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ϴ͘ ;ϲϯϮͿϳϮϰͲϰϰϰϭƚŽϱϯ
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KƵƚƐƚĂŶĚŝŶŐ

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dŝƚůĞŽĨůĂƐƐ dŽƚĂů^ŚĂƌĞƐ>ŝƐƚĞĚ

ŽŵŵŽŶ^ŚĂƌĞƐ ϳϱϲ͕ϰϭϴ͕Ϯϴϯ

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;ĂͿ ŚĂƐĨŝůĞĚĂůůƌĞƉŽƌƚƐƌĞƋƵŝƌĞĚƚŽďĞĨŝůĞĚďǇ^ĞĐƚŝŽŶϭϳŽĨƚŚĞ^ZĂŶĚ^ZZƵůĞϭϳƚŚĞƌĞƵŶĚĞƌŽƌ^ĞĐƚŝŽŶϭϭ
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zĞƐǆ EŽ

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ƚŽ ŝŶǀĞƐƚ ŝŶ ĂŶ ĞǆŝƐƚŝŶŐ ƌĞƚĂŝů ĐŽŵƉĂŶǇ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ ůĂǁ͘ WƌĞƐŝĚĞŶƚ ŚĂŝŶ ^ƚŽƌĞ ;>ĂďƵĂŶͿ ,ŽůĚŝŶŐƐ͕ >ƚĚ͘
;W^>Ϳ͕ĂDĂůĂǇƐŝĂŶŝŶǀĞƐƚŵĞŶƚŚŽůĚŝŶŐĐŽŵƉĂŶǇ͕ƉƵƌĐŚĂƐĞĚϭϭϵ͕ϱϳϱ͕ϬϬϴĐŽŵŵŽŶƐŚĂƌĞƐŽĨW^ŽƌϱϬ͘ϰйŽĨW^͛ƐŽƵƚƐƚĂŶĚŝŶŐ
ĐĂƉŝƚĂůƐƚŽĐŬĂƚƚŚĞƉƌŝĐĞŽĨWϴ͘ϯϬƉĞƌƐŚĂƌĞ͘dŚĞƉƵƌĐŚĂƐĞǁĂƐŵĂĚĞƵŶĚĞƌĂƚĞŶĚĞƌŽĨĨĞƌĚƵƌŝŶŐKĐƚŽďĞƌϵƚŽEŽǀĞŵďĞƌϳ͕
ϮϬϬϬ͘ W^> ŝƐ ĂĨĨŝůŝĂƚĞĚ ǁŝƚŚ WƌĞƐŝĚĞŶƚ ŚĂŝŶ ^ƚŽƌĞ ŽƌƉŽƌĂƚŝŽŶ͕ ǁŚŝĐŚ ŝƐ ĂůƐŽ ƚŚĞ ϳͲůĞǀĞŶ ůŝĐĞŶƐĞĞ ŝŶ dĂŝǁĂŶ͘ dŚŝƐ ƉƌŽǀŝĚĞĚ
ƐŽƵƌĐĞ ĨŽƌ ƚĞĐŚŶŝĐĂů ƐƵƉƉŽƌƚ ƚŽ ƐƚƌĞŶŐƚŚĞŶ W^͛Ɛ ŽƌŐĂŶŝǌĂƚŝŽŶĂů ƐƚƌƵĐƚƵƌĞ ĂŶĚ ŽƉĞƌĂƚŝŶŐ ƐǇƐƚĞŵƐ ĂŶĚ ƉƵƌƐƵĞ ƐƚŽƌĞ ĞǆƉĂŶƐŝŽŶ
ƉůĂŶƐ͘ŶĞǁĂĨĨŝůŝĂƚĞ͕^ƚŽƌĞ^ŝƚĞƐ,ŽůĚŝŶŐ͕/ŶĐ͕͘ǁĂƐĂůƐŽĞƐƚĂďůŝƐŚĞĚŽŶEŽǀĞŵďĞƌϵ͕ϮϬϬϬ͕ĂƐƚŚĞĞŶƚŝƚǇƚŽŽǁŶůĂŶĚƉƌŽƉĞƌƚŝĞƐ͘
dŚĞƐĞůĂŶĚƉƌŽƉĞƌƚŝĞƐĂƌĞůĞĂƐĞĚƚŽW^ďǇ^^,/͘

W^͛ƐĂƌĞĂůŝĐĞŶƐĞƚŽŽƉĞƌĂƚĞϳͲůĞǀĞŶ^ƚŽƌĞƐŝŶƚŚĞWŚŝůŝƉƉŝŶĞƐǁĂƐƌĞŶĞǁĞĚŝŶƵŐƵƐƚϯϭ͕ϮϬϬϳĨŽƌĂŶŽƚŚĞƌƚĞƌŵŽĨ
ϮϬ ǇĞĂƌƐ͕ ƌĞŶĞǁĂďůĞ ĞǀĞƌǇ ϭϬ ǇĞĂƌƐ͘ dŚĞ ZĞŶĞǁĂů ƌĞĂ >ŝĐĞŶƐĞ ŐƌĞĞŵĞŶƚ ŚĂƐ ďĞĞŶ ĂƉƉƌŽǀĞĚ ďǇ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ
/ŶƚĞůůĞĐƚƵĂůWƌŽƉĞƌƚǇKĨĨŝĐĞĂƐŽĨ^ĞƉƚĞŵďĞƌϮϱ͕ϮϬϬϳ͘

W^ŝŶŝƚŝĂƚĞĚƚŚĞĞƐƚĂďůŝƐŚŵĞŶƚŽĨWŚŝů^ĞǀĞŶ&ŽƵŶĚĂƚŝŽŶ͕/ŶĐ͘;W&/ͿŝŶKĐƚŽďĞƌϮ͕ϮϬϬϳƚŽƐƵƉƉŽƌƚŝƚƐĐŽƌƉŽƌĂƚĞƐŽĐŝĂů
ƌĞƐƉŽŶƐŝďŝůŝƚǇƉƌŽŐƌĂŵƐ͘W&/ǁĂƐŐƌĂŶƚĞĚĂĐĞƌƚŝĨŝĐĂƚĞŽĨƌĞŐŝƐƚƌĂƚŝŽŶďǇ^tŽŶƵŐƵƐƚϲ͕ϮϬϭϬ͕ĂĨƚĞƌĐŽŵƉůĞƚŝŶŐƚŚĞϮͲǇĞĂƌ
ŽƉĞƌĂƚŝŽŶƐ ƌĞƋƵŝƌĞŵĞŶƚ͘ /Z ŝƐƐƵĞĚ Ă ĐĞƌƚŝĨŝĐĂƚĞ ŽĨ ƌĞŐŝƐƚƌĂƚŝŽŶ ƚŽ W&/ ĚĂƚĞĚ ĞĐĞŵďĞƌ Ϯϭ͕ ϮϬϭϭ ƌĞĐŽŐŶŝǌŝŶŐ W&/ ĂƐ Ă ĚŽŶĞĞ
ŝŶƐƚŝƚƵƚŝŽŶ͘/ŶKĐƚŽďĞƌϭϬ͕ϮϬϭϯ͕W&/ďĞĐĂŵĞĂŵĞŵďĞƌŽĨƚŚĞ>ĞĂŐƵĞŽĨŽƌƉŽƌĂƚĞ&ŽƵŶĚĂƚŝŽŶƐ͕/ŶĐ͘/Ŷ :ƵůǇϬϴ͕ϮϬϭϲ͕^t
ŝƐƐƵĞĚĂĞƌƚŝĨŝĐĂƚĞŽĨZĞŐŝƐƚƌĂƚŝŽŶƚŽW&/ĂůůŽǁŝŶŐŝƚƚŽĞǆƉĂŶĚŝƚƐŽƉĞƌĂƚŝŽŶƐĨƌŽŵEZƚŽŶĂƚŝŽŶǁŝĚĞǁŚŝĐŚŝƐǀĂůŝĚĨŽƌϯǇĞĂƌƐ͘

ƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͕ƚŚĞŽŵƉĂŶǇŚĂƐĂƚŽƚĂůŽĨϮ͕ϲϳϬĚŝƌĞĐƚŚŝƌĞƐĂŶĚĂƵŐŵĞŶƚƐŝƚƐƚĞŵƉŽƌĂƌǇŶĞĞĚƐĚƵƌŝŶŐ
ƉĞĂŬŚŽƵƌƐŽƌƐĞĂƐŽŶŝŶƚŚĞƐƚŽƌĞƐĂŶĚƚŚĞƐƵƉƉŽƌƚƐĞƌǀŝĐĞƐƵŶŝƚƐǁŝƚŚĐŽŽƉĞƌĂƚŝǀĞŵĞŵďĞƌƐ͘dŚĞƌĞŝƐŶŽĞǆŝƐƚŝŶŐůĂďŽƌƵŶŝŽŶŝŶ
ƚŚĞĐŽŵƉĂŶǇĂŶĚĐŽůůĞĐƚŝǀĞďĂƌŐĂŝŶŝŶŐĂŐƌĞĞŵĞŶƚ͘dŚĞƌĞŝƐĂW^ŵƉůŽǇĞĞƐ͛ŽƵŶĐŝůǁŚŝĐŚĐŽŵŵƵŶŝĐĂƚĞƐƚŽŵĂŶĂŐĞŵĞŶƚƚŚĞ
ĞŵƉůŽǇĞĞƐĐŽŶĐĞƌŶƐ͘dŚĞƌĞŚĂƐďĞĞŶŶŽƐƚƌŝŬĞŽƌƚŚƌĞĂƚƚŽƐƚƌŝŬĞĨƌŽŵƚŚĞĞŵƉůŽǇĞĞƐĨŽƌƚŚĞƉĂƐƚƚŚƌĞĞǇĞĂƌƐ͘

dŚĞŽŵƉĂŶǇƉƌŽǀŝĚĞƐƐƵƉƉůĞŵĞŶƚĂůďĞŶĞĨŝƚƐŽƌŝŶĐĞŶƚŝǀĞƐƚŽŝƚƐĞŵƉůŽǇĞĞƐƐƵĐŚĂƐ͗ƌĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚƉůĂŶ͕ŚĞĂůƚŚ
ĐĂƌĚŐƌŽƵƉůŝĨĞĂŶĚĂŶĚĂĐĐŝĚĞŶƚŝŶƐƵƌĂŶĐĞƉůĂŶ͕ǀĂƌŝŽƵƐĞŵƉůŽǇĞĞƉƌŽŐƌĂŵƐĂŶĚƌĞĐŽŐŶŝƚŝŽŶŽĨƚŽƉƉĞƌĨŽƌŵŝŶŐĞŵƉůŽǇĞĞƐĂŶĚ
ƐĞƌǀŝĐĞĂǁĂƌĚƐĂŵŽŶŐŽƚŚĞƌƐ͘

ZĞĐŽŐŶŝǌŝŶŐ ƚŚĞ ŶĞĞĚ ŽĨ ĞŵƉůŽǇĞĞƐ ĨŽƌ ŐƌŽǁƚŚ͕ ƚƌĂŝŶŝŶŐ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ƉƌŽŐƌĂŵƐ ĂƌĞ ƌĞŐƵůĂƌůǇ ƉƌŽǀŝĚĞĚ ďǇ W^
ĂĐƌŽƐƐ Ăůů ůĞǀĞůƐ͘ &Žƌ ^ĞŶŝŽƌ DĂŶĂŐĞŵĞŶƚ ĂŶĚ KĨĨŝĐĞƌƐ͕ ƚŚĞ ĐŽŵƉĂŶǇ ĐŽŶĚƵĐƚƐ Ă >ĞĂĚĞƌƐŚŝƉ ĐĂĚĞŵǇ Θ DĞŶƚŽƌ͛Ɛ >ĞĂĚĞƌƐŚŝƉ
dƌĂŝŶŝŶŐ WƌŽŐƌĂŵ ǁŝƚŚ ƚŚĞ ŽďũĞĐƚŝǀĞ ŝŶ ůŝŶĞ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ƐƵĐĐĞƐƐŝŽŶ ƉůĂŶŶŝŶŐ ƉƌŽŐƌĂŵ͘ /ŶͲŚŽƵƐĞ ƚƌĂŝŶŝŶŐƐ ŽŶ ƐŬŝůůƐ͕
ƉƌŽĚƵĐƚƐ͕ ďĂƐŝĐ ŶĞŐŽƚŝĂƚŝŽŶ͕ ĐŚĂŶŐĞ ŵĂŶĂŐĞŵĞŶƚ͕ ƌĞƚĂŝůĞƌ ŝŶŝƚŝĂƚŝǀĞ ĂŶĚ ďĂƐŝĐ ŽƉĞƌĂƚŝŶŐ ƉƌŽĐĞĚƵƌĞƐ ĂƌĞ ĂůƐŽ ƉƌŽǀŝĚĞĚ ďǇ ƚŚĞ
5
ŽŵƉĂŶǇƚŽĞŵƉůŽǇĞĞƐ͘dŚĞƐĞĂƌĞŽĨĨĞƌĞĚƉĞƌŝŽĚŝĐĂůůǇďĂƐĞĚŽŶĂŶŶƵĂůƚƌĂŝŶŝŶŐĐĂůĞŶĚĂƌĞǀĞƌǇŵŽŶƚŚŽƌƋƵĂƌƚĞƌůǇ͘/ŶͲŚŽƵƐĞ
ƚƌĂŝŶŝŶŐƐĂƌĞĚĞƐŝŐŶĞĚƚŽĂƵŐŵĞŶƚĂŶĚĚĞǀĞůŽƉƚŚĞĞŵƉůŽǇĞĞƐŬŝůůƐĂŶĚĐŽŵƉĞƚĞŶĐŝĞƐ͘

dŚĞƚŽƉƌŝƐŬƐŝŶƌĞƚĂŝůŝŶĚƵƐƚƌǇƚŽǁŚŝĐŚW^ďĞůŽŶŐƐŝŶĐůƵĚĞŝŶĐƌĞĂƐĞŝŶĐŽŵƉĞƚŝƚŝŽŶ͕ďƌĂŶĚƌĞƉƵƚĂƚŝŽŶĂŶĚďƵƐŝŶĞƐƐ
ŽƉĞƌĂƚŝŽŶƐͬƐƵƉƉůǇĐŚĂŝŶĐŽŶƚŝŶƵŝƚǇ͘DĞĂŶǁŚŝůĞ͕ƚŚĞŵĂŝŶƌŝƐŬƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŽŵƉĂŶǇ͛ƐĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƌĞĐƌĞĚŝƚƌŝƐŬ͕
ůŝƋƵŝĚŝƚǇƌŝƐŬ͕ĂŶĚŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ͘dŚĞƵĚŝƚŽŵŵŝƚƚĞĞĞŶƐƵƌĞƐƚŚĞŝŶƚĞŐƌŝƚǇŽĨŝŶƚĞƌŶĂůĐŽŶƚƌŽůĂĐƚŝǀŝƚŝĞƐ͕ĚĞǀĞůŽƉƐ͕ŽǀĞƌƐĞĞƐ͕
ĐŚĞĐŬƐĂŶĚƉƌĞĂƉƉƌŽǀĞƐĨŝŶĂŶĐŝĂůŵĂŶĂŐĞŵĞŶƚĨƵŶĐƚŝŽŶƐĂŶĚƐǇƐƚĞŵƐŝŶƚŚĞĂƌĞĂƐŽĨĐƌĞĚŝƚ͕ŵĂƌŬĞƚ͕ůŝƋƵŝĚŝƚǇ͕ŽƉĞƌĂƚŝŽŶĂů͕ůĞŐĂů
ĂŶĚ ŽƚŚĞƌ ƌŝƐŬƐ ĂŶĚ ĐƌŝƐŝƐ ŵĂŶĂŐĞŵĞŶƚ͘ dŚĞ /ŶƚĞƌŶĂů ƵĚŝƚ ŝǀŝƐŝŽŶ ĂŶĚ ƚŚĞ ǆƚĞƌŶĂů ƵĚŝƚŽƌ ĚŝƌĞĐƚůǇ ƌĞƉŽƌƚ ƚŽ ƚŚĞ ƵĚŝƚ
ŽŵŵŝƚƚĞĞƌĞŐĂƌĚŝŶŐƚŚĞĚŝƌĞĐƚŝŽŶ͕ƐĐŽƉĞĂŶĚĐŽŽƌĚŝŶĂƚŝŽŶŽĨĂƵĚŝƚĂŶĚĂŶǇƌĞůĂƚĞĚĂĐƚŝǀŝƚŝĞƐ͘

ƚǇĞĂƌĞŶĚ͕W^ŝƐŽƉĞƌĂƚŝŶŐϮ͕ϮϴϱƐƚŽƌĞƐ͕ϭ͕ϮϮϰŽĨǁŚŝĐŚĂƌĞĨƌĂŶĐŚŝƐĞƐƚŽƌĞƐĂŶĚƚŚĞƌĞŵĂŝŶŝŶŐϭ͕ϬϲϭĂƌĞĐŽŵƉĂŶǇͲ
ŽǁŶĞĚƐƚŽƌĞƐ͘dŚĞƐƚŽƌĞĨƌĂŶĐŚŝƐĞĐŽŶƚƌĂĐƚƐŚĂǀĞĂŶĂǀĞƌĂŐĞƚĞƌŵŽĨϱǇĞĂƌƐĞĂĐŚ͘dŚĞƐƚŽƌĞƐƵŶĚĞƌĨƌĂŶĐŚŝƐĞĂƌĞŝŶĚŝĐĂƚĞĚŝŶ
ƚŚĞƐƚŽƌĞůŝƐƚƉƌŽǀŝĚĞĚŝŶƚŚĞĚŝƐĐƵƐƐŝŽŶŽĨ>ĞĂƐĞƐŚĞƌĞŝŶ͘

W^ĐŽŶƚŝŶƵĂůůǇŽďƐĞƌǀĞƐƚŚĞĂĐƚŝǀŝƚŝĞƐŽĨŝƚƐŵĂũŽƌĐŽŵƉĞƚŝƚŽƌƐŝŶůŝŶĞǁŝƚŚŝƚƐƐƚƌĂƚĞŐǇƚŽŵĂŝŶƚĂŝŶŝƚƐůĞĂĚĞƌƐŚŝƉŝŶ
ƚŚĞŽŶǀĞŶŝĞŶĐĞ^ƚŽƌĞ;͞Ͳ^ƚŽƌĞ͟Ϳ/ŶĚƵƐƚƌǇ͘ŶƚƌǇŽĨĨŽƌĞŝŐŶďƌĂŶĚͲ^ƚŽƌĞƐŝŶĐƌĞĂƐĞŝŶϮϬϭϰĂŶĚĂŶƵŵďĞƌŽĨŽƚŚĞƌŐĞŶĞƌŝĐŽƌ
ŚǇďƌŝĚƐƚŽƌĞƐŽƌŐƌŽĐĞƌǇƐƚŽƌĞƐŝŶĐůƵĚŝŶŐŐĂƐŵĂƌƚƐĐŽŶƚŝŶƵĞƚŽďĞƉƌĞƐĞŶƚ͘W^ŚĂƐĨŽƌŐĞĚĂŶŽŶͲĞǆĐůƵƐŝǀĞƚŝĞͲƵƉǁŝƚŚŚĞǀƌŽŶ
WŚŝůŝƉƉŝŶĞƐ/ŶĐ͘ŝŶƵŐƵƐƚϮϬϬϵĨŽƌŽƉĞŶŝŶŐŽĨϳͲůĞǀĞŶƐƚŽƌĞƐŝŶƐĞůĞĐƚĞĚĂůƚĞǆŐĂƐƐƚĂƚŝŽŶƐĂŶĚƚŚĞƌĞĂƌĞϵϮϳͲůĞǀĞŶ^ƚŽƌĞƐĂƐ
ŽĨϮϬϭϳ͘dŚĞŽŵƉĂŶǇĐŽŶƚŝŶƵĞƐƚŽƐƵƐƚĂŝŶŝƚƐůĞĂĚĞƌƐŚŝƉďǇƉƵƚƚŝŶŐƐƚŽƌĞƐŝŶƐƚƌĂƚĞŐŝĐůŽĐĂƚŝŽŶƐ͕ĐĂƌƌǇŝŶŐƉƌŽĚƵĐƚĂƐƐŽƌƚŵĞŶƚ
ĨŝƚĨŽƌƐƵĐŚŵĂƌŬĞƚ͘

/ŶƐƉŝƚĞŽĨƚŚĞŐƌŽǁŝŶŐĐŽŵƉĞƚŝƚŝŽŶŝŶĐŽŶǀĞŶŝĞŶĐĞƐƚŽƌĞ;͞Ͳ^ƚŽƌĞ͟ͿďƵƐŝŶĞƐƐĞƐ͕W^ŵĂŝŶƚĂŝŶƐŝƚƐůĞĂĚĞƌƐŚŝƉŝŶƚŚĞ
ŝŶĚƵƐƚƌǇ͘dŚĞŽƌƉŽƌĂƚŝŽŶĞƐƚŝŵĂƚĞƐŝƚƐŵĂƌŬĞƚƐŚĂƌĞŝŶďƌĂŶĚĞĚϮϰŚŽƵƌƐͲƐƚŽƌĞďƵƐŝŶĞƐƐĞƐĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͕ŝŶƚĞƌŵƐ
ŽĨŶƵŵďĞƌŽĨͲƐƚŽƌĞŽƵƚůĞƚƐŶĂƚŝŽŶǁŝĚĞ͕ĂƐĨŽůůŽǁƐ͗

EƵŵďĞƌŽĨ DĂƌŬĞƚ^ŚĂƌĞΎ

ͲƐƚŽƌĞƐΎ ;ĂƐŽĨϯϭĞĐ͘ϮϬϭϳͿ
ϳͲůĞǀĞŶ Ϯ͕Ϯϴϱ ϲϰй
DŝŶŝƐƚŽƉ ϰϴϵ ϭϰй
ůĨĂŵĂƌƚ Ϯϵϲ ϴй
DĞƌĐƵƌǇƌƵŐ;ŽƉĞƌĂƚŝŶŐϮϰŚƌƐͿ ϭϭϰ ϯй
ĂǀĂŽĞŶƚƌĂůŽŶǀĞŶŝĞŶĐĞ^ƚŽƌĞ ϵϳ ϯй
&ĂŵŝůǇDĂƌƚ ϲϲ Ϯй
^ĂŶDŝŐ&ŽŽĚǀĞ͘ ϱϱ Ϯй
,ϭ ϰϮ ϭй
>ĂǁƐŽŶ ϯϯ ϭй
YƵŝǆŵĂƌƚ Ϯϱ ϭй
ŝƌĐůĞ< Ϯϯ ϭй
DƵŶƐƚĞƌŝĨŝĐ ϮϬ Ϭй
ŝͲDĂƌƚ ϭϲ Ϭй
dŽƚĂů ϯ͕ϱϲϭ ϭϬϬй
ΎŽĞƐŶŽƚŝŶĐůƵĚĞĚĂƚĂŽŶŶŽŶͲďƌĂŶĚĞĚͬŐĞŶĞƌŝĐs^ΘϮϰͲŚƌŚǇďƌŝĚŐƌŽĐĞƌǇͲ

W^ĂĚĚƌĞƐƐĞƐƚŚĞƚŚƌĞĂƚŽĨĐŽŵƉĞƚŝƚŝŽŶǁŝƚŚĞǆƉĂŶƐŝŽŶĂŶĚŵĂŝŶƚĂŝŶŝŶŐŝƚƐĚŽŵŝŶĂŶĐĞŝŶƚŚĞŵĂƌŬĞƚ͘dŚĞĐŽŶƚŝŶƵŽƵƐ
ŝŵƉƌŽǀĞŵĞŶƚŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶ͛ƐƐƵƉƉůǇĐŚĂŝŶƐŚĂůůŐĞŶĞƌĂƚĞĨƵƌƚŚĞƌĞĨĨŝĐŝĞŶĐŝĞƐƚŽĞĨĨĞĐƚŝǀĞůǇĐŽŵƉĞƚĞǁŝƚŚƚŚĞĞŶƚƌǇŽĨŽƚŚĞƌ
ƉůĂǇĞƌƐ ŝŶ ƚŚĞ ͲƐƚŽƌĞ ďƵƐŝŶĞƐƐ͘ dŚĞ ƐƵĐĐĞƐƐĨƵů ĨƌĂŶĐŚŝƐĞ ƉƌŽŐƌĂŵ ŝƐ ĂŶŽƚŚĞƌ ŵŽǀĞƌ ƚŽ ĂĐŚŝĞǀĞ ƚŚĞ ĞǆƉĂŶƐŝŽŶ ƉůĂŶƐ ĂŶĚ ƚŽ
ƐƵƐƚĂŝŶůĞĂĚĞƌƐŚŝƉŝŶƚŚĞĐͲƐƚŽƌĞŵĂƌŬĞƚ͘dŚĞŽŵƉĂŶǇĐŽŶƚŝŶƵĞĚƚŽĞǆƉĂŶĚŽƉĞƌĂƚŝŽŶƐŽĨϳͲůĞǀĞŶ^ƚŽƌĞƐŝŶsŝƐĂǇĂƐ͕ĂŶĚŶŽǁ
ŚĂƐĂƚŽƚĂůŽĨϯϭϯƐƚŽƌĞƐ͕ĐŽŶƐŝƐƚŝŶŐŽĨϭϲϬŝŶĞďƵ͕ϲϰŝŶEĞŐƌŽƐ/ƐůĂŶĚƐ͕ϱϭŝŶ/ůŽŝůŽ͕ϭϱŝŶŬůĂŶ͕ϭϯŝŶĂƉŝǌ͕ϳŝŶŶƚŝƋƵĞ͕ĂŶĚϯ
ŝŶŽŚŽůĂƐŽĨĞŶĚŽĨϮϬϭϳ͘ƚƚŚĞƐĂŵĞƚŝŵĞ͕ƚŚĞƌĞĂƌĞŶŽǁϭϳϬƚŽƚĂůƐƚŽƌĞƐŝŶDŝŶĚĂŶĂŽ͕ĐŽŶƐŝƐƚŝŶŐŽĨϭϬϱŝŶĂǀĂŽƌĞŐŝŽŶ͕ϯϯ
ŝŶ DŝƐĂŵŝƐ KƌŝĞŶƚĂů ǁŚĞƌĞŝŶ ĂŐĂǇĂŶ Ğ KƌŽ ŝƐ ůŽĐĂƚĞĚ͕ ϳ ŝŶ ƵŬŝĚŶŽŶ͕ ĂŶĚ ϭϵ ŝŶ ŽƚĂďĂƚŽ͕ ϱ ŝŶ >ĂŶĂŽ Ğů EŽƌƚĞ ĂŶĚ͕ ϭ ŝŶ
ŐƵƐĂŶĞůEŽƌƚĞ͘W^ǁŝůůĐŽŶƚŝŶƵĞƚŽĂŐŐƌĞƐƐŝǀĞůǇĞǆƉĂŶĚŝŶďŽƚŚsŝƐĂǇĂƐĂŶĚDŝŶĚĂŶĂŽĨŽƌϮϬϭϴ͘

dŚĞĂǀĞƌĂŐĞŶƵŵďĞƌŽĨĐƵƐƚŽŵĞƌƐƚŚĂƚƚƌĂŶƐĂĐƚŝŶƚŚĞƐƚŽƌĞƐŝƐĂďŽƵƚϴϱϯƉĞƌĚĂǇƉĞƌƐƚŽƌĞǁŝƚŚĂŶĂǀĞƌĂŐĞƉƵƌĐŚĂƐĞ
ƚƌĂŶƐĂĐƚŝŽŶ ŽĨ ĂďŽƵƚ W
сϱϴ͘ϬϬ͘ dŚĞ ƐƚŽƌĞƐ ĐĂƌƌǇ Ă ǁŝĚĞ ƌĂŶŐĞ ŽĨ ďĞǀĞƌĂŐĞƐ͕ ĨŽŽĚ ƐĞƌǀŝĐĞ ŝƚĞŵƐ͕ ĨƌĞƐŚ ĨŽŽĚƐ͕ ŚŽƚ ĨŽŽĚƐ͕ ĨƌŽǌĞŶ
ĨŽŽĚƐ͕ ĐŽŶĨĞĐƚŝŽŶĞƌŝĞƐ͕ ĐŽŽŬŝĞƐ ĂŶĚ ĐŚŝƉƐ͕ ƉĞƌƐŽŶĂů ĐĂƌĞ ƉƌŽĚƵĐƚƐ͕ ŐƌŽĐĞƌŝĞƐ ĂŶĚ ŽƚŚĞƌ ĚĂŝůǇ ŶĞĞĚƐ ĂŶĚ ƐĞƌǀŝĐĞƐ ĨŽƌ ŵŽĚĞƌŶ
ĐŽŶǀĞŶŝĞŶĐĞǁŚŝĐŚŶĞŝŐŚďŽƌŚŽŽĚƌĞƐŝĚĞŶƚƐ͕ĐŽŵŵƵƚĞƌƐ͕ƐƚƵĚĞŶƚƐĂŶĚŽƚŚĞƌƵƌďĂŶƐŚŽƉƉĞƌƐǁŽƵůĚůŽŽŬĨŽƌŝŶĂĐŽŶǀĞŶŝĞŶĐĞ
ƐƚŽƌĞ͘ůƐŽŽĨĨĞƌĞĚŝŶƚŚĞƐƚŽƌĞĂƌĞƉƌŽƉƌŝĞƚĂƌǇƉƌŽĚƵĐƚůŝŶĞƐƵŶĚĞƌƚŚĞϳͲůĞǀĞŶƚƌĂĚĞŵĂƌŬƐƵĐŚĂƐďƵƚŶŽƚůŝŵŝƚĞĚƚŚĞƌĞƚŽ͗

6
dZDZ<^ ^Z/Wd/KEK&WZKhd WW>/d/KEd ^ddh^
&ƌŽǌĞŶĐĂƌďŽŶĂƚĞĚďĞǀĞƌĂŐĞ͕ƉƌĞƉĂƌĞĚǁŝƚŚĂǀĂƌŝĞƚǇ
ϭ͘^ůƵƌƉĞĞ ŽĨŚŝŐŚͲƋƵĂůŝƚǇƐǇƌƵƉƐ͕ƉƌŽƉĞƌůǇďƌŝǆĞĚ͕ĂŶĚƐĞƌǀĞĚŝŶ ƵŐ͘ϭϵ͕ϭϵϵϮ ZĞŶĞǁĞĚĂƐŽĨƵŐ͘ϭϵ͕ϮϬϭϮ
ƐƚĂŶĚĂƌĚŝǌĞĚ͕ƚƌĂĚĞŵĂƌŬ^>hZWĐƵƉƐ
ZĞŐŝƐƚĞƌĞĚĨŽƌϭϱǇĞĂƌƐĨƌŽŵƵŐ͘Ϯϵ͕
Ϯ͘^ƵƉĞƌŝŐŝƚĞ ^ĂŶĚǁŝĐŚĞƐ͕ŚŽƚĚŽŐƐĂŶĚďƵŶƐ ƵŐ͘Ϯϵ͕ϮϬϬϯ
ϮϬϬϯƚŽEŽǀ͘ϭϳ͕ϮϬϭϴ
WŽƐƚͲŵŝǆĨŽƵŶƚĂŝŶďĞǀĞƌĂŐĞ͕ƉƌĞƉĂƌĞĚǁŝƚŚĂǀĂƌŝĞƚǇ
ϯ͘ŝŐ'ƵůƉ EŽǀ͘ϭϲ͕ϭϵϵϮ ZĞŶĞǁĞĚĂƐŽĨEŽǀ͘ϭϲ͕ϮϬϭϮ
ŽĨŚŝŐŚƋƵĂůŝƚǇƐǇƌƵƉƐ

W^ĂůƐŽƐĞůůƐŝƚƐĚĞǀĞůŽƉĞĚŽƌŽǁŶďƌĂŶĚĞĚƉƌŽĚƵĐƚƐͬƐĞƌǀŝĐĞƐƵŶĚĞƌƚŚĞĨŽůůŽǁŝŶŐƚƌĂĚĞŵĂƌŬƐ͗

dZDZ<^ ^Z/Wd/KEK&WZKhd WW>/d/KEd ^ddh^K&Z'/^dZd/KE
ZĞŐŝƐƚĞƌĞĚĨŽƌϭϬǇĞĂƌƐ
ϭ͘ D/ͲyWZ^^ WŚĂƌŵĂĐĞƵƚŝĐĂů ϭϵ:ĂŶƵĂƌǇϮϬϬϲ
;ϭϰƉƌŝůϮϬϬϴƚŽϭϰƉƌŝůϮϬϭϴͿ
ZĞĂĚǇͲƚŽͲĞĂƚƌŝĐĞŵĞĂůƐǁŝƚŚ ZĞŐŝƐƚĞƌĞĚĨŽƌϭϬǇĞĂƌƐ
Ϯ͘ ,KddZ/ ϮϮ^ĞƉƚĞŵďĞƌϮϬϬϴ
ĚŝĨĨĞƌĞŶƚǀĂƌŝĂŶƚƐ ;Ϯϯ&ĞďƌƵĂƌǇϮϬϬϵƚŽϮϯ&ĞďƌƵĂƌǇϮϬϭϵͿ
ϯ͘ &hEKE /ĐĞĐƌĞĂŵͬ^ƵŶĚĂĞ ϭϲĞĐĞŵďĞƌϮϬϭϯ
;ϭϳ^ĞƉƚĞŵďĞƌϮϬϭϱƚŽϭϳ^ĞƉƚĞŵďĞƌϮϬϮϱͿ
ϰ͘ Z/^W/d^ ,ŽƚĂŶĚĨƌŝĞĚƐŶĂĐŬƐ ϭϳĞĐĞŵďĞƌϮϬϭϯ
;Ϯϲ^ĞƉƚĞŵďĞƌϮϬϭϰʹϮϲ^ĞƉƚĞŵďĞƌϮϬϮϰͿ
ϱ͘ h^K'D>^ ƵĚŐĞƚƌŝĐĞŵĞĂůƐ Ϯϰ:ĂŶƵĂƌǇϮϬϭϰ
;ϭϰ:ĂŶƵĂƌǇϮϬϭϰʹϭϰ:ĂŶƵĂƌǇϮϬϮϰͿ
^ƚĞǁĞĚƐĂǀŽƌǇƐŶĂĐŬǁŝƚŚĚŝĨĨĞƌĞŶƚ ZĞŐŝƐƚĞƌĞĚĨŽƌϭϬǇĞĂƌƐ
ϲ͘ ,KdWKd>K'K ϮϳDĂƌĐŚϮϬϭϰ
ǀĂƌŝĂŶƚƐ ;ϮϳEŽǀĞŵďĞƌϮϬϭϰƚŽϮϳEŽǀĞŵďĞƌϮϬϮϰͿ
ϳ͘ /'d/DD>^ ZŝĐĞŵĞĂůƐ ϭϮƵŐƵƐƚϮϬϭϰ
;ϮϯƉƌŝůϮϬϭϱƚŽϮϯƉƌŝůϮϬϮϱͿ
ϴ͘ &hE&ZKzK zŽŐƵƌƚŝŶĂĐƵƉ ϮϮ^ĞƉƚĞŵďĞƌϮϬϭϰ
;ϮϭDĂǇϮϬϭϱƚŽϮϭDĂǇϮϬϮϱͿ
WŝŶŽǇƌŝĐĞŵĞĂůǀĂƌŝĂŶƚƐƚŚĂƚĐĂŶďĞ ZĞŐŝƐƚĞƌĞĚĨŽƌϭϬǇĞĂƌƐ
ϵ͘ ,Kddh>D͊ ϮϮ^ĞƉƚĞŵďĞƌϮϬϭϰ
ďŽƵŐŚƚǁŝƚŚŽƵƚƌŝĐĞ ;Ϯϴ:ƵůǇϮϬϭϲƚŽϮϴ:ƵůǇϮϬϮϲͿ
ϭϬ͘ ,&Zd/KE^ ĨĨŽƌĚĂďůĞ͕ŚĞĨͲƋƵĂůŝƚǇŵĞĂůƐ ϮϮ^ĞƉƚĞŵďĞƌϮϬϭϰ
;ϭϲƉƌŝůϮϬϭϱƚŽϭϲƉƌŝůϮϬϮϱͿ
ϭϭ͘ ^/<^/<D>>^ ĐŽŵďŽƉƌŽŵŽŽĨŝŐŝƚĞŚŽƚĚŽŐ ϮϮ^ĞƉƚĞŵďĞƌϮϬϭϰ ZĞŐŝƐƚĞƌĞĚĨŽƌϭϬǇĞĂƌƐ
Žƌ^ŝŽƉĂŽǁŝƚŚ'ƵůƉƐŽĨƚĚƌŝŶŬ ;ϭϵDĂƌĐŚϮϬϭϱƚŽϭϵDĂƌĐŚϮϬϮϱͿ
^K&d/d^ ƌĞĂĚĂŶĚďĂŬĞƌǇůŝŶĞ ϮϮ^ĞƉƚĞŵďĞƌϮϬϭϰ ZĞŐŝƐƚĞƌĞĚĨŽƌϭϬǇĞĂƌƐ
;Ϯϲ&ĞďƌƵĂƌǇϮϬϭϱƚŽϮϲ&ĞďƌƵĂƌǇϮϬϮϱͿ
ϭϮ͘ /dz>E^ KŶͲƚŚĞͲŐŽƉƌĞŵŝƵŵĐŽĨĨĞĞ ϮϮ^ĞƉƚĞŵďĞƌϮϬϭϰ
ϭϯ͘ sZzz͊ ϳͲůĞǀĞŶĐŽƌƉŽƌĂƚĞƚĂŐůŝŶĞ ϮϮ^ĞƉƚĞŵďĞƌϮϬϭϰ WƵďůŝƐŚĞĚŽŶϮϭEŽǀĞŵďĞƌϮϬϭϲ
WƌŽǀŝĚĞƐĂĨƵŶĂŶĚŝŶƚĞƌĂĐƚŝǀĞĂůůͲŝŶͲ
ϭϰ͘ >/YY;>K'KͿ ŽŶĞŬŝŽƐŬƚŚĂƚĐĂƚĞƌƐĂǁŝĚĞƌĂŶŐĞ ϮϮ^ĞƉƚĞŵďĞƌϮϬϭϰ
ŽĨƐĞƌǀŝĐĞƐ
ϭϱ͘ sZzz͊ZtZ^
;ůĂƐƐϯϱͿ ^ƚŽƌĞůŽǇĂůƚǇƉƌŽŐƌĂŵ ϮϮ^ĞƉƚĞŵďĞƌϮϬϭϰ ZĞŐŝƐƚĞƌĞĚĨŽƌϭϬǇĞĂƌƐ
;ůĂƐƐϵͿ Ϭϵ:ƵůǇϮϬϭϱ ;ϭϬ:ƵŶĞϮϬϭϱƚŽϭϬ:ƵŶĞϮϬϮϱͿ
ϭϲ͘ sZzz͊t/&/ ^ƚŽƌĞǁŝĨŝ ϮϵKĐƚŽďĞƌϮϬϭϰ
;ϭϴ:ƵŶĞϮϬϭϱƚŽϭϴ:ƵŶĞϮϬϮϱͿ
ZĞƉƌĞƐĞŶƚƐƉƌĞŵŝƵŵůŝŶĞĨŽƌĐŽĨĨĞĞ ZĞŐŝƐƚĞƌĞĚĨŽƌϭϬǇĞĂƌƐ
ϭϳ͘ /dz>E^WZ/D ϭϴ&ĞďƌƵĂƌǇϮϬϭϱ
ƉƌŽĚƵĐƚ͚ŝƚǇůĞŶĚƐ͛ ;Ϭϵ:ƵůǇϮϬϭϱƚŽϬϵ:ƵůǇϮϬϮϱͿ
ŽĚĞĨŽƌǀŝƌƚƵĂůĞǀĞƌǇĚĂǇƌĞǁĂƌĚƐ ZĞŐŝƐƚĞƌĞĚĨŽƌϭϬǇĞĂƌƐ
ϭϴ͘ YYK ϮϭƉƌŝůϮϬϭϱ
ĐĂƌĚ ;ϭϳ^ĞƉƚĞŵďĞƌϮϬϭϱƚŽϭϳ^ĞƉƚĞŵďĞƌϮϬϮϱͿ
ϭϵ͘ >/YY;tKZDZ<Ϳ ϳͲůĞǀĞŶ͛ƐůŽǇĂůƚǇƉƌŽŐƌĂŵ Ϭϴ:ƵůǇϮϬϭϱ
;ϭϬ^ĞƉƚĞŵďĞƌϮϬϭϱƚŽϭϬ^ĞƉƚĞŵďĞƌϮϬϮϱͿ
ϮϬ͘ &KZzKhZZhE,z ZĞŐŝƐƚĞƌĞĚĨŽƌϭϬǇĞĂƌƐ
ϳͲůĞǀĞŶĐŽƌƉŽƌĂƚĞƚĂŐůŝŶĞ Ϯϯ:ƵůǇϮϬϭϱ
Zs/E'^ ;ϬϮKĐƚŽďĞƌϮϬϭϱƚŽϬϮKĐƚŽďĞƌϮϬϮϱͿ
Ϯϭ͘ &hE/EdE ϳͲůĞǀĞŶĐŽƌƉŽƌĂƚĞƚĂŐůŝŶĞ Ϯϰ:ƵůǇϮϬϭϱ
;Ϯϰ^ĞƉƚĞŵďĞƌϮϬϭϱƚŽϮϰ^ĞƉƚĞŵďĞƌϮϬϮϱͿ
ϮϮ͘ ,KE^dͲdKͲ'KKE^^ ϳͲůĞǀĞŶĐŽƌƉŽƌĂƚĞƚĂŐůŝŶĞĨŽƌƚŚĞ ZĞŐŝƐƚĞƌĞĚĨŽƌϭϬǇĞĂƌƐ
Ϯϰ:ƵůǇϮϬϭϱ
K&& ĐŽĨĨĞĞŝƚĞŵƐ ;ϭϳĞĐĞŵďĞƌϮϬϭϱƚŽϭϳĞĐĞŵďĞƌϮϬϮϱͿ
7
Ϯϯ͘ >/&͛^^/Z/E>/<͊ ϳͲůĞǀĞŶ͛ƐůŽǇĂůƚǇƉƌŽŐƌĂŵ Ϯϵ:ƵůǇϮϬϭϱ
;ϬϮKĐƚŽďĞƌϮϬϭϱƚŽϬϮKĐƚŽďĞƌϮϬϮϱͿ
Ϯϰ͘ hddZz^K&d ^ŽĨƚĂƌƌĂǇŽĨďƌĞĂĚƐ ϲƵŐƵƐƚϮϬϭϱ
;ϬϯĞĐĞŵďĞƌϮϬϭϱƚŽϬϯĞĐĞŵďĞƌϮϬϮϱͿ
ĐŽŵďŽƉƌŽŵŽŽĨ,ŽƚƚĂZŝĐĞǁŝƚŚ ZĞŐŝƐƚĞƌĞĚĨŽƌϭϬǇĞĂƌƐ
Ϯϱ͘ sZzz͊D>>^ Ϯϳ:ƵŶĞϮϬϭϲ
'ƵůƉƐŽĨƚĚƌŝŶŬ ;ϮϳKĐƚŽďĞƌϮϬϭϲƚŽϮϳKĐƚŽďĞƌϮϬϮϲͿ
Ϯϲ͘ >/YY ZĞŐŝƐƚĞƌĞĚĨŽƌϭϬǇĞĂƌƐ
ϳͲůĞǀĞŶ͛ƐůŽǇĂůƚǇƉƌŽŐƌĂŵ ϭϬƉƌŝůϮϬϭϳ
;W>/EtKZDZ<Ϳ ;Ϯϵ:ƵŶĞϮϬϭϳƚŽϮϵ:ƵŶĞϮϬϮϳ

&ƵƌƚŚĞƌ͕ ƚŚĞ ƉƌŽĚƵĐƚƐ Žƌ ƐĞƌǀŝĐĞƐ ĐĂƌƌŝĞĚ ďǇ ƚŚĞ ƐƚŽƌĞƐ ĂƐ ĚĞƐĐƌŝďĞĚ ĂďŽǀĞ ĂƌĞ ŐĞŶĞƌĂůůǇ ĐĂƚĞŐŽƌŝǌĞĚ 'ĞŶĞƌĂů
DĞƌĐŚĂŶĚŝƐĞǁŚŝĐŚĂĐĐŽƵŶƚƐĨŽƌϳϱ͘ϴϬй͕&ŽŽĚ^ĞƌǀŝĐĞĂŶĚƵƉĚƌŝŶŬƐĨŽƌϮϯ͘ϰϲйĂŶĚ^ĞƌǀŝĐĞƐĂƚϬ͘ϳϰй͘

dŚĞŵĞƌĐŚĂŶĚŝƐĞƐƚŽĐŬƐĂƌĞƐƵƉƉůŝĞĚďǇŽǀĞƌϯϬϬǀĞŶĚŽƌƐͬƐƵƉƉůŝĞƌƐĂŶĚĂƌĞŵŽƐƚůǇŐŽǀĞƌŶĞĚďǇƚŚĞƚƌĂĚŝŶŐƚĞƌŵƐ
ĐŽŶƚƌĂĐƚĂŶĚĂĐĐƌĞĚŝƚĂƚŝŽŶƐƚĂŶĚĂƌĚƐŽĨƚŚĞŽŵƉĂŶǇ͘ŵŽŶŐƚŚĞůĂƌŐĞƐƚƐƵƉƉůŝĞƌƐĨŽƌƚŚĞƉƌŽĚƵĐƚƐĐĂƌƌŝĞĚďǇƚŚĞƐƚŽƌĞƐĂƌĞ
hŶŝůĞǀĞƌWŚŝůŝƉƉŝŶĞƐ͕^ĂŶDŝŐƵĞůƌĞǁĞƌǇ/ŶĐ͕͘ŽĐĂŽůĂŽƚƚůĞƌƐWŚŝůƐ͘/ŶĐ͕͘hŶŝǀĞƌƐĂůZŽďŝŶĂŽƌƉŽƌĂƚŝŽŶ͕WĞƉƐŝŽůĂWƌŽĚƵĐƚƐ
WŚŝů͕͘/ŶĐ͕͘ďƐŽůƵƚĞ^ĂůĞƐŽƌƉ͕͘WD&d/ŶĐ͕͘EĞƐƚůĞWŚŝůŝƉƉŝŶĞƐ/ŶĐ͕͘WƌŝŶĐĞƐƐ:ŽůůŝĂŶƚŽƌƉ͕͘DŽŶĚĞEŝƐƐŝŶŽƌƉŽƌĂƚŝŽŶ͘dŚĞƐĞƚŽƉ
ƐƵƉƉůŝĞƌƐĂĐĐŽƵŶƚĨŽƌϰϴ͘ϰϴйƐŚĂƌĞŝŶƚŚĞϳͲůĞǀĞŶďƵƐŝŶĞƐƐ͘

/ƚĞŵϮ͘WƌŽƉĞƌƚŝĞƐ

dŚĞĨŽůůŽǁŝŶŐƉƌŽƉĞƌƚŝĞƐĂƌĞĐŽŵƉĂŶǇͲŽǁŶĞĚ͕ĨƌĞĞĨƌŽŵĂŶǇůŝĞŶŽƌĞŶĐƵŵďƌĂŶĐĞƐ͕ĂƐĚĞƐĐƌŝďĞĚďĞůŽǁ͗

ŽŶĚŽŵŝŶŝƵŵ;KǁŶĞĚͿ

dKd>>KdZ
^Z/Wd/KE >Kd/KE
;ŝŶƐƋƵĂƌĞŵĞƚĞƌͿ
D,ĚĞůWŝůĂƌ^ƚŽƌĞ hŶŝƚEŽƐ͘ϭϬϮΘϮϬϭ͕&ĞƌŐƵƐŽŶdŽǁĞƌ͕͘&ůŽƌĞƐĐŽƌ͘D,ĚĞůWŝůĂƌΘ'ƵĞƌƌĞƌŽ
ƌĂŶĐŚ ^ƚƐ͕͘ƌŵŝƚĂ͕DĂŶŝůĂ ϭϱϭ͘ϰϯ

ůůƵŶŝƚƐŽĨϳƚŚ&ůŽŽƌ͕ϰƵŶŝƚƐŽĨϭϭƚŚ&ůŽŽƌĂŶĚϭƵŶŝƚŽĨϭϮƚŚ&ůŽŽƌ͕dŚĞ
KĨĨŝĐĞ^ƉĂĐĞ ϭ͕ϵϱϰ͘ϬϬ
ŽůƵŵďŝĂdŽǁĞƌKƌƚŝŐĂƐǀĞŶƵĞ͕DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϮϮƉĂƌŬŝŶŐƵŶŝƚƐ 'ͬ&͕ĂƐĞŵĞŶƚϮĂŶĚϯdŚĞŽůƵŵďŝĂdŽǁĞƌ ϯϮϱ͘ϬϬ

dŚĞ ŽŵƉĂŶǇ ĚŝǀĞƐƚĞĚ ŝƚƐ ůĂŶĚ ŚŽůĚŝŶŐƐ ƚŽ ϳ ƉĂƌĐĞůƐ ŽĨ ůĂŶĚ͕ ĞǆĐůƵĚŝŶŐ ƚŚĞ ŝŵƉƌŽǀĞŵĞŶƚƐ ƚŚĞƌĞŽŶ͕ ƚŽ ŝƚƐ ĂĨĨŝůŝĂƚĞ͕
^ƚŽƌĞ^ŝƚĞƐ,ŽůĚŝŶŐ͕/ŶĐ͘;^^,/ͿĂƚďŽŽŬǀĂůƵĞ͘^^,/ǁĂƐƌĞŐŝƐƚĞƌĞĚǁŝƚŚ^ůĂƐƚEŽǀĞŵďĞƌϵ͕ϮϬϬϬ͕ŝŶŝƚŝĂůůǇǁŚŽůůǇͲŽǁŶĞĚďǇ
W^͘/ƚĞǀĞŶƚƵĂůůǇďĞĐĂŵĞϰϬйŽŵƉĂŶǇͲŽǁŶĞĚǁŝƚŚƚŚĞϲϬйŝŶǀĞƐƚŵĞŶƚŝŶ^^,/ďǇĂŶŬŽĨWŚŝůŝƉƉŝŶĞ/ƐůĂŶĚƐĂƐƚƌƵƐƚĞĞĨŽƌ
W^ ŵƉůŽǇĞĞƐ ZĞƚŝƌĞŵĞŶƚ &ƵŶĚ͘ ŶƚŝĐŝƉĂƚŝŶŐ ĨŽƌĞŝŐŶ ŽǁŶĞƌƐŚŝƉ ŝŶ W^ ƚŽ ĞǆĐĞĞĚ ϰϬй͕ ƚŚĞ ĚŝǀĞƐƚŵĞŶƚ ǁĂƐ ŵĂĚĞ ƚŽ ^^,/͕
ǁŚŝĐŚŝƐϲϬйŽǁŶĞĚďǇ&ŝůŝƉŝŶŽƐĂŶĚϰϬйďǇĨŽƌĞŝŐŶĞƌƐƚŽĐŽŵƉůǇǁŝƚŚϰϬйĨŽƌĞŝŐŶŽǁŶĞƌƐŚŝƉůŝŵŝƚĨŽƌĐŽƌƉŽƌĂƚŝŽŶƐĂůůŽǁĞĚƚŽ
ŚŽůĚŽƌŽǁŶůĂŶĚͬƐŝŶƚŚĞWŚŝůŝƉƉŝŶĞƐ͘

ƐƉĂƌƚŽĨƚŚĞŶŽƌŵĂůĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͕ƚŚĞŽŵƉĂŶǇƐŚĂůůĐŽŶƚŝŶƵĞƚŽĂĐƋƵŝƌĞƉƌŽƉĞƌƚŝĞƐƵŶĚĞƌůĞĂƐĞĂŐƌĞĞŵĞŶƚ͘
dŚĞ ŽŵƉĂŶǇ͕ ŽŶ Ă ĐĂƐĞ ƚŽ ĐĂƐĞ ďĂƐŝƐ͕ ŵĂǇ ĐŽŶƐŝĚĞƌ ƉƵƌĐŚĂƐĞ ŽĨ ƌĞĂů ƉƌŽƉĞƌƚǇ ĨŽƌ ƐƚŽƌĞ ƐŝƚĞƐ Žƌ ŽĨĨŝĐĞ ƐŝƚĞ ŝĨ ƚŚĞƌĞ ŝƐ ĂŶ
ŽƉƉŽƌƚƵŶŝƚǇŽƌŽĨĨĞƌĂƚĂƌĞĂƐŽŶĂďůĞƉƌŝĐĞ͘,ŽǁĞǀĞƌ͕ƚŚĞƌĞŝƐŶŽĐĂƉŝƚĂůĞǆƉĞŶĚŝƚƵƌĞĂůůŽĐĂƚŝŽŶĨŽƌƉƵƌĐŚĂƐĞŽĨƌĞĂůƉƌŽƉĞƌƚŝĞƐŝŶ
ƚŚĞŶĞǆƚƚǁĞůǀĞ;ϭϮͿŵŽŶƚŚƐ͘

>ĞĂƐĞƐ

dŚĞŽŵƉĂŶǇůĞĂƐĞƐůĂŶĚŽƌĞǆŝƐƚŝŶŐďƵŝůĚŝŶŐƐŚĞůůĨŽƌŝƚƐĞƐƚĂďůŝƐŚŵĞŶƚŽĨϳͲůĞǀĞŶƐƚŽƌĞƐ͘dŚĞůĞĂƐĞƚĞƌŵĨŽƌƚŚĞƐĞ
ůŽĐĂƚŝŽŶƐƌĂŶŐĞƐŵŽƐƚůǇĨƌŽŵϱƚŽϭϬǇĞĂƌƐ͘dŚĞŶƵŵďĞƌƐŽĨůŽĐĂƚŝŽŶƐǁŚŝĐŚƐŚĂůůĞǆƉŝƌĞǁŝƚŚŝŶƚŚĞŶĞǆƚϱǇĞĂƌƐĂƌĞĂƐĨŽůůŽǁƐ͗

ϮϬϭϴ ϮϬϭϵ ϮϬϮϬ ϮϬϮϭ ϮϬϮϮ
Ϯϱϳ ϮϬϱ Ϯϱϴ ϯϬϭ Ϯϲϴ

ZĞŶƚĂůƌĂƚĞƐŽĨϳͲůĞǀĞŶ ^ƚŽƌĞƐǀĂƌǇĚĞƉĞŶĚŝŶŐŽŶƚƌĂŶƐĂĐƚŝŽŶƚǇƉĞĂƐůĂŶĚŽƌďƵŝůĚŝŶŐƐŚĞůůƚƌĂŶƐĂĐƚŝŽŶ͖ƐŝǌĞŽĨƚŚĞ
ĂƌĞĂďĞŝŶŐůĞĂƐĞĚ͖ƐŝƚĞůŽĐĂƚŝŽŶŝŶƌĞůĂƚŝŽŶƚŽƚŚĞƚƌĂĚĞĂƌĞĂ͖ĂŶĚƚŚĞƉƌĞǀĂŝůŝŶŐƌĞĂůĞƐƚĂƚĞŵĂƌŬĞƚƌĂƚĞƐ͘dŚĞƚŽƚĂůĂŵŽƵŶƚŽĨ
ůĞĂƐĞƉĂǇŵĞŶƚƐďǇƚŚĞŽƌƉŽƌĂƚŝŽŶŝƐĐŽŶƚĂŝŶĞĚŝŶƚŚĞ&ŝŶĂŶĐŝĂůEŽƚĞƐŽŶ>ĞĂƐĞƐŽĨƚŚĞĂƵĚŝƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƚƚĂĐŚĞĚ
ŚĞƌĞŝŶ͘ dŚĞ ůŝƐƚ ŽĨ ůĞĂƐĞĚ ƉƌŽƉĞƌƚŝĞƐ ĨŽƌ ƚŚĞ ϳͲůĞǀĞŶ ^ƚŽƌĞƐ ŽƉĞƌĂƚŝŽŶĂů ĂƐ ŽƌƉŽƌĂƚĞ ĂŶĚ ƵŶĚĞƌ Ă &ƌĂŶĐŚŝƐĞ ŐƌĞĞŵĞŶƚ ŝƐ
ĂƚƚĂĐŚĞĚŚĞƌĞƚŽĂƐƉƉĞŶĚŝǆ͘͟͞

8

/ƚĞŵϯ͘>ĞŐĂůWƌŽĐĞĞĚŝŶŐƐ

dŚĞ ŽŵƉĂŶǇ ŝƐ Ă ƉĂƌƚǇ ƚŽ ĐĞƌƚĂŝŶ ůŝƚŝŐĂƚŝŽŶƐ ŝŶǀŽůǀŝŶŐ ŵŝŶŽƌ ŝƐƐƵĞƐ͕ ĨƌŽŵ ƚŝŵĞ ƚŽ ƚŝŵĞ͕ ďĞĨŽƌĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ
dƌĂĚĞĂŶĚ/ŶĚƵƐƚƌǇ͕ĞŵƉůŽǇĞĞƐƐƵŝŶŐĨŽƌŝůůĞŐĂůĚŝƐŵŝƐƐĂů͕ďĂĐŬǁĂŐĞƐĂŶĚĚĂŵĂŐĞĐůĂŝŵƐ͕ĐůĂŝŵƐĂƌŝƐŝŶŐĨƌŽŵƐƚŽƌĞŽƉĞƌĂƚŝŽŶƐ
ĂŶĚĂƐĐŽͲƌĞƐƉŽŶĚĞŶƚƐǁŝƚŚŵĂŶƵĨĂĐƚƵƌĞƌƐŽŶĐŽŵƉůĂŝŶƚƐǁŝƚŚ&͕ĂĐƚŝŽŶƐŽŶůĞĂƐĞƐĨŽƌƐƉĞĐŝĨŝĐƉĞƌĨŽƌŵĂŶĐĞĂŶĚŽƚŚĞƌĐŝǀŝů
ĐůĂŝŵƐ͘dŚĞŽŵƉĂŶǇĂůƐŽĨŝůĞĚĐƌŝŵŝŶĂůĐĂƐĞƐĂŐĂŝŶƐƚĞŵƉůŽǇĞĞƐĂŶĚŽƚŚĞƌƉĞƌƐŽŶƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞĨƚ͕ĞƐƚĂĨĂĂŶĚƌŽďďĞƌǇ͖Đŝǀŝů
ĐůĂŝŵƐĨŽƌĐŽůůĞĐƚŝŽŶŽĨƐƵŵŽĨŵŽŶĞǇ͕ƐƉĞĐŝĨŝĐƉĞƌĨŽƌŵĂŶĐĞĂŶĚĚĂŵĂŐĞƐ͘ůůƐƵĐŚĐĂƐĞƐĂƌĞŝŶƚŚĞŶŽƌŵĂůĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ
ĂŶĚĂƌĞŶŽƚĚĞĞŵĞĚŽƌĐŽŶƐŝĚĞƌĞĚĂƐŵĂƚĞƌŝĂůůĞŐĂůƉƌŽĐĞĞĚŝŶŐĂƐƐƚĂƚĞĚŝŶWĂƌƚ/͕WĂƌĂŐƌĂƉŚ;ͿŽĨ͞ŶŶĞǆ͟ŽĨ^ĐŚĞĐŬůŝƐƚ
ϭϳͲ͘

/ƚĞŵϰ͘^ƵďŵŝƐƐŝŽŶŽĨDĂƚƚĞƌƐƚŽĂsŽƚĞŽĨ^ĞĐƵƌŝƚǇ,ŽůĚĞƌƐ

ǆĐĞƉƚĨŽƌƚŚĞŵĂƚƚĞƌƐƚĂŬĞŶƵƉĚƵƌŝŶŐƚŚĞŶŶƵĂů^ƚŽĐŬŚŽůĚĞƌƐ͛DĞĞƚŝŶŐŚĞůĚůĂƐƚ:ƵŶĞϭϲ͕ϮϬϭϳ͕ƚŚĞƌĞǁĂƐŶŽŽƚŚĞƌ
ŵĂƚƚĞƌƐƵďŵŝƚƚĞĚƚŽĂǀŽƚĞŽĨƐĞĐƵƌŝƚǇŚŽůĚĞƌƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚĐŽǀĞƌĞĚďǇƚŚŝƐƌĞƉŽƌƚ͘EŽŽƚŚĞƌƐƚŽĐŬŚŽůĚĞƌƐ͛ŵĞĞƚŝŶŐǁĂƐ
ŚĞůĚĨŽƌƚŚĞƉĞƌŝŽĚĞŶĚŝŶŐĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͘

WZd//ͲKWZd/KE>E&/EE/>/E&KZDd/KE

/ƚĞŵϱ͘DĂƌŬĞƚĨŽƌ/ƐƐƵĞƌ͛ƐŽŵŵŽŶƋƵŝƚǇĂŶĚZĞůĂƚĞĚ^ƚŽĐŬŚŽůĚĞƌDĂƚƚĞƌƐ

DĂƌŬĞƚ/ŶĨŽƌŵĂƚŝŽŶ

dŚĞŽŵƉĂŶǇ͛ƐĐŽŵŵŽŶƐŚĂƌĞƐǁĞƌĞůŝƐƚĞĚŝŶƚŚĞWŚŝůŝƉƉŝŶĞ^ƚŽĐŬǆĐŚĂŶŐĞ;W^ͿŽŶ&ĞďƌƵĂƌǇϬϰ͕ϭϵϵϴ͘

dŚĞƉƵďůŝĐŽǁŶĞƌƐŚŝƉůĞǀĞůŽĨƚŚĞŽŵƉĂŶǇ͛ƐƐŚĂƌĞƐŝƐϯϯ͘ϭϲйĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͘dŚŝƐŝƐĂďŽǀĞƚŚĞŵŝŶŝŵƵŵ
ƉƵďůŝĐŽǁŶĞƌƐŚŝƉƌĞƋƵŝƌĞŵĞŶƚŽĨϭϬй͘

dŚĞƚƌĂĚŝŶŐƌĞĐŽƌĚŽĨƚŚĞŽŵƉĂŶǇ͛ƐƐŚĂƌĞƐĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϲĂŶĚϮϬϭϳĂƌĞĂƐĨŽůůŽǁƐ͗

ĞĐĞŵďĞƌϯϭ͕ϮϬϭϲ
DŽŶƚŚ KƉĞŶ ,ŝŐŚ >Žǁ ůŽƐĞ sŽůƵŵĞ
ϭƐƚYƵĂƌƚĞƌ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϵϵ͘ϬϬ ϭϬϬ͘ϬϬ Ϯ͕ϮϯϬ
ϮŶĚYƵĂƌƚĞƌ ϭϮϯ͘ϱϬ ϭϮϯ͘ϱϬ ϭϮϯ͘ϱϬ ϭϮϯ͘ϱϬ Ϯ͕ϲϳϬ
ϯƌĚYƵĂƌƚĞƌ ϭϰϬ͘ϬϬ ϭϰϭ͘ϬϬ ϭϯϱ͘ϬϬ ϭϰϭ͘ϬϬ ϱ͕ϴϭϬ
ϰƚŚYƵĂƌƚĞƌ ϭϯϱ͘ϬϬ ϭϯϱ͘ϬϬ ϭϯϱ͘ϬϬ ϭϯϱ͘ϬϬ ϱ͕ϴϮϯ͕ϰϴϬ

ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ
ϭƐƚYƵĂƌƚĞƌ ϭϳϬ͘ϬϬ ϭϳϳ͘ϬϬ ϭϳϬ͘ϬϬ ϭϳϬ͘ϬϬ ϴϱϬ
ϮŶĚYƵĂƌƚĞƌ ϭϳϳ͘ϬϬ ϭϴϭ͘ϬϬ ϭϳϳ͘ϬϬ ϭϴϭ͘ϬϬ ϴϱϬ
ϯƌĚYƵĂƌƚĞƌ ϭϳϬ͘ϬϬ ϭϳϬ͘ϬϬ ϭϲϲ͘ϬϬ ϭϳϬ͘ϬϬ ϭϮ͕ϰϲϬ
ϰƚŚYƵĂƌƚĞƌ ϭϭϲ͘ϴϬ ϭϭϲ͘ϴϬ ϭϭϰ͘ϰϬ ϭϭϰ͘ϰϬ ϲ͕ϭϭϬ

>ĂƚĞƐƚdƌĂĚŝŶŐʹƵƉĚĂƚĞĚĂƐŽĨDĂƌĐŚϮϬϭϴ
:ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ ϭϬϳ͘ϬϬ ϭϬϴ͘ϬϬ ϭϬϱ͘ϬϬ ϭϬϲ͘ϬϬ ϵϱ͕ϯϱϬ
&ĞďƌƵĂƌǇϮϴ͕ϮϬϭϴ ϭϮϬ͘ϬϬ ϭϮϬ͘ϬϬ ϭϭϱ͘ϬϬ ϭϭϳ͘ϬϬ ϯϮ͕ϰϴϬ
DĂƌĐŚϯϭ͕ϮϬϭϴ ϭϭϴ͘ϱϬ ϭϮϰ͘ϬϬ ϭϭϴ͘ϬϬ ϭϮϰ͘ϬϬ ϭϮϬ͘ϯϯ
ŝǀŝĚĞŶĚƐĂŶĚŝǀŝĚĞŶĚWŽůŝĐǇ

W^ĐŽŶƐŝĚĞƌƐƚŚĞďĞŶĞĨŝƚŽĨŝƚƐ ƐŚĂƌĞŚŽůĚĞƌƐĂƐŽŶĞŽĨŝƚƐƉƌŝŽƌŝƚǇŵĂŶĂŐĞŵĞŶƚƉŽůŝĐŝĞƐ͘/ƚĂŝŵƐ ƚŽƐƵƐƚĂŝŶƌĞǀĞŶƵĞ
ƐƚƌĞĂŵ ĂŶĚ ƉƌŽŐƌĞƐƐŝǀĞ ŐƌŽǁƚŚ ƚŽ ĨƵƌƚŚĞƌ ĞŶŚĂŶĐĞ ƐŚĂƌĞŚŽůĚĞƌ ǀĂůƵĞ͘ W^ ƐŚĂůů ĐŽŶƚŝŶƵĞ ƚŽ ƌĞƚƵƌŶ ĐĂƉŝƚĂů ƚŽ ƐŚĂƌĞŚŽůĚĞƌƐ
ƚŚƌŽƵŐŚĂƐƵƐƚĂŝŶĂďůĞĚŝǀŝĚĞŶĚƉŽůŝĐǇ͘ĨĨĞĐƚŝǀĞϮϬϭϱ͕ƚŚĞŽŵƉĂŶǇŝŶƚĞŶĚƐƚŽƉĂǇĂƚůĞĂƐƚϮϬйŽĨĂŶŶƵĂůŶĞƚƉƌŽĨŝƚƐďǇǁĂǇŽĨ
9
ĐĂƐŚĚŝǀŝĚĞŶĚƐ͘dŚŝƐĐŽŶƐŝĚĞƌƐĨƵƚƵƌĞĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƉŽƚĞŶƚŝĂůŐƌŽǁƚŚŽƉƉŽƌƚƵŶŝƚŝĞƐ͘dŚĞŽĂƌĚƌĞŐƵůĂƌůǇƌĞǀŝĞǁƐƚŚĞ
ĚŝǀŝĚĞŶĚƉŽůŝĐǇ͕ŝŶĐůƵĚŝŶŐƚŚĞĨƌĞƋƵĞŶĐǇŽĨĚŝƐƚƌŝďƵƚŝŽŶ͕ƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚĂůůŽĨƚŚĞĂďŽǀĞ͘

ŝǀŝĚĞŶĚƐƚŽďĞƉĂŝĚŝŶĐĂƐŚďǇƚŚĞW^ĂƌĞƐƵďũĞĐƚƚŽĂƉƉƌŽǀĂůďǇĂŵĂũŽƌŝƚǇŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂŶĚŶŽĨƵƌƚŚĞƌ
ĂƉƉƌŽǀĂů ĨƌŽŵ ƚŚĞ W^͛Ɛ ƐŚĂƌĞŚŽůĚĞƌƐ ŝƐ ƌĞƋƵŝƌĞĚ͘ ŝǀŝĚĞŶĚƐ ƚŽ ďĞ ƉĂŝĚ ŝŶ ƚŚĞ ĨŽƌŵ ŽĨ ƐƚŽĐŬ ƌĞƋƵŝƌĞƐ ďŽƚŚ ƚŚĞ ĂƉƉƌŽǀĂů ŽĨ Ă
ŵĂũŽƌŝƚǇŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂŶĚƚŚĞĂƉƉƌŽǀĂůŽĨƐŚĂƌĞŚŽůĚĞƌƐƌĞƉƌĞƐĞŶƚŝŶŐŶŽƚůĞƐƐƚŚĂŶƚǁŽͲƚŚŝƌĚƐŽĨW^͛ƐŽƵƚƐƚĂŶĚŝŶŐ
ĐĂƉŝƚĂůƐƚŽĐŬ͘ůůĚŝǀŝĚĞŶĚƐƚŽďĞĚĞĐůĂƌĞĚĂƌĞƐƵďũĞĐƚƚŽƚŚĞĂƉƉƌŽǀĂůŽĨƚŚĞ^͘dŚĞƌĞĂƌĞŶŽŬŶŽǁŶƌĞƐƚƌŝĐƚŝŽŶƐƚŽƚŚĞW^͛Ɛ
ĂďŝůŝƚǇƚŽƉĂǇĚŝǀŝĚĞŶĚƐŽŶƐŚĂƌĞƐ͘

ƐƉĞƌ^ZƵůĞƐ͕ĐĂƐŚĚŝǀŝĚĞŶĚƐĚĞĐůĂƌĞĚďǇĂƐƚŽĐŬĐŽƌƉŽƌĂƚŝŽŶŵƵƐƚŚĂǀĞĂƌĞĐŽƌĚĚĂƚĞŶŽƚůĞƐƐƚŚĂŶϭϬŽƌŵŽƌĞ
ƚŚĂŶϯϬĚĂǇƐĨƌŽŵƚŚĞĚĂƚĞƚŚĞĐĂƐŚĚŝǀŝĚĞŶĚƐĂƌĞĚĞĐůĂƌĞĚ͘tŝƚŚƌĞƐƉĞĐƚƚŽƐƚŽĐŬĚŝǀŝĚĞŶĚƐ͕ƚŚĞƌĞĐŽƌĚĚĂƚĞƐŚĂůůďĞŶŽƚůĞƐƐ
ƚŚĂŶϭϬŽƌŵŽƌĞƚŚĂŶϯϬĚĂǇƐĨƌŽŵƚŚĞĚĂƚĞŽĨƐŚĂƌĞŚŽůĚĞƌƐ͛ĂƉƉƌŽǀĂů͕ƉƌŽǀŝĚĞĚŚŽǁĞǀĞƌ͕ƚŚĂƚƚŚĞƐĞƚƌĞĐŽƌĚĚĂƚĞŝƐŶŽƚƚŽďĞ
ůĞƐƐ ƚŚĂŶ ϭϬ ƚƌĂĚŝŶŐ ĚĂǇƐ ĨƌŽŵ ƌĞĐĞŝƉƚ ďǇ ƚŚĞ W^ ŽĨ ƚŚĞ ŶŽƚŝĐĞ ŽĨ ĚĞĐůĂƌĂƚŝŽŶ ŽĨ ƐƚŽĐŬ ĚŝǀŝĚĞŶĚ͘ /Ŷ ƚŚĞ ĞǀĞŶƚ ƚŚĂƚ Ă ƐƚŽĐŬ
ĚŝǀŝĚĞŶĚŝƐĚĞĐůĂƌĞĚŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚĂŶŝŶĐƌĞĂƐĞŝŶĂƵƚŚŽƌŝǌĞĚĐĂƉŝƚĂůƐƚŽĐŬ͕ƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐƌĞĐŽƌĚĚĂƚĞŝƐƚŽďĞĨŝǆĞĚďǇ
ƚŚĞ^͘

ƐƚŽĐŬĚŝǀŝĚĞŶĚǁĂƐĚĞĐůĂƌĞĚĂŶĚĂƉƉƌŽǀĞĚďǇƚŚĞƐƚŽĐŬŚŽůĚĞƌĚƵƌŝŶŐƚŚĞĂŶŶƵĂůŵĞĞƚŝŶŐůĂƐƚ:ƵŶĞϭϲ͕ϮϬϭϳ͘dŚĞ
ƐƚŽĐŬĚŝǀŝĚĞŶĚĐŽƌƌĞƐƉŽŶĚƐƚŽϲϱйŽĨƚŚĞŽƵƚƐƚĂŶĚŝŶŐĐĂƉŝƚĂůƐƚŽĐŬŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶŽĨϰϱϴ͕ϰϯϱ͕ϯϮϯƐŚĂƌĞƐŽƌĞƋƵŝǀĂůĞŶƚƚŽ
Ϯϵϳ͕ϵϴϮ͕ϵϲϬĐŽŵŵŽŶƐŚĂƌĞƐ͘ůƐŽ͕ĐĂƐŚĚŝǀŝĚĞŶĚŽĨ^ŝǆƚǇ&ŝǀĞĞŶƚĂǀŽƐ;WŚƉϬ͘ϲϱͿƉĞƌƐŚĂƌĞǁĂƐĚĞĐůĂƌĞĚĂŶĚĂƉƉƌŽǀĞĚĚƵƌŝŶŐ
ƚŚĞďŽĂƌĚŽĨĚŝƌĞĐƚŽƌƐŵĞĞƚŝŶŐůĂƐƚ:ƵŶĞϭϲ͕ϮϬϭϳ͘^ƚŽĐŬŚŽůĚĞƌƐŽĨƌĞĐŽƌĚĂƐŽĨ:ƵůǇϬϰ͕ϮϬϭϳǁĞƌĞĞŶƚŝƚůĞĚƚŽƐĂŝĚĐĂƐŚĚŝǀŝĚĞŶĚ
ĂŶĚĂŶĚƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐĐĂƐŚƉĂǇŵĞŶƚƐǁĞƌĞƉĂŝĚƚŽƐƚŽĐŬŚŽůĚĞƌƐŽŶƉĂǇŵĞŶƚĚĂƚĞůĂƐƚ:ƵůǇϭϰ͕ϮϬϭϳŽƌǁŝƚŚŝŶϯϬĚĂǇƐĨƌŽŵ
ĐĂƐŚĚŝǀŝĚĞŶĚĚĞĐůĂƌĂƚŝŽŶ͘ZĞĐŽƌĚĚĂƚĞĨŽƌĞŶƚŝƚůĞŵĞŶƚƚŽƐƚŽĐŬĚŝǀŝĚĞŶĚǁĂƐƐĞƚďǇƚŚĞ^ĞĐƵƌŝƚŝĞƐĂŶĚǆĐŚĂŶŐĞŽŵŵŝƐƐŝŽŶ
;^ͿŽŶEŽǀĞŵďĞƌϮϴ͕ϮϬϭϳŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚŝƚƐĂƉƉƌŽǀĂůŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶ͛ƐĂƉƉůŝĐĂƚŝŽŶĨŽƌŝŶĐƌĞĂƐĞŝŶĂƵƚŚŽƌŝǌĞĚĐĂƉŝƚĂů
ƐƚŽĐŬĨƌŽŵ^ŝǆ,ƵŶĚƌĞĚDŝůůŝŽŶWĞƐŽƐ;WŚƉϲϬϬ͕ϬϬϬ͕ϬϬϬ͘ϬϬͿƚŽKŶĞŝůůŝŽŶ^ŝǆ,ƵŶĚƌĞĚDŝůůŝŽŶWĞƐŽƐ;WŚƉϭ͕ϲϬϬ͕ϬϬϬ͕ϬϬϬ͘ϬϬͿĂŶĚ
ƚŚĞƉĂǇŵĞŶƚĚĂƚĞǁĂƐƐĞƚŽŶĞĐĞŵďĞƌϭϰ͕ϮϬϭϳ͘

dŽƚĂů ŽƵƚƐƚĂŶĚŝŶŐ ĐĂƉŝƚĂů ƐƚŽĐŬ ŽĨ ƚŚĞ ŽƌƉŽƌĂƚŝŽŶ ĂĨƚĞƌ ƚŚĞ ƉĂǇŵĞŶƚ ĚĂƚĞ ŽĨ ƚŚĞ ƐƚŽĐŬ ĚŝǀŝĚĞŶĚ ŝƐ ϳϱϲ͕ϰϭϴ͕Ϯϴϯ͘
>ŝŬĞǁŝƐĞ͕ƚŚĞƌĞǁĂƐŶŽƐĂůĞŽĨĂŶǇƵŶƌĞŐŝƐƚĞƌĞĚƐĞĐƵƌŝƚŝĞƐ͘dŚĞƌĞŝƐŶŽƌĞƐƚƌŝĐƚŝŽŶƚŚĂƚůŝŵŝƚƐƚŚĞĂďŝůŝƚǇŽĨƚŚĞŽŵƉĂŶǇƚŽƉĂǇ
ĚŝǀŝĚĞŶĚƐŽŶĐŽŵŵŽŶĞƋƵŝƚǇ͘ĞůŽǁŝƐƚŚĞƐƵŵŵĂƌǇŽĨĐĂƐŚĂŶĚƐƚŽĐŬĚŝǀŝĚĞŶĚĚĞĐůĂƌĂƚŝŽŶŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶ͘

zZ ^, DKhEd ^dK< EK͘K&^,Z^
ϮϬϭϳ Ϭ͘ϲϱ Ϯϵϳ͕ϵϴϮ͕ϵϲϬ ϲϱй Ϯϵϳ͕ϵϴϮ͕ϵϲϬ
ϮϬϭϲ Ϭ͘ϱϱ ϮϱϮ͕ϭϯϵ͕ϰϮϴ Ͳ Ͳ
ϮϬϭϱ Ϭ͘ϰϬ ϭϴϯ͕ϯϳϰ͕ϭϮϵ Ͳ Ͳ
ϮϬϭϰ Ϭ͘ϯϬ ϭϯϳ͕ϱϯϬ͕ϱϵϳ Ͳ Ͳ
ϮϬϭϯ Ϭ͘ϭϬ ϯϵ͕ϴϲϯ͕ϵϰϭ ϭϱй ϱϵ͕ϳϵϱ͕ϵϭϮ
ϮϬϭϮ Ϭ͘ϭϬ ϯϰ͕ϲϲϰ͕Ϯϵϳ ϭϱй ϱϭ͕ϵϵϲ͕ϰϰϱ
ϮϬϭϭ Ϭ͘ϭϬ ϯϬ͕ϭϰϮ͕ϴϲϳ ϭϱй ϰϱ͕Ϯϭϰ͕ϯϬϬ
ϮϬϭϬ Ϭ͘Ϭϱ ϭϰ͕ϯϱϯ͕ϳϰϲ ϱй ϭϰ͕ϯϱϯ͕ϳϰϲ
ϮϬϬϵ Ͳ Ͳ ϭϬй Ϯϲ͕Ϭϵϳ͕ϳϮϬ
ϮϬϬϴ Ͳ Ͳ ϭϬй Ϯϯ͕ϳϮϱ͕ϮϬϬ

,ŽůĚĞƌƐ

Ɛ ŽĨ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ͕ ƚŚĞƌĞ ǁĞƌĞ ϲϭϭ ƐŚĂƌĞŚŽůĚĞƌƐ ŽĨ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ŽƵƚƐƚĂŶĚŝŶŐ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ƚŽƚĂůŝŶŐ
ϳϱϲ͕ϰϭϴ͕ϮϴϯƐŚĂƌĞƐ͘

dŚĞƚŽƉϮϬƐŚĂƌĞŚŽůĚĞƌƐĂŶĚƚŚĞŝƌĐŽƌƌĞƐƉŽŶĚŝŶŐƐŚĂƌĞŚŽůĚŝŶŐƐĂƐŽĨDĂƌĐŚϯϭ͕ϮϬϭϴĂƌĞĂƐĨŽůůŽǁƐ͗
dKWϮϬ^,Z,K>Z^ /d/E^,/W ^h^Z/Wd/KE й,K>/E'^
ϭ WƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞ;>ĂďƵĂŶͿ,ŽůĚŝŶŐƐ͕>ƚĚ͘ DĂůĂǇƐŝĂŶ ϯϵϰ͕ϵϳϬ͕ϱϭϲ ϱϮ͘ϮϮй

Ϯ WEŽŵŝŶĞĞŽƌƉŽƌĂƚŝŽŶ;EŽŶͲ&ŝůŝƉŝŶŽͿ EŽŶͲ&ŝůŝƉŝŶŽ ϭϭϬ͕ϭϭϬ͕ϳϬϮ ϭϰ͘ϱϲй
ϯ ƌŝƐĂŝŐƐŝĂŽŶƐƵŵĞƌ&ƵŶĚ>ƚĚ͘ s/ ϳϵ͕Ϯϯϯ͕ϱϵϭ ϭϬ͘ϰϳй
ϰ ƐŝĂŶ,ŽůĚŝŶŐƐŽƌƉŽƌĂƚŝŽŶ &ŝůŝƉŝŶŽ ϰϴ͕ϵϯϯ͕ϵϳϮ ϲ͘ϰϳй
ϱ ŐƵƐĞǀĞůŽƉŵĞŶƚŽƌƉŽƌĂƚŝŽŶ &ŝůŝƉŝŶŽ ϮϬ͕ϯϳϲ͕ϯϲϮ Ϯ͘ϲϵй
ϲ WƌŽŐƌĞƐƐŝǀĞĞǀĞůŽƉŵĞŶƚŽƌƉ͘ &ŝůŝƉŝŶŽ ϭϳ͕ϯϰϮ͕ϰϭϭ Ϯ͘Ϯϵй
ϳ :ŽƐĞsŝĐƚŽƌW͘WĂƚĞƌŶŽ &ŝůŝƉŝŶŽ ϭϲ͕ϰϳϮ͕ϱϲϵ Ϯ͘ϭϴй
ϴ DĂƌŝĂƌŝƐƚŝŶĂW͘WĂƚĞƌŶŽ &ŝůŝƉŝŶŽ ϭϯ͕ϮϬϬ͕Ϭϳϰ ϭ͘ϳϱй
10
ϵ WEŽŵŝŶĞĞŽƌƉŽƌĂƚŝŽŶ;&ŝůŝƉŝŶŽͿ &ŝůŝƉŝŶŽ ϭϯ͕ϭϬϯ͕ϰϬϬ ϭ͘ϳϯй
ϭϬ DĂ͘ůĞŶĂW͘>ŽĐƐŝŶ &ŝůŝƉŝŶŽ ϭϭ͕ϰϴϴ͕ϭϴϭ ϭ͘ϱϮй
ϭϭ WĂǌWŝůĂƌW͘ĞŶĂƌĞƐ &ŝůŝƉŝŶŽ ϴ͕ϭϴϮ͕ϯϲϴ ϭ͘Ϭϴй
ϭϮ DĂ͘dĞƌĞƐĂW͘ŝĐŬŝŶƐŽŶ &ŝůŝƉŝŶŽ ϲ͕ϲϭϯ͕ϳϭϭ Ϭ͘ϴϳй
ϭϯ DĂƌŝĂ,ĞŶƌŝĞƚƚĂZ͘^ĂŶƚŽƐ &ŝůŝƉŝŶŽ ϯ͕ϯϱϮ͕ϲϰϯ Ϭ͘ϰϰй
ϭϰ ^ĞǀĞŶůĞǀĞŶ͕/ŶĐ͘;&ŽƌŵĞƌůǇ͗dŚĞ^ŽƵƚŚůĂŶĚŽƌƉͿ ŵĞƌŝĐĂŶ Ϯ͕ϵϰϮ͕ϯϲϬ Ϭ͘ϯϵй
ϭϱ ĂŶƚĞ'͘^ĂŶƚŽƐ &ŝůŝƉŝŶŽ Ϯ͕ϵϮϱ͕ϵϯϬ Ϭ͘ϯϵй
ϭϲ ŶƚŽŶŝŽ:ŽƐĞh͘WĞƌŝƋƵĞƚ:ƌ͘ &ŝůŝƉŝŶŽ Ϯ͕ϭϱϬ͕ϬϭϮ Ϭ͘Ϯϴй
ϭϳ DĂŶƵĞůh͘ŐƵƐƚŝŶĞƐ &ŝůŝƉŝŶŽ ϭ͕ϯϰϮ͕ϲϵϲ Ϭ͘ϭϴй
ϭϴ ŶƚŽŶŝŽŝĂǌ^ƚĂDĂƌŝĂ &ŝůŝƉŝŶŽ ϯϭϴ͕ϴϮϲ Ϭ͘Ϭϰй
ϭϵ &ĞůŝĐŝĂZ͘^ĂŶƚŽƐ &ŝůŝƉŝŶŽ Ϯϱϴ͕ϰϮϴ Ϭ͘Ϭϯй
ϮϬ >ƵŝƐz͘>ŽĐƐŝŶ &ŝůŝƉŝŶŽ ϭϵϭ͕ϮϰϮ Ϭ͘Ϭϯй
ϮϬ >ĞĂŶĚƌŽz͘>ŽĐƐŝŶ:ƌ͘ &ŝůŝƉŝŶŽ ϭϵϭ͕ϮϰϮ Ϭ͘Ϭϯй
dKd>K&dKWϮϬ^,Z,K>Z^ ϳϱϯ͕ϳϬϭ͕Ϯϯϲ ϵϵ͘ϲϰй
Kd,Z^,Z,K>Z^ Ϯ͕ϳϭϳ͕Ϭϰϳ Ϭ͘ϯϲй
dKd> ϳϱϲ͕ϰϭϴ͕Ϯϴϯ ϭϬϬ͘ϬϬй

/ƚĞŵϲ͘DĂŶĂŐĞŵĞŶƚ͛ƐŝƐĐƵƐƐŝŽŶĂŶĚŶĂůǇƐŝƐŽƌWůĂŶŽĨKƉĞƌĂƚŝŽŶ

dŚĞDĂŶĂŐĞŵĞŶƚ͛ƐŝƐĐƵƐƐŝŽŶĂŶĚŶĂůǇƐŝƐŽĨϮϬϭϳKƉĞƌĂƚŝŽŶƐŝƐĂƚƚĂĐŚĞĚŚĞƌĞƚŽĂƐƉƉĞŶĚŝǆ͘͟͞

/ƚĞŵϳ͘&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ

dŚĞŽŵƉĂŶǇ͛ƐƵĚŝƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞǇĞĂƌĞŶĚŝŶŐĞĐĞŵďĞƌϯϭ͕ϮϬϭϳŝƐĂƚƚĂĐŚĞĚŚĞƌĞƚŽĂƐƉƉĞŶĚŝǆ͘͟͞

/ƚĞŵϴ͘ŚĂŶŐĞƐŝŶĂŶĚŝƐĂŐƌĞĞŵĞŶƚƐǁŝƚŚĐĐŽƵŶƚĂŶƚƐŽŶĐĐŽƵŶƚŝŶŐĂŶĚ&ŝŶĂŶĐŝĂůŝƐĐůŽƐƵƌĞ

dŚĞƌĞ ĂƌĞ ŶŽ ĐŚĂŶŐĞƐ Žƌ ĚŝƐĂŐƌĞĞŵĞŶƚƐ ǁŝƚŚ ĞǆƚĞƌŶĂů ĂĐĐŽƵŶƚĂŶƚƐ ŽŶ ŵĂƚƚĞƌƐ ĐŽŶĐĞƌŶŝŶŐ ĂĚŽƉƚŝŽŶ ŽĨ ŐĞŶĞƌĂůůǇ
ĂĐĐĞƉƚĞĚ ĂĐĐŽƵŶƚŝŶŐ ƉƌĂĐƚŝĐĞƐ ƵŶĚĞƌ ƚŚĞ WŚŝůŝƉƉŝŶĞ &ŝŶĂŶĐŝĂů ZĞƉŽƌƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ĂŶĚ ƚŚĞ ĐŽƌƌĞƐƉŽŶĚŝŶŐ ƌĞƉŽƌƚŝŶŐ ĂŶĚ
ĚŝƐĐůŽƐƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐ͘

/ŶĨŽƌŵĂƚŝŽŶŽŶŝŶĚĞƉĞŶĚĞŶƚĂĐĐŽƵŶƚĂŶƚĂŶĚŽƚŚĞƌƌĞůĂƚĞĚŵĂƚƚĞƌƐ

ǆƚĞƌŶĂůĂƵĚŝƚĨĞĞƐĂŶĚƐĞƌǀŝĐĞƐ

dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐƵŵŵĂƌŝǌĞƐƚŚĞĨĞĞƐƉĂŝĚŽƌĂĐĐƌƵĞĚĨŽƌƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚďǇŽƵƌĞǆƚĞƌŶĂůĂƵĚŝƚŽƌƐĨŽƌƚŚĞĨŝƐĐĂů
ǇĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͗

ϮϬϭϳ ϮϬϭϲ
;ŝŶƚŚŽƵƐĂŶĚƐͿ
ƵĚŝƚ&ĞĞƐ Wϯ͕ϳϮϬ Wϯ͕ϰϭϯ
dĂǆ&ĞĞƐ ϭ͕ϯϳϭ ϭ͕ϯϮϵ
ůůKƚŚĞƌ&ĞĞƐ ϳϳϵ Ͳ
dŽƚĂů Wϱ͕ϴϳϬ Wϰ͕ϳϰϮ

ƵĚŝƚ&ĞĞƐ͘ƵƌŝŶŐƚŚĞǇĞĂƌƐϮϬϭϳĂŶĚϮϬϭϲ͕ƚŚĞŽŵƉĂŶǇŚĂĚĞŶŐĂŐĞĚƚŚĞƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐŽĨ^'sΘŽ͘dŚĞ
ŽŵƉĂŶǇ ŝŶĐƵƌƌĞĚ ĂŶĚ ĂĐĐƌƵĞĚ ĂŶ ĂŐŐƌĞŐĂƚĞ ĂƵĚŝƚ ĨĞĞ ŽĨ Wϯ͘ϳϮ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ ĨŽƌ ƚŚĞ ƐĂŝĚ ĞŶŐĂŐĞŵĞŶƚ͘ dŚŝƐ ĐŽǀĞƌƐ ƚŚĞ
ĞǆĂŵŝŶĂƚŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ŐĞŶĞƌĂůůǇ ĂĐĐĞƉƚĞĚ ĂƵĚŝƚŝŶŐ ƐƚĂŶĚĂƌĚƐ͘ dŚĞ ĂƵĚŝƚŽƌƐ
ĂůƐŽƉƌŽǀŝĚĞĂĚŝƐĐƵƐƐŝŽŶŽĨĨŝŶĚŝŶŐƐĂŶĚƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐƚŚĂƚǁŝůůĨƵƌƚŚĞƌŝŵƉƌŽǀĞƚŚĞŽŵƉĂŶǇ͛ƐĂĐĐŽƵŶƚŝŶŐĂŶĚƌĞƉŽƌƚŝŶŐ
ƉƌĂĐƚŝĐĞƐ͘&ƵƌƚŚĞƌ͕^'sĂůƐŽƉƌŽǀŝĚĞƐƵƉĚĂƚĞƐŽŶƌĞĐĞŶƚƉƌŽŶŽƵŶĐĞŵĞŶƚƐŵĂĚĞďǇƚŚĞ/ZĂŶĚƚŚĞ^͘
11
dĂǆ ^ĞƌǀŝĐĞƐ͘ dŚŝƐ ĐĂƚĞŐŽƌǇ ƌĞĨĞƌƐ ƚŽ ƚŚĞ ƚĂǆ ĐŽŵƉůŝĂŶĐĞ͕ ĂĚǀŝƐŽƌǇ ƐĞƌǀŝĐĞƐ ĂŶĚ ĂƐƐŝƐƚĂŶĐĞ ŽŶ /Z ĞǆĂŵŝŶĂƚŝŽŶ
ƌĞŶĚĞƌĞĚďǇƚĂǆůĂǁǇĞƌƐĂŶĚĐŽŶƐƵůƚĂŶĐǇĨŝƌŵ͘

ůůKƚŚĞƌ&ĞĞƐ͘dŚŝƐĐŽŶƐŝƐƚƐƉƌŝŵĂƌŝůǇŽĨĨĞĞƐĨŽƌĐŽŶƐƵůƚĂƚŝŽŶƐ͕ƐƉĞĐŝĂůĞŶŐĂŐĞŵĞŶƚƐƌĞůĂƚŝŶŐƚŽŝƐƐƵĂŶĐĞŽĨůŽŶŐĨŽƌŵ
ĂƵĚŝƚƌĞƉŽƌƚĂŶĚƐĞĐƵƌŝŶŐĚŽĐƵŵĞŶƚƐ͕ǁŚŝĐŚĂƌĞƌĞƋƵŝƌĞĚĨŽƌƚŚĞƉĂǇŵĞŶƚŽĨĚŝǀŝĚĞŶĚƐĂŶĚŽƚŚĞƌŝŶĐŝĚĞŶƚĂůĞǆƉĞŶƐĞƐ͘

dŚĞĨĞĞƐƉƌĞƐĞŶƚĞĚĂďŽǀĞŝŶĐůƵĚĞŽƵƚͲŽĨͲƉŽĐŬĞƚĞǆƉĞŶƐĞƐŝŶĐŝĚĞŶƚĂůƚŽŽƵƌŝŶĚĞƉĞŶĚĞŶƚĂƵĚŝƚŽƌƐ͛ǁŽƌŬ͘

dŚĞĂƵĚŝƚĐŽŵŵŝƚƚĞĞ͛ƐĂƉƉƌŽǀĂůƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐĨŽƌĞǆƚĞƌŶĂůĂƵĚŝƚŽƌƐĂƌĞĂƐĨŽůůŽǁƐ͗

ϭ͘ ^ƚĂƚƵƚŽƌǇĂƵĚŝƚŽĨƚŚĞŽŵƉĂŶǇ͛ƐĂŶŶƵĂůĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
ĂͿ dŚĞ ƵĚŝƚ ŽŵŵŝƚƚĞĞ ĞŶƐƵƌĞƐ ƚŚĂƚ ƚŚĞ ƐĞƌǀŝĐĞƐ ŽĨ ƚŚĞ ĞǆƚĞƌŶĂů ĂƵĚŝƚŽƌ ĐŽŶĨŽƌŵ ǁŝƚŚ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ ƚŚĞ
ŽŵƉĂŶǇ͛ƐŵĂŶƵĂůŽĨĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞ͘
ďͿ dŚĞƵĚŝƚŽŵŵŝƚƚĞĞĂƉƉƌŽǀĞƐƚŚĞĂƵĚŝƚƉůĂŶĂŶĚƐĐŽƉĞŽĨĂƵĚŝƚƉƌĞƐĞŶƚĞĚďǇƚŚĞĞǆƚĞƌŶĂůĂƵĚŝƚŽƌďĞĨŽƌĞ
ƚŚĞ ĐŽŶĚƵĐƚ ŽĨ ĂƵĚŝƚ͘ dŚĞ ĂƵĚŝƚ ƉůĂŶ ŝƐ ĚĞƌŝǀĞĚ ĨƌŽŵ ƐĞƌŝĞƐ ŽĨ ĚŝƐĐƵƐƐŝŽŶƐ ĂŶĚ ƉƌĞͲĂƵĚŝƚ ƉůĂŶŶŝŶŐ ǁŝƚŚ
DĂŶĂŐĞŵĞŶƚ͘
ĐͿ dŚĞƵĚŝƚŽŵŵŝƚƚĞĞƌĞƉŽƌƚƐƚŽƚŚĞŽĂƌĚƚŚĞĂƉƉƌŽǀĞĚĂƵĚŝƚƉůĂŶ͘

Ϯ͘ &ŽƌŽƚŚĞƌƐĞƌǀŝĐĞƐŽƚŚĞƌƚŚĂŶƚŚĞĂƵĚŝƚŽĨƚŚĞĂŶŶƵĂůĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
ĂͿ dŚĞ ƵĚŝƚ ŽŵŵŝƚƚĞĞ ĞǀĂůƵĂƚĞƐ ƚŚĞ ŶĞĐĞƐƐŝƚǇ ŽĨ ƚŚĞ ƉƌŽƉŽƐĞĚ ƐĞƌǀŝĐĞƐ ƉƌĞƐĞŶƚĞĚ ďǇ DĂŶĂŐĞŵĞŶƚ ƚĂŬŝŶŐ
ŝŶƚŽĂĐĐŽƵŶƚƚŚĞĨŽůůŽǁŝŶŐĨĂĐƚŽƌƐ͗
ŝ͘ dŚĞŝŵƉĂĐƚŽĨŶĞǁƚĂǆĂŶĚĂĐĐŽƵŶƚŝŶŐƌĞŐƵůĂƚŝŽŶƐĂŶĚƐƚĂŶĚĂƌĚƐ͘
ŝŝ͘ ŽƐƚĂŶĚďĞŶĞĨŝƚŽĨƚŚĞƉƌŽƉŽƐĞĚƵŶĚĞƌƚĂŬŝŶŐ͘
ďͿ dŚĞƵĚŝƚŽŵŵŝƚƚĞĞĂƉƉƌŽǀĞƐĂŶĚĞŶƐƵƌĞƐƚŚĂƚŽƚŚĞƌƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚďǇƚŚĞĞǆƚĞƌŶĂůĂƵĚŝƚŽƌƐŚĂůůŶŽƚ
ďĞŝŶĐŽŶĨůŝĐƚǁŝƚŚƚŚĞĨƵŶĐƚŝŽŶƐŽĨƚŚĞĞǆƚĞƌŶĂůĂƵĚŝƚŽƌĨŽƌƚŚĞĂŶŶƵĂůĂƵĚŝƚŽĨŝƚƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

WZd///ʹKEdZK>EKDWE^d/KE/E&KZDd/KE

/ƚĞŵϵ͘ŝƌĞĐƚŽƌƐĂŶĚǆĞĐƵƚŝǀĞKĨĨŝĐĞƌƐŽĨƚŚĞ/ƐƐƵĞƌ

ĂͿ ŝƌĞĐƚŽƌƐĂŶĚŽƌƉŽƌĂƚĞKĨĨŝĐĞƌƐ

dŚĞĞůĞǀĞŶ;ϭϭͿĚŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶǇĂƌĞĞůĞĐƚĞĚĂƚƚŚĞŶŶƵĂů^ƚŽĐŬŚŽůĚĞƌƐŵĞĞƚŝŶŐƚŽŚŽůĚŽĨĨŝĐĞƵŶƚŝůƚŚĞ
ŶĞǆƚƐƵĐĐĞĞĚŝŶŐĂŶŶƵĂůŵĞĞƚŝŶŐŽƌƵŶƚŝůƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞƐƵĐĐĞƐƐŽƌƐŚĂǀĞďĞĞŶĞůĞĐƚĞĚĂŶĚƋƵĂůŝĨŝĞĚ͘dŚĞŚĂŝƌŵĂŶŽĨ
ƚŚĞŽĂƌĚĂŶĚƚŚĞWƌĞƐŝĚĞŶƚĂƌĞƐĞƉĂƌĂƚĞŝŶĚŝǀŝĚƵĂůƐ͘Dƌ͘:ŽƐĞd͘WĂƌĚŽƐĞƌǀĞƐĂƐƚŚĞŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚĂŶĚDƌ͘
:ŽƐĞsŝĐƚŽƌW͘WĂƚĞƌŶŽƐĞƌǀĞƐĂƐWƌĞƐŝĚĞŶƚĂŶĚŚŝĞĨǆĞĐƵƚŝǀĞKĨĨŝĐĞƌ;KͿ͘dŚĞŵĞŵďĞƌƐŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ
ĂŶĚĐŽƌƉŽƌĂƚĞŽĨĨŝĐĞƌƐŽĨƚŚĞŽŵƉĂŶǇĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂƌĞƚŚĞĨŽůůŽǁŝŶŐ͗

ϭ͘ :K^d͘WZK
ŐĞ͗ϳϴ͖EĂƚŝŽŶĂůŝƚǇ͗&ŝůŝƉŝŶŽ͖'ĞŶĚĞƌ͗DĂůĞ͖
WĞƌƐŽŶĂů/ŶĨŽƌŵĂƚŝŽŶ ƵƌƌĞŶƚWŽƐŝƚŝŽŶŝŶW^͗ŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚΘ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌ͖EŽ͘ŽĨzĞĂƌƐŝŶW^͗ϮǇƌ͘ΘϭϭŵŽƐ͖͘
&ŝƌƐƚůĞĐƚŝŽŶƚŽƚŚĞWŽƐŝƚŝŽŶ͗:ĂŶ͘ϮϬ͕ϮϬϭϱ͖>ĂƐƚůĞĐƚŝŽŶ͗:ƵŶĞϭϲ͕ϮϬϭϳ
• ŚĂŝƌŵĂŶΘ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌͲWŚŝůŝƉƉŝŶĞ^ĞǀĞŶŽƌƉŽƌĂƚŝŽŶ
ĨĨŝůŝĂƚŝŽŶƐŝŶWƵďůŝĐůǇ
• ŚĂŝƌŵĂŶΘ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌͲWŚŝůŝƉƉŝŶĞ^ƚŽĐŬǆĐŚĂŶŐĞ͕WŚŝůŝƉƉŝŶĞ^ĂǀŝŶŐƐĂŶŬ
>ŝƐƚĞĚŽŵƉĂŶŝĞƐ;W>ƐͿ
• /ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌͲ:'^Ƶŵŵŝƚ,ŽůĚŝŶŐƐ͕/ŶĐ͘
• ŚĂŝƌŵĂŶΘ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌͲ^ĞĐƵƌŝƚŝĞƐůĞĂƌŝŶŐŽƌƉŽƌĂƚŝŽŶŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ͖ĂŶŬŽĨŽŵŵĞƌĐĞ
• /ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌʹEEZĂĚŝŽsĞƌŝƚĂƐ͕DŽŶƚĞKƌŽ'ƌŝĚZĞƐŽƵƌĐĞƐŽƌƉŽƌĂƚŝŽŶ͕ƌĂŶĞƚĂ,ŽƚĞůƐ͕/ŶĐ͕͘EĂƚŝŽŶĂů
'ƌŝĚŽƌƉŽƌĂƚŝŽŶŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ͕>ĞĂŐƵĞKŶĞ&ŝŶĂŶĐĞĂŶĚ>ĞĂƐŝŶŐŽƌƉŽƌĂƚŝŽŶ
ĨĨŝůŝĂƚŝŽŶƐŝŶEŽŶͲW>Ɛ
• ŚĂŝƌŵĂŶͲKWŽƵŶĐŝůƐŽĨƵƐŝŶĞƐƐ>ĞĂĚĞƌƐ͕W/ŽƵŶĐŝůŽĨƵƐŝŶĞƐƐ>ĞĂĚĞƌƐ͕WŚŝůŝƉƉŝŶĞƵƐŝŶĞƐƐĞŶƚĞƌ͕/ŶĐ͕͘
&ŽƵŶĚĂƚŝŽŶĨŽƌƌŝŵĞWƌĞǀĞŶƚŝŽŶ
• ŽͲŚĂŝƌŵĂŶͲĞ>Ă^ĂůůĞWŚŝůŝƉƉŝŶĞƐ
• ŽĐƚŽƌŽĨ,ƵŵĂŶŝƚŝĞƐ͕,ŽŶŽƌŝƐĂƵƐĂ͕'ƌĞŐŽƌŝĂƌĂŶĞƚĂhŶŝǀĞƌƐŝƚǇ&ŽƵŶĚĂƚŝŽŶ
• KďƐĞƌǀĂƚŝŽŶ'ƌĂŶƚƚŽ&ƌĂŶĐĞŽŶWƌŽŵŽƚŝŽŶĂŶĚ&ŝŶĂŶĐŝŶŐŽĨ^ŵĂůůĂŶĚDĞĚŝƵŵ^ĐĂůĞŶƚĞƌƉƌŝƐĞƐ
ĚƵĐĂƚŝŽŶĂůĂĐŬŐƌŽƵŶĚ • ǁĂƌĚĞĚĂ&ĞůůŽǁƐŚŝƉ'ƌĂŶƚƚŽƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨ^ŵĂůůDĞĚŝƵŵ^ĐĂůĞ/ŶĚƵƐƚƌŝĞƐ
ΘĐŚŝĞǀĞŵĞŶƚƐͬǁĂƌĚƐ • DĂƐƚĞƌƐĞŐƌĞĞŝŶƵƐŝŶĞƐƐĚŵŝŶŝƐƚƌĂƚŝŽŶ͕&ŝƌƐƚ'ƌĂĚƵĂƚĞƵŶĚĞƌƚŚĞ,ĂƌǀĂƌĚͲ>^hĚǀŝƐŽƌǇWƌŽŐƌĂŵ͕Ğ>Ă^ĂůůĞ
hŶŝǀĞƌƐŝƚǇ͕DĂŶŝůĂ͕WŚŝůŝƉƉŝŶĞƐ
• ĂĐŚĞůŽƌŽĨ^ĐŝĞŶĐĞŝŶŽŵŵĞƌĐĞ͕Ğ>Ă^ĂůůĞhŶŝǀĞƌƐŝƚǇ͕DĂŶŝůĂWŚŝůŝƉƉŝŶĞƐ
12

• ǁĂƌĚƐͲdŚĞKƵƚƐƚĂŶĚŝŶŐ&ŝůŝƉŝŶŽ;dK&/>ͿǁĂƌĚ;ϮϬϭϮͿ͖>Ă^ĂůůŝĂŶ͞DĂƐƚĞƌƐ͟ǁĂƌĚ͕Ğ>Ă^ĂůůĞhŶŝǀĞƌƐŝƚǇ;ϮϬϭϬͿ͖
ŝƐƚŝŶŐƵŝƐŚĞĚ>Ă^ĂůůŝĂŶ͕Ğ>Ă^ĂůůĞhŶŝǀĞƌƐŝƚǇ;ϮϬϬϲͿ͖DĂŶŽĨƚŚĞzĞĂƌǁĂƌĚĞĞϮϬϬϬ͕ĂƚŚŽůŝĐĚƵĐĂƚŽƌƐ
ƐƐŽĐŝĂƚŝŽŶŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ;ϮϬϬϭͿ͖WƌŽĚƵĐƚŝǀŝƚǇǆĐĞůůĞŶĐĞŝŶ>ĞĂĚĞƌƐŚŝƉͲ/ŶĚƵƐƚƌǇ^ĞĐƚŽƌ͕ƐŝĂŶWƌŽĚƵĐƚŝǀŝƚǇ
KƌŐĂŶŝǌĂƚŝŽŶ^ŽĐŝĞƚǇŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ;ϭϵϵϳͿ͖KƵƚƐƚĂŶĚŝŶŐůƵŵŶƵƐǁĂƌĚĞĞ͕Ğ>Ă^ĂůůĞhŶŝǀĞƌƐŝƚǇ'ƌĂĚƵĂƚĞŽĨ
^ĐŚŽŽůŽĨƵƐŝŶĞƐƐ;ϭϵϵϰͿ͖WĂƉĂů<ŶŝŐŚƚŽĨ^ƚ͘^ǇůǀĞƐƚĞƌ;ϭϵϴϯͿ͖,ŽŶŽƌĂƌǇ&ĞůůŽǁ͕ƐŝĂŶƉƌŽĚƵĐƚŝǀŝƚǇKƌŐĂŶŝǌĂƚŝŽŶ͕
dŽŬǇŽ:ĂƉĂŶ;ϭϵϴϭͿ͖dŚĞKƵƚƐƚĂŶĚŝŶŐzŽƵŶŐDĞŶ;dKzDͿǁĂƌĚĞĞ;ϭϵϳϮͿ͖WƌĞƐŝĚĞŶƚZŽǆĂƐDĞŵŽƌŝĂůǁĂƌĚ;ϭϵϳϮͿ͖
&ŽƵŶĚŝŶŐ&ĞůůŽǁ͕ĞǀĞůŽƉŵĞŶƚĐĂĚĞŵǇŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ;WͿ͖ŝƚĂƚŝŽŶĂƐDŽŶĞƚĂƌǇŽĂƌĚDĞŵďĞƌ͕ĞŶƚƌĂů
ĂŶŬŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ͖KƵƚƐƚĂŶĚŝŶŐZŽƚĂƌŝĂŶǁĂƌĚ͕ZŽƚĂƌǇůƵďŝƐƚƌŝĐƚϯϴϬ

Ϯ͘ tEͲ,/th
ŐĞ͗ϰϴ͖EĂƚŝŽŶĂůŝƚǇ͗Z͘K͖͘͘'ĞŶĚĞƌ͗&ĞŵĂůĞ͖
WĞƌƐŽŶĂů/ŶĨŽƌŵĂƚŝŽŶ ƵƌƌĞŶƚWŽƐŝƚŝŽŶŝŶW^͗sŝĐĞŚĂŝƌŵĂŶΘŝƌĞĐƚŽƌ͖EŽ͘ŽĨzĞĂƌƐŝŶW^͗ϵǇƌƐ͘ΘϱŵŽƐ͖͘
&ŝƌƐƚůĞĐƚŝŽŶĂƐŝƌĞĐƚŽƌ͗:ƵůǇϭϳ͕ϮϬϬϴ͖>ĂƐƚůĞĐƚŝŽŶ͗:ƵŶĞϭϲ͕ϮϬϭϳ
• sŝĐĞŚĂŝƌŵĂŶͲWŚŝůŝƉƉŝŶĞ^ĞǀĞŶŽƌƉŽƌĂƚŝŽŶ
ĨĨŝůŝĂƚŝŽŶƐŝŶW>Ɛ
• ŝƌĞĐƚŽƌΘŚŝĞĨ&ŝŶĂŶĐŝĂůKĨĨŝĐĞƌͲWƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞŽƌƉŽƌĂƚŝŽŶ
• ŝƌĞĐƚŽƌͲW^;ĂǇŵĂŶͿZĞƐƚĂƵƌĂŶƚ>ŝŵŝƚĞĚ͖͘'ƌĂŶĚŝůůƐ&ŝŶĂŶĐĞŽƌƉŽƌĂƚŝŽŶ
ĨĨŝůŝĂƚŝŽŶƐŝŶEŽŶͲW>Ɛ • ^ƵƉĞƌǀŝƐŽƌʹŽŽŬƐ͘ĐŽŵ͘Ž͕͘>ƚĚ͖͘ZĞŶ,Ƶŝ/ŶǀĞƐƚŵĞŶƚŽƌƉ͖͘WƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞ;^ŚĂŶŐŚĂŝͿ>ƚĚ͖͘WƌĞƐŝĚĞŶƚŽůůĞĐƚ
^ĞƌǀŝĐĞƐŽ͕͘>ƚĚ͖͘hŶŝͲWƌĞƐŝĚĞŶƚĞƉĂƌƚŵĞŶƚ^ƚŽƌĞŽƌƉ͖͘WƌĞƐŝĚĞŶƚdƌĂŶƐŶĞƚŽƌƉ͖WƌĞƐŝĚĞŶƚ^ƚĂƌďƵĐŬƐŽĨĨĞĞŽƌƉ͘
ĚƵĐĂƚŝŽŶĂůĂĐŬŐƌŽƵŶĚΘ
• ĂĐŚĞůŽƌ͛ƐĞŐƌĞĞŝŶĐĐŽƵŶƚĂŶĐǇ͕^ĐŚŽŽůŽĨĐĐŽƵŶƚĂŶĐǇŝŶhŶŝǀĞƌƐŝƚǇŽĨDŝƐƐŽƵƌŝŝŶŽůƵŵďŝĂ͕h^
ĐŚŝĞǀĞŵĞŶƚƐͬǁĂƌĚƐ

ϯ͘ :K^s/dKZW͘WdZEK
ŐĞ͗ϱϬ͖EĂƚŝŽŶĂůŝƚǇ͗&ŝůŝƉŝŶŽ͖'ĞŶĚĞƌ͗DĂůĞ͖
WĞƌƐŽŶĂů/ŶĨŽƌŵĂƚŝŽŶ ƵƌƌĞŶƚWŽƐŝƚŝŽŶŝŶW^͗WƌĞƐŝĚĞŶƚͬKĂŶĚŝƌĞĐƚŽƌ͖EŽ͘ŽĨzĞĂƌƐŝŶW^͗ϭϮǇƌƐ͘ΘϲŵŽƐ͖͘
&ŝƌƐƚůĞĐƚŝŽŶƚŽƚŚĞWŽƐŝƚŝŽŶ͗:ƵŶĞϮϭ͕ϮϬϬϱ͖>ĂƐƚůĞĐƚŝŽŶ͗:ƵŶĞϭϲ͕ϮϬϭϳ
ĨĨŝůŝĂƚŝŽŶƐŝŶW>Ɛ • ŝƌĞĐƚŽƌΘKͲWŚŝůŝƉƉŝŶĞ^ĞǀĞŶŽƌƉŽƌĂƚŝŽŶ
• ŚĂŝƌŵĂŶΘWƌĞƐŝĚĞŶƚʹŽŶǀĞŶŝĞŶĐĞŝƐƚƌŝďƵƚŝŽŶ͕/ŶĐ͘
• ŚĂŝƌŵĂŶΘWƌĞƐŝĚĞŶƚʹ^ƚŽƌĞ^ŝƚĞƐ,ŽůĚŝŶŐ͕/ŶĐ͘
• ŚĂŝƌŵĂŶĂŶĚdƌƵƐƚĞĞͲWŚŝů^ĞǀĞŶ&ŽƵŶĚĂƚŝŽŶ͕/ŶĐ͘
• ŚĂŝƌŵĂŶʹ^ƵƉƉůǇŚĂŝŶEĞƚǁŽƌŬƐ͕/ŶĐ͘
• WƌĞƐŝĚĞŶƚʹ&ŝƌƐƚD&/EĞƚǁŽƌŬ͕/ŶĐ͘
• ŝƌĞĐƚŽƌʹůĞĐƚƌŽŶŝĐŽŵŵĞƌĐĞWĂǇŵĞŶƚEĞƚǁŽƌŬ͕/ŶĐ͘;ͲWĂǇͿ͖dŚĞ^ƚƌĂŝƚƐtŝŶĞŽŵƉĂŶǇ͕/ŶĐ͘
• ŽĂƌĚŽͲŚĂŝƌ;ZĞƚĂŝůĞƌͿ͕ZWŚŝůŝƉƉŝŶĞƐ
• sWͲEĂƚŝŽŶĂůŚĂƉƚĞƌĞǀĞůŽƉŵĞŶƚ͕WŚŝůŝƉƉŝŶĞ&ƌĂŶĐŚŝƐĞƐƐŽĐŝĂƚŝŽŶ
• DĞŵďĞƌͲDĂŶĂŐĞŵĞŶƚƐƐŽĐŝĂƚŝŽŶŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ͖DĂŬĂƚŝƵƐŝŶĞƐƐůƵď͖zŽƵŶŐWƌĞƐŝĚĞŶƚƐKƌŐĂŶŝǌĂƚŝŽŶ͖ŽĐĂͲ
ŽůĂZĞƚĂŝůŝŶŐZĞƐĞĂƌĐŚŽƵŶĐŝů
• ^DĞĐŚĂŶŝĐĂůŶŐŝŶĞĞƌŝŶŐ;DĂŐŶĂƵŵ>ĂƵĚĞͿ͕>ĞŚŝŐŚhŶŝǀĞƌƐŝƚǇ͕ĞƚŚůĞŚĞŵWĞŶŶƐǇůǀĂŶŝĂ͕h^
ĐŚŝĞǀĞŵĞŶƚƐͬǁĂƌĚƐ • ǁĂƌĚƐͲKǆĐĞůǁĂƌĚ͕/ŶƚĞƌŶĂƚŝŽŶĂůƐƐŽĐŝĂƚŝŽŶŽĨƵƐŝŶĞƐƐŽŵŵƵŶŝĐĂƚŽƌƐ;/Ϳ͕ϮϬϭϯKǆĐĞůǁĂƌĚƐ͖
DĂƐƚĞƌŶƚƌĞƉƌĞŶĞƵƌǁĂƌĚ͕ϮϬϭϮƌŶƐƚΘzŽƵŶŐŶƚƌĞƉƌĞŶĞƵƌŽĨƚŚĞzĞĂƌǁĂƌĚƐ

ϰ͘ :KZ'>͘ZEd
ŐĞ͗ϴϮ͖EĂƚŝŽŶĂůŝƚǇ͗&ŝůŝƉŝŶŽ͖'ĞŶĚĞƌ͗DĂůĞ͖
WĞƌƐŽŶĂů/ŶĨŽƌŵĂƚŝŽŶ ƵƌƌĞŶƚWŽƐŝƚŝŽŶŝŶW^͗ŝƌĞĐƚŽƌ͖EŽ͘ŽĨzĞĂƌƐŝŶW^͗ϮϵǇƌƐ͖͘
&ŝƌƐƚůĞĐƚŝŽŶƚŽƚŚĞWŽƐŝƚŝŽŶ͗ϭϵϴϴ͖>ĂƐƚůĞĐƚŝŽŶ͗:ƵŶĞϭϲ͕ϮϬϭϳ
ĨĨŝůŝĂƚŝŽŶƐŝŶW>Ɛ • ŝƌĞĐƚŽƌͲWŚŝůŝƉƉŝŶĞ^ĞǀĞŶŽƌƉŽƌĂƚŝŽŶ
• ŽŶƐƵů͘,͘ʹŵďĂƐƐǇŽĨƚŚĞZĞƉƵďůŝĐŽĨŽůŽŵďŝĂ
• ŚĂŝƌŵĂŶΘKʹƌĂŶĞƚĂ'ƌŽƵƉ
ĨĨŝůŝĂƚŝŽŶƐŝŶEŽŶͲW>Ɛ • ŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚͲƌĂŶĞƚĂĞŶƚĞƌ/ŶĐ͖͘WƌŽŐƌĞƐƐŝǀĞĞǀĞůŽƉŵĞŶƚŽƌƉŽƌĂƚŝŽŶ͖hŶŝƉƌŽŵ͕/ŶĐ͖͘WŚŝůŝƉƉŝŶĞWŝǌǌĂ
/ŶĐ͘
• ŝƌĞĐƚŽƌʹtĞŶĚǇ͛ƐWŚŝůŝƉƉŝŶĞƐ
• ĂĐŚĞůŽƌŽĨ^ĐŝĞŶĐĞŝŶƵƐŝŶĞƐƐĚŵŝŶŝƐƚƌĂƚŝŽŶ͕hŶŝǀĞƌƐŝƚǇŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ

• ǁĂƌĚƐͲWĞŽƉůĞƐŝĂDĂŐĂǌŝŶĞ͛ƐϮϬϭϲWĞŽƉůĞŽĨƚŚĞzĞĂƌǁĂƌĚĞĞ͕WƌĞƐŝĚĞŶƚ͛ƐǁĂƌĚĂƐWŝŽŶĞĞƌŽĨZĞƚĂŝů
ŶƚĞƌƚĂŝŶŵĞŶƚ͕WŚŝůŝƉƉŝŶĞZĞƚĂŝůĞƌƐƐƐŽĐŝĂƚŝŽŶ͖hWŽůůĞŐĞŽĨƵƐŝŶĞƐƐĚŵŝŶŝƐƚƌĂƚŝŽŶϮϬϬϱŝƐƚŝŶŐƵŝƐŚĞĚůƵŵŶŝ
ĚƵĐĂƚŝŽŶĂůĂĐŬŐƌŽƵŶĚΘ ǁĂƌĚĞĞ͖&ƌĂŶĐŚŝƐĞĞǁĂƌĚĞĞŽĨƚŚĞzĞĂƌ͕ϮϬϬϯĂŶĚϮϬϬϮ͕WŚŝůŝƉƉŝŶĞWŝǌǌĂ͕/ŶĐ͖͘dŽƉϱĞƐƚŵƉůŽǇĞƌŝŶ
ĐŚŝĞǀĞŵĞŶƚƐͬǁĂƌĚƐ ƐŝĂͬWŚŝůŝƉƉŝŶĞƐ͕ϮϬϬϯ͕,ĞǁŝƚƚƐƐŽĐŝĂƚĞƐͬtĂůů^ƚƌĞĞƚ:ŽƵƌŶĂůͬDW͖ĂǀŝĚEŽǀĂŬzhDǁĂƌĚ͕ϮϬϬϬ͖WůĂƋƵĞŽĨ
DĞƌŝƚĨƌŽŵYƵĞǌŽŶŝƚǇŚĂŵďĞƌŽĨŽŵŵĞƌĐĞĂŶĚ/ŶĚƵƐƚƌǇ͕/ŶĐ͘ĂƐZĞĐŽŐŶŝǌĞĚƵƐŝŶĞƐƐ>ĞĂĚĞƌŽĨYƵĞǌŽŶŝƚǇ͖
WůĂƋƵĞŽĨƉƉƌĞĐŝĂƚŝŽŶĨŽƌKƵƚƐƚĂŶĚŝŶŐŽŶƚƌŝďƵƚŝŽŶĨƌŽŵƚŚĞŽŶƐƵůĂƌŽƌƉƐĂŶĚŝƉůŽŵĂƚŝĐŽƌƉƐŽĨƚŚĞ
WŚŝůŝƉƉŝŶĞƐ͖WůĂƋƵĞŽĨƉƉƌĞĐŝĂƚŝŽŶĨƌŽŵĞ>Ă^ĂůůĞhŶŝǀĞƌƐŝƚǇŽŶƚŚĞŽĐĐĂƐŝŽŶŽĨƚŚĞĞƐƚĂďůŝƐŚŵĞŶƚŽĨƚŚĞŽŶ:͘
ŵĂĚŽƌĂŶĞƚĂŝƐƚŝŶŐƵŝƐŚĞĚŚĂŝƌŽĨ&ŝŶĂŶĐŝĂůDĂŶĂŐĞŵĞŶƚ͘

13
ϱ͘ DZ/Z/^d/EW͘WdZEK
ŐĞ͗ϰϳ͖EĂƚŝŽŶĂůŝƚǇ͗&ŝůŝƉŝŶŽ͖'ĞŶĚĞƌ͗&ĞŵĂůĞ
WĞƌƐŽŶĂů/ŶĨŽƌŵĂƚŝŽŶ ƵƌƌĞŶƚWŽƐŝƚŝŽŶŝŶW^͗ŝƌĞĐƚŽƌ͖EŽ͘ŽĨzĞĂƌƐŝŶW^͗ϮǇƌ͘ΘϱŵŽƐ͖͘
&ŝƌƐƚůĞĐƚŝŽŶƚŽƚŚĞWŽƐŝƚŝŽŶ͗:ƵůǇϯϬ͕ϮϬϭϱ͖>ĂƐƚůĞĐƚŝŽŶ͗:ƵŶĞϭϲ͕ϮϬϭϳ
• ŝƌĞĐƚŽƌͲWŚŝůŝƉƉŝŶĞ^ĞǀĞŶŽƌƉŽƌĂƚŝŽŶ
• DĂƌŬĞƚŝŶŐƐƐƚ͕͘ĚǀĞƌƚŝƐŝŶŐΘWƌŽŵŽƚŝŽŶƐͲWŚŝůŝƉƉŝŶĞ^ĞǀĞŶŽƌƉŽƌĂƚŝŽŶ;ϭϵϵϯͲϭϵϵϵͿ
• WƌĞƐŝĚĞŶƚͲd͘WĂƚĞƌŶŽŽŶƐĞƌǀĂƚŝŽŶ͕/ŶĐ͘
• ǆĞĐƵƚŝǀĞŝƌĞĐƚŽƌͲ^ĂŶ^ĞďĂƐƚŝĂŶĂƐŝůŝĐĂŽŶƐĞƌǀĂƚŝŽŶĂŶĚĞǀĞůŽƉŵĞŶƚ&ŽƵŶĚĂƚŝŽŶ͕/ŶĐ͘
• /ŶĚĞƉĞŶĚĞŶƚŽŶƐƵůƚĂŶƚĨŽƌƵŝůĚŝŶŐΘƌƚZĞƐƚŽƌĂƚŝŽŶ;ϮϬϬϵͲϮϬϭϬͿͲdŚĞůŽŝƐƚĞƌƐ͕DĞƚƌŽƉŽůŝƚĂŶDƵƐĞƵŵŽĨƌƚ͕
EĞǁzŽƌŬ͕Ez͖^ƚĂ͘ŶĂŚƵƌĐŚ͕^ƚĂ͘ŶĂDĂŶŝůĂ͖ϵϮϵͲϵϯϯ͖ƌŽĂĚǁĂǇ͕EĞǁzŽƌŬ͕Ez
• D͘^͘,ŝƐƚŽƌŝĐWƌĞƐĞƌǀĂƚŝŽŶ͕hŶŝǀĞƌƐŝƚǇŽĨWĞŶŶƐǇůǀĂŶŝĂ͕h^
• ͘͘,ƵŵĂŶŝƚŝĞƐ͕ƚĞŶĞŽĚĞDĂŶŝůĂhŶŝǀĞƌƐŝƚǇ͕WŚŝůŝƉƉŝŶĞƐ
• /ŶƚĞŶƐŝǀĞ^ƉĂŶŝƐŚ>ĂŶŐƵĂŐĞWƌŽŐƌĂŵ͕hŶŝǀĞƌƐŝĚĂĚŽŵƉůƵƚĞŶƐĞ͕DĂĚƌŝĚ

ϲ͘ EdKE/K:K^h͘WZ/Yhd͕:Z͘
ŐĞ͗ϱϲ͖EĂƚŝŽŶĂůŝƚǇ͗&ŝůŝƉŝŶŽ͖'ĞŶĚĞƌ͗DĂůĞ͖
WĞƌƐŽŶĂů/ŶĨŽƌŵĂƚŝŽŶ ƵƌƌĞŶƚWŽƐŝƚŝŽŶŝŶW^͗/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌ͖EŽ͘ŽĨzĞĂƌƐŝŶW^͗ϳǇƌƐ͘ΘϱŵŽƐ͖͘
&ŝƌƐƚůĞĐƚŝŽŶƚŽƚŚĞWŽƐŝƚŝŽŶ͗:ƵůǇϮϵ͕ϮϬϭϬ͖>ĂƐƚůĞĐƚŝŽŶ͗:ƵŶĞϭϲ͕ϮϬϭϳ
• /ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌͲWŚŝůŝƉƉŝŶĞ^ĞǀĞŶŽƌƉŽƌĂƚŝŽŶ͖ǇĂůĂŽƌƉŽƌĂƚŝŽŶ͖D/,ŽůĚŝŶŐƐ͕/ŶĐ͖͘ĂŶŬŽĨƚŚĞWŚŝůŝƉƉŝŶĞ
/ƐůĂŶĚƐ͖^ͲE,ŽůĚŝŶŐƐŽƌƉͬ͘^ͲEŽƌƉŽƌĂƚŝŽŶ͖DĂǆ͛Ɛ'ƌŽƵƉ͕/ŶĐ͘
• ŚĂŝƌŵĂŶͲWĂĐŝĨŝĐDĂŝŶ,ŽůĚŝŶŐƐ͕/ŶĐ͖ĂŵƉĚĞŶ,ŝůů'ƌŽƵƉ͕/ŶĐ͖͘ĂŵƉĚĞŶ,ŝůůĚǀŝƐŽƌƐ͕/ŶĐ͘
• ŚĂŝƌŵĂŶͲW/ƐƐĞƚDĂŶĂŐĞŵĞŶƚĂŶĚdƌƵƐƚŽƌƉŽƌĂƚŝŽŶ
ĨĨŝůŝĂƚŝŽŶƐŝŶEŽŶͲW>Ɛ • ŝƌĞĐƚŽƌͲdŚĞ^ƚƌĂŝƚƐtŝŶĞŽŵƉĂŶǇ͕/ŶĐ͘
• /ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌͲW/ĂƉŝƚĂů͕W/&ĂŵŝůǇĂŶŬ͕ůďŝǌŝĂÊdĞŶŐŐĂƌĂ&ƵŶĚ
• dƌƵƐƚĞĞͲ>ǇĐĞƵŵhŶŝǀĞƌƐŝƚǇŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ
• ĐŽŶŽŵŝĐƐ͕ƚĞŶĞŽĚĞDĂŶŝůĂhŶŝǀĞƌƐŝƚǇ
• D^ĐĐŽŶŽŵŝĐƐ͕KǆĨŽƌĚhŶŝǀĞƌƐŝƚǇ
• D͕hŶŝǀĞƌƐŝƚǇŽĨsŝƌŐŝŶŝĂ

ϳ͘ D/,>͘>D
ŐĞ͗ϱϯ͖EĂƚŝŽŶĂůŝƚǇ͗&ŝůŝƉŝŶŽ͖'ĞŶĚĞƌ͗DĂůĞ͖
WĞƌƐŽŶĂů/ŶĨŽƌŵĂƚŝŽŶ ƵƌƌĞŶƚWŽƐŝƚŝŽŶŝŶW^͗/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌ͖EŽ͘ŽĨzĞĂƌƐŝŶW^͗ϭϮǇƌƐ͘ΘϲŵŽƐ͖͘
ĨĨŝůŝĂƚŝŽŶƐŝŶW>Ɛ • /ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌͲWŚŝůŝƉƉŝŶĞ^ĞǀĞŶŽƌƉŽƌĂƚŝŽŶ
• ŝƌĞĐƚŽƌͲĂŵƉĚĞŶ,ŝůůĚǀŝƐŽƌƐ͕/ŶĐ͖tĞƐƉĂĐ,ŽůĚŝŶŐƐ͕/ŶĐ͖dŚĞ^ƚƌĂŝƚƐtŝŶĞŽŵƉĂŶǇ͕/ŶĐ͕͘sĞƌƚĞƌĞ'ůŽďĂů^ŽůƵƚŝŽŶƐ͕
ĨĨŝůŝĂƚŝŽŶƐŝŶEŽŶͲW>Ɛ /ŶĐ͕͘sĞƌƚĞƌĞsĞŶƚƵƌĞĂƉŝƚĂů/ŶĐ͘
• dƌƵƐƚĞĞͲdŚĞĞĂĐŽŶĐĂĚĞŵǇ
ĚƵĐĂƚŝŽŶĂůĂĐŬŐƌŽƵŶĚΘ • ^ŝŶ&ŝŶĂŶĐĞ͕&ŽƌĚŚĂŵhŶŝǀĞƌƐŝƚǇh^
ĐŚŝĞǀĞŵĞŶƚƐͬǁĂƌĚƐ • D͕hŶŝǀĞƌƐŝƚǇŽĨsŝƌŐŝŶŝĂ

ϴ͘ :h/ͲdE',E
ŐĞ͗ϱϵ͖EĂƚŝŽŶĂůŝƚǇ͗Z͘K͖͘͘'ĞŶĚĞƌ͗DĂůĞ͖
WĞƌƐŽŶĂů/ŶĨŽƌŵĂƚŝŽŶ ƵƌƌĞŶƚWŽƐŝƚŝŽŶŝŶW^͗ŝƌĞĐƚŽƌ͖EŽ͘ŽĨzĞĂƌƐŝŶW^͗ϱǇƌƐ͘ΘϭŵŽ͖͘
&ŝƌƐƚůĞĐƚŝŽŶƚŽƚŚĞWŽƐŝƚŝŽŶ͗EŽǀĞŵďĞƌϭϯ͕ϮϬϭϮ͖>ĂƐƚůĞĐƚŝŽŶ͗:ƵŶĞϭϲ͕ϮϬϭϳ
• ŝƌĞĐƚŽƌͲWŚŝůŝƉƉŝŶĞ^ĞǀĞŶŽƌƉŽƌĂƚŝŽŶ͖hŶŝͲWƌĞƐŝĚĞŶƚŶƚĞƌƉƌŝƐĞƐŽƌƉ͘
• WƌĞƐŝĚĞŶƚΘŝƌĞĐƚŽƌͲWƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞŽƌƉŽƌĂƚŝŽŶ
• ŚĂŝƌŵĂŶΘWƌĞƐŝĚĞŶƚͲZĞŶͲ,Ƶŝ/ŶǀĞƐƚŵĞŶƚŽƌƉ͘
• ŚĂŝƌŵĂŶͲWƌĞƐŝĚĞŶƚzŝůĂŶƌƚĂŶĚƵůƚƵƌĞŽƌƉ͖͘WƌĞƐŝĚĞŶƚdƌĂŶƐŶĞƚŽƌƉ͖͘WƌĞƐŝĚĞŶƚŽůůĞĐƚ^ĞƌǀŝĐĞƐŽ͕͘>ƚĚ͖͘ZĞƚĂŝů
^ƵƉƉŽƌƚ/ŶƚĞƌŶĂƚŝŽŶĂůŽƌƉ͖͘hŶŝͲWƌĞƐŝĚĞŶƚ^ƵƉĞƌŝŽƌŽŵŵŝƐƐĂƌǇŽƌƉ͖͘WƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞ;^ŚĂŶŐŚĂŝͿ>ƚĚ͖͘
WƌĞƐŝĚĞŶƚ^ƚĂƌďƵĐŬƐŽĨĨĞĞŽƌƉ͖͘WƌĞƐŝĚĞŶƚ;^ŚĂŶŐŚĂŝͿ,ĞĂůƚŚWƌŽĚƵĐƚdƌĂĚŝŶŐŽŵƉĂŶǇ>ƚĚ͖͘WƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞ
;ŚĞũŝĂŶŐͿ>ƚĚ͘
ĨĨŝůŝĂƚŝŽŶƐŝŶEŽŶͲW>Ɛ • ŝƌĞĐƚŽƌͲWƌĞƐŝĚĞŶƚƌƵŐƐƚŽƌĞƵƐŝŶĞƐƐŽƌƉ͖͘WƌĞƐŝĚĞŶƚĞŝŶŐŽƌƉ͖͘WƌĞƐŝĚĞŶƚWŚĂƌŵĂĐĞƵƚŝĐĂůŽƌƉ͖͘hŶŝͲWƌĞƐŝĚĞŶƚ
ĞƉĂƌƚŵĞŶƚ^ƚŽƌĞŽƌƉ͖͘ϮϭĞŶƚƵƌǇŶƚĞƌƉƌŝƐĞŽ͕͘>ƚĚ͖͘tŝƐĚŽŵŝƐƚƌŝďƵƚŝŽŶ^ĞƌǀŝĐĞŽƌƉ͖͘hŶŝͲWƌĞƐŝĚĞŶƚŽůĚͲ
ŚĂŝŶŽƌƉ͖͘^ŚĂŶŽŶŐWƌĞƐŝĚĞŶƚzŝŶǌƵŽŽŵŵĞƌĐŝĂů>ƚĚ͖͘WƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞ;s/Ϳ,ŽůĚŝŶŐƐ͕>ƚĚ͖͘W^;ŚŝŶĂͿ
ƌƵŐƐƚŽƌĞ>ƚĚ͖͘WƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞ;>ĂďƵĂŶͿ,ŽůĚŝŶŐƐ͕>ƚĚ͖͘WƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞ;,ŽŶŐ<ŽŶŐͿ,ŽůĚŝŶŐƐ>ƚĚ͖͘hŶŝͲ
WƌĞƐŝĚĞŶƚ>ŽŐŝƐƚŝĐƐ;s/Ϳ,ŽůĚŝŶŐƐ͕>ƚĚ͖͘WƌĞƐŝĚĞŶƚĞǀĞůŽƉŵĞŶƚŽƌƉ͖͘WƌĞƐŝĚĞŶƚ/ŶƚĞƌŶĂƚŝŽŶĂůĞǀĞůŽƉŵĞŶƚŽƌƉ͖͘
EĂŶůŝĞŶ/ŶƚĞƌŶĂƚŝŽŶĂůŽƌƉ͖͘WƌĞƐŝĚĞŶƚ&ĂŝƌĞǀĞůŽƉŵĞŶƚŽƌƉ͘
• ĂĐŚĞůŽƌ͛ƐĞŐƌĞĞŝŶĐŽŶŽŵŝĐƐ͕ĞƉĂƌƚŵĞŶƚŽĨĐŽŶŽŵŝĐƐ͕EĂƚŝŽŶĂůdĂŝǁĂŶhŶŝǀĞƌƐŝƚǇ

ϵ͘ ,/Ͳ,E'>/E
ŐĞ͗ϱϳ͖EĂƚŝŽŶĂůŝƚǇ͗Z͘K͖͘͘'ĞŶĚĞƌ͗DĂůĞ
WĞƌƐŽŶĂů/ŶĨŽƌŵĂƚŝŽŶ ƵƌƌĞŶƚWŽƐŝƚŝŽŶŝŶW^͗ŝƌĞĐƚŽƌ͖EŽ͘ŽĨzĞĂƌƐŝŶW^͗ϮǇƌ͘ΘϱŵŽ͖
&ŝƌƐƚůĞĐƚŝŽŶƚŽƚŚĞWŽƐŝƚŝŽŶ͗:ƵůǇϯϬ͕ϮϬϭϱ͖>ĂƐƚůĞĐƚŝŽŶ͗:ƵŶĞϭϲ͕ϮϬϭϳ
14
• sŝĐĞWƌĞƐŝĚĞŶƚͲWƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞŽƌƉŽƌĂƚŝŽŶ
• ŚĂŝƌŵĂŶʹŽůĚ^ƚŽŶĞƌĞĂŵĞƌǇdĂŝǁĂŶ>ƚĚ͖͘WƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞ'ŽŽĚEĞŝŐŚďŽƌ&ŽƵŶĚĂƚŝŽŶ͖WƌĞƐŝĚĞŶƚŚĂŝŶ
^ƚŽƌĞŽƌƉŽƌĂƚŝŽŶ/ŶƐƵƌĂŶĐĞƌŽŬĞƌƐŽ͘>ƚĚ͘
• ŝƌĞĐƚŽƌͲĂƉŝƚĂů/ŶǀĞŶƚŽƌǇ^ĞƌǀŝĐĞƐŽƌƉ͕͘ŝ^,ŽƌƉ͘
• ^ƵƉĞƌǀŝƐŽƌʹhŶŝͲWƌĞƐŝĚĞŶƚŽůĚͲŚĂŝŶŽƌƉ͘
• ĂĐŚĞůŽƌ͛ƐĞŐƌĞĞŝŶ^ŽĐŝĂůtŽƌŬ͕ĞƉĂƌƚŵĞŶƚŽĨ^ŽĐŝĂůtŽƌŬ͕^ŽŽĐŚŽǁhŶŝǀĞƌƐŝƚǇ

ϭϬ͘ >/EͲdE',^/,
ŐĞ͗ϱϳ͖EĂƚŝŽŶĂůŝƚǇ͗Z͘K͖͘͘'ĞŶĚĞƌ͗DĂůĞ͖
WĞƌƐŽŶĂů/ŶĨŽƌŵĂƚŝŽŶ ƵƌƌĞŶƚWŽƐŝƚŝŽŶŝŶW^͗ŝƌĞĐƚŽƌ͖EŽ͘ŽĨzĞĂƌƐŝŶW^͗ϱǇƌƐ͘ΘϭŵŽ͖͘
• sŝĐĞWƌĞƐŝĚĞŶƚʹWƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞŽƌƉŽƌĂƚŝŽŶ
• ŚĂŝƌŵĂŶʹDŝƐƚĞƌŽŶƵƚdĂŝǁĂŶŽƌƉ͖͘ƵƐŬŝŶ^ĞƌǀĞdĂŝǁĂŶŽ͘
• ŝƌĞĐƚŽƌͲWƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞdŽŬǇŽDĂƌŬĞƚŝŶŐŽƌƉŽƌĂƚŝŽŶ͖hŶŝͲWƌĞƐŝĚĞŶƚ^ƵƉĞƌŝŽƌŽŵŵŝƐƐĂƌǇŽƌƉ͖͘
ŽŽŬƐ͘ĐŽŵ͘Ž͘>ƚĚ͖͘ZĞŶͲ,Ƶŝ/ŶǀĞƐƚŵĞŶƚŽƌƉ͖͘/^,ŽƌƉ͖͘WƌĞƐŝĚĞŶƚdƌĂŶƐŶĞƚŽƌƉ͖WƌĞƐŝĚĞŶƚŽůůĞĐƚ^ĞƌǀŝĐĞƐ
Ž͘>ƚĚ͖͘WƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞ;^ŚĂŶŐŚĂŝͿ>ƚĚ͕͘W^;ĂǇŵĂŶͿZĞƐƚĂƵƌĂŶƚ>ŝŵŝƚĞĚ͖hŶŝͲWƌĞƐŝĚĞŶƚŽůĚͲŚĂŝŶ
ŽƌƉ͖͘WƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞ'ŽŽĚEĞŝŐŚďŽƌ&ŽƵŶĚĂƚŝŽŶ͖WƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞ;ŚĞũŝĂŶŐͿ>ƚĚ͖͘ZĞŶ,Ƶŝ,ŽůĚŝŶŐŽ͕͘
>ƚĚ͘
• ĂĐŚĞůŽƌ͛ƐĞŐƌĞĞŝŶƵƐŝŶĞƐƐĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ĞƉĂƌƚŵĞŶƚŽĨƵƐŝŶĞƐƐĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ŚŝŶĞƐĞƵůƚƵƌĞhŶŝǀĞƌƐŝƚǇ

ϭϭ͘ :h/Ͳd/E,hE'
ŐĞ͗ϱϰ͖EĂƚŝŽŶĂůŝƚǇ͗Z͘K͖͘͘'ĞŶĚĞƌ͗DĂůĞ͖
WĞƌƐŽŶĂů/ŶĨŽƌŵĂƚŝŽŶ ƵƌƌĞŶƚWŽƐŝƚŝŽŶŝŶW^͗ŝƌĞĐƚŽƌ͖EŽ͘ŽĨzĞĂƌƐŝŶW^͗ϲŵŽƐ͖͘
&ŝƌƐƚůĞĐƚŝŽŶƚŽƚŚĞWŽƐŝƚŝŽŶ͗:ƵŶĞϭϲ͕ϮϬϭϳ͖>ĂƐƚůĞĐƚŝŽŶ͗:ƵŶĞϭϲ͕ϮϬϭϳ
• ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚΘŝƌĞĐƚŽƌʹWƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞŽƌƉŽƌĂƚŝŽŶ
• ŚĂŝƌŵĂŶʹŝ^,ŽƌƉ͖͘^ŚĂŶŐŚĂŝ^ŽŶŐũŝĂŶŐWƌĞƐŝĚĞŶƚŶƚĞƌƉƌŝƐĞƐŽ͖͘dĂŝƚDĂƌŬĞƚŝŶŐΘŝƐƚƌŝďƵƚŝŽŶŽ͕͘>ƚĚ͖͘
ĂƉŝƚĂů/ŶǀĞŶƚŽƌǇ^ĞƌǀŝĐĞƐŽƌƉ͘
• WƌĞƐŝĚĞŶƚΘŝƌĞĐƚŽƌʹWƌĞƐŝĚĞŶƚWŚĂƌŵĂĐĞƵƚŝĐĂůŽƌƉ͕͘WƌĞƐŝĚĞŶƚWŚĂƌŵĂĐĞƵƚŝĐĂů;,ŽŶŐ<ŽŶŐͿ,ŽůĚŝŶŐƐ>ŝŵŝƚĞĚ
• ŝƌĞĐƚŽƌͲWƌĞƐŝĚĞŶƚ/ŶĨŽƌŵĂƚŝŽŶŽƌƉ͖͘ŚŽŶŐƐŚĂŶWƌĞƐŝĚĞŶƚŶƚĞƌƉƌŝƐĞƐŽ͕͘>ƚĚ͖͘WƌĞƐŝĚĞŶƚ/ŶƚĞƌŶĂƚŝŽŶĂů
ĞǀĞůŽƉŵĞŶƚŽƌƉ͖͘hŶŝͲWƌĞƐŝĚĞŶƚ&ŽŽĚƐƚƵĨĨ;s/Ϳ,ŽůĚŝŶŐƐ>ƚĚ͖͘ZĞƚĂŝů^ƵƉƉŽƌƚ/ŶƚĞƌŶĂƚŝŽŶĂůŽƌƉ͖͘ƌ͘͘z͘<ĂŽ͛Ɛ
EŽŶͲWƌŽĨŝƚ&ŽƵŶĚĂƚŝŽŶŽĨƵůƚƵƌĞΘĚƵĐĂƚŝŽŶ;/ŶDĞŵŽƌǇŽĨ,ŝƐDŽƚŚĞƌͿ͖hŶŝͲWƌĞƐŝĚĞŶƚŽůĚͲŚĂŝŶŽƌƉ͖͘
ŚĂŶŐũŝĂŐĂŶŐWƌĞƐŝĚĞŶƚEŝƐƐŚŝŶ&ŽŽĚŽ͕͘>ƚĚ͖͘WƌĞƐŝĚĞŶƚEŝƐƐŚŝŶŽƌƉ͖͘^ŚĂŶŽŶŐWƌĞƐŝĚĞŶƚzŝŶǌƵŽŽŵŵĞƌĐŝĂů
>ƚĚ͖͘ZĞŶ,Ƶŝ,ŽůĚŝŶŐŽ͕͘>ƚĚ͘

• DĂƐƚĞƌĞŐƌĞĞŝŶDĂƌŬĞƚŝŶŐ͕EĂƚŝŽŶĂů<ĂŽŚƐŝƵŶŐ&ŝƌƐƚhŶŝǀĞƌƐŝƚǇŽĨ^ĐŝĞŶĐĞĂŶĚdĞĐŚŶŽůŽŐǇ
• ĂĐŚĞůŽƌ͛ƐĞŐƌĞĞŝŶĐŽŶŽŵŝĐƐ͕^ŽŽĐŚŽǁhŶŝǀĞƌƐŝƚǇ

ϭϮ͘ z/E'Ͳ:hE'>
ŐĞ͗ϰϯ͖EĂƚŝŽŶĂůŝƚǇ͗Z͘K͖͘͘'ĞŶĚĞƌ͗DĂůĞ͖
WĞƌƐŽŶĂů/ŶĨŽƌŵĂƚŝŽŶ ƵƌƌĞŶƚWŽƐŝƚŝŽŶŝŶW^͗sŝĐĞWƌĞƐŝĚĞŶƚĨŽƌ^ƵƉƉůǇŚĂŝŶ͖EŽ͘ŽĨzĞĂƌƐŝŶW^͗ϳǇƌƐ͕͘ϭŵŽ͘
&ŝƌƐƚůĞĐƚŝŽŶƚŽƚŚĞWŽƐŝƚŝŽŶ͗EŽǀĞŵďĞƌϬϮ͕ϮϬϭϬ͖>ĂƐƚůĞĐƚŝŽŶ͗:ƵŶĞϭϲ͕ϮϬϭϳ
ĨĨŝůŝĂƚŝŽŶƐŝŶW>Ɛ • sŝĐĞWƌĞƐŝĚĞŶƚĨŽƌ^ƵƉƉůǇŚĂŝŶͲWŚŝůŝƉƉŝŶĞ^ĞǀĞŶŽƌƉŽƌĂƚŝŽŶ
• ŝƌĞĐƚŽƌͲŽŶǀĞŶŝĞŶĐĞŝƐƚƌŝďƵƚŝŽŶ͕/ŶĐ͘
• >ĞĂĚĞƌͲͲ^ĞƌǀŝĐĞdĞĂŵ͕DĂƌŬĞƚŝŶŐĞƉĂƌƚŵĞŶƚ͕WƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞŽƌƉŽƌĂƚŝŽŶ;ĞĐ͘ϮϬϬϳͲKĐƚ͘ϮϬϭϬͿ
• ĂĐŚĞůŽƌ͛ƐĞŐƌĞĞŝŶŽŽƉĞƌĂƚŝǀĞĐŽŶŽŵŝĐ͕&ĞŶŐͲŚŝĂhŶŝǀĞƌƐŝƚǇ͕dĂŝǁĂŶ

ϭϯ͘ W/E'Ͳ,hE',E
ŐĞ͗ϰϯ͖EĂƚŝŽŶĂůŝƚǇ͗Z͘K͖͘͘'ĞŶĚĞƌ͗DĂůĞ͖
ƵƌƌĞŶƚWŽƐŝƚŝŽŶŝŶW^͗dƌĞĂƐƵƌĞƌͬ&KĂŶĚsŝĐĞWƌĞƐŝĚĞŶƚĨŽƌ&ŝŶĂŶĐĞΘĚŵŝŶŝƐƚƌĂƚŝŽŶ͖EŽ͘ŽĨzĞĂƌƐŝŶW^͗ϱǇƌƐ͘Θ
WĞƌƐŽŶĂů/ŶĨŽƌŵĂƚŝŽŶ
ϯŵŽ͖
• dƌĞĂƐƵƌĞƌͬ&KΘsŝĐĞͲWƌĞƐŝĚĞŶƚĨŽƌ&ŝŶĂŶĐĞΘĚŵŝŶŝƐƚƌĂƚŝŽŶͲWŚŝůŝƉƉŝŶĞ^ĞǀĞŶŽƌƉŽƌĂƚŝŽŶ
ĨĨŝůŝĂƚŝŽŶƐŝŶW>Ɛ • ,ĞĂĚŽĨ/ŶǀĞƐƚŵĞŶƚDĂŶĂŐĞŵĞŶƚ;ϮϬϭϭͲϮϬϭϮͿ͖,ĞĂĚŽĨ/ŶǀĞƐƚŽƌZĞůĂƚŝŽŶƐ;ϮϬϬϱͲϮϬϭϭͿ͕ĂŶĚ&ŝŶĂŶĐŝĂůWůĂŶŶŝŶŐ
^ƉĞĐŝĂůŝƐƚ;ϮϬϬϬͲϮϬϬϱͿͲWƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞŽƌƉŽƌĂƚŝŽŶ
• ŝƌĞĐƚŽƌͲ^ƚŽƌĞ^ŝƚĞƐ,ŽůĚŝŶŐ͕/ŶĐ͘
• dƌƵƐƚĞĞͲWŚŝů^ĞǀĞŶ&ŽƵŶĚĂƚŝŽŶ͕/ŶĐ͘
ĚƵĐĂƚŝŽŶĂůĂĐŬŐƌŽƵŶĚΘ • ĞŐƌĞĞŝŶĐŽŶŽŵŝĐƐdƵŶŐ,ĂŝhŶŝǀĞƌƐŝƚǇ͖
ĐŚŝĞǀĞŵĞŶƚƐͬǁĂƌĚƐ • D͕EĂƚŝŽŶĂů<ĂŽƐŚŝƵŶŐ&ŝƌƐƚhŶŝǀĞƌƐŝƚǇŽĨ^ĐŝĞŶĐĞĂŶĚdĞĐŚŶŽůŽŐǇ
15
ϭϰ͘ s>zE^^ͲEZ/Yh
ŐĞ͗ϱϰ͖EĂƚŝŽŶĂůŝƚǇ͗&ŝůŝƉŝŶŽ͖'ĞŶĚĞƌ͗&ĞŵĂůĞ͖
WĞƌƐŽŶĂů/ŶĨŽƌŵĂƚŝŽŶ ƵƌƌĞŶƚWŽƐŝƚŝŽŶŝŶW^͗ŽƌƉŽƌĂƚĞ^ĞĐƌĞƚĂƌǇ͖EŽ͘ŽĨzĞĂƌƐŝŶW^͗ϮϴǇƌƐ͘
ĨĨŝůŝĂƚŝŽŶƐŝŶW>Ɛ • ŽƌƉŽƌĂƚĞ^ĞĐƌĞƚĂƌǇΘŽŵƉůŝĂŶĐĞKĨĨŝĐĞƌ͕,ĞĂĚŽĨ>ĞŐĂůΘŽƌƉ͘^ĞƌǀŝĐĞƐŝǀ͘ͲWŚŝůŝƉƉŝŶĞ^ĞǀĞŶŽƌƉŽƌĂƚŝŽŶ
• ŝƌĞĐƚŽƌΘŽƌƉ͘^ĞĐƌĞƚĂƌǇͲ^ƚŽƌĞ^ŝƚĞƐ,ŽůĚŝŶŐ͕/ŶĐ͖͘&ĞƌŐƵƐŽŶWĂƌŬdŽǁĞƌŽŶĚŽŵŝŶŝƵŵŽƌƉŽƌĂƚŝŽŶ͖^ƚĞƌůŝŶŐ&ůƵŝĚ
^ǇƐƚĞŵƐŶƚĞƌƉƌŝƐĞƐ͕/ŶĐ͘
• ŽƌƉŽƌĂƚĞ^ĞĐƌĞƚĂƌǇͲŽŶǀĞŶŝĞŶĐĞŝƐƚƌŝďƵƚŝŽŶ/ŶĐ͘
• dƌƵƐƚĞĞΘŽƌƉ͘^ĞĐƌĞƚĂƌǇͲWŚŝů^ĞǀĞŶ&ŽƵŶĚĂƚŝŽŶ͕/ŶĐ͘
• WƌĞƐŝĚĞŶƚΘŝƌĞĐƚŽƌʹŽůƵŵďŝĂKǁŶĞƌƐ͛ƐƐŽĐŝĂƚŝŽŶ͕/ŶĐ͘
• dƌƵƐƚĞĞΘdƌĞĂƐƵƌĞƌͲ'ŽŽĚ'ŽǀĞƌŶĂŶĐĞĚǀŽĐĂƚĞƐΘWƌĂĐƚŝƚŝŽŶĞƌƐŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ;''WWͿ
• ͘^͘ŽŵŵĞƌĐĞDĂũŽƌŝŶĐŽŶŽŵŝĐƐ͕hŶŝǀĞƌƐŝƚǇŽĨ^ĂŶƚŽdŽŵĂƐ
• ĂĐŚĞůŽƌŽĨ>ĂǁƐ;Ƶŵ>ĂƵĚĞͿ͕hŶŝǀĞƌƐŝƚǇŽĨ^ĂŶƚŽdŽŵĂƐ
• WƌŽĨĞƐƐŝŽŶĂůŝƌĞĐƚŽƌƐWƌŽŐƌĂŵƵŶĚĞƌ/ŶƐƚŝƚƵƚĞŽĨŽƌƉŽƌĂƚĞŝƌĞĐƚŽƌƐ;/Ϳ

dŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŝƐĞǆƉĞĐƚĞĚƚŽĂƚƚĞŶĚďŽĂƌĚŵĞĞƚŝŶŐƐŚĞůĚďǇƚŚĞŽƌƉŽƌĂƚŝŽŶǁŚŝĐŚŝƐƐĐŚĞĚƵůĞĚďĞĨŽƌĞƚŚĞ
ƐƚĂƌƚŽĨƚŚĞĨŝŶĂŶĐŝĂůǇĞĂƌ͘ďƐĞŶĐĞŽĨĂĚŝƌĞĐƚŽƌŝŶŵŽƌĞƚŚĂŶϱϬйŽĨĂůůƚŚĞƌĞŐƵůĂƌĂŶĚƐƉĞĐŝĂůŵĞĞƚŝŶŐƐĚƵƌŝŶŐŚŝƐŝŶĐƵŵďĞŶĐǇ
ŽƌĂŶǇϭϮŵŽŶƚŚƉĞƌŝŽĚĚƵƌŝŶŐƐƵĐŚŝŶĐƵŵďĞŶĐǇŝƐĂŐƌŽƵŶĚĨŽƌŚŝƐƚĞŵƉŽƌĂƌǇĚŝƐƋƵĂůŝĨŝĐĂƚŝŽŶŝŶƚŚĞƐƵĐĐĞĞĚŝŶŐĞůĞĐƚŝŽŶƵŶůĞƐƐ
ƚŚĞĂďƐĞŶĐĞŝƐĚƵĞƚŽƐĞƌŝŽƵƐŝůůŶĞƐƐ͕ĚĞĂƚŚŝŶƚŚĞŝŵŵĞĚŝĂƚĞĨĂŵŝůǇŽƌƐĞƌŝŽƵƐĂĐĐŝĚĞŶƚ͘ůůĚŝƌĞĐƚŽƌƐĐŽŵƉůŝĞĚǁŝƚŚĂƚƚĞŶĚĂŶĐĞ
ƌĞƋƵŝƌĞŵĞŶƚ ŽĨ Ăƚ ůĞĂƐƚ ϱϬй ŽĨ Ăůů ďŽĂƌĚ ŵĞĞƚŝŶŐƐ ĨŽƌ ƚŚĞ ǇĞĂƌ͘ ĞůŽǁ ŝƐ ƚŚĞ ůŝƐƚ ŽĨ ĚŝƌĞĐƚŽƌƐ ŽĨ W^ ĂŶĚ ƚŚĞŝƌ ĂƚƚĞŶĚĂŶĐĞ ƚŽ
ďŽĂƌĚŵĞĞƚŝŶŐƐŚĞůĚĨŽƌƚŚĞĨŝƐĐĂůǇĞĂƌϮϬϭϳ͘

:ƵŶĞϭϲ
ŝƌĞĐƚŽƌ WŽƐŝƚŝŽŶ DĂƌϬϳ WD EŽǀϮϳ
D
;KƌŐ͛ůͿ
ŚĂŝƌŵĂŶͬ
ϭ͘:ŽƐĞd͘WĂƌĚŽ 9 9 9 9
/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌ
Ϯ͘tĞŶͲŚŝtƵ sŝĐĞŚĂŝƌŵĂŶͬŝƌĞĐƚŽƌ 9 9 9 9
ϯ͘:ŽƐĞsŝĐƚŽƌW͘WĂƚĞƌŶŽ WƌĞƐŝĚĞŶƚͬŝƌĞĐƚŽƌ 9 9 9 9
ϰ͘:ŽƌŐĞ>͘ƌĂŶĞƚĂ ŝƌĞĐƚŽƌ 9 9 9 9
ϱ͘DĂƌŝĂƌŝƐƚŝŶĂW͘WĂƚĞƌŶŽ ŝƌĞĐƚŽƌ 9 9 9 9
ϲ͘:ƵŝͲdĂŶŐŚĞŶ ŝƌĞĐƚŽƌ 9 9 9 9
ϳ͘>ŝĞŶͲdĂŶŐ,ƐŝĞŚ ŝƌĞĐƚŽƌ 9 9 9 9
ϴ͘ŚŝͲŚĂŶŐ>ŝŶ ŝƌĞĐƚŽƌ 9 9 9 9
ϭ
ϵ͘^ŚƵŝͲ,ƵĂŶŐ,Ž ŝƌĞĐƚŽƌ 9 ǆ ŶͬĂ ŶͬĂ
Ϯ
ϭϬ͘:ƵŝͲdŝĞŶ,ƵĂŶŐ ŝƌĞĐƚŽƌ ŶͬĂ ŶͬĂ 9 9
ϭϭ͘DŝĐŚĂĞů͘ĂůĂŵĞĂ /ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌ ǆ 9 9 9
ϭϮ͘ŶƚŽŶŝŽ:ŽƐĞh͘WĞƌŝƋƵĞƚ͕:ƌ͘ /ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌ 9 9 9 9
ϮůĞĐƚĞĚĂƐĚŝƌĞĐƚŽƌůĂƐƚ:ƵŶĞϭϲ͕ϮϬϭϳ
ϭ
ŝƌĞĐƚŽƌƵŶƚŝů:ƵŶĞϭϲ͕ϮϬϭϳ
ďͿ dŚĞǆĞĐƵƚŝǀĞKĨĨŝĐĞƌƐ

ƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͕ƚŚĞǆĞĐƵƚŝǀĞKĨĨŝĐĞƌƐĂŶĚDĂŶĂŐĞŵĞŶƚŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶĂƌĞƚŚĞĨŽůůŽǁŝŶŐ͗

:K^d͘WZK
WůĞĂƐĞƐĞĞƉƌŽĨŝůĞƵŶĚĞƌŝƌĞĐƚŽƌƐĂŶĚŽƌƉŽƌĂƚĞKĨĨŝĐĞƌƐ
ŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚ
tEͲ,/Ͳth
sŝĐĞŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚ
:K^s/dKZW͘WdZEK
WƌĞƐŝĚĞŶƚΘK
z/E'Ͳ:hE'>
sŝĐĞWƌĞƐŝĚĞŶƚĨŽƌ^ƵƉƉůǇŚĂŝŶ
W/E'Ͳ,hE',E
dƌĞĂƐƵƌĞƌͬ&KΘsŝĐĞWƌĞƐŝĚĞŶƚĨŽƌ WůĞĂƐĞƐĞĞƉƌŽĨŝůĞƵŶĚĞƌŝƌĞĐƚŽƌƐĂŶĚŽƌƉŽƌĂƚĞKĨĨŝĐĞƌƐ
&ŝŶĂŶĐĞΘĚŵŝŶŝƐƚƌĂƚŝŽŶ
s>zE^^ͲEZ/Yh
>ĞŐĂůΘŽƌƉŽƌĂƚĞ^ĞƌǀŝĐĞƐŝǀŝƐŝŽŶ,ĞĂĚ͖ WůĞĂƐĞƐĞĞƉƌŽĨŝůĞƵŶĚĞƌŝƌĞĐƚŽƌƐĂŶĚŽƌƉŽƌĂƚĞKĨĨŝĐĞƌƐ
ŽƌƉŽƌĂƚĞ^ĞĐƌĞƚĂƌǇ͖ŽŵƉůŝĂŶĐĞKĨĨŝĐĞƌ
16
ϰϯǇĞĂƌƐŽĨĂŐĞ͕&ŝůŝƉŝŶŽ͘,ĞŚĂƐďĞĞŶǁŝƚŚW^ƐŝŶĐĞϮϬϬϵ͘,ĞŝƐƚŚĞdƌĞĂƐƵƌĞƌĂŶĚŝƌĞĐƚŽƌŽĨ^ƚŽƌĞ^ŝƚĞƐ,ŽůĚŝŶŐ͕
>tZED͘>KE /ŶĐ͕͘dƌĞĂƐƵƌĞƌĂŶĚdƌƵƐƚĞĞŽĨWŚŝů^ĞǀĞŶ&ŽƵŶĚĂƚŝŽŶ͕/ŶĐ͘ĂŶĚƚŚĞdƌĞĂƐƵƌĞƌŽĨŽŶǀĞŶŝĞŶĐĞŝƐƚƌŝďƵƚŝŽŶ͕/ŶĐ͕͘Ăůů
&ŝŶĂŶĐĞĂŶĚĐĐŽƵŶƚŝŶŐ^ĞƌǀŝĐĞƐŝǀŝƐŝŽŶ ĂƌĞƐƵďƐŝĚŝĂƌŝĞƐͬĂĨĨŝůŝĂƚĞƐŽĨW^͘,ĞŝƐĂůƐŽĂŝƌĞĐƚŽƌŽĨƐƐŽĐŝĂƚŝŽŶŽĨĞƌƚŝĨŝĞĚWƵďůŝĐĐĐŽƵŶƚĂŶƚƐŝŶŽŵŵĞƌĐĞ
,ĞĂĚ͖ ĂŶĚ /ŶĚƵƐƚƌǇ ĂŶĚ Ă ŵĞŵďĞƌ ŽĨ WŚŝůŝƉƉŝŶĞ /ŶƐƚŝƚƵƚĞ ŽĨ ĞƌƚŝĨŝĞĚ WƵďůŝĐ ĐĐŽƵŶƚĂŶƚƐ͘ ,Ğ ŽďƚĂŝŶĞĚ ŚŝƐ DĂƐƚĞƌƐ ŝŶ
/ŶǀĞƐƚŽƌZĞůĂƚŝŽŶƐKĨĨŝĐĞƌ ƵƐŝŶĞƐƐ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĨƌŽŵ ƚŚĞ ƚĞŶĞŽ 'ƌĂĚƵĂƚĞ ^ĐŚŽŽů ŽĨ ƵƐŝŶĞƐƐ ĂŶĚ ĂĐŚĞůŽƌ ŽĨ ^ĐŝĞŶĐĞ ŝŶ ŽŵŵĞƌĐĞ͕
DĂũŽƌŝŶĐĐŽƵŶƚĂŶĐǇĨƌŽŵhŶŝǀĞƌƐŝƚǇŽĨ^ĂŶƚŽdŽŵĂƐ͘
ϱϯ ǇĞĂƌƐ ŽĨ ĂŐĞ͕ Ă ŶĂƚŝŽŶĂů ŽĨ ƚŚĞ ZĞƉƵďůŝĐ ŽĨ ŚŝŶĂ͘ ,Ğ ŚĂƐ ďĞĞŶ ǁŝƚŚ W^ ƐŝŶĐĞ ϮϬϭϮ͘ ,Ğ ŝƐ Ă ŝƌĞĐƚŽƌ ĂŶĚ
ǆĞĐƵƚŝǀĞ sŝĐĞ WƌĞƐŝĚĞŶƚ ŽĨ ŽŶǀĞŶŝĞŶĐĞ ŝƐƚƌŝďƵƚŝŽŶ͕ /ŶĐ͕͘ Ă ƐƵďƐŝĚŝĂƌǇͬĂĨĨŝůŝĂƚĞ ŽĨ W^͘ ,Ğ ǁĂƐ ƚŚĞ ƵƐŝŶĞƐƐ
,KͲ^,hEdÊ'
ŽŶƐƵůƚĂŶƚ ŽĨ WƌĞƐŝĚĞŶƚ ŚĂŝŶ ^ƚŽƌĞ ŽƌƉ͘ ĂŶĚ ,ĞĂĚ ŽĨ ĞƌŵŽͲŽƐŵĞƚŝĐ ŝǀŝƐŝŽŶ ŽĨ WƌĞƐŝĚĞŶƚ WŚĂƌŵĂĐĞƵƚŝĐ
ŽƌƉŽƌĂƚĞWůĂŶŶŝŶŐ,ĞĂĚ
ŽƌƉŽƌĂƚŝŽŶ͘ ,Ğ ŽďƚĂŝŶĞĚ ŚŝƐ D ĚĞŐƌĞĞ ĨƌŽŵ EĂƚŝŽŶĂů ŚŝĂŽ dƵŶŐ hŶŝǀĞƌƐŝƚǇ ĂŶĚ DĂŶĂŐĞŵĞŶƚ ^ĐŝĞŶĐĞ
ĂĐŚĞůŽƌĨƌŽŵEĂƚŝŽŶĂůŚĞŶŐ<ƵŶŐhŶŝǀĞƌƐŝƚǇͲdƌĂŶƐƉŽƌƚĂƚŝŽŶĂŶĚŽŵŵƵŶŝĐĂƚŝŽŶDĂŶĂŐĞŵĞŶƚ^ĐŝĞŶĐĞ͘
ϰϯǇĞĂƌƐŽĨĂŐĞ͕ĂŶĂƚŝŽŶĂůŽĨZĞƉƵďůŝĐŽĨŚŝŶĂ͘,ĞŚĂƐďĞĞŶǁŝƚŚW^ƐŝŶĐĞϮϬϭϲ͘,ĞǁĂƐƚŚĞŚŽŶŐͲƐŚĂŶŝƐƚƌŝĐƚ
D/EͲ,/,>/
DĂŶĂŐĞƌ͕EŽƌƚŚ&ŝƌƐƚKƉĞƌĂƚŝŽŶƐĞƉĂƌƚŵĞŶƚ͕KƉĞƌĂƚŝŽŶƐ'ƌŽƵƉŽĨWƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞŽƌƉŽƌĂƚŝŽŶ͘͘,Ğ
DĂƌŬĞƚŝŶŐŝƌĞĐƚŽƌ
ĐŽŵƉůĞƚĞĚŚŝƐĞĚƵĐĂƚŝŽŶĂƚdƵŶŐŚĂŝhŶŝǀĞƌƐŝƚǇŽŶ/ŶƚĞƌŶĂƚŝŽŶĂůdƌĂĚĞ͘
ϲϯǇĞĂƌƐŽĨĂŐĞ͕&ŝůŝƉŝŶŽ͘^ŚĞŚĂƐďĞĞŶǁŝƚŚW^ƐŝŶĐĞϭϵϴϯ͘^ŚĞŝƐĂŝƌĞĐƚŽƌŝŶŽŶǀĞŶŝĞŶĐĞŝƐƚƌŝďƵƚŝŽŶ͕/ŶĐ͘ĂŶĚ
>/tztzd͘&ZEE ĂdƌƵƐƚĞĞŝŶWŚŝů^ĞǀĞŶ&ŽƵŶĚĂƚŝŽŶ͕/ŶĐ͘ďŽƚŚĂƌĞƐƵďƐŝĚŝĂƌŝĞƐͬĂĨĨŝůŝĂƚĞƐŽĨW^ƌĞƐƉĞĐƚŝǀĞůǇ͘^ŚĞŝƐĂŐƌĂĚƵĂƚĞ ŽĨ
KƉĞƌĂƚŝŽŶƐŝƌĞĐƚŽƌ ĂĐŚĞůŽƌ ŽĨ ^ĐŝĞŶĐĞ ŝŶ ƵƐŝŶĞƐƐ ĚŵŝŶŝƐƚƌĂƚŝŽŶ DĂũŽƌ ŝŶ ĐĐŽƵŶƚĂŶĐǇ ;Ƶŵ >ĂƵĚĞͿ Ăƚ WŚŝůŝƉƉŝŶĞ ŚƌŝƐƚŝĂŶ
hŶŝǀĞƌƐŝƚǇ͘
ϰϯ ǇĞĂƌƐ ŽĨ ĂŐĞ͕ &ŝůŝƉŝŶŽ͘ ,Ğ ŚĂƐ ďĞĞŶ ǁŝƚŚ W^ ƐŝŶĐĞ ϮϬϬϱ͘ ,Ğ ƐƚĂƌƚĞĚ ĂƐ Ă ĨƌĂŶĐŚŝƐĞ ŵĂŶĂŐĞƌ ŝŶ W^ ďĞĨŽƌĞ
ƐĞƌǀŝŶŐ ĂƐ ƵƐŝŶĞƐƐ ĞǀĞůŽƉŵĞŶƚ ŝǀŝƐŝŽŶ ,ĞĂĚ͘ ,Ğ ŝƐ ĂůƐŽ Ă dƌƵƐƚĞĞ ŝŶ WŚŝů^ĞǀĞŶ &ŽƵŶĚĂƚŝŽŶ͕ /ŶĐ͕͘ Ă
&ZE/^^͘D/E ƐƵďƐŝĚŝĂƌǇͬĂĨĨŝůŝĂƚĞ ŽĨ W^͘ ,Ğ ŝƐ ƚŚĞ ŽŵŵŝƚƚĞĞ ,ĞĂĚͬŵĞŵďĞƌ ŽĨ ƚŚĞ WŚŝůŝƉƉŝŶĞ &ƌĂŶĐŚŝƐŝŶŐ ƐƐŽĐŝĂƚŝŽŶ ĂŶĚ Ă
ƵƐŝŶĞƐƐĞǀĞůŽƉŵĞŶƚŝǀŝƐŝŽŶ,ĞĂĚ ŵĞŵďĞƌ ŽĨ ĞƌƚŝĨŝĞĚ &ƌĂŶĐŚŝƐĞ ǆĞĐƵƚŝǀĞ ůƵŵŶŝ ƐƐŽĐŝĂƚŝŽŶ͘ ,Ğ ŽďƚĂŝŶĞĚ ŚŝƐ ĂĐŚĞůŽƌ͛Ɛ ĞŐƌĞĞ ŝŶ ŽŵŵĞƌĐĞ͕
DĂũŽƌŝŶDĂƌŬĞƚŝŶŐ͕ĨƌŽŵ^ĂŶĞĚĂŽůůĞŐĞDĂŶŝůĂ͘,ĞĂůƐŽĐŽŵƉůĞƚĞĚƚŚĞĞƌƚŝĨŝĞĚ&ƌĂŶĐŚŝƐĞǆĞĐƵƚŝǀĞWƌŽŐƌĂŵ
ďǇƚŚĞWŚŝů͘&ƌĂŶĐŚŝƐĞƐƐŽĐŝĂƚŝŽŶ͘
ϱϭǇĞĂƌƐŽĨĂŐĞ͕&ŝůŝƉŝŶŽ͘,ĞŚĂƐďĞĞŶǁŝƚŚW^ƐŝŶĐĞϮϬϬϰ͘,ĞŝƐĂŝƌĞĐƚŽƌŽĨWŚŝůŝƉƉŝŶĞŽŶƐƵŵĞƌĞŶƚƌŝĐdƌĂĚĞ
:K^͘E'͕:Z͘
ƐƐŽĐŝĂƚŝŽŶ͕/ŶĐ͘;Wd/ͿĨŽƌŵĞƌůǇW^/͘,ĞŝƐĂůƐŽĂŵĞŵďĞƌŽĨEĂƚŝŽŶĂůDĂƐƚĞƌƐΘ^ĞŶŝŽƌƚŚůĞƚŝĐƐƐƐŽĐŝĂƚŝŽŶ
'ĞŶĞƌĂůDĞƌĐŚĂŶĚŝƐĞŝǀŝƐŝŽŶ,ĞĂĚ
ŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ͘,ĞŝƐĂ^ůĞĐƚƌŝĐĂůŶŐŝŶĞĞƌŝŶŐŐƌĂĚƵĂƚĞĂƚĚĂŵƐŽŶhŶŝǀĞƌƐŝƚǇ͘
ZD/͘'Ê ϰϯǇĞĂƌƐŽĨĂŐĞ͕&ŝůŝƉŝŶŽ͘^ŚĞŚĂƐďĞĞŶǁŝƚŚW^ƐŝŶĐĞϭϵϵϵ͘^ŚĞŝƐĂŐƌĂĚƵĂƚĞŽĨĂĐŚĞůŽƌŽĨ^ĐŝĞŶĐĞŝŶ/ŶĚƵƐƚƌŝĂů
^ƚƌĂƚĞŐŝĐDĞƌĐŚĂŶĚŝƐĞŝǀŝƐŝŽŶ,ĞĂĚ ŶŐŝŶĞĞƌŝŶŐĂƚhŶŝǀĞƌƐŝƚǇŽĨ^ĂŶƚŽdŽŵĂƐ͘
ϲϱǇĞĂƌƐŽĨĂŐĞ͕&ŝůŝƉŝŶŽ͘,ĞŚĂƐďĞĞŶǁŝƚŚW^ƐŝŶĐĞϭϵϴϰ͘,ĞŝƐĂŝƌĞĐƚŽƌĂŶĚsŝĐĞWƌĞƐŝĚĞŶƚ ŽĨŽŶǀĞŶŝĞŶĐĞ
hZKW͘d>E
ŝƐƚƌŝďƵƚŝŽŶ͕ /ŶĐ͕͘ Ă ƐƵďƐŝĚŝĂƌǇͬĂĨĨŝůŝĂƚĞ ŽĨ W^͘ ,Ğ ŽďƚĂŝŶĞĚ ŚŝƐ ĂĐŚĞůŽƌ ŽĨ ^ĐŝĞŶĐĞ ĞŐƌĞĞ ŝŶ DĂƐƐ
WƌŽĐƵƌĞŵĞŶƚŝǀŝƐŝŽŶ,ĞĂĚ
ŽŵŵƵŶŝĐĂƚŝŽŶDĂũŽƌŝŶƌŽĂĚĐĂƐƚŽŵŵƵŶŝĐĂƚŝŽŶĨƌŽŵƚŚĞhŶŝǀĞƌƐŝƚǇŽĨƚŚĞWŚŝůŝƉŝŶĞƐ͘
ϱϲǇĞĂƌƐŽĨĂŐĞ͕&ŝůŝƉŝŶŽ͘^ŚĞŚĂƐďĞĞŶǁŝƚŚW^ƐŝŶĐĞϭϵϴϰ͘^ŚĞŝƐƚŚĞŚĂŝƌŵĂŶŽĨƚŚĞDĂŶĂŐĞŵĞŶƚŽŵŵŝƚƚĞĞ
s/K>d͘WK>/EZ/K
ŽĨWŚŝů^ĞǀĞŶ&ŽƵŶĚĂƚŝŽŶ͕/ŶĐ͕͘ĂƐƵďƐŝĚŝĂƌǇͬĂĨĨŝůŝĂƚĞŽĨW^͘^ŚĞŝƐĂŵĞŵďĞƌŽĨWĞŽƉůĞDĂŶĂŐĞŵĞŶƚƐƐŽĐŝĂƚŝŽŶ
,ƵŵĂŶZĞƐŽƵƌĐĞƐĂŶĚĚŵŝŶŝƐƚƌĂƚŝŽŶ
ŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ͕,Z&ŽŽĚůŝŶŬĂŶĚWŚŝůŝƉƉŝŶĞ^ŽĐŝĞƚǇĨŽƌdƌĂŝŶŝŶŐĂŶĚĞǀĞůŽƉŵĞŶƚ͘^ŚĞŽďƚĂŝŶĞĚŚĞƌĂĐŚĞůŽƌŽĨ
ŝǀŝƐŝŽŶ,ĞĂĚ
ƌƚƐĞŐƌĞĞŝŶŶŐůŝƐŚ;Ƶŵ>ĂƵĚĞͿĨƌŽŵdĂŶĂƵĂŶ/ŶƐƚŝƚƵƚĞ͘
ϰϮǇĞĂƌƐŽĨĂŐĞ͕&ŝůŝƉŝŶŽ͘,ĞŚĂƐďĞĞŶǁŝƚŚW^ƐŝŶĐĞϭϵϵϵ͘,ĞŽďƚĂŝŶĞĚŚŝƐDĂƐƚĞƌƐŝŶƵƐŝŶĞƐƐĚŵŝŶŝƐƚƌĂƚŝŽŶ
:^KE:EE'K
;ZĞŐŝƐWƌŽŐƌĂŵͿĂƚƚŚĞƚĞŶĞŽ'ƌĂĚƵĂƚĞ^ĐŚŽŽůŽĨƵƐŝŶĞƐƐ͘,ĞĂůƐŽŽďƚĂŝŶĞĚŚŝƐĚĞŐƌĞĞŽĨĂĐŚĞůŽƌŽĨ^ĐŝĞŶĐĞŝŶ
/ŶĨŽƌŵĂƚŝŽŶdĞĐŚŶŽůŽŐǇŝǀŝƐŝŽŶ,ĞĂĚ
DĂŶĂŐĞŵĞŶƚŶŐŝŶĞĞƌŝŶŐĨƌŽŵƚĞŶĞŽĚĞDĂŶŝůĂhŶŝǀĞƌƐŝƚǇ͘
DDEh>>D͘^'hZZ ϰϴǇĞĂƌƐŽĨĂŐĞ͕&ŝůŝƉŝŶŽ͘,ĞŚĂƐďĞĞŶǁŝƚŚW^ƐŝŶĐĞϮϬϭϯ͘,ĞǁĂƐƚŚĞŚŝĞĨDĂƌŬĞƚŝŶŐKĨĨŝĐĞƌŽĨůŝĐŬ>ŝĐĞŶƐŝŶŐ
DĂƌŬĞƚŝŶŐŽŵŵƵŶŝĐĂƚŝŽŶƐŝǀŝƐŝŽŶ ƐŝĂ ĂŶĚ ^ĞŶŝŽƌ ZĞŐŝŽŶĂů ƌĂŶĚ DĂŶĂŐĞƌ ŽĨ hŶŝůĞǀĞƌ ƐŝĂ WƌŝǀĂƚĞ >ƚĚ͘ ,Ğ ŝƐ Ă ŐƌĂĚƵĂƚĞ ŽĨ ŝŶ ƌŽĂĚĐĂƐƚ
,ĞĂĚ ŽŵŵƵŶŝĐĂƚŝŽŶĨƌŽŵƚŚĞhŶŝǀĞƌƐŝƚǇŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ͘
ϱϰǇĞĂƌƐŽĨĂŐĞ͕&ŝůŝƉŝŶŽ͘^ŚĞŚĂƐďĞĞŶǁŝƚŚW^ƐŝŶĐĞϮϬϬϱ͘^ŚĞǁĂƐƚŚĞŵĂŶĂŐĞƌŽĨD/^ƵƐŝŶĞƐƐ^ǇƐƚĞŵŽĨW^
DZ/>/E͘'hDE ďĞĨŽƌĞ ƐĞƌǀŝŶŐ ĂƐ /ŶƚĞƌŶĂů ƵĚŝƚ ŝǀŝƐŝŽŶ DĂŶĂŐĞƌ͘ ^ŚĞ ŝƐ Ă ŵĞŵďĞƌ ŽĨ WŚŝůŝƉƉŝŶĞ /ŶƐƚŝƚƵƚĞ ŽĨ ĞƌƚŝĨŝĞĚ WƵďůŝĐ
/ŶƚĞƌŶĂůƵĚŝƚhŶŝƚDĂŶĂŐĞƌ ĐĐŽƵŶƚĂŶƚƐ͕ /ŶƐƚŝƚƵƚĞ ŽĨ /ŶƚĞƌŶĂů ƵĚŝƚŽƌƐ ĂŶĚ ƐƐŽĐŝĂƚŝŽŶ ŽĨ ĞƌƚŝĨŝĞĚ &ƌĂƵĚ ǆĂŵŝŶĞƌƐ͘ ^ŚĞ ŽďƚĂŝŶĞĚ ŚĞƌ
ĂĐŚĞůŽƌ͛ƐĞŐƌĞĞŝŶĐĐŽƵŶƚĂŶĐǇ;Ƶŵ>ĂƵĚĞͿĂƚWŽůǇƚĞĐŚŶŝĐhŶŝǀĞƌƐŝƚǇŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ͘

ĐͿ ^ŝŐŶŝĨŝĐĂŶƚŵƉůŽǇĞĞƐ

KƚŚĞƌ ƚŚĂŶ ĂĨŽƌĞŵĞŶƚŝŽŶĞĚ ŝƌĞĐƚŽƌƐ ĂŶĚ ǆĞĐƵƚŝǀĞ KĨĨŝĐĞƌƐ ŝĚĞŶƚŝĨŝĞĚ ŝŶ ƚŚĞ ŝƚĞŵ ŽŶ ŝƌĞĐƚŽƌƐ ĂŶĚ ǆĞĐƵƚŝǀĞ
KĨĨŝĐĞƌƐŝŶƚŚŝƐŶŶƵĂůZĞƉŽƌƚ͕ƚŚĞƌĞĂƌĞŶŽŽƚŚĞƌĞŵƉůŽǇĞĞƐŽĨƚŚĞŽŵƉĂŶǇǁŚŽŵĂǇŚĂǀĞĂƐŝŐŶŝĨŝĐĂŶƚŝŶĨůƵĞŶĐĞŝŶ
ƚŚĞŽŵƉĂŶǇ͛ƐŵĂũŽƌĂŶĚͬŽƌƐƚƌĂƚĞŐŝĐƉůĂŶŶŝŶŐĂŶĚĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐ͘

ĚͿ &ĂŵŝůǇZĞůĂƚŝŽŶƐŚŝƉƐ

Dƌ͘ :ŽƐĞ sŝĐƚŽƌ W͘ WĂƚĞƌŶŽ͕ WƌĞƐŝĚĞŶƚ Θ K ŽĨ W^ ŝƐ ƚŚĞ ĐŽŶĐƵƌƌĞŶƚ ŚĂŝƌŵĂŶ ĂŶĚ WƌĞƐŝĚĞŶƚ ŽĨ ŽŶǀĞŶŝĞŶĐĞ
ŝƐƚƌŝďƵƚŝŽŶ͕ /ŶĐ͘ ;/Ϳ͕ Ă ǁŚŽůůǇ ŽǁŶĞĚ ƐƵďƐŝĚŝĂƌǇ ŽĨ W^͘ ,Ğ ŝƐ ƚŚĞ ŶĞƉŚĞǁ ŽĨ W^ ŚĂŝƌŵĂŶ ŽĨ ƚŚĞ ŽĂƌĚ Θ
/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌ͕Dƌ͘:ŽƐĞd͘WĂƌĚŽ͘Dƌ͘WĂƚĞƌŶŽŝƐĂůƐŽƚŚĞďƌŽƚŚĞƌŽĨW^ŝƌĞĐƚŽƌDƐ͘DĂƌŝĂƌŝƐƚŝŶĂW͘WĂƚĞƌŶŽ͘

DƐ͘ DĂƌŝĂ ƌŝƐƚŝŶĂ W͘ WĂƚĞƌŶŽ͕ Ă ŝƌĞĐƚŽƌ ŽĨ W^ ŝƐ ƚŚĞ ŶŝĞĐĞ ŽĨ W^ ŚĂŝƌŵĂŶ ŽĨ ƚŚĞ ŽĂƌĚ Θ /ŶĚĞƉĞŶĚĞŶƚ
ŝƌĞĐƚŽƌ͕Dƌ͘:ŽƐĞd͘WĂƌĚŽ͘^ŚĞŝƐĂůƐŽƚŚĞƐŝƐƚĞƌŽĨW^WƌĞƐŝĚĞŶƚΘK͕Dƌ͘:ŽƐĞsŝĐƚŽƌW͘WĂƚĞƌŶŽ͘

17
ĞͿ >ŝƚŝŐĂƚŝŽŶ

dŽƚŚĞŬŶŽǁůĞĚŐĞĂŶĚͬŽƌŝŶĨŽƌŵĂƚŝŽŶŽĨƚŚĞŽŵƉĂŶǇ͕ƚŚĞĂďŽǀĞͲŶĂŵĞĚĚŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶǇ͕ƚŚĞƉƌĞƐĞŶƚ
ŵĞŵďĞƌƐŽĨŝƚƐŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂŶĚŝƚƐŽƌƉŽƌĂƚĞKĨĨŝĐĞƌƐĂƌĞŶŽƚ͕ƉƌĞƐĞŶƚůǇŽƌĚƵƌŝŶŐƚŚĞƉĂƐƚϱǇĞĂƌƐ͕ŝŶǀŽůǀĞĚŽƌ
ŚĂǀĞ ďĞĞŶ ŝŶǀŽůǀĞĚ ŝŶ ĂŶǇ ŵĂƚĞƌŝĂů ůĞŐĂů ƉƌŽĐĞĞĚŝŶŐ ĂĨĨĞĐƚŝŶŐͬŝŶǀŽůǀŝŶŐ ƚŚĞŵƐĞůǀĞƐ Žƌ ƚŚĞŝƌ ƉƌŽƉĞƌƚǇ ďĞĨŽƌĞ ĂŶǇ
ĐŽƵƌƚŽĨůĂǁŽƌĂĚŵŝŶŝƐƚƌĂƚŝǀĞďŽĚǇŝŶƚŚĞWŚŝůŝƉƉŝŶĞƐŽƌĞůƐĞǁŚĞƌĞ͘>ŝŬĞǁŝƐĞ͕ƚŽƚŚĞŬŶŽǁůĞĚŐĞĂŶĚͬŽƌŝŶĨŽƌŵĂƚŝŽŶŽĨ
ƚŚĞŽŵƉĂŶǇ͕ƚŚĞƐĂŝĚƉĞƌƐŽŶƐŚĂǀĞŶŽƚďĞĞŶĐŽŶǀŝĐƚĞĚďǇĂŶǇĨŝŶĂůũƵĚŐŵĞŶƚŽĨĂŶǇŽĨĨĞŶƐĞƉƵŶŝƐŚĂďůĞďǇƚŚĞůĂǁƐ
ŽĨƚŚĞZĞƉƵďůŝĐŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐŽƌƚŚĞůĂǁƐŽĨĂŶǇŶĂƚŝŽŶͬĐŽƵŶƚƌǇ͘

ĨͿ WĞŶĚŝŶŐ>ĞŐĂůWƌŽĐĞĞĚŝŶŐƐ

dŚĞŽŵƉĂŶǇŝƐĂƉĂƌƚǇƚŽĐĞƌƚĂŝŶůŝƚŝŐĂƚŝŽŶƐŝŶǀŽůǀŝŶŐŵŝŶŽƌŝƐƐƵĞƐ͕ĨƌŽŵƚŝŵĞƚŽƚŝŵĞ͕ďĞĨŽƌĞƚŚĞĞƉĂƌƚŵĞŶƚŽĨ
dƌĂĚĞĂŶĚ/ŶĚƵƐƚƌǇ͕ĞŵƉůŽǇĞĞƐƐƵŝŶŐĨŽƌŝůůĞŐĂůĚŝƐŵŝƐƐĂů͕ďĂĐŬǁĂŐĞƐĂŶĚĚĂŵĂŐĞĐůĂŝŵƐ͕ĐůĂŝŵƐĂƌŝƐŝŶŐĨƌŽŵƐƚŽƌĞ
ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ĂƐ ĐŽͲƌĞƐƉŽŶĚĞŶƚƐ ǁŝƚŚ ŵĂŶƵĨĂĐƚƵƌĞƌƐ ŽŶ ĐŽŵƉůĂŝŶƚƐ ǁŝƚŚ &͕ ĂĐƚŝŽŶƐ ŽŶ ůĞĂƐĞƐ ĨŽƌ ƐƉĞĐŝĨŝĐ
ƉĞƌĨŽƌŵĂŶĐĞ ĂŶĚ ŽƚŚĞƌ Đŝǀŝů ĐůĂŝŵƐ͘ dŚĞ ŽŵƉĂŶǇ ĂůƐŽ ĨŝůĞĚ ĐƌŝŵŝŶĂů ĐĂƐĞƐ ĂŐĂŝŶƐƚ ĞŵƉůŽǇĞĞƐ ĂŶĚ ŽƚŚĞƌ ƉĞƌƐŽŶƐ
ĂƌŝƐŝŶŐĨƌŽŵƚŚĞĨƚ͕ĞƐƚĂĨĂĂŶĚƌŽďďĞƌǇ͖ĐŝǀŝůĐůĂŝŵƐĨŽƌĐŽůůĞĐƚŝŽŶŽĨƐƵŵŽĨŵŽŶĞǇ͕ƐƉĞĐŝĨŝĐƉĞƌĨŽƌŵĂŶĐĞĂŶĚĚĂŵĂŐĞƐ͘
ůůƐƵĐŚĐĂƐĞƐĂƌĞŝŶƚŚĞŶŽƌŵĂůĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐĂŶĚĂƌĞŶŽƚĚĞĞŵĞĚŽƌĐŽŶƐŝĚĞƌĞĚĂƐŵĂƚĞƌŝĂůůĞŐĂůƉƌŽĐĞĞĚŝŶŐĂƐ
ƐƚĂƚĞĚŝŶWĂƌƚ/͕WĂƌĂŐƌĂƉŚ;ͿŽĨ͞ŶŶĞǆ͟ŽĨ^ĐŚĞĐŬůŝƐƚϭϳͲ͘

ŐͿ YƵĂůŝĨŝĐĂƚŝŽŶŽĨŝƌĞĐƚŽƌƐ

dŽƚŚĞŬŶŽǁůĞĚŐĞĂŶĚͬŽƌŝŶĨŽƌŵĂƚŝŽŶŽĨƚŚĞŽŵƉĂŶǇ͕ƚŚĞĂďŽǀĞͲŶĂŵĞĚĚŝƌĞĐƚŽƌƐŚĂǀĞĂůůƚŚĞƋƵĂůŝĨŝĐĂƚŝŽŶƐĂŶĚ
ŶŽŶĞ ŽĨ ƚŚĞ ĚŝƐƋƵĂůŝĨŝĐĂƚŝŽŶƐ ĂƐ ƉƌŽǀŝĚĞĚ ŝŶ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ DĂŶƵĂů ŽŶ ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ ĂŶĚ ƚŚĞ ƌĞǀŝƐĞĚ
^ĞĐƵƌŝƚŝĞƐZĞŐƵůĂƚŝŽŶŽĚĞ͘

ŚͿ ĞƌƚĂŝŶZĞůĂƚŝŽŶƐŚŝƉƐĂŶĚZĞůĂƚĞĚdƌĂŶƐĂĐƚŝŽŶƐ

dŚĞŽŵƉĂŶǇ;Žƌ͞W^͟ͿĞǆĞĐƵƚĞĚĂůŝĐĞŶƐŝŶŐĂŐƌĞĞŵĞŶƚǁŝƚŚ^ĞǀĞŶůĞǀĞŶ͕/ŶĐ͘;^/Ϳ͕ŽĨdĞǆĂƐ͕h^ŐƌĂŶƚŝŶŐƚŚĞ
ĞǆĐůƵƐŝǀĞƌŝŐŚƚƚŽƵƐĞƚŚĞϳͲůĞǀĞŶ^ǇƐƚĞŵŝŶƚŚĞWŚŝůŝƉƉŝŶĞƐĂŶĚƚŚĞŽŵƉĂŶǇƉĂǇƐ͕ĂŵŽŶŐŽƚŚĞƌƐ͕ƌŽǇĂůƚǇĨĞĞƚŽ^/͘
^/ŝƐĂůƐŽĂƐƚŽĐŬŚŽůĚĞƌŝŶW^ĂŶĚŚŽůĚƐϬ͘ϯϵйŽĨW^͛ƐŽƵƚƐƚĂŶĚŝŶŐƐƚŽĐŬƐ͘

W^ŚĂƐƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚWŚŝů^ĞǀĞŶ&ŽƵŶĚĂƚŝŽŶ͕/ŶĐ͘;W&/Ϳ͕ĂĨŽƵŶĚĂƚŝŽŶǁŝƚŚĐŽŵŵŽŶŬĞǇŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞ
ŽŵƉĂŶǇ͘W^ŚĂƐĂDKhǁŝƚŚW&/ǁŚĞƌĞďǇƚŚĞůĂƚƚĞƌŝŵƉůĞŵĞŶƚƐƚŚĞ^ZƉƌŽŐƌĂŵŽĨW^ŝŶƚŚĞĐŽŵŵƵŶŝƚŝĞƐǁŚĞƌĞ
ŝƚƐϳͲůĞǀĞŶƐƚŽƌĞƐĂƌĞůŽĐĂƚĞĚ͘dŚĞDKhĂůƐŽƉƌŽǀŝĚĞƐƚŚĞƉůĞĚŐĞŽĨW^ƚŽĂůůŽĐĂƚĞЪŽĨϭйŽĨŝƚƐŶĞƚŝŶĐŽŵĞďĞĨŽƌĞ
ƚĂǆƚŽƐƵƉƉŽƌƚW&/͛ƐƉƌŽŐƌĂŵƐƚŽďĞƌĞůĞĂƐĞĚŝŶƋƵĂƌƚĞƌůǇƚƌĂŶĐŚĞƐďĂƐĞĚŽŶƐƉĞĐŝĨŝĐĂƉƉƌŽǀĞĚƉƌŽŐƌĂŵƐŶŽƚĞǆĐĞĞĚŝŶŐ
ĂŶŶƵĂůůŝŵŝƚ͘

dŚĞ ŽŵƉĂŶǇ ŚĂƐ Ă ĐŽŶƚƌĂĐƚ ĨŽƌ ůŽŐŝƐƚŝĐƐ ƐĞƌǀŝĐĞƐ ǁŝƚŚ ŽŶǀĞŶŝĞŶĐĞ ŝƐƚƌŝďƵƚŝŽŶ /ŶĐ͘ ;/Ϳ͕ ŝƚƐ ǁŚŽůůǇͲŽǁŶĞĚ
ƐƵďƐŝĚŝĂƌǇ͘dŚĞŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚĂŶĚWƌĞƐŝĚĞŶƚŽĨ/͕Dƌ͘:ŽƐĞsŝĐƚŽƌWĂƚĞƌŶŽ͕ŝƐĂůƐŽƚŚĞWƌĞƐŝĚĞŶƚΘKŽĨ
W^͘

^ƚŽƌĞ^ŝƚĞƐ,ŽůĚŝŶŐƐ͕/ŶĐ͘ŝƐĂůĂŶĚŚŽůĚŝŶŐĐŽŵƉĂŶǇĂĨĨŝůŝĂƚĞĚǁŝƚŚW^ĂŶĚŝƚůĞĂƐĞƐŽŶůŽŶŐƚĞƌŵďĂƐŝƐϳƉĂƌĐĞůƐ
ŽĨůĂŶĚƚŽW^ĨŽƌŝƚƐŽƉĞƌĂƚŝŽŶŽĨϳͲůĞǀĞŶ^ƚŽƌĞƐ͘

dŚĞŽŵƉĂŶǇ͕ĨƌŽŵƚŝŵĞƚŽƚŝŵĞ͕ŵĂŬĞƐƉƵƌĐŚĂƐĞƐŽĨĞƋƵŝƉŵĞŶƚĨƌŽŵWƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞŽƌƉŽƌĂƚŝŽŶ;ĂŶĚ
ŝƚƐƐƵďƐŝĚŝĂƌŝĞƐͬĂĨĨŝůŝĂƚĞƐͿ͕ǁŚŝĐŚŝƐƚŚĞƉĂƌĞŶƚĐŽŵƉĂŶǇŽĨWƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞ;>ĂďƵĂŶͿ,ŽůĚŝŶŐ>ƚĚ͕͘ŚŽůĚŝŶŐϱϮ͘ϮϮй
ŽĨ W^͛Ɛ ŽƵƚƐƚĂŶĚŝŶŐ ƐŚĂƌĞƐ͘ ĞƌƚĂŝŶ ƉƌŽĚƵĐƚƐ ĂƌĞ ĂůƐŽ ƉƵƌĐŚĂƐĞĚ ĨƌŽŵ hŶŝͲ WƌĞƐŝĚĞŶƚ ŽƌƉŽƌĂƚŝŽŶ͕ ǁŚŝĐŚ ŝƐ ƚŚĞ
ƉĂƌĞŶƚĐŽŵƉĂŶǇŽĨWƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞŽƌƉŽƌĂƚŝŽŶ͘

dŚĞ ŽŵƉĂŶǇ ŚĂǀĞ ůĞĂƐĞ ĂŶĚͬŽƌ ƐƵďůĞĂƐĞ ĂŐƌĞĞŵĞŶƚƐ ǁŝƚŚ WƌŽŐƌĞƐƐŝǀĞ ĞǀĞůŽƉŵĞŶƚ ŽƌƉŽƌĂƚŝŽŶ ĨŽƌ
ĐŽŵŵĞƌĐŝĂůƐƉĂĐĞƐŝŶĞǆĐĞƐƐŽĨƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶǇĨŽƌŝƚƐϳͲůĞǀĞŶƐƚŽƌĞƐ͕ĂŶĚƐƵƉƉůǇĂƌƌĂŶŐĞŵĞŶƚĨŽƌ
ĐĞƌƚĂŝŶƉƌŽĚƵĐƚƐͬƐĞƌǀŝĐĞƐĐĂƌƌŝĞĚďǇƚŚĞƐƚŽƌĞƐǁŝƚŚůĞĐƚƌŽŶŝĐŽŵŵĞƌĐĞWĂǇŵĞŶƚƐEĞƚǁŽƌŬ͕/ŶĐ͘;WzͿ͘Dƌ͘:ŽƌŐĞ
>͘ƌĂŶĞƚĂ͕ĂĚŝƌĞĐƚŽƌŽĨƚŚĞŽŵƉĂŶǇ͕ŝƐƚŚĞŚĂŝƌŵĂŶĂŶĚWƌĞƐŝĚĞŶƚŽĨWƌŽŐƌĞƐƐŝǀĞĞǀĞůŽƉŵĞŶƚŽƌƉŽƌĂƚŝŽŶ;ŽǁŶĞƌ
ŽĨWŝǌǌĂ,ƵƚWŚŝůŝƉƉŝŶĞ&ƌĂŶĐŚŝƐĞͿĂŶĚDƌ͘:ŽƐĞsŝĐƚŽƌWĂƚĞƌŶŽ͕ĂĚŝƌĞĐƚŽƌĂŶĚWƌĞƐŝĚĞŶƚŽĨƚŚĞŽŵƉĂŶǇ͕ŝƐĂĚŝƌĞĐƚŽƌ
ŝŶWz͘

/ŶĂĚĚŝƚŝŽŶƚŽƚŚĞƉƌĞĐĞĚŝŶŐƉĂƌĂŐƌĂƉŚƐ͕ƚŚĞƌĞůĂƚĞĚƉĂƌƚǇƚƌĂŶƐĂĐƚŝŽŶƐĂƌĞĚĞƐĐƌŝďĞĚŝŶĚĞƚĂŝůƉƵƌƐƵĂŶƚƚŽƚŚĞ
ĚŝƐĐůŽƐƵƌĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƉƌĞƐĐƌŝďĞĚ ďǇ ƚŚĞ ŽŵŵŝƐƐŝŽŶ͘ ZĞůĂƚĞĚ ƉĂƌƚǇ ƌĞůĂƚŝŽŶƐŚŝƉƐ ĞǆŝƐƚ ǁŚĞŶ ŽŶĞ ƉĂƌƚǇ ŚĂƐ ƚŚĞ
18
ĂďŝůŝƚǇ ƚŽ ĐŽŶƚƌŽů͕ ĚŝƌĞĐƚůǇ Žƌ ŝŶĚŝƌĞĐƚůǇ ƚŚƌŽƵŐŚ ŽŶĞ Žƌ ŵŽƌĞ ŝŶƚĞƌŵĞĚŝĂƌŝĞƐ͕ ƚŚĞ ŽƚŚĞƌ ƉĂƌƚǇ Žƌ ĞǆĞƌĐŝƐĞ ƐŝŐŶŝĨŝĐĂŶƚ
ŝŶĨůƵĞŶĐĞŽǀĞƌƚŚĞŽƚŚĞƌƉĂƌƚǇŝŶŵĂŬŝŶŐĨŝŶĂŶĐŝĂůĂŶĚŽƉĞƌĂƚŝŶŐĚĞĐŝƐŝŽŶƐ͘

dŚĞ ĨŽůůŽǁŝŶŐ ƌĞůĂƚĞĚ ƉĂƌƚǇ ƚƌĂŶƐĂĐƚŝŽŶƐ ĂƌĞ ĐůĂƐƐŝĨŝĞĚ ĂƐ ŶŽƌŵĂů ŝŶ ƚŚĞ ŽƌĚŝŶĂƌǇ ĐŽƵƌƐĞ ŽĨ ďƵƐŝŶĞƐƐ͘ dŚĞ
ĐŽŵŵĞƌĐŝĂůƚĞƌŵƐĐŽǀĞƌŝŶŐƚŚĞƐĂŝĚƚƌĂŶƐĂĐƚŝŽŶƐĂƌĞĚŽŶĞŽŶĂŶĂƌŵƐůĞŶŐƚŚďĂƐŝƐĂŶĚĂƌĞƉƌŝĐĞĚŝŶƐƵĐŚĂŵĂŶŶĞƌ
ƐŝŵŝůĂƌƚŽǁŚĂƚŝŶĚĞƉĞŶĚĞŶƚ ƉĂƌƚŝĞƐǁŽƵůĚ ŶŽƌŵĂůůǇ ĂŐƌĞĞǁŝƚŚ͘ dŚĞĚŝƐĐƵƐƐŝŽŶŽŶƚŚŝƐŝƚĞŵĐĂŶ ďĞĐŽƌƌĞůĂƚĞĚǁŝƚŚ
EŽƚĞ Ϯϰ͕ ZĞůĂƚĞĚ WĂƌƚǇ dƌĂŶƐĂĐƚŝŽŶƐ͕ ŽĨ ƚŚĞ EŽƚĞƐ ƚŽ ƚŚĞ ϮϬϭϳ ƵĚŝƚĞĚ ŽŶƐŽůŝĚĂƚĞĚ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ
ŽŵƉĂŶǇ

dƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚƌĞůĂƚĞĚƉĂƌƚŝĞƐĐŽŶƐŝƐƚŽĨ͗

Ă͘ W^ ĂŶĚ / ŚĂǀĞ ƚƌĂŶƐĂĐƚŝŽŶƐ ǁŝƚŚ W&/͕ Ă ĨŽƵŶĚĂƚŝŽŶ ǁŝƚŚ ĐŽŵŵŽŶ ŬĞǇ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƚŚĞ 'ƌŽƵƉ͕
ĐŽŶƐŝƐƚŝŶŐŽĨĚŽŶĂƚŝŽŶƐĂŶĚŶŽŶŝŶƚĞƌĞƐƚͲďĞĂƌŝŶŐĂĚǀĂŶĐĞƐƉĞƌƚĂŝŶŝŶŐƉƌŝŵĂƌŝůǇƚŽƐĂůĂƌŝĞƐ͕ƚĂǆĞƐĂŶĚŽƚŚĞƌ
ŽƉĞƌĂƚŝŶŐĞǆƉĞŶƐĞƐŝŶŝƚŝĂůůǇƉĂŝĚďǇW^ĨŽƌW&/͘ŽŶĂƚŝŽŶƐƉĂǇĂďůĞƚŽW&/ŝƐƉƌĞƐĞŶƚĞĚƵŶĚĞƌ͞KƚŚĞƌƐ͟ŝŶƚŚĞ
͞KƚŚĞƌĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ͟ŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚďĂůĂŶĐĞƐŚĞĞƚƐ;ƐĞĞEŽƚĞϭϮͿ͘

ĂůĂŶĐĞƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞĨŽƌĞŐŽŝŶŐƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚƌĞůĂƚĞĚƉĂƌƚŝĞƐĂƌĞĂƐĨŽůůŽǁƐ͗

dƌĂŶƐĂĐƚŝŽŶƐĨŽƌƚŚĞ KƵƚƐƚĂŶĚŝŶŐĂůĂŶĐĞ
ZĞůĂƚĞĚ EĂƚƵƌĞŽĨ dĞƌŵƐĂŶĚ zĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ ĂƐĂƚĞĐĞŵďĞƌϯϭ
WĂƌƚŝĞƐ ZĞůĂƚŝŽŶƐŚŝƉ dƌĂŶƐĂĐƚŝŽŶƐ ŽŶĚŝƚŝŽŶƐ ϮϬϭϳ ϮϬϭϲ ϮϬϭϳ ϮϬϭϲ
ZĞĐĞŝǀĂďůĞƐ
W&/;EŽƚĞϱͿ ĨĨŝůŝĂƚĞ EŽŶŝŶƚĞƌĞƐƚͲ hŶƐĞĐƵƌĞĚ͕ŶŽ
ďĞĂƌŝŶŐ ŝŵƉĂŝƌŵĞŶƚŝŶ
ĂĚǀĂŶĐĞƐ ϮϬϭϳĂŶĚϮϬϭϲ͘
ŵŽƵŶƚƐĂƌĞĚƵĞ
ĂŶĚĚĞŵĂŶĚĂďůĞ͘ W
сϲϱϬ͕Ϭϭϱ W
сϲϯϳ͕Ϯϭϱ W
сϮϭϮ͕ϭϮϱ W
сϰ͕ϳϮϱ͕ϲϵϴ
KƚŚĞƌĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ
W&/ ĨĨŝůŝĂƚĞ ŽŶĂƚŝŽŶƐ ůůŽĐĂƚĞĚĂŶŶƵĂů
ĨƵŶĚĞƋƵŝǀĂůĞŶƚ
ƚŽϬ͘ϱйŽĨ
ĞĂƌŶŝŶŐƐďĞĨŽƌĞ
ŝŶĐŽŵĞƚĂǆĂŶĚ
W
сϳϮϬ͕ϬϬϬ
ĚŽŶĂƚŝŽŶĨƌŽŵ
/ŝŶϮϬϭϲ͘
WĂǇĂďůĞǁŝƚŚŝŶ
ϯϬĚĂǇƐ͘Ύ W
сͲ W
сϵϴϬ͕ϬϬϬ W
сͲ W
сϯ͕Ϯϰϵ͕ϯϲϲ
ΎW^ƐŚĂůůƌĞůĞĂƐĞƚŚĞĂůůŽĐĂƚĞĚĨƵŶĚƋƵĂƌƚĞƌůǇǁŚŝĐŚƐŚĂůůĐŽƌƌĞƐƉŽŶĚƚŽƚŚĞƐƉĞĐŝĨŝĐƉƌŽŐƌĂŵƐŽĨW&/ĂŶĚŝƚƐďƵĚŐĞƚĂƉƉƌŽǀĞĚ
ďǇƚŚĞKd͕ĂŶĚƚŚĞƚŽƚĂůĂŵŽƵŶƚŽĨĚŽŶĂƚŝŽŶĨŽƌĞĂĐŚǇĞĂƌƐŚĂůůŶŽƚĞǆĐĞĞĚW сϮϬ͕ϬϬϬ͕ϬϬϬ͘/ŚĂĚŶŽĚŽŶĂƚŝŽŶƐƚŽW&/ŝŶϮϬϭϳ
ĂŶĚƐŚĂůůĚŽŶĂƚĞĂŶĂŵŽƵŶƚĂƐŵĂǇďĞĂƉƉƌŽǀĞĚďǇƚŚĞKŽĨ/ǁŚŝĐŚƐŚĂůůďĞƌĞŵŝƚƚĞĚƚŽW&/ƚŚĞǇĞĂƌĨŽůůŽǁŝŶŐŝŶĞƋƵĂů
ƋƵĂƌƚĞƌůǇ ƚƌĂŶĐŚĞƐ ĐŽŵŵĞŶĐŝŶŐ ƵƉŽŶ ƌĞĐŽŐŶŝƚŝŽŶ ŽĨ W&/ ĂƐ Ă ĚŽŶĞĞ ŝŶƐƚŝƚƵƚŝŽŶ ƵƉŽŶ ĂĐĐƌĞĚŝƚĂƚŝŽŶ ďǇ ƚŚĞ ƵƌĞĂƵ ŽĨ /ŶƚĞƌŶĂů
ZĞǀĞŶƵĞ͘

ď͘ ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƚŚĞ'ƌŽƵƉ͛ƐĚĞĨŝŶĞĚďĞŶĞĨŝƚƌĞƚŝƌĞŵĞŶƚĨƵŶĚŚĂƐŝŶǀĞƐƚŵĞŶƚƐŝŶƐŚĂƌĞƐ
ŽĨƐƚŽĐŬŽĨƚŚĞWĂƌĞŶƚŽŵƉĂŶǇǁŝƚŚĂĐŽƐƚŽĨW
сϭϮϮ͕ϰϭϳ͘dŚĞƌĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚĨƵŶĚĞĂƌŶĞĚĂŐĂŝŶĂƌŝƐŝŶŐ
ĨƌŽŵĐŚĂŶŐĞƐŝŶŵĂƌŬĞƚƉƌŝĐĞƐĂŵŽƵŶƚŝŶŐƚŽWсϮ͕ϱϮϱ͕ϮϵϬĂŶĚW
сϭ͕ϲϰϰ͕ϭϮϱŝŶϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůǇ͘

ŝͿ ůĞĐƚŝŽŶŽĨŝƌĞĐƚŽƌƐͬdĞƌŵŽĨKĨĨŝĐĞ

dŚĞĚŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶǇĂƌĞĞůĞĐƚĞĚĂƚƚŚĞŶŶƵĂů^ƚŽĐŬŚŽůĚĞƌƐ͛DĞĞƚŝŶŐƚŽŚŽůĚŽĨĨŝĐĞĨŽƌŽŶĞ;ϭͿǇĞĂƌĂŶĚ
ƵŶƚŝůƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞƐƵĐĐĞƐƐŽƌƐŚĂǀĞďĞĞŶĞůĞĐƚĞĚĂŶĚƋƵĂůŝĨŝĞĚ͘

ũͿ /ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ

dŚĞ ŝŶĚĞƉĞŶĚĞŶƚ ĚŝƌĞĐƚŽƌƐ ŽĨ ƚŚĞ ŽŵƉĂŶǇ ĂƐ ŽĨ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂƌĞ Dƌ͘ :ŽƐĞ d͘ WĂƌĚŽ͕ Dƌ͘ DŝĐŚĂĞů ͘
ĂůĂŵĞĂĂŶĚDƌ͘ŶƚŽŶŝŽ:ŽƐĞh͘WĞƌŝƋƵĞƚ͕:ƌ͕͘ƚŚĞǇĂƌĞŶŽƚŽĨĨŝĐĞƌƐŽƌƐƵďƐƚĂŶƚŝĂůƐŚĂƌĞŚŽůĚĞƌƐŽĨWŚŝůŝƉƉŝŶĞ^ĞǀĞŶ
ŽƌƉŽƌĂƚŝŽŶŶŽƌĂƌĞƚŚĞǇƚŚĞĚŝƌĞĐƚŽƌƐŽƌŽĨĨŝĐĞƌƐŽĨŝƚƐƌĞůĂƚĞĚĐŽŵƉĂŶŝĞƐ͘dŚĞŝƌƐŚĂƌĞŚŽůĚŝŶŐƐŝŶƚŚĞŽƌƉŽƌĂƚŝŽŶĂƌĞ
ůĞƐƐƚŚĂŶϮйŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶ͛ƐŽƵƚƐƚĂŶĚŝŶŐĐĂƉŝƚĂůƐƚŽĐŬƉƵƌƐƵĂŶƚƚŽ^ĞĐƚŝŽŶϯϴŽĨƚŚĞ^Z͘ďƌŝĞĨĚĞƐĐƌŝƉƚŝŽŶŽĨ
19
ƚŚĞ ďƵƐŝŶĞƐƐ ĞǆƉĞƌŝĞŶĐĞƐ ŽĨ Dƌ͘ :ŽƐĞ d͘ WĂƌĚŽ͕ Dƌ͘ DŝĐŚĂĞů ͘ ĂůĂŵĞĂ ĂŶĚ Dƌ͘ ŶƚŽŶŝŽ :ŽƐĞ h͘ WĞƌŝƋƵĞƚ͕ :ƌ͘ ŝƐ
ŝŶĐůƵĚĞĚŝŶ/ƚĞŵϵWĂƌƚ///ŽĨƚŚŝƐƌĞƉŽƌƚ͘

EŽŵŝŶĂƚŝŽŶWƌŽĐĞĚƵƌĞ͗

ϭ͘ ƐƚŽĐŬŚŽůĚĞƌŵĂǇƌĞĐŽŵŵĞŶĚƚŚĞŶŽŵŝŶĂƚŝŽŶŽĨĂĚŝƌĞĐƚŽƌƚŽƚŚĞEŽŵŝŶĂƚŝŽŶŽŵŵŝƚƚĞĞ͖
Ϯ͘ dŚĞ ŶŽŵŝŶĂƚŝŶŐ ƐƚŽĐŬŚŽůĚĞƌ ƐŚĂůů ƐƵďŵŝƚ ŚŝƐ ƉƌŽƉŽƐĞĚ ŶŽŵŝŶĂƚŝŽŶ ŝŶ ǁƌŝƚŝŶŐ ƚŽ ƚŚĞ EŽŵŝŶĂƚŝŽŶ Θ
'ŽǀĞƌŶĂŶĐĞŽŵŵŝƚƚĞĞ͕ƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞĂĐĐĞƉƚĂŶĐĞĂŶĚĐŽŶĨŽƌŵŝƚǇŽĨƚŚĞǁŽƵůĚͲďĞŶŽŵŝŶĞĞ͖
ϯ͘ dŚĞ EŽŵŝŶĂƚŝŽŶ Θ 'ŽǀĞƌŶĂŶĐĞ ŽŵŵŝƚƚĞĞ ƐŚĂůů ƐĐƌĞĞŶ ƚŚĞ ŶŽŵŝŶĂƚŝŽŶƐ ŽĨ ĚŝƌĞĐƚŽƌƐ ƉƌŝŽƌ ƚŽ ƚŚĞ
ƐƚŽĐŬŚŽůĚĞƌƐ͛ŵĞĞƚŝŶŐĂŶĚĐŽŵĞƵƉǁŝƚŚƚŚĞ&ŝŶĂů>ŝƐƚŽĨĂŶĚŝĚĂƚĞƐ͖
ϰ͘ KŶůǇ ŶŽŵŝŶĞĞƐ ǁŚŽƐĞ ŶĂŵĞƐ ĂƉƉĞĂƌ ŝŶ ƚŚĞ &ŝŶĂů >ŝƐƚ ŽĨ ĂŶĚŝĚĂƚĞƐ ƐŚĂůů ďĞ ĞůŝŐŝďůĞ ĨŽƌ ĞůĞĐƚŝŽŶ ĂƐ
ŝŶĚĞƉĞŶĚĞŶƚĚŝƌĞĐƚŽƌ͘

ŬͿ ŽĂƌĚŽŵŵŝƚƚĞĞƐ

ƵĚŝƚŽŵŵŝƚƚĞĞ

dŚĞƵĚŝƚŽŵŵŝƚƚĞĞĂƐƐŝƐƚƐ ƚŚĞŽĂƌĚ ŝŶ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ŝƚƐ ŽǀĞƌƐŝŐŚƚƌĞƐƉŽŶƐŝďŝůŝƚǇ ĨŽƌ ƚŚĞ
ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ ƉƌŽĐĞƐƐ͕ ƐǇƐƚĞŵ ŽĨ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů͕ ĂƵĚŝƚ ƉƌŽĐĞƐƐ͕ ĂŶĚ ŵŽŶŝƚŽƌŝŶŐ ŽĨ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ
ĂƉƉůŝĐĂďůĞůĂǁƐ͕ƌƵůĞƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ͘/ƚ ĂůƐŽ ƉƌŽǀŝĚĞƐ ŽǀĞƌƐŝŐŚƚ ŽǀĞƌ DĂŶĂŐĞŵĞŶƚ͛Ɛ ĂĐƚŝǀŝƚŝĞƐ ŝŶ ŵĂŶĂŐŝŶŐ ĐƌĞĚŝƚ͕
ŵĂƌŬĞƚ͕ ůŝƋƵŝĚŝƚǇ͕ ŽƉĞƌĂƚŝŽŶĂů͕ ůĞŐĂů ĂŶĚ ŽƚŚĞƌ ƌŝƐŬƐ ŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶ͖ĂŶĚƉĞƌĨŽƌŵƐ ŽǀĞƌƐŝŐŚƚ ĨƵŶĐƚŝŽŶƐ ŽǀĞƌ ƚŚĞ
ŽƌƉŽƌĂƚŝŽŶ͛Ɛ ŝŶƚĞƌŶĂůĂŶĚĞǆƚĞƌŶĂů ĂƵĚŝƚŽƌƐ͘

ZĞƉŽƌƚŽĨƚŚĞƵĚŝƚŽŵŵŝƚƚĞĞƚŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ

&ƵƌƚŚĞƌ ƚŽ ŽƵƌ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ĂƉƉůŝĐĂďůĞ ĐŽƌƉŽƌĂƚĞ ŐŽǀĞƌŶĂŶĐĞ ůĂǁƐ ĂŶĚ ƌƵůĞƐ͕ ǁĞ ĐŽŶĨŝƌŵ ĨŽƌ ƚŚĞ ǇĞĂƌ
ϮϬϭϳƚŚĂƚ͗

ŶŝŶĚĞƉĞŶĚĞŶƚĚŝƌĞĐƚŽƌĐŚĂŝƌƐƚŚĞƵĚŝƚŽŵŵŝƚƚĞĞ͕ƚǁŽ;ϮͿŽƵƚŽĨƚŚĞƚŚƌĞĞŵĞŵďĞƌƐŽĨƚŚĞŽŵŵŝƚƚĞĞ
ĂƌĞŝŶĚĞƉĞŶĚĞŶƚĚŝƌĞĐƚŽƌƐ͘

dŚĞ ŽŵŵŝƚƚĞĞ ŚĂĚ ƚǁŽ ;ϮͿ ŵĞĞƚŝŶŐƐ ĚƵƌŝŶŐ ƚŚĞ ǇĞĂƌ͘ dŚĞ ŵĞĞƚŝŶŐƐ ŽĨ ƚŚĞ ŽŵŵŝƚƚĞĞ ĂƌĞ ĚĞƐŝŐŶĞĚ ƚŽ
ĨĂĐŝůŝƚĂƚĞ ĂŶĚ ĞŶĐŽƵƌĂŐĞ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ĂŵŽŶŐ ƚŚĞ ŽŵŵŝƚƚĞĞ͕ ƚŚĞ ŽŵƉĂŶǇ͕ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ŝŶƚĞƌŶĂů ĂƵĚŝƚ
ĨƵŶĐƚŝŽŶ ĂŶĚ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ŝŶĚĞƉĞŶĚĞŶƚ ĂƵĚŝƚŽƌ͘ dŚĞ ŽŵŵŝƚƚĞĞ ŝŶ ŝƚƐ ŵĞĞƚŝŶŐƐ͕ ƌĞǀŝĞǁĞĚ ĂŶĚ ĂƉƉƌŽǀĞĚ Ăůů
ĂƵĚŝƚĂŶĚƌĞǀŝĞǁƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚďǇĞǆƚĞƌŶĂůĂƵĚŝƚŽƌ͕^'sΘŽ͕͘ƚŽW^͕ĂŶĚƚŚĞƌĞůĂƚĞĚĨĞĞƐĨŽƌƐƵĐŚƐĞƌǀŝĐĞƐ͖

ĐĐŽƌĚŝŶŐƚŽŝƚƐĐŚĂƌƚĞƌ͕ƚŚĞƉƌŝŵĂƌǇƉƵƌƉŽƐĞŽĨƚŚĞŽŵŵŝƚƚĞĞŝƐƚŽĂƐƐŝƐƚƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŝŶĨƵůĨŝůůŝŶŐ
ŝƚƐ ŽǀĞƌƐŝŐŚƚ ƌĞƐƉŽŶƐŝďŝůŝƚǇ ĨŽƌ ƚŚĞ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ ƉƌŽĐĞƐƐ͕ ƚ Ś Ğ ƐǇƐƚĞŵ ŽĨ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů͕ ƚ Ś Ğ
ŵ Ă ŝ Ŷ ƚ Ğ Ŷ Ă Ŷ Đ Ğ Ž Ĩ Ă Ŷ Ğ Ĩ Ĩ Ğ Đ ƚ ŝ ǀ Ğ ĂƵĚŝƚ ƉƌŽĐĞƐƐ͕ ĂŶĚ ŵŽŶŝƚŽƌŝŶŐ ŽĨ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ĂƉƉůŝĐĂďůĞ ůĞŐĂů ĂŶĚ
ƌĞŐƵůĂƚŽƌǇŵĂƚƚĞƌƐ͘

dŚĞ ŽŵŵŝƚƚĞĞ ƉƌŽǀŝĚĞƐ ŽǀĞƌƐŝŐŚƚ ŽǀĞƌ DĂŶĂŐĞŵĞŶƚ͛Ɛ ĂĐƚŝǀŝƚŝĞƐ ŝŶ ŵĂŶĂŐŝŶŐ ĐƌĞĚŝƚ͕ ŵĂƌŬĞƚ͕ ůŝƋƵŝĚŝƚǇ͕
ŽƉĞƌĂƚŝŽŶĂů͕ ůĞŐĂů ĂŶĚ ŽƚŚĞƌ ƌŝƐŬƐ ŽĨ ƚŚĞ ŽƌƉŽƌĂƚŝŽŶ͘ dŚŝƐ ĨƵŶĐƚŝŽŶ ƐŚĂůů ŝŶĐůƵĚĞ ƌĞŐƵůĂƌ ƌĞĐĞŝƉƚ ĨƌŽŵ
DĂŶĂŐĞŵĞŶƚ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ƌŝƐŬ ĞǆƉŽƐƵƌĞƐ ĂŶĚ ƌŝƐŬŵĂŶĂŐĞŵĞŶƚĂĐƚŝǀŝƚŝĞƐ͘dŚĞŽŵŵŝƚƚĞĞĂůƐŽŵŽŶŝƚŽƌƐ
ĂŶĚ ĞǀĂůƵĂƚĞƐ ƚŚĞ ĂĚĞƋƵĂĐǇ ĂŶĚ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ŽĨ ƚŚĞŽƌƉŽƌĂƚŝŽŶ͛ƐŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐǇƐƚĞŵ͕ŝŶĐůƵĚŝŶŐĨŝŶĂŶĐŝĂů
ƌĞƉŽƌƚŝŶŐĐŽŶƚƌŽůĂŶĚŝŶĨŽƌŵĂƚŝŽŶƚĞĐŚŶŽůŽŐǇƐĞĐƵƌŝƚǇ͘

dŚĞ ƵĚŝƚ ŽŵŵŝƚƚĞĞ ŽǀĞƌƐĞĞƐ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ ƉƌŽĐĞƐƐ ŽŶ ďĞŚĂůĨ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ
ŝƌĞĐƚŽƌƐ͘ dŚĞ ŽŵƉĂŶǇ͛Ɛ ŵĂŶĂŐĞŵĞŶƚ ŚĂƐ ƚŚĞ ƉƌŝŵĂƌǇ ƌĞƐƉŽŶƐŝďŝůŝƚǇ ĨŽƌ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ ĨŽƌ
ŵĂŝŶƚĂŝŶŝŶŐ ĞĨĨĞĐƚŝǀĞ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů ŽǀĞƌ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ͕ ĂŶĚ ĨŽƌ ĂƐƐĞƐƐŝŶŐ ƚŚĞ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ŽĨ ŝŶƚĞƌŶĂů
ĐŽŶƚƌŽůŽǀĞƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐ͘

dŚĞŽŵŵŝƚƚĞĞĚŝƐĐƵƐƐĞĚǁŝƚŚ^'sΘŽ͘ĂůůƚŚĞŝƚĞŵƐƌĞƋƵŝƌĞĚƚŽďĞĚŝƐĐƵƐƐĞĚďǇƚŚĞƉƌĞǀĂŝůŝŶŐĂƉƉůŝĐĂďůĞ
ƵĚŝƚŝŶŐ^ƚĂŶĚĂƌĚ͕ŝŶĐůƵĚŝŶŐƚŚĞƌĞƋƵŝƌĞĚĐŽŵŵƵŶŝĐĂƚŝŽŶƐƚŽƚŚĞƵĚŝƚŽŵŵŝƚƚĞĞŽŶƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐƵŶĚĞƌ
WŚŝůŝƉƉŝŶĞ^ƚĂŶĚĂƌĚƐŝŶ ƵĚŝƚŝŶŐ͕ƚŚĞĐŽŶĨŝƌŵĂƚŝŽŶ ŽĨŝŶĚĞƉĞŶĚĞŶĐĞŽĨ^'sΘŽ͘ĨƌŽŵW^ĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
ĂŶĚ W^ΖƐ ŵĂŶĂŐĞŵĞŶƚ ĂƐ ƌĞƋƵŝƌĞĚ ďǇ ƚŚĞ ĂƉƉůŝĐĂďůĞ /ŶĚĞƉĞŶĚĞŶĐĞ ^ƚĂŶĚĂƌĚƐ ;^ƚĂƚĞŵĞŶƚ ŽĨ /ŶĚĞƉĞŶĚĞŶĐĞͿ͕
ĂŶĚĨƌĂƵĚŝŶƋƵŝƌǇǁŚŝĐŚ^'sΘŽ͘ĐŽŶĨŝƌŵĞĚƚŚĂƚŝƚŝƐŶŽƚĂǁĂƌĞŽĨĂŶǇŵĂƚƚĞƌƐƚŚĂƚƌĞƋƵŝƌĞĐŽŵŵƵŶŝĐĂƚŝŽŶ͖

20
Ɛ ƉĂƌƚ ŽĨ ŝƚƐ ŽǀĞƌƐŝŐŚƚ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͕ ƚŚĞ ŽŵŵŝƚƚĞĞ ƌĞǀŝĞǁĞĚ ĂŶĚ ĚŝƐĐƵƐƐĞĚ ƚŚĞ ĂƵĚŝƚĞĚ ĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐŽĨW^ĂŶĚƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĂƵĚŝƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨW^ĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂƐŽĨĂŶĚĨŽƌƚŚĞ
ǇĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ǁŝƚŚ ƚŚĞ W^͛Ɛ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ǁŝƚŚ ^'s͘ ^'s ŚĂƐ ĞǆƉƌĞƐƐĞĚ ŝƚƐ ŽƉŝŶŝŽŶ ŽŶ
W^͛ƐĐŽŶĨŽƌŵŝƚǇǁŝƚŚWŚŝůŝƉƉŝŶĞ&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚƐ;W&Z^Ϳ͖

ĂƐĞĚŽŶƚŚĞĨŽƌĞŐŽŝŶŐďƵƚƐƵďũĞĐƚƚŽƚŚĞůŝŵŝƚĂƚŝŽŶƐŽĨƚŚĞŽŵŵŝƚƚĞĞ͛ƐƌŽůĞĂƐĞŶĐŽŵƉĂƐƐĞĚŝŶŽƵƌƵĚŝƚ
ŽŵŵŝƚƚĞĞŚĂƌƚĞƌ͕ƚŚĞŽŵŵŝƚƚĞĞƌĞĐŽŵŵĞŶĚĞĚĨŽƌĂƉƉƌŽǀĂůƚŚĞĂƵĚŝƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨW^ĂŶĚƚŚĞ
ĐŽŶƐŽůŝĚĂƚĞĚĂƵĚŝƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨW^ĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳƚŽ
ƚŚĞǆĞĐƵƚŝǀĞŽŵŵŝƚƚĞĞĂŶĚͬŽƌƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘dŚĞǆĞĐƵƚŝǀĞŽŵŵŝƚƚĞĞ͕ŚĂǀŝŶŐĂƵƚŚŽƌŝƚǇƚŽĂĐƚĚƵƌŝŶŐ
ŝŶƚĞƌǀĂůƐŽĨŽĂƌĚŵĞĞƚŝŶŐƐ͕ĂƉƉƌŽǀĞĚƚŚĞƐĂŵĞ͘

ŽŵƉĞŶƐĂƚŝŽŶŽŵŵŝƚƚĞĞ

dŚĞŽŵƉĞŶƐĂƚŝŽŶŽŵŵŝƚƚĞĞĐŽŶƐŝƐƚƐŽĨϯĚŝƌĞĐƚŽƌƐĂƐǀŽƚŝŶŐŵĞŵďĞƌƐ͕ŽŶĞŽĨǁŚŽŵŝƐĂŶŝŶĚĞƉĞŶĚĞŶƚ
ĚŝƌĞĐƚŽƌ͘/ƚĂůƐŽŚĂƐϮŶŽŶͲǀŽƚŝŶŐŵĞŵďĞƌƐ͘dŚĞŽŵŵŝƚƚĞĞ ƐŚĂůů ĞƐƚĂďůŝƐŚĨŽƌŵĂů ĂŶĚ ƚƌĂŶƐƉĂƌĞŶƚ ƉƌŽĐĞĚƵƌĞƐ
ĨŽƌ ĚĞǀĞůŽƉŝŶŐ Ă ƉŽůŝĐǇ ŽŶ ƌĞŵƵŶĞƌĂƚŝŽŶ ŽĨ ĚŝƌĞĐƚŽƌƐ ĂŶĚ ŽĨĨŝĐĞƌƐ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞŝƌ ĐŽŵƉĞŶƐĂƚŝŽŶ ŝƐ
ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŽƌƉŽƌĂƚŝŽŶ͛ƐĐƵůƚƵƌĞ͕ƐƚƌĂƚĞŐǇĂŶĚƚŚĞďƵƐŝŶĞƐƐĞŶǀŝƌŽŶŵĞŶƚŝŶǁŚŝĐŚŝƚŽƉĞƌĂƚĞƐ͘

EŽŵŝŶĂƚŝŽŶĂŶĚ'ŽǀĞƌŶĂŶĐĞŽŵŵŝƚƚĞĞ

dŚĞŽŵŵŝƚƚĞĞŝƐĐŽŵƉŽƐĞĚŽĨϯĚŝƌĞĐƚŽƌƐĂƐǀŽƚŝŶŐŵĞŵďĞƌƐ͕ƚǁŽŽĨǁŚŽŵĂƌĞŝŶĚĞƉĞŶĚĞŶƚĚŝƌĞĐƚŽƌƐ͘/ƚƐŚĂůů
ƌĞǀŝĞǁ ĂŶĚ ĞǀĂůƵĂƚĞ ƚŚĞ ƋƵĂůŝĨŝĐĂƚŝŽŶƐ ŽĨ Ăůů ƉĞƌƐŽŶƐ ŶŽŵŝŶĂƚĞĚ ƚŽ ƚŚĞ ŽĂƌĚ ƚŚĂƚ ƌĞƋƵŝƌĞ ŽĂƌĚ ĂƉƉƌŽǀĂů ĂŶĚ ƚŽ
ĂƐƐĞƐƐƚŚĞĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨƚŚĞŽĂƌĚ͛ƐƉƌŽĐĞƐƐĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐŝŶƚŚĞĞůĞĐƚŝŽŶŽƌƌĞƉůĂĐĞŵĞŶƚŽĨĚŝƌĞĐƚŽƌƐ͘/ƚĂůƐŽ
ŽǀĞƌƐĞĞƐ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ĐŽƌƉŽƌĂƚĞ ŐŽǀĞƌŶĂŶĐĞ ƉƌŝŶĐŝƉůĞƐ ĂŶĚ ƉŽůŝĐŝĞƐ ĂƐ ƉĂƌƚ ŽĨ ŝƚƐ
ŐŽǀĞƌŶĂŶĐĞĨƵŶĐƚŝŽŶƐ͘

/ƚĞŵϭϬ͘ǆĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶ

;ĂͿ ;ďͿ ;ĐͿ ;ĚͿ ;ĞͿ
EĂŵĞͬWŽƐŝƚŝŽŶ zĞĂƌ ^ĂůĂƌŝĞƐ ŽŶƵƐ KƚŚĞƌƐ
ŚĂŝƌŵĂŶĂŶĚdŽƉϰ
:ŽƐĞd͘WĂƌĚŽ
ŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚ
:ŽƐĞsŝĐƚŽƌW͘WĂƚĞƌŶŽ
WƌĞƐŝĚĞŶƚΘK
:ŽƐĞŶŐ͕:ƌ͘ ϮϬϭϴ ϵ͘ϳϯD ϵ͘ϳϳD
'ĞŶĞƌĂůDĞƌĐŚĂŶĚŝƐĞŝǀŝƐŝŽŶ,ĞĂĚ ϮϬϭϳ ϵ͘ϮϳD ϵ͘ϯϬD Eͬ
ϮϬϭϲ ϴ͘ϴϯD ϴ͘ϴϲD
>ŝǁĂǇǁĂǇ&ĞƌŶĂŶĚĞǌ

KƉĞƌĂƚŝŽŶƐŝǀŝƐŝŽŶ,ĞĂĚ
&ƌĂŶĐŝƐ^͘DĞĚŝŶĂ
ƵƐŝŶĞƐƐĞǀĞůŽƉŵĞŶƚŝǀŝƐŝŽŶ,ĞĂĚ

ϮϬϭϴ ϭϬ͘ϴϭD ϭϬ͘ϬϳD
ůůŽƚŚĞƌKĨĨŝĐĞƌƐĂŶĚŝƌĞĐƚŽƌƐĂƐĂ'ƌŽƵƉ
ϮϬϭϳ ϭϬ͘ϯϬD ϵ͘ϱϵD Eͬ
hŶŶĂŵĞĚ
ϮϬϭϲ ϵ͘ϴϭD ϵ͘ϭϯD

ƐƚŝŵĂƚĞĚĐŽŵƉĞŶƐĂƚŝŽŶŽĨĚŝƌĞĐƚŽƌĂŶĚĞǆĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐĨŽƌƚŚĞĞŶƐƵŝŶŐǇĞĂƌ͘

dŚĞ ŽŵƉĂŶǇ ŚĂƐ ĐĞƌƚĂŝŶ ƐƚĂŶĚĂƌĚ ĂƌƌĂŶŐĞŵĞŶƚƐ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ĐŽŵƉĞŶƐĂƚŝŽŶ ĂŶĚ ƉƌŽĨŝƚ ƐŚĂƌŝŶŐ͘ WĞƌ ĚŝĞŵƐ ŽĨ
W ϭϱ͕ϬϬϬ͘ϬϬ ;ĂƐ ŵĂǇ ďĞ ĨŝǆĞĚ ďǇ ƚŚĞ ŽĂƌĚ ĨƌŽŵ ƚŝŵĞ ƚŽ ƚŝŵĞͿ ĂƌĞ ŐŝǀĞŶ ƚŽ ĞĂĐŚ ŽĨ ƚŚĞ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ͕
ŵĞŵďĞƌƐŽĨďŽĂƌĚĐŽŵŵŝƚƚĞĞƐ͕ĚĞƐŝŐŶĂƚĞĚĐŽƌƉŽƌĂƚĞͬĞǆĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐ͕ŵĞŵďĞƌƐŽĨĂĚǀŝƐŽƌǇĐŽŵŵŝƚƚĞĞŽƌĂĚǀŝƐĞƌͬĐŽŶƐƵůƚĂŶƚ
ĨŽƌĞǀĞƌǇƌĞŐƵůĂƌŽƌƐƉĞĐŝĂůŵĞĞƚŝŶŐŽĨƚŚĞŽĂƌĚ͕ǆĞĐƵƚŝǀĞŽŵŵŝƚƚĞĞĂŶĚŽĂƌĚŽŵŵŝƚƚĞĞƐĂĐƚƵĂůůǇĂƚƚĞŶĚĞĚ͘

dŚĞŽŵƉĞŶƐĂƚŝŽŶŽŵŵŝƚƚĞĞĂƉƉƌŽǀĞĚƚŚĞƉŽůŝĐǇŽŶŝƌĞĐƚŽƌƐ&ĞĞĂŶĚ'ƌĂƚƵŝƚǇĨŽƌƚŚĞŽĨĨŝĐĞŽĨƚŚĞŚĂŝƌŵĂŶŽĨƚŚĞ
ŽĂƌĚ ĞĨĨĞĐƚŝǀĞ &ĞďƌƵĂƌǇ Ϭϭ͕ ϮϬϭϱ͘ ŵŽŶƚŚůǇ ĚŝƌĞĐƚŽƌ͛Ɛ ĨĞĞ ƐŚĂůů ďĞ ƉƌŽǀŝĚĞĚ ĨŽƌ ƚŚĞ ƉŽƐŝƚŝŽŶ ŽĨ ŚĂŝƌŵĂŶ ŽĨ ƚŚĞ ŽĂƌĚ ĂƐ
ĚĞƚĞƌŵŝŶĞĚďǇƚŚĞŽŵƉĞŶƐĂƚŝŽŶŽŵŵŝƚƚĞĞ͕ĨƌŽŵƚŝŵĞƚŽƚŝŵĞ͕ĂƐĐŽŶĐƵƌƌĞĚďǇƚŚĞŽĂƌĚĂŶĚͬŽƌƚŚĞǆĞĐƵƚŝǀĞŽŵŵŝƚƚĞĞ͘
ĚĚŝƚŝŽŶĂůĚŝƌĞĐƚŽƌƐ͛ĨĞĞ;ŐƌĂƚƵŝƚǇͿƐŚĂůůďĞŐŝǀĞŶƵƉŽŶƚŚĞŽĐĐƵƌƌĞŶĐĞŽĨĂŶǇŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ĂͿŶĚŽĨƚĞƌŵŽĨŽĨĨŝĐĞĂŶĚŶŽƚ
ĂĐĐĞƉƚŝŶŐƌĞĂƉƉŽŝŶƚŵĞŶƚ;ĞǆĐĞƉƚĚƵĞƚŽƌĞŵŽǀĂůͿ͖ďͿ/ŶĐĂƉĂĐŝƚǇ͖ĐͿZĞƐŝŐŶĂƚŝŽŶĚƵĞƚŽĂŶǇŽĨƚŚĞĂďŽǀĞ͖ĚͿĞĂƚŚ͕ǁŚŝĐŚƐŚĂůů
ďĞĞƋƵŝǀĂůĞŶƚƚŽϭŵŽŶƚŚŽĨƚŚĞŚĂŝƌŵĂŶ͛ƐƉƌĞǀĂŝůŝŶŐŵŽŶƚŚůǇĚŝƌĞĐƚŽƌƐ͛ĨĞĞĨŽƌĞǀĞƌǇǇĞĂƌŽƌƚĞƌŵŝŶŽĨĨŝĐĞ͘

21
dŚĞĐŽŵƉĂŶǇĞƐƚĂďůŝƐŚĞĚĂƉŽůŝĐǇĞĨĨĞĐƚŝǀĞ:ĂŶƵĂƌǇϬϭ͕ϮϬϭϮƚŽƉƌŽǀŝĚĞŐƵŝĚĞůŝŶĞƐĨŽƌĚŝƌĞĐƚŽƌ͛ƐĨĞĞƚŽďĞƉƌŽǀŝĚĞĚƚŽ
/ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌƐ͘ Ɛ Ă ĚŝƌĞĐƚŽƌ ĂŶĚ ŵĞŵďĞƌ ŽĨ ƚŚĞ ŽĂƌĚ͕ ƚŚĞ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌ ƐŚĂůů ďĞ ĞŶƚŝƚůĞĚ ƚŽ ĂŶ ĂŶŶƵĂů
ĚŝƌĞĐƚŽƌ͛ƐĨĞĞŽĨWϭϬϬ͕ϬϬϬ͘ϬϬ͘/ĨŚĞŝƐĂŚĂŝƌŵĂŶŽĨĂŶǇŽĂƌĚŽŵŵŝƚƚĞĞƐ͕ƚŚĞ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐŚĂůůďĞ ĞŶƚŝůĞĚƚŽĂŶ
ĂŶŶƵĂůĚŝƌĞĐƚŽƌ͛ƐĨĞĞŽĨWϭϱϬ͕ϬϬϬ͘ϬϬ͕ĂŶĚŝĨĂŵĞŵďĞƌŽĨĂŶǇŽĂƌĚŽŵŵŝƚƚĞĞƐ͕ƚŚĞ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐŚĂůůďĞĞŶƚŝƚůĞĚƚŽ
ĂŶĂŶŶƵĂůĚŝƌĞĐƚŽƌ͛ƐĨĞĞŽĨWϱϬ͕ϬϬϬ͘ϬϬ͘

/ŶĂĚĚŝƚŝŽŶƚŽƉĞƌĚŝĞŵƐ͕ƉƌŽĨŝƚƐŚĂƌŝŶŐŝƐƉƌŽǀŝĚĞĚŝŶƚŚĞŽĚĞŽĨǇͲůĂǁƐŝŶĂŶĂŵŽƵŶƚŶŽƚĞǆĐĞĞĚŝŶŐϭϱйŽĨƚŚĞŶĞƚ
ƉƌŽĨŝƚƐ ŽĨ ƚŚĞ ŽƌƉŽƌĂƚŝŽŶ ;ĂĨƚĞƌ ƚĂǆͿ͕ ǁŚŝĐŚ ƐŚĂůů ďĞ ĚŝƐƚƌŝďƵƚĞĚ ƚŽ ƚŚĞ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ĂŶĚ ǆĞĐƵƚŝǀĞ
ŽŵŵŝƚƚĞĞŵĞŵďĞƌƐĂŶĚŽĨĨŝĐĞƌƐŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶŝŶƐƵĐŚĂŵŽƵŶƚƐĂŶĚŵĂŶŶĞƌĂƐƚŚĞŽĂƌĚŵĂǇĚĞƚĞƌŵŝŶĞ͘WƌŽĨŝƚƐŚĂƌĞ
ŶŽƚĞǆĐĞĞĚŝŶŐϭϱйŽĨŶĞƚƉƌŽĨŝƚƐĂĨƚĞƌƚĂǆŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶƐŚĂůůďĞƐƵďŵŝƚƚĞĚƚŽƐƚŽĐŬŚŽůĚĞƌƐĨŽƌĂƉƉƌŽǀĂů͘dŚĞůĂƐƚƉƌŽĨŝƚ
ƐŚĂƌŝŶŐŝŶϭϵϵϲǁĂƐƐĞƚĂƚϱйŽĨŶĞƚŝŶĐŽŵĞĂĨƚĞƌƚĂǆƚŚĞƌĞŽŶ͘ dŚĞĚŝƌĞĐƚŽƌƐĂŶĚƚŚĞĞǆĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐĚŝĚ ŶŽƚƌĞĐĞŝǀĞĂŶǇ
ƉƌŽĨŝƚƐŚĂƌŝŶŐŝŶƚŚĞǇĞĂƌƐĂĨƚĞƌϭϵϵϲ͘/ŶϮϬϬϵ͕dĂƌŐĞƚ/ŶĐĞŶƚŝǀĞĂŶĚŶŶƵĂůWĞƌĨŽƌŵĂŶĐĞŽŶƵƐǁĞƌĞŐƌĂŶƚĞĚƚŽŵĂŶĂŐĞŵĞŶƚ͕
ƚŚĞŽĨĨŝĐĞƌƐĂŶĚƐƵƉƉŽƌƚƉĞƌƐŽŶŶĞůďĂƐĞĚŽŶĂĐŚŝĞǀĞŵĞŶƚŽĨƚŚĞƚĂƌŐĞƚƌĂƚĞĨŽƌƉƌĞͲƚĂǆŝŶĐŽŵĞĨŽƌƚŚĞǇĞĂƌĂƐƐĞƚŝŶƚŚĞŶŶƵĂů
WůĂŶĂŶĚƵĚŐĞƚ͘dŚĞƐĞĂƌĞƉƌŽǀŝĚĞĚƚŽƌĞŐƵůĂƌĞŵƉůŽǇĞĞƐĂŶĚĞǆĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶ͘

dŚĞƌĞĂƌĞŶŽĞǆŝƐƚŝŶŐŽƉƚŝŽŶƐ͕ǁĂƌƌĂŶƚƐŽƌƐƚŽĐŬƉůĂŶĂƌƌĂŶŐĞŵĞŶƚƐĂŶĚŶŽŶĞĂƌĞŚĞůĚďǇƚŚĞĚŝƌĞĐƚŽƌƐ͕ĞǆĞĐƵƚŝǀĞĂŶĚ
ĐŽƌƉŽƌĂƚĞŽĨĨŝĐĞƌƐŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶ͘

/ƚĞŵϭϭ͘^ĞĐƵƌŝƚǇKǁŶĞƌƐŚŝƉŽĨĞƌƚĂŝŶĞŶĞĨŝĐŝĂůKǁŶĞƌƐĂŶĚDĂŶĂŐĞŵĞŶƚ

ϭ͘ ^ĞĐƵƌŝƚǇKǁŶĞƌƐŚŝƉŽĨĞƌƚĂŝŶZĞĐŽƌĚĂŶĚĞŶĞĨŝĐŝĂůKǁŶĞƌƐ͘

ƐŽĨDĂƌĐŚϯϭ͕ϮϬϭϴƚŚĞĨŽůůŽǁŝŶŐĂƌĞƚŚĞƌĞĐŽƌĚĂŶĚďĞŶĞĨŝĐŝĂůŽǁŶĞƌƐŽĨŵŽƌĞƚŚĂŶϱйŽĨƌĞŐŝƐƚƌĂŶƚ͛ƐǀŽƚŝŶŐ
ƐĞĐƵƌŝƚŝĞƐ͗

ZĞůĂƚŝŽŶƐŚŝƉƐŽĨ WĞƌĐĞŶƚŽĨ
ŵŽƵŶƚĂŶĚ
ƚŚĞƌĞĐŽƌĚŽǁŶĞƌ͛Ɛ KƵƚƐƚĂŶĚŝŶŐ
dŝƚůĞŽĨ EĂŵĞĂŶĚĚĚƌĞƐƐŽĨZĞĐŽƌĚͬĞŶĞĨŝĐŝĂů EĂƚƵƌĞŽĨZĞĐŽƌĚͬ
ůĂƐƐ KǁŶĞƌ ŝƚŝǌĞŶƐŚŝƉ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞǁŝƚŚ ĞŶĞĨŝĐŝĂů
ŽŵŵŽŶ
ƚŚĞŝƐƐƵĞƌĂŶĚƐĂŝĚ ^ƚŽĐŬĂƐŽĨ
KǁŶĞƌƐŚŝƉ
ŽǁŶĞƌ DĂƌ͘ϯϭ͕ϮϬϭϴ
WƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞ;>ĂďƵĂŶͿ,ŽůĚŝŶŐ͕>ƚĚ͘ϭ
DĂůĂǇƐŝĂŶ ^ƚŽĐŬŚŽůĚĞƌ ϯϵϰ͕ϵϳϬ͕ϱϭϲ;ZͿ ϱϮ͘ϮϮй
ŽŵŵŽŶ ϳ;Ϳ͕DĂŝŶdŽǁĞƌ͕&ŝŶĂŶĐŝĂůWĂƌŬ͕>ĂďƵĂŶ͕DĂůĂǇƐŝĂ
ƌŝƐĂŝŐƐŝĂŽŶƐƵŵĞƌ&ƵŶĚ>ŝŵŝƚĞĚϰ
ƌĂŝŐŵƵŝƌŚĂŵďĞƌƐ͕W͘K͘ŽǆϳϭZŽĂĚdŽǁŶ͕
ŽŵŵŽŶ s/ ^ƚŽĐŬŚŽůĚĞƌ ϳϵ͕Ϯϯϯ͕ϱϵϭ ϭϬ͘ϰϳй
dŽƌƚŽůĂ
ƌŝƚŝƐŚsŝƌŐŝŶ/ƐůĂŶĚƐ
:ŽƐĞsŝĐƚŽƌW͘WĂƚĞƌŶŽϯ
ϭϲ͕ϰϳϮ͕ϱϲϵ;ZͿ
Ϯ͘ϭϴй
ŽŵŵŽŶ ĂŶĚƐŝďůŝŶŐƐ WƌĞƐŝĚĞŶƚͬKͬŝƌĞ
&ŝůŝƉŝŶŽ ϯϵ͕ϰϴϰ͕ϯϯϰ;Ϳ ϱ͘ϮϮй
ϳƚŚ&ůŽŽƌ͕dŚĞŽůƵŵďŝĂdŽǁĞƌ͕KƌƚŝŐĂƐǀĞŶƵĞ͕ ĐƚŽƌͬ^ƚŽĐŬŚŽůĚĞƌ
ϱϱ͕ϵϱϲ͕ϵϬϯ ϳ͘ϰϬй
DĂŶĚĂůƵǇŽŶŐŝƚǇ
ƐŝĂŶ,ŽůĚŝŶŐƐŽƌƉŽƌĂƚŝŽŶϮ

ϰƚŚ&ůŽŽƌ͕hŶŝͲKŝůůĚŐ͕͘ŽŵŵĞƌĐĞǀĞ͘ĐŽƌ͘ĐĂĐŝĂ
&ŝůŝƉŝŶŽ ^ƚŽĐŬŚŽůĚĞƌ ϰϴ͕ϵϯϯ͕ϵϳϮ;ZͿ ϲ͘ϰϳй
ŽŵŵŽŶ ^ƚ͕͘DĂĚƌŝŐĂůƵƐŝŶĞƐƐWĂƌŬ͕ǇĂůĂůĂďĂŶŐ͕

DƵŶƚŝŶůƵƉĂŝƚǇ
&ŽŽƚŶŽƚĞƐ͗
ϭ
Dƌ͘:ƵŝͲdĂŶŐŚĞŶŽĨWƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞ;>ĂďƵĂŶͿ,ŽůĚŝŶŐ͕>ƚĚ͘ŚĂƐƚŚĞǀŽƚŝŶŐƉŽǁĞƌŝŶďĞŚĂůĨŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶ
Ϯ
DƐ͘ůŝǌĂďĞƚŚKƌďĞƚĂŽƌDƐ͘ŝĂŶĂWĂƌĚŽͲŐƵŝůĂƌŚĂƐƚŚĞǀŽƚŝŶŐƉŽǁĞƌŝŶďĞŚĂůĨŽĨƐŝĂŶ,ŽůĚŝŶŐƐŽƌƉŽƌĂƚŝŽŶ
ϯ
Dƌ͘:ŽƐĞsŝĐƚŽƌW͘WĂƚĞƌŶŽŚĂƐƚŚĞƉŽǁĞƌŽĨĂƚƚŽƌŶĞǇƚŽǀŽƚĞƚŚĞϯϵ͕ϰϴϰ͕ϯϯϰͲƐŚĂƌĞƐŽĨŚŝƐƐŝďůŝŶŐƐ͗DĂƌŝĂƌŝƐƚŝŶĂWĂƚĞƌŶŽͲϭϯ͕ϮϬϬ͕Ϭϳϰ͖WĂǌWŝůĂƌW͘ĞŶĂƌĞƐʹϴ͕ϭϴϮ͕ϯϲϴ͖
DĂ͘ůĞŶĂW͘>ŽĐƐŝŶͲϭϭ͕ϰϴϴ͕ϭϴϭ͖DĂ͘dĞƌĞƐĂW͘ŝĐŬŝŶƐŽŶʹϲ͕ϲϭϯ͕ϳϭϭ
ϰ
DƐ͘ZĞďĞĐĐĂ>ĞǁŝƐŽĨƌŝƐĂŝŐƐŝĂŽŶƐƵŵĞƌ&ƵŶĚ>ŝŵŝƚĞĚŚĂƐƚŚĞǀŽƚŝŶŐƉŽǁĞƌŝŶďĞŚĂůĨŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶ

Ϯ͘ ^ĞĐƵƌŝƚǇKǁŶĞƌƐŚŝƉŽĨŝƌĞĐƚŽƌƐĂŶĚDĂŶĂŐĞŵĞŶƚĂƐŽĨDĂƌĐŚϯϭ͕ϮϬϭϴ

EĂŵĞŽĨĞŶĞĨŝĐŝĂů ŵŽƵŶƚΘEĂƚƵƌĞŽĨ
dŝƚůĞŽĨůĂƐƐ ŝƚŝǌĞŶƐŚŝƉ WĞƌĐĞŶƚŽĨůĂƐƐ
KǁŶĞƌ ĞŶĞĨŝĐŝĂůKǁŶĞƌƐŚŝƉ
ϯ
ŽŵŵŽŶ :ŽƐĞd͘WĂƌĚŽ Ϯ &ŝůŝƉŝŶŽ Ϭ͘ϬϬй
ϭϲ͕ϰϳϮ͕ϱϲϵ;ZͿ Ϯ͘ϭϴй
ŽŵŵŽŶ :ŽƐĞsŝĐƚŽƌW͘WĂƚĞƌŶŽ ϯϵ͕ϰϴϰ͕ϯϯϰ;Ϳ &ŝůŝƉŝŶŽ ϱ͘ϮϮй
ϱϱ͕ϵϱϲ͕ϵϬϯϭ ϳ͘ϰϬй
ŽŵŵŽŶ DĂƌŝĂƌŝƐƚŝŶĂW͘WĂƚĞƌŶŽ ϭϯ͕ϮϬϬ͕ϬϳϰϮ &ŝůŝƉŝŶŽ ϭ͘ϳϱй
ŽŵŵŽŶ :ŽƌŐĞ>͘ƌĂŶĞƚĂ Ϯϯ &ŝůŝƉŝŶŽ Ϭ͘ϬϬй
22
Ϯϯ
ŽŵŵŽŶ ŶƚŽŶŝŽ:ŽƐĞh͘WĞƌŝƋƵĞƚ͕:ƌ͘ Ϯ͕ϭϱϬ͕ϬϭϬϮ &ŝůŝƉŝŶŽ Ϭ͘Ϯϴй
Ϯ͕ϭϱϬ͕ϬϭϮ
ŽŵŵŽŶ DŝĐŚĂĞů͘ĂůĂŵĞĂ Ϯϯ &ŝůŝƉŝŶŽ Ϭ͘ϬϬй
ŽŵŵŽŶ :ƵŝͲdĂŶŐŚĞŶ Ϯϯ Z͘K͘͘ Ϭ͘ϬϬй
ŽŵŵŽŶ ŚŝͲŚĂŶŐ>ŝŶ Ϯϯ Z͘K͘͘ Ϭ͘ϬϬй
ŽŵŵŽŶ :ƵŝͲdŝĞŶ,ƵĂŶŐ Ϯϯ Z͘K͘͘ Ϭ͘ϬϬй
ŽŵŵŽŶ tĞŶͲŚŝtƵ Ϯϯ Z͘K͘͘ Ϭ͘ϬϬй
ŽŵŵŽŶ >ŝĞŶͲdĂŶŐ,ƐŝĞŚ Ϯϯ Z͘K͘͘ Ϭ͘ϬϬй
ŽŵŵŽŶ ǀĞůǇŶ^ĂĚƐĂĚͲŶƌŝƋƵĞǌ ϱ͕ϴϵϱϮ &ŝůŝƉŝŶŽ Ϭ͘ϬϬϬϴй
ŽŵŵŽŶ >ŝǁĂǇǁĂǇd͘&ĞƌŶĂŶĚĞǌ ϴ͕ϰϮϮϮ &ŝůŝƉŝŶŽ Ϭ͘ϬϬϭϭй
ŽŵŵŽŶ sŝŽůĞƚĂ͘ƉŽůŝŶĂƌŝŽ ϰ͕ϮϬϵϮ &ŝůŝƉŝŶŽ Ϭ͘ϬϬϬϲй
ŽŵŵŽŶ ĚƵĂƌĚŽW͘ĂƚĂĐůĂŶ ϮϬϬϮ &ŝůŝƉŝŶŽ Ϭ͘ϬϬϬϬй

ϭ
^ŚĂƌĞƐĚŝƌĞĐƚůǇŽǁŶĞĚ:ŽƐĞsŝĐƚŽƌWĂƚĞƌŶŽŝƐϭϲ͕ϰϳϮ͕ϱϲϵǁŚŝĐŚŝƐϮ͘ϭϴй͕ĂŶĚŚĞŚĂƐƉŽǁĞƌŽĨĂƚƚŽƌŶĞǇĨŽƌϯϵ͕ϰϴϰ͕ϯϯϰƐŚĂƌĞƐŽƌϱ͘ϮϮйŚĞůĚďǇŚŝƐϰƐŝďůŝŶŐƐ
ŝŶĐůƵĚŝŶŐĂďŽǀĞƐŚĂƌĞƐŽĨDĂƌŝĂƌŝƐƚŝŶĂW͘WĂƚĞƌŶŽʹϭϯ͕ϮϬϬ͕Ϭϳϰ;ϭ͘ϳϱйͿ
Ϯ
ŝƌĞĐƚůǇŽǁŶĞĚƐŚĂƌĞƐ
ϯ
YƵĂůŝĨǇŝŶŐƐŚĂƌĞƐ

ϯ͘ WŽǁĞƌŽĨƚƚŽƌŶĞǇƚŽǀŽƚĞƐŚĂƌĞƐŽĨϱйŽƌŵŽƌĞ

Dƌ͘ :ŽƐĞ sŝĐƚŽƌ W͘ WĂƚĞƌŶŽ͕ ŝƌĞĐƚŽƌ ĂŶĚ WƌĞƐŝĚĞŶƚͬK͕ ŚĂƐ ƚŚĞ ƉŽǁĞƌ ŽĨ ĂƚƚŽƌŶĞǇ ĨŽƌ ϯϵ͕ϰϴϰ͕ϯϯϰ ƐŚĂƌĞƐ Žƌ ϱ͘ϮϮй
ŽǁŶĞĚͬƌĞŐŝƐƚĞƌĞĚ ŝŶ ƚŚĞ ŶĂŵĞ ŽĨ ŚŝƐ ƐŝďůŝŶŐƐ͗ DĂƌŝĂ ƌŝƐƚŝŶĂ WĂƚĞƌŶŽ ʹ ϭϯ͕ϮϬϬ͕Ϭϳϰ ƐŚĂƌĞƐ͕ WĂǌ WŝůĂƌ W͘ ĞŶĂƌĞƐ ʹ
ϴ͕ϭϴϮ͕ϯϲϴƐŚĂƌĞƐ͕DĂ͘ůĞŶĂW͘>ŽĐƐŝŶʹϭϭ͕ϰϴϴ͕ϭϴϭƐŚĂƌĞƐ͕ĂŶĚDĂ͘dŚĞƌĞƐĂW͘ŝĐŬŝŶƐŽŶʹϲ͕ϲϭϯ͕ϳϭϭƐŚĂƌĞƐ͘

/ƚĞŵϭϮ͘ĞƌƚĂŝŶZĞůĂƚŝŽŶƐŚŝƉƐĂŶĚZĞůĂƚĞĚdƌĂŶƐĂĐƚŝŽŶƐ

dŚĞ ŽŵƉĂŶǇ ;Žƌ ͞W^͟Ϳ ĞǆĞĐƵƚĞĚ Ă ůŝĐĞŶƐŝŶŐ ĂŐƌĞĞŵĞŶƚ ǁŝƚŚ ^ĞǀĞŶ ůĞǀĞŶ͕ /ŶĐ͘ ;^/Ϳ͕ ŽĨ dĞǆĂƐ͕ h^ ŐƌĂŶƚŝŶŐ ƚŚĞ
ĞǆĐůƵƐŝǀĞƌŝŐŚƚƚŽƵƐĞƚŚĞϳͲůĞǀĞŶ^ǇƐƚĞŵŝŶƚŚĞWŚŝůŝƉƉŝŶĞƐĂŶĚƚŚĞŽŵƉĂŶǇƉĂǇƐ͕ĂŵŽŶŐŽƚŚĞƌƐ͕ƌŽǇĂůƚǇĨĞĞƚŽ^/͘^/ŝƐĂůƐŽ
ĂƐƚŽĐŬŚŽůĚĞƌŝŶW^ĂŶĚŚŽůĚƐϬ͘ϯϵйŽĨW^͛ƐŽƵƚƐƚĂŶĚŝŶŐƐƚŽĐŬƐ͘

W^ ŚĂƐ ƚƌĂŶƐĂĐƚŝŽŶƐ ǁŝƚŚ WŚŝů^ĞǀĞŶ &ŽƵŶĚĂƚŝŽŶ͕ /ŶĐ͘ ;W&/Ϳ͕ Ă ĨŽƵŶĚĂƚŝŽŶ ǁŝƚŚ ĐŽŵŵŽŶ ŬĞǇ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƚŚĞ
ŽŵƉĂŶǇ͘ W^ ŚĂƐ Ă DKh ǁŝƚŚ W&/ ǁŚĞƌĞďǇ ƚŚĞ ůĂƚƚĞƌ ŝŵƉůĞŵĞŶƚƐ ƚŚĞ ^Z ƉƌŽŐƌĂŵ ŽĨ W^ ŝŶ ƚŚĞ ĐŽŵŵƵŶŝƚŝĞƐ ǁŚĞƌĞ ŝƚƐ ϳͲ
ůĞǀĞŶƐƚŽƌĞƐĂƌĞůŽĐĂƚĞĚ͘dŚĞDKhĂůƐŽƉƌŽǀŝĚĞƐƚŚĞƉůĞĚŐĞŽĨW^ƚŽĂůůŽĐĂƚĞЪŽĨϭйŽĨŝƚƐŶĞƚŝŶĐŽŵĞďĞĨŽƌĞƚĂǆƚŽƐƵƉƉŽƌƚ
W&/͛ƐƉƌŽŐƌĂŵƐƚŽďĞƌĞůĞĂƐĞĚŝŶƋƵĂƌƚĞƌůǇƚƌĂŶĐŚĞƐďĂƐĞĚŽŶƐƉĞĐŝĨŝĐĂƉƉƌŽǀĞĚƉƌŽŐƌĂŵƐŶŽƚĞǆĐĞĞĚŝŶŐĂŶŶƵĂůůŝŵŝƚ͘

dŚĞ ŽŵƉĂŶǇ ŚĂƐ Ă ĐŽŶƚƌĂĐƚ ĨŽƌ ůŽŐŝƐƚŝĐƐ ƐĞƌǀŝĐĞƐ ǁŝƚŚ ŽŶǀĞŶŝĞŶĐĞ ŝƐƚƌŝďƵƚŝŽŶ /ŶĐ͘ ;/Ϳ͕ ŝƚƐ ǁŚŽůůǇͲŽǁŶĞĚ
ƐƵďƐŝĚŝĂƌǇ͘dŚĞŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚĂŶĚWƌĞƐŝĚĞŶƚŽĨ/͕Dƌ͘:ŽƐĞsŝĐƚŽƌWĂƚĞƌŶŽ͕ŝƐĂůƐŽƚŚĞWƌĞƐŝĚĞŶƚΘKŽĨW^͘

^ƚŽƌĞ^ŝƚĞƐ,ŽůĚŝŶŐƐ͕/ŶĐ͘ŝƐĂůĂŶĚŚŽůĚŝŶŐĐŽŵƉĂŶǇĂĨĨŝůŝĂƚĞĚǁŝƚŚW^ĂŶĚŝƚůĞĂƐĞƐŽŶůŽŶŐƚĞƌŵďĂƐŝƐϳƉĂƌĐĞůƐŽĨ
ůĂŶĚƚŽW^ĨŽƌŝƚƐŽƉĞƌĂƚŝŽŶŽĨϳͲůĞǀĞŶ^ƚŽƌĞƐ͘

dŚĞ ŽŵƉĂŶǇ͕ ĨƌŽŵ ƚŝŵĞ ƚŽ ƚŝŵĞ͕ ŵĂŬĞƐ ƉƵƌĐŚĂƐĞƐ ŽĨ ĞƋƵŝƉŵĞŶƚ ĨƌŽŵ WƌĞƐŝĚĞŶƚ ŚĂŝŶ ^ƚŽƌĞ ŽƌƉŽƌĂƚŝŽŶ ;ĂŶĚ ŝƚƐ
ƐƵďƐŝĚŝĂƌŝĞƐͬĂĨĨŝůŝĂƚĞƐͿ͕ ǁŚŝĐŚ ŝƐ ƚŚĞ ƉĂƌĞŶƚ ĐŽŵƉĂŶǇ ŽĨ WƌĞƐŝĚĞŶƚ ŚĂŝŶ ^ƚŽƌĞ ;>ĂďƵĂŶͿ ,ŽůĚŝŶŐ >ƚĚ͕͘ ŚŽůĚŝŶŐ ϱϮ͘ϮϮй ŽĨ W^͛Ɛ
ŽƵƚƐƚĂŶĚŝŶŐ ƐŚĂƌĞƐ͘ ĞƌƚĂŝŶ ƉƌŽĚƵĐƚƐ ĂƌĞ ĂůƐŽ ƉƵƌĐŚĂƐĞĚ ĨƌŽŵ hŶŝͲ WƌĞƐŝĚĞŶƚ ŽƌƉŽƌĂƚŝŽŶ͕ ǁŚŝĐŚ ŝƐ ƚŚĞ ƉĂƌĞŶƚ ĐŽŵƉĂŶǇ ŽĨ
WƌĞƐŝĚĞŶƚŚĂŝŶ^ƚŽƌĞŽƌƉŽƌĂƚŝŽŶ͘

dŚĞ ŽŵƉĂŶǇ ŚĂǀĞ ůĞĂƐĞ ĂŶĚͬŽƌ ƐƵďůĞĂƐĞ ĂŐƌĞĞŵĞŶƚƐ ǁŝƚŚ WƌŽŐƌĞƐƐŝǀĞ ĞǀĞůŽƉŵĞŶƚ ŽƌƉŽƌĂƚŝŽŶ ĨŽƌ ĐŽŵŵĞƌĐŝĂů
ƐƉĂĐĞƐ ŝŶ ĞǆĐĞƐƐ ŽĨ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ ŽŵƉĂŶǇ ĨŽƌ ŝƚƐ ϳͲůĞǀĞŶ ƐƚŽƌĞƐ͕ ĂŶĚ ƐƵƉƉůǇ ĂƌƌĂŶŐĞŵĞŶƚ ĨŽƌ ĐĞƌƚĂŝŶ
ƉƌŽĚƵĐƚƐͬƐĞƌǀŝĐĞƐ ĐĂƌƌŝĞĚ ďǇ ƚŚĞ ƐƚŽƌĞƐ ǁŝƚŚ ůĞĐƚƌŽŶŝĐ ŽŵŵĞƌĐĞ WĂǇŵĞŶƚƐ EĞƚǁŽƌŬ͕ /ŶĐ͘ ;WzͿ͘ Dƌ͘ :ŽƌŐĞ >͘ ƌĂŶĞƚĂ͕ Ă
ĚŝƌĞĐƚŽƌŽĨƚŚĞŽŵƉĂŶǇ͕ŝƐƚŚĞŚĂŝƌŵĂŶĂŶĚWƌĞƐŝĚĞŶƚŽĨWƌŽŐƌĞƐƐŝǀĞĞǀĞůŽƉŵĞŶƚŽƌƉŽƌĂƚŝŽŶ;ŽǁŶĞƌŽĨWŝǌǌĂ,ƵƚWŚŝůŝƉƉŝŶĞ
&ƌĂŶĐŚŝƐĞͿĂŶĚDƌ͘:ŽƐĞsŝĐƚŽƌWĂƚĞƌŶŽ͕ĂĚŝƌĞĐƚŽƌĂŶĚWƌĞƐŝĚĞŶƚŽĨƚŚĞŽŵƉĂŶǇ͕ŝƐĂĚŝƌĞĐƚŽƌŝŶWz͘

/Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ƚŚĞ ƉƌĞĐĞĚŝŶŐ ƉĂƌĂŐƌĂƉŚƐ͕ ƚŚĞ ƌĞůĂƚĞĚ ƉĂƌƚǇ ƚƌĂŶƐĂĐƚŝŽŶƐ ĂƌĞ ĚĞƐĐƌŝďĞĚ ŝŶ ĚĞƚĂŝů ƉƵƌƐƵĂŶƚ ƚŽ ƚŚĞ
ĚŝƐĐůŽƐƵƌĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƉƌĞƐĐƌŝďĞĚ ďǇ ƚŚĞ ŽŵŵŝƐƐŝŽŶ͘ ZĞůĂƚĞĚ ƉĂƌƚǇ ƌĞůĂƚŝŽŶƐŚŝƉƐ ĞǆŝƐƚ ǁŚĞŶ ŽŶĞ ƉĂƌƚǇ ŚĂƐ ƚŚĞ ĂďŝůŝƚǇ ƚŽ
ĐŽŶƚƌŽů͕ ĚŝƌĞĐƚůǇ Žƌ ŝŶĚŝƌĞĐƚůǇ ƚŚƌŽƵŐŚ ŽŶĞ Žƌ ŵŽƌĞ ŝŶƚĞƌŵĞĚŝĂƌŝĞƐ͕ ƚŚĞ ŽƚŚĞƌ ƉĂƌƚǇ Žƌ ĞǆĞƌĐŝƐĞ ƐŝŐŶŝĨŝĐĂŶƚ ŝŶĨůƵĞŶĐĞ ŽǀĞƌ ƚŚĞ
ŽƚŚĞƌƉĂƌƚǇŝŶŵĂŬŝŶŐĨŝŶĂŶĐŝĂůĂŶĚŽƉĞƌĂƚŝŶŐĚĞĐŝƐŝŽŶƐ͘

dŚĞĨŽůůŽǁŝŶŐƌĞůĂƚĞĚƉĂƌƚǇƚƌĂŶƐĂĐƚŝŽŶƐĂƌĞĐůĂƐƐŝĨŝĞĚĂƐŶŽƌŵĂůŝŶƚŚĞŽƌĚŝŶĂƌǇĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͘dŚĞĐŽŵŵĞƌĐŝĂů
ƚĞƌŵƐ ĐŽǀĞƌŝŶŐ ƚŚĞ ƐĂŝĚ ƚƌĂŶƐĂĐƚŝŽŶƐ ĂƌĞ ĚŽŶĞ ŽŶ ĂŶ ĂƌŵƐ ůĞŶŐƚŚ ďĂƐŝƐ ĂŶĚ ĂƌĞ ƉƌŝĐĞĚ ŝŶ ƐƵĐŚ Ă ŵĂŶŶĞƌ ƐŝŵŝůĂƌ ƚŽ ǁŚĂƚ
23
ŝŶĚĞƉĞŶĚĞŶƚ ƉĂƌƚŝĞƐ ǁŽƵůĚ ŶŽƌŵĂůůǇ ĂŐƌĞĞ ǁŝƚŚ͘ dŚĞ ĚŝƐĐƵƐƐŝŽŶ ŽŶ ƚŚŝƐ ŝƚĞŵ ĐĂŶ ďĞ ĐŽƌƌĞůĂƚĞĚ ǁŝƚŚ EŽƚĞ Ϯϰ͕ ZĞůĂƚĞĚ WĂƌƚǇ
dƌĂŶƐĂĐƚŝŽŶƐ͕ŽĨƚŚĞEŽƚĞƐƚŽƚŚĞϮϬϭϳƵĚŝƚĞĚŽŶƐŽůŝĚĂƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶǇ

dƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚƌĞůĂƚĞĚƉĂƌƚŝĞƐĐŽŶƐŝƐƚŽĨ͗

Ă͘ W^ĂŶĚ/ŚĂǀĞƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚW&/͕ĂĨŽƵŶĚĂƚŝŽŶǁŝƚŚĐŽŵŵŽŶŬĞǇŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞ'ƌŽƵƉ͕ĐŽŶƐŝƐƚŝŶŐŽĨ
ĚŽŶĂƚŝŽŶƐ ĂŶĚ ŶŽŶŝŶƚĞƌĞƐƚͲďĞĂƌŝŶŐ ĂĚǀĂŶĐĞƐ ƉĞƌƚĂŝŶŝŶŐ ƉƌŝŵĂƌŝůǇ ƚŽ ƐĂůĂƌŝĞƐ͕ ƚĂǆĞƐ ĂŶĚ ŽƚŚĞƌ ŽƉĞƌĂƚŝŶŐ
ĞǆƉĞŶƐĞƐ ŝŶŝƚŝĂůůǇ ƉĂŝĚ ďǇ W^ ĨŽƌ W&/͘ ŽŶĂƚŝŽŶƐ ƉĂǇĂďůĞ ƚŽ W&/ ŝƐ ƉƌĞƐĞŶƚĞĚ ƵŶĚĞƌ ͞KƚŚĞƌƐ͟ ŝŶ ƚŚĞ ͞KƚŚĞƌ
ĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ͟ŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚďĂůĂŶĐĞƐŚĞĞƚƐ;ƐĞĞEŽƚĞϭϮͿ͘

ĂůĂŶĐĞƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞĨŽƌĞŐŽŝŶŐƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚƌĞůĂƚĞĚƉĂƌƚŝĞƐĂƌĞĂƐĨŽůůŽǁƐ͗

dƌĂŶƐĂĐƚŝŽŶƐĨŽƌƚŚĞ KƵƚƐƚĂŶĚŝŶŐĂůĂŶĐĞ
ZĞůĂƚĞĚ EĂƚƵƌĞŽĨ dĞƌŵƐĂŶĚ zĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ ĂƐĂƚĞĐĞŵďĞƌϯϭ
WĂƌƚŝĞƐ ZĞůĂƚŝŽŶƐŚŝƉ dƌĂŶƐĂĐƚŝŽŶƐ ŽŶĚŝƚŝŽŶƐ ϮϬϭϳ ϮϬϭϲ ϮϬϭϳ ϮϬϭϲ
ZĞĐĞŝǀĂďůĞƐ
W&/;EŽƚĞϱͿ ĨĨŝůŝĂƚĞ EŽŶŝŶƚĞƌĞƐƚͲ hŶƐĞĐƵƌĞĚ͕ŶŽ
ďĞĂƌŝŶŐ ŝŵƉĂŝƌŵĞŶƚŝŶ
ĂĚǀĂŶĐĞƐ ϮϬϭϳĂŶĚϮϬϭϲ͘
ŵŽƵŶƚƐĂƌĞĚƵĞ
ĂŶĚĚĞŵĂŶĚĂďůĞ͘ W
сϲϱϬ͕Ϭϭϱ W
сϲϯϳ͕Ϯϭϱ W
сϮϭϮ͕ϭϮϱ W
сϰ͕ϳϮϱ͕ϲϵϴ
KƚŚĞƌĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ
W&/ ĨĨŝůŝĂƚĞ ŽŶĂƚŝŽŶƐ ůůŽĐĂƚĞĚĂŶŶƵĂů
ĨƵŶĚĞƋƵŝǀĂůĞŶƚ
ƚŽϬ͘ϱйŽĨ
ĞĂƌŶŝŶŐƐďĞĨŽƌĞ
ŝŶĐŽŵĞƚĂǆĂŶĚ
W
сϳϮϬ͕ϬϬϬ
ĚŽŶĂƚŝŽŶĨƌŽŵ
/ŝŶϮϬϭϲ͘
WĂǇĂďůĞǁŝƚŚŝŶ
ϯϬĚĂǇƐ͘Ύ W
сͲ W
сϵϴϬ͕ϬϬϬ W
сͲ W
сϯ͕Ϯϰϵ͕ϯϲϲ
ΎW^ƐŚĂůůƌĞůĞĂƐĞƚŚĞĂůůŽĐĂƚĞĚĨƵŶĚƋƵĂƌƚĞƌůǇǁŚŝĐŚƐŚĂůůĐŽƌƌĞƐƉŽŶĚƚŽƚŚĞƐƉĞĐŝĨŝĐƉƌŽŐƌĂŵƐŽĨW&/ĂŶĚŝƚƐďƵĚŐĞƚĂƉƉƌŽǀĞĚ
ďǇƚŚĞKd͕ĂŶĚƚŚĞƚŽƚĂůĂŵŽƵŶƚŽĨĚŽŶĂƚŝŽŶĨŽƌĞĂĐŚǇĞĂƌƐŚĂůůŶŽƚĞǆĐĞĞĚW сϮϬ͕ϬϬϬ͕ϬϬϬ͘/ŚĂĚŶŽĚŽŶĂƚŝŽŶƐƚŽW&/ŝŶϮϬϭϳ
ĂŶĚƐŚĂůůĚŽŶĂƚĞĂŶĂŵŽƵŶƚĂƐŵĂǇďĞĂƉƉƌŽǀĞĚďǇƚŚĞKŽĨ/ǁŚŝĐŚƐŚĂůůďĞƌĞŵŝƚƚĞĚƚŽW&/ƚŚĞǇĞĂƌĨŽůůŽǁŝŶŐŝŶĞƋƵĂů
ƋƵĂƌƚĞƌůǇ ƚƌĂŶĐŚĞƐ ĐŽŵŵĞŶĐŝŶŐ ƵƉŽŶ ƌĞĐŽŐŶŝƚŝŽŶ ŽĨ W&/ ĂƐ Ă ĚŽŶĞĞ ŝŶƐƚŝƚƵƚŝŽŶ ƵƉŽŶ ĂĐĐƌĞĚŝƚĂƚŝŽŶ ďǇ ƚŚĞ ƵƌĞĂƵ ŽĨ /ŶƚĞƌŶĂů
ZĞǀĞŶƵĞ͘

ď͘ ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƚŚĞ'ƌŽƵƉ͛ƐĚĞĨŝŶĞĚďĞŶĞĨŝƚƌĞƚŝƌĞŵĞŶƚĨƵŶĚŚĂƐŝŶǀĞƐƚŵĞŶƚƐŝŶƐŚĂƌĞƐŽĨ
ƐƚŽĐŬŽĨƚŚĞWĂƌĞŶƚŽŵƉĂŶǇǁŝƚŚĂĐŽƐƚŽĨW
сϭϮϮ͕ϰϭϳ͘dŚĞƌĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚĨƵŶĚĞĂƌŶĞĚĂŐĂŝŶĂƌŝƐŝŶŐĨƌŽŵ
ĐŚĂŶŐĞƐŝŶŵĂƌŬĞƚƉƌŝĐĞƐĂŵŽƵŶƚŝŶŐƚŽW
сϮ͕ϱϮϱ͕ϮϵϬĂŶĚW
сϭ͕ϲϰϰ͕ϭϮϱŝŶϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůǇ͘

WZd/sʹKZWKZd'KsZEE

/ƚĞŵϭϯ͘ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ

ZŝƐŬDĂŶĂŐĞŵĞŶƚ

W^ ƌĞĐŽŐŶŝǌĞƐ ƚŚĂƚ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ŝƐ ĂŶ ŝŶƚĞŐƌĂů ƉĂƌƚ ŽĨ ƐŽƵŶĚ ŵĂŶĂŐĞŵĞŶƚ ƉƌĂĐƚŝĐĞ ĂŶĚ ŐŽŽĚ ĐŽƌƉŽƌĂƚĞ
ŐŽǀĞƌŶĂŶĐĞĂƐŝƚŝŵƉƌŽǀĞƐĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐĂŶĚĞŶŚĂŶĐĞƐŽƵƚĐŽŵĞƐĂŶĚĂĐĐŽƵŶƚĂďŝůŝƚǇ͘W^ĂĐŬŶŽǁůĞĚŐĞƐŝƚƐƌĞƐƉŽŶƐŝďŝůŝƚǇƚŽ
ŵĂŶĂŐĞ ƌŝƐŬƐ ĂŶĚ ƐƵƉƉŽƌƚƐ Ă ƐƚƌƵĐƚƵƌĞĚ͕ ƐǇƐƚĞŵĂƚŝĐ ĂŶĚ ĨŽĐƵƐĞĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĂŶĂŐŝŶŐ ƚŚĞŵ ďǇ ĂƉƉƌŽǀĂů ŽĨ ƚŚĞ ƌŝƐŬ
ŵĂŶĂŐĞŵĞŶƚƐƚƌĂƚĞŐǇ͘

dŚĞƚŽƉƌŝƐŬƐŝŶƌĞƚĂŝůŝŶĚƵƐƚƌǇƚŽǁŚŝĐŚW^ďĞůŽŶŐƐŝŶĐůƵĚĞĐŽŵƉƵƚĞƌŝŶĐƌĞĂƐĞŝŶĐŽŵƉĞƚŝƚŝŽŶ͕ďƌĂŶĚƌĞƉƵƚĂƚŝŽŶĂŶĚ
ďƵƐŝŶĞƐƐŽƉĞƌĂƚŝŽŶƐͬƐƵƉƉůǇĐŚĂŝŶĐŽŶƚŝŶƵŝƚǇ͘DĞĂŶǁŚŝůĞ͕ƚŚĞŵĂŝŶƌŝƐŬƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŽŵƉĂŶǇ͛ƐĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƌĞ
ĐƌĞĚŝƚƌŝƐŬ͕ůŝƋƵŝĚŝƚǇƌŝƐŬ͕ĂŶĚŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ͘dŚĞƵĚŝƚŽŵŵŝƚƚĞĞĞŶƐƵƌĞƐƚŚĞŝŶƚĞŐƌŝƚǇŽĨŝŶƚĞƌŶĂůĐŽŶƚƌŽůĂĐƚŝǀŝƚŝĞƐ͕ĚĞǀĞůŽƉƐ͕
ŽǀĞƌƐĞĞƐ͕ ĐŚĞĐŬƐ ĂŶĚ ƉƌĞĂƉƉƌŽǀĞƐ ĨŝŶĂŶĐŝĂů ŵĂŶĂŐĞŵĞŶƚ ĨƵŶĐƚŝŽŶƐ ĂŶĚ ƐǇƐƚĞŵƐ ŝŶ ƚŚĞ ĂƌĞĂƐ ŽĨ ĐƌĞĚŝƚ͕ ŵĂƌŬĞƚ͕ ůŝƋƵŝĚŝƚǇ͕
24
ŽƉĞƌĂƚŝŽŶĂů͕ůĞŐĂůĂŶĚŽƚŚĞƌƌŝƐŬƐĂŶĚĐƌŝƐŝƐŵĂŶĂŐĞŵĞŶƚ͘dŚĞ/ŶƚĞƌŶĂůƵĚŝƚŝǀŝƐŝŽŶĂŶĚƚŚĞǆƚĞƌŶĂůƵĚŝƚŽƌĚŝƌĞĐƚůǇƌĞƉŽƌƚƚŽ
ƚŚĞƵĚŝƚŽŵŵŝƚƚĞĞƌĞŐĂƌĚŝŶŐƚŚĞĚŝƌĞĐƚŝŽŶ͕ƐĐŽƉĞĂŶĚĐŽŽƌĚŝŶĂƚŝŽŶŽĨĂƵĚŝƚĂŶĚĂŶǇƌĞůĂƚĞĚĂĐƚŝǀŝƚŝĞƐ͘

dŚĞ W^ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ Žƌ ǆĞĐƵƚŝǀĞ ŽŵŵŝƚƚĞĞ͕ ǀŝĂ ƚŚĞ ƵĚŝƚ ŽŵŵŝƚƚĞĞ͕ ŽǀĞƌƐĞĞƐ ƚŚĞ ĞƐƚĂďůŝƐŚŵĞŶƚ ĂŶĚ
ŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞƌŝƐŬŵĂŶĂŐĞŵĞŶƚƐǇƐƚĞŵĂŶĚĂŶŶƵĂůůǇƌĞǀŝĞǁƐƚŚĞĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨƚŚĞƐǇƐƚĞŵ͘/ŶƉĂƌƚŝĐƵůĂƌƚŚĞƵĚŝƚ
ŽŵŵŝƚƚĞĞĐŽŶƐŝĚĞƌƐŽŶĂƌĞŐƵůĂƌďĂƐŝƐǁŚĞƚŚĞƌ͗

• W^͛ƐŽŶŐŽŝŶŐƌŝƐŬŵĂŶĂŐĞŵĞŶƚƉƌŽŐƌĂŵŝĚĞŶƚŝĨŝĞƐĂůůŵĂƚĞƌŝĂůĂŶĚĐƌŝƚŝĐĂůĂƌĞĂƐŽĨƌŝƐŬ͖

• ĚĞƋƵĂƚĞ ƌŝƐŬ ŵŝƚŝŐĂƚŝŽŶ ƐƚƌĂƚĞŐŝĞƐ ŚĂǀĞ ďĞĞŶ ĚĞƐŝŐŶĞĚ ĂŶĚ ŝŵƉůĞŵĞŶƚĞĚ ďǇ W^ ƚŽ ŵĂŶĂŐĞ Ăůů ŵĂƚĞƌŝĂů ĂŶĚ
ĐƌŝƚŝĐĂůŝĚĞŶƚŝĨŝĞĚƌŝƐŬƐ͖

• W^ ƵŶĚĞƌƚĂŬĞƐ Ă ƌĞŐƵůĂƌ ƉƌŽŐƌĂŵ ŽĨ ĂƵĚŝƚƐ ;/ŶƚĞƌŶĂů ƵĚŝƚ͕ ŽŵƉůŝĂŶĐĞ ƵĚŝƚ ĂŶĚ ǆƚĞƌŶĂů ƵĚŝƚͿ ƚŽ ƚĞƐƚ ƚŚĞ
ĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐĂŶĚĐŽŵƉůŝĂŶĐĞǁŝƚŚW^͛ƐƉƌĞƐĐƌŝďĞĚƉŽůŝĐŝĞƐ͖ĂŶĚ

• dŝŵĞůǇƌĞŵĞĚŝĂůĂĐƚŝŽŶŝƐƵŶĚĞƌƚĂŬĞŶƚŽƌĞĚƌĞƐƐĂƌĞĂƐŽĨǁĞĂŬŶĞƐƐ͘

dŚĞƵĚŝƚŽŵŵŝƚƚĞĞĂůƐŽƌĞǀŝĞǁƐĂŶĚĂƉƉƌŽǀĞƐW^͛ƐƌŝƐŬŵĂŶĂŐĞŵĞŶƚƉŽůŝĐǇ͘

KƚŚĞƌĚĞƚĂŝůƐĐĂŶďĞƐĞĞŶŝŶƚŚĞW^ŶŶƵĂůŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞZĞƉŽƌƚ͘

ŽĂƌĚŽŵŵŝƚƚĞĞŽŵƉŽƐŝƚŝŽŶ͗

h/dKDD/dd

EĂŵĞ WŽƐŝƚŝŽŶ
ϭ͘ ŶƚŽŶŝŽ:ŽƐĞh͘WĞƌŝƋƵĞƚ͕:ƌ͘ Ͳ ŚĂŝƌŵĂŶĂŶĚ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌ
Ϯ͘ DŝĐŚĂĞů͘ĂůĂŵĞĂ Ͳ DĞŵďĞƌĂŶĚ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌ
ϯ͘ :ŽƐĞsŝĐƚŽƌW͘WĂƚĞƌŶŽ Ͳ DĞŵďĞƌĂŶĚWƌĞƐŝĚĞŶƚͬK

KDWE^d/KEKDD/dd

ϭ͘ tĞŶͲŚŝtƵ Ͳ ŚĂŝƌŵĂŶĂŶĚsŝĐĞͲŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚ
Ϯ͘ :ŽƐĞsŝĐƚŽƌW͘WĂƚĞƌŶŽ Ͳ DĞŵďĞƌĂŶĚWƌĞƐŝĚĞŶƚͬK
ϯ͘ DŝĐŚĂĞů͘ĂůĂŵĞĂ Ͳ DĞŵďĞƌĂŶĚ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌ
ϰ͘ WŝŶŐͲ,ƵŶŐŚĞŶ Ͳ EŽŶͲǀŽƚŝŶŐŵĞŵďĞƌĂŶĚdƌĞĂƐƵƌĞƌͬ&KĂŶĚsŝĐĞ
WƌĞƐŝĚĞŶƚĨŽƌ&ŝŶĂŶĐĞΘĚŵŝŶŝƐƚƌĂƚŝŽŶ
ϱ͘ zŝŶŐͲ:ƵŶŐ>ĞĞ Ͳ EŽŶͲǀŽƚŝŶŐŵĞŵďĞƌĂŶĚsŝĐĞWƌĞƐŝĚĞŶƚĨŽƌ^ƵƉƉůǇŚĂŝŶ

EKD/Ed/KEΘ'KsZEEKDD/dd

ϭ͘ :ŽƐĞd͘WĂƌĚŽ Ͳ ŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚΘƚŚĞŽŵŵŝƚƚĞĞĂŶĚ
/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌ
Ϯ͘ DŝĐŚĂĞů͘ĂůĂŵĞĂ Ͳ DĞŵďĞƌĂŶĚ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌ
ϯ͘ :ŽƐĞsŝĐƚŽƌW͘WĂƚĞƌŶŽ Ͳ DĞŵďĞƌĂŶĚŝƌĞĐƚŽƌ
ϰ͘ ǀĞůǇŶ^͘ŶƌŝƋƵĞǌ Ͳ EŽŶͲǀŽƚŝŶŐŵĞŵďĞƌĂŶĚŽƌƉŽƌĂƚĞ^ĞĐƌĞƚĂƌǇ
25
WZdsʹy,//dÊ^,h>^

/ƚĞŵϭϰ͘ǆŚŝďŝƚƐĂŶĚZĞƉŽƌƚƐŽŶ^&ŽƌŵϭϳͲ

ŽƉŝĞƐŽĨƚŚĞƌĞƉŽƌƚƐůŝƐƚĞĚďĞůŽǁǁĞƌĞƐƵďŵŝƚƚĞĚƚŽ^͗

ĂƚĞ /ƚĞŵƐZĞƉŽƌƚĞĚ
DĂƌĐŚϬϳ͕ϮϬϭϳ /ƚĞŵϵ͗ŶŶƵĂůDĞĞƚŝŶŐĂƚĞĂŶĚZĞĐŽƌĚĂƚĞ

ƉƌŝůϬϰ͕ϮϬϭϳ /ƚĞŵϵ͗ZĞƐƵůƚƐĨŽƌƚŚĞĨŽƵƌƚŚƋƵĂƌƚĞƌĂŶĚƚǁĞůǀĞŵŽŶƚŚƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϲ

DĂǇϭϮ͕ϮϬϭϳ /ƚĞŵϵ͗ZĞƐƵůƚƐĨŽƌƚŚĞĨŝƌƐƚƋƵĂƌƚĞƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳ

:ƵŶĞϭϲ͕ϮϬϭϳ /ƚĞŵϰ͗ůĞĐƚŝŽŶŽĨŽĂƌĚŽĨŝƌĞĐƚŽƌƐΘKĨĨŝĐĞƌƐ

:ƵŶĞϭϲ͕ϮϬϭϳ /ƚĞŵϵ͗ŽĂƌĚƉƉƌŽǀĂůŽĨ/ŶĐƌĞĂƐĞŽĨƵƚŚŽƌŝǌĞĚĂƉŝƚĂů^ƚŽĐŬΘ^ƚŽĐŬĂŶĚĂƐŚŝǀŝĚĞŶĚ
ĞĐůĂƌĂƚŝŽŶƐ

:ƵŶĞϭϵ͕ϮϬϭϳ /ƚĞŵϵ͗ŵĞŶĚĞĚ/ŶĐƌĞĂƐĞŽĨƵƚŚŽƌŝǌĞĚĂƉŝƚĂů^ƚŽĐŬΘ^ƚŽĐŬĂŶĚĂƐŚŝǀŝĚĞŶĚ
ĞĐůĂƌĂƚŝŽŶƐ

:ƵůǇϬϳ͕ϮϬϭϳ /ƚĞŵϵ͗ŵĞŶĚĞĚĂƐŚŝǀŝĚĞŶĚĞĐůĂƌĂƚŝŽŶ

ƵŐƵƐƚϭϭ͕ϮϬϭϳ /ƚĞŵϵ͗ZĞƐƵůƚƐĨŽƌƚŚĞƐĞĐŽŶĚƋƵĂƌƚĞƌĂŶĚĨŝƌƐƚƐŝǆͲŵŽŶƚŚƐĞŶĚĞĚ:ƵŶĞϯϬ͕ϮϬϭϳ

EŽǀĞŵďĞƌϬϴ͕ϮϬϭϳ /ƚĞŵϵ͗ZĞĐŽƌĚĂƚĞĂŶĚWĂǇŵĞŶƚĂƚĞĨŽƌ^ƚŽĐŬŝǀŝĚĞŶĚŝƐĐůŽƐƵƌĞ

KĐƚŽďĞƌϮϰ͕ϮϬϭϳ /ƚĞŵϵ͗ƉƉƌŽǀĂůŽĨ/ŶĐƌĞĂƐĞŝŶƵƚŚŽƌŝǌĞĚĂƉŝƚĂů^ƚŽĐŬĂŶĚŵĞŶĚĞĚK/

EŽǀĞŵďĞƌϭϬ͕ϮϬϭϳ /ƚĞŵϵ͗ZĞƐƵůƚƐĨŽƌƚŚĞƚŚŝƌĚƋƵĂƌƚĞƌĂŶĚŶŝŶĞͲŵŽŶƚŚƐĞŶĚĞĚ^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϳ

26
27
APPENDIX “A”
>ŝƐƚŽĨ>ĞĂƐĞĚWƌŽƉĞƌƚŝĞƐĨŽƌƚŚĞϳͲůĞǀĞŶ^ƚŽƌĞƐŽƉĞƌĂƚŝŽŶĂůĂƐŽƌƉŽƌĂƚĞĂŶĚƵŶĚĞƌĂ&ƌĂŶĐŚŝƐĞŐƌĞĞŵĞŶƚ

ϭ ϬϬϮ&,ŽŵĞƐ WƌĞƐ͘ǀĞ͕͘&,ŽŵĞƐWĂƌĂŹĂƋƵĞ
Ϯ ϬϬϯ>ŝďĞƌƚĂĚΔΔ >ŝďĞƌƚĂĚĐŽƌ͕͘&͘͘,ĂƌƌŝƐŽŶ͕WĂƐĂǇ
ϯ ϬϬϰEĂŐƚĂŚĂŶΔΔ WŚŝůĂŵůŝĨĞůĚŐ͘hŶŝƚĞĚEĂƚŝŽŶƐǀĞŶƵĞ͕ƌŵŝƚĂ͕DĂŶŝůĂ
ϰ ϬϬϱh͘E͘ǀĞΔΔ ϵϬϬh͘E͘ǀĞ͕͘ƌŵŝƚĂ͕DĂŶŝůĂ
ϱ ϬϬϳYƵŝĂƉŽΔΔ ϰϲϱYƵĞǌŽŶůǀĚ͕͘YƵŝĂƉŽ͕DĂŶŝůĂ
ϲ ϬϬϴĚƌŝĂƚŝĐŽΔΔ ĚƌŝĂƚŝĐŽĐŽƌ͕͘W͘&ĂƵƌĂ͕DĂŶŝůĂ
ϳ ϬϭϬDƵŹŽǌ ZŽŽƐĞǀĞůƚǀĞ͕Ŷƌ͘Žƌ͘^ͲDƵŹŽǌ͕Y͘͘
ϴ ϬϭϭŝƌƉŽƌƚΔΔ YƵŝƌŝŶŽǀĞ͕͘ĐŽƌ͘ŝƌƉŽƌƚZŽĂĚWĂƌĂŹĂƋƵĞ
ϵ ϬϭϮZŽĐĞƐ ͘ZŽĐĞƐ^ƚ͘ĐŽƌ͘YƵĞǌŽŶǀĞ͕͘Y͘͘
ϭϬ ϬϭϳƵĞŶĚŝĂ ^ĞŶ͘'ŝůWƵǇĂƚǀĞ͘ĐŽƌ͘dĂĨƚǀĞ͕͘DĂŶŝůĂ
ϭϭ ϬϮϬŽŶŝͲ^ ŽŶŝǀĞŶƵĞĐŽƌ͕͘^DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϭϮ ϬϮϮZĞƚŝƌŽ ZĞƚŝƌŽĐŽƌ͘ŝŵĂƐĂůĂŶŐ͕DĂŶŝůĂ
ϭϯ ϬϮϰWĂĐŽϭΔΔ WĞĚƌŽ'ŝů^ƚ͕͘WĂĐŽ͕DĂŶŝůĂ
ϭϰ ϬϯϬƵƌŐŽƐΔΔ >ŝďĞƌƚĂĚ^ƚ͕͘ĐŽƌ͘ƵƌŐŽƐ^ƚ͕͘WĂƐĂǇŝƚǇ
ϭϱ ϬϯϭĂƌĂŶŐŬĂ ŽŶŝǀĞ͕͘ĂƌĂŶŐŬĂƌŝǀĞ͕DĂŶĚĂůƵǇŽŶŐ
ϭϲ ϬϯϮDĂǇƉĂũŽΔΔ :͘W͘ZŝǌĂů^ƚ͕͘ĐŽƌ͘ŵďŝŶŝ^ƚ͕͘DĂǇƉĂũŽ͕ĂůŽŽĐĂŶŝƚǇ
ϭϳ ϬϯϯĂƉŝƚĂŶΔΔ DĂĐĞĚĂĐŽƌ͘ĂƉŝƚĂŶ^ƚ͕͘^ĂŵƉĂůŽĐ͕DĂŶŝůĂ
ϭϴ ϬϯϱWĂƐŝŐŚƵƌĐŚΎΎ ĂƌƵŶĐŚŽǀĞ͕͘ĐŽƌ͘^ŝǆƚŽǀĞ͕͘WĂƐŝŐ
ϭϵ Ϭϯϲ:Z ^ŚĂǁůǀĚ͘ĐŽƌ<ĂůĞŶƚŽŶŐ^ƚ͕͘DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϮϬ ϬϯϳEŽǀĂϭΔΔ 'ĞŶ͘>ƵŝƐ^ƚ͕ĐŽƌ͘ƵƐƚƌŝĂ^ƚ͕͘EŽǀĂůŝĐŚĞƐ͕Y͘͘
Ϯϭ ϬϯϴWŝůĂƌΔΔ ůĂďĂŶŐĂƉŽƚĞZĚ͕͘WŝůĂƌZĚ͕͘ůĂŵĂŶƐĂ
ϮϮ ϬϯϵDhΎΎ ĚƐĂĐŽƌ͘ƐƵŶĐŝŽŶ^ƚ͕͘DŽŶƵŵĞŶƚŽ͕ĂůŽŽĐĂŶŝƚǇ
Ϯϯ ϬϰϭDĂƌƵůĂƐΔΔ DĐƌƚŚƵƌ,ŝͲǁĂǇĐŽƌ͘WŝŽĚĞůWŝůĂƌ͕sĂůĞŶǌƵĞůĂ͕DĂŶŝůĂ
Ϯϰ ϬϰϯDĂůŝďĂǇΔΔ ^ĐŽƌ͘͘:ŽƐĞ^ƚ͕͘DĂůŝďĂǇ͕WĂƐĂǇŝƚǇ
Ϯϱ ϬϰϰĂĐŽŽƌΔΔ '͘͘ŐƵŝŶĂůĚŽ,ŝͲǁĂǇĐŽƌ͘dĂůĂďĂ͕ĂĐŽŽƌ
Ϯϲ Ϭϰϱ'ĂŐĂůĂŶŐŝŶΔΔ :ƵĂŶ>ƵŶĂĐŽƌ͕͘WĂŵƉĂŶŐĂ^ƚ͕͘'ĂŐĂůĂŶŐŝŶdŽŶĚŽ͕DĂŶŝůĂ
Ϯϳ ϬϰϲWĂŶĚĂĐĂŶ :ĞƐƵƐĐŽƌ͕͘>ĂďŽƌĞƐ^ƚ͕͘WĂŶĚĂĐĂŶ͕DĂŶŝůĂ
Ϯϴ Ϭϰϳ^ŝŶŐĂůŽŶŐΔΔ ^ŝŶŐĂůŽŶŐ^ƚ͕͘ĐŽƌ͕͘ƐĂŶŶĚƌĞƐ͕DĂůĂƚĞDĂŶŝůĂ
Ϯϵ ϬϱϰDƵŶƚŝϭ ZŝǌĂů^ƚ͘ĐŽƌ͘EĂƚŝŽŶĂůZŽĂĚ͕WŽďůĂĐŝŽŶ͕DƵŶƚŝŶůƵƉĂ
ϯϬ ϬϱϲǀĂŶŐĞůŝƐƚĂ WŝŽĚĞůWŝůĂƌĐŽƌ͘ǀĂŶŐĞůŝƐƚĂ͕DĂŬĂƚŝ
ϯϭ ϬϱϳŽŵŵŽŶǁĞĂůƚŚ dĂŶĚĂŶŐ^ŽƌĂǀĞ͕͘ĐŽƌ͘ŽŵŵŽŶǁĞĂůƚŚǀĞ͕͘Y͘͘
ϯϮ ϬϲϬĂŝŶƚĂ:ƵŶĐƚŝŽŶΔΔ ͘ŽŶŝĨĂĐŝŽ^ƚ͕͘ĐŽƌ͘KƌƚŝŐĂƐǀĞ͕͘ǆƚ͕͘ĂŝŶƚĂ͕ZŝǌĂů
ϯϯ ϬϱϵZĞǀŝůůĂ ^ĐŽƌ͘͘ZĞǀŝůůĂ^ƚ͕͘WĂƐĂǇŝƚǇ
ϯϰ Ϭϲϯ'ƵĂĚĂůƵƉĞϭΔΔ ^Ŷƌ͘ĐŽƌ͘Z͘DĂŐƐĂǇƐĂǇ͕'ƵĂĚĂůƵƉĞ͕DĂŬĂƚŝ
ϯϱ ϬϲϰDĂƐŝŶĂŐΔΔ DĂƌĐŽƐ,ŝŐŚǁĂǇĐŽƌ͘^ƵŵƵůŽŶŐ,ŝŐŚǁĂǇ͕ŶƚŝƉŽůŽ͕ZŝǌĂů
ϯϲ ϬϲϱZŽĂĚϴΔΔ ZŽĂĚϴĐŽƌ͘sŝƐĂǇĂƐǀĞ͕͘WƌŽũ͘ϲ͕Y͘͘
ϯϳ ϬϲϲD,ĚĞůWŝůĂƌ ͘&ůŽƌĞƐ^ƚ͕͘D͘,͘ĚĞůWŝůĂƌ͕ƌŵŝƚĂ͕DĂŶŝůĂ
ϯϴ Ϭϲϳ^ƚ:ĂŵĞƐ dĂŶĚĂŶŐ^ŽƌĂǀĞ͕͘ĐŽƌ͘DŝŶĚĂŶĂŽǀĞŶƵĞ͕Y͘͘
ϯϵ ϬϲϴDƵƌƉŚǇ ϭϱƚŚǀĞ͘ĐŽƌ͘>ŝďĞƌƚǇǀĞ͕͘DƵƌƉŚǇ͕ƵďĂŽ͕Y͘͘
ϰϬ ϬϲϵWhΔΔ WĞĚƌŽ'ŝů^ƚ͘ĐŽƌ͘>͘'ƵŝŶƚŽ^ƚ͕͘DĂůĂƚĞ͕DĂŶŝůĂ
ϰϭ Ϭϳϭ͘ŽŶŝĨĂĐŝŽΔΔ ͘ŽŶŝĨĂĐŝŽ^ƚ͕͘ĐŽƌ͘^ŚĂǁůǀĚ͕͘DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϰϮ ϬϳϮĂůĂŵďĂϭΔΔ EĂƚŝŽŶĂů,ŝŐŚǁĂǇĐŽƌ͘:͘W͘ZŝǌĂů
ϰϯ ϬϳϰĂŶĂǇŶĂǇ ƌ͘͘^ĂŶƚŽƐǀĞ͕͘ĐŽƌ͘ĂŶĂǇŶĂǇǀĞ͕͘WĂƌĂŹĂƋƵĞ
ϰϰ ϬϳϱŶƚŝƉŽůŽŚƵƌĐŚΎΎ W͘KůŝǀĞƌŽƐ^ƚ͘ĐŽƌDĂƐĂŶŐŬĂǇZĚ͕͘ŶƚŝƉŽůŽ͕ZŝǌĂů
ϰϱ ϬϳϲWĂƐŝŐZŽƚŽŶĚĂΎΎ WĂƐŝŐůǀĚ͘ĐŽƌ͘^ŝǆƚŽŶƚŽŶŝŽ͕WĂƐŝŐŝƚǇ
ϰϲ ϬϳϴƌƵŐĞƌΔΔ EĂƚŝŽŶĂůZĚ͕͘ƌƵŐĞƌ^ƚ͕͘ƌƵŐĞƌ^ƵďĚ͕͘DƵŶƚŝŶůƵƉĂŝƚǇ
ϰϳ ϬϴϬDĂƌĐĞůŽΔΔ tĞƐƚ^ĞƌǀŝĐĞZŽĂĚĐŽƌ͘DĂƌĐĞůŽǀĞ͕͘WĂƌĂŹĂƋƵĞ
1
ϰϴ Ϭϴϱ,ĂƌƌŝƐŽŶΔΔ &͘͘,ĂƌŝƐƐŽŶ^ƚ͘ĐŽƌ͘sŝƚŽƌƵǌ͕DĂŶŝůĂ
ϰϵ ϬϴϲdĂǇƵŵĂŶΔΔ dĂǇƵŵĂŶ^ƚ͘ĐŽƌ͘ZŝǌĂůǀĞ͕͘DĂŶŝůĂ
ϱϬ Ϭϴϳ/ŵƵƐΎΎ ŐƵŝŶĂůĚŽ,ŝŐŚǁĂǇĐŽƌ͘dĂŶǌĂŶŐ>ƵŵĂ͕/ŵƵƐĂǀŝƚĞ
ϱϭ ϬϴϴŶƚŝƉϭŝƌ ŝƌĐƵŵĨĞƌĞŶƚŝĂůZĚ͘ĐŽƌ͘D͘>͘YƵĞǌŽŶ^ƚ͕͘ŶƚŝƉŽůŽ͕ZŝǌĂů
ϱϮ ϬϵϬĂŶŐŬĂů ǀĂŶŐĞůŝƐƚĂŽƌ͘ůĞũĂŶĚƌŽ^ƚ͕͘ĂŶŐŬĂůDŬƚ͘
ϱϯ Ϭϵϭ^ĂŶWĞĚƌŽϭΔΔ DĂŚĂƌůŝŬĂ^ƚ͘ĐŽƌ͘EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕^ĂŶWĞĚƌŽ͕>ĂŐƵŶĂ
ϱϰ ϬϵϯDĞǇĐĂƵĂǇĂŶϮΔΔ DĐƌƚŚƵƌ,ŝͲǁĂǇĐŽƌ͘DĂůŚĂŬĂŶZĚ͕͘DĞǇĐĂƵĂǇĂŶ͕ƵůĂĐĂŶ
ϱϱ Ϭϵϲ^ĂŶWĞĚƌŽϮ ͘DĂďŝŶŝ^ƚ͘ĐŽƌ͘'ĂƌĐŝĂ^ƚ͘^ĂŶWĞĚƌŽ͕>ĂŐƵŶĂ
ϱϲ ϬϵϳĂǀŝƚĞŝƚǇΔΔ ĂũŝŐĂƐ^ƚ͘ĐŽƌ͘ƵƌŐŽƐ^ƚ͕͘ĂǀŝƚĞŝƚǇ
ϱϳ ϬϵϴzůĂǇĂ zůĂǇĂ^ƚ͘ĐŽƌ͘>ĂŬĂŶĚƵůĂ^ƚ͕͘ŝŶŽŶĚŽ͕DĂŶŝůĂ
ϱϴ ϬϵϵĂƐŵĂϭ W͘ĂŵƉŽƐĐŽƌ͘ĂŶƚŝŵďƵŚĂŶ^ƚ͕͘ĂƐŵĂƌŝŹĂƐ͕ĂǀŝƚĞ
ϱϵ ϭϬϬĂůŝďĂŐŽ EĂƚŝŽŶĂů,ŝŐŚǁĂǇĐŽƌ͘Z͘>ĂƐĂŐĂ^ƚ͕͘ĂůŝďĂŐŽ
ϲϬ ϭϬϭůƵŵĞŶƚƌŝƚϮΔΔ ůƵŵĞŶƚƌŝƚƚ^ƚ͘ĐŽƌ͘/ƐĂŐĂŶŝ^ƚ͘^ĂŵƉĂůŽĐ͕DĂŶŝůĂ
ϲϭ ϭϬϮ,ĞƌŵŽƐĂΔΔ :͘ďĂĚ^ĂŶƚŽƐǀĞ͕͘ĐŽƌ͘,ĞƌŵŽƐĂ^ƚ͕͘dŽŶĚŽ͕DĂŶŝůĂ
ϲϮ ϭϬϯ<ĂďŝŚĂƐŶĂŶ <ĂďŝŚĂƐŶĂŶ^ƚ͘ĐŽƌ͘^ĂŶŝŽŶŝƐŝŽWĂƌĂŹĂƋƵĞ
ϲϯ ϭϬϰ'ĂůĂƐΔΔ hŶĂŶŐ,ĂŬďĂŶŐ^ƚ͕͘ĐŽƌ͘>ƵǌŽŶǀĞ͕͘'ĂůĂƐ͕Y͘͘
ϲϰ ϭϬϱ>ŽǁĞƌŝĐƵƚĂŶ 'ĞŶ͘^ĂŶƚŽƐǀĞŶƵĞĐŽƌ͘D͘>͘YƵĞǌŽŶ^ƚ͕͘>ŽǁĞƌŝĐƵƚĂŶ
ϲϱ ϭϬϲdĂŵĂƌĂǁ,ŝůůƐ DĐƌƚŚƵƌ,ŝͲǁĂǇĐŽƌ͘dĂŵĂƌƌĂǁ,ŝůůƐ͕DĂƌƵůĂƐ͕sĂůĞŶǌƵĞůĂ
ϲϲ ϭϬϳĂďƵǇĂŽΔΔ :͘W͘ZŝǌĂůĐŽƌ͘ŝƌĐƵŵĨĞƌĞŶĐŝĂůǀĞ͕͘ĂďƵǇĂŽ͕>ĂŐƵŶĂ
ϲϳ ϭϬϴŚŝĐŽΔΔ ŚŝĐŽ^ƚ͘ĐŽƌ͘ŶŽŶĂƐ^ƚ͕͘WƌŽũ͘Ϯ͕Y͘͘
ϲϴ ϭϭϭDŽůŝŶŽϭΔΔ DŽůŝŶŽZĚ͕͘ĐŽƌ͘ĂŚĂǇĂŶŐWĂŐͲĂƐĂ͕ĂĐŽŽƌ͕ĂǀŝƚĞ
ϲϵ ϭϭϮ^ĂŶWĂďůŽϭΔΔ ZŝǌĂůǀĞ͕͘ĐŽƌ͘͘&ůŽƌĞƐ^ƚ͕͘^ĂŶWĂďůŽŝƚǇ
ϳϬ ϭϭϰĂƐŵĂϮ DĂŶŐƵďĂƚ^ƚ͕͘ĐŽƌ͘ŐƵŝŶĂůĚŽ,ŝŐŚǁĂǇ͕ĂƐŵĂƌŝŹĂƐ͕ĂǀŝƚĞ
ϳϭ ϭϭϱDŽůŝŶŽϮ DŽůŝŶŽZĚ͕͘^ĂŶEŝĐŽůĂƐ͕DĂŵďŽŐ͕ĂĐŽŽƌ͕ĂǀŝƚĞ
ϳϮ ϭϭϲ^ĂůŝŶĂƐΔΔ ϭϵϯ'ĞŶ͘dƌŝĂƐƌŝǀĞ͕ZŽƐĂƌŝŽ͕ĂǀŝƚĞ
ϳϯ ϭϭϴ'D 'Žǀ͘ƌŝǀĞŶƌ͘ĐŽƌ͘'DƌŝǀĞ͕ĂƐŵĂƌŝŹĂƐ͕ĂǀŝƚĞ
ϳϰ ϭϭϵŝŹĂŶϮΔΔ EĂƚŝŽŶĂů,ŝŐŚǁĂǇĐŽƌ͘DĂůǀĂƌ^ƚ͕͘ŝŹĂŶ͕>ĂŐƵŶĂ
ϳϱ ϭϮϬĂůĂŐƚĂƐ DĐƌƚŚƵƌ,ŝͲǁĂǇ͕tĂǁĂ͕ĂůĂŐƚĂƐ͕ƵůĂĐĂŶ
ϳϲ ϭϮϭWƵůĂŶŐ>ƵƉĂ YƵŝƌŝŶŽǀĞ͕͘ĐŽƌ͘EĂŐĂZĚ͕͘WƵůĂŶŐ>ƵƉĂ͕>ĂƐWŝŹĂƐ
ϳϳ ϭϮϮ&ZĞƐŽƌƚΔΔ ůĂďĂŶŐĂƉŽƚĞƌĚ͘ĐŽƌ͘&ZĞƐŽƌƚƌŝǀĞ͕WĂŵƉůŽŶĂ
ϳϴ ϭϮϯWĂƌĂŶŐΎΎ '͘ĚĞůWŝůĂƌĐŽƌ͕͘D͘>͘YƵĞǌŽŶ͕WĂƌĂŶŐ͕DĂƌŝŬŝŶĂ
ϳϵ ϭϮϱ:WZĂŵŽǇ YƵŝƌŝŶŽ,ŝŐŚǁĂǇĐŽƌ͘:͘W͘ZĂŵŽǇ͕ĂƌƌŝŽdĂůŝƉĂƉĂ͕EŽǀĂůŝĐŚĞƐ͕Y͘͘
ϴϬ ϭϮϲĂŝŶƚĂŚƵƌĐŚΔΔ ͘ŽŶŝĨĂĐŝŽǀĞŶƵĞ͕^ĂŶŶĚƌĞƐ͕ĂŝŶƚĂ͕ZŝǌĂů
ϴϭ ϭϮϳdĂƚůŽŶŐ,Ăƌŝ ZŝǌĂůůǀĚ͘Ŷƌ͘ĐŽƌ͘dĂƚůŽŶŐ,Ăƌŝ^ƚ͕͘^ƚĂ͘ZŽƐĂ͕>ĂŐƵŶĂ
ϴϮ ϭϯϴ>ŝƉĂWƌŽƉĞƌ ͘D͘ZĞĐƚŽǀĞ͕͘>ŝƉĂ͕ĂƚĂŶŐĂƐ
ϴϯ ϭϮϴ>ŽƐĂŹŽƐΔΔ ĂƚŽŶŐDĂůĂŬŝEĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕>ŽƐĂŹŽƐ͕>ĂŐƵŶĂ
ϴϰ ϭϯϬŝŶĂŬĂǇĂŶΔΔ 'ĞŶ͘dŝƌŽŶĂ,ŝŐŚǁĂǇĐŽƌ͘ŝƐŝƚĂ^ƚ͕͘ŝŶĂŬĂǇĂŶ͕<Ăǁŝƚ͕ĂǀŝƚĞ
ϴϱ ϭϯϭ>ŝƉĂ,ŝŐŚǁĂǇ 'ͬ&ŝŐĞŶŽŵƉůĞǆ͕WƌĞƐ͘>ĂƵƌĞů,ŝͲǁĂǇ͕>ŝƉĂ͕ĂƚĂŶŐĂƐ
ϴϲ ϭϯϮdƌĞĐĞΔΔ 'Žǀ͘ƌŝǀĞĐŽƌ͘/ŶĚĂŶŐ͕dĂŶǌĂZĚ͕͘dƌĞĐĞDĂƌƚŝƌĞǌ͕ĂǀŝƚĞ
ϴϳ ϭϯϰDŽůĂǀĞDĂƌŝŬŝŶĂΔΔ ĂǇĂŶďĂǇĂŶĂŶǀĞ͘ĐŽƌ͘DŽůĂǀĞ^ƚ͕͘ŽŶĐĞƉĐŝŽŶ͕DĂƌŝŬŝŶĂ
ϴϴ ϭϯϱWĂŶĂƉĂĂŶΔΔ dŝƌŽŶĂ,ŝͲǁĂǇĐŽƌ͘ŐƵŝŶĂůĚŽ,ŝͲǁĂǇ͕WĂŶĂƉĂĂŶ͕ĂǀŝƚĞ
ϴϵ ϭϯϳ^ĂŶWĞĚƌŽϯ WĂĐŝƚĂĐŽƌ͘DĂĐĂƌŝĂǀĞ͕͘^ĂŶWĞĚƌŽ͕>ĂŐƵŶĂ
ϵϬ ϭϯϲƉĂůŝƚΔΔ ^ĂŶsŝĐĞŶƚĞĐŽƌ͘ĂǀŝĚ^ƚ͕͘DĐƌƚŚƵƌ,ŝͲǁĂǇ͕ƉĂůŝƚ͕WĂŵƉĂŶŐĂ
ϵϭ ϭϰϭĂŵĂƌŝŶΔΔ ůŬϭ>ŽƚϭϴΘϮϬĂŵĂƌŝŶĐŽƌ͘^ƵƐĂŶŽZĚ͕͘ĂůŽŽĐĂŶŝƚǇ
ϵϮ ϭϰϮdĂŶǌĂΔΔ ^ƚĂ͘ƌƵǌĐŽƌ͘^ĂŶŐƵƐƚŝŶĞWŽďůĂĐŝŽŶ͕dĂŶǌĂ͕ĂǀŝƚĞ
ϵϯ ϭϰϰZĞǀ͘ŐůŝƉĂǇΎΎ ŽŶŝǀĞ͕͘ĐŽƌ͘͘d͘ZĞǇĞƐŐůŝƉĂǇ͕DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϵϰ ϭϰϱEĂŝĐΔΔ WŽďůĞƚĞ^ƚ͕͘ĐŽƌ͘EĂǌĂƌĞŶŽ^ƚ͕͘WŽďůĂĐŝŽŶ͕EĂŝĐ͕ĂǀŝƚĞ
ϵϱ ϭϰϳ^ŚŽƌƚŚŽƌŶΔΔ ^ŚŽƌƚŚŽƌŶĐŽƌ͘ZŽĂĚϮϬ͕WƌŽũĞĐƚϴ͕Y͘͘
ϵϲ ϭϰϴ:WZŝǌĂůΔΔ :͘W͘ZŝǌĂůĐŽƌ͘ŽŶƐƚĂŶĐŝĂ^ƚ͕͘DĂŬĂƚŝŝƚǇ
ϵϳ ϭϱϬĂďĂƌƚĞ YƵŝƌŝŶŽ,ŝǁĂǇĐŽƌ͘ĂďĂƌƚĞǀĞ͕͘EŽǀĂůŝĐŚĞƐ
ϵϴ ϭϱϮĂƐŵĂϯΔΔ ŽŶŐƌĞƐƐŝŽŶĂůǀĞ͕͘ĐŽƌ͕͘ĂƐŵĂƌŝŹĂƐ͕ĂǀŝƚĞ
2
ϵϵ ϭϱϯWĂĐŽϮ WĞĚƌŽ'ŝů^ƚ͘ĐŽƌ͘DĂŝŶ^ƚ͕͘WĂĐŽ͕DĂŶŝůĂ
ϭϬϬ ϭϱϰ/ŶƐƵůĂƌΎΎ W͘ƵƌŐŽƐ^ƚ͘ĐŽƌ͘'ĞŶ͘>ƵŶĂ^ƚ͕͘DĂŬĂƚŝ
ϭϬϭ ϭϱϱKŶǇǆΎΎ ͘&ƌĂŶĐŝƐĐŽĐŽƌ͘KŶǇǆĂŶĚŽŶĐŚĂ^ƚƐ͕͘^ƚĂ͘ŶĂ͕DĂŶŝůĂ
ϭϬϮ ϭϱϲ'ƵĂĚĂůƵƉĞϮΔΔ ^Őƚ͘zĂďƵƚŶƌ͘ĐŽƌ͘ŶĂƐƚĂƐŝŽ^ƚ͕͘'ƵĂĚĂůƵƉĞ͕DĂŬĂƚŝ
ϭϬϯ ϭϱϴE͘ŽŵŝŶŐŽ E͘ŽŵŝŶŐŽĐŽƌ͘&͘ůƵŵĞŶƚƌŝƚƚ^ƚ͕͘^ĂŶ:ƵĂŶ
ϭϬϰ ϭϲϬ^ĂŶĂƌƚŽůŽŵĞΔΔ D͘ĞůĂƌƵǌĐŽƌ͘YƵŝƌŝŶŽ,ŝŐŚǁĂǇ͕EŽǀĂůŝĐŚĞƐ͕Y͘͘
ϭϬϱ ϭϲϮ^ĂŶ&ĞƌŶĂŶĚŽϭ ͘DĞŶĚŽǌĂĐŽƌ͘dŝŽŵŝĐŽ^ƚ͕͘^ĂŶ&ĞƌŶĂŶĚŽ͕WĂŵƉĂŶŐĂ
ϭϬϲ ϭϲϱ^ƵƉĞƌůŝŶĞƐΎΎ ^Ŷƌ͘ĐŽƌ͘EĞǁzŽƌŬ^ƚ͕͘ƵďĂŽ͕Y͘͘
ϭϬϳ ϭϲϲŽůƵŵďŝĂ ŽůƵŵďŝĂdŽǁĞƌ͕KƌƚŝŐĂƐǀĞ͕͘DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϭϬϴ ϭϲϳ:ƵƉŝƚĞƌΔΔ DĂŬĂƚŝǀĞ͕͘ĐŽƌ͘'ŝůWƵǇĂƚǀĞ͕͘DĂŬĂƚŝ
ϭϬϵ ϭϲϴdD<ĂůĂǁ <ĂůĂǁĐŽƌ͘͘DĂďŝŶŝ^ƚ͕͘ƌŵŝƚĂ͕DĂŶŝůĂ
ϭϭϬ ϭϳϮtĞƐƚ tĞƐƚǀĞ͕͘ĐŽƌ͘ĂŵďŽĂŶŐĂ^ƚ͕͘Y͘͘
ϭϭϭ ϭϳϱĞŶŝŶΔΔ ^ĐŽƌ͘ĞŶŝŶ^ƚ͕͘ĂůŽŽĐĂŶŝƚǇ
ϭϭϮ ϭϳϲ&ĂƌŵĞƌƐ ^ƉĂĐĞϭΘϮ͕ϮŶĚ>ĞǀĞůEĞǁ&ĂƌŵĞƌƐWůĂǌĂ͕ƵďĂŽ͕Y͘͘
ϭϭϯ ϭϴϬĂƚĂŶŐĂƐŝƚǇ W͘ƵƌŐŽƐǀĞ͘ĐŽƌ͘W͘WĂŶŐĂŶŝďĂŶ^ƚ͕͘ĂƚĂŶŐĂƐ
ϭϭϰ ϭϴϰ͘:ŽƐĞ ZŝǌĂůǀĞ͘ĐŽƌ͘͘:ŽƐĞ͕^ƚĂ͘ƌƵǌ͕DĂŶŝůĂ
ϭϭϱ ϭϴϱ'ůŽďĂůΔΔ ŽŹĂ^ŽůĞĚĂĚǀĞ͕͘ĞƚƚĞƌ>ŝǀŝŶŐ͕WĂƌĂŹĂƋƵĞ
ϭϭϲ ϭϴϳsŝƌƌĂΎΎ W͘ƵƌŐŽƐǀĞ͘ĐŽƌ͘ĂƉŽ^ƚ͕͘DĂŬĂƚŝŝƚǇ
ϭϭϳ ϭϴϴWĂŶĂǇΎΎ YƵĞǌŽŶǀĞŶƵĞĐŽƌ͘^͕Y͘͘
ϭϭϴ ϭϵϲhƌĚĂŶĞƚĂ ƌŐǇ͘WŽďůĂĐŝŽŶ͕hƌĚĂŶĞƚĂ͕WĂŶŐĂƐŝŶĂŶ
ϭϭϵ ϭϵϴDĂƚĂůŝŶŽ DĂƚĂůŝŶŽ^ƚ͘ĐŽƌ͘DĂůĂŬĂƐ^ƚ͕͘ŝůŝŵĂŶ͕Y͘͘
ϭϮϬ ϭϵϰŶŐŽŶŽ D͘>͘YƵĞǌŽŶǀĞ͕͘ŶŐŽŶŽ͕ZŝǌĂů
ϭϮϭ ϭϵϱZ&D Z&DŽƌƉŽƌĂƚĞĞŶƚĞƌ͕DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϭϮϮ ϭϵϮdƵƌďŝŶĂ EĂƚŝŽŶĂů,ŝŐŚǁĂǇƌŐǇ͕͘dƵƌďŝŶĂ͕ĂůĂŵďĂ͕>ĂŐƵŶĂ
ϭϮϯ ϮϬϬĂƌŵĞŶ DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕ĂƌŵĞŶ͕ZŽƐĂůĞƐ͕WĂŶŐĂƐŝŶĂŶ
ϭϮϰ ϭϵϵZŝǌĂůDĞĚΔΔ WĂƐŝŐůǀĚ͘ĐŽƌ͘ĂŶĂĂŐ͕WŝŶĞĚĂ͕WĂƐŝŐŝƚǇ
ϭϮϱ ϭϵϯĂƵĂŶΔΔ EĂƚŝŽŶĂůZĚ͕͘ĂƵĂŶ͕ĂƚĂŶŐĂƐ
ϭϮϲ ϮϬϰWƌŝƐĐŝůůĂΔΔ WĂƐŽŶŐdĂŵŽǆƚ͘<ĂǇĂŵĂŶĂŶͲ͕DĂŬĂƚŝŝƚǇ
ϭϮϳ ϮϬϱh͘͘ZĞĐƚŽ h͕ůĂƌŽD͘ZĞĐƚŽǀĞ͕͘DĂŶŝůĂ
ϭϮϴ ϮϬϵĂŐƵƉŶϭΔΔ ƌĞůůĂŶŽ^ƚ͕͘ĂŐƵƉĂŶŝƚǇ
ϭϮϵ ϮϬϲĂƉŽƚĞ:ƵŶĐƚŝŽŶ ůĂďĂŶŐĂƉŽƚĞZŽĂĚĐŽƌ͘&͘^ĂŶƚŽƐ͕>ĂƐWŝŹĂƐ
ϭϯϬ ϮϭϮ>ĞŵĞƌǇΔΔ /ůƵƐƚƌĞǀĞ͕͘Ŷƌ͘ĐŽƌ͕͘W͘ƵƌŐŽƐ^ƚ͕͘>ĞŵĞƌǇ͕ĂƚĂŶŐĂƐ
ϭϯϭ ϮϭϬ^ĞƐƐŝŽŶϮΔΔ 'ͬ&ͲϭϬϱ>ƉĞǌůĚŐ͕͘^ĞƐƐŝŽŶZĚ͕͘ĂŐƵŝŽŝƚǇ
ϭϯϮ ϮϭϭKƌŽƐĂ DzKƌŽƐĂŶƌ͘ĐŽƌ͘dD͘<ĂůĂǁ͕ƌŵŝƚĂ͕DĂŶŝůĂ
ϭϯϯ ϮϬϴŶŐĞůĞƐϭ ^ƚŽ͘ZŽƐĂƌŝŽĐŽƌ͘^ƵŬĚƵůĂŶ^ƚ͕͘ŶŐĞůĞƐŝƚǇ
ϭϯϰ ϮϭϱƌĂŵĞ ŽŶŝ^ĞƌƌĂŶŽĐŽƌ͘ϮŶĚ^ƚ͕͘ĂŵƉƌĂŵĞ͕Y͘͘
ϭϯϱ ϮϭϯWĂƌŬǀŝĞǁΎΎ sĂůĞƌŽ^ƚ͘ĐŽƌ͘^ĂůĐĞĚŽsŝůůĂŐĞ͕DĂŬĂƚŝŝƚǇ
ϭϯϲ ϮϭϳEŽǀĂϯ YƵŝƌŝŶŽ,ŝͲǁĂǇĐŽƌ͘^ĂƌŵŝĞŶƚŽ^ƚ͕͘EŽǀĂůŝĐŚĞƐŝƚǇ͕Y͘͘
ϭϯϳ ϮϭϵW͘ĂŵƉĂΔΔ ƐƉĂŹĂĐŽƌ͘W͘ĂŵƉĂ^ĂŵƉĂůŽĐ^ƚ͕͘DĂŶŝůĂ
ϭϯϴ ϮϭϲĂĐůĂƌĂŶϮ YƵŝƌŝŶŽǀĞ͕͘ĐŽƌ͘ŝŵĂƐĂůĂŶŐ^ƚ͕͘ĂĐůĂƌĂŶ͕WĂƌĂŹĂƋƵĞŝƚǇ
ϭϯϵ ϮϭϴdĂǇƚĂǇϮΔΔ DĂŶŝůĂͲĂƐƚZŽĂĚ͕dĂǇƚĂǇ͕ZŝǌĂů
ϭϰϬ ϮϮϴŽĐĂƵĞ DĐƌƚŚƵƌ,ŝŐŚǁĂǇĐŽƌ͘'Žǀ͘&͕,ĂůŝůŝǀĞ͕͘ŝŶĂŶŐϮŶĚ͕ŽĐĂƵĞ͕ƵůĂĐĂŶ
ϭϰϭ ϮϮϭĂĐůĂƌĂŶϯ ZŽǆĂƐůǀĚ͕͘ĂĐůĂƌĂŶ͕WĂƌĂŹĂƋƵĞ
ϭϰϮ ϮϮϮĂůĂŵďĂϮ EĂƚŝŽŶĂů,ŝͲǁĂǇŶƌ͘ĐŽƌ͘,ĂůĂŶŐ^ƚ͕͘ĂůĂŵďĂ͕>ĂŐƵŶĂ
ϭϰϯ ϮϮϰ>ƵŝƐŝƚĂΔΔ DĐƌƚŚƵƌ,ŝͲǁĂǇ͕^ĂŶDŝŐƵĞů͕dĂƌůĂĐŝƚǇ
ϭϰϰ ϮϮϵŝƚǇůĂŶĚΔΔ >'ϬϳŝƚǇůĂŶĚϭϬdŽǁĞƌ͕sĂůĞƌŽĐŽƌ͘ĞůĂŽƐƚĂ^ƚ͕͘^ĂůĐĞĚŽsŝůůĂŐĞ͕DĂŬĂƚŝŝƚǇ
ϭϰϱ ϮϯϮΔΔ ϭϭϱ'ͬ&ŽƌƉŽƌĂƚĞƵƐŝŶĞƐƐĞŶƚĞƌ͕WĂƐĞŽĚĞZŽǆĂƐĐŽƌ͘WĂƐĂǇZŽĂĚ͕DĂŬĂƚŝŝƚǇ
ϭϰϲ Ϯϱϳ^ŚŽĞǀĞΔΔ ^ŚŽĞǀĞŶƵĞĐŽƌ͘ĂƉƚ͘sĞŶĐŝŽŶŐ͕^ƚĂ͘ůĞŶĂ
ϭϰϳ Ϯϱϴ,ĞƌƌĞƌĂ zͲ>ůĚŐ͕͘,ĞƌƌĞƌĂ^ƚ͘ĐŽƌ͘^ĂůĐĞĚŽ^ƚ͕͘>ĞŐĂƐƉŝsŝůůĂŐĞ͕DĂŬĂƚŝŝƚǇ
ϭϰϴ Ϯϰϭ^ƚ͘>ƵŬĞƐ ͘ZŽĚƌŝŐƵĞǌĐŽƌ͘sŝĐƚŽƌŝĂ^ƚ͕͘EĞǁDĂŶŝůĂ͕Y͘͘
ϭϰϵ Ϯϰϰ'ƵĂĚĂůƵƉĞϯ &͘zĂďƵƚ^ƚ͕͘Ŷƌ͘ĐŽƌ͘^͕'ƵĂĚĂůƵƉĞEƵĞǀŽ͕DĂŬĂƚŝŝƚǇ
3
ϭϱϬ Ϯϳϭ^ƚĂƌŵĂůů ^ŚĂǁůǀĚ͘ĐŽƌ͘^DĂŶĚĂůƵǇŽŶŐ
ϭϱϭ ϮϲϰdƌĞĐĞϮ 'Žǀ͘ƌŝǀĞĐŽƌ͘/ŶĚĂŶŐ͕dĂŶǌĂZŽĂĚ
ϭϱϮ Ϯϱϰ^ĂůĂƵĂŐ DŽůŝŶŽͲWĂůŝƉĂƌĂŶZŽĂĚ͕^ĂůĂǁĂŐ͕ĂƐŵĂƌŝŹĂƐ͕ĂǀŝƚĞ
ϭϱϯ ϮϳϮĞƚƚĞƌ>ŝǀŝŶŐϮ ŽŹĂ^ŽůĞĚĂĚǀĞŶƵĞĐŽƌ͘WĞƌƵ͕ĞƚƚĞƌ>ŝǀŝŶŐ͕WĂƌĂŹĂƋƵĞŝƚǇ
ϭϱϰ ϮϰϵŝŶĂŶŐŽŶĂŶ YƵĞǌŽŶ^ƚ͕͘>ŝďŝƐ͕ŝŶĂŶŐŽŶĂŶ͕ZŝǌĂů
ϭϱϱ ϮϰϯDĞƌǀŝůůĞΔΔ DŽƌĞůĂŶĚůĚŐ͕͘DĞƌǀŝůůĞĐĐĞƐƐZĚ͘ĐŽƌ͘tĞƐƚ^ĞƌǀŝĐĞZĚ͘
ϭϱϲ ϮϱϭEŽďĞů 'ͬ&͕ϭϭϬEŽďĞůWůĂǌĂ͕sĂůĞƌŽ^ƚ͕͘DĂŬĂƚŝŝƚǇ
ϭϱϳ ϮϲϭĂůĂŵďĂϯ ůŽŶŐWƌŽǀŝŶĐŝĂůZŽĂĚ͕ĂůĂŵďĂͲƌŽƐƐŝŶŐ͕>ĂŐƵŶĂ
ϭϱϴ Ϯϳϰ&ŝĞůĚƐ 'ͬ&,,,ŽŵŵĞƌĐŝĂůůĚŐ͕͘ϵϯϮ&ŝĞůĚƐǀĞ͕͘ĂůŝďĂŐŽ͕ŶŐĞůĞƐŝƚǇ
ϭϱϵ ϮϲϴƌĂǇĂƚϮΔΔ ƌĂǇĂƚĐŽƌ͘WŝŶĂƚƵďŽ^ƚ͘Ŷƌ͘ĐŽƌ͘ĚƐĂ͕ƵďĂŽY͘͘
ϭϲϬ ϮϱϮdĂůŽŶ :͘ŐƵŝůĂƌǀĞ͘ĐŽƌ͘ůĂďĂŶŐͲĂƉŽƚĞZŽĂĚ͕dĂůŽŶ͕>ĂƐWŝŹĂƐŝƚǇ
ϭϲϭ ϮϲϮWhϮ dĂĨƚǀĞŶƵĞĐŽƌ͘WĞĚƌŽ'ŝů͕DĂŶŝůĂ
ϭϲϮ ϮϳϬŝŹĂŶϯ ͘ŽŶŝĨĂĐŝŽĐŽƌ͘'ŽŶǌĂůĞƐ^ƚ͕͘WŽďůĂĐŝŽŶ͕ŝŹĂŶ͕>ĂŐƵŶĂ
ϭϲϯ ϮϱϲDĂƌŝŬŝŶĂƌŝĚŐĞΔΔ ͘ZŽĚƌŐƵĞǌĐŽƌ͘:͘W͘ZŝǌĂů^ƚ͕͘DĂƌŝŬŝŶĂ
ϭϲϰ Ϯϯϰ>Ă,ƵĞƌƚĂ YƵŝƌŝŶŽǀĞŶƵĞĐŽƌ͘ĂŶĚĂŶ^ƚ͕͘>Ă,ƵĞƌƚĂ͕WĂƌĂŹĂƋƵĞ
ϭϲϱ Ϯϳϲ,ĂŶƐĞů ƵƌŽƌĂůǀĚ͘ĐŽƌ͘/ŵƉĞƌŝĂů͕ƵďĂŽ͕Y͘͘
ϭϲϲ ϮϱϬƵƌŽƌĂΔΔ ƵƌŽƌĂůǀĚ͘ĐŽƌ͘^ƚ͘DĂƌǇ͕ƵďĂŽ͕Y͘͘
ϭϲϳ ϮϮϬ>ĂŐƵŶĂĞůŝƌΎΎ ^ƚĂ͘ZŽƐĂͲdĂŐĂǇƚĂǇZĚ͕͘^ƚĂ͘ZŽƐĂ͕>ĂŐƵŶĂ
ϭϲϴ ϮϰϴWĂƐŝŐDĞŐĂΔΔ DĞŐĂWĂƌŬŝŶŐ͕ĂƌƵŶĐŚŽĐŽƌ͘DĂƌŬĞƚǀĞŶƵĞ
ϭϲϵ Ϯϳϱ&h ϵϭϯͲϵϭϵEŝĐĂŶŽƌZĞǇĞƐĐŽƌ͘ƐƚŝƌŽĚĞůŝǆ͕^ĂŵƉĂůŽĐ͕DĂŶŝůĂ
ϭϳϬ Ϯϳϳ^ĞƐƐŝŽŶϯΔΔ hƉƉĞƌ^ĞƐƐŝŽŶZĚ͕͘ĂŐƵŝŽŝƚǇ
ϭϳϭ ϮϯϭDĂŬĂƚŝŝƚǇ,ĂůůΔΔ ϵϬϯϯ,ŽƌŵŝŐĂ^ƚ͕͘ƌŐǇ͘WŽďůĂĐŝŽŶ͕DĂŬĂƚŝŝƚǇ
ϭϳϮ ϮϴϮ'ĂƚĐŚĂůŝĂŶ ƌ͘͘^ĂŶƚŽƐǀĞ͘ĐŽƌ͘WĂůĂŶǇĂŐ^ƚ͕͘WĂƌĂŹĂƋƵĞŝƚǇ
ϭϳϯ Ϯϳϴ^ĂŐŝƚƚĂƌŝƵƐΎΎ 'ͬ&^ĂŐŝƚƚĂƌŝƵƐůĚŐ͕͘,͘s͘ĞůĂŽƐƚĂ^ƚ͕͘^ĂůĐĞĚŽsŝůůĂŐĞ͕DĂŬĂƚŝ
ϭϳϰ ϮϯϳKƌŝĞŶƚ ZƵďǇZŽĂĚ͕KƌƚŝŐĂƐƚƌ͕͘WĂƐŝŐŝƚǇ
ϭϳϱ ϮϯϲhWDĂŶŝůĂ WĞĚƌŽ'ŝů^ƚ͘Ŷƌ͘ĐŽƌ͘dĂĨƚǀĞŶƵĞ͕DĂůĂƚĞ͕DĂŶŝůĂ
ϭϳϲ Ϯϭϰ^ĂŶWĂďůŽϮΎΎ >ĞŽŶŽƌ^ƚ͘ĐŽƌ͘DĂŚĂƌůŝŬĂ,ŝͲǁĂǇ͕^ĂŶWĂďůŽ͕>ĂŐƵŶĂ
ϭϳϳ ϮϳϵDĂƌŝŶĂΎΎ ͘DĂďŝŶŝ^ƚ͕͘DĂůĂƚĞ͕DĂŶŝůĂ
ϭϳϴ ϮϴϰƵƌŐƵŶĚǇ 'ͬ&KŶĞƵƌŐƵŶĚǇWůĂǌĂ͕<ĂƚŝƉƵŶĂŶǀĞ͕͘Y͘͘
ϭϳϵ Ϯϴϭd͘DŽƌĂƚŽ ^ĐŽƵƚĂƐƚŽƌĐŽƌ͘d͘DŽƌĂƚŽ
ϭϴϬ Ϯϴϴ^ĂŶ&ĞƌŶĂŶĚŽϮΎΎ >ĂŵůĚŐ͕͘^ĂŶ&ĞƌŶĂŶĚŽƌŽƐƐŝŶŐ͕^ĂŶ&ĞƌŶĂŶĚŽ͕WĂŵƉĂŶŐĂ
ϭϴϭ Ϯϴϵ<ĂƌƵŚĂƚĂŶΔΔ 'ĞŶ͘d͘ĚĞ>ĞŽŶĐŽƌ͘DĐƌƚŚƵƌ,ŝͲǁĂǇ͕<ĂŚƵƌĂƚĂŶ͕sĂůĞŶǌƵĞůĂ
ϭϴϮ ϮϴϯZΎΎ ZůĚŐ͘ϯƌĚ&ůƌ͘ZWŽĚƵŝŵ͕ǇĂůĂǀĞŶƵĞĐŽƌ͘ƵĞŶĚŝĂ͕DĂŬĂƚŝŝƚǇ
ϭϴϯ ϮϵϮhĂƚĂŶŐĂƐ ,ŝůůƚŽƉ͕ƌŐǇ͘<ƵŵŝŶƚĂŶŐ/ďĂďĂ͕ŝƚǇŽĨĂƚĂŶŐĂƐ
ϭϴϰ ϮϯϵWĂƌŬEZŝĚĞΔΔ W͘ƵƌŐŽƐĐŽƌ͘ƌ͘ĂƐĂ^ƚ͕͘ƌŵŝƚĂ͕DĂŶŝůĂ
ϭϴϱ ϮϵϯWůĂƌŝĚĞůΔΔ ĂŐĂǇĂŶsĂůůĞǇZŽĂĚ͕ĂŶŐĂϭƐƚ͕WůĂƌŝĚĞů͕ƵůĂĐĂŶ
ϭϴϲ ϮϴϱŵĞƌĂůĚΎΎ ŵĞƌĂůĚǀĞ͕͘KƌƚŝŐĂƐƚƌ͕͘WĂƐŝŐŝƚǇ
ϭϴϳ ϮϵϰŝŹĂŶϰΎΎ /ŶĨƌŽŶƚŽĨWĞƌƉĞƚƵĂů,ĞůƉ,ŽƐƉŝƚĂůΘŽůůĞŐĞ͕ŝŹĂŶ͕>ĂŐƵŶĂ
ϭϴϴ Ϯϵϱ<ŝŶŐΖƐWůĂǌĂ <ŝŶŐΖƐWůĂǌĂ͕:ƵĂŶ>ƵŶĂĐŽƌ͘WĂĚƌĞZĂĚĂ^ƚ͕͘dŽŶĚŽ͕DĂŶŝůĂ
ϭϴϵ Ϯϵϳ& 'ͬ&/D^ůĚŐ͕͘ZŽǆĂƐůǀĚ͘^ĞƌǀŝĐĞZĚ͘ĐŽƌ͘ƌŶĂŝǌ^ƚ͕͘WĂƐĂǇŝƚǇ
ϭϵϬ Ϯϵϵ/ŶĚĂŶŐΔΔ ^ĂŶ'ƌĞŐŽƌŝŽŶƌ͘ĐŽƌ͘DĂďŝŶŝ^ƚ͕͘/ŶĚĂŶŐ͕ĂǀŝƚĞ
ϭϵϭ ϯϬϭŶŶĂƉŽůŝƐΔΔ 'ͬ&ŽŶƚŝŶĞŶƚĂůWůĂǌĂ͕ηϰϱŶŶĂƉŽůŝƐ͕'ƌĞĞŶŚŝůůƐ͕^ĂŶ:ƵĂŶ͕DD
ϭϵϮ ϮϵϲDĂŶĂŶƐĂůĂ DĂŶĂŶƐĂůĂůĚŐ͕͘ƐƚƌĞůůĂ^ƚ͕͘ZŽĐŬǁĞůůĞŶƚĞƌ͕DĂŬĂƚŝŝƚǇ
ϭϵϯ ϯϬϬŽŶǀĞƌŐǇΖƐ 'ͬ&ŽŶǀĞƌŐǇƐ͕KŶĞǇĂůĂǀĞ͕͘ĐŽƌ͘^ĂůĐĞĚŽ^ƚ͕͘DĂŬĂƚŝŝƚǇ
ϭϵϰ ϯϬϰ^ƚĂƌǁŽŽĚ <ŝƐĂĚZŽĂĚŶƌ͘ĐŽƌ͘DĂƌĐŽƐ,ŝͲǁĂǇ͕ĂŐƵŝŽŝƚǇ
ϭϵϱ ϯϭϭWWΔΔ 'ͬ&WWĂŶŬĞŶƚĞƌ͕sZƵĨŝŶŽĐŽƌ͘^ĂŶŐƵƐƚŝŶ͕^ĂůĐĞĚŽsŝůů͕͘DĂŬĂƚŝ
ϭϵϲ ϯϭϳdĂŶĂƵĂŶ :W>ĂƵƌĞů,ŝŐŚǁĂǇĐŽƌ͘DĂďŝŶŝ^ƚ͕͘dĂŶĂƵĂŶŝƚǇ͕ĂƚĂŶŐĂƐ
ϭϵϳ ϯϭϮh^ŵďĂƐƐǇ ZŽǆĂƐůǀĚ͘ĐŽƌ͘h͘E͘ǀĞŶƵĞ͕ƌŵŝƚĂ͕DĂŶŝůĂ
ϭϵϴ ϯϬϯƐŝĂŶDĂŶƐŝŽŶ 'ͬ&ƐŝĂŶDĂŶƐŝŽŶϮĞůĂZŽƐĂ^ƚ͕͘>ĞŐĂƐƉŝsŝůůĂŐĞ͕DĂŬĂƚŝŝƚǇ
ϭϵϵ ϯϬϳDĂĚƌŝŐĂůΎΎ 'ͬ&DĂĚƌŝŐĂůƵŝůĚŝŶŐǇĂůĂǀĞŶƵĞ͕DĂŬĂƚŝŝƚǇ
ϮϬϬ ϯϭϴWĞĂƌůƌŝǀĞΔΔ WĞĂƌůƌŝǀĞĐŽƌŶĞƌ>ŽƵƌĚĞƐ^ƚ͕͘WĂƐŝŐŝƚǇ
4
ϮϬϭ ϯϬϵ/'ĂůůĞƌŝĂ 'ͬ&/ͲƵƌŐƵŶĚǇŵƉŝƌĞdŽǁĞƌ͕ǀĞ͕͘ĐŽƌ͘'ĂƌŶĞƚZĚ͕͘KƌƚŝŐĂƐ
ϮϬϮ ϯϬϴ>WŝƚǇŚĂůů ůĂďĂŶŐͲĂƉŽƚĞZĚ͕͘&͘KĐĂŵƉŽǀĞ͕͘WĂŵƉůŽŶĂϯ͕>ĂƐWŝŹĂƐŝƚǇ
ϮϬϯ ϯϭϲyĂǀŝĞƌ,ŝůůƐ yĂǀŝĞƌ,ŝůůƐŽŶĚŽ͘dŽǁĞƌϭ͕'ƌĂŶĂĚĂ^ƚ͘ĐŽƌ͘E͘ŽŵŝŶŐŽ͕Y
ϮϬϰ ϯϮϭƵĞŶĚŝĂϮΎΎ 'ŝůWƵǇĂƚǀĞ͘ĐŽƌ͘&,ĂƌƌŝƐŽŶ^ƚ͕͘WĂƐĂǇŝƚǇ
ϮϬϱ ϯϬϮǇĂůĂ&'hΔΔ ǇĂůĂǀĞ͕͘^ĂůĐĞĚŽsŝůůĂŐĞ͕DĂŬĂƚŝŝƚǇ
ϮϬϲ ϯϮϱ^ƚĂ͘ƌƵǌΎΎ W͘'ƵĞǀĂƌƌĂǀĞ͘ƌŐǇϯWŽďůĂĐŝŽŶ^ƚĂ͘ƌƵǌ>ĂŐƵŶĂ
ϮϬϳ ϯϮϯŚĂŶŶĞůϳΎΎ ϭϯϭdŝŵŽŐǀĞ͘ĐŽƌ͘^ĂŵĂƌ^ƚ͕͘ŝůŝŵĂŶ͕Y
ϮϬϴ ϯϮϮ^ƚ͘^ĐŚŽůĂƐƚŝĐĂΔΔ ϴϵϲsŝƚŽƌƵǌĐŽƌ͘ŽŵŝŶŐĂ^ƚ͕͘DĂůĂƚĞ͕DĂŶŝůĂ
ϮϬϵ ϯϮϵĂŶŐǁĂ ϭϯϬϬ>ĂŽŶůĂĂŶ^ƚ͘ĐŽƌ͘ŽŶYƵŝũŽƚĞ^ƚ͘^ĂŵƉĂůŽĐDĂŶŝůĂ
ϮϭϬ ϯϭϯEŽƌƚŚŐĂƚĞΎΎ &ΛƐƚďǇƚĞƐΛEŽƌƚŚ'ĂƚĞĐǇďĞƌǌŽŶĞůĂďĂŶŐDƵŶƚŝŶůƵƉĂ
Ϯϭϭ ϯϮϲ'ĂƉĂŶ 'DĂŬĞƌǇůĚŐƵĐĂŶĂ'ĂƉĂŶƌŽƐƐŝŶŐ'ĂƉĂŶŝƚǇ
ϮϭϮ ϯϯϬ/ŵƉĞƌŝĂůΔΔ dŽŵĂƐDŽƌĂƚŽǀĞ͘ĐŽƌdŝŵŽŐǀĞŝůŝŵĂŶY
Ϯϭϯ ϯϮϴĂďĂŶĂƚƵĂŶϮΔΔ ϭϵϵ'ĞŶ͘dŝŶŝŽĐŽƌ͘DĂďŝŶŝ^ƚ͕͘YƵĞǌŽŶŝƐƚƌŝĐƚ͕ĂďĂŶĂƚƵĂŶ͕EƵĞǀĂĐŝũĂ
Ϯϭϰ ϯϯϯĂůŝďĂŐŽŽŵƉůĞǆ ĂůŝďĂŐŽŽŵƉůĞǆĂůŝďĂŐŽ^ƚĂ͘ZŽƐĂ>ĂŐƵŶĂ
Ϯϭϱ ϯϯϮ>ĞŐĂƌĚĂϮΔΔ >ĞŐĂƌĚĂĐŽƌ͘:ŚŽĐƐŽŶ^ƚ͘^ĂŵƉĂůŽĐDĂŶŝůĂ
Ϯϭϲ ϯϰϬDĂŶƵĞůĂ ηϬϮͲůĂďĂŶŐͲĂƉŽƚĞZĚ͘ĐŽƌ͘ZĞĂů^ƚ͘>ĂƐWŝŹĂƐŝƚǇ
Ϯϭϳ ϯϯϲWĂĚƌĞ&ĂƵƌĂ W͘&ĂƵƌĂĐŽƌD,ĚĞůWŝůĂƌ
Ϯϭϴ ϯϭϱĂŶĂƵĞΔΔ ϰϮϲĂŶĂƵĞǀĞ͘ĐŽƌdŝƌĂĚWĂƐƐ^ƚ͘^D,Y
Ϯϭϵ ϯϰϱĂůŝǁĂŐϮΎΎ WŽďůĂĐŝŽŶWůĂǌĂEĂŶŝŶŐĂůŝƵĂŐƵůĂĐĂŶ
ϮϮϬ ϯϯϰKttϮ ϳϰϵsŝĐƚŽƌŝĂ^ƚ͘ĐŽƌ͘^ŽůĂŶĂ^ƚ͘/ŶƚƌĂŵƵƌŽƐDĂŶŝůĂ
ϮϮϭ ϯϰϮZ͘DĂŐƐĂǇƐĂǇ ϭϳϯĚƐĂŽƌ͘ƌŵŝŶ'ĂƌĐŝĂ^ƚ͕͘ƵďĂŽ͕YƵĞǌŽŶŝƚǇ
ϮϮϮ ϯϰϲWĞĚƌŽ'ŝů ϭϱϳϴ͘D/E/KZEZWZK'/>^d͘ZD/dDE/>
ϮϮϯ ϯϯϴWĂŐƐĂŶũĂŶΔΔ ĂůůĞZŝǌĂůWŽď͘WĂŐƐĂŶũĂŶ>ĂŐƵŶĂ
ϮϮϰ ϯϰϭKůŝǀĂƌĞǌΔΔ ϴϭϱϲƌ͘͘^ĂŶƚŽƐǀĞ͕͘ƌŐǇ͘^ĂŶŝŽŶŝƐŝŽ͕^ƵĐĂƚ͕WĂƌĂŹĂƋƵĞŝƚǇ
ϮϮϱ ϯϯϵEĂƐƵŐďƵΎΎ :W>ĂƵƌĞů^ƚĐŽƌ'͘ůǀĞƌĞǌ^ƚ͘EĂƐƵŐďƵĂƚĂŶŐĂƐ
ϮϮϲ ϯϯϱDĂŵĂƚŝĚ ĂŶůŝĐ͕ĂďƵǇĂŽ>ĂŐƵŶĂ
ϮϮϳ ϯϰϯ&ŝĞůĚƐϮ DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕ĂůŝďĂŐŽ͕ŶŐĞůĞƐŝƚǇ͕WĂŵƉĂŶŐĂ
ϮϮϴ ϯϱϬWĂĐŝĨŝĐĞŶƚĞƌ ^ĂŶDŝŐƵĞůǀĞ͕͘KƌƚŝŐĂƐĞŶƚĞƌ͕WĂƐŝŐ
ϮϮϵ ϯϰϰDŽůŝŶŽϯΔΔ ĂƉŽƚĞͲDŽůŝŶŽZĚ͘ƌŐǇ͘DŽůŝŶŽϯĂĐŽŽƌĂǀŝƚĞ
ηϭdĞĂĐŚĞƌƐůŝƐƐ͕ĂůŽŶŐďĂƚŽĂůŝŶƚĂǁĂŬY
ϮϯϬ ϯϰϵdĞĂĐŚĞƌƐůŝƐƐΔΔ

Ϯϯϭ ϯϰϳƵůŝŚĂŶΔΔ Ϯϳϱ>ϭϯ&W,ŽƵƐŝŶŐ͕KůĚƵůŝŚĂŶZĚ͕͘ƵůŝŚĂŶ͕^ŝůĂŶŐĂǀŝƚĞ
ϮϯϮ ϯϱϮĂĐůĂƌĂŶϰ ZŽǆĂƐůǀĚ͘ĐŽƌ͘ZŝǀĞƌĂ^ƚ͕͘ĂĐůĂƌĂŶ͕WĂƌĂŹĂƋƵĞ
Ϯϯϯ ϯϱϱsŝƚŽƌƵǌΔΔ hŶŝƚϭϬϮΘϭϬϯŝƚǇůĂŶĚdŽǁĞƌKŶĞ͕sŝƚŽƌƵǌ͕DĂŶŝůĂ
Ϯϯϰ ϯϱϰ'ŽƌĚŽŶǀĞ͘ΎΎ 'ŽƌĚŽŶǀĞ͘ĐŽƌ͘ϲƚŚ^ƚ͘ƐŝŶĂŶ͕KůŽŶŐĂƉŽŝƚǇ
Ϯϯϱ ϯϱϲ'ƵĂůďĞƌƚŽΎΎ ƵŶŝŽ^ƚ͘'ƵĂůďĞƌƚŽǀĞ͕͘ZŽƐĂƌŝŽ͕ĂƚĂŶŐĂƐ
Ϯϯϲ ϯϲϲ^DůĂƌŬΎΎ ĂǇĂŶŝŚĂŶWĂƌŬ͕^DůĂƌŬ͕ĂůŝďĂŐŽ͕ŶŐĞůĞƐŝƚǇ͕WĂŵƉĂŶŐĂ
Ϯϯϳ ϯϱϯ'ƵĂŐƵĂΔΔ KŶĞƌŽǁŶWƌŽƉĞƌƚǇΘĞǀĞůŽƉŵĞŶƚ͕WůĂǌĂƵƌŐŽƐ͕'ƵĂŐƵĂ͕WĂŵƉĂŶŐĂ
Ϯϯϴ ϯϱϵKůŽŶŐĂƉŽZŽƚŽŶĚĂΎΎ ϭϳϯϵZŝǌĂůǀĞ͘tĞƐƚĂũĂĐĂũĂĐ͕ŽůŽŶŐĂƉŽŝƚǇ
Ϯϯϵ ϯϱϳdĂŶǌĂϮΔΔ dĂŶǌĂƌŽƐƐŝŶŐ͕ĂĂŶŐŵĂǇĂ͕dĂŶǌĂ͕ĂǀŝƚĞ
ϮϰϬ ϯϲϮd͘DĂƉƵĂΔΔ ϭϱϭϮ͘D͘ZĞĐƚŽŽƌ͘&͘dŽƌƌĞƐΘd͘DĂƉƵĂ^ƚĂ͘ƌƵǌDĂŶŝůĂ
Ϯϰϭ ϯϲϵĂůĂǇĂŶΔΔ ϭϭϮWůĂǌĂDĂďŝŶŝ^ƚ͘ĂůĂǇĂŶ͕ĂƚĂŶŐĂƐ
ϮϰϮ ϯϱϴĂƵ ηϭϱϳDĐƌƚŚƵƌ,ŝͲǁĂǇ͕ĂƵ͕DĂďĂůĂĐĂƚ͕WĂŵƉĂŶŐĂ
Ϯϰϯ ϯϲϬĂďĂŶĂƚƵĂŶϯΔΔ DĂŶƐŽŶůĚŐ͘ƵƌŐŽƐǀĞ͕͘ĂďĂŶĂƚƵĂŶŝƚǇ
Ϯϰϰ ϯϲϳZŝǀĞƌďĂŶŬƐ 'ͬ&/důĚŐ͘Ϯ͕ZŝǀĞƌďĂŶŬƐĞŶƚĞƌ͕ZŝǀĞƌďĂŶŬǀĞ͕͘ĂƌĂŶŐŬĂDĂƌŝŬŝŶĂŝƚǇ
Ϯϰϱ ϯϲϯ>ŽƉĞǌƌŝǀĞΔΔ Z/ůĚŐ͘>ŽƉĞǌǀĞ͘Žƌ͘ƌ͘͘^ĂŶƚŽƐǀĞ͕͘WĂƌĂŶĂƋƵĞŝƚǇ
Ϯϰϲ ϯϳϮWĂƐĐŽƌƌŝǀĞ ^ŬǇ&ƌĞŝŐŚƚƵŝůĚŝŶŐ͕EŝŶŽǇƋƵŝŶŽǀĞ͕͘WĂƌĂŶĂƋƵĞŝƚǇ
Ϯϰϳ ϯϳϭĂŐƵƉĂŶϯΔΔ D͘,͘ĞůWŝůĂƌŽƌ͘͘͘&ĞƌŶĂŶĚĞǌǀĞ͕͘ĂŐƵƉĂŶŝƚǇ
Ϯϰϴ ϯϲϱDĐ<ŝŶůĞǇ,ŝůů hŶŝƚϭ'ͬ&KŶĞ^ƋƵĂƌĞ͕hƉƉĞƌDĐ<ŝŶůĞǇZĚ͕͘DĐ<ŝŶůĞǇ,ŝůů͕dĂŐƵŝŐŝƚǇ
Ϯϰϵ ϯϳϳ>ƵĐĞŶĂϮ >ŽƚηϮϳϳϭͲĂůŽŶŐYƵĞǌŽŶǀĞŶƵĞ͕>ƵĐĞŶĂŝƚǇ
ϮϱϬ ϯϴϯDĂǇĂƌĐĂĚĞΎΎ 'ͬ&DĂǇĂƌĐĂĚĞϲϳϴĚƐĂ͕ƵďĂŽ͕YƵĞǌŽŶŝƚǇ
Ϯϱϭ ϯϳϵKůŽŶŐĂƉŽϯΎΎ tĞƐƚϭϴƚŚ^ƚ͘ŽƌŶĞƌŶŽŶĂƐtĞƐƚĂũĂĐͲĂũĂĐ͕KůŽŶŐĂƉŽŝƚǇ
5
ϮϱϮ ϯϴϬŝƚĂĚĞůůĂΔΔ ZĚ͘ŽƌŶĞƌŝƚĂĚĞůůĂǀĞ͘>ĂƐWŝŶĂƐŝƚǇ
Ϯϱϯ ϯϳϰKůĚ^ƚĂ͘DĞƐĂΔΔ ϰϰϱϲsĂůĞŶǌƵĞůĂ^ƚ͘^ƚĂ͘DĞƐĂDĂŶŝůĂ
Ϯϱϰ ϯϳϲd^h ƌŐǇ͘ƵƚͲƵƚZŽŵƵůŽǀĞ͘dĂƌůĂĐŝƚǇ
Ϯϱϱ ϯϴϳŝŶĂŶŐŽŶĂŶϮΎΎ EĂƚŝŽŶĂůZŽĂĚŽƌ͘YƵĂƌƌǇZŽĂĚWĂŶƚŽŬ͕ŝŶĂŐŽŶĂŶZŝǌĂů
Ϯϱϲ ϯϴϲWĂůŝĐŽ ŐƵŝŶĂůĚŽ,ŝŐŚǁĂǇWĂůŝĐŽ///ŵƵƐĂǀŝƚĞ
Ϯϱϳ ϯϳϴůƵŵĞŶƚƌŝƚƚϭΎΎ ZŝǌĂůǀĞ͘ĐŽƌ͘ůƵŵĞŶƚƌŝƚƚ^ƚĂ͘ƌƵǌ͕DĂŶŝůĂ
Ϯϱϴ ϯϴϵ>ƵĐďĂŶ YƵĞǌŽŶǀĞ͕͘DŝƌĂŵŽŶƚĞ^ƵďĚŝǀŝƐŝŽŶ>ƵĐďĂŶ͕YƵĞǌŽŶ
Ϯϱϵ ϯϴϭŽŶ'ĂůŽΔΔ ϬϰϮϯYƵŝƌŝŶŽǀĞ͘ĐŽƌŶĞƌŝŵĂƚŝŵďĂŶŐĂŶ^ƚ͘ŽŶ'ĂůŽ͕WĂƌĂŹĂƋƵĞŝƚǇ
ϮϲϬ ϯϵϭDĂŶĂŽĂŐΎΎ &Ğůŝǆ^ƚ͘Žƌ͘'ĂƌĐŝĂ^ƚ͘DĂŶĂŽĂŐ͕WĂŶŐĂƐŝŶĂŶ
Ϯϲϭ ϯϴϰKŶĞͲŽŵ hŶŝƚϰ͕ϱΘϲ,ĂƌďŽƵƌƌŝǀĞŽƌ͘WĂůŵŽĂƐƚǀĞ͘^DĞŶƚƌĂůƵƐŝŶĞƐƐWĂƌŬ͕WĂƐĂǇŝƚǇ
ϮϲϮ ϯϵϬKŶĞDĐ<ŝŶůĞǇ KŶĞDĐ<ŝŶůĞǇϮϲƚŚ^ƚ͘&ŽƌƚŽŶŝĨĂĐŝŽ'ůŽďĂůŝƚǇ͕dĂŐƵŝŐŝƚǇ
Ϯϲϯ ϰϬϰWĂĐŝĨŝĐZĞŐĞŶĐǇ 'ͬ&WĂĐŝĨŝĐZĞŐĞŶĐǇůĚŐ͕͘W͘KĐĂŵƉŽƐƚ͘DĂůĂƚĞ͕DůĂ͘
Ϯϲϰ ϯϵϴ'ŽƌĚŽŶ,ŽƐƉŝƚĂůΎΎ ϭϬϰZŝǌĂůǀĞŶƵĞ͕ĂƐƚdĂƉŝŶĂĐ͕KůŽŶŐĂƉŽŝƚǇ
Ϯϲϱ ϰϬϳďĂŶĂŽ hŶŝƚϮKŶŐůĚŐ͘ďĂŶĂŽ^ƚ͕͘ĂŐƵŝŽŝƚǇ
Ϯϲϲ ϯϴϴĂŐŽĂŶƚĂǇ ηϭϯϭ/ůŽĐŽƐ^Ƶƌ^d͘Žƌ͘ƵŬŝĚŶŽŶƐƚ͘ĂŐŽĂŶƚĂǇYƵĞǌŽŶŝƚǇ
Ϯϲϳ ϯϵϲ>^hͲ>ŝƉĂ EĂƚŝŽŶĂů,ŝǁĂǇ͕ƌŐǇ͕͘WĂŶŝŶƐŝŶŐŝŶ͕dĂŵďŽ͕>ŝƉĂŝƚǇ
Ϯϲϴ ϯϵϱ/ŵƵƐϮΎΎ ϵϳͲŐƵŝŶĂůĚŽ,ŝǁĂǇĂǇĂŶ>ƵŵĂ/ŵƵƐ͕ĂǀŝƚĞ
Ϯϲϵ ϰϭϰ>ĞŵĞƌǇϮΔΔ /ůůƵƐƚƌĞĂǀĞ͘ĐŽƌ͘ZĂũĂŚDĂƚĂŶĚĂƐƚ͕͘>ĞŵĞƌǇ͕ĂƚĂŶŐĂƐ
ϮϳϬ ϯϵϯdƌĂŶĐŽǀŝůůĞΔΔ ϭϰϴDZŽǆĂƐ^ƚƌĞĞƚ͕ĂŐƵŝŽŝƚǇ
Ϯϳϭ ϰϭϬ^ƚŽ͘EŝŹŽͲDĞǇĐ͘ΔΔ >͘ĂŵŝŶŽZĞĂůZĚ͘^ƚŽ͘EŝŶŽDĞǇĐĂƵǇĂŶƵůĂĐĂŶ
ϮϳϮ ϯϲϴEĂŐƵŝůůĂŶΔΔ EĂŐƵŝůůĂŶZĚ͘Žƌ͘ŽŬĂǁŬĂŶZĚ͘ĂŐƵŝŽŝƚǇ
Ϯϳϯ ϰϭϮŽŶŽƐĐŽΔΔ ŽŶŽƐĐŽZŽĂĚ͘ŽƌŚŝŶŽZŽĐĞƐǀĞ͕͘DĂŬĂƚŝŝƚǇ
Ϯϳϰ ϰϭϭ^ƚĂ͘DĂƌŝĂΔΔ ϰϵ:ŽƐĞŽƌĂǌŽŶĞ:ĞƐƵƐƐƚ͕͘^ƚĂ͘DĂƌŝĂ͕ƵůĂĐĂŶ
Ϯϳϱ ϯϳϱsŝůůĂŵŽƌΎΎ >ŽƚϭϮ͘ϭϭϮƚŚ^ƚ͘ŝƌŵĂŶΖƐsŝůůĂŐĞŝƌďĂƐĞƌĞĂ͕WĂƐĂǇŝƚǇ
Ϯϳϲ ϰϬϵ^ĂŶWĂďůŽϯΎΎ DĂŚĂƌůŝŬĂ,ŝǁĂǇ͕^ĂŶWĂďůŽ͕>ĂŐƵŶĂ
Ϯϳϳ ϰϭϱDĞŶĚĞǌWƌŽƉĞƌ DĂƌŬĞƚZŽĂĚŽƌŶĞƌ:WZŝǌĂůDĞŶĚĞǌ͕ĂǀŝƚĞ
Ϯϳϴ ϯϵϰDĂƌĂŐŽŶĚŽŶ WŽďůĂĐŝŽŶϭͲDĂƌĂŐŽŶĚŽŶĂǀŝƚĞ
Ϯϳϵ ϰϭϳ^ƵďŝĐWƌŽƉĞƌΎΎ EĂƚŝŽŶĂů,ŝͲǁĂǇƌŐǇ͘ĂƌĂŬĂ͕^ƵďŝĐ͕ĂŵďĂůĞƐ
ϮϴϬ ϰϭϵ'ĂƚĞϯΎΎ &WKs/tĞƐƚĞƌŶŝĐƵƚĂŶ͕dĂŐƵŝŐŝƚǇ
Ϯϴϭ ϰϬϬ&W/W EŽ͘ϭϱϴ^ƚĂ͘ŶĂƐƚĂĐŝĂ͕^ƚŽ͘dŽŵĂƐ͕ĂƚĂŶŐĂƐ
ϮϴϮ ϯϵϳ^ƚĂ͘ZŽƐĂƐƚĂƚĞ ^ƚĂ͘ZŽƐĂ,ŝŐŚǁĂǇ͕^ƚĂ͘ZŽƐĂƐƚĂƚĞ͕^ƚĂ͘ZŽƐĂ͕>ĂŐƵŶĂ
Ϯϴϯ ϰϬϭWŚŝůĐŽŵ ϴϳϱϱWĂƐĞŽĚĞZŽǆĂƐ͕DĂŬĂƚŝŝƚǇ
Ϯϴϰ ϰϭϯ&,ŽŵĞƐϮΎΎ ƌ͘^ĂŶƚŽƐĐŽƌ͘WƌĞƐŝĚĞŶƚΖƐǀĞŶƵĞ͕WΖƋƵĞŝƚǇ
Ϯϴϱ ϰϮϭ/'ŽůĚΔΔ hŶŝƚϭϬϭ/'ŽůĚdŽǁĞƌ&͘KƌƚŝŐĂƐŽƌ͘'ĂƌŶĞƚZŽĂĚKƌƚŝŐĂƐŽŵŵĞƌĐŝĂůĞŶƚĞƌ͕WĂƐŝŐŝƚǇ
Ϯϴϲ ϰϮϯĂůĂƐŝĂŽΔΔ WŽď͘ĂƐƚEĂƚŝŽŶĂůZĚ͘ĂůĂƐŝĂŽ͕WĂŶŐĂƐŝŶĂŶ
Ϯϴϳ ϰϱϯdĂǇĂďĂƐ YƵĞǌŽŶǀĞŶƵĞ͕dĂǇĂďĂƐ͕YƵĞǌŽŶ
h'ͲϬϭKŶĞ^ĂŶDŝŐƵĞůǀĞŽŶĚŽŵŝŶŝƵŵKŶĞ^ĂŶDŝŐƵĞůǀĞ͕ĐŽƌ^ŚĂǁůǀĚ͕͘KƌƚŝŐĂƐĞŶƚĞƌ
Ϯϴϴ ϰϮϬKŶĞ^ĂŶDŝŐƵĞů
WĂƐŝŐŝƚǇ
Ϯϴϵ ϰϰϴWĂǀŝůůŝŽŶDĂůů ^ƉĂĐĞEŽƐ͘ϭϰϯͲůĚŐ'ͬ&WĂǀŝůůŝŽŶDĂůů͕ŝŹĂŶ͕>ĂŐƵŶĂ
ϮϵϬ ϰϮϴWĂůĂŶŐĂ dĞŶĞũĞƌŽƐ^ƚ͘ĂůĂŶŐĂ͕ĂƚĂĂŶ
Ϯϵϭ ϰϮϲ^ŝŶĚĂůĂŶΎΎ DĐƌƚŚƵƌ,ŝͲǁĂǇ^ŝŶĚĂůĂŶ͕^ĂŶ&ĞƌŶĂŶĚŽWĂŵƉĂŶŐĂ
ϮϵϮ ϰϮϮ>ĂhŶŝŽŶϭΎΎ ZŝǌĂůǀĞ͘ĐŽƌ͘'Žǀ͘KƌƚĞŐĂƐƚ͕͘^ĂŶ&ĞƌŶĂŶĚŽŝƚǇ͕>ĂhŶŝŽŶ
Ϯϵϯ ϰϰϰĂůĂŵďĂϰ EĂƚŝŽŶĂů,ŝǁĂǇĐŽƌ/ƉŝůͲ/Ɖŝů^ƚ͕͘ĂůĂŵďĂ͕>ĂŐƵŶĂ
Ϯϵϰ ϯϵϮ^D^ĂŶ&ĞƌŶĂŶĚŽ hŶŝƚyϯϭϮϯĂΘyϯϭϮϯĐ͕ƵŝůĚŝŶŐϰ͕^DŝƚǇWĂŵƉĂŶŐĂ͕>ĂŐƵŶĚŝ͕DĞǆŝĐŽ͕WĂŵƉĂŶŐĂ
Ϯϵϱ ϰϮϰĂƉĂǌΔΔ DĐƌƚŚƵƌ,ŝǁĂǇ͕WŽďůĂĐŝŽŶ͕ĂƉĂƐ͕dĂƌůĂĐ
Ϯϵϲ ϰϮϳdĂůĂǀĞƌĂΔΔ DĂŚĂƌůŝŬĂ,ŝǁĂǇ͕dĂůĂǀĞƌĂ͕EƵĞǀĂĐŝũĂ
Ϯϵϳ ϰϯϵWŽƌƚĂsĂŐĂΔΔ &ƌ͘ĂƌůƵƐƚ͘ĐŽƌ͘ĂƚŚĞĚƌĂůƌŝǀĞ͕ĂŐƵŝŽŝƚǇ
Ϯϵϴ ϰϰϯKůŽŶŐĂƉŽŝƚǇ,Ăůů ϮϯƌĚƐƚ͕͘ZŝǌĂůǀĞ͕͘ĂƐƚĂũĂĐͲĂũĂĐ͕KůŽŶŐĂƉŽŝƚǇ
Ϯϵϵ ϰϯϲ>ĞǀĞƌŝǌĂΔΔ ηϲϲϱZ/ůĚŐ͘WƌĞƐŝĚĞŶƚ͘YƵŝƌŝŶŽǀĞ͘ĐŽƌ͘>ĞǀĞƌŝǌĂ͕DĂůĂƚĞ͕DĂŶŝůĂ
ϯϬϬ ϰϲϴ^D>ƵĐĞŶĂ ϭϭϱͲϭϭϲ^DŝƚǇ>ƵĐĞŶĂĂůĂŚŝĐĂŶĐŽƌ͘DĂŚĂƌůŝŬĂ,ŝǁĂǇEĂƚΖůZĚ͘>ƵĐĞŶĂŝƚǇ
ϯϬϭ ϰϱϬWth ϭϴϬϳ'ͬ&EĂŬƉŝů^ƚ͘ĐŽƌ͘>͘'ƵŝŶƚŽ^ƚ͘DĂůĂƚĞ͕DĂŶŝůĂ
ϯϬϮ ϰϱϭŝǀŝĐWƌŝŵĞ ŝǀŝĐĚƌŝǀĞ͕ŝǀŝĐWƌŝŵĞ&ŝůŝŶǀĞƐƚŽƌƉŽƌĂƚĞŝƚǇ͕ůĂďĂŶŐ
6
ϯϬϯ ϰϰϬdŽƚĂůŽƌƉŽƌĂƚĞΎΎ dŽƚĂůŽƌƉŽƌĂƚĞƚƌůĚŐ͕͘ŽŶŝĨĂĐŝŽdƌŝĂŶŐůĞ͕ŽŶŝĨĂĐŝŽ'ůŽďĂůŝƚǇ͕dĂŐƵŝŐŝƚǇ
ϯϬϰ ϰϯϱŶŐĞůĞƐϮ DŝƌĂŶĚĂ^ƚ͕͘ŶŐĞůĞƐŝƚǇ͕WĂŵƉĂŶŐĂ
ϯϬϱ ϰϯϮĂŬŽƚĂDĂŶƐŝŽŶΔΔ 'ͬ&ĂŬŽƚĂDĂŶƐŝŽŶ͕DĂůǀĂƌ^ƚ͕͘Žƌ͘ĚƌŝĂƚŝĐŽ^ƚ͘͘DĂůĂƚĞ͕DĂŶŝůĂ
ϯϬϲ ϰϬϯdĂŐĂǇƚĂǇϮΎΎ KŶĞdĂŐĂǇƚĂǇWůĂĐĞĂůĂŵďĂZĚ͕͘dĂŐĂǇƚĂǇŝƚǇ
ϯϬϳ ϰϭϲh& DĐͲƌƚŚƵƌ,ŝŐŚͲǁĂǇĐŽƌ͘ŽŶĂƵƌŽƌĂ^ƚ͕͘ŶŐĞůĞƐŝƚǇ͕WĂŵƉĂŶŐĂ
ϯϬϴ ϰϰϳ<ŝŵƐƚŽŶΔΔ ϮϲϱϬŐƵƚĂǇĂ^ƚ͘ĐŽƌ͘^͕WŝŶĂŐŬĂŝƐĂŚĂŶ͕DĂŬĂƚŝ
ϯϬϵ ϰϮϱ^ƵŶŶǇƌŽŽŬĞΔΔ ůŬϯϭ>ŽƚϲƌŽŽŬĞƐŝĚĞůĂŶĞďƌŐǇ͘^ĂŶ&ƌĂŶĐŝƐĐŽ͕'ĞŶ͘dƌŝĂƐ͕ĂǀŝƚĞ
ϯϭϬ ϰϯϯĂƚĂŶŐĂƐϯΔΔ WŽďůĂĐŝŽŶϭϴ͕ZŝǌĂůǀĞ͕͘ĂƚĂŶŐĂƐŝƚǇ
ϯϭϭ ϰϰϵĂƐƚǁŽŽĚϮ 'ͬ&KŶĞKƌĐŚĂƌĚŽŶĚŽŵŝŶŝƵŵ͕KƌĐŚĂƌĚZĚ͕͘ĂƐƚǁŽŽĚŝƚǇ͕ĂŐƵŵďĂǇĂŶ͕YƵĞǌŽŶŝƚǇ
ϯϭϮ ϰϱϴ^ĂŶDĂƌĐĞůŝŶŽ 'ͬ&DůĚŐ͘ηϳϭϬ^ĂŶDĂƌĐĞůŝŶŽ^ƚ͕͘ƌŵŝƚĂ͕DĂŶŝůĂ
ϯϭϯ ϰϯϭ/ďĂĂŵďĂůĞƐΎΎ DĂŐƐĂǇƐĂǇǀĞ͕͘WŽďůĂĐŝŽŶ͕/ďĂ͕ĂŵďĂůĞƐ
ϯϭϰ ϰϰϮ^ĂŶ:ŽƐĞEΔΔ DĂŚĂƌůŝŬĂ,ŝŐŚǁĂǇEĂƚŝŽŶĂůZŽĂĚ͕^ĂŶ:ŽƐĞŝƚǇE͘͘
ϯϭϱ ϰϰϲWĂŶŝƋƵŝΎΎ hWƵŝůĚŝŶŐĂůŽŶŐEĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ďĂƌĂŶŐĂǇƐƚĂĐŝŽŶ͕WĂŶŝƋƵŝdĂƌůĂĐ
ϯϭϲ ϰϯϴĂůĂŶŐĂWůĂǌĂΔΔ ŐƵŝƌƌĞ^ƚ͘ĂůĂŶŐĂŝƚǇ
ϯϭϳ ϰϮϵDĞŶĚĞǌƌŽƐƐŝŶŐ ŐƵŝŶĂůĚŽ,ŝǁĂǇDĞŶĚĞǌ:ƵŶĐƚŝŽŶĂƐƚ͕dĂŐĂǇƚĂǇŝƚǇ͕ĂǀŝƚĞ
ϯϭϴ ϰϱϵWĂůĂƉĂůĂΎΎ ͘>dŽůĞĚŽůĚŐ͘ĂůŽŶŐEĂƚŝŽŶĂů,ŝǁĂǇ͕ƌŐǇ͘^ĂŵƉĂůŽĐ/͕WĂůĂƉĂůĂ͕ĂƐŵĂƌŝŹĂƐ͕ĂǀŝƚĞ
ϯϭϵ ϰϲϲ^ƚĞƌůŝŶŐĞŶƚƌĞ 'ͬ&^ƚĞƌůŝŶŐĞŶƚƌĞ͕KƌŵĂǌĂĐŽƌ͘ĞůĂZŽƐĂ^ƚƐ͕>ĞŐĂƐƉŝsŝůůĂŐĞ͕DĂŬĂƚŝŝƚǇ
ϯϮϬ ϰϲϵ^ƚĂ͘ZŽƐĂEΎΎ DĂŚĂƌůŝŬĂ,ŝͲtĂǇ͕^ƚĂ͘ZŽƐĂ͕EƵĞǀĂĐŝũĂ
ϯϮϭ ϰϭϴDƵůƚŝŶĂƚŝŽŶĂůΔΔ :ΘWůĚŐ;DƵůƚŝŶĂƚŝŽŶĂůͿEŝŶŽǇƋƵŝŶŽǀĞ͕͘WĂƌĂŶĂƋƵĞŝƚǇ
ϯϮϮ ϰϳϲDĂǇĂƉĂ EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ƌŐǇ͘WĂĐŝŽŶŽ͕ĂůĂŵďĂ͕>ĂŐƵŶĂ
ϰϲϯ^ĂŶĂƌůŽƐ
ϯϮϯ sŝƌŐĞŶDŝůĂŐƌŽƐĂhŶŝǀĞƌƐŝƚǇ&ŽƵŶĚĂƚŝŽŶŽŵƉĚ͘^ĂŶĂƌůŽƐŝƚǇ͕WĂŶŐĂƐŝŶĂŶ
WĂŶŐĂƐŝŶĂŶΔΔ
ϯϮϰ ϰϯϬĂůĂŶŐĂŚƵƌĐŚ :͘W͘ZŝǌĂů^ƚ͕͘ĂůĂŶŐĂŝƚǇ͕ĂƚĂĂŶ
ϯϮϱ ϰϲϱdĂĂůWƌŽƉĞƌΔΔ WŽďůĂĐŝŽŶ͘ϯ͕dĂĂůWƌŽƉĞƌ͕dĂĂů͕ĂƚĂŶŐĂƐ
ϯϮϲ ϰϳϮEƵǀĂůŝΎΎ ZĞƚĂŝů^ƉĂĐĞϭEƵǀĂůŝdĞĐŚŶŽƉŽĚ͕^ƚĂ͘ZŽƐĂ͕>ĂŐƵŶĂ
ϯϮϳ ϰϴϰĂƚĂŶŐĂƐWŽƌƚΎΎ WŽƌƚĐĐĞƐƐZŽĂĚ͕ƌŐǇ͘ĂůŝĐĂŶƚŽ͕ĂƚĂŶŐĂƐŝƚǇ
ϯϮϴ ϰϳϵĂůƚĞǆE>y ĂůƚĞǆE>y<ŵϭϳĂŶƵŵĂǇsĂůĞŶǌƵĞůĂǆŝƚ
ϯϮϵ ϰϳϰtǇŶƐƵŵ hŶŝƚ'ϭͲtǇŶƐƵŵŽƌƉŽƌĂƚĞWůĂǌĂϮϮ&͘KƌƚŝŐĂƐ:ƌ͘ZĚ͕͘KƌƚŝŐĂƐĞŶƚĞƌ͕WĂƐŝŐŝƚǇ
ϯϯϬ ϰϳϭsĂůĞŶǌƵĞůĂǆŝƚ DĂǇƐĂŶZŽĂĚ͕WĂƐĞŽĞůĂƐ͕sĂůĞŶǌƵĞůĂŝƚǇ
ϯϯϭ ϰϱϱWĞĂƌůƌŝǀĞϮ 'ͬ&hŶŝƚϭϬϮ͕WĂĐŝĨŝĐWůĂĐĞŽŶĚŽŵŝŶŝƵŵ͕WĞĂƌůƌŝǀĞ͕KƌƚŝŐĂƐƚƌ͕WĂƐŝŐŝƚǇ
ϯϯϮ ϰϴϬWŚŝůƚƌĂŶĐŽΎΎ ϲϭϬƉĞůŽƌƵǌ^ƚ͕͘DĂůŝďĂǇ͕WĂƐĂǇŝƚǇ
ϯϯϯ ϰϰϭDĂůŽůŽƐWŽďůĂĐŝŽŶΔΔ dŽƌƌĞƐ^ƚ͘ĐŽƌ͘D͘dĞŶĐŽ͕WŽďůĂĐŝŽŶDĂůŽůŽƐ͕ƵůĂĐĂŶ
ϯϯϰ ϰϴϲůĂďĂŶŐDĞĚΔΔ hŶŝƚϭ'ͬ&ƵƌŽƌĂůĚŐ͕ůĂďĂŶŐĂƉŽƚĞZĚ͕͘DƵƚŝŶůƵƉĂŝƚǇ
ϯϯϱ ϰϰϱEWĂĐŝĨŝĐΔΔ <ŵϭϭϭ͕ƌŐǇ͘,͘ŽŶĐĞƉĐŝŽŶ͕DĂŚĂƌůŝŬĂ,ŝͲǁĂǇ͕ĂďĂŶĂƚƵĂŶŝƚǇ
ϯϯϲ ϰϲϬdĞůƵƐ ƌĐĂĚĞϲΘϳ'ͬ&dĞůƵƐůĚŐ͕͘ƌĂŶĞƚĂĞŶƚĞƌ͕ƵďĂŽ͕YƵĞǌŽŶŝƚǇ
ϯϯϳ ϰϲϰK^D<ΎΎ ůŬϱ>Žƚϭϴ^ĂŵƉĂŐƵŝƚĂĐŽƌ͘ƐĐĂƌůĂƚĂ͕WĞŵďŽ͕DĂŬĂƚŝŝƚǇ
ϯϯϴ ϰϱϰŽŐĞŽΔΔ DĂƌĐŽƐ,ŝǁĂǇĐŽƌ͘'^/^ǀĞ͕͘ĂŐŽŶŐEĂǇŽŶϭ͕ŶƚŝƉŽůŽŝƚǇ
ϯϯϵ ϰϵϮdŝŵĞƐWůĂǌĂΎΎ 'Ͳϰ'ͬ&ΘϮͬ&dŝŵĞƐWůĂǌĂhEǀĞ͘ĐŽƌ͘'ĞŶ>ƵŶĂƐƚ͕͘DĂŶŝůĂ
ϯϰϬ ϰϲϮ'ĞŶd͘Ğ>ĞŽŶ 'ĞŶ͘d͘Ğ>ĞŽŶ^ƚ͕͘DĂĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕<ĂƌƵŚĂƚĂŶ͕sĂůĞŶǌƵĞůĂŝƚǇ
ϯϰϭ ϱϬϴ,ĞĂƌƚĞŶƚĞƌ 'ͬ&WŚŝůŝƉƉŝŶĞ,ĞĂƌƚĞŶƚĞƌ͕ĂƐƚǀĞ͕͘YƵĞǌŽŶŝƚǇ
ϯϰϮ ϰϱϳzWΎΎ zWůĚŐ͘ƌ͘͘^ĂŶƚŽƐǀĞ͕͘^ƵĐĂƚ͕WĂƌĂŹĂƋƵĞŝƚǇ
ϯϰϯ ϰϱϮWŝŽĚĞůWŝůĂƌΎΎ ŚŝŶŽZŽĐĞƐǀĞ͘;WĂƐŽŶŐdĂŵŽͿĐŽƌ͘ĞůĂZŽƐĂƐƚ͘DĂŬĂƚŝŝƚǇ
ϯϰϰ ϰϴϳsŝƐƚĂsĞƌĚĞΎΎ 'ͬ&hŶŝƚϭ͕Ϯ͕ϯ͕ϰsŝƐƚĂ^ƋƵĂƌĞŽŵŵΖůĞŶƚĞƌ͕&ĞůŝǆĂǀĞ͕͘ĂŝŶƚĂ͕ZŝǌĂů
ϯϰϱ ϰϵϱ^ƵŶWůĂǌĂΔΔ 'ͬ&^ƵŶWůĂǌĂ^ŚĂǁŽƵůĞǀĂƌĚ͕ĐŽƌWƌŝŶĐĞƚŽŶƐƚ͕͘DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϯϰϲ ϰϵϲdŽƌĚĞƐŝůůĂƐΎΎ ϭϬϴdŽƌĚĞƐŝůůĂƐĐŽƌ͘'ĂůůĂƌĚŽƐƚ͕͘^ĂůĐĞĚŽsŝůůĂŐĞ͕DĂŬĂƚŝŝƚǇ
ϯϰϳ ϰϵϴ^DǇďĞƌKŶĞΔΔ ZĞƚĂŝů^ƉĂĐĞϰ͕ƵĞŶĚŝĂǀĞ͕͘DĂŬĂƚŝŝƚǇ
ϯϰϴ ϱϮϱDƵŹŽǌϮΔΔ >Ŭϯ>ŽƚϳZ͘DĂŐƐĂǇƐĂǇ͘^͕DƵŶŽǌ͕YƵĞǌŽŶŝƚǇ
ϯϰϵ ϱϭϯKŶĞ^ŽůĂƌŝƐΔΔ ZĞƚĂŝůϮ'ͬ&KŶĞ^ŽůĂƌŝƐůĚŐ͕ĞůĂZŽƐĂ^ƚ͕͘>ĞŐĂƐƉŝsŝůůĂŐĞ͕DĂŬĂƚŝŝƚǇ
ϯϱϬ ϰϯϰDĂůŝďĂǇWůĂǌĂϮΎΎ ZĞĂŶĐĞůĚŐ͘ϵϯ͘:ŽƐĞƐƚ͘ĐŽƌ͘DĂůŝďĂǇǀĞ͕͘WĂƐĂǇŝƚǇ
ϯϱϭ ϰϵϬϭϮƚŚǀĞ͘ΔΔ dĞŶŽŵŵĂŶĚŵĞŶƚƐůĚŐ͘ϲϴϵZŝǌĂůǀĞ͕'ƌĂĐĞWĂƌŬ͕ĂůŽŽĐĂŶŝƚǇ
ϯϱϮ ϰϴϭEĞƚWůĂǌĂΔΔ hŶŝƚϭϰͲ^ƋƵĂƌĞŽŶĞ͕ƌĞƐĐĞŶƚWĂƌŬtĞƐƚ͕ŽŶŝĨĂĐŝŽ'ůŽďĂůŝƚǇ͕dĂŐƵŝŐ
ϯϱϯ ϱϭϲEƌŽƐƐŝŶŐΔΔ DĂŚĂƌůŝŬĂ,ŝŐŚǁĂǇ͕ĐŽƌ͘ƵƌŐŽƐǆƚ͕͘^ĂŶŝŐƚĂŶĂƐƚĂďĂŶĂƚƵĂŶŝƚǇ
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ϯϱϰ ϱϬϰWĂƌĂŐŽŶWůĂǌĂ hƉƉĞƌ'ͬ&WĂƌĂŐŽŶWůĂǌĂŽŶĚŽŵŝŶŝƵŵ͕^ĐŽƌ͘ZĞůŝĂŶĐĞ^ƚ͕͘DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϯϱϱ ϱϭϬ><' ϭϭͬ&><'dŽǁĞƌϲϴϬϭͲϲϴϬϯǇĂůĂǀĞŶƵĞ͕DĂŬĂƚŝŝƚǇ
ϯϱϲ ϱϮϴWK^ĂŶ>ĂǌĂƌŽΎΎ ZĞƚĂŝůϰ͕sŽƌƚĞǆϭůĚŐ͘zƵƐĞĐŽĐŽƌ͘&Ğůŝǆ,ƵĞƌƚĂƐ͕^ĂŶ>ĂǌĂƌŽZĂĐĞƚƌĂĐŬ͕^ƚĂ͘ƌƵǌ͕DĂŶŝůĂ
ϯϱϳ ϱϰϮDĂůƵŐĂǇ;'ͿΎΎ ŚŝŶŽZŽĐĞƐǀĞ͕͘ĐŽƌ͘DĂůƵŐĂǇĂŶĚ'ŝůWƵǇĂƚ͕ƌŐǇ͕͘^ĂŶŶƚŽŶŝŽ͕DĂŬĂƚŝ
ϯϱϴ ϱϰϴ^>y;'ͿΎΎ <ŵ͘ϮϮ^>y͕^ĂŶŶƚŽŶŝŽ͕^ĂŶWĞĚƌŽ>ĂŐƵŶĂ
ϯϱϵ ϱϰϳŽĂƐƚĂů;'ͿΎΎ ŐƵŝŶĂůĚŽ,ŝŐŚǁĂǇ͕ƌŐǇ͕͘dĂŵďŽ͕WĂƌĂŹĂƋƵĞŝƚǇ
ϯϲϬ ϱϰϲŽŶŝͲDĂůĂŵŝŐ;'ͿΎΎ ϳϬϴŽŶŝǀĞ͕͘ƌŐǇ͕͘DĂůĂŵŝŐ͕ŽŶŝ͕͘DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϯϲϭ ϱϰϱĂƉĂƐͲ:ƵŶĐƚŝŽŶ;'ͿΎΎ EĂƚΖůZŽĂĚ͕^ƚŽ͕͘ŽŵŝŶŐŽ:ƵŶĐƚŝŽŶ͕ĂƉĂƐ͕dĂƌůĂĐ
ϯϲϮ ϱϰϰY͕ƌŵŝƚĂ;'ͿΎΎ YƵŝƌŝŶŽǀĞ͕͘ĐŽƌ͘DĂďŝŶŝǀĞ͕͘DĂŶŝůĂD͘D͘
ϯϲϯ ϰϳϴ:WZŝǌĂůϮΔΔ ϯϰϳ:WZŝǌĂůǀĞ͕͘ĐŽƌ͘WĂƐŽŶŐdĂŵŽǀĞ͕͘DĂŬĂƚŝŝƚǇ
ϯϲϰ ϱϮϵWŽƌƚƌĞĂΎΎ ϲϯϳŽŶŝĨĂĐŝŽƌŝǀĞ͕WŽƌƚƌĞĂ͕DĂŶŝůĂ
ϯϲϱ ϱϰϵ&ŝůŝŶǀĞƐƚ;'ͿΎΎ ůĂďĂŶŐͲĂƉŽƚĞZĚ͕͘&ŝůŝŶǀĞƐƚ͕DƵŶƚŝŶůƵƉĂŝƚǇ
ϯϲϲ ϱϯϭ>ĂdƌŝŶŝĚĂĚΎΎ EĂƚŝŽŶĂůZŽĂĚ͕<Dϱ>ĂdƌŝŶŝĚĂĚ͕ĞŶŐƵĞƚ
ϯϲϳ ϱϱϮDĂůŽůŽƐƌŽƐƐŝŶŐ ΘZƵŝůĚŝŶŐ͕DĐƌƚŚƵƌ,ŝͲǁĂǇĐŽƌ͘DĂďŝŶŝ^ƚ͕͘DĂůŽůŽƐƵůĂĐĂŶ
ϯϲϴ ϱϭϮWŚŝůĂŵΔΔ ϵͬ&WŚŝůĂŵ>ŝĨĞƵŝůĚŝŶŐ͕WĂƐĞŽĚĞZŽǆĂƐ͕DĂŬĂƚŝŝƚǇ
ϯϲϵ ϰϳϯs'ƌƵǌ ZĂŵŽŶDĂŐƐĂǇƐĂǇůǀĚ͘Žƌ͘sŝĐĞŶƚĞƌƵǌ^ƚ͘^ĂŵƉĂůŽĐDĂŶŝůĂ
ϯϳϬ ϰϳϬĂůĂŶŐĂ<ĂƉŝƚŽůǇŽΎΎ ĂƉŝƚŽůƌŝǀĞĂůĂŶŐĂĂƚĂĂŶ
ϯϳϭ ϱϯϯĂŐƵƉĂŶϰΔΔ 'ͬ&KƌŝĞŶƚWĂĐŝĨŝĐĞŶƚĞƌĐŽƌ͘WĞƌĞǌůǀĚ͕͘ZŝǌĂůǆƚ͕͘ĂŐƵƉĂŶŝƚǇ͕WĂŶŐĂƐŝŶĂŶ
ϯϳϮ ϰϴϵĐŽWůĂǌĂ WĂƐŽŶŐdĂŵŽǆƚĞŶƐŝŽŶ͕DĂŬĂƚŝĐŝƚǇ
ϯϳϯ ϱϬϭ^ƚŽ͘ŽŵŝŶŐŽ DĐƌƚŚƵƌ,ŝͲtĂǇĐŽƌ͘ƉŽƌĚ͘^ƚŽ͘ŽŵŝŶŐŽ͕ŶŐĞůĞƐ͕WĂŵƉĂŶŐĂ
ϯϳϰ ϱϮϳZĞƚŝƌŽϮΎΎ ϯϭϭͲϯϭϯE͘^͘ŵŽƌĂŶƚŽ^ƚ͘^ƚĂDĞƐĂ,ĞŝŐŚƚƐ͕YƵĞǌŽŶŝƚǇ
ϯϳϱ ϱϰϬ'ƌĂŶĚ,ĂŵƉƚŽŶ 'ƌĂŶĚ,ĂŵƉƚŽŶWůĂĐĞ͕ϭƐƚǀĞΘϯϭƐƚ^ƚ͕͘&ŽƌƚŽŶŝĨĂĐŝŽ'ůŽďĂůŝƚǇ͕dĂŐƵŝŐ
ϯϳϲ ϱϲϮĂĂŶŐ^ĂƌŝůĞ;'ͿΎΎ ĂĂŶŐ^ĂƌŝůĞĂůƚĞǆ^ƚĂƚŝŽŶ͕ĂĂŶŐ^ĂƌŝůĞ͕ĂďĂŶĂƚƵĂŶŝƚǇ
ϯϳϳ ϱϭϴ^DǇďĞƌdǁŽ ĐŽƌ^ĞŶ͘'ŝůWƵǇĂƚǀĞŶƵĞĂŶĚŽĚŝĂĐ^ƚ͕ĞůͲĂŝƌsŝůůĂŐĞ͕DĂŬĂƚŝŝƚǇ
ϯϳϴ ϱϵϭdŝŬĂǇDĂůŽůŽƐ;'ͿΎΎ DĐƌƚŚƵƌ,ŝͲǁĂǇ͕dŝŬĂǇ͕DĂůŽůŽƐƵůĂĐĂŶ
ϯϳϵ ϱϳϬtŝůƐŽŶ;'ͿΎΎ tŝůƐŽŶĐŽƌ͘KƌƚŝŐĂƐ^ĂŶ:ƵĂŶ͕ŝƚǇ
ϯϴϬ ϱϲϭdĂƌůĂĐϮ;'ͿΎΎ DĐ͘ƌƚŚƵƌ,ŝͲtĂǇ͕dĂƌůĂĐdĂƌůĂĐŝƚǇ͘
ϯϴϭ ϱϴϮDĐ<ŝŶůĞǇ^ĂŶ:ƵĂŶ;'ͿΎΎ KƌƚŝŐĂƐǀĞ͕͘DĐ<ŝŶůĞǇ͕^ĂŶ:ƵĂŶ
ϱϲϬ^ĂŶ&ĞƌŶĂŶĚŽE>y
ϯϴϮ <DϲϮE>yEŽƌƚŚŽƵŶĚƌŐǇ͘^ĂŶ&ĞůŝƉĞ͕^ĂŶ&ĞƌŶĂŶĚŽWĂŵƉĂŶŐĂ
;'ͿΎΎ
ϯϴϯ ϱϳϲŽŶŝ^;'ͿΎΎ ^ĐŽƌ͕͘ŽŶŝǀĞ͕͘DĂŶĚĂůƵǇŽŶŐ
ϯϴϰ ϱϳϳ^ƚĂ͘ZŽƐĂWĂƐĞŽ;'ͿΎΎ dĂŐĂǇƚĂǇZŽĂĚ͘^ƚĂ͘ZŽƐĂ>ĂŐƵŶĂ
ϯϴϱ ϱϯϱdΔΔ ŶƚĞƌƚĂŝŶŵĞŶƚŽŵƉůĞǆ͕ůĂďĂŶŐdŽǁŶĞŶƚĞƌ͕DƵŶƚŝŶůƵƉĂŝƚǇ
ϯϴϲ ϱϴϯ,ĂƌǀĂƌĚ^;'ͿΎΎ ^ĐŽƌŶĞƌ,ĂƌǀĂƌĚ^ƚ͕͘DĂŬĂƚŝŝƚǇ
ϯϴϳ ϰϴϯ&Žƌƚ>ĞŐĞŶĚΎΎ ůŬϳ>ŽƚϯϯƌĚĂǀĞ͘ĐŽƌ͘ϯϭƐƚƐƚ͘&ŽƌƚŽŶŝĨĂĐŝŽ'ůŽďĂůŝƚǇ͕dĂŐƵŝŐŝƚǇ
ϯϴϴ ϱϱϵůĂƌŬ,ŽƐƚĞůΎΎ ϮϬϰϭEŝŶŽǇƋƵŝŶŽǀĞ͕͘ĐŽƌ͕͘D͘͘ZŽǆĂƐ͕ůĂƌŬ&ƌĞĞƉŽƌƚŽŶĞ͕WĂŵƉĂŶŐĂ
ϯϴϵ ϱϵϵƵƌŶŚĂŵ;'ͿΎΎ ŚĂŶƵŵĐŽƌ͕͘KƚĞŬ^ƚ͕͘ƵƌŶŚĂŵWĂƌŬ͕ĂŐƵŝŽŝƚǇ
ϯϵϬ ϱϮϰZ͘WĂƉĂ ϴϭϯZ͘WĂƉĂĂŶĚ^͘,>ŽǇŽůĂ^ƚ͕͘^ĂŵƉĂůŽĐDĂŶŝůĂ
ϯϵϭ ϱϵϲ^ĂŶWĂƐĐƵĂů;'ͿΎΎ ^ĂŶWĂƐĐƵĂů͕ĂƚĂŶŐĂƐ
ϯϵϮ ϱϭϵhW>ŽƐĂŹŽƐ ^ƚƵĚĞŶƚhŶŝŽŶůĚŐ͘hŶŝǀĞƌƐŝƚǇŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ>ŽƐĂŹŽƐ͕>ĂŐƵŶĂ
ϱϬϮZŽĐŬǁĞůůƵƐŝŶĞƐƐ
ϯϵϯ dŽǁĞƌϮ;EŽƌƚŚͿ>ĞǀĞůϭhŶŝƚEŽ͘EͲϬϮZŽĐŬǁĞůůƵƐŝŶĞƐƐĞŶƚĞƌ
ĞŶƚĞƌ
ϯϵϰ ϰϲϭ>ĂŵƵĂŶͲDĂŶŽƚŽŬ :WZŝǌĂů͕ĐŽƌ͘sŝƐĂǇĂƐƐƚ͕͘&ŝůŝƉŝŶĂƐsŝůůĂŐĞ͕DĂůĂŶĚĂǇ͕DĂƌŝŬŝŶĂŝƚǇ
ϯϵϱ ϱϬϱDĂŬĂƚŝǀĞ͘ϮΔΔ DĂŬĂƚŝǀĞ͘Žƌ͘ŽŶƐƚĞůůůĂƚŝŽŶ^ƚ͕͘ƌŐǇ͘ĞůͲĂŝƌ͕DĂŬĂƚŝŝƚǇ
ϯϵϲ ϱϭϳEĞǁWŽƌƚ 'ͬ&hŶŝƚZϮ͕EĞǁƉŽƌƚKĨĨŝĐĞůĚŐϭ͕ŶĚƌĞǁƐ^ƚ͘WĂƐĂǇŝƚǇ
ϯϵϳ ϱϴϭD'ĞŶƚĞƌΎΎ D'ĞŶƚĞƌ͕>ŝďĞƌƚĂĚĐŽƌ͘ĂůďĂǇŽŐ^ƚ͕͘DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϯϵϴ ϰϵϯ^ĂŶWĂďůŽϱΔΔ ƌŐǇ͘ϲDĂďŝŶŝ^ƚ͕͘^ĂŶWĂďůŽŝƚǇ͕>ĂŐƵŶĂ
ϯϵϵ ϱϲϱDĂďĂůĂĐĂƚ sĞůĂƐƋƵĞǌƐƚ͕͘DĂďĂůĂĐĂƚWƌŽƉĞƌ͕WĂŵƉĂŶŐĂ
ϰϬϬ ϱϵϰsŝĐƚŽƌŝĂĚĞDĂŶŝůĂ 'ͬ&ͲϭϬϭ͕sŝĐƚŽƌŝĂĞDĂŶŝůĂ͕dĂĨƚǀĞ͕͘DĂŶŝůĂ
ϰϬϭ ϱϯϬEĞƚ^ƋƵĂƌĞΎΎ ϯƌĚǀĞŶƵĞĐŽƌ͕͘ϮϴƚŚ^ƚ͕͘Ͳ^ƋƵĂƌĞ͕ƌĞƐĐĞŶƚWĂƌŬtĞƐƚ͕ŽŶŝĨĂĐŝŽ'ůŽďĂůŝƚǇ͕dĂŐƵŝŐD͘D͘
hŶŝƚϮͬ&Ͳ͕ĂƐƚǁŽŽĚŝƚǇǁĂůŬWŚĂƐĞ//͕ĂƐƚǁŽŽĚŝƚǇǇďĞƌWĂƌŬ͕ϭϴϴ͘ZŽĚƌŝŐƵĞǌ:ƌ͘ǀĞ͕͘
ϰϬϮ ϱϯϰĂƐƚǁŽŽĚϯ
ĂŐƵŵďĂǇĂŶ͕Y͘͘
8
ϰϬϯ ϱϯϵdĂŐĂǇƚĂǇϯ DĂŐĂůůĂŶĞƐ^ƋƵĂƌĞ͕^ŝůĂŶŐ:ƵĐƚŝŽŶtĞƐƚ͕dĂŐĂǇƚĂǇŝƚǇ
ϰϬϰ ϱϴϬ^ŝůǀĞƌŝƚǇ >ϭͲϬϬϯ͕^ŝůǀĞƌŝƚǇ͕&ƌŽŶƚĞƌĂsĞƌĚĞ͕KƌƚŝŐĂƐǀĞ͘ĐŽƌͲϱ͕WĂƐŝŐŝƚǇ
ϰϬϱ ϱϴϲDƵǌŽŶΎΎ ƌŐǇ͘DƵǌŽŶ^ĂŶ:ŽƐĞĚĞůDŽŶƚĞƵůĂĐĂŶ
ϰϬϲ ϰϴϮsŝůůĂŵƉĂƌŽΔΔ sŝůůĂŵƉĂƌŽ^ƵďĚ͕͘ŐƵŝŶĂůĚŽ,ŝŐŚǁĂǇ͕/ŵƵƐĂǀŝƚĞ
'ͬ&ͲϬϭEĞƚKŶĞĞŶƚĞƌ͕dŚŝƌĚǀĞ͕͘ĐŽƌ͘ϮϲƚŚ^ƚ͕͘ƌĞƐĞŶƚWĂƌŬtĞƐƚ͕ŽŶŝĨĂĐŝŽ'ůŽďĂůŝƚǇ͕
ϰϬϳ ϱϬϲƐĐĞŶĚĂƐΎΎ
dĂŐƵŝŐŝƚǇ
ϰϬϴ ϱϲϯŽŶĐĞƉĐŝŽŶdĂƌůĂĐ ƌŐǇ͘^ĂŶEŝĐŽůĂƐ͕ŽŶĐĞƉĐŝŽŶdĂƌůĂĐ
ϰϬϵ ϱϴϱdZ' '>ϭϬdŚĞZĞƐŝĚĞŶĐĞƐ͕ƌŶĂŝǌ^ƚ͕͘DĂŬĂƚŝŝƚǇ
ϰϭϬ ϱϬϬŝŶŽŶĚŽΔΔ ƵƌŬĞWůĂǌĂ^ƚŽ͘ƌŝƐƚŽĐŽƌ͘^ĂŶ&ĞƌŶĂŶĚŽ^ƚ͘ŝŶŽŶĚŽDĂŶŝůĂ
ϰϭϭ ϰϴϱĞƌƚŚĂƉŚŝůϰΔΔ ůĚŐϮͲZĞƚĂŝůϭĞƌƚŚĂƉŚŝůϰ͕ůĂƌŬǀŝĂƚŝŽŶŽŵƉůĞǆ͕͘ŽŶŝĨĂĐŝŽǀĞŶƵĞ͕&͕WĂŵƉĂŶŐĂ
ϰϭϮ ϱϳϮ,ĞƌĐŽĞŶƚĞƌΔΔ ,ZKĞŶƚĞƌ͕ϭϭϰĞŶĂǀŝĚĞǌ^ƚ͕͘>ĞŐĂƐƉŝsŝůůĂŐĞ͕DĂŬĂƚŝŝƚǇ
ϰϭϯ ϱϰϭ^ĂŶDŝŐƵĞůΔΔ ϵϬϲEŽƌďĞƌƚŽ^ƚ͕͘ƌŐǇ͘^ĂŶ:ŽƐĞ͕^ĂŶDŝŐƵĞů͕ƵůĂĐĂŶ
ϰϭϰ ϮϮϲ>ĞŐĂƌĚĂΔΔ ϮϭϬϴ>ĞŐĂƌĚĂ^ƚ͕͘YƵŝĂƉŽ͕DĂŶŝůĂ
ϰϭϱ ϲϯϵ>ŝŶŐĂǇĞŶϭΎΎ EĂƚŝŽŶĂů,ŝͲǁĂǇ͕>ŝŶŐĂǇĞŶWĂŶŐĂƐŝŶĂŶ
ϰϭϲ ϲϬϯ&ŽƌƚƵŶĞ^ƋƵĂƌĞΎΎ DĐƌƚŚƵƌ,ŝͲǁĂǇ͕ĐŽƌ͘sŝůůĂ:ƵůŝƚĂ^ƵďĚŝǀŝƐŝŽŶ͕ƌŐǇ͘^ĂŐƵŝŶ͕^ĂŶ&ĞŶĂŶĚŽ͕WĂŵƉĂŶŐĂ
ϰϭϳ ϱϱϴtĞůĚŝŶŐůĚŐ͘ΔΔ KƉƉĞŶƵŝůĚŝŶŐ͕ϯϰϵ^ĞŶ'ŝůWƵǇĂƚǀĞ͕͘DĂŬĂƚŝŝƚǇ
ϰϭϴ ϱϱϰE͘'ĂƌĐŝĂΎΎ ϭϱϴ:ƵƉŝƚĞƌ^ƚ͕͘ĐŽƌŶĞƌE͘'ĂƌĐŝĂ^ƚ͕͘ĞůŝƌsŝůůĂŐĞ͕DĂŬĂƚŝŝƚǇ
ϰϭϵ ϲϭϬKůŽŶŐĂƉŽWƵďůŝĐDĂƌŬĞƚ ĂŶĚĂ^ƚ͕͘ĂƐƚĂũĂĐͲĂũĂĐ͕KůŽŶŐĂƉŽŝƚǇ
ϰϮϬ ϰϵϰ>ŽƐĂŹŽƐϮΔΔ >ŽƉĞǌǀĞ͘ĐŽƌ͘Dƚ͘,ĂůĐŽŶ^ƚ͕͘>ŽƐĂŹŽƐ^ƵďĚ͕ĂƚŽŶŐDĂůĂŬĞͬ^ĂŶŶƚŽŶŝŽ͕>ŽƐĂŹŽƐ͕>ĂŐƵŶĂ
ϰϮϭ ϲϭϯĂůŝƵĂŐ,ŝŐŚǁĂǇΎΎ ŽŹĂZĞŵĞĚŝŽƐ,ŝͲǁĂǇ͕ƌŐǇ͘WŝŶĂŐďĂƌŝůĂŶ͕ĂůŝƵĂŐƵůĂĐĂŶ
ϰϮϮ ϲϱϴ>ZdϮ^ĂŶƚŽůĂŶΎΎ >ŽƚϮ͕ϱͲ͕^ĂŶƚŽůĂŶ͕WĂƐŝŐŝƚǇ
ϰϮϯ ϱϭϱĂƐƚŝůůĞũŽƐΎΎ ^ĂŶ:ƵĂŶ͕ĂƐƚŝůůĞũŽƐ͕ĂŵďĂůĞƐ
ϰϮϰ ϱϲϰZŽƐĂƌŝŽϮ EŽ͘ϰϮKƌƚŝŐĂƐǀĞ͕͘ZŽƐĂƌŝŽ͕WĂƐŝŐŝƚǇ
ϰϮϱ ϲϮϭ>ŝĨĞŚŽŵĞƐΔΔ >ŽƚϭͲͲϭͲ͕KƌƚŝŐĂƐǀĞ͕͘ǆƚ͕͘ĐŽƌ͘ůĨŽŶƐŽ^ƚ͕͘ƌŐǇ͘ZŽƐĂƌŝŽ͕WĂƐŝŐŝƚǇ
ϰϮϲ ϱϴϳDĂƌǀŝŶWůĂǌĂ ŚŝŶŽZŽĐĞƐĐŽƌ͕͘,ĞƌƌĞƌĂ^ƚ͕͘DĂŬĂƚŝŝƚǇ
ϰϮϳ ϲϭϱ^ĂŶWĞĚƌŽϱ >Žƚϴ͕Ͳ͕EĂƚŝŽŶĂů,ŝͲǁĂǇĐŽƌŶĞƌ'ĂƌĐŝĂ^ƚ͕͘EƵĞǀĂ;WŽďůĂĐŝŽŶͿ͕^ĂŶWĞĚƌŽ͕>ĂŐƵŶĂ
ϰϮϴ ϲϬϴĂƌĂŐŽƐĂΔΔ ŽƌŶĞƌŽŶĐĞƉĐŝŽŶ͕ĂƌĂŐŽǌĂ͕EƵĞǀĂĐŝũĂ
ϰϮϵ ϱϲϳ^ĂŶ/ƐŝĚƌŽ EŽ͘ϯϱƌŐǇ͘^ĂŶ/ƐŝĚƌŽ͕ĂďƵǇĂŽ͕>ĂŐƵŶĂ
ϰϯϬ ϱϲϴĂŵŝůŝŶŐ ƌĞůůĂŶŽ^ƚ͕͘ĐŽƌ͕͘YƵĞǌŽŶǀĞ͕͘ĂŵŝůŝŶŐdĂƌůĂĐ
ϰϯϭ ϱϵϬ<ŝŶŐƐǁŽŽĚΔΔ hͬ'&<ŝŶŐƐǁŽŽĚDĂŬĂƚŝŽŶĚŽŵŝŶŝƵŵ͕sŝƚŽƌƵǌǆƚ͕͘ĐŽƌ͕͘DĂŬĂƚŝŝƚǇ
ϰϯϮ ϱϯϲ^ĂŶŶĚƌĞƐ DĂďŝŶŝĐŽƌ͕͘^ĂŶŶĚƌĞƐ^ƚ͕͘DĂůĂƚĞ͕DĂŶŝůĂϭϬϬϰWŚŝůŝƉƉŝŶĞƐ
ϰϯϯ ϱϬϯĞŶƚƌŝƐϭ 'ͬ&ƚŽŶǇďĞƌƉŽĚĞŶƚƌŝƐ^͕ŶĞĂƌĐŽƌ͘YƵĞǌŽŶǀĞ͘ŶYƵĞǌŽŶŝƚǇ
ϰϯϰ ϲϬϲŝĂŵŽŶĚ^ƋƵĂƌĞ ^ĞƌǀŝĐĞZŽĂĚ͕DĐƌƚŚƵƌ,ŝŐŚǁĂǇĐŽƌ͘ŚĂƌůŽƚƚĞ^ƚ͘ĂůŝďĂŐŽ͕ŶŐĞůĞƐWĂŵƉĂŶŐĂ
ϰϯϱ ϲϰϴ'ƵĂĚĂůƵƉĞϰΔΔ <ŝŵƐƚŽŶWůĂǌĂƵŝůĚŝŶŐ͕W͘ƵƌŐŽƐ^ƚ͕͘'ƵĂĚĂůƵƉĞ͕DĂŬĂƚŝŝƚǇ
ϱϴϵDĂŶŝůĂǆĞĐƵƚŝǀĞ
ϰϯϲ hŶŝƚϱΘϲ'ƌŽƵŶĚ&ůŽŽƌ͕DĂŶŝůĂǆĞĐƵƚŝǀĞZĞŐĞŶĐǇ͕:ŽƌŐĞŽĐŽďŽ^ƚ͕͘ƌŵŝƚĂDĂŶŝůĂ
ZĞŐĞŶĐǇ
ϰϯϳ ϲϭϳ'ƌĂŶĚǀŝĞǁŶŐĞůĞƐΎΎ >ŽƚϭϵͲ͕ŽŶ:ƵŝĐŽǀĞ͕͘DĂůĂďĂŶĂƐ͕ŶŐĞůĞƐŝƚǇ
ϰϯϴ ϱϱϭtŽŽĚƌŝĚŐĞΔΔ hŶŝƚϱͲϲ͕dŚĞtŽŽĚƌŝĚŐĞZĞƐŝĚĞŶĐĞƐ͕DĐŬŝŶůĞǇ,ŝůů͕&ŽƌƚŽŶŝĨĂĐŝŽ͕dĂŐƵŝŐŝƚǇ
ϰϯϵ ϲϭϰĂŶƐĂůĂŶŐŝŶ EŽ͘ϰĂŶƐĂůĂŶŐŝŶ^ƚ͕͘WƌŽũĞĐƚϳ͕YƵĞǌŽŶŝƚǇ͕DĞƚƌŽDĂŶŝůĂ
ϰϰϬ ϱϱϲĂƚĂŶŐĂƐϰΔΔ DĂŶƵĞůĂWĂƐƚŽƌǀĞŶƵĞĐŽƌŶĞƌ,ŝŐŚǁĂǇ͕WĂůůŽĐĂŶtĞƐƚ͕ĂƚĂŶŐĂƐŝƚǇ
ϰϰϭ ϲϭϲŶŐŝŶĞĞƌƐ,ŝůůΔΔ ϭϬϭŶŐŝŶĞĞƌƐ,ŝůů^ƚ͕͘:ƵĚĞdŚĂĚĚĞƵƐŽŵƉůĞǆĐŽƌ͘EĞǀĂĚĂZŽĂĚĂŶĚ'ƵŝŶƚŽůůĞǇ͕ĂŐƵŝŽŝƚǇ
ϰϰϮ ϲϬϳŶĐůĂǀĞ dŚĞŶĐůĂǀĞ͕&ŝůͲŵ&ƌŝĞŶĚƐŚŝƉ,ŝͲǁĂǇ͕WĂŵƉĂŶŐĂ͕ŶŐĞůĞƐŝƚǇ
ϰϰϯ ϲϯϬDĂǇĨĂŝƌdŽǁĞƌ ŽŵŵĞƌĐŝĂů͕'ͬ&DĂǇĨĂŝƌdŽǁĞƌ͕hEǀĞ͕͘ĐŽƌ͘DĂďŝŶŝ^ƚ͕͘ƌŵŝƚĂDĂŶŝůĂ
ϰϰϰ ϲϰϵ^ƚ͘&ƌĂŶĐŝƐdŽǁĞƌƐΎΎ ^ƚ͘&ƌĂŶĐŝƐƌŝǀĞ͕KƌƚŝŐĂƐĞŶƚĞƌ͕WĂƐŝŐŝƚǇ
ϰϰϱ ϲϰϲWƵůŝůĂŶΔΔ EĂƚŝŽŶĂůZĚ͕͘ƌŐǇ͕͘WŽďĂůĐŝŽŶ͕WƵůŝůĂŶƵůĂĐĂŶ
ϰϰϲ ϲϱϬ^ŝĞŶŶĂĚĞůDŽŶƚĞ ϱϱϱĞůDŽŶƚĞǀĞ͕͘ƌŐǇ͕͘DĂŶƌĞƐĂ͕YƵĞǌŽŶŝƚǇ
ϰϰϳ ϲϮϰdĂŐĂǇƚĂǇϰΎΎ KůŝǀĂƌĞǌWůĂǌĂĂůŽŶŐ͘ŐƵŝŶĂůĚŽ,ŝŐŚǁĂǇ͕dĂŐĂǇƚĂǇŝƚǇ
ϰϰϴ ϲϭϵƵĞŶĚŝĂϰ EŽ͘ϯϭϳ^ĞŶ'ŝůWƵǇĂƚǀĞ͕͘WĂƐĂǇŝƚǇ
ϰϰϵ ϲϴϴĂďĂŶĂƐDĂůůΎΎ <ŝůŽŵĞƚĞƌϰϰͬϰϱ͕DĐƌƚŚƵƌ,ŝͲǁĂǇ͕ƌŐǇ͘>ŽŶŐŽƐDĂůŽůŽƐƵůĂĐĂŶ
ϲϮϴ^ƵďŝĐ/ŶƚĞƌŶĂƚŝŽŶĂů
ϰϱϬ hŶŝƚϭϰϮͬϭϰϰΘϭϰϲͬϭϰϴ͕^/,ůƉŚĂůĚŐ͘&ƌĞĞƉŽƌƚŽŶĞ͕^ƵďŝĐĂǇ͕KůŽŶŐĂƉŽŝƚǇ
,ŽƚĞů
ϰϱϭ ϲϰϭƐƉĂŹĂ'ƌĂŶĚΔΔ ƐƉĂŹĂĐŽƌ͕͘dŽůĞŶƚŝŶŽĐŽƌ͕͘ůŽŝƐĂ͕DĞƚƌŽDĂŶŝůĂ
9
ϰϱϮ ϱϳϵDĂůŝŶƚĂϮΔΔ hŶŝƚϭϳ͕ĂŶĚŝŶŐůĚŐ͕͘ĞĐŝůŝŽ:͘^ĂŶƚŽƐ^ƚ͕͘sĂůĞŶǌƵĞůĂŝƚǇ
ϰϱϯ ϲϯϴĂƌŵĞůƌĂǇ DĂŬŝůŝŶŐƌŝǀĞ͕͘ĂƌŵĞůƌĂǇ/ŶĚƵƐƚƌŝĂůWĂƌŬ//͕ĂůĂŵďĂ>ĂŐƵŶĂ
ϰϱϰ ϰϵϳDŽůŝƚŽŽŵƉůĞǆΔΔ DĂĚƌŝŐĂůǀĞ͕͘DĂĚƌŝŐĂůƵƐŝŶĞƐƐWĂƌŬ͕ůĂďĂŶŐDƵŶƚŝŶůƵƉĂ
ϰϱϱ ϲϰϬDĂŶŐĂůĚĂŶΎΎ EĂƚŝŽŶĂůZŽĂĚ͕DĂŶŐĂůĚĂŶWĂŶŐĂƐŝŶĂŶ
ϰϱϲ ϲϯϱEŽǀĞůĞƚĂ WŽďůĂĐŝŽŶEŽǀĞůĞƚĂ͕ĂǀŝƚĞŝƚǇ
ϰϱϳ ϱϳϰ^ĂůĂǁĂŐϮ WĂůŝƉĂƌĂŶZŽĂĚ͕^ĂůĂǁĂŐƌŽƐƐŝŶŐĂƐŵĂƌŝŹĂƐ͕ĂǀŝƚĞ
ϰϱϴ ϲϮϯ,ŝĚĂůŐŽΔΔ hŶŝƚϮΘϯ͕/ƐĂďĞůůĞĚĞ,ŝĚĂůŐŽůĚŐ͘,ŝĚĂůŐŽ^ƚ͕͘ĐŽƌ͕͘ĂŶĐĞƌ^ƚ͕͘YƵŝĂƉŽDĂŶŝůĂ
ϰϱϵ ϲϬϰĞǁĞǇǀĞŶƵĞ >ŽƚϮ͕ůŽĐŬϭϴ͕ĞǁĞǇǀĞ͕͘ĐŽƌ͘ŐƵŝŶĂůĚŽ,ŝŐŚǁĂǇ͕͕^ƵďŝĐĂǇ&ƌĞĞƉŽƌƚŽŶĞ
ϰϲϬ ϲϯϲĞƚƚĞƌůŝǀŝŶŐϯΔΔ ϮϳŽŹĂ^ŽůŝĚĂĚĐŽƌ͘ƵƐƚƌĂůŝĂ^ƚƐ͘ĞƚƚĞƌ>ŝǀŝŶŐ^ƵďĚŝǀŝƐŝŽŶ͕ŽŶŽƐĐŽ͕WĂƌĂŹĂƋƵĞŝƚǇ
ϰϲϭ ϱϳϴDĂůĂŶĚĂǇϮΔΔ ƌŐǇ͘DĂůĂŶĚĂǇDĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕sĂůĞŶǌƵĞůĂŝƚǇ
ϰϲϮ ϲϭϮWĂŐͲĂƐĂ/ŵƵƐΔΔ ĞŶƚĞŶŶŝĂůZĚ͕WĂŐĂƐĂ///͕/ŵƵƐ͕ĂǀŝƚĞ
ϰϲϯ ϲϳϵE/ϯΎΎ D/͕ϰƚŚ>ĞǀĞů͕hŶŝƚϯϳ͕^ŽƵƚŚǁŝŶŐŽĨ͕E/dĞƌŵŝŶĂůϯ͕WĂƐĂǇŝƚǇ
ϰϲϰ ϲϲϴs͘^ĂŶƚŽƐΎΎ ϭϲs͘^ĂŶƚŽƐĐŽƌ͕͘^ĂŶƚŽƐ^ƚ͘^ƚŽ͘EŝŹŽ͕DĂƌŝŬŝŶĂŝƚǇ
ϰϲϱ ϲϳϱWĂƚƚƐ ƌ͘͘^ĂŶƚŽƐǀĞŶƵĞ͕^ĂŶ/ƐŝĚƌŽ͕WĂƌĂŹĂƋƵĞŝƚǇ
ϰϲϲ ϲϮϬ&sZ ƌĞĂ;^ƚĂ͘ƌƵǌͿ͕^ĂƉĂŶŐWĂůĂǇ͕^ĂŶ:ŽƐĞĞůDŽŶƚĞŝƚǇ͕ƵůĂĐĂŶ
ϲϭϭ^ĂŶDĂƌĐĞůŝŶŽ
ϰϲϳ ƌŐǇ͘ĞŶƚƌĂů͕^ĂŶDĂƌĐĞůŝŶŽ͕ĂŵďĂůĞƐ
ĂŵďĂůĞƐΎΎ
ϰϲϴ ϲϮϱ:W>ĂƵƌĞůDĂůĂƚĞ 'ͬ&:W>ĂƵƌĞůDĞŵŽƌŝĂůůĚŐ͕͘D͘,͘ĚĞůWŝůĂƌĐŽƌ͘WĞĚƌŽ'ŝů^ƚ͕͘ƌŵŝƚĂ͕DĂŶŝůĂ
ϰϲϵ ϲϯϮ^ŝǆƚŽ͘ǀĞ͘ ƌ͘^ŝǆƚŽŶƚŽŶŝŽǀĞ͕DĂǇďƵŶŐĂ͕WĂƐŝŐŝƚǇ
ϰϳϬ ϳϬϵĂůƚĞǆĂůŝďĂŐŽΎΎ ĂůŝďĂŐŽĐŽƌ͘^ĂŶ>ŽƌĞŶǌŽZĚ͘^ƚĂ͘ZŽƐĂ>ĂŐƵŶĂ
ϰϳϭ ϱϱϯdƵƐƚŝŶĞůĂďĂŶŐ DŽůŝŶŽ^ƚ͕͘^ŽƵƚŚ^ƵƉĞƌ,ŝŐŚǁĂǇ͕ůĂďĂŶŐ͕DƵŶƚŝŶůƵƉĂŝƚǇ
ϰϳϮ ϲϮϵWĂŶƐŽůΔΔ WƵƌŽŬϭ͕WĂŶƐŽů͕ĂůĂŵďĂŝƚǇ>ĂŐƵŶĂ
ϰϳϯ ϲϲϵŝƚǇKŝů&ĂŝƌǀŝĞǁ ŽŵŵŽŶǁĞĂůƚŚǀĞ͕͘ĐŽƌ͘WĞĂƌů^ƚ͕͘&ĂŝƌǀŝĞǁYƵĞǌŽŶŝƚǇ
ϰϳϰ ϲϳϯƵƌŬĞYƵŝŶƚŝŶWĂƌĞĚĞƐ ƵƌŬĞ,ŽƵƐĞEŽ͘ϴ͕YƵŝŶƚŝŶWĂƌĞĚĞƐĐŽƌ͘^ĂŶsŝĐĞŶƚĞ^ƚ͕͘ŝŶŽŶĚŽDĂŶŝůĂ
ϰϳϱ ϲϮϲĞƌƚŚĂƉŚŝůϱΎΎ ĞƌƚŚĂƉŚŝůs͕'ŝůWƵǇĂƚǀĞ͕͘ĐŽƌ͘WĂŶĚĂǇͲWŝƌĂZĚ͕͘&͕ŶŐĞůĞƐ͕WĂŵƉĂŶŐĂ
ϰϳϲ ϳϭϳDĂůĂƐŝƋƵŝΎΎ DŽŶƚĞŵĂǇŽƌ^ƚ͕͘WŽďůĂĐŝŽŶDĂůĂƐŝƋƵŝ͕ĂůĂƐŝĂŽZĚ͘WĂŶŐĂƐŝŶĂŶ
ϰϳϳ ϳϭϭdĂŶĂƵĂŶϮΎΎ ƌŐǇ͘ĂƌĂƐĂ͕dĂŶĂƵĂŶŝƚǇ͕ĂƚĂŶŐĂƐ
ϰϳϴ ϲϬϱDŽůŝŶŽϱ DŽůŝŶŽZĚ͕͘ƌŐǇ͘DŽůŝŶŽ///͕ĂĐŽŽƌĂǀŝƚĞ
ϰϳϵ ϱϵϮ^ĂŵƉŽůΔΔ ƌŐǇ͘ĂŐŽŶŐƵŚĂǇ͕^ĂŶ:ŽƐĞĞůDŽŶƚĞƵůĂĐĂŶ
ϱϬϵtŽŽĚůĂŶĚƐ
ϰϴϬ 'ͬ&WŝŽŶĞĞƌtŽŽĚůĂŶĚƐ^ŚŽǁƌŽŽŵ͕^ŶĞĂƌĐŽƌ͘WŝŽŶĞĞƌ^ƚ͕͘DĂŶĚĂůƵǇŽŶŐŝƚǇ
WŝŽŶĞĞƌΎΎ
ϰϴϭ ϲϴϬdĂǇƚĂǇϯ DĂŶŝůĂĂƐƚZŽĂĚ͕ĐŽƌŶĞƌ/ƚĂůŝĂ^ƚ͕͘ƌŐǇ͕͘DƵǌŽŶdĂǇƚĂǇ͕ZŝǌĂů
ϲϮϮDĂŬĂƚŝǆĞĐƵƚŝǀĞdŽǁĞƌ
ϰϴϮ hŶŝƚϲĂŶĚϳ͕'ͬ&DĂŬĂƚŝǆĞĐƵƚŝǀĞdŽǁĞƌϯ͕^ĞŶ͘'ŝů:͘WƵǇĂƚǀĞ͕͘DĂŬĂƚŝŝƚǇ
ϯ
ϰϴϯ ϳϭϯ^ƵďƵƌďŝĂΎΎ DĐƌƚŚƵƌ,ŝͲǁĂǇƌŐǇ͘DĂŝŵƉŝƐ^ĂŶ&ĞƌŶĂŶĚŽWĂŵƉĂŶŐĂ
ϰϴϰ ϲϱϰWĂŶŝƋƵŝϮΎΎ D͘,ĞůWŝůĂƌĐŽƌ͕͘>ƵŶĂ^ƚ͕͘WĂŶŝƋƵŝ͕dĂƌůĂĐ
ϰϴϱ ϲϳϰĂƉĂŶƚĂ ^ĂŶƚĂZŝƚĂ^ƚ͕͘ĐŽƌ͕͘KƌĞŶƐĞ^ƚ͕͘DĂŬĂƚŝŝƚǇ
ϰϴϲ ϲϭϴŶŐĞůŽ<ŝŶŐͲ^ ƌĞůůĂŶŽǀĞ͕͘DĂůĂƚĞDĂŶŝůĂ
ϰϴϳ ϲϴϱ&ƌŝĞŶĚƐŚŝƉ,ŝŐŚǁĂǇ >Žƚϭϱ͕ůŬϲ͕&ƌŝĞŶƐŚŝƉ,ŝͲǁĂǇ͕ƌŐǇ͘ŶƵŶĂƐ͕ŶŐĞůĞƐŝƚǇ
ϰϴϴ ϲϴϭEZ EZůĚŐ͕͘ϭϱϭϱZŽǆĂƐůǀĚ͕͘DĂŶŝůĂ
ϰϴϵ ϱϱϳ>Ă^ĂůůĞDĞĚΎΎ ĂƌŝŽWĂƐĂŶŐdĂůĂ͕ĂƐŵĂƌŝŹĂƐĂǀŝƚĞ
ϰϵϬ ϲϴϰƐĐŽĚĂ >ĞŽŶ'ƵŝŶƚŽ^ƚ͘ŶĞĂƌĐŽƌ͘ƐĐŽĚĂ^ƚ͘ƌŵŝƚĂDĂŶŝůĂ
ϰϵϭ ϲϰϱDhϯ ^ĐŽƌ͕͘^ĞƌƌĂŶŽǀĞ͕͘ĂůŽŽĐĂŶŝƚǇ
ϰϵϮ ϲϱϮ>ĂŐƌŽ ůŽĐŬϵϭ>ŽƚϭƐĐĞŶĐŝŽŶǀĞ͕͘>ĂŐƌŽ^ƵďĚŝǀŝƐŝŽŶ͕EŽǀĂůŝĐŚĞƐYƵĞǌŽŶŝƚǇ
ϰϵϯ ϲϲϱ͘DĂďŝŶŝΔΔ ϮϭϭϲͲϮϭϭϳ͘DĂďŝŶŝ^ƚ͕͘DĂůĂƚĞDĂŶŝůĂ
ϰϵϰ ϲϳϬDĞƌĐĞĚĞƐǀĞ͘ ǀĞƌŐƌĞĞĞŶϭϬϭ͕͘ZĂǇŵƵŶĚŽǀĞ͕͘^ĂŶDŝŐƵĞů͕WĂƐŝŐŝƚǇ
ϰϵϱ ϲϴϮ>ƵĐĂŽŝƐƚƌŝĐƚΔΔ EĂƚŝŽŶĂůZĚ͘ĐŽƌ͘:ŽƐĞĞsĞŶĞĐŝĂZĚ͕͘ĂŐƵƉĂŶŝƚǇ͕WĂŶŐĂƐŝŶĂŶ
ϰϵϲ ϲϱϳ'͘dƵĂǌŽŶϮ ϭϴϱϬ'͘dƵĂǌŽŶ^ƚ͕͘^ĂŵƉĂůŽĐDĂŶŝůĂ
ϰϵϳ ϳϬϲƌŝĂΎΎ ZĞĂů^ƚ͘ĐŽƌ͘ƌŝĂ^ƚ͘>ĂƐWŝŹĂƐŝƚǇ
ϰϵϴ ϲϴϵƵƌŶŚĂŵWĂƌŬϮΎΎ ^ŚĂŶƵŵ^ƚ͘ĐŽƌ͘KƚĞŬ^ƚ͘ĐŽƌ͘>ĂŬĞƌŝǀĞ͕ƵƌŶŚĂŵWĂƌŬ͕ĂŐƵŝŽŝƚǇ
ϰϵϵ ϲϲϰdĞũĞƌŽŶ dĞũĞƌŽŶ^ƚ͕͘^ƚĂ͘ŶĂDĂŶŝůĂ
ϱϬϬ ϳϬϭ^ĂŶƌŝƐĞD͘,͘ĞůWŝůĂƌΎΎ ϮϭϲϰD͘,͘ĚĞůWŝůĂƌ^ƚ͕͘DĂůĂƚĞDĂŶŝůĂ
10
ϱϬϭ ϲϵϰWŝůŝΎΎ DĂŚĂƌůŝŬĂ,ŝŐŚǁĂǇĐŽƌ͕͘^ĂŶƚŝĂŐŽ^ƚ͕͘ƌŐǇ͘^ĂŶsŝĐĞŶƚĞ͕Wŝůŝ͕ĂŵĂƌŝŶĞƐ^Ƶƌ
ϱϬϮ ϲϵϴϰƚŚǀĞ͘ ϰƚŚǀĞ͘ĐŽƌ͘W͘^ĞǀŝůůĂ^ƚ͘'ƌĂĐĞWĂƌŬ;tĞƐƚͿ͕ĂůŽŽĐĂŶŝƚǇ
ϱϬϯ ϲϵϳĂǇĂŵďĂŶŐΎΎ EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ĂǇĂŵďĂŶŐWĂŶŐĂƐŝŶĂŶ
ϱϬϰ ϲϲϬ^ĐŽƵƚdŽďŝĂƐΎΎ ĞĚĂƌǆĞĐƵƚŝǀĞůĚŐ͕͘ηϮϲdŝŵŽŐǀĞ͕͘ĐŽƌ͕͘^ĐŽƵƚdŽďŝĂƐ͕͘ƌŐǇ>ĂŐŝŶŐ,ĂŶĚĂ͕Y͘͘
ϱϬϱ ϰϱϲ^ĂƌŝĂǇĂ 'ĞŶ͘>ƵŶĂ^ƚ͘EĂƚŝŽŶĂů,ŝͲtĂǇ^ĂƌŝĂǇĂ͕YƵĞǌŽŶ
ϱϬϲ ϳϮϭ^ĂŶDĂƚĞŽ ϭϬϯ'ĞŶ͕>ƵŶĂǀĞ͕͘'ŝƚŶĂŶŐĂĂŶϭ͘^ĂŶDĂƚĞŽZŝǌĂů
ϱϬϳ ϲϵϮƚƚŝǀŽ^& 'ͬ&hŶŝƚϭϬϭĂŶĚϭϬϮ͕'ĂƉĂŶͲKůŽŶŐĂƉŽZĚ͘^ĂŶ&ĞƌŶĂŶĚŽ͕WĂŵƉĂŶŐĂ
ϱϬϴ ϲϴϲ>ƵďĂŽWĂŵƉĂŶŐĂΎΎ ηϮϰ:͘W͘ZŝǌĂů^ƚ͕͘^ƚĂ͘ƌƵǌ͕>ƵďĂŽ͕WĂŵƉĂŶŐĂ
ϱϬϵ ϱϲϵDĂďŽůŽĂĐŽŽƌ DĂďŽůŽ͕ĂĐŽŽƌĂǀŝƚĞ
ϱϭϬ ϲϲϮ>ŝŶŐĂǇĞŶϮΎΎ ĐŽƌ͘ƌƚĂĐŚŽĂŶĚůǀĞĂƌ^ƚƐ͕͘>ŝŶŐĂǇĞŶ͕WĂŶŐĂƐŝŶĂŶ
ϱϭϭ ϲϳϮĂƵĂŶϮΔΔ DĂŶŐŚŝŶĂŽWƌŽƉĞƌ͕ĂƵĂŶĂƚĂŶŐĂƐ
ϱϭϮ ϳϭϮĂƌĚŝŶĂů^ĂŶƚŽƐ,ŽƐƉŝƚĂů DĞĚŝĐĂůƌƚƐƵŝůĚŝŶŐĂƌĚŝŶĂů^ĂŶƚŽƐDĞĚŝĐĂůĂŶƚĞƌ͕tŝůƐŽŶ^ƚ͘^ĂŶ:ƵĂŶŝƚǇ
ϱϭϯ ϳϯϮĂƵĂŶŐ>ĂhŶŝŽŶ ĞŶƚƌĂůĂƐƚ͕ĂƵĂŶŐ͕>ĂhŶŝŽŶ
ϱϭϰ ϲϳϳdƵŐĂƚŽŐDĂůĂďŽŶ ϭϳD͘,͘ĞůWŝůĂƌZĚ͕͘ĐŽƌ͘WƵƌĞǌĂ^ƚ͕͘dƵŐĂƚŽŐDĂůĂďŽŶŝƚǇ
ϱϭϱ ϳϮϯŶŐŽŶŽϮΔΔ DĂŶŝůĂĂƐƚZŽĂĚĐŽƌ͕͘Žů͘'ƵŝĚŽ^ƚ͘ŶŐŽŶŽZŝǌĂů
ϱϭϲ ϳϮϳŐŽŽ>ĂhŶŝŽŶΔΔ ϭϲDĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕ŐŽŽ͕>ĂhŶŝŽŶ
ϱϭϳ ϳϲϳĂŐƵƉĂŶ>ǇĐĞƵŵΎΎ ͘&ĞƌŶĂŶĚĞǌǀĞ͘ĂŐƵƉĂŶŝƚǇ
ϱϭϴ ϲϲϯDŽƌŝŽŶĞƐ ϱϱϳDŽƌŝŽŶĞƐ^ƚ͕͘dŽŶĚŽDĂŶŝůĂ
ϱϭϵ ϲϰϰŝƚƌƵƐ ƌŐǇDŝŶƵǇĂŶ͕^ĂŶ:ŽƐĞĞůDŽŶƚĞ͕ƵůĂĐĂŶ
ϲϲϭdĂƌůĂĐƌŽƐƐŝŶŐ;ĂŶĐŽ
ϱϮϬ >Žƚ͕WůĂǌĂĚĞKƌŽƌĐĂĚĞĂůŽŶŐDĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕WŽďůĂĐŝŽŶϮ͕dĂƌůĂĐŝƚǇ
^ĂŶ:ƵĂŶͿ
ϱϮϭ ϲϵϵĂŐƵƉĂŶϱΎΎ ƵƌŐŽƐ^ƚ͘ĐŽƌ͘ŽŶŝĨĂĐŝŽ^ƚ͘ĂŐƵƉĂŶŝƚǇ͕WĂŶŐĂƐŝŶĂŶ
ϱϮϮ ϳϮϵŶĂďƵ<ŽƐƚĂůΎΎ ŶĂďƵtĞƚĂŶĚƌǇDĂƌŬĞƚ͕ŐƵŝŶĂůĚŽ,ŝŐŚǁĂǇ͕ŶĂďƵ//Ͳ͕/ŵƵƐĂǀŝƚĞ
ϱϮϯ ϳϮϮůŝŵĂůůϮ 'ͬ&ůŝŵĂůů͕W͘dƵĂǌŽŶ͕ƌĂŶĞƚĂĞŶƚĞƌ͕Y͘͘
ϱϮϰ ϲϮϳ^dŽǁĞƌ 'Ͳϰ^dŽǁĞƌŽŶĚŽŵŝŶŝƵŵ͕EŽ͘ϭϬϴ>ĞŐĂƐƉŝ^ƚ͘>ĞŐĂƐƉŝsŝůůĂŐĞ͕DĂŬĂƚŝŝƚǇ
ϲϳϲZŝǀĞƌĐŝƚǇZĞƐŝĚĞŶĐĞƐ
ϱϮϱ ϮϭϰϯĂƌƌĞŽŶ^ƚ͕͘^ƚĂ͘ŶĂDĂŶŝůĂ
;>h/ďůĚŐͿ
ϲϵϲĞƚƚĞƌůŝǀŝŶŐϰ;ĂůƚĞǆ
ϱϮϲ >Žƚϭϴ͕ŽŹĂ^ŽůĞĚĂĚǀĞ͘ĞƚƚĞƌůŝǀŝŶŐ^ƵďĚ͘WĂƌĂŹĂƋƵĞŝƚǇ
ŽŹĂ^ŽůĞĚĂĚͿ
ϱϮϳ ϳϭϲdƵŵĂŶĂ &ĂƌŵĞƌƐǀĞ͕͘ĐŽƌ͘:͘W͘ZŝǌĂů^ƚ͕͘ŽŶĐĞƉĐŝŽŶ͕DĂƌŝŬŝŶĂ
ϱϮϴ ϳϭϰ^ǇƐƚĞŵWůƵƐΎΎ ŝĂŵŽŶĚ^ĞƌǀŝĐĞZŽĂĚ͕DĐƌƚŚƵƌ,ŝͲǁĂǇ͕ŶŐĞůĞƐŝƚǇ
ϱϮϵ ϳϬϰDŝŶĚĂŶĂŽǀĞŶƵĞΎΎ ϱϰϳYƵŝƌŝŶŽ,ŝͲǁĂǇ͘ĐŽƌ͘DŝŶĚĂŶĂŽǀĞ͘dĂůŝƉĂƉĂ͕EŽǀĂůŝĐŚĞƐ͕Y͘͘
ϱϯϬ ϳϯϭ^ŽƵƚŚǁŽŽĚƐǆŝƚΔΔ ZŽƐĂƌŝŽŽŵƉůĞǆ͕^ĂŶsŝĐĞŶƚĞ͕^ĂŶWĞĚƌŽ>ĂŐƵŶĂ
hŶŝƚϵͲϮ͕ϵƚŚĨůƌ͘EĞƚKŶĞĞŶƚĞƌ͕ϯƌĚǀĞ͕͘ĐŽƌ͕͘ϮϲƚŚ^ƚ͕͘Ͳ^ƋƵĂƌĞ͕ƌĞƐĞŶƚWĂƌŬtĞƐƚ͕
ϱϯϭ ϲϵϬEĞƚƵďĞ
ŽŶŝĨĂĐŝŽ'ůŽďĂůŝƚǇ͕dĂŐƵŝŐ͕DD
ϱϯϮ ϳϮϴhŶŝǀĞƌƐŝƚǇŽĨĂŐƵŝŽΎΎ &ďůĚŐ͕͘ƐƐƵŵƉƚŝŽŶZĚ͕͘ĂŐƵŝŽŝƚǇ
ϱϯϯ ϳϭϵĞƉĂƌŽ ĞƉĂƌŽZĚ͕͘ĐŽƌ͘d͘^ĂŵƐŽŶǀĞ͕͘EŽƌƚŚĂůŽŽĐĂŶŝƚǇ
ϱϯϰ ϳϯϲ&͘dĂŹĞĚŽϭΔΔ &͘dĂŹĞĚŽ^ƚ͕͘^ĂŶEŝĐŽůĂƐ͕dĂƌůĂĐŝƚǇ
ϱϯϱ ϳϯϬtĂƐŚŝŶŐƚŽŶΎΎ hŶŝƚϯ͕'^WůĂǌĂ͕tĂƐŚŝŶŐƚŽŶ^ƚ͕͘ƌŐǇ͘WŝŽĞůWŝůĂƌ͕DĂŬĂƚŝŝƚǇ
ϱϯϲ ϳϬϯDĐŬŝŶůĞǇϭϴϮϬ hŶŝƚ͕DĐ<ŝŶůĞǇZŽĂĚDĐ<ŝŶůĞǇdŽǁŶĞŶƚĞƌ͕&ŽƌƚŽŶŝĨĂĐŝŽ͕dĂŐƵŝŐŝƚǇ
ϱϯϳ ϳϬϮEĂŐĂϭΎΎ 'ƌĂŶĚ/ŵƉĞƌŝĂůWůĂǌĂĐŽƌ͘W͘ƵƌŐŽƐĂŶĚ:͘,ĞƌŶĂŶĚĞǌǀĞ͘EĂŐĂŝƚǇϰϰϬϬ
ϱϯϴ ϳϭϱKŶĞƌĐŚĞƌΖƐ hŶŝƚϲ͕'ͬ&ŽĨKŶĞƌĐŚĞƌƐWůĂĐĞ͕dĂĨƚǀĞ͕͘DĂůĂƚĞDĂŶŝůĂ
ϱϯϵ ϳϮϲWĂůŝƉĂƌĂŶ DĂďƵŚĂǇŝƚǇ͕WĂůŝƉĂƌĂŶĂƐŵĂƌŝŹĂƐĂǀŝƚĞ
ϱϰϬ ϳϴϬWƵůĂŶŐůƵƉĂϮ ϱ>Žƚϲ'ƵŝŶƚŽWĂƌŬ^ƵĚǀ͘EĂŐĂZŽĂĚĐŽƌ͕͘^ƚ͘:ŽƐĞƉŚǀĞ͕͘WƵůĂŶŐ>ƵƉĂ//͕>ĂƐWŝŹĂƐŝƚǇ
ϱϰϭ ϳϰϮ'ĂƐƚĂŵďŝĚĞ ϲϮϭͲϲϮϵŽƌŵŝƚŽƌǇ͕'ĂƐƚĂŵďŝĚĞ͕^ĂŵƉĂůŽĐDĂŶŝůĂ
ϱϰϮ ϳϰϱŶƚĞů^ƉĂΎΎ ϳϴϮϵDĂŬĂƚŝǀĞŶƵĞĐŽƌ͕͘sĂůĚĞǌ^ƚ͕͘DĂŬĂƚŝŝƚǇ
ϱϰϯ ϳϴϵĂůƚĞǆ^h ĂůƚĞǆ'ĂƐ^ƚĂƚŝŽŶ͖DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕K͕͘'ƵŝŶŚĂǁĂ͕DĂůŽůŽƐŝƚǇ͕ƵůĂĐĂŶ
ϱϰϰ ϳϱϬDĂďŝŶŝ^ŽůĚĂĚŽ 'ͬ&ϭϱϯϯ͘DĂďŝŶŝ^ƚ͕͘ĐŽƌ͘^ŽůĚĂĚŽ^ƚ͕͘ƌŵŝƚĂ͕DĂŶŝůĂ
ϱϰϱ ϳϯϱtĞƐƚZĞŵďŽΔΔ >ŽƚϭůŬ͘ϳϲ͕ƌŐǇ͘tĞƐƚZĞŵďŽ͕DĂŬĂƚŝŝƚǇ
ϱϰϲ ϳϰϰ&͘DĂŶĂůŽ &͘ůƵŵĞŶƚƌŝƚƚĐŽƌ͕͘&͘DĂŶĂůŽ͕^ĂŶ:ƵĂŶŝƚǇ
ϱϰϳ ϳϮϬů:ĂƌĚŝŶ ZĞƚĂŝůhŶŝƚϭ͕ů:ĂƌĚŝŶĚĞůWƌĞƐŝĚĞŶƚĞ͕EŽ͘ϰϭ^Őƚ͘ƐŐƵĞƌƌĂ^ƚ͘Žƌ^ĐŽƵƚĂǇŽƌĂŶ͕YƵĞǌŽŶŝƚǇ
ϱϰϴ ϳϲϰĂƌůƵǇĂŶE͘h͘ D͘&:ŚŽĐƐŽŶ^ƚ͕͘^ĂŵƉĂůŽĐ͕DĂŶŝůĂ
ϱϰϵ ϳϬϳŽŶĐĞƉĐŝŽŶhŶŽΎΎ ĂǇĂŶĂǇĂŶĂŶǀĞ͘ƌŐǇ͘ŽŶĐĞƉĐŝŽŶϭ͕DĂƌŝŬŝŶĂŝƚǇ
11
ϱϱϬ ϲϱϯĂĐŽŽƌϮ ϭϰϭǀĂŶŐĞůŝƐƚĂ^ƚ͘ĂĂŶŐƵŬŝĚ͕ĂĐŽŽƌĂǀŝƚĞ
ϱϱϭ ϳϭϴdŽǁĞƌǀŝůůĞΔΔ ƌŐǇ͘DŝŶƵǇĂŶWƌŽƉĞƌ͕^ĂŶ:ŽƐĞĞůDŽŶƚĞ͕ƵůĂĐĂŶ
ϱϱϮ ϴϯϵdŽƚĂůdĂƌůĂĐΎΎ DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕dĂƌůĂĐŝƚǇ͕dĂƌůĂĐ
ϱϱϯ ϳϰϯWƵůŽŶŐƵŚĂŶŐŝŶ EĂƚŝŽŶĂů,ŝͲǁĂǇ͕ƌŐǇWƵůŽŶŐƵŚĂŶŐŝŶ͕^ƚĂ͘DĂƌŝĂƵůĂĐĂŶ
ϱϱϰ ϳϳϮdĂŶĂǇϮ DĂƌŬĞƚZŽĂĚĐŽƌ͘&͘d͘ĂƚĂƉƵƐĂŶ^ƚ͘ƌŐǇ͘WůĂǌĂͲůĚĞĂ͕dĂŶĂǇZŝǌĂů
ϱϱϱ ϳϲϵ^ĂŶ&ĞƌŶĂŶĚŽϯ 'ĞŶ͘,ŝǌŽŶǀĞŶƵĞ͕^ĂŶ&ĞƌŶĂŶĚŽ͕WĂŵƉĂŶŐĂ
ϱϱϲ ϴϭϯŝŹĂŶĂůƚĞǆΎΎ DĂůǀĂƌ^ƚ͘ƌŐǇ͘^ĂŶŶƚŽŶŝŽ͕ŝŹĂŶ>ĂŐƵŶĂ
ϱϱϳ ϳϲϬŽŵĞŵďŽΎΎ ŽŵĞŵďŽŽŵŵĞƌĐŝĂůŽŵƉůĞǆ͘:WZŝǌĂůǆƚĞŶƐŝŽŶ͕DĂŬĂƚŝŝƚǇ
ϱϱϴ ϳϱϱ^ƵŶƐŚŝŶĞWůĂǌĂ ^ƵŶƐŚŝŶĞŽƵůĞǀĂƌĚWůĂǌĂ͕YƵĞǌŽŶǀĞ͕͘ĐŽƌ͕͘^ĐŽƵƚ^ĂŶƚŝĂŐŽĂŶĚWĂŶĂǇǀĞ͕͘YƵĞǌŽŶŝƚǇ
ϳϳϲ,ŽƚĞů;EĂŐĂ
ϱϱϵ 'ͬ&ŽĨ//,ŽƚĞů͕EŝŶŽǇĂŶĚŽƌǇǀĞ͕͘ƌŐǇ͘dƌŝĂŶŐƵůŽ͕EĂŐĂŝƚǇ
dĞƌŵŝŶĂůͿΎΎ
ϱϲϬ ϳϯϴ^ƵŵƵůŽŶŐϮΔΔ ^ƵŵƵůŽŶŐ,ŝŐŚǁĂǇĐŽƌ͘^ŽůŝǀĞŶǀĞ͕͘ŶƚŝƉŽůŽŝƚǇ
ϱϲϭ ϳϱϴĂůĂŶĚĂŶĂŶΔΔ ƌŐǇ͘ĂůĂŶĚĂŶĂŶ͕>ĂǌĂƌŽ^ƚ͘ĐŽƌ͘DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕sĂůĞŶǌƵĞůĂŝƚǇ
ϱϲϮ ϴϯϴDĂƌŝǀĞůĞƐΎΎ EŽ͘ϵϭ>ĂŬĂŶĚƵůĂ^ƚ͕͘ĐŽƌ͕͘W͘ƵƌŐŽƐ^ƚ͕͘WŽďůĂĐŝŽŶ͕DĂƌŝǀĞůĞƐ͕ĂƚĂĂŶ
ϱϲϯ ϲϰϯĚƐĂ'ƌĂŶĚ ^ĐŽƌŽƌƌĞŐŝĚŽƌ^ƚ͘ĂŐŽĂŶƚĂǇY͘
ϱϲϰ ϴϮϮWĂůŝĐŽϮ ŐƵŝŶĂůĚŽ,ŝͲǁĂǇ͕WĂůŝĐŽ/s͕/ŵƵƐĂǀŝƚĞ
ϱϲϱ ϴϭϭdĂŶĂƵĂŶϯ WƌĞƐ͘>ĂƵƌĞů,ŝŐŚǁĂǇĐŽƌ͕͘DŽůĂǀĞ^ƚ͕͘dĂŶĂƵĂŶĂƚĂŶŐĂƐ
ϱϲϲ ϲϱϭdŽƚĂůĂůĂŶŐĂ EĂƚŝŽŶĂůZĚ͕͘ĂůĞƌŽ^ƚ͕͘ƌŐǇ͕͘/ďĂǇŽ͕ĂůĂŶŐĂ͕ĂƚĂĂŶ
ϱϲϳ ϴϬϴŝŶŵĂůĞǇΎΎ 'ͬ&WƵƌŝĨŝĐĂƚŝŽŶƵŝůĚŝŶŐWŽďůĂĐŝŽŶ͕ŝŶŵĂůĞǇ͕WĂŶŐĂƐŝŶĂŶ
ϱϲϴ ϲϳϴyĞǀĞƌĂΎΎ ƌŐǇ͘dĂďƵŶ͕DĂĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕DĂďĂůĂĐĂƚ͕WĂŵƉĂŶŐĂ
ϱϲϵ ϳϵϭ/ŵƵƐϰΎΎ ƵŚĂǇŶĂdƵďŝŐ͕/ŵƵƐĂǀŝƚĞ
ϱϳϬ ϳϯϯ&ŽƌĞƐƚ,ŝůůΔΔ YƵŝƌŝŶŽ,ŝŐŚǁĂǇĂŶĚ&ŽƌĞƐƚ,ŝůůƐƌŝǀĞ͘&ŽƌĞƐƚ,ŝůůƐ^ƵďĚ͕͘EŽǀĂůŝĐŚĞƐ͕YƵĞǌŽŶŝƚǇ
ϱϳϭ ϳϵϲ^ĂŶ&ĞƌŶĂŶĚŽϰ ŽŶƐƵŶũŝĐŽƌ͕͘ďĂĚ^ĂŶƚŽƐ^ƚ͕͘WŽďůĂĐŝŽŶ͕^ĂŶ&ĞƌŶĂŶĚŽ͕WĂŵƉĂŶŐĂ
ϱϳϮ ϳϵϱ&ZĞƐŽƌƚϮ ůŬ͘ϭ>Žƚϰ&ƌŝǀĞ&ZĞƐŽƌƚsŝůůĂŐĞ͕>ĂƐWŝŹĂƐŝƚǇ
ϱϳϯ ϳϵϳKůĚĂůĂƌĂ ηϵϴϲdĂŶĚĂŶŐ^ŽƌĂǀĞ͕͘ƌŐǇ͕͘KůĚĂůĂƌĂ͕YƵĞǌŽŶŝƚǇ
ϱϳϰ ϳϬϱtΎΎ ĂĚůĂŶ͕DƵŶŝĐŝƉĂůŝƚǇŽĨWŝůŝ͕WƌŽǀŝŶĐĞŽĨĂŵĂƌŝŶĞƐ^Ƶƌ
ϱϳϱ ϳϱϯ&͘dĂŹĞĚŽϮ &͘dĂŹĞĚŽ^ƚ͕͘dĂƌůĂĐŝƚǇ
ϱϳϲ ϳϲϴEĂǀŽƚĂƐΔΔ ϲϯϱD͘EĂǀĂů^ƚ͕͘ĐŽƌ͘ͲϰZĚ͕͘ĂŐƵŵďĂǇĂŶEŽƌƚŚ͕EĂǀŽƚĂƐŝƚǇ
ϱϳϳ ϳϰϭĂƌŶƐŚĂǁ >ŽƚϮͲ:͘&ŝŐƵĞƌĂƐ^ƚ͘ĐŽƌ͘WĂůŵĞƌĂ^ƚ͕͘^ĂŵƉĂůŽĐ͕DĂŶŝůĂ
ϱϳϴ ϳϳϬDĂŶŝůĂŝƚǇŚĂůů ƌƌŽĐĞƌŽƐ^ƚ͕͘ƌŵŝƚĂ͕DĂŶŝůĂ
ϱϳϵ ϴϳϰ<ŝĚŶĞǇĞŶƚĞƌΎΎ ĂƐƚǀĞ͘YƵĞǌŽŶŝƚǇ
ϱϴϬ ϴϮϲWŚŽĞŶŝǆ WŚŽĞŶŝǆ>ƵĐĞŶĂ͕DĂŚĂƌůŝŬĂ,ŝŐŚǁĂǇ͕>ƵĐĞŶĂŝƚǇ
ϱϴϭ ϳϲϮ^ƵƉĞƌĐĞŶƚĞƌΔΔ ϬϬϬϰϬͬϬϬϬϰϭ^ƵƉĞƌƐƚŽƌĞƌĐĂĚĞ͕ƌĂŶĞƚĂĞŶƚĞƌ͕YƵĞǌŽŶŝƚǇ
ϱϴϮ ϴϳϮdŽƚĂů^ĂŶWĂďůŽ dŽƚĂů'ĂƐ^ƚĂƚŝŽŶ͕DĂŚĂƌůŝŬĂ,ŝŐŚǁĂǇ^ĂŶWĂďůŽŝƚǇ>ĂŐƵŶĂ
ϱϴϯ ϴϭϰ>ŝĂŶĂƚĂŶŐĂƐΎΎ :͘W>ĂƵƌĞů^ƚ͕͘ĐŽƌ͕͘<ĂƉŝƚĂŶ/ƐŬŽ^ƚ͕͘>ŝĂŶ͕ĂƚĂŶŐĂƐ
ϱϴϰ ϴϯϬdŽƚĂůƵƚĐƵƚ &ƌŝĞŶĚƐŚŝƉ,ŝͲǁĂǇĐŽƌŶĞƌWŽŝŶƐĞŶƚƚŝĂ^ƚ͘ŶŐĞůĞƐ͕WĂŵƉĂŶŐĂ
ϱϴϱ ϳϳϯZĂŽŶ '͘WƵǇĂƚĐŽƌ͕͘YƵĞǌŽŶůǀĚ͕͘ZĂŽŶ͕YƵŝĂƉŽDĂŶŝůĂ
ϱϴϲ ϴϱϲ'ƵŝŵďĂΎΎ EŽ͘ϭϲ^ĂůǀĂĚŽƌ^ƚ͕͘ĂƌŐĂŝŶ^ƚ͘'ƵŝŵďĂ͕EƵĞǀĂĐŝũĂ
ϱϴϳ ϴϰϮEĂŐƵŝůůĂŶWŽďůĂĐŝŽŶ EĂŐƵŝůůĂŶƌŽĂĚĐŽƌŶĞƌZŝŵĂŶĚŽ^ƚ͕͘EĂŐƵŝůůĂŶ>ĂƵŶŝŽŶ
ϱϴϴ ϳϮϰDĂŶŝůĂZĞƐŝĚĞŶĐĞƐ hŶŝƚϭϬϭͲϭϬϮĂŶĚϭϮϳͲϭϮϴ͕dŚĞDĂŶŝůĂZĞƐŝĚĞŶĐĞƐ͕ϮϯϮϬdĂĨƚǀĞ͕͘DĂůĂƚĞDĂŶŝůĂ
ϳϱϳEĂŐĂϯ;^ƵŶŶǇsŝĞǁ
ϱϴϵ WĂŶŐĂŶŝďĂŶƌŝǀĞ͕^ĂŶ&ƌĂŶĐŝƐĐŽ͕EĂŐĂŝƚǇ
,ŽƚĞůͿ
ϱϵϬ ϳϰϴĂŵƉ:ŽŚŶ,ĂǇΎΎ ^ƉĂĐĞϰ͕ĂŐƵŝŽdĞĐŚŶŽŚƵďZĞƚĂŝůWůĂǌĂWKͲ͕ĂŵƉ:ŽŚŶ,ĂǇ͕ĂŐƵŝŽ
ϱϵϭ ϴϬϱĂƐƚǀĞ͘Ϯ 'ͬ&E,WůĚŐ͘^ĐŽƌ͘ĂƐƚǀĞŶƵĞ͕ƌŐǇ͘WŝŶǇĂŚĂŶ͕YƵĞǌŽŶŝƚǇ
ϱϵϮ ϴϮϳdĂŐĂǇƚĂǇŝƚǇDĂƌŬĞƚΎΎ ŝƚǇDĂƌŬĞƚ͕dĂŐĂǇƚĂǇ^ƚĂ͘ZŽƐĂZŽĂĚ͕ƌŐǇ^ĂŶ&ƌĂŶĐŝƐŽ͕dĂŐĂǇƚĂǇŝƚǇ͘
ϱϵϯ ϴϮϴĂǇΔΔ ƌŐǇ͘ŝůĂ͕ĂǇ͕>ĂŐƵŶĂ
ϱϵϰ ϴϮϵƌĞǌĂ EĂƚŝŽŶĂů,ŝŐŚǁĂǇƌŐǇ͕͘ĂŶůĂůĂǇ
ϱϵϱ ϴϴϵĂƐƚĞƌŶWĞƚƌŽůĞƵŵΎΎ ZŝǌĂůĂǀĞ͘ĂŶĚƌŐŽŶĂƵƚ,ŝŐŚǁĂǇE^ŽŵƉŽƵŶĚ͕^ƵďŝĐĂǇ&ƌĞĞƉŽƌƚǌŽŶĞ
ϱϵϲ ϳϵϬ^ƚĂ͘ƌƵǌϮ ^ŝƚŝŽ^ĂŵƉĂŐƵŝƚĂ͕ƌŐǇ͘ƵďƵŬĂů͕^ƚĂ͘ƌƵǌ>ĂŐƵŶĂ
ϱϵϳ ϴϳϲDĂŐĂůĂŶŐΎΎ ^ƚĂ͘ƌƵǌ͕DĂŐĂůĂŶŐWĂŵƉĂŶŐĂ
ϱϵϴ ϳϳϱĂďĂŶĂƚƵĂŶϰ DĂŚĂůŝŬĂ,ŝŐŚǁĂǇ͕ĂďĂŶĂƚƵĂŶŝƚǇ
ϱϵϵ ϴϮϰ^ƚ͘ƋƵŝŶĂƐ^ƚŽ͘dŽŵĂƐ 'ĞŶĞƌĂůDĂůǀĂƌǀĞŶƵĞ͕^ƚŽ͘dŽŵĂƐ͕ĂƚĂŶŐĂƐ
12
ϲϬϬ ϴϬϳhƌĚĂŶĞƚĂϯΎΎ DĐƌƚŚƵƌ,ŝͲǁĂǇ͕^ĂŶsŝĐĞŶƚĞ͕hƌĚĂŶĞƚĂŝƚǇ͕WĂŶŐĂƐŝŶĂŶ
ϲϬϭ ϴϵϰDĂĐĂďůŝŶŐΎΎ ƌŐǇ͘DĂĐĂďůŝŶŐ͕^ƚĂ͘ZŽƐĂ͕>ĂŐƵŶĂ
ϲϬϮ ϴϭϵ^ƚ͘>ƵŬĞƐϮΔΔ ^ƚ͕͘>ƵŬĞΖƐDĞĚŝĐĂůůĚŐ͕͘͘ZŽĚƌŝŐƵĞǌ^ƌ͕͘YƵĞǌŽŶŝƚǇ
ϲϬϯ ϴϰϲdĂŶǌĂϯΎΎ ůŬϭ>ŽƚƐϰĂŶĚϱ͕&ŝůŝŶǀĞƐƚtĞƐƚ͕ƌŐǇ͘WĂƌĂĚĂŚĂŶ͕dĂŶǌĂĂǀŝƚĞ
ϲϬϰ ϳϴϭ<ŝŶŐƐǀŝůůĞ DĂƌĐŽƐ,ŝͲǁĂǇƌŐǇ͘DĂǇĂŵŽƚ͕ŶƚŝƉŽůŽŝƚǇ
ϲϬϱ ϳϱϮƵƐƚŽƐΔΔ ƌŐǇ͘WŽďůĂĐŝŽŶƵƐƚŽƐƵůĂĐĂŶ
ϲϬϲ ϳϴϴ^>hĂŐƵŝŽΎΎ ͘ŽŶŝĨĂĐŝŽ^ƚ͕͘ĂĐƌŽƐƐ^>hDĂŝŶ'ĂƚĞ͕ĂŐƵŝŽŝƚǇ
ϲϬϳ ϴϲϲ'ƵŵĂĐĂΎΎ ŶĚƌĞƐďŽŶŝĨĂĐŝŽ^ƚƌĞĞƚ͕ĐŽƌŶĞƌ:͘WƌŐǇZŝǌĂů͕'ƵŵĂĐĂ͕YƵĞǌŽŶ
ϲϬϴ ϴϭϴ>ƵĐďĂŶϮ ƌŐǇ͘dŝŶĂŵŶĂŶ͕>ƵĐďĂŶ͕YƵĞǌŽŶ
ϲϬϵ ϴϱϮƵĐĂŶĚĂůĂΎΎ WĂƚŝŶĚŝŐĂƌĂǁĐŽƌŶĞƌĂůĂƉĂŶƌŽĂĚ͕ďƵĐĂŶĚĂůĂ/ŵƵƐĂǀŝƚĞ
ϳϵϮ^ƚĂ͘DŽŶŝĐĂ;ǀĞ͘ŽĨƚŚĞ
ϲϭϬ ZŽǆĂƐŽƵůĞǀĂƌĚĐŽƌŶĞƌ^ƚĂ͘DŽŶŝĐĂΘ>͘D͘'ƵĞƌƌĞƌŽ^ƚ͕͘ƌŵŝƚĂ͕DĂŶŝůĂ
ƌƚƐZĞƐŝĚĞŶĐĞƐͿΎΎ
ϴϴϳ^ĂŶŶƚŽŶŝŽ
ϲϭϭ ^ĂŶDĂƌĐĞůŝŶŽͲ^ĂŶŶƚŽŶŝŽͲ^ĂŶEĂƌĐŝƐŽZŽĂĚ͕WŽďůĂĐŝŽŶ^ĂŶŶƚŽŶŝŽ͕ĂŵďĂůĞƐ
ĂŵďĂůĞƐΎΎ
ϲϭϮ ϳϴϮ^ĞĂKŝůWƌŝƚŝůΔΔ ϭϲϴϴ:ƵĂŶ>ƵŶĂ^ƚ͘ƌŐǇ͘ϲϭ͕ŽŶĞϬϬϱ͕dŽŶĚŽ͕DĂŶŝůĂ
ϲϭϯ ϴϴϮƚŝŵŽŶĂŶWŽďůĂĐŝŽŶ 'ͬ&ZĞŶĞŐĂĚŽWƌŽƉĞƌƚǇZŝǌĂů^ƚƌĞĞƚĐŽƌŶĞƌYƵĞǌŽŶ^ƚ͕͘ƚŝŵŽŶĂŶ͕YƵĞǌŽŶ
ϲϭϰ ϳϴϰdĞƌĞƐĂ DĂŐƐĂǇƐĂǇǀĞ͕͘ƌŐǇ͕͘^ĂŶ'ĂďƌŝĞůdĞƌĞƐĂZŝǌĂů
ϲϭϱ ϴϭϮWĂĐŝĂŶŽ WĂĐŝĂŶŽ,ŝŐŚǁĂǇ͕ƌŐǇ͘WĂĐŝĂŶŽZŝǌĂů͕ĂůĂŵďĂ͕>ĂŐƵŶĂ
ϲϭϲ ϴϬϲsŝůůĂĨůŽƌΎΎ EĂƚŝŽŶĂůZĚ͕͘ƌŐǇ͘WŽďůĂĐŝŽŶ͕ĂŐƵƉĂŶŝƚǇ͕WĂŶŐĂƐŝŶĂŶ
ϲϭϳ ϴϮϭŝƚǇƉůĂĐĞŝŶŽŶĚŽ ŝƚǇWůĂĐĞŝŶŽŶĚŽ͕^ƚĂ͘ůĞŶĂ^ƚ͕͘ŝŶŽŶĚŽ͕DĂŶŝůĂ
ϲϭϴ ϳϮϱĂŐŽŶŐ/ůŽŐ 'ͬ&sůĚŐ͕͘͘ZŽĚƌŝŐƵĞǌǀĞ͕͘ĐŽƌ͕͘^ƚĂ͘ZŽƐĂ^ƚ͕͘ĂŐŽŶŐ/ůŽŐWĂƐŝŐ
ϲϭϵ ϳϲϭEĂŐĂϮ;ƚĞŶĞŽǀĞ͘ͿΎΎ EŽ͘Ϯ͕ƚĞŶĞŽǀĞ͕͘ĐŽƌ͘ĂŐƵŵďĂǇĂŶ^ƚ͕͘EĂŐĂĐŝƚǇ
ϲϮϬ ϴϭϱWŝůĂ,ŝŐŚǁĂǇ ƌŐǇ͘>ĂďƵŝŶ͕WŝůĂ>ĂŐƵŶĂ
ϲϮϭ ϴϯϲdŽƌƌĞsĞŶĞǌŝĂ ^Đƚ͘^ĂŶƚŝĂŐŽ͕ĐŽƌŶĞƌdŝŵŽŐǀĞ͕͘YƵĞǌŽŶŝƚǇ
ϲϮϮ ϱϱϱ͘ZĂǇŵƵŶĚŽ ηϲϰ^ƚĞůůĂDĂƌŝǌĐŽƌ͕͘͘ZĂǇŵƵŶĚŽǀĞ͕͘DĂǇďƵŶŐĂWĂƐŝŐŝƚǇ
ϲϮϯ ϳϱϭŵĂƌ^ƵŝƚĞƐ ϰϬϵ^ŚĂǁůǀĚ͕͘DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϲϮϰ ϴϬϰŵŽƌƐŽůŽ ηϭϰϲŵŽƌƐŽůŽ^ƚ͕͘>ĞŐĂƐƉŝsŝůůĂŐĞ͕DĂŬĂƚŝŝƚǇ
ϲϮϱ ϳϴϲ&,ŽŵĞƐϯ 'ͬ&ŽĨKŵĞŐĂ^ƚĂƌůĚŐ͘ϭϭϭϮŐƵŝƌƌĞ&,ŽŵĞƐ͕WĂƌĂŹĂƋƵĞŝƚǇ
ϲϮϲ ϴϱϭ>ŽƉĞǌ͕YƵĞǌŽŶΎΎ DĂŚĂƌůŝŬĂ,ŝŐŚǁĂǇ͕ĐŽƌŶĞƌ^ĂŶ/ƐŝĚƌŽ^ƚƌĞĞƚ͕>ŽƉĞǌ͕YƵĞǌŽŶ
ϲϮϳ ϳϴϯŝǀŝŶĞDĞƌĐǇΎΎ DĂƌŝůĂŽͲDƵǌŽŶZĚ͕͘ƌŐǇ͕͘^ƚĂZŽƐĂϭ͕DĂƌŝůĂŽƵůĂĐĂŶ
ϲϮϴ ϴϰϯDĂǇĂƉĂϮΎΎ DĂǇĂƉĂZŽĂĚ͕ƌŐǇ͘DĂǇĂƉĂ͕ĂůĂŵďĂ>ĂŐƵŶĂ
ϲϮϵ ϴϵϴ^ĂŶĂƌůŽƐϮΎΎ ϯϯZŝǌĂů^ƚ͕͘^ĂŶĂƌůŽƐŝƚǇ͕WĂŶŐĂƐŝŶĂŶ
ϲϯϬ ϴϭϳDĂůŝŶƚĂϯ DĐƌƚŚƵƌ,ŝͲǁĂǇĐŽƌŶĞƌ'Žǀ͘^ĂŶƚŝĂŐŽDĂůŝŶƚĂ͕sĂůĞŶǌƵĞůĂŝƚǇ
ϲϯϭ ϳϰϲ'ĞŶ͘>ƵŶĂ 'ĞŶ͘>ƵŶĂ^ƚ͘ĂŐƵŝŽŝƚǇ͕ĞŶŐƵĞƚ
ϲϯϮ ϴϰϭhŶŝƚĞĚWĂƌĂŶĂƋƵĞϮ dŝŶĚĂůŽĐŽƌŶĞƌ͘^ĞƌǀŝĐĞƐZŽĂĚ͕WĂƌĂŶĂƋƵĞŝƚǇ
ϲϯϯ ϴϵϲ<ĂƚŝƉƵŶĂŶΎΎ ϰϴƐƚĞďĂŶďĂĚĂ^ƚ͕͘ĐŽƌŶĞƌZŽƐĂůǀĞƌŽ^ƚ͕͘>ŽǇŽůĂ,ĞŝŐŚƚƐ͕<ĂƚŝƉƵŶĂŶ͕YƵĞǌŽŶŝƚǇ
ϴϯϭDĂƌĐŽƐ,ŝǁĂǇĂŐƵŝŽ
ϲϯϰ ƵŝůĚŝŶŐƌŐǇ͘ĂŬĞŬĂŶŐ͕ĂůŽŶŐDĂƌĐŽƐ,ŝŐŚǁĂǇ͕ĂŐƵŝŽŝƚǇ
ŝƚǇ;ͿΎΎ
ϲϯϱ ϴϲϱWĞƌĞǌ /ŶŽŶŐƵŝůĚŝŶŐ͕'ŽǀĞƌŶŽƌΖƐƌŝǀĞĐŽƌŶĞƌ,ƵŐŽWĞƌĞǌƌŝǀĞdƌĞĐĞDĂƌƚŝƌĞǌ͕ĂǀŝƚĞ
ϲϯϲ ϴϱϵ>ĂŶĚĂǇĂŶΎΎ ƌŐǇ͘>ĂŶĚĂǇĂŶ͕^ĂŶWĞĚƌŽ͕>ĂŐƵŶĂ
ϲϯϳ ϴϵϱƵĞŶĐĂΎΎ WŽďůĂĐŝŽŶϭEĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ƵĞŶĐĂ͕ĂƚĂŶŐĂƐ
ϲϯϴ ϴϬϮDĂƌŬĞƚǀĞŶƵĞΎΎ DĂƌŬĞƚǀĞ͕͘ĐŽƌ͘D͘,͘ĞůWŝůĂƌWĂƐŝŐŝƚǇ
ϲϯϵ ϴϱϯdĂǇƵŐΎΎ ŽŶŝĨĂĐŝŽ^ƚ͘WŽďůĂĐŝŽŶ͕dĂǇƵŐWĂŶŐĂƐŝŶĂŶ
ϲϰϬ ϴϯϱĂŶĂǁĞϮΔΔ ĂŶĂǁĞ^ƚ͘ƌŐǇ:ŽƐĞĨĂYƵĞǌŽŶŝƚǇ
ϲϰϭ ϵϬϴŝŶĂůƵƉŝŚĂŶΎΎ ηϯ^ĂŶZĂŵŽŶ,ŝŐŚǁĂǇ͕ŝŶĂůƵƉŝŚĂŶ͕ĂƚĂĂŶ
ϲϰϮ ϴϱϳŝƚĂDĂƌŐĂƌŝƚĂ ƌŐǇ͘ŝƚĂ͕^ƚĂ͘ZŽƐĂŝƚǇ͕>ĂŐƵŶĂ
ϲϰϯ ϳϲϯDĂŶŚĂƚƚĂŶ 'ͬ&DĂŶŚĂƚƚĂŶWĂƌŬǁĂǇ͕ƌĂŶĞƚĂĞŶƚĞƌ͕YƵĞǌŽŶŝƚǇ
ϲϰϰ ϴϮϱ>ƵĐĞŶĂϯ YƵĞǌŽŶǀĞŶƵĞ͕>ƵĐĞŶĂŝƚǇ
ϲϰϱ ϴϬϭZŝǀĞƌďĂŶŬƐϮ ϳϯ͘ŽŶŝĨĂĐŝŽĐŽƌ͘ŚŽƌŝůůŽ^ƚ͘ƌŐǇ͘ĂƌĂŶŐŬĂ͕DĂƌŝŬŝŶĂŝƚǇ
ϲϰϲ ϴϭϬDĂĐĂďĞďĞΎΎ WŽďůĂĐŝŽŶ͕DĂĐĂďĞďĞ͕WĂŵƉĂŶŐĂ
ϲϰϳ ϴϵϯ&ĂŵǇ DĂŶŝůĂĂƐƚZŽĂĚĐŽƌ͘/ŶĨĂŶƚĂYƵĞǌŽŶZŽĂĚ͕ƚƵŶŚĂĐ͕&ĂŵǇ͕>ĂŐƵŶĂ
ϲϰϴ ϴϳϳdƵŶĞ,ŽƚĞůΎΎ ϭϳϰϬ͘DĂďŝŶŝ^ƚƌĞĞƚ͕DĂůĂƚĞ͕DĂŶŝůĂ͕WŚŝŝƉƉŝŶĞƐ
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ϲϰϵ ϳϵϵŽŹĂƵƌŽƌĂ 'ͬ&DŝůĂŶZĞƐŝĚĞŶĐĞƐϭϲWůĂƌŝĚĞů^ƚ͕͘ĐŽƌ͘͘:ĂĐŝŶƚŽ^ƚ͕͘YƵĞǌŽŶŝƚǇ
ϲϱϬ ϳϯϳ^ĂŶZŽƋƵĞdĂƌůĂĐ ƌŐǇ͘^ĂŶZŽƋƵĞ͕dĂƌůĂĐ͕dĂƌůĂĐ
ϲϱϭ ϴϰϳůĂŵŝŶŽƐΎΎ dĞŽĚŽƌŽůĚŐ͕͘YƵĞǌŽŶǀĞ͕͘ĐƌŽƐƐEWKDĂƌƚ͕ůĂŵŝŶŽƐŝƚǇWŽďůĂĐŝŽŶ
ϲϱϮ ϳϳϵ^ƚĂ͘YƵŝƚĞƌŝĂΎΎ ^ƚĂ͘YƵŝƚĞƌŝĂ͕ĂůŽŽĐĂŶŝƚǇ
ϲϱϯ ϴϲϬƐƵŶĐŝŽŶ ƐƵŶƐŝŽŶ^ƚ͕͘ĐŽƌ͕͘ĂƌĂŐŽƐĂ^ƚ͕͘ŝǀŝƐŽƌŝĂ͕dŽŶĚŽ͕DĂŶŝůĂ
ϲϱϰ ϴϯϳdŝĂŽŶŐ^ƚŽƉKǀĞƌ sŝůůĂƐĐƵĚĞƌŽ͕DĂŚĂƌůŝŬĂ,ŝͲǁĂǇ͕ƌŐǇ>ĂůŝŐ͕dŝĂŽŶŐ
ϲϱϱ ϴϴϲ>ŝďŵĂŶĂŶ 'ͬ&ǇWƌŽƉĞƌƚǇ͕WŽďůĂĐŝŽŶ^ƚƌĞĞƚ͕ĐŽƌŶĞƌŝŐĂŽŶ^ƚ͕͘>ŝďŵĂŶĂŶ͕ĂŵĂƌŝŶĞƐ^Ƶƌ
ϲϱϲ ϴϰϱWůĂƌŝĚĞůtĂůƚĞƌŵĂƌƚ ĂŶŐĂϭ͕WůĂƌŝĚĞů͕ƵůĂĐĂŶ
ϲϱϳ ϳϱϵůĂƌŬΎΎ ͘ŐƵŝŶĂůĚŽǀĞ͕͘ĐŽƌ͘͘YƵŝƌŝŶŽ^ƚ͕͘ůĂƌŬ&ƌĞĞƉŽƌƚŽŶĞ
ϲϱϴ ϵϬϯKz'ƵŝůĚŝŶŐΎΎ 'ͬ&Kz'ƵŝůĚŝŶŐ͘DĞŶĚŽǌĂ^ƚ͕͘^ĂŶ&ĞƌŶĂŶĚŽ͕WĂŵƉĂŶŐĂ
ϲϱϵ ϴϴϴ>ĂhŶŝŽŶϮΎΎ DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕^ĞǀŝůůĂ͕^Ăŵ&ĞƌŶĂŶĚŽŝƚǇ͕>ĂhŶŝŽŶ
ϲϲϬ ϳϵϰĂŐƚŝŬĂŶΎΎ ϭϭϴϬŚŝŶŽZŽĐĞƐĐŽƌ͕͘ĂŐƚŝŬĂŶ^ƚ͕͘ƌŐǇ͘^ĂŶŶƚŽŶŝŽ͕DĂŬĂƚŝŝƚǇ
ϲϲϭ ϴϵϬ>ŝŵĂdĞĐŚΎΎ ^ĂŶƚŝĂŐŽ͕:W>ĂƵƌĞů,ŝŐŚǁĂǇ͕DĂůǀĂƌ͕ĂƚĂŶŐĂƐ
ϲϲϮ ϵϭϮĂůĂŵďĂ^ĐŝĞŶĐĞWĂƌŬΎΎ ^ĐŝĞŶĐĞƉĂƌŬ//͕EĂƚŝŽŶĂůZĚ͕͘ZĞĂůĂůĂŵďĂ>ĂŐƵŶĂ
ϲϲϯ ϴϬϵWĂůŝƉĂƌĂŶϮΎΎ WĂůŝƉĂƌĂŶͲDŽůŝŶŽZŽĂĚ͕WĂůŝƉĂƌĂŶ///͕ĂƐŵĂƌŝŹĂƐĂǀŝŝƚĞ
ϲϲϰ ϴϳϱDĞŶǌǇ>ĂŶĚ ƌŐǇDŽũŽŶ͕DĂůŽůŽƐ͕ƵůĂĐĂŶ
ϲϲϱ ϴϳϴ^ŚĞůůŝǀĞƌƐŝŽŶ ZŽǆĂƐǀĞ͘dƌŝĂŶŐƵůŽ͕EĂŐĂŝƚǇ͕ĂŵĂƌŝŶĞƐ^Ƶƌ
ϲϲϲ ϴϱϱhZDΎΎ Z͘DĂŐƐĂǇƐĂǇůǀĚ͘ǆƚ͘YƵĞǌŽŶŝƚǇ
ϲϲϳ ϳϰϳ>ǇĐĞƵŵ ϰϲϱDƵƌĂůůĂĐŽƌŶĞƌZĞĂů^ƚ͕͘/ŶƚƌĂŵƵƌŽƐ͕DĂŶŝůĂ
ϲϲϴ ϵϰϮDƵŶŽǌ͕EƵĞǀĂĐŝũĂΎΎ ͘ĞůŽƐ^ĂŶƚŽƐ^ƚ͘^ĐŝĞŶĐĞŝƚǇŽĨDƵŹŽǌ͕EƵĞǀĂĐŝũĂ
ϲϲϵ ϵϭϰEĂďƵĂΎΎ ^ĂŶZŽƋƵĞWŽďůĂĐŝŽŶ͕EĂďƵĂ͕ĂŵĂƌŝŶĞƐ^Ƶƌ
ϲϳϬ ϴϴϯDĂĚĂƉĚĂƉΎΎ ^ĂŶ&ĞƌŶĂŶĚŽǀĞŶƵĞĐŽƌŶĞƌWŽƌĂĐǀĞŶƵĞ͕ƌŐǇ͘ĂƉĚĂƉ͕DĂďĂůĂĐĂƚ͕WĂŵƉĂŶŐĂ
ϲϳϭ ϴϴϱ^ĂŶ&ĂďŝĂŶΎΎ YƵĞǌŽŶ,ŝŐŚǁĂǇ^ĂŶ&ĂďŝĂŶ͕WĂŶŐĂƐŝŶĂŶ
ϲϳϮ ϴϴϰ'ĂůŝĐŝĂWƌŽƉĞƌƚǇ 'ĂůŝĐŝĂƐƚ͘ĐŽƌŶĞƌƐƉĂŹĂ͕^ĂŵƉĂůŽĐ͕DĂŶŝůĂŝƚǇ
ϲϳϯ ϴϲϵ&ŝŶŵĂŶ ϭϭϳdŽƌĚĞƐŝůůĂƐ^ƚ͘^ĂůĐĞĚŽsŝůůĂŐĞ͕DĂŬĂƚŝŝƚǇ͕DĞƚƌŽDĂŶŝůĂ
ϲϳϰ ϳϲϲ<ͲŽŶĞ <ͲŽŶĞůĚŐ͕͘E/ͲWĐŽƌ͕͘^͕ƌŐǇ͘WŝŶǇĂŚĂŶ͕YƵĞǌŽŶŝƚǇ
ϲϳϱ ϴϵϵ^ŽƚƚŽ hŶŝƚϭϭϳ^ŽƚƚŽͲzƵǀŝĞŶĐŽƵŝůĚŝŶŐ͕ϵϭϬ'ŽŶǌĂůĞƐ^ƚ͕͘ĐŽƌ͕͘'ĞŶ>ƵŶĂ^ƚ͕͘ƌŵŝƚĂ͕DĂŶŝůĂ
ϲϳϲ ϵϮϱdƵǇ ZŝǌĂůƐƚ͕͘WŽďůĂĐŝŽŶ͕dƵǇ͕ĂƚĂŶŐĂƐ
ϲϳϳ ϴϲϯdĂŶĂƵĂŶϰΎΎ ͘DĂďŝŶŝǀĞŶƵĞ͕dĂŶĂƵĂŶŝƚǇ͕ĂƚĂŶŐĂƐ
ϲϳϴ ϴϵϳ>ƵĐĞŶĂϰ D͘>dĂŐĂƌĂŽ^ƚƌĞĞƚ͕ĂƌĂŶŐĂǇ/ǇĂŵ͕>ƵĐĞŶĂŝƚǇ
ϲϳϵ ϵϬϭ'ĞŶdƌŝĂƐWŽďůĂĐŝŽŶ ^ĂŵƉĂůƵŬĂŶ^ƚ͕͘WŽďůĂĐŝŽŶ͕'ĞŶ͘dƌŝĂƐ͕ĂǀŝƚĞ
ϲϴϬ ϵϯϯh>DΎΎ Dz&ƵŝůĚŝŶŐ͕͘͘ŽƌƚĞǌǀĞŶƵĞ͕DĂŶĚĂƵĞŝƚǇ
ϲϴϭ ϵϰϴƐĐĂƌŝŽĞŶƚƌĂůΎΎ E͘ƐĐĂƌŝŽ͕ĂƌĂŶŐĂǇ<ĂŵƉƵƚŚĂǁ͕ĞďƵŝƚǇ
ϲϴϮ ϵϯϰ:z^ƋƵĂƌĞDĂůů ^ĂůŝŶĂƐƌŝǀĞ͕ĐŽƌŶĞƌ'ŽƌŽƌĚŽĂǀĞŶƵĞ͕>ĂŚƵŐĞďƵŝƚǇ
ϲϴϯ ϴϯϰZĞŵŝŶŐƚŽŶ,ŽƚĞů 'ƌŽƵŶĚ&ůŽŽƌ^ŚŽƉϮ͕ZĞŵŝŶŐƚŽŶ,ŽƚĞů͕EĞǁƉŽƌƚŝƚǇ
ϲϴϰ ϵϯϴ/ďĂĂŶ͕ĂƚĂŶŐĂƐΎΎ :͘WĂƐƚŽƌ^ƚ͘WŽďůĐŝŽŶ͕/ďĂĂŶ͕ĂƚĂŶŐĂƐ
ϲϴϱ ϵϯϱdƵŶĞ,ŽƚĞůĞďƵ ϯϲƌĐŚďŝƐŚŽƉZĞǇĞƐǀĞŶƵĞ͕ĞďƵŝƚǇ
ϲϴϲ ϳϱϰDŝŶĞƐsŝĞǁWůĂǌĂ KƵƚůŽŽŬƌŝǀĞ͕DŝŶĞƐsŝĞǁWĂƌŬ͕ĂŐƵŝŽŝƚǇ
ϲϴϳ ϵϱϬŝŐĨŽŽƚ 'ͬ&ŝŐĨŽŽƚĞŶƚĞƌ&͘ZĂŵŽƐ^ƚ͕ŽŐŽŶĞŶƚƌĂůĞďƵŝƚǇ
ϲϴϴ ϵϭϯWĂŐƐĂǁŝƚĂŶ ƌŐǇ͘WĂŐƐĂǁŝƚĂŶ͕^ƚĂ͘ƌƵǌ͕>ĂŐƵŶĂ
ϲϴϵ ϵϵϭW/EZΎΎ KƵŶĂŽǀĞ͕͘EŽƌƚŚZĞĐůĂŵĂƚŝŽŶƌĞĂ͕DĂŶĚĂƵĞŝƚǇ
ϲϵϬ ϳϰϵ^DdǁŽͲĐŽŵ ZĞƚĂŝůϭϬ'ͬ&͕dǁŽĐŽŵĞŶƚĞƌKĐĞĂŶƌŝǀĞ͕DĂůůŽĨƐŝĂŽŵƉůĞǆ͕WĂƐĂǇŝƚǇ
ϲϵϭ ϵϴϵW/DĂŶŐŽǀĞ͘ΎΎ 'ĞŶ͘DĂǆŝůŽŵǀĞŶƵĞ;DĂŶŐŽǀĞ͘Ϳ͕ĐŽƌŶĞƌ:ƵĂŶĂKƐŵĞŶĂ^ƚƌĞĞƚ͕ĞďƵŝƚǇ
ϲϵϮ ϵϰϬZĂĚĂΎΎ 'ͬ&,ZĞŶƚĞƌůŽĐĂƚĞĚĂƚϭϬϰZĂĚĂ^ƚ͘>ĞŐĂƐƉŝsŝůůĂŐĞDĂŬĂƚŝŝƚǇ
ϲϵϯ ϵϯϳsZWͲ^ŝĞƌƌĂDĂĚƌĞΎΎ ^ŝĞƌƌĂDĂĚƌĞ^ƚ͕͘ƌŐǇ,ŝŐŚǁĂǇ,ŝůůƐDĂŶĚĂůƵǇŽŶŐŝƚǇ
ϲϵϰ ϵϮϬDĂůǀĂƌWŽďůĂĐŝŽŶΎΎ WŽďůĂĐŝŽŶ͕DĂůǀĂƌ͕ĂƚĂŶŐĂƐ
ϲϵϱ ϵϵϬĂŶŝůĂĚΎΎ ^&ŽƌƚƵŶĂ^ƚƌĞĞƚ͕ĐŽƌŶĞƌ'Žǀ͘D͘ƵĞŶĐŽ͕ĂŶŝůĂĚ͕ĞďƵŝƚǇ
ϲϵϲ ϵϭϱůĂŵŝŶŽƐ͕>ĂŐƵŶĂ ĞůWŝůĂƌ^ƚ͕͘ůĂŵŝŶŽƐ͕>ĂŐƵŶĂ
ϲϵϳ ϴϱϬŝƌƉŽƌƚZŽĂĚϮ ZŽǆĂƐŽƵůĞǀĂƌĚĐŽŶĞƌŝƌƉŽƌƚZŽĂĚ͕ĂĐůĂƌĂŶ͕WĂƌĂŹĂƋƵĞŝƚǇ
ϲϵϴ ϴϲϰ>ĞŐŝƐůĂƚŝǀĞůĚŐ͘ ZŝǌĂů^ƚ͕͘ĐŽƌ͘,ŝůĂƌŝŽ^ƚ͕͘dĂƌůĂĐŝƚǇ
ϲϵϵ ϭϬϬϲĂůƚĞǆĂƐĂŬΎΎ DƌŝŽŶĞƐ^ƚƌĞĞƚ͕DĂŶĚĂƵĞŝƚǇ
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ϳϬϬ ϵϬϵWůĂǌĂϲϲ WůĂǌĂϲϲEĞǁWŽƌƚŝƚǇ
ϳϬϭ ϭϬϬϳĂůƚĞǆ>ĂďŽŐŽŶΎΎ ĞďƵEŽƌƚŚZŽĂĚ͕>ĂďŽŐŽŶ͕DĂŶĚĂƵĞŝƚǇ
ϳϬϮ ϵϬϬĂƚĂŶĂƵĂŶΔΔ WŽďůĂĐŝŽŶϭϬ͕ĂƚĂŶĂƵĂŶ͕YƵĞǌŽŶ
ϲϱϲDĂƌƋƵŝŶƚŽŶŽƌĚŽǀĂ
ϳϬϯ ͲϭϬϭΘͲϭϬϮ͕DĂƌƋƵŝŶƚŽŶŽƌĚŽǀĂdŽǁĞƌ͕^ƵŵƵůŽŶŐ,ŝŐŚǁĂǇ͕DĂƌŝŬŝŶĂŝƚǇ
dŽǁĞƌΔΔ
ϳϬϰ ϵϯϬĂůƚĞǆ^ƚŽ͘dŽŵĂƐΎΎ DĂŚĂƌůŝŬĂ,ŝŐŚǁĂǇƌŐǇ͘^ĂŶŶƚŽŶŝŽ͕^ƚŽ͘dŽŵĂƐ͕ĂƚĂŶŐĂƐ
ϳϬϱ ϵϱϯ^ĂŶ:ŽƐĞ͕ĂƚĂŶŐĂƐΎΎ ƌŐǇ͘dĂǇƐĂŶ͕^ĂŶ:ŽƐĞ͕ĂƚĂŶŐĂƐ
ϳϬϲ ϴϲϴƌŵƐƚƌŽŶŐĂǀĞ ϭϲϬƌŵƐƚƌŽŶŐǀĞ͕͘Žƌ͘ZŽĚƌŝŐƵĞǌDŽŽŶǁĂůŬsŝůůĂŐĞ͕ƌŐǇDŽŽŶǁĂůŬWĂƌĂŹĂƋƵĞŝƚǇ
ϳϬϳ ϵϰϳh WŚĂƐĞϮĂƌǀĞůĐŽĂŶƚĞĞŶ͕EŽƌƚŚZĞĐůĂŵĂƚŝŽŶƌĞĂ͕DĂŶĚĂƵĞŝƚǇ͕ĞďƵ
ϳϬϴ ϵϰϲĞďƵĂƉŝƚŽů ŽŶ'ŝů'ĂƌĐŝĂ^ƚ͕͘ĐŽƌE͘'͘ƐĐĂƌŝŽ^ƚ͕͘ĂƉŝƚŽů͕ĞďƵŝƚǇ
ϳϬϵ ϵϮϲ^ĂŶŐůĞǇƉŽŝŶƚ ƌĂ͘^ĂůĂŵĂŶĐĂ^ƚ͘^ĂŶŐůĞǇWŽŝŶƚ͕ĂǀŝƚĞŝƚǇ
ϳϭϬ ϵϵϴDĂŵďŽŐ͕ĂĐŽŽƌ EĞǁDŽůŝŶŽůǀĚ͕͘ĂĐŽŽƌĂǀŝƚĞ
ϳϭϭ ϵϭϭĂůĂǇĂŶϮ ŶƚŽƌĐŚĂ^ƚ͕͘ŽƌŶĞƌWĂǌ^ƚ͕͘ĂůĂǇĂŶ͕ĂƚĂŶŐĂƐ
ϳϭϮ ϵϮϵĂůĂƵĂŶΔΔ ƌŐǇ͘<ĂŶůƵƌĂŶ͕ĂůĂƵĂŶ͕>ĂŐƵŶĂ
ϳϭϯ ϴϳϬ^ŽŚŽ hŶŝƚƐϭϮͬϭϯ͕>ĞǀĞůϭ͕^ŽŚŽĞŶƚƌĂů͕'ƌĞĞŶ&ŝĞůĚŝƐƚƌŝĐƚ͕DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϳϭϰ ϵϮϮŶŐŽŶŽDĞĚŝĐƐ YƵĞǌŽŶǀĞ͘,ŝŚŐǁĂǇ͕ƌŐǇ͘^ĂŶ/ƐŝĚƌŽ͕ŶŐŽŶŽZŝǌĂů
ϳϭϱ ϳϵϴϱĂŵĂǇĂŶΎΎ ůŬ͘ϱϭ>ŽƚϴWŚĂƐĞϮ͕ŐƌǇ͕͘WŝŶĂŐƐĂŵĂ͕dĂŐƵŝŐŝƚǇ
ϳϭϲ ϲϱϵ>ƵŶŐĞŶƚĞƌΔΔ ŝůŝŵĂŶ͕YƵĞǌŽŶŝƚǇ
ϳϭϳ ϴϰϵĂůƚĞǆ^ĂŶ^ŝŵŽŶΎΎ DĂĐƌƚŚƵƌŚŝͲǁĂǇ^ĂŶ^ŝŵŽŶǆŝƚ͕WĂŵƉĂŶŐĂ
ϳϭϴ ϭϬϭϲůĂƌŬŽƵŶƚǇΎΎ ϭƐƚ&ůŽŽƌŽĨdŽǁĞƌ͕͘ůĂƌŬKĚĞŽƵŶƚǇ͕͘D͘ZĞĐƚŽ,ŝŐŚǁĂǇ͕ůĂƌŬ&ƌĞĞƉŽƌƚŽŶĞ͕WĂŵƉĂŶŐĂ
ϳϭϵ ϵϱϮDŽŶƚĂůďĂŶ͕ƵƌŐŽƐ :͘WZŝǌĂůĐŽƌ͘DŽŶƚĂŹĂĚƌŝǀĞ͕ƌŐǇ͘ƵƌŐŽƐ͕DŽŶƚĂůďĂŶZŝǌĂů
ϳϮϬ ϭϬϭϵĂŶĂǇͲĂŶĂǇΎΎ ƌŐǇ͘ĂŶĂǇͲĂŶĂǇ͕ĂďƵǇĂŽ͕>ĂŐƵŶĂ
ϳϮϭ ϵϲϴdĂŐƵĚŝŶΎΎ ĂƌĂŶŐĂǇZŝǌĂů͕dĂŐƵĚŝŶ͕/ůŽĐŽƐ^Ƶƌ
ϳϮϮ ϵϲϭ>ĂWĂǌΎΎ >ĂͲWĂǌŽŶĐĞƉĐŝŽŶZŽĂĚ͕ƌŐǇ͘^ĂŶ/ƐŝĚƌŽ͕>ĂWĂǌ͕dĂƌůĂĐ
ϳϮϯ ϴϳϯ>ŝƉĂĂƚŚĞĚƌĂů ^ĂŶ^ĞďĂƐƚŝĂŶĂƚŚĞĚƌĂů͕>ŝƉĂŝƚǇ
ϳϮϰ ϴϱϰEĂŐĂϰ >ŝďŽƚŽŶ^ƚ͕͘ĐŽƌ:ĂĐŽď^ƚ͘EĂŐĂŝƚǇĂŵĂƌŝŶĞƐ^Ƶƌ
ϳϮϱ ϵϵϯ^ĂŶ&Ğůŝǆ ^ƚŽ͘dŽŵĂƐ͕ĂƚĂŶŐĂƐ
ϳϮϲ ϵϲϯĂǇĂŶŝZŽĂĚΎΎ ĂǇĂŶŝZŽĂĚĐŽƌ͘ŝĞŐŽ^ŝůĂŶŐ͕dĂŐƵŝŐŝƚǇ
ϳϮϳ ϵϳϭWŝůĂWŽďůĂĐŝŽŶ ZŝǌĂů^ƚ͕͘^ƚĂ͘ůĂƌĂ^Ƶƌ͕WŝůĂ͕>ĂŐƵŶĂ
ϳϮϴ ϵϲϮDĂƐĂƉĂŶŐ͕sŝĐƚŽƌŝĂ EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ƌŐǇ͘DĂƐĂƉĂŶŐ͕sŝĐƚŽƌŝĂ͕>ĂŐƵŶĂ
ϳϮϵ ϵϮϳĂƐŵĂϰ ϲϭ>ϭƌŐǇ͕͘^ĂŶ:ƵĂŶ͕ĂƐŵĂƌŝŹĂƐŝƚǇ͕ĂǀŝƚĞ
ϳϯϬ ϵϰϭ^ĂƌŝĂǇĂϮ DĂŚĂƌůŝŬĂ,ŝŐŚǁĂǇ͕ƌŐǇ͕͘^ĂŶƚŽƌŝƐƚŽ͕^ĂƌŝĂǇĂ
ϳϯϭ ϵϮϰdĂǁŝůŝƐĂŶΔΔ ƌŐǇ͘ŝŚŝƐ͕dĂǁŝůŝƐĂŶ͕dĂĂů͕ĂƚĂŶŐĂƐ
ϳϯϮ ϭϬϮϬ^ƚ͘>ŽƵŝƐŽůůĞŐĞΎΎ DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕^ĂŶ&ĞƌŶĂŶĚŽ͕>ĂhŶŝŽŶ
ϳϯϯ ϵϳϲ^ĂŶsŝĐĞŶƚĞ>ŝƉĂΎΎ ƌŐǇ͘ĂŶĂǇͲĂŶĂǇ͕>ŝƉĂŝƚǇ͕ĂƚĂŶŐĂƐ
ϳϯϰ ϵϴϴKŶŐƉŝŶ ϭϬϰϯKŶŐƉŝŶ^ƚ͘ĐŽƌ͘'ŽŶǌĂůŽWƵǇĂƚ͕DĂŶŝůĂŝƚǇ
ϳϯϱ ϵϱϵ:ĂĞŶΎΎ ^ĂŶ/ƐŝĚƌŽͲ:ĂĞŶZŽĂĚ͕:ĂĞŶ͕EƵĞǀĂĐŝũĂ
ϳϯϲ ϵϮϴƌĂǇĂƚϯ DĂŶŐŐĂͲĂĐƵƚƵĚZŽĂĚ͕WŽďůĂĐŝŽŶ͕ƌĂǇĂƚ͕WĂŵƉĂŶŐĂ
ϳϯϳ ϵϲϲzĞůůŽǁůĚŐ hŶŝƚϭzĞůůŽǁƵŝůĚŝŶŐϮ^ŽƵƚŚ^ƚĂƚŝŽŶůĂďĂŶŐDƵŶƚŝŶůƵƉĂ
ϳϯϴ ϭϬϮϭdĂůĂŵďĂŶƌŽƐƐŝŶŐΎΎ D͘ƵĞŶĐŽǀĞ͕͘ĐŽƌ͕͘D͘>͘YƵĞǌŽŶ^ƚ͘dĂůĂŵďĂŶ͕ĞďƵ
ϳϯϵ ϭϬϱϰ'ƌŽƚƚŽsŝƐƚĂΎΎ ^ƚĂ͘DĂƌŝĂdƵŶŐŬŽŶŐDĂŶŐŐĂZŽĂĚ͕'ƌĂĐĞǀŝůůĞ͕dƵŶŐŬŽ͕^:D͕ƵůĂĐĂŶ
ϳϰϬ ϭϬϮϴĂůƚĞǆE͘ĂĐĂůƐŽΎΎ E͘ĂĐĂůƐŽ^ƚƌĞĞƚ͕ĞďƵŝƚǇ
ϳϰϭ ϵϰϯĂĞƚΎΎ >ŽƵŝĞΖƐZĞƐƚĂƵƌĂŶƚ͕&͘WŝŵĞŶƚĞůǀĞŶƵĞ͕ĐŽƌŶĞƌ͕:WZŝǌĂů^ƚ͕͘ĂĞƚ͕ĂŵĂƌŝŶĞƐEŽƌƚĞ
ϳϰϮ ϵϱϱsŝĐƚŽƌŝĂΎΎ dĂƌůĂĐͲsŝĐƚŽƌŝĂ,ŝŐŚǁĂǇ͕sŝĐƚŽƌŝĂ͕dĂƌůĂĐ
ϳϰϯ ϵϴϮZDKůŽŶŐĂƉŽ ZDĞŶƚĞƌƉŽŝŶƚůĚŐ͘ƌŐǇ͘ĂƐƚdĂŶŝƉĂĐ͕DĂŐƐĂǇƐĂǇƌŝǀĞ͕KůŽŶŐĂƉŽŝƚǇ
ϳϰϰ ϵϳϴEĂŝĐϮ ͘^ŽƌŝĂŶŽ,ŝŐŚǁĂǇEĂŝĐ͕ĂǀŝƚĞ
ƌŐǇ^ĂŶŐƵƐƚŝŶĞ͕^ƚŽ͘dŽŵĂƐ͕ĂƚĂŶŐĂƐ
ϳϰϱ ϵϱϭ^ĂŶŐƵƐƚŝŶΎΎ

ϳϰϲ ϵϱϳĂŵďĂŶΎΎ DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕ĂŵďĂŶƌŽƐƐŝŶŐ͕ĂŵďĂŶdĂƌůĂĐ
ϳϰϳ ϭϬϯϰĂůĂŵďĂϲΎΎ ƌŐǇ͘WĂƌŝĂŶĐŽƌ͘>ĂǁĂZŽĂĚ͕ĂůĂŵďĂŝƚǇ͕>ĂŐƵŶĂ
ϳϰϴ ϵϬϰ>ĂŶŐŬĂĂŶ͕ĂƐŵĂΎΎ 'ŽǀĞƌŶŽƌΖƐƌŝǀĞĐŽƌ>ĂŶŐŬĂĂŶƌŝǀĞ͕>ĂŶŐŬĂĂŶĂƐŵĂƌŝŶĂƐĂǀŝƚĞ
ϳϰϵ ϭϬϯϴdŽƚĂů>ƵĐĞŶĂΎΎ EĂƚŝŽŶĂů,ŝŐŚĂǁĂǇ͕>ƵĐĞŶĂŝƚǇ͕YƵĞǌŽŶWƌŽǀŝŶĐĞ
15
ϳϱϬ ϵϲϱ^ŝŶŝůŽĂŶ >͘Ğ>ĞŽŶ^ƚ͕͘ƌŐǇ͘ĐĞǀŝĚĂ͕^ŝŶŝůŽĂŶ͕>ĂŐƵŶĂ
ϳϱϭ ϭϬϴϬW/^ŽůĚŝĞƌΖƐ,ŝůůΎΎ EĂƚŝŽŶĂů,ŝŐŚǁĂǇĐŽƌ͘^ŽůĚŝĞƌ,ŝůůƐ͕DƵŶƚŝŶůƵƉĂŝƚǇ
ϳϱϮ ϵϵϰ^ƚ͘dŚĞƌĞƐĂ ϭϬϭͲ&ďŽŝƚŝǌ^ƚƌĞĞƚ͕ĞďƵŝƚǇ
ϳϱϯ ϵϯϵ^ĂŵĂůΎΎ ƌŐǇWŽďůĂĐŝŽŶ^ĂŵĂů͕ĂƚĂĂŶ
ϳϱϰ ϭϬϱϲĂůĂĐĂ WŽďůĂĐŝŽŶϯ͕ĂůĂĐĂ͕ĂƚĂŶŐĂƐ
ϳϱϱ ϵϴϲ^ĂŶ^ĞďĂƐƚŝĂŶŽůůĞŐĞ DĞŶĚŝŽůĂ^ƋƵĂƌĞ͕ϮϭϰϰͲϰϲůĂƌŽD͘ZĞĐƚŽ͕DĂŶŝůĂ
ϳϱϲ ϭϬϯϳΖĐĞWůĂǌĂ hŶŝƚĞĚǀĞŶƵĞĐŽƌ͘ƌŝǆƚŽŶ^ƚ͕͘WŝŽŶĞĞƌ͕WĂƐŝŐŝƚǇ͘
ϳϱϳ ϵϱϰDĂƚĂƚĂůĂŝďΎΎ ^ŝƚŝŽƵŶŽ͕DĂƚĂƚĂůĂŝď͕dĂƌůĂĐŝƚǇ
ϳϱϴ ϭϬϭϰZKZDΎΎ E͘ĂĐĂůƐŽǀĞ͕͘ƌŐǇ͘ƵůũŽ͕ĞďƵŝƚǇ
ϳϱϵ ϵϳϰ^ƉůĞŶĚŽƌWůĂĐĞ 'ͬ&ŽĨ^ƉůĞŶĚŽƌWůĂĐĞ͕:͘EĂŬƉŝů^ƚ͘ĐŽƌ͕͘:͘ŽĐŽďŽ^ƚ͘DĂůĂƚĞ͕DĂŶŝůĂ
ϵϴϯŽŶŝĨĂĐŝŽdĞĐŚŶŽůŽŐǇ
ϳϲϬ 'ͬ&ŽŶŝĨĂĐŝŽdĞĐŚŶŽůŽŐǇĞŶƚĞƌϮŶĚǀĞ͕͘'ůŽďĂůŝƚǇ͕dĂŐƵŝŐ
ĞŶƚĞƌ
ϳϲϭ ϭϬϮϮŽůŽŶΎΎ ŽůŽŶ^ƚƌĞĞƚ͕ĐŽƌŶĞƌWĞůĂĞǌ^ƚƌĞĞƚ͕ŽǁŶƚŽǁŶ͕ĞďƵŝƚǇ
ϳϲϮ ϵϭϵ^ĂŶ&ĞůŝƉĞΎΎ WŽďůĂĐŝŽŶ͕^ĂŶ&ĞůŝƉĞ͕ĂŵďĂůĞƐ
ϳϲϯ ϵϴϭ>^ƋƵĂƌĞΎΎ >ŽƉĞǌƌŝǀĞ͕ĂƚŽŶŐDĂůĂŬĞ͕>ŽƐĂŹŽƐ͕>ĂŐƵŶĂ
ϳϲϰ ϵϯϭ'ĂŐĨĂ/͘d͘ĞŶƚĞƌΎΎ 'ͬ&'ĂŐĨĂ/dĞŶƚĞƌ͕&͘ĂďĂŚƵŐ^ƚ͘DĂďŽůŽĞďƵŝƚǇ
ϳϲϱ ϭϬϱϬhsDĂŝŶΎΎ ƌŐǇ͘WĂƌŝĂŶŽůŽŶ^ƚ͕͘ĞďƵŝƚǇ
ϳϲϲ ϭϬϰϵDĂŐĞůůĂŶΖƐƌŽƐƐΎΎ /ƐůĂŶĚƐ^ŝŶƵůŽŐ^ƋƵĂƌĞ͕ĞďƵŝƚǇ
ϳϲϳ ϭϬϲϬ:͘ĞŶƚĞƌDĂůůΎΎ >'&ͲϬϰ:͘ĞŶƚĞƌDĂůů͕͘^͘&ŽƌƚƵŶĂ͕ƌŐǇ͘ĂŬŝůŝĚ͕DĂŶĚĂƵĞŝƚǇ
ϳϲϴ ϵϴϬ>ĞŐĂǌƉŝϭΎΎ >ĂƉƵͲ>ĂƉƵ^ƚ͘ĐŽƌ͘YƵĞǌŽŶǀĞ͘>ĞŐĂƐƉŝŝƚǇ
ϳϲϵ ϭϬϴϰ^ĂŶDĂƚŝĂƐΎΎ DĐƌƚŚƵƌ,ŝͲǁĂǇ͕^ĂŶDĂƚŝĂƐ͕^ƚŽ͘dŽŵĂƐ͕WĂŵƉĂŶŐĂ
ϳϳϬ ϵϴϳDĂŶŝůĂĂƚŚĞĚƌĂůΎΎ '&&ĞƌůĂǁƵŝůĚŝŶŐ͕ĂďŝůĚŽ^ƚ͘/ŶƚƌĂŵƵƌŽƐ͕DĂŶŝůĂ
ϳϳϭ ϭϬϵϰĂůǇǆΎΎ ηϱŽĨĂůǇǆĞŶƚƌĞ͕ĞďƵ/dWĂƌŬ͕>ĂŚƵŐ͕ĞďƵŝƚǇ
ϳϳϮ ϵϭϲ'DϮΎΎ ŽŶŐƌĞƐƐŝŽŶĂůZŽĂĚ͕WŽďůĂĐŝŽŶ'DĂǀŝƚĞ
ϳϳϯ ϭϬϲϮ'ĞƌŽŶĂWŽďůĂĐŝŽŶΎΎ DĐƌƚŚƵƌ,ŝŐŚǁĂǇƌŐǇ͘WŽďůĂĐŝŽŶ͕'ĞƌŽŶĂ͕dĂƌůĂĐ
ϳϳϰ ϭϬϰϴŽŶĐŚŝƚĂƵŝůĚŝŶŐΎΎ ŽŶĐŚŝƚĂůĚŐ͕͘ϯϭϭ:ŽŶĞƐǀĞŶƵĞ͕ĞďƵŝƚǇ
ϳϳϱ ϵϬϲƐĞĂŶĂKŶĞ ƐĞĂŶĂKŶĞ͕ZKǀĞŶƵĞ͕WĂƌĂŹĂƋƵĞ
ϳϳϲ ϭϬϯϯ^ĂŶ/ƐŝĚƌŽ͕EΎΎ WŽďůĂĐŝŽŶ͕^ĂŶ/ƐŝĚƌŽ͕EƵĞǀĂĐŝũĂ
ϳϳϳ ϭϬϰϰ>ŝůŝǁWŽďůĂĐŝŽŶ 'ĂƚdĂǇĂǁ^ƚ͕͘>ŝůŝǁ͕>ĂŐƵŶĂ
ϳϳϴ ϭϬϱϴ^ŝůĂŶŐ D͘,͘ĞůWŝůĂƌ^ƚ͕͘WŽďůĂĐŝŽŶ͕^ŝůĂŶŐĂǀŝƚĞ
ϳϳϵ ϭϬϬϱůĨŽŶƐŽ DĂďŝŶŝŽƌŶĞƌDŽũŝĐĂ͕WŽďĂůĂĐŝŽŶ͕ůůĨŽŶƐŽ͕ĂǀŝƚĞ
ϳϴϬ ϭϬϭϳtŽƌůĚŝƚŝ ƵƌŽƌĂůǀĚ͘ƵďĂŽ͕YƵĞǌŽŶŝƚǇ
ϳϴϭ ϭϬϵϭW/'ƵĂŐƵĂ '^KZŽĂĚĐŽƌ͘^ĂŶDĂƚŝĂƐ͕'ƵĂŐƵĂ͕WĂŵƉĂŶŐĂ
ϳϴϮ ϵϵϲW/WĂŐďŝůĂŽ ƌŐǇ͘ƵŬĂů;WŽďůĂĐŝŽŶͿ͕WĂŐďŝůĂŽ͕YƵĞǌŽŶ
ϳϴϯ ϭϬϴϴDĂƚĂĂƐŶĂ<ĂŚŽǇΎΎ ƌŐǇ͘WŽďůĂĐŝŽŶ͕DĂƚĂĂƐŶĂ<ĂŚŽǇ͕ĂƚĂŶŐĂƐ
ϳϴϰ ϵϲϵŶƚĞĐůĚŐ͘ΎΎ ŽŹĂdĞƌĞƐĂĐŽƌ͘ŽŶ:ƵĂŶEĞƉŽŵƵĐĞŶŽǀĞ͘EĞƉŽŵĂƌƚŽŵƉůĞǆŶŐĞůĞƐWĂŵƉĂŶŐĂ
ϳϴϱ ϭϬϬϯdŝĂŽŶŐϯ EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕>ƵƐĂĐĂŶdŝĂŽŶŐ͕YƵĞǌŽŶWƌŽǀŝŶĐĞ
ϭϬϲϴW/&d/Ͳ͘^ĞƌǀŝĐĞ
ϳϴϲ &d/͕dĂŐƵŝŐ
ZŽĂĚΎΎ
ϳϴϳ ϭϬϱϱƵůŝĂƚ dĂŶĚĂŶŐ^ŽƌĂǀĞ͕͘ĐŽƌ͘^ĂŶWŽŶĐŝĂŶŽ^ƚ͘ƌŐǇ͘ƵůŝĂƚYƵĞǌŽŶŝƚǇ
ϳϴϴ ϭϬϮϵĂůƚĞǆdŝƉŽůŽĂƐĂŬΎΎ DƌŝŽŶĞƐ^ƚƌĞĞƚ͕dŝƉŽůŽ͕DĂŶĚĂƵĞŝƚǇ
ϳϴϵ ϵϯϮ/DϮΎΎ WƵĞďůŽsĞƌĚĞŝŶDĂĐƚĂŶĐŽŶŽŵŝĐǌŽŶĞ//͕ĂƐĂŬ͕>ĂƉƵͲ>ĂƉƵŝƚǇ
ϳϵϬ ϭϬϵϬ/ŵƵƐϱ WĂƐŽŶŐƵĂǇĂϮ͕/ŵƵƐ͕ĂǀŝƚĞ
hŶŝƚϲ͕EŽƌƚŚǁĂůŬůĂƌŬ͕D͘͘ZŽǆĂƐ,ŝŐŚǁĂǇĐŽƌ͘EĞǁ&ƌŝĞŶĚƐŚŝƉ'ĂƚĞ͕ůĂƌŬ&ƌĞĞƉŽƌƚŽŶĞ͕
ϳϵϭ ϳϬϴEŽƌƚŚǁĂůŬΎΎ
ŶŐĞůĞƐĐŝƚǇ
ϳϵϮ ϭϬϯϲ^ƚĂZŽƐĂϱ Ϯϲϭ^ĂŵƉĂŐƵŝƚĂ^ƚ͕͘ŵŝŚĂŶsŝůůĂŐĞ/͕dĂŐĂƉŽ͕^ƚĂ͘ZŽƐĂ͕>ĂŐƵŶĂ
ϳϵϯ ϭϭϰϯƉƉůĞKŶĞΎΎ hŶŝƚϭϬϱƉƉůĞKŶĞdŽǁĞƌ͕DŝŶĚĂŶĂŽǀĞ͕͘ĐŽƌ͘ŝůŝƌĂŶZŽĂĚ͕ǇĂůĂƵƐŝŶĞƐƐWĂƌŬ͕ĞďƵŝƚǇ
ϳϵϰ ϭϬϱϮĂŶůƵďĂŶŐǆŝƚΎΎ EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ƌŐǇ͘DĂǇĂƉĂ͕ĂůĂŵďĂ͕>ĂŐƵŶĂ
ϳϵϱ ϭϬϴϳ>ĞŐĂƐƉŝϮΎΎ ϭϭϬϲZŝǌĂů^ƚ͕͘ƌŐǇ͘ϭ͕DΖƐĂƌƌŝŽ͕>ĞŐĂǌƉŝŝƚǇ
ϳϵϲ ϭϬϱϳDĞůĨƌĂŶůƚΎΎ ĞůĨƌĂŶůƚůĚŐ͘W͘ƵƌŐŽƐ^ƚ͕͘ŶŐĞůĞƐŝƚǇ͕WĂŵƉĂŶŐĂ
ϭϭϭϱ^ƚŽŽŵŝŶŐŽ/ůŽĐŽƐ
ϳϵϳ ^ƚŽ͘ŽŵŝŶŐŽ͕ĂŐƐĂŬĂŶ͕ĂůŽŶŐDĂŚĂƌůŝŬĂ,ŝŐŚǁĂǇ͕^ƚŽ͘ŽŵŝŶŐŽ͕/ůŽĐŽƐ^Ƶƌ
^ƵƌΎΎ
ϳϵϴ ϭϬϮϱsŝŐĂŶ>ĂŶĚŵĂƌŬΎΎ sŝŐĂŶ>ĂŶĚŵĂƌŬďƵŝůĚŝŶŐ͕ĂůŽŶŐ:ŽƐĞƐŝŶŐƐŽŶsŝŐĂŶŝƚǇ
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ϳϵϵ ϭϬϬϵ>ǇĐĞƵŵůĂďĂŶŐ >ǇĐĞƵŵůĂďĂŶŐ͕ƌŐǇ͘dƵŶĂƐĂŶDƵŶƚŝŶůƵƉĂŝƚǇ
ϴϬϬ ϭϬϴϮĂůƵŵƉŝƚΎΎ ƌŐǇ͘ƵůĂŶŐĂŽ͕ĂůƵŵƉŝƚƵůĂĐĂŶ
ϴϬϭ ϭϬϵϮĂďƵǇĂŽϰΎΎ ƌŐǇ͘WƵůŽ͕ĂďƵǇĂŽ͕>ĂŐƵŶĂ
ϴϬϮ ϵϵϱWŝŶĞƐŝƚǇ DĂŶƵĞů>͘YƵĞǌŽŶǆƚĞŶƐŝŽŶ͕ŶƚŝƉŽůŽŝƚǇ
ϴϬϯ ϭϬϬϮŶƚŝƉŽůŽϯ ŝƌĐƵŵĨĞƌĞŶƚŝĂůZĚ͕͘ĐŽƌ͘:͘^ƵŵƵůŽŶŐ,ŝŐŚǁĂǇ͕ƌŐǇ͘^ĂŶZŽƋƵĞ͕ŶƚŝƉŽůŽŝƚǇ
ϴϬϰ ϭϬϯϱĂŶůƵďĂŶŐΎΎ ůŬϰϳWŚĂƐĞϭ<ĂƉĂǇĂƉĂĂŶsŝůů͘ĂůĂŵďĂŝƚǇ͕>ĂŐƵŶĂ
ϴϬϱ ϭϭϭϰ^ƚĂ͘ƌƵǌ͕/ůŽĐŽƐ^ƵƌΎΎ EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕^ƚĂ͘ƌƵǌ͕/ůŽĐŽƐ^Ƶƌ
ϴϬϲ ϭϬϭϬDĂƐŝŶůŽĐΎΎ DĞƌĐĞĚĞƐĐŽƌ͘<ĂƉŝƚĂŶdŝŶŽŶŐ^ƚƌĞĞƚƐ͕EŽƌƚŚWŽďůĂĐŝŽŶ͕DĂƐŝŶůŽĐWŽďůĂĐŝŽŶ͕ĂŵďĂůĞƐ
ϴϬϳ ϭϬϴϯEĞǁƌĂΎΎ ĞŶƚƌĂůǀĞ͘ĐŽƌ͘^ƚ͘DĂƌǇ^ƚ͕͘EĞǁƌĂ͕YƵĞǌŽŶŝƚǇ
ϴϬϴ ϭϭϭϭdǁŽÊWZYΎΎ ^ĂŶŶƚŽŶŝŽWĂƌŬ^ƋƵĂƌĞ͕>ĂĐƐŽŶ^ƚ͘DĂŶĚĂůĂŐĂŶ͕ĂĐŽůŽĚŝƚǇ
ϴϬϵ ϭϭϬϳ<ĂƌĂŶŐĂůĂŶΎΎ &͘W͘&ĞůŝǆǀĞ͕͘<ĂƌĂŶŐĂůĂŶǀŝůůĂŐĞ'ĂƚĞϮ͕ĂŝŶƚĂ͕ZŝǌĂů
ϴϭϬ ϵϴϰDĞƌŐĞWŽŝŶƚͲƐƚŽƌĞΔΔ ůŽŶŐEĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕sŝŐĂŶ:ƵŶĐƚŝŽŶͲĂŶƚĂǇ͕/ůŽĐŽƐ^Ƶƌ
ϴϭϭ ϭϬϭϮ^ƚĂ͘ZŽƐĂϯ &͘ZĞǇĞƐ^ƚ͘ĂůŝďĂŐŽ͕^ƚĂ͘ZŽƐĂ͕>ĂŐƵŶĂ
ϴϭϮ ϭϬϵϴŶŐĂƚΎΎ ϮϲϱD͘͘&ĞƌŶĂŶĚŽ^ƚ͕͘ŶŐĂƚ͕ƵůĂĐĂŶ
ϴϭϯ ϵϳϳWĂŶƐŽůϮΔΔ EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ĂŐŽŶŐ<ĂůƐĂĚĂ͕ĂůĂŵďĂ͕>ĂŐƵŶĂ
ϴϭϰ ϭϬϵϵsĞƌŵŽŶƚ DĂƌĐŽƐ,ŝŐŚǁĂǇ͕ƌŐǇ͘DĂǇĂŵŽƚ͕ŶƚŝƉŽůŽŝƚǇ
ϴϭϱ ϭϭϬϱ^ĂďĂŶŐΎΎ ŽŶW͘ĂŵƉŽƐǀĞ͕͘ƌŐǇ͘^ĂďĂŶŐ͕ĂƐŵĂƌŝŹĂƐŝƚǇ͕ĂǀŝƚĞ
ϴϭϲ ϭϭϮϰDĂďŝŐĂΎΎ WŝŶĞĚĂƵŝůĚŝŶŐ͕DĂĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕DĂďŝŐĂ͕DĂďĂůĂĐĂƚ͕WĂŵƉĂŶŐĂ
ϴϭϳ ϵϱϲĂŶĚĂďĂΎΎ DĂŝŶZŽĂĚ͕WŽďůĂĐŝŽŶ͕ĂŶĚĂďĂ͕WĂŵƉĂŶŐĂ
ϴϭϴ ϭϬϬϴůĂŶŐŝůĂŶΎΎ ƌŐǇ͘ůĂŶŐŝůĂŶ͕ĂƚĂŶŐĂƐŝƚǇ
ϭϭϴϳ'ĞŶ͘dƌŝĂƐ
ϴϭϵ EĞǁŚĂůůŽŵŵĞƌĐŝĂůŽŵƉůĞǆ͕DĂŶŐŐĂŚĂŶ͕'ĞŶ͘dƌŝĂƐ͕ĂǀŝƚĞ
DĂŶŐŐĂŚĂŶΎΎ
ϴϮϬ ϭϬϵϯsŝĐƚŽƌŝĂ>ĂŐƵŶĂ ƌŐǇ͘EĂŶǇĂŚĂ͕WŽďůĂĐŝŽŶsŝĐƚŽƌŝĂ͕>ĂŐƵŶĂ
ϴϮϭ ϭϬϲϳW/^ŚĂǁWŝŽŶĞĞƌ WŝŽŶĞĞƌ^ŚĂǁůǀĚ͕͘DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϴϮϮ ϭϭϮϬ^ĂŶ>ƵŝƐ͕ĂƚĂŶŐĂƐ EĂƚŝŽŶĂůZŽĂĚĂƚƌŐǇ͘DƵǌŽŶ͕^ĂŶ>ƵŝƐ͕ĂƚĂŶŐĂƐ
ϴϮϯ ϭϬϱϯĂůĂŵďĂϳΔΔ WĂďĂůĂŶ^ƚ͘ĂůĂŵďĂŝƚǇ͕>ĂŐƵŶĂ
ϴϮϰ ϭϬϲϵDŽŶƚŝůůĂŶŽϭΔΔ ϴϵDŽŶƚŝůůĂŶŽĐŽƌ͘/ůĂǇĂƌŐǇ͘ůĂďĂŶŐ͕DƵŶƚŝŶůƵƉĂ
ϴϮϱ ϭϭϯϰ>ŝƉĂŝƚǇ,ĂůůΎΎ ƌŐǇ͘DĂƌĂŽƵǇ͕>ŝƉĂŝƚǇ͕ĂƚĂŶŐĂƐ
ϭϬϮϯĂďĞŶƚƌĂů
ϴϮϲ ůŽŶŐŝƌĐƵŵĨĞƌĞŶƚŝĂůZŽĂĚ͕ĂďĂŶĂƚƵĂŶĞŶƚƌĂůdĞƌŵŝŶĂůĂďĂŶĂƚƵĂŶŝƚǇ͕EƵĞǀĂĐŝũĂ
dĞƌŵŝŶĂůΎΎ
ϴϮϳ ϭϬϰϲ^ŚĂŶŐƌŝͲ>ĂWůĂǌĂ ƐϭϬϯͲϭϬϱ͕>ĞǀĞůϭ͕DĂŝŶtŝŶŐ^ŚĂŶŐƌŝͲ>ĂWůĂǌĂ^ĐŽƌ͘^ŚĂǁŽƵůĞǀĂƌĚ͕DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϴϮϴ ϭϬϯϭ^ƚĂ͘ZŽƐĂϰ ƌŐǇ͘<ĂŶůƵƌĂŶ͕^ƚĂ͘ZŽƐĂ͕>ĂŐƵŶĂ
ϴϮϵ ϵϯϲWŝůĂƌ͕ĂƚĂĂŶ 'Žǀ͘:͘>ŝŶĂŽZŽĂĚ͕WĂŶŝůĂŽ͕WŝůĂƌ͕ĂƚĂĂŶ
ϴϯϬ ϭϬϱϵ^ĂŶDĂƚĞŽϮ 'ĞŶ͘>ƵŶĂǀĞ͘ƌŐǇ͘ŵƉŝĚ͕^ĂŶDĂƚĞŽ͕ZŝǌĂů
ϴϯϭ ϭϭϴϯĂĐŽůŽĚĂƉŝƚŽůΎΎ 'ͬ&ŽĨs^ƵŝůĚŝŶŐ͕>ĂĐƐŽŶ^ƚ͕͘ĂĐŽůŽĚŝƚǇ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ϴϯϮ ϭϬϴϱh^DĂŝŶΎΎ hŶŝǀĞƌƐŝƚǇ'K>^ŽŵƉƵƚĞƌ^ŚŽƉ:ŽŶƋƵĞƌĂ^ƚ͘ĞďƵŝƚǇ
ϴϯϯ ϭϮϭϵWĂŶͲƐŝĂƚŝĐΎΎ ĂƌůŽƐ,ŝĚĂůŐŽ,ŝͲǁĂǇ͕ĂĐŽůŽĚŝƚǇ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ϴϯϰ ϭϭϵϳ^ŝůĂǇΎΎ ZŝǌĂů^ƚ͕͘^ŝůĂǇŝƚǇ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ϴϯϱ ϭϬϲϯƵǇĂƉŽΎΎ YƵĞǌŽŶǀĞŶƵĞ͕WŽďůĂĐŝŽŶ͕ƵǇĂƉŽ͕EƵĞǀĂĐŝũĂ
ϴϯϲ ϭϭϬϯĂĐŽŽƌϯΎΎ <ŵϭϲ͕ŐƵŝŶĂůĚŽ,ŝŐŚǁĂǇ͕EŝŽŐ͕ĂĐŽŽƌ͕ĂǀŝƚĞ
ϴϯϳ ϭϬϭϴĂĞƚϮ sŝŶǌŽŶΖƐǀĞŶƵĞĂĞƚ͕ĂŵĂƌŝŶĞƐEŽƌƚĞ
ϴϯϴ ϭϬϲϰtĞƐƚ>ĂŬĞDĞĚ EĂƚŝŽŶĂů,ŝŐŚǁĂǇƌŐǇ͘EƵĞǀĂ͕^ĂŶWĞĚƌŽ>ĂŐƵŶĂ
ϴϯϵ ϴϳϭůŵĂŶǌĂhŶŽ ϰϴϭZĞĂů^ƚ͕͘ůĂŵĂŶǌĂϭ͕>ĂƐWŝŹĂƐŝƚǇ;ĂĐƌŽƐƐ^D^ŽƵƚŚŵĂůůͿ
ϭϬϳϰEĞǁ^ĂĐƌĞĚ,ĞĂƌƚ
ϴϰϬ ͘ZŽĚƌŝŐƵĞǌ^ƚ͘ƌŐǇ͘^ĂŵďĂŐϮ͕ĞďƵŝƚǇ
WŚĂƌŵĂĐǇΎΎ
ϴϰϭ ϭϬϳϬ^ƚĂ͘ZŝƚĂ͕'ƵŝŐƵŝŶƚŽΎΎ DĐƌƚŚƵƌ,ŝǁĂǇ͕^ƚĂ͘ZŝƚĂ͕'ƵŝŐƵŝŶƚŽ͕ƵůĂĐĂŶ
ϴϰϮ ϭϭϰϳ^ƚ͘:ŽƐĞƉŚΎΎ ͲϭϴƚŚ^ƚ͕͘ƌŐǇ͘ĂƐƚĂũĂĐĂũĂĐ͕KůŽŶŐĂƉŽŝƚǇ
ϴϰϯ ϭϭϮϵ>ƵŵďĂŶ ĂŵŽƌĂ^ƚ͘>ƵŵďĂŶ͕>ĂŐƵŶĂ
ϴϰϰ ϭϬϰϱDĂĐƚĂŶEĞǁƚŽǁŶΎΎ '&ZĞƚĂŝůϮͲdŚĞDĂĐƚĂŶKĐĞĂŶdŽǁŶ͕>ĂƉƵͲ>ĂƉƵŝƚǇ
ϴϰϱ ϵϳϬKƌĂŶŝZƵƌĂůĂŶŬΎΎ WŽďůĂĐŝŽŶ͕ƌŐǇ͘ĞŶƚƌŽϭ͕KƌĂŶŝ͕ĂƚĂĂŶ
ϴϰϲ ϭϭϯϳŝŶƚŝůĞǇZĞƐŝĚĞŶĐĞƐ ŝŶƚŝůĞǇZĞƐŝĚĞŶĐĞƐůŽĐĂƚĞĚĂƚ:ŽƐĞďĂĚ^ĂŶƚŽƐĐŽƌ͘WůŐƵĞ^ƚ͘dŽŶĚŽ͕DĂŶŝůĂ
ϴϰϳ ϭϬϰϭWƵƌĞǌĂϮΎΎ ϯϱϬWƵƌĞǌĂ^ƚ͕͘^ƚĂ͘DĞƐĂ͕DĂŶŝůĂ
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ϴϰϴ ϭϭϬϴZŽŽƐĞǀĞůƚ ZŽŽƐĞǀĞůƚ^ƚ͘ĐŽƌWd^ĞŶĂĚŽƌ^ƚ͕͘ƌŐǇ͘^ĂŶĞůDŽŶƚĞYƵĞǌŽŶŝƚǇ
ϴϰϵ ϭϭϰϰ>ĂŽĂŐhͲďĞůƚ ηϰϬW͘'ŽŵĞǌ^ƚ͕͘ƌŐǇ͘ϱ͕^ĂŶWĞĚƌŽ>ĂŽĂŐŝƚǇ͕/ůŽĐŽƐEŽƌƚĞ
ϴϱϬ ϭϮϬϳŶŐĞůĞƐϰΎΎ E'/</>'͘DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕ƌŐǇ͘WƵůŽŶŐͲƵůŽ͕ŶŐĞůĞƐŝƚǇ
ϴϱϭ ϭϭϬϰ>ƵĐĞŶĂϱ D>dĂŐĂƌĂŽ^ƚ͕͘ĐŽƌ͘ďĞůůĂƌŝŽƐĂ^ƚ͕͘>ƵĐĞŶĂŝƚǇ
ϴϱϮ ϭϭϱϱĂĞƚϯΎΎ 'Žǀ͘WĂŶŽƚĞƐǀĞ͕͘ĂĞƚ͕ĂŵĂƌŝŶĞƐEŽƌƚĞ
ϴϱϯ ϭϭϯϱĂůĂƵĂŐWŽďůĂĐŝŽŶ :ŽƐĞZŝǌĂů^ƚ͘ĐŽƌ͘ƌŐƵĞůůĞƐ^ƚ͕͘ĂůĂƵĂŐ͕YƵĞǌŽŶ
ϴϱϰ ϭϭϮϱ^ƚŽ͘dŽŵĂƐΎΎ ƌŐǇ͘^ĂŶWĞĚƌŽ͕^ƚŽ͘dŽŵĂƐ͕ĂƚĂŶŐĂƐ
ϴϱϱ ϭϭϱϮ^thΎΎ ƌŐǇ͘^ĂŵďĂŐ//͕ǌŶĂƌ^ƚ͕͘ĞďƵŝƚǇ
ϴϱϲ ϭϭϭϲŝŹĂŶϱ >ŽƚϭůŬϮ͕^ŽƵƚŚǀŝůůĞŽŵŵĞƌĐŝĂů͕ƌŐǇ͘^ƚŽ͘dŽŵĂƐ͕ŝŹĂŶŝƚǇ
ϴϱϳ ϭϬϱϭĂůŝĨŽƌŶŝĂsŝůůĂŐĞΔΔ <ĂƚŝƉƵŶĂŶ^ƚ͘ĂůŝĨŽƌŶŝĂsŝůůĂŐĞƌŐǇ͘^ĂŶĂƌƚŽůŽŵĞ͕YƵĞǌŽŶŝƚǇ
ϴϱϴ ϭϮϭϬ>Ζ&ŝƐŚĞƌΎΎ >ŽƵƌĚĞƐ͘ĞŶƚĞƌƵŝůĚŝŶŐϮ͕>ĂĐƐŽŶ^ƚ͘ĐŽƌ͘ϭϰƚŚ^ƚ͕͘ĂĐŽůŽĚŝƚǇ
ϴϱϵ ϭϬϵϲ>ŝďĞƌƚĂĚͲƵƌŽƌĂΎΎ ϭϯϱŶƚŽŶŝŽƌŶĂŝǌĐŽƌ͘ƵƌŽƌĂ^ƚ͘WĂƐĂǇŝƚǇ
ϴϲϬ ϭϭϯϯDĂůĂŐĂƐĂŶŐ DĂůĂŐĂƐĂŶŐZŽĂĚ͕/ŵƵƐ͕ĂǀŝƚĞ
ϴϲϭ ϭϬϴϵWĂŽĂǇ ĞŶƚƌŽDĂƌĐĞůŝŶŽƵŝůĚŝŶŐƌŐǇ͘ϵ͕^ĂŶWĞĚƌŽWĂŽĂǇ͕/ůŽĐŽƐEŽƌƚĞ
ϴϲϮ ϭϬϳϯD^/>ĂƉƵͲ>ĂƉƵ 'ͬ&D^/ƵŝůĚŝŶŐ>ŽƉĞǌͲ:ĂĞŶĂ^ƚ͕͘hƉŽŶ͕>ĂƉƵͲ>ĂƉƵŝƚǇ
ϴϲϯ ϭϮϮϴĂƌƌĞƚŽϮΎΎ ηϳϯEĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ƌŐǇ͘ĂƌĞƚƚŽ͕KůŽŶŐĂƉŽŝƚǇ
ϴϲϰ ϭϬϭϯĂƚĂĐŽůůĞŐĞƐ ĂƚĂĐŽůůĞŐĞ͕ůŽŶŐtĂƐŚŝŶŐƚŽŶ^ƚ͕͘ĂƚĂĐŝƚǇ͕/ůŽĐŽƐEŽƌƚĞ
ϴϲϱ ϭϭϳϱĂƌĂŐĂΎΎ ZŝǌĂů^ƚ͕͘ƌŐǇ͘^ĂŐƉŽŶ͕ĂƌĂŐĂůďĂǇ
ϴϲϲ ϭϭϲϭ>ĂdƌŝŶŝĚĂĚϮΎΎ ͲϳϬ^ĂŶ:ŽƐĞ^ƚ͘ĐŽƌ͘,ĂůƐĞŵĂ,ŝͲǁĂǇWŽďůĂĐŝŽŶ͕>ĂdƌŝŶŝĚĂĚ͕ĞŶŐƵĞƚ
ϴϲϳ ϭϭϭϯW//ƌĞŶĞǀŝůůĞΎΎ ĂůƚĞǆ^ƚĂƚŝŽŶ^ƵĐĂƚZŽĂĚĐŽƌ͘ŽŹĂ/ƌĞŶĞĂ^ƚ͕͘WĂƌĂŹĂƋƵĞŝƚǇ
ϴϲϴ ϭϭϮϲdŚĞWĞƌƐŝŵŵŽŶWůƵƐ D͘:͘ƵĞŶĐŽǀĞ͕͘ƌŐǇ͘DĂďŽůŽ͕ĞďƵŝƚǇ͕ĞďƵ
ϴϲϵ ϭϭϮϳh^:ZĂƐĂŬΎΎ ĞďƵ^ŽƵƚŚZŽĂĚ͘ƌŐǇ͘ĂƐĂŬͲWĂƌĚŽ͕ĞďƵŝƚǇ
ϴϳϬ ϭϭϯϭƵůĂŬĂŶ͕ƵůĂĐĂŶΎΎ ƌŐǇ͘^ĂŶ:ŽƐĞ͕WŽďĂůĐŝŽŶ͕ƵůĂŬĂŶ͕ƵůĂĐĂŶ
ϴϳϭ ϭϭϱϳWůĂǌĂŽƌƌŽŵĞŽΎΎ 'ƌŽƵŶĚ&ůŽŽƌ͕WůĂǌĂŽƌƌŽŵĞŽ/s͕W͘>ŽƉĞǌ^ƚ͘ĞďƵŝƚǇ
ϭϬϰϯEĞǁzŽƌŬZĞƐŝĚĞŶĐĞƐ
ϴϳϮ ϵϬϭ>ĞŽŶ'ƵŝŶƚŽ^ƚ͕͘ĐŽƌ͕͘ƐƚƌĂĚĂ^ƚ͕͘DĂůĂƚĞ
ΎΎ
ϴϳϯ ϭϭϱϵĂůĞƌ ϴϵĂůĞƌ^ƚ͘tĞƐƚǀĞŶƵĞ͕YƵĞǌŽŶŝƚǇ
ϴϳϰ ϭϭϬϮŽŶĐĞƉĐŝŽŶDĂůĂďŽŶ 'ĞŶĞƌĂů>ƵŶĂ^ƚ͕͘ŽŶĐĞƉĐŝŽŶhŶŽ͕DĂůĂďŽŶ
ϴϳϱ ϭϭϲϰŽŐŽWŽďůĂĐŝŽŶΎΎ Z͘&ĞƌŶĂŶ^ƚ͘ƌŐǇ͘ĂƌďŽŶ͕ŽŐŽŝƚǇ͕ĞďƵ
ϴϳϲ ϭϮϰϵWĂŶĚĂŶΎΎ WĂŶĚĂŶdĂďƵŶ͕ŶŐĞůĞƐŝƚǇ͕WĂŵƉĂŶŐĂ
ϴϳϳ ϭϮϰϲ^ŚĞůůŽůŽƌĞƐΎΎ DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕ŽůŽƌĞƐ͕^ĂŶ&ĞƌŶĂŶĚŽWĂŵƉĂŶŐĂ
ϴϳϴ ϭϬϳϵDĂďŝŶŝĂƚĂŶŐĂƐΎΎ &͘ĂƐƚŝůůŽůǀĚ͕͘WŽďůĂĐŝŽŶ͕DĂďŝŶŝ͕ĂƚĂŶŐĂƐ
ϴϳϵ ϭϬϵϳW/ƵƌŽƌĂůǀĚ͘ >ŽƚϰΘϱůŬϯƵƌŽƌĂůǀĚ͘ĐŽƌ͘:͘W͘ZŝǌĂů^ƚ͘ƌŐǇ͘DĂƌŝůĂŐYƵĞǌŽŶŝƚǇ
ϴϴϬ ϭϭϯϮ>ƵǆƵƌWůĂĐĞΎΎ >ƵǆƵƌWůĂĐĞ͕>ĂĐƐŽŶƐƚ͘ĐŽƌ͕͘DĂŐƐĂǇƐĂǇǀĞ͕͘ĂĐŽůŽĚŝƚǇ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ϴϴϭ ϭϭϬϵĂďƵŐĂŽΔΔ EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ƌŐǇ͘ŽŶŝĨĂĐŝŽĂďƵŐĂŽ͕/ůŽĐŽƐ^Ƶƌ
ϴϴϮ ϭϭϴϲĂŐďĂŐ ϲϯϯYƵŝƌŝŶŽ,ŝŐŚǁĂǇ͕ƌŐǇ͘ĂŐďĂŐ͕EŽǀĂůŝĐŚĞƐ͕YƵĞǌŽŶŝƚǇ
ϴϴϯ ϭϮϱϯůŝĂŐĂ͕E͘͘ΎΎ WŽďůĂĐŝŽŶZŽĂĚ͕ůŝĂŐĂ͕EƵĞǀĂĐŝũĂ
ϴϴϰ ϭϭϳϬĂƚĂĐϮ ƌŐǇ͘ĂƵŶĂǇĂŶ͕ĂƚĂĐŝƚǇ͕/ůŽĐŽƐEŽƌƚĞ
ϴϴϱ ϭϭϱϰ^ĂŶEŝĐŽůĂƐ DĂĚĂŵďĂ^ƚ͘ĐŽƌ͘DĂŚĂƌůŝŬĂ,ŝŐŚǁĂǇ͕ƌŐǇ͘ϭϮ͕^ĂŶEŝĐŽůĂƐ͕/ůŽĐŽƐEŽƌƚĞ
ϭϬϭϱůƉŚĂ>ĂŶĚDĂŬĂƚŝ
ϴϴϲ ϳϮϯϮǇĂůĂǀĞ͘ǆƚ͘ĐŽƌ͘DĂůƵŐĂǇ^ƚ͘DĂŬĂƚŝŝƚǇ
DĂůů
ϴϴϳ ϭϭϱϯdƌĂŶƐĐŽŵŝƚǇΎΎ ŽŽƌϴ͕>ŽƉƵĞΖƐ^ŽƵƚŚ^ƋƵĂƌĞŽŵŵĞƌĐŝĂůŽŵƉůĞǆ͕ƌŐǇ͘ůŝũŝƐ͕ĂĐŽůŽĚŝƚǇ
ϴϴϴ ϭϮϮϬhŶŝƐĂŶYƵĞǌŽŶ ĂƌŝůůŽ^ƚ͘ĐŽƌ͘^ĂŶWĞĚƌŽ^ƚ͕͘ƌŐǇ͘WŽďůĂĐŝŽŶ͕YƵĞǌŽŶǀĞ͕͘hŶŝƐĂŶ͕YƵĞǌŽŶ
ϴϴϵ ϭϭϳϭs͘DĂƉĂ ƵĞŶǀŝĂũĞ^ƚ͘ĐŽƌ͘s͘DĂƉĂ͕^ƚĂ͘DĞƐĂ͕DĂŶŝůĂŝƚǇ
ϴϵϬ ϭϮϬϬ^ĂŶĚŽǀĂůǀĞ͘ ͘^ĂŶĚŽǀĂůǀĞŶƵĞ͕WĂƐŝŐŝƚǇ
ϴϵϭ ϭϭϲϱdh 'ͬ&ŝĂŶŶĂZĞƐŝĚĞŶĐĞƐ͕s͘'ƵŝůůĂƐ^ƚ͘ĐŽƌ͘W͘ƵƌŐŽƐ^ƚ͕͘ĞďƵŝƚǇ
ϴϵϮ ϭϭϮϮDŽŶƚŝůůĂŶŽϮ ϮϰϵDŽŶƚŝůůĂŶŽ^ƚ͘ůĂďĂŶŐ͕DƵŶƚŝŶůƵƉĂ
ϭϭϲϲĞůŽƐ^ĂŶƚŽƐ ĞůŽƐ^ĂŶƚŽƐDĞĚŝĐĂůĞŶƚĞƌϮϬϭ͘ZŽĚƌŝŐƵĞǌŽƵůĞǀĞƌĚ^ƌ͘ŽƵůĞǀĂƌĚ͕ƌŐǇ͘<ĂůƵƐƵŐĂŶ͕
ϴϵϯ
,ŽƐƉŝƚĂůΎΎ YƵĞǌŽŶŝƚǇ
ϴϵϰ ϭϮϬϰĞďƵ^ĂůŝŶĂƐƌŝǀĞΎΎ ůĨŽŶƐŽĂŶĚ^ŽŶƐůĚŐ͕͘^ĂůŝŶĂƐƌŝǀĞ͕>ĂŚƵŐ͕ĞďƵŝƚǇ
ϴϵϱ ϭϭϯϬŝŶĂŶŐŽŶĂŶϯ ƌŐǇ͘ĂůƵŵƉĂŶŐ͕ŝŶĂŶŐŽŶĂŶ͕ZŝǌĂů
ϴϵϲ ϵϵϳ&ůŵĂŶǌĂ ƌĂŐŽŶůĚŐ͘ϮϭϮZDĂǀĞ͘ĐŽƌ͘ĂƌĚŝŶĂů^ƚ͕͘&ůŵĂŶǌĂ͕>ĂƐWŝŹĂƐŝƚǇ
18
ϴϵϳ ϵϳϵWŚŽĞŶŝǆĂĐŽŽƌ ŐƵŝŶĂůĚŽ,ŝŐŚǁĂǇĐŽƌ͘,ĂǁĂŝŝ^ƚ͘ƌŐǇ͘^ĂůŝŶĂƐ͕ĂĐŽŽƌ͕ĂǀŝƚĞ
ϴϵϴ ϭϭϵϰZŽƐĂƌŝŽ͕>ĂhŶŝŽŶΎΎ DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕ƌŐǇ͘ĂŵƉKŶĞ͕ZŽƐĂƌŝŽ͘>ĂhŶŝŽŶ
ϴϵϵ ϭϭϴϵWdd^ĂŶ:ŽƐĞ ďĂƌϭƐƚ͕DĂŚĂƌůŝŬĂ,ŝŐŚǁĂǇ͕^ĂŶ:ŽƐĞŝƚǇ͕EƵĞǀĂĐŝũĂ
ϵϬϬ ϭϭϯϵsŝůůĂƌŝƐƚŝŶĂ ηϭϭsŝůůĂƌŝƐƚŝŶĂǀĞ͕͘sŝůůĂƌŝƐƚŝŶĂ^ƵďĚ͕͘WĂŵƉůŽŶĂdƌĞƐ͕>ĂƐWŝŹĂƐŝƚǇ
ϵϬϭ ϭϭϬϬWddKƐŵĞŹĂ ƐƚƌĞůůĂĂŶĚDĂĐĂďƵůŽƐ^ƚƐ͕͘^ŽƵƚŚ^ƵƉĞƌŚŝŐŚǁĂǇ͕DĂŬĂƚŝŝƚǇ
ϵϬϮ ϭϮϭϮŽŶƵĂŶΎΎ ŽŶƵĂŶ'ƵĞƐĞƚ͕ĂŐƵƉĂŶŝƚǇ͕WĂŶŐĂƐŝŶĂŶ
ϵϬϯ ϭϭϴϭůĂƌŬ^ƚĂƌΎΎ ůĂƌŬ^ƚĂƌ,ŽƚĞů͕ĂůŝďĂŐŽ͕ŶŐĞůĞƐŝƚǇ
ϵϬϰ ϭϮϮϭ^ƚĂDĂƌŝĂ͕>ĂŐƵŶĂ ZĞĂůsĞůĂƐƋƵĞǌ^ƚ͘ĐŽƌ͘ƵƌŐŽƐ^ƚ͕͘^ƚĂ͘DĂƌŝĂ͕>ĂŐƵŶĂ
ϵϬϱ ϭϮϮϵĂĐŽŽƌϰ DĂŐĚŝǁĂŶŐ,ŝŐŚǁĂǇ͕'ƌĞĞŶsĂůůĞǇ͕ĂĐŽŽƌ͕ĂǀŝƚĞ
ϵϬϲ ϭϭϰϵĂŶŽƐƐĂ͕>ŝƉĂΎΎ ƌŐǇ͘DĂƚĂĂƐŶĂ>ƵƉĂ͕>ŝƉĂŝƚǇ͕ĂƚĂŶŐĂƐ
ϵϬϳ ϭϭϴϴ^ĂŶ:ŽƐĞϮΎΎ ƌŐǇ͘DĂůĂƐŝŶ͕DĂŚĂƌůŝŬĂ,ŝŐŚǁĂǇ͕^ĂŶ:ŽƐĞŝƚǇ͕EƵĞǀĂĐŝũĂ
ϵϬϴ ϭϭϭϴW/:͘sĂƌŐĂƐ DĞƌĂůĐŽǀĞ͘ĐŝŽƌ͘:͘sĂƌŐĂƐ͕KƌƚŝŐĂƐWĂƐŝŐ
ϵϬϵ ϭϭϵϱŐŽŶĐŝůůŽΎΎ WŽďůĂĐŝŽŶ͕ŐŽŶĐŝůůŽ͕ĂƚĂŶŐĂƐ
ϵϭϬ ϭϬϰϮƐƉĞůĞƚĂ ǀĞŶŝĚĂZŝǌĂů^ƚ͘ƐƉĞůĞƚĂ͕/ŵƵƐ͕ĂǀŝƚĞ
ϵϭϭ ϭϮϱϰWŽůĂŶŐƵŝΎΎ EĂƚŝŽŶĂůZŽĂĚ͕ƌŐǇ͘hďĂůŝǁ͕WŽůĂŶŐƵŝ͕ůďĂǇ
ϵϭϮ ϭϭϰϭEĞǁĂďĂůĂŶΎΎ ŝŶĂůƵƉŝŚĂŶͲKůŽŶŐĂƉŽZŽĂĚ͕KůŽŶŐĂƉŽ
ϵϭϯ ϭϭϱϬĂƌĂƐ :͘W͘ZŝǌĂů^ƚ͕͘WŽďůĂĐŝŽŶ͕ĂƌĂƐ͕ZŝǌĂů
ϵϭϰ ϭϮϱϵDĞƌĂůĐŽsŝůůĂŐĞΎΎ ƌŐǇ͘>ŝĂƐ͕DĂƌŝůĂŽ͕ƵůĂĐĂŶ
ϵϭϱ ϭϭϳϮĂŶĂŽWŽďůĂĐŝŽŶΎΎ &͘ZĂůŽƚĂ^ƚ͕͘WŽďůĂĐŝŽŶ͕ĂŶĂŽŝƚǇ
ϵϭϲ ϭϭϳϲƵƐƚŽƐ^ƚĂ͘ƌƵǌ ϱϬϱƵƐƚŽƐ^ƚ͕͘^ƚĂ͘ƌƵǌ͕DĂŶŝůĂ
ϵϭϳ ϭϭϮϯ'ƌĞĞŶĨŝĞůĚ/d 'ƌĞĞŶĨŝĞůĚŝƐƚƌŝĐƚ͕/͘d͘ƵŝůĚŝŶŐ͕'&͕hŶŝƚŶŽ͘^ϬϭͲϬϯ
ϵϭϴ ϭϭϰϬZĞŐĂůĂĚŽ,ŝǀĞ ZĞŐĂůĂĚŽ,ŝǀĞŽŵŵĞƌĐŝĂůĞŶƚĞƌ͕ZĞŐĂůĂĚŽǀĞŶƵĞ͕&ĂŝƌǀŝĞǁ͕YƵĞǌŽŶŝƚǇ
ϵϭϵ ϭϭϭϵW/,ŝůůĐƌĞƐƚ ^ŚĂǁůǀĚ͘ĐŽƌ͘,ŝůůĐƌĞƐƚƌŝǀĞ͕WĂƐŝŐŝƚǇ
ϵϮϬ ϭϭϵϴ^͘,͘>ŽǇŽůĂ >ĂĐƐŽŶǀĞ͘ĂŶĚ>ŽǇŽůĂ^ƚƌĞĞƚ͕^ĂŵƉĂůŽĐ͕DĂŶŝůĂ
ϵϮϭ ϭϭϳϳWƵƌĞǌĂϯΎΎ WƵƌĞǌĂĐŽƌ͘DĂŐƐĂǇƐĂǇŽƵůĞǀĂƌĚ͕^ƚĂ͘DĞƐĂ͕DĂŶŝůĂ
ϵϮϮ ϭϬϮϳĂŶĚŽŶ ^ĂŵŽŶƚĞZŽĂĚ͕ĂŶĚŽŶŝƚǇ͕/ůŽĐŽƐ^Ƶƌ
ϵϮϯ ϭϭϵϬ^ĂŶ:ĂĐŝŶƚŽΎΎ DĂŶĂŽĂŐZŽĂĚͲ^ĂŶ:ĂĐŝŶƚŽZŽĂĚ͘^ĂŶ:ĂĐŝŶƚŽ͕WĂŶŐĂƐŝŶĂŶ
ϵϮϰ ϭϭϳϵhƌĚĂŶĞƚĂϰΎΎ ϭϬϯůĞǆĂŶĚĞƌ^ƚ͕͘hƌĚĂŶĞƚĂŝƚǇ͕WĂŶŐĂƐŝŶĂŶ
ϵϮϱ ϭϮϬϵ'ƵĂĚĂůƵƉĞĞďƵΎΎ ϮϮϭϭs͘ZĂŵĂǀĞŶƵĞ͕'ƵĂĚĂůƵƉĞĞďƵŝƚǇ
ϵϮϲ ϭϯϭϮŽůŽƌĞƐΎΎ DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕ƌŐǇ͘ŽůŽƌĞƐ͕^ĂŶ&ĞƌŶĂŶĚŽ͕WĂŵƉĂŶŐĂ
ϵϮϳ ϭϭϴϮhEKͲZ >ŝǌĂƌĞƐ^ƚ͕͘ĂĐŽůŽĚŝƚǇ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ϵϮϴ ϵϳϯ>WŝƐƚƌŝĐƚ,ŽƐƉŝƚĂů 'ͬ&ŽĨϯϴϳͲϯϴϵWĂĚƌĞŝĞŐŽĞƌĂǀĞ͕͘ƌŐǇ͘WƵůĂŶŐ>ƵƉĂ>ĂƐWŝŹĂƐŝƚǇ
ϵϮϵ ϭϮϭϱĂĐŽůŽĚŽĐƚŽƌƐΎΎ 'ͬ&DĐDĞƚƌŽƉůĞǆ͘^ƋƵŝŶŽƌŝǀĞ͕ĂĐŽůŽĚŝƚǇ
ϵϯϬ ϭϮϱϲĂůƚĞǆĂĐĂŽ;&ͿΎΎ ĞŶƚĞŶŶŝĂů,ŝŐŚǁĂǇ͕ƌŐǇ͘ĂĐĂŽ͕'ĞŶĞƌĂůdƌŝĂƐ͕ĂǀŝƚĞ
ϭϮϵϵĂůƚĞǆ>ŝƉĂ
ϵϯϭ ĂůƚĞǆ'ĂƐ^ƚĂƚŝŽŶ͕ƌŐǇ͘ĂůŝŶƚĂǁĂŬ͕>ŝƉĂŝƚǇ͕ĂƚĂŶŐĂƐ
ĂůŝŶƚĂǁĂŬΎΎ
ϵϯϮ ϭϬϲϭ<ŝŶŐƐƉŽŝŶƚΎΎ <ŝŶŐƐƉŽŝŶƚ^ƚ͘ĐŽƌYƵŝƌŝŶŽ,ŝŐŚǁĂǇ͕EŽǀĂůŝĐŚĞƐ͕YƵĞǌŽŶŝƚǇ
ϵϯϯ ϭϭϰϴ^ĂŶWĂƐĐƵĂůϮΎΎ WŽďůĂĐŝŽŶWƵďůŝĐDĂƌŬĞƚ͕^ĂŶWĂƐĐƵĂů͕ĂƚĂŶŐĂƐŝƚǇ
ϵϯϰ ϭϭϬϲdĂǇĂďĂƐϮ ƌŐǇ͘ŶŐĞůĞƐ͕>ƵĐĞŶĂͲdĂǇĂďĂƐZŽĂĚ͕dĂǇĂďĂƐŝƚǇ
ϵϯϱ ϭϮϱϮ^ƚŽ͘ŽŵŝŶŐŽ͕EΎΎ YƵĞǌŽŶͲ^ƚŽ͘ŽŵŝŶŐŽZŽĂĚ͕^ƚŽ͘ŽŵŝŶŐŽ͕EƵĞǀĂĐŝũĂ
ϵϯϲ ϭϭϰϱĂůŽŽĐĂŶ,^ ϯϯtĞƐƚDĂĐĂƌŝŽƐŝƐŝƚŝŽǀĞ͕͘'ƌĂĐĞWĂƌŬ͕ĂůŽŽĐĂŶŝƚǇ
ϵϯϳ ϭϮϲϭ^ŝƉŽĐŽƚΎΎ >ŽƚϭͲ/^ĂŶ:ƵĂŶǀĞ͕͘EŽƌƚŚĞŶƚƌŽ͕^ŝƉŽĐŽƚ͕ĂŵĂƌŝŶĞƐ^Ƶƌ
ϵϯϴ ϭϮϭϴdĂďƵŶŽŬ DĂŶŐdŝŶĂƉĂǇ͕ZĂĨĂĞůZĂďĂǇĂĐŽƌ͘ĞďƵ^ŽƵƚŚZŽĂĚ͕dĂďƵŶŽŬ͕dĂůŝƐĂǇŝƚǇ
ϵϯϵ ϭϭϳϯ>ĂďĂŶŐŽŶΎΎ ^ĂůǀĂĚŽƌ^ƚ͘ĐŽƌ͘<ĂƚŝƉƵŶĂŶ^ƚ͕͘>ĂďĂŶŐŽŶ͕ĞďƵŝƚǇ
ϵϰϬ ϭϮϭϳŝϭƵŝůĚŝŶŐΎΎ ŝϭƵŝůĚŝŶŐ'&hŶŝƚϭϬϳ͕ƐŝĂƚŽǁŶ/dWĂƌŬ͕ƉĂƐ͕ĞďƵŝƚǇ
ϵϰϭ ϵϬϮ^ŝƚŝŽ'ŝƚŶĂ ηϵϴϲ'ĞŶ͘>ƵŝƐ^ƚ͘ŽƌW͘ĞůĂƌƵǌ^ƚ͘ƌŐǇ͘<ĂǇďŝŐĂ͕ĂůŽŽĐĂŶŝƚǇ
ϵϰϮ ϭϮϯϯ^ŽƵƚŚŽĨDĂƌŬĞƚ 'ƌŽƵŶĚ&ůŽŽƌ^ŽƵƚŚŽĨDĂƌŬĞƚŽŶĚŽŵŝŶŝƵŵ͕'ůŽďĂůŝƚǇ͕dĂŐƵŝŐ
ϵϴϱĂƉŝƚŽůDĞĚŝĐĂů
ϵϰϯ ^ĐŽƵƚDĂŐďĂŶƵĂ͕dŝŵŽŐYƵĞǌŽŶŝƚǇ
ĞŶƚĞƌΎΎ
ϵϰϰ ϭϭϰϮdĂŵďŽΎΎ ϬϭϵϱĐŽƌ͘ĞůŽƐ^ĂŶƚŽƐ^ƚ͕͘YƵŝƌŝŶŽǀĞ͕͘ƌŐǇ͘dĂŵďŽ͕WĂƌĂŹĂƋƵĞŝƚǇ
ϵϰϱ ϭϭϲϮ>WŽůůĞŐĞ ůŬϯ>ŽƚϮZŽƐĞǀĞ͘ĐŽƌ͘WŝůĂƌZĚ͕͘ůŵĂŶǌĂhŶŽ͕>ĂƐWŝŹĂƐŝƚǇ
ϵϰϲ ϭϮϱϭůĂďĂŶŐEǆŝƚ ĂƐƚ^ĞƌǀŝĐĞZŽĂĚ͕ůĂďĂŶŐ͕DƵŶƚŝŶůƵƉĂŝƚǇ
19
ϵϰϳ ϭϯϲϳƐƐƵŵƉƚŝŽŶ/ůŽŝůŽΎΎ sŝĚĂůƵŝůĚŝŶŐ͕'ĞŶĞƌĂů>ƵŶĂĐŽƌ͘YƵĞǌŽŶ^ƚ͕͘ƌŐǇ^ĂŵƉĂŐƵŝƚĂ͕/ůŽŝůŽŝƚǇ
ϵϰϴ ϭϭϴϱhƉƚŽǁŶĞŶƚĞƌΎΎ ϱϲͲϱϴDĂĚŝƐŽŶ^ƚ͕͘hƉƚŽǁŶůĚŐ͕͘DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϭϭϵϭDŝŶŐůĂŶŝůůĂ
ϵϰϵ tĂƌĚ/s͕DŝŶŐůĂŶŝůůĂ͕ĞďƵŝƚǇ
WŽďůĂĐŝŽŶΎΎ
ϵϱϬ ϭϮϬϯ>ĂƉƵͲ>ĂƉƵƌĐĂĚĞΎΎ ƌĐĂĚĞYƵĞǌŽŶEĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕>ĂƉƵͲ>ĂƉƵ
ϵϱϭ ϭϬϳϭ^ĂǀĞƌΖƐWůĂǌĂΎΎ hŶŝƚϭΘϮ^ĂǀĞƌƐWůĂǌĂ͕ĂƐĂŬͲDĂƌĂŐŽŶĚŽŶZŽĂĚ͕DĂĐƚĂŶ͕>ĂƉƵͲ>ĂƉƵ
ϵϱϮ ϭϭϮϭDĂƵďĂŶΎΎ DƵŶŝĐŝƉĂůŝƚǇŽĨDĂƵďĂŶ͕WƌŽǀŝŶĐĞŽĨYƵĞǌŽŶ
ϵϱϯ ϭϭϬϭKŬWůĂǌĂ sŝĐƚŽƌǇ>ŝŶĞƌŽŵƉŽƵŶĚ͕DŽŶƵŵĞŶƚŽ͕ĂůŽŽĐĂŶ
ϵϱϰ ϭϮϭϲ>Ă^ĂůůĞĂĐŽůŽĚΎΎ >Ă^ĂůůĞǀĞ͕͘ĂĐŽůŽĚEĞŐƌŽƐKĐĐŝĚĞŶƚĂůŝŶĨƌŽŶƚŽĨ'ĂƚĞϭhŶŝǀĞƌƐŝƚǇŽĨ>Ă^ĂůůĞ
ϵϱϱ ϵϵϮZ>DĂůů 'ͬ&ϬϬϭ/ƐƋƵĂƌĞDĂůů͕YƵŝƌŝŶŽ,ŝŐŚǁĂǇ͕ƌŐǇ͘'ƵůŽĚ͕EŽǀĂůŝĐŚĞƐ
ϵϱϲ ϭϮϬϲtĂůŽŽĐĂŶ tŝůůŝĂŶ^ŚĂǁ^ƚ͕͘ĂůŽŽĐĂŶŝƚǇ
ϵϱϳ ϭϮϮϲdĂůŝƐĂǇΎΎ ƌŐǇ͘WŽďůĂĐŝŽŶ͕dĂůŝƐĂǇ͕ĂƚĂŶŐĂƐ
ϵϱϴ ϭϮϵϬEĂƚŝǀŝĚĂĚ>ŽƉĞǌΎΎ 'ͬ&ŽĨ/ƵŝůĚŝŶŐ͕ϭϬϵϭEĂƚŝǀŝĚĂĚ>ŽƉĞǌ^ƚ͕͘ƌŵŝƚĂ͕DĂŶŝůĂ
ϵϱϵ ϭϮϲϳĂƌĐĂƌŝƚǇΎΎ Ăƌŝůŝ^ƚ͕͘ĂƌĐĂƌŝƚǇ͕ZŽƚƵŶĚĂ͕ĞďƵ
ϵϲϬ ϭϮϵϯZŽƐĂƌŝŽϯ WƵƌŝƐŝŵĂƵŝůĚŝŶŐ͕DĂƌĐĞŝůůĂ^ƚ͕͘>ŝŐƚŽŶŐ///͕ZŽƐĂƌŝŽ͕ĂǀŝƚĞ
ϵϲϭ ϭϮϰϭĂůƚĞǆ^ĂŶWĂďůŽ ZŝǌĂůǀĞ͕͘^ĂŶWĂďůŽŝƚǇ͕>ĂŐƵŶĂ
ϵϲϮ ϭϯϳϲ>Ă&ŝĞƐƚĂΎΎ 'ͬ&>Ă&ŝĞƐƚĂ,ŽƚĞů͕D,ĞůWŝůĂƌ/ůŽŝůŽZͲϭ͕/ůŽŝůŽŝƚǇ
ϵϲϯ ϭϮϰϴW͘EŽǀĂů ϭϬϯϳ͕ϭϬϰϭ͕ϭϬϯϵ͕ϭϬϰϯW͘EŽǀĂů^ƚ͕͘^ĂŵƉĂůŽĐ͕DĂŶŝůĂ
ϵϲϰ ϭϮϱϱKĐĂŵƉŽ ĂƌƌŝŽWŽďůĂĐŝŽŶ͕DƵŶŝĐŝƉĂůŝƚǇŽĨKĐĂŵƉŽ͕WƌŽǀŝŶĐĞŽĨĂŵĂƌŝŶĞƐ^Ƶƌ
ϵϲϱ ϭϭϱϲZW'ƵůŽĚ DĂƌŝĂŶŝƚŽ^ƚ͕͘ƌŐǇ͘'ƵůŽĚ͕EŽǀĂůŝĐŚĞƐ͕YƵĞǌŽŶŝƚǇ
ϵϲϲ ϭϭϴϬĂŐŽŶŐ^ŝůĂŶŐΔΔ >ĂŶŐŝƚZŽĂĚ͕ĂŐŽŶŐ^ŝůĂŶŐ͕ĂůŽŽĐĂŶŝƚǇ
ϵϲϳ ϭϮϱϬ^ƚĂ͘/ŐŶĂĐŝĂΎΎ ZŽŵƵůŽ,ŝŐŚǁĂǇ͕WŽďůĂĐŝŽŶ͕^ƚĂ͘/ŐŶĂĐŝĂ͕dĂƌůĂĐ
hŶŝƚ'ϬϲZ^ŽƌƉŽƌĂƚĞĞŶƚĞƌϮϲƚŚ^ƚĐŽƌϱƚŚǀĞ͕͘ŽŶŝĨĂĐŝŽ^ŽƵƚŚ͕ŽŶŝĨĂĐŝŽ'ůŽďĂůŝƚǇ͕
ϵϲϴ ϭϯϭϭZdŚĞ&ŽƌƚΎΎ
dĂŐƵŝŐŝƚǇ
ϵϲϵ ϭϮϲϮW/ϱhŐŽŶŐ ĂƌƌŝŽhŐŽŶŐ͕WĂƐŝŐŝƚǇ
ϵϳϬ ϭϮϯϴDWd^ƵŝƚĞƐΎΎ <ĂůĂǇĂĂŶǀĞ͘ĐŽƌ͘W͘ƵƌŐŽƐ^ƚ͕͘ĞůͲŝƌ͕DĂŬĂƚŝŝƚǇ
ϵϳϭ ϭϮϳϬDĂŶĚĂƵĞŝƚǇ,ĂůůΎΎ 'ƌŽƵŶĚ&ůŽŽƌ͕dŚĞůůŝĂŶdŽǁĞƌ͕͘DĂďŝŶŝ^ƚ͘DĂŶĚĂƵĞŝƚǇ
ϵϳϮ ϭϮϳϱ>ĞŐĂǌƉŝϱ /ŵƉĞƌŝĂů^ƚ͕͘ƌŐǇ͘ŝƚĂŶŽ͕>ĞŐĂǌƉŝŝƚǇ
ϭϮϯϳDĂŶŐŐĂŚĂŶ/ŶĚƵƐƚƌŝĂů
ϵϳϯ ŵĂŶŐZŽĚƌŝŐƵĞǌǀĞ͕͘DĂŶŐŐĂŚĂŶ͕WĂƐŝŐŝƚǇ
WĂƌŬ
ϵϳϰ ϭϮϯϵYƵŝĂƉŽϮ ϯϳϰYƵĞǌŽŶǀĞ͕͘YƵŝĂƉŽ͕DĞƚƌŽDĂŶŝůĂ
ϵϳϱ ϭϮϵϭDĂĐĂůĞůŽŶ >ĂWƵƌŝƐŝŵĂ^ƚ͘ƌŐǇ͘WŽďůĂĐŝŽŶ͕DĂĐĂůĞůŽŶ͕YƵĞǌŽŶ
ϵϳϲ ϭϯϯϬ>ĞŐĂǌƉŝϯΎΎ DĂŐĂůůĂŶĞƐ^ƚ͕͘ƌŐǇ͘^ĂŶZĂĨĂĞů͕>ĞŐĂǌƉŝ͕ůďĂǇ
ϵϳϳ ϭϯϬϱDƵůĂŶĂǇYƵĞǌŽŶ ^ĂŶĂƌůŽƐ^ƚ͕͘ƌŐǇ͘ϯWŽďůĂĐŝŽŶ͕DƵůĂŶĂǇ͕YƵĞǌŽŶ
ϵϳϴ ϭϮϲϲWŽďůĂĐŝŽŶDŽĂůďŽĂů WŽďůĂĐŝŽŶĂƐƚ͕DŽĂůďĂƵů͕ĞďƵ
ϵϳϵ ϭϮϰϰ<ĂƚŝƉƵŶĂŶϮΎΎ <ĂƚŝƉƵŶĂŶǀĞ͘ĐŽƌ͘ƐƚĞďĂŶďĂĚĂ͕YƵĞǌŽŶŝƚǇ
ϵϴϬ ϭϯϲϮWŽǌŽƌƌƵďŝŽΎΎ ƌŐǇ͘WŽďůĂĐŝŽŶ͕WŽǌŽƌƌƵďŝŽ͕WĂŶŐĂƐŝŶĂŶ
ϵϴϭ ϭϮϲϰ^ƋƵĂƌĞKŶĞΎΎ 'ͬ&͕^ƋĂƵƌĞϭ͕,ŝŐŚǁĂǇDĂŶĚĂƵĞĐŽƌ͘^ŝŶŐƐŽŶsŝůůĂŐĞ͕dŝƉŽůŽ͕DĂŶĚĂƵĞŝƚǇ͕ĞďƵ
ϵϴϮ ϭϮϰϮŶŐŽŶŽϰΔΔ W͘dŽůĞŶƚŝŶŽ͕^ĂŶ/ƐŝĚƌŽ͕ŶŐŽŶŽ͕ZŝǌĂů
ϵϴϯ ϭϮϵϲŝŹĂŶϲ ƌŐǇ͘^ĂŶ&ƌĂŶĐŝƐĐŽ͕ŝŹĂŶ͕>ĂŐƵŶĂ
ϵϴϰ ϭϮϴϴ:ĞƚƚŝĂŚůŝĂ ĂŚůŝĂǀĞ͘ĐŽƌ͘ŚĞƐƚŶƵƚ^ƚ͕͘tĞƐƚ&ĂŝƌǀŝĞǁ͕YƵĞǌŽŶŝƚǇ
ϵϴϱ ϭϮϯϲWĂŐďŝůĂŽWŽďůĂĐŝŽŶΎΎ :͘W͘ZŝǌĂů^ƚ͘ĐŽƌ͘'ůŽƌŝĂ^ƚ͕͘ƌŐǇ͘WŽďůĂĐŝŽŶ͕WĂŐďŝůĂŽ͕YƵĞǌŽŶWƌŽǀŝŶĐĞ
ϭϮϮϯ&ŽƌďĞƐǁŽŽĚ
ϵϴϲ hŶŝƚϲ͕dŚĞWĂƌŬůĂŶĞ^ƚƌŝƉ͕ZŝǌĂůƌŝǀĞ͕&'͕dĂŐƵŝŐ
WĂƌŬůĂŶĞΎΎ
ϵϴϳ ϭϯϮϬW/dĂǇƵŵĂŶΎΎ ϭϴϲϴ͘,͘>ĂĐƐŽŶĐŽƌ͘W͘'ƵĞǀĂƌƌĂ^ƚĂ͘ƌƵǌ͕DĂŶŝůĂ
ϵϴϴ ϭϯϮϳ^ŝůĂŶŐϮ Ž͘KĨ^ĂŶDŝŐƵĞůϭ͕^ŝůĂŶŐ͕ĂǀŝƚĞ
ϵϴϵ ϭϬϳϲ&ŽƌƚƵŶĂƚĂ Dd&ƵŝůĚŝŶŐůŽĐĂƚĞĚĂƚƌ͘͘^ĂŶƚŽƐǀĞ͕͘^ƵĐĂƚ͕WĂƌĂŹĂƋƵĞ
ϵϵϬ ϭϭϱϴĂŵĂƌŝŶϮ ĂƉŽƚĞ^ƚ͘&ƌĂŶŐůŽƵŝůĚŝŶŐƌĞĂ͕ĂŵĂƌŝŶ͕ĂůŽŽĐĂŶŝƚǇ
ϵϵϭ ϭϮϳϲ'ƵŝŶŽďĂƚĂŶΎΎ ZŝǌĂů^ƚ͕͘ƌŐǇ͘WŽďůĂĐŝŽŶ͕'ƵŝŶŽďĂƚĂŶ͕ůďĂǇ
ϵϵϮ ϭϭϵϲ^ƚĂ͘ZŽƐĂϲΎΎ KůǇŵƉŝĂ^ƵďĚ͕͘ƌŐǇ͘>ĂďĂƐ͕^ƚĂ͘ZŽƐĂŝƚǇ͕>ĂŐƵŶĂ
ϵϵϯ ϭϮϲϯdĂůŝƐĂǇEĞŐƌŽƐΎΎ ,ŝͲǁĂǇDĂďŝŶŝ^ƚ͘ĐŽƌ͘ŽŶŝĨĂĐŝŽ^ƚ͕͘dĂůŝƐĂǇ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ϵϵϰ ϭϯϮϮZŽǇĂů'ŽůĚWůĂǌĂΎΎ 'ͬ&ZŽǇĂů'ŽůĚWůĂǌĂ͕ŽƌƚĞƐǀĞŶƵĞ͕'ƵŝǌŽ͕DĂŶĚĂƵĞŝƚǇ
ϵϵϱ ϭϮϲϬ^ƚĂ͘ŶĂͲDĂƌŬĞƚWůĂǌĂ ϮϮϯϱD͘ZŽǆĂƐĐŽƌ͘^ƵƚĞƌ^ƚƐ͕͘^ƚĂ͘ŶĂ͕DĂŶŝůĂ
20
ϵϵϲ ϭϮϯϮtǇŶŶWůĂǌĂ ϭϲϳϰ>ĞŽŶ'ƵŝŶƚŽ͕DĂůĂƚĞ͕DĂŶŝůĂ
ϵϵϳ ϭϮϯϱϭϭƚŚǀĞŶƵĞΎΎ D͘,͘ĞůWŝůĂƌ^ƚ͘ĐŽƌ͘ϭϭƚŚǀĞ͕͘'ƌĂĐĞWĂƌŬ͕ĂůŽŽĐĂŶŝƚǇ
ϵϵϴ ϭϮϯϭĂŵĂƌŝŶϯ WƵƌŽŬϰ͘^ĂŶ/ƐŝĚƌŽ͕<ŝŬŽĂŵĂƌŝŶ͕EŽƌƚŚĂůŽŽĐĂŶŝƚǇ
ϵϵϵ ϭϯϬϳEĂŝĐϯΎΎ Ž͘KĨdŝŵĂůĂŶ͕EĂŝĐ͕ĂǀŝƚĞ
ϭϬϬϬ ϭϭϲϯ&ƌĂŶĐŝƐĐŽ,ŽŵĞƐΎΎ ůŬ͘ϵ>Žƚϭ͕WŚͲ'///͕&ƌĂŶĐŝƐĐŽ,ŽŵĞƐ͕ŝƚǇŽĨ^ĂŶ:ŽƐĞĞůDŽŶƚĞ͕ƵůĂĐĂŶ
ϭϬϬϭ ϭϰϯϲ^ƚĂ͘ƌƵǌ͕ĂŵďĂůĞƐΎΎ EĂƚŝŽŶĂůZŽĂĚĐŽƌ͘DŝƐŽůĂ^ƚ͕͘WŽďůĂĐŝŽŶ͕^ĂŶƚĂƌƵǌ͕ĂŵďĂůĞƐ
ϭϬϬϮ ϭϮϱϴ&ĂƌŵĞƌƐWůĂǌĂϮ ϬϬϴϱ͕dŚĞEĞǁ&ĂƌŵĞƌƐWůĂǌĂ͕'ͬ&ƌĐĂĚĞ͕ƌĂŶĞƚĂ͕ƵďĂŽ͕YƵĞǌŽŶŝƚǇ
ϭϬϬϯ ϭϯϭϱƐĐƌŝǀĂ '&ŵďĞƌ^ƋƵĂƌĞƐĐƌŝǀĂƌŝǀĞKƌƚŝŐĂƐĞŶƚĞƌ͕WĂƐŝŐŝƚǇ
ϭϬϬϰ ϭϭϭϮDĂĐĞĚĂ DĂĐĞĚĂ^ƚ͘ŶĞĂƌĐŽƌ͘ƐƉĂŹĂ͕^ĂŵƉĂůŽĐ͕DĂŶŝůĂ
ϭϬϬϱ ϭϭϭϬdƌŽƉŝĐĂŶĂ'ĂƌĚĞŶΎΎ dƌŽƉŝĐĂŶĂ'ĂƌĚĞŶŝƚǇ͕^ƵŵƵůŽŶŐ,ŝŐŚǁĂǇ͕DĂƌŝŬŝŶĂŝƚǇ
ϭϬϬϲ ϭϮϴϬĂůƚĞǆZĞŐĂůĂĚŽ ŽŵŵŽŶǁĞĂůƚŚǀĞ͘ĐŽƌ͘ZĞŐĂůĂĚŽ͕&ĂŝƌǀŝĞǁ͕YƵĞǌŽŶŝƚǇ
ϭϬϬϳ ϭϰϭϬdĂŐĂǇƚĂǇϱΎΎ DĂŚĂƌůŝŬĂtĞƐƚ͕dĂŐĂǇƚĂǇŝƚǇ͕ĂǀŝƚĞ
ϭϬϬϴ ϭϯϮϯŝƚǇdŝŵĞƐ^ƋƵĂƌĞΎΎ ͲϭϬϯΘϭϬϰ͕'ƌŽƵŶĚ&ůŽŽƌ͕ŝƚǇdŝŵĞ^ƋƵĂƌĞ͕ƌŐǇ͘^ƵďĂŶŐĚĂŬƵ͕EZ͕DĂŶĚĂƵĞŝƚǇ͕ĞďƵ
ϭϬϬϵ ϭϯϯϲ&hͲWĂƌĞĚĞƐ hŶŝƚ'&ŽĨŽŶ>ŽƌĞŶǌŽůĚŐ͘ϴϴϵW͘WĂƌĞĚĞƐ^ƚ͕͘^ĂŵƉĂůŽĐ͕DĂŶŝůĂ
ϭϬϭϬ ϭϯϴϮZŽƐĂůĞƐΎΎ ƌŐǇ͘WŽďĂůĐŝŽŶ͕ZŽƐĂůĞƐ͕WĂŶŐĂƐŝŶĂŶ
ϭϬϭϭ ϭϭϯϲZŝǌĂů͕EΎΎ WŽďůĂĐŝŽŶ^Ƶƌ͕ZŝǌĂů͕EƵĞǀĂĐŝũĂ
ϭϬϭϮ ϭϰϭϵDĂůĂďŽŶWŽďůĂĐŝŽŶΎΎ :͘W͘ZŝǌĂůǀĞ͕͘ƌŐǇ͘^ĂŶŐƵƐƚŝŶ͕DĂůĂďŽŶŝƚǇ
ϭϬϭϯ ϭϭϮϴdKEǇďĞƌƉŽĚϯ ĚƐĂĐŽƌ͘YƵĞǌŽŶǀĞ͕͘YƵĞǌŽŶŝƚǇ
ϭϬϭϰ ϭϯϴϴEĂŐĂĞďƵΎΎ >ĞĂŚΖƐ^ƋƵĂƌĞĐŽƌ͘DĞũŝĂ^ƚ͘ΘEĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕tĞƐƚWŽďůĂĐŝŽŶ͕EĂŐĂŝƚǇ͕ĞďƵ
ϭϬϭϱ ϭϮϬϱ>ŝůŽĂŶWŽďůĂĐŝŽŶΎΎ WŽďůĂĐŝŽŶ>ŝůŽĂŶ͕ĞďƵŝƚǇ
ϭϬϭϲ ϭϯϲϲĂƉŝƚĂŶϮ hŶŝƚϭϬϭĂƚ'ŽůĚĞŶŵĞƌĂůĚDĂŶƐŝŽŶ͕ϭϱϭϯĂƉŝƚĂŶ^ƚ͘^ĂŵƉĂůŽĐ͕DĂŶŝůĂ
ϭϬϭϳ ϭϯϳϬts^dͲƵƌŐŽƐΎΎ ϱϬƵƌŐŽƐ^ƚ͘>ĂWĂǌ͕/ůŽŝůŽ
ϭϬϭϴ ϭϮϮϳ,ĂƌŵŽŶǇ,ŝůůƐΎΎ ,ĂƌŵŽŶǇ,ŝůůƐ^ƵďĚ͕͘DƵǌŽŶ͕^:D͕ƵůĂĐĂŶ
ϭϬϭϵ ϭϬϯϵĂŶŐĂƌΎΎ ĂŶŐĂƌWŽďůĂĐŝŽŶ͕ĂŶŐĂƌ͕>ĂhŶŝŽŶ
ϭϬϮϬ ϭϯϱϯ>ŝďĞƌƚǇ^ŚĂǁ hŶŝƚEŽƐ͘ϭΘϮ͕'&ͲZĞƚĂŝůƌŽǁ͕&ƌĞĞĚŽŵWůĂǌĂĂƚ>ŝďĞƌƚǇĞŶƚĞƌ͕^ŚĂǁůǀĚ͕͘DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϭϬϮϭ ϭϯϯϱĂĞƐĂΎΎ YƵŝƌŝŶŽ,ŝŐŚǁĂǇ͕ĂůŽŶŐͲĂƚŽ͕ĂůŝŶƚĂǁĂŬ͕YƵĞǌŽŶŝƚǇ
ϭϬϮϮ ϭϯϰϯ^ƵŶƚƌĞĞdŽǁĞƌ ηϭϯDĞƌĂůĐŽǀĞ͘ηϮϳ^ĂƉƉŚŝƌĞZŽĂĚ͕^ĂŶŶƚŽŶŝŽ͕KƌƚŝŐĂƐĞŶƚĞƌ͕WĂƐŝŐŝƚǇ
ϭϬϮϯ ϭϯϮϵůĨŽŶƐŽϮ DĂŶŐĂƐ^ƚ͕͘ƌŐǇ͘>ƵŬƐƵŚŝŶ͕ůĨŽŶƐŽ͕ĂǀŝƚĞ
ϭϬϮϰ ϭϭϴϰƚŚĞƌƚŽŶΔΔ ŽŶDĂƌŝĂŶŽDĂƌĐŽƐ,ŝŐŚǁĂǇĐŽƌ͘ƚŚĞƌƚŽŶ͕EŽƌƚŚ&ĂŝƌǀŝĞǁ͕YƵĞǌŽŶŝƚǇ
ϭϬϮϱ ϭϯϰϮ^dǁŝŶdŽǁĞƌƐ ^dǁŝŶdŽǁĞƌĂŶŬƌŝǀĞ͕KƌƚŝŐĂƐĞŶƚĞƌ͕DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϭϬϮϲ ϭϯϬϬ^ĂŶWĞĚƌŽϲ ϮϲƌŐǇ͘ZŝǀĞƌƐŝĚĞ͕^ĂŶWĞĚƌŽ͕>ĂŐƵŶĂ
ϭϬϮϳ ϭϯϱϬ^ĂŶĚƌĂDĂůůΎΎ ^ĂŶĚƌĂDĂůů͕ŶŐĞůĞƐͲWŽƌĂĐͲ&ůŽƌŝĚĂďůĂŶĐĂͲŝŶĂůƵƉŝŚĂŶZŽĂĚ͕ĐŽƌ͘^ĂŶĚƌĂ^ƚ͕͘ŶŐĞůĞƐĐŝƚǇ
ϭϯϬϮϭϯϵŽƌƉŽƌĂƚĞ hŶŝƚϭϬϮ'ƌŽƵŶĚ&ůŽŽƌ͕ϭϯϵŽƌƉŽƌĂƚĞĞŶƚĞƌ;ŶƚĞůdŽǁƌͿ͕sĂůĞƌŽ^ƚ͘ĐŽƌ͘sĂůĞƌŽĐĐĞƐƐZŽĂĚ͕
ϭϬϮϴ
ĞŶƚĞƌΔΔ ^ĂůĐĞĚŽsŝůůĂŐĞ͕DĂŬĂƚŝŝƚǇ
ϭϬϮϵ ϭϯϴϳĞƌĞŶŝƚǇ^ƵŝƚĞƐ ^ĂŶDŝŐƵĞůZŽĂĚ͕ƌŐǇ͘ƉĂƐ͕ĞďƵŝƚǇ
ϭϬϯϬ ϭϯϯϴWƌŝŶĐĞWůĂǌĂϮ 'ϲWƌŝŶĐĞWůĂǌĂϮŽŶĚŽŵŝŶŝƵŵƵŝůĚŝŶŐ͕ĞůĂZŽƐĂ^ƚ͕͘>ĞŐĂǌƉŝsŝůůĂŐĞ͕DĂŬĂƚŝŝƚǇ
ϭϬϯϭ ϭϮϰϯ'ŽůĚĞŶĐƌĞƐΎΎ ůŬ͘ϭ>Žƚϴ͕DĂƌĐŽƐůǀĂƌĞǌǀĞ͕͘'ŽůĚĞŶĐƌĞ͕dĂůŽŶϭ͕>ĂƐWŝŹĂƐŝƚǇ
ϭϬϯϮ ϭϯϯϵ>ĂŽĂŐϮ ƌŐǇ͘KĨEŽ͘ϵ͕^ƚĂ͘ŶŐĞůĂ͕ZƵƌďĂŶ͕>ĂŽĂŐŝƚǇ͕/ůŽĐŽƐEŽƌƚĞ
ϭϬϯϯ ϭϯϯϮEĂǀŽƚĂƐϮ EŽǀĂů^ƚ͘ĐŽƌ͘͘EĂǀĂů^ƚ͕͘ƌŐǇ͘^ĂŶ:ŽƐĞ͕EĂǀŽƚĂƐŝƚǇ
ϭϬϯϰ ϭϯϮϴdĞƌŶĂƚĞ ,͘sĞŶƚƵƌĂĐŽƌ͘^ƚŽ͘EŝŹŽ͕ƌŐǇ͘WŽďůĂĐŝŽŶϮ͕dĞƌŶĂƚĞ͕ĂǀŝƚĞ
ϭϬϯϱ ϭϮϴϱƵƐĞďŝŽƌĐĂĚĞ ,ĞƌŶĂĞǌ^ƚ͘ĐŽƌ͘ƌĂŶĞƚĂǀĞ͕͘ĂĐŽůŽĚŝƚǇ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ϭϬϯϲ ϭϯϬϯE͘'ĂƌĐŝĂϮΎΎ E͘'ĂƌĐŝĂ^ƚ͘ĐŽƌ͘DŝůĂŐƌŽƐ^ƚ͕͘ƌŐǇ͘sĂůĞŶǌƵĞůĂ͕DĂŬĂƚŝŝƚǇ
ϭϬϯϳ ϭϮϲϱ,ΎΎ ƌŐǇ͘ĂƉŝƚŽů͕ŝƚǇŽĨĞďƵ
ϭϬϯϴ ϭϯϮϭWƵŶƚĂWƌŝŶĐĞƐĂΎΎ 'ƌŽƵŶĚ&ůŽŽƌ͕DŝƌĂŵŽŶƚĞƐƵŝůĚŝŶŐ͕&͘>ůĂŵĂƐ^ƚ͕͘WƵŶƚĂWƌŝŶĐĞƐĂ͕ĞďƵŝƚǇ
ϭϬϯϵ ϭϰϮϰDĂůŝŐĂǇĂWĂƌŬ ϰDĂůŝŐĂǇĂƌŝǀĞ͕ƌŐǇ͘WĂƐŽŶŐWƵƚŝŬ͕YƵĞǌŽŶŝƚǇ
ϭϬϰϬ ϭϯϳϳdƵŶĞ,ŽƚĞůY ϭϬϬ>ŽƚϴdŝŵŽŐǀĞ͕͘YƵĞǌŽŶŝƚǇ
ϭϮϴϰĂĐŽůŽĚZĞŐŝŽŶĂů
ϭϬϰϭ EΘDWŚĂƌŵĂĐǇ͕>ĂĐƐŽŶ^ƚ͕͘ĂĐŽůŽĚŝƚǇ
,ŽƐƉŝƚĂůΎΎ
ϭϬϰϮ ϭϯϬϭKƌŝŽŶĂƚĂĂŶΎΎ ƌŐǇ͘ƌĞůůĂŶŽ͕KƌŝŽŶ͕ĂƚĂĂŶ
ϭϬϰϯ ϭϯϴϯhƉƚŽǁŶWůĂĐĞ 'ĞŶĞƌĂů>ƵŶĂ^ƚ͕͘/ůŽŝůŽŝƚǇ
ϭϬϰϰ ϭϮϰϬ>^Wh^ĂŶWĂďůŽΎΎ ƌŐǇ͘ĞůZĞŵĞĚŝŽƐ͕^ĂŶWĂďůŽŝƚǇ͕>ĂŐƵŶĂ
ϭϬϰϱ ϭϯϱϵůĐĂůĂ EĂƚŝŽŶĂůZŽĂĚ͕ůĐĂůĂWŽďůĂĐŝŽŶ͕WĂŶŐĂƐŝŶĂŶ
21
ϭϬϰϲ ϭϯϴϲŝŶĂŶŐŽŶĂŶϰ ƌŐǇ͘dĂǇƵŵĂŶ͕ŝŶĂŶŐŽŶĂŶ͕ZŝǌĂů
ϭϬϰϳ ϭϯϲϴ/ŶũĂƉdŽǁĞƌΎΎ Žƌ͘ŝǀƌƐŝŽŶZŽĂĚĂŶĚ:ĂůĂĚŽŶŝ^ƚ͕͘DĂŶĚƵƌƌŝŽ͕/ůŽŝůŽŝƚǇ
ϭϬϰϴ ϭϯϳϭ>ĂWĂǌWůĂǌĂΎΎ ,ƵĞƌǀĂŶĂ^ƚ͕͘ĐŽƌ͘ŝǀŝŶĂŐƌĂĐŝĂŝƐƚƌŝĐƚŽĨ>ĂWĂǌ͕/ůŽŝůŽŝƚǇ
ϭϬϰϵ ϭϯϰϬǀĂŶŐĞůŝƐƚĂϮ '&ϭϴϯϳǀĂŶŐĞůŝƐƚĂ^ƚ͘ĐŽƌ͘ĂůůĂƐ^ƚ͕͘ƌŐǇ͘WŝŽĞůWŝůĂƌ͕DĂŬĂƚŝŝƚǇ
ϭϬϱϬ ϭϯϭϳĚŵŝƌĂůΎΎ 'ͬ&ŝƚǇǁĂůŬƵŝůĚŝŶŐ͕ĚŵŝƌĂůZŽĂĚ͕dĂůŽŶϯ͕>ĂƐWŝŹĂƐŝƚǇ
ϭϮϴϳĂŶĚĞůĂƌŝĂ
ϭϬϱϭ :͘W͘ZŝǌĂů^ƚ͘ĐŽƌ͘sĂůůĞ^ƚ͕͘ĂŶĚĞůĂƌŝĂ͕YƵĞǌŽŶ
WŽďůĂĐŝŽŶΎΎ
ϭϬϱϮ ϭϯϰϱ<ĂŵŝĂƐϮ EŽ͘ϭ<ĂŵŝĂƐZŽĂĚ͕YƵĞǌŽŶŝƚǇ
ϭϬϱϯ ϭϯϮϱtŝůƐŽŶďĂĚ^ĂŶƚŽƐ ϯ:ŽƐĞďĂĚ^ĂŶƚŽƐ^ƚ͕͘ƌŐǇ͘>ŝƚƚůĞĂŐƵŝŽ͕^ĂŶ:ƵĂŶŝƚǇ
ϭϬϱϰ ϭϮϮϮ&,ŽŵĞƐŐƵŝƌƌĞ ηϮϭŐƵŝƌƌĞǀĞ͕͘Ĩ,ŽŵĞƐ͕WĂƌĂŹĂƋƵĞŝƚǇ
ϭϬϱϱ ϭϯϳϴZŽǇĂůWůĂǌĂ ϲϰϴZĞŵĞĚŝŽƐ^ƚ͕͘DĂůĂƚĞ͕DĂŶŝůĂ
ϭϬϱϲ ϭϮϯϰĚƌŝĂƚŝĐŽŽƵƌƚǇĂƌĚ ϭϵϭϳĚƌŝĂƚŝĐŽ^ƚ͘DĂůĂƚĞ͕DĂŶŝůĂ
ϭϬϱϳ ϭϯϰϭ/ŵƉŝƌĞ^ĂƉƉŚŝƌĞ /ƵƌŐƵŶĚǇŵƉŝƌĞdŽǁĞƌ͕^ĂƉƉŚŝƌĞZŽĂĚ͕KƌƚŝŐĂƐĞŶƚĞƌ͕WĂƐŝŐŝƚǇ
ϭϬϱϴ ϭϰϮϭŝŐƚĞΎΎ ŝŐƚĞ͕EŽƌǌĂŐĂƌĂǇ͕ƵůĂĐĂŶ
ϭϬϱϵ ϭϯϯϳDĂǇĂƉǇĂƉ DĂǇĂƉǇĂƉ^Ƶƌ͕ĂďĂŶĂƚƵĂŶŝƚǇ͕EƵĞǀĂĐŝũĂ
ϭϬϲϬ ϭϯϱϭDŽƌŽŶŐWŽďůĂĐŝŽŶ ϲϱdŽŵĂƐůĂƵĚŝŽ^ƚ͘ƌŐǇ͘^ĂŶ:ƵĂŶ͕DŽƌŽŶŐ͕ZŝǌĂů
ϭϬϲϭ ϭϮϰϱ<ĂƚŝƉƵŶĂŶϯΎΎ ĞůĂZŽƐĂ>ŽǇŽůĂ,ĞŝŐŚƚƐ͕ĂůĂƌĂ͕YƵĞǌŽŶŝƚǇ
ϭϬϲϮ ϭϬϴϲ^ŽůĞŵĂƌĞΎΎ ^ƉĂĐĞϭϱdŽǁĞƌ^ŽůĞŵĂƌĞWĂƌŬƐƵŝƚĞƐůŽĐĂƚĞĚĂƚƌĂĚŽǀĞ͕͘WĂƌĂŹĂƋƵĞŝƚǇ
ϭϬϲϯ ϭϯϵϴDĂĐƚĂŶŽĐƚŽƌƐΎΎ 'ͬ&͕:^ZĞĂůƚǇ͕tĂƐŚŝŶŐƚŽŶ^ƚ͘ĐŽƌ͘ĂŐƵĚŽǇ^ƚ͕͘>ĂƉƵͲ>ĂƉƵŝƚǇ
ϭϬϲϰ ϭϭϱϭĚƌŝĂƚŝĐŽ'ĂƌĚĞŶ ĚƌŝĂƚŝĐŽ^ƚ͘DĂůĂƚĞ͕DĂŶŝůĂ
ϭϬϲϱ ϭϮϭϰĂŐŽŝƚǇΎΎ 'ĞŶ͘>ƵŶĂ^ƚ͕͘WŽďůĂĐŝŽŶ͕ĂŐŽŝƚǇ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ϭϬϲϲ ϭϯϬϰdƌĞĐĞϰ ƌŐǇ͘>ƵĐŝĂŶŽ͕dƌĞĐĞDĂƌƚŝƌĞǌ͕ĂǀŝƚĞ
ϭϬϲϳ ϭϯϭϰ^ƚĂ͘DĂƌŝĂ,ŝŐŚǁĂǇΎΎ DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕ƌŐǇ͘ĂŶƵŵĂŶtĞƐƚ͕^ƚĂ͘DĂƌŝĂ͕/ůŽĐŽƐ^Ƶƌ
ϭϬϲϴ ϭϯϴϱDĂƌĐŽWŽůŽΎΎ DĞƌĂůĐŽǀĞ͘ĂŶĚ^ĂƉƉŚŝƌĞZŽĂĚ͕KƌƚŝŐĂƐĞŶƚĞƌ͕WĂƐŝŐŝƚǇ
ϭϬϲϵ ϭϯϱϲ>ƵĐĞŶĂŝǀĞƌƐŝŽŶ ƌŐǇ͘'ƵůĂŶŐ'ƵůĂŶŐ͕>ƵĐĞŶĂŝƚǇ͕YƵĞǌŽŶ
ϭϬϳϬ ϭϯϳϱ&ƵĞŶƚĞŝƌĐůĞΎΎ ŽŽƌϱ͕'ͬ&zďĂŹĞǌůĚŐ͕͘&ƵĞŶƚĞKƐŵĞŹĂůǀĚ͕͘ĞďƵŝƚǇ
ϭϬϳϭ ϭϯϯϭK'ƌĞĞŶŚŝůůƐ 'ͬ&K'ƌĞĞŶŚŝůůƐͲKƌƚŝŐĂƐƵŝůĚŝŶŐϮ͕KƌƚŝŐĂƐĐŽƌ͘ZŽŽƐĞǀĞůƚǀĞ͘'ƌĞĞŶŚŝůůƐ͕^ĂŶ:ƵĂŶŝƚǇ
ϭϬϳϮ ϭϰϬϱ^ĂŶ:ƵĂŶĂƚĂŶŐĂƐΎΎ 'ĞŶĞƌĂů>ƵŶĂ^ƚ͕͘^ĂŶ:ƵĂŶ͕ĂƚĂŶŐĂƐ
ϭϬϳϯ ϭϭϵϮZĞĚ^ƋƵĂƌĞ ĂŐďĂŐƵŝŶZŽĂĚĐŽƌ͘W͘:ĂĐŝŶƚŽ^ƚ͕͘ĂůŽŽĐĂŶŝƚǇ
ϭϬϳϰ ϭϮϱϳDĂŶŚĂƚƚĂŶWĂƌŬǀŝĞǁ ^ƉĂĐĞηϬϬϬϭϳ͕'ͬ&DĂŶŚĂƚƚĂŶWĂƌŬǀŝĞǁ͕ƌĂŶĞƚĂĞŶƚĞƌ͕YƵĞǌŽŶŝƚǇ
ϭϬϳϱ ϭϰϯϵ^ĂŶĞĚĂΎΎ ϭƐƚ^ƚƌĞĞƚ͕ƌ͘ŽŶĐĞƉĐŝŽŶŐƵŝůĂ͕^ĂŶDŝŐƵĞů͕DĂŶŝůĂ
ϭϬϳϲ ϭϰϵϭĞůͲŝƌ^ŽŚŽΎΎ hŶŝƚ'ϭϬϯ͕ĞůͲŝƌ^ŽŚŽ͕ϰϱWŽůĂƌŝƐĐŽƌ͘ĂĚĂũŽƐ^ƚ͘ƌŐǇ͘WŽďůĂĐŝŽŶ͕DĂŬĂƚŝŝƚǇ
ϭϬϳϳ ϭϮϳϵdŚĞĞĂĐŽŶ hŶŝƚϮdŚĞĞĂĐŽŶĐŽƌ͘ŚŝŶŽZŽĐĞƐĂŶĚƌŵĂŝǌǀĞ͘^ĂŶ>ŽƌĞŶǌŽsŝůůĂŐĞ͕DĂŬĂƚŝŝƚǇ
ϭϬϳϴ ϭϮϮϰsŽƌƉŽƌĂƚĞĞŶƚĞƌΔΔ ϭϮϱ>W>ĞǀŝƐƚĞ͕^ĂůĐĞĚŽsŝůůĂŐĞ͕DĂŬĂƚŝŝƚǇ
ϭϬϳϵ ϭϰϴϱdĂŐĂǇƚĂǇ,ŝŐŚůĂŶĚƐΎΎ dĂŐĂǇƚĂǇ,ŝŐŚůĂŶĚƐ͕dĂŐĂǇƚĂǇ͕ĂǀŝƚĞ
ϭϬϴϬ ϭϰϭϮdĂŶǌĂĂŐƚĂƐ dĂŶǌĂͲdƌĞĐĞZŽĂĚ͕ƌŐǇ͘ĂŐƚĂƐ͕dĂŶǌĂ͕ĂǀŝƚĞ
ϭϬϴϭ ϭϯϱϴEĂŐĐĂƌůĂŶΔΔ ƌŐǇ͘WŽďůĂĐŝŽŶϭ͕EĂŐĐĂƌůĂŶ͕>ĂŐƵŶĂ
ϭϬϴϮ ϭϯϭϵdƌĞĐĞϯ ϭϲϲdƌĞĐĞͲ/ŶĚĂŶŐZŽĂĚ͕ƌŐǇ͘>ƵĐŝĂŶŽ͕dƌĞĐĞDĂƌƚŝƌĞǌŝƚǇ
ϭϬϴϯ ϭϭϳϰĂŶĂŽDŝƚƐƵŵŝΎΎ ĞŶƚƌĂůEĂƵƚŝĐĂ,ŝŐŚǁĂǇ͕^ĂďĂŶŐ͕ĂŶĂŽŝƚǇ͕ĞďƵ
ϭϮϳϴdKE'ƌĞĞŶďĞůƚ
ϭϬϴϰ hŶŝƚ͕ƚŽŶ'ƌĞĞŶďĞůƚWĂƌŬǀŝĞǁ͕'ĂŵďŽĂ^ƚ͕͘>ĞŐĂƐƉŝsŝůůĂŐĞ͕DĂŬĂƚŝŝƚǇ
WĂƌŬǀŝĞǁ
ϭϬϴϱ ϭϯϵϬŽƌĚŽǀĂΎΎ WŽďůĂĐŝŽŶŽƌĚŽǀĂĞďƵ
ϭϬϴϲ ϭϯϴϰWƌŝŶĐĞƚŽŶZĞƐŝĚĞŶĐĞƐ ƵƌŽƌĂůǀĚ͘͘YƵĞǌŽŶŝƚǇ
ϭϬϴϳ ϭϰϭϯdĂŶǌĂŵĂǇĂ ŵĂǇĂZŽĂĚ͕ƌŐǇ͘ŵĂǇĂͲ/͕dĂŶǌĂ͕ĂǀŝƚĞ
ϭϬϴϴ ϭϯϴϬ>ŽǁĞƌŝĐƵƚĂŶϮΎΎ ηϭD͘>YƵĞǌŽŶ^ƚ͘>ŽǁĞƌŝĐƵƚĂŶ͕dĂŐƵŝŐŝƚǇ
ϭϬϴϵ ϭϮϮϱ>ĂƵƌĞůĂƚĂŶŐĂƐΎΎ WŽďůĂĐŝŽŶϯ͕>ĂƵƌĞů͕ĂƚĂŶŐĂƐ
ϭϬϵϬ ϭϰϯϳDĂŶŝůĂ^ĂŶŝƚĂƌŝƵŵ ^ĂŶ:ƵĂŶ^ƚ͕͘WĂƐĂǇŝƚǇ
ϭϬϵϭ ϭϰϱϬ'ŽĂΎΎ ^ĂŶ:ŽƐĞ^ƚ͘'ŽĂ͕ĂŵĂƌŝŶĞƐ^Ƶƌ
ϭϬϵϮ ϭϮϴϭĂǇĨƌŽŶƚ,ŽƚĞůΎΎ <ĂŽƐŚŝƵŶŐ^ƚ͕͘EŽƌƚŚZĞĐůĂŵĂƚŝŽŶƌĞĂ͕ĞďƵŝƚǇ
ϭϬϵϯ ϭϰϳϯDĂŐĂůĂŶŐǀĞŶƵĞΎΎ DĐƌƚŚƵƌ,ŝŐŚǁĂǇĐŽƌ͘DĂŐĂůĂŶŐǀĞ͕͘ŶŐĞůĞƐŝƚǇ͕WĂŵƉĂŶŐĂ
ϭϬϵϰ ϭϯϰϳ^ĂŶŐĂŶĚĂĂŶΔΔ ϯϲϵdĂŶĚĂŶŐ^ŽƌĂǆƚĞŶƐŝŽŶ͕ƌŐǇ͘^ĂŶŐĂŶĚĂĂŶ͕YƵĞǌŽŶŝƚǇ
ϭϬϵϱ ϭϯϵϮ<ĂďĂŶŬĂůĂŶΎΎ 'ƵĂŶǌŽŶ^ƚ͕͘<ĂďĂŶŬĂůĂŶŝƚǇ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
22
ϭϬϵϲ ϭϱϲϭĂƵĂŶϯΎΎ :͘W͘ZŝǌĂů^ƚ͘ĐŽƌ͘<ĂƉŝƚĂŶWŽŶƐŽ^ƚ͕͘WŽďůĂĐŝŽŶϮ͕ĂƵĂŶ͕ĂƚĂŶŐĂƐ
ϭϬϵϳ ϭϭϲϴddŽǁĞƌ ϭϯϱ,͘s͘ĞůĂŽƐƚĂ^ƚ͕͘DĂŬĂƚŝŝƚǇ
ϭϬϵϴ ϭϰϰϳĂĂŶŐͲĂƚĂŶŐΎΎ ϭϱϯϬϯĐŽƌ͘ĂĂŶŐĂƚĂŶŐ^ƚ͕͘ZŽĚƌŝŐƵĞǌǀĞ͕͘^ĂŶŐƵƐƚŝŶ͕WĂƌĂŹĂƋƵĞŝƚǇ
ϭϮϳϮ^ĂĐƌĞĚ,ĞĂƌƚ
ϭϬϵϵ 'ƌŽƵŶĚ&ůŽŽƌ͕d^WƌŽƉĞƌƚǇ,ŽůĚŝŶŐƐ͕/ŶĐ͕͘hƌŐĞůůŽ^ƚ͕͘ĞďƵŝƚǇ
,ŽƐƉŝƚĂůΎΎ
ϭϭϬϬ ϭϯϯϰ/ƌŝŐĂϮΎΎ ^ĂŶ&ƌĂŶĐŝƐĐŽ͕/ƌŝŐĂŝƚǇ͕ĂŵĂƌŝŶĞƐ^Ƶƌ
ϭϭϬϭ ϭϰϬϰŵĂĚĞŽĂǀŝƚĞ ϭϭϵ͘DĂďŝŶŝ^ƚ͕͘ŵĂĚĞŽ͕ĂǀŝƚĞ
ϭϭϬϮ ϭϮϲϵ^ŚĂǁDZd 'ƌĞĞŶĨŝĞůĚŝƐƚƌŝĐƚ^ƚĂƚŝŽŶ͕^ĞĐŽŶĚ&ůŽŽƌŽŶĐŽƵƌƐĞ^ŽƵƚŚďŽƵŶĚ^ͲϮ
ϭϭϬϯ ϭϰϳϮĂĐŶŽƚĂŶΎΎ EĂƚŝŽŶĂ,ŝŐŚǁĂǇWŽďůĂĐŝŽŶ͕ĂĐŶŽƚĂŶ͕>ĂhŶŝŽŶ
ϭϭϬϰ ϭϰϬϵĂƚĂŶŐĂƐϱΎΎ 'ͬ&͕ZĞŶƚĂďůĞϰ͕ŚĂŵƵŝůĚŝŶŐ͕ƌŐǇ͘ĂůĂŐƚĂƐ͕ĂƚĂŶŐĂƐŝƚǇ͕ĂƚĂŶŐĂƐ
ϭϭϬϱ ϭϰϬϳDĂŵĂƚŝĚϮΎΎ ƌŐǇ͘DĂŵĂƚŝĚ͕ĂďƵǇĂŽŝƚǇ͕>ĂŐƵŶĂ
ϭϭϬϲ ϭϯϲϰhŶŝŽŝů<ĂůĂǇĂĂŶΎΎ hŶŝŽŝů<ĂůĂǇĂĂŶ^ƚĂƚŝŽŶ͕DĂůŝŶŐĂƉ^ƚ͕͘YƵĞǌŽŶŝƚǇ
ϭϭϬϳ ϭϱϯϵĂůŽĐ͕E͘͘ΎΎ ĂŐĂǇĂŶsĂůůĞǇZĚ͕͘ƌŐǇ͘ĂůŽĐ͕EƵĞǀĂĐŝũĂ
ϭϭϬϴ ϭϲϭϭůƵĞZĞƐŝĚĞŶĐĞƐ <ĂƚŝƉƵŶĂŶǀĞ͘ĐŽƌ͘ƵƌŽƌĂůǀĚ͕͘YƵĞǌŽŶŝƚǇ
ϭϭϬϵ ϭϮϵϴK&ůĂƚƐ ϮϳĂŶŽƉƵƐĐŽƌ͘:ƵƉŝƚĞƌ^ƚƐ͕͘ĞůŝƌsŝůůĂŐĞ͕DĂŬĂƚŝŝƚǇ
ϭϭϭϬ ϭϮϲϴ^ƚĂ͘>ƵĐŝĂZĞƐŝĚĞŶǌĞ /ŵĞůĚĂǀĞ͘ĐŽƌ͘DĂƌĐŽƐ,ŝŐŚǁĂǇ͕ĂŝŶƚĂ͕ZŝǌĂů
ϭϭϭϭ ϭϯϰϵtW ϯϰϵ:WZŝǌĂů^ƚ͘^ƚĂ͘ůĞŶĂ͕DĂƌŝŬŝŶĂŝƚǇ
ϭϭϭϮ ϭϯϱϮĞƚƚĞƌůŝǀŝŶŐϱ hŶŝƚϭͲĞŶƌŽƐŝWůĂǌĂŽŶĚŽŵŝŶŝƵŵ͕&ĂƐƚƌĂĐŬ^ƚ͘ƌŐǇ͘DŽŽŶǁĂůŬ͕WĂƌĂŹĂƋƵĞŝƚǇ
ϭϭϭϯ ϭϰϰϮs^h/ŶĚĂŶŐ ĂǀŝƚĞ^ƚĂƚĞhŶŝǀĞƌƐŝƚǇ͕/ŶĚĂŶŐͲdƌĞĐĞDĂƌƚŝƌĞƐZŽĂĚ͕/ŶĚĂŶŐ͕ĂǀŝƚĞ
ϭϭϭϰ ϭϰϰϯDWůĂĐĞ WĂŶĂǇǀĞ͕͘^ŽƵƚŚdƌŝĂŶŐůĞ͕YƵĞǌŽŶŝƚǇ
ϭϭϭϱ ϭϯϵϳdǁŽYƵĂĚ ϮYƵĂĚƵŝůĚŝŶŐ͕ĞďƵƵƐŝŶĞƐƐWĂƌŬ͕ĞďƵŝƚǇ
ϭϭϭϲ ϭϯϵϱ^ƋƵĂƌĞŶŽŶĂƐ ηϮŶŽŶĂƐ^ƚ͘ĐŽƌ͘ƵƌŽƌĂůǀĚ͕͘WƌŽũĞĐƚϮ͕ƵďĂŽ͕YƵĞǌŽŶŝƚǇ
ϭϱϭϱWůĂǌĂ,ŽƚĞů͕>Ă
ϭϭϭϳ ƌŐǇ͘WŽďůĂĐŝŽŶ͕^ĂŶ&ĞƌŶĂŶĚŽŝƚǇ͕>ĂhŶŝŽŶ
hŶŝŽŶΎΎ
ϭϭϭϴ ϭϯϵϵƌŐĂŽ ϴϯϵŽƌ͘ƌ͘d͘^͘<ŝŶƚĂŶĂƌ^ƚ͘ΘEĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ƌŐĂŽ͕ĞďƵ
ϭϭϭϵ ϭϰϭϴ^ĂůĐĞĚŽϮ ϭϱϵ^ĂůĐĞĚŽ^ƚ͕͘>ĞŐĂǌƉŝsŝůůĂŐĞ͕DĂŬĂƚŝŝƚǇ
ϭϭϮϬ ϭϱϳϳĂďŝĂŽ͕E͘͘ΎΎ WŽďĂůĐŝŽŶZŽĂĚ͕ĂďŝĂŽ͕EƵĞǀĂĐŝũĂ
ϭϭϮϭ ϭϱϭϬdŚĞ^ƚƌŝƉDĞƌĂůĐŽ dŚĞ^ƚƌŝƉĂůŽŶŐKƌƚŝŐĂƐǀĞ͕͘WĂƐŝŐŝƚǇ
ϭϭϮϮ ϭϱϬϱĂƚĂŶŐĂƐϲΎΎ W͘WƌŝĞƚŽ^ƚ͘ĂƚĂŶŐĂƐŝƚǇ
ϭϭϮϯ ϭϯϬϴWĂůŝƉĂƌĂŶϯΎΎ ƌŐǇ͘WĂůŝƉĂƌĂŶ͕ĂƐŵĂƌŝŹĂƐ͕ĂǀŝƚĞ
ϭϭϮϰ ϭϱϰϵ^ŚĞůů^ĂŶZŽƋƵĞΎΎ ƌŐǇ͘^ĂŶZŽƋƵĞ͕^ĂŶWĂďůŽŝƚǇ͕>ĂŐƵŶĂ
ϭϭϮϱ ϭϰϲϳs^hZŽƐĂƌŝŽ 'ĞŶ͘dƌŝĂƐƌŝǀĞ͕ƌŐǇ͘dĞũĞƌŽƐŽŶǀĞŶƚŝŽŶ͕ZŽƐĂƌŝŽ͕ĂǀŝƚĞ
ϭϭϮϲ ϭϮϴϲ^ƵŵͲŐΎΎ ƌĂŶĞƚĂǀĞ͘ĐŽƌ^ƵŵͲŐďƵĂŶĂŶZĚ͕͘ƌŐǇ͘^ƵŵͲŐ͕ĂĐŽůŽĚŝƚǇ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ϭϭϮϳ ϭϱϲϮ>ĞŵĞƌǇϯΎΎ EĂƚŝŽŶĂůZŽĂĚ͕ƌŐǇ͘DĂůŝŶŝƐ͕>ĞŵĞƌǇ͕ĂƚĂŶŐĂƐ
ϭϭϮϴ ϭϱϱϳDĂƉĂŶĚĂŶΎΎ WĂŶĚĂŶǀĞWŽďůĂĐŝŽŶ͕DĂƉĂŶĚĂŶ͕WĂŶŐĂƐŝŶĂŶ
ϭϭϮϵ ϭϱϭϯhŶŝǀĞƌƐŝƚǇŽĨDĂŶŝůĂ sĞŶƚƵƌĂZĞƐŝĚĞŶĐĞƐ͕ϲϰϲͲ͕D͘s͘ĞůŽƐ^ĂŶƚŽƐ͕^ĂŵƉĂůŽĐ͕DĂŶŝůĂ
ϭϭϯϬ ϭϰϬϮdĂůĂŵďĂŶWƌŽƉĞƌΎΎ ƌ͘:͘͘sŝǌĐĂǇŶŽůĚŐ͕͘dĂůĂŵďĂŶ͕ĞďƵŝƚǇ
ϭϭϯϭ ϭϱϬϭ:ƵĂŶ>ƵŶĂ ϳϴϴͲϳϵϬ:ƵĂŶ>ƵŶĂ^ƚ͕͘ŝŶŽŶĚŽ͕DĂŶŝůĂ
ϭϭϯϮ ϭϰϱϯ&ůǇĐĞͲŽƌĂůtĂǇ &ůǇĐĞŽƌƉŽƌĂƚĞĞŶƚĞƌ͕ϭϯŽƌĂůtĂǇ͕ĞŶƚƌĂůƵƐŝŶĞƐƐWĂƌŬ͕WĂƐĂǇŝƚǇ
ϭϭϯϯ ϭϰϵϴŝŹĂŶŽĐƚŽƌƐ ƌŐǇ͘WůĂƚĞƌŽ͕ŝŹĂŶŝƚǇ͕>ĂŐƵŶĂ
ϭϭϯϰ ϭϯϲϯ<ĂǇďŝŐĂ >ŽƚϮϰůŬϯϮ'ĞŶ͘>ƵŝƐ^ƚ͕͘<ĂǇďŝŐĂZŽĂĚ͕ĂůŽŽĐĂŶŝƚǇ
ϭϭϯϱ ϭϲϬϴ'ŽůĚĞŶdŽǁŶΎΎ ƌŐǇ͘DĂĚƵǇĂ͕ĂƌŵŽŶĂ͕ĂǀŝƚĞ
ϭϭϯϲ ϭϰϬϬ'ƵĂĚĂůƵƉĞŚƵƌĐŚΎΎ s͘ZĂŵĂǀĞŶƵĞ͕'ƵĂĚĂůƵƉĞ͕ĞďƵŝƚǇ
ϭϭϯϳ ϭϰϬϴ'͘dƵĂǌŽŶϯΎΎ >ŽƚϭΘϮ͕EŽ͘ϮϬϬϬ'͘dƵĂǌŽŶ^ƚ͘ĐŽƌ͘DĂƐďĂƚĞ^ƚ͕͘ĂůŝĐĂůŝĐ͕^ĂŵƉĂůŽĐ͕DĂŶŝůĂ
ϭϭϯϴ ϭϱϮϬ<ŽƌŶĞƌǁĂůŬΎΎ hŶŝƚϯ<ŽƌŶĞƌǁĂůŬŽŵŵĞƌĐŝĂůĞŶƚĞƌ͕KůŽŶŐĂƉŽͲ'ĂƉĂŶZŽĂĚ͕^ĂŶŶƚŽŶŝŽ͕'ƵĂŐƵĂ͕WĂŵƉĂŶŐĂ
ϭϭϯϵ ϭϰϳϭ^ƵĂů EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ƌŐǇ͘WŽďůĂĐŝŽŶ͕^ƵĂů͕WĂŶŐĂƐŝŶĂŶ
ϭϭϰϬ ϭϰϴϲĞĂƚĂWĂŶĚĂĐĂŶ hŶŝƚ'&͕dŚĞ^ƚƌĞĂŵůŝŶĞWůĂǌĂƵŝůĚŝŶŐ͕ĂĞƚĂ͕WĂŶĚĂĐĂŶ͕DĂŶŝůĂ
ϭϭϰϭ ϭϮϳϯdƵŶĂƐĂŶΎΎ <ŵϮϵEĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕dƵŶĂƐĂŶ͕DƵŶƚŝŶůƵƉĂŝƚǇ
ϭϭϰϮ ϭϰϬϭhŶŝǀĞƌƐŝƚǇŽĨ/ůŽŝůŽΎΎ ZŝǌĂů^ƚƌĞĞƚ͕/ůŽŝůŽŝƚǇ
ϭϭϰϯ ϭϰϴϮ^ĂŶŐƵƐƚŝŶ/ůŽŝůŽΎΎ DĂƌŝĂůĂƌĂǀĞ͕͘ĐŽƌ͕͘:ĂůĂŶĚŽŶŝ^ƚ͕͘/ůŽŝůŽŝƚǇ
ϭϭϰϰ ϭϰϮϴWddŽƚŽŶΎΎ 'ŽďƐƚŽƉƉĞƌƌĞĂ͕ƌŐŽŶĂƵƚ,ŝŐŚǁĂǇ͕^ƵďŝĐĂǇ&ƌĞĞƉŽƌƚŽŶĞ͕WĂŵƉĂŶŐĂ
ϭϭϰϱ ϭϯϭϬ^ĞĂŽŝůW͘dƵĂǌŽŶΎΎ ^ĞĂŽŝů^ƚĂƚŝŽŶ͕^ĐŽƌ͘W͘dƵĂǌŽŶ^ƚ͕͘ƵďĂŽ͕YƵĞǌŽŶŝƚǇ
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ϭϭϰϲ ϭϱϯϮWhWdĞƌĞƐĂ ŐƵŝĚĂƵŝůĚŝŶŐηϮϲϱdĞƌĞƐĂ^ƚ͕͘^ƚĂDĞƐĂ͕DĂŶŝůĂ
ϭϭϰϳ ϭϮϬϭ>ŝƚǇ,ĂůůΎΎ ĐŽŶŽŵŝĐ'ĂƌĚĞŶ͕dŝŵƵŐĂŶ͕>ŽƐĂŹŽƐ͕>ĂŐƵŶĂ
ϭϭϰϴ ϭϬϳϳͲ>ƵǆƵƌǇKŶĞΎΎ ϱϬϳϳW͘ƵƌŐŽƐƐƚ͘WŽďůĂĐŝŽŶ͕DĂŬĂƚŝŝƚǇ
ϭϭϰϵ ϭϱϰϱtŝŶĚZĞƐŝĚĞŶĐĞƐ '&tŝŶĚZĞƐŝĚĞŶĐĞƐ͕dĂŐĂǇƚĂǇͲEĂƐƵŐďŝ,ŝŐŚǁĂǇ͕dĂŐĂǇƚĂǇŝƚǇ
ϭϭϱϬ ϭϰϴϰDĂŶŐĂƚĂƌĞŵΎΎ ůŽŶŐEĂƚŝŽŶĂů,ŝŐŚǁĂǇZŽĂĚ͕ƌŐǇ͘WŽďůĂĐŝŽŶ͕DĂŶŐĂƚĂƌĞŵ͕WĂŶŐĂƐŝŶĂŶ
ϭϭϱϭ ϭϰϰϴW/ŽŶŐƌĞƐƐŝŽŶĂů ŽŶŐƌĞƐƐŝŽŶĂůǀĞ͘ĐŽƌ͘ĂŐĂǇĂŶǀĞ͕͘ƌŐǇ͘Z͘DĂŐƐĂǇƐĂǇ͕YƵĞǌŽŶŝƚǇ
ϭϭϱϮ ϭϯϬϲĂŐŽŶŐĂƌƌŝŽΔΔ ϳϲDĂůŽůŽƐǀĞ͘ĐŽƌ'ƌĞŐŽƌŝŽĚĞ:ĞƐƵƐ^ƚ͕͘ĂŐŽŶŐĂƌƌŝŽ͕ĂůŝŶƚĂǁĂŬ^ƵďĚŝǀŝƐŝŽŶ͕ĂůŽŽĐĂŶŝƚǇ
ϭϭϱϯ ϭϱϭϲ^ĂĐƌĞĚ,ĞĂƌƚ>ƵĐĞŶĂΎΎ ϭϮDĞƌĐŚĂŶ^ƚ͕͘ƌŐǇ͘ϭϭ͕>ƵĐĞŶĂŝƚǇ͕YƵĞǌŽŶ
ϭϭϱϰ ϭϱϯϬ'ĂƚĞǁĂǇdŽǁĞƌΎΎ ^ƉĂĐĞηϱϬϬϮ͕'ĂƚĞǁĂǇdŽǁĞƌ͕ƌĂŶĞƚĂĞŶƚĞƌ͕YƵĞǌŽŶŝƚǇ
ϭϭϱϱ ϭϱϬϮW/͘ZŽĚ ͘ZŽĚƌŝŐƵĞǌǀĞ͘ĐŽƌ͘^ƵŶŶǇƐŝĚĞƌŝǀĞ͕YƵĞǌŽŶŝƚǇ
ϭϭϱϲ ϭϰϱϮ^ĂƵǇŽ ϯϮ^ĂƵǇŽZŽĂĚ͕ƌŐǇ͘^ĂƵǇŽ͕EŽǀĂůŝĐŚĞƐ͕YƵĞǌŽŶŝƚǇ
ϭϭϱϳ ϭϱϮϵŝƚǇKŝůKůĚ^ƚĂ͘DĞƐĂ ϰϴϳϮKůĚ^ƚĂ͘DĞƐĂZĚ͕͘^ĂŵƉĂůŽĐ͕DĂŶŝůĂ
ϭϭϱϴ ϭϲϰϭ^ĂŶWĞĚƌŽϳΎΎ ƌŐǇ͘^ĂŶŶƚŽŶŝŽ͕^ĂŶWĞĚƌŽŝƚǇ͕>ĂŐƵŶĂ
ϭϭϱϵ ϭϰϯϴdĂŐƵŝŐŝƚǇ,ĂůůΎΎ 'ĞŶ͘>ƵŶĂ^ƚ͘ĐŽƌ͘D͘^ĂŶƚŽƐ^ƚ͕͘ƌŐǇ͘dƵŬƚƵŬĂŶ͕dĂŐƵŝŐŝƚǇ
ϭϭϲϬ ϭϮϵϮhŐŽŶŐ͕sĂůĞŶǌƵĞůĂΔΔ ƌŐǇ͘hŐŽŶŐ͕sĂůĞŶǌƵĞůĂŝƚǇ
dŽǁĞƌϭͲhŶŝƚEŽ͘&ϭhϬϬϳdŚĞ>ŝŶĞĂƌ͕DĂǇĂƉŝƐ͕zĂŬĂůĂŶĚDĂůƵŐĂǇ^ƚƐ͕͘^ĂŶŶƚŽŶŝŽsŝůůĂŐĞ͕
ϭϭϲϭ ϭϰϲϵ>ŝŶĞĂƌDĂŬĂƚŝ
DĂŬĂƚŝŝƚǇ
ϭϭϲϮ ϭϰϵϬhŶŝǀĞƌƐŝƚǇdŽǁĞƌ ŽŵŵĞƌĐŝĂů&͕'ͬ&͕hŶŝǀĞƌƐŝƚǇdŽǁĞƌDĂůĂƚĞ͕WĞĚƌŽ'ŝů͕DĂůĂƚĞ͕DĂŶŝůĂ
ϭϭϲϯ ϭϮϴϯW/KƉŽŶΎΎ ĂůƚĞǆKƉŽŶ͕D>YƵĞǌŽŶĐŽƌ͘^ĂŶŐŝZŽĂĚ͕ůĂƉƵͲ>ĂƉƵŝƚǇ
ϭϭϲϰ ϭϰϴϭ>ĞŐĂƌĚĂͲƌůĞŐƵŝΎΎ ϱϬϰEĞƉŽŵƵĐĞŵŽ^ƚ͘;&ŽƌŵĞƌůǇdĂŶĚƵĂǇ^ƚ͘ͿĐŽƌ͘ƌůĞŐƵŝ^ƚ͕͘YƵŝĂƉŽ͕DĂŶŝůĂ
ϭϭϲϱ ϭϱϭϴ^ƚ͘:ŽƐĞƉŚ^ĂŶWĞĚƌŽΎΎ ^ƚ͘:ŽƐĞƉŚsŝůůĂŐĞϭϬ͕ƌŐǇ͘>ĂŶŐŐĂŵ͕^ĂŶWĞĚƌŽŝƚǇ͕>ĂŐƵŶĂ
ϭϭϲϲ ϭϲϭϲWĂĞƚĞWŽďůĂĐŝŽŶ ηϮϬͲϱ:͘W͘ZŝǌĂů^ƚ͕͘WĂĞƚĞ͕>ĂŐƵŶĂ
ϭϭϲϳ ϭϱϵϲĂŶůƵďĂŶŐdĞƌŵŝŶĂů :ŽƐĞzƵůŽ^ƌǀĞ͕͘ĂŶůƵďĂŶŐ͕>ĂŐƵŶĂŝƚǇ
ϭϭϲϴ ϭϰϭϳ^Őƚ͘ƵŵĂƚĂǇΎΎ ηϳϭϳ^Őƚ͘ƵŵĂƚĂǇĐŽƌ͕͘<ĂƚĂƌƵŶŐĂŶ^ƚ͕͘ƌŐǇ͘WůĂŝŶǀŝĞǁ͕DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϭϭϲϵ ϭϰϲϯ'ĂŝƐĂŶŽŽƌĚŽǀĂ 'ͬ&͕hŶŝƚϭͲϮ͕'ĂŝƐĂŶŽ'ƌĂŶĚDĂůůŽƌĚŽǀĂ͕ĞďƵ
ϭϱϲϰtĞƐƚEĞŐƌŽƐ
ϭϭϳϬ 'ͬ&^D/ůĚŐ͕͘ƵƌŐŽƐǀĞ͕͘ĂĐŽůŽĚŝƚǇ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
hŶŝǀĞƌƐŝƚǇ
ϭϭϳϭ ϭϱϬϴ^ŽŵĞƌƐĞƚKůǇŵƉŝĂ hƉƉĞƌ'ƌŽƵŶĚ&ůŽŽƌ͕^ŽŵĞƌƐĞƚKůǇŵƉŝĂDĂŬĂƚŝ͕DĂŬĂƚŝǀĞ͘ĐŽƌ͘^ƚŽ͘dŽŵĂƐ^ƚ͕͘DĂŬĂƚŝŝƚǇ
ϭϭϳϮ ϭϰϰϲ&ĂƚŝŵĂϮ ϯϮDĐƚŚƵƌ,ŝŐŚǁĂǇ͕ƌŐǇ͘DĂƌƵůĂƐ͕sĂůĞŶǌƵĞůĂŝƚǇ
ϭϭϳϯ ϭϬϮϲ^ƵŵĂĐĂďƐƚĞΎΎ DĂŚĂƌůŝŬĂ,ŝŐŚǁĂǇ͕ƌŐǇ͘^ƵŵĂĐĂďƐƚĞ͕ĂďĂŶĂƚƵĂŶ͕EƵĞǀĂĐŝũĂ
ϭϭϳϰ ϭϰϯϰŚŝŵĞƐ^ƋƵĂƌĞ ŽŶŐƌĞƐƐŝŽŶĂůǆƚŶ͘Žƌ͘<ĂůĂǁ͕DŝƌĂEŝůĂ,ŽŵĞƐ͕ƌŐǇ͘WĂƐŽŶŐdĂŵŽ͕YƵĞǌŽŶŝƚǇ
ϭϭϳϱ ϭϰϰϵĂůĂŵďĂŶ ^ƚŽ͘EŝŹŽ͕ĂůĂŵďĂŶ͕ĞďƵ
ϭϭϳϲ ϭϲϮϱtĞƐƚĞƌŶŝĐƵƚĂŶΎΎ W,ŽƵƐŝŶŐ͕EZdĂǀĞĐŽƌ͕͘ͲϱƌŽĂĚ͕dĂŐƵŝŐŝƚǇ
ϭϭϳϳ ϭϰϭϲƚŽŶĂǇƉĂƌŬDĂŶŝůĂ hŶŝƚϭƚŽŶĂǇƉĂƌŬDĂŶŝůĂ͕ZŽǆĂƐůǀĚ͘ĐŽƌ͘<ĂůĂǁ^ƚ͕͘DĂŶŝůĂ
ϭϭϳϴ ϭϲϭϮ'ŽĂϮ DĞůďĂůĚŐ͕͘^ĂŶ:ƵĂŶĂƵƚŝƐƚĂ^ƚ͕͘'ŽĂ͕ĂŵĂƌŝŶĞƐ^Ƶƌ
ϭϭϳϵ ϭϳϭϭdĂďĂĐŽΎΎ '&ΘϮŶĚ&ůŽŽƌŽĨƚŚĞĞŶƚĞƌƉŽŝŶƚůĚŐ͕͘ŝŐĂǀĞ͕͘dĂďĂĐŽŝƚǇ͕ůďĂǇ
ϭϭϴϬ ϭϰϱϭĂƉŝƚŽůƌŝǀĞΎΎ ϭϲĂƉŝƚŽů,ŝůůƐƌŝǀĞŝůŝŵĂŶ͕YƵĞǌŽŶƚǇ
ϭϭϴϭ ϭϰϴϴdĂŵďŽǆŝƚ͕>ŝƉĂ dĂŵďŽǆŝƚ͕ƌŐǇ͘dĂŵďŽ͕>ŝƉĂŝƚǇ͕ĂƚĂŶŐĂƐ
ϭϭϴϮ ϭϲϴϳ>ŝƉĂ^ĂŶ^ĞďĂƐƚŝĂŶΎΎ ƌŐǇ͘DĂƚĂĂƐŶĂ>ƵƉĂ͕>ŝƉĂ͕ĂƚĂŶŐĂƐ
ϭϭϴϯ ϭϰϮϵŽƚŽůĂŶ͕ĂŵďĂůĞƐΎΎ WĂĐŽ͕ŽƚŽůĂŶ͕ĂŵďĂůĞƐ
ϭϭϴϰ ϭϰϭϰsŝůůĂƐŝƐΎΎ ƌŐǇ͘WŽďůĂĐŝŽŶ͕sŝůůĂƐŝƐ͕WĂŶŐĂƐŝŶĂŶ
ϭϭϴϱ ϭϱϱϮEĂƌĐŝƐŽǀĞŶƵĞΎΎ ϭϰϬEĂƌĐŝƐŽ^ƚ͕͘:ŽƐĞĨĂ^ƵďĚ͕͘DĂůĂďĂŶĂŝƐ͕ŶŐĞůĞƐŝƚǇ͕WĂŵƉĂŶŐĂ
ϭϭϴϲ ϭϲϰϮtĂůƚĞƌŵĂƌƚDĂŬŝůŝŶŐ ƌŐǇ͘DĂŬŝůŝŶŐ͕ĂůĂŵďĂ͕>ĂŐƵŶĂ
ϭϭϴϳ ϭϲϯϭW/W^ΎΎ WƵůƵŶŐĂĐƵƚƵĚ͕ŶŐĞůĞƐŝƚǇ͕WĂŵƉĂŶŐĂ
ϭϭϴϴ ϭϱϳϴ^ĂŶ>ĞŽŶĂƌĚŽ͕E͘͘ΎΎ ƌŐǇ͘WŽďůĂĐŝŽŶ͕^ĂŶ>ĞŽŶĂƌĚŽ͕EƵĞǀĂĐŝũĂ
ϭϭϴϵ ϭϱϬϬĂŐŽŶŐ^ŝůĂŶŐϮ >ĂŶŐŝƚZŽĂĚĐŽƌ͘^ƚ͘:ŽƐĞƉŚ^ƚ͕͘ĂŐŽŶŐ^ŝůĂŶŐ͕ĂůŽŽĐĂŶŝƚǇ
ϭϭϵϬ ϭϰϲϰĞďƵ^ĂŶEŝĐŽůĂƐΎΎ '&ŶƚŝŐƵĂůĚŐ͘ĐŽƌ͘͘ƌĂŶĂƐ^ƚ͘ĐŽƌ͘d͘ďĞůůĂƐ^ƚ͕͘ĞďƵŝƚǇ
ϭϭϵϭ ϭϰϰϬWŚŽĞŶŝǆ<ĂůĂǇĂĂŶ ƌŐǇ͘WĂŶĂŵŝƚĂŶ͕<Ăǁŝƚ͕ĂǀŝƚĞ
ϭϭϵϮ ϭϰϯϯsŝĐĂƐĂůŽŽĐĂŶ ŽŶŐƌĞƐƐŝŽŶĂůZŽĂĚǆƚ͘sŝĐĂƐ͕EŽƌƚŚĂůŽŽĐĂŶŝƚǇ
ϭϭϵϯ ϭϮϵϳŝƚĂϮΎΎ ƌŐǇ͘ŝƚĂ͕^ƚĂ͘ZŽƐĂ͕>ĂŐƵŶĂ
ϭϭϵϰ ϭϱϰϭĂĚŽĐ,ŝŐŚǁĂǇ EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ƌŐǇ͘ϵWĂůƚŝƚ͕ĂĚŽĐ͕/ůŽĐŽƐEŽƌƚĞ
ϭϭϵϱ ϭϰϲϲ>ŽƌĞǆǀĞ͘ ϭϬϬϬ>ŽƌĞǆ^ƚ͕͘dĂŹĂĚĂ^ƵďĚ͕͘sĂůĞŶǌƵĞůĂ
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ϭϭϵϲ ϭϲϯϮDĂůĂďŽŶϯ '&ŽĨďĂĐŽŶůĚŐ͕͘WĂŵƉĂŶŽ^ƚ͕͘ƌŐǇ͘>ŽŶŐŽƐ͕DĂůĂďŽŶŝƚǇ
ϭϭϵϳ ϭϯϱϱ^ĂŶDĂƚĞŽϯ ηϮϮ'ĞŶ͘>ƵŶĂ^ƚ͕͘ƌŐǇ͘DĂůǇ͕^ĂŶDĂƚĞŽ͕ZŝǌĂů
ϭϭϵϴ ϭϱϲϴdŝƐĂΎΎ <ĂƚŝƉƵŶĂŶ^ƚƌĞĞƚ͕dŝƐĂ͕>ĂďĂŶŐŽŶ͕ĞďƵŝƚǇ
ϭϭϵϵ ϭϱϵϱ>ŝŐĂƐĂĐŽŽƌ ƌŐǇ͘>ŝŐĂƐ͕ĂĐŽŽƌ͕ĂǀŝƚĞ
ϭϮϬϬ ϭϱϯϰWdd>ƵĐĞŶĂΎΎ DĂŚĂƌůŝŬĂ,ŝŐŚǁĂǇ͕ƌŐǇ͘ĂĐŽŚĂŶ͕>ƵĐĞŶĂŝƚǇ͕YƵĞǌŽŶ
ϭϮϬϭ ϭϲϮϭ<ĂůĂǇĂĂŶΎΎ :ĂĐŝŶƚŽZĞƐŝĚĞŶĐĞƐ͕ϭϮϮϯ'ĞŶĞƌĂů͘:ĂĐŝŶƚŽ^ƚ͘ĐŽƌ͘<ĂůĂǇĂĂǀĞ͕͘DĂŬĂƚŝŝƚǇ
ϭϮϬϮ ϭϰϵϵ^ĂŶĐŝĂŶŐĐŽ ^ĂŶĐŝĂŶŐĐŽ^ƚ͘ĐŽƌ͘WĂŶŐĂŶŝďĂŶ^ƚ͕͘WĂŚŝŶĂĞŶƚƌĂů͕ĞďƵŝƚǇ
ϭϮϬϯ ϭϱϯϭWĂĐŽϯ WĂŬŽůĚŐ͕͘WĞĚƌŽ'ŝůĐŽƌ͘͘>ŝŶĂŽĂŶĚ'ĞŶ͘>ƵŶĂ^ƚ͘DĂŶŝůĂ
ϭϲϬϱ^ƚĂ͘DĂƌŝĂ͕
ϭϮϬϰ EĂƚŝŽŶĂů,ŝŐŚǁĂǇWŽďůĂĐŝŽŶĂƐƚ͕^ƚĂ͘DĂƌŝĂ͕WĂŶŐĂƐŝŶĂŶ
WĂŶŐĂƐŝŶĂŶΎΎ
ϭϮϬϱ ϭϱϬϰW</>ŝƉĂ ƌŐǇ͘/ŶŽƐůƵďĂŶ͕>ŝƉĂŝƚǇ͕ĂƚĂŶŐĂƐ
ϭϮϬϲ ϭϯϰϴĂůƵŵƉĂŶŐ EŝĐĂŶŽƌZŽǆĂƐ^ƚ͘ĐŽƌ͘DĂŶƵĞůZŽǆĂƐ^ƚ͕͘ƌŐǇ͘ĂůƵŵƉĂŶŐ͕DĂƌŝŬŝŶĂŝƚǇ
ϭϮϬϳ ϭϱϱϴďƵĐĂǇ͕ĂƚĂĂŶ ďƵĐĂǇ͕ĂƚĂĂŶ
ϭϮϬϴ ϭϰϲϱZĞƉŚŝůWĂƐĂǇ ZĞƉŚŝů^ƚĂƚŝŽŶ͘&͘͘,ĂƌƌŝƐŽŶĐŽƌ͘^͕WĂƐĂǇŝƚǇ
ϭϮϬϵ ϭϱϭϳŝŹĂŶdĞĐŚŶŽƉĂƌŬΔΔ ƌŐǇ͘dŝŵďŽĂ͕ŝŹĂŶŝƚǇ͕>ĂŐƵŶĂ
ϭϮϭϬ ϭϲϮϯ&ƌĂŶĐĞƐĐĂdŽǁĞƌ Ͳϭ͕'ͬ&͕&ƌĂŶĐĞƐĐĂdŽǁĞƌͲ^ǀĞ͘ĐŽƌ͘^ĐŽƵƚŽƌƌŽŵĞŽ^ƚ͕͘YƵĞǌŽŶŝƚǇ
ϭϮϭϭ ϭϰϵϳ'ƌĞĞŶďĞůƚDĂĚŝƐŽŶ 'ƌĞĞŶďĞůƚDĂĚŝƐŽŶƐ͕DĂŬĂƚŝ
ϭϮϭϮ ϭϯϲϬ^ĂŶƚŽůĂŶDĂůĂďŽŶ ZŽĚƌŝŐƵĞǌ^ƚ͘ĐŽƌ͘DĂƌƚŝŶ^ƚ͕͘ƌŐǇ͘^ĂŶƚƵůĂŶ͕DĂůĂďŽŶŝƚǇ
ϭϮϭϯ ϭϰϳϳůƚĂdŝĞƌƌĂΎΎ ůƚĂDŝŶŝŵĂƌƚ͕WŚĂƐĞs͕ůƚĂdŝĞƌƌĂsŝůůĂŐĞ͕dĂďƵĐ^ƵďĂ͕:ĂƌŽ͕/ůŽŝůŽ
ϭϮϭϰ ϭϰϳϬ^ƚĂ͘>ƵĐŝĂDĂůů DĂƌĐŽƐ,ŝŐŚǁĂǇĐŽƌ͘&ĞůŝǆǀĞ͕͘ĂŝŶƚĂ͕ZŝǌĂů
ϭϮϭϱ ϭϯϳϮ:DĂƐĂΎΎ sŝůůĂŶƵĞǀĂ/ŶƚĞƌŶĂƚŝŽŶĂůůĚŐ͕͘:͘D͘ĂƐĂ^ƚ͘ĐŽƌ͘ůĚĞŐƵĞƌ^ƚ͕͘/ůŽŝůŽŝƚǇ
ϭϮϭϲ ϭϱϵϰĞůĂŽƐƚĂ,ŽŵĞƐ sWƵŝůĚŝŶŐĞůĂŽƐƚĂ,ŽŵĞƐ͕YƵŝƌŝŶŽ,ŝŐŚǁĂǇ͕^ĂĐƌĞĚsŝůůĂŐĞ͕ĂůŽŽĐĂŶŝƚǇ
ϭϮϭϳ ϭϰϴϳ^D͘ĞůĂƌƵǌ ^ĐŽƌ͘D͘ĞůĂƌƵǌ͕WĂƐĂǇŝƚǇ
ϭϮϭϴ ϭϭϲϳ^ĂŵƐŽŶZŽĂĚ EŽ͘ϵϬΘϵϮ͘DĂďŝŶŝ^ƚ͕͘^ĂŶŐĂŶĚĂĂŶ͕ĂůŽŽĐĂŶŝƚǇ
ϭϮϭϵ ϭϮϳϭhDĂŝŶΎΎ 'ͬ&͕ŽĂƐƚWĂĐŝĨŝĐŽǁŶƚŽǁŶĞŶƚĞƌ͕^ĂŶĐŝĂŶŐŬŽ^ƚ͕͘ĞďƵŝƚǇ
ϭϮϮϬ ϭϮϴϮĂƌŝůŝ EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕WŽďůĂĐŝŽŶ͕Ăƌŝůŝ͕ĞďƵ
ϭϮϮϭ ϭϱϱϵĂŐŽŶŐ^ŝůĂŶŐϯ ůŬϭϱ>ƚϭϮWĂĐŬĂŐĞϲWŚĂƐĞy͕ĂŐŽŶŐ^ŝůĂŶŐWƌŽũĞĐƚ͕ĂůŽŽĐĂŶŝƚǇ
ϭϮϮϮ ϭϱϱϯW/^ĂƵǇŽ ^ĂƵǇŽZŽĂĚ͕ƌŐǇ͘^ĂƵǇŽ͕YƵĞǌŽŶŝƚǇ
ϭϮϮϯ ϭϯϮϰŽŹĂƵƌŽƌĂͲ͘ZŽĚ͘ΎΎ ϳϴͲ͘ZŽĚƌŝŐƵĞǌĐŽƌ͘WůĂƌŝĚĞů^ƚ͘YƵĞǌŽŶŝƚǇ
ϭϮϮϰ ϭϲϭϰĂůĂŶ>ĞĚĞƐŵĂΎΎ '&'ůŽƌŝĂϭϲϴůĚŐ͘ĂůĂŶ>ĞĚĞƐŵĂ^ƚ͕͘/ůŽŝůŽŝƚǇ
ϭϮϮϱ ϭϰϳϰ<ĂďĂŶŬĂůĂŶWůĂǌĂ 'ͬ&<ŚŽͲůǀĂƌĞǌůĚŐ͕͘'ƵĂŶǌŽŶ^ƚ͘ĐŽƌ͘ZŝǌĂů^ƚ͕͘<ĂďĂŶŬĂůĂŶŝƚǇ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ϭϮϮϲ ϭϯϲϵh^dĂůĂŵďĂŶΎΎ /ŶĨƌŽŶƚŽĨh^dEĂƐŝƉŝƚ͕dĂůĂŵďĂŶ͕ĞďƵŝƚǇ
ϭϮϮϳ ϭϰϳϲ^ƚĂ͘ĂƌďĂƌĂ/ůŽŝůŽΎΎ ŽůƵŵďĂ^ĞŶƵƉĞƵŝůĚŝŶŐ͕EĂƚŝŽŶĂů,ŝŐŚǁĂǇĐŽƌ͘ZŽŽƐĞǀĞůƚ^ƚ͕͘^ƚĂ͘ĂƌďĂƌĂ͕/ůŽŝůŽ
ϭϮϮϴ ϭϱϮϱWŽďůĂĐŝŽŶdŽůĞĚŽΎΎ ͘DĂĐĂƉĂŐĂů,ŝŐŚǁĂǇ͕dŽůĞĚŽŝƚǇ͕ĞďƵ
ϭϮϮϵ ϭϲϭϬtĂŬĂƐŽĐĂƵĞΎΎ tĂŬĂƐŽĐĂƵĞ͕ƵůĂĐĂŶ
ϭϮϯϬ ϭϳϯϵdƵŶŐŬŽŶŐDĂŶŐŐĂΎΎ EŽůĂƐĐŽůĚŐ͕͘YƵŝƌŝŶŽ,ŝŐŚǁĂǇ͕ƌŐǇ͘dƵŶŐŬŽŶŐDĂŶŐŐĂ͕^:D͕ƵůĂĐĂŶ
ϭϮϯϭ ϭϲϲϳWddDĞǆŝĐŽΎΎ Wdd^ĞƌǀŝĐĞ^ƚĂƚŝŽŶ͕K'ZŽĂĚ͕:ŽƐĞďĂĚ^ĂŶƚŽƐ͕ƌŐǇ͘WĂƌŝĂŶ^ƚŽĐƌŝƐƚŽ͕DĞǆŝĐŽ͕WĂŵƉĂŶŐĂ
ϭϮϯϮ ϭϯϲϭZĂŶĐŚŽ ϰϭ>ŝůĂĐ^ƚ͘,ĂĐŝĞŶĚĂ,ĞŝŐŚƚƐ͕ŽŶĐĞƉĐŽŶϮ͕DĂƌŝŬŝŶĂŝƚǇ
ϭϮϯϯ ϭϲϮϬDĞƚƌŽKŝůZŽŽƐĞǀĞůƚΎΎ DĞƚƌŽKŝůZŽŽƐĞǀĞůƚ͕ZŽŽƐĞǀĞůƚĐŽƌ͘^ƚŽ͘EŝŹŽ^ƚ͕͘YƵĞǌŽŶŝƚǇ
>ŽƚϭůŬϵ'ƌĞĞŶǁŽŽĚƐǀĞ͘ĐŽƌ͘WŝŶĞ^ƚ͕͘WŚĂƐĞ/ͲƌĞĂϮ͕'ƌĞĞŶǁŽŽĚƐǆĞĐƵƚŝǀĞsŝůůĂŐĞ͕
ϭϮϯϰ ϭϰϭϭ'ƌĞĞŶǁŽŽĚƐΎΎ
ĂŝŶƚĂ͕ZŝǌĂů
ϭϳϯϭ^ĂŶ>ƵŝƐWŽď͕͘
ϭϮϯϱ ƌŐǇ͘WŽďůĂĐŝŽŶ͕^ĂŶ>ƵŝƐ͕ĂƚĂŶŐĂƐ
ĂƚĂŶŐĂƐΎΎ
ϭϮϯϲ ϭϱϲϱs͘͘ZƵĨŝŶŽ hŶŝƚ'ϬϮ͕'&͕ŶŐĞůƵƐWůĂǌĂ͕DĂŬĂƚŝŝƚǇ
ϭϮϯϳ ϭϲϱϴ^ƚĂ͘ZŝƚĂ͕KůŽŶŐĂƉŽΎΎ :WZŝǌĂůǀĞ͕͘tĞƐƚĂũĂĐͲĂũĂĐ͕KůŽŶŐĂƉŽŝƚǇ
ϭϮϯϴ ϭϯϵϭ^ŚĂǁĞŶƚĞƌDĂůůΎΎ hŶŝƚϲϱϰϴ^ŚĂǁůǀĚ͕͘DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϭϮϯϵ ϭϱϰϰ'ŝůŵŽƌĞΎΎ hŶŝƚ͕'ŝůŵŽƌĞ͕ŽŵŵĞƌĐŝĂůWůĂǌĂ͕ϭϬ'ŝůŵŽƌĞǀĞ͕͘ƌŐǇ͘sĂůĞŶĐŝĂ͕EĞǁDĂŶŝůĂ͕YƵĞǌŽŶŝƚǇ
ϭϲϯϰDĂƌǇ:ŽŚŶƐƚŽŶ
ϭϮϰϬ ϭϮϮϭ:ƵĂŶEŽůĂƐĐŽ^ƚ͕͘dŽŶĚŽ͕DĂŶŝůĂ
,ŽƐƉŝƚĂů
ϭϮϰϭ ϭϲϬϳŵĞƚŚǇƐƚƌŝǀĞ hŶŝƚϭϬϮWĂĐŝĨŝĐWůĂĐĞŽŶĚŽŵŝŶŝƵŵ͕WĞĂƌůƌŝǀĞ͕KƌƚŝŐĂƐĞŶƚĞƌ͕WĂƐŝŐŝƚǇ
ϭϮϰϮ ϭϱϵϵKŶŐƉŝŶϮΔΔ ϲϰϬKŶŐƉŝŶ^ƚ͕͘ŚŝŶĂdŽǁŶ͕ŝŶŽŶĚŽ͕DĂŶŝůĂ
ϭϮϰϯ ϭϲϲϲDŽůŝŶŽϲ ůŬ͘ϯ͕>Žƚϵ͕WŚ͘ϭ͕ĂƐĂ^ƚ͘ĐŽƌ͘ǀĞŶŝĚĂZŝǌĂů^ƚ͕͘DŽůŝŶŽϱ͕ĂĐŽŽƌ͕ĂǀŝƚĞ
ϭϮϰϰ ϭϱϮϰdĂďƵŶŽŬϮ ^ĂŶŐŝ͕dĂďƵŶŽŬ͕dĂůŝƐĂǇŝƚǇ͕ĞďƵ
25
ϭϮϰϱ ϭϰϲϬĂƌĐĂƌϮ E͘ĂĐĂůƐŽEĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕WŽďůĂĐŝŽŶ͕ĂƌĐĂƌ͕ĞďƵ
ϭϮϰϲ ϭϲϱϬ>ZdWƵƌĞǌĂ hŶŝƚ͕'&͕dŚĞ^ƚĂƚŝŽŶWŽŝŶƚ͕ϯϮϵϵZ͘DĂŐƐĂǇƐĂǇůǀĚ͘ĐŽƌ͘DĂŐĂŶĚĂ^ƚ͕͘^ƚĂ͘DĞƐĂ͕DĂŶŝůĂ
ϭϮϰϳ ϭϲϳϯsĞůůĂŐŝŽdŽǁĞƌ hŶŝƚϭϬϮΘϭϬϯ͕'ͬ&͕sĂůůĞŐŝŽdŽǁĞƌ͕ϮϬϭϭWƌĞƐ͘YƵŝƌŝŶŽǀĞ͘ĐŽƌ͘>ĞŽŶ'ƵŝŶƚŽ^ƚ͕͘DĂŶŝůĂ
ϭϮϰϴ ϭϰϴϯ>ĂĂƌůŽƚĂEĞŐƌŽƐΎΎ 'ƵĞƌƌĞĂ^ƚ͕͘ĐŽƌ͘zƵŶƋƵĞ^ƚ͕͘>ĂĂƌůŽƚĂŝƚǇ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ϭϮϰϵ ϭϲϰϲW/dĂĨƚ ƌŐǇ͘ϵϳ͕ϮϳϮϰdĂĨƚǀĞ͘ǆƚŶ͕͘WĂƐĂǇŝƚǇ
ϭϮϱϬ ϭϰϳϱĞƌƌƵĚŽŽŵƉůĞǆΎΎ ĞƌƌƵĚŽŽŵŵĞƌĐŝĂůŽŵƉůĞǆ͕͘>ŽƉĞǌ^ƚ͕͘ƌŐǇ͘DŽŶƚŝŶŽůĂ͕ŝƐƚƌŝĐƚŽĨ:ĂƌŽ͕/ůŽŝůŽŝƚǇ
ϭϮϱϭ ϭϲϱϳ&ĂƚŝŵĂŶŶĞǆΎΎ &ĂƚŝŵĂǀĞ͘ĐŽƌ<ŶŝŐŚƚŽĨŽůƵŵďƵƐ^ƚ͕͘ƌŐǇ͘DĂƌƵůĂƐ͕sĂůĞŶǌƵĞůĂŝƚǇ
ĞďƵĂŶĂ>ŚƵŝůůŝĞƌ͕^ƋƵŝŶŽƌŝǀĞĐŽƌ͘zůĂĐ^ƚ͕͘ƌŐǇ͘sŝůůĂŵŽŶƚĞ͕ĂĐŽůŽĚŝƚǇ͕EĞŐƌŽƐ
ϭϮϱϮ ϭϯϵϯsŝůůĂŵŽŶƚĞΎΎ
KĐĐŝĚĞŶƚĂů
ϭϮϱϯ ϭϰϵϲW/'ƵůĂŶŐ'ƵůĂŶŐΎΎ ƌŐǇ͘'ƵůĂŶŐ'ƵůĂŶŐ͕>ƵĐĞŶĂŝƚǇ͕YƵĞǌŽŶ
ϭϮϱϰ ϭϲϴϯĂůĂŵďĂϴΎΎ ŚŝƉĞĐŽǀĞ͕͘>ůĂŵĂƐ^ƵďĚ͕͘ƌŐǇ͘ϯ͕ĂůĂŵďĂŝƚǇ͕>ĂŐƵŶĂ
ϭϮϱϱ ϭϲϯϴƌŝǆǆƚŽŶsŝůůĂŐĞ <ŝŶŐƐǁŽŽĚ^ƚ͘ĂŶĚĂďĂƌƚĞZĚ͕͘EŽƌƚŚĂůŽŽĐĂŶŝƚǇ
ϭϲϬϰ^ĂŶ&ƌĂŶĐŝƐĐŽ͕'ĞŶ͘
ϭϮϱϲ ƌŶĂůĚŽ,ŝŐŚǁĂǇ͕ƌŐǇ͘^ĂŶ&ƌĂŶĐŝƐĐŽ͕'ĞŶ͘dƌŝĂƐ͕ĂǀŝƚĞ
dƌŝĂƐ
ϭϮϱϳ ϭϰϯϮdĂǇƵĚ ĂƉƵůĂǇDĂƌŬĞƚ͕ĂŐŽŶŐĂĂŶZŽĂĚ͕dĂǇƵĚ͕>ŝůŽĂŶ͕ĞďƵ
ϭϮϱϴ ϭϲϯϳ^ŝŶĂŝƚWŽďůĂĐŝŽŶ EĂƚŝŽŶĂů,ŝŐŚǁĂǇĐŽƌ͘ZŝǌĂů^ƚ͕͘ƌŐǇ͘ĂůůĂŝŐƵŝƐŝŶĂŝƚ͕/ůŽĐŽƐ^Ƶƌ
ϭϮϱϵ ϭϲϵϰ^DEŽƌƚŚ^ hŶŝƚϭϬϭ͕'ͬ&͕EŽƌƚŚůŝŶŬůĚŐ͕͘^DEŽƌƚŚ^͕YƵĞǌŽŶŝƚǇ
ϭϮϲϬ ϭϳϯϴW/DĂƌĂƵŽǇΎΎ EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕DĂƌĂƵŽǇ͕>ŝƉĂ͕ĂƚĂŶŐĂƐ
ϭϮϲϭ ϭϳϬϳƵĞŶĂǀŝƐƚĂ'ĞŶ͘dƌŝĂƐ 'Žǀ͘&ĞƌƌĞƌƌŝǀĞ͕ƵĞŶĂǀŝƐƚĂͲ///͕'ĞŶ͘dƌŝĂƐ͕ĂǀŝƚĞ
ϭϮϲϮ ϭϯϱϰŶĂďƵ/ŵƵƐΎΎ ϵϭϳŶĂďƵ/Ͳ&͕/ŵƵƐ͕ĂǀŝƚĞ
ϭϮϲϯ ϭϱϱϭ^ŽůĚŝĞƌƐ,ŝůůĂĐŽŽƌ ϭϬ>ϯϬ'ƌĞĞŶsĂůůĞǇ^ƵďĚ͕͘DŽůŝŶŽ͕ĂĐŽŽƌ͕ĂǀŝƚĞ
ϭϮϲϰ ϭϱϳϬ:ŽŶĞƐǀĞŶƵĞΎΎ hŶŝƚϭϬϭϰϱϱKƐŵĞŶĂůǀĚ͕͘ĞďƵŝƚǇ
ϭϮϲϱ ϭϱϮϴZŝǀĞƌǀŝĞǁDĂŶƐŝŽŶ d͘WŝŶƉŝŶĐŽƌ͘DƵĞůůĞĚĞŝŶŽŶĚŽ^ƚ͕͘DĂŶŝůĂ
ϭϮϲϲ ϭϱϰϬϱƚŚǀĞ͘ ZŝǌĂůǀĞ͕͘ϱƚŚǀĞ͕͘ĂůŽŽĐĂŶŝƚǇ
ϭϮϲϳ ϭϱϱϱW/͘ZĂǇŵƵŶĚŽΎΎ ĂůƚĞǆ^ƚĂƚŝŽŶ͕͘ZĂǇŵƵŶĚŽĐŽƌ͘ĞƌŶĂů^ƚ͕͘WĂƐŝŐŝƚǇ
ϭϮϲϴ ϭϱϯϴ^ŬǇZĂŶĐŚ dĂŐĂǇƚĂǇŝƚǇ͕ĂǀŝƚĞ
ϭϮϲϵ ϭϯϳϰ^ƚĂ͘ZŽƐĂǆŝƚΎΎ ƌŐǇ͘WƵůŽŶŐ^ƚĂ͘ƌƵǌ͕^ƚĂ͘ZŽƐĂ͕>ĂŐƵŶĂ
ϭϮϳϬ ϭϲϱϵDŝŶƵǇĂŶ ͲϭϵZŽĂĚϭDŝŶƵǇĂŶWƌŽƉĞƌ͕^ĂŶ:ŽƐĞĞůDŽŶƚĞ͕ƵůĂĐĂŶ
ϭϮϳϭ ϭϰϬϲWĂƌŝĂŶΎΎ ƌŐǇ͘WĂƌŝĂŶ͕ĂůĂŵďĂŝƚǇ͕>ĂŐƵŶĂ
ϭϮϳϮ ϭϳϬϴŽŚĞƌĞŶƚĞƌ ŽŚĞƌĞŶƚĞƌ͕ϭϰϮϰYƵĞǌŽŶǀĞ͕͘YƵĞǌŽŶŝƚǇ
ϭϮϳϯ ϭϲϬϭ,ŝůůĐƌĞƐƚsŝůůĂŐĞ ůŬϭϯ>Žƚϭ,ŝůůĐƌĞƐƚsŝůůĂŐĞ͕ĂŵĂƌŝŶ͕ĂůŽŽĐĂŶŝƚǇ
ϭϮϳϰ ϭϲϯϵ<ĂďŝƐŝŐĂŝŶƚĂ ůŬϭϴ&ůŽŽĚǁĂǇ͕<ĂďŝƐŝŐ͕^ĂŶŶĚƌĞƐ͕ĂŝŶƚĂ͕ZŝǌĂů
ϭϮϳϱ ϭϯϴϵ,ŝŵĂŵĂǇůĂŶ EĂƚŝŽŶĂůZŽĂĚĐŽƌ͘ZĂŵŽƐ^ƚ͕͘DƵŶŝĐŝƉĂůŝƚǇŽĨ,ŝŵĂŵĂǇůĂŶEĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ϭϮϳϲ ϭϱϵϮŽŶƐŽůĂĐŝŽŶĞďƵΎΎ WŝƚŽŐŽ͕ŽŶƐŽůĂĐŝŽŶ͕ĞďƵ
ϭϮϳϳ ϭϭϵϯ^ŝǆƚŽǀĞŶƵĞ ^ŝǆƚŽŶƚŽŶŝŽǀĞŶƵĞĐŽƌ͘ĞƌŶĂů^ƚƌĞĞƚZŽƐĂƌŝŽWĂƐŝŐŝƚǇ
ϭϮϳϴ ϭϱϳϰ/ůŽŝůŽŝƚǇ,Ăůů 'ƵĂĚĂƌƌĂŵĂͲ:ĂůĂŶĚŽŶŝůĚŐ͕͘:͘D͘ĂƐĂĐŽƌ͘Kƌƚŝǌ^ƚƐ͕͘/ůŽŝůŽŝƚǇ
ϭϮϳϵ ϭϱϳϯWŚŝůĂŶĚdĂŶĚĂŶŐ^ŽƌĂ ϯϯϳdĂŶĚĂŶŐƐŽƌĂǀĞ͕͘WĂƐŽŶŐdĂŵŽ͕YƵĞǌŽŶŝƚǇ
ϭϮϴϬ ϭϳϰϴYƵĂůĨŽŶƵŵĂŐƵĞƚĞΎΎ '&ŚƵĂŶŐůĚŐ͕͘ƌ͘s͘>ŽĐƐŝŶ͕ƵŵĂŐƵĞƚĞŝƚǇ
ϭϮϴϭ ϭϱϳϱ^ĂƉĂŶŐWĂůĂǇΎΎ ůŬϮϬ>ŽƚϭDDƵŝůĚŝŶŐ͕dĞĂĐŚĞƌƐsŝůůĂŐĞ͕ƌŐǇ͘^ĂŶZĂĨĂĞůϭ͕^ĂŶ:ŽƐĞĞůDŽŶƚĞ͕ƵůĂĐĂŶ
ϭϮϴϮ ϭϰϲϴWĂůĂWĂůĂϮΎΎ ĂƐŵĂƌŝŹĂƐŽŵŵĞƌĐŝĂůŽŵƉůĞǆ͕'ŽǀĞƌŶŽƌΖƐŽŵƉůĞǆƌŝǀĞ͕ĂƐŵĂƌŝŹĂƐ͕ĂǀŝƚĞ
ϭϮϴϯ ϭϱϱϬ>ĂŶĐĂƐƚĞƌ/ŵƵƐΎΎ ƌŐǇ͘ůĂƉĂŶϮͲ͕/ŵƵƐ͕ĂǀŝƚĞ
ϭϮϴϰ ϭϰϴϵZĞƐŝĚĞŶĐŝĂZĞĂů '&ZĞƐŝĚĞŶĐŝĂZĞĂů͕^ŽůĂŶĂ^ƚ͘ĐŽƌ͘ZĞĂů^ƚ͕͘ƌŐǇϲϱϰ/ŶƚƌĂŵƵƌŽƐ͕DĂŶŝůĂ
ϭϮϴϱ ϭϱϬϯdŝƉĂƐ &͘DĂŶĂůŽ^ƚ͕͘>ŝŐŝĚdŝƉĂƐ͕dĂŐƵŝŐ
ϭϮϴϲ ϭϳϮϴ^ĂŶ:ƵĂŶ͕/ůŽĐŽƐ^ƵƌΎΎ EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ƌŐǇ͘ĂŶŶƵĂƌWŽďůĂĐŝŽŶ͕^ĂŶ:ƵĂŶ͕/ůŽĐŽƐ^Ƶƌ
ϭϮϴϳ ϭϲϱϲDĂǆƐƚĞĞůůĚŐ͘ hŶŝƚϭ͕'&ŽĨDĂǆƐƚĞĞůůĚŐ͕͘ϮϲϲE͘ŽŵŝŶŐŽ^ƚ͕͘ƌŐǇ͘WĂƐĞƐĚĞŶĂ͕^ĂŶ:ƵĂŶŝƚǇ
ϭϮϴϴ ϭϲϮϲWĂƐŝů >͘&ůŽƌĞƐ^ƚƌĞĞƚ͕ĐŽƌŶĞƌ^ƉŽůŝĂƌŝƵŵ^ƚƌĞĞƚ͕ƌŐǇ͘WĂƐŝů͕ĞďƵŝƚǇ
ϭϮϴϵ ϭϲϰϬWĂƌŬůĂŶĞĂƐŵĂΔΔ ϭϮϮƌŐǇ͘^ĂďĂŶŐ͕ĂƐŵĂƌŝŹĂƐ͕ĂǀŝƚĞ
ϭϳϱϬĂƚŚĞĚƌĂů
ϭϮϵϬ '&KďĚƵůŝĂ/ŶŶŽůŽŶ^ƚ͘Žƌ͘WĞƌĚŝĐĞƐ^ƚ͘ƵŵĂŐƵĞƚĞŝƚǇ
ƵŵĂŐƵĞƚĞΎΎ
ϭϮϵϭ ϭϰϵϮW/WĞŹĂƌĂŶĚĂΎΎ >ĞŐĂǌƉŝŝƚǇ͕ůďĂǇ
ϭϮϵϮ ϭϳϰϱ^͘͘ĂďĂŚƵŐ ^͘ĂďĂŚƵŐ^ƚ͕/ďĂďĂŽDĂŶĚĂƵĞŝƚǇ
ϭϮϵϯ ϭϰϮϱĂŶĚƵŵĂŶ DdůĚŐ͕͘,͘ďĞůůĂŶĂ^ƚ͘ĐŽƌ͘EĂƚŝŽŶĂů,ŝŐŚǁĂǇĂƐĂŬ͕DĂŶĚĂƵĞŝƚǇ
26
ϭϮϵϰ ϭϲϬϲDĂŬĂƚŝŝƚǇ,ĂůůϮ ϳϳϵ:WZŝǌĂů^ƚ͕͘WŽďůĂĐŝŽŶ͕DĂŬĂƚŝŝƚǇ
ϭϮϵϱ ϭϳϰϮďƌĞĞǌĂ ^ƉĂĐĞϭϬϭϯ͕'&͕ďƌĞĞǌĂDĂůů͕:W>ĂƵƌĞůǀĞ͕͘ĂũĂĚĂ͕ĂǀĂŽŝƚǇ
ϭϮϵϲ ϭϳϴϮDŽŶĐĂĚĂΎΎ DŽŶĐĂĚĂWƵďůŝĐDĂƌŬĞƚ͕DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕WŽďůĂĐŝŽŶϭ͕DŽŶĐĂĚĂ͕dĂƌůĂĐ
ϭϮϵϳ ϭϳϮϮWůĂǌĂDŝƌĂŶĚĂ &ĞůŝǆZ͘,ŝĚĂůŐŽ^ƚ͕͘YƵŝĂƉŽDĂŶŝůĂ
ϭϮϵϴ ϭϳϯϱ>Zds͘DĂƉĂ ϰϭϯϰZ͘DĂŐƐĂǇƐĂǇǀĞ͕͘^ƚĂDĞƐĂDĂŶŝůĂŝƚǇ
'&KŶĞ>ĞŐĂĐǇWůĂĐĞůĚŐ͕͘ŽŶ:ĞƐƵƐůǀĚ͘ĐŽƌ͘<ĞŶƌƚƵĐŬǇ͕ůĂďĂŶŐ,ŝůůƐ͕ƌŐǇ͘ƵƉĂŶŐ͕
ϭϮϵϵ ϭϲϳϮůĂďĂŶŐ,ŝůůƐ
DƵŶƚŝŶůƵƉĂŝƚǇ
ϭϯϬϬ ϭϱϱϰWĂŶŽƌĂŵĂdŽǁĞƌ' WĂŶŽƌĂŵĂdŽǁĞƌ͕ϯϰƚŚ^ƚ͘ĐŽƌ͘>ĂŶĞ͕ŽŶŝĨĂĐŝŽ'ůŽďĂůŝƚǇ͕dĂŐƵŝŐŝƚǇ
ϭϯϬϭ ϭϲϵϲ&͘>ĞŐĂƐƉŝΎΎ ϳϱ&͘>ĞŐĂƐƉŝ^ƚ͕͘WĂƐŝŐ'ƌĞĞŶůĂŶĚsŝůůĂŐĞ͕WĂƐŝŐŝƚǇ
ϭϯϬϮ ϭϱϰϮĞůƚŽŶWůĂĐĞΔΔ hŶŝƚϰWĂƐŽŶŐdĂŵŽ^ƚ͘ĐŽƌ͘zĂŬĂů^ƚ͕͘DĂŬĂƚŝŝƚǇ
ϭϯϬϯ ϭϲϮϵ^ĂůĂǁĂŐϯ ϲϬWĂůŝƉĂƌĂŶZŽĂĚ͕^ĂůĂǁĂŐ͕ĂƐŵĂƌŝŹĂƐ͕ĂǀŝƚĞ
ϭϯϬϰ ϭϰϵϯW/ĂƌĂŐĂΎΎ Žƌ͘ZŝǌĂů^ƚ͘ĂŶĚƌďŽůĞĚĂ^ƚ͕͘ĂƌĂŐĂWƵďůŝĐDĂƌŬĞƚ͕ƌŐǇ͘/ůĂǁŽĚͲϭ͕ĂƌĂŐĂ͕ůďĂǇ
ϭϯϬϱ ϭϲϵϳ^ĂŶsŝĐĞŶƚĞdĂƌůĂĐΎΎ >Žƚϭ͕ůŬϱ͕^ŽƵƚŚĞƌŶďǇƉĂƐƐZŽĂĚ͕^ĂŶsŝĐĞŶƚĞ͕dĂƌůĂĐŝƚǇ
ϭϯϬϲ ϭϱϬϵDĂƌŝŐŽŶĚŽŶΎΎ ƌŽƐƐŝŶŐDĂƌŝŐŽŶĚŽŶĞĂĐŚZŽĂĚ͕>ĂƉƵͲ>ĂƉƵŝƚǇ
'ͬ&ŽĨWŽůǇƚĞĐŚŶŝĐhŶŝǀĞƌƐŝƚǇŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐͲ,ĂƐŵŝŶƵŝůĚŝŶŐ͕ZĂŵŽŶDĂŐƐĂǇƐĂǇĐŽƌsĂůĞŶĐŝĂ
ϭϯϬϳ ϭϳϬϬWhW,ĂƐŵŝŶ
^ƚ͕͘^ƚĂ͘DĞƐĂ͘DĂŶŝůĂ
ϭϯϬϴ ϭϯϵϰsŝĐƚŽƌŝĂƐΎΎ KƐŵĞŹĂĐŽƌ͘:ŽǀĞƌ^ƚ͕͘sŝĐƚŽƌŝĂƐ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ϭϯϬϵ ϭϰϬϯDĂŶĂƉůĂΎΎ DĂŶĂƉůĂDĂƌŬĞƚůŽĐŬƐ͕DƵŶŝĐŝƉĂůŝƚǇŽĨDĂŶĂƉůĂ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ϭϯϭϬ ϭϳϳϳĂŵĂĐŚŝůĞƐΎΎ ĂŵĂĐŚŝůĞƐ͕DĂďĂůĂĐĂƚŝƚǇ͕WĂŵƉĂŶŐĂ
ϭϲϬϵŝĂŵŽŶĚ^ƵďĚŝǀŝƐŝŽŶ
ϭϯϭϭ DŽƌŐĂŶŐǀĞ͕͘DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕ĂůŝďĂŐŽ͕ŶŐĞůĞƐ͕WĂŵƉĂŶŐĂ
ΎΎ
ϭϯϭϮ ϭϰϰϱDĂďƵŚĂǇŝƚǇ ƌŐǇ͘ĂĐůĂƌĂŶ͕ĂďƵǇĂŽŝƚǇ͕>ĂŐƵŶĂ
ϭϲϲϬ^ŝĞƌƌĂDĂĚƌĞ
ϭϯϭϯ ^ĐŽƌ͘^ƵůƚĂŶ^ƚ͕͘DĂŶĚĂůƵǇŽŶŐŝƚǇ
DĂŶĚĂůƵǇŽŶŐ
ϭϳϵϯ^ĂŶŐƵƐƚŝŶĞ
ϭϯϭϰ DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕ZĂŵĂƌsŝůůĂŐĞ͕^ĂŶŐƵƐƚŝŶ͕^ĂŶ&ĞƌŶĂŶĚŽ͕WĂŵƉĂŶŐĂ
WĂŵƉĂŶŐĂΎΎ
ϭϯϭϱ ϭϲϲϴ^ŝůǀĞƌŝƚǇϮΎΎ 'ͬ&^ŝůǀĞƌŝƚǇůĚŐ͘Ϯ͕&ƌŽŶƚĞƌĂsĞƌĚĞ͕KƌƚŝŐĂƐĞŶƚĞƌ͕WĂƐŝŐŝƚǇ
ϭϯϭϲ ϭϳϯϯĂǇƉŽŵďŽ ϮϬϭƌŐǇ͘ĂǇƉŽŵďŽ͕^ƚĂ͘DĂƌŝĂ͕ƵůĂĐĂŶ
ϭϯϭϳ ϭϴϮϮhůĂƐƌŽƐƐŝŶŐΎΎ ƌŐǇ͘dĂůŽŵŽͲŽƚĂďĂƚŽ͕ĂǀĂŽŝƚǇ
ϭϯϭϴ ϭϳϯϰ^ƚĂ͘ůĂƌĂ͕ƵůĂĐĂŶΎΎ ǇƉĂƐƐZŽĂĚ͕^ƚĂ͘ůĂƌĂ͕^ƚĂ͘DĂƌŝĂ͕ƵůĂĐĂŶ
ϭϯϭϵ ϭϱϰϳ'ƌĂŶĚ,ĂƌďŽƌ,ŽƚĞůΎΎ ηϮϰϵtĂƚĞƌĨƌŽŶƚZŽĂĚ͕^ƵďŝĐĂǇ&ƌĞĞƉŽƌƚŽŶĞ͕KůŽŶŐĂƉŽŝƚǇ
ϭϯϮϬ ϭϲϱϯW'^ΎΎ 'ͬ&KƵƌWƌĞƐƐ/ŶĐ͕͘:ƵŶƋƵĞƌĂ^ƚ͕͘ĞďƵŝƚǇ
ϭϯϮϭ ϭϱϲϳ>ŝŵĂǇ͕ĂƚĂĂŶΎΎ ƌŐǇ͘ZĞĨŽƌŵŝƐƚĂ͕EĂƚŝŽŶĂůZŽĂĚ͕>ŝŵĂǇ͕ĂƚĂĂŶ
ϭϯϮϮ ϭϱϴϮDĂŶĚƵƌƌŝĂŽWůĂǌĂΎΎ KŶĂƚĞĞ>ĞŽŶ^ƚ͘ĐŽƌ͘Z͘DĂƉĂ^ƚ͕͘ŝƐƚƌŝĐƚŽĨDĂŶĚƵƌƌŝĂŽ͕/ůŽŝůŽŝƚǇ
ϭϯϮϯ ϭϳϭϴŶǀĞƌŐĂhŶŝǀĞƌƐŝƚǇ ƌŐǇ͘/ďĂďĂŶŐƵƉĂǇ͕>ƵĐĞŶĂŝƚǇ
ϭϳϲϯWŚŽĞŶŝǆŵĂŶŐ
ϭϯϮϰ ͘ŵĂŶŐZŽĚƌŝŐƵĞǌǀĞ͕͘DĂŶŐŐĂŚĂŶ͕WĂƐŝŐ
ZŽĚƌŝŐƵĞǌΎΎ
ϭϯϮϱ ϭϳϯϮ'ƵŝŐƵŝŶƚŽΎΎ ϭϳϯĞůĂƌƵǌ^ƚ͕͘WŽďůĂĐŝŽŶ͕'ƵŝŐƵŝŶƚŽ͕ƵůĂĐĂŶ
ϭϯϮϲ ϭϳϮϲ>Ă^ĂůůĞϯ hŶŝƚEŽ͘ϭͲ͕'ͬ&͕hŶŝǀĞƌƐŝƚǇDĂůů͕dĂĨƚǀĞ͕͘DĂůĂƚĞ͕DĂŶŝůĂ
ϭϯϮϳ ϭϱϮϳƐĐŽůƚĂdǁŝŶdŽǁĞƌƐ ƐĐŽůƚĂ^ƚ͕͘DĂŶŝůĂŝƚǇ
ϭϯϮϴ ϭϱϵϳ:ŽƌĚĂŶͲDŽŽŶǁĂůŬΎΎ :ŽƌĚĂŶĐŽƌ͘ĂĂŶŐĂƚĂŶŐ͕ƌŐǇ͘DŽŽŶǁĂůŬ͕WĂƌĂŹĂƋƵĞŝƚǇ
ϭϯϮϵ ϭϱϴϴdƵďƵƌĂŶ ĐŽƌ͘dĂďŽƚĂďŽĂŶĚƵƌŐŽƐ^ƚ͕͘ƌŐǇ͘ϯ͕dƵďƵƌĂŶ͕ĞďƵ
ϭϯϯϬ ϭϳϮϭ^ĂŶZŽƋƵĞĂǀŝƚĞŝƚǇ W͘ƵƌŐŽƐǀĞ͘ĐŽƌ͘ƌĂ͘^ĂůĂŵĂŶĐĂǆƚŶ͕͘ƌŐǇ͘ϱϴͲ͕ĂǀŝƚĞŝƚǇ
ϭϯϯϭ ϭϴϭϱ:ĞƚƚǇWŽƌƚͲĂƚŝĐůĂŶΎΎ ϮŶĚ&ůƌ͕͘dDWůĚŐ͕͘ĂƚŝĐůĂŶWŽƌƚ͕DĂůĂǇ͕ŬůĂŶ
ϭϴϭϳdŽƵƌŝƐƚĞŶƚĞƌͲ
ϭϯϯϮ dŽƵƌŝƐƚĞŶƚĞƌͲDĂŶŐŐĂǇĂĚDĂŶŽĐ͕ŽƌĂĐĂǇ/ƐĂůĂŶĚ͕DĂůĂǇ͕ŬůĂŶ
ŽƌĂĐĂǇΎΎ
ϭϯϯϯ ϭϱϴϱ>ŽƌĞƚĂƵŝůĚŝŶŐ ŽŚŽůǀĞ͕͘ĞďƵƵƐŝŶĞƐƐWĂƌŬ͕ĞďƵŝƚǇ
ϭϴϬϯƵŐĂůůŽŶ͕
ϭϯϯϰ ƌŐǇ͘WŽďůĂĐŝŽŶ͕ƵŐĂůůŽŶ͕WĂŶŐĂƐŝŶĂŶ
ϭϯϯϱ ϭϳϱϱ'ĞŽƌŐĞƚŽǁŶǇďĞƌŵĂůů 'ĞŽƌŐĞƚŽǁŶǇďĞƌŵĂůů͕ZEWĞůĂĞǌůǀĚ͕͘ĂŐĂǇĂŶĚĞKƌŽŝƚǇ
ϭϯϯϲ ϭϲϮϮE͘ŽŵŝŶŐŽϮΎΎ hŶŝƚϭϬϰ'ͬ&͕&KZůĚŐ͕͘E͘ŽŵŝŶŐŽĐŽƌ͘&͘ZŽŵĂŶ^ƚƐ͕͘^ĂŶ:ƵĂŶŝƚǇ
ϭϯϯϳ ϭϰϱϲzĂƚŝDĂƌŬĞƚΎΎ Ͳ'ŝƐƚƌŝďƵƚŝŽŶĂŶĚdƌĂĚŝŶŐ/ŶĐ͕͘zĂƚŝ͕>ŝůŽĂŶ͕ĞďƵ
ϭϯϯϴ ϭϲϰϱĂŐŽŶŐ^ŝůĂŶŐϰ >ŽƚϰůŬϰϭĂƌƌŝŽŽĨĂŐŽŶŐ^ŝůĂŶŐ͕ĂůŽŽĐĂŶŝƚǇ
ϭϯϯϵ ϭϴϰϬ^ƚĂƌŝƚǇΎΎ ZϲůŝǁZŽĂĚ͕WŽŵƉůĞǆ͕WĂƐĂǇŝƚǇ
27
ϭϯϰϬ ϭϲϭϴh^^ŽƵƚŚĂŵƉƵƐΎΎ :͘ůĐĂŶƚĂƌĂ^ƚ͕͘ƐĂŵďĂŐϭ͕ĞďƵŝƚǇ
ϭϯϰϭ ϭϱϯϯ>ĂďŽΎΎ >ĂďŽ͕ĂŵĂƌŝŶĞƐEŽƌƚĞ
ϭϯϰϮ ϭϲϵϵŽŶŐĂďŽŶ͕E͘ΎΎ WŽďůĂĐŝŽŶZŽĂĚ͕ŽŶŐĂďŽŶ͕EƵĞǀĂĐŝũĂ
ϭϯϰϯ ϭϲϲϰhƌĚƵũĂsŝůůĂŐĞ ηϲϮ^ŝŬĂƚƵŶĂǀĞ͕͘hƌĚƵũĂsŝůůĂŐĞ͕ĂůŽŽĐĂŶŝƚǇ
ϭϯϰϰ ϭϳϰϭWŽƌĂĐ͕WĂŵƉĂŶŐĂΎΎ ĂŶŐĂƚďĂ͕WŽƌĂĐ͕WĂŵƉĂŶŐĂ
ϭϯϰϱ ϭϰϵϱW/dĂŐĂƉŽΎΎ EĂƚŝŽŶĂůZŽĂĚ͕ƌŐǇ͘dĂŐĂƉŽ͕^ƚĂ͘ZŽƐĂ͕>ĂŐƵŶĂ
ϭϴϮϲĂǀĂŽŽĐƚŽƌƐ
ϭϯϰϲ ϰϯϯ'ĞŶĞƌĂůDĂůǀĂƌ^ƚƌĞĞƚƌŐǇ͘ϬϬϲYƵŝƌŝŶŽǀĞŶƵĞ͕ĂǀĂŽŝƚǇ
ŽůůĞŐĞΎΎ
ϭϯϰϳ ϭϰϳϴ^ĂŶĂƌůŽƐEĞŐƌŽƐΎΎ ͘>͘>ĞĚĞƐŵĂǀĞ͘ĐŽƌ͘>ŽĐƐŝŶ^ƚ͕͘^ĂŶĂƌůŽƐŝƚǇ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ϭϯϰϴ ϭϲϯϯĂƐƚZĞŵďŽΎΎ ϭϴϮͲϭϵƚŚǀĞ͘ĐŽƌ͘:͘W͘ZŝǌĂůǆƚĞŶƐŝŽŶ͕ĂƐƚZĞŵďŽ͕DĂŬĂƚŝŝƚǇ
ϭϯϰϵ ϭϰϱϳWŝŶĂŵƵŶŐĂŚĂŶ WŽďůĂĐŝŽŶ͕WŝŶĂŵƵŶŐĂŚĂŶ͕ĞďƵ
ϭϳϮϳ&ĞĞůDƵŶĚŽ
ϭϯϱϬ ĂŶĂǁĞ^ƚ͕͘ĐŽƌ͘ĂĚŝǌ^ƚ͕͘YƵĞǌŽŶŝƚǇ
,ŽƐƉŝƚĂůΎΎ
hŶŝƚϭϬϮ͕'ͬ&ZŽŶŶĞĐƚŝĐƵƚƵƐŝŶĞƐƐĞŶƚĞƌ͕EŽ͘ϱϭ͕ŽŶŶĞĐƚŝĐŝƚƐƚ͕͘EŽƌƚŚĞĂƐƚ'ƌĞĞŶŚŝůůƐ͕
ϭϯϱϭ ϭϳϬϵŽŶŶĞĐƚŝĐƵƚϮ
^ĂŶ:ƵĂŶ͕DĞƚƌŽDĂŶŝůĂ
ϭϯϱϮ ϭϰϭϱƵĞŶĚŝĂϲ ƵĞŶĚŝĂǀĞ͘Žƌ͘WĂƐŽŶŐdĂŵŽ^ƚ͕͘DĂŬĂƚŝŝƚǇ͘
ϭϯϱϯ ϭϲϱϮĞďƵ^ƚ͘DĂƌǇΖƐΎΎ dƵƉĂƐ^ƚ͕͘^ĂǁĂŶŐĂůĞƌŽ͕ĞďƵŝƚǇ
ϭϴϱϱ^ĂŶŶƚŽŶŝŽ͕EƵĞǀĂ
ϭϯϱϰ ůŽŶŐWŽůĂĐŝŽŶZŽĂĚ͕^ĂŶŶƚŽŶŝŽ͕EƵĞǀĂĐŝũĂ
ĐŝũĂΎΎ
ϭϯϱϱ ϭϲϴϰsŝŐĂŶϯ EĂƚŝŽŶĂůZŽĂĚĐŽƌ͘ŶŶƵŶĐŝĂĐŝŽŶ^ƚ͕͘ĂŶƚĂǇ͕sŝŐĂŶŝƚǇ͕/ůŽĐŽƐ^Ƶƌ
ϭϯϱϲ ϭϳϲϵ^DdĂǇƚĂǇ hŶŝƚϭϭϯͲϭϭϰ͕'&͕^DdĂǇƚĂǇ/dWĂƌŬ͕DĂŶŝůĂĂƐƚZŽĂĚ͕dĂǇƚĂǇ͕ZŝǌĂů
ϭϯϱϳ ϭϲϵϭŝƚŝŚŽŵĞƐDŽůŝŶŽΎΎ sĂůůĞũŽtĞƚĂĚƌǇDĂƌŬĞƚ͕ŝƚŝŚŽŵĞƐ^ƵďĚ͕͘DŽůŝŶŽϰ͕ĂĐŽŽƌ͕ĂǀŝƚĞ
ϭϯϱϴ ϭϱϵϴ/DWůĂǌĂͲĂƐƚǁŽŽĚΎΎ /DWůĂǌĂͲZϭ͕ĂƐƚǁŽŽĚŝƚǇ
ϭϯϱϵ ϭϲϱϭĂƐƚDĂŶƐŝŽŶ hŶŝƚϮ͕'ͬ&ĂƐƚDĂŶƐŝŽŶdŽǁŶŚŽŵĞƐ͕ůŝƐĐŽZŽĂĚ͕^ƚŽ͘ZŽƐĂƌŝŽĂƐƚ͕^ĂŶ:ŽĂƋƵŝŶ͕WĂƚĞƌŽƐ
ϭϯϲϬ ϭϲϴϮƵƐƚŝůůŽƐΎΎ ^ĂŶŶƚŽŶ^ƚ͘ĐŽƌ͘ĂƌŶƐŚĂǁ͕^ĂŵƉĂůŽĐ͕DĂŶŝůĂ
ϭϯϲϭ ϭϲϰϴWĞŹĂĨƌĂŶĐŝĂΎΎ DĂƌĐŽƐ,ŝŐŚǁĂǇ͕ƌŐǇ͘DĂǇĂŵŽƚ͕ŶƚŝƉŽůŽŝƚǇ͕ZŝǌĂů
ϭϯϲϮ ϭϳϱϴĂůŽǇ͕KůŽŶŐĂƉŽΎΎ ηϭĂůŽǇĞĂĐŚZŽĂĚĐŽƌ͘EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ĂƌƌŝŽĂƌĞƚƚŽ͕KůŽŶŐĂƉŽŝƚǇ
ϭϯϲϯ ϭϮϵϰW/dƵǇΔΔ ƌŐǇ͘>ƵŶƚĂů͕WĂůŝĐŽƌŽƐƐŝŶŐ͕dƵǇ͕ĂƚĂŶŐĂƐ
ϭϯϲϰ ϭϲϯϬDĂƌŝĂKƌŽƐĂϮ ϭϭϮϱDĂƌŝĂKƌŽƐĂ^ƚ͕͘ƌŵŝƚĂ͕DĂŶŝůĂ
ϭϯϲϱ ϭϳϴϳĂƌŵĞŶĞďƵ EĂƚŝŽŶĂůZŽĂĚ͕ŽŐŽŶǁĞƐƚ͕ĂƌŵĞŶ͕ĞďƵ
ϭϯϲϲ ϭϳϵϭWŝĞůĂĂƐŵĂ WŝĞůĂ͕^ĂŵƉĂůŽĐϯ͕ĂƐŵĂƌŝŹĂƐ͕ĂǀŝƚĞ
ϭϯϲϳ ϭϱϴϬĂƌƌĂŐĂ/ůŽŝůŽΎΎ :ĂůĂŶĚŽŶŝ^ƚ͘ĐŽƌ͘'ŽŵĞǌ^ƚ͕͘DƵŶŝĐŝƉĂůŝƚǇŽĨĂƌƌĂŐĂ͕WƌŽǀŝŶĐĞŽĨ/ůŽŝůŽ
ϭϯϭϯ,ƵůŽŶŐƵŚĂƚ
ϭϯϲϴ ϭϳtŽŵĞŶΖƐůƵď^ƚ͘ĐŽƌ͘&ůŽƌĞƐ^ƚ͕͘DĂůĂďŽŶŝƚǇ
DĂůĂďŽŶΎΎ
ϭϯϲϵ ϭϳϵϵEƵŵĂŶĐŝĂ ^^ůĚŐ͕͘EƵŵĂŶĐŝĂ͕ŝŶŽŶĚŽ͕DĂŶŝůĂ
ϭϯϳϬ ϭϲϭϯ&ĞƌƌǇdĞƌŵŝŶĂů ZĞƚĂŝůϭ͕:ĞƚƚǇWŽƌƚ͕ƐĞĂƐŝĚĞůǀĚ͕͘DKŽŵƉůĞǆ͕WĂƐĂǇŝƚǇ
ϭϳϴϭW/^ƚŽ͘ŽŵŝŶŐŽ
ϭϯϳϭ ĂůƚĞǆ^ƚŽ͘ŽŵŝŶŐŽ͕DĞǆŝĐŽ͕WĂŵƉĂŶŐĂ
DĞǆŝĐŽΎΎ
ϭϯϳϮ ϭϲϰϯĂůŽŽĐĂŶŝƚǇ,Ăůů ͘DĂďŝŶŝ͕ĂůŽŽĐĂŶŝƚǇ
ϭϯϳϯ ϭϱϰϲĂŐďĂŐƵŝŶ ϭϴϵ'ĞŶĞƌĂů>ƵŝƐ^ƚ͕͘ƌŐǇ͘ĂŐďĂŐƵŝŶ͕sĂůĞŶǌƵĞůĂŝƚǇ
ϭϯϳϰ ϭϱϵϯDĂŶĚĂƵĞĂďĂŶĐĂůĂŶ D͘>͘YƵĞǌŽŶ^ƚ͕͘ĂďĂŶĐĂůĂŶ͕DĂĚĂƵĞŝƚǇ
ϭϯϳϱ ϭϴϭϬ^ĂŶWĞĚƌŽϴΎΎ ηϵZŝǌĂů^ƚ͕͘ƌŐǇ͘WŽďůĂĐŝŽŶ^ĂŶWĞĚƌŽŝƚǇ͕>ĂŐƵŶĂ
ϭϯϳϲ ϭϳϱϰ>ŝŵŬĞƚŬĂŝ>ƵǆĞ,ŽƚĞů '&͕>ŝŵŬĞƚŬĂŝ>ƵǆĞ,ŽƚĞů͕>ŝŵŬĞƚŬĂŝĞŶƚĞƌ͕ĂŐĂǇĂŶĞKƌŽ
ϭϯϳϳ ϭϴϮϴDĂůǀĂƌĂǀĂŽΎΎ Dƚ͘ƉŽ^ƚ͕͘ĂǀĂŽŝƚǇ
ϭϯϳϴ ϭϳϳϭWĂƐĐĂŵϮ ƌŶĂůĚŽ,ŝŐŚǁĂǇ͕ƌŐǇ͘WĂƐŽŶŐĂŵĂĐŚŝůůĞͲ/͕'ĞŶ͘dƌŝĂƐ͕ĂǀŝƚĞ
ϭϯϳϵ ϭϳϳϮ'D^ĂŶ:ŽƐĞ ƌŐǇ͘dŝŶǇĞŶƚĞdŝĂŐŽ͕'D͕ĂǀŝƚĞ
ϭϯϴϬ ϭϴϱϳĂůĂĐĂ,ŝŐŚǁĂǇΎΎ WŽďůĂĐŝŽŶϰ͕EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ĂůĂĐĂ͕ĂƚĂŶŐĂƐŝƚǇ
ϭϯϴϭ ϭϳϲϰZĞďŝƐĐŽ ηϱϲ'ĞŶ͘>ƵŝƐ^ƚ͕͘ƌŐǇ͘EĂŐŬĂŝƐĂŶŐEĂǇŽŶ͕EŽǀĂůŝĐŚĞƐ͕YƵĞǌŽŶŝƚǇ
ϭϯϴϮ ϭϳϭϬWĂƚŝŵďĂŽ ^ƚŽ͘ŶŐĞů^Ƶƌ͕^ƚĂ͘ƌƵǌ͕>ĂŐƵŶĂ
ϭϯϴϯ ϭϳϬϯ^ĐŝĞŶĐĞǀŝůůĞ ηϱϬZƵƐƐŝĂ^ƚ͕͘ĞƚƚĞƌůŝǀŝŶŐ^ƵďĚ͕͘WĂƌĂŹĂƋƵĞŝƚǇ
ϭϯϴϰ ϭϳϰϯh&,ŽƐƉŝƚĂůϮ ŶŐĞůĞƐhŶŝǀĞƌƐŝƚǇ&ŽƵŶĚĂƚŝŽŶ͕DĞĚŝĐĂůĞŶƚĞƌ͕DĂĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕ŶŐĞůĞƐŝƚǇ͕WĂŵƉĂŶŐĂ
ϭϯϴϱ ϭϴϯϱh/ŽŶŝĨĂĐŝŽΎΎ ŽǀĞƌDĂŐĂůůĂŶĞƐŽŶŝĨĂĐŝŽ^ƚ͕͘ĂǀĂŽŝƚǇ
ϭϯϴϲ ϭϴϲϱW/<ƵŵŝŶƚĂŶŐΎΎ ĂƌƌŝŽŽĨ^ĂŵďĂƚ/ůĂǇĂ͕ĂƚĂŶŐĂƐŝƚǇ
ϭϯϴϳ ϭϳϲϮ^ĂďĂŶŐ>ŝƉĂΎΎ ^ĂďĂŶŐ͕>ŝƉĂ͕ĂƚĂŶŐĂƐ
28
ϭϯϴϴ ϭϱϰϴ^ŚĞůůĂĐŽůŽƌΎΎ ĂĐŽůŽƌ͕WĂŵƉĂŶŐĂ
ϭϯϴϵ ϭϴϱϲ^ĂŶ:ŽƐĞϰ͕E͘͘ΎΎ ,ŽƚĞůdŝĞƌƌĂ͕ŽŶŝĨĂĐŝŽ^ƚ͕͘ƌŐǇ͘ZĂĨĂĞů͕^ĂŶ:ŽƐĞ͕EƵĞǀĂĐŝũĂ
ϭϯϵϬ ϭϴϲϬWŝŶĂŐƐĂŵĂsŝůůĂŐĞΎΎ ůŬ͘ϯ>ŽƚϯWŚĂƐĞϮ͕WŝŶĂŐƐĂŵĂsŝůůĂŐĞ͕ͲϱZŽĂĚ͕tĞƐƚĞƌŶŝĐƵƚĂŶ͕dĂŐƵŝŐŝƚǇ
ϭϯϵϭ ϭϲϰϵZĞĚWůĂŶĞƚ,ŽƚĞů dƵŶĞ,ŽƚĞůǇĂůĂ͕ϵϵhƌďĂŶǀĞ͕͘ƌŐǇ͘WŝŽĚĞůWŝůĂƌ͕DĂŬĂƚŝŝƚǇ
ϭϯϵϮ ϭϲϭϳhŶŝŽŝůtĞƐƚǀĞŶƵĞ tĞƐƚĂǀĞŶƵĞĐŽƌŶĞƌĂǀŝƚĞ^ƚ͕͘ƌŐǇ͘WĂůƚŽŬ͕YƵĞǌŽŶŝƚǇ
ϭϯϵϯ ϭϴϬϱDĂůĂƌŝĂ,ŝŐŚǁĂǇ YƵŝƌŝŶŽ,ŝŐŚǁĂǇĐŽƌŶĞƌ,ŝůƚŽŶ^ƚƌĞĞƚƌŐǇ͘DĂůĂƌŝĂEŽƌƚŚ͕ĂůŽŽĐĂŶŝƚǇ
ϭϯϵϰ ϭϰϮϯWĂŐƌĂŝŶƚŝƉŽůŽ ƌŐǇ͘DĂǇĂŵŽƚ͕ŶƚŝƉŽůŽŝƚǇ͕ZŝǌĂů
ϭϯϵϱ ϭϴϲϯŝƚǇDĂůůŽŶƐŽůĂĐŝŽŶ WŽďůĂĐŝŽŶŽŶƐŽůĂĐŝŽŶ͕ĞďƵ
ϭϴϭϰŝǀŝŶĞtŽƌůĚŽůůĞŐĞ
ϭϯϵϲ ůŽŶŐEĂƚŝŽŶĂů,ŝŐŚǁĂǇƌŐǇ͘EƵĞƐƚƌĂ^ƌĂĞsŝƐŝƌĂĐŝŽŶ>ĂŽĂŐŝƚǇ͕/ůŽĐŽƐEŽƌƚĞ
>ĂŽĂŐ
ϭϯϵϳ ϭϴϬϭ^ĐŽƵƚdƵĂƐŽŶΎΎ ηϭϴ^ĐŽƵƚdƵĂƐŽŶĐŽƌ͘^Đƚ͘ĂƐƚŽƌ^ƚ͕͘ƌŐǇ͘>ĂŐŝŶŐ,ĂŶĚĂYƵĞǌŽŶŝƚǇ
'ͬ&hŶŝƚϯĂŶĚϰ͕'ƌĂŶǀŝĂZĞƐŝĚĞŶĐĞƐ͕WKƵƐŝŶĞƐƐWĂƌŬ͕WƵĞďůŽĚĞKƌŽ͕ĂŐĂǇĂŶĚĞKƌŽ
ϭϯϵϴ ϭϴϲϮ'ƌĂŶǀŝĂZĞƐŝĚĞŶĐĞƐΎΎ
ŝƚǇ
ϭϯϵϵ ϭϳϳϱWŽďůĂĐŝŽŶWĂƌĚŽΎΎ ĞďƵ^ŽƵƚŚZĚ͕͘WŽďůĂĐŝŽŶWĂƌĚŽ͕ĞďƵŝƚǇ
ϭϰϬϬ ϭϲϬϯ^͘,͘>ŽǇŽůĂϮ ϳϴϲsŝĐĞŶƚĞƌƵǌ͕^ĂŵƉĂůŽĐ͕DĂŶŝůĂ
ϭϰϬϭ ϭϳϰϬKƚŝƐ '&͕ϭϳϲϱWD'ƵĂǌŽŶ^ƚ͕͘WĂĐŽ͕DĂŶŝůĂ
ϭϰϬϮ ϭϳϰϵ^W/ƵŵĂŐƵĞƚĞΎΎ '&Z^/ůĚŐ͘sĂůĞŶĐŝĂ^ƚ͘>ŽǁĞƌĂŐĂĐĂǇƵŵĂŐƵĞƚĞ
ϭϰϬϯ ϭϳϭϵWĞŶĂƌĂŶĚĂ͕E͘͘ ZŝǌĂů^ƚ͕͘ZŽĂĚ͕ƌŐǇ͘ϭ͕WĞŶĂƌĂŶĚĂ͕EƵĞǀĂĐŝũĂ
ϭϰϬϰ ϭϲϭϱW/d͘WĂĚŝůůĂΎΎ d͘WĂĚŝůůĂ^ƚ͘ĐŽƌ͘D͘:͘ƵĞŶĐŽǀĞ͕͘ĞďƵŝƚǇ
ϭϰϬϱ ϭϳϵϬ^ĂŶ^ŝŵĞŽŶΎΎ WĂŽĂǇƵƌƌŝŵĂŽ^ƵďĂĂůĂĐĂŽZŽĂĚ͕ƌŐǇ͘'ĂĂŶŐƵƌƌŝŵĂŽ͕/ůŽĐŽƐEŽƌƚĞ
ϭϰϬϲ ϭϰϮϬŚŝŶŽZŽĐĞƐΔΔ hŶŝƚ'&ϮϯϭϬůĚŐ͕͘ŚŝŶŽZŽĐĞƐ͕WŝŽĞůWŝůĂƌ͕DĂŬĂƚŝŝƚǇ
ϭϰϬϳ ϭϳϲϬWŚŽĞŶŝǆŶĂďƵ WŚŽĞŶŝǆ'ĂƐ^ƚĂƚŝŽŶ͕ŶĂďƵ//Ͳ͕ŐƵŝŶĂůĚŽ,ŝŐŚǁĂǇ͕/ŵƵƐ͕ĂǀŝƚĞ
ϭϰϬϴ ϭϴϯϭW/ŶŐŽŶŽ ĂůƚĞǆ'ĂƐ^ƚĂƚŝŽŶƌŐǇ͘^ĂŶ/ƐŝĚƌŽŶŐŽŶŽZŝǌĂů
ϭϰϬϵ ϭϲϲϵƐĐĂůĂŶƚĞ EĂƚŝŽŶĂůZŽĂĚĂƐƚǀĞ͘ƐĐĂůĂŶƚĞŝƚǇEĞŐ͘KĐĐ
ϭϰϭϬ ϭϯϲϱ'ŽůĚ>ĂŶĚdŽǁĞƌ hŶŝƚϮ͕'ͬ&ŽĨ'ŽůĚ>ĂŶĚdŽǁĞƌŽŶĚŽŵŝŶŝƵŵEŽ͘ϭϬŝƐĞŶŚŽǁĞƌ^ƚ͕͘'ƌĞĞŶŚŝůůƐ͕^ĂŶ:ƵĂŶ
ϭϰϭϭ ϭϵϭϯĐŽůĂŶĚΎΎ YƵŝŵƉŽůǀĚ͘ĐŽƌ͘ĐŽǁĞƐƚƌŝǀĞ͕DĂƚŝŶĂ͕ĂǀĂŽŝƚǇ
ϭϰϭϮ ϭϱϳϭůŝũŝƐ ůŝũŝƐZŽĂĚŽƌ͘>ĂĐƐŽŶǆƚ͘ĂĐŽůŽĚŝƚǇEĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ϭϰϭϯ ϭϳϲϴŝŹĂŶĂŶůĂůĂǇ EĂƚŝŽŶĂůZŽĂĚ͕ƌŐǇ͘ĂŶůĂůĂǇ͕ŝŹĂŶŝƚǇ͕>ĂŐƵŶĂ
ϭϰϭϰ ϭϲϬϬZŽƐĂƌŝŽ͕>ĂhŶŝŽŶϮΎΎ ƌŐǇ͘dĂŐͲĂĐ͕ZŽƐĂƌŝŽ͕>ĂhŶŝŽŶ
ϭϰϭϱ ϭϵϭϮEŽǀĂdŝĞƌƌĂΎΎ '&hŶŝƚƐϭϬϭƚŽϭϬϰEŽǀĂdŝĞƌƌĂ^ƋƵĂƌĞ͕Ž͘WĂŵƉĂŶŐĂ͕>ĂŶĂŶŐ͕ĂǀĂŽŝƚǇ
ϭϰϭϲ ϭϴϭϵŝůŝďŝĚsŝĞũŽ ϭϬϯϰŽŶĚĞĐŽƌ͕͘ŝůŝďŝĚsŝĞũŽ͕YƵŝĂƉŽDĂŶŝůĂ
ϭϰϭϳ ϭϯϴϭŽƌŽŶĂůĚŐ͘ 'ͬ&͕hͲďĞůƚǆŚŝďŝƚĞŶƚĞƌ͕ϭϵϲϳ͘D͘ZĞĐƚŽǀĞ͕͘DĂŶŝůĂ
ϭϰϭϴ ϭϱϴϲĂĂŶďĂŶƚĂǇĂŶ KƐŵĞŶĂ^ƚ͘WŽďůĂĐŝŽŶĂĂŶĂŶƚĂǇĂŶĞďƵ
ϭϰϭϵ ϭϴϱϰsŝĐƚŽƌŝĂZĞǇĞƐ <,<'ĂƐ^ƚĂƚŝŽŶƌŐǇ͘sŝĐƚŽƌŝĂZĞǇĞƐĂƐŵĂƌŝŶĂƐŝƚǇĂǀŝƚĞ
ϭϰϮϬ ϭϴϵϳƚĞŶĞŽ:ĂĐŝŶƚŽΎΎ ƚĞŶĞŽ:ĂĐŝŶƚŽĐŽƌ͘:ƵĂŶ>ƵŶĂĂǀĂŽŝƚǇ
ϭϰϮϭ ϭϵϯϭdƵůĂŽĐ͕^ĂŶ^ŝŵŽŶΎΎ dƵůĂŽĐ͕^ĂŶ^ŝŵŽŶ͕WĂŵƉĂŶŐĂ
ϭϰϮϮ ϭϮϳϰďĞůůĂŶĂŽŵƉůĞǆΎΎ ZZ>ĂŶĚŽŶ^ƚƌĞĞƚ͕^ĂŵďĂŐϭ͕ĞďƵŝƚǇ
ϭϰϮϯ ϭϳϳϬ:WZŝǌĂůϯΎΎ :WZŝǌĂůĐŽƌ͘>ĞŐĂƐƉŝ^ƚƐ͕͘ƌŐǇsĂůĞŶǌƵĞůĂ͕DĂŬĂƚŝŝƚǇ
ϭϰϮϰ ϭϵϮϯĂďƵǇĂŽŝƚǇ,ĂůůΎΎ &ĂŝůŽŶ^ƚ͕͘ƌŐǇ͘^ĂůĂ͕ĂďƵǇĂŽŝƚǇ͕>ĂŐƵŶĂ
ϭϰϮϱ ϭϴϴϭŶƚŝƉŽůŽŝƌĐůĞΎΎ ůĂǀĞƌŝĂWůĂǌĂŝƌĐƵŵĨĞƌĞŶƚŝĂůZŽĂĚŶƚŝƉŽůŽŝƚǇZŝǌĂů
ϭϳϵϮƋƵĂƚŽƌŝĂůůĚŐ͘D 'ͬ&ƋƵĂƚŽƌŝĂůĞǀĞůŽƉŵĞŶƚZĞĂůƚǇĞǀĞůŽƉŵĞŶƚůĚŐ͕͘DZĞĐƚŽǀĞĐŽƌ͘ŽƌŽŵŝŶĂ^ƚ͘YƵŝƉŽ͕
ϭϰϮϲ
ZĞĐƚŽ DĂŶŝů
ϭϰϮϳ ϭϴϰϲ^WDΎΎ :ŽƐĞW͘>ĂƵƌĞůǀĞ͕͘ĂǀĂŽŝƚǇ
ϭϰϮϴ ϭϱϭϮƌĞŶƚǀŝůůĞ ƌĞŶƚǀŝůůĞƐƵďĚŝǀŝƐŝŽŶƌŐǇ͘DĂŵƉůĂƐĂŶ͕ŝŹĂŶ͕>ĂŐƵŶĂ
ϭϰϮϵ ϭϵϮϮůǀŝŶĚĂ <ŵ͘ϯϬEĂƚŝŽŶĂů,ŝŐŚǁĂǇ^ĂŶWĞĚƌŽŝƚǇ>ĂŐƵŶĂ
ϭϰϯϬ ϭϴϳϯƵůŽŶŐĂǇĂŶ ƌŐǇ͘ƵůŽŶŐĂǇĂŶϮ͕^ĂŶDĂƚĞŽZŝǌĂů
ϭϰϯϭ ϭϴϬϬW/<ĂůĞŶƚŽŶŐΎΎ 'ĞŶ͘<ĂůĞŶƚŽŶŐĐŽƌ͘ZŽŵƵĂůĚĞǌ͕ĂĂŶŐĂŬĂů͕DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϭϰϯϮ ϭϳϵϱ<ĂůŝďŽϭΎΎ ZŽǆĂƐǀĞ͕͘<ĂůŝďŽ͕ŬůĂŶ
ϭϰϯϯ ϭϴϯϰ^ĂŶĚĂǁĂ 'ƵĂƌĚƐŵĂŶƵŝůĚŝŶŐ^ĂŶĚĂǁĂZŽĂĚĂǀĂŽŝƚǇ
hŶŝƚϭϮϭΘϭϮϮ'ƌĂŶĚĞŶƚƌĂůZĞƐŝĚĞŶĐĞƐdŽǁĞƌϭ͕^ĐŽƌ͘^ƵůƚĂŶ^ƚ͕͘ƌŐǇ͘,ŝŐŚǁĂǇ,ŝůůƐ͕
ϭϰϯϰ ϭϳϴϴ^ƵůƚĂŶͲ^ΎΎ
DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϭϰϯϱ ϭϴϳϮWŽƚƌĞƌŽDĂůĂďŽŶ ĂůŽŶŐDĐƌƚŚƵƌ,ŝŐŚǁĂǇĐŽƌ͘ĞůDŽŶƚĞ^ƚ͕͘͘ƌŐǇ͘WŽƚƌĞƌŽ͕DĂůĂďŽŶŝƚǇ
ϭϰϯϲ ϭϳϬϲEĂƌǀĂĐĂŶ͕/ůŽĐŽƐ^ƵƌΎΎ EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕EĂƌǀĂĐĂŶ͕/ůŽĐŽƐ^Ƶƌ
29
ϭϰϯϳ ϭϳϯϲ^DĂƐŵĂƌŝŹĂƐ hŶŝƚϬϭϰ͕'&͕^DĂƐŵĂƌŝŹĂƐ͕'ŽǀĞƌŶŽƌΖƐƌŝǀĞĐŽƌ͘ŐƵŝŶĂůĚŽ,ŝŐŚǁĂǇ͕ĂƐŵĂƌŝŹĂƐ͕ĂǀŝƚĞ
ϭϰϯϴ ϭϴϰϱdĂŶĂǇWŽďůĂĐŝŽŶ WůĂǌĂůĚĞĂ͕dĂŶĂǇ͕ZŝǌĂů
ϭϳϯϬWŚŽĞŶŝǆůĂďĂŶŐͲ
ϭϰϯϵ ůĂďĂŶŐͲĂƉŽƚĞZŽĂĚ͕WĂŵƉůŽŶĂ͕>ĂƐWŝŹĂƐŝƚǇ
ĂƉŽƚĞ
ϭϰϰϬ ϭϵϵϮ'DĂůůΎΎ 'ĂŝƐĂŶŽDĂůůŽĨĂǀĂŽ͕:͘W͘>ĂƵƌĞůǀĞ͕͘ĂǀĂŽŝƚǇ
ϭϰϰϭ ϭϵϮϲŝŹĂŶŝƚǇ,ĂůůΎΎ ƌŐǇ͘ĂƉŽƚĞ͕ŝŹĂŶŝƚǇ͕>ĂŐƵŶĂ
ϭϰϰϮ ϭϵϰϵhDDĂƚŝŶĂΎΎ Z^zŽŵŵĞƌĐŝĂůŽŵƉůĞǆDĐƌƚƵƌ,ͲǁĂǇ͕ƌŐǇ͘DĂƚŝŶĂ͕ĂǀĂŽŝƚǇ
ϭϰϰϯ ϭϳϬϭdŝŐďĂƵĂŶΎΎ '&ΘƵŝůĚŝŶŐ/ǌŶĂƌƚ^ƚ͕͘/ůŽŝůŽŝƚǇ
ϭϰϰϰ ϭϴϴϰW/'ƵƐĂΎΎ WƵƌŽŬϳ͕'ƵƐĂ͕EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ĂŐĂǇĂŶĚĞKƌŽ
ϭϰϰϱ ϭϴϬϮ&>ĞďƵΎΎ ŽŚŽůǀĞ͕͘ĂŶĚƌĐŚďŝƐŚŽƉZĞǇĞƐǀĞ͕͘ĞďƵƵƐŝŶĞƐƐWĂƌŬ͕ĞďƵŝƚǇ
ϭϰϰϲ ϭϲϴϱhƐƵƐĂŶ ϲϯ'ĞŶĞƌĂů>ƵŶĂ^ƚ͕͘ƌŐǇ͘hƐƵƐĂŶ͕dĂŐƵŝŐŝƚǇ
ϭϰϰϳ ϭϲϭϵKƚŽŶϭ ϯDĂďŝŶŝ^ƚ͕͘KƚŽŶ͕/ůŽŝůŽ
ϭϰϰϴ ϭϴϴϱdĂďŝŶŐ/ůŽŐ͕DĂƌŝůĂŽΎΎ DĂĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕WŽďůĂĐŝŽŶϮ͕DĂƌŝůĂŽ͕ƵůĂĐĂŶ
ϭϰϰϵ ϭϲϴϬWŽƚŽƚĂŶ/ůŽŝůŽΎΎ ^ĂŶ:ŽƐĞ^ƚ͘ĐŽƌ͘DĂŐďĂŶƵĂ^ƚ͕͘WŽƚŽƚĂŶ͕/ůŽŝůŽŝƚǇ
ϭϰϱϬ ϭϳϭϮDŝŶŐůĂŶŝůůĂϮΎΎ >ŝƉĂƚĂ͕DŝŶŐůĂŶŝůůĂ͕ĞďƵ
ϭϰϱϭ ϭϰϵϰW/^ŝƉŽĐŽƚΎΎ ƌŐǇ͘'ĂŽŶŐĂŶͲdĂƌĂ͕DƵŶŝĐŝƉĂůŝƚǇŽĨ^ŝƉŽĐŽƚ͕WƌŽǀŝŶĐĞŽĨĂŵĂƌŝŶĞƐ^Ƶƌ
ϭϰϱϮ ϭϴϵϭKΎΎ DĂǆ^ƵŶŝĞů^ƚ͕͘ƌŐǇ͘ĂƌŵĞŶ͕ĂŐĂǇĂŶĚĞKƌŽŝƚǇ
ϭϰϱϯ ϭϵϲϭDĂƚŝŶĂƌŽƐƐŝŶŐΎΎ DĂƚŝŶĂƌŽƐƐŝŶŐ͕ĂǀĂŽŝƚǇ
ϭϰϱϰ ϭϴϯϴW/dƵŐĂƚŽŐ D,ĞůWŝůĂƌĐŽƌ͘'Žǀ͘WĂƐĐƵĂůǀĞ͕͘dƵŐĂƚŽŐ͕DĂůĂďŽŶŝƚǇ
ϭϲϳϭ/ůŽŝůŽͲǇĂůĂ
ϭϰϱϱ /ůŽŝůŽͲǇĂůĂdĞĐŚŶŽŚƵďůĚŐ͕͘ƌŐǇ͘^ĂŶZĂĨĂĞů͕DĂŶĚƵƌŝĂ͕/ůŽŝůŽŝƚǇ
dĞĐŚŶŽŚƵďΎΎ
ϭϴϮϭZĂŐƚŝŵĞ,ŽƚĞů
ϭϰϱϲ 'ͬ&ZĂŐƚŝŵĞ,ŽƚĞů͕WĞƌĞǌůǀĚ͕͘ĂŐƵƉĂŶŝƚǇ͕WĂŶŐĂƐŝŶĂŶ
ĂŐƵƉĂŶ
ϭϰϱϳ ϭϳϮϵdĂŐďĂĐ:ĂƌŽΎΎ ƌŐǇ͘ĂůĂŶƚĂŶŐ͕:ĂƌŽ͕/ůŽŝůŽŝƚǇ
ϭϰϱϴ ϭϵϴϴWĞƚƌŽŶyĂǀŝĞƌƐƚĂƚĞ DĂƐƚĞƌƐŽŶǀĞ͕͘hƉƉĞƌĂůƵůĂŶŐ͕ĂŐĂǇĂŶĚĞKƌŽŝƚǇ
ϭϰϱϵ ϭϲϳϵDĂŶƐŝůŝŶŐĂŶĂĐŽůŽĚ 'ͬ&^ƵůůĞƐƚĂWƌŽƉĞƌƚǇ͕ůŝũŝƐZŽĂĚ͕ĂĐŽůŽĚŝƚǇ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ϭϰϲϬ ϭϲϬϮĂŵĂůŝŐΎΎ ĂŵĂůŝŐWƵďůŝĐDĂƌŬĞƚůĚŐ͕͘WŽďůĂĐŝŽŶ͕ĂŵĂůŝŐ͕ůďĂǇ
ϭϰϲϭ ϭϳϴϬtŝůĐŽŶ/d,Ƶď tŝůĐŽŶ/d,ƵďĂůŽŶŐŚŝŶŽZŽĐĞƐǀĞ͕͘DĂŬĂƚŝŝƚǇ
ϭϰϲϮ ϭϰϳϵ,ŽŵĞƐŝƚĞĂĐŽůŽĚ >DŽŶƚĞůŝďĂŶŽǀĞ͘ĐŽƌ͘ĂƌůŽƐ,ŝůĂĚŽ,ŝŐŚǁĂǇ͕,ŽŵĞƐŝƚĞ͕ƌŐǇ͘sŝůůĂŵŽŶƚĞ͕ĂĐŽůŽĚŝƚǇ
ϭϰϲϯ ϭϳϴϰĂůďĂǇŽŐ ĂůďĂǇŽŐĐŽƌ͘DĂƌŝǀĞůĞƐ^ƚ͕͘,ŝŐŚǁĂǇ,ŝůůƐ͕DĂŶĚĂůƵǇŽŶŐŝǇ
ϭϰϲϰ ϭϴϲϭEĞƉĂY͘DĂƌƚΎΎ :ůĚŐ͕͘ϳϯϬ^ĐŽƌ͘ƌŵŝŶ'ĂƌĐŝĂ^ƚ͕͕͘ƵďĂŽ͕YƵĞǌŽŶŝƚǇ
ϭϰϲϱ ϭϵϳϮĂŶĂǁĞϯΎΎ ϱϳϱE͘^͘ŵŽƌĂŶƚŽ^ƚ͘ĐŽƌ͘ĂŶĂǁĞǀĞ͕͘>Ă>ŽŵĂ͕YƵĞǌŽŶŝƚǇ
ϭϰϲϲ ϭϵϲϬ^ƵŵŽƐŝĂ,ŽƚĞů '&͕^ƵŵŽƐŝĂ,ŽƚĞů͕DĂŵĂǇZŽĂĚ͕>ĂŶĂŶŐ͕ĂǀĂŽŝƚǇ
ϭϰϲϳ ϭϵϵϵsĞŶƵƐdĂŶĚĂŶŐ^ŽƌĂΎΎ ϳϲϲsĞŶƵƐǀĞ͕͘ĂŶůĂƚ͕YƵĞǌŽŶŝƚǇ
ϭϰϲϴ ϭϴϵϲWŽŶĐŝĂŶŽΎΎ WŽŶĐŝĂŶŽZĞǇĞƐ^ƚ͕͘ĂǀĂŽŝƚǇ
ϭϰϲϵ ϭϳϮϯĐŽǌŽŶĞ,ĞƌŵŽƐĂΎΎ ,ĞƌŵŽƐĂ͕ĂƚĂĂŶ
ϭϰϳϬ ϭϴϰϭDĂƌŝĂKƌŽƐĂϯ ϭϭϵϭDĂƌŝĂKƌŽƐĂ^ƚ͕͘ƌŵŝƚĂ͕DĂŶŝůĂ
ϭϰϳϭ ϭϳϭϳĞďƵ^ĂŶ&ĞƌŶĂŶĚŽ <ŵ͘Ϯϵ͕EĂƚŝŽŶĂůZŽĂĚ͕^ĂŶ&ĞƌŶĂŶĚŽ͕ĞďƵ
ϭϰϳϮ ϭϳϵϴƵŵůŽŐdĂůŝƐĂǇΎΎ ƵƌŐŽƐ^ƚ͕͘ƵŵůŽŐ͕dĂůŝƐĂǇ͕ĞďƵ
ϭϰϳϯ ϭϴϬϰWĞŽƉůĞƐWĂƌŬΎΎ ϭϳϳ:͘ĂŵƵƐ/ůƵƐƚƌĞ^ƚ͕͘ĂǀĂŽŝƚǇ
ϭϰϳϰ ϭϴϲϵW/>ĂŐƌŽ ϴϲϴYƵŝƌŝŶŽ,ŝŐŚǁĂǇ͕EŽǀĂŝĐŚĞƐ͕YƵĞǌŽŶŝƚǇ
ϭϰϳϱ ϭϳϵϲĂŶŬĂů>ĂƉƵͲ>ĂƉƵΎΎ >ƵĐĂƐůĚŐ͘ůŽĐĂƚĞĚĂƚĂŶŬĂů^ƚ͕͘>ĂƉƵͲ>ĂƉƵŝƚǇ͕ĞďƵ
ϭϰϳϲ ϭϴϳϭ^ŝŵĂůĂͲĞďƵ ^ŝŵĂůĂ͕^ŝďŽŶŐĂ͕ĞďƵ
ϭϰϳϳ ϭϯϯϯ>ĞŐĂǌƉŝϰΎΎ EĂƚŝŽŶĂůZŽĂĚ͕ƌŐǇ͘ZĂǁŝƐ͕>ĞŐĂǌƉŝŝƚǇ
ϭϰϳϴ ϭϴϵϴŽĐĂƵĞǆŝƚΎΎ ƌŐǇ͘dƵƌŽ͕ŽĐĂƵĞ͕ƵůĂĐĂŶ
ϭϰϳϵ ϭϳϳϴĂǇĂŶ>ƵŵĂ ϰϱϳzĞŶŐĐŽ^ƚ͕͘ĂǇĂŶ>ƵŵĂ///͕/ŵƵƐ͕ĂǀŝƚĞ
ϭϰϴϬ ϭϴϴϯKĂƉŝƚŽůΎΎ ͘D͘ZĞĐƚŽǀĞ͘ĐŽƌŽŶƉŽůŝŶĂƌsĞůĞǌ^ƚ͕͘ĂŐĂƚĂŶĚĞKƌŽŝƚǇ
ϭϰϴϭ ϭϵϯϳsŝůůĂsĞƌĚĞ sŝůůĂsĞƌĚĞǀĞ͘ĐŽƌ͘'ĞƌŽŶŝŵŽ^ƚ͕͘^ƚĂ͘DŽŶŝĐĂ͕YƵĞǌŽŶŝƚǇ
ϭϰϴϮ ϭϱϴϵĂďĂŐhŶŽΎΎ ƌŐǇ͘ĂďĂŐϭ͕>ĂƉƵͲ>ĂƉƵŝƚǇ͕ĞďƵ
ϭϰϴϯ ϭϴϱϵ<ĂŐŝŶŚĂǁĂĂŶ <ĂŐŝŶŚĂǁĂĂŶ^ƚ͘ĐŽƌ͘<ĂƐŝŬĂƚĂŶ<͘s͕͘DĂŶŐĂŚĂŶ͕WĂƐŝŐŝƚǇ
ϭϰϴϰ ϭϴϴϲĂůĂŐƵĞƚĞĞďƵ ZŝǌĂů^ƚ͕͘WŽďůĂĐŝŽŶ͕ĂůĂŐƵĞƚĞ͕ĞďƵ
ϭϰϴϱ ϭϵϮϰ/ZZ/>ΎΎ ƌŐǇ͘DĂĂŚĂƐ͕>ŽƐĂŹŽƐ͕>ĂŐƵŶĂ
30
ϭϰϴϲ ϭϱϴϰsŝůůĂƌĞǀĂůŽ/ůŽŝůŽΎΎ zƵůŽƌŝǀĞĐŽƌ͘ŽŶŝĨĂĐŝŽ^ƚ͕͘sŝůůĂƌĞǀĂůŽ͕/ůŽŝůŽŝƚǇ
ϭϰϴϳ ϭϳϲϱƌƉŝůůĞĚĂΎΎ ϮϵϲϬƌƉŝůůĞĚĂ^ƚ͕͘ƌŐǇ͘ĂƌŵŽŶĂ͕DĂŬĂƚŝŝƚǇ
ϭϰϴϴ ϭϵϯϲKĐĞĂŶĂŝƌĞΔΔ >ŽƚϳͲŽƌĂůtĂǇƌŝǀĞĐŽƌ͘^ƵŶƌŝƐĞƌŝǀĞ͕ĞŶƚƌĂůƵƐŝŶĞƐƐWĂƌŬϭ͕WĂƐĂǇŝƚǇ
ϭϴϮϬ^&>hZĞŐŝŽŶĂů
ϭϰϴϵ DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕ƌŐǇ͘^ĞǀŝůůĂ͕^ĂŶ&ĞƌŶĂŶĚŽŝƚǇ͕>ĂhŶŝŽŶ
,ŽƐƉŝƚĂůΎΎ
ϭϵϳϵDĂƌĐŽƐ,ŝŐŚǁĂǇϮ͕
ϭϰϵϬ DĂƌĐŽƐ,ŝŐŚǁĂǇ͕ĂŐƵŝŽŝƚǇ
ĂŐƵŝŽŝƚǇΎΎ
ϭϰϵϭ ϭϵϱϵ,ŽůǇƌŽƐƐŽůůĞŐĞΎΎ ^ƚĂ͘ŶĂǀĞ͕͘>D'ƵĞƌĞƌŽ^ƚ͕͘:W>ĂƵƌĞĂůǀĞ͕͘ĂǀĂŽŝƚǇ
ϭϰϵϮ ϭϲϰϰĂĚŝĂŶ WŽďůĂĐŝŽŶ͕ĂĚŝĂŶ͕ĞďƵ
ϭϰϵϯ ϭϳϭϯĂŶĂǁĂWĂƐĞŽ Z͘ƵƚĞƌƚĞ^ƚ͕͘ĂŶĂǁĂ͕ĞďƵŝƚǇ
ϭϰϵϰ ϭϯϵϲ,ŝŶŝŐĂƌĂŶΎΎ EĂƚŝŽŶĂůZŽĂĚĐŽƌ͘KƐŵĞŹĂ^ƚ͕͘DƵŶŝĐŝƉĂůŝƚǇŽĨ,ŝŶŝŐĂƌĂŶ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ϭϰϵϱ ϭϵϬϵĂĞƐĂϮ YƵŝƌŝŶŽ,ŝŐǁĂǇ͕ĂĞƐĂ͕YƵĞǌŽŶŝƚǇ
ϭϰϵϲ ϭϲϲϱ^ƚĂ͘ŶĂdƵůĂǇΎΎ ϯϭϲϯEĞǁWĂŶĂĚĞƌŽƐǆƚĞŶƐŝŽŶ͕^ƚĂ͘ŶĂ͕DĂŶŝůĂ
ϭϰϵϳ ϭϱϰϯ:dĞŶƚƌĂůĞͲ&ƵŐŽƐŽ ηϭϲϴϲƌŐǇ͘ϯϭϭ͕ŽŶĞϯϭs͘&ƵŐŽƐŽƐƚ͘ĐŽƌ͘&Ğůŝǆ,ƵĞƌƚĂƐ^ƚ͘^ƚĂ͘ƌƵǌ͕DĂŶŝůĂ
ϭϰϵϴ ϭϵϯϱW/WĂŶĚĂĐĂŶ WƌĞƐ͘YƵŝƌŝŶŽǀĞ͕͘WĂŶĚĂĐĂŶ͕DĂŶŝůĂ
ϭϳϳϵŝĞůŝƚŽ,ŽŵĞƐ
ϭϰϵϵ >ŽƚϮ^ĂŵƉĂŐƵŝƚĂ^ƚ͕͘ƌĞĂ͕ĂŵĂƌŝŶ͕ĂůŽŽĐĂŶŝƚǇ
ĂůŽŽĐĂŶ
ϭϱϬϬ ϭϵϰϱKŶĞŽƌƉŽƌĂƚĞWůĂǌĂ ϴϱϰ͘ƌŶĂŝǌǀĞ͕͘DĂŬĂƚŝŝƚǇ
ϭϱϬϭ ϮϬϬϯ'KƌŝŽŶ ϭϭƚŚǀĞ͘ĐŽƌ͘ϯϴƚŚ^ƚ͕͘ŽŶŝĨĂĐŝŽŶ'ůŽďĂůŝƚǇ͕dĂŐƵŝŐ
ϭϱϬϮ ϭϳϭϲdŽƚĂů'ĂƐZŽǆĂƐΎΎ ŝůďĂŽ^ƚ͘ĐŽƌ͘>ĞŐĂƐƉŝ^ƚ͕͘ZŽǆĂƐŝƚǇĂƉŝǌ
ϭϱϬϯ ϭϴϵϯƵŚĂŶŐŝŶDŝůĂŶΎΎ <ŵ͘ϲ^ƚĂ͘ƌƵǌ͕ƵŚĂŶŐŝŶ͕ĂǀĂŽŝƚǇ
ϭϱϬϰ ϮϬϮϬWŝůĂƌ͕^ŽƌƐŽŐŽŶ DŝůůĞǌĂ^ƚ͕͘ƌŐǇ͘ŝŶĂŶƵĂŚĂŶ͕WŝůĂƌ͕^ŽƌƐŽŐŽŶ
ϭϱϬϱ ϭϴϰϯWůĂǌĂEŽƵǀĞůůĞ ηϮ͘ĞŶĞĚŝĐƚŽĐŽƌ͘ZĂŚŵĂŶŶ^ƚ͕͘ƌŐǇ͘ĂƉĂƚĞƌĂ͕ĞďƵŝƚǇ
ϭϱϬϲ ϭϵϳϰdĂŹŽŶŐ ŽŶŝĨĂĐŝŽǀĞ͕͘dĂŹŽŶŐ͕DĂƌŝŬŝŶĂŝƚǇ
ϭϱϬϳ ϭϵϳϬZĂŶĐŚŽϮΎΎ ηϭtĂĐŽ^ƚ͘ĐŽƌ͘WĂŶŽƌĂŵĂ^ƚ͕͘ZĂŶĐŚŽƐƚĂƚĞWŚĂƐĞϯ͕DĂƌŝŬŝŶĂŝƚǇ
ϭϴϳϬ,ŽůǇŶŐĞů͕^ĂŶ
ϭϱϬϴ ,ŽůǇŶŐĞůsŝůůĂŐĞ͕dĞůĞďĂƐƚĂŐĂŶ^ĂŶ&ĞƌŶĂŶĚŽŝƚǇ͕WĂŵƉĂŶŐĂ
&ĞƌŶĂŶĚŽΎΎ
ϭϱϬϵ ϮϬϬϵ>ŝƉĂd͘D͘<ĂůĂǁ d͘D͘<ĂůĂǁ^ƚ͕͘>ŝƉĂŝƚǇ͕ĂƚĂŶŐĂƐ
ϭϱϭϬ ϭϵϯϰDŝƌĂďĞůĂ,ŽŵĞƐ ϱϯϱZĂŵŽƐŽŵƉŽƵŶĚ͕ĂŐƵŵďŽŶŐ͕ĂůŽŽĐĂŶŝƚǇ
ϭϱϭϭ ϭϵϭϬdĂŶĂƵĂŶϱ ηϮWƌĞƐ͘>ĂƵƌĞů,ŝŐŚǁĂǇ͕dĂŶĂƵĂŶŝƚǇ͕ĂƚĂŶŐĂƐ
ϮϬϮϳ^ƚĂ͘ĂƌďĂƌĂ͕
ϭϱϭϮ WŽďůĂĐŝŽŶ͕^ƚĂ͘ĂƌďĂƌĂ͕WĂŶŐĂƐŝŶĂŶ
ϭϴϵϵ<ĂďĂƚƵŚĂŶZŽĂĚͲ
ϭϱϭϯ ůŬϳ>ŽƚϮ͕<ĂďĂƚƵŚĂŶZŽĂĚ͕^ƚŽ͘dŽŵĂƐsŝůůĞĞWĂƌŽ͕ĂůŽŽĐĂŶŝƚǇ
ĞƉĂƌŽ
ϭϱϭϰ ϭϵϴϭůWĂƐĞŽͲhWŝůŝŵĂŶ ůWĂƐĞŽůĚŐ͘ŽŵŵŽŶǁĞĂůƚŚǀĞ͕͘WŚŝůĐŽĂ͕YƵĞǌŽŶŝƚǇ
ϭϱϭϱ ϭϵϲϵĂƌŶŝǀĂůWĂƌŬ ηϯĂƌŶŝǀĂůWĂƌŬ^ƚ͕͘dĂůŽŶŽƐ͕>ĂƐWŝŹĂƐŝƚǇ
ϭϱϭϲ ϭϵϱϮsĞůĞǌΎΎ ŽŶƉŽůŝŶĂƌsĞůĞǌ^ƚ͕͘ĂŐĂǇĂŶĚĞKƌŽŝƚǇ
ϭϱϭϳ ϮϬϵϴ^ĂŶWĞĚƌŽŽůůĞŐĞΎΎ Ğ'ƵǌŵĂŶ^ƚ͕͘ƌŐǇ͘^ƚĂ͘ŶĂ͕ĂǀĂŽŝƚǇ
ϭϱϭϴ ϭϳϰϰĞůĂWĂǌŶƚŝƉŽůŽΎΎ E,ǀĞ͕͘ƌŐǇ͘ĂŐŽŶŐEĂǇŽŶ͕ŶƚŝƉŽůŽŝƚǇ
ϭϱϭϵ ϭϲϵϴ^ĞĂŽŝůdĂǇƚĂǇ DĂŶŝůĂĂƐƚZŽĂĚĐŽƌ͘sĞůĂƐƋƵĞǌZŽĂĚ͕DƵŶŽǌ͕dĂǇƚĂǇ͕ZŝǌĂů
ϭϱϮϬ ϭϵϮϴĂŶŐĂ͕DĞǇĐĂƵǇĂŶΎΎ DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕ƌŐǇ͘ĂŶŐĂ͕DĞǇĐĂƵĂǇĂŶŝƚǇ͕ƵůĂĐĂŶ
ϭϱϮϭ ϮϬϭϬdŽƌŝů^ƚŽ͘ZŽƐĂƌŝŽ :ƵĂŶĞůĂƌƵǌ^ƚ͕͘dŽƌŝů͕ĂǀĂŽŝƚǇ
ϭϱϮϮ ϭϵϰϳDŝĐĂƌĂdĂŶǌĂ DŝĐĂƌĂWůĂǌĂ͕͘^ŽƌŝĂŶŽ,ŝŐŚǁĂǇ͕ƌŐǇ͘^ĂůƵĚhůĂŶ͕dĂŶǌĂ͕ĂǀŝƚĞ
ϭϱϮϯ ϮϬϬϬĂƌĂŶŐŬĂϮΎΎ ϯϭϬĂƌĂŶŐŬĂƌŝǀĞĐŽƌ͘dŝŵŽŐ^ƚ͕͘DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϭϱϮϰ ϭϴϵϰsŝĐƚŽƌŝĂWůĂǌĂΎΎ :͘W͘>ĂƵƌĞůǀĞ͕͘ĂǀĂŽŝƚǇ
ϭϱϮϱ ϭϵϵϭĞůĂ^ĂůůĞƌĂŶĞƚĂ ηϴϮƌĂŶĞƚĂǀĞ͕͘WŽƚƌĞƌŽ͕DĂůĂďŽŶ
ϭϴϱϭƵŵĂŐƵĞƚĞ
ϭϱϮϲ '&dƵŝůĚŝŶŐ͕hŶŝƚϭϬϭ͕ZŝǌĂůůǀĚ͕͘ƵŵĂŐƵĞƚĞŝƚǇ
ŽƵůĞǀĂƌĚΎΎ
ϭϴϲϴWƌŽǀŝŶĐŝĂů
ϭϱϮϳ ĂƌƌŝŽŽĨĂŶƚĂǇĂŶ͕ƵŵĂŐƵĞƚĞ
ϭϱϮϴ ϭϵϵϬWĂǌͲƌĂŶĞƚĂ '͘ƌĂŶĞƚĂǀĞ͘ĐŽƌ͘<ĂůŝƌĂǇĂ^ƚ͕͘YƵĞǌŽŶŝƚǇ
ϭϱϮϵ ϭϵϵϯ'ƌĞĞŶĂŶĂŶĂ,ŽƚĞůΎΎ 'ƌĞĞŶĂŶĂŶĂƵƐŝŶĞƐƐ,ŽƚĞů͕WƌǇĐĞƵƐŝŶĞƐƐWĂƌŬ͕:͘W͘>ĂƵƌĞůǀĞ͕͘ĂǀĂŽŝƚǇ
ϮϬϭϲ^ŚĂŬĞǇΖƐƵƚŝŶŐ
ϭϱϯϬ D͘ŽŶĐĞƉĐŝŽŶ͕ƌŐǇ͘ƵƚŝŶŐ͕WĂƐŝŐ
WĂƐŝŐΔΔ
ϭϱϯϭ ϭϵϬϰDĂůĚĞƌĂ 'Žǀ͘&ƵůůŽŶ^ƚ͕͘^ĂŶ:ŽƐĞ͕ŶƚŝƋƵĞ
31
ϭϵϳϯtĞƐůĞǇĂŶhŶŝǀĞƌƐŝƚǇ͕
ϭϱϯϮ DĂďŝŶŝǆƚŶ͕͘ĂďĂŶĂƚƵĂŶŝƚǇ͕EƵĞǀĂĐŝũĂ
E͘ΎΎ
ϭϱϯϯ ϭϳϲϲ,ĞƌŵŽƐĂWůĂǌĂΎΎ ,ĞƌŵŽƐĂ͕ĂƚĂĂŶ
ϭϱϯϰ ϮϬϭϳĂďĂŐƵŝŽǀĞŶƵĞΎΎ ϱĂďĂŐƵŝŽůĚŐ͕sŝůůĂŵŽƌ^ƚ͕͘ĂďĂŐƵŝŽǀĞ͕͘ĂǀĂŽŝƚǇ
ϭϱϯϱ ϭϵϳϱ>Ă^ĂůůĞϰ 'ƌĞĞŶŽƵƌƚWĂƌŬŝŶŐ͕DĂůĂƚĞ͕DĂŶŝůĂ
ϭϱϯϲ ϭϲϵϮ/ůŽŝůŽƵƐŝŶĞƐƐWĂƌŬ WKƵŝůĚƵŝŶŐͲZĞƚĂŝůϭ͕/ůŽŝůŽƵƐŝŶĞƐƐWĂƌŬ͕DĂŶĚƵƌƌŝĂŽ͕/ůŽŝůŽ
ϭϱϯϳ ϭϰϮϮ'ƌĂŶĚZŝǀŝĞƌĂ^ƵŝƚĞƐ hŶŝƚϱ͕'ƌŽƵŶĚ&ůŽŽƌ͕dŚĞ'ƌĂŶĚZŝǀŝĞƌĂ^ƵŝƚĞƐ͕ZŽǆĂƐůǀĚ͘ĐŽƌ͘WĂĚƌĞ&ĂƵƌĂ^ƚ͕͘ƌŵŝƚĂ͕DĂŶŝůĂ
ϭϱϯϴ ϭϵϮϱ͘:ŽƐĞϮ ϴϲϳŽƌŽƚĞŽ:ŽƐĞ^ƚ͕͘^ƚĂ͘ƌƵǌ͕DĂŶŝůĂ
ϭϱϯϵ ϭϴϭϴdƵŶĂƐĂŶϮ ϭϱϱEĂƚŝŽŶĂůZŽĂĚ͕dƵŶĂƐĂŶ͕DƵŶƚŝŶůƵƉĂŝƚǇ
ϭϱϰϬ ϴϮϯŝŶĂůŽŶĂŶƌŽƐƐŝŶŐ DĐƌƚŚƵƌ,ŝŐŚǁĂǇŝŶĂůŽŶĂŶWĂŶŐĂƐŝŶĂŶ
ϭϱϰϭ ϭϴϳϳ^ŝŐŵĂĂƉŝǌ WŽďůĂĐŽŶ^Ƶƌ͕EĂƚŝŽŶĂůZŽĂĚ;/ůŽŝůŽͲĂƉŝǌZŽĂĚͿ͕^ŝŐŵĂ͕ĂƉŝǌ
ϭϱϰϮ ϭϵϵϳ^ĂŵƉĂůŽĐ͕dĂŶĂǇ :͘W͘ZŝǌĂů^ƚ͕͘^ĂŵƉĂůŽĐ͕dĂŶĂǇ͕ZŝǌĂů
ϭϲϴϲŽůďŽŬ͕ĂƚĂŶŐĂƐ
ϭϱϰϯ ƌŐǇ͘ŽůďŽŬ͕ĂƚĂŶŐĂƐŝƚǇ
ŝƚǇΎΎ
ϭϱϰϰ ϮϬϮϱEĂŝĐ'ƌĂŶĚdĞƌŵŝŶĂů ƌŐǇ͘/ďĂǇŽ^ŝůĂŶŐĂŶ͕EĂŝĐ͕ĂǀŝƚĞ
ϭϱϰϱ ϭϰϱϴdĂŶŐŬĞΎΎ ^ĂŶZŽƋƵĞ͕dĂůŝƐĂǇŝƚǇ͕ĞďƵ
ϭϱϰϲ ϭϵϲϮ^ĂŶWĞĚƌŽWĞůĂǇŽΎΎ Ğ'ƵǌŵĂŶ^ƚ͕͘ƌŐǇ͘^ƚĂ͘ŶĂ͕ĂǀĂŽŝƚǇ
ϭϱϰϳ ϭϳϰϳ^ŝůŝŵĂŶ,ŝŐŚǁĂǇ >ŽͲŽĐ͕ƵŵĂŐƵĞƚĞŝƚǇ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ϭϱϰϴ ϭϵϰϭ^ŚŝŶĞZĞƐŝĚĞŶĐĞƐ DĞƌĂůĐŽǀĞ͕͘ĂƌƌŝŽhŐŽŶŐ͕WĂƐŝŐŝƚǇ
ϭϱϰϵ ϭϳϴϯWĂƐŝŐŚƵƌĐŚϮΔΔ D,ĞůWŝůĂƌ^ƚ͕͘ƌŐǇ͘^ĂŶEŝĐŽůĂƐ͕WĂƐŝŐŝƚǇ
ϭϱϱϬ ϮϬϯϵDĂŐĂůůĂŶĞƐĂǀŝƚĞ EĂƚŝŽŶĂůZŽĂĚĐŽƌ͘Ğ'ƵŝĂ^ƚ͕͘ƌŐǇ͘WďůĂĐŝŽŶ͕DĂŐĂůůĂŶĞƐ͕ĂǀŝƚĞ
ϭϱϱϭ ϭϳϱϵWĂůĂƵŝŐ͕ĂŵďĂůĞƐ ƌŐǇ͘tĞƐƚWŽďůĂĐŝŽŶ͕WĂůĂƵŝŐ͕ĂŵďĂůĞƐ
ϭϵϬϱ&ŽƌƚƵŶĞdŽǁŶͲ
ϭϱϱϮ DĞƌǌĐŝůĚŐ͕͘^ŽĨŝĂ'ŽŶǌĂŐĂ^ƚ͕͘&ŽƌƚƵŶĞdŽǁŶĞ͕ƌŐǇ͘ƐƚĞĨĂŶŝĂ͕ĂĐŽůŽĚŝƚǇ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
DĞƌǌĐŝΎΎ
ϭϴϬϴdŚĞŝƐƚƌŝĐƚEŽƌƚŚ
ϭϱϱϯ hŶŝƚ&ϭϮϲͲ&ϭϮϳ͕>ϭ͕dŚĞŝƐƚƌŝĐƚ͕EŽƌƚŚWŽŝŶƚ͕>ĂĐƐŽŶ^ƚ͕͘ϲϭϭϱdĂůŝƐĂǇŝƚǇ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
WŽŝŶƚ
ϭϱϱϰ ϭϭϵϵWŽƌƚŽǀŝƚĂΎΎ ϭϰƚŚǀĞ͘ƵďĂŽ͕YƵĞǌŽŶŝƚǇ
ϭϱϱϱ ϭϳϴϵDĂŶŝůĂZĞƐŝĚĞŶĐĞƐ// hŶŝƚϭϬϲͲϭϬϳ͕'ƌŽƵŶĚ&ůŽŽƌ͕DĂŶŝůĂZĞƐŝĚĞŶĐĞƐ/͘dĂĨƚǀĞŶƵĞ͕DĂůĂƚĞ͕DĂŶŝůĂ
ϭϱϱϲ ϮϬϬϰ'ƌĞĞŶ,ĞŝŐŚƚƐ >Žƚϴ͕ƌ͘͘^ĂŶƚŽƐǀĞ͕͘ƌŐǇ͘^ĂŶ/ƐŝĚƌŽ͕WĂƌĂŹĂƋƵĞŝƚǇ
ϭϱϱϳ ϭϱϲϯ>ŝŐĂŽΎΎ ZŝǌĂů^ƚ͘;EĂƚŝŽŶĂůZŽĂĚͿĐŽƌ͘ůƵŵĞŶƚƌŝƚƚ^ƚ͘>ŝŐĂŽŝƚǇ͕ůďĂǇ
ϭϴϰϴ<ŶŝŐŚƚƐďƌŝĚŐĞ 'ͬ&hŶŝƚ<ͲZϮϮĂŶĚZϮϯ͕<ŶŝŐŚƚďƌŝĚŐĞZĞƐŝĚĞŶĐĞƐ͕sĂůĚĞǌ^ƚ͕͘ƌŐǇ͘WŽďůĂĐŝŽŶ͕ĞŶƚƵƌǇŝƚǇ͕
ϭϱϱϴ
ZĞƐŝĚĞŶĐĞƐ DĂŬĂƚŝŝƚǇ
ϮϬϰϭ^ĂŶYƵŝŶƚŝŶ͕
ϭϱϱϵ WŽďůĂĐŝŽŶ^ĂŶYƵŝŶƚŝŶ͕WĂŶŐĂƐŝŶĂŶ
ϭϱϲϬ ϮϬϰϱZĞŐŝŽŶĂů,ŽƐƉŝƚĂů ^ĂŵďĂƚ͕/ďĂďĂ͕ĂƚĂŶŐĂƐŝƚǇ
ϭϱϲϭ ϭϵϲϲdĂŐĂǇƚĂǇZŽƚŽŶĚĂΎΎ ƌŐǇ͘^ŝůĂŶŐEŽƌƚŚ:ƵŶĐƚŝŽŶ͕dĂŐĂǇƚĂǇŝƚǇ͕ĂǀŝƚĞ
ϭϱϲϮ ϭϱϴϳƵůĂĐĂŽΎΎ WƌŽǀŝŶĐŝĂůZŽĂĚ͕ƵůĂĐĂŽ͕WĂƌĚŽ͕ĞďƵŝƚǇ
ϭϱϲϯ ϮϭϯϲĐŽůĂŶĚ^ƵŝƚĞƐ >ŽƚϭϵͲůŬϲ͕ƌŐǇ͘ƵĐĂŶĂ͕ĐŽůĂŶĚ^ƵďĚŝǀŝƐŝŽŶ͕ĂǀĂŽŝƚǇ
ϭϱϲϰ ϮϬϬϮDĞƚƌŽ>ŝĨĞƐƚǇůĞΎΎ &͘dŽƌƌĞƐ^ƚ͕͘:ĂĐŝŶƚŽǆƚŶ͕͘ĂǀĂŽŝƚǇ
ϭϴϱϬŽŶŝĨĂĐŝŽZŽĂĚ͕ĂŐƵŝŽ
ϭϱϲϱ ,ŽŶĞǇŵŽŽŶ^ƵďĚŝǀŝƐŝŽŶ͕ĂŐƵŝŽŝƚǇ
ŝƚǇ
ϭϱϲϲ ϭϵϴϮ'ĞŶ͘dƌŝĂƐϯ ƌŐǇ͘:ĂǀĂůĞƌĂ͕'ĞŶ͘dƌŝĂƐ͕ĂǀŝƚĞ
ϭϱϲϳ ϭϴϰϰŝƚŝĐdŽǁĞƌ ŝƚŝĐdŽǁĞƌhŶŝƚηϴϴĂĂǁĞ^ƚ͘ĐŽƌ͘ŽŶDĂŶƵĞůŐƌĞŐĂĚŽ^ƚ͕͘^ƚŽ͘ŵŝŶŐŽ͕YƵĞǌŽŶŝƚǇ
ϭϱϲϴ ϮϭϬϯDĂƐĂŶƚŽůΎΎ ^ƚĂ͘>ƵĐŝĂŶĂĐ͕WŽďůĂĐŝŽŶ͕DĂƐĂŶƚŽů͕WĂŵƉĂŶŐĂ
ϭϱϲϵ ϭϴϯϬ^ĂŶWĞĚƌŽϵ ůŬϮϮ>ŽƚϰϬ^ĂŶsŝĐĞŶƚĞ͕^ĂŶWĞĚƌŽ͕>ĂŐƵŶĂ
ϭϱϳϬ ϭϴϴϵĂŐŽŶŐ^ŝůĂŶŐĂŶ >ŽƚϮůŬϮϰ͕ƌŐǇ͘ĂŐŽŶŐ^ŝůĂŶŐĂŶ͕YƵĞǌŽŶŝƚǇ
ϭϱϳϭ ϮϬϳϴDĂƚŝŶĂƉůĂǇĂΎΎ ƉůĂǇĂƌĐĂĚĞĐŽƌ͘WƵƌŽŬDĂůŝŶĂǁŽŶ͕DĂƚŝŶĂƉůĂǇĂ͕ĂǀĂŽŝƚǇ
'ͬ&,ZůĚŐ͕͘<Dϭϲ^ŽƵƚŚ^ƵƉĞƌ,ŝŐŚǁĂǇĐŽƌ͘ĐƐŝĞZŽĂĚ͕^ĞǀĞƌŝŶĞ/ŶĚƵƐƚƌŝĂůƐƚĂƚĞ͕
ϭϱϳϮ ϭϴϳϵĐƐŝĞŽŵƉŽƵŶĚ
WĂƌĂŹĂƋƵĞŝƚǇ
ϭϱϳϯ ϭϭϰϲDĂƌŝďĂŐŽΎΎ ĂƚĂŐ͕DĂƌŝďĂŐŽ͕>ĂƉƵͲ>ĂƉƵŝƚǇ
ϭϱϳϰ ϮϬϮϵů'ƌĂŶĚĞ ϯϭϲů'ƌĂŶĚĞǀĞ͕͘&,ŽŵĞƐWŚĂƐĞϯ͕WĂƌĂŹĂƋƵĞŝƚǇ
ϭϱϳϱ ϮϬϬϭ&ZĞƐŽƌƚϯ 'ůŽƌŝĂŝĂǌ^ƚ͘ĐŽƌ͘&ZĞƐŽƌƚƌŝǀĞǀĞ͕͘>ĂƐWŝŹĂƐŝƚǇ
ϭϱϳϲ ϭϳϴϲWŝůĂƌ,ŝͲǁĂǇ ƌŐǇ͘ůŝƵůŝ͕WŝůĂƌ͕ĂƚĂĂŶ
ϭϱϳϳ ϮϬϯϴW/tĞƐƚ^ĞƌǀŝĐĞZĚ͘ <ŵϭϳ͕tĞƐƚ^ĞƌǀŝĐĞZŽĂĚ͕ƌŐǇ͘WĂƐŽŶŐ<ĂǁĂǇĂ͕WĂƌĂŹĂƋƵĞŝƚǇ
32
ϭϱϳϴ ϭϵϳϲW/'ĂƚƵƐůĂŽΎΎ 'ĂƚƵƐůĂŽ^ƚ͘ĐŽƌ͘ƵƌŐŽƐǀĞ͕͘ĂĐŽůŽĚŝƚǇ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ϭϱϳϵ ϮϬϬϲDĂƌŝĂZĞǇŶĂΎΎ hŶŝƚϰΘϱ͕ZĞĂůDĂƌĐƵŝůĚŝŶŐ͕WŝŶŝŬŝƚĂŶ͕ĂŵĂŵĂŶͲĂŶ͕ĂŐĂǇĂŶĚĞKƌŽŝƚǇ
ϭϱϴϬ ϭϵϴϳWĂƚĞƌŽƐϮΔΔ WĂƚĞƌŽƐWĂƌŬWůĂǌĂĚĞŽƌũĂ͕͘DŽƌĂĐŝůůĂ^ƚ͕͘ƌŐǇ͘WŽďůĂĐŝŽŶ͕WĂƚĞƌŽƐ͕DĞƚƌŽDĂŶŝůĂ
ϭϱϴϭ ϮϬϵϱĂƚĂůƵŶĂŶ'ƌĂŶĚĞϭΎΎ ƌŐǇ͘ĂƚĂůƵŶĂŶ'ƌĂŶĚĞ͕ĂǀĂŽŝƚǇ
ϭϱϴϮ ϮϬϬϳ'ĂƚĞǁĂǇDĂůů '&η'D'&ϬϮϲZ͕'ĂƚĞǁĂǇDĂůů͕'͘ƌĂŶĞƚĂĐŽƌ͘'͘DĂůǀĂƌ͕ƌĂŶĞƚĂĞŶƚĞƌ͕YƵĞǌŽŶŝƚǇ
ϭϱϴϯ ϭϵϱϭ,ĂǇĞƐ^ƚ͘ ,ĂǇĞƐͲDŽƌƚŽůĂ^ƚƐ͕͘ĂŐĂǇĂŶĚĞKƌŽ
ϭϱϴϰ ϭϳϱϯW/ĂůĂƵĂŐΎΎ ƌŐǇ͘^ƚĂ͘DĂƌŝĂ͕ĂůĂƵĂŐ͕YƵĞǌŽŶ
ϭϱϴϱ ϭϴϯϲ͘&ƌĂŶĐŝƐĐŽ ϭϵϭϳ͘&ƌĂŶĐŝƐĐŽ^ƚ͕͘^ĂŶŶĚƌĞƐƵŬŝĚ͕^ƚĂ͘ŶĂ͕DĂŶŝůĂ
ϭϱϴϲ ϮϭϭϵdŽƌŝůϮ ƌŐǇ͘ĂůŝĂŽ͕dŽƌŝů͕ĂǀĂŽŝƚǇ
ϭϱϴϳ ϮϬϰϲDĂƚŝŶĂ'ĂůůĞƌĂΎΎ >ŽƚϳůŬϭϭDĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕<ŵ͘ϯ͕DĂƚŝŶĂ͕ĂǀĂŽŝƚǇ
ϭϵϳϭ^ƚ͘&ƌĂŶĐŝƐ^ƋƵĂƌĞ:ƵůŝĂ
ϭϱϴϴ ^ƚ͘&ƌĂŶĐŝƐ^ƋƵĂƌĞDĂůůĂůŽŶŐ:ƵůŝĂsĂƌŐĂƐ͕KƌƚŝŐĂƐĞŶƚĞƌ͕DĂŶĚĂůƵǇŽŶŐŝƚǇ
sĂƌŐĂƐ
ϭϱϴϵ ϭϵϮϬDĂƉĂǇĂƉĂΎΎ >ŽƚϭϵůŬϮϭ^ĂŵƉĂŐƵŝƚĂǀĞ͕͘DĂƉĂǇĂƉĂsŝůůĂŐĞ͕ƌŐǇ͘WĂƐŽŶŐdĂŵŽ͕YƵĞǌŽŶŝƚǇ
ϭϱϵϬ ϮϬϴϭ^ĂŶ:ƵĂŶ͕>ĂhŶŝŽŶΎΎ EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕/ůŝ^Ƶƌ͕^ĂŶ:ƵĂŶ͕>ĂhŶŝŽŶ
ϭϱϵϭ ϮϬϭϵDĂŶŚĂƚƚĂŶƵŵĂŐƵĞƚĞ ĂůŝŶĚĂŐĂŶZĚ͘ƵŵĂŐƵĞƚĞŝƚǇ
ϭϱϵϮ ϭϳϲϳtŚŝƚĞWůĂŝŶƐ ϵϮ<ĂƚŝƉƵŶĂŶǀĞ͕͘tŚŝƚĞWůĂŝŶƐ^ƵďĚ͕͘YƵĞǌŽŶŝƚǇ
ϭϱϵϯ ϮϬϵϳ>ƵĐĞŶĂĂƉŝƚŽů ƌŐǇ͘ϴ͕YƵĞǌŽŶǀĞ͕͘>ƵĐĞŶĂŝƚǇ͕YƵĞǌŽŶ
ϭϱϵϰ ϮϭϭϴhDdĂŐƵŵΎΎ ^ŽďƌĞĐĂƌǇ^ƚ͕͘ƌŐǇ͘WŽďůĂĐŝŽŶ͕dĂŐƵŵŝƚǇ
ϭϱϵϱ ϭϵϲϴŐƵŝƌƌĞϮ &,ŽŵĞƐ͘ŐƵŝƌƌĞǀĞ͕͘WĂƌĂŹĂƋƵĞŝƚǇ
ϭϱϵϲ ϭϵϰϲŝƌƉŽƌƚZŽĂĚϯ ŝƌƉŽƌƚZŽĂĚĐŽƌ͘DĂĐĂƚĂŶ^ƚ͕͘ĂĐůĂƌĂŶ͕WĂƌĂŹĂƋƵĞŝƚǇ
ϭϱϵϳ ϭϴϭϲŽŶƐŽůĂĐŝŽŶΎΎ D͘WĞƉŝƚŽ^ƚ͕͘EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕WŽďůĂĐŝŽŶKĐĐŝĚĞŶƚĂůŽŶƐŽůĂĐŝŽŶ͕ĞďƵ
ϭϱϵϴ ϮϭϭϮĂĐĂĐĂǇWŽďůĂĐŝŽŶ DĂŐƐĂǇƐĂǇ^ƚ͘ĐŽƌ͘DŽƌĂ^ƚ͕͘ĂĐĂĐĂǇ͕ůďĂǇ
ϮϬϵϲhŶŝŽŶ^ƋƵĂƌĞϭϱƚŚ
ϭϱϵϵ ηϭϰϱ'&hŶŝŽŶ^ƋƵĂƌĞŽŶĚŽŵŝŶŝƵŵ͕ϭϱƚŚǀĞ͕͘ƵďĂŽ͕YƵĞǌŽŶŝƚǇ
ǀĞ͘ΎΎ
ϭϲϬϬ ϭϮϬϴƌĞĚĐŽWŽƌƚ ZKWŝĞƌ͕ZĞĐůĂŵĂƚŝŽŶǀĞ͕͘ĂĐŽůŽĚŝƚǇ
ϭϲϬϭ ϭϱϵϭ'ƵŶͲŽďΎΎ D͘,͘ĞůWŝůĂƌ^͕͘'ƵŶͲŽď͕>ĂƉƵͲůĂƉƵŝƚǇ͕ĞďƵ
ϭϲϬϮ ϮϬϱϲĂĚŝǌEĞŐƌŽƐΎΎ sŝůůĞŶĂ^ƚ͘ĐŽƌ͘,ĞƌƌĞƌŝĂƐ^ƚ͕͘WŽďůĂĐŝŽŶϯ͕ĂĚŝǌŝƚǇ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ϭϲϬϯ ϭϳϳϰƵƐĞďŝŽƌĐĂĚĞ// ƵƐĞďŝŽƌĐĂĚĞͲ>ĂĐƐŽŶ͕ĂĐŽůŽĚŝƚǇ
ϭϲϬϰ ϮϬϯϰ^ĂŵƐŽŶǀŝůůĞΎΎ ^ĂŵƐŽŶǀŝůůĞĂƵ͕DĂďĂůĂĐĂƚ͕WĂŵƉĂŶŐĂ
ϭϲϬϱ ϮϬϴϵ>ĂŽŶƐŽůĂĐŝŽŶ ůŬϭ>ŽƚϭsŝůůĂĂƚĂůŝŶĂϮ^ƵďĚ͕͘^ƚŽ͘dŽŵĂƐ͕ŝŹĂŶ͕>ĂŐƵŶĂ
ϭϲϬϲ ϭϵϯϯEŽǀĂǀŝůůĞ ůŬϭ>Žƚϭ͕ŵƉĂƌŽEŽǀĂsŝůůĞ^ƵďĚ͕͘ĞWĂƌŽ͕ĂůŽŽĐĂŶŝƚǇ
ϭϱϬϲ^ĂŶEĂƌĐŝƐŽ͕
ϭϲϬϳ ƌŐǇ͘>ŝďĞƌƚĂĚ͕^ĂŶEĂƌĐŝƐŽ͕ĂŵďĂůĞƐ
ĂŵďĂůĞƐΎΎ
ϮϭϭϰZD/ͲZŝǀĞƌĂDĞĚŝĐĂů
ϭϲϬϴ ϳϯϬϮ^ĂŶ&ƌĂŶĐŝƐĐŽ͕WĂŶĂďŽŝƚǇ͕ĂǀĂŽĚĞůEŽƌƚĞ
,ŽƐƉŝƚĂů/ŶĐ
ϭϲϬϵ ϭϭϭϳĞŶƚƌĂů^ŝŐŶĂůsŝůůĂŐĞΎΎ >ŽƚϭůŬ͘Ϯ͕ĂůůĞĐĞƌ^ƚ͕͘ƌŐǇ͘ĞŶƚƌĂů^ŝŐŶĂůsŝůůĂŐĞ͕dĂŐƵŝŐŝƚǇ
ϭϲϭϬ ϮϬϯϭ&hZŽǆĂƐΎΎ >ŽƚϮůŬϮ͕:W,ĂĐĞƌŵŝĚĂůĚŐ͕͘ZŽǆĂƐǀĞ͕͘ZŽǆĂƐŝƚǇ͕ĂƉŝǌ
ϭϲϭϭ ϮϭϯϮDĂƌǇŬŶŽůůΎΎ Zs^ůĚŐ͕͘WŽďůĂĐŝŽŶ͕WĂŶĂďŽ͕ĂǀĂŽĚĞůEŽƌƚĞ
ϭϲϭϮ ϮϭϬϰĞŶƚƌĂůWĂƌŬĂŶŐŬĂůΎΎ <ŵϲDĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕ĂŶŐŬĂů͕ĂǀĂŽŝƚǇ
ϭϲϭϯ Ϯϭϭϯ͘D͘ZĞĐƚŽĂǀĂŽΎΎ ͘D͘ZĞĐƚŽ^ƚ͕͘ƌŐǇ͘ϯϰͲ͕ĂǀĂŽŝƚǇ
ϭϲϭϰ ϭϱϳϵ&ŽŶĚŽ hŶŝƚϭϬϱ&ŽŶĚŽŵŝŶŝƵŵ͕/ŶƚƌĂŵƵƌŽƐ͕DĂŶŝůĂ
ϭϲϭϱ ϭϲϴϭ^ĂŶDŝŐƵĞů/ůŽŝůŽ ĂƐĂŶĚƌĂůĚŐ͕͘ZŽǆĂƐ^ƚ͕͘^ĂŶDŝŐƵĞů͕/ůŽŝůŽ
ϭϲϭϲ ϮϮϱϬĂŶĂǇďĂŶĂǇ WƵƌŽŬϰ͕WŽďůĂĐŝŽŶ͕ĂŶĂǇďĂŶĂǇ͕ĂǀĂŽKƌŝĞŶƚĂů
ϭϲϭϳ ϮϬϲϭ:ZŽƌũĂΎΎ :ZŽƌũĂ^ƚ͕͘ĂŐĂǇĂŶĚĞKƌŽŝƚǇ
ϭϲϭϴ ϮϭϯϬĂůŝďĂŐŽWĂůĞŶŐŬĞΎΎ ƌŐǇ͘ĂůŝďĂŐŽ͕^ƚĂ͘ZŽƐĂŝƚǇ͕>ĂŐƵŶĂ
ϭϲϭϵ ϭϴϯϯWŽŶĐĞΎΎ ƌŐǇ͘Ϯϴ͘^ƵĂǌŽ^ƚ͕͘DĂŶƵĞů>͘YƵĞǌŽŶŽƵůĞǀĂƌĚ͕Z͘DĂŐƐĂǇƐĂǇǀĞŶƵĞ͕ĂǀĂŽŝƚǇ
ϭϲϮϬ ϮϬϵϬƵĐĂůdĂŶǌĂΎΎ ƵĐĂů͕dĂŶǌĂ͕ĂǀŝƚĞ
ϭϲϮϭ ϭϴϱϯĂŐďĂŶWŽƌƚͲŽƌĂĐĂǇ ^ŽͲWƵƌĞDƵůƚŝƵƐŝŶĞƐƐĞŶƚĞƌůĚŐ͕͘ĂŐďĂŶ͕ƌŐǇ͘DĂŶŽĐͲDĂŶŽĐ͕ŽƌĂĐĂǇ/ƐůĂŶĚ͕DĂůĂǇ͕ŬůĂŶ
ϭϲϮϮ ϮϬϮϭDĂŐƐŝŶŐĂůWŽďůĂĐŝŽŶ EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ƌŐǇ͘^ĂŶ:ƵůŝĂŶ͕WŽďůĂĐŝŽŶ͕DĂŐƐŝŶŐĂů͕/ůŽĐŽƐ^Ƶƌ
ϭϲϮϯ ϮϬϱϱ>ĂďĂŶŐŽŶϮ ͘>ŽƉĞǌĐŽƌ͘<ĂƚŝƉƵŶĂŶ^ƚƐ͕͘>ĂďĂŶŐŽŶ͕ĞďƵŝƚǇ
ϮϭϯϱdĂŐƵŵŽĐƚŽƌƐ
ϭϲϮϰ ĂƌƌŝŽŽĨDĂŐƵŐƉŽ͕dĂŐƵŵŝƚǇ͕ĂǀĂŽĞůEŽƌƚĞ
,ŽƐƉŝƚĂůΎΎ
ϭϲϮϱ Ϯϭϰϯ:ƵƉŝƚĞƌϮ '&͕ϭϮϬ:ƵƉŝƚĞƌ͕DĂŬĂƚŝ
33
ϭϲϮϲ ϮϭϰϮ>ZdƵĞŶĚŝĂ ϮϬϰϮdĂĨƚǀĞ͕͘WĂƐĂǇŝƚǇ
ϮϬϳϬEŽƚƌĞĂŵĞĂůŽŽĐĂŶ
ϭϲϮϳ ϭϮƚŚǀĞ͕͘ĂůŽŽĐĂŶŝƚǇ
ŝƚǇ
ϭϲϮϴ ϮϬϱϭŶƚĞů'ůŽďĂů ϳƚŚ&ůƌ͘ŶƚĞů'ůŽďĂů͕:ƵůŝĂsĂƌŐĂƐ͕KƌƚŝŐĂƐĞŶƚĞƌ͕WĂƐŝŐŝƚǇ
ϭϲϮϵ ϮϮϮϵDDZΎΎ DDZ͕:W>ĂƵƌĞůǀĞ͕͘ĂǀĂŽŝƚǇ
ϭϲϯϬ ϭϵϲϰdŝŬůŝŶŐdĂǇƚĂǇΎΎ dŝŬůŝŶŐŽůŽƌĞƐ͕dĂǇƚĂǇ͕ZŝǌĂů
Ϯϭϱϰ&ĞƌŶĂŶĚŽǀĞ͕͘
ϭϲϯϭ ηϮϲůŵŽŶĚ^ƚ͘ĐŽƌ͘'ŝů&ĞƌŶĂŶĚŽ^ƚ͕͘DĂƌŝŬŝŶĂŝƚǇ
DĂƌŝŬŝŶĂΎΎ
ϭϲϯϮ ϮϬϲϴ&ůŽƌŝĚĂďůĂŶĐĂΎΎ ^Žůŝď͕&ůŽƌŝĚĂďůĂŶĐĂ͕WĂŵƉĂŶŐĂ
ϭϲϯϯ ϭϵϱϱdĂĐůŽďŽƵŵĂŐƵĞƚĞ ŽƐƚŽŶ&ŝŶĂŶĐĞůĚŐ͕͘ƌ͘s͘>ŽĐƐŝŶ^ƚ͕͘dĂĐůŽďŽ͕ƵŵĂŐƵĞƚĞŝƚǇ
ϭϲϯϰ ϭϵϰϴϲƚŚǀĞ͘ĂůŽŽĐĂŶ ηϭϱϬ^ƵƐĂŶŽ^ƚ͘ĐŽƌ͘D͘,͘ĞůWŝůĂƌ͕ϲƚŚǀĞ͕͘ĂůŽŽĐĂŶŝƚǇ
ϭϲϯϱ ϭϵϬϳŽŐŽŶWĂƌĚŽΎΎ ƌŐǇ͘ŽŐŽŶ͕WĂƌĚŽ͕ĞďƵ
ϭϲϯϲ ϮϭϯϴŽŶŶƚŽŶŝŽϮ '&ŽŶŶƚŽŶŝŽ^ƉŽƌƚƐĞŶƚĞƌ͕,ŽůǇ^ƉŝƌŝƚƌŝǀĞ͕ƌŐǇ͘,ŽůǇ^Ɖŝƌŝƚ͕YƵĞǌŽŶŝƚǇ
ϭϲϯϳ ϮϬϳϳhŶŝǀĞƌƐŝƚǇ '&͕ŽŵŵĞƌĐŝĂůhŶŝƚϭ͕hŶŝǀĞƌƐŝƚǇWůĂĐĞ͕ϮϰϮϳ>ĞŽŶ'ƵŝŶƚŽ^ƚ͕͘DĂůĂƚĞ͕DĂŶŝůĂ
ϭϲϯϴ ϮϬϴϬWĂůĂŶĂŶΎΎ '&ŽŵŵĞƌĐŝĂůhŶŝƚ͕ϯϲϵϲĂƵƚŝƐƚĂ^ƚ͕͘ƌŐǇ͘WĂůĂŶĂŶ͕DĂŬĂƚŝŝƚǇ
ϭϲϯϵ ϮϭϰϳDĂƌŝĐŬĂŝŶƚĂ ^ƚŽ͘ŽŵŝŶŐŽ͕ĂŝŶƚĂ͕ZŝǌĂů
ϭϲϰϬ ϮϮϬϵdĂŚŝŵŝŬǀĞŶƵĞ dĂůŽŵŽ͕ƌŐǇ͘DĂƚŝŶĂƌŽƐƐŝŶŐ͕ĂǀĂŽŝƚǇ
ϭϲϰϭ ϭϴϳϴ^ĂŶWĞĚƌŽǆŝƚ DĂŐƐĂǇƐĂǇZŽĂĚ͕ƌŐǇ͘^ĂŶŶƚŽŶŝŽ͕^ĂŶWĞĚƌŽŝƚǇ͕>ĂŐƵŶĂ
ϭϲϰϮ ϮϭϴϴŐĚĂŽΎΎ ŵƐŽŶůĚŐ͕͘>ĞŽŶ'ĂƌĐŝĂ^ƚ͘ĐŽƌ͘>ĂƉƵͲ>ĂƉƵ^ƚ͕͘ŐĚĂŽ͕ĂǀĂŽŝƚǇ
ϭϲϰϯ ϮϭϮϲ>ĂŶĚŵĂƐƐdĂŶǌĂ >ĂŶĚŵĂƐƐWĂƌŬ^ƵďĚ͕͘ƌŐǇ͘ŝŐĂ͕dĂŶǌĂ͕ĂǀŝƚĞ
ϭϲϰϰ ϮϭϵϭDĂƵďĂŶY͘͘ΎΎ ͘ŽŶŝĨĂĐŝŽĐŽƌ͘DĂƵďĂŶ^ƚ͕͘YƵĞǌŽŶŝƚǇ
ϭϲϰϱ ϮϭϳϬdŝďƵŶŐĐŽΎΎ <ŵ͘ϭϴdŝďƵŶŐĐŽ͕ĂǀĂŽŝƚǇ
ϭϲϰϲ ϭϴϮϱ^ƉƌŝŶŐĨŝĞůĚΎΎ ϳϮϮͲ^ĂŶĂƌƚŽůŽŵĞ͕EŽǀĂůŝĐŚĞƐ͕YƵĞǌŽŶŝƚǇ
ϭϲϰϳ ϭϴϵϬdĂďŽŶ<Ăǁŝƚ ƌŐǇ͘dĂďŽŶ//͕<Ăǁŝƚ͕ĂǀŝƚĞ
ϭϲϰϴ ϮϮϳϰŽŶǀĞƌŐǇƐEŽƌƚŚ^ ϲ&ŶŶĞǆ͕^DŝƚǇEŽƌƚŚ^/dĞŶƚĞƌ͕ƌŐǇ͘^ƚŽ͘ƌŝƐƚŽ͕YƵĞǌŽŶŝƚǇ
ϭϲϰϵ ϮϬϮϯ^^^sŝůůĂŐĞ͕DĂƌŝŬŝŶĂΎΎ ZĂŝŶďŽǁ^ƚ͘ĐŽƌ͘<ĂƚŝƉƵŶĂŶ^ƚ͕͘DĂƌŝŬŝŶĂŝƚǇ
ϭϲϱϬ ϮϭϳϮDĂƚŝĂŚŝĐĂŶ ƌŐǇ͘ŽŶDĂƌƚŝŶDĂƌƵŶĚĂŶ͕DĂƚŝ͕ĂǀĂŽKƌŝĞŶƚĂů
ƵŝůĚŝŶŐϱϯϮĂŶĚĚũĂĐĞŶƚ>Žƚ͕tĂƚĞƌĨƌŽŶƚZŽĂĚ͕^ƵďŝĐĂǇ&ƌĞĞƉŽƌƚŽŶĞ͕KůŽŶŐĂƉŽŝƚǇ͕
ϭϲϱϭ ϭϴϳϰdŚĞZĞĞĨ,ŽƚĞů
ĂŵďĂůĞƐ
ϭϵϭϲW/^ĂŶ:ŽƐĞĞ
ϭϲϱϮ dŽďŝĂƐ͘&ŽƌŶŝĞƌƐƚ͘ĐŽƌ͘ZĞƉ͘^ĂůĂǌĂƌ^ƚ͕͘^ĂŶ:ŽƐĞĞƵĞŶĂǀŝƐƚĂ͕ŶƚŝƋƵĞ
ƵĞŶĂǀŝƐƚĂ
ϭϲϱϯ ϮϮϮϴDĂƚŝŽĐƚŽƌƐŽůůĞŐĞ EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ĂŚŝĐĂŶ͕DĂƚŝŝƚǇ͕ĂǀĂŽKƌŝĞŶƚĂů
ϭϲϱϰ ϮϬϮϮ^ĂŶĐŚĞǌĞŶƚĞƌ 'ͬ&hŶŝƚϭ͕^ĂŶĐŚĞǌĞŶƚĞƌ͕W͘KƵĂŶŽĐŽƌ͘WůĂƌŝĚĞů^ƚƐ͘ůĂŶŐͲůĂŶŐ͕DĂŶĚĂƵĞŝƚǇ͕ĞďƵ
ϭϲϱϱ ϭϵϯϬhDĂůŽůŽƐΎΎ DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕ƌŐǇ͘ƵůŝŚĂŶ͕DĂůŽůŽƐ͕ƵůĂĐĂŶ
ϭϲϱϲ Ϯϭϱϲ^ŚĞůů'ĂƉĂŶ͕E͘͘ΎΎ DĂŚĂƌůŝŬĂ,ŝŐŚǁĂǇ͕ƌŐǇ͘^ƚŽ͘EŝŹŽ͕'ĂƉĂŶŝƚǇ͕EƵĞǀĂĐŝũĂ
ϭϲϱϳ ϭϱϴϭdĂďƵĐ^ƵďĂ:ĂƌŽΎΎ DĐƌƚŚƵƌƌŝǀĞĐŽƌ͘sŝůůĂŽŶƐŽůĂĐŝŽŶdĂďƵĐ^ƵďĂ͕ŝƐƚƌŝĐƚŽĨ:ĂƌŽ͕/ůŽŝůŽŝƚǇ
ϭϲϱϴ ϮϮϭϬ&W/WϮΎΎ ƌŐǇ͘^ƚĂ͘ŶĂƐƚĂĐŝĂ͕^ƚŽ͘dŽŵĂƐ͕ĂƚĂŶŐĂƐ
ϭϲϱϵ ϮϭϮϬĂƐŝƐƚĂ͕WĂŶŐĂƐŝŶĂŶ EĂƚŝŽŶĂů,ŝŐŚǁĂǇWŽďůĂĐŝŽŶ͕ĂƐŝƐƚĂ͕WĂŶŐĂƐŝŶĂŶ
ϮϭϲϵhƌďŝǌƚŽŶĚŽ͕
ϭϲϲϬ WŽďůĂĐŝŽŶhƌďŝǌƚŽŶĚŽ͕WĂŶŐĂƐŝŶĂŶ
WĂŶŐĂƐŝŶĂŶ
ϭϲϲϭ ϭϵϰϯ^DZŽƐĂůĞƐ DĂĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕ƌŐǇ͘ĂƌŵĞŶĂƐƚ͕ZŽƐĂůĞƐ͕WĂŶŐĂƐŝŶĂŶ
ϭϲϲϮ ϮϬϱϴ>ĂŽĂŐWƵďůŝĐDĂƌŬĞƚ :͘W͘ZŝǌĂů^ƚ͘ĐŽƌ͘ďĂĚŝůůĂ^ƚ͕͘ƌŐǇ͘ϭϳ^ĂŶ&ƌĂŶĐŝƐĐŽ͕>ĂŽĂŐ͕/ůŽĐŽƐEŽƌƚĞ
ϭϲϲϯ Ϯϭϱϳ>ĞŐŝĂŶϮ ƌŐǇ͘ĂƌƐĂĚĂŶŐĂŐŽϮ͕E/ZŽĂĚ͕/ŵƵƐŝƚǇ͕ĂǀŝƚĞ
ϭϲϲϰ ϮϬϭϭZŝǌĂů^ŚƌŝŶĞΎΎ ZŝǌĂů^ƚ͕͘ƌŐǇ͘ϰ͕WŽďůĂĐŝŽŶ͕ĂůĂŵďĂ͕>ĂŐƵŶĂ
ϭϲϲϱ ϮϬϰϴZĞŵĞĚŝŽƐϮ ƌŐǇ͘ϲϴϵŽŶĞϬϳϱ͕ZĞŵĞĚŝŽƐĐŽƌ͘^ĂŶDĂƌĐĞůŝŶŽ^ƚƐ͕͘DĂůĂƚĞ͕DĂŶŝůĂ
ϭϲϲϲ ϮϭϮϴW/^ĂŶDĂƚĞŽ 'ĞŶ͘>ƵŶĂ^ƚ͕͘^ĂŶDĂƚĞŽ͕ZŝǌĂů
ϭϲϲϳ ϭϱϮϲ͘DĂďŝŶŝϮ DĂďŝŶŝ͕DĂůĂƚĞ͕DĂŶŝůĂ
ϭϲϲϴ ϮϭϮϵdĞŬƚŝƚĞĂƐƚdŽǁĞƌΎΎ W^ĂƐƚdŽǁĞƌǆĐŚĂŶŐĞZŽĂĚ͕KƌƚŝŐĂƐĞŶƚĞƌ͕WĂƐŝŐŝƚǇ
ϭϲϲϵ ϮϭϲϱdŚĞ'ƌŽǀĞZŽĐŬǁĞůů Ϯ&dŚĞ'ƌŽǀĞďǇZŽĐŬǁĞůů͕WĂƐŝŐŝƚǇ
ϭϲϳϬ ϮϮϰϲ>ĂŶĚŵĂƌŬ ŝǀĞƌƐŝŽŶZĚ͕͘Ž͘WĂŶĂĐĂŶ͕ĂǀĂŽŝƚǇ
ϮϬϲϳZĂŝŶďŽǁsŝůůĂŐĞ͕
ϭϲϳϭ >ŽƚϮϲůŬϯϳZĂŝŶďŽǁsŝůůĂŐĞϱ͕WŚĂƐĞϮ͕ƌŐǇ͘ϭϳϭ͕ĂŐƵŵďŽŶŐ͕ĂůŽŽĐĂŶŝƚǇ
ĂůŽŽĐĂŶ
ϭϲϳϮ ϮϭϲϲKĂƐ /ƌĂǇĂEŽƌƚĞ͕KĂƐ͕ůďĂǇ
ϭϲϳϯ Ϯϭϴϯ^ƚŽ͘ƌŝƐƚŽZĞĐƚŽ ͘D͘ZĞĐƚŽǀĞ͘ĐŽƌ͘^ƚŽ͘ƌŝƐƚŽ^ƚ͕͘ŝŶŽŶĚŽ͕DĂŶŝůĂ
34
ϭϲϳϰ ϮϭϯϰĂŶĚĞůĂƌŝĂ,ŝŐŚǁĂǇΎΎ ƌŐǇ͘DĂůĂďĂŶďĂŶ^Ƶƌ͕ĂŶĚĞůĂƌŝĂ͕YƵĞǌŽŶ
ϮϭϱϵŽƌĚŝůůĞƌĂͲ
ϭϲϳϱ ϱϴϴZĞƐŝĚĞŶĐĞƐ͕ŽƌĚŝůůĞƌĂĐŽƌƌĂǇĂƚ^ƚƐ͕͘ƌŐǇ͘DĂůĂŵŝŐ͕DĂŶĚĂůƵǇŽŶŐŝƚǇ
DĂŶĚĂůƵǇŽŶŐΎΎ
ϭϲϳϲ ϮϭϯϵDĂƚĂďƵŶŐŬĂǇ>ŝĂŶΎΎ ƌŐǇ͘DĂƚĂďƵŶŐŬĂǇ͕>ŝĂŶ͕ĂƚĂŶŐĂƐ
ϭϲϳϳ ϮϭϴϬ,ŽƚĞůϭϬϭ ^ǆƚĞŶƐŝŽŶ͕WĂƐĂǇŝƚǇ
ϭϲϳϴ ϮϭϵϰsĂůĞŶĐŝĂWůĂǌĂ WƵƌŽŬϳ͕WŽďůĂĐŝŽŶ͕sĂůĞŶĐŝĂŝƚǇ͕ƵŬŝĚŶŽŶ
ϭϲϳϵ ϮϭϲϰYƵĞĞŶƐdŚĞĂƚƌĞΎΎ ƌŐǇ͘ϬϬϰ͕͘ŽŶŝĨĂĐŝŽ^ƚ͕͘ĂŵƵƐ^ƚ͘͘D͘ZĞĐƚŽ^ƚ͘ǀĞ͕͘ĂǀĂŽŝƚǇ
ϭϲϴϬ ϮϭϮϳhƌďĂŶ,ŝǀĞΎΎ ĂĐĂĐĂZŽĂĚ͕ĂǀĂŽŝƚǇ
ϭϲϴϭ ϮϬϭϮĂůŝŶŽŐ/ůŽŝůŽ ZŝǌĂů^ƚ͘ĐŽƌ͘KƐŵĞŹĂ^ƚ͕͘WŽďůĂĐŝŽŶ͕ĂůŝŶŽŐ͕/ůŽŝůŽ
ϭϲϴϮ ϮϬϯϲ^ƚ͘:ŽƐĞƉŚsŝůůĂŐĞϳ ^ƚ͘:ŽƐĞƉŚsŝůůĂŐĞϳ͕ƌŐǇDĂƌŝŶŝŐ͕ĂďƵǇĂŽ͕>ĂŐƵŶĂ
ϮϬϲϵYƵŝũĂŶŽ^ƚ͘͘Ͳ^ĂŶ
ϭϲϴϯ YƵŝũĂŶŽ^ƚ͕͘ƌŐǇ͕^ĂŶ:ƵĂŶ͕^ĂŶ/ůĚĞĨŽŶƐŽ͕ƵůĂĐĂŶ
/ůĚĞĨŽŶƐŽ
ϮϬϯϳ^ĂŝŶƚ:ŽƐĞƉŚϴ
ϭϲϴϰ ^ƚ͘:ŽƐĞƉŚsŝůůĂŐĞϴƌŐǇ͘ƵƚŽŶŐĂďƵǇĂŽ>ĂŐƵŶĂ
;ƵƚŽŶŐͿ
ϭϲϴϱ ϮϭϰϲDĐWŽĚΎΎ DĐƌƚŚƵƌΖƐWŽĚ͕DĂƚŝŶĂ͕ĂǀĂŽŝƚǇ
ϭϲϴϲ ϭϴϴϳĂƌŽƚĂĐEƵĞǀŽΎΎ ĂƌƚĂŐĞŶĂ^ƚ͕͘ĂƌŽƚĂĐEƵĞǀŽ͕/ůŽŝůŽ
ϭϲϴϳ ϮϮϳϭYƵĞǌŽŶƵĚĂ WŽďůĂĐŝŽŶ͕YƵĞǌŽŶ͕ƵŬŝĚŶŽŶ
ϭϲϴϴ ϮϬϵϭ>ĂŶĚĐŽΎΎ &͘/ŵƉĞƌŝĂů^ƚ͘dŝŶĂŐŽ>ĞŐĂǌƉŝŝƚǇ
ϭϲϴϵ ϮϮϮϱ&hϮ ηϴϭϲYƵĞǌŽŶŽƵůĞǀĂƌĚůĂƌŽD͘ZĞĐƚŽǀĞŶƵĞ^ĂŵƉĂůŽĐDĂŶŝůĂ
ϭϲϵϬ ϭϳϰϲDƌŝŽŶĞƐΎΎ D͘ƌŝŽŶĞƐ^ƚ͘DĂŐƵŝŬĂǇ͕DĂŶĚĂƵĞŝƚǇ
ϭϲϵϭ ϭϳϮϱŝŶĂŶŐŽŶĂŶdƌŝĂŶŐůĞ DĂŶŝůĂĂƐƚZŽĂĚŝŶĂŶŐŽŶĂŶdƌŝĂŶŐůĞ
ϭϲϵϮ ϮϬϰϰ^ŝůůĂƐŶĂďƵΎΎ ƌŐǇ͘ŶĂďƵ/͕ŵŝůŝŽŐƵŝŶĂůĚŽ͕/ŵƵƐĂǀŝƚĞ
ϭϲϵϯ ϮϮϯϰDĂůŝďĂǇϯ W͘^ĂŶƚŽƐĐŽƌ͘͘Ğ'ƵǌŵĂŶDĂůŝďĂǇWĂƐĂǇŝƚǇ
ϭϲϵϰ ϮϬϯϯ>ŝďŝƐĂŵĂƌŝŶ >ŽƚϭůŬϭϴ͕ĂŵŝĂ^ƚ͕͘ƌŐǇ͘ĂŵĂƌŝŶ͕ĂůŽŽĐĂŶŝƚǇ
ϮϭϳϵDŝǀĞƐĂ'ĂƌĚĞŶ
ϭϲϵϱ DŝǀĞƐĂ'ĂƌĚĞŶZĞƐŝĚĞŶĐĞƐůĚŐ͘ϭ͕^ĂůŝŶĂƐƌŝǀĞǆƚ͕͘>ĂŚƵŐ͕ĞďƵŝƚǇ
ZĞƐŝĚĞŶĐĞƐ
ϭϲϵϲ ϭϴϳϱĂŶĂƚĞ/ůŽŝůŽ EĂƚŝŽŶĂůZŽĂĚĐŽƌ͘dĂƌƌŽƐĂ^ƚ͕͘WŽďůĂĐŝŽŶ͕ĂŶĂƚĞ͕/ůŽŝůŽ
ϭϲϵϳ ϮϮϴϮ>ŽďŽĂƚĂŶŐĂƐΎΎ W͘ƵƌŐŽƐ^ƚ͕͘>ŽďŽWŽďůĂĐŽŶ͕ĂƚĂŶŐĂƐŝƚǇ
ϭϲϵϴ ϭϴϰϮdĂŶŐŽƐEĂǀŽƚĂƐ &͘WĂƐĐƵĂů^ƚ͕͘ƌŐǇ͘dĂŶŐŽƐ͕EĂǀŽƚĂƐŝƚǇ
ϭϲϵϵ ϭϵϰϬ'ŽǀWĂĐŬ >ƵŶĞƚĂ,ŝůů͕hƉƉĞƌ^ĞƐƐŝŽŶZŽĂĚ͕ĂŐƵŝŽŝƚǇ͕ĞŶŐƵĞƚ
ϭϳϬϬ Ϯϭϭϭ^ĂďƵƚĂŶ^ŝůĂŶŐ :͘W͘ZŝǌĂů^ƚ͕͘ƌŐǇ͘^ĂďƵƚĂŶ͕^ŝůĂŶŐ͕ĂǀŝƚĞ
ϭϳϬϭ ϮϮϱϭƵŚŽ^ŝůĂŶŐ EĂƚŝŽŶĂůZŽĂĚ͕ƌŐǇ͘ƵŚŽ͕^ŝůĂŶŐ͕ĂǀŝƚĞ
ϭϳϬϮ ϮϮϰϱ^ŽƌƌĞŶƚŽ hŶŝƚϭϬϭ'&͕EŽ͘ϭϱ͘ZĂǇŵƵŶĚŽǀĞ͕͘ƌŐǇ͘ZŽƐĂƌŝŽ͕WĂƐŝŐŝƚǇ
ϭϳϬϯ ϮϮϰϬ>ĂĚŝƐůĂǁĂΎΎ <ŵ͘ϱ͕ƵŚĂŶŐŝŶ͕ĂǀĂŽŝƚǇ
ϭϳϬϰ ϮϭϭϳŐůŝƉĂǇϮΎΎ ϭZĞǀ͘ŐůŝƉĂǇ^ƚ͕͘ƌŐǇ͘WĂŐͲĂƐĂ͕DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϭϳϬϱ ϮϮϯϴDĂůĂǇďĂůĂǇĞŶƚƌŽΎΎ ^ƚĂ͘ŶĂůĚŐ͕͘^ĂǇƌĞ,ŝŐŚǁĂǇ͕DĂůĂǇďĂůĂǇŝƚǇ͕ƵŬŝĚŶŽŶ
ϭϳϬϲ ϮϬϭϱWĂǀŝĂ,ŝŐŚǁĂǇΎΎ EĂƚŝŽŶĂůZŽĂĚ͕ƌŐǇ͘ŐĂŶĂŶ͕WĂǀŝĂ͕/ůŽŝůŽ
ϭϳϬϳ ϮϭϯϳhDŝŐŽƐ WŽďůĂĐŝŽŶ͕ŝŐŽƐŝƚǇ͕ĂǀĂŽĚĞů^Ƶƌ
ϭϳϬϴ Ϯϭϳϳ^ŽƌƐŽŐŽŶĂƉŝƚŽůΎΎ ZŝǌĂů^ƚ͘ĐŽƌ͘ƵƌŐŽƐ^ƚ͕͘^ŽƌƐŽŐŽŶŝƚǇ
ϭϳϬϵ ϮϭϬϵtŝŶĨŽƌĚ,ŽƚĞůΎΎ ZĞƚĂŝůϰ͕tŝŶĨŽƌĚ,ŽƚĞů͕ƌŐǇ͘ϯϱ͕ŽŶƐƵĞůŽ^ƚ͕͘^ƚĂ͘ƌƵǌ͕DĂŶŝůĂ
ϭϱϲϬdŚĞKŶĞ'ƌĂŶĚ
ϭϳϭϬ dŽƌƌĞĞ^ĂŶƚŽdŽŵĂƐ͕ϴϲϬƐƉĂŹĂĐŽƌ͘D͘&͘:ŚŽĐƐŽŶ^ƚ͕͘^ĂŵƉĂůŽĐ͕DĂŶŝůĂ
ĞŶƚƌĞΎΎ
ϭϳϭϭ ϭϵϬϭEŽƌŬŝƐǇďĞƌƉĂƌŬΎΎ ͘^͘&ƵƌƚƵŶĂ^ƚ͘ĐŽƌ͘s͘ůďĂŶŽ^ƚ͕͘ƌŐǇ͘ĂŬŝůŝĚ͕DĂŶĚĂƵĞŝƚǇ͕ĞďƵ
ϭϳϭϮ ϮϬϴϮŽŬĂǁŬĂŶ͕ĂŐƵŝŽΎΎ ηϭ>ŽǁĞƌŽŬĂǁŬĂŶZŽĂĚ͕ĂŐƵŝŽŝƚǇ
ϭϳϭϯ ϮϭϱϬW/&͘ĂďĂŚƵŐΎΎ ĂůƚĞǆ&͘ĂďĂŚƵŐ^ƚ͕͘ƌŐǇ͘<ĂƐĂŵďĂŐĂŶ͕ĞďƵŝƚǇ
ϭϳϭϰ ϮϭϲϴdŽƚĂůDŽŶƚĂůďĂŶ D͘,͘ĞůWŝůĂƌ^ƚ͕͘^ĂŶZĂĨĂĞů͕ZŽĚƌŝŐƵĞǌ͕ZŝǌĂů
ϭϳϭϱ ϮϮϭϴ&͘^ĂŶƚŽƐ ϭϯϯϱ&͘^ĂŶƚŽƐǀĞ͕͘ĂƉŽƚĞ͕>ĂƐWŝŹĂƐŝƚǇ
ϭϳϭϲ ϮϮϱϴ'^/^DĂƚŝŶĂΎΎ DĐƌƚŚƵƌ,ŝŐŚǁĂǇĐŽƌ͘>ŝďƌĂ^ƚ͕͘'^/^^ƵďĚŝǀŝƐŝŽŶ͕DĂƚŝŶĂ͕ĂǀĂŽŝƚǇ
ϭϳϭϳ ϭϴϵϮŽŶĐĞƉĐŝŽŶ/ůŽŝůŽ ^ĂůĐĞĚŽͲWƵŶƚĂůĞƐZŽĂĚ͕WŽďůĂĐŝŽŶ͕ŽŶĐĞƉĐŝŽŶ͕/ůŽŝůŽ
ϭϳϭϴ ϮϮϰϰƵůƵĂĂŶĚŝĚĂΎΎ DĂƐƚĞƌƐŽŶǀĞ͕͘hƉƉĞƌĂůƵůĂŶŐ͕ĂŐĂǇĂŶĚĞKƌŽŝƚǇ
ϭϳϭϵ ϮϮϱϱ'ĂŐĂůĂŶŐŝŶϮ ϮϱϬϯĞů&ŝĞƌŽ^ƚ͘ĐŽƌ͘:ƵĂŶ>ƵŶĂ͕dŽŶĚŽ͕DĂŶŝůĂ
ϭϳϮϬ ϮϬϱϵ>ƵƚŽƉĂŶ >ƵƚŽƉĂŶdŽůĞĚŽŝƚǇ͕ĞďƵ
ϭϳϮϭ ϮϬϴϯWƵƌĂ͕dĂƌůĂĐΎΎ 'ĞƌŽŶĂͲWƵƌĂZĚ͘ĐŽƌ͘ŐĂŶŽŶ^ƚ͕͘WƵƌĂ͕dĂƌůĂĐ
35
ϭϳϮϮ ϮϮϭϲDĂďŝŶŝϯ ϭϭϴϰ͘DĂďŝŶŝ^ƚ͕͘DĂůĂƚĞ͕DĂŶŝůĂ
ϭϳϮϯ Ϯϭϳϰ>ƵƉĂŽ͕E͘͘ΎΎ ĂďŝůŽƐ^ƚ͘ĐŽƌ͘>ƵƉĂŽWŽďůĂĐŝŽŶĂƐƚ͕EƵĞǀĂĐŝũĂ
ϭϳϮϰ ϭϴϬϳ^DĂĐŽůŽĚϮ ϭϭϱďͲϭϭϲď͕EŽƌƚŚtŝŶŐǆƉĂŶƐŝŽŶ͕^DŝƚǇĂĐŽůŽĚ͕ZŝǌĂů^ƚ͕͘ZĞĐůĂŵĂƚŝŽŶƌĞĂ͕ĂĐŽůŽĚŝƚǇ
ϭϳϮϱ ϮϬϯϱs>ƵŶĂΎΎ s͘>ƵŶĂĐŽƌ͘DĂƚĂƉĂƚ͕ƌŐǇ͘WŝŶǇĂŚĂŶ͕YƵĞǌŽŶŝƚǇ
ϭϳϮϲ ϮϬϲϯhDΎΎ ĂƉŝƚŽůhŶŝǀĞƌƐŝƚǇDĞĚŝĐĂůĞŶƚĞƌ͕'ƵƐĂ͕ĂŐĂǇĂŶĚĞKƌŽŝƚǇ
ϭϳϮϳ ϭϵϴϲǀĞƌŐƌĞĞŶ DĞƌĐĞĚĞƐǀĞ͕͘WĂƐŝŐŝƚǇ
ϭϳϮϴ ϮϮϴϵWdĞƌŵŝŶĂůΎΎ dĞũĞƌŽŽŶǀĞŶƚŝŽŶ͕ZŽƐĂƌŝŽ͕ĂǀŝƚĞ
ϭϳϮϵ ϭϵϮϭĂŶƵŵĂǇĂƐƚ ͘^ĞƌǀŝĐĞZŽĂĚEŽ͘ϮEĂƌĐŝƐŽ^ƚ͕͘ƌŐǇ͘ĂŶƵŵĂǇĂƐƚ͕sĂůĞŶǌƵĞůĂŝƚǇ
ϭϳϯϬ ϮϬϵϮŽŶ:ƵŝĐŽǀĞ͘ΎΎ hŶŝƚϭĂŶĚϭ͕DŝŶŐΖƐƵŝůĚŝŶŐ͕ϲϬϴ^ŽŶ:ƵŝĐŽǀĞ͕͘DĂůĂďĂŶŝĂƐ͕ŶŐĞůĞƐŝƚǇ͕WĂŵƉĂŶŐĂ
ϮϯϭϲĂƐƚƐŝĂZŽǇĂůĞ
ϭϳϯϭ ĂƌƌŝŽĂĚŝĂŶŐĂƐ͕'ĞŶ͘^ĂŶƚŽƐŝƚǇ͕DŝŶĚĂŶĂŽ
,ŽƚĞůΎΎ
ϭϳϯϮ Ϯϭϱϭ^ĂŶZĂĨĂĞůtĂǁĂ D,ĞůWŝůĂƌ^ƚ͘ĐŽƌ͘W͘ZŽĚƌŝŐƵĞǌ^ƚ͕͘^ĂŶZĂĨĂĞů͕ZŽĚƌŝŐƵĞǌ͕ZŝǌĂů
ϭϳϯϯ ϭϳϳϲ>ĂŵďƵŶĂŽ/ůŽŝůŽ ŽƌŶĞƌƐŽĨĂƚĂůƵŶĂĂŶĚ>ĂĚƌŝĚŽ^ƚ͕͘>ĂŵďƵŶĂŽ͕/ůŽŝůŽ
ϭϳϯϰ ϮϬϳϮWĂƐĂĐĂŽ ƌŐǇ͘^ƚĂ͘ZŽƐĂĚĞůEŽƌƚĞ͕WĂƐĂĐĂŽ͕ĂŵĂƌŝŶĞƐ^Ƶƌ
ϭϳϯϱ ϭϴϮϵWĂůŝƐĂŵĂůĂŵďĂ WĂůŝƐĂŵ͕ĂůĂŵďĂŝƚǇ͕>ĂŐƵŶĂ
ϭϳϯϲ ϮϮϵϳϱϬϬ^ŚĂǁϮ >ĂƵƌĞů^ƚ͘ĐŽƌ͘^ŚĂǁůǀĚ͕͘DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϭϳϯϳ ϭϵϮϳ^ĂŶ>ƵŝƐ͕WĂŵƉĂŶŐĂΎΎ ^ƚŽ͘dŚŽŵĂƐ͕^ĂŶ>ƵŝƐ͕WĂŵƉĂŶŐĂ
ϭϳϯϴ ϮϮϳϯŵďĞƌůĂŶĚWůĂǌĂ hŶŝƚͲϭϬϮ͕'ƌŽƵŶĚ&ůŽŽƌ͕ŵďĞƌůĂŶĚWůĂǌĂ͕:ƵůŝĂsĂƌŐĂƐǀĞ͕͘KƌƚŝŐĂƐĞŶƚĞƌ͕WĂƐŝŐŝƚǇ
ϭϳϯϵ Ϯϭϭϱ^ĂŶŶƚŽŶŝŽϮ hŶŝƚͲϱ:ĂŬĂWůĂǌĂ͕ƌ͘͘^ĂŶƚŽƐǀĞ͕͘^ĂŶŶƚŽŶŝŽ͕WĂƌĂŹĂƋƵĞŝƚǇ
ϭϳϰϬ Ϯϭϵϯ^ĂŶZĞŵĞŐŝŽ ĞďƵEŽƌƚŚ,ĂŐŶĂǇĂtŚĂƌĨZĚ͘ĐŽƌ͘ŶƚŽŶŝŽĚĞWŝŽ,ǁĂǇ͕WŽďůĂĐŝŽŶ͕^ĂŶZĞŵŝŐŝŽ͕ĞďƵ
ϭϵϴϰ^ĂŶDĂŶƵĞů͕
ϭϳϰϭ EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕WŽďůĂĐŝŽŶ͕^ĂŶDĂŶƵĞů͕WĂŶŐĂƐŝŶĂŶ
ϭϳϰϮ ϮϬϰϳ'ůŽďĂůKŝůΎΎ ŽŶŐƌĞƐƐŝŽŶĂůǀĞ͘ĐŽƌ͘^ŚŽƌƚŚŽƌŶ^ƚ͕͘ĂŚĂǇdŽƌŽ͕YƵĞǌŽŶŝƚǇ
ϭϳϰϯ ϮϮϭϱĂŵďĂŶŐΎΎ ĂŵďĂŶŐĐŽƌ͘&Ğůŝǆ,ƵĞƌƚĂƐ͕^ƚĂ͘ƌƵǌ͕DĂŶŝůĂ
ϭϳϰϰ ϭϴϮϳhDŽůƚŽŶΎΎ ͘ŽůƚŽŶ^ƚ͕͘ĂǀĂŽŝƚǇ
ϮϮϱϵ>ĞŐĂƌĚĂZŽĂĚ͕ĂŐƵŝŽ
ϭϳϰϱ hŶŝƚϭϬϭ͕ϭϬϮΘϭϬͲŽĨĂŐƵŝŽ,ŽůŝĚĂǇsŝůůĂƐ͕EŽ͘ϭϬ>ĞŐĂƌĚĂZŽĂĚ͕ĂŐƵŝŽŝƚǇ
ŝƚǇ
ϭϳϰϲ ϮϮϱϳE,DĂĂΎΎ ŽŶ:ƵůŝŶĂZŽĚƌŝŐƵĞǌǀĞ͕͘ĂǀĂŽŝƚǇ
ϭϳϰϳ ϮϯϵϵWŽůĂƌŝƐΎΎ hŶŝƚϮWŽůĂƌŝƐ͕^ƉĞĐƚƌƵŵDŝĚǁĂǇ͕ůĂďĂŶŐ͕DƵŶƚŝŶůƵƉĂŝƚǇ
ϭϳϰϴ Ϯϭϱϱ<ĂŶƚŽĂŶŐĂĚ͕E͘͘ ϭϳϴ<ĂŶƚŽĂŶŐĂĚ͕ĂďĂŶĂƚƵĂŶŝƚǇ͕EƵĞǀĂĐŝũĂ
ϭϳϰϵ ϭϱϳϲ'ĞŶ͘dŝŶŝŽ͕E͘͘ΎΎ WŽďůĂĐŝŽŶĞŶƚƌĂů͕'ĞŶĞƌĂůdŝŶŝŽ͕EƵĞǀĂĐŝũĂ
ϭϳϱϬ ϮϯϮϲW/ĂĚŝĂŶŐĂƐΎΎ ƌŐǇ͘ĂĚŝĂŶŐĂƐ͕'ĞŶĞƌĂů^ĂŶƚŽƐŝƚǇ
ϭϳϱϭ ϮϯϭϳW/>ĂŐĂŽΎΎ dŝŽŶŐƐŽŶ^ƚ͕͘ƌŐǇ͘>ĂŐĂŽ͕'ĞŶ͘^ĂŶƚŽƐŝƚǇ
ϭϳϱϮ ϭϲϳϴDŝĂŐͲŽ/ůŽŝůŽΎΎ ƵůƵĞƚĂǀĞ͕͘DŝĂŐͲĂŽ͕/ůŽŝůŽ
ϭϳϱϯ ϭϵϴϵdĂďĂĐŽϮΎΎ ŝŐĂǀĞŶƵĞ͕ƌŐǇ͘ĂƐƵĚ͕dĂďĂĐŽŝƚǇ͕ůďĂǇ
ϭϳϱϰ ϮϮϲϳ^ĂůŝŶĂƐϮ ƌŐǇ͘tĂǁĂϭ͕ZŽƐĂƌŝŽ͕ĂǀŝƚĞ
ϭϳϱϱ Ϯϭϯϭ^ĂůĂŵĂŶĐĂΎΎ ^ĂůĂŵĂŶĐĂ^ƚ͘ĐŽƌ͘ĚƵƋƵĞ^ƚ͕͘WŽďůĂĐŝŽŶ͕DĂŬĂƚŝŝƚǇ
ϭϳϱϲ ϭϵϱϴĂŶŐĂŬůĂŶ ŬůĂŶZŽĂĚ͕WŽďůĂĐŝŽŶĂŶŐĂ͕ŬůĂŶ
ϭϳϱϳ ϮϮϬϲWĞůĂĞǌΎΎ dƵǆĞĚŽ^ƵŝƚĞƐ͕WĞůĂĞǌ^ƚ͕͘<ĂŵĂŐĂǇĂŶ͕ĞďƵŝƚǇ
ϭϳϱϴ ϮϭϲϮŽƌƌĂůĞƐΎΎ ŽƌƌĂůĞƐǆƚ͕͘ĂŐĂǇĂŶĚĞKƌŽŝƚǇ
ϭϳϱϵ ϮϮϯϬ^D>ĂŶĂŶŐWƌĞŵŝĞƌ :͘W͘>ĂƵƌĞůǀĞ͕͘ĂũĂĚĂ͕ĂǀĂŽŝƚǇ
ϭϳϲϬ ϮϭϮϮWĂŶĚĂǇĂŶ͕DĞǇĐĂƵǇĂŶ ƌŐǇ͘WĂŶĚĂǇĂŶ͕DĞǇĐĂƵĂǇĂŶ͕ƵůĂĐĂŶ
ϭϳϲϭ Ϯϰϯϴ:DĂǀĂŽΎΎ <:ŽŵƉŽƵŶĚ͕WŚŝů͘Ͳ:ĂƉ&ƌŝĞŶĚƐŚŝƉ,ŝŐŚǁĂǇ͕ƌŐǇ͘^ĂƐĂ͕ĂǀĂŽŝƚǇ
ϭϳϲϮ Ϯϯϳϱ,ϭŽƵůĞǀĂƌĚΎΎ YƵĞǌŽŶůǀĚ͘ĐŽƌƌƚŝĂŐĂ^ƚ͕͘ĂǀĂŽŝƚǇ
ϭϳϲϯ ϮϮϮϳDĂŶŝŬůŝŶŐ ƌŐǇ͘^ĂŶZŽƋƵĞ͕^ĂŶ/ƐŝĚƌŽ͕ĂǀĂŽKƌŝĞŶƚĂů
ϭϳϲϰ ϮϯϬϯdƌĂĚĞƌƐĂƚĂŶŐĂƐ W͘ƵƌŐŽƐ^ƚ͘ĐŽƌ͘ǀĂŶŐĞůŝƐƚĂ^ƚ͕͘ĂƚĂŶŐĂƐŝƚǇ
ϭϳϲϱ ϮϭϰϭWŝůĂƌ,ŝĚĂůŐŽ ƌŐǇ͘WĞĚƌŽ'ŝůĐŽƌ͘WŝůĂƌ,ŝĚĂůŐŽ>ŝŵ^ƚƐ͕͘DĂůĂƚĞ͕DĂŶŝůĂ
ϭϳϲϲ ϭϵϭϭŽŶDĂƌŝĂŶŽΎΎ ŽŶDĂƌŝĂŶŽ^ƵďĚ͘ůŽŶŐKƌƚŝŐĂƐǀĞ͘ǆƚŶ͕͘ƌŐǇ͘^ĂŶ:ƵĂŶ͕ĂŝŶƚĂ͕ZŝǌĂů
ϭϳϲϳ ϮϬϳϰ^ƚ͘ĞŶĞĚŝĐƚͲĂůŽŽĐĂŶ ŽŶŐƌĞƐƐŝŽŶĂůZŽĂĚǆƚ͕͘ĂŐƵŵďŽŶŐ͕ĂůŽŽĐĂŶŝƚǇ
ϭϳϲϴ Ϯϭϵϱ^ĂŶŐŝdŽůĞĚŽ ^ĂŶŐŝ͕dŽůĞĚŽ͕ĞďƵ
ϭϳϲϵ ϮϭϬϮWĂƌŬǀĞŶƵĞΎΎ :͘W͘>ĂƵƌĞůǀĞͬ͘WĂƌŬǀĞ͕͘ĂũĂĚĂ͕ĂǀĂŽŝƚǇ
ϮϮϬϴĂůƵŶŐĂŽ͕
ϭϳϳϬ WŽďůĂĐŝŽŶĂůƵŶŐĂŽ͕WĂŶŐĂƐŝŶĂŶ
36
ϭϳϳϭ ϮϮϵϭZŽƐĂƌŝŽƌŽƐƐŝŶŐΎΎ WŽďůĂĐŝŽŶĂƌĂŶĚĂŶŐ^ƚ͕͘ZŽƐĂƌŝŽ͕ĂƚĂŶŐĂƐ
ϭϳϳϮ ϮϭϳϴWĂƌŬĞŶƚƌĂůĞ 'ͬ&WĂƌŬĞŶƚƌĂůĞ͕/dWĂƌŬ͕>ĂŚƵŐ͕ĞďƵŝƚǇ
ϭϳϳϯ ϮϯϬϵsŝĐƚŽƌ,ŽƚĞůΎΎ ƉŽĐŚKŶĞůĚŐ͕͘:͘sŝĐƚŽƌ^ƚ͕͘ƌŐǇ͘WŝŽĚĞůWŝůĂƌ͕DĂŬĂƚŝŝƚǇ
ϭϳϳϰ ϮϮϯϵƵŐŽΎΎ ƵŐŽ͕ĂŐĂǇĂŶĚĞKƌŽŝƚǇ
ϭϳϳϱ ϮϮϴϱWŚŽĞŶŝǆŝŐŽƐ ^ĂŶ:ŽƐĞ͕ŝŐŽƐŝƚǇ
ϭϳϳϲ Ϯϯϴϯ,ϭĐŽůĂŶĚΎΎ ŶƚĂƐƚŝĐŽŵƉůĞǆ͕YƵŝŵƉŽůǀĚ͕͘ĂǀĂŽŝƚǇ
ϭϳϳϳ ϮϮϱϰdĂŵďŽϮΎΎ ŶĨůŽĐŽƌůĚŐ͕͘ϰϭϭYƵŝƌŝŶŽǀĞ͘ĐŽƌE/ZŽĂĚ͕dĂŵďŽ͕WĂƌĂŹĂƋƵĞŝƚǇ
ϭϳϳϴ ϮϭϰϱdĂŶĚĂŶŐ^ŽƌĂΎΎ ƌŐǇ͘WĂƐŽŶŐdĂŵŽ͕dĂŶĚĂŶŐ^ŽƌĂ͕YƵĞǌŽŶŝƚǇ
ϮϮϬϳŽŶŽƐĐŽ͕
ϭϳϳϵ DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕DĂďĂůĂĐĂƚ͕WĂŵƉĂŶŐĂ
DĂďĂůĂĐĂƚΎΎ
ϭϳϴϬ ϮϯϳϮ,ϭDŝŶƚĂůΎΎ ,ϭDŝŶƚĂů͕ĂǀĂŽͲƵŬŝĚŶŽŶEĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ĂǀĂŽŝƚǇ
ϭϳϴϭ ϮϮϲϭŐŽŶĐŝůůŽDĂŶŝůĂ ϵϵϵ'&^ƚĂŶŝƐĐŽdŽǁĞƌ͕WĞĚƌŽ'ŝůĐŽƌ͘ŐŽŶĐŝůůŽ^ƚ͕͘ƌŵŝƚĂ͕DĂŶŝůĂ
ϭϳϴϮ ϮϬϱϮEŽƌƚŚǁŝŶŐ^ŚĂŶŐƌŝͲ>Ă hŶŝƚ'ϭϭϳEŽƌƚŚǁŝŶŐŽĨ^ŚĂŶŐƌŝͲůĂWůĂǌĂ͕^͕DĂŶĚĂůƵǇŽŶŐŝƚǇ
ϭϳϴϯ ϮϭϰϰtĞƐƚZĞŵďŽϮΎΎ ͘DĂďŝŶŝ^ƚ͘ĐŽƌ͘:WZŝǌĂůǀĞ͕͘ƌŐǇ͘tĞƐƚZĞŵďŽ͕DĂŬĂƚŝŝƚǇ
ϭϳϴϰ ϮϮϴϳ'ĞŶƐĂŶZŽǆĂƐΎΎ ZŽǆĂƐĂƐƚǀĞ͕͘'ĞŶĞƌĂů^ĂŶƚŽƐŝƚǇ
ϭϳϴϱ Ϯϯϳϯ,ϭdŽƌŝůΎΎ dŽƌŝůƌŽƐƐŝŶŐ͕ĂǀĂŽŝƚǇ
ϭϳϴϲ ϮϯϬϱDĂǇƐĂŶZŽĂĚΎΎ DĂǇƐĂŶZŽĂĚ͕DĂǇƐĂŶ͕sĂůĞŶǌƵĞůĂŝƚǇ
ϭϳϴϳ ϮϮϱϲhƐƵƐĂŶϮΎΎ ϭϱϯ'ĞŶ͘>ƵŶĂ^ƚ͘ĐŽƌ͘>ĞǀŝDĂƌŝĂŶŽǀĞ͕͘ƌŐǇ͘hƐƵƐĂŶ͕dĂŐƵŝŐŝƚǇ
ϭϳϴϴ ϮϮϭϭĞŶƚƌĂůŝĐƵƚĂŶΎΎ >ŽƚϭůŬϭϴϰ͘ŽŶŝĨĂĐŝŽƌŝǀĞ͕ĞŶƚƌĂůŝĐƵƚĂŶ͕dĂŐƵŝŐŝƚǇ
ϭϳϴϵ ϭϵϯϴ'ŝŚŽŶ 'ŝŚŽŶůĚŐ͕͘:ŽƐĞďĂĚ^ĂŶƚŽƐǀĞ͘ůĂƌŬ͕WĂŵƉĂŶŐĂ
ϭϳϵϬ ϮϮϲϲƵůŝŚĂŶϮ ƌŐǇ͘ŶĂŚĂǁͲϭ͕^ŝůĂŶŐ͕ĂǀŝƚĞ
ϭϳϵϭ ϮϯϭϬWĂůŵĂ'ŝůΎΎ ƌŐǇ͘WŽďůĂĐŝŽŶ͕ĂǀĂŽŝƚǇ
ϭϳϵϮ ϮϮϵϴDĞĚŝĐŝŽŶ/ŵƵƐ DĞĚŝĐŝŽŶ^ƚ͕͘ƌŐǇ͘DĞĚŝĐŝŽŶ//͕/ŵƵƐ͕ĂǀŝƚĞ
ϭϳϵϯ ϮϭϭϬ'ƌĂŶĚĂŶĂůDĂůů hŶŝƚϭϰϭĂ'ƌĂŶĚĂŶĂůDĂůů͕DĐŬŝŶůĞǇ,ŝůů͕'͕dĂŐƵŝŐŝƚǇ
ϭϳϵϰ ϮϯϯϯEŽƌǌĂŐĂƌĂǇΎΎ WŽďůĂĐŝŽŶͲEŽƌǌĂŐĂƌĂǇ͕ƵůĂĐĂŶ
ϮϭϴϲůĂƌŬ/ŶƚĞƌŶĂƚŝŽŶĂů
ϭϳϵϱ ůĂƌŬ/ŶƚĞƌŶĂƚŝŽŶĂůŝƌƉŽƌƚ͕ůĂƌŬ&ƌĞĞƉŽƌƚŽŶĞ͕WĂŵƉĂŶŐĂ
ŝƌƉŽƌƚΎΎ
ϭϳϵϲ ϮϭϵϲEĞǁtĂƐŚŝŶŐƚŽŶŬůĂŶ ZŽǆĂƐǀĞ͘^ƚ͕͘WŽďůĂĐŝŽŶEĞǁtĂƐŚŝŶŐƚŽŶ͕ŬůĂŶ
Ϯϭϳϱ^ĂŶ/ƐŝĚƌŽ
ϭϳϵϳ ĂƐƚĐŽŵĞŶƚƌĂů͕WŚϭ͕ůŬϭΘϮ͕ĂƐƚǁŽŽĚZĞƐŝĚĞŶĐĞƐ͕^ĂŶ/ƐŝĚƌŽ͕ZŽĚƌŝŐƵĞǌ͕ZŝǌĂů
DŽŶƚĂůďĂŶΎΎ
ϭϳϵϴ ϮϮϵϵWŝŶĂŐďƵŬůŽĚ/ŵƵƐΎΎ ƌŐǇ͘WŝŶĂŐďƵŬůŽĚ>ƵŶĂ^ƚ͕͘/ŵƵƐ͕ĂǀŝƚĞ
ϭϳϵϵ ϮϬϴϴ^ĂŶWĂďůŽĞŶƚƌĂůΎΎ WŽďůĂĐŝŽŶ͕^ĂŶWĂďůŽŝƚǇ͕>ĂŐƵŶĂ
ϭϴϬϬ ϮϰϮϮ^ƚĂ͘ůĞŶĂǆŝƚΎΎ ^ŽƵƚŚWŽŝŶƚ^ƵďĚ͕͘ƌŐǇ͘ĂŶĂǇͲĂŶĂǇ͕ĂďƵǇĂŽŝƚǇ͕>ĂŐƵŶĂ
ϭϴϬϭ ϮϯϬϬĂƌŵŽŶĂDƵŶŝĐŝƉĂůΎΎ :͘D͘>ŽǇŽůĂ^ƚ͕͘ĂƌŵŽŶĂ͕ĂǀŝƚĞ
ϭϴϬϮ ϭϵϲϳWĞƌƉĞƚƵĂů/ŵƵƐΎΎ ƌŐǇ͘WĂůŝĐŽ/s͕/ŵƵƐ͕ĂǀŝƚĞ
ϭϴϬϯ ϮϯϮϬĞĂƐƚƌŽWĂƐŝŐΎΎ ηϯ^ĂŵƉĂŐƵŝƚĂ^ƚ͕͘ĞĂƐƚƌŽǀĞ͕͘ƌŐǇ͘^ƚĂ͘>ƵĐŝĂ͕WĂƐŝŐŝƚǇ
ϭϴϬϰ ϮϬϮϰsŝĞŶƚĞZĞĂůĞƐ ^ƚ͘WĞƚĞƌ^ƚ͕͘>ƵŝƐ&ƌĂŶĐŝƐĐŽ^ƵďĚ͕͘sŝĞŶƚĞZĞĂůĞƐ͕sĂůĞŶǌƵĞůĂŝƚǇ
ϭϴϬϱ ϮϭϲϯDĂƉƵůĂŶŐ>ƵƉĂ ηϱϬϵϱƐƚŽ͘ZŽƐĂƌŝŽ^ƚ͕͘ƌŐǇ͘DĂƉƵůĂŶŐ>ƵƉĂ͕sĂůĞŶǌƵĞůĂŝƚǇ
ϭϴϬϲ ϮϮϴϯ>ĂŶŐŬŝǁĂΎΎ ^ŽƵƚŚǀŝůůĞϱ͕ƌŐǇ͘>ĂŶŐŬŝǁĂ͕ŝŹĂŶŝƚǇ͕>ĂŐƵŶĂ
ϭϴϬϳ ϮϬϱϳsŝůůĂDŽŶŝĐĂΎΎ ϱϮϲD͘ůŵĞĚĂ^ƚ͕͘WĂƚĞƌŽƐ͕DĞƚƌŽDĂŶŝůĂ
ϭϴϬϴ ϮϬϵϯWĂŵƉĂŶŐ͕ŶŐĞůĞƐΎΎ WĂŵƉĂŶŐ͕ŶŐĞůĞƐ͕WĂŵƉĂŶŐĂ
ϭϴϬϵ ϮϮϮϬ<ĂůŝďŽWůĂǌĂΎΎ 'ͬ&'ůŽǁŵŽŽŶůĚŐ͕͘DĂƌƚĞůŝŶŽ^ƚ͕͘WŽďůĂĐŝŽŶ͕<ĂůŝďŽ͕ŬůĂŶ
ϭϴϭϬ ϮϯϰϬWdd^dyΎΎ Wdd^dy͕DĂĐĂŶŐĐƵŶŐ^ĞƌǀŝĐĞƌĞĂ͕^ƵďŝĐͲůĂƌŬǆƉƌĞƐƐǁĂǇ
ϭϴϭϭ ϮϭϬϳ^ŽƵƚŚŬĞǇ,ƵďΎΎ ^ŽƵƚŚŬĞǇ,Ƶď͕/ŶĚŽͲŚŝŶĂƌŝǀĞ͕EŽƌƚŚŐĂƚĞǇďĞƌǌŽŶĞ͕&ŝůŝŶǀĞƐƚŝƚǇůĂďĂŶŐ͕DƵŶƚŝŶůƵƉĂŝƚǇ
ϭϴϭϮ ϮϮϭϳWĂĚƌĞ&ĂƵƌĂϮ ϭϮϮϳ͘DĂďŝŶŝ^ƚ͘ĐŽƌ͘W͘&ĂƵƌĂ^ƚ͕͘ƌŵŝƚĂ͕DĂŶŝůĂ
ϭϴϭϯ ϮϰϳϮWƵůŝůĂŶ,ŝŐŚǁĂǇΎΎ ƌŐǇ͘ƵƚĐŽƚ͕WƵůŝůĂŶ͕ƵůĂĐĂŶ
ϭϴϭϰ ϮϬϲϲ>ŝŶŐƵŶĂŶ ηϰϰW͘'ƌĞŐŽƌŝŽ^ƚ͕͘>ŝŶŐƵŶĂŶ͕sĂůĞŶǌƵĞůĂŝƚǇ
ϭϴϭϱ ϮϮϮϯdŚĞ>ĞǀĞůƐΎΎ ϰΘϱWĂĐŝĨŝĐZŝŵZŽĂĚ͕ŽŵŵĞƌĐĞǀĞ͕͘&ŝůŝŶǀĞƐƚŝƚǇ͕DƵŶƚŝŶůƵƉĂŝƚǇ
ϭϴϭϲ ϮϬϳϯDĂƌƵůĂƐϮ ηϵƐƉŝƌŝƚŽ^ƚ͕͘DĂƌƵůĂƐ͕sĂůĞŶǌƵĞůĂ
ϭϴϭϮ^ŝůŝŵĂŶDĞĚŝĐĂůͲ
ϭϴϭϳ '&>ŽŽƵŝůĚŝŶŐ͕ůĚĞĐŽĂ^ƚ͘ĐŽƌ͘/Ɖŝů^ƚ͕͘ƵŵĂŐƵĞƚĞŝƚǇ
ϭϴϭϴ ϮϯϮϵD^zdŽǁĞƌ >ŽƚϯůŬϲ͕WĞƐĐĂĚĞƌŽƐZĚ͕͘ĞďƵƵƐŝŶĞƐƐWĂƌŬ͕ĞďƵŝƚǇ
ϭϴϭϵ Ϯϭϯϯ/ŵƵƐdĞƌŵŝŶĂůDĂůů ƌŐǇ͘ĂǇĂŶ>ƵŵĂDĂƌŬĞƚZŽĂĚ͕/ŵƵƐŝƚǇ͕ĂǀŝƚĞ
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ϭϴϮϬ ϮϮϬϰWĂƌĂĚĂŚĂŶdĂŶǌĂ ƌŐǇ͘WĂƌĂĚĂŚĂŶϮ͕dĂŶǌĂ͕ĂǀŝƚĞ
ϭϴϮϭ ϮϮϵϲ>ZdƵďĂŽ 'D'&ϬϭϬZ͕'&͕'ĂƚĞǁĂǇDĂůů͕ƵƌŽƌĂůǀĚ͕͘ƌĂŶĞƚĂĞŶƚĞƌ͕ƵďĂŽ͕YƵĞǌŽŶŝƚǇ
ϭϴϮϮ ϮϮϲϮ^ƚ͘&ƌĂŶĐŝƐƐƐŝƐŝΎΎ ϭϬϴEĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ƌŐǇ͘WƵůŽ͕ĂďƵǇĂŽŝƚǇ͕>ĂŐƵŶĂ
ϭϴϮϯ ϮϮϳϲZĞŐĂůĂĚŽ,ŝŐŚǁĂǇ ƌŽǁŶůŝŶŬĞŶƚĞƌϮ͕>ŽƚϭĂŶĚϯZĞŐĂůĂĚŽ,ŝŐŚǁĂǇ͕ƌŐǇ͘'ƌĞĂƚĞƌ>ĂŐƌŽ͕EŽǀĂůŝĐŚĞƐ͕YƵĞǌŽŶŝƚǇ
ϭϴϮϰ ϮϯϮϮŝŶŐůĞ DƵǇĐŽ^ƚ͕͘WŽďůĂĐŝŽŶ͕ŝŶŐůĞ͕/ůŽŝůŽ
ϭϴϮϱ ϮϮϲϬdǁŝŶ>ĂŬĞƐdĂŐĂǇƚĂǇ &Θϯ'&ĂŶĚ>'ůĚŐ͕͘dǁŝŶ>ĂŬĞƐ^ŚŽƉƉŝŶŐsŝůůĂŐĞ͕EĂƐƵŐďƵ͕ĂƚĂŶŐĂƐ
ϭϴϮϲ Ϯϯϱϳ'ƵůŽĚĂƚĂŶŐĂƐΎΎ EĂƚŝŽŶĂůZŽĂĚ͕'ƵůŽĚ>ĂďĂĐ͕ĂƚĂŶŐĂƐŝƚǇ
ϭϴϮϳ ϮϮϬϱdŝĂŽŶŐWŽďůĂĐŝŽŶΎΎ ƌŐǇ͘WŽďůĂĐŝŽŶdŝĂŽŶŐ͕YƵĞǌŽŶ
ϭϱϯϳdĂŐĂǇƚĂǇWƌŝŵĞ
ϭϴϮϴ hŶŝƚͲϯ͕'&͕dĂŐĂǇƚĂǇWƌŝŵĞZĞƐŝĚĞŶĐĞƐ͕dĂŐĂǇƚĂǇWƌŝŵĞZŽƚƵŶĚĂ͕dĂŐĂǇƚĂǇ
ZĞƐŝĚĞŶĐĞƐ
ϭϴϮϵ ϮϭϰϵĂŶŐŬĂůϮ '&DEϭůĚŐ͕͘ϭϯϮϭƉŽůŝŶĂƌŝŽ^ƚ͕͘ƌŐǇ͘ĂŶŐŬĂů͕DĂŬĂƚŝŝƚǇ
ϭϴϯϬ ϮϬϲϱ>ůĂŶŽZŽĂĚ dĞŽĨŝůŽ^ĂŵƐŽŶZŽĂĚĐŽƌ͘>ůĂŶŽZŽĂĚ͕>ůĂŶŽ͕ĂůŽŽĐĂŶ
ϭϴϯϭ ϭϴϲϲ&ĂƚŝŵĂĂƐŵĂ &ĂƚŝŵĂ͕ĂƐŵĂƌŝŹĂƐ͕ĂǀŝƚĞ
ϭϴϯϮ ϮϰϬϮDĂͲĂĞŶƚƌŽΎΎ ƌŽƐƐŝŶŐ:ĂŝůĂŶĚDĂͲĂZĚ͕͘ĂǀĂŽŝƚǇ
ϭϴϯϯ ϮϮϱϯ^ĂŶ&ĞƌŶĂŶĚŽϱΎΎ DĐƌƚŚƵƌ,ŝǁĂǇ͕ƌŐǇ͘ĞůWŝůĂƌ͕^ĂŶ&ĞƌŶĂŶĚŽ͕WĂŵƉĂŶŐĂ
ϭϴϯϰ Ϯϭϴϰ>ĂǁĂŶŐĂƚŽ WƵŶƚƵƌŝŶͲ>ĂǁĂŶŐĂƚŽZŽĂĚ͕ƌŐǇ͘>ĂǁĂŶŐĂƚŽ͕sĂůĞŶǌƵĞůĂŝƚǇ
ϭϴϯϱ ϮϮϬϮĞƚŝƐWĂŵƉĂŶŐĂΎΎ ^ĂŶEŝĐŽůĂƐϮŶĚ͕ĞƚŝƐ͕'ƵĂŐƵĂ͕WĂŵƉĂŶŐĂ
ϭϴϯϲ ϮϭϬϱDŽůŽWůĂǌĂΎΎ >ŽƉĞǌ:ĞĂŶĂ^ƚ͕͘DŽůŽ͕/ůŽŝůŽŝƚǇ
ϮϭϴϱĂůĂŵĂŶƐŝĂŶ
ϭϴϯϳ :>ůĚŐ͘ůŬϭϴ>ŽƚϭϬĂůĂŵĂŶƐŝĂŶ^ƚ͘ĐŽƌ͘ƐĐĞŶĐŝŽŶ^ƚ͕͘DĂůŝŐĂǇĂWĂƌŬ>ĂŶĚ͕ĂůŽŽĐĂŶŝƚǇ
ĂůŽŽĐĂŶΎΎ
ϭϴϯϴ ϮϮϮϲKŝƚǇ,ĂůůΎΎ EŝĐŽůĂƐĂƉŝƐƚƌĂŶŽ^ƚ͕͘ƌŐǇ͘ϬϮ͕ĂŐĂǇĂŶĞKƌŽŝƚǇ
ϭϴϯϵ ϮϯϯϲdŚĞŚĂƌƚĞƌ,ŽƵƐĞ ϭϭϰ>ĞŐĂǌƉŝ^ƚ͕͘>ĞŐĂǌƉŝsŝůůĂŐĞ͕DĂŬĂƚŝŝƚǇ
ϭϴϰϬ ϮϭϴϭdĂŶũĂǇ dĂŶũĂǇ͕EĞŐƌŽƐKƌŝĞŶƚĂů
ϭϴϰϭ ϮϮϴϲsĂůůĂĚŽůŝĚEĞŐƌŽƐ WƌĞƐďŝƚĞƌŽ^ƚ͕͘^ŽƵƚŚEĞŐƌŽƐ,ŝŐŚǁĂǇ͕sĂůůĂĚŽůŝĚ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ϭϴϰϮ ϮϮϭϰƵƌŐŽƐ͕WĂŶŐĂƐŝŶĂŶ WŽďůĂĐŝŽŶƵƌŐŽƐ͕WĂŶŐĂƐŝŶĂŶ
ϭϴϰϯ ϮϭϬϬ&͘DĂŶĂůŽWĂƐŝŐ &͘DĂůĂŶŽ^ƚ͕͘ƌŐǇ͘^ƚŽ͘dŽŵĂƐ͕WĂƐŝŐŝƚǇ
Ϯϭϲϳ^ĂŶŶƚŽŶŝŽ͕^ƚŽ͘
ϭϴϰϰ ƌŐǇ͘^ĂŶŶƚŽŶŝŽ͕^ƚŽ͘dŽŵĂƐ͕ĂƚĂŶŐĂƐ
dŽŵĂƐΎΎ
ϭϴϰϱ ϮϯϯϬDĞĚĞůůŝŶ ŽŐŽͲƵƌǀĂͲDĞĚĞůůŝŶĐŽƌ͘ĂĂŶďĂŶƚĂǇĂŶZĚ͕͘WŽďůĂĐŝŽŶDĞĚĞůůŝŶ͕ĞďƵ
ϭϴϰϲ ϮϯϴϬĂŵƉƐĐƵĚĞƌŽΎΎ ŝƉƌŝĂŶĂůĚŐ͕͘ƌŐǇ͘^ƵůƵĐĂŶ͕DĂŐƐĂǇƐĂǇ^ƚ͕͘^ŽƌƐŽŐŽŶŝƚǇ
ϭϴϰϳ ϭϲϳϬ͘>ĂǁŝƐ͕ŶƚŝƉŽůŽΎΎ ŝƌĐƵŵĨĞƌĞŶƚŝĂůZŽĂĚĐŽƌ͘͘>ĂǁŝƐǆƚĞŶƐŝŽŶ͕ƌŐǇ͘^ĂŶ/ƐŝĚƌŽ͕ŶƚŝƉŽůŽ͕ZŝǌĂů
ϭϴϰϴ ϮϮϰϮĂǇĂŶĂŶΎΎ EĂƚŝŽŶĂůZŽĂĚ͕ƌŐǇ͘ĂǇĂŶĂŶ͕ůĂďĂŶŐ͕DƵŶƚŝŶůƵƉĂŝƚǇ
ϭϴϰϵ ϭϲϰϳ^ĂŶZŽƋƵĞEĂŝĐΎΎ 'ŽǀĞƌŶŽƌƌŝǀĞĐŽƌ͘ĂƉĂƚĂŝŶŝƌŝĂĐŽEĂǌĂƌĞŶŽ͕ƌŐǇ͘^ĂŶZŽƋƵĞ͕EĂŝĐ͕ĂǀŝƚĞ
ϭϴϱϬ ϮϯϯϮŽĂƚ^ƚĂƚŝŽŶϭΎΎ ŽƌĂĐĂǇĞĂĐŚZĞƐŽƌƚ͕ďĞĂĐŚĨƌŽŶƚ͕ŽƌĂĐĂǇ/ƐůĂŶĚ͕DĂůĂǇ͕ŬůĂŶ
ϭϴϱϭ ϮϯϴϱWĂƌĂŐŽŶWůĂĐĞ WĂƌĂŐŽŶWůĂĐĞ͕ϭϳŽŵŵŽŶǁĞĂůƚŚǀĞ͕͘ĂƚĂƐĂŶ,ŝůůƐ͕YƵĞǌŽŶŝƚǇ
ϭϴϱϮ ϭϵϱϳWDĞŶƚƌĂůĞ DWĞŶƚƌĂůĞ͕ŶĚƌĞƐ^ŽƌŝĂŶŽǀĞ͕͘ĞďƵWŽƌƚĞŶƚƌĞ͕EZ͕ĞďƵŝƚǇ
ϭϴϱϯ ϮϮϬϬEĂǀŽƚĂƐŝƚǇ,ĂůůΎΎ D͘EĂǀĂů^ƚ͕͘EĂǀŽƚĂƐŝƚǇ
ϭϴϱϰ ϮϮϴϰƵŵŽǇΎΎ ƌŐǇ͘ƵŵŽǇ͕ĂǀĂŽŝƚǇ
ϭϴϱϱ ϮϯϵϬsŝůůĂŶƵĞǀĂΎΎ WŽďůĂĐŝŽŶ͕sŝůůĂŶƵĞǀĂ͕DŝƐĂŵŝƐKƌŝĞŶƚĂů
Ϯϰϭϭ'ĞŶƐĂŶ&ƌĞĞĚŽŵ
ϭϴϱϲ ĂĚŝĂŶŐĂƐ͕'ĞŶĞƌĂů^ĂŶƚŽƐŝƚǇ
WĂƌŬΎΎ
ϭϴϱϳ ϮϮϭϵŶƚŝŐƵĂΖƐWůĂĐĞΎΎ 'ƵŶͲŽď͕>ĂƉƵͲ>ĂƉƵŝƚǇ͕ĞďƵ
ϭϴϱϴ ϮϰϬϭĂƉĂƐϯ͕dĂƌůĂĐΎΎ ƌŐǇ͘dĂůĂŐĂ͕ĂƉĂƐ͕dĂƌůĂĐ
ϭϴϱϵ ϮϯϰϯdDƵƐŝŶĞƐƐĞŶƚĞƌ dDƵƐŝŶĞƐƐĞŶƚĞƌ͕'&>ĞĚĞƐŵĂ^ƚ͘ĐŽƌ͘:ĂůĂŶĚŽŶŝ^ƚ͕͘/ůŽŝůŽŝƚǇ
ϭϴϲϬ ϮϰϯϮWŝĞƌϰ 'ĞŶ͘DĂǆŝůŽŵǀĞ͘ǆƚŶ͕͘ĞďƵŝƚǇ
ϭϴϲϭ ϮϮϵϮĚŝƐŽŶǀĞŶƵĞΎΎ <ŵϭϰ͕ĚŝƐŽŶǀĞ͕͘ƌŐǇ͘^ƵŶsĂůůĞǇ͕WĂƌĂŹĂƋƵĞŝƚǇ
ϮϰϯϳdĂŐƵŵ&ƌĞĞĚŽŵ
ϭϴϲϮ Žƌ͘KƐŵĞŹĂΘƌĞůůĂŶŽ^ƚƐ͕͘DĂŐƵŐƉŽWŽďůĂĐŝŽŶ͕dĂŐƵŵŝƚǇ
WĂƌŬΎΎ
ϭϴϲϯ ϮϮϲϵƌŽƐƐŝŶŐůŝũŝƐ >ŽƚϮůŬϭ͕>ĂsŝůůĂĞ'ƵĂĚĂůƵƉĞ͕ŝƌĐƵŵĨĞƌĞŶƚŝĂůZŽĂĚ͕ƌŐǇ͘ůŝũŝƐ͕ĂĐŽůŽĚŝƚǇ
ϭϴϲϰ ϮϮϳϳ^ƚĂ͘ZŝƚĂ͕WĂŵƉĂŶŐĂΎΎ ƌŐǇ͘^ĂŶsŝĐĞŶƚĞ͕^ƚĂ͘ZŝƚĂ͕WĂŵƉĂŶŐĂ
ϭϴϲϱ ϮϮϭϯDĂƌŝĂůĂƌĂ DĂƌŝĂůĂƌĂ^ƚ͘ĐŽƌ͘ϳƚŚǀĞ͕͘ĂůŽŽĐĂŶŝƚǇ
ϭϴϲϲ ϮϯϱϮ^ƚĂ͘ZŽƐĂ,ĞŝŐŚƚƐ ƌŐǇ͘WƵƚƚŝŶŐ<ĂŚŽǇ͕^ŝůĂŶŐ͕ĂǀŝƚĞ
ϭϴϲϳ ϮϯϱϬDĐ,ŽƚĞů ϯϱ^ƵƐĂŶŽZĚ͕͘EŽǀĂůŝĐŚĞƐ͕YƵĞǌŽŶŝƚǇ
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ϭϴϲϴ ϮϭϴϮĂǇĂǁĂŶEĞŐƌŽƐ ĂǇĂǁĂŶ͕EĞŐƌŽƐKƌŝĞŶƚĂů
ϮϭϮϭhŵŝŶŐĂŶ͕
ϭϴϲϵ 'ŽŵĞǌ^ƚ͕͘WŽďůĂĐŝŽŶ͕hŵŝŶŐĂŶ͕WĂŶŐĂƐŝŶĂŶ
ϭϴϳϬ ϮϭϳϲZŽĚƌŝŐƵĞǌŽƵŶĚĂƌǇ :WZŝǌĂů^ƚ͕͘ƌŐǇ͘ƵƌŐŽƐ͕ZŽĚƌŝŐƵĞǌ͕ZŝǌĂů
ϭϴϳϭ ϮϯϳϬW/WƵĞƌƚŽΎΎ WƵĞƌƚŽ͕ĂŐĂǇĂŶĚĞKƌŽŝƚǇ
ϭϴϳϮ Ϯϰϰϱ'ĂŝƐĂŶŽ'ƌĂŶĚŝŐŽƐΎΎ ZŝǌĂůǀĞ͕͘ŝŐŽƐŝƚǇ͕ĂǀĂŽĚĞů^Ƶƌ
ϭϴϳϯ ϮϯϰϰWĂƌĂŹĂƋƵĞŝƚǇ,ĂůůΎΎ ^ĂŶŶƚŽŶŝŽǀĞ͘ĐŽƌ͘^ƚĂ͘>ƵĐŝĂ^ƚ͕͘^ĂŶŶƚŽŶŝŽ͕sĂůůĞǇ͕WĂƌĂŹĂƋƵĞŝƚǇ
ϭϴϳϰ ϮϯϭϮ>ĂǁĂĂŶΎΎ ZŽǆĂƐůĚŐ͕͘>ĂǁĂĂŶ͕dĂůŝƐĂǇŝƚǇ͕ĞďƵ
^DŝƚǇĂůŝǁĂŐĞŶƚƌĂůdĞƌŵŝŶĂůhŶŝƚϭϬϭͲϭϬϰ͕ŽŹĂZĞŵĞĚŝŽƐdƌŝŶŝĚĂĚ,ǁǇ͕WĂŐĂůĂ͕ĂůŝƵĂŐ͕
ϭϴϳϱ ϮϮϱϮ^DĂůŝǁĂŐ
ƵůĂĐĂŶ
ϭϴϳϲ ϮϯϬϴ:ŽƌĚĂŶ,ĞŝŐŚƚƐ ůŬϭ>Žƚϭϵ͕:ŽƌĚĂŶ,ĞŝŐŚƚƐ^ƵďĚ͕͘EŽǀĂůŝĐŚĞƐ͕YƵĞǌŽŶŝƚǇ
ϭϴϳϳ ϮϰϰϮ,ŽƉ/ŶŶD͘,͘ĞůWŝůĂƌ ϭϴϱϬD,ĞůWŝůĂƌ^ƚ͕͘DĂůĂƚĞ͕DĂŶŝůĂ
ϭϴϳϴ ϮϬϱϰDĂĐƌƚŚƵƌ,ŝŐŚǁĂǇ ηϳϵDĐƌƚŚƵƌ,ŝŐŚǁĂǇĐŽƌ͘ĂŵŝƚŽ^ƚ͕͘ĂůŽŽĐĂŶŝƚǇ
ϮϰϬϴŚŽŶŐ,ƵĂ,ŽƐƉŝƚĂůͲ
ϭϴϳϵ ŚŽŶŐ,ƵĂ,ŽƐƉŝƚĂůͲDĂŶĚĂƵĞ͕DĂŶƚĂǁŝǀĞ͕͘EŽƌƚŚZĞĐůĂŵĂƚŝŽŶƌĞĂ͕DĂŶĚĂƵĞŝƚǇ͕ĞďƵ
EZΎΎ
ϭϴϴϬ ϮϭϬϭDĂůŝǁĂůŽ͕dĂƌůĂĐ dĂƌůĂĐͲ^ƚĂ͘ZŽƐĂZĚ͕͘ŽŶĞϰ͕DĂůŝǁĂůŽ͕dĂƌůĂĐŝƚǇ
ϭϴϴϭ ϮϮϯϲ^ŝĂƚŽŶEĞŐƌŽƐ ^ŝĂƚŽŶ͕EĞŐƌŽƐKƌŝĞŶƚĂů
ϭϴϴϮ ϮϯϬϲůĂƉĂŶ/ŵƵƐ ůĂƉĂŶ^ƚ͕͘ƌŐǇ͘ůĂƉĂŶ/͕/ŵƵƐŝƚǇ͕ĂǀŝƚĞ
ϭϴϴϯ ϮϮϰϭĂůŝƵĂŐͲƌŽƐƐŝŶŐΎΎ ƌŐǇ͘ĂŐŽŶŐEĂǇŽŶ͕ĂůŝƵĂŐ͕ƵůĂĐĂŶ
ϭϴϴϰ ϮϯϮϰƐƚƌĂĚĂŝŐŽƐΎΎ >Žƚϭϳϭϲ,͘ƐƚƌĂĚĂ^ƚ͕͘ƌŐǇ͘^ƚĂ͘ƌƵǌ͕ŝŐŽƐŝƚǇ͕ĂǀĂŽ
ϭϴϴϱ ϮϰϮϳĂŶŬĞƌŽŚĂŶΎΎ hŶŝƚϭϬϭĂŶĚϭϬϮ:>&WĂƌŬǁĂǇDĂŐĂůůĂŶĞƐ^ƚ͘ĐŽƌ͘dŽŵĂƐůĂƵĚŝŽ^ƚ͕͘ĂǀĂŽŝƚǇ
ϭϴϴϲ ϮϯϯϵW͘'ƵĞǀĂƌƌĂϮΎΎ ϮϲϮ^ĂŶƚŽůĂŶZŽĂĚ͕^ĂŶ:ƵĂŶŝƚǇ
ϭϴϴϳ ϮϬϴϱ^DůĂƌŬdĞĐŚ,Ƶď ^DŝƚǇůĂƌŬ͕ŶŐĞůĞƐŝƚǇ͕WĂŵƉĂŶŐĂ
ϭϴϴϴ Ϯϰϲϰ>ŽƌŵĂDĞĚŝĐĂůΎΎ ĂƌůĂdĂŶ^ĂŶ&ĞƌŶĂŶĚŽ͕>ĂhŶŝŽŶ
ϭϴϴϵ ϮϰϰϭdĂŐĂǇƚĂǇWŝĐŶŝĐ'ƌŽǀĞ ƌŐǇ͘^ƵŶŐĂǇ^ŽƵƚŚ͕dĂŐĂǇƚĂǇŝƚǇ͕ĂǀŝƚĞ
ϭϴϵϬ ϮϬϭϴŝƚǇŵĂůůWĂƌŽůĂ ŝƚǇDĂůů͕WĂƌŽůĂ͕/ŽŝůŽ
ϭϴϵϭ ϮϯϲϰDĂƐĂŝƚŽ/ŵƵƐ tŝŶĚƐŽƌ^ƵďĚ͕͘ƌŐǇ͘ƵŚĂǇŶĂdƵďŝŐ͕/ŵƵƐ͕ĂǀŝƚĞ
ϭϴϵϮ Ϯϯϭϱ>ŽƵƌĚĞƐ^ƵŝƚĞƐ ϴϰϮϵ<ĂůĂǇĂĂŶǀĞ͘ĐŽƌ͘DĂŬĂƚŝǀĞ͕͘WŽďůĂĐŝŽŶ͕DĂŬĂƚŝŝƚǇ
ϭϴϵϯ ϮϬϰϯDĞŵŝũĞ'D >ŽƚϭϲEϮ͕ůŬϰϱŽŶŐƌĞƐƐŝŽŶĂůǀĞ͘ĐŽƌ͘>ĂƵƌĞŶƚĞ^ƚ͕͘ƌŐǇ͘DĂƌĐĞůŝŶŽ͕DĞŵŝũĞ͕'D͕ĂǀŝƚĞ
ϭϴϵϰ ϮϰϱϴĂďĂŶƚŝĂŶΎΎ ĂďĂŶƚŝĂŶƵŚĂŶŐŝŶ͕ĂǀĂŽŝƚǇ
ϭϴϵϱ ϭϵϱϰƵŵĂŶŐĂƐ/ůŽŝůŽΎΎ >ŽƚEŽ͘ϭϵϳϴ͕ĂůůĞW͘ƵƌŐŽƐZŽĂĚ͕WŽďůĂĐŝŽŶ͕ƵŵĂŶŐĂƐ͕/ůŽŝůŽ
ϭϴϵϲ ϮϯϱϲůƵŵĞŶƚƌŝƚƚϰΎΎ ĂǀŝƚĞ^ƚ͘ĐŽƌ͘>ŝĐŽ^ƚ͕͘^ƚĂ͘ƌƵǌ͕DĞƚƌŽDĂŶŝůĂ
ϭϴϵϳ ϮϬϴϰĞŶƚƌŝŽǇĂůĂ ŽƌƌĂůĞƐǀĞ͘ĐŽƌ͘DZĞĐƚŽǀĞ͕͘ĂŐĂǇĂŶĚĞKƌŽ
ϭϴϵϴ ϮϯϲϬDĂŵďŽŐϮ ĂĂŶŐWĂůŝĐŽ͕ƌŐǇ͘DĂŵďŽŐ/͕ĂĐŽŽƌŝƚǇ
ϭϴϵϵ ϮϮϵϱdŝĞƌƌĂEŽǀĂĂůŽŽĐĂŶ ůŬϭ>ŽƚϭϴΘϮϬdŝĞƌƌĂEŽǀĂDĂŝŶ͕ĂŐƵŵďŽŶŐ͕ĂůŽŽĐĂŶŝƚǇ
ϭϵϬϬ ϮϮϵϯŝŐŽƐŽĐƚŽƌƐ,ŽƐƉŝƚĂů ŝŐŽƐŽĐƚŽƌƐ,ŽƐƉŝƚĂů͕DĐƚŚƵƌ,ŝŐŚǁĂǇ͕ŝŐŽƐŝƚǇ
ϭϵϬϭ ϮϰϬϰƐƚƵƌŝĂƐϮ ƐƚƵƌŝĂƐ^ƚ͕͘^ĂŵƉĂůŽĐ͕DĂŶŝůĂ
ϭϵϬϮ ϮϬϳϭ^ĂŶEŝĐŽůĂƐ/͘d͘WĂƌŬ sĂůĚĞǌĞŶƚĞƌ͕ƌŐǇ͘ϭ͕^ĂŶEŝĐŽůĂƐ͕/ůŽĐŽƐEŽƌƚĞ
ϭϵϬϯ ϮϰϳϯKƐŵĞŹĂĐŚĞŵΎΎ Žƌ͘&ůŽƌĞŶƚŝŶŽKƐŵĞŹĂ^ƚ͕͘ƌŐǇ͘ŽŐŽŶ͕ĂŐĂǇĂŶĚĞKƌŽŝƚǇ͕DŝƐĂŵŝƐKƌŝĞŶƚĂů
ϭϵϬϰ ϮϰϮϰ:ĂƌŽWůĂǌĂΎΎ ŽŵŝƐƐŽŶŝǀŝů^ƚ͕͘:ĂƌŽ͕/ůŽŝůŽŝƚǇ
ϭϵϬϱ ϮϬϬϱ/ŽƌƉΎΎ /ŶŝŐŽ^ƚ͕͘:͘W͘>ĂƵƌĞůǀĞ͕͘ĂǀĂŽŝƚǇ
ϭϵϬϲ ϮϱϬϭĂƚŚĞĚƌĂů/ůŝŐĂŶΎΎ >ůƵĐŚ^ƚ͕͘ƌŐǇ͘WŽďůĂĐŝŽŶ͕/ůŝŐĂŶŝƚǇ
ϭϵϬϳ ϮϯϮϱDĂŐƐĂǇƐĂǇ^ĂŶWĞĚƌŽ Z:důĚŐ͕͘ϭϲϮDĂŐƐĂǇƐĂǇǀĞ͕͘ƌŐǇ͘DĂŐƐĂǇƐĂǇ͕^ĂŶWĞĚƌŽ͕>ĂŐƵŶĂ
ϭϵϬϴ ϮϱϬϮDƐƵͲŝŝƚΎΎ ŶĚƌĞƐŽŶŝĨĂĐŝŽ^ƚ͕͘dŝďĂŶŐĂ͕/ůŝŐĂŶŝƚǇ
ϭϵϬϵ ϮϮϮϭDĂďŝŶĂǇEĞŐƌŽƐ ϮϵϮϮDĂďŝŶĂǇ͕EĞŐƌŽƐKƌŝĞŶƚĂů
ϭϵϭϬ ϮϬϳϲEĞǁƌĂhŶŝǀĞƌƐŝƚǇΎΎ ĞůĂWĂǌ͕DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕^ĂŶ&ĞƌŶĂŶĚŽ͕WĂŵƉĂŶŐĂ
ϭϵϭϭ ϮϰϳϴϴϭyĂǀŝĞƌΎΎ '&ϴϭyĂǀŝĞƌZĞƐŝĚĞŶĐĞƐ͕'ƌĞĞŶŚŝůůƐ͕^ĂŶ:ƵĂŶŝƚǇ
ϭϵϭϮ ϮϰϮϵĂƵĂŶŐƌŽƐƐŝŶŐΎΎ ĂƵĂŶŐͲĂŐƵŝŽZĚ͕͘ƌŐǇ͘ĞŶƚƌĂůĂƐƚ͕ĂƵĂŶŐ͕>ĂhŶŝŽŶ
ϭϵϭϯ ϮϱϯϲƵůĂƐŝŶƚŝƋƵĞΎΎ ŝŽƐŽ^ƚ͕͘ĞŶƚƌŽWŽďůĂĐŝŽŶ͕ƵůĂƐŝ͕ŶƚŝƋƵĞ
ϭϵϭϰ ϮϰϭϯĂůŝŐŶƚŝƉŽůŽ ůŬϭ>ŽƚϰϬ͕ƌŐǇ͘^ĂŶ:ŽƐĞ͕ŶƚŝƉŽůŽŝƚǇ
ϭϵϭϱ ϮϬϵϰW^hZŽǆĂƐŝƚǇΎΎ ƌŐǇ͘ĂŶŐƵĞƌŽŚĂ͕ZŽǆĂƐŝƚǇ͕ĂƉŝǌ
ϭϵϭϲ ϮϰϬϵŚĂƚǁŽŽĚƐĞŶƚĞƌΎΎ '&hŶŝƚƐϭΘϮͲůĚŐ͘ϮŚĂƚǁŽŽĚƐĞŶƚĞƌ͕,͘ŽƌƚĞƐĐŽƌ͘^&ŽƌƵŶĂ͕DĂŶĚĂƵĞŝƚǇ͕ĞďƵ
39
ϭϵϭϳ ϮϯϱϯƵĐĂŶĚĂůĂϮ ƌŐǇ͘ϰ͕/ŵƵƐŝƚǇ͕ĂǀŝƚĞ
ϭϵϭϴ ϮϯϲϯƐƚƌĞůůĂĂŝŶƚĂΎΎ ƌŐǇ͘^ĂŶ:ƵĂŶ͕ĂŝŶƚĂ͕ZŝǌĂů
ϭϵϭϵ ϮϯϵϮKƌĂŶďŽ ͘^ĂŶĚŽǀĂůůĚŐ͕͘^ŚĂǁůǀĚ͕͘ƌŐǇ͘KƌďĂŶĚŽ͕WĂƐŝŐŝƚǇ
ϭϵϮϬ ϮϯϬϮDĂďŽůŽŚƵƌĐŚΎΎ ϰǇ^ƚƌŽŶŐďŽŶĚůĚŐ͕͘D͘:͘ƵĞŶĐŽ͕DĂďŽůŽ͕ĞďƵŝƚǇ
ϭϵϮϭ ϮϯϳϳWĂůŵĞƌĂ^:D ƌŐǇ͘WŽďůĂĐŝŽŶϭ͕^ĂŶ:ŽƐĞĞůDŽŶƚĞ͕ƵůĂĐĂŶ
ϭϵϮϮ ϮϰϵϭdŝǁŝΎΎ EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ƌŐǇ͘dŝŐďŝ͕dŝǁŝ͕ůďĂǇ
ϭϵϮϯ ϮϰϬϬŝƚǇŽĨƌĞĂŵƐ >'&͕,ĞĂƌƚŽĨ,ŽƵƐĞ͕ŝƚǇŽĨƌĞĂŵƐDĂŶŝůĂ͕ƐĞĂŶĂǀĞ͘ĐŽƌ͘ZŽǆĂƐůǀĚ͕͘WĂƌĂŹĂƋƵĞŝƚǇ
ϭϵϮϰ ϮϯϯϱĂŽĂƉŝǌ ĂŽͲDĂĂǇŽŶZĚ͕͘WŽďůĂĐŝŽŶĂŽ͕ĂƉŝǌ
ϭϵϮϱ Ϯϱϭϴ^ƚĂ͘ŶĂ͕WĂŵƉĂŶŐĂΎΎ KůŽŶŐĂƉŽͲ'ĂƉĂŶZĚ͕͘^ĂŶ:ŽĂƋƵŝŶ͕^ƚĂ͘ŶĂ͕WĂŵƉĂŶŐĂ
ϭϵϮϲ ϮϮϵϰsĞŶƵĞKŶĞŽƌĂĐĂǇΎΎ ĂůĂďĂŐ,ŝͲǁĂǇ͕ƌŐǇ͘ĂůĂďĂŐ͕DĂůĂǇ͕ŬůĂŶ
ϭϵϮϳ Ϯϰϭϰ/ĂƌĞDĂŬĂƚŝ '&/ŶƐƵůĂƌ,ĞĂůƚŚĂƌĞůĚŐ͕͘ϭϲϳĞůĂZŽƐĂĐŽƌ͘>ĞŐĂǌƉŝ^ƚƐ͕͘>ĞŐĂǌƉŝsŝůůĂŐĞ͕DĂŬĂƚŝŝƚǇ
ϭϵϮϴ ϮϰϮϴhDWĂŶĂďŽΎΎ ƌŐǇ͘'ƌĞĚƵ͕WĂŶĂďŽŝƚǇ͕ĂǀĂŽĚĞůEŽƌƚĞ
ϭϵϮϵ ϮϰϮϯĂƉƚĂŝŶsŝĐĞŶƚĞΎΎ WƵĞƌƚŽ͕ĂŐĂǇĂŶĚĞKƌŽŝƚǇ
ϮϰϲϳDĂĐƚĂŶĞďƵ dĞƌŵŝŶĂůϭͲŽŵĞƐƚŝĐƌƌŝǀĂů͕DĂĐƚĂŶĞďƵ/ŶƚĞƌŶĂƚŝŽŶĂůŝƌƉŽƌƚ͕>ĂƉƵͲ>ĂƉƵŝƌƉŽƌƚZĚ͕͘>ĂƉƵͲ
ϭϵϯϬ
/ŶƚĞƌŶĂƚŝŽŶĂůŝƌƉŽƌƚΎΎ >ĂƉƵŝƚǇ͕ĞďƵ
ϭϵϯϭ ϮϰϱϱŐŽƌĂdĞƌŵŝŶĂůΎΎ 'ĂĂďƵĐĂǇĂŶ^ƚ͕͘ŐŽƌĂ>ĂƉĂƐĂŶ͕ĂŐĂǇĂŶĚĞKƌŽŝƚǇ
ϭϵϯϮ ϮϮϮϮ'ĂŝƐĂŶŽ:ĂŝͲůĂŝΎΎ ͘WĂĚŝůůĂ^ƚ͘DĂŵďĂůŝŶŐ͕ĞďƵŝƚǇ
ϭϵϯϯ ϮϯϵϳĞůĂZŽƐĂΎΎ ϳϲϰϭĞůĂZŽƐĂ^ƚ͕͘WŝŽĞůWŝůĂƌ͕DĂŬĂƚŝŝƚǇ
ϭϵϯϰ ϮϭϵϮKƌƚŝŐĂƐWĂƌŬ KƌƚŝŐĂƐWĂƌŬ͕&͘KƌƚŝŐĂƐ:ƌ͘ZŽĂĚ͕KƌƚŝŐĂƐĞŶƚĞƌ͕WĂƐŝŐŝƚǇ
ϭϵϯϱ ϮϬϮϴhĂŵĂƌŝŶ >ŽƚϭϰůŬϰϰ͕ƵŶĂŐ^ƚ͕͘ƌĞĂ͕ĂŵĂƌŝŶ͕ĂůŽŽĐĂŶŝƚǇ
ϭϵϯϲ ϮϯϴϴEĂƚŝǀŝĚĂĚ͕WĂŶŐĂƐŝŶĂŶ WŽďůĂĐŝŽŶ͕EĂƚŝǀŝĚĂĚ͕WĂŶŐĂƐŝŶĂŶ
hŶŝƚϱĂŶĚϲ͕ŽŵŵĞƌĐŝĂůŽŵƉůĞǆϮ͕dŚĞKƌĐŚŝĚ'ĂƌĚĞŶƐ͕>ĂǌĂƚŝŶůǀĚ͕͘^ĂŶ&ĞƌŶĂŶĚŽ͕
ϭϵϯϳ ϮϰϭϱdŚĞKƌĐŚŝĚ'ĂƌĚĞŶƐΎΎ
WĂŵƉĂŶŐĂ
ϭϴϴϴDĂƌŬĞƚWůĂĐĞͲϭϭƚŚ
ϭϵϯϴ ϭϱϰ͘W͘,ŽƵƐŝŶŐWƌŽũĞĐƚ͕'ƌĂĐĞWĂƌŬ͕ĂůŽŽĐĂŶŝƚǇ
ǀĞ͘ΎΎ
ϭϵϯϵ Ϯϰϯϭ'ĂƌĚĞŶ^ƋƵĂƌĞΎΎ 'ƌĞĞŶŚŝůůƐ'ĂƌĚĞŶ^ƋƵĂƌĞŽŶĚŽŵŝŶŝƵŵ͕ηϮϵϳŽŶŶǇ^ĞƌƌĂŶŽǀĞ͕͘YƵĞǌŽŶŝƚǇ
ϭϵϰϬ ϮϰϱϳKůĚ^ĂƵǇŽZŽĂĚΎΎ >ŽƚϯůŬϮ:ZsŝůůĂŐĞ͕KůĚ^ĂƵǇŽZĚ͘YƵĞǌŽŶŝƚǇ
Ϯϰϲϲ^ĂŶZŽƋƵĞϮ͕dĂƌůĂĐ
ϭϵϰϭ DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕ƌŐǇ͘^ĂŶZŽƋƵĞ͕dĂƌůĂĐŝƚǇ
ŝƚǇΎΎ
ϭϵϰϮ ϮϯϴϰW/<ĂŵƵŶŝŶŐΎΎ ϱϰ<ĂŵƵŶŝŶŐZĚ͘ĐŽƌ͘:ƵĚŐĞ:ŝŵĞŶĞǌ͕<ĂŵƵŶŝŶŐ͕YƵĞǌŽŶŝƚǇ
ϭϵϰϯ ϮϭϰϬĂůĂŵďĂŶϮ ƌŐǇ͘ƵĂŶŽǇ͕ĂůĂŵďĂŶ͕ĞďƵ
ϭϵϰϰ ϮϯϰϮ:ŝŵĂůĂůƵĚEĞŐƌŽƐ &͘&^ĞǀŝůůĂWŽďůĂĐŝŽŶ͕:ŝŵĂůĂůƵĚ͕EĞŐƌŽƐKƌŝĞŶƚĂů
ϭϵϰϱ ϮϬϴϲ/ďĂũĂǇŬůĂŶΎΎ ŬůĂŶtĞƐƚZŽĂĚ͕WŽďůĂĐŝŽŶ/ďĂũĂǇ͕ŬůĂŶ
ϭϵϰϲ ϮϯϲϳƵƌŐŽƐϮ ϮϮϴϵƵƌŐŽƐ^ƚ͕͘WĂƐĂǇŝƚǇ
ϮϯϬϰ>ĂŽŶƐŽůĂĐŝŽŶ
ϭϵϰϳ ^ƚ͘:ƵĚĞ^ƚ͘ĐŽƌ͘^ĂŵĂů^ƚ͕DĂůŝŶƚĂ͕sĂůĞŶǌƵĞůĂŝƚǇ
sĂůĞŶǌƵĞůĂ
ϭϵϰϴ ϮϬϳϱ'ƌĂŶĂĚĂ,ĞŝŐŚƚƐ >ŽƚϭϭϮϯ͕DŽŶƚĞůŝďĂŶŽ^ƚ͕͘ƌŐǇ͘'ƌĂŶĂĚĂ͕ĂĐŽůŽĚŝƚǇ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ϭϵϰϵ Ϯϱϱϭh^WĂǀĂŽΎΎ /ŶŝŐŽ^ƚ͕͘ƌŐǇ͘KďƌĞƌŽ͕ĂǀĂŽŝƚǇ
ϭϵϱϬ ϮϬϲϮWƵŶƚƵƌŝŶsĂůĞŶǌƵĞůĂΎΎ WƵŶƚƵƌŝŶͲ>ĂǁĂŶŐĂƚŽZŽĂĚ͕ƌŐǇ͘WƵŶƚƵƌŝŶ͕sĂůĞŶǌƵĞůĂŝƚǇ
ϮϮϰϴĂůŝŶĂŶWƵďůŝĐ
ϭϵϱϭ sŝůůĂĨƵĞƌƚĞ^ƚ͕͘ĂůŝŶĂŶ͕ĂǀĂŽŝƚǇ
DĂƌŬĞƚΎΎ
ϭϵϱϮ ϮϯϬϭǇďĞƌWĂƌŬdŽǁĞƌϭΎΎ '&ǇďĞƌdŽǁĞƌKŶĞ͕'ĞŶ͘ŐƵŝŶĂůĚŽ^ƚ͕͘ƵďĂŽ͕YƵĞǌŽŶŝƚǇ
ϭϵϱϯ ϮϰϬϱ>s>ŽĐƐŝŶ ϲϳϱϮ>͘s͘>ŽĐƐŝŶůĚŐ͕͘ǇĂůĂǀĞ͕͘DĂŬĂƚŝŝƚǇ
ϭϵϱϰ Ϯϯϵϴ^ŚĞůůWƵƚĂƚĂŶΎΎ ϮϲͲϮϳEĂƚŝŽŶĂůZĚ͕͘ƌŐǇ͘WƵƚĂƚĂŶ͕ůĂďĂŶŐ͕DƵŶƚŝŶůƵƉĂŝƚǇ
ϭϵϱϱ ϮϮϳϮsĞƌŐŽŶsŝůůĞΎΎ >ϲ͘ƵƌŽƌĂƌŝǀĞ͕sĞƌŐŽŶsŝůůĞ^ƵďĚŝǀŝƐŝŽŶ͕>ĂƐWŝŹĂƐŝƚǇ
ϭϵϱϲ ϭϵϭϳŶƚŝƋƵĞĂƉŝƚŽůΎΎ ^ĂŶ:ŽƐĞĞƵĞŶĂǀŝƐƚĂ͕ŶƚŝƋƵĞ
ϭϵϱϳ ϮϮϲϴEŽƌƚŚKůǇŵƉƵƐΎΎ >ϭ͕ϰ͕WŚϰEŽƌƚŚKůǇŵƉƵƐ^ƵďĚ͕͘EŽǀĂůŝĐŚĞƐ͕YƵĞǌŽŶŝƚǇ
ϭϵϱϴ ϮϬϬϴDƵƌĐŝĂEĞŐƌŽƐΎΎ >ŽƚϭϮϯ͕DƵƌĐŝĂZŽĂĚĐŽƌ͘DŝƌĂŶĚĂ^ƚ͕͘WŽďůĂĐŝŽŶ͕DƵƌĐŝĂ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ϭϵϱϵ ϮϰϭϮŐŽƌĂƌŽƐƐŝŶŐ ϯϳϬEŽƌƚŚĂǇůǀĚ͕͘>ĂƉƵͲ>ĂƉƵǀĞ͘ĐŽƌ͘EŽƌƚŚĂǇůǀĚ͘^ŽƵƚŚ͕EĂǀŽƚĂƐŝƚǇ
ϭϵϲϬ ϮϮϲϯKŶĞĞŶƚƌĂů ZĞƚĂŝů'&͕KŶĞĞŶƚƌĂůDĂŬĂƚŝ͕ƵĞŶĚŝĂ͕DĂŬĂƚŝŝƚǇ
ϭϵϲϭ ϭϱϲϵ>ĂƉƵͲ>ĂƉƵŝƚǇ,ĂůůΎΎ 'ƵŝůĚŝŶŐ͕WƵƐŽŬ͕>ĂƉƵͲ>ĂƉƵŝƚǇ͕ĞďƵ
ϭϵϲϮ ϮϬϴϳ:ĂƌŽDĂƌŬĞƚ ĂůĂŶůϵϴ^ƚ͕͘:ĂƌŽ͕/ůŽŝůŽ
ϭϵϲϯ ϮϯϵϱǀŝĚĂĞŶƚĞƌĂΎΎ hŶŝƚϭͲϭϯ͕ǀŝĚĂdŽǁĞƌƐĞŶƚĞƌĂ͕^ĐŽƌ͘ZĞůŝĂŶĐĞ^ƚ͕͘DĂŶĚĂůƵǇŽŶŐĐŝƚǇ
ϭϵϲϰ Ϯϰϰϳ^ĂŶ'ƵŝůůĞƌŵŽWĂƐŝŐΎΎ 'ĂƌĐŝĂ^ƚ͘;^ĂŶ'ƵŝůůĞƌŵŽǀĞ͘Ϳ͕WĂƐŝŐŝƚǇ
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ϭϵϲϱ ϮϯϴϲW/E/<ĂďŝŚĂƐŶĂŶΎΎ ĂůƚĞǆE/;<ĂďŝŚĂƐŶĂŶͿ͕EŝŶŽǇƋƵŝŶŽǀĞ͕͘^ĂŶŝŽŶŝƐŝŽ͕<ĂďŝŚĂƐŶĂŶ͕WĂƌĂŹĂƋƵĞ
ϭϵϲϲ ϮϯϴϳKŶĞtĞƐƚĂŵƉƵƐ ϭϬϲďKŶĞtĞƐƚĂŵƉƵƐ͕DĐ<ŝŶůĞǇtĞƐƚ͕&ŽƌƚŽŶŝĨĂĐŝŽ͕'ůŽďĂů͕dĂŐƵŝŐŝƚǇ
ϭϵϲϳ ϮϰϯϲŝƌĐƵŝƚ>ĂŶĞ >ϭϮϳ͕>ŽǁĞƌ'ͬ&͕ŝƌĐƵŝƚ>ĂŶĞ͕ŝƌĐƵŝƚ͕DĂŬĂƚŝŝƚǇ
ϭϵϲϴ ϮϯϰϲĐŽůĂŶĚdĞƌŵŝŶĂůΎΎ ĂŶĚĞůĂƌŝĂZĚ͕͘DĂƚŝŶĂ͕ĂǀĂŽŝƚǇ
ϭϵϲϵ ϮϯϲϮ<ĂůŝďŽϮΎΎ Žƌ͘>͘ĂƌƌŝŽƐ^ƚ͕͘ZŽǆĂƐǀĞ͕͘WŽďůĂĐŝŽŶ͕<ĂůŝďŽ͕ŬůĂŶ
ϮϯϮϴŽŶĐĞƉĐŝŽŶϮ͕
ϭϵϳϬ ηϱϵϮ:͘W͘ZŝǌĂů^ƚ͕͘ŽŶĐĞƉĐŝŽŶhŶŽ͕DĂƌŝŬŝŶĂŝƚǇ
DĂƌŝŬŝŶĂΎΎ
ϭϵϳϭ ϮϰϯϰdĂŐŽůŽĂŶWŚŽĞŶŝǆΎΎ EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ƌŐǇ͘WŽďůĂĐŝŽŶ͕dĂŐŽůŽĂŶ͕DŝƐĂŵŝƐKƌŝĞŶƚĂů
ϭϵϳϮ ϮϰϯϬYƵŝŽƚWĂƌĚŽΎΎ ,ŽŶĞǇǀŝůůĞ^ƵďĚ͕͘^ĂďĞůůĂŶŽ^ƚ͕͘YƵŝŽƚWĂƌĚŽ͕ĞďƵŝƚǇ
ϭϵϳϯ ϮϰϴϭdĂǇƚĂǇWŽďůĂĐŝŽŶΎΎ EŽ͘Ϯ<ĂĚĂůĂŐĂŚĂŶ^ƚ͕͘ƌŐǇ͘ŽůŽƌĞƐ͕dĂǇƚĂǇ͕ZŝǌĂů
ϭϵϳϰ ϮϮϴϬDĂǇƉĂũŽϮΎΎ Ϯϭϳ͘DĂďŝŶŝ^ƚ͕͘ƌŐǇ͘<ĂƵŶůĂƌĂŶ͕ĂůŽŽĐĂŶŝƚǇ
ϭϵϳϱ ϭϴϮϰŶƚƌĂƚĂ 'Ϯ>ĞǀĞůϭ͕ŶƚƌĂƚĂ͕^ƉĞĐƚƌƵŵDŝĚǁĂǇǆƚĞŶƐŝŽŶ͕DƵŶƚŝŶůƵƉĂŝƚǇ
ϭϵϳϲ Ϯϰϭϵ>ƵŶĂ͕>ĂhŶŝŽŶΎΎ WŽďůĂĐŝŽŶ͕ƌŐǇ͘ůĐĂůĂ͕>ƵŶĂ͕>ĂhŶŝŽŶ
ϭϵϳϳ ϮϱϬϱsĂŵĞŶƚĂĂƌŵĞŶΎΎ sĂŵĞŶƚĂ^ƚ͕͘ĂƌŵĞŶ͕ĂŐĂǇĂŶĚĞKƌŽŝƚǇ
ϮϭϮϰhƌĚĂŶĞƚĂŝƚǇ
ϭϵϳϴ ƌŐǇ͘^ĂŶsŝĐĞŶƚĞ͕hƌĚĂŶĞƚĂŝƚǇ͕WĂŶŐĂƐŝŶĂŶ
hŶŝǀĞƌƐŝƚǇΎΎ
ϭϵϳϵ Ϯϯϵϭ'ƵůĨsŝĞǁΎΎ EĂƚŝŽŶĂů,ŝŐũŚǁĂǇ͕ƌŐǇ͘ĂŐŽƉůĂǇĂ͕dĂůŽŵŽŝƐƚƌŝĐƚ͕ĂǀĂŽŝƚǇ
ϭϵϴϬ ϮϱϯϱůŵĞŶĚƌĂƐΎΎ WŝĐŚŽŶ^ƚ͘ĐŽƌ͘YƵŝŵƉŽůǀĚ͕͘ĂǀĂŽŝƚǇ
Ϯϯϴϵ^ƚĂ͘ĂƌďĂƌĂϮ͕
ϭϵϴϭ ^ƚĂ͘ĂƌďĂƌĂ͕WĂŶŐĂƐŝŶĂŶ
WĂŶŐĂƐŝŶĂŶ
ϭϵϴϮ ϮϱϰϰZŽďŝŶƐŽŶƐEŽǀĂůŝĐŚĞƐ ZŽďŝŶƐŽŶƐEŽǀĂůŝĐŚĞƐ͕YƵŝƌŝŶŽ,ŝŐŚǁĂǇ͕ƌŐǇ͘WĂƐŽŶŐWƵƚŝŬ͕EŽǀĂůŝĐŚĞƐ͕YƵĞǌŽŶŝƚǇ
ϭϵϴϯ ϮϯϲϴĂƚĂůƵŶĂŶWĞƋƵĞŹŽ <ŵϭϮĂƚĂůƵŶĂŶ͕WĞƋƵĞŹŽ͕ĂǀĂŽŝƚǇ
ϭϵϴϰ Ϯϰϱϭ&ĂũĂƌĚŽ &ĂũĂƌĚŽ^ƚ͘ĐŽƌ͘D͘ĞůĂ&ƵĞŶƚĞ^ƚ͕͘^ĂŵƉĂůŽĐ͕DĂŶŝůĂ
ϭϵϴϱ Ϯϱϭϱ^WΎΎ <ŵϯϬKůĚEĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ƌŐǇ͘EƵĞǀĂ͕^ĂŶWĞĚƌŽ͕>ĂŐƵŶĂ
ϭϵϴϲ ϮϰϳϰtĞůďŽƌŶĞĂƌŵŽŶĂΎΎ ƌŐǇ͘ĂŶĐĂů͕ĂƌŵŽŶĂ͕ĂǀŝƚĞ
ϭϵϴϳ ϮϯϱϴWŝŶĂƚƵďŽƵďĂŽΎΎ EŽ͘ϯWŝŶĂƚƵďŽ^ƚ͕͘ƌŐǇ͘^ĂŶDĂƌƚŝŶĚĞWŽƌƌĞƐ͕ƵďĂŽ͕YƵĞǌŽŶŝƚǇ
ϭϵϴϴ ϮϰϮϱKƐůŽďĞďƵΎΎ WŽďůĂĐŝŽŶKƐůŽď͕ĞďƵ
ϭϵϴϵ Ϯϲϭϴ>ŝĨĞƐƚǇůĞKΎΎ >ŝĨĞƐƚǇůĞŝƐƚƌŝĐƚ͕ŽƌƌĂůĞƐǆƚŶ͕͘ĂŐĂǇĂŶĚĞKƌŽŝƚǇ
ϭϵϵϬ ϮϭϲϭKĂƌŵĞŶΎΎ ĂƌŵĞŶ͕ĂŐĂǇĂŶĚĞKƌŽ
Ϯϭϵϵ>ůĂŶŽůĞŵĞŶƚĂƌǇ
ϭϵϵϭ ϳϭϳ>ůĂŶŽZŽĂĚ͕EŽǀĂůŝĐŚĞƐ>ůĂŶŽ͕ĂůŽŽĐĂŶŝƚǇ
^ĐŚŽŽů
ϮϰϳϵKůŽŶŐĂƉŽŝƚǇEĂƚŝŽŶĂů
ϭϵϵϮ ηϭϱϰϯZŝǌĂůǀĞ͘tĞƐƚdĂƉŝŶĂĐ͕KůŽŶŐĂƉŽŝƚǇ
,ŝŐŚ^ĐŚŽŽůΎΎ
ϭϵϵϯ ϮϰϱϬϮŶĚǀĞŶƵĞ ηϯϬ>ŽƚϮͲͲϭZŝǌĂůǀĞ͘ǆƚŶ͘Žƌ͘ϮŶĚǀĞ͕͘ĂůŽŽĐĂŶŝƚǇ
ϭϵϵϰ Ϯϯϲϲ^ƵŵƉŽŶŐ WƵƌŽŬϯ͕DĂůĂǇďĂůĂǇŝƚǇ͕ƵŬŝĚŶŽŶ
ϭϵϵϱ ϮϰϮϭ>ĂďƌĂĚŽƌ͕WĂŶŐĂƐŝŶĂŶ >ĂďƌĂĚŽƌ͕WĂŶŐĂƐŝŶĂŶ
ϭϵϵϲ ϮϯϮϳŝŐŶĂǇsĂůĞŶǌƵĞůĂ ŝŐŶĂǇͲ>ůĂŶŽZŽĂĚ͕ƌŐǇ͘ŝŐŶĂǇ͕sĂůĞŶǌƵĞůĂŝƚǇ
ϭϵϵϳ ϮϰϱϯƵŵĂůĂŐĂƉŝǌΎΎ ^ĂŶDĂƌƚŝŶ^ƚ͕͘WŽďůĂĐŝŽŶ͕ƵŵĂůĂŐ͕ĂƉŝǌ
ϭϵϵϴ ϮϲϬϴ/ďĂĂŵďĂůĞƐϮΎΎ ^ƚĂ͘ĞĐŝůŝĂDĞĚŝĐĂůĞŶƚĞƌ͕WĂůĂŶŐŝŶĂŶ͕/ďĂ͕ĂŵďĂůĞƐ
ϭϵϵϵ ϮϯϳϵEĂŶŐŬĂ͕DĂƌŝŬŝŶĂΎΎ ϭƵĞŶŵĂƌǀĞ͘ĐŽƌ:WZŝǌĂů͕EĂŶŐŬĂ͕DĂƌŝŬŝŶĂ
ϮϬϬϬ Ϯϱϭϭ'ĂŝƐĂŶŽDĂĐĂƐĂŶĚŝŐΎΎ hŶŝƚϭ͕ϮΘϯ'&͕dŽŵĂƐĂĐŽ^ƚ͕͘DĂĐĂƐĂŶĚŝŐ͕ĂŐĂǇĂŶĚĞKƌŽ
ϮϬϬϭ Ϯϱϳϱ,ϭƵŶĂǁĂŶΎΎ ƵŶĂǁĂŶƌŽƐƐŝŶŐ͕ĂǀĂŽŝƚǇ
ϮϬϬϮ ϮϱϲϭhƌĂƚĞǆͲĂƐƚ^ĞƌǀŝĐĞZĚ͘ hƌĂƚĞǆ<ŵϮϯĂƐƚ^ĞƌǀŝĐĞZĚ͕͘ƌŐǇ͘ƵƉĂŶŐ͕DƵŶƚŝŶůƵƉĂŝƚǇ
ϮϬϬϯ Ϯϯϲϭ<ĂƉĂůŽŶŐ ƌĞůůĂŶŽ^ƚ͘ĐŽƌ͘YƵĞǌŽŶ^ƚ͕͘<ĂƉĂůŽŶŐ͕ĂǀĂŽĚĞůEŽƌƚĞ
ϮϬϬϰ Ϯϰϰϵ'ƵŝŚƵůŶŐĂŶŝƚǇΎΎ ^͘sŝůůĞŐĂƐ^ƚ͕͘'ƵŝŚƵůŶŐĂŶŝƚǇ͕EĞŐƌŽƐKƌŝĞŶƚĂů
ϮϬϬϱ ϭϳϵϳDĂĐƚĂŶ^ŚƌŝŶĞΎΎ ϰϯϮϴͲĂĚĂƐƚƌĞ͕ƌŐǇ͘DĂĐƚĂŶ͕>ĂƉƵͲ>ĂƉƵŝƚǇ͕ĞďƵ
ϮϬϬϲ ϮϱϭϯW/WƵůŽŶŐ^ƚĂ͘ƌƵǌΎΎ ^ƚĂ͘ZŽƐĂͲdĂŐĂǇƚĂǇZĚ͕͘ƌŐǇ͘WƵůŽŶŐ^ƚĂ͘ƌƵǌ͕^ƚĂ͘ZŽƐĂ͕>ĂŐƵŶĂ
ϮϬϬϳ Ϯϰϭϲ,ĂůĂŶŐsŝůůĂZĞŵĞĚŝŽƐ sŝůůĂZĞŵĞĚŝŽƐ͕ƌŐǇ͘,ĂůĂŶŐ͕ĂůĂŵďĂŝƚǇ͕>ĂŐƵŶĂ
ϮϬϬϴ ϭϵϵϲW/>ĞŐĂǌƉŝŝƌƉŽƌƚΎΎ ĂůƚĞǆtĂƐŚŝŶŐƚŽŶƌŝǀĞ͕ƌŐǇ͘ƌƵǌĂĚĂ>ĞŐĂǌƉŝŝƚǇ͕ůďĂǇ
ϮϬϬϵ Ϯϯϳϰ^ŚĞůů^ĂŶƚŝĂŐŽΎΎ ^ĂŶƚŝĂŐŽůǀĚ͘ĐŽƌ͘:W>ĂƵƌĞůǀĞ͕͘ĂĚŝĂŶŐĂƐĂƐƚ͕'ĞŶ͘^ĂŶƚŽƐŝƚǇ
ϮϬϭϬ ϮϱϲϳW͘KĐĂŵƉŽΎΎ ŚŝŶŽZŽĐĞƐǆƚ͘ĂůŽŶŐWĂďůŽĚĞKĐĂŵƉŽ͕DĂŬĂƚŝŝƚǇ
ϮϬϭϭ ϮϰϰϴdŝďĂůͲŽŐΎΎ dŝďĂůͲKŐ͕^ƚŽ͘dŽŵĂƐ͕ĂǀĂŽĚĞůEŽƌƚĞ
ϮϬϭϮ ϮϰϵϳĂŐĂĐ͕ĂƚĂĂŶ ::>ŝŶĂŽEĂƚŝŽŶĂůZĚ͕͘ƌŐǇ͘ZŝĐĂƌĚŽ͕ĂŐĂĐ͕ĂƚĂĂŶ
41
ϮϬϭϯ ϮϰϵϮDĂŵďƵƐĂŽĂƉŝǌ sŝůůĂƌĞĂů,ŝŐŚǁĂǇ͕WŽďůĂĐŝŽŶdĂďƵĐ͕DĂŵďƵƐĂŽ͕ĂƉŝǌ
hŶŝƚEŽ͘'Ͳϭ͕'&'ĂƌĚĞŶ,ĞŝŐŚƚƐ͕ϮϲϵZ͘ZŽĚƌŝŐƵĞǌ^ƌ͘ǀĞ͕͘ƌŐǇ͘ĂŵĂǇĂŶ>ĂŐŝ͕EĞǁDĂŶŝůĂ͕
ϮϬϭϰ ϮϲϮϯdƌŝŶŝƚǇͲ͘ZŽĚ
YƵĞǌŽŶŝƚǇ
ϮϬϭϱ ϮϰϲϯDĂŝĂůƚĂΎΎ ϭϴ>ϯϰtŽŽĚƌŽǁ,ŝůůƐ͕ƌŐǇ͘ĂůŝŐ͕ŶƚŝƉŽůŽŝƚǇ
ϮϬϭϲ ϮϮϴϴDŽƌŽŶŐĂƚĂĂŶΎΎ ƌŐǇ͘ŝŶĂƌŝƚĂŶ͕DŽƌŽŶŐ͕ĂƚĂĂŶ
ϮϬϭϳ ϮϰϳϲĂǇƌĞĞǌĞΎΎ ϭϭDĂŶƵĞů>͘YƵĞǌŽŶ^ƚ͕͘ƌŐǇ͘^ĂŶDŝŐƵĞů͕dĂŐƵŝŐŝƚǇ
ϮϬϭϴ ϮϰϳϱŶŐĞůŝĐƵŵŽůůĞŐĞΎΎ ^ƚŽ͘ŽŵŝŶŐŽ^ƚ͘ĐŽƌ͘W͘&ůŽƌĞŶƚŝŶŽ^ƚ͕͘ƌŐǇ͘DĂƚĂůĂŚŝď͕^ƚĂ͘DĞƐĂ,ĞŝŐŚƚƐ͕YƵĞǌŽŶŝƚǇ
ϮϬϭϵ ϮϱϲϮYƵĞǌŽŶWĂŶĂďŽΎΎ WŽďůĂĐŝŽŶ͕WĂŶĂďŽ͕ĂǀĂŽĚĞůEŽƌƚĞ
ϮϬϮϬ ϮϰϴϳKttWĂƐĂǇ Ϯϭϰϯ&,ĂƌƌŝƐŽŶ^ƚ͕͘WĂƐĂǇŝƚǇ
ϮϬϮϭ ϮϱϭϮ^ƚŽ͘ŽŵŝŶŐŽ͕ůďĂǇΎΎ EĂƚŝŽŶĂůZĚ͕͘ƌŐǇ͘DĂƌŬĞƚ^ŝƚĞ͕^ƚŽ͘ŽŵŝŶŐŽ͕ůďĂǇ
ϮϬϮϮ ϮϱϮϴ^ĐĂƉĞ ŝŽƐĚĂĚŽDĂĐĂƉĂŐĂůǀĞ͘ĐŽƌ͘WĞĂƌůƌŝǀĞ͕DĂůůŽĨƐŝĂŽŵƉůĞǆ͕WĂƐĂǇŝƚǇ
ϮϲϲϲŶƚŝƋƵĞWƌŽǀŝŶĐŝĂů
ϮϬϮϯ ƌŐǇ͘ƚĂďĂǇ͕^ĂŶ:ŽƐĞĚĞƵĞŶĂǀŝƐƚĂ͕ŶƚŝƋƵĞ
,ŽƐƉŝƚĂůΎΎ
ϮϬϮϰ ϮϮϲϱWĂŶĚŝ͕ƵůĂĐĂŶΎΎ ƌŐǇ͘ŝŐĂĂWŽďůĂĐŝŽŶ͕WĂŶĚŝ͕ƵůĂĐĂŶ
ϮϬϮϱ ϮϯϵϯEŝŐŚƚŝŶŐĂůĞYƵŝƌŝŶŽ ϭϭϴϵYƵŝƌŝŶŽ,ŝŐŚǁĂǇ͕EŽǀĂůŝĐŚĞƐ͕YƵĞǌŽŶŝƚǇ
ϭϵϱϯ/ƐůĂŶĚDĂĐƚĂŶ
ϮϬϮϲ DĂĐƚĂŶĐŽŶŽŵŝĐŽŶĞ͕D͘>͘YƵĞǌŽŶEĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕WƵƐŽŬ͕>ĂƉƵͲ>ĂƉƵŝƚǇ͕ĞďƵ
ĞŶƚƌĂůΎΎ
ϮϬϮϳ ϮϯϯϴDŽƵŶƚĂŝŶsŝĞǁΎΎ ηϯϱŽŶ'ƵĞĐŽǀĞ͘ĐŽƌ͘ZŝŶĂ^ƚ͕͘DŽƵŶƚĂŝŶsŝĞǁ͕ĂůŝďĂŐŽ͕ŶŐĞůĞƐ͕WĂŵƉĂŶŐĂ
ϮϬϮϴ ϮϱϮϬWŝŵƐĂƚĂŐƵƉĂŶΎΎ ŽůŽƐĂŶŝƐƚƌŝĐƚ͕ĂŐƵƉĂŶŝƚǇ͕WĂŶŐĂƐŝŶĂŶ
ϮϬϮϵ Ϯϱϳϭd͘E͘,͘^ůďĂǇΎΎ ĂďŝůŝƐ^ƚ͕͘ƌŐǇ͘WĂŶĂů͕dĂďĂĐŽŝƚǇ͕ůďĂǇ
ϮϬϯϬ ϮϬϲϬĂůĂďĂŶŐĂ EĂƚŝŽŶĂůZŽĂĚ͕ƌŐǇ͘^ĂŶ&ƌĂŶĐŝƐĐŽ͕ĂůĂďĂŶŐĂ͕ĂŵĂƌŝŶĞƐ^Ƶƌ
ϮϬϯϭ Ϯϯϭϴ'/ddŽǁĞƌ 'ͬ&͘͘'ŽƚŚŽŶŐ/͘d͘dŽǁĞƌ͕>ŽƉĞǌ:ĂĞŶĂ^ƚ͕͘^ƵďĂŶŐĚĂŬƵ͕DĂŶĚĂƵĞŝƚǇ
ϮϬϯϮ ϮϱϯϰĂůŝĐĂŶƚŽΎΎ ƌŐǇ͘ĂůŝĐĂŶƚŽ͕ĂƚĂŶŐĂƐŝƚǇ
ϮϬϯϯ ϮϰϮϬ^ƚ͘DĂƌǇdĂŐƵŵ EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕dĂŐƵŵŝƚǇ͕ĂǀĂŽĚĞůEŽƌƚĞ
ϮϬϯϰ ϮϰϱϲŝƚǇŵĂůůŽƌĂĐĂǇΎΎ hŶŝƚdͲϳΘdͲϴ͕'&͕ŝƚǇŵĂůůŽƌĂĐĂǇ͕ŽƌĂĐĂǇdĂŵďŝƐĂĂŶ͕:ĞƚƚǇWŽƌƚZĚ͕͘ŽƌĂĐĂǇ͕DĂůĂǇ͕ŬůĂŶ
ϮϬϯϱ ϮϱϲϯĂǇĐŽ ŽƌŵŝƚŽƌŝŽĞƐƉĂŹĂ͕ĂǇĐŽ͕^ĂŵƉĂůŽĐ͕DĂŶŝůĂ
ϮϬϯϲ ϮϱϭϰhƉƚŽǁŶDĂůů' hŶŝƚϭϬ͕&ŽƵƌƚŚ&ůŽŽƌ͕hƉƚŽǁŶDĂůů͕'͕dĂŐƵŝŐ
ϮϬϯϳ ϮϬϲϰŬůĂŶĂƉŝƚŽůΎΎ ϯϬKƐŵĞŹĂǀĞ͕͘ĂƉŝƚŽů^ŝƚĞ͕ƐƚĂŶĐŝĂ͕<ĂůŝďŽ͕ŬůĂŶ
ϮϬϯϴ ϮϲϰϰWŽďůĂĐŝŽŶWĂŶŐůĂŽΎΎ 'ͬ&hŶŝƚϬϭͲϬϭΘϬϭͲϬϮƌĐŽŵĞŶƚĞƌ͕WŽďůĂĐŝŽŶ͕WĂŶŐůĂŽ͕ŽŚŽů
ϮϬϯϵ Ϯϰϯϯ>ĞĚĞƐĐŽ/ůŽŝůŽΎΎ :ĂǀĞůůĂŶĂ^ƚ͘ĐŽƌ͘D,ĞůWŝůĂƌ^ƚ͕͘ƌŐǇ͘^ĂŶWĞĚƌŽ͕:ĂƌŽ͕/ůŽŝůŽŝƚǇ
ϮϬϰϬ ϮϱϬϲƵůĂŽŶŐdĞƌŵŝŶĂůΎΎ KƐŵĞŹĂ^ƚ͘ĐŽƌ͘ƵůĂŽŶŐǀĞ͕͘'ĞŶ͘^ĂŶƚŽƐŝƚǇ
ϮϬϰϭ ϮϭϬϴWĂƚĞƌŽƐϯ ϳ͘DŽƌĐŝůůĂ^ƚ͕͘ƌŐǇ͘WŽďůĂĐŝŽŶ͕WĂƚĞƌŽƐ͕DĞƚƌŽDĂŶŝůĂ
ϮϬϰϮ ϮϱϯϵEŽƌƚŚƉĂƌŬΎΎ hEǀĞ͘ĐŽƌ͘WůĂƌŝĚĞů^ƚ͕͘ƌŐǇ͘ůĂŶŐͲĂůĂŶŐ͕DĂŶĚĂƵĞŝƚǇ͕ĞďƵ
ϮϬϰϯ Ϯϲϳϱ^ƵƚŚĞƌůĂŶĚůĂƌŬΎΎ :ŽƐĞďĂĚ^ĂŶƚŽƐ͕ůĂƌŬ͕WĂŵƉĂŶŐĂ
ϮϱϬϵ'ĞŶ͘DĂŵĞƌƚŽ
ϮϬϰϰ WŽďůĂĐŝŽŶ͕'ĞŶ͘DĂŵĞƌƚŽEĂƚŝǀŝĚĂĚ͕EƵĞǀĂĐŝũĂ
EĂƚŝǀŝĚĂĚΎΎ
ϮϬϰϱ ϮϱϬϴ>Ă&ŽƌƚĞǌĂ ůŬϲ>Žƚϰ>Ă&ŽƌƚĞǌĂ^ƵďĚ͕͘ĂŵĂƌŝŶ͕ĂůŽŽĐĂŶŝƚǇ
ϮϬϰϲ ϮϲϮϮĂŵƉKůŝǀĂƐΎΎ DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕ƌŐǇ͘EŝĐŽůĂƐ͕^ĂŶ&ĞƌŶĂŶĚŽ͕WĂŵƉĂŶŐĂ
ϮϬϰϳ ϮϭϴϵWEyĂǀŝĞƌhŶŝǀĞƌƐŝƚǇ ŽƌƌĂůĞƐĐŽƌ͘d͘ŚĂǀĞƐ^ƚ͕͘ĂŐĂǇĂŶĚĞKƌŽŝƚǇ
ϮϬϰϴ Ϯϯϰϴ'ƌĞĞŶǁŽŽĚƐϮΎΎ 'ƌĞĞŶǁŽŽĚƐƌŝǀĞĐŽƌ͘KĂŬǁŽŽĚ^ƚ͕͘'ƌĞĞŶǁŽŽĚƐǆĞĐƵƚŝǀĞsŝůůĂŐĞ͕WŝŶĂŐďƵŚĂƚĂŶ͕WĂƐŝŐŝƚǇ
ϮϬϰϵ ϮϬϵϵ>ƵďĂŽDƵŶŝĐŝƉĂů,ĂůůΎΎ ^ĂŶEŝĐŽůĂƐϭƐƚ͕>ƵďĂŽ͕WĂŵƉĂŶŐĂ
ϮϬϱϬ ϮϰϴϯĂůƵŵƉŝƚϮΎΎ EŽ͘ϱϭ><'ůŐĚ͕͘DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕ĂůƵŵƉŝƚ͕ƵůĂĐĂŶ
ϮϬϱϭ ϮϱϮϵdŽƌŝůĂůƚĞǆΎΎ ƵŵŽǇZĚ͕͘dŽƌŝů͕ĂǀĂŽŝƚǇ
ϮϬϱϮ ϮϱϳϲDŝŶĂůŝŶ͕WĂŵƉĂŶŐĂΎΎ ^ĂŶEŝĐŽůĂƐWŽďůĂĐŽŶ͕DŝŶĂůŝŶ͕WĂŵƉĂŶŐĂ
ϮϬϱϯ ϮϰϭϴDŽƌĞƚ ηϴϰϬͲϴϰϰDŽƌĞƚ^ƚ͕͘^ĂŵƉĂůŽĐ͕DĂŶŝůĂ
ϮϬϱϰ ϮϱϰϭĂƐĂĚĞ^ĞƋƵŽŝĂ ĂƐĂĚĞ^ĞƋƵŽŝĂŽŶĚŽŵŝŶŝƵŵ͕WĂĚƌĞŝĞŐŽĞƌĂǀĞ͕͘ƌŐǇ͘ůŝĂƐůĚĂŶĂ͕>ĂƐWŝŹĂƐŝƚǇ
ϭϲϯϲtŝŶĚůĂŶĚdŽǁĞƌ
ϮϬϱϱ 'ϭϳ'&tŝŶůĂŶĚdŽǁĞƌZĞƐŝĚĞŶĐĞƐ͕dŽŵĂƐDŽƌĂƚŽǀĞ͕͘<ƌŝƐƚŽŶŐ,Ăƌŝϰ͕YƵĞǌŽŶŝƚǇ
ZĞƐŝĚĞŶĐĞƐ
ϮϬϱϲ ϮϰϴϬ<ĂƐĂ>ƵŶƚŝĂŶΎΎ ZͲϬϮĂŶĚZͲϬϯ͕h'ͬ&͕dŚĞ>ĂŶĂŝĂƚ<ĂƐĂ>ƵŶƚŝĂŶ͕dĂŐĂǇƚĂǇŝƚǇ͕ĂǀŝƚĞ
ϮϬϱϳ ϮϰϱϮ>ĂĐƐŽŶ ϴϱϭ͘,͘>ĂĐƐŽŶǀĞ͘ĐŽƌ͘ƐƉĂŹĂůǀĚ͕͘DĂŶŝůĂ
ϮϬϱϴ ϮϱϵϯƐŝŶŐĂŶ͕WĂŶŐĂƐŝŶĂŶΎΎ WŽďůĂĐŝŽŶƐŝŶŐĂŶ͕WĂŶŐĂƐŝŶĂŶ
ϮϬϱϵ Ϯϱϴϭ>WDΎΎ ,ͲϳDŝŬĞƐĞůů^ƵďĚ͘DĂƌĐŽƐůǀĂƌĞǌǀĞ͕͘dĂůŽŶ^ŝŶŐŬŽ͕>ĂƐWŝŹĂƐŝƚǇ
ϮϬϲϬ ϮϲϬϲWůĂƌŝĚĞůWŽďůĂĐŝŽŶΎΎ ƌŐǇ͘WŽďůĂĐŝŽŶ͕WůĂƌŝĚĞů͕ƵůĂĐĂŶ
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ϮϬϲϭ ϮϱϰϱWŝůŝůůĂΎΎ :͘W͘ZŝǌĂů^ƚ͕͘/ŵĂƚŽŶŐ͕WŝůŝůůĂ͕ZŝǌĂů
ϮϬϲϮ ϮϱϯϳdĂŐƵŵZ,ΎΎ ƉŽŬĂŶ͕dĂŐƵŵŝƚǇ͕ĂǀĂŽĚĞůEŽƌƚĞ
ϮϬϲϯ ϮϲϯϯZĞĂůsŝůůĂŐĞ ϲϳϬdĂŶĚĂŶŐ^ŽƌĂǀĞ͕͘YƵĞǌŽŶŝƚǇ
ϮϬϲϰ ϮϮϳϱ^ŽƌƐŽŐŽŶŽůůĞŐĞΎΎ ƌŐǇ͘ůŵĞŶĚƌĂƐͲŽŐŽŶ͕^ŽƌƐŽŐŽŶŝƚǇ
ϮϬϲϱ ϮϭϮϯŐƵŝůĂƌ͕WĂŶŐĂƐŝŶĂŶ WŽďůĂĐŝŽŶ͕ŐƵŝůĂƌ͕WĂŶŐĂƐŝŶĂŶ
ϮϬϲϲ Ϯϯϱϭ^ĂŶDŝŐƵĞů,ĞŝŐŚƚƐ ZŽĂĚϭĐŽƌ͘ZŽĂĚϱ͕^ĂŶDŝŐƵĞů,ĞŝŐŚƚƐ͕DĂƌƵůĂƐ͕sĂůĞŶǌƵĞůĂŝƚǇ
ϮϬϲϳ ϮϮϰϳ^ĂŶ>ŽƌĞŶǌŽWůĂĐĞ '&Ͳϭϵ^ĂŶ>ŽƌĞŶǌŽWůĂĐĞ͕ŚŝŶŽZŽĐĞƐ͕DĂŬĂƚŝŝƚǇ
ϮϬϲϴ ϮϱϯϬĂŐŽ'ĂůůĞƌĂΎΎ >ŝďďǇZŽĂĚ͕ĂŐŽ'ĂůůĞƌĂ͕ĂǀĂŽŝƚǇ
ϮϬϲϵ ϮϱϭϬWƵĂŶΎΎ WƵĂŶ͕dĂůŽŵŽ͕ĂǀĂŽŝƚǇ
ϮϬϳϬ ϭϵϵϴĂƉƌŝ ηϱĂŶĂŚĂǁ^ƚ͕͘Ž͘ĂƉƌŝ͕EĂŐŬĂŝƐĂŶŐEĂǇŽŶ͕YƵĞǌŽŶŝƚǇ
ϮϬϳϭ ϮϲϮϬ'ĞŶƐĂŶƉĂƌĞŶƚĞΎΎ ƉĂƌĞŶƚĞ^ƚ͘ĐŽƌ͘^ĂůǀĂŶŝ^ƚ͕͘ƌŐǇ͘ŝƚǇ,ĞŝŐŚƚƐ͕'ĞŶ͘^ĂŶƚŽƐŝƚǇ
ϮϬϳϮ ϮϳϮϮDWΎΎ EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ƌŽƐƐŝŶŐDĂŬĂƌ͕ƌŐǇ͘>ĂďĂŶŐĂů͕'ĞŶ͘^ĂŶƚŽƐŝƚǇ
ϮϬϳϯ ϮϱϵϰŽůŝŶĂŽΎΎ ƌŐǇ͘WŽďůĂĐŝŽŶ͕ŽůŝŶĂŽ͕WĂŶŐĂƐŝŶĂŶ
ϮϬϳϰ ϮϭϵϴDĂŬĂƚŝWŽďůĂĐŝŽŶΎΎ sŝůůĞŶĂ^ƚ͘ĐŽƌ͘Z͘WĂůŵĂ^ƚ͕͘ƌŐǇ͘WŽďůĂĐŝŽŶ͕DĂŬĂƚŝŝƚǇ
ϮϬϳϱ ϮϱϰϵdĂŐƵŵƉĂǇZŽĚƌŝŐƵĞǌ EŽ͘Ϯ<ĂŶůĂƵĂŶĐŽƌ͘DĂǇŽŶ͕ŵŝƚǇ^ƵďĚ͕͘ƌŐǇ͘^ĂŶ:ŽƐĞ͕ZŽĚƌŝŐƵĞǌ͕ZŝǌĂů
ϮϬϳϲ ϮϲϴϬW/WĂŶĂĐĂŶ <ŵ͘ϭϯWĂŶĂĐĂŶ͕ĂǀĂŽŝƚǇ
ϮϬϳϳ ϮϱϵϭĂĞƚDĂƌŬĞƚΎΎ :͘>ƵŬďĂŶĐŽƌ͘:͘WŝŵĞŶƚĞů^ƚ͕͘ƌŐǇ͘s͕ĂĞƚ͕ĂŵĂƌŝŶĞƐEŽƌƚĞ
ϮϬϳϴ ϮϯϮϭ^ĂĐƌĞĚ,ĞĂƌƚWĂƐŝŐΎΎ ηϰD͘^ƵĂƌĞǌǀĞ͕͘ƌŐǇ͘ĂŶŝŽŐĂŶDĂǇďƵŶŐĂ͕WĂƐŝŐŝƚǇ
ϮϬϳϵ Ϯϱϴϳ>ŝƚĞWŽƌƚĞŶƚĞƌΎΎ 'ͬ&hŶŝƚϭϭϰΘϭϭϱ>ŝĨĞWŽƌƚĞŶƚĞƌ͕'ĂůůĂƌĞƐ^ƚ͕͘dĂŐďŝůĂƌĂŶŝƚǇ͕ŽŚŽů
ϮϬϴϬ ϮϯϭϯWĂƐƐŝ/ůŽŝůŽΎΎ ^ŝŵĞŽŶŐƵŝůĂƌ^ƚ͕͘WŽďůĂĐŝŽŶ/ůĂǁŽĚ͕WĂƐƐŝŝƚǇ͕/ůŽŝůŽ
ϮϬϴϭ ϮϲϯϳĂŶĂŽWŽƌƚΎΎ Žƌ͘ĞŶƚƌĂůEĂƵƚŝĐĂů,ŝŐŚǁĂǇ͕WŽďůĂĐŝŽŶ͕ĂŶĂŽŝƚǇ͕ĞďƵ
ϮϬϴϮ ϮϰϱϰWĂĚŝůůĂŶƚŝƉŽůŽ ůŬϯϳ͕>ŽƚϮ͕WŚĂƐĞϭĂŐŽŶŐEĂǇŽŶϮ͕ƌŐǇ͘^ĂŶ/ƐŝĚƌŽ͕ŶƚŝƉŽůŽŝƚǇ
ϮϬϴϯ ϮϰϳϬWŽƌĂĐϮ͕WĂŵƉĂŶŐĂΎΎ DĂŶŝďĂƵŐ͕WĂƌĂůĂǇ͕WŽƌĂĐ͕WĂŵƉĂŶŐĂ
ϮϬϴϰ ϮϲϯϮdŝďĂŐ͕dĂƌůĂĐ ƌŐǇ͘dŝďĂŐ͕dĂƌůĂĐŝƚǇ
ϮϬϴϱ ϮϱϱϮDĂƌŝŶĂDĂůů DĂĐƚĂŶDĂƌŝŶĂDĂůů͕Dϭ͕/ďŽ͕>ĂƉƵͲ>ĂƉƵŝƚǇ͕ĞďƵ
ϮϬϴϲ ϮϱϬϬĂƌůĞƐWŽďůĂĐŝŽŶ ĞǆĂŶĚĞƌĞƚŝƚĂ^ƚ͕͘WŽďůĂĐŝŽŶĂƌůĞƐ͕/ůŽŝůŽ
ϮϬϴϳ ϮϲϯϭW/DĂͲĂΎΎ DĂͲĂZĚ͕͘ĂǀĂŽŝƚǇ
ϮϬϴϴ ϮϱϵϵWĂŶĂǇĂƉŝǌ WŽď͘/ůĂǇĂ͕WĂŶĂǇ͕ĂƉŝǌ
ϮϬϴϵ ϮϲϴϵĂƵĂŶDƵŶŝĐŝƉĂůΎΎ ĂƵĂŶWŽďůĂĐŝŽŶ͕ĂƚĂŶŐĂƐŝƚǇ
ϮϬϵϬ ϮϱϳϬWŝŵƐĂƚ^ĂŶĂƌůŽƐΎΎ ZŝǌĂůǀĞ͕͘WŽďůĂĐŝŽŶ͕^ĂŶĂƌůŽƐ͕WĂŶŐĂƐŝŶĂŶ
ϮϬϵϭ ϮϰϭϳKďĂŶĚŽ͕ƵůĂĐĂŶΎΎ :͘W͘ZŝǌĂů^ƚ͕͘WĂŐͲĂƐĂ͕KďĂŶĚŽ͕ƵůĂĐĂŶ
ϮϬϵϮ ϭϵϲϱ:^ŽŵƉŽƵŶĚΎΎ ϭϴϲϵW͘ŽŵŝŶŐŽ^ƚ͕͘DĂŬĂƚŝŝƚǇ
dĞŶĂŶƚϵ͕ŝƚǇŵĂůů^dy͕^ĞĂŽŝůDĞŐĂƐƚĂƚŝŽŶ͕^ƵďŝĐͲůĂƌŬͲdĂƌůĂĐǆƉƌĞƐƐǁĂǇ;^dyͿ͕
ϮϬϵϯ ϮϱϲϰŝƚǇŵĂůů^dyΎΎ
ŽŶĐĞƉĐŝŽŶ͕dĂƌůĂĐ
ϮϬϵϰ ϮϰϱϵƵĂƌƚĞƌŽĂƉŝǌ ƌŐǇ͘WŽďůĂĐŝŽŶdĂŬĂƐ͕ƵĂƌƚĞƌŽ͕ĂƉŝǌ
ϮϱϯϯĂůĂŵďĂDĂƌŬĞƚ
ϮϬϵϱ :WZŝǌĂů^ƚ͕͘ƌŽƐƐŝŶŐ͕ĂůĂŵďĂŝƚǇ͕>ĂŐƵŶĂ
ƌŽƐƐŝŶŐΎΎ
ϮϬϵϲ ϮϳϯϮDĂŶŐŽ^ƋƵĂƌĞ 'ŽƌƵŶĚ&ůŽŽƌ͕DĂŶŐŽƐƋƵĂƌĞ͕DĂŶŐŽǀĞŶƵĞ͕ĞďƵŝƚǇ
ϮϬϵϳ ϮϲϭϯdĂŶǇĂŐdĂŐƵŝŐΎΎ WůĂǌĂĞůĂZŽƐĂůĚŐ͕DĂŹĂůĂĐǀĞ͕͘ĂŐŽŶŐdĂŶǇĂŐ͕dĂŐƵŝŐŝƚǇ
ϮϬϵϴ ϮϱϳϮDĂƚŝdĞƌŵŝŶĂůΎΎ ƌŐǇ͘ĞŶƚƌĂů͕DĂƚŝŝƚǇ͕ĂǀĂŽKƌŝĞŶƚĂů
ϮϬϵϵ ϮϱϳϯWĂŶƚƵŬĂŶĞŶƚƌŽ ^ƵƌŝŐĂŽͲĂǀĂŽŽĂƐƚĂůZĚ͕͘ƌŐǇ͘<ŝŶŐͲŬŝŶŐ͕WĂŶƚƵŬĂŶ͕ŽŵƉŽƐƚĞůĂsĂůůĞǇ
ϮϭϬϬ ϮϰϴϰWĂŶĂĐĂŶ,ŝŐŚǁĂǇ WĂŶĂĐĂŶ,ŝŐŚǁĂǇZĞůŽĐĂƚŝŽŶ͕ĂǀĂŽŝƚǇ
ϮϭϬϭ ϮϲϯϱŽǁŶƚŽǁŶĂĐŽůŽĚ >ƵǌƵƌŝĂŐĂ^ƚ͕͘ŽǁŶƚŽǁŶĂĐŽůŽĚŝƚǇ
ϮϭϬϮ ϮϱϮϯKůĚ^ĞŶƚƌŽĂůƵŵƉĂŶŐ ĂůƵŵƉĂŶŐǀĞ͕͘ĂůƵŵƉĂŶŐ͕'ĞŶ͘^ĂŶƚŽƐŝƚǇ͕^ŽƵƚŚŽƚĂďĂƚŽ
ϮϭϬϯ ϮϰϯϵƵŵĂƌĂŽĂƉŝǌ WŽďůĂĐŝŽŶ/ůĂǇĂ//͕ƵŵĂƌĂŽ͕ĂƉŝǌ
Ϯϯϳϴ^ƚŽ͘dŽŵĂƐ͕>Ă
ϮϭϬϰ ĂŵŽƌƚŝƐ͕^ƚŽ͘dŽŵĂƐ͕>ĂhŶŝŽŶ
hŶŝŽŶΎΎ
ϮϭϬϱ ϮϰϴϱWhĐĐůĂŝŵΎΎ 'ͬ&ĐĐůĂŝŵůĚŐ͕͘ϭϭϮ>ŽƉĞǌ:ĞĂŶĂ^ƚ͕͘:ĂƌŽ͕/ůŽŝůŽŝƚǇ
ϮϭϬϲ ϭϱϮϯ'ƵĂĚĂůƵƉĞϱ ϮϮϳϭ^ĂŶ:ŽƐĞ^ƚ͘ĨŽƌŵĞƌ&zĂďƵƚĐŽƌ͘:͘W͘ZŝǌĂů͕'ƵĂĚĂůƵƉĞEƵĞǀŽ͕DĂŬĂƚŝŝƚǇ
ϮϭϬϳ ϮϲϮϴŽŶĂƌůŽƐĞŶƚƌŽ WŽďůĂĐŝŽŶŽŶĂƌůŽƐ͕ƵŬŝĚŶŽŶ
ϮϭϬϴ ϮϱϯϭDĂƚĂŝŶ͕ĂŵďĂůĞƐΎΎ DĂƚŝĂŶ͕^ƵďŝĐ͕ĂŵďĂůĞƐ
ϮϭϬϵ ϮϱϵϬĂƌƌĂ:ŽŚŶĚŽƌĨ ĂƌƌĂƌŽƐƐŝŶŐ͕ŽŶĞϰ͕KƉŽů͕ĂŐĂǇĂŶĚĞKƌŽŝƚǇ
43
ϮϭϭϬ Ϯϲϭϵ/ůŝŐĂŶŝƚǇWůĂǌĂΎΎ 'ĞŶĞƌĂůŐƵŝŶĂůĚŽ^ƚ͕͘/ůŝŐĂŶŝƚǇ
ϮϬϰϬĂŐŽŶŐ^ŝůĂŶŐ,ŝŐŚ
Ϯϭϭϭ >ŽƚϱůŬϯϭWĂĐŬĂŐĞϮ͕WŚĂƐĞϯĂŐŽŶŐ^ŝůĂŶŐ͕ĂůŽŽĐĂŶŝƚǇ
^ĐŚŽŽů
ϮϭϭϮ ϮϲϳϮ^ŝƉĂůĂǇEĞŐƌŽƐΎΎ ƌŐǇ͘ϭͲWŽďůĂĐŝŽŶ͕^ŝƉĂůĂǇĐŝƚǇ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
Ϯϭϭϯ ϮϲϭϱdsϱZĞůŝĂŶĐĞΎΎ dsϱZĞůŝĂŶĐĞ^ƚ͘ĐŽƌ͘^ŚĞƌŝĚĂŶ^ƚ͕͘ƌŐǇ͘,ŝŐŚǁĂǇ,ŝůůƐ͕DĂŶĚĂůƵǇŽŶŐŝƚǇ
Ϯϭϭϰ ϮϮϯϱ/ůƵŐŝŶWĂƐŝŐ ϮϱϬϬ^ĂŶĚŽǀĂůǀĞ͘ĐŽƌ͘^ĂŶ^ĞďĂƐƚŝĂŶ^ƚ͕͘WŝŶĂŐďƵŚĂƚĂŶ͕WĂƐŝŐŝƚǇ
ϮϱϴϮĞŶƚƌĂů^ŝŐŶĂůsŝůůĂŐĞ
Ϯϭϭϱ >ŽƚϴůŬϱDZdǀĞ͘ĐŽƌ͘^ƚŽ͘EŝŹŽ^ƚ͕͘ŽŶĞϯ͕ĞŶƚƌĂů^ŝŐŶĂůsŝůůĂŐĞ͕dĂŐƵŝŐŝƚǇ
ϮΎΎ
Ϯϭϭϲ ϮϰϵϬdŚĞZŽůĞǆWůĂĐĞΎΎ ĂŚůŝĂǀĞ͘ĐŽƌ͘ZŽůĞǆ^ƚ͕͘tĞƐƚ&ĂŝƌǀŝĞǁ͕YƵĞǌŽŶŝƚǇ
Ϯϭϭϳ ϮϲϳϳDŝŶĚĂŶĂŽǀĞ͘Ϯ >ŽƚϮͲDŝŶĚĂŶĂŽǀĞ͕͘ĂŚĂǇdŽƌŽ͕YƵĞǌŽŶŝƚǇ
hŶŝƚϭϰ'ƌŽƵŶĚ&ůŽŽƌ͕ηϭϴϳ^^ŽƵƚŚtŝŶŐDĂƌĂŶĂǁWůĂǌĂůĚŐ͕͘'ƌĞĞŶŚŝůůƐĂƐƚ͕ƌŐǇ͘tĂĐŬͲ
Ϯϭϭϴ Ϯϲϴϭ^KƌƚŝŐĂƐ
ǁĂĐŬ͕DĂŶĚĂůƵǇŽŶŐŝƚǇ
Ϯϭϭϵ ϮϱϵϱůďĂǇĂƉŝƚŽůΎΎ ϳϰϲZŝǌĂů^ƚ͕͘KůĚůďĂǇ͕>ĞŐĂǌƉŝŝƚǇ
ϮϭϮϬ Ϯϲϳϲ&ĂŝƌǀŝĞǁdĞƌƌĂĐĞƐΎΎ &ĂŝƌǀŝĞǁdĞƌƌĂĐĞƐ͕YŝƌŝŶŽ,ŝŐŚǁĂǇĐŽƌ͘DĂůŝŐĂǇĂƌ͘^ƚ͕͘EŽǀĂůŝĐŚĞƐ͕YƵĞǌŽŶŝƚǇ
ϮϭϮϭ ϮϳϮϳϮϭƐƚǀĞ͘ΎΎ ϯϬϳW͘dƵĂǌŽŶĐŽƌ͘ϮϭƐƚǀĞ͕͘ƵďĂŽ͕YƵĞǌŽŶŝƚǇ
ϮϭϮϮ ϮϲϱϳĂƚŵŽŶĞďƵ ĞŶƚƌĂůEĂƵƚŝĐĂů,ŝŐŚǁĂǇ͕ĂƚŵŽŶ͕ĞďƵ
ϮϭϮϯ ϮϲϴϯZŽŽƐĞǀĞůƚϮΎΎ ZŽŽƐĞǀĞůƚǀĞ͕͘YƵĞǌŽŶŝƚǇ
ϮϭϮϰ ϮϲϰϲD^&ΎΎ 'ĂŚŽůǀĞ͕͘ĂǀĂŽŝƚǇ
ϮϭϮϱ ϮϱϵϮĂƌŵŽŶĂƐƚĂƚĞƐ ĂƌŵŽŶĂƐƚĂƚĞ͕ƌŐǇ͘>ĂŶƚŝĐ͕ĂƌŵŽŶĂ͕ĂǀŝƚĞ
ϮϭϮϲ Ϯϱϭϲ^ĂŵƉĂŐƵŝƚĂͲDĂůĂƌŝĂ ůŬϳ>ŽƚϮΘϯ͕ƌŐǇ͘ϭϴϱŽŶĞϲ͕YƵŝƌŝŶŽ,ŝͲǁĂǇ͕ĂůŽŽĐĂŶŝƚǇ
ϮϭϮϳ ϮϱϬϳWĞƐĞƚĂ >ŽƚϭůŬϮϭϱŽůůĂƌ^ƚ͘ĐŽƌ͘WĞƐĞƚĂ͕WŚĂƐĞϴ͕EŽƌƚŚ&ĂŝƌǀŝĞǁ͕YƵĞǌŽŶŝƚǇ
ϮϭϮϴ ϮϱϮϮdĂŬƚĂŬŶƚŝƉŽůŽΎΎ ^ƵŵƵůŽŶŐ,ŝŐŚǁĂǇ͕ƌŐǇ͘ĞůĂWĂǌ͕ŶƚŝƉŽůŽŝƚǇ
ϮϱϬϯdĞůĂďĂƐƚĂŐĂŶ͕
ϮϭϮϵ hŶŝƚEͲůĚŐ͕͘DĐƌƚŚƵƌ,ŝͲǁĂǇ͕dĞůĂďĂƐƚĂŐĂŶ͕^ĂŶ&ĞƌŶĂŶĚŽ͕WĂŵƉĂŶŐĂ
WĂŵƉĂŶŐĂΎΎ
ϮϭϯϬ ϮϱϱϵĂƐŽů͕WĂŶŐĂƐŝŶĂŶ WŽďůĂĐŝŽŶ͕ĂƐŽů͕WĂŶŐĂƐŝŶĂŶ
Ϯϭϯϭ ϮϲϮϰ,ĞƌŽĞƐ,ŽƚĞůDĂŶŝůĂΎΎ &͘dŽƌƌĞƐ^͘ĐŽƌ͘KƐŵĞŹĂ^ŽƵƚŚ^ƵƉĞƌ,ŝŐŚǁĂǇ͕DĂŶŝůĂ
ϮϭϯϮ ϮϳϲϬůŽĐϯ >ĞǀĞůϭ͕ĞůŽĐdŽǁĞƌϯ
Ϯϭϯϯ ϮϱϮϲƐĞĂŶĂ^ƋƵĂƌĞ ƐĞĂŶĂ^ƋƵĂƌĞ͕WƌĞƐ͘DĂĐĂƉĂŐĂůůǀĚ͕͘ƐĞĂŶĂŝƚǇ͕WĂƌĂŹĂƋƵĞ
'ͲϬϭ͕hƉƉĞƌ'ƌŽƵŶĚ&ůƌ͕͘ůĚŐ͘Ϯ͕ŝƚǇŽĨƌĞĂŵƐDĂŶŝůĂ͕ƐĞĂŶĂǀĞ͘ĐŽƌ͘ZŽǆĂƐůǀĚ͕͘
Ϯϭϯϰ ϮϱϲϱŝƚǇŽĨƌĞĂŵƐϮ
ŶƚĞƌƚĂŝŶŵĞŶƚŝƚǇ͕WĂƌĂŹĂƋƵĞŝƚǇ
Ϯϭϯϱ ϮϱϳϵWŚŽĞŶŝǆDĂĂΎΎ DĂĂĐŽƌ͘ŝǀĞƌƐŝŽŶZĚ͕͘ĂǀĂŽŝƚǇ
Ϯϭϯϲ ϮϳϱϮdĂŶĚĂŶŐ^ŽƌĂϮ ϮϱϬdĂŶĚĂŶŐ^ŽƌĂǀĞ͕͘YƵĞǌŽŶŝƚǇ
Ϯϭϯϳ ϮϲϲϰůŝŵŽĚŝĂŶΎΎ DĂǆŝŵŽ^ƚ͘ĐŽƌ͘DĂŐĂůůĂŶĞƐ^ƚ͕͘WŽďůĂĐŽŶ͕ůŝŵŽĚŝĂŶ͕/ůŽŝůŽ
^ƉĂĐĞϲ͕'&͕DĂŶŚĂƚƚĂŶ,ĞŝŐŚƚƐ͕'ĞŶĞƌĂůZŽŵƵůŽǀĞ͘ĐŽƌW͘dƵĂǌŽŶ͕ƌĂŶĞƚĂĞŶƚĞƌ͕ƵďĂŽ͕
Ϯϭϯϴ ϮϲϮϱDĂŶŚĂƚƚĂŶ,ĞŝŐŚƚƐ
YƵĞǌŽŶŝƚǇ
Ϯϭϯϵ ϮϮϭϮƵƉĂŶŐŶƚŝƉŽůŽ WĂŵŽƌĂŵĂ^ƚ͕͘ƌŐǇ͘ƵƉĂŶŐ͕ŶƚŝƉŽůŽ͕ZŝǌĂů
ϮϭϰϬ ϮϯϴϭDĂƌŝŐŵĂŶŶƚŝƉŽůŽ ηϭϭDĂƌŝŐŵĂŶZĚ͕͘ƌŐǇ͘^ĂŶZŽƋƵĞ͕ŶƚŝƉŽůŽŝƚǇ
Ϯϭϰϭ ϮϰϬϯĂƌĚŽŶĂWŽď DĂŶŝůĂĂƐƚZĚ͕͘ƌŐǇ͘ZĞĂů͕ĂƌĚŽŶĂ͕ZŝǌĂů
ϮϭϰϮ Ϯϲϴϱ,ŽǁŵĂƌƚ ϭϮϱϲ^ĐŽƌ͘,ŽǁŵĂƌƚZĚ͕͘ƉŽůŽŶŝŽ^ĂŵƐŽŶĂůŝŶƚĂǁĂŬ͕YƵĞǌŽŶŝƚǇ
Ϯϭϰϯ Ϯϰϳϭ^ĂŶDĂŶƵĞů͕dĂƌůĂĐΎΎ DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕ƌŐǇ͘WŽďůĂĐŝŽŶ͕^ĂŶDĂŶƵĞů͕dĂƌůĂĐ
Ϯϭϰϰ ϮϮϬϭ<ĂƐĂƌŝŶůĂŶ dĂŬƐĂǇƐƚ͕͘ĂŐĂƚͲĚĂŐĂƚĂŶ͕ĂůŽŽĐĂŶŝƚǇ
Ϯϭϰϱ Ϯϲϱϲ^ŽƵƚŚǀŝůůĞ^ƚĂ͘ZŽƐĂ ^ŽƵƚŚǀŝůůĞ͕ƌŐǇ͘ĂŝŶŐŝŶ͕^ƚĂ͘ZŽƐĂŝƚǇ͕>ĂŐƵŶĂ
Ϯϭϰϲ Ϯϱϴϯ<ĂůŝďŽŝƌƉŽƌƚΎΎ <ĂůŝďŽ/ŶƚĞƌŶĂƚŝŽŶĂůŝƌƉŽƌƚ͕WŽŽŬ͕<ĂůŝďŽ͕ŬůĂŶ
Ϯϭϰϳ ϮϲϵϳWĂƐƵƋƵŝŶWŽďůĂĐŝŽŶ EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ƌŐǇ͘WŽďůĂĐŝŽŶ͕WĂƐƵƋƵŝŶ͕/ůŽĐŽƐEŽƌƚĞ
Ϯϭϰϴ ϮϯϯϳĂƐƚŝůůĞũŽƐϮΎΎ ƌŐǇ͘WŽďůĂĐŝŽŶ͕ĂƐƚŝůůĞũŽƐ͕ĂŵďĂůĞƐ
Ϯϭϰϵ ϮϱϴϰdĞũĞƌŽϮΎΎ >ŽƚϱϮϯͲͲϲdĞũĞƌŽ͕'ĞŶ͘dƌŝĂƐ͕ĂǀŝƚĞ
ϮϭϱϬ ϭϴϯϮ/dDĂƚŝŶĂWĂƌŬ /͘d͘DĂƚŝŶĂWĂƌŬĂůŽŶŐDĐƌƚŚƵƌ,ŝͲǁĂǇ͕ĂǀĂŽŝƚǇ
Ϯϭϱϭ Ϯϲϭϲ/WĂĐŝĨŝĐZĞƐŝĚĞŶĐĞƐ ĂůůĞ/ůĂŶŐͲ/ůĂŶŐĐŽƌ͘ĂůůĞ>ĂǀĞǌĂƌĞƐ^ƚ͕͘dŽŶĚŽ͕DĂŶŝůĂ
ϮϭϱϮ ϮϲϱϮĂƵǆƚĞŶƐŝŽŶΎΎ ĂƵ͕DĂďĂůĂĐĂƚ͕WĂŵƉĂŶŐĂ
Ϯϭϱϯ ϮϲϵϵW'ĂƚĞϱΎΎ WŝǀĞƌƐŝŽŶZĚ͕͘^ŽƌŝĂŶŽ,ŝŐŚǁĂǇ͕ĂĐĂŽϮ͕'ĞŶ͘dƌŝĂƐ͕ĂǀŝƚĞ
Ϯϭϱϰ ϭϴϱϮdŚĞ^ƉĂĐĞΎΎ ͘^͘&ŽƌƚƵŶĂ^ƚ͘ĐŽƌ͘W͘ZĞŵĞĚŝŽ^ƚ͕͘ĂŶŝůĂĚ͕DĂŶĚĂƵĞŝƚǇ͕ĞďƵ
Ϯϭϱϱ ϮϱϲϬ/ŶĨĂŶƚĂ͕WĂŶŐĂƐŝŶĂŶΎΎ WŽďůĂĐŝŽŶ͕/ŶĨĂŶƚĂ͕WĂŶŐĂƐŝŶĂŶ
Ϯϭϱϲ Ϯϲϴϳ/Dd hŶŝƚϱŝDĞƚWK͕DĂĐĂƉĂŐĂůǀĞ͕͘WĂƐĂǇŝƚǇ
Ϯϭϱϳ ϮϰϲϱhdĞĐŚ ϮϲϳhdĞĐŚ͕hŶŝǀĞƌƐŝƚǇ,ŝůůƐ^ƵďĚ͕͘ĂůŽŽĐĂŶŝƚǇ
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Ϯϭϱϴ Ϯϲϴϴ^ƚŽ͘ƌŝƐƚŽ͕dĂƌůĂĐ D͘,͘ĞůWŝůĂƌ^ƚ͘ĐŽƌ͘:ĂŶ>ƵŶĂ^ƚ͕͘^ƚŽ͘ƌŝƐƚŽ͕dĂƌůĂĐƚǇ
Ϯϭϱϵ ϮϲϰϱĂƌƚŝŵĂƌWĂƐĂǇΎΎ ĂƌƚŝŵĂƌ^ŚŽƉƉŝŶŐĞŶƚĞƌ͕dĂĨƚǀĞ͕͘>ŝďĞƌƚĂĚ͕WĂƐĂǇŝƚǇ
ϮϭϲϬ ϮϳϬϱWŽƌƚĂůĂƐƚΎΎ ^ŝůŝŵĂŶhŶŝǀĞƌƐŝƚǇWŽƌƚĂůĂƐƚĐŽƌ͘WĞƌĚŝĐĞƐĂŶĚ^ŝůŝŵĂŶ,ŝŐŚǁĂǇ͕ƵŵĂŐƵĞƚĞŝƚǇ
^ƚĂůůƐϭĂŶĚϮŽĨ,ŽƐƉŝĐŝŽĚĞ^ĂŶ:ŽƐĞĚĞĂƌŝůŝŽŵŵĞƌĐŝĂůůĚŐ͕͘E͘ĂĐĂůƐŽĐŽƌ͘ZĂŵĂǀĞ͕͘
Ϯϭϲϭ ϮϲϭϮ,^:
ĞďƵŝƚǇ
ϮϭϲϮ ϮϯϮϯ^ŽƵƚŚǁŽŽĚƐDĂůů ϮϲͬϮϳ^ŽƵƚŚǁŽŽĚƐDĂůů͕^ŽƵƚŚǁŽŽĚƐŝƚǇ͕ŝŹĂŶ͕>ĂŐƵŶĂ
Ϯϭϲϯ ϮϲϭϳWŚŽĞŶŝǆWĂŶŽƌĂŵĂ WĂŶŽƌĂŵĂ͕ĂǀĂŽŝƚǇ
Ϯϭϲϰ ϮϱϰϲdƌĂŵŽWĂƐŝŐ '͘^͘/͘^ZĚ͘;dƌĂŵŽ^ƚ͘Ϳ͕^ƚĂ͘>ƵĐŝĂ͕WĂƐŝŐŝƚǇ
Ϯϭϲϱ Ϯϲϵϭ^ŚĞůůDŽŶƚĞǀŝƐƚĂΎΎ WŽďůĂĐŝŽŶ͕EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕DŽŶƚĞǀŝƐƚĂ͕ŽŵƉŽƐƚĞůůĂsĂůůĞǇ
Ϯϭϲϲ ϮϱϮϱDĂĂƐŝŶ ZŝǌĂů^ƚ͕͘DĂĂƐŝŶ͕/ůŽŝůŽ
Ϯϭϲϳ Ϯϲϰϭ:ĂĐŝŶƚŽŽƵůĞǀĂƌĚΎΎ :ĂĐŝŶƚŽůǀĚ͘ĐŽƌYƵĞǌŽŶůǀĚ͕͘ĂǀĂŽŝƚǇ
Ϯϭϲϴ ϮϳϮϯ&ĂƌĐŽŶǀŝůůĞ^ƵďĚŝǀŝƐŝŽŶ &ĂƌĐŽŶǀŝůůĞ^ƵďĚŝǀŝƐŝŽŶ͕^ĂŶWĂďůŽ͕>ĂŐƵŶĂ
Ϯϭϲϵ ϮϳϭϯWŽůŽŵŽůŽŬDĂƌŬĞƚΎΎ EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕^ĂŵƉĂŐƵŝƚĂ^ƚ͕͘WŽďůĂĐŝŽŶ͕WŽůŽŵŽůŽŬ͕^ŽƵƚŚŽƚĂďĂƚŽ
ϮϭϳϬ ϮϲϱϰdƵƐĐĂŶǇ dƵƐĐĂŶǇ͕DĐ<ŝŶůĞǇ,ŝůů͕dĂŐƵŝŐŝƚǇ
Ϯϭϳϭ ϮϱϲϴW/ĂƐƚŝůůĂΎΎ EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ƌŐǇ͘ƵŵĂĚĐĂĚ͕ĂƐƚŝůůĂ͕^ŽƌƐŽŐŽŶ
ϮϭϳϮ ϮϱϳϴW/ZŝǌĂů>ĂĐƐŽŶΎΎ >ĂĐƐŽŶ^ƚ͘ĐŽƌ͘ZŝǌĂů^ƚ͕͘ĂĐŽůŽĚŝƚǇ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
Ϯϭϳϯ ϮϳϱϯhWdŽǁŶĞŶƚĞƌ h͘WdŽǁŶĞŶƚĞƌ͕ǇĂůĂDĂůů
Ϯϭϳϰ ϮϴϭϮdŽŵŝŶŽďŽΎΎ dŽŵŝŶŽďŽ͕/ůŝŐĂŶŝƚǇ
Ϯϭϳϱ ϮϵϱϱƉƐŽŶ>ŝŵĂdĞĐŚΎΎ ƉƐŽŶEĞǁŝůĚŝŶŐ>/DdĞĐŚ͕ƌŐǇ͘ƵŐƚŽŶŐ͕>ŝƉĂŝƚǇ͕ĂƚĂŶŐĂƐ
Ϯϭϳϲ ϮϲϮϭWĂŶƚĂďĂŶŐĂŶ͕E͘͘ΎΎ ƌŐǇ͘WŽďůĂĐŝŽŶ͕WĂŶƚĂďĂŶŐĂŶ͕EƵĞǀĂĐŝũĂ
Ϯϭϳϳ ϮϳϴϱWĞƚƌŽŶdŝďĂŶŐĂΎΎ WĞƚƌŽŶ'ĂƐ^ƚĂƚŝŽŶdŝďĂŶŐĂ͕/ůŝŐĂŶŝƚǇ
Ϯϭϳϴ Ϯϳϯϯ^ŚĞůůĂŶŶĞƌǇΎΎ ^ŚĞůů'ĂƐŽůŝŶĞ^ƚĂƚŝŽŶ͕ĐŽƌ͘ĂŶŶĞƌǇZĚ͕͘WŽďůĂĐŝŽŶ͕WŽůŽŵŽůŽŬ͕^ŽƵƚŚŽƚĂďĂƚŽ
Ϯϭϳϵ Ϯϳϭϭ'ĞŶƐĂŶ^d/ΎΎ :͘ĂƚŽůŝĐŽǀĞ͕͘'ĞŶ͘^ĂŶƚŽƐŝƚǇ
ϮϭϴϬ ϮϮϬϯƌĂǇĂƚ,ŝŐŚǁĂǇΎΎ DĂŶŐĂͲĂĐƵƚƵĚ͕ƌĂǇĂƚ͕WĂŵƉĂŶŐĂ
Ϯϭϴϭ ϮϰϰϲtĞƐƚĂŵŽƌĂΎΎ ϭϲϳϯ:͘ĂŵŽƌĂ^ƚ͕͘WĂĐŽ͕DĂŶŝůĂ
ϮϳϰϲĂƚĂŶŐĂƐ'ƌĂŶĚ
ϮϭϴϮ ŝǀĞƌƐŝŽŶZŽĂĚĂůĂŐƚĂƐ͕ĂƚĂŶŐĂƐ'ƌĂŶĚdĞƌŵŝŶĂů͕ĂƚĂŶŐĂƐŝƚǇ
dĞƌŵŝŶĂůΎΎ
Ϯϭϴϯ ϭϵϬϬW/ŝŶĂůďĂŐĂŶΎΎ EĞŐƌŽƐ^ŽƵƚŚZŽĂĚ͕ŝŶĂůďĂŐĂŶ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ĂůŽŶŐ/ůŽĐŽƐEŽƌƚĞͲƉĂǇĂŽZĚ͘ĐŽƌ͘ŝŶŐƌĂƐͲDĂƌĐŽƐZĚ͕͘ƌŐǇ͘ůďĂŶŽWŽďůĂĐŝŽŶ͕ŝŶŐƌĂƐ͕/ůŽĐŽƐ
Ϯϭϴϰ ϮϱϬϰŝŶŐƌĂƐWŽďůĂĐŝŽŶ
EŽƌƚĞ
Ϯϭϴϱ ϮϴϬϰ>ĂŐƵŶĚŝWĂŵƉĂŶŐĂΎΎ ηϭϭϯĞŶƚƌŽ͕ƌŐǇ͘>ĂŐƵŶĚŝDĞǆŝĐŽ͕WĂŵƉĂŶŐĂ
ϮϯϰϱWĂŶŽƌĂŵĂdĞĐŚŶŽ
Ϯϭϴϲ WĂŶŽƌĂŵĂdĞĐŚŶŽĞŶƚĞƌ͕ϭϬϮϵ^͕YƵĞǌŽŶŝƚǇ
ĞŶƚĞƌ
Ϯϭϴϳ ϮϳϲϰDŽŶƚŝůůĂŶŽϯ ϮϯϵDŽŶƚŝůůĂŶŽ^ƚ͕͘ůĂďĂŶŐ͕DƵŶƚŝůƵƉĂŝƚǇ
Ϯϭϴϴ Ϯϰϵϯ'ƌĂŶWůĂŝŶƐ 'ͬ&WdƐƉĂŹŽůĂůĚŐ͕͘'ƌĂŶWůĂŝŶƐ^ƵďĚ͕͘ƌŐǇ͘Ds,ĞĐŚĂŶŽǀĂ͕:ĂƌŽ͕/ůŽŝůŽŝƚǇ
Ϯϭϴϵ ϮϱϰϮŵĂŝĂ^ƚĂ͘DĞƐĂ ŵĂŝĂ^ŬŝĞƐ^ƚĂ͘DĞƐĂ͕^ƚĂ͘DĞƐĂ͕DĂŶŝůĂ
ϮϭϵϬ ϮϱϮϳŽ͘KďƌĞƌŽ ^ĂŵƉĂŐƵŝƚĂ^ƚ͘ĐŽƌ͘ǀĞƌůĂƐƚŝŶŐ^ƚ͕͘Ž͘KďƌĞƌŽ͕>ĂƉƵǌ͕/ůŽŝůŽŝƚǇ
Ϯϭϵϭ ϭϵϮϵƵůĂŽŶΎΎ ůŬϮϱ>Žƚϭϴ͕ƵůĂŽŶZĞƐĞƚƚůĞŵĞŶƚ͕^ĂŶ&ĞƌŶĂŶĚŽ͕WĂŵƉĂŶŐĂ
ϮϭϵϮ ϮϳϯϲD/dƵŝůĚŝŶŐ D/důĚŐ͕͘'ŽƌŽƌĚŽǀĞ͕͘ĞďƵŝƚǇ
Ϯϭϵϯ ϮϳϬϭWŽŶƚĞǀĞĚƌĂĂƉŝǌΎΎ WŽďůĂĐŝŽŶ/ůĂǇĂ͕WŽŶƚĞǀĞĚƌĂ͕ĂƉŝǌ
Ϯϭϵϰ ϮϲϱϱĂŝŶƚĂDƵŶŝĐŝƉĂůΎΎ ƌŐǇ͘^ƚŽ͘ŽŵŝŶŐŽ͕ĂŝŶƚĂ͕ZŝǌĂů
Ϯϭϵϱ ϮϲϵϱůĂŵŝŶŽƐϮΎΎ ^ĂŶ:ŽƐĞƌŝǀĞĐŽƌ͘ZĂďĂŐŽ^ƚ͕͘ƌŐǇ͘WŽďůĂĐŝŽŶ͕ůĂŵŝŶŽƐŝƚǇ͕WĂŶŐĂƐŝŶĂŶ
hŶŝƚͲϬϭ͕ĂĐŬŽĨ,ŽƵƐĞ͕KŬĂĚĂDĂŶŝůĂ͕EĞǁ^ĞĂƐŝĚĞƌŝǀĞ͕ŶƚĞƌƚĂŝŶŵĞŶƚŝƚǇ͕ƌŐǇ͘dĂŵďŽ͕
Ϯϭϵϲ ϮϲϮϵKŬĂĚĂDĂŶŝůĂ
WĂƌĂŹĂƋƵĞŝƚǇ
Ϯϭϵϳ ϮϴϭϬƌĂŶĞƚĂƵƐƉŽƌƚΎΎ ƌĂŶĞƚĂĞŶƚĞƌƵƐWŽƌƚ͕ƵďĂŽ͕YƵĞǌŽŶŝƚǇ
Ϯϭϵϴ ϮϱϰϯŵĂŝĂ^ƚĞƉƐ^ƵĐĂƚΎΎ hŶŝƚZϭϬϯ͕ƌŝĂůĚŐ͕ŵĂŝĂ^ƚĞƉƐ^ƵĐĂƚ͕ƌ͘͘^ĂŶƚŽƐǀĞ͕͘ƌŐǇ͘^ĂŶŶƚŽŶŝŽ͕^ƵĐĂƚ͕WĂƌĂŹĂƋƵĞ
ϮϲϬϯ^ƚĂ͘ƌĐĂĚŝĂ
Ϯϭϵϵ ƌŐǇ͘^ƚĂ͘ƌĐĂĚŝĂ͕ĂďĂŶĂƚƵĂŶŝƚǇ͕EƵĞǀĂĐŝũĂ
ĂďĂŶĂƚƵĂŶΎΎ
ϮϮϬϬ ϮϰϲϮ^ƵĚŝƉĞŶ WŽďůĂĐŝŽŶ͕^ƵĚŝƉĞŶ͕>ĂhŶŝŽŶ
ϮϮϬϭ ϮϲϵϴŽŵƉŽƐƚĞůĂΎΎ ƌŐǇ͘WďůĂĐŝŽŶ͕ŽŵƉŽƐƚĞůĂ͕ĞďƵ
ϮϮϬϮ ϮϴϮϯŝŐŽƐdĞƌŵŝŶĂůΎΎ ŝŐŽƐŝƚǇ^ĂƚĞůůŝƚĞdƌĂŶƐƉŽƌƚdĞƌŵŝŶĂů͕ŽŹĂƵƌŽƌĂ^ƚ͕͘^ƵƉĞƌ,ŝŐŚǁĂǇ͕ƌŐǇ͘ƉůĂǇĂ͕ŝŐŽƐŝƚǇ
ϮϮϬϯ ϮϳϲϳWĞƚƌŽŶĂŐŽŶƚĂĂƐ ^ĂǇƌĞ,ŝŐŚǁĂǇ͕WĞƚƌŽŶ'ĂƐŽůŝŶĞ^ƚĂƚŝŽŶ͕ƌŐǇ͘ĂŐŽŶƚĂĂƐ͕sĂůĞŶĐŝĂŝƚǇ͕ƵŬŝĚŶŽŶ
ϮϮϬϰ Ϯϳϯϭ>dKdĂǇƵŵĂŶΎΎ ϭϰϬϱdĂǇƵŵĂŶ^ƚ͘ĐŽƌ͘/Ɖŝů^ƚ͕͘^ƚĂ͘ƌƵǌ͕DĂŶŝůĂ
ϮϮϬϱ ϮϳϵϬ'ŝŶŐŽŽŐĞŶƚƌŽΎΎ :͘:'ĂŶĂďĂǀĞ͕͘WŽďůĂĐŝŽŶ'ŝŶŐŽŽŐŝƚǇ͕DŝƐĂŵŝƐKƌŝĞŶƚĂů
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ϵƚŚĨůƌ͕͘ŝŶǀĞƌŐǇƐDĂůůŽĨƐŝĂ͕dŽǁĞƌ͕dǁŽͲĐŽŵĞŶƚĞƌ͕ĂǇƐŚŽƌĞƌŝǀĞ͕DĂůůŽĨƐŝĂ
ϮϮϬϲ ϮϴϮϲŽŶǀĞƌŐǇƐDK
ŽŵƉůĞǆ͕WĂƐĂǇƚǇ
ϮϮϬϳ ϮϰϴϮDĂŶƵǇŽhŶŽΎΎ Ϯϳϯϱ'ĞŶ͘>ƵŶĂ^ƚ͕͘DĂƵǇŽhŶŽ͕>ĂƐWŝŹĂƐŝƚǇ
ϮϮϬϴ Ϯϳϰϯ'ƌĞĞŶKŝůĂůŵŽƌĞƐ 'ƌĞĞŶKŝůĂůŵŽƌĞƐ͕ĂůŽŵŽƌĞƐ^ƚ͕͘<ŽƌŽŶĂĚĂůŝƚǇ
ϮϮϬϵ Ϯϳϵϲ,ŽƚĞů>ĂĨĞΎΎ ϱϯϮDĂŐƐĂǇƐĂǇǀĞ͕͘ĂŐƵŝŽŝƚǇ
ϮϮϭϬ ϮϴϱϱWƌĞƐ͘ZŽǆĂƐĂƉŝǌΎΎ WŽďůĂĐŝŽŶ͕EĂƚŝŽŶĂůZŽĂĚ͕WƌĞƐ͘ZŽǆĂƐ͕ĂƉŝǌ
ϮϮϭϭ ϮϴϮϬ'ĂůůĞƌŝĂ>ƵŝƐĂΎΎ 'ĂůůĂƌĞƐ^ƚ͕͘WŽďůĂĐŝŽŶ//͕dĂŐďŝůĂƌĂŶŝƚǇ͕ŽŚŽů
ϮϮϭϮ ϭϵϴϱ/ƐůĂ,ŽŵĞƐ ^ĂŶĚŽǀĂůǀĞ͕͘WĂůĂƚŝǁ͕WĂƐŝŐŝƚǇ
ϮϮϭϯ ϮϲϵϬzĂǌĂŬŝ/ŵƵƐ ƌŐǇ͘ŶĂďƵ//Ͳ/ŵƵƐ͕ĂǀŝƚĞ
ϮϮϭϰ ϮϳϭϬDĂŶũƵǇŽĚ WŽďůĂĐŝŽŶ͕DĂŶũƵǇŽĚ͕EĞŐƌŽƐKƌŝĞŶƚĂů
ϮϮϭϱ ϮϳϰϱdĂǇƵŵĂŶϯ dĂǇƵŵĂŶ^ƚ͕͘dŽŶĚŽ͕DĂŶŝůĂ
ϮϮϭϲ Ϯϳϲϱ^d/ZĞŐĂůĂĚŽ ZĞŐĂůĂĚŽ,ŝͲǁĂǇ͕ƌŐǇ͘EŽƌƚŚ&ĂŝƌǀŝĞǁ͕YƵĞǌŽŶŝƚǇ
ϮϮϭϳ ϮϯϰϵW͘ĂŵƉĂϮΎΎ WĂĚƌĞĂŵƉĂ^ƚ͕͘^ĂŵƉĂůŽĐ͕DĂŶŝůĂ
ϮϮϭϴ ϮϲϳϯdĂŐƵŵƉŽŬŽŶΎΎ DĂŐƵŐƉŽ͕dĂŐƵŵŝƚǇ͕ĂǀĂŽĚĞůEŽƌƚĞ
ϮϮϭϵ ϮϲϬϭ>ŝƉĂ,ŝŐŚǁĂǇϮΎΎ ƌŐǇ͘DĂƚĂĂƐŶĂ>ƵƉĂ͕>ŝƉĂŝƚǇ
ϮϮϮϬ ϮϴϲϳƐƉůĂŶĂĚĞ&ŝůŝŶǀĞƐƚ 'ͬ&:ůĚŐ͕͘ƌŐǇ͘dĂďƵĐĂŶ͕DĂŶĚƵƌƌŝĂŽ͕/ůŽŝůŽŝƚǇ
ϮϮϮϭ ϮϴϱϰWĂŶĚĂŶŶƚŝƋƵĞΎΎ WƌĞƐ͘͘dĂǇĐŽ^ƚ͘ĐŽƌ͘:ƵƐƚŝĐĞ͘ĂůĚŝǀĂƌ^ƚ͕͘ĞŶƚƌŽ^Ƶƌ͕WŽďůĂĐŝŽŶ͕WĂŶĚĂŶ͕ŶƚŝƋƵĞ
ϮϴϲϰƵƚƵĂŶŽĐƚŽƌƐ
ϮϮϮϮ :ƋƵŝŶŽǀĞ͕͘EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕ƵƚƵĂŶŝƚǇ͕ŐƵƐĂŶĞůEŽƌƚĞ
,ŽƐƉŝƚĂůΎΎ
ϮϮϮϯ ϮϲϯϬDĂƚŝĂǇǁĂůŬ YƵĞǌŽŶ^ƚ͘ĐŽƌ͘>'ZǀĞ͕͘ƌŐǇ͘ĞŶƚƌĂů͕DĂƚŝŝƚǇ͕ĂǀĂŽKƌŝĞŶƚĂů
ϮϮϮϰ Ϯϳϭϱ>ƵĐƐƵŚŝŶΎΎ /DWůĚŐ͕͘'ĞŶ͘ŐƵŝŶĂůĚŽ,ŝŐŚǁĂǇ͕ƌŐǇ͘>ƵĐƐƵŚŝŶ͕^ŝůĂŶŐ͕ĂǀŝƚĞ
ϮϮϮϱ ϮϳϴϲDĂƌĂŵĂŐW,ΎΎ ^ĂǇƌĞ,ŝŐŚǁĂǇWŽďůĂĐŝŽŶ͕DĂƌĂŵĂŐ͕ƵŬŝĚŶŽŶ
ϮϮϮϲ ϮϳϮϱ>ĂǇĂĐ:ƵŶĐƚŝŽŶΎΎ >ĂǇĂĐ:ƵŶĐƚŝŽŶ͕ƌŐǇ͘>ĂǇĂĐ͕ŝŶĂůƵƉŝŚĂŶ͕ĂƚĂĂŶ
ϮϳϬϴĂŶŐǁĂdĞƌŵŝŶĂů͕
ϮϮϮϳ ΖZĞƐƚĂƵƌĂŶƚůĚŐ͕͘ĂŶŐǁĂdĞƌŵŝŶĂů͕ĂŐƵŝŽŝƚǇ
ĂŐƵŝŽΎΎ
ϮϮϮϴ Ϯϲϰϴ&ůǇŝŶŐs^ZW &ůǇŝŶŐs'ĂƐ^ƚĂƚŝŽŶ͕hůĚŽŐ^ƚ͘ĐŽƌ͘^ŽƵƚŚZŽĂĚWƌŽƉĞƌƚŝĞƐ͕ĂŶƐŽũŽŶŐ͕dĂůŝƐĂǇŝƚǇ͕ĞďƵ
ϮϮϮϵ ϮϳϱϰWĂĚĂĚĂΎΎ EĂƚŝŽŶĂů,ŝŐŚǁĂǇůŵĞŶĚƌĂƐĚŝƐƚƌŝĐƚ͕WĂĚĂĚĂ͕ĂǀĂŽĞů^Ƶƌ
ϮϮϯϬ ϮϲϮϳdĂŐƵŵWŝŽŶĞĞƌΎΎ ^ŽďƌĞĐĂƌǇ^ƚ͘ĐŽƌ͘WŝŽŶĞĞƌǀĞ͕͘DĂŐƵŐƉŽWŽďůĂĐŝŽŶ͕dĂŐƵŵŝƚǇ͕ĂǀĂŽĚĞůEŽƌƚĞ
ϮϮϯϭ ϮϳϮϴdϯƌƌŝǀĂůΎΎ ^ƚĂůůEŽ͘ϯ͕ƌƌŝǀĂů>ŽďďǇ͕E/dĞƌŵŝŶĂůϯ͕WĂƐĂǇŝƚǇ
ϮϳϰϮDĂĚŽŶŶĂ'ĞŶĞƌĂů
ϮϮϯϮ EĂƚŝŽŶĂů,ŝŐŚǁĂǇĐŽƌ͘^ƵĚĂƉŝŶZĚ͕͘<ŝĚĂƉĂǁĂŶŝƚǇ͕EŽƌƚŚŽƚĂďĂƚŽ
,ŽƐƉŝƚĂůΎΎ
ϮϮϯϯ ϮϴϳϮhZWĂŵƉĂŶŐĂΎΎ ĞůZŽƐĂƌŝŽZĚ͕͘^ŝŶĚĂůĂŶ͕^ĂŶ&ĞƌŶĂŶĚŽWĂŵƉĂŶŐĂ
ϮϮϯϰ ϮϲϬϰW/WĂƚŝŶŽΎΎ W/W/ŶĚƵƐƚƌŝĂů͕ƌŐǇ͘ĂƚŝŶŽ͕ĂůĂŵďĂŝƚǇ͕>ĂŐƵŶĂ
ϮϮϯϱ ϮϲϱϯƌŝƚƚĂŶǇ^ƋƵĂƌĞΎΎ ƌŝƚƚĂŶǇ^ƋƵĂƌĞ͕ĞůĨĂƐƚĐŽƌ͘DŝŶĚĂŶĂŽǀĞ͕͘EŽǀĂůŝĐŚĞƐ͕YƵĞǌŽŶŝƚǇ
ϮϮϯϲ ϮϰϬϳ^ƚĂƚŝŽŶϯĞĂĐŚĨƌŽŶƚΎΎ ^ƚĂƚŝŽŶϯĞĂĐŚĨƌŽŶƚ͕ƌŐǇ͘DĂŶŽĐͲDĂŶŽĐ͕ŽƌĂĐĂǇ͕DĂůĂǇ͕ŬůĂŶ
ϮϮϯϳ ϮϳϲϴŝƉĂĐƵůĂŽƵƌŽƌĂΎΎ ŝƉĂĐƵůĂŽ͕ĂůĞƌͲĂƐŝŐƵƌĂŶZĚ͕͘ŝƉĂĐƵůĂŽ͕ƵƌŽƌĂ
ϮϮϯϴ ϮϱϭϳWƵŐŽΎΎ WŽďůĂĐŝŽŶtĞƐƚ͕WƵŐŽ͕>ĂhŶŝŽŶ
ϮϮϯϵ ϮϲϴϲĂƌĂŶŐĂŶ ηϭϭϲDĂŶŝůĂĂƐƚZŽĂĚ͕ƌŐǇ͘ĂƌĂŶŐĂŶ͕ŝŶĂŶŐŽŶĂŶ͕ZŝǌĂů
ϮϮϰϬ ϮϳϬϵĂůĂŐƚĂƐZŽƚŽŶĚĂΎΎ ƌŐǇ͘ĂůĂŐƚĂƐ͕ĂƚĂŶŐĂƐŝƚǇ
ϮϮϰϭ ϮϳϮϰWWD͕ƉĂůŝƚΎΎ DĐƌƚŚƵƌ,ŝŐŚǁĂǇ͕ƌŐǇ͘^ĂŵƉĂůŽĐ͕ƉĂůŝƚ͕WĂŵƉĂŶĂŐĂ
ϮϮϰϮ Ϯϳϱϭ^ƚĂ͘ŶĂ͕dĂŐƵŝŐΎΎ >ŝǁĂǇǁĂǇ^ƚƌĞĞƚ͕^ƚĂ͘ŶĂ͕dĂŐƵŝŐŝƚǇ
ϮϮϰϯ ϮϳϵϭW/<ŽƌŽŶĂĚĂůΎΎ W/<ŽƌŽŶĂĚĂů͕'ĞŶƐĂŶƌŝǀĞ͕<ŽƌŽŶĂĚĂůŝƚǇ
ϮϮϰϰ ϮϳϵϵsĂůĞŶĐŝĂ ĂǇůŽŶůĚŐ͕͘^ŽƵƚŚWŽďůĂĐŝŽŶ͕sĂůĞŶĐŝĂ͕EĞŐƌŽƐKƌŝĞŶƚĂů
ϮϮϰϱ ϮϴϯϬWĞƚƌŽŶĂůŝŶŐĂƐĂŐΎΎ tĂƚĞƌĨĂůů͕ĂůŝŶŐĂƐĂŐ͕DŝƐĂŵŝƐKƌŝĞŶƚĂů
&ŽƌĂDĂůů͕ƌŐǇ͘^ŝůĂŶŐ͕ƌŽƐƐŝŶŐĂƐƚ͕ZŽƚƵŶĚĂ:ƵŶĐƚŝŽŶ͕ŵŝůŝŽŐƵŝŶĂůĚŽ,ŝŐŚǁĂǇ͕dĂŐĂǇƚĂǇ
ϮϮϰϲ ϮϰϲϴdŚĞ&ŽƌĂ
ŝƚǇ͕ĂǀŝƚĞ
ϮϮϰϳ Ϯϰϲϵ^ŝďĂůŽŵŶƚŝƋƵĞ Z͘DĂƐĂĂŶĚ&ĞŶĞƚĞ^ƚƐ͕͘WŽďůĂĐŝŽŶ͕^ŝďĂůŽŵ͕ŶƚŝƋƵĞ
ϮϮϰϴ ϮϲϬϵ'/ŝƚǇdŝŵĞ^ƋƵĂƌĞ /ůŽŝůŽŝƚǇĞŶƚĞƌ͕^ĞŶ͘ĞŶŝŐŶŽ^͘ƋƵŝŶŽǀĞ͕͘/ůŽŝůŽŝƚǇ
ϮϮϰϵ ϮϲϰϯWůĂǌĂDĂŐĞůůĂŶΎΎ ZĞƚĂŝůϭ͕dŽǁĞƌϭ͕WůĂǌĂDĂŐĞůůĂŶ͕DĂĐƚĂŶEĞǁƚŽǁŶ͕ĞďƵ
ϮϮϱϬ Ϯϲϲϱ,ĂŐŽŶŽǇƵůĂĐĂŶΎΎ ^ĂŶ^ĞďĂƐƚŝĂŶ͕,ĂŐŽŶŽǇ͕ƵůĂĐĂŶ
ϮϮϱϭ ϮϲϵϮĂƵƚŝƐƚĂ͕WĂŶŐĂƐŝŶĂŶΎΎ ϱϯWŽďůĂĐŝŽŶĂƐƚ͕ĂƵƚŝƐƚĂ͕WĂŶŐĂƐŝŶĂŶ
ϮϮϱϮ ϮϳϱϴDĂďŝŶŝ͕WĂŶŐĂƐŝŶĂŶ WŽďůĂĐŝŽŶDĂďŝŶŝ͕WĂŶŐĂƐŝŶĂŶ
ϮϮϱϯ Ϯϳϳϭ^ƵŶƚƌƵƐƚĂƉŝƚŽůΎΎ EŽ͘ZϰĂŶĚZϱ^ƵŶƚƌƵƐƚĂƉŝƚŽůWůĂǌĂ͕DĂƚĂůŝŶŽ^ƚ͕͘YƵĞǌŽŶŝƚǇ
46
ϮϮϱϰ ϮϰϰϬ/ǀŝƐĂŶĂƉŝǌ D,ĞůWŝůĂƌĂŶĚĂŵŽƌĂ^ƚƐ͕͘WŽďůĂĐŝŽŶEŽƌƚĞ͕/ǀŝƐĂŶ͕ĂƉŝǌ
ϮϮϱϱ ϮϲϯϴdŝŶƚĂǇ ĂǇďĂǇůĚŐ͕͘'&hŶŝƚϭͲϯ͕,͘ďĞůůĂŶĂZĚ͕͘dĂůĂŵďĂŶ͕ĞďƵŝƚǇ
ϮϮϱϲ Ϯϲϳϰ>ĂWĂǌDĂƌŬĞƚ >ƵŶĂ^ƚ͕͘>ĂWĂǌ͕/ůŽŝůŽŝƚǇ
ϮϮϱϳ ϮϳϭϰDĂŐĂůŽŶĂΎΎ ͘͘DĂŐĂůŽŶĂ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ϮϮϱϴ ϮϳϳϰZĞĐƚŽǀĂŶŐĞůŝƐƚĂΎΎ ǀĂŶŐĞůŝƐƚĂ^ƚ͘ĐŽƌ͘^ŽůĞƌ^ƚ͕͘ZĞĐƚŽ͕DĂŶŝůĂ
ϮϮϱϵ ϮϴϳϰsŝůůĂĞĂĐŚ sŝůůĂƌĞǀĂůŽ͕/ůŽŝůŽŝƚǇ
ϮϬϯϬ^ƚŽ͘ƌŝƐƚŽ͕
ϮϮϲϬ WĂŶĚĂŶZĚ͕͘ƌŐǇ͘^ƚŽ͘ƌŝƐƚŽ͕ŶŐĞůĞƐ͕WĂŵƉĂŶŐĂ
WĂŵƉĂŶŐĂΎΎ
ϮϮϲϭ ϮϳϲϯsŝůůĂŵŽƌϮΎΎ ŶĚƌĞǁƐǀĞ͕͘ĐŽƌ͕,ŝŐŐŝŶŐƐƌŐǇϭϴϱWĂƐĂǇŝƚǇ
ϮϮϲϮ ϮϳϴϳŝůŝďŝƌĂŶŝŶĂŶŐŽŶĂŶ ƌŐǇ͘ŝůŝďŝƌĂŶ͕ŝŶĂŶŐŽŶĂŶ͕ZŝǌĂů
ϮϮϲϯ ϮϴϮϴEĂĂǁĂŶ DĂŐďĂŐŽƵŝůĚŝŶŐEĂĂǁĂŶ͕DŝƐĂŵŝƐKƌŝĞŶƚĂů
ϮϮϲϰ ϮϴϴϲĞŶƚƌŽWĂĐŝƚĂΎΎ ƌŐǇ͘^ĂŶsŝĐĞŶƚĞ͕^ĂŶWĞĚƌŽŝƚǇ͕>ĂŐƵŶĂ
ϮϮϲϱ ϮϲϳϵWůĂǌĂƵƌŐŽƐsŝŐĂŶΎΎ EŽ͘ϭDĞŶĂƌŝƐŽůŽŐŽ^ƚ͕͘sŝŐĂŶŝƚǇ͕/ůŽĐŽƐ^Ƶƌ
ϮϮϲϲ ϮϴϲϮƌůŝŶŐƚŽŶΎΎ ϭϮ'͘ƌĂŶĞƚĂǀĞ͘YƵĞǌŽŶŝƚǇ
ϮϮϲϳ ϮϱϱϱůŝĨĨƉŽŝŶƚ^ƋƵĂƌĞΎΎ ůŝĨĨƉŽŝŶƚ^ƋƵĂƌĞ͕:ƵůŝĂsĂƌŐĂƐǀĞ͕͘ƌŐǇ͘hŐŽŶŐ͕WĂƐŝŐŝƚǇ
ϮϮϲϴ ϮϳϰϭĂŶƐĂůĂŶΎΎ ^ĂŶƚŝĂŐŽ'Ͳ^ƚĂƚŝŽŶ͕EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕WŽďůĂĐŝŽŶŽƐ͕ĂŶƐĂůĂŶ͕ĂǀĂŽĞů^Ƶƌ
ϮϮϲϵ Ϯϳϴϵ<ŝĚĂƉĂǁĂŶƉŽΎΎ ^ŝŶŐĂŽZĚ͘ĐŽƌ͘EĂƚŝŽŶĂů,ŝŐŚǁĂǇ͕<ŝĚĂƉĂǁĂŶŝƚǇ͕EŽƌƚŚŽƚĂďĂƚŽ
ϮϮϳϬ Ϯϰϴϲ^ĂĞŬǇƵŶŐsŝůůĂŐĞ '&hŶŝƚϭĚŵŝŶŝƐƚƌĂƚŝǀĞůĚŐ͕͘^ĂĞŬǇƵŶŐsŝůůĂŐĞKŶĞ͕DĂƌŝŐŽŶĚŽŶ͕>ĂƉƵͲ>ĂƉƵŝƚǇ͕ĞďƵ
ϮϮϳϭ ϮϱϳϰWůĂǌĂ ŝƚǇdŝŵĞƐ^ƋĂƵƌĞWůĂǌĂůĚŐ͕͘͘:ĂŬŽƐĂůĞŵ^ƚ͕͘ĞďƵŝƚǇ
ϮϮϳϮ ϮϳϬϬ^ĂŶ:ƵĂŶ>ĂŝǇĂΎΎ ƌŐǇ͘>ĂŝǇĂ͕^ĂŶ:ƵĂŶ͕ĂƚĂŶŐĂƐ
ϮϮϳϯ ϮϯϱϱĂƚĂĂĐŽůŽĚ <ĂŶůĂŽŶ^ƚ͘ĐŽƌ͘ŝƌĐƵŵĨĞƌĞŶƚŝĂůZĚ͕͘ƌŐǇ͘ĂƚĂ͕ĂĐŽůŽĚŝƚǇ͕EĞŐƌŽƐKĐĐŝĚĞŶƚĂů
ZϭϬϮͲϭϬϯ͕'ƌŽƵŶĚ&ůŽŽƌ͕ŵĂŝĂƐƚĞƉƐŝĐƵƚĂŶ͕tĞƐƚƐĞƌǀŝĐĞZŽĂĚ͕ƌŐǇ͘^ƵŶsĂůůĞǇ͕WĂƌĂŹĂƋƵĞ
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47
48
Part 1: FINANCIAL INFORMATION

Management's Discussion and Analysis of Financial Condition and
1
Results of Operation in 2017.

Financial Statements

Audited Consolidated Balance Sheets as of December 31, 2017
viii
and 2016
Audited Consolidated Statements of Comprehensive Income for x
the Years Ended December 31, 2017, 2016 and 2015
Audited Consolidated Statements of Changes in Equity for the xi
Years Ended December 31, 2017, 2016 and 2015
Audited Consolidated Statements of Cash Flow for the Years xii
Ended December 31, 2017, 2016 and 2015
Notes to Audited Consolidated Financial Statements -1-

Annexes

Schedule I: Supplementary schedule of retained earnings
61
available for dividend declaration
Schedule II: Supplementary schedule of all the effective standards
62
and interpretations as at December 31, 2017
Schedule III: Map of the relationships of the companies within the
69
group
Schedule IV: Financial soundness indicators 70
Schedule V: Supplementary schedules required by paragraph 6D,
71
Part II under SRC Rule 68, As Amended (2011)
Schedule V (ANNEX 68-E)

Schedule A. Financial Assets 71
Schedule B. Amounts of Receivable from Directors, Officers,
Employees, Related Parties and Principal Stockholders (Other than 71
Related Parties)
Schedule C. Amounts of Receivable from Related Parties which
73
are Eliminated during the Consolidation of Financial Statements
Schedule D. Intangible Assets- Other Assets 74
Schedule E. Long Term Debt 74
Schedule F. Indebtedness to Related Parties (Long-Term Loans
74
from Related Companies)
Schedule G. Guarantees of Securities of Other Issuers 74
Schedule H. Capital Stock 75
49
APPENDIX “B”
Management’s Discussion and Analysis of Results of Operations and Financial Condition
The following discussion and analysis of our financial condition and results of operations should be read
in conjunction with the accompanying consolidated financial statements and the related notes as of
December 31, 2017 and 2016. This discussion contains forward-looking statements that reflect our
current views with respect to future events and our future financial performance. These statements
involve risks and uncertainties and our actual results may differ materially from those anticipated in
these forward-looking statements. On a periodic basis, we evaluate our estimates, including those related
to revenue recognition, capitalized assets and income taxes. We base our estimates on historical
experience and on various assumptions that are believed to be reasonable under the circumstances.
SELECTED FINANCIAL DATA
Three Months Ended

As of December 31
December 31
2017 2016 % 2017 2016 %
SYSTEM WIDE SALES 10,351,474 8,751,477 18.3% 37,530,753 31,756,480 18.2%
Statement of Income Data:
Revenues and other income
Revenue from merchandise sales 9,021,780 7,603,184 18.7% 32,088,442 28,357,309 13.2%
Franchise revenue 852,668 728,607 17.0% 3,176,699 2,838,308 11.9%
Marketing income 603,972 596,959 1.2% 1,252,614 954,247 31.3%

Others 139,356 111,192 25.3% 489,908 381,371 28.5%
Cost and expenses
Cost of merchandise sales 6,611,836 5,635,960 17.3% 23,776,474 21,361,120 11.3%
General & administrative expenses 2,991,318 2,593,250 15.4% 11,226,203 9,383,858 19.6%
Interest expense 14,746 15,209 -3.0% 56,560 44,300 27.7%
Net income 669,559 532,098 25.8% 1,317,870 1,175,470 12.1%
Other comprehensive gain (loss) -15,501 1,006 -1640.9% -15,501 1,006 -1640.9%
Total comprehensive income 654,058 533,104 22.7% 1,302,370 1,176,476 10.7%
Earnings per share (EPS) 0.89 0.70 27.1% 1.74 1.55 12.3%
Cash Flow Data:
Net cash from operating activities 1,321,907 1,556,430 -15.1% 3,457,748 2,782,554 24.3%
Net cash used in investing activities -946,413 -812,529 16.5% -2,542,974 -2,458,301 3.4%
Net cash used in financing activities -233,731 -147,005 59.0% -496,799 350,483 -241.7%
Balance Sheet Data:
Total assets 14,386,313 12,351,256 16.5% 14,386,313 12,351,256 16.5%
Total liabilities 8,340,294 7,309,624 14.1% 8,340,294 7,309,624 14.1%

Total stockholders’ equity 6,046,019 5,041,632 19.9% 6,046,019 5,041,632 19.9%
* Amount in thousands of Pesos, except EPS
1
OVERVIEW
We operate the largest convenience store network in the country. We acquired from Southland
Corporation (now Seven Eleven Inc.) of Dallas, Texas the area license to operate the 7-Eleven
convenience stores in the Philippines on December 1982.
We opened our first store on February 1984 at the corner of Kamias Road and EDSA Quezon City, and
grew slowly as the economy struggled. Expansion was stepped up in 1993, followed by an IPO in 1998.
President Chain Store Corporation of Taiwan took a majority stake in 2000 at management’s invitation,
providing technology transfer from a more advanced market.
After a period of consolidation of organization, processes and systems, the rate of expansion was stepped
up further in 2007 through the franchise business model and close collaboration with business partners.
This was backed by a strong logistics system and stable head office support.
It took us twenty-six long years from our first store in 1984 to reach the 500th store milestone in 2010. In
contrast, it required only three years to double our store count as we surpassed the 1,000th store mark in
2013 and achieved the 2,000th store mark on January 2017. We believe that the market is ready and the
organization is well structured to support the opening of at least 300 new stores yearly, moving forward.
At the end of 2017, we have 2,285 7-Eleven convenience stores, mainly in Metro Manila and in major
towns and cities in Luzon. We penetrated the Visayas thru Cebu City in the middle of 2012 and attained
our long-term goal of serving our customers in Mindanao via Davao City. At the end of the year, there
were 1,802 7-Eleven stores in Luzon, 879 of which are in Metro Manila, 313 in Visayas and 170 in
Mindanao. Our market development plan shall continue in the different parts of the country as we
recognize the growing customer preference towards innovation and convenience.
The rest of the country is relatively uncontested in comparison. We are virtually the only operator with
the critical mass to build out proper supply chains in areas logistically unreachable from the greater Metro
Manila area. Such supply chains come at a medium term cost in terms of underutilized warehouses. We
expanded our existing distribution centers and opened new warehouses over the last four years. To put
such costs in perspective, operators in contiguous territories typically serve 1,000 stores per distribution
center. We wager that first movers, especially on islands that cannot sustain more than one or two
warehouses, will be rewarded with unusually dominant share.
Our chain of stores is sustained by a manpower complement of 9,359 employees engaged in store
operations and in support services. Despite of competition, we maintain our leadership in the industry.
We seek to meet the needs of our customers and maintain a leadership position in the C-store industry by
taking advantage of economies of scale, technology, people and a widely recognized brand. Our vision is
to be the best retailer of convenience for emerging markets.
2
FINANCIAL CONDITION AND RESULTS OF OPERATIONS IN 2017 AS COMPARED WITH
2016
Results of Operations
For the Fourth Quarter
The net income of Philippine Seven Corporation (PSC) in the last quarter surged by 25.8 percent to P
669.6 million, from P 532.1 million registered in the same period in 2016. This was mainly driven by the
increase in sales and improvement in gross margin during the period.
Same store sales grew by 3.7% during the fourth quarter driven by new product launches and improved
assortment. The year started with a 4.4% decline in same store sales in the first quarter brought about by
high base year effect. Sales started to improve in the second and third quarter by registering growth of
1.2% and 4.1%, respectively.
System-wide sales, which represent sales of all corporate and franchise-operated stores, rose by 18.3
percent to P 10.4 billion during the quarter. Revenue from merchandise sales, which pertains to retail
sales of corporate stores and merchandise sold to franchised stores, grew by 18.7 percent in the fourth
quarter.
The year ended with 2,285 stores, up by 14.5 percent from 1,995 stores by the end of 2016. The growth in
operating income accelerated to 24.2 percent during the last quarter and improved to 11.0 percent
compared to the 10.5 percent EBIT registered in Q4 2016.
For the Twelve Months Ended December 31
PSC registered an increase of 12.1 percent in net income at the end of 2017. Net earnings increased to
P 1.32 billion from P 1.18 billion in 2016. This translated into earnings per share of P 1.74, up by 12.1
percent compared with the preceding year’s level of P 1.55.
The improved financial performance was largely driven by the increase in retail sales of all corporate and
franchise operated stores, which posted growth of 18.2 percent from P 31.8 billion at the end of 2016 to
P 37.5 billion in 2017.
Revenue from merchandise sales, which pertains to retail sales of corporate stores and cost of
merchandise sold to franchisees, went up by 13.2% to P 32.1 billion. Sales of a new store format
(catering to wholesalers and retailers) were also lodged under this account as the two branches generated
total sales of P181.9 million in 2017. The first wholesale outlet operated for the whole year, while the
second store opened late December.
Total number of stores reached 2,285, a net increase of 290 stores from 1,995 stores at the end of 2016.
New stores added totaled to 317 against 27 closures during the year. About sixty percent of new stores
were opened in Luzon and around twenty percent each in Visayas and Mindanao. The market
development plan moving forward will have a geographical mix similar with 2017.
PSC continued to dominate the convenience retail sector by opening new stores all throughout the
country. It capitalized on its first-mover advantage and economies of scale in widening its lead against
competitors. The capacity building expenditures made in the form of establishing new distribution centers
and regional headquarters are starting to produce favorable results.
3
Jose Victor Paterno, President and CEO, stated, “2017 was far from our best year in terms of both same
store sales growth and new store openings. The latter was a deliberate profit-taking move in response to
reduced competitive activity, resulting in higher average new store sales, and the former due to high base
effects in 2016. We had initially relied on an increase in SKU count to increase sales, but it failed to
deliver as much as hoped. The bright side to all this is that in our struggle to improve sales for the year,
we ended up laying the foundation for same store sales growth in the future by running experiments on
assortment and looking deeper into pricing, as well as expanding new lines like coffee and fried chicken.
Some of this started bearing fruit towards the end of the year - coffee went from 780 to 1180 stores, and
chicken from 80 to 340, for example.”
Further, new operators boosted franchise store count to 1,224 franchisees from 1,104 a year ago. As a
result, total franchise revenues went up by 11.9 percent to P 3.2 billion owing to the higher number of
franchisees.
Marketing income continued to enhance the bottom-line by generating P 1,252.6 million as 7-Eleven
expanded brand building opportunities for vendor partners, and as increased sales made it easier to
request for more equitable treatment vis-à-vis other channels.
Moreover, commissions surged by 72.4 percent due to the increase in volume of E-money services.
Commissions reached 0.4 percent of sales from 0.3 percent in 2016 and flows directly to the bottom-line
because of low marginal cost associated with the services category where it is derived.
EBITDA (earnings before interest, taxes, depreciation and amortization) rose by 15.1 percent from
P 3.1 billion in 2016 to P 3.6 billion at end 2017 while EBITDA margin was better at 11.2 percent of
revenue from merchandise sales from 11.0 percent. Operating margin was unchanged at 6.1 percent.
The ability of the Company to generate free cash flow increased in 2017 as cash inflow from operating
activities exceeded cash outflow from investing amounting to P 914.8 million. This is attributable to the
significant increase in cash provided by operating activities while maintaining almost the same level of
net cash used in investing activities. Additions to property and equipment which is composed of capital
expenditures for expansion and store equipment for new products lines slightly increased by 3.3 percent
to P 2.4 billion from same period last year.
Stock price ranged from P 100-220 per share in 2017 reaching almost fifteen million shares traded during
the year. Stock dividend declaration of 65% of the outstanding capital stock of the Corporation of
458,435,323 shares or equivalent to 297,982,960 common shares with par value of P1.00 per share. This
resulted into total outstanding capital stock of 756,418,283.
Cash dividends paid to shareholders amounted to P 0.65 per share. Dividends paid correspond to 25.3
percent of previous year’s earnings, which is consistent with the 20-25 percent dividend payout policy.
Revenue and Gross Margin
The Company closed the year with total revenue from merchandise sales of P 32.1 billion, an increase of
13.2 percent compared to P 28.4 billion in 2016. Cost of merchandise sold rose by 11.3 percent to P 23.8
billion. As a result gross margin improved to 25.9 percent from 24.7 percent a year ago.
Commission income significantly increased by more than 70 percent as a result of the surge in e-money
cash in transactions. The Company partnered with the telcos for e-wallet as the 7-Eleven stores became
the most preferred channel to fund virtual wallets. PSC shall be taking advantage of this opportunity, as it
will launch its own wallet.
4
For the Three Months ended For the Year Ended
December 31 December 31
2017 2016 % 2017 2016 %
Revenue from merchandise sales 9,021,780 7,603,184 18.7% 32,088,442 28,357,309 13.2%
Cost of merchandise sales 6,611,836 5,635,960 17.3% 23,776,474 21,361,120 11.3%
Gross profit 2,409,944 1,967,224 22.5% 8,311,968 6,996,189 18.8%
Commission income 40,685 26,551 53.2% 126,707 73,511 72.4%
(amount in thousand Pesos)
Other Income
Other income mainly consists of franchise revenues, marketing and rental income. The Company’s total
other income increased by P 692.1 million, to almost P 4.8 billion as a result of the following:
Franchise revenues went up by 11.9 percent to P 3.2 billion due to the increase in the number of
franchisees from 1,104 at the end of 2016 to 1,224 in 2017.
Total discounts, rebates and marketing income grew both in absolute terms and as percentage of revenues
mainly driven by the increase in sales volume and also due to increased supplier-supported ad and promo
spending, driven by system innovations that allow an increasing number of options for our supplier
partners to build their brands in our stores.
For financial reporting purposes, discounts and rebates were classified as reduction to cost of merchandise
sales, while advertising and promotion support and new products listing fees were lodged under
marketing income.
The goal is to leverage the convenience of store locations and the interconnectedness of systems to
become the preferred venue for manufacturer's brand building needs. Increased sales have also made it
easier for PSC to seek a fairer share of manufacturer’s trade spend vis-à-vis other more established
channels such as supermarkets.
Moreover, rent income related to the stores’ subleased spaces increased by 20.2 percent to P 76.7 million
and can be attributed to the increase in occupancy rate.
Other income rose by 17.4 percent to P 286.5 million partly owing to penalties imposed on suppliers,
which incurred low inbound fill rate and delayed deliveries.
No significant element of income came from sources other than the result of the Company’s continuing
operations.
For the Three Months ended For the Year Ended

2017 2016 % 2017 2016 %
Franchise revenue 852,668 728,607 17.0% 3,176,699 2,838,308 11.9%
Marketing income 603,972 596,959 1.2% 1,252,614 954,247 31.3%
Rental income 23,179 18,813 23.2% 76,667 63,765 20.2%
Other income 75,491 65,828 14.7% 286,533 244,095 17.4%
Total 1,555,310 1,410,207 10.3% 4,792,513 4,100,415 16.9%
5
Selling, General and Administrative Expense
Selling, general and administrative (SG & A) expense which is comprised of store operating and selling
expenses and headquarters’ expenses went up by 19.6 percent or almost P 1.8 billion to P 11.2 billion in
2017. The rate of increase in SG & A expense was higher than the growth rate in store operating months
owing to increase of rent pertaining to stores waiting to open, uptick in power generation rates, and cost of
additional warehouses.
Rent, was the highest contributor in the increase of SG & A, as percentage of sales, it went up to 6.1
percent and increased by 21.7 percent from same period last year. This was due to new stores opening and
full year rental paid to new warehouses.
Communication, light and water increased by 23.7 percent to P 1.8 billion and the percentage to sales rose
from 5.0 percent last year to 5.5 percent this year. This was mainly due to the higher power generation
rates billed by the utility companies.
Depreciation and amortization expense rose by 18.9 percent or P 257.6 million from last year and as
percentage to sales increased from 4.8 percent to 5.1 percent this year. The higher depreciation was a
result of opening of new stores, renovation of existing stores and procurement of new equipment.
Personnel costs rose by 32.4 percent attributed to expansion and establishment of regional headquarters,
while outside services went up at a slower pace of 15.7 percent.
All other expense types had grown over the preceding year’s level due to the continued expansion. The
said growth is considered to be incidental and commensurate as PSC continues to grow its asset base.
There are no significant nor unusual expense incurred during the calendar year and is considered to be in
the normal course of business.
Three Months Ended For the Year Ended

2017 2016 % 2017 2016 %
Rent 536,709 442,495 21.3% 1,950,009 1,602,378 21.7%
Communication, light and water 469,908 376,444 24.8% 1,760,637 1,423,413 23.7%
Outside services 434,687 375,548 15.7% 1,708,278 1,476,128 15.7%
Depreciation and amortization 472,664 396,185 19.3% 1,622,990 1,365,397 18.9%
Personnel costs 164,791 107,842 52.8% 885,159 668,412 32.4%
Trucking services 163,714 128,239 27.7% 571,373 448,201 27.5%
Advertising and promotion 129,063 178,562 -27.7% 409,013 443,313 -7.7%
Warehousing services 120,830 87,518 38.1% 399,258 306,101 30.4%
Repairs and maintenance 99,390 96,658 2.8% 390,410 323,173 20.8%
Royalties 103,739 87,052 19.2% 378,178 315,952 19.7%
Supplies 86,494 73,578 17.6% 293,448 256,622 14.3%
Taxes and licenses 88,360 78,897 12.0% 278,224 230,133 20.9%
Entertainment and amusement 86,502 63,932 35.3% 94,748 72,454 30.8%
Transportation and travel 26,729 21,434 24.7% 86,804 67,917 27.8%
Others 7,738 78,866 -90.2% 397,674 384,264 3.5%
Total 2,991,318 2,593,250 15.4% 11,226,203 9,383,858 19.6%
6
Interest Expense
Interest incurred to service debt increased by 27.7 percent to P 56.6 million. Outstanding loan balance at
the end of 2017 was pegged at P 1.7 billion, P 745.8 million of which are long term maturity and declined
by P 143.7 million from the start of the year due to improved cash flow.. Proceeds from the loans were
used to fund expansion
ansion and increase in inventories to maintain high service level to stores.
Net Income
Net income in 2017 grew by P 142.4 million or 12.1 percent to P 1.3 billion. This was primarily due to
improved sales and operating leverage as the Company continued to scal
scale up.
This translated into an EPS of P 1.74

.74 per share, up by 12.1 percent from P 1.55
.55 per share in 2016. ROE,
however, fell to 23.8% from 25.7% in the preceding year due to higher er level of earnings reinvested back
to the business.
Financial Condition
Total assets went up by P 2.0 billion or 16.5 percent to P 14.4 billion at the end of 2017.
Balance Sheet Highlights %
(in Php Million except book value per share)
2017 Change ϭϲ͕ϬϬϬ͘Ϭ
ϭϰ͕ϬϬϬ͘Ϭ
ϭϮ͕ϬϬϬ͘Ϭ
ϭϬ͕ϬϬϬ͘Ϭ
Total Assets 14,386.3 16.5% ϴ͕ϬϬϬ͘Ϭ
ϲ͕ϬϬϬ͘Ϭ
ϰ͕ϬϬϬ͘Ϭ
Current Assets 6,448.4 20.0% Ϯ͕ϬϬϬ͘Ϭ
Ͳ
Non-current Assets 7,937.9 13.7% ϮϬϭϳ ϮϬϭϲ
Current Liabilities 7,110.5 9.8% ƐƐĞƚƐ ϭϰ͕ϯϴϲ͘ϯ ϭϮ͕ϯϱϭ͘ϯ
Total Liabilities 8,340.3 14.1% >ŝĂďŝůŝƚŝĞƐ ϴ͕ϯϰϬ͘ϯ ϳ͕ϯϬϵ͘ϲ
Stockholders’ Equity 6,046.0 19.9% ƋƵŝƚǇ ϲ͕Ϭϰϲ͘Ϭ ϱ͕Ϭϰϭ͘ϲ
Book Value Per Share (P) 7.99 19.9%
This was mainly driven by the growth in merchandise inventories that reached almost P 2.7 billion, an
increase of P 616.5 million or 28.9 percent compared with 2016 attributed to increase in merchandise
assortment and higher stock level maintained in the warehouses.
Cash andd cash equivalents increased by 26.9 percent to end the year with almost P 2.0 billion in total.
Cash level increased
ncreased as a result of the improvement in net cash generated by operating activities.
Receivables balance went up at a slower pace as a rresult of faster collection of accounts.
The increase in non-current

current assets of 13.7 percent was mainly due to st
store
ore expansion and renovation that
drove the 13.6 percent growth in property and equip
equipment account, which stood at P 6.5 billion at the end
of 2017. Rental
ntal deposits made to acquire new sites contributed to the increase in this account and reached
P 833.8 million at the end of the year.
On the other hand, current liabilities rose by P 636.9 million or 9.8 percent owing to the increase in
accounts payable and other current liabilities. Payables grew as a result of increase in other general and
administrative expenses.
7
Stockholders’ equity at the end of 2017 comprises 42.0 percent of total assets, compared to 40.8 percent
at the beginning of the year. The increase in equity account was driven by improved profitability and was
reduced by cash dividends paid to shareholders.
Liquidity and Capital Resources
The Company increased its operating cash flow by 24.3 percent to P 3.5 billion in 2017 attributed to
better profitability and net increase in current liabilities. Higher free cash flow resulted as it reached more
than P 1.0 billion at the end of the year.
PSC obtains majority of its working capital and capital expenditure requirements from cash generated by
operations and franchising activities and available credit facilities extended by banks. The debt maturity
profile was lengthened to properly match sources with usage. Long-term debt rose to P 745.8 million
from P 458.3 million a year ago.
The Company believes that operating activities and available working capital so will provide sufficient
funding in 2018 as it continues to expand its store base. This will enable the Company to finance its
capital expenditures, pay dividends and other general corporate purposes.
Management sees that this trend will be favorable in the long term, as rate of store expansion will be
entering a more rapid stage augmented by improving economic outlook and prevailing positive investor
sentiment in the country.
The following are the discussion of the sources and uses of cash in 2017.
Three months ended

As of December 31
December 31
2017 2016 % 2017 2016 %
Income before income tax 990.2 791.4 25.1% 1,915.8 1,710.6 12.0%
Depreciation and amortization 434.7 375.5 15.7% 1,623.0 1,365.4 18.9%
Working capital changes -102.9 389.5 -126.4% -81.1 -293.5 -72.4%
Net cash from operating activities 1,321.9 1,556.4 -15.1% 3,457.7 2,782.5 24.3%
Additions to property and equipment -855.1 -775.2 10.3% -2,400.8 -2,323.4 3.3%
Increase in other assets -91.3 -37.4 144.5% -142.2 -134.9 5.4%
Net cash used in investing activities -946.4 -812.5 16.5% -2,543.0 -2,458.3 3.4%
Net availment of bank loan -219.2 -134.5 62.9% -143.7 643.5 -122.3%
Payment of cash dividend 0.0 0.0 -100.0% -298.0 -252.1 18.2%
Interest paid -14.6 -12.5 16.5% -55.1 -40.9 34.9%
Net cash from financing activities -233.7 147.0 59.0% -496.8 350.5 -241.7%
Effect of exchange rate changes on
-0.1 0.3 -135.4% 0.0 0.3 -95.4%
Cash and Cash Equivalents
Net increase in cash 141.7 597.2 -76.3% 418.0 675.0 -38.1%
Cash and cash equivalent, beginning 1,827.3 953.8 91.6% 1,551.0 876.0 77.1%
Cash and cash equivalent, ending 1,969.0 1,551.0 26.9% 1,969.0 1,551.0 26.9%
(amount in Million Pesos)
Cash Flows from Operating Activities

Net cash generated from operating activities in 2017 totaled to P 3.5 billion, 24.3 percent higher compared
to P 2.8 billion generated in 2016. The increase in operating cash flow can be attributed to the improved
working capital contribution and profitability.
8
Cash Flows from Investing Activities
Net cash used in investing activities, primarily for capital expenditures, rose by 3.4 percent to about P 2.5
billion. Major cash outlay went to new store constructions and renovations and acquisition of new
equipment to support new product lines. There were 317 new stores that opened in 2017.
Cash Flows from Financing Activities
Net cash flow from financing activities reached P 496.8 million representing net repayment of loans in the
amount of P 143.7 million and return of 65-centavo cash dividend totaling to P 298.0 million.
FINANCIAL CONDITION AND RESULTS OF OPERATIONS IN 2016 AS COMPARED WITH

2015
Results of Operations
For the Fourth Quarter
The net income of Philippine Seven Corporation (PSC) in the fourth quarter rose by 8.0 percent to
P 532.1 million, from P 492.5 million registered in the same period in 2015. This was mainly driven by
the increase in sales and improvement in discounts and marketing income collections.
System-wide sales, which represent sales of all corporate and franchise-operated stores, rose by 20.0
percent to P 8.8 billion during the quarter. Revenue from merchandise sales, which pertains to retail sales
of corporate stores and merchandise sold to franchised stores, grew by 13.7 percent during the period.
Same store sales growth, which measures sales of stores opened during the past twelve months, went up
slightly by 0.6% during the fourth quarter. This can be attributed to high base year effect in 2015 when
election-related spending started to trickle in.
Operating income increased by 9.6% to P1.2 billion, but registered a lower percentage to sales equivalent
of 10.5%, from 10.9% in 2015 Q4, as the lower franchise revenues and other income affected margin.
For the Twelve Months Ended December 31
PSC registered an increase of 16.6 percent in net income at the end of 2016. Full year net profits
increased to P 1.2 billion from P 1.0 billion in 2015. This translated into earnings per share of P 2.56, up
by 16.4 percent compared with the preceding year’s level of P 2.20.
The improved financial performance was largely driven by the increase in retail sales of all corporate and
franchise operated stores, which posted growth of 23.2 percent from P 25.8 billion at the end of 2015 to
P 31.8 billion in 2016.
Total number of stores reached 1,995 by the end of the year, a net increase of 393 stores from 1,602 stores
at the end of 2015. New stores added totaled to 410 against 17 closures during the year. About sixty
percent of new stores were opened in Luzon and around twenty percent each in Visayas and Mindanao.
The market development plan moving forward will have a geographical mix similar with 2016.
Same store sales grew by 1.2% in 2016. The Company started strong during the first quarter by posting
an 8.3% increase in same store sales boosted by national election related spending. Growth slowed down
9
in the second quarter to plus 2.2% and became flattish by the second half of the year. In 2015, same store
sales rose 3.0%, which tracks the past ten years average of +2.0% to +3.0%.
PSC continued to dominate the convenience retail sector by opening new stores all throughout the
country. It capitalized on its first-mover advantage and economies of scale in widening its lead against
competitors. The capacity building expenditures made in the form of establishing new distribution
centers and regional headquarters are starting to produce favorable results.”
The Company aims to further expand its product offering, remodel existing stores and implement its
market development plan over the next five years to enable us to achieve new milestones. PSC shall take
advantage of the improving economy and changing consumer preference towards innovation and
convenience, and this shall serve as its guide in the pursuit of its vision of becoming the best retailer of
convenience for emerging markets.”
Further, new operators boosted franchise store count to 1,104 franchisees from 942 a year ago. As a
result, total franchise revenues went up by 16.3 percent to P 2.8 billion as a result of the higher number of
franchisees. The slower growth in franchise revenues was due to the decline in the franchise share vis a’
vis the total business. Franchise-operated stores accounted for 55% of the total with corporate-owned
stores accounting for the 45% remainder. In 2015, franchisees controlled about 60% of the total. The
decrease in franchise revenues affected operating margin.
Marketing income continued to enhance the bottom-line by generating P 954.2 million, an increase of
almost 30.0%, as 7-Eleven expanded brand building opportunities for vendor partners, and the increase in
volume made it easier to secure more equitable treatment vis-à-vis other channels.
Moreover, commissions surged 57.0% as new merchants were accredited including E-money issuers G-
Cash and Paymaya. Commissions reached 0.3% of sales from 0.2% in 2015 and flows directly to the
bottom-line because of low marginal cost associated with the services category where it is derived.
As the Company continues to scale up, total selling, general and administrative expenses (SG & A) went
down as a percentage of revenues from 33.3 percent in 2015 to 33.1 percent in 2016.
EBITDA (earnings before interest, taxes, depreciation and amortization) rose by 20.6 percent from
P 2.6 billion in 2015 to P 3.1 billion at end 2016 while EBITDA margin decreased to 11.0 percent of
revenue from merchandise sales from 11.5 percent in 2015. Operating margin likewise decreased to 6.1
percent from 6.6 percent in 2016 and 2015, respectively.
The ability of the Company to generate free cash flow improved in 2016 as cash inflow from operating
activities exceeded cash outflow from investing amounting to P 324.5 million. This is attributable to the
significant increase in cash provided by operating activities while maintaining almost the same level of
net cash used in investing activities. Additions to property and equipment which is composed of capital
expenditures for store expansion, new warehouses and store equipment for new products lines slightly
increased by 1.6 percent to P 2.3 billion from same period last year.
Stock price ranged from P 100-160 per share in 2016 reaching almost twenty million shares traded during
the year. Dividends paid to shareholders in the form of cash amounted to P 0.55 per share. Dividends
paid correspond to 24.9 percent of previous year’s earnings, which is consistent with the 20-25 percent
dividend payout policy.
10
Revenue and Gross Margin
The Company closed the year with total revenue from merchandise sales of P 28.4 billion, an increase of
26.6 percent compared to P 22.4 billion in 2015. Cost of merchandise sold rose by P 4.5 billion to P 21.4
billion in 2016.
Revenue from merchandise sales includes sales from a new retail format established in December of 2015
which generated sales amounting to P 167.2 million and P 4.2 million in 2016 and 2015, respectively.
Gross profit from this format amounted to P 10.0 million in 2016 and P 0.2 million in 2015. The said
new retail format, which remains on pilot-test, incurred a net operating loss of P 3.0 million and slightly
affected overall operating margin.
Moreover, total gross profit stood at almost P 7.0 billion, translating into 24.7% gross margin, an increase
of 0.1% compared to last year’s rate of 24.6 percent.
Along with its 24/7 convenience, PSC also offers services including bills payment, phone/call cards, and
7-Connect that allows customers to pay for utility bills and selected online purchases with cash through
any 7-Eleven store. These products in the services category plus consigned goods formed part of
commission income, which significantly increased in 2016 by 56.7% with the addition of new merchants
and e-money issuers.
2016 2015 Increase (Decrease)

Value Percentage
Revenue from merchandise sales 28,357,309 22,400,932 5,956,377 26.6
Cost of merchandise sales 21,361,120 16,891,590 4,469,530 26.5
Gross profit 6,996,189 5,509,342 1,486,847 27.0
Commission income 73,511 46,920 26,592 56.7
Other Income
Other income mainly consists of franchise revenues, marketing and rental income. The Company’s total
other income increased by P 673.9 million, to P 4.1 billion as a result of the following:
Franchise revenues went up by 16.3 percent to P 2.8 billion due to the increase in the number of
franchisees from 942 at the end of 2015 to 1,104 in 2016. However, as percentage of revenues, this
declined to 10.0% from 10.9% same period in 2015 partly due to the decrease in the ratio of franchised
stores to total stores. This adversely affected margins since franchised stores are more profitable at store-
level compared to corporate owned stores. This declining trend is expected to be addressed by the launch
of a new franchise package.
In order to conform reporting of financial performance to the practice of listed local and international
retailers, some components of cost of goods sold were reclassified to marketing income beginning 2014.
Moreover, total discounts, rebates and marketing income grew both in absolute terms and as percentage
of revenues owing to the increase in sales volume and due to increased supplier-supported ad and promo
spending, driven by system innovations that allow an increasing number of options for our supplier
partners to build their brands in our stores.
11
The goal is to leverage in the convenience of store locations and the interconnectedness of systems to
become the preferred venue for manufacturer's brand building needs. Increased volume made it easier to
seek a fairer share of manufacturer’s trade spend vis-à-vis other channels such as supermarkets.
Moreover, rent income related to the stores’ subleased spaces increased by 12.4 percent to P 63.8 million
and can be attributed to the increase in occupancy rate.
Other income roses by 25.9 percent to P 244.1 million partly due to penalties imposed to suppliers, which
was incurred by the latter from low inbound fill rate and delayed deliveries.
No significant element of income came from sources other than the result of the Company’s continuing
operations.

Value Percentage
Franchise revenue 2,838,308 2,440,671 397,637 16.3
Marketing income 954,247 735,221 219,026 29.8
Rental income 63,765 56,729 7,035 12.4
Other income 244,096 193,860 50,236 25.9
Total 4,100,416 3,426,482 673,934 19.7
Selling, General and Administrative Expense
Selling, general and administrative (SG & A) expense which is comprised of store operating and selling
expenses and headquarters’ expenses went up by 25.6 percent or P 1.9 billion to P 9.4 billion in 2016.
Rent, was the highest expense contributor, as it increased by 42.0 percent from the same period last year.
This was due to the increase in number of stores opened and waiting to open. In addition, Convenience
Distribution, Inc. (CDI), a wholly owned subsidiary, added six distribution centers in the second half of
2015. This is intended to support expansion to the different islands. Further, higher rent can also be
attributable to the change in accounting treatment of the rent expense of franchisees, which was already
implemented in full in 2016.
Communication, light and water increased by 12.9 percent to P 1.4 billion while percentage to sales
decreased from 5.6 percent last year to 5.0 percent this year. The slower rate of increase was due to the
decline in average electricity rates in 2016.
Depreciation and amortization expense rose by 25.0 percent or P 273.2 million from last year. However,
percentage to sales decreased from 4.9 percent to 4.8 percent this year. Higher depreciation was a result of
opening of new stores and renovation of existing stores.
The Company continued to employ outsourced manpower on its new corporate stores and warehouse
facilities. Additional IT related services were also employed in the stores in 2016 for the new innovative
services being offered by the Company to its customers. Outside services expenses increased by 40.5% to
P 1.5 billion or 5.2 percent as to percentage to sales from 4.7 percent in 2015.
All other expense types went up over preceding year’s level as a result of the increased number of stores.
The said growth is considered to be incidental and commensurate as PSC continues to grow its store base.
There are no significant nor unusual expense incurred during the calendar year and is considered to be in
the normal course of business.
12
Value Percentage
Rent 1,602,378 1,121,193 481,185 42.9%
Outside services 1,476,128 1,050,937 425,190 40.5%
Communication, light and water 1,423,413 1,260,607 162,806 12.9%
Depreciation and amortization 1,365,397 1,092,223 273,173 25.0%
Personnel costs 668,412 568,998 99,415 17.5%
Trucking services 448,201 350,442 97,758 27.9%
Advertising and promotion 443,313 345,030 98,283 28.5%
Repairs and maintenance 323,173 225,460 97,713 43.3%
Royalties 315,952 256,390 59,562 23.2%
Warehousing services 306,101 254,130 51,970 20.5%
Supplies 256,622 204,200 52,422 25.7%
Taxes and licenses 230,133 176,774 53,359 30.2%
Entertainment and amusement 72,454 60,768 11,685 19.2%
Transportation and travel 67,917 65,661 2,256 3.4%
Others 384,264 430,773 (46,509) -10.8%
Total 9,383,858 7,463,589 1,920,269 25.7%
Interest Expense
Interest incurred to service debt increased by 30.3 percent to P 44.3 3 million, owing to increase in debt.
Outstanding loan balance at the end of 201
2016 stood at P 1.9 billion, P 458 million of which is long term
loan and up by P 643.5 million or 52.3 percent from the start of the year.
Net Income
Net income for the twelve-month

month period ending December 31, went up by 16.6% tto P1.18
P billion from
P1.01 billion in 2015. This was driven by increase in sales and improved discounts and marketing
income earned resulting from the continued scaling up of the business.
This translated into an EPS of P2.56

2.56 per share, up by 16.4 percent from P2.20
2.20 in 2015. ROE, however fell
to 25.7% from 27.2% in the preceding year, since m margins
ins contracted on higher asset base.
Financial Condition
Total assets went up by P 2.8 billion or 29.8 percent to P 12.3 billion at the end of 2016..
Balance Sheet Highlights %

(in Php Million except book value 2016
per share) Change
ϭϰ͕ϬϬϬ
Total Assets 12,351.
12,351.3 29.8% ϭϮ͕ϬϬϬ
Current Assets 5,372.
5,372.2 47.2% ϭϬ͕ϬϬϬ
ϴ͕ϬϬϬ ƐƐĞƚƐ
Non-current Assets 6,979.1 19.0%
ϲ͕ϬϬϬ
Current Liabilities 6,473.
6,473.6 30.1% ϰ͕ϬϬϬ >ŝĂďŝůŝƚŝĞƐ
Total Liabilities 7,309.6 35.4% Ϯ͕ϬϬϬ ƋƵŝƚǇ
Stockholders’ Equity 5,041.6 22.5% Ͳ
Book Value Per Share (P) 11.00 22.5% ϮϬϭϲ ϮϬϭϱ
13
This was mainly driven by the increase in inventories that reached almost P 2.1 billion, an increase of
P 562.9 million or 35.9 percent compared with 2015 level. This is attributed to forward buying aimed
towards generating additional revenues and increasing fill rates. Inventory turnover is at 11.5 times from
12.4 times , translating into longer days inventory outstanding of 31.7 days in 2016 from 29.5 days.
Cash and cash equivalents increased by 77.1 percent to end the year with P 1.6 billion. Cash level
increased as a result of higher net cash generated by operating activities.
Receivables rose by P 384.6 million or 50.1 percent due to the increase in supplier collectibles arising
from ad and promo programs implemented during the year. Other receivables also grew as the company
leverages its balance sheet to provide collateralized financing to franchisees.
The increase in non-current assets of 19.0 percent was mainly due to store expansion and renovation that
drove the 20.2 percent growth in property and equipment account, which stood at P 5.7 billion at the end
of 2016. Rental deposits made to acquire new sites contributed to the 19.0 percent increase in this
account and reached P 689.0 million at the end of the year.
Property and equipment, net of accumulated depreciation increased by 20.2 percent mainly due to capital
expenditure spent in relation to store expansion and investment in store equipment to support new product
lines.
On the other hand, current liabilities rose by P 1.5 billion or 30.1 percent owing to the increase in
outstanding loans and other current liabilities. Payables grew as a result of increase in other general and
administrative, while loan balance was higher by 21.2 percent to partly finance expansion. Average
payable period was shorter at 49.8 days in 2016 compared to 52.0 days last year.
The Company operates on a negative working capital position, which is manifested by a current ratio of
0.83:1 from 0.73:1 in 2015. This is because cash proceeds from retail sales are invested in long-term
assets and at the same time utilizing credit term extended by trade suppliers. This is beneficial because
there is lower reliance on external financing.
Stockholders’ equity at the end of 2016 comprises 40.8 percent of total assets, compared to 43.3 percent
at the beginning of the year. The increase in equity account was driven by improved profitability and was
reduced by cash dividends paid to shareholders.
Liquidity and Capital Resources
The free cash flow turned positive in 2016 as a result of same level of capital expenditures for store
expansion, renovation and establishment of new warehouses. Operating cash flow reached P 2.8 billion
against net cash outflow from investing activities of P 2.5 billion.
PSC obtains majority of its working capital and capital expenditure requirements from cash generated by
operations and franchising activities and short-term borrowings under the credit line extended by banks.
The debt maturity profile will be lengthened to properly match sources with usage.
The Company believes that operating activities and available working capital sources will provide
sufficient liquidity in 2017 as it continues to expand its store base. This will enable the Company to fund
its capital expenditures, pay dividends and other general corporate purposes.
14
Management sees that this trend will be favorable in the long term, as rate of store expansion will be
entering a more rapid stage augmented by improving economic outlook and prevailing positive investor
sentiment in the country.
The following are the discussion of the sources and uses of cash in 2016.
2016 2015 Variance

(in million Php) Value Percentage
Income before income tax 1,710.6 1,459.9 251 17.2
Depreciation and amortization 1,365.4 1,092.2 273 25.0
Working capital changes (293.2) (753.8) 461 -61.1
Net cash from operating activities 2,782.6 1,798.3 984 54.7
Additions to property and equipment (2,323.4) (2,287.8) (36) 1.6
Increase in other assets (134.9) (140.7) 6 -4.1
Net cash used in investing activities (2,458.3) (2,428.5) (30) 1.2
Net availment of bank loan 643.5 481.0 163 33.8
Payment of cash dividend (252.1) (183.4) (69) 37.5
Interest paid (40.9) (33.2) (8) 23.2
Net cash from financing activities 350.5 264.4 86 32.5
Effect of exchange rate changes on
0.3 0.02 0 1,025.1
Net increase in cash 675.0 (365.7) 1,041 -284.6
Cash and cash equivalent, beginning 876.0 1,241.7 (366) -29.5
Cash and cash equivalent, ending 1,551.0 876.0 675 77.1
Cash Flows from Operating Activities

Net cash generated from operating activities in 2016 totaled to P 2.8 billion, 54.7 percent higher compared
to P 1.8 billion generated in 2015. The increase in operating cash flow can be attributed to the increase in
working capital contribution resulting from higher payables.
Cash Flows from Investing Activities

Net cash used in investing activities, primarily for capital expenditures, rose by 1.2 percent to almost
P 2.5 billion. Major cash outlay went to new store constructions and renovations and acquisition of new
equipment to support new product lines. There were 393 new stores (net) that opened in 2016, up by 73
stores or 22.8 percent over 2015 same period.
Cash Flows from Financing Activities

Net cash flow from financing activities reached P 350.3 million representing net availment of loans in the
amount of P 643.5 million and payment of 55-centavo cash dividend totaling to P 252.1 million.
We expect to take advantage of our working capital and utilizing the short-term line extended by leading
local banks in funding our growth strategies.
15
Discussion of the Company’s 2017 Key Performance Indicators
• System Wide Sales

System-wide sales represents the overall retail sales to customers of corporate and franchise-
operated stores.
• Revenue from Merchandise Sales

Revenue from merchandise sales corresponds to the retail sales of corporate owned stores plus
sales to franchised stores.
• Net Income Margin

Measures the level of recurring income generated by continuing operations relative to revenues
and is calculated by dividing net income over revenue from merchandise sales.
• EBITDA Margin
The ratio of earnings before interest, taxes, depreciation and amortization over revenue from
merchandise sales. This measures the level of free cash flow generated by retail operations and is
a main indicator of profitability.
• Return on Equity (ROE)

The amount of net income returned as a percentage of equity. ROE measures profitability by
revealing how much profit a company generates with the money shareholders have invested. This
is computed by dividing net income over average equity.
For the Three Months Ended For the Twelve Months Ended
(Amount in thousands) 2017 2016 % 2017 2016 %
System wide Sales 10,351,474 8,751,477 18.3% 37,530,753 31,756,480 18.2%
Revenue from Merchandise Sales 9,021,780 7,603,184 18.7% 32,088,442 28,357,309 13.2%
EBITDA 1,428,407 1,174,272 21.6% 3,578,976 3,109,298 15.1%
EBITDA Margin * 15.8% 15.4% 2.5% 11.2% 11.0% 1.7%
EBIT Margin * 11.0% 10.5% 4.9% 6.1% 6.1% -0.9%
Net income 669,559 532,098 25.8% 1,317,870 1,175,470 12.1%
Net Income Margin * 7.42% 7.00% 6.0% 4.11% 4.15% -0.9%
Return on Equity 11.71% 10.55% 10.9% 23.77% 25.67% -7.4%
Earnings Per Share 0.89 0.70 25.8% 1.74 1.55 12.1%
* Margin is calculated based from revenue from merchandise sales
System wide sales generated by all 7-Eleven stores continued with its upward trajectory by posting
growth of 18.2 percent to almost P 37.5 billion at the end of 2017. The increase in total sales can be
attributed to the opening of new stores and improvement in average sales of mature stores.
At the end of the year, 7-Eleven stores in the Philippines totaled to 2,285, up by 290 stores or 14.5 percent
from same period in 2016.
EBITDA margin declined to 9.5 percent of system wide sales from 9.8 percent during the same period in
2016. As percentage of revenue from merchandise sales, EBITDA increased to 11.2 percent.
Net income rose by 12.1 percent to P 1.3 billion, translating into a net margin of 4.1 percent.
16
Financial Soundness Indicator
Full Year Formula 2017 2016

Liquidity Ratio
Current ratio Current Assets/Current Liabilities 0.91 0.83
Quick ratio Cash + Receivables/Current Liabilities 0.44 0.42
Financial Leverage
Debt ratio Total Debt/Total Assets 0.58 0.59
Debt to equity ratio Total Debt/Total Equity 1.38 1.45
Interest coverage EBIT/Interest charges 34.9 39.6
Asset to equity ratio Total Assets/Total Equity 2.38 2.45
Profitability Ratio
Gross profit margin Gross profit/Revenue from merchandise sales 25.90% 24.67%
Net profit margin Net income/Revenue from merchandise sales 4.11% 4.15%
Return on assets Net income/Total Assets 9.16% 9.52%
Return on equity Net income/Average Equity 23.77% 25.67%
Price/earnings ratio Stock price (end of year)/EPS 65.0 87.0
Discussion and Analysis of Material Events and Uncertainties
1. There are no known trends, events and uncertainties that will have a material impact on liquidity
after the balance sheet date.
2. There are no material off-balance sheet transactions, arrangements and obligations of the
Company with unconsolidated entities during the reporting period.
3. All of the Company’s income was earned in the ordinary course of business.
4. There are no seasonal aspects that have a potentially material effect on the financial statements.
5. The Company’s financial risk management objectives and policies are discussed in Note 29 of the
December 31, 2017 Notes to Audited Consolidated Financial Statements.
There are no other known trends, events and uncertainties that will have a material impact on the
Company’s liquidity.
17
18
19
APPENDIX “C”

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SyCip Gorres Velayo & Co. Tel: (632) 891 0307 BOA/PRC Reg. No. 0001,
6760 Ayala Avenue Fax: (632) 819 0872 December 14, 2015, valid until December 31, 2018
1226 Makati City ey.com/ph SEC Accreditation No. 0012-FR-4 (Group A),
Philippines November 10, 2015, valid until November 9, 2018
INDEPENDENT AUDITOR’S REPORT
The Board of Directors and Stockholders

Philippine Seven Corporation
7th Floor, The Columbia Tower
Ortigas Avenue, Mandaluyong City
Opinion
We have audited the consolidated financial statements of Philippine Seven Corporation and its
subsidiaries (the Group), which comprise the consolidated balance sheets as at December 31, 2017 and
2016, and the consolidated statements of comprehensive income, consolidated statements of changes in
equity and consolidated statements of cash flows for each of the three years in the period ended
December 31, 2017, and notes to the consolidated financial statements, including a summary of
significant accounting policies.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects,
the consolidated financial position of the Group as at December 31, 2017 and 2016, and its consolidated
financial performance and its consolidated cash flows for each of the three years in the period ended
December 31, 2017 in accordance with Philippine Financial Reporting Standards (PFRSs).
Basis for Opinion
We conducted our audits in accordance with Philippine Standards on Auditing (PSAs). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit
of the Consolidated Financial Statements section of our report. We are independent of the Group in
accordance with the Code of Ethics for Professional Accountants in the Philippines (Code of Ethics)
together with the ethical requirements that are relevant to our audit of the consolidated financial
statements in the Philippines, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the consolidated financial statements of the current period. These matters were addressed in the
context of our audit of the consolidated financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters. For the matter in the next page, our
description of how our audit addressed the matter is provided in that context.
A member firm of Ernst & Young Global Limited

-2-
We have fulfilled the responsibilities described in the Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements section of our report, including in relation to these matters.
Accordingly, our audit included the performance of procedures designed to respond to our assessment of
the risks of material misstatement of the consolidated financial statements. The results of our audit
procedures, including the procedures performed to address the matter below, provide the basis for our
audit opinion on the accompanying consolidated financial statements.
Existence and Completeness of Inventories
The Group’s inventories comprise 19% of its total assets as at December 31, 2017. It has 11 warehouses
and 1,119 company-owned stores as at December 31, 2017 throughout the country. We focused on this
area since inventories are material to the consolidated financial statements and are located in various sites
across the country.
The Group’s disclosures about inventories are included in Note 6 to the consolidated financial statements.
Audit Response
We updated our understanding of the inventory process and performed test of controls for selected stores
and warehouses. We observed the conduct of inventory count at selected stores and warehouses and
traced test counts to the inventory compilation to determine if the inventory compilation reflects actual
inventory count results. We performed testing on a sample basis of the rollforward and rollback
procedures on inventory quantities from the date of inventory count to reporting date. We reviewed the
reconciliation of the valued rollforward and rollback inventories with the general ledger account balances
and tested other reconciling items.
Other Information
Management is responsible for the other information. The other information comprises the information
included in the SEC Form 20-IS (Definitive Information Statement), SEC Form 17-A and Annual Report
for the year ended December 31, 2017, but does not include the consolidated financial statements and our
auditor’s report thereon. The SEC Form 20-IS (Definitive Information Statement), SEC Form 17-A and
Annual Report for the year ended December 31, 2017 are expected to be made available to us after the
date of this auditor’s report.
Our opinion on the consolidated financial statements does not cover the other information and we will not
express any form of assurance conclusion thereon.
In connection with our audits of the consolidated financial statements, our responsibility is to read the
other information identified above when it becomes available and, in doing so, consider whether the other
information is materially inconsistent with the consolidated financial statements or our knowledge
obtained in the audits, or otherwise appears to be materially misstated.

-3-
Responsibilities of Management and Those Charged with Governance for the Consolidated
Management is responsible for the preparation and fair presentation of the consolidated financial
statements in accordance with PFRSs, and for such internal control as management determines is
necessary to enable the preparation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Group’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless management either intends to liquidate the Group or to
cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with PSAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these consolidated financial statements.
As part of an audit in accordance with PSAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.

-4-
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the Group to cease
to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the audit. We remain solely
responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the consolidated financial statements of the current period and
are therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences of
doing so would reasonably be expected to outweigh the public interest benefits of such communication.

-5-
The engagement partner on the audit resulting in this independent auditor’s report is Belinda T. Beng Hui.
SYCIP GORRES VELAYO & CO.
Belinda T. Beng Hui

Partner
CPA Certificate No. 88823
SEC Accreditation No. 0923-AR-2 (Group A),
May 1, 2016, valid until May 1, 2019
Tax Identification No. 153-978-243
BIR Accreditation No. 08-001998-78-2015,
June 26, 2015, valid until June 25, 2018
PTR No. 6621231, January 9, 2018, Makati City
February 8, 2018

PHILIPPINE SEVEN CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31
2017 2016
ASSETS
Current Assets
Cash and cash equivalents (Notes 4, 28 and 29) P
=1,968,958,985 =
P1,550,972,673
Short-term investment (Notes 4, 28 and 29) 11,184,667 11,083,577
Receivables (Notes 5, 24, 28 and 29) 1,178,381,987 1,151,815,969
Inventories (Note 6) 2,747,912,176 2,131,441,288
Prepayments and other current assets (Notes 7, 28 and 29) 542,002,461 526,869,047
Total Current Assets 6,448,440,276 5,372,182,554
Noncurrent Assets
Property and equipment (Note 8) 6,488,930,456 5,711,671,416
Deposits (Notes 9, 28 and 29) 833,756,292 689,019,786
Deferred tax assets (Note 26) 155,785,924 114,915,514
Goodwill and other noncurrent assets (Notes 10 and 29) 459,400,138 463,466,466
Total Noncurrent Assets 7,937,872,810 6,979,073,182
TOTAL ASSETS =14,386,313,086 =
P P12,351,255,736
LIABILITIES AND EQUITY

Current Liabilities
Bank loans (Notes 11, 28 and 29) P
=660,000,000 =
P1,220,000,000
Current portion of long-term debt (Notes 11, 28 and 29) 325,000,000 196,166,667
Accounts payable and accrued expenses
(Notes 12, 28 and 29) 4,181,184,416 3,466,836,585
Income tax payable 312,063,409 241,635,470
Other current liabilities (Notes 13, 24, 28 and 29) 1,632,233,892 1,348,926,460
Total Current Liabilities 7,110,481,717 6,473,565,182
Noncurrent Liabilities
Long-term debt - net of current portion (Notes 11, 28 and 29) 745,833,333 458,333,333
Deposits payable (Note 14) 261,749,827 239,439,957
Net retirement obligations (Note 23) 157,569,500 117,038,962
Deferred tax liabilities (Note 26) 7,936,841 7,936,841
Cumulative redeemable preferred shares (Notes 15, 28 and 29) 6,000,000 6,000,000
Deferred revenue 50,723,103 7,309,433
Total Noncurrent Liabilities 1,229,812,604 836,058,526
Total Liabilities 8,340,294,321 7,309,623,708
(Forward)
-2-
December 31
2017 2016
Equity
Common stock (Notes 16 and 30) P
=757,104,533 =
P459,121,573
Additional paid-in capital (Note 30) 293,525,037 293,525,037
Retained earnings (Notes 16 and 30):
Appropriated 4,350,000,000 3,350,000,000
Unappropriated 666,193,426 944,288,887
Other comprehensive income (loss):
Remeasurement loss on net retirement obligations - net of tax
(Notes 23 and 26) (36,400,280) (20,899,518)
Revaluation increment on land - net of tax (Notes 8 and 26) 18,519,295 18,519,295
6,048,942,011 5,044,555,274
Cost of 686,250 shares held in treasury (Notes 16 and 30) (2,923,246) (2,923,246)
Total Equity 6,046,018,765 5,041,632,028
TOTAL LIABILITIES AND EQUITY =14,386,313,086 =
P P12,351,255,736
See accompanying Notes to Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Years Ended December 31

2017 2016 2015
REVENUES
Revenue from merchandise sales P
=32,088,441,776 =
P28,357,309,168 =
P22,400,931,697
Franchise revenue (Note 31) 3,176,699,102 2,838,308,357 2,440,671,360
Marketing income (Note 19) 1,252,614,078 954,246,791 735,221,454
Commission income (Note 31) 126,707,492 73,511,203 46,919,684
Rental income (Note 25) 76,666,882 63,764,574 56,729,444
Interest income (Note 21) 16,403,134 10,950,898 7,025,256
Other income 270,130,224 233,144,681 186,834,492
37,007,662,688 32,531,235,672 25,874,333,387
EXPENSES
Cost of merchandise sales (Note 17) 23,776,474,291 21,361,119,960 16,891,590,340
General and administrative expenses (Note 18) 11,226,202,984 9,383,857,999 7,463,588,865
Interest expense (Note 20) 56,559,765 44,300,104 33,991,623
Other expenses 32,596,899 31,405,257 25,310,558
35,091,833,939 30,820,683,320 24,414,481,386
INCOME BEFORE INCOME TAX 1,915,828,749 1,710,552,352 1,459,852,001
PROVISION FOR INCOME TAX (Note 26) 597,958,290 535,081,961 451,855,511
NET INCOME 1,317,870,459 1,175,470,391 1,007,996,490
OTHER COMPREHENSIVE INCOME (LOSS)

NOT TO BE RECLASSIFIED TO PROFIT
AND LOSS IN SUBSEQUENT PERIODS
Remeasurement gain (loss) on net retirement
obligations - net of tax (Note 23) (15,500,762) 1,005,984 3,136,195
TOTAL COMPREHENSIVE INCOME P

= 1,302,369,697 =
P1,176,476,375 =
P1,011,132,685
BASIC/DILUTED EARNINGS
PER SHARE (Note 27) P
= 1.74 =
P1.55 =
P1.33

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE YEA RS ENDED DECEMBER 31, 2017, 2016 and 2015
Other Comprehensive Income (Loss)

Remeasurement
Loss on Net Revaluation
Retirement Increment
Obligations- on Land - Treasury
Common Stock Additional Retained Earnings (Note 16) Net of Tax Net of Tax Stock
(Note 16) Paid-in Capital Appropriated Unappropriated (Note 23) (Note 8) Total (Note 16) Total
Balances at January 1, 2017 P
=459,121,573 P
=293,525,037 P
=3,350,000,000 P
=944,288,887 (P
=20,899,518) P
=18,519,295 P
=5,044,555,274 (P
=2,923,246) P
=5,041,632,028
Net income – – – 1,317,870,459 – – 1,317,870,459 – 1,317,870,459
Remeasurement loss on net retirement
obligations – – – – (15,500,762) – (15,500,762) – (15,500,762)
Total comprehensive income – – – 1,317,870,459 (15,500,762) – 1,302,369,697 – 1,302,369,697
Appropriations during the year – – 1,000,000,000 (1,000,000,000) – – – – –
Stock dividend 297,982,960 – – (297,982,960) – – – – –
Cash dividends – – – (297,982,960) – – (297,982,960) – (297,982,960)
Balances at December 31, 2017 P
=757,104,533 P
=293,525,037 P
=4,350,000,000 P
=666,193,426 (P
=36,400,280) P
=18,519,295 P
=6,048,942,011 (P
=2,923,246) P
=6,046,018,765
Balances at January 1, 2016 =

P459,121,573 =
P293,525,037 =
P2,450,000,000 =
P920,957,924 (P
=21,905,502) =
P18,519,295 =
P4,120,218,327 (P
=2,923,246) =
P4,117,295,081
Net income – – – 1,175,470,391 – – 1,175,470,391 – 1,175,470,391
Remeasurement gain on net retirement
obligations – – – – 1,005,984 – 1,005,984 – 1,005,984
Total comprehensive income – – – 1,175,470,391 1,005,984 – 1,176,476,375 – 1,176,476,375
Appropriations during the year – – 900,000,000 (900,000,000) – – – – –
Cash dividends – – – (252,139,428) – – (252,139,428) – (252,139,428)
Balances at December 31, 2016 =
P459,121,573 =
P293,525,037 =
P3,350,000,000 =
P944,288,887 (P
=20,899,518) =
P18,519,295 =
P5,044,555,274 (P
=2,923,246) =
P5,041,632,028
Balances at January 1, 2015 =

P459,121,573 =
P293,525,037 =
P– =
P2,546,335,563 (P
=25,041,697) =
P18,519,295 =
P3,292,459,771 (P
=2,923,246) =
P3,289,536,525
Net income – – – 1,007,996,490 – – 1,007,996,490 – 1,007,996,490
Remeasurement gain on net retirement
obligations – – – – 3,136,195 – 3,136,195 – 3,136,195
Total comprehensive income – – – 1,007,996,490 3,136,195 – 1,011,132,685 – 1,011,132,685
Appropriations during the year 2,450,000,000 (2,450,000,000) – – – – –
Cash dividends – – – (183,374,129) – – (183,374,129) – (183,374,129)
Balances at December 31, 2015 =
P459,121,573 =
P293,525,037 =
P2,450,000,000 =
P920,957,924 (P
=21,905,502) =
P18,519,295 =
P4,120,218,327 (P
=2,923,246) =
P4,117,295,081

CONSOLIDATED STATEMENTS OF CASH FLOWS

2017 2016 2015
CASH FLOWS FROM OPERATING ACTIVITIES

Income before income tax P
=1,915,828,749 =
P1,710,552,352 =
P1,459,852,001
Adjustments for:
Depreciation and amortization (Notes 8 and 18) 1,622,990,458 1,365,396,573 1,092,223,359
Interest expense (Note 20) 56,559,765 44,300,104 33,991,623
Amortization of:
Deferred lease (Notes 10 and 25) 9,551,304 4,943,746 4,965,729
Software and other program costs
(Notes 10 and 18) 1,237,857 955,043 878,003
Deferred revenue on exclusivity contract
(Note 31) – (25,000,000) (25,000,000)
Deferred revenue on finance lease (Note 25) – – (98,264)
Net retirement benefits cost (Notes 22 and 23) 32,386,593 27,105,454 23,029,230
Interest income (Note 21) (16,403,134) (10,950,898) (7,025,256)
Loss on sale of property and equipment 243,599 – –
Unrealized foreign exchange gain (12,016) (258,467) (22,972)
Operating income before working capital changes 3,622,383,175 3,117,043,907 2,582,793,453
Increase in:
Receivables (26,566,019) (384,556,396) (177,872,432)
Inventories (616,470,888) (562,942,562) (403,404,650)
Prepayments and other current assets (15,133,414) (100,818,349) (67,738,598)
Increase (decrease) in:
Accounts payable and accrued expenses 712,937,917 1,097,292,348 (79,765,106)
Other current liabilities 283,307,432 149,404,818 370,799,004
Deposits payable 22,309,870 1,134,814 3,802,534
Deferred revenue 43,413,670 1,403,719 4,451,328
Retirement benefits paid (Note 23) – – (3,082,398)
Retirement benefits contributions (Note 23) (14,000,000) (9,500,000) (15,000,000)
Net cash generated from operations 4,012,181,743 3,308,462,299 2,214,983,135
Income taxes paid (561,757,577) (531,065,419) (420,178,896)
Interest received 7,323,471 5,157,414 3,515,860
Net cash provided by operating activities 3,457,747,637 2,782,554,294 1,798,320,099
CASH FLOWS FROM INVESTING ACTIVITIES

Additions to:
Property and equipment (Note 8) (2,400,793,097) (2,323,397,721) (2,287,816,904)
Software and other program costs (Note 10) (263,147) (1,870,967) –
Increase in:
Deposits (135,656,843) (104,876,610) (114,311,499)
Goodwill and other noncurrent assets (6,459,686) (28,055,996) (26,281,580)
Short-term investment (101,090) (100,176) (99,271)
Proceeds from sale of property and equipment 300,000 – 13,275
Net cash used in investing activities (2,542,973,863) (2,458,301,470) (2,428,495,979)
(Forward)
-2-

2017 2016 2015
CASH FLOWS FROM FINANCING ACTIVITIES

Availments of:
Bank loans (Note 11) P
=425,000,000 =
P1,470,000,000 =
P1,480,000,000
Long-term debt (Note 11) 600,000,000 700,000,000 90,000,000
Payments of:
Bank loans (Note 11) (985,000,000) (1,400,000,000) (1,080,000,000)
Long-term debt (Note 11) (183,666,667) (126,500,000) (9,000,000)
Interest paid (55,149,851) (40,877,263) (33,180,633)
Cash dividends paid (Note 16) (297,982,960) (252,139,428) (183,374,129)
Net cash provided by (used in) financing activities (496,799,478) 350,483,309 264,445,238
NET INCREASE (DECREASE) IN CASH AND

CASH EQUIVALENTS 417,974,296 674,736,133 (365,730,642)
EFFECT OF EXCHANGE RATE CHANGES

ON CASH 12,016 258,467 22,972
CASH AND CASH EQUIVALENTS AT BEGINNING

OF YEAR 1,550,972,673 875,978,073 1,241,685,743
CASH AND CASH EQUIVALENTS AT END

OF YEAR (Note 4) P
=1,968,958,985 =
P1,550,972,673 =
P875,978,073

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Corporate Information and Authorization for Issuance of the Consolidated Financial

Statements
Corporate Information
Philippine Seven Corporation (the Company or PSC) was incorporated in the Philippines and
registered with the Philippine Securities and Exchange Commission (SEC) on November 24, 1982.
The Company and its subsidiaries (collectively referred to as the “Group”), are primarily engaged in
the business of retailing, merchandising, buying, selling, marketing, importing, exporting,
franchising, acquiring, holding, distributing, warehousing, trading, exchanging, collection and
acceptance of payments or otherwise dealing in all kinds of grocery items, dry goods, food or
foodstuff, beverages, drinks and all kinds of consumer needs or requirements and in connection
therewith, operating or maintaining warehouses, storages, delivery vehicles and similar or incidental
facilities. The Group is also engaged in the management, development, sale, exchange, and holding
for investment or otherwise of real estate of all kinds, including buildings, houses and apartments and
other structures.
The Company is controlled by President Chain Store (Labuan) Holdings, Ltd., an investment holding
Company incorporated in Malaysia, which owns 52.22% of the Company’s outstanding shares. The
remaining 47.78% of the shares are widely held. The ultimate parent of the Company is President
Chain Store Corporation (PCSC), which is incorporated in Taiwan, Republic of China.
The Company has its primary listing on the Philippine Stock Exchange on February 4, 1998.
The registered business address of the Company is 7th Floor, The Columbia Tower, Ortigas Avenue,
Mandaluyong City.
Authorization for Issuance of the Consolidated Financial Statements

The consolidated financial statements were authorized for issue by the Board of Directors (BOD) on
February 8, 2018.
2. Summary of Significant Accounting Policies and Financial Reporting Practices
Basis of Preparation
The consolidated financial statements are prepared under the historical cost basis, except for parcels
of land, which are carried at revalued amount. The consolidated financial statements are presented in
Philippine Peso (Peso), which is the Group’s functional currency and all amounts are rounded to the
nearest Peso except when otherwise indicated.
Statement of Compliance
The consolidated financial statements are prepared in compliance with Philippine Financial Reporting
Standards (PFRS).
Changes in Accounting Policies

The accounting policies adopted are consistent with those of the previous financial year, except that
the Group has adopted the following new accounting pronouncements starting January 1, 2017.
Adoption of these pronouncements did not have any significant impact on the Group’s financial
position or performance unless otherwise indicated.
Amendments to PFRS 12, Disclosure of Interests in Other Entities, Clarification of the Scope of
the Standard (Part of Annual Improvements to PFRSs 2014 - 2016 Cycle)
-2-
Amendments to Philippine Accounting Standards (PAS) 7, Statement of Cash Flows, Disclosure

Initiative
The amendments require entities to provide disclosure of changes in their liabilities arising from
financing activities, including both changes arising from cash flows and non-cash changes (such
as foreign exchange gains or losses).
The Group has provided the required information in Note 34 to the consolidated financial
statements. As allowed under the transition provisions of the standard, the Group did not present
comparative information for the year ended December 31, 2016.
Amendments to PAS 12, Income Taxes, Recognition of Deferred Tax Assets for Unrealized
Losses
Standards Issued but not yet Effective

Pronouncements issued but not yet effective are listed below. Unless otherwise indicated, the Group
does not expect that the future adoption of the said pronouncements will have a significant impact on
the consolidated financial statements. The Group intends to adopt the following pronouncements
when they become effective.
Effective beginning on or after January 1, 2018
Amendments to PFRS 2, Share-based Payment, Classification and Measurement of Share-based

Payment Transactions
The amendments to PFRS 2 address three main areas: the effects of vesting conditions on the
measurement of a cash-settled share-based payment transaction; the classification of a share-
based payment transaction with net settlement features for withholding tax obligations; and the
accounting where a modification to the terms and conditions of a share-based payment
transaction changes its classification from cash settled to equity settled.
On adoption, entities are required to apply the amendments without restating prior periods, but
retrospective application is permitted if elected for all three amendments and if other criteria are
met. Early application of the amendments is permitted.
These amendments are not expected to have any impact on the Group.
Amendments to PFRS 4, Insurance Contracts, Applying PFRS 9, Financial Instruments, with

PFRS 4
The amendments address concerns arising from implementing PFRS 9, the new financial
instruments standard before implementing the new insurance contracts standard. The
amendments introduce two options for entities issuing insurance contracts: a temporary
exemption from applying PFRS 9 and an overlay approach. The temporary exemption is first
applied for reporting periods beginning on or after January 1, 2018. An entity may elect the
overlay approach when it first applies PFRS 9 and apply that approach retrospectively to financial
assets designated on transition to PFRS 9. The entity restates comparative information reflecting
the overlay approach if, and only if, the entity restates comparative information when applying
PFRS 9.
The amendments are not applicable to the Group since none of the entities within the Group have
activities that are predominantly connected with insurance or issue insurance contracts.
-3-
PFRS 9, Financial Instruments
PFRS 9 reflects all phases of the financial instruments project and replaces PAS 39, Financial
Instruments: Recognition and Measurement, and all previous versions of PFRS 9. The standard
introduces new requirements for classification and measurement, impairment, and hedge
accounting. Retrospective application is required but providing comparative information is not
compulsory. For hedge accounting, the requirements are generally applied prospectively, with
some limited exceptions.
The Group is assessing the impact of adopting PFRS 9.
PFRS 15, Revenue from Contracts with Customers
PFRS 15 establishes a new five-step model that will apply to revenue arising from contracts with
customers. Under PFRS 15, revenue is recognized at an amount that reflects the consideration to
which an entity expects to be entitled in exchange for transferring goods or services to a
customer. The principles in PFRS 15 provide a more structured approach to measuring and
recognizing revenue.
The new revenue standard is applicable to all entities and will supersede all current revenue
recognition requirements under PFRSs. Either a full retrospective application or a modified
retrospective application is required for annual periods beginning on or after January 1, 2018.
Early adoption is permitted.
The Group is assessing the impact of PFRS 15.
Amendments to PAS 28, Measuring an Associate or Joint Venture at Fair Value (Part of Annual
Improvements to PFRSs 2014 - 2016 Cycle)
The amendments clarify that an entity that is a venture capital organization, or other qualifying
entity, may elect, at initial recognition on an investment-by-investment basis, to measure its
investments in associates and joint ventures at fair value through profit or loss. They also clarify
that if an entity that is not itself an investment entity has an interest in an associate or joint
venture that is an investment entity, the entity may, when applying the equity method, elect to
retain the fair value measurement applied by that investment entity associate or joint venture to
the investment entity associate’s or joint venture’s interests in subsidiaries. This election is made
separately for each investment entity associate or joint venture, at the later of the date on which
(a) the investment entity associate or joint venture is initially recognized; (b) the associate or joint
venture becomes an investment entity; and (c) the investment entity associate or joint venture first
becomes a parent. The amendments should be applied retrospectively, with earlier application
permitted.
-4-
Amendments to PAS 40, Investment Property, Transfers of Investment Property
The amendments clarify when an entity should transfer property, including property under
construction or development into, or out of investment property. The amendments state that a
change in use occurs when the property meets, or ceases to meet, the definition of investment
property and there is evidence of the change in use. A mere change in management’s intentions
for the use of a property does not provide evidence of a change in use. The amendments should
be applied prospectively to changes in use that occur on or after the beginning of the annual
reporting period in which the entity first applies the amendments. Retrospective application is
only permitted if this is possible without the use of hindsight.
Philippine Interpretation International Financial Reporting Interpretations Committee

(IFRIC) 22, Foreign Currency Transactions and Advance Consideration
The interpretation clarifies that, in determining the spot exchange rate to use on initial recognition
of the related asset, expense or income (or part of it) on the derecognition of a non-monetary asset
or non-monetary liability relating to advance consideration, the date of the transaction is the date
on which an entity initially recognizes the nonmonetary asset or non-monetary liability arising
from the advance consideration. If there are multiple payments or receipts in advance, then the
entity must determine a date of the transactions for each payment or receipt of advance
consideration. Entities may apply the amendments on a fully retrospective basis. Alternatively,
an entity may apply the interpretation prospectively to all assets, expenses and income in its
scope that are initially recognized on or after the beginning of the reporting period in which the
entity first applies the interpretation or the beginning of a prior reporting period presented as
comparative information in the financial statements of the reporting period in which the entity
first applies the interpretation.
The Group is currently assessing the impact of adopting IFRIC 22.
Effective beginning on or after January 1, 2019
Amendments to PFRS 9, Prepayment Features with Negative Compensation
The amendments to PFRS 9 allow debt instruments with negative compensation prepayment
features to be measured at amortized cost or fair value through other comprehensive income. An
entity shall apply these amendments for annual reporting periods beginning on or after January 1,
2019. Earlier application is permitted.
PFRS 16, Leases
PFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of
leases and requires lessees to account for all leases under a single on-balance sheet model similar
to the accounting for finance leases under PAS 17, Leases. The standard includes two
recognition exemptions for lessees – leases of ‘low-value’ assets (e.g., personal computers) and
short-term leases (i.e., leases with a lease term of 12 months or less). At the commencement date
of a lease, a lessee will recognize a liability to make lease payments (i.e., the lease liability) and
an asset representing the right to use the underlying asset during the lease term (i.e., the right-of-
-5-
use asset). Lessees will be required to separately recognize the interest expense on the lease
liability and the depreciation expense on the right-of-use asset.
Lessees will be also required to remeasure the lease liability upon the occurrence of certain events
(e.g., a change in the lease term, a change in future lease payments resulting from a change in an
index or rate used to determine those payments). The lessee will generally recognize the amount
of the remeasurement of the lease liability as an adjustment to the right-of-use asset.
Lessor accounting under PFRS 16 is substantially unchanged from today’s accounting under
PAS 17. Lessors will continue to classify all leases using the same classification principle as in
PAS 17 and distinguish between two types of leases: operating and finance leases.
PFRS 16 also requires lessees and lessors to make more extensive disclosures than under
PAS 17.
Early application is permitted, but not before an entity applies PFRS 15. A lessee can choose to
apply the standard using either a full retrospective or a modified retrospective approach. The
standard’s transition provisions permit certain reliefs.
The Group is currently assessing the impact of adopting PFRS 16.
Amendments to PAS 28, Long-term Interests in Associates and Joint Ventures
The amendments to PAS 28 clarify that entities should account for long-term interests in an
associate or joint venture to which the equity method is not applied using PFRS 9. An entity shall
apply these amendments for annual reporting periods beginning on or after January 1, 2019.
Earlier application is permitted.
Philippine Interpretation IFRIC 23, Uncertainty over Income Tax Treatments
The interpretation addresses the accounting for income taxes when tax treatments involve
uncertainty that affects the application of PAS 12 and does not apply to taxes or levies outside the
scope of PAS 12, nor does it specifically include requirements relating to interest and penalties
associated with uncertain tax treatments.
The interpretation specifically addresses the following:
• Whether an entity considers uncertain tax treatments separately

• The assumptions an entity makes about the examination of tax treatments by taxation
authorities
• How an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax
credits and tax rates
• How an entity considers changes in facts and circumstances
An entity must determine whether to consider each uncertain tax treatment separately or together
with one or more other uncertain tax treatments. The approach that better predicts the resolution
of the uncertainty should be followed.
The Group is currently assessing the impact of adopting this interpretation.

-6-
Deferred effectivity
Amendments to PFRS 10 and PAS 28, Sale or Contribution of Assets between an Investor and its
Associate or Joint Venture
The amendments address the conflict between PFRS 10 and PAS 28 in dealing with the loss of
control of a subsidiary that is sold or contributed to an associate or joint venture. The
amendments clarify that a full gain or loss is recognized when a transfer to an associate or joint
venture involves a business as defined in PFRS 3, Business Combinations. Any gain or loss
resulting from the sale or contribution of assets that does not constitute a business, however, is
recognized only to the extent of unrelated investors’ interests in the associate or joint venture.
On January 13, 2016, the Financial Reporting Standards Council deferred the original effective
date of January 1, 2016 of the said amendments until the International Accounting Standards
Board completes its broader review of the research project on equity accounting that may result in
the simplification of accounting for such transactions and of other aspects of accounting for
associates and joint ventures.
Basis of Consolidation
The consolidated financial statements comprise the financial statements of the Company and its
subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from
its involvement with the investee and has the ability to affect those returns through its power over the
investee. Specifically, the Group controls an investee if and only if the Group has:
• Power over the investee (i.e., existing rights that give it the current ability to direct the relevant
activities of the investee);
• Exposure, or rights, to variable returns from its involvement with the investee; and
• The ability to use its power over the investee to affect its returns.
When the Group has less than a majority of the voting or similar rights of an investee, the Group
considers all relevant facts and circumstances in assessing whether it has power over an investee,
including:
• The contractual arrangement with the other vote holders of the investee
• Rights arising from other contractual arrangements
• The Group’s voting rights and potential voting rights
The Group reassesses whether or not it controls an investee if facts and circumstances indicate that
there are changes to one or more of the three elements of control. Consolidation of a subsidiary
begins when the Group obtains control over the subsidiary and ceases when the Group loses control
of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of
during the year are included in the consolidated financial statements from the date the Group gains
control until the date the Group ceases to control the subsidiary.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their
accounting policies in line with the Group’s accounting policies. All intra-group assets and liabilities,
equity, income, expenses and cash flows relating to transactions between members of the Group are
eliminated in full on consolidation.
-7-
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an
equity transaction. If the Company loses control over a subsidiary, it:
• Derecognizes the assets (including goodwill) and liabilities of the subsidiary

• Derecognizes the carrying amount of any non-controlling interests
• Derecognizes the cumulative translation differences recorded in equity
• Recognizes the fair value of the consideration received
• Recognizes the fair value of any investment retained
• Recognizes any surplus or deficit in profit or loss
• Reclassifies the Company’s share of components previously recognized in other comprehensive
income (OCI) to profit or loss or retained earnings, as appropriate, as would be required if the
Company had directly disposed of the related assets or liabilities
The consolidated financial statements include the accounts of the Company and the following wholly
owned subsidiaries:
Country of Principal Percentage of

Incorporation Activity Ownership
Warehousing,
Distribution and
Convenience Distribution, Inc. (CDI) Philippines Retailing 100%
Store Sites Holding, Inc. (SSHI) Philippines Holding 100%
SSHI’s capital stock, which is divided into 40% common shares and 60% preferred shares, are owned
by the Company and by Philippine Seven Corporation-Employees Retirement Plan (PSC-ERP)
through its trustee, Bank of the Philippines Islands-Asset Management and Trust Group (BPI-
AMTG), respectively. These preferred shares which accrue and pay guaranteed preferred dividends
and are redeemable at the option of the holder are recognized as a financial liability in accordance
with PFRS (see Note 15). The Company owns 100% of SSHI’s common shares, which, together with
common key management, gives the Company control over SSHI.
The financial statements of the subsidiaries are prepared for the same financial reporting period as the
Company, using uniform accounting policies. Intercompany transactions, balances and unrealized
gains and losses are eliminated in full.

Cash includes cash on hand, in banks and cash equivalents. Cash in banks earn interest at the
prevailing bank deposit rates. Cash equivalents are short-term, highly liquid investments that are
readily convertible to known amounts of cash with original maturities of three months or less from
the date of acquisition and are subject to insignificant risk of change in value.
Financial Instruments
The Group recognizes a financial asset or a financial liability in the consolidated balance sheet when
it becomes a party to the contractual provisions of the instrument.
Initial Recognition and Measurement

Financial assets and financial liabilities are recognized initially at fair value. Transaction costs are
included in the initial measurement of all financial assets and financial liabilities, except for financial
instruments measured at fair value through profit or loss (FVPL).
-8-
All regular way purchases and sales of financial assets are recognized on the trade date, i.e., the date
the Group commits to purchase or sell the financial asset. Regular way purchases or sales of financial
assets require delivery of assets within the time frame generally established by regulation in the
market place.
The Group classifies its financial assets as financial assets at FVPL, loans and receivables, available-
for-sale (AFS) financial assets or held-to-maturity (HTM) investments. Financial liabilities, on the
other hand, are classified as either financial liabilities at FVPL or other financial liabilities. The
classification depends on the purpose for which the financial assets and financial liabilities were
acquired. Management determines the classification at initial recognition and, where allowed and
appropriate, re-evaluates classification at every balance sheet date.
As at December 31, 2017 and 2016, the Group’s financial instruments include loans and receivables
and other financial liabilities.
Loans and Receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market. They are not entered into with the intention of immediate or
short-term resale and are not classified as financial assets at FVPL, HTM investments or AFS
financial assets. After initial measurement, loans and receivables are subsequently measured at
amortized cost using the effective interest method, less impairment. Amortized cost is calculated by
taking into account any discount or premium on acquisition and fees or costs that are an integral part
of the effective interest rate. The amortization is included as part of interest income in the
consolidated statement of comprehensive income. Losses arising from impairment are recognized in
the consolidated statement of comprehensive income. Loans and receivables are classified as current
assets if maturity is within 12 months from balance sheet date. Otherwise, these are classified as
noncurrent assets.
The Group’s loans and receivables consists of cash and cash equivalents, short-term investment,
receivables and deposits (excluding rent deposits which are non-refundable) as at December 31, 2017
and 2016 (see Notes 4, 5, 7, 9 and 10).
Other Financial Liabilities

This category pertains to financial liabilities that are neither held-for-trading nor designated as at
FVPL upon the inception of the liability. Other financial liabilities are subsequently carried at
amortized cost, taking into account the impact of applying the effective interest rate method of
amortization (or accretion) for any related premium, discount and any directly attributable transaction
costs.
Other financial liabilities are classified as current liabilities if maturity is within the normal operating
cycle of the Group and it does not have unconditional right to defer settlement of the liability for at
least 12 months from balance sheet date. Otherwise, these are classified as noncurrent liabilities.
The Group’s other financial liabilities consist of bank loans, long-term debt, accounts payable and
accrued expenses, other current liabilities (excluding statutory liabilities), and cumulative redeemable
preferred shares as at December 31, 2017 and 2016 (see Notes 11, 12, 13 and 15).
-9-
Classification of Financial Instruments Between Liability and Equity

A financial instrument is classified as liability if it provides for a contractual obligation to:
• deliver cash or another financial asset to another entity; or

• exchange financial assets or financial liabilities with another entity under conditions that are
potentially unfavorable to the Group; or
• satisfy the obligation other than by the exchange of a fixed amount of cash or another financial
asset for a fixed number of own equity shares.
If the Group does not have an unconditional right to avoid delivering cash or another financial asset
to settle its contractual obligation, the obligation meets the definition of a financial liability. The
components of issued financial instruments that contain both liability and equity elements are
accounted for separately, with the equity component being assigned the residual amount after
deducting from the instrument as a whole the amount separately determined as the fair value of the
liability component on the date of issue.
Fair Value Measurement

Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in
an orderly transaction between market participants at the measurement date. The fair value
measurement is based on the presumption that the transaction to sell the asset or transfer the liability
takes place either:
• In the principal market for the asset or liability; or
• In the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the Group.
The fair value of an asset or a liability is measured using the assumptions that market participants
would use when pricing the asset or liability, assuming that market participants act in their economic
best interest.
A fair value measurement of a non-financial asset takes into account a market participant’s ability to
generate economic benefits by using the asset in its highest and best use or by selling it to another
market participant that would use the asset in its highest and best use.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are
categorized within the fair value hierarchy, described, as follows, based on lowest level of input that
is significant to the fair value measurement as a whole:
• Level 1 - Quoted (unadjusted) prices in active markets for identical assets or liabilities
• Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable
• Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable
For assets and liabilities that are recognized in the consolidated financial statements on a recurring
basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-
assessing categorization (based on the lowest level input that is significant to the fair value
measurement as a whole) at the end of each reporting period.
For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on
the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value
hierarchy.
- 10 -
“Day 1” Difference
Where the transaction price in a non-active market is different from the fair value from other
observable current market transactions in the same instrument or based on a valuation technique
whose variables include only data from observable market, the Group recognizes the difference
between the transaction price and fair value (a “Day 1” difference) in profit or loss unless it qualifies
for recognition as some other type of asset. In cases where use is made of data which is not
observable, the difference between the transaction price and model value is only recognized in profit
or loss when the inputs become observable or when the instrument is derecognized. For each
transaction, the Group determines the appropriate method of recognizing the “Day 1” difference.
Offsetting of Financial Instruments

Financial assets and financial liabilities are offset and the net amount is reported in the consolidated
balance sheet if there is a currently enforceable legal right to set off the recognized amounts and there
is intention to settle on a net basis, or to realize the asset and settle the liability simultaneously. The
Group assesses that it has a currently enforceable right of offset if the right is not contingent on a
future event, and is legally enforceable in the normal course of business, event of default, and event
of insolvency or bankruptcy of the Group and all of the counterparties.
Impairment of Financial Assets

The Group assesses at each balance sheet date whether a financial asset or a group of financial assets
is impaired.
Financial Assets Carried at Amortized Cost

The Group first assesses whether objective evidence of impairment exists for financial assets that are
individually significant and collectively for financial assets that are not individually significant.
Objective evidence includes observable data that comes to the attention of the Group about loss
events such as but not limited to significant financial difficulty of the counterparty, a breach of
contract, such as a default or delinquency in interest or principal payments, probability that the
borrower will enter bankruptcy or other financial reorganization. If it is determined that no objective
evidence of impairment exists for an individually or collectively assessed financial asset, whether
significant or not, the asset is included in the group of financial assets with similar credit risk
characteristics and that group of financial assets is collectively assessed for impairment. Assets that
are individually assessed for impairment and for which an impairment loss is or continue to be
recognized are not included in a collective assessment of impairment. The impairment assessment is
performed at each balance sheet date. For the purpose of a collective evaluation of impairment,
financial assets are grouped on the basis of such credit risk characteristics such as customer type,
payment history, past-due status and term.
If there is objective evidence that an impairment loss on loans and receivables has been incurred, the
amount of impairment loss is measured as the difference between the financial asset’s carrying
amount and the present value of estimated future cash flows (excluding future expected credit losses
that have not been incurred) discounted at the financial asset’s original effective interest rate (i.e., the
effective interest rate computed at initial recognition). The carrying amount of the asset is reduced by
the impairment loss, which is recognized in profit or loss.
Loans and receivables, together with the related allowance, are written off when there is no realistic
prospect of future recovery and all collateral has been realized. If, in a subsequent period, the amount
of the impairment loss decreases and the decrease can be related objectively to an event occurring
after the impairment was recognized, the previously recognized impairment loss is reversed. Any
subsequent reversal of an impairment loss is recognized in profit or loss to the extent that the carrying
- 11 -
value of the asset does not exceed what its amortized cost would have been had the impairment not
been recognized at the date the impairment is reversed.
Derecognition of Financial Assets and Liabilities
Financial Assets
A financial asset (or, where applicable, a part of a financial asset or a part of a group of similar
financial assets) is derecognized (i.e., removed from the Group’s consolidated balance sheet) when:
• the rights to receive cash flows from the asset have expired; or
• the Group has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay the received cash flows in full without material delay to a third party under a
‘pass-through’ arrangement; and either (a) the Group has transferred substantially all the risks and
rewards of the asset, or (b) the Group has neither transferred nor retained substantially all risks
and rewards of the asset, but has transferred control of the asset.
Where the Group has transferred its rights to receive cash flows from an asset or has entered in to
pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of
ownership. When it has neither transferred nor retained substantially all the risks and rewards of the
asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the
extent of the Group’s continuing involvement. In that case, the Group also recognizes an associated
liability. The transferred asset and the associated liability are measured on a basis that reflects the
rights and obligations that the Group has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at
the lower of the original carrying amount of the asset and the maximum amount of consideration that
the Group could be required to repay.
Financial Liabilities
A financial liability is derecognized when the obligation under the liability is discharged, cancelled or
has expired.
Where an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as a derecognition of the original liability and the recognition of a new
liability, and the difference in the respective carrying amounts is recognized in profit or loss.
Current versus Noncurrent Classification
The Group presents assets and liabilities in the consolidated balance sheet based on
current/noncurrent classification.
An asset is current when it is:

• Expected to be realized or intended to be sold or consumed in normal operating cycle;
• Held primarily for the purpose of trading;
• Expected to be realized within twelve months after the reporting period; or
• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at
least twelve months after the reporting period.
All other assets are classified as noncurrent.

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A liability is current when:

• It is expected to be settled in normal operating cycle;
• It is held primarily for the purpose of trading;
• It is due to be settled within twelve months after the reporting period; or
• There is no unconditional right to defer the settlement of the liability for at least twelve months
after the reporting period.
The Group classifies all other liabilities as noncurrent.
Deferred tax assets and liabilities are classified as noncurrent assets and liabilities.
Inventories
Inventories are stated at the lower of cost and net realizable value (NRV). Cost of inventories is
determined using the first-in, first-out method. NRV is the selling price in the ordinary course of
business, less the estimated cost of marketing and distribution.
Prepayments and Other Current Assets
Prepayments and other current assets are primarily comprised of advances to suppliers, deferred input
value-added tax (VAT), prepaid rent, advances for expenses, supplies, and prepaid store expenses.
Prepayments and other current assets that are expected to be realized for no more than 12 months
after the balance sheet date are classified as current assets; otherwise, these are classified as other
noncurrent assets. These are recorded as assets and expensed when utilized or expired.
Advances to suppliers are down payments for acquisitions of property and equipment not yet
received. Once the property and equipment are received, the asset is recognized together with the
corresponding liability. These are stated at cost less any impairment in value.
Property and Equipment
Property and equipment, except for land, are carried at cost less accumulated depreciation and
amortization, and any impairment in value.
The initial cost of property and equipment consists of its purchase price and any directly attributable
costs of bringing the asset to its working condition and location for its intended use. Expenditures
incurred after the assets have been put into operation, such as repairs and maintenance and overhaul
costs, are recognized in profit or loss in the period in which the costs are incurred.
In situations where it can be clearly demonstrated that the expenditures have resulted in an increase in
the future economic benefits expected to be obtained from the use of an item of property and
equipment beyond its originally assessed standard of performance, the expenditures are capitalized as
an additional cost of the assets.
Construction in progress includes cost of construction and other direct costs and is stated at cost less
any impairment in value. Construction in progress is not depreciated until such time the relevant
assets are completed and put into operational use.
Depreciation and amortization commences once the assets are available for use. It ceases at the
earlier of the date that it is classified as noncurrent asset held-for-sale and the date the asset is
derecognized.
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Depreciation is computed on a straight-line method over the estimated useful lives of the assets as
follows:
Years
Buildings and improvements 10 to 12
Store furniture and equipment 5 to 10
Furniture and equipment 3 to 5
Transportation equipment 3 to 5
Computer equipment 3
Leasehold improvements are amortized over the estimated useful life of the improvements, ranging
from five to ten years, or the term of the lease, whichever is shorter.
The assets’ estimated useful lives and depreciation and amortization method are reviewed
periodically to ensure that the period and method of depreciation and amortization are consistent with
the expected pattern of economic benefits from the items of property and equipment. When assets are
retired or otherwise disposed of, the cost or revalued amount and the related accumulated
depreciation and amortization and any impairment in value are removed from the accounts and any
resulting gain or loss is recognized in profit or loss. The revaluation increment in equity relating to
the revalued asset sold is transferred to retained earnings.
Fully depreciated assets are retained in the books until disposed.
Land is carried at revalued amount less any impairment in value. Revaluations shall be made with
sufficient regularity to ensure that the carrying amount does not differ materially from that which
would be determined using fair value at the end of the financial reporting period. When the fair value
of a revalued land differs materially from its carrying amount, a further revaluation is required.
A revaluation surplus is recorded in OCI and credited to the “Revaluation increment on land - net of
tax” account in equity. However, to the extent that the Group reverses a revaluation deficit of the
same asset previously recognized in profit or loss, the increase is recognized in profit or loss. A
revaluation deficit is recognized in the profit or loss, except to the extent that it offsets an existing
surplus on the same asset recognized in “Revaluation increment on land - net of tax” account in
equity.
Deposits
Deposits are amounts paid as guarantee in relation to non-cancellable lease agreements entered into
by the Group. These deposits are recognized at cost and can be refunded or applied to future billings.
Intangible Assets
Intangible assets acquired separately are measured on initial recognition at cost. Following initial
recognition, intangible assets are carried at cost less accumulated amortization and any accumulated
impairment loss, if any. Internally-generated intangible assets, if any, excluding capitalized
development costs, are not capitalized and expenditure is reflected in profit or loss in which the
expenditure is incurred.
The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets
with finite lives are amortized over the useful economic life and assessed for impairment whenever
there is an indication that the intangible asset may be impaired. The amortization period and
amortization method for an intangible asset with a finite useful life is reviewed at least at each
balance sheet date. Changes in the expected useful life or the expected pattern of consumption of
future economic benefits embodied in the asset is accounted for by changing the amortization period
or method, as appropriate, and treated as changes in accounting estimates. The amortization expense
on intangible assets with finite lives is recognized in profit or loss in the expense category consistent
- 14 -
with the function of the intangible asset. Intangible assets with indefinite useful lives are tested for
impairment annually at the cash generating unit (CGU) level and are not amortized. The useful life of
an intangible asset with an indefinite life is reviewed annually to determine whether indefinite useful
life assessment continues to be supportable. If not, the change in the useful life assessment from
indefinite to finite is made on a prospective basis. Gains or losses arising from derecognition of an
intangible asset are measured as the difference between the net disposal proceeds, if any, and the
carrying amount of the asset and are recognized in profit or loss when the asset is derecognized.
Goodwill
Goodwill, included in “Goodwill and other noncurrent assets” account in the consolidated balance
sheet, represents the excess of the cost of an acquisition over the fair value of the businesses acquired.
Following initial recognition, goodwill is measured at cost less any accumulated impairment losses.
Goodwill are tested for impairment annually at the CGU level and are not amortized.
Software and Program Cost

Software and program cost, which are not specifically identifiable and integral to a specific computer
hardware, are shown under “Goodwill and other noncurrent assets” account in the consolidated
balance sheet. These are carried at cost, less accumulated amortization and any impairment in value.
Amortization is computed on a straight-line method over their estimated useful life of five years.
Impairment of Non-financial Assets

The Group assesses at each balance sheet date whether there is an indication that its non-financial
assets such as property and equipment, rent deposits and intangible assets may be impaired. If any
such indication exists, or when annual impairment testing for an asset is required, the Group makes an
estimate of the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s
or CGU’s fair value less costs to sell and its value in use and is determined for an individual asset,
unless the asset does not generate cash inflows that are largely independent of those from other assets
or groups of assets. For land, the asset’s recoverable amount is the higher of the land’s net selling
price, which may be obtained from its sale in an arm’s-length transaction, and its value in use. For
goodwill, the asset’s recoverable amount is its value in use. Where the carrying amount of an asset
exceeds its recoverable amount, the asset is considered impaired and is written down to its
recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their
present value, using a pre-tax discount rate that reflects current market assessments of the time value
of money and risks specific to the asset. Impairment losses, if any, are recognized in profit or loss,
except for revalued land when revaluation was taken to OCI. In this case, the impairment is also
recognized in OCI up to the amount of any previous revaluation.
For non-financial assets, excluding goodwill, an assessment is made at each balance sheet date as to
whether there is any indication that previously recognized impairment losses may no longer exist or
may have decreased. If such indication exists, the recoverable amount is estimated. A previously
recognized impairment loss is reversed only if there has been a change in the estimates used to
determine the asset’s recoverable amount since the last impairment loss was recognized. If that is the
case, the carrying amount of the asset is increased to its recoverable amount. That increased amount
cannot exceed the carrying amount that would have been determined, net of depreciation and
amortization, had no impairment loss been recognized for the asset in previous years. Such reversal
is recognized in profit or loss, unless the asset is carried at revalued amount, in which case, the
reversal is treated as a revaluation increase. After such reversal, the depreciation charge is adjusted in
the future periods to allocate the asset’s revised carrying amount, less any residual value, on a
systematic basis over its remaining useful life.
- 15 -
Goodwill is reviewed for impairment, annually or more frequently if event or changes in

circumstances indicate that the carrying value may be impaired. Impairment is determined for
goodwill by assessing the recoverable amount of the CGU or group of CGUs to which the goodwill
relates. Where the recoverable amount of the CGU or group of CGUs is less than the carrying
amount of the CGU or group of CGUs to which goodwill has been allocated, an impairment loss is
recognized. Impairment losses relating to goodwill cannot be reversed in future periods.
Deposits Payable
Deposits payable are amounts received from franchisees, store operators and sublessees as guarantee
in relation to various agreements entered into by the Group. These deposits are recognized at cost
and payable or applied to future billings.
Cumulative Redeemable Preferred Shares

Cumulative redeemable preferred shares that exhibit characteristics of a liability is recognized as a
financial liability in the consolidated balance sheet, net of transaction cost. The corresponding
dividends on those shares are charged as interest expense in profit or loss.
Deferred Revenue
Deferred revenue is recognized for cash received for income not yet earned. Deferred revenue is
recognized as revenue over the life of the revenue contract or upon delivery of goods or services.
Equity
Common Stock
Common stock is measured at par value for all shares issued and outstanding.
Additional Paid-in Capital

When the shares are sold at premium, the difference between the proceeds and the par value is
credited to the “Additional paid-in capital” account. When shares are issued for a consideration other
than cash, the proceeds are measured by the fair value of the consideration received.
In case the shares are issued to extinguish or settle the liability of the Group, the shares shall be
measured either at the fair value of the shares issued or fair value of the liability settled, whichever is
more reliably determinable.
Retained Earnings
Retained earnings represent the cumulative balance of net income or loss, dividend distributions,
prior period adjustments, effects of the changes in accounting policy and other capital adjustments.
When the retained earnings account has a debit balance, it is called “deficit.” A deficit is not an asset
but a deduction from equity.
Stock Dividends
Stock dividends are distribution of the earnings in the form of own shares. When stock dividends are
declared, the amount of stock dividends is transferred from retained earnings to capital stock.
Treasury Stock
Treasury stock is stated at acquisition cost and is deducted from equity. No gain or loss is recognized
in profit or loss on the purchase, sale, issuance or cancellation of the Group’s own equity instruments.
- 16 -
OCI
OCI comprises of items of income and expenses that are not recognized in profit or loss as required or
permitted by other PFRS. The Group’s OCI pertains to actuarial gains and losses from retirement
benefits and revaluation increment on land which are recognized in full in the period in which they
occur.
Revenue Recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the
Group and the amount of revenue can be measured reliably. The Group has assessed its revenue
arrangements against the criteria enumerated under PAS 18, Revenue Recognition, and concluded that
it is acting as principal in all arrangements, except for its sale of consigned goods. The following
specific recognition criteria must also be met before revenue is recognized:
Merchandise Sales
Revenue from merchandise sales is recognized when the significant risks and rewards of ownership
of the goods have passed to the buyer. Revenue from merchandise sales is measured at the fair value
of the consideration received, excluding discounts, returns, rebates and sales taxes.
The Company operates a customer loyalty programme, Every Day! Rewards, which allows customers
to accumulate points when they purchase products in the stores. The points can be redeemed for free
products, subject to a minimum number of points being obtained.
CDI also operates a customer loyalty programme, Araw-araw Panalo Membership Card, which
allows customers to earn points when they purchase products in the stores. The points can be used as
payment when purchasing items in the stores.
Consideration received is allocated between the products sold and the points issued, with the
consideration allocated to the points equal to their fair value. For PSC, fair value of the points is
equal to the retail value of the products that can be redeemed multiplied by the redemption rate. For
CDI, fair value of a point is equal to =
P1.00 multiplied by the redemption rate. The fair value of the
points issued is deferred (included as part of “Other current liabilities” account in the consolidated
balance sheet) and recognized as revenue when the points are redeemed.
Franchise Revenue
Franchise fee is recognized upon execution of the franchise agreement and performance of initial
services required under the franchise agreement. Other franchise revenue is recognized in the period
earned.
Marketing
Marketing income is recognized when service is rendered. In case of marketing support funds,
revenue is recognized upon start of promotional activity for the suppliers.
Rental
Rental income is accounted for on a straight-line basis over the term of the lease.
Commission
Commission income is recognized upon the sale of consigned goods.
Interest
Interest income is recognized as it accrues based on the effective interest rate method.
Other Income
Other income is recognized when there are incidental economic benefits, other than the usual
business operations, that will flow to the Group and can be measured reliably.
- 17 -
Costs and Expenses Recognition

Costs of merchandise sold are recognized in profit or loss at the point of sale. Expenses are
recognized in profit or loss upon utilization of the services or when they are incurred.
Retirement Benefits
The net defined benefit liability or asset is the aggregate of the present value of the defined benefit
obligation at the end of the financial reporting period reduced by the fair value of plan assets (if any),
adjusted for any effect of limiting a net defined benefit asset to the asset ceiling. The asset ceiling is
the present value of any economic benefits available in the form of refunds from the plan or
reductions in future contributions to the plan.
The cost of providing benefits under the defined benefit plans is actuarially determined using the
projected unit credit method.
Net retirement benefits cost comprises the following:
• Service cost
• Net interest on the net defined benefit liability or asset
• Remeasurements of net defined benefit liability or asset
Service costs which include current service costs, past service costs, and gains or losses on non-
routine settlements are recognized as expense in profit or loss. Past service costs are recognized when
plan amendment or curtailment occurs. These amounts are calculated periodically by independent
qualified actuaries.
Net interest on the net defined benefit liability or asset is the change during the period in the net
defined benefit liability or asset that arises from the passage of time which is determined by applying
the discount rate based on government bonds to the net defined benefit liability or asset. Net interest
on the net defined benefit liability or asset is recognized as expense or income in profit or loss.
Remeasurements comprising actuarial gains and losses, return on plan assets and any change in the
effect of the asset ceiling (excluding net interest on defined benefit liability) are recognized
immediately in OCI in the period in which they arise. Remeasurements are not reclassified to profit
or loss in subsequent periods.
Plan assets are assets that are held by a long-term employee benefit fund or qualifying insurance
policies. Plan assets are not available to the creditors of the Group, nor can they be paid directly to
the Group. Fair value of plan assets is based on market price information. When no market price is
available, the fair value of plan assets is estimated by discounting expected future cash flows using a
discount rate that reflects both the risk associated with the plan assets and the maturity or expected
disposal date of those assets (or, if they have no maturity, the expected period until the settlement of
the related obligations). If the fair value of the plan assets is higher than the present value of the
defined benefit obligation, the measurement of the resulting defined benefit asset is limited to the
present value of economic benefits available in the form of refunds from the plan or reductions in
future contributions to the plan.
The Group’s right to be reimbursed of some or all of the expenditure required to settle a defined
benefit obligation is recognized as a separate asset at fair value when and only when reimbursement is
virtually certain.
- 18 -
Leases
The determination of whether an arrangement is, or contains, a lease is based on the substance of the
arrangement at inception date. The arrangement is assessed for whether the fulfillment of the
arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to
use the asset or assets, even if that right is not explicitly specified in the arrangement.
Group as a Lessor
Leases where the Group does not transfer substantially all the risks and rewards of ownership of the
asset are classified as operating leases. Rental income is recognized on a straight-line basis over the
term of the lease.
Finance leases which transfer to the lessee substantially all the risks and benefits incidental to
ownership of the leased item, are recorded as finance lease receivable measured at present value of
the minimum lease payments. Lease payments from the lessee are apportioned between interest
income and reduction of the lease receivable so as to achieve a constant rate of interest on the
remaining balance of the receivable.
Group as a Lessee
Leases where the lessor retains substantially all the risks and benefits of ownership of the asset are
classified as operating leases. Operating lease payments are recognized as an expense in the profit or
loss on a straight-line basis over the lease term.
Borrowing Costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that
necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as
part of the cost of the respective assets. All other borrowing costs are expensed in the period they
occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the
borrowing of funds.
Foreign Currency-denominated Transactions

The consolidated financial statements are presented in Philippine Peso, which is the Parent
Company’s functional and presentation currency. All subsidiaries evaluate their primary economic
and operating environment and determine their functional currency. Transactions in foreign currency
are initially recorded at the exchange rate at the date of transaction. Outstanding foreign currency-
denominated monetary assets and liabilities are translated using the applicable exchange rate at
balance sheet date. Exchange differences arising from translation of foreign currency monetary items
at rates different from those at which they were originally recorded are recognized in profit or loss.
Taxes
Current Income Tax

Current income tax assets and liabilities for the current and prior periods are measured at the amount
expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to
compute the amount are those that have been enacted or substantively enacted at the balance sheet
date.
Current income tax relating to items recognized directly in equity is recognized in equity and not in
the statement of comprehensive income.
- 19 -
Deferred Tax
Deferred tax is provided, using the liability method, on all temporary differences at balance sheet date
between the tax bases of assets and liabilities and their carrying amounts for financial reporting
purposes.
Deferred tax liabilities are recognized for all taxable temporary differences, except:
• where the deferred tax liability arises from the initial recognition of goodwill or of an asset or
liability in a transaction that is not a business combination and, at the time of the transaction,
affects neither the accounting profit nor taxable profit or loss; and
• in respect of taxable temporary differences associated with investments in subsidiaries, associates
and interests in joint ventures, where the timing of the reversal of the temporary differences can
be controlled and it is probable that the temporary differences will not reverse in the foreseeable
future.
Deferred tax assets are recognized for all deductible temporary differences and carry forward benefits
of unused tax credits from excess minimum corporate income tax (MCIT) over regular corporate
income tax (RCIT), and unused net operating loss carry over (NOLCO), to the extent that it is
probable that sufficient future taxable profit will be available against which the deductible temporary
differences, and the carry forward benefits of MCIT over RCIT and NOLCO can be utilized, except:
• where the deferred tax asset relating to the deductible temporary difference arises from the initial
recognition of an asset or liability in a transaction that is not a business combination and, at the
time of the transaction, affects neither the accounting profit nor taxable profit or loss; and
• in respect of deductible temporary differences associated with investments in subsidiaries,
associates and interests in joint ventures, deferred tax assets are recognized only to the extent that
it is probable that the temporary differences will reverse in the foreseeable future and taxable
profit will be available against which the temporary differences can be utilized.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and
reduced to the extent that it is no longer probable that sufficient future taxable profit will be available
to allow all or part of the deferred tax assets to be utilized. Unrecognized deferred tax assets are
reassessed at the end of each reporting period and are recognized to the extent that it has become
probable that sufficient future taxable profit will allow the deferred tax assets to be recovered.
Deferred tax assets and liabilities are measured at tax rates that are expected to apply to the year when
the asset is realized or the liability is settled, based on tax rates and tax laws that have been enacted or
substantively enacted as at the end of the reporting period.
Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss.
Deferred tax items are recognized in correlation to the underlying transaction either in other
comprehensive income or directly in equity.
Deferred tax assets and liabilities are offset, if a legally enforceable right exists to offset current tax
assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the
same taxation authority.
VAT
Input VAT is the 12% indirect tax paid by the Group in the course of the Group’s trade or business on
local purchase of goods or services, including lease or use of property, from a VAT-registered entity.
For acquisition of capital goods over =P1,000,000, the related input taxes are deferred and amortized
over the useful life of the asset or 60 months, whichever is shorter, commencing on the date of
acquisition. Deferred input VAT which is expected to be utilized for more than 12 months after the
- 20 -
balance sheet date is included under “Goodwill and other noncurrent assets” account in the
consolidated balance sheet.
Output VAT pertains to the 12% tax due on the sale of merchandise and lease or exchange of taxable
goods or properties or services by the Group.
If at the end of any taxable month the output VAT exceeds the input VAT, the excess shall be paid by
the Group. Any outstanding balance is included under “Other current liabilities” account in the
consolidated balance sheet. If the input VAT exceeds the output VAT, the excess shall be carried
over to the succeeding month. Excess input VAT is included under “Prepayments and other current
assets” account in the consolidated balance sheet. Input VAT on capital goods may, at the option of
the Group, be refunded or credited against other internal revenue taxes, subject to certain tax laws.
Revenue, expenses and assets are recognized net of the amount of VAT.
Segment Reporting
Operating segments are components of an entity for which separate financial information is available
and evaluated regularly by management in deciding how to allocate resources and assessing
performance. The Group considers the store operation as its primary activity and its only business
segment. Franchising, renting of properties and commissioning on bills payment services are
considered an integral part of the store operations.
Earnings Per Share

Basic earnings per share is calculated by dividing the net income for the year attributable to common
shareholders by the weighted average number of shares outstanding during the year, excluding
treasury shares.
Diluted earnings per share is calculated by dividing the net income for the year attributable to
common shareholders by the weighted average number of shares outstanding during the year,
excluding treasury shares and adjusted for the effects of all potential dilutive common shares, if any.
In determining both the basic and diluted earnings per share, the effect of stock dividends, if any, is
accounted for retrospectively.
Provisions
Provisions are recognized when: (a) the Group has a present obligation (legal or constructive) as a
result of a past event; (b) it is probable that an outflow of resources embodying economic benefits
will be required to settle the obligation; and (c) a reliable estimate can be made of the amount of the
obligation. If the effect of the time value of money is material, provisions are determined by
discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of
the time value of money and, where appropriate, the risks specific to the liability. Where discounting
is used, the increase in the provision due to the passage of time is recognized as interest expense.
When the Group expects a provision or loss to be reimbursed, the reimbursement is recognized as a
separate asset only when the reimbursement is virtually certain and its amount is estimable. The
expense relating to any provision is presented in profit or loss, net of any reimbursement.
Contingencies
Contingent liabilities are not recognized in the consolidated financial statements. They are disclosed
unless the possibility of an outflow of resources embodying economic benefits is remote. Contingent
assets are not recognized in the consolidated financial statements but disclosed when an inflow of
economic benefit is probable. Contingent assets are assessed continually to ensure that developments
are appropriately reflected in the consolidated financial statements. If it has become virtually certain
- 21 -
that an inflow of economic benefits will arise, the asset and the related income are recognized in the
consolidated financial statements.
Events after the Balance Sheet Date

Post year-end events that provide additional information about the Group’s position at the balance
sheet date (adjusting events) are reflected in the consolidated financial statements. Post year-end
events that are non-adjusting events are disclosed in the notes to the consolidated financial statements
when material.
3. Use of Significant Accounting Judgments, Estimates and Assumptions
The preparation of the consolidated financial statements in accordance with PFRS requires
management to make judgments, estimates and assumptions that affect the amounts reported in the
consolidated financial statements and notes. The judgments, estimates and assumptions used in the
consolidated financial statements are based upon management’s evaluation of relevant facts and
circumstances as at balance sheet date. Future events may occur which can cause the assumptions
used in arriving at those judgments, estimates and assumptions to change. The effects of any changes
will be reflected in the consolidated financial statements of the Group as they become reasonably
determinable.
Judgments
In the process of applying the Group’s accounting policies, management has made the following
judgments, apart from those involving estimations, which have the most significant effect on amounts
recognized in the consolidated financial statements:
Classification of Financial Instruments

The Group classifies a financial instrument, or its components, on initial recognition as a financial
asset, liability or equity instrument in accordance with the substance of the contractual arrangement
and the definitions of a financial asset, liability or equity instrument. The substance of a financial
instrument, rather than its legal form, governs its classification in the consolidated balance sheet.
Financial assets are classified as financial assets at FVPL, HTM investments, AFS financial assets
and loans and receivables. Financial liabilities, on the other hand, are classified as financial liabilities
at FVPL and other financial liabilities.
The Group classifies the cumulative redeemable preferred shares as liability in accordance with the
redemption features contained in the shareholders agreement (see Note 15). The cumulative
redeemable preferred shares are redeemable at the option of the holder.
The Group determines the classification at initial recognition and, where allowed and appropriate, re-
evaluates this classification at every balance sheet date.
The Group’s financial instruments consist of loans and receivables and other financial liabilities
(see Notes 28 and 29).
Classification of Leases
a. Finance lease as lessor
The Group entered into a sale and leaseback transaction with an armored car service provider
where it has determined that the risks and rewards related to the armored vehicle leased out will
be transferred to the lessee at the end of the lease term. As such, the lease agreement was
accounted for as a finance lease (see Note 25).
- 22 -
b. Operating lease as lessee

The Group entered into various property leases, where it has determined that the risks and
rewards related to the properties are retained with the lessors. As such, the lease agreements were
accounted for as operating leases (see Note 25).
c. Operating lease as lessor

The Group entered into property subleases on its leased properties. The Group determined that it
retains all the significant risks and rewards of these properties which are leased out on operating
leases (see Note 25).
Estimates
The key assumptions concerning the future and other key sources of estimation uncertainty at the
balance sheet date that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities follow:
Determination of Fair Values

The fair value for financial instruments traded in active markets at the balance sheet date is based on
their quoted market price or dealer price quotations (bid price for long positions and ask price for
short positions), without any deduction for transaction costs. When current bid and ask prices are not
available, the price of the most recent transaction provides evidence of the current fair value as long
as there has not been a significant change in economic circumstances since the time of the
transaction.
For all other financial instruments not listed in an active market, the fair value is determined by using
appropriate valuation techniques. Valuation techniques include net present value techniques,
comparison to similar instruments for which observable market prices exist, options pricing models,
and other relevant valuation models.
Note 28 presents the fair values of the financial instruments and the methods and assumptions used in
estimating their fair values.
Impairment of Loans and Receivables

The Group reviews its loans and receivables at each balance sheet date to assess whether a provision
for impairment should be recognized in profit or loss or loans and receivables balance should be
written off. In particular, judgment by management is required in the estimation of the amount and
timing of future cash flows when determining the level of allowance required. Such estimates are
based on assumptions about a number of factors and actual results may differ, resulting in future
changes to the allowance. Moreover, management evaluates the presence of objective evidence of
impairment which includes observable data that comes to the attention of the Group about loss events
such as but not limited to significant financial difficulty of the counterparty, a breach of contract, such
as a default or delinquency in interest or principal payments, probability that the borrower will enter
bankruptcy or other financial re-organization.
In addition to specific allowances against individually significant loans and receivables, the Group
also makes a collective impairment allowance against exposures which, although not specifically
identified as requiring a specific allowance, have a greater risk of default than when originally
granted. This takes into consideration the credit risk characteristics such as customer type, payment
history, past due status and term.
The carrying value of loans and receivables amounted to =
P3,457,769,433 and =
P2,976,005,090 as at
December 31, 2017 and 2016, respectively (see Note 29). Allowance for impairment on loans and
receivables amounted to = P26,207,154 and = P31,938,309 as at December 31, 2017 and 2016
- 23 -
(see Note 5). Provision for impairment amounted to =

P4,019,807, =
P7,502,914 and =
P5,742,310 in 2017,
2016 and 2015, respectively (see Notes 5 and 18).
Decline in Inventory Value

Provisions are made for inventories whose NRV are lower than their carrying cost. This entails
determination of replacement costs and costs necessary to make the sale. The estimates are based on
a number of factors, such as but not limited to the age, status and recoverability of inventories.
The carrying value of inventories amounted to = P2,747,912,176 and = P2,131,441,288 as at

December 31, 2017 and 2016, respectively (see Note 6). No provisions for decline in inventory value
were recognized in 2017, 2016 and 2015.
Impairment of Non-financial Assets Other than Goodwill

The Group assesses whether there are any indicators of impairment for all non-financial assets, other
than goodwill, at each balance sheet date. These non-financial assets (property and equipment, rent
deposits, and software and program cost) are tested for impairment when there are indicators that the
carrying amounts may not be recoverable.
The factors that the Group considers important which could trigger an impairment review include the
following:
• significant underperformance relative to expected historical or projected future operating results;

• significant changes in the manner of use of the acquired assets or the strategy for overall
business;
• significant negative industry or economic trends; and
• decline in appraised value.
As at December 31, 2017 and 2016, the Group has not identified any indicators or circumstances that
would indicate that the Group’s property and equipment, rent deposits and software and program cost
are impaired. Thus, no impairment losses on these non-financial assets were recognized for the years
ended December 31, 2017, 2016 and 2015.
The carrying values of these non-financial assets are as follows:
2017 2016
Property and equipment (Note 8) P
=6,488,930,456 =
P5,711,671,416
Rent deposits (Note 9) 557,108,620 462,997,009
Software and program cost (Note 10) 2,262,249 3,440,601
Revaluation of Land
The Group’s parcels of land are carried at revalued amounts, which approximate its fair values at the
date of the revaluation, less any subsequent accumulated impairment losses. The valuations of land
are performed by independent appraisers. Revaluations are made every two to five years or more
frequently as necessary, to ensure that the carrying amounts do not differ materially from those which
would be determined using fair values at balance sheet date.
The last appraisal made on the Group’s parcels of land was in June 2014. The carrying amount of
land amounted to =P66,323,000 as at December 31, 2017 and 2016 (see Note 8).
Impairment of Goodwill
The Group determines whether goodwill is impaired at least on an annual basis. This requires an
estimation of the value in use of the CGUs to which the goodwill is allocated. Estimating the value in
- 24 -
use amount requires management to make an estimate of the expected future cash flows from the
CGUs and also to choose a suitable discount rate in order to calculate the present value of those cash
flows.
Based on the assessment made by the Group, there is no impairment of goodwill as the recoverable
amount of the CGU exceeds the carrying amount of the unit, including goodwill as at December 31,
2017 and 2016. The carrying value of goodwill amounted to = P65,567,524 as at December 31, 2017
and 2016 (see Note 10). No impairment loss was recognized in 2017, 2016 and 2015.
Estimation of Retirement Benefits

The net retirement benefits cost and the present value of retirement obligations are determined using
actuarial valuations. The actuarial valuation involves making various assumptions. These include the
determination of the discount rates, future salary increases, mortality rates and future pension
increases. Due to the complexity of the valuation, the underlying assumptions and its long-term
nature, defined benefit obligations are highly sensitive to changes in these assumptions. All
assumptions are reviewed at each financial reporting date.
In determining the appropriate discount rate, management considers the interest rates of government
bonds that are denominated in the currency in which the benefits will be paid, with extrapolated
maturities corresponding to the expected duration of the defined benefit obligation.
The mortality rate is based on publicly available mortality tables. Future salary increases and pension
increases are based on expected future inflation rates.
Further details about the assumptions used are provided in Note 23.
The Group’s net retirement obligations amounted to = P157,569,500 and = P117,038,962 as at

December 31, 2017 and 2016, respectively (see Note 23). Retirement benefits cost amounted to
=
P32,386,593, =
P27,105,454 and =
P23,029,230 in 2017, 2016 and 2015, respectively (see Notes 22 and
23).
Provisions and Contingencies

The Group has pending legal cases in the ordinary course of business. The Group’s estimate of the
probable costs for the resolution of these legal cases has been developed in consultation with in-house
and outside legal counsels and is based upon the analysis of the potential outcomes. It is possible,
however, that future results of operations could be affected by changes in the estimates or in the
effectiveness of strategies relating to these proceedings.
As at December 31, 2017 and 2016, the Group has provisions amounting to = P9,791,719 and
=
P8,312,483, respectively, and is reported as part of “Others” under “Accounts payable and accrued
expenses” account in the consolidated balance sheets (see Note 12). Provisions and contingencies are
further explained in Note 33.
Realizability of Deferred Tax Assets

Deferred tax assets are recognized for all temporary deductible differences to the extent that it is
probable that sufficient future taxable profits will be available against which the deductible temporary
differences can be utilized. Management has determined based on business forecast of succeeding
years that there is enough taxable profits against which the recognized deferred tax assets will be
realized.
The Group’s recognized deferred tax assets amounted to =P166,334,509 and =

P123,954,154 as at
December 31, 2017 and 2016, respectively (see Note 26).
- 25 -
4. Cash and Cash Equivalents and Short-Term Investment

This account consists of:
2017 2016
Cash on hand P
=487,232,763 P313,540,267
=
Cash in banks 1,456,726,222 1,137,432,406
Cash equivalents 25,000,000 100,000,000
P
=1,968,958,985 =
P1,550,972,673
Cash in banks earn interest at the respective bank deposit rates. Cash equivalents are made for
varying periods up to three months depending on the immediate cash requirements of the Group and
earn interest at the respective cash equivalent deposit rates.
Short-term Investment
As at December 31, 2017 and 2016, short-term investment amounting to = P11,184,667 and =P
11,083,577, respectively, pertains to time deposit which has a maturity date of more than 90 days.
Interest income from cash and cash equivalents and short-term investment amounted to =
P5,530,625,
=
P5,123,099 and =P3,493,205 in 2017, 2016 and 2015, respectively (see Note 21).
5. Receivables
2017 2016
Franchisees (Note 31) P
=822,737,369 =
P531,104,375
Suppliers 325,092,244 589,791,222
Employees 30,471,022 22,689,864
Store operators 12,382,909 15,735,708
Rent 2,790,501 2,977,397
Insurance receivable 1,153,106 3,749,206
Due from PhilSeven Foundation, Inc. (PFI)
(Note 24) 212,125 4,725,698
Lease receivable (Note 25) – 3,747,773
Note receivable – 990,917
Others 9,749,865 8,242,118
1,204,589,141 1,183,754,278
Less allowance for impairment 26,207,154 31,938,309
P
=1,178,381,987 =
P1,151,815,969
The classes of receivables of the Group are as follows:
• Franchisees – pertains to receivables for the inventory loans obtained by the franchisees at the
start of their store operations and charges for various expenses such as rent and utilities. Interest
earned on receivable from franchisees amounted to = P665,279 in 2017 and nil in 2016 and 2015
(see
Note 21).
• Suppliers – pertains to receivables from the Group’s suppliers for display allowances, annual
volume discount, support for promotions and commission income from different service
providers.
- 26 -
• Employees – includes car loans, salary loans, personal advances and cash shortages from stores
which are charged to employees. Interest earned on receivable from employees amounted to
=
P1,127,567, =
P34,315 and =
P16,882 in 2017, 2016 and 2015, respectively (see Note 21).
• Store operators – pertains to the advances given to third party store operators under service
agreements (see Note 31).
• Rent – pertains to receivables from sublease agreements with third parties, which are based on an
agreed fixed monthly rate or as agreed upon by the parties.
• Lease receivable – pertains to a sale and leaseback finance lease agreement entered by the Group
with an armored car service provider (see Note 25).
• Note receivable – pertains to a receivable from a third party borrower evidenced by a written
promise of payment with a five-year term maturing on January 31, 2015. Unamortized discount
amounted to nil in 2017 and 2016. Accretion of interest income amounted to nil in 2017, 2016
and 2015.
Receivables are noninterest-bearing and are generally on 30 to 90 day terms except for loans to
employees, receivable from franchisees, lease receivable and notes receivable with annual interest
rates of 5.00%, 2.00%, 7.00% and 6.32%, respectively, in 2017 and 10.00%, nil, 7.00% and 6.32%,
respectively, in 2016 and 2015 (see Note 25).
Impairment on receivables is based on individual and collective assessment of accounts. Movements

in allowance for impairment are as follows:
2017
Provision
Beginning for the year Ending
balances (Note 18) Write off balances
Franchisees P
=2,192,904 P
=1,942,888 P
=– P
=4,135,792
Suppliers 21,308,244 2,076,919 (5,012,272) 18,372,891
Employees 1,325,583 – – 1,325,583
Store operators 365,801 – – 365,801
Rent 2,007,087 – – 2,007,087
Lease receivable 3,747,773 – (3,747,773) –
Note receivable 990,917 – (990,917) –
Total P
=31,938,309 P
=4,019,807 (P
=9,750,962) P
=26,207,154
2016
Provision
Beginning for the year Ending
balances (Note 18) Write off balances
Franchisees =
P214,342 =
P1,978,562 =
P– =
P2,192,904
Suppliers 21,308,244 – – 21,308,244
Employees 539,921 785,662 – 1,325,583
Store operators 365,801 – – 365,801
Rent 2,007,087 – – 2,007,087
Lease receivable – 3,747,773 – 3,747,773
Note receivable – 990,917 – 990,917
Total =
P24,435,395 =
P7,502,914 =
P– =
P31,938,309
- 27 -
6. Inventories
2017 2016
At cost (Note 17):
Warehouse merchandise P
=1,620,907,521 =
P1,263,596,948
Store merchandise 1,127,004,655 867,844,340
P
=2,747,912,176 =
P2,131,441,288
No inventories are pledged nor treated as security to outstanding liabilities as at December 31, 2017
and 2016.
7. Prepayments and Other Current Assets
2017 2016
Current portion of:
Deferred input VAT P
=230,656,845 =238,109,999
P
Deferred lease (Notes 10 and 25) 6,866,849 5,251,131
Prepaid:
Rent 110,664,204 62,897,345
Taxes 19,758,914 288,949
Store expenses 6,119,722 17,940,776
Uniform 2,830,377 2,345,339
Others 2,062,590 3,050,802
Advances to suppliers 42,479,416 68,723,390
Advances for expenses 81,553,388 83,363,744
Supplies 24,628,411 36,870,174
Others 14,381,745 8,027,398
P
=542,002,461 =
P526,869,047
Deferred input VAT pertains to the input VAT on the acquisition of capital goods over =
P1,000,000
which are being amortized over the useful life or 60 months, whichever is shorter, commencing on
the date of acquisition.
- 28 -
8. Property and Equipment
Movements in property and equipment are as follows:

2017
At Cost
Land- Store
at Revalued Buildings and Furniture and Furniture and Transportation Computer Leasehold Construction
Amount Improvements Equipment Equipment Equipment Equipment Improvements in Progress Total
Cost/Revalued Amount
Beginning balances P
=66,323,000 P
=157,877,887 P
=5,150,726,038 P
=1,603,580,034 P
=72,350,575 P
=402,702,929 P
=2,706,367,613 P
=267,637,611 P
=10,427,565,687
Additions – – 1,130,871,134 371,875,368 20,164,737 148,022,218 691,106,118 38,753,522 2,400,793,097
Retirements – – (88,337,931) (57,401,016) – (3,709,900) (152,351,350) – (301,800,197)
Reclassifications – – – – – – 144,007,451 (144,007,451) –
Ending balances 66,323,000 157,877,887 6,193,259,241 1,918,054,386 92,515,312 547,015,247 3,389,129,832 162,383,682 12,526,558,587
Accumulated Depreciation
and Amortization
Beginning balances – 95,513,557 2,510,678,266 789,300,012 44,295,881 295,190,489 980,916,066 – 4,715,894,271
Depreciation and amortization
(Note 18) – 13,923,160 892,004,496 289,140,164 18,884,743 81,656,873 327,381,022 – 1,622,990,458
Retirements – – (88,337,931) (56,857,417) – (3,709,900) (152,351,350) – (301,256,598)
Ending balances – 109,436,717 3,314,344,831 1,021,582,759 63,180,624 373,137,462 1,155,945,738 – 6,037,628,131
Net Book Values P
=66,323,000 P
=48,441,170 P
=2,878,914,410 P
=896,471,627 P
=29,334,688 P
=173,877,785 P
=2,233,184,094 P
=162,383,682 P
=6,488,930,456
2016
At Cost
Land- Store
at revalued Buildings and Furniture and Furniture and Transportation Computer Leasehold Construction
Amount Improvements Equipment Equipment Equipment Equipment Improvements in Progress Total
Cost/Revalued Amount
Beginning balances =
P66,323,000 =
P156,326,344 =
P4,049,487,830 =
P1,276,678,042 =
P61,465,034 =
P377,736,733 =
P2,180,950,373 =
P278,691,801 =
P8,447,659,157
Additions – 1,632,088 1,247,613,373 384,405,440 12,400,541 35,835,739 236,386,649 405,123,891 2,323,397,721
Retirements – (80,545) (146,219,361) (57,659,252) (1,515,000) (10,869,543) (127,147,490) – (343,491,191)
Reclassifications – – (155,804) 155,804 – – 416,178,081 (416,178,081) –
Ending balances 66,323,000 157,877,887 5,150,726,038 1,603,580,034 72,350,575 402,702,929 2,706,367,613 267,637,611 10,427,565,687
Accumulated Depreciation
and Amortization
Beginning balances – 87,145,837 1,911,011,323 599,938,088 35,752,395 238,046,924 822,094,322 – 3,693,988,889
(Note 18) – 8,448,265 745,904,481 247,002,999 10,058,486 68,013,108 285,969,234 – 1,365,396,573
Retirements – (80,545) (146,219,361) (57,659,252) (1,515,000) (10,869,543) (127,147,490) – (343,491,191)
Reclassifications – – (18,177) 18,177 – – – – –
Ending balances – 95,513,557 2,510,678,266 789,300,012 44,295,881 295,190,489 980,916,066 – 4,715,894,271
Net Book Values =
P66,323,000 =
P62,364,330 =
P2,640,047,772 =
P814,280,022 =
P28,054,694 =
P107,512,440 =
P1,725,451,547 =
P267,637,611 =
P5,711,671,416
- 29 -
Construction in progress pertains to costs of constructing new stores and renovation of old stores.
Completion of construction and renovation is expected within three months to one year from
construction date. The costs of constructed stores are accumulated until such time the relevant assets
are completed and put into operational use.
In June 2014, the Group revalued its land with cost amounting to = P39,866,864 at appraised value of
=
P66,323,000, as determined by a professionally qualified independent appraiser. The appraised value
was determined using the market data approach, wherein the value of the land is based on sales and
listings of comparable properties registered within the vicinity. The fair value of land is categorized
under level 3 in the fair value hierarchy.
The cost of fully depreciated property and equipment that are still being used in operations amounted
to =
P1,226,861,793 and =P1,082,855,591 as at December 31, 2017 and 2016, respectively. No property
and equipment are pledged nor treated as security to the outstanding liabilities as at December 31,
2017 and 2016.
9. Deposits
2017 2016
Rent P
=557,108,620 =
P462,997,009
Refundable 165,419,915 122,546,147
Utilities 96,864,220 93,131,856
Others 14,363,537 10,344,774
P
=833,756,292 =
P689,019,786
Refundable Deposits
Refundable deposits on rent are computed at amortized cost as follows:
2017 2016
Face value of security deposits P
=205,420,506 =
P158,086,550
Refunded (536,800) (1,955,036)
Unamortized discount (39,463,791) (33,585,367)
P
=165,419,915 =122,546,147
P
Movements in unamortized discount are as follows:
2017 2016
Beginning balance P
=33,585,367 =
P27,689,256
Additions (Note 10) 14,958,087 11,689,595
Accretion (Note 21) (9,079,663) (5,793,484)
Ending balance P
=39,463,791 =
P33,585,367
Utilities and Others

These are deposits that earn interest at prevailing market interest rates which can be refunded or
applied to future billings.
- 30 -
10. Goodwill and Other Noncurrent Assets
2017 2016
Noncurrent portion of:
Deferred input VAT P
=296,370,265 =
P240,336,163
Prepaid rent 46,117,439 88,624,467
Deferred lease (Note 25) 27,901,190 24,110,125
Receivable from franchisees (Note 31) 19,130,591 32,751,738
Intangible assets:
Goodwill 65,567,524 65,567,524
Software and program cost 2,262,249 3,440,601
Garnished accounts 1,669,333 5,984,854
Others 381,547 2,650,994
P
=459,400,138 =
P463,466,466
Deferred Lease
Deferred lease pertains to “Day 1” loss recognized on refundable deposits on rent, which is amortized
on a straight-line basis over the term of the related leases.
Movements in deferred lease are as follows:
2017 2016
Beginning balance P
=29,361,256 =
P22,615,407
Additions (Note 9) 14,958,087 11,689,595
Amortization (Note 25) (9,551,304) (4,943,746)
Ending balance 34,768,039 29,361,256
Less current portion (Note 7) 6,866,849 5,251,131
Noncurrent portion P
=27,901,190 =24,110,125
P
Goodwill
On March 22, 2004, the Group purchased the leasehold rights and store assets of Jollimart Philippines
Corporation (Jollimart) for a total consideration of =
P130,000,000. The excess of the acquisition cost
over the fair value of the assets acquired was recorded as goodwill amounting to = P70,178,892. In
2008, the Group has recognized an impairment loss in goodwill amounting to =P4,611,368.
Goodwill is allocated to a CGU, which comprises a store network attributed to the previously-
explained acquisition. The stores net assets consist of net working capital and property and
equipment of all the purchased stores’ assets.
The recoverable amount of the goodwill was estimated based on the value in use calculation using
cash flow projections from financial budgets approved by senior management covering a five-year
explicit period, with a continuing value into perpetuity estimated using a constant-growth model. The
cash flows beyond the five-year period were extrapolated using 6.00% and 4.00% growth rates in
2017 and 2016, respectively, which are the same as the long-term average growth rates for the retail
industry.
The pre-tax discount rate applied to cash flow projections was 10.55% to 11.27% in 2017 and 10.20%
to 11.00% in 2016.
The Group has closed four stores and one store in 2017 and 2016, respectively. No impairment loss
was recognized in 2017, 2016 and 2015.
- 31 -
Key assumptions used in value in use calculations in 2017 and 2016 follow:
a. Sales and cost ratio

Sales and cost ratio were based on a five-year historical experience, including effect of inflation.
Management anticipates efficiency improvements in the forecast period, which will increase
gross margins. Sales were projected to increase by 6.00% and 4.00% per annum in 2017 and
2016, respectively, while the cost ratio is set at 67.61% to 73.31% and 68.10% to 73.99% of sales
per annum in 2017 and 2016, respectively.
b. Discount rates
Discount rates reflect management’s estimates of the risks specific to the CGU. Management
computed for the appropriate weighted average cost of capital (WACC) after the following were
considered:
Cost of debt based on average high bank lending rates as of measurement date and applicable
regular corporate income tax rate
Cost of equity developed using Capital Asset Pricing Model, with parameters as follows:
• Risk-free rate of 4.8% based on the yield of a 10-year government security as of
valuation date
• Market risk premium of 6.00% applicable to the Philippine equity market
• Group relevered beta of 1.10
• Additional risk premium of 3.00% to 4.00%
These costs are weighted by the observed industry capital structure of 49:51 as of
measurement date.
c. Growth rate estimates

Growth assumption with the explicit forecast period was based on average historical growth rate,
which was observed to be consistent with the expected average growth rate for the industry.
Annual inflation and rate of possible reduction in transaction counts were also considered in
determining growth rates used.
Management recognized that unfavorable conditions could materially affect the assumptions used in
the determination of value in use. An increase to 13.08% and 17.71% in the discount rates, or a
reduction of growth rates by 2.14% and 4.96%, would give a value in use equal to the carrying
amount of the CGU in 2017 and 2016, respectively.
Software and Program Cost

Movements in software and program cost are as follows:
2017 2016
Cost:
Beginning balance P
=20,914,147 =
P19,043,180
Additions 263,147 1,870,967
Reclassification (256,685) –
Ending balance 20,920,609 20,914,147
(Forward)
- 32 -
2017 2016
Accumulated amortization:
Beginning balance P
=17,473,546 =
P16,518,503
Amortization (Note 18) 1,237,857 955,043
Reclassification (53,043) –
Ending balance 18,658,360 17,473,546
Net book value P
=2,262,249 =
P3,440,601
Garnished Accounts
Garnished accounts pertain to the amount set aside by the Group, as required by the courts, in order to
answer for litigation claims should the results be unfavorable to the Group (see Note 33).
11. Bank Loans and Long-term Debt
Bank Loans
Bank loans in 2017 and 2016 represent unsecured Philippine Peso-denominated short-term
borrowings of PSC and CDI from various local banks, payable in lump-sum in 2017 and 2016,
respectively, with annual interest rates ranging from 2.65%-3.00% in 2017 and 2.45%-2.70% in 2016,
which are repriced quarterly based on market conditions.
Movements in bank loans are as follows:
2017 2016
Beginning balance =1,220,000,000 =
P P1,150,000,000
Availments 425,000,000 1,470,000,000
Payments (985,000,000) (1,400,000,000)
Ending balance =660,000,000 =
P P1,220,000,000
Interest expense from these bank loans amounted to =

P34,558,957, = P35,447,909 and =
P32,135,465 in
2017, 2016 and 2015, respectively (see Note 20). Interest payable amounted to = P900,806 and
=
P3,406,510 as at December 31, 2017 and 2016, respectively (see Note 12).
Long-term Debt
Long-term debt availed in 2017 and 2016 represent unsecured Philippine Peso-denominated
borrowings of the Group from various local banks, payable as follows:
Maturity date Payment schedule Principal Interest rate

December 9, 2019 36 monthly payments =
P200,000,000 3.10% in 2017 and 2016
March 30, 2021 20 quarterly payments 500,000,000 3.20% in 2017,
2.77% to 2.86% in 2016
November 24, 2020 12 quarterly payments 100,000,000 3.19% to 3.64% in 2017
August 1, 2022 20 quarterly payments 250,000,000 2.86% to 3.19% in 2017
November 16, 2022 20 quarterly payments 250,000,000 2.86% to 3.19% in 2017
The interest rates of the long-term debt are subject to quarterly and monthly repricing based on
market conditions.
In 2017, the long-term debt availed in 2015 with an original principal of =

P90,000,000 due on May 13,
2020 was fully paid by the Group.
- 33 -
Movements in long-term debt are as follows:
2017 2016
Beginning balance P
=654,500,000 P81,000,000
=
Availments 600,000,000 700,000,000
Payments (183,666,667) (126,500,000)
1,070,833,333 654,500,000
Less current portion 325,000,000 196,166,667
Noncurrent portion P
=745,833,333 =
P458,333,333
Interest expense from these borrowings amounted to = P21,774,248, =P8,645,375 and =

P1,701,418 in
2017, 2016 and 2015, respectively (see Note 20). Interest payable amounted to = P5,685,153 and =
P
1,769,535 as at December 31, 2017 and 2016, respectively (see Note 12).
The proceeds of the bank loans and long-term debt were used for the operations of the Group.
12. Accounts Payable and Accrued Expenses
2017 2016
Trade payable P
=3,537,528,491 =
P2,847,219,113
Rent (Note 25) 135,539,062 102,168,014
Utilities 112,604,014 96,504,939
Employee benefits 82,006,750 103,186,803
Outsourced services 76,008,203 68,768,914
Security services 36,363,734 27,903,068
Bank charges 15,830,500 18,726,700
Advertising and promotion 8,684,931 18,544,931
Interest (Notes 11 and 15) 6,844,709 5,434,795
Repairs and maintenance – 36,161,341
Others (Note 33) 169,774,022 142,217,967
P
=4,181,184,416 =
P3,466,836,585
The trade suppliers generally provide 15 or 30-day credit terms to the Group. Prompt payment
discounts ranging from 1.0% to 3.0% are given by a number of trade suppliers. All other payables
are due within 3 months.
Others include provisions and accruals of various expenses incurred in the stores’ operations.
13. Other Current Liabilities
2017 2016
Due to franchisees (Note 31) P
=627,697,648 =
P266,525,286
Non-trade accounts payable 440,501,849 553,234,034
Retention payable 148,238,717 126,790,021
Output VAT 95,548,295 148,501,142
Deferred revenue on customer loyalty programme 92,900,166 74,116,373
Withholding taxes 69,172,789 69,391,609
(Forward)
- 34 -
2017 2016
Unearned revenue P
=53,003,647 =
P37,222,608
Royalty (Note 31) 36,000,390 30,449,395
Service fees payable 7,646,834 2,142,409
Others (Note 24) 61,523,557 40,553,583
P
=1,632,233,892 =1,348,926,460
P
Due to franchisees pertain to the share of the franchisees to the gross profit of the franchise stores.
These are due within three months.
Non-trade accounts payable pertains to payable to suppliers of services or supplies that forms part of
general and administrative expenses. These are noninterest-bearing and are due within one year.
Retention payable pertains to the 10% of progress billings related to the construction of stores to be
paid upon satisfactory completion of the construction.
Output VAT and withholding taxes are payables to the government and are due within three months.
Unearned revenue is composed of unearned rent income and unearned revenue from 7-Eleven gift
certificates.
Service fees payable pertains to management fee to store operators of service agreement stores
computed based on a graduated percentage multiplied to stores’ gross profit and is payable the
following month.
14. Deposits Payable
2017 2016
Franchisees (Note 31) P
=151,884,818 =129,825,027
P
Service agreements (Note 31) 92,063,297 92,588,090
Rent 17,801,712 17,026,840
P
=261,749,827 =
P239,439,957
15. Cumulative Redeemable Preferred Shares
Cumulative redeemable preferred shares, which are redeemable at the option of the holder, represent
the share of PSC-ERP through its trustee, BPI-AMTG, in SSHI’s net assets pertaining to preferred
shares. PSC-ERP is entitled to an annual “Guaranteed Preferred Dividend” in the earnings of SSHI
starting April 5, 2002, the date when the 25% of the subscription on preferred shares have been paid,
in accordance with the Corporation Code.
The guaranteed annual dividends shall be calculated and paid in accordance with the Shareholders’
Agreement dated November 16, 2000 which provides that the dividend shall be determined by the
BOD of SSHI using the prevailing market conditions and other relevant factors. Further, the
preferred shareholder shall not participate in the earnings of SSHI except to the extent of guaranteed
dividends and whatever is left of the retained earnings will be declared as dividends in favor of
common shareholders. Guaranteed preferred dividends included under “Interest expense” account in
the consolidated statements of comprehensive income amounted to = P226,560, = P206,820 and = P
- 35 -
154,740 in 2017, 2016 and 2015, respectively (see Note 20). Interest payable amounted to =
P258,750
as at December 31, 2017 and 2016 (see Note 12).
16. Equity
Common Stock
Number of Shares
2017 2016
Authorized - P
=1 par value per share 1,600,000,000 600,000,000
Issued and subscribed:

Balance at beginning of year 459,121,573 459,121,573
Issuances of 65% stock dividends 297,982,960 –
Balance at end of year 757,104,533 459,121,573
The Company was listed with the Philippine Stock Exchange on February 4, 1998 with total listed
shares of 71,382,000 common shares consisting of 47,000,000 shares for public offering and
24,382,000 shares for private placement. The Company offered the share at a price of =
P4.40.
Below is the Company’s track record of the registration of securities:

Date of SEC order
rendered effective or
permit to sell/ Authorized Issue price/
Date of SEC approval Event Capital Stock Issued shares Par value
Outstanding common
January 9, 1998 shares 400,000,000 166,556,250 =
P1.00
Listed shares:
February 4, 1998 Public offering 400,000,000 47,000,000 4.40
Private placement 400,000,000 24,382,000 4.40
August 15, 2008 10% stock dividends 400,000,000 23,725,200 1.00
November 15, 2012 15% stock dividends 600,000,000 51,996,445 1.00
November 6, 2017 65% stock dividends 1,600,000,000 297,982,960 1.00
As at December 31, 2017 757,104,533
On July 24, 2012, the BOD and at least 2/3 of the Company’s stockholders approved the increase of
the Company’s authorized common stock from = P400,000,000, divided into 400,000,000 common
shares with par value of = P1 per share, to =
P600,000,000, divided into 600,000,000 common shares
with a par value of =
P1 per share.
The Philippine SEC approved the Company’s application for the increase in its authorized capital
stock on October 19, 2012.
On September 21, 2016, there was a disposal of 2,000,000 shares under the name of the Company’s
President/Chief Executive Officer via a special block sale through the Philippine Stock Exchange.
The disposal had no effect to the total issued shares of the Company.
- 36 -
On June 16, 2017, the BOD and at least 2/3 of the Company’s stockholders approved the increase of
the Company’s authorized common stock from = P600,000,000, divided into 600,000,000 common
shares with par value of =
P1 per share, to =
P1,600,000,000, divided into 1,600,000,000 common shares
with a par value of =
P1 per share.
The Philippine SEC approved the Company’s application for the increase in its authorized capital
stock on October 18, 2017.
On November 6, 2017, the Philippine SEC approved the issuance of 297,982,960 shares as stock
dividends to stockholders on record as at November 28, 2017. The stock dividends were issued on
December 14, 2017.
As at December 31, 2017 and 2016, the Company is compliant with the minimum public float as
required by the Philippine Stock Exchange.
Retained Earnings
The Group’s retained earnings is restricted to the extent of =
P186,269,535 and =
P221,745,466 as at
December 31, 2017 and 2016, respectively, for the undistributed earnings of subsidiaries and
=
P2,923,246 as at December 31, 2017 and 2016 for the cost of treasury shares.
On November 18, 2015, the BOD approved the appropriation of retained earnings amounting to
=
P2,450,000,000 intended for store and warehouse expansion. These projects are expected to be
completed in 2018.
On November 7, 2016, the BOD approved additional appropriation of retained earnings amounting to
=
P900,000,000 intended for store and warehouse expansion. These projects are expected to be
completed in 2019.
On November 27, 2017, the BOD approved additional appropriation of retained earnings amounting
to
=
P1,000,000,000 intended for store and warehouse expansion. These projects are expected to be
completed in 2020.
Cash Dividends
Details of the Company’s cash dividends declaration for the years ended December 31, 2017, 2016
and 2015 are shown below:
Outstanding no. of
Dividend common shares as Total cash
Declaration date Record date Payment date per share of declaration date dividends
June 16, 2017 July 4, 2017 July 14, 2017 P
=0.65 458,435,323 P
= 297,982,960
April 28, 2016 May 12, 2016 May 26, 2016 0.55 458,435,323 252,139,428
April 23, 2015 May 8, 2015 May 22, 2015 0.40 458,435,323 183,374,129
The Company’s BOD approved all the cash dividends presented above.
Treasury Shares
There are 686,250 shares that are in treasury amounting to =
P2,923,246 as at December 31, 2017 and
2016. There is no movement in the Company’s treasury shares in 2017 and 2016.
- 37 -
17. Cost of Merchandise Sales
2017 2016 2015

Merchandise inventory, beginning
(Note 6) P
=2,131,441,288 =
P1,568,498,726 =
P1,165,094,076
Net purchases (Note 31) 24,392,945,179 21,924,062,522 17,294,994,990
26,524,386,467 23,492,561,248 18,460,089,066
Less merchandise inventory, ending
(Note 6) 2,747,912,176 2,131,441,288 1,568,498,726
=23,776,474,291 =
P P21,361,119,960 =
P16,891,590,340
18. General and Administrative Expenses
2017 2016 2015

Rent (Note 25) P
=1,950,008,730 =
P1,602,378,489 =
P1,121,193,327
Communication, light and water 1,760,637,244 1,423,412,889 1,260,607,213
Outside services (Note 31) 1,708,277,639 1,476,127,840 1,050,937,424
(Note 8) 1,622,990,458 1,365,396,573 1,092,223,359
Personnel costs (Note 22) 885,158,859 668,412,372 568,997,511
Trucking services 571,372,645 448,200,598 350,442,201
Advertising and promotion 409,013,000 443,313,381 345,030,366
Warehousing services 399,257,602 306,100,604 254,130,414
Repairs and maintenance 390,409,921 323,172,738 225,459,706
Royalties (Note 31) 378,177,727 315,952,054 256,390,436
Supplies 293,447,685 256,622,463 204,200,092
Taxes and licenses 278,224,355 230,133,415 176,774,287
Entertainment, amusement and
recreation 94,748,285 72,453,849 60,768,450
Transportation and travel 86,804,445 67,916,734 65,660,872
Inventory losses 54,220,090 45,317,018 37,972,396
Dues and subscription 39,882,637 39,412,151 20,462,743
Insurance 35,776,190 28,841,990 16,139,822
Provision for impairment
of receivables (Note 5) 4,019,807 7,502,914 5,742,310
Amortization of software and
program cost (Note 10) 1,237,857 955,043 878,003
Others 262,537,808 262,234,884 349,577,933
P
=11,226,202,984 =
P9,383,857,999 =
P7,463,588,865
19. Marketing Income
2017 2016 2015

Promotions P
=1,018,105,107 =
P755,782,086 =
P566,683,080
Marketing support funds 234,508,971 198,464,705 168,538,374
P
=1,252,614,078 =
P954,246,791 =
P735,221,454
- 38 -
20. Interest Expense
2017 2016 2015

Interest on bank loans and long-term
debt (Note 11) P
=56,333,205 =
P44,093,284 =
P33,836,883
Guaranteed preferred dividends
(Note 15) 226,560 206,820 154,740
P
=56,559,765 =44,300,104
P =33,991,623
P
21. Interest Income
2017 2016 2015

Cash and cash equivalents (Note 4) P
=5,403,654 =4,996,935
P =3,368,256
P
Accretion of refundable deposits
(Note 9) 9,079,663 5,793,484 3,509,396
Short-term investment (Note 4) 126,971 126,164 124,949
Finance lease (Note 25) – – 5,773
Receivable from employees (Note 5) 1,127,567 34,315 16,882
Receivable from franchisees (Note 5) 665,279 – –
P
=16,403,134 =
P10,950,898 =
P7,025,256
22. Personnel Costs
2017 2016 2015

Salaries and wages P
=548,193,443 P402,430,307
= =302,201,732
P
Employee benefits 304,578,823 238,876,611 243,766,549
Net retirement benefits cost
(Note 23) 32,386,593 27,105,454 23,029,230
P
=885,158,859 =
P668,412,372 =
P568,997,511
23. Retirement Benefits
The Group maintains a trusteed, non-contributory defined benefit retirement plan covering all
qualified employees administered by a trustee bank under the supervision of the Board of Trustees
(BOT) of the plan. The BOT is responsible for investment of the assets. It defines the investment
strategy as often as necessary, at least annually, especially in the case of significant market
developments or changes to the structure of the plan participants. When defining the investment
strategy, it takes account of the plans’ objectives, benefit obligations and risk capacity. The
investment strategy is defined in the form of a long-term target structure (investment policy). The
BOT delegates the implementation of the investment policy in accordance with the investment
strategy as well as various principles and objectives to an Investment Committee, which also consists
of members of the BOT, a Director and a Controller. The Controller of the fund is the one who
oversees the entire investment process.
- 39 -
Changes in net retirement obligations in 2017 are as follows:
Remeasurements in other comprehensive income

Actuarial
Net retirement benefits cost in consolidated changes arising
statement of comprehensive income from changes in
January 1, Current Subtotal Remeasurement financial Experience Contribution by December 31,
2017 service cost Net interest (Note 22) Benefits paid on plan assets assumptions adjustments Subtotal employer 2017
Present value of the
retirement obligations
PSC (P
=198,333,091) (P
=24,886,812) (P
=10,729,820) (P
=35,616,632) P
=1,058,444 P
=– (P
=12,301,579) (P
=8,072,338) (P
=20,373,917) P
=– (P
=253,265,196)
CDI (10,397,436) (1,167,973) (562,501) (1,730,474) – – (393,348) (425,201) (818,549) – (12,946,459)
(208,730,527) (26,054,785) (11,292,321) (37,347,106) 1,058,444 – (12,694,927) (8,497,539) (21,192,466) – (266,211,655)
Fair value of plan assets
PSC 86,354,920 – 4,671,801 4,671,801 (1,058,444) (730,762) – – (730,762) 12,000,000 101,237,515
CDI 5,336,645 – 288,712 288,712 – (220,717) – – (220,717) 2,000,000 7,404,640
91,691,565 – 4,960,513 4,960,513 (1,058,444) (951,479) – – (951,479) 14,000,000 108,642,155
Net retirement obligations (P
=117,038,962) (P
=26,054,785) (P
=6,331,808) (P
=32,386,593) P
=– (P
=951,479) (P
=12,694,927) (P
= 8,497,539) (P
=22,143,945) P
=14,000,000 (P
=157,569,500)
Changes in net retirement obligations in 2016 are as follows:
Remeasurements in other comprehensive income

Actuarial changes
Net retirement benefits cost in consolidated arising from
statement of comprehensive income changes in
January 1, Current Subtotal Remeasurement financial Experience Contribution by December 31,
2016 service cost Net interest (Note 22) Benefits paid on plan assets assumptions adjustments Subtotal employer 2016
Present value of the
retirement obligations
PSC (P
=173,335,948) (P
=21,252,063) (P
=8,684,131) (P
=29,936,194) =
P1,305,346 =
P– =
P11,600,431 (P
=7,966,726) =
P3,633,705 =
P– (P
=198,333,091)
CDI (9,204,734) (793,418) (469,441) (1,262,859) 335,371 – 262,283 (527,497) (265,214) – (10,397,436)
(182,540,682) (22,045,481) (9,153,572) (31,199,053) 1,640,717 – 11,862,714 (8,494,223) 3,368,491 – (208,730,527)
Fair value of plan assets
PSC 79,526,317 – 3,984,268 3,984,268 (1,305,346) (1,850,319) – – (1,850,319) 6,000,000 86,354,920
CDI 2,143,737 – 109,331 109,331 (335,371) (81,052) – – (81,052) 3,500,000 5,336,645
81,670,054 – 4,093,599 4,093,599 (1,640,717) (1,931,371) – – (1,931,371) 9,500,000 91,691,565
Net retirement obligations (P
=100,870,628) (P
=22,045,481) (P
=5,059,973) (P
=27,105,454) =
P– (P
=1,931,371) =
P11,862,714 (P
=8,494,223) =
P1,437,120 =
P9,500,000 (P
=117,038,962)
- 40 -
The fair value of plan assets by each class as at the end of each balance sheet date are as follows:
PSC CDI
December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016
Government securities P
=79,069,676 =
P8,111,752 P
=– =
P–
Investments in equity securities:
PSC - listed shares -
77,508 and 46,975 as
at December 31, 2017
and 2016, respectively 8,866,915 6,341,625 – –
SSHI - unlisted shares 6,000,000 6,000,000 – –
BPI short-term fund:
Unit investment trust fund 4,329,582 10,710,037 5,923,955 256,233
BPI ALFM mutual fund 2,948,014 55,153,114 1,480,685 5,080,412
Accrued interest receivable 23,328 38,392 – –
Fair value of plan assets P
=101,237,515 =
P86,354,920 P
=7,404,640 =
P5,336,645
The trustee exercises voting rights over the PSC and SSHI shares held by the retirement fund.
The retirement benefits cost and the present value of the retirement obligations are determined using
actuarial valuations. The actuarial valuation involves making various assumptions. The principal
assumptions used in determining the net retirement obligations are shown below:
PSC CDI
2017 2016 2017 2016
Discount rates 5.05% 5.41% 5.05% 5.41%
Salary increase rates 5.50% 5.50% 5.50% 5.50%
Turnover rates:
Age 17-24 5.00% 5.00% 5.00% 5.00%
25-29 3.00% 3.00% 3.00% 3.00%
30-49 1.00% 1.00% 1.00% 1.00%
50-59 0.00% 0.00% 0.00% 0.00%
The sensitivity analysis below has been determined based on reasonably possible changes of each
significant assumption on the defined benefit obligation as at December 31, 2017, assuming if all
other assumptions were held constant:
Increase
(Decrease) PSC CDI
Discount rates +0.5% (P
=16,819,416) (P
=535,399)
-0.5% 18,845,980 599,380
Salary increase rate +1% 38,485,119 1,219,754

-1% (31,292,893) (974,868)
Average remaining years of service +5 years – –

-5 years 1,071,054 68,550
The Group expects to contribute =P37,064,878 and P

=1,609,525 to the defined benefit retirement plans
of PSC and CDI, respectively, in 2018.
The Group does not currently employ any asset-liability matching. The average expected future
service in years of the employees of PSC and CDI is 24 and 23 years, respectively.
- 41 -
Shown below is the maturity analysis and weighted average duration of the retirement benefits
obligations:
Benefits Payments
PSC CDI
Not exceeding 1 year =
P9,069,665 =
P6,895,232
More than 1 year to 5 years 14,498,138 –
More than 5 to 10 years 104,765,972 3,054,684
More than 10 to 15 years 215,274,819 7,293,069
More than 15 years to 20 years 358,430,021 11,736,058
More than 20 years 5,979,413,376 253,756,880
24. Related Party Disclosures

Related party relationships exist when one party has the ability to control, directly or indirectly
through one or more intermediaries, the other party or exercise significant influence over the other
party in making financial and operating decisions. Such relationships also exist between and/or
among entities which are under common control with the reporting enterprise, or between and/or
among the reporting enterprises and their key management personnel, directors or its stockholders.
Transactions with related parties consist of:

c. PSC and CDI have transactions with PFI, a foundation with common key management of
the Group, consisting of donations and noninterest-bearing advances pertaining primarily
to salaries, taxes and other operating expenses initially paid by PSC for PFI. Donations
payable to PFI is presented under “Others” in the “Other current liabilities” account in
the consolidated balance sheets (see Note 13).
Balances arising from the foregoing transactions with related parties are as follows:
Transactions for the Outstanding Balance

Related Nature of Terms and Year Ended December 31 as at December 31
Parties Relationship Transactions Conditions 2017 2016 2017 2016
Receivables
PFI (Note 5) Affiliate Noninterest- Unsecured, no
bearing impairment in
advances 2017 and 2016.
Amounts are due
and demandable. P
=650,015 =
P637,215 P
=212,125 =
P4,725,698
Other Current Liabilities

PFI Affiliate Donations Allocated annual
fund equivalent
to 0.5% of
earnings before
income tax and
=
P720,000
donation from
CDI in 2016.
Payable within
30 days.* P
=– =
P980,000 P
=– =
P3,249,366
*PSC shall release the allocated fund quarterly which shall correspond to the specific programs of PFI and its budget approved by
the BOT, and the total amount of donation for each year shall not exceed =P20,000,000. CDI had no donations to PFI in 2017 and
shall donate an amount as maybe approved by the BOD of CDI which shall be remitted to PFI the year following in equal quarterly
tranches commencing upon recognition of PFI as a donee institution upon accreditation by the Bureau of Internal Revenue.
- 42 -
d. As at December 31, 2017 and 2016, the Group’s defined benefit retirement fund has
investments in shares of stock of PSC with a cost of =P122,417. The retirement benefit
fund earned a gain arising from changes in market prices amounting to =
P2,525,290 and =
P
1,644,125 in 2017 and 2016, respectively.
e. Compensation of key management personnel are as follows:
2017 2016 2015

Short-term employee benefits P
=62,941,002 =
P53,540,940 =
P48,794,584
Post-employment benefits 4,863,892 4,710,147 4,021,235
P
=67,804,894 =
P58,251,087 =
P52,815,819
25. Leases
Finance Lease as Lessor

In March 2007, PSC entered into a five-year sale and leaseback finance lease agreement with an
armored car service provider. The lease has no terms of renewal and no escalation clauses.
Unguaranteed residual values accruing to the Group amounted to =
P300,000.
In March 2010, the Company amended its agreement with the armored car service provider extending
the lease term for another five years from March 1, 2010 to February 1, 2015, imposing 7% interest
per annum on the restructured loan obligation and reducing its monthly rental payments. The
unguaranteed residual values accruing to the Company was retained. No renewal was made in 2015
and the ownership of the armored car was transferred to the lessee upon end of the lease term.
Lease receivable amounted to nil and = P3,747,773 as at December 31, 2017 and 2016, respectively.
There were no collections of lease receivable in 2017 and 2016. In 2016, the Company recorded a
provision for impairment for the lease receivable amounting to = P3,747,773. In 2017, the Company
has written off the lease receivable balance as approved by the BOD (see Note 5).
Unearned interest income as at December 31, 2017 and 2016 amounted to nil. Related interest
income amounted to nil in 2017 and 2016, and =
P5,773 in 2015 (see Note 21).
The difference between the original lease agreement’s present value of minimum lease payments at
the date of lease inception against the carrying value of the finance lease asset resulted in a deferred
revenue on finance lease amounting to = P6,550,753, which was amortized on a straight-line basis over
the lease term. The related deferred revenue amounted to nil as at December 31, 2017 and 2016.
Amortization of deferred revenue on finance lease amounted to nil in 2017 and 2016, and = P98,264 in
2015.
Operating Lease as Lessee

a. PSC has various lease agreements with third parties relating to its store operations. Certain
agreements provide for the payment of rentals based on various schemes such as an agreed
percentage of net sales for the month and fixed monthly rate.
Rent expense related to these lease agreements amounted to =

P1,820,174,736, =
P1,503,460,115 and
=
P1,032,146,531 in 2017, 2016 and 2015, respectively (see Note 18). Of the total rent expense,
=
P34,487,120, =P24,681,877 and = P13,755,474 in 2017, 2016 and 2015, respectively, pertains to
contingent rent of some stores based on percentage ranging from 1.5% to 3.0% of merchandise
sales. Amortization of deferred lease amounted to = P3,854,363, =
P2,454,525 and = P659,155 in
2017, 2016 and 2015, respectively (see Note 10).
- 43 -
In 2017 and 2016, PSC entered into various long-term operating lease agreements for its
warehouses and warehouse extensions in La Union, Batangas, Cagayan de Oro, Bulacan, Pasig,
Cebu, Iloilo, Pampanga and Davao. Rent expense for warehouse leases amounted to = P
105,482,619, =
P83,077,592 and = P69,926,319 in 2017, 2016 and 2015, respectively (see Note 18).
Amortization of deferred lease amounted to = P5,636,543, =
P2,474,353 and =P4,300,379 in 2017,
2016 and 2015, respectively (see Note 10).
The approximate annual future minimum rental payments of PSC under its existing lease
agreements as at December 31 are as follows:
2017 2016
Within one year P
=314,290,727 =
P197,435,437
After one year but not more than five years 838,267,671 613,872,092
More than five years 600,329,800 338,290,729
P
=1,752,888,198 =
P1,149,598,258
b. In 2012, CDI entered into a 2-year lease contract for the lease of a warehouse in Cebu
commencing in April 2012 until April 2014. The lease has a renewal option and is subject to an
annual escalation rate of 5%. Upon expiration in April 2014, CDI renewed the lease contract for
another eight months from May to December 2014. On January 1, 2015, CDI again renewed the
lease contract for one year from January to December 2015. CDI did not renew the lease in 2016
and 2017.
In 2015, CDI entered into a 10-year operating lease contract with a third party for the lease of its
first store commencing August 2015 until August 2025. The lease has a renewal option and is
subject on an annual escalation rate of 5% starting on its third year of lease.
In 2017, CDI has entered into 3 new long-term lease contracts for the lease of one new store and
two soon-to-open stores. Each lease contract has a term of 10 years and is subject on an annual
escalation of 5% starting on its second year of lease. These leases have renewal options.
Rent expense related to these lease agreements amounted to = P10,561,112, =P2,155,752 and
=
P15,377,237 in 2017, 2016 and 2015, respectively (see Note 18). Amortization of deferred lease
amounted to =
P60,398, =
P14,868 and =
P6,195 in 2017, 2016 and 2015, respectively (see Note 10).
The approximate annual future minimum rental payments of CDI under its existing lease contract
as at December 31 are as follows:
2017 2016
Within one year P
=15,247,178 =
P2,122,105
After one year but not more than five years 51,728,835 9,337,092
More than five years 67,340,542 10,042,912
P
=134,316,555 =21,502,109
P
CDI also has other various short-term operating leases pertaining to rental of warehouse and
equipment. Related rent expense amounted to = P13,790,263, =
P13,685,030 and =P3,743,240 in
2017, 2016 and 2015, respectively (see Note 18).
- 44 -
Operating Lease as Lessor

The Group has various sublease agreements with third parties which provide for lease rentals based
on an agreed fixed monthly rate or as agreed upon by the parties. Rental income related to these
sublease agreements amounted to =P76,666,882, =P63,764,574 and = P56,729,444 in 2017, 2016 and
2015, respectively.
26. Income Tax
a. The components of the Group’s provision for income tax are as follows:
2017 2016 2015

Current:
Regular corporate income tax P
=631,208,657 =
P553,697,688 =
P461,117,879
Final tax on interest income 976,859 1,024,431 698,401
632,185,516 554,722,119 461,816,280
Deferred (34,227,226) (19,640,158) (9,960,769)
P
=597,958,290 =
P535,081,961 =
P451,855,511
b. The components of the Group’s net deferred income tax assets are as follows:
2017
PSC CDI SSHI Total
Deferred income tax assets:
Net retirement obligations P
=45,608,304 P
=1,662,546 P
=– P
= 47,270,850
Accrued rent 39,132,964 1,528,755 – 40,661,719
Deferred revenue on customer
loyalty programme 27,841,797 28,253 – 27,870,050
Unamortized discount on
refundable deposits 11,445,697 393,440 – 11,839,137
Unearned gift check 9,293,609 – – 9,293,609
Allowance for impairment on
receivables 7,862,146 – – 7,862,146
Accrued incentives 6,982,616 – – 6,982,616
Unearned rent income 6,607,485 – – 6,607,485
Unamortized past service cost 3,844,487 1,164,894 – 5,009,381
Provision for litigation losses 709,523 2,227,993 – 2,937,516
159,328,628 7,005,881 – 166,334,509
Deferred income tax liabilities:
Deferred lease expense 10,044,308 386,104 – 10,430,412
Unamortized premium on
refundable deposits 114,568 – – 114,568
Unrealized foreign exchange gain 2,994 611 – 3,605
Revaluation increment on land – – 7,936,841 7,936,841
10,161,870 386,715 7,936,841 18,485,426
Net deferred income tax assets (liability) P
=149,166,758 P
=6,619,166 (P
= 7,936,841) P
=147,849,083
- 45 -
2016
PSC CDI SSHI Total
Deferred income tax assets:
Net retirement obligations =33,593,451
P =1,518,237
P =–
P =35,111,688
P
Accrued rent 30,650,404 308,899 – 30,959,303
Deferred revenue on customer
loyalty programme 22,234,912 – – 22,234,912
Unamortized discount on refundable
deposits 10,037,412 38,198 – 10,075,610
Allowance for impairment on
receivables 9,581,493 – – 9,581,493
Unamortized past service cost 4,989,450 1,083,920 – 6,073,370
Accrued incentives 3,795,922 – – 3,795,922
Unearned rent income 3,628,111 – – 3,628,111
Provision for litigation losses 709,523 1,784,222 – 2,493,745
119,220,678 4,733,476 – 123,954,154
Deferred income tax liabilities:
Deferred lease expense 8,771,565 36,812 – 8,808,377
Unamortized premium on
refundable deposits 152,723 – – 152,723
Unrealized foreign exchange gain 63,648 13,892 – 77,540
Revaluation increment on land – – 7,936,841 7,936,841
8,987,936 50,704 7,936,841 16,975,481
Net deferred income tax assets (liability) =
P110,232,742 =
P4,682,772 (P
=7,936,841) =
P106,978,673
The net deferred tax assets and liability are presented in the consolidated balance sheets as
follows:
2017 2016
Deferred tax assets P
=155,785,924 =
P114,915,514
Deferred tax liability (7,936,841) (7,936,841)
P
=147,849,083 =
P106,978,673
c. The reconciliation of the provision for income tax computed at the statutory income tax rate to
provision for income tax shown in the consolidated statements of comprehensive income follow:
2017 2016 2015

Provision for income tax
computed at statutory income
tax rate P
=574,748,625 =
P513,165,706 =
P437,955,600
Adjustments for:
Nondeductible expenses:
Inventory losses 14,401,141 15,515,301 11,391,719
Interest expense and others 9,529,008 6,951,607 2,895,906
Tax effect of rate difference
between final tax and
statutory tax rate on bank
interest income (682,330) (512,499) (349,560)
Nontaxable other income (38,154) (38,154) (38,154)
P
=597,958,290 =
P535,081,961 =
P451,855,511
d. Republic Act (RA) No. 9504, effective on July 7, 2008, allows availment of optional standard
deductions (OSD). Corporations, except for nonresident foreign corporations, may now elect to
claim standard deduction in an amount not exceeding 40% of their gross income. The Group did
not avail of the OSD for the computation of its taxable income in 2017, 2016 and 2015.
- 46 -
e. RA No.10963 or the Tax Reform for Acceleration and Inclusion Act (TRAIN) was signed into
law on December 19, 2017 and took effect January 1, 2018, making the new tax law enacted as at
the reporting date. Although the TRAIN changes existing tax law and includes several provisions
that will generally affect businesses on a prospective basis, the management assessed that the
same will not have any significant impact on the financial statement balances as at the reporting
date.
27. Basic/Diluted Earnings Per Share
2017 2016 2015

a. Net income P
=1,317,870,459 =
P1,175,470,391 =
P1,007,996,490
b. Weighted average number
of shares issued 757,104,533 757,104,533 757,104,533
c. Less weighted average
number of shares held in
treasury 686,250 686,250 686,250
d. Weighted average number of
shares outstanding (b-c) 756,418,283 756,418,283 756,418,283
e. Basic/diluted earnings per share
(a/d) P
=1.74 =
P1.55 =
P1.33
The Group does not have potentially dilutive common shares as at December 31, 2017, 2016 and
2015. Thus, the basic earnings per share is equal to the diluted earnings per share as at those dates.
28. Financial Instruments
The comparison of the carrying value and fair value of all of the Group’s financial instruments (those
with carrying amounts that are not equal to their fair values) as at December 31 are as follows:
2017 2016
Carrying Value Fair Value Carrying Value Fair Value
Financial Assets
Deposits -
Refundable (Notes 7, 9 and 29) = 168,885,446
P = 166,815,290
P =
P125,904,503 =
P129,592,624
*Current portion amounting to = P 3,465,531 and =P 3,358,356 as at December 31, 2017 and 2016, respectively, are
presented as part of “Others” under “Prepayments and other current assets” account.
Refundable deposits are categorized under level 3 in the fair value hierarchy.
Fair Value Information
Cash and Cash Equivalents, Short-term Investment, Receivables, Accounts Payable and Accrued
Expenses and Other Current Liabilities
Due to the short-term nature of the related transactions, the fair values of cash and cash equivalents,
short-term investment, receivables, accounts payable and accrued expenses and other current
liabilities approximate their carrying values as at balance sheet dates.
Utilities and Other Deposits

The fair value of utilities and other deposits approximates its carrying value as it earns interest based
on repriced market conditions.
- 47 -
Refundable Deposits
The fair value of refundable deposits is determined by discounting the sum of future cash flows using
the prevailing market rates for instruments with similar maturities as at December 31, 2017 and 2016
ranging from 1.85% to 5.70% and 2.02% to 4.91%, respectively.
Bank Loans
The carrying value of bank loans approximates fair value because of recent and quarterly repricing of
related interest based on market conditions.
Long-term Debt
The carrying value of long-term debt approximates the fair value because of recent and monthly and
quarterly repricing of related interest based on market conditions.
Cumulative Redeemable Preferred Shares

The carrying value of cumulative redeemable preferred shares approximates fair value because
corresponding dividends on these shares that are charged as interest expense in profit or loss are
based on recent treasury bill rates repriced annually at yearend.
As at December 31, 2017 and 2016, the Group has no financial instruments measured at fair value.
29. Financial Risk Management Objectives and Policies
The main risks arising from the Group’s financial instruments are credit risk, liquidity risk, interest
rate risk and foreign exchange risk. The BOD reviews and approves policies for managing each of
these risks. The BOD also created a separate board-level entity, which is the Audit Committee, with
explicit authority and responsibility in managing and monitoring risks. The Audit Committee, which
ensures the integrity of internal control activities throughout the Group, develops, oversees, checks
and pre-approves financial management functions and systems in the areas of credit, market,
liquidity, operational, legal and other risks of the Group, and crisis management. The Internal Audit
Department and the External Auditor directly report to the Audit Committee regarding the direction,
scope and coordination of audit and any related activities.
Listed below are the summarized risks identified by the BOD.
Credit Risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss to the other
party by failing to discharge an obligation. The receivable balances are monitored on an ongoing
basis with the result that the Group’s exposure to impairment is managed to a not significant level.
The Group deals only with counterparty duly approved by the BOD.
The following tables provide information regarding the maximum credit risk exposure of the Group
as at December 31:
2017 2016
Cash and cash equivalents:
Cash in banks P
=1,456,726,222 =
P1,137,432,406
1,481,726,222 1,237,432,406
Short-term investment 11,184,667 11,083,577
(Forward)
Receivables:
- 48 -
2017 2016
Franchisees P
=818,601,577 =
P528,911,471
Suppliers 306,719,353 568,482,978
Employees 29,145,439 21,364,281
Store operators 12,017,108 15,369,907
Rent 783,414 970,310
Insurance receivable 1,153,106 3,749,206
Due from PFI 212,125 4,725,698
Others 9,749,865 8,242,118
1,178,381,987 1,151,815,969
Deposits:
Refundable* 168,885,446 125,904,503
Utilities 96,864,220 93,131,856
Others 14,363,537 10,344,774
280,113,203 229,381,133
Other noncurrent assets -
Noncurrent portion of receivable
from franchisees 19,130,591 32,751,738
P
=2,970,536,670 =
P2,662,464,823
*Current portion amounting to =P 3,465,531 and =
P 3,358,356 as at December 31, 2017 and 2016, respectively,
are presented as part of “Others” under “Prepayments and other current assets” account.
The following tables provide information regarding the credit risk exposure of the Group by
classifying assets according to the Group’s credit ratings of debtors:
2017
Neither Past Due nor Impaired
Standard Past Due
High Grade Grade or Impaired Total
Cash and cash equivalents
Cash in banks P
= 1,456,726,222 P
=– P
=– P
=1,456,726,222
Cash equivalents 25,000,000 – – 25,000,000
1,481,726,222 – – 1,481,726,222
Short-term investment 11,184,667 – – 11,184,667
Receivables
Franchisees – 799,188,936 23,548,433 822,737,369
Suppliers – 207,467,380 117,624,864 325,092,244
Employees – 20,515,408 9,955,614 30,471,022
Store operators – 2,214,964 10,167,945 12,382,909
Rent – – 2,790,501 2,790,501
Due from PFI – 212,125 – 212,125
Insurance receivable – 1,153,106 – 1,153,106
Others – 9,749,865 – 9,749,865
– 1,040,501,784 164,087,357 1,204,589,141
Deposits
Refundable* – 168,885,446 – 168,885,446
Utilities – 96,864,220 – 96,864,220
Others – 14,363,537 – 14,363,537
– 280,113,203 – 280,113,203
Other noncurrent assets
from franchisees – 19,130,591 – 19,130,591
P
= 1,492,910,889 P
=1,339,745,578 P
=164,087,357 P
=2,996,743,824
*Current portion amounting to = P 3,465,531 as at December 31, 2017 is presented as part of “Others” under
“Prepayments and other current assets” account.
- 49 -
2016
Neither Past Due nor Impaired
Standard Past Due
High Grade Grade or Impaired Total
Cash in banks =
P1,137,432,406 =
P– =
P– =P1,137,432,406
1,237,432,406 – – 1,237,432,406
Short-term investment 11,083,577 – – 11,083,577
Receivables
Franchisees – 508,456,603 22,647,772 531,104,375
Suppliers – 459,424,848 130,366,374 589,791,222
Employees – 21,364,281 1,325,583 22,689,864
Store operators – 15,239,454 496,254 15,735,708
Rent – 970,310 2,007,087 2,977,397
Insurance receivable – 3,749,206 – 3,749,206
Due from PFI – 4,725,698 – 4,725,698
Lease receivable – – 3,747,773 3,747,773
Note receivable – – 990,917 990,917
Others – 8,242,118 – 8,242,118
– 1,022,172,518 161,581,760 1,183,754,278
Deposits
Refundable* – 125,904,503 – 125,904,503
Utilities – 93,131,856 – 93,131,856
Others – 10,344,774 – 10,344,774
– 229,381,133 – 229,381,133
from franchisees – 32,751,738 – 32,751,738
=
P1,248,515,983 =
P1,284,305,389 =
P161,581,760 =P2,694,403,132
The Group uses the following criteria to rate credit quality:
Class Description
High Grade Financial assets that have a recognized foreign or local
third party rating or instruments which carry
guaranty/collateral.
Standard Grade Financial assets of companies that have the apparent
ability to satisfy its obligations in full.
The credit qualities of the financial assets were determined as follows:

Cash in banks, cash equivalents and short-term investment are classified as high grade, since these are
deposited or transacted with reputable banks which have low probability of insolvency.
Receivables, deposits and other noncurrent assets are classified as standard grade, since these pertain
to receivables considered as unsecured from third parties with good paying habits.
- 50 -
The following tables provide the analysis of financial assets that are past due but not impaired and
past due and impaired:
2017
Aging analysis of financial assets past due but not impaired Past due and
31 to 60 days 61 to 90 days > 90 days Total Impaired Total
Receivables:
Franchisees P
= 35,140 P
= 16,500 P
= 19,361,001 P
= 19,412,641 P
=4,135,792 P
= 23,548,433
Suppliers 20,112,617 11,397,089 67,742,267 99,251,973 18,372,891 117,624,864
Employees 408,725 383,898 7,837,408 8,630,031 1,325,583 9,955,614
Store operators 1,662 – 9,800,482 9,802,144 365,801 10,167,945
Rent 202,158 271,367 309,889 783,414 2,007,087 2,790,501
P
= 20,760,302 P
=12,068,854 P
= 105,051,047 P
= 137,880,203 P
= 26,207,154 P
=164,087,357
2016
Aging analysis of financial assets past due but not impaired Past due and
31 to 60 days 61 to 90 days > 90 days Total Impaired Total
Receivables:
Franchisees =
P2,723,200 =
P2,754,051 =
P14,977,617 =
P20,454,868 =
P2,192,904 =
P22,647,772
Suppliers 32,666,089 54,071,686 22,320,355 109,058,130 21,308,244 130,366,374
Employees – – – – 1,325,583 1,325,583
Store operators – – 130,453 130,453 365,801 496,254
Rent – – – – 2,007,087 2,007,087
Lease receivable – – – – 3,747,773 3,747,773
Note receivable – – – – 990,917 990,917
=
P35,389,289 =
P56,825,737 =
P37,428,425 =
P129,643,451 P
=31,938,309 =
P161,581,760
Receivables from suppliers are noninterest-bearing and are generally on 30 to 90 day terms.
There are no significant concentrations of credit risk within the Group.
Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with
financial instruments. The Group seeks to manage its liquidity profile to be able to finance its capital
expenditures and service its maturing debts. To cover for its financing requirements, the Group
intends to use internally generated funds and sales of certain assets.
As part of its liquidity risk management program, the Group regularly evaluates projected and actual
cash flow information and continuously assesses conditions in the financial markets for opportunities
to pursue fund raising initiatives. The Group uses historical figures and experiences and forecasts of
collections and disbursements. These initiatives may include drawing of loans from the approved
credit line intended for working capital and capital expenditures purposes and equity market issues.
The Group arranged additional credit lines to boost its ability to meet short-term liquidity needs. The
Group has credit-lines amounting to =P4,649,440,000 and = P 4,132,760,000 as at December 31, 2017
and 2016, respectively, and cash and cash equivalents amounting to = P1,968,958,985 and = P
1,550,972,673 as at December 31, 2017 and 2016, respectively, that are allocated to meet the Group’s
short-term liquidity needs.
The tables below summarize the maturity profile of the financial assets of the Group:
2017
More than More than
Three months three months one year More than
or less to one year to five years five years Total
Cash on hand and in banks P
= 1,943,958,985 P
=– P–
= P
=– P
=1,943,958,985
Cash equivalents 25,000,000 – – – 25,000,000
1,968,958,985 – – – 1,968,958,985
Short-term investment 11,184,667 – – – 11,184,667
(Forward)
- 51 -
2017
More than More than
Receivables
Franchisees P
= 799,188,936 P
= 19,412,641 P
=– P
=– P
=818,601,577
Suppliers 207,467,380 99,251,973 – – 306,719,353
Employees 20,515,408 8,630,031 – – 29,145,439
Store operators 2,214,964 9,802,144 – – 12,017,108
Rent – 783,414 – – 783,414
Insurance receivable – 1,153,106 – – 1,153,106
Due from PFI 212,125 – – – 212,125
Others 6,986,198 2,763,667 – – 9,749,865
1,036,585,011 141,796,976 – – 1,178,381,987
Deposits
Refundable* – 3,465,531 165,419,915 – 168,885,446
Utilities – – 96,864,220 – 96,864,220
Others – – 14,363,537 – 14,363,537
– 3,465,531 276,647,672 – 280,113,203
from franchisees – – 19,130,591 – 19,130,591
P
= 3,016,728,663 P
= 145,262,507 P
=295,778,263 P
=– P
=3,457,769,433
2016
More than More than
Cash on hand and in banks =
P1,450,972,673 =
P– =
P– =
P– =
P1,450,972,673
Cash equivalents 100,000,000 – – – 100,000,000
1,550,972,673 – – – 1,550,972,673
Short-term investment 11,083,577 – – – 11,083,577
Receivables
Franchisees 528,911,471 – – – 528,911,471
Suppliers 459,424,848 109,058,130 – – 568,482,978
Employees 21,364,281 – – – 21,364,281
Store operators 15,369,907 – – – 15,369,907
Due from PFI 4,725,698 – – – 4,725,698
Insurance receivable – 3,749,206 – – 3,749,206
Rent 970,310 – – – 970,310
Others 8,242,118 – – – 8,242,118
1,039,008,633 112,807,336 – – 1,151,815,969
Deposits
Refundable* – 3,358,356 122,546,147 – 125,904,503
Utilities – – 93,131,856 – 93,131,856
Others – – 10,344,774 – 10,344,774
– 3,358,356 226,022,777 – 229,381,133
from franchisees – – 32,751,738 – 32,751,738
=
P2,601,064,883 =
P116,165,692 =
P258,774,515 =
P– =
P2,976,005,090
- 52 -
The tables below summarize the maturity profile of the financial liabilities of the Group based on
remaining undiscounted contractual obligations:
2017
More than
three
Three months months More than
or less to one year one year Total
Bank loans and contractual interest P
= 662,575,861 P
=– P
=– P
= 662,575,861
Trade payable 3,537,528,491 – – 3,537,528,491
Rent 135,539,062 – – 135,539,062
Utilities 112,604,014 – – 112,604,014
Employee benefits 82,006,750 – – 82,006,750
Outsourced services 76,008,203 – – 76,008,203
Security services 36,363,734 – – 36,363,734
Bank charges 15,830,500 – – 15,830,500
Advertising and promotion 8,684,931 – – 8,684,931
Interest 258,750 – – 258,750
Others 169,774,022 – – 169,774,022
4,174,598,457 – – 4,174,598,457
Other current liabilities
Due to franchisees 627,697,648 – – 627,697,648
Non-trade accounts payable 265,484,888 175,016,961 – 440,501,849
Retention payable – 148,238,717 – 148,238,717
Royalty 36,000,390 – – 36,000,390
Service fees payable – 7,646,834 – 7,646,834
Others – 61,523,557 – 61,523,557
929,182,926 392,426,069 – 1,321,608,995
Long-term debt and contractual interest 112,337,108 244,350,370 776,324,732 1,133,012,210
Cumulative redeemable preferred shares 6,000,000 – – 6,000,000
P
=5,884,694,352 P
= 636,776,439 P
=776,324,732 P
= 7,297,795,523
2016
More than
Three months three months More than
or less to one year one year Total
Bank loans and contractual interest =
P1,225,380,657 =
P– =
P– =
P1,225,380,657
Trade payable 2,847,219,113 – – 2,847,219,113
Rent 102,168,014 – – 102,168,014
Utilities 96,504,939 – – 96,504,939
Employee benefits 103,186,803 – – 103,186,803
Outsourced services 68,768,914 – – 68,768,914
Security services 27,903,068 – – 27,903,068
Bank charges 18,726,700 – – 18,726,700
Repairs and maintenance 36,161,341 – – 36,161,341
Advertising and promotion 18,544,931 – – 18,544,931
Interest 258,750 – – 258,750
Others 142,217,967 – – 142,217,967
3,461,660,540 – – 3,461,660,540
Other current liabilities
Due to franchisees 266,525,286 – – 266,525,286
Non-trade accounts payable 425,719,687 127,514,347 – 553,234,034
Retention payable – 126,790,021 – 126,790,021
Royalty 30,449,395 – – 30,449,395
Service fees payable – 2,142,409 – 2,142,409
Others – 40,553,583 – 40,553,583
722,694,368 297,000,360 – 1,019,694,728
Long-term debt and contractual interest 80,278,788 136,074,623 476,182,682 692,536,093
Cumulative redeemable preferred shares 6,000,000 – – 6,000,000
=
P5,496,014,353 =
P433,074,983 =
P 476,182,682 =
P 6,405,272,018
- 53 -
Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in market interest rates. The Group’s fair value and cash flows interest
rate risk mainly arise from bank loans and long-term debt with floating interest rates. The Group is
expecting to substantially reduce the level of bank loans and long-term debt over time. Internally
generated funds coming from its cash generating units and from its franchising business will be used
to pay off outstanding debts and consequently reduce the interest rate exposure.
The maturity profile of financial instruments that are exposed to interest rate risk are as follows:
2017 2016
Due in less than one year P
=991,000,000 =
P1,422,166,667
Due in more than one year 745,833,333 458,333,333
Rate (Note 11) 2.65%-3.64% 2.45%-3.20%
Interest of financial instruments classified as floating rate is repriced at intervals of 30 days and
90 days. The other financial instruments of the Group that are not included in the above tables are
noninterest-bearing and are therefore not subject to interest rate risk.
The following table demonstrates the sensitivity to a reasonably possible change in interest rates, with
all other variables held constant, of the Group’s income before income tax (through the impact on
floating rate borrowings):
2017 2016
Increase/ Effect on Increase/ Effect on
Decrease in Income Before Decrease in Income Before
Basis Points Income Tax Basis Points Income Tax
Bank loans and long-term debt -
floating interest rate +100 (P
=17,308,333) +100 (P
=18,545,000)
-100 17,308,333 -100 18,545,000
Cumulative redeemable preferred
shares - floating interest rate +100 (60,000) +100 (60,000)
-100 60,000 -100 60,000
There is no other impact on the Group’s equity other than those already affecting profit or loss.
Foreign Exchange Risk

Foreign exchange risk is the risk to earnings or capital arising from changes in foreign exchange
rates. The Group’s foreign exchange exposure arises from holding foreign currency-denominated
cash. In order to balance this exposure, the Group maintains a foreign currency accounts in a
reputable commercial bank. The Group does not enter into derivatives to hedge the exposure. The
Group’s cash denominated in foreign currency and converted into Peso using the closing exchange
rates at each balance sheet date are summarized below.
2017 2016
U.S. Dollar Peso U.S. Dollar Peso
Cash in banks $86,356 P
=4,311,755 $70,405 =
P3,500,537
As at December 31, 2017 and 2016, the closing functional currency exchange rate is =
P49.93 and
=
P49.72 to U.S. $1, respectively.
- 54 -
The following table represents the impact on the Group’s income before income tax brought about by
reasonably possible changes in Peso to U.S. Dollar exchange rate (holding all other variables
constant) as at December 31, 2017 and 2016 until its next financial reporting date:
Change in Peso to Dollar Effect on Income

Exchange Rate before Income Tax
2017 Increase by 0.42% P
=18,211
Decrease by 0.42% (18,211)
2016 Increase by 5.65% =

P197,780
Decrease by 5.65% (197,780)
There is no other effect on the Group’s equity other than those already affecting profit or loss.
30. Capital Management
The primary objective of the Group’s capital management is to ensure that it maintains a strong credit
rating and healthy capital ratios in order to support its business and maximize shareholder value.
In the light of changes in economic conditions, the Group manages dividend payments to
shareholders, pay-off existing debts, return capital to shareholders or issue new shares. The Group
mainly uses financing from local banks. The Group considers equity attributable to shareholders as
capital. The Group manages its capital structure by keeping a net worth of between 30% to 50% in
relation to its total assets. The Group’s net worth ratio is 42% and 41% as at December 31, 2017 and
2016, respectively. No changes were made in the objectives, policies and processes during the year.
2017 2016
Common stock P
=757,104,533 =
P459,121,573
Additional paid-in capital 293,525,037 293,525,037
Retained earnings 5,016,193,426 4,294,288,887
6,066,822,996 5,046,935,497
Less cost of shares held in treasury 2,923,246 2,923,246
P
=6,063,899,750 =
P5,044,012,251
Total assets =14,386,313,086 =

P P12,351,255,736
Net worth 42% 41%
As at December 31, 2017 and 2016, the Group was able to meet its objective.
31. Significant Agreements
a. Franchise Agreements
The Group has various store franchise agreements with third parties for the operation of certain
stores. The agreement includes a one-time franchise fee payment and an annual 7-Eleven charge
for the franchisee, which is equal to a certain percentage of the franchised store’s gross profit.
The agreement also includes charging of various expenses such as rent and utilities which are
recorded by the Group as part of its franchise revenue.
- 55 -
Details of franchise revenue follow:
2017 2016 2015

Share in gross profit of
franchisees P
=2,221,694,827 =2,010,650,822
P =1,801,990,190
P
Rent, utilities and other expenses 833,544,111 683,669,533 528,220,809
Franchise fee 121,460,164 143,988,002 110,460,361
P
=3,176,699,102 =
P2,838,308,357 =
P2,440,671,360
Receivable from franchisees as at December 31, 2017 and 2016 amounted to = P837,732,168 and
=
P561,663,209, respectively (see Notes 5 and 10). Due to franchisees as at December 31, 2017
and 2016 amounted to =P627,697,648 and = P266,525,286, respectively (see Note 13). The Group
also has outstanding deposits payable to franchisees amounting to = P151,884,818 and =P
129,825,027 as at December 31, 2017 and 2016, respectively (see Note 14).
b. Service Agreements
The Group has service agreements with third party contractors for the operation of certain stores.
In consideration thereof, the store operator is entitled to a service fee based on a certain
percentage of the store’s gross profit and operating expenses as stipulated in the service
agreement. Service fees included in “Outside services” under “General and administrative
expenses” account amounted to = P138,449,819, =
P134,009,080 and = P100,469,185 in 2017, 2016
and 2015, respectively (see Note 18). The Group also has outstanding deposits payable to third
parties in relation to service agreements amounting to = P92,063,297 and = P92,588,090 as at
December 31, 2017 and 2016, respectively (see Note 14).
c. Commission Income
The Group has entered into agreements with a phone card supplier and various third parties.
Under the arrangements, the Group earns commission on the sale of phone cards, electronic
loads, consigned goods and collection of bills payments based on a certain percentage of net sales
and collections for the month and a fixed monthly rate. Commission income amounted to
=
P126,707,492, =P73,511,203 and =P46,919,684 in 2017, 2016 and 2015, respectively.
d. 2014 and 2016 Exclusivity Contracts

In 2014, the Group has entered into a 3-year exclusivity contract with a third party ice cream
distributor in the Philippines effective January 2014 to December 2016. The contract indicates
that the third party ice cream distributor will exclusively supply all ice cream products of 7-
Eleven stores. The Group received a one-time signing bonus amounting to = P75,000,000 upon the
effectivity of the exclusivity supply contract amortized over three years. Income from exclusivity
contract included as part of “Net purchases” under “Cost of merchandise sales” account in
consolidated statements of comprehensive income amounted to nil in 2017 and = P25,000,000 in
2016 and 2015 (see Note 17). Deferred revenue as at December 31, 2017 and 2016 amounted to
nil.
In 2016, the exclusivity contract was renewed for another 5 years effective December 2016 to
December 2021. The Group received an initial payment for the agreement bonus which the
Group is already entitled to upon signing of the contract amounting to = P150,000,000. The
income from the exclusivity contract amounting to =
P150,000,000 was recorded in full as part of
“Net purchases” under “Cost of merchandise sales” account in the consolidated statements of
comprehensive income in 2016 (see Note 17).
- 56 -
e. Memorandum of Agreement (MOA) with Chevron Philippines, Inc. (CPI)

The Group has entered into MOA with CPI on August 6, 2009, wherein CPI has granted the
Group as authorized co-locator for a full term of three-years to establish operate and/or franchise
its
7-Eleven stores in CPI service stations. Both parties have identified 10 CPI service stations,
wherein the Group will give the retailers of these service stations a Letter Offer to Franchise
(LOF) 7-Eleven stores. Upon acceptance of the retailers of the LOF, the retailers will sign a
Store Franchise Agreement (SFA) with the Group. If LOF is not accepted by one of the 10
original service stations identified, that service station will be replaced with another mutually
acceptable service station site.
Upon signing of the MOA, CPI executed a Caltex Retail Agreement with each of the 10 service
station retailers, which shall have a full term of three years and which will be co-terminus with
the SFA.
As at December 31, 2017 and 2016, the Group has opened 67 and 57 franchised service stations,
respectively.
f. Licensing Agreement with Seven Eleven, Inc. (SEI)

The Group executed a licensing agreement with SEI, a stockholder organized in Texas, U.S.A.
This grants the Group the exclusive right to use the 7-Eleven System in the Philippines. In
accordance with the agreement, the Group pays, among others, royalty fee to SEI based on a
certain percentage of monthly gross sales, net of gross receipts tax. Royalty fee amounted to
=
P378,177,727, = P315,952,054 and = P256,390,436 in 2017, 2016 and 2015, respectively
(see Note 18). As at December 31, 2017 and 2016, royalty payable amounted to =P36,000,390 and
=
P30,449,395, respectively (see Note 13).
32. Segment Reporting
The Group considers the store operations as its only business segment based on its primary business
activity. Franchising, renting of properties and commissioning on bills payment services are
considered an integral part of the store operations. The Group’s identified operating segments below
are consistent with the segments reported to the BOD, which is the Chief Operating Decision Maker
of the Group.
The products and services from which the store operations derive its revenues from are as follows:
• Merchandise sales
• Franchise revenue
• Marketing income
• Commission income
• Rental income
• Interest income
The aforementioned revenues are all revenues from external customers.

- 57 -
The segment’s relevant financial information is as follows:
2017 2016 2015

Revenue
Revenue from merchandise sales P
=32,088,441,776 =
P28,357,309,168 =
P22,400,931,697
Franchise revenue 3,176,699,102 2,838,308,357 2,440,671,360
Marketing income 1,252,614,078 954,246,791 735,221,454
Commission income 126,707,492 73,511,203 46,919,684
Rental income 76,666,882 63,764,574 56,729,444
Interest income 16,403,134 10,950,898 7,025,256
Other income 270,130,224 233,144,681 186,834,492
37,007,662,688 32,531,235,672 25,874,333,387
Expenses
Cost of merchandise sales 23,776,474,291 21,361,119,960 16,891,590,340
General and administrative expenses:
Depreciation and amortization 1,622,990,458 1,365,396,573 1,092,223,359
Others 9,603,212,526 8,018,461,426 6,371,365,506
Interest expense 56,559,765 44,300,104 33,991,623
Other expenses 32,596,899 31,405,257 25,310,558
35,091,833,939 30,820,683,320 24,414,481,386
Income before income tax 1,915,828,749 1,710,552,352 1,459,852,001
Provision for income tax 597,958,290 535,081,961 451,855,511
Segment Profit P
=1,317,870,459 =1,175,470,391
P =1,007,996,490
P
Segment Assets P
=14,386,313,086 =12,351,255,736
P =9,515,935,215
P
Segment Liabilities P
=8,340,294,321 =
P7,309,623,708 =
P5,398,640,134
Capital Expenditure for the Year P

=2,400,793,097 =
P2,323,397,721 =
P2,287,816,904
33. Provisions and Contingencies
The Group is a party to various litigations and claims. All cases are in the normal course of business
and are not deemed to be considered as material legal proceedings. Further, the cases are either
pending in courts or under protest, the outcome of which are not presently determinable.
Management and its legal counsel believe that the liability, if any, that may result from the outcome
of these litigations and claims will not materially affect the Group’s financial position or financial
performance.
As at December 31, 2017 and 2016, the Group has provisions amounting to = P9,791,719 and
=
P8,312,483, respectively, and is reported as part of “Others” under “Accounts payable and accrued
expenses” account in the consolidated balance sheets (see Note 12). Movements in provisions are as
follows:
2017 2016
Beginning balance P
=8,312,483 =
P22,718,853
Additions 1,479,236 241,829
Amounts used – (14,648,199)
Ending balance P
=9,791,719 =
P8,312,483
- 58 -
34. Changes in Liabilities Arising from Financing Activities
Dividends
Bank Loans Long-term Debt Interest Payable Payable
(Note 11) (Note 11) (Note 11) (Note 16)
Balance as at beginning of year =1,220,000,000
P =654,500,000
P =5,434,795
P =–
P
Cash flows:
Availments 425,000,000 600,000,000 – –
Payments (985,000,000) (183,666,667) (55,149,851) (297,982,960)
Others – – 56,559,765 297,982,960
Balance as at end of year =660,000,000 P
P =1,070,833,333 =6,844,709
P =–
P
Others include the effect of accrued but not yet paid interest and declaration of dividends.
Index to the Consolidated Financial Statements and
Supplementary Schedules
December 31, 2017
Schedule I: Reconciliation of retained earnings available for dividend declaration
Schedule II: List of Philippine Financial Reporting Standards and interpretations effective as
at December 31, 2017
Schedule III. Map of the relationships of the companies within the group
Schedule IV. Financial soundness indicators
Schedule V. Supplementary schedules required by paragraph 6D, Part II under SRC Rule 68,
As Amended (2011)
SCHEDULE I
PHILIPPINE SEVEN CORPORATION

Reconciliation of Retained Earnings
Available for Dividend Declaration
As at December 31, 2017
Unappropriated retained earnings as at December 31, 2016 P

=722,543,421
Less: Deferred tax assets 110,965,385
Treasury shares 2,923,246
Unappropriated retained earnings, as adjusted,
as at December 31, 2016 608,654,790
Net income during the year closed to retained earnings 1,352,297,374
Less: Movement in deferred income tax assets 33,989,708
Net income actually earned during the year 1,318,307,666
Less: Appropriations during the year 1,000,000,000
Dividend declarations during the year 595,965,920
Unappropriated retained earnings, as adjusted
as at December 31, 2017 P
=330,996,536
SCHEDULE II

List of Philippine Financial Reporting Standards (PFRSs) and
Interpretations Effective as at December 31, 2017
PHILIPPINE FINANCIAL REPORTING STANDARDS AND

Not Not
INTERPRETATIONS Adopted
Adopted Applicable
Effective as at December 31, 2017
Framework for the Preparation and Presentation of Financial
Statements
9
Conceptual Framework Phase A: Objectives and qualitative
characteristics
PFRSs Practice Statement Management Commentary 9
Philippine Financial Reporting Standards
PFRS 1 First-time Adoption of Philippine Financial Reporting
9
(Revised) Standards
Amendments to PFRS 1 and PAS 27: Cost of an
Investment in a Subsidiary, Jointly Controlled Entity or 9
Associate
Amendments to PFRS 1: Additional Exemptions for
9
First-time Adopters
Amendment to PFRS 1: Limited Exemption from
9
Comparative PFRS 7 Disclosures for First-time Adopters
Amendments to PFRS 1: Severe Hyperinflation and
9
Removal of Fixed Date for First-time Adopters
Amendments to PFRS 1: Government Loans 9
Amendments to PFRS 1: Borrowing Costs 9
Amendment to PFRS 1: Meaning of Effective PFRSs 9
PFRS 2 Share-based Payment 9
Amendments to PFRS 2: Vesting Conditions and
9
Cancellations
Amendments to PFRS 2: Group Cash-settled Share-based
9
Payment Transactions
Amendment to PFRS 2: Definition of Vesting Condition 9
Amendments to PFRS 2: Classification and Measurement
Not Early Adopted
of Share-based Payment Transactions*
PFRS 3 Business Combinations 9
(Revised)
Amendment to PFRS 3: Accounting for Contingent
9
Consideration in a Business Combination
Amendment to PFRS 3: Scope Exceptions for Joint
9
Arrangements
PFRS 4 Insurance Contracts 9
Amendments to PAS 39 and PFRS 4: Financial
9
Guarantee Contracts
Not Not
Adopted Applicable
Amendments to PFRS 4: Applying PFRS 9 with
Not Early Adopted
PFRS 4*
PFRS 5 Non-current Assets Held for Sale and Discontinued
9
Operations
Amendments to PFRS 5: Changes in Methods of
9
Disposals
PFRS 6 Exploration for and Evaluation of Mineral Resources 9
PFRS 7 Financial Instruments: Disclosures 9
Amendments to PAS 39 and PFRS 7: Reclassification of
9
Financial Assets
9
Financial Assets - Effective Date and Transition
Amendments to PFRS 7: Improving Disclosures about
9
Financial Instruments
Amendments to PFRS 7: Disclosures - Transfers of
9
Financial Assets
Amendments to PFRS 7: Disclosures - Offsetting
9
Financial Assets and Financial Liabilities
Amendments to PFRS 7: Mandatory Effective Date of
9
PFRS 9 and Transition Disclosures
Amendments to PFRS 7: Disclosures - Servicing
9
Contracts
Amendments to PFRS 7: Applicability of the
Amendments to PFRS 7 to Condensed Interim Financial 9
Statements
PFRS 8 Operating Segments 9
Amendments to PFRS 8: Aggregation of Operating
Segments and Reconciliation of the Total of the 9
Reportable Segments’ Assets to the Entity’s Assets
PFRS 9 Financial Instruments* Not Early Adopted
Amendments to PFRS 9: Prepayment Features with
Not Early Adopted
Negative Compensation*
PFRS 10 Consolidated Financial Statements 9
Amendments to PFRS 10, PFRS 12 and PAS 27:
9
Investment Entities
9
Applying the Consolidation Exception
PFRS 11 Joint Arrangements 9
Amendments to PFRS 11: Accounting for Acquisitions of
9
Interests in Joint Operations
PFRS 12 Disclosure of Interests in Other Entities 9
Not Not
Adopted Applicable
9
Investment Entities
9
Amendment to PFRS 12: Clarification of the Scope of
9
the Standard
PFRS 13 Fair Value Measurement 9
Amendment to PFRS 13: Short-term Receivables and
9
Payables
Amendment to PFRS 13: Portfolio Exception 9
PFRS 14 Regulatory Deferral Accounts 9
PFRS 15 Revenue from Contracts with Customers* Not Early Adopted
PFRS 16 Leases* Not Early Adopted
Philippine Accounting Standards
PAS 1 Presentation of Financial Statements 9
(Revised)
Amendment to PAS 1: Capital Disclosures 9
Amendments to PAS 32 and PAS 1: Puttable Financial
9
Instruments and Obligations Arising on Liquidation
Amendments to PAS 1: Presentation of Items of Other
9
Comprehensive Income
Amendments to PAS 1: Clarification of the Requirements
9
for Comparative Information
Amendments to PAS 1: Disclosure Initiative 9
PAS 2 Inventories 9
PAS 7 Statement of Cash Flows 9
Amendments to PAS 7: Disclosure Initiative 9
PAS 8 Accounting Policies, Changes in Accounting Estimates
9
and Errors
PAS 10 Events after the Reporting Period 9
PAS 11 Construction Contracts 9
PAS 12 Income Taxes 9
Amendment to PAS 12 - Deferred Tax: Recovery of
9
Underlying Assets
Amendments to PAS 12: Recognition of Deferred Tax
9
Assets for Unrealized Losses
PAS 16 Property, Plant and Equipment 9
Amendments to PAS 16: Classification of Servicing
9
Equipment
Not Not
Adopted Applicable
Amendments to PAS 16 and PAS 38: Property, Plant and
Equipment - Revaluation Method - Proportionate
9
Restatement of Accumulated Depreciation and
Amortization
Amendment to PAS 16 and PAS 38: Clarification of
9
Acceptable Methods of Depreciation and Amortization
Amendment to PAS 16 and PAS 41: Bearer Plants 9
PAS 17 Leases 9
PAS 18 Revenue 9
PAS 19 Employee Benefits 9
(Amended)
Amendments to PAS 19: Actuarial Gains and Losses,
9
Group Plans and Disclosures
Amendments to PAS 19: Defined Benefit Plans:
9
Employee Contribution
Amendments to PAS 19: Regional Market Issue
9
Regarding Discount Rate
PAS 20 Accounting for Government Grants and Disclosure of
9
Government Assistance
PAS 21 The Effects of Changes in Foreign Exchange Rates 9
Amendment: Net Investment in a Foreign Operation 9
PAS 23 Borrowing Costs
9
(Revised)
PAS 24 Related Party Disclosures 9
(Revised)
Amendments to PAS 24: Key Management Personnel 9
PAS 26 Accounting and Reporting by Retirement Benefit Plans 9
PAS 27 Consolidated and Separate Financial Statements 9
PAS 27 Separate Financial Statements 9
(Amended)
9
Investment Entities
Amendments to PAS 27: Equity Method in Separate
9
PAS 28 Investments in Associates and Joint Ventures 9
(Amended)
Amendments to PFRS 10, PFRS 12 and PAS 28: 9
Amendments to PAS 28: Measuring an Associate or Joint
Not Early Adopted
Venture at Fair Value*
Amendments to PAS 28: Long-term Interests in
Not Early Adopted
Associates and Joint Ventures*
PAS 29 Financial Reporting in Hyperinflationary Economies 9
PAS 32 Financial Instruments: Presentation 9
Not Not
Adopted Applicable
Amendments to PAS 32 and PAS 1: Puttable Financial
9
Instruments and Obligations Arising on Liquidation
Amendment to PAS 32: Classification of Rights Issues 9
Amendments to PAS 32: Offsetting Financial Assets and
9
Financial Liabilities
Amendments to PAS 32: Tax Effect of Distribution to
9
Holders of Equity Instruments
PAS 33 Earnings per Share 9
PAS 34 Interim Financial Reporting 9
Amendments to PAS 34: Interim Financial Reporting and
9
Segment Information for Total Assets and Liabilities
Amendments to PAS 34: Disclosure of Information
9
‘Elsewhere in the Interim Financial Report’
PAS 36 Impairment of Assets 9
Amendments to PAS 36: Recoverable Amount
9
Disclosures for Non-Financial Assets
PAS 37 Provisions, Contingent Liabilities and Contingent Assets 9
PAS 38 Intangible Assets 9
Amendments to PAS 16 and PAS 38: Revaluation
Method - Proportionate Restatement of Accumulated 9
Depreciation / Amortization
Amendment to PAS 16 and PAS 38: Clarification of
9
Acceptable Methods of Depreciation and Amortization
PAS 39 Financial Instruments: Recognition and Measurement 9
Amendments to PAS 39: Transition and Initial
9
Recognition of Financial Assets and Financial Liabilities
Amendments to PAS 39: Cash Flow Hedge Accounting
9
of Forecast Intragroup Transactions
Amendments to PAS 39: The Fair Value Option 9
Amendments to PAS 39 and PFRS 4: Financial
9
Guarantee Contracts
9
Financial Assets
9
Financial Assets - Effective Date and Transition
Amendments to Philippine Interpretation
9
IFRIC 9 and PAS 39: Embedded Derivatives
Amendment to PAS 39: Eligible Hedged Items 9
Amendments to PAS 39: Novation of Derivatives and
9
Continuation of Hedge Accounting
PAS 40 Investment Property 9
Not Not
Adopted Applicable
Amendments to PAS 40: Clarifying the Interrelationship
between PFRS 3 and PAS 40 when Classifying Property 9
as Investment Property or Owner-Occupied Property
Amendments to PAS 40: Transfers of Investment
Not Early Adopted
Property*
PAS 41 Agriculture 9
Amendment to PAS 16 and PAS 41: Bearer Plants 9
Philippine Interpretations
IFRIC 1 Changes in Existing Decommissioning, Restoration and
9
Similar Liabilities
IFRIC 2 Members’ Share in Co-operative Entities and Similar
9
Instruments
IFRIC 4 Determining Whether an Arrangement Contains a Lease 9
IFRIC 5 Rights to Interests arising from Decommissioning,
9
Restoration and Environmental Rehabilitation Funds
IFRIC 6 Liabilities arising from Participating in a Specific Market
9
- Waste Electrical and Electronic Equipment
IFRIC 7 Applying the Restatement Approach under PAS 29
9
Financial Reporting in Hyperinflationary Economies
IFRIC 9 Reassessment of Embedded Derivatives 9
Amendments to Philippine Interpretation

9
IFRIC 9 and PAS 39: Embedded Derivatives
IFRIC 10 Interim Financial Reporting and Impairment 9
IFRIC 12 Service Concession Arrangements 9
IFRIC 13 Customer Loyalty Programmes 9
IFRIC 14 The Limit on a Defined Benefit Asset, Minimum

9
Funding Requirements and their Interaction
Amendments to Philippine Interpretations
IFRIC 14, Prepayments of a Minimum Funding 9
Requirement
IFRIC 16 Hedges of a Net Investment in a Foreign Operation 9
IFRIC 17 Distributions of Non-cash Assets to Owners 9
IFRIC 18 Transfers of Assets from Customers 9
IFRIC 19 Extinguishing Financial Liabilities with Equity
9
Instruments
IFRIC 20 Stripping Costs in the Production Phase of a Surface
9
Mine
IFRIC 21 Levies 9
Not Not
Adopted Applicable
IFRIC 22 Foreign Currency Transactions and Advance
Not Early Adopted
Consideration*
IFRIC 23 Uncertainty over Income Tax Treatments* Not Early Adopted
SIC-7 Introduction of the Euro 9
SIC-10 Government Assistance - No Specific Relation to
9
Operating Activities
SIC-15 Operating Leases - Incentives 9
SIC-25 Income Taxes - Changes in the Tax Status of an Entity or
9
its Shareholders
SIC-27 Evaluating the Substance of Transactions Involving the
9
Legal Form of a Lease
SIC-29 Service Concession Arrangements: Disclosures 9
SIC-31 Revenue - Barter Transactions Involving Advertising
9
Services
SIC-32 Intangible Assets - Web Site Costs 9
* Standards and interpretations which will become effective subsequent to December 31, 2017.
Note: Standards and interpretations tagged as “Not Applicable” are those standards and interpretations
which were adopted but the entity has no significant covered transaction as at and for the year
ended December 31, 2017.
SCHEDULE III

Map of the Relationship of the Companies within the Group
December 31, 2017
Ultimate Parent Group

President Chain Store Corporation (100.00%)
Intermediate Parent Group

President Chain (BVI) Holdings, Limited (100.00%)
Immediate Parent Group

President Chain Store (Labuan) Holdings, Limited (52.22%)
Reporting Group
Philippine Seven Corporation (100.00%)
Subsidiary Subsidiary
Convenience Distribution, Inc. Store Sites Holding, Inc.
SCHEDULE IV

Financial Soundness Indicators
December 31, 2017
Ratios Formula In Php 2017 2016
Current ratio Current assets 6,448,440,276 0.91 0.83

Current liabilities 7,110,481,717
Debt-to-equity Total liabilities 8,340,294,321 1.38 1.45

ratio Total stockholders’ 6,046,018,765
equity
Asset-to-equity Total assets 14,386,313,086 2.38 2.45

ratio Total stockholders’ 6,046,018,765
equity
Earnings before
Interest rate interest and tax 34.87 39.61
coverage ratio expenses 1,972,388,514
Interest expense 56,559,765
Net income margin Net income 1,317,870,459 3.56% 3.61%

Revenue 37,007,662,688
Return on equity Net income 1,317,870,459 23.77% 25.67%

Ave. Total (6,046,018,765 +
stockholders’ equity 5,041,632,028)/2
SCHEDULE V

Supplementary Schedules Required by Paragraph 6D, Part II
Under SRC Rule 68, As Amended (2011)
December 31, 2017
Schedule A. Financial Assets
Number of shares Valued based on

or principal market quotations
Name of issuing entity and amount of bonds Amount shown in at end of Income received
association of each issue and notes the balance sheet reporting period and accrued
Cash and cash equivalents N/A =
P1,968,958,985 N/A =
P5,393,787
Short-term investment N/A 11,184,667 N/A 136,838
Receivables N/A 1,178,381,987 N/A 1,792,846
Deposits N/A 280,113,203 N/A 9,079,663
Other noncurrent assets N/A 19,130,591 N/A –
=
P3,457,769,433 =
P16,403,134
Schedule B. Amounts Receivable from Directors, Officers, Employees, Related Parties and
Principal Stockholders (Other than Related Parties)
Balance of Amounts
Name and designation beginning of Amounts written Non Balance at
of debtor period Additions collected off Current current end of period
AUDIT - Common =
P374,304 =
P15,581 =
P86,993 =
P− =
P77,190 =
P225,702 =
P302,892
AUDIT - Inventory 32,034 2,896 34,930 − − − −

BDD- Common 281,799 22,279 111,979 − 111,798 80,301 192,099
BDD - Const & Design 606,939 387,329 257,267 − 225,073 511,928 737,001
BDD - Fran Mktg&Plng 807,639 223,094 263,977 − 254,332 512,424 766,756
BDD - Site Acqui
Central 832,005 44,452 249,652 − 224,628 402,177 626,805
BDD - Site Acqui North 572,658 207,071 174,234 − 173,482 432,013 605,495
BDD - Site Acqui South 518,849 207,519 130,639 − 223,143 372,586 595,729
FIN - Accounting 53,083 307,105 82,430 − 55,304 222,454 277,758
FIN - Common 442,151 19,507 122,663 − 98,515 240,480 338,995
FIN - DPC 174,358 317,563 75,822 − 91,053 325,046 416,099
FIN - FP & Tax
Services 206,786 15,653 74,730 − 147,709 − 147,709
HRAD - Common 12,151 − 12,151 − − − −
HRAD - WPD 80,590 5,242 54,802 − 31,030 − 31,030
HRAD - Admin
Services 261,785 15,210 47,225 − 158,558 71,212 229,770
HRAD - Labor Rel &
Plang 97,259 − 97,259 − − − −
(Forward)
SCHEDULE V
Page 2
Balance of Amounts
MIS - Bus Systems =
P240,172 =
P10,800 =
P66,951 =
P− =
P60,100 =
P123,921 =
P184,021
MIS - IT Support 436,004 325,562 170,644 − 177,676 413,246 590,922
MKTG - Common 686,463 40,156 233,664 − 240,636 252,319 492,955
LCSD - Corp Services 552,250 40,516 151,856 − 117,934 322,976 440,910
MKTG - Food Service 952,206 357,039 291,613 − 299,145 718,487 1,017,632
MKTG - Food Cat 287,923 20,983 118,591 − 113,453 76,862 190,315
MKTG - Masterdata 348,298 24,825 147,253 − 102,139 123,731 225,870
MKTG - Non Food Cat 320,302 19,300 126,815 − 111,164 101,623 212,787
MKTG - Quality
Assurance 49,129 2,733 51,862 − − − −
MKTG - Brand
Activation 88,491 489,104 149,255 − 88,151 340,189 428,340
MKTG - Brand Comm 92,047 6,457 47,149 − 40,619 10,736 51,355
MKTG - Services & PL 236,140 11,425 76,941 − 69,001 101,623 170,624
MKTG - Vault 666,839 14,671 546,257 − 33,630 101,623 135,253
MRBU - BDD 182,125 855,258 155,978 − 187,118 694,287 881,405
MRBU - Regional
Support Group 471,503 20,618 139,497 − 87,846 264,778 352,624
OPS - Central 1 100,899 182,529 44,322 − 71,020 168,086 239,106
OPS - Central 2 131,106 9,133 74,722 − 65,517 − 65,517
OPS - CLBU 412,940 92,617 133,458 − 104,482 267,617 372,099
OPS - Common 336,936 14,746 111,201 − 103,555 136,926 240,481
OPS - East 1 130,464 10,395 41,776 − 38,128 60,955 99,083
OPS - East 2 302,750 315,643 188,628 − 88,078 341,687 429,765
OPS - Facility &

Maintenance 300,000 12,520 66,686 − 56,938 188,896 245,834
OPS - NLBU 161,958 164,291 101,802 − 99,655 124,792 224,447
OPS - North 1 7,632 488,239 70,379 − 88,297 337,195 425,492
OPS - North 2 77,054 186,216 76,947 − 67,675 118,648 186,323
OPS - North 3 258,795 192,896 94,743 − 94,011 262,937 356,948
OPS - North 4 10,054 308,361 44,022 − 61,428 212,965 274,393
OPS - North 5 73,422 186,847 75,161 − 69,267 115,841 185,108
OPS - Planning 291,342 16,852 129,192 − 81,370 97,632 179,002
OPS - SLBU 272,593 164,020 120,898 − 111,832 203,883 315,715
OPS - South 1 218,198 15,350 84,512 − 96,760 52,276 149,036
(Forward)
SCHEDULE V
Page 3
Balance of Amounts
OPS - South 2 =
P87,117 =
P310,397 =
P44,742 =
P− =
P135,052 =
P217,720 =
P352,772
OPS - South 3 − 310,582 50,952 − 56,232 203,398 259,630
OPS - South 4 − 181,173 29,722 − 32,802 118,649 151,451
OPS - West 1 79,517 186,788 73,315 − 74,342 118,648 192,990
OPS - West 2 169,852 12,051 73,517 − 77,937 30,449 108,386
OPS - West 3 221,488 13,067 83,222 − 49,709 101,624 151,333
OTP - Corp Planning 39,290 301,632 40,922 − 54,167 245,833 300,000
PRD - Common 123,416 − 28,348 − 95,068 − 95,068
VR - CEBU Regional
Office 226,683 14,108 198,216 − 42,575 − 42,575
VR - BDD 806,549 43,454 178,587 − 341,251 330,165 671,416
VR - Central Visayas 274,766 12,345 69,391 − 58,376 159,344 217,720
VR - Const & Design 190,007 182,659 62,419 − 65,220 245,027 310,247
Various Employees
Loan 6,420,754 21,148,631 14,583,451 − 12,780,380 205,554 12,985,934
TOTAL =
P22,689,864 =
P29,107,490 =
P21,326,332 =
P− =
P18,761,551 =
P11,709,471 =
P30,471,022
Schedule C. Amounts Receivable from Related Parties which are Eliminated During the
Consolidation of Financial Statements
Name and Balance of Amounts Balance at

Designation of beginning Amounts written Non end of
Debtor of period Additions collected off Current current period
CONVENIENCE
DISTRIBUTION,
INC. - Subsidiary =
P1,567,558 =
P14,150,766 =
P3,799,610 =
P− =
P11,918,714 =
P− =
P11,918,714
STORE SITES
HOLDINGS,INC.
- Subsidiary 514,061 1,410,366 1,562,126 − 362,301 − 362,301
SCHEDULE V
Page 4
Schedule D. Intangible Assets - Other Assets
Other
Charged to Charged to charges
Beginning Additions at cost and other additions Ending
Description balance cost expenses accounts (deductions) balance
Software &
Program Cost =
P3,440,601 =
P263,147 =
P1,237,857 =
P– (P
=203,642) =
P2,262,249
Goodwill 65,567,524 – – – – 65,567,524
Schedule E. Long Term Debt
Amount shown under Amount shown under

caption "Current portion caption "Long Term
Title of Issue and type of Amount authorized by of long-term debt" in Debt" in related balance
obligation indenture related balance sheet sheet"
Philippine peso
denominated long-term
debt =1,070,833,333
P =325,000,000
P =745,833,333
P
Schedule F. Indebtedness to Related Parties (Long-Term Loans from Related Companies)
Balance at beginning of period Balance at end of period

NONE – –
Schedule G. Guarantees of Securities of Other Issuers
Name of issuing
entity of securities
guaranteed by the Title of issue of
Group for which each class of Total amount Amount owned by
this statement is securities guaranteed and person for which Nature of
filed guaranteed outstanding statement is filed Guarantee
NONE – – – –
SCHEDULE V
Page 5
Schedule H. Capital Stock
Number of Number of
shares issued shares
and reserved for
outstanding options,
as shown warrants, Number of
Number of under related conversion shares held Directors,
Title of Shares balance sheet and other by related officers and
Issue authorized caption rights parties employees Others
COMMON
STOCK 1,600,000,000 756,418,283 – 394,970,516 31,406,074 330,041,693

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Schedule V (ANNEX 68-E)

Management’s Discussion and Analysis of Results of Operations and Financial Condition

SELECTED FINANCIAL DATA

Three Months Ended

Marketing income 603,972 596,959 1.2% 1,252,614 954,247 31.3%

Cost of merchandise sales 6,611,836 5,635,960 17.3% 23,776,474 21,361,120 11.3%

Total assets 14,386,313 12,351,256 16.5% 14,386,313 12,351,256 16.5%

Total liabilities 8,340,294 7,309,624 14.1% 8,340,294 7,309,624 14.1%

For the Fourth Quarter

For the Twelve Months Ended December 31

Revenue and Gross Margin

For the Three Months ended For the Year Ended

Three Months Ended For the Year Ended

This translated into an EPS of P 1.74

Receivables balance went up at a slower pace as a rresult of faster collection of accounts.

The increase in non-current

Liquidity and Capital Resources

Three months ended

Cash Flows from Operating Activities

FINANCIAL CONDITION AND RESULTS OF OPERATIONS IN 2016 AS COMPARED WITH

For the Fourth Quarter

For the Twelve Months Ended December 31

2016 2015 Increase (Decrease)

2016 2015 Increase (Decrease)

Selling, General and Administrative Expense

Net income for the twelve-month

This translated into an EPS of P2.56

Balance Sheet Highlights %

Liquidity and Capital Resources

2016 2015 Variance

Cash Flows from Operating Activities

Cash Flows from Investing Activities

Cash Flows from Financing Activities

• System Wide Sales

• Revenue from Merchandise Sales

• Net Income Margin

• Return on Equity (ROE)

Full Year Formula 2017 2016

Discussion and Analysis of Material Events and Uncertainties

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INDEPENDENT AUDITOR’S REPORT

The Board of Directors and Stockholders

Basis for Opinion

Key Audit Matters

A member firm of Ernst & Young Global Limited

Existence and Completeness of Inventories

A member firm of Ernst & Young Global Limited

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

A member firm of Ernst & Young Global Limited

A member firm of Ernst & Young Global Limited

SYCIP GORRES VELAYO & CO.

Belinda T. Beng Hui

A member firm of Ernst & Young Global Limited

LIABILITIES AND EQUITY

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Amendments to Philippine Accounting Standards (PAS) 7, Statement of Cash Flows, Disclosure

Amendments to PFRS 2, Share-based Payment, Classification and Measurement of Share-based

Amendments to PFRS 4, Insurance Contracts, Applying PFRS 9, Financial Instruments, with

PFRS 9, Financial Instruments

PFRS 15, Revenue from Contracts with Customers

Amendments to PAS 40, Investment Property, Transfers of Investment Property

Philippine Interpretation International Financial Reporting Interpretations Committee

Amendments to PFRS 9, Prepayment Features with Negative Compensation

PFRS 16, Leases

Amendments to PAS 28, Long-term Interests in Associates and Joint Ventures

Philippine Interpretation IFRIC 23, Uncertainty over Income Tax Treatments