͗ WƌŽĨŝůĞ^ŚĞĞƚƐ ϳϬ

ƉƉĞŶĚŝǆ͗ ZĞǀŝĞǁŽĨƚŚĞWƌŽĨŝůĞ ϭϬϮ

ƉƉĞŶĚŝǆ,͗ ĞƐĐƌŝƉƚŝŽŶŽĨhŶŝǀĞƌƐĂůĞƐŝŐŶĨŽƌ>ĞĂƌŶŝŶŐ;h>Ϳ ϭϭϯ

ƉƉĞŶĚŝǆ/͗ WƌŽŚŝďŝƚĞĚ'ƌŽƵŶĚƐŽĨŝƐĐƌŝŵŝŶĂƚŝŽŶ ϭϭϰ

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ŝ ĨĨĞƌĞŶĐĞƐƐƵĐŚĂƐĂďŝůŝƚŝĞƐ͕ĐƵůƚƵƌĞ͕ƌĂĐĞ͕ƌĞůŝŐŝŽŶͬƐƉŝƌŝƚƵĂůŝƚǇ͕Ɛ ŽĐŝŽͲĞĐŽŶŽŵŝĐƐƚĂƚƵƐ͕Ɛ ĞǆƵĂů

ĚĞƋƵĂƚĞĞĚƵĐĂƚŝŽŶŽŶƚŚĞů ĞŐĂůĚƵƚǇƚŽĂ ĐĐŽŵŵŽĚĂƚĞŝ ƐƐƵĞĚďǇƚŚĞEĞǁƌƵŶƐǁŝĐŬ,ƵŵĂŶ

ϭ͘ϯ/ŶĚŝǀŝĚƵĂůƐ ǁŝƚŚŝŶ ƚŚĞ^ĐŚŽŽů ŽŵŵƵŶŝƚǇ^ƚĞƉ&ŽƌǁĂƌĚ ĂŶĚdĂŬĞĂŶĐƚŝǀĞZŽůĞŝŶ

tŚĞƚŚĞƌƚŚĞƐ ƚƵĚĞŶƚŝƐŽŶĂ Ŷ^W͕ŚĂƐĂďĞŚĂǀŝŽƵƌĂůƉƌŽďůĞŵŽƌŚĂƐĞǆĐĞůůĞŶƚŵĂƌŬƐ͕ƐĐŚŽŽů

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ϯ͘ϭ>ĞĂƌŶŝŶŐ ŝƐďĂƐĞĚŽŶ Ă&ůĞǆŝďůĞĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵ

ĚƵĐĂ ƚŽƌƐŚĂǀĞƌĞĐĞŝǀĞĚĂĚĞƋƵĂƚĞƚƌĂ ŝŶŝŶŐŽŶĚŝĨĨĞƌĞŶƚŝĂƚŝŽŶĂ ŶĚŵƵůƚŝƉůĞƐƚǇůĞƐŽĨůĞĂƌŶŝŶŐ

ĚƵĐĂ ƚŽƌƐĨŽĐƵƐŽŶƚŚĞŝƌƐ ƚƵĚĞŶƚƐ͛ƐƚƌĞŶŐƚŚƐĂ ŶĚĐĂ ƉĂďŝůŝƚŝĞƐŝŶŽƌĚĞƌƚŽŵŽƚŝǀĂƚĞĂŶĚ

ϯ͘ϯŽŵŵŽŶ >ĞĂƌŶŝŶŐ ŶǀŝƌŽŶŵĞŶƚƐ ĂŶĚ&ƵůůWĂƌƚŝĐŝƉĂƚŝŽŶ

ϯ͘ϰ^ƚƵĚĞŶƚƐ KƵƚƐŝĚĞ ŽĨƚŚĞŽŵŵŽŶ >ĞĂƌŶŝŶŐŶǀŝƌŽŶŵĞŶƚ

ϰ͘Ϯ^ƵƉƉŽƌƚƐ ĨŽƌ ŽŵŵƵŶŝĐĂƚŝŽŶ

ϱ͘ϮƵůůǇŝŶŐ͕dĞĂƐŝŶŐĂŶĚ ,ĂƌĂƐƐŵĞŶƚĂƌĞĞĂůƚǁŝƚŚ ĨĨĞĐƚŝǀĞůǇ

ϲ͘ϮDĂŶĂŐĞŵĞŶƚ ŽĨƚŚĞŽŵŵŽŶ >ĞĂƌŶŝŶŐŶǀŝƌŽŶŵĞŶƚ

ĨĨĞĐƚŝ ǀĞŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞĐŽŵŵŽŶůĞĂƌŶŝŶŐĞŶǀŝƌŽŶŵĞŶƚŝŶǀŽůǀĞƐĂ ŶƵŵďĞƌŽĨŝŵƉŽƌƚĂŶƚ

ϳ͘ϭ/ŶĐůƵƐŝŽŶ ŝŶ ƚŚĞ^ĐŚŽŽů ĂŶĚƚŚĞŽŵŵŽŶ >ĞĂƌŶŝŶŐ ŶǀŝƌŽŶŵĞŶƚ

ϵ͘ϮdŚĞ^ĐŚŽŽů ŽŵŵƵŶŝƚǇ ŝƐ>ŝŶŬĞĚƚŽ ƚŚĞƌŽĂĚĞƌ ŽŵŵƵŶŝƚǇ

ϵ͘ϱKŶͲŐŽŝŶŐĂŶĚ ŽŶƐƚƌƵĐƚŝǀĞ ŝĂůŽŐƵĞdĂŬĞƐWůĂĐĞ