Chemical synthesis and characterization of a new quinazolinedione competitive antagonist for strigolactone receptors with an unexpected binding mode

Article abstract of DOI:10.1042/BCJ20190288

Strigolactones (SLs) are multifunctional plant hormones regulating essential physiological processes affecting growth and development. In vascular plants, SLs are recognized by α/β hydrolase-fold proteins from the D14/DAD2 (Dwarf14/Decreased Apical Dominance 2) family in the initial step of the signaling pathway. We have previously discovered that N-phenylanthranilic acid derivatives (e.g. tolfenamic acid) are potent antagonists of SL receptors, prompting us to design quinazolinone and quinazolinedione derivatives (QADs and QADDs, respectively) as second-generation antagonists. Initial in silico docking studies suggested that these compounds would bind to DAD2, the petunia SL receptor, with higher affinity than the first-generation compounds. However, only one of the QADs/ QADDs tested in in vitro assays acted as a competitive antagonist of SL receptors, with reduced affinity and potency compared with its N-phenylanthranilic acid ‘parent’. X-ray crystal structure analysis revealed that the binding mode of the active QADD inside DAD2’s cavity was not that predicted in silico, highlighting a novel inhibition mechanism for SL receptors. Despite a ～10-fold difference in potency in vitro, the QADD and tolfenamic acid had comparable activity in planta, suggesting that the QADD compensates for lower potency with increased bioavailability. Altogether, our results establish this QADD as a novel lead compound towards the development of potent and bioavailable antagonists of SL receptors.

Full text of DOI:10.1042/BCJ20190288

Biochemical Journal: this is an Accepted Manuscript, not the final Version of Record. You are
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10.1042/BCJ20190288
ϭꢀ ꢀŚĞŵŝĐĂůꢁƐLJŶƚŚĞƐŝƐꢁĂŶĚꢁĐŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶꢁŽĨꢁĂꢁŶĞǁꢁ
Ϯꢀ ƋƵŝŶĂnjŽůŝŶĞĚŝŽŶĞꢁĐŽŵƉĞƚŝƚŝǀĞꢁĂŶƚĂŐŽŶŝƐƚꢁĨŽƌꢁƐƚƌŝŐŽůĂĐƚŽŶĞꢁ
ϯꢀ ƌĞĐĞƉƚŽƌƐꢁǁŝƚŚꢁĂŶꢁƵŶĞdžƉĞĐƚĞĚꢁďŝŶĚŝŶŐꢁŵŽĚĞꢁ
ϰꢀ ꢁLJƌŝůꢀ,ĂŵŝĂƵdžϭΎ͕ꢀ>ĞƐůĞLJꢀ>ĂƌƐĞŶϯ͕Ώ͕ꢀ,ƵŝꢀtĞŶꢀ>ĞĞϭ͕Ϯ͕ꢀŚŝǁĞŝꢀ>ƵŽϭ͕ꢀWƌĂĐŚŝꢀ^ŚĂƌŵĂϭ͕Ϯ͕ꢀꢂŝůůꢀꢁ͘ꢀ
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ϳꢀ ϭdŚĞꢀEĞǁꢀĞĂůĂŶĚꢀ/ŶƐƚŝƚƵƚĞꢀĨŽƌꢀWůĂŶƚꢀĂŶĚꢀ&ŽŽĚꢀZĞƐĞĂƌĐŚꢀ>ŝŵŝƚĞĚ͕ꢀꢃƵĐŬůĂŶĚ͕ꢀEĞǁꢀĞĂůĂŶĚꢀ
ϴꢀ ϮhŶŝǀĞƌƐŝƚLJꢀŽĨꢀꢃƵĐŬůĂŶĚ͕ꢀ^ĐŚŽŽůꢀŽĨꢀꢂŝŽůŽŐŝĐĂůꢀ^ĐŝĞŶĐĞƐ͕ꢀꢃƵĐŬůĂŶĚ͕ꢀEĞǁꢀĞĂůĂŶĚꢀ
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ϭϬꢀ ϰdŚĞꢀEĞǁꢀĞĂůĂŶĚꢀ/ŶƐƚŝƚƵƚĞꢀĨŽƌꢀWůĂŶƚꢀĂŶĚꢀ&ŽŽĚꢀZĞƐĞĂƌĐŚꢀ>ŝŵŝƚĞĚ͕ꢀꢄĞƉĂƌƚŵĞŶƚꢀŽĨꢀꢁŚĞŵŝƐƚƌLJ͕ꢀ
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ϭϯꢀ ΎꢁŽƌƌĞƐƉŽŶĚŝŶŐꢀĂƵƚŚŽƌ͗ꢀĐLJƌŝů͘ŚĂŵŝĂƵdžΛƉůĂŶƚĂŶĚĨŽŽĚ͘ĐŽ͘Ŷnj
ϭϰꢀ ΏꢄŝĞĚꢀϮϴꢀꢃƉƌŝůꢀϮϬϭϴ͘ꢀtĞꢀĚĞĚŝĐĂƚĞꢀƚŚŝƐꢀƉĂƉĞƌꢀƚŽꢀ>ĞƐůĞLJ͕ꢀŝŶꢀŵĞŵŽƌLJꢀŽĨꢀŚĞƌꢀŐƌĞĂƚꢀĞŶƚŚƵƐŝĂƐŵꢀ
ϭϱꢀ ĂŶĚꢀŚĞƌꢀƌĞůĞŶƚůĞƐƐꢀƉƵƌƐƵŝƚꢀŽĨꢀƐLJŶƚŚĞƚŝĐꢀƚĂƌŐĞƚƐ͘ꢀ
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ϭϳꢀ ꢂďƐƚƌĂĐƚꢁ
ϭϴꢀ ^ƚƌŝŐŽůĂĐƚŽŶĞƐꢀ ĂƌĞꢀ ŵƵůƚŝĨƵŶĐƚŝŽŶĂůꢀ ƉůĂŶƚꢀ ŚŽƌŵŽŶĞƐꢀ ƌĞŐƵůĂƚŝŶŐꢀ ĞƐƐĞŶƚŝĂůꢀ ƉŚLJƐŝŽůŽŐŝĐĂůꢀ
ϭϵꢀ ƉƌŽĐĞƐƐĞƐꢀ ĂĨĨĞĐƚŝŶŐꢀ ŐƌŽǁƚŚꢀ ĂŶĚꢀ ĚĞǀĞůŽƉŵĞŶƚ͘ꢀ /Ŷꢀ ǀĂƐĐƵůĂƌꢀ ƉůĂŶƚƐ͕ꢀ ƐƚƌŝŐŽůĂĐƚŽŶĞƐꢀ ĂƌĞꢀ
ϮϬꢀ ƌĞĐŽŐŶŝnjĞĚꢀďLJꢀɲͬɴꢀŚLJĚƌŽůĂƐĞꢀĨŽůĚꢀƉƌŽƚĞŝŶƐꢀĨƌŽŵꢀƚŚĞꢀꢄϭϰͬꢄꢃꢄϮꢀĨĂŵŝůLJꢀŝŶꢀƚŚĞꢀŝŶŝƚŝĂůꢀƐƚĞƉꢀŽĨꢀ
Ϯϭꢀ ƚŚĞꢀ ƐŝŐŶĂůůŝŶŐꢀ ƉĂƚŚǁĂLJ͘ꢀ tĞꢀ ŚĂǀĞꢀ ƉƌĞǀŝŽƵƐůLJꢀ ĚŝƐĐŽǀĞƌĞĚꢀ ƚŚĂƚꢀ EͲƉŚĞŶLJůĂŶƚŚƌĂŶŝůŝĐꢀ ĂĐŝĚꢀ
ϮϮꢀ ĚĞƌŝǀĂƚŝǀĞƐꢀ ;Ğ͘Ő͘ꢀ ƚŽůĨĞŶĂŵŝĐꢀ ĂĐŝĚͿꢀ ĂƌĞꢀ ƉŽƚĞŶƚꢀ ĂŶƚĂŐŽŶŝƐƚƐꢀ ŽĨꢀ ƐƚƌŝŐŽůĂĐƚŽŶĞꢀ ƌĞĐĞƉƚŽƌƐ͕ꢀ
Ϯϯꢀ ƉƌŽŵƉƚŝŶŐꢀƵƐꢀƚŽꢀĚĞƐŝŐŶꢀƋƵŝŶĂnjŽůŝŶŽŶĞꢀĂŶĚꢀƋƵŝŶĂnjŽůŝŶĞĚŝŽŶĞꢀĚĞƌŝǀĂƚŝǀĞƐꢀ;YꢃꢄƐꢀĂŶĚꢀYꢃꢄꢄƐ͕ꢀ
Ϯϰꢀ ƌĞƐƉĞĐƚŝǀĞůLJͿꢀ ĂƐꢀ ƐĞĐŽŶĚͲŐĞŶĞƌĂƚŝŽŶꢀ ĂŶƚĂŐŽŶŝƐƚƐ͘ꢀ /ŶŝƚŝĂůꢀ ŝŶꢀ ƐŝůŝĐŽꢀ ĚŽĐŬŝŶŐꢀ ƐƚƵĚŝĞƐꢀ ƐƵŐŐĞƐƚĞĚꢀ
Ϯϱꢀ ƚŚĂƚꢀƚŚĞƐĞꢀĐŽŵƉŽƵŶĚƐꢀǁŽƵůĚꢀďŝŶĚꢀƚŽꢀꢄꢃꢄϮ͕ꢀƚŚĞꢀƉĞƚƵŶŝĂꢀƐƚƌŝŐŽůĂĐƚŽŶĞꢀƌĞĐĞƉƚŽƌ͕ꢀǁŝƚŚꢀŚŝŐŚĞƌꢀ
Ϯϲꢀ ĂĨĨŝŶŝƚLJꢀƚŚĂŶꢀƚŚĞꢀĨŝƌƐƚͲŐĞŶĞƌĂƚŝŽŶꢀĐŽŵƉŽƵŶĚƐ͘ꢀ,ŽǁĞǀĞƌ͕ꢀŽŶůLJꢀŽŶĞꢀŽĨꢀƚŚĞꢀYꢃꢄƐͬYꢃꢄꢄƐꢀƚĞƐƚĞĚꢀ
Ϯϳꢀ ŝŶꢀŝŶꢀǀŝƚƌŽꢀĂƐƐĂLJƐꢀĂĐƚĞĚꢀĂƐꢀĂꢀĐŽŵƉĞƚŝƚŝǀĞꢀĂŶƚĂŐŽŶŝƐƚꢀŽĨꢀƐƚƌŝŐŽůĂĐƚŽŶĞꢀƌĞĐĞƉƚŽƌƐ͕ꢀǁŝƚŚꢀƌĞĚƵĐĞĚꢀ
Ϯϴꢀ ĂĨĨŝŶŝƚLJꢀ ĂŶĚꢀ ƉŽƚĞŶĐLJꢀ ĐŽŵƉĂƌĞĚꢀ ǁŝƚŚꢀ ŝƚƐꢀ EͲƉŚĞŶLJůĂŶƚŚƌĂŶŝůŝĐꢀ ĂĐŝĚꢀ ͞ƉĂƌĞŶƚ͘͟ꢀ yͲƌĂLJꢀ ĐƌLJƐƚĂůꢀ
Ϯϵꢀ ƐƚƌƵĐƚƵƌĞꢀĂŶĂůLJƐŝƐꢀƌĞǀĞĂůĞĚꢀƚŚĂƚꢀƚŚĞꢀďŝŶĚŝŶŐꢀŵŽĚĞꢀŽĨꢀƚŚĞꢀĂĐƚŝǀĞꢀYꢃꢄꢄꢀŝŶƐŝĚĞꢀꢄꢃꢄϮ͛ƐꢀĐĂǀŝƚLJꢀ
ϯϬꢀ ǁĂƐꢀŶŽƚꢀƚŚĂƚꢀƉƌĞĚŝĐƚĞĚꢀŝŶꢀƐŝůŝĐŽ͕ꢀŚŝŐŚůŝŐŚƚŝŶŐꢀĂꢀŶŽǀĞůꢀŝŶŚŝďŝƚŝŽŶꢀŵĞĐŚĂŶŝƐŵꢀĨŽƌꢀƐƚƌŝŐŽůĂĐƚŽŶĞꢀ
ϯϭꢀ ƌĞĐĞƉƚŽƌƐ͘ꢀꢄĞƐƉŝƚĞꢀĂꢀΕϭϬͲĨŽůĚꢀĚŝĨĨĞƌĞŶĐĞꢀŝŶꢀƉŽƚĞŶĐLJꢀŝŶꢀǀŝƚƌŽ͕ꢀƚŚĞꢀYꢃꢄꢄꢀĂŶĚꢀƚŽůĨĞŶĂŵŝĐꢀĂĐŝĚꢀ
ϯϮꢀ ŚĂĚꢀ ĐŽŵƉĂƌĂďůĞꢀ ĂĐƚŝǀŝƚLJꢀ ŝŶꢀ ƉůĂŶƚĂ͕ꢀ ƐƵŐŐĞƐƚŝŶŐꢀ ƚŚĂƚꢀ ƚŚĞꢀ Yꢃꢄꢄꢀ ĐŽŵƉĞŶƐĂƚĞƐꢀ ĨŽƌꢀ ůŽǁĞƌꢀ
ϯϯꢀ ƉŽƚĞŶĐLJꢀǁŝƚŚꢀŝŶĐƌĞĂƐĞĚꢀďŝŽĂǀĂŝůĂďŝůŝƚLJ͘ꢀꢃůƚŽŐĞƚŚĞƌ͕ꢀŽƵƌꢀƌĞƐƵůƚƐꢀĞƐƚĂďůŝƐŚꢀƚŚŝƐꢀYꢃꢄꢄꢀĂƐꢀĂꢀŶŽǀĞůꢀ
ϯϰꢀ ůĞĂĚꢀ ĐŽŵƉŽƵŶĚꢀ ƚŽǁĂƌĚƐꢀ ƚŚĞꢀ ĚĞǀĞůŽƉŵĞŶƚꢀ ŽĨꢀ ƉŽƚĞŶƚꢀ ĂŶĚꢀ ďŝŽĂǀĂŝůĂďůĞꢀ ĂŶƚĂŐŽŶŝƐƚƐꢀ ŽĨꢀ
ϯϱꢀ ƐƚƌŝŐŽůĂĐƚŽŶĞꢀƌĞĐĞƉƚŽƌƐ͘ꢀ
ϯϲꢀ
ꢀ
ꢀ
Ϯꢀ
ꢀ

ϯϳꢀ ꢂďďƌĞǀŝĂƚŝŽŶƐꢁůŝƐƚꢁ
ϯϴꢀ ^>͕ꢀ ƐƚƌŝŐŽůĂĐƚŽŶĞꢀ ͖ꢀ Yꢃꢄꢀ ƋƵŝŶĂnjŽůŝŶŽŶĞꢀ ĚĞƌŝǀĂƚŝǀĞꢀ ͖ꢀ Yꢃꢄꢄ͕ꢀ ƋƵŝŶĂnjŽůŝŶĞĚŝŽŶĞꢀ ĚĞƌŝǀĂƚŝǀĞꢀ ͖ꢀ
ϯϵꢀ DEꢃꢂ͕ꢀϮͲ;Ϯ͛ͲŵĞƚŚLJůͲϯ͛ͲŶŝƚƌŽĂŶŝůŝŶŽͿďĞŶnjŽŝĐꢀĂĐŝĚ͖ꢀꢄ^&͕ꢀĚŝĨĨĞƌĞŶƚŝĂůꢀƐĐĂŶŶŝŶŐꢀĨůƵŽƌŝŵĞƚƌLJ͖ꢀz>'͕ꢀ
ϰϬꢀ zŽƐŚŝŵƵůĂĐƚŽŶĞꢀŐƌĞĞŶ͖ꢀꢄD&͕ꢀE͕EͲꢄŝŵĞƚŚLJůĨŽƌŵĂŵŝĚĞꢀ
ϰϭꢀ
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ϯꢀ
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ϰϮꢀ /ŶƚƌŽĚƵĐƚŝŽŶꢁ
ϰϯꢀ ^ƚƌŝŐŽůĂĐƚŽŶĞƐꢀ ;^>ƐͿꢀ ĂƌĞꢀ ĐĂƌŽƚĞŶŽŝĚͲĚĞƌŝǀĞĚꢀ ĐŽŵƉŽƵŶĚƐꢀ ƚŚĂƚꢀ ĂĨĨĞĐƚꢀ Ăꢀ ůĂƌŐĞꢀ ǀĂƌŝĞƚLJꢀ ŽĨꢀ
ϰϰꢀ ĚĞǀĞůŽƉŵĞŶƚĂůꢀ ĂŶĚꢀ ƉŚLJƐŝŽůŽŐŝĐĂůꢀ ƌĞƐƉŽŶƐĞƐꢀ ĂĐƌŽƐƐꢀ ƚŚĞꢀ ƉůĂŶƚꢀ ŬŝŶŐĚŽŵ͘ꢀ /Ŷꢀ ǀĂƐĐƵůĂƌꢀ ƉůĂŶƚƐ͕ꢀ
ϰϱꢀ ƚŚĞƐĞꢀ ĐŽŵƉŽƵŶĚƐꢀ ĂĐƚꢀ ĂƐꢀ ĞŶĚŽŐĞŶŽƵƐꢀ ŚŽƌŵŽŶĞƐꢀ ƚŽꢀ ƌĞŐƵůĂƚĞꢀ ƉƌŽĐĞƐƐĞƐꢀ ƐƵĐŚꢀ ĂƐꢀ ƐŚŽŽƚꢀ
ϰϲꢀ ďƌĂŶĐŚŝŶŐ͕ꢀƌŽŽƚꢀĚĞǀĞůŽƉŵĞŶƚ͕ꢀůĞĂĨꢀƐĞŶĞƐĐĞŶĐĞ͕ꢀĂŶĚꢀĂďŝŽƚŝĐꢀƐƚƌĞƐƐꢀƌĞƐƉŽŶƐĞꢀ;ϭͲϴͿ͘ꢀ^>ƐꢀĂƌĞꢀĂůƐŽꢀ
ϰϳꢀ ĞdžƵĚĞĚꢀĨƌŽŵꢀƚŚĞꢀƌŽŽƚƐꢀŽĨꢀƉůĂŶƚƐꢀƚŽꢀƚŚĞꢀƌŚŝnjŽƐƉŚĞƌĞꢀǁŚĞƌĞꢀƚŚĞLJꢀŵĞĚŝĂƚĞꢀŝŶƚĞƌĂĐƚŝŽŶƐꢀǁŝƚŚꢀ
ϰϴꢀ ƐLJŵďŝŽƚŝĐꢀĂƌďƵƐĐƵůĂƌꢀŵLJĐŽƌƌŚŝnjĂůꢀĨƵŶŐŝꢀ;ϵͿꢀĂŶĚꢀǁŝƚŚꢀƚŚĞꢀ^ƚƌŝŐĂ͕ꢀWŚĞůŝƉĂŶĐŚĞꢀĂŶĚꢀKƌŽďĂŶĐŚĞꢀ
ϰϵꢀ ƉĂƌĂƐŝƚŝĐꢀǁĞĞĚƐꢀ;ϭϬͲϭϯͿ͘ꢀ
ϱϬꢀ ꢄĞƚĂŝůƐꢀŽĨꢀ^>ꢀďŝŽƐLJŶƚŚĞƐŝƐ͕ꢀƉĞƌĐĞƉƚŝŽŶꢀĂŶĚꢀƐŝŐŶĂůůŝŶŐꢀĂƌĞꢀŶŽǁꢀǁĞůůꢀƵŶĚĞƌƐƚŽŽĚ͕ꢀƉĂƌƚŝĐƵůĂƌůLJꢀŝŶꢀ
ϱϭꢀ ŵŽĚĞůꢀ ƉůĂŶƚƐꢀ ;ƐĞĞꢀ ;ϭϰͿꢀ ĨŽƌꢀ Ăꢀ ƌĞĐĞŶƚꢀ ƌĞǀŝĞǁͿ͕ꢀ ĂŶĚꢀ ɲͬɴꢀ ŚLJĚƌŽůĂƐĞͲĨŽůĚꢀ ƉƌŽƚĞŝŶƐꢀ ĨƌŽŵꢀ ƚŚĞꢀ
ϱϮꢀ ꢄĞĐƌĞĂƐĞĚꢀ ꢃƉŝĐĂůꢀ ꢄŽŵŝŶĂŶĐĞꢀ ϮͬꢄǁĂƌĨϭϰꢀ ;ꢄꢃꢄϮͬꢄϭϰͿꢀ ĐůĂĚĞꢀ ŚĂǀĞꢀ ďĞĞŶꢀ ŝĚĞŶƚŝĨŝĞĚꢀ ĂƐꢀ ^>ꢀ
ϱϯꢀ ƌĞĐĞƉƚŽƌƐꢀ ŝŶꢀ ƚŚĞꢀ ĨŝƌƐƚꢀ ƐƚĞƉꢀ ŽĨꢀ ƚŚĞꢀ ^>ꢀ ƐŝŐŶĂůůŝŶŐꢀ ƉĂƚŚǁĂLJꢀ ;ϭϯ͕ꢀ ϭϱͲϭϵͿ͘ꢀ hŶĞdžƉĞĐƚĞĚůLJꢀ ĨŽƌꢀ Ăꢀ
ϱϰꢀ ƌĞĐĞƉƚŽƌ͕ꢀƚŚĞƐĞꢀƉƌŽƚĞŝŶƐꢀƐƚŝůůꢀŚĂǀĞꢀůŽǁ͕ꢀďƵƚꢀĂďƐŽůƵƚĞůLJꢀĞƐƐĞŶƚŝĂů͕ꢀŚLJĚƌŽůĂƐĞꢀĂĐƚŝǀŝƚLJꢀƚŽǁĂƌĚƐꢀ
ϱϱꢀ ƚŚĞŝƌꢀŚŽƌŵŽŶĞꢀƐƵďƐƚƌĂƚĞꢀƚŚĂƚꢀƌĞƐƵůƚƐꢀŝŶꢀƚŚĞꢀĐůĞĂǀĂŐĞꢀŽĨꢀĂꢀďŽŶĚꢀďĞƚǁĞĞŶꢀƚŚĞꢀꢃꢂꢁꢀƚƌŝĐLJĐůŝĐꢀ
ϱϲꢀ ůĂĐƚŽŶĞꢀƉĂƌƚꢀŽĨꢀ^>ꢀŵŽůĞĐƵůĞꢀĂŶĚꢀƚŚĞꢀĐŽŶƐĞƌǀĞĚꢀďƵƚĞŶŽůŝĚĞꢀŵŽŝĞƚLJꢀ;ꢄꢀƌŝŶŐͿꢀ;ϭϲ͕ꢀϭϵͿ͘ꢀꢄƵƌŝŶŐꢀ
ϱϳꢀ ĐĂƚĂůLJƐŝƐ͕ꢀĂꢀĐŽǀĂůĞŶƚꢀŝŶƚĞƌŵĞĚŝĂƚĞꢀŝƐꢀĨŽƌŵĞĚꢀďĞƚǁĞĞŶꢀƚŚĞꢀꢄꢀƌŝŶŐꢀĂŶĚꢀƚŚĞꢀŚŝƐƚŝĚŝŶĞꢀƌĞƐŝĚƵĞꢀŽĨꢀ
ϱϴꢀ ƚŚĞꢀĐĂƚĂůLJƚŝĐꢀƚƌŝĂĚꢀŽĨꢀƚŚĞꢀƌĞĐĞƉƚŽƌ͕ꢀƉƌŽďĂďůLJꢀĞdžƉůĂŝŶŝŶŐꢀƚŚĞꢀǀĞƌLJꢀƐůŽǁꢀƌĂƚĞꢀŽĨꢀŚLJĚƌŽůLJƐŝƐꢀ;ϭϱ͕ꢀ
ϱϵꢀ ϭϴͿ͘ꢀꢂŝŶĚŝŶŐꢀĂŶĚꢀŚLJĚƌŽůLJƐŝƐꢀŽĨꢀƚŚĞꢀ^>ꢀŚŽƌŵŽŶĞꢀƚƌŝŐŐĞƌƐꢀĂꢀůĂƌŐĞꢀĐŽŶĨŽƌŵĂƚŝŽŶĂůꢀĐŚĂŶŐĞꢀŝŶꢀƚŚĞꢀ
ϲϬꢀ ůŝĚꢀ ĚŽŵĂŝŶꢀ ŽĨꢀ ƚŚĞꢀ ƌĞĐĞƉƚŽƌ͕ꢀ ĂůůŽǁŝŶŐꢀ ŝƚƐꢀ ŝŶƚĞƌĂĐƚŝŽŶꢀ ǁŝƚŚꢀ DŽƌĞꢀ ꢃdžŝůůĂƌLJꢀ 'ƌŽǁƚŚꢀ Ϯꢀ ;DꢃyϮͿꢀ
ϲϭꢀ ƉƌŽƚĞŝŶꢀĨƌŽŵꢀĂꢀ^ŬƉͲꢁƵůůŝŶͲ&ďŽdžꢀ;^ꢁ&ͿꢀƉƌŽƚĞŝŶꢀĐŽŵƉůĞdžꢀ;ϭϴ͕ꢀϭϵͿ͘ꢀ^>ꢀƌĞĐĞƉƚŽƌƐꢀĂůƐŽꢀƐŚŽǁꢀ^>Ͳ
ϲϮꢀ ĚĞƉĞŶĚĞŶƚꢀ ŝŶƚĞƌĂĐƚŝŽŶƐꢀ ǁŝƚŚꢀ ƌĞƉƌĞƐƐŽƌꢀ ƉƌŽƚĞŝŶƐꢀ ŽĨꢀ ^>ꢀ ƐŝŐŶĂůůŝŶŐꢀ ďĞůŽŶŐŝŶŐꢀ ƚŽꢀ ƚŚĞꢀ
ϲϯꢀ ꢄϱϯͬ^ƵƉƉƌĞƐƐŽƌꢀŽĨꢀDꢃyϮͲůŝŬĞꢀ;^Dy>ͿꢀĨĂŵŝůLJꢀƚŽꢀƉƌŽďĂďůLJꢀƌĞĐƌƵŝƚꢀƚŚĞŵꢀƚŽꢀƚŚĞꢀ^ꢁ&ꢀĐŽŵƉůĞdžꢀ
ϲϰꢀ ;ϭϳ͕ꢀ ϮϬ͕ꢀ ϮϭͿ͘ꢀ &ŽůůŽǁŝŶŐꢀ ƉŽůLJƵďŝƋƵŝƚŝŶĂƚŝŽŶꢀ ďLJꢀ ƚŚĞꢀ ^ꢁ&ꢀ ĐŽŵƉůĞdž͕ꢀ ƚŚĞꢀ ꢄϱϯͬ^Dy>ꢀ ƌĞƉƌĞƐƐŽƌꢀ
ϰꢀ
ꢀ

ϲϱꢀ ƉƌŽƚĞŝŶƐꢀĂƌĞꢀƚĂƌŐĞƚĞĚꢀƚŽꢀƚŚĞꢀϮϲ^ꢀƉƌŽƚĞĂƐŽŵĞꢀĨŽƌꢀĚĞŐƌĂĚĂƚŝŽŶ͕ꢀƌĞƐƵůƚŝŶŐꢀŝŶꢀĂꢀƚƌĂŶƐĐƌŝƉƚŝŽŶĂůꢀ
ϲϲꢀ ƌĞƐƉŽŶƐĞꢀƚŽꢀƚŚĞꢀƉƌĞƐĞŶĐĞꢀŽĨꢀƚŚĞꢀŚŽƌŵŽŶĞꢀƐŝŐŶĂů͘ꢀ
ϲϳꢀ ^>ꢀƌĞĐĞƉƚŽƌƐꢀŚĂǀĞꢀĂꢀĐůĂƐƐŝĐĂůꢀɲͬɴꢀŚLJĚƌŽůĂƐĞꢀĨŽůĚ͕ꢀĐŽŶƐŝƐƚŝŶŐꢀŽĨꢀĂꢀϳͲƐƚƌĂŶĚĞĚꢀɴͲƐŚĞĞƚꢀ͞ĐŽƌĞ͟ꢀ
ϲϴꢀ ĚŽŵĂŝŶꢀĨůĂŶŬĞĚꢀďLJꢀϳꢀɲꢀŚĞůŝĐĞƐ͘ꢀꢃꢀůŝĚ͕ꢀĐŽŶƐŝƐƚŝŶŐꢀŽĨꢀĨŽƵƌꢀĂĚĚŝƚŝŽŶĂůꢀŚĞůŝĐĞƐꢀŝŶƐĞƌƚĞĚꢀďĞƚǁĞĞŶꢀ
ϲϵꢀ ɴϱꢀĂŶĚꢀɲϵꢀŽĨꢀƚŚĞꢀ͞ĐŽƌĞ͟ꢀĚŽŵĂŝŶ͕ꢀĐĂƉƐꢀƚŚĞꢀĐŽƌĞꢀĚŽŵĂŝŶꢀŽǀĞƌꢀĂꢀůĂƌŐĞꢀĐĞŶƚƌĂůꢀĐĂǀŝƚLJꢀŚĂƌďŽƵƌŝŶŐꢀ
ϳϬꢀ ƚŚĞꢀƐĞƌŝŶĞꢀĂŶĚꢀŚŝƐƚŝĚŝŶĞꢀƌĞƐŝĚƵĞƐꢀĨƌŽŵꢀƚŚĞꢀĐĂƚĂůLJƚŝĐꢀƚƌŝĂĚ͕ꢀĂƐꢀǁĞůůꢀĂƐꢀƉŚĞŶLJůĂůĂŶŝŶĞꢀƌĞƐŝĚƵĞƐꢀ
ϳϭꢀ ƉĂƌƚŝĐƵůĂƌůLJꢀ ĐŽŶƐĞƌǀĞĚꢀ ĂĐƌŽƐƐꢀ ŵĞŵďĞƌƐꢀ ŽĨꢀ ƚŚĞꢀ ꢄꢃꢄϮͬꢄϭϰꢀ ĐůĂĚĞꢀ ;ϭϲ͕ꢀ ϭϵ͕ꢀ ϮϮͲϮϴͿ͘ꢀ dŚĞƐĞꢀ
ϳϮꢀ ŽďƐĞƌǀĂƚŝŽŶƐꢀƌĂƉŝĚůLJꢀůĞĚꢀƚŽꢀƚŚĞꢀŚLJƉŽƚŚĞƐŝƐꢀƚŚĂƚꢀ^>ꢀƌĞĐĞƉƚŽƌƐꢀĂƌĞꢀ͞ĚƌƵŐŐĂďůĞ͟ꢀĂŶĚꢀƚŚĂƚꢀƚŚĞꢀ^>ꢀ
ϳϯꢀ ƐŝŐŶĂůůŝŶŐꢀ ƉĂƚŚǁĂLJꢀ ĐŽƵůĚꢀ ƚŚĞƌĞĨŽƌĞꢀ ďĞꢀ ŵĂŶŝƉƵůĂƚĞĚꢀ ďLJꢀ ĐŚĞŵŝĐĂůꢀ ĨĂĐƚŽƌƐꢀ ƚŽꢀ ƉƌŽǀŝĚĞꢀ ŶŽǀĞůꢀ
ϳϰꢀ ƉůĂŶƚꢀŐƌŽǁƚŚꢀƌĞŐƵůĂƚŽƌƐꢀĂĨĨĞĐƚŝŶŐꢀƉůĂŶƚꢀĂƌĐŚŝƚĞĐƚƵƌĞꢀ;ϮϵͿ͘ꢀ/ŶꢀůŝŶĞꢀǁŝƚŚꢀƚŚŝƐꢀŚLJƉŽƚŚĞƐŝƐ͕ꢀĞŝŐŚƚꢀ
ϳϱꢀ ĐŽŵƉŽƵŶĚꢀĐůĂƐƐĞƐꢀŚĂǀĞꢀƌĞĐĞŶƚůLJꢀďĞĞŶꢀĚĞƐĐƌŝďĞĚꢀĂƐꢀĂŶƚĂŐŽŶŝƐƚƐꢀŽĨꢀ^>ꢀƌĞĐĞƉƚŽƌƐꢀǁŝƚŚꢀǀĂƌŝŽƵƐꢀ
ϳϲꢀ ĂĨĨŝŶŝƚŝĞƐ͕ꢀƉŽƚĞŶĐŝĞƐꢀĂŶĚꢀŝŶꢀƉůĂŶƚĂꢀĞĨĨĞĐƚƐꢀ;ƌĞǀŝĞǁĞĚꢀŝŶꢀ;ϯϬͿͿ͗ꢀƐŽƉŽƌŝĚŝŶĞꢀ;ϯϭͿ͕ꢀϮͲŵĞƚŚŽdžLJͲϭͲ
ϳϳꢀ ŶĂƉŚƚŚĂůĚĞŚLJĚĞꢀ ;ϯϮͿ͕ꢀ ɴͲůĂĐƚŽŶĞƐꢀ ;ϯϯͿ͕ꢀ ꢄ>ϭꢀ ;ϯϰͿ͕ꢀ EͲƉŚĞŶLJůĂŶƚŚƌĂŶŝůŝĐꢀ ĂĐŝĚꢀ ĚĞƌŝǀĂƚŝǀĞƐꢀ
ϳϴꢀ ;ϯϱͿ͕dƌŝƚŽŶꢀyͲϭϬϬꢀ;ϯϲͿ͕ꢀĐĂƌďĂͲ^>Ɛꢀ;ϯϳͿꢀĂŶĚꢀϭ͕Ϯ͕ϯͲꢀƚƌŝĂnjŽůĞꢀƵƌĞĂƐꢀ;ϯϴͿ͘ꢀ
ϳϵꢀ dŚĞꢀŵŽĚĞꢀŽĨꢀĂĐƚŝŽŶꢀŽĨꢀEͲƉŚĞŶLJůĂŶƚŚƌĂŶŝůŝĐꢀĂĐŝĚꢀĚĞƌŝǀĂƚŝǀĞƐꢀŚĂƐꢀďĞĞŶꢀĐŚĂƌĂĐƚĞƌŝnjĞĚꢀĂƚꢀƚŚĞꢀ
ϴϬꢀ ƐƚƌƵĐƚƵƌĂůꢀůĞǀĞůꢀ;ϯϱͿ͘ꢀ/ŶꢀƚŚĞꢀĐŽͲĐƌLJƐƚĂůꢀƐƚƌƵĐƚƵƌĞƐꢀŽĨꢀƉĞƚƵŶŝĂꢀꢄꢃꢄϮꢀǁŝƚŚꢀƚŽůĨĞŶĂŵŝĐꢀĂĐŝĚꢀĂŶĚꢀꢀ
ϴϭꢀ ƚŚĞꢀƌĞůĂƚĞĚꢀϮͲ;Ϯ͛ͲŵĞƚŚLJůͲϯ͛ͲŶŝƚƌŽĂŶŝůŝŶŽͿďĞŶnjŽŝĐꢀĂĐŝĚꢀ;DEꢃꢂͿ͕ꢀĂŶĚꢀŽĨꢀƌŝĐĞꢀꢄϭϰꢀǁŝƚŚꢀDEꢃꢂ͕ꢀ
ϴϮꢀ ƚŚĞꢀ ĂŶƚĂŐŽŶŝƐƚƐꢀ ǁĞƌĞꢀ ĨŽƵŶĚꢀ ƚŽꢀ ĨƵůůLJꢀ ŽĐĐƵƉLJꢀ ƚŚĞꢀ ďŝŶĚŝŶŐꢀ ĐĂǀŝƚLJꢀ ǁŝƚŚꢀ ĞdžĐĞůůĞŶƚꢀ ƐŚĂƉĞꢀ
ϴϯꢀ ĐŽŵƉůĞŵĞŶƚĂƌŝƚŝĞƐ͘ꢀ dŚĞꢀ ďŝŶĚŝŶŐꢀ ŵŽĚĞꢀ ŽĨꢀ ƚŚĞƐĞꢀ ĐŽŵƉŽƵŶĚƐꢀ ƚŽꢀ ƚŚĞꢀ ƉĞƚƵŶŝĂꢀ ĂŶĚꢀ ƌŝĐĞꢀ ^>ꢀ
ϴϰꢀ ƌĞĐĞƉƚŽƌƐꢀŝƐꢀĐŽŶƐĞƌǀĞĚ͕ꢀǁŝƚŚꢀŽŶůLJꢀǀĞƌLJꢀŵŝŶŽƌꢀǀĂƌŝĂƚŝŽŶƐꢀƐĞĞŶꢀŝŶꢀƚŚĞꢀƌĞƐƉĞĐƚŝǀĞꢀĐŽŶĨŽƌŵĂƚŝŽŶƐꢀ
ϴϱꢀ ŽĨꢀƚŚĞꢀďŽƵŶĚꢀĐŽŵƉŽƵŶĚƐꢀŝŶꢀƚŚĞꢀƌŝĐĞꢀǀƐꢀƉĞƚƵŶŝĂꢀƌĞĐĞƉƚŽƌꢀƚŽꢀĂĐĐŽƵŶƚꢀĨŽƌꢀƚŚĞꢀƚŚƌĞĞꢀĂŵŝŶŽꢀĂĐŝĚꢀ
ϴϲꢀ ĚŝĨĨĞƌĞŶĐĞƐꢀ ŽďƐĞƌǀĞĚꢀ ŝŶꢀ ƚŚĞꢀ ďŝŶĚŝŶŐꢀ ĐĂǀŝƚŝĞƐꢀ ŽĨꢀ ƚŚĞƐĞꢀ ƚǁŽꢀ ƉƌŽƚĞŝŶƐ͘ꢀ KǀĞƌĂůů͕ꢀ EͲ
ϴϳꢀ ƉŚĞŶLJůĂŶƚŚƌĂŶŝůŝĐꢀ ĂĐŝĚꢀ ĚĞƌŝǀĂƚŝǀĞƐꢀ ďŝŶĚꢀ ƚŚƌŽƵŐŚꢀ Ăꢀ ĐŽŵďŝŶĂƚŝŽŶꢀ ŽĨꢀ ĞůĞĐƚƌŽƐƚĂƚŝĐꢀ ĂŶĚꢀ
ϱꢀ
ꢀ

ϴϴꢀ ŚLJĚƌŽƉŚŽďŝĐꢀŝŶƚĞƌĂĐƚŝŽŶƐ͘ꢀ/ŶꢀƉĂƌƚŝĐƵůĂƌ͕ꢀƚŚĞꢀĐĂƌďŽdžLJůŝĐꢀŐƌŽƵƉꢀŽĨꢀƚŚĞꢀĂŶƚĂŐŽŶŝƐƚƐꢀĂŶĐŚŽƌƐꢀƚŚĞꢀ
ϴϵꢀ ĐŽŵƉŽƵŶĚꢀ ĚĞĞƉꢀ ŝŶƐŝĚĞꢀ ƚŚĞꢀ ĐĂǀŝƚLJꢀ ƚŚƌŽƵŐŚꢀ ĞůĞĐƚƌŽƐƚĂƚŝĐꢀ ŝŶƚĞƌĂĐƚŝŽŶƐꢀ ǁŝƚŚꢀ ƚŚĞꢀ ƐĞƌŝŶĞꢀ ĂŶĚꢀ
ϵϬꢀ ŚŝƐƚŝĚŝŶĞꢀ ƌĞƐŝĚƵĞƐꢀ ŽĨꢀ ƚŚĞꢀ ĐĂƚĂůLJƚŝĐꢀ ƚƌŝĂĚ͘ꢀ &ƵƌƚŚĞƌŵŽƌĞ͕ꢀ ĂŶꢀ ĂĚĚŝƚŝŽŶĂůꢀ ŚLJĚƌŽŐĞŶꢀ ďŽŶĚꢀ ŝƐꢀ
ϵϭꢀ ŽďƐĞƌǀĞĚꢀďĞƚǁĞĞŶꢀƚŚĞꢀĂŶƚĂŐŽŶŝƐƚƐꢀĂŶĚꢀ^ĞƌϮϭϵꢀŝŶꢀꢄꢃꢄϮꢀ;^ĞƌϮϳϬꢀŝŶꢀƌŝĐĞꢀꢄϭϰͿ͘ꢀdŚŝƐꢀƌĞƐŝĚƵĞ͕ꢀ
ϵϮꢀ ƐƚƌŝĐƚůLJꢀĐŽŶƐĞƌǀĞĚꢀĂŵŽŶŐꢀŵĞŵďĞƌƐꢀŽĨꢀƚŚĞꢀꢄꢃꢄϮͬꢄϭϰꢀĐůĂĚĞ͕ꢀƐŝƚƐꢀĂƚꢀƚŚĞꢀƚŝƉꢀŽĨꢀƚŚĞꢀƐŽͲĐĂůůĞĚꢀ
ϵϯꢀ ĂĐƚŝǀĂƚŝŽŶꢀůŽŽƉꢀƚŚĂƚꢀĚĞĨŝŶĞƐꢀƚŚĞꢀĞŶƚƌĂŶĐĞꢀŽĨꢀƚŚĞꢀŝŶƚĞƌŶĂůꢀĐĂǀŝƚLJ͘ꢀ/ŶꢀƚŚĞꢀĐƌLJƐƚĂůꢀƐƚƌƵĐƚƵƌĞꢀŽĨꢀ
ϵϰꢀ ꢄϭϰꢀ ďŽƵŶĚꢀ ƚŽꢀ ꢄϯꢀ ;ƚŚĞꢀ DꢃyϮꢀ ŽƌƚŚŽůŽŐƵĞꢀ ŝŶꢀ ƌŝĐĞͿꢀ ƚŚĞꢀ ůŝĚꢀ ĚŽŵĂŝŶꢀ ŽĨꢀ ƚŚĞꢀ ƌĞĐĞƉƚŽƌꢀ ŚĂƐꢀ
ϵϱꢀ ƵŶĚĞƌŐŽŶĞꢀ ůĂƌŐĞꢀ ĐŽŶĨŽƌŵĂƚŝŽŶĂůꢀ ĐŚĂŶŐĞƐꢀ ƚŽꢀ ŝŶƚĞƌĂĐƚꢀ ǁŝƚŚꢀ ꢄϯꢀ ĂŶĚꢀ ƚŚĞꢀ ĂĐƚŝǀĂƚŝŽŶꢀ ůŽŽƉꢀ ŝƐꢀ
ϵϲꢀ ĐŽŵƉůĞƚĞůLJꢀĚŝƐŽƌĚĞƌĞĚ͕ꢀƐƵŐŐĞƐƚŝŶŐꢀƚŚĂƚꢀ'ZϮϰͲŝŶĚƵĐĞĚꢀĚŝƐƉůĂĐĞŵĞŶƚꢀŽĨꢀƚŚĞꢀĂĐƚŝǀĂƚŝŽŶꢀůŽŽƉꢀ
ϵϳꢀ ŵĂLJꢀƵŶůŽĐŬꢀƚŚĞꢀůŝĚꢀĂŶĚꢀĂĐƚŝǀĂƚĞꢀƚŚĞꢀƌĞĐĞƉƚŽƌ͘ꢀdŚĞꢀŝŶƚĞƌĂĐƚŝŽŶꢀďĞƚǁĞĞŶꢀEͲƉŚĞŶLJůĂŶƚŚƌĂŶŝůŝĐꢀ
ϵϴꢀ ĂĐŝĚꢀĚĞƌŝǀĂƚŝǀĞƐꢀĂŶĚꢀ^ĞƌϮϭϵꢀƐƵƉƉŽƌƚĞĚꢀƚŚŝƐꢀŚLJƉŽƚŚĞƐŝƐꢀǁŚĞƌĞ͕ꢀďLJꢀůŽĐŬŝŶŐꢀƚŚĞꢀĂĐƚŝǀĂƚŝŽŶꢀůŽŽƉꢀ
ϵϵꢀ ŝŶꢀŝƚƐꢀŐƌŽƵŶĚꢀ;ŝŶĂĐƚŝǀĞͿꢀƐƚĂƚĞ͕ꢀƚŚĞꢀĂŶƚĂŐŽŶŝƐƚƐꢀƉƌĞǀĞŶƚꢀƚŚĞꢀŽƉĞŶŝŶŐꢀŽĨꢀƚŚĞꢀůŝĚꢀĂŶĚꢀĂĐƚŝǀĂƚŝŽŶꢀŽĨꢀ
ϭϬϬꢀ ƚŚĞꢀƌĞĐĞƉƚŽƌ͘ꢀ
ϭϬϭꢀ ꢃꢀƐƚƌƵĐƚƵƌĞͲĂĐƚŝǀŝƚLJꢀƌĞůĂƚŝŽŶƐŚŝƉꢀ;^ꢃZͿꢀƐƚƵĚLJꢀƵƐŝŶŐꢀϭϭϵꢀEͲƉŚĞŶLJůĂŶƚŚƌĂŶŝůŝĐꢀĂĐŝĚꢀĚĞƌŝǀĂƚŝǀĞƐ͕ꢀ
ϭϬϮꢀ ĂŶĚꢀ ϭϵꢀ ŚĞƚĞƌŽĂŶĂůŽŐꢀ ϮͲƉŚĞŶŽdžLJďĞŶnjŽŝĐꢀ ĂĐŝĚꢀ ĚĞƌŝǀĂƚŝǀĞƐ͕ꢀ ƐƵŐŐĞƐƚĞĚꢀ ƚŚĂƚꢀ ƚŚĞꢀ ĐŽƌĞꢀ
ϭϬϯꢀ ƉŚĂƌŵĂĐŽƉŚŽƌĞꢀŝƐꢀEͲ;ϮͲŵĞƚŚLJůƉŚĞŶLJůͿĂŶƚŚƌĂŶŝůŝĐꢀĂĐŝĚꢀ;&ŝŐƵƌĞꢀϭĂͿ͕ꢀǁŝƚŚꢀƉŽƐƐŝďůĞꢀƐƵďƐƚŝƚƵĞŶƚƐꢀ
ϭϬϰꢀ ƚŽꢀďĞꢀůŽĐĂƚĞĚꢀŽŶꢀƉŽƐŝƚŝŽŶƐꢀϯʹϱꢀŽĨꢀƚŚĞꢀzꢀƌŝŶŐꢀ;ϯϱͿꢀ;ƌŝŶŐꢀůĂďĞůƐꢀĂƌĞꢀĚĞĨŝŶĞĚꢀŽŶꢀ&ŝŐƵƌĞꢀϭͿ͘ꢀdŚĞꢀ
ϭϬϱꢀ ƌĞƋƵŝƌĞŵĞŶƚꢀĨŽƌꢀƵŶƐƵďƐƚŝƚƵƚĞĚꢀƉŽƐŝƚŝŽŶƐꢀŽŶꢀƚŚĞꢀyꢀƌŝŶŐ͕ꢀŶŽƚꢀƵŶĞdžƉĞĐƚĞĚꢀŐŝǀĞŶꢀƚŚĞꢀƚŝŐŚƚꢀƐƚĞƌŝĐꢀ
ϭϬϲꢀ ĐŽŶƐƚƌĂŝŶƚƐꢀ ĂƌŽƵŶĚꢀ ƚŚĂƚꢀ ƌŝŶŐꢀ ŝŶꢀ ƚŚĞꢀ ďŝŶĚŝŶŐꢀ ƉŽĐŬĞƚ͕ꢀ ŵĂLJꢀ ĂůƐŽꢀ ƌĞĨůĞĐƚꢀ Ăꢀ ŶĞĞĚꢀ ƚŽꢀ ŵĂdžŝŵŝnjĞꢀ
ϭϬϳꢀ ŝŶƚĞƌŶĂůꢀ ŚLJĚƌŽŐĞŶꢀ ďŽŶĚŝŶŐꢀ ďLJꢀ ŵŝŶŝŵŝnjŝŶŐꢀƌŝŶŐꢀƚǁŝƐƚꢀ ;&ŝŐƵƌĞꢀ ϭďͿ͘ꢀ /Ŷꢀ ƚŚĞꢀƉƌĞƐĞŶƚꢀƐƚƵĚLJ͕ꢀ ǁĞꢀ
ϭϬϴꢀ ƚĞƐƚĞĚꢀ ƚŚŝƐꢀ ŚLJƉŽƚŚĞƐŝƐꢀ ďLJꢀ ĚĞƐŝŐŶŝŶŐꢀ Ăꢀ ƐĞƌŝĞƐꢀ ŽĨꢀ ĨƵƐĞĚꢀ ĐŽŵƉŽƵŶĚƐꢀ ƌĞůĂƚĞĚꢀ ƚŽꢀ ϭͲ
ϭϬϵꢀ ƉŚĞŶLJůƋƵŝŶĂnjŽůŝŶĞͲϮ͕ϰ;ϭ,͕ϯ,ͿͲĚŝŽŶĞꢀ ;&ŝŐƵƌĞꢀ ϭďͲĐͿꢀ ĂŶĚꢀ ĂƐƐĂLJŝŶŐꢀ ƚŚĞŝƌꢀ ĂďŝůŝƚLJꢀ ƚŽꢀ ĂĐƚꢀ ĂƐꢀ
ϭϭϬꢀ ĂŶƚĂŐŽŶŝƐƚƐꢀĨŽƌꢀ^>ꢀƌĞĐĞƉƚŽƌƐꢀƵƐŝŶŐꢀďŝŽĐŚĞŵŝĐĂů͕ꢀƐƚƌƵĐƚƵƌĂůꢀĂŶĚꢀŝŶꢀƉůĂŶƚĂꢀŵĞƚŚŽĚƐ͘ꢀ
ϲꢀ
ꢀ

ϭϭϭꢀ ꢃdžƉĞƌŝŵĞŶƚĂůꢁ
ϭϭϮꢀ DĂƚĞƌŝĂůƐꢀ
ϭϭϯꢀ ꢁŽŵƉŽƵŶĚƐꢀϬ͕ꢀϱʹϴꢀǁĞƌĞꢀƉƵƌĐŚĂƐĞĚꢀĨƌŽŵꢀDŽůƉŽƌƚꢀ;ĐĂƚĂůŽŐƵĞꢀŶƵŵďĞƌƐ͗ꢀϬϬϯͲϴϬϵͲϮϴϵ͕ꢀϬϬϵͲ
ϭϭϰꢀ ϬϭϰͲϳϰϭ͕ꢀ ϬϬϮͲϴϭϳͲϲϰϳ͕ꢀ ϬϬϯͲϴϬϮͲϰϲϯꢀ ĂŶĚꢀ ϬϬϯͲϴϬϮͲϰϲϮ͕ꢀ ƌĞƐƉĞĐƚŝǀĞůLJͿ͕ꢀ ĐŽŵƉŽƵŶĚꢀ ϭϬꢀ ǁĂƐꢀ
ϭϭϱꢀ ƉƵƌĐŚĂƐĞĚꢀ ĨƌŽŵꢀ ^ŝŐŵĂͲꢃůĚƌŝĐŚꢀ ;ĐĂƚĂůŽŐƵĞꢀ ŶƵŵďĞƌꢀ dϬϱϯϱͿꢀ ĂŶĚꢀ ĐŽŵƉŽƵŶĚꢀ ϵꢀ ǁĂƐꢀ ŽďƚĂŝŶĞĚꢀ
ϭϭϲꢀ ĨƌŽŵꢀtŝůůŝĂŵꢀꢃ͘ꢀꢄĞŶŶLJꢀ;ꢃƵĐŬůĂŶĚꢀꢁĂŶĐĞƌꢀ^ŽĐŝĞƚLJꢀZĞƐĞĂƌĐŚꢀꢁĞŶƚƌĞͿ͘ꢀ
ϭϭϳꢀ ꢁŚĞŵŝĐĂůꢀƐLJŶƚŚĞƐĞƐꢀ
ϭϭϴꢀ ϭͲ;ϯͲEŝƚƌŽͲϰͲŚLJĚƌŽdžLJƉŚĞŶLJůͿͲϭ,ͲƋƵŝŶĂnjŽůŝŶĞͲϮ͕ϰͲĚŝŽŶĞꢀ;ϮͿꢀ
ϭϭϵꢀ ꢃꢀƐŽůƵƚŝŽŶꢀŽĨꢀϭͲ;ϮͲďƌŽŵŽďĞŶnjŽLJůͿͲϯͲ;ϯͲŶŝƚƌŽƉŚĞŶLJůͿͲƵƌĞĂꢀ;ϮϱϬꢀŵŐ͕ꢀϬ͘ϲϴꢀŵŵŽů͖ꢀƚŚĞꢀĐŚĞŵŝĐĂůꢀ
ϭϮϬꢀ ƐLJŶƚŚĞƐŝƐꢀŽĨꢀƚŚĞꢀŝŶƚĞƌŵĞĚŝĂƚĞꢀƵƌĞĂꢀŝƐꢀĚĞƐĐƌŝďĞĚꢀŝŶꢀƚŚĞꢀ^ƵƉƉůĞŵĞŶƚĂƌLJꢀꢅdžƉĞƌŝŵĞŶƚĂůꢀƐĞĐƚŝŽŶͿꢀ
ϭϮϭꢀ ĂŶĚꢀ ĨƌĞƐŚůLJꢀ ƌĞƐƵďůŝŵĞĚꢀ ƉŽƚĂƐƐŝƵŵꢀ ƚĞƌƚꢀ ďƵƚŽdžŝĚĞꢀ ;ϰϱϬꢀ ŵŐͿꢀ ŝŶꢀ ĚƌLJꢀ E͕EͲĚŝŵĞƚŚLJůĨŽƌŵĂŵŝĚĞꢀ
ϭϮϮꢀ ;ꢄD&Ϳꢀ;ϳꢀŵ>ͿꢀǁĂƐꢀƐƚŝƌƌĞĚꢀĂƚꢀϳϱΣꢁꢀĨŽƌꢀϮ͘ϮϱꢀŚ͘ꢀdŚĞꢀŵŝdžƚƵƌĞꢀǁĂƐꢀĐŽŽůĞĚꢀƚŚĞŶꢀƉŽƵƌĞĚꢀŽŶƚŽꢀĂƋ͘ꢀ
ϭϮϯꢀ ,ꢁůꢀ;Ϭ͘ϱꢀD͕ꢀϱϬꢀŵ>Ϳ͘ꢀdŚĞꢀƉĂůĞꢀďƌŽǁŶꢀƐŽůŝĚꢀǁĂƐꢀĨŝůƚĞƌĞĚꢀŽĨĨ͕ꢀǁĂƐŚĞĚꢀǁŝƚŚꢀǁĂƚĞƌꢀƚŚĞŶꢀĚƌŝĞĚꢀƚŽꢀ
ϭϮϰꢀ ŐŝǀĞꢀƚŚĞꢀĐƌƵĚĞꢀƉƌŽĚƵĐƚ͘ꢀWƵƌŝĨŝĐĂƚŝŽŶꢀďLJꢀĐŽůƵŵŶꢀĐŚƌŽŵĂƚŽŐƌĂƉŚLJꢀŽǀĞƌꢀƐŝůŝĐĂꢀŐĞůꢀĞůƵƚŝŶŐꢀǁŝƚŚꢀ
ϭϮϱꢀ ĚŝĐŚůŽƌŽŵĞƚŚĂŶĞꢀƚŽꢀĞƚŚLJůꢀĂĐĞƚĂƚĞꢀ;ϬꢀƚŽꢀϱϬйͿꢀŐĂǀĞꢀƐƚĂƌƚŝŶŐꢀŵĂƚĞƌŝĂů͕ꢀĂŶꢀƵŶŬŶŽǁŶꢀďLJƉƌŽĚƵĐƚꢀ
ϭϮϲꢀ ĂŶĚꢀ ƚŚĞꢀ ƚŝƚůĞꢀ ĐŽŵƉŽƵŶĚꢀ ;ϵꢀ ŵŐͿ͘ꢀ dŚĞꢀ ŝĚĞŶƚŝƚLJꢀ ŽĨꢀ ƚŚĞꢀ ƚŝƚůĞꢀ ĐŽŵƉŽƵŶĚꢀ ǁĂƐꢀ ƐŚŽǁŶꢀ ďLJꢀ yͲƌĂLJꢀ
ϭϮϳꢀ ĐƌLJƐƚĂůůŽŐƌĂƉŚLJ͘ꢀ,ZD^Ͳꢅ^/ꢀ΀DͲ,΁ͲꢀĐĂůĐĚꢀĨŽƌꢀꢁϭϰ,ϴEϯKϱ͗ꢀϮϵϴ͘Ϭϰϲϵ͕ꢀ&ŽƵŶĚ͗ꢀϮϵϴ͘Ϭϰϴϵ͘ꢀϭ,ꢀĂŶĚꢀ
ϭϮϴꢀ ϭϯꢁꢀEDZꢀĚĂƚĂꢀĂƌĞꢀƉƌĞƐĞŶƚĞĚꢀŝŶꢀ^ƵƉƉůĞŵĞŶƚĂƌLJꢀdĂďůĞꢀϭ͘ꢀꢀ
ϭϮϵꢀ ϭͲ;ϯͲꢁŚůŽƌŽͲϮͲŵĞƚŚLJůďĞŶnjLJůͿͲϭ,ͲƋƵŝŶĂnjŽůŝŶĞͲϮ͕ϰͲĚŝŽŶĞꢀ;ϯͿꢀ
ϭϯϬꢀ ꢃꢀ ƐŽůƵƚŝŽŶꢀ ŽĨꢀ ϭͲ;ϮͲďƌŽŵŽďĞŶnjŽLJůͿͲϯͲ;ϯͲĐŚůŽƌŽͲϮͲŵĞƚŚLJůƉŚĞŶLJůͿͲƵƌĞĂꢀ ;ϮϱϬꢀ ŵŐ͕ꢀ Ϭ͘ϲϴꢀ ŵŵŽů͖ꢀ
ϭϯϭꢀ ^ƵƉƉůĞŵĞŶƚĂƌLJꢀꢅdžƉĞƌŝŵĞŶƚĂůꢀƐĞĐƚŝŽŶͿꢀĂŶĚꢀĨƌĞƐŚůLJꢀƌĞƐƵďůŝŵĞĚꢀƉŽƚĂƐƐŝƵŵꢀƚĞƌƚ͘ďƵƚŽdžŝĚĞꢀ;ϮϱϬꢀ
ϭϯϮꢀ ŵŐ͕ꢀϮꢀŵŵŽůͿꢀŝŶꢀĚƌLJꢀꢄD&ꢀ;ϱꢀŵ>ͿꢀǁĂƐꢀŚĞĂƚĞĚꢀƚŽꢀϳϬΣꢁꢀĨŽƌꢀϭϴꢀŚ͘ꢀdŚĞꢀŵŝdžƚƵƌĞꢀǁĂƐꢀĐŽŽůĞĚꢀƚŚĞŶꢀ
ϳꢀ
ꢀ

ϭϯϯꢀ ƉŽƵƌĞĚꢀ ŽŶƚŽꢀ ĂƋ͘ꢀ,ꢁůꢀ ;Ϭ͘ϱꢀ D͕ꢀϱϬꢀ ŵ>Ϳ͘ꢀdŚĞꢀ ƉĂůĞꢀ ďƌŽǁŶꢀƐŽůŝĚꢀǁĂƐꢀĨŝůƚĞƌĞĚꢀ ŽĨĨ͕ꢀ ǁĂƐŚĞĚꢀǁŝƚŚꢀ
ϭϯϰꢀ ǁĂƚĞƌꢀƚŚĞŶꢀĚƌŝĞĚꢀƚŽꢀŐŝǀĞꢀƚŚĞꢀĐƌƵĚĞꢀƉƌŽĚƵĐƚ͘ꢀWƵƌŝĨŝĐĂƚŝŽŶꢀďLJꢀĐŽůƵŵŶꢀĐŚƌŽŵĂƚŽŐƌĂƉŚLJꢀŽǀĞƌꢀ
ϭϯϱꢀ ƐŝůŝĐĂꢀŐĞůꢀĞůƵƚŝŶŐꢀǁŝƚŚꢀĚŝĐŚůŽƌŽŵĞƚŚĂŶĞꢀƚŽꢀĞƚŚLJůꢀĂĐĞƚĂƚĞꢀ;ϬꢀƚŽꢀϱϬйͿꢀŐĂǀĞꢀƚŚĞꢀƉƵƌĞꢀƉƌŽĚƵĐƚꢀĂƐꢀ
ϭϯϲꢀ ĂꢀǁŚŝƚĞꢀƐŽůŝĚꢀ;ϭϭϱꢀŵŐ͕ꢀϲϬйͿ͘ꢀ
ϭϯϳꢀ DŝĐƌŽĂŶĂůLJƐŝƐꢀĐĂůĐĚꢀĨŽƌꢀꢁϭϱ,ϭϭꢁůEϮKϮ͗ꢀꢁ͕ꢀϲϮ͘ϴϰ͖ꢀ,͕ꢀϯ͘ϴϳ͖ꢀE͕ꢀϵ͘ϳϳ͘ꢀ&ŽƵŶĚ͗ꢀꢁ͕ꢀϲϮ͘ϴϮ͖ꢀ,͕ꢀϯ͘ϵϵ͖ꢀE͕ꢀ
ϭϯϴꢀ ϵ͘ϲϭ͘ꢀ,ZD^Ͳꢅ^/ꢀ΀DнEĂ΁нꢀĐĂůĐĚꢀĨŽƌꢀꢁϭϱ,ϭϭꢁůEϮEĂKϮ͗ꢀϯϬϵ͘ϬϰϬϭ͕ꢀĨŽƵŶĚ͗ꢀϯϬϵ͘Ϭϯϴϰ͘ꢀϭ,ꢀĂŶĚꢀϭϯꢁꢀ
ϭϯϵꢀ EDZꢀĚĂƚĂꢀĂƌĞꢀƉƌĞƐĞŶƚĞĚꢀŝŶꢀ^ƵƉƉůĞŵĞŶƚĂƌLJꢀdĂďůĞꢀϭ͘ꢀꢀ
ϭϰϬꢀ ϭͲ;ϯͲꢁŚůŽƌŽƉŚĞŶLJůͿͲϭ,ͲƋƵŝŶĂnjŽůŝŶĞͲϮ͕ϰͲĚŝŽŶĞꢀ;ϰͿꢀ
ϭϰϭꢀ ꢃꢀ ƐŽůƵƚŝŽŶꢀ ŽĨꢀ ϭͲ;ϮͲďƌŽŵŽďĞŶnjŽLJůͿͲϯͲ;ϯͲĐŚůŽƌŽƉŚĞŶLJůͿͲƵƌĞĂꢀ ;ϮϱϬꢀ ŵŐ͕ꢀ Ϭ͘ϲϴꢀ ŵŵŽů͖ꢀ
ϭϰϮꢀ ^ƵƉƉůĞŵĞŶƚĂƌLJꢀꢅdžƉĞƌŝŵĞŶƚĂůꢀƐĞĐƚŝŽŶͿꢀĂŶĚꢀĨƌĞƐŚůLJꢀƌĞƐƵďůŝŵĞĚꢀƉŽƚĂƐƐŝƵŵꢀƚĞƌƚꢀďƵƚŽdžŝĚĞꢀ;ϮϱϬꢀ
ϭϰϯꢀ ŵŐ͕ꢀϮꢀŵŵŽůͿꢀŝŶꢀĚƌLJꢀꢄD&ꢀ;ϱꢀŵ>ͿꢀǁĂƐꢀŚĞĂƚĞĚꢀƚŽꢀϳϬΣꢁꢀĨŽƌꢀϭϴꢀŚ͘ꢀdŚĞꢀŵŝdžƚƵƌĞꢀǁĂƐꢀĐŽŽůĞĚꢀƚŚĞŶꢀ
ϭϰϰꢀ ƉŽƵƌĞĚꢀ ŽŶƚŽꢀ ĂƋ͘ꢀ,ꢁůꢀ ;Ϭ͘ϱꢀ D͕ꢀϱϬꢀ ŵ>Ϳ͘ꢀdŚĞꢀ ƉĂůĞꢀ ďƌŽǁŶꢀƐŽůŝĚꢀǁĂƐꢀĨŝůƚĞƌĞĚꢀ ŽĨĨ͕ꢀ ǁĂƐŚĞĚꢀǁŝƚŚꢀ
ϭϰϱꢀ ǁĂƚĞƌꢀƚŚĞŶꢀĚƌŝĞĚꢀƚŽꢀŐŝǀĞꢀƚŚĞꢀĐƌƵĚĞꢀƉƌŽĚƵĐƚ͘ꢀWƵƌŝĨŝĐĂƚŝŽŶꢀďLJꢀĐŽůƵŵŶꢀĐŚƌŽŵĂƚŽŐƌĂƉŚLJꢀŽǀĞƌꢀ
ϭϰϲꢀ ƐŝůŝĐĂꢀŐĞůꢀĞůƵƚŝŶŐꢀǁŝƚŚꢀĚŝĐŚůŽƌŽŵĞƚŚĂŶĞꢀƚŽꢀĞƚŚLJůꢀĂĐĞƚĂƚĞꢀ;ϬꢀƚŽꢀϱϬйͿꢀŐĂǀĞꢀƚŚĞꢀƉƵƌĞꢀƉƌŽĚƵĐƚꢀĂƐꢀ
ϭϰϳꢀ ĂꢀǁŚŝƚĞꢀƐŽůŝĚꢀ;ϭϲϱꢀŵŐ͕ꢀϴϱйͿ͘ꢀ
ϭϰϴꢀ DŝĐƌŽĂŶĂůLJƐŝƐꢀĐĂůĐĚꢀĨŽƌꢀꢁϭϰ,ϵꢁůEϮKϮ͗ꢀꢁ͕ꢀϲϭ͘ϲϳ͖ꢀ,͕ꢀϯ͘ϯϯ͖ꢀE͕ꢀϭϬ͘Ϯϳ͘ꢀ&ŽƵŶĚ͗ꢀꢁ͕ꢀϲϭ͘ϱϳ͖ꢀ,͕ꢀϯ͘ϯϲ͖ꢀE͕ꢀ
ϭϰϵꢀ ϭϬ͘ϭϲ͘ꢀ,ZD^Ͳꢅ^/ꢀ΀DнEĂ΁нꢀĐĂůĐĚꢀĨŽƌꢀꢁϭϰ,ϵꢁůEϮEĂKϮ͗ꢀϮϵϱ͘ϬϮϰϱ͕ꢀ&ŽƵŶĚ͗ꢀϮϵϱ͘ϬϮϮϯ͘ꢀϭ,ꢀĂŶĚꢀϭϯꢁꢀ
ϭϱϬꢀ EDZꢀĚĂƚĂꢀĂƌĞꢀƉƌĞƐĞŶƚĞĚꢀŝŶꢀ^ƵƉƉůĞŵĞŶƚĂƌLJꢀdĂďůĞꢀϭ͘ꢀꢀ
ϭϱϭꢀ
ꢀ
ϭϱϮꢀ WƌŽƚĞŝŶꢀĞdžƉƌĞƐƐŝŽŶ͕ꢀƉƵƌŝĨŝĐĂƚŝŽŶ͕ꢀĐƌLJƐƚĂůůŝnjĂƚŝŽŶꢀĂŶĚꢀƐƚƌƵĐƚƵƌĞꢀĚĞƚĞƌŵŝŶĂƚŝŽŶꢀ
ϭϱϯꢀ WƌŽƚŽĐŽůƐꢀĨŽƌꢀĞdžƉƌĞƐƐŝŽŶꢀĂŶĚꢀƉƵƌŝĨŝĐĂƚŝŽŶꢀŽĨꢀǁƚͲꢄꢃꢄϮꢀ;ĨŽƌꢀŝŶꢀǀŝƚƌŽꢀĂƐƐĂLJƐͿꢀĂŶĚꢀꢄꢃꢄϮꢁLJƐϴϵ'ůŶ
ꢀ
ϭϱϰꢀ ;ĨŽƌꢀ ĐƌLJƐƚĂůůŝnjĂƚŝŽŶͿꢀ ŚĂǀĞꢀ ƉƌĞǀŝŽƵƐůLJꢀ ďĞĞŶꢀ ĚĞƐĐƌŝďĞĚꢀ ;ϯϱͿ͘ꢀ dŚĞꢀ ꢁLJƐϴϵ'ůŶꢀ ŵƵƚĂƚŝŽŶꢀ ǁĂƐꢀ
ϴꢀ
ꢀ

ϭϱϱꢀ ŝŶƚƌŽĚƵĐĞĚꢀƚŽꢀƉƌĞǀĞŶƚꢀŝŶƚĞƌŵŽůĞĐƵůĂƌꢀĐŽǀĂůĞŶƚꢀďŽŶĚꢀĨŽƌŵĂƚŝŽŶꢀďĞƚǁĞĞŶꢀĐLJƐƚĞŝŶĞꢀƌĞƐŝĚƵĞƐꢀŽĨꢀ
ϭϱϲꢀ ĚŝĨĨĞƌĞŶƚꢀ ŵŽŶŽŵĞƌƐ͕ꢀ ĂŶĚꢀ ĂůůŽǁĞĚꢀ ƚŚĞꢀ ĨŽƌŵĂƚŝŽŶꢀ ŽĨꢀ ĚŝĨĨƌĂĐƚŝŶŐꢀ ĐƌLJƐƚĂůƐꢀ ƌĞƉƌŽĚƵĐŝďůLJ͘ꢀ dŚŝƐꢀ
ϭϱϳꢀ ŵƵƚĂƚŝŽŶꢀŚĂƐꢀďĞĞŶꢀĐŚĞĐŬĞĚꢀƚŽꢀŚĂǀĞꢀŶŽꢀĞĨĨĞĐƚꢀŽŶꢀƚŚĞꢀŝŶꢀǀŝƚƌŽꢀĂĐƚŝǀŝƚLJꢀŽĨꢀƚŚĞꢀƉƌŽƚĞŝŶꢀ;ϯϱͿ͘ꢀWƌŝŽƌꢀ
ϭϱϴꢀ ƚŽꢀĐƌLJƐƚĂůůŝnjĂƚŝŽŶꢀꢄꢃꢄϮꢁLJƐϴϵ'ůŶꢀǁĂƐꢀďƵĨĨĞƌꢀĞdžĐŚĂŶŐĞĚꢀŝŶƚŽꢀϮϬꢀŵDꢀdƌŝƐ͕ꢀƉ,ꢀϴ͘Ϭ͕ꢀϭϱϬꢀŵDꢀEĂꢁůꢀ
ϭϱϵꢀ ƵƐŝŶŐꢀĂꢀ^ƵƉĞƌĚĞdžꢀϮϬϬꢀϭϬͬϯϬϬꢀ'>ꢀĐŽůƵŵŶꢀ;'ꢅꢀ,ĞĂůƚŚĐĂƌĞͿꢀĂŶĚꢀĐŽŶĐĞŶƚƌĂƚĞĚꢀƚŽꢀΕϲ͘ϱꢀŵŐͬŵ>͘ꢀ
ϭϲϬꢀ ꢄꢃꢄϮꢁLJƐϴϵ'ůŶꢀǁĂƐꢀŝŶĐƵďĂƚĞĚꢀǁŝƚŚꢀYꢃꢄꢄꢀϮꢀ;ϭ͘ϮϱꢀŵD͕ꢀŝ͘Ğ͘ꢀΕϲdžꢀŵŽůĂƌꢀĞdžĐĞƐƐͿꢀŝŶꢀϮϬꢀŵDꢀdƌŝƐ͕ꢀƉ,ꢀ
ϭϲϭꢀ ϴ͘Ϭ͕ꢀϭϱϬꢀŵDꢀEĂꢁů͕ꢀϮйꢀꢄD^KꢀĨŽƌꢀϯϬꢀŵŝŶꢀĂƚꢀϭϴΣꢁꢀďĞĨŽƌĞꢀĐƌLJƐƚĂůůŝnjĂƚŝŽŶ͘ꢀꢄƌŽƉƐꢀĐŽŶƐŝƐƚĞĚꢀŽĨꢀϭꢀ
ϭϲϮꢀ ʅ>ꢀŽĨꢀƉƌŽƚĞŝŶꢀƐŽůƵƚŝŽŶꢀĂŶĚꢀϭꢀʅ>ꢀŽĨꢀƌĞƐĞƌǀŽŝƌꢀƐŽůƵƚŝŽŶꢀĐŽŶƐŝƐƚŝŶŐꢀŽĨꢀϬ͘ϭꢀDꢀdƌŝƐͲꢃĐĞƚĂƚĞ͕ꢀƉ,ꢀϴ͘ϱ͕ꢀ
ϭϲϯꢀ ϯϭйꢀ Wꢅ'ꢀ ϯϯϱϬ͕ꢀ Ϭ͘Ϯꢀ Dꢀ DŐꢁůϮ͘ꢀ ꢁƌLJƐƚĂůƐꢀ ǁĞƌĞꢀ ĐƌLJŽͲƉƌŽƚĞĐƚĞĚꢀ ďLJꢀ ƐƵĐĐĞƐƐŝǀĞꢀ ƚƌĂŶƐĨĞƌꢀ ƚŽꢀ Ăꢀ
ϭϲϰꢀ ƌĞƐĞƌǀŽŝƌꢀƐŽůƵƚŝŽŶꢀĐŽŶƚĂŝŶŝŶŐꢀϭϬй͕ꢀϭϱйꢀĂŶĚꢀϮϬйꢀŐůLJĐĞƌŽů͘ꢀꢃꢀĨƵůůꢀĚĂƚĂƐĞƚꢀǁĂƐꢀĐŽůůĞĐƚĞĚꢀĂƚꢀƚŚĞꢀ
ϭϲϱꢀ ꢃƵƐƚƌĂůŝĂŶꢀ ^LJŶĐŚƌŽƚƌŽŶꢀ Dyϭꢀ ďĞĂŵůŝŶĞꢀ ƚŽꢀ ϭ͘ϲϯꢀ ꢆꢀ ƌĞƐŽůƵƚŝŽŶ͘ꢀ ꢄĂƚĂꢀ ǁĞƌĞꢀ ƉƌŽĐĞƐƐĞĚꢀ ǁŝƚŚꢀ
ϭϲϲꢀ ŝDK^&>Dꢀ ;ϯϵͿꢀ ĂŶĚꢀ ƉŽŝŶƚůĞƐƐͬĂŝŵůĞƐƐꢀ ;ϰϬͿ͘ꢀ ^ƚƌƵĐƚƵƌĞꢀ ĚĞƚĞƌŵŝŶĂƚŝŽŶꢀ ǁĂƐꢀ ĂĐŚŝĞǀĞĚꢀ ƵƐŝŶŐꢀ
ϭϲϳꢀ ƉƌŽŐƌĂŵƐꢀĨƌŽŵꢀƚŚĞꢀꢁꢁWϰꢀƉĂĐŬĂŐĞꢀ;ϰϭͿ͘ꢀdŚĞꢀƐƚƌƵĐƚƵƌĞꢀǁĂƐꢀƐŽůǀĞĚꢀďLJꢀŵŽůĞĐƵůĂƌꢀƌĞƉůĂĐĞŵĞŶƚꢀ
ϭϲϴꢀ ƵƐŝŶŐꢀ ƚŚĞꢀ ꢄꢃꢄϮꢀ ƐƚƌƵĐƚƵƌĞꢀ ;Wꢄꢂꢀ ĞŶƚƌLJꢀ ĐŽĚĞꢀ ϰꢄEWͿꢀ ĂƐꢀ ƐƚĂƌƚŝŶŐꢀ ŵŽĚĞůƐꢀ ŝŶꢀ WŚĂƐĞƌꢀ ;ϰϮͿ͘ꢀ
ϭϲϵꢀ ZĞĨŝŶĞŵĞŶƚꢀĐLJĐůĞƐꢀǁĞƌĞꢀĐĂƌƌŝĞĚꢀŽƵƚꢀƵƐŝŶŐꢀZĞĨŵĂĐϱꢀ;ϰϯͿꢀĂŶĚꢀꢁŽŽƚꢀ;ϰϰͿ͘ꢀZĞƐƚƌĂŝŶƚꢀƉĂƌĂŵĞƚĞƌƐꢀ
ϭϳϬꢀ ĨŽƌꢀYꢃꢄꢄꢀϮꢀǁĞƌĞꢀŽďƚĂŝŶĞĚꢀĨƌŽŵꢀ:>ŝŐĂŶĚꢀ;ϰϱͿ͘ꢀKƉƚŝŵŝnjĞĚꢀƌĞĨŝŶĞŵĞŶƚꢀƉĂƌĂŵĞƚĞƌƐꢀŽďƚĂŝŶĞĚꢀ
ϭϳϭꢀ ĨƌŽŵꢀƚŚĞꢀWꢄꢂͺƌĞĚŽꢀƐĞƌǀĞƌꢀ;ϰϲͿꢀǁĞƌĞꢀƵƐĞĚꢀŝŶꢀƚŚĞꢀĨŝŶĂůꢀƐƚĂŐĞƐꢀŽĨꢀƌĞĨŝŶĞŵĞŶƚ͘ꢀꢄĂƚĂꢀĐŽůůĞĐƚŝŽŶꢀ
ϭϳϮꢀ ĂŶĚꢀƌĞĨŝŶĞŵĞŶƚꢀƐƚĂƚŝƐƚŝĐƐꢀĂƌĞꢀůŝƐƚĞĚꢀŝŶꢀdĂďůĞꢀϭ͘ꢀ
ϭϳϯꢀ ꢂŽĐŬŝŶŐꢀ
ϭϳϰꢀ ϯꢄꢀĐŽŽƌĚŝŶĂƚĞƐꢀĨŽƌꢀĐŽŵƉŽƵŶĚƐꢀǁĞƌĞꢀŐĞŶĞƌĂƚĞĚꢀŝŶꢀ:>ŝŐĂŶĚꢀ;ϰϱͿꢀĨƌŽŵꢀƚŚĞꢀꢁꢁWϰꢀƉĂĐŬĂŐĞ͕ꢀĂŶĚꢀ
ϭϳϱꢀ ƉĚďꢀĨŝůĞƐꢀǁĞƌĞꢀƐƵďƐĞƋƵĞŶƚůLJꢀĐŽŶǀĞƌƚĞĚꢀŝŶꢀƉĚďƋƚꢀĨŽƌŵĂƚꢀƵƐŝŶŐꢀKƉĞŶꢂĂďĞůꢀ;ϰϳͿ͘ꢀdŚĞꢀꢄꢃꢄϮꢀ
ϭϳϲꢀ ͞ĞŵƉƚLJ͟ꢀƐƚƌƵĐƚƵƌĞƐꢀ;ĞŝƚŚĞƌꢀƚŚĞꢀꢄꢃꢄϮꢀƐƚƌƵĐƚƵƌĞꢀďŽƵŶĚꢀƚŽꢀƚŽůĨĞŶĂŵŝĐꢀĂĐŝĚ͕ꢀWꢄꢂꢀĞŶƚƌLJꢀĐŽĚĞꢀ
ϭϳϳꢀ ϲꢃWϲ͕ꢀŽƌꢀƚŚĞꢀꢄꢃꢄϮꢀƐƚƌƵĐƚƵƌĞꢀďŽƵŶĚꢀƚŽꢀYꢃꢄꢄꢀϮ͕ꢀǁŚĞƌĞꢀƚŚĞꢀďŽƵŶĚꢀĐŽŵƉŽƵŶĚƐꢀŚĂǀĞꢀďĞĞŶꢀ
ϵꢀ
ꢀ

ϭϳϴꢀ ƌĞŵŽǀĞĚͿꢀ ǁĞƌĞꢀ ƉƌĞƉĂƌĞĚꢀ ŝŶꢀ ꢃƵƚŽꢄŽĐŬdŽŽůƐꢀ ;ϰϴͿꢀ ĂŶĚꢀ ƵƐĞĚꢀ ĂƐꢀ ƌĞĐĞƉƚŽƌƐ͘ꢀ ꢄŽĐŬŝŶŐꢀ ǁĂƐꢀ
ϭϳϵꢀ ƉĞƌĨŽƌŵĞĚꢀŝŶꢀꢃƵƚŽĚŽĐŬꢀsŝŶĂꢀ;ϰϵͿꢀƵƐŝŶŐꢀĂꢀϮϱdžϮϱdžϮϱꢆϯꢀďŽdžꢀĐĞŶƚƌĞĚꢀŽŶꢀƚŚĞꢀŽdžLJŐĞŶꢀĂƚŽŵꢀŽĨꢀ
ϭϴϬꢀ ^Ğƌϵϲ͘ꢀdŚĞꢀŵĂdžŝŵƵŵꢀŶƵŵďĞƌꢀŽĨꢀďŝŶĚŝŶŐꢀŵŽĚĞƐꢀƚŽꢀďĞꢀŐĞŶĞƌĂƚĞĚꢀǁĂƐꢀƐĞƚꢀƚŽꢀŶŝŶĞ͘ꢀ
ϭϴϭꢀ ꢂŝĨĨĞƌĞŶƚŝĂůꢀ^ĐĂŶŶŝŶŐꢀ&ůƵŽƌŝŵĞƚƌLJꢀ
ϭϴϮꢀ dŚĞꢀ ĚŝĨĨĞƌĞŶƚŝĂůꢀ ƐĐĂŶŶŝŶŐꢀ ĨůƵŽƌŝŵĞƚƌLJꢀ ;ꢄ^&Ϳꢀ ĞdžƉĞƌŝŵĞŶƚƐꢀ ǁĞƌĞꢀ ƉĞƌĨŽƌŵĞĚꢀ ĂƐꢀ ƉƌĞǀŝŽƵƐůLJꢀ
ϭϴϯꢀ ĚĞƐĐƌŝďĞĚꢀ;ϭϲͿ͘ꢀꢄꢃꢄϮꢀǁĂƐꢀĨŝƌƐƚꢀďƵĨĨĞƌꢀĞdžĐŚĂŶŐĞĚꢀŝŶƚŽꢀWꢂ^ꢀƵƐŝŶŐꢀ^ƵƉĞƌĚĞdžꢀϳϱꢀϭϬͬϯϬϬꢀ'>ꢀ;'ꢅꢀ
ϭϴϰꢀ ,ĞĂůƚŚĐĂƌĞͿ͘ꢀϬ͘ϱꢀђůꢀŽĨꢀĐŽŵƉŽƵŶĚƐꢀ;ϭϬꢀŵDꢀŝŶꢀꢄD^KͿꢀǁĞƌĞꢀŵĂŶƵĂůůLJꢀĚŝƐƉĞŶƐĞĚꢀŝŶꢀĂꢀϯϴϰͲǁĞůůꢀ
ϭϴϱꢀ ƉůĂƚĞ͘ꢀϭϴ͘ϱꢀʅ>ꢀŽĨꢀĂꢀƐŽůƵƚŝŽŶꢀĐŽŶƚĂŝŶŝŶŐꢀϲ͘ϲϱꢀʅDꢀꢄꢃꢄϮ͕ꢀ^LJƉƌŽdĂŶŐĞƌŝŶĞꢀϭϬ͘ϮϱdžꢀŝŶꢀWꢂ^ꢀǁĞƌĞꢀ
ϭϴϲꢀ ĂĚĚĞĚꢀƚŽꢀĞĂĐŚꢀĐŽŵƉŽƵŶĚꢀƵƐŝŶŐꢀĂꢀꢂ/KDꢅ<ꢀϯϬϬϬꢀƉŝƉĞƚƚŝŶŐꢀƌŽďŽƚꢀ;ꢂĞĐŬŵĂŶꢀꢁŽƵůƚĞƌͿꢀƚŽꢀLJŝĞůĚꢀĂꢀ
ϭϴϳꢀ ĨŝŶĂůꢀϭϵꢀʅ>ꢀƌĞĂĐƚŝŽŶꢀĐŽŶƐŝƐƚŝŶŐꢀŽĨꢀϲ͘ϰϴꢀʅDꢀꢄꢃꢄϮ͕ꢀ^LJƉƌŽdĂŶŐĞƌŝŶĞꢀϭϬdž͕ꢀϮϲϯꢀʅDꢀĐŽŵƉŽƵŶĚ͕ꢀ
ϭϴϴꢀ Ϯ͘ϲйꢀꢄD^KꢀŝŶꢀWꢂ^͘ꢀZĞĂĐƚŝŽŶƐꢀǁĞƌĞꢀŝŶĐƵďĂƚĞĚꢀĨŽƌꢀϯϬꢀŵŝŶƵƚĞƐꢀĂƚꢀϭϴΣꢁꢀŝŶꢀƚŚĞꢀĂďƐĞŶĐĞꢀŽĨꢀůŝŐŚƚꢀ
ϭϴϵꢀ ďĞĨŽƌĞꢀꢄ^&ꢀĂŶĂůLJƐŝƐ͘ꢀ
ϭϵϬꢀ zĞĂƐƚꢀƚǁŽͲŚLJďƌŝĚꢀĂƐƐĂLJꢀ
ϭϵϭꢀ zĞĂƐƚꢀƚǁŽͲŚLJďƌŝĚꢀĞdžƉĞƌŝŵĞŶƚƐꢀǁĞƌĞꢀƉĞƌĨŽƌŵĞĚꢀĨŽůůŽǁŝŶŐꢀŵĞƚŚŽĚƐꢀĨƌŽŵꢀƚŚĞꢀꢁůŽŶƚĞĐŚꢀzĞĂƐƚꢀ
ϭϵϮꢀ WƌŽƚŽĐŽůƐꢀ,ĂŶĚŬ͕ꢀϮϬϬϵ͕ꢀƵƐŝŶŐꢀLJĞĂƐƚꢀW:ϲϵͲϰꢀ;ϱϬͿ͕ꢀǁŝƚŚꢀꢄꢃꢄϮꢀĐůŽŶĞĚꢀŝŶƚŽꢀƉꢂꢄꢀǀĞĐƚŽƌꢀ;ϱϭͿ͕ꢀ
ϭϵϯꢀ ĂŶĚꢀDꢃyϮꢃꢀĂŶĚꢀꢄϱϯꢃꢀĐůŽŶĞĚꢀŝŶƚŽꢀƉꢃꢄꢀǀĞĐƚŽƌꢀ;ϱϭͿ͘ꢀdŚĞꢀƉƌĞƐĞŶĐĞꢀŽĨꢀƚŚĞꢀďŝŶĚŝŶŐꢀĚŽŵĂŝŶꢀĂŶĚꢀ
ϭϵϰꢀ ĂĐƚŝǀĂƚŝŽŶꢀ ĚŽŵĂŝŶꢀ ĨƵƐŝŽŶꢀ ƉƌŽƚĞŝŶƐꢀ ŝŶꢀ ƐĞůĞĐƚĞĚꢀ ĚŝƉůŽŝĚꢀ LJĞĂƐƚꢀ ƐƚƌĂŝŶƐꢀ ǁĂƐꢀ ĐŽŶĨŝƌŵĞĚꢀ ďLJꢀ
ϭϵϱꢀ tĞƐƚĞƌŶꢀ ĂŶĂůLJƐŝƐꢀ ;ϯϱͿ͘ꢀ >ŝƋƵŝĚꢀ ĐƵůƚƵƌĞꢀ ĂƐƐĂLJƐꢀ ƵƐŝŶŐꢀ ŽƌƚŚŽŶŝƚƌŽƉŚĞŶLJůͲɴͲŐĂůĂĐƚŽƉLJƌĂŶŽƐŝĚĞꢀ
ϭϵϲꢀ ;^ŝŐŵĂͲꢃůĚƌŝĐŚͿꢀ ĂƐꢀ ƚŚĞꢀ ƐƵďƐƚƌĂƚĞ͕ꢀ ǁĞƌĞꢀ ƵƐĞĚꢀ ƚŽꢀ ƋƵĂŶƚŝĨLJꢀ ƚŚĞꢀ ƐƚƌĞŶŐƚŚꢀ ŽĨꢀ ƚŚĞꢀ ŝŶƚĞƌĂĐƚŝŽŶƐꢀ
ϭϵϳꢀ ďĞƚǁĞĞŶꢀ ꢄꢃꢄϮꢀ ĂŶĚꢀ ƚĂƌŐĞƚꢀ ƉƌŽƚĞŝŶƐ͘ꢀ ꢄꢃꢄϮͬDꢃyϮꢃꢀ ĂŶĚꢀ ꢄꢃꢄϮͬꢄϱϯꢃꢀ ŝŶƚĞƌĂĐƚŝŽŶƐꢀ ǁĞƌĞꢀ
ϭϵϴꢀ ĚĞƚĞĐƚĞĚꢀ ŝŶꢀ ƚŚĞꢀ ƉƌĞƐĞŶĐĞꢀ ŽĨꢀ ϱꢀ ĂŶĚꢀ ϭꢀ ʅDꢀ 'ZϮϰ͕ꢀ ƌĞƐƉĞĐƚŝǀĞůLJ͕ꢀ ĂŶĚꢀ ĐŽŵƉĂƌĞĚꢀ ǁŝƚŚꢀ ꢄD^Kꢀ
ϭϵϵꢀ ĐŽŶƚƌŽůƐ͘ꢀꢅĂĐŚꢀŝŶŚŝďŝƚŽƌꢀǁĂƐꢀƚĞƐƚĞĚꢀĂƚꢀϬ͘ϭ͕ꢀϭ͕ꢀĂŶĚꢀϭϬdžꢀŵŽůĂƌꢀƌĂƚŝŽƐꢀĐŽŵƉĂƌĞĚꢀǁŝƚŚꢀ'ZϮϰ͘ꢀ
ϭϬꢀ
ꢀ

ϮϬϬꢀ /ŶƚƌŝŶƐŝĐꢀĨůƵŽƌĞƐĐĞŶĐĞꢀĂƐƐĂLJꢀ
ϮϬϭꢀ ꢅdžƉĞƌŝŵĞŶƚƐꢀ ǁĞƌĞꢀ ƉĞƌĨŽƌŵĞĚꢀ ŽŶꢀ Ăꢀ &>hK^ƚĂƌꢀ KŵĞŐĂꢀ ;ꢂD'ꢀ >ĂďdĞĐŚͿꢀ ƵƐŝŶŐꢀ ϮϴϬꢀ цꢀ ϭϬꢀ Ŷŵꢀ
ϮϬϮꢀ ĞdžĐŝƚĂƚŝŽŶꢀĨŝůƚĞƌꢀĂŶĚꢀϯϰϬꢀцꢀϭϬꢀŶŵꢀĞŵŝƐƐŝŽŶꢀĨŝůƚĞƌƐ͘ꢀdŚĞꢀŐĂŝŶꢀǁĂƐꢀƐĞƚꢀƚŽꢀϭϴϬϬꢀĂŶĚꢀƚŚĞꢀŶƵŵďĞƌꢀ
ϮϬϯꢀ ŽĨꢀĨůĂƐŚĞƐꢀƚŽꢀϱϬ͘ꢀꢁŽŵƉŽƵŶĚꢀƐƚŽĐŬƐꢀǁĞƌĞꢀƉƌĞƉĂƌĞĚꢀĂƚꢀϭϬdžꢀĨŝŶĂůꢀĐŽŶĐĞŶƚƌĂƚŝŽŶꢀŝŶꢀϮϬꢀŵDꢀdƌŝƐꢀ
ϮϬϰꢀ Ɖ,ꢀϴ͘Ϭ͕ꢀϭϱϬꢀŵDꢀEĂꢁů͕ꢀϮϬйꢀꢄD^K͘ꢀꢄꢃꢄϮꢀǁĂƐꢀďƵĨĨĞƌꢀĞdžĐŚĂŶŐĞĚꢀŝŶꢀϮϬꢀŵDꢀdƌŝƐ͕ꢀƉ,ꢀϴ͘Ϭ͕ꢀϭϱϬꢀ
ϮϬϱꢀ ŵDꢀEĂꢁůꢀƵƐŝŶŐꢀŐĞůꢀĨŝůƚƌĂƚŝŽŶꢀ;^ƵƉĞƌĚĞdžꢀϳϱꢀϭϬͬϯϬϬꢀ'>͕ꢀ'ꢅꢀ,ĞĂůƚŚĐĂƌĞͿꢀĂŶĚꢀŝƚƐꢀĐŽŶĐĞŶƚƌĂƚŝŽŶꢀ
ϮϬϲꢀ ǁĂƐꢀĂĚũƵƐƚĞĚꢀƚŽꢀϭϭ͘ϭϭꢀʅD͘ꢀ&ŽƌꢀĞdžƉĞƌŝŵĞŶƚƐ͕ꢀϭϬꢀʅ>ꢀŽĨꢀĐŽŵƉŽƵŶĚƐꢀǁĞƌĞꢀŵĂŶƵĂůůLJꢀĚŝƐƉĞŶƐĞĚꢀ
ϮϬϳꢀ ĂŶĚꢀƚŚĞŶꢀŵŝdžĞĚꢀǁŝƚŚꢀĞŝƚŚĞƌꢀϵϬꢀʅ>ꢀďƵĨĨĞƌꢀŽƌꢀϵϬꢀʅ>ꢀꢄꢃꢄϮꢀƉƌŽƚĞŝŶꢀƐŽůƵƚŝŽŶꢀŝŶꢀĨůĂƚͲďŽƚƚŽŵĞĚ͕ꢀ
ϮϬϴꢀ ďůĂĐŬꢀ ϵϲͲǁĞůůꢀ ƉůĂƚĞƐꢀ ƵƐŝŶŐꢀ Ăꢀ ꢂ/KDꢅ<ꢀ ϯϬϬϬꢀ ƌŽďŽƚꢀ ;ꢂĞĐŬŵĂŶꢀ ꢁŽƵůƚĞƌͿ͘ꢀ &ŝŶĂůꢀ ƉƌŽƚĞŝŶꢀ
ϮϬϵꢀ ĐŽŶĐĞŶƚƌĂƚŝŽŶꢀǁĂƐꢀϭϬꢀʅD͕ꢀǁŝƚŚꢀĐŽŵƉŽƵŶĚƐꢀƌĂŶŐŝŶŐꢀĨƌŽŵꢀϬꢀƚŽꢀϮϬϬꢀʅDꢀŝŶꢀϮϬꢀŵDꢀdƌŝƐ͕ꢀƉ,ꢀϴ͘Ϭ͕ꢀ
ϮϭϬꢀ ϭϱϬꢀ ŵDꢀ EĂꢁů͕ꢀ Ϯйꢀ ꢄD^K͘ꢀ ꢃůůꢀ ĞdžƉĞƌŝŵĞŶƚƐꢀ ;ƉƌŽƚĞŝŶꢀ ĂŶĚꢀ ďƵĨĨĞƌꢀ ĂůŝŬĞͿꢀ ǁĞƌĞꢀ ƉĞƌĨŽƌŵĞĚꢀ ŝŶꢀ
Ϯϭϭꢀ ƚƌŝƉůŝĐĂƚĞ͘ꢀdŚĞꢀƉůĂƚĞꢀǁĂƐꢀŝŶĐƵďĂƚĞĚꢀĨŽƌꢀϯϬꢀŵŝŶꢀĂƚꢀϮϱΣꢁꢀďĞĨŽƌĞꢀŵĞĂƐƵƌĞŵĞŶƚƐ͘ꢀꢂŝŶĚŝŶŐꢀĐƵƌǀĞƐꢀ
ϮϭϮꢀ ǁĞƌĞꢀŽďƚĂŝŶĞĚꢀďLJꢀƉůŽƚƚŝŶŐꢀƚŚĞꢀƌĞůĂƚŝǀĞꢀĨůƵŽƌĞƐĐĞŶĐĞꢀ;ͮȴ&ͮͬ&ϬͿꢀǀƐꢀĐŽŵƉŽƵŶĚꢀĐŽŶĐĞŶƚƌĂƚŝŽŶ͕ꢀ
Ϯϭϯꢀ ǁŚĞƌĞꢀ&ϬꢀŝƐꢀƚŚĞꢀĨůƵŽƌĞƐĐĞŶĐĞꢀŽĨꢀƚŚĞꢀꢄD^KꢀĐŽŶƚƌŽů͕ꢀĂŶĚꢀͮȴ&ͮсͮ&ꢀʹꢀ&Ϭͮ͘ꢀ'ƌĂƉŚWĂĚꢀWƌŝƐŵꢀǁĂƐꢀ
Ϯϭϰꢀ ƵƐĞĚꢀ ƚŽꢀ ƉĞƌĨŽƌŵꢀ ŶŽŶͲůŝŶĞĂƌꢀ ƌĞŐƌĞƐƐŝŽŶƐꢀ ĂŶĚꢀ ĚĞƚĞƌŵŝŶĞꢀ ƚŚĞꢀ ďŝŶĚŝŶŐꢀ ĐŽŶƐƚĂŶƚƐꢀ ;<Ěꢀ ǀĂůƵĞƐͿꢀ
Ϯϭϱꢀ ƵƐŝŶŐꢀƚŚĞꢀKŶĞꢀƐŝƚĞꢀʹꢀ^ƉĞĐŝĨŝĐꢀꢂŝŶĚŝŶŐꢀŵŽĚĞů͘ꢀꢀ
Ϯϭϲꢀ ꢃŶnjLJŵĂƚŝĐꢀŝŶŚŝďŝƚŝŽŶꢀĂƐƐĂLJƐꢀ
Ϯϭϳꢀ ꢅdžƉĞƌŝŵĞŶƚƐꢀ ǁĞƌĞꢀ ƉĞƌĨŽƌŵĞĚꢀ ŽŶꢀ Ăꢀ &>hK^ƚĂƌꢀ KŵĞŐĂꢀ ;ꢂD'ꢀ >ĂďdĞĐŚͿꢀ ƵƐŝŶŐꢀ ϰϴϱꢀ цꢀ ϭϮꢀ Ŷŵꢀ
Ϯϭϴꢀ ĞdžĐŝƚĂƚŝŽŶꢀĨŝůƚĞƌꢀĂŶĚꢀϱϮϬꢀцꢀϭϬꢀŶŵꢀĞŵŝƐƐŝŽŶꢀĨŝůƚĞƌƐ͘ꢀdŚĞꢀƚĞŵƉĞƌĂƚƵƌĞꢀǁĂƐꢀƐĞƚꢀƚŽꢀϮϱΣꢁꢀĂŶĚꢀƚŚĞꢀ
Ϯϭϵꢀ ŐĂŝŶꢀ ǁĂƐꢀ ƐĞƚꢀ ƚŽꢀ ϵϮϬ͘ꢀ DĞĂƐƵƌĞŵĞŶƚƐꢀ ǁĞƌĞꢀ ƉĞƌĨŽƌŵĞĚꢀ ŝŶꢀ ďůĂĐŬꢀ ϵϲͲǁĞůůꢀ ƉůĂƚĞƐꢀ Ăƚꢀ ϮͲŵŝŶꢀ
ϮϮϬꢀ ŝŶƚĞƌǀĂůƐ͕ꢀ ǁŝƚŚꢀ ϮϬꢀ ĨůĂƐŚĞƐꢀ ƉĞƌꢀ ĐLJĐůĞ͕ꢀ ŽǀĞƌꢀ ϵϬꢀ ŵŝŶ͘ꢀ ZĞĂĐƚŝŽŶƐꢀ ǁĞƌĞꢀ ƉĞƌĨŽƌŵĞĚꢀ Ăƚꢀ ƐĞǀĞŶꢀ
ϮϮϭꢀ zŽƐŚŝŵƵůĂĐƚŽŶĞꢀ'ƌĞĞŶꢀ;z>'ͿꢀĐŽŶĐĞŶƚƌĂƚŝŽŶƐꢀ;Ϭ͕ꢀϬ͘Ϯ͕ꢀϬ͘ϰ͕ꢀϬ͘ϲ͕ꢀϭ͕ꢀϮ͕ꢀϯ͘ϱꢀђDͿꢀĂŶĚꢀƐŝdžꢀŝŶŚŝďŝƚŽƌꢀ
ϮϮϮꢀ ĐŽŶĐĞŶƚƌĂƚŝŽŶƐꢀ;Ϭ͕ꢀϬ͘ϭ͕ꢀϬ͘ϱ͕ꢀϭ͕ꢀϱ͕ꢀϭϬꢀʅDͿ͘ꢀ/ŶꢀĂůůꢀĐĂƐĞƐ͕ꢀƚŚĞꢀƉƌŽƚĞŝŶꢀĐŽŶĐĞŶƚƌĂƚŝŽŶꢀǁĂƐꢀϬ͘ϯϰꢀʅDꢀ
ϭϭꢀ
ꢀ

ϮϮϯꢀ ĂŶĚꢀ ƚŚĞꢀ ƌĞĂĐƚŝŽŶꢀ ďƵĨĨĞƌꢀ ǁĂƐꢀ ϮϬꢀ ŵDꢀ dƌŝƐͬ,ꢁů͕ꢀ Ɖ,ꢀ ϴ͘Ϭ͕ꢀ ϭϱϬꢀ ŵDꢀ EĂꢁů͕ꢀ ϭйꢀ ꢄD^K͘ꢀ ꢃůůꢀ
ϮϮϰꢀ ĞdžƉĞƌŝŵĞŶƚƐꢀ ǁĞƌĞꢀ ƉĞƌĨŽƌŵĞĚꢀ ŝŶꢀ ƚƌŝƉůŝĐĂƚĞ͘ꢀ z>'ͲŽŶůLJꢀ ĐŽŶƚƌŽůƐꢀ ǁĞƌĞꢀ ŵĞĂƐƵƌĞĚꢀ ŝŶꢀ ƚŚĞꢀ ƐĂŵĞꢀ
ϮϮϱꢀ ďƵĨĨĞƌ͘ꢀ &ůƵŽƌĞƐĐĞŶƚꢀ ƵŶŝƚƐꢀ ǁĞƌĞꢀ ĐŽŶǀĞƌƚĞĚꢀ ƚŽꢀ ĨůƵŽƌĞƐĐĞŝŶꢀ ĐŽŶĐĞŶƚƌĂƚŝŽŶƐꢀ ƵƐŝŶŐꢀ ĨůƵŽƌĞƐĐĞŝŶꢀ
ϮϮϲꢀ ƐƚĂŶĚĂƌĚꢀ ĐƵƌǀĞƐ͘ꢀ DŝĐŚĂĞůŝƐͲDĞŶƚĞŶꢀ ĂŶĂůLJƐĞƐꢀ ǁĞƌĞꢀ ƉĞƌĨŽƌŵĞĚꢀ ďLJꢀ ŶŽŶͲůŝŶĞĂƌꢀ ƌĞŐƌĞƐƐŝŽŶꢀ ŝŶꢀ
ϮϮϳꢀ 'ƌĂƉŚWĂĚꢀWƌŝƐŵꢀƵƐŝŶŐꢀƚŚĞꢀz>'ꢀƐĞƌŝĞƐꢀŝŶꢀƚŚĞꢀĂďƐĞŶĐĞꢀŽĨꢀŝŶŚŝďŝƚŽƌꢀĂƚꢀϭϲͲŵŝŶ͘ꢀ&ŽƌꢀŝŶŚŝďŝƚŝŽŶꢀ
ϮϮϴꢀ ŬŝŶĞƚŝĐƐ͕ꢀŐůŽďĂůꢀŶŽŶͲůŝŶĞĂƌꢀƌĞŐƌĞƐƐŝŽŶꢀĂŶĂůLJƐĞƐꢀǁĞƌĞꢀƉĞƌĨŽƌŵĞĚꢀŝŶꢀ'ƌĂƉŚWĂĚꢀWƌŝƐŵꢀƵƐŝŶŐꢀĂꢀ
ϮϮϵꢀ ĐŽŵƉĞƚŝƚŝǀĞꢀŝŶŚŝďŝƚŝŽŶꢀŵŽĚĞů͘ꢀ
ϮϯϬꢀ WůĂŶƚꢀŵĞƚŚŽĚꢀ
Ϯϯϭꢀ ꢄƌĂďŝĚŽƉƐŝƐꢀ ďƵĚꢀ ĂƐƐĂLJƐꢀ ǁĞƌĞꢀ ƉĞƌĨŽƌŵĞĚꢀ ĂƐꢀ ƉƌĞǀŝŽƵƐůLJꢀ ĚĞƐĐƌŝďĞĚꢀ ;ϭϲͿ͘ꢀ ^ĞĐƚŝŽŶƐꢀ ŽĨꢀ ƐƚĞŵƐꢀ
ϮϯϮꢀ ĐŽŶƚĂŝŶŝŶŐꢀƚǁŽꢀďƵĚƐꢀǁĞƌĞꢀŚĂƌǀĞƐƚĞĚꢀĨƌŽŵꢀďŽůƚŝŶŐꢀƉůĂŶƚƐ͘ꢀdƌĞĂƚŵĞŶƚƐꢀǁĞƌĞꢀĂƉƉůŝĞĚꢀƚŽꢀƚŚĞꢀ
Ϯϯϯꢀ ďĂƐĞꢀŽĨꢀƚŚĞꢀƐƚĞŵƐꢀĂŶĚꢀĐŽŶƚĂŝŶĞĚꢀϮйꢀꢄD^KꢀŝŶꢀϬ͘ϱdžꢀ,^^ꢀ;ϭϲͿ͘ꢀdƌĞĂƚŵĞŶƚƐꢀĐŽŵƉƌŝƐĞĚꢀϬ͘ϱꢀʅDꢀ
Ϯϯϰꢀ 'ZϮϰꢀĂŶĚͬŽƌꢀϱꢀʅDꢀƚŽůĨĞŶĂŵŝĐꢀĂĐŝĚꢀĂŶĚͬŽƌꢀϱꢀʅDꢀYꢃꢄꢄꢀϮ͘ꢀꢃĨƚĞƌꢀϱꢀĚĂLJƐ͕ꢀďƵĚꢀůĞŶŐƚŚꢀĨƌŽŵꢀďŽƚŚꢀ
Ϯϯϱꢀ ŶŽĚĞƐꢀǁĂƐꢀŵĞĂƐƵƌĞĚꢀĂŶĚꢀŶŽƌŵĂůŝnjĞĚꢀƚŽꢀƚŚĞꢀŵŽĐŬꢀĐŽŶƚƌŽů͘ꢀ
Ϯϯϲꢀ ZĞƐƵůƚƐꢁĂŶĚꢁĚŝƐĐƵƐƐŝŽŶꢁ
Ϯϯϳꢀ /ŶŝƚŝĂůꢁĚŽĐŬŝŶŐꢁƐƚƵĚLJꢁ
Ϯϯϴꢀ tĞꢀƉƌĞǀŝŽƵƐůLJꢀƐŚŽǁĞĚꢀƚŚĂƚꢀĚŽĐŬŝŶŐꢀŽĨꢀƚŽůĨĞŶĂŵŝĐꢀĂĐŝĚꢀŝŶꢀĂꢀꢄꢃꢄϮꢀ͞ĞŵƉƚLJ͟ꢀƐƚƌƵĐƚƵƌĞꢀ;ŝ͘Ğ͘ꢀƚŚĞꢀ
Ϯϯϵꢀ ꢄꢃꢄϮͬƚŽůĨĞŶĂŵŝĐꢀĂĐŝĚꢀĐƌLJƐƚĂůꢀƐƚƌƵĐƚƵƌĞꢀŝŶꢀǁŚŝĐŚꢀƚŽůĨĞŶĂŵŝĐꢀĂĐŝĚꢀŚĂĚꢀďĞĞŶꢀƌĞŵŽǀĞĚͿꢀĂůŵŽƐƚꢀ
ϮϰϬꢀ ƉĞƌĨĞĐƚůLJꢀ ŵĂƚĐŚĞĚꢀ ƚŚĞꢀ ƉŽƐĞꢀ ŽďƐĞƌǀĞĚꢀ ĨŽƌꢀ ƚŚŝƐꢀ ĐŽŵƉŽƵŶĚꢀ ŝŶꢀ ƚŚĞꢀ ĐƌLJƐƚĂůꢀ ƐƚƌƵĐƚƵƌĞ͕ꢀ ǁŝƚŚꢀ Ăꢀ
Ϯϰϭꢀ ĚŽĐŬŝŶŐꢀ ƐĐŽƌĞꢀ ŽĨꢀ ʹϭϬ͘ϲꢀ ŬĐĂůͬŵŽůꢀ ;ϯϱͿ͘ꢀ hƐŝŶŐꢀ ƚŚĞꢀ ƐĂŵĞꢀ ŵĞƚŚŽĚŽůŽŐLJꢀ ǁĞꢀ ĚŽĐŬĞĚꢀ ĨŝǀĞꢀ
ϮϰϮꢀ ĐŽŵŵĞƌĐŝĂůůLJꢀĂǀĂŝůĂďůĞꢀYꢃꢄꢄͬYꢃꢄƐꢀ;Ϭ͕ꢁϱʹϴ͕ꢀ&ŝŐƵƌĞꢀϭĐͿꢀĂŶĚꢀƚŚƌĞĞꢀƉƌŽƉŽƐĞĚꢀƐLJŶƚŚĞƚŝĐꢀYꢃꢄꢄꢀ
Ϯϰϯꢀ ;Ϯʹϰ͕ꢀ &ŝŐƵƌĞꢀ ϭĐͿꢀ ŝŶꢀ ꢄꢃꢄϮ͛Ɛꢀ ďŝŶĚŝŶŐꢀ ĐĂǀŝƚLJ͘ꢀ /Ŷꢀ Ăůůꢀ ĐĂƐĞƐ͕ꢀ ƚŚĞꢀ ĚŽĐŬŝŶŐꢀ ƉŽƐĞꢀ ŽĨꢀ ƚŚĞꢀ ĚŽĐŬĞĚꢀ
Ϯϰϰꢀ ĐŽŵƉŽƵŶĚꢀ ƐƵƉĞƌŝŵƉŽƐĞĚꢀ ǁĞůůꢀ ǁŝƚŚꢀ ƚŽůĨĞŶĂŵŝĐꢀ ĂĐŝĚꢀ ;^ƵƉƉůĞŵĞŶƚĂƌLJꢀ &ŝŐƵƌĞꢀ ^ϭͿ͘ꢀ dŚĞꢀ
ϭϮꢀ
ꢀ

Ϯϰϱꢀ ĐŽƌƌĞƐƉŽŶĚŝŶŐꢀ ĚŽĐŬŝŶŐꢀ ƐĐŽƌĞƐꢀ ƌĂŶŐĞĚꢀ ĨƌŽŵꢀ ʹϭϮ͘Ϭꢀ ƚŽꢀ ʹϵ͘ϴꢀ ŬĐĂůͬŵŽů͕ꢀ ƐƵŐŐĞƐƚŝŶŐꢀ ƚŚĂƚꢀ ƚŚĞƐĞꢀ
Ϯϰϲꢀ ĐŽŵƉŽƵŶĚƐꢀ ŚĂǀĞꢀ Ăꢀ ƐŝŵŝůĂƌꢀ ƉŽƚĞŶƚŝĂů͕ꢀ ŝĨꢀ ŶŽƚꢀ ďĞƚƚĞƌ͕ꢀ ƚŽꢀ ŝŶŚŝďŝƚꢀ ꢄꢃꢄϮꢀ ƚŚĂŶꢀ ƚŽůĨĞŶĂŵŝĐꢀ ĂĐŝĚꢀ
Ϯϰϳꢀ ;dĂďůĞꢀϮͿ͘ꢀꢀ
Ϯϰϴꢀ ꢀŚĞŵŝĐĂůꢁƐLJŶƚŚĞƐĞƐꢁ
Ϯϰϵꢀ YꢃꢄꢄꢀϬꢀĂŶĚꢀYꢃꢄꢁϱʹϴꢀĂƌĞꢀĐŽŵŵĞƌĐŝĂůůLJꢀĂǀĂŝůĂďůĞꢀ;ꢅdžƉĞƌŝŵĞŶƚĂůꢀƐĞĐƚŝŽŶͿ͘ꢀYꢃꢄꢄƐꢀϮʹϰꢀǁĞƌĞꢀ
ϮϱϬꢀ ƐLJŶƚŚĞƐŝnjĞĚꢀ ƵƐŝŶŐꢀ ĂŶꢀ ĂĚĂƉƚĞĚꢀ ůŝƚĞƌĂƚƵƌĞꢀ ƉƌŽĐĞĚƵƌĞꢀ ;ϱϮͿ͘ꢀ dŚĞꢀ ŝŶƚĞƌŵĞĚŝĂƚĞꢀ ƵƌĞĂƐꢀ ǁĞƌĞꢀ
Ϯϱϭꢀ ĂĐĐĞƐƐĞĚꢀ ƚŚƌŽƵŐŚꢀ ƚŚĞꢀ ƚƌĞĂƚŵĞŶƚꢀ ŽĨꢀ ϮͲďƌŽŵŽďĞŶnjĂŵŝĚĞꢀ ǁŝƚŚꢀ ŽdžĂůLJůꢀ ĐŚůŽƌŝĚĞꢀ ĂŶĚꢀ ƚŚĞꢀ
ϮϱϮꢀ ĂƉƉƌŽƉƌŝĂƚĞꢀĂŶŝůŝŶĞꢀ;^ƵƉƉůĞŵĞŶƚĂƌLJꢀꢅdžƉĞƌŝŵĞŶƚĂůꢀƐĞĐƚŝŽŶͿ͘ꢀdŚĞꢀƌĞƐƉĞĐƚŝǀĞꢀƵƌĞĂƐꢀǁĞƌĞꢀƚŚĞŶꢀ
Ϯϱϯꢀ ĚŝƐƐŽůǀĞĚꢀŝŶꢀĚƌLJꢀꢄD&ꢀĂŶĚꢀƚƌĞĂƚĞĚꢀǁŝƚŚꢀĨƌĞƐŚůLJꢀƐƵďůŝŵĞĚꢀƉŽƚĂƐƐŝƵŵꢀƚĞƌƚͲďƵƚŽdžŝĚĞꢀƚŽꢀĂĨĨŽƌĚꢀ
Ϯϱϰꢀ ƚŚĞꢀ ĐŽƌƌĞƐƉŽŶĚŝŶŐꢀ Yꢃꢄꢄ͕ꢀ ǀŝĂꢀ ĂŶꢀ ŝŶƚƌĂŵŽůĞĐƵůĂƌꢀ ŶƵĐůĞŽƉŚŝůŝĐꢀ ƐƵďƐƚŝƚƵƚŝŽŶꢀ ƌĞĂĐƚŝŽŶꢀ ;&ŝŐƵƌĞꢀ
Ϯϱϱꢀ ϭĚͿꢀ;ϱϮͿ͘ꢀdŚĞꢀƌĞĂĐƚŝŽŶꢀƉƌŽĐĞĞĚĞĚꢀƐŵŽŽƚŚůLJꢀƚŽꢀĂĨĨŽƌĚꢀYꢃꢄꢄꢀϯꢀĂŶĚꢀϰ͘ꢀ,ŽǁĞǀĞƌ͕ꢀƵŶĚĞƌꢀƚŚĞƐĞꢀ
Ϯϱϲꢀ ƌĞĂĐƚŝŽŶꢀĐŽŶĚŝƚŝŽŶƐ͕ꢀƚŚĞꢀŝŶƚƌĂŵŽůĞĐƵůĂƌꢀĐLJĐůŝƐĂƚŝŽŶꢀŽĨꢀƚŚĞꢀƵƌĞĂꢀƉƌĞĐƵƌƐŽƌꢀŽĨꢀYꢃꢄꢄꢀϭꢀŐĂǀĞꢀĂŶꢀ
Ϯϱϳꢀ ƵŶĞdžƉĞĐƚĞĚꢀ ŚLJĚƌŽdžLJůĂƚŝŽŶꢀ ŽƌƚŚŽꢀ ƚŽꢀ ƚŚĞꢀ ŶŝƚƌŽꢀ ŐƌŽƵƉꢀ ƚŽꢀ ƉƌŽǀŝĚĞꢀ Yꢃꢄꢄꢀ Ϯꢁ ŝŶꢀ ůŽǁꢀ LJŝĞůĚ͘ꢀ dŚĞꢀ
Ϯϱϴꢀ ƐĂŵĞꢀ ŵŽůĞĐƵůĞꢀ ǁĂƐꢀ ƐƵďƐĞƋƵĞŶƚůLJꢀ ŵĂĚĞꢀ ŝŶꢀ ŚŝŐŚĞƌꢀ LJŝĞůĚꢀ ďLJꢀ ƐƚĂƌƚŝŶŐꢀ ǁŝƚŚꢀ ϰͲŚLJĚƌŽdžLJͲϯͲ
Ϯϱϵꢀ ŶŝƚƌŽĂŶŝůŝŶĞ͘ꢀYꢃꢄꢄꢀϮꢀǁĂƐꢀĐŽͲĐƌLJƐƚĂůůŝnjĞĚꢀǁŝƚŚꢀꢄꢃꢄϮꢀ;ƐĞĞꢀďĞůŽǁͿꢀĂŶĚꢀƚŚĞꢀϭ͘ϲϯꢀꢆꢀƌĞƐŽůƵƚŝŽŶꢀ
ϮϲϬꢀ ĐƌLJƐƚĂůꢀ ƐƚƌƵĐƚƵƌĞꢀ ĐŽŶĨŝƌŵĞĚꢀ ƚŚĞꢀ ŚLJĚƌŽdžLJůĂƚĞĚꢀ ƐƚƌƵĐƚƵƌĞ͘ꢀ tŚŝůƐƚꢀ ƚŚĞꢀ ŵĞĐŚĂŶŝƐŵꢀ ŽĨꢀ
Ϯϲϭꢀ ŚLJĚƌŽdžLJůĂƚŝŽŶꢀŝƐꢀƵŶŬŶŽǁŶ͕ꢀƚŚĞƌĞꢀŝƐꢀĂꢀƉƌĞĐĞĚĞŶƚꢀĨŽƌꢀĂƌŽŵĂƚŝĐꢀŚLJĚƌŽdžLJůĂƚŝŽŶꢀŽƌƚŚŽꢀƚŽꢀĂꢀŶŝƚƌŽꢀ
ϮϲϮꢀ ŐƌŽƵƉ͕ꢀƐƵƐƉĞĐƚĞĚꢀƚŽꢀŝŶǀŽůǀĞꢀƌĂĚŝĐĂůꢀƉĞƌŽdžŝĚĞꢀ;ϱϯͿ͘ꢀ
Ϯϲϯꢀ ꢄŝŶĚŝŶŐꢁĂŶĚꢁŬŝŶĞƚŝĐƐꢁĂƐƐĂLJƐꢁ
Ϯϲϰꢀ dŽꢀĞdžƉĞƌŝŵĞŶƚĂůůLJꢀĂƐƐĞƐƐꢀďŝŶĚŝŶŐꢀŽĨꢀYꢃꢄƐꢀĂŶĚꢀYꢃꢄꢄƐꢀƚŽꢀ^>ꢀƌĞĐĞƉƚŽƌƐ͕ꢀǁĞꢀƚĞƐƚĞĚꢀǁŚĞƚŚĞƌꢀ
Ϯϲϱꢀ YꢃꢄꢄꢀϬ͕ꢁϮʹϴꢀǁĞƌĞꢀĂďůĞꢀƚŽꢀƚƌŝŐŐĞƌꢀƐƚĂďŝůŝnjĂƚŝŽŶꢀŽĨꢀꢄꢃꢄϮ͕ꢀꢃƚꢄϭϰꢀĂŶĚꢀKƐꢄϭϰꢀŝŶꢀĂꢀꢄ^&ꢀĂƐƐĂLJ͘ꢀ
Ϯϲϲꢀ hƐŝŶŐꢀ ƚŚŝƐꢀ ĂƐƐĂLJ͕ꢀ ǁĞꢀ ƉƌĞǀŝŽƵƐůLJꢀ ƐŚŽǁĞĚꢀ ƚŚĂƚꢀ ƚŚĞꢀ ƚŚĞƌŵĂůꢀ ƐƚĂďŝůŝƚLJꢀ ŽĨꢀ ƚŚĞꢀ ƉĞƚƵŶŝĂ͕ꢀ
Ϯϲϳꢀ ꢄƌĂďŝĚŽƉƐŝƐ͕ꢀ ĂŶĚꢀ ƌŝĐĞꢀ ^>ꢀ ƌĞĐĞƉƚŽƌƐꢀ ;ꢄꢃꢄϮ͕ꢀ ꢃƚꢄϭϰꢀ ĂŶĚꢀ KƐꢄϭϰ͕ꢀ ƌĞƐƉĞĐƚŝǀĞůLJͿꢀ ŝƐꢀ ƐƚƌŽŶŐůLJꢀ
ϭϯꢀ
ꢀ

Ϯϲϴꢀ ŝŶĐƌĞĂƐĞĚꢀƵƉŽŶꢀďŝŶĚŝŶŐꢀŽĨꢀŝŶŚŝďŝƚŽƌƐꢀŝŶƐŝĚĞꢀƚŚĞŝƌꢀŝŶƚĞƌŶĂůꢀĐĂǀŝƚLJꢀ;ϯϱͿ͘ꢀ/ŶꢀĂꢀ^ꢃZꢀƐƚƵĚLJꢀŽĨꢀϭϯϴꢀ
Ϯϲϵꢀ ĐŽŵƉŽƵŶĚƐꢀĐůŽƐĞůLJꢀƌĞůĂƚĞĚꢀƚŽꢀƚŽůĨĞŶĂŵŝĐꢀĂĐŝĚ͕ꢀǁĞꢀĨƵƌƚŚĞƌꢀĨŽƵŶĚꢀƚŚĂƚꢀŽŶĞꢀĐŽŵƉŽƵŶĚ͕ꢀϮͲ;Ϯ͛Ͳ
ϮϳϬꢀ ŵĞƚŚLJůͲϯ͛ͲŶŝƚƌŽĂŶŝůŝŶŽͿďĞŶnjŽŝĐꢀĂĐŝĚꢀ;DEꢃꢂͿ͕ꢀƚƌŝŐŐĞƌĞĚꢀƚŚĞꢀƐƚƌŽŶŐĞƐƚꢀƐƚĂďŝůŝnjĂƚŝŽŶꢀŽĨꢀĂůůꢀƚŚƌĞĞꢀ
Ϯϳϭꢀ ƌĞĐĞƉƚŽƌƐ͕ꢀ ǁŝƚŚꢀ ŵĞůƚŝŶŐꢀ ƚĞŵƉĞƌĂƚƵƌĞꢀ ƐŚŝĨƚƐꢀ ŽĨꢀ нϳ͘Ϭ͕ꢀ нϰ͘ϰꢀ ĂŶĚꢀ нϯ͘ϱΣꢁꢀ ďĞŝŶŐꢀ ŽďƐĞƌǀĞĚꢀ ĨŽƌꢀ
ϮϳϮꢀ ꢄꢃꢄϮ͕ꢀꢃƚꢄϭϰꢀĂŶĚꢀKƐꢄϭϰ͕ꢀƌĞƐƉĞĐƚŝǀĞůLJ͕ꢀƚŚĞƌĞďLJꢀƉƌŽǀŝĚŝŶŐꢀĂꢀďĞŶĐŚŵĂƌŬꢀĨŽƌꢀƚŚĞꢀĞǀĂůƵĂƚŝŽŶꢀŽĨꢀ
Ϯϳϯꢀ ƚŚĞꢀŶĞǁꢀYꢃꢄꢄƐꢀϬ͕ꢀϮʹϴꢀ;ϯϱͿ͘ꢀꢃƐꢀƐĞĞŶꢀŝŶꢀ&ŝŐƵƌĞꢀϮĂꢀŽŶůLJꢀYꢃꢄꢄꢀϮꢀƚƌŝŐŐĞƌĞĚꢀĂꢀƐƚĂďŝůŝnjĂƚŝŽŶꢀŽĨꢀ
Ϯϳϰꢀ ꢄꢃꢄϮꢀĂůƚŚŽƵŐŚꢀƚŚĞꢀƚŚĞƌŵĂůꢀƐŚŝĨƚꢀ;ȴdŵꢀсꢀнϰ͘ϴΣꢁͿꢀǁĂƐꢀůŽǁĞƌꢀƚŚĂŶꢀĨŽƌꢀDEꢃꢂ͘ꢀYꢃꢄꢄꢀϮꢀĂůƐŽꢀ
Ϯϳϱꢀ ƐƚĂďŝůŝnjĞĚꢀꢃƚꢄϭϰꢀ;ȴdŵꢀсꢀнϯ͘ϵΣꢁ͕ꢀ&ŝŐƵƌĞꢀϮďͿꢀďƵƚꢀĚŝĚꢀŶŽƚꢀƚƌŝŐŐĞƌꢀƚŚĞƌŵĂůꢀƐƚĂďŝůŝnjĂƚŝŽŶꢀŽĨꢀKƐꢄϭϰꢀ
Ϯϳϲꢀ ;ȴdŵꢀ сꢀ ʹϬ͘ϰΣꢁ͕ꢀ &ŝŐƵƌĞꢀ ϮĐͿ͘ꢀ /Ŷꢀ ĐŽŶƚƌĂƐƚꢀ ƚŽꢀ ƚŚĞꢀ ŝŶꢀ ƐŝůŝĐŽꢀ ĚŽĐŬŝŶŐꢀ ƐƚƵĚLJꢀ ƚŚĂƚꢀ ƉƌĞĚŝĐƚĞĚꢀ Ăůůꢀ
Ϯϳϳꢀ YꢃꢄͬYꢃꢄꢄƐꢀƚŽꢀĞĨĨŝĐĂĐŝŽƵƐůLJꢀďŝŶĚꢀƚŽꢀꢄꢃꢄϮ͕ꢀƚŚĞꢀŽƚŚĞƌꢀĐŽŵƉŽƵŶĚƐꢀƐŚŽǁĞĚꢀŶŽꢀŽƌꢀŽŶůLJꢀĂꢀƐŵĂůůꢀ
Ϯϳϴꢀ ƐƚĂďŝůŝnjŝŶŐꢀĞĨĨĞĐƚꢀŽŶꢀĂůůꢀƚŚƌĞĞꢀƉƌŽƚĞŝŶƐꢀ;ȴdŵꢀфꢀϭ͘ϲΣꢁ͕ꢀ&ŝŐƵƌĞꢀϮĂͲĐͿ͘ꢀdŽꢀĐŽŶĨŝƌŵꢀƚŚĞꢀꢄ^&ꢀƌĞƐƵůƚƐ͕ꢀ
Ϯϳϵꢀ ǁĞꢀ ŵĞĂƐƵƌĞĚꢀ ƚŚĞꢀ <Ěꢀ ǀĂůƵĞƐꢀ ŽĨꢀ Yꢃꢄꢄꢀ Ϯꢀ ƚŽꢀ ꢄꢃꢄϮ͕ꢀ ꢃƚꢄϭϰꢀ ĂŶĚꢀ KƐꢄϭϰꢀ ƵƐŝŶŐꢀ ŝŶƚƌŝŶƐŝĐꢀ
ϮϴϬꢀ ĨůƵŽƌĞƐĐĞŶĐĞꢀ;&ŝŐƵƌĞꢀϯĂͲĐͿ͘ꢀ<ĚꢀǀĂůƵĞƐꢀŽĨꢀYꢃꢄꢄꢀϮꢀƚŽꢀꢄꢃꢄϮꢀĂŶĚꢀꢃƚꢄϭϰꢀǁĞƌĞꢀϭϴ͘ϴꢀцꢀϭ͘ϴꢀ;&ŝŐꢀϯĂͿꢀ
Ϯϴϭꢀ ĂŶĚꢀϭϵ͘ϮꢀцꢀϬ͘ϳꢀђDꢀ;&ŝŐꢀϯďͿ͕ꢀƌĞƐƉĞĐƚŝǀĞůLJ͕ꢀǁŚŝĐŚꢀƌĞƉƌĞƐĞŶƚꢀΕϰdžꢀĂŶĚꢀΕϮdžꢀŝŶĐƌĞĂƐĞƐꢀĐŽŵƉĂƌĞĚꢀ
ϮϴϮꢀ ǁŝƚŚꢀƚŚĞꢀ<ĚꢀǀĂůƵĞƐꢀŽĨꢀDEꢃꢂꢀƚŽꢀƚŚĞƐĞꢀƚǁŽꢀƉƌŽƚĞŝŶƐꢀ;ϯϱͿ͘ꢀ/ŶꢀĂŐƌĞĞŵĞŶƚꢀǁŝƚŚꢀƚŚĞꢀꢄ^&ꢀĂƐƐĂLJ͕ꢀƚŚĞꢀ
Ϯϴϯꢀ ďŝŶĚŝŶŐꢀŽĨꢀYꢃꢄꢄꢀϮꢀƚŽꢀKƐꢄϭϰꢀǁĂƐꢀŵƵĐŚꢀǁĞĂŬĞƌꢀĂŶĚꢀƚŚĞꢀ<ĚꢀǀĂůƵĞꢀĐŽƵůĚꢀŶŽƚꢀďĞꢀĚĞƚĞƌŵŝŶĞĚꢀ
Ϯϴϰꢀ ĂĐĐƵƌĂƚĞůLJꢀ;<ĚꢀсꢀϮϳϲꢀцꢀϭϭϵꢀђD͕ꢀ&ŝŐꢀϯĐͿ͘ꢀdĂŬĞŶꢀƚŽŐĞƚŚĞƌ͕ꢀƚŚĞꢀꢄ^&ꢀĂŶĚꢀŝŶƚƌŝŶƐŝĐꢀĨůƵŽƌĞƐĐĞŶĐĞꢀ
Ϯϴϱꢀ ĂƐƐĂLJƐꢀƐŚŽǁĞĚꢀƚŚĂƚꢀYꢃꢄꢄꢀϮꢀƐƵĐĐĞƐƐĨƵůůLJꢀďŝŶĚƐꢀƚŽꢀďŽƚŚꢀꢄꢃꢄϮꢀĂŶĚꢀꢃƚꢄϭϰ͕ꢀĂůďĞŝƚꢀǁŝƚŚꢀƌĞĚƵĐĞĚꢀ
Ϯϴϲꢀ ĂĨĨŝŶŝƚLJꢀĐŽŵƉĂƌĞĚꢀƚŽꢀDEꢃꢂ͖ꢀŚŽǁĞǀĞƌ͕ꢀďŝŶĚŝŶŐꢀŽĨꢀYꢃꢄꢄꢀϮꢀƚŽꢀKƐꢄϭϰꢀŝƐꢀǀĞƌLJꢀǁĞĂŬ͘ꢀWƌĞͲƐƚĞĂĚLJꢀ
Ϯϴϳꢀ ƐƚĂƚĞꢀ ŝŶŚŝďŝƚŝŽŶꢀ ŬŝŶĞƚŝĐƐꢀ ƵƐŝŶŐꢀ z>'͕ꢀ Ăꢀ ƉƌŽĨůƵŽƌĞƐĐĞŶƚꢀ ƉƌŽďĞꢀ ƚŚĂƚꢀ ƌĞůĞĂƐĞƐꢀ ĨůƵŽƌĞƐĐĞŝŶꢀ ƵƉŽŶꢀ
Ϯϴϴꢀ ŚLJĚƌŽůLJƐŝƐꢀďLJꢀ^>ꢀƌĞĐĞƉƚŽƌƐꢀ;ϭϯͿ͕ꢀŚĂǀĞꢀƉƌĞǀŝŽƵƐůLJꢀďĞĞŶꢀƵƐĞĚꢀƚŽꢀĞƐƚŝŵĂƚĞꢀĂƉƉĂƌĞŶƚꢀ<ŝꢀǀĂůƵĞƐꢀŽĨꢀ
Ϯϴϵꢀ DEꢃꢂꢀĨŽƌꢀꢄꢃꢄϮ͕ꢀꢃƚꢄϭϰꢀĂŶĚꢀKƐꢄϭϰꢀ;<ŝꢀсꢀϬ͘ϭϲ͕ꢀϭ͘ϵꢀĂŶĚꢀϮ͘ϰꢀђD͕ꢀƌĞƐƉĞĐƚŝǀĞůLJ͕ꢀ;ϯϱͿͿ͘ꢀhƐŝŶŐꢀƚŚĞꢀ
ϮϵϬꢀ ƐĂŵĞꢀƐĞƚƵƉ͕ꢀƚŚĞꢀĂƉƉĂƌĞŶƚꢀ<ŝꢀŽĨꢀYꢃꢄꢄꢀϮꢀĨŽƌꢀꢄꢃꢄϮꢀĂŶĚꢀꢃƚꢄϭϰꢀǁĞƌĞꢀϭ͘ϬϯꢀцꢀϬ͘ϬϲꢀĂŶĚꢀϰ͘ϯϯꢀцꢀ
ϭϰꢀ
ꢀ

Ϯϵϭꢀ Ϭ͘ϯϮꢀђD͕ꢀƌĞƐƉĞĐƚŝǀĞůLJ͕ꢀ;&ŝŐƵƌĞꢀϯĚͲĞͿꢀĂŐĂŝŶꢀƐŚŽǁŝŶŐꢀƚŚĂƚꢀYꢃꢄꢄꢀϮꢀŝƐꢀůĞƐƐꢀƉŽƚĞŶƚꢀŝŶꢀŝŶŚŝďŝƚŝŶŐꢀ^>ꢀ
ϮϵϮꢀ ƌĞĐĞƉƚŽƌƐꢀŝŶꢀǀŝƚƌŽꢀƚŚĂŶꢀDEꢃꢂ͘ꢀꢀ
Ϯϵϯꢀ tĞꢀĨƵƌƚŚĞƌꢀƐŚŽǁĞĚꢀƚŚĂƚꢀYꢃꢄꢄꢀϮꢀŝŶŚŝďŝƚƐꢀƚŚĞꢀ'ZϮϰͲĚĞƉĞŶĚĞŶƚꢀŝŶƚĞƌĂĐƚŝŽŶꢀďĞƚǁĞĞŶꢀꢄꢃꢄϮꢀ
Ϯϵϰꢀ ĂŶĚꢀ ƚŚĞꢀ ĚŽǁŶƐƚƌĞĂŵꢀ ^>ͲƐŝŐŶĂůůŝŶŐꢀ ƚĂƌŐĞƚƐꢀ WŚDꢃyϮꢃꢀ ĂŶĚꢀ WŚꢄϱϯꢃꢀ ƵƐŝŶŐꢀ LJĞĂƐƚꢀ ƚǁŽͲŚLJďƌŝĚꢀ
Ϯϵϱꢀ ĂƐƐĂLJƐꢀ;&ŝŐƵƌĞꢀϰͿ͘ꢀ,ŽǁĞǀĞƌ͕ꢀŝŶꢀďŽƚŚꢀĐĂƐĞƐ͕ꢀYꢃꢄꢄꢀϮꢀǁĂƐꢀΕϭϬdžꢀůĞƐƐꢀĞĨĨĞĐƚŝǀĞꢀƚŚĂŶꢀƚŽůĨĞŶĂŵŝĐꢀ
Ϯϵϲꢀ ĂĐŝĚꢀŝŶꢀƚŚĞƐĞꢀĂƐƐĂLJƐꢀ;ϯϱͿ͘ꢀ
Ϯϵϳꢀ ꢀƌLJƐƚĂůꢁƐƚƌƵĐƚƵƌĞꢁŽĨꢁꢅꢂꢅϮꢁŝŶꢁĐŽŵƉůĞdžꢁǁŝƚŚꢁYꢂꢅꢅꢁϮꢁ
Ϯϵϴꢀ dŽůĨĞŶĂŵŝĐꢀĂĐŝĚͲƌĞůĂƚĞĚꢀĐŽŵƉŽƵŶĚƐꢀŝŶŚŝďŝƚꢀƐƚƌŝŐŽůĂĐƚŽŶĞꢀƌĞĐĞƉƚŽƌƐꢀďLJꢀďŝŶĚŝŶŐꢀŝŶƐŝĚĞꢀƚŚĞŝƌꢀ
Ϯϵϵꢀ ŝŶƚĞƌŶĂůꢀĐĂǀŝƚŝĞƐꢀƚŚƌŽƵŐŚꢀĂꢀĐŽŵďŝŶĂƚŝŽŶꢀŽĨꢀŚLJĚƌŽƉŚŽďŝĐꢀŝŶƚĞƌĂĐƚŝŽŶƐꢀǁŝƚŚꢀƚŚĞꢀƐŝĚĞꢀĐŚĂŝŶƐꢀŽĨꢀ
ϯϬϬꢀ ĨŽƵƌꢀ WŚĞꢀ ƌĞƐŝĚƵĞƐꢀ ůŝŶŝŶŐꢀ ƚŚĞꢀ ŝŶƚĞƌŝŽƌꢀ ŽĨꢀ ƚŚĞꢀ ĐĂǀŝƚLJꢀ ;WŚĞϮϳ͕ꢀ WŚĞϭϮϱ͕ꢀ WŚĞϭϱϴ͕ꢀ WŚĞϭϵϰ͖ꢀ Ăůůꢀ
ϯϬϭꢀ ƌĞƐŝĚƵĞꢀŶƵŵďĞƌƐꢀƌĞĨĞƌꢀƚŽꢀƚŚĞꢀꢄꢃꢄϮꢀƐĞƋƵĞŶĐĞͿꢀĂŶĚꢀĞůĞĐƚƌŽƐƚĂƚŝĐꢀŝŶƚĞƌĂĐƚŝŽŶƐꢀǁŝƚŚꢀ^ĞƌϵϲꢀĂŶĚꢀ
ϯϬϮꢀ ,ŝƐϮϰϲꢀĨƌŽŵꢀƚŚĞꢀĐĂƚĂůLJƚŝĐꢀƚƌŝĂĚ͕ꢀĂŶĚꢀǁŝƚŚꢀ^ĞƌϮϭϵꢀĨƌŽŵꢀƚŚĞꢀĂĐƚŝǀĂƚŝŽŶꢀůŽŽƉꢀ;ϯϱͿ͘ꢀ&ƵƌƚŚĞƌŵŽƌĞ͕ꢀ
ϯϬϯꢀ ƚŚĞꢀƌĞůĂƚŝǀĞꢀƉŽƐŝƚŝŽŶƐꢀŽĨꢀƚŚĞꢀƐŝĚĞꢀĐŚĂŝŶꢀŽĨꢀ,ŝƐꢀϮϰϲꢀĂŶĚꢀŽĨꢀƚŚĞꢀĐĂƌďŽdžLJůŝĐꢀŐƌŽƵƉꢀŽĨꢀƚŽůĨĞŶĂŵŝĐꢀ
ϯϬϰꢀ ĂĐŝĚͲƌĞůĂƚĞĚꢀĐŽŵƉŽƵŶĚƐꢀƐƵŐŐĞƐƚĞĚꢀƚŚĂƚꢀ,ŝƐꢀϮϰϲꢀĐŽƵůĚꢀďĞꢀƉƌŽƚŽŶĂƚĞĚꢀƚŽꢀĨŽƌŵꢀĂꢀƐĂůƚꢀďƌŝĚŐĞꢀ
ϯϬϱꢀ ĂŶĐŚŽƌŝŶŐꢀ ƚŚĞꢀ ďŽƵŶĚꢀ ĐŽŵƉŽƵŶĚꢀ ŝŶƐŝĚĞꢀ ƚŚĞꢀ ĐĂǀŝƚLJꢀ ;ϯϱͿ͘ꢀ dŽꢀ ƵŶĚĞƌƐƚĂŶĚꢀ ƚŚĞꢀ ĚŝƐĐƌĞƉĂŶĐŝĞƐꢀ
ϯϬϲꢀ ďĞƚǁĞĞŶꢀƚŚĞꢀŝŶꢀƐŝůŝĐŽꢀĚŽĐŬŝŶŐꢀƐƚƵĚŝĞƐꢀĂŶĚꢀƚŚĞꢀĞdžƉĞƌŝŵĞŶƚĂůꢀƌĞƐƵůƚƐ͕ꢀǁĞꢀĐŽͲĐƌLJƐƚĂůůŝnjĞĚꢀꢄꢃꢄϮꢀ
ϯϬϳꢀ ǁŝƚŚꢀ Yꢃꢄꢄꢀ Ϯꢀ ĂŶĚꢀ ƐŽůǀĞĚꢀ ŝƚƐꢀ ƐƚƌƵĐƚƵƌĞꢀ ƚŽꢀ ϭ͘ϲϯꢀ ꢆꢀ ƌĞƐŽůƵƚŝŽŶꢀ ;dĂďůĞꢀ ϭͿ͘ꢀ ꢅdžĐĞůůĞŶƚꢀ ĞůĞĐƚƌŽŶꢀ
ϯϬϴꢀ ĚĞŶƐŝƚLJꢀǁĂƐꢀŽďƐĞƌǀĞĚꢀĨŽƌꢀYꢃꢄꢄꢀϮꢀŝŶƐŝĚĞꢀꢄꢃꢄϮ͛ƐꢀŝŶƚĞƌŶĂůꢀĐĂǀŝƚLJꢀ;&ŝŐƵƌĞꢀϱͿꢀĂůůŽǁŝŶŐꢀĚĞƚĂŝůĞĚꢀ
ϯϬϵꢀ ĐŽŵƉĂƌŝƐŽŶƐꢀǁŝƚŚꢀƚŚĞꢀďŝŶĚŝŶŐꢀŵŽĚĞꢀŽĨꢀDEꢃꢂ͕ꢀŝƚƐꢀĐůŽƐĞƐƚꢀƉĂƌĞŶƚꢀĐŽŵƉŽƵŶĚꢀ;&ŝŐƵƌĞꢀϭͿ͘ꢀꢃƐꢀ
ϯϭϬꢀ ƐĞĞŶꢀŝŶꢀ&ŝŐƵƌĞꢀϱ͕ꢀYꢃꢄꢄꢀϮꢀďŝŶĚƐꢀŝŶƐŝĚĞꢀꢄꢃꢄϮ͛ƐꢀĐĂǀŝƚLJꢀŝŶꢀĂꢀĐŽŶĨŽƌŵĂƚŝŽŶꢀƚŽƚĂůůLJꢀĚŝĨĨĞƌĞŶƚꢀĨƌŽŵꢀ
ϯϭϭꢀ ƚŚĂƚꢀ ŽĨꢀ DEꢃꢂ͗ꢀ ŝŶƐƚĞĂĚꢀ ŽĨꢀ ŚĂǀŝŶŐꢀ ƌŝŶŐƐꢀ yꢀ ĂŶĚꢀ zꢀ ŽĨꢀ ďŽƚŚꢀ ĐŽŵƉŽƵŶĚƐꢀ ƐƵƉĞƌŝŵƉŽƐĞĚ͕ꢀ ĂƐꢀ
ϯϭϮꢀ ƉƌĞĚŝĐƚĞĚꢀďLJꢀƚŚĞꢀĚŽĐŬŝŶŐꢀƐƚƵĚLJ͕ꢀYꢃꢄꢄꢀϮꢀďŝŶĚƐꢀŝŶꢀĂꢀ͞ďĂĐŬͲƚŽͲĨƌŽŶƚ͟ꢀĐŽŶĨŽƌŵĂƚŝŽŶꢀǁŚĞƌĞꢀƚŚĞꢀ
ϯϭϯꢀ yꢀƌŝŶŐꢀƌŽƵŐŚůLJꢀŽĐĐƵƉŝĞƐꢀƚŚĞꢀƉŽƐŝƚŝŽŶꢀŽĨꢀƚŚĞꢀzꢀƌŝŶŐꢀŽĨꢀDEꢃꢂꢀǁŚŝůĞꢀƚŚĞꢀzꢀƌŝŶŐꢀƐŝƚƐꢀǁĞůůꢀĂďŽǀĞꢀ
ϭϱꢀ
ꢀ

ϯϭϰꢀ ƚŚĞꢀyꢀƌŝŶŐꢀŽĨꢀDEꢃꢂꢀĂŶĚꢀŝƐꢀƌŽƚĂƚĞĚꢀďLJꢀΕϵϬΣꢀĐŽŵƉĂƌĞĚꢀƚŽꢀƚŚĞꢀyꢀƌŝŶŐꢀŽĨꢀDEꢃꢂꢀ;&ŝŐƵƌĞꢀϲĂͿ͘ꢀ
ϯϭϱꢀ ꢁŽŶƐĞƋƵĞŶƚůLJ͕ꢀǁŚŝůĞꢀƚŚĞꢀĚŽĐŬŝŶŐꢀƐƚƵĚLJꢀƉƌĞĚŝĐƚĞĚꢀƚŚĂƚꢀŽŶĞꢀŽĨꢀƚŚĞꢀĐĂƌďŽŶLJůꢀŐƌŽƵƉƐꢀŽĨꢀƚŚĞꢀꢀ
ϯϭϲꢀ ƌŝŶŐꢀǁŽƵůĚꢀŝŶƚĞƌĂĐƚꢀǁŝƚŚꢀ^Ğƌϵϲ͕ꢀŝƚꢀŝƐꢀŝŶꢀĨĂĐƚꢀƚŚĞꢀƐĞƌĞŶĚŝƉŝƚŽƵƐꢀŚLJĚƌŽdžLJůꢀŐƌŽƵƉꢀŽŶꢀƚŚĞꢀzꢀƌŝŶŐꢀ
ϯϭϳꢀ ƚŚĂƚꢀĂŶĐŚŽƌƐꢀYꢃꢄꢄꢀϮꢀƚŽꢀ^Ğƌϵϲ͕ꢀǁŚŝůĞꢀĂĚĚŝƚŝŽŶĂůꢀŝŶƚĞƌĂĐƚŝŽŶƐꢀŽĐĐƵƌꢀďĞƚǁĞĞŶꢀƚŚĞꢀŶŝƚƌŽꢀŐƌŽƵƉꢀ
ϯϭϴꢀ ŽĨꢀYꢃꢄꢄꢀϮ͕ꢀƉŽƐŝƚŝŽŶĞĚꢀĚĞĞƉꢀŝŶƐŝĚĞꢀƚŚĞꢀĐĂǀŝƚLJ͕ꢀĂŶĚꢀƚŚĞꢀĐĂƚĂůLJƚŝĐꢀƌĞƐŝĚƵĞƐꢀ^ĞƌϵϲꢀĂŶĚꢀ,ŝƐϮϰϲ͘ꢀ/Ŷꢀ
ϯϭϵꢀ ĂĚĚŝƚŝŽŶ͕ꢀŽŶĞꢀŽĨꢀƚŚĞꢀĐĂƌďŽŶLJůꢀŐƌŽƵƉƐꢀŽŶꢀƚŚĞꢀꢀƌŝŶŐꢀĨŽƌŵƐꢀĂꢀŚLJĚƌŽŐĞŶꢀďŽŶĚꢀǁŝƚŚꢀƚŚĞꢀŚLJĚƌŽdžLJůꢀ
ϯϮϬꢀ ŐƌŽƵƉꢀŽĨꢀ^ĞƌϮϭϵꢀƚŽꢀƐƚĂďŝůŝnjĞꢀƚŚĞꢀĂĐƚŝǀĂƚŝŽŶꢀůŽŽƉ͕ꢀƚŚĞƌĞďLJꢀƌĞƉůĂĐŝŶŐꢀƚŚĞꢀŝŶƚĞƌĂĐƚŝŽŶꢀƉƌĞǀŝŽƵƐůLJꢀ
ϯϮϭꢀ ƐĞĞŶꢀďĞƚǁĞĞŶꢀƚŚŝƐꢀƌĞƐŝĚƵĞꢀĂŶĚꢀƚŚĞꢀĐĂƌďŽdžLJůŝĐꢀŐƌŽƵƉꢀŽĨꢀDEꢃꢂꢀ;&ŝŐƵƌĞꢀϲĂͿ͘ꢀꢄĞƐƉŝƚĞꢀƚŚĞꢀůĂƌŐĞꢀ
ϯϮϮꢀ ĚŝĨĨĞƌĞŶĐĞƐꢀ ŽďƐĞƌǀĞĚꢀ ďĞƚǁĞĞŶꢀ ƚŚĞꢀ ďŝŶĚŝŶŐꢀ ŵŽĚĞꢀ ĂŶĚꢀ ĐŽŶĨŽƌŵĂƚŝŽŶƐꢀ ŽĨꢀ ƚǁŽꢀ ĐŽŵƉŽƵŶĚƐ͕ꢀ
ϯϮϯꢀ ŽŶůLJꢀƌĞůĂƚŝǀĞůLJꢀƐŵĂůůꢀŵŽǀĞŵĞŶƚƐꢀĂƌĞꢀŽďƐĞƌǀĞĚꢀĨŽƌꢀƚŚĞꢀƉƌŽƚĞŝŶꢀƌĞƐŝĚƵĞƐꢀůŝŶŝŶŐꢀꢄꢃꢄϮ͛ƐꢀŝŶƚĞƌŶĂůꢀ
ϯϮϰꢀ ĐĂǀŝƚLJꢀ;&ŝŐƵƌĞꢀϲĂͿ͘ꢀꢃŵŽŶŐꢀƚŚĞƐĞ͕ꢀƌŽƚĂƚŝŽŶƐꢀŽĨꢀƚŚĞꢀƐŝĚĞꢀĐŚĂŝŶƐꢀŽĨꢀWŚĞϭϮϱ͕ꢀWŚĞϭϱϴꢀĂŶĚꢀWŚĞϭϵϰꢀ
ϯϮϱꢀ ĂƌĞꢀŽďƐĞƌǀĞĚꢀƚŽꢀŽƉƚŝŵŝnjĞꢀŝŶƚĞƌĂĐƚŝŽŶƐꢀǁŝƚŚꢀƌŝŶŐƐꢀzꢀĂŶĚꢀꢀŽĨꢀYꢃꢄꢄꢀϮ͕ꢀĂŶĚꢀƚŚĞꢀƐŝĚĞꢀĐŚĂŝŶꢀŽĨꢀ
ϯϮϲꢀ sĂůϭϵϯꢀŝƐꢀĚŝƐƉůĂĐĞĚꢀďLJꢀĂůŵŽƐƚꢀϮꢀꢆꢀƚŽꢀŽĐĐƵƉLJꢀƐŽŵĞꢀŽĨꢀƚŚĞꢀƐƉĂĐĞꢀƉƌĞǀŝŽƵƐůLJꢀĨŝůůĞĚꢀďLJꢀƚŚĞꢀyꢀƌŝŶŐꢀ
ϯϮϳꢀ ŽĨꢀDEꢃꢂꢀ;&ŝŐƵƌĞꢀϲĂ͕ꢀ^ƵƉƉůĞŵĞŶƚĂƌLJꢀ&ŝŐƵƌĞꢀ^ϮͿ͘ꢀ/ŶꢀĐŽŶƚƌĂƐƚ͕ꢀƚŚĞꢀƉŽƐŝƚŝŽŶꢀŽĨꢀƚŚĞꢀƐŝĚĞꢀĐŚĂŝŶꢀŽĨꢀ
ϯϮϴꢀ WŚĞϮϳ͕ꢀǁŚŝĐŚꢀǁĂƐꢀƉƌĞǀŝŽƵƐůLJꢀĨŽƵŶĚꢀƚŽꢀĨŽƌŵꢀĂŶꢀĞƐƐĞŶƚŝĂůꢀŚLJĚƌŽƉŚŽďŝĐꢀƐƚĂĐŬŝŶŐꢀŝŶƚĞƌĂĐƚŝŽŶꢀ
ϯϮϵꢀ ǁŝƚŚꢀƚŚĞꢀyꢀƌŝŶŐꢀDEꢃꢂꢀ;ϯϱͿꢀďƵƚꢀŶŽǁꢀŚĂƐꢀŽŶůLJꢀǁĞĂŬꢀŚLJĚƌŽƉŚŽďŝĐꢀĐŽŶƚĂĐƚƐꢀǁŝƚŚꢀƌŝŶŐƐꢀyꢀĂŶĚꢀzꢀ
ϯϯϬꢀ ŽĨꢀ Yꢃꢄꢄꢀ Ϯ͕ꢀ ƌĞŵĂŝŶƐꢀ ƵŶĐŚĂŶŐĞĚ͘ꢀ >ŝŬĞǁŝƐĞ͕ꢀ ƚŚĞꢀ ƐŝĚĞꢀ ĐŚĂŝŶꢀ ŽĨꢀ ,ŝƐꢀ Ϯϭϴꢀ ŚĂƐꢀ ƚŚĞꢀ ƐĂŵĞꢀ
ϯϯϭꢀ ĐŽŶĨŽƌŵĂƚŝŽŶꢀ ĂƐꢀ ŝŶꢀ ƚŚĞꢀ DEꢃꢂͲďŽƵŶĚꢀ ƐƚƌƵĐƚƵƌĞ͕ꢀ ĂůƚŚŽƵŐŚꢀ ƚŚŝƐꢀ ƌĞƐŝĚƵĞꢀ ŶŽǁꢀ ŚĂƐꢀ ŶŽꢀ ĚŝƌĞĐƚꢀ
ϯϯϮꢀ ĐŽŶƚĂĐƚꢀǁŝƚŚꢀYꢃꢄꢄꢀϮꢀ;&ŝŐƵƌĞꢀϲĂͿ͘ꢀtĞꢀŶĞdžƚꢀĐŽŵƉĂƌĞĚꢀƚŚĞꢀďŝŶĚŝŶŐꢀƐŝƚĞꢀŽĨꢀYꢃꢄꢄꢀϮꢀǁŝƚŚꢀƚŚĂƚꢀŽĨꢀ
ϯϯϯꢀ 'ZϮϰꢀŽďƐĞƌǀĞĚꢀŝŶꢀƚŚĞꢀƌŝĐĞꢀKƐꢄϭϰꢀƐƚƌƵĐƚƵƌĞꢀ;ϮϴͿ͘ꢀꢃƐꢀƐĞĞŶꢀŽŶꢀ&ŝŐƵƌĞꢀϲď͕ꢀƚŚĞꢀƚǁŽꢀĐŽŵƉŽƵŶĚƐꢀ
ϯϯϰꢀ ŽǀĞƌůĂƉꢀĂƚꢀƚŚĞꢀƐĂŵĞꢀƉŽƐŝƚŝŽŶꢀǁŝƚŚŝŶꢀƚŚĞꢀŝŶƚĞƌŶĂůꢀĐĂǀŝƚLJ͕ꢀĐŽŶĨŝƌŵŝŶŐꢀƚŚĂƚꢀYꢃꢄꢄꢀϮꢀĂĐƚƐꢀĂƐꢀĂꢀ
ϯϯϱꢀ ĐŽŵƉĞƚŝƚŝǀĞꢀŝŶŚŝďŝƚŽƌꢀƚŽꢀƉƌĞǀĞŶƚꢀĂĐĐĞƐƐꢀƚŽꢀƚŚĞꢀĂĐƚŝǀĞꢀƐŝƚĞꢀĐĂǀŝƚLJꢀƚŽꢀƚŚĞꢀ^>ꢀĐŽŵƉŽƵŶĚ͘ꢀꢀ
ϭϲꢀ
ꢀ

ϯϯϲꢀ ZĞǀŝƐŝƚŝŶŐꢁƚŚĞꢁĚŽĐŬŝŶŐꢁƐƚƵĚLJꢁ
ϯϯϳꢀ dŚĞꢀƵŶĞdžƉĞĐƚĞĚꢀďŝŶĚŝŶŐꢀŵŽĚĞꢀŽĨꢀYꢃꢄꢄꢀϮꢀŝŶƐŝĚĞꢀꢄꢃꢄϮ͛ƐꢀĐĂǀŝƚLJꢀƉƌŽŵƉƚĞĚꢀƵƐꢀƚŽꢀƌĞǀŝƐŝƚꢀƚŚĞꢀ
ϯϯϴꢀ ƌĞƐƵůƚƐꢀ ŽĨꢀ ƚŚĞꢀ ĚŽĐŬŝŶŐꢀ ƐƚƵĚLJ͘ꢀ dŽꢀ ƚŚŝƐꢀ ĞŶĚ͕ꢀ ƚŚĞꢀ ŶŝŶĞꢀ ĚŝĨĨĞƌĞŶƚꢀ ĚŽĐŬŝŶŐꢀ ƉŽƐĞƐꢀ ŽďƚĂŝŶĞĚꢀ ĨŽƌꢀ
ϯϯϵꢀ YꢃꢄꢄꢀϮꢁŝŶꢀƚŚĞꢀꢄꢃꢄϮͬƚŽůĨĞŶĂŵŝĐꢀĂĐŝĚꢀĞŵƉƚLJꢀĐƌLJƐƚĂůꢀƐƚƌƵĐƚƵƌĞꢁ;ƌĂŶŬĞĚꢀŝŶꢀŝŶĐƌĞĂƐŝŶŐꢀŽƌĚĞƌꢀŽĨꢀ
ϯϰϬꢀ ƚŚĞŝƌꢀĐĂůĐƵůĂƚĞĚꢀďŝŶĚŝŶŐꢀĂĨĨŝŶŝƚLJͿꢀǁĞƌĞꢀĐŽŵƉĂƌĞĚꢀǁŝƚŚꢀƚŚĞꢀĞdžƉĞƌŝŵĞŶƚĂůůLJꢀĚĞƚĞƌŵŝŶĞĚꢀƉŽƐĞƐꢀ
ϯϰϭꢀ ŽĨꢀ ďŽƚŚꢀ ƚŽůĨĞŶĂŵŝĐꢀ ĂĐŝĚꢀ ĂŶĚꢀ ŽĨꢀ Yꢃꢄꢄꢀ Ϯꢀ ŝŶƐŝĚĞꢀ ꢄꢃꢄϮ͛Ɛꢀ ĐĂǀŝƚLJꢀ ŽďƐĞƌǀĞĚꢀ ŝŶꢀ ƚŚĞꢀ ƌĞƐƉĞĐƚŝǀĞꢀ
ϯϰϮꢀ ĐƌLJƐƚĂůꢀƐƚƌƵĐƚƵƌĞƐꢀ;^ƵƉƉůĞŵĞŶƚĂƌLJꢀdĂďůĞƐꢀϮꢃꢀĂŶĚꢀϮꢂͿ͘ꢀꢃŵŽŶŐꢀƚŚĞƐĞ͕ꢀĚŽĐŬŝŶŐꢀƉŽƐĞƐꢀηϭꢀĂŶĚ͕ꢀƚŽꢀ
ϯϰϯꢀ ĂꢀůĞƐƐĞƌꢀĞdžƚĞŶƚ͕ꢀηϱꢀŚĂǀĞꢀƚŚĞŝƌꢀƌŝŶŐꢀƐƚƌƵĐƚƵƌĞꢀƐƵƉĞƌŝŵƉŽƐŝŶŐꢀǁĞůůꢀǁŝƚŚꢀƚŽůĨĞŶĂŵŝĐꢀĂĐŝĚꢀĂŶĚꢀ
ϯϰϰꢀ ĚŝĨĨĞƌꢀďLJꢀĂꢀϭϴϬΣꢀƌŽƚĂƚŝŽŶꢀŽĨꢀƚŚĞŝƌꢀzꢀƌŝŶŐꢀĐĂƌƌLJŝŶŐꢀƚŚĞꢀŶŝƚƌŽꢀŐƌŽƵƉ͘ꢀꢁŽŶǀĞƌƐĞůLJ͕ꢀƉŽƐĞƐꢀηϰꢀĂŶĚꢀηϲꢀ
ϯϰϱꢀ ƐŚĂƌĞꢀƐŝŵŝůĂƌŝƚLJꢀǁŝƚŚꢀƚŚĞꢀĐŽŶĨŽƌŵĂƚŝŽŶꢀŽĨꢀYꢃꢄꢄꢀϮꢀƐĞĞŶꢀŝŶꢀƚŚĞꢀĐƌLJƐƚĂůꢀƐƚƌƵĐƚƵƌĞ͘ꢀWŽƐĞꢀηϲꢀŝŶꢀ
ϯϰϲꢀ ƉĂƌƚŝĐƵůĂƌꢀƐŚŽǁƐꢀĂꢀƌĞĂƐŽŶĂďůLJꢀŐŽŽĚꢀĂŐƌĞĞŵĞŶƚꢀǁŝƚŚꢀƚŚĞꢀĐƌLJƐƚĂůꢀƐƚƌƵĐƚƵƌĞ͕ꢀǁŚŝůĞꢀƉŽƐĞꢀηϰꢀŚĂƐꢀ
ϯϰϳꢀ ŝƚƐꢀzꢀƌŝŶŐꢀƌŽƚĂƚĞĚꢀĂůŵŽƐƚꢀϭϴϬΣꢀĐŽŵƉĂƌĞĚꢀǁŝƚŚꢀƚŚĞꢀƐƚƌƵĐƚƵƌĞ͕ꢀƚŚĞƌĞĨŽƌĞꢀƉƌĞƐĞŶƚŝŶŐꢀƚŚĞꢀŶŝƚƌŽꢀ
ϯϰϴꢀ ŐƌŽƵƉꢀŝŶꢀƚŚĞꢀǁƌŽŶŐꢀĚŝƌĞĐƚŝŽŶ͘ꢀꢀ
ϯϰϵꢀ dŽꢀĐŽŵƉůĞŵĞŶƚꢀƚŚĞƐĞꢀƌĞƐƵůƚƐ͕ꢀǁĞꢀŶĞdžƚꢀƉĞƌĨŽƌŵĞĚꢀƚŚĞꢀƐĂŵĞꢀĚŽĐŬŝŶŐꢀĞdžƉĞƌŝŵĞŶƚꢀďƵƚꢀƵƐŝŶŐꢀ
ϯϱϬꢀ ƚŚĞꢀ ĞŵƉƚLJꢀ ꢄꢃꢄϮͬYꢃꢄꢄꢀ Ϯꢀ ĐƌLJƐƚĂůꢀ ƐƚƌƵĐƚƵƌĞꢀ ĂƐꢀ ƚŚĞꢀ ƌĞĐĞƉƚŽƌ͘ꢀ ꢃƐꢀ ĚĞƐĐƌŝďĞĚꢀ ĞĂƌůŝĞƌ͕ꢀ ŽŶůLJꢀ
ϯϱϭꢀ ƌĞůĂƚŝǀĞůLJꢀƐŵĂůůꢀĐŽŶĨŽƌŵĂƚŝŽŶĂůꢀĚŝĨĨĞƌĞŶĐĞƐꢀĂƌĞꢀŽďƐĞƌǀĞĚꢀĨŽƌꢀĂꢀĨĞǁꢀƌĞƐŝĚƵĞƐꢀůŝŶŝŶŐꢀꢄꢃꢄϮ͛Ɛꢀ
ϯϱϮꢀ ŝŶƚĞƌŶĂůꢀ ĐĂǀŝƚLJꢀ ǁŚĞŶꢀ Yꢃꢄꢄꢀ Ϯꢀ ŝƐꢀ ďŽƵŶĚꢀ ŝŶƐƚĞĂĚꢀ ŽĨꢀ ƚŽůĨĞŶĂŵŝĐꢀ ĂĐŝĚ͘ꢀ ,ŽǁĞǀĞƌ͕ꢀ ƚŚĞƐĞꢀ ĂƌĞꢀ
ϯϱϯꢀ ƐƵĨĨŝĐŝĞŶƚꢀƚŽꢀĚƌŝǀĞꢀƚŚĞꢀĚŽĐŬŝŶŐꢀƌĞƐƵůƚƐꢀƚŽǁĂƌĚꢀƚŚĞꢀĐŽƌƌĞĐƚꢀƐŽůƵƚŝŽŶ͕ꢀǁŝƚŚꢀĚŽĐŬŝŶŐꢀƉŽƐĞꢀηϭꢀŽĨꢀ
ϯϱϰꢀ Yꢃꢄꢄꢀ Ϯꢀ ŶŽǁꢀ ŵĂƚĐŚŝŶŐꢀ ĂůŵŽƐƚꢀ ƉĞƌĨĞĐƚůLJꢀ ƚŚĞꢀ ĐŽŶĨŽƌŵĂƚŝŽŶꢀ ƐĞĞŶꢀ ŝŶꢀ ƚŚĞꢀ ƐƚƌƵĐƚƵƌĞꢀ
ϯϱϱꢀ ;^ƵƉƉůĞŵĞŶƚĂƌLJꢀ dĂďůĞꢀ ϮꢂͿ͘ꢀ /Ŷꢀ ĂĚĚŝƚŝŽŶ͕ꢀ ĚŽĐŬŝŶŐꢀ ƉŽƐĞꢀ ηϯꢀ ŝƐꢀ ĂůƐŽꢀ ǀĞƌLJꢀ ĐůŽƐĞꢀ ƚŽꢀ ƚŚĞꢀ
ϯϱϲꢀ ĐŽŶĨŽƌŵĂƚŝŽŶꢀ ŽďƐĞƌǀĞĚꢀ ŝŶꢀ ƚŚĞꢀ ĐƌLJƐƚĂůꢀ ƐƚƌƵĐƚƵƌĞ͕ꢀ ǁŝƚŚꢀ ŽŶůLJꢀ ƚŚĞꢀ zꢀ ƌŝŶŐꢀ ĚŝĨĨĞƌŝŶŐꢀ ďLJꢀ Ăꢀ ϭϴϬΣꢀ
ϯϱϳꢀ ƌŽƚĂƚŝŽŶ͘ꢀ /Ŷꢀ ĐŽŶƚƌĂƐƚꢀ ƚŽꢀ ƚŚĞꢀ ƉƌĞǀŝŽƵƐꢀ ĚŽĐŬŝŶŐꢀ ƐƚƵĚLJ͕ꢀ ŶŽŶĞꢀ ŽĨꢀ ƚŚĞꢀ ĚŽĐŬŝŶŐꢀ ƉŽƐĞƐꢀ ŽďƚĂŝŶĞĚꢀ
ϯϱϴꢀ ƵƐŝŶŐꢀƚŚĞꢀꢄꢃꢄϮͬYꢃꢄꢄꢀϮꢀĞŵƉƚLJꢀƐƚƌƵĐƚƵƌĞꢀĂƐꢀƌĞĐĞƉƚŽƌꢀƌĞƐĞŵďůĞꢀƚŚĞꢀĐŽŶĨŽƌŵĂƚŝŽŶꢀƐĞĞŶꢀĨŽƌꢀ
ϭϳꢀ
ꢀ

ϯϱϵꢀ ƚŽůĨĞŶĂŵŝĐꢀĂĐŝĚ͘ꢀdŚŝƐꢀŝƐꢀŵŽƐƚꢀůŝŬĞůLJꢀďĞĐĂƵƐĞꢀŽĨꢀƚŚĞꢀƉŽƐŝƚŝŽŶꢀŽĨꢀsĂůϭϵϯꢀŝŶꢀƚŚĞꢀꢄꢃꢄϮͬYꢃꢄꢄꢀϮꢀ
ϯϲϬꢀ ĐƌLJƐƚĂůꢀƐƚƌƵĐƚƵƌĞꢀƚŚĂƚꢀŽĐĐƵƉŝĞƐꢀƐŽŵĞꢀŽĨꢀƚŚĞꢀƐƉĂĐĞꢀƉƌĞǀŝŽƵƐůLJꢀĨŝůůĞĚꢀďLJꢀƚŚĞꢀyꢀƌŝŶŐꢀŽĨꢀƚŽůĨĞŶĂŵŝĐꢀ
ϯϲϭꢀ ĂĐŝĚꢀ;&ŝŐƵƌĞꢀϱͿ͘ꢀKǀĞƌĂůů͕ꢀƚŚĞƐĞꢀƌĞƐƵůƚƐꢀĐŽŶĨŝƌŵꢀƚŚĂƚ͕ꢀǁŚŝůĞꢀĚŽĐŬŝŶŐꢀĐĂŶꢀƉƌŽǀŝĚĞꢀǀĞƌLJꢀǀĂůƵĂďůĞꢀ
ϯϲϮꢀ ŝŶƐŝŐŚƚƐꢀ ŝŶƚŽꢀ ƚŚĞꢀ ďŝŶĚŝŶŐꢀ ŵŽĚĞꢀ ŽĨꢀ ƐŵĂůůꢀ ŵŽůĞĐƵůĂƌꢀ ĐŽŵƉŽƵŶĚƐꢀ ŝŶƐŝĚĞꢀ ƉƌŽƚĞŝŶꢀ ďŝŶĚŝŶŐꢀ
ϯϲϯꢀ ƉŽĐŬĞƚƐ͕ꢀ ŝƚꢀ ŝƐꢀ ĂůƐŽꢀ ĞdžƚƌĞŵĞůLJꢀ ƐĞŶƐŝƚŝǀĞꢀ ƚŽꢀ ƚŚĞꢀ ůŽĐĂůꢀ ĞŶǀŝƌŽŶŵĞŶƚꢀ ŽĨꢀ ƚŚĞꢀ ƌĞĐĞƉƚŽƌ͘ꢀ /Ŷꢀ ƚŚĞꢀ
ϯϲϰꢀ ƉƌĞƐĞŶƚꢀĐĂƐĞ͕ꢀƚŚĞꢀƐŵĂůůꢀĐŽŶĨŽƌŵĂƚŝŽŶĂůꢀĐŚĂŶŐĞƐꢀŽďƐĞƌǀĞĚꢀĨŽƌꢀĂꢀĨĞǁꢀŽĨꢀƚŚĞꢀƌĞƐŝĚƵĞƐꢀůŝŶŝŶŐꢀƚŚĞꢀ
ϯϲϱꢀ ŝŶƚĞƌŶĂůꢀ ĐĂǀŝƚLJꢀ ŽĨꢀ ꢄꢃꢄϮꢀ ƵƉŽŶꢀ ďŝŶĚŝŶŐꢀ Yꢃꢄꢄꢀ Ϯꢀ ĐŽƵůĚꢀ ŶŽƚꢀ ŚĂǀĞꢀ ďĞĞŶꢀ ĂŶƚŝĐŝƉĂƚĞĚꢀ Žƌꢀ
ϯϲϲꢀ ĂƉƉƌŽƉƌŝĂƚĞůLJꢀŵŽĚĞůůĞĚꢀƚŽꢀĂůůŽǁꢀƚŚĞꢀŝŶŝƚŝĂůꢀĚŽĐŬŝŶŐꢀƐƚƵĚLJꢀƚŽꢀĂĐĐƵƌĂƚĞůLJꢀƉƌĞĚŝĐƚꢀƚŚĞꢀďĂĐŬͲƚŽͲ
ϯϲϳꢀ ĨƌŽŶƚꢀďŝŶĚŝŶŐꢀŵŽĚĞꢀŽĨꢀYꢃꢄꢄꢀϮꢀŝŶƐŝĚĞꢀƚŚĞꢀĐĂǀŝƚLJ͘ꢀꢃůƚŚŽƵŐŚꢀƉŽƐĞƐꢀƐŚŽǁŝŶŐꢀƐŝŵŝůĂƌŝƚŝĞƐꢀƚŽꢀƚŚĞꢀ
ϯϲϴꢀ ƚƌƵĞꢀĐŽŶĨŽƌŵĂƚŝŽŶꢀŽĨꢀYꢃꢄꢄꢀϮꢀŝŶƐŝĚĞꢀꢄꢃꢄϮ͛ƐꢀĐĂǀŝƚLJꢀǁĞƌĞꢀƉƌĞƐĞŶƚꢀǁŝƚŚŝŶꢀƚŚĞꢀůŝƐƚꢀŽĨꢀĚŽĐŬŝŶŐꢀ
ϯϲϵꢀ ƐŽůƵƚŝŽŶƐꢀ;ĂƚꢀηϲꢀĂŶĚ͕ꢀƚŽꢀĂꢀůĞƐƐĞƌꢀĞdžƚĞŶƚ͕ꢀĂƚꢀηϰͿ͕ꢀƚŚĞꢀƚŽƉꢀƐŽůƵƚŝŽŶꢀŵŝŵŝĐŬŝŶŐꢀƚŚĞꢀĐŽŶĨŽƌŵĂƚŝŽŶꢀ
ϯϳϬꢀ ŽĨꢀƚŽůĨĞŶĂŵŝĐꢀĂĐŝĚͬDEꢃꢂꢀǁĂƐꢀƚŚĞꢀŵŽƐƚꢀƉůĂƵƐŝďůĞꢀŽŶĞꢀŐŝǀĞŶꢀƚŚĞꢀŬŶŽǁůĞĚŐĞꢀĂǀĂŝůĂďůĞꢀĂƚꢀƚŚĞꢀ
ϯϳϭꢀ ƚŝŵĞꢀƚŚĞꢀƐƚƵĚLJꢀǁĂƐꢀĚŽŶĞ͘ꢀꢀ
ϯϳϮꢀ ꢃŵŽŶŐꢀĂůůꢀYꢃꢄƐͬYꢃꢄꢄƐꢀƚĞƐƚĞĚꢀŝŶꢀƚŚŝƐꢀƐƚƵĚLJ͕ꢀŽŶůLJꢀYꢃꢄꢄꢀϮꢀŚĂƌďŽƌƐꢀƚŚĞꢀŚLJĚƌŽdžLJůꢀŐƌŽƵƉꢀŽŶꢀƚŚĞꢀ
ϯϳϯꢀ zꢀƌŝŶŐꢀƚŚĂƚꢀĚŝƌĞĐƚůLJꢀŝŶƚĞƌĂĐƚƐꢀǁŝƚŚꢀƚŚĞꢀĐĂƚĂůLJƚŝĐꢀƐĞƌŝŶĞꢀŽĨꢀƚŚĞꢀ^>ꢀƌĞĐĞƉƚŽƌꢀĂƚꢀƚŚĞꢀďŽƚƚŽŵꢀŽĨꢀƚŚĞꢀ
ϯϳϰꢀ ĐĂǀŝƚLJ͕ꢀĂŶĚꢀŶŽŶĞꢀŽĨꢀƚŚĞꢀŽƚŚĞƌꢀYꢃꢄƐͬYꢃꢄꢄƐꢀǁĞƌĞꢀĂďůĞꢀƚŽꢀďŝŶĚꢀƚŽꢀƚŚĞꢀƌĞĐĞƉƚŽƌ͘ꢀdŚŝƐꢀĐŽŶĨŝƌŵƐꢀ
ϯϳϱꢀ ƚŚĂƚꢀ ĂŶĐŚŽƌŝŶŐꢀ ŽĨꢀ ƚŚĞꢀ ĐŽŵƉŽƵŶĚꢀ ƚŚƌŽƵŐŚꢀ ĞůĞĐƚƌŽƐƚĂƚŝĐꢀ ŝŶƚĞƌĂĐƚŝŽŶƐꢀ ǁŝƚŚꢀ ƚŚĞꢀ ĨĞǁꢀ ƉŽůĂƌꢀ
ϯϳϲꢀ ƌĞƐŝĚƵĞƐꢀ ƉƌĞƐĞŶƚꢀ ŝŶƐŝĚĞꢀ ƚŚĞꢀ ďŝŶĚŝŶŐꢀ ĐĂǀŝƚLJꢀ ŝƐꢀ ĞƐƐĞŶƚŝĂůꢀ ĨŽƌꢀ Ăꢀ ƐƵĐĐĞƐƐĨƵůꢀ ŝŶƚĞƌĂĐƚŝŽŶ͘ꢀ ꢃꢀ
ϯϳϳꢀ ĨƵŶĚĂŵĞŶƚĂůꢀ ĚŝĨĨĞƌĞŶĐĞꢀ ďĞƚǁĞĞŶꢀ EͲƉŚĞŶLJůĂŶƚŚƌĂŶŝůŝĐꢀ ĂĐŝĚꢀ ĚĞƌŝǀĂƚŝǀĞƐꢀ ĂŶĚꢀ YꢃꢄͬYꢃꢄꢄƐꢀ ŝƐꢀ
ϯϳϴꢀ ƚŚĞꢀ ƉƌĞƐĞŶĐĞꢀ ŽĨꢀ Ăꢀ ŶĞŐĂƚŝǀĞůLJꢀ ĐŚĂƌŐĞĚꢀ ĐĂƌďŽdžLJůŝĐꢀ ŐƌŽƵƉꢀ ŝŶꢀ EͲƉŚĞŶLJůĂŶƚŚƌĂŶŝůŝĐꢀ ĂĐŝĚꢀ
ϯϳϵꢀ ĚĞƌŝǀĂƚŝǀĞƐ͘ꢀ/ŶꢀƚŚĞꢀĐƌLJƐƚĂůꢀƐƚƌƵĐƚƵƌĞꢀŽĨꢀꢄꢃꢄϮꢀďŽƵŶĚꢀƚŽꢀƚŽůĨĞŶĂŵŝĐꢀĂĐŝĚ͕ꢀŝƚꢀǁĂƐꢀŶŽƚĞĚꢀƚŚĂƚꢀƚŚĞꢀ
ϯϴϬꢀ ƌĞƐƉĞĐƚŝǀĞꢀ ƉŽƐŝƚŝŽŶƐꢀ ŽĨꢀ ƚŚĞꢀ ĐĂƌďŽdžLJůŝĐꢀ ŐƌŽƵƉꢀ ŽĨꢀ ƚŽůĨĞŶĂŵŝĐꢀ ĂĐŝĚꢀ ĂŶĚꢀ ŽĨꢀ ƚŚĞꢀ ƐŝĚĞꢀ ĐŚĂŝŶꢀ ŽĨꢀ
ϯϴϭꢀ ,ŝƐϮϰϲꢀĨƌŽŵꢀƚŚĞꢀĐĂƚĂůLJƚŝĐꢀƚƌŝĂĚꢀƐƵŐŐĞƐƚĞĚꢀ,ŝƐϮϰϲꢀƚŽꢀďĞꢀƉƌŽƚŽŶĂƚĞĚ͕ꢀƚŚĞƌĞďLJꢀĨŽƌŵŝŶŐꢀĂꢀƐĂůƚꢀ
ϯϴϮꢀ ďƌŝĚŐĞꢀ ǁŝƚŚꢀ ƚŚĞꢀ ĐĂƌďŽdžLJůŝĐꢀ ŐƌŽƵƉꢀ ŽĨꢀ ƚŚĞꢀ ďŽƵŶĚꢀ ĐŽŵƉŽƵŶĚꢀ ;ϯϱͿ͘ꢀ /Ŷꢀ ĐŽŶƚƌĂƐƚ͕ꢀ ƚŚĞꢀ
ϭϴꢀ
ꢀ

ϯϴϯꢀ ĞůĞĐƚƌŽŶĞŐĂƚŝǀĞꢀŶŝƚƌŽꢀŐƌŽƵƉꢀŽĨꢀYꢃꢄꢄꢀϮꢀĚŽĞƐꢀŶŽƚꢀƉŽŝŶƚꢀĚŝƌĞĐƚůLJꢀƚŽǁĂƌĚƐꢀ,ŝƐϮϰϲꢀďƵƚꢀƐŝƚƐꢀŽŶꢀ
ϯϴϰꢀ ƚŚĞꢀƐŝĚĞꢀĂŶĚꢀŝƐꢀĨƵƌƚŚĞƌꢀĂǁĂLJ͘ꢀ&ƵƌƚŚĞƌŵŽƌĞ͕ꢀƚŚĞꢀůĂĐŬꢀŽĨꢀďŝŶĚŝŶŐꢀŽďƐĞƌǀĞĚꢀĨŽƌꢀYꢃꢄͬYꢃꢄꢄꢀϲꢀ
ϯϴϱꢀ ĂŶĚꢀ ϵꢁ ;ďŽƚŚꢀ ĐĂƌƌLJŝŶŐꢀ Ăꢀ ƐŝŵŝůĂƌꢀ ŶŝƚƌŽꢀ ŐƌŽƵƉꢀ Ăƚꢀ ƚŚĞꢀ ƐĂŵĞꢀ ƉŽƐŝƚŝŽŶ͕ꢀ ďƵƚꢀ ůĂĐŬŝŶŐꢀ ƚŚĞꢀ ĂĚĚŝƚŝŽŶꢀ
ϯϴϲꢀ ŚLJĚƌŽdžLJůꢀ ŐƌŽƵƉꢀ ƚŚĂƚꢀ ŝŶƚĞƌĂĐƚƐꢀ ǁŝƚŚꢀ ^ĞƌϵϲͿꢀ ƐƵŐŐĞƐƚƐꢀ ƚŚĂƚꢀ ĚĞƐƉŝƚĞꢀ ƚŚĞꢀ ĞůĞĐƚƌŽŶĞŐĂƚŝǀĞꢀ
ϯϴϳꢀ ĐŚĂƌĂĐƚĞƌꢀŽĨꢀƚŚĞꢀŽdžLJŐĞŶꢀĂƚŽŵƐ͕ꢀƚŚĞꢀƉƌĞƐĞŶĐĞꢀŽĨꢀƚŚĞꢀŶŝƚƌŽꢀŐƌŽƵƉꢀŝƐꢀŶŽƚꢀƐƵĨĨŝĐŝĞŶƚꢀƚŽꢀƚƌŝŐŐĞƌꢀĂꢀ
ϯϴϴꢀ ƐƚĂďůĞꢀŝŶƚĞƌĂĐƚŝŽŶꢀǁŝƚŚꢀꢄꢃꢄϮ͕ꢀĂŶĚꢀƚŚĂƚꢀŝŶƚĞƌĂĐƚŝŽŶƐꢀďĞƚǁĞĞŶꢀƚŚĞꢀĐŽŵƉŽƵŶĚꢀĂŶĚꢀďŽƚŚꢀ^Ğƌϵϲꢀ
ϯϴϵꢀ ĂŶĚꢀ,ŝƐϮϰϲꢀĂƌĞꢀƌĞƋƵŝƌĞĚꢀĨŽƌꢀƐƵĐĐĞƐƐĨƵůꢀďŝŶĚŝŶŐ͘ꢀꢃůƚŽŐĞƚŚĞƌ͕ꢀƚŚĞꢀůĂĐŬꢀŽĨꢀďŝŶĚŝŶŐꢀŽĨꢀŵŽƐƚꢀŽĨꢀƚŚĞꢀ
ϯϵϬꢀ YꢃꢄƐͬYꢃꢄꢄƐꢀ ƚĞƐƚĞĚꢀ ŚĞƌĞꢀ ĂŶĚꢀ ƚŚĞꢀ ůŽǁĞƌꢀ ďŝŶĚŝŶŐꢀ ĂĨĨŝŶŝƚLJꢀ ŽďƐĞƌǀĞĚꢀ ĨŽƌꢀ Yꢃꢄꢄꢀ Ϯꢀ ŝŶĚŝƌĞĐƚůLJꢀ
ϯϵϭꢀ ƐƵƉƉŽƌƚꢀ ƚŚĞꢀ ŚLJƉŽƚŚĞƐŝƐꢀ ƚŚĂƚꢀ Ăꢀ ƐĂůƚꢀ ďƌŝĚŐĞꢀ ďĞƚǁĞĞŶꢀ ƚŚĞꢀ ĐĂƌďŽdžLJůŝĐꢀ ŐƌŽƵƉꢀ ŽĨꢀ EͲ
ϯϵϮꢀ ƉŚĞŶLJůĂŶƚŚƌĂŶŝůŝĐꢀ ĂĐŝĚꢀ ĚĞƌŝǀĂƚŝǀĞƐꢀ ĂŶĚꢀ ƚŚĞꢀ ĐĂƚĂůLJƚŝĐꢀ ŚŝƐƚŝĚŝŶĞꢀ ŽĨꢀ ꢄꢃꢄϮꢀ ĚĞĞƉꢀ ŝŶƐŝĚĞꢀ ƚŚĞꢀ
ϯϵϯꢀ ŝŶƚĞƌŶĂůꢀĐĂǀŝƚLJꢀŝƐꢀĂꢀŬĞLJꢀĚƌŝǀĞƌꢀĨŽƌꢀƚŚĞꢀŚŝŐŚꢀĂĨĨŝŶŝƚLJꢀŽďƐĞƌǀĞĚꢀďĞƚǁĞĞŶꢀꢄꢃꢄϮꢀĂŶĚꢀƚŚŝƐꢀĐůĂƐƐꢀŽĨꢀ
ϯϵϰꢀ ĐŽŵƉŽƵŶĚƐ͘ꢀ
ϯϵϱꢀ /ŶꢀƉůĂŶƚĂꢁĂĐƚŝǀŝƚLJꢁŽĨꢁYꢂꢅꢅꢁϮꢁ
ϯϵϲꢀ /Ŷꢀ ƉůĂŶƚĂꢀ ĂĐƚŝǀŝƚLJꢀ ŽĨꢀ Yꢃꢄꢄꢀ Ϯꢀ ǁĂƐꢀ ƚĞƐƚĞĚꢀ ŝŶꢀ ꢄƌĂďŝĚŽƉƐŝƐꢀ ďƵĚꢀ ĂƐƐĂLJƐꢀ ĂŶĚꢀ ĐŽŵƉĂƌĞĚꢀ ǁŝƚŚꢀ
ϯϵϳꢀ ƚŽůĨĞŶĂŵŝĐꢀ ĂĐŝĚꢀ ǁŚŽƐĞꢀ ĂĐƚŝǀŝƚLJꢀ ŚĂƐꢀ ďĞĞŶꢀ ĚĞƐĐƌŝďĞĚꢀ ƉƌĞǀŝŽƵƐůLJꢀ ;ϯϱͿ͘ꢀ ꢃƐꢀ ƐĞĞŶꢀ ŝŶꢀ &ŝŐƵƌĞꢀ ϳ͕ꢀ
ϯϵϴꢀ Yꢃꢄꢄꢀ Ϯꢀ ƐŚŽǁĞĚꢀ ĞĨĨĞĐƚƐꢀ ŽŶꢀ ďƵĚꢀ ŐƌŽǁƚŚꢀ ƐŝŵŝůĂƌꢀ ƚŽꢀ ƚŽůĨĞŶĂŵŝĐꢀ ĂĐŝĚ͕ꢀ ďŽƚŚꢀ ŝŶꢀ ƉƌĞƐĞŶĐĞꢀ ĂŶĚꢀ
ϯϵϵꢀ ĂďƐĞŶĐĞꢀŽĨꢀ'ZϮϰ͘ꢀtĞꢀŶŽƚĞĚꢀƉƌĞǀŝŽƵƐůLJꢀƚŚĂƚꢀƚŚĞꢀƌĞůĂƚŝǀĞůLJꢀŚŝŐŚꢀĐŽŶĐĞŶƚƌĂƚŝŽŶꢀŽĨꢀƚŽůĨĞŶĂŵŝĐꢀ
ϰϬϬꢀ ĂĐŝĚꢀƌĞƋƵŝƌĞĚꢀƚŽꢀŐŝǀĞꢀĂꢀƉŚLJƐŝŽůŽŐŝĐĂůꢀƌĞƐƉŽŶƐĞꢀŝŶꢀƉůĂŶƚƐꢀĐŽŶƚƌĂƐƚƐꢀǁŝƚŚꢀƚŚĞꢀƉŽƚĞŶĐLJꢀŽďƐĞƌǀĞĚꢀ
ϰϬϭꢀ ĨŽƌꢀƚŚŝƐꢀĐŽŵƉŽƵŶĚꢀŝŶꢀǀŝƚƌŽ͕ꢀĂŶĚꢀƐƵŐŐĞƐƚĞĚꢀƚŚĂƚꢀƵƉƚĂŬĞꢀĂŶĚͬŽƌꢀƚƌĂŶƐƉŽƌƚꢀŽĨꢀƚŽůĨĞŶĂŵŝĐꢀĂĐŝĚꢀ
ϰϬϮꢀ ŵĂLJꢀ ďĞꢀ ůŝŵŝƚŝŶŐꢀ ĨĂĐƚŽƌƐꢀ ĨŽƌꢀ ŝƚƐꢀ ĂĐƚŝǀŝƚLJꢀ ŝŶꢀ ƉůĂŶƚĂꢀ ;ϯϱͿ͘ꢀ /ŶĚĞĞĚ͕ꢀ ŝŶƚƌŝŶƐŝĐꢀ ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐꢀ ŽĨꢀ
ϰϬϯꢀ ƚŽůĨĞŶĂŵŝĐꢀ ĂĐŝĚꢀ ƐƵŐŐĞƐƚꢀ ƐŽŵĞꢀ ƉŽƚĞŶƚŝĂůꢀ ĚƌĂǁďĂĐŬƐꢀ ĨŽƌꢀ ŝŶꢀ ƉůĂŶƚĂꢀ ĂƉƉůŝĐĂƚŝŽŶƐ͗ꢀ Ăꢀ ǀĞƌLJꢀ ůŽǁꢀ
ϰϬϰꢀ ƐŽůƵďŝůŝƚLJꢀŝŶꢀĂƋƵĞŽƵƐꢀŵĞĚŝĂꢀĂŶĚꢀƚŚĞꢀƉƌĞƐĞŶĐĞꢀŽĨꢀĂꢀĐŚĂƌŐĞĚꢀŐƌŽƵƉꢀƚŚĂƚꢀŵĂLJꢀĂĨĨĞĐƚꢀƉĂƐƐŝǀĞꢀ
ϰϬϱꢀ ƚƌĂŶƐƉŽƌƚꢀ ŝŶƚŽꢀ ƉůĂŶƚƐ͘ꢀ /Ŷꢀ ĐŽŶƚƌĂƐƚ͕ꢀ ǁĞꢀ ŽďƐĞƌǀĞꢀ ŚĞƌĞꢀ ƚŚĂƚꢀ Yꢃꢄꢄꢀ Ϯ͕ꢁ ǁŚŝůĞꢀ ůĞƐƐꢀ ƉŽƚĞŶƚꢀ ƚŚĂŶꢀ
ϭϵꢀ
ꢀ

ϰϬϲꢀ ƚŽůĨĞŶĂŵŝĐꢀĂĐŝĚꢀŝŶꢀǀŝƚƌŽ͕ꢀƐŚŽǁƐꢀƐŝŵŝůĂƌꢀůĞǀĞůƐꢀŽĨꢀĂĐƚŝǀŝƚLJꢀǁŚĞŶꢀƚĞƐƚĞĚꢀŽŶꢀďƵĚꢀŐƌŽǁƚŚ͘ꢀYꢃꢄꢄꢁϮꢀ
ϰϬϳꢀ ŵĂLJꢀ ƚŚĞƌĞĨŽƌĞꢀ ĐŽŵƉĞŶƐĂƚĞꢀ Ăꢀ ůŽǁĞƌꢀ ƉŽƚĞŶĐLJꢀ ĨŽƌꢀ ƚŚĞꢀ ^>ꢀ ƌĞĐĞƉƚŽƌꢀ ďLJꢀ ŝŶĐƌĞĂƐĞĚꢀ ůĞǀĞůƐꢀ ŽĨꢀ
ϰϬϴꢀ ƐŽůƵďŝůŝƚLJ͕ꢀƵƉƚĂŬĞꢀĂŶĚͬŽƌꢀƚƌĂŶƐƉŽƌƚꢀŝŶꢀƉůĂŶƚĂ͕ꢀƐƵŐŐĞƐƚŝŶŐꢀĂꢀĨŝŶĞꢀďĂůĂŶĐĞꢀďĞƚǁĞĞŶꢀƉŽƚĞŶĐLJꢀĂŶĚꢀ
ϰϬϵꢀ ďŝŽĂǀĂŝůĂďŝůŝƚLJꢀ ŽĨꢀ ĐĂŶĚŝĚĂƚĞꢀ ĐŽŵƉŽƵŶĚƐꢀ ƚŽꢀ ŽďƚĂŝŶꢀ ƐƵĐĐĞƐƐĨƵůꢀ ƉůĂŶƚꢀ ŐƌŽǁƚŚꢀ ƌĞŐƵůĂƚŽƌƐꢀ
ϰϭϬꢀ ƚĂƌŐĞƚŝŶŐꢀƚŚĞꢀƐƚƌŝŐŽůĂĐƚŽŶĞꢀƉĂƚŚǁĂLJ͘ꢀꢃꢀĨŝƌŵꢀĐŽŶĐůƵƐŝŽŶꢀŽŶꢀƚŚĞꢀƌĞůĂƚŝǀĞꢀĞĨĨŝĐĂĐLJꢀŽĨꢀƚŚĞƐĞꢀƚǁŽꢀ
ϰϭϭꢀ ĐŽŵƉŽƵŶĚƐꢀ ǁŝůů͕ꢀ ŚŽǁĞǀĞƌ͕ꢀ ƌĞƋƵŝƌĞꢀ ĂĚĚŝƚŝŽŶĂůꢀ ĂŶĂůLJƐĞƐ͘ꢀ tŚŝůĞꢀ ĨƵƌƚŚĞƌꢀ ƐƚƵĚŝĞƐꢀ ǁŝůůꢀ ĂůƐŽꢀ ďĞꢀ
ϰϭϮꢀ ƌĞƋƵŝƌĞĚꢀ ƚŽꢀ ĨƵůůLJꢀ ƵŶĚĞƌƐƚĂŶĚꢀ ƚŚĞꢀ ĞĨĨĞĐƚƐꢀ ŽĨꢀ ĚŝĨĨĞƌĞŶƚꢀ ŝŶŚŝďŝƚŽƌƐꢀ ŽŶꢀ ^>ͲƌĞŐƵůĂƚĞĚꢀ ƉůĂŶƚꢀ
ϰϭϯꢀ ƌĞƐƉŽŶƐĞƐꢀĂƚꢀďŽƚŚꢀŐĞŶĞƚŝĐꢀĂŶĚꢀƉŚLJƐŝŽůŽŐŝĐĂůꢀůĞǀĞůƐ͕ꢀŽƵƌꢀƌĞƐƵůƚƐꢀĞƐƚĂďůŝƐŚꢀYꢃꢄꢄꢀϮꢀĂƐꢀĂꢀŶŽǀĞůꢀ
ϰϭϰꢀ ůĞĂĚꢀ ĐŽŵƉŽƵŶĚꢀ ƚŽǁĂƌĚƐꢀ ƚŚĞꢀ ŐĞŶĞƌĂƚŝŽŶꢀ ŽĨꢀ ĂŶƚĂŐŽŶŝƐƚƐꢀ ƚĂƌŐĞƚŝŶŐꢀ ƉůĂŶƚꢀ ^>ꢀ ƌĞĐĞƉƚŽƌƐꢀ ǁŝƚŚꢀ
ϰϭϱꢀ ŝŵƉƌŽǀĞĚꢀƉŽƚĞŶĐLJꢀĂŶĚꢀďŝŽĂǀĂŝůĂďŝůŝƚLJ͘ꢀꢀ
ꢀ
ϮϬꢀ
ꢀ

ϰϭϲꢀ ꢅĂƚĂꢁꢂǀĂŝůĂďŝůŝƚLJꢁ
ϰϭϳꢀ dŚĞꢀĐƌLJƐƚĂůꢀƐƚƌƵĐƚƵƌĞꢀŽĨꢀꢄꢃꢄϮꢀŝŶꢀĐŽŵƉůĞdžꢀǁŝƚŚꢀϭͲ;ϯͲŶŝƚƌŽͲϰͲŚLJĚƌŽdžLJƉŚĞŶLJůͿͲϭ,ͲƋƵŝŶĂnjŽůŝŶĞͲ
ϰϭϴꢀ Ϯ͕ϰͲĚŝŽŶĞꢀ;ϮͿꢀŚĂƐꢀďĞĞŶꢀĚĞƉŽƐŝƚĞĚꢀŝŶꢀƚŚĞꢀWƌŽƚĞŝŶꢀꢄĂƚĂꢀꢂĂŶŬ͕ꢀǁŝƚŚꢀĞŶƚƌLJꢀĐŽĚĞꢀϲKϱ:͘ꢀ
ϰϭϵꢀ ꢂĐŬŶŽǁůĞĚŐŵĞŶƚƐꢁ
ϰϮϬꢀ tĞꢀƚŚĂŶŬꢀtŝůůŝĂŵꢀꢃ͘ꢀꢄĞŶŶLJꢀĨƌŽŵꢀƚŚĞꢀꢃƵĐŬůĂŶĚꢀꢁĂŶĐĞƌꢀ^ŽĐŝĞƚLJꢀĨŽƌꢀŚŝƐꢀĂŶĂůLJƐŝƐꢀŽĨꢀŽƵƌꢀ^ꢃZꢀ
ϰϮϭꢀ ƐƚƵĚLJꢀĂŶĚꢀŝŶŝƚŝĂůꢀƐƵŐŐĞƐƚŝŽŶꢀŽĨꢀŝŶǀĞƐƚŝŐĂƚŝŶŐꢀYꢃꢄͬYꢃꢄꢄƐ͕ꢀZĞǀĞůꢀ^͘D͘ꢀꢄƌƵŵŵŽŶĚꢀĨŽƌꢀĂĚǀŝĐĞꢀ
ϰϮϮꢀ ǁŝƚŚꢀƚŚĞꢀLJĞĂƐƚꢀƚǁŽͲŚLJďƌŝĚꢀĞdžƉĞƌŝŵĞŶƚƐꢀĂŶĚꢀŵĞŵďĞƌƐꢀŽĨꢀƚŚĞꢀ>ĂďŽƌĂƚŽƌLJꢀŽĨꢀ^ƚƌƵĐƚƵƌĂůꢀꢂŝŽůŽŐLJꢀ
ϰϮϯꢀ ;hŶŝǀĞƌƐŝƚLJꢀŽĨꢀꢃƵĐŬůĂŶĚͿꢀĨŽƌꢀŚĞůƉꢀǁŝƚŚꢀyͲƌĂLJꢀĚĂƚĂꢀĐŽůůĞĐƚŝŽŶ͘ꢀdŚŝƐꢀƌĞƐĞĂƌĐŚꢀǁĂƐꢀƵŶĚĞƌƚĂŬĞŶꢀŽŶꢀ
ϰϮϰꢀ ƚŚĞꢀDyϭꢀďĞĂŵůŝŶĞꢀĂƚꢀƚŚĞꢀꢃƵƐƚƌĂůŝĂŶꢀ^LJŶĐŚƌŽƚƌŽŶ͕ꢀƉĂƌƚꢀŽĨꢀꢃE^dK͘ꢀꢀ
ϰϮϱꢀ ꢅĞĐůĂƌĂƚŝŽŶꢁŽĨꢁŝŶƚĞƌĞƐƚꢁ
ϰϮϲꢀ dŚĞꢀĂƵƚŚŽƌƐꢀĚĞĐůĂƌĞꢀŶŽꢀĐŽŵƉĞƚŝŶŐꢀĨŝŶĂŶĐŝĂůꢀŝŶƚĞƌĞƐƚ͘ꢀ
ϰϮϳꢀ &ƵŶĚŝŶŐꢁŝŶĨŽƌŵĂƚŝŽŶꢁ
ϰϮϴꢀ dŚŝƐꢀǁŽƌŬꢀǁĂƐꢀƐƵƉƉŽƌƚĞĚꢀďLJꢀĨƵŶĚŝŶŐꢀĨƌŽŵꢀWůĂŶƚꢀĂŶĚꢀ&ŽŽĚꢀZĞƐĞĂƌĐŚꢀĂŶĚꢀĂꢀDĂƌƐĚĞŶꢀŐƌĂŶƚꢀ
ϰϮϵꢀ ĨƌŽŵꢀƚŚĞꢀZŽLJĂůꢀ^ŽĐŝĞƚLJꢀdĞꢀꢃƉĈƌĂŶŐŝꢀ;ĐŽŶƚƌĂĐƚꢀWꢃ&ϭϯϬϭͿ͘ꢀ
ϰϯϬꢀ ꢂƵƚŚŽƌꢁꢀŽŶƚƌŝďƵƚŝŽŶƐꢁ
ϰϯϭꢀ ꢁ,͕ꢀ,t>͕ꢀW^͕ꢀ>ꢀĂŶĚꢀ<ꢁ^ꢀƉĞƌĨŽƌŵĞĚꢀĞdžƉĞƌŝŵĞŶƚƐ͘ꢀ>>͕ꢀꢂꢁ,ꢀĂŶĚꢀEꢂWꢀƐLJŶƚŚĞƐŝnjĞĚꢀƚŚĞꢀYꢃꢄꢄƐ͘ꢀ
ϰϯϮꢀ ꢁ,ꢀǁƌŽƚĞꢀƚŚĞꢀŵĂŶƵƐĐƌŝƉƚꢀǁŝƚŚꢀŝŶƉƵƚꢀĨƌŽŵꢀĂůůꢀĂƵƚŚŽƌƐ͘ꢀꢁ,ꢀĂŶĚꢀ<ꢁ^ꢀĐŽŶĐĞŝǀĞĚꢀĂŶĚꢀƐƵƉĞƌǀŝƐĞĚꢀ
ϰϯϯꢀ ƚŚĞꢀƉƌŽũĞĐƚ͘ꢀ
ϰϯϰꢀ
ꢀ
Ϯϭꢀ
ꢀ

ϰϯϱꢀ ZĞĨĞƌĞŶĐĞƐꢁ
ϰϯϲꢀ ϭ͘ꢀ
'ŽŵĞnjͲZŽůĚĂŶꢀ s͕ꢀ &ĞƌŵĂƐꢀ ^͕ꢀ ꢂƌĞǁĞƌꢀ Wꢂ͕ꢀ WƵĞĐŚͲWĂŐĞƐꢀ s͕ꢀ ꢄƵŶꢀ ꢅꢃ͕ꢀ WŝůůŽƚꢀ :ͲW͕ꢀ Ğƚꢀ Ăů͘ꢀ
ϰϯϳꢀ ^ƚƌŝŐŽůĂĐƚŽŶĞꢀŝŶŚŝďŝƚŝŽŶꢀŽĨꢀƐŚŽŽƚꢀďƌĂŶĐŚŝŶŐ͘ꢀEĂƚƵƌĞ͘ꢀϮϬϬϴ͖ϰϱϱ;ϳϮϭϬͿ͗ϭϴϵͲϵϰ͘ꢀ
ϰϯϴꢀ Ϯ͘ꢀ
<ĂƉƵůŶŝŬꢀz͕ꢀꢄĞůĂƵdžꢀWD͕ꢀZĞƐŶŝĐŬꢀE͕ꢀDĂLJnjůŝƐŚͲ'Ăƚŝꢀꢅ͕ꢀtŝŶŝŶŐĞƌꢀ^͕ꢀꢂŚĂƚƚĂĐŚĂƌLJĂꢀꢁ͕ꢀĞƚꢀĂů͘ꢀ
ϰϯϵꢀ ^ƚƌŝŐŽůĂĐƚŽŶĞƐꢀĂĨĨĞĐƚꢀůĂƚĞƌĂůꢀƌŽŽƚꢀĨŽƌŵĂƚŝŽŶꢀĂŶĚꢀƌŽŽƚͲŚĂŝƌꢀĞůŽŶŐĂƚŝŽŶꢀŝŶꢀꢄƌĂďŝĚŽƉƐŝƐ͘ꢀWůĂŶƚĂ͘ꢀ
ϰϰϬꢀ ϮϬϭϭ͖Ϯϯϯ;ϭͿ͗ϮϬϵͲϭϲ͘ꢀ
ϰϰϭꢀ ϯ͘ꢀ
WĂŶĚĞLJꢀꢃ͕ꢀ^ŚĂƌŵĂꢀD͕ꢀWĂŶĚĞLJꢀ'<͘ꢀꢅŵĞƌŐŝŶŐꢀƌŽůĞƐꢀŽĨꢀƐƚƌŝŐŽůĂĐƚŽŶĞƐꢀŝŶꢀƉůĂŶƚꢀƌĞƐƉŽŶƐĞƐꢀ
ϰϰϮꢀ ƚŽꢀƐƚƌĞƐƐꢀĂŶĚꢀĚĞǀĞůŽƉŵĞŶƚ͘ꢀ&ƌŽŶƚꢀWůĂŶƚꢀ^Đŝ͘ꢀϮϬϭϲ͖ϳ͗ϰϯϰ͘ꢀ
ϰϰϯꢀ ϰ͘ꢀ ZĂƐŵƵƐƐĞŶꢀ ꢃ͕ꢀ DĂƐŽŶꢀ D'͕ꢀ ꢄĞꢀ ꢁƵLJƉĞƌꢀ ꢁ͕ꢀ ꢂƌĞǁĞƌꢀ Wꢂ͕ꢀ ,ĞƌŽůĚꢀ ^͕ꢀ ꢃŐƵƐƚŝꢀ :͕ꢀ Ğƚꢀ Ăů͘ꢀ
ϰϰϰꢀ ^ƚƌŝŐŽůĂĐƚŽŶĞƐꢀ ƐƵƉƉƌĞƐƐꢀ ĂĚǀĞŶƚŝƚŝŽƵƐꢀ ƌŽŽƚŝŶŐꢀ ŝŶꢀ ꢄƌĂďŝĚŽƉƐŝƐꢀ ĂŶĚꢀ ƉĞĂ͘ꢀ WůĂŶƚꢀ WŚLJƐŝŽů͘ꢀ
ϰϰϱꢀ ϮϬϭϮ͖ϭϱϴ;ϰͿ͗ϭϵϳϲͲϴϳ͘ꢀ
ϰϰϲꢀ ϱ͘ꢀ
^ŶŽǁĚĞŶꢀ <͕ꢀ ^ŝŵŬŝŶꢀ ꢃ͕ꢀ :ĂŶƐƐĞŶꢀ ꢂ͕ꢀ dĞŵƉůĞƚŽŶꢀ <͕ꢀ >ŽƵĐĂƐꢀ ,͕ꢀ ^ŝŵŽŶƐꢀ :͕ꢀ Ğƚꢀ Ăů͘ꢀ dŚĞꢀ
ϰϰϳꢀ ĚĞĐƌĞĂƐĞĚꢀ ĂƉŝĐĂůꢀ ĚŽŵŝŶĂŶĐĞϭͬWĞƚƵŶŝĂꢀ ŚLJďƌŝĚĂꢀ ꢁꢄZKdꢃEK/ꢂꢀ ꢁ>ꢃꢄsꢄ'ꢃꢀ ꢂ/Kyz'ꢃEꢄ^ꢃϴꢀ
ϰϰϴꢀ ŐĞŶĞꢀĂĨĨĞĐƚƐꢀďƌĂŶĐŚꢀƉƌŽĚƵĐƚŝŽŶꢀĂŶĚꢀƉůĂLJƐꢀĂꢀƌŽůĞꢀŝŶꢀůĞĂĨꢀƐĞŶĞƐĐĞŶĐĞ͕ꢀƌŽŽƚꢀŐƌŽǁƚŚ͕ꢀĂŶĚꢀĨůŽǁĞƌꢀ
ϰϰϵꢀ ĚĞǀĞůŽƉŵĞŶƚ͘ꢀWůĂŶƚꢀꢁĞůů͘ꢀϮϬϬϱ͖ϭϳ;ϯͿ͗ϳϰϲͲϱϵ͘ꢀ
ϰϱϬꢀ ϲ͘ꢀ
hŵĞŚĂƌĂꢀ D͕ꢀ ,ĂŶĂĚĂꢀ ꢃ͕ꢀ zŽƐŚŝĚĂꢀ ^͕ꢀ ꢃŬŝLJĂŵĂꢀ <͕ꢀ ꢃƌŝƚĞꢀ d͕ꢀ dĂŬĞĚĂͲ<ĂŵŝLJĂꢀ E͕ꢀ Ğƚꢀ Ăů͘ꢀ
ϰϱϭꢀ /ŶŚŝďŝƚŝŽŶꢀ ŽĨꢀ ƐŚŽŽƚꢀ ďƌĂŶĐŚŝŶŐꢀ ďLJꢀ ŶĞǁꢀ ƚĞƌƉĞŶŽŝĚꢀ ƉůĂŶƚꢀ ŚŽƌŵŽŶĞƐ͘ꢀ EĂƚƵƌĞ͘ꢀ
ϰϱϮꢀ ϮϬϬϴ͖ϰϱϱ;ϳϮϭϬͿ͗ϭϵϱͲϮϬϬ͘ꢀ
ϰϱϯꢀ ϳ͘ꢀ
tŽŽꢀ,Z͕ꢀꢁŚƵŶŐꢀ<D͕ꢀWĂƌŬꢀ:Ͳ,͕ꢀKŚꢀ^ꢃ͕ꢀꢃŚŶꢀd͕ꢀ,ŽŶŐꢀ^,͕ꢀĞƚꢀĂů͘ꢀKZꢅϵ͕ꢀĂŶꢀ&ͲꢂŽdžꢀƉƌŽƚĞŝŶꢀ
ϰϱϰꢀ ƚŚĂƚꢀƌĞŐƵůĂƚĞƐꢀůĞĂĨꢀƐĞŶĞƐĐĞŶĐĞꢀŝŶꢀꢄƌĂďŝĚŽƉƐŝƐ͘ꢀWůĂŶƚꢀꢁĞůů͘ꢀϮϬϬϭ͖ϭϯ;ϴͿ͗ϭϳϳϵͲϵϬ͘ꢀ
ϰϱϱꢀ ϴ͘ꢀ zĂŵĂĚĂꢀ z͕ꢀ &ƵƌƵƐĂǁĂꢀ ^͕ꢀ EĂŐĂƐĂŬĂꢀ ^͕ꢀ ^ŚŝŵŽŵƵƌĂꢀ <͕ꢀ zĂŵĂŐƵĐŚŝꢀ ^͕ꢀ hŵĞŚĂƌĂꢀ D͘ꢀ
ϰϱϲꢀ ^ƚƌŝŐŽůĂĐƚŽŶĞꢀƐŝŐŶĂůŝŶŐꢀƌĞŐƵůĂƚĞƐꢀƌŝĐĞꢀůĞĂĨꢀƐĞŶĞƐĐĞŶĐĞꢀŝŶꢀƌĞƐƉŽŶƐĞꢀƚŽꢀĂꢀƉŚŽƐƉŚĂƚĞꢀĚĞĨŝĐŝĞŶĐLJ͘ꢀ
ϰϱϳꢀ WůĂŶƚĂ͘ꢀϮϬϭϰ͖ϮϰϬ;ϮͿ͗ϯϵϵͲϰϬϴ͘ꢀ
ϰϱϴꢀ ϵ͘ꢀ
ꢃŬŝLJĂŵĂꢀ<͕ꢀDĂƚƐƵnjĂŬŝꢀ<͕ꢀ,ĂLJĂƐŚŝꢀ,͘ꢀWůĂŶƚꢀƐĞƐƋƵŝƚĞƌƉĞŶĞƐꢀŝŶĚƵĐĞꢀŚLJƉŚĂůꢀďƌĂŶĐŚŝŶŐꢀŝŶꢀ
ϰϱϵꢀ ĂƌďƵƐĐƵůĂƌꢀŵLJĐŽƌƌŚŝnjĂůꢀĨƵŶŐŝ͘ꢀEĂƚƵƌĞ͘ꢀϮϬϬϱ͖ϰϯϱ;ϳϬϰϯͿ͗ϴϮϰͲϳ͘ꢀ
ϰϲϬꢀ ϭϬ͘ꢀ ꢃůͲꢂĂďŝůŝꢀ ^͕ꢀ ꢂŽƵǁŵĞĞƐƚĞƌꢀ ,:͘ꢀ ^ƚƌŝŐŽůĂĐƚŽŶĞƐ͕ꢀ Ăꢀ ŶŽǀĞůꢀ ĐĂƌŽƚĞŶŽŝĚͲĚĞƌŝǀĞĚꢀ ƉůĂŶƚꢀ
ϰϲϭꢀ ŚŽƌŵŽŶĞ͘ꢀꢃŶŶƵꢀZĞǀꢀWůĂŶƚꢀꢂŝŽů͘ꢀϮϬϭϱ͖ϲϲ͗ϭϲϭͲϴϲ͘ꢀ
ϰϲϮꢀ ϭϭ͘ꢀ
ꢂƌĞǁĞƌꢀ Wꢂ͕ꢀ <ŽůƚĂŝꢀ ,͕ꢀ ꢂĞǀĞƌŝĚŐĞꢀ ꢁꢃ͘ꢀ ꢄŝǀĞƌƐĞꢀ ƌŽůĞƐꢀ ŽĨꢀ ƐƚƌŝŐŽůĂĐƚŽŶĞƐꢀ ŝŶꢀ ƉůĂŶƚꢀ
ϰϲϯꢀ ĚĞǀĞůŽƉŵĞŶƚ͘ꢀDŽůĞĐƵůĂƌꢀWůĂŶƚ͘ꢀϮϬϭϯ͖ϲ;ϭͿ͗ϭϴͲϮϴ͘ꢀ
ϰϲϰꢀ ϭϮ͘ꢀ
<ŚŽƐůĂꢀꢃ͕ꢀEĞůƐŽŶꢀꢄꢁ͘ꢀ^ƚƌŝŐŽůĂĐƚŽŶĞƐ͕ꢀƐƵƉĞƌꢀŚŽƌŵŽŶĞƐꢀŝŶꢀƚŚĞꢀĨŝŐŚƚꢀĂŐĂŝŶƐƚꢀ^ƚƌŝŐĂ͘ꢀꢁƵƌƌꢀ
ϰϲϱꢀ KƉŝŶꢀWůĂŶƚꢀꢂŝŽů͘ꢀϮϬϭϲ͖ϯϯ͗ϱϳͲϲϯ͘ꢀ
ϰϲϲꢀ ϭϯ͘ꢀ
dƐƵĐŚŝLJĂꢀ z͕ꢀ zŽƐŚŝŵƵƌĂꢀ D͕ꢀ ^ĂƚŽꢀ z͕ꢀ <ƵǁĂƚĂꢀ <͕ꢀ dŽŚꢀ ^͕ꢀ ,ŽůďƌŽŽŬͲ^ŵŝƚŚꢀ ꢄ͕ꢀ Ğƚꢀ Ăů͘ꢀ
ϰϲϳꢀ WꢃZꢃ^/d/ꢁꢀW>ꢃEd^͘ꢀWƌŽďŝŶŐꢀƐƚƌŝŐŽůĂĐƚŽŶĞꢀƌĞĐĞƉƚŽƌƐꢀŝŶꢀ^ƚƌŝŐĂꢀŚĞƌŵŽŶƚŚŝĐĂꢀǁŝƚŚꢀĨůƵŽƌĞƐĐĞŶĐĞ͘ꢀ
ϰϲϴꢀ ^ĐŝĞŶĐĞ͘ꢀϮϬϭϱ͖ϯϰϵ;ϲϮϱϬͿ͗ϴϲϰͲϴ͘ꢀ
ϮϮꢀ
ꢀ

ϰϲϵꢀ ϭϰ͘ꢀ
>ƵŵďĂꢀ^͕ꢀ,ŽůďƌŽŽŬͲ^ŵŝƚŚꢀꢄ͕ꢀDĐꢁŽƵƌƚꢀW͘ꢀdŚĞꢀƉĞƌĐĞƉƚŝŽŶꢀŽĨꢀƐƚƌŝŐŽůĂĐƚŽŶĞƐꢀŝŶꢀǀĂƐĐƵůĂƌꢀ
ϰϳϬꢀ ƉůĂŶƚƐ͘ꢀEĂƚꢀꢁŚĞŵꢀꢂŝŽů͘ꢀϮϬϭϳ͖ϭϯ;ϲͿ͗ϱϵϵͲϲϬϲ͘ꢀ
ϰϳϭꢀ ϭϱ͘ꢀ
ĚĞꢀ^ĂŝŶƚꢀ'ĞƌŵĂŝŶꢀꢃ͕ꢀꢁůĂǀĞꢀ'͕ꢀꢂĂĚĞƚͲꢄĞŶŝƐŽƚꢀDꢃ͕ꢀWŝůůŽƚꢀ:W͕ꢀꢁŽƌŶƵꢀꢄ͕ꢀ>ĞꢀꢁĂĞƌꢀ:W͕ꢀĞƚꢀĂů͘ꢀ
ϰϳϮꢀ ꢃŶꢀŚŝƐƚŝĚŝŶĞꢀĐŽǀĂůĞŶƚꢀƌĞĐĞƉƚŽƌꢀĂŶĚꢀďƵƚĞŶŽůŝĚĞꢀĐŽŵƉůĞdžꢀŵĞĚŝĂƚĞƐꢀƐƚƌŝŐŽůĂĐƚŽŶĞꢀƉĞƌĐĞƉƚŝŽŶ͘ꢀ
ϰϳϯꢀ EĂƚꢀꢁŚĞŵꢀꢂŝŽů͘ꢀϮϬϭϲ͖ϭϮ;ϭϬͿ͗ϳϴϳͲϵϰ͘ꢀ
ϰϳϰꢀ ϭϲ͘ꢀ
,ĂŵŝĂƵdžꢀꢁ͕ꢀꢄƌƵŵŵŽŶĚꢀZ^͕ꢀ:ĂŶƐƐĞŶꢀꢂ:͕ꢀ>ĞĚŐĞƌꢀ^ꢅ͕ꢀꢁŽŽŶĞLJꢀ:D͕ꢀEĞǁĐŽŵďꢀZꢄ͕ꢀĞƚꢀĂů͘ꢀ
ϰϳϱꢀ ꢄꢃꢄϮꢀ ŝƐꢀ ĂŶꢀ ɲͬɴꢀ ŚLJĚƌŽůĂƐĞꢀ ůŝŬĞůLJꢀ ƚŽꢀ ďĞꢀ ŝŶǀŽůǀĞĚꢀ ŝŶꢀ ƚŚĞꢀ ƉĞƌĐĞƉƚŝŽŶꢀ ŽĨꢀ ƚŚĞꢀ ƉůĂŶƚꢀ ďƌĂŶĐŚŝŶŐꢀ
ϰϳϲꢀ ŚŽƌŵŽŶĞ͕ꢀƐƚƌŝŐŽůĂĐƚŽŶĞ͘ꢀꢁƵƌƌꢀꢂŝŽů͘ꢀϮϬϭϮ͖ϮϮ;ϮϭͿ͗ϮϬϯϮͲϲ͘ꢀ
ϰϳϳꢀ ϭϳ͘ꢀ
:ŝĂŶŐꢀ>͕ꢀ>ŝƵꢀy͕ꢀyŝŽŶŐꢀ'͕ꢀ>ŝƵꢀ,͕ꢀꢁŚĞŶꢀ&͕ꢀtĂŶŐꢀ>͕ꢀĞƚꢀĂů͘ꢀꢄtꢃZ&ꢀϱϯꢀĂĐƚƐꢀĂƐꢀĂꢀƌĞƉƌĞƐƐŽƌꢀŽĨꢀ
ϰϳϴꢀ ƐƚƌŝŐŽůĂĐƚŽŶĞꢀƐŝŐŶĂůůŝŶŐꢀŝŶꢀƌŝĐĞ͘ꢀEĂƚƵƌĞ͘ꢀϮϬϭϯ͖ϱϬϰ;ϳϰϴϬͿ͗ϰϬϭͲϱ͘ꢀ
ϰϳϵꢀ ϭϴ͘ꢀ zĂŽꢀZ͕ꢀDŝŶŐꢀ͕ꢀzĂŶꢀ>͕ꢀ>ŝꢀ^͕ꢀtĂŶŐꢀ&͕ꢀDĂꢀ^͕ꢀĞƚꢀĂů͘ꢀꢄtꢃZ&ϭϰꢀŝƐꢀĂꢀŶŽŶͲĐĂŶŽŶŝĐĂůꢀŚŽƌŵŽŶĞꢀ
ϰϴϬꢀ ƌĞĐĞƉƚŽƌꢀĨŽƌꢀƐƚƌŝŐŽůĂĐƚŽŶĞ͘ꢀEĂƚƵƌĞ͘ꢀϮϬϭϲ͖ϱϯϲ;ϳϲϭϳͿ͗ϰϲϵͲϳϯ͘ꢀ
ϰϴϭꢀ ϭϵ͘ꢀ ŚĂŽꢀ >,͕ꢀ ŚŽƵꢀ yꢅ͕ꢀ tƵꢀ ^͕ꢀ zŝꢀ t͕ꢀ yƵꢀ z͕ꢀ >ŝꢀ ^͕ꢀ Ğƚꢀ Ăů͘ꢀ ꢁƌLJƐƚĂůꢀ ƐƚƌƵĐƚƵƌĞƐꢀ ŽĨꢀ ƚǁŽꢀ
ϰϴϮꢀ ƉŚLJƚŽŚŽƌŵŽŶĞꢀƐŝŐŶĂůͲƚƌĂŶƐĚƵĐŝŶŐꢀɲͬɴꢀŚLJĚƌŽůĂƐĞƐ͗ꢀŬĂƌƌŝŬŝŶͲƐŝŐŶĂůŝŶŐꢀ<ꢃ/ϮꢀĂŶĚꢀƐƚƌŝŐŽůĂĐƚŽŶĞͲ
ϰϴϯꢀ ƐŝŐŶĂůŝŶŐꢀꢄtꢃZ&ϭϰ͘ꢀꢁĞůůꢀZĞƐ͘ꢀϮϬϭϯ͖Ϯϯ;ϯͿ͗ϰϯϲͲϵ͘ꢀ
ϰϴϰꢀ ϮϬ͘ꢀ
^ƚĂŶŐĂꢀ :W͕ꢀDŽƌĨĨLJꢀ E͕ꢀ EĞůƐŽŶꢀ ꢄꢁ͘ꢀ &ƵŶĐƚŝŽŶĂůꢀ ƌĞĚƵŶĚĂŶĐLJꢀ ŝŶꢀ ƚŚĞꢀ ĐŽŶƚƌŽůꢀ ŽĨꢀ ƐĞĞĚůŝŶŐꢀ
ϰϴϱꢀ ŐƌŽǁƚŚꢀďLJꢀƚŚĞꢀŬĂƌƌŝŬŝŶꢀƐŝŐŶĂůŝŶŐꢀƉĂƚŚǁĂLJ͘ꢀWůĂŶƚĂ͘ꢀϮϬϭϲ͖Ϯϰϯ;ϲͿ͗ϭϯϵϳͲϰϬϲ͘ꢀ
ϰϴϲꢀ Ϯϭ͘ꢀ ŚŽƵꢀ &͕ꢀ >ŝŶꢀ Y͕ꢀ ŚƵꢀ >͕ꢀ ZĞŶꢀ z͕ꢀ ŚŽƵꢀ <͕ꢀ ^ŚĂďĞŬꢀ E͕ꢀ Ğƚꢀ Ăů͘ꢀ ꢄϭϰͲ^ꢁ&;ꢄϯͿͲĚĞƉĞŶĚĞŶƚꢀ
ϰϴϳꢀ ĚĞŐƌĂĚĂƚŝŽŶꢀŽĨꢀꢄϱϯꢀƌĞŐƵůĂƚĞƐꢀƐƚƌŝŐŽůĂĐƚŽŶĞꢀƐŝŐŶĂůůŝŶŐ͘ꢀEĂƚƵƌĞ͘ꢀϮϬϭϯ͖ϱϬϰ;ϳϰϴϬͿ͗ϰϬϲͲϭϬ͘ꢀ
ϰϴϴꢀ ϮϮ͘ꢀ ꢂLJƚŚĞůůͲꢄŽƵŐůĂƐꢀ Z͕ꢀ tĂƚĞƌƐꢀ Dd͕ꢀ ^ĐĂĨĨŝĚŝꢀ ꢃ͕ꢀ &ůĞŵĂƚƚŝꢀ 'Z͕ꢀ ^ŵŝƚŚꢀ ^D͕ꢀ ꢂŽŶĚꢀ ꢁ^͘ꢀ dŚĞꢀ
ϰϴϵꢀ ƐƚƌƵĐƚƵƌĞꢀ ŽĨꢀ ƚŚĞꢀ ŬĂƌƌŝŬŝŶͲŝŶƐĞŶƐŝƚŝǀĞꢀ ƉƌŽƚĞŝŶꢀ ;<ꢃ/ϮͿꢀ ŝŶꢀ ꢄƌĂďŝĚŽƉƐŝƐꢀ ƚŚĂůŝĂŶĂ͘ꢀ W>Ž^ꢀ KEꢅ͘ꢀ
ϰϵϬꢀ ϮϬϭϯ͖ϴ;ϭͿ͗Ğϱϰϳϱϴ͘ꢀ
ϰϵϭꢀ Ϯϯ͘ꢀ
'ƵŽꢀz͕ꢀŚĞŶŐꢀ͕ꢀ>ĂꢀꢁůĂŝƌꢀ::͕ꢀꢁŚŽƌLJꢀ:͕ꢀEŽĞůꢀ:W͘ꢀ^ŵŽŬĞͲĚĞƌŝǀĞĚꢀŬĂƌƌŝŬŝŶꢀƉĞƌĐĞƉƚŝŽŶꢀďLJꢀƚŚĞꢀ
ϰϵϮꢀ ɲͬɴͲŚLJĚƌŽůĂƐĞꢀ<ꢃ/ϮꢀĨƌŽŵꢀꢄƌĂďŝĚŽƉƐŝƐ͘ꢀWƌŽĐꢀEĂƚůꢀꢃĐĂĚꢀ^Đŝꢀh^ꢃ͘ꢀϮϬϭϯ͖ϭϭϬ;ϮϬͿ͗ϴϮϴϰͲϵ͘ꢀ
ϰϵϯꢀ Ϯϰ͘ꢀ <ĂŐŝLJĂŵĂꢀD͕ꢀ,ŝƌĂŶŽꢀz͕ꢀDŽƌŝꢀd͕ꢀ<ŝŵꢀ^z͕ꢀ<LJŽnjƵŬĂꢀ:͕ꢀ^ĞƚŽꢀz͕ꢀĞƚꢀĂů͘ꢀ^ƚƌƵĐƚƵƌĞƐꢀŽĨꢀꢄϭϰꢀĂŶĚꢀ
ϰϵϰꢀ ꢄϭϰ>ꢀŝŶꢀƚŚĞꢀƐƚƌŝŐŽůĂĐƚŽŶĞꢀĂŶĚꢀŬĂƌƌŝŬŝŶꢀƐŝŐŶĂůŝŶŐꢀƉĂƚŚǁĂLJƐ͘ꢀ'ĞŶĞƐꢀꢁĞůůƐ͘ꢀϮϬϭϯ͖ϭϴ;ϮͿ͗ϭϰϳͲϲϬ͘ꢀ
ϰϵϱꢀ Ϯϱ͘ꢀ EĂŬĂŵƵƌĂꢀ ,͕ꢀ yƵĞꢀ z>͕ꢀ DŝLJĂŬĂǁĂꢀ d͕ꢀ ,ŽƵꢀ &͕ꢀ YŝŶꢀ ,D͕ꢀ &ƵŬƵŝꢀ <͕ꢀ Ğƚꢀ Ăů͘ꢀ DŽůĞĐƵůĂƌꢀ
ϰϵϲꢀ ŵĞĐŚĂŶŝƐŵꢀŽĨꢀƐƚƌŝŐŽůĂĐƚŽŶĞꢀƉĞƌĐĞƉƚŝŽŶꢀďLJꢀꢄtꢃZ&ϭϰ͘ꢀEĂƚꢀꢁŽŵŵƵŶ͘ꢀϮϬϭϯ͖ϰ͗Ϯϲϭϯ͘ꢀ
ϰϵϳꢀ Ϯϲ͘ꢀ dŽŚꢀ ^͕ꢀ ,ŽůďƌŽŽŬͲ^ŵŝƚŚꢀ ꢄ͕ꢀ ^ƚŽŐŝŽƐꢀ W:͕ꢀ KŶŽƉƌŝLJĞŶŬŽꢀ K͕ꢀ >ƵŵďĂꢀ ^͕ꢀ dƐƵĐŚŝLJĂꢀ z͕ꢀ Ğƚꢀ Ăů͘ꢀ
ϰϵϴꢀ ^ƚƌƵĐƚƵƌĞͲĨƵŶĐƚŝŽŶꢀ ĂŶĂůLJƐŝƐꢀ ŝĚĞŶƚŝĨŝĞƐꢀ ŚŝŐŚůLJꢀ ƐĞŶƐŝƚŝǀĞꢀ ƐƚƌŝŐŽůĂĐƚŽŶĞꢀ ƌĞĐĞƉƚŽƌƐꢀ ŝŶꢀ ^ƚƌŝŐĂ͘ꢀ
ϰϵϵꢀ ^ĐŝĞŶĐĞ͘ꢀϮϬϭϱ͖ϯϱϬ;ϲϮϱϳͿ͗ϮϬϯͲϳ͘ꢀ
ϱϬϬꢀ Ϯϳ͘ꢀ
yƵꢀz͕ꢀDŝLJĂŬĂǁĂꢀd͕ꢀEĂŬĂŵƵƌĂꢀ,͕ꢀEĂŬĂŵƵƌĂꢀꢃ͕ꢀ/ŵĂŵƵƌĂꢀz͕ꢀꢃƐĂŵŝꢀd͕ꢀĞƚꢀĂů͘ꢀ^ƚƌƵĐƚƵƌĂůꢀ
ϱϬϭꢀ ďĂƐŝƐꢀ ŽĨꢀ ƵŶŝƋƵĞꢀ ůŝŐĂŶĚꢀ ƐƉĞĐŝĨŝĐŝƚLJꢀ ŽĨꢀ <ꢃ/ϮͲůŝŬĞꢀ ƉƌŽƚĞŝŶꢀ ĨƌŽŵꢀ ƉĂƌĂƐŝƚŝĐꢀ ǁĞĞĚꢀ ^ƚƌŝŐĂꢀ
ϱϬϮꢀ ŚĞƌŵŽŶƚŚŝĐĂ͘ꢀ^ĐŝꢀZĞƉ͘ꢀϮϬϭϲ͖ϲ͗ϯϭϯϴϲ͘ꢀ
ϱϬϯꢀ Ϯϴ͘ꢀ
ŚĂŽꢀ>,͕ꢀŚŽƵꢀyꢅ͕ꢀzŝꢀt͕ꢀtƵꢀ͕ꢀ>ŝƵꢀz͕ꢀ<ĂŶŐꢀz͕ꢀĞƚꢀĂů͘ꢀꢄĞƐƚĂďŝůŝnjĂƚŝŽŶꢀŽĨꢀƐƚƌŝŐŽůĂĐƚŽŶĞꢀ
ϱϬϰꢀ ƌĞĐĞƉƚŽƌꢀꢄtꢃZ&ϭϰꢀďLJꢀďŝŶĚŝŶŐꢀŽĨꢀůŝŐĂŶĚꢀĂŶĚꢀꢅϯͲůŝŐĂƐĞꢀƐŝŐŶĂůŝŶŐꢀĞĨĨĞĐƚŽƌꢀꢄtꢃZ&ϯ͘ꢀꢁĞůůꢀZĞƐ͘ꢀ
ϱϬϱꢀ ϮϬϭϱ͖Ϯϱ;ϭϭͿ͗ϭϮϭϵͲϯϲ͘ꢀ
Ϯϯꢀ
ꢀ

ϱϬϲꢀ Ϯϵ͘ꢀ
EĂŬĂŵƵƌĂꢀ,͕ꢀꢃƐĂŵŝꢀd͘ꢀdĂƌŐĞƚꢀƐŝƚĞƐꢀĨŽƌꢀĐŚĞŵŝĐĂůꢀƌĞŐƵůĂƚŝŽŶꢀŽĨꢀƐƚƌŝŐŽůĂĐƚŽŶĞꢀƐŝŐŶĂůŝŶŐ͘ꢀ
ϱϬϳꢀ &ƌŽŶƚꢀWůĂŶƚꢀ^Đŝ͘ꢀϮϬϭϰ͖ϱ͗ϲϮϯ͘ꢀ
ϱϬϴꢀ ϯϬ͘ꢀ
tĂƚĞƌƐꢀDd͘ꢀ^ƉŽŝůƚꢀĨŽƌꢀĐŚŽŝĐĞ͗ꢀŶĞǁꢀŽƉƚŝŽŶƐꢀĨŽƌꢀŝŶŚŝďŝƚŽƌƐꢀŽĨꢀƐƚƌŝŐŽůĂĐƚŽŶĞꢀƐŝŐŶĂůŝŶŐ͘ꢀ
ϱϬϵꢀ DŽůꢀWůĂŶƚ͘ꢀϮϬϭϵ͖ϭϮ;ϭͿ͗ϮϭͲϯ͘ꢀ
ϱϭϬꢀ ϯϭ͘ꢀ
,ŽůďƌŽŽŬͲ^ŵŝƚŚꢀ ꢄ͕ꢀ dŽŚꢀ ^͕ꢀ dƐƵĐŚŝLJĂꢀ z͕ꢀ DĐꢁŽƵƌƚꢀ W͘ꢀ ^ŵĂůůͲŵŽůĞĐƵůĞꢀ ĂŶƚĂŐŽŶŝƐƚƐꢀ ŽĨꢀ
ϱϭϭꢀ ŐĞƌŵŝŶĂƚŝŽŶꢀŽĨꢀƚŚĞꢀƉĂƌĂƐŝƚŝĐꢀƉůĂŶƚꢀ^ƚƌŝŐĂꢀŚĞƌŵŽŶƚŚŝĐĂ͘ꢀEĂƚꢀꢁŚĞŵꢀꢂŝŽů͘ꢀϮϬϭϲ͖ϭϮ;ϵͿ͗ϳϮϰͲϵ͘ꢀ
ϱϭϮꢀ ϯϮ͘ꢀ
DĂƐŚŝƚĂꢀK͕ꢀ<ŽŝƐŚŝŚĂƌĂꢀ,͕ꢀ&ƵŬƵŝꢀ<͕ꢀEĂŬĂŵƵƌĂꢀ,͕ꢀꢃƐĂŵŝꢀd͘ꢀꢄŝƐĐŽǀĞƌLJꢀĂŶĚꢀŝĚĞŶƚŝĨŝĐĂƚŝŽŶꢀ
ϱϭϯꢀ ŽĨꢀ ϮͲŵĞƚŚŽdžLJͲϭͲŶĂƉŚƚŚĂůĚĞŚLJĚĞꢀ ĂƐꢀ Ăꢀ ŶŽǀĞůꢀ ƐƚƌŝŐŽůĂĐƚŽŶĞͲƐŝŐŶĂůŝŶŐꢀ ŝŶŚŝďŝƚŽƌ͘ꢀ :ꢀ WĞƐƚŝĐꢀ ^Đŝ͘ꢀ
ϱϭϰꢀ ϮϬϭϲ͖ϰϭ;ϯͿ͗ϳϭͲϴ͘ꢀ
ϱϭϱꢀ ϯϯ͘ꢀ
yŝĂŶŐꢀ,͕ꢀzĂŽꢀZ͕ꢀYƵĂŶꢀd͕ꢀtĂŶŐꢀ&͕ꢀꢁŚĞŶꢀ>͕ꢀꢄƵꢀy͕ꢀĞƚꢀĂů͘ꢀ^ŝŵƉůĞꢀďĞƚĂͲůĂĐƚŽŶĞƐꢀĂƌĞꢀƉŽƚĞŶƚꢀ
ϱϭϲꢀ ŝƌƌĞǀĞƌƐŝďůĞꢀĂŶƚĂŐŽŶŝƐƚƐꢀĨŽƌꢀƐƚƌŝŐŽůĂĐƚŽŶĞꢀƌĞĐĞƉƚŽƌƐ͘ꢀꢁĞůůꢀZĞƐ͘ꢀϮϬϭϳ͖Ϯϳ;ϭϮͿ͗ϭϱϮϱͲϴ͘ꢀ
ϱϭϳꢀ ϯϰ͘ꢀ zŽƐŚŝŵƵƌĂꢀD͕ꢀ ^ĂƚŽꢀ ꢃ͕ꢀ <ƵǁĂƚĂꢀ<͕ꢀ /ŶƵŬĂŝꢀ z͕ꢀ <ŝŶŽƐŚŝƚĂꢀ d͕ꢀ /ƚĂŵŝꢀ <͕ꢀ Ğƚꢀ Ăů͘ꢀ ꢄŝƐĐŽǀĞƌLJꢀ ŽĨꢀ
ϱϭϴꢀ ƐŚŽŽƚꢀ ďƌĂŶĐŚŝŶŐꢀ ƌĞŐƵůĂƚŽƌꢀ ƚĂƌŐĞƚŝŶŐꢀ ƐƚƌŝŐŽůĂĐƚŽŶĞꢀ ƌĞĐĞƉƚŽƌꢀ ꢄtꢃZ&ϭϰ͘ꢀ ꢃꢁ^ꢀ ꢁĞŶƚꢀ ^Đŝ͘ꢀ
ϱϭϵꢀ ϮϬϭϴ͖ϰ;ϮͿ͗ϮϯϬͲϰ͘ꢀ
ϱϮϬꢀ ϯϱ͘ꢀ
,ĂŵŝĂƵdžꢀꢁ͕ꢀꢄƌƵŵŵŽŶĚꢀZ^D͕ꢀ>ƵŽꢀ͕ꢀ>ĞĞꢀ,t͕ꢀ^ŚĂƌŵĂꢀW͕ꢀ:ĂŶƐƐĞŶꢀꢂ:͕ꢀĞƚꢀĂů͘ꢀ/ŶŚŝďŝƚŝŽŶꢀŽĨꢀ
ϱϮϭꢀ ƐƚƌŝŐŽůĂĐƚŽŶĞꢀ ƌĞĐĞƉƚŽƌƐꢀ ďLJꢀ EͲƉŚĞŶLJůĂŶƚŚƌĂŶŝůŝĐꢀ ĂĐŝĚꢀ ĚĞƌŝǀĂƚŝǀĞƐ͗ꢀ ^ƚƌƵĐƚƵƌĂůꢀ ĂŶĚꢀ ĨƵŶĐƚŝŽŶĂůꢀ
ϱϮϮꢀ ŝŶƐŝŐŚƚƐ͘ꢀ:ꢀꢂŝŽůꢀꢁŚĞŵ͘ꢀϮϬϭϴ͖Ϯϵϯ;ϭϳͿ͗ϲϱϯϬͲϰϯ͘ꢀ
ϱϮϯꢀ ϯϲ͘ꢀ
^ŚĂŚƵůꢀ,ĂŵĞĞĚꢀh͕ꢀ,ĂŝĚĞƌꢀ/͕ꢀ:ĂŵŝůꢀD͕ꢀ<ŽƵŶƚĐŚĞꢀꢂꢃ͕ꢀ'ƵŽꢀy͕ꢀĂƌďĂŶꢀZꢃ͕ꢀĞƚꢀĂů͘ꢀ^ƚƌƵĐƚƵƌĂůꢀ
ϱϮϰꢀ ďĂƐŝƐꢀ ĨŽƌꢀ ƐƉĞĐŝĨŝĐꢀ ŝŶŚŝďŝƚŝŽŶꢀ ŽĨꢀ ƚŚĞꢀ ŚŝŐŚůLJꢀ ƐĞŶƐŝƚŝǀĞꢀ ^Ś,d>ϳꢀ ƌĞĐĞƉƚŽƌ͘ꢀ ꢅDꢂKꢀ ZĞƉ͘ꢀ
ϱϮϱꢀ ϮϬϭϴ͖ϭϵ;ϵͿ͗Ğϰϱϲϭϵ͘ꢀ
ϱϮϲꢀ ϯϳ͘ꢀ
dĂŬĞƵĐŚŝꢀ:͕ꢀ:ŝĂŶŐꢀ<͕ꢀ,ŝƌĂďĂLJĂƐŚŝꢀ<͕ꢀ/ŵĂŵƵƌĂꢀz͕ꢀtƵꢀz͕ꢀyƵꢀz͕ꢀĞƚꢀĂů͘ꢀZĂƚŝŽŶĂůůLJꢀĚĞƐŝŐŶĞĚꢀ
ϱϮϳꢀ ƐƚƌŝŐŽůĂĐƚŽŶĞꢀ ĂŶĂůŽŐƐꢀ ĂƐꢀ ĂŶƚĂŐŽŶŝƐƚƐꢀ ŽĨꢀ ƚŚĞꢀ ꢄϭϰꢀ ƌĞĐĞƉƚŽƌ͘ꢀ WůĂŶƚꢀ ꢁĞůůꢀ WŚLJƐŝŽů͘ꢀ
ϱϮϴꢀ ϮϬϭϴ͖ϱϵ;ϴͿ͗ϭϱϰϱͲϱϰ͘ꢀ
ϱϮϵꢀ ϯϴ͘ꢀ
EĂŬĂŵƵƌĂꢀ,͕ꢀ,ŝƌĂďĂLJĂƐŚŝꢀ<͕ꢀDŝLJĂŬĂǁĂꢀd͕ꢀ<ŝŬƵnjĂƚŽꢀ<͕ꢀ,Ƶꢀt͕ꢀyƵꢀz͕ꢀĞƚꢀĂů͘ꢀdƌŝĂnjŽůĞꢀƵƌĞĂƐꢀ
ϱϯϬꢀ ĐŽǀĂůĞŶƚůLJꢀďŝŶĚꢀƚŽꢀƐƚƌŝŐŽůĂĐƚŽŶĞꢀƌĞĐĞƉƚŽƌꢀĂŶĚꢀĂŶƚĂŐŽŶŝnjĞꢀƐƚƌŝŐŽůĂĐƚŽŶĞꢀƌĞƐƉŽŶƐĞƐ͘ꢀDŽůꢀWůĂŶƚ͘ꢀ
ϱϯϭꢀ ϮϬϭϵ͖ϭϮ;ϭͿ͗ϰϰͲϱϴ͘ꢀ
ϱϯϮꢀ ϯϵ͘ꢀ
ꢂĂƚƚLJĞꢀ d'͕ꢀ <ŽŶƚŽŐŝĂŶŶŝƐꢀ >͕ꢀ :ŽŚŶƐŽŶꢀ K͕ꢀ WŽǁĞůůꢀ ,Z͕ꢀ >ĞƐůŝĞꢀ ꢃ'͘ꢀ ŝDK^&>D͗ꢀ Ăꢀ ŶĞǁꢀ
ϱϯϯꢀ ŐƌĂƉŚŝĐĂůꢀŝŶƚĞƌĨĂĐĞꢀĨŽƌꢀĚŝĨĨƌĂĐƚŝŽŶͲŝŵĂŐĞꢀƉƌŽĐĞƐƐŝŶŐꢀǁŝƚŚꢀDK^&>D͘ꢀꢃĐƚĂꢀꢁƌLJƐƚĂůůŽŐƌꢀꢄꢀꢂŝŽůꢀ
ϱϯϰꢀ ꢁƌLJƐƚĂůůŽŐƌ͘ꢀϮϬϭϭ͖ϲϳ;WƚꢀϰͿ͗ϮϳϭͲϴϭ͘ꢀ
ϱϯϱꢀ ϰϬ͘ꢀ
ꢅǀĂŶƐꢀWZ͕ꢀDƵƌƐŚƵĚŽǀꢀ'E͘ꢀ,ŽǁꢀŐŽŽĚꢀĂƌĞꢀŵLJꢀĚĂƚĂꢀĂŶĚꢀǁŚĂƚꢀŝƐꢀƚŚĞꢀƌĞƐŽůƵƚŝŽŶ͍ꢀꢃĐƚĂꢀ
ϱϯϲꢀ ꢁƌLJƐƚĂůůŽŐƌꢀꢄꢀꢂŝŽůꢀꢁƌLJƐƚĂůůŽŐƌ͘ꢀϮϬϭϯ͖ϲϵ;WƚꢀϳͿ͗ϭϮϬϰͲϭϰ͘ꢀ
ϱϯϳꢀ ϰϭ͘ꢀ tŝŶŶꢀDꢄ͕ꢀꢂĂůůĂƌĚꢀꢁꢁ͕ꢀꢁŽǁƚĂŶꢀ<ꢄ͕ꢀꢄŽĚƐŽŶꢀꢅ:͕ꢀꢅŵƐůĞLJꢀW͕ꢀꢅǀĂŶƐꢀWZ͕ꢀĞƚꢀĂů͘ꢀKǀĞƌǀŝĞǁꢀŽĨꢀ
ϱϯϴꢀ ƚŚĞꢀ ꢁꢁWϰꢀ ƐƵŝƚĞꢀ ĂŶĚꢀ ĐƵƌƌĞŶƚꢀ ĚĞǀĞůŽƉŵĞŶƚƐ͘ꢀ ꢃĐƚĂꢀ ꢁƌLJƐƚĂůůŽŐƌꢀ ꢄꢀ ꢂŝŽůꢀ ꢁƌLJƐƚĂůůŽŐƌ͘ꢀ ϮϬϭϭ͖ϲϳ;Wƚꢀ
ϱϯϵꢀ ϰͿ͗ϮϯϱͲϰϮ͘ꢀ
ϱϰϬꢀ ϰϮ͘ꢀ
DĐꢁŽLJꢀꢃ:͕ꢀ'ƌŽƐƐĞͲ<ƵŶƐƚůĞǀĞꢀZt͕ꢀꢃĚĂŵƐꢀWꢄ͕ꢀtŝŶŶꢀDꢄ͕ꢀ^ƚŽƌŽŶŝꢀ>ꢁ͕ꢀZĞĂĚꢀZ:͘ꢀWŚĂƐĞƌꢀ
ϱϰϭꢀ ĐƌLJƐƚĂůůŽŐƌĂƉŚŝĐꢀƐŽĨƚǁĂƌĞ͘ꢀ:ꢀꢃƉƉůꢀꢁƌLJƐƚĂůůŽŐƌ͘ꢀϮϬϬϳ͖ϰϬ;WƚꢀϰͿ͗ϲϱϴͲϳϰ͘ꢀ
Ϯϰꢀ
ꢀ

ϱϰϮꢀ ϰϯ͘ꢀ
DƵƌƐŚƵĚŽǀꢀ 'E͕ꢀ ^ŬƵďĂŬꢀ W͕ꢀ >ĞďĞĚĞǀꢀ ꢃꢃ͕ꢀ WĂŶŶƵꢀ E^͕ꢀ ^ƚĞŝŶĞƌꢀ Zꢃ͕ꢀ EŝĐŚŽůůƐꢀ Zꢃ͕ꢀ Ğƚꢀ Ăů͘ꢀ
ϱϰϯꢀ Zꢅ&DꢃꢁϱꢀĨŽƌꢀƚŚĞꢀƌĞĨŝŶĞŵĞŶƚꢀŽĨꢀŵĂĐƌŽŵŽůĞĐƵůĂƌꢀĐƌLJƐƚĂůꢀƐƚƌƵĐƚƵƌĞƐ͘ꢀꢃĐƚĂꢀꢁƌLJƐƚĂůůŽŐƌꢀꢄꢀꢂŝŽůꢀ
ϱϰϰꢀ ꢁƌLJƐƚĂůůŽŐƌ͘ꢀϮϬϭϭ͖ϲϳ;WƚꢀϰͿ͗ϯϱϱͲϲϳ͘ꢀ
ϱϰϱꢀ ϰϰ͘ꢀ
ꢅŵƐůĞLJꢀW͕ꢀ>ŽŚŬĂŵƉꢀꢂ͕ꢀ^ĐŽƚƚꢀt'͕ꢀꢁŽǁƚĂŶꢀ<͘ꢀ&ĞĂƚƵƌĞƐꢀĂŶĚꢀĚĞǀĞůŽƉŵĞŶƚꢀŽĨꢀꢁŽŽƚ͘ꢀꢃĐƚĂꢀ
ϱϰϲꢀ ꢁƌLJƐƚĂůůŽŐƌꢀꢄꢀꢂŝŽůꢀꢁƌLJƐƚĂůůŽŐƌ͘ꢀϮϬϭϬ͖ϲϲ;WƚꢀϰͿ͗ϰϴϲͲϱϬϭ͘ꢀ
ϱϰϳꢀ ϰϱ͘ꢀ >ĞďĞĚĞǀꢀꢃꢃ͕ꢀzŽƵŶŐꢀW͕ꢀ/ƐƵƉŽǀꢀDE͕ꢀDŽƌŽnjꢀKs͕ꢀsĂŐŝŶꢀꢃꢃ͕ꢀDƵƌƐŚƵĚŽǀꢀ'E͘ꢀ:>ŝŐĂŶĚ͗ꢀĂꢀ
ϱϰϴꢀ ŐƌĂƉŚŝĐĂůꢀ ƚŽŽůꢀ ĨŽƌꢀ ƚŚĞꢀ ꢁꢁWϰꢀ ƚĞŵƉůĂƚĞͲƌĞƐƚƌĂŝŶƚꢀ ůŝďƌĂƌLJ͘ꢀ ꢃĐƚĂꢀ ꢁƌLJƐƚĂůůŽŐƌꢀ ꢄꢀ ꢂŝŽůꢀ ꢁƌLJƐƚĂůůŽŐƌ͘ꢀ
ϱϰϵꢀ ϮϬϭϮ͖ϲϴ;WƚꢀϰͿ͗ϰϯϭͲϰϬ͘ꢀ
ϱϱϬꢀ ϰϲ͘ꢀ
:ŽŽƐƚĞŶꢀ ZW͕ꢀ :ŽŽƐƚĞŶꢀ <͕ꢀ ꢁŽŚĞŶꢀ ^y͕ꢀ sƌŝĞŶĚꢀ '͕ꢀ WĞƌƌĂŬŝƐꢀ ꢃ͘ꢀ ꢃƵƚŽŵĂƚŝĐꢀ ƌĞďƵŝůĚŝŶŐꢀ ĂŶĚꢀ
ϱϱϭꢀ ŽƉƚŝŵŝnjĂƚŝŽŶꢀ ŽĨꢀ ĐƌLJƐƚĂůůŽŐƌĂƉŚŝĐꢀ ƐƚƌƵĐƚƵƌĞƐꢀ ŝŶꢀ ƚŚĞꢀ WƌŽƚĞŝŶꢀ ꢄĂƚĂꢀ ꢂĂŶŬ͘ꢀ ꢂŝŽŝŶĨŽƌŵĂƚŝĐƐ͘ꢀ
ϱϱϮꢀ ϮϬϭϭ͖Ϯϳ;ϮϰͿ͗ϯϯϵϮͲϴ͘ꢀ
ϱϱϯꢀ ϰϳ͘ꢀ
KΖꢂŽLJůĞꢀED͕ꢀꢂĂŶĐŬꢀD͕ꢀ:ĂŵĞƐꢀꢁꢃ͕ꢀDŽƌůĞLJꢀꢁ͕ꢀsĂŶĚĞƌŵĞĞƌƐĐŚꢀd͕ꢀ,ƵƚĐŚŝƐŽŶꢀ'Z͘ꢀKƉĞŶꢀ
ϱϱϰꢀ ꢂĂďĞů͗ꢀꢃŶꢀŽƉĞŶꢀĐŚĞŵŝĐĂůꢀƚŽŽůďŽdž͘ꢀ:ꢀꢁŚĞŵŝŶĨŽƌŵ͘ꢀϮϬϭϭ͖ϯ͗ϯϯ͘ꢀ
ϱϱϱꢀ ϰϴ͘ꢀ DŽƌƌŝƐꢀ 'D͕ꢀ ,ƵĞLJꢀ Z͕ꢀ >ŝŶĚƐƚƌŽŵꢀ t͕ꢀ ^ĂŶŶĞƌꢀ D&͕ꢀ ꢂĞůĞǁꢀ Z<͕ꢀ 'ŽŽĚƐĞůůꢀ ꢄ^͕ꢀ Ğƚꢀ Ăů͘ꢀ
ϱϱϲꢀ ꢃƵƚŽꢄŽĐŬϰꢀ ĂŶĚꢀ ꢃƵƚŽꢄŽĐŬdŽŽůƐϰ͗ꢀ ꢃƵƚŽŵĂƚĞĚꢀ ĚŽĐŬŝŶŐꢀ ǁŝƚŚꢀ ƐĞůĞĐƚŝǀĞꢀ ƌĞĐĞƉƚŽƌꢀ ĨůĞdžŝďŝůŝƚLJ͘ꢀ :ꢀ
ϱϱϳꢀ ꢁŽŵƉƵƚꢀꢁŚĞŵ͘ꢀϮϬϬϵ͖ϯϬ;ϭϲͿ͗ϮϳϴϱͲϵϭ͘ꢀ
ϱϱϴꢀ ϰϵ͘ꢀ
dƌŽƚƚꢀK͕ꢀKůƐŽŶꢀꢃ:͘ꢀꢃƵƚŽꢄŽĐŬꢀsŝŶĂ͗ꢀŝŵƉƌŽǀŝŶŐꢀƚŚĞꢀƐƉĞĞĚꢀĂŶĚꢀĂĐĐƵƌĂĐLJꢀŽĨꢀĚŽĐŬŝŶŐꢀǁŝƚŚꢀ
ϱϱϵꢀ Ăꢀ ŶĞǁꢀ ƐĐŽƌŝŶŐꢀ ĨƵŶĐƚŝŽŶ͕ꢀ ĞĨĨŝĐŝĞŶƚꢀ ŽƉƚŝŵŝnjĂƚŝŽŶ͕ꢀ ĂŶĚꢀ ŵƵůƚŝƚŚƌĞĂĚŝŶŐ͘ꢀ :ꢀ ꢁŽŵƉƵƚꢀ ꢁŚĞŵ͘ꢀ
ϱϲϬꢀ ϮϬϭϬ͖ϯϭ;ϮͿ͗ϰϱϱͲϲϭ͘ꢀ
ϱϲϭꢀ ϱϬ͘ꢀ
:ĂŵĞƐꢀW͕ꢀ,ĂůůĂĚĂLJꢀ:͕ꢀꢁƌĂŝŐꢀꢅꢃ͘ꢀ'ĞŶŽŵŝĐꢀůŝďƌĂƌŝĞƐꢀĂŶĚꢀĂꢀŚŽƐƚꢀƐƚƌĂŝŶꢀĚĞƐŝŐŶĞĚꢀĨŽƌꢀŚŝŐŚůLJꢀ
ϱϲϮꢀ ĞĨĨŝĐŝĞŶƚꢀƚǁŽͲŚLJďƌŝĚꢀƐĞůĞĐƚŝŽŶꢀŝŶꢀLJĞĂƐƚ͘ꢀ'ĞŶĞƚŝĐƐ͘ꢀϭϵϵϲ͖ϭϰϰ;ϰͿ͗ϭϰϮϱͲϯϲ͘ꢀ
ϱϲϯꢀ ϱϭ͘ꢀ DĂŝĞƌꢀZ͕ꢀꢂƌĂŶĚŶĞƌꢀꢁ͕ꢀ,ŝŶƚŶĞƌꢀ,͕ꢀꢂĂƵĞƌꢀ:͕ꢀKŶĚĞƌꢀ<͘ꢀꢁŽŶƐƚƌƵĐƚŝŽŶꢀŽĨꢀĂꢀƌĞĂĚŝŶŐꢀĨƌĂŵĞͲ
ϱϲϰꢀ ŝŶĚĞƉĞŶĚĞŶƚꢀLJĞĂƐƚꢀƚǁŽͲŚLJďƌŝĚꢀǀĞĐƚŽƌꢀƐLJƐƚĞŵꢀĨŽƌꢀƐŝƚĞͲƐƉĞĐŝĨŝĐꢀƌĞĐŽŵďŝŶĂƚŝŽŶĂůꢀĐůŽŶŝŶŐꢀĂŶĚꢀ
ϱϲϱꢀ ƉƌŽƚĞŝŶꢀŝŶƚĞƌĂĐƚŝŽŶꢀƐĐƌĞĞŶŝŶŐ͘ꢀꢂŝŽdĞĐŚŶŝƋƵĞƐ͘ꢀϮϬϬϴ͖ϰϱ;ϯͿ͗ϮϯϱͲϰϰ͘ꢀ
ϱϲϲꢀ ϱϮ͘ꢀ
ꢂŽǁŵĂŶꢀ tZ͕ꢀ ,ĞĂŶĞLJꢀ ,͕ꢀ ^ŵŝƚŚꢀ W,'͘ꢀ ^LJŶƚŚĞƐŝƐꢀ ŽĨꢀ ϭ,ͲƋƵŝŶĂnjŽůŝŶĞͲϰͲŽŶĞƐꢀ ƵƐŝŶŐꢀ
ϱϲϳꢀ ŝŶƚƌĂŵŽůĞĐƵůĂƌꢀĂƌŽŵĂƚŝĐꢀŶƵĐůĞŽƉŚŝůŝĐꢀƐƵďƐƚŝƚƵƚŝŽŶ͘ꢀꢃƌŬŝǀŽĐ͘ꢀϮϬϬϯ͗ϰϯϰͲϰϮ͘ꢀ
ϱϲϴꢀ ϱϯ͘ꢀ DĂƚƚĞƌƐƚĞŝŐꢀ'͕ꢀWƌŝƚnjŬŽǁꢀt͕ꢀsŽĞƌĐŬĞůꢀs͘ꢀdŚĞꢀƌĞĂĐƚŝŽŶꢀŽĨꢀŽƌŐĂŶŝĐꢀŚLJĚƌŽƉĞƌŽdžŝĚĞƐꢀǁŝƚŚꢀ
ϱϲϵꢀ ĂƌŽŵĂƚŝĐꢀŶŝƚƌŽꢀĐŽŵƉŽƵŶĚƐ͗ꢀ&ŝƌƐƚꢀĞdžĂŵƉůĞƐꢀŽĨꢀĂꢀsŝĐĂƌŝŽƵƐꢀEƵĐůĞŽƉŚŝůŝĐꢀ,LJĚƌŽdžLJůĂƚŝŽŶ͘ꢀ:ꢀWƌĂŬƚꢀ
ϱϳϬꢀ ꢁŚĞŵŝĞ͘ꢀϭϵϵϬ͖ϯϯϮ;ϰͿ͗ϱϲϵͲϳϮ͘ꢀ
ϱϳϭꢀ
ꢀ
ꢀ
Ϯϱꢀ
ꢀ

ϱϳϮꢀ dĂďůĞƐꢁ
ϱϳϯꢀ dĂďůĞꢁ ϭ͘ꢁ ꢄĂƚĂꢀ ĐŽůůĞĐƚŝŽŶꢀ ĂŶĚꢀ ƌĞĨŝŶĞŵĞŶƚꢀ ƐƚĂƚŝƐƚŝĐƐ͘ꢀ sĂůƵĞƐꢀ ŝŶꢀ ƉĂƌĞŶƚŚĞƐĞƐꢀ ĂƌĞꢀ ĨŽƌꢀ ƚŚĞꢀ ůĂƐƚꢀ
ϱϳϰꢀ ƌĞƐŽůƵƚŝŽŶꢀƐŚĞůů͘ꢁ
ꢀƌLJƐƚĂůꢁꢁ
ꢄꢃꢄϮꢁϴϵYꢀǁŝƚŚꢀYꢃꢄꢄ Ϯ
WꢄꢂꢀĞŶƚƌLJꢀĐŽĚĞꢀ
^ƉĂĐĞꢀŐƌŽƵƉꢀꢀ
ϲKϱ:
Wϭ
Ăсϯϲ͘ϲϯ͕ꢀďсϱϲ͘ϴϯ͕ꢀĐсϲϴ͘ϴϬ
ɲсϵϱ͘ϲϵ͕ꢀɴсϵϰ͘ϱϵ͕ꢀ࠹сϭϬϴ͘ϳϰꢀ
ꢁĞůůꢀƉĂƌĂŵĞƚĞƌƐꢀ;ꢆꢀĂŶĚꢀŽͿꢀ
ꢅĂƚĂƐĞƚꢁ
ꢀ
ʄꢀ;ꢆͿꢀ
Ϭ͘ϵϱϯϳꢀ
ZĞĨůĞĐƚŝŽŶƐꢀŽďƐĞƌǀĞĚꢀ
hŶŝƋƵĞꢀƌĞĨůĞĐƚŝŽŶƐꢀ
ZĞƐŽůƵƚŝŽŶꢀƌĂŶŐĞꢀ;ꢆͿꢀ
Ϯϰϯ͕ϲϳϱꢀ
ϲϮ͕ϭϵϰ
ϯϭ͘ϯʹϭ͘ϲϯꢀ;ϭ͘ϲϲʹϭ͘ϲϯͿ
ZƐLJŵ
ꢀ
Ϭ͘Ϭϴꢀ;Ϭ͘ϲͿ
ꢁꢁϭͬϮꢀ
Ϭ͘ϵϵϴꢀ;Ϭ͘ϳϱϳͿ
/ͬʍ;/Ϳꢀ
ϭϭ͘ϴꢀ;Ϯ͘ϮͿ
ꢁŽŵƉůĞƚĞŶĞƐƐꢀꢀ
DƵůƚŝƉůŝĐŝƚLJꢀ
ꢂǁŝůƐŽŶꢀ;ꢆϮͿꢀ
ϵϲ͘Ϭꢀ;ϵϰ͘ϲͿꢀ
ϯ͘ϵꢀ;ϯ͘ϵͿ
ϵ͘ϳꢀ
ZĞĨŝŶĞŵĞŶƚꢁ
ZĞƐŽůƵƚŝŽŶꢀ;ꢆͿꢀ
ZĞĨůĞĐƚŝŽŶƐꢀ
dŽƚĂůꢀŶƵŵďĞƌꢀŽĨꢀĂƚŽŵƐꢀꢀ
d>^ꢀŐƌŽƵƉƐꢀ
ꢀ
Ϯϵ͘ϯϳʹϭ͘ϲϯꢀ;ϭ͘ϲϳʹϭ͘ϲϯͿꢀ
ϱϵ͕ϯϭϯꢀ
ϰ͕ϴϰϮꢀ
Ϯꢀ
ZǁŽƌŬͬZĨƌĞĞ
ꢀ
ϭϰ͘ϰꢀͬꢀϭϴ͘Ϯꢀ;ϮϬ͘ϯꢀͬꢀϮϭ͘ϲͿꢀ
Ϭ͘Ϭϭϱϲꢀͬꢀϭ͘ϵϰꢀ
ZD^ꢄꢀďŽŶĚƐꢀ;ꢆͿꢀͬꢀĂŶŐůĞƐꢀ;ŽͿꢀ
ꢃǀĞƌĂŐĞꢀꢂꢀĨĂĐƚŽƌƐꢀ;ꢆϮͿꢀ
;ƉƌŽƚĞŝŶꢀͬꢀǁĂƚĞƌꢀͬꢀŝŶŚŝďŝƚŽƌͿꢀ
ϭϵ͘ϯꢀͬꢀϮϵ͘ϭꢀͬꢀϭϰ͘Ϭꢀ
DŽƐƚꢀĨĂǀŽƌĞĚ͗ꢀϵϬ͘ϱꢀ
ꢃĚĚŝƚŝŽŶĂůꢀĨĂǀŽƌĞĚ͗ꢀϵ͘ϭꢀ
'ĞŶĞƌŽƵƐůLJꢀĨĂǀŽƌĞĚ͗ꢀϬ͘ϰꢀ
ꢄŝƐĂůůŽǁĞĚ͗ꢀϬ
ZĂŵĂĐŚĂŶĚƌĂŶꢀƐƚĂƚŝƐƚŝĐƐꢀŽĨꢀ
੮ͬʗꢀĂŶŐůĞƐꢀ;йͿꢀ
ϱϳϱꢀ
ꢀ
ꢀ
Ϯϲꢀ
ꢀ

ϱϳϲꢀ dĂďůĞꢁϮ͘ꢁꢄŽĐŬŝŶŐꢀƐĐŽƌĞƐꢀŽĨꢀYꢃꢄƐͬYꢃꢄꢄƐꢀŝŶƐŝĚĞꢀꢄꢃꢄϮ͛ƐꢀďŝŶĚŝŶŐꢀĐĂǀŝƚLJ͘ꢀꢀ
ꢁŽŵƉŽƵŶĚꢀ sŝŶĂꢀĚŽĐŬŝŶŐꢀƐĐŽƌĞꢀ
ηꢀ
Ϭꢁ
Ϯꢁ
ϯꢁ
ϰꢁ
ϱꢁ
ϲꢁ
ϳꢁ
ϴꢁ
ꢀ
;ŬĐĂůͬŵŽůͿꢀ
ʹϭϭ͘Ϯꢀ
ʹϭϬ͘Ϯꢀ
ʹϭϭ͘ϱꢀ
ʹϭϭ͘ϴꢀ
ʹϵ͘ϴꢀ
ʹϭϬ͘ϯꢀ
ʹϭϮ͘Ϭꢀ
ʹϭϭ͘ϲꢀ
ϱϳϳꢀ
ꢀ
Ϯϳꢀ
ꢀ

ϱϳϴꢀ &ŝŐƵƌĞꢁ>ĞŐĞŶĚƐꢁ
ϱϳϵꢀ &ŝŐƵƌĞꢁ ϭ͘ꢀ ꢀŽŵƉŽƵŶĚꢁ ƐƚƌƵĐƚƵƌĞƐꢁ ĂŶĚꢁ ƐLJŶƚŚĞƚŝĐꢁ ƐĐŚĞŵĞ͘ꢀ ;ĂͿꢀ EͲ;ϮͲŵĞƚŚLJůƉŚĞŶLJůͿĂŶƚŚƌĂŶŝůŝĐꢀ
ϱϴϬꢀ ĂĐŝĚ͕ꢀ ƚŚĞꢀ ĐŽƌĞꢀ ƉŚĂƌŵĂĐŽƉŚŽƌĞꢀ ĂƐꢀ ŝĚĞŶƚŝĨŝĞĚꢀ ďLJꢀ ƉƌĞǀŝŽƵƐꢀ ^ꢃZꢀ ƐƚƵĚLJ͘ꢀ ;ďͿꢀ ^ĐŚĞŵĂƚŝĐꢀ
ϱϴϭꢀ ƌĞƉƌĞƐĞŶƚĂƚŝŽŶꢀ ŽĨꢀ ƌŝŶŐꢀ ĐůŽƐƵƌĞꢀ ŚLJƉŽƚŚĞƐŝƐꢀ ƚŽꢀ ŵĂdžŝŵŝnjĞꢀ ŝŶƚƌĂͲŵŽůĞĐƵůĂƌꢀ ŚLJĚƌŽŐĞŶꢀ ďŽŶĚŝŶŐꢀ
ϱϴϮꢀ ĂŶĚꢀ ŵŝŶŝŵŝnjĞꢀ ƌŝŶŐꢀ ƚǁŝƐƚ͕ꢀ ůĞĂĚŝŶŐꢀ ƚŽꢀ ϭͲƉŚĞŶLJůƋƵŝŶĂnjŽůŝŶĞͲϮ͕ϰ;ϭ,͕ϯ,ͿͲĚŝŽŶĞꢀ ;ϬͿꢀ ĂƐꢀ ŶŽǀĞůꢀ
ϱϴϯꢀ ƌĞĨĞƌĞŶĐĞꢀĐŽŵƉŽƵŶĚ͘ꢀ;ĐͿꢀϭʹϴ͗ꢀYꢃꢄꢄꢀĂŶĚꢀYꢃꢄꢀƐƚƌƵĐƚƵƌĞƐꢀŵĞŶƚŝŽŶĞĚꢀĂŶĚꢀƵƐĞĚꢀŝŶꢀƚŚŝƐꢀƐƚƵĚLJ͖ꢀ
ϱϴϰꢀ ϵ͗ꢀ ϮͲ;Ϯ͛ͲŵĞƚŚLJůͲϯ͛ͲŶŝƚƌŽĂŶŝůŝŶŽͿďĞŶnjŽŝĐꢀ ĂĐŝĚꢀ ;DEꢃꢂͿ͖ꢀ ϭϬ͗ꢀ ƚŽůĨĞŶĂŵŝĐꢀ ĂĐŝĚ͘ꢀ ZŝŶŐꢀ ůĂďĞůƐꢀ ƵƐĞĚꢀ
ϱϴϱꢀ ƚŚƌŽƵŐŚŽƵƚꢀƚŚĞꢀŵĂŶƵƐĐƌŝƉƚꢀĂƌĞꢀƐŚŽǁŶꢀŝŶꢀƌĞĚ͘ꢀ;ĚͿꢀ^LJŶƚŚĞƚŝĐꢀƐĐŚĞŵĞꢀŽĨꢀYꢃꢄꢄƐ͘ꢀ
ϱϴϲꢀ
ꢁ
ϱϴϳꢀ &ŝŐƵƌĞꢁϮ͘ꢁꢅ^&ꢁĂƐƐĂLJꢁŽĨꢁꢅꢂꢅϮꢁ;ĂͿ͕ꢁꢂƚꢅϭϰꢁ;ďͿꢁĂŶĚꢁKƐꢅϭϰꢁ;ĐͿꢁŝŶꢁƉƌĞƐĞŶĐĞꢁŽĨꢁYꢂꢅƐͬYꢂꢅꢅƐ͘ꢀdŽƉꢀ
ϱϴϴꢀ ƉĂŶĞůƐꢀƌĞƉƌĞƐĞŶƚꢀƚŚĞꢀĞdžƉĞƌŝŵĞŶƚĂůꢀŵĞůƚŝŶŐꢀĐƵƌǀĞƐꢀŽĨꢀĞĂĐŚꢀƉƌŽƚĞŝŶꢀŝŶꢀƉƌĞƐĞŶĐĞꢀŽĨꢀYꢃꢄͬYꢃꢄꢄꢀ
ϱϴϵꢀ Ϭ͕ꢀϮʹϴꢀĂŶĚꢀŝŶꢀƉƌĞƐĞŶĐĞꢀŽĨꢀꢄD^K͘ꢀꢂŽƚƚŽŵꢀƉĂŶĞůƐꢀĂƌĞꢀƚŚĞꢀĚĞƌŝǀĂƚŝǀĞƐꢀŽĨꢀƚŚĞꢀŵĞůƚŝŶŐꢀĐƵƌǀĞꢀ
ϱϵϬꢀ ĨƌŽŵꢀǁŚŝĐŚꢀŵĞůƚŝŶŐꢀƚĞŵƉĞƌĂƚƵƌĞƐꢀĂƌĞꢀĚĞƚĞƌŵŝŶĞĚꢀďLJꢀƚŚĞꢀƉŽƐŝƚŝŽŶꢀŽĨꢀƚŚĞꢀŵŝŶŝŵƵŵ͘ꢀꢄŽƚƚĞĚꢀ
ϱϵϭꢀ ůŝŶĞƐꢀŝŶĚŝĐĂƚĞꢀƚŚĞꢀŵĞůƚŝŶŐꢀƚĞŵƉĞƌĂƚƵƌĞꢀŽĨꢀƉƌŽƚĞŝŶƐꢀŝŶꢀƚŚĞꢀƉƌĞƐĞŶĐĞꢀŽĨꢀꢄD^Kꢀ;ŐƌĞLJꢀůŝŶĞͿꢀĂŶĚꢀ
ϱϵϮꢀ ŝŶꢀ ƚŚĞꢀ ƉƌĞƐĞŶĐĞꢀ ŽĨꢀ ƚŚĞꢀ ďĞƐƚꢀ ĐŽŵƉŽƵŶĚꢀ ;ĐŽůŽƌĞĚꢀ ůŝŶĞƐͿ͘ꢀ DĞůƚŝŶŐꢀ ƚĞŵƉĞƌĂƚƵƌĞꢀ ƐŚŝĨƚƐꢀ ĂƌĞꢀ
ϱϵϯꢀ ĐĂůĐƵůĂƚĞĚꢀĂĐĐŽƌĚŝŶŐꢀƚŽ͗ꢀȴdŵꢀсꢀdŵꢀ;ĐŽŵƉŽƵŶĚͿꢀʹꢀdŵꢀ;ꢄD^KͿ͘ꢀ
ϱϵϰꢀ
ꢁ
ϱϵϱꢀ &ŝŐƵƌĞꢁϯ͘ꢁYꢂꢅꢅꢁϮꢁďŝŶĚŝŶŐꢁĂŶĚꢁŝŶŚŝďŝƚŝŽŶ͘ꢁ;ĂͿ͕ꢀ;ďͿꢀĂŶĚꢀ;ĐͿꢁꢂŝŶĚŝŶŐꢀŽĨꢀYꢃꢄꢄꢀϮꢀƚŽꢀꢄꢃꢄϮ͕ꢀꢃƚꢄϭϰꢀ
ϱϵϲꢀ ĂŶĚꢀKƐꢄϭϰ͕ꢀƌĞƐƉĞĐƚŝǀĞůLJ͕ꢀƵƐŝŶŐꢀŝŶƚƌŝŶƐŝĐꢀĨůƵŽƌĞƐĐĞŶĐĞ͘ꢀꢅĂĐŚꢀĚĂƚĂꢀƉŽŝŶƚꢀŝƐꢀƚŚĞꢀŵĞĂŶꢀцꢀƐ͘Ğ͘ŵ͘ꢀŽĨꢀ
ϱϵϳꢀ ƚŚƌĞĞꢀ ƚĞĐŚŶŝĐĂůꢀ ƌĞƉůŝĐĂƚĞƐ͘ꢁ ;ĚͿꢀ ĂŶĚꢀ ;ĞͿꢁ z>'ꢀ ŚLJĚƌŽůLJƐŝƐꢀ ĐŽŵƉĞƚŝƚŝŽŶꢀ ĂƐƐĂLJƐꢀ ďLJꢀ Yꢃꢄꢄꢀ Ϯꢀ ĨŽƌꢀ
ϱϵϴꢀ ꢄꢃꢄϮꢀ ĂŶĚꢀ ꢃƚϭϰ͕ꢀ ƌĞƐƉĞĐƚŝǀĞůLJ͘ꢀ ꢅĂĐŚꢀ ĚĂƚĂꢀ ƉŽŝŶƚꢀ ŝƐꢀ ƚŚĞꢀ ŵĞĂŶꢀ цꢀ Ɛ͘Ğ͘ŵ͘ꢀ ŽĨꢀ ƚŚƌĞĞꢀ ƚĞĐŚŶŝĐĂůꢀ
ϱϵϵꢀ ƌĞƉůŝĐĂƚĞƐ͘ꢀ&ŽƌꢀƐŽŵĞꢀĚĂƚĂꢀƉŽŝŶƚƐ͕ꢀĞƌƌŽƌꢀďĂƌƐꢀĂƌĞꢀƐŵĂůůĞƌꢀƚŚĂŶꢀƚŚĞꢀƐLJŵďŽůꢀƵƐĞĚꢀĨŽƌꢀƚŚĞꢀĚĂƚĂꢀ
Ϯϴꢀ
ꢀ

ϲϬϬꢀ ĂŶĚꢀĚŽꢀŶŽƚꢀĂƉƉĞĂƌꢀŽŶꢀƚŚĞꢀŐƌĂƉŚƐ͘ꢀꢃůůꢀŝŶĚŝǀŝĚƵĂůꢀƌĞƉůŝĐĂƚĞƐꢀĨŽƌꢀĞĂĐŚꢀĐŽŵƉŽƵŶĚꢀĐŽŶĐĞŶƚƌĂƚŝŽŶꢀ
ϲϬϭꢀ ǁĞƌĞꢀ ŝŶĐůƵĚĞĚꢀ ĚƵƌŝŶŐꢀ ƚŚĞꢀ ŶŽŶͲůŝŶĞĂƌꢀ ŐůŽďĂůꢀ Ĩŝƚꢀ ĂŶĂůLJƐŝƐꢀ ƵƐŝŶŐꢀ ƚŚĞꢀ ĐŽŵƉĞƚŝƚŝǀĞꢀ ŝŶŚŝďŝƚŝŽŶꢀ
ϲϬϮꢀ ŵŽĚĞů͘ꢀ
ϲϬϯꢀ
ꢀ
ϲϬϰꢀ &ŝŐƵƌĞꢁϰ͘ꢁzĞĂƐƚꢁƚǁŽͲŚLJďƌŝĚꢁĂŶĂůLJƐŝƐ͘ꢁ/ŶŚŝďŝƚŝŽŶꢀŽĨꢀ;ƌĂĐͿͲ'ZϮϰͲŝŶĚƵĐĞĚꢀꢄꢃꢄϮͬWŚDꢃyϮꢃꢀ;ĂͿꢀ
ϲϬϱꢀ ĂŶĚꢀꢄꢃꢄϮͬWŚꢄϱϯꢃꢀ;ďͿꢀŝŶƚĞƌĂĐƚŝŽŶƐꢀďLJꢀYꢃꢄꢄꢀϮ͘ꢀWƌŽƚĞŝŶͲƉƌŽƚĞŝŶꢀŝŶƚĞƌĂĐƚŝŽŶƐꢀĂƌĞꢀƋƵĂŶƚŝĨŝĞĚꢀ
ϲϬϲꢀ ďLJꢀĂƐƐĂLJŝŶŐꢀɴͲŐĂůĂĐƚŽƐŝĚĂƐĞꢀĂĐƚŝǀŝƚLJꢀŝŶꢀĂꢀLJĞĂƐƚꢀƚǁŽͲŚLJďƌŝĚꢀůŝƋƵŝĚꢀĐƵůƚƵƌĞꢀƐLJƐƚĞŵ͘ꢀꢅĂĐŚꢀĚĂƚĂꢀ
ϲϬϳꢀ ƉŽŝŶƚꢀŝƐꢀƚŚĞꢀŵĞĂŶꢀцꢀƐ͘Ğ͘ŵ͘ꢀŽĨꢀƚŚƌĞĞꢀƚĞĐŚŶŝĐĂůꢀƌĞƉůŝĐĂƚĞƐ͘ꢁ
ϲϬϴꢀ
ꢁ
ϲϬϵꢀ &ŝŐƵƌĞꢁϱ͘ꢀꢃůĞĐƚƌŽŶꢁĚĞŶƐŝƚLJꢁŵĂƉꢁŽĨꢁďŽƵŶĚꢁYꢂꢅꢅꢁϮ͘ꢀꢀdŚĞꢀĨŝŶĂůꢀƐŝŐŵĂꢃͲǁĞŝŐŚƚĞĚꢀϮŵ&ŽͲꢄ&Đꢀ
ϲϭϬꢀ ĞůĞĐƚƌŽŶꢀ ĚĞŶƐŝƚLJꢀ ŵĂƉꢀ ĐŽŶƚŽƵƌĞĚꢀ Ăƚꢀ ϭ͘Ϭꢀ ƐŝŐŵĂꢀ ĂƌŽƵŶĚꢀ Yꢃꢄꢄꢀ Ϯꢀ ŝƐꢀ ƐŚŽǁŶꢀ ŝŶꢀ ďůƵĞꢀ ŝŶꢀ ƚǁŽꢀ
ϲϭϭꢀ ŽƌŝĞŶƚĂƚŝŽŶƐꢀ;ƌŽƚĂƚĞĚꢀΕϵϬΣꢀĂůŽŶŐꢀƚŚĞꢀŚŽƌŝnjŽŶƚĂůꢀĂdžŝƐͿ͘ꢀYꢃꢄꢄꢀϮꢀĂŶĚꢀƚŚĞꢀĐĂƚĂůLJƚŝĐꢀƐĞƌŝŶĞꢀ;^Ğƌꢀ
ϲϭϮꢀ ϵϲͿꢀĂƌĞꢀĚƌĂǁŶꢀŝŶꢀƐƚŝĐŬꢀŵŽĚĞ͘ꢀꢀ
ϲϭϯꢀ &ŝŐƵƌĞꢁϲ͘ꢀYꢂꢅꢅꢁϮꢁĂĐƚƐꢁĂƐꢁĂꢁĐŽŵƉĞƚŝƚŝǀĞꢁŝŶŚŝďŝƚŽƌꢀ;ĂͿꢀꢁŽŵƉĂƌŝƐŽŶꢀŽĨꢀƚŚĞꢀďŝŶĚŝŶŐꢀŵŽĚĞƐꢀŽĨꢀYꢃꢄꢄꢀ
ϲϭϰꢀ ϮꢀĂŶĚꢀDEꢃꢂꢀŝŶƐŝĚĞꢀꢄꢃꢄϮ͛ƐꢀŝŶƚĞƌŶĂůꢀĐĂǀŝƚLJ͘ꢀdŚĞꢀꢄꢃꢄϮͬYꢃꢄꢄꢀϮꢀƐƚƌƵĐƚƵƌĞꢀŝƐꢀĚƌĂǁŶꢀŝŶꢀŐƌĞĞŶ͕ꢀ
ϲϭϱꢀ ǁŚŝůĞꢀƚŚĞꢀꢄꢃꢄϮͬDEꢃꢂꢀƐƚƌƵĐƚƵƌĞꢀŝƐꢀĚƌĂǁŶꢀŝŶꢀƉŝŶŬ͘ꢀ,LJĚƌŽŐĞŶꢀďŽŶĚƐꢀĂƌĞꢀƐŚŽǁŶꢀĂƐꢀĚŽƚƚĞĚꢀ
ϲϭϲꢀ ůŝŶĞƐ͘ꢀ;ďͿꢀꢁŽŵƉĂƌŝƐŽŶꢀŽĨꢀƚŚĞꢀďŝŶĚŝŶŐꢀŵŽĚĞƐꢀŽĨꢀYꢃꢄꢄꢀϮꢀĂŶĚꢀ'ZϮϰꢀŝŶƐŝĚĞꢀꢄꢃꢄϮ͛ƐꢀŝŶƚĞƌŶĂůꢀ
ϲϭϳꢀ ĐĂǀŝƚLJ͘ꢀdŚĞꢀKƐꢄϭϰͬ'ZϮϰꢀƐƚƌƵĐƚƵƌĞꢀ;Wꢄꢂꢀϱꢄ:ϱ͕ꢀĚƌĂǁŶꢀŝŶꢀŽƌĂŶŐĞͿꢀǁĂƐꢀƐƵƉĞƌŝŵƉŽƐĞĚꢀƚŽꢀƚŚĞꢀ
ϲϭϴꢀ ꢄꢃꢄϮͬYꢃꢄꢄꢀϮꢀƐƚƌƵĐƚƵƌĞꢀŝŶꢀƚŚĞꢀƐĂŵĞꢀŽƌŝĞŶƚĂƚŝŽŶꢀĂƐꢀ&ŝŐƵƌĞꢀϱĂ͘ꢀKƐꢄϭϰꢀƌĞƐŝĚƵĞƐꢀĂƌĞꢀůĂďĞůůĞĚ͘ꢀ
ϲϭϵꢀ YꢃꢄꢄꢀϮꢀ;ŐƌĞĞŶͿꢀĂŶĚꢀ'ZϮϰꢀ;ŽƌĂŶŐĞͿꢀĂƌĞꢀĚƌĂǁŶꢀŝŶꢀƐƚŝĐŬꢀŵŽĚĞ͘ꢀꢀ
ϲϮϬꢀ
ꢀ
Ϯϵꢀ
ꢀ

ϲϮϭꢀ &ŝŐƵƌĞꢁϳ͘ꢁ/ŶꢀƉůĂŶƚĂꢁĂĐƚŝǀŝƚLJꢁŽĨꢁYꢂꢅꢅꢁϮ͕ꢁĐŽŵƉĂƌĞĚꢁǁŝƚŚꢁƚŽůĨĞŶĂŵŝĐꢁĂĐŝĚ͘ꢁꢄƌĂďŝĚŽƉƐŝƐꢀďƵĚꢀ
ϲϮϮꢀ ŐƌŽǁƚŚꢀ ĂƐƐĂLJ͕ꢀ ƚƌĞĂƚĞĚꢀ ǁŝƚŚꢀ Ϭ͘ϱꢀ ʅDꢀ 'ZϮϰꢀ ĂŶĚͬŽƌꢀ ϱꢀ ʅDꢀ ĐŽŵƉŽƵŶĚꢀ ;ƚŽůĨĞŶĂŵŝĐꢀ ĂĐŝĚꢀ ĂŶĚꢀ
ϲϮϯꢀ YꢃꢄꢄꢀϮͿ͘ꢀꢂƵĚꢀŐƌŽǁƚŚꢀǁĂƐꢀŶŽƌŵĂůŝnjĞĚꢀƌĞůĂƚŝǀĞꢀƚŽꢀƚŚĞꢀŵŽĐŬꢀƚƌĞĂƚĞĚꢀĐŽŶƚƌŽů͘ꢀdŚĞꢀǀŝŽůŝŶꢀƉůŽƚƐꢀ
ϲϮϰꢀ ƐŚŽǁꢀƚŚĞꢀŵĞĚŝĂŶꢀ;ƐŽůŝĚꢀůŝŶĞͿꢀĂŶĚꢀƋƵĂƌƚŝůĞƐꢀǀĂůƵĞƐꢀ;ĚŽƚƚĞĚꢀůŝŶĞƐͿ͕ꢀĂŶĚꢀƚŚĞꢀĂƌĞĂꢀŽĨꢀĞĂĐŚꢀƉůŽƚꢀ
ϲϮϱꢀ ƌĞƉƌĞƐĞŶƚƐꢀ ƚŚĞꢀ ĨƌĞƋƵĞŶĐLJꢀ ĚŝƐƚƌŝďƵƚŝŽŶꢀ ŽĨꢀ ƚŚĞꢀ ĚĂƚĂ͕ꢀ Ŷсϭϲ͘ꢀ ^ƚĂƚŝƐƚŝĐĂůꢀ ƚĞƐƚƐꢀ ŽĨꢀ ĚŝĨĨĞƌĞŶĐĞƐꢀ
ϲϮϲꢀ ďĞƚǁĞĞŶꢀ ƚƌĞĂƚŵĞŶƚƐꢀ ǁĞƌĞꢀ ĐĂůĐƵůĂƚĞĚꢀ ďLJꢀ ꢃEKsꢃꢀ ĂŶĚꢀ &ŝƐŚĞƌ͛Ɛꢀ ƉƌŽƚĞĐƚĞĚꢀ >^ꢄꢀ ŵƵůƚŝƉůĞꢀ
ϲϮϳꢀ ĐŽŵƉĂƌŝƐŽŶƐꢀƚĞƐƚ͘ꢀꢄŝĨĨĞƌĞŶƚꢀůĞƚƚĞƌƐꢀŝŶĚŝĐĂƚĞꢀƐƚĂƚŝƐƚŝĐĂůůLJꢀƐŝŐŶŝĨŝĐĂŶƚꢀƌĞƐƵůƚƐꢀĂƚꢀƉꢀфꢀϬ͘Ϭϱ͘ꢀꢄĂƚĂꢀ
ϲϮϴꢀ ĨƌŽŵꢀƚŚĞꢀĐŽŶƚƌŽůꢀĂŶĚꢀƚŽůĨĞŶĂŵŝĐꢀĂĐŝĚꢀƚƌĞĂƚĞĚꢀďƵĚƐꢀŚĂǀĞꢀďĞĞŶꢀƉƵďůŝƐŚĞĚꢀƉƌĞǀŝŽƵƐůLJꢀ;ϯϱͿ͕ꢀĂůůꢀ
ϲϮϵꢀ ĚĂƚĂꢀǁĞƌĞꢀĐŽůůĞĐƚĞĚꢀĂƚꢀƚŚĞꢀƐĂŵĞꢀƚŝŵĞ͘ꢀ
ϯϬꢀ
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