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“As this book goes into print, there are some 700
manufacturing companies or plants that have
implemented, or are committed to implementing, MRP
systems. Material requirements planning has become a
new way of life in production and inventory
management, displacing older methods in general and
statistical inventory control in particular. I, for one, have
no doubt whatever that it will be the way of life in the -RH2UOLFN\
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“Traditional inventory management approaches, in pre-computer days, could obviously not go beyond the
limits imposed by the information processing tools available at the time. Because of this almost all of
those approaches and techniques suffered from imperfection. They simply represented the best that
could be done under the circumstances. They acted as a crutch and incorporated summary,
shortcut and approximation methods, often based on tenuous or quite unrealistic assumptions,
sometimes force-fitting concepts to reality so as to permit the use of a technique.
The breakthrough, in this area, lies in the simple fact that once a computer becomes available, the use of
such methods and systems is no longer obligatory. It becomes feasible to sort out, revise, or discard
previously used techniques and to institute new ones that heretofore it would have been impractical or
impossible to implement. It is now a matter of record that among manufacturing companies that
pioneered inventory management computer applications in the 1960s, the most significant results
were achieved not by those who chose to improve, refine, and speed up existing procedures,
but by those who undertook a fundamental overhaul of their systems.´
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sĞƌƚŝĐĂůůǇŝŶƚĞŐƌĂƚĞĚĂŶĚĚŽŵĞƐƚŝĐƐƵƉƉůǇĐŚĂŝŶƐĚŽŵŝŶĂƚĞĚƚŚĞ ĨƌĂŐŵĞŶƚĞĚĂŶĚĞǆƚĞŶĚĞĚĂĐƌŽƐƐƚŚĞŐůŽďĞ͘
ůĂŶĚƐĐĂƉĞ
WƌŽĚƵĐƚ>ŝĨĞǇĐůĞƐ >ŽŶŐ͘KĨƚĞŶŵĞĂƐƵƌĞĚŝŶǇĞĂƌƐĂŶĚŽƌĚĞĐĂĚĞƐ;Ğ͘Ő͘ƌŽƚĂƌǇƉŚŽŶĞƐͿ ^ŚŽƌƚ͘KĨƚĞŶŵĞĂƐƵƌĞĚŝŶŵŽŶƚŚƐ;ƉĂƌƚŝĐƵůĂƌůǇŝŶƚĞĐŚŶŽůŽŐǇͿ
ƵƐƚŽŵĞƌdŽůĞƌĂŶĐĞdŝŵĞƐ >ŽŶŐ͘KĨƚĞŶŵĞĂƐƵƌĞĚŝŶǁĞĞŬƐĂŶĚŵŽŶƚŚƐ ^ŚŽƌƚ͘KĨƚĞŶŵĞĂƐƵƌĞĚŝŶĚĂǇƐǁŝƚŚŵĂŶǇƐŝƚƵĂƚŝŽŶƐĚŝĐƚĂƚŝŶŐůĞƐƐ

ƚŚĂŶϮϰŚŽƵƌƚƵƌŶƐ
WƌŽĚƵĐƚŽŵƉůĞǆŝƚǇ >Žǁ͘ ,ŝŐŚ͘DŽƐƚƉƌŽĚƵĐƚƐŶŽǁŚĂǀĞƌĞůĂƚŝǀĞůǇĐŽŵƉůĞǆŵĞĐŚĂŶŝĐĂůĂŶĚ

ĞůĞĐƚƌŝĐĂůƐǇƐƚĞŵƐĂŶĚŵŝĐƌŽͲƐǇƐƚĞŵƐ͘ĂŶǇŽƵĞǀĞŶǁŽƌŬŽŶĂ
ŵŽĚĞƌŶĐĂƌĂŶǇŵŽƌĞ͍
WƌŽĚƵĐƚƵƐƚŽŵŝǌĂƚŝŽŶ >Žǁ͘&ĞǁŽƉƚŝŽŶƐŽƌĐƵƐƚŽŵĨĞĂƚƵƌĞĂǀĂŝůĂďůĞ͘ ,ŝŐŚ͘>ŽƚƐŽĨĐŽŶĨŝŐƵƌĂƚŝŽŶĂŶĚĐƵƐƚŽŵŝǌĂƚŝŽŶƚŽĂƉĂƌƚŝĐƵůĂƌ

ĐƵƐƚŽŵĞƌŽƌĐƵƐƚŽŵĞƌƚǇƉĞ͘
WƌŽĚƵĐƚsĂƌŝĞƚǇ >Žǁ͘ǆĂŵƉůĞʹ ƚŽŽƚŚƉĂƐƚĞ͘/ŶϭϵϲϱŽůŐĂƚĞĂŶĚƌĞƐƚĞĂĐŚŵĂĚĞŽŶĞ ,ŝŐŚʹ ŝŶϮϬϭϮŽůŐĂƚĞŵĂĚĞϭϳƚǇƉĞƐŽĨƚŽŽƚŚƉĂƐƚĞĂŶĚƌĞƐƚŵĂĚĞ

ƚǇƉĞŽĨƚŽŽƚŚƉĂƐƚĞ͘ ϰϮ͊
>ŽŶŐ>ĞĂĚdŝŵĞWĂƌƚƐ &Ğǁ͘,ĞƌĞƚŚĞǁŽƌĚ͞ůŽŶŐ͟ŝƐŝŶƌĞůĂƚŝŽŶƚŽƚŚĞƚŝŵĞƚŚĞŵĂƌŬĞƚŝƐ DĂŶǇ͘dŽĚĂǇ͛ƐĞǆƚĞŶĚĞĚĂŶĚĨƌĂŐŵĞŶƚĞĚƐƵƉƉůǇĐŚĂŝŶƐŚĂǀĞ

ǁŝůůŝŶŐƚŽǁĂŝƚ͘ǇĚĞĨĂƵůƚŝĨĐƵƐƚŽŵĞƌƚŽůĞƌĂŶĐĞƚŝŵĞƐǁĞƌĞůŽŶŐĞƌŝƚ ƌĞƐƵůƚĞĚŝŶŶŽƚŽŶůǇŵŽƌĞƉƵƌĐŚĂƐĞĚŝƚĞŵƐďƵƚŵŽƌĞƉƵƌĐŚĂƐĞĚ
ƐƚĂŶĚƐƚŽƌĞĂƐŽŶƚŚĂƚƚŚĞƌĞǁĞƌĞůĞƐƐůŽŶŐůĞĂĚƚŝŵĞƉĂƌƚƐ͘DŽƌĞƐŽ͕ ŝƚĞŵƐĐŽŵŝŶŐĨƌŽŵŵŽƌĞƌĞŵŽƚĞůŽĐĂƚŝŽŶƐ͘
ŚŽǁĞǀĞƌ͕ŝƐƚŚĂƚĨĂĐƚƚŚĂƚƐƵƉƉůǇĐŚĂŝŶƐůŽŽŬĞĚĚŝĨĨĞƌĞŶƚ͘DŽƐƚƉĂƌƚƐ
ǁĞƌĞĚŽŵĞƐƚŝĐĂůůǇƐŽƵƌĐĞĚĂŶĚƚŚƵƐŽĨƚĞŶŵƵĐŚ͞ĐůŽƐĞƌ͟ŝŶƚŝŵĞ͘
&ŽƌĞĐĂƐƚĐĐƵƌĂĐǇ ,ŝŐŚ͘tŝƚŚůĞƐƐǀĂƌŝĞƚǇ͕ůŽŶŐĞƌůŝĨĞĐǇĐůĞƐĂŶĚŚŝŐŚĐƵƐƚŽŵĞƌƚŽůĞƌĂŶĐĞ >Žǁ͘dŚĞĐŽŵďŝŶĞĚĐŽŵƉůĞǆŝƚǇŽĨƚŚĞĂďŽǀĞŝƚĞŵƐŝƐŵĂŬŝŶŐƚŚĞ

ƚŝŵĞƐĨŽƌĞĐĂƐƚĂĐĐƵƌĂĐǇǁĂƐĂůŵŽƐƚĂŶŽŶͲŝƐƐƵĞ͘͞/ĨǇŽƵďƵŝůĚŝƚ͕ƚŚĞǇ ŝĚĞĂŽĨŝŵƉƌŽǀŝŶŐĨŽƌĞĐĂƐƚĂĐĐƵƌĂĐǇĂůŽƐŝŶŐďĂƚƚůĞ͘
ǁŝůůďƵǇŝƚ͘͟
WƌĞƐƐƵƌĞĨŽƌ>ĞĂŶĞƌ >Žǁ͘tŝƚŚůĞƐƐǀĂƌŝĞƚǇĂŶĚůŽŶŐĞƌĐǇĐůĞƐƚŚĞƉĞŶĂůƚŝĞƐŽĨďƵŝůĚŝŶŐ ,ŝŐŚ͘ƚƚŚĞƐĂŵĞƚŝŵĞŽƉĞƌĂƚŝŽŶƐŝƐĂƐŬĞĚƚŽƐƵƉƉŽƌƚĂŵƵĐŚŵŽƌĞ

ŝŶǀĞŶƚŽƌǇƉŽƐŝƚŝŽŶƐǁĂƐŵŝŶŝŵŝǌĞĚ͘ ĐŽŵƉůĞǆĚĞŵĂŶĚĂŶĚƐƵƉƉůǇƐĐĞŶĂƌŝŽ;ĂƐĚĞĨŝŶĞĚĂďŽǀĞͿƚŚĞǇĂƌĞ
/ŶǀĞŶƚŽƌŝĞƐ ƌĞƋƵŝƌĞĚƚŽĚŽƐŽǁŝƚŚůĞƐƐǁŽƌŬŝŶŐĐĂƉŝƚĂů͊
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ĚĞŵĂŶĚƚŚĂƚĐŽƵůĚŽǀĞƌǁŚĞůŵƌĞƐŽƵƌĐĞƐ;ĐĂƉĂĐŝƚǇ͕ƐƚŽĐŬ͕ĐĂƐŚ͕
ǆƚĞƌŶĂů sĂƌŝĂďŝůŝƚǇ ĞƚĐ͘Ϳ͘
^ƵƉƉůǇsĂƌŝĂďŝůŝƚǇ͗dŚĞƉŽƚĞŶƚŝĂůĨŽƌĂŶĚƐĞǀĞƌŝƚǇŽĨĚŝƐƌƵƉƚŝŽŶƐ
ŝŶƐŽƵƌĐĞƐŽĨƐƵƉƉůǇĂŶĚͬŽƌƐƉĞĐŝĨŝĐƐƵƉƉůŝĞƌƐ͘
dŚĞƉůĂĐĞƐŝŶƚŚĞŝŶƚĞŐƌĂƚĞĚďŝůůŽĨŵĂƚĞƌŝĂů;KDͿƐƚƌƵĐƚƵƌĞ
;ŵĂƚƌŝǆďŝůůŽĨŵĂƚĞƌŝĂůͿŽƌƚŚĞĚŝƐƚƌŝďƵƚŝŽŶŶĞƚǁŽƌŬƚŚĂƚ
/ŶǀĞŶƚŽƌǇ>ĞǀĞƌĂŐĞ ĂŶĚ&ůĞǆŝďŝůŝƚǇ
ĞŶĂďůĞƐĂĐŽŵƉĂŶǇǁŝƚŚƚŚĞŵŽƐƚĂǀĂŝůĂďůĞŽƉƚŝŽŶƐĂƐǁĞůůĂƐ
ƚŚĞďĞƐƚůĞĂĚƚŝŵĞĐŽŵƉƌĞƐƐŝŽŶƚŽŵĞĞƚƚŚĞďƵƐŝŶĞƐƐŶĞĞĚƐ͘
dŚĞƐĞƚǇƉĞƐŽĨŽƉĞƌĂƚŝŽŶƐŝŶĐůƵĚĞĂƌĞĂƐƚŚĂƚŚĂǀĞůŝŵŝƚĞĚ
ƌŝƚŝĐĂů KƉĞƌĂƚŝŽŶWƌŽƚĞĐƚŝŽŶ ĐĂƉĂĐŝƚǇŽƌǁŚĞƌĞƋƵĂůŝƚǇĐĂŶďĞĐŽŵƉƌŽŵŝƐĞĚďǇĚŝƐƌƵƉƚŝŽŶƐ
ŽƌǁŚĞƌĞǀĂƌŝĂďŝůŝƚǇƚĞŶĚƐƚŽďĞĂĐĐƵŵƵůĂƚĞĚĂŶĚͬŽƌĂŵƉůŝĨŝĞĚ͘

/ŶǀĞŶƚŽƌǇWŽƐŝƚŝŽŶŝŶŐǆĂŵƉůĞ
ͻ KƵƌƐĂŵƉůĞĐŽŵƉĂŶǇŵĂŬĞƐƚǁŽĞŶĚŝƚĞŵƐ;&W'ĂŶĚ&W,Ϳ
ͻ /ŶƚĞƌŵĞĚŝĂƚĞŽŵƉŽŶĞŶƚϮϬϭŝƐƐŽůĚĂƐƐĞƌǀŝĐĞƉĂƌƚ

)3* )3+

3

3 3

3 3

,QVWLWXWH
dǇƉĞƐŽĨ>ĞĂĚdŝŵĞƐ
)3*

͞ŵĂŶƵĨĂĐƚƵƌŝŶŐůĞĂĚƚŝŵĞ;D>dͿ͗dŚĞƚŽƚĂů
ƚŝŵĞƌĞƋƵŝƌĞĚƚŽŵĂŶƵĨĂĐƚƵƌĞĂŶŝƚĞŵ͕
3

ĞǆĐůƵƐŝǀĞŽĨůŽǁĞƌůĞǀĞůƉƵƌĐŚĂƐŝŶŐůĞĂĚƚŝŵĞ͘
3
;W/^ŝĐƚŝŽŶĂƌǇ͕ϭϰĞ͕WĂŐĞϵϴͿ

)3+

3

3

3

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)3*

͞ĐƵŵƵůĂƚŝǀĞůĞĂĚƚŝŵĞ;>dͿ͗dŚĞůŽŶŐĞƐƚƉůĂŶŶĞĚ
ůĞŶŐƚŚŽĨƚŝŵĞƚŽĂĐĐŽŵƉůŝƐŚƚŚĞĂĐƚŝǀŝƚǇŝŶƋƵĞƐƚŝŽŶ͘/ƚ
3
ŝƐĨŽƵŶĚďǇƌĞǀŝĞǁŝŶŐƚŚĞůĞĂĚƚŝŵĞĨŽƌĞĂĐŚďŝůůŽĨ

ŵĂƚĞƌŝĂůƉĂƚŚďĞůŽǁƚŚĞŝƚĞŵ͖ǁŚŝĐŚĞǀĞƌƉĂƚŚĂĚĚƐƵƉ 3
ƚŽƚŚĞŐƌĞĂƚĞƐƚŶƵŵďĞƌĚĞĨŝŶĞƐĐƵŵƵůĂƚŝǀĞůĞĂĚƚŝŵĞ͘͟
;W/^ŝĐƚŝŽŶĂƌǇ͕ϭϰĞ͕WĂŐĞϯϴͿ
)3+

tŚĂƚŝƐƚŚĞĐƵŵƵůĂƚŝǀĞůĞĂĚƚŝŵĞĨŽƌ&W'ĂŶĚ&W,͍ 3

3

3

,QVWLWXWH
)3*

͞ƉƵƌĐŚĂƐŝŶŐůĞĂĚƚŝŵĞ;W>dͿ͗dŚĞƚŽƚĂůůĞĂĚƚŝŵĞ
ƌĞƋƵŝƌĞĚƚŽŽďƚĂŝŶĂƉƵƌĐŚĂƐĞĚŝƚĞŵ͘/ŶĐůƵĚĞĚŚĞƌĞ
3
ĂƌĞŽƌĚĞƌƉƌĞƉĂƌĂƚŝŽŶĂŶĚƌĞůĞĂƐĞƚŝŵĞ͖ƐƵƉƉůŝĞƌůĞĂĚ

ƚŝŵĞ͖ƚƌĂŶƐƉŽƌƚĂƚŝŽŶƚŝŵĞ͖ĂŶĚƌĞĐĞŝǀŝŶŐ͕ŝŶƐƉĞĐƚŝŽŶ͕ 3
ĂŶĚƉƵƚĂǁĂǇƚŝŵĞ͘͟ ;W/^ŝĐƚŝŽŶĂƌǇ͕ϭϰĞ͕WĂŐĞ
ϭϰϮͿ
)3+

3

3

3

,QVWLWXWH
DĂŶƵĨĂĐƚƵƌŝŶŐKƵƌWƌŽĚƵĐƚƐ

)3* )3+

3

3 3

3 3
GD\V GD\V
GD\V &
3 $ % &
6 7 )3* &
=
GD\V 6 7 )3+ &
3 % & ( )
GD\V
GD\V
3
GD\V
ĞĐŽƵƉůŝŶŐ WŽŝŶƚWůĂĐĞŵĞŶƚŽŶƐŝĚĞƌĂƚŝŽŶƐ
&W'сϯĚĂǇƐ
ƵƐƚŽŵĞƌdŽůĞƌĂŶĐĞdŝŵĞ &W, сϱĚĂǇƐ
ϮϬϭсϯĚĂǇƐ
ϮϬϭŚĂƐĂƋƵŝĐŬ ƚƵƌŶŵĂƌŬĞƚĂǀĂŝůĂďůĞ;ϭĚĂǇͿ͘
DĂƌŬĞƚWŽƚĞŶƚŝĂů>ĞĂĚ dŝŵĞ &W'ŚĂƐĂƋƵŝĐŬƚƵƌŶŵĂƌŬĞƚĂǀĂŝůĂďůĞ;ϭĚĂǇͿ͘
&W,ŚĂƐŶŽƋƵŝĐŬƚƵƌŶŵĂƌŬĞƚ͘
^ĂůĞƐ KƌĚĞƌsŝƐŝďŝůŝƚǇ,ŽƌŝǌŽŶ ϯн ĚĂǇƐĨŽƌŵŽƐƚŽƌĚĞƌƐ͘
&ŝŶŝƐŚĞĚ/ƚĞŵĞŵĂŶĚ͗>Žǁ͕>ĂƌŐĞĨŝŶŝƐŚĞĚŝƚĞŵŽƌĚĞƌƐ
ĂƌĞƚǇƉŝĐĂůůǇŬŶŽǁŶǁĞůůŝŶĂĚǀĂŶĐĞ͘
^ĞƌǀŝĐĞ WĂƌƚĞŵĂŶĚ͗,ŝŐŚϮϬϭƐĞƌǀŝĐĞƉĂƌƚĚĞŵĂŶĚŝƐ
ǆƚĞƌŶĂů sĂƌŝĂďŝůŝƚǇ
ŚŝŐŚůǇ ǀĂƌŝĂďůĞ͘
^ƵƉƉůǇ͗ϯϬϭWĂŶĚϮϬϰWĂƌĞŐĞŶĞƌĂůůǇƌĞůŝĂďůĞ͘ϭϬϮWŚĂƐ
ĂůŽƚŽĨƐĞƌǀŝĐĞĚŝƐƌƵƉƚŝŽŶƐŽǀĞƌƚŚĞůĂƐƚǇĞĂƌ͘
ϮϬϭĐĂŶďĞĚŝƌĞĐƚĞĚƚŽďŽƚŚ&W'͕&W,ĂŶĚĚŝƌĞĐƚůǇ ƚŽƚŚĞ
/ŶǀĞŶƚŽƌǇ>ĞǀĞƌĂŐĞ ĂŶĚ
ŵĂƌŬĞƚ͘
&ůĞǆŝďŝůŝƚǇ
ϭϬϭŝƐĐŽŵŵŽŶƚŽďŽƚŚ&W'ĂŶĚ&W,͘
ƌŝƚŝĐĂů KƉĞƌĂƚŝŽŶWƌŽƚĞĐƚŝŽŶ ZĞƐŽƵƌĐĞ ŝƐĂŚŝŐŚůǇƐŬŝůůĞĚĂƐƐĞŵďůǇŽƉĞƌĂƚŝŽŶ͘

ƵƐƚŽŵĞƌdŽůĞƌĂŶĐĞdŝŵĞŽŶƐŝĚĞƌĂƚŝŽŶ
ͻ &W'сϯĚĂǇƐ͖ĚĞĐŽƵƉůŝŶŐŵƵƐƚŽĐĐƵƌĂƚϭϬϭ
ͻ &W,сϱĚĂǇƐ͖ĚĞĐŽƵƉůŝŶŐŵƵƐƚŽĐĐƵƌĂƚϭϬϭΘϭϬϮW
ͻ ϮϬϭсϯĚĂǇƐ͖ĚĞĐŽƵƉůŝŶŐŵƵƐƚŽĐĐƵƌĂƚϯϬϭWŽƌϮϬϭ
GD\V GD\V
GD\V &
3 $ % &
6 7 )3* &
=
GD\V 6 7 )3+ &
3 % & ( )
GD\V
GD\V
3
GD\V
,QVWLWXWH
DĂƌŬĞƚWŽƚĞŶƚŝĂů>ĞĂĚdŝŵĞŽŶƐŝĚĞƌĂƚŝŽŶ
ϮϬϭŚĂƐĂƋƵŝĐŬƚƵƌŶŵĂƌŬĞƚĂǀĂŝůĂďůĞ;ϭĚĂǇͿ͖ϮϬϭŵƵƐƚďĞĚĞĐŽƵƉůĞĚƚŽ
ƚĂŬĞĂĚǀĂŶƚĂŐĞŽĨƚŚŝƐ͘
&W'ŚĂƐĂƋƵŝĐŬƚƵƌŶŵĂƌŬĞƚĂǀĂŝůĂďůĞ;ϭĚĂǇͿ͖&W'ŵƵƐƚďĞĚĞĐŽƵƉůĞĚƚŽ
ƚĂŬĞĂĚǀĂŶƚĂŐĞŽĨƚŚŝƐ͘
&W,ŚĂƐŶŽƋƵŝĐŬƚƵƌŶŵĂƌŬĞƚ͘
GD\V GD\V
GD\V &
3 $ % &
6 7 )3* &
=
GD\V 6 7 )3+ &
3 % & ( )
GD\V
GD\V
3
GD\V
,QVWLWXWH
^ĂůĞƐKƌĚĞƌsŝƐŝďŝůŝƚǇ,ŽƌŝǌŽŶŽŶƐŝĚĞƌĂƚŝŽŶ
ͻ ϯнĚĂǇƐĨŽƌŵŽƐƚŽƌĚĞƌƐ͘
ͻ ϭϬϭĂŶĚϭϬϮWĚĞĐŽƵƉůŝŶŐƉŽŝŶƚƐŵĞĂŶƚŚĂƚŚŝŐŚůǇĂĐĐƵƌĂƚĞĚĞŵĂŶĚ
ƐŝŐŶĂůƐĂƌĞĂǀĂŝůĂďůĞǁŝƚŚŝŶƚŚĞƐǇƐƚĞŵƌĞƐƉŽŶƐĞƚŝŵĞ͘
6DOHV2UGHU9LVLELOLW\
+RUL]RQ GD\V
GD\V GD\V
GD\V &
3 $ % &
6 7 )3* &
=
GD\V 6 7 )3+ &
3 % & ( )
GD\V
GD\V
3
GD\V
,QVWLWXWH
ǆƚĞƌŶĂůsĂƌŝĂďŝůŝƚǇŽŶƐŝĚĞƌĂƚŝŽŶ
&ŝŶŝƐŚĞĚ/ƚĞŵĞŵĂŶĚ͗>Žǁ͕>ĂƌŐĞĨŝŶŝƐŚĞĚŝƚĞŵŽƌĚĞƌƐĂƌĞƚǇƉŝĐĂůůǇŬŶŽǁŶǁĞůůŝŶ
ĂĚǀĂŶĐĞ͖ZĞĚƵĐĞƐŶĞĞĚƚŽŚĂǀĞĨŝŶŝƐŚĞĚŝƚĞŵƐďƵĨĨĞƌĞĚ͘
^ĞƌǀŝĐĞWĂƌƚĞŵĂŶĚ͗,ŝŐŚϮϬϭƐĞƌǀŝĐĞƉĂƌƚĚĞŵĂŶĚŝƐŚŝŐŚůǇǀĂƌŝĂďůĞ͖ƚŚŝƐƐƵŐŐĞƐƚƐ
ƚŚĂƚĂďƵĨĨĞƌǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽďĞƐƚƐĂƚŝƐĨǇƐĞƌǀŝĐĞƉĂƌƚŵĂƌŬĞƚƉŽƚĞŶƚŝĂů͘
^ƵƉƉůǇ͗ϯϬϭWĂŶĚϮϬϰWĂƌĞŐĞŶĞƌĂůůǇƌĞůŝĂďůĞ͘ϭϬϮWŚĂƐĂůŽƚŽĨƐĞƌǀŝĐĞĚŝƐƌƵƉƚŝŽŶƐ
ŽǀĞƌƚŚĞůĂƐƚǇĞĂƌ͖ϭϬϮWŵƵƐƚďĞďƵĨĨĞƌĞĚƚŽƉƌŽƚĞĐƚĨůŽǁ͘
GD\V GD\V
GD\V &
3 $ % &
6 7 )3* &
=
GD\V 6 7 )3+ &
3 % & ( )
GD\V
GD\V
3
GD\V
,QVWLWXWH
/ŶƚĞƌŶĂů>ĞǀĞƌĂŐĞĂŶĚ&ůĞǆŝďŝůŝƚǇ
ϮϬϭĐĂŶďĞĚŝƌĞĐƚĞĚƚŽďŽƚŚ&W'͕&W,ĂŶĚĚŝƌĞĐƚůǇƚŽƚŚĞŵĂƌŬĞƚ͖Ă
ďƵĨĨĞƌĐĂŶďĞůĞǀĞƌĂŐĞĚĂŐĂŝŶƐƚĂůůƌĞƋƵŝƌĞŵĞŶƚƐ͘
ϭϬϭŝƐĐŽŵŵŽŶƚŽďŽƚŚ&W'ĂŶĚ&W,͖ĂďƵĨĨĞƌĐĂŶďĞůĞǀĞƌĂŐĞĚĂŐĂŝŶƐƚ
ďŽƚŚĨŝŶŝƐŚĞĚŝƚĞŵƐ͘ƵĨĨĞƌŝŶŐϭϬϭǁŝůůƌĞĚƵĐĞƐƚŽĐŬƌĞƋƵŝƌĞŵĞŶƚƐĂƚ
&W'ďƵĨĨĞƌ;ĚŝƌĞĐƚƌĞĚƵĐƚŝŽŶƚŽ>dͿ͘
GD\V GD\V
GD\V &
3 $ % &
6 7 )3* &
=
GD\V 6 7 )3+ &
3 % & ( )
GD\V
GD\V
3
GD\V
,QVWLWXWH
ƌŝƚŝĐĂůKƉĞƌĂƚŝŽŶWƌŽƚĞĐƚŝŽŶŽŶƐŝĚĞƌĂƚŝŽŶ
ͻ ZĞƐŽƵƌĐĞŝƐĂŚŝŐŚůǇƐŬŝůůĞĚĂƐƐĞŵďůǇŽƉĞƌĂƚŝŽŶ͘
ͻ hŶĚĞƌƚŚĞĚĞƐŝŐŶƐŽĨĂƌƌĞƐŽƵƌĐĞŝƐƐƵďũĞĐƚƚŽǀĂƌŝĂďŝůŝƚǇƉĂƐƐĞĚĨƌŽŵ
ƚŚĞϮϬϰWƐƵƉƉůŝĞƌĂŶĚƚŚĞŝŶƚĞƌŶĂůƐƚƌŝŶŐƉƌŽĐĞƐƐĞƐŝŶĨƌŽŶƚŽĨŝƚ͘
ͻ dŚŝƐƐƵŐŐĞƐƚƐĂďƵĨĨĞƌĂƚϮϬϰW͘
GD\V GD\V
GD\V &
3 $ % &
6 7 )3* &
=
GD\V 6 7 )3+ &
3 % & ( )
GD\V
GD\V
3
GD\V
,QVWLWXWH
<ĞǇůĞŵĞŶƚƐĂŶĚĞŶĞĨŝƚƐŽĨƚŚĞĞƐŝŐŶ
ͻ dŚĞ&W'ĂŶĚϮϬϭďƵĨĨĞƌƐĂůůŽǁĨŽƌƚŚĞƋƵŝĐŬƚƵƌŶďƵƐŝŶĞƐƐŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽďĞƐĂƚŝƐĨŝĞĚ͘
ͻ dŚĞ&W'ƐƚŽĐŬƉŽƐŝƚŝŽŶŝƐŵŝŶŝŵŝǌĞĚĚƵĞƚŽƚŚĞϭϬϭďƵĨĨĞƌ͘
ͻ ϭϬϭĂŶĚϭϬϮWďƵĨĨĞƌƐĂůůŽǁĨŽƌĂŵĂŬĞƚŽŽƌĚĞƌƐƚƌĂƚĞŐǇŽŶ&W,͘
ͻ ϮϬϭĂŶĚϮϬϰWďƵĨĨĞƌƐƉƌŽƚĞĐƚƌĞƐŽƵƌĐĞĂƐďĞƐƚĂƐƉŽƐƐŝďůĞĂƚƚŚĞƉƌŽĚƵĐƚƐƚƌƵĐƚƵƌĞůĞǀĞů͘
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ƚŝŵĞ
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EĞǁ>ĞĂĚdŝŵĞĨŽƌDĂŶƵĨĂĐƚƵƌĞĚ/ƚĞŵƐ
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ϯϭϬ

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ŵĂŶƵĨĂĐƚƵƌĞĚůĞĂĚƚŝŵĞƐ;&WĂŶĚϮϬϭͿ͘
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DŽƌĞŽŶĞĐŽƵƉůĞĚ>ĞĂĚdŝŵĞ

,ŽǁŵĂŶǇƉĂƌƚƐŚĂǀĞ
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ƚŚĂŶƚŚĞŝƌŵĂŶƵĨĂĐƚƵƌŝŶŐůĞĂĚ
3 3 3 ƚŝŵĞƐ͍
3

ĚǀĂŶĐĞĚWŽƐŝƚŝŽŶŝŶŐŽŶƐŝĚĞƌĂƚŝŽŶƐ
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ŽDƐ͘
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ƉŽƐŝƚŝŽŶŝŶŐ

ĞĐŽƵƉůĞĚ>dнDĂƚƌŝǆKD
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+ + =

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3

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WĂƌĞŶƚŝƚĞŵƐ
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+ + =

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3 3 3 3 3 3 3
3

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+ + =

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+ + =

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DĂŶƵĨĂĐƚƵƌŝŶŐ>ĞĂĚdŝŵĞ ϱĚĂǇƐ
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3 3

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>dŽŵƉƌĞƐƐŝŽŶ
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3 3

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3

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>dĨƚĞƌŽŵƉƌĞƐƐŝŽŶ ϭϴĚĂǇƐ
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3 3 3

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+ + =

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3 3 3 3 3 3 3
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ĂůĐƵůĂƚŝŶŐĂZĞƉůĞŶŝƐŚŵĞŶƚƵĨĨĞƌ
/ŶĚŝǀŝĚƵĂůWĂƌƚ 'ƌŽƵƉ^ĞƚƚŝŶŐƐ ŽŶĞĂŶĚƵĨĨĞƌ>ĞǀĞůƐ

WƌŽƉĞƌƚŝĞƐ
[ ;ƵĨĨĞƌWƌŽĨŝůĞƐͿ ĨŽƌĂĐŚWĂƌƚ
>ĞĂĚdŝŵĞ /ƚĞŵdǇƉĞ
DŝŶŝŵƵŵ KƌĚĞƌ >ĞĂĚdŝŵĞĂƚĞŐŽƌǇ
YƵĂŶƚŝƚǇ;DKYͿ sĂƌŝĂďŝůŝƚǇ ĂƚĞŐŽƌǇ
>ŽĐĂƚŝŽŶ
;ŝƐƚƌŝďƵƚĞĚƉĂƌƚƐŽŶůǇͿ
ǀĞƌĂŐĞĂŝůǇhƐĂŐĞ
;hͿ

WĂƌƚ>ĞĂĚdŝŵĞ
/ŶĚŝǀŝĚƵĂůWĂƌƚ ͻ DĞĂƐƵƌĞĚŝŶĚĂǇƐŝŶŵŽƐƚƉůĂŶŶŝŶŐƐǇƐƚĞŵƐ
WƌŽƉĞƌƚŝĞƐ ͻ DĂŶƵĨĂĐƚƵƌĞĚ/ƚĞŵƐсĞĐŽƵƉůĞĚ>ĞĂĚdŝŵĞ
;>dͿ
>ĞĂĚdŝŵĞ
DŝŶŝŵƵŵ KƌĚĞƌ ͻ WƵƌĐŚĂƐĞĚ/ƚĞŵƐсWƵƌĐŚĂƐŝŶŐ>ĞĂĚdŝŵĞ
YƵĂŶƚŝƚǇ;DKYͿ
ͻ ŝƐƚƌŝďƵƚĞĚ/ƚĞŵƐсdƌĂŶƐƉŽƌƚĂƚŝŽŶ>ĞĂĚdŝŵĞ
>ŽĐĂƚŝŽŶ
;hͿ

DŝŶŝŵƵŵKƌĚĞƌYƵĂŶƚŝƚǇ
/ŶĚŝǀŝĚƵĂůWĂƌƚ
ͻ DKYƐĐĂŶĂĨĨĞĐƚƚŚĞŐƌĞĞŶǌŽŶĞƐŝǌĞǁŚĞŶ
WƌŽƉĞƌƚŝĞƐ ƚŚĞǇĂƌĞƐŝŐŶŝĨŝĐĂŶƚŝŶƌĞůĂƚŝŽŶƚŽĂŶĂǀĞƌĂŐĞ
ƌĂƚĞŽĨĚĞŵĂŶĚ
>ĞĂĚdŝŵĞ ͻ dŚĂƚŵĞĂŶƐƚŚĂƚƚŚĞǇǁŝůůŝŵƉĂĐƚĂǀĞƌĂŐĞŽƌĚĞƌ
DŝŶŝŵƵŵ KƌĚĞƌ ƐŝǌĞĂŶĚĨƌĞƋƵĞŶĐǇŝŶĂDZWĞŶǀŝƌŽŶŵĞŶƚ
YƵĂŶƚŝƚǇ;DKYͿ
>ŽĐĂƚŝŽŶ ͻ ^ŽŵĞDKYƐĂƌĞďĂƐĞĚŽŶƌĞĂůůŝŵŝƚĂƚŝŽŶƐĂŶĚ
ƐŽůŝĚĂƐƐƵŵƉƚŝŽŶƐʹ ŵĂŶǇĂƌĞŶŽƚ
;hͿ ͻ DZWǁŝůůĂůůŽǁĐŽŵƉĂŶŝĞƐƚŽƐĞĞǁŚĂƚƚŚĞ
ŝŵƉĂĐƚŽĨDKYƐǁŝůůďĞŽŶƚŚĞǁŽƌŬŝŶŐĐĂƉŝƚĂů
ĂŶĚŵĂƚĞƌŝĂůĨůŽǁŝŶĂŶĞŶǀŝƌŽŶŵĞŶƚ͘
>ŽĐĂƚŝŽŶ;ŝƐƚƌŝďƵƚĞĚWĂƌƚƐͿ
/ŶĚŝǀŝĚƵĂůWĂƌƚ
ͻ >ŽĐĂƚŝŽŶŝƐƌĞƋƵŝƌĞĚƚŽĚŝƐƚŝŶŐƵŝƐŚďĞƚǁĞĞŶ
WƌŽƉĞƌƚŝĞƐ ĚŝĨĨĞƌĞŶƚĚŝƐƚƌŝďƵƚŝŽŶƉŽŝŶƚƐ
ͻ ĂĐŚůŽĐĂƚŝŽŶǁŝůůŚĂǀĞĂƵŶŝƋƵĞďƵĨĨĞƌůĞǀĞůĨŽƌ
>ĞĂĚdŝŵĞ ƚŚĞƐĂŵĞŝƚĞŵ
DŝŶŝŵƵŵ KƌĚĞƌ
YƵĂŶƚŝƚǇ;DKYͿ ͻ dŚĞƐĞĚŝĨĨĞƌĞŶƚůŽĐĂƚŝŽŶƐǁŝůůďĞŚĂǀĞ
>ŽĐĂƚŝŽŶ ĚŝĨĨĞƌĞŶƚůǇ͗
ʹ ŝĨĨĞƌĞŶƚƌĂƚĞƐŽĨĚĞŵĂŶĚ
;hͿ ʹ ŝĨĨĞƌĞŶƚƚƌĂŶƐƉŽƌƚĂƚŝŽŶůĞĂĚƚŝŵĞƐ
ʹ ŝĨĨĞƌĞŶƚĂŵŽƵŶƚƐŽĨǀĂƌŝĂďŝůŝƚǇ

ǀĞƌĂŐĞĂŝůǇhƐĂŐĞ;hͿƌŝƚŝĐĂů&ĂĐƚŽƌƐ
/ŶĚŝǀŝĚƵĂůWĂƌƚ hŝƐƚŚĞƌĂƚĞŽĨĚĞŵĂŶĚƵƐĞĚƚŽĨŽƌŵƵůĂƚĞ
WƌŽƉĞƌƚŝĞƐ ƚŚĞďƵĨĨĞƌƐ͘ƌŝƚŝĐĂůĨĂĐƚŽƌƐŝŶŝƚƐĐĂůĐƵůĂƚŝŽŶ
ŝŶĐůƵĚĞ͗
>ĞĂĚdŝŵĞ
DŝŶŝŵƵŵ KƌĚĞƌ
ͻ >ĞŶŐƚŚŽĨƉĞƌŝŽĚĐŽŶƐŝĚĞƌĂƚŝŽŶ
YƵĂŶƚŝƚǇ;DKYͿ ͻ &ƌĞƋƵĞŶĐǇŽĨƵƉĚĂƚĞ
>ŽĐĂƚŝŽŶ
;ŝƐƚƌŝďƵƚĞĚƉĂƌƚƐŽŶůǇͿ ͻ WĂƐƚ͕ĨŽƌǁĂƌĚŽƌďůĞŶĚĞĚĐĂůĐƵůĂƚŝŽŶ
;hͿ
ͻ hĞǆĐĞƉƚŝŽŶƐ

hʹ >ĞŶŐƚŚŽĨWĞƌŝŽĚŽŶƐŝĚĞƌĂƚŝŽŶ
ͻ dŽŽ>ŽŶŐсEŽƚƌĞĂĐƚŝǀĞĞŶŽƵŐŚ
ͻ dŽŽ^ŚŽƌƚсdŚĞďƵĨĨĞƌŝƐĐŽŶƐƚĂŶƚůǇĨůĞǆŝŶŐĐĂƵƐŝŶŐŽǀĞƌͲƌĞĂĐƚŝŽŶ

^ŽƵƉŽhŽŵƉĂƌŝƐŽŶ;ŚŝĐŬĞŶdƌƵĨĨůĞͿ
ϱϬϬ
ϰϬϬ
ĂƐĞƐͬĂǇ
ϯϬϬ
ϮϬϬ
ϭϬϬ
Ϭ
ϭ ϰ ϳ ϭϬ ϭϯ ϭϲ ϭϵ ϮϮ Ϯϱ Ϯϴ ϯϭ ϯϰ ϯϳ ϰϬ ϰϯ ϰϲ ϰϵ ϱϮ
tĞĞŬƐ
ĐƚƵĂů^ĂůĞƐ ϭϮǁŬh ϱϮǁŬh

$'8LVGUDPDWLFDOO\ $'8LVGUDPDWLFDOO\
XQGHUVWDWHG XQGHUVWDWHG
ϱϬϬ ź ź
ϰϬϬ
ĂƐĞƐͬĂǇ
ϯϬϬ $'8LVGUDPDWLFDOO\RYHUVWDWHG
ϮϬϬ
ϭϬϬ
Ϭ
tĞĞŬƐ
ĐƚƵĂů^ĂůĞƐ ϱϮǁŬh

$'8LVGUDPDWLFDOO\
XQGHUVWDWHG
ϱϬϬ ź
$'8LVGUDPDWLFDOO\
RYHUVWDWHG
ϰϬϬ ź
ĂƐĞƐͬĂǇ
ϯϬϬ $'8LVFORVHUWRDFWXDOFRQVXPSWLRQ
ϮϬϬ
ϭϬϬ
Ϭ
tĞĞŬƐ
ĐƚƵĂů^ĂůĞƐ ϭϮǁŬh

hʹ &ƌĞƋƵĞŶĐǇŽĨhƉĚĂƚĞ
ͻ /ĨĚŽŶĞĚĂŝůǇƚŚĞƌĞǁŝůůŽĨƚĞŶďĞĂ͞ƐŵŽŽƚŚĞƌ͟h
ͻ dŚĞůŽŶŐĞƌƚŚĞƚŝŵĞďĞƚǁĞĞŶƵƉĚĂƚĞƐƚŚĞŐƌĞĂƚĞƌƚŚĞĐŚĂŶĐĞƚŚĂƚh
ĐĂŶĚƌĂŵĂƚŝĐĂůůǇĐŚĂŶŐĞ
ͻ /ƚŝƐƌĞĐŽŵŵĞŶĚĞĚĨŽƌŵŽƐƚŝŶĚƵƐƚƌŝĞƐƚŚĂƚhďĞƵƉĚĂƚĞĚŶŽůĞƐƐ
ƚŚĂŶŽŶĐĞĂǁĞĞŬ

WĂƐƚ͕&ŽƌǁĂƌĚŽƌůĞŶĚĞĚ͍
ϮϰtĞĞŬƐWĂƐƚĂŶĚ&ŽƌǁĂƌĚ>ŽŽŬŝŶŐ
ϯϱϬ
ϯϬϬ
ϯϬϬ
ϮϱϬ
ϮϱϬ ϮϯϬ
ϮϭϬ ϮϮϬ
ϮϬϬ
ϭϱϬ ϭϱϬ ϭϱϬ ϭϲϬ
ϭϱϬ ϭϮϳ ϭϯϱ ϭϯϬ ϭϯϬ
ϭϭϬ ϭϬϲ ϭϮϭ ϭϭϯ ϭϬϴ ϵϵ ϭϬϬ
ϵϳ ϵϲ ϵϬ
ϭϬϬ ϴϮ
ϱϬ
Ϭ
ͲϭϮ Ͳϭϭ ͲϭϬ Ͳϵ Ͳϴ Ͳϳ Ͳϲ Ͳϱ Ͳϰ Ͳϯ ͲϮ Ͳϭ ϭ Ϯ ϯ ϰ ϱ ϲ ϳ ϴ ϵ ϭϬ ϭϭ ϭϮ

hƐŝŶŐ,ŝƐƚŽƌŝĐĂůĂƚĂƚŽĂůĐƵůĂƚĞh
ϭϮtĞĞŬƐWĂƐƚh
ϭϲϬ ϭϭϰ
ϭϯϱ ϭϭϮ
ϭϰϬ
ϭϮϳ
ϭϮϭ ϭϭϬ
ϭϮϬ ϭϭϬ ϭϭϯ
ϭϬϲ ϭϬϴ ϭϬϴ
ϵϳ ϵϲ ϵϵ
ϭϬϬ ϵϬ ϭϬϲ
ĐƚƵĂů^ĂůĞƐ
ϴϮ
h
ϴϬ ϭϬϰ
ϭϬϮ
ϲϬ
ϭϬϬ
ϰϬ
ϵϴ
ϮϬ
ϵϲ
Ϭ ϵϰ
ͲϭϮ Ͳϭϭ ͲϭϬ Ͳϵ Ͳϴ Ͳϳ Ͳϲ Ͳϱ Ͳϰ Ͳϯ ͲϮ Ͳϭ
ĐƚƵĂů^ĂůĞƐ ϵϳ ϵϲ ϭϭϬ ϭϬϲ ϭϮϭ ϭϭϯ ϭϬϴ ϭϮϳ ϭϯϱ ϴϮ ϵϬ ϵϵ
h ϭϬϮ ϭϬϯ ϭϬϭ ϭϬϱ ϭϬϴ ϭϬϵ ϭϭϬ ϭϭϭ ϭϭϯ ϭϭϬ ϭϬϴ ϭϬϳ
ͻ hƐĞĚŽŶŵŽƌĞƐƚĂďůĞ^<hǁŝƚŚůŝƚƚůĞƉƌŽŵŽƚŝŽŶĂů
ĂĐƚŝǀŝƚǇ
ͻ dŽĚĂǇ͛ƐhŝƐϭϬϳ

&ŽƌĞĐĂƐƚĞĚĞŵĂŶĚƚŽĂůĐƵůĂƚĞh
&ŽƌǁĂƌĚ>ŽŽŬŝŶŐh;ϭϮtĞĞŬƐͿ
ϯϱϬ ϮϬϬ͘Ϭ
ϯϬϬ ϭϴϬ͘Ϭ
ϯϬϬ
ϭϲϬ͘Ϭ
ϮϱϬ
ϮϱϬ ϮϯϬ ϭϰϬ͘Ϭ
ϮϮϬ
ϮϭϬ
^ĂůĞƐYƵĂŶƚŝƚǇ
ϭϮϬ͘Ϭ
ϮϬϬ
h
ϭϲϬ ϭϬϬ͘Ϭ
ϭϱϬ ϭϱϬ ϭϱϬ
ϭϱϬ ϭϯϬ ϭϯϬ ϴϬ͘Ϭ
ϵϵ ϭϬϬ
ϭϬϬ ϲϬ͘Ϭ
ϰϬ͘Ϭ
ϱϬ
ϮϬ͘Ϭ
Ϭ Ϭ͘Ϭ
ϭ Ϯ ϯ ϰ ϱ ϲ ϳ ϴ ϵ ϭϬ ϭϭ ϭϮ ϭϯ
WƌĞĚŝĐƚĞĚ^ĂůĞƐ ϵϵ ϭϬϬ ϭϱϬ ϮϭϬ ϮϮϬ ϯϬϬ ϮϱϬ ϮϯϬ ϭϱϬ ϭϱϬ ϭϲϬ ϭϯϬ ϭϯϬ
h ϭϬϳ͘Ϭ ϭϬϳ͘ϯ ϭϭϭ͘ϴ ϭϮϬ͘ϭ ϭϮϵ͘ϲ ϭϰϰ͘ϱ ϭϱϱ͘ϵ ϭϲϲ͘ϭ ϭϲϴ͘Ϭ ϭϲϵ͘ϯ ϭϳϱ͘ϴ ϭϳϵ͘ϭ ϭϴϭ͘ϳ
ͻ KĨƚĞŶƵƐĞĚŽŶŚĞĂǀŝůǇƉƌŽŵŽƚĞĚŝƚĞŵƐ
ͻ dŽĚĂǇ͛ƐhŝƐϭϴϭ͘ϳ

ĂůĐƵůĂƚĞĚhǁŝƚŚĂůĞŶĚĞĚƉƉƌŽĂĐŚ
ůĞŶĚĞĚh;ϲƉĂƐƚ͕ϲĨŽƌǁĂƌĚͿ
ϯϱϬ ϭϴϬ͘Ϭ
ϯϬϬ ϭϲϬ͘Ϭ
ϯϬϬ
ϮϱϬ ϭϰϬ͘Ϭ
ϮϱϬ
ϮϮϬ ϭϮϬ͘Ϭ
ϮϭϬ
^ĂůĞƐYƵĂŶƚŝƚǇ
ϮϬϬ ϭϬϬ͘Ϭ
h
ϭϱϬ
ϭϱϬ ϭϯϱ ϴϬ͘Ϭ
ϭϮϳ
ϭϬϴ ϭϬϬ
ϵϵ ϲϬ͘Ϭ
ϭϬϬ ϴϮ ϵϬ
ϰϬ͘Ϭ
ϱϬ
ϮϬ͘Ϭ
Ϭ Ϭ͘Ϭ
Ͳϲ Ͳϱ Ͳϰ Ͳϯ ͲϮ Ͳϭ ϭ Ϯ ϯ ϰ ϱ ϲ
^ĂůĞƐ ϭϬϴ ϭϮϳ ϭϯϱ ϴϮ ϵϬ ϵϵ ϭϬϬ ϭϱϬ ϮϭϬ ϮϮϬ ϯϬϬ ϮϱϬ
h ϭϬϱ͘ϲ ϭϬϳ͘ϱ ϭϭϬ͘ϱ ϭϬϵ͘Ϯ ϭϬϳ͘ϳ ϭϬϳ͘Ϭ ϭϬϳ͘ϯ ϭϭϭ͘ϴ ϭϮϬ͘ϭ ϭϮϵ͘ϲ ϭϰϰ͘ϱ ϭϱϱ͘ϵ
ͻ dŽĚĂǇ͛ƐhŝƐϭϱϱ͘ϵ


hǆĐĞƉƚŝŽŶƐ
ͻ ǀĞŶƚƐƚŚĂƚƐŝŐŶŝĨŝĐĂŶƚůǇĂůƚĞƌhƐŚŽƵůĚďĞĐĂƌĞĨƵůůǇĞǆĂŵŝŶĞĚ
ͻ /ĨŝƌƌĞŐƵůĂƌƚŚĞŶƚŚĞhŝŵƉĂĐƚƐŚŽƵůĚďĞĞǆĐůƵĚĞĚĨƌŽŵƚŚĞhĞƋƵĂƚŝŽŶ
;ŶĂƚƵƌĂůĚŝƐĂƐƚĞƌͿ
ͻ /ĨŝŶĚŝĐĂƚŝǀĞŽĨĂŵĂũŽƌƐŚŝĨƚƚŚĞŶƚŚĞhŝŵƉĂĐƚƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ;zϮ<ĂŶĚ
ĨƌĞĞǌĞĚƌŝĞĚĨŽŽĚͿ
ͻ hůĞƌƚƐĐĂŶŚĞůƉƚŽŝĚĞŶƚŝĨǇƚŚĞƐĞĞǀĞŶƚƐĨŽƌĞǆĂŵŝŶĂƚŝŽŶ
ʹ hůĞƌƚ,ŽƌŝǌŽŶсƚŚĞƚŝŵĞƉĞƌŝŽĚƚŚĂƚhĐŚĂŶŐĞƐĂƌĞƵŶĚĞƌƐĐƌƵƚŝŶǇ
ʹ hůĞƌƚdŚƌĞƐŚŽůĚсƚŚĞйĐŚĂŶŐĞƌĞƋƵŝƌĞĚǁŝƚŚŝŶŚŽƌŝǌŽŶƚŽĐĂƵƐĞĂŶĂůĞƌƚ

,QVWLWXWH
ĂůĐƵůĂƚŝŶŐĂZĞƉůĞŶŝƐŚŵĞŶƚƵĨĨĞƌ
/ŶĚŝǀŝĚƵĂůWĂƌƚ 'ƌŽƵƉ^ĞƚƚŝŶŐƐ ŽŶĞĂŶĚƵĨĨĞƌ>ĞǀĞůƐ

WƌŽƉĞƌƚŝĞƐ
[ ;ƵĨĨĞƌWƌŽĨŝůĞƐͿ ĨŽƌĂĐŚWĂƌƚ
>ĞĂĚdŝŵĞ /ƚĞŵdǇƉĞ
DŝŶŝŵƵŵ KƌĚĞƌ >ĞĂĚdŝŵĞĂƚĞŐŽƌǇ
YƵĂŶƚŝƚǇ;DKYͿ sĂƌŝĂďŝůŝƚǇ ĂƚĞŐŽƌǇ
>ŽĐĂƚŝŽŶ
;hͿ

/ƚĞŵdǇƉĞĂƚĞŐŽƌŝĞƐ;D͕/͕W͕Ϳ
'ƌŽƵƉ^ĞƚƚŝŶŐƐ &ŽƵƌŝƚĞŵƚǇƉĞĐĂƚĞŐŽƌŝĞƐ͗
;ƵĨĨĞƌWƌŽĨŝůĞƐͿ ͻ DĂŶƵĨĂĐƚƵƌĞĚ/ƚĞŵƐ;ŶĚͿ
/ƚĞŵdǇƉĞ
ͻ DĂŶƵĨĂĐƚƵƌĞĚ/ƚĞŵƐ;/ŶƚĞƌŵĞĚŝĂƚĞͿ
>ĞĂĚdŝŵĞĂƚĞŐŽƌǇ ͻ WƵƌĐŚĂƐĞĚ/ƚĞŵƐ
sĂƌŝĂďŝůŝƚǇ ĂƚĞŐŽƌǇ
ͻ ŝƐƚƌŝďƵƚĞĚ/ƚĞŵƐ

/ƚĞŵdǇƉĞĂƚĞŐŽƌǇZĂƚŝŽŶĂůĞ
WĂƌƚƐĂƌĞƐĞƉĂƌĂƚĞĚďǇƚǇƉĞĚƵĞƚŽ͗
'ƌŽƵƉ^ĞƚƚŝŶŐƐ ͻ ZĞƐƉŽŶƐŝďŝůŝƚǇ͘ŽŵƉĂŶŝĞƐŽĨƚĞŶĚĞƐŝŐŶĂƚĞƚŚĞ
;ƵĨĨĞƌWƌŽĨŝůĞƐͿ ĐŽŶƚƌŽůŽĨƚŚĞƐĞĚŝĨĨĞƌĞŶƚŝƚĞŵƚǇƉĞƐƚŽĚŝĨĨĞƌĞŶƚ
ƉĞŽƉůĞŽƌŐƌŽƵƉƐ͘
/ƚĞŵdǇƉĞ ͻ /ŶƚƵŝƚŝŽŶ͘<ŶŽǁůĞĚŐĞĂďŽƵƚƉĂƌƚƐƉĞĐŝĨŝĐƉĂƌƚ
>ĞĂĚdŝŵĞĂƚĞŐŽƌǇ ďĞŚĂǀŝŽƌŝƐĨƌĞƋƵĞŶƚůǇůŝŵŝƚĞĚƚŽƚŚĞƐƉĞĐŝĨŝĐŐƌŽƵƉ
sĂƌŝĂďŝůŝƚǇ ĂƚĞŐŽƌǇ ƚŚĂƚĐŽŶƚƌŽůƐƚŚŽƐĞƉĂƌƚƐ͘
ͻ KƌŐĂŶŝǌĂƚŝŽŶĂůŽŶƚƌŽů͘dŚĞƌĞŝƐŽĨƚĞŶĂǀĂƌǇŝŶŐ
ĚĞŐƌĞĞŽĨĚŝƌĞĐƚŽƌŐĂŶŝǌĂƚŝŽŶĂůĐŽŶƚƌŽůŽǀĞƌƚŚĞƐĞ
ĚŝĨĨĞƌĞŶƚŝƚĞŵƚǇƉĞƐ͘
ͻ ĂƚĞŐŽƌŝĐĂůŝĨĨĞƌĞŶĐĞƐ͘ZĞůĂƚŝǀĞůĞĂĚͲƚŝŵĞŚŽƌŝǌŽŶƐ
ĐĂŶďĞǀĞƌǇĚŝĨĨĞƌĞŶƚĂŵŽŶŐƚŚĞƐĞŝƚĞŵƚǇƉĞƐ͘

>ĞĂĚdŝŵĞĂƚĞŐŽƌǇ;>͕D͕^Ϳ
DŝŶŝŵƵŵŽĨƚŚƌĞĞůĞĂĚƚŝŵĞĐĂƚĞŐŽƌŝĞƐ͗
'ƌŽƵƉ^ĞƚƚŝŶŐƐ ͻ >ŽŶŐ;>Ϳ
;ƵĨĨĞƌWƌŽĨŝůĞƐͿ
ͻ DĞĚŝƵŵ;DͿ
/ƚĞŵdǇƉĞ ͻ ^ŚŽƌƚ;^Ϳ
>ĞĂĚdŝŵĞĂƚĞŐŽƌǇ dŚĞǀĂůƵĞƐŽĨůŽŶŐ͕ŵĞĚŝƵŵĂŶĚƐŚŽƌƚĂƌĞƌĞůĂƚŝǀĞ
ƚŽƚŚĞŽƉĞƌĂƚŝŶŐĞŶǀŝƌŽŶŵĞŶƚĂŶĚƉĂƌƚƚǇƉĞ
ǁŝƚŚŝŶƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͘
dŚĞůĞĂĚƚŝŵĞĐĂƚĞŐŽƌǇĚĞƚĞƌŵŝŶĞƐƚŚĞ>
d/D&dKZ;>d&Ϳ

>ĞĂĚdŝŵĞ&ĂĐƚŽƌ;>d&Ϳ
'ƌŽƵƉ^ĞƚƚŝŶŐƐ dŚĞ>d&ǁŝůůďĞĂƉƉůŝĞĚƚŽĂƉĂƌƚ͛ƐĂǀĞƌĂŐĞ
;ƵĨĨĞƌWƌŽĨŝůĞƐͿ ĚĞŵĂŶĚǁŝƚŚŝŶŝƚƐůĞĂĚƚŝŵĞŝŶŽƌĚĞƌƚŽƐƵƉƉůǇ
ǀĂůƵĞƐƵƐĞĚŝŶƚŚĞŐƌĞĞŶĂŶĚƌĞĚǌŽŶĞ
/ƚĞŵdǇƉĞ
ĚĞƚĞƌŵŝŶĂƚŝŽŶ
>ĞĂĚdŝŵĞĂƚĞŐŽƌǇ
>ĞĂĚdŝŵĞĂƚĞŐŽƌǇ >ĞĂĚdŝŵĞ&ĂĐƚŽƌZĂŶŐĞ
>ŽŶŐ ͘ϮƚŽ͘ϰ
DĞĚŝƵŵ ͘ϰϭƚŽ͘ϲ
^ŚŽƌƚ ͘ϲϭƚŽϭ

dŚĞ>ĞĂĚdŝŵĞ&ĂĐƚŽƌZƵůĞ
'ƌŽƵƉ^ĞƚƚŝŶŐƐ ͻ dŚĞ>ĞĂĚdŝŵĞ&ĂĐƚŽƌZƵůĞсdŚĞůŽŶŐĞƌƚŚĞ
;ƵĨĨĞƌWƌŽĨŝůĞƐͿ ůĞĂĚƚŝŵĞƚŚĞƐŵĂůůĞƌƚŚĞĨĂĐƚŽƌ
ͻ &ŽƌůŽŶŐůĞĂĚƚŝŵĞŝƚĞŵƐǁĞǁĂŶƚƚŽĨŽƌĐĞƚŚĞ
/ƚĞŵdǇƉĞ
ƐŵĂůůĞƐƚƉŽƐƐŝďůĞŐƌĞĞŶǌŽŶĞ͘
sĂƌŝĂďŝůŝƚǇ ĂƚĞŐŽƌǇ ͻ dŚĞŐƌĞĞŶǌŽŶĞĚĞƚĞƌŵŝŶĞƐŽƌĚĞƌĨƌĞƋƵĞŶĐǇ
ĂŶĚƐŝǌĞʹ ǁĞǁĂŶƚƚŽĨŽƌĐĞůŽŶŐůĞĂĚƚŝŵĞ
ŝƚĞŵƐƚŽďĞŽƌĚĞƌĞĚĂƐĨƌĞƋƵĞŶƚůǇĂƐƉŽƐƐŝďůĞ͘

dŚĞ͞ŽŶǀĞǇŽƌĞůƚ͟
'ƌŽƵƉ^ĞƚƚŝŶŐƐ
;ƵĨĨĞƌWƌŽĨŝůĞƐͿ /DUJH,QIUHTXHQW2UGHUV
/ƚĞŵdǇƉĞ
6PDOO)UHTXHQW2UGHUV
&DVK,PSDFW"
6XSSO\&RQWLQXLW\5LVN"

sĂƌŝĂďŝůŝƚǇĂƚĞŐŽƌǇ;,͕D͕>Ϳ
ͻ ,ĞƵƌŝƐƚŝĐĂůůǇ͕ĐŽŵƉĂŶŝĞƐĐĂŶƵƐĞƚŚĞĨŽůůŽǁŝŶŐƐĞŐŵĞŶƚĂƚŝŽŶ͗
ʹ ,ŝŐŚ;,ͿĞŵĂŶĚsĂƌŝĂďŝůŝƚǇсƚŚŝƐƉĂƌƚŝƐƐƵďũĞĐƚƚŽĨƌĞƋƵĞŶƚƐƉŝŬĞƐ
'ƌŽƵƉ^ĞƚƚŝŶŐƐ ʹ DĞĚŝƵŵ;DͿĞŵĂŶĚsĂƌŝĂďŝůŝƚǇсƚŚŝƐƉĂƌƚŝƐƐƵďũĞĐƚƚŽŽĐĐĂƐŝŽŶĂů
;ƵĨĨĞƌWƌŽĨŝůĞƐͿ ƐƉŝŬĞƐ
ʹ >Žǁ;>ͿĞŵĂŶĚsĂƌŝĂďŝůŝƚǇсƚŚŝƐƉĂƌƚŚĂƐůŝƚƚůĞƚŽŶŽƐƉŝŬĞĂĐƚŝǀŝƚǇʹ ŝƚƐ
ĚĞŵĂŶĚŝƐƌĞůĂƚŝǀĞůǇƐƚĂďůĞ͘
/ƚĞŵdǇƉĞ
ʹ ,ŝŐŚ;,Ϳ^ƵƉƉůǇsĂƌŝĂďŝůŝƚǇсƚŚŝƐƉĂƌƚŽƌŵĂƚĞƌŝĂůŚĂƐĨƌĞƋƵĞŶƚƐƵƉƉůǇ
sĂƌŝĂďŝůŝƚǇ ĂƚĞŐŽƌǇ ĚŝƐƌƵƉƚŝŽŶƐ
ʹ DĞĚŝƵŵ;DͿ^ƵƉƉůǇsĂƌŝĂďŝůŝƚǇсƚŚŝƐƉĂƌƚŽƌŵĂƚĞƌŝĂůŚĂƐŽĐĐĂƐŝŽŶĂů
ƐƵƉƉůǇĚŝƐƌƵƉƚŝŽŶƐ
ʹ >Žǁ;>Ϳ^ƵƉƉůǇsĂƌŝĂďŝůŝƚǇсƚŚŝƐƉĂƌƚŽƌŵĂƚĞƌŝĂůŚĂƐƌĞůŝĂďůĞƐƵƉƉůǇ
;ĞŝƚŚĞƌĂŚŝŐŚůǇƌĞůŝĂďůĞƐŝŶŐůĞƐŽƵƌĐĞŽƌŵƵůƚŝƉůĞĂůƚĞƌŶĂƚĞƐŽƵƌĐĞƐƚŚĂƚ
ĐĂŶƌĞĂĐƚǁŝƚŚŝŶƚŚĞƉƵƌĐŚĂƐŝŶŐůĞĂĚƚŝŵĞͿ
ͻ DĂƚŚĞŵĂƚŝĐĂůůǇŝƚĐĂŶďĞĚĞƚĞƌŵŝŶĞĚƚŚƌŽƵŐŚĐĂůĐƵůĂƚŝŶŐƚŚĞĐŽĞĨĨŝĐŝĞŶƚŽĨ
ǀĂƌŝĂďŝůŝƚǇ;ǀͿĨŽƌĞĂĐŚĐĂƚĞŐŽƌǇ

sĂƌŝĂďŝůŝƚǇĂƚĞŐŽƌǇ;,͕D͕>Ϳ
'ƌŽƵƉ^ĞƚƚŝŶŐƐ ZĞŵĞŵďĞƌƚŚĂƚĚŝĨĨĞƌĞŶƚƚǇƉĞƐŽĨƉĂƌƚƐ
;ƵĨĨĞƌWƌŽĨŝůĞƐͿ ĂƌĞƚǇƉŝĐĂůůǇŝŵƉĂĐƚĞĚďǇĚŝĨĨĞƌĞŶƚ
ĚĞŐƌĞĞƐŽĨǀĂƌŝĂďŝůŝƚǇ͘
6XSSO\9DULDELOLW\ 'HPDQG9DULDELOLW\
/ƚĞŵdǇƉĞ
&ULWLFDO &ULWLFDO6XE &ULWLFDO(QG
3XUFKDVHG &RPSRQHQW ,WHP
&RPSRQHQW
sĂƌŝĂďŝůŝƚǇĂƚĞŐŽƌǇ sĂƌŝĂďŝůŝƚǇ&ĂĐƚŽƌZĂŶŐĞ
,ŝŐŚsĂƌŝĂďŝůŝƚǇ ͘ϲϭƚŽϭн
DĞĚŝƵŵsĂƌŝĂďŝůŝƚǇ ͘ϰϭƚŽ͘ϲϬ
>ŽǁsĂƌŝĂďŝůŝƚǇ ϬƚŽ͘ϰ

ƵĨĨĞƌWƌŽĨŝůĞ'ƌŽƵƉŝŶŐƐ
DĂŶƵĨĂĐƚƵƌĞĚ;DͿ͕WƵƌĐŚĂƐĞĚ;WͿ͕
/ƚĞŵdǇƉĞ
ŝƐƚƌŝďƵƚĞĚ;Ϳ͕/ŶƚĞƌŵĞĚŝĂƚĞ;/Ϳ
>ĞĂĚdŝŵĞĂƚĞŐŽƌǇ >ŽŶŐ;>Ϳ͕DĞĚŝƵŵ;DͿ͕ ^ŚŽƌƚ;^Ϳ
sĂƌŝĂďŝůŝƚǇ ĂƚĞŐŽƌǇ ,ŝŐŚ;,Ϳ͕DĞĚŝƵŵ;DͿ͕ >Žǁ;>Ϳ
([DPSOHV
0// SDUWVWKDWDUHPDQXIDFWXUHGKDYHDORQJ
OHDGWLPHDQGORZYDULDELOLW\FODVVLILFDWLRQ
360 SDUWVWKDWDUHSXUFKDVHGKDYHDVKRUWOHDG
WLPHDQGPHGLXPYDULDELOLW\

ƵĨĨĞƌWƌŽĨŝůĞDĂƚƌŝǆ
WĂƌƚdǇƉĞ
WƵƌĐŚĂƐĞĚ DĂŶƵĨĂĐƚƵƌĞĚ ŝƐƚƌŝďƵƚĞĚ /ŶƚĞƌŵĞĚŝĂƚĞ
^ŚŽƌƚ W^> D^> ^> /^> >Žǁ
sĂƌŝĂďŝůŝƚǇĂƚĞŐŽƌǇ
W^D D^D ^D /^D DĞĚŝƵŵ
W^, D^, ^, /^, ,ŝŐŚ
DĞĚŝƵŵ WD> DD> D> /D> >Žǁ
WDD DDD DD /DD DĞĚŝƵŵ
WD, DD, D, /D, ,ŝŐŚ
>ŽŶŐ W>> D>> >> />> >Žǁ
W>D D>D >D />D DĞĚŝƵŵ
W>, D>, >, />, ,ŝŐŚ

>h>d/E'h&&Z>s>^ͬKE^

ĂůĐƵůĂƚŝŶŐZĞƉůĞŶŝƐŚŵĞŶƚƵĨĨĞƌƐ
'HWHUPLQHVVXSSO\RUGHUJHQHUDWLRQIUHTXHQF\
Ϯ DQGVL]H
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'HVLUHGRULPSRVHG2UGHU&\FOH RIGD\V[$'8
&DOFXODWHG /7)[$'8['/7
ϭ
<HOORZ 7KHKHDUWRIWKHGHPDQGFRYHUDJHLQWKHEXIIHU
$'8['/7
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6DIHW\ 7KHHPEHGGHGVDIHW\LQWKHEXIIHU
5HG=RQH%DVH /7)[$'8['/7
ϯ
5HG=RQH6DIHW\ 5HG=RQH%DVH[9DULDELOLW\)DFWRU
5HG=RQH
%DVH
7RWDO5HG=RQH 5HG=RQH%DVH5HG=RQH6DIHW\

ǆĂŵƉůĞWĂƌƚ
WĂƌƚηϭϮϯ
ǀĞƌĂŐĞĂŝůǇhƐĂŐĞ ϮϬ
ƵĨĨĞƌWƌŽĨŝůĞ D͕D;͘ϱͿ͕>;͘ϮϱͿ
DKY ϮϬϬ
/ŵƉŽƐĞĚŽƌĞƐŝƌĞĚKƌĚĞƌǇĐůĞ;KͿ ϳĚĂǇƐ
ĞĐŽƵƉůĞĚ>ĞĂĚdŝŵĞ;>dͿ ϭϰĚĂǇƐ

^ƚĞƉϭʹ ĂůĐƵůĂƚĞƚŚĞzĞůůŽǁŽŶĞ
ͻ dŚĞŚĞĂƌƚŽĨƚŚĞĚĞŵĂŶĚ
ĐŽǀĞƌĂŐĞŝŶƚŚĞďƵĨĨĞƌ
<HOORZ
7KH<HOORZ=RQHLVDOZD\VFDOFXODWHGDV$'8['/7

zĞůůŽǁŽŶĞǆĂŵƉůĞ;WZdηϭϮϯͿ
WĂƌƚηϭϮϯ
ƵĨĨĞƌWƌŽĨŝůĞ
DKY
D͕D;͘ϱͿ͕>;͘ϮϱͿ
ϮϬϬ

6WHS&DOFXODWHWKH<HOORZ=RQH
$'8 SHUGD\ ['/7 GD\V

^ƚĞƉϮʹ ĂůĐƵůĂƚĞƚŚĞ'ƌĞĞŶŽŶĞ
ͻ dŚĞŚĞĂƌƚŽĨƚŚĞƐƵƉƉůǇŐĞŶĞƌĂƚŝŽŶĂƐƉĞĐƚŽĨ
ƚŚĞďƵĨĨĞƌ
*UHHQ ͻ ĞƚĞƌŵŝŶĞƐƚŚĞĨƌĞƋƵĞŶĐǇŽĨŽƌĚĞƌŐĞŶĞƌĂƚŝŽŶ
ĂŶĚƚŚĞŵŝŶŝŵƵŵƐŝǌĞŽĨĞĂĐŚŽƌĚĞƌ͘
7KHJUHHQLVGHWHUPLQHGE\RQHRIWKUHHZD\V
$IDFWRURIRUGHUF\FOH PLQLPXPRUXVHUGHILQHG
$FDOFXODWHGSHUFHQWDJHRI$'8RYHURQHIXOOOHDGWLPH
$VLJQLILFDQWPLQLPXPRUGHUTXDQWLW\ LIDSSOLFDEOH
:KLFKHYHUZD\\LHOGVWKHJUHDWHVWQXPEHUGHWHUPLQHVWKH*UHHQ=RQH

ĂůĐƵůĂƚŝŶŐƵƐŝŶŐKƌĚĞƌǇĐůĞ
ͻ ĚĞƐŝƌĞĚŽƌŝŵƉŽƐĞĚŽƌĚĞƌĐǇĐůĞĐĂŶďĞƵƐĞĚƚŽ
ĐĂůĐƵůĂƚĞƚŚĞ'ƌĞĞŶŽŶĞ
*UHHQ ͻ dŚĞŽƌĚĞƌĐǇĐůĞŝƐƚǇƉŝĐĂůůǇĞǆƉƌĞƐƐĞĚŝŶĚĂǇƐ
ͻ KƌĚĞƌĐǇĐůĞǆhс'ƌĞĞŶŽŶĞ
$'8 SHUGD\ ['HVLUHG2UGHU&\FOH GD\V

ĂůĐƵůĂƚŝŶŐƵƐŝŶŐ>ĞĂĚdŝŵĞ&ĂĐƚŽƌ
ͻ ĂůĐƵůĂƚŝŶŐƚŚĞŐƌĞĞŶǌŽŶĞĂƐĂƉĞƌĐĞŶƚĂŐĞŽĨ
ƵƐĂŐĞƚŚƌŽƵŐŚĨƵůůůĞĂĚƚŝŵĞƌĞƋƵŝƌĞƐƵƐƚŽŬŶŽǁ
ǁŚĂƚůĞĂĚƚŝŵĞĐĂƚĞŐŽƌǇƚŚŝƐƉĂƌƚĨĂůůƐŝŶ;ƐŚŽƌƚ͕
*UHHQ ŵĞĚŝƵŵŽƌůŽŶŐͿ
ͻ dŚĞƉĞƌĐĞŶƚĂŐĞƵƐĞĚǁŝůůďĞĐĂůůĞĚ͞dŚĞ>ĞĂĚ
dŝŵĞ&ĂĐƚŽƌ͟
>ĞĂĚdŝŵĞ&ĂĐƚŽƌZĂŶŐĞ
>ŽŶŐ>ĞĂĚdŝŵĞ ϮϬͲϰϬйhǆ>d
DĞĚŝƵŵ>ĞĂĚdŝŵĞ ϰϭͲϲϬйhǆ>d
^ŚŽƌƚ>ĞĂĚdŝŵĞ ϲϭͲϭϬϬйhǆ>d

'ƌĞĞŶŽŶĞǆĂŵƉůĞ;WZdηϭϮϯͿ
WĂƌƚηϭϮϯ
ϮϬ
DKY ϮϬϬ
6WHS&DOFXODWHWKH*UHHQ=RQHXVLQJWKH/HDG
7LPH)DFWRU
$'8 SHUGD\ ['/7 GD\V [
$'8 SHUGD\ ['HVLUHG2UGHU&\FOH GD\V
6WHS&RPSDUHWKHFDOFXODWHGJUHHQ]RQHDJDLQVW
DQ\PLQLPXPRUGHUTXDQWLW\DQGWDNHWKHJUHDWHU
!
^ƚĞƉϯʹ ĂůĐƵůĂƚĞƚŚĞZĞĚŽŶĞ
ͻ dŚĞZĞĚŽŶĞŝƐƚŚĞƐĂĨĞƚǇĞŵďĞĚĚĞĚŝŶƚŚĞ
ďƵĨĨĞƌƉŽƐŝƚŝŽŶ
5HG ͻ dŚĞŚŝŐŚĞƌƚŚĞǀĂƌŝĂďŝůŝƚǇĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞ
ƉĂƌƚͬ^<hƚŚĞůĂƌŐĞƌƚŚĞZĞĚŽŶĞ
ĂůĐƵůĂƚŝŶŐƚŚĞƌĞĚǌŽŶĞƌĞƋƵŝƌĞƐƚŚƌĞĞƐĞƋƵĞŶƚŝĂůĞƋƵĂƚŝŽŶƐ͗
ϭ͘ dŚĞZĞĚ͞ĂƐĞ͟ŵƵƐƚďĞĞƐƚĂďůŝƐŚĞĚ
Ϯ͘ dŚĞZĞĚ^ĂĨĞƚǇŵƵƐƚďĞĐĂůĐƵůĂƚĞĚ
ϯ͘ dŚĞdŽƚĂůZĞĚŽŶĞŝƐƌĞĂĐŚĞĚďǇĂĚĚŝŶŐƚŚĞĂƐĞĂŶĚƚŚĞ^ĂĨĞƚǇ
ƚŽŐĞƚŚĞƌ
ĂůĐƵůĂƚŝŶŐƚŚĞZĞĚŽŶĞƵƐŝŶŐh

ZĞĚĂƐĞ >ĞĂĚdŝŵĞ&ĂĐƚŽƌZĂŶŐĞ 7KH5HG=RQH%DVHLV
>ŽŶŐ>ĞĂĚdŝŵĞ ϮϬͲϰϬйhǆ>d GHWHUPLQHGE\WKH/HDG
DĞĚŝƵŵ>ĞĂĚdŝŵĞ ϰϭͲϲϬйhǆ>d 7LPH)DFWRU
^ŚŽƌƚ>ĞĂĚdŝŵĞ ϲϭͲϭϬϬйhǆ>d

ZĞĚ^ĂĨĞƚǇ sĂƌŝĂďŝůŝƚǇ&ĂĐƚŽƌZĂŶŐĞ 5HG6DIHW\LVGHWHUPLQHG
,ŝŐŚsĂƌŝĂďŝůŝƚǇ ϲϭͲϭϬϬйŽĨZĞĚĂƐĞ E\WKH9DULDELOLW\)DFWRU
DĞĚŝƵŵsĂƌŝĂďŝůŝƚǇ ϰϭͲϲϬйŽĨZĞĚĂƐĞ PXOWLSOLHGDJDLQVWWKH
>ŽǁsĂƌŝĂďŝůŝƚǇ ϬͲϰϬйŽĨZĞĚĂƐĞ FDOFXODWHG5HG%DVHIURP
DERYH

&DOFXODWHG5HG%DVH5HG6DIHW\ 7RWDO5HG=RQH
1RWH7KHOHDGWLPHIDFWRUSHUFHQWDJHRI5HG%DVH'2(6127KDYHWREHWKHVDPHDV
IRU*UHHQ,QDOORIRXUH[DPSOHVKRZHYHUWKDWLVWKHFDVH

ZĞĚŽŶĞǆĂŵƉůĞ;WZdηϭϮϯͿ
WĂƌƚηϭϮϯ
ϮϬ
DKY ϮϬϬ
6WHS&DOFXODWHWKH5HG%DVHXVLQJWKH/HDG7LPH)DFWRU
$'8 SHUGD\ ['/7 GD\V [
6WHS&DOFXODWH5HG6DIHW\E\DSSO\LQJWKH9DULDELOLW\
)DFWRUWRWKHFDOFXODWHG5HG%DVH
[
6WHS$GG5HG%DVHWR5HG6DIHW\IRUWKHWRWDOUHG]RQH


dŚĞŶƚŝƌĞĂůĐƵůĂƚĞĚƵĨĨĞƌĨŽƌWZdηϭϮϯ
Ż7RSRI*UHHQ 72* 5HG<HOORZ*UHHQ

Ż7RSRI<HOORZ 72< 5HG<HOORZ

Ż7RSRI5HG 725

ĚĚŝƚŝŽŶĂůĂůĐƵůĂƚŝŽŶƐ
ͻ 'ƌĞĞŶŽŶĞͬhсĂǀĞƌĂŐĞŽƌĚĞƌĨƌĞƋƵĞŶĐǇ͘tŚĂƚŝƐƚŚĞĂǀĞƌĂŐĞ
ŽƌĚĞƌĨƌĞƋƵĞŶĐǇĨŽƌƚŚĞĞǆĂŵƉůĞ͍
ͻ ZĞĚŽŶĞͬhсĚĂǇƐŽĨƐĂĨĞƚǇŝŶƚŚĞďƵĨĨĞƌ͘,ŽǁŵĂŶǇĚĂǇƐŽĨƐĂĨĞƚǇ
ĂƌĞŝŶƚŚĞďƵĨĨĞƌ͍
ͻ zĞůůŽǁŽŶĞͬ'ƌĞĞŶŽŶĞсĂǀĞƌĂŐĞŶƵŵďĞƌŽĨŽƉĞŶƐƵƉƉůǇŽƌĚĞƌƐ͘
,ŽǁŵĂŶǇƐƵƉƉůǇŽƌĚĞƌƐŽŶĂǀĞƌĂŐĞƐŚŽƵůĚǁĞĞǆƉĞĐƚƚŽƐĞĞŝŶŽƵƌ
ĞǆĂŵƉůĞ͍

YƵŝĐŬZĞĨĞƌĞŶĐĞĂŶĚ^ƵŵŵĂƌǇ
2UGHU&\FOH
RU
*UHHQ /HDG7LPH)DFWRU
RU
024
8VDJHLQ/HDG7LPH <HOORZ
5HG=RQH
9DULDELOLW\)DFWRU 6DIHW\
5HG=RQH /HDG7LPH)DFWRU
%DVH
>ĞĂĚdŝŵĞĂƚĞŐŽƌǇ 'ƌĞĞŶŽŶĞ/ŵƉĂĐƚ ZĞĚĂƐĞ/ŵƉĂĐƚ ZĞĚ^ĂĨĞƚǇ/ŵƉĂĐƚ sĂƌŝĂďŝůŝƚǇ&ĂĐƚŽƌZĂŶŐĞ

>ŽŶŐ>ĞĂĚdŝŵĞ ϮϬͲϰϬйhǆ>d ϮϬͲϰϬйhǆ>d ,ŝŐŚsĂƌŝĂďŝůŝƚǇ ϲϭͲϭϬϬйŽĨZĞĚĂƐĞ
DĞĚŝƵŵ>ĞĂĚdŝŵĞ ϰϭͲϲϬйhǆ>d ϰϭͲϲϬйhǆ>d DĞĚŝƵŵsĂƌŝĂďŝůŝƚǇ ϰϭͲϲϬйŽĨZĞĚĂƐĞ
^ŚŽƌƚ>ĞĂĚdŝŵĞ ϲϭͲϭϬϬйhǆ>d ϲϭͲϭϬϬйhǆ>d >ŽǁsĂƌŝĂďŝůŝƚǇ ϬͲϰϬйŽĨZĞĚĂƐĞ

ŶǆĂŵƉůĞʹ WĂƌƚϳϬϳ
ǀĞƌĂŐĞĂŝůǇhƐĂŐĞ ϲ
ƵĨĨĞƌWƌŽĨŝůĞ D͕D;͘ϰϱͿ͕D;͘ϱͿ
DKY EŽŶĞ
/ŵƉŽƐĞĚŽƌĞƐŝƌĞĚKƌĚĞƌǇĐůĞ;KͿ ϯĚĂǇƐ
ĞĐŽƵƉůĞĚ>ĞĂĚdŝŵĞ;>dͿ ϭϯĚĂǇƐ
tŚĂƚŝƐƚŚĞ'ƌĞĞŶŽŶĞƋƵĂŶƚŝƚǇ͍ ϯϱ;ϳϴǆ͘ϰϱͿ
tŚĂƚŝƐƚŚĞzĞůůŽǁŽŶĞƋƵĂŶƚŝƚǇ͍ ϳϴ;ϭϯĚĂǇƐǆϲƉĞƌĚĂǇͿ
tŚĂƚŝƐƚŚĞƚŽƚĂůZĞĚŽŶĞƋƵĂŶƚŝƚǇ͍ ϱϯ;;ϳϴǆ͘ϰϱͿн;;ϳϴǆ͘ϰϱͿǆ͘ϱͿͿ
tŚĂƚŝƐƚŚĞƚŽƉƚŚĞďƵĨĨĞƌ;ƚŽƉŽĨŐƌĞĞŶͿ͍ϭϲϲ;ϯϱнϳϴнϱϯͿ

ŶǆĂŵƉůĞϰϬϯW
ǀĞƌĂŐĞĂŝůǇhƐĂŐĞ ϭϳ
ƵĨĨĞƌWƌŽĨŝůĞ W͕D;͘ϱͿ͕>;͘ϯͿ
DKY ϯϬϬ
WƵƌĐŚĂƐŝŶŐ>ĞĂĚdŝŵĞ ϮϭĚĂǇƐ
tŚĂƚŝƐƚŚĞ'ƌĞĞŶŽŶĞƋƵĂŶƚŝƚǇ͍ ϯϬϬ;ϯϬϬхϭϳϴΘϯϬϬхϭϭϵͿ
tŚĂƚŝƐƚŚĞzĞůůŽǁŽŶĞƋƵĂŶƚŝƚǇ͍ ϯϱϳ;ϮϭĚĂǇƐǆϭϳƉĞƌĚĂǇͿ
tŚĂƚŝƐƚŚĞƚŽƚĂůZĞĚŽŶĞƋƵĂŶƚŝƚǇ͍ Ϯϯϯ;;ϯϱϳǆ͘ϱͿн;;ϯϱϳǆ͘ϱͿǆ͘ϯͿͿ
tŚĂƚŝƐƚŚĞƚŽƉƚŚĞďƵĨĨĞƌ;ƚŽƉŽĨŐƌĞĞŶͿ͍ϴϵϬ;ϯϬϬнϯϱϳнϮϯϯͿ

ǀĞƌĂŐĞKŶ,ĂŶĚWŽƐŝƚŝŽŶ
ǀĞƌĂŐĞŽŶŚĂŶĚƉŽƐŝƚŝŽŶĐĂŶďĞĐĂůĐƵůĂƚĞĚĂƐ͗
dŽƚĂůZĞĚŽŶĞнKŶĞͲŚĂůĨ'ƌĞĞŶǌŽŶĞ
ϳϬϳ ϰϬϯW
ϭϴϬ ϭϬϬϬ
$YHUDJH2Q+DQG3RVLWLRQ $YHUDJH2Q+DQG3RVLWLRQ
ϭϲϬ ϵϬϬ
ϯϱ
ϭϰϬ ϴϬϬ
ϯϬϬ
ϭϮϬ ϳϬϬ
ϭϬϬ ϲϬϬ
ϳϴ ϱϬϬ ϯϱϳ
ϴϬ
ϰϬϬ
ϲϬ
ϯϬϬ
ϰϬ
ϮϬϬ
ϱϯ
ϮϬ ϭϬϬ Ϯϯϯ
Ϭ Ϭ

WƌŽĨŝůĞƐƐŝŐŶŵĞŶƚƐDĂŬĞĂŝĨĨĞƌĞŶĐĞ
ƵĨĨĞƌWƌŽĨŝůĞ W>> ϱϬϬ
h ϭϬ
>ĞĂĚdŝŵĞ ϮϬĚĂǇƐ
$ ϰϱϬ
sĂƌŝĂďŝůŝƚǇ&ĂĐƚŽƌ >Žǁ
DKY EŽŶĞ ϰϬϬ
ƵĨĨĞƌWƌŽĨŝůĞ W>,
ϯϱϬ
h ϭϬ
% >ĞĂĚdŝŵĞ ϮϬĚĂǇƐ
ϯϬϬ
sĂƌŝĂďŝůŝƚǇ&ĂĐƚŽƌ ,ŝŐŚ
DKY EŽŶĞ
ϮϱϬ
ƵĨĨĞƌWƌŽĨŝůĞ W>>;DKYͿ
h ϭϬ ϮϬϬ
& >ĞĂĚdŝŵĞ ϮϬĚĂǇƐ

sĂƌŝĂďŝůŝƚǇ >Žǁ ϭϱϬ
DKY ϭϮϬ
ϭϬϬ
ƵĨĨĞƌWƌŽĨŝůĞ W>,;DKYͿ
h ϭϬ
ϱϬ
' >ĞĂĚdŝŵĞ ϮϬĚĂǇƐ

sĂƌŝĂďŝůŝƚǇ ,ŝŐŚ
Ϭ
DKY ϭϮϬ ^ĐĞŶĂƌŝŽ ^ĐĞŶĂƌŝŽ ^ĐĞŶĂƌŝŽ ^ĐĞŶĂƌŝŽ

ZĞƚƵƌŶŝŶŐƚŽKƵƌWƌĞǀŝŽƵƐǆĂŵƉůĞtŝƚŚ
ϱϬϭW
>Ğƚ͛ƐƐĞĞĨƌŽŵĂǁŽƌŬŝŶŐĐĂƉŝƚĂůƉĞƌƐƉĞĐƚŝǀĞǁŚĂƚ
ďƵĨĨĞƌŝŶŐϱϬϭWŵĞĂŶƐ

ϭϬϭ/ŶĨŽ^ŚĞĞƚ
%HIRUH %XIIHU3URILOH 0/ 0

1R024
DĂŶƵĨĂĐƚƵƌŝŶŐ>ĞĂĚdŝŵĞ ϱ
>dĞĨŽƌĞŽŵƉƌĞƐƐŝŽŶ ϯϭ
3 3
>dĨƚĞƌŽŵƉƌĞƐƐŝŽŶ Ϯϲ

3 3 3
>dŽŵƉƌĞƐƐŝŽŶ ϱ
ŝƌĞĐƚDĂƚĞƌŝĂůŽƐƚWĞƌhŶŝƚ Ψϱϳϱ

3 ǀĞƌĂŐĞĂŝůǇhƐĂŐĞ ϮϬ

ǀĞƌĂŐĞ/ŶǀĞŶƚŽƌǇWŽƐŝƚŝŽŶĞĨŽƌĞ ϯϳϮ
$IWHU ǀĞƌĂŐĞ/ŶǀĞŶƚŽƌǇWŽƐŝƚŝŽŶĨƚĞƌ ϯϭϮ
ǀĞƌĂŐĞ/ŶǀĞŶƚŽƌǇZĞĚƵĐƚŝŽŶ ϲϬ
Ψ^ĂǀŝŶŐƐŝŶWĂƌĞŶƚ/ƚĞŵ/ŶǀĞŶƚŽƌǇ ΨϯϰϱϬϬ
3 3 %()25( $)7(5
'ƌĞĞŶŽŶĞ ϭϴϲ 'ƌĞĞŶŽŶĞ ϭϱϲ
3 3 3
zĞůůŽǁŽŶĞ ϲϮϬ zĞůůŽǁŽŶĞ ϱϮϬ
ZĞĚŽŶĞĂƐĞ ϭϴϲ ZĞĚŽŶĞĂƐĞ ϭϱϲ
3
ZĞĚŽŶĞ^ĂĨĞƚǇ ϵϯ ZĞĚŽŶĞ^ĂĨĞƚǇ ϳϴ

ϭ,Ϭϭ/ŶĨŽ^ŚĞĞƚ
%HIRUH %XIIHU3URILOH 00 0
1R024
+
DĂŶƵĨĂĐƚƵƌŝŶŐ>ĞĂĚdŝŵĞ ϭϬ
>dĞĨŽƌĞŽŵƉƌĞƐƐŝŽŶ Ϯϳ
>dĨƚĞƌŽŵƉƌĞƐƐŝŽŶ ϭϴ
3 3
>dŽŵƉƌĞƐƐŝŽŶ ϵ

ŝƌĞĐƚDĂƚĞƌŝĂůŽƐƚWĞƌhŶŝƚ ϰϬϬ
3 3

ǀĞƌĂŐĞ/ŶǀĞŶƚŽƌǇWŽƐŝƚŝŽŶĞĨŽƌĞ ϱϲϳ
$IWHU + ǀĞƌĂŐĞ/ŶǀĞŶƚŽƌǇWŽƐŝƚŝŽŶĨƚĞƌ ϯϳϴ
ǀĞƌĂŐĞ/ŶǀĞŶƚŽƌǇZĞĚƵĐƚŝŽŶ ϭϴϵ
Ψ^ĂǀŝŶŐƐŝŶWĂƌĞŶƚ/ƚĞŵ/ŶǀĞŶƚŽƌǇ ΨϳϱϲϬϬ
%()25( $)7(5
3 3
'ƌĞĞŶŽŶĞ ϮϳϬ 'ƌĞĞŶŽŶĞ ϭϴϬ

zĞůůŽǁŽŶĞ ϱϰϬ zĞůůŽǁŽŶĞ ϯϲϬ
3 3
ZĞĚŽŶĞĂƐĞ ϮϳϬ ZĞĚŽŶĞĂƐĞ ϭϴϬ

ZĞĚŽŶĞ^ĂĨĞƚǇ ϭϲϮ ZĞĚŽŶĞ^ĂĨĞƚǇ ϭϬϴ

ϮϬ,ϭ/ŶĨŽ^ŚĞĞƚ
%HIRUH %XIIHU3URILOH 0/ /
1R024
+
DĂŶƵĨĂĐƚƵƌŝŶŐ>ĞĂĚdŝŵĞ ϲ
>dĞĨŽƌĞŽŵƉƌĞƐƐŝŽŶ Ϯϳ
>dĨƚĞƌŽŵƉƌĞƐƐŝŽŶ ϭϳ
3 >dŽŵƉƌĞƐƐŝŽŶ ϭϬ
ŝƌĞĐƚDĂƚĞƌŝĂůŽƐƚWĞƌhŶŝƚ ΨϮϬϬ
3
ǀĞƌĂŐĞĂŝůǇhƐĂŐĞ ϭϳ
ǀĞƌĂŐĞ/ŶǀĞŶƚŽƌǇWŽƐŝƚŝŽŶĞĨŽƌĞ Ϯϰϴ
$IWHU ǀĞƌĂŐĞ/ŶǀĞŶƚŽƌǇWŽƐŝƚŝŽŶĨƚĞƌ ϭϱϳ
+
ǀĞƌĂŐĞ/ŶǀĞŶƚŽƌǇZĞĚƵĐƚŝŽŶ ϵϭ
Ψ^ĂǀŝŶŐƐŝŶWĂƌĞŶƚ/ƚĞŵ/ŶǀĞŶƚŽƌǇ ΨϭϴϮϬϬ

%()25( $)7(5
3 'ƌĞĞŶŽŶĞ ϭϯϴ 'ƌĞĞŶŽŶĞ ϴϳ
zĞůůŽǁŽŶĞ ϰϱϵ zĞůůŽǁŽŶĞ Ϯϴϵ
3 ZĞĚŽŶĞĂƐĞ ϭϯϴ ZĞĚŽŶĞĂƐĞ ϴϳ
ZĞĚŽŶĞ^ĂĨĞƚǇ ϰϭ ZĞĚŽŶĞ^ĂĨĞƚǇ Ϯϲ

ϮϬϭ/ŶĨŽ^ŚĞĞƚ
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1R024
=
DĂŶƵĨĂĐƚƵƌŝŶŐ>ĞĂĚdŝŵĞ ϱ
>dĞĨŽƌĞŽŵƉƌĞƐƐŝŽŶ Ϯϯ
>dĨƚĞƌŽŵƉƌĞƐƐŝŽŶ ϭϴ
3 3 3
>dŽŵƉƌĞƐƐŝŽŶ ϱ

ŝƌĞĐƚDĂƚĞƌŝĂůŽƐƚWĞƌhŶŝƚ ΨϰϮϱ
3
ǀĞƌĂŐĞĂŝůǇhƐĂŐĞ ϭϱ

ǀĞƌĂŐĞ/ŶǀĞŶƚŽƌǇWŽƐŝƚŝŽŶĞĨŽƌĞ ϯϲϰ
$IWHU = ǀĞƌĂŐĞ/ŶǀĞŶƚŽƌǇWŽƐŝƚŝŽŶĨƚĞƌ Ϯϴϰ
ǀĞƌĂŐĞ/ŶǀĞŶƚŽƌǇZĞĚƵĐƚŝŽŶ ϴϬ
Ψ^ĂǀŝŶŐƐŝŶWĂƌĞŶƚ/ƚĞŵ/ŶǀĞŶƚŽƌǇ ΨϯϰϬϬϬ
%()25( $)7(5
3 3 3
'ƌĞĞŶŽŶĞ ϭϳϯ 'ƌĞĞŶŽŶĞ ϭϯϱ
zĞůůŽǁŽŶĞ ϯϰϱ zĞůůŽǁŽŶĞ ϮϳϬ
3
ZĞĚŽŶĞĂƐĞ ϭϳϯ ZĞĚŽŶĞĂƐĞ ϭϯϱ

ZĞĚŽŶĞ^ĂĨĞƚǇ ϭϬϰ ZĞĚŽŶĞ^ĂĨĞƚǇ ϴϭ

ϱϬϭW/ŶǀĞƐƚŵĞŶƚ
ͻ ϱϬϭWŝƐƵƐĞĚŽŶůǇŝŶƚŚĞϰƉĂƌĞŶƚŝƚĞŵƐŝŶƚŚĞĞǆĞƌĐŝƐĞ
ͻ hсϳϮ;ϮϬнϮϬнϭϳнϭϱͿ
ͻ ŝƌĞĐƚDĂƚĞƌŝĂůŽƐƚсΨϭϮϱ
ͻ WƵƌĐŚĂƐŝŶŐ>ĞĂĚdŝŵĞсϭϬĚĂǇƐ
ͻ ƵĨĨĞƌWƌŽĨŝůĞсW͕D;͘ϲͿ͕>;͘ϯͿ
ʹ 'ƌĞĞŶŽŶĞсϲϬйhƐĂŐĞǆůĞĂĚƚŝŵĞ
ʹ zĞůůŽǁŽŶĞсϭϬϬйhƐĂŐĞǆůĞĂĚƚŝŵĞ
ʹ ZĞĚŽŶĞĂƐĞсϲϬйhƐĂŐĞǆůĞĂĚƚŝŵĞ
ʹ ZĞĚŽŶĞ^ĂĨĞƚǇсϯϬйŽĨZĞĚŽŶĞĂƐĞ
'ƌĞĞŶŽŶĞ ϰϯϮ ǀĞƌĂŐĞŽŶŚĂŶĚWŽƐŝƚŝŽŶ ϳϳϴ
zĞůůŽǁŽŶĞ ϳϮϬ
ǀĞƌĂŐĞϱϬϭW/ŶǀĞƐƚŵĞŶƚ ΨϵϳϮϱϬ
ZĞĚŽŶĞĂƐĞ ϰϯϮ
ZĞĚŽŶĞ^ĂĨĞƚǇ ϭϯϬ

ϱϬϭWǆĞƌĐŝƐĞ^ƵŵŵĂƌǇ
WĂƌĞŶƚ/ƚĞŵ dŽƚĂůWĂƌĞŶƚΨZĞĚƵĐƚŝŽŶ >ĞĂĚdŝŵĞZĞĚƵĐƚŝŽŶ

ϭϬϭ Ψϯϰ͕ϱϬϬ ϱĂǇƐ
ϭ,Ϭϭ Ψϳϱ͕ϲϬϬ ϵĂǇƐ
ϮϬ,ϭ Ψϭϴ͕ϮϬϬ ϭϬĚĂǇƐ
ϮϬϭ Ψϯϰ͕ϬϬϬ ϱĚĂǇƐ
dŽƚĂů/ŶǀĞŶƚŽƌǇΨŽŵƉƌĞƐƐĞĚŝŶWĂƌĞŶƚ/ƚĞŵƐ ΨϭϲϮ͕ϯϬϬ
ǀĞƌĂŐĞϱϬϭW/ŶǀĞŶƚŽƌǇ/ŶǀĞƐƚŵĞŶƚŝŶΨ Ψϵϳ͕ϮϱϬ
EĞƚtŽƌŬŝŶŐĂƉŝƚĂůZĞĚƵĐƚŝŽŶ Ψϲϱ͕ϬϱϬ

ĂůĐƵůĂƚŝŶŐZĞƉůĞŶŝƐŚĞĚKǀĞƌƌŝĚĞƵĨĨĞƌƐ
ͻ dŚƌĞĞǌŽŶĞƐŝŶƵƐĞ
ͻ DŽĚŝĨŝĞĚǌŽŶĞĐĂůĐƵůĂƚŝŽŶƐŽƌƵƐĞƌĚĞĨŝŶĞĚǌŽŶĞƐ
ͻ ŽŶĞƐƐƚŝůůŚĂǀĞƚŚĞƐĂŵĞƉƵƌƉŽƐĞƐďƵƚŵĂǇŚĂǀĞĚŝŵŝŶŝƐŚĞĚ
ĐĂƉĂďŝůŝƚŝĞƐ
ͻ ǆĂŵƉůĞƐ͗
ʹ ŽŶĞƐĐŽƵůĚďĞŵĂŶŝƉƵůĂƚĞĚƚŽĨŝƚĐĂƐŚŽƌƐƉĂĐĞůŝŵŝƚĂƚŝŽŶƐ

ĂůĐƵůĂƚŝŶŐDŝŶͲDĂǆƵĨĨĞƌƐ
ͻ KŶůǇ'ƌĞĞŶĂŶĚZĞĚŽŶĞĞƋƵĂƚŝŽŶƐ
ͻ ZĞĚŽŶĞŵƵƐƚďĞĂƚůĞĂƐƚhǆ>ĞĂĚdŝŵĞ;ĂĚĚŝƚŝŽŶĂůƌĞĚǌŽŶĞƋƵĂŶƚŝƚǇǁŝůůďĞƐĂĨĞƚǇͿ
ͻ ^ĂĨĞƚǇĐĂŶďĞĂƉƉůŝĞĚďǇƵƐŝŶŐƚŚĞǀĂƌŝĂďŝůŝƚǇĨĂĐƚŽƌ
ͻ ǀĞƌĂŐĞŽŶͲŚĂŶĚĞƋƵĂƚŝŽŶс;;hΎůĞĂĚƚŝŵĞΎ͘ϱͿн;dKZʹ ;hΎůĞĂĚƚŝŵĞͿͿ
ϰϬϬ
([DPSOH
ǀĞƌĂŐĞĂŝůǇhƐĂŐĞ ϭϬ ϯϱϬ
ƵĨĨĞƌWƌŽĨŝůĞ D͕D;͘ϰͿ͕>;͘ϮͿ ϯϬϬ
DKY ϮϬϬ ϮϱϬ ϮϬϬ

/ŵƉŽƐĞĚŽƌĞƐŝƌĞĚKƌĚĞƌǇĐůĞ;KͿ ϳĚĂǇƐ ϮϬϬ
ĞĐŽƵƉůĞĚ>ĞĂĚdŝŵĞ;>dͿ ϭϮĚĂǇƐ
ϭϱϬ
*UHHQ]RQH ϭϬϬ
5HG]RQH ZLWKVDIHW\ ϱϬ

ϭϰϰ
$YHUDJH2Q+DQG
Ϭ

,QVWLWXWH
^ƚŽĐŬĞĚWĂƌƚdǇƉĞƐǁŝƚŚŽŶĞƐ
6WRFNHG
5HSOHQLVKHG
5HSOHQLVKHG 0LQPD[
2YHUULGH
272* 272* 20$;

Ż72* Ż72* Ż0$;
* *
Ż72< Ż72<
*
< < Ż0,1
Ż725 Ż725
5 5 5

287 287 287
6WUDWHJLF 6WUDWHJLF 6WDWLF 1RQ6WUDWHJLF

'\QDPLF 6WDWLFRU'\QDPLF

DKh>ϳ^hDDZz

DKh>ϴ
ǇŶĂŵŝĐĚũƵƐƚŵĞŶƚƐ

DŽĚƵůĞϴ>ĞĂƌŶŝŶŐKďũĞĐƚŝǀĞƐ
ͻ ĞƐĐƌŝďĞƚŚĞĚŝĨĨĞƌĞŶƚƚǇƉĞƐŽĨďƵĨĨĞƌĂĚũƵƐƚŵĞŶƚƐ
ͻ ĞƐĐƌŝďĞŶĞĐĞƐƐĂƌǇďƵĨĨĞƌĂĚũƵƐƚŵĞŶƚƐ
ͻ >ŝƐƚƚŚĞŵĂũŽƌĨĂĐƚŽƌƐƌĞƋƵŝƌĞĚĨŽƌƉůĂŶŶĞĚĂĚũƵƐƚŵĞŶƚĨĂĐƚŽƌƐ



dǁŽ&ŽƌŵƐŽĨǇŶĂŵŝĐĚũƵƐƚŵĞŶƚƐ
ͻ ZĞĐĂůĐƵůĂƚĞĚĚũƵƐƚŵĞŶƚƐ
ͻ WůĂŶŶĞĚĚũƵƐƚŵĞŶƚƐ&ĂĐƚŽƌƐ

Z>h>d:h^dDEd^

tŚĂƚŝƐĂZĞĐĂůĐƵůĂƚĞĚĚũƵƐƚŵĞŶƚ͍
ŶĂƵƚŽŵĂƚĞĚƌĞĐĂůĐƵůĂƚŝŽŶŽĨĂďƵĨĨĞƌƉŽƐŝƚŝŽŶŝŶǀŽůǀŝŶŐĂŶǇĐƌŝƚŝĐĂů
ďƵĨĨĞƌĞƋƵĂƚŝŽŶŝŶƉƵƚ͗
ͻ h
ͻ >ĞĂĚdŝŵĞ
ͻ WƌŽĨŝůĞŚĂŶŐĞƐ
ͻ DKY

hZĞĐĂůĐƵůĂƚŝŽŶ
ĂƚĞ ZĞĚ zĞůůŽǁ 'ƌĞĞŶ h ZĞĚĂƐĞ ZĞĚ^ĂĨĞƚǇ >d >d& s&
ϭͲ:ĂŶ ϳϬ ϭϬϬ ϱϬ ϭϬ ϱϬ ϮϬ ϭϬ Ϭ͘ϱ Ϭ͘ϰ
ϭϱͲ:ĂŶ ϭϬϱ ϭϱϬ ϳϱ ϭϱ ϳϱ ϯϬ ϭϬ Ϭ͘ϱ Ϭ͘ϰ
ϭͲ&Ğď ϭϲϭ ϮϯϬ ϭϭϱ Ϯϯ ϭϭϱ ϰϲ ϭϬ Ϭ͘ϱ Ϭ͘ϰ
ϭϱͲ&Ğď Ϯϲϲ ϯϴϬ ϭϵϬ ϯϴ ϭϵϬ ϳϲ ϭϬ Ϭ͘ϱ Ϭ͘ϰ
ϭͲDĂƌ ϯϭϱ ϰϱϬ ϮϮϱ ϰϱ ϮϮϱ ϵϬ ϭϬ Ϭ͘ϱ Ϭ͘ϰ
ϭϱͲDĂƌ ϯϲϰ ϱϮϬ ϮϲϬ ϱϮ ϮϲϬ ϭϬϰ ϭϬ Ϭ͘ϱ Ϭ͘ϰ
ϭͲƉƌ ϯϴϱ ϱϱϬ Ϯϳϱ ϱϱ Ϯϳϱ ϭϭϬ ϭϬ Ϭ͘ϱ Ϭ͘ϰ
ϭϱͲƉƌ ϰϬϲ ϱϴϬ ϮϵϬ ϱϴ ϮϵϬ ϭϭϲ ϭϬ Ϭ͘ϱ Ϭ͘ϰ
ϭͲDĂǇ ϯϳϴ ϱϰϬ ϮϳϬ ϱϰ ϮϳϬ ϭϬϴ ϭϬ Ϭ͘ϱ Ϭ͘ϰ
ϭϱͲDĂǇ ϯϵϮ ϱϲϬ ϮϴϬ ϱϲ ϮϴϬ ϭϭϮ ϭϬ Ϭ͘ϱ Ϭ͘ϰ
ϭͲ:ƵŶ ϰϬϲ ϱϴϬ ϮϵϬ ϱϴ ϮϵϬ ϭϭϲ ϭϬ Ϭ͘ϱ Ϭ͘ϰ
ϭϱͲ:ƵŶ ϯϳϭ ϱϯϬ Ϯϲϱ ϱϯ Ϯϲϱ ϭϬϲ ϭϬ Ϭ͘ϱ Ϭ͘ϰ

ZĞĐĂůĐƵůĂƚĞĚĚũƵƐƚŵĞŶƚƐ
WĂƌƚηϭϮϯϰƵĨĨĞƌŽŶĞĂŶĚhŚĂŶŐĞKǀĞƌϲDŽŶƚŚƐ
ϭϰϬϬ ϭϬϬ
ϵϬ
ϭϮϬϬ
ϴϬ
ϭϬϬϬ ϳϬ
ϲϬ
ϴϬϬ
ϱϬ
ϲϬϬ
ϰϬ
ϰϬϬ ϯϬ
ϮϬ
ϮϬϬ
ϭϬ
Ϭ Ϭ
ϳͲDĂǇ
ϭͲ:ĂŶ
ϴͲ:ĂŶ
ϭϱͲ:ĂŶ
ϮϮͲ:ĂŶ
ϮϵͲ:ĂŶ
ϱͲ&Ğď
ϭϮͲ&Ğď
ϭϵͲ&Ğď
ϮϲͲ&Ğď
ϱͲDĂƌ
ϭϮͲDĂƌ
ϭϵͲDĂƌ
ϮϲͲDĂƌ
ϰͲ:ƵŶ
ϮͲƉƌ
ϵͲƉƌ
ϭϲͲƉƌ
ϮϯͲƉƌ
ϯϬͲƉƌ
ϭϭͲ:ƵŶ
ϭϰͲDĂǇ
ϮϭͲDĂǇ
ϮϴͲDĂǇ
ZĞĚ zĞůůŽǁ 'ƌĞĞŶ h

hZĞĐĂůĐƵůĂƚŝŽŶǁŝƚŚDKY
ĂƚĞ ZĞĚ zĞůůŽǁ 'ƌĞĞŶ h ZĞĚĂƐĞ ZĞĚ^ĂĨĞƚǇ >d >d& s&
ϭͲ:ĂŶ ϳϬ ϭϬϬ ϯϬϬ ϭϬ ϱϬ ϮϬ ϭϬ Ϭ͘ϱ Ϭ͘ϰ
ϭϱͲ:ĂŶ ϭϬϱ ϭϱϬ ϯϬϬ ϭϱ ϳϱ ϯϬ ϭϬ Ϭ͘ϱ Ϭ͘ϰ
ϭͲ&Ğď ϭϲϭ ϮϯϬ ϯϬϬ Ϯϯ ϭϭϱ ϰϲ ϭϬ Ϭ͘ϱ Ϭ͘ϰ
ϭϱͲ&Ğď Ϯϲϲ ϯϴϬ ϯϬϬ ϯϴ ϭϵϬ ϳϲ ϭϬ Ϭ͘ϱ Ϭ͘ϰ
ϭͲDĂƌ ϯϭϱ ϰϱϬ ϯϬϬ ϰϱ ϮϮϱ ϵϬ ϭϬ Ϭ͘ϱ Ϭ͘ϰ
ϭϱͲDĂƌ ϯϲϰ ϱϮϬ ϯϬϬ ϱϮ ϮϲϬ ϭϬϰ ϭϬ Ϭ͘ϱ Ϭ͘ϰ
ϭͲƉƌ ϯϴϱ ϱϱϬ ϯϬϬ ϱϱ Ϯϳϱ ϭϭϬ ϭϬ Ϭ͘ϱ Ϭ͘ϰ
ϭϱͲƉƌ ϰϬϲ ϱϴϬ ϯϬϬ ϱϴ ϮϵϬ ϭϭϲ ϭϬ Ϭ͘ϱ Ϭ͘ϰ
ϭͲDĂǇ ϯϳϴ ϱϰϬ ϯϬϬ ϱϰ ϮϳϬ ϭϬϴ ϭϬ Ϭ͘ϱ Ϭ͘ϰ
ϭϱͲDĂǇ ϯϵϮ ϱϲϬ ϯϬϬ ϱϲ ϮϴϬ ϭϭϮ ϭϬ Ϭ͘ϱ Ϭ͘ϰ
ϭͲ:ƵŶ ϰϬϲ ϱϴϬ ϯϬϬ ϱϴ ϮϵϬ ϭϭϲ ϭϬ Ϭ͘ϱ Ϭ͘ϰ
ϭϱͲ:ƵŶ ϯϳϭ ϱϯϬ ϯϬϬ ϱϯ Ϯϲϱ ϭϬϲ ϭϬ Ϭ͘ϱ Ϭ͘ϰ

ZĞĐĂůĐƵůĂƚĞĚĚũƵƐƚŵĞŶƚƐǁŝƚŚDKY
ϭϰϬϬ ϭϬϬ
ϵϬ
ϭϮϬϬ
ϴϬ
ϭϬϬϬ ϳϬ
ϲϬ
ϴϬϬ
ϱϬ
ϲϬϬ
ϰϬ
ϰϬϬ ϯϬ
ϮϬ
ϮϬϬ
ϭϬ
Ϭ Ϭ
ϭͲ:ĂŶ
ϴͲ:ĂŶ
ϭϱͲ:ĂŶ
ϮϮͲ:ĂŶ
ϮϵͲ:ĂŶ
ϱͲ&Ğď
ϭϮͲ&Ğď
ϭϵͲ&Ğď
ϮϲͲ&Ğď
ϱͲDĂƌ
ϭϮͲDĂƌ
ϭϵͲDĂƌ
ϮϲͲDĂƌ
ϮͲƉƌ
ϵͲƉƌ
ϭϲͲƉƌ
ϮϯͲƉƌ
ϯϬͲƉƌ
ϳͲDĂǇ
ϭϰͲDĂǇ
ϮϭͲDĂǇ
ϮϴͲDĂǇ
ϰͲ:ƵŶ
ϭϭͲ:ƵŶ

>ĞĂĚdŝŵĞĂŶĚWƌŽĨŝůĞĚũƵƐƚŵĞŶƚƐ
ZĞĚ zĞůůŽǁ 'ƌĞĞŶ h ZĞĚĂƐĞ ZĞĚ^ĂĨĞƚǇ >d >d& s& DKY 'ƌĞĞŶ;>d&Ϳ
ϭͲ:ĂŶ ϳϬ ϭϬϬ ϱϬ ϭϬ ϱϬ ϮϬ ϭϬ Ϭ͘ϱ Ϭ͘ϰ Ϭ ϱϬ
ϭϱͲ:ĂŶ ϭϬϱ ϭϱϬ ϳϱ ϭϱ ϳϱ ϯϬ ϭϬ Ϭ͘ϱ Ϭ͘ϰ Ϭ ϳϱ
ϭͲ&Ğď ϭϲϭ ϮϯϬ ϭϭϱ Ϯϯ ϭϭϱ ϰϲ ϭϬ Ϭ͘ϱ Ϭ͘ϰ Ϭ ϭϭϱ
ϭϱͲ&Ğď Ϯϲϲ ϯϴϬ ϭϵϬ ϯϴ ϭϵϬ ϳϲ ϭϬ Ϭ͘ϱ Ϭ͘ϰ Ϭ ϭϵϬ
ϭͲDĂƌ ϯϭϱ ϰϱϬ ϮϮϱ ϰϱ ϮϮϱ ϵϬ ϭϬ Ϭ͘ϱ Ϭ͘ϰ Ϭ ϮϮϱ
ϭϱͲDĂƌ Ϯϱϰ͘ϴ ϮϲϬ ϭϴϮ ϱϮ ϭϴϮ ϳϮ͘ϴ ϱ Ϭ͘ϳ Ϭ͘ϰ Ϭ ϭϴϮ
ϭͲƉƌ Ϯϲϵ͘ϱ Ϯϳϱ ϭϵϮ͘ϱ ϱϱ ϭϵϮ͘ϱ ϳϳ ϱ Ϭ͘ϳ Ϭ͘ϰ Ϭ ϭϵϮ͘ϱ
ϭϱͲƉƌ Ϯϴϰ͘Ϯ ϮϵϬ ϮϬϯ ϱϴ ϮϬϯ ϴϭ͘Ϯ ϱ Ϭ͘ϳ Ϭ͘ϰ Ϭ ϮϬϯ
ϭͲDĂǇ Ϯϲϰ͘ϲ ϮϳϬ ϭϴϵ ϱϰ ϭϴϵ ϳϱ͘ϲ ϱ Ϭ͘ϳ Ϭ͘ϰ Ϭ ϭϴϵ
ϭϱͲDĂǇ Ϯϳϰ͘ϰ ϮϴϬ ϭϵϲ ϱϲ ϭϵϲ ϳϴ͘ϰ ϱ Ϭ͘ϳ Ϭ͘ϰ Ϭ ϭϵϲ
ϭͲ:ƵŶ Ϯϴϰ͘Ϯ ϮϵϬ ϮϬϯ ϱϴ ϮϬϯ ϴϭ͘Ϯ ϱ Ϭ͘ϳ Ϭ͘ϰ Ϭ ϮϬϯ
ϭϱͲ:ƵŶ Ϯϱϵ͘ϳ Ϯϲϱ ϭϴϱ͘ϱ ϱϯ ϭϴϱ͘ϱ ϳϰ͘Ϯ ϱ Ϭ͘ϳ Ϭ͘ϰ Ϭ ϭϴϱ͘ϱ

>ĞĂĚdŝŵĞĂŶĚWƌŽĨŝůĞĚũƵƐƚŵĞŶƚƐ
WĂƌƚηϭϮϯϰƵĨĨĞƌŽŶĞĂŶĚhŚĂŶŐĞKǀĞƌϲDŽŶƚŚƐ͕>ĞĂĚdŝŵĞZĞĚƵĐĞĚ
ϭϰϬϬ ϭϬϬ
ϵϬ
ϭϮϬϬ
ϴϬ
ϭϬϬϬ ϳϬ
ϲϬ
ϴϬϬ
ϱϬ
ϲϬϬ
ϰϬ
ϰϬϬ ϯϬ
ϮϬ
ϮϬϬ
ϭϬ
Ϭ Ϭ
ϳͲDĂǇ
ϭͲ:ĂŶ
ϴͲ:ĂŶ
ϭϱͲ:ĂŶ
ϮϮͲ:ĂŶ
ϮϵͲ:ĂŶ
ϱͲ&Ğď
ϭϮͲ&Ğď
ϭϵͲ&Ğď
ϮϲͲ&Ğď
ϱͲDĂƌ
ϭϮͲDĂƌ
ϭϵͲDĂƌ
ϮϲͲDĂƌ
ϮͲƉƌ
ϵͲƉƌ
ϭϲͲƉƌ
ϮϯͲƉƌ
ϯϬͲƉƌ
ϰͲ:ƵŶ
ϭϭͲ:ƵŶ
ϭϰͲDĂǇ
ϮϭͲDĂǇ
ϮϴͲDĂǇ

ZĞĐĂůĐƵůĂƚŝŽŶǁŝƚŚDKY/ŶƐĞƌƚŝŽŶ
ZĞĚ zĞůůŽǁ 'ƌĞĞŶ h ZĞĚĂƐĞ ZĞĚ^ĂĨĞƚǇ >d >d& s& DKY 'ƌĞĞŶ;>d&Ϳ
ϭͲ:ĂŶ ϳϬ ϭϬϬ ϱϬ ϭϬ ϱϬ ϮϬ ϭϬ Ϭ͘ϱ Ϭ͘ϰ Ϭ ϱϬ
ϭϱͲ:ĂŶ ϭϬϱ ϭϱϬ ϳϱ ϭϱ ϳϱ ϯϬ ϭϬ Ϭ͘ϱ Ϭ͘ϰ Ϭ ϳϱ
ϭͲ&Ğď ϭϲϭ ϮϯϬ ϭϭϱ Ϯϯ ϭϭϱ ϰϲ ϭϬ Ϭ͘ϱ Ϭ͘ϰ Ϭ ϭϭϱ
ϭϱͲ&Ğď Ϯϲϲ ϯϴϬ ϭϵϬ ϯϴ ϭϵϬ ϳϲ ϭϬ Ϭ͘ϱ Ϭ͘ϰ Ϭ ϭϵϬ
ϭͲDĂƌ ϯϭϱ ϰϱϬ ϮϮϱ ϰϱ ϮϮϱ ϵϬ ϭϬ Ϭ͘ϱ Ϭ͘ϰ Ϭ ϮϮϱ
ϭϱͲDĂƌ Ϯϱϰ͘ϴ ϮϲϬ ϭϬϰ ϱϮ ϭϴϮ ϳϮ͘ϴ ϱ Ϭ͘ϳ Ϭ͘ϰ Ϭ ϭϬϰ
ϭͲƉƌ Ϯϲϵ͘ϱ Ϯϳϱ ϭϭϬ ϱϱ ϭϵϮ͘ϱ ϳϳ ϱ Ϭ͘ϳ Ϭ͘ϰ Ϭ ϭϭϬ
ϭϱͲƉƌ Ϯϴϰ͘Ϯ ϮϵϬ ϰϬϬ ϱϴ ϮϬϯ ϴϭ͘Ϯ ϱ Ϭ͘ϳ Ϭ͘ϰ ϰϬϬ ϭϭϲ
ϭͲDĂǇ Ϯϲϰ͘ϲ ϮϳϬ ϰϬϬ ϱϰ ϭϴϵ ϳϱ͘ϲ ϱ Ϭ͘ϳ Ϭ͘ϰ ϰϬϬ ϭϬϴ
ϭϱͲDĂǇ Ϯϳϰ͘ϰ ϮϴϬ ϰϬϬ ϱϲ ϭϵϲ ϳϴ͘ϰ ϱ Ϭ͘ϳ Ϭ͘ϰ ϰϬϬ ϭϭϮ
ϭͲ:ƵŶ Ϯϴϰ͘Ϯ ϮϵϬ ϰϬϬ ϱϴ ϮϬϯ ϴϭ͘Ϯ ϱ Ϭ͘ϳ Ϭ͘ϰ ϰϬϬ ϭϭϲ
ϭϱͲ:ƵŶ Ϯϱϵ͘ϳ Ϯϲϱ ϰϬϬ ϱϯ ϭϴϱ͘ϱ ϳϰ͘Ϯ ϱ Ϭ͘ϳ Ϭ͘ϰ ϰϬϬ ϭϬϲ

ZĞĐĂůĐƵůĂƚŝŽŶǁŝƚŚDKY/ŶƐĞƌƚŝŽŶ
WĂƌƚηϭϮϯϰƵĨĨĞƌŽŶĞĂŶĚhŚĂŶŐĞKǀĞƌϲDŽŶƚŚƐ͕DKYсϰϬϬ
ϭϰϬϬ ϭϬϬ
ϵϬ
ϭϮϬϬ
ϴϬ
ϭϬϬϬ ϳϬ
ϲϬ
ϴϬϬ
ϱϬ
ϲϬϬ
ϰϬ
ϰϬϬ ϯϬ
ϮϬ
ϮϬϬ
ϭϬ
Ϭ Ϭ
ϭͲ:ĂŶ ϭϱͲ:ĂŶ ϭͲ&Ğď ϭϱͲ&Ğď ϭͲDĂƌ ϭϱͲDĂƌ ϭͲƉƌ ϭϱͲƉƌ ϭͲDĂǇ ϭϱͲDĂǇ ϭͲ:ƵŶ ϭϱͲ:ƵŶ

W>EE:h^dDEd^

tŚĂƚŝƐĂWůĂŶŶĞĚĚũƵƐƚŵĞŶƚ͍
ͻ WůĂŶŶĞĚĂĚũƵƐƚŵĞŶƚƐĂƌĞďĂƐĞĚŽŶĐĞƌƚĂŝŶƐƚƌĂƚĞŐŝĐ͕ŚŝƐƚŽƌŝĐĂů͕ĂŶĚ
ďƵƐŝŶĞƐƐŝŶƚĞůůŝŐĞŶĐĞĨĂĐƚŽƌƐ͘
ͻ dŚĞƐĞƉůĂŶŶĞĚĂĚũƵƐƚŵĞŶƚƐĂƌĞŵĂŶŝƉƵůĂƚŝŽŶƐƚŽƚŚĞďƵĨĨĞƌĞƋƵĂƚŝŽŶ
ƚŚĂƚĂĨĨĞĐƚŝŶǀĞŶƚŽƌǇƉŽƐŝƚŝŽŶƐďǇƌĂŝƐŝŶŐŽƌůŽǁĞƌŝŶŐďƵĨĨĞƌůĞǀĞůƐĂŶĚ
ƚŚĞŝƌĐŽƌƌĞƐƉŽŶĚŝŶŐǌŽŶĞƐĂƚĐĞƌƚĂŝŶƉŽŝŶƚƐŝŶƚŝŵĞ͘
ͻ dŚĞƌĞĂƌĞƚŚƌĞĞƉƌŝŵĂƌǇƚǇƉĞƐŽĨƉůĂŶŶĞĚĂĚũƵƐƚŵĞŶƚƐ͗
ʹ ĞŵĂŶĚĚũƵƐƚŵĞŶƚ&ĂĐƚŽƌ
ʹ ŽŶĞĚũƵƐƚŵĞŶƚ&ĂĐƚŽƌ
ʹ >ĞĂĚdŝŵĞĚũƵƐƚŵĞŶƚ&ĂĐƚŽƌ

,QVWLWXWH
ĞŵĂŶĚĚũƵƐƚŵĞŶƚ&ĂĐƚŽƌ;&Ϳ
ͻ ŵĂŶŝƉƵůĂƚŝŽŶƚŽƚŚĞhŝŶƉƵƚĂƚĂƐƉĞĐŝĨŝĐƚŝŵĞƉĞƌŝŽĚƚŽĂ
ŚŝƐƚŽƌŝĐĂůůǇƉƌŽǀĞŶŽƌƉůĂŶŶĞĚƉŽƐŝƚŝŽŶďĂƐĞĚŽŶĂŶĂƉƉƌŽǀĞĚďƵƐŝŶĞƐƐ
ĐĂƐĞŽƌĂƐĂƌĞĂĐƚŝŽŶƚŽƌĂƉŝĚĐŚĂŶŐĞƐŝŶĚĞŵĂŶĚǁŝƚŚŝŶƐŚŽƌƚƉĞƌŝŽĚƐŽĨ
ƚŝŵĞ͘
ͻ tŚĞŶĂƉĂƌƚŝƐƵƐŝŶŐĂĨŽƌǁĂƌĚůŽŽŬŝŶŐhŝƚŝƐŽĨƚĞŶƵŶŶĞĐĞƐƐĂƌǇƚŽ
ƵƐĞ&
ͻ dŚŝƐǁŝůůĚĞƉĞŶĚŽŶƚŚĞĐŽŶĨŝĚĞŶĐĞŽĨƚŚĞĨŽƌĞĐĂƐƚĞĚŶƵŵďĞƌƐǀĞƌƐƵƐ
ƚŚĞƌŽďƵƐƚŶĞƐƐŽĨƚŚĞďƵĨĨĞƌƉƌŽĨŝůĞĂƐƐŝŐŶĞĚƚŽƚŚĞƉĂƌƚ

,QVWLWXWH
tŚĞŶƚŽƵƐĞĂĞŵĂŶĚĚũƵƐƚŵĞŶƚ&ĂĐƚŽƌ͍
ͻ /ƚŝƐĞĂƐǇƚŽƵŶĚĞƌĞƐƚŝŵĂƚĞƚŚĞƌŽďƵƐƚŶĞƐƐŽĨƚŚĞďƵĨĨĞƌƐͲ ƚŚĞďƵĨĨĞƌ͛Ɛ
ƉƵƌƉŽƐĞŝƐƚŽĂďƐŽƌďǀĂƌŝĂďŝůŝƚǇƵƉƚŽĂƉŽŝŶƚ
ʹ dŚĞŵŽƌĞƌĞƐƉŽŶƐŝǀĞƚŚĞƉůĂŶƚͬƐƵƉƉůŝĞƌƚŚĞŵŽƌĞƌŽďƵƐƚƚŚĞďƵĨĨĞƌƐ͛
ƉĞƌĨŽƌŵĂŶĐĞǁŝůůďĞĨŽƌŚŝŐŚĞƌǀĂƌŝĂďŝůŝƚǇ
ʹ dŚĞŚŝŐŚĞƌƚŚĞǀĂƌŝĂďŝůŝƚǇĨĂĐƚŽƌďƵŝůƚŝŶƚŽƚŚĞďƵĨĨĞƌƚŚĞŵŽƌĞƌŽďƵƐƚƚŚĞďƵĨĨĞƌƐ͛
ƉĞƌĨŽƌŵĂŶĐĞǁŝůůďĞĨŽƌŚŝŐŚĞƌǀĂƌŝĂďŝůŝƚǇ
ʹ dŚĞůŽŶŐĞƌƚŚĞŚŽƌŝǌŽŶƚŽƐĞĞƐƉŝŬĞƐƚŚĞŵŽƌĞƌŽďƵƐƚƚŚĞďƵĨĨĞƌƐ͛ƉĞƌĨŽƌŵĂŶĐĞ
ǁŝůůďĞĨŽƌŚŝŐŚĞƌǀĂƌŝĂďŝůŝƚǇ
ͻ &ŝƐŵĞĂŶƚƚŽďĞƵƐĞĚǁŝƚŚŝŶǁŝŶĚŽǁƐŽĨƚŝŵĞǁŚĞŶ͗
ʹ sĂƌŝĂďŝůŝƚǇƚŚƌĞĂƚĞŶƐƚŽŽǀĞƌǁŚĞůŵƚŚĞďƵĨĨĞƌƐ;ƐƚŽĐŬŽƌĐĂƉĂĐŝƚǇͿ:h^dhW
ʹ sĂƌŝĂďŝůŝƚǇǁŝůůĐĂƵƐĞůĂƌŐĞĂŵŽƵŶƚƐŽĨƉƌŽůŽŶŐĞĚĞǆĐĞƐƐŝŶǀĞŶƚŽƌǇ:h^d
KtE

,QVWLWXWH
ĞŵĂŶĚĚũƵƐƚŵĞŶƚ&ĂĐƚŽƌ
ϵϬϬ ϭϬϬ
ϴϬϬ ϵϬ
ϴϬ
ϳϬϬ
ϳϬ
ϲϬϬ
ϲϬ
ϱϬϬ
ϱϬ
ϰϬϬ &
ϰϬ
Ϯ
ϯϬϬ
ϯϬ
ϭ͘ϱ
ϮϬϬ ϮϬ ϭ
ϭϬϬ ϭϬ Ϭ͘ϱ
Ϭ Ϭ Ϭ
ϭͲ:ĂŶ
ϭϲͲ:ĂŶ
ϯϭͲ:ĂŶ
ϭϱͲ&Ğď
ϮͲDĂƌ
ϭϳͲDĂƌ
ϭͲƉƌ
ϭϲͲƉƌ
ϭͲDĂǇ
ϭϲͲDĂǇ
ϯϭͲDĂǇ
ϭϱͲ:ƵŶ
ϭͲ:ĂŶ
ϭϱͲ:ĂŶ
ϭͲ&Ğď
ϭϱͲ&Ğď
ϭͲDĂƌ
ϭϱͲDĂƌ
ϭͲƉƌ
ϭϱͲƉƌ
ϭͲDĂǇ
ϭϱͲDĂǇ
ϭͲ:ƵŶ
ϭϱͲ:ƵŶ
ZĞĚ zĞůůŽǁ 'ƌĞĞŶ ĚũƵƐƚĞĚh
7KHGHPDQGDGMXVWPHQWIDFWRULVDSSOLHGWR$'8WRIOH[WKHEXIIHUXSDQGGRZQ

ĞŵĂŶĚĚũƵƐƚŵĞŶƚ&ĂĐƚŽƌŽŵƉĂƌŝƐŽŶ
WĂƌƚη;EŽĞŵĂŶĚĚũƵƐƚŵĞŶƚ&ĂĐƚŽƌͿ
ϭϬϬϬ
ϴϬϬ
ϲϬϬ
ϰϬϬ
ϮϬϬ
Ϭ
ϭ ϯ ϱ ϳ ϵ ϭϭ ϭϯ ϭϱ ϭϳ ϭϵ Ϯϭ Ϯϯ Ϯϱ Ϯϳ Ϯϵ ϯϭ ϯϯ ϯϱ ϯϳ ϯϵ ϰϭ ϰϯ ϰϱ ϰϳ ϰϵ ϱϭ
tŝƚŚĚũƵƐƚŵĞŶƚ&ĂĐƚŽƌ
ϭϬϬϬ
ϴϬϬ
ϲϬϬ
ϰϬϬ
ϮϬϬ
Ϭ
ϭ ϯ ϱ ϳ ϵ ϭϭ ϭϯ ϭϱ ϭϳ ϭϵ Ϯϭ Ϯϯ Ϯϱ Ϯϳ Ϯϵ ϯϭ ϯϯ ϯϱ ϯϳ ϯϵ ϰϭ ϰϯ ϰϱ ϰϳ ϰϵ ϱϭ
tĞĞŬ ϭϮ ϭϯ ϭϰ ϭϱ ϭϲ ϭϳ ϭϴ ϭϵ ϮϬ Ϯϭ ϮϮ Ϯϯ Ϯϰ Ϯϱ Ϯϲ
KƌŝŐŝŶĂůh ϯϯ͘ϱϵ ϯϯ͘ϱϵ ϯϯ͘ϳϮ ϯϯ͘ϴϵ ϯϯ͘ϵϭ ϯϰ͘ϰϭ ϯϰ͘ϲϴ ϯϰ͘ϵϲ ϯϰ͘ϲϴ ϯϯ͘ϴϲ ϯϯ͘ϳϮ ϯϯ͘ϴϬ ϯϯ͘ϳϴ ϯϯ͘ϴϲ ϯϯ͘ϲϳ
& ϭ͘ϬϬ ϭ͘ϭϬ ϭ͘ϮϬ ϭ͘ϰϬ ϭ͘ϲϬ ϭ͘ϴϬ ϭ͘ϴϬ ϭ͘ϴϬ ϭ͘ϲϬ ϭ͘ϰϬ Ϭ͘ϵϬ Ϭ͘ϴϬ Ϭ͘ϴϬ Ϭ͘ϵϬ ϭ͘ϬϬ
ĚũƵƐƚĞĚh ϯϯ͘ϱϵ ϯϲ͘ϵϰ ϰϬ͘ϰϳ ϰϳ͘ϰϰ ϱϰ͘Ϯϲ ϲϭ͘ϵϰ ϲϮ͘ϰϯ ϲϮ͘ϵϯ ϱϱ͘ϰϵ ϰϳ͘ϰϬ ϯϬ͘ϯϱ Ϯϳ͘Ϭϰ Ϯϳ͘ϬϮ ϯϬ͘ϰϳ ϯϯ͘ϲϳ

ĞŵĂŶĚĚũƵƐƚŵĞŶƚ&ĂĐƚŽƌWĞƌĨŽƌŵĂŶĐĞ
1R'HPDQG$GMXVWPHQW)DFWRU
:LWK'HPDQG$GMXVWPHQW)DFWRU

&ĚŽĞƐEKdĨĨĞĐƚDKY'ƌĞĞŶŽŶĞƐ
dŚĞ&й&ĂĐƚŽƌŝƐEKd
ĂƉƉůŝĞĚƚŽƚŚĞŐƌĞĞŶǌŽŶĞƐŽĨ Ż
ƉĂƌƚƐƚŚĂƚŚĂǀĞŐƌĞĞŶǌŽŶĞƐ Ż
ƋƵĂůŝĨŝĞĚĂƐDKYďĞĐĂƵƐĞ
ƚŚŽƐĞǌŽŶĞƐĂƌĞŶŽƚ
ĐĂůĐƵůĂƚĞĚĨƌŽŵhƵŶůĞƐƐ

ƚŚĞ&ǁŽƵůĚƌĞƐƵůƚŝŶ

ůĂƌŐĞƌŐƌĞĞŶǌŽŶĞ͘
ƵĨĨĞƌWƌŽĨŝůĞ W͕>͕>
h ϭϬ

>ĞĂĚdŝŵĞ ϮϬĚĂǇƐ
DKY ϭϮϬ
1R'$) '$)

&ʹ >ĂƌŐĞǆƉĞĐƚĞĚhƉƐƵƌŐĞ^ĐĞŶĂƌŝŽ
ǆƉĞĐƚĞĚhƉƐƵƌŐĞǆĂŵƉůĞ
ϵϬϬ ϮϬϬ͘Ϭ
ϴϬϬ ϭϴϬ͘Ϭ
ϭϲϬ͘Ϭ
ϳϬϬ
ϭϰϬ͘Ϭ
ϲϬϬ
tĞĞŬůǇĞŵĂŶĚ
ϭϮϬ͘Ϭ
ϱϬϬ
h
ϭϬϬ͘Ϭ
ϰϬϬ
ϴϬ͘Ϭ
ϯϬϬ
ϲϬ͘Ϭ
ϮϬϬ
ϰϬ͘Ϭ
ϭϬϬ ϮϬ͘Ϭ
Ϭ Ϭ͘Ϭ
ĞŵĂŶĚ h;ϭϮtĞĞŬͿ h;ϭtĞĞŬͿ

h>ĂŐĂŶĚƵĨĨĞƌhŶĚĞƌƐƚĂƚĞŵĞŶƚ
hƉƐƵƌŐĞƵĨĨĞƌ>ĂŐ
ϭϴϬϬ͘Ϭ ϮϬϬ͘Ϭ
ϭϲϬϬ͘Ϭ ϭϴϬ͘Ϭ
tĞĞŬůǇĞŵĂŶĚĂŶĚƵĨĨĞƌ>ĞǀĞů
ϭϰϬϬ͘Ϭ ϭϲϬ͘Ϭ
ϭϰϬ͘Ϭ
ϭϮϬϬ͘Ϭ
ϭϮϬ͘Ϭ
ϭϬϬϬ͘Ϭ
h
ϭϬϬ͘Ϭ
ϴϬϬ͘Ϭ
ϴϬ͘Ϭ
ϲϬϬ͘Ϭ
ϲϬ͘Ϭ
ϰϬϬ͘Ϭ ϰϬ͘Ϭ
ϮϬϬ͘Ϭ ϮϬ͘Ϭ
Ϭ͘Ϭ Ϭ͘Ϭ
ϭ Ϯ ϯ ϰ ϱ ϲ ϳ ϴ ϵ ϭϬ ϭϭ ϭϮ ϭϯ ϭϰ ϭϱ ϭϲ ϭϳ
tĞĞŬ
ZĞĚ zĞůůŽǁ 'ƌĞĞŶ ĞŵĂŶĚ h;ϭϮtĞĞŬͿ

&hƐĞĚƚŽŽƌƌĞĐƚh>ĂŐ
&ŽƌƌĞĐƚŝŶŐƚŚĞ>ĂŐ
ϭϴϬϬ͘Ϭ ϮϬϬ͘Ϭ
ϭϲϬϬ͘Ϭ ϭϴϬ͘Ϭ
ϭϰϬϬ͘Ϭ ϭϲϬ͘Ϭ
tĞĞŬůǇĞŵĂŶĚĂŶĚƵĨĨĞƌ>ĞǀĞů
ϭϰϬ͘Ϭ
ϭϮϬϬ͘Ϭ
ϭϮϬ͘Ϭ
ϭϬϬϬ͘Ϭ
h
ϭϬϬ͘Ϭ
ϴϬϬ͘Ϭ
ϴϬ͘Ϭ
ϲϬϬ͘Ϭ
ϲϬ͘Ϭ
ϰϬϬ͘Ϭ ϰϬ͘Ϭ
ϮϬϬ͘Ϭ ϮϬ͘Ϭ
Ϭ͘Ϭ Ϭ͘Ϭ
ϭ Ϯ ϯ ϰ ϱ ϲ ϳ ϴ ϵ ϭϬ ϭϭ ϭϮ ϭϯ ϭϰ ϭϱ ϭϲ ϭϳ
tĞĞŬ
ZĞĚ zĞůůŽǁ 'ƌĞĞŶ ĞŵĂŶĚ h;ϭϮtĞĞŬͿ
tĞĞŬ ϭ Ϯ ϯ ϰ ϱ ϲ ϳ ϴ ϵ ϭϬ ϭϭ ϭϮ ϭϯ ϭϰ ϭϱ ϭϲ ϭϳ
& ϭ͘Ϭ Ϯ͘ϱ ϯ͘ϱ ϰ͘ϱ ϲ͘Ϭ ϲ͘Ϭ ϰ͘ϳ ϭ͘Ϭ ϭ͘Ϭ ϭ͘Ϭ ϭ͘Ϭ ϭ͘Ϭ ϭ͘Ϭ ϭ͘Ϭ ϭ͘Ϭ ϭ͘Ϭ ϭ͘Ϭ

&Ͳ WƌŽĚƵĐƚŶĚŽĨ>ŝĨĞ^ĐĞŶĂƌŝŽƐ
ZĂŵƉŽǁŶ&
ϲϬϬ ϲϬ
ϱϬϬ ϱϬ
ϰϬϬ ϰϬ
ϯϬϬ ϯϬ
ϮϬϬ ϮϬ
ϭϬϬ ϭϬ
Ϭ Ϭ

&Ͳ WƌŽĚƵĐƚ/ŶƚƌŽĚƵĐƚŝŽŶ^ĐĞŶĂƌŝŽƐ
ZĂŵƉhƉ&
ϲϬϬ ϲϬ
ϱϬϬ ϱϬ
ϰϬϬ ϰϬ
ϯϬϬ ϯϬ
ϮϬϬ ϮϬ
ϭϬϬ ϭϬ
Ϭ Ϭ
ϭͲ:ĂŶ ϴͲ:ĂŶ ϭϱͲ ϮϮͲ ϮϵͲ ϱͲ&Ğď ϭϮͲ ϭϵͲ ϮϲͲ ϱͲDĂƌ ϭϮͲ ϭϵͲ ϮϲͲ ϮͲƉƌ ϵͲƉƌ ϭϲͲ ϮϯͲ ϯϬͲ ϳͲ ϭϰͲ ϮϭͲ ϮϴͲ ϰͲ:ƵŶ ϭϭͲ
:ĂŶ :ĂŶ :ĂŶ &Ğď &Ğď &Ğď DĂƌ DĂƌ DĂƌ Ɖƌ Ɖƌ Ɖƌ DĂǇ DĂǇ DĂǇ DĂǇ :ƵŶ

&Ͳ WƌŽĚƵĐƚdƌĂŶƐŝƚŝŽŶ^ĐĞŶĂƌŝŽƐ
ϲϬϬ ϲϬ
ϱϬϬ ϱϬ
ϰϬϬ ϰϬ
ϯϬϬ ϯϬ
ϮϬϬ ϮϬ
ϭϬϬ ϭϬ
Ϭ Ϭ
ϭͲ:ĂŶ ϭϱͲ:ĂŶ ϭͲ&Ğď ϭϱͲ&Ğď ϭͲDĂƌ ϭϱͲDĂƌ ϭͲƉƌ ϭϱͲƉƌ ϭͲDĂǇ ϭϱͲDĂǇ ϭͲ:ƵŶ ϭϱͲ:ƵŶ
ZĞĚ;KůĚͿ zĞůůŽǁ;KůĚͿ 'ƌĞĞŶ;KůĚͿ ZĞĚ;EĞǁͿ zĞůůŽǁ;EĞǁͿ 'ƌĞĞŶ;EĞǁͿ h;EĞǁͿ h;KůĚͿ

&Ͳ ^ĞĂƐŽŶĂůŝƚǇ/ŶƚĞƌĂĐƚŝǀĞ&ĂĐƚŽƌƐ
ͻ ^ĞǀĞƌŝƚǇŽĨƚŚĞƐĞĂƐŽŶĂůŝƚǇ
ͻ >ĞŶŐƚŚŽĨƚŚĞhĐĂůĐƵůĂƚŝŽŶƉĞƌŝŽĚ
ͻ dŚĞƚǇƉĞŽĨhĐĂůĐƵůĂƚŝŽŶ;WĂƐƚ͕&ŽƌǁĂƌĚ͕ůĞŶĚĞĚͿ
ͻ >ĞĂĚƚŝŵĞŽĨĐƌŝƚŝĐĂůĐŽŵƉŽŶĞŶƚƐ
ͻ ZĞƐŽƵƌĐĞĐĂƉĂĐŝƚǇ

,QVWLWXWH
^ĞǀĞƌŝƚǇŽĨƚŚĞ^ĞĂƐŽŶĂůŝƚǇ
ͻ dŚĞĚƵƌĂƚŝŽŶĂŶĚƚŚĞƐĞǀĞƌŝƚǇŽĨƚŚĞƐĞĂƐŽŶĂůĐŚĂŶŐĞŵƵƐƚďĞ
ĐŽŶƐŝĚĞƌĞĚ
ͻ dŚĞďŝŐŐĞƌƚŚĞĐŚĂŶŐĞŝŶĚĞŵĂŶĚĂŶĚƚŚĞƐŚŽƌƚĞƌƚŚĞǁŝŶĚŽǁƚŚĞŵŽƌĞ
ƐĞǀĞƌĞƚŚĞƐĞĂƐŽŶĂůŝƚǇ

,QVWLWXWH
>ĞŶŐƚŚŽĨƚŚĞhĂůĐƵůĂƚŝŽŶWĞƌŝŽĚ
ͻ dŚĞůŽŶŐĞƌƚŚĞŚŽƌŝǌŽŶŽĨƚŚĞhĐĂůĐƵůĂƚŝŽŶŵĞĂŶƐƚŚĂƚƚŚĞhǁŝůů
ďĞůĞƐƐƌĞĂĐƚŝǀĞƚŽĂĐƚƵĂůĚĞŵĂŶĚƌĞƐƵůƚŝŶŐŝŶƉƌŽůŽŶŐĞĚƉĞƌŝŽĚƐŽĨ
ƵŶĚĞƌƐƚĂƚĞŵĞŶƚĂŶĚͬŽƌŽǀĞƌƐƚĂƚĞŵĞŶƚ
ͻ dŚĞƐŚŽƌƚĞƌƚŚĞŚŽƌŝǌŽŶŵĞĂŶƐƚŚĂƚƚŚĞhǁŝůůĂĚĂƉƚŵŽƌĞƋƵŝĐŬůǇƚŽ
ĂĐƚƵĂůĚĞŵĂŶĚ͘

dŚĞdǇƉĞŽĨhĂůĐƵůĂƚŝŽŶ
ͻ WĂƐƚ͕&ŽƌǁĂƌĚŽƌůĞŶĚĞĚ
ͻ &ŽƌǁĂƌĚůŽŽŬŝŶŐhĐĂůĐƵůĂƚŝŽŶƐŽĨƚĞŶŶĞŐĂƚĞƚŚĞŶĞĞĚĨŽƌ&ƐĨŽƌ
ƐĞĂƐŽŶĂůƉƵƌƉŽƐĞƐ
ͻ ůĞŶĚĞĚĂƉƉƌŽĂĐŚŵĂǇďĞƌĞĂĐƚŝǀĞĞŶŽƵŐŚĚĞƉĞŶĚŝŶŐŝŶƚŚĞƐĞǀĞƌŝƚǇ
ŽŶƚŚĞƐĞĂƐŽŶĂůŝƚǇ

>ĞĂĚdŝŵĞŽĨƌŝƚŝĐĂůŽŵƉŽŶĞŶƚƐ
ͻ >ŽŶŐůĞĂĚƚŝŵĞŝƚĞŵƐ;ŝŶĐůƵĚŝŶŐƉĂƌĞŶƚŝƚĞŵƐǁŝƚŚůŽŶŐůĞĂĚƚŝŵĞĐŽŵƉŽŶĞŶƚƐͿ
ďĞĐŽŵĞĂĨĂĐƚŽƌŝŶĚĞƚĞƌŵŝŶŝŶŐǁŚĞŶĚĞŵĂŶĚĂĚũƵƐƚŵĞŶƚĨĂĐƚŽƌƐƐŚŽƵůĚďĞ
ĂƉƉůŝĞĚ͘
ͻ ŵƉůŽǇŝŶŐĂĚĞŵĂŶĚĂĚũƵƐƚŵĞŶƚĨĂĐƚŽƌƚŽŽůĂƚĞǁŝůůŵĞĂŶƚŚĂƚĚĞƐƉŝƚĞƚŚĞďƵĨĨĞƌƐ
ďĞŝŶŐƉƌŽƉĞƌůǇƐŝǌĞĚĨŽƌƚŚĞĚĞŵĂŶĚĐŚĂŶŐĞƚŚĞǇǁŝůůďĞƐƵďũĞĐƚƚŽĂůĂŐŝŶƐƵƉƉůǇ
ĞƋƵŝǀĂůĞŶƚƚŽƚŚĞƐƵƉƉůǇůĞĂĚƚŝŵĞ͘
ͻ DZWƵƐĞƐĂ͞ƐƵƉƉůǇŽĨĨƐĞƚ͟ƚŽĂĐĐŽƵŶƚĨŽƌůŽŶŐůĞĂĚƚŝŵĞĐŽŵƉŽŶĞŶƚƐ͘
ͻ ƐƵƉƉůǇŽĨĨƐĞƚĐĂƵƐĞƐƚŚĞƐĞĂƐŽŶĂů&ƚŽĂĚũƵƐƚďĂƐĞĚŽŶƚŚĞĐƵŵƵůĂƚŝǀĞůĞĂĚƚŝŵĞ
ŽĨƚŚĞďƵĨĨĞƌĞĚĐŽŵƉŽŶĞŶƚ;ŶŽƚ>dͿƵŶůĞƐƐƚŚĞĐŽŵƉŽŶĞŶƚŝƚĞŵŚĂƐĂůĂƌŐĞĞŶŽƵŐŚ
ďƵĨĨĞƌ;ƐŚĂƌĞĚĐŽŵƉŽŶĞŶƚƉŽƐŝƚŝŽŶͿƚŽĂďƐŽƌďƚŚĞƐǁŝŶŐ͘

ZĞƐŽƵƌĐĞĂƉĂĐŝƚǇ
ͻ ǀĞŶƚŚŽƵŐŚŽǀĞƌĂůůĐĂƉĂĐŝƚǇŵĂǇďĞƐƵĨĨŝĐŝĞŶƚƚŽŵĞĞƚĚĞŵĂŶĚ͕ƚŚĞ
ĂǀĂŝůĂďůĞĐĂƉĂĐŝƚǇŵĂǇŶŽƚďĞƐƵĨĨŝĐŝĞŶƚƚŽŵĂƚĐŚƚŚĞƐĞǀĞƌŝƚǇŽĨ
ĚĞŵĂŶĚǁŝƚŚŝŶĐĞƌƚĂŝŶǁŝŶĚŽǁƐ͘
ͻ dŚŝƐŵĂǇĐĂƵƐĞƚŚĞ&ƚŽďĞƉƵůůĞĚĨŽƌǁĂƌĚŝŶƚŝŵĞŝŶŽƌĚĞƌƚŽůĞǀĞů
ůŽĂĚƚŚĞƌĞƐŽƵƌĐĞ͘

ǆĂŵƉůĞͲ ^ŽƵƉŽ ;ŚŝĐŬĞŶdƌƵĨĨůĞͿ

ͻ dŽƚĂůĂƐĞƐ^ŽůĚсϲϳ͕ϮϴϬ
ͻ ǀĞƌĂŐĞĂƐĞƐƉĞƌǁĞĞŬсϭ͕Ϯϵϰ
ͻ ǀĞƌĂŐĞĂƐĞƐƉĞƌĚĂǇ;ϯϲϱͿсϭϴϱ;ƉĂƐƚůŽŽŬŝŶŐͿ
ͻ Ƶƚ͙ƚŚĞƉƌŽĚƵĐƚŚĂƐĞǆƚƌĞŵĞƐĞĂƐŽŶĂůŝƚǇ

ϱϬϬ
ϰϬϬ
ĂƐĞƐͬĂǇ
ϯϬϬ
ϮϬϬ
ϭϬϬ
Ϭ
tĞĞŬƐ
ĐƚƵĂů^ĂůĞƐ

ϱϬϬ
ϰϬϬ
ĂƐĞƐͬĂǇ
ϯϬϬ
ϮϬϬ
ϭϬϬ
Ϭ
tĞĞŬƐ
ĐƚƵĂů^ĂůĞƐ ϭϮǁŬh ϱϮǁŬh

$'8LVGUDPDWLFDOO\ $'8LVGUDPDWLFDOO\
XQGHUVWDWHG XQGHUVWDWHG
ϱϬϬ ź ź
ϰϬϬ
ĂƐĞƐͬĂǇ
ϯϬϬ $'8LVGUDPDWLFDOO\RYHUVWDWHG
ϮϬϬ
ϭϬϬ
Ϭ
tĞĞŬƐ
ĐƚƵĂů^ĂůĞƐ ϱϮǁŬh

$'8LVGUDPDWLFDOO\
XQGHUVWDWHG
ϱϬϬ ź
$'8LVGUDPDWLFDOO\
RYHUVWDWHG
ϰϬϬ ź
ĂƐĞƐͬĂǇ
ϯϬϬ $'8LVFORVHUWRDFWXDOFRQVXPSWLRQ
ϮϬϬ
ϭϬϬ
Ϭ
tĞĞŬƐ

ϱϬϬ
ϰϬϬ
ĂƐĞƐͬĂǇ
ϯϬϬ
ϮϬϬ
ϭϬϬ
Ϭ
tĞĞŬƐ
&DSDFLW\ FDVHVGD\
ƉƉůǇŝŶŐ&ƚŽŽŵƉŽŶĞŶƚƵĨĨĞƌƐ
&KLFNHQ7UXIIOH6RXS
/ĨdƌƵĨĨůĞƐĂƌĞƵŶŝƋƵĞƚŽƚŚĞ '$)
ĞŶĚŝƚĞŵƚŚĞŶƚŚĞƚƌƵĨĨůĞ&
ǁŝůůďĞƉƌŽƉŽƌƚŝŽŶĂƚĞƚŽƚŚĞ
ĞŶĚŝƚĞŵ&
7UXIIOHV
'$)

dƌƵĨĨůĞ>ŝŶĞŽĨ^ŽƵƉƐ
ŚŝĐŬĞŶ dƌƵĨĨůĞ ĞĞĨdƌƵĨĨůĞ sĞŐĞƚĂďůĞ WŽƌŬdƌƵĨĨůĞ
dƌƵĨĨůĞ
ĂƐĞƐͬǇƌ ϲϳ͕ϮϴϬ Ϯϱϭ͕ϬϬϬ ϭϮϭ͕ϴϴϴ ϯϬϱ͕ϳϴϬ
dƌƵĨĨůĞƐhƐĞĚͬǇƌ ϯ͕ϯϲϰŬŐ ϭϮ͕ϱϱϬŬŐ ϲ͕Ϭϵϰ͘ϰŬŐ ϭϱ͕Ϯϴϵ ŬŐ
йŽĨdƌƵĨĨůĞsŽůƵŵĞ ϵй ϯϰй ϭϲй ϰϭй
7RWDOVRXSFDVHVSHU\HDU FDVHV\U FDVHVZNFDVHVGD\

7UXIIOHXQLWRIPHDVXUH NLORJUDPV
7UXIIOHXVDJHUDWLR NJSHUFDVH
7RWDO7UXIIOHVNJ\U NJZNNJGD\

dƌƵĨĨůĞƵĨĨĞƌ dƌƵĨĨůĞƵĨĨĞƌ;ŬŐͿ
ͻ WƵƌĐŚĂƐĞĚ ϭϲϬϬϬ
ͻ >ŽŶŐ>ĞĂĚdŝŵĞ;ϵϬĚĂǇƐΘϮϱйͿ ϭϰϬϬϬ
Ϯϯϳϰ
ͻ >ŽǁsĂƌŝĂďŝůŝƚǇ;ϮϱйͿ ϭϮϬϬϬ
ͻ ĞƐŝƌĞĚKƌĚĞƌǇĐůĞϭϰĚĂǇƐ ϭϬϬϬϬ
ͻ ,ŝŐŚ^ĞĂƐŽŶŚŝĐŬĞŶdƌƵĨĨůĞƵƐĂŐĞƉĞƌĚĂǇс ϴϬϬϬ
ϵϰϵϱ
ϮϮŬŐ;ϰϰϬǆ͘ϬϱŬŐͿ ϲϬϬϬ
ͻ ŽŶĐůƵƐŝŽŶ͍ ϰϬϬϬ
ϮϬϬϬ
Ϯϵϲϳ
Ϭ
dƌƵĨĨůĞƐ

,QVWLWXWH
)3$ )3%

6$$ 6$% 6$&

33& ,&$ ,&% ,&% 33'
33$ 33% 33% 33$
/HYHO /HYHO
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)3$ 33&
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,&%
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3DUW $'8 $GMXVWHG$'8 $GMXVWHG'$)
6$%
33$
6$&
33%
&ĂŶĚWƌŽŵŽƚŝŽŶƐ
ͻ ĂŵƉĂŝŐŶƐʹ ƉƌŽůŽŶŐĞĚƉĞƌŝŽĚŽĨƉƌŽŵŽƚŝŽŶƚŚĂƚƌĞƋƵŝƌĞĂ&ŝŶ
ĂĚǀĂŶĐĞ͕ĚƵƌŝŶŐĂŶĚƉŽƚĞŶƚŝĂůůǇĂĨƚĞƌƚŚĂƚƚŝŵĞ
ͻ ǀĞŶƚƐʹ ƐŚŽƌƚƉƌŽŵŽƚŝŽŶƐ;ŽŶĞͲŽĨĨƐͿƚŚĂƚĚŽŶŽƚŝŵƉĂĐƚƚŚĞh
ʹ dƌĞĂƚĂƐĂŶŝŶƚĞƌŶĂůƐĂůĞƐŽƌĚĞƌ
ʹ WŝĐŬĞĚƵƉĂƐĂƐƉŝŬĞĂŶĚĐŽŵƉĞŶƐĂƚĞĚĨŽƌ
ʹ ĂŶĐĞůĞĚŽŶĚƵĞĚĂƚĞ;ĚŽŶŽƚǁĂŶƚŝƚƚŽŐŽƉĂƐƚĚƵĞĂŶĚƐƚŝůůĂĨĨĞĐƚƚŚĞďƵĨĨĞƌ
ƌĞƉůĞŶŝƐŚŵĞŶƚĞƋƵĂƚŝŽŶͿ
ͻ ŽƚŚƌĞƋƵŝƌĞĐŚĂŶŐĞƐƚŽƚŚĞǁĂǇ^ĂůĞƐĂŶĚWůĂŶŶŝŶŐĐŽŵŵƵŶŝĐĂƚĞ

,QVWLWXWH
ŽŶĞĚũƵƐƚŵĞŶƚ&ĂĐƚŽƌ
ͻ ŶŽƚŚĞƌǁĂǇƚŽĂĚũƵƐƚƉĂƌƚďƵĨĨĞƌƐ
ͻ ƉƉůŝĞĚƚŽƐŝŶŐůĞƉĂƌƚƐŽƌŐƌŽƵƉƐŽĨƉĂƌƚƐ
ͻ ŽŶĞĂĚũƵƐƚŵĞŶƚƐĐĂŶďĞĂƉƉůŝĞĚƚŽĂŶǇŽĨƚŚĞƚŚƌĞĞǌŽŶĞƐ
ͻ ĚũƵƐƚŵĞŶƚƐĐĂŶďĞŵĂĚĞŝŶƚĞƌŵƐŽĨĂĨĂĐƚŽƌ;ϭ͘ϱǁŽƵůĚŝŶĐƌĞĂƐĞǌŽŶĞ
ƐŝǌĞďǇϭϱϬйͿŽƌĚĂǇƐŽĨĚĞŵĂŶĚ

^ĂŵƉůĞWĂƌƚĨŽƌŽŶĞĚũƵƐƚŵĞŶƚƐ
ϮϱϬϬϬ
ƵĨĨĞƌtŽƌŬƐŚĞĞƚ;ϮϬϭͿ
ǀĞƌĂŐĞĂŝůǇhƐĂŐĞ ϲϱϬ 'ƌĞĞŶ ϯϬϴϴ
ŽŶĞ ϮϬϬϬϬ
ƵĨĨĞƌWƌŽĨŝůĞ /͕>;͘ϮϱͿ͕D >d&ĂĐƚŽƌ͗ϯϬϴϴ;ϭϮϯϱϬǆ͘ϮϱͿ ϯϬϴϴ
;͘ϱͿ
DKY ϮϱϬ DŝŶŝŵƵŵKƌĚĞƌYƵĂŶƚŝƚǇ͗ϮϱϬ ϭϱϬϬϬ
ĞƐŝƌĞĚKƌĚĞƌǇĐůĞ ϯĚĂǇƐ KƌĚĞƌǇĐůĞ͗ϭϵϱϬ;ϯ;KͿǆ
ϲϱϬ;hͿͿ ϭϮϯϱϬ
ϭϬϬϬϬ
ĞĐŽƵƉůĞĚ>ĞĂĚdŝŵĞ ϭϵĚĂǇƐ zĞůůŽǁ ϭϮϯϱϬ ;ϭϵ;>dͿǆϲϱϬ;hͿ
;>dͿ ŽŶĞ
ZĞĚ ϰϲϯϮ ;ϯϬϴϴнϵϮϲͿ ϱϬϬϬ
ŽŶĞ
ĂƐĞ͗ϯϬϴϴ;ϭϮϯϱϬǆ͘ϮϱͿ ϰϲϯϮ
^ĂĨĞƚǇ͗ϭ͕ϱϰϰ;ϯϬϴϴǆ͘ϱͿ Ϭ

'ƌĞĞŶŽŶĞĚũƵƐƚŵĞŶƚ
ͻ 'ƌĞĞŶŽŶĞWƵƌƉŽƐĞ͗ĞƚĞƌŵŝŶĞƐŽƌĚĞƌƐŝǌĞ ϮϱϬϬϬ
ĂŶĚĨƌĞƋƵĞŶĐǇ
ͻ ĚũƵƐƚŵĞŶƚZĞĂƐŽŶ͗dŽŵĂŶŝƉƵůĂƚĞŽƌĚĞƌ ϮϬϬϬϬ ϲϭϳϲ
ƐŝǌĞĂŶĚĨƌĞƋƵĞŶĐǇ;ƵƉŽƌĚŽǁŶͿƚŽƉƌŽŵŽƚĞ
ϭϱϬϬϬ
ĂŶĚƉƌŽƚĞĐƚĨůŽǁ
ͻ 'ƌĞĞŶŽŶĞĚũƵƐƚŵĞŶƚŽĨϮ͘ϬĞƋƵĂůƐĂ ϭϬϬϬϬ
ϭϮϯϱϬ
ŐƌĞĞŶǌŽŶĞŽĨϲϭϳϲ;ϯϬϴϴǆϮͿ
ϱϬϬϬ
ϰϲϯϮ

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zĞůůŽǁŽŶĞĚũƵƐƚŵĞŶƚ
ͻ zĞůůŽǁŽŶĞWƵƌƉŽƐĞ͗,ĞĂƌƚŽĨƚŚĞĞŵĂŶĚ ϮϱϬϬϬ
ŽǀĞƌĂŐĞ;hǆ>dͿ ϯϬϴϴ
ͻ ĚũƵƐƚŵĞŶƚZĞĂƐŽŶ͗ZĞƐƉŽŶƐĞƚŽĂƉůĂŶŶĞĚ ϮϬϬϬϬ
ŽƌŬŶŽǁŶƚĞŵƉŽƌĂƌǇĚĞŵĂŶĚƐǁŝŶŐŽƌĂ
ϭϱϬϬϬ
ƉůĂŶŶĞĚŽƌŬŶŽǁŶƐƵƉƉůǇĚŝƐƌƵƉƚŝŽŶ
ϭϱϲϬϬ
ͻ zĞůůŽǁŽŶĞĂĚũƵƐƚŵĞŶƚŽĨϱĚĂǇƐĞƋƵĂůƐĂŶ ϭϬϬϬϬ
ĂĚĚŝƚŝŽŶĂůϯ͕ϮϱϬŝŶƚŚĞǇĞůůŽǁǌŽŶĞ
;ϲϱϬhǆϱĚĂǇƐͿ ϱϬϬϬ
ϰϲϯϮ

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ZĞĚŽŶĞĚũƵƐƚŵĞŶƚ
ͻ ZĞĚŽŶĞWƵƌƉŽƐĞ͗dŚĞŵďĞĚĚĞĚ^ĂĨĞƚǇŝŶ ϮϱϬϬϬ
ƚŚĞƵĨĨĞƌ
ϯϬϴϴ
ͻ ĚũƵƐƚŵĞŶƚZĞĂƐŽŶƐ͗ZĞƐƉŽŶƐĞƚŽŬŶŽǁŶ ϮϬϬϬϬ
ĂŶĚͬŽƌƉůĂŶŶĞĚďƵƚƚĞŵƉŽƌĂƌǇĐŚĂŶŐĞŝŶ
ϭϱϬϬϬ
ǀŽůĂƚŝůŝƚǇƚŚĂƚĚŽĞƐŶŽƚǁĂƌƌĂŶƚŵŽǀŝŶŐƚŚĞ ϭϮϯϱϬ
ƉĂƌƚ;ƐͿƚŽĂŶŽƚŚĞƌďƵĨĨĞƌƉƌŽĨŝůĞ͘
ϭϬϬϬϬ
ͻ ZĞĚŽŶĞĂĚũƵƐƚŵĞŶƚŽĨϭ͘ϱĞƋƵĂůƐƌĞĚǌŽŶĞ
ŽĨϲϵϰϴ;ϰϲϯϮǆϭ͘ϱͿ ϱϬϬϬ
ϲϵϰϴ

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>ĞĂĚdŝŵĞĚũƵƐƚŵĞŶƚ&ĂĐƚŽƌ
ͻ dŚĞƵƐĞŽĨĂůĞĂĚƚŝŵĞĂĚũƵƐƚŵĞŶƚĨĂĐƚŽƌĐŽŝŶĐŝĚĞƐǁŝƚŚĂƉůĂŶŶĞĚŽƌ
ŬŶŽǁŶĞǆƉĂŶƐŝŽŶƚŽƚŚĞůĞĂĚƚŝŵĞŽĨĂƉĂƌƚ
ͻ >ĞĂĚƚŝŵĞĂĚũƵƐƚŵĞŶƚĨĂĐƚŽƌƐĐŽƵůĚĂƉƉůǇƚŽĂŶŝŶĚŝǀŝĚƵĂůƉĂƌƚŽƌĂ
ŐƌŽƵƉŽĨƉĂƌƚƐĂĨĨĞĐƚĞĚŝŶƚŚĞƐĂŵĞǁĂǇďǇǁŚĂƚŝƐƉƌŽŵƉƚŝŶŐƚŚĞ
ĂĚũƵƐƚŵĞŶƚ;ŶŽƚŶĞĐĞƐƐĂƌŝůǇƉĂƌƚƐŝŶƚŚĞƐĂŵĞďƵĨĨĞƌƉƌŽĨŝůĞͿ͘
ͻ ĨĂĐƚŽƌŽĨϭ͘ϱǁŽƵůĚŝŶĐƌĞĂƐĞƚŚĞůĞĂĚƚŝŵĞďǇϭϱϬй

^ƵŵŵĂƌǇŽĨĂůůǇŶĂŵŝĐĚũƵƐƚŵĞŶƚƐ
ZĞĐĂůĐƵůĂƚĞĚ WůĂŶŶĞĚĚũƵƐƚŵĞŶƚƐ
ĚũƵƐƚŵĞŶƚƐ
ǀĞƌĂŐĞ ĂŝůǇ ĞŵĂŶĚ ŽŶĞĚũƵƐƚŵĞŶƚ >ĞĂĚdŝŵĞ
hƐĂŐĞ;hͿ ĚũƵƐƚŵĞŶƚ&ĂĐƚŽƌ &ĂĐƚŽƌ;&Ϳ ĚũƵƐƚŵĞŶƚ
;&Ϳ &ĂĐƚŽƌ
>ĞĂĚdŝŵĞ ZĂŵƉhƉ 'ƌĞĞŶŽŶĞ
ĚũƵƐƚŵĞŶƚ
WƌŽĨŝůĞŚĂŶŐĞ ZĂŵƉŽǁŶ zĞůůŽǁŽŶĞ
ĚũƵƐƚŵĞŶƚ
DŝŶŝŵƵŵKƌĚĞƌ WƌŽĚƵĐƚ ZĞĚŽŶĞĚũƵƐƚŵĞŶƚ
YƵĂŶƚŝƚǇ;DKYͿ dƌĂŶƐŝƚŝŽŶƐ
^ĞĂƐŽŶĂůŝƚǇ

DKh>ϴ^hDDZz

DKh>ϵ
ĞŵĂŶĚƌŝǀĞŶWůĂŶŶŝŶŐ

DŽĚƵůĞϵ>ĞĂƌŶŝŶŐKďũĞĐƚŝǀĞƐ
ͻ >ŝƐƚƚŚĞƉĂƌƚƉůĂŶŶŝŶŐĚĞƐŝŐŶĂƚŽƌƐ
ͻ ĞƐĐƌŝďĞƚŚĞDZWƉůĂŶŶŝŶŐƉƌŽĐĞƐƐĨŽƌƐƚŽĐŬĞĚƉĂƌƚƐ
ͻ ƉƉůǇƚŚĞDZWƉůĂŶŶŝŶŐƉƌŽĐĞƐƐƚŽĂƉƌŽǀŝĚĞĚĞǆĂŵƉůĞ
ͻ >ŝƐƚŽƚŚĞƌƐƵƉƉůǇŽƌĚĞƌŵŽĚŝĨŝĐĂƚŝŽŶĐŽŶƐŝĚĞƌĂƚŝŽŶƐ
ͻ hŶĚĞƌƐƚĂŶĚŚŽǁDZWƌĞƉůĞŶŝƐŚŵĞŶƚďƵĨĨĞƌƐĚŝĨĨĞƌĨƌŽŵ^ĂĨĞƚǇ^ƚŽĐŬ
ĂŶĚŽƌĚĞƌƉŽŝŶƚ
ͻ ĞƐĐƌŝďĞƚŚĞDZWƉůĂŶŶŝŶŐƉƌŽĐĞƐƐĨŽƌŶŽŶͲƐƚŽĐŬĞĚƉĂƌƚƐ

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d,Ed&>KtYhd/KE

dŚĞEĞƚ&ůŽǁƋƵĂƚŝŽŶ
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ĞƋƵĂƚŝŽŶ͟
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ͻ KŶ,ĂŶĚнKŶͲŽƌĚĞƌʹ YƵĂůŝĨŝĞĚ^ĂůĞƐKƌĚĞƌĞŵĂŶĚƐ

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dŚĞEĞƚ&ůŽǁƋƵĂƚŝŽŶŽŵƉŽŶĞŶƚƐ
ͻ KŶ,ĂŶĚ͗/ŶǀĞŶƚŽƌǇƉŚǇƐŝĐĂůůǇŝŶƐƚŽĐŬ
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ƋƵĂůŝĨŝĞĚĨƵƚƵƌĞƐƉŝŬĞƐ͘
KŶͲKƌĚĞƌ
KŶ,ĂŶĚ

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7R >ŽŐŝƐƚŝĐƐ WůĂŶŶŝŶŐ
KƌĚĞƌ
^ƵƉƉůŝĞƌƐ ^ƵƉƉůŝĞƌƐ
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YƵĂůŝĨǇŝŶŐĞŵĂŶĚ^ƉŝŬĞƐ
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ͻ ZĞĚĂƐĞůŝŶĞ
ͻ h&ĂĐƚŽƌ

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ǆĂŵƉůĞKƌĚĞƌ^ƉŝŬĞYƵĂůŝĨŝĐĂƚŝŽŶ
WĂƌƚηyzKƌĚĞƌ^ƉŝŬĞ,ŽƌŝǌŽŶсϭϰĚĂǇƐ >dсϭϰĚĂǇƐ dŽĚĂǇ͛ƐĂƚĞ͗ϬϲͬϮϭKƌĚĞƌ^ƉŝŬĞdŚƌĞƐŚŽůĚсϭϬϬ
ĞŵĂŶĚ YƵĂŶƚŝƚǇ ƵĞĂƚĞ
^KηϭϮϯϰ ϱϬ ϬϲͬϮϯ
^KηϭϮϯϱ ϳϬ ϬϲͬϮϱ
^KηϭϮϯϲ ϮϬ ϬϲͬϮϳ
^KηϭϮϯϳ ϯϱ ϬϲͬϮϴ
^KηϭϮϯϴ ϱϬ ϬϲͬϮϵ
^KηϭϮϯϵ ϯϱ ϬϲͬϯϬ
^KηϭϮϰϬ ϮϬ ϬϳͬϬϭ
^KηϭϮϰϭ ϯϱ ϬϳͬϬϯ
^KηϭϮϰϮʹ ^W/<͊ ϭϮϬ ϬϳͬϬϰ
^KηϭϮϰϯ;ŽƵƚƐŝĚĞŚŽƌŝǌŽŶͿ ϱϬ ϬϳͬϬϴ
^KηϭϮϰϰ;ŽƵƚƐŝĚĞŚŽƌŝǌŽŶͿ ϭϲϬ Ϭϳͬϭϭ

ǆĂŵƉůĞϮKƌĚĞƌ^ƉŝŬĞYƵĂůŝĨŝĐĂƚŝŽŶ
WĂƌƚηyzKƌĚĞƌ^ƉŝŬĞ,ŽƌŝǌŽŶсϭϰĚĂǇƐ >dсϭϰĚĂǇƐ dŽĚĂǇ͛ƐĂƚĞ͗ϬϲͬϮϭKƌĚĞƌ^ƉŝŬĞdŚƌĞƐŚŽůĚсϭϬϬ
ĞŵĂŶĚ YƵĂŶƚŝƚǇ ƵĞĂƚĞ
^KηϭϮϯϰ ϱϬ ϬϲͬϮϯ
^KηϭϮϯϱ ϳϬ ϬϲͬϮϱ
^KηϭϮϯϲ ϮϬ ϬϲͬϮϳ
^KηϭϮϯϳ ϯϱ ϬϲͬϮϴ
^KηϭϮϯϴ ϱϬ ϬϲͬϮϵ
^KηϭϮϯϵ ϯϱ ϬϲͬϯϬ
^KηϭϮϰϬ ϮϬ ϬϳͬϬϭ
^KηϭϮϰϭʹ ^W/<͊ ϯϱ ϬϳͬϬϰ
^KηϭϮϰϮʹ ^W/<͊ ϵϬ ϬϳͬϬϰ
^KηϭϮϰϯ;ŽƵƚƐŝĚĞŚŽƌŝǌŽŶͿ ϱϬ ϬϳͬϬϴ
^KηϭϮϰϰ;ŽƵƚƐŝĚĞŚŽƌŝǌŽŶͿ ϭϲϬ Ϭϳͬϭϭ

>ŽŶŐZĂŶŐĞKƌĚĞƌ^ƉŝŬĞ,ŽƌŝǌŽŶƐ
ͻ /ƚĞŵƐǁŝƚŚůĂƌŐĞĂŶĚŬŶŽǁŶĚĞƉĞŶĚĞŶƚĚĞŵĂŶĚŽƌĚĞƌƐŝŶƚŚĞ
ƌĞŵŽƚĞĨƵƚƵƌĞ;ƉůĂŶŶĞĚƉƌŽŵŽƚŝŽŶĂůĞǀĞŶƚƐͿ
ͻ ,ŽƌŝǌŽŶƐĞƚƚŽĐƵŵƵůĂƚŝǀĞůĞĂĚƚŝŵĞƚŽĂĐĐŽƵŶƚĨŽƌĐŽŵƉŽŶĞŶƚ
ƐƵƉƉůǇ
>ŽŶŐĞƌZĂŶŐĞKƌĚĞƌ^ƉŝŬĞYƵĂůŝĨŝĐĂƚŝŽŶ
ϭϮϬϬ
ϭϬϬϬ
ϴϬϬ
ϲϬϬ
ϰϬϬ
ϮϬϬ
Ϭ
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ĂůĐƵůĂƚŝŶŐƚŚĞEĞƚ&ůŽǁWŽƐŝƚŝŽŶ
^ĐĞŶĂƌŝŽϭ
Ż
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ͻ YƵĂůŝĨŝĞĚĞŵĂŶĚсϮϬ
Ż
ͻ EĞƚ&ůŽǁсϯϮϱ
2SHQ6XSSO\
ͻ KƌĚĞƌZĞĐŽŵŵĞŶĚĂƚŝŽŶсϭϯϬ
^ĐĞŶĂƌŝŽϮ
ͻ KŶ,ĂŶĚсϭϰϬ
ͻ KŶͲKƌĚĞƌсϮϱϱ
ͻ YƵĂůŝĨŝĞĚĞŵĂŶĚсϮϬ
2Q+DQG
ͻ EĞƚ&ůŽǁсϯϳϱ

ͻ KƌĚĞƌZĞĐŽŵŵĞŶĚĂƚŝŽŶсEŽŶĞ

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^ŚŝĨƚŝŶŐƚŽĂDŽƌĞZĞůĞǀĂŶƚĞŵĂŶĚ/ŶƉƵƚʹ dŝŵĞůŝŶĞƐƐ
ͻ dŚĞEĞƚ&ůŽǁƋƵĂƚŝŽŶŝƐƉĞƌĨŽƌŵĞĚsZzzŽŶĂůůďƵĨĨĞƌĞĚŝƚĞŵƐ
ͻ EŽƚĂůůŝƚĞŵƐǁŝůůďĞŽƌĚĞƌĞĚĞǀĞƌǇĚĂǇ͊
ͻ KŶůǇƚŚŽƐĞŝƚĞŵƐŝŶǁŚŝĐŚƚŚĞŶĞƚĨůŽǁƉŽƐŝƚŝŽŶŝƐŝŶǇĞůůŽǁŽƌƌĞĚĂƌĞ
ŽƌĚĞƌĞĚ

&ŝůůKƵƚƚŚĞWůĂŶŶŝŶŐ'ƌŝĚĨŽƌϰϬϭW
dŽĚĂǇΖƐĂƚĞ͗ϭϱͲ:ƵůǇ
WůĂŶŶŝŶŐ YƵĂůŝĨŝĞĚ EĞƚ&ůŽǁ KƌĚĞƌ ZĞƋƵĞƐƚ >ĞĂĚ
WĂƌƚη WƌŝŽƌŝƚǇ KŶ,ĂŶĚ KŶͲKƌĚĞƌ ĞŵĂŶĚ WŽƐŝƚŝŽŶ ZĞĐŽŵŵĞŶĚĂƚŝŽŶ ĂƚĞ dKZ dKz dK' dŝŵĞ
zĞůůŽǁ ʹ
ϰϬϭW ϳϭ͘ϵй Ϯϭϳϴ ϲϰϬϬ ϳϰϱ ϳϴϯϯ ϯϬϱϱ ϮϱͲ:ƵůǇ Ϯϰϯϴ ϴϵϯϴ ϭϬϴϴϴ ϭϬ
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ϯ͘ DĂƚĞƌŝĂůĂŶĚĐĂƉĂĐŝƚǇĂƌĞĂǀĂŝůĂďůĞŽŶƚŚĞƐƉĞĐŝĨŝĞĚĚĂƚĞƐ͘
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ƐĐŚĞĚƵůĞŝƐ͘
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Ϯ͘ dŚĞůŽŶŐĞƌƚŚĞƉůĂŶŶŝŶŐŚŽƌŝǌŽŶ͕ƚŚĞůĂƌŐĞƌƚŚĞǀĂƌŝĂŶĐĞďĞƚǁĞĞŶ
ƉůĂŶŶĞĚĂŶĚĂĐƚƵĂů͘
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ŵĂƐƐŝǀĞŶƵŵďĞƌƐŽĨĂĚũƵƐƚŵĞŶƚƐ͘

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ĂƌĞƌĞĂůŝƐƚŝĐ͘
WƌŽďůĞŵƐ͗
ϭ͘ tŝƚŚŶŽĚĞĐŽƵƉůŝŶŐ͕ĚĞůĂǇƐĨƌĞƋƵĞŶƚůǇĂĐĐƵŵƵůĂƚĞĚƌĂŵĂƚŝĐĂůůǇĂĨĨĞĐƚŝŶŐ
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ĞǀĞŶƉĂƌƚŝĂůƐƵƉƉůǇǀĂƌŝĂďŝůŝƚǇĚĂŵƉĞŶŝŶŐ͘
ϯ͘ WŽƐŝƚŝŽŶƐĂƌĞŶĞƚƚĞĚƚŽǌĞƌŽůĞĂǀŝŶŐŶŽŵĂƌŐŝŶĨŽƌĞƌƌŽƌ͘tŝƚŚĞǀĞƌǇƚŚŝŶŐ
ĐŽƵƉůĞĚƚŽŐĞƚŚĞƌĂŶĚŶŽŵĂƌŐŝŶĨŽƌĞƌƌŽƌ͕ƚŚĞƐĐŚĞĚƵůĞŝƐŵƵĐŚŵŽƌĞ
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ϰ͘ tŝƚŚŶŽĞǆĞĐƵƚŝŽŶĐĂƉĂďŝůŝƚǇďƵŝůƚŝŶƚŽDZW͕ƚŚĞƌĞŝƐŶŽĂďŝůŝƚǇƚŽƐĞĞ
ŚŽǁƚŚŽƐĞƉŽƚĞŶƚŝĂůĚĞůĂǇƐǁŝůůĂĨĨĞĐƚƚŚĞĞŶǀŝƌŽŶŵĞŶƚŝŶƚŚĞŶĞĂƌ
ƚĞƌŵ͘
ϱ͘ dŚĞƌĞŝƐůŝƚƚůĞƚŽŶŽǀŝƐŝďŝůŝƚǇĂďŽƵƚĂƉƌŽďůĞŵƵŶƚŝůƚŚĞƉƌŽďůĞŵŚĂƐ
ĂůƌĞĂĚǇďĞĞŶĞŶĐŽƵŶƚĞƌĞĚ
ϲ͘ tŝƚŚŽƵƚĚĞĐŽƵƉůŝŶŐƚŚĞƌĞĂƌĞŐƵĂƌĂŶƚĞĞĚƚŽďĞŵŽƌĞƉƌŽďůĞŵƐ͘hŶĚĞƌ
ƚŚĞƐĞĐŝƌĐƵŵƐƚĂŶĐĞƐƐǇŶĐŚƌŽŶŝǌĂƚŝŽŶ;ĂŶĚĨůŽǁͿƋƵŝĐŬůǇďƌĞĂŬƐĚŽǁŶ͘

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ƐƐƵŵƉƚŝŽŶηϯsĂůŝĚŝƚǇŝŶDW^ͲDZW
ƐƐƵŵƉƚŝŽŶ͗DĂƚĞƌŝĂůĂŶĚĐĂƉĂĐŝƚǇĂƌĞĂǀĂŝůĂďůĞŽŶƚŚĞƐƉĞĐŝĨŝĞĚĚĂƚĞƐ͘
WƌŽďůĞŵ͗
tŚĞŶƐǇŶĐŚƌŽŶŝǌĂƚŝŽŶďƌĞĂŬƐĚŽǁŶ͕ŵĂƚĞƌŝĂůĂŶĚĐĂƉĂĐŝƚǇŝƐĨƌĞƋƵĞŶƚůǇ
ŶŽƚĂǀĂŝůĂďůĞĂƐƉůĂŶŶĞĚ͘DĂƚĞƌŝĂůĂƌƌŝǀĞƐůĂƚĞŽƌŐĞƚƐĚŝǀĞƌƚĞĚƚŽĐŽǀĞƌ
ƐŚŽƌƚĂŐĞƐĞůƐĞǁŚĞƌĞ͘ĂƉĂĐŝƚǇŝƐĨƌĞƋƵĞŶƚůǇŶŽƚĂǀĂŝůĂďůĞĚƵĞƚŽƐĐŚĞĚƵůĞ
ƐůŝĚĞƐĂŶĚĚĞǀŝĂƚŝŽŶƐ

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ͻ ŽŶǀĞŶƚŝŽŶĂůDW^ʹ DZWďƵŝůĚƐƉůĂŶƐͬƐĐŚĞĚƵůĞƐďĂƐĞĚŽŶ
ƚĞŶƵŽƵƐͬŝŶǀĂůŝĚĂƐƐƵŵƉƚŝŽŶƐ
ͻ dŚĞƐĞƉůĂŶƐͬƐĐŚĞĚƵůĞƐǁŝůůďĞƌĞĂůŝƐƚŝĐKE>zŝĨsZzd,/E'ŐŽĞƐ
ĂĐĐŽƌĚŝŶŐƚŽĂĐŽŶƐƚĂŶƚůǇĐŚĂŶŐŝŶŐƉůĂŶ
ͻ WůĂŶŶŝŶŐƉĞƌƐŽŶŶĞůŬŶŽǁƚŚŝƐʹ ƚŚĂƚ͛ƐǁŚǇǁĞŚĂǀĞƚŚĞǁŽƌŬͲĂƌŽƵŶĚƐ͊

DZWĂŶĚƚŚĞ^ĐŚĞĚƵůŝŶŐƐƐƵŵƉƚŝŽŶƐ
ͻ dŚĞĂƐƐƵŵƉƚŝŽŶƐĚŽŶ͛ƚĐŚĂŶŐĞʹ ƚŚĞŽƉĞƌĂƚŝŽŶĂůĂƉƉƌŽĂĐŚĚŽĞƐ
ͻ tŝůůƚŚĞDZWĂƉƉƌŽĂĐŚƌĞƐƵůƚŝŶĂŵŽƌĞƌĞĂůŝƐƚŝĐƉůĂŶͬƐĐŚĞĚƵůĞ͍

ƐƐƵŵƉƚŝŽŶηϭsĂůŝĚŝƚǇŝŶDZW
ƐƐƵŵƉƚŝŽŶ͗ĞŵĂŶĚƐŝŐŶĂůƐĂƌĞŬŶŽǁŶĂŶĚĂĐĐƵƌĂƚĞ
dŚĞƵƐĞŽĨƋƵĂůŝĨŝĞĚƐĂůĞƐŽƌĚĞƌƐŵĞĂŶƐƚŚĂƚĚĞŵĂŶĚƐŝŐŶĂůƐĂƌĞŵƵĐŚ
ŵŽƌĞƌĞůĞǀĂŶƚ͕ĂĐĐƵƌĂƚĞĂŶĚƚŝŵĞůǇ͘

ƐƐƵŵƉƚŝŽŶηϮsĂůŝĚŝƚǇŝŶDZW
ƐƐƵŵƉƚŝŽŶ͗>ĞĂĚƚŝŵĞƐĨŽƌƐƵƉƉůǇŽƌĚĞƌƌĞůĞĂƐĞ͕ƌĞĐĞŝƉƚĂŶĚ
ƐǇŶĐŚƌŽŶŝǌĂƚŝŽŶĂƌĞƌĞĂůŝƐƚŝĐ͘
ͻ dŚĞƵƐĞŽĨĚĞĐŽƵƉůŝŶŐƉŽŝŶƚƐĐƌĞĂƚĞƐƐŚŽƌƚĞƌŝŶĚĞƉĞŶĚĞŶƚůǇƉůĂŶŶĞĚ
ĂŶĚŵĂŶĂŐĞĚŚŽƌŝǌŽŶƐͲ ůĞƐƐǀĂƌŝĂďŝůŝƚǇ;ĚĞŵĂŶĚĂŶĚƐƵƉƉůǇͿŝƐƉĂƐƐĞĚ
ƚŚƌŽƵŐŚƚŚĞƐǇƐƚĞŵ͘
ͻ dŚŝƐƌĞƐƵůƚƐŝŶƐǇŶĐŚƌŽŶŝǌĂƚŝŽŶĚĂƚĞƐƚŚĂƚĂƌĞĂƚƚŚĞƐĂŵĞƚŝŵĞŵŽƌĞ
ƌĞĂůŝƐƚŝĐƚŚƌŽƵŐŚŽƵƚƚŚĞƐǇƐƚĞŵǇĞƚůĞƐƐŝŵƉŽƌƚĂŶƚĚƵĞƚŽƚŚĞĐƵƐŚŝŽŶĂƚ
ƚŚĞďƵĨĨĞƌƐ͘
ͻ dŚŽƐĞďƵĨĨĞƌƐĂƌĞƌĞĂůŝƐƚŝĐĂůůǇƐŝǌĞĚƚŚƌŽƵŐŚƚŚĞƵƐĞŽĨĚĞĐŽƵƉůĞĚůĞĂĚ
ƚŝŵĞ͘

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ƐƐƵŵƉƚŝŽŶηϯsĂůŝĚŝƚǇŝŶDZW
ƐƐƵŵƉƚŝŽŶ͗DĂƚĞƌŝĂůĂŶĚĐĂƉĂĐŝƚǇĂƌĞĂǀĂŝůĂďůĞŽŶƚŚĞƐƉĞĐŝĨŝĞĚĚĂƚĞƐ͘
ͻ DZWďƵĨĨĞƌƐƌĞƉƌĞƐĞŶƚƉŽŝŶƚƐŽĨƐƚŽƌĞĚĐĂƉĂĐŝƚǇĂŶĚŵĂƚĞƌŝĂůƐ͘
ͻ DZWƉůĂŶƐƐƚƌĂƚĞŐŝĐƉŽƐŝƚŝŽŶƐƚŽĂůǁĂǇƐďĞĂǀĂŝůĂďůĞ͘
ͻ /ĨƚŚĞƐĞƉŽƐŝƚŝŽŶƐĂƌĞŵĂŝŶƚĂŝŶĞĚ͕ƚŚĞŶƚŚĞƐƚŽƌĞĚĐĂƉĂĐŝƚǇĂŶĚŵĂƚĞƌŝĂůƐĂƚ
ƚŚŽƐĞƉŽƐŝƚŝŽŶƐĂƌĞĂůǁĂǇƐĂǀĂŝůĂďůĞ͘
ͻ DZW͛ƐĞǆĞĐƵƚŝŽŶĐŽŵƉŽŶĞŶƚƐďƌŝŶŐĚĞŐƌĞĞƐŽĨǀŝƐŝďŝůŝƚǇƚŽŽƉĞŶƐƵƉƉůǇ
ŽƌĚĞƌƐƚŚĂƚŵƵƐƚďĞĞǆƉĞĚŝƚĞĚƚŽŵĂŝŶƚĂŝŶƐƚŽĐŬďƵĨĨĞƌŝŶƚĞŐƌŝƚǇĂŶĚƚŽ
ŵĞĞƚĐƌŝƚŝĐĂůƐǇŶĐŚƌŽŶŝǌĂƚŝŽŶŶĞĞĚƐ͘

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DZWŚĂŶŐĞƐƚŚĞĂƐŝĐ/ĚĞĂŽĨĂŶDW^
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ƐĞůů͟

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WůĂŶŶĞĚ WĂƌƚWƌŽĨŝůĞ
ƵĨĨĞƌWƌŽĨŝůĞƐ ĚũƵƐƚŵĞŶƚ WĂƌƚh ƐƐŝŐŶŵĞŶƚ
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/ŶǀĞŶƚŽƌǇZĞĐŽƌĚ
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DZW ǆƚĞƌŶĂůKƌĚĞƌƐ
;^ƵƉƉůǇKƌĚĞƌ
WƌŽĚƵĐƚ^ƚƌƵĐƚƵƌĞ ĨŽƌŽŵƉŽŶĞŶƚƐ
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dǁŽƌĞĂƐŽĨ/ŵƉĂĐƚƚŽ^ĐŚĞĚƵůŝŶŐ
ͻ DZWĂŶĚDĂƐƚĞƌWƌŽĚƵĐƚŝŽŶ^ĐŚĞĚƵůŝŶŐƐƐƵŵƉƚŝŽŶƐ
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DZWĂŶĚ^ŚŽƉͲ&ůŽŽƌ^ĐŚĞĚƵůŝŶŐ
ͻ dŚĞƐĐŚĞĚƵůŝŶŐŝŵƉĂĐƚŽĨDZWŝƐŶŽƚůŝŵŝƚĞĚƚŽƚŚĞƉůĂŶŶŝŶŐ;ƐƵƉƉůǇ
ŽƌĚĞƌŐĞŶĞƌĂƚŝŽŶͿůĞǀĞů
ͻ DZWĐƌĞĂƚĞƐĂƉůĂŶĂŶĚůĞƚƐƐĐŚĞĚƵůŝŶŐǁŽƌŬŝƚŽƵƚ
ͻ hŶĚĞƌDZWƐĐŚĞĚƵůŝŶŐƚŚĞĂƉƉůŝĐĂƚŝŽŶŽĨŵĂƚĞƌŝĂůƐĂŶĚĐĂƉĂĐŝƚǇǁŝůů
ďĞŵƵĐŚĐůĞĂƌĞƌĂŶĚƐŝŵƉůĞƌĨŽƌƚǁŽƌĞĂƐŽŶƐ͗
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ĞĐŽƵƉůĞĚ^ĐŚĞĚƵůĞƐ
ĞĐŽƵƉůŝŶŐƚŚĞƐĐŚĞĚƵůĞƐŽĨĂƌĞĂƐŽĨƚŚĞƉůĂŶƚ
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tŚŝĐŚŝƐĂƐŝĞƌƚŽ^ĐŚĞĚƵůĞ͍
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sŝƐŝďůĞĂŶĚWƌŝŽƌŝƚǇĂƐĞĚ^ĐŚĞĚƵůŝŶŐ^ĞƋƵĞŶĐŝŶŐ
tŽƌŬKƌĚĞƌƐĂƌĞůĂƵŶĐŚĞĚďĂƐĞĚŽŶƚŚĞEĞƚ&ůŽǁ
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/^ ϭϱϯϬ ϯϳϮϭ ϳϭϯ ϰϱϯϴ;ϳϰйͿ ϭϱϵϰ ƌĞĂƚĞtŽƌŬKƌĚĞƌ

&ŝŶŝƚĞ^ĐŚĞĚƵůŝŶŐǁŝƚŚDZW͍
ͻ dŚĞDZWďƵĨĨĞƌƐ;ŽŶŵĂŬĞŝƚĞŵƐͿƌĞƉƌĞƐĞŶƚƐƚŽƌĞĚĐĂƉĂĐŝƚǇ
ͻ dŚĞDZWďƵĨĨĞƌƐĂƌĞĨŝŶŝƚĞůǇĚĞĨŝŶĞĚ
ͻ dK'ŝƐƚŚĞŽƌĚĞƌƵƉƚŽůĞǀĞůĨŽƌƐƵƉƉůǇŽƌĚĞƌŐĞŶĞƌĂƚŝŽŶŝŶDZW
ͻ dŚƵƐ͕DZWďĞĐŽŵĞƐĂƐŝŵƉůĞĨŝŶŝƚĞĐĂƉĂĐŝƚǇƐĐŚĞĚƵůŝŶŐƐǇƐƚĞŵ
Ż
WĂƌƚη ƐƐĞŵďůǇŵŝŶƵƚĞƐ dŽƉŽĨ dŽƉŽĨ'ƌĞĞŶ ǀĞƌĂŐĞ ǀĞƌĂŐĞK, ǀĞƌĂŐĞ ƐƐĞŵďůǇŵŝŶƵƚĞƐ
ƉĞƌƉĂƌƚ 'ƌĞĞŶ ƐƐĞŵďůǇƚŝŵĞ K, ƐƐĞŵďůǇƚŝŵĞ ŽƌĚĞƌƐŝǌĞ ƉĞƌĂǀĞƌĂŐĞŽƌĚĞƌ
ϭϮϯ ϯϬ ϰϱϱ ϭϯϲϱϬŵŝŶƵƚĞƐ ϭϱϱ ϰϲϱϬŵŝŶƵƚĞƐ ϭϮϬ ϯϲϬϬŵŝŶƵƚĞƐ


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ĚĚŝƚŝŽŶĂůDZW^ĞƋƵĞŶĐŝŶŐ/ŵƉĂĐƚƐ
ͻ ĚĚŝƚŝŽŶĂůĨĂĐƚŽƌƐĐĂŶďĞĐŽŵďŝŶĞĚǁŝƚŚƚŚĞDZWƉůĂŶŶŝŶŐƉƌŝŽƌŝƚǇ
ƚŽĂĐĐŽŵŵŽĚĂƚĞŵŽƌĞĐŽŵƉůĞǆƐĐŚĞĚƵůŝŶŐƐĐĞŶĂƌŝŽƐ
ͻ dŚŝƐĂĐŚŝĞǀĞƐƚŚĞďĞƐƚƐĞƋƵĞŶĐĞĨƌŽŵĂƐƵƉƉůǇŽƌĚĞƌŐĞŶĞƌĂƚŝŽŶƉƌŝŽƌŝƚǇ
ƉĞƌƐƉĞĐƚŝǀĞǁŚŝůĞĐŽŵƉůǇŝŶŐǁŝƚŚƐƉĞĐŝĨŝĐĐŽŶƐƚƌĂŝŶƚƐŽƌƌĞƋƵŝƌĞŵĞŶƚƐ

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' Ϯϱ ϱ;ůŽǁʹ ϳϱйͿ ϯ ϮϱϬ >Žǁ;ϮϱйͿ
':< ϮϬ ϱ;ůŽǁʹ ϳϱйͿ ϯ ϮϱϬ ,ŝŐŚ;ϳϬйͿ

WƌŽũĞĐƚĞĚƵĨĨĞƌƐĂŶĚǀĞƌĂŐĞK,
WƌŽũĞĐƚĞĚƵĨĨĞƌƐ
ϯϱϬϬ
ϯϬϬϬ
ϮϱϬϬ
ϮϬϬϬ
ϭϱϬϬ
ϭϬϬϬ
ϱϬϬ
Ϭ
yz zy ' ':<
'ƌĞĞŶ
'ƌĞĞŶ ϱϲϯ Ϯϲϯ ϮϱϬ ϳϱϬ
zĞůůŽǁ
zĞůůŽǁ ϳϱϬ ϱϮϱ ϱϬ ϭϬϬϬ
ZĞĚ ϴϰϱ ϯϵϱ ϰϴ ϭϮϳϱ
ZĞĚ
ǀĞƌĂŐĞK, ϭϭϮϲ ϱϮϲ ϭϳϯ ϭϲϱϬ
ǀĞƌĂŐĞ K,
ZĞĚ zĞůůŽǁ 'ƌĞĞŶ ǀĞƌĂŐĞK,
WĂƌƚη WƌŽũĞĐƚĞĚh;ϲŵŽƐͿ >ĞĂĚdŝŵĞ ĞƐŝƌĞĚKƌĚĞƌǇĐůĞ DKY sĂƌŝĂďŝůŝƚǇ
yz ϭϱϬ ϱ;ůŽǁʹ ϳϱйͿ ϯ ϱϬϬ DĞĚŝƵŵ;ϱϬйͿ
zy ϳϱ ϳ;ŵĞĚŝƵŵʹ ϱϬйͿ ϯ ϮϱϬ DĞĚŝƵŵ;ϱϬйͿ
' ϭϬ ϱ;ůŽǁʹ ϳϱйͿ ϯ ϮϱϬ >Žǁ;ϮϱйͿ
':< ϮϬϬ ϱ;ůŽǁʹ ϳϱйͿ ϯ ϮϱϬ ,ŝŐŚ;ϳϬйͿ

WƌŽũĞĐƚĞĚŚĂŶŐĞƚŽyz WƌŽũĞĐƚĞĚŚĂŶŐĞƚŽzy
ϮϱϬϬ ϭϰϬϬ
ϮϬϬϬ ϭϮϬϬ
ϭϬϬϬ
ϭϱϬϬ ϴϬϬ
ϭϬϬϬ ϲϬϬ
ϰϬϬ
ϱϬϬ ϮϬϬ
Ϭ Ϭ
yz;ŶŽǁͿ yz;ƉƌŽũĞĐƚĞĚͿ zy;ŶŽǁͿ zy;ƉƌŽũĞĐƚĞĚͿ
'ƌĞĞŶ ϱϬϬ ϱϲϯ 'ƌĞĞŶ ϮϱϬ Ϯϲϯ
zĞůůŽǁ ϱϬϬ ϳϱϬ zĞůůŽǁ ϯϱϬ ϱϮϱ
ZĞĚ ϱϲϯ ϴϰϱ ZĞĚ Ϯϲϯ ϯϵϱ
ǀĞƌĂŐĞK, ϴϭϯ ϭϭϮϲ ǀĞƌĂŐĞK, ϯϴϴ ϱϮϲ
ZĞĚ zĞůůŽǁ 'ƌĞĞŶ ǀĞƌĂŐĞK, ZĞĚ zĞůůŽǁ 'ƌĞĞŶ ǀĞƌĂŐĞK,
WƌŽũĞĐƚĞĚŚĂŶŐĞƚŽ' WƌŽũĞĐƚĞĚŚĂŶŐĞƚŽ':<
ϲϬϬ ϯϱϬϬ
ϱϬϬ ϯϬϬϬ
ϰϬϬ ϮϱϬϬ
ϯϬϬ ϮϬϬϬ
ϭϱϬϬ
ϮϬϬ ϭϬϬϬ
ϭϬϬ ϱϬϬ
Ϭ Ϭ
';ŶŽǁͿ ';ƉƌŽũĞĐƚĞĚͿ ':<;ŶŽǁͿ ':<;ƉƌŽũĞĐƚĞĚͿ
'ƌĞĞŶ ϮϱϬ ϮϱϬ 'ƌĞĞŶ ϮϱϬ ϳϱϬ
zĞůůŽǁ ϭϮϱ ϱϬ zĞůůŽǁ ϭϬϬ ϭϬϬϬ
ZĞĚ ϭϭϴ ϰϴ ZĞĚ ϭϮϴ ϭϮϳϱ
ǀĞƌĂŐĞK, Ϯϰϯ ϭϳϯ ǀĞƌĂŐĞK, Ϯϱϯ ϭϲϱϬ
ZĞĚ zĞůůŽǁ 'ƌĞĞŶ ǀĞƌĂŐĞK, ZĞĚ zĞůůŽǁ 'ƌĞĞŶ ǀĞƌĂŐĞK,

tŽƌŬŝŶŐĂƉŝƚĂů
ŽŶǀĞƌƚŝŶŐƚĂƌŐĞƚĞĚKŶ,ĂŶĚŝŶǀĞŶƚŽƌǇƚŽĐĂƉŝƚĂůƌĞƋƵŝƌĞĚ͘
WĂƌƚη ŽůůĂƌƐƉĞƌ ƵƌƌĞŶƚdĂƌŐĞƚ dĂƌŐĞƚĞĚǁŽƌŬŝŶŐ WƌŽũĞĐƚĞĚdĂƌŐĞƚ WƌŽũĞĐƚĞĚǁŽƌŬŝŶŐ
ƵŶŝƚƐ /ŶǀĞŶƚŽƌǇ>ĞǀĞů ĐĂƉŝƚĂůŝŶŝŶǀĞŶƚŽƌǇ /ŶǀĞŶƚŽƌǇ>ĞǀĞů ĐĂƉŝƚĂůŝŶŝŶǀĞŶƚŽƌǇ
yz ΨϭϬϬ ϴϭϯ Ψϴϭ͕ϯϬϬ ϭϭϮϳ ΨϭϭϮ͕ϳϬϬ
zy ΨϵϬ ϯϴϴ Ψϯϰ͕ϵϮϬ ϱϮϳ Ψϰϳ͕ϰϯϬ
' ΨϴϬ Ϯϰϯ Ψϭϵ͕ϰϰϬ ϭϳϯ Ψϭϯ͕ϴϰϬ
':< ΨϱϬ Ϯϱϯ ΨϭϮ͕ϲϱϬ ϭϲϱϬ ΨϴϮ͕ϱϬϬ
dŽƚĂů Ψϭϰϴ͕ϯϭϬ dŽƚĂů ΨϮϱϲ͕ϰϳϬ
ǀĞƌĂŐĞK,/ŶǀĞŶƚŽƌǇŽůůĂƌƐ
ΨϭϮϬ͕ϬϬϬ
ΨϭϬϬ͕ϬϬϬ
ΨϴϬ͕ϬϬϬ
ΨϲϬ͕ϬϬϬ
ΨϰϬ͕ϬϬϬ
ΨϮϬ͕ϬϬϬ
ΨϬ
yz zy ' ':<
ƵƌƌĞŶƚK,dĂƌŐĞƚ WƌŽũĞĐƚĞĚK,dĂƌŐĞƚ

^ƉĂĐĞZĞƋƵŝƌĞŵĞŶƚƐ
ŽŶǀĞƌƚŝŶŐƚĂƌŐĞƚĞĚKŶ,ĂŶĚŝŶǀĞŶƚŽƌǇƚŽƐƉĂĐĞŶĞĞĚĞĚ
WĂƌƚη EƵŵďĞƌƉĞƌ ƵƌƌĞŶƚdĂƌŐĞƚ ƵƌƌĞŶƚEƵŵďĞƌŽĨ WƌŽũĞĐƚĞĚdĂƌŐĞƚ WƌŽũĞĐƚĞĚEƵŵďĞƌŽĨ
ƉĂůůĞƚ /ŶǀĞŶƚŽƌǇ>ĞǀĞů ƉĂůůĞƚƐƉŽƐŝƚŝŽŶƐ /ŶǀĞŶƚŽƌǇ>ĞǀĞů ƉĂůůĞƚƐƉŽƐŝƚŝŽŶƐ
yz ϭϬ ϴϭϯ ϴϭ ϭϭϮϳ ϭϭϯ
zy ϮϬ ϯϴϴ ϮϬ ϱϮϳ Ϯϳ
' ϱϬ Ϯϰϯ ϱ ϭϳϯ ϰ
':< ϯϬ Ϯϱϯ ϵ ϭϲϱϬ ϱϱ
dŽƚĂů ϭϭϱ dŽƚĂů ϭϵϵ
WĂůůĞƚWŽƐŝƚŝŽŶƐ
ϭϮϬ
ϭϬϬ
ϴϬ
ϲϬ
ϰϬ
ϮϬ
Ϭ
yz zy ' ':<
ƵƌƌĞŶƚK,dĂƌŐĞƚ WƌŽũĞĐƚĞĚK,dĂƌŐĞƚ

WƌŽũĞĐƚŝŶŐĂƉĂĐŝƚǇ>ŽĂĚ
ƐƚĂďůŝƐŚĂŶĂǀĞƌĂŐĞĚĂŝůǇůŽĂĚŽŶĂĐƌŝƚŝĐĂůƌĞƐŽƵƌĐĞ;hƐǆĐĂƉĂĐŝƚǇ
ƵŶŝƚƐͬ^<hͿ
ƌŝƚŝĐĂůZĞƐŽƵƌĐĞ͗>ĂƚŚĞƐ
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DŝŶƵƚĞƐĂǀĂŝůĂďůĞƉĞƌůĂƚŚĞƉĞƌĚĂǇсϭϮϬϬ ϵϬϬϬ
;ϲ͕ϬϬϬƚŽƚĂůƉĞƌĚĂǇͿ ϴϬϬϬ
ϳϬϬϬ
WĂƌƚη DŝŶƵƚĞƐͬƵŶŝƚ ƵƌƌĞŶƚ ƵƌƌĞŶƚǀĞƌĂŐĞ WƌŽũĞĐƚĞĚ WƌŽũĞĐƚĞĚǀĞƌĂŐĞ
ŽŶůĂƚŚĞ h ĂŝůǇ>ŽĂĚ h ĂŝůǇ>ŽĂĚ ϲϬϬϬ
yz ϯϬ ϭϬϬ ϯϬϬϬŵŝŶƵƚĞƐ ϭϱϬ ϰϱϬϬŵŝŶƵƚĞƐ ϱϬϬϬ

ϰϬϬϬ
zy Ϯϱ ϱϬ ϭϮϱϬŵŝŶƵƚĞƐ ϳϱ ϭϴϳϱŵŝŶƵƚĞƐ
ϯϬϬϬ
' ϮϬ Ϯϱ ϱϬϬŵŝŶƵƚĞƐ ϭϬ ϮϬϬŵŝŶƵƚĞƐ
ϮϬϬϬ
':< ϭϬ ϮϬ ϮϬϬŵŝŶƵƚĞƐ ϮϬϬ ϮϬϬϬŵŝŶƵƚĞƐ
ϭϬϬϬ
dŽƚĂů ϰϵϱϬŵŝŶƵƚĞƐ dŽƚĂů ϴϱϳϱŵŝŶƵƚĞƐ
Ϭ
ƵƌƌĞŶƚ>ŽĂĚ WƌŽũĞĐƚĞĚ>ŽĂĚ
yz zy ' ':<

WƌŽũĞĐƚŝŶŐǀĞƌĂŐĞKƌĚĞƌ&ƌĞƋƵĞŶĐǇ
'ƌĞĞŶŽŶĞͬhсǀĞƌĂŐĞKƌĚĞƌ&ƌĞƋƵĞŶĐǇ
WĂƌƚη ƵƌƌĞŶƚ ƵƌƌĞŶƚ ƵƌƌĞŶƚKƌĚĞƌ WƌŽũĞĐƚĞĚ WƌŽũĞĐƚĞĚ WƌŽũĞĐƚĞĚ

'ƌĞĞŶŽŶĞ h &ƌĞƋƵĞŶĐǇ 'ƌĞĞŶŽŶĞ h KƌĚĞƌ
&ƌĞƋƵĞŶĐǇ
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zy ϮϱϬ ϱϬ ϱ Ϯϲϲ ϳϱ ϯ͘ϱ
' ϮϱϬ Ϯϱ ϭϬ ϮϱϬ ϭϬ Ϯϱ
':< ϮϱϬ ϮϬ ϭϮ͘ϱ ϳϱϬ ϮϬϬ ϯ͘ϳϱ

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ŚĂƌĂĐƚĞƌŝƐƚŝĐƐ D^ƉƌĂĐƚŝĐĞƐ͘ĞŵĂŶĚƌŝǀĞŶ ŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨĞŵĂŶĚƌŝǀĞŶ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨƚŚĞĞŵĂŶĚ ĂŶĚƚĂĐƚŝĐĂůƌĞĐŽŶĐŝůŝĂƚŝŽŶƉƌŽĐĞƐƐŽĨ ^ΘKWĂŶĚĚĂƉƚŝǀĞ ^ΘKW ĂŶĚ
ƉƌŝŶĐŝƉůĞƐĂƌĞůŝŵŝƚĞĚƚŽƚŚĞ DĂƚĞƌŝĂůZĞƋƵŝƌĞŵĞŶƚƐWůĂŶŶŝŶŐ ƌŝǀĞŶKƉĞƌĂƚŝŶŐDŽĚĞů;KDͿ ǁŝƚŚ ^ΘKWǁŝƚŚĚĂƉƚŝǀĞ^ΘKWŝŶ ^ŵĂƌƚDĞƚƌŝĐƐĐĂƉĂďŝůŝƚǇ͘
/ŶĐŽƌƉŽƌĂƚŝŽŶŽĨĂĐƚƵĂůĚĞŵĂŶĚŝŶƚŽ ;DZWͿ͘ ƐƵƉƉŽƌƚŝŶŐdĂĐƚŝĐĂů^ŵĂƌƚDĞƚƌŝĐƐ͘ ƉůĂĐĞ͘ĨƵůů;ƐƚƌĂƚĞŐŝĐ ĂŶĚƚĂĐƚŝĐĂůͿ dŚŽƵŐŚƚǁĂƌĞĨƵůůǇŝŶƐƚĂůůĞĚ͘
ƐƵƉƉůǇŽƌĚĞƌŐĞŶĞƌĂƚŝŽŶ͘^ƚƌĂƚĞŐŝĐ ^ŵĂƌƚDĞƚƌŝĐƐƐƵŝƚĞŝŶƉůĂĐĞ͘
ĐŚƌŽŶŝĐĐŽŶĨůŝĐƚďĞƚǁĞĞŶĐŽƐƚĂŶĚ
ƐĞƌǀŝĐĞ͘
WƌŝŵĂƌǇDĞƚƌŝĐƐ K ^ŝŐŶĂů/ŶƚĞŐƌŝƚǇ ZĞůŝĂďŝůŝƚǇ ^ƚƌĂƚĞŐŝĐŽŶƚƌŝďƵƚŝŽŶ ZͬZK//ŵƉƌŽǀĞŵĞŶƚZĂƚĞ

&ƵůůǇďƐŽƌďĞĚhŶŝƚŽƐƚ ĞĐŽƵƉůŝŶŐWŽŝŶƚ/ŶƚĞŐƌŝƚǇ ^ƚĂďŝůŝƚǇ tĂƐƚĞͬ/ŵƉƌŽǀĞŵĞŶƚ
^ĞƌǀŝĐĞ ǀĞƌĂŐĞ/ŶǀĞŶƚŽƌǇ sĞůŽĐŝƚǇ >ŽĐĂůKƉĞƌĂƚŝŶŐǆƉĞŶƐĞŽŶƚƌŽů
^ĞƌǀŝĐĞ ZͬZK/
ŶĂůǇƚŝĐƐ ďƐŽƌƉƚŝŽŶZĂƚĞƐ KdK'йĂŶĚΨ ƵĨĨĞƌZƵŶŚĂƌƚƐ KƵƚůŝĞƌŶĂůǇƐŝƐ;dŝŵĞ͕ĂƉĂĐŝƚǇ ^ƚƌĂƚĞŐŝĐŽŶĨůŝĐƚĞĨŝŶŝƚŝŽŶĂŶĚ

dŽƚĂů ĂǇƐŽĨ/ŶǀĞŶƚŽƌǇ йƚŽŝŶǀĞŶƚŽƌǇƚĂƌŐĞƚ ZĞĂƐŽŶŽĚĞŶĂůǇƐŝƐ ĂŶĚ^ƚŽĐŬƵĨĨĞƌƐͿƵĨĨĞƌ ZĞƐŽůƵƚŝŽŶ
KdĂŶĚͬŽƌĨŝůůƌĂƚĞƐ KdĂŶĚͬŽƌĨŝůůƌĂƚĞƐ &ůŽǁǆĐĞƉƚŝŽŶZĞƉŽƌƚƐ ŽŵƉƌĞƐƐŝŽŶ
&ůŽǁ/ŶĚŝĐĞƐ dŚƌŽƵŐŚƉƵƚZĂƚĞĂŶĚsŽůƵŵĞ
/ŵƉƌŽǀĞŵĞŶƚ
ĚƵĐĂƚŝŽŶ dƌĂĚŝƚŝŽŶĂů^DĂŶĚ&ŝŶĂŶĐŝĂůƚƌĂŝŶŝŶŐ WƌĞĐŝƐĞůǇ tƌŽŶŐtŽƌŬƐŚŽƉ͕ĞŵĂŶĚ W͕ ĞŵĂŶĚƌŝǀĞŶ>ĞĂĚĞƌ;>Ϳ͕ W͕ >͕͕ĚĂƉƚŝǀĞ ^ΘKW W͕ >͕͕ĚĂƉƚŝǀĞ ^ΘKW
ĂŶĚĞĚƵĐĂƚŝŽŶ ƌŝǀĞŶWůĂŶŶĞƌ;WͿ͕ĞŵĂŶĚ ƌŝǀĞŶ tŽƌŬƐŚŽƉ tŽƌŬƐŚŽƉ͕^ƚƌĂƚĞŐŝĐ^ŽůƵƚŝŽŶƐ
^ƵƉƉůǇŚĂŝŶ&ƵŶĚĂŵĞŶƚĂůƐ;^&Ϳ WƌŽŐƌĂŵ;^^WͿ
WĞƌƐŽŶŶĞůĂƉĂďŝůŝƚǇ dƌĂĚŝƚŝŽŶĂů^DĂŶĚ&ŝŶĂŶĐŝĂůƚƌĂŝŶŝŶŐ WĞƌƐŽŶŶĞůĂƌĞĂǁĂƌĞŽĨĂŶĚĐĂƉĂďůĞ WĞƌƐŽŶŶĞůƵŶĚĞƌƐƚĂŶĚƚŚĞďƌŽĂĚĞƌ KƚŚĞƌĨƵŶĐƚŝŽŶĂůƉĞƌƐŽŶŶĞůŶŽǁ ^ƚƌĂƚĞŐŝĐƉĞƌƐŽŶŶĞůĂƌĞĂďůĞƚŽ
ĂŶĚĞĚƵĐĂƚŝŽŶ ŽĨĚĞƐĐƌŝďŝŶŐƚŚĞƉƌŽďůĞŵƐǁŝƚŚ ŝŵƉůŝĐĂƚŝŽŶƐŽĨDZWƚŽƚŚĞ ƵŶĚĞƌƐƚĂŶĚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚ ĂŶĂůǇǌĞĐŽŵƉůĞǆƉƌŽďůĞŵĂƌĞĂƐ
ĐŽŶǀĞŶƚŝŽŶĂůƉůĂŶŶŝŶŐƐǇƐƚĞŵƐ͘dŚĞǇ ŽƌŐĂŶŝǌĂƚŝŽŶ͘WĞƌƐŽŶŶĞůƵŶĚĞƌƐƚĂŶĚ ĐĂƉĂďŝůŝƚŝĞƐŽĨƚŚĞKD͘WĞƌƐŽŶŶĞů ;/ŶƚĞƌŶĂůĂŶĚĞǆƚĞƌŶĂůͿ͕ĚĞĨŝŶĞ
ĂƌĞǁĞůůǀĞƌƐĞĚŝŶDZWƉƌŝŶĐŝƉůĞƐ ŚŽǁƚŽŝŵƉůĞŵĞŶƚĞŵĂŶĚƌŝǀĞŶ ĂƌĞĂďůĞƚŽƐƵĐĐĞƐƐĨƵůůǇďƌŝĚŐĞƚŚĞ ƐƚƌĂƚĞŐŝĐĐŽŶĨůŝĐƚƐĂŶĚĐŽŶƐƚƌĂŝŶƚƐĂŶĚ
ĂŶĚĂƌĞĐĂƉĂďůĞŽĨŝŵƉůĞŵĞŶƚŝŶŐ;ĂƚĂ ^ĐŚĞĚƵůŝŶŐĂŶĚǆĞĐƵƚŝŽŶ͘WĞƌƐŽŶŶĞů ƚĂĐƚŝĐĂůĂŶĚƐƚƌĂƚĞŐŝĐƌĞůĞǀĂŶƚƌĂŶŐĞƐ͘ ƌĞĐŽŵŵĞŶĚƐƚƌĂƚĞŐŝĐƉŽůŝĐǇͬĚŝƌĞĐƚŝŽŶ
ĐƵƌƐŽƌǇůĞǀĞůͿĚĞĐŽƵƉůŝŶŐƉŽŝŶƚ ĂƌĞĐĂƉĂďůĞŽĨĂĚũƵƐƚŝŶŐƚŚĞKD dŚĞǇĐĂŶƉƌŽũĞĐƚ͕ƌĞĐŽŵŵĞŶĚĂŶĚ ĐŚĂŶŐĞƐ͘dŚĞǇĂƌĞĂďůĞƚŽŵĞŶƚŽƌ
ďƵĨĨĞƌƐ͘ ďĂƐĞĚŽŶƉĞƌĨŽƌŵĂŶĐĞĂŶĂůǇƚŝĐƐ͘ ĂĚĂƉƚ͘ ŶĞǁŬĞǇƉĞƌƐŽŶŶĞůƚŚƌŽƵŐŚƚŚĞ^͘

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KƉĞƌĂƚŝŶŐĞƐĐƌŝƉƚŝŽŶ KƉĞƌĂƚŝŽŶĂůĨĨŝĐŝĞŶĐǇ;ŽƐƚͿ KƉĞƌĂƚŝŽŶĂůĨĨŝĐŝĞŶĐǇ;&ůŽǁͿ
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&ŽĐƵƐŽŶZĞƐƉŽŶƐĞ
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ŚĂƌĂĐƚĞƌŝƐƚŝĐƐ ƉƌĂĐƚŝĐĞƐ͘ĞŵĂŶĚƌŝǀĞŶƉƌŝŶĐŝƉůĞƐĂƌĞ ĞŵĂŶĚƌŝǀĞŶDĂƚĞƌŝĂůZĞƋƵŝƌĞŵĞŶƚƐ
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ŝŶƚŽƐƵƉƉůǇŽƌĚĞƌŐĞŶĞƌĂƚŝŽŶ͘^ƚƌĂƚĞŐŝĐ ĐŚƌŽŶŝĐ
ĐŽŶĨůŝĐƚďĞƚǁĞĞŶĐŽƐƚĂŶĚƐĞƌǀŝĐĞ͘
WƌŝŵĂƌǇDĞƚƌŝĐƐ K ^ŝŐŶĂů/ŶƚĞŐƌŝƚǇ
&ƵůůǇďƐŽƌďĞĚhŶŝƚŽƐƚ ĞĐŽƵƉůŝŶŐWŽŝŶƚ/ŶƚĞŐƌŝƚǇ
^ĞƌǀŝĐĞ ǀĞƌĂŐĞ/ŶǀĞŶƚŽƌǇ
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ŶĂůǇƚŝĐƐ ďƐŽƌƉƚŝŽŶZĂƚĞƐ KdK'йĂŶĚΨ
dŽƚĂů ĂǇƐŽĨ/ŶǀĞŶƚŽƌǇ йƚŽŝŶǀĞŶƚŽƌǇƚĂƌŐĞƚ
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&ƵŶĚĂŵĞŶƚĂůƐ;^&Ϳ
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ĞĚƵĐĂƚŝŽŶ ĚĞƐĐƌŝďŝŶŐƚŚĞƉƌŽďůĞŵƐǁŝƚŚĐŽŶǀĞŶƚŝŽŶĂů
ƉůĂŶŶŝŶŐƐǇƐƚĞŵƐ͘dŚĞǇĂƌĞǁĞůůǀĞƌƐĞĚŝŶ
DZWƉƌŝŶĐŝƉůĞƐĂŶĚĂƌĞĐĂƉĂďůĞŽĨ
ŝŵƉůĞŵĞŶƚŝŶŐ;ĂƚĂĐƵƌƐŽƌǇůĞǀĞůͿĚĞĐŽƵƉůŝŶŐ
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Demand Driven Planner Participant Guide

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