COA Annual Budget (2019-2020)

CITY OF AMARILLO, TEXAS

Annual Budget FISCAL YEAR 2019-2020

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ANNUAL BUDGET October 1, 2019 - September 30, 2020

CITY OF AMARILLO, TEXAS MAYOR Ginger Nelson

COUNCILMEMBERS Elaine Hays Freda Powell

Eddy Sauer Howard Smith

CITY MANAGER Jared Miller

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CITY OF AMARILLO ANNUAL BUDGET _____________________________________________________________________________________________________________________ TABLE OF CONTENTS DEPT. PAGE NO. NO.

Readers Guide .......................................................................................................................................................................... 1 City Manager's Budget Message .............................................................................................................................................. 3 Accounting Policies and Practices ............................................................................................................................................ 8 Budget Calendar ..................................................................................................................................................................... 49 COMMUNITY PROFILE Community Statistics .............................................................................................................................................................. 51 Profile of Amarillo.................................................................................................................................................................... 55 SUMMARIES City Organization Chart........................................................................................................................................................... 73 Summaries - All Funds ........................................................................................................................................................... 75 Summary of Resources and Expenditures, All Funds ............................................................................................................ 76 Graphic Summary of Resources and Expenditures, All Funds ............................................................................................... 78 General Fund Revenue and Expenditure Graph .................................................................................................................... 79 General Fund Revenue Summary .......................................................................................................................................... 80 General Fund Revenue Detail ................................................................................................................................................ 81 Sales Tax Collections ............................................................................................................................................................. 85 Property Tax Collections ......................................................................................................................................................... 86 Ratio of Tax Collections to Current Year’s Levy, All Funds .................................................................................................... 87 Assessed Property Values ...................................................................................................................................................... 88 General Fund Summary of Expenditures................................................................................................................................ 89 Summary of Resources and Expenditures – Enterprise Funds .............................................................................................. 90 Water and Sewer Utility Revenue and Expenditure Graph ..................................................................................................... 91 Water and Sewer Utility Revenue Summary .......................................................................................................................... 92 Water and Sewer Utility Revenue Detail ................................................................................................................................. 93 Water and Sewer Utility Expenditure Summary Graph ........................................................................................................... 94 Airport Revenue and Expenditure Graph ................................................................................................................................ 95 Airport Revenue Summary...................................................................................................................................................... 96 Airport Revenue Detail ............................................................................................................................................................ 97 Drainage Utility Revenue and Expenditures Graph ................................................................................................................ 98 Drainage Utility Revenue Summary ........................................................................................................................................ 99 Drainage Utility Revenue Detail ............................................................................................................................................ 100 Summary of Resources and Expenditures – Internal Service Funds ................................................................................... 101 Fleet Services Revenue Detail ............................................................................................................................................. 102 Information Technology Revenue Detail ............................................................................................................................... 103 Self-Insurance Revenue Detail ............................................................................................................................................. 104 Employee Insurance Revenue Detail ................................................................................................................................... 105 Special Revenue Funds Revenue Graph ............................................................................................................................. 107 Summary of Resources and Expenditures – Special Revenue Funds ................................................................................. 108 Revenue Summary ............................................................................................................................................................... 110 Summary of Expenditures by Activity Classification ............................................................................................................. 116 Summary of Expenditures by Object Classification .............................................................................................................. 124 Relationship of City Organizations ........................................................................................................................................ 132 PUBLIC SAFETY Public Safety Summary of Expenditures by Activity Classification ....................................................................................... 135 Police ...................................................................................1610-1680,22150-22160,2610,2620,26610 ............................ 137 Fire...................................................................................................................... 1910-1940,2450,26620 ............................ 147 Animal Management and Welfare ................................................................................................... 1710 ............................ 155 Amarillo Emergency Communications Center (AECC) .................................................................... 1270 ............................ 159 Emergency Management .................................................................................... 1232,2400,2430,26710 ........................... 165 Municipal Court .......................................................................................................... 1305, 1306, 20800 ............................ 171 Judicial .................................................................................................................................. 1040,20910 ............................ 177 ADMINISTRATION Administration Summary of Expenditures by Activity Classification .................................................................................... 181 Mayor and Council ........................................................................................................................... 1011 ............................ 183 City Manager........................................................................................................................... 1020,1030 ............................ 187

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CITY OF AMARILLO ANNUAL BUDGET _____________________________________________________________________________________________________________________ TABLE OF CONTENTS DEPT. PAGE NO. NO.

City Attorney (Legal) ........................................................................................................................ 1210 ........................... 191 City Secretary .................................................................................................................................. 1220 ............................ 197 Public Communications ................................................................................................................... 1023 ............................ 201 SUPPORT SERVICES Support Services Summary of Expenditures by Activity Classification ................................................................................. 205 Human Resources ........................................................................................................................... 1110 ............................ 207 Radio Communications.................................................................................................................... 1231 ............................ 213 Facilities .................................................................................................................................. 1251-1253 ............................ 217 Finance ............................................................................................................................................ 1315 ............................ 223 Accounting ....................................................................................................................................... 1320 ............................ 229 Purchasing ....................................................................................................................................... 1325 ............................ 233 Central Stores .................................................................................................................................. 1345 ............................ 237 General Fund Transfers ................................................................................................................... 1350 ............................ 241 Fleet Services ..................................................................................................................... 61110-61120 ............................ 243 Information Technology ................................................................................................................... 6200 ............................ 249 Risk Management (Self-Insurance) ........................................................................................ 1120,6300 ............................ 257 Benefits (Employee Insurance)...................................................................................... 1340,6400,6500 ............................ 267 LEISURE SERVICES Leisure Services Summary of Expenditures by Activity Classification .................................................................................. 271 Civic Center ............................................................................................................................ 1241-1249 ............................ 273 Library .............................................................................................................................................. 1260 ............................ 279 Golf Courses .................................................................................................................................... 1811 ............................ 285 Parks and Recreation - Administration ............................................................................................ 1820 ............................ 291 Parks and Recreation - Tennis ........................................................................................................ 1830 ............................ 297 Parks and Recreation - Aquatics ..................................................................................................... 1840 ............................ 301 Parks and Recreation - Recreation Services (Programs) ................................................................ 1850 ............................ 305 Parks and Recreation - Warford Activity Center .............................................................................. 1855 ............................ 309 Parks and Recreation - Parks Maintenance .................................................................................... 1861 ............................ 313 Parks and Recreation - Zoo .................................................................................................... 1862-1863 ............................ 319 Parks and Recreation - Athletics ............................................................................................ 1870-1877 ............................ 323 Parks and Recreation - Senior Services .......................................................................................... 1880 ............................ 329 TRANSPORTATION Transportation Summary of Expenditures by Activity Classification ..................................................................................... 333 Transit ..................................................................................................................................... 1761-1764 ........................... 335 Street ............................................................................................................................................... 1420 ............................ 343 Traffic .................................................................................................................................... 1731,24250 ............................ 349 Airport ................................................................................................................................... 26630,5400 ............................ 359 UTILITY SERVICES Utility Services Summary of Expenditures by Activity Classification ..................................................................................... 367 Utility Billing ................................................................................................................................... 52100 ............................ 369 Director of Utilities.................................................................................................... 52110,52120-52123 ............................ 375 Water Production ................................................................................................................ 52200-52220 ............................ 379 Water Distribution .......................................................................................................................... 52230 ............................ 383 Wastewater Collection ................................................................................................................... 52240 ............................ 389 Wastewater Treatment ....................................................................................................... 52260-52270 ............................ 393 Laboratory Administration .............................................................................................................. 52281 ............................ 397 Solid Waste Collection..................................................................................................................... 1431 ............................ 403 Solid Waste Disposal....................................................................................................................... 1432 ............................ 409 Drainage Utility ................................................................................................................... 56100-56200 ............................ 413 DEVELOPMENT SERVICES Development Services Summary of Expenditures by Activity Classification ........................................................................ 419 Public Works.................................................................................................................................... 1410 ............................ 421 Capital Projects and Development Engineering (CP&DE).................................................... 1415,52115 ............................ 425 Planning & Development Services. ...................................................................................... 1720,24200 ............................ 433

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CITY OF AMARILLO ANNUAL BUDGET _____________________________________________________________________________________________________________________ TABLE OF CONTENTS DEPT. PAGE NO. NO.

Building Safety ................................................................................................................................. 1740 ............................ 441 Environmental Health ...................................................................................................................... 1750 ............................ 447 HEALTH AND HUMAN SERVICES Health and Human Services Summary of Expenditures by Activity Classification ............................................................... 455 Vital Statistics .................................................................................................................................. 1335 ............................ 457 Community Development ................................................................... 2010-2040,2065,2070,2075,2300 ............................ 461 Public Health....................................................................................................................... 25011-25045 ............................ 469 Women, Infants, and Children ........................................................................................... 25311-25323 ............................ 479 PUBLIC IMPROVEMENT DISTRICTS Public Improvement Districts Summary of Expenditures by Activity Classification ............................................................... 487 Public Improvement Districts .............................................................................................. 27100-27900 ............................ 489 DEBT SERVICE Debt Service ......................................................................................................................................................................... 495 Statement of Total Debt Service ........................................................................................................................................... 499 Computation of Legal Debt Margin ....................................................................................................................................... 500 Tax Supported Debt Interest and Redemption ..................................................................................................................... 501 Combination Tax and Revenue Certificates of Obligation Series ......................................................................................... 502 Hotel Occupancy Tax Revenue Bonds ................................................................................................................................. 503 Statement of Bonded Indebtedness and Expenditures by Issue - General Obligation Debt ................................................ 504 Schedule of Maturities: Interest and Redemption Fund - General Obligation Bonds ........................................................... 505 Schedule of Maturities: Tax and Revenue Certificates of Obligation .................................................................................... 508 Schedule of Maturities: Hotel Occupancy Tax Revenue Bonds............................................................................................ 516 Provision for Compensated Absences .................................................................................................................................. 518 Statement of Bonded Indebtedness and Expenditures by Issue - Water Revenue .............................................................. 519 Schedule of Maturities: Interest and Redemption Fund - Water Revenue .......................................................................... 520 Statement of Bonded Indebtedness and Expenditures - Airport .......................................................................................... 521 Schedule of Maturities: Interest and Redemption Fund - Airport ......................................................................................... 522 Statement of Bonded Indebtedness and Expenditures – Drainage Utility ........................................................................... 523 Schedule of Maturities: Interest and Redemption Fund – Drainage Utility .......................................................................... 524 CAPITAL PROJECTS Capital Projects..................................................................................................................................................................... 525 PERSONNEL SUMMARY Human Resources Summary ................................................................................................................................................ 539 Recapitulation of Recommended Personnel ........................................................................................................................ 540 Employees by Function Chart ............................................................................................................................................... 542 Employees by Functional Group ........................................................................................................................................... 543 General Salary Schedule Excluding Police and Fire Personnel ........................................................................................... 544 Salary Schedule Fire and Police Personnel ......................................................................................................................... 554 Incentive/Certification Pay Plan ............................................................................................................................................ 556 Executive and Managerial Salary Schedule ......................................................................................................................... 561 Hourly Salary Schedule ........................................................................................................................................................ 563 ORDINANCES Ordinance (Budget) .............................................................................................................................................................. 567 Ordinance (Tax Rate) ........................................................................................................................................................... 591 GLOSSARY Glossary of Terms ................................................................................................................................................................ 593 List of Acronyms Used .......................................................................................................................................................... 597

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October 1, 2019 Honorable Mayor Ginger Nelson and Members of Amarillo City Council 509 S.E. Seventh Avenue Amarillo, TX 79101 Dear Mayor Nelson and Members of the City Council: Transmitted herewith is the City of Amarillo Annual Budget for Fiscal Year 2019/2020 (Budget). The Budget is balanced in accordance with the Amarillo City Charter and laws of the State of Texas. The Budget totals approximately $401.6 million, with $262.4 million approved for operation and maintenance functions, $99.9 million in capital, and $39.3 million required to support existing debt service payments. The annual Budget is the most important policy document for consideration by the Council. It identifies required funding to deliver more than 250 programs and services to the citizens of Amarillo. The 2019/2020 Annual Operating Budget is presented to Council as a program based budget, i.e. the various programs offered by City departments are presented with program descriptions and performance measures to define the level and quality of services delivered to Amarillo citizens. This Budget represents maintenance of current service levels for more than 250 programs funded by the City. All programs have a demonstrated connection to the BluePrint for Amarillo and supporting Council pillars. As experienced in previous years, the development of the Budget has been challenging, however, the Budget addresses enhancements to the public safety function and employee compensation. The sales tax revenues have been strong for the current year and are projected to increase by 2.5%. Taxable property values remain strong with a 3.0% increase for 2019. These sources of revenue make up the largest percentage of our funding for general government expenses. Every effort has been made to maintain current levels of service throughout the City with available revenues. The impact of increasing costs in several vital areas of commodities, materials, supplies, fuel, electricity and personnel have required we make some difficult choices to balance the Budget. This Budget represents a $22.0 million increase from the prior year. The Budget addresses the BluePrint for Amarillo. Budget enhancements focus on public safety and the continuation of year three of the capital improvement program. The current Budget includes funding for ten additional Fire Department positions and three additional positions at Animal Management and Welfare, along with additional funding for street maintenance and the continuation of the Coming Home program aimed at assisting the chronically homeless population in Amarillo.

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With the future expansion of Station #5 and the change to a two-company station, the additional ten fire positions added this year complete the needed staffing for the second company. During the current year, the Department intends to use the additional personnel to help offset increases in overtime expenses. CONSOLIDATED BUDGET Our 2019/2020 budget is $401.6 million; which is an increase of 5.79%, or $22.0 million, as compared to our 2018/2019 budget of $379.6 million. The areas of specific increase/decrease in this budget are: FY 2018/2019 General Fund Operating

$

185,751,940

FY 2019/2020 $

% Change

188,459,283

1.46%

Water & Sewer Operating

51,800,039

51,522,427

-0.54%

Capital Improvement Projects

87,368,647

99,895,087

14.34%

Special Revenue Operating

24,180,939

24,111,776

-0.29%

Fleet Services Operating

9,666,778

10,948,277

13.26%

Insurance Operating

31,732,143

35,761,467

12.70%

Debt Service

38,093,763

39,266,478

3.08%

Airport Operating

9,374,581

9,602,514

2.43%

Drainage Utility Operating

3,393,216

3,257,336

-4.00%

Information Technology Operating Capital Transfers

5,374,219 2,819,904

5,832,358 2,562,867

8.52% -9.12%

(69,982,933)

(69,661,634)

-0.46%

401,558,236

5.79%

Less: Interfund Transfers Total Budget

$

379,573,236

$

Municipal government is a service business and the predominant expense category in our Budget is always personnel and the associated employee salary and benefit expenses. Personnel costs comprise 42%, or $167.1 million, of our 2019/2020 net Budget. The second largest category is Capital Improvement Projects at $99.9 million, or 25%, of the net Budget. The City budget reflects a 13% increase in insurance costs related to increasing claims and insurance cost. The increase in health insurance claims is related to large claim experience during the 2017/2018 fiscal year. Capital reflects a 14% increase over the prior year, which includes $29.5 million for the Advanced Meter Infrastructure (AMI) project for the Water and Sewer Fund.

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Debt Service accounts for just under 10%, or $39.3 million, of the net Budget. Debt service expenditures include all funds. The Debt Service category includes a 3% increase which includes the anticipated debt service dollars associated with the voter approved general obligation debt and an additional bond issue in the Water and Sewer fund to address needed capital infrastructure projects. Fleet Services reflect a 13.26% increase in operating costs related to increased costs in maintenance and auto parts. Property and Sales Taxes For the 2019/2020 fiscal year, the property tax rate increased $0.0175 for operations and maintenance and $0.00263 for the voter approved debt service associated with the approval of Proposition 1 and 2 during the November 8, 2016 bond election for a total increase of $0.02013. The 2019/2020 rate is $0.38851 per $100 taxable value versus the 2018/2019 rate of $0.36838. A historical review of the rate reflects that the City Council increased the property tax rate by one cent to $0.32009 for the 2011/2012 fiscal year after three years with the same property tax rate and by $0.02 in the 2013/2014 fiscal year, by $0.005 in the 2014/2015 fiscal year and by $0.00563 to $0.35072 for the 2015/2016 fiscal year. The rate increases associated with 2017/2018 and 2018/2019 were directly related to the debt service portion of the tax rate. It is interesting to note that while the property tax rate and associated levy is often in the public eye, it raises less revenue than is required to operate only the Amarillo Police Department for the upcoming fiscal year. The sales tax is the City’s largest revenue source. Amarillo has long enjoyed a history of steadily increasing sales tax, which has offset our low property tax rate. However, in the 2016/2017 fiscal year the City saw receipts declining by 1%. We are pleased to note that the City is experiencing increased sales tax receipts for the current year and are estimating $58.9 million, which is a trending up of 2.5%. Next year’s estimate includes a 2.5% increase ($60.3 million). The sales tax budget of $60.3 million for the 2019/2020 fiscal year is not sufficient alone to fund the budgets for Public Safety. The City relies on multiple revenue sources to support General Fund operations. Franchise Fees, User Fees and Charges During 2016 the City initiated a $140 million five-year Community Investment Program with corresponding 3% rate increases in 2016/2017, 2017/2018, and 2018/2019 to fund the first three years of the program. The 2019/2020 budget includes a 7% water and sewer rate increase, which will fund the addition of automated metering infrastructure (4%) and provide for an increase in operating and maintenance (3%). The City anticipates resuming year four of the five-year Community Investment Program with 3% rate increases in 2020/2021. The water rate structure is designed so that customers who only use water for domestic use still have very reasonable rates. A residential 10,000-gallon water user will have a monthly rate of $34.51, which is very low compared to other Texas cities. The Budget includes an increase in the Solid Waste rates. Residential customers will see a $1.74 increase on their monthly bill and commercial customers will see a 5% increase. In addition, the tipping fee at the City’s landfill was increased by $2.00/ton. This additional funding will allow the City to fund two additional crews to provide curbside and alley pickup service, address equipment needs related to growth, and improve customer service. The 2019/2020 fiscal year budget includes a 4% Drainage fee increase. It is anticipated that this will be the third of five 4% Drainage fee increases to fund the Community Investment Program. Employee Staffing The 2019/2020 Budget consists of 2,226 permanent and 351 part-time employee positions. Permanent positions have increased by 25 positions over the current year and part-time positions have decreased by 11. As reviewed previously, the Budget includes enhancements to Public Safety with funding for ten Fire positions. Animal Management and Welfare is adding three new positions to staff a medical clinic that is

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anticipated to be completed in 2019. Solid Waste is adding eight new positions and Building Safety is adding one new position to address customer service in each respective department. Public Communications is reclassifying a position to enhance the City’s social media engagement. Police is adding one police officer that will be assigned as a school liaison officer and is partially funded by the school district. Below is a summary of the staffing changes for permanent positions for the 2019/20 Budget: Full Position Title Department Time Airport Business & Procurement Coordinator Airport 1 Airport Maintenance Coordinator Airport 1 Airport Operations Manager Airport 1 Utility Worker Airport 2 Assistant Shelter Veterinarian Animal Management and Welfare 1 Rescue Coordinator Animal Management and Welfare 1 Veterinary Assistant Animal Management and Welfare 1 Administrative Specialist Building Safety 1 Permit Technician Building Safety 1 Plumbing Inspector Building Safety 1 Engineering Assistant II Capital Projects Development and Eng. -1 GIS Technician Capital Projects Development and Eng. -1 Administrative Technician City Manager 1 Social Worker Coming Home 1 Custodian I Custodial Operations 1 Fire Captain Fire 2 Fire Driver Fire 3 Fire Fighter Fire 4 Fire Lieutenant Fire 1 Administrative Assistant IV Municipal Court -1 Assistant Aquatics Coordinator Parks and Recreation -1 Greenskeeper I Parks and Recreation -2 Utility Worker Parks and Recreation -2 Visitor Services Specialist Parks and Recreation 1 Police Officer Police 1 Social Media Coordinator Public Communications 1 Solid Waste Equipment Operator I Solid Waste Collection 1 Solid Waste Equipment Operator II Solid Waste Collection 2 Utility Worker Solid Waste Collection 4 Environmental Compliance Technician Solid Waste Disposal 1 Utility Worker Street -2 25

Employee Compensation 1) 2% pay increase for civilian employees as pay-for-performance, based on annual evaluations; and 2) 2% pay increase for Police and Fire employees. The total cost of these pay plan improvements and benefits is $3.2 million. Most of the cost ($2.3 million) is in the General Fund.

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Capital Improvement Program The 2019/2020 capital budget is $99,895,087. The voters approved, on the November 8, 2016 bond election, $109 million for public safety and street improvements. The City continues the implementation of these bond funded improvements over a five-year period, with the third and fourth issue during 2020. The budget includes an anticipated 4% rate increase for Water & Sewer for a bond issue to create an automated metering infrastructure (AMI). To do this the City pushed back year four of the planned fiveyear Water & Sewer capital program. The Budget also includes year three of the Drainage Community Improvement Program (Program) with an anticipated 4% increase in drainage fees for a proposed future bond issue to fund the Program, the third of five similarly planned increases. Future Priorities The 2019/2020 Budget has prioritized enhancements to public safety. Going forward the City will need to identify additional budget dollars to address the maintenance of aging city facilities. Funding for park facility improvement is limited. Going forward budget dollars will need to be identified to support the City park system. Annual funding of compensated absences will be a priority for 2020/2021 as the compensated absences fund is nearing depletion. In 2016, the voters approved the issuance of $89 million for Street improvements to be issued over a five year period with the last issuance in the 2021 fiscal year. Looking past 2021, the City will need to budget dollars to continue funding maintenance of the City street infrastructure. Additionally, the City has recently released information on a proposed renovation and expansion of the Civic Center. The preliminary plan calls for a potential bond election in May 2020. The conversation around a potential action on the Civic Center will remain a priority in future budget cycles. Conclusion Thank you each for your leadership of our City. I appreciate the extensive time and effort you undertake to study and understand the complexities of the varied operations of our organization. Your vision, guidance and service are invaluable and truly make Amarillo a great community! I want to thank you for the comprehensive review of the 2019/2020 budget process and thank the entire management team for their hard work in building the annual Budget. This year presented a challenge as many franchise revenue sources had to be reset. Difficult choices were made to ensure we can efficiently and effectively manage our resources to address Council pillars and to continue our commitment to serve the citizens of Amarillo.

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ENTITY AND BASIS OF ACCOUNTING

DEFINITION AND SCOPE OF THE ENTITY The City of Amarillo was chartered in 1913 as authorized by a statute enacted by the Texas Legislature that year. It was the first city in Texas, and the fifth city in the United States, to adopt the commission-manager form of government. The principal governmental services of the City include: public safety and health, streets, sanitation, culture-recreation, mass transit operations, planning and zoning, and general administrative services. In addition, the City maintains the water and sewer system and the airport. For financial statement presentation, the City of Amarillo is considered the primary governmental unit for other reporting entities; however, none of those entities have been included in this budget presentation. MISSION Create the best environment possible for every Amarillo resident to find and achieve their potential for greatness. OUR VISION Building on our heritage, our vision for Amarillo is that of a community that is cohesive and competitive. These objectives will be met through developing the following: Healthy, Vibrant Community: Where people feel safe, basic human needs are met, diverse educational opportunities are available, diversity is cultivated, citizens are interested, informed, and involved, the environment is clean and aesthetically appealing, and the arts, culture and recreational offerings flourish. Sustainable, Diverse Economy: Where educational opportunities support and promote economic development, existing businesses are nurtured, the environment supports new business development, the community links globally and older neighborhoods remain vital. Orderly Growth: Where regular investment in existing infrastructure and neighborhoods sustain their vitality, proper planning for new infrastructure protects and strengthens our quality of life and promotes economic development, national resources are sustained, and the essential values and visions of the community remain intact. OUR CORE VALUES • Honesty and Integrity: Commit to the highest standard of ethical and legal behavior. • Excellent Customer Service: Recognize that we exist for our customers. • High Performance: Instill pride and professionalism in the workplace and the community; demonstrate the quality and value of our work and results. • Openness and Teamwork: Work together toward common goals, building on each others’ strengths. • Respect for Diversity: Cultivate a public awareness and appreciation for diversity within our community and organization. • Forward Thinking: Identify trends, anticipate problems and develop innovative and cost-effective solutions; recognize that today’s public policy decisions will determine tomorrow’s community. LONG RANGE GOALS AND ACTION STRATEGIES The goals and recommended action strategies that follow were created by City Council along with the City Managers. Named ‘BluePrint for Amarillo’, the Council Pillars were authorized by City Council in March 2018. BluePrint for Amarillo sets the strategic direction the City of Amarillo will take in terms of focus, priorities and allocation of resources. By following a Community Engagement model, City staff will develop the processes to pursue the BluePrint for Amarillo’s objectives in a way that can be measured. Many of the pillars are already underway while others require further staff evaluation or participation with partners in the private sector, educational institutions and other community groups.

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City Council Pillars: Vision for the Future of Amarillo • • • • • • • •

Public Safety Economic Development and Redevelopment Civic Pride Highly Educated Population Fiscal Responsibility Customer Service Excellence in Communication Transportation

PUBLIC SAFETY Amarillo is among the safest cities in the nation and our police, fire, emergency medical, and emergency management statistics demonstrate leadership in each discipline. Our first responders are recognized throughout the nation as some of the most professional, most highly trained, and best equipped, offering training to other first responders on the best practices to build safer communities. Our community is committed to enhancing public safety to ensure that Amarillo is regarded as one of the safest communities in the nation. To meet this objective, our community leaders have recognized that we must build innovative and enhanced public safety programs to address critical issues that are instrumental to building a safer community. Focus must be placed on addressing the City Council framework for public safety by… • • •

Reducing our City’s crime rate, domestic violence rate, and traffic accidents, especially those resulting in fatalities; Implementing neighborhood policing programs in disadvantaged areas of the community; and Addressing budget issues within public safety departments to meet the demands of a growing community.

In addition to the core elements of the public safety pillar, our community must continue to make strides in addressing the hub issue of poverty that contributes to health and disease issues, drug and alcohol abuse, domestic violence, and child abuse. Even though poverty rates have improved nationally and statewide, they continue to be a significant and generational issue for portions of our community. Addressing the hub issue of poverty through enhanced educational attainment, positive social programs, and living wage job opportunities will have a dramatic impact on enhancing public safety’s ability to address framework objectives. ECONOMIC DEVELOPMENT AND REDEVELOPMENT Amarillo is the heart of the Panhandle – a pioneering ag-tech, life science, and manufacturing region that elevates businesses and families through quality education, infrastructure, and a multigenerational lifestyle. The following strategic priorities are established to facilitate achieving the pillar objectives… • • • •

Infrastructure: Amarillo is an attractive city – with infrastructure, planning and support systems in place that make it easy for businesses to grow and residents to get around. Innovation: Amarillo is a global center for agricultural and life science research – recognized for its pioneering spirit and culture of entrepreneurship. Quality of Life: Amarillo is a family-friendly community – rooted in Western heritage but offering modern housing, cultural, and recreational options for all ages. Marketing Amarillo: Residents of Amarillo celebrate their community, which is recognized as a top destination for businesses and skilled workers and their families. CIVIC PRIDE

Every Amarillo citizen proudly owns our city and participates to identify and solve community problems. Citizens are empowered to innovate and implement their own solutions. The following strategic priorities are established to facilitate achieving the pillar objectives…

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• • • • •

Improve Community Appearance and Beautification: We are proud of our community with a focus on improving community appearance and promoting beautification. Embrace Culture, Arts, and Recreation: Our community embraces the diversity of our neighborhoods, promoting unique experiences that highlight art, entertainment, and recreation. Increase Volunteerism: Encourage citizens to participate through philanthropy, volunteerism, or getting involved in City government. Enhance Health and Wellness: As a community we recognize disparities in the health and wellness of our citizens. We aspire to be more proactive in addressing these disparities by promoting healthy behaviors, improving infant health, and reducing risky sexual behavior and teen pregnancy rates in our community. Reduce Poverty: As previously listed, our community must continue to address the hub issue of poverty. As part of Civic Pride, our community must embrace positive social programs that assist in reducing poverty rates and ending homelessness. HIGHLY EDUCATED POPULATION

Every Amarillo citizen values learning, especially post-high school learning. We create unique, local learning opportunities, and students come from around the world to study and live in Amarillo. As a community we hold that educational attainment is the pathway to unlocking Amarillo’s potential. Nearly every piece of research on the topic holds that the more formal education you have, the more opportunity that exists for you over time. Promoting educational attainment will reduce poverty and enhance workforce development, positioning Amarillo for future growth. Our community is committed to the goal of every Amarillo citizen earning their high school diploma or equivalent. Further, we are committed to partnering with the No Limits No Excuses program to promote postsecondary educational opportunities to fuel our community’s future success. This pillar encompasses two major components: an external focus on improving educational attainment in the community at large and an internal focus on expanding opportunities for City of Amarillo employees to achieve goals related to education and professional development. FISCAL RESPONSIBILITY Amarillo responsibly manages its finances and resources with transparency. The following strategic priorities are established to facilitate achieving the pillar objective… • • • • •

Enhance transparency and accountability in the stewardship of public funds. The City budget serves as a policy document for the City Council. Annual review and revision by City Council allow the City to address Council priorities during the budget process. Financial policies are the framework for the fiscal management of the City of Amarillo. The City of Amarillo strives for best practices in financial policies. Budget process that ensures effective communication to the City of Amarillo citizens. Budget process that addresses budget challenges and opportunities, allowing the City to adapt quickly to changing economic and financial conditions. CUSTOMER SERVICE

Our city lives by the Golden Rule. Every citizen, student, employee, business, non-profit organization and school applies the Golden Rule to achieve excellence in customer service. Businesses model their training by Amarillo standards. The following strategic priorities are established to facilitate achieving the pillar objective… • • • • • •

Identify who our customers are, and the unique needs of each group. Develop a customer service motto/slogan to be used organization-wide. Establish a benchmark and evaluate our organization against the benchmark. Utilize technology to ensure effective and efficient customer service experiences. Initiate customer service trainings to encourage consistent customer experiences across the organization and provide customized trainings to address specific departmental needs. Create processes and policies that facilitate clear communication with all customers, including follow-up after customer service encounters.

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EXCELLENCE IN COMMUNICATION Amarilloans constantly think about improving communication and innovate new methods for communication, which leads to success in problem-solving and leadership opportunities. The following strategic priorities are established to facilitate achieving the pillar objective… • • • •

Communication: Enhance communication to be proactive and prompt, building relationships with media partners and key stakeholders, to get accurate and timely information to the public. Marketing: Develop a marketing capability to produce quality multi-media products that enhances communication and promotes City programs. Networking: Build relationships, applying innovative methods as needed, to better communicate our community’s message to the public and beyond. Technology: Utilize technology to enhance our messaging and create a communications ecosystem that promotes our community. TRANSPORTATION

Amarillo embraces its aeronautics history and focuses on developing the best transportation systems for its citizens. The following strategic priorities are established to facilitate achieving the pillar objective… • • • • •

Community Focused Customer Service: Communicate with the community to learn from past success and strive to meet current and future needs. Management Best Practices: Efficiently manage the existing transportation system and be prepared to implement future plans. Long-Term Planning: Address the future needs and future liabilities of the community and make the best use of existing and proposed capital funding. Economic Development: Identify opportunities for the transportation network to provide for community growth and mutual benefit to the private and public sectors. Community Mobility: Consider all aspects of the transportation network and coordinate the interaction of the largest to the smallest infrastructure to the benefit of the community. BASIS OF PRESENTATION - FUND ACCOUNTING

Fund Accounting: The City’s accounting and financial reporting are in accordance with methods prescribed by the Governmental Accounting Standards Board (GASB) and the Government Finance Officers Association (GFOA). The accounting policies of the City of Amarillo conform to generally-accepted accounting principles applicable to governmental entities. Accordingly, the accounts of the City are organized on the basis of funds and account groups. Each fund is considered a separate accounting entity. Funds are used in governmental accounting to segregate sources and uses of monies. The operations of each fund are accounted for with a separate set of accounts. The fiduciary funds are not included in the budget since they are not subject to appropriation and are governed by a separate trust document or board. In addition to the above-described fund accounting structure, we make several adjustments to build the entity-wide financial statements required by GASB statement 34 (GASB 34). Governmental Funds: General Fund: The General Fund is the general operating fund of the City and the City’s most significant fund. It is used to account for all financial resources except those that are required to be accounted for in another fund. Most common City functions such as public safety, parks, library and administration are contained in the General Fund. Temporary grant programs that will ultimately have to be funded by the General Fund are included in the General Fund. These temporary grant programs usually provide full or partial funding of the program for a few years and are then incorporated into their normal General Fund budget. Special Revenue Funds: Special Revenue Funds are used to account for the proceeds of specific revenue sources that are restricted for specified purposes. They are used mainly to budget and account for grants made to the City. Special Revenue Funds are also used to account for the transactions of the Public Improvement Districts (PID) organized in the city since those funds are earmarked for a specific purpose. The Court Technology Fund and the Court Security Fund are both Special Revenue Funds since their revenue can only be spent for a specific purpose.

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Special Revenue Funds also include our Housing Assistance Program, along with the Emergency Shelter and Supportive Housing, the Community Development Block Grant, the Summer Lunch Program, the Coming Home Program, the Police Seized Property Funds, other law enforcement grants, the law enforcement and firefighter training grants, the Home Program, Hazardous Materials Transportation, and Urban Transportation Planning Grants, Public Health and Women, Infants & Children grant, and the Emergency Management Pantex Agreement in Principle (AIP) grant. The above grant funds are not subject to appropriation. The budget will be negotiated with the granting agency and accepted by the governing body when they approve the grant contract. The grant budgets are estimates presented to gain a better understanding of the City’s entire financial picture. The PID budgets along with the Court Technology Fund, the Court Security Fund, the Coming Home Program, and the Police Seized Property Fund are subject to appropriation and approved by the City Council in the budget process. Debt Service Fund: The Debt Service Fund is used to account for accumulation of resources for, and the payment of, general long-term debt-related costs. The City has three debt service funds. The General Obligation Bonds and our 2010 and 2017 Certificates of Obligation are supported by annual property tax assessments. The Certificates of Obligation Bonds issued for Public Improvement District improvements are supported by annual PID assessments and are reported in the Debt Service Fund. This City has used Certificates of Obligations to rebuild a golf course. Annual debt service associated with this bond is supported by golf revenue. Enterprise Funds debt obligation are recorded in, and provided by, revenues from that fund’s business activities. Accordingly, Certificates of Obligation issued for Enterprise Fund activities are not budgeted in the Debt Service Fund. For additional information, we also include the payment schedule for the Enterprise Fund debt. However, Enterprise Fund bonded debt is budgeted and paid in the respective Enterprise Fund. In keeping with our policy of funding long-term obligations on an annual basis, we have a separate debt service fund to provide for our sick leave and annual leave obligation. Capital Projects Funds: Capital Projects Funds are used to account for financial resources to be used for the acquisitions or construction of major capital improvements and facilities. Approved Capital Projects are detailed in the Capital Projects section of the budget and include the General Construction Fund, the Street Improvement Fund, the Civic Center Improvement Fund, the Golf Course Improvement Fund, the Bivins Improvement Fund, the Animal Shelter Improvement Fund, and the Solid Waste Improvement Fund. Capital projects for Proprietary Funds (Enterprise and Internal Service Funds) would be budgeted in those individual funds. Proprietary Funds: Enterprise Funds: Enterprise Funds are used to account for operations that are financed and operated in a manner similar to private business. The intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis are financed or recovered primarily through user charges, or where the governing body has decided that periodic determination of revenues earned, expenses incurred, and/or net income, if appropriate, should be accounted separately for capital maintenance, public policy, management control, accountability or other purposes. Enterprise Funds are used to account for the activities in the airport, the drainage utility, and the water and sewer system. Internal Service Funds: Internal Service Funds are used to account for the financing of goods or services, on a cost-reimbursement basis, for agencies of the City or for other governments. Internal Service Funds are used to account for the activities of the Fleet Services, Information Technology and the City’s self-insurance activities. Basis of Accounting/Budgeting: The basis of accounting refers to revenues, expenditures or expenses being recognized in accounts and reported in the financial statements. All governmental funds listed above are accounted for using the modified accrual basis for financial reporting and for budget purposes. With the modified accrual basis of accounting, revenues are recognized when they become measurable and available as current assets. For example, sales taxes are considered "measurable" when in the hands of the State Comptroller and are recognized as revenue at that time. Other major revenues that are subject to accrual include utility franchise taxes, intergovernmental revenues, interest, rentals, and intercity charges. Waste collection fees are recorded as revenue when billed. Major revenues that cannot be accrued include hotel occupancy taxes, licenses, permits, fines and forfeitures. Property taxes projected to be collected within 60 days after year-end are considered to be available in the current fiscal year. For a governmental fund, capital would be recorded as expenditure in the governmental fund and recorded as an asset in the general fixed assets group of accounts. On the entity-wide financial statements required by GASB 34, we would recognize the depreciation on the general fixed assets in their corresponding activity. GASB 34 requires several adjustments to full accrual accounting and has a consolidated view by activity without regard to fund type. In the governmental funds (above), expenditures are recognized when the related liability is incurred; however, budgets are encumbered when contracts are

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awarded. Governmental funds accumulated unpaid vacation and sick pay are recorded as liabilities on the entity-wide financial statements and not at the fund level. All proprietary funds listed above are accounted for using the accrual basis of accounting. Their revenues are recognized when they are earned, and their expenses are recognized when they are incurred. The liability for compensated absences is recorded as an operating expense when incurred and reported as a liability on the balance sheet for the applicable fund. In a proprietary fund, a capital expenditure would be recorded as an asset on the balance sheet of the proprietary fund and depreciated over its useful life. As previously mentioned, we used the modified accrual method for both accounting and budgeting in the governmental funds. However, we operate with two types of capital budgets: nominal capital and capital projects. Nominal capital is defined as capital items under $25,000. The nominal capital is budgeted in a department’s operational budget in both governmental and proprietary funds. For a governmental fund, nominal capital would be recorded as an expenditure in the governmental fund and recorded as an asset in the general fixed assets group of accounts. For the proprietary funds, we also budget nominal capital and depreciation in the operating budget of the department. The large capital purchases are budgeted in the capital projects budget. Depreciation is estimated on existing assets and large projects anticipated to be in service in the upcoming year. In determining proprietary funds available resources, both the nominal capital (which is included in the operating budgets) and capital projects would be shown as expenditures. However, depreciation would be shown as a reduction of expenditure since it is a non-cash item. As previously mentioned, all capital items (both nominal capital and capital projects) would be recorded as assets on the balance sheet of the proprietary fund and depreciated over their useful life for accounting purposes. It should be noted that the budget of a proprietary fund is a management tool as opposed to a legally adopted appropriation of funds. For lack of a better term, the budgets of the proprietary funds are a hybrid, using elements of full accrual and elements of modified accrual. Like the modified accrual, capital purchases are budgeted, but depreciation is also budgeted (full accrual). We feel this method of budgeting proprietary funds gives management the control to manage the departmental expenditures. Another important difference in our method of accounting and budgeting is in the fiduciary funds. We do not budget fiduciary funds since they are not available for appropriation by our governing body. A trust document or other governing body governs fiduciary funds. FINANCIAL POLICIES The purpose of the City of Amarillo’s financial policies is to establish and maintain effective long-term management of the City’s financial resources. As a result of the City’s financial policies, the City should be able to retain a sound financial condition, retain favorable bond rating to provide future generations with the ability to borrow capital at favorable interest rates, and balance the needs of communities with their ability to pay. A more detailed explanation of the City of Amarillo’s Financial Policies will follow the summary below. SUMMARY OF FINANCIAL POLICIES • • • • • • • • • • • • • •

Maintain a balanced budget Maintain an adequate tax rate comparable with similar cities Maintain budgetary control over revenue and expenditures Stabilize rates and fees Charge user fees to cover at least a portion of the cost of a service Provide reserves for unforeseen items Charge administrative services to grants and proprietary funds Process General Fund payments from the Water and Sewer System Only request grant funding when the purpose of the grant is consistent with the goals of the City of Amarillo Plan and make capital acquisitions in an orderly fashion Provide debt financing when needed Adhere to a prudent Investment Policy Make annual provisions of long-term obligations Maintain a minimum number of funds to report the activities of the City of Amarillo

Balanced Budget: The City of Amarillo will develop a balanced budget for all funds subject to appropriation. Current resources (current revenues plus appropriated reserves) will equal or exceed budgeted expenditures. Long-term debt will not be used to fund current operating expenses. Moreover, non-recurring resources will only be used to fund non-recurring expenditures.

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Tax Rate: The tax rate should be comparable with similarly sized Texas cites and should be adequate to produce the revenues needed for traditional City services included in the City of Amarillo’s General Fund. Also, the City strives not to exceed the rollback rate as computed in the Truth in Taxation calculations. The City grants an $8,600 / age 65 exemption or disability exemption. Moreover taxes are frozen for age 65 or disability. Annual Budget and Budgetary Control: The City will prepare a detailed budget for public hearings that delineates the sources and uses of funds. The City will be prudent in preparing the annual budget. The City will seek to prepare a conservative budget where revenue estimates are reasonably attainable and not aggressive. Expense budgets should also be reasonable, but should also provide for unforeseen expenditures. Year-end excess of revenue over expenditures not needed for reserve requirements will be used to finance the City’s capital requirements in subsequent years in accordance with the City’s pay-as-you-go financing of capital. The City will establish and maintain a traditional line-item budget as one of management’s means of monitoring both revenue and expenditures throughout the fiscal year. Rate Stability: The City strives to not have large rate increases in taxes or other user fees and charges. When possible, large rate increases should be anticipated and phased-in gradually to be less burdensome on our constituents. User Fees: In order to minimize the cost of services to our citizens in the form of property taxes, user fees will be used to recoup the cost of services to the extent economically possible where the levels of desired city services are beyond basic city services. When it is not practical to offset the entire cost of a service with user fees, the City will charge a fee for the service to partially offset the cost. The City will also consider annual CPI adjustments in order to minimize the impact of changes to user fees. While not restricted to the budget process, user fees are reviewed as a part of the budget process. The City will adopt annual utility rates that will generate revenues adequate to provide for operations of the system including depreciation, legal requirements of bond covenants, capital replacement and expansion of the system. Reserves: The City seeks to maintain reserves, which should be sufficient to provide financing for capital or special projects and meet unforeseen contingencies such as lawsuits, tax roll tie-ups, fluctuations in sales tax, receipts from the city-owned utilities, and other fiscal emergencies. While many cities enjoy the stability of the majority of the revenues being generated by property taxes, most of the City of Amarillo’s revenues are heavily dependent on the local economy (e.g., sales tax) and/or are weatherrelated (utility charges and franchise taxes). The City of Amarillo has enjoyed overall growth in its revenues. However, due to the potential volatility of the City’s major revenue sources, the overall revenue and corresponding fund balances are more vulnerable than that of a city that is more dependent on property taxes as its major revenue source. Accordingly, the target reserve balance for the General Fund would be about three months of the current operating budget. For proprietary funds, the target reserve balance would be three months of the operating budget plus at least one year’s capital. If large capital needs are anticipated in the near future, reserves may be accumulated to provide for at least a portion of the needed financing. For the Public Improvement Districts maintained by the City, the long-term reserve would also be at least three months operating expenses and could also have a capital replacement reserve. General Fund balances greater than needed for the purposes stated above are transferred to Capital Projects funds in our normal budgetary process to provide for current and future capital needs. In calculating reserves, the City of Amarillo uses “Available Funds” as opposed to Fund Balance. With Available Funds, the City only includes those items readily convertible to cash, less liabilities and encumbrances. The main items excluded from Available Funds would be inventories and unrealized changes in the value of investments. Inventories should remain at about the same levels from year to year and would not be available for appropriation. The City generally holds investments to maturity and temporary increases or decreases in the value of these investments are not germane to the budget process. Since the calculation is different from Fund Balance, the actual beginning of the year calculation is included on the “Summary of Resources and Expenditures” presentation. General and Administrative Charges: The General Fund should be compensated by all enterprise funds and internal services funds for the administrative services provided, such as management, finance, personnel and other general administrative costs. Also, to the extent allowable by the

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granting agency, the City will recoup all allowable indirect costs to compensate the City for administration of the various grant programs. For grants, the administrative fee takes the form of indirect costs. These costs are derived from our indirect cost allocation plan, which is developed in accordance with Federal Cost Principals for allocating overhead costs. For City functions, the administrative fees are derived from a modified version of our Indirect Cost Allocation Plan. The Indirect Cost Plan is modified to recognize the General Government Expense, which is mainly the Mayor and City Council portion, along with the administrative costs associated with the Mayor and City Council. The Mayor and City Council set policy for the entire organization and these costs are recognized in our modified Indirect Cost Plan. General Fund Payments from the Water and Sewer Utility and the Drainage Utility: The Water and Sewer Utility is operated in a manner similar to a Public Utility. Accordingly, the Water and Sewer Utility makes corresponding payments to the City of Amarillo General Fund that a private utility would be required to make. The Water and Sewer Utility makes payments in lieu of tax payments for property taxes and franchise taxes. Consistent with our above policy on administrative charges, the Water and Sewer Utility also reimburses the City for administrative costs associated with the Water and Sewer Utility. The payment in lieu of property tax is calculated on the estimated property value of the Water and Sewer System at the current tax rate including the half percent sales tax in lieu of property tax rate. The payment in lieu of franchise tax is calculated in a similar manner as our telephone franchise tax, which is a per line charge. The Water and Sewer Utility pays the General Fund a per account charge on each water and sewer account monthly. The rate is adjusted annually for increases in inflation as measured by the Consumer Price Index and any increase in water and sewer rates. The account charge reduces weather-related fluctuations in payments and makes the payment more predicable for both the General Fund and the Water and Sewer Utility. It should be noted that the Drainage Utility pays an administrative fee to the City as well. Grant-in-Aid Policy: The securing and/or approval of federal and state assistance will be based on the following criteria: • • • •

What benefit does the project have to the community? What will be the future impact to the city due to acceptance of the funding, and what is the level of local funding? How does the project relate to current operations and/or other future plans of the organization? With very few exceptions, grants are expected to pay their fair share of overall City administrative costs in the form of the indirect cost rate.

Capital Acquisition/Improvement Policy: The City will plan and budget for the replacement of equipment and capital assets as the need arises. Minor capital replacement items will be planned for and provided in the department’s operating budget. Capital replacements should be limited to items that are no longer functional, unable to be repaired, not economically repairable, or a safety hazard. Once the item is replaced, it is generally sold by auction. Planning for major capital improvements is on a five-year basis and is updated annually. The City uses pay-as-you-go financing of capital acquisitions where feasible. When debt is needed to finance capital assets, the City strives to schedule bond issues so that level payments are made each year over the life of the issue and the term of the financing does not exceed the useful life to the asset. The City of Amarillo prioritizes the funding of capital improvement projects on the basis of a five-year Capital Improvement Plan. A capital improvement is any expenditure for the purchase, construction, replacement, expansion, or major renovation of the physical assets of the city when the project is relatively expensive ($25,000 or greater), long-term and permanent. Some common examples are streets, libraries, traffic signal systems, fire stations, additional trucks, and water and sewer lines. Capital needs of less than $25,000 (minor replacement items) are provided for in the department's annual operating budget. The approved projects for the first year of the five-year capital improvement program are incorporated in the City's budget in the "Capital Projects" section of the budget. The functions of the Capital Improvement Program are as follows: 1.

Planning for the eventual replacement of capital items and estimating the cost of replacement;

2.

Scheduling all capital projects over a fixed period with appropriate planning and implementation;

3.

Budgeting priority projects and developing revenue sources for proposed improvements;

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4.

Coordinating the activities of various departments in meeting project schedules;

5.

Monitoring and evaluating the progress of capital projects; and

6.

Informing the public of projected capital improvements.

The following questions are considered when justifying a project: 1.

What is the relationship of the project to the progress of the entire city?

2.

Is this project part of a large program? How does the project relate to the goals of the program?

3.

How many citizens will be helped by it? How many citizens will be harmed or inconvenienced if the project is not considered?

4.

Will it add to the value of the surrounding area? Will it increase the valuations of local property?

5.

Will it increase the efficiency of the performance of a service? Will it reduce the ongoing costs of a service or facility?

6.

Will it provide a service required for economic development of the community? What improvements would be of the most value in attracting commercial and industrial firms?

7.

Is this project required to complete a major public improvement?

8.

Will rapid urban growth in the area of the proposed project increase the costs of land acquisition if the project is deferred?

9.

Is the project well identified by the citizens? Does it have established voter appeal?

10. Is the project needed to protect public health or safety? Consistent with the City’s philosophy on user fees, the City passes a portion of the cost of extending utilities and improvements in subdivisions to developers of the subdivisions rather than to the general public. Additionally, where the levels of desired city services are beyond the norm for a subdivision, Public Improvement Districts have been created to provide enhanced services without burdening the entire community. Capitalization Policy: Factors to be considered in determining items to be capitalized are as follows: 1.

The expected normal useful life is greater than one year.

2.

The item has a unit cost of $5,000 or more. Unit cost should include any charges for freight or installation.

3.

The capital cost of an integrated system, such as a personal computer, should be capitalized as one unit, including all the applicable costs to make the unit function properly.

Debt Policies: The City of Amarillo prefers to finance capital acquisitions and improvements on a pay-as-you-go basis. Generally, year-end excess of revenue over expenditures are earmarked for future capital needs and transferred to capital project funds in our governmental funds during the budgetary process. For proprietary funds, the excess of current revenues over operating expenses and debt service will be used for capital expenditures. When capital needs exceed funding of a pay-as-you-go basis, debt will be issued. The City will not use long-term debt to finance current operations. The level of indebtedness the City can reasonably expect to incur is analyzed to make sure that the City's high credit standing is not jeopardized. Accordingly, longterm debt will be used only for capital projects (replacements, expansions, improvements, and acquisitions). Short-term debt will be used only as interim financing for projects that will result in capital improvements. When debt is issued, the City of Amarillo will employ competent financial advisors and bond counsel. The City shall use a

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competitive bidding process in the sale of debt unless the use of a negotiated process is warranted due to market timing requirements (refunding), or a unique pledge or debt structure. The City will award competitively issued debt on a true interest cost (TIC) basis. The general policy of the City is to establish debt repayment schedules that use level annual principal and interest payments. The City will not enter into derivative transactions. The financing of the project should not exceed the useful life of the improvement. However, maturity schedules can be modified in a refinancing to level out debt service payments, including extending maturities. The capital acquisition or improvement should benefit future citizens. Where possible, the City will use self-supporting bonds instead of General Obligations Bonds to finance projects. However, the City will issue combination tax and revenue Certificates of Obligations as a credit enhancement to what would otherwise be a revenue bond. All debt will be soundly financed by conservatively projecting revenue sources utilized to pay debt. For revenue bonds, the net revenues available for debt service should be at least 1.25 times the average annual principal and interest requirements of the revenue bonds. The City will structure debt repayment schedules to achieve level debt service payments and avoid debt that provides for balloon payments. The City of Amarillo maintains a good rapport and communication with bondholders and rating agencies at all times and follows a policy of full disclosure on every financial report. Currently, all bonded debt for the City’s Water and Sewer System and the Drainage Utility Fund is solely supported by the revenues of the Water and Sewer System and the Drainage Utility Fund respectively. The Certificates of Obligation debt issued for the Public Improvement Districts are fully supported by Public Improvement District assessments. The City prefers to maintain its records in its electronic document management system. The City will maintain the following records for as long as the bonds are outstanding plus three years after the final redemption date of the bonds:

• • • • •

Basic records relating to the bond transaction (including the trust indenture, loan agreements, and bond counsel opinion); Documentation evidencing expenditure of bond proceeds; Documentation evidencing use of bond-financed property by public and private sources (i.e., copies of management contracts and research agreements); Documentation evidencing all sources of payment or security for the bonds; and Documentation pertaining to any investment of bond proceeds (including the purchase and sale of securities, SLGs subscriptions, yield calculations for each class of investments, actual investment income received the investment of proceeds, guaranteed investment contracts, and rebate calculations).

The City will issue debt so that the proceeds from the issuance reasonably match the amount needed to fund the project, including reserve requirements and issuance costs. Accordingly, the City will utilize premiums and/or discounts on various serial maturities to meet its funding goal. However, Recovery Zone Development Bonds and Recovery Zone Facilities Bonds will be issued at par. Other Build America Bonds (BABs) will be issued at par or at a discount. The limitation on premiums on Recovery Zones Bonds will be provided in all offering documents of the proposed bonds. Before a bond offer is presented to the City Council, the City Financial Advisor and Bond Counsel will review the offer for compliance with all applicable laws and regulation. Advance refunding and forward delivery refunding transactions for savings should be considered when the net present value savings as a percentage of the par amount of refunded bonds is at least 3%. Current refunding transactions issued for savings should be considered when the net present value savings as a percentage of the par amount of refunded bonds is at least 2%. From time to time, the City may also issue refunding debt for purposes of restructuring debt, changing covenants, and/or changing the repayment source of the bonds. Such purpose should be specifically recognized by City Council. Issuance costs, and a reasonably required reserve, can be paid from bond proceeds. In determining a reasonably required reserve fund for purposes of this provision, the rules under § 148(d)(2) will apply. The balance of bond proceeds can only be used for capital (as defined in Treas. Reg. § 1.150-1(b)). An eligible financing of capital expenditures includes a reimbursement of capital expenditures under the reimbursement rules contained in Treas. Reg. §1.150-2. Up to 2% of the proceeds from the Build America Bonds will be used for issuance costs and a reasonably required reserve fund could be funded from the bond proceeds. In determining a reasonably required reserve fund for purposes of this provision, the rules under §148(d)(2) will apply. The balance of the proceeds (100%) will only be used for capital improvements (as defined in Treas. Reg. §1.150-1(b)). An eligible financing of capital expenditures includes a reimbursement of capital expenditures under the reimbursement rules contained in Treas. Reg. §1.150-2. Bonds will only be issued in an amount that can reasonably be spent within the three-year temporary period. The project manager will receive monthly reports on the spending progress to comply with this rule. The City will hire a competent firm to calculate the arbitrage rebate annually and prepare timely filings with the IRS. The corresponding liability, if any, will be adjusted annually on the City’s financial statements for the proprietary funds and be recorded as a GASB 34 adjustment in the Government Wide Financial Statements, if material. The firm will also monitor the spending on all issues that still have bond proceeds for yield restriction. The refundable credit reported on Form 8038-CP will be prepared by the City and submitted to the IRS. The City intends to

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CITY OF AMARILLO

issue fixed rate debt. Accordingly, the 8038-CP will be filed at least 45 days before the applicable interest payment date, but not earlier than 90 days before the applicable interest payment date. The City will be listed in part 1 of the 8038-CP to receive the payment and will elect to have the funds electronically deposited into the debt service account. Deposits and Investment Policies: State statutes govern the City’s investment policies, as well as the City’s own written investment policy and strategy. In accordance with state law and the City Investment Policy, the City’s investment objectives are to preserve capital, provide liquidity, and maximize earnings within the constraints of capital preservation and liquidity. City funds are deposited in FDICinsured banks located within the city. All funds held at the City’s authorized depository are fully collateralized with securities held by a third party. Permissible investments include the following: 1. 2. 3. 4. 5. 6.

Time deposits, certificates of deposit, other interest bearing accounts, and bank money market accounts at the City of Amarillo's authorized depository, not to exceed the amount of collateral pledged by the depository. Time deposits and certificates of deposit held outside the City depository with full FDIC insurance. Certificates of deposits purchased through the Certificate of Deposit Account Registry Service (CDARS). Obligations of the United States or its agencies and instrumentalities. The investment in agencies and instrumentalities is limited to 70% plus any unused portion of the taxable municipal securities limit below. No-load money market mutual funds that are continuously rated AAA or AAAm by at least one nationally recognized rating agency, have a dollar-weighted average stated maturity of 90 days or less, and seek to maintain a stable net asset value of $1 per share. Taxable municipal securities rated not less than AA, or its equivalent, by a nationally recognized rating agency or rated AAA insured. The total investment in taxable municipal securities would be limited to 10% of the portfolio.

The City will not employ any investment strategy that is inherently risky and will not invest in any securities that are inherently risky. Prohibited securities include mortgage-backed securities that pay only interest, mortgage-backed securities that pay only principal, obligations where the interest rate is determined by an index that adjusts opposite to changes in a market index, obligations related to foreign currency or foreign market interest rates or indices and obligations with maturities greater than 5 years. In accordance with GASB Statement 31, interest income will be recorded in the related fund that holds the investment. Accordingly, capital project funds will report interest income derived from investments in the capital project fund that holds the investment. However, capital project funds that rely solely on General Fund transfers for funding will transfer all interest income to the General Fund (the actual source of the funding) annually. Interfund Transfers: Departments within the same fund may not charge each other for work performed. However, the department requesting the work is responsible for buying the material. Interfund charges are only made if the charge is significant. Pension Plans and Other Long-term Liabilities: To insure there will be adequate funds available and future generations will not be overburdened, the City of Amarillo will provide funding on an annual basis for pension obligations and other long-term obligations. Pension costs will be provided for annually in the budget process based on actual actuarial estimates. The City will strive to amortize the Actuarial Accrued Unfunded Liability (AAUL) over no more than 30 years. However, the City could use the 40-year amortization period permitted under state law to amortize the AAUL in an effort to reduce significant rate fluctuations. The provision for pension cost is recorded on an accrual basis. The provision for accumulated unpaid vacation and sick pay will also be recognized and funded on an annual basis. The funds accumulated for the Governmental Funds’ portion of unpaid vacation and sick pay will be recorded in the Debt Service Funds. Amounts needed to fund the General Fund portion of the liability for sick and annual leave liability are transferred from the General Fund as a part of the budgetary process. For proprietary funds, the liability for unpaid vacation and sick leave will be reflected on the individual fund’s balance sheet and the proprietary fund will provide for the future obligation on an annual basis through the fund’s charge structure. The cost of both the pension and the obligation for unpaid vacation and sick leave would be funded over the career of the employee earning the benefit instead of at termination. The City of Amarillo administers a multi-employer agent, defined benefit post-employment health plan (Plan). The Plan provides for medical insurance of eligible retirees and their dependents through the City’s group health insurance plan, which covers both active and retired members. In January 2013, the City began prefunding a portion of its Other Postemployment

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CITY OF AMARILLO

Benefits (OPEB) liability via an irrevocable multi-employer agent OPEB trust (PEB Trust) in additional to pay-as-you-go costs. Assets in the PEB Trust can only be used to fund other postemployment benefits, such as medical costs for eligible retires and any eligible spouse or children. The City increased the rate of prefunding contributions for 2017 to 2.43% of payroll. The City continues to fund the PEB Trust at the same level for the 2019/2020 fiscal year. This contribution is budgeted at a department level. Number of Funds: The City seeks to have the minimum number of funds necessary to account for the financial activities of the City. Government resources are allocated to, and accounted for in, individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. When possible, the City of Amarillo will separate activities into different departments within a fund as opposed to setting up a new fund. BUDGET PROCESS The City uses a traditional line item budget approach, giving the highest level of detail and accountability. The 2019/2020 Annual Operating Budget is presented to Council as a Program Budget, i.e. the various programs offered by City departments is presented with program descriptions and performance measures to define the level and quality of services delivered to Amarillo citizens. The proposed Budget represents maintenance of current service levels for the more than 250 programs funded by the City. All programs have a demonstrated connection to BluePrint Amarillo and supporting Council Pillars. The Government Funds above are prepared on a modified accrual basis. The budgets of Proprietary Funds above are prepared on an accrual basis. In the budget process, City departments present a base budget and supplement to the base budget. The base budget is the funding needed to continue programs and departments at their current service level. Supplements to the base budget represent program additions, enhancements, or capital requests including new and replacement capital. The City Council adheres to the following procedures in establishing the budget: 1.

Under the City Charter, the City Manager is responsible for preparing and recommending a budget for the City Council’s consideration. The City Manager, working with staff in all departments, reviews and evaluates the base budget and supplemental requests to determine whether they fulfill City Council’s goals and objectives, improve management effectiveness, improve service to our citizens or increase productivity. The proposed budget that the City Manager submits to the City Council includes recommendations for the program of services the City should provide and which can be financed by the City's projected revenue for the budget year.

2.

The proposed 2019/2020 budget was filed August 14, 2019, which was more than 30 days prior to the scheduled adoption of the property tax rate. The proposed budget is available for public inspection. The City Council considers the City Manager's recommended budget in multiple work sessions and public hearings. The media is always represented and the public is welcome at all the budget work sessions. Public hearings are conducted to provide for citizen comments. Additional or supplemental information is available upon request.

3.

The budget for the next fiscal year is legally enacted by the City Council through passage of an ordinance prior to October 1. Annual budgets are legally adopted for all governmental funds. The budgets for the Capital Project Funds and other special projects are adopted for specific projects rather than on a fiscal year basis. The proprietary funds budgets are not legal appropriations, but instead they are a financial plan for management purposes. The grant budgets are not formally adopted until the City Council approves the granting agency’s contract. Estimates of grant funding are included to present an estimate of all funds available to the City of Amarillo in the budget.

4.

Expenditures may not legally exceed appropriations at the fund level for each legally adopted annual operating budget. The City Manager may transfer appropriation balances from one expenditure account to another within a department or fund. The City Manager may also increase revenue and expenditure budgets by a corresponding amount when unanticipated outside funding is received. This adjustment must have no net effect on a fund’s budget. The City Council must approve revisions that alter total expenditures of a fund. Under the City's budget ordinance, the City Council has authority to make such changes in the budget as it deems warranted.

5.

At the close of each fiscal year, any unencumbered appropriation balance will lapse or revert to the undesignated fund balance. However, the encumbered appropriation balance in the Capital Projects Funds does not lapse at a year-end. At the end of each project, Capital Project budgets lapse. BUDGET POLICIES AND GUIDELINES

Annual budgets are prepared for all funds except trust funds. Trust fund revenues and expenditures are governed by the trust requirements. The City of Amarillo utilizes a decentralized operating and capital budget process in preparing the budget. All

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CITY OF AMARILLO

departments have an opportunity to participate in the budget process. In conjunction with the preparation of the operating budget, all departments also submit a five-year capital plan of anticipated capital needs. The first year of the capital plan becomes the approved capital budget. In preparing the budget, the City will identify major policy issues and provide for the City Council to annually review and determine the budget policies. Such policies will be incorporated by management in preparing the annual budget and determining the City’s financial policies. The following are those policies and guidelines: 1.

The City will consider the long-term aspirational goals of the Council approved Pillars of Success when prioritizing each department’s mission and budget needs.

2.

The City will annually undergo a detailed analysis of departmental budgets focusing on each department’s mission and operational programs.

3.

The City will consider innovative changes and other methods to offer services to the citizens and to increase efficiencies in its operations and the budget.

4.

The City will annually review its current level of service to the citizens.

5.

The City will maintain a diversified revenue system with a stable source of income.

6.

The City will maintain a property tax rate adequate to produce the revenues for City services included in the City of Amarillo’s General Fund according to best practices.

7.

To the extent economically possible, services that are based on a user-fee concept should make every effort to be self-supported by those fees.

The City will adopt an annual balanced budget in the context of a long-term financial plan and maintain adequate reserve levels. REVENUE/EXPENDITURE PROJECTIONS All department heads are required to carefully monitor departmental expenditures and revenues throughout the year. The applicable department heads are very familiar with the revenues and expenditures related to their operations and are in the best position to make the revenue/expenditure estimate. All revenue sources are examined annually and individual department heads are responsible for revenue projections on revenue sources under their control. The goal in revenue estimates is that the estimate must be reasonably attainable based on historic data and trends. Department heads receive a three-year history by month and are required to estimate the revenue for the balance of the current year and next year on a month-by-month basis. All revenue estimates are reviewed by the Finance Department for reasonableness and are subject to revision. Department heads are also responsible for expenditure estimates of their departments. Salary information and three years' historical expenditure data are provided to the department head at budget preparation. In estimating departmental expenses, department heads base their estimate on historical data adjusted for trends and possible rate increases. All expenditure projections are reviewed by the Finance Department for mathematical accuracy and by the City Manager for propriety. AVAILABLE FUNDS OR FUNDS AVAILABLE FOR APPROPRIATION Not all of the fund balance is available for appropriation. A portion of fund balance may be in inventories or prepaid expenses. If these assets were expected to remain at about the same level at the end of the year, they would not be available for appropriation. Since the City historically holds investments to maturity, temporary gains or losses from investment activity are excluded from available funds. Accordingly, we make a separate calculation of the available funds for every fund. The calculation includes cash, investments, and other assets which expect to be converted to cash during the next fiscal year. All liabilities that the above calculated assets will be used to satisfy are deducted along with any outstanding encumbrances at year-end to arrive at the funds available for appropriation. For capital projects funds, we also reduce available funds for the estimated remaining expenditure balances of all construction in progress. For each fund we have included a separate calculation of the available funds. Citizen Input to the Budget: In addition to individual citizen input, the City uses various citizen boards as a means of obtaining direct citizen involvement. These citizen boards participate in the budget process of their respective functional area. Before actual budget hearings, the City prepares and files with the City Secretary, a detailed line-item budget as a means of providing our citizens with budgetary

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information. The proposed budget is also available on the City’s website. The City has multiple budget workshops with the City Council that are open to the public. State law requires the City to publish various tax rates and fund balances in the local newspapers before any public hearings on the budget. If a proposed tax rate is an increase over our effective tax rate (that rate which would produce the same tax levy on the same property), the City Council must have a meeting to discuss the proposed tax rate and have two public hearings on the tax rate. Since our budget and tax rate are formally approved by ordinance, the City Council must have two additional meetings to consider the ordinances on the budget and tax rate. We also make two additional public notices in the local newspaper and include the notices on the City’s website. Moreover, the City Council directly solicits citizen input on the budget and other matters of interest through a series of neighborhood meetings held throughout the City. Many of the citizen’s requests and concerns are incorporated in the budget. BUDGET PRIORITIES AND SHORT-TERM INITIATIVES Service Levels/Demands and Staffing Changes: The Budget addresses the BluePrint Amarillo Council priority of Employee Compensation. The Budget includes dollars to fund 2% raises for the Police and Fire Department and 2% raises for civilian employees as pay-for-performance, based on annual evaluations. It also provides for the continuation of longevity, holiday vouchers, and discretionary retention pay for civilian employees. During 2016/2017, Council approved the implementation of the Pay and Compensation Study which allowed the City to adjust beginning pay for all our pay scales to reflect market rates. The 2017/2018 budget included funding to support the Pay and Compensation Study implemented during the 2016/2017 fiscal year, as well as dollars to address compression between employees created with the implementation of the new pay schedules. The implementation of the Pay and Compensation Study during the 2016/2017 budget was accomplished through the reduction of 21 vacant positions and reductions in other maintenance and operating expenses. The 2019/2020 budget consists of 2,226 permanent and 351 part-time employee positions. Permanent positions have increased by 25 positions over the current year and part-time positions have decreased by eleven. For 2018/2019, the budget included enhancements to Public Safety and other areas of the City with a focus on improving customer service and City operations. For 2019/2020, the budget continues to provide enhancements to Public Safety with the hiring of the remaining ten fire personnel required to fully staff the voter-approved, bond-funded Fire Station #5 that is expected to come online late in the fiscal year. In the interim the additional staffing will help to offset over-time costs in the Fire Department. Additionally, the budget adds three staff members to Animal Management and Welfare to staff a spay and neuter clinic that is anticipated to come online in 2019. Police is adding one officer as requested by Canyon Independent School District to serve as a liaison officer at one of their campuses in the City. Solid Waste collection is adding seven new positions and Building Safety is adding one to address customer service in each respective department. The Airport is adding five new positions to help streamline operations and improve customer service. Public Communications is reclassifying a position to enhance the City’s social media engagement. Below is a summary of the staffing changes for the 2019/2020 Budget: Full Time

Personnel Additions

Department

Airport Business & Procurement Coordinator

Airport

1

Airport Maintenance Coordinator

Airport

1

Airport Operations Manager Utility Worker

Airport

1

Airport

2

Animal Management & Welfare

1

Rescue Coordinator

Animal Management & Welfare

1

Veterinary Assistant

Animal Management & Welfare

1

Administrative Specialist

Building Safety

1

Permit Technician

Building Safety

1

Assistant Shelter Veterinarian

Plumbing Inspector

Building Safety

1

Administrative Technician

City Manager

1

Social Worker

Coming Home

1

Custodian I

Custodial Operations

1

Fire Captain

Fire

2

Fire Driver

Fire

3

Fire Fighter

Fire

4

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CITY OF AMARILLO

Fire Lieutenant

Fire

1

Visitor Services Specialist

Parks and Recreation

1

Police Officer

Police

1

Social Media Coordinator

Public Communications

1

Solid Waste Equipment Operator I

Solid Waste Collection

1

Solid Waste Equipment Operator II

Solid Waste Collection

2

Utility Worker

Solid Waste Collection

4

Environmental Compliance Technician

Solid Waste Disposal

1

Total Additions

35

Assistant Aquatics Coordinator

Parks and Recreation

-1

Engineering Assistant II

Capital Projects & Development Engineering

-1

GIS Technician

Capital Projects & Development Engineering

-1

Greenskeeper I

Parks and Recreation

-2

Administrative Assistant IV

Municipal Court

-1

Utility Worker

Parks and Recreation

-2

Utility Worker

Street

-2

Total Change in Positions

25

In total, staffing has increased by 94 positions from 2,483 in 2015/2016 to 2,577 in 2019/2020. Over the past several years, Public Safety has been a priority for the City Council. Of the 94 new positions graphed below, 16 are additional Fire personnel, seven are Animal Management & Welfare, and eleven are civilian support staff for the Police Department. Below is a graph of total staffing:

Employee Compensation: Employee compensation is always a budgetary issue. The City of Amarillo is a service-based organization and we must recruit and retain dependable employees to accomplish our mission. During 2016/2017, Council approved the implementation of the Pay and Compensation Study which allowed the City to adjust beginning pay for all our pay scales to reflect market rates. The 2017/2018 budget included funding to support the Pay and Compensation Study, as well as dollars to address compression between employees created with the implementation of the new pay schedules. For 2018/2019, compensation changes included the approval of year two of the Amarillo Police Officer Association Meet and Confer Agreement and 1% pay increases and 1% lump sum payments for City employees. For 2019/2020, compensation changes include: 2.0% pay increase for Fire and Police sworn positions and 2.0% pay increase for civilian employees as pay-for-performance, based on annual evaluations.

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Below is a recap of prior budget year pay increases 2018/2019 2017/2018 2016/2017 2015/2016 2014/2015 2013/2014 public safety 2013/2014 civilians 2012/2013 2011/2012 2010/2011 2009/2010

1.00% Employees were eligible for a 1% lump sum payment 1.00% 0.00% Employees were eligible for a 1% lump sum payment 2.00% 2.75% 3.75% 3.50% 2.75% 2.00% 2.00% 0.00%

For 2016/2017 & 2018/2019, the City identified one-time dollars to fund a 1% pay adjustment for all employees. This adjustment was in the form of a lump sum payment and did not increase the base pay rates. The additional increases in 2013/2014 above the 2012/2013 rate were funded by a 1 cent property tax increase approved by the City Council. In 2010/2011 and 2011/2012, we could only afford a 2% employee pay raise. Moreover, top management was excluded from the 2010/2011 increases. We had to forgo employee raises in the 2009/2010 budget. The only way we could afford raises in the 2010/2011 budget was to revise our TMRS benefit. We dropped the retiree COLA in the 2010/2011 budget, which saved the City about $2.1 million in the 2010/2011 budget and helped fund a 2% pay raise. Through all the lackluster years, we were able to maintain all current incentive pays such as CDL driver pay, welder certification pay, and bilingual pay, giving employees opportunities to earn additional money. With the implementation of the new pay schedule, the City has adjusted the current incentive pays to only include those pays that are over and above the requirement of the positions. The City has also kept the Discretionary Retention Pay (DRP) for civilian employees, which is similar to longevity pay for police officers and firefighters. We have shift differential pay for evenings, nights and weekend shifts. Employees that work on holidays can receive double-time pay. Benefits: The City has a valuable benefit package. Police officers and firefighters start their career with three weeks paid vacation and can earn up to five weeks. Civilian employees earn two weeks of vacation time after one year of service and can earn up to five weeks. Employees will earn additional vacation days for each year of service. Moreover, employees are allowed to use up to three days per year of their accumulated sick leave for personal time off. We also recognize ten holidays per year as well as a “floating holiday” that can be used at an employee’s discretion with supervisory approval. Civilian employees also receive 12 sick days per year. Unused sick days can be banked and used in the future. Civilian employees can accumulate up to 60 sick days. Police officers and firefighters receive 15 sick days per year and can bank unused days without limit. All of our full-time employees are covered in very good retirement plan. Firefighters have their own plan and other full-time employees are covered in the Texas Municipal Retirement System (TMRS). The City had been notified that the annual required contribution to TMRS would be over 23% in January 2010. Most of the over 800 TMRS cities saw similar increases. TMRS was allowing cities to phase-in the new rates over an eight-year phase-in period. The City’s TMRS rate was scheduled to increase from 17.83% in 2010 to 18.83% in 2011. We estimated that it would cost the City approximately an additional $2.1 million. The City dropped the repeating COLA and the repeating Updated Service Credit in 2011 and the City’s TMRS rate dropped to 14.09%. The repeating COLA was a great benefit for retirees, however, we do not believe dropping the repeating COLA will significantly hurt efforts to attract and retain employees. Amarillo is isolated in terms of competing TMRS cities and attracts most employees from the private sector. Our benefit package is still appealing compared to the private sector. In 2011, the Texas Legislature combined the three TMRS funds into one fund with a resulting decrease in contributions. The City’s 2012 rate would have decreased to less than 10%; however, we kept the rate at 14% in the budget to be able to provide for future enhancements. Our TMRS rate was scheduled to drop again in 2013 to 8.75%. With the decrease in TMRS rate, in 2013 we added five-year vesting and restored the repeating updated service credits, helping active employees. We believe these changes will help attract and retain active employees. These revisions increased the TMRS rate to 12.04% of pay, which left 1.96% of pay to start funding our post-retirement health care benefit in 2013. Our 2014 TMRS rate dropped slightly to 11.57% leaving 2.43% for our post-retirement healthcare benefit. For calendar year 2020 the City’s TMRS rate increased slightly to 12.21%, however the City continues to fund 2.43% for our post-retirement healthcare benefit (OPEB). The City has historically provided subsidized health insurance to retirees. The City has funded this benefit on a pay-as-you-go basis. The GASB Statement 45 calculation forced cities to cost this benefit, but not fund it. However, there are obvious benefits to prefunding of the benefit. Any benefit that is prefunded is less costly since earnings can be used to offset the cost

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CITY OF AMARILLO

of the benefit. With the funded option, a city can use a higher discount rate in calculating the benefit, which reflects the decreased cost of funding the benefit. In January 2013, the City began prefunding a portion of its Other Postemployment Benefits (OPEB) liability via an irrevocable multi-employer agent OPEB trust (PEB Trust) in additional to pay-as-you-go costs. Assets in the PEB Trust can only be used to fund other postemployment benefits, such as medical costs for eligible retires and any eligible spouse or children. The City increased the rate of prefunding contributions for 2017 to 2.43% of payroll. The City continues to fund the PEB Trust at the same level for the 2019/2020 fiscal year. Our part-time employees contribute to our deferred compensation plan in lieu of social security. Full-time employees also have the option of contributing to our deferred compensation plan in addition to their retirement. All full-time employees, except police and fire, are covered by social security. Full-time employees are covered by our health plan. Our health insurance plan is one of the better plans offered in our community. Our $1,500 deductible is one of the lower deductibles in our area. Moreover, the City has always strived to keep the plan affordable to the employees. This is the seventh year of our employee-only clinic: CityCare. Any person on our health plan can go to the CityCare without a co-pay. While the $1,500 deductible is low for a hospital stay, it was a barrier to primary care for many of our lower paid employees. The clinic has been good for both the employees and the City. CityCare gave all employees, and their dependants on our health plan, access to primary care. The cost of CityCare has been less than the reasonable and customary cost of the services provided. Most importantly, it has helped improve the quality of life for many of our employees and has boosted morale. CityCare has also been an important employee recruiting and retention tool, especially of our lower paid employees. We started our safety footwear program the same year as our clinic. The City has large self-insurance retention ($1.5 million) on Worker’s Compensation claims and our slip-and-fall injuries were significant in number. The safety footwear program ensures our field employees have the proper footwear for their job. Slip-and-fall injuries have decreased and we feel that the decrease is directly attributable to our safety footwear program. The cost of the safety footwear program is funded by the City’s Self-Insurance Fund and is estimated to cost approximately $103,500 in 2019/2020. Insurance and Self Insurance: The City is self-insured for many lines of coverage and usually has large self-insurance retentions and high deductibles when insurance is purchased. Health insurance, including dental, is in one fund (the Employee Insurance Fund) and other exposures are accounted for in a separate fund (the Risk Management Fund). The strategy is to assume some more risk, but also manage costs. While we do have large deductibles and self insurance retentions, we do have sufficient coverage to protect the organization. Thru 2015 the City continued to see increasing claims and cost in the Employee Insurance Fund with the claims increasing by 10% for the last four years. The Employee Insurance Fund ended the 2014/2015 budget year with about $31,060 in reserve. This amount is well below the targeted reserve balance of $4.5 million. In addition to the premiums assessed to City departments, employees, and retirees; the City transferred additional funds into the Health Insurance Fund during the 2014/2015 year. During 2015 the City reviewed the financial stability of the Fund. Since 2013 the City has made significant changes to control costs, deductible increases, out of pocket increases, dependent eligibility audits and premium increases. Historically, the City has very favorable contracts in place for Amarillo hospital services, physician’s services, lab, and pharmacy. Beginning in July 2014, the City entered into a wrap network that has lower negotiated rates for healthcare services outside of the City’s local network. During July 2015 the City issued a request for proposals (RFP) for the third party administration of the medical, dental and flex plans. The City anticipates that a national carrier will have more favorable discounts with network providers. Effective January 1, 2016 Aetna Life Insurance Company began provide the plan administration for the medical and dental programs. For 2015/2016 the city saw a $5.1 million net reduction in health plan costs almost exclusively driven by a reduction in claims from $24.2 million to $18.0 million. We believe this decrease to be directly related to the Aetna contract. For the 2018/2019 fiscal year we anticipate claims of $21.1 million. Claims have remained consistent since the initial reduction corresponding with the beginning of the Aetna contract. Nevertheless, the total claims are increasing year-over-year, with the ever-increasing cost of healthcare. However, in 2018/2019 the City is experiencing an uncharacteristic increase in high cost claims. Extracting these high cost claims, total expenses have remained flat as compared to previous years. In order to fund these increases the City has included a seven percent employer health plan increase as well as a two percent employee health plan increase. We anticipate ending the 2019/2020 fiscal year with $3.0 million in reserves, under our $5.0 million target. Overall, the City is very pleased in the cost saving measures experienced by the Health Plan during the last four years. However, as we come up to our last extension on the Aetna contract for calendar year 2020, we are aware of the realities of health care costs in the current market. We will work with our healthcare consultant to ensure that the next contract is negotiated fairly and with cost control and savings in mind. We will also analyze our current menu of benefits and options and ensure they meet the needs of our members and continue to help the City control health plan related costs. In this vein, the calendar year 2020 renewal with

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Aetna includes $250,000 to help establish a wellness program that City intends to program with the improvement of overall employee health as the priority. We believe that our employee-only clinic, CityCare, has helped to stable our healthcare costs. Before CityCare, some of our employees’ only access to primary care was the hospital emergency room. A side benefit of our Clinic is that the Clinic is the largest writer of prescription drugs in our plan and predominately prescribes the lower-cost generic and formulary drugs, which helps contain costs. The Clinic is funded out of our Employee Health Insurance Fund. In keeping with our general philosophy of an incremental approach to rate increases, we increased the employer contribution by 15% in October 2014 and the employee/retiree portion by 15% in January 2015. Deductibles and out-of-pocket amounts remained the same for fiscal year 2015/2016, and increased to $1,500 for the 2017 year. On January 1, 2015, all Medicare eligible retirees (age 65 and above) were moved off of the City’s health insurance plan and onto a Medicare supplement plan. The City funds a monthly stipend to help offset the cost to these retirees. For 2019, we plan to increase the employer contribution by 7%, and the employee premiums by 2%. The City has specific stop loss coverage with a $750,000 per year deductible. The deductible resets every year. Thus, if a claim crossed a year, two deductibles would apply. Therefore, the specific stop loss would only protect the plan for catastrophic claims. We do not have aggregate stop loss coverage, which would attach after total claims reached a certain point. For the vast majority of claims, the City of Amarillo’s Health Insurance program is essentially self-insured. Our Dental Plan is entirely employee funded. Like the Health plan these rates increased by 15% for the 2015/2016 fiscal year and again by 10% in 2017. However, premiums for 2017/2018 and 2018/2019 remained flat. For 2019/2020, premiums also remained flat. As with other health related costs, we believe that the long-term trend is related to higher costs. We have not had to make a transfer from the General Fund to the Risk Management Fund since 2005/2006. In our revised estimate of the Risk Management Fund, we are estimating revenues of $7.3 million and expenditures of $6.9 million. For the 2019/2020 budget, we are estimating revenues of $6.8 million and $6.8 million in expenditures. Therefore, we should end 2019/2020 with approximately $3.6 million in reserves. The largest line of coverage in the Risk Management Fund is workers compensation. We budgeted $2.3 million for workers comp claims in 2019/2020 plus another $700,000 for insurance, protective clothing, safety and other costs. The comp rates multiplied by the comp payroll should produce revenues of about $2.7 million in 2019/2020. We have a self insurance retention of $1.5 million per worker’s comp occurrence with full statutory limits. Therefore, we should not receive a comp claim back once they have been transferred to the insurance carrier. During 2017 the City transferred the administration of the workers comp claims to TPA however we will remain self insured for funding purposes. Our insurance coverage, along with our healthy reserves, should be sufficient for comp claims. General Liability, Auto Liability, and Auto Physical Damage combined are budgeted at $1.5 million in 2018/2019. We have purchased police officer liability insurance and cyber liability insurance, which had not been purchased in the past. While we have tort limits in State Court, we do not have any protection in Federal Court. The most likely and most significant exposure in Federal Court is police officer liability. Cyber liability was about $35,000 and police liability was about $200,000. The police liability coverage protects both the City and the officer. Most of the insurance purchased is for property insurance. We purchase property insurance with a $250,000 per occurrence deductible. During the 2018 renewal, the City’s deductible for wind and/or hail damage was adjusted to 5% of the value of the property, subject to a minimum $50,000 deductible per location. The City is increasing the reserve requirement in the risk management fund to make sure the City has funding in the event of significant wind damage to one of the City facilities. Street Maintenance: Street maintenance came to the forefront as a major budgetary issue in 2011/2012. In fact, most of the tax increase in the 2011/2012 budget was for streets. The Council became increasingly concerned that deferred maintenance of our streets would result in spending significantly more for street repairs in the future. This increased funding was maintained in the Street Department budgets for the subsequent years. During November 2016 the City voters approved $89 million in bond funding to address street infrastructure and improvements. Moreover, in the 2019/2020 budget part of the property tax increase will be used to increase funding for street maintenance. Going forward with the end of the voter approved bond issuances for street improvements in 2021, the City will need to budget dollars to continue funding maintenance of the City street infrastructure. Capital Improvement Program: The Capital Improvement Program is one of the most important parts of our budget and our budgetary process. The City has historically funded capital projects on a pay-as-you-go basis, with budgetary surpluses being earmarked to fund our Capital Improvement Program. With the pay-as-you-go philosophy of capital improvements, it is very important to identify and anticipate future capital needs so that they can be provided for in an orderly fashion. In conjunction with our budget, we update our five-year capital program. The first year of the five-year program becomes our capital budget. As more fully discussed in our Capital Improvement section, our Capital Improvement Program addresses various needs in our community. Like most cities, we have an aging infrastructure and many of the projects in the Capital Projects Budgets are much needed replacements. In the short-term, we should see some reduced maintenance costs, as they relate to the infrastructure that was replaced. However, with the continued deterioration of our aging system, there will not be any staff or budget reductions from

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the replacement of the aging infrastructure. Any savings in staff time or materials will be utilized on other aging infrastructure. In 2016 the Council has called for a $340 million general obligation bond election on November 8, 2016. The bond election included seven propositions: Streets, Public Safety, Municipal Facilities, Neighborhood Parks, Civic Center improvements, Fleet Services, and Athletic Facilities. This was the first general obligation election since 2001 when the voters approved expansion to the City library facilities. Voters approved Propositions 1 and 2 for Streets and Public Safety with $109 million. The ability to issue voter approved debt has allowed the City to begin addressing aging infrastructure and will provide budgetary relief to future budgets. The City will incorporate the infrastructure projects and corresponding bond issues over a five-year period. Once these funds are extinguished (approximately 2021), the City will have to reexamine the funding mechanisms available for street and infrastructure projects going forward as it is a challenge to fund these projects on a pay as you go basis. Looking ahead it was announced in September 2019 that the City would be proposing a $279 million bond election in May 2020 that would update the civic center facility to a new, modern and state-of-the-art civic center that meets the demands of a changing and evolving entertainment market. The proposed projects total cost would be $319 million and includes the renovation and expansion of the civic center, including the addition of a new exhibit hall, a new 10,100 seat arena, renovation of the historic Santa Fe Depot, creation of a large central plaza, and relocation of City Hall with an additional parking structure. If approved, the investment would reaffirm the City’s commitment to a quality of life for all residents and bring much needed improvements to the City’s aging civic center complex. General Capital – The General Construction fund includes $2.0 million in projects. There was not sufficient surplus available in the 2018/2019 fiscal year so the City’s ability for pay-as-you-go capital improvements for 2019/2020 was severely limited. Of the nine approved projects, all of them had supplemental funding from outside of the General Construction Fund. Of the $2.0 million, $1.6 million is covered by State or Federal Grants, $30,000 from the Photo Traffic Enforcement Fund, and the remaining $416,000 from fund balance. Projects approved include $375,000 for an Armored Vehicle for the Police Department, $905,000 for Transit projects, and $748,000 for Fire Department projects including training and equipment grants and GPS Opticom units for fire trucks (these allow fire trucks to control City traffic signals thus improving firefighter safety when responding to a call). With voter approval of $109.5 million to address street and public safety infrastructure, the City will issue these bonds over a five-year period with the first issue in April 2017 of $21.2 million and the second issue in July 2018 of $22.1 million. The City anticipates a third issue of approximately $19.9 million and a fourth issuance of approximately $34.6 million both in 2020. This issuance will provide $33.2 million in street improvements, $0.5 million for neighborhood planning, and $0.8 million for traffic signal improvement and installation. Water and Sewer Capital - The Utilities Fund includes $47.4 million in capital projects, including $29.5 million in bond funding. The City Council has approved a 4% rate increase to fund the capital program. This 4% increase is to cover a bond to update the City’s water metering infrastructure to an Advanced Metering Infrastructure (AMI). These meters are commonly known as radio-read. The project will see the creation of the infrastructure necessary to support the meters, and the replacement of all City meters. To accomplish this project, the City put their five-year capital program on hold. We anticipate resuming the program next year with the fourth of five anticipated 3% rate increases, the program was designed to spread the rate increases equitably over five years to fund just over $140 million in improvements for the same time period. Amarillo now has nearly 1,177 miles of water mains in the City and an additional 998 miles of wastewater mains. The City’s water and wastewater systems are very robust and have excellent capacity. Efforts will continue to focus on addressing aging infrastructure and ensuring future capacity. Airport Capital – The Airport includes $2.8 million to address infrastructure and other Airport operation’s needs. Of this amount, $1.5 million will be covered by FAA Grants. The largest project is $1.6 million for the design and replacement of taxiway J. Drainage Utility Capital - The $1.3 million in drainage improvement projects will fund targeted drainage improvements along with maintenance and extensions to the storm sewer drainage system. Other Capital - Projects include $1.2 million to fund the overlay of various streets, $1.2 million for improvements at the landfill, $1.9 million in civic center facility improvements, and $7.5 million for routine replacements of rolling stock and computer equipment. COMMENTARY ON MAJOR REVENUE CATEGORIES Property Taxes: The maximum tax rate provided by City Charter is $1.80, of which $1.30 may be levied for general purposes; the remaining $.50 may be used only for waterworks purposes. The Potter-Randall Appraisal District assesses taxes. The City of Amarillo has contracted with both Potter and Randall Counties to collect taxes. Taxes are due October 1, and become delinquent February 1. Delinquent taxes are subject from 12% to 18% per annum interest plus a penalty of 5% to 10% and attorney fees in accordance with statutes.

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The property tax implementation process begins with the calculation of and publication of tax rates. A taxing entity in Texas must calculate their effective rate, debt service rate, and rollback rates. The effective rate is that rate which generates the same tax levy on the same property as the year before. Generally, if property values rise, the effective rate will decrease; however, there are other factors affecting the effective rate calculation. Changes in the tax status of property, tax refunds, and changes in exemption will also affect the effective rate. The rollback rate is the maximum rate a governing body can levy without giving the citizens an opportunity to petition the governing body for a roll back election. The rollback rate is usually an increase of over 8% the effective rate, but other factors can also affect the rollback rate such as the debt service rate and the sales tax adjustment. If a roll back election is successful, the taxing entity would be required to reduce the tax rate back to the rollback rate and refund the difference to taxpayers that have already paid their taxes. Under current state law, if the governing body is considering any increase in taxes over the effective rate, they must have a discussion on the proposed tax rate in a public meeting. The tax rate being considered is discussed at the meeting and the vote of each member of the governing body is recorded and published conspicuously in a quarter page ad in the local newspaper. The proposed tax rate discussed at the meeting will then be the maximum rate the governing body can consider. The governing body could lower the rate, but not raise the rate after the meeting to discuss the tax rate. Next, the governing body is required to conduct two public hearings on the proposed tax rate to hear from concerned citizens. Our City Charter requires the proposed tax rate be approved by ordinance, which requires two readings before the governing body. In addition to the meeting to discuss the tax rate and the two public hearings on the tax rate, the public is also welcomed to comment on the tax rate at the two readings of the tax ordinance. Lastly, after passage of the tax increase ordinance on the second reading, the governing body must ratify the action once again. Thus, beginning with the meeting to discuss the tax rate, our citizens have five opportunities to express their thoughts on the proposed tax rate in a public forum. If the taxing entity fails to get the proposed tax rate approved before October 1st, the rate automatically set for the taxing entity is the lesser of the effective rate or the current tax rate. Looking forward, in the 2019 Legislative Session the Texas Legislature passed Senate Bill 2. This legislation reforms the system of property taxation in Texas in three primary ways: 1) lowering the tax rate the City can adopt without voter approval and requiring a mandatory election to go above the lowered rate; 2) making numerous changes to the procedures by which the City adopts a tax rate; and 3) making several changes to the property tax appraisal process. These changes did not affect the 2019/2020 budget or tax rate setting process but will affect the 2020/2021 budget and tax rate setting processes. City staff are reviewing the new requirements and will pay close attention to any impacts this will have on the City’s ability to fund operations with property taxes going forward. In addition to being a significant revenue source, property taxes have been our most stable revenue source. Property tax has a very high collection rate on the current role. Over the last ten years, collection rates have varied from 98% to 99% of the current role. Combining the delinquent collections with the current collections, total collections approach 100%. Property taxes are also received early in the fiscal year; most of property tax is collected by the end of December. Property taxes increased in the 2008/2009 year due to the issuance of Certificates of Obligation. Before the 2007 Certificates of Obligations, the City only had $5.2 million in outstanding General Obligation debt from a 2001 issue. In 2013/2014, the debt service portion of the tax rate is $0.02594. For three years, the City held the tax rate to $0.31009. In 2011/2012, the rate was increased to $0.32009. In 2012/2013, the City kept the same at tax rate of $0.32009. For 2013/2014, the City Council approved a 2 cent property tax increase bringing the rate up to $0.34009. In 2014/2015, the rate was increased to $0.34509. Compared to the effective tax of $0.33207, the $0.34509 tax rate is a 3.92% increase over the effective rate. In 2015/2016, the rate was increased to $0.35072. Compared to the effective tax of $0.33562, the $0.35072 tax rate is a 4.5% increase over the effective rate. This increase will help fund additional police officers. For the 2016/2017 fiscal year the City tax rate remained the same as the prior year at $0.35072 which is a 3.24% over the effective tax rate. For the 2017/2018 fiscal year the tax rate increased to $0.36364 with the increase in the rate related to $21.2 million General Obligation Bonds issued in April 2017. This bond issue was the first of five annual bond issues related to November 2016 bond elections where the voters approved $109 million in projects to address streets and public safety. For the 2018/2019 the tax rate increased to $0.36838 with the increase in the rate related to $22.1 million General Obligation Bonds issued in July 2018. For the 2019/2020 fiscal year the tax rate increased to $0.38851 with the increase in the rate related to a 1.75 cent increase in the operations and maintenance (O&M) rate and a 0.263 cent increase in the interest and sinking (I&S) rate for a total increase of 2.013 cents. The increased O&M rate will fund additional personnel in the Fire and Animal Management and Welfare departments directly related to the voterapproved Proposition 2 Public Safety projects. Additionally, the increased O&M rate also provides for more funding for street improvement and maintenance. The increase in the I&S rate is directly related to the City’s debt service on the voter-approved bond projects. Our goal is to stage increases over time to be less burdensome on our citizens. However, it should be noted that even with the increase in the current year, Amarillo residents still enjoy one of the lowest tax rates as compared to major cities in Texas. Our citizens voted in a tax freeze for taxpayers age 65 and above and disabled taxpayers. The first year of the freeze was 2007, which set a cap on the amount of taxes the individual will pay for the rest of their life so long as they remain in their home. The freeze also transfers to a surviving spouse for the rest of their life so long as they remain in the same home and are at least age 55 at the time of the death of their spouse. For 2019/2020, the taxable property value subject to tax levy is $11.2 billion. The amount subject to levy excludes the property value of homes that have frozen taxes since they are not subject to levy. Our total taxable value is $13.6 billion; which is up over last year’s value of $13.1 billion. Our tax rate of $0.38851 per

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$100 valuation will produce a total levy of $49.8 million in 2019/2020 including the frozen taxes of $6.4 million. We should collect $49.1 million with a collection rate of 98.5%. Also, based on a tax rate $0.38851, we will transfer taxes of $372,127 to the Tax Increment Reinvestment Zone (TIRZ) Number 1 and $43,787 to TIRZ #2. Sales Taxes: On November 7, 1989, the Amarillo voters approved a 1% increase in the local sales tax. One-half percent (1/2%) of the increase took effect April 1, 1990. The 1/2% increase from April 1, 1990 is to promote economic development in the City of Amarillo. The Amarillo Economic Development Corporation was created to manage the 1/2% sales tax for economic development. The 1/2% sales tax for economic development is not included in the City of Amarillo's budget. The other 1/2% increase in the sales tax was approved by the voters to reduce property taxes in the City of Amarillo. The 1/2% sales tax increase to reduce property taxes was effective October 1, 1990. The 1/2% increase in sales tax used to offset property taxes is reflected in the City's 1990/1991 Budget. Currently, the total sales tax rate in Amarillo is 8.25%, which is the maximum sales tax rate allowed in the State of Texas. The State of Texas' portion of the sales tax is 6.25%, and the local portion of the sales tax is 2%. Sales tax is the City’s most significant single revenue source and provides 32% of the General Fund’s revenue. Unfortunately, the sales tax is not as predictable as the property tax. Sales tax is a more volatile revenue source. Because of the size of sales tax revenue, small percentage changes in collection can make significant changes in overall General Fund total revenue. While the sales tax has been a relatively consistent increasing revenue source for the City, it slipped with the recession during 2008 and 2009. Since that time sales tax revenue seems to have stabilized. The 2014/2015 and 2015/2016 years were record years in terms of sales tax receipts while 2016/2017 experienced a slight dip. The 2017/2018 year experienced a rebound coming in approximately 3.3% above 2016/2017 and at a new record. We estimate that we will end 2018/2019 with collections of $58.9 million, or approximately 2.5% above 2017/2018. For 2019/2020, we are estimating an increase of 2.5% over the current year to $60.3 million. A graph of the sales tax collections follows below.

Gross Receipts Business Taxes: Gross receipts business taxes are franchise fees imposed on the various public utilities and the hotel occupancy tax revenue. The revenues are based on a three-year average of receipts adjusted for current trends. The current franchise taxes on the gas, electricity and cable television are 5% of gross receipts. The franchise tax on cable television does not include installation charges. We receive a per-line fee on land line telephone service. The hotel occupancy tax is a 7% room tax on nonpermanent residents with an additional 2% tax for the Amarillo-Potter Events Venue District. The Amarillo-Potter Events Venue District portion of the Hotel Tax Revenue is not reflected in the City of Amarillo’s budget. Another legislative change during the 2019 Texas Legislative Session will negatively affect the City’s Franchise fee revenues. Senate Bill 1152 is related to telecommunications and cable television providers. The legislation authorizes a cable or phone company to stop paying the lesser of its state cable franchise or telephone access line fees. After reviewing the legislation, the City has adjusted down our anticipated collections of telephone access line fees by approximately $410,000 for 2019/2020. This is a permanent loss of revenue that cannot be replaced without legislative action. Overall, 2019/2020 gross business taxes of $24.5 million are estimated to increase compared to the revised 2018/2019 projection of $23.9 million; an increase of 2.4%. During the 2017/2018 year the City saw continued increases in electric utility franchise tax from $8.5 million to $8.8 million. However, due to a mild summer and low fuel costs we are anticipating revenue to come down to $8.5 million for 2018/2019 with a slight rebound to $8.7 million for the 2019/2020 fiscal year. We are

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expecting the franchise tax on the natural gas utility to be flat at $2.4 million for 2019/2020 compared to a revised 2018/2019. A payment in lieu of franchise tax is imposed on the City’s Water and Sewer Utility. The payment in lieu of franchise tax is a monthly per account charge. The $3.40 monthly water payment in lieu of franchise fee will generate about $3.0 million in 2019/2020; the $1.50 monthly sewer payment in lieu of franchise fee will generate about $1.3 million in 2019/2020. We have increased our 2018/2019 budget estimate for the telephone utility franchise tax slightly to $1.0 million but are anticipating a decline for 2019/2020 to $0.6 million. Overall, we have been experiencing decreases in the number of phone lines as customers switch to cell phones as well as new limitations on collections due to recent State legislative actions. While Cable TV appears stable, we are also concerned with the Cable TV franchise tax as satellite TV and streaming services gain in popularity. Estimated receipts for 2018/2019 franchise tax on the Cable TV have remained close to the original budget of $2.0 million. For the 2018/2019 year we have forecasted revenue flat with the revised 2018/2019 estimate at $2.0 million. In 1998, the City’s telephone franchise tax revenue calculation was changed. The assessment method changed from a gross receipts charge to a per line charge for business and residential lines. The net result of the change was a decrease in expected revenues of about $462,000. This decrease is permanent and future telephone franchise tax revenue will mainly increase with additional lines. Unfortunately, the line count has dropped with the shift towards and the growth in wireless communications. Moreover, as discussed earlier legislative changes during the 2019 Texas Legislative Session have further limited our ability to collect telephone franchise tax. The changes allow a cable company to pay only the greater of their cable TV or telephone utility franchise tax. Due to these changes we adjusted our 2019/2020 expected revenues by approximately $410,000. This decrease is permanent. The electricity franchise tax would also be handled in a similar manner to the per line charge for telephone utility beginning in 2002; however, the Texas Panhandle was exempted from the change for five years. The exemption was extended due to the lack of competing electric companies in the Panhandle. However, our citizens enjoy better rates in the regulated environment than most of the State in the deregulated environment. We expect that eventually, the electricity franchise tax revenue will be converted to a per kilowatt-hour charge. While the full effect of the change in the electric franchise tax has not been determined, the resulting franchise tax receipts should not change significantly. Consistent with the above fixed unit franchise tax, the City has also modified its franchise fee on the Water and Sewer Utility. Beginning in the 2001/2002 fiscal year, the City changed to a per account charge. The 2018/2019 franchise tax will be $3.40 for each water account and $1.50 for each sewer account. The change in franchise tax for water and sewer will result in a more predictable revenue stream for the General Fund and a more predictable expense estimate for the Water and Sewer Utility. The water and sewer franchise tax is no longer weather related; however, two of the more significant franchise taxes are still weather related. Both the electric franchise tax and the gas franchise tax is weather dependent and also vary with the fuel costs. Hotel tax revenue has been steadily increasing and more hotel properties have been added to our city. Actual 2012/2013 revenue was up to $5.7 million, $5.9 million for 2013/2014, $6.3 million for 2014/2015, and $6.8 million for 2015/2016. We experienced a slight dip in hotel tax revenue for 2016/2017 at $6.6 million but saw a rebound in 2017/2018 to $6.9 million. We have revised our 2018/2019 revenue estimate up slightly to $7.1 million and expect 2019/2020 revenue to be $7.3 million. Hotel occupancy taxes can vary a great deal from year to year and it is the City’s policy that revenue estimates be attainable. The Hotel Occupancy Tax is a significant single revenue source, but its use is limited. Hotel Occupancy Tax receipts can only be spent on items related to convention and tourist-type activities. The Hotel Tax funds are used for our contract with the Chamber of Commerce for promoting convention and tourism in the city. The Hotel tax also offsets the operating loss at our Civic Center complex and provides funds for capital at the complex. The City has an incentive agreement with the developer of the Convention Center Hotel to rebate local hotel occupancy taxes; the City anticipates $875,095 in rebates for the 2019/2020 fiscal year. The City is working toward renovation of its downtown and part of the plan will involve using a portion of the hotel tax to support some bonds. It is anticipated that annually, it will take about $2.5 million of the hotel tax for a new parking garage and multipurpose event venue. Our current estimates are that the City still should be able to cover the operating loss at the Civic Center Complex, but the revenue source would have to grow to provide additional capital. With a reasonable growth rate, the hotel tax would also support convention and tourism activities at or near their current levels.

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Business and Non-Business Licenses and Permits: Most of the revenues recorded in the business and non-business licenses and permits relate to the construction industry and food and beverage industry. We experienced a record breaking year in 2012/2013 in construction due to a hail storm that damaged thousands of roofs in the City. In years since the peak, revenue has been returning to a more normal level. Overall, we expect business and non-business licenses and permits to increase 5% over our revised estimates for 2018/2019. All these fees combined are not a significant source of revenue for the City. There were a few minor rate increases in both Environmental Health and Building Safety fees but no significant revenue changes. In recent years with other budget challenges the City Council has made cost recovery a priority for developmental services departments. These rate increases are related to the implementation of this strategy and the City’s focus on improving the customer service experience. Governmental Revenues: Government revenues are a significant revenue source to the City. Our governmental revenues include grants and cost sharing activities with other governmental entities. For the General Fund, the most significant governmental revenue is federal and state assistance for our Transit Department. State funding is expected to be at $521,928. Federal transit assistance is expected to increase to $3,150,020. Under our current cost sharing arrangement, we continue to receive about 80% of those funds through our operating assistance grant. In the past, the transit system was accounted for in an enterprise fund. After further review, the transit system was merged into the General Fund. The transit system did not truly belong in an enterprise fund; the transit system was not self-supporting and it is the City’s policy to only have the minimum number of funds necessary to account for the City’s financial activities. The school districts will be using a total of 15 officers in the School Liaison Program. With this program, the schools pay the officers’ salary during the school year and the City pays the salaries during the summer. The School Districts’ share of the program is expected to be $994,880 in 2019/2020. Most of the Public Health Department is grant funded. The Amarillo Hospital District (AHD) provides the local portion of the Public Health funding. Next year, we do not expect any reimbursement from the Hospital District. The Hospital District will instead be providing intergovernmental transfers as a match for the Public Health Delivery System Reform Incentive Payments (DSRIP) program. We anticipate these dollars will fund both the DSRIP program and the local portion of Public Health costs. For 2017/2018 Public Health received $3.5 million and for the 2018/2019 fiscal year, Public Health anticipates DSRIP funding of $3.1 million. For the 2019/2020 fiscal year, Public Health anticipates DSRIP funding to remain flat at $3.1 million. These dollars are directly related to the expected deliverables of the DSRIP program. Public Health has seen increasing reserves with funding from the DSRIP project, however we are entering the last year of funding for this project. Going forward these reserves will be used to continue this project. Most of our governmental revenues are grant funds contained in the Special Revenue Funds. The grant funding is for a variety of different programs and activities including Housing, Community Development, Public Health, and special police initiatives. Our most significant grants are from the Department of Housing and Urban Development (HUD). The Housing and Urban Development (HUD) grants include our Community Development Block Grant Program (CDBG), HOME Investment Partnership program, and various Housing programs. Overall, revenues recorded in the Special Revenue Funds are anticipated to increase slightly from $25.6 million in 2018/2019 to $25.8 million in 2019/2020. We are anticipating flat funding levels for Community Development Block Grant at $1.6 million. We anticipate funding levels for Housing Assistance and Shelter Plus Care will remain flat at $10.4 million and $0.3 million, respectively.

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Law enforcement grants are expected to decrease from $280,158 in 2018/2019 to $244,140 in 2019/2020. Our Women, Infant, and Children (WIC) nutrition grant includes a slight increase from $2.0 million in 2018/2019 to $2.5 million in 2019/2020. Urban transportation planning remained flat at $0.4 million for 2018/2019 and 2019/2020. While not a significant portion of the Special Revenue Fund budget, we currently have ten Public Improvement Districts with a combined 2019/2020 budget of $1.8 million. These districts were created to provide special landscaping amenities to the residents of these subdivisions. PID revenue is increasing for next year due to new plats brought on during the current year. The assessments fund the operation and maintenance of the PIDs along with any related debt service. During the 2019 Texas Legislative Session, a bill was passed banning red-light camera operations in the State. However, since the City had a current contract in place the law allows us to finish out the term of the contract. These changes have caused us to decrease our revenue projection for the next fiscal year, we expect to collect $0.9 million for 2019/2020. After recognizing all costs, the City’s net portion of this revenue will be used for traffic signal improvements and public safety enhancements. The Court Security Fund was created in 2003/2004 to pay for the Municipal Court bailiffs; a three-dollar fee, which is added to offenses, funds these positions. The fee was intended to produce some surplus over the cost of bailiffs, which would be used for security improvements at the Court, however, in the past few fiscal years, the fee has not produced enough to cover the costs of the bailiffs. The Court Technology Fund collects a four-dollar fee on offenses and is used to fund technology improvements at the Court. These revenues are estimated to be mostly flat for 2019/2020. The Police Department’s Seized Property Fund is being used for the operations portion of our local narcotics task force. The salaries and officers are included in the Police Department budget in the General Fund; the other operating costs are funded from seized property. Seized funds are received from the courts and are difficult to estimate. A graph of the budgeted governmental revenues included in the Special Revenue Funds follows.

Public Safety and Health: We are anticipating a slight increase in Public Safety and Health revenue; revenue is expected to increase from $3.0 million in 2018/2019 to $3.1 million in 2019/2020. The reimbursement from the Airport to the General Fund for fire protection, which is the largest single revenue source in this category and makes up over half the revenue, will increase by approximately $83,000 in 2019/2020. The reimbursement is calculated from our Cost Allocation Plan. Warrant fees are expected to remain flat at $0.5 million. Warrant production has been one of the priorities of our Municipal Court and Police Department. In 2003/2004, we outsourced warrant collection. A 30% collection fee is added to the cost of the warrant and paid by the defendant, which covers the cost of collection. During 2014/2015 the City moved the warrant collection in house, warrant collections have remained very strong and the cost to the defendants is reduced as there is no associated 30% collection fee. The Vital Statistics function (maintenance of birth and death records) is the third largest revenue source in the Public Safety and Health category. Our revised current year estimate is $279,400 and we are expecting Vital Statistics revenues in 2019/2020 to remain

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flat. The Vital Statistics revenue is one of our best revenue sources because of the low cost associated with collecting this revenue. Warrant fees are very labor intensive to process and collect. Sanitation: The sanitation revenues represent user charges for collection and disposal of solid waste. Sanitation revenues also provide for the budgetary transfer to our Solid Waste Improvement Fund to provide for ongoing capital costs at the city landfill. Over the next five years, these annual landfill improvements are expected to average close to $1.0 million. In 2006/2007, we budgeted $8.0 million to begin opening a new cell at our landfill and making improvements in our transfer station. In 2007/2008, another $2.5 million was budgeted for the liner at the new cell. With the 2016/2017 $5.5 million gas collection and control system project; the City’s ability to support this level of capital expenditure will necessitate larger transfers in the future. For 2017/2018 through 2019/2020 the City has been allocating approximately $1.0 million a year for additional improvements and expansion. Sanitation charges are billed along with the water and sewer charges to residential and commercial customers. Residential customers receive twice-a-week service in the winter and three times per week service in the summer. Service varies with commercial accounts and can be as much as six pick-ups per week. Landfill charges are collected at the landfill or are separately billed. Sanitation revenues decreased from 2014/2015 to 2015/2016 due to landfill revenues going back to a normal level after the 2013 hail storm. Since monthly billing is fixed, the revenue is very predictable. The 2019/2020 budget includes rate increases in both commercial and residential collection rates as well as landfill tipping fees. The graph that follows shows the trend of sanitation collections.

Culture and Recreation: The culture and recreation revenue category consists of revenues from City-sponsored activities. Civic Center charges and various golf course revenues are the major sources of revenue in this category. The City owns and operates a convention center complex, which includes the Civic Center and the Globe News Center, as well as two 36-hole golf courses. The balance of this culture and recreation category is made up of participant fees and library late charges. In total, we expect an increase in the culture and recreation category. Total culture and recreation revenue for 2019/2020 is projected to increase to $6.8 million compared to a revised revenue estimate of $6.4 million for 2018/2019. Most of the increase is in parks and recreation fees based on increased participation and increased fees. A graph of culture and recreation revenue follows.

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The combined golf fees make up the largest portion of culture and recreation revenue. In 2017/2018, the City focused on reducing the General Fund subsidy to the golf course program. The revised Golf revenue estimate for 2018/2019 is expected to decrease over the original budget. The City took over direct operation of the Golf Courses from our contractors in the 2017/2018 fiscal year, in this process several changes to the fee structure have been made and the impact these changes would have were difficult to project. The City has been working with a committee to revamp the Golf Courses offerings and fee structure. With the implementation of some of their recommendations, we expect golf revenue in 2019/2020 to increase slightly over the revised 2018/2019 estimate.

Civic Center revenue is the next largest revenue source in culture and recreation revenue. The Civic Center complex revenue is comprised of revenues from the Globe News Center for the Performing Arts, Auditorium, Coliseum and exhibit area rentals at the Civic Center, commissions on novelties and concessions, box office charges and advertising revenue. Civic Center revenue is expected to remain flat at $2.1 million for 2017/2018 and 2018/2019. Rental rates were increased by 20% in both 2011/2012 and 2012/2013. The purpose of these increases was to free up hotel tax to be used for a proposed ball park, which will also host other events. A graph of Civic Center revenue follows.

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Fines and Forfeitures: Fines and forfeitures are estimated to remain flat for next year. Most of the fines and forfeitures are related to traffic violations with the major revenue source being traffic fines. The City has an internal collection program. In 2003/2004, we added $3 to each ticket for the Court Security Fund; this fee should generate about $102,000 next year. The Court Security Fund will pay for the bailiffs at the court. In addition to the $3 Court Security Fund, we added $4 on each ticket for the Court Technology Fund. The Court purchased and installed new court software in 2009/2010. The Court Technology Fund paid for the upgrade and the ongoing maintenance. The Court Technology Fund generates about $136,100 from the $4 fee on each ticket. Both the Security Fund and Court Technology Fund are accounted for in the Special Revenue Funds. A graph of the court related revenue excluding the Security Fund and Court technology Fund follows.

Forfeited discounts are the next largest single revenue source in the Fines and Forfeitures category. Water, sewer, sanitation, and drainage charges are billed net of a discount. This discount is forfeited if not paid within ten days. The purpose of the discount is to encourage prompt payment of the bill and reduce bad debt losses. For 2019/2020, we are anticipating $1.8 million in forfeited discounts, compared to $1.5 million in 2018/2019. During 2019 the City implemented a new billing system, during the transition period March thru May the City waived any forfeited discounts. A graph of forfeited discounts revenue follows and reflects the lower collection value for the 2018/2019 fiscal year.

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Interest Earnings: In the past, interest earnings were a significant revenue source to all funds. In 2016/2017, $1.7 million was generated in investment income. The City portfolio has a short-weighted average maturity and is dependent on short-term interest rates which have been very low but are starting to slowly increase. Thus, interest earnings are beginning to see an increase. In investing City funds, our objectives are to preserve capital, to provide liquidity, and maximize return within the constraints of capital preservation and liquidity. Short-term rates have been at historic lows but we anticipate them to continue the slow rise over the next year. We are anticipating interest income of $$4.9 million in 2019/2020, compared to our revised estimate of $6.8 million in 2018/2019. Projected interest earnings for the 2018/2019 fiscal year are higher than budgeted for 2019/2020, the City had significant bond proceeds during this time period and as the funds are spent the earnings are decreasing with the lower amount of investments. The above-mentioned investment income projections can be seen in the graph below.

General Fund Administrative Charges, Miscellaneous and Other Revenue: General Fund administrative charges consist mainly of charges to internal operations like water, sewer, airport, drainage, and grants, but also include charges for the administration of our weed enforcement program and collection fees for state court costs. The most significant revenue items in the administrative charges are the revenues derived from the City’s Indirect Cost Allocation Plan. The administrative charge to Water and Sewer, Airport, and Drainage are derived from the Indirect Cost Plan. The actual indirect cost reimbursement to the General Fund represents the various grant portion of General Fund overhead. Airport administrative charges will decrease to $159,569 in 2019/2020 compared to $175,791 in 2018/2019. Water and Sewer administrative fees increased from $1,457,897 in 2018/2019 to $1,652,772 in 2019/2020. Indirect costs charged to City activities and grants will increase from $1,740,257 in 2018/2019 to $1,810,221 in 2019/2020. As a general rule, indirect cost changes are exacerbated by annual carryover adjustments. If an over or under recovery occurs, the indirect cost is adjusted to the new calculated cost and the over or under recovery is also applied. Applying the carryover adjustment results in full cost recovery, but it can also cause large variations in recoveries on an annual basis.

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The payment in lieu of property tax imposed on the Water and Sewer Utility is a significant revenue source in this category. The payment in lieu of property tax is increasing due to the increase in the plant and equipment in our Water and Sewer Fund; the payment in lieu of property tax will increase to $4,132,091 next year. The Event District has agreed to pay the City a management fee for the operation of the Venue District addition to the Civic Center. The Event District operating revenue is budgeted at $398,004 for 2019/2020, which is the same as 2018/2019. Operating Transfers: An equity transfer involves the closing of a fund and the transfer of the closed fund’s entire fund balance to another fund. Operating transfers involve the transfer of assets from one fund to another in the normal course of the fund’s operations. Historically, the interest income from Capital Project Funds that relied on the General Fund for support was recorded as General Fund Income. The City adopted GASB Statement 31, which requires investment income to be reported in the fund that held the investment. Utility Sales and Service: Utility sales and service is a major revenue source to the City of Amarillo. Water meter sales and sewer charges make up 93% of total water and sewer revenue. Water and sewer revenues are very difficult to predict because they are so weather dependent. With the exception of the minimum or base charge, water sales are completely based on consumption. Moreover, we utilize an increasing block structure to encourage water conservation. The increasing block structure creates additional consumption-based revenue, which makes it more difficult to estimate. Sewer revenue is somewhat more predictable since the residential charge is set for the year based on the winter water consumption. However, sewer commercial accounts are based on water consumption each month, usually with a separate meter for irrigation. When estimating water and sewer charges, we use a normal year of about 16 billion gallons in sales as opposed to trying to anticipate high or low consumption. Water and sewer charges are billed monthly and are very collectable. However, since the revenue is consumption-driven, it can vary significantly. Our water and sewer system has a great deal of needs. We are in the process of upgrading our aging water and sewer infrastructure. Moreover, we added a new water supply to the City in 2010/2011; the first new supply in about 50 years. Consistent with our incremental approach, we have been raising water and sewer rates over the last several years. In 2001/2002 and 2003/2004, Water and Sewer Utility revenue had a 5% increase in water and sewer rates. Our 2006/2007 rate increase was expected to generate about an 8% increase in water and sewer revenue. The 2006/2007 rate increase had two components. First, all water and sewer rates would increase by 6% effective October 1, 2006. Also effective October 1, 2006, we added a third tier to our residential rate structure and commercial irrigation meters were put under the residential rate structure to encourage conservation. However, both components of the rate increase were very volume dependent. The 2007/2008 rate structure was designed to generate a 10% water and sewer increase in a normal year. The third tier rate (added in 2006/2007) had been effective in deterring large consumption and was left alone. However, a new rate structure was put in place to be less sensitive to changes in volumes. Like 2007/2008, the 2008/2009 rate structure was also designed to generate a 10% water and sewer increase in a normal year and encourage conservation. In fact, many residential customers did not even see an increase. For 2008/2009, we also redesigned our sewer structure. The new sewer minimum charge was raised but included the treatment of the first 3 thousand gallons of wastewater. The new sewer rate structure was very comparable to our new water rate structure where the minimum bill also includes the first 3 thousand gallons of water. Another change in the rate structure was that we began having a commercial and residential rate for treating wastewater. Treating commercial wastewater is more difficult and more corrosive on our system than treating household wastewater. Therefore, beginning in 2008/2009, the rate was $1.35 per thousand gallons for commercial wastewater and $1.25 per thousand gallons for residential wastewater after the first 3 thousand gallons. Commercial accounts are billed for their sewer volume based on their water consumptions. Residential customer’s sewer usage is estimated from a winter average of water usage. As with water, the low volume customers saw less of an increase. Water and sewer customers that use more water, incurred most of the rate increase in 2008/2009. While the new structure encouraged conservation, our revenue system became more volume dependent. The paradox of conservation is that if conservation actually works, the system has revenue shortfalls and additional rate increases are needed. The 2008/2009 rate increase was only a portion of the rate increase needed for the new well field project and to provide more internal capital for infrastructure improvements. We were able to obtain favorable financing from the Texas Water Development Board and issued $38,885,000 in bonds for a portion of the well field project. The average interest rate was $2.09%. However, the sheer size of the issue called for a 10% rate increase. The rate increase was applied across the board in 2009/2010 and all customers saw the 10% increase.

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The City was successful in obtaining the balance of the Potter County Well Field project ($47.4 million) from Texas Water Development Board (TWDB) at a very attractive interest rate (1.97%) for twenty-year debt. Moreover, the City obtained another $18 million in funding from the Texas Water Development Board for improvements at the Osage Treatment Plant at 0%, again for twenty-year debt. While the interest rates are very attractive, the borrowing still has to be repaid. Therefore, we had another 10% rate increase in 2010/2011. We had a great opportunity in 2010/2011. The Canadian River Municipal Water Authority (CRMWA) purchased over 213 thousand acres in water rights from Mesa water. Most of the water rights were contiguous with CRMWA’s holdings in Roberts County. Since the holdings are contiguous, future development of the holdings can take advantage of existing infrastructure. While purchasing water rights is expensive, developing the rights is even more costly. However, the portion in Ochiltree County was contiguous with the City of Amarillo’s water rights. In fact, CRMWA would have to cross the City of Amarillo’s water rights to develop the field. Thus, it made more sense for the City of Amarillo to own the Ochiltree County water rights than CRMWA and the City purchased the rights from CRMWA. The City issued $16.3 million in Water and Sewer bonds to purchase the Ochiltree County water rights from CRMWA and the City’s portion of the CRMWA debt is another $38.1 million. This transaction necessitated another rate increase. In total, we needed an 11% rate increase to service the debt. In order to avoid another double-digit rate increase, the debt was structured so that we could have a 6% increase in 2011/2012 and another 5% increase in 2012/2013. We included a 2% increase in water rates for the 2013/2014 year. The City issued approximately $8.4 million in bonds through the TWDB to fund the Lift Station #7 reconstruction and improvement project. This rate increase will be used to fund the debt service. During the 2015/2016 fiscal year the City implemented at 3% rate increase to fund additional debt associated with the Arden Road transmission line project. For the both the 2016/2017, 2017/2018, and 2018/2019 fiscal years the City has increased rates by 3% anticipating $28 million in bond issues to fund capital projects. In the 2019/2020 fiscal year the City increased rates by 7%. Of that, 4% of the increase was to issue bonds for the implementation of the Advanced Metering Infrastructure (AMI) project to modernize the City’s metering infrastructure by purchasing radio-read meters and constructing the related infrastructure. The remaining 3% was a general operations and maintenance increase to help offset increased operating costs of the system. Our 2011/2012, 2012/2013 and 2013/2014 water and sewer revenue were substantial at over $66.2 million, $67.4 million and $67.8 million, respectively. The area has been experiencing drought conditions for the past several years. Thus in 2011/2012, 2012/2013, and 2013/2014 the City experienced increased water consumption. Our projected budgets are based on average consumption levels. While the rate increases have been substantial, we are still staging the increases in an attempt to be less burdensome on our customers. Even with the above rate increases, our citizens enjoy some of the lowest water and sewer rates in the State. The following chart graphs the actual water and sewer sales for 2016/2017 and 2017/2018 as well as the projected sales for 2018/2019 and 2019/2020. Rainfall has a significant impact on the water usage. Actual precipitation for the 2016/2017 year is the 13th wettest year on record (records go back to 1892), whereas the rainfall for the 2017/2018 fiscal year is the 12th driest on record as you can see in the change in revenue from $70.2 million to $78.8 million for these two years. The 2018/2019 year received a significant amount a rainfall, reflecting a revenue trend downward to $72.7 million. These three years include a 3% rate increase. The City normally budgets water and sewer charges based on a normal year rainfall expectation, the 2019/2020 budget of $79.4 million includes a 7% rate increase.

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Airfield Revenues: Airfield revenues include fees charged for use of the airfield. Landing fee revenue is the now the second largest revenue source in this category. Landing fees are based on the number of flights and the weight of the aircraft. Overall, we are estimating a slight increase in landing fees from $725,000 in 2018/2019 to $773,555 in 2019/2020. In 2008/2009, we began charging a Passenger Facility Charge (PFC) of $4.50. The PFC is one of the Airport’s most significant revenues. The PFC generated about $1.40 million in revenue in 2013/2014, $1.35 million in 2014/2015, $1.32 million 2015/2016, $1.22 million in 2016/2017, $1.30 million in 2017/2018, should generate approximately $1.32 million in 2018/2019, and an estimated $1.33 million in 2019/2020. The PFC will be used to service the debt on the $17.4 million bond issue in 2008/2009 for terminal improvements. Terminal Building Revenue: Terminal building revenue is the Airport’s most significant revenue source and contains terminal rentals and commissions for the vendors that utilize the airport terminal. The auto parking concession is included in terminal building revenue. The airline rental revenue also includes the cost of Airport Security Service. The Airport has negotiated an increase in fees to reflect increases in cost. Historically, the parking concession has been our most significant single source of operating income. Depending on the year, either airline rental income or airport parking revenue is the number one revenue source. Next year, we expect airline rentals to be $2.8 million. With the construction (during 2014/2015) of a common facility to service all the rental cars, and car rental customers are charged $3 on car rentals to pay for the facility. We estimate Customer Facility Charge revenue at approximately $0.6 million for 2019/2020. Parking revenue is budgeted at $3.0 million for 2019/2020 which remains flat with 2018/2019 revised estimate. The restaurant and bar located inside the terminal generate about $224,000 in revenue. Car rental revenue is expected to be $1.4 million in 2019/2020 as compared to $1.3 million in 2018/2019. A graph of terminal building revenue follows.

Other Building and Grounds Revenue: Other building and grounds revenue is a significant airport revenue source. Most leases have provisions to increase with the Consumer Price Index on some periodic basis. Grounds rental revenue is from various ground lease agreements with car rental companies, charter aircraft companies, corporate hangars, grazing leases, tower leases, and farming leases. As mentioned above, these leases have an annual increase built into the lease agreements and the projected amounts are based on the individual leases. Similar to the ground leases revenue above, other building rental revenue is from building leases with various tenants and the projected revenue is based on the individual leases and occupancy. We are estimating an increase in Airport other building and ground rentals from $1.5 million in 2018/2019 to $1.7 million in 2019/2020.

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Fleet Services and Information Services Interdepartmental: The equipment rental revenue source represents the departmental user charge for fleet owned vehicles, trucks, and rolling stock. The revenue source is calculated from departmental budgetary estimates. The fleet user rate has two components: an operating rate and a replacement rate. In conjunction with converting to a new automated fleet system, rental rates were converted from a per mile rate to a monthly rate. Since anticipated usage in miles can be difficult to estimate, the monthly rate is easier to budget. During 2010/2011, fleet rental rates were lowered 10%, even though the City continued to experience increased cost in repair parts and erratic fuel prices. The decrease in rates was to give some much needed budgetary relief in other areas. While individual department budgets can vary, we increased rates by 5% overall in 2011/2012 and 2012/2013 and by 7% in 2013/2014 and 2014/2015 to help make up for the decrease. During 2013/2014, we also restructured the rates charged to Enterprise Funds, including Solid Waste which is located in our General Fund, in order to align the rates with actual costs. We increased fleet rental rates again in 2015/2016 and 2016/2017. For 2019/2020 we increased fleet rental rates by 2% on both the operating and replacement side. Fleet Services Fund is in decent shape and should still have about $7.8 million in available funds at the end of 2019/2020. We expect Fleet Services interdepartmental charges to increase from $16.7 million in 2018/2019 to $17.2 million in 2019/2020. Our Information Technology Fund operates similar to our Fleet Services Fund. We have developed a charge-out system based on the hardware, software, and services utilized by the various user departments. We increased rates overall by 3% in 2013/2014, 4% in 2014/2015 and 3% in 2015/2016. Beginning in 2013/2014, our telecommunications department and related user fees have been moved into our Information Technology Fund. For 2019/2020 we increased rates by 2%. User fee revenue is expected to increase to $6.5 million for 2019/2020. As with the Fleet Services Fund, we expect future rate increases in the Information Technology Fund. COMMENTARY ON AVAILABLE FUNDS General Fund: The General Fund began the year with $46,167,979 in available funds. We anticipate ending the 2018/2019 fiscal year with $42,225,025. As forecasted in the 2018/2019 fiscal year budget, the City had intended to reduce our General Fund available funds in 2018/2019. We had targeted the 2018/2019 fund balance at $43,578,953 and budgeted $3.1 million in transfers to capital projects funds. The decrease in the 2018/2019 fiscal year available funds is due to revenue projections coming in slightly less than budget. The City’s revised estimates for franchise fees, specifically electricity and gas, reflecting a decrease based on mild weather and lower fuel costs, and a trending downward of fines and fees and golf revenue. The City budget for the 2019/2020 year has been “reset” recognizing that these revenue streams are trending less than previously forecasted. Historically, year-end surpluses have been earmarked mainly for capital projects. In 2018/2019, we budgeted a $3.1 million transfer to our General Construction Fund, $1 million transfer to our Solid Waste Improvement Fund, and $2.2 million transfer to the Civic Center Improvement Fund. For the 2019/2020 budget, we have not budgeted a transfer to the General Construction Fund. The 2019/2020 transfer to the Solid Waste Improvement Fund is $1.0 million, $1.2 million for the Street Improvement Fund and $2.3 million is budgeted as a transfer to the Civic Center Improvement Fund. After the 2019/2020 transfers, the City should have $42.0 million in available funds. The 2019/2020 available fund balance is consistent with our targeted reserve ($44.6 million) of three months operating expenditures excluding dollars allocated as “one-time” expenditures. Moreover, due to our conservative budgeting practices, we generally end the year with a reserve that is more than three months operating expenditures. The transfer to the Compensated Absences Fund was eliminated in 2010/2011 and not budgeted for 2011/2012 or thereafter. The balance in the compensated absences fund was depleted during the 2018/2019 fiscal year, however the City located unspent budget allocations to fund the remainder of 2018/2019 and 2019/2020. The City will have to locate dedicated funding for this benefit for the 2020/2021 year or operating budgets will need to begin funding the unused sick and annual leave benefit. Many cities target a two-month operating reserve. We target a three-month operating reserve because of the volatility in our revenue sources. Sales tax is our main revenue source and even small percentage changes amount to significant differences in revenue. Franchise fees are also important revenue sources to the General Fund, and many of these fees are weather dependent. General Interest and Redemption: The General Interest and Redemption Fund is used to accumulate funds for the payment of the general long-term obligations of the City. Relatively speaking, the City of Amarillo still has very little tax supported debt. Our tax supported debt consists of one bond issue for library improvements; the 2007 Certificates of Obligation and the 2010 Certificates of Obligation were issued for the Grand Street Bridge project. During 2017 and 2018 the City issued the 2017 Certificates of Obligation to fund public safety radios and the General Obligation Bonds during 2017 and 2018 for the first two years of the November 2016

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voter approved debt to fund streets and public safety. Our tax supported debt will require a property tax of $0.04140 per $100 valuation in 2018/2019 and $0.04403 in 2019/2020. We anticipate that we should end 2018/2019 with $609,455 in our General Interest and Redemption Fund, and end 2019/2020 with $479,986. Since property taxes are both highly collectable and predictable, we only target a modest amount of available funds in the General Interest and Redemption Fund. The City has historically used the Certificates of Obligation structure when issuing self-supporting debt to obtain more attractive interest rates. In 2010/2011, the City had issued two Certificates of Obligation for self-supporting debt. The City issued $3.7 million for golf course improvements and $2.2 million in a TIRZ streetscape project. The golf course debt will be paid from golf related revenues and the TIRZ debt will be paid by participation of the TIRZ taxing entities. The City has had six Certificates of Obligation issues for improvements at the Greenways Public Improvement District and for improvements at the Colonies Public Improvement District. The Certificates of Obligation issued for Greenways and Colonies improvements are funded by special assessments on the property owners of those subdivisions and do not require the levy of a property tax. Historically, most of the funds accumulated in our debt service funds are to satisfy the City’s obligation to pay accumulated vacation, sick pay, and comp time. State law allows police officers and firefighters to accumulate unused sick leave without limit and requires that they be paid for up to 90 days of unused sick leave at termination. In addition to accumulating unused sick leave, all full-time employees can also accumulate up to 65 days of unused vacation pay. Traditionally, the City of Amarillo personnel rules had extended the 90-day payment of unused sick leave provision to full-time civilian employees with at least 10 years of service. However, beginning in 2007, the City of Amarillo changed its sick leave and vacation leave policy for new civilian employees. Civilian new hires after 2007 will be allowed to accumulate up 60 days of unused sick leave and 30 days of unused vacation pay. The new sick leave and vacation policy should slow the accumulation of accrued sick leave and vacation pay. While the new policy is clearly not as good as the old policy, it is still an attractive benefit. The new policy does not apply to police officers or firefighters, which still represent a great deal of liability. It is the City’s policy to indentify and prefund liabilities as opposed to a pay-as-you-go funding. In the past, the City has prefunded the liability for sick leave and vacation so that funds are available at termination to pay the benefit. The City only partially funded the sick leave and vacation benefit in 2009/2010 and has not funded the benefit since then. At the current withdrawal rate, the sick leave and vacation accumulation will be exhausted during the next fiscal year. One of the best reasons to prefund a benefit is that the earnings on the accumulated funds can be used to reduce the cost. Unfortunately, there are not much earnings in this low interest rate environment and less of an incentive to prefund the sick leave and vacation benefit. In any event, we will have to begin funding this obligation again or pick it up on a pay-as-you-go basis in the 2020/2021 fiscal year. While we have accrued the cost, we have not funded the liability for closure and post-closure costs at our landfill. Moreover, we have historically not prefunded the cost of our other post-retirement benefits, other than pensions. City employees can keep their City health coverage after retirement at very attractive rates that do not reflect the total cost of the benefit. The landfill costs are insignificant compared to the cost of post-retirement health coverage. Beginning January 1, 2013, we funded a trust dedicated to the costs associated with our other post-retirement healthcare benefits. We allocated 1.96% of all full-time salaries to the new trust for calendar year 2013. The rate increased to 2.43% beginning January 1, 2014 and will remain the same through fiscal year 2019/2020. Enterprise Funds: The Enterprise Funds are business-like activities that sell a product or service to the general public. The City of Amarillo Enterprise Funds consists of the Water and Sewer Fund, the Airport Fund, and the Drainage Utility Fund. All of these funds are self-sustaining and do not require any assistance from another fund. An enterprise fund provides for both operating and capital funding of their respective activities. Thus, the reserve of an enterprise fund consists of an operating reserve and a capital reserve. By policy, we target three months operating expenditures as an operating reserve plus about one year’s normal capital expenditures as a capital reserve. In total, Enterprise Funds began the year with $54.1 million in available funds. Ending the 2018/2019 fiscal year, available funds are estimated to be $55.9 million, an increase of $1.8 million. In 2019/2020, available funds are expected to decrease to $46.1 million related to an increase in cash funded capital expenditures in the Water and Sewer Fund. Most of the above change in available funds would be attributable to the Water and Sewer Fund. Of the above $54.1 million in beginning available Enterprise Funds, the Water and Sewer Fund represents $44.7 million. At the end of 2018/2019, we expect the Water and Sewer Fund to increase to $47.7 million. We began our 2018/2019 year with beginning available funds higher than the original budget projection. This increase in beginning available funds is attributable to elevate revenue receipts and underspending of operating expenses. As explained previously the 2017/2018 fiscal year was the 12th driest on records (records go back to 1892) and the City received higher than anticipated water sales. Water and sewer available funds should decrease to $37.8 million by the end of 2019/2020. After considering our reserve for sick and annual leave of $1.0 million and

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our legal reserves of $14.5 million, our net operating reserve would be $22.3 million. We will be slightly over the three-month operating reserve of $12.9 million and a one-year capital reserve of $9.0 million in our Water and Sewer Fund. We have very conservative methods of budgeting. For capital projects, we consider the funds are no longer available when they are budgeted for a project instead of projecting the future cash outflows of these projects. The Water and Sewer Fund had cash, investments and other current assets at the beginning of the year of approximately $157.4 million, but after subtracting liabilities and capital project budgets of $112.7 million, we consider available funds to be $44.7 million. Please refer to the Enterprise Fund Summary of Resources and Expenditures for more detail on the available funds calculation. The Airport Fund began the year with approximately $5.9 million in available funds. We expect the available funds to decrease to $5.3 million by the end of 2018/2019. In 2019/2020, we expect airport available funds to increase to $5.5 million. The above $5.5 million of estimated available funds in 2019/2020 is greater than our target of three months operating expenditures plus one year’s normal capital expenditures. The target balance is approximately $4.4 million: $2.4 million for a three-month operating reserve and $2.0 million for a one-year capital reserve. We anticipate using these dollars to fund future capital needs. The Drainage Utility Fund began the year with approximately $3.4 million in available funds and we expect available funds to decrease to $2.9 million by the end of 2018/2019. The drainage assessments began October 1, 2012. After seven full years of collections and operating and capital expenditures, we anticipate ending 2019/2020 with $2.8 million. Our targeted reserve is $2.8 million: $0.8 million for a three-month operating reserve and $2.0 million for a one-year capital reserve. Internal Service Funds: Internal Service Funds are similar to enterprise funds above in that they are used for business-like activities. However, the Internal Service Fund’s customer is the sponsoring governmental entity. Internal Service Funds are used for activities where it is important to recognize the full cost of a function on the accrual basis. The City of Amarillo Internal Service Funds consists of the Fleet Services Fund, the Information Technology Fund, the Risk Management Fund, and the Employee Insurance Fund. Like an Enterprise Fund, an Internal Service Fund provides for both operating and capital funding of their respective activities. Thus, the reserve of an Internal Service Fund consists of an operating reserve and a capital reserve. By policy, we target three months operating expenditures as an operating reserve plus one year’s normal capital expenditures as a capital reserve. The Risk Management Fund and the Employee Insurance Fund do not generally have capital expenditures; therefore, these funds would not need to provide for a capital reserve. However, we need available funds for large, out-of-ordinary claims that may occur. In total, the Internal Service Funds began the year with approximately $17.3 million in available funds. We are estimating that by the end of 2018/2019 fiscal year available funds will increase slightly to $17.4 million. In 2019/2020, available funds are expected to decrease by $900,000 to $16.5 million. In sum, our targeted reserve for the Internal Service Funds should be about $19.8 million: Fleet Services $7.7 million, Information Technology $2.1 million, Risk Management Fund $5.0 million, and $5.0 million for the Employee Insurance Fund. The 2019/2020 balance of $16.5 million is short of our targeted $19.8 million. During 2016, 2017 and 2018 the City has successfully reduced the upward trending claims costs in the Employee Insurance Fund and has been able to rebuild reserves. Current year projections and going forward the City anticipates that the claims will trend upward and continues to monitor health provider networks and plan design, however this is an area that will continue to see funding increases. The Fleet Services Fund started with $7.7 million in available funds. We increased fleet rental rates by 7% and restructured Enterprise Fund rates, including Solid Waste, in 2013/2014, 2014/2015 and 2015/2016. In 2016/2017 we increased fleet rental rates by another 7% and in 2019/2020 we increased rates by another 2%. We expect 2019/2020 fleet available funds at $7.8 million. However, the City was able to address needed capital replacements with capital expenditures of $6.6 million. The 2019/2020 available funds of $7.5 million, after sick and annual leave reserves, is right in line with the targeted reserve of $7.7 million. Like the Fleet Services Fund, the Information Technology Fund has experienced abnormally large capital expenditures in the past few years, which has depleted their available funds. Beginning available funds for the Information Technology Fund were approximately $2.5 million. We expect Information Technology’s available funds to decrease slightly to $2.4 million for the 2018/2019 fiscal year. In 2019/2020, available funds are expected to decrease slightly to $2.2 million. Our estimated 2019/2020 available funds of $1.8 million after subtracting a reserve for sick and annual leave are slightly below a three-month operating and one-year capital reserve of $2.1 million. The Risk Management Fund (sometimes referred to as the Self-Insurance Fund) provides coverage for most of the City’s exposures including general liability, worker’s compensation, employer’s liability, police officer liability, public official liability, auto liability and auto physical damage. The Risk Management Fund purchases property insurance including boiler and machinery, police office liability, malpractice insurance for our clinic and carries excess worker’s compensation insurance. We generally have very high deductibles or self-insurance reserves with our purchased coverage. State law protects the City with

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an overall liability limit of $250 thousand per occurrence; therefore, the City has not purchased excess coverage for auto or general liability. The City’s main liability exposure would be in Federal Court. Our greatest exposure in Federal Court would be involving a police officer, thus we have purchased police officer liability coverage that protects both the officer and the City. Overall, our claims experience has been improving. The Risk Management Fund began the year with $3.2 million in available funds. For 2018/2019, we expect to end the year with $3.6 million in available funds. We expect to end 2019/2020 with available funds of $3.6 million. All known claims are fully funded at their estimated value based on an actuarial study. Additional available funds are necessary for incurred but not reported (IBNR) claims and for catastrophic claims. Obviously, IBNR claims and catastrophic claims are very difficult to predict and with changes in our property insurance policy deductibles we would like to have about $5.0 million in available funds for these claims. Therefore, we will end 2019/2020 less than our targeted reserves. This fund will be monitored going forward to determine if funding increases are necessary. The Employee Insurance Fund provides life and employee medical coverage, including dental, to City employees and retirees along with their dependants. The Employee Insurance Fund purchases life coverage, but is self-insured for medical and dental. However, we have individual stop-loss coverage, which resets annually, if a claim is more than $750 thousand. Dental is entirely employee/retiree funded. Employee healthcare is largely employer-funded, but employees and retirees are also required to make contributions. During 2013, 2014 and 2015 the Health Plan saw a significant increase in claims. In order to reduce the possibility of a large rate increase, and in keeping with our general philosophy of an incremental approach to rate increases, deductibles and out of pocket amounts were increased as of January 2014. Plan deductibles are currently $1,500 per person, and the maximum outof-pocket expense is $5,000. The maximum out-of-pocket is all an employee/retiree would be required to pay in a calendar year before the plan pays at 100%. We would rather make smaller incremental changes to the Plan in an effort to refrain from having to make more drastic changes in plan design. However, the federal healthcare reform bill has and will continue to add future costs to the Plan. The City is completed a dependent eligibility audit to ensure that all members are eligible for coverage on the Plan. Effective January 2015 the Medicare eligible members were transitioned off of the Plan and provided a stipend to supplement insurance costs. We increased the employer contribution by 5% in October 2014, the employee/retiree portion by 3% in January 2015, and the employer contribution by 5% in October 2018. The 2019/2020 budget includes increased 7% employer increase in October 2019 and a 2% employee increase in January 2020. We have four drug tiers with progressively larger co-pays where generic drugs make up the first tier. The tiers and the co-pay increase corresponding to the cost of the drug. Participants are required to pay the entire plan cost for drugs that have an over-the-counter equivalent; such as proton pump inhibitors and non-sedating antihistamines. The plan cost is still a substantial discount compared to the retail pharmacy price of the drug. Even when we have had to increase drug co-pays, we have kept the generic co-pay at the same level for several years to encourage more generic utilization. We currently have high generic utilization, over 80%. During 2015 the City reviewed the financial stability of the Fund. Since 2013 the City has made significant changes to control costs, deductible increases, out of pocket increases, dependent eligibility audits and premium increases. Historically, the City has very favorable contracts in place for Amarillo hospital services, physician’s services, lab, and pharmacy. Beginning in July 2014, the City entered into a wrap network that has lower negotiated rates for healthcare services outside of the City’s local network. The measures taken did not produce the anticipated results in lowered claims experience. During July 2015 the City issued a request for proposals (RFP) for the third party administration of the medical, dental, and flex plans. The City anticipated that a national carrier will have more favorable discounts with network providers. Effective January 1, 2016 Aetna Life Insurance Company began to provide the plan administration for the medical and dental programs. For the 2015/2016 the city saw $5.1 million net reduction in health plan costs driven by a reduction in claims from $24.2 million to $18.0 million, we believe directly related to the Aetna contract. For the 2018/2019 fiscal year we anticipate claims at $21.1 million, which includes an increase over the prior years related to large claims. For 2019/20 we budgeted claims at $23.2 million. Employer health plan premiums for the 2019/2020 fiscal year will increase $1.3 million and we anticipate ending the 2019/2020 fiscal year with $3.0 million in reserves, below the $5.0 million target. Overall, the City is very pleased in the cost saving measures experienced by the Health Plan during the last four years. And, will continue to monitor claims and funding levels in future budget years. We estimate the liability for IBNR claims in the Employee Insurance Fund based on a claims lag report. The Employee Insurance Fund’s IBNR claims are calculated by the City’s health plan provider based on actual claims. We also recognize the liability for large claims including their corresponding treatment plan. We target a $5.0 million reserve for catastrophic claims. We are estimating that we will end 2019/2020 with available funds of $3.0. Special Revenue Funds: With the exception of the Public Improvement Districts, the Special Revenue Funds do not have a target reserve balance. Most of the Special Revenue Funds are grant funds that are bound by the grant agreement and operate on a pay-as-you-go basis. If funds are accumulated in a grant fund, they will usually be spent the following year(s). Funds accumulated in the Housing Assistance Program and the Home Program are rolled over to future years in the budget process. Monies in the Court

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Technology Fund will be used to upgrade the software at the court. The Court Security Fund is used to pay the salary and benefits of the court’s bailiffs and security improvements at the court. The accumulated funds in the APD (Amarillo Police Department) Seized Property Fund are used for the operating expenses of our Narcotics division, excluding salaries. The Narcotics officers’ salaries and benefits are included in the Police Department’s budget. APD Seized Property is derived from court ordered forfeitures. At the current rate of expenditures, the seized funds would be sufficient through 2019/2020. LEOSE Fund is a Law Enforcement Training grant and available funds will be spent in future budgets. The target reserve for the Public Improvement District is three months operating expenditures, unless funds are being accumulated for some type of improvement. Public Health has seen increasing reserves with funding from the DSRIP project, however we are entering the last year of funding for this project. Going forward these reserves will be used to continue operations. Capital Improvement Funds: Capital Improvement Funds are set up to provide for the addition, improvement, and renovation of the City’s fixed assets and infrastructure. Like most Cities, we have an aging infrastructure and most of our capital spending is for replacement capital. While there may be some incremental improvement in operating costs for the particular improvement, it most likely will not be noticed with our aging infrastructure. Generally, our target reserve for a capital improvement fund is one year’s capital spending. Our main capital improvement fund is the General Construction Fund, which can be used for any general government purpose such as buildings, street improvements, libraries, and parks. The estimated ending available funds of $4.8 million are consistent with our targeted balance. One year of capital expenditures in this fund is between $5.0 million and $6.0 million. Traditionally, the Golf Improvement Fund was funded by $1 of the green fee being set aside for course improvement. Beginning in 2011, the fee was raised to $2 to help pay the Certificates of Obligation issued for course improvements. We also implemented a premium green fee to pay for the renovated courses. The increase in the premium green fee goes to the Golf Improvement Fund for debt service. The Golf Improvement Fund is expected to end 2019/2020 with less than $5,000 in available funds. We would like to accumulate at least a half year of debt service, $125,000 before any golf improvement funds are used for the courses. For 2017/2018 golf fees have been increased and will increase over future years. The Civic Center Improvement Fund is funded by the hotel tax. The hotel tax is first used to offset the net operating cost of the Civic Center complex including the Civic Center and the Globe News Center. The remaining funds are transferred to the Civic Center Improvement Fund to be used for future improvements. The Civic Center Improvement Fund should end 2018/2019 with $2.8 million. The City anticipates ending 2019/2020 with about $1.5 million in available funds. One-year capital spending would be approximately $1.0 million to $2.0 million, and the $1.5 million estimated 2019/2020 available is consistent with this target. The Bivins Improvement Fund is specifically set aside for improvements of the historic Bivins home that houses our Chamber of Commerce and several not-for-profit organizations. The Bivins Improvement Fund should have about $0.2 million in available funds at the end of 2018/2019, which should be sufficient for any major expenditure. We have been accumulating funds in our Solid Waste Improvement Fund for some major improvements at our landfill and improvements to our transfer station, which began in 2006/2007. Funds are transferred annually from the General Fund, representing part of the sanitation charge for improvements at the landfill. For the 2019/2020 budget the City has included $1.2 million for multiple Landfill projects. At the end of 2019/2020, we anticipate having remaining available funds of $100,000. Future capital needs will require continued General Fund transfers in the future. BUDGET CHANGES AND HIGHLIGHTS An important change for the 2016/2017 Annual Operating Budget was that the budget was presented as a Program Budget. The programs offered by City departments were presented with program descriptions and performance measures to define the level and quality of services delivered to Amarillo citizens. The City hopes that the reader will find a programmatic presentation useful in facilitating a review of City departmental programs. Development of the 2017/2018 Budget was a challenge with flattening sales tax revenues. The City continued the funding of the Pay and Compensation Study implemented in the prior year, funded dollars towards addressing compression caused by implementation of the Pay Study, and funding for year one of the Amarillo Police Officer Association (APOA) Meet and Confer agreement. These challenges continued in the development of the 2018/2019 Budget. However, we did get slight relief with a trend of increased sales tax and strong property values. For 2019/2020 Budget the City has continued to see sales tax revenue projections increase slightly (2.5%) over the 2018/2019 numbers. Taxable property values remain strong with a 3% increase for 2018. These sources of revenue make up the largest percentage of our funding for general government expenses. Every effort has been made to maintain current levels of service throughout the City with available revenues. The impact of increasing costs in several vital areas of commodities, materials, supplies, fuel, electricity and personnel coupled with reduced franchise fee and other revenue challenges have required we make some difficult choices to balance the Budget.

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This Budget represents a $22.0 million increase from the prior year. The Budget addresses the BluePrint for Amarillo. Budget enhancements focus on public safety and the continuation of year three of the capital improvement program. The current Budget includes funding for ten additional Fire Department positions and three additional positions at Animal Management and Welfare, along with additional funding for street maintenance and the continuation of the Coming Home program aimed at assisting the chronically homeless population in Amarillo. With the future expansion of Station #5 and the change to a two-company station, the additional ten fire positions added this year complete the needed staffing for the second company. During the current year, the Department intends to use the additional personnel to help offset increases in overtime expenses. The Budget addresses the BluePrint Amarillo Council priority of Employee Compensation. The Budget includes dollars to fund 2.0% raises for the Police and Fire Department and civilian employees and continuation of longevity and discretionary retention pay. During 2016/2017, Council approved the implementation of the Pay and Compensation Study which allowed the City to adjust beginning pay for all our pay scales to reflect market rates. The 2017/2018 budget included funding to support the Pay and Compensation Study implemented during the 2016/2017 fiscal year, as well as dollars to address compression between employees created with the implementation of the new pay schedules. The implementation of the Pay and Compensation Study during the 2016/2017 budget was accomplished through the reduction of 21 vacant positions and reductions in other maintenance and operating expenses. The current Budget includes the addition of 25 permanent positions in areas where currently available funding was available or could be reallocated. Even with the reductions made during the last few budgets, the City continues to provide our current basic programs. However, there is little, if any flexibility left in the Budget to address unanticipated needs. Our current financial constraints limit the City in the ability to deliver new programs and services. This Budget allows us to take care of what we have at current service levels, with limited flexibility to address other needs. The City has included a 7% increase in the Water and Sewer rates. The water rate structure includes four tiers and is designed so that customers who only use water for domestic use still have very reasonable rates. This rate increase will fund a debt issuance for the implementation of an Advanced Metering Infrastructure and a general operations and maintenance increase. This current year increase put on hold year four of a five year, $140 million, capital program. It is anticipated that the five-year program will be funded with five annual 3% rate increases resuming with year four in 2020/2021. The City tax rate increased slightly over the prior year to $0.38851 per $100 of valuation from $0.36838 per $100 of valuation. The increase was in both the interest & sinking portion of the tax rate and the operations & maintenance piece. The interest and sinking increase was related to the November 2016 voter-approved bond projects and the operating and maintenance increases was related to personnel costs associated with voter-approved bond projects for Fire and Animal Management & Welfare as well as additional funding for street maintenance. With increasing property values and the increased operations & maintenance rate, we estimate an increase of $2.6 million for the property tax related to the General Fund. The increase in the debt service portion of the tax rate will fund increased debt service related to voter approved debt. Sales tax collections from 2016/2017 were down from record levels in the prior fiscal years. However, 2017/2018 increased slightly by 3.3% with collections at $57.4 million. For 2018/2019 we are continuing to experience an increase in sales tax collections. We are expecting to end the fiscal year up 2.5% over prior year at $58.9 million. We have estimated sales tax for the 2019/2020 fiscal year to increase slightly to $60.3 million. The additional General Fund revenues are being used to help offset reduced revenues experienced elsewhere in the 2019/2020 budget. Unfortunately, we had to drop the TMRS Cost of Living Adjustment (COLA) for retirees in 2010/2011. We would like to restore a COLA benefit, but under current law, a city has to make up for all the COLAs that were skipped. This provision makes it very expensive and difficult to restore the current COLA benefit. We have tried in the 2009, 2011, 2013, and 2015 legislative sessions to get a true ad hoc COLA benefit, but have failed. However, we intend to pursue this again in the future. We continue to address rising health care costs. While we have some excess coverage we are largely self insured on employee health. The City continues to monitor all costs of the Health Plan. For the 2014 Plan year, the City increased the amount of deductibles and out of pocket cost for the covered members. The City completed a dependent eligibility audit to ensure that all members are eligible for coverage on the Plan. Effective January 2015 the Medicare eligible members will be transitioned off of the Plan and provided a stipend to supplement insurance costs. During 2015 the City completed a financial review of the stability of the Health Plan and made the decision to complete an RFP process for medical, pharmacy, dental, stop loss and flexible spending administration. Effective January 1, 2016 Aetna Life Insurance Company began provide the plan administration for the medical and dental programs. The City was able to take advantage of better discounts by contracting with a national carrier For the 2015/2016 the city saw $5.1 million net reduction in health plan costs driven by a reduction in claims from $24.2 million to 18.0 million, we believe directly related to the Aetna contract. For the 2017/2018 fiscal year we recorded claims at $20.1 million. For the 2018/2019 fiscal year we expect to see claims of $22.2 million. Employer health plan premiums for the 2019/2020 fiscal year will increase 7% while employee health plan premiums will increase 2%. We anticipate ending the 2019/2020 fiscal year with $3.0 million in reserves, below the $5.0 million target. Overall, the City is very pleased in the cost saving measures experienced by the Health Plan during the last few years.

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The City has a significant investment in streets, parks, buildings, rolling stock, our solid waste collection system and landfill, our Water and Sewer Utility, and other infrastructure. Historically, a great deal of our capital budget is for replacement of our infrastructure. During the summer of 2016 the City completed a three month long community engagement program titled Wise Investment. In November 2016 the voters approved $109 million in tax supported debt to fund street and public safety infrastructure. This approval allows the City to begin addressing aging infrastructure and will provide budgetary relief to future budgets. The Council also approved a 4% increase in Water and Sewer rates to fund a bond issuance for an Advanced Metering Infrastructure project in efforts to modernize the City’s water meters and create the required infrastructure for radio reading. The 2019/2020 capital budget is $99.9 million. The Water and Sewer Fund includes capital projects of $47.5 million of this amount $29.5 million financed with bond financing. During 2019 the City will fund $34.6 million in street, traffic control, and neighborhood plan projects with a general obligation bond issue. The Airport Fund has $2.8 million in capital projects with $1.5 million in federal grant funding. About $197 million in new property was added to the tax roll this year compared to $199 million last year and $237 million the year before. Our taxable values increased to $13.6 billion. However, due to the frozen taxes, $11.2 billion was subject to levy at the 2019/2020 tax rate of $0.38851. The previous year’s tax rate was $0.36838. FUTURE OUTLOOK Amarillo is the 14th-largest city, by population, in the state of Texas and the largest in the Texas Panhandle. Amarillo was originally known for agriculture and oil and gas production, and these activities are still very important to our economy. However, Amarillo now has a more diversified local economy. Amarillo is a regional trade center and medical center for a vast area including the Panhandle of Texas, parts of New Mexico, Colorado, Oklahoma and even southern Kansas. Amarillo also has diverse major industries in the defense industry, aviation/aerospace, food production, traffic and transportation, medical & health care and business and financial services. Amarillo started as a railroad town and the railroad is still important. The Burlington Northern Santa Fe (BNSF) Railway complex in Amarillo moves hundreds to thousands of cars daily, carrying different types of merchandise including coal, chemicals, agricultural and consumer products. The Union Pacific Railroad also sends substantial shipments to or through Amarillo. Due to our central location, we expect travel and transportation to remain major industries in Amarillo. Amarillo is located on Historic Route 66. Traffic and transportation have historically been an important industry in Amarillo. Amarillo is centrally located in the United States and well connected by highway, air, and rail systems. Interstate 40 runs through Amarillo, making for easy access from California all the way to North Carolina. Interstate 27 bisects the city from north to south. Amarillo is the only major city between Albuquerque and Oklahoma City going east-west. Also, Amarillo is the only major city to the ski resorts of New Mexico and Colorado from the Dallas/Fort Worth Metroplex. The large traffic volume from Interstate 40, Interstate 27, and State Highway 287 helps support our hotel industry along with restaurants and tourism. A large portion of our hotel tax is allocated to support and encourage travel and tourism in our community. Half of our hotel tax is appropriated to conventions and tourism through a contract with our local Chamber of Commerce. For the 2019/2020 budget, a total of $1,964,571 has been appropriated to our convention and tourism efforts with an additional $458,383 to subsidize events at our Civic Center. Our 2017/2018 year was a record year for hotel tax collections. We anticipate increased collections for 2018/2019 and are forecasting a modest increase for the 2019/2020 year. Amarillo also serves as a regional airport for the area. The Rick Husband Amarillo International Airport has 37 flights daily, with destinations to major airline hubs including Dallas, Ft. Worth, Denver, and Houston. In 2011, our remodeled air terminal was in service. The remodeled terminal is a big improvement over the previous terminal. Before the remodel, we were not able to use one of the concourses. Moreover, food and beverage service and retail sales were inadequate on the secure side of the terminal before the remodel. For 2017/2018 we saw a slight decrease in airline boardings at 358,819, compared to 2016/2017 airline boardings of 373,885. Prior to this, continuous decreases were due in large to the expiration of the Wright Amendment and Southwest restructuring their service network, which resulted in a decrease of flights from AMA. However, we expect boardings to improve this year. Future positive seat capacity growth is expected to continue. Amarillo serves as a regional medical center for our area and the medical community is very important to Amarillo’s economy. Amarillo is home to a Veteran’s Hospital, which includes a 120-bed veteran’s nursing home. Amarillo’s two major hospitals are Baptist Saint Anthony’s Hospital (BSA) and Northwest Texas Hospital (NWTH). Baptist Saint Anthony’s Hospital rated in the top 100 hospitals in the United States for several years. Northwest Texas Hospital is home to the area’s only level III designated trauma center. As the population continues to age, we expect the medical community to become more important in the future. Texas Tech University has a consolidated 20-acre medical center comprising the schools of pharmacy, medicine and allied health located in west Amarillo. The allied health school trains students in physical therapy. The medical school produces family physicians, pediatricians, obstetrics and gynecology doctors and doctors specializing in internal medicine.

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Historically, oil and gas production were major industries in the Panhandle. According to the September 2019 Amarillo Economic Analysis, we have 8 active drilling rigs in the Panhandle compared to 25 last year. Oil prices have been erratic, compared to this time last year, oil is down at $58.48 per barrel compared to $67.04 for the same month last year. Natural gas is at $2.67 per mcf compared to $2.97 last year. The Texas Panhandle is one of the most unique and diversified agricultural areas in the world. The temperate weather conditions and the availability of irrigation water have made the area well suited to a number of agricultural enterprises. According to the AgriLife Extension Office, the area consists of 14 million acres of agricultural land with 9 million acres in pasture and 5 million acres in crops. Agriculture is still an important industry in the Panhandle have gone from drought conditions in 2011 (driest year on record), 2012 and 2013 to 2015 when the City received 34.63 inches of precipitation and the 4th wettest year on record. Principal crops are corn, wheat, cotton, and sorghum. However, more than 25 crops are grown commercially in our trade area according to AgriLife Extension Office. Most local commodity prices are doing well; however, wheat and cotton prices are down from last year. According to the September 2019 Amarillo Economic Analysis, area wheat was at $3.89 per bushel down from $5.40 the year before; corn is at $4.05 per bushel compared to $3.83 last year. Cotton is $74.00 per pound, compared to $74.10 last year. In recent years, the Panhandle has also become a major hog and dairy production area. The Texas Panhandle is often referred to as the Cattle Feeding Capital of the World. The Texas Cattle Feeders Association is located in Amarillo and represents cattle feeders in Texas, Oklahoma and New Mexico, an area known as Cattle Feeding Country. According to the Texas Cattle Feeders Association, the above cattle feeding area is the largest in the nation. Also according to the Texas Cattle Feeders Association, this cattle feeding area produces about 6 million fed cattle annually, which is about 28% of the nation’s beef. Our area has an ample harvest of locally grown feed grains, a mild climate, and large major meat packers with modern plants in our area. The meat packing industry is a major employer in Amarillo. The September 2019 Amarillo Economic Analysis reported fed cattle at $99.96 per hundred weight which decreased slightly from $107.85 per hundred weight for the prior year. One of our largest employers is Tyson Foods, which operates a beef processing plant in Amarillo. We have seen steady growth in our tax base since 1993. However, over the last few years, additions to the tax roll were at a decreasing rate. We still expect additions to the tax roll in the near-term. As previously mentioned, sales tax is our largest single revenue source. Our 2018/2019 year will be a record year for sales tax receipts surpassing our 2017/2018 previous record. We expect sales tax receipts to increase next year, but at a modest rate. Historically, sales tax receipts have done well. Our unemployment rate is still one of the lowest in the State. Our unemployment rate decreased to 2.7% in September 2018 according to the Bureau of Labor Statistics. The national unemployment rate for September was 3.7% as compared to the prior year of 4.3%. Amarillo has experienced continued growth in population. We expect the population to continue to grow by 1.5% to 2% annually. Amarillo’s census population for the year 2000 was 173,627 compared to 157,615 in 1990. The 2018 population is estimated to be 204,828. According to a recent study, Amarillo is expected to grow to about 240,000 by 2020. Construction during the last ten years has remained strong. The new residential construction for the ten year period has fluctuated with a high $161 million to a low of $115 million with average new residential of $137 million for the ten year time period. Likewise, new commercial building as fluctuated with a high $192 million to a low of $48 million with average new commercial of $108 million for the ten-year time period. Building has remained strong for 2018 with new residential permits of $150 million and new commercial permits of $139 million, with both areas over the ten year average. The 2018/2019 fiscal year reflects estimated revenue of $1.6 million in building permits, up from the prior year of $1.3 million. The estimate for the 2019/2020 fiscal year reflects stable projections of $1.7 million. The City has taken a multi-pronged approach to redevelop downtown. One of the most important steps was the creation of a downtown Tax Increment Reinvestment Zone #1 (TIRZ #1). Taxes from the increase in property value in the TIRZ #1 will be earmarked for, and reinvested in, the TIRZ #1. Since three other taxing entities participate in the TIRZ #1, more funds will be invested in the TIRZ #1. Ever since the creation of the TIRZ #1 we have seen steady increase in the TIRZ #1 property values. In 2006, the base year, TIRZ property values were $139 million. In 2019, TIRZ values are $245 million. The TIRZ #1 has helped with funding for downtown projects, which were some of the anchors indentified in our Downtown Strategic Action Plan, as well as residential housing, convention hotel(s), more retail, commercial and office development, and family venue(s). We have engaged a developer for a convention hotel, parking garage and multi-purpose event center. The Amarillo Local Government Corporation was created in 2011 to oversee the project. Construction improvements to downtown are in process with the 2017 completion of 373,000 square foot building for Southwestern Public Service at an estimated value of $42.7 million was completed in April 2017. The convention hotel (226 rooms) opened in August 2017. And, the LGC completed the parking garage and retail space of $15 million during April 2017. The City secured the funding of $45.4 million multipurpose event venue (MPEV). The MPEV project completed during 2019 and is the home of the Amarillo Sod Poodles who ended their first season as the 2019 Texas League Champions (Double-A). The ballpark was selected as the Best Double-A Ballpark by Ballpark Digest. The construction of the ballpark is the final piece of the City’s downtown initiative that also included the

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construction of a convention hotel and parking garage. The City has contracted with Center City of Amarillo Inc. for several years. Center City Inc. is dedicated to the revitalization of Downtown Amarillo by focusing on community, social, recreational, and economic interests. Center City is a nationally recognized member of both the Texas and National Main Street programs. The City contracted with Center City Inc. for $181,650 to provide administration and facade improvements downtown. During the summer months, Center City's “High Noon on the Square” provides live music and their annual Block Party which is always well attended. The Amarillo Economic Development Corporation (AEDC) is the primary economic development engine of the Amarillo community, focused on industry growth and job creation through business attraction and retention initiatives. In 1989, the citizenry of Amarillo approved a measure to increase the sales tax rate by one-half cent to be dedicated to economic development programs. The vote proved to be a proactive one, as Amarillo was the second city in Texas to approve the sales tax for economic development in the first year the program was made available through the Texas Legislature. The mission of AEDC is to attract businesses to Amarillo which offer highly skilled, highly paid positions; to expand and retain existing local businesses in Amarillo; and to create a business environment conducive to entrepreneurship. The AEDC targets companies whose primary function is to produce goods or services that are then sold outside of the immediate trade area, thereby introducing new monies into the local economy. This strategy is met by implementing aggressive business recruitment programs, local business retention and expansion programs, and promoting the Amarillo, Texas brand worldwide. In FY2019, AEDC approved a job creation grant of up to $1.25 million to Asset Protection Unit, Inc. for the expansion of their data mining and overpayment recovery business. AEDC approved a developer incentive with Amarillo Morning, LLC to partially rebate up to $260,000 of the land sales price based on capital investment and jobs related to the project. AEDC approved an investment into the WTAMU Enterprise Center Accelerator Program in the amount of $200,000 per year for a 3year period. This agreement provides for the establishment and operation of the Accelerator Program to assist participant businesses with intensive services intended to gain proof of concept and revenue. Finally, the AEDC approved the Second Amended and Restated Agreement between Bell Textron Inc. and the AEDC. This takes the agreement from a lease arrangement where the EDC owns the property and transfers ownership to Bell and the AEDC will have notes and a Deeds of Trust from Bell that secure the communities interest in the project. The performance obligations of both parties remain the same as under the previous agreements. The AEDC continued its partnership with West Texas A&M University through the EnterPrize Challenge, a local business plan competition funded by AEDC and facilitated by the WT Enterprise Center. The 24th annual Amarillo EnterPrize Challenge awarded five grants totaling $405,000 to new and emerging companies expected to create more than 24 new jobs and make substantial investments in the regional economy. To date, 96 businesses have received cash grants totaling more than $6.7 million, resulting in 902 new jobs and $156 million in new revenue to the Amarillo economy. By contractual agreement, Texas Panhandle Regional Development Corporation (TPRDC) acts as the small business financing arm of AEDC. TPRDC provides small business financing for owner-occupied commercial real estate. This Certified Development Company approved three Small Business Administration 504 loans totaling over $4.8 million, which leveraged $2.4 million in bank financing and $600 thousand in owner equity. For the year, this program was responsible for the creation of 40 new jobs. TPRDC also funded four loans in 2019 totaling just under $3.3 million. In addition to employment and business opportunities, Amarillo offers a high quality of life for our citizens. The arts are well represented in Amarillo. The Globe-News Center for the Performing Arts is home to the Amarillo Symphony, Amarillo Opera and the Lone Star Ballet, while also hosting a variety of concerts, touring shows and special performances. Located in downtown Amarillo, the 10-story, 70,000 square-foot facility has a 1,300-seat auditorium with state-of-the-art acoustics. The theater has a full proscenium stage and stage equipment. The Center also serves as an education center, has a large rehearsal hall and support facilities such as offices, dressing rooms, and wardrobe rooms. The Globe News Center serves as an education center for a five-state region of Texas, Oklahoma, New Mexico, Colorado, and Kansas. The Center’s ‘Window on a Wider World’ works with arts, science, cultural organizations, and educational institutions to promote excellence in interdisciplinary arts, science and cultural programs. Its primary goal is to integrate arts, science and cultural programming into the core curriculum of math, science, language arts and social studies. The Globe News Center above is a part of our Civic Center Complex. Our Civic Center has a coliseum, auditorium, and meeting room space. The coliseum has 4,870 permanent seats and an additional 1,800 seats can be added to the floor. The auditorium seats 2,500. The Civic Center has conventions, concerts, musicals, and plays; and is home to our hockey team and arena football team. There is currently an architectural study of the Civic Center underway, which should have some recommendations for updating the facility. The fairground is also home to the Amarillo National Center (ANC). The ANC is an 113,400 square foot livestock area with approximately 4,900 fixed seats. The ANC has attracted and hosted several large livestock events, the American Quarter Horse Association’s Adequan Select Championship, the West Texas Futurity Cutting and the Tri-State Fair Rodeo. The ANC has made us very competitive in attracting new events to Amarillo.

47

CITY OF AMARILLO

The American Quarter Horse Association’s home is in Amarillo. The American Quarter Horse Association is the world’s largest equine bread registry and membership organization. The American Quarter Horse Association hosts the Quarter Horse Museum, which is adjacent to their headquarters on Interstate 40. The Amarillo Museum of Art is located on the Amarillo College campus and features painting, prints and sculptures. The Panhandle Plains Historical Museum, which is located in nearby Canyon, Texas is the largest museum in the State of Texas. The Panhandle Plains Museum has archeology, paleontology and geology exhibits, an art collection and hosts traveling exhibits. For the children, we have the Don Harrington Discovery Center and Space Theater, which has several hands-on exhibits and a planetarium. There are several outdoor activities in the Amarillo area. We now have 64 parks in Amarillo. The Palo Duro Canyon State Park, Caprock Canyon State Park and the Alibates Flint Quarries National Monument are all in the Amarillo area. The outdoor musical drama, Texas, is held each summer at Palo Duro Canyon State Park. We have a zoo, an amusement park, a water park, two skate parks, and the Amarillo Botanical Gardens. Amarillo has a state-of-the-art shooting complex facility located on 34.8 acres of land. The site includes a 5,000 square-foot building, 36 high-power rifle-shooting positions and 20 pistol-shooting positions. The complex is intended for joint public use and police training. Other area law enforcement agencies also utilize the facility. Amarillo is well represented by higher education. Texas Tech University has a medical and pharmacy school here in Amarillo, along with a graduate engineering program. The Texas Tech School of Medicine trains third and fourth year medical students and offers residency training in family and community medicine, obstetrics and gynecology, internal medicine and pediatrics. The Texas Tech School of Allied Health Sciences currently offers a master's degree in physical therapy. The School of Pharmacy has a four year Doctor of Pharmacy degree. Amarillo’s community college is Amarillo College. West Texas A & M University (WTAMU) is located in nearby Canyon. With help from the AEDC, WTAMU now has a campus in downtown Amarillo. Both Amarillo College and West Texas A & M University are known for producing high quality graduates. We believe the future for Amarillo is bright. Amarillo has an ample workforce, low taxes and utilities, and the best-funded economic development corporation in the State. Amarillo has a diverse economy, business and employment opportunities, and education and recreation opportunities.

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CITY OF AMARILLO CALENDAR FOR BUDGET PREPARATION

April 11, 2019

Budget training begins.

April 26, 2019

Division Directors submit operating and capital budget requests to Finance.

May 27, 2019

Audit of Departmental operating and capital budgets are complete.

May 31, 2019

Finance submits operating and capital budgets with cash flows to City Manager for review.

August 13, 2019

City Manager submits operating and capital budgets with related budget material to City Council. Operating and capital budgets filed with City Secretary for public inspection.

August 14, 2019 - August 15, 2019

City Manager reviews operating and capital budgets with City Council.

September 2019

Various hearings on the operating and capital budgets and the adoption by the City Council.

October 1, 2019

Budget goes into effect.

49

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54

CITY OF AMARILLO PROFILE OF AMARILLO Location and Climate The City of Amarillo is located on the boundary of Potter and Randall Counties in the High Plains of the Texas Panhandle, and is currently the county seat of Potter County. The City is located at the crossroads of Interstate Highway 40 and Interstate Highway 27, with the Burlington Northern and Santa Fe Railway intersecting the heart of the City. Amarillo is approximately 120 miles north of Lubbock, 360 miles northwest of Dallas-Fort Worth, 285 miles east of Albuquerque, New Mexico, and 265 miles west of Oklahoma City, Oklahoma. Geographically, Amarillo is located within the High Plains section of the Great Plains. The High Plains is a vast, gradually sloping apron of material that was washed down from the Rocky Mountains. Beneath the limestone caprock covering the High Plains, is an agglomerate of gravel, sand, and clay carried down from the Continental Divide called the Ogallala Formation. The Ogallala is significant to the Panhandle as it provides irrigation water and a portion of the industrial and municipal water for this region. Amarillo has a dry, semi-arid climate with four distinct seasons. Temperatures in the High Plains vary greatly depending on the time of year. Amarillo temperatures range from an average low of 23°F (January) to an average high of 91°F (July) with temperatures topping 100°F approximately five times per year. From October 2016 to September 2017 Amarillo had an average low of 23.6°F (December), an average high of 94.3°F (July), received 25.7” of rain, and 10” of snow. Humidity averages are low, occasionally dropping below 15 percent in the spring. Low humidity moderates the effect of high summer afternoon temperatures, permits evaporative cooling systems to be very effective, and provides many pleasant evenings and nights. The average annual precipitation for Amarillo is 20.36 inches. Measurable precipitation falls on an average of 72 days per year. Snowfall averages 18.0 inches annually in Amarillo. Snow is most frequent during the winter months, but some of the heavier snowfalls have occurred in March. Snow has fallen as early as September and as late as May. The Texas Panhandle is one of the windiest regions in the United States. As westerly winds flow over the Rocky Mountains, low pressure forms to the east of the mountains in the High Plains. This very persistent low pressure is what leads to the strong average wind speeds of 13.1 mph from predominately south and southwesterly direction for Amarillo. Amarillo is known for its spacious skies, and clean air. History The City of Amarillo had its beginnings in 1887 near a bend in the Fort Worth and Denver (FW&D) Railroad, then under construction. This railroad was the first in the Panhandle of Texas, opening the way for settlers. By way of showing the importance of the railroad to early settlement, the first streets were laid parallel to the railroad lines. The economy was based on cattle, and this location became one of the largest cattle shipping points in the world. The point where the FW&D crossed the Santa Fe railroad, completed in 1898, was a logical site for the growth of what was to become the Panhandle’s premier city, Amarillo. The completion of the Santa Fe railway assured the City’s future and inaugurated a new period of stability. Amarillo was incorporated in 1899, and the young city grew quickly. The early 1900s were a time of growth for Amarillo when the discovery of natural gas in the area made the City the heart of the Panhandle’s oil and gas business. By 1910, telephone services along with water, gas, and electric systems were in place. New churches, schools, and a library were built. Three new railroad depots were built as the City became linked to a new transcontinental rail line. The first automobiles were used, and a new streetcar system was initiated. In 1913, following state-enabling legislation, Amarillo wrote its own charter and became one of the first cities in the United States to adopt the commission-manager form of government. This was considered quite progressive and was part of a movement to clean up government.

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CITY OF AMARILLO From cattle trails and railroads, to highways and airports; transportation has always been the cornerstone of Amarillo’s economy. In the 1920s, the City boomed both in population and assembly when the construction of Route 66 passed through Amarillo, connecting Chicago to Los Angeles. West Sixth Street was paved as part of Route 66 in 1921. The interstate highway system allowed Americans to become more mobile, and since the early days of automobile travel, Amarillo has been an important stopping point for travelers. During the 1930s, the City was significantly influenced by a growing reliance on automobiles. Oil and gas production kept Amarillo from feeling the full effects of the Depression. With increased traffic, the downtown area became congested and more parking was needed. The opening of Wolflin Village Shopping Center drew retail trade out of downtown and into the southwestern portion of the City. Thus, allowing downtown to become the financial heart of the city with its banks and other office buildings. Amarillo’s next link to the world was heralded by the opening of the Amarillo Army Air Base in 1942 (later known as the Amarillo Air Force Base). With the Air Base closing in 1968, Amarillo’s population decreased by approximately 11,000 people by 1970. Strong leadership helped the City survive and thrive after this event. Over time, the Air Base would become the Amarillo International Airport, now known as the Rick Husband International Airport. In the 1950s, due to the increase in traffic along Route 66, the highway moved from Sixth Street to Amarillo Boulevard. Interstate Highway 40 opened in 1976, continuing Amarillo’s tradition as a respite for travelers and further connected the region. Other changes in the 1960s included a bond election passed to build a new Civic Center, the start of the Amarillo Medical Center, and construction of the new international airport terminal. The 1960s provided the building blocks for Amarillo’s future as a regional center with cultural, medical, and transportation services. The 1970s were a period of recovery for Amarillo, as the population and development grew during this decade. The late 1980s and early 1990s were a period of moderate growth. Downtown Amarillo saw major private investments in buildings (predominately banking facilities and offices), a new regional mall in western Amarillo was constructed as well as numerous apartment complexes in the area. A maximumsecurity prison located east of city limits, named the Clements Unit became operational in 1990 and housed 3,619 inmates. In 1994, the prison was expanded to house 1,000 more inmates. Also, in 1994, the Neal Unit, a new women’s prison housing 1,667 inmates was completed. In 1997, this unit was changed to a men’s prison. In 2008, Amarillo finalized a Downtown Strategic Action Plan. Key goals include maintaining Downtown as a financial, government, and civic center for Amarillo and surrounding areas; attracting urban-type lifestyle living and continuing to support the Civic Center area by developing quality hotels in an effort to draw a wide array of conventions and conferences to Amarillo. In 2006, a Tax Increment Reinvestment Zone was established to support downtown efforts outlined in the plan. Starting with a base value of $139.5 million, the zone has grown to a taxable value of $245.3 million in 2019. In 2009, the City of Amarillo hired a consultant to assist the community in developing a new Comprehensive Plan. The Comprehensive Plan is a document designed to represent the Community’s vision and goals regarding development, redevelopment, and community enhancement over the next 15 to 20 years and beyond. Through a variety of community and leadership outreach efforts, the appointed Steering Committee helped sharpen the focus of each section of this plan and on October 12, 2010, the plan was adopted by Amarillo’s City Council. Initial implementation projects included establishing a drainage utility fee, a mobility study along the Soncy Rd/Loop 335 corridor, and modification of the City’s annexation ordinance. Today, new residential areas continue to develop in various parts of Amarillo. Residential building permits issued slowed slightly in 2019, with 297 permits through July, with an estimate of 400 for the year, which is most comparable to 426 in 2014. The Amarillo Metropolitan Statistical Area was ranked 58th in the world by the 2018 3rd Quarter 15th Annual Demographia International Housing Affordability Survey. Amarillo was also ranked 12th of 257 cities in the nation by the Council for Community and Economic

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CITY OF AMARILLO Research of least expensive U.S. cities based on a Cost of Living Index. No cities west of Amarillo made the top 25 list. Amarillo’s Relationship to the Region and the State The regional trade territory surrounding Amarillo is made up of 55 counties and portions of five states. Amarillo is the regional service center for the Texas Panhandle. Its isolation is one of the City’s most significant characteristics and assets. Amarillo’s geographic location and its relationship to major transportation facilities are important reasons for the significance of regional wholesale and retail trade. Wholesale and retail taxable sales comprise about 53% of Amarillo’s sales tax collections. Taxable sales for the area totaled $3.86 billion for calendar year 2018. According to the 2010 US Census Bureau, Amarillo is the 14th largest city in Texas with a population of approximately 190,695. The July 2018 estimate from the U.S. Census Bureau shows Amarillo growing to 199,924 since 2010. Having an average increase of 1% to 2% each year, Amarillo is an important developing metropolitan center in the southwest. The conversion of Amarillo from a local to regional urban service center over the past several decades reflects a nationwide trend toward dominant urban centers and the City’s commitment to meeting the needs of surrounding communities. LOCAL ECONOMY Although Amarillo was a city built solely on agriculture and energy production, Amarillo’s economic base has diversified significantly. Today’s economy is comprised of business and industry ranging from energy research and development, beef processing, agriculture, copper refining, wholesale distribution, fiberglass production, defense contracting, aviation maintenance, metal machining and finishing, to oil and gas production. The economy consists of all the manufacturing and service tools necessary for the operation of the City and the region. Amarillo’s business attitude, central location and low cost of living make it an attractive destination for new businesses. The Amarillo Metropolitan Statistical Area or City of Amarillo was ranked by the following companies:  #12 of 257 Least Expensive Cities in the U.S. to Live, Council for Community and Economic Research, August 2019  9 of 150 Best Large Cities to Start a Business (2017 WalletHub)  7 of 180 Best Cities for Hispanic Entrepreneurs (2018 WalletHub)  48 of 200 in the cost of doing business (2016 Forbes Best Small Places for Business and Careers)  95 of 201 large cities (2018 Milken Institute Best Performing Cities Index)  213 of 383 Metropolitan Statistical Areas economic strength ranking (2019 POLICOM Corporation) Local governmental entities in the Amarillo area have remained extremely strong and are presently in sound financial condition. The City of Amarillo adheres to a policy of a balanced budget and conservative management of the City’s resources, as do all local taxing entities. Planned construction is carefully budgeted on a “pay as you go” basis and consequently, the City has maintained a strong financial condition for the benefit of the taxpayers. Another indicator of the City’s traditionally stable and strong economy is total sales tax collections. In 1980, the City’s tax receipts for retail sales were $7.7 million. In 1989, the citizens of Amarillo displayed their pro-business attitude by approving a 1% sales tax increase of which half is dedicated to property tax relief and half is dedicated to economic development, bringing the total City sales tax rate to 2% overall. Tax receipts for retail sales remain strong. Not including the half cent Economic Development sales tax, City collections for 2012-13, 2013-14 and 2014-15 fiscal years were at an all-time high of $48.01 million, $51.68 million, and $54.42 million, consecutively. City sales tax collections for the 2015-16, 2016-17, and 2017-18 fiscal years were well over $55 million. Collections for the 2018-19 fiscal year increased to over $59 million, a new record high for the City. Amarillo was created as an agricultural servicing center and a significant portion of its economy is still based upon the important economic activity. In fact, the Texas High Plains is one of the most unique and

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CITY OF AMARILLO diversified agricultural areas in the world. The temperate weather conditions and the availability of irrigation water have made the area well suited for a number of agricultural enterprises. Cash receipts for crops, value-added livestock, and livestock products totaled in excess of $4.7 billion in the 26 counties known as the High Plains Trade Area. The total of value-added agricultural commodities, government payments to producers, and payroll of agribusiness firms averaged more than $6.2 billion per year in the trade area for 2009 through 2012. The 26-county region of Texas referred to as the High Plains Area is one of the most important agricultural areas in the world. The counties in the area were selected on the assumption that Amarillo served as their primary regional trade center. Approximately one-tenth the size of Texas, the impact on the regional and statewide economies from the High Plain’s livestock operations was estimated to be $8.1 billion and $10.1 billion, respectively. The area has access to an ample supply of feed grains, a mild climate, and large major meat packers with modern plants which makes it ideal for cattle feeders. One of the most highly productive agricultural regions in the world, the Texas High Plains is often referred to as the Cattle Feeding Capital of the World. During the 2009-2012 time period, fed cattle marketed in the area averaged just under 5 million head, which corresponded to 78.5 percent of the states’ total. The same conditions that brought the cattle industry to the area have also attracted the hog and dairy industries. According to the 2012 Census of Agriculture, over 600,000 head of hogs raised annually, making the Panhandle region the top hog producer in the state. Seaboard Farms, Texas Farm, and Smithfield Inc. have all established significant hog operations in the Texas and Oklahoma panhandles. The October 2011 issue of The Texas Association of Dairymen acknowledged Castro County, located within the Texas Panhandle, for becoming the number one milk producer in the State. Crop production is also important to the region’s economy. More than 25 crops are grown commercially in the area including over half of the state’s corn and wheat production. Other major crops for this area include grain sorghum, ensilage, hay, and cotton. A number of industries in Amarillo are related to agriculture, including grain storage and distribution, livestock feed companies, meat and cheese processing, packaging and distributing, fertilizer and pesticide distribution. As has been the case in the past, the future of agricultural production in the High Plains is bright. Amarillo is also an important hub for natural resource storage and/or extraction. Mined resources include oil, gas, and helium. Although Amarillo is not located directly in a major oil-producing field, it benefits heavily from the region’s petroleum industry. Despite stabilization and cutbacks in petroleum development, the industry will remain a significant element of the Amarillo economy. Amarillo is known as the “Helium Capital of the World” because a large percentage of the world’s helium supply is located within 250 miles of Amarillo. The Cliffside Gas Field is owned by the federal government and operated by the Bureau of Land Management. The Amarillo Helium Plant, on the western edge of the City, was built in 1929 to process helium-rich natural gas. Although the plant has closed, area gas fields will continue to store government and privately-owned crude helium for many years to come. The professional and technical services segment of the economy includes such services as medical, financial, real estate, insurance, and other miscellaneous services. There has been an increase in employment in these types of services in the past decade. There is expected to be a continued gradual increased demand for such required services in the Amarillo area. Manufacturing firms employ 11% of the total work force in the Amarillo area according to the Align Amarillo Economic Development Strategic Plan adopted in 2017. Additionally, Amarillo’s centralized geographic location is an ideal strategic transportation service hub for the United States. Amarillo has become a strong leader in the aviation manufacturing industry. The Bell Helicopter Amarillo Assembly Center is a leader in the latest vertical lift aircraft technology. Bell Helicopter’s facility in Amarillo is the final assembly and delivery site for the V-22 Osprey, the UH-1Y Yankee, and the AH-1Z Zulu, all destined for the Armed Forces of the United States. Amarillo’s facility will soon build Bell’s newest commercial helicopter, the Bell 525 Relentless, the first ever super-medium helicopter. The Amarillo Bell Helicopter facility employs approximately 1,250 workers. The decision to add commercial

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CITY OF AMARILLO work to the facility’s programs fit easily into the plant’s overall growth plan and took advantage of the state-of-the-art facilities as well as the partnership with the City of Amarillo and the Amarillo Economic Development Corporation. Because of the numerous attractions in and around Amarillo, tourism is a major industry. Some of the more prominent tourist attractions are Palo Duro Canyon State Park, which hosts the annual musical production “TEXAS” in the Pioneer Amphitheater, Amarillo Sod Poodles Double AA Baseball at Hodgetown, Panhandle-Plains Historical Museum, Don Harrington Discovery Center, Amarillo Museum of Art, Amarillo Little Theatre, Amarillo Symphony, the Lone Star Ballet, and American Quarter Horse Hall of Fame and Museum. Also, annual events such as the World Championship Ranch Rodeo, the July 4th fireworks show, Tri-State Fair and Rodeo, Pirates of the Canyon Balloon Festival, Good Times Celebration Barbeque Cook-off and various professional sporting events bring numerous visitors to Amarillo each year. Tourism and convention activities in Amarillo contributed over $911 million to the economy in 2018, with nearly two million overnight visitors. The variety of attractions in this portion of Texas not only adds to the economy, but also to Amarillo’s quality of life. Local, state, and federal governments continue to be a consistent and growing source for employment in the Amarillo area. According to the US Bureau of Labor Statics, between August 2018 and August 2019, over 100 new local government jobs were created. The government sector of Amarillo’s economy encompasses a wide array of public employers, such as the independent school districts, higher educational institutions, prison systems, and other state operated facilities; federal agencies, including the United States Postal Service, United States Department of Agriculture, and the Pantex Plant operated by the Department of Energy; and local public employers, such as the City of Amarillo as well as Potter and Randall Counties. With new hotels entering the market, the leisure and hospitality industry also saw an increase of 600 jobs during the August 2018 to August 2019 timeframe. The adequate reserves of land and energy along with Amarillo’s geographic location are an ideal place for business and industry. The same type of commitment that has made Amarillo what it is today drives current City leaders to continue to vigorously attract future business and industrial development. COST-OF-LIVING/QUALITY OF LIFE The cost-of-living index measures relative price levels for consumer goods and services in many cities throughout the nation. The cost-of-living index does not measure inflation, but it does compare relative prices at a single point in time using a national average of 100 as a base. The following table shows the differences between Amarillo’s overall cost-of-living and that of other Texas cities. Cost-of-Living Comparison City

Composite Index

Percent Difference*

Amarillo

81.1

Base

Abilene

92.4

+13.9%

Austin

97.0

+19.6%

Corpus Christi

93.2

+14.9%

Dallas

106.2

+30.9%

Lubbock

93.5

+15.3%

Midland

99.7

+22.9%

Odessa

96.0

+18.4%

San Antonio

88.7

+9.4%

Wichita Falls

86.1

+6.2%

*Between Amarillo and other cities Source: C2ER Cost-of-Living Index (COLI), 2nd Quarter, 2019.

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CITY OF AMARILLO CONSUMER PRICE INDEX The consumer price index (CPI) represents price changes for items individuals purchase for living such as food, clothing, automobiles, homes, home furnishings, fuel, etc. This index measures only prices and does not take into account changes due to quantity or quality differences. Many times, CPI is used by economists to determine whether prices are increasing or decreasing from month to month. A variation of this national index has been developed for the Southern Region to measure the prices of a fixed basket of goods and services representing consumption patterns of the region. It is realized that in a dynamic economy, measures such as CPI are complicated by the fact that many factors vary including price levels, employment, output, value of assets, and demographic patterns. The Regional CPI is an individual region index which measures the change in prices in a particular region. It does not determine whether prices or living costs are higher or lower compared to other locations. The South Region’s CPI is as follows: Annual Average CPI for South Region Year South Urban CPI 2008 208.681 2009 207.845 2010 211.338 2011 218.618 2012 223.242 2013 226.721 2014 230.552 2015 230.147 2016 232.692 2017 237.456 2018 242.737 2019* 245.331 *2019 CPI is based on average of first and second quarter data Source: U.S. Bureau of Labor Statistics, CPI, All items in South Urban, all urban consumers, not seasonally adjusted (Base 1982-84=100). QUALITY OF LIFE The City of Amarillo and the associated region have a high quality of life that make living and working in the area very attractive. Below is a brief discussion of various quality of life aspects in and around Amarillo. Schools Educational institutions in Amarillo, from the public elementary schools to the higher learning institutions, are highly valued symbols of community identity and achievement. Amarillo is well represented on every educational level. Texas Tech has medical and pharmacy schools located in Amarillo, and with our nation’s aging population, both schools should do very well in the future. During the most recent legislative session in 2019, the State Legislature approved funding for a new veterinary school in Amarillo that will be part of the Texas Tech system. The school broke ground in September 2019 and is expected to be completed by the fall 2021 school year. Amarillo is home to Amarillo College (AC), Wayland Baptist and Vista College also have campuses in Amarillo, and West Texas A&M University is less than 20 miles from Amarillo with a satellite campus located in downtown Amarillo. In the 2003 legislative session, the legislature authorized Texas colleges and universities to set their own tuition. Amarillo’s educational facilities are discussed in more detail below. School Districts

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CITY OF AMARILLO Within the corporate city limits of the City of Amarillo, there are five independent school districts. The Amarillo Independent School District (AISD) is made up of 37 elementary schools including one magnet school centering on mathematics, science, and the arts; three 6th grade campuses; nine middle schools including one middle school focusing on mathematics, science, and technology; four high schools and two specialty campuses. Amarillo Area Center for Advanced Learning (AACAL) is an extension of the home high school campuses and offers classes in the following specialized areas: Animal Science, Arts, Audio-Visual Technology and Communications, Automotive Technology, Engineering, and Health Sciences. North Heights Alternative School focuses on credit recovery and preparing students to become self-directed learners. The Canyon Independent School District (CISD) has eight elementary schools; three intermediate schools (grades 5 and 6); two junior high schools (grades 7 and 8); two high schools and one alternative education high school in the Amarillo area. River Road Independent School District (RRISD) has one early childhood academy, elementary, intermediate, middle, and high school respectively. Highland Park Independent School District (HPISD) has a facility that serves elementary, junior high, and high school students located within the Amarillo city limits. These school districts are generally located in areas of the City which are less densely developed than AISD. The Bushland Independent School District (BISD) has one elementary, middle school and high school respectively and is located in the southwestern portion of Potter County. There are also several private, religious, and vocational schools that meet the educational needs of the community. Higher Education Facilities West Texas A&M University (WTAMU), a member of the Texas A&M University system, celebrated its centennial year during 2010 with a long history of educational excellence. High quality academic offerings that are both engaging and challenging combined with a dedicated faculty committed to teaching excellence have helped WTAMU earn top-tier status for regional universities in the western United States by U.S. News and World Report. University officials are preparing for WTAMU’s second century with an ambitious plan to enhance the campus and set the stage for future growth. New facilities, high-tech classrooms, renovations and improvements along with the University’s Amarillo Center guarantee that students of today and tomorrow will enjoy a college experience that prepares them for a life of learning, leadership, and service. Amarillo College (AC) is an accredited community college offering 143 degree and certificate programs, instruction on six campuses as well as one outreach center. The 2016 Fall Semester academic enrollment was 10,087, and an additional 24,000 area residents continued their education in one of AC’s Professional Development and Personal Enrichment classes. AC’s Washington Street campus is 24 acres in size and is located adjacent to S.W. 24th Avenue and Washington Street. The West Campus, being 41 acres in size, located north of the Amarillo Medical Center and is the primary location for Allied Health, Nursing, and Criminal Justice training. An 8-acre downtown campus houses the Business and Industry Center while the East Campus, located near the Amarillo International Airport, mainly focuses on Industrial and Transportation Technologies. Community Link, AC’s outreach center in Northeast Amarillo, offers GED courses, basic computer training as well as English as a Second Language courses. AC has two additional campuses located in the outlying communities of Hereford to the southwest of Amarillo and Dumas to the north of Amarillo. Wayland Baptist University (WBU), whose main campus is in Plainview, Texas, conducts night and weekend classes in Amarillo for students earning degrees in business administration, human services, career technology education, Christian studies, management, and applied science. Texas Tech University Health Sciences Center (TTUHSC) began operations in Amarillo with the School of Medicine (SOM) in 1972. The school offered elective clinical rotations in space borrowed from Northwest Texas Healthcare System and the Veterans Affairs Health Care System.

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CITY OF AMARILLO In 2002, the SOM moved into a new 155,000 square-foot building located at 1400 S. Coulter St. The Amarillo campus is not only home to the SOM, but now also encompasses the schools of allied health sciences and pharmacy. The campus is located in Amarillo’s 400-acre Regional Medical Center. The first TTUHSC program moved to Amarillo in 1974 when five resident physicians began family medicine training. A pediatrics program began in 1978, followed by obstetrics and gynecology in 1979 and internal medicine in 1988. Since the medical school graduated its first class in 1974, it has produced over 3,000 physicians. More than 100 medical students and 100 residents receive training on the campus each year. The applicant pool is very competitive with the average incoming GPA being 3.6. Richard M. Jordan, M.D., serves as the SOM regional dean. When the School of Health Professionals opened, it was housed in the Amarillo Speech and Hearing Center. The school’s academic and clinical programs are now at the Coulter Street location. The school offers Occupational Therapy and Physical Therapy programs at the Amarillo regional campus. The state-of-the-art School of Pharmacy (SOP) has grown steadily since it opened in 1996. The school presently admits 115 first-year students to its Amarillo campus annually, and the program’s growth has produced regional campuses in Abilene, Lubbock and Dallas/Fort Worth. The SOP in Amarillo also has the distinctive honor of being home of the Texas Pharmacy Museum. In 2007, the Laura W. Bush Institute for Women’s Health (LWBIWH) was established at TTUHSC. The institute was first launched in Amarillo and has grown to serve communities in Lubbock, El Paso, the Permian Basin and San Angelo as well. The institute builds research, education and outreach programs to improve the lives of women and their families. TTUHSC at Amarillo is also home to InfantRisk Center, the Amarillo Breast Center of Excellence, SiMCentral and the West Texas Influenza Center. On top of being a teaching facility, TTUHSC at Amarillo also provides care to area residents offering firstclass medical services in family medicine, internal medicine, surgery, obstetrics and gynecology, pediatrics, psychiatry and geriatrics. Medical care is open to all. TTUHSC is committed to providing topnotch training for future medical professionals while offering first-class medical treatment to its neighbors. In 2019, the 86th Legislature earmarked the operating dollars necessary to establish a veterinary medicine school in Amarillo as part of the Texas Tech University System. Through donations and a pledge from the Amarillo Economic Development Corporation, Texas Tech has raised the estimated $90 million needed for the construction of the new facility in the Amarillo Medical District near the existing TTUHSC. Texas Tech broke ground on the new facility in September 2019 with hopes of enrolling the first class by 2021. The Texas AgriLife Research and Extension Center, located at 6500 W. Amarillo Boulevard, provides information, technology, and assistance in the areas of agriculture, community development, and family and consumer sciences. This is one of 13 research centers within the Texas A&M System. Texas AgriLife Research in Amarillo is dedicated to science that will help make crop and livestock production in the region more efficient. Also housed at the AgriLife Center is the district office of the Texas AgriLife Extension Service, which has a network of agents and specialists trained to aid producers, homeowners, and families with its many programs. The Texas A&M Veterinary Diagnostic Laboratory, located next door, assists veterinarians, feedyard managers, and cattlemen in diagnosing the causes of diseases and other health problems affecting livestock in the region. Amarillo’s Professional Sports Teams In the fall of 2010, the Amarillo Bulls began their inaugural Season in the North American Hockey League, by offering exciting, affordable family entertainment. The Bulls team consisted of some of North America’s best young hockey players, ranging from age 17 to 20, in an effort to advance their hockey careers and to receive a College Scholarship. Since its existence, over 50 players have received scholarships with West Point, Air Force Academy and Princeton. The players are amateurs, receiving no salary, and they stay with local families making Amarillo their new home. These players give back to the community by helping

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CITY OF AMARILLO local charities. An Amarillo Bull player has won the NAHL Community Service award four straight years in a row. The Amarillo Bulls have won the oldest Hockey trophy in the United States, the coveted NAHL Robertson Cup and were most recently the 2018-2019 South Division Champions. The seven-month season, from September to March, consists of 28 regular season home games which are played in the Amarillo Civic Center’s Coliseum. Amarillo welcomed The Amarillo Dusters, a professional indoor football team of the Intense Football League, in 2004. In 2010, the Amarillo Dusters became the Amarillo Venom. The Venom joined the Lone Star Football League for the 2012 season. They won back-to-back Championships in the years 2012 and 2013. The Venom proudly plays in the Amarillo Civic Center’s Coliseum during the months of March through July. In Spring 2019, the City of Amarillo welcomed back AA affiliated baseball for the first time since 1982. The Amarillo Sod Poodles are affiliated with the San Diego Padres and play in the new $45.5 million MPEV which was completed shortly before the season began. The new state of the art facility is located in downtown Amarillo and offers yet another affordable family entertainment option for the community and surrounding area. In their inaugural season, the Sod Poodles claimed the Texas League Championship. PARKS AND RECREATION Park land, open space, and recreational facilities serve an important function for the City of Amarillo. The park system improves the quality of life by providing recreational opportunities for the community as well as protecting the natural environment. The location and design of park land and open space can be beneficial to Amarillo’s image by providing a visual improvement to a neighborhood and, in some cases, serve as a buffer between differing land uses. Park and open space facilities in Amarillo are comprised of school playgrounds, school parks, linear and ornamental parks, neighborhood, community, and regional parks. Amarillo currently has 64 parks and 2 golf complexes that combined with areas of developed recreation open space total 2,168 acres which is 74% of the 2,935 acres of dedicated open space. Amarillo’s municipal golf courses include Ross Rogers and Comanche Trail Golf Complexes, both with 36 holes each. Other areas of recreational opportunity include 3 public swimming pools, 2 concrete skate parks, 15 water spray grounds, the Amarillo National Tennis Center and the Amarillo Zoo. In addition to Amarillo’s parks system, recreational areas of the community are supplemented by the various improvements found on elementary, middle school, and high school sites. These sites are located throughout the city and provide athletic-type facilities for students. Middle school sites contributing to Amarillo’s open space include Austin, Bonham, Bowie, Crockett, Fannin, Houston, Mann, Travis, De Zavala, and Westover. Facilities for recreational activities such as baseball, soccer, track events, and football are also found at high schools such as Amarillo, Caprock, Palo Duro, Tascosa, Randall, River Road, and Highland Park. Privately owned recreational facilities such as the Maverick Club, Amarillo Netplex, numerous health clubs, as well as the Amarillo Country Club and Tascosa Golf Club also provide community recreation and leisure services. Additional projects funded through the Parks Capital Improvement budget that were completed in recent years include the following: • Design and construction of the splash pad and playground at Gene Howe Park. • Design and construction of the PlayZone at Medical Center Park. The new playground and splash pad provide access, transition and functionality for everyone regardless of their physical limitations or special needs. This was a public-private partnership with the Southwest Chapter of Ambucs which, without their vision and generous donation, would not have been possible. • Design and construction of a new playground and swings at Mesa Verde School Park. This was a joint effort between the Parks and Recreation Department and the Community Development Block Grant. • Design and construction of a concrete crosswalk with surface safety lighting and signage to enhance safety for pedestrian and bicycles at the Georgia Street and Rock Island Rail Trail crossing. Additional benches and bicycle “fix-it” stations were also placed at this location.

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CITY OF AMARILLO Major Regional Recreation Facilities Numerous major recreational areas are located in the Texas Panhandle region and provide Amarillo citizens the opportunity to participate in outdoor activities such as boating, fishing, camping, hunting, etc. Even though the regional facilities may be up to 55 miles from Amarillo, they are considered supplemental to Amarillo’s park system due to the type, size, and quality of recreational opportunities provided. Area lakes, such as Greenbelt Reservoir located north of Clarendon, Lake McClellan south of Pampa, Lake Mackenzie east of Tulia, and Lake Meredith near Fritch, offer public fishing and boating recreation. The Canadian River, located north of Amarillo, provides areas for hunting and off-road driving and riding. Buffalo Lake Conservation area, a wildlife refuge near Canyon, and Wildcat Bluff Nature Center, west of Amarillo, provide both active and passive recreational areas from hiking trails to picnic areas. Palo Duro State Park, located southeast of Amarillo, is one of Texas’ most spectacular scenic features since the colorful, rugged terrain of this canyon provides a sharp contrast to the plains of the Panhandle. The park offers camping, hiking, picnicking, mountain biking, and horseback riding. An amphitheater is also situated within the park where the Nation’s best-attended outdoor musical drama “TEXAS” is performed seasonally. “TEXAS” has been named one of North America’s 100 Best Events in 2013 by the American Bus Association. MUNICIPAL ADMINISTRATION Municipal administration services are housed in Amarillo City Hall, the Simms Building and associated public buildings known as the Municipal Complex. The complex is located in the vicinity of S.E. 7th Avenue and Buchanan Street and includes City Hall, Civic Center, Simms Building, Centennial Plaza, Central Library, Globe News Performing Arts Center, Facilities Administration Building, and associated parking areas. The entire municipal complex is appropriately located at the edge of the Central Business District and is accessible to the transit system. City Hall The Amarillo Sunday News-Globe, on Sunday January 8, 1967, announced the Grand Opening of the new Municipal Building and estimated the attendance to be more than 8,000 people. The article read: “First Jewel in the setting that will become the Civic Center Complex in 1968 is the new Municipal Building completed last month. It is now the home for 21 city governmental offices and has four levels that incorporate 84,000 square feet of floor space. The Municipal Building, like the Auditorium-Coliseum combination being constructed to the north, was financed through the sale of bonds authorized by the voters in 1964. It cost $2,126,427, including the land, architect fees, paving, lighting, and storm sewer relocation. The outside finish consists of pre-cast concrete panels in which marble chips have been mingled and it will conform architecturally with the Auditorium-Coliseum.” Originally, a water fountain and pool were constructed at the main entrance with the stairs wrapping around either side of the water feature. The Municipal Building today is known as the Amarillo City Hall Building and is currently home to over ten city departments. The building has several of its original design features; however, one notable change has been the removal of the water fountain and pool adjacent to the main entrance to make room for the installation of a ramp and steps, making the building more accessible for all community members. City Hall is home to the Mayor’s office, City Council, Finance Department, Utility Billing, Vital Statistics, Parks and Recreation Administration, Human Resources, the City Attorney offices as well as many other departments. As established in 1968, the City Hall building remains a focal point for the citizens to access their city officials and services. Simms Municipal Building On January 22, 2016 the City of Amarillo hosted the Jim Simms Municipal Building open house. The opening of the Simms Building represents a $4.25 million renovation project and will provide an addition of 62,000 in square footage for municipal office space. The Simms Municipal Building is home to the City

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CITY OF AMARILLO Care Clinic, Amarillo Emergency Communications Center (AECC), the Office of Emergency Management (OEM), Community Development, Environmental Health, Building Safety, Public Works, Engineering, Traffic, Planning and Utilities Engineering departments. The remodeled municipal building was named after the late Councilman Jim Simms, who passed away Nov. 12, 2014 at the age of 73 following a lengthy illness. In a unanimous vote by a previous Amarillo City Council, the new facility was renamed in his honor marking his accomplishments and efforts as a public servant. Amarillo Civic Center Complex When the Amarillo Civic Center opened in 1968, it housed a coliseum (7,000 capacity) and an auditorium (2,324 capacity). In 1978, the first expansion of the Civic Center added what is now known as the South Exhibit Hall and Regency Room. In 1989, the coliseum was renamed the Cal Farley Coliseum in memory of Mr. Farley. In 1990, the Grand Plaza was added. This unique venue for banquets, parties, and dances enclosed an outdoor area, giving the Civic Center its first indoor ballroom complete with Texas shaped terrazzo floor and Gulf of Mexico fountain. In 2003, the most recent expansion was completed, adding the North Exhibit Hall and the Heritage Ballroom. A jewel in the heart of downtown Amarillo, the Globe-News Center for the Performing Arts houses a 1,300 seat auditorium and the Gilliland Education Center. Opened in January 2006, the facility is owned by the City of Amarillo and operated as part of the Amarillo Civic Center Complex. The idea behind the facility was birthed in 1999, when Caroline Bush Emeny opened fundraising for the Center with a very generous donation. The overall project cost was approximately $32 million. The acoustically sound, state-of-the-art facility was designed by Holzman Moss Architects and hosts an average of 100 ticketed performances annually. The Amarillo Civic Center and the Globe-News Center of the Performing Arts are the center of cultural activity in Amarillo; including symphonies, concerts, ballets, Broadway shows, and sporting events. Conventions, conferences, graduations, community meetings, parties, and consumer shows round out the bulk of events that take place at the facility. Totaling over 400,000 square feet, nine separate events can be accommodated at any one time within the complex. Resident companies and primary use tenants include the Amarillo Venom, Amarillo Bulls, Amarillo Opera, Amarillo Symphony, Lone Star Ballet, Window on a Wider World, and the Broadway Spotlight Series. More than 600,000 patrons attend approximately 1,000 events each year. Police Department and Municipal Courts Building In 1992, the Police Department and Municipal Courts relocated to a newly renovated building located at S.E. 3rd Avenue and Taylor Street in downtown Amarillo. This facility was purchased from private owners who absorbed the entire cost of renovation. The facility allows for most Police Department functions to be located in one building. In 2010, the 6th floor of the Police Department was renovated. After the renovation was completed, the Uniform Division was relocated to that floor. The renovation of the 3rd floor followed to address the expanded needs of the Detective Division. Future plans include renovations to the 4th and 7th floor to address anticipated growth of the Police Department. Additionally, the Municipal Court received a much needed court document storage space, as well as larger jury and customer service areas. This facility has improved the Police Department by enhancing efficiency and improving crime fighting capabilities. Solid Waste Collection The City of Amarillo Solid Waste Collection Division provides for the safe and efficient collection of residential and commercial solid waste within the City limits. The Solid Waste Collection Division ensures the health, safety, and welfare of residents, commercial customers, and employees while acting in compliance with state regulations and Amarillo Municipal Ordinances. The City Solid Waste Collection Division utilizes a fully automated, containerized trash collection system for the majority of residential and commercial customers. Residents who have dumpsters in front of their homes, those with dead-end alleys or safety concerns, and some customers currently receiving curbside hand collection are receiving curbside cart collection. Other residents in specific neighborhoods without alleys have curbside hand-pickup collection of their solid waste; however, most will be transitioning to

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CITY OF AMARILLO curbside cart collection within this budget year. The City of Amarillo also has a curbside big/bulky collection program as well as coordinated alley collection program for limbs and big/bulky items. The existing multiple program operation strives to maintain Civic Pride by providing many solid waste collection services for the public in accordance with Best Practices. Amarillo Sanitary Landfill The Sanitary Landfill for the City of Amarillo is five miles west of the city limits in Potter County. Sanitary landfilling is a method of disposing solid waste on land without creating nuisances or hazards to public health or safety. Principles of engineering are used to confine the waste to the smallest practical volume and to cover it with layers of earth at pre-set intervals. The current landfill site is permitted by the Texas Commission of Environmental Quality to include 662 acres, of which 486 acres are suitable for disposing of solid waste. The existing site is ideal and is expected to be utilized for over 100 years. Amarillo, therefore, has a long-term commitment to burying its solid waste at this location. The landfill disposes of approximately 250,000 tons of waste per year. The Amarillo Sanitary Landfill has been successful in disposing of its solid waste because of proper preliminary planning and design of the site, the application of proper engineering principles, and the competent operation of the facility. The benefits of disposing of waste in this fashion include the relatively low cost of disposal, no pollution of air, land or water, and the potential future use of the site once operations are completed. Amarillo Animal Management and Welfare Department The Amarillo Animal Management and Welfare Department located at 3501 S. Osage St. is open to the public from 10:00 AM to 6:00 PM, Tuesday through Friday, and from 10:00 AM to 5:00 PM Saturday. The following services are provided by Amarillo’s Animal Management and Welfare Department: • • • • • • • • • •

Impoundment of stray or unwanted animals, Enforcement of City ordinances and state laws pertaining to animals, Pet education and awareness programs, Investigation of cruelty and welfare cases, Capture and relocation of wild animals, Investigation of animal bites/attacks, Quarantine for rabies observation, Removal and pickup of deceased animals, Adoption of pets, Respond to citizen complaints

Rick Husband Amarillo International Airport The Rick Husband Amarillo International Airport became a public use airport in 1941 when the City of Amarillo purchased the current airfield portion of the airport in order to receive development assistance from the federal government. The military utilized the airport in World War II and the airport became the Amarillo Air Force Base in 1951. The airport operated as a joint-use facility through 1968. In February of 2003, Amarillo City Council voted to change the name of the Amarillo International Airport to Rick Husband International Airport in memory of Astronaut Colonel Rick Husband who was born and raised in Amarillo, Texas. Colonel Husband was the Commander of the Space Shuttle Columbia and died alongside his entire crew, ironically over Texas, on February 1, 2003 as the shuttle disintegrated upon reentry after their 16-day mission in space. In 2011, the Rick Husband International Airport completed a multi-million dollar air terminal rehabilitation project. The project included a major renovation of the existing terminal building consisting of a dedicated meet-and-greet area, a consolidated gate area, a spacious security screening checkpoint, new passenger boarding bridges, and a new inline baggage screening system. In 2012, the terminal building storm water drainage system was significantly upgraded and the upper level terminal drive roadway was rebuilt.

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CITY OF AMARILLO Currently, the terminal apron is undergoing a large maintenance project that includes the replacement of numerous sections of 22 inch thick concrete. Planned projects for the 2018 budget year include replacement of the terminal flight information display system, replacement of the terminal public address system, replacement of the airfield lighting electrical system and electrical control vault, replacement of most of the airport’s closed circuit TV security monitoring system, replacement of the core hardware and software that runs the access control system, and major repairs to taxiways “C” and “J.” In fiscal year 2017/2018, the airport enplaned 358,819 passengers onto aircraft of the 3 airlines serving the airport, American Airlines, United Airlines, and Southwest Airlines. Amarillo Public Library Amarillo citizens have enjoyed library service since 1902, when a group of women known as the JUG (Just Us Girls) Club formed a lending library of 123 books. Potter County assumed responsibility for the library in 1921, until the City of Amarillo took over in 1940. Today, the Amarillo Public Library System consists of a Central (Downtown) Library and four branches, serving over 3,300 people every day. The library collection includes close to 450,000 books, magazines, and media materials which circulate 1.6 million times per year. The Library maintains 90 public computers and provides free WIFI access to cardholders, both of which supply over 90,000 hours of internet access per year. Non-profit organizations from across the state take advantage of meeting facilities available for a small fee at all five library locations. The Amarillo Public Library also offers a great many other resources and services. • The Library’s Community Reading Program, AMARILLO READS, offers English as a Second Language and Citizenship Classes, Adult Reading Skills Tutoring, Summer Reading Club for all ages, and annual Community Reads. • Story Time Classes for young children are available 16 times each week at various times and locations to make Story Times available to all Amarillo families. • Additional activities take place each month for school-age kids and teens, including science, music, art, and social activities. • Programs for adults include book discussion groups, film series, craft programs, fraud prevention classes, technology workshops, free GED tutoring, and health and financial literacy programs. • The Library’s website, www.amarillolibrary.org, offers: o Downloadable magazines, eBooks and audio books o Language instruction o Assistance for job seekers o Test preparation for a variety of scholastic and professional exams o Access to consumer information o Reader’s advisory resources o Streaming video of independent and classic films o Web-based story books for children o Online encyclopedias o Photo archive of digital images related to Amarillo and Panhandle history o Genealogy resources Amarillo Public Library Locations and Contact Information: Downtown Library East Branch North Branch Northwest Branch Southwest Branch

413 E 4th Ave 2232 E 27th Ave 1500 NE 24th Ave 6100 W 9th Ave 6801 W 45th Ave

806-378-3054 806-342-1589 806-381-7931 806-359-2035 806-359-2094

The Amarillo Public Library System is a member of, and serves as the headquarters for, the Harrington Library Consortium (HLC). HLC is a multi-institutional cooperative library network serving more than 130 Libraries in Texas and Oklahoma. HLC membership allows public, school, academic, and special libraries to share resources and provide additional services to patrons. The Consortium also offers

67

CITY OF AMARILLO member libraries consulting services, continuing education opportunities, support for literacy, English as a Second Language, and automation projects. HLC membership enables the Amarillo Public Library to increase the quality and quantity of resources available to the citizens of Amarillo and to serve as a leader in library innovations throughout the state of Texas. Fire Stations In 2018, the Amarillo Fire Department (AFD) had 22,892 emergency responses. This was a 2.5% increase from the 22,340 responses made in 2017. Of these incidents, 15,532 (67.8%) were Emergency Medical Services (EMS) responses. The AFD is also responsible for mitigating emergencies involving structural and wildland fires, vehicle accidents, hazardous materials, heavy & technical rescue, aircraft emergencies, and non-emergency assistance calls. Prompt fire department response times are emphasized organizationally by the layout and location of fire stations throughout the City of Amarillo. In the last fifty years, Amarillo has experienced significant growth geographically - from 38 square miles to 103 square miles. During that time, the population also increased by 74,000 (36.0%.) Until 2009, the City had not opened a new fire station to keep up with this growth. City leaders addressed this problem by adding Fire Station #11 (2009) in the Westcliff subdivision, Fire Station #12 (2011) near The Shores subdivision, and Station #13 (2013) in John Stiff Park. The addition of Fire Station #13 has allowed the Department to relocate Fire Station #3 from the Estacado area south to Oxford Street, and Fire Station #9 north to I-40 and Paramount. Fire Station #3 was completed in the Spring of 2019 and Fire Station #9 is scheduled to be open in early Fall. Fire Station #5, which will include the addition of a 77' Ladder Truck and second crew, should reach completion in 2020. These new stations ensure firefighters will continue to quickly arrive at the scene of emergency incidents. Major Medical Facilities Amarillo is a major health care center for portions of five states and includes three acute care hospitals, several medical-education facilities, long-term health care facilities, and medical clinics. The major hospitals and their respective locations are identified below: Hospital Baptist Saint Anthony’s Hospital Northwest Texas Health Care System Veterans Affairs Health Care System

Location 1600 Wallace Blvd. (Medical Center) 1501 S Coulter St. (Medical Center) 6010 W Amarillo Blvd. (Medical Center)

Amarillo Medical Center In 1959, Amarillo began developing into a regional health care center and continues to be committed to provide an array of health care services to a large geographic area. Under the sponsorship of the Amarillo Area Foundation and other generous supporters, the Medical Center is the product of cooperation and interaction among private enterprise, local and county governments, and voluntary nonprofit groups. This multi-purpose medical complex, consisting of facilities which provide hospital and health care, medical research, and vocational and professional training; is designed to promote the development of a coordinated program of health care by concentrating a full range of services in a single location. Significant institutions include Texas Tech University, VA Hospital, Baptist Saint Anthony’s Hospital, and Northwest Texas Healthcare System. Texas Tech University has a consolidated 20-acre Medical Center comprising the schools of pharmacy, medicine, allied health, and future school of veterinary medicine located in Amarillo. The pharmacy and medical research have brought in millions of research dollars to Amarillo from several health organizations and pharmaceutical companies. Amarillo is home to a Veteran’s Hospital with 55 beds The VA also houses a veteran’s nursing home. Baptist Saint Anthony’s Hospital (BSA), is a general medical and surgical hospital in Amarillo with 445 beds. BSA has the region’s first designated level three neonatal

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CITY OF AMARILLO intensive care unit, was listed as one the nation’s 100 Top Hospitals® by IBM Watson Health, and is a Certified Primary Stroke Center. Northwest Texas Healthcare System is also a major general medical and surgical hospital in Amarillo with 431 beds. Northwest Texas Healthcare System is the area’s Designated Advanced Level 3 Trauma Facility and home to LIFESTAR. NWTHS is also a Certified Primary Stroke Center and an Accredited Wound and Hyperbaric Oxygen Therapy provider. Each acute care hospital in Amarillo is within the Medical Center where ample undeveloped property for additional facilities is available. Therefore, most major medical facilities are expected to be constructed in the Medical Center area in the future. Amarillo Economic Development Corporation The Amarillo Economic Development Corporation (Amarillo EDC) was created to foster economic development in the City and to manage the revenues from the 0.5% City sales tax increase that Amarillo voters approved in 1989. Economic development strategies are met by implementing aggressive business recruitment programs, local business retention and expansion programs, and promoting the Amarillo EDC and Amarillo, Texas, brands worldwide. The corporation consists of a five-member board appointed by the City Council. Amarillo EDC Operating Fund expenses consist of all administrative, promotional and marketing costs associated with operating the entity. The Amarillo EDC’s Project Fund invests in capital projects, issues grants, loans and other incentives to local and outside industry to create primary jobs and capital investment in the Amarillo community. The Amarillo EDC has been instrumental in bringing new business and industry to Amarillo, and assisting existing companies via variety of incentive programs that provide grants and loans. Center City of Amarillo, Inc. In 1989, a group of community leaders began to share their concerns about the decline of Amarillo’s historic downtown. Center City of Amarillo, Inc. grew out of this process. Center City is a nonprofit organization dedicated to the historic preservation and revitalization of Downtown Amarillo. Center City spearheaded the application and designation of the Amarillo Cultural District of the Texas Commission on the Arts in 2016. Center City’s vision is that Amarillo’s historic downtown will be a destination neighborhood that bridges the past and the future. Center City projects include: 1. High Noon on the Square, a series of free outdoor summer concerts on the grounds of the historic Potter County Courthouse. 2. HOODOO Mural Festival, a downtown mural festival to celebrate the Amarillo Cultural District of the Texas Commission on the Arts. 3. Jazztober, a downtown music event held weekly during the month of October, 4. Center City Electric Light Parade, a holiday parade in cooperation with the Parks & Recreation Department. The parade ends with the lighting of the city’s Christmas tree at the Civic Center, 5. Amarillo Community Market, a downtown market with fresh produce, baked goods, arts and crafts all produced within a 150-mile radius of Amarillo held June to September. 6. The Center City Electric Light Parade, a lighted nighttime Christmas parade and tree lighting event. 7. Hoof Prints of the Great American Quarter Horse, an art in public places project. The project places full-size fiberglass horses throughout Amarillo to celebrate our Western Heritage. 8. Design Review, a partnership with the City of Amarillo to provide façade grants. The cumulative façade grants since 1996 topped $1.24 million in fiscal year 2018-2019. 9. Restoration of historical signs along Polk Street including the Paramount sign and the Kress sign, 10. Partnerships with other downtown organizations including the Center City Tax Increment Reinvestment Zone and Downtown Amarillo, Inc. 11. Partnerships with other nonprofit organizations gathering people downtown, including the Amarillo Museum of Art, the Coors Cowboy Club Rodeo and Longhorn Cattle Drive, the Working Ranch Cowboy Association, Amarillo Convention & Visitor Council, and the Amarillo Chamber of Commerce. 12. Historical preservation efforts with the Amarillo Historical Preservation Foundation, the Texas Historical Commission, the Texas Downtown Association and Preservation Texas. Center City

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CITY OF AMARILLO has won six Texas Downtown Association Presidential awards for restoring or adapting historical downtown buildings. 13. Center City hosted the Summer Training for Texas Main Street Managers in 2018 and hosted the Texas Historical Commission quarterly meeting in Amarillo to showcase our beautiful downtown improvements. 14. A street banner program to welcome residents and visitors to the downtown neighborhood, and 15. Downtown business memberships to retain and recruit new businesses to the downtown area. ENHANCEMENT PROJECTS Sixth Street Sixth Street in Amarillo is Texas’ most intact collection of commercial buildings possessing significant associations with early Route 66. With over 100 antique shops, restaurants, and bars, this area is listed on the National Register of Historic Places. This section of street represents the roadside architecture and development produced by the first transcontinental highway linking mid-America to the west coast. The Sixth Street Enhancement Project consists of landscaping, beautification, and historic preservation. A Route 66 mural is in place and a landscaped gateway near the Georgia Street entrance welcomes visitors. Rails to Trails Project A construction contract was awarded to Fuller Construction of Amarillo for $2.6 million to complete the construction of a 3.88-mile section of the Amarillo Rails to Trails Project. The multi-purpose trail, which serves as a linear park, extends from the intersection of SW 7th Avenue and Crockett Street to Coulter Street. A special dedication/grand opening was held in April of 2005. The trail was named the Rock Island Rail Trail in order to give recognition to the historical significance of the railroads that once traveled this section of the City. In April of 2015, the City of Amarillo developed a specific Master Plan for the Amarillo Rock Island Rail Trail (Phase II). The project originated with a desire to increase the use of the existing Trail by improving safety and connectivity. The Rock Island Rail Trail Master Plan seeks to build on prior efforts by advancing the long-term development of the Trail as a true multi-modal transportation system within Amarillo’s overall transportation system. Amarillo-Potter Events District On January 17, 1989, the voters of the City of Amarillo and Potter County approved a venue project along with the corresponding tax levies. The approved project consists of an expansion of the Civic Center convention facility and the construction of the Tri-State Fairgrounds Event Center. The Tri-State Fairgrounds Event Center (officially the Amarillo National Center) is used for community events including rodeos, livestock shows, agricultural expositions, promotional events and other civic or charitable events. The facility has 5,000 permanent seats and is designed to complement, not compete with, the existing Civic Center facility. Strategic Action Plan for Downtown In 2008, the City of Amarillo adopted the Strategic Action Plan for Downtown Amarillo after almost two years of research and community meetings. The Plan covers a large area from the railroad tracks north of downtown, to 12th Avenue on the south, and from the east railroad tracks to Washington/Adams Street on the west. This accounts for nearly a 116-square block area. Recommendations in the Plan included the formation of a Tax Increment Reinvestment Zone, which was established in 2006 and a proposed Business Improvement District for downtown. Other goals in the plan include developing approximately 400 to 600 new housing units in Downtown, attract multiple retail centers, draw family-friendly venues, develop one or more quality hotels with at least 300 rooms to support and meet needs of the revitalized downtown area, and retain and grow Downtown as a financial, business, and government center. Related to the above, the City adopted the Downtown Amarillo Urban Design Standards, an overlay zoning district, in 2010 to provide guidance for modifications to building exteriors, walkways, landscaping and signage within downtown. These standards are to aid in protecting downtown property owners’ investments by providing for quality redevelopment in a safe, attractive, pedestrian-friendly environment,

70

CITY OF AMARILLO producing a better livable downtown. A Local Government Corporation Board was formed to encourage, implement, and manage downtown projects. This board will explore the feasibility of potential projects as well as expedite and facilitate construction of City projects. Completed downtown development/redevelopment projects include: • • • • • • • • • • • • • • • • • • •

Courtyard by Marriott near Polk St. and 8th Ave. Ellwood Park near Washington St. and Park Pl. Happy State Bank near Pierce St. and 10th Ave. Cal Farley’s Alumni Housing near Monroe St. and 11th Ave. Toot ‘n Totum Convenience Store near Buchanan St. and 9th Ave. Potter County Courthouse near Fillmore St. & 6th Ave. Amarillo College parking lot near the Downtown Campus The Lofts on 10th Ave. near Tyler St. and 10th Ave. Multi-level Parking Garage and Retail space near Buchanan St. and 7th Ave. Buchanan St. walkway improvements from 10th Ave. to 6th Ave. Xcel Energy Amarillo Headquarters Office near Buchanan St. and 7th Ave. Embassy Suites Convention Center Hotel near Pierce St. and 6th Ave. Herring Bank near Pierce St. and 6th Ave. Woolworth Building at 636 S. Polk St. Levine’s Building at 800 S. Polk Street Firestone Building at 1004 S. Tyler St. West Texas A&M University Downtown Amarillo Campus near Tyler St. and 7th Ave. Dubs Development Restaurant Space near Polk St. and 7th Ave. Multi-Purpose Entertainment Venue near Buchanan St. and 7th Ave. now known as Hodgetown

Ongoing downtown development/redevelopment projects include: • • •

Barfield Hotel near Polk St. and 6th Ave. City projects to improve the Police Department, Library, and Polk Street Streetscape are underway as part of the 2016 bond election A new Potter County District Courts Building to be located at SE. 7th Avenue and S. Pierce St.

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72

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78

CITY OF AMARILLO GENERAL FUND 2019/2020 REVENUES $

61,351,930

33% SALES & MIXED BEVERAGE

43,705,213 28,899,931

15%

24,499,780

CHARGES FOR

13%

4,474,800

GROSS RECEIPTS BUSINESS

2%

FINES & FORFEITURES

25,272,750

OTHER REVENUE

13% 0%

$188,204,404

PROPERTY TAXES

23%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

TOTAL REVENUE

EXPENDITURES $

93,803,574

49.8% PUBLIC SAFETY

6,116,031

3.2%

10,264,099

ADMINISTRATION

5.4%

SUPPORT SERVICES

21,955,924

11.7%

LEISURE SERVICES

20,741,659

11.0%

TRANSPORTATION

17,138,845 7,133,456 101,969

DEVELOPMENT SERVICES

3.8%

HEALTH AND HUMAN SERVICES

0.1%

11,203,726

GENERAL FUND TRANSFERS

5.9% 0%

$188,459,283

UTILITY SERVICES

9.1%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

TOTAL EXPENDITURES

Public Safety, which includes Police, Fire, Animal Management and Welfare and Municipal Court departments, requires the greatest funding, which is over quadruple the next largest category of Leisure Services. No single revenue source will fund Public Safety, although the sales tax comes nearest. Of the $93,803,574 budgeted for Public Safety, Police is $48,947,404 and Fire is $34,202,777.

79

The above graph compares actual 2017/2018 revenues to budgeted 2018/2019 and budgeted 2019/2020. Sales tax makes up the largest portion of General Fund revenue for the 2019/2020 fiscal year at 33%, followed by property taxes at 23%. Actual sales tax receipts, including mixed beverage sales tax, for the 2017/2018 fiscal year were up to $58.3 million, and are projected to increase slightly to approximately $59.8 million for the 2018/2019 fiscal year. We have increased them to $61.4 million for the 2019/2020 budget year. Business receipts and sanitation receipts account for approximately 25% of total General Fund budgeted revenue for the 2019/2020 fiscal year. All other revenue categories make up approximately 19% of total revenue.

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City of Amarillo Revenue 1000General Fund

DESCRIPTION 30300 Current Year's Levy 30320 Prior Year's Levy 30330 Penalty and Int-Delinque 30200 Ad Valorem Tax Collectio 30410 Electricity Utility 30420 Gas Utility 30430 Water Utility 30435 Sewer Utility 30440 Telecommunications Util 30450 Cable TV 30469 Hotel Occupancy Tax 30471 HOT Rebate 30400 Gross Receipts Business 30610 General Sales Tax 30620 Mixed Beverage Sales Ta 30600 Sales Tax 31510 Liquor Licenses 31520 Beer & Wine Licenses 31610 Retail Food Permits 31620 Food Safety Trainings 31630 Public Pool Permits 31640 Pool Safety Trainings 31650 Group Care 31710 Electrician Licenses 31720 Plumbers License & Reg 31725 Irrigation License & Reg 31730 Dance Hall License 31740 Heating & Aircondng Lic 31745 Insulation Registration 31750 Roofers License 31755 Commercial Roofers Regis 31760 Builders/Contractors Li 31765 Glass/Glazing Registrati 31770 Taxicab Licenses 31773 Golf Cart Permit Fees 31775 Tire Shop Registration 31780 Right of Way License 31790 Right of Way License Ap 31795 Cert of Appropriateness 31797 FMV Pmts - Vacated Prope 31800 Other Business Licenses 31400 Business License and Per 31910 Building Permits 31920 Electrical Permits 31930 Plumbing and Gas Permit 31935 Glass/Glazing Permits 31940 Heating & Aircondng Per 31945 Insulation Permits 31950 Sewage Disposal Permits 31960 Mobile Home Park Permit 31970 Transient Business Perm 31980 Solicitation Permits 31990 After Hour Inspection Fe 32000 Right of Way Permit 32010 Flood Plain Development 32020 Commercial Sidewalk Waiv 32030 Residential Sidewalk Wai 32040 Drainage Report Fees 32050 Construction Plan Fees 31900 Non-Business License & P 32825 TxDOT Assistance 32830 Transit Oper/Cap Assista

ACTUAL

Revised

Budgeted

FY2017

FY2018

FY2019

39,547,153 310,161 279,100 40,136,414 8,788,795 2,888,563 2,533,836 1,076,667 956,054 1,964,847 6,932,936 -577,260 24,564,438 57,403,769 893,587 58,297,356 83,848 21,285 782,552 51,623 31,163 8,532 0 0 285 2,650 1,000 7,170 350 6,415 4,220 43,225 150 3,255 0 5,925 76,017 250 0 9,770 4,410 1,144,094 1,333,573 93,915 403,953 0 130,460 860 145,777 49,280 900 1,485 4,640 1,820 0 0 80 2,904 81,780 2,251,427 529,210 2,748,264

40,488,463 321,671 271,325 41,081,458 8,458,949 2,377,707 2,679,743 1,138,259 1,021,249 1,981,700 7,080,060 -802,727 23,934,941 58,855,195 976,123 59,831,318 70,000 25,000 795,000 30,000 35,000 15,000 5,500 2,000 0 2,505 800 6,705 395 6,245 3,790 39,265 155 3,943 60 5,635 75,000 970 6,300 1,400 3,260 1,133,928 1,600,000 100,397 412,071 44 136,385 1,010 218,000 29,910 688 1,350 4,720 2,500 1,000 2,000 160 15,000 140,000 2,665,235 513,075 3,141,330

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43,110,213 323,000 272,000 43,705,213 8,712,718 2,425,262 3,010,043 1,281,382 631,674 2,021,334 7,292,462 -875,095 24,499,780 60,327,000 1,024,930 61,351,930 75,000 25,000 825,000 35,000 37,500 13,000 6,000 5,000 0 3,000 1,000 6,250 480 8,500 4,000 35,000 240 3,500 0 9,000 75,000 970 6,300 1,400 10,860 1,187,000 1,706,932 117,531 442,391 400 145,461 5,069 225,000 28,251 2,272 7,200 10,972 3,000 1,000 2,800 1,000 17,500 79,510 2,796,289 521,928 3,150,020

City of Amarillo Revenue 1000General Fund

DESCRIPTION 32840 Hiway Signal Maint Reim 32860 County Emrg Mgmt Partici 32870 Police School Liason Par 32880 Arrest Fee Collection 32890 Other License & Permits 32900 Fiscal Agent Fees 32800 Other Governmental Reven 33210 Zoning Platting Fees 33220 Zoning Board Appl Fees 33225 Abandoned Vehicle Notifi 33227 Credit Access Business A 33230 Sale of City Publicatio 33200 General Government 33310 Fire Inspection Fees 33320 Traffic Accident Report 33330 Warrant Fees 33335 Preparation Appeal Fee 33339 Microchipping Fees 33340 Animal Shelter Fees 33342 Euthanasia Fee 33343 Dog Vaccination on Intak 33347 Surrender Fee 33349 Adoption Fee 33350 Vital Statistic Fees 33360 DSC Admin Fee 33370 Water Sample Collection 33380 Vet Clinic Disposal Fee 33381 Medical Reclaim Fees 33400 Fire Service Fee - Airpo 33300 Public Safety and Health 33510 Collection and Disposal 33515 SW Commercial Permit Fee 33520 Landfill Charges 33530 Recyclable 33500 Sanitation 33610 Passenger Fees 33620 Demand Response Fee 33640 Miscellaneous Bus Reven 33600 Operating Revenues 33410 Parking Fees 33710 Civic Center Rentals 33711 Civic Center Facility Fe 33715 Extra Charge 33720 Civic Center Concessions 33725 Equipment Charges 33730 Civic Center Advertising 33735 Civic Center Novelties 33740 Box Office Fees 33750 Library Late Charges 33760 Library Copy Charges 33765 No Res Lib Fee 33780 Golf Green Fees TOM 33785 Golf Green Fees WH 33790 Golf Green Fees ARR 33795 Golf Green Fees MUS 33800 Golf Annual Passes 33803 Golf Food/Beverage Sales 33804 Golf Merchandise Sales 33805 Golf Cart Sales 33806 Golf Beverage Sales 33807 Driving Range Sales 33810 League Entry Fees

ACTUAL

Revised

Budgeted

FY2017

FY2018

FY2019

47,000 221,293 1,012,331 3,737 12,319 119,374 4,693,528 109,495 2,936 0 360 0 112,791 96,568 32,280 500,238 600 11,425 33,232 -99 3,270 0 4,975 248,247 26,574 1,470 1,315 20 1,859,146 2,822,295 17,501,581 0 2,571,519 63,973 20,137,073 139,132 35,428 24,668 199,227 0 1,147,076 307,862 20,125 304,170 121,153 0 50,881 375,669 89,262 32,108 13,099 220,719 336,557 227,368 279,631 219,490 179,316 504,949 741,479 237,226 62,684 301,252

47,000 287,209 956,392 4,000 0 114,067 5,063,074 90,000 3,568 1,033 360 0 94,961 100,500 32,835 530,900 25 8,620 51,002 0 3,745 14,317 75,000 279,400 27,300 1,500 100 20 1,914,289 3,042,152 17,400,000 25,870 2,865,765 65,265 20,356,900 128,573 29,244 29,590 187,407 13,347 1,111,925 250,000 12,940 303,688 121,965 0 25,536 325,000 86,194 31,248 12,970 220,106 336,000 227,000 279,968 190,000 211,000 505,308 742,000 242,500 63,000 267,170

82

47,000 294,878 994,880 4,000 0 110,550 5,123,256 90,000 6,000 5,000 440 130 101,570 105,600 43,000 530,900 0 16,000 42,000 0 4,000 20,000 72,000 279,400 27,300 1,500 0 0 1,997,267 3,138,967 18,999,631 375,000 2,864,000 71,800 22,310,431 153,917 35,240 47,864 237,021 24,000 1,121,575 250,000 12,940 309,045 121,965 0 25,536 325,000 95,000 30,000 12,000 230,000 350,000 237,000 295,000 200,000 227,000 530,000 765,000 265,000 64,000 288,255

City of Amarillo Revenue 1000General Fund

DESCRIPTION 33815 Tournament Revenue 33820 Admission Fees 33830 Player Membership Fees 33850 Swimming Pool Revenues 33855 Swimming Lessons 33856 Group Fitness Fees 33860 Field Rentals 33861 Soccer Field Rentals 33865 WAC Rental Fees 33870 Shooting Complex Revenu 33880 Shooting Merchandise Sal 33890 Tennis Center Fees 33900 Tennis Memberships 33920 Adult Zoo Admission 33930 Child Zoo Admission 33940 Senior Zoo Admission 33970 Group Zoo Admission 33980 Season Pass Zoo Admissio 33990 Special Zoo Event 34686 Special Event Applicatio 37160 Concession 33700 Culture and Recreation 34910 Fleet Equipment Rental 34900 Interdepart Rental & Use 35105 Admin Fee--Defensive Dr 35106 Admin Fee - Teen Court 35110 Traffic Fines 35115 Other Traffic Court Cos 35120 Misdemeanor Fees 35130 Parking Fines 35133 Auto Theft Invest Fee 35135 Violation City Ordinanc 35145 Misdemeanor Probation R 35146 Traffic Probation 35157 MC Assessed - Child Safe 35175 Judicial Fund Local 35210 Bond Forfeitures 35215 Forfeited Disct-Sanitat 35220 Expunction Fees 35000 Fines and Forfeitures 35430 State Participation 35435 Potter County Participat 35436 Randall County Participa 35460 Other Participation 35300 Construction Participati 35510 AECC - AMR Rate 35515 Medical Director Service 35520 AECC - Potter Randall 91 35530 Outside Participation 35610 Grant In Aid – Federal 35700 Grants - State 35500 Other Governmental Reven 36520 Contract Income 36500 Chamber Revenues 37110 Interest Income 37115 Unrealized G/L 37125 Other Interest Income 37109 Interest Earnings 37151 Amusement Park Lease 37152 Municipal Building Rent 37153 Polk Street Rental 37154 Other Rental Income

ACTUAL

Revised

Budgeted

FY2017

FY2018

FY2019

27,491 12,357 24,496 99,222 35,646 1,450 38,560 8,100 3,365 91,821 5,962 5,600 2,320 128,690 38,237 7,156 3,871 2,005 67,056 1,250 92,567 6,472,317 30 30 3,480 60 3,350,048 53,888 326,441 116,264 3 166,108 421 120 13,244 20,441 11,007 401,804 260 4,463,589 210,530 15,000 15,000 0 240,530 842,550 79,200 165,975 0 129,214 4,080 1,221,019 23,837 23,837 712,444 -154,732 225,041 782,752 99,126 133,655 78,540 43,003

17,582 15,571 26,951 67,236 36,234 1,450 37,620 6,850 9,906 77,410 4,866 5,064 2,058 119,900 35,962 6,814 3,809 1,755 73,449 1,485 45,559 6,185,314 30 30 3,800 0 3,292,500 55,900 338,700 147,600 3 130,600 0 0 14,806 20,500 3,500 380,983 0 4,388,892 291,357 31,420 31,420 0 354,197 861,647 72,600 123,038 50,064 135,714 4,080 1,247,143 44,540 44,540 809,193 0 229,713 1,038,906 96,857 135,156 77,731 311,005

83

35,380 15,800 23,600 100,247 42,142 3,600 69,100 27,730 5,500 105,000 18,500 10,594 2,364 146,000 42,500 9,250 4,000 0 61,000 1,500 47,777 6,589,500 700 700 3,800 0 3,357,500 55,900 338,700 147,600 0 130,600 0 0 11,700 20,500 3,500 405,000 0 4,474,800 0 22,500 22,500 20,833 65,833 828,672 79,200 175,000 85,841 120,000 0 1,288,713 48,600 48,600 809,193 0 230,000 1,039,193 96,483 135,156 80,246 455,600

City of Amarillo Revenue 1000General Fund

DESCRIPTION 37155 Surface Land Rental 37170 Payment in Lieu of Prope 37150 Rent 37210 Water & Sewer Utility 37220 Airport 37225 Weed Collection 37230 Weed Mowing Services 37231 Bad Debt Exp/Recovery 37240 State Court Cost 37245 Court Cost-Arrest Fees 37246 Dismissal Fee-Drivers Li 37247 Municipal Court Time Pmt 37248 Judicial Admin Efficienc 37250 Indirect Cost Reimbursem 37265 Technology Fee 37199 Administrative Charges 37130 Discounts Earned 37140 Returned Check Fees 37141 Merchant Service Fees 37410 Miscellaneous Revenue 37412 Auction Expense Recovery 37413 Seized Property or Cash 37415 Appraisal Dist. Rf. 37416 Other Outside Restitutio 37417 Wrecker Service Contract 37420 Donations 37428 Procurement Card Rebate 37435 Sale of Scrap 37441 Unclaimed Property or Ca 37445 Sales to Outside Utiliti 37448 Private Develop/ETJ Engr 37455 Events Dist Oper Asst 37460 Gn/Lss on Prop Disposal 37463 Parks Tree Workshop 37466 Education 37400 Miscellaneous Revenue 39350 Tsf In from Gen Construc 39370 Tsf In fr St & Drainage 39390 Tsf In fr Park Improveme 39410 Tsf in fr Solid Waste 39670 Tsf In fr Photo Traff En 39100 Operating Transfers In TREVENUE Total Revenues

ACTUAL

Revised

Budgeted

FY2017

FY2018

FY2019

37,217 3,926,295 4,317,836 1,447,014 166,480 180,739 106,470 -338,495 233,130 156,245 21,940 83,938 21,356 1,786,573 164,749 4,030,139 5,018 725 -157,215 176,157 6,527 112,187 5,617 0 51,118 48,883 95,613 406 0 44,179 14,382 398,004 3,103 -637 21,409 825,475 198,235 18,833 7,999 810,741 0 1,035,809 177,771,979

38,400 4,047,442 4,706,590 1,457,897 175,791 233,969 133,148 -358,709 240,100 160,300 19,100 83,700 20,600 1,740,257 197,996 4,104,148 4,000 500 -176,014 316,757 324 200,000 0 8,980 48,037 68,096 98,660 100 160,000 40,000 3,000 398,004 0 378 24,096 1,194,918 169,288 38,945 12,491 0 10,000 230,724 180,886,775

84

38,500 4,132,091 4,938,076 1,652,772 159,569 275,000 150,000 -411,338 240,100 160,300 19,100 83,700 20,600 1,810,221 192,010 4,352,034 4,000 500 -163,363 242,765 14,000 0 5,617 0 53,000 10,000 98,000 250 0 40,000 0 398,004 0 0 22,000 724,773 169,288 38,945 12,491 0 10,000 230,724 188,204,404

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City of Amarillo Revenue 5200Water and Sewer System Fund

DESCRIPTION 31615 Grease Trap Permits 31400 Business License and Per 34010 Water Metered Sales 34030 Sewer Charges 34040 Ind Waste Sewer Surchar 34045 Liq. Waste Disp. Fee 34060 Sale of Reclaimed Water 34070 Water Service Charges 34080 Door Tag Fees 34000 Utility Sales & Services 34210 Water Tap Fees 34220 Sewer Tap Fees 34230 Water Frontage Charges 34240 Sewer Frontage Charges 34266 Lab Fees 34200 Tap Fees and Frontage Ch 35216 Forfeited Disc.-Water&S 35000 Fines and Forfeitures 35420 Owner Participation 35300 Construction Participati 37110 Interest Income 37115 Unrealized G/L 37125 Other Interest Income 37109 Interest Earnings 37154 Other Rental Income 37155 Surface Land Rental 37150 Rent 37130 Discounts Earned 37140 Returned Check Fees 37141 Merchant Service Fees 37410 Miscellaneous Revenue 37418 Non City Damage Claim 37435 Sale of Scrap 37465 NBV Asset Disposal 37400 Miscellaneous Revenue TREVENUE Total Revenues

ACTUAL

Revised

Budgeted

FY2017

FY2018

FY2019

0 0 55,209,141 23,629,503 152,888 71,090 433,467 1,370,967 82,079 80,949,134 212,343 54,418 1,210 3,432 111,643 383,046 1,310,310 1,310,310 326,555 326,555 1,723,409 -172,485 39,149 1,590,073 59,865 115,052 174,916 501 48,720 -269,492 2,539 88,453 20,457 -684 -109,505 84,624,529

88,157 88,157 49,189,699 23,540,474 158,630 119,940 408,793 917,311 85,000 74,419,846 207,171 55,240 0 3,432 111,435 377,278 986,769 986,769 68,000 68,000 2,608,833 0 284,564 2,893,397 58,097 97,094 155,191 1,320 41,430 -325,000 39 89,094 20,457 0 -172,660 78,815,978

93

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96

City of Amarillo Revenue 5400Airport Fund

DESCRIPTION 32825 TxDOT Assistance 32800 Other Governmental Reven 34310 Landing Fees 34315 Passenger Facility Charg 34320 Fuel Flowage Comm 34340 Fuel & Oil commission O 34350 Cargo Landing Fees 34360 Gen Av and Military Land 34300 Airfield Fees and Commis 34410 Airline Rentals 34420 Restaurant Commissions 34460 Other Terminal Building 34470 Car Rental Commissions 34471 Customer Facility Charge 34472 CONRAC Fuel Revenue 34480 Auto Parking Commission 34400 Terminal Building Area R 34620 Krams Inc Lease 34630 Leading Edge Lease 34631 Wilmax Lease 34632 Apollo MedFlight Lease 34640 Bell Helicopter Rents 34650 Fixed Base Operator Lea 34660 Other Build Rentls – Ai 34665 PRANA Master Lease 34680 Ground Rentals 34715 Ground Transportation Fe 34730 Other Non-Passenger Aero 34740 Terminal Services and Ot 34600 Other Building & Ground 34700 Adverstising Commission 34800 Other 35610 Grant In Aid – Federal 35700 Grants - State 35500 Other Governmental Reven 37110 Interest Income 37115 Unrealized G/L 37109 Interest Earnings 37155 Surface Land Rental 37150 Rent 37141 Merchant Service Fees 37410 Miscellaneous Revenue 37451 TSA LEO Reimbursement 37400 Miscellaneous Revenue 39676 Tsf in fr Airport PFC Fu 39100 Operating Transfers In TREVENUE Total Revenues

ACTUAL

Revised

Budgeted

FY2017

FY2018

FY2019

0 0 651,560 1,306,607 136,630 0 0 0 2,094,797 1,959,627 194,424 114,078 1,165,721 653,679 282,300 3,039,323 7,409,151 302,577 450,082 0 0 480,564 71,097 40,494 148,296 214,197 2,661 0 0 1,709,969 42,000 42,000 539,289 49,274 588,563 100,855 3,071 103,926 1,500 1,500 -57,495 115,480 108,880 166,864 1,405,355 1,405,355 13,522,124

0 0 725,000 1,321,420 200,000 0 0 0 2,246,420 2,500,000 215,000 82,526 1,315,200 632,736 307,913 3,037,512 8,090,887 63,942 467,595 0 0 550,051 57,540 40,494 161,592 166,776 22,271 0 0 1,530,261 38,500 38,500 6,180,074 0 6,180,074 162,327 33,732 196,060 1,500 1,500 -56,651 42,472 111,000 96,821 0 0 18,380,523

97

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City of Amarillo Revenue 5600Drainage Utility Fund

DESCRIPTION 34755 Drainage Assessment 34800 Other 35218 Forfeited Disc.-Drainage 35000 Fines and Forfeitures 35420 Owner Participation 35300 Construction Participati 37110 Interest Income 37115 Unrealized G/L 37109 Interest Earnings TREVENUE Total Revenues

ACTUAL

Revised

Budgeted

FY2017

FY2018

FY2019

5,454,267 5,454,267 93,814 93,814 26,863 26,863 109,032 3,367 112,399 5,687,344

5,227,872 5,227,872 81,645 81,645 26,863 26,863 151,031 0 151,031 5,487,412

100

5,672,437 5,672,437 91,700 91,700 0 0 151,031 0 151,031 5,915,169

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101

City of Amarillo Revenue 6100Fleet Services Fund

DESCRIPTION 34910 Fleet Equipment Rental 34900 Interdepart Rental & Use 37110 Interest Income 37115 Unrealized G/L 37109 Interest Earnings 37130 Discounts Earned 37145 Insurance Recoveries 37410 Miscellaneous Revenue 37435 Sale of Scrap 37460 Gn/Lss on Prop Disposal 37465 NBV Asset Disposal 37400 Miscellaneous Revenue 39110 Tsf In fr General Fund 39350 Tsf In from Gen Construc 39410 Tsf in fr Solid Waste 39470 Tsf in from Water & Sewe 39475 Tsf in from Drainage Uti 39100 Operating Transfers In TREVENUE Total Revenues

ACTUAL

Revised

Budgeted

FY2017

FY2018

FY2019

15,972,569 15,972,569 170,430 -13,020 157,409 0 112,808 0 7,725 822,060 -771,328 171,264 11,177 1,200 119,336 156,034 68,256 356,003 16,657,245

16,677,675 16,677,675 214,276 0 214,276 0 0 407,571 7,189 0 0 414,760 6,696 0 0 0 0 6,696 17,313,406

102

17,170,552 17,170,552 214,276 0 214,276 13 0 0 11,700 325,000 0 336,713 0 0 0 0 0 0 17,721,541

City of Amarillo Revenue 6200Information Technology Fund

DESCRIPTION 34920 Interdepartmental Charg 34900 Interdepart Rental & Use 37110 Interest Income 37115 Unrealized G/L 37109 Interest Earnings 37465 NBV Asset Disposal 37400 Miscellaneous Revenue 39110 Tsf In fr General Fund 39470 Tsf in from Water & Sewe 39475 Tsf in from Drainage Uti 39480 Tsf In fr Municipal Gara 39510 Tsf In fr Employee Insur 39592 Trans In Frm Court Tech 39650 Tsf In fr Emergency Mgt 39100 Operating Transfers In TREVENUE Total Revenues

ACTUAL

Revised

Budgeted

FY2017

FY2018

FY2019

6,022,771 6,022,771 41,699 -5,698 36,001 -5,299 -5,299 20,836 770 929 1,920 159 3,506 770 28,890 6,082,363

6,332,494 6,332,494 53,583 0 53,583 -5,299 -5,299 2,521 0 0 0 0 0 0 2,521 6,383,300

103

6,459,139 6,459,139 53,583 0 53,583 0 0 0 0 0 0 0 0 0 0 6,512,722

City of Amarillo Revenue 6300Risk Management Fund

DESCRIPTION 37110 Interest Income 37115 Unrealized G/L 37109 Interest Earnings 37310 Self Insurance Premium 37315 W/C Premium City Pay 37199 Administrative Charges 37145 Insurance Recoveries 37409 Accident Damage Revenue 37418 Non City Damage Claim 37400 Miscellaneous Revenue TREVENUE Total Revenues

ACTUAL

Revised

Budgeted

FY2017

FY2018

FY2019

223,013 -20,369 202,644 3,411,242 2,724,215 6,135,457 82,261 0 0 82,261 6,420,362

279,784 -348 279,436 4,284,472 2,749,869 7,034,341 0 0 0 0 7,313,777

104

279,784 0 279,784 3,812,124 2,708,000 6,520,124 0 100 100 200 6,800,108

City of Amarillo Revenue 6400Employee Insurance Fund

DESCRIPTION 34810 Employee Health Ins Pre 34820 Retiree Health Ins Prem 34830 Cobra Health Ins Premiu 34840 Dental Insurance Premiu 34850 City Paid Health Premiu 34870 Claim Refund 34890 Drug Rebate Revenue 34800 Other 37110 Interest Income 37115 Unrealized G/L 37109 Interest Earnings 37140 Returned Check Fees 37410 Miscellaneous Revenue 37400 Miscellaneous Revenue TREVENUE Total Revenues

ACTUAL

Revised

Budgeted

FY2017

FY2018

FY2019

3,140,533 1,376,104 48,684 1,282,848 17,848,642 10,091 1,084,205 24,791,107 119,645 -24,839 94,806 480 -2,632 -2,152 24,883,762

3,196,148 1,370,349 36,893 1,306,040 18,813,644 0 1,317,261 26,040,335 153,182 0 153,182 360 535 895 26,194,412

105

3,260,626 1,397,757 39,691 1,306,040 20,130,599 0 1,317,261 27,451,974 153,182 0 153,182 300 0 300 27,605,455

City of Amarillo Revenue 6500Employee Flexible Spnding Fun

DESCRIPTION

ACTUAL

Revised

Budgeted

FY2017

FY2018

FY2019

34875 Day Care Contribuitons 34880 Flex Plan Health 34800 Other 37110 Interest Income 37109 Interest Earnings 37410 Miscellaneous Revenue 37400 Miscellaneous Revenue

40,257 399,012 439,268 912 912 258 258

56,345 388,529 444,874 1,654 1,654 0 0

52,800 490,000 542,800 1,654 1,654 0 0

TREVENUE Total Revenues

440,439

446,528

544,454

106

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66 36 75 36 /6 66 '6 '6

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132

&,7< 2) $0$5,//2 5(/$7,216+,3 %(7:((1 &,7< 25*$1,=$7,21 %8'*(7 $1' )81' 6758&785( &217,18('

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87 75 75 75 87 ++ 87 87 87 87 ++ /6

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133

134

/dz K& D Z/>>K ^hDD Zz K& yW E /dhZ ^ z d/s/dz > ^^/&/ d/KE

^ Z/Wd/KE WƵďůŝĐ ^ĂĨĞƚLJ ϭϬϰϬ :ƵĚŝĐŝĂů ϭϮϯϮ ŵĞƌŐĞŶĐLJ DĂŶĂŐĞŵĞŶƚ ^Ğƌǀ ϭϮϳϬ ϭϯϬϱ DƵŶŝĐŝƉĂů ŽƵƌƚ ϭϯϬϲ KĨĨŝĐĞ ŽĨ ŝǀŝů ,ĞĂƌŝŶŐƐ ϭϲϭϬ WŽůŝĐĞ ϭϲϰϬ ŝǀŝůŝĂŶ WĞƌƐŽŶŶĞů ϭϲϴϬ d^h dŽďĂĐĐŽ ŶĨŽƌĐĞŵĞŶƚ W ϭϳϭϬ ŶŝŵĂů DĂŶĂŐĞŵĞŶƚ Θ tĞůĨĂ ϭϵϭϬ &ŝƌĞ KƉĞƌĂƚŝŽŶƐ ϭϵϯϬ &ŝƌĞ DĂƌƐŚĂů ϭϵϰϬ &ŝƌĞ ŝǀŝůŝĂŶ WĞƌƐŽŶŶĞů ϭϬϬϬ 'ĞŶĞƌĂů &ƵŶĚ

ĐƚƵĂů ϮϬϭϳͬϮϬϭϴ

ƵĚŐĞƚĞĚ ϮϬϭϴͬϮϬϭϵ

ƵĚŐĞƚĞĚ ϮϬϭϵͬϮϬϮϬ

ϱϯϴ͕ϰϲϮ ϰϱϮ͕ϭϬϵ ϰ͕ϱϮϮ͕ϱϬϵ ϭ͕Ϯϰϳ͕ϳϱϰ Ͳ ϰϭ͕ϱϰϱ͕ϰϯϱ ϱ͕ϬϬϮ͕ϵϱϬ ϱϯϰ Ϯ͕ϴϬϵ͕ϰϴϴ ϯϬ͕ϵϴϮ͕ϴϬϭ ϵϬϰ͕ϴϰϬ ϲϮϲ͕ϯϰϯ ϴϴ͕ϲϯϯ͕ϮϮϱ

ϱϱϯ͕ϰϬϴ ϱϬϵ͕ϰϴϮ ϰ͕ϳϭϵ͕ϳϮϴ ϭ͕ϯϴϭ͕Ϯϰϵ Ͳ ϰϯ͕ϯϮϵ͕ϬϮϯ ϱ͕Ϯϯϭ͕ϯϱϲ Ͳ ϯ͕Ϭϱϴ͕ϲϴϮ ϯϭ͕ϰϴϱ͕ϱϯϱ ϵϱϳ͕ϱϳϭ ϲϬϱ͕ϵϰϲ ϵϭ͕ϴϯϭ͕ϵϴϬ

ϱϬϮ͕ϳϮϭ ϱϯϭ͕ϳϭϬ ϰ͕ϴϱϯ͕Ϯϱϴ ϭ͕ϯϲϯ͕Ϭϳϭ ϭϭϳ͕ϭϳϵ ϰϯ͕ϱϳϵ͕ϯϭϯ ϱ͕ϯϲϴ͕Ϭϵϭ Ͳ ϯ͕Ϯϴϱ͕ϰϱϭ ϯϮ͕ϰϴϴ͕ϭϰϭ ϭ͕ϬϬϮ͕ϵϳϴ ϳϭϭ͕ϲϱϴ ϵϯ͕ϴϬϯ͕ϱϳϭ

ϮϬϴϬ ŽƵƌƚ dĞĐŚŶŽůŽŐLJ &ƵŶĚ WƵďůŝĐ ^ĂĨĞƚLJ ϮϬϴϬϬ ŽƵƌƚ dĞĐŚŶŽůŽŐLJ ϮϬϴϬ ŽƵƌƚ dĞĐŚŶŽůŽŐLJ &ƵŶĚ

ϭϯϰ͕ϴϵϭ ϭϯϰ͕ϴϵϭ

ϯϯϮ͕ϲϰϬ ϯϯϮ͕ϲϰϬ

ϭϬϵ͕ϲϰϬ ϭϬϵ͕ϲϰϬ

ϮϬϵϬ ŽƵƌƚ ^ĞĐƵƌŝƚLJ &ƵŶĚ WƵďůŝĐ ^ĂĨĞƚLJ ϮϬϵϭϬ ŽƵƌƚ ^ĞĐƵƌŝƚLJ &ƵŶĚ ϮϬϵϬ ŽƵƌƚ ^ĞĐƵƌŝƚLJ &ƵŶĚ

ϭϳϲ͕ϴϬϱ ϭϳϲ͕ϴϬϱ

ϭϰϴ͕ϵϰϯ ϭϰϴ͕ϵϰϯ

ϭϱϱ͕ϴϲϭ ϭϱϱ͕ϴϲϭ

ϮϮϭϬ ^ĂĨĞ ĂŶĚ ^ŽďĞƌ dy Kd WƌŽŐ WƵďůŝĐ ^ĂĨĞƚLJ ϮϮϭϱϬ ^ĂĨĞ ĂŶĚ ^ŽďĞƌ dy Kd Wƌ ϮϮϭϲϬ ůŝĐŬ /ƚ Žƌ dŝĐŬŝƚ ϮϮϭϬ ^ĂĨĞ ĂŶĚ ^ŽďĞƌ dy Kd WƌŽŐ

ϭϴϲ͕ϱϰϭ ϭϮ͕ϮϴϮ ϭϵϴ͕ϴϮϯ

ϭϴϬ͕ϲϬϳ ϵ͕ϬϬϬ ϭϴϵ͕ϲϬϳ

ϭϴϮ͕ϱϯϯ ϭϭ͕ϲϬϳ ϭϵϰ͕ϭϰϬ

ϮϰϬϬ ,ĂnjĂƌĚŽƵƐ DĂƚĞƌŝĂů dƌĂŶƐƉ WƵďůŝĐ ^ĂĨĞƚLJ ϮϰϭϯϬ K D WƌŽũĞĐƚƐ ϮϰϬϬ ,ĂnjĂƌĚŽƵƐ DĂƚĞƌŝĂů dƌĂŶƐƉ

Ϯϵ͕ϳϵϱ Ϯϵ͕ϳϵϱ

Ͳ Ͳ

Ͳ Ͳ

ϮϰϯϬ ŵĞƌŐĞŶĐLJ DŐƚ ^ĞƌǀŝĐĞ Θ WƵďůŝĐ ^ĂĨĞƚLJ ϮϰϯϴϬ ,ŽŵĞůĂŶĚ ^ĞĐƵƌŝƚLJ 'ƌĂŶƚƐ ϮϰϯϬ ŵĞƌŐĞŶĐLJ DŐƚ ^ĞƌǀŝĐĞ Θ

ϵϬ͕Ϭϭϱ ϮϬϳ͕ϵϰϵ

ϭϬϰ͕ϱϮϮ ϭϬϰ͕ϱϮϮ

ϭϬϰ͕ϱϮϮ ϭϬϰ͕ϱϮϮ

ϮϰϱϬ >ŽƵŝƐŝĂŶĂ ZĞĨƵŐĞĞ ŝƐĂƐƚĞ ϮϰϱϭϬ >ŽƵŝƐŝĂŶĂ ZĞĨƵŐĞĞ ŝƐĂƐƚ ϮϰϱϬ >ŽƵŝƐŝĂŶĂ ZĞĨƵŐĞĞ ŝƐĂƐƚĞ

ϰϬ͕ϵϬϬ ϰϬ͕ϵϬϬ

Ͳ Ͳ

Ͳ Ͳ

135

/dz K& D Z/>>K ^hDD Zz K& yW E /dhZ ^ z d/s/dz > ^^/&/ d/KE ĐƚƵĂů ϮϬϭϳͬϮϬϭϴ

ƵĚŐĞƚĞĚ ϮϬϭϴͬϮϬϭϵ

ƵĚŐĞƚĞĚ ϮϬϭϵͬϮϬϮϬ

^ Z/Wd/KE ϮϲϭϬ :ƵƐƚŝĐĞ ƐƐŝƐƚĂŶĐĞ 'ƌĂŶƚ WƵďůŝĐ ^ĂĨĞƚLJ ϮϲϭϭϬ : ' dƌĂĨĨŝĐ ŶĨŽƌĐĞŵĞŶƚ ϮϲϭϯϬ &zϭϰ : ' WƌŽŐƌĂŵ ϮϲϭϬ :ƵƐƚŝĐĞ ƐƐŝƐƚĂŶĐĞ 'ƌĂŶƚ

ϱϬ͕ϲϲϭ ϰϮ͕ϯϱϭ ϵϯ͕ϬϭϮ

ϱϬ͕ϬϬϬ ϱϬ͕ϬϬϬ Ͳ Ͳ ϱϬ͕ϬϬϬ ϱϬ͕ϬϬϬ

ϮϲϮϬ W ^ĞŝnjĞĚ WƌŽƉĞƌƚLJ &ƵŶĚ WƵďůŝĐ ^ĂĨĞƚLJ ϮϲϮϭϬ EĂƌĐŽƚŝĐƐ hŶŝƚ ϮϲϮϬ W ^ĞŝnjĞĚ WƌŽƉĞƌƚLJ &ƵŶĚ

ϯϰ͕ϬϲϮ ϯϰ͕ϬϲϮ

ϵϬ͕ϯϱϬ ϵϬ͕ϯϱϬ

ϵϬ͕ϯϱϬ ϵϬ͕ϯϱϬ

ϮϲϲϬ >ĞŽƐĞ dƌĂŝŶŝŶŐ WƌŽŐƌĂŵ &Ƶ WƵďůŝĐ ^ĂĨĞƚLJ ϮϲϲϭϬ >ĞŽƐĞ dƌĂŝŶŝŶŐͲWŽůŝĐĞ ϮϲϲϬ >ĞŽƐĞ dƌĂŝŶŝŶŐ WƌŽŐƌĂŵ &Ƶ

ϭϲ͕ϯϵϳ ϭϲ͕ϯϵϳ

Ϯϭ͕ϬϬϬ Ϯϭ͕ϬϬϬ

Ϯϭ͕ϬϬϬ Ϯϭ͕ϬϬϬ

ϮϲϳϬ /W WĂŶƚĞdž WƌŽũĞĐƚ &ƵŶĚ WƵďůŝĐ ^ĂĨĞƚLJ ϮϲϳϭϬ /W WĂŶƚĞdž WƌŽũĞĐƚ &ƵŶĚ ϮϲϳϬ /W WĂŶƚĞdž WƌŽũĞĐƚ &ƵŶĚ

ϭϰϰ͕ϯϵϴ ϭϰϰ͕ϯϵϴ

ϭϳϭ͕Ϭϰϴ ϭϳϭ͕Ϭϰϴ

ϭϵϳ͕ϱϳϵ ϭϵϳ͕ϱϳϵ

WƵďůŝĐ ^ĂĨĞƚLJ dŽƚĂů džƉĞŶĚŝƚƵƌĞƐ

ϴϵ͕ϳϭϬ͕Ϯϱϳ

ϵϮ͕ϵϰϬ͕ϬϵϬ

ϵϰ͕ϳϮϲ͕ϲϲϯ

136

;ϭϲϭϬ͕ ϭϲϰϬ͕ ϭϲϳϬ͕ ϭϲϴϬ͕ ϮϮϭϱϬ͕ ϮϮϭϲϬ͕ ϮϲϭϬ͕ ϮϲϮϬ͕ ϮϲϲϭϬͿ ƵĚŐĞƚ ŽŵƉĂƌŝƐŽŶ WĞƌƐŽŶŶĞů ^ĞƌǀŝĐĞƐ ^ƵƉƉůŝĞƐ ŽŶƚƌĂĐƚƵĂů ^ĞƌǀŝĐĞƐ KƚŚĞƌ ŚĂƌŐĞƐ ĂƉŝƚĂů KƵƚůĂLJ /ŶƚĞƌ ZĞŝŵďƵƌƐĞŵĞŶƚƐ dŽƚĂů džƉĞŶƐĞƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů Ψ ϯϵ͕ϴϭϵ͕ϭϲϮ ϭ͕Ϯϱϰ͕ϰϵϯ ϱ͕ϭϭϵ͕ϱϲϲ ϲϴϯ͕ϭϲϳ ϰϰ͕ϰϴϭ ;Ϯϵ͕ϲϱϲͿ Ψ ϰϲ͕ϴϵϭ͕Ϯϭϯ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ Ψ ϰϭ͕ϯϳϬ͕ϴϰϮ ϭ͕ϳϭϭ͕ϭϴϵ ϱ͕ϭϯϱ͕ϯϳϴ ϲϵϯ͕ϵϮϳ Ͳ Ͳ Ψ ϰϴ͕ϵϭϭ͕ϯϯϲ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ ϰϭ͕ϳϲϰ͕Ϯϯϱ ϭ͕Ϯϰϴ͕ϲϮϲ ϱ͕ϱϵϭ͕Ϭϳϲ ϲϵϴ͕ϵϱϳ Ͳ Ͳ Ψ ϰϵ͕ϯϬϮ͕ϴϵϰ

DŝƐƐŝŽŶ dŚĞ ŵŝƐƐŝŽŶ ŽĨ ƚŚĞ ŵĂƌŝůůŽ WŽůŝĐĞ ĚĞƉĂƌƚŵĞŶƚ ŝƐ ƚŽ ƉƌŽǀŝĚĞ ĞdžĐĞůůĞŶƚ ƉƵďůŝĐ ƐĞƌǀŝĐĞ ĂŶĚ ůĂǁ ĞŶĨŽƌĐĞŵĞŶƚ ƚŽ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͕ ǁŝƚŚ ƚŚĞ ŐŽĂů ŽĨ ŬĞĞƉŝŶŐ ŵĂƌŝůůŽ Ă ƐĂĨĞ ƉůĂĐĞ ƚŽ ůŝǀĞ͕ ǁŽƌŬ͕ ĂŶĚ ƉůĂLJ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ƐŚĂůů ƉƌŽǀŝĚĞ ƚŚŝƐ ƐĞƌǀŝĐĞ ďLJ ƵƚŝůŝnjŝŶŐ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ŝŶ ůĂǁ ĞŶĨŽƌĐĞŵĞŶƚ͕ ĐŽŶƚŝŶƵŽƵƐ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ ůĞĂĚĞƌƐŚŝƉ ĂŶĚ ƉƌŽĨĞƐƐŝŽŶĂůŝƐŵ͕ ĂŶĚ ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ WŽůŝĐĞ ĞƉĂƌƚŵĞŶƚ ƉƌŽǀŝĚĞƐ Ă ĨƵůů ĂƌƌĂLJ ŽĨ ůĂǁ ĞŶĨŽƌĐĞŵĞŶƚ ƐĞƌǀŝĐĞƐ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ĞŶŐĂŐĞƐ ŝŶ ƐƚƌĂƚĞŐŝĐ ƉůĂŶŶŝŶŐ ƚŽ ĞŶƐƵƌĞ ĂůŝŐŶŵĞŶƚ ǁŝƚŚ ƚŚĞ ŝƚLJ͛Ɛ ǀĂůƵĞƐ͕ ŐŽĂůƐ͕ ĂŶĚ ŽďũĞĐƚŝǀĞƐ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ĂĚŚĞƌĞƐ ƚŽ ƚŚĞ dĞdžĂƐ WŽůŝĐĞ ŚŝĞĨƐ͛ ƐƐŽĐŝĂƚŝŽŶ ĞƐƚ WƌĂĐƚŝĐĞƐ ƚŽ ĞŶƐƵƌĞ ƉŽůŝĐĞ ƐĞƌǀŝĐĞƐ ĂƌĞ ƉƌŽǀŝĚĞĚ ƚŽ ĐŽŵŵƵŶŝƚLJ ŝŶ ĂŶ ĞĨĨŝĐŝĞŶƚ ĂŶĚ ĞĨĨĞĐƚŝǀĞ ŵĂŶŶĞƌ͕ ĂŶĚ ƚŚĂƚ ŝŶĚŝǀŝĚƵĂůƐ ƌŝŐŚƚƐ ĂƌĞ ƉƌŽƚĞĐƚĞĚ͘ dŚĞ WŽůŝĐĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ĐŽŵŵƵŶŝƚLJ ƉŽůŝĐŝŶŐ ĂŶĚ ĞŶŐĂŐĞŵĞŶƚ ŝŶŝƚŝĂƚŝǀĞƐ ƉƌŽǀŝĚĞ ǀĂůƵĂďůĞ ĨĞĞĚďĂĐŬ ĨŽƌ ƐƚƌĂƚĞŐŝĐ ƉůĂŶŶŝŶŐ͘ dŚĞ WŽůŝĐĞ ĞƉĂƌƚŵĞŶƚ ƚƌĂĐŬƐ Ă ǀĂƌŝĞƚLJ ŽĨ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶĚŝĐĂƚŽƌƐ ĨŽƌ ƐƉĞĐŝĨŝĐ ƵŶŝƚƐ ĂƐ ŽƵƚůŝŶĞĚ ďĞůŽǁ͘ ,ŽǁĞǀĞƌ͕ ƚŚĞ ƉƌŝŵĂƌLJ ƉĞƌĨŽƌŵĂŶĐĞ ŵĞĂƐƵƌĞƐ ŵŽŶŝƚŽƌĞĚ ĨŽƌ ƐƚƌĂƚĞŐŝĐ ƉůĂŶŶŝŶŐ ƉƵƌƉŽƐĞƐ ĂƌĞ͗ y ƌŝŵĞ ZĂƚĞ ʹ Ɛ ŵĞĂƐƵƌĞĚ ďLJ ƚŚĞ & / hŶŝĨŽƌŵ ƌŝŵĞ ZĞƉŽƌƚ͘ y dƌĂĨĨŝĐ ^ĂĨĞƚLJ ʹ Ɛ ŵĞĂƐƵƌĞĚ ďLJ ƚƌĂĨĨŝĐ ĐƌĂƐŚĞƐ ƌĞƉŽƌƚĞĚ ƚŽ ƚŚĞ WŽůŝĐĞ ĞƉĂƌƚŵĞŶƚ͘ y ZĞƐƉŽŶƐĞ dŝŵĞƐ ʹ Ɛ ŵĞĂƐƵƌĞĚ ďLJ ƚŚĞ ŵĞĂŶ ƌĞƐƉŽŶƐĞ ƚŝŵĞƐ ƚŽ ĐĂůůƐ ĨŽƌ ƐĞƌǀŝĐĞ ŝŶ ƚŚĞ ŽŵƉƵƚĞƌ ŝĚĞĚ ŝƐƉĂƚĐŚ ; Ϳ ^LJƐƚĞŵ͘ y YƵĂůŝƚLJ ŽĨ ^ĞƌǀŝĐĞ ʹ Ɛ ŵĞĂƐƵƌĞĚ ďLJ ĂŶ ŶŶƵĂů ŽŵŵƵŶŝƚLJ ^ƵƌǀĞLJ

137

dŚĞ ŵĂƌŝůůŽ WŽůŝĐĞ ĞƉĂƌƚŵĞŶƚ ƉƌŽǀŝĚĞƐ ƉŽůŝĐĞ ƐĞƌǀŝĐĞƐ ǁŝƚŚŝŶ Ă ĐŽŵŵƵŶŝƚLJ ŽĨ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϮϬϰ͕ϴϮϴ ƉĞŽƉůĞ ĐŽǀĞƌŝŶŐ ĂďŽƵƚ ϭϬϭ ƐƋƵĂƌĞ ŵŝůĞƐ ĂŶĚ ĂůŵŽƐƚ ϭ͕ϬϮϯ ŵŝůĞƐ ŽĨ ƌŽĂĚǁĂLJ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ŝƐ ĂƵƚŚŽƌŝnjĞĚ ϯϳϬ ĐŽŵŵŝƐƐŝŽŶĞĚ ůĂǁ ĞŶĨŽƌĐĞŵĞŶƚ ŽĨĨŝĐĞƌƐ ĂŶĚ ďƵĚŐĞƚĞĚ ƚŽ ĞŵƉůŽLJ ϯϳϭ ŽĨĨŝĐĞƌƐ͘ ƵƌƌĞŶƚ ƐƚĂĨĨŝŶŐ ŝƐ ϯϰϭ ŽĨĨŝĐĞƌƐ͘ dŚĞƌĞ ĂƌĞ ϲϴ ĨƵůůͲƚŝŵĞ ĂŶĚ ƚŚƌĞĞ ƉĂƌƚͲƚŝŵĞ ĐŝǀŝůŝĂŶ ƉĞƌƐŽŶŶĞů͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ŝƐ ĚŝǀŝĚĞĚ ŝŶƚŽ ƚǁŽ ŵĂũŽƌ ďƵƌĞĂƵƐ͗ >ŝŶĞ KƉĞƌĂƚŝŽŶƐ ĂŶĚ ^ƚĂĨĨ ^ĞƌǀŝĐĞƐ͘ ŽƚŚ ďƵƌĞĂƵƐ ĂƌĞ ĐŽŵŵĂŶĚĞĚ ďLJ ĂŶ ƐƐŝƐƚĂŶƚ ŚŝĞĨ ǁŚŽ ŚŽůĚƐ ƚŚĞ ƌĂŶŬ ŽĨ ŽůŽŶĞů͘ >ŝŶĞ KƉĞƌĂƚŝŽŶƐ ŝŶĐůƵĚĞƐ hŶŝĨŽƌŵ ŝǀŝƐŝŽŶ ĂŶĚ ĞƚĞĐƚŝǀĞƐ ŝǀŝƐŝŽŶ͕ ǁŚŝůĞ ^ƚĂĨĨ KƉĞƌĂƚŝŽŶƐ ŝŶĐůƵĚĞƐ ^ĞƌǀŝĐĞ ŝǀŝƐŝŽŶ͕ dƌĂŝŶŝŶŐ ĂŶĚ WĞƌƐŽŶŶĞů ŝǀŝƐŝŽŶ͕ ƌŝŵĞ WƌĞǀĞŶƚŝŽŶ hŶŝƚ͕ ĂŶĚ ŵĂƌŝůůŽ ŵĞƌŐĞŶĐLJ ŽŵŵƵŶŝĐĂƚŝŽŶƐ ĞŶƚĞƌ ; Ϳ ŽƉĞƌĂƚŝŽŶƐ͕ ƌŝŵĞ ŶĂůLJƐŝƐ hŶŝƚ͕ ĂŶĚ ƵĚŐĞƚ DĂŶĂŐĞŵĞŶƚ͘ dŚĞ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ŽĨ ƚŚĞ ŵĂƌŝůůŽ WŽůŝĐĞ ĞƉĂƌƚŵĞŶƚ ŝŵƉĂĐƚƐ ƚŚĞ ĐŝƚŝnjĞŶƐ ŽĨ ŵĂƌŝůůŽ ďLJ ĚĞůŝǀĞƌŝŶŐ ƋƵĂůŝƚLJ ƉŽůŝĐĞ ƐĞƌǀŝĐĞƐ ŝŶ ƚŚĞ ŵŽƐƚ ĐŽƐƚͲĞĨĨĞĐƚŝǀĞ ǁĂLJ͘ ůů ƉƌŽŐƌĂŵƐ ĂŶĚ ƐĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ WŽůŝĐĞ ĞƉĂƌƚŵĞŶƚ ƐƵƉƉŽƌƚ ƚŚĞ ůƵĞ WƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ͕ WƵďůŝĐ ^ĂĨĞƚLJ WŝůůĂƌ͘

WƌŽŐƌĂŵƐ WŽůŝĐĞ ĞƉĂƌƚŵĞŶƚ ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϵϯϱ͕ϵϮϱ dŚĞ WŽůŝĐĞ ĞƉĂƌƚŵĞŶƚ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝƐ ƚĂƐŬĞĚ ǁŝƚŚ ƚŚĞ ŽǀĞƌĂůů ŵĂŶĂŐĞŵĞŶƚ͕ ƉŽůŝĐLJ ĚĞǀĞůŽƉŵĞŶƚ͕ ĂŶĚ ďƵĚŐĞƚ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ͘ WŽůŝĐĞ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞŶŐĂŐĞƐ ŝŶ ƐƚƌĂƚĞŐŝĐ ƉůĂŶŶŝŶŐ ĨŽƌ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ͕ ĐŽŽƌĚŝŶĂƚŝŽŶ ŽĨ ĞĨĨŽƌƚƐ ǁŝƚŚ ŽƚŚĞƌ ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ͕ ŽƚŚĞƌ ĐƌŝŵŝŶĂů ũƵƐƚŝĐĞ ĂŐĞŶĐŝĞƐ͕ ĂŶĚ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ƚŽ ĞŶŚĂŶĐĞ ƉƵďůŝĐ ƐĂĨĞƚLJ͘ dŚŝƐ ƉƌŽŐƌĂŵ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŵĂŶĂŐŝŶŐ ƚŚĞ dĞdžĂƐ WŽůŝĐĞ ŚŝĞĨƐ͛ ĞƐƚ WƌĂĐƚŝĐĞƐ WƌŽŐƌĂŵ͘ ƐƚĂďůŝƐŚŝŶŐ ƉĂƌƚŶĞƌƐŚŝƉƐ ĐŽŵŵƵŶŝƚLJ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ĂŶĚ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ŝŶ ĐŽŵŵƵŶŝƚLJ ĞǀĞŶƚƐ ŝƐ ĂůƐŽ ĂŶ ŝŵƉŽƌƚĂŶƚ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ĨŽƌ WŽůŝĐĞ ĚŵŝŶŝƐƚƌĂƚŝŽŶ͘ dŚĞƐĞ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ĂŶĚ ĞǀĞŶƚƐ ŝŶĐůƵĚĞ͗ EĂƚŝŽŶĂů EŝŐŚƚ KƵƚ͕ ŽŵŵƵŶŝƚLJ ůůŝĂŶĐĞ ŽĨ >ĞĂĚĞƌƐ ŝŶ >Ăǁ ŶĨŽƌĐĞŵĞŶƚ͕ ĂƌƌŝŽ 'ƌŽƵƉ͕ hƌďĂŶ WƌŽũĞĐƚ͕ ^ƚ͘ :ŽŚŶ͛Ɛ ĂƉƚŝƐƚ ŚƵƌĐŚ͕ ŝƐĐŽǀĞƌLJ ĞŶƚĞƌ͕ WŽǁĞƌ ŚƵƌĐŚ͕ E͘ ͘ ͘ ͘W͕͘ hŶŝƚĞĚ tĂLJ ĂLJ ŽĨ ĂƌŝŶŐ͕ ŝŐ ƌŽƚŚĞƌƐ ŝŐ ^ŝƐƚĞƌƐ͕ ĂŶĚ ŽƚŚĞƌƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ LJĞĂƌ͘ WŽůŝĐĞ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝƐ ĂůƐŽ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŵŽŶŝƚŽƌŝŶŐ ĂŶĚ ĚŝƐƐĞŵŝŶĂƚŝŶŐ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚƐ ƉƌŝŵĂƌLJ ƉĞƌĨŽƌŵĂŶĐĞ ŵĞĂƐƵƌĞƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ dŽƚĂů ƌĂƐŚĞƐ dŽƚĂů &ĂƚĂůŝƚLJ ƌĂƐŚĞƐ dŽƚĂů t/ ƌĂƐŚĞƐ KǀĞƌĂůů ƌŝŵĞ ZĂƚĞ ;hŶŝĨŽƌŵ ƌŝŵĞ ZĞƉŽƌƚ͕ ƉĞƌ ϭϬϬ͕ϬϬϬ ƉŽƉƵůĂƚŝŽŶͿ YƵĂůŝƚLJ ŽĨ ^ĞƌǀŝĐĞ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϱ͕ϭϳϱ Ϯϯ Ϯϳϴ Ͳϯй ϲϬ͘Ϯϵй

ΎWƌŽũĞĐƚŝŽŶƐ ďĂƐĞĚ ŽŶ ĐƵƌƌĞŶƚ ĨŝǀĞͲLJĞĂƌ ƌŽůůŝŶŐ ĂǀĞƌĂŐĞ ĚĂƚĂ ΎΎWƌŽũĞĐƚŝŽŶƐ ďĂƐĞĚ ŽŶ ĐƵƌƌĞŶƚ &z ƚƌĞŶĚ ϭ WƌŽũĞĐƚŝŽŶƐ ďĂƐĞĚ ŽŶ ĐƵƌƌĞŶƚ ĨŽƵƌͲLJĞĂƌ ƌŽůůŝŶŐ ĂǀĞƌĂŐĞ

138

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϲ͕ϲϲϲΎ ϮϯΎΎ Ϯϵϳ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϳ͕ϱϬϬΎ ϮϬΎΎ ϮϲϬ ϭ

ͲϭϬй

Ͳϰй

ϳϬй

хϳϬй ďŽǀĞ ǀĞƌĂŐĞ Žƌ džĐĞůůĞŶƚ

WŽůŝĐĞ /ŶǀĞƐƚŝŐĂƚŝŽŶƐ ŝǀŝƐŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϭϬ͕ϲϯϭ͕ϭϭϬ WŽůŝĐĞ /ŶǀĞƐƚŝŐĂƚŝŽŶƐ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĨŽůůŽǁͲƵƉ ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ ŽĨ Ăůů ƉŽůŝĐĞ ƌĞƉŽƌƚƐ͕ ƚŚĞ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ŽĨ ŽĨĨĞŶĚĞƌƐ͕ ĐĂƐĞ ƉƌĞƉĂƌĂƚŝŽŶ ĨŽƌ ƉƌŽƐĞĐƵƚŝŽŶ͕ ĂŶĚ ƚŚĞ ƌĞĐŽǀĞƌLJ ŽĨ ƐƚŽůĞŶ ƉƌŽƉĞƌƚLJ͘

dŚĞ ƌŝŵĞ ^ĐĞŶĞ /ŶǀĞƐƚŝŐĂƚŝŽŶ hŶŝƚ ƌĞƐƉŽŶĚƐ ƚŽ ƚŚĞ ƐĐĞŶĞ ŽĨ ŵĂũŽƌ ĐƌŝŵĞƐ ĂŶĚ ĐŽůůĞĐƚƐ ƉŚLJƐŝĐĂů͕ ůĂƚĞŶƚ͕ ĂŶĚ ĞůĞĐƚƌŽŶŝĐ ĞǀŝĚĞŶĐĞ͘ dŚŝƐ ƉƌŽŐƌĂŵ ĂůƐŽ ƉƌŽĐĞƐƐĞƐ ƐŽŵĞ ĞǀŝĚĞŶĐĞ ŝŶ ƚŚĞ ůĂď͕ ƉƌŝŵĂƌŝůLJ ĨŽƌ ĨŝŶŐĞƌƉƌŝŶƚ ĞǀŝĚĞŶĐĞ͕ ĂŶĚ ƉƌĞƉĂƌĞƐ ĞǀŝĚĞŶĐĞ ĨŽƌ ůĂď ƐƵďŵŝƐƐŝŽŶ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ &z ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ĂƐĞƐ WƌĞƐĞŶƚĞĚ ĨŽƌ WƌŽƐĞĐƵƚŝŽŶ ϭϮ͕ϬϬϬ ϭϮ͕ϰϬϬ ϭϮ͕ϰϬϬ ŵŽƵŶƚ ŽĨ ůů KƚŚĞƌ ^ƚŽůĞŶ WƌŽƉĞƌƚLJ Ψϲϳϱ͕ϬϬϬ ΨϲϴϬ͕ϬϬϬ Ψϲϴϲ͕ϴϬϬ ZĞĐŽǀĞƌĞĚ ŵŽƵŶƚ ŽĨ ^ƚŽůĞŶ DŽƚŽƌ sĞŚŝĐůĞƐ ZĞĐŽǀĞƌĞĚ Ψϲ͕ϮϬϬ͕ϬϬϬ Ψ ϲ͕ϯϬϬ͕ϬϬϬ Ψϳ͕ϭϬϬ͕ϬϬϬ ;ϴϳϬ ƌĞĐŽǀĞƌĞĚ Λ ĂǀĞƌĂŐĞ Ψϴ͕ϭϬϱ͘ϬϬ ĞĂĐŚͿ sŝŽůĞŶƚ ƌŝŵĞƐ ;ƉĞƌ ϭ͕ϬϬϬ ƉŽƉƵůĂƚŝŽŶͿΎ ϳ͘ϰ ϳ͘ϵ ϳ͘Ϭ WƌŽƉĞƌƚLJ ƌŝŵĞƐ ;ƉĞƌ ϭ͕ϬϬϬ ƉŽƉƵůĂƚŝŽŶͿΎ ϰϭ͘Ϭ ϰϬ͘ϵ ϯϴ͘ϲ ůĞĂƌĂŶĐĞ ZĂƚĞƐ ;sŝŽůĞŶƚͿΎ ϰϭй ϯϲ͘ϱй ϯϱ͘ϵ ůĞĂƌĂŶĐĞ ZĂƚĞƐ ;WƌŽƉĞƌƚLJͿΎ ϮϬй ϭϰ͘ϱй ϭϱ͘ϰ Ύ ĂƚĂ ŶŽƚ ĂǀĂŝůĂďůĞ ŽŶ Ă ĨŝƐĐĂů ďĂƐŝƐ ʹ ŶƵŵďĞƌƐ ƉƌŽǀŝĚĞĚ ƌĞƉƌĞƐĞŶƚ Ă ĐĂůĞŶĚĂƌ LJĞĂƌ͘

WŽůŝĐĞ hŶŝĨŽƌŵ WĂƚƌŽů ŝǀŝƐŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϮ͕ϭϯϰ͕ϰϳϲ hŶŝĨŽƌŵ WĂƚƌŽů ŝŶĐƌĞĂƐĞƐ ƚŚĞ ƐĂĨĞƚLJ ŽĨ ŵĂƌŝůůŽ ĐŝƚŝnjĞŶƐ ƚŚƌŽƵŐŚ ŵĂƌŬĞĚ ĂŶĚ ƵŶŵĂƌŬĞĚ ƉĂƚƌŽů ĂŶĚ ƌĞƐƉŽŶƐĞ ƚŽ ĐĂůůƐ ƵƐŝŶŐ ƚŚĞ dĞdžĂƐ WŽůŝĐĞ ŚŝĞĨƐ ƐƐŽĐŝĂƚŝŽŶ ;dW Ϳ ĞƐƚ WƌĂĐƚŝĐĞƐ ƐƚĂŶĚĂƌĚƐ͘ KĨĨŝĐĞƌƐ ĂƌĞ ƐƚĂĨĨĞĚ Ϯϰ ŚŽƵƌƐ Ă ĚĂLJ ƚŽ ŵĞĞƚ ƚŚĞ ŶĞĞĚƐ ŽĨ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͘ KĨĨŝĐĞƌƐ ƌĞƐƉŽŶĚ ƚŽ ĐĂůůƐ ĨŽƌ ƐĞƌǀŝĐĞ͕ ŝŶǀĞƐƚŝŐĂƚĞ ĐƌŝŵĞƐ ĂŶĚ ĐŽůůĞĐƚ ĞǀŝĚĞŶĐĞ͕ ƐĞƌǀĞ ĂƌƌĞƐƚ ǁĂƌƌĂŶƚƐ͕ ŐĂƚŚĞƌ ĐƌŝŵŝŶĂů ŝŶƚĞůůŝŐĞŶĐĞ͕ ĞŶĨŽƌĐĞ ƚƌĂĨĨŝĐ ůĂǁƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ &z ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ǀĞƌĂŐĞ ZĞƐƉŽŶƐĞ dŝŵĞ ƚŽ WƌŝŽƌŝƚLJ ĂůůƐ ϳ͘ϭϭ ϴ͘ϱ ϴ͘Ϭ ;ŵŝŶƵƚĞƐͿ ǀĞƌĂŐĞ ZĞƐƉŽŶƐĞ dŝŵĞ ƚŽ EŽŶͲWƌŝŽƌŝƚLJ ĂůůƐ ϭϮ͘ϱ ϭϰ͘Ϭ ϭϱ͘Ϭ ;ŵŝŶƵƚĞƐͿ

EĞŝŐŚďŽƌŚŽŽĚ WŽůŝĐĞ hŶŝƚ EĞŝŐŚďŽƌŚŽŽĚ WŽůŝĐĞ KĨĨŝĐĞƌƐ ;EWKͿ ĂƌĞ ĂƐƐŝŐŶĞĚ ƚŽ Ă ŶĞŝŐŚďŽƌŚŽŽĚ ŽŶ Ă ƐĞŵŝͲƉĞƌŵĂŶĞŶƚ ďĂƐŝƐ ĂŶĚ ƐƚƌŝǀĞ ƚŽ ďĞĐŽŵĞ ĨĂŵŝůŝĂƌ ǁŝƚŚ ĐŽŵŵƵŶŝƚLJ ŵĞŵďĞƌƐ ŝŶ ƚŚĞŝƌ ĂƐƐŝŐŶĞĚ ĂƌĞĂ͘ dŚĞLJ ƉƌŽǀŝĚĞ ƌĞƐŝĚĞŶƚƐ ǁŝƚŚ Ă ĐĞŶƚƌĂů ƐŽƵƌĐĞ ŽĨ ĂƐƐŝƐƚĂŶĐĞ ĨŽƌ ďŽƚŚ ůĂǁ ĞŶĨŽƌĐĞŵĞŶƚ ĂŶĚ ŶŽŶͲůĂǁ ĞŶĨŽƌĐĞŵĞŶƚͲƚLJƉĞ ƉƌŽďůĞŵƐ͘ /ƚ ŝƐ ƚŚĞ ŐŽĂů ŽĨ ƚŚĞ EWK ƵŶŝƚ ƚŽ ĨŽƌŵ Ă ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ƚŚĞ ƌĞƐŝĚĞŶƚƐ ŽĨ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ŝŶ ŽƌĚĞƌ ƚŽ ƌĞĚƵĐĞ

139

ĐƌŝŵĞ ĂŶĚ ĨĞĂƌ ŽĨ ĐƌŝŵĞ ĂƐ ǁĞůů ĂƐ ƚŽ ĞŶŚĂŶĐĞ ƋƵĂůŝƚLJ ŽĨ ůŝĨĞ ŝŶ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͘ KĨĨŝĐĞƌƐ ĂƐƐŝŐŶĞĚ ƚŽ ƚŚĞ EWK hŶŝƚ ƌĞĐĞŝǀĞ ƐƉĞĐŝĂůŝnjĞĚ ƚƌĂŝŶŝŶŐ͕ ĞƋƵŝƉŵĞŶƚ ;ďŝĐLJĐůĞƐͿ͕ ĂŶĚ ƐĐŚĞĚƵůŝŶŐ ĨůĞdžŝďŝůŝƚLJ ƚŽ ĨƵůĨŝůů ƚŚŝƐ ŐŽĂů ĂŶĚ ĂƌĞ ĞŶĐŽƵƌĂŐĞĚ ƚŽ ďĞ ŝŶŶŽǀĂƚŝǀĞ ĂŶĚ ƉƌŽĂĐƚŝǀĞ ŝŶ ƉƌŽďůĞŵͲƐŽůǀŝŶŐ ĂŶĚ ĐƌŝŵĞ ƉƌĞǀĞŶƚŝŽŶ͘ EWK͛Ɛ ǁŽƌŬ ĐůŽƐĞůLJ ǁŝƚŚ ŽƚŚĞƌ ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ͕ ƐƵĐŚ ĂƐ ƵŝůĚŝŶŐ ^ĂĨĞƚLJ ĂŶĚ &ŝƌĞ WƌĞǀĞŶƚŝŽŶ͕ ƚŽ ƉƌŽǀŝĚĞ Ă ĐŽŵďŝŶĞĚ ĞĨĨŽƌƚ ŽĨ ĞǀĂůƵĂƚŝŽŶ ĂŶĚ ĞŶĨŽƌĐĞŵĞŶƚ ŽĨ ƋƵĂůŝƚLJ ŽĨ ůŝĨĞ ŝƐƐƵĞƐ͘

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ YƵĂůŝƚLJ ŽĨ >ŝĨĞ WƌŽďůĞŵƐ ZĞƐŽůǀĞĚ ƌƌĞƐƚƐ ŽŵŵƵŶŝƚLJ DĞĞƚŝŶŐƐ ĂŶĚ ǀĞŶƚƐ ^ĐŚŽŽů WƌĞƐĞŶƚĂƚŝŽŶƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϭϮϱ ϮϮϱ ϯϬ ϱ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϭϱϬ ϮϬϬ ϰϬ ϭϬ

&z ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϭϳϱ ϮϬϬ ϲϱ ϮϬ

WŽůŝĐĞ ^t dͬEĂƌĐŽƚŝĐƐ hŶŝƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮ͕ϴϱϴ͕ϴϲϴ dŚĞ EĂƌĐŽƚŝĐƐ hŶŝƚ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŝŶǀĞƐƚŝŐĂƚŝŶŐ ƚŚĞ ƉŽƐƐĞƐƐŝŽŶ͕ ƐĂůĞ͕ ĂŶĚ ĚŝƐƚƌŝďƵƚŝŽŶ ŽĨ ŝůůĞŐĂů ŶĂƌĐŽƚŝĐƐ͘ EĂƌĐŽƚŝĐ ŽĨĨŝĐĞƌƐ ĂůƐŽ ŝŶǀĞƐƚŝŐĂƚĞ ƉƌŽƐƚŝƚƵƚŝŽŶ͕ ŐĂŵďůŝŶŐ͕ ĂŶĚ ŽƌŐĂŶŝnjĞĚ ĐƌŝŵŝŶĂů ĂĐƚŝǀŝƚLJ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ĂƐƐŝƐƚŝŶŐ ƚŚĞ EĂƌĐŽƚŝĐƐ hŶŝƚ͕ ƚŚĞ ^t d dĞĂŵ ƌĞƐƉŽŶĚƐ ƚŽ ŚŝŐŚͲƌŝƐŬ ŝŶĐŝĚĞŶƚƐ ƚŚĂƚ ƌĞƋƵŝƌĞ ƐƉĞĐŝĂůŝnjĞĚ ƚĂĐƚŝĐĂů ƌĞƐƉŽŶƐĞƐ ĂŶĚ ĞƋƵŝƉŵĞŶƚ͕ ŝŶĐůƵĚŝŶŐ ďĂƌƌŝĐĂĚĞĚ ƐƵďũĞĐƚƐ͕ ŚŽƐƚĂŐĞ ƐŝƚƵĂƚŝŽŶƐ͕ ĂŶĚ ŚŝŐŚͲƌŝƐŬ ƐĞĂƌĐŚ ǁĂƌƌĂŶƚƐ Žƌ ĂƌƌĞƐƚ ǁĂƌƌĂŶƚƐ͘ ^t d ƌĞĨĞƌƐ ƚŽ ƚŚĞƐĞ ĂƐ ͞ĂĐƚŝǀĂƚŝŽŶƐ͟ ƐŝŶĐĞ ƚŚĞLJ ĂƌĞ ƌĞŐƵůĂƌůLJ ƌĞƋƵĞƐƚĞĚ ĚƵƚŝĞƐ͕ ŶŽƚ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ Ă /Zd dĞĂŵ ƌĞƐƉŽŶƐĞ͘ dŚĞLJ ĂůƐŽ ĂƐƐŝƐƚ ƐƚĂƚĞ ĂŶĚ ĨĞĚĞƌĂů ůĂǁ ĞŶĨŽƌĐĞŵĞŶƚ ĂŐĞŶĐŝĞƐ ǁŝƚŚ ƉƌŽƚĞĐƚŝŽŶ ŽĨ ŚŝŐŚ ƌĂŶŬŝŶŐ ŽĨĨŝĐŝĂůƐ ĂŶĚ s/WƐ ǀŝƐŝƚŝŶŐ ŵĂƌŝůůŽ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ EĂƌĐŽƚŝĐƐ /ŶǀĞƐƚŝŐĂƚŝŽŶ ƌƌĞƐƚƐ WŽƵŶĚƐ ŽĨ /ůůĞŐĂů ƌƵŐƐ ^ĞŝnjĞĚ ĂƌƌŝĐĂĚĞ ^ŝƚƵĂƚŝŽŶƐ ZĞƐƉŽŶĚĞĚ dŽ ,ŝŐŚͲZŝƐŬ tĂƌƌĂŶƚƐ ^ĞƌǀĞĚ tĞĂƉŽŶƐ ƐĞŝnjĞĚ ƌĞůĂƚĞĚ ƚŽ ŶĂƌĐŽƚŝĐƐ ĐĂƐĞƐ ^t d ĐƚŝǀĂƚŝŽŶƐ;ŽƚŚĞƌ ƚŚĂŶ ďĂƌƌŝĐĂĚĞͬŚŽƐƚĂŐĞ ƐŝƚƵĂƚŝŽŶƐͿ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϭ͕ϯϮϳ ϯϳϳ ϮϬ ϭϱ ϳϴ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϭ͕ϰϬϬ ϮϱϬ ϮϮ ϭϱ ϱϬ

&z ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϭ͕ϱϬϬ ϮϱϬ Ϯϰ ϮϬ ϱϱ

ϭϬϴ

ϭϮϬ

ϭϰϬ

WŽůŝĐĞ ĂŶŝŶĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϱϱϯ͕ϳϬϰ dŚĞ WŽůŝĐĞ ĂŶŝŶĞ ƉƌŽŐƌĂŵ ƵƐĞƐ ƉŽůŝĐĞ ĚŽŐƐ ƚŽ ƐĞĂƌĐŚ ďƵŝůĚŝŶŐƐ ĨŽƌ ƐƵƐƉĞĐƚƐ͕ ƚƌĂĐŬ ĨůĞĞŝŶŐ ƐƵƐƉĞĐƚƐ͕ ĐŽŶĚƵĐƚ ŶĂƌĐŽƚŝĐ ĂŶĚ ĞdžƉůŽƐŝǀĞ ƐĞĂƌĐŚĞƐ͕ ĂƐƐŝƐƚ hŶŝĨŽƌŵ WĂƚƌŽů ŝŶ ƐĞƌǀŝĐĞ ĚĞůŝǀĞƌLJ͕ ĂŶĚ ƉƌŽǀŝĚĞ ĞĚƵĐĂƚŝŽŶĂů ƉƌŽŐƌĂŵƐ ƚŽ ƚŚĞ ƉƵďůŝĐ͘ /Ŷ ĞĂĐŚ ƐĞĂƌĐŚ ŝŶƐƚĂŶĐĞ ďĞůŽǁ͕ ƚŚĞ ĐĂŶŝŶĞ ƉĞƌĨŽƌŵƐ ĂŶ ĂĚĚĞĚ ĨƵŶĐƚŝŽŶ ƚŚĂƚ Ă ƉŽůŝĐĞ ŽĨĨŝĐĞƌ ĐĂŶŶŽƚ ĚŽ ;ƐĞĂƌĐŚŝŶŐ ďLJ ƐŵĞůůͿ͘

140

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ϮϬϭϳͬϭϴ ĐƚƵĂů ϴϬϬ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϵϬϬ

&z ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϵϬϬ

ĂƐĞƐ ZĞƐŽůǀĞĚ /ŶǀŽůǀŝŶŐ ƚŚĞ hƐĞ ŽĨ WŽůŝĐĞ ŽŐƐ ; ƌƌĞƐƚƐͿ

ϵϬ

ϭϮϬ

ϭϮϬ

EƵŵďĞƌ ŽĨ ŽŵŵƵŶŝƚLJ WƌĞƐĞŶƚĂƚŝŽŶƐ

ϯϬ

ϰϬ

ϰϬ

EƵŵďĞƌ ŽĨ ^ĞĂƌĐŚĞƐ hƐŝŶŐ WŽůŝĐĞ ŽŐƐ

WŽůŝĐĞ DŽƚŽƌĐLJĐůĞ WĂƚƌŽů ĂŶĚ WĂƌŬŝŶŐ ŶĨŽƌĐĞŵĞŶƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕ϱϯϲ͕ϳϬϬ WŽůŝĐĞ DŽƚŽƌĐLJĐůĞ WĂƚƌŽů ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚƌĂĨĨŝĐ ůĂǁ ĞŶĨŽƌĐĞŵĞŶƚ ĂŶĚ ƐƉĞĐŝĂů ĞǀĞŶƚƐ ƚƌĂĨĨŝĐ ƉůĂŶŶŝŶŐ͘ dŚŝƐ ƉƌŽŐƌĂŵ ĐŽŽƌĚŝŶĂƚĞƐ ƐƚĂƚĞ ŐƌĂŶƚƐ ĨŽƌ t/͕ ^ĞůĞĐƚŝǀĞ dƌĂĨĨŝĐ ŶĨŽƌĐĞŵĞŶƚ WƌŽŐƌĂŵ͕ ĂŶĚ ůŝĐŬ /ƚ Žƌ dŝĐŬĞƚ͘ dŚĞ WĂƌŬŝŶŐ ŶĨŽƌĐĞŵĞŶƚ ƉƌŽŐƌĂŵ ŝƐ ƐƚĂĨĨĞĚ ďLJ Ă ĐŝǀŝůŝĂŶ ƉĂƌŬŝŶŐ ĞŶĨŽƌĐĞŵĞŶƚ ŽĨĨŝĐĞƌ ĂƐƐŝŐŶĞĚ ƚŽ ƉĂƚƌŽů ƉƌŝŵĂƌŝůLJ ƚŚĞ ĚŽǁŶƚŽǁŶ ŵĂƌŝůůŽ ĂƌĞĂ ĂŶĚ ĞŶĨŽƌĐĞ ƉĂƌŬŝŶŐ ƌĞŐƵůĂƚŝŽŶƐ͘ W ƐƵƉƉůĞŵĞŶƚƐ ŝƚƐ ƉĂƌŬŝŶŐ ĞŶĨŽƌĐĞŵĞŶƚ ŽƉĞƌĂƚŝŽŶƐ ǁŝƚŚ ƚŚĞ ƵƐĞ ŽĨ ƚŚĞ ,ĂŶĚŝĐĂƉ ŶĨŽƌĐĞŵĞŶƚ WĂƚƌŽů ƉƌŽŐƌĂŵ͕ ǁŚŝĐŚ ŝƐ ĐŽŵƉƌŝƐĞĚ ŽĨ ǀŽůƵŶƚĞĞƌƐ ĨƌŽŵ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ǁŚŽ ƉĂƚƌŽů ƉĂƌŬŝŶŐ ĂƌĞĂƐ ĂŶĚ ĞŶĨŽƌĐĞ ǀŝŽůĂƚŝŽŶƐ ŽĨ ƉĂƌŬŝŶŐ ŝŶ ŚĂŶĚŝĐĂƉƉĞĚ ƉĂƌŬŝŶŐ njŽŶĞƐ͘ dŚĞ ǀŽůƵŶƚĞĞƌƐ ǁƌŝƚĞ ĐŝƚĂƚŝŽŶƐ͕ ƚĞƐƚŝĨLJ ŝŶ ĐŽƵƌƚ͕ ĂŶĚ ĞĚƵĐĂƚĞ ƉĞŽƉůĞ ŽŶ ƚŚĞ ĐŽƌƌĞĐƚ ĚŝƐƉůĂLJ ŽĨ ƉĂƌŬŝŶŐ ƉůĂĐĂƌĚƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ &z ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ EƵŵďĞƌ ŽĨ WĂƌŬŝŶŐ ŶĨŽƌĐĞŵĞŶƚ ŽŶƚĂĐƚƐ ďLJ ϬΎ ϱϬϬ ϯ͕ϬϬϬ WĂƌŬŝŶŐ ŶĨŽƌĐĞŵĞŶƚ KĨĨŝĐĞƌ EƵŵďĞƌ ŽĨ WĂƌŬŝŶŐ ŶĨŽƌĐĞŵĞŶƚ ŽŶƚĂĐƚƐ ďLJ ϭ͕ϮϬϬ ϭ͕ϯϬϬ ϭ͕ϮϬϬ ,ĂŶĚŝĐĂƉ ŶĨŽƌĐĞŵĞŶƚ WĂƚƌŽů EƵŵďĞƌ ŽĨ dƌĂĨĨŝĐ tĂƌŶŝŶŐƐ ĂŶĚ ŝƚĂƚŝŽŶƐ ϯϲ͕ϬϬϬ ϯϴ͕ϬϬϬ ϯϴ͕ϬϬϬ EƵŵďĞƌ ŽĨ dƌĂĨĨŝĐ WůĂŶƐ ^ƵďŵŝƚƚĞĚ ϭϬϬ ϭϬϬ ϭϬϬ ΎWĂƌŬŝŶŐ ŶĨŽƌĐĞŵĞŶƚ KĨĨŝĐĞƌ ǁĂƐ ŽƵƚ ŽŶ ĞdžƚĞŶĚĞĚ ŵĞĚŝĐĂů ůĞĂǀĞ

WŽůŝĐĞ hŶŝĨŽƌŵ ^ƉĞĐŝĂůŝnjĞĚ hŶŝƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮ͕ϲϱϳ͕ϳϳϴ

W hŶŝƚ dŚĞ WƌŽĂĐƚŝǀĞ ƌŝŵŝŶĂů ŶĨŽƌĐĞŵĞŶƚ hŶŝƚ ;W Ϳ ŝƐ ĚĞĚŝĐĂƚĞĚ ƚŽ ǁŽƌŬŝŶŐ ŝŶ ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ŽƚŚĞƌ ůĂǁ ĞŶĨŽƌĐĞŵĞŶƚ ĂŐĞŶĐŝĞƐ͕ ƐƵĐŚ ĂƐ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ DĂƌƐŚĂůƐ &ƵŐŝƚŝǀĞ dĂƐŬ &ŽƌĐĞ͕ ĂŶĚ ĚŝǀŝƐŝŽŶƐ ǁŝƚŚŝŶ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ ƚŽ ƐŽůǀĞ Žƌ ƌĞĚƵĐĞ ƉƌŽďůĞŵƐ ƚŚĂƚ ĂĨĨĞĐƚ ƚŚĞ ƋƵĂůŝƚLJ ŽĨ ůŝĨĞ ŝŶ ƚŚĞ ŵĂƌŝůůŽ ĐŽŵŵƵŶŝƚLJ͘ dŚŝƐ ŝƐ ĂĐĐŽŵƉůŝƐŚĞĚ ďLJ ƐƵƉƉŽƌƚŝŶŐ ƚŚĞ hŶŝĨŽƌŵ WĂƚƌŽů ĂŶĚ /ŶǀĞƐƚŝŐĂƚŝŽŶ ƉƌŽŐƌĂŵƐ ďLJ ĐŽŶĐĞŶƚƌĂƚŝŶŐ ĂĐƚŝǀŝƚŝĞƐ ŽŶ ŬŶŽǁŶ ĐƌŝŵŝŶĂůƐ ǁŚŽ ĂƌĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĐƌŝŵĞ ƚƌĞŶĚƐ ĂŶĚ ĂƌĞ ĐƵƌƌĞŶƚůLJ ƵŶĚĞƌ ŝŶǀĞƐƚŝŐĂƚŝŽŶ͘ /Ŷ ĂŶ ĞĨĨŽƌƚ ƚŽ ƉƌĞǀĞŶƚ ĐƌŝŵĞ ĂŶĚ ƉƌŽǀŝĚĞ Ă ďĞƚƚĞƌ ƋƵĂůŝƚLJ ŽĨ ůŝĨĞ ŝŶ ŽƵƌ ĐŽŵŵƵŶŝƚLJ͕ W ŽĨĨŝĐĞƌƐ ĂůƐŽ ƵŶĚĞƌƚĂŬĞ ǀĂƌŝŽƵƐ ƉƌŽďůĞŵͲƐŽůǀŝŶŐ ĞŶĚĞĂǀŽƌƐ ƚŚĂƚ ŵĂLJ ƌĞĂĐŚ ŽƵƚƐŝĚĞ ƚŚĞ ƚƌĂĚŝƚŝŽŶĂů ůĂǁ ĞŶĨŽƌĐĞŵĞŶƚ ĨƵŶĐƚŝŽŶ͘

141

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ƌƌĞƐƚƐ WƌŽĂĐƚŝǀĞ ŽŶƚĂĐƚƐ ;<ŶŽĐŬ ĂŶĚ dĂůŬͿ ^ƚŽůĞŶ &ŝƌĞĂƌŵƐ ZĞĐŽǀĞƌĞĚ tĂƌƌĂŶƚƐ ^ĞƌǀĞĚ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϰϬϬ ϰϱϬ ϰϬ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϰϬϬ ϰϱϬ ϰϬ

ϱϬϬ

ϲϱϬ

&z ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϭ ϯϬϬ ϯϬϬ ϮϬ ϰϬϬ

ϭ͘ &z ϮϬϭϵͬϮϬϮϬ WƌŽũĞĐƚŝŽŶƐ ďĂƐĞĚ ŽŶ ^ƚĂĨĨŝŶŐ ^ŚŽƌƚĂŐĞ ĨŽƌ ƚŚĞ hŶŝƚ͘

WŽůŝĐĞ ^ĐŚŽŽů >ŝĂŝƐŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕ϲϲϭ͕ϭϭϭ dŚĞ WŽůŝĐĞ ^ĐŚŽŽů >ŝĂŝƐŽŶ ƉƌŽŐƌĂŵ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ƐĞĐƵƌŝƚLJ ŽĨ ƐƚƵĚĞŶƚƐ͕ ƚĞĂĐŚĞƌƐ͕ ĂĚŵŝŶŝƐƚƌĂƚŽƌƐ͕ ĂŶĚ ŽƚŚĞƌ ĞŵƉůŽLJĞĞƐ ŽĨ ƉƵďůŝĐ ƐĐŚŽŽůƐ ǁŝƚŚŝŶ ŵĂƌŝůůŽ ĐŝƚLJ ůŝŵŝƚƐ͘ >ŝĂƐŽŶ ŽĨĨŝĐĞƌƐ ĂůƐŽ ƉƌŽǀŝĚĞ ĞĚƵĐĂƚŝŽŶĂů ƉƌŽŐƌĂŵƐ ĚĞƐŝŐŶĞĚ ƚŽ ĞŶŚĂŶĐĞ ƐĂĨĞƚLJ Ăƚ ĂƐƐŝŐŶĞĚ ƐĐŚŽŽůƐ͕ ĂůŽŶŐ ǁŝƚŚ ŝŵƉƌŽǀŝŶŐ ƉŽůŝĐĞ ĐŽŵŵƵŶŝƚLJ ƌĞůĂƚŝŽŶƐ ĨŽƌ ƐƚƵĚĞŶƚƐ ĂŶĚ ƚŚĞ ƉƵďůŝĐ ŝŶ ŐĞŶĞƌĂů͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ĚƵĐĂƚŝŽŶĂů WƌŽŐƌĂŵƐ ŽŶĚƵĐƚĞĚ WŽůŝĐĞ ZĞƉŽƌƚƐ DĂĚĞ ŽŶ ^ĐŚŽŽů ĂŵƉƵƐĞƐ ŽŵƉůĂŝŶƚƐ /ŶǀĞƐƚŝŐĂƚĞĚ͖ EŽ ZĞƉŽƌƚ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϮϬϱ ϲϱϬ ϲ͕ϳϬϬ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϮϬϱ ϲϱϬ ϲ͕ϳϬϬ

&z ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϮϱϬ ϴϬϬ ϲ͕ϳϰϱ

WŽůŝĐĞ ^ƚƵĚĞŶƚ ƌŝŵĞ ^ƚŽƉƉĞƌƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϭϭϬ͕ϳϰϭ dŚĞ WŽůŝĐĞ ^ƚƵĚĞŶƚ ƌŝŵĞ ^ƚŽƉƉĞƌƐ ƉƌŽŐƌĂŵ ĐŽůůĞĐƚƐ ƚŝƉƐ ŽŶ ƐĐŚŽŽů ĂŶĚ ŽƚŚĞƌ ĐƌŝŵĞƐ ƌĞƉŽƌƚĞĚ ďLJ ƐƚƵĚĞŶƚƐ͘ /ƚ ƉƌŽǀŝĚĞƐ ĞĚƵĐĂƚŝŽŶĂů ƉƌŽŐƌĂŵƐ ĚĞƐŝŐŶĞĚ ƚŽ ŬĞĞƉ ƐƚƵĚĞŶƚƐ ĨƌŽŵ ďĞĐŽŵŝŶŐ ŝŶǀŽůǀĞĚ ŝŶ ŝůůĞŐĂů Žƌ ĚĂŶŐĞƌŽƵƐ ĂĐƚŝǀŝƚŝĞƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ &z ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ EƵŵďĞƌ ŽĨ dŝƉƐ ZĞĐĞŝǀĞĚΎ Ϯϭϱ ϳϲϭ ϴϬϬ ĂƐĞƐ ZĞƐŽůǀĞĚ ďLJ dŝƉƐ ϲϴ ϭϲϰ ϭϲϰ ĚƵĐĂƚŝŽŶĂů WƌŽŐƌĂŵƐ ŽŶĚƵĐƚĞĚ ϱϬ ϱϬ ϲϰ Ύ>ĂƌŐĞ ŐĂŝŶ ŝŶ ƚŝƉƐ ĚƵĞ ƚŽ Ă ŶĞǁ ĂƉƉ͘

WŽůŝĐĞ ZĞĐŽƌĚƐ DĂŶĂŐĞŵĞŶƚ hŶŝƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϰ͕ϮϬϴ͕ϭϰϴ WŽůŝĐĞ ZĞĐŽƌĚƐ DĂŶĂŐĞŵĞŶƚ ƉĞƌƐŽŶŶĞů ƉƌŽǀŝĚĞ ĞƐƐĞŶƚŝĂů ƐƵƉƉŽƌƚ ĨŽƌ ƚŚĞ ĞǀĞƌLJĚĂLJ ŽƉĞƌĂƚŝŽŶ ŽĨ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ͘ ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ŝŶĐůƵĚĞ ĞŶĨŽƌĐĞŵĞŶƚ ŽĨ ƚŚĞ ŝƚLJ͛Ɛ ĂůĂƌŵ ŽƌĚŝŶĂŶĐĞ ĂŶĚ ǁƌĞĐŬĞƌ ƐĞƌǀŝĐĞ ĐŽŵƉůŝĂŶĐĞ͘

142

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ WƌŽƉĞƌƚLJ ĂŶĚ ǀŝĚĞŶĐĞ /ƚĞŵƐ WƌŽĐĞƐƐĞĚ sŝƐƵĂů͕ ƐƚŝŵĂƚĞĚ tƌĞĐŬĞƌ /ŶƐƉĞĐƚŝŽŶƐΎΎ ZĞƉŽƌƚƐ dLJƉĞĚ ďLJ dLJƉŝƐƚΎ KƉĞŶ ZĞĐŽƌĚƐ ZĞƋƵĞƐƚƐ WƌŽĐĞƐƐĞĚ

ϮϬϭϳͬϭϴ ĐƚƵĂů Ϯϰ͕Ϯϵϳ ϲ ϰϮ͕ϲϵϵ ϯ͕ϴϬϭ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϮϬ͕ϭϳϮ ϲ ϯϳ͕ϴϲϭ ϯ͕ϯϬϳ

&z ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϮϬ͕ϬϬϬ ϲ ϭϱϬ ϰ͕ϲϬϬ

Ύ KĨĨŝĐĞƌƐ ĂƌĞ ŶŽǁ ƌĞƋƵŝƌĞĚ ƚŽ ƚLJƉĞ ƚŚĞŝƌ ŽǁŶ ƌĞƉŽƌƚƐ Žƌ ƵƐĞ ǀŽŝĐĞ ƚŽ ƚĞdžƚ ƚĞĐŚŶŽůŽŐLJ ΎΎdĞdžĂƐ ĞƉĂƌƚŵĞŶƚ ŽĨ >ŝĐĞŶƐĞ ĂŶĚ ZĞŐƵůĂƚŝŽŶƐ ƌĞŐƵůĂƚĞ ǁƌĞĐŬĞƌ ƐĞƌǀŝĐĞƐ͘

WŽůŝĐĞ dƌĂŝŶŝŶŐͬZĞĐƌƵŝƚŝŶŐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕ϯϰϵ͕ϴϴϵ dŚĞ WŽůŝĐĞ dƌĂŝŶŝŶŐ ƉƌŽŐƌĂŵ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ Ăůů ĚĞƉĂƌƚŵĞŶƚ ƚƌĂŝŶŝŶŐ͕ ƉŽůŝĐĞ ĂĐĂĚĞŵLJ͕ ƐŚŽŽƚŝŶŐ ĐŽŵƉůĞdž͕ ƋƵĂƌƚĞƌŵĂƐƚĞƌ ƐƵƉƉůLJ͕ ƉĞƌƐŽŶŶĞů ĨŝůĞƐ͘ dŚŝƐ ƉƌŽŐƌĂŵ ŝƐ ĂůƐŽ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĐŽŽƌĚŝŶĂƚŝŶŐ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ͛Ɛ ƌĞĐƌƵŝƚŵĞŶƚ ĞĨĨŽƌƚƐ ĂŶĚ ŚŝƌŝŶŐ ƉƌŽĐĞƐƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ EƵŵďĞƌ ŽĨ ƉƉůŝĐĂŶƚƐ dƌĂŝŶŝŶŐ ,ŽƵƌƐ WƌŽǀŝĚĞĚ ^ŚŽŽƚŝŶŐ ŽŵƉůĞdž ƵƐƚŽŵĞƌƐ ZĞĐƌƵŝƚƐ dƌĂŝŶĞĚ ϭ ϮϬϭϳ ĐĂůĞŶĚĂƌ LJĞĂƌ Ϯ ϮϬϭϴ ĐĂůĞŶĚĂƌ LJĞĂƌ ϯ ϮϬϭϵ ĐĂůĞŶĚĂƌ LJĞĂƌ ǁͬϮ ĐĂĚĞŵŝĞƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϯϱϬ ϰϲ͕ϰϬϬϭ ϴ͕ϴϬϰ ϮϬ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϯϱϬ ϰϳ͕ϰϬϬϮ ϴ͕ϴϱϬ Ϯϭ

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WŽůŝĐĞ &ůĞĞƚ DĂŶĂŐĞŵĞŶƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϯϯϮ͕ϮϮϮ dŚĞ WŽůŝĐĞ &ůĞĞƚ DĂŶĂŐĞŵĞŶƚ ĚĞƉĂƌƚŵĞŶƚ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ Ă ĨůĞĞƚ ŽĨ Ϯϯϭ ǀĞŚŝĐůĞƐ͕ ϭϲ ƚƌĂŝůĞƌƐ͕ ĂŶĚ ƐƵƉƉŽƌƚŝŶŐ ĞƋƵŝƉŵĞŶƚ͘ KƚŚĞƌ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ŝŶĐůƵĚĞ ĞŶƐƵƌŝŶŐ ƉŚLJƐŝĐĂů ŝŶǀĞŶƚŽƌLJ ŽĨ ƉŽůŝĐĞ ĚĞƉĂƌƚŵĞŶƚ ĂƐƐĞƚƐ ĂŶŶƵĂůůLJ ĂŶĚ ƌĞĐŽŵŵĞŶĚŝŶŐ ĞƋƵŝƉŵĞŶƚ ĨŽƌ ǀĞŚŝĐůĞƐ ǁŚŝůĞ ŵĂŶĂŐŝŶŐ ƚŚĞ ƌŽƚĂƚŝŽŶ ŽĨ ĨůĞĞƚ ǀĞŚŝĐůĞƐ ĂŶĚ ŽƌĚĞƌŝŶŐ ƚŚĞ ǀĞŚŝĐůĞ ĞƋƵŝƉŵĞŶƚ͘ DĂŶĂŐĞŵĞŶƚ ŽĨ ƚŚĞ DĞĚŝĂͬdĞĐŚŶŽůŽŐLJ >Ăď ŝƐ ĂŶŽƚŚĞƌ ƌŽůĞ ŽĨ ƚŚŝƐ ĚĞƉĂƌƚŵĞŶƚ͘ DĞĚŝĂͬdĞĐŚŶŽůŽŐLJ ƉƌŽǀŝĚĞƐ ƚĞĐŚŶŝĐĂů ƐƵƉƉŽƌƚ ĨŽƌ ĨůĞĞƚ ĐĂŵĞƌĂ ƐLJƐƚĞŵƐ ĂŶĚ ĞůĞĐƚƌŽŶŝĐ ƚŝĐŬĞƚ ǁƌŝƚĞƌƐ͘ dŚĞ &ůĞĞƚ DĂŶĂŐĞŵĞŶƚ ƐƚĂĨĨ ƚƌŽƵďůĞƐŚŽŽƚƐ ǀĞŚŝĐůĞ ĞůĞĐƚƌŽŶŝĐ ĚĞǀŝĐĞƐ ĂŶĚ ĂƐƐŝƐƚƐ ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ ďLJ ƉƌŽĐĞƐƐŝŶŐ ĂƵĚŝŽ ĂŶĚ ǀŝĚĞŽ ĚĞǀŝĐĞƐ ƚŽ ĂƐƐŝƐƚ ǁŝƚŚ ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ ŝŶ ƐƵƉƉŽƌƚ ŽĨ ƚŚĞ ĞƚĞĐƚŝǀĞ ŝǀŝƐŝŽŶ͘

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WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ǀĞƌĂŐĞ WĞƌĐĞŶƚ ŽĨ sĞŚŝĐůĞƐ ŝŶ ^ĞƌǀŝĐĞ WĂƚƌŽů ĞƚĞĐƚŝǀĞͬ ĚŵŝŶͬ^ƉĞĐŝĂůŝnjĞĚ hŶŝƚƐ WƌĞǀĞŶƚĂƚŝǀĞ DĂŝŶƚĞŶĂŶĐĞ WĞƌĨŽƌŵĞĚ dŝŵĞůLJ

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ϮϬϭϳͬϭϴ ĐƚƵĂů ϭϰϬ ϱϬϬ ϴϱ ϲϯ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϭϰϬ ϱϬϬ ϴϱ ϱϵ

&z ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϭϰϬ ϱϳϱ ϵϬ ϲϱ

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ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ ϯϭ͕ϯϵϳ͕ϱϴϵ ϭ͕ϰϳϳ͕ϯϯϬ ϭ͕ϯϭϴ͕ϴϳϭ Ϯϱϱ͕ϵϴϳ ;Ϯϰϳ͕ϬϬϬͿ Ͳ Ψ ϯϰ͕ϮϬϮ͕ϳϳϳ

DŝƐƐŝŽŶ dŚĞ ŵĂƌŝůůŽ &ŝƌĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ŵŝƐƐŝŽŶ ŝƐ ƚŽ ƉƌŽƚĞĐƚ ŽƵƌ ĐŽŵŵƵŶŝƚLJ ďLJ ƉƌŽǀŝĚŝŶŐ ƚŚĞ ŚŝŐŚĞƐƚ ƋƵĂůŝƚLJ ŽĨ ĐŽŵƉĂƐƐŝŽŶĂƚĞ ĂŶĚ ƉƌŽĨĞƐƐŝŽŶĂů ƐĞƌǀŝĐĞƐ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ ŵĂƌŝůůŽ &ŝƌĞ ĞƉĂƌƚŵĞŶƚ ĐŽŵƉĂƐƐŝŽŶĂƚĞůLJ ƉƌŽǀŝĚĞƐ ůŝĨĞƐĂǀŝŶŐ͕ ĞŵĞƌŐĞŶĐLJ ƐĞƌǀŝĐĞƐ ĨŽƌ ĂƉƉƌŽdžŝŵĂƚĞůLJ ƚǁŽͲŚƵŶĚƌĞĚ ƚŚŽƵƐĂŶĚ ĐŝƚŝnjĞŶƐ ƚŚƌŽƵŐŚŽƵƚ ŽƵƌ ĐŽŵŵƵŶŝƚLJ͘ dŚĞ & ŝƐ ĐŽŵƉƌŝƐĞĚ ŽĨ Ϯϵϯ ĚĞĚŝĐĂƚĞĚ ƉƌŽĨĞƐƐŝŽŶĂůƐ ;Ϯϳϰ ƵŶŝĨŽƌŵĞĚͿ ŽƉĞƌĂƚŝŶŐ ĨƌŽŵ ƚŚŝƌƚĞĞŶ ĨŝƌĞ ƐƚĂƚŝŽŶƐ͕ ĂŶ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ŽĨĨŝĐĞ͕ ĂŶĚ Ă ŵĞĐŚĂŶŝĐ ƐŚŽƉͬŽĨĨŝĐĞ͕ ůŽĐĂƚĞĚ ĂƌŽƵŶĚ ŽƵƌ ĐŝƚLJ͘ KƌŐĂŶŝnjĂƚŝŽŶĂůůLJ͕ ƚŚĞ & ŝƐ ĂƌƌĂŶŐĞĚ ŝŶƚŽ &ŝƌĞ ĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ &ŝƌĞ KƉĞƌĂƚŝŽŶƐ͕ &ŝƌĞ ^ƵƉƉŽƌƚ͕ ĂŶĚ ƚŚĞ &ŝƌĞ DĂƌƐŚĂů͛Ɛ KĨĨŝĐĞ ;&DKͿ ƚŽ ƉƌŽǀŝĚĞ ŽǀĞƌƐŝŐŚƚ ĂŶĚ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ŽƵƌ ƐĞƌǀŝĐĞ ĚĞůŝǀĞƌLJ ƉƌŽŐƌĂŵƐ͘ KƵƌ ĚĞƉĂƌƚŵĞŶƚ ƌĞƐƉŽŶĚƐ ƚŽ ĂŶĚ ƐƵƉƉƌĞƐƐĞƐ Ăůů ŶĂƚƵƌĞƐ ŽĨ ĨŝƌĞƐ͕ ŝŶĐůƵĚŝŶŐ ǁŝůĚůĂŶĚ ĂŶĚ ƐƚƌƵĐƚƵƌĞ ĨŝƌĞƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ǁĞ ƉƌŽǀŝĚĞ Ă ƚŽƉͲŶŽƚĐŚ͕ ĚǀĂŶĐĞĚ >ŝĨĞ ^ƵƉƉŽƌƚ ; >^Ϳ ĨŽƌ ŽƵƌ ĐŝƚŝnjĞŶƐΖ ŵĞĚŝĐĂů ĞŵĞƌŐĞŶĐŝĞƐ ĂŶĚ ƚƌĂĨĨŝĐ ĂĐĐŝĚĞŶƚƐ͘ ƚ ƚŚĞ ZŝĐŬ ,ƵƐďĂŶĚ /ŶƚĞƌŶĂƚŝŽŶĂů ŝƌƉŽƌƚ͕ ǁĞ ŚĂǀĞ ŵĞŵďĞƌƐ ƐƉĞĐŝĂůůLJ ƚƌĂŝŶĞĚ ƚŽ ŚĂŶĚůĞ ĂŝƌĐƌĂĨƚ ĞŵĞƌŐĞŶĐŝĞƐ ĂŶĚ ǁĞ ĂůƐŽ ŚĂǀĞ Ă ƌĞŐŝŽŶĂů ,ĂnjĂƌĚŽƵƐ DĂƚĞƌŝĂůƐ ZĞƐƉŽŶƐĞ dĞĂŵ ƚŽ ƉƌŽƚĞĐƚ ŵĂƌŝůůŽ ĂŶĚ ƚŚĞ Ϯϲ ĐŽƵŶƚŝĞƐ ǁŝƚŚŝŶ ƚŚĞ dĞdžĂƐ WĂŶŚĂŶĚůĞ͘ KƵƌ dĞĐŚŶŝĐĂů ZĞƐĐƵĞ ƚĞĂŵ ŝƐ ƌĞĂĚLJ ĂŶĚ ŝŶ ƉůĂĐĞ ƚŽ ĚĞĂů ǁŝƚŚ ĂĐĐŝĚĞŶƚƐ ŝŶǀŽůǀŝŶŐ ĐŽŵƉůĞdž ǀĞŚŝĐůĞ ĞdžƚƌŝĐĂƚŝŽŶ͕ ƐƚƌƵĐƚƵƌĂů ĐŽůůĂƉƐĞƐ͕ ŚŝŐŚͲĂŶŐůĞ ƌĞƐĐƵĞ͕ ƚƌĞŶĐŚ ĐŽůůĂƉƐĞ͕ ĐŽŶĨŝŶĞĚ ƐƉĂĐĞ͕ ĂŶĚ ŝŶĐŝĚĞŶƚƐ ŝŶǀŽůǀŝŶŐ ŝŶĚƵƐƚƌŝĂů ŽĐĐƵƉĂŶĐŝĞƐ͘ dŚĞ & ŚĂƐ ĂŶ ĞŶƚŚƵƐŝĂƐƚŝĐ ĂŶĚ ƉƌŽĂĐƚŝǀĞ ĐŽŵŵƵŶŝƚLJ ƌĞůĂƚŝŽŶƐ ƉƌŽŐƌĂŵ ƚŚĂƚ ĐŽŽƌĚŝŶĂƚĞƐ ĨŝƌĞ ƐƚĂƚŝŽŶ ƚŽƵƌƐ͕ Ă ƐŵŽŬĞ ĂůĂƌŵ ƉƌŽŐƌĂŵ͕ ƐĐŚŽŽů ĨŝƌĞ ĚƌŝůůƐ͕ ƐĂĨĞƚLJ ƚĂůŬƐ͕ ƐŽĐŝĂů ŵĞĚŝĂ ŝŶƚĞƌĂĐƚŝŽŶ͕ ĂŶĚ ŝƐ ĐŽŵŵƵŶŝƚLJͲŵŝŶĚĞĚ ďLJ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ŝŶ ĚĞƉĂƌƚŵĞŶƚͲƐƉŽŶƐŽƌĞĚ ĐŽŵŵƵŶŝƚLJ ĞǀĞŶƚƐ ;&ŝƌĞ ŚŝĞĨ ŽĨ ƚŚĞ ĂLJ͕ &ŝƌĞ ^ƚĂƚŝŽŶ KƉĞŶͲ ,ŽƵƐĞƐ͕ ŽŵŵƵŶŝƚLJ DĞĞƚŝŶŐƐͿ͘ & ĐƌĞǁƐ ĂƌĞ ĂůƐŽ ǀĞƌLJ ŝŶǀŽůǀĞĚ ǁŝƚŚ ƉƌĞͲĞŵĞƌŐĞŶĐLJ ƉůĂŶŶŝŶŐ ƚŽ ƉƌŽƚĞĐƚ ƚŚĞ ƚĂƌŐĞƚͲĨŝƌĞ ĂŶĚ ŚŝŐŚͲůŝĨĞͲŚĂnjĂƌĚƐ ǁŝƚŚŝŶ ŽƵƌ ĐŽŵŵƵŶŝƚLJ͘

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KƵƌ ĨĂƌ ƉƌŽdžŝŵŝƚLJ͕ ĨƌŽŵ ŽƚŚĞƌ ůĂƌŐĞ ƉŽƉƵůĂƚŝŽŶ ĂƌĞĂƐ ƌĞƋƵŝƌĞƐ ƚŚĞ & ƚŽ ďĞ ĐŽŵƉĞƚĞŶƚůLJ ĂŶĚ ŝŶĚĞƉĞŶĚĞŶƚůLJ ƉƌĞƉĂƌĞĚ ƚŽ ŵŝƚŝŐĂƚĞ Ăůů ƐŽƌƚƐ ŽĨ ĞŵĞƌŐĞŶĐŝĞƐ͘ dŚĞ & ͛Ɛ ƐƚƌĂƚĞŐLJ ĨŽƌ ŵĂŶĂŐŝŶŐ ƚŚŝƐ ĐŚĂůůĞŶŐŝŶŐ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ŝƐ ƚŽ ŵĂŝŶƚĂŝŶ Ă ŚŝŐŚůLJ ƚƌĂŝŶĞĚ͕ ǁĞůůͲĞƋƵŝƉƉĞĚ͕ ĂŶĚ ĞŶƚŚƵƐŝĂƐƚŝĐ ǁŽƌŬĨŽƌĐĞ͘ dŚŝƐ ŽďůŝŐĂƚŝŽŶ ŝƐ ƌĞĨůĞĐƚĞĚ ŝŶ ƚŚĞ ďƵĚŐĞƚ ƌĞƋƵĞƐƚƐ ĨŽƌ &zϭϵ ĂƐ ĨŝǀĞ ŵŽƌĞ ƉĞƌƐŽŶŶĞů ũŽŝŶĞĚ ƚŚĞ & ΖƐ ƌĂŶŬƐ ƚŽ ƉƌĞƉĂƌĞ ĨŽƌ ƚŚĞ ϮϬϮϬ ĂĚĚŝƚŝŽŶ ŽĨ Ă ƐĞĐŽŶĚ ĨŝƌĞ ĐƌĞǁ Ăƚ &ŝƌĞ ^ƚĂƚŝŽŶ ηϱ͘ &ŝŶĂůůLJ͕ ĂƐ ŝŶ ĞǀĞƌLJ ŽƌŐĂŶŝnjĂƚŝŽŶ͕ ƚŚĞ & ĨĂĐĞƐ Ă ǀĂƌŝĞƚLJ ŽĨ ĐŚĂůůĞŶŐĞƐ͘ dŽ ĂŶƐǁĞƌ ƚŚĞ ĞǀĞƌͲƉƌĞƐĞŶƚ ƚŚƌĞĂƚ ŽĨ ǁŝůĚůĂŶĚ ĨŝƌĞƐ ŝŶ ƚŚĞ ĂƌĞĂ͕ ƚŚĞ & ŝƐ ǁŽƌŬŝŶŐ ƚŽ ĞdžƉĂŶĚ ƚŚĞ tŝůĚůĂŶĚ WƌŽŐƌĂŵ͕ ǁŚŝĐŚ ǁĂƐ ŽĨĨŝĐŝĂůůLJ ĐƌĞĂƚĞĚ ŝŶ :ƵŶĞ ϮϬϭϱ͘ dŽĚĂLJ͕ ƚŚŽƵŐŚ ŶĞĐĞƐƐĂƌLJ ĨŽƌ ƚŚĞ ƐĂĨĞƚLJ ŽĨ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ĂƐ ǁĞůů ĂƐ ƚŚĞ ƉƌŽƚĞĐƚŝŽŶ ŽĨ ƉƌŽƉĞƌƚLJ͕ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ ŝƐ ĨĂĐĞĚ ǁŝƚŚ ƚŚĞ ĐŚĂůůĞŶŐĞ ŽĨ ƉƌŽǀŝĚŝŶŐ ƌĞƐŽƵƌĐĞƐ ĂŶĚ ƚƌĂŝŶŝŶŐ ƚŽ ĂĚĞƋƵĂƚĞůLJ ƐƵƉƉŽƌƚ ƚŚĞ tŝůĚůĂŶĚ WƌŽŐƌĂŵ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ĂƐ ƚŚĞ & ƌĂŝƐĞƐ ŝƚƐ D^ ƐƚĂŶĚĂƌĚ ŽĨ ĐĂƌĞ͕ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ ůŽŽŬƐ ƚŽ ƐŽŽŶ ŝŵƉůĞŵĞŶƚ WĂƌĂŵĞĚŝĐ ŶŐŝŶĞƐ͘ ƵƌƌĞŶƚůLJ͕ ĞĂĐŚ & ƚƌƵĐŬ ŚĂƐ >^ͲƚƌĂŝŶĞĚ ŵĞŵďĞƌƐ ŽŶ ďŽĂƌĚ͘ dŚĞ ĐŽŶĐĞƉƚ ďĞŚŝŶĚ ĞŵƉůŽLJŝŶŐ WĂƌĂŵĞĚŝĐ ŶŐŝŶĞƐ ĨƵƌƚŚĞƌƐ ƚŚŝƐ >^ ĐŽŵƉŽŶĞŶƚ ǁŝƚŚ Ă ĨŽĐƵƐĞĚ ĞĨĨŽƌƚ ƚŽ ƐĞŶĚ ΗĂŶ ĂŵďƵůĂŶĐĞ ŝŶ Ă ĨŝƌĞƚƌƵĐŬΗ ǁŝƚŚŝŶ ĐĞƌƚĂŝŶ ƌĞƐƉŽŶƐĞ ĚŝƐƚƌŝĐƚƐ͕ ĞƐƐĞŶƚŝĂůůLJ ƉƌŽǀŝĚŝŶŐ ĐŝƚŝnjĞŶƐ ĞǀĞƌLJƚŚŝŶŐ ŵŝŶƵƐ ƚŚĞ ƚƌĂŶƐƉŽƌƚ ĐŽŵƉŽŶĞŶƚ ŽĨ D^͘ Ɛ ǁŝƚŚ ƚŚĞ tŝůĚůĂŶĚ WƌŽŐƌĂŵ͕ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ ŝƐ ĐŚĂůůĞŶŐĞĚ ƚŽ ƉƌŽǀŝĚĞ ĂĚĞƋƵĂƚĞ ƌĞƐŽƵƌĐĞƐ ƚŽ ƐƵƉƉŽƌƚ ƚŚŝƐ ŝŵƉŽƌƚĂŶƚ ĞdžƉĂŶƐŝŽŶ ŽĨ ƚŚĞ D^ ƉƌŽŐƌĂŵ͘ ŵĂũŽƌ ƐƚĞƉ ŝŶ ĂĚĚƌĞƐƐŝŶŐ ƚŚŝƐ ĐŚĂůůĞŶŐĞ ǁŝůů ďĞ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ ϭϮͲ>ĞĂĚ ,ĞĂƌƚ DŽŶŝƚŽƌƐ ĨŽƌ ƚŚĞ WĂƌĂŵĞĚŝĐ ŶŐŝŶĞƐ͘ LJ ƵƐŝŶŐ ƚŚĞ ƐĂŵĞ ϭϮͲ>ĞĂĚ ,ĞĂƌƚ DŽŶŝƚŽƌƐ ĂƐ DZ͕ & ĐĂŶ ĂƵŐŵĞŶƚ ĂŶĚ ƐƵƉƉŽƌƚ ƚŚĞ ĞdžŝƐƚŝŶŐ ůŽĐĂů D^ ƚĞĂŵǁŽƌŬ͘ ŝƚŝnjĞŶƐ ǁŝůů ĚŝƌĞĐƚůLJ ďĞŶĞĨŝƚ ĨƌŽŵ ĨĂƐƚĞƌ ŽŶͲ ƐĐĞŶĞ ƚƌĂŶƐŝƚŝŽŶƐ ƚŽ ĞdžƉĞĚŝƚĞ ƚŚĞ ƚƌĂŶƐƉŽƌƚ ŽĨ ƚŚĞŝƌ ůŽǀĞĚ ŽŶĞƐ ƚŽ ƚŚĞ ŚŽƐƉŝƚĂů͘ dŚĞ & ůŽǀĞƐ ŽƵƌ ĐŽŵŵƵŶŝƚLJ͊ /ƚ ŝƐ ŽƵƌ ƐŝŶĐĞƌĞ ŚŽŶŽƌ ĂŶĚ ĐĂůůŝŶŐ ƚŽ ŚĞůƉ ĂŶĚ ƐĞƌǀĞ ŽƚŚĞƌƐ ŽŶ ǁŚĂƚ ŵĂLJ ďĞ ƚŚĞ ƐŝŶŐůĞ ǁŽƌƐƚ ĚĂLJ ŽĨ ƚŚĞŝƌ ůŝǀĞƐ͘ tĞ ƐƚƌŝǀĞ ƚŽ ĐŽŵƉĂƐƐŝŽŶĂƚĞůLJ ŵŝƚŝŐĂƚĞ ĞŵĞƌŐĞŶĐŝĞƐ ĂƐ ƚŚĞLJ ĂƌŝƐĞ͕ Ăůů ƚŚĞ ǁŚŝůĞ ŶĞǀĞƌ ůŽƐŝŶŐ ƐŝŐŚƚ ŽĨ ŚŽǁ ǁĞ ŵĂĚĞ ŽƵƌ ĐŝƚŝnjĞŶƐ ĨĞĞů ŝŶ ƚŚĞ ƉƌŽĐĞƐƐ͘

WƌŽŐƌĂŵƐ &ŝƌĞ ĞƉĂƌƚŵĞŶƚ ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϴϳϯ͕ϲϳϴ dŚŝƐ ƉƌŽŐƌĂŵ ĂƌĞĂ ƉƌŽǀŝĚĞƐ ůĞĂĚĞƌƐŚŝƉ͕ ƐƚƌĂƚĞŐŝĐ ƉůĂŶŶŝŶŐ͕ ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ŵĂŶĂŐĞŵĞŶƚ ĨŽƌ ƚŚĞ KƉĞƌĂƚŝŽŶƐ͕ ^ƵƉƉŽƌƚ͕ ĂŶĚ &DK ĨƵŶĐƚŝŽŶƐ͕ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ŵŝƐƐŝŽŶ ŽĨ ƚŚĞ &ŝƌĞ ĞƉĂƌƚŵĞŶƚ͘ dŚĞ ƐƵƉƉŽƌƚ ĂƐƉĞĐƚ ŽĨ ƚŚĞ ƉƌŽŐƌĂŵ ŵĂŶĂŐĞƐ ƚŚĞ ůŽŐŝƐƚŝĐĂů ŶĞĞĚƐ ŽĨ ŽƵƌ ƉĞƌƐŽŶŶĞů͕ ƚŚŝƌƚĞĞŶ ĨŝƌĞ ƐƚĂƚŝŽŶƐ͕ &ŝƌĞ ĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ ƚŚĞ ƚƌĂŝŶŝŶŐ ĨĂĐŝůŝƚLJ͕ ĨŝƌĞ ĨůĞĞƚ ŵĞĐŚĂŶŝĐ͛Ɛ ƐŚŽƉ͕ ĂŶĚ Ă ůĂƌŐĞ ĂƉƉĂƌĂƚƵƐ ƐƚŽƌĂŐĞ ďƵŝůĚŝŶŐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ KƉĞƌĂƚŝŶŐ ĞdžƉĞŶĚŝƚƵƌĞƐ ŵĂŶĂŐĞĚ ;ŝŶ ŵŝůůŝŽŶƐͿ EƵŵďĞƌ ŽĨ ƉĞƌƐŽŶŶĞů ŵĂŶĂŐĞĚ͗ hŶŝĨŽƌŵĞĚ &ŝƌĞͬ ŝǀŝůŝĂŶ

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ΨϯϮ͘ϲ

Ψϯϯ͘Ϭ

Ψϯϯ͘ϴ

Ϯϲϰͬϭϵ

Ϯϲϵͬϭϵ

Ϯϳϰͬϭϵ

&ŝƌĞ ŵĞƌŐĞŶĐLJ ZĞƐƉŽŶƐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϵ͕ϴϬϵ͕ϵϮϱ dŚŝƐ ƉƌŽŐƌĂŵ ĞŶĐŽŵƉĂƐƐĞƐ Ăůů ĞŵĞƌŐĞŶĐLJ ƌĞƐƉŽŶƐĞ ŽƉĞƌĂƚŝŽŶƐ ƚŽ ƉƌŽƚĞĐƚ ƚŚĞ ůŝǀĞƐ ĂŶĚ ƉƌŽƉĞƌƚLJ ŽĨ ƚŚĞ ĐŝƚŝnjĞŶƐ ƐĞƌǀĞĚ͘ dŚĞ ŵĂũŽƌ ĂĐƚŝǀŝƚŝĞƐ ŝŶĐůƵĚĞ ĞŵĞƌŐĞŶĐLJ ŵĞĚŝĐĂů ƐĞƌǀŝĐĞƐ͕ ĨŝƌĞ ƐƵƉƉƌĞƐƐŝŽŶ͕ ǁŝůĚĨŝƌĞ ŵŝƚŝŐĂƚŝŽŶ ĂŶĚ ĨŝƌĞĨŝŐŚƚŝŶŐ͕ ŚĂnjĂƌĚŽƵƐ ŵĂƚĞƌŝĂůƐ ƌĞƐƉŽŶƐĞ͕ ƚĞĐŚŶŝĐĂů ƌĞƐĐƵĞ͕ ĂŶĚ ĂŝƌĐƌĂĨƚ ƌĞƐĐƵĞ ĂŶĚ ĨŝƌĞĨŝŐŚƚŝŶŐ͘

148

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ EƵŵďĞƌ ŽĨ ĞŵĞƌŐĞŶĐLJ ƌĞƐƉŽŶƐĞƐ ŵĂĚĞ ^ƚƌƵĐƚƵƌĞ ĨŝƌĞ ĐŝǀŝůŝĂŶ ĨĂƚĂůŝƚŝĞƐ ƉĞƌ ϭϬϬ͕ϬϬϬ ƌĞƐŝĚĞŶƚƐ ^ƚƌƵĐƚƵƌĞ ĨŝƌĞ ĐŝǀŝůŝĂŶ ŝŶũƵƌŝĞƐ ƉĞƌ ϭϬϬ͕ϬϬϬ ƌĞƐŝĚĞŶƚƐ WĞƌĐĞŶƚĂŐĞ ŽĨ ĨŝƌĞ ĐĂůůƐ ǁŚĞƌĞ ĐƌĞǁƐ ƚƵƌŶĞĚ ŽƵƚ ǁŝƚŚŝŶ ϴϬ ƐĞĐŽŶĚƐ WĞƌĐĞŶƚĂŐĞ ŽĨ ĨŝƌĞ ĐĂůůƐ ǁŚĞƌĞ ƚŚĞ ĚƌŝǀĞ ƚŝŵĞ ǁĂƐ ƵŶĚĞƌ ϰ ŵŝŶƵƚĞƐ WĞƌĐĞŶƚĂŐĞ ĐŽŶĨŝŶĞĚ ƚŽ ƌŽŽŵ ŽĨ ŽƌŝŐŝŶ WĞƌĐĞŶƚĂŐĞ ŽĨ ŵĞĚŝĐĂů ĐĂůůƐ ǁŚĞƌĞ ĐƌĞǁƐ ƚƵƌŶĞĚ ŽƵƚ ǁŝƚŚŝŶ ϲϬ ƐĞĐŽŶĚƐ WĞƌĐĞŶƚĂŐĞ ŽĨ ŵĞĚŝĐĂů ĐĂůůƐ ǁŚĞƌĞ ƚŚĞ ĚƌŝǀĞ ƚŝŵĞ ǁĂƐ ƵŶĚĞƌ ϰ ŵŝŶƵƚĞƐ DĞĚŝĐĂů ĐĂůůƐ ǁŝƚŚ ĂĚǀĂŶĐĞĚ ůŝĨĞ ƐƵƉƉŽƌƚ ƉƌŽǀŝĚĞĚ WƵďůŝĐ ƐĂĨĞƚLJ ĂŶĚ ƉƵďůŝĐ ƌĞůĂƚŝŽŶ ĐŽŶƚĂĐƚƐ ŵĂĚĞ ǁŝƚŚ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ^ĐŚŽŽůƐ ǁŝƚŚŝŶ ŝƚLJ ůŝŵŝƚƐ ƌĞĐĞŝǀŝŶŐ ĨŝƌĞ ƐĂĨĞƚLJ ƉƌĞƐĞŶƚĂƚŝŽŶƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϮϮ͕ϵϱϰ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ Ϯϯ͕ϬϬϬ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ Ϯϰ͕ϱϬϬ

ϭ

Ϭ

Ϭ

ϭϭ

ϭϬ

ϭϬ

ϴϵ͘ϰϲй

ϵϬй

ϵϬй

ϲϳ͘ϰϰй

ϳϱй

ϳϱй

ϱϵ͘ϵϭй

ϲϱй

ϲϱй

ϲϴ͘ϲϵй

ϴϬй

ϴϬй

ϱϬ͘ϱϳй

ϳϱй

ϳϱй

ϰϱϭ

ϱϬϬ

ϲϬϬ

ϲϬ͕ϳϵϴ

ϲϬ͕ϬϬϬ

ϳϬ͕ϬϬϬ

ϭϬϬй

ϭϬϬй

ϭϬϬй

&ŝƌĞ ^ĂĨĞƚLJ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϯϴϰ͕ϰϭϵ dŚŝƐ ƉƌŽŐƌĂŵ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ Ăůů ĚĞƉĂƌƚŵĞŶƚĂů ƐĂĨĞƚLJ ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌĂĐƚŝĐĞƐ͘ dŚĞ ƉƌŽŐƌĂŵ ƐƚĂĨĨ ĞŶƐƵƌĞƐ ƉƌŽƉĞƌ ƐĂĨĞƚLJ ƉƌĞĐĂƵƚŝŽŶƐ ĂƌĞ ĨŽůůŽǁĞĚ Ăƚ ĞŵĞƌŐĞŶĐLJ ƐĐĞŶĞƐ͘ dŚĞ ,ĞĂůƚŚ ĂŶĚ ^ĂĨĞƚLJ KĨĨŝĐĞƌ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĚĞǀĞůŽƉŝŶŐ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ͛Ɛ ŽǀĞƌĂůů ŚĞĂůƚŚ ĂŶĚ ǁĞůůͲďĞŝŶŐ ƉƌŽƚŽĐŽůƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĨŝƚŶĞƐƐ ƉƌŽŐƌĂŵ ĂŶĚ ƚĞƐƚŝŶŐ͕ ZĞƚƵƌŶͲƚŽͲtŽƌŬ ƉƌŽĐĞĚƵƌĞƐ͕ ĂŶĚ ƚŚĞ EĂƚŝŽŶĂů /ŶƐƚŝƚƵƚĞ ĨŽƌ KĐĐƵƉĂƚŝŽŶĂů ^ĂĨĞƚLJ ĂŶĚ ,ĞĂůƚŚ ;E/K^,Ϳ ĐŽŵƉůŝĂŶƚ ƌĞƐƉŝƌĂƚŽƌLJ ƉƌŽƚĞĐƚŝŽŶ ƉƌŽŐƌĂŵ͘ ^ĂĨĞƚLJ WƌŽŐƌĂŵ ƉĞƌƐŽŶŶĞů ĞŶƐƵƌĞ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ƌĞƉĂŝƌƐ ŽĨ ĨŝƌĞĨŝŐŚƚĞƌ ƉƌŽƚĞĐƚŝǀĞ ĐůŽƚŚŝŶŐ͕ ^ĞůĨͲ ŽŶƚĂŝŶĞĚ ƌĞĂƚŚŝŶŐ ƉƉĂƌĂƚƵƐ͕ ĂŶĚ EĂƚŝŽŶĂů &ŝƌĞ WƌŽƚĞĐƚŝŽŶ ƐƐŽĐŝĂƚŝŽŶ ;E&W Ϳ ĐŽŵƉůŝĂŶƚ ƵŶŝĨŽƌŵƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ WĞƌƐŽŶŶĞů ŝŶũƵƌŝĞƐ &ŝƌĞ ĂƉƉĂƌĂƚƵƐͬǀĞŚŝĐůĞ ĂĐĐŝĚĞŶƚƐ ^ĞůĨͲĐŽŶƚĂŝŶĞĚ ďƌĞĂƚŚŝŶŐ ĂƉƉĂƌĂƚƵƐ ƌĞƉĂŝƌƐ ŵĂĚĞ &ŝƌĞĨŝŐŚƚĞƌ ƉƌŽƚĞĐƚŝǀĞ ĐůŽƚŚŝŶŐ ŝŶƐƉĞĐƚĞĚ ĂŶĚ ƌĞƉĂŝƌĞĚ ƚŽ ŵĞĞƚ E&W ĐŽŵƉůŝĂŶĐLJ ŶŶƵĂů ĨŝƚŶĞƐƐ ĞǀĂůƵĂƚŝŽŶƐ ĐŽŵƉůĞƚĞĚ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϯϳ ϭϭ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϯϬ ϭϬ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϯϬ ϭϬ

ϮϬϬ

ϮϮϱ

ϮϱϬ

ϲϱϴ

ϲϵϴ

ϳϱϴ

Ϯϲϵ

Ϯϳϰ

Ϯϳϵ

149

&ŝƌĞ dƌĂŝŶŝŶŐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϱϴϮ͕ϰϱϯ ^ƚĂĨĨ ƵŶĚĞƌ ƚŚŝƐ ƉƌŽŐƌĂŵ ĐŽŽƌĚŝŶĂƚĞ Ăůů ƚƌĂŝŶŝŶŐ ĂĐƚŝǀŝƚŝĞƐ ĨŽƌ & ͕ ŝŶĐůƵĚŝŶŐ ůĞƐƐŽŶ ƉůĂŶ ĚĞǀĞůŽƉŵĞŶƚ͕ ƐĐŚĞĚƵůŝŶŐ͕ ƚĞĂĐŚŝŶŐ͕ ĂŶĚ ĞŶƐƵƌŝŶŐ ƚŚĞ ƚƌĂŝŶŝŶŐ ĞƋƵŝƉŵĞŶƚͬĨĂĐŝůŝƚLJ ŝƐ ŽƉĞƌĂƚŝŽŶĂů͘ dŚĞLJ ĂůƐŽ ŵĂŶĂŐĞ ƚŚĞ ƐŝdžͲǁĞĞŬ ŽƌŝĞŶƚĂƚŝŽŶ ĨŽƌ ŶĞǁ ŚŝƌĞƐ ĂŶĚ ƉƌŽŵŽƚŝŽŶĂů ŽƌŝĞŶƚĂƚŝŽŶƐ ĨŽƌ Ăůů ĚƌŝǀĞƌƐ ĂŶĚ ŽĨĨŝĐĞƌƐ͘ dŚĞ WƵďůŝĐ /ŶĨŽƌŵĂƚŝŽŶ KĨĨŝĐĞƌ ŝƐ ĂƐƐŝŐŶĞĚ ƚŽ ƚŚĞ ƚƌĂŝŶŝŶŐ ƐƚĂĨĨ ĂŶĚ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƉƵďůŝĐ ĨŝƌĞ ĂŶĚ ƐĂĨĞƚLJ ĞĚƵĐĂƚŝŽŶ͕ ŵĞĚŝĂ ƌĞůĂƚŝŽŶƐ͕ ĂŶĚ ĐŽŽƌĚŝŶĂƚŝŽŶ ŽĨ & ŝŶǀŽůǀĞŵĞŶƚ ŝŶ ĐŽŵŵƵŶŝƚLJ ĂĨĨĂŝƌƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϭϬϬй

ϭϬϬй

ϭϬϬй

ϵϯ͕ϬϬϬ

ϳϬ͕ϬϬϬ

ϳϬ͕ϬϬϬ

ϭϬϬй

ϭϬϬй

ϭϬϬй

&ŝƌĞĨŝŐŚƚĞƌƐ ŵĞĞƚŝŶŐ Ăůů ĞĚƵĐĂƚŝŽŶĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ƚŽ ŚŽůĚ dĞdžĂƐ ŽŵŵŝƐƐŝŽŶ ŽŶ &ŝƌĞ WƌŽƚĞĐƚŝŽŶ ;d &WͿ ĨŝƌĞĨŝŐŚƚĞƌ͕ ĞƉĂƌƚŵĞŶƚ ŽĨ ^ƚĂƚĞ ,ĞĂůƚŚ ^ĞƌǀŝĐĞƐ ; ^,^Ϳ Dd ĂŶĚ ƐƉĞĐŝĂůŝnjĞĚ ĐĞƌƚŝĨŝĐĂƚŝŽŶƐ ^ŬŝůůƐ ĂŶĚ ĞĚƵĐĂƚŝŽŶĂů ŚŽƵƌƐ ĐŽŵƉůĞƚĞĚ ďLJ ĞƉĂƌƚŵĞŶƚ ƉĞƌƐŽŶŶĞů WĞƌĐĞŶƚĂŐĞ ŽĨ ƉĞƌƐŽŶŶĞů ǁŽƌŬŝŶŐ ŽƵƚ ŽĨ ĐůĂƐƐ Žƌ ƉƌŽŵŽƚŝŶŐ ƚŚĂƚ ĚŽĐƵŵĞŶƚ ƌŝƚŝĐĂů ^ŬŝůůƐ ĐŽŵƉůĞƚŝŽŶ

&ŝƌĞ ŵĞƌŐĞŶĐLJ WƌĞƉĂƌĞĚŶĞƐƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭϴϲ͕ϯϴϱ dŚĞ ŵĞƌŐĞŶĐLJ WƌĞƉĂƌĞĚŶĞƐƐ ƉƌŽŐƌĂŵ ƉƌĞƉĂƌĞƐ ƉƌĞͲŝŶĐŝĚĞŶƚ ŝŶĨŽƌŵĂƚŝŽŶ ĨŽƌ ƵƐĞ ĚƵƌŝŶŐ ĞŵĞƌŐĞŶĐŝĞƐ͕ ĐŽŽƌĚŝŶĂƚĞƐ ƚŚĞ ƌĞƉĂŝƌ ĂŶĚ ŝŶƐƚĂůůĂƚŝŽŶ ŽĨ ƚŚĞ KƉƚŝĐŽŵ ƚƌĂĨĨŝĐ ĐŽŶƚƌŽů ƐLJƐƚĞŵƐ͕ ĂŶĚ ŵĂŶĂŐĞƐ ƚŚĞ <ŶŽdž <ĞLJͲ^ĞĐƵƌĞ ƐLJƐƚĞŵ͘ dŚĞ /ŶĐŝĚĞŶƚ DĂŶĂŐĞŵĞŶƚ dĞĂŵ͕ ǁŚŝĐŚ ƌĞƐƉŽŶĚƐ ƚŽ ƚŚĞ K Žƌ ƚŽ ĚĞƐŝŐŶĂƚĞĚ ĨŝĞůĚ ƉŽƐŝƚŝŽŶƐ͕ ŝƐ ĂŶŽƚŚĞƌ ĞůĞŵĞŶƚ ŽĨ ƚŚŝƐ ƉƌŽŐƌĂŵ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϯϬϬ

ϯϱϬ

ϰϬϬ

dĂƌŐĞƚ ŚĂnjĂƌĚ ƉƌĞͲŝŶĐŝĚĞŶƚ ƉůĂŶƐ ĐŽŵƉůĞƚĞĚ

&ŝƌĞ ŽŵŵƵŶŝĐĂƚŝŽŶƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϲϰϲ͕ϱϮϮ dŚĞ &ŝƌĞ ŽŵŵƵŶŝĐĂƚŝŽŶƐ ƉƌŽŐƌĂŵ ĐŽŽƌĚŝŶĂƚĞƐ ƚŚĞ ĨƵŶĐƚŝŽŶƐ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ƚŚĞ >ŽĐƵƚŝŽŶ ĨŝƌĞ ƐƚĂƚŝŽŶ ĂůĞƌƚŝŶŐ ƐLJƐƚĞŵ͕ ĞŵĞƌŐĞŶĐLJ ƉĞƌƐŽŶŶĞů ƉĂŐŝŶŐ͕ ĞŵĂŝů ƐLJƐƚĞŵƐ͕ DŽďŝůĞ ŽŵƉƵƚĞƌ dĞƌŵŝŶĂůƐ ;D dƐͿ͕ ǁŝƌĞĚ ĂŶĚ ĐĞůůƵůĂƌ ƉŚŽŶĞƐ͕ ^ƚĂƚĞ ĂŶĚ &ĞĚĞƌĂů ŝŶĐŝĚĞŶƚ ƌĞƉŽƌƚŝŶŐ͕ ƋƵĂůŝƚLJ ĂƐƐƵƌĂŶĐĞ ĐĂůů ƌĞǀŝĞǁ͕ ĂŶĚ Ăůů ĨŝƌĞ ƐĞƌǀŝĐĞͲƌĞůĂƚĞĚ ŚĂƌĚǁĂƌĞ ĂŶĚ ƐŽĨƚǁĂƌĞ͘ dŚŝƐ ƉƌŽŐƌĂŵ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĐŽŽƌĚŝŶĂƚĞĚ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƚŚĞ ŵĂƌŝůůŽ ŵĞƌŐĞŶĐLJ ŽŵŵƵŶŝĐĂƚŝŽŶƐ ĞŶƚĞƌ ĂůŽŶŐƐŝĚĞ ŵĂƌŝůůŽ WŽůŝĐĞ ĞƉĂƌƚŵĞŶƚ͘

150

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϭϬϬй

ϭϬϬй

ϭϬϬй

ŵĞƌŐĞŶĐLJ ƌĞƐƉŽŶƐĞ ƌĞƉŽƌƚƐ ǀĂůŝĚĂƚĞĚ ƉƌŝŽƌ ƚŽ ƐƵďŵŝƐƐŝŽŶ ƚŽ dĞdž&ŝƌƐ ƌĞƉŽƌƚŝŶŐ ƐLJƐƚĞŵ

&ŝƌĞ &ůĞĞƚ DĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ZĞƉĂŝƌ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϳϭϲ͕ϰϭϳ dŚĞ &ůĞĞƚ DĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ZĞƉĂŝƌ ƉƌŽŐƌĂŵ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĞŶƐƵƌŝŶŐ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ĂƉƉĂƌĂƚƵƐ ĂŶĚ ǀĞŚŝĐůĞƐ ĂƌĞ ĨƵůůLJ ŽƉĞƌĂƚŝŽŶĂů ĂŶĚ ƌĞĂĚLJ ƚŽ ŵĞĞƚ ƚŚĞ ŚĞĂǀLJ ĚĞŵĂŶĚƐ ƉůĂĐĞĚ ŽŶ ƚŚĞŵ͘ dŚŝƐ ƉƌŽŐƌĂŵ ŝƐ ĂůƐŽ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ƌĞƉĂŝƌ ŽĨ Ăůů & ͛Ɛ ƐŵĂůů ƉŽǁĞƌ ĞƋƵŝƉŵĞŶƚ͕ ƚŚĞ ĨƵĞů ƚĂŶŬƐ Ăƚ ŽƵƌ ƐƚĂƚŝŽŶƐ͕ ĂŶĚ ƐƵƉƉŽƌƚŝŶŐ ƚŚĞ ĂƉƉĂƌĂƚƵƐ Ăƚ ůĂƌŐĞͲƐĐĂůĞ ĞŵĞƌŐĞŶĐLJ ŽƉĞƌĂƚŝŽŶƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ &ůĞĞƚ ǁŽƌŬ ŽƌĚĞƌƐ ĐŽŵƉůĞƚĞĚ WĞƌĐĞŶƚĂŐĞ ŽĨ ĚĂLJƐ ĨƌŽŶƚ ůŝŶĞ &ŝƌĞ ĂƉƉĂƌĂƚƵƐ ĂƌĞ ĂǀĂŝůĂďůĞ WĞƌĐĞŶƚĂŐĞ ŽĨ ƌĞƉĂŝƌƐ ŽƵƚƐŽƵƌĐĞĚ

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&ŝƌĞ DĂƌƐŚĂů͛Ɛ ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϭϮϱ͕ϯϳϮ dŚŝƐ ƉƌŽŐƌĂŵ ĂƌĞĂ ƉƌŽǀŝĚĞƐ ůĞĂĚĞƌƐŚŝƉ͕ ƐƚƌĂƚĞŐŝĐ ƉůĂŶŶŝŶŐ͕ ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ŵĂŶĂŐĞŵĞŶƚ ĨŽƌ ƚŚĞ &ŝƌĞ DĂƌƐŚĂů͛Ɛ KĨĨŝĐĞ ;&DKͿ ĨƵŶĐƚŝŽŶƐ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ŵŝƐƐŝŽŶ ŽĨ & ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ KƉĞƌĂƚŝŶŐ ĞdžƉĞŶĚŝƚƵƌĞƐ ŵĂŶĂŐĞĚ EƵŵďĞƌ ŽĨ ƉĞƌƐŽŶŶĞů ŵĂŶĂŐĞĚ

ϮϬϭϳͬϭϴ ĐƚƵĂů ΨϵϬϰ͕ϴϰϬ ϴ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ Ψϵϱϳ͕ϱϳϭ ϴ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ Ψϭ͕ϬϬϮ͕ϵϳϴ ϴ

&ŝƌĞ DĂƌƐŚĂů͛Ɛ &ŝƌĞ /ŶǀĞƐƚŝŐĂƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϱϬ͕ϳϰϱ dŚĞ &DK &ŝƌĞ /ŶǀĞƐƚŝŐĂƚŝŽŶ ƉƌŽŐƌĂŵ ƉƌŽǀŝĚĞƐ ĨŝƌĞ ŽƌŝŐŝŶ ĂŶĚ ĐĂƵƐĞ ŝŶǀĞƐƚŝŐĂƚŝǀĞ ƐĞƌǀŝĐĞƐ ĨŽƌ & ͘ dŚŝƐ ĂůůŽǁƐ ĨŽƌ ĂƉƉƌŽƉƌŝĂƚĞ ĐŽŵƉĞŶƐĂƚŝŽŶ ĂŶĚͬŽƌ ƚŚĞ ƉƌŽƐĞĐƵƚŝŽŶ ŽĨ ĂůůĞŐĞĚ ĂƌƐŽŶŝƐƚƐ͘ dŚĞ ŝŶǀĞƐƚŝŐĂƚŝŽŶ ŽĨĨŝĐĞƌƐ ŝŶǀĞƐƚŝŐĂƚĞ Ăůů ĨŝƌĞͲƌĞůĂƚĞĚ ŝŶũƵƌŝĞƐ ĂŶĚ ĨĂƚĂůŝƚŝĞƐ͘

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ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ Ϯϰϱ

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Ύ & D ŝĚĞŶƚŝĨŝĞƐ ƚŚĞ ŶĂƚŝŽŶǁŝĚĞ ĂǀĞƌĂŐĞ ĂƐ ďĞŝŶŐ ďĞƚǁĞĞŶ ϮϮͲϮϱ й

&ŝƌĞ DĂƌƐŚĂů͛Ɛ /ŶƐƉĞĐƚŝŽŶƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϱϬϭ͕ϰϴϵ dŚĞ &DK /ŶƐƉĞĐƚŝŽŶƐ ƉƌŽŐƌĂŵ ƉƌŽǀŝĚĞƐ Ă ŵƵůƚŝͲĨĂĐĞƚĞĚ ĂƉƉƌŽĂĐŚ ƚŽ ĨŝƌĞ ƉƌĞǀĞŶƚŝŽŶ ďLJ ƉƌŽǀŝĚŝŶŐ ƉůĂŶ ƌĞǀŝĞǁ͕ ŝŶƐƉĞĐƚŝŽŶ͕ ĂŶĚ ƚĞƐƚŝŶŐ ƐĞƌǀŝĐĞƐ ƚŽ ƉƌŽƉĞƌƚLJ ĂŶĚ ďƵƐŝŶĞƐƐ ŽǁŶĞƌƐ ŽĨ ŵĂƌŝůůŽ ŝŶ ŽƌĚĞƌ ƚŽ ĂƐƐŝƐƚ ƚŚĞŵ ǁŝƚŚ ŽƌĚŝŶĂŶĐĞ͕ ĨŝƌĞ ĐŽĚĞ͕ ĂŶĚ ůŝĨĞ ƐĂĨĞƚLJ ĐŽĚĞ ĐŽŵƉůŝĂŶĐĞ͘ dŚĞ /ŶƐƉĞĐƚŝŽŶƐ ƉƌŽŐƌĂŵ ƉĞƌƐŽŶŶĞů ĂůƐŽ ĐŽŶĚƵĐƚ ĞĚƵĐĂƚŝŽŶĂů ƉƌĞƐĞŶƚĂƚŝŽŶƐ ĂŶĚ ĞŶƐƵƌĞ ƐĐŚŽŽůƐ ŵĞĞƚ ƚŚĞ ƐƚĂƚĞͲŵĂŶĚĂƚĞĚ ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ ĨŝƌĞ ĚƌŝůůƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

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&ŝƌĞ DĂƌƐŚĂů͛Ɛ ŽŵƉůŝĂŶĐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϭϮϱ͕ϯϳϮ dŚĞ &DK ŽŵƉůŝĂŶĐĞ ƉƌŽŐƌĂŵ ƉƌŽǀŝĚĞƐ ƚƌĂŝŶŝŶŐ ĐŽŽƌĚŝŶĂƚŝŽŶ ĂŶĚ ĂƐƐŝƐƚĂŶĐĞ ƚŽ &DK ƉĞƌƐŽŶŶĞů ƚŽ ĞŶƐƵƌĞ ƚŚĞLJ ŚĂǀĞ ƚŚĞ ŬŶŽǁůĞĚŐĞ͕ ƐŬŝůůƐ͕ ĂŶĚ ĂďŝůŝƚŝĞƐ ƚŽ ƐĂĨĞůLJ ĂŶĚ ĞĨĨĞĐƚŝǀĞůLJ ƉƌĞǀĞŶƚ ƚŚĞ ůŽƐƐ ŽĨ ůŝĨĞ ĂŶĚ ƉƌŽƉĞƌƚLJ ƚŚƌŽƵŐŚ ĨŝƌĞ ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ͕ ĨŝƌĞ ĂŶĚ ůŝĨĞ ƐĂĨĞƚLJ ĐŽĚĞ ĞŶĨŽƌĐĞŵĞŶƚ͕ ĂŶĚ ƉĞĂĐĞ ŽĨĨŝĐĞƌ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͘ dŚŝƐ ƉƌŽŐƌĂŵ ĂůƐŽ ĞŶƐƵƌĞƐ &DK ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƐƚĂƚƵƚŽƌLJ ƌĞŐƵůĂƚŝŽŶƐ ĂŶĚ ŶĂƚŝŽŶĂů ƐƚĂŶĚĂƌĚƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

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ϮϬϭϳͬϭϴ ĐƚƵĂů Ψ Ϯ͕ϭϳϱ͕ϬϮϳ ϯϲϵ͕ϴϴϯ Ϯϰϯ͕ϯϯϳ ϯϵ͕Ϯϰϭ ;ϭϴ͕ϬϬϬͿ Ψ Ϯ͕ϴϬϵ͕ϰϴϴ

ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ ƵĚŐĞƚĞĚ Ψ Ϯ͕ϰϮϴ͕ϬϮϭ Ψ Ϯ͕ϲϳϮ͕ϴϱϬ ϯϱϴ͕ϵϮϮ ϯϯϴ͕Ϯϲϰ Ϯϱϳ͕ϯϵϴ Ϯϱϲ͕ϲϰϮ ϯϮ͕ϯϰϭ ϯϱ͕ϲϵϱ ;ϭϴ͕ϬϬϬͿ ;ϭϴ͕ϬϬϬͿ Ψ ϯ͕Ϭϱϴ͕ϲϴϮ Ψ ϯ͕Ϯϴϱ͕ϰϱϭ

DŝƐƐŝŽŶ dŚĞ ŶŝŵĂů DĂŶĂŐĞŵĞŶƚ Θ tĞůĨĂƌĞ ĚĞƉĂƌƚŵĞŶƚ ƉƌŽǀŝĚĞƐ ĐĂƌĞ͕ ƐŚĞůƚĞƌ͕ ĂĚŽƉƚŝŽŶ ĂŶĚ ƌĞƵŶŝĨŝĐĂƚŝŽŶ ƐĞƌǀŝĐĞƐ ĨŽƌ ƐƚƌĂLJ͕ ƐƵƌƌĞŶĚĞƌĞĚ ĂŶĚ ŝŵƉŽƵŶĚĞĚ ĂŶŝŵĂůƐ ĨƌŽŵ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ĂůƐŽ ĂŝĚƐ ǁŝƚŚ ĂŶŝŵĂůͲƌĞůĂƚĞĚ ŚĞĂůƚŚ ĂŶĚ ƉƵďůŝĐ ƐĂĨĞƚLJ ŝƐƐƵĞƐ ĂŶĚ ĞŶĨŽƌĐĞƐ ĐŝƚLJ ŽƌĚŝŶĂŶĐĞƐ ĨŽƌ ƚŚĞ ǁĞůĨĂƌĞ ŽĨ ƚŚĞ ĂŶŝŵĂůƐ ĂŶĚ ĐŝƚŝnjĞŶƐ ŽĨ ŵĂƌŝůůŽ͘ /Ŷ ŽƌĚĞƌ ƚŽ ĂĚĚƌĞƐƐ ƉƵďůŝĐ ƐĂĨĞƚLJ ŝƐƐƵĞƐ ĂŶĚ ĂŶŝŵĂů ŽǀĞƌƉŽƉƵůĂƚŝŽŶ ŝŶ ƚŚĞ ĐŝƚLJ͕ ŝŶĐŽŵŝŶŐ ĚŽŵĞƐƚŝĐ ĂŶŝŵĂůƐ ĂƌĞ ǀĂĐĐŝŶĂƚĞĚ ĂŶĚ ĂĚŽƉƚĞĚ ĂŶŝŵĂůƐ ĂƌĞ ƐƉĂLJĞĚ Žƌ ŶĞƵƚĞƌĞĚ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ŝŶǀĞƐƚŝŐĂƚĞƐ ƉŽƚĞŶƚŝĂů ĐĂƐĞƐ ŽĨ ƌĂďŝĞƐ ĂŶĚ ŽƚŚĞƌ njŽŽŶŽƚŝĐ ĚŝƐĞĂƐĞƐ ďLJ ƚĂŬŝŶŐ ŝŶ ǁŝůĚůŝĨĞ ĂŶĚ ĂƚͲ ƌŝƐŬ ĂŶŝŵĂůƐ ĨŽƌ ƋƵĂƌĂŶƚŝŶĞ͘ WƵďůŝĐ ŽƵƚƌĞĂĐŚ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ĂƌĞ ƉƌŽǀŝĚĞĚ ƚŽ ĐŝƚŝnjĞŶƐ ƚŽ ĞŶĐŽƵƌĂŐĞ ĂŶĚ ƉƌŽŵŽƚĞ ƌĞƐƉŽŶƐŝďůĞ ƉĞƚ ŽǁŶĞƌƐŚŝƉ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ĨĂĐŝůŝƚĂƚĞƐ ĂĚŽƉƚŝŽŶƐ ĨŽƌ ƉĞƚƐ ŝŶ ƚŚĞ ƐŚĞůƚĞƌ͕ ĂƐ ǁĞůů ĂƐ ƌĞƵŶŝĨŝĐĂƚŝŽŶ ŽĨ ůŽƐƚ ƉĞƚƐ ǁŝƚŚ ƚŚĞŝƌ ŽǁŶĞƌƐ͘ ŶŝŵĂůƐ ĂƌĞ ƐƉĂLJĞĚ ĂŶĚ ŶĞƵƚĞƌĞĚ ƚŽ ĂŝĚ ŝŶ ƉŽƉƵůĂƚŝŽŶ ĐŽŶƚƌŽů ƉƌŝŽƌ ƚŽ ďĞŝŶŐ ƉůĂĐĞĚ ŝŶ ŶĞǁ ŚŽŵĞƐ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ ŵĂƌŝůůŽ ŶŝŵĂů DĂŶĂŐĞŵĞŶƚ Θ tĞůĨĂƌĞ ĚĞƉĂƌƚŵĞŶƚ ƐƚƌŝǀĞƐ ƚŽ ĐŽŶƐŝƐƚĞŶƚůLJ ŵĞĞƚ ƚŚĞ ŶĂƚŝŽŶĂůůLJ ĂĐĐĞƉƚĞĚ &ŝǀĞ &ƌĞĞĚŽŵƐ ŽĨ ŶŝŵĂů tĞůĨĂƌĞ ;ĨƌĞĞĚŽŵ ĨƌŽŵ ŚƵŶŐĞƌ ĂŶĚ ƚŚŝƌƐƚ͖ ĨƌĞĞĚŽŵ ĨƌŽŵ ĚŝƐĐŽŵĨŽƌƚ͖ ĨƌĞĞĚŽŵ ĨƌŽŵ ƉĂŝŶ͕ ŝŶũƵƌLJ Žƌ ĚŝƐĞĂƐĞ͖ ĨƌĞĞĚŽŵ ƚŽ ĞdžƉƌĞƐƐ ŶŽƌŵĂů ďĞŚĂǀŝŽƌ͖ ĨƌĞĞĚŽŵ ĨƌŽŵ ĨĞĂƌ ĂŶĚ ĚŝƐƚƌĞƐƐͿ͘ ŶŝŵĂůƐ͕ ĂƐ Ă ǀŽŝĐĞůĞƐƐ ĂŶĚ ǀƵůŶĞƌĂďůĞ ƉŽƉƵůĂƚŝŽŶ ŝŶ ŽƵƌ ĐŽŵŵƵŶŝƚLJ͕ ŶĞĞĚ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ͛Ɛ ƐƵƉƉŽƌƚ ƚŽ ĂĚǀŽĐĂƚĞ ĨŽƌ ƚŚĞŝƌ ǁĞůůͲďĞŝŶŐ ĂŶĚ ƚŚĞ ŵŽƐƚ ŚƵŵĂŶĞ ŽƵƚĐŽŵĞ ĨŽƌ ƚŚĞŵ͘ ŶŝŵĂů DĂŶĂŐĞŵĞŶƚ Θ tĞůĨĂƌĞ ƐƚƌŝǀĞƐ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ŝŶ ƐŚĞůƚĞƌ ĂŶĚ ǀĞƚĞƌŝŶĂƌLJ ĐĂƌĞ ĂƌĞ ŵĞƚ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ĂůŝŐŶƐ ŝƚƐ ŵŝƐƐŝŽŶ ǁŝƚŚ ƚŚĞ ŝƚLJ ŽƵŶĐŝů͛Ɛ WŝůůĂƌ ŽĨ WƵďůŝĐ ^ĂĨĞƚLJ͕ ŝǀŝĐ WƌŝĚĞ͕ ĂŶĚ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ŽĨ ŶŝŵĂů DĂŶĂŐĞŵĞŶƚ Θ tĞůĨĂƌĞ ĐŽŶƚŝŶƵĞƐ ƚŽ ĞǀĂůƵĂƚĞ ŝŶĚƵƐƚƌLJ ƐƚĂŶĚĂƌĚƐ ǁŝƚŚ ƉĞƌƐƉĞĐƚŝǀĞ ƚŽ ĐƵƌƌĞŶƚ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ĂĚũƵƐƚƐ ŽƉĞƌĂƚŝŽŶƐ ĂĐĐŽƌĚŝŶŐůLJ ƚŽ ƐƚĂLJ ƌĞůĞǀĂŶƚ͕ ĂƐ ǁĞůů ĂƐ ƚŽ ĂůŝŐŶ ǁŝƚŚ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ͘ ĞƐƚ ƉƌĂĐƚŝĐĞƐ ĂůůŽǁ ŽƵƌ ƐƚĂĨĨ ŵĞŵďĞƌƐ ƚŽ ƌĞĐĞŝǀĞ ƌĞƐŽƵƌĐĞƐ ĂŶĚ ƚƌĂŝŶŝŶŐ ƚŽ ůĂLJ ƚŚĞ ĨŽƵŶĚĂƚŝŽŶ ĨŽƌ ƚŚĞŵ ƚŽ ŐƌŽǁ ĂŶĚ ĚĞǀĞůŽƉ ŝŶƚŽ ĐŽŵŵƵŶŝƚLJ ĂŶĚ ĂŶŝŵĂů ĂŵďĂƐƐĂĚŽƌƐ͘

155

^ŚĞůƚĞƌ ŝŵƉƌŽǀĞŵĞŶƚƐ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ϮϬϭϲ ďŽŶĚ ƉƌŽƉŽƐĂůƐ ĂƌĞ ƐĐŚĞĚƵůĞĚ ƚŽ ĐŽŵĞ ŽŶͲůŝŶĞ ŝŶ ƚŚĞ ŶĞdžƚ LJĞĂƌ ƚŚĂƚ ǁŝůů ĞŶŚĂŶĐĞ ĨĂĐŝůŝƚŝĞƐ ƚŽ ƉƌŽǀŝĚĞ ĨŽƌ ƚŚĞ ĐĂƌĞ ĂŶĚ ƵƉŬĞĞƉ ŽĨ ĂŶŝŵĂůƐ ŝŶ ƚŚĞ ƐŚĞůƚĞƌ͘ dŚĞ ďŽŶĚ ƉƌŽũĞĐƚƐ ŝŶĐůƵĚĞ ĨĂĐŝůŝƚLJ ŝŵƉƌŽǀĞŵĞŶƚƐ ďLJ ĂĚĚŝŶŐ Ă ŵĞĚŝĐĂů ƚƌĞĂƚŵĞŶƚ ďƵŝůĚŝŶŐ͕ ƐĂůůLJ ƉŽƌƚ͕ ĞŵƉůŽLJĞĞ ďƵŝůĚŝŶŐ͕ ĚƌŝǀĞ ƚŚƌƵ ďĂƌŶ͕ ĂŶĚ ĚŽŐ ĞdžĞƌĐŝƐĞ ƌƵŶƐ͘ dŚĞ ƉƌŽƉŽƐĞĚ ďƵĚŐĞƚ ŝŶĐůƵĚĞƐ ĂĚĚŝƚŝŽŶĂů ƐƚĂĨĨŝŶŐ ĂŶĚ ƌĞƐŽƵƌĐĞƐ ƚŽ ŝŶĐůƵĚĞ ĞdžƉĂŶĚĞĚ ǀĞƚĞƌŝŶĂƌŝĂŶ ĐĂƌĞ ŝŶ ƚŚĞ ƐŚĞůƚĞƌ ĂŶĚ ĞŶŚĂŶĐĞ ƌĞƐĐƵĞͬƚƌĂŶƐƉŽƌƚ ĐŽŽƌĚŝŶĂƚŝŽŶ͘ ƵƌŝŶŐ ƚŚĞ ĐƵƌƌĞŶƚ ĨŝƐĐĂů LJĞĂƌ͕ ŶŝŵĂů DĂŶĂŐĞŵĞŶƚ Θ tĞůĨĂƌĞ ŚĂƐ ďĞĐŽŵĞ ƚŚĞ ƉƌŝŵĂƌLJ ƐŽƵƌĐĞ ĨŽƌ ĂĚŽƉƚŝŶŐ ĂŶŝŵĂůƐ ŽƵƚ ŽĨ ƚŚĞ ƐŚĞůƚĞƌ͘ EĞǁ ƉƌŽŐƌĂŵƐ ƉƌŽƉŽƐĞĚ ŝŶĐůƵĚĞ ƐƚƌĞŶŐƚŚĞŶŝŶŐ ŽƵƌ ƚƌĂŶƐƉŽƌƚ ĂŶĚ ƌĞƐĐƵĞ ŶĞƚǁŽƌŬ ĂŶĚ ĐŽŶƚŝŶƵŝŶŐ ƚŽ ďƵŝůĚ ƚŚĞ ǀŽůƵŶƚĞĞƌ ƉƌŽŐƌĂŵ͘ dŚĞ ĚĞƐŝƌĞĚ ŽƵƚĐŽŵĞ ŽĨ ŶŝŵĂů DĂŶĂŐĞŵĞŶƚ Θ tĞůĨĂƌĞ ŝƐ ƚŽ ĚĞĐƌĞĂƐĞ ƚŚĞ ŶƵŵďĞƌ ŽĨ ĂŶŝŵĂůƐ ƚŚĂƚ ĂƌĞ ĞŶƚĞƌŝŶŐ ƚŚĞ ƐŚĞůƚĞƌ ĂŶĚ ƚŽ ŝŶĐƌĞĂƐĞ ƚŚĞ ŶƵŵďĞƌ ŽĨ ĂŶŝŵĂůƐ ƚŚĂƚ ĂƌĞ ƌĞĐůĂŝŵĞĚ ďLJ ƚŚĞŝƌ ŽǁŶĞƌƐ Žƌ ůĞĂǀŝŶŐ ƚŚĞ ĨĂĐŝůŝƚLJ ƚŚƌŽƵŐŚ ĂĚŽƉƚŝŽŶƐ͕ ƚƌĂŶƐƉŽƌƚƐ Žƌ ƌĞƐĐƵĞƐ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ŝƐ ĂůƐŽ ǁŽƌŬŝŶŐ ŚĂƌĚ ŝŶ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ƚŽ ƉƌŽǀŝĚĞ ŚƵŵĂŶĞ ĞĚƵĐĂƚŝŽŶ͕ ĂƐ ǁĞůů ĂƐ ĞŶĨŽƌĐĞŵĞŶƚ ƚŽ ĂĚĚƌĞƐƐ ƉƵďůŝĐ ƐĂĨĞƚLJ ĂŶĚ ĂŶŝŵĂů ǁĞůĨĂƌĞ ŝƐƐƵĞƐ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ŝƐ ĨŽĐƵƐĞĚ ŽŶ ĐƌĞĂƚŝŶŐ Ă ĨƌĂŵĞǁŽƌŬ ƚŽ ŵŽƌĞ ĞĨĨĞĐƚŝǀĞůLJ ŵĂŶŐĞ ƚŚĞ ĂŶŝŵĂů ƉŽƉƵůĂƚŝŽŶ ŝŶ ƚŚĞ ůŽĐĂů ĐŽŵŵƵŶŝƚLJ ƚŚƌŽƵŐŚ Ă ƌĞǀŝĞǁ ŽĨ ůŽĐĂů ƉŽůŝĐŝĞƐ ĂŶĚ ŽƌĚŝŶĂŶĐĞƐ͘ dŚƌŽƵŐŚ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ ƉƵďůŝĐ ĞŶŐĂŐĞŵĞŶƚ ƚŚĂƚ ƐŽůŝĐŝƚƐ ŝŶƉƵƚ ĨƌŽŵ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͕ ĞŶŚĂŶĐĞŵĞŶƚƐ ƚŽ ƉŽůŝĐŝĞƐ ĂŶĚ ŽƌĚŝŶĂŶĐĞƐ ǁŝůů ďĞ ƉƌŽƉŽƐĞĚ ƚŽ ŵŽƌĞ ĞĨĨĞĐƚŝǀĞůLJ ĂĚĚƌĞƐƐ ƚŚĞ ůŽŶŐͲƚĞƌŵ ĐŚĂůůĞŶŐĞƐ ĨĂĐŝŶŐ ƚŚĞ ĂŶŝŵĂů ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ǁĞůĨĂƌĞ ŝŶ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͘

WƌŽŐƌĂŵƐ ĚŵŝŶŝƐƚƌĂƚŝŽŶ Θ ŽŵŵƵŶŝƚLJ KƵƚƌĞĂĐŚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͳ Ψϲϱϳ͕Ϭϵϭ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ŽǀĞƌƐĞĞƐ Ăůů ĂƐƉĞĐƚƐ ŽĨ ƚŚĞ ĐŽŵƉůŝĂŶĐĞͬĞŶĨŽƌĐĞŵĞŶƚ ĂŶĚ ƐŚĞůƚĞƌ ŽƉĞƌĂƚŝŽŶƐ ĨŽƌ ƚŚĞ ŶŝŵĂů DĂŶĂŐĞŵĞŶƚ Θ tĞůĨĂƌĞ ĚĞƉĂƌƚŵĞŶƚ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ ƉƌŽŐƌĂŵ ƉƌŽǀŝĚĞƐ ĐŽŵŵƵŶŝƚLJ ŽƵƚƌĞĂĐŚ ƚŚƌŽƵŐŚ ƉƵďůŝĐ ĞĚƵĐĂƚŝŽŶ͕ ĂŶŝŵĂů ĂĐĐŽƵŶƚĂďŝůŝƚLJ ƚƌĂŝŶŝŶŐ͕ ĂŶĚ ǀŽůƵŶƚĞĞƌ ĐŽŽƌĚŝŶĂƚŝŽŶ͕ ĂůŽŶŐ ǁŝƚŚ ĂĚĚƌĞƐƐŝŶŐ ĂŶŝŵĂů ŝƐƐƵĞƐ ĂŶĚ ĐŽŶĐĞƌŶƐ ĨƌŽŵ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͘ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝƐ ĨŽĐƵƐĞĚ ŽŶ ĐƌĞĂƚŝŶŐ Ă ĨƌĂŵĞǁŽƌŬ ƚŽ ŵŽƌĞ ĞĨĨĞĐƚŝǀĞůLJ ŵĂŶĂŐĞ ƚŚĞ ĂŶŝŵĂů ƉŽƉƵůĂƚŝŽŶ ŝŶ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ƚŚƌŽƵŐŚ ĞŶŚĂŶĐĞŵĞŶƚƐ ƚŽ ůŽĐĂů ƉŽůŝĐŝĞƐ ĂŶĚ ŽƌĚŝŶĂŶĐĞƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ϮϬϭϳͬϭϴ ĐƚƵĂů ϭϬ ϲϱϬ ϭϬ Eͬ

^ĐŚŽŽůƐ WƌĞƐĞŶƚĞĚ dŽ ^ĐŚŽŽů WƌĞƐĞŶƚĂƚŝŽŶ ƚƚĞŶĚĞĞƐ KƚŚĞƌ ŽŵŵƵŶŝƚLJ ǀĞŶƚƐ ŶŝŵĂů ĐĐŽƵŶƚĂďŝůŝƚLJ WƌŽŐƌĂŵ ƐĞƐƐŝŽŶƐ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϭϬ ϲϱϬ ϱ ϭϮ

ϮϬϭϵͬϮϬϮϬ WƌŽũĞĐƚĞĚ ϭϬ ϲϱϬ ϭϬ ϭϮ

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WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ϮϬϭϳͬϭϴ ĐƚƵĂů Ϯϰ͕ϲϴϯ Ͳ ϯ͕ϴϯϲ ϭ͕ϰϴϰ ϱϮϯ Ϯϰ͕ϲϴϯ Ψϱϰ͘Ϯϭ

dŽƚĂů ĂůůƐ ƚŽ &ŝĞůĚ ZĞƐƉŽŶƐĞ ;/ŶĐŝĚĞŶƚƐ ZĞƐƉŽŶĚĞĚ dŽͿϭ ŝƚĂƚŝŽŶƐ /ƐƐƵĞĚ tĂƌŶŝŶŐƐ /ƐƐƵĞĚ ŝƚĞ ĂƐĞƐ YƵĂƌĂŶƚŝŶĞĚ ŝŶ ^ŚĞůƚĞƌ &ŝĞůĚ ĂůůƐ ĨŽƌ ^ĞƌǀŝĐĞ ŽƐƚ ƉĞƌ Ăůů ĨŽƌ ^ĞƌǀŝĐĞ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚΎ Ϯϭ͕ϳϮϳ Ͳ ϯ͕ϲϵϭ ϭ͕ϰϵϭ ϰϯϲ ϮϮ͕ϬϬϬ Ψϱϲ͘ϱϲ

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^ŚĞůƚĞƌ DĂŶĂŐĞŵĞŶƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕ϯϭϰ͕ϭϴϬ ^ŚĞůƚĞƌ DĂŶĂŐĞŵĞŶƚ ĞŶĐŽŵƉĂƐƐĞƐ ƚŚĞ ŝŶͲŚŽƵƐĞ ĐŽŵƉŽŶĞŶƚ ŽĨ ŶŝŵĂů DĂŶĂŐĞŵĞŶƚ Θ tĞůĨĂƌĞ͘ ^ƚĂĨĨ ƉƌŽǀŝĚĞ ĚĂŝůLJ ĐĂƌĞ͕ ĐůĞĂŶŝŶŐ ĂŶĚ ƚŚĞ ƉƌĂĐƚŝĐĞ ŽĨ ŐŽŽĚ ŚƵƐďĂŶĚƌLJ ĨŽƌ ƚŚĞ ĂŶŝŵĂůƐ ŝŶ ƚŚĞ ƐŚĞůƚĞƌ͘ dŚĞ ƐŚĞůƚĞƌ ƉƌŽǀŝĚĞƐ Ă ĐĞŶƚƌĂůŝnjĞĚ ůŽĐĂƚŝŽŶ ĨŽƌ ĐŝƚŝnjĞŶƐ ƚŚĂƚ ĂƌĞ ŵŝƐƐŝŶŐ ƚŚĞŝƌ ƉĞƚƐ ƚŽ ƌĞĐůĂŝŵ ƚŚĞŵ ĂŶĚ ŽĨĨĞƌƐ ůŽǁ ĐŽƐƚ ŵŝĐƌŽĐŚŝƉƉŝŶŐ ĨŽƌ ĐŝƚŝnjĞŶƐ͛ ĂŶŝŵĂůƐ ŝŶ ĂŶ ĞĨĨŽƌƚ ƚŽ ƉƌŽǀŝĚĞ Ă ƉĞƌŵĂŶĞŶƚ ĨŽƌŵ ŽĨ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ƚŽ ŝŶĐƌĞĂƐĞ ƚŚĞ ůŝŬĞůŝŚŽŽĚ ŽĨ ƌĞƵŶŝĨŝĐĂƚŝŽŶ ŝŶ ƚŚĞ ĞǀĞŶƚ ƚŚĞŝƌ ĂŶŝŵĂů ďĞĐŽŵĞƐ ůŽƐƚ͘ <ĞŶŶĞů ĐĂƌĞ ƐƚĂĨĨ ĚĞĞƉ ĐůĞĂŶ ĂŶĚ ĚŝƐŝŶĨĞĐƚ ŬĞŶŶĞůƐ ƚŽ ƉƌŽǀŝĚĞ Ă ĐůĞĂŶ ĂŶĚ ŚĞĂůƚŚLJ ĞŶǀŝƌŽŶŵĞŶƚ ĨŽƌ ƚŚĞ ĂŶŝŵĂůƐ ŝŶ ŽƵƌ ĐĂƌĞ ĂŶĚ ƚŽ ƌĞĚƵĐĞ ƚŚĞ ƉŽƐƐŝďŝůŝƚLJ ŽĨ ĚŝƐĞĂƐĞ Žƌ ŝůůŶĞƐƐĞƐ ƐƉƌĞĂĚŝŶŐ ŝŶ ƚŚĞ ƉŽƉƵůĂƚŝŽŶ͘

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ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ ϰ͕ϭϯϳ͕ϳϴϮ ϲϲ͕Ϯϳϵ ϮϴϮ͕ϱϴϴ ϯϲϲ͕ϲϬϵ Ψ ϰ͕ϴϱϯ͕Ϯϱϴ

DŝƐƐŝŽŶ dŽ ƉƌŽǀŝĚĞ ƌĂƉŝĚ ĂŶĚ ĂĐĐƵƌĂƚĞ ƌĞƐƉŽŶƐĞƐ ƚŽ ĞŵĞƌŐĞŶĐLJ ƌĞƋƵĞƐƚƐ ǁŝƚŚ ƉƌŽĨĞƐƐŝŽŶĂůŝƐŵ͕ ĐŽŵƉĂƐƐŝŽŶ ĂŶĚ ĐŽŵƉĞƚĞŶĐĞ͖ ƚŽ ƉƌŽŵƉƚůLJ ĂŶƐǁĞƌ͕ ĞŶƚĞƌ ĂŶĚ ĚŝƐƉĂƚĐŚ ĐĂůůƐ ĨŽƌ ƐĞƌǀŝĐĞ͖ ƚŽ ŐĂƚŚĞƌ ĂŶĚ ƌĞůĂLJ ŝŶĨŽƌŵĂƚŝŽŶ ĂĐĐƵƌĂƚĞůLJ ĂŶĚ ƉƌŽĨĞƐƐŝŽŶĂůůLJ ǁŚŝůĞ ƉƌŽĐĞƐƐŝŶŐ ĐĂůůƐ ĨŽƌ ƐĞƌǀŝĐĞ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ ŵĂƌŝůůŽ ŵĞƌŐĞŶĐLJ ŽŵŵƵŶŝĐĂƚŝŽŶ ĞŶƚĞƌ ; Ϳ ŝƐ ƚŚĞ ĂŶƐǁĞƌŝŶŐ ƉŽŝŶƚ ĨŽƌ ĞŵĞƌŐĞŶĐLJ ĂŶĚ ŶŽŶͲ ĞŵĞƌŐĞŶĐLJ ƉƵďůŝĐ ƐĂĨĞƚLJ ƐĞƌǀŝĐĞƐ͘ ƉƌŽǀŝĚĞƐ ůĂǁ ĞŶĨŽƌĐĞŵĞŶƚ͕ ĨŝƌĞ ĂŶĚ ŵĞĚŝĐĂů ƉƌĞͲĂƌƌŝǀĂů ŝŶƐƚƌƵĐƚŝŽŶƐ ĂŶĚ ƉƌŽǀŝĚĞƐ ƌĞƐƉŽŶƐĞ ƚŽ ĂŶŝŵĂů ŵĂŶĂŐĞŵĞŶƚ ŝƐƐƵĞƐ͘ ƉƌŝŽƌŝƚŝnjĞƐ ĐĂůůƐ ĨŽƌ ƐĞƌǀŝĐĞ ĂŶĚ ĚŝƐƉĂƚĐŚĞƐ ƚŽ ƉƵďůŝĐ ƐĂĨĞƚLJ ƌĞƐƉŽŶĚĞƌƐ͘ ƵƌŝŶŐ ŵĂũŽƌ ĞǀĞŶƚƐ͕ ƚŚĞ KĨĨŝĐĞ ŽĨ ŵĞƌŐĞŶĐLJ DĂŶĂŐĞŵĞŶƚ ;K DͿ ĐŽŽƌĚŝŶĂƚĞƐ ŵƵƚƵĂů ĂŝĚ ƌĞƋƵĞƐƚƐ ĨŽƌ ƉƵďůŝĐ ƐĂĨĞƚLJ ĞŶƚŝƚŝĞƐ͘ dŽ ĞŶƐƵƌĞ ĂůŝŐŶŵĞŶƚ ǁŝƚŚ ƚŚĞ ŝƚLJ͛Ɛ ǀĂůƵĞƐ͕ ŐŽĂůƐ ĂŶĚ ŵŝƐƐŝŽŶ͕ ǁŚŝĐŚ ŝŶĐůƵĚĞƐ ƐƵƉƉŽƌƚ ŽĨ ƚŚĞ ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ͕ ƚŚĞ ŚĂƐ ŝĚĞŶƚŝĨŝĞĚ ƐĞǀĞƌĂů ŽďũĞĐƚŝǀĞƐ ǁŚŝĐŚ ǁŝůů ŝŵƉƌŽǀĞ ŝƚƐ ĂďŝůŝƚLJ ƚŽ ƐĞƌǀĞ ƚŚĞ ŵĂƌŝůůŽ ĐŽŵŵƵŶŝƚLJ͘ dŚĞƐĞ ŐŽĂůƐ ŝŶĐůƵĚĞ ǁŽƌŬŝŶŐ ŽŶ ŶĂƚŝŽŶĂů ƐƚĂŶĚĂƌĚƐ ĨŽƌ ĞŵƉůŽLJĞĞ ĂŶĚ ĂŐĞŶĐLJ ĐĞƌƚŝĨŝĐĂƚŝŽŶƐ͖ ƚĂŬŝŶŐ ŵĞĂƐƵƌĞƐ ƚŽ ĂĐŚŝĞǀĞ ŶĂƚŝŽŶĂů ĂĐĐƌĞĚŝƚĂƚŝŽŶ͖ ĚĞǀĞůŽƉŝŶŐ ĞƐƚ WƌĂĐƚŝĐĞƐ ĨŽƌ ƉĞƌƐŽŶŶĞů ƚŝŵĞ ŵĂŶĂŐĞŵĞŶƚ ƉƌŽŐƌĂŵƐ ƉƌŽǀŝĚŝŶŐ ƚŚĞ ŵŽƐƚ ĞĨĨŝĐŝĞŶƚ ƵƐĞ ŽĨ ƚŚĞ ǁŽƌŬĨŽƌĐĞ͖ ĞƐƚĂďůŝƐŚŝŶŐ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ ^ĂĨĞƚLJ ĂŶĚ ŚĞĂůƚŚ ƉƌŽŐƌĂŵ͕ ŝŶĐůƵĚŝŶŐ ƉŚLJƐŝĐĂů͕ ŶƵƚƌŝƚŝŽŶĂů͕ ĞŵŽƚŝŽŶĂů ĂŶĚ ŵĞŶƚĂů ŚĞĂůƚŚ ƌĞƐŽƵƌĐĞƐ͖ ĂŶĚ ƉƵƌƐƵŝŶŐ ŝŶĚƵƐƚƌLJͲƌĞůĂƚĞĚ dĞĐŚŶŽůŽŐLJ ĂĚǀĂŶĐĞƐ ŝŶ ďŽƚŚ ŚĂƌĚǁĂƌĞ ĂŶĚ ƐŽĨƚǁĂƌĞ͕ ƐƵĐŚ ĂƐ ĞŶŚĂŶĐĞĚ ϵͲϭͲϭ͕ ƚĞdžƚ ƚŽ ϵͲϭͲϭ͕ ŶĞdžƚͲŐĞŶ ƌĂĚŝŽͬĚŝƐƉĂƚĐŚ ƐLJƐƚĞŵƐ͕ ĂŶĚ ŝŵƉƌŽǀĞŵĞŶƚƐ ŝŶ ŽŵƉƵƚĞƌ ƐƐŝƐƚĞĚ ŝƐƉĂƚĐŚ ; Ϳ ƐŽĨƚǁĂƌĞ͘ dŚĞ ŝƐ ŵĂŶĚĂƚĞĚ ďLJ ƚŚĞ dĞdžĂƐ ϵͲϭͲϭ ŵĞƌŐĞŶĐLJ EƵŵďĞƌ Đƚ ; ŚĂƉƚĞƌƐ ϳϳϭ Θ ϳϳϮ͕ ,ĞĂůƚŚ Θ ^ĂĨĞƚLJ ŽĚĞͿ ǁŚŝĐŚ ƌĞƋƵŝƌĞƐ ĐŽƵŶƚŝĞƐ ĂŶĚͬŽƌ ŵƵŶŝĐŝƉĂůŝƚŝĞƐ ƚŽ ƉƌŽǀŝĚĞ ƚŚƌĞĞ ĚŝŐŝƚ ;ϵϭϭͿ ĚŝĂůŝŶŐ ^ƚĂƚĞ >Ăǁ ƚŽ ƉƌŽǀŝĚĞ ϵϭϭ ƐĞƌǀŝĐĞƐ͘ dŚĞ WŽƚƚĞƌͲZĂŶĚĂůů ϵͲϭͲϭ ŝƐƚƌŝĐƚ ƉƌŽǀŝĚĞƐ ĨƵŶĚŝŶŐ ƚŽ ƚŚĞ ŝŶ ƐƵƉƉŽƌƚ ŽĨ ƚŚĞŝƌ ŵŝƐƐŝŽŶ͗ ͞ƚŽ ƉƌŽǀŝĚĞ ĂŶ ĞĨĨŝĐŝĞŶƚ͕ ĞĨĨĞĐƚŝǀĞ͕ ĞŶŚĂŶĐĞĚ ϵͲϭͲϭ ĞŵĞƌŐĞŶĐLJ ƚĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƐLJƐƚĞŵ ͙ ŝŶ ƌĞƐƉŽŶƐĞ ƚŽ ƉŽůŝĐĞ͕ ĨŝƌĞ

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ĂŶĚ ŵĞĚŝĐĂů ĞŵĞƌŐĞŶĐLJ ĐĂůůƐ͘͟ dŚĞ ϵͲϭͲϭ ŝƐƚƌŝĐƚ ĨƵŶĚŝŶŐ ŝƐ ƐŚŽǁŶ ĂƐ Ă ƌĞǀĞŶƵĞ ƐŽƵƌĐĞ ŝŶ ƚŚĞ ďƵĚŐĞƚ͘ dŚĞ ĂůƐŽ ĐŽůůĞĐƚƐ ƌĞǀĞŶƵĞ ĨƌŽŵ ŵĂƌŝůůŽ DĞĚŝĐĂů ZĞƐƉŽŶƐĞ ; DZͿ ĂŶĚ ĂƉƚŝƐƚ ^ƚ͘ ŶƚŚŽŶLJ͛Ɛ ; ^ Ϳ ƚŽ ƉƌŽǀŝĚĞ ĚŝƐƉĂƚĐŚ ƐĞƌǀŝĐĞƐ ĨŽƌ ƚŚĞŝƌ ĂŵďƵůĂŶĐĞ ƐĞƌǀŝĐĞƐ͘

WƌŽŐƌĂŵƐ ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϯϳϮ͕ϮϮϰ dŚĞ ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ WƌŽŐƌĂŵ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ĐŽŽƌĚŝŶĂƚŝŽŶ ŵĂŶĂŐĞŵĞŶƚ ďĞƚǁĞĞŶ ĞĂĐŚ ƉƵďůŝĐ ƐĂĨĞƚLJ ĚĞƉĂƌƚŵĞŶƚ ƐƵƉƉŽƌƚĞĚ ǁŝƚŚŝŶ ͘ ^ƉĞĐŝĨŝĐ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ŝŶĐůƵĚĞ ďƵĚŐĞƚŝŶŐ͕ ƚŝŵĞͲŬĞĞƉŝŶŐ ĂŶĚ ƉĂLJƌŽůů͕ ƉŽůŝĐLJ ĂŶĚ ƉƌŽĐĞĚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ͕ ƉĞƌƐŽŶŶĞů ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ ƌĞƐƉŽŶĚŝŶŐ ƚŽ ǀĂƌŝŽƵƐ ƌĞƋƵĞƐƚƐ ĨŽƌ ƉƵďůŝĐ ƌĞĐŽƌĚƐ͕ ĂƐ ǁĞůů ĂƐ ĚĂƚĂ ĐŽůůĞĐƚŝŽŶ ĂŶĚ ĂŶĂůLJƐŝƐ ĨŽƌ Ăůů ƉƵďůŝĐ ƐĂĨĞƚLJ ĚĞƉĂƌƚŵĞŶƚƐ ƐƵƉƉŽƌƚĞĚ ďLJ ƚŚĞ ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϭϳ

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EƵŵďĞƌ ŽĨ ĐĂůů ƚĂŬĞƌƐͬĚŝƐƉĂƚĐŚĞƌƐ ƋƵĂůŝĨŝĞĚ ĨŽƌ ŽƵƚͲŽĨͲĐůĂƐƐ ƐƵƉĞƌǀŝƐŽƌ WĞƌĐĞŶƚ ĐŽŵƉůŝĂŶƚ ǁŝƚŚ ŶĂƚŝŽŶĂů ƐƚĂŶĚĂƌĚƐ ĨŽƌ ŶƵŵďĞƌ ŽĨ ĐĂůů ƚĂŬĞƌƐ ďLJ ĐĂůů ǀŽůƵŵĞ͕ ďĂƐĞĚ ŽŶ ƐƚĂƚŝƐƚŝĐĂů ĚĂƚĂ

Ăůů ĞŶƚĞƌ ^ĞƌǀŝĐĞƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϰ͕ϰϬϯ͕ϴϭϵ dŚĞ Ăůů ĞŶƚĞƌ WƌŽŐƌĂŵ ƉƌŽǀŝĚĞƐ ƐƚĂƚĞͲůŝĐĞŶƐĞĚ ĂŶĚ ŶĂƚŝŽŶĂůůLJ ĐƌĞĚĞŶƚŝĂůĞĚ ŵĞƌŐĞŶĐLJ ŽŵŵƵŶŝĐĂƚŝŽŶƐ ^ƉĞĐŝĂůŝƐƚƐ ; ^Ϳ ;ĐĂůů ƚĂŬĞƌƐ ĂŶĚ ĚŝƐƉĂƚĐŚĞƌƐ ǁŝƚŚ Ăƚ ůĞĂƐƚ ŽŶĞ LJĞĂƌ ŽĨ ĞŵƉůŽLJŵĞŶƚͿ ǁŚŝĐŚ ĚĞůŝǀĞƌ ƌĂƉŝĚ ĂŶĚ ĂĐĐƵƌĂƚĞ ƌĞƐƉŽŶƐĞƐ ƚŽ ĞŵĞƌŐĞŶĐLJ ƌĞƋƵĞƐƚƐ ƚŽ ŐĂƚŚĞƌ ĂŶĚ ƌĞůĂLJ ŝŶĨŽƌŵĂƚŝŽŶ ĂĐĐƵƌĂƚĞůLJ ǁŚŝůĞ ƉƌŽĐĞƐƐŝŶŐ ĐĂůůƐ ĨŽƌ ƐĞƌǀŝĐĞ͘ WĞƌĨŽƌŵĂŶĐĞ ŵĞĂƐƵƌĞƐ ĂƌĞ ďĂƐĞĚ ŽŶ ŶĂƚŝŽŶĂů ƐƚĂŶĚĂƌĚƐ ĂŶĚ ĞƐƚ WƌĂĐƚŝĐĞƐ͘ dŚĞ WŽƚƚĞƌͲZĂŶĚĂůů ϵͲϭͲϭ ŝƐƚƌŝĐƚ ĨƵŶĚĞĚ ƚŚĞ d^ ; ŵĞƌŐĞŶĐLJ Ăůů dƌĂĐŬŝŶŐ ^ŽĨƚǁĂƌĞͿ ƐĞƌǀŝĐĞ ŝŶ KĐƚŽďĞƌ ϮϬϭϳ ǁŚŝĐŚ ƉƌŽǀŝĚĞƐ ĂĐĐƵƌĂƚĞ ĞŵĞƌŐĞŶĐLJ ĐĂůů ĚĂƚĂ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ WĞƌĐĞŶƚ ŽĨ ĞŵƉůŽLJĞĞƐ ĐƌŽƐƐͲƚƌĂŝŶĞĚ ŝŶ ƚǁŽ ĚŝƐĐŝƉůŝŶĞƐ ;&d ƐͿ Ăůů ƚŽ ĚŝƐƉĂƚĐŚ ƚŝŵĞ ;ŵŝŶƵƚĞƐͿ͗ WŽůŝĐĞ ;WƌŝŽƌŝƚLJͿ WŽůŝĐĞ ;EŽŶͲ ŵĞƌŐĞŶĐLJͿ D^ ;E&W ϭϮϮϭ ʹ ϵϬ ƐĞĐ͘ ƐƚĂŶĚĂƌĚͿ &ŝƌĞ ;E&W ϭϮϮϭ ʹ ϵϬ ƐĞĐ͘ ƐƚĂŶĚĂƌĚͿ ĂůůƐ ŶƐǁĞƌĞĚ͗ ŵĂƌŝůůŽ WŽůŝĐĞ ĞƉĂƌƚŵĞŶƚ ŵĞƌŐĞŶĐLJ DĞĚŝĐĂů ^ĞƌǀŝĐĞƐ ŵĂƌŝůůŽ &ŝƌĞ ĞƉĂƌƚŵĞŶƚ ŶŝŵĂů DĂŶĂŐĞŵĞŶƚ ĂŶĚ tĞůĨĂƌĞ dŽƚĂů͗

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

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Ϯ͗ϬϬ ϱ͗ϰϱ Ϭ͗ϱϬ Ϭ͗ϱϬ

ϭ͗ϰϱ ϱ͗ϯϬ Ϭ͗ϰϴ Ϭ͗ϰϴ

ϭ͗ϰϱ ϱ͗ϯϬ Ϭ͗ϰϱ Ϭ͗ϱϱ

ϭϬϲ͕ϲϵϲ ϯϯ͕Ϭϱϰ Ϯϱ͕ϲϬϳ Ϯϳ͕ϲϬϱ ϯϬϴ͕ϬϬϬ

ϭϬϱ͕ϬϬϬ ϯϴ͕ϱϴϰ Ϯϲ͕ϯϱϯ Ϯϯ͕ϬϬϬ ϯϭϬ͕ϱϬϬ

ϭϬϬ͕ϬϬϬ ϯϵ͕ϬϬϬ Ϯϴ͕ϬϬϬ Ϯϰ͕ϬϬϬ ϯϭϳ͕ϬϬϬ

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ϮϬϭϳ WĂƌƚŝĂů ϭϴ͕ϳϮϵ

ϮϬϭϴ ĐƚƵĂů ϭϭϳ͕Ϯϱϴ

ϮϬϭϵ WƌŽũĞĐƚĞĚ ϭϭϴ͕ϬϬϬ

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ϮϬϭϴ ĐƚƵĂů

ϮϬϭϵ WƌŽũĞĐƚĞĚ

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ϭϯϬ͕ϵϯϯ

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ϵϳ͘ϬϬй

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YƵĂůŝƚLJ ƐƐƵƌĂŶĐĞ͕ ĞƌƚŝĨŝĐĂƚŝŽŶ ĂŶĚ dƌĂŝŶŝŶŐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϳϳ͕Ϯϭϱ dŚŝƐ ƉƌŽŐƌĂŵ ƉƌŽŵŽƚĞƐ ĞƐƚ WƌĂĐƚŝĐĞƐ͕ ƐƚĂƚĞ ĂŶĚ ŶĂƚŝŽŶĂů ĐĞƌƚŝĨŝĐĂƚŝŽŶ͕ ĂŶĚ ƚŚĞ ƉƵƌƐƵŝƚ ŽĨ ŶĂƚŝŽŶĂů ĂĐĐƌĞĚŝƚĂƚŝŽŶ ĨŽƌ ƚŚĞ ͘ YƵĂůŝƚLJ ƐƐƵƌĂŶĐĞ ;Y Ϳ ŝƐ ƉƌŽǀŝĚĞĚ ƚŚƌŽƵŐŚ Ă ŶĞǁ ƉƌŽŐƌĂŵ ŝŶ ĨŝƐĐĂů LJĞĂƌ ϮϬϭϲ ǁŚŝĐŚ ǁĂƐ ĨƵŶĚĞĚ ďLJ ƚŚĞ ϵͲϭͲϭ ŝƐƚƌŝĐƚ͘ DŽƐƚ ŽĨ ƚŚĞ Y ŝƐ ŽƵƚƐŽƵƌĐĞĚ ƚŽ ĂŶ ŝŶĚĞƉĞŶĚĞŶƚ͕ ŶĂƚŝŽŶĂů ǀĞŶĚŽƌ ƚŚĂƚ ƉƌŽǀŝĚĞƐ ƚŚĞ WĞƌĨŽƌŵĂŶĐĞ ^ƚĂŶĚĂƌĚ ƌĞƉŽƌƚƐ ĨŽƌ &ŝƌĞ ĂŶĚ DĞĚŝĐĂů ĐĂůůƐ͘ dƌĂŝŶŝŶŐ ŝƐ ĐŽŶĚƵĐƚĞĚ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ dĞdžĂƐ ŽŵŵŝƐƐŝŽŶ ŽŶ >Ăǁ ŶĨŽƌĐĞŵĞŶƚ ;d K> Ϳ ƐƚĂŶĚĂƌĚƐ ǁŚŝĐŚ ŵĂŶĚĂƚĞ ďĂƐŝĐ ƋƵĂůŝĨLJŝŶŐ ƐƚĂŶĚĂƌĚƐ ĨŽƌ ĞŵƉůŽLJŵĞŶƚ ĂŶĚ ĐĞƌƚŝĨŝĐĂƚŝŽŶ ĐŽƵƌƐĞƐ ƉƌŝŽƌ ƚŽ ŚĂŶĚƐͲŽŶ ƚƌĂŝŶŝŶŐ ĂƐ ĂŶ ŵĞƌŐĞŶĐLJ ŽŵŵƵŶŝĐĂƚŝŽŶƐ ^ƉĞĐŝĂůŝƐƚ͘ WĞƌƐŽŶŶĞů ĂƌĞ ƐƚĂƚĞͲůŝĐĞŶƐĞĚ ƚĞůĞĐŽŵŵƵŶŝĐĂƚŽƌƐ ƚŚƌŽƵŐŚ d K> ĂŶĚ ĐĞƌƚŝĨŝĞĚ ƚŚƌŽƵŐŚ ƚŚĞ ƐƐŽĐŝĂƚŝŽŶ ŽĨ WƵďůŝĐͲ^ĂĨĞƚLJ ŽŵŵƵŶŝĐĂƚŝŽŶƐ KĨĨŝĐŝĂůƐ ; W KͿ ĨŽƌ ŵĞƌŐĞŶĐLJ

161

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,ŝŐŚ ŽŵƉůŝĂŶĐĞ ŽŵƉůŝĂŶƚ WĂƌƚŝĂů ŽŵƉůŝĂŶĐĞ >Žǁ ŽŵƉůŝĂŶĐĞ EŽŶͲ ŽŵƉůŝĂŶƚ dŽƚĂůƐ

ϮϬϭϳ ĐƚƵĂů EƵŵďĞƌ WĞƌĐĞŶƚ ŽĨ ĂƐĞƐ

ϮϬϭϴ ĐƚƵĂů EƵŵďĞƌ WĞƌĐĞŶƚ ŽĨ ĂƐĞƐ

ϮϬϭϵ WƌŽũĞĐƚĞĚ EƵŵďĞƌ WĞƌĐĞŶƚ ŽĨ ĂƐĞƐ

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ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

WĞƌĐĞŶƚ ŽĨ ĨůŽŽƌ ƐƵƉĞƌǀŝƐŽƌƐ ĐĞƌƚŝĨŝĞĚ ƚŚƌŽƵŐŚ W K dK ; ĞƌƚŝĨŝĞĚ dƌĂŝŶŝŶŐ KĨĨŝĐĞƌͿ

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WĞƌĐĞŶƚ ŽĨ ĨůŽŽƌ ŝƐƉĂƚĐŚĞƌƐ ĐĞƌƚŝĨŝĞĚ ƚŚƌŽƵŐŚ W K dK ; ĞƌƚŝĨŝĞĚ dƌĂŝŶŝŶŐ KĨĨŝĐĞƌͿ

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WĞƌŵĂŶĞŶƚ WŽƐŝƚŝŽŶƐ WĂƌƚͲƚŝŵĞ WŽƐŝƚŝŽŶƐ dŽƚĂů WŽƐŝƚŝŽŶƐ

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ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ ƵĚŐĞƚĞĚ Ψ ϯϵϰ͕ϴϰϵ Ψ ϰϬϯ͕ϯϭϬ ϱϭ͕ϵϱϰ ϰϱ͕ϵϬϴ ϭϴϴ͕Ϯϲϭ Ϯϭϭ͕ϳϰϵ ϭϰϵ͕ϵϴϴ ϭϳϮ͕ϴϰϰ Ͳ Ͳ Ͳ Ͳ Ψ ϳϴϱ͕ϬϱϮ Ψ ϴϯϯ͕ϴϭϭ

DŝƐƐŝŽŶ dŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ͛Ɛ KĨĨŝĐĞ ŽĨ ŵĞƌŐĞŶĐLJ DĂŶĂŐĞŵĞŶƚ ;K DͿ ĂĚŵŝŶŝƐƚĞƌƐ ĂŶĚ ĚŝƌĞĐƚƐ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶƚĞƌũƵƌŝƐĚŝĐƚŝŽŶĂů ĞŵĞƌŐĞŶĐLJ ŵĂŶĂŐĞŵĞŶƚ ƉƌŽŐƌĂŵ ƚŽ ĂĚĚƌĞƐƐ ƚŚĞ ŵŝƚŝŐĂƚŝŽŶ͕ ƉƌĞǀĞŶƚŝŽŶ͕ ƉƌĞƉĂƌĞĚŶĞƐƐ͕ ƌĞƐƉŽŶƐĞ͕ ĂŶĚ ƌĞĐŽǀĞƌLJ ƚŽ ĂůůͲŚĂnjĂƌĚƐ ƚŚĂƚ ĐŽƵůĚ ŝŵƉĂĐƚ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ĂŶĚ WŽƚƚĞƌ ĂŶĚ ZĂŶĚĂůů ĐŽƵŶƚŝĞƐ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ K D ŝƐ ĨŽĐƵƐĞĚ ŽŶ ĐŽŽƌĚŝŶĂƚŝŽŶ ŽĨ ƚŚĞ ǁŚŽůĞ ĐŽŵŵƵŶŝƚLJ ƚŽ ĂĚĚƌĞƐƐ ĂůůͲŚĂnjĂƌĚƐ͘ dŚŝƐ ƌĞƋƵŝƌĞƐ ĂŶ ŝŶƚĞŐƌĂƚĞĚ ĂƉƉƌŽĂĐŚ ŽĨ ůŽĐĂů ŐŽǀĞƌŶŵĞŶƚ ;ĐŝƚLJ ĂŶĚ ĐŽƵŶƚŝĞƐͿ ǁŝƚŚ ŬĞLJ ƐƚĂŬĞŚŽůĚĞƌƐ ƚŽ ĞŶƐƵƌĞ ƌĞĂĚŝŶĞƐƐ ƚŽ ƉƌŽƚĞĐƚ ĐŝƚŝnjĞŶƐ ĨƌŽŵ ƉŽƚĞŶƚŝĂů ĚŝƐĂƐƚĞƌƐ͘ dŚĞ ĞŵĞƌŐĞŶĐLJ ŵĂŶĂŐĞŵĞŶƚ ƉƌŽŐƌĂŵ ĂĚŚĞƌĞƐ ƚŽ ƚŚĞ ŝƚLJ DĂŶĂŐĞƌ /ŶŝƚŝĂƚŝǀĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ĞƐƚ WƌĂĐƚŝĐĞƐ ŽĨ ƚŚĞ ĚŝƐĐŝƉůŝŶĞ͕ ŵĂŝŶƚĂŝŶŝŶŐ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ĂƉƉůŝĐĂďůĞ ĨĞĚĞƌĂů ĂŶĚ ƐƚĂƚĞ ƌĞŐƵůĂƚŽƌLJ ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ dŚĞ K D ŝƐ Ă ŝƚLJ ĚĞƉĂƌƚŵĞŶƚ ƚŚĂƚ ŝƐ ĐŽŶƚƌĂĐƚĞĚ ƚŽ WŽƚƚĞƌ ĂŶĚ ZĂŶĚĂůů ĐŽƵŶƚŝĞƐ ĂŶĚ ƚŚĞ ŝƚLJ ŽĨ ĂŶLJŽŶ ƚŽ ƉƌŽǀŝĚĞ ĞŵĞƌŐĞŶĐLJ ŵĂŶĂŐĞŵĞŶƚ ƐĞƌǀŝĐĞƐ͘ dŚŝƐ ƉĂƌƚŶĞƌƐŚŝƉ ƉƌŽǀŝĚĞƐ ĨŽƌ ƚŚĞ ŝŵƉƌŽǀĞĚ ŝŶƚĞŐƌĂƚŝŽŶ ŽĨ ƚŚĞ ĞŵĞƌŐĞŶĐLJ ŵĂŶĂŐĞŵĞŶƚ ƉƌŽŐƌĂŵ ĂĐƌŽƐƐ ũƵƌŝƐĚŝĐƚŝŽŶĂů ďŽƵŶĚĂƌŝĞƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ K D ĂĚŵŝŶŝƐƚĞƌƐ ƚŚĞ ŝƚLJ͛Ɛ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ŝŶ ŚŽŵĞůĂŶĚ ƐĞĐƵƌŝƚLJ ĂŶĚ ĞŵĞƌŐĞŶĐLJ ŵĂŶĂŐĞŵĞŶƚ ŐƌĂŶƚ ƉƌŽŐƌĂŵƐ ƚŽ ĞŶŚĂŶĐĞ ƚŚĞ ĐĂƉĂďŝůŝƚŝĞƐ ŽĨ ĞŵĞƌŐĞŶĐLJ ƌĞƐƉŽŶƐĞ ĂŐĞŶĐŝĞƐ ƚŽ ƌĞƐƉŽŶĚ ƚŽ ƐƉĞĐŝĂůŝnjĞĚ ŚĂnjĂƌĚƐ ƚŚĂƚ ĐŽƵůĚ ŝŵƉĂĐƚ ƚŚĞ ĐŽŵŵƵŶŝƚLJ Žƌ ƌĞŐŝŽŶ͘ dŚĞ K D ĂĐƚŝǀĞůLJ ƉĂƌƚŝĐŝƉĂƚĞƐ ŝŶ ƚŚĞ WŝůůĂƌƐ ŽƵƚůŝŶĞĚ ďLJ ŝƚLJ ŽƵŶĐŝů ĨŽĐƵƐŝŶŐ ŽŶ WƵďůŝĐ ^ĂĨĞƚLJ͕ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ͕ &ŝƐĐĂů ZĞƐƉŽŶƐŝďŝůŝƚLJ͕ ĂŶĚ džĐĞůůĞŶĐĞ ŝŶ ŽŵŵƵŶŝĐĂƚŝŽŶ ʹ Ăůů ƉĂƌƚ ŽĨ ƚŚĞ ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ K D ƐƵƉƉŽƌƚƐ ĂŶĚ ƐƚƌŝǀĞƐ ƚŽ ĨŽůůŽǁ ƚŚĞ ŝƚLJ DĂŶĂŐĞƌ /ŶŝƚŝĂƚŝǀĞƐ ŽĨ ŽŵŵŝƚŵĞŶƚ ƚŽ ^ĂĨĞƚLJ͕ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ĞƐƚ WƌĂĐƚŝĐĞƐ͕ WƌŽŵŽƚĞ /ŶŶŽǀĂƚŝŽŶ ĂŶĚ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ͕ ĂŶĚ WƵďůŝĐ ^ĞƌǀŝĐĞ ĂŶĚ ŶŐĂŐĞŵĞŶƚ͘

165

WƌŽŐƌĂŵƐ ŵĞƌŐĞŶĐLJ DĂŶĂŐĞŵĞŶƚ ĞƉĂƌƚŵĞŶƚ ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϱϯϭ͕ϳϭϬ dŚŝƐ ƉƌŽŐƌĂŵ ƉƌŽǀŝĚĞƐ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ ƐƵƉƉŽƌƚ ĨŽƌ ĚĂLJͲƚŽͲĚĂLJ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ƉƌŽũĞĐƚ ŵĂŶĂŐĞŵĞŶƚ ĨŽƌ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ͘ DĂŶĂŐĞƐ ŚŽŵĞůĂŶĚ ƐĞĐƵƌŝƚLJ ĂŶĚ ĞŵĞƌŐĞŶĐLJ ŵĂŶĂŐĞŵĞŶƚ ŐƌĂŶƚ ƉƌŽŐƌĂŵƐ͘ y WƌŽǀŝĚĞƐ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ ƐƵƉƉŽƌƚ ŽĨ ĚĞƉĂƌƚŵĞŶƚ ĨƵŶĚƐ ĂŶĚ ĐŽŵŵƵŶŝƚLJ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽũĞĐƚƐ͖ y ĚŵŝŶŝƐƚĞƌƐ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ďLJ WŽƚƚĞƌ ĂŶĚ ZĂŶĚĂůů ĐŽƵŶƚŝĞƐ ĂŶĚ ƚŚĞ ŝƚLJ ŽĨ ĂŶLJŽŶ ŝŶ ƚŚĞ ŝŶƚĞƌũƵƌŝƐĚŝĐƚŝŽŶĂů ĞŵĞƌŐĞŶĐLJ ŵĂŶĂŐĞŵĞŶƚ ƉƌŽŐƌĂŵ͖ y ĚŵŝŶŝƐƚĞƌƐ ƚŚĞ ŝƚLJ͛Ɛ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ŝŶ ƚŚĞ ŵĞƌŐĞŶĐLJ DĂŶĂŐĞŵĞŶƚ WĞƌĨŽƌŵĂŶĐĞ 'ƌĂŶƚ ; DW'Ϳ ƉƌŽŐƌĂŵ͕ WĂŶƚĞdž WůĂŶƚ ŐƌĞĞŵĞŶƚͲ/ŶͲWƌŝŶĐŝƉůĞ ; /WͿ ŐƌĂŶƚ ƉƌŽŐƌĂŵ͕ ^ƚĂƚĞ ,ŽŵĞůĂŶĚ ^ĞĐƵƌŝƚLJ WƌŽŐƌĂŵ ;^,^WͿ ŐƌĂŶƚƐ͕ ĂŶĚ ŽƚŚĞƌ ŚŽŵĞůĂŶĚ ƐĞĐƵƌŝƚLJ ĂŶĚ ĞŵĞƌŐĞŶĐLJ ŵĂŶĂŐĞŵĞŶƚ ƌĞůĂƚĞĚ ŐƌĂŶƚƐ͖ ĂŶĚ y ^ƵƉƉŽƌƚƐ ŝƚLJ ƉƌŝŽƌŝƚŝĞƐ ĂŶĚ ŝŶŝƚŝĂƚŝǀĞƐ ĂƐ ƌĞƋƵĞƐƚĞĚ ďLJ ŵĂŶĂŐĞŵĞŶƚ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ 'ƌĂŶƚ ĨƵŶĚŝŶŐ ĂĚŵŝŶŝƐƚĞƌĞĚ ; DW'͕ ^,^W͕ Θ /WͿ

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

Ψϯϵϰ͕ϮϮϴ

Ψϰϵϳ͕ϳϵϯ

Ψϯϱϲ͕ϳϰϴ

ŵĞƌŐĞŶĐLJ KƉĞƌĂƚŝŽŶƐ͕ WƌĞƉĂƌĞĚŶĞƐƐ͕ ĂŶĚ WůĂŶŶŝŶŐ WƌŽŐƌĂŵ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϯϬϮ͕ϭϬϭ dŚĞ ŽƉĞƌĂƚŝŽŶƐ ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ƉƌŽŐƌĂŵ ƉƌŽǀŝĚĞƐ ĨŽƌ ƚŚĞ ƉŽůŝĐLJ ĚŝƌĞĐƚŝŽŶ͕ ĐŽŽƌĚŝŶĂƚŝŽŶ͕ ĂŶĚ ƐƵƉƉŽƌƚ ŽĨ ĞŵĞƌŐĞŶĐLJ ƌĞƐƉŽŶƐĞ ĂŶĚ ƌĞĐŽǀĞƌLJ ƚŽ ĂůůͲŚĂnjĂƌĚƐ ;ŶĂƚƵƌĂů͕ ƚĞĐŚŶŽůŽŐŝĐĂů ĂŶĚ ŵĂŶͲŵĂĚĞͿ ƚŚĂƚ ĐŽƵůĚ ŝŵƉĂĐƚ ƚŚĞ dĞdžĂƐ WĂŶŚĂŶĚůĞ ƌĞŐŝŽŶ͘ y DĂŝŶƚĂŝŶƐ ĂǀĂŝůĂďŝůŝƚLJ ŽĨ ĂŶ K D ƵƚLJ KĨĨŝĐĞƌ ƚŽ ŵĂŝŶƚĂŝŶ ƐŝƚƵĂƚŝŽŶĂů ĂǁĂƌĞŶĞƐƐ ĂŶĚ ŝŶŝƚŝĂƚĞ ĞŵĞƌŐĞŶĐLJ ƌĞƐƉŽŶƐĞ ƚŽ ƉŽƚĞŶƚŝĂů Žƌ ĂĐƚƵĂů ƚŚƌĞĂƚƐ ƚŽ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͖ y WƌŽǀŝĚĞƐ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ĞŶŚĂŶĐĞ ƐŝƚƵĂƚŝŽŶĂů ĂǁĂƌĞŶĞƐƐ ĨŽƌ ĞŵĞƌŐĞŶĐLJ ƌĞƐƉŽŶƐĞ ĂŐĞŶĐŝĞƐ͕ ĐŝƚLJ ĂŶĚ ĐŽƵŶƚLJ ƐƵƉƉŽƌƚŝŶŐ ĂŐĞŶĐŝĞƐ͕ ŬĞLJ ƐƚĂŬĞŚŽůĚĞƌƐ ĂŶĚ ƉĂƌƚŶĞƌƐ͖ y ŽŽƌĚŝŶĂƚĞƐ ŵĞĐŚĂŶŝƐŵƐ ƚŽ ƉƌŽǀŝĚĞ ŶŽƚŝĨŝĐĂƚŝŽŶ ƚŽ ƌĞƐƉŽŶĚĞƌƐ ĂŶĚ ǁĂƌŶŝŶŐ ƚŽ ƚŚĞ ƉƵďůŝĐ͖ y ŽŽƌĚŝŶĂƚĞƐ ĐŽŵŵƵŶŝƚLJ ƌĞƐƉŽŶƐĞ ƚŚƌŽƵŐŚ ƚŚĞ ĂĐƚŝǀĂƚŝŽŶ ŽĨ ƚŚĞ ŵĞƌŐĞŶĐLJ KƉĞƌĂƚŝŽŶƐ WůĂŶ͖ ĂŶĚ y &ĂĐŝůŝƚĂƚĞƐ ƚŚĞ ƌĞĐŽǀĞƌLJ ƉƌŽĐĞƐƐ ĨƌŽŵ ĚŝƐĂƐƚĞƌƐ ƚŚĂƚ ŝŵƉĂĐƚ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ EĂƚƵƌĂů ŚĂnjĂƌĚƐ ŽƉĞƌĂƚŝŽŶƐ dĞĐŚŶŽůŽŐŝĐĂů ͬ ŵĂŶͲŵĂĚĞ ŚĂnjĂƌĚƐ ŽƉĞƌĂƚŝŽŶƐ DĂũŽƌ ŝŶĐŝĚĞŶƚ ƌĞƐƉŽŶƐĞ ŽƉĞƌĂƚŝŽŶƐ

166

ϮϬϭϳͬϭϴ ĐƚƵĂů ϭϬ ϯϱ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϭϱ ϯϬ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϮϬ ϯϬ

ϱ

ϵ

ϭϬ

dŚĞ ƉůĂŶŶŝŶŐ ĂŶĚ ƉƌĞƉĂƌĞĚŶĞƐƐ ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ƉƌŽŐƌĂŵ ŝƐ ƚŽ ƐĂǀĞ ůŝǀĞƐ ĂŶĚ ƌĞĚƵĐĞ ĚŝƐĂƐƚĞƌ ĚĂŵĂŐĞ͕ ŝĚĞŶƚŝĨLJŝŶŐ ĐƌŝƚŝĐĂů ƌĞƐŽƵƌĐĞƐ ĂŶĚ ĚĞǀĞůŽƉŝŶŐ ƚŚĞ ŶĞĐĞƐƐĂƌLJ ĂŐƌĞĞŵĞŶƚƐ ĂŵŽŶŐ ƌĞƐƉŽŶĚŝŶŐ ĂŐĞŶĐŝĞƐ͕ ďŽƚŚ ǁŝƚŚŝŶ ƚŚĞ ũƵƌŝƐĚŝĐƚŝŽŶ ĂŶĚ ǁŝƚŚ ŽƚŚĞƌ ũƵƌŝƐĚŝĐƚŝŽŶƐ ĂŶĚ ĞŶƚŝƚŝĞƐ͘ dŚŝƐ ƉƌŽŐƌĂŵ ŝƐ Ă ĐŽŶƚŝŶƵŽƵƐ ĐLJĐůĞ ŽĨ ƉůĂŶŶŝŶŐ͕ ŽƌŐĂŶŝnjŝŶŐ͕ ĞƋƵŝƉƉŝŶŐ͕ ƚƌĂŝŶŝŶŐ͕ ĂŶĚ ĞdžĞƌĐŝƐŝŶŐ ŝŶ ĂŶ ĞĨĨŽƌƚ ƚŽ ĞŶƐƵƌĞ ĞĨĨĞĐƚŝǀĞ ĐŽŽƌĚŝŶĂƚŝŽŶ ĚƵƌŝŶŐ ŝŶĐŝĚĞŶƚ ƌĞƐƉŽŶƐĞ ĂŶĚ ƌĞĐŽǀĞƌLJ͘ y ĞǀĞůŽƉƐ ĂŶĚ ŵĂŝŶƚĂŝŶƐ ƚŚĞ ŽŵŵƵŶŝƚLJ ,ĂnjĂƌĚ ŶĂůLJƐŝƐ͕ DŝƚŝŐĂƚŝŽŶ ĐƚŝŽŶ WůĂŶ͕ ŵĞƌŐĞŶĐLJ KƉĞƌĂƚŝŽŶƐ WůĂŶ ĂŶĚ ŝŵƉůĞŵĞŶƚŝŶŐ ƉƌŽĐĞĚƵƌĞƐ͕ ĂŶĚ ŽŵŵƵŶŝƚLJ DĂƐƐ ĂƐƵĂůƚLJ ĂŶĚ DĂƐƐ &ĂƚĂůŝƚLJ /ŶĐŝĚĞŶƚ WůĂŶƐ͖ ĂƐƐŝƐƚƐ ǁŝƚŚ ůŽĐĂů ŐŽǀĞƌŶŵĞŶƚ ŽŶƚŝŶƵŝƚLJ ŽĨ KƉĞƌĂƚŝŽŶƐ WůĂŶŶŝŶŐ͖ y ĞǀĞůŽƉƐ ĂŶĚ ŵĂŝŶƚĂŝŶƐ ĞŵĞƌŐĞŶĐLJ ŽƉĞƌĂƚŝŽŶƐ ĨĂĐŝůŝƚŝĞƐ ĂŶĚ ƚŽŽůƐ ƚŽ ĞŶƐƵƌĞ Ă ĐŽŽƌĚŝŶĂƚĞĚ ƌĞƐƉŽŶƐĞ ƚŽ ĂůůͲŚĂnjĂƌĚƐ͕ ŝŶĐŽƌƉŽƌĂƚŝŶŐ ƌĞĚƵŶĚĂŶƚ ĐĂƉĂďŝůŝƚŝĞƐ͖ y ĞǀĞůŽƉƐ ĂŶĚ ŵĂŝŶƚĂŝŶƐ Ă ĐŽŵŵƵŶŝƚLJ ŽƵƚĚŽŽƌ ǁĂƌŶŝŶŐ ƐLJƐƚĞŵ ĂŶĚ ŽƚŚĞƌ ǁĂƌŶŝŶŐ ƐLJƐƚĞŵƐ͖ y &ĂĐŝůŝƚĂƚĞƐ ĂŶ ŵĞƌŐĞŶĐLJ DĂŶĂŐĞŵĞŶƚ dĞĂŵ ƚŽ ƌĞƐƉŽŶĚ ƚŽ ĂŶĚ ƌĞĐŽǀĞƌ ĨƌŽŵ ĂůůͲŚĂnjĂƌĚƐ͖ y ŽŽƌĚŝŶĂƚĞƐ ƚŚĞ ŝŶƚĞŐƌĂƚŝŽŶ ŽĨ ƚŚĞ ĞŵĞƌŐĞŶĐLJ ŵĂŶĂŐĞŵĞŶƚ ƉƌŽŐƌĂŵ ǁŝƚŚ ŐŽǀĞƌŶŵĞŶƚ ĞŶƚŝƚŝĞƐ Ăƚ Ăůů ůĞǀĞůƐ͕ ǀŽůƵŶƚĞĞƌͬĨĂŝƚŚͲďĂƐĞĚ ŽƌŐĂŶŝnjĂƚŝŽŶƐ͕ ĂŶĚ ŬĞLJ ƐƚĂŬĞŚŽůĚĞƌƐ͖ y ŽŶĚƵĐƚƐ ĞŵĞƌŐĞŶĐLJ ŵĂŶĂŐĞŵĞŶƚ ƚƌĂŝŶŝŶŐ͕ ĚƌŝůůƐ͕ ĂŶĚ ĞdžĞƌĐŝƐĞƐ ƚŽ ƉƌŽŵŽƚĞ ĂŶĚ ĞŶŚĂŶĐĞ ǁŚŽůĞ ĐŽŵŵƵŶŝƚLJ ĞŵĞƌŐĞŶĐLJ ƉƌĞƉĂƌĞĚŶĞƐƐ͖ y ĚŵŝŶŝƐƚĞƌƐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ EĂƚŝŽŶĂů /ŶĐŝĚĞŶƚ DĂŶĂŐĞŵĞŶƚ ^LJƐƚĞŵ ;E/D^Ϳ͖ y ĚŵŝŶŝƐƚĞƌƐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ ŵĞƌŐĞŶĐLJ WůĂŶŶŝŶŐ Θ ŽŵŵƵŶŝƚLJ ZŝŐŚƚͲƚŽͲ<ŶŽǁ Đƚ ; W Z Ϳ ĂŶĚ ĂƐƐŝƐƚƐ ǁŝƚŚ ŝƚLJ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚĞ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ WƌŽŐƌĂŵ ;ZDWͿ͖ ĂŶĚ y ŽŶĚƵĐƚƐ ĞŵĞƌŐĞŶĐLJ ƉƵďůŝĐ ŝŶĨŽƌŵĂƚŝŽŶ ĂĐƚŝǀŝƚŝĞƐ ƚŽ ƉƌŽŵŽƚĞ ĂŶĚ ĞŶŚĂŶĐĞ ĐŝƚŝnjĞŶ ĂŶĚ ǀŝƐŝƚŽƌ ĞŵĞƌŐĞŶĐLJ ƉƌĞƉĂƌĞĚŶĞƐƐ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ϮϬϭϳͬϭϴ ĐƚƵĂů

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ϯϬ ϰϬ Ϯ ϭ ;ƚƌŝĞŶŶŝĂůͿ ϰ ϭ ϭ ϭ ϱ

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Ɛ ďĂƐĞůŝŶĞ ƉĞƌĨŽƌŵĂŶĐĞ ŵĞĂƐƵƌĞƐͬŝŶĚŝĐĂƚŽƌƐ͕ ƚŚĞ K D ĞŶƐƵƌĞƐ ƚŚĞ ŝƚLJ͛Ɛ ĂŶĚ ĐŽƵŶƚŝĞƐ͛ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ĞŵĞƌŐĞŶĐLJ ŵĂŶĂŐĞŵĞŶƚ ůĞŐĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ŵĂŝŶƚĂŝŶƐ ƚŚĞ ĞŵĞƌŐĞŶĐLJ ŵĂŶĂŐĞŵĞŶƚ ƉƌŽŐƌĂŵ Ăƚ ĂŶ ĂĚǀĂŶĐĞĚ ůĞǀĞů ĂƐ ĚĞĨŝŶĞĚ ďLJ ƚŚĞ dĞdžĂƐ ŝǀŝƐŝŽŶ ŽĨ ŵĞƌŐĞŶĐLJ DĂŶĂŐĞŵĞŶƚ ;d DͿͬ&ĞĚĞƌĂů ŵĞƌŐĞŶĐLJ DĂŶĂŐĞŵĞŶƚ ŐĞŶĐLJ ;& D Ϳ͘ Ɛ ŽƵƚůŝŶĞĚ ĂďŽǀĞ͕ ƚŚĞ K D ĞdžĐĞĞĚƐ Ăůů d Dͬ& D ĚĞĨŝŶĞĚ ƐƚĂŶĚĂƌĚƐ ;ŝŶ ŝƚĂůŝĐͿ ĨŽƌ ƉƵďůŝĐ ĞĚƵĐĂƚŝŽŶͬŝŶĨŽƌŵĂƚŝŽŶ͕ ĞdžĞƌĐŝƐĞƐ͕ ĂŶĚ ƚƌĂŝŶŝŶŐ͘

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ϱϯϭ͕ϳϭϬ ϯϬϮ͕ϭϬϭ

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ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ ϭ͕ϯϬϵ͕ϯϮϳ ϱϯ͕Ϭϰϭ ϭϵϳ͕Ϯϵϭ ϯϬ͕Ϯϯϭ Ͳ Ͳ Ψ ϭ͕ϱϴϵ͕ϴϵϬ

DŝƐƐŝŽŶ dŚĞ ŵŝƐƐŝŽŶ ŽĨ ƚŚĞ DƵŶŝĐŝƉĂů ŽƵƌƚ ŝƐ ƚŽ ĞĨĨŝĐŝĞŶƚůLJ ƉƌŽĐĞƐƐ ĂŶĚ ĂĚŵŝŶŝƐƚĞƌ Ăůů ŵĂƚƚĞƌƐ ĐŽŵŝŶŐ ŝŶƚŽ ĂŶĚ ďĞĨŽƌĞ ƚŚĞ DƵŶŝĐŝƉĂů ŽƵƌƚ͘ dŚĞ DƵŶŝĐŝƉĂů ŽƵƌƚ ƐƚƌŝǀĞƐ ƚŽ ƉƌŽŵŽƚĞ Ă ŚŝŐŚ ůĞǀĞů ŽĨ ƉƵďůŝĐ ĐŽŶĨŝĚĞŶĐĞ͕ ĂĐĐĞƐƐŝďŝůŝƚLJ͕ ĂŶĚ Ă ƐĞŶƐĞ ŽĨ ĨĂŝƌŶĞƐƐ ƚŚƌŽƵŐŚ ĞĨĨŝĐŝĞŶƚ ĂŶĚ ĐŽƵƌƚĞŽƵƐ ƉƵďůŝĐ ƐĞƌǀŝĐĞ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ ŵĂƌŝůůŽ DƵŶŝĐŝƉĂů ŽƵƌƚ ĚĞƉĂƌƚŵĞŶƚ͛Ɛ ĂƉƉƌŽĂĐŚ ƚŽ ŵĂŶĂŐŝŶŐ ƚŚĞ ĐŽƵƌƚ͛Ɛ ŵŝƐƐŝŽŶ ŚĂƐ ďĞĞŶ ĂŶĚ ǁŝůů ƌĞŵĂŝŶ ĚŝůŝŐĞŶƚ ƚŽ ŝŶƚĞŐƌĂƚŝŶŐ ĞƐƚ WƌĂĐƚŝĐĞƐ ǁŝƚŚ ƚŚĞ ĚĂLJͲƚŽͲĚĂLJ ƉƵďůŝĐ ƐĞƌǀŝĐĞ ƌŽůĞ ƚŚĞ ĐŽƵƌƚ ƉůĂLJƐ ŝŶ ŽƵƌ ĐŽŵŵƵŶŝƚLJ͘ dŚĞ ŽƵƌƚ ǁŝůů ĐŽŶƚŝŶƵĞ ƚŽ ĂĚĚƌĞƐƐ ŽƵƌƚ ůĞƌŬ ĞƌƚŝĨŝĐĂƚŝŽŶ ĨŽƌ Ăůů ĐůĞƌŬƐ ĂƐ ǁĞůů ĂƐ ŝŶƚĞƌĚĞƉĂƌƚŵĞŶƚĂů ƚƌĂŝŶŝŶŐ͘ dŚĞ ŽƵƌƚ ŚĂƐ ĐƌĞĂƚĞĚ Ă ƐƚƌĂƚĞŐŝĐ ƉůĂŶ ƚŽ ĂĚĚƌĞƐƐ ƉƵďůŝĐ ŝŶĨŽƌŵĂƚŝŽŶ ĂĐĐĞƐƐŝďŝůŝƚLJ ĂŶĚ ŚĂƐ ŝŶĐƌĞĂƐĞĚ ŝƚƐ ŽŶůŝŶĞ ƐĞƌǀŝĐĞƐ͘ DƵŶŝĐŝƉĂů ŽƵƌƚ ĐŽŶƚŝŶƵĞƐ ƚŽ ǁŽƌŬ ǁŝƚŚ ŽƚŚĞƌ ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ ƚŽ ŝŶĐƌĞĂƐĞ dĞĐŚŶŽůŽŐLJͲďĂƐĞĚ ŽƌŐĂŶŝnjĂƚŝŽŶĂů ŝŶƚĞŐƌĂƚŝŽŶ ;ŝ͘Ğ͗͘ W ͕ ŶŝŵĂů DĂŶĂŐĞŵĞŶƚ͕ ͕ >ĞŐĂů͕ ĂŶĚ /dͿ͘ ŽƵƌƚ KƌĚĞƌ ŽŵƉůŝĂŶĐĞ ĂŶĚ ĂůƚĞƌŶĂƚŝǀĞ ƐĞŶƚĞŶĐŝŶŐ ƉůĂLJ Ă ůĂƌŐĞ ƌŽůĞ ŝŶ ƚŚĞ ĐŽƵƌƚ͛Ɛ ƉƌŽĐĞƐƐĞƐ ĂŶĚ ƉŽůŝĐLJ͘ dŚƌŽƵŐŚ ĞdžƚĞŶƐŝǀĞ ůĞŐŝƐůĂƚŝǀĞ ĐŚĂŶŐĞƐ ƚŚĞ ĐŽƵƌƚ ŚĂƐ ĞdžƉĞƌŝĞŶĐĞĚ ĂŶ ŝŶĐƌĞĂƐĞ ŝŶ ƉƌŽǀŝĚŝŶŐ ĨŽƌ ĐŽŵŵŝƚŵĞŶƚ ĚŝǀĞƌƐŝŽŶƐ͕ ŝŶĚŝŐĞŶĐĞ ŚĞĂƌŝŶŐƐ͕ ĐŽŵŵƵŶŝƚLJ ƐĞƌǀŝĐĞ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ŵĞŶƚĂů ŚĞĂůƚŚ ƐĞƌǀŝĐĞƐ ĂƐ ǁĞůů ĂƐ ǁŽƌŬŝŶŐ ĐůŽƐĞůLJ ǁŝƚŚ ĐŽŵŵƵŶŝƚLJ ƉĂƌƚŶĞƌƐ ŝŶ ƚŚĞ ĚĞůŝǀĞƌLJ ŽĨ ĚŝǀĞƌƐŝŽŶ ƉƌŽŐƌĂŵƐ͘ dŚĞ ŽƵƌƚ ǁŝůů ĐŽŶƚŝŶƵĞ ƚŽ ĞǀĂůƵĂƚĞ ƚŚĞ ƐƚƌĂƚĞŐŝĞƐ ďĞŝŶŐ ŝŵƉůĞŵĞŶƚĞĚ ĂŶĚ ƉƌŽǀŝĚĞ ƵƉĚĂƚĞĚ ƉƌŽĐĞƐƐĞƐ ĂŶĚ ĚĂƚĂ ĂŶĂůLJƐŝƐ ƚŽ ďĞƐƚ ƐĞƌǀĞ ƚŚĞ ƉƵďůŝĐ ǁŚŝůĞ ĂĚŚĞƌŝŶŐ ƚŽ ũƵĚŝĐŝĂů ŽƌĚĞƌƐ ĂŶĚ ůĞŐĂů ƌĞƋƵŝƌĞŵĞŶƚƐ͘

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WƌŽŐƌĂŵƐ ŽƵƌƚ ĂƐĞ &ůŽǁ DĂŶĂŐĞŵĞŶƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϰϲϮ͕ϵϮϬ dŽ ĨĂĐŝůŝƚĂƚĞ ƚŚĞ ƐǁŝĨƚ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ŽĨ :ƵƐƚŝĐĞ͕ ƚŚĞ ŽƵƌƚ ƉƌŽĐĞƐƐĞƐ ĨŝůĞĚ ĐĂƐĞƐ ĂŶĚ ĐŽŶƚŝŶƵĂůůLJ ĞǀĂůƵĂƚĞƐ ĂŶĚ ĂŶĂůLJnjĞƐ ƚŚĞ ƌĞĐŽƌĚƐ ŵĂŶĂŐĞŵĞŶƚ ƐLJƐƚĞŵ ĂŶĚ ĐĂƐĞ ĨůŽǁ ƐĞƚƵƉ ĂŶĚ ƉƌŽĐĞƐƐĞƐ͕ ĂƐ ǁĞůů ĂƐ ĂŶLJ ƵƐĞƌͲ ƌĞůĂƚĞĚ ƉƌŽĐĞƐƐĞƐ͘ dŚĞ ŽƵƌƚ ƉƌŽǀŝĚĞƐ ĐůĞƌŝĐĂů ƐƵƉƉŽƌƚ ĨŽƌ ďŽƚŚ ĐƌŝŵŝŶĂů ĂŶĚ Đŝǀŝů ĚŽĐŬĞƚƐ͘ ZĞĐĞŶƚ ůĞŐŝƐůĂƚŝǀĞ ĐŚĂŶŐĞƐ ŚĂǀĞ ŵĂŶĚĂƚĞĚ ŚŝŐŚĞƌ ŶƵŵďĞƌƐ ŽĨ ƐŚŽǁ ĐĂƵƐĞ ŚĞĂƌŝŶŐƐ͕ ŝŶĚŝŐĞŶĐĞ ŚĞĂƌŝŶŐƐ ĂŶĚ ĞdžƚĞŶƐŝǀĞ ŶŽƚŝĨŝĐĂƚŝŽŶ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ dŚĞ ĐŽƵƌƚ ƉƌŽǀŝĚĞƐ ĐůĞƌŝĐĂů ƐƵƉƉŽƌƚ ĨŽƌ ŝŶͲĐƵƐƚŽĚLJ ǀŝĚĞŽ ĂƌƌĂŝŐŶŵĞŶƚ Ɛŝdž ĚĂLJƐ Ă ǁĞĞŬ͖ ĐĂƐĞ ƌĞĐŽƌĚƐ͖ ƌĞĐŽƌĚŝŶŐ ŽŶ ũƵĚŝĐŝĂů ĚĞĐŝƐŝŽŶƐ͖ ĂŶĚ ƉƌŽĐĞƐƐŝŶŐ ĂƌƌĞƐƚ ǁĂƌƌĂŶƚƐ͘ dŚĞ ŽƵƌƚ ĂůƐŽ ƉƌŽǀŝĚĞƐ ĐƌŝƚŝĐĂů͕ ĚŝƌĞĐƚ ƐƵƉƉŽƌƚ ŽĨ ĐŽƌĞ ũĂŝů ƐĞƌǀŝĐĞƐ ƵŶĚĞƌ ŝŶƚĞƌͲůŽĐĂů ĐŽŶƚƌĂĐƚƵĂů ĂŐƌĞĞŵĞŶƚ͘ ŽƵƌƚ ƐƚĂĨĨ ƉƌŽĐĞƐƐĞƐ ĚŽĐƵŵĞŶƚƐ ŶĞĞĚĞĚ ďĞĨŽƌĞ͕ ĚƵƌŝŶŐ͕ ĂŶĚ ĂĨƚĞƌ ĂƌƌĂŝŐŶŵĞŶƚ ĂŶĚ ĚƵƌŝŶŐ Ăůů ĂƉƉĞĂƌĂŶĐĞ ĂŶĚ ƚƌŝĂů ĚŽĐŬĞƚƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ dŝŵĞůLJ ^ĞƚƚŝŶŐ ŽĨ ŽƵƌƚ ,ĞĂƌŝŶŐƐ tŝƚŚŝŶ ϰϲ ĚĂLJƐ tŝƚŚŝŶ ϰϳ ĚĂLJƐ tŝƚŚŝŶ ϰϲ ĚĂLJƐ EĞǁ ĂƐĞƐ &ŝůĞĚ ϰϵ͕ϭϳϱ ϰϴ͕ϲϲϰ ϰϴ͕ϭϱϳ ĂƐĞƐ WůĂĐĞĚ ŽŶ ,ĞĂƌŝŶŐͬdƌŝĂů ŽĐŬĞƚƐ ϭϵ͕Ϯϭϰ ϮϮ͕ϴϵϰ Ϯϰ͕Ϭϯϴ η ŽĨ :Ăŝů ƌƌĂŝŐŶŵĞŶƚƐ ϭϰ͕ϲϬϯ ϭϮ͕Ϭϲϭ ϭϭ͕Ϭϵϳ

ŽƵƌƚ &ŝŶĂŶĐŝĂů DĂŶĂŐĞŵĞŶƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϲϳ͕ϴϵϲ dŚĞ ŽƵƌƚ ƉƌŽĐĞƐƐĞƐ Ăůů ƉĂLJŵĞŶƚƐ ĨŽƌ Ăůů ůĂƐƐ ͚ ͚ ĐĂƐĞƐ͕ ĂŶLJ ƉŽƐƚĞĚ ďŽŶĚƐ ĂŶĚ ĐŽƵƌƚͲŽƌĚĞƌĞĚ ƌĞĨƵŶĚƐ͘ ŽƵƌƚ ƐƚĂĨĨ ďĂůĂŶĐĞƐ ĐĂƐŚ ĚƌĂǁĞƌƐ ĂŶĚ ƉŽƐƚƐ Ăůů ŵŽŶŝĞƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƐƚĂƚĞ ůĂǁ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ĚŵŝŶŝƐƚƌĂƚŝǀĞ ĐĐƵƌĂĐLJ ŽĨ dƌĂŶƐĂĐƚŝŽŶƐ ϵϳй ϵϴй ϵϴй ĂƐĞƐ ƐĞĞŶ Ăƚ WƵďůŝĐ ^ĞƌǀŝĐĞ ǁŝŶĚŽǁƐ ϲϭ͕ϲϭϴ ϲϯ͕ϴϬϴ ϲϱ͕ϳϮϮ

ŽƵƌƚ dĞĐŚŶŽůŽŐLJ WƌŽũĞĐƚ ĂŶĚ dĞĐŚŶŽůŽŐLJ ZĞƐŽƵƌĐĞƐ DĂŶĂŐĞŵĞŶƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϰϱϰ͕Ϭϳϳ dŚŝƐ ƉƌŽŐƌĂŵ ŵĂŶĂŐĞƐ ƚŚĞ ƐƵĐĐĞƐƐĨƵů͕ ĞĨĨĞĐƚŝǀĞ ƵƐĞ ŽĨ ƚĞĐŚŶŽůŽŐLJ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ĞĨĨŝĐŝĞŶƚ ĂŶĚ ĞĨĨĞĐƚŝǀĞ ĚĞůŝǀĞƌLJ ŽĨ ĐŽƵƌƚ ƐĞƌǀŝĐĞƐ ƚŽ ďŽƚŚ ŝŶƚĞƌŶĂů ĂŶĚ ĞdžƚĞƌŶĂů ƵƐĞƌƐ͘ DƵŶŝĐŝƉĂů ŽƵƌƚ ŚĂƐ ŝŵƉůĞŵĞŶƚĞĚ ĂŶ ĞůĞĐƚƌŽŶŝĐ ĐŽƵƌƚ ƌĞĐŽƌĚƐ ŵĂŶĂŐĞŵĞŶƚ ƐLJƐƚĞŵ͕ ǁŚŝĐŚ ĞŶĂďůĞƐ ƚŚĞ ĞůĞĐƚƌŽŶŝĐ ƌŽƵƚŝŶŐ ŽĨ ĐŽƵƌƚ ĚŽĐƵŵĞŶƚƐ͕ ĞůĞĐƚƌŽŶŝĐĂůůLJ ĐĂƉƚƵƌĞĚ ƐŝŐŶĂƚƵƌĞƐ͕ ĨŝŶŐĞƌƉƌŝŶƚƐ͕ ĂŶĚ ƉŚŽƚŽƐ͕ ĂƐ ǁĞůů ĂƐ ĂůůŽǁƐ ƚŚĞ ĚŽǁŶůŽĂĚ ŽĨ ĞdžƚĞƌŶĂů ĚŽĐƵŵĞŶƚƐ ŝŶƚŽ ƚŚĞ ƐLJƐƚĞŵ͕ ŝŶĐůƵĚŝŶŐ ĞͲƚŝĐŬĞƚƐ͕ ^ ĐĞƌƚŝĨŝĐĂƚĞƐ͕ dĞdžĂƐ > ƌĞĐŽƌĚƐ͕ ŝŶƐƵƌĂŶĐĞ͕ ĚƌŝǀĞƌ͛Ɛ ůŝĐĞŶƐĞ ĐŽƉŝĞƐ͕ ĂŶĚ ĐŽƵƌƚ ƉĂLJŵĞŶƚƐ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ǁŝůů ŝŶĐƌĞĂƐĞ ĂǀĂŝůĂďŝůŝƚLJ ŽĨ ĐŽƵƌƚ ƐĞƌǀŝĐĞƐ ŽŶůŝŶĞ ĂŶĚ ƉƵďůŝĐ ĂĐĐĞƐƐ ƚŽ Ăůů ĐŽƵƌƚ ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ƚŚƌŽƵŐŚ ĂŶ ŝŶƚĞƌŶĂůůLJ ĚĞƐŝŐŶĞĚ ǁĞď ƉĂŐĞ ŵĂŶĂŐĞĚ ďLJ ĐŽƵƌƚ ƐƚĂĨĨ͘ dŚĞ ĐŽƵƌƚ ŚĂƐ ŝŵƉůĞŵĞŶƚĞĚ ĐŽƵƌƚ ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ ƐƉĞĐŝĨŝĐ ĞŵĂŝů ĂĐĐŽƵŶƚƐ ƚŽ ŝŵƉƌŽǀĞ ƚŚĞ ĂĐĐĞƐƐŝďŝůŝƚLJ ĂŶĚ ĞdžƉĞĚŝĞŶĐĞ ŽĨ ĐŽƵƌƚ ƌĞƐƉŽŶƐĞ͘ dŚŝƐ ĐŽƵƌƚ ǁĂƐ ĂůƐŽ Ă ƌĞĐŝƉŝĞŶƚ ŽĨ ƚŚĞ dLJůĞƌ WƵďůŝĐ ^ĞĐƚŽƌ

172

džĐĞůůĞŶĐĞ ǁĂƌĚ ĨŽƌ ŝƚƐ ĚĞŵŽŶƐƚƌĂƚŝŽŶ ŝŶ ůĞĂĚĞƌƐŚŝƉ͕ ŝŶŶŽǀĂƚŝŽŶ ĂŶĚ ĞdžĐĞůůĞŶĐĞ ŝŶ ĚĞǀĞůŽƉŝŶŐ ĂŶĚ ŵĂŝŶƚĂŝŶŝŶŐ ŶĞǁ ƚĞĐŚŶŝĐĂů ƐŽůƵƚŝŽŶƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ůĞĐƚƌŽŶŝĐ ŝƚĂƚŝŽŶ ĨŝůŝŶŐƐ ϳϮй ϳϮй ϵϬй KŶůŝŶĞ dƌĂŶƐĂĐƚŝŽŶƐ ϭϰ͕ϱϱϱ ϭϳ͕ϭϭϰ ϭϴ͕ϴϮϱ η ŽĨ ĞŵĂŝů ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ ƌĞĐĞŝǀĞĚͬƐĞŶƚ ϴ͕Ϯϰϱ ϵ͕Ϯϭϴ ϭϬ͕ϭϯϵ

ŽƵƌƚ ŽŵƉůŝĂŶĐĞ ^ĞƌǀŝĐĞƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϭϳϬ͕ϯϴϰ dŚĞ ƉƵƌƉŽƐĞ ŽĨ ŽƵƌƚ ŽŵƉůŝĂŶĐĞ ^ĞƌǀŝĐĞƐ ŝƐ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞ ĚĞĨĞŶĚĂŶƚ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ĐŽƵƌƚ ŽďůŝŐĂƚŝŽŶƐ ŝƐ ŽďƚĂŝŶĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ŐƵŝĚĞůŝŶĞƐ ƐĞƚ ďLJ ƐƚĂƚĞ ƉƌŽŐƌĂŵƐ ĂŶĚ :ƵĚŝĐŝĂů KƌĚĞƌƐ͘ dŚŝƐ ƉƌŽŐƌĂŵ ƉƌŽǀŝĚĞƐ ĐŝƚŝnjĞŶƐ Ă ĨĂŝƌ͕ ŝŵƉĂƌƚŝĂů͕ ĂŶĚ ŝŶĚŝǀŝĚƵĂů ƌĞǀŝĞǁ ŽĨ ƚŚĞŝƌ ĨŝŶĂŶĐŝĂů ŝŶĨŽƌŵĂƚŝŽŶ ƚŚƌŽƵŐŚ ĨĂĐĞͲƚŽͲĨĂĐĞ ŝŶƚĞƌǀŝĞǁƐ͘ ŽŵƉůŝĂŶĐĞ ĐůĞƌŬƐ ƌĞǀŝĞǁ ĂƉƉůŝĐĂƚŝŽŶƐ ĂŶĚ ŝŶƚĞƌǀŝĞǁ ĚĞĨĞŶĚĂŶƚƐ ĨŽƌ ƚŚĞ ĞƐƚĂďůŝƐŚŵĞŶƚ ŽĨ ƚŝŵĞ ƉĂLJŵĞŶƚ ƉůĂŶƐ͕ ƚƌĂĐŬ ĐŽŵƉůŝĂŶĐĞ͕ ƚĞůĞƉŚŽŶĞ ĐŽŶƚĂĐƚƐ ŽŶ ĚĞůŝŶƋƵĞŶƚ ĂĐĐŽƵŶƚƐ͕ ĂŶĚ ŝĚĞŶƚŝĨLJ ĂŶĚ ƵƉĚĂƚĞ ĐĂƐĞƐ ĨŽƌ :ƵĚŐĞƐ͛ ƌĞǀŝĞǁ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ĂƐĞƐ ŽƵƌƚ KƌĚĞƌĞĚ ƚŽ ŽŵƉůŝĂŶĐĞ ϭϴ͕ϵϮϲ ϭϴ͕ϬϱϬ ϭϳ͕ϱϬϵ ĞƉĂƌƚŵĞŶƚ

ŽƵƌƚ ŽŵŵƵŶŝƚLJ WƌŽŐƌĂŵƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϰϴ͕ϳϱϲ dŚĞ ŵŝƐƐŝŽŶ ŽĨ ƚŚĞ ŽƵƌƚ ŽŵŵƵŶŝƚLJ WƌŽŐƌĂŵƐ ĞƉĂƌƚŵĞŶƚ ; W Ϳ ŝƐ ƚŽ ƉƌŽǀŝĚĞ ĞĨĨĞĐƚŝǀĞ ĂŶĚ ƌĞůĞǀĂŶƚ ĂůƚĞƌŶĂƚŝǀĞ ƐĞŶƚĞŶĐŝŶŐ ŽƉƚŝŽŶƐ ƚŽ ĂƐƐŝƐƚ ŽĨĨĞŶĚĞƌƐ ǁŝƚŚ ǀŝŽůĂƚŝŽŶ ƌĞƐŽůƵƚŝŽŶ͕ ĂĐĐŽƵŶƚĂďŝůŝƚLJ͕ ĂŶĚ ƐĞƌǀŝĐĞƐ ĂƐ ŶĞĞĚĞĚ͖ ƚŽ ĞƐƚĂďůŝƐŚ ƉĂƌƚŶĞƌƐŚŝƉƐ ĂŶĚ ƌĞůĂƚŝŽŶƐŚŝƉƐ ǁŝƚŚ ĂƌĞĂ ĂŐĞŶĐŝĞƐ͕ ŽƌŐĂŶŝnjĂƚŝŽŶƐ͕ ĂŶĚ ƉƌŽŐƌĂŵƐ ĨŽƌ ƚŚĞ ďĞƚƚĞƌŵĞŶƚ ŽĨ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͖ ĂŶĚ ƚŽ ƉƌŽǀŝĚĞ ĞĚƵĐĂƚŝŽŶ ĨŽƌ ƚŚĞ ƐĂĨĞƚLJ ŽĨ Ăůů ĐŝƚŝnjĞŶƐ͘ dŚĞ ĐŽƵƌƚ ĐŽŶƚŝŶƵĞƐ ƚŽ ƉƌŽǀŝĚĞ ĂŶ ŝƐƐƵĞ ƐƉĞĐŝĨŝĐ ĚŽĐŬĞƚƐ ĂŶĚ ǁŽƌŬƐ ĐůŽƐĞůLJ ǁŝƚŚ ŵĂƌŝůůŽ ŽůůĞŐĞ ŽŶ ƉƌŽǀŝĚŝŶŐ LJŽƵƚŚ ůĞŐĂů ĞĚƵĐĂƚŝŽŶ ƚŚƌŽƵŐŚ ƚŚĞ zŽƵƚŚ >Ăǁ ĐĂŵƉ ƚŚĂƚ ƚĂŬĞƐ ƉůĂĐĞ ĂŶŶƵĂůůLJ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ĂƐĞƐ ůůŽǁĞĚ ŽŵŵƵŶŝƚLJ ^ĞƌǀŝĐĞ Ϯ͕ϭϴϴ Ϯ͕ϲϰϬ Ϯ͕ϵϬϰ ǀĞŶƚƐ ǁŝƚŚͬĨŽƌ ĂƌĞĂ ŽƌŐĂŶŝnjĂƚŝŽŶƐ

ϱ

173

ϱ

ϭϬ

WƵďůŝĐ /ŶĨŽƌŵĂƚŝŽŶͬ:ƵƌLJ DĂŶĂŐĞŵĞŶƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϲϴ͕ϲϳϴ dŚŝƐ ƉƌŽŐƌĂŵ ƉƌŽǀŝĚĞƐ ĞĂƐŝůLJ ĂĐĐĞƐƐŝďůĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ĐŝƚŝnjĞŶƐ ƌĞŐĂƌĚŝŶŐ ŽƉƚŝŽŶƐ ŽŶ ŚŽǁ ƚŽ ŚĂŶĚůĞ ĐŝƚĂƚŝŽŶƐ͕ ƉƌŽĐĞƐƐĞƐ ĚŽĐƵŵĞŶƚ ĨŝůŝŶŐƐ ĂƉƉƌŽƉƌŝĂƚĞůLJ͕ ĂŶƐǁĞƌƐ ƉŚŽŶĞƐ ĂŶĚ ĂƐƐŝƐƚƐ ĐŝƚŝnjĞŶƐ͕ ŚĂŶĚůĞƐ ƉƵďůŝĐ ŝŶĨŽƌŵĂƚŝŽŶ ƌĞƋƵĞƐƚƐ͕ ĂŶĚ ƉƌŽǀŝĚĞƐ ƉƵďůŝĐ ĂĐĐĞƐƐ ƚŽ ĐŽƵƌƚ ƉŽůŝĐLJ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ͘ tŽƌŬƐ ĐůŽƐĞůLJ ǁŝƚŚ ďŽƚŚ ƚŚĞ ƉƵďůŝĐ ĂŶĚ ƚŚĞ ũƵĚŐĞƐ ƚŽ ĂƐƐƵƌĞ ƚŚĂƚ :ƵƌLJ ƚƌŝĂů ĚŽĐŬĞƚƐ ĂƌĞ ĐŽǀĞƌĞĚ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ĐĐĞƐƐ ĂŶĚ &ĂŝƌŶĞƐƐ ƌĂƚŝŶŐƐ ƚŚƌŽƵŐŚ ƉƵďůŝĐ ϴϵй ϴϵй ϵϬй ƐƵƌǀĞLJ͗

KĨĨŝĐĞ ŽĨ ŝǀŝů ,ĞĂƌŝŶŐƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭϭϳ͕ϭϳϵ dŚĞ KĨĨŝĐĞ ŽĨ ŝǀŝů ,ĞĂƌŝŶŐƐ ŽǀĞƌƐĞĞ ƚŚĞ ŽƉĞƌĂƚŝŽŶĂů ŶĞĞĚƐ ƌĞŐĂƌĚŝŶŐ ĐĂƐĞƐ ƚŚĂƚ ŝŶĐůƵĚĞ ďƵƚ ĂƌĞ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ ƉĂƌŬŝŶŐ ǀŝŽůĂƚŝŽŶƐ͕ ǀĞŚŝĐůĞ ŝŵŵŽďŝůŝnjĂƚŝŽŶƐͬƚŽǁŝŶŐ ĂŶĚ WŚŽƚŽŐƌĂƉŚŝĐ ƚƌĂĨĨŝĐ ƐŝŐŶĂů ƐLJƐƚĞŵ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ͛Ɛ ĨŽĐƵƐ ŝƐ ƚŽ ƉƌŽǀŝĚĞ Ăůů ƚŚĞ ŶĞĐĞƐƐĂƌLJ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ƚŽŽůƐ ƚŽ ĂƐƐƵƌĞ ƚŚĂƚ ƚŚĞ ƉƵďůŝĐ ŚĂƐ ĂŶ ĞĂƐŝůLJ ĂĐĐĞƐƐŝďůĞ͕ ƚƌĂŶƐƉĂƌĞŶƚ ůŝƚŝŐĂƚŝŽŶ ƉƌŽĐĞƐƐ ƚŚĂƚ ĞdžƉĞĚŝƚĞƐ ƚŚĞ ĨĂŝƌ ƌĞƐŽůƵƚŝŽŶ ŽĨ Đŝǀŝů ĐĂƐĞƐ͘ dŚĞƐĞ ƚŽŽůƐ ŝŶĐůƵĚĞ ƚĞĐŚŶŽůŽŐLJ͕ ĐŽŶƚƌĂĐƚ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ĐĂƐĞ ĨůŽǁ ŵĂŶĂŐĞŵĞŶƚ͘ dŚĞ ƉƌŽŐƌĂŵ ŵĂŶĂŐĞƌ ĐŽŽƌĚŝŶĂƚĞƐ ǁŝƚŚ DƵŶŝĐŝƉĂů ŽƵƌƚ͕ WƵďůŝĐ tŽƌŬƐ͕ dƌĂĨĨŝĐ ŶŐŝŶĞĞƌŝŶŐ ĂŶĚ ƚŚĞ WŽůŝĐĞ ĚĞƉĂƌƚŵĞŶƚ ŽŶ ĂŶLJ ƉŽƚĞŶƚŝĂů ŝƐƐƵĞƐ͕ ďŽƚŚ ƉŚLJƐŝĐĂů ĂŶĚͬŽƌ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂůΎ ƐƚŝŵĂƚĞĚΎ WƌŽũĞĐƚĞĚ EƵŵďĞƌ ŽĨ ŝǀŝů ĂƐĞƐ ĨŝůĞĚ Ύ Ύ ϲ͕ϬϬϬ ΎͲŶĞǁ ƉƌŽŐƌĂŵ ƉĞƌĨŽƌŵĂŶĐĞ ŵĞĂƐƵƌĞƐ ŶŽƚ ĂǀĂŝůĂďůĞ

ϮϬϭϵͬϮϬ džƉĞŶĚŝƚƵƌĞƐ ďLJ &ƵŶĚŝŶŐ ^ŽƵƌĐĞ 'ĞŶĞƌĂů &ƵŶĚ ^ƉĞĐŝĂů ZĞǀĞŶƵĞ &ƵŶĚƐ

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ƵƚŚŽƌŝnjĞĚ WŽƐŝƚŝŽŶƐ WĞƌŵĂŶĞŶƚ WŽƐŝƚŝŽŶƐ WĂƌƚͲƚŝŵĞ WŽƐŝƚŝŽŶƐ dŽƚĂů WŽƐŝƚŝŽŶƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů Ϯϯ ϯ Ϯϲ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ Ϯϰ ϰ Ϯϴ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ϯϯ ϰ Ϯϳ

dŽƚĂů DƵŶŝĐŝƉĂů ŽƵƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕ϱϴϵ͕ϴϵϬ 174

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DŝƐƐŝŽŶ dŚĞ :ƵĚŝĐŝĂů ĚĞƉĂƌƚŵĞŶƚ ƉƌŽǀŝĚĞƐ Ă ĨĂŝƌ͕ ŝŶĚĞƉĞŶĚĞŶƚ͕ ĂŶĚ ŝŵƉĂƌƚŝĂů ĨŽƌƵŵ ĨŽƌ ƚŚĞ ĂĚũƵĚŝĐĂƚŝŽŶ ŽĨ ďŽƚŚ ĐƌŝŵŝŶĂů ĂŶĚ Đŝǀŝů ŵĂƚƚĞƌƐ ƚŚĂƚ ĐŽŵĞ ďĞĨŽƌĞ ƚŚĞ DƵŶŝĐŝƉĂů ŽƵƌƚ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ :ƵĚŝĐŝĂů ĚĞƉĂƌƚŵĞŶƚ ƉƌŽǀŝĚĞƐ ũƵĚŐĞƐ ĂŶĚ Ă ĐŽƵƌƚ ƌĞƉŽƌƚĞƌ ƚŽ ƐƚĂĨĨ ƚŚĞ DƵŶŝĐŝƉĂů ŽƵƌƚ ĂŶĚ ŚĞĂƌ ĐĂƐĞƐ ĨŝůĞĚ ŝŶ ƚŚĞ ĐŽƵƌƚ ĂƐ ǁĞůů ĂƐ ŵĂƚƚĞƌƐ ƉƌĞƐĞŶƚĞĚ ƚŽ ƚŚĞ :ƵĚŐĞƐ ŝŶ ƚŚĞŝƌ ĐĂƉĂĐŝƚLJ ĂƐ ŵĂŐŝƐƚƌĂƚĞƐ͘ dŚĞƐĞ ƉŽƐŝƚŝŽŶƐ ƌĞƋƵŝƌĞ ŚŝŐŚůLJ ƚĞĐŚŶŝĐĂů ŬŶŽǁůĞĚŐĞ ĂŶĚ ĞdžƚĞŶƐŝǀĞ ƚƌĂŝŶŝŶŐ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ŚĂƐ ŽŶĞ ĨƵůůͲƚŝŵĞ ƉƌĞƐŝĚŝŶŐ ũƵĚŐĞ͕ Ă ĨƵůůͲƚŝŵĞ ĂƐƐŽĐŝĂƚĞ ũƵĚŐĞ ĂŶĚ ŽŶĞ ƉĂƌƚͲƚŝŵĞ ĂƐƐŽĐŝĂƚĞ ũƵĚŐĞ͘ dŚĞ ũƵĚŐĞƐ ĂƌĞ ůŝĐĞŶƐĞĚ dĞdžĂƐ ĂƚƚŽƌŶĞLJƐ ǁŝƚŚ ĂŶ ĂǀĞƌĂŐĞ ŽĨ Ϯϲ LJĞĂƌƐ ŽĨ ĞdžƉĞƌŝĞŶĐĞ͘ dŚĞ ƉƌĞƐŝĚŝŶŐ ũƵĚŐĞ ĂƐƐŝŐŶƐ ũƵĚŐĞƐ ƚŽ ĐŽǀĞƌ ƚŚĞ ĐŽƵƌƚ͛Ɛ ĞdžƉĞĐƚĞĚ ĐĂƐĞůŽĂĚ ĞĂĐŚ ĚĂLJ͘ KŶ ŵŽƐƚ ĚĂLJƐ͕ ƚŚƌĞĞ ũƵĚŐĞƐ ĂƌĞ ĂƐƐŝŐŶĞĚ͘ KŶĞ ƉƌĞƐŝĚĞƐ ŽǀĞƌ ƚƌŝĂůƐ ĂŶĚ ĚŽĐŬĞƚƐ͖ ŽŶĞ ƉƌĞƐŝĚĞƐ ŽǀĞƌ ǁĂůŬͲŝŶ ƉůĞĂƐ ĂŶĚ ĂƌƌĂŝŐŶŵĞŶƚƐ͖ ĂŶĚ ŽŶĞ ƉƌĞƐŝĚĞƐ ŽǀĞƌ ũĂŝů ǀŝĚĞŽ ĂƌƌĂŝŐŶŵĞŶƚƐ ĂŶĚ ĂůƐŽ ŚĂŶĚůĞƐ Ăůů ƚŚĞ ũƵĚŐĞƐ͛ ͞ƋƵĞƵĞƐ͟ ʹ ϰϬ ĚŝĨĨĞƌĞŶƚ ůŝƐƚƐ ŽĨ ĐĂƐĞƐ ŶĞĞĚŝŶŐ ƌĞǀŝĞǁ ĨŽƌ ŽƌĚĞƌƐ͕ ũƵĚŐŵĞŶƚƐ͕ ǁĂƌƌĂŶƚƐ͕ Žƌ ƐƵŵŵŽŶƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ũƵĚŐĞƐ ĂƌĞ ĂƐƐŝŐŶĞĚ ƚŽ ^ĂƚƵƌĚĂLJ ĂŶĚ ^ƵŶĚĂLJ ũĂŝů ĂƌƌĂŝŐŶŵĞŶƚƐ͕ ǁŝƚŚ ĞĂĐŚ ũƵĚŐĞ ƚĂŬŝŶŐ ŽŶĞ ǁĞĞŬĞŶĚ ƉĞƌ ŵŽŶƚŚ͘

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WƌŽŐƌĂŵƐ :ƵĚŝĐŝĂů ĚŵŝŶŝƐƚƌĂƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϯϬ͕ϭϯϳ dŚĞ ƉƌĞƐŝĚŝŶŐ ũƵĚŐĞ ƐĞƚƐ Ăůů ƉŽůŝĐŝĞƐ ĨŽƌ ƚŚĞ DƵŶŝĐŝƉĂů ŽƵƌƚ ĂŶĚ ĐŽŶƚŝŶƵĂůůLJ ƌĞǀŝƐĞƐ Ăůů ĨŽƌŵƐ ƵƐĞĚ ŝŶ ĐŽƵƌƚ ƉƌŽĐĞĞĚŝŶŐƐ͖ ƐĐŚĞĚƵůĞƐ ƚŚĞ ũƵĚŐĞƐ͕ ĐŽƵƌƚ ƌĞƉŽƌƚĞƌ͕ ĂŶĚ ďĂŝůŝĨĨƐ͖ ƐĞƌǀĞƐ ĂƐ ŚĂŝƌ ŽĨ ƚŚĞ ŽƵƌƚŚŽƵƐĞ ^ĞĐƵƌŝƚLJ ŽŵŵŝƚƚĞĞ͕ ĚĞǀĞůŽƉƐ ƉƌŽƚŽĐŽůƐ ǁŝƚŚ ŽƵƚƐŝĚĞ ĂŐĞŶĐŝĞƐ ƐƵĐŚ ĂƐ ĐŽƵŶƚLJ ũĂŝůƐ͕ ůĂǁ ĞŶĨŽƌĐĞŵĞŶƚ ĂŐĞŶĐŝĞƐ͕ ŵĞŶƚĂů ŚĞĂůƚŚ ƉƌŽǀŝĚĞƌƐ͕ ĂŶĚ ŽƚŚĞƌ ĐŽƵƌƚƐ͖ ĚĞǀĞůŽƉƐ ƚŚĞ ďƵĚŐĞƚ͖ ƉĞƌĨŽƌŵƐ Žƌ ĂƐƐŝŐŶƐ ůĞŐĂů ƌĞƐĞĂƌĐŚ͖ ĂŶĚ ŽǀĞƌƐĞĞƐ ƚƌĂŝŶŝŶŐ ŽĨ ƚŚĞ ĂƐƐŽĐŝĂƚĞ ũƵĚŐĞƐ ĂŶĚ ƐƚĂĨĨ͘ dŚĞ ƉƌĞƐŝĚŝŶŐ ũƵĚŐĞ ƐƵƉĞƌǀŝƐĞƐ ƚǁŽ ĂƐƐŽĐŝĂƚĞ ĐŝƚLJ ũƵĚŐĞƐ ǁŚŽ ƐĞƌǀĞ ĂƐ ĚĞƐŝŐŶĂƚĞĚ ŶŝŐŚƚ ŵĂŐŝƐƚƌĂƚĞƐ ƉƵƌƐƵĂŶƚ ƚŽ ĂŶ ŝŶƚĞƌůŽĐĂů ĂŐƌĞĞŵĞŶƚ ďĞƚǁĞĞŶ ZĂŶĚĂůů ĂŶĚ WŽƚƚĞƌ ĐŽƵŶƚŝĞƐ ĂŶĚ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ͘ dŚĞ ŶŝŐŚƚ ŵĂŐŝƐƚƌĂƚĞ ƉƌŽŐƌĂŵ ŝƐ ŚŝŐŚůLJ ƐƵĐĐĞƐƐĨƵů͘ /ƚ ŚĂƐ ƐƚƌĞĂŵůŝŶĞĚ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ďĞƚǁĞĞŶ ƚŚĞ ũƵĚŝĐŝĂƌLJ ĂŶĚ Ăůů ďƌĂŶĐŚĞƐ ŽĨ ůĂǁ ĞŶĨŽƌĐĞŵĞŶƚ͘

:ƵĚŝĐŝĂů ^ĞƌǀŝĐĞƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϯϵϲ͕Ϭϭϴ :ƵĚŐĞƐ ĂƌĞ ĂǀĂŝůĂďůĞ ƐĞǀĞŶ ĚĂLJƐ Ă ǁĞĞŬ ƚŽ ƉƌĞƐŝĚĞ ŽǀĞƌ ƚƌŝĂůƐ͕ ƉůĞĂƐ͕ ĂƌƌĂŝŐŶŵĞŶƚƐ͕ ĂŶĚ ĚŽĐŬĞƚƐ ŝŶ ĐƌŝŵŝŶĂů ĐĂƐĞƐ͘ :ƵĚŐĞƐ ĂůƐŽ ƐŝŐŶ ǁĂƌƌĂŶƚƐ ĨŽƌ ƉŽůŝĐĞ ĂŶĚ ďƵŝůĚŝŶŐ ƐĂĨĞƚLJ ŽĨĨŝĐŝĂůƐ͕ ĐŽŶĚƵĐƚ Đŝǀŝů ĂƉƉĞĂůƐ ŚĞĂƌŝŶŐƐ ĨƌŽŵ ĚĂŶŐĞƌŽƵƐ ĂŶŝŵĂů ĚĞƚĞƌŵŝŶĂƚŝŽŶƐ͕ ƐƚŽůĞŶ ǀĞŚŝĐůĞƐ ŚĞĂƌŝŶŐƐ͕ ĚŝƐƉŽƐŝƚŝŽŶ ŽĨ ƐĞŝnjĞĚ ƉƌŽƉĞƌƚLJ ŚĞĂƌŝŶŐƐ͕ ĂŶĚ ƌĞĚͲůŝŐŚƚ ĐĂŵĞƌĂ ĂƉƉĞĂůƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ϮϬϭϳͬϭϴ ĐƚƵĂů Ϯϭϯ ϭ͕ϴϯϱ ϭϲ͕ϵϲϯ ϭϲ͕ϴϱϮ ϭϮ͕Ϭϲϭ ϱϱϵ ϭ͕ϭϰϴ ϴϮϬ

dƌŝĂůƐ ĂƐĞƐ ƐĞƚ ŽŶ ƚƌŝĂů ĚŽĐŬĞƚ ĂƐĞƐ ŽŶ ǁĂůŬͲŝŶ ĚŽĐŬĞƚƐ ;ŚĞĂƌĚͿ ĂƐĞƐ ŽŶ Ăůů ŽƚŚĞƌ ĚŽĐŬĞƚƐ ĂƐĞƐ ƐĞĞŶ ŝŶ ũĂŝů ^ĞĂƌĐŚ tĂƌƌĂŶƚƐ ƐŝŐŶĞĚ ŽĚĞ ŶĨŽƌĐĞŵĞŶƚ tĂƌƌĂŶƚƐ ƐŝŐŶĞĚ ŽŶĚ ĨŽƌĨĞŝƚƵƌĞ ĐĂƐĞƐ ŚĞĂƌĚ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϮϬϬ Ϯ͕ϬϬϰ ϭϳ͕ϲϴϲ Ϯϭ͕ϬϰϮ ϭϭ͕ϭϳϬ ϲϬϯ ϲϮϬ ϭ͕Ϭϳϲ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϮϬϬ Ϯ͕ϬϬϬ ϭϲ͕ϴϬϭ ϭϵ͕ϵϴϵ ϭϬ͕ϯϴϴ ϲϵϰ ϲϮϬ ϭ͕ϯϮϯ

ŽƵƌƚ ZĞƉŽƌƚŝŶŐ ^ĞƌǀŝĐĞƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϳϲ͕ϱϲϲ dŚĞ ĐŽƵƌƚ ƌĞƉŽƌƚĞƌ ƌĞĐŽƌĚƐ͕ ďLJ ŵĂĐŚŝŶĞ ƐŚŽƌƚŚĂŶĚ͕ Ăůů ƚŚĞ ƉƌŽĐĞĞĚŝŶŐƐ ŝŶ ƚŚĞ ƚƌŝĂů ĐŽƵƌƚƌŽŽŵ͕ ŝŶĐůƵĚŝŶŐ ďĞŶĐŚ ĂŶĚ ũƵƌLJ ƚƌŝĂůƐ͕ ĚŽĐŬĞƚƐ͕ ŚĞĂƌŝŶŐƐ͕ ĂŶĚ ƉůĞĂƐ͘ dŚĞ ĐŽƵƌƚ ƌĞƉŽƌƚĞƌ ƉƌĞƉĂƌĞƐ Ăůů ũƵƌLJ ŝŶƐƚƌƵĐƚŝŽŶƐ ĂŶĚ ƌĞǀŝĞǁƐ ĞǀĞƌLJ ĐĂƐĞ ĚŽĐŬĞƚĞĚ ŝŶ ƚŚĞ ƚƌŝĂů ĐŽƵƌƚƌŽŽŵ ƚŽ ĞŶƐƵƌĞ DƵŶŝĐŝƉĂů ŽƵƌƚ͛Ɛ ƌĞĐŽƌĚƐ ĂƌĞ ĂĐĐƵƌĂƚĞ ĂŶĚ ĐŽŵƉůĞƚĞ͘ dŚĞ ĐŽƵƌƚ ƌĞƉŽƌƚĞƌ ĂůƐŽ ĂƐƐŝƐƚƐ ƚŚĞ ũƵĚŐĞƐ ǁŝƚŚ ŵĂŶLJ ƚĂƐŬƐ ƌĞůĂƚŝŶŐ ƚŽ ĚŽĐŬĞƚƐ͘

ŽƵƌƚ ^ĞĐƵƌŝƚLJ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭϱϱ͕ϴϲϭ y ^ĞĐƵƌŝƚLJ ƐƚĂĨĨ ʹ ĂŝůŝĨĨƐ ĂƌĞ ƉƌĞƐĞŶƚ ĚƵƌŝŶŐ Ăůů ĐŽƵƌƚƌŽŽŵ ĚŽĐŬĞƚƐ ĂŶĚ ĚĞĨĞŶĚĂŶƚ ĂƉƉĞĂƌĂŶĐĞƐ͘ dŚĞLJ ƉƌŽǀŝĚĞ ĐŽŶƐƚĂŶƚ ƚŚƌĞĂƚ ĂƐƐĞƐƐŵĞŶƚ ĂŶĚ ƐĞĐƵƌŝƚLJ ĨŽƌ ƚŚŽƐĞ ƉƌĞƐĞŶƚ ʹ ƚŚĞ :ƵĚŐĞ ƉƌĞƐŝĚŝŶŐ͕ ƉĂƌƚŝĞƐ͕ ǁŝƚŶĞƐƐĞƐ͕ ũƵƌŽƌƐ ĂŶĚ ƚŚĞ ŐĞŶĞƌĂů ƉƵďůŝĐ͘ ĂŝůŝĨĨƐ ĂůƐŽ ƉƌŽǀŝĚĞ ƐĞĐƵƌŝƚLJ ĨŽƌ ƚŚĞ ƉƵďůŝĐ ĂƌĞĂ

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ϮϬϭϵͬϮϬ džƉĞŶĚŝƚƵƌĞƐ ďLJ &ƵŶĚŝŶŐ ^ŽƵƌĐĞ 'ĞŶĞƌĂů &ƵŶĚ ^ƉĞĐŝĂů ZĞǀĞŶƵĞ &ƵŶĚƐ

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WĞƌŵĂŶĞŶƚ WŽƐŝƚŝŽŶƐ WĂƌƚͲƚŝŵĞ WŽƐŝƚŝŽŶƐ dŽƚĂů WŽƐŝƚŝŽŶƐ

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ϮϬϭϳͬϭϴ ĐƚƵĂů Ψ Ϯ͕ϲϲϵ ϵ͕ϳϴϳ ϭϵ͕ϴϵϲ ϯϲ͕Ϭϴϵ Ψ ϲϴ͕ϰϰϭ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ Ψ Ϯ͕ϭϰϵ ϳ͕ϮϬϬ ϯϯ͕ϭϱϬ ϰϬ͕ϮϬϮ Ψ ϴϮ͕ϳϬϭ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ Ϯ͕ϭϰϵ ϳ͕ϮϬϬ ϯϯ͕ϭϱϬ ϰϬ͕ϳϬϯ Ψ ϴϯ͕ϮϬϮ

DŝƐƐŝŽŶ dŽ ƵƐĞ ĚĞŵŽĐƌĂĐLJ ƚŽ ŐŽǀĞƌŶ ƚŚĞ ŝƚLJ ĞĨĨŝĐŝĞŶƚůLJ ĂŶĚ ĞĨĨĞĐƚŝǀĞůLJ ƚŽ ĂĐĐŽŵƉůŝƐŚ ƚŚĞ ŝƚLJ͛Ɛ ŵŝƐƐŝŽŶ ŽĨ ĐƌĞĂƚŝŶŐ ƚŚĞ ďĞƐƚ ĞŶǀŝƌŽŶŵĞŶƚ ƉŽƐƐŝďůĞ ĨŽƌ ĞǀĞƌLJ ŵĂƌŝůůŽ ƌĞƐŝĚĞŶƚ ƚŽ ĨŝŶĚ ĂŶĚ ĂĐŚŝĞǀĞ ƚŚĞŝƌ ŐƌĞĂƚĞƐƚ ƉŽƚĞŶƚŝĂů͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ DĂLJŽƌ ĂŶĚ ŽƵŶĐŝů ƐĞƌǀĞ ĂƐ ƚŚĞ ƉŽůŝĐLJͲŵĂŬŝŶŐ ďŽĚLJ ĨŽƌ ƚŚĞ ŝƚLJ͕ ŵĂŬŝŶŐ ĨŝŶĂů ĚĞĐŝƐŝŽŶƐ ŽŶ ŵĂƚƚĞƌƐ ƐƉĞĐŝĨŝĞĚ ŝŶ ƚŚĞ ŝƚLJ͛Ɛ ŚĂƌƚĞƌ ĂŶĚ ŽĚĞ ŽĨ KƌĚŝŶĂŶĐĞƐ͘ dŚŝƐ ďŽĚLJ ĂůƐŽ ƉƌŽǀŝĚĞƐ ŐƵŝĚĂŶĐĞ ĂŶĚ ĚŝƌĞĐƚŝŽŶ ƚŽ ƚŚĞ ŝƚLJ DĂŶĂŐĞƌ ƚŽ ĚĞǀĞůŽƉ͕ ƉƌŽŵŽƚĞ͕ ĂŶĚ ĞdžĞĐƵƚĞ ŽǀĞƌĂůů ƐƚƌĂƚĞŐŝĞƐ͖ ĞŶĐŽƵƌĂŐĞƐ ƚŚĞ ĐŽŶƚŝŶƵĞĚ ĚĞǀĞůŽƉŵĞŶƚ͕ ƌĞƚĞŶƚŝŽŶ͕ ĂŶĚ ĞĐŽŶŽŵŝĐ ĞdžƉĂŶƐŝŽŶ ŽĨ ƚŚĞ ŝƚLJ͖ ƌĞǀŝĞǁƐ ĂŶĚ ĐŽŶƐŝĚĞƌƐ ƉůĂŶŶŝŶŐ ĂŶĚ njŽŶŝŶŐ ŵĂƚƚĞƌƐ͖ ĐĂůůƐ ĨŽƌ ĂŶĚ ĐŽŶĚƵĐƚƐ ƉƵďůŝĐ ŚĞĂƌŝŶŐƐ͖ ƌĞǀŝĞǁƐ ĂŶĚ ĂĚŽƉƚƐ ƚŚĞ ŝƚLJ͛Ɛ ĂŶŶƵĂů ďƵĚŐĞƚ͖ ĂƉƉƌŽǀĞƐ ĂƉƉƌŽƉƌŝĂƚŝŽŶƐ͕ ĞdžƉĞŶĚŝƚƵƌĞƐ͕ ĂŶĚ ĐŽŶƚƌĂĐƚƐ͖ ĂŶĚ ĂĐƚŝǀĞůLJ ƌĞĐƌƵŝƚƐ ĂŶĚ ĞŶĐŽƵƌĂŐĞƐ ƋƵĂůŝĨŝĞĚ ĐŝƚŝnjĞŶƐ ƚŽ ƐĞƌǀĞ ŽŶ ŝƚLJ ďŽĂƌĚƐ ĂŶĚ ĐŽŵŵŝƐƐŝŽŶƐ͘ dŚĞ ŝƚLJ ĂĚŽƉƚĞĚ ƚŚĞ ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ ŝŶŝƚŝĂƚŝǀĞ ǁŚŝĐŚ ƐĞƚƐ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ ƐƚƌĂƚĞŐŝĐ ĚŝƌĞĐƚŝŽŶ ĨŽƌ ƚŚĞ ŝƚLJ 'ŽǀĞƌŶŵĞŶƚ ŝŶ ƚĞƌŵƐ ŽĨ ĨŽĐƵƐ͕ ĂůůŽĐĂƚŝŽŶ ŽĨ ƌĞƐŽƵƌĐĞƐ͕ ĂŶĚ ƉƌŝŽƌŝƚŝĞƐ͘ ƵƌŝŶŐ ƚŚŝƐ ƉƌŽĐĞƐƐ͕ ƚŚĞ DĂLJŽƌ ĂŶĚ ŽƵŶĐŝů ŝĚĞŶƚŝĨŝĞĚ ĞŝŐŚƚ WŝůůĂƌƐ ŽĨ &ƵƚƵƌĞ sŝƐŝŽŶ ƚŚĞLJ ǁŝƐŚ ƚŚĞ ŝƚLJ DĂŶĂŐĞƌ ƚŽ ĂĚĚƌĞƐƐ ŝŶ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŵĂŶŶĞƌ͗ y WƵďůŝĐ ^ĂĨĞƚLJ y ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ ĂŶĚ ZĞĚĞǀĞůŽƉŵĞŶƚ y ŝǀŝĐ WƌŝĚĞ y ,ŝŐŚůLJ ĚƵĐĂƚĞĚ WŽƉƵůĂƚŝŽŶ y &ŝƐĐĂů ZĞƐƉŽŶƐŝďŝůŝƚLJ y ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ y džĐĞůůĞŶĐĞ ŝŶ ŽŵŵƵŶŝĐĂƚŝŽŶ y dƌĂŶƐƉŽƌƚĂƚŝŽŶ

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ƵƚŚŽƌŝnjĞĚ WŽƐŝƚŝŽŶƐ WĞƌŵĂŶĞŶƚ WŽƐŝƚŝŽŶƐ WĂƌƚͲƚŝŵĞ WŽƐŝƚŝŽŶƐ dŽƚĂů WŽƐŝƚŝŽŶƐ

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ϮϬϭϳͬϭϴ ĐƚƵĂů Ψ ϭ͕ϬϴϮ͕ϭϲϱ ϭϱ͕ϱϯϴ ϯ͕Ϭϱϲ͕ϯϲϴ ϭϳ͕ϵϰϮ ;ϳϱ͕ϬϬϬͿ Ψ ϰ͕Ϭϵϳ͕Ϭϭϯ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ Ψ ϭ͕ϮϮϱ͕ϲϳϲ ϯϬ͕ϳϬϬ Ϯ͕ϳϴϴ͕Ϯϵϴ ϭϵ͕ϳϳϵ ;ϳϱ͕ϬϬϬͿ Ψ ϯ͕ϵϴϵ͕ϰϱϯ

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DŝƐƐŝŽŶ dŽ ƉƌŽĨĞƐƐŝŽŶĂůůLJ ĂĚŵŝŶŝƐƚĞƌ ƚŚĞ ƉŽůŝĐŝĞƐ ĂŶĚ ĚŝƌĞĐƚŝǀĞƐ ĞƐƚĂďůŝƐŚĞĚ ďLJ ƚŚĞ DĂLJŽƌ ĂŶĚ ŽƵŶĐŝů ĂŶĚ ƉĞƌĨŽƌŵ ƚŚŽƐĞ ŽƌŐĂŶŝnjĂƚŝŽŶĂů ĚƵƚŝĞƐ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ƉƌĞƐĐƌŝďĞĚ ŝŶ ƚŚĞ ŵĂƌŝůůŽ ŝƚLJ ŚĂƌƚĞƌ͘ dŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ŽƉĞƌĂƚĞƐ ƵŶĚĞƌ ƚŚĞ ŽƵŶĐŝůͲDĂŶĂŐĞƌ ĨŽƌŵ ŽĨ ŐŽǀĞƌŶŵĞŶƚ ĂŶĚ͕ ĂƐ ƐƵĐŚ͕ ƚŚƌŽƵŐŚ ƚŚĞ ĚĞůĞŐĂƚŝŽŶ ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ŽĨ ŚŝƐͬŚĞƌ ƐƚĂĨĨ ŵĞŵďĞƌƐ͕ ƚŚĞ ŝƚLJ DĂŶĂŐĞƌ ĚŝƌĞĐƚƐ͕ ĐŽŽƌĚŝŶĂƚĞƐ ĂŶĚ ĨĂĐŝůŝƚĂƚĞƐ ƚŚĞ ĞĨĨĞĐƚŝǀĞ ĂŶĚ ĐŽƐƚͲĞĨĨŝĐŝĞŶƚ ĚĞůŝǀĞƌLJ ŽĨ Ăůů ŵƵŶŝĐŝƉĂů ƐĞƌǀŝĐĞƐ ƚŽ ƚŚĞ ĐŝƚŝnjĞŶƐ ŽĨ ŵĂƌŝůůŽ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ tŝƚŚ ŐƵŝĚĂŶĐĞ ĂŶĚ ĚŝƌĞĐƚŝŽŶ ĨƌŽŵ ƚŚĞ DĂLJŽƌ ĂŶĚ ŝƚLJ ŽƵŶĐŝů͕ ƚŚĞ ŝƚLJ DĂŶĂŐĞƌ ŽĨ ŵĂƌŝůůŽ ǁŝůů ĚĞǀĞůŽƉ͕ ƉƌŽŵŽƚĞ͕ ĂŶĚ ĞdžĞĐƵƚĞ ƐƚƌĂƚĞŐŝĞƐ ƚŚĂƚ ǁŝůů ƉƌŽǀŝĚĞ ĨŽƌ ĂŶ ĂƚƚƌĂĐƚŝǀĞ͕ ĞĐŽŶŽŵŝĐĂůůLJ ǀŝďƌĂŶƚ͕ ŚĞĂůƚŚLJ ĂŶĚ ƐĂĨĞ ĞŶǀŝƌŽŶŵĞŶƚ ĨŽƌ ƚŚĞ ĐŝƚŝnjĞŶƐ ŽĨ ŵĂƌŝůůŽ ĂŶĚ ŝƚƐ ǀŝƐŝƚŽƌƐ͘ dŽŐĞƚŚĞƌ ǁŝƚŚ ƚŚĞ ĞdžĞĐƵƚŝǀĞ ƚĞĂŵ ĂŶĚ ĚĞƉĂƌƚŵĞŶƚ ĚŝƌĞĐƚŽƌƐ͕ ƚŚĞ ŝƚLJ DĂŶĂŐĞƌ ǁŝůů ĚĞǀĞůŽƉ͕ ƉƌŽŵŽƚĞ͕ ĂŶĚ ŝŵƉůĞŵĞŶƚ ƉƌŽŐƌĂŵƐ ĂŶĚ ƉŽůŝĐŝĞƐ ƚŚĂƚ ǁŝůů ďƌŽĂĚůLJ ƐƵƉƉŽƌƚ ƚŚĞƐĞ ƐƚƌĂƚĞŐŝĞƐ ĂŶĚ ŵŽƚŝǀĂƚĞ Ăůů ĨƵůůͲ ĂŶĚ ƉĂƌƚͲƚŝŵĞ ĞŵƉůŽLJĞĞƐ͘ Ɛ ƉĂƌƚ ŽĨ ƚŚŝƐ ƉƌŽĐĞƐƐ͕ ƚŚĞ ŝƚLJ DĂŶĂŐĞƌ ĂŶĚ ƐƚĂĨĨ ǁŝůů ĐŽŶƚŝŶƵĞ ƚŽ ĐŽŽƉĞƌĂƚĞ ĂŶĚ ĐŽŵŵƵŶŝĐĂƚĞ ǁŝƚŚ ƚŚĞ ǀĂƌŝŽƵƐ ŐŽǀĞƌŶŵĞŶƚĂů ĞŶƚŝƚŝĞƐ͕ ĐŽŵŵƵŶŝƚLJ ďŽĂƌĚƐ͕ ĐŽŵŵŝƐƐŝŽŶƐ͕ ĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚ ĞŶƚŝƚŝĞƐ͕ ŶŽŶͲƉƌŽĨŝƚƐ͕ ĐŝǀŝĐ ŽƌŐĂŶŝnjĂƚŝŽŶƐ͕ ƐĐŚŽŽů ĚŝƐƚƌŝĐƚ͕ ĂŶĚ ŽƚŚĞƌ ĐŽŵŵƵŶŝƚLJ ƉĂƌƚŶĞƌƐ ƚŽ ĂĐŚŝĞǀĞ ƐƵĐĐĞƐƐ ĂŶĚ ďĞ ƌĞĐŽŐŶŝnjĞĚ ĂƐ Ă ƉƌŽŐƌĞƐƐŝǀĞ ͞ ĞƐƚ WƌĂĐƚŝĐĞ ŝƚLJ͘͟ dŚĞ ŝƚLJ ĂĚŽƉƚĞĚ ƚŚĞ ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ ŝŶŝƚŝĂƚŝǀĞ͕ ǁŚŝĐŚ ƐĞƚƐ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ ƐƚƌĂƚĞŐŝĐ ĚŝƌĞĐƚŝŽŶ ĨŽƌ ƚŚĞ ŝƚLJ 'ŽǀĞƌŶŵĞŶƚ ŝŶ ƚĞƌŵƐ ŽĨ ĨŽĐƵƐ͕ ĂůůŽĐĂƚŝŽŶ ŽĨ ƌĞƐŽƵƌĐĞƐ͕ ĂŶĚ ƉƌŝŽƌŝƚŝĞƐ͘ ƵƌŝŶŐ ƚŚŝƐ ƉƌŽĐĞƐƐ͕ ƚŚĞ DĂLJŽƌ ĂŶĚ ŝƚLJ ŽƵŶĐŝů ŝĚĞŶƚŝĨŝĞĚ ĞŝŐŚƚ WŝůůĂƌƐ ŽĨ &ƵƚƵƌĞ sŝƐŝŽŶ ƚŚĞLJ ǁŝƐŚ ƚŚĞ ŝƚLJ DĂŶĂŐĞƌ ƚŽ ĂĚĚƌĞƐƐ ŝŶ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŵĂŶŶĞƌ͗ y WƵďůŝĐ ^ĂĨĞƚLJ y ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ ĂŶĚ ZĞĚĞǀĞůŽƉŵĞŶƚ y ŝǀŝĐ WƌŝĚĞ

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WƌŽŐƌĂŵƐ ŝƚLJ DĂŶĂŐĞƌ ĞƉĂƌƚŵĞŶƚ ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕ϰϭϵ͕ϮϬϭ DĂŶĂŐĞ ĂŶĚ ĐŽŽƌĚŝŶĂƚĞ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ͕ ǁƌŝƚŝŶŐ͕ ĚŝƐƚƌŝďƵƚŝŽŶ ĂŶĚ ƉƌŽĚƵĐƚŝŽŶ ŽĨ ƉŽůŝĐŝĞƐ͕ ƉƌŽĐĞĚƵƌĞƐ͕ ƉƌŽũĞĐƚƐ͕ ŽƵŶĐŝů ĂŐĞŶĚĂƐ ĂŶĚ ĐĂůĞŶĚĂƌ͕ ŽĨĨŝĐŝĂů ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ͕ ĂŶĚ ŽƚŚĞƌ ƌĞůĂƚĞĚ ǀĞƌďĂů ĂŶĚ ǁƌŝƚƚĞŶ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ƐƵƉƉŽƌƚĞĚ ďLJ Ă ĞƉƵƚLJ ŝƚLJ DĂŶĂŐĞƌ͕ ƚǁŽ ƐƐŝƐƚĂŶƚ ŝƚLJ DĂŶĂŐĞƌƐ͕ ƐƐŝƐƚĂŶƚ ƚŽ ƚŚĞ ŝƚLJ DĂŶĂŐĞƌ ĂŶĚ ĞǀĞůŽƉŵĞŶƚ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ ŽŽƌĚŝŶĂƚŽƌ͘

dŽƵƌŝƐŵ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮ͕ϲϬϰ͕ϲϬϰ WƌŽǀŝĚĞ ƉƌŽĨĞƐƐŝŽŶĂů ĞdžƉĞƌƚŝƐĞ ĂŶĚ ŐƵŝĚĂŶĐĞ ǁŝƚŚ ŵĂƚƚĞƌƐ ƉĞƌƚĂŝŶŝŶŐ ƚŽ ĐŽŶǀĞŶƚŝŽŶ ĂŶĚ ƚŽƵƌŝƐŵ ĂĐƚŝǀŝƚŝĞƐ͘ &ƵŶĐƚŝŽŶƐ ŝŶĐůƵĚĞ ĐŽŽƌĚŝŶĂƚŝŶŐ ƚŚĞ ĂƐƐŝƐƚĂŶĐĞ ŽĨ ƚŚĞ ŝƚLJ ŽƌŐĂŶŝnjĂƚŝŽŶ ĂŶĚ ƐƚĂĨĨ ǁŝƚŚ ĐŽŶǀĞŶƚŝŽŶ ĂŶĚ ƚŽƵƌŝƐŵ ĂĐƚŝǀŝƚŝĞƐ ĂŶĚ ĂƐƐŝƐƚŝŶŐ ŝŶ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ŶĞǁ ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽŐƌĂŵƐ ƚŽ ĞŶĐŽƵƌĂŐĞ ƚŽƵƌŝƐŵ ŐƌŽǁƚŚ ŝŶ ƚŚĞ ŵĂƌŝůůŽ ĐŽŵŵƵŶŝƚLJ͘

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ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ ϭ͕ϭϯϬ͕ϳϴϳ ϯϵ͕ϭϬϯ ϭϱ͕ϯϯϱ ϭϳ͕ϰϮϯ Ψ ϭ͕ϮϬϮ͕ϲϰϴ

DŝƐƐŝŽŶ dŚĞ ŝƚLJ ƚƚŽƌŶĞLJ ŝƐ ƚŚĞ ĐŚŝĞĨ ůĞŐĂů ŽĨĨŝĐĞƌ ĨŽƌ ƚŚĞ ĞŶƚŝƌĞ ŵƵŶŝĐŝƉĂů ĐŽƌƉŽƌĂƚŝŽŶ͘ dŚĞ ĂƚƚŽƌŶĞLJƐ ŝŶ ƚŚŝƐ ĚĞƉĂƌƚŵĞŶƚ ĂƌĞ ŽďůŝŐĂƚĞĚ ƚŽ ƌĞƉƌĞƐĞŶƚ ĂŶĚ ƐĞĞŬ ƚŚĞ ŐŽŽĚ ŽĨ ƚŚĞ ĐŝƚLJ ŐŽǀĞƌŶŵĞŶƚ͕ ŶŽƚ ŶĞĐĞƐƐĂƌŝůLJ ƚŚĞ ŝŶƚĞƌĞƐƚ ŽĨ ĂŶLJ ƉĂƌƚŝĐƵůĂƌ ŽĨĨŝĐŝĂů Žƌ ĚĞƉĂƌƚŵĞŶƚ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ ZĞƉƌĞƐĞŶƚ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ͕ ŝƚƐ ĞŵƉůŽLJĞĞƐ͕ ĂŶĚ ŽĨĨŝĐŝĂůƐ ǁŚĞŶ ƚŚĞLJ ĂƌĞ ƐƵĞĚ ŝŶ ƚŚĞŝƌ ŽĨĨŝĐŝĂů ĐĂƉĂĐŝƚLJ͕ ŝŶ Ăůů ǀĞŶƵĞƐ͕ ŝŶĐůƵĚŝŶŐ ^ƚĂƚĞ ĐŽƵƌƚ͕ &ĞĚĞƌĂů ĐŽƵƌƚ͕ Žƌ ƌĞŐƵůĂƚŽƌLJ ĂŐĞŶĐŝĞƐ͘ ZĞƉƌĞƐĞŶƚ ƚŚĞ ^ƚĂƚĞ ŽĨ dĞdžĂƐ ŝŶ DƵŶŝĐŝƉĂů ŽƵƌƚ ƚŚƌŽƵŐŚ ƚŚĞ >ĞŐĂů ĚĞƉĂƌƚŵĞŶƚ͛Ɛ ƉƌŽƐĞĐƵƚŽƌƐ͘ ůƐŽ ĐŽŶĚƵĐƚ ŶĞŐŽƚŝĂƚŝŽŶƐ ŽĨ ǀĂƌŝŽƵƐ ŬŝŶĚƐ͘ KĨĨĞƌ ůĞŐĂů ĂĚǀŝĐĞ ĂŶĚ ĐŽƵŶƐĞů ƚŽ ŝƚLJ ŽƵŶĐŝů͕ ĚĞƉĂƌƚŵĞŶƚƐ͕ ĂŶĚ ŽĨĨŝĐŝĂůƐ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ůĞŐĂů ĂƐƉĞĐƚƐ ŽĨ ŝƚLJ ŐŽǀĞƌŶŵĞŶƚ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ƉŽůŝĐŝĞƐ͘ dŚĞ ůĞŐĂů ĞdžƉĞƌƚŝƐĞ ƌĞƋƵŝƌĞĚ ŝƐ ĂƐ ĚŝǀĞƌƐĞ ĂƐ ƚŚĞ ŽƉĞƌĂƚŝŽŶƐ ŽĨ ƚŚĞ ŝƚLJ ŐŽǀĞƌŶŵĞŶƚ͗ ,ƵŵĂŶ ZĞƐŽƵƌĐĞƐ͕ ,ĞĂůƚŚ͕ ǀŝĂƚŝŽŶ͕ WŽůŝĐĞ͕ &ŝƌĞ͕ ŶŝŵĂů DĂŶĂŐĞŵĞŶƚ ĂŶĚ tĞůĨĂƌĞ͕ WƵƌĐŚĂƐŝŶŐ͕ WůĂŶŶŝŶŐ ĂŶĚ ĞǀĞůŽƉŵĞŶƚ ^ĞƌǀŝĐĞƐ͕ WƵďůŝĐ tŽƌŬƐ͕ ƵŝůĚŝŶŐ ^ĂĨĞƚLJ͕ &ŝŶĂŶĐĞ͕ ,ŽƵƐŝŶŐ͕ hƚŝůŝƚŝĞƐ͕ dƌĂŶƐŝƚ͕ WĂƌŬƐ͕ ĂŶĚ Ăůů ŽĨ ƚŚĞ ŽƚŚĞƌƐ͘ WƌĞƉĂƌĞ Žƌ ƌĞǀŝĞǁ Ăůů ŬŝŶĚƐ ŽĨ ůĞŐĂů ĚŽĐƵŵĞŶƚƐ ;ƐƵĐŚ ĂƐ ŽƌĚŝŶĂŶĐĞƐ͕ ĐŽŶƚƌĂĐƚƐ͕ ĂŶĚ ĚĞĞĚƐͿ ŶĞĐĞƐƐĂƌLJ ĨŽƌ ŝƚLJ ŐŽǀĞƌŶŵĞŶƚ ƚŽ ĂĐĐŽŵƉůŝƐŚ ŝƚƐ ǀĂƌŝĞĚ ĨƵŶĐƚŝŽŶƐ͘ WƌŽǀŝĚĞ ůĞŐĂů ƐĞƌǀŝĐĞƐ ĂŶĚ ƐƵƉƉŽƌƚ ƚŽ ;ŝͿ ĐůŽƐĞůLJ ĂĨĨŝůŝĂƚĞĚ ĂŐĞŶĐŝĞƐ ƐƵĐŚ ĂƐ ƚŚĞ ŵĂƌŝůůŽ ,ŽƐƉŝƚĂů ŝƐƚƌŝĐƚ͕ ŵĂƌŝůůŽͲWŽƚƚĞƌ ǀĞŶƚƐ sĞŶƵĞ ŝƐƚƌŝĐƚ͕ ŵĂƌŝůůŽ >ŽĐĂů 'ŽǀĞƌŶŵĞŶƚ ŽƌƉŽƌĂƚŝŽŶ͕ ŵĂƌŝůůŽ DĞƚƌŽƉŽůŝƚĂŶ WůĂŶŶŝŶŐ KƌŐĂŶŝnjĂƚŝŽŶ͖ ĂŶĚ͕ ;ŝŝͿ /ŶƚĞƌůŽĐĂů ŵĞƌŐĞŶĐLJ DĂŶĂŐĞŵĞŶƚ ĨƵŶĐƚŝŽŶƐ͘ ůƐŽ ƉƌŽǀŝĚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ĐŝƚŝnjĞŶƐ ĂŶĚ ƚŚĞ ŶĞǁƐ ŵĞĚŝĂ͘

191

WƌŽŐƌĂŵƐ >ĞŐĂů ĞƉĂƌƚŵĞŶƚ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͳ ΨϮϰϬ͕ϱϯϬ WƌŽǀŝĚĞ ĚĂŝůLJ ƐƵƉƉŽƌƚ ĂŶĚ ĂƐƐŝƐƚĂŶĐĞ ƚŽ ƚŚĞ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ͘ ^ĞƌǀĞ ĂƐ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ůŝĂŝƐŽŶ ƚŽ ƚŚĞ ŝƚLJ ŽƵŶĐŝů͕ ŝƚLJ DĂŶĂŐĞƌ͕ ŝƚLJ ^ĞĐƌĞƚĂƌLJ͕ ĂŶĚ ŽƚŚĞƌ ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ͘ WƌĞƉĂƌĞ ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ͕ ĚŽĐƵŵĞŶƚƐ͕ ĂŶĚ ĨŽƌŵƐ ĂƐ ƌĞƋƵŝƌĞĚ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ŽƌƌĞƐƉŽŶĚĞŶĐĞ ƌĞǀŝĞǁĞĚ ϱϬϬ ϲϬϬ ϳϬϬ ŽĐƵŵĞŶƚ ƉƌĞƉĂƌĂƚŝŽŶ ϯϬϬ ϯϱϬ ϰϬϬ

>ĞŐĂů ĞƉĂƌƚŵĞŶƚ ƌŝŵŝŶĂů ^ĞĐƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͳ ΨϯϲϬ͕ϳϵϰ WĞƌĨŽƌŵ Ăůů ůĞŐĂů ƐĞƌǀŝĐĞƐ ƌĞůĂƚĞĚ ƚŽ ƉƌŽĐĞƐƐŝŶŐ ĂŶĚ ƉƌĞƐĞŶƚĂƚŝŽŶ ŽĨ ĐƌŝŵŝŶĂů ĐŽŵƉůĂŝŶƚƐ ĨŝůĞĚ ŝŶ ƚŚĞ DƵŶŝĐŝƉĂů ŽƵƌƚ͘ WĞƌĨŽƌŵ ƐŽŵĞ Đŝǀŝů ŚĞĂƌŝŶŐ ŵĂŶĂŐĞŵĞŶƚ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ĞŶĐŚ ƚƌŝĂůƐ ϳϬ ϴϬ ϴϬ :ƵƌLJ ƚƌŝĂůƐ ϭϯϬ ϭϰϬ ϭϱϬ ƚƚŽƌŶĞLJ ĚŽĐŬĞƚƐ ϳϬ ϳϱ ϳϱ ZĞǀŽĐĂƚŝŽŶ ĚŽĐŬĞƚƐ ϳϬ ϳϬ ϳϬ ŝǀŝů ŚĞĂƌŝŶŐƐ ϭϬ ϭϮ ϭϰ ŽŶĚ ĨŽƌĨĞŝƚƵƌĞ ŚĞĂƌŝŶŐƐ ϰ ϰ ϰ ƉƉĞĂů ŚĞĂƌŝŶŐƐ Ϯ Ϯ Ϯ

>ĞŐĂů ĞƉĂƌƚŵĞŶƚ ŝǀŝů ^ĞĐƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͳ ΨϲϬϭ͕ϯϮϰ ZĞǀŝĞǁ ĂŶĚ ƉƌĞƉĂƌĞ ĐŽŶƚƌĂĐƚƐ ĂŶĚ ĂŐƌĞĞŵĞŶƚƐ ĂƐ ƌĞƋƵĞƐƚĞĚ ďLJ Ăůů ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ͘ ůƐŽ͕ Ăůů ĚŽĐƵŵĞŶƚƐ ƌĞůĂƚĞĚ ƚŽ ƌĞĂů ĞƐƚĂƚĞ ƚƌĂŶƐĂĐƚŝŽŶƐ ĂŶĚ ŵĂŶĂŐĞŵĞŶƚ ďLJ ƚŚĞ ŝƚLJ ĂƌĞ ƌĞǀŝĞǁĞĚ͕ ĚƌĂĨƚĞĚ͕ ĂŶĚ ƌĞĚƌĂĨƚĞĚ͘ WƌŽĐĞƐƐ dĞdžĂƐ WƵďůŝĐ /ŶĨŽƌŵĂƚŝŽŶ Đƚ ƌĞƋƵĞƐƚƐ ƚŚƌŽƵŐŚ ƐƚĂƚƵƚŽƌŝůLJ ƌĞƋƵŝƌĞĚ ĚĞĂĚůŝŶĞƐ ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ƉƌŽĐĞĚƵƌĞƐ͘ ZĞǀŝĞǁ ĂŶĚ ĂŶĂůLJnjĞ ƐƚĂƚĞ ĂŶĚ ĨĞĚĞƌĂů ůĞŐŝƐůĂƚŝŽŶ ĂŶĚ ĐŽƵƌƚ ĚĞĐŝƐŝŽŶƐ ĂƉƉůŝĐĂďůĞ ƚŽ ƚŚĞ ŝƚLJ͘ ƌĂĨƚ ŽƌĚŝŶĂŶĐĞƐ ĂŶĚ ƌĞƐŽůƵƚŝŽŶƐ ĨŽƌ ŽƵŶĐŝů ĂĐƚŝŽŶ͘ WƌĞƉĂƌĞ ĂŶĚ ƌĞǀŝĞǁ ŵĞŵŽƌĂŶĚĂ ƌĞŐĂƌĚŝŶŐ ůĞŐŝƐůĂƚŝŽŶ ĨŽƌ ŽƵŶĐŝů ĂŶĚ ƐƚĂĨĨ͘ WƌŽǀŝĚĞ ĂĚǀŝĐĞ ƚŽ ƚŚĞ ŝƚLJ ŽƵŶĐŝů͕ ŝƚLJ DĂŶĂŐĞƌ͕ ĂŶĚ Ăůů ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ĂŶĚ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ ^ƚĂƚĞ ĂŶĚ &ĞĚĞƌĂů ůĂǁƐ͘ ƌĂĨƚ ĂŶĚ ƌĞĚƌĂĨƚ ŽƌĚŝŶĂŶĐĞƐ ĂŶĚ ƌĞƐŽůƵƚŝŽŶƐ ĂƐ ƌĞƋƵĞƐƚĞĚ͘ WƌŽǀŝĚĞ ůĞŐĂů ĂĚǀŝĐĞ ĂŶĚ ĐŽƵŶƐĞů ƚŽ Ăůů ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ ŽŶ ƚŚĞ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ŽĨ ŝƚLJ ŽƌĚŝŶĂŶĐĞƐ͘

192

WƌŽǀŝĚĞ ĂĚǀŝĐĞ ĂŶĚ ĐŽŶƐƵůƚĂƚŝŽŶ ƚŽ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ĂŶĚ Ăůů ĚĞƉĂƌƚŵĞŶƚƐ ŽŶ ƉƌŽĐĞƐƐŝŶŐ ĂŶĚ ĐŽŶƐŝĚĞƌŝŶŐ ĐůĂŝŵƐ ĂŐĂŝŶƐƚ ƚŚĞ ŝƚLJ ĨŽƌ ĚĂŵĂŐĞƐ ĂŶĚ ŝŶũƵƌLJ͘ WƌŽǀŝĚĞ ůŝƚŝŐĂƚŝŽŶ ĚĞĨĞŶƐĞ ĂŶĚ ƉƌŽƐĞĐƵƚŝŽŶ ĨŽƌ ƚŚĞ ŝƚLJ ĂŶĚ Ăůů ĚĞƉĂƌƚŵĞŶƚƐ͖ ŵŽŶŝƚŽƌ ĂŶĚ ŽǀĞƌƐĞĞ ĐůĂŝŵƐ ĂŶĚ ůŝƚŝŐĂƚŝŽŶ ǁŽƌŬ ŽĨ ƌĞƚĂŝŶĞĚ ĐŽƵŶƐĞů͘ WƌĞƉĂƌĞ ƌĞƉŽƌƚƐ ĂŶĚ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ŽŶ ƉĞŶĚŝŶŐ ĐůĂŝŵƐ ĂŶĚ ůŝƚŝŐĂƚŝŽŶ͕ ĂƐ ƌĞƋƵĞƐƚĞĚ͘ ^ƵƉƉŽƌƚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĂŶĚ ũƵĚŝĐŝĂů ĞŶĨŽƌĐĞŵĞŶƚ ĂĐƚŝǀŝƚŝĞƐ ŽĨ ǀĂƌŝŽƵƐ ĐŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ͕ ŝŶĐůƵĚŝŶŐ &ŝƌĞ DĂƌƐŚĂů͕ ŽĚĞ ŶĨŽƌĐĞŵĞŶƚ͕ WůĂŶŶŝŶŐ͕ ŽŶŝŶŐ͕ ƵŝůĚŝŶŐ /ŶƐƉĞĐƚŝŽŶ͕ ĂŶĚ ůŝŬĞ ŵĂƚƚĞƌƐ͘ &ŝůĞ ĂŶĚ ƉƌŽƐĞĐƵƚĞ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĂŶĚ Đŝǀŝů ĞŶĨŽƌĐĞŵĞŶƚ ĂĐƚŝŽŶƐ ƚŽ ƐĞĐƵƌĞ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ŝƚLJ ĐŽĚĞƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ͘ WƌŽǀŝĚĞ Ă ǁŝĚĞ ƌĂŶŐĞ ŽĨ ŚŝŐŚ ůĞǀĞů ƉƌŽĨĞƐƐŝŽŶĂů ůĞŐĂů ƐĞƌǀŝĐĞƐ ƚŽ ƚŚĞ ůĂǁ ĞŶĨŽƌĐĞŵĞŶƚ ĐŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ͗ WŽůŝĐĞ͕ ŝƌƉŽƌƚ WŽůŝĐĞ͕ &ŝƌĞ͕ &ŝƌĞ DĂƌƐŚĂů͕ ĂŶĚ ŶŝŵĂů DĂŶĂŐĞŵĞŶƚ Θ tĞůĨĂƌĞ͘

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ŽŶƚƌĂĐƚƐͬĂŐƌĞĞŵĞŶƚƐ ĚƌĂĨƚĞĚ ZĞĂů ĞƐƚĂƚĞ ĚŽĐƵŵĞŶƚƐ ĚƌĂĨƚĞĚ WƵďůŝĐ /ŶĨŽƌŵĂƚŝŽŶ ZĞƋƵĞƐƚƐ &ĞĚĞƌĂůͬ^ƚĂƚĞ ůĞŐŝƐůĂƚŝŽŶͬĐŽƵƌƚ ĚĞĐŝƐŝŽŶƐ ƌĞǀŝĞǁĞĚ KƌĚŝŶĂŶĐĞƐ ĂŶĚ ƌĞƐŽůƵƚŝŽŶƐ ĚƌĂĨƚĞĚ >ĞŐĂů ŽƉŝŶŝŽŶƐ ŝǀŝů ^ĞƌǀŝĐĞ ƉĞƌƐŽŶŶĞů ŵĂƚƚĞƌƐ ƌĞǀŝĞǁĞĚ ůĂŝŵƐ ŝŶƋƵŝƌŝĞƐͬƌĞǀŝĞǁƐ ĞŵĂŶĚ ůĞƚƚĞƌƐͬĐŽŶƚĂĐƚƐ ĚŵŝŶŝƐƚƌĂƚŝǀĞ ƉƌŽĐĞĞĚŝŶŐƐ :ƵĚŝĐŝĂů ƉƌŽĐĞĞĚŝŶŐƐ WŽůŝĐĞ WƵďůŝĐ /ŶĨŽƌŵĂƚŝŽŶ ZĞƋƵĞƐƚƐ WŽůŝĐĞ WƵďůŝĐ /ŶĨŽƌŵĂƚŝŽŶ Đƚ ƚƚŽƌŶĞLJ 'ĞŶĞƌĂů ůĞƚƚĞƌƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϭϭϬ ϯϬ ϯϬϬ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϭϮϬ ϯϬ ϰϬϬ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϭϰϬ ϰϬ ϲϬϬ

ϮϬϬ

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ŝƚLJ ^ĞĐƌĞƚĂƌLJ ůĞĐƚŝŽŶ DĂŶĂŐĞŵĞŶƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϯϬ͕ϰϲϲ ,ŽůĚ ƌĞŐƵůĂƌ ĂŶĚ ƐƉĞĐŝĂů ĞůĞĐƚŝŽŶƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ EƵŵďĞƌ ŽĨ ŽƌĚŝŶĂŶĐĞƐ EƵŵďĞƌ ŽĨ ƌĞƐŽůƵƚŝŽŶƐ EƵŵďĞƌ ŽĨ ĞůĞĐƚŝŽŶƐ ŚĞůĚ

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ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϳϰ ϴϮ ϭ

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WĞƌŵĂŶĞŶƚ WŽƐŝƚŝŽŶƐ WĂƌƚͲƚŝŵĞ WŽƐŝƚŝŽŶƐ dŽƚĂů WŽƐŝƚŝŽŶƐ

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ϲϴϮ͕ϲϰϳ ϭ͕ϯϭϯ͕ϰϰϬ ϰϯϵ͕ϬϯϮ ϭϬϰ͕ϴϯϯ ϭϭϳ͕ϴϬϲ Ϯϴϭ͕ϲϴϯ ϵϱϳ͕Ϭϲϰ ϵϵϵ͕ϬϴϬ Ϯϴϭ͕ϰϲϴ ϰϴ͕ϯϴϳ ϱ͕ϮϮϱ͕ϰϰϭ

ϳϴϯ͕ϰϳϲ ϭ͕ϳϭϬ͕ϬϮϱ ϰϭϵ͕ϯϭϮ ϱϮ͕Ϯϰϯ ϭϯϱ͕ϭϵϱ ϯϬϱ͕ϵϴϳ ϭ͕ϬϬϱ͕ϯϳϰ ϭ͕Ϭϱϳ͕ϳϴϳ Ͳ ϭ͕ϮϮϳ͕ϲϰϱ ϲ͕ϲϵϳ͕Ϭϰϱ

ϴϱϴ͕ϭϲϲ ϭ͕ϵϵϲ͕ϯϮϭ ϱϰϲ͕ϮϬϰ ϭϭϬ͕ϯϳϭ ϭϰϳ͕ϰϴϮ ϮϮϰ͕ϬϴϬ ϭ͕ϯϴϰ͕ϳϳϲ ϳϬϳ͕ϰϲϮ Ͳ ϵϵϲ͕ϱϭϬ ϲ͕ϵϳϭ͕ϯϳϮ

205

/dz K& D Z/>>K ^hDD Zz K& yW E /dhZ ^ z d/s/dz > ^^/&/ d/KE ĐƚƵĂů ϮϬϭϳͬϮϬϭϴ

ƵĚŐĞƚĞĚ ϮϬϭϴͬϮϬϭϵ

ƵĚŐĞƚĞĚ ϮϬϭϵͬϮϬϮϬ

^ Z/Wd/KE ϲϯϬϬ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ &ƵŶĚ ^ƵƉƉŽƌƚ ^ĞƌǀŝĐĞƐ ϲϯϭϭϬ ^ĞůĨ /ŶƐƵƌĂŶĐĞ 'ĞŶĞƌĂů ϲϯϭϭϱ hŶĞŵƉůŽLJŵĞŶƚ ůĂŝŵƐ ϲϯϭϮϬ &ŝƌĞ Θ džƚĞŶĚĞĚ ŽǀĞƌĂŐĞ ϲϯϭϮϱ tŽƌŬĞƌƐ ŽŵƉĞŶƐĂƚŝŽŶ ϲϯϭϲϬ 'ĞŶĞƌĂů >ŝĂďŝůŝƚLJ ϲϯϭϳϬ WŽůŝĐĞ WƌŽĨĞƐƐŝŽŶĂů ϲϯϭϴϱ ƵƚŽŵŽďŝůĞ >ŝĂďŝůŝƚLJ ϲϯϭϵϬ ƵƚŽ WŚLJƐŝĐĂů ĂŵĂŐĞ ϲϯϭϵϱ ŝƚLJ WƌŽƉĞƌƚLJ ϲϯϬϬ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ &ƵŶĚ

ϱϯϬ͕ϱϰϮ ϳϯ͕ϰϵϲ ϲϳϬ͕ϳϯϳ ϯ͕ϭϴϯ͕Ϭϲϯ ;Ϯϴϴ͕ϳϱϭͿ ϭϳϴ͕ϴϮϲ ϭ͕Ϯϰϴ͕ϴϱϬ ϲϲϵ͕ϰϴϲ ϮϮ͕ϮϯϬ ϲ͕Ϯϴϴ͕ϰϴϬ

ϲϬϲ͕ϬϵϮ ϱϳϳ͕ϲϲϬ ϳϱ͕ϲϱϲ ϴϬ͕ϱϭϭ ϴϬϳ͕Ϯϯϳ ϭ͕ϯϯϵ͕ϮϱϬ ϯ͕ϬϮϳ͕ϮϬϮ ϯ͕ϬϬϯ͕ϱϮϳ ϰϰϯ͕ϯϴϱ ϲϳϲ͕ϯϳϱ ϭϴϰ͕ϵϲϯ ϮϬϬ͕Ϯϲϯ ϰϬϳ͕ϳϰϮ ϰϬϯ͕ϱϲϮ ϱϮϱ͕ϯϯϬ ϱϮϱ͕ϯϯϳ Ͳ ϭϭ͕ϮϬϬ ϲ͕Ϭϳϳ͕ϲϬϳ ϲ͕ϴϭϳ͕ϲϴϰ

ϲϰϬϬ ŵƉůŽLJĞĞ /ŶƐƵƌĂŶĐĞ &ƵŶĚ ^ƵƉƉŽƌƚ ^ĞƌǀŝĐĞƐ ϲϰϭϬϬ ,ĞĂůƚŚ WůĂŶ ϲϰϮϬϬ ĞŶƚĂů WůĂŶ ϲϰϯϬϬ ŝƚLJ ĂƌĞ ůŝŶŝĐ ϲϰϬϬ ŵƉůŽLJĞĞ /ŶƐƵƌĂŶĐĞ &ƵŶĚ

Ϯϯ͕ϰϮϯ͕ϴϳϲ ϭ͕Ϭϳϵ͕ϴϯϭ ϴϭϵ͕ϲϰϱ Ϯϱ͕ϯϮϯ͕ϯϱϮ

Ϯϯ͕Ϯϰϲ͕ϴϭϱ Ϯϲ͕ϰϴϮ͕ϳϰϬ ϭ͕ϭϯϱ͕ϱϰϲ ϭ͕ϭϴϭ͕ϴϴϵ ϳϭϰ͕ϯϳϲ ϳϮϭ͕ϯϱϯ Ϯϱ͕Ϭϵϲ͕ϳϯϳ Ϯϴ͕ϯϴϱ͕ϵϴϮ

ϲϱϬϬ ŵƉůŽLJĞĞ &ůĞdžŝďůĞ ^ƉŶĚŝŶŐ ^ƵƉƉŽƌƚ ^ĞƌǀŝĐĞƐ ϲϱϭϬϬ ŵƉůŽLJĞĞ &ůĞdž WůĂŶ ϲϱϬϬ ŵƉůŽLJĞĞ &ůĞdžŝďůĞ ^ƉŶĚŝŶŐ

ϰϱϱ͕ϳϴϬ ϰϱϱ͕ϳϴϬ

ϱϱϳ͕ϴϬϬ ϱϱϳ͕ϴϬϬ

ϱϱϳ͕ϴϬϬ ϱϱϳ͕ϴϬϬ

^ƵƉƉŽƌƚ ^ĞƌǀŝĐĞƐ dŽƚĂů džƉĞŶĚŝƚƵƌĞƐ

ϴϬ͕ϯϱϴ͕ϯϳϵ

ϴϯ͕ϲϳϮ͕ϲϯϴ

ϴϵ͕ϯϵϰ͕ϰϰϯ

206

;ϭϭϭϬͿ ƵĚŐĞƚ ŽŵƉĂƌŝƐŽŶ

WĞƌƐŽŶŶĞů ^ĞƌǀŝĐĞƐ ^ƵƉƉůŝĞƐ ŽŶƚƌĂĐƚƵĂů ^ĞƌǀŝĐĞƐ KƚŚĞƌ ŚĂƌŐĞƐ dŽƚĂů džƉĞŶƐĞƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů Ψ ϲϯϬ͕ϰϵϴ ϭϳϬ͕ϯϴϯ ϭϮϲ͕ϴϭϯ ϭϯ͕ϬϲϮ Ψ ϵϰϬ͕ϳϱϲ

ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ ƵĚŐĞƚĞĚ Ψ ϲϱϳ͕ϰϭϲ Ψ ϲϳϯ͕ϰϭϭ ϭϱϭ͕ϴϭϰ ϭϱϭ͕ϴϭϰ ϭϲϭ͕ϱϰϲ ϭϲϭ͕ϱϰϲ ϮϮ͕ϲϱϮ Ϯϰ͕Ϭϲϭ Ψ ϵϵϯ͕ϰϮϴ Ψ ϭ͕ϬϭϬ͕ϴϯϮ

DŝƐƐŝŽŶ dŽ ƉƌŽǀŝĚĞ ŚŝŐŚͲƋƵĂůŝƚLJ ,ƵŵĂŶ ZĞƐŽƵƌĐĞ ƐĞƌǀŝĐĞƐ ƚŽ Ăůů ƉƌŽƐƉĞĐƚŝǀĞ͕ ĐƵƌƌĞŶƚ ĂŶĚ ƉĂƐƚ ĞŵƉůŽLJĞĞƐ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ ,ƵŵĂŶ ZĞƐŽƵƌĐĞƐ ĚĞƉĂƌƚŵĞŶƚ ŝƐ Ă ŬĞLJ ďƵƐŝŶĞƐƐ ƉĂƌƚŶĞƌ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĚĞƐŝŐŶŝŶŐ ĂŶĚ ŝŵƉůĞŵĞŶƚŝŶŐ ƐƚƌĂƚĞŐŝĞƐ ĨŽƌ ƚŚĞ ŝƚLJ ŝŶ ƚŚĞ ĂƌĞĂƐ ŽĨ ƌĞĐƌƵŝƚŵĞŶƚͬƐĞůĞĐƚŝŽŶ͕ ƚƌĂŝŶŝŶŐ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ͕ ŽƌŐĂŶŝnjĂƚŝŽŶĂů ĚĞǀĞůŽƉŵĞŶƚ͕ ĞŵƉůŽLJĞĞ ƌĞůĂƚŝŽŶƐ ĂŶĚ ĐŽŵƉĞŶƐĂƚŝŽŶ͘ dŚŝƐ ĚĞƉĂƌƚŵĞŶƚ ŝƐ Ă ĐŽŶĚƵŝƚ ƚŽ ƌĞĐƌƵŝƚ͕ ĚĞǀĞůŽƉ͕ ĂŶĚ ƌĞƚĂŝŶ ƋƵĂůŝƚLJ ĞŵƉůŽLJĞĞƐ ǁŚŽ ĂƌĞ ƚŚĞ ĨŽƵŶĚĂƚŝŽŶ ĨŽƌ ďƵŝůĚŝŶŐ Ă ǀŝďƌĂŶƚ ǁŽƌŬĨŽƌĐĞ ĂŶĚ Ă ƚŚƌŝǀŝŶŐ ĐŽŵŵƵŶŝƚLJ͘ dŚĞƐĞ ͞ŚƵŵĂŶ ĂƐƐĞƚƐ͟ ĚĞůŝǀĞƌ ĐŽƌĞ ƐĞƌǀŝĐĞƐ ŝŶ ĂůŝŐŶŵĞŶƚ ǁŝƚŚ ƚŚĞ ǀŝƐŝŽŶ ƐĞƚ ĨŽƌƚŚ ŝŶ ƚŚĞ ŝƚLJ ŽƵŶĐŝů͛Ɛ WŝůůĂƌƐ͘ ,ƵŵĂŶ ZĞƐŽƵƌĐĞƐ ;,ZͿ ŚĂƐ ĨŽƵƌ ŵĂŝŶ ŐŽĂůƐ ĂŶĚ ŽďũĞĐƚŝǀĞƐ͗ 'ŽĂů ϭ͗ WƌŽŵŽƚĞ ŽƌŐĂŶŝnjĂƚŝŽŶ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ďLJ ƌĞĐƌƵŝƚŝŶŐ͕ ƌĞƚĂŝŶŝŶŐ͕ ĂŶĚ ĚĞǀĞůŽƉŝŶŐ ĂŶ ŽƵƚƐƚĂŶĚŝŶŐ ǁŽƌŬĨŽƌĐĞ͘ dŚĞ ŽďũĞĐƚŝǀĞ ŝƐ ƚŽ ĨŽƐƚĞƌ ĂŶĚ ŵĂŝŶƚĂŝŶ Ă ǁŽƌŬ ĂŶĚ ůĞĂƌŶŝŶŐ ĞŶǀŝƌŽŶŵĞŶƚ ƚŚĂƚ ŝƐ ŝŶĐůƵƐŝǀĞ͕ ǁĞůĐŽŵŝŶŐ͕ ĂŶĚ ƐƵƉƉŽƌƚŝǀĞ͘ 'ŽĂů Ϯ͗ tŽƌŬ ƚŽ ĞdžƉĂŶĚ ĂŶĚ ĞŶŚĂŶĐĞ ƚŚĞ ,ƵŵĂŶ ZĞƐŽƵƌĐĞƐ ĚĞƉĂƌƚŵĞŶƚ ŝŵĂŐĞ͘ dŚĞ ŽďũĞĐƚŝǀĞ ŝƐ ƚŽ ƉƌŽŵŽƚĞ ĐŽŵŵƵŶŝƚLJ ĞŶŐĂŐĞŵĞŶƚ͘ 'ŽĂů ϯ͗ WĂƌƚŶĞƌ ǁŝƚŚ ůŽĐĂů ŽƌŐĂŶŝnjĂƚŝŽŶƐ ƚŽ ĞĚƵĐĂƚĞ ĂŶĚ ŵĞŶƚŽƌ͘ dŚĞ ŽďũĞĐƚŝǀĞ ŝƐ ƚŽ ĐƌĞĂƚĞ ĂŶĚ ŵĂŝŶƚĂŝŶ Ă ƉƌŽĚƵĐƚŝǀĞ ŝŶƚĞƌŶƐŚŝƉ ƉƌŽŐƌĂŵ͘ 'ŽĂů ϰ͗ ŶƐƵƌĞ ĂǀĂŝůĂďŝůŝƚLJ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ͕ ƉƌŽŐƌĂŵƐ͕ ĂŶĚ ,ƵŵĂŶ ZĞƐŽƵƌĐĞ ƐĞƌǀŝĐĞƐ͘ dŚĞ ŽďũĞĐƚŝǀĞ ŝƐ ƚŽ ǁŽƌŬ ǁŝƚŚ ƚŚĞ /ŶĨŽƌŵĂƚŝŽŶ dĞĐŚŶŽůŽŐLJ ĚĞƉĂƌƚŵĞŶƚ ƚŽ ŝŵƉůĞŵĞŶƚ ŶĞǁ ,ZͬWĂLJƌŽůů ƚĞĐŚŶŽůŽŐLJ ƚŽ ŝŶĐƌĞĂƐĞ ĐŽŶǀĞŶŝĞŶĐĞ ƚŽ Ăůů ĐƵƐƚŽŵĞƌƐ͘

207

WƌŽŐƌĂŵƐ ,ƵŵĂŶ ZĞƐŽƵƌĐĞƐ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ ^ƵƉƉŽƌƚ ;WŽůŝĐŝĞƐ ĂŶĚ WƌŽĐĞĚƵƌĞƐͿ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϭϬϭ͕Ϭϴϱ ,ƵŵĂŶ ZĞƐŽƵƌĐĞƐ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ ^ƵƉƉŽƌƚ ĚĞǀĞůŽƉƐ ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ƚŽ ďĞ ƵƐĞĚ ďLJ ŝƚLJ ĞŵƉůŽLJĞĞƐ͕ ĂƐƐƵƌĞƐ ĐŽŶƐŝƐƚĞŶƚ ĂŶĚ ĨĂŝƌ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ŽĨ ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ͕ ĂŶĚ ƉƌŽĐĞƐƐĞƐ ƚŝŵĞůLJ ĂŶĚ ĂĐĐƵƌĂƚĞ ĐŚĂŶŐĞƐ ŝŶ ĞŵƉůŽLJĞĞ ƐƚĂƚƵƐ ĂŶĚ ƉĂLJƌŽůů͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ŝƚLJͲǁŝĚĞ ƉŽůŝĐŝĞƐ ƌĞǀŝƐĞĚ ĂŶĚͬŽƌ ĐƌĞĂƚĞĚ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϭϬй

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϭϬй

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϭϱй

dŽƚĂů ZĞǁĂƌĚƐ ʹ ŽŵƉĞŶƐĂƚŝŽŶ ĂŶĚ ĞŶĞĨŝƚƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϬϮ͕ϭϲϲ dŽƚĂů ZĞǁĂƌĚƐ ʹ ŽŵƉĞŶƐĂƚŝŽŶ ĂŶĚ ĞŶĞĨŝƚƐ ŝŶĐůƵĚĞƐ ƚŚĞ ƌĞǀŝĞǁ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ƚŚĞ ĐůĂƐƐŝĨŝĐĂƚŝŽŶ ĂŶĚ ĐŽŵƉĞŶƐĂƚŝŽŶ ƐLJƐƚĞŵƐ͘ WŽƐŝƚŝŽŶ ƌĞĐůĂƐƐŝĨŝĐĂƚŝŽŶƐ ĂŶĚͬŽƌ ƐĂůĂƌLJ ĂĚũƵƐƚŵĞŶƚƐ ĂƌĞ ĞǀĂůƵĂƚĞĚ ƵƉŽŶ ƌĞƋƵĞƐƚ ƚŽ ĂƐƐŝƐƚ ĚĞƉĂƌƚŵĞŶƚƐ ĂŶĚ ĂůůŽǁ ĨŽƌ ŵŝŶŝŵĂů ŝŶƚĞƌƌƵƉƚŝŽŶƐ ǁŝƚŚŝŶ ƚŚĞ ŽǀĞƌĂůů ŝƚLJ ŽƌŐĂŶŝnjĂƚŝŽŶ͘ ^ƚĂĨĨ ĂůƐŽ ǁŽƌŬƐ ƚŽ ĚĞǀĞůŽƉ ĐŽŵƉĞŶƐĂƚŝŽŶ ƉĂĐŬĂŐĞƐ ĐŽŵƉĞƚŝƚŝǀĞ ĂĐĐŽƌĚŝŶŐ ƚŽ ŵĂƌŬĞƚ ƌĂƚĞƐ ǁŚŝůĞ ŵĂŝŶƚĂŝŶŝŶŐ ƚŚĞ ĞƋƵŝƚLJ ŽĨ ƚŚĞ ŝƚLJ͛Ɛ ŽŵƉĞŶƐĂƚŝŽŶ ^ĐŚĞĚƵůĞ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϳϱй

ϳϱй

ϴϱй

ůĂƐƐŝĨŝĐĂƚŝŽŶͬƌĞĐůĂƐƐŝĨŝĐĂƚŝŽŶ ƌĞƋƵĞƐƚƐ ĐŽŵƉůĞƚĞĚ ǁŝƚŚŝŶ ϭϰ ĚĂLJƐ

ŵƉůŽLJĞĞ ĞǀĞůŽƉŵĞŶƚ ĂŶĚ dƌĂŝŶŝŶŐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϬϮ͕ϭϲϲ ŵƉůŽLJĞĞ ĞǀĞůŽƉŵĞŶƚ ĂŶĚ dƌĂŝŶŝŶŐ ĞŶƚĂŝůƐ ƚŚĞ ƉƌŽŵŽƚŝŽŶ ŽĨ ůĞĂƌŶŝŶŐ ĂŶĚ ŐƌŽǁƚŚ ǁŚŝůĞ ǁŽƌŬŝŶŐ ǁŝƚŚ ŵĂŶĂŐĞŵĞŶƚ ƚŽ ĞŶƐƵƌĞ ƐƵĨĨŝĐŝĞŶƚ ĂŶĚ ĂĚĞƋƵĂƚĞ ƚƌĂŝŶŝŶŐ ŽƌŐĂŶŝnjĂƚŝŽŶͲǁŝĚĞ ďLJ ŝŶĐƌĞĂƐŝŶŐ ƚŚĞ ŶƵŵďĞƌ ŽĨ ƚƌĂŝŶŝŶŐ ŚŽƵƌƐ ƉĞƌ ĞŵƉůŽLJĞĞ͘ /Ŷ ĂŶ ĞĨĨŽƌƚ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞ ŝƚLJ ƉĞƌƐŽŶŶĞů ĂƌĞ ĞƋƵŝƉƉĞĚ͕ ƚŚĞ ,ƵŵĂŶ ZĞƐŽƵƌĐĞƐ ĚĞƉĂƌƚŵĞŶƚ ŝƐ ĐŽŶƚŝŶƵĂůůLJ ĂƐƐĞƐƐŝŶŐ ŽƌŐĂŶŝnjĂƚŝŽŶĂů ƚƌĂŝŶŝŶŐ ŶĞĞĚƐ ĂŶĚ ŝŵƉůĞŵĞŶƚŝŶŐ ƚƌĂŝŶŝŶŐ ƉƌŽŐƌĂŵƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ŝƚLJͲǁŝĚĞͬĂŶŶƵĂů ĐŽƌĞ ƚƌĂŝŶŝŶŐ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϵϴй

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϵϵй

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϵϵй

ŵƉůŽLJŵĞŶƚ ^ŽƵƌĐŝŶŐ ĂŶĚ ZĞĐƌƵŝƚŵĞŶƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϬϮ͕ϭϲϲ dŚĞ ŵƉůŽLJŵĞŶƚ ^ŽƵƌĐŝŶŐ ĂŶĚ ZĞĐƌƵŝƚŵĞŶƚ ƉƌŽŐƌĂŵ ƌĞĐƌƵŝƚƐ ĂŶĚ ƌĞƚĂŝŶƐ Ă ĚŝǀĞƌƐĞ͕ ƐŬŝůůĞĚ ǁŽƌŬĨŽƌĐĞ ǁŚŝůĞ ƌĞĚƵĐŝŶŐ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ŝŶǀŽůƵŶƚĂƌLJ ƚĞƌŵŝŶĂƚŝŽŶƐ ĂŶĚ ŵĂŝŶƚĂŝŶŝŶŐͬƌĞĚƵĐŝŶŐ ƚŚĞ ŽǀĞƌĂůů ŝƚLJͲǁŝĚĞ ƚƵƌŶŽǀĞƌ

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ƌĂƚĞ͘ /Ŷ ĂŶ ĞĨĨŽƌƚ ƚŽ ĂƚƚƌĂĐƚ ƋƵĂůŝĨŝĞĚ ĂŶĚ ĚŝǀĞƌƐĞ ĐĂŶĚŝĚĂƚĞƐ͕ ,ƵŵĂŶ ZĞƐŽƵƌĐĞƐ ǁŽƌŬƐ ǁŝƚŚ ĚĞƉĂƌƚŵĞŶƚƐ ƚŽ ĐŽůůĂďŽƌĂƚŝǀĞůLJ ĚĞǀĞůŽƉ ƐƉĞĐŝĂůŝnjĞĚ ƌĞĐƌƵŝƚŵĞŶƚ ĞĨĨŽƌƚƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ :Žď ǀĂĐĂŶĐŝĞƐ ƉŽƐƚĞĚ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϰϱϬ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϰϱϬ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϰϱϬ

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ϮϬϭϳͬϭϴ ĐƚƵĂů ϭϵ ϭϬϬй

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϮϬ ϭϬϬй

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϮϬ ϭϬϬй

WĞƌĨŽƌŵĂŶĐĞ DĂŶĂŐĞŵĞŶƚ ; ƉƉƌĂŝƐĂůƐͿ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϬϮ͕ϭϲϲ WĞƌĨŽƌŵĂŶĐĞ DĂŶĂŐĞŵĞŶƚ ĂĚŵŝŶŝƐƚĞƌƐ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ĂƉƉƌĂŝƐĂů ƉƌŽĐĞƐƐ͘ dŚŝƐ ƉƌŽĐĞƐƐ ŝƐ ƚŽ ƌĞƚĂŝŶ ƚŚĞ ďĞƐƚ ƉĞƌĨŽƌŵĂŶĐĞ ĂŶĚ ƋƵĂůŝƚLJ ŝŶ ƚŚĞ ǁŽƌŬĨŽƌĐĞ͘ WĞƌĨŽƌŵĂŶĐĞ ĂƉƉƌĂŝƐĂůƐ ĂƌĞ ĐŽŵƉůĞƚĞĚ Ăƚ ĂŶ ĞŵƉůŽLJĞĞ͛Ɛ ĨŝƌƐƚ Ɛŝdž ŵŽŶƚŚƐ ŽĨ ƐĞƌǀŝĐĞ ŝŶ ƚŚĞ ƉŽƐŝƚŝŽŶ ĂŶĚ ĂŶŶƵĂůůLJ ƚŚĞƌĞĂĨƚĞƌ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ŵƉůŽLJĞĞ ƉĞƌĨŽƌŵĂŶĐĞ ĂƉƉƌĂŝƐĂůƐ

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ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϭ͕ϱϱϬ

ƵƚŚŽƌŝnjĞĚ WŽƐŝƚŝŽŶƐ WĞƌŵĂŶĞŶƚ WŽƐŝƚŝŽŶƐ WĂƌƚͲƚŝŵĞ WŽƐŝƚŝŽŶƐ dŽƚĂů WŽƐŝƚŝŽŶƐ

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ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ Ϯϴϴ͕ϯϳϯ Ϯϲ͕ϬϮϮ ϰϬϵ͕ϰϬϬ ϭϭ͕ϰϯϭ Ͳ Ψ ϳϯϱ͕ϮϮϲ

DŝƐƐŝŽŶ WƌŽǀŝĚĞƐ ƌĂĚŝŽ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƐĞƌǀŝĐĞƐ ĂŶĚ ƐLJƐƚĞŵƐ ƚŽ ƚŚĞ ŝƚLJ͛Ɛ ƉƵďůŝĐ ƐĂĨĞƚLJ ĂŶĚ ĨŝĞůĚ ŽƉĞƌĂƚŝŽŶƐ ĚĞƉĂƌƚŵĞŶƚƐ ŝŶ Ă ĐŽƐƚͲĞĨĨĞĐƚŝǀĞ ĂŶĚ ĞĨĨŝĐŝĞŶƚ ŵĂŶŶĞƌ ǁŚŝůĞ ĞŶƐƵƌŝŶŐ ŝŶƚĞƌŽƉĞƌĂďŝůŝƚLJ ǁŝƚŚ ƐƵƉƉŽƌƚŝŶŐ ĂŐĞŶĐŝĞƐ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ ZĂĚŝŽ ŽŵŵƵŶŝĐĂƚŝŽŶƐ ĚĞƉĂƌƚŵĞŶƚ ƐƚƌŝǀĞƐ ƚŽ ĂĚĚƌĞƐƐ ƚŚĞ ŽƉĞƌĂƚŝŽŶĂů ĐŽŵŵƵŶŝĐĂƚŝŽŶ ŶĞĞĚƐ ŽĨ ƚŚĞ ŝƚLJ͛Ɛ ƉƵďůŝĐ ƐĂĨĞƚLJ ĂŶĚ ĨŝĞůĚ ŽƉĞƌĂƚŝŽŶƐ ĚĞƉĂƌƚŵĞŶƚƐ͘ dŚƌŽƵŐŚ ƚŚĞ ZĂĚŝŽ ^ŚŽƉ͕ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ ŽƉĞƌĂƚĞƐ ĂŶĚ ŵĂŝŶƚĂŝŶƐ ƚŚĞ ƌĂĚŝŽ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƐLJƐƚĞŵ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ ŝŶƐƚĂůůƐ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ĞƋƵŝƉŵĞŶƚ ŝŶ ƉƵďůŝĐ ƐĂĨĞƚLJ ĂŶĚ ĨŝĞůĚ ŽƉĞƌĂƚŝŽŶƐ ǀĞŚŝĐůĞƐ͕ ƉƌŽǀŝĚĞƐ ƌĞƉĂŝƌ ƐĞƌǀŝĐĞƐ ĨŽƌ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ĞƋƵŝƉŵĞŶƚ͕ ĂŶĚ ŵĂŝŶƚĂŝŶƐ ƚŚĞ ŽƵƚĚŽŽƌ ǁĂƌŶŝŶŐ ƐLJƐƚĞŵ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ŵĂŶĂŐĞĚ Ă ĐĂƉŝƚĂů ŝŶǀĞƐƚŵĞŶƚ ƉƌŽũĞĐƚ ƚŽ ƌĞƉůĂĐĞ ƚŚĞ ĞdžŝƐƚŝŶŐ ůĞŐĂĐLJ s,&ͬh,& ĂŶĂůŽŐ ƌĂĚŝŽ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƐLJƐƚĞŵ ǁŝƚŚ Ă ŵŽĚĞƌŶ ϳϬϬͬϴϬϬ D,nj WϮϱ ĚŝŐŝƚĂů ƚƌƵŶŬĞĚ ƌĂĚŝŽ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƐLJƐƚĞŵ͘ WƵďůŝĐ ^ĂĨĞƚLJ ǁĞŶƚ ůŝǀĞ ŽŶ ƚŚĞ ƚŚĂƚ ƐLJƐƚĞŵ ŝŶ :ƵůLJ ŽĨ ϮϬϭϴ ĂŶĚ ĨŝĞůĚ ŽƉĞƌĂƚŝŽŶƐ ĚĞƉĂƌƚŵĞŶƚƐ ĂƌĞ ĐƵƌƌĞŶƚůLJ ƚƌĂŶƐŝƚŝŽŶŝŶŐ ŽŶ ƚŽ ƚŚĞ ŶĞǁ ƐLJƐƚĞŵ͘ dŚŝƐ ƉƌŽũĞĐƚ ĂĚĚƌĞƐƐĞĚ ƚŚĞ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĂŶĚ ĐĂƉĂĐŝƚLJ ƐŚŽƌƚĐŽŵŝŶŐƐ ŽĨ ƚŚĞ ƉƌŝŽƌ ƐLJƐƚĞŵ ĂŶĚ ǁŝůů ƉƌŽǀŝĚĞ ĨŽƌ ƚŚĞ ŶĞĞĚƐ ŽĨ ƐLJƐƚĞŵ ƵƐĞƌƐ ĨŽƌ ƚŚĞ ŶĞdžƚ ϭϱ ƚŽ ϮϬ LJĞĂƌƐ͘ dŚĞ ŶĞǁ ƌĂĚŝŽ ƐLJƐƚĞŵ ĂůůŽǁƐ ĨŽƌ ƌĞƉŽƌƚŝŶŐ ŽĨ ƵƐĂŐĞ͕ ůŝŬĞ ŝŶ DĂLJ ϮϬϭϵ ŽŶĞ ŵĂƌŝůůŽ WŽůŝĐĞ ƚĂůŬŐƌŽƵƉ ; W ϮͿ ŚĂĚ ϲϵ͕ϲϯϲ ƉƵƐŚ ƚŽ ƚĂůŬ ;WddͿ ŽŶ ƌĂĚŝŽƐ ƚŚĂƚ ŵŽŶƚŚ͘ Ɛ ŽƵƚůŝŶĞĚ ŝŶ ƚŚĞ ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ͕ ZĂĚŝŽ ŽŵŵƵŶŝĐĂƚŝŽŶƐ ŝƐ ĂĐƚŝǀĞůLJ ƐƵƉƉŽƌƚŝŶŐ Ăůů ƚŚĞ ŝƚLJ ŽƵŶĐŝů͛Ɛ WŝůůĂƌƐ ǁŝƚŚ Ă ĨŽĐƵƐ ŽŶ WƵďůŝĐ ^ĂĨĞƚLJ͕ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ͕ &ŝƐĐĂů ZĞƐƉŽŶƐŝďŝůŝƚLJ͕ ĂŶĚ džĐĞůůĞŶĐĞ ŝŶ ŽŵŵƵŶŝĐĂƚŝŽŶ͘ ZĂĚŝŽ ŽŵŵƵŶŝĐĂƚŝŽŶƐ ĂůƐŽ ĨŽůůŽǁƐ Ăůů ŽĨ ƚŚĞ ŝƚLJ DĂŶĂŐĞƌ /ŶŝƚŝĂƚŝǀĞƐ͘ ZĂĚŝŽ ŽŵŵƵŶŝĐĂƚŝŽŶƐ ŝƐ ĂĐƚŝǀĞůLJ ǁŽƌŬŝŶŐ ƚŽ ŝŵƉƌŽǀĞ ĚĂƚĂ ĐŽůůĞĐƚŝŽŶ ŽŶ ƐĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ͘ WĞƌĨŽƌŵĂŶĐĞ ŵĞƚƌŝĐƐ ĂƌĞ ďĞŝŶŐ ĚĞǀĞůŽƉĞĚ ƚŽ ƚƌĂĐŬ ŶƵŵďĞƌ ŽĨ ƐĞƌǀŝĐĞƐ͕ ƚŝŵĞ͕ ŵĂƚĞƌŝĂůƐ͕ ĂŶĚ ĐŽƐƚƐ ĨŽƌ ƚŚĞ ĨŽůůŽǁŝŶŐ ĞůĞŵĞŶƚƐ͗ y ^ĞƌǀŝĐĞ ĂůůƐ

213

y y y y

ZĂĚŝŽ ZĞƉĂŝƌ ^ĞƌǀŝĐĞƐ ^ŝƌĞŶ ZĞƉĂŝƌ ^ĞƌǀŝĐĞƐ sĞŚŝĐůĞ /ŶƐƚĂůůĂƚŝŽŶ ^ĞƌǀŝĐĞƐ ;ƉƵďůŝĐ ƐĂĨĞƚLJ ĂŶĚ ŶŽŶͲƉƵďůŝĐ ƐĂĨĞƚLJͿ sĞŚŝĐůĞ ^ƚƌŝƉͲKƵƚ ^ĞƌǀŝĐĞƐ ;ƉƵďůŝĐ ƐĂĨĞƚLJ ĂŶĚ ŶŽŶͲƉƵďůŝĐ ƐĂĨĞƚLJͿ

WƌŽŐƌĂŵƐ ZĂĚŝŽ ŽŵŵƵŶŝĐĂƚŝŽŶƐ ĞƉĂƌƚŵĞŶƚ ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϲϲ͕ϭϳϭ dŚŝƐ ƉƌŽŐƌĂŵ ƉƌŽǀŝĚĞƐ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ ƐƵƉƉŽƌƚ ĨŽƌ ĚĂLJͲƚŽͲĚĂLJ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ƉƌŽũĞĐƚ ŵĂŶĂŐĞŵĞŶƚ ĨŽƌ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ͘ y WƌŽǀŝĚĞƐ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ ƐƵƉƉŽƌƚ ŽĨ ĚĞƉĂƌƚŵĞŶƚ ĨƵŶĚƐ ĂŶĚ ĐŽŵŵƵŶŝƚLJ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽũĞĐƚƐ y WƌŽǀŝĚĞƐ ƉƌŽũĞĐƚ ŵĂŶĂŐĞŵĞŶƚ ĨŽƌ ƌĞƉůĂĐĞŵĞŶƚ ŽĨ ƚŚĞ ŝƚLJ͛Ɛ ƌĂĚŝŽ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƐLJƐƚĞŵ y ^ƵƉƉŽƌƚƐ ŝƚLJ ƉƌŝŽƌŝƚŝĞƐ ĂŶĚ ŝŶŝƚŝĂƚŝǀĞƐ ĂƐ ƌĞƋƵĞƐƚĞĚ ďLJ ŵĂŶĂŐĞŵĞŶƚ

ZĂĚŝŽ ŽŵŵƵŶŝĐĂƚŝŽŶƐ ^LJƐƚĞŵ KƉĞƌĂƚŝŽŶƐ ĂŶĚ DĂŝŶƚĞŶĂŶĐĞ ϮϬϭϯͬϮϬ ƵĚŐĞƚ Ͷ ΨϲϬϮ͕ϴϴϱ dŚŝƐ ƉƌŽŐƌĂŵ ƉƌŽǀŝĚĞƐ ĨŽƌ ƚŚĞ ŽƉĞƌĂƚŝŽŶ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ƚŚĞ ŝƚLJ͛Ɛ ƌĂĚŝŽ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƐLJƐƚĞŵ ƚŚĂƚ ƉƌŽǀŝĚĞƐ ƚǁŽͲǁĂLJ ƌĂĚŝŽ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ĨŽƌ ƉƵďůŝĐ ƐĂĨĞƚLJ ĂŶĚ ĨŝĞůĚ ŽƉĞƌĂƚŝŽŶƐ ƉĞƌƐŽŶŶĞů͘ dŚĞ ZĂĚŝŽ ^ŚŽƉ ŽƉĞƌĂƚŝŽŶ ƉƌŽǀŝĚĞƐ ŝŶƐƚĂůůĂƚŝŽŶ͕ ŵĂŝŶƚĞŶĂŶĐĞ͕ ĂŶĚ ƌĞƉĂŝƌ ƐĞƌǀŝĐĞƐ ĨŽƌ ƚŚĞ ƌĂĚŝŽ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƐLJƐƚĞŵ͕ ǀĞŚŝĐůĞƐ͕ ĂŶĚ ĞŶĚͲƵƐĞƌ ƌĂĚŝŽƐ͘ y DĂŝŶƚĂŝŶƐ ƚŚĞ ƌĂĚŝŽ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƐLJƐƚĞŵ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ŝŶĐůƵĚŝŶŐ ƚŽǁĞƌƐ͕ ƌĞƉĞĂƚĞƌƐ͕ ƌĞĐĞŝǀĞƌƐ͕ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ůŝŶŬƐ͕ ĂŶĚ ƐƵƉƉŽƌƚŝŶŐ ĐŽŵƉŽŶĞŶƚƐ y WƌŽǀŝĚĞƐ ƌĂĚŝŽ ĨƌĞƋƵĞŶĐLJ ŵĂŶĂŐĞŵĞŶƚ ƐĞƌǀŝĐĞƐ ƚŽ ŝŶĐůƵĚĞ ƉƌŽŐƌĂŵŵŝŶŐ ĂŶĚ ŽƉƚŝŵŝnjŝŶŐ ŽĨ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĐŽŵƉŽŶĞŶƚƐ ĂŶĚ ĞŶĚͲƵƐĞƌ ƌĂĚŝŽ ĞƋƵŝƉŵĞŶƚ ĂŶĚ ĨƌĞƋƵĞŶĐLJ ůŝĐĞŶƐŝŶŐ y WƌŽǀŝĚĞƐ ĂŶĚ ŵĂŝŶƚĂŝŶƐ ƌĂĚŝŽ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƐLJƐƚĞŵ ĐŽŵƉŽŶĞŶƚƐ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ŵĂƌŝůůŽ ŵĞƌŐĞŶĐLJ ŽŵŵƵŶŝĐĂƚŝŽŶƐ ĞŶƚĞƌ ; Ϳ͕ ĞŵĞƌŐĞŶĐLJ ŽƉĞƌĂƚŝŽŶƐ ĨĂĐŝůŝƚŝĞƐ͕ ĂŶĚ ĨŝĞůĚ ĐŽŵŵĂŶĚ ĂŶĚ ĐŽŶƚƌŽů ƵŶŝƚƐ y WƌŽǀŝĚĞƐ ĞŵĞƌŐĞŶĐLJ ĂŶĚ ƌĂĚŝŽ ĞƋƵŝƉŵĞŶƚ ŝŶƐƚĂůůĂƚŝŽŶ ƐĞƌǀŝĐĞƐ ĨŽƌ ƚŚĞ ƉƵďůŝĐ ƐĂĨĞƚLJ ĨůĞĞƚ y WƌŽǀŝĚĞƐ ƌĂĚŝŽ ĞƋƵŝƉŵĞŶƚ ŝŶƐƚĂůůĂƚŝŽŶ ƐĞƌǀŝĐĞƐ ĨŽƌ ĨŝĞůĚ ƐĞƌǀŝĐĞ ĨůĞĞƚ y WƌŽǀŝĚĞƐ ƌĂĚŝŽ ĞƋƵŝƉŵĞŶƚ ŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ƐĞƌǀŝĐĞ ƐƵƉƉŽƌƚ y WƌŽǀŝĚĞƐ ŝŶƐƚĂůůĂƚŝŽŶ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ƐƵƉƉŽƌƚ ĨŽƌ ŽƚŚĞƌ ŝƚLJ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƐLJƐƚĞŵƐ y DĂŝŶƚĂŝŶƐ ĂǀĂŝůĂďŝůŝƚLJ ŽĨ ZĂĚŝŽ ŽŵŵƵŶŝĐĂƚŝŽŶƐ dĞĐŚŶŝĐŝĂŶƐ ƚŽ ĞŶƐƵƌĞ ƚŚĞ ŽƉĞƌĂďŝůŝƚLJ ŽĨ ƚŚĞ ƌĂĚŝŽ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƐLJƐƚĞŵƐ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ EĞdžƚ 'ĞŶĞƌĂƚŝŽŶ ZĂĚŝŽ ^LJƐƚĞŵ ;ϭϰϵ dĂůŬŐƌŽƵƉƐͿ ^LJƐƚĞŵͲǁŝĚĞ ƚŽƚĂů ƌĂĚŝŽƐ ŵĂƌŝůůŽ ƉƵďůŝĐ ƐĂĨĞƚLJ ƌĂĚŝŽƐ ŵĂƌŝůůŽ ŶŽŶͲƉƵďůŝĐ ƐĂĨĞƚLJ ƌĂĚŝŽƐ EĞdžƚ 'ĞŶĞƌĂƚŝŽŶ ZĂĚŝŽ ^LJƐƚĞŵ dƌĂĨĨŝĐ WŽůŝĐĞ WƵƐŚ ƚŽ dĂůŬ ;WddͿ ͬ ǀĞƌĂŐĞ ƌĂĚŝŽ ĐĂůůƐ ƉĞƌ ĚĂLJ &ŝƌĞ WƵƐŚ ƚŽ dĂůŬ ;WddͿ ͬ ǀĞƌĂŐĞ ƌĂĚŝŽ ĐĂůůƐ ƉĞƌ ĚĂLJ

ϮϬϭϳͬϭϴ ĐƚƵĂůϭ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

Eͬ Eͬ Eͬ

ϯ͕ϵϱϰ ϭ͕ϭϴϴ ϳϬϴ

ϰ͕ϬϱϬ ϭ͕ϮϬϬ ϳϮϬ

Ϯ͕ϰϲϳ͕ϱϮϳͬ ϯ͕Ϯϲϱ ϯϳϴ͕ϲϱϰͬ ϱϳϯ

Ϯ͕ϲϴϴ͕ϱϬϬͬ ϯ͕ϱϱϴ ϰϭϮ͕ϱϲϯͬ ϲϮϱ

Eͬ Eͬ

ϭ

ĞĐĂƵƐĞ ƚŚĞ EĞdžƚ 'ĞŶĞƌĂƚŝŽŶ ZĂĚŝŽ ^LJƐƚĞŵ ǁĂƐ ĐŽŵƉůĞƚĞĚ ŝŶ ϮϬϭϴͬϭϵ͕ ƚŚŝƐ ĚĂƚĂ ŶŽƚ ƉƌĞǀŝŽƵƐůLJ ƚƌĂĐŬĞĚ͘

214

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217

WƌŽǀŝĚĞ ŽǀĞƌƐŝŐŚƚ ŽŶ ŝƚLJͲŽǁŶĞĚ ĐŽŶƐƚƌƵĐƚŝŽŶ ƉƌŽũĞĐƚƐ ƚŽ ŵŽŶŝƚŽƌ ƚŝŵĞůŝŶĞƐ͕ ĐŽƐƚƐ͕ ĐŚĂŶŐĞƐ͕ ƉƵŶĐŚ ůŝƐƚƐ͕ ĂŶĚ ŽǀĞƌĂůů ƋƵĂůŝƚLJ ŽĨ ǁŽƌŬ͘ tŽƌŬ ŝŶ ĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚ ĂƌĐŚŝƚĞĐƚƐ͕ ĞŶŐŝŶĞĞƌƐ͕ ĂŶĚ ĐƵƐƚŽŵĞƌƐ ƚŽ ĂƐƐƵƌĞ ĐŽŵƉůĞƚĞ ĂŶĚ ĐŽƌƌĞĐƚ ĚĞƐŝŐŶƐ ďĞĨŽƌĞ ĐŽŶƐƚƌƵĐƚŝŽŶ͘ ĞǀĞůŽƉ ĐŽŶƐƚƌƵĐƚŝŽŶ ĞƐƚŝŵĂƚĞƐ ĨŽƌ ďƵĚŐĞƚŝŶŐ ĂŶĚ ĂƉƉƌŽǀĞĚ ƉƌŽũĞĐƚƐ͘ tŽƌŬ ǁŝƚŚ ƚŚĞ ŝƚLJ DĂŶĂŐĞƌ͛Ɛ ĚĞƉĂƌƚŵĞŶƚ ŽŶ ŐŽĂůƐ ĂŶĚ ŶĞĞĚƐ ĨŽƌ ƐƚƌƵĐƚƵƌĂů ƉƌŽũĞĐƚƐ ƌĞƋƵĞƐƚĞĚ͘ tŽƌŬ ǁŝƚŚ ŐĞŶĞƌĂů ĐŽŶƚƌĂĐƚŽƌƐ ŽŶ ďŝĚ ƉƌŽũĞĐƚƐ ƚŽ ŵĂŝŶƚĂŝŶ ƚŝŵĞůŝŶĞƐ͕ ĐŽƐƚƐ͕ ĐŚĂŶŐĞƐ͕ ƉƵŶĐŚ ůŝƐƚƐ͕ ĂŶĚ ŽǀĞƌĂůů ƋƵĂůŝƚLJ ŽĨ ǁŽƌŬ ƉĞƌĨŽƌŵĞĚ͘

DĂŝŶƚĞŶĂŶĐĞͬ ƵŝůĚŝŶŐ ƵƚŽŵĂƚŝŽŶ ĂŶĚ ^ĞĐƵƌŝƚLJͬ&ŝƌĞ ^LJƐƚĞŵƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕ϰϲϮ͕ϯϱϵ WĞƌĨŽƌŵ ƉůƵŵďŝŶŐ ƌĞƉĂŝƌƐ ŽŶ ǁĂƚĞƌ ĂŶĚ ƐĞǁĞƌ͘ WĞƌĨŽƌŵ ĞůĞĐƚƌŝĐĂů ƌĞƉĂŝƌƐ ŝŶĐůƵĚŝŶŐ ƉŽǁĞƌ͕ ůŝŐŚƚƐ͕ ŵŽƚŽƌƐ͕ ĂŶĚ ŵŝŶŽƌ ĞƋƵŝƉŵĞŶƚ͘ WĞƌĨŽƌŵ ƐƚƌƵĐƚƵƌĂů ƐĞƌǀŝĐĞ ƌĞƉĂŝƌƐ ŽŶ ǁĂůůƐ͕ ĐĞŝůŝŶŐƐ͕ ƉĂŝŶƚ͕ ƌŽŽĨƐ͕ ĚŽŽƌ ůŽĐŬƐ͕ ĂŶĚ ŽƚŚĞƌ ƐƚƌƵĐƚƵƌĂů ŝƐƐƵĞƐ͘ WĞƌĨŽƌŵ ,s ƐĞƌǀŝĐĞ ƌĞƉĂŝƌƐ ŽĨ ƉĂĐŬĂŐĞ ĐŽŽůŝŶŐ ƐLJƐƚĞŵƐ͕ ĐŚŝůůĞƌƐ͕ ďŽŝůĞƌƐ͕ ƌĂĚŝĂŶƚ ŚĞĂƚĞƌƐ͕ ĐůŽƐĞĚ ůŽŽƉ ƐLJƐƚĞŵƐ͕ ďůŽǁĞƌƐ ĂŶĚ ŽƚŚĞƌ ŚĞĂƚŝŶŐ ĂŶĚ ĐŽŽůŝŶŐ ƐLJƐƚĞŵƐ͘ WĞƌĨŽƌŵ ŵŝƐĐĞůůĂŶĞŽƵƐ ŵĂŝŶƚĞŶĂŶĐĞ͕ ŝŶĐůƵĚŝŶŐ ŚĂŶŐŝŶŐ ĚŝƐƉůĂLJĞĚ ŝƚĞŵƐ͕ ƉĂŝŶƚŝŶŐ ǁĂůůƐ͕ ƌĞƉĂŝƌŝŶŐ ĨůŽŽƌƐ͕ ƌĞƉůĂĐŝŶŐ ŐůĂƐƐ͕ ǁŽƌŬŝŶŐ ŽŶ ĨƵƌŶŝƐŚŝŶŐƐ͕ ĂŶĚ ŵŽǀŝŶŐ ĞƋƵŝƉŵĞŶƚ ĂŶĚ ĨƵƌŶŝƐŚŝŶŐƐ͘ tŽƌŬ ǁŝƚŚ ĞůĞǀĂƚŽƌ ĐŽŶƚƌĂĐƚŽƌ ŽŶ ƐĞƌǀŝĐĞ ŽĨ ƵŶŝƚƐ ĂŶĚ ĂŶŶƵĂů ŝŶƐƉĞĐƚŝŽŶƐ͘ DĂŝŶƚĂŝŶ ŬĞLJ ŝŶǀĞŶƚŽƌLJ ĂŶĚ ŵĂŶƵĨĂĐƚƵƌĞ ƌĞƉůĂĐĞŵĞŶƚ ŬĞLJƐ ĂƐ ŶĞĞĚĞĚ͘ WĞƌĨŽƌŵ ƐŶŽǁ ƌĞŵŽǀĂů ĨƌŽŵ ŝƚLJ ďƵŝůĚŝŶŐƐ ĂŶĚ ĂĚŵŝŶŝƐƚĞƌ ϮϰͲŚŽƵƌ ƐĞƌǀŝĐĞ ƚŽ ĞŵĞƌŐĞŶĐLJ ŽƉĞƌĂƚŝŽŶƐ ďƵŝůĚŝŶŐƐ͘ WƌŽǀŝĚĞ ĚĞƐŝŐŶ ĂŶĚ ŝŶƐƚĂůůĂƚŝŽŶ ŽĨ ŶĞǁ ƐLJƐƚĞŵƐ ĂƐ ǁĞůů ĂƐ ĚĂŝůLJ ŵŽŶŝƚŽƌŝŶŐ ŽĨ ĞdžŝƐƚŝŶŐ ĞŶǀŝƌŽŶŵĞŶƚĂů ĐŽŶƚƌŽů ƐLJƐƚĞŵƐ͘ ĚŵŝŶŝƐƚĞƌ ĚĂŝůLJ ŵŽŶŝƚŽƌŝŶŐ ŽĨ ďƵŝůĚŝŶŐ ƐĞĐƵƌŝƚLJ ƐLJƐƚĞŵƐ͘ ^ĞƌǀŝĐĞ ďŽƚŚ ƵŝůĚŝŶŐ ƵƚŽŵĂƚŝŽŶ ĂŶĚ ^ĞĐƵƌŝƚLJ ^LJƐƚĞŵƐ͘ ZĞƉŽƌƚ ƚŽ ĚĞƉĂƌƚŵĞŶƚ ĚŝƌĞĐƚŽƌƐ ŽĨ ƐĞĐƵƌŝƚLJ ǀŝŽůĂƚŝŽŶƐ͘ ZĞǀŝĞǁ ƌĞƉŽƌƚƐ ŽŶ ďƵŝůĚŝŶŐ ĂƵƚŽŵĂƚŝŽŶ ƚŽ ŵĂŝŶƚĂŝŶ ĞŶĞƌŐLJ ĞĨĨŝĐŝĞŶĐŝĞƐ͘ tŽƌŬ ǁŝƚŚ WŽůŝĐĞ ĚĞƉĂƌƚŵĞŶƚ ŽŶ ĂƉƉƌŽǀĞĚ ĐůĞĂƌĂŶĐĞƐ ĨŽƌ ĞŵƉůŽLJĞĞƐ͘ ƌĞĂƚĞ Ăůů ŶĞǁ ĞŵƉůŽLJĞĞ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ďĂĚŐĞƐ ĂŶĚ ƌĞƉůĂĐĞŵĞŶƚƐ͘ DĂŝŶƚĂŝŶ ĂŶĚ ŝŶƐƚĂůů ǀŝĚĞŽ ŵŽŶŝƚŽƌŝŶŐ ƐLJƐƚĞŵƐ͘ WƌŽǀŝĚĞ ŵŽŶƚŚůLJ ŝŶƐƉĞĐƚŝŽŶƐ ŽĨ ĚĂƚĞƐ ŽŶ ŚĂŶĚͲŚĞůĚ ĞdžƚŝŶŐƵŝƐŚĞƌƐ͘ WƌŽǀŝĚĞ ƌĞƉůĂĐĞŵĞŶƚƐ Žƌ ƌĞĨƵƌďŝƐŚŵĞŶƚƐ ŽĨ ŽƵƚĚĂƚĞĚ ƵŶŝƚƐ͘ /ŶƐƉĞĐƚ ƉƵŵƉ ƐLJƐƚĞŵƐ ŽŶ Ă ƋƵĂƌƚŝůĞ ƌŽƚĂƚŝŽŶ͘ ŽŽƌĚŝŶĂƚĞ ǁŝƚŚ ŽƵƚƐŝĚĞ ƐŽƵƌĐĞ ĨŽƌ ĐĞƌƚŝĨŝĞĚ ŝŶƐƉĞĐƚŝŽŶƐ ŽĨ ƌĂŶŐĞ ŚŽŽĚƐ ĂŶĚ ŽƚŚĞƌ ƐLJƐƚĞŵƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ dŽƚĂů ^ƋƵĂƌĞ &ŽŽƚĂŐĞ ^ĞƌǀŝĐĞĚ ,s ^ĞƌǀŝĐĞ ĂůůƐ WůƵŵďŝŶŐ ^ĞƌǀŝĐĞ ĂůůƐ ůĞĐƚƌŝĐĂů ^ĞƌǀŝĐĞ ĂůůƐ ƵŝůĚŝŶŐ DĂŝŶƚĞŶĂŶĐĞ ĂůůƐ dŽƚĂů tŽƌŬŽƌĚĞƌƐ WƌŽĐĞƐƐĞĚ ŝƚLJ >ĂďŽƌ ŽƐƚ ͬ ǀĞƌĂŐĞ DĂƌŬĞƚ ŽƐƚ ;ƉĞƌ ŚŽƵƌͿ

ϮϬϭϳͬϭϴ ĐƚƵĂů Ϯ͕ϬϬϲ͕ϵϲϯ ϭ͕ϯϯϬ Ϯ͕ϲϱϬ Ϯ͕ϳϴϲ ϴ͕Ϯϴϲ ϭϲ͕ϲϱϬ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ Ϯ͕Ϭϱϰ͕ϯϰϯ ϭ͕ϯϵϳ Ϯ͕ϳϴϯ Ϯ͕ϵϮϱ ϴ͕ϳϬϬ ϭϳ͕ϰϴϯ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ Ϯ͕ϭϬϬ͕ϱϬϬ ϭ͕ϰϭϬ Ϯ͕ϵϬϬ ϯ͕ϭϬϬ ϴ͕ϵϵϬ ϭϳ͕ϱϲϬ

ΨϯϬ͘ϬϳͬΨϲϲ͘ϲϳ

ΨϯϬ͘ϬϳͬΨϲϲ͘ϲϳ

d

Ύ/ŶĨŽƌŵĂƚŝŽŶ ŶŽƚ ĂǀĂŝůĂďůĞ

ŽŶƐƚƌƵĐƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϲϯϵ͕ϳϴϮ WƌŽǀŝĚĞ ŶĞǁ ĞůĞĐƚƌŝĐĂů ƐĞƌǀŝĐĞƐ͕ ǁŝƌŝŶŐ ŽĨ ƐƚƌƵĐƚƵƌĞƐ͕ ĚĞƐŝŐŶ͕ ůŝŐŚƚŝŶŐ͕ ĂŶĚ ƌĞŵŽĚĞů ǁŽƌŬ͘ ŽŵƉůĞƚĞ ,s ŝŶƐƚĂůůĂƚŝŽŶ ŽĨ ŶĞǁ ƉĂĐŬĂŐĞ ƐLJƐƚĞŵƐ͕ ĐŚŝůůĞƌƐ͕ ďŽŝůĞƌƐ͕ ĚƵĐƚ ƐLJƐƚĞŵƐ͕ ŚĞĂƚ ĞdžĐŚĂŶŐĞƌƐ͕ ĐŽŽůŝŶŐ ƚŽǁĞƌƐ͕ ĂŶĚ ƌĂĚŝĂŶƚ ŚĞĂƚŝŶŐ ƐLJƐƚĞŵƐ͘ ŽŵƉůĞƚĞ ƐƚƌƵĐƚƵƌĂů ǁŽƌŬ͕ ĞƌĞĐƚŝŽŶ ŽĨ ŵĞƚĂů ďƵŝůĚŝŶŐƐ͕ ďƵŝůĚŝŶŐ ŽĨ ŶĞǁ ǁŽƌŬƐƚĂƚŝŽŶƐ͕ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ŶĞǁ ǁŽƌŬ ĂƌĞĂƐ͕ ĐŽŶĐƌĞƚĞ ǁŽƌŬ͕ ĨƌĂŵŝŶŐ͕ ĚƌLJǁĂůů͕ ĨůŽŽƌƐ͕ ĂŶĚ ĨŝŶŝƐŚĞƐ͘ ŽŽƌĚŝŶĂƚĞ ƵƚŝůŝƚLJ ǁŽƌŬ ;ĚŝŐŐŝŶŐ ƚƌĞŶĐŚĞƐ͕ ŽǀĞƌŚĞĂĚ ƐĞƌǀŝĐĞƐͿ ĂŶĚ ǁŽƌŬ ǁŝƚŚ ƵƚŝůŝƚLJ ƐƵƉƉůŝĞƌƐ͘

218

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ EƵŵďĞƌ ŽĨ ĐŽŶƐƚƌƵĐƚŝŽŶ ƉƌŽũĞĐƚƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϭϴ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϮϬ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ Ϯϰ

ƌĐŚŝƚĞĐƚƵƌĂů ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϳϰ͕ϭϵϮ WƌŽǀŝĚĞ ĐŽŵƉůĞƚĞ ƐĞĂůĞĚ ƉůĂŶ ƐĞƚƐ ĨŽƌ ŶĞǁ ĐŽŶƐƚƌƵĐƚŝŽŶ ƉƌŽũĞĐƚƐ͘ WƌŽǀŝĚĞ ĐŽŵƉůĞƚĞ ƐĞĂůĞĚ ƉůĂŶ ƐĞƚƐ ĨŽƌ ƌĞŵŽĚĞůƐ͘ ŽŽƌĚŝŶĂƚĞ ǁŝƚŚ ŽƵƚƐŝĚĞ ĞŶŐŝŶĞĞƌƐ ĨŽƌ ƉůĂŶ ŽǀĞƌůĂLJƐ͘ DŽŶŝƚŽƌ ƉƌŽũĞĐƚƐ ĂŶĚ ƉƌŽŐƌĞƐƐ͘ DĂŝŶƚĂŝŶ ŚŝƐƚŽƌŝĐĂů ĐŽŶƐƚƌƵĐƚŝŽŶ ĚŽĐƵŵĞŶƚƐ ŽĨ ŝƚLJ ƐƚƌƵĐƚƵƌĞƐ͘

ƵƐƚŽĚŝĂů ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕Ϯϳϵ͕ϬϯϮ WƌŽǀŝĚĞ ĚĂŝůLJ ƐĞƌǀŝĐĞ ŽĨ ŽĐĐƵƉŝĞĚ ǁŽƌŬ ĂƌĞĂƐ ŝŶĐůƵĚŝŶŐ ĐůĞĂŶŝŶŐ ĨůŽŽƌƐ͕ ĞŵƉƚLJŝŶŐ ƚƌĂƐŚ͕ ĚƵƐƚŝŶŐ͕ ǀĂĐƵƵŵŝŶŐ͕ ĂŶĚ ŽƚŚĞƌ ŶĞĞĚƐ ĂƐ ĐŽŵŵƵŶŝĐĂƚĞĚ͘ DŽŶŝƚŽƌ ůĂƌŐĞ ĐŽŵŵŽŶ ĂƌĞĂƐ ĨŽƌ ĨůŽŽƌ ŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ƚŚĞ ŶĞĞĚ ĨŽƌ ƐƚƌŝƉƉŝŶŐ͕ ǁĂdžŝŶŐ͕ ďƵĨĨŝŶŐ͕ ĂŶĚ ƐŚĂŵƉŽŽŝŶŐ͘ ŚĂŶŐĞ ůŝŐŚƚƐ ĂĨƚĞƌŚŽƵƌƐ ƚŽ ůĞƐƐĞŶ ŝŵƉĂĐƚ ƚŽ ƚŚĞ ƉƵďůŝĐ ĂŶĚ ƐƚĂĨĨ͘ ƌĞĂƚĞ ŵĂŝŶƚĞŶĂŶĐĞ ƌĞƉŽƌƚƐ ĨŽƌ &ĂĐŝůŝƚŝĞƐ ĚĞƉĂƌƚŵĞŶƚ ŽŶ ŝƚĞŵƐ ĨŽƵŶĚ ĚƵƌŝŶŐ ƚŚĞ ĐŽƵƌƐĞ ŽĨ ƉĞƌĨŽƌŵŝŶŐ ƌĞŐƵůĂƌ ĚƵƚŝĞƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

^ƋƵĂƌĞ ĨĞĞƚ ĐůĞĂŶĞĚ ďLJ ĞĂĐŚ ĐƵƐƚŽĚŝĂŶ ĞĂĐŚ ŶŝŐŚƚ ;ϱϯϱ͕ϴϭϱ ƐƋ͘ Ĩƚ͘ ĚŝǀŝĚĞĚ ďLJ Ϯϯ ĐƵƐƚŽĚŝĂŶƐͿ ŽƐƚ ƉĞƌ ƐƋƵĂƌĞ ĨŽŽƚ ĐůĞĂŶĞĚ ďLJ ĞĂĐŚ ĐƵƐƚŽĚŝĂŶ EƵŵďĞƌ ŽĨ ĐƵƐƚŽĚŝĂů ĐĂůůƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϮϮ͕Ϯϵϵ

Ϯϯ͕ϭϬϬ

Ϯϯ͕Ϯϵϲ

Ψϯ͘Ϯϭ

Ψϯ͘ϮϮ

Ψϯ͘ϬϮ

ϴϱ

ϵϬ

ϭϬϬ

DƵůƚŝͲWƵƌƉŽƐĞ ǀĞŶƚ sĞŶƵĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϰϬϬ͕ϬϬϬ WƌŽǀŝĚĞ ĨŽƌ ůĞĂƐĞ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ŽŶŐŽŝŶŐ ƌĞƉĂŝƌ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ƚŚĞ DƵůƚŝͲWƵƌƉŽƐĞ ǀĞŶƚ sĞŶƵĞ ;DW sͿ͘ dŚĞ DW s͕ ĂůƐŽ ŬŶŽǁŶ ĂƐ ,ŽĚŐĞƚŽǁŶ͕ ŝƐ ŽǁŶĞĚ ďLJ ƚŚĞ ŝƚLJ ďƵƚ ůĞĂƐĞĚ ĂŶĚ ŽƉĞƌĂƚĞĚ ďLJ WĂŶŚĂŶĚůĞ ĂƐĞďĂůů ůƵď͕ /ŶĐ͘ ĂŶĚ ŝƐ ƚŚĞ ŚŽŵĞ ƚŽ ƚŚĞ ŵĂƌŝůůŽ ^ŽĚ WŽŽĚůĞƐ͕ ƚŚĞ ĂĨĨŝůŝĂƚĞ ŽĨ ƚŚĞ ^ĂŶ ŝĞŐŽ WĂĚƌĞƐ͘

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ƵƚŚŽƌŝnjĞĚ WŽƐŝƚŝŽŶƐ WĞƌŵĂŶĞŶƚ WŽƐŝƚŝŽŶƐ WĂƌƚͲƚŝŵĞ WŽƐŝƚŝŽŶƐ dŽƚĂů WŽƐŝƚŝŽŶƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϱϳ Ͳ ϱϳ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ ϱϳ Ͳ ϱϳ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ ϱϴ Ͳ ϱϴ

dŽƚĂů &ĂĐŝůŝƚŝĞƐ ĂŶĚ ƵƐƚŽĚŝĂů ĞƉĂƌƚŵĞŶƚ ϮϬϭϵͬϮϬϮϬ ƵĚŐĞƚ Ͷ Ψϰ͕ϱϭϮ͕ϯϱϯ

ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ WƌŽũĞĐƚ DĂŶĂŐĞŵĞŶƚ DĂŝŶƚĞŶĂŶĐĞͬ ƵŝůĚŝŶŐ ƵƚŽŵĂƚŝŽŶ ĂŶĚ ^ĞĐƵƌŝƚLJͬ&ŝƌĞ ^LJƐƚĞŵƐ ŽŶƐƚƌƵĐƚŝŽŶ ƌĐŚŝƚĞĐƚƵƌĂů ƵƐƚŽĚŝĂů DW s

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ϮϬϭϳͬϭϴ ĐƚƵĂů Ψ ϰϴϴ͕ϲϳϭ ϭϵ͕ϵϳϰ ϱϮϳ͕ϯϭϰ ϲ͕ϲϳϵ ;ϮϱϬͿ Ψ ϭ͕ϬϰϮ͕ϯϴϴ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ Ψ ϱϬϭ͕ϴϯϬ ϭϲ͕ϮϱϬ ϱϵϳ͕Ϭϳϵ ϲ͕Ϭϯϱ Ͳ Ψ ϭ͕ϭϮϭ͕ϭϵϰ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ ϲϯϭ͕ϱϮϰ Ϯϭ͕ϮϬϬ ϱϴϳ͕ϮϲϮ ϲ͕ϲϯϳ Ͳ Ψ ϭ͕Ϯϰϲ͕ϲϮϯ

DŝƐƐŝŽŶ dŽ ƉƌŽŵŽƚĞ ĂŶĚ ŵĂŝŶƚĂŝŶ ĞdžĐĞůůĞŶĐĞ ĂŶĚ ĞĨĨŝĐŝĞŶĐLJ ŝŶ ƚŚĞ ĂĐĐŽƵŶƚŝŶŐ͕ ďƵĚŐĞƚŝŶŐ͕ ĂŶĚ ƌĞƉŽƌƚŝŶŐ ĨƵŶĐƚŝŽŶƐ ŽĨ ƚŚĞ ŝƚLJ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ &ŝŶĂŶĐĞ ĚĞƉĂƌƚŵĞŶƚ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ŽĨ ƚŚĞ ŝƚLJ͛Ɛ ĨŝŶĂŶĐŝĂů ĂĐƚŝǀŝƚŝĞƐ ĂƐ ĚĞƐĐƌŝďĞĚ ŝŶ ƌƚŝĐůĞ s͕͘ ^ĞĐƚŝŽŶ Ϯϳ ŽĨ ƚŚĞ ŝƚLJ ŚĂƌƚĞƌ ĂŶĚ ƐƚƌŝǀĞƐ ƚŽ ĨƵůĨŝůů ƚŚĞ ŽƵŶĐŝů WŝůůĂƌ ŽĨ &ŝƐĐĂů ZĞƐƉŽŶƐŝďŝůŝƚLJ͕ ĂƐ ĚĞĨŝŶĞĚ ŝŶ ƚŚĞ ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ͕ ƌĞůĂƚĞĚ ƚŽ Ăůů ĨŝŶĂŶĐŝĂů ŵĂƚƚĞƌƐ͘ dŚĞ &ŝŶĂŶĐĞ ĚĞƉĂƌƚŵĞŶƚ ƉƌŽǀŝĚĞƐ ŵƵůƚŝƉůĞ ƉƌŽŐƌĂŵƐ ĞĂĐŚ LJĞĂƌ ŝŶĐůƵĚŝŶŐ &ŝŶĂŶĐĞ ĚĞƉĂƌƚŵĞŶƚ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ ĐĂƐŚ ĂŶĚ ĚĞďƚ ŵĂŶĂŐĞŵĞŶƚ͕ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ ĂŶĚ ďƵĚŐĞƚŝŶŐ͕ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů͕ ƉĞŶƐŝŽŶ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ ĨŝƐĐĂů ĂŐĞŶƚ ƐĞƌǀŝĐĞƐ͕ ĂŶĚ ƉƌŽƉĞƌƚLJ ƚĂdž ĂŶĂůLJƐŝƐ͘ dŚĞ &ŝŶĂŶĐĞ ĚĞƉĂƌƚŵĞŶƚ ǁŝůů ƵƚŝůŝnjĞ ĨƵŶĚŝŶŐ ĨŽƌ &z ϮϬϭϵͬϮϬ ƚŽ ĞŶƐƵƌĞ ƉƌŽƉĞƌ ďƵĚŐĞƚŝŶŐ͕ ĂĐĐŽƵŶƚŝŶŐ͕ ĂŶĚ ƌĞƉŽƌƚŝŶŐ ŽĨ Ăůů ŝƚLJ ŽĨ ŵĂƌŝůůŽ ĨŝŶĂŶĐŝĂů ŝŶĨŽƌŵĂƚŝŽŶ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ĂƉƉůŝĐĂďůĞ ĂĐĐŽƵŶƚŝŶŐ ƉƌŽŶŽƵŶĐĞŵĞŶƚƐ͕ ůĂǁƐ͕ ĂŶĚ ďŽŶĚ ĐŽǀĞŶĂŶƚƐ͘ dŚĞ ĨƵŶĚŝŶŐ ǁŝůů ŚĞůƉ ŵĂŝŶƚĂŝŶ ĨĂǀŽƌĂďůĞ ďŽŶĚ ƌĂƚŝŶŐƐ ĨŽƌ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ͕ ĞŶƐƵƌĞ ƉƌŽƉĞƌ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽůƐ ĂƌĞ ŝŶ ƉůĂĐĞ͕ ĂŶĚ ŵĂŬĞ ƐƵƌĞ Ăůů ƉƌŽƉĞƌƚLJ ƚĂdžĞƐ ĂƌĞ ĐŽƌƌĞĐƚůLJ ĐĂůĐƵůĂƚĞĚ ĂŶĚ ƌĞƉŽƌƚĞĚ͘

WƌŽŐƌĂŵƐ &ŝŶĂŶĐĞ ĞƉĂƌƚŵĞŶƚ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϰϰ͕ϵϳϬ WƌŽǀŝĚĞ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ŽǀĞƌƐŝŐŚƚ ƚŽ ƚŚĞ ĐĐŽƵŶƚŝŶŐ͕ ĞŶƚƌĂů ^ƚŽƌĞƐ͕ WƵƌĐŚĂƐŝŶŐ͕ sŝƚĂů ^ƚĂƚŝƐƚŝĐƐ͕ ĂŶĚ hƚŝůŝƚLJ ŝůůŝŶŐ ĚŝǀŝƐŝŽŶƐ͘

223

WƌĞƐĞƌǀĞ ƚŚĞ ƐĂĨĞƚLJ ĂŶĚ ůŝƋƵŝĚŝƚLJ ŽĨ ŝƚLJ ŝŶǀĞƐƚŵĞŶƚƐ͕ ǁŚŝůĞ ŵĂdžŝŵŝnjŝŶŐ ŝŶƚĞƌĞƐƚ ĞĂƌŶŝŶŐƐ͘ DŽŶŝƚŽƌ ƚŚĞ ŝƚLJ͛Ɛ ďĂŶŬŝŶŐ ƌĞůĂƚŝŽŶƐŚŝƉƐ ƚŽ ǀĞƌŝĨLJ ƚŚĂƚ ƚŚĞ ŝƚLJ ŝƐ ŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ Ăůů ^ƚĂƚĞ ƌĞŐƵůĂƚŝŽŶƐ ĂŶĚ ĞŶƐƵƌĞ ƉƌŽƚĞĐƚŝŽŶ ŽĨ ŝƚLJ ĂƐƐĞƚƐ͘ ƵƌŝŶŐ &z ϮϬϭϳͬϭϴ͕ ƚŚĞ &ŝŶĂŶĐĞ ĚĞƉĂƌƚŵĞŶƚ ƌĞĐĞŝǀĞĚ ĐĞƌƚŝĨŝĐĂƚŝŽŶ ĨƌŽŵ ƚŚĞ 'ŽǀĞƌŶŵĞŶƚ dƌĞĂƐƵƌĞƌ͛Ɛ KƌŐĂŶŝnjĂƚŝŽŶ ŽĨ dĞdžĂƐ ;'dKdͿ ŽŶ ƚŚĞ ŝƚLJ͛Ɛ ŝŶǀĞƐƚŵĞŶƚ ƉŽůŝĐLJ͕ ǁŚŝĐŚ ŝƐ ŝŶ ůŝŶĞ ǁŝƚŚ &ŝƐĐĂů ZĞƐƉŽŶƐŝďŝůŝƚLJ͘ dŚŝƐ ǁĂƐ ƚŚĞ ƐĞĐŽŶĚ ƚŝŵĞ ƚŚĞ ŝƚLJ ƉĂƌƚŝĐŝƉĂƚĞĚ ŝŶ ƚŚŝƐ ĐĞƌƚŝĨŝĐĂƚŝŽŶ ƉƌŽŐƌĂŵ͕ ǁŚŝĐŚ ŝƐ ŐŽŽĚ ĨŽƌ ƚǁŽ LJĞĂƌƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ dŽƚĂů KƉĞƌĂƚŝŶŐ ŽƐƚƐ DĂŶĂŐĞĚ ;ŵŝůůŝŽŶƐͿ dŽƚĂů WŽƐŝƚŝŽŶƐ DĂŶĂŐĞĚ WƵďůŝĐ &ƵŶĚƐ /ŶǀĞƐƚŵĞŶƚ Đƚ ŽŵƉůŝĂŶĐĞ YƵĂƌƚĞƌůLJ /ŶǀĞƐƚŵĞŶƚ ZĞƉŽƌƚƐ WƌĞƐĞŶƚĞĚ ƚŽ ŽƵŶĐŝů 'dKd /ŶǀĞƐƚŵĞŶƚ WŽůŝĐLJ ĞƌƚŝĨŝĐĂƚŝŽŶ ;LJĞĂƌƐͿ

ϮϬϭϳͬϭϴ ĐƚƵĂů Ψϯϵ͘ϴ ϳϵ ϭϬϬй

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ Ψϰϰ͘ϳ ϳϵ ϭϬϬй

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ Ψϯϵ͘ϯ ϳϵ ϭϬϬй

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Ğďƚ DĂŶĂŐĞŵĞŶƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϱ͕ϰϱϮ /ƐƐƵĞ ĚĞďƚ ŝŶ ƐƵĐŚ Ă ĨĂƐŚŝŽŶ ƚŚĂƚ ďŽƚŚ ƚŚĞ ĐŝƚŝnjĞŶƐ ĂŶĚ ďŽŶĚŚŽůĚĞƌƐ ĂƌĞ ƉƌŽƚĞĐƚĞĚ͘ ŶƐƵƌĞ Ăůů ĚĞďƚ ƉĂLJŵĞŶƚƐ ĂƌĞ ŵĂĚĞ ŝŶ Ă ƚŝŵĞůLJ ŵĂŶŶĞƌ ĂŶĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ĚĞďƚ ĐŽǀĞŶĂŶƚƐ͘ ĂĐŚ LJĞĂƌ͕ ƚŚĞ &ŝŶĂŶĐĞ ĚĞƉĂƌƚŵĞŶƚ ĂŶĂůLJnjĞƐ ƚŚĞ ĚĞďƚ ƉĞƌ ĐĂƉŝƚĂ ƌĂƚŝŽ ŝŶ ĐŽŵƉĂƌŝƐŽŶ ƚŽ ƉĞĞƌ ĐŝƚŝĞƐ ĂƐ ƉĂƌƚ ŽĨ &ŝƐĐĂů ZĞƐƉŽŶƐŝďŝůŝƚLJ͘ dŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶ ŝƐ ƉƌŽǀŝĚĞĚ ƚŽ ŽƵŶĐŝů ĂŶĚ ĐŝƚŝnjĞŶƐ ĨŽƌ ĐŽŵƉĂƌŝƐŽŶ ƉƵƌƉŽƐĞƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ 'K ŽŶĚƐ ;^ΘWͿ tĂƚĞƌ Θ ^ĞǁĞƌ ZĞǀĞŶƵĞ ŽŶĚƐ ;^ΘWͿ tĂƚĞƌ Θ ^ĞǁĞƌ ZĞǀĞŶƵĞ ŽŶĚƐ ;DŽŽĚLJ͛ƐͿ Ăϭ Ăϭ Ăϭ ƌĂŝŶĂŐĞ hƚŝůŝƚLJ ZĞǀĞŶƵĞ ŽŶĚƐ ;^ΘWͿ ,Kd ZĞǀĞŶƵĞ ŽŶĚƐ ;^ΘWͿ нͬ^ƚĂďůĞ нͬ^ƚĂďůĞ нͬ^ƚĂďůĞ ŽŵƉůŝĂŶĐĞ ǁŝƚŚ ŽŶĚ ŽǀĞŶĂŶƚƐ ϭϬϬй ϭϬϬй ϭϬϬй Ğďƚ ƉĞƌ ĂƉŝƚĂΎ Ψϭ͕ϲϬϭ͘ϵϵ Ψϭ͕ϰϰϬ͘ϬϬ Ψϭ͕ϳϬϳ͘ϬϬ ŵŽƵŶƚ ŽĨ Ğďƚ KƵƚƐƚĂŶĚŝŶŐ Ψϯϳϱ͕ϭϱϮ͕ϭϬϬ ΨϯϱϬ͕ϵϵϵ͕ϵϯϴ ΨϰϬϯ͕ϲϰϬ͕ϬϬϬ Ύ džĐůƵĚĞƐ tĂƚĞƌ ƵƚŚŽƌŝƚLJ Ğďƚ

&ŝŶĂŶĐŝĂů ZĞƉŽƌƚŝŶŐ ĂŶĚ ƵĚŐĞƚŝŶŐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϯϭϴ͕ϭϰϰ ŶƐƵƌĞ ƚŝŵĞůLJ͕ ĂĐĐƵƌĂƚĞ ƌĞƉŽƌƚƐ ĂƌĞ ĂǀĂŝůĂďůĞ ƚŽ ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ ĂŶĚ ĞdžƚĞƌŶĂů ƵƐĞƌƐ͘ &ĂĐŝůŝƚĂƚĞ ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ ĂĚŽƉƚĞĚ ďƵĚŐĞƚƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ^ƚĂƚĞ ůĂǁ͘ ^Ƶďŵŝƚ ŽŵƉƌĞŚĞŶƐŝǀĞ ŶŶƵĂů &ŝŶĂŶĐŝĂů ZĞƉŽƌƚƐ ; &ZͿ͕ ĂĚŽƉƚĞĚ ďƵĚŐĞƚƐ͕ ĂŶĚ WŽƉƵůĂƌ ŶŶƵĂů &ŝŶĂŶĐŝĂů ZĞƉŽƌƚƐ ;W &ZͿ ƚŽ ƚŚĞ 'ŽǀĞƌŶŵĞŶƚ &ŝŶĂŶĐĞ KĨĨŝĐĞƌƐ ƐƐŽĐŝĂƚŝŽŶ ;'&K Ϳ ĞĂĐŚ LJĞĂƌ ĨŽƌ ĨŽƌŵĂů ƌĞǀŝĞǁ ĂŶĚ ĐĞƌƚŝĨŝĐĂƚŝŽŶ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ &ŝƐĐĂů ZĞƐƉŽŶƐŝďŝůŝƚLJ͘ ƐƚĂďůŝƐŚ ĂŶĚ ŵĂŝŶƚĂŝŶ ĂŶ ĞĨĨĞĐƚŝǀĞ ƐLJƐƚĞŵ ŽĨ ŽƌŐĂŶŝnjĂƚŝŽŶĂů ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů͘

224

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DŝƐƐŝŽŶ dŽ ŵĂŝŶƚĂŝŶ ĞdžĐĞůůĞŶĐĞ ĂŶĚ ĞĨĨŝĐŝĞŶĐLJ ŝŶ ƚŚĞ ĂĐĐŽƵŶƚŝŶŐ ĨƵŶĐƚŝŽŶƐ ŽĨ ƚŚĞ ŝƚLJ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ ĐĐŽƵŶƚŝŶŐ ĚŝǀŝƐŝŽŶ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŵĂŝŶƚĂŝŶŝŶŐ Ă ĨŝŶĂŶĐŝĂů ƐLJƐƚĞŵ ƚŚĂƚ ǁŝůů ĂĐĐƵƌĂƚĞůLJ ƌĞĐŽƌĚ Ăůů ƌĞĐĞŝƉƚƐ ĂŶĚ ĚŝƐďƵƌƐĞŵĞŶƚƐ ĨŽƌ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ͕ ĨŽƌ ƉƌŽǀŝĚŝŶŐ ƚŝŵĞůLJ ƌĞƉŽƌƚŝŶŐ ƚŽ ŝŶĚŝǀŝĚƵĂů ĚĞƉĂƌƚŵĞŶƚƐ͕ ĂŶĚ ŝŶ ƚŚĞ ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ ƚŚĞ ŽŵƉƌĞŚĞŶƐŝǀĞ ŶŶƵĂů &ŝŶĂŶĐŝĂů ZĞƉŽƌƚ͕ ǁŚŝůĞ ƐƚƌŝǀŝŶŐ ƚŽ ĨƵůĨŝůů ƚŚĞ ŝƚLJ DĂŶĂŐĞƌ /ŶŝƚŝĂƚŝǀĞ ŽĨ ĞƐƚ WƌĂĐƚŝĐĞƐ ĂƐ ĚĞĨŝŶĞĚ ŝŶ ƚŚĞ ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ ĂƐ ǁĞůů ĂƐ ƚŚĞ ŽƵŶĐŝů WŝůůĂƌ ŽĨ &ŝƐĐĂů ZĞƐƉŽŶƐŝďŝůŝƚLJ͕ ƌĞůĂƚĞĚ ƚŽ Ăůů ĨŝŶĂŶĐŝĂů ŵĂƚƚĞƌƐ͘ dŚĞ ĐĐŽƵŶƚŝŶŐ ĚŝǀŝƐŝŽŶ ĞǀĂůƵĂƚĞƐ ŝƚLJ ƉŽůŝĐLJ ƉĞƌƚĂŝŶŝŶŐ ƚŽ ĐŽŶƚƌŽů ŽĨ ĨŝŶĂŶĐŝĂů ŵĂƚƚĞƌƐ ĂŶĚ ĂƵĚŝƚŝŶŐ ƉĂLJŵĞŶƚƐ ŽĨ ǀĞŶĚŽƌƐ ĂŶĚ ĐŽŶƚƌĂĐƚŽƌƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ƉĞƌĨŽƌŵŝŶŐ ƚŚĞ ĂĐĐŽƵŶƚŝŶŐ ĂŶĚ ƌĞƉŽƌƚŝŶŐ ĨƵŶĐƚŝŽŶƐ ĨŽƌ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ͕ ƚŚĞ ĐĐŽƵŶƚŝŶŐ ĚŝǀŝƐŝŽŶ ƉƌŽǀŝĚĞƐ ĂĐĐŽƵŶƚŝŶŐ ĂŶĚ ƌĞƉŽƌƚŝŶŐ ƐĞƌǀŝĐĞƐ ĨŽƌ ƚŚĞ ŵĂƌŝůůŽ ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ ŽƌƉŽƌĂƚŝŽŶ͕ ŵĂƌŝůůŽ ,ŽƐƉŝƚĂů ŝƐƚƌŝĐƚ͕ ŵĂƌŝůůŽͬWŽƚƚĞƌ ǀĞŶƚƐ sĞŶƵĞ ŝƐƚƌŝĐƚ͕ dĂdž /ŶĐƌĞŵĞŶƚ ZĞŝŶǀĞƐƚŵĞŶƚ ŽŶĞ ηϭ͕ dĂdž /ŶĐƌĞŵĞŶƚ ZĞŝŶǀĞƐƚŵĞŶƚ ŽŶĞ ηϮ͕ >ŽĐĂů 'ŽǀĞƌŶŵĞŶƚ ŽƌƉŽƌĂƚŝŽŶ͕ ŵĂƌŝůůŽ ŚĂŵďĞƌ ŽĨ ŽŵŵĞƌĐĞ͕ ĂŶĚ ƚŚĞ ,ĂƌƌŝŶŐƚŽŶ >ŝďƌĂƌLJ ŽŶƐŽƌƚŝƵŵ͘

WƌŽŐƌĂŵƐ ĐĐŽƵŶƚŝŶŐ ŝǀŝƐŝŽŶ ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭϴϴ͕ϵϴϳ WĞƌĨŽƌŵ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ĂĐĐŽƵŶƚĂŶƚƐ ĂŶĚ ĐůĞƌŬƐ ƚŽ ƉƌŽǀŝĚĞ ƚŝŵĞůLJ ĨŝŶĂŶĐŝĂů ƌĞĐŽƌĚƐ ŽĨ Ăůů ĚĞƉŽƐŝƚƐ ĂŶĚ ĚŝƐďƵƌƐĞŵĞŶƚƐ ĨŽƌ Ăůů ĚĞƉĂƌƚŵĞŶƚƐ ŽĨ ƚŚĞ ŝƚLJ͘

229

&ŝŶĂŶĐŝĂů ZĞƉŽƌƚŝŶŐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϯϰϮ͕ϱϰϬ WƌĞƉĂƌĞ ŵŽŶƚŚůLJ ĂŶĚ ƋƵĂƌƚĞƌůLJ ĨŝŶĂŶĐŝĂůƐ ĨŽƌ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ĂŶŶƵĂů ŽŵƉƌĞŚĞŶƐŝǀĞ ŶŶƵĂů &ŝŶĂŶĐŝĂů ZĞƉŽƌƚ͘ ƐƐŝƐƚ ĚĞƉĂƌƚŵĞŶƚƐ ǁŝƚŚ ĨŝŶĂŶĐŝĂů ŽǀĞƌƐŝŐŚƚ ŽĨ Ăůů ĐŽŶƐƚƌƵĐƚŝŽŶ ŝŶ ƉƌŽŐƌĞƐƐ͕ ĐĂƉŝƚĂů ƉƵƌĐŚĂƐĞƐ͕ ĂŶĚ ĐĂƉŝƚĂů ĂƐƐĞƚ ĨŝŶĂŶĐŝĂů ƉƌĞƐĞŶƚĂƚŝŽŶ͖ ŵĂŝŶƚĂŝŶ ĂĐĐƵƌĂƚĞ ĨŝŶĂŶĐŝĂů ŝŶĨŽƌŵĂƚŝŽŶ ĨŽƌ Ăůů ĂƐƐĞƚƐ ĨŽƌ Ăůů ĚĞƉĂƌƚŵĞŶƚƐ͘ WƌĞƉĂƌĞ ŐƌĂŶƚ ďŝůůŝŶŐƐ ĂŶĚ ŵĂŶĂŐĞ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ ŽĨ ŐƌĂŶƚƐ ƚŽ ĨĞĚĞƌĂů ĂŶĚ ƐƚĂƚĞ ĂŐĞŶĐŝĞƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ /ŶĚŝǀŝĚƵĂů &ƵŶĚƐ ZĞƉŽƌƚŝŶŐ ĞŶƚŝƚŝĞƐ YƵĂƌƚĞƌůLJ ŝŶƚĞƌŝŵ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ƌĞƉŽƌƚĞĚ ƚŝŵĞůLJ ĂĨƚĞƌ ƋƵĂƌƚĞƌͲĞŶĚ ^ŝŶŐůĞ ĂƵĚŝƚ ĨŝŶĚŝŶŐƐ '&K ĞƌƚŝĨŝĐĂƚĞ ŽĨ ĐŚŝĞǀĞŵĞŶƚ ĨŽƌ džĐĞůůĞŶĐĞ ŝŶ &ŝŶĂŶĐŝĂů ZĞƉŽƌƚŝŶŐ ;LJĞĂƌƐͿ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϭϮϰ ϵ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϭϮϰ ϵ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϭϮϰ ϵ

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dƌĞĂƐƵƌLJ DĂŶĂŐĞŵĞŶƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϱϰϯ͕ϯϰϬ DĂŶĂŐĞ ĞůĞĐƚƌŽŶŝĐ ƉĂLJŵĞŶƚƐ͕ ƌĞĐĞŝƉƚƐ͕ ƉŽƐŝƚŝǀĞ ƉĂLJ͕ ƐƚŽƉ ƉĂLJŵĞŶƚƐ͕ ĂŶĚ ŵŽŶƚŚůLJ ƌĞĐŽŶĐŝůŝĂƚŝŽŶƐ͘ DĂŶĂŐĞ Ăůů ǁĞĞŬůLJ ƉĂLJŵĞŶƚƐ ƚŽ ǀĞŶĚŽƌƐ ĂŶĚ ĚĞƉŽƐŝƚƐ ƚŽ ƚŚĞ ŝƚLJ ĂŶĚ ĞŶƐƵƌĞ Ăůů ĐĂƐŚ ƌĞĐĞŝƉƚƐ ĂƌĞ ƌĞĐŽƌĚĞĚ ƚŽ ƚŚĞ ƉƌŽƉĞƌ ĚĞƉĂƌƚŵĞŶƚ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ WŽŽů ĐŚĞĐŬƐ ŝƐƐƵĞĚ ϮϬ͕ϳϬϮ ϭϵ͕ϬϬϬ ϭϵ͕ϬϬϬ sĞŶĚŽƌ , WĂLJŵĞŶƚƐ ϰ͕ϰϱϮ ϰ͕ϱϬϬ ϰ͕ϱϬϬ WƌŽĐƵƌĞŵĞŶƚ ĂƌĚ dƌĂŶƐĂĐƚŝŽŶƐ Ϯϴ͕ϳϴϱ ϯϬ͕ϮϮϮ ϯϮ͕ϲϬϴ WƌŽĐƵƌĞŵĞŶƚ ĂƌĚ ZĞďĂƚĞ Ψϵϱ͕ϲϭϯ Ψϵϴ͕ϲϲϬ Ψϵϴ͕ϬϬϬ ϭϬϵϵ͛Ɛ ŝƐƐƵĞĚ ϳϭϯ ϳϮϱ ϳϮϱ

WĂLJƌŽůů ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϭϬϲ͕ϯϬϲ WƌŽĐĞƐƐ ďŝͲǁĞĞŬůLJ ƉĂLJƌŽůů ĂŶĚ ĂƐƐŽĐŝĂƚĞĚ ďŝͲǁĞĞŬůLJ͕ ŵŽŶƚŚůLJ͕ ĂŶĚ ƋƵĂƌƚĞƌůLJ ƌĞƉŽƌƚƐ͕ ĂƐ ǁĞůů ĂƐ LJĞĂƌͲĞŶĚ ĞĂƌŶŝŶŐƐ ƌĞƉŽƌƚŝŶŐ ĨŽƌŵƐ͘ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ tͲϮ͛Ɛ ŝƐƐƵĞĚ Ϯ͕ϵϴϳ ϯ͕ϬϬϬ ϯ͕ϬϬϬ WĂLJƌŽůů ŝƐƐƵĞĚ ŽŶ ƚŝŵĞ ϭϬϬй ϭϬϬй ϭϬϬй WĂLJƌŽůů ƌĞƉŽƌƚƐ ĨŝůĞĚ ƚŝŵĞůLJ ϭϬϬй ϭϬϬй ϭϬϬй

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ƵƚŚŽƌŝnjĞĚ WŽƐŝƚŝŽŶƐ WĞƌŵĂŶĞŶƚ WŽƐŝƚŝŽŶƐ WĂƌƚͲƚŝŵĞ WŽƐŝƚŝŽŶƐ dŽƚĂů WŽƐŝƚŝŽŶƐ

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ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ ϭϯ Ϯ ϭϱ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ ϭϯ Ϯ ϭϱ

dŽƚĂů ĐĐŽƵŶƚŝŶŐ ŝǀŝƐŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕ϭϴϭ͕ϭϳϯ

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ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ ϱϲϮ͕ϲϳϭ ϭϲ͕ϬϬϬ ϯϭ͕ϲϭϳ ϴ͕ϯϴϲ Ψ ϲϭϴ͕ϲϳϰ

DŝƐƐŝŽŶ WƵƌĐŚĂƐĞ ŵĂƚĞƌŝĂůƐ͕ ƐĞƌǀŝĐĞƐ͕ ƐƵƉƉůŝĞƐ͕ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĨŽƌ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ŝƚLJ ŚĂƌƚĞƌ ĂŶĚ dĞdžĂƐ ůĂǁ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ WƌŽǀŝĚĞ ĞƋƵĂů ĂĐĐĞƐƐ ƚŽ Ăůů ǀĞŶĚŽƌƐ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ƚŚƌŽƵŐŚ ĐŽŵƉĞƚŝƚŝǀĞ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ ŐŽŽĚƐ ĂŶĚ ƐĞƌǀŝĐĞƐ͘ ŽŶĚƵĐƚ ƚŚĞ ƉƌŽĐƵƌĞŵĞŶƚ ƉƌŽĐĞƐƐ ŝŶ Ă ŵĂŶŶĞƌ ƚŚĂƚ ƉƌŽŵŽƚĞƐ ĂŶĚ ĨŽƐƚĞƌƐ ƉƵďůŝĐ ĐŽŶĨŝĚĞŶĐĞ ŝŶ ƚŚĞ ŝŶƚĞŐƌŝƚLJ ŽĨ ƚŚĞ ŝƚLJ͛Ɛ ƉƌŽĐƵƌĞŵĞŶƚ ƉƌŽĐĞĚƵƌĞƐ ĂŶĚ ƉƌŽƚĞĐƚƐ ƚŚĞ ŝŶƚĞƌĞƐƚ ŽĨ ƚŚĞ ƚĂdžƉĂLJĞƌ ǁŝƚŚŽƵƚ ƌĞŐĂƌĚ ƚŽ ĂŶLJ ǀĞŶĚŽƌ Žƌ ƉŽůŝƚŝĐĂů ƉƌĞƐƐƵƌĞƐ͘ &ŽůůŽǁŝŶŐ ƚŚĞ ĞƐƚ WƌĂĐƚŝĐĞƐ ŝŶ ƉƵďůŝĐ ƉƌŽĐƵƌĞŵĞŶƚ͕ ƚŚĞ ĚŝǀŝƐŝŽŶ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ĚŝƐƉŽƐĂů ŽĨ Ăůů ŝƚLJ ƐƵƌƉůƵƐ ĞƋƵŝƉŵĞŶƚ͕ ƚŽ ŝŶĐůƵĚĞ ƉŽůŝĐĞ ĐŽŶĨŝƐĐĂƚĞĚ ǁĞĂƉŽŶƐ͕ ĂďĂŶĚŽŶĞĚ Žƌ ƐƚŽůĞŶ ŝƚĞŵƐ͕ ĂŶĚ ĐĂƉŝƚĂů ĞƋƵŝƉŵĞŶƚ ƚŚĂƚ ŚĂƐ ďĞĐŽŵĞ ƐƵƌƉůƵƐ͕ ŽďƐŽůĞƚĞ͕ Žƌ ŝŶŽƉĞƌĂƚŝǀĞ͘ dŚĞ WƵƌĐŚĂƐŝŶŐ ĚŝǀŝƐŝŽŶ ƐƚƌŝǀĞƐ ƚŽ ĨƵůĨŝůů ƚŚĞ ŝƚLJ ŽƵŶĐŝů͛Ɛ &ŝƐĐĂů ZĞƐƉŽŶƐŝďŝůŝƚLJ ŝŶŝƚŝĂƚŝǀĞ͕ ĂƐ ŽƵƚůŝŶĞĚ ŝŶ ƚŚĞ ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ͕ ďLJ ĞǀĂůƵĂƚŝŶŐ ƉƌŽĐĞƐƐĞƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ŝŶĚƵƐƚƌLJ ƐƚĂŶĚĂƌĚƐ͘ WƵƌĐŚĂƐŝŶŐ ĂůƐŽ ŚĞůƉƐ ŽƚŚĞƌ ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ ĨƵůĨŝůů ŽƵŶĐŝů ƉƌŝŽƌŝƚŝĞƐ ĂŶĚ ŽƚŚĞƌ ŝƚLJ DĂŶĂŐĞƌ ŝŶŝƚŝĂƚŝǀĞƐ ƚŚƌŽƵŐŚ ĂƐƐŝƐƚŝŶŐ ŝŶ ƉƌŽƉĞƌ ƉƌŽĐƵƌĞŵĞŶƚ ƉƌŽĐĞĚƵƌĞƐ͘

WƌŽŐƌĂŵƐ WƵƌĐŚĂƐŝŶŐ ŝǀŝƐŝŽŶ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϮϬ͕ϴϰϴ KǀĞƌƐĞĞ ĂŶĚ ŵĂŶĂŐĞ ƚŚĞ WƵƌĐŚĂƐŝŶŐ ĚŝǀŝƐŝŽŶ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞ ŝƚLJ ŝƐ ƉƵƌĐŚĂƐŝŶŐ ƐĞƌǀŝĐĞƐ ĂŶĚ ŵĂƚĞƌŝĂů ŝŶ ƚŚĞ ĐŽƌƌĞĐƚ ŵĂŶŶĞƌ ĂŶĚ ŝŶ Ă ŵĂŶŶĞƌ ƚŚĂƚ ŝƐ ĨŝƐĐĂůůLJ ƌĞƐƉŽŶƐŝďůĞ͘ ^ƵƉƉŽƌƚ ŝŶ ĞŶƚĞƌŝŶŐ ŶĞǁ ǀĞŶĚŽƌƐ͖ ĐŚĞĐŬŝŶŐ ĨŽƌ ƌĞƋƵŝƌĞĚ ŝŶƐƵƌĂŶĐĞ͖ ŚĂŶĚŝŶŐ ŽƵƚ ďŝĚƐ ĂŶĚ ĂĚĚĞŶĚƵŵƐ͖ ƚLJƉŝŶŐ ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͖ ĂŶĚ ŵĂŬŝŶŐ ƉĂLJŵĞŶƚ ƚŽ ǀĞŶĚŽƌƐ ŽŶ ƉƵƌĐŚĂƐĞ ŽƌĚĞƌƐ͘ WƌŽǀŝĚĞ ƚƌĂŝŶŝŶŐ ĨŽƌ ŶĞǁ ĐƌĞĚŝƚ ĐĂƌĚ ƵƐĞƌƐ ĂŶĚ ŶĞǁ ƉƵƌĐŚĂƐŝŶŐ ƌĞƋƵĞƐƚ ƵƐĞƌƐ͕ ĂƐ ǁĞůů ĂƐ ƚƌĂŝŶŝŶŐ ĨŽƌ ĞŵƉůŽLJĞĞƐ ŽŶ ŝƚLJ WƵƌĐŚĂƐŝŶŐ DĂŶƵĂů ĐŚĂŶŐĞƐ͘ WƌŽǀŝĚĞ ĂĚĚŝƚŝŽŶĂů ƚƌĂŝŶŝŶŐ ĨŽƌ ǀĞŶĚŽƌƐ ŽŶ ŚŽǁ ƚŽ ĐŽŶĚƵĐƚ ďƵƐŝŶĞƐƐ ǁŝƚŚ ƚŚĞ ŝƚLJ͘

233

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ sĞŶĚŽƌ ƉĂLJŵĞŶƚƐ ŵĂĚĞ ŝŶ ϯϬ ĚĂLJƐ Žƌ ůĞƐƐ ĨƌŽŵ ŝŶǀŽŝĐĞ ĚĂƚĞ sĞŶĚŽƌ ƉĂLJŵĞŶƚƐ ƉƌŽĐĞƐƐĞĚ ŝƚLJ ĞŵƉůŽLJĞĞƐ ƚƌĂŝŶĞĚ sĞŶĚŽƌ ƚƌĂŝŶŝŶŐ ŽƉƉŽƌƚƵŶŝƚŝĞƐ hƉĚĂƚĞƐͬĂĚĚŝƚŝŽŶƐ ƚŽ ǀĞŶĚŽƌ ĚĂƚĂďĂƐĞ ^ƉĞĐŝĨŝĐĂƚŝŽŶƐ ŝƐƐƵĞĚͬƵƉĚĂƚĞĚ ZĞŶĞǁĂůͬŶĞǁ ǀĞŶĚŽƌ ŝŶƐƵƌĂŶĐĞ

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϵϮй

ϵϯй

ϵϯй

Ϯ͕ϭϬϬ ϵϱ Ϯ Ϯ͕ϭϵϬ ϰϬ ϭ͕ϮϬϬ

Ϯ͕ϭϱϬ ϭϭϬ Ϯ Ϯ͕ϮϬϬ ϱϬ ϭ͕ϯϬϬ

Ϯ͕ϭϱϬ ϭϭϬ Ϯ Ϯ͕ϯϬϬ ϱϬ ϭ͕ϯϬϬ

ŝƚLJ WƌŽĐƵƌĞŵĞŶƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϯϭϲ͕ϳϯϴ ZĞƐƉŽŶƐŝďůĞ ĨŽƌ ǁŽƌŬŝŶŐ ǁŝƚŚ ŽƚŚĞƌ ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ ƚŽ ĞŶƐƵƌĞ ƚŚĞ ƌĞƋƵŝƌĞĚ ŝŶĨŽ ŝƐ ĞŶƚĞƌĞĚ ĐŽƌƌĞĐƚůLJ ĨŽƌ ƚŚĞ ďŝĚ ƉƌŽĐĞƐƐ͘ ^Ƶďŵŝƚ ďŝĚƐ ƚŽ ƚŚĞ ƉƵďůŝĐ ĂŶĚ ĂŶƐǁĞƌ ĂŶLJ ƋƵĞƐƚŝŽŶƐ ĂƐ ŶĞĞĚĞĚ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ tƌŝƚƚĞŶ ŝĚƐ ƉƌŽĐĞƐƐĞĚ ϯϲϲ ϯϳϬ ϰϬϬ ZĞƋƵĞƐƚƐ ĨŽƌ WƌŽƉŽƐĂůƐ ϯϯ ϯϱ ϰϬ WƵƌĐŚĂƐĞ KƌĚĞƌƐ ƉƌŽĐĞƐƐĞĚ Ϯ͕ϭϯϱ Ϯ͕ϮϬϬ Ϯ͕ϮϬϬ ŶŶƵĂů ŽŶƚƌĂĐƚƐ ƉƌŽĐĞƐƐĞĚ Ϯϯϯ Ϯϯϯ Ϯϯϯ WĞƌĐĞŶƚ ƐƉĞŶƚ ůŽĐĂůůLJ ϱϮй ϱϬй ϱϬй

ƌĞĚŝƚ ĂƌĚ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭϯ͕ϭϴϱ ĚŵŝŶŝƐƚĞƌ ƉƌŽĐƵƌĞŵĞŶƚ ĐĂƌĚ ;WͲ ĂƌĚͿ ƉƌŽŐƌĂŵ ĨŽƌ ŶĞǁ ĐĂƌĚƐ͕ ƌĞƐŽůǀĞ ŝƐƐƵĞƐ ǁŝƚŚ ĐĂƌĚƐ͕ ĂŶĚ ĂƵĚŝƚ ĨŽƌ ƐƉĞŶĚ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ŝƚLJ ŝƐƐƵĞĚ WͲ ĂƌĚƐ ŵŽƵŶƚ ƐƉĞŶƚ ŽŶ WͲ ĂƌĚƐ ǀĞƌĂŐĞ ĂŵŽƵŶƚ ƉĞƌ WͲ ĂƌĚ ƚƌĂŶƐĂĐƚŝŽŶ WͲ ĂƌĚ ƚƌĂŶƐĂĐƚŝŽŶƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϳϲϮ Ψϲ͕ϰϲϰ͕ϰϰϰ ΨϮϮϰ͘ϱϴ Ϯϴ͕ϳϴϱ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϳϳϱ Ψϲ͕ϴϬϬ͕ϬϬϬ ΨϮϮϱ͘Ϭϭ ϯϬ͕ϮϮϮ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϴϬϬ Ψϳ͕ϱϬϬ͕ϬϬϬ ΨϮϯϬ͘Ϭϭ ϯϮ͕ϲϬϴ

^ĂůĞ ŽĨ ^ƵƌƉůƵƐͬ^ĞŝnjĞĚ ƋƵŝƉŵĞŶƚ ĂŶĚ 'ŽŽĚƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϱ͕Ϯϳϰ ZĞƐƉŽŶƐŝďůĞ ĨŽƌ ĐŽŽƌĚŝŶĂƚŝŽŶ ŽĨ ŵŽǀŝŶŐ ŝƚĞŵƐ ƚŽ ƚŚĞ ĂƵĐƚŝŽŶ ďƵŝůĚŝŶŐ ƚŽ ƐĞůů ĂŶĚ ĨŽƌ ƌĞƐŽůƵƚŝŽŶ ŽĨ ŝƐƐƵĞƐ ĚƵƌŝŶŐ ĂƵĐƚŝŽŶƐ͘

234

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ƵĐƚŝŽŶ ZĞǀĞŶƵĞƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů Ψϵϱϱ͕ϱϴϯ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ΨϴϬϬ͕ϬϬϬ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ΨϴϬϬ͕ϬϬϬ

WƵďůŝĐ ^ĂĨĞƚLJ /ŶǀĞŶƚŽƌLJ ʹ DĂŶĂŐĞŵĞŶƚͬ ŽŶƚƌŽůͬWƌŽĐƵƌĞŵĞŶƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϲϮ͕ϲϮϵ ZĞƐƉŽŶƐŝďůĞ ĨŽƌ ŝŶǀĞŶƚŽƌLJ Ăƚ ƚŚĞ WŽůŝĐĞ ĚĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞ ĚĂŝůLJ ƉƵƌĐŚĂƐŝŶŐ ŽĨ ŵĂƚĞƌŝĂů ĂŶĚ ƐĞƌǀŝĐĞƐ͘ KŶĞ WƵƌĐŚĂƐŝŶŐ ƉŽƐŝƚŝŽŶ ŝƐ ƐƚĂƚŝŽŶĞĚ Ăƚ ƚŚĞ WŽůŝĐĞ ĚĞƉĂƌƚŵĞŶƚ ĨŽƌ ƚŚŝƐ ƉƌŽŐƌĂŵ͘

ƵƚŚŽƌŝnjĞĚ WŽƐŝƚŝŽŶƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů

WĞƌŵĂŶĞŶƚ WŽƐŝƚŝŽŶƐ WĂƌƚͲƚŝŵĞ WŽƐŝƚŝŽŶƐ dŽƚĂů WŽƐŝƚŝŽŶƐ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ ϴ ϭ ϵ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ ϴ ϭ ϵ

ϴ ϭ ϵ

dŽƚĂů WƵƌĐŚĂƐŝŶŐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϲϭϴ͕ϲϳϰ

WƵƌĐŚĂƐŝŶŐ ĚŵŝŶŝƐƚƌĂƚŝǀĞ ĂŶĚ ^ƵƉƉŽƌƚ ŝƚLJ WƌŽĐƵƌĞŵĞŶƚ ƌĞĚŝƚ ĂƌĚ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ^ĂůĞ ŽĨ ^ƵƌƉůƵƐͬ^ĞŝnjĞĚ ƋƵŝƉŵĞŶƚ ĂŶĚ 'ŽŽĚƐ WƵďůŝĐ ^ĂĨĞƚLJ /ŶǀĞŶƚŽƌLJ

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ϮϬϭϳͬϭϴ ĐƚƵĂů Ψ ϯϯϲ͕ϰϴϬ Ϯ͕ϲϴϬ ϭϴ͕Ϭϱϴ ;ϴϴϯͿ ;ϭ͕ϰϳϵͿ Ψ ϯϱϰ͕ϴϱϲ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ Ψ ϯϯϱ͕ϰϱϮ ϰ͕ϱϬϬ ϭϴ͕Ϭϱϴ ϰ͕ϵϳϭ Ͳ Ψ ϯϲϮ͕ϵϴϭ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ ϯϰϭ͕ϯϭϵ ϰ͕ϱϬϬ ϭϴ͕ϰϮϬ ϱ͕ϭϲϲ Ͳ Ψ ϯϲϵ͕ϰϬϱ

DŝƐƐŝŽŶ DĂŝŶƚĂŝŶ ĂŶ ĂĐĐƵƌĂƚĞ ĂŶĚ ƚŝŵĞůLJ ŝŶǀĞŶƚŽƌLJ ŽĨ ǁĂƌĞŚŽƵƐĞ ƐƚŽĐŬ ŝƚĞŵƐ ŝŶ ŽƌĚĞƌ ƚŽ ƉƌŽǀŝĚĞ ƚŚĞ ďĞƐƚ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ƚŽ ƵƐĞƌ ĚĞƉĂƌƚŵĞŶƚƐ ǁŝƚŚ ƚŚĞ ƵƚŵŽƐƚ ƉƌŽĨĞƐƐŝŽŶĂůŝƐŵ͕ ǁŚŝůĞ ĐĂƌƌLJŝŶŐ ŽƵƚ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ŝŶŝƚŝĂƚŝǀĞƐ ĨŽƌ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ WƌŽǀŝĚĞ &ŝƐĐĂů ZĞƐƉŽŶƐŝďŝůŝƚLJ ŝŶ ƚŚĞ ŽƉĞƌĂƚŝŽŶ ŽĨ ƚŚĞ ǁĂƌĞŚŽƵƐĞ ďLJ ŬĞĞƉŝŶŐ ŝŶǀĞŶƚŽƌLJ Ăƚ Ă ůĞǀĞů ƚŚĂƚ ǁŝůů ĂĚĞƋƵĂƚĞůLJ ƐĞƌǀĞ ƚŚĞ ŶĞĞĚƐ ŽĨ ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ ǁŝƚŚŽƵƚ ĂĐĐƵŵƵůĂƚŝŶŐ ŽǀĞƌƐƚŽĐŬƐ͕ ƚŝŵĞůLJ ĞǀĂůƵĂƚŝŶŐ Ăůů ŶĞǁ ƐƚŽĐŬ ƌĞƋƵĞƐƚƐ ďĂƐĞĚ ŽŶ ƚŚĞ ĐŽƐƚ ŽĨ ŚŽůĚŝŶŐ ƚŚĞ ŝƚĞŵ ŝŶ ŝŶǀĞŶƚŽƌLJ͕ ĂŶĚ ĞdžĞĐƵƚŝŶŐ Ăůů ƚƌĂŶƐĂĐƚŝŽŶƐ ƉƌŽŵƉƚůLJ ĂŶĚ ĂĐĐƵƌĂƚĞůLJ ƐŽ ƚŚĂƚ ŝŶǀĞŶƚŽƌLJ ƌĞĐŽƌĚƐ ĂƌĞ ĐƵƌƌĞŶƚ ĂŶĚ ĂĐĐƵƌĂƚĞ͘ hƚŝůŝnjĞ ĂŶ ŽŶůŝŶĞ ŝŶǀĞŶƚŽƌLJ ƐLJƐƚĞŵ ƚŽ ŵĂdžŝŵŝnjĞ ƚƌĂŶƐĂĐƚŝŽŶƐ ĂŶĚ ƌĞĐŽƌĚƐ ĂĐĐƵƌĂƚĞůLJ ĂŶĚ ĞĨĨŝĐŝĞŶƚůLJ ĂŶĚ ƚŽ ƌĞĚƵĐĞ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ƚŝŵĞ ŝƚ ƚĂŬĞƐ ƚŽ ƉŚLJƐŝĐĂůůLJ ƌĞƚƌŝĞǀĞ Ă ƉĂƌƚ ĨƌŽŵ ƐƚŽĐŬ ďLJ ƉƌŽǀŝĚŝŶŐ Ă ƉƌŽĚƵĐƚ ĚĞƐĐƌŝƉƚŝŽŶ͕ ďŝŶ ůŽĐĂƚŝŽŶ͕ ĂŶĚ ƚŚĞ ŶƵŵďĞƌ ŽĨ ŝƚĞŵƐ ƚŚĂƚ ĂƌĞ ĐƵƌƌĞŶƚůLJ ŝŶ ƐƚŽĐŬ͘

WƌŽŐƌĂŵƐ ĞŶƚƌĂů ^ƚŽƌĞƐ ŝǀŝƐŝŽŶ ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϲϬ͕ϭϲϴ KǀĞƌƐĞĞ ĂŶĚ ŵĂŶĂŐĞ ƚŚĞ ĞŶƚƌĂů ^ƚŽƌĞƐ ŽƉĞƌĂƚŝŽŶ ŝŶ Ă ĨŝƐĐĂůůLJ ƌĞƐƉŽŶƐŝďůĞ ǁĂLJ ƚŽ ĞŶƐƵƌĞ ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ ĂƌĞ ƌĞĐĞŝǀŝŶŐ ƚŚĞŝƌ ƌĞƉĂŝƌ ƐƵƉƉůŝĞƐ ĂŶĚ ƉĂƌƚƐ ƚŽ ŵĂdžŝŵŝnjĞ ĞĨĨŝĐŝĞŶĐLJ ĂŶĚ ƉƌŽĚƵĐƚŝǀŝƚLJ͘

/ŶǀĞŶƚŽƌLJ DĂŶĂŐĞŵĞŶƚ ĂŶĚ ŽŶƚƌŽů ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϱϱ͕ϭϱϱ 237

DĂŝŶƚĂŝŶ Ă ƐƚŽĐŬ ŝŶǀĞŶƚŽƌLJ ůĞǀĞů ƚŚĂƚ ǁŝůů ĂĚĞƋƵĂƚĞůLJ ƐĞƌǀĞ ƚŚĞ ŶĞĞĚƐ ŽĨ ƚŚĞ ŝƚLJ ǁŝƚŚŽƵƚ ĂĐĐƵŵƵůĂƚŝŶŐ ŽǀĞƌƐƚŽĐŬƐ ĂŶĚ ƌĞĐŽƌĚ Ăůů ŝŶǀĞŶƚŽƌLJ ĂĐƚŝŽŶƐ ǁŝƚŚ ĂĐĐƵƌĂĐLJ ƚŽ ŵĂŝŶƚĂŝŶ ĂŶ ŝŶǀĞŶƚŽƌLJ ǁŝƚŚ ŵŝŶŝŵĂů ǀĂƌŝĂŶĐĞƐ͘ dŚĞ ĚĞĐƌĞĂƐĞ ŝŶ ^ƚŽĐŬ /ƚĞŵ sĂůƵĞ ŝƐ ĚƵĞ ƚŽ ƚŚĞ ŚŝƌŝŶŐ ŽĨ EĂƉĂ ƚŽ ŵĂŶĂŐĞ ƚŚĞ DƵŶŝĐŝƉĂů &ůĞĞƚ͛Ɛ /ŶǀĞŶƚŽƌLJ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ^ƚŽĐŬ /ƚĞŵ sĂůƵĞ Ψϵϲϯ͕ϭϰϲ ΨϵϱϬ͕ϬϬϬ ΨϵϱϬ͕ϬϬϬ /ƚĞŵƐ ŝŶ /ŶǀĞŶƚŽƌLJ Ϯ͕ϭϲϴ Ϯ͕ϮϬϬ Ϯ͕ϮϬϬ ^ƚŽĐŬ /ƐƐƵĞƐ ΨϮ͕ϯϲϰ͕ϲϲϴ ΨϮ͕ϰϬϬ͕ϬϬϬ ΨϮ͕ϰϬϬ͕ϬϬϬ /ŶǀĞŶƚŽƌLJ dƵƌŶƐ Ϯ͘ϰϱdž Ϯ͘ϱϮdž Ϯ͘ϱϮdž ŵĞƌŐĞŶĐLJ ^ƚŽĐŬ ϰ͘Ϭй ϰ͘Ϭй ϰ͘Ϭй ĂĐŬŽƌĚĞƌ Ĩŝůů ƌĂƚĞ ĂǀĞƌĂŐĞ ĚĂLJƐ Ϯ Ϯ Ϯ

ŽƵŶƚĞƌ ^ĂůĞƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϭϴϬ͕ϱϬϳ DŽŶŝƚŽƌ ĂŶĚ ŵĂŶĂŐĞ Ăůů ĐŽƵŶƚĞƌ ƐĂůĞƐ ƚŽ ŝĚĞŶƚŝĨLJ ƚŚĞ ŶƵŵďĞƌ ŽĨ ŵĂƚĞƌŝĂů ƚŝĐŬĞƚƐ ŝƐƐƵĞĚ Ăƚ ƚŚĞ ĐŽƵŶƚĞƌ͕ ŵĂƚĞƌŝĂů ƚŝĐŬĞƚƐ ŝƐƐƵĞĚ ǀŝĂ ǁŽƌŬ ŽƌĚĞƌƐ͕ ĂǀĞƌĂŐĞ ǀĂůƵĞ ƉĞƌ ƚŝĐŬĞƚ ŝƐƐƵĞĚ͕ ĨŝƌƐƚ Ĩŝůů ƌĂƚĞ ƉĞƌĐĞŶƚĂŐĞ ŽŶ ƚŝĐŬĞƚƐ ŝƐƐƵĞĚ͕ ĂŶĚ ƚŚĞ ĂǀĞƌĂŐĞ ĚĂLJƐ ĨŽƌ ƚŚĞ ďĂĐŬŽƌĚĞƌ Ĩŝůů ƌĂƚĞ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ DĂƚĞƌŝĂů dŝĐŬĞƚƐ ŝƐƐƵĞĚ Ăƚ ĐŽƵŶƚĞƌ ϵ͕ϯϲϴ ϵ͕ϱϬϬ ϵ͕ϮϬϬ ǀĞƌĂŐĞ sĂůƵĞ ƉĞƌ dŝĐŬĞƚ &ŝƌƐƚ &ŝůů ƌĂƚĞ ŽŶ dŝĐŬĞƚƐ /ƐƐƵĞĚ

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ΨϮϲϬ͘ϬϬ ϵϳй

ΨϮϲϬ͘ϬϬ ϵϳй

DĂŝů WŝĐŬƵƉ ĂŶĚ ĞůŝǀĞƌLJ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϳϯ͕ϱϳϱ ĞůŝǀĞƌ ŵĂŝů ƚŽ Ăůů ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ ƚǁŝĐĞ Ă ĚĂLJ ŝŶ Ă ƚŝŵĞůLJ ŵĂŶŶĞƌ͘ ůƐŽ͕ ƌĞƐŽůǀĞ ĂŶLJ ŝƐƐƵĞƐ Ă ĚĞƉĂƌƚŵĞŶƚ ŵĂLJ ŚĂǀĞ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ĚĞůŝǀĞƌLJ ŽĨ ŵĂŝů͘

ƵƚŚŽƌŝnjĞĚ WŽƐŝƚŝŽŶƐ WĞƌŵĂŶĞŶƚ WŽƐŝƚŝŽŶƐ WĂƌƚͲƚŝŵĞ WŽƐŝƚŝŽŶƐ dŽƚĂů WŽƐŝƚŝŽŶƐ

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ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ ϳ Ͳ ϳ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ ϳ Ͳ ϳ

dŽƚĂů ĞŶƚƌĂů ^ƚŽƌĞƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϯϲϵ͕ϰϬϱ 238

ĞŶƚƌĂů ^ƚŽƌĞƐ ĚŵŝŶŝƐƚƌĂƚŝǀĞ ĂŶĚ ^ƵƉƉŽƌƚ /ŶǀĞŶƚŽƌLJ DĂŶĂŐĞŵĞŶƚ ĂŶĚ ŽŶƚƌŽů ŽƵŶƚĞƌ ^ĂůĞƐ DĂŝů WŝĐŬƵƉ ĂŶĚ ĞůŝǀĞƌLJ

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ƵĚŐĞƚ ŽŵƉĂƌŝƐŽŶ

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WĞƌƐŽŶŶĞů ^ĞƌǀŝĐĞƐ KƚŚĞƌ ŚĂƌŐĞƐ KƉĞƌĂƚŝŶŐ dƌĂŶƐĨĞƌƐ dŽƚĂů džƉĞŶƐĞƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů Ψ Ͳ ϯ͕ϵϵϲ͕ϵϮϰ ϱ͕ϴϵϳ͕ϯϭϮ Ψ ϵ͕ϴϵϰ͕Ϯϯϲ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ Ψ ϭ͕ϰϴϴ͕ϲϳϬ ϰ͕ϭϯϱ͕ϴϴϱ ϲ͕ϰϬϮ͕Ϭϴϲ Ψ ϭϮ͕ϬϮϲ͕ϲϰϭ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ Ϯ͕ϮϵϬ͕ϬϬϬ ϰ͕ϭϮϲ͕ϭϯϰ ϰ͕ϳϴϳ͕ϱϵϮ Ψ ϭϭ͕ϮϬϯ͕ϳϮϲ

DŝƐƐŝŽŶ dŽ ĨĂĐŝůŝƚĂƚĞ Ăůů ŝŶƚĞƌͲĨƵŶĚ ƚƌĂŶƐĨĞƌƐ ƚŽ ĂŶĚ ĨƌŽŵ ƚŚĞ 'ĞŶĞƌĂů &ƵŶĚ͕ ƚŽ ĂĐĐŽƵŶƚ ĨŽƌ /ŶĨŽƌŵĂƚŝŽŶ dĞĐŚŶŽůŽŐLJ ĐŚĂƌŐĞƐ ƚŽ ƚŚĞ 'ĞŶĞƌĂů &ƵŶĚ͕ ĂŶĚ ƚŽ ďƵĚŐĞƚ ĨŽƌ ƉĞƌƐŽŶŶĞů ĂĚũƵƐƚŵĞŶƚƐ ĨŽƌ ƚŚĞ 'ĞŶĞƌĂů &ƵŶĚ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ 'ĞŶĞƌĂů &ƵŶĚ dƌĂŶƐĨĞƌƐ ĚŝǀŝƐŝŽŶ ŝƐ ŽŶůLJ ƵƐĞĚ ĨŽƌ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ ĂŶĚ ďƵĚŐĞƚŝŶŐ ƉƵƌƉŽƐĞƐ͘ dŚŝƐ ĚŝǀŝƐŝŽŶ ĂĐĐŽƵŶƚƐ ĨŽƌ ĞdžƉĞŶĚŝƚƵƌĞƐͬƌĞǀĞŶƵĞ ƚŚĂƚ ĂƉƉůŝĞƐ ƚŽ ƚŚĞ 'ĞŶĞƌĂů &ƵŶĚ ĂƐ Ă ǁŚŽůĞ͘

WƌŽŐƌĂŵƐ /ŶƚĞƌͲĨƵŶĚ dƌĂŶƐĨĞƌƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϴ͕ϵϭϯ͕ϳϮϲ /ŶĐůƵĚĞƐ ĨƵŶĚŝŶŐ ĨŽƌ ŝŶƚĞƌͲĨƵŶĚ ƚƌĂŶƐĨĞƌƐ ƚŽ ĂŶĚ ĨƌŽŵ ƚŚĞ 'ĞŶĞƌĂů &ƵŶĚ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƚƌĂŶƐĨĞƌ ŽĨ ĞdžĐĞƐƐ ŚŽƚĞůͬŵŽƚĞů ƚĂdž ƚŽ ƚŚĞ ŝǀŝĐ ĞŶƚĞƌ /ŵƉƌŽǀĞŵĞŶƚ &ƵŶĚ͕ ƚŚĞ ƚƌĂŶƐĨĞƌ ŽĨ ĨƵŶĚŝŶŐ ĨŽƌ ƚŚĞ ^ƚƌĞĞƚ /ŵƉƌŽǀĞŵĞŶƚ &ƵŶĚ͕ ĂŶĚ ƚŚĞ ƚƌĂŶƐĨĞƌ ŽĨ ĨƵŶĚŝŶŐ ĨŽƌ ƚŚĞ ^ŽůŝĚ tĂƐƚĞ ŝƐƉŽƐĂů /ŵƉƌŽǀĞŵĞŶƚ &ƵŶĚ͘ ĚŵŝŶŝƐƚƌĂƚŝǀĞ ĐŽƐƚƐ ƌĞŝŵďƵƌƐĂďůĞ ƚŽ ƚŚĞ /ŶĨŽƌŵĂƚŝŽŶ dĞĐŚŶŽůŽŐLJ &ƵŶĚ ĂƌĞ ĂůƐŽ ŝŶĐůƵĚĞĚ ŝŶ ƚŚŝƐ ƉƌŽŐƌĂŵ͘

WĞƌƐŽŶŶĞů ĚũƵƐƚŵĞŶƚƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮ͕ϮϵϬ͕ϬϬϬ /ŶĐůƵĚĞƐ ďƵĚŐĞƚĞĚ ƉĞƌƐŽŶŶĞů ĂĚũƵƐƚŵĞŶƚƐ ĨŽƌ ƚŚĞ 'ĞŶĞƌĂů &ƵŶĚ͘ ĨƚĞƌ ƚŚĞ ďƵĚŐĞƚ ŝƐ ĂƉƉƌŽǀĞĚ ĞĂĐŚ LJĞĂƌ͕ ƚŚĞƐĞ ďƵĚŐĞƚĞĚ ĂŵŽƵŶƚƐ ĂƌĞ ĂůůŽĐĂƚĞĚ ŽƵƚ ƚŽ ƚŚĞ 'ĞŶĞƌĂů &ƵŶĚ ĚĞƉĂƌƚŵĞŶƚƐ͕ ĐĂƵƐŝŶŐ ƚŚŝƐ ĂŵŽƵŶƚ ƚŽ ĨůƵĐƚƵĂƚĞ ĞĂĐŚ LJĞĂƌ͘

dŽƚĂů 'ĞŶĞƌĂů &ƵŶĚ dƌĂŶƐĨĞƌƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭϭ͕ϮϬϯ͕ϳϮϲ 241

242

;ϲϭϬϬͿ ƵĚŐĞƚ ŽŵƉĂƌŝƐŽŶ WĞƌƐŽŶŶĞů ^ĞƌǀŝĐĞƐ ^ƵƉƉůŝĞƐ ŽŶƚƌĂĐƚƵĂů ^ĞƌǀŝĐĞƐ KƚŚĞƌ ŚĂƌŐĞƐ ĂƉŝƚĂů KƵƚůĂLJ Ğďƚ ^ĞƌǀŝĐĞ /ŶƚĞƌ ZĞŝŵďƵƌƐĞŵĞŶƚƐ KƉĞƌĂƚŝŶŐ dƌĂŶƐĨĞƌƐ dŽƚĂů džƉĞŶƐĞƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů Ψ Ϯ͕ϱϰϰ͕Ϭϳϰ ϲ͕ϴϴϵ͕ϱϭϭ Ϯϲϰ͕ϭϬϴ ϴ͕ϱϵϯ͕ϰϬϮ ϳ͕Ϭϵϯ͕ϰϵϵ ϭϱϭ͕ϲϰϱ ;ϭ͕Ϯϱϵ͕ϱϬϮͿ Ϯ͕ϮϳϬ Ψ Ϯϰ͕Ϯϳϵ͕ϬϬϳ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ Ψ ϯ͕Ϭϯϴ͕ϲϴϱ ϲ͕Ϯϯϱ͕ϱϯϲ ϳϲϰ͕ϬϬϮ ϴ͕ϭϮϰ͕ϴϴϮ ϲ͕ϴϱϬ͕ϬϬϬ ϭϬ͕ϲϬϬ ;ϭ͕ϰϴϬ͕ϬϬϬͿ Ͳ Ψ Ϯϯ͕ϱϰϯ͕ϳϬϱ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ ϯ͕ϬϰϬ͕ϮϮϰ ϳ͕ϯϯϲ͕ϱϮϵ ϳϵϴ͕ϰϰϵ ϴ͕ϴϱϰ͕ϱϳϴ ϲ͕ϲϰϰ͕ϬϬϬ Ͳ ;ϭ͕ϰϴϬ͕ϬϬϬͿ Ͳ Ψ Ϯϱ͕ϭϵϯ͕ϳϴϬ

DŝƐƐŝŽŶ &ůĞĞƚ ^ĞƌǀŝĐĞƐ ŝƐ ĚĞĚŝĐĂƚĞĚ ƚŽ ĞŶŚĂŶĐŝŶŐ ŝƚLJ ƐĞƌǀŝĐĞƐ ďLJ ƉƌŽǀŝĚŝŶŐ ĚĞƉĂƌƚŵĞŶƚƐ ǁŝƚŚ ƐĂĨĞ͕ ĞĨĨĞĐƚŝǀĞ ǀĞŚŝĐůĞƐ ĂŶĚ ĞƋƵŝƉŵĞŶƚ͘ &ůĞĞƚ ^ĞƌǀŝĐĞƐ ĞŶƐƵƌĞƐ &ŝƐĐĂů ZĞƐƉŽŶƐŝďŝůŝƚLJ ďLJ ŵĂŶĂŐŝŶŐ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ͕ ŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ĚŝƐƉŽƐĂů ŽĨ ƚŚĞ ŝƚLJ͛Ɛ ĨůĞĞƚ ŝŶ ƚŚĞ ŵŽƐƚ ĐŽƐƚͲĞĨĨĞĐƚŝǀĞ ŵĂŶŶĞƌ ƉŽƐƐŝďůĞ͘ &ůĞĞƚ ^ĞƌǀŝĐĞƐ ŝƐ ĐŽŵŵŝƚƚĞĚ ƚŽ ƉƌŽǀŝĚŝŶŐ ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ ǁŝƚŚ ŚŝŐŚ ƋƵĂůŝƚLJ ƌĞƉĂŝƌ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ƐĞƌǀŝĐĞƐ ŝŶ Ă ŵĂŶŶĞƌ ƚŚĂƚ ŵŝŶŝŵŝnjĞƐ ĞƋƵŝƉŵĞŶƚ ĚŽǁŶͲƚŝŵĞ ĂŶĚ ƚŚĞ ŝŶƚĞƌƌƵƉƚŝŽŶ ŽĨ ŝƚLJ ƐĞƌǀŝĐĞƐ ƚŽ ŵĂƌŝůůŽ ĐŝƚŝnjĞŶƐ͘ &ůĞĞƚ ^ĞƌǀŝĐĞƐ ƐƚƌŝǀĞƐ ƚŽ ďƌŝŶŐ džĐĞůůĞŶĐĞ ŝŶ ŽŵŵƵŶŝĐĂƚŝŽŶ ĂŶĚ ĂǁĂƌĞŶĞƐƐ ƚŽ ŽƵƌ ĞƉĂƌƚŵĞŶƚƐ ĂŶĚ ŝǀŝƐŝŽŶƐ ƐƵƉƉŽƌƚĞĚ͘ dŚĞ ĚŝǀŝƐŝŽŶ ƚĂŬĞƐ ƉƌŝĚĞ ŝŶ ƚŚĞ ǁŽƌŬ ĐŽŵƉůĞƚĞĚ ĂŶĚ ŝƐ ĚĞĚŝĐĂƚĞĚ ƚŽ ƉƌŽǀŝĚŝŶŐ ŝƚƐ ďĞƐƚ ĞĨĨŽƌƚ ĨŽƌ ƚŚĞ ĐŝƚŝnjĞŶƐ ŽĨ ŵĂƌŝůůŽ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ ŵĂũŽƌŝƚLJ ŽĨ &ůĞĞƚ ŵĂŝŶƚĞŶĂŶĐĞ ŝƐ ƉĞƌĨŽƌŵĞĚ ŝŶͲŚŽƵƐĞ͘ KƵƚƐŽƵƌĐĞ ƐĞƌǀŝĐĞƐ ĂƌĞ ƵƐĞĚ ǁŚĞƌĞ ĂƉƉƌŽƉƌŝĂƚĞ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ͛Ɛ ŝŶŝƚŝĂƚŝǀĞ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ůŽŶŐͲƚĞƌŵ ƉůĂŶ ĨŽƌ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ ŝƐ ďĂƐĞĚ ŽŶ ĞƐƚ WƌĂĐƚŝĐĞƐ ŝŶ ĨůĞĞƚ ŵĂŶĂŐĞŵĞŶƚ͘ &ŽůůŽǁŝŶŐ ƚŚĞƐĞ ĞƐƚ WƌĂĐƚŝĐĞ ŵĞƚŚŽĚƐ ĂůůŽǁƐ ƚŚĞ ĐƵƐƚŽŵĞƌ ďĂƐĞ ; ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐͿ ƚŽ ŵĞĞƚ ƚŚĞ ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ ƉƌŽŐƌĂŵ͘

243

WƌŽŐƌĂŵƐ &ůĞĞƚ ^ĞƌǀŝĐĞƐ ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕Ϭϱϵ͕ϬϮϮ WƌŽǀŝĚĞ ŽǀĞƌƐŝŐŚƚ ĂŶĚ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ŵƵůƚŝͲĨƵŶĐƚŝŽŶ ĨůĞĞƚ ŽƉĞƌĂƚŝŽŶ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ĐƚƵĂů ƐƚŝŵĂƚĞĚ ŽŶƚƌĂĐƚ DĂŶĂŐĞŵĞŶƚ ϲ ϱ dƌĂŝŶŝŶŐ͗ ^ ͕ d/ ͕ ^ƵĐĐĞƐƐŝŽŶ ϭϱ ϰϮ /ŶͲŚŽƵƐĞ ƉƌŽĨĞƐƐŝŽŶĂů ĚĞǀĞůŽƉŵĞŶƚ͕ ƉƌŽǀŝĚĞĚ ŝŶ ĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚ ŵĂƌŝůůŽ Ϭ Ϯ ŽůůĞŐĞͬ KƵƚƐŝĚĞ sĞŶĚŽƌƐ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϰ ϯϬ ϲ

&ůĞĞƚ &ƵĞůŝŶŐ ^ĞƌǀŝĐĞƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮ͕ϭϭϴ͕Ϭϰϱ WƌŽǀŝĚĞ ĨƵĞů ĨŽƌ Ăůů ŝƚLJ ĞƋƵŝƉŵĞŶƚ͘ DĂŝŶƚĂŝŶ Ă ĨŽƵƌͲǁĞĞŬ ŝŶǀĞŶƚŽƌLJ ŝŶ ĐĂƐĞ ŽĨ ǁĞĂƚŚĞƌ͕ ƐŚŽƌƚĂŐĞƐ ĂŶĚ ĚĞůŝǀĞƌLJ ŝƐƐƵĞƐ͘ &ŽůůŽǁ ƚŚĞ dĞdžĂƐ ŽŵŵŝƐƐŝŽŶ ŽŶ ŶǀŝƌŽŶŵĞŶƚĂů YƵĂůŝƚLJ ;d YͿ ŽƉĞƌĂƚŽƌ ĂŶĚ ĐŽŵƉůŝĂŶĐĞ ƌĞŐƵůĂƚŝŽŶƐ͘ &ƵĞů ĚĞůŝǀĞƌŝĞƐ ƚŽ ǀĂƌŝŽƵƐ ůŽĐĂƚŝŽŶƐ ĂƌŽƵŶĚ ƚŚĞ ŝƚLJ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ŝĞƐĞů ;ŐĂůůŽŶƐͿ hŶůĞĂĚĞĚ ;ŐĂůůŽŶƐͿ &ƵĞů ĞůŝǀĞƌLJ ƚŽ ǀĂƌŝŽƵƐ ŝƚLJ ůŽĐĂƚŝŽŶƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϲϳϵ͕Ϭϭϳ ϰϴϭ͕ϵϮϮ ϰϵ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϲϴϱ͕ϬϬϬ ϰϴϱ͕ϬϬϬ ϱϱ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϲϳϭ͕ϯϬϬ ϰϳϱ͕ϯϬϬ ϱϱ

&ůĞĞƚ WƌĞǀĞŶƚĂƚŝǀĞ DĂŝŶƚĞŶĂŶĐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮ͕ϭϭϴ͕Ϭϰϱ ůů ĨůĞĞƚ ĞƋƵŝƉŵĞŶƚ ŝƐ ŽŶ ůƵďĞ ƐĞƌǀŝĐĞͬƉƌĞǀĞŶƚĂƚŝǀĞ ŵĂŝŶƚĞŶĂŶĐĞ ƐĐŚĞĚƵůĞƐ͘ tŽƌŬ >ŽĂĚͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ĐƚƵĂů ƐƚŝŵĂƚĞĚ >ƵďĞͬWƌĞǀĞŶƚĂƚŝǀĞ DĂŝŶƚĞŶĂŶĐĞ tŽƌŬŽƌĚĞƌƐ ϰ͕ϯϲϵ ϰ͕ϯϬϬ ŽŵƉůĞƚĞĚ ĂŝůLJ tŽƌŬŽƌĚĞƌ ŽŵƉůĞƚŝŽŶ ϵϴй ϵϴй

244

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϰ͕ϰϬϬ ϭϬϬй

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ϮϬϭϳͬϭϴ ĐƚƵĂů

dƵƌŶĂƌŽƵŶĚ ƚŝŵĞ ĨŽƌ ǀĞŚŝĐůĞƐ ŶĞĞĚŝŶŐ ƉƌĞǀĞŶƚĂƚŝǀĞ ůƵďĞ ƐĞƌǀŝĐĞ ŽƵƌƚĞƐLJ ĐĂůů ƚŽ ĚĞƉĂƌƚŵĞŶƚƐ ĂĨƚĞƌ ǁŽƌŬ ŽƌĚĞƌ ŝƐ ĐŽŵƉůĞƚĞ

Eͬ Eͬ

ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ŽŵƉůĞƚĞ ǁŝƚŚŝŶ ŽŵƉůĞƚĞ ǁŝƚŚŝŶ ϯϬ ŵŝŶƵƚĞƐ ϯϬ ŵŝŶƵƚĞƐ ŽŶƚĂĐƚ ǁŝƚŚŝŶ ϯϬ ŽŶƚĂĐƚ ǁŝƚŚŝŶ ϯϬ ŵŝŶƵƚĞƐ ŵŝŶƵƚĞƐ

&ůĞĞƚ dŝƌĞ ^ĞƌǀŝĐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕ϱϴϴ͕ϱϯϯ &ůĞĞƚ ŵĂŝŶƚĂŝŶƐ Ăůů ƚŝƌĞƐ ĨŽƌ ƚŚĞ ĐŝƚLJ͘ ZĞƉůĂĐĞŵĞŶƚƐ͕ ƌĞƉĂŝƌƐ ĂŶĚ ƐĞƌǀŝĐĞ ĐĂůůƐ͘ &ůĞĞƚ ŚĂƐ ĂŶ ŝŶͲŚŽƵƐĞ ĐĞƌƚŝĨŝĞĚ dŝƌĞ /ŶĚƵƐƚƌLJ ƐƐŽĐŝĂƚŝŽŶ ;d/ Ϳ ƚƌĂŝŶĞƌ͘ ůů ĞŵƉůŽLJĞĞƐ ŝŶ dŝƌĞ ^ĞƌǀŝĐĞ ĂƌĞ ŶĂƚŝŽŶĂůůLJ ĐĞƌƚŝĨŝĞĚ ƚŚƌŽƵŐŚ d/ ͘ tŽƌŬ >ŽĂĚͬ/ŶĚŝĐĂƚŽƌƐ͗ dŝƌĞ ZĞƉůĂĐĞŵĞŶƚƐ tŽƌŬŽƌĚĞƌ dŝƌĞ KƉĞƌĂƚŝŽŶƐ ŽŵƉůĞƚĞĚ ĂŝůLJ tŽƌŬŽƌĚĞƌ ŽŵƉůĞƚŝŽŶ

ϮϬϭϳͬϭϴ ĐƚƵĂů Ϯ͕ϰϮϳ Ϯ͕Ϯϳϱ ϵϳй

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ Ϯ͕ϯϬϬ Ϯ͕ϮϬϬ ϵϳй

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ Ϯ͕ϯϬϬ Ϯ͕ϮϬϬ ϭϬϬй

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ϮϬϭϳͬϭϴ ĐƚƵĂů

dƵƌŶĂƌŽƵŶĚ ƚŝŵĞ ĨŽƌ ǀĞŚŝĐůĞƐ ŶĞĞĚŝŶŐ ƚŝƌĞ ƌĞƉĂŝƌƐ ŽƵƌƚĞƐLJ ĐĂůů ƚŽ ĚĞƉĂƌƚŵĞŶƚƐ ĂĨƚĞƌ ǁŽƌŬ ŽƌĚĞƌ ŝƐ ĐŽŵƉůĞƚĞ

Eͬ Eͬ

ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ŽŵƉůĞƚĞ ǁŝƚŚŝŶ ŽŵƉůĞƚĞ ǁŝƚŚŝŶ ϯϬ ŵŝŶƵƚĞƐ ϯϬ ŵŝŶƵƚĞƐ ŽŶƚĂĐƚ ǁŝƚŚŝŶ ϯϬ ŽŶƚĂĐƚ ǁŝƚŚŝŶ ϯϬ ŵŝŶƵƚĞƐ ŵŝŶƵƚĞƐ

&ůĞĞƚ DĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ZĞƉĂŝƌ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϯ͕ϳϬϲ͕ϱϳϴ ^ŚŽƉ ŽƉĞƌĂƚŝŽŶƐ ƉƌŽǀŝĚĞƐ ĨƵůů ƌĞƉĂŝƌ ŽĨ Ăůů ĞƋƵŝƉŵĞŶƚ͘ dĞĐŚŶŝĐŝĂŶƐ ĂƌĞ ƵƚŽŵŽƚŝǀĞ ^ĞƌǀŝĐĞ džĐĞůůĞŶĐĞ ; ^ Ϳ ĐĞƌƚŝĨŝĞĚ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ^ŚŽƉ &ůŽŽƌ tŽƌŬ KƌĚĞƌƐ ĂŝůLJ tŽƌŬ KƌĚĞƌ ŽŵƉůĞƚŝŽŶ ĂŝůLJ &ůĞĞƚ ǀĂŝůĂďŝůŝƚLJ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϭϱ͕ϳϲϴ ϵϯй ϵϯй

245

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϭϲ͕ϱϬϬ ϴϲй ϵϲй

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϭϲ͕ϱϬϬ ϵϱй ϵϲй

&ůĞĞƚ ZĞƉůĂĐĞŵĞŶƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭϰ͕ϲϬϯ͕ϱϱϳ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ŽĨ ƌĞƉůĂĐĞŵĞŶƚ ƉƌŽŐƌĂŵ͕ ƐƉĞĐŝĨŝĐĂƚŝŽŶ ǁƌŝƚŝŶŐ͕ ďŝĚ ĞǀĂůƵĂƚŝŽŶ͕ ƉƌĞƉĂƌĞƐ ŶĞǁ ĞƋƵŝƉŵĞŶƚ ĂŶĚ ĚŝƐƉŽƐĞƐ ŽĨ ŽůĚ ĞƋƵŝƉŵĞŶƚ͘ tŽƌŬ >ŽĂĚͬ/ŶĚŝĐĂƚŽƌƐ͗ ŝĚƐ WƌŽĐĞƐƐĞĚ ^ƉĞĐŝĨŝĐĂƚŝŽŶ /ƐƐƵĞͬZĞǀŝƐŝŽŶ sĞŚŝĐůĞƐ WƵƌĐŚĂƐĞĚͬDĂŬĞ ZĞĂĚLJ sĞŚŝĐůĞ ĚĚŝƚŝŽŶƐ ƚŽ &ůĞĞƚ &ůĞĞƚ ^ŝnjĞ ʹ ƐƐĞƚƐ &ůĞĞƚ ŽƐƚ WůƵƐ ĚĚŝƚŝŽŶƐ WĞƌĐĞŶƚĂŐĞ ŽĨ &ůĞĞƚ džĐĞĞĚŝŶŐ ZĞƉůĂĐĞŵĞŶƚ ƌŝƚĞƌŝĂ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϭϵ ϮϬ ϭϴϱ ϭϰ ϭ͕ϭϮϭ Ψϳ͕ϬϮϱ͕ϱϬϬ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϭϴ ϴ ϭϰϱ ϴ ϭ͕ϭϯϲ Ψϲ͕ϳϱϬ͕ϬϬϬ

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^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ /d ƐƚƌĂƚĞŐLJ ŝƐ ĨŝƌŵůLJ ƌŽŽƚĞĚ ŝŶ ƚŚĞ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ ŝƚLJ ŽƵŶĐŝů ŝŶŝƚŝĂƚŝǀĞƐ͕ ŝƚLJ DĂŶĂŐĞƌ ŝŶŝƚŝĂƚŝǀĞƐ͕ ĂŶĚ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ƚŽ ĞǀĞƌLJ ĂƐƉĞĐƚ ŽĨ ƚŚĞ /d ŵŝƐƐŝŽŶ͘ /Ŷ ƚŚĞ ĐŽŶƚĞŵƉŽƌĂƌLJ ĚŝŐŝƚĂů ĂŐĞ͕ /d ĂŶĚ ƚŚĞ ƚĞĐŚŶŽůŽŐLJ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĂƌĞ ƚŚĞ ŝŶŶŽǀĂƚŝŽŶ ĞŶŐŝŶĞ ĨŽƌ ůŽĐĂů ŐŽǀĞƌŶŵĞŶƚƐ ƚŽ ďĞƚƚĞƌ ƐĞƌǀĞ ĐŝƚŝnjĞŶƐ ĞĨĨŝĐŝĞŶƚůLJ ĂŶĚ ĞĨĨĞĐƚŝǀĞůLJ ǁŝƚŚ ƚƌĂŶƐƉĂƌĞŶĐLJ͕ ĐŽůůĂďŽƌĂƚŝŽŶ͕ ĂŶĚ ŝŶĐƌĞĂƐĞĚ ĐŝƚŝnjĞŶ ŝŶǀŽůǀĞŵĞŶƚ͘ dŽ ďĞƚƚĞƌ ŵĞĞƚ ƚŚĞ ƐƚĂƚĞĚ ŵŝƐƐŝŽŶ͕ dŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ /d ŝǀŝƐŝŽŶ ŝƐ ĞdžĞĐƵƚŝŶŐ Ă ůŽŶŐͲƚĞƌŵ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƉůĂŶ ƚŽ ŵŝŐƌĂƚĞ ƚŽ ĂŶ ͞ ŶƚĞƌƉƌŝƐĞ /d ĂƐ Ă ƐĞƌǀŝĐĞ͟ ŵŽĚĞů ŽĨ ŽƉĞƌĂƚŝŽŶ͘ dŚĂƚ ŵŽĚĞů ŝƐ ďĂƐĞĚ ŽŶ ĂŶĚ ŵĞĂƐƵƌĞĚ ďLJ ŝŶĚƵƐƚƌLJ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ŽŶ ƚŚĞ ƉƌŝŶĐŝƉůĞƐ ŽĨ ƐƚĂďŝůŝƚLJ͕ ƐĞĐƵƌŝƚLJ͕ ĞĨĨŝĐŝĞŶĐLJ͕ ĂŶĚ ĂŐŝůŝƚLJ͘ /d ĐŽŶƚŝŶƵĞĚ ƚŚĞ >ŽŶŐͲƚĞƌŵ ƉůĂŶ ĨŽƌ ĂƌĐŚŝƚĞĐƚƵƌĞ ůĂƐƚ LJĞĂƌ ďLJ ĐŽŵƉůĞƚŝŶŐ ƐĞǀĞƌĂů ŵĂƐƐŝǀĞ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƵƉŐƌĂĚĞ ƉƌŽũĞĐƚƐ͘ dŚĞ ŶĞǁ ĚĂƚĂĐĞŶƚĞƌ ŝƐ ĐŽŵƉůĞƚĞ͕ ĂŶĚ Ăůů ĂƉƉůŝĐĂƚŝŽŶ ƐĞƌǀŝĐĞƐ ŚĂǀĞ ďĞĞŶ ŵŝŐƌĂƚĞĚ͕ ƚŚĞ ŶĞǁ ŶĞƚǁŽƌŬ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ Ăƚ ^ŝŵŵƐ͕ ŝƚLJ ,Ăůů͕ ĂŶĚ W ŝƐ ĐŽŵƉůĞƚĞ͕ ĂŶĚ DƵŶŝƐ ŝƐ ŝŵƉůĞŵĞŶƚĞĚ͘ dŚŝƐ LJĞĂƌ ǁŝůů ďĞ ĐŽŶƐƵŵĞĚ ǁŝƚŚ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ŵĂŶLJ ŶĞǁ ĞŶƚĞƌƉƌŝƐĞ ĂƉƉůŝĐĂƚŝŽŶƐ ƐƵĐŚ ĂƐ ŶĞƌŐŽǀ ;ĨŽƌ ƉĞƌŵŝƚƚŝŶŐ͕ ůĂŶĚ ŵĂŶĂŐĞŵĞŶƚ͕ ǁŽƌŬŽƌĚĞƌ͕ ĂŶĚ ĞŶĂďůĞŵĞŶƚ ŽĨ ϯϭϭͿ͕ Ă ŶĞǁ ŽŵƉƵƚĞƌ ƐƐŝƐƚĞĚ ŝƐƉĂƚĐŚŝŶŐ ƐLJƐƚĞŵ͕ ĂƐ ǁĞůů ĂƐ sŝƌƚƵĂů ĞƐŬƚŽƉ ĚĞƉůŽLJŵĞŶƚ ƚŚĂƚ ǁŝůů ŐƌĞĂƚůLJ ŝŶĐƌĞĂƐĞ ĞĨĨŝĐŝĞŶĐLJ ĂŶĚ ĚĞĐƌĞĂƐĞ ŽƉĞƌĂƚŝŽŶĂů ŽǀĞƌŚĞĂĚ͘ tĞ ďĞůŝĞǀĞ ƚŚĂƚ ǁŝƚŚ Ă ĐŽŶƐŽůŝĚĂƚĞĚ ĂƌĐŚŝƚĞĐƚƵƌĞ ĂŶĚ ĂĚĞƋƵĂƚĞ ƚŽŽůƐĞƚ ŝŶ ƉůĂĐĞ͕ /d ǁŝůů ďĞ ĂďůĞ ƚŽ ŵŽǀĞ ĨŽĐƵƐ ƚŽ ŽƉĞŶ ƐŽƵƌĐĞ ĂŶĚ ŝŶŶŽǀĂƚŝǀĞ ŽƉƚŝŽŶƐ ƚŽ ĐŽŶƚƌŽů ĐŽƐƚ ĂŶĚ ĚĞůŝǀĞƌ ŽƵƚƐƚĂŶĚŝŶŐ ƐƵƉƉŽƌƚ ĨŽƌ ƚŚĞ ŶĞĞĚƐ ŽĨ ƚŽĚĂLJ ĂŶĚ ƚŚĞ ŝŶŶŽǀĂƚŝŽŶƐ ĨŽƌ ƚŚĞ ĨƵƚƵƌĞ͘

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DŝƐƐŝŽŶ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ƉƌŽǀŝĚĞƐ ĂĐĐƵƌĂƚĞ ĂŶĚ ƚŝŵĞůLJ ƌĞĐŽƌĚŝŶŐƐ ŽĨ ůŽƐƐĞƐ ŝŶĐƵƌƌĞĚ ĨƌŽŵ ŝƚLJ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ƌĞƉŽƌƚƐ ƚŚĞƐĞ ůŽƐƐĞƐ ƚŽ ĂƉƉƌŽƉƌŝĂƚĞ ŽƵƚƐŝĚĞ ƐĞƌǀŝĐĞ ĂŐĞŶĐŝĞƐ͘ dŚĞ ĚŝǀŝƐŝŽŶ ĂƐƐŝƐƚƐ Ăůů ůĞǀĞůƐ ŽĨ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ĞŵƉůŽLJĞĞƐ ƚŽ ŵĂŝŶƚĂŝŶ ƐĂĨĞƚLJ ƉƌŽŐƌĂŵƐ ĂŶĚ ƉƌĂĐƚŝĐĞƐ ƚŚĂƚ ǁŝůů ĞŶƐƵƌĞ ƚŚĞ ƐĂĨĞ ĂŶĚ ĞĨĨĞĐƚŝǀĞ ĐŽŵƉůĞƚŝŽŶ ŽĨ ŝƚLJ ƐĞƌǀŝĐĞƐ ĂŶĚ ƌĞĚƵĐĞ ĂĐĐŝĚĞŶƚƐ ĂŶĚ ŝŶũƵƌŝĞƐ͘ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ƐĞĞŬƐ ƚŚĞ ďĞƐƚ ƉŽƐƐŝďůĞ ĐŽǀĞƌĂŐĞ ĨŽƌ ŝŶƐƵƌĂŶĐĞ ŶĞĞĚƐ ǀĞƌƐƵƐ ƐĞůĨͲŝŶƐƵƌĂŶĐĞ͘ dŚĞ ĚŝǀŝƐŝŽŶ ŵĂŝŶƚĂŝŶƐ ŚŝŐŚ ƐƚĂŶĚĂƌĚƐ ŽĨ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ dĞdžĂƐ ƐƚĂƚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ďLJ ƉĂLJŝŶŐ ŵĞĚŝĐĂů ďŝůůƐ ŽŶ ƚŝŵĞ ĂŶĚ ĂĐĐƵƌĂƚĞůLJ ƌĞƉŽƌƚŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ƚŚĞ ƐƚĂƚĞ͘ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ĂůƐŽ ƉƌŽǀŝĚĞƐ ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ ǁŝƚŚ ĐŽƐƚͲĞĨĨĞĐƚŝǀĞ ƐĞůĨͲ ŝŶƐƵƌĂŶĐĞ ďĞŶĞĨŝƚƐ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ĚŝǀŝƐŝŽŶ ŝƐ Ă ƐƵƉƉŽƌƚ ƐĞƌǀŝĐĞ ƚŽ Ăůů ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ ĨŽƌ ƚŚĞ ĐŽŽƌĚŝŶĂƚŝŽŶ ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ŽĨ ǀĂƌŝŽƵƐ ĐůĂŝŵƐ ŐĞŶĞƌĂƚĞĚ ĨƌŽŵ ŝƚLJ ŽƉĞƌĂƚŝŽŶƐ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ǁŽƌŬĞƌƐΖ ĐŽŵƉĞŶƐĂƚŝŽŶ͕ ĂƵƚŽ ůŝĂďŝůŝƚLJ͕ ŐĞŶĞƌĂů ůŝĂďŝůŝƚLJ͕ ĂŶĚ ŝƚLJ ƉƌŽƉĞƌƚLJ ĚĂŵĂŐĞ ĐůĂŝŵƐ͘ dŚŝƐ ƐĞƌǀŝĐĞ ĂůƐŽ ŝŶĐůƵĚĞƐ ĂƐƐŝƐƚĂŶĐĞ ǁŝƚŚ ŝŶĐŝĚĞŶƚ ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ͕ ŝŶͲƐĞƌǀŝĐĞ ƐĂĨĞƚLJ ƚƌĂŝŶŝŶŐ ƉƌŽŐƌĂŵƐ͕ ĂĚŵŝŶŝƐƚĞƌŝŶŐ ƐĂĨĞƚLJ ƉƌŽŐƌĂŵƐ ĂŶĚ ƉŽůŝĐŝĞƐ͕ ĂŶĚ ĚĞǀĞůŽƉŝŶŐ ĂŶĚ ƌĞǀŝƐŝŶŐ ƐĂĨĞƚLJ ƉƌŽŐƌĂŵƐ ĂƐ ŶĞĞĚĞĚ͘ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ĂůƐŽ ĂƐƐŝƐƚƐ ƚŚĞ &ŝŶĂŶĐĞ ĚĞƉĂƌƚŵĞŶƚ ŝŶ ĞǀĂůƵĂƚŝŶŐ ĐƵƌƌĞŶƚ ŝŶƐƵƌĂŶĐĞ ŶĞĞĚƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ŝƚLJ͘ džŝƐƚŝŶŐ ƉŽůŝĐŝĞƐ ĂƌĞ ĞǀĂůƵĂƚĞĚ ĨŽƌ ĐŽǀĞƌĂŐĞ ŽƉƚŝŽŶƐ ĂŶĚ ƌĞŶĞǁĞĚ ĂƐ ŶĞĞĚĞĚ͘ dŚĞ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ &ƵŶĚ ;ĂůƐŽ ŬŶŽǁŶ ĂƐ ƚŚĞ ^ĞůĨͲ/ŶƐƵƌĂŶĐĞ &ƵŶĚͿ ƉƌŽǀŝĚĞƐ ĐŽǀĞƌĂŐĞ ĨŽƌ ŵŽƐƚ ŽĨ ƚŚĞ ŝƚLJΖƐ ĞdžƉŽƐƵƌĞƐ ŝŶĐůƵĚŝŶŐ ŐĞŶĞƌĂů ůŝĂďŝůŝƚLJ͕ ǁŽƌŬĞƌƐ͛ ĐŽŵƉĞŶƐĂƚŝŽŶ͕ ĞŵƉůŽLJĞƌΖƐ ůŝĂďŝůŝƚLJ͕ ƉŽůŝĐĞ ŽĨĨŝĐĞƌ ůŝĂďŝůŝƚLJ͕ ƉƵďůŝĐ ŽĨĨŝĐŝĂů ůŝĂďŝůŝƚLJ͕ ĂƵƚŽ ůŝĂďŝůŝƚLJ͕ ĂŶĚ ĂƵƚŽ ƉŚLJƐŝĐĂů ĚĂŵĂŐĞ͘ dŚĞ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ &ƵŶĚ ƉƵƌĐŚĂƐĞƐ ƉƌŽƉĞƌƚLJ ŝŶƐƵƌĂŶĐĞ ;ŝŶĐůƵĚŝŶŐ ďŽŝůĞƌ ĂŶĚ ŵĂĐŚŝŶĞƌLJͿ͕ ƉŽůŝĐĞ ŽĨĨŝĐĞ ůŝĂďŝůŝƚLJ͕ ĂŶĚ ŵĂůƉƌĂĐƚŝĐĞ ŝŶƐƵƌĂŶĐĞ ĨŽƌ ŽƵƌ ĐůŝŶŝĐ͘ /ƚ ĂůƐŽ ĐĂƌƌŝĞƐ ĞdžĐĞƐƐ ǁŽƌŬĞƌƐ͛ ĐŽŵƉĞŶƐĂƚŝŽŶ ŝŶƐƵƌĂŶĐĞ͘ dŚĞ ŝƚLJ ŐĞŶĞƌĂůůLJ ŚĂƐ ǀĞƌLJ ŚŝŐŚ ĚĞĚƵĐƚŝďůĞƐ Žƌ ƐĞůĨͲŝŶƐƵƌĂŶĐĞ ƌĞƐĞƌǀĞƐ ǁŝƚŚ ƉƵƌĐŚĂƐĞĚ ĐŽǀĞƌĂŐĞ͘ ^ƚĂƚĞ ůĂǁ ƉƌŽƚĞĐƚƐ ƚŚĞ ŝƚLJ

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ǁŝƚŚ ĂŶ ŽǀĞƌĂůů ůŝĂďŝůŝƚLJ ůŝŵŝƚ ŽĨ ƵƉ ƚŽ ΨϱϬϬ͕ϬϬϬ ƉĞƌ ŽĐĐƵƌƌĞŶĐĞ͖ ƚŚĞƌĞĨŽƌĞ͕ ƚŚĞ ŝƚLJ ŚĂƐ ŶŽƚ ƉƵƌĐŚĂƐĞĚ ĞdžĐĞƐƐ ĐŽǀĞƌĂŐĞ ĨŽƌ ĂƵƚŽ Žƌ ŐĞŶĞƌĂů ůŝĂďŝůŝƚLJ͘ /Ŷ ůŝŶĞ ǁŝƚŚ ŝƚLJ ŽƵŶĐŝů WŝůůĂƌƐ ŽƵƚůŝŶĞĚ ŝŶ ƚŚĞ ϮϬϭϴ ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ͕ ƚŚĞ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ &ƵŶĚ ƐĞĞŬƐ ƚŽ ĂŶĂůLJnjĞ Ăůů ĚĞƉĂƌƚŵĞŶƚƐΖ ƉŽůŝĐŝĞƐ ĂŶĚ ĨƵŶĐƚŝŽŶƐ ƚŽ ďĞƚƚĞƌ ƵƚŝůŝnjĞ ůŽƐƐ ƉƌĞǀĞŶƚŝŽŶ ƚĞĐŚŶŝƋƵĞƐ ĂƐ ĂŶ ĞǀĞƌLJĚĂLJ ĚĞƉĂƌƚŵĞŶƚĂů ĨƵŶĐƚŝŽŶ͘ ŽŵŵŝƚŵĞŶƚ ƚŽ ^ĂĨĞƚLJ ŝƐ Ă ŝƚLJ DĂŶĂŐĞƌ /ŶŝƚŝĂƚŝǀĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ůƵĞWƌŝŶƚ ƚŽ ƌĞĚƵĐĞ ĞdžƉĞŶĚŝƚƵƌĞƐ ĨŽƌ ŝŶũƵƌŝĞƐ͕ ƉƌŽƉĞƌƚLJ ĚĂŵĂŐĞƐ͕ ĂŶĚ ůŝĂďŝůŝƚLJ ƚŚĂƚ ĚŝƌĞĐƚůLJ ĂĨĨĞĐƚƐ ƚŚĞ ŝƚLJ͛Ɛ ĂǀĂŝůĂďůĞ ĨƵŶĚƐ͘ Ŷ ĞĨĨĞĐƚŝǀĞ ĂŶĚ ĞƐƚ WƌĂĐƚŝĐĞ ^ĂĨĞƚLJ DĂŶĂŐĞŵĞŶƚ ^LJƐƚĞŵ ŝƐ ǀŝƚĂů ƚŽ ƌĞĚƵĐĞ ƚŚĞƐĞ ĞdžƉĞŶĚŝƚƵƌĞƐ͘ tŚŝůĞ ƐĂĨĞƚLJ ƉƌŽŐƌĂŵƐ ŚĂǀĞ ƉƌĞĚŝĐƚĂďůĞ ĐŽƐƚƐ͕ ĐůĂŝŵƐ ůŽƐƐĞƐ ĚŽ ŶŽƚ͘ ůĂŝŵƐ ĐŽƐƚƐ ĐĂŶ ĨůƵĐƚƵĂƚĞ Ă ŚŝŐŚ ĚĞŐƌĞĞ ĨƌŽŵ LJĞĂƌͲƚŽͲLJĞĂƌ ĚƵĞ ƚŽ ůĂƌŐĞ͕ ƐŽŵĞƚŝŵĞƐ ĐĂƚĂƐƚƌŽƉŚŝĐ͕ ůŽƐƐĞƐ͘ dŚĞ ďƵĚŐĞƚ ĨŽƌ ƚŚĞ ĨŽůůŽǁŝŶŐ ƉƌŽŐƌĂŵƐ ŝƐ ďĂƐĞĚ ŽŶ ĂǀĞƌĂŐĞƐ ĂŶĚ ƚƌĞŶĚƐ ŝŶ ĞĂĐŚ ĂƌĞĂ ŽǀĞƌ Ă ƉĞƌŝŽĚ ŽĨ ƚŝŵĞ͘

WƌŽŐƌĂŵƐ ůĂŝŵƐ DĂŶĂŐĞŵĞŶƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϯϯϰ͕ϭϱϮ hŶĚĞƌ ůĂŝŵƐ DĂŶĂŐĞŵĞŶƚ͕ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ƐƚĂĨĨ ŵĂŝŶƚĂŝŶƐ ĂĐĐƵƌĂƚĞ ĂŶĚ ŝŶĨŽƌŵĂƚŝǀĞ ĐůĂŝŵ ĨŝůĞƐ ŽŶ Ăůů ŝƚLJ ůŽƐƐĞƐ ŝŶĐůƵĚŝŶŐ ǁŽƌŬĞƌƐ͛ ĐŽŵƉĞŶƐĂƚŝŽŶ͕ ƉƌŽƉĞƌƚLJ ůŽƐƐ͕ ĂƵƚŽ ůŝĂďŝůŝƚLJ͕ ĂŶĚ ŐĞŶĞƌĂů ůŝĂďŝůŝƚLJ͘ ^ƚĂĨĨ ĂĚũƵƐƚĞƌƐ ĂŶĂůLJnjĞ ĐůĂŝŵƐ ĨŽƌ ĂĐĐƵƌĂĐLJ ĂŶĚ ǀĂůŝĚŝƚLJ͕ ŵŽŶŝƚŽƌ ĐůĂŝŵ ƉƌŽŐƌĞƐƐ͕ ĂŶĚ ĐŽŽƌĚŝŶĂƚĞ ǁŝƚŚ ĐůĂŝŵĂŶƚƐ ƚŽ ƌĞĂĐŚ ƌĞĂƐŽŶĂďůĞ ƐĞƚƚůĞŵĞŶƚƐ͘ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ĂŶĂůLJnjĞƐ ĐůĂŝŵ ŚŝƐƚŽƌLJ ĂŶĚ ůŽƐƐĞƐ ƚŽ ŝĚĞŶƚŝĨLJ ƚƌĞŶĚƐ͕ ĂŶĚ ŝŵƉůĞŵĞŶƚ ůŽƐƐ ĐŽŶƚƌŽů ŵĞĂƐƵƌĞƐ͘ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ǁŽƌŬƐ ĐŽůůĂďŽƌĂƚŝǀĞůLJ ǁŝƚŚ ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ ƚŽ ŝĚĞŶƚŝĨLJ ůŽƐƐ ƉƌĞǀĞŶƚŝŽŶ ĂŶĚ ƌĞĚƵĐƚŝŽŶ ŵĞƚŚŽĚƐ ĚĞƐŝŐŶĞĚ ƚŽ ƌĞĚƵĐĞ ŝŶũƵƌŝĞƐ͕ ĂĐĐŝĚĞŶƚƐ͕ ĂŶĚ ůŝĂďŝůŝƚLJ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ dŽƚĂů ĐůĂŝŵƐ ƉƌŽĐĞƐƐĞĚ ϲϰϳ ϲϱϬ ϲϮϱ

^ĞůĨͲ/ŶƐƵƌĂŶĐĞ 'ĞŶĞƌĂů ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϱϴϴ͕ϴϲϬ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ƚƌĂŶƐŝƚŝŽŶĞĚ ǁŽƌŬĞƌƐ͛ ĐŽŵƉĞŶƐĂƚŝŽŶ ĐůĂŝŵƐ ŚĂŶĚůŝŶŐ ƚŽ Ă ƚŚŝƌĚ ƉĂƌƚLJ ĂĚŵŝŶŝƐƚƌĂƚŽƌ ;dW Ϳ ŝŶ :ƵŶĞ ϮϬϭϳ ĨŽƌ Ăůů ŝŶũƵƌŝĞƐ ƚŚĂƚ ŽĐĐƵƌƌĞĚ ŽŶ Žƌ ĂĨƚĞƌ :ƵŶĞ ϭϮ͕ ϮϬϭϳ͘ /Ŷ :ĂŶƵĂƌLJ ϮϬϭϵ͕ Ăůů ǁŽƌŬĞƌƐ͛ ĐŽŵƉĞŶƐĂƚŝŽŶ ĐůĂŝŵƐ ǁĞƌĞ ƚƌĂŶƐĨĞƌƌĞĚ ƚŽ ƚŚĞ dW ͘ dŚŝƐ ĐŚĂŶŐĞ ŝƐ ĞdžƉĞĐƚĞĚ ƚŽ ƌĞĚƵĐĞ ǁŽƌŬĞƌƐ͛ ĐŽŵƉĞŶƐĂƚŝŽŶ ĐůĂŝŵƐ ĐŽƐƚƐ ďLJ ďĞƚƚĞƌ ƵƚŝůŝnjŝŶŐ ŶĞƚǁŽƌŬ ƐĂǀŝŶŐƐ ĂŶĚ ĂƉƉůLJŝŶŐ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ƚŽ ŵŽƌĞ ĞĨĨŝĐŝĞŶƚůLJ ƉƌŽǀŝĚĞ ĐŽƐƚ ĐŽŶƚƌŽů ŵĞĂƐƵƌĞƐ͘ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ĐŽŶƚŝŶƵĞƐ ƚŽ ƌĞĐĞŝǀĞ ĂŶĚ ƉƌŽĐĞƐƐ ƚŚĞ ŝŶũƵƌLJ ĐůĂŝŵƐ ĨƌŽŵ ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ ďĞĨŽƌĞ ƚƌĂŶƐĨĞƌƌŝŶŐ ƚŚĞ ĐůĂŝŵ ƚŽ ŽƵƌ dW ͘ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ĂůƐŽ ĐŽŶƚŝŶƵĞƐ ƚŽ ĐŽŽƌĚŝŶĂƚĞ ƌĞƚƵƌŶͲƚŽͲǁŽƌŬ ĂŶĚ ŵŽĚŝĨŝĞĚ ĚƵƚLJ ǁŝƚŚ ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ͘ ŵĂũŽƌ ƉĂƌƚ ŽĨ ƚŚĞ ŝƚLJ͛Ɛ ǁŽƌŬĞƌƐ͛ ĐŽŵƉĞŶƐĂƚŝŽŶ ƉƌŽŐƌĂŵ ŝƐ ĞŵƉůŽLJĞĞ ƐĂĨĞƚLJ͘ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ŽǀĞƌƐĞĞƐ ĞŵƉůŽLJĞĞ ƐĂĨĞƚLJ ŝŶŝƚŝĂƚŝǀĞƐ ĂŶĚ ƉƌŽǀŝĚĞƐ ƐĂĨĞƚLJ ĂŶĚ ŚĞĂůƚŚ ƚƌĂŝŶŝŶŐ ƚŽ Ăůů ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ^ĂĨĞƚLJ ĨŽŽƚǁĞĂƌ ƉƵƌĐŚĂƐĞĚ ^ĂĨĞƚLJ ĞLJĞǁĞĂƌ ƉƵƌĐŚĂƐĞĚ ŵƉůŽLJĞĞƐ dƌĂŝŶĞĚ͗ WZͲĨŝƌƐƚ ĂŝĚͲ ϭ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϳϵϳ ϭϳ Ϯϭϲ

258

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϴϬϱ Ϯϱ ϲϬ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϴϭϬ Ϯϱ ϲϬ

&ŽƌŬůŝĨƚ ƚƌĂŝŶŝŶŐ :Žď ƐĂĨĞƚLJ ŽďƐĞƌǀĂƚŝŽŶϮ /ŶĐŝĚĞŶƚ ŝŶǀĞƐƚŝŐĂƚŝŽŶϯ ϭϮ ŽĚĞƐ ŽĨ ^ĂĨĞ WƌĂĐƚŝĐĞ ĞƉƚ ƐƚƌĞƚĐŚŝŶŐ ƉƌŽŐƌĂŵƐ ƌƵŐ ĂŶĚ ĂůĐŽŚŽů ƚĞƐƚŝŶŐϰ

ϰϬ ϭϮ ϴ ϲϬϬ ϭϬ ϵϱ

Ϯϰ ϭϬϬ ϯϬ ϱϬϬ ϭϮ ϭϲϬ

Ϯϰ ϮϬϬ ϱϱ ϱϬϬ ϮϬ ϮϬϬ

ϭ

ƵƌŝŶŐ ϮϬϭϳ͕ Ăůů ŝƚLJ ĞŵƉůŽLJĞĞƐ ǁĞƌĞ ƌĞƚƌĂŝŶĞĚ ŽŶ ƚŚŝƐ ƐƵďũĞĐƚ ĂƐ Ă ƌĞĨƌĞƐŚĞƌ͘ EĞǁͲŚŝƌĞƐ ĂƌĞ ƚƌĂŝŶĞĚ ĚƵƌŝŶŐ ŽƌŝĞŶƚĂƚŝŽŶ͘ Ϯ :^K ŝƐ Ă ƉƌŝŽƌŝƚLJ ĨŽƌ ƚŚĞ ^ĂĨĞƚLJ ŽŽƌĚŝŶĂƚŽƌ ĂŶĚ ƚŚĞ ĨƌĞƋƵĞŶĐLJ ŽĨ :^K ŚĂƐ ďĞĞŶ ƐƵďƐƚĂŶƚŝĂůůLJ ŝŶĐƌĞĂƐĞĚ͘ ϯ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ƐƚĂĨĨ ǁŝůů ƐƵďƐƚĂŶƚŝĂůůLJ ŝŶĐƌĞĂƐĞ ŝŶĐŝĚĞŶƚ ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ ŝŶ &z ϮϬϭϵͲϮϬ͘ ϰ ƌƵŐ ĂŶĚ ĂůĐŽŚŽů ƚĞƐƚŝŶŐ ŚĂƐ ďĞĞŶ ŝŶĐƌĞĂƐĞĚ ĚƵĞ ƚŽ &d ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ƉĞƌ ŝƚLJ ƉŽůŝĐLJ͘

hŶĞŵƉůŽLJŵĞŶƚ ůĂŝŵƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϴϬ͕ϱϭϭ dŚĞ ŝƚLJ ŝƐ ƐĞůĨͲŝŶƐƵƌĞĚ ĨŽƌ hŶĞŵƉůŽLJŵĞŶƚ ůĂŝŵƐ͘ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ĨŽƵŶĚ ƚŚĂƚ ĐŚĂŶŐŝŶŐ ƌĞŐƵůĂƚŝŽŶƐ ĨŽƌĐĞĚ ĞŵƉůŽLJĞƌƐ ƚŽ ƉƌŽǀŝĚĞ Ă ŚŝŐŚ ůĞǀĞů ŽĨ ƌĞƉƌĞƐĞŶƚĂƚŝŽŶ ĂŶĚ ĐŽŽƉĞƌĂƚŝŽŶ ǁŝƚŚ ƚŚĞ ƐƚĂƚĞ͘ Ɛ Ă ƌĞƐƵůƚ͕ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ƉĂƌƚŶĞƌĞĚ ǁŝƚŚ ƋƵŝĨĂdž tŽƌŬĨŽƌĐĞ ^ŽůƵƚŝŽŶƐ ĨŽƌ ƐĞǀĞƌĂů ƐĞƌǀŝĐĞƐ ŝŶĐůƵĚŝŶŐ ƌĞƉƌĞƐĞŶƚĂƚŝŽŶ Ăƚ ŚĞĂƌŝŶŐƐ Ăƚ Ăůů ůĞǀĞůƐ͕ ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ ĐĂƐĞƐ ĂŶĚ ƌĞƐƉŽŶƐĞƐ ŽĨ ĐŽŵƉůĞdž ĞŵƉůŽLJŵĞŶƚ ĂĐƚŝŽŶƐ ǁŝƚŚ ƚŚĞ ƐƚĂƚĞ͘ dŚĞƐĞ ĐůĂŝŵƐ ĂƌĞ ŚĂŶĚůĞĚ ďLJ ƚŚĞ ,ƵŵĂŶ ZĞƐŽƵƌĐĞƐ ĚĞƉĂƌƚŵĞŶƚ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ EƵŵďĞƌƐ ŽĨ ĐĂƐĞƐ ϲϲ ϱϮ ϱϬ WĞƌĐĞŶƚĂŐĞ ŽĨ ƉŽƐŝƚŝǀĞ ŽƵƚĐŽŵĞ ϵϳй ϵϳй ϵϳй

&ŝƌĞ ĂŶĚ džƚĞŶĚĞĚ ŽǀĞƌĂŐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕ϯϯϵ͕ϮϱϬ dŚĞ ŝƚLJ ŚĂƐ ƉƵƌĐŚĂƐĞĚ Ă WƌŽƉĞƌƚLJ /ŶƐƵƌĂŶĐĞ ƉŽůŝĐLJ ƚŚĂƚ ĐŽǀĞƌƐ Ăůů ŽĨ ƚŚĞ ŝƚLJ͛Ɛ ƉƌŽƉĞƌƚLJ͘ KŶ :ƵŶĞ ϭ͕ ϮϬϭϴ͕ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ƌĞŶĞǁĞĚ ƚŚĞ ŝŶƐƵƌĂŶĐĞ ƚŚƌŽƵŐŚ ĨĨŝůŝĂƚĞĚ &ĂĐƚŽƌLJ DƵƚƵĂů /ŶƐƵƌĂŶĐĞ͘ dŚĞƌĞ ŝƐ ŶŽǁ Ă ϱй ǁŝŶĚ ĂŶĚ ŚĂŝů ĚĞĚƵĐƚŝďůĞ ƉĞƌ ůŽĐĂƚŝŽŶ͕ ǁŝƚŚ Ă ƉŽůŝĐLJ ůŝŵŝƚ ŽĨ ΨϲϬϬ͕ϬϬϬ͕ϬϬϬ ƉĞƌ ŽĐĐƵƌƌĞŶĐĞ͘ &Žƌ ůŽƐƐĞƐ ůĞƐƐ ƚŚĂŶ ƚŚĞ ĚĞĚƵĐƚŝďůĞ͕ ƚŚĞ ĐůĂŝŵƐ ĂƌĞ ŚĂŶĚůĞĚ ŝŶͲŚŽƵƐĞ ďLJ ƚŚĞ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ĚĞƉĂƌƚŵĞŶƚ ĂƐ ƉƌŽƉĞƌƚLJ ůŽƐƐ ŽĐĐƵƌƌĞŶĐĞƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ůĂŝŵƐ WƌŽĐĞƐƐĞĚ Ϯϭ ϯϬ ϯϬ WĂŝĚ ůĂŝŵƐ Ψϭϱϴ͕ϳϵϮ Ψϰϵϴ͕Ϯϳϳϭ ΨϰϮϱ͕ϬϬϬ WƌĞŵŝƵŵ ĨŽƌ WƌŽƉĞƌƚLJ WŽůŝĐLJ ΨϵϱϬ͕ϬϬϬ Ψϰϳϳ͕ϰϵϮ ΨϵϮϬ͕ϯϴϬϮ ϭ

>ĂƌŐĞ ůŽƐƐ ĨŝƌĞ Ăƚ ƌĚĞŶ ZŽĂĚ WƵŵƉ ^ƚĂƚŝŽŶ ;ΨϮϱϬ͕ϬϬϬͿ͘ WƌĞŵŝƵŵ ŝŶĐƌĞĂƐĞ ĂŶƚŝĐŝƉĂƚĞĚ Ăƚ ƌĞŶĞǁĂů ĚƵĞ ƚŽ ĐŚĂŶŐĞƐ ŝŶ ƐƚĂƚĞͲǁŝĚĞ ŝŶƐƵƌĂŶĐĞ ůŽƐƐĞƐ ĐĂƵƐŝŶŐ ŚĂƌĚĞŶŝŶŐ ŵĂƌŬĞƚ ďLJ ĚĞĐƌĞĂƐŝŶŐ ĐŽǀĞƌĂŐĞ ĂŶĚ ŝŶĐƌĞĂƐŝŶŐ ĚĞĚƵĐƚŝďůĞƐ ĂŶĚ ƉƌĞŵŝƵŵ͘

Ϯ

259

tŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϯ͕ϬϬϯ͕ϱϮϳ tŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶ ŵĂŶĂŐĞƐ Ăůů ŽĨ ƚŚĞ ŝƚLJ͛Ɛ ǁŽƌŬƉůĂĐĞ ŝŶũƵƌŝĞƐ͘ dŚĞ ŝƚLJ ƵƚŝůŝnjĞƐ Ă dW ƚŽ ĂĚŵŝŶŝƐƚĞƌ ƚŚĞƐĞ ĐůĂŝŵƐ͘ ,ŽǁĞǀĞƌ͕ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ƐƚĂĨĨ ĐŽŶƚŝŶƵĞ ƚŽ ŵĂŶĂŐĞ ƚŚĞ ĞŵƉůŽLJĞĞƐ ŝŶǀŽůǀĞĚ ŝŶ ǁŽƌŬƉůĂĐĞ ŝŶũƵƌŝĞƐ͘ dŚŝƐ ƉƌŽŐƌĂŵ ĂůƐŽ ĨƵŶĚƐ ƚŚĞ ŵĞĚŝĐĂů ĂŶĚ ŝŶĚĞŵŶŝƚLJ ƉĂLJŵĞŶƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ǁŽƌŬƉůĂĐĞ ŝŶũƵƌŝĞƐ͘ dŚĞ tŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶ ƉƌŽŐƌĂŵ ĂůƐŽ ŝŶĐůƵĚĞƐ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ ƐĂĨĞƚLJ ƉƌŽŐƌĂŵ͘ dŚĞ ŵŝƐƐŝŽŶ ŽĨ ƚŚĞ ƐĂĨĞƚLJ ƉƌŽŐƌĂŵ ŝƐ ƚŽ ƌĞĚƵĐĞ ƚŚĞ ƌŝƐŬƐ ŽĨ ŝŶũƵƌŝĞƐ͕ ŝůůŶĞƐƐĞƐ͕ ĂŶĚ ĨĂƚĂůŝƚŝĞƐ͘ dŚĞ ƐĂĨĞƚLJ ƉƌŽŐƌĂŵ ƌĞƐƵůƚƐ ŝŶ ĐŽƐƚ ƐĂǀŝŶŐƐ ŝŶ ŶƵŵĞƌŽƵƐ ĂƌĞĂƐ͕ ŝŶĐůƵĚŝŶŐ ůŽǁĞƌ ǁŽƌŬĞƌƐ͛ ĐŽŵƉĞŶƐĂƚŝŽŶ ĐŽƐƚƐ ĂŶĚ ŽǀĞƌĂůů ŵĞĚŝĐĂů ĞdžƉĞŶƐĞƐ͕ ĨĞǁĞƌ ůŽƐƚ ǁŽƌŬ ĚĂLJƐ͕ Ă ƌĞĚƵĐƚŝŽŶ ŝŶ ƚŚĞ ĐŽƐƚƐ ƚŽ ƚƌĂŝŶ ƌĞƉůĂĐĞŵĞŶƚ ĞŵƉůŽLJĞĞƐ͕ ĂŶĚ Ă ƌĞĚƵĐƚŝŽŶ ŝŶ ŝŵƉĂĐƚ ŽŶ ĐƌĞǁ ǁŽƌŬůŽĂĚ ƌĞůĂƚĞĚ ƚŽ ŽǀĞƌƚŝŵĞ ĂŶĚ ĚŽǁŶƚŝŵĞ ĐĂƵƐĞĚ ďLJ ŝŶũƵƌŝĞƐ ĂŶĚ ƉƌŽƉĞƌƚLJ ĚĂŵĂŐĞ͘ ǁŽƌŬ ĞŶǀŝƌŽŶŵĞŶƚ ǁŝƚŚ Ă ƐƚƌŽŶŐ ^ĂĨĞƚLJ ĐƵůƚƵƌĞ ƉƌĞǀĞŶƚƐ ĂĐĐŝĚĞŶƚƐ͕ ǁŚŝĐŚ ƌĞƐƵůƚƐ ŝŶ ŝŵƉƌŽǀĞĚ ƉƌŽĚƵĐƚŝǀŝƚLJ ĂŶĚ ĞŵƉůŽLJĞĞ ƐĂƚŝƐĨĂĐƚŝŽŶ͘ dŚĞ /ŶũƵƌLJ /ŶĐŝĚĞŶƚ ZĂƚĞ ŝƐ ƚŚĞ ŶƵŵďĞƌ ŽĨ ŝŶũƵƌŝĞƐ ƉĞƌ ϭϬϬ ĨƵůůͲƚŝŵĞ ĞŵƉůŽLJĞĞƐ͖ ƚŚĞ ĂǀĞƌĂŐĞ ĨŽƌ WƵďůŝĐ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝƐ ϲ͘ϱ ĂƐ ƉƌŽǀŝĚĞĚ ďLJ EŽƌƚŚ ŵĞƌŝĐĂŶ /ŶĚƵƐƚƌLJ ůĂƐƐŝĨŝĐĂƚŝŽŶ ^LJƐƚĞŵ ;E / ^Ϳ͕ ϮϬϭϳ͘ ĚĚƌĞƐƐŝŶŐ ƚŚĞ ŝƚLJ͛Ɛ /ŶũƵƌLJ /ŶĐŝĚĞŶƚ ZĂƚĞ ĨĂůůƐ ŝŶ ůŝŶĞ ǁŝƚŚ ƚŚĞ ŝƚLJ DĂŶĂŐĞƌ /ŶŝƚŝĂƚŝǀĞ ŽĨ ŽŵŵŝƚŵĞŶƚ ƚŽ ^ĂĨĞƚLJ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ůĂŝŵƐ ƉĂŝĚ ΨϮ͕ϲϬϭ͕ϱϯϲ ΨϮ͕Ϯϲϳ͕ϬϬϬ ΨϮ͕Ϯϵϳ͕ϵϳϮ EƵŵďĞƌ ŽĨ ŝŶũƵƌŝĞƐ Ϯϴϲ Ϯϲϰ Ϯϲϱ ǀĞƌĂŐĞ ĐŽƐƚ ƉĞƌ ŝŶũƵƌLJ Ψϵ͕Ϭϵϲ Ψϴ͕ϱϴϳ Ψϴ͕ϲϳϮ DĞĚŝĐĂů ďŝůůƐ ƉĂŝĚ ƚŝŵĞůLJ ϵϴй ϵϵй ϭϬϬй /ŶũƵƌLJ /ŶĐŝĚĞŶƚ ZĂƚĞ ϭϭ͘ϰ ϭϭ͘Ϭ ϴ͘Ϭ

'ĞŶĞƌĂů >ŝĂďŝůŝƚLJ Θ WƌŽƉĞƌƚLJ >ŽƐƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϲϳϲ͕ϯϳϱ 'ĞŶĞƌĂů >ŝĂďŝůŝƚLJ ŝƐ ůŝĂďŝůŝƚLJ ƚŽ Ă ƚŚŝƌĚ ƉĂƌƚLJ ĨŽƌ ƚŚĞ ŝƚLJ͛Ɛ ŶĞŐůŝŐĞŶĐĞ ƚŚĂƚ ĚŽĞƐ ŶŽƚ ĂƌŝƐĞ ĨƌŽŵ ƚŚĞ ƵƐĞ ŽĨ Ă ŝƚLJ ŵŽƚŽƌ ǀĞŚŝĐůĞ͘ džĂŵƉůĞƐ ǁŽƵůĚ ďĞ ŝƚLJ ĞŵƉůŽLJĞĞƐ ĚŝŐŐŝŶŐ ƚŽ ƌĞƉĂŝƌ Ă ǁĂƚĞƌ ŵĂŝŶ ĂŶĚ ĂĐĐŝĚĞŶƚĂůůLJ ĐƵƚƚŝŶŐ ƐŽŵĞ ŽƚŚĞƌ ƐĞƌǀŝĐĞ ůŝŶĞ Žƌ ƐŽŵĞŽŶĞ ƐůŝƉƉŝŶŐ ĂŶĚ ĨĂůůŝŶŐ ŝŶ Ă ŝƚLJ ďƵŝůĚŝŶŐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ůĂŝŵƐ ƉĂŝĚ Ψϭϲϳ͕ϳϴϰ Ψϰϭϴ͕ϯϴϱ Ψϰϭϴ͕ϯϴϱ EƵŵďĞƌ ŽĨ ĐůĂŝŵƐ ϰϲ ϱϬ ϱϬ ǀĞƌĂŐĞ ĐŽƐƚ ƉĞƌ ĐůĂŝŵ Ψϭ͕ϴϰϰ Ψϰ͕ϳϮϭ Ψϰ͕ϭϴϰ

WŽůŝĐĞ WƌŽĨĞƐƐŝŽŶĂů ;>Ăǁ ŶĨŽƌĐĞŵĞŶƚ >ŝĂďŝůŝƚLJͿ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϬϬ͕Ϯϲϯ dŚĞ ŝƚLJ ŚĂƐ ŚĂĚ ůĂǁ ĞŶĨŽƌĐĞŵĞŶƚ ůŝĂďŝůŝƚLJ ĐŽǀĞƌĂŐĞ ĨŽƌ ƐĞǀĞŶ LJĞĂƌƐ͘ dŚŝƐ ŝƐ Ă ƉŽůŝĐLJ ǁŝƚŚ ŚŝŐŚ ůŝŵŝƚƐ ĨŽƌ ŝƐƐƵĞƐ ƐƵƌƌŽƵŶĚŝŶŐ ĐůĂŝŵƐ ĨŽƌ ƉĞƌƐŽŶĂů ŝŶũƵƌLJ ĂŶĚ ƉƌŽƉĞƌƚLJ ĚĂŵĂŐĞƐ ĨƌŽŵ ƉŽůŝĐĞ ĂĐƚŝŽŶƐ͘ ƵĞ ƚŽ ƚŚĞ

260

ŶĂƚŝŽŶĂů ůŝƚŝŐĂƚŝŽŶ ĂŶĚ ĐůĂŝŵƐ ƚƌĞŶĚƐ͕ ŝƚ ŝƐ ǀŝƚĂů ƚŽ ŬĞĞƉ ƚŚŝƐ ĐŽǀĞƌĂŐĞ ĨŽƌ ƉƌŽƚĞĐƚŝŽŶ ŽĨ ƚŚĞ ƐĞůĨͲŝŶƐƵƌĂŶĐĞ ĨƵŶĚ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ EƵŵďĞƌ ŽĨ ĐůĂŝŵƐ ϵ ϱ ϱ ŽƐƚ ƉĞƌ ĐůĂŝŵ Ψϰϱϱ Ψϭ͕ϬϬϬ Ψϭ͕ϬϬϬ

ƵƚŽ >ŝĂďŝůŝƚLJ ĂŶĚ WŚLJƐŝĐĂů ĂŵĂŐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϵϮϴ͕ϴϵϵ dŚŝƐ ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ƐĞůĨͲŝŶƐƵƌĂŶĐĞ ĨƵŶĚ ĐŽǀĞƌƐ Ăůů ůŽƐƐĞƐ ƚŽ ŝƚLJ ŵŽƚŽƌ ǀĞŚŝĐůĞƐ͕ ŝŶĐůƵĚŝŶŐ ŝƚLJ ƉƌŽƉĞƌƚLJ ĚĂŵĂŐĞ͕ ŝƚLJ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ĚĂŵĂŐĞ͕ ŝƚLJ ůŝĂďŝůŝƚLJ ĨŽƌ ƉĞƌƐŽŶĂů ŝŶũƵƌLJ͕ ĂŶĚ ƉƌŽƉĞƌƚLJ ĚĂŵĂŐĞƐ ƚŽ Ă ƚŚŝƌĚ ƉĂƌƚLJ͘ ůů ĐůĂŝŵƐ ĂƌĞ ŚĂŶĚůĞĚ ďLJ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ůĂŝŵƐ ƉĂŝĚ Ψϭ͕Ϯϴϳ͕ϰϳϵ Ψϵϯϯ͕ϬϳϮ Ψϭ͕ϵϭϴ͕ϯϯϲϭ EƵŵďĞƌ ŽĨ ŝŶĐŝĚĞŶƚƐ ϮϳϬ ϯϮϴ ϮϱϴϮ ǀĞƌĂŐĞ ĐŽƐƚ ƉĞƌ ŝŶĐŝĚĞŶƚ Ψϳ͕ϭϬϱ Ψϯ͕ϵϮϱ Ψϯ͕ϲϭϳ ϭ

KŶĞ ůĂƌŐĞ ĐůĂŝŵ ĨŽƌ ΨϱϬϬ͕ϬϬϬ͘ &ŝǀĞͲLJĞĂƌ ĂǀĞƌĂŐĞ͘

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ϮϬϭϳͬϭϴ ĐƚƵĂů Ψ ϱϲϳ͕ϲϲϴ ϱϴ͕ϰϮϰ Ϯ͕ϮϮϮ͕Ϯϰϴ Ϯϯ͕ϭϳϳ͕ϰϳϰ ϭϲϬ Ψ Ϯϲ͕ϬϮϱ͕ϵϳϰ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ Ψ ϲϯϬ͕Ϭϲϲ ϱϭ͕ϱϯϰ Ϯ͕Ϭϳϯ͕ϴϭϴ Ϯϯ͕ϭϰϳ͕ϳϯϮ Ͳ Ψ Ϯϱ͕ϵϬϯ͕ϭϱϬ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ ϲϰϯ͕ϵϮϴ ϮϮ͕ϯϭϰ Ϯ͕ϭϵϰ͕ϱϬϳ Ϯϲ͕ϯϯϴ͕ϲϵϰ Ͳ Ψ Ϯϵ͕ϭϵϵ͕ϰϰϯ

DŝƐƐŝŽŶ dŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ĞŶĞĨŝƚƐ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ƉƌŽǀŝĚĞƐ ƋƵĂůŝƚLJ ďĞŶĞĨŝƚƐ ƚŽ ĞŵƉůŽLJĞĞƐ ŝŶ Ă ĐŽƐƚ ĞĨĨĞĐƚŝǀĞ ŵĂŶŶĞƌ ĨŽƌ ďŽƚŚ ƚŚĞ ĞŵƉůŽLJĞĞ ĂŶĚ ĞŵƉůŽLJĞƌ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ ĞŶĞĨŝƚƐ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĚĞƉĂƌƚŵĞŶƚ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƚŚĞ ŝƚLJ͛Ɛ ŚĞĂůƚŚͲƌĞůĂƚĞĚ ƉůĂŶƐ͕ ǀŽůƵŶƚĞĞƌ ďĞŶĞĨŝƚƐ͕ ĂŶĚ ƌĞƚŝƌĞŵĞŶƚ ƉůĂŶƐ͘ ůƐŽ ƵŶĚĞƌ ƐƵƉĞƌǀŝƐŝŽŶ ŽĨ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ ĂƌĞ ƚŚĞ ŝƚLJ͛Ɛ ŵƉůŽLJĞĞ ,ĞĂůƚŚ /ŶƐƵƌĂŶĐĞ &ƵŶĚ͕ tĞůůŶĞƐƐ ůŝŶŝĐ͕ ĂŶĚ &ůĞdžŝďůĞ ^ƉĞŶĚŝŶŐ &ƵŶĚ͘ dŚĞ ĞŶĞĨŝƚƐ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĚĞƉĂƌƚŵĞŶƚ ƵƚŝůŝnjĞƐ ƚŚŝƌĚͲƉĂƌƚLJ ĂĚŵŝŶŝƐƚƌĂƚŽƌƐ ĨŽƌ ƚŚĞ ĚĞůŝǀĞƌLJ ŽĨ ĞĂĐŚ ďĞŶĞĨŝƚ͘ LJ ƵƐŝŶŐ ƚŚŝƌĚͲƉĂƌƚLJ ĂĚŵŝŶŝƐƚƌĂƚŽƌƐ͕ ƚŚĞ ŝƚLJ ĐĂŶ ĞŶƐƵƌĞ ƚŚĞ ƵƐĞ ŽĨ ĞƐƚ WƌĂĐƚŝĐĞƐ͕ ĂƉƉƌŽƉƌŝĂƚĞ ŽŶƚƌĂĐƚ DĂŶĂŐĞŵĞŶƚ ŽĨ ǀĞŶĚŽƌƐ͕ ĂŶĚ ƉƌŽǀŝĚĞ ĂĐĐĞƐƐ ƚŽ ŵŽĚĞƌŶ dĞĐŚŶŽůŽŐŝĐĂů ^ĞƌǀŝĐĞƐ ĨŽƌ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ŵĞŵďĞƌƐ͘

WƌŽŐƌĂŵƐ ĞŶĞĨŝƚƐ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϱϱ͕ϲϲϭ dŚĞ ĞŶĞĨŝƚƐ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ŽĨ Ăůů ŚĞĂůƚŚ ƌĞůĂƚĞĚ ďĞŶĞĨŝƚ ƉůĂŶƐ͕ ƚŚĞ ŝƚLJ ĂƌĞ ůŝŶŝĐ͕ ĂŶĚ ƚŚĞ ĞŵƉůŽLJĞĞ ǁĞůůŶĞƐƐ ƉƌŽŐƌĂŵ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ ƚǁŽ ƌĞƚŝƌĞŵĞŶƚ ƉůĂŶƐ ŽĨĨĞƌĞĚ ƚŽ ĞŵƉůŽLJĞĞƐ ďLJ ƚŚĞ ŝƚLJ͕ ĂƌĞ ĂĚŵŝŶŝƐƚĞƌĞĚ ďLJ ƚŚĞ ĚŝǀŝƐŝŽŶ͘

&ŝŶĂŶĐŝĂů ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ŽĨ ĞŵƉůŽLJĞĞ ďĞŶĞĨŝƚ ƉůĂŶƐ ŝƐ ƉĞƌĨŽƌŵĞĚ ŝŶ ĐŽůůĂďŽƌĂƚŝŽŶ ǁŝƚŚ ƚŚĞ ŝƚLJ͛Ɛ &ŝŶĂŶĐĞ ĞƉĂƌƚŵĞŶƚ͘ 265

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ŶŶƵĂů ƵĚŝƚ ŽĨ ĞŶƌŽůůŵĞŶƚ ƌĞĐŽƌĚƐ ǁŝůů ŝŶĚŝĐĂƚĞ ĐŽƌƌĞĐƚ ĞŶƚƌLJ ŝŶƚŽ Ăůů ƐLJƐƚĞŵƐ ŶŶƵĂů ƵĚŝƚ ŽĨ K Z ĞŶƌŽůůŵĞŶƚ ƌĞĐŽƌĚƐ ǁŝůů ŝŶĚŝĐĂƚĞ ŶŽƚŝĨŝĐĂƚŝŽŶ ďĞŝŶŐ ƐĞŶƚ ǁŝƚŚŝŶ ϭϰ ĚĂLJƐ ŽĨ ĞŵƉůŽLJĞĞ ƚĞƌŵŝŶĂƚŝŽŶ YƵĂƌƚĞƌůLJ ;ϰ ŵĞĞƚŝŶŐƐͿ ŵĞĞƚŝŶŐƐ ǁŝƚŚ ŵĞĚŝĐĂů͕ ĚĞŶƚĂů͕ ĂŶĚ ƉŚĂƌŵĂĐLJ ǀĞŶĚŽƌ ǁŝůů ŽĐĐƵƌ sŝƐŝŽŶ WůĂŶ͗ dŽƚĂů ĞŶƌŽůůĞĚ K Z ĞŶƌŽůůĞĚ dŽƚĂů ůŝǀĞƐ ĐŽǀĞƌĞĚ >ŝĨĞ /ŶƐƵƌĂŶĐĞ WůĂŶ͗ ĂƐŝĐ >ŝĨĞ KŶůLJ ^ƵƉƉůĞŵĞŶƚ WůĂŶ / ^ƵƉƉůĞŵĞŶƚ WůĂŶ // ĞƉĞŶĚĞŶƚ >ŝĨĞ ZĞƚŝƌĞĞ ϱ< ZĞƚŝƌĞĞ ϭϬ< ZĞƚŝƌĞĞ ĚĞƉĞŶĚĞŶƚ

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

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ϱϱϬ ϭ͕ϱϮϮ ϭ͕ϭϬϲ ϵϰϳ ϭϰϬ ϭϱϰ ϵϭ

ϰϵϬ ϭ͕ϱϬϳ ϭ͕Ϭϴϭ ϵϬϳ ϭϯϭ ϭϱϳ ϵϯ

ϱϭϭ ϭ͕ϱϯϯ ϭ͕Ϭϲϲ ϴϴϲ ϭϮϴ ϭϲϭ ϵϯ

,ĞĂůƚŚ WůĂŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϲ͕ϰϱϴ͕Ϯϳϭ ZĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ ŵĞĚŝĐĂů ďĞŶĞĨŝƚƐ ƚŽ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ĞŵƉůŽLJĞĞƐͬƌĞƚŝƌĞĞƐ ĂŶĚ ƚŚĞŝƌ ĞŶƌŽůůĞĚ ĚĞƉĞŶĚĞŶƚƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ĐƚŝǀĞ ĞŵƉůŽLJĞĞƐ ĞŶƌŽůůĞĚ ϭ͕ϴϬϲ ϭ͕ϴϬϵ ϭ͕ϴϰϭ ZĞƚŝƌĞĞƐ ĞŶƌŽůůĞĚ ϯϮϰ ϯϮϱ ϯϮϳ K Z ĞŶƌŽůůĞĚ Ϯ ϯ ϯ dŽƚĂů ůŝǀĞƐ ĐŽǀĞƌĞĚ ϰ͕ϳϲϭ ϰ͕ϴϱϴ ϰ͕ϴϱϴ

ĞŶƚĂů WůĂŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕ϭϴϭ͕ϴϴϵ ZĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ ĚĞŶƚĂů ďĞŶĞĨŝƚƐ ƚŽ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ĞŵƉůŽLJĞĞƐͬƌĞƚŝƌĞĞƐ ĂŶĚ ƚŚĞŝƌ ĞŶƌŽůůĞĚ ĚĞƉĞŶĚĞŶƚƐ͘

266

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ŵƉůŽLJĞĞƐ ŶƌŽůůĞĚ ZĞƚŝƌĞĞƐ ĞŶƌŽůůĞĚ K Z ĞŶƌŽůůĞĚ dŽƚĂů ůŝǀĞƐ ĐŽǀĞƌĞĚ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϭ͕ϱϰϭ ϮϮϮ ϯ ϯ͕ϵϳϳ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϭ͕ϱϴϮ ϮϮϮ ϭ ϰ͕ϭϬϬ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϭ͕ϲϰϴ ϮϮϰ ϭ ϰ͕ϮϮϯ

ŵƉůŽLJĞĞ ,ĞĂůƚŚ ĂŶĚ tĞůůŶĞƐƐ ůŝŶŝĐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϳϮϭ͕ϯϱϯ dŚĞ ŝƚLJ ĂƌĞ ĐůŝŶŝĐ͛Ɛ ŵŝƐƐŝŽŶ ŝƐ ƚŽ ƉƌŽǀŝĚĞ ƋƵĂůŝƚLJ ƉƌŝŵĂƌLJ ĐĂƌĞ ƚŽ ĞŵƉůŽLJĞĞƐ ĞŶƌŽůůĞĚ ŝŶ ƚŚĞ ŚĞĂůƚŚ ƉůĂŶ ĂŶĚ ƚŚĞŝƌ ĞŶƌŽůůĞĚ ĚĞƉĞŶĚĞŶƚƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ƉƉŽŝŶƚŵĞŶƚƐ ŬĞĚ ϲ͕ϰϲϯ ϱ͕ϭϬϯ ϰ͕ϯϳϱ ƉƉŽŝŶƚŵĞŶƚƐ ƐĞĞŶ ϱ͕ϯϰϰ ϰ͕ϭϳϯ ϯ͕ϰϰϲ ƉƉŽŝŶƚŵĞŶƚƐ ĐĂŶĐĞůůĞĚ ϰϴϵ ϯϰϱ ϯϲϵ EŽ ƐŚŽǁ ϭ͕ϭϭϵ ϵϯϬ ϵϮϴ EŽ ƐŚŽǁ ƌĂƚĞ ǁŝůů ƌĞŵĂŝŶ ůĞƐƐ ƚŚĂŶ ϭϬй ϭϳй ϭϴй Ϯϭй

ŵƉůŽLJĞĞ tĞůůŶĞƐƐ WƌŽŐƌĂŵ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϰ͕ϰϲϵ ZĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ Ă ǁĞůůŶĞƐƐ ƉƌŽŐƌĂŵ ĨŽƌ ĞůŝŐŝďůĞ ĞŵƉůŽLJĞĞƐ ƚŽ ĂƐƐŝƐƚ ǁŝƚŚ ƚŚĞ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ŽĨ ŚŝŐŚ ƌŝƐŬ ŚĞĂůƚŚ ĨĂĐƚŽƌƐ ĂŶĚ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ŚĞĂůƚŚLJ ďĞŚĂǀŝŽƌƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ůŝŐŝďůĞ ĞŵƉůŽLJĞĞƐ ǁŝůů ƉĂƌƚŝĐŝƉĂƚĞ ĂŶĚ ĐŽŵƉůĞƚĞ ǁĞůůŶĞƐƐ ƉƌŽŐƌĂŵ Ύ Ύ ϭϬϬй ΎtĞůůŶĞƐƐ ƉƌŽŐƌĂŵ ŶŽƚ ŝŶŝƚŝĂƚĞĚ

&ůĞdžŝďůĞ ^ƉĞŶĚŝŶŐ WůĂŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϱϱϳ͕ϴϬϬ

ZĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ ĨůĞdžŝďůĞ ƐƉĞŶĚŝŶŐ ĂĐĐŽƵŶƚ ďĞŶĞĨŝƚƐ ƚŽ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ĞŵƉůŽLJĞĞƐ ĂŶĚ ƚŚĞŝƌ ĞůŝŐŝďůĞ ĚĞƉĞŶĚĞŶƚƐ͘

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ϱϯϬ͕ϱϱϱ ϭ͕ϴϲϮ͕ϵϮϰ ϱϬϮ͕ϬϬϳ ϯϰϲ͕ϭϱϲ Ϯϵϱ͕ϭϮϵ ϯ͕ϵϵϭ͕ϭϮϯ ϰ͕ϲϬϳ͕ϴϱϴ ϰϯϮ͕ϰϳϬ ϵϲ͕ϯϬϯ ϰϯϬ͕Ϭϵϵ ϱϴϮ͕Ϯϲϯ ϯϯϬ͕ϭϲϴ ϳ͕Ϭϭϵ͕ϴϯϮ ϱϳϭ͕ϲϳϯ ;ϴϬͿ ϭϱϬ͕ϴϴϯ ϭϱϴ͕ϳϬϱ ϭϭ͕ϰϱϲ ϵϬ͕Ϭϭϵ Ͳ ϭϱϴ͕ϯϭϱ ϮϮ͕ϭϲϳ͕ϴϱϴ

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ƵĚŐĞƚ ŽŵƉĂƌŝƐŽŶ WĞƌƐŽŶŶĞů ^ĞƌǀŝĐĞƐ ^ƵƉƉůŝĞƐ ŽŶƚƌĂĐƚƵĂů ^ĞƌǀŝĐĞƐ KƚŚĞƌ ŚĂƌŐĞƐ ĂƉŝƚĂů KƵƚůĂLJ dŽƚĂů džƉĞŶƐĞƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů Ψ ϭ͕ϵϬϬ͕ϲϵϱ ϵϭϮ͕ϮϬϵ ϯϮϱ͕ϴϰϬ ϯϴϴ͕ϭϱϮ ϵ͕ϴϳϱ Ψ ϯ͕ϱϯϲ͕ϳϳϭ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ Ψ ϭ͕ϵϴϬ͕ϱϱϰ ϭ͕ϭϯϰ͕ϯϭϬ ϯϱϬ͕ϰϴϰ ϱϬϴ͕ϵϳϴ Ͳ Ψ ϯ͕ϵϳϰ͕ϯϮϲ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ Ϯ͕Ϭϭϰ͕ϵϯϯ ϴϴϵ͕ϭϯϱ ϯϲϯ͕Ϭϰϵ ϰϱϴ͕ϯϰϴ ϳϲ͕ϬϬϬ Ψ ϯ͕ϴϬϭ͕ϰϲϱ

DŝƐƐŝŽŶ dŽ ĞŶƌŝĐŚ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ďLJ ŚŽƐƚŝŶŐ Ă ǀĂƌŝĞƚLJ ŽĨ ĞdžƉĞƌŝĞŶĐĞƐ ǁŚŝůĞ ƉƌŽǀŝĚŝŶŐ ĞdžƚƌĂŽƌĚŝŶĂƌLJ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ŝŶ ǀĞƌƐĂƚŝůĞ ĂŶĚ ŝŶǀŝƚŝŶŐ ĨĂĐŝůŝƚŝĞƐ͘

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273

WƌŽŐƌĂŵƐ ŝǀŝĐ ĞŶƚĞƌ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϱϵϮ͕ϳϱϱ /ŶĐůƵĚĞƐ ŵĂŶĂŐĞŵĞŶƚ͕ ŬŝŶŐ͕ ŵĂƌŬĞƚŝŶŐ͕ ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ŽĨĨŝĐĞ͘ ůů ƚƌĂǀĞů͕ ƚƌĂŝŶŝŶŐ͕ ƉƌŽĨĞƐƐŝŽŶĂů ĚĞǀĞůŽƉŵĞŶƚ͕ ĂŶĚ ĂƐƐŽĐŝĂƚĞĚ ĞdžƉĞŶƐĞƐ ĂƌĞ ŝŶĐůƵĚĞĚ ŝŶ ĚŵŝŶŝƐƚƌĂƚŝŽŶ͘ ŝǀŝĐ ĞŶƚĞƌ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ŚĂƐ Ă ƚŽƚĂů ŽĨ ĨŝǀĞ ĨƵůůͲƚŝŵĞ ƉŽƐŝƚŝŽŶƐ͘

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ &ĂĐĞŬ ůŝŬĞƐ tĞďƐŝƚĞ hŶŝƋƵĞ sŝƐŝƚŽƌƐ ;ĐƵŵƵůĂƚŝǀĞ ϭϮͲ ŵŽŶƚŚ ƚŽƚĂůͿ 'ƵĞƐƚ ƐƵƌǀĞLJ ŽǀĞƌĂůů ƌĂƚŝŶŐ ;ŵĞĞƚ Žƌ ĞdžĐĞĞĚ ĞdžƉĞĐƚĂƚŝŽŶƐͿ

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ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϲϬϬ ϭ͕ϰϬϬ ϲϮϱ͕ϬϬϬ ϲϬ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϲϮϱ ϭ͕ϰϮϱ ϲϮϱ͕ϬϬϬ ϲϱ

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Ždž KĨĨŝĐĞ ĚďĂ ƉĂŶŚĂŶĚůĞƚŝĐŬĞƚƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϯϲϮ͕ϳϵϳ /ŶĐůƵĚĞƐ Ăůů ĞdžƉĞŶƐĞƐ ĂŶĚ ƌĞǀĞŶƵĞƐ ĚŝƌĞĐƚůLJ ĂƚƚƌŝďƵƚĞĚ ƚŽ ŽƉĞƌĂƚŝŶŐ ƉĂŶŚĂŶĚůĞƚŝĐŬĞƚƐ͕ Ă ĨƵůůͲƐĞƌǀŝĐĞ ƌĞŐŝŽŶĂů ďŽdž ŽĨĨŝĐĞ ǁŝƚŚ ŽƵƚůĞƚƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ dĞdžĂƐ WĂŶŚĂŶĚůĞ͘ WĞƌƐŽŶŶĞů ƚŽƚĂůƐ ŝŶĐůƵĚĞ ƚŚƌĞĞ ĨƵůůͲƚŝŵĞ ĂŶĚ ŶŝŶĞ ƉĂƌƚͲƚŝŵĞ ƉŽƐŝƚŝŽŶƐ͘

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ WĂŶŚĂŶĚůĞƚŝĐŬĞƚƐ &ĂĐĞŬ ůŝŬĞƐ dŽƚĂů dŝĐŬĞƚƐ ŝƐƐƵĞĚ dŝĐŬĞƚƐ ŝƐƐƵĞĚ ǀŝĂ ǁĞďƐŝƚĞ й dŝĐŬĞƚƐ ŝƐƐƵĞĚ ǀŝĂ ŽƵƚůĞƚƐ й

ϮϬϭϳͬϭϴ ĐƚƵĂů ϴ͕ϮϬϯ ϮϬϮ͕ϳϬϭ Ϯϲй ϲй

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ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϵ͕ϮϬϬ ϮϬϬ͕ϬϬϬ Ϯϴй ϱй

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϵ͕ϴϬϬ ϮϬϬ͕ϬϬϬ ϯϬй ϰй

'ůŽďĞͲEĞǁƐ ĞŶƚĞƌ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϯϴϮ͕ϯϯϱ /ŶĐůƵĚĞƐ Ăůů ĐŽƐƚƐ ĂŶĚ ƌĞǀĞŶƵĞƐ ĚŝƌĞĐƚůLJ ĂƚƚƌŝďƵƚĞĚ ƚŽ ŽƉĞƌĂƚŝŽŶ ŽĨ ƚŚĞ 'ůŽďĞͲEĞǁƐ ĞŶƚĞƌ͕ ŝŶĐůƵĚŝŶŐ ƚŚƌĞĞ ĨƵůůͲƚŝŵĞ ƉĞƌƐŽŶŶĞů͘ KƚŚĞƌ ƉĞƌƐŽŶŶĞů ĂƌĞ ƐŚĂƌĞĚ ǁŝƚŚ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ KƉĞƌĂƚŝŽŶƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϴͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ dŽƚĂů η ŽĨ ƉĞƌĨŽƌŵĂŶĐĞƐ ϳϵ ϴϬ ϴϬ

ƵƚŚŽƌŝnjĞĚ WŽƐŝƚŝŽŶƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů

WĞƌŵĂŶĞŶƚ WŽƐŝƚŝŽŶƐ WĂƌƚͲƚŝŵĞ WŽƐŝƚŝŽŶƐ dŽƚĂů WŽƐŝƚŝŽŶƐ

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ĚŵŝŶŝƐƚƌĂƚŝŽŶ KƉĞƌĂƚŝŽŶƐͬ^ƉŽƌƚƐ Ždž KĨĨŝĐĞ ĚďĂ ƉĂŶŚĂŶĚůĞƚŝĐŬĞƚƐ 'ůŽďĞ EĞǁƐ

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;ϭϮϲϬͿ ƵĚŐĞƚ ŽŵƉĂƌŝƐŽŶ WĞƌƐŽŶŶĞů ^ĞƌǀŝĐĞƐ ^ƵƉƉůŝĞƐ ŽŶƚƌĂĐƚƵĂů ^ĞƌǀŝĐĞƐ KƚŚĞƌ ŚĂƌŐĞƐ /ŶƚĞƌ ZĞŝŵďƵƌƐĞŵĞŶƚƐ dŽƚĂů džƉĞŶƐĞƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů Ψ ϯ͕Ϭϱϴ͕ϵϱϬ ϲϱϵ͕ϱϴϵ ϭϰϳ͕ϭϯϬ ϭϰϴ͕ϳϬϵ ;Ϯϯ͕ϮϱϱͿ Ψ ϯ͕ϵϵϭ͕ϭϮϯ

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ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ ϯ͕Ϭϵϳ͕ϱϱϰ ϲϵϳ͕ϮϯϮ ϭϳϬ͕ϵϵϭ ϭϲϮ͕ϳϮϰ ;ϮϮ͕ϯϯϲͿ Ψ ϰ͕ϭϬϲ͕ϭϲϱ

DŝƐƐŝŽŶ dŚĞ ŵŝƐƐŝŽŶ ŽĨ ƚŚĞ ŵĂƌŝůůŽ WƵďůŝĐ >ŝďƌĂƌLJ ŝƐ ƚŽ ĞŶŚĂŶĐĞ ŬŶŽǁůĞĚŐĞ͕ ĞŵƉŽǁĞƌ ŝŶĚŝǀŝĚƵĂůƐ͕ ĂŶĚ ĞŶƌŝĐŚ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ ŵĂƌŝůůŽ WƵďůŝĐ >ŝďƌĂƌLJ ƐLJƐƚĞŵ͕ ĐŽŶƐŝƐƚŝŶŐ ŽĨ ĨŝǀĞ ƉŚLJƐŝĐĂů ůŽĐĂƚŝŽŶƐ ĂŶĚ ĂŶ ŝŶƚĞƌĂĐƚŝǀĞ ǁĞďƐŝƚĞ͕ ƐƚƌŝǀĞƐ ƚŽ ƉƌŽǀŝĚĞ Ă ĐĞŶƚƌĂů ƐŽƵƌĐĞ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ͕ ŵĂƚĞƌŝĂůƐ͕ ĂŶĚ ƐĞƌǀŝĐĞƐ ĨŽƌ ĐŝƚŝnjĞŶƐ ŽĨ Ăůů ĂŐĞƐ͘ dŚŝƐ ƉƌŝŵĂƌLJ ƉƵƌƉŽƐĞ ĂůŝŐŶƐ ǁŝƚŚ ĂƐƉŝƌĂƚŝŽŶƐ ĨŽƌ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ƐĞƚ ĨŽƌƚŚ ŝŶ ƚŚĞ ,ŝŐŚůLJ ĚƵĐĂƚĞĚ WŽƉƵůĂƚŝŽŶ ŽƵŶĐŝů WŝůůĂƌ ŝŶ ƚŚĞ ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ͘ DĂŶĂŐŝŶŐ Ă ĐŽůůĞĐƚŝŽŶ ĐŽŵƉƌŝƐĞĚ ŽĨ ĂůŵŽƐƚ ŚĂůĨ Ă ŵŝůůŝŽŶ ŝƚĞŵƐ͕ ƚŚĞ >ŝďƌĂƌLJ ĂĐƋƵŝƌĞƐ ŵĂƚĞƌŝĂůƐ ĂŶĚ ŽŶůŝŶĞ ƌĞƐŽƵƌĐĞƐ ŝŶƚĞŶĚĞĚ ƚŽ ƐƵƉƉŽƌƚ ůŝĨĞůŽŶŐ ůĞĂƌŶŝŶŐ͖ ƐŬŝůůƐ ĂƚƚĂŝŶŵĞŶƚ ĂŶĚ ĐĂƌĞĞƌ ĂĚǀĂŶĐĞŵĞŶƚ͖ ĐƵůƚƵƌĂů ƉƵƌƐƵŝƚƐ͖ ŚŝƐƚŽƌŝĐĂů ƌĞƐĞĂƌĐŚ͖ ůĞŝƐƵƌĞ ƌĞĂĚŝŶŐ͕ ůŝƐƚĞŶŝŶŐ ĂŶĚ ǀŝĞǁŝŶŐ͖ ĂŶĚ ĞĂƌůLJ ůŝƚĞƌĂĐLJ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ƐĐŚŽŽů ƌĞĂĚŝŶĞƐƐ͘ WƌŽŐƌĂŵƐ ƐƉĞĐŝĨŝĐĂůůLJ ĚĞƐŝŐŶĞĚ ƚŽ ƉƌŽŵŽƚĞ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ĞĂƌůLJ ůŝƚĞƌĂĐLJ ƐŬŝůůƐ ŝŶ LJŽƵŶŐ ĐŚŝůĚƌĞŶ ĂƌĞ ŚĞůĚ ĂĐƌŽƐƐ ƚŚĞ ĨŝǀĞ ůŽĐĂƚŝŽŶƐ ϭϯ ƚŝŵĞƐ Ă ǁĞĞŬ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ŝƚ ŝƐ ĂŶƚŝĐŝƉĂƚĞĚ ƚŚĂƚ ŝŶ ƚŚĞ ƵƉĐŽŵŝŶŐ ĨŝƐĐĂů LJĞĂƌ ŵĂƌŝůůŽ WƵďůŝĐ >ŝďƌĂƌLJ ǁŝůů ĐŽŶĐůƵĚĞ ƚŚĞ ƋƵĂůŝĨŝĐĂƚŝŽŶ ƉƌŽĐĞƐƐ ŽĨ ďĞŝŶŐ ĚĞƐŝŐŶĂƚĞĚ ĂƐ ĂŶ ŽĨĨŝĐŝĂů ŵĞŵďĞƌ ŽĨ ƚŚĞ ŶĂƚŝŽŶĂů &ĂŵŝůLJ WůĂĐĞ >ŝďƌĂƌŝĞƐ ŶĞƚǁŽƌŬ͘ dŚĞ ŽǀĞƌĂůů ŐŽĂů ŽĨ &ĂŵŝůLJ WůĂĐĞ >ŝďƌĂƌŝĞƐ ŝƐ ƚŽ ĚĞǀĞůŽƉ ĂŶĚ ŝŶƐƚŝƚƵƚŝŽŶĂůŝnjĞ Ă ĨĂŵŝůLJͲ ĨƌŝĞŶĚůLJ ĞŶǀŝƌŽŶŵĞŶƚ ďLJ ƚƌĂŶƐĨŽƌŵŝŶŐ ůŝďƌĂƌŝĞƐ ŝŶƚŽ ĐŽŵŵƵŶŝƚLJ ĐĞŶƚĞƌƐ ĨŽƌ ůŝƚĞƌĂĐLJ͕ ĞĂƌůLJ ĐŚŝůĚŚŽŽĚ ĚĞǀĞůŽƉŵĞŶƚ͕ ƉĂƌĞŶƚ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ĞŶŐĂŐĞŵĞŶƚ͕ ĨĂŵŝůLJ ƐƵƉƉŽƌƚ͕ ĂŶĚ ĐŽŵŵƵŶŝƚLJ ŝŶĨŽƌŵĂƚŝŽŶ͘ ŵƉůŽLJŝŶŐ ƉƌŝŶĐŝƉůĞƐ ĂŶĚ ƉƌĂĐƚŝĐĞƐ ƐĞƚ ĨŽƌƚŚ ŝŶ ƚŚĞ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ ŽƵŶĐŝů WŝůůĂƌ͕ ƚŚĞ >ŝďƌĂƌLJ ŽĨĨĞƌƐ ŵŽƌĞ ƚŚĂŶ ϭ͕ϱϬϬ ƉƌŽŐƌĂŵƐ ĞĂĐŚ LJĞĂƌ ĂŶĚ ƉƌŽǀŝĚĞƐ Ă ǁŝĚĞ ǀĂƌŝĞƚLJ ŽĨ ƐĞƌǀŝĐĞƐ ƚŚĂƚ ůŝŶŬ ƉĞŽƉůĞ ǁŝƚŚ ƌĞƐŽƵƌĐĞƐ͕ ƉƌŽĚƵĐĞƐ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ĨŽƌ ŝŶĚŝǀŝĚƵĂů ƐĞůĨͲĚĞǀĞůŽƉŵĞŶƚ͕ ƐƵƉƉůĞŵĞŶƚƐ ĨŽƌŵĂů ĞĚƵĐĂƚŝŽŶĂů ƉƌŽŐƌĂŵƐ͕ ĂŶĚ ŝŶƐƉŝƌĞƐ ĐŝǀŝĐ ĞŶŐĂŐĞŵĞŶƚ͘ dŚĞ >ŝďƌĂƌLJ ĂůƐŽ ƉŽƐŝƚŝǀĞůLJ ŝŵƉĂĐƚƐ ůŽĐĂů ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ ĂŶĚ ZĞĚĞǀĞůŽƉŵĞŶƚ ĞĨĨŽƌƚƐ ďLJ ƉƌŽǀŝĚŝŶŐ ƚŽŽůƐ ĂŶĚ ĂƐƐŝƐƚĂŶĐĞ ƚŚĂƚ ďŽůƐƚĞƌ ǁŽƌŬĨŽƌĐĞ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ƐƵƉƉŽƌƚ ƐŵĂůů ďƵƐŝŶĞƐƐĞƐ͘

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dŽ ĂĐŚŝĞǀĞ ƚŚĞ ŚŝŐŚĞƐƚ ƉĞƌĨŽƌŵĂŶĐĞ ůĞǀĞůƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ŽďũĞĐƚŝǀĞƐ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ŽƵƚůŝŶĞĚ ĂďŽǀĞ͕ ƚŚĞ ŵĂƌŝůůŽ WƵďůŝĐ >ŝďƌĂƌLJ ŵĞĂƐƵƌĞƐ ŝƚƐ ŽƉĞƌĂƚŝŽŶƐ ĂŐĂŝŶƐƚ ďĞŶĐŚŵĂƌŬƐ ƉƌŽǀŝĚĞĚ ďLJ ƚǁŽ ŵĂũŽƌ ĂƐƐĞƐƐŽƌƐ ŝŶ ƚŚĞ ƐƚĂƚĞ͗ ƚŚĞ dĞdžĂƐ ^ƚĂƚĞ >ŝďƌĂƌLJ ĂŶĚ ƌĐŚŝǀĞƐ ŽŵŵŝƐƐŝŽŶ ;d^> Ϳ ĂŶĚ ƚŚĞ dĞdžĂƐ DƵŶŝĐŝƉĂů >ŝďƌĂƌLJ ŝƌĞĐƚŽƌƐ ƐƐŽĐŝĂƚŝŽŶ ;dD> Ϳ͘ zĞĂƌůLJ ĂĐĐƌĞĚŝƚĂƚŝŽŶ ƚŚƌŽƵŐŚ d^> ƋƵĂůŝĨŝĞƐ dĞdžĂƐ ƉƵďůŝĐ ůŝďƌĂƌŝĞƐ ĨŽƌ ƐĞǀĞƌĂů ƉƌŽŐƌĂŵƐ ĂǀĂŝůĂďůĞ ƚŚƌŽƵŐŚ ƐƚĂƚĞ ĂŶĚ ĨĞĚĞƌĂů ĨƵŶĚŝŶŐ͕ ƐƵĐŚ ĂƐ ƚŚĞ dĞdž^ŚĂƌĞ ĐĂƌĚ͕ ƚŚĞ dĞdž^ŚĂƌĞ ƐƵďƐĐƌŝƉƚŝŽŶ ĚĂƚĂďĂƐĞƐ͕ ƚŚĞ /ŶƚĞƌůŝďƌĂƌLJ >ŽĂŶ ƐLJƐƚĞŵ͕ ĂŶĚ ĐĞƌƚĂŝŶ ĐŽŵƉĞƚŝƚŝǀĞ ŐƌĂŶƚƐ͘ /Ŷ ŽƌĚĞƌ ƚŽ ďĞ ĂĐĐƌĞĚŝƚĞĚ͕ ůŝďƌĂƌŝĞƐ ŵƵƐƚ ĚĞŵŽŶƐƚƌĂƚĞ ǀŝĂ ĂŶ ĂŶŶƵĂů ƌĞƉŽƌƚ ƚŚĂƚ ƚŚĞLJ ŵĞĞƚ ĐƌŝƚĞƌŝĂ ŝŶ ƐĞǀĞƌĂů ĐĂƚĞŐŽƌŝĞƐ͕ ŝŶĐůƵĚŝŶŐ͗ ĂĐĐĞƐƐ ƚŽ ƐĞƌǀŝĐĞƐ͕ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ĞĨĨŽƌƚ ƚŚƌŽƵŐŚ ůŽĐĂů ŽƉĞƌĂƚŝŶŐ ĞdžƉĞŶĚŝƚƵƌĞƐ ;ŵĞĞƚŝŶŐ Žƌ ĞdžĐĞĞĚŝŶŐ ƉĞƌ ĐĂƉŝƚĂ ŵŝŶŝŵƵŵƐ ƐĞƚ ďLJ ƚŚĞ ƐƚĂƚĞͿ͕ ĂŶĚ ƐƚĂĨĨ ƋƵĂůŝĨŝĐĂƚŝŽŶƐ͘ dŽ ƌĞĐĞŝǀĞ ƌĞĐŽŐŶŝƚŝŽŶ ďLJ dD> ĞĂĐŚ LJĞĂƌ͕ ƉƵďůŝĐ ůŝďƌĂƌŝĞƐ ŚĂǀĞ ƚŽ ĚĞŵŽŶƐƚƌĂƚĞ ĞdžĐĞůůĞŶĐĞ ŝŶ ƚĞŶ ĐĂƚĞŐŽƌŝĞƐ͗ ƉƌŽǀŝƐŝŽŶ ŽĨ ƐƵŵŵĞƌ ƌĞĂĚŝŶŐ ƉƌŽŐƌĂŵƐ͖ ƐĞƌǀŝĐĞ ƚŽ ƵŶĚĞƌƐĞƌǀĞĚ ƉŽƉƵůĂƚŝŽŶƐ͖ ĞŶŚĂŶĐĞĚ ƐĞƌǀŝĐĞ ĚƵƌŝŶŐ ƚŚĞ ƉĂƐƚ LJĞĂƌ ĞŝƚŚĞƌ ƚŚƌŽƵŐŚ ŝŶĐƌĞĂƐĞ ŝŶ ƐĞƌǀŝĐĞ Žƌ Ă ĐŚĂŶŐĞ ŝŶ ƚLJƉĞ ŽĨ ƐĞƌǀŝĐĞƐ͖ ĐƵƌƌĞŶƚ ŵĂƌŬĞƚŝŶŐ ŵĂƚĞƌŝĂůƐ͖ ƐƵƉƉŽƌƚ ŽĨ ǁŽƌŬĨŽƌĐĞ ĚĞǀĞůŽƉŵĞŶƚ͖ ĐƵůƚƵƌĂů͕ ƚŽƉŝĐĂů͕ ĂŶĚ ĞĚƵĐĂƚŝŽŶĂů ƉƌŽŐƌĂŵŵŝŶŐ ĨŽƌ ĂĚƵůƚƐ ĂŶĚ ĨĂŵŝůŝĞƐ͖ ůŝƚĞƌĂĐLJ ƐƵƉƉŽƌƚ͖ ĐŽůůĂďŽƌĂƚŝǀĞ ĞĨĨŽƌƚƐ ǁŝƚŚ ŽƚŚĞƌ ĐŽŵŵƵŶŝƚLJ ŽƌŐĂŶŝnjĂƚŝŽŶƐ͖ ƐƚĂĨĨ ƚƌĂŝŶŝŶŐ͖ ĂŶĚ ĚŝŐŝƚĂů ŝŶĐůƵƐŝŽŶ ĨŽƌ Ăůů͘ ŽŶƚŝŶƵŝŶŐ ƚŽ ŵĞĞƚ Žƌ ĞdžĐĞĞĚ ƚŚĞ ƋƵĂůŝĨŝĐĂƚŝŽŶƐ ƐĞƚ ĨŽƌƚŚ ďLJ d^> ĂŶĚ dD> ŶŽƚ ŽŶůLJ ƉůĂĐĞƐ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ ŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚĞ ŝƚLJ DĂŶĂŐĞƌ͛Ɛ ŝŶŝƚŝĂƚŝǀĞ ŽĨ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ĞƐƚ WƌĂĐƚŝĐĞƐ ŝŶ ƚŚĞ ůƵĞWƌŝŶƚ͕ ďƵƚ ĂůƐŽ ŚĞůƉƐ ƚŽ ĞŶƐƵƌĞ ĐŝƚŝnjĞŶƐ ĂƌĞ ďĞƚƚĞƌ ƉƌĞƉĂƌĞĚ ƚŽ ŵĞĞƚ ƚŚĞ ĐŚĂůůĞŶŐĞƐ ŽĨ Ă ƐŽĐŝĞƚLJ ŝŶĐƌĞĂƐŝŶŐůLJ ĚƌŝǀĞŶ ďLJ ƚĞĐŚŶŽůŽŐLJ ĂŶĚ ŝŶĨŽƌŵĂƚŝŽŶ͘

WƌŽŐƌĂŵƐ >ŝďƌĂƌLJ ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϲϲϱ͕ϱϵϱ WƌŽǀŝĚĞƐ ŽǀĞƌĂůů ĚĞƉĂƌƚŵĞŶƚ ůĞĂĚĞƌƐŚŝƉ͕ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ŚŝŐŚ ůĞǀĞů ƐƚƌĂƚĞŐŝĐ ƉůĂŶŶŝŶŐ ĨŽƌ ƚŚĞ >ŝďƌĂƌLJ ƐLJƐƚĞŵ͕ ĂƐ ǁĞůů ĂƐ ƚƌĂŝŶŝŶŐ ĨŽƌ ŝƚƐ ĞŵƉůŽLJĞĞƐ͘ ŶƐƵƌĞƐ ĚĞƉĂƌƚŵĞŶƚĂů ĂůŝŐŶŵĞŶƚ ǁŝƚŚ ƚŚĞ ŝƚLJ͛Ɛ ǀŝƐŝŽŶ͕ ǀĂůƵĞƐ͕ ĂŶĚ ŵŝƐƐŝŽŶ͘ ZĂŝƐĞƐ ĂǁĂƌĞŶĞƐƐ ŽĨ ůŝďƌĂƌLJ ƐĞƌǀŝĐĞƐ ĂǀĂŝůĂďůĞ ƚŽ ƚŚĞ ĐŝƚŝnjĞŶƐ ŽĨ ŵĂƌŝůůŽ ĂŶĚ ƉƌŽǀŝĚĞƐ Ϯϰͬϳ ĂĐĐĞƐƐ ƚŽ ƌĞƐŽƵƌĐĞƐ ƚŚƌŽƵŐŚ ƚŚĞ ůŝďƌĂƌLJ͛Ɛ ǁĞďƐŝƚĞ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ǀĞŶƚ EŽƚŝĨŝĐĂƚŝŽŶƐ ŵĂŝůĞĚ >ŝďƌĂƌLJ tĞďƐŝƚĞ ,ŝƚƐͬhŶŝƋƵĞ sŝƐŝƚŽƌƐ >ŝŬĞƐ ĨŽƌ W>ͬ D Ͳ KE &ĂĐĞŬ ƉĂŐĞƐ WŽƐƚƐ ƚŽ W>ͬ D Ͳ KE &ĂĐĞŬ ƉĂŐĞƐ &ŽůůŽǁĞƌƐ ĨŽƌ W> /ŶƐƚĂŐƌĂŵ ƉĂŐĞ WŽƐƚƐ ƚŽ W> /ŶƐƚĂŐƌĂŵ ƉĂŐĞ ^ƚĂĨĨ dƌĂŝŶŝŶŐ ^ĞƐƐŝŽŶƐͬdƌĂŝŶŝŶŐ ,ŽƵƌƐ ƉĞƌ &d

ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ϭϯ͕ϰϱϱ ϭϯ͕ϲϱϬ ϭϯ͕ϴϱϬ ϯϱϯ͕ϰϳϴͬϭϬϮ͕ϱϰϰ ϯϳϱ͕ϬϬϬͬϭϭϬ͕ϬϬϬ ϰϬϬ͕ϬϬϬͬϭϭϲ͕ϳϱϬ ϱ͕ϵϭϳ ϲ͕Ϯϭϱ ϲ͕ϱϮϱ ϴϭϮ ϴϰϬ ϴϳϬ ϮϬϬ ϮϰϬ Ϯϴϱ ϭϱϬ ϭϴϬ ϮϰϬ ϯϳϳ ͬ ϰ͘ϵ

ϯϴϱ ͬ ϱ

ϯϵϯ ͬ ϱ͘ϭ

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ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ Ϯ͕ϰϬϮ͕ϳϮϯ ϭ͕ϭϴϳ͕ϱϭϰ ϵϲϬ͕ϯϳϱ ϱϲ͕ϱϱϲ Ψ ϰ͕ϲϬϳ͕ϭϲϴ

DŝƐƐŝŽŶ ƵŝůĚŝŶŐ ŽƵƌ ĐŽŵŵƵŶŝƚLJ ƚŚƌŽƵŐŚ ƉĂƌŬƐ ĂŶĚ ƉƌŽŐƌĂŵƐ ďLJ ĞŶĐŽƵƌĂŐŝŶŐ ŚĞĂůƚŚ ĂŶĚ ǁĞůůŶĞƐƐ͕ ĐƌĞĂƚŝŶŐ ƉŽƐŝƚŝǀĞ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ͕ ĂŶĚ ĞŶŚĂŶĐŝŶŐ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͛Ɛ ĞĐŽůŽŐŝĐĂů ƐLJƐƚĞŵƐ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ tŝƚŚ ƚŚĞ ƐƚƌĂƚĞŐŝĐ ŵŽǀĞŵĞŶƚ ŽĨ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚƐ ŵĂƌŬĞƚŝŶŐ ĐŽŽƌĚŝŶĂƚŽƌ ĨƌŽŵ ZĞĐƌĞĂƚŝŽŶ ;ϭϴϱϬͿ ƚŽ WĂƌŬƐ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ;ϭϴϮϬͿ͕ ƚŚĞƌĞ ǁŝůů ďĞ ĂŶ ŝŶĐƌĞĂƐĞĚ ŽƉƉŽƌƚƵŶŝƚLJ ƚŽ ŵĂƌŬĞƚ ƚŚĞ ǁŽŶĚĞƌĨƵů ŵƵŶŝĐŝƉĂů ĐŽƵƌƐĞƐ ƚŚƌŽƵŐŚŽƵƚ ŵĂƌŝůůŽ͕ ƚŚĞ WĂŶŚĂŶĚůĞ ĂŶĚ ƚŚĞ ^ƚĂƚĞ ŽĨ dĞdžĂƐ͘ tŚĞƚŚĞƌ ŝƚ͛Ɛ Ă ĨŝƌƐƚ ƚŝŵĞ ŐŽůĨĞƌ Žƌ ǁĞĞŬůLJ ƉůĂLJ͕ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ 'ŽůĨ ŽƵƌƐĞƐ ŚĂǀĞ ƐŽŵĞƚŚŝŶŐ ĨŽƌ ĞǀĞƌLJŽŶĞ͘ dŚĞ ŵĂŝŶ ĨŽĐƵƐ ĨŽƌ ŐŽůĨ ƐƚĂĨĨ ŝƐ ƚŚĞ ŐĞŶĞƌĂů ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ƚŚĞ ZŽƐƐ ZŽŐĞƌƐ ĂŶĚ ŽŵĂŶĐŚĞ dƌĂŝů 'ŽůĨ ŽŵƉůĞdžĞƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ƚŚĞƐĞ ĞƐƐĞŶƚŝĂů ĨƵŶĐƚŝŽŶƐ͕ ƚŚĞ ŐŽůĨ ĚŝǀŝƐŝŽŶ ĂůƐŽ ŽĨĨĞƌƐ ƚŽƵƌŶĂŵĞŶƚƐ͕ LJŽƵƚŚ ƉƌŽŐƌĂŵƐ͕ ůĞĂŐƵĞ ƉƌŽŐƌĂŵƐ͕ ĂŶĚ ƐƉĞĐŝĂů ƉƌŽŐƌĂŵƐ ǁŚŝĐŚ ĂƌĞ ŝŶƚĞŶĚĞĚ ƚŽ ĞdžƉŽƐĞ ŐŽůĨ ƚŽ Ă ǁŝĚĞƌ ĂƵĚŝĞŶĐĞ ĂŶĚ ƉŽƐŝƚŝǀĞůLJ ĐŽŶƚƌŝďƵƚĞ ƚŽ ƚŚĞ ƋƵĂůŝƚLJ ŽĨ ůŝĨĞ ŝŶ ŵĂƌŝůůŽ͘ ůů ŽĨ ƚŚĞ ďĞĨŽƌĞ ŵĞŶƚŝŽŶĞĚ ƉƌŽŐƌĂŵƐ ĂƌĞ ǀĞƌLJ ŝŵƉŽƌƚĂŶƚ ĂŶĚ ďƌŝŶŐͬƚĞĂĐŚ ŵƵĐŚ ŵŽƌĞ ƚŚĂŶ ũƵƐƚ ŐŽůĨ ŝƚƐĞůĨ ƚŽ Ă ǁŝĚĞ ƌĂŶŐĞ ŽĨ ĞŶƚŚƵƐŝĂƐƚƐ͘ KĨƚĞŶ ƚŝŵĞƐ ŝŶ ƚŚĞ ƉĂƐƚ ǁĞ ĨŽĐƵƐĞĚͬĐŽŵŵƵŶŝĐĂƚĞĚ ŐŽůĨ͕ ďƵƚ ŐŽůĨ ďƌŝŶŐƐ ƐŽ ŵƵĐŚ ŵŽƌĞ ƚŽ ŵĞŶ͕ ǁŽŵĞŶ ĂŶĚ ĐŚŝůĚƌĞŶ ŽĨ Ăůů ĂŐĞƐ͘ KƵƌ ƐƚƌĂƚĞŐLJ ŝƐ ƚŽ ĐŽŵŵƵŶŝĐĂƚĞ ƚŚĞ ďĞŶĞĨŝƚƐ ŽĨ ƚŚĞ ŐĂŵĞ ŽĨ ŐŽůĨ͘ 'ŽůĨ ŝƐ ŽĨƚĞŶ ĚĞƐĐƌŝďĞĚ ĂƐ ĂŶ ĂĐƚŝǀŝƚLJ ĨŽƌ Ă ůŝĨĞƚŝŵĞ͘ WůĂLJŝŶŐ ƚŚĞ ŐĂŵĞ ŽĨ ŐŽůĨ ĚŽĞƐ ŶŽƚ ƌĞƋƵŝƌĞ ǀŝŐŽƌŽƵƐ ĂĐƚŝǀŝƚLJ ƐƵĐŚ ĂƐ ƌƵŶŶŝŶŐ ĂŶĚ ũƵŵƉŝŶŐ͕ ŶŽƌ ĚŽĞƐ ŝƐ ƌĞƋƵŝƌĞ Ă ŐƌĞĂƚ ĚĞĂů ŽĨ ƐƚƌĞŶŐƚŚ͘ /ƚ ƌĞƋƵŝƌĞƐ ŽŶůLJ Ă ƐĞůĨ ƉĂĐĞĚ ǁĂůŬ ǁŚŝĐŚ ŝƐ ĐŽŶƐŝĚĞƌĞĚ ƚŚĞ ŽƉƚŝŵƵŵ ĐŚŽŝĐĞ ĂƐ ŝƚ ƌĞůĂƚĞƐ ƚŽ ĞdžĞƌĐŝƐĞ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ Ă ŐŽŽĚ ǁĂůŬ͕ ƚŚĞƌĞ ĂƌĞ ƌĞŐƵůĂƌ ŝŶƚĞƌǀĂůƐ ŽĨ ďĞŶĚŝŶŐ͕ ƌĞĂĐŚŝŶŐ ĂŶĚ ƐƚƌĞƚĐŚŝŶŐ͕ ĂůƐŽ ĐŽŶƐŝĚĞƌĞĚ ǀĂůƵĂďůĞ ƚŽ ŽŶĞƐ ŚĞĂƚŚ ĂŶĚ ǁĞůů ďĞŝŶŐ͘ dŚĞƐĞ ĂĐƚŝǀŝƚŝĞƐ ĐĂŶ ďĞ ƉĞƌĨŽƌŵĞĚ ďLJ ĂůŵŽƐƚ ĂŶLJŽŶĞ Ăƚ ĂŶLJ ĂŐĞ ĂŶĚ ĐĂŶ ĐŽŶƚƌŝďƵƚĞ ƚŽ Ă ůŽŶŐĞƌ͕ ŵŽƌĞ ĞŶũŽLJĂďůĞ͕ ĂŶĚ ŚĞĂůƚŚŝĞƌ ůŝĨĞ͘ ĞƐŝĚĞ ƚŚĞ ƉŚLJƐŝĐĂů ĂƚƚƌŝďƵƚĞƐ ƚŚĂƚ ŝŵƉƌŽǀĞ ŚĞĂůƚŚ ĂŶĚ ǁĞůůŶĞƐƐ͕ ƚŚĞƌĞ ĂƌĞ ŵƵůƚŝƉůĞ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ĨŽƌ ƐŽĐŝĂů ŝŶƚĞƌĂĐƚŝŽŶƐ ǁŚŝĐŚ ĂƌĞ ĂůƐŽ ŝŵƉŽƌƚĂŶƚ ƚŽ ŽŶĞ͛Ɛ ǁĞůů ďĞŝŶŐ͘ ůŽŶŐ ƚŚŝƐ ůŝŶĞ ŐŽůĨ ŝƐ ŽĨ ǀĂůƵĞ͕ ĞƐƉĞĐŝĂůůLJ ƚŽ ƚŚĞ LJŽƵƚŚ͕ ĂƐ Ă ǀĞŚŝĐůĞ ĨŽƌ ůĞĂƌŶŝŶŐ ĚŝƐĐŝƉůŝŶĞ͕ ƌƵůĞƐ͕ ƐƉŽƌƚƐŵĂŶƐŚŝƉ ĂŶĚ ĞƚŝƋƵĞƚƚĞ͘ 'ŽůĨ ĂůƐŽ

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WƌŽŐƌĂŵƐ 'ŽůĨ KƉĞƌĂƚŝŽŶƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϰ͕ϭϰϲ͕ϰϱϬ ĨĨŝĐŝĞŶƚůLJ ĂŶĚ ĞĨĨĞĐƚŝǀĞůLJ ŽƉĞƌĂƚĞ ĂŶĚ ŵĂŝŶƚĂŝŶ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽΖƐ ŐŽůĨ ĐŽƵƌƐĞƐ ďLJ ƉƌŽǀŝĚŝŶŐ ĂŶ ĞĐŽŶŽŵŝĐĂů͕ ĐƵƐƚŽŵĞƌ ĨƌŝĞŶĚůLJ͕ ĨĂŵŝůLJͲŽƌŝĞŶƚĞĚ ĞdžƉĞƌŝĞŶĐĞ͖ ĂǁĂƌĚ ǁŝŶŶŝŶŐ ĐŽƵƌƐĞƐ͖ ĂŶĚ ŚĞĂůƚŚLJ ƌĞĐƌĞĂƚŝŽŶĂů ŽƉƉŽƌƚƵŶŝƚŝĞƐ ĨŽƌ Ăůů ĐŝƚŝnjĞŶƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ dŽƚĂů ŶŶƵĂů ZŽƵŶĚƐ ǀĞƌĂŐĞ ĂŝůLJ ZŽƵŶĚƐ ǀĞƌĂŐĞ DŽŶƚŚůLJ ZĞǀĞŶƵĞ ZĞǀĞŶƵĞ WĞƌ ZŽƵŶĚ ŽƐƚ WĞƌ ZŽƵŶĚ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϳϮ͕ϳϲϯ ϮϬϬ ΨϮϱϯ͕ϰϲϬ Ψϰϭ͘ϴϬ Ψϲϲ͘ϱϰ

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ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϳϬ͕ϴϲϭ ϭϵϱ ΨϮϰϭ͕ϰϴϲ ΨϰϬ͘ϴϵ Ψϲϴ͘ϲϰ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϳϱ͕ϬϬϬ ϮϬϳ ΨϮϱϯ͕ϳϱϬ ΨϰϬ͘ϲϬ Ψϲϵ͘ϮϮ

dŽƵƌŶĂŵĞŶƚƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϯϮϮ͕ϱϬϮ DĂƌŬĞƚ ĂŶĚ ƐŚŽǁĐĂƐĞ ŵĂƌŝůůŽ ŵƵŶŝĐŝƉĂů ŐŽůĨ ĐŽƵƌƐĞƐ͖ ƐƵƉƉŽƌƚ ĐŽŵŵƵŶŝƚLJ ĐŚĂƌŝƚŝĞƐ͖ ƉƌŽǀŝĚĞ ŵĞĂƐƵƌĂďůĞ ďĞŶĐŚŵĂƌŬ ĨŽƌ ŐŽůĨĞƌƐ͖ ĂŶĚ ĨƵƌƚŚĞƌ ƚŚĞ ŐĂŵĞ ŽĨ ŐŽůĨ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ŚĂƌŝƚLJͬdŽƵƌŶĂŵĞŶƚ ZŽƵŶĚƐ ϭϭ͕Ϭϯϵ ϭϭ͕ϰϬϬ ϭϭ͕ϰϬϬ ŚĂƌŝƚLJ ŽŶƚƌŝďƵƚŝŽŶƐ ĂĐŬ ƚŽ ƚŚĞ Ψϴϭϲ͕ϱϭϬ ΨϴϮϬ͕ϬϬϬ ΨϴϮϬ͕ϬϬϬ ŽŵŵƵŶŝƚLJ

zŽƵƚŚ WƌŽŐƌĂŵƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϰϲ͕ϬϳϮ ƌĞĂƚĞ ĨƵƚƵƌĞ ŐŽůĨĞƌƐ ƚŽ ƉƌŽŵŽƚĞ ĂŶĚ ƉƌŽƚĞĐƚ ƚŚĞ ǀŝĂďŝůŝƚLJ ŽĨ ƚŚĞ ŐĂŵĞ͘

>ĞĂŐƵĞ WƌŽŐƌĂŵ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϰϲ͕ϬϳϮ ^ƵƉƉŽƌƚ ĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ďƵƐŝŶĞƐƐ ƌĞƚĞŶƚŝŽŶ ŝŶ ŵĂƌŝůůŽ ĂƐ ǁĞůů ĂƐ ƉƌŽǀŝĚŝŶŐ ĂŶ ĞĐŽŶŽŵŝĐĂů͕ ĐƵƐƚŽŵĞƌ ĨƌŝĞŶĚůLJ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ƋƵĂůŝƚLJ ŐŽůĨ ǀĞŶƵĞ ĨŽƌ ƚŚĞ ďƵƐŝŶĞƐƐ ĐŽŵŵƵŶŝƚLJ ƚŽ ƉƌŽǀŝĚĞ ŚĞĂůƚŚͬǁĞůůŶĞƐƐ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ĨŽƌ ƚŚĞŝƌ ĞŵƉůŽLJĞĞƐ͘

^ƉĞĐŝĂů WƌŽŐƌĂŵƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϰϲ͕ϬϳϮ /ŵƉĂĐƚ ƚŚĞ ŚĞĂůƚŚ ĂŶĚ ǁĞůůŶĞƐƐ ŽĨ ǀĂƌŝŽƵƐ ƐƉĞĐŝĂů ƉŽƉƵůĂƚŝŽŶƐ Žƌ ŐƌŽƵƉƐ ŝŶ ŵĂƌŝůůŽ ĂŶĚ ƚŚĞ ĂƌĞĂ͘

ƵƚŚŽƌŝnjĞĚ WŽƐŝƚŝŽŶƐ WĞƌŵĂŶĞŶƚ WŽƐŝƚŝŽŶƐ WĂƌƚͲƚŝŵĞ WŽƐŝƚŝŽŶƐ dŽƚĂů WŽƐŝƚŝŽŶƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϯϳ ϱϲ ϵϯ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ ϯϳ ϱϲ ϵϯ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ ϯϱ ϱϲ ϵϭ

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DŝƐƐŝŽŶ ƵŝůĚŝŶŐ ŽƵƌ ĐŽŵŵƵŶŝƚLJ ƚŚƌŽƵŐŚ ƉĂƌŬƐ ĂŶĚ ƉƌŽŐƌĂŵƐ ďLJ ĞŶĐŽƵƌĂŐŝŶŐ ŚĞĂůƚŚ ĂŶĚ ǁĞůůŶĞƐƐ͕ ĐƌĞĂƚŝŶŐ ƉŽƐŝƚŝǀĞ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ͕ ĂŶĚ ĞŶŚĂŶĐŝŶŐ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͛Ɛ ĞĐŽůŽŐŝĐĂů ƐLJƐƚĞŵƐ͘

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WƌŽŐƌĂŵƐ ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϱϰϲ͕ϱϮϮ WƌŽǀŝĚĞ ŐĞŶĞƌĂů ŽǀĞƌƐŝŐŚƚ ĂŶĚ ĚŝƌĞĐƚŝŽŶ ĨŽƌ ƚŚĞ ǀĂƌŝŽƵƐ ĚŝǀŝƐŝŽŶƐ ǁŝƚŚŝŶ ƚŚĞ WĂƌŬƐ ĂŶĚ ZĞĐƌĞĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͕ ŝŶĐůƵĚŝŶŐ 'ŽůĨ͕ ZĞĐƌĞĂƚŝŽŶ͕ dĞŶŶŝƐ͕ tĂƌĨŽƌĚ ĐƚŝǀŝƚLJ ĞŶƚĞƌ͕ WĂƌŬ DĂŝŶƚĞŶĂŶĐĞ͕ ŽŽ͕ ƚŚůĞƚŝĐƐ ĂŶĚ ^ĞŶŝŽƌ ^ĞƌǀŝĐĞƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ƵĚŐĞƚ DĂŶĂŐĞĚ ;ŵŝůůŝŽŶƐͿ Ψϭϰ͘ϲ Ψϭϱ͘ϭ Ψϭϱ͘ϴ WŽƐŝƚŝŽŶƐ DĂŶĂŐĞĚ ϯϴϬ ϯϴϬ ϯϲϴ

ĞƉĂƌƚŵĞŶƚĂů ĂƉŝƚĂů /ŶǀĞƐƚŵĞŶƚ WƌŽŐƌĂŵ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭϰ͕ϱϳϰ WůĂŶ͕ ĚĞƐŝŐŶ͕ ĐŽŶƐƚƌƵĐƚ͕ ŝŶƐƉĞĐƚ͕ ĂŶĚ ŵĂŶĂŐĞ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚƐ͛ ĂƐƐĞƚƐ ĂŶĚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ dŚŝƐ ǁŝůů ŝŶĐůƵĚĞ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƚŚĞ ŶĞǁ ƐƐĞƚ DĂŶĂŐĞŵĞŶƚ ƐLJƐƚĞŵ͘

DĂƌŬĞƚŝŶŐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϯϲ͕ϰϯϱ ĨĨĞĐƚŝǀĞůLJ ĐŽŶŶĞĐƚ ĐŝƚŝnjĞŶƐ ƚŽ ƚŚĞ ƉƌŽŐƌĂŵƐ ĂŶĚ ƐĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞĚ ďLJ WĂƌŬƐ ĂŶĚ ZĞĐƌĞĂƚŝŽŶ͘ dŚŝƐ ƉŽƐŝƚŝŽŶ ǁĂƐ ƉƌĞǀŝŽƵƐůLJ ĨƵŶĚĞĚ ŝŶ ƚŚĞ ZĞĐƌĞĂƚŝŽŶ ŝǀŝƐŝŽŶ ďƵƚ ŚĂƐ ďĞĞŶ ƌĞͲĨŽĐƵƐĞĚ ŽŶ ŵĂƌŬĞƚŝŶŐ ƚŚĞ ĞŶƚŝƌĞ ƉĂƌŬƐ ĚĞƉĂƌƚŵĞŶƚ͘ dŚŝƐ ƉƌŽŐƌĂŵ ŝŶĐůƵĚĞƐ ƉƌŝŶƚŝŶŐ ŽĨ ƚŚĞ ƉĂƌŬ ŐƵŝĚĞƐ͕ ƉƌŽŐƌĂŵ ŐƵŝĚĞƐ͕ ƐŽĐŝĂů ŵĞĚŝĂ ĞŶŐĂŐĞŵĞŶƚ͕ ĞǀĞŶƚ ƉƌŽŵŽƚŝŽŶ͕ ƉƌŽŐƌĂŵ ĞŶŐĂŐĞŵĞŶƚ͕ ƌĂĚŝŽͬƚǀ ĐŽŽƌĚŝŶĂƚŝŽŶ͕ ƉƌŽŐƌĂŵ ƐƉŽŶƐŽƌƐŚŝƉƐ͕

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^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ ĨƵŶĐƚŝŽŶ ŽĨ ƚŚĞ dĞŶŶŝƐ ĚĞƉĂƌƚŵĞŶƚ ǁŝƚŚŝŶ ƚŚĞ ZĞĐƌĞĂƚŝŽŶ ^ĞƌǀŝĐĞƐ ĚŝǀŝƐŝŽŶ ŝƐ ƚŽ ƉƌŽǀŝĚĞ Ă ƋƵĂůŝƚLJ ƚĞŶŶŝƐ ĨĂĐŝůŝƚLJ ĂŶĚ ƐƵƉƉŽƌƚ ƚŚĞ dĞŶŶŝƐ WƌŽ ŝŶ ƉƌŽǀŝĚŝŶŐ ƋƵĂůŝƚLJ ƉƌŽŐƌĂŵƐ ĂŶĚ ĞǀĞŶƚƐ ƚŚĂƚ ŵĞĞƚ ƚŚĞ ŶĞĞĚƐ ŽĨ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͘ WƌŽŐƌĂŵƐ ƌĞůĂƚĞĚ ƚŽ dĞŶŶŝƐ ǁŝƚŚŝŶ ƚŚĞ ZĞĐƌĞĂƚŝŽŶ ^ĞƌǀŝĐĞƐ ĚŝǀŝƐŝŽŶ ĐŽŶƐŝƐƚ ŽĨ dĞŶŶŝƐ KƉĞƌĂƚŝŽŶƐ͕ dĞŶŶŝƐ ĚƵůƚ >ĞĂŐƵĞƐ͕ dŽƵƌŶĂŵĞŶƚƐ͕ zŽƵƚŚ WƌŽŐƌĂŵƐ͕ ĂŶĚ WŝĐŬůĞďĂůů͘ dĞŶŶŝƐ ƉƌŽŐƌĂŵŵŝŶŐ ŝƐ ŽĨĨĞƌĞĚ Ăƚ ƚŚĞ ŵĂƌŝůůŽ EĂƚŝŽŶĂů dĞŶŶŝƐ ĞŶƚĞƌ ǁŚŝĐŚ ŚĂƐ ϭϰ ŽƵƚĚŽŽƌ ůŝŐŚƚĞĚ ĐŽƵƌƚƐ͕ ĂŶĚ ϯ ŝŶĚŽŽƌ ůŝŐŚƚĞĚ ĐŽƵƌƚƐ͘ dǁŽ ŽƵƚĚŽŽƌ ĐŽƵƌƚƐ ŚĂǀĞ ďĞĞŶ ŵĂƌŬĞĚ ƚŽ ĂůůŽǁ ĨŽƌ WŝĐŬůĞďĂůů ƉůĂLJ ĂĚĚŝŶŐ ŶĞǁ ƉƌŽŐƌĂŵŵŝŶŐ ƚŽ ƚŚĞ dĞŶŶŝƐ ĞŶƚĞƌ͘ dŚĞ ďƵĚŐĞƚĞĚ ŵŽŶĞLJ ĨŽƌ dĞŶŶŝƐ ƐƵƉƉŽƌƚƐ Ăůů ŽĨ ƚŚĞ ĂďŽǀĞ ƉƌŽŐƌĂŵ ĂƌĞĂƐ͘ tŚŝůĞ ŵĂŶLJ ŽƚŚĞƌ ĚĞƉĂƌƚŵĞŶƚƐ ǁŝƚŚŝŶ ZĞĐƌĞĂƚŝŽŶ ^ĞƌǀŝĐĞƐ ŚĂƐ ďƵĚŐĞƚĞĚ ŵŽŶĞLJ ĂůůŽƚƚĞĚ ĨŽƌ ƐƉĞĐŝĨŝĐ ƉƌŽŐƌĂŵƐ͕ ƚŚĞ dĞŶŶŝƐ ĞŶƚĞƌ ĚŽĞƐ ŶŽƚ͘ dŚĞ ďƵĚŐĞƚĞĚ ŵŽŶĞLJ ŐŽĞƐ ƚŽ ƚŚĞ ĐĂƌĞ ĂŶĚ ƵƉŬĞĞƉ ŽĨ ƚĞŶŶŝƐ ĐŽƵƌƚƐ͕ ůŝŐŚƚƐ͕ ĂŶĚ ƚŚĞ ďƵŝůĚŝŶŐ ǁŚŝĐŚ ĂƌĞ ƵƚŝůŝnjĞĚ ĨŽƌ Ăůů dĞŶŶŝƐ KƉĞƌĂƚŝŽŶƐ͕ dĞŶŶŝƐ ĚƵůƚ >ĞĂŐƵĞƐ͕ dŽƵƌŶĂŵĞŶƚƐ͕ zŽƵƚŚ WƌŽŐƌĂŵƐ͕ ĂŶĚ WŝĐŬůĞďĂůů͘ dŚĞ ďƵĚŐĞƚĞĚ WĞƌƐŽŶŶĞů ^ĞƌǀŝĐĞ ŵŽŶĞLJ ŝƐ ƚŽ ƉƌŽǀŝĚĞ Ă ƉĂƌƚ ƚŝŵĞ͕ LJĞĂƌͲƌŽƵŶĚ ƐƚĂĨĨ ŵĞŵďĞƌ ƚŽ ǁŽƌŬ ƚŚĞ ĚĞƐŬ Ăƚ ƚŚĞ dĞŶŶŝƐ ĞŶƚĞƌ ƉƌŽǀŝĚŝŶŐ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ĂŶĚ ƌĞƐĞƌǀŝŶŐ ĐŽƵƌƚƐ ĨŽƌ ƵƐĂŐĞ͘ dŚĞƌĞ ŝƐ Ă ǀĞƌLJ ƐƚƌŽŶŐ ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ƚŚĞ ŵĂƌŝůůŽ ƌĞĂ dĞŶŶŝƐ ƐƐŽĐŝĂƚŝŽŶ ǁŚŝĐŚ ďƌŝŶŐƐ hŶŝƚĞĚ ^ƚĂƚĞƐ dĞŶŶŝƐ ƐƐŽĐŝĂƚŝŽŶ ƐĂŶĐƚŝŽŶĞĚ ƚŽƵƌŶĂŵĞŶƚƐ ƚŽ ƚŚĞ dĞŶŶŝƐ ĞŶƚĞƌ͘ dŚĞƌĞ ŝƐ ĂůƐŽ Ă ƐƚƌŽŶŐ ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ <ŝĚƐ /ŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƚŚĞ ůĞdž K͛ ƌŝĞŶ &ŽƵŶĚĂƚŝŽŶ ǁŚŝĐŚ ĂůůŽǁƐ ĐŚŝůĚƌĞŶ ƚŽ ůĞĂƌŶ ƚŽ ƉůĂLJ ƚĞŶŶŝƐ ŝŶ ŽƌĚĞƌ ƚŽ ĐŽŶƚŝŶƵĞ ƚŽ ŐƌŽǁ ƚŚĞ ƐƉŽƌƚ ŝŶ ƚŚĞ LJŽƵŶŐĞƌ ŐĞŶĞƌĂƚŝŽŶƐ͘ ŶĞǁ ĐŽůůĂďŽƌĂƚŝŽŶ ǁŝƚŚ ƚŚĞ ůŽĐĂů h^ WŝĐŬůĞďĂůů ƐƐŽĐŝĂƚŝŽŶ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ŝƐ ƉƌŽǀŝĚŝŶŐ WŝĐŬůĞďĂůů ůĞƐƐŽŶƐ ƚŽ ŐƌŽǁ ƚŚĞ ƐƉŽƌƚ ŝŶ Ăůů ĂŐĞ ŐƌŽƵƉƐ͘

297

WƌŽŐƌĂŵƐ dĞŶŶŝƐ KƉĞƌĂƚŝŽŶƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϳϱ͕ϯϵϮ WŽƐŝƚŝǀĞůLJ ĐŽŶƚƌŝďƵƚĞ ƚŚĞ ŵĂƌŝůůŽΖƐ ƋƵĂůŝƚLJ ŽĨ ůŝĨĞ ďLJ ĞĨĨŝĐŝĞŶƚůLJ ĂŶĚ ĞĨĨĞĐƚŝǀĞůLJ ŽƉĞƌĂƚŝŶŐ ĂŶĚ ŵĂŝŶƚĂŝŶŝŶŐ ƚŚĞ ŵĂƌŝůůŽ EĂƚŝŽŶĂů dĞŶŶŝƐ ĞŶƚĞƌ ƉƌŽǀŝĚŝŶŐ ĂŶ ĞĐŽŶŽŵŝĐĂů͕ ĐƵƐƚŽŵĞƌ ĨƌŝĞŶĚůLJ ƚĞŶŶŝƐ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ŚĞĂůƚŚLJ ƌĞĐƌĞĂƚŝŽŶĂů ŽƉƉŽƌƚƵŶŝƚŝĞƐ ĨŽƌ Ăůů ĐŝƚŝnjĞŶƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ dŽƚĂů :ƵŶŝŽƌ WƌŽŐƌĂŵ ƚƚĞŶĚĂŶĐĞ ϳ͕ϭϲϵ ϳ͕ϱϬϬ ϴ͕ϬϬϬ dŽƚĂů ^ĞŶŝŽƌ ƚƚĞŶĚĂŶĐĞ ϴϴϰ ϵϱϬ ϭ͕ϬϬϬ dŽƚĂů EƵŵďĞƌ ŽĨ dĞŶŶŝƐ >ĞƐƐŽŶƐ ϴϵϰ ϵϴϬ ϭ͕ϬϬϬ dŽƚĂů WŝĐŬůĞďĂůů ƚƚĞŶĚĂŶĐĞ Ϭ ϯϱϬΎ ϵϬϬ ŶŶƵĂů dĞŶŶŝƐ ĞŶƚĞƌ sŝƐŝƚƐ ϮϮ͕ϰϰϰ Ϯϯ͕ϬϬϬ Ϯϰ͕ϬϬϬ ΎEĞǁ ƉƌŽŐƌĂŵ ĂĚĚĞĚ ŵŝĚͲLJĞĂƌ ;:ƵŶĞ ʹ ^ĞƉƚĞŵďĞƌ ĞƐƚŝŵĂƚĞͿ ϮϬϭϴͲϭϵ

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tĂƚĞƌ ^ĂĨĞƚLJ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϲϯ͕ϳϭϴ /ŵƉƌŽǀĞ ĂŶĚ ĚĞǀĞůŽƉ ƐĂĨĞ ŐĞŶĞƌĂů ǁĂƚĞƌ ƐŬŝůůƐ͕ ƐǁŝŵŵŝŶŐ ƚĞĐŚŶŝƋƵĞ͕ ĚŝǀŝŶŐ͕ ƚĞĐŚŶŝƋƵĞ͕ ƐƵďŵĞƌŐŝŶŐ͕ ĂŶĚ ǁĂƚĞƌ ĐŽŵĨŽƌƚ ĂďŝůŝƚLJ ĨŽƌ ĐŚŝůĚƌĞŶ͕ ƚĞĞŶƐ ĂŶĚ ĂĚƵůƚƐ͘ ĂƐ ǁĞůů ĂƐ ƉƌŽǀŝĚĞ Ă ĨŽƌŵĂů ƚƌĂŝŶŝŶŐ ƉƌŽŐƌĂŵ ĨŽƌ :ƵŶŝŽƌ >ŝĨĞŐƵĂƌĚƐ͘

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DŝƐƐŝŽŶ ƵŝůĚŝŶŐ ŽƵƌ ĐŽŵŵƵŶŝƚLJ ƚŚƌŽƵŐŚ ƉĂƌŬƐ ĂŶĚ ƉƌŽŐƌĂŵƐ ďLJ ĞŶĐŽƵƌĂŐŝŶŐ ŚĞĂůƚŚ ĂŶĚ ǁĞůůŶĞƐƐ͕ ĐƌĞĂƚŝŶŐ ƉŽƐŝƚŝǀĞ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ͕ ĂŶĚ ĞŶŚĂŶĐŝŶŐ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͛Ɛ ĞĐŽůŽŐŝĐĂů ƐLJƐƚĞŵƐ͘

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,ĞĂůƚŚ ĂŶĚ tĞůůŶĞƐƐ ZĞĐƌĞĂƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϮ͕ϬϬϬ WƌŽǀŝĚĞ ƌĞĐƌĞĂƚŝŽŶ ƉƌŽŐƌĂŵƐ ĂĚĚƌĞƐƐŝŶŐ ƚŚĞ ŚĞĂůƚŚ ĂŶĚ ǁĞůůŶĞƐƐ ŽĨ Ăůů ĂŐĞƐ ĂĐƌŽƐƐ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͘

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ϮϬϭϳͬϭϴ ĐƚƵĂů Ψ ϮϮϴ͕ϭϳϴ ϲϴ͕ϯϭϲ Ϯϵ͕ϰϱϭ ϰ͕ϮϮϯ Ψ ϯϯϬ͕ϭϲϴ

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DŝƐƐŝŽŶ ƵŝůĚŝŶŐ ŽƵƌ ĐŽŵŵƵŶŝƚLJ ƚŚƌŽƵŐŚ ƉĂƌŬƐ ĂŶĚ ƉƌŽŐƌĂŵƐ ďLJ ĞŶĐŽƵƌĂŐŝŶŐ ŚĞĂůƚŚ ĂŶĚ ǁĞůůŶĞƐƐ͕ ĐƌĞĂƚŝŶŐ ƉŽƐŝƚŝǀĞ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ͕ ĂŶĚ ĞŶŚĂŶĐŝŶŐ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͛Ɛ ĞĐŽůŽŐŝĐĂů ƐLJƐƚĞŵƐ͘

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WƌŽŐƌĂŵƐ ŽŵŵƵŶŝƚLJ ĂƐĞĚ WƌŽŐƌĂŵƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϰϬϭ͕ϳϬϭ WƌŽǀŝĚĞ Ă ƐĂĨĞ͕ ƐƵƉĞƌǀŝƐĞĚ͕ ƐƚƌƵĐƚƵƌĞĚ͕ ĨƵŶ ƉƌŽŐƌĂŵ ĨŽƌ ĐŚŝůĚƌĞŶ ĂŶĚ ĂĚƵůƚƐ ƚŽ ŝŵƉƌŽǀĞ ŚĞĂůƚŚ ĂŶĚ ǁĞůůŶĞƐƐ͕ ďƵŝůĚ ƌĞůĂƚŝŽŶƐŚŝƉƐ͕ ĂŶĚ ůĞĂƌŶ ŝŵƉŽƌƚĂŶƚ ƐŬŝůůƐ͘ WƌŽǀŝĚĞ Ă ƐĂĨĞ͕ ĞĚƵĐĂƚŝŽŶĂů͕ ƐƚƌƵĐƚƵƌĞĚ ĂŶĚ ƐƵƉĞƌǀŝƐĞĚ ĞŶǀŝƌŽŶŵĞŶƚ ĨŽƌ ƐĐŚŽŽů ĂŐĞ ĐŚŝůĚƌĞŶ ĂĨƚĞƌ ƐĐŚŽŽů ĨŽĐƵƐĞĚ ŽŶ ƌĞĐƌĞĂƚŝŽŶ͕ ƐŽĐŝĂů ŐƌŽǁƚŚ͕ ĞŶƌŝĐŚŵĞŶƚ͕ ĂŶĚ ĂĐĂĚĞŵŝĐ ĂƐƐŝƐƚĂŶĐĞ͘

ZĞŶƚĂůƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϰϰ͕ϲϯϰ WƌŽǀŝĚĞ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ĂĐĐĞƐƐ ƚŽ ĂŶ ĂĨĨŽƌĚĂďůĞ ŽƉƚŝŽŶ ĨŽƌ ŶŽŶƉƌŽĨŝƚ͕ ĨĂŵŝůLJ͕ ĂŶĚ ďƵƐŝŶĞƐƐ ŵĞĞƚŝŶŐ ĂŶĚ ŐĂƚŚĞƌŝŶŐ ƐƉĂĐĞ͘

ƵƚŚŽƌŝnjĞĚ WŽƐŝƚŝŽŶƐ WĞƌŵĂŶĞŶƚ WŽƐŝƚŝŽŶƐ WĂƌƚͲƚŝŵĞ WŽƐŝƚŝŽŶƐ dŽƚĂů WŽƐŝƚŝŽŶƐ

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WƌŽŐƌĂŵƐ 'ĞŶĞƌĂů WĂƌŬ DĂŝŶƚĞŶĂŶĐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮ͕ϴϯϲ͕ϲϵϳ ĨĨŝĐŝĞŶƚůLJ ĂŶĚ ĞĨĨĞĐƚŝǀĞůLJ ŵĂŝŶƚĂŝŶ ƉĂƌŬ ůĂŶĚ͕ ƌĞůĂƚĞĚ ĂƉƉƵƌƚĞŶĂŶĐĞƐ͕ ĂŶĚ ĨĂĐŝůŝƚŝĞƐ ďĞŝŶŐ ŐŽŽĚ ƐƚĞǁĂƌĚƐ ŽĨ ƚĂdžƉĂLJĞƌƐ ƉƌĞǀŝŽƵƐ ĂŶĚ ĐƵƌƌĞŶƚ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ƉĂƌŬƐ͘

DƵŶŝĐŝƉĂů ƵŝůĚŝŶŐ DĂŝŶƚĞŶĂŶĐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϯϲϮ͕ϭϯϮ ĨĨĞĐƚŝǀĞůLJ ĂŶĚ ĞĨĨŝĐŝĞŶƚůLJ ŵĂŝŶƚĂŝŶ ůĂŶĚ͕ ƚƌĞĞƐ͕ ƐŚƌƵďƐ͕ ƉůĂŶƚƐ ĂŶĚ ƉƌŽǀŝĚĞ ƐŶŽǁ ƌĞŵŽǀĂů Ăƚ ŵƵŶŝĐŝƉĂů ĨĂĐŝůŝƚŝĞƐ ĂŶĚ ƉƌŽƉĞƌƚŝĞƐ ĂŶĚ ŝƌƌŝŐĂƚŝŽŶ ƐLJƐƚĞŵƐ Ăƚ Ăůů ĨŝƌĞ ƐƚĂƚŝŽŶƐ͘

^ƚƌĞĞƚƐĐĂƉĞ ĂŶĚ DĞĚŝĂŶ DĂŝŶƚĞŶĂŶĐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϭϮϬ͕ϳϭϭ ĨĨĞĐƚŝǀĞůLJ ĂŶĚ ĞĨĨŝĐŝĞŶƚůLJ ŵĂŝŶƚĂŝŶ ƐƚƌĞĞƚƐĐĂƉĞƐ ĂŶĚ ŵĞĚŝĂŶƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ĐŝƚLJ͘

&ŽƌĞƐƚƌLJ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϲϲϯ͕ϵϬϴ ĨĨĞĐƚŝǀĞůLJ ĂŶĚ ĞĨĨŝĐŝĞŶƚůLJ ĐĂƌĞ ĨŽƌ ƚŚĞ ϭϳ͕ϬϬϬн ƚƌĞĞƐ ůŽĐĂƚĞĚ Ăƚ ƉĂƌŬƐ͕ ƚƌĞĞ ĨĂƌŵƐ͕ ƐƚƌĞĞƚƐĐĂƉĞƐ͕ ĂŶĚ ŵƵŶŝĐŝƉĂů ĨĂĐŝůŝƚŝĞƐ͘

ŽŽ DĂŝŶƚĞŶĂŶĐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭϴϭ͕Ϭϲϲ ĨĨĞĐƚŝǀĞůLJ ĂŶĚ ĞĨĨŝĐŝĞŶƚůLJ ŵĂŝŶƚĂŝŶ ƚŚĞ ŵĂƌŝůůŽ ŽŽ ƉƌŽƉĞƌƚLJ͘

ƚŚůĞƚŝĐ &ŝĞůĚ DĂŝŶƚĞŶĂŶĐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϵϲϱ͕ϲϴϰ ĨĨĞĐƚŝǀĞůLJ ĂŶĚ ĞĨĨŝĐŝĞŶƚůLJ ŵĂŝŶƚĂŝŶ ĂƚŚůĞƚŝĐ ĨŝĞůĚƐ ƚŽ ƐƵƉƉŽƌƚ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ƚŚůĞƚŝĐ ůĞĂŐƵĞƐ ĂŶĚ ƚŽƵƌŶĂŵĞŶƚƐ ĂŶĚ zŽƵƚŚ ^ƉŽƌƚƐ ŽƌŐĂŶŝnjĂƚŝŽŶ ůĞĂŐƵĞƐ ĂŶĚ ƚŽƵƌŶĂŵĞŶƚƐ ƵƐŝŶŐ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ĨŝĞůĚƐ͘

ƋƵĂƚŝĐƐ DĂŝŶƚĞŶĂŶĐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϰϭ͕ϰϮϭ ĨĨĞĐƚŝǀĞůLJ ĂŶĚ ĞĨĨŝĐŝĞŶƚůLJ ŵĂŝŶƚĂŝŶ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ƐǁŝŵŵŝŶŐ ƉŽŽů ĨĂĐŝůŝƚŝĞƐ͘

^ƉĞĐŝĂů ǀĞŶƚƐ DĂŝŶƚĞŶĂŶĐĞ ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϰϴϮ͕ϴϰϮ WƌŽǀŝĚĞ ŵĂŝŶƚĞŶĂŶĐĞ ƐƵƉƉŽƌƚ ƚŽ ĐŽŵŵƵŶŝƚLJ ƐƉĞĐŝĂů ĞǀĞŶƚƐ ƐƉŽŶƐŽƌĞĚ ďLJ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ĂŶĚ ŽƚŚĞƌ ĐŽŵŵƵŶŝƚLJ ĞǀĞŶƚƐ ŚĞůĚ ŝŶ ĐŝƚLJ ƉĂƌŬƐ͘

314

ŝƚLJ KǁŶĞĚ WƌŽƉĞƌƚŝĞƐ ĂŶĚ hŶĚĞǀĞůŽƉĞĚ >ĂŶĚ DĂŝŶƚĞŶĂŶĐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭϴϭ͕Ϭϲϲ WƌŽǀŝĚĞ ďĂƐŝĐ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ĐŝƚLJ ŽǁŶĞĚ ƉƌŽƉĞƌƚLJ ĂŶĚ ƵŶĚĞǀĞůŽƉĞĚ ƉĂƌŬ ůĂŶĚ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ĐƚƵĂů ƐƚŝŵĂƚĞĚ tŽƌŬůŽĂĚ /ƌƌŝŐĂƚŝŽŶ ĂŶĚ ^ƉƌŝŶŬůĞƌ ZĞƉĂŝƌ tŽƌŬ ϵϵϱ ϭ͕ϯϬϬ KƌĚĞƌƐ &ĂĐŝůŝƚLJ DĂŝŶƚĞŶĂŶĐĞ tŽƌŬ KƌĚĞƌƐ ϰϬϱ ϲϬϬ ůĞĐƚƌŝĐĂů ZĞƉĂŝƌ tŽƌŬ KƌĚĞƌƐ ϭϴϵ ϮϱϬ ZĞƐƚƌŽŽŵ ĂŶĚ ƌŝŶŬŝŶŐ &ŽƵŶƚĂŝŶ ϰϭϮ ϮϬϬ ZĞƉĂŝƌƐ WůĂLJŐƌŽƵŶĚ ZĞŶŽǀĂƚŝŽŶƐ WĞƌ zĞĂƌ Ϯ ϭ dƌĞĞƐ ZĞŵŽǀĞĚ ϭϭϯ ϮϬϬ dƌĞĞƐ WůĂŶƚĞĚ ϯϳϴ ϰϬϬ 'ƌĂĨĨŝƚŝ ZĞŵŽǀĂů ϭϬϯ ϰϬϬ dŽƚĂů ƚŚůĞƚŝĐ &ŝĞůĚ ĐƌĞĂŐĞ ϭϱϵ͘ϱ ϭϱϵ͘ϱ ƚŚůĞƚŝĐ &ŝĞůĚ ĐƌĞĂŐĞ KǀĞƌͲ^ĞĞĚĞĚ ϰϬ ϰϬ ǁŝƚŚ ZLJĞ 'ƌĂƐƐ WĞƌ zĞĂƌ ĂƐĞďĂůůͬ^ŽĨƚďĂůů &ŝĞůĚ WƌĞƉ WĞƌ ϭϴϮ ϭϴϮ tĞĞŬ dŽƚĂů WĂƌŬ ĐƌĞƐ ϮϬϳϳ ϮϬϳϳ ĨĨŝĐŝĞŶĐLJ ŽƐƚ ƚŽ DĂŝŶƚĂŝŶ ϭ ĂƐĞďĂůů &ŝĞůĚ WĞƌ Ψϯϵ͕ϲϵϬ Ψϯϵ͕ϲϵϬ zĞĂƌ ŽƐƚ ƚŽ DĂŝŶƚĂŝŶ ϭ ^ŽĐĐĞƌ &ŝĞůĚ WĞƌ ΨϮϱ͕ϭϲϮ ΨϮϱ͕ϭϲϮ zĞĂƌ ŽƐƚ ƚŽ WƌĞƉ ϭ ĂƐĞďĂůů &ŝĞůĚ ĨŽƌ WůĂLJ Ψϯϭ͘ϵϲ Ψϯϭ͘ϵϲ ŽƐƚ ƚŽ DĂŝŶƚĂŝŶ ϭ ĐƌĞ ŽĨ WĂƌŬ Ψϯ͕Ϭϳϳ Ψϯ͕Ϯϱϰ WƌŽƉĞƌƚLJ ĐƌĞƐ DĂŝŶƚĂŝŶĞĚ WĞƌ tŽƌŬĞƌ Ϯϴ͘ϲϬ Ϯϴ͘ϲϯ

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ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ ϰϴϬ͕ϭϭϭ ϵϱ͕ϴϬϬ ϯϱ͕Ϯϭϳ ϭϭ͕ϲϬϴ Ψ ϲϮϮ͕ϳϯϲ

DŝƐƐŝŽŶ ƵŝůĚŝŶŐ ŽƵƌ ĐŽŵŵƵŶŝƚLJ ƚŚƌŽƵŐŚ ƉĂƌŬƐ ĂŶĚ ƉƌŽŐƌĂŵƐ ďLJ ĞŶĐŽƵƌĂŐŝŶŐ ŚĞĂůƚŚ ĂŶĚ ǁĞůůŶĞƐƐ͕ ĐƌĞĂƚŝŶŐ ƉŽƐŝƚŝǀĞ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ͕ ĂŶĚ ĞŶŚĂŶĐŝŶŐ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͛Ɛ ĞĐŽůŽŐŝĐĂů ƐLJƐƚĞŵƐ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ ƉƌŽƉŽƐĞĚ ďƵĚŐĞƚ ƉƌŽǀŝĚĞƐ ĨŽƌ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ƉƌŽŐƌĂŵƐ ŽĨ ƚŚĞ ŵĂƌŝůůŽ ŽŽ ƚŽ ƐĞƌǀĞ ƚŚĞ ĂŵĂƌŝůůŽ ĂŶĚ ĂƌĞĂ ĐŽŵŵƵŶŝƚLJ͘ ^ƉĞĐŝĨŝĐ ŽƉĞƌĂƚŝŽŶƐ ŝŶĐůƵĚĞƐ ŽŽ KƉĞƌĂƚŝŽŶƐ͕ ŽŽ ĚƵĐĂƚŝŽŶ͕ sŽůƵŶƚĞĞƌ WƌŽŐƌĂŵ͕ ^ƉĞĐŝĂů ǀĞŶƚƐ ĂŶĚ ZĞŶƚĂů ; ŝƌƚŚĚĂLJ WĂƌƚŝĞƐͿ͘ ŽŽ KƉĞƌĂƚŝŽŶƐ ŝŶĐůƵĚĞƐ ĐĂƌĞ ĨŽƌ ƚŚĞ ĂŶŝŵĂůƐ ĂŶĚ ŵĂŝŶƚĂŝŶĞŶĐĞ ŽĨ ƚŚĞ ĨĂĐŝůŝƚŝĞƐ ƌĞůĂƚĞĚ ƚŽ ĂŶŝŵĂů ĐĂƌĞ ĂƐ ǁĞůů ĂƐ ŽƉĞƌĂƚŝŽŶƐ ŽĨ ǀŝƐŝƚŽƌ ƐĞƌǀŝĐĞƐ ;ĂĚŵŝƐƐŝŽŶͬĐŽŶĐĞƐƐŝŽŶ ĂƌĞĂƐ ĂŶĚ ĞĚƵĐĂƚŝŽŶĂů ĨĂĐŝůŝƚŝĞƐͿ͘ ŽŽ ƐƚĂĨĨ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĂŶŝŵĂů ĐĂƌĞ ĂŶĚ ŵĂŶĂŐĞŵĞŶƚ͕ ĨĂĐŝůŝƚLJ ŵĂŝŶƚĞŶĂŶĐĞ͕ ĐŽŶƐĞƌǀĂƚŝŽŶ ŝŶŝƚŝĂƚŝǀĞƐ͕ ĂŶĚ ǀŝƐŝƚŽƌ ƐĞƌǀŝĐĞƐ͘ ŽŽ ƐƚĂĨĨ ƵƚŝůŝnjĞƐ Ăůů ĂǀĂŝůĂďůĞ ƌĞƐŽƵƌĐĞƐ ƚŽ ĂĐŚŝĞǀĞ Ă ŚŝŐŚ ůĞǀĞů ŽĨ ĂŶŝŵĂů ĐĂƌĞ͕ ĐƵƐƚŽŵĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ͕ ĂŶĚ ŽǀĞƌĂůů ƐĂĨĞƚLJ Ăƚ ƚŚĞ ŵĂƌŝůůŽ ŽŽ͘ dŚŝƐ ďƵĚŐĞƚ ĂĚĚƌĞƐƐĞƐ ƚŚĞ ͞ ĞƐƚ WƌĂĐƚŝĐĞ͟ ŝŶŝƚŝĂƚŝǀĞ ďLJ ƉƌŽǀŝĚŝŶŐ ĂŶĚ ƐƵƉƉŽƌƚŝŶŐ ĂĚĚŝƚŝŽŶĂů ƚĞĐŚŶŽůŽŐŝĞƐ ĂǀĂŝůĂďůĞ ƚŽ ŽŽ ƐƚĂĨĨ ƚŽ ƉƌŽǀŝĚĞ ƚŚĞ ŵŽƐƚ ĐƵƌƌĞŶƚ ƚƌĂŝŶŝŶŐ ĂǀĂŝůĂďůĞ͘ dŚĞ ŽŽ͛Ɛ ĚƵĐĂƚŝŽŶ ƉƌŽŐƌĂŵƐ ŚĂǀĞ ĚĞŵŽŶƐƚƌĂƚĞĚ ƐƵĐĐĞƐƐ ŽŶ Ă ŶƵŵďĞƌ ŽĨ ĨƌŽŶƚƐ͗ ƚŚĞ ƉŽƉƵůĂƌ KKƐĐŚŽŽů͕ KKŵŽďŝůĞ͕ dŽĚĚůĞƌƐ Ăƚ ϭϬ ĂŶĚ ^ƵŵŵĞƌ ĂŵƉ ƉƌŽŐƌĂŵƐ ƌĞŐƵůĂƌůLJ ĞdžĐĞĞĚ ĚĞŵĂŶĚ͘ WƌŽŐƌĂŵƐ ĂůŝŐŶ ǁŝƚŚ ^d D ŝŶŝƚŝĂƚŝǀĞƐ ĂŶĚ ďŽƚŚ ůŽĐĂů ĂŶĚ ŶĂƚŝŽŶĂů ďĞŶĐŚŵĂƌŬƐ ŝŶ ĐůĂƐƐƌŽŽŵ ĞĚƵĐĂƚŝŽŶ ǁŚŝĐŚ ŵĂŬĞƐ ƚŚĞ ŽŽ ƉƌŽŐƌĂŵƐ ƉŽƉƵůĂƌ ǁŝƚŚ ƌĞŐŝŽŶĂů ĞĚƵĐĂƚŽƌƐ͘ dŚĞ ŽŽ ŚĂƐ ŽĨĨĞƌĞĚ ŽǀĞƌ ϮϬ ĚŝĨĨĞƌĞŶƚ ƚŚĞŵĞ ƉƌŽŐƌĂŵƐ ĨŽƌ ƐƚƵĚĞŶƚƐ ĂŐĞƐ ƉƌĞͲ< ƚŚƌŽƵŐŚ ϭϮ͘ dŚĞ ĨŽĐƵƐ ĨŽƌ ƚŚĞ ŶĞdžƚ ĨĞǁ LJĞĂƌƐ ǁŝůů ďĞ ƚŽ ďƵŝůĚ ŽŶ ƚŚŝƐ ƐƵĐĐĞƐƐ ĂŶĚ ĐƌĞĂƚĞ Ă ĐŽŵƉĞůůŝŶŐ ůĞĂƌŶŝŶŐ ĞŶǀŝƌŽŶŵĞŶƚ ĨŽƌ ƐƚƵĚĞŶƚƐ͕ ƚĞĂĐŚĞƌƐ ĂŶĚ ǀŝƐŝƚŽƌƐ ƚŚĂƚ ŝƐ ĨƵŶ͕ ŝŶƐƉŝƌŝŶŐ ĂŶĚ ŝŶƐƚŝůůƐ Ă ƐĞŶƐĞ ŽĨ ĞŶǀŝƌŽŶŵĞŶƚĂů ƐƚĞǁĂƌĚƐŚŝƉ͘ ĐƌŝƚŝĐĂů ĐŽŵƉŽŶĞŶƚ ƚŽ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚŝƐ ŐŽĂů ŝƐ ƐĞĐƵƌŝŶŐ Ă ƌĞƉůĂĐĞŵĞŶƚ KKŵŽďŝůĞ ĨŽƌ ŽƵƌ ĂŐŝŶŐ ǀĞŚŝĐůĞ ƚŽ ĐŽŶƚŝŶƵĞ ƚŽ ŽĨĨĞƌ ƚŚĞ ŽƵƚƌĞĂĐŚ ƉƌŽŐƌĂŵ ŽƉƚŝŽŶ͘

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dŚĞ ŵĂƌŝůůŽ͛Ɛ KK ƌĞǁ sŽůƵŶƚĞĞƌ WƌŽŐƌĂŵ ƉƌŽǀŝĚĞƐ ŝŶƚĞƌĞƐƚĞĚ ŝŶĚŝǀŝĚƵĂůƐ ĂŐĞƐ ϭϯ ĂŶĚ ƵƉ ĂŶ ŽƉƉŽƌƚƵŶŝƚLJ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ njŽŽ ƚŚƌŽƵŐŚ ĚŽŶĂƚŝŽŶ ŽĨ ƚŝŵĞ ĂŶĚ ƚĂůĞŶƚƐ͘ ŽŽ ǀŽůƵŶƚĞĞƌƐ ŚĞůƉ ŝŶ Ă ǀĂƌŝĞƚLJ ŽĨ ǁĂLJƐ ŝŶĐůƵĚŝŶŐ ĂƐƐŝƐƚŝŶŐ ǁŝƚŚ ĞĚƵĐĂƚŝŽŶ ƉƌŽŐƌĂŵƐ͕ ƐƉĞĐŝĂů ĞǀĞŶƚƐ͕ ŐƵĞƐƚ ƐĞƌǀŝĐĞƐ͕ ĂŶŝŵĂů ŚƵƐďĂŶĚƌLJ ĂŶĚ ŚŽƌƚŝĐƵůƚƵƌĞ͘ KŶ ĂǀĞƌĂŐĞ ϱϬͲϲϬ ǀŽůƵŶƚĞĞƌƐ ĂƌĞ ŝŶ ƚŚĞ ƉƌŽŐƌĂŵ ǁŝƚŚ ƚŚƌĞĞ ƌĞĐƌƵŝƚŵĞŶƚͬƚƌĂŝŶŝŶŐ ĐůĂƐƐĞƐ ŽĨĨĞƌĞĚ ĞĂĐŚ LJĞĂƌ͘ KǀĞƌ ϮϬϬ ĐŽŵŵƵŶŝƚLJ ǀŽůƵŶƚĞĞƌƐ ĂƌĞ ĂůƐŽ ƌĞĐƌƵŝƚĞĚ ĨƌŽŵ ĂƌĞĂ ĐŽůůĞŐĞƐ͕ ĐůƵďƐ ĂŶĚ ďƵƐŝŶĞƐƐ ŐƌŽƵƉƐ ƚŽ ĂƐƐŝƐƚ ǁŝƚŚ ƐƉĞĐŝĂů ĞǀĞŶƚƐ ƐƵĐŚ ĂƐ KK Ăƚ ƚŚĞ ŽŽ͕ ĂƐƚĞƌ ''ͲĐŝƚĞŵĞŶƚ ĂŶĚ ŽŽ>ŝŐŚƚƐ͘ KKĐƌĞǁ ǀŽůƵŶƚĞĞƌƐ ĂƌĞ ĂůƐŽ ƵƐĞĚ ƚŽ ƐƚĂĨĨ ƚŚĞ ŽŽ ĚƵĐĂƚŝŽŶ ĞŶƚĞƌ͘ ^ƉĞĐŝĂů ĞǀĞŶƚƐ ĐŽŶƚŝŶƵĞ ƚŽ ŐƌŽǁ ĞĂĐŚ LJĞĂƌ ŝŶ ƉŽƉƵůĂƌŝƚLJ ĂŶĚ ƉƌŽǀŝĚĞ ŐƵĞƐƚƐ ŝŶĐƌĞĂƐĞĚ ŝŶĐĞŶƚŝǀĞƐ ĨŽƌ Ă ƌĞƚƵƌŶ ǀŝƐŝƚ͘ KŶ ĂǀĞƌĂŐĞ ϭϰ ƐƉĞĐŝĂů ĞǀĞŶƚƐ ĂƌĞ ŽĨĨĞƌĞĚ ĞĂĐŚ LJĞĂƌ ǁŝƚŚ Ă ǀĂƌŝĞƚLJ ŽĨ ƚŚĞŵĞƐ ŝŶĐůƵĚŝŶŐ ĂƌƚŚ ĂLJ͕ dŝŐĞƌ ŽŶƐĞƌǀĂƚŝŽŶ ĂLJ͕ /ŶĐƌĞĚŝďůĞ ĚŝďůĞ /ŶƐĞĐƚƐ ĂŶĚ ŵŽƌĞ͘ dŚƌĞĞ ĞǀĞŶƚ ƚŚĞŵĞƐ͕ KK Ăƚ ƚŚĞ ŽŽ͕ ĂƐƚĞƌ ''ͲĐŝƚĞŵĞŶƚ ĂŶĚ KKůŝŐŚƚƐ ĂƌĞ ĐŽŶƐŝĚĞƌĞĚ ŵĂũŽƌ ĞǀĞŶƚƐ ĂŶĚ ĂƌĞ ƌĞƉĞĂƚĞĚ ĞĂĐŚ LJĞĂƌ͘ ^ƉĞĐŝĂů ĞǀĞŶƚƐ ĂƌĞ ĚĞƐŝŐŶĞĚ ĨŽƌ ĨĂŵŝůŝĞƐ ƚŽ ŚĂǀĞ ĨƵŶ ůĞĂƌŶŝŶŐ ǁŚŝůĞ ĞŶũŽLJŝŶŐ ƚŚĞ ŽŽ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ ƉƵďůŝĐ ĐĂŶ ƐĐŚĞĚƵůĞ ďŝƌƚŚĚĂLJ ƉĂƌƚŝĞƐ Ăƚ ƚŚĞ ŵĂƌŝůůŽ ŽŽ ƉƌŽǀŝĚŝŶŐ ĂŶ ĂĚĚŝƚŝŽŶĂů ƌĞǀĞŶƵĞ ŽƉƚŝŽŶ ƚŽ ƚŚĞ ďƵĚŐĞƚ͘ ŶƐƵƌŝŶŐ ƚŚĞ ŚŝŐŚĞƐƚ ƋƵĂůŝƚLJ ŐƵĞƐƚ ĞdžƉĞƌŝĞŶĐĞ ŝƐ Ă ƉƌŝŵĂƌLJ ŐŽĂů ƚŚĞ ŽŽ ĐŽŶƚƌŝďƵƚŝŶŐ ƚŽ ƚŚĞ ŽǀĞƌĂůů ƋƵĂůŝƚLJ ŽĨ ůŝĨĞ ŝŶ ŵĂƌŝůůŽ ĂŶĚ ƚŽ ůŽĐĂů ƚĂdž ƌĞǀĞŶƵĞ ďLJ ƉƌŽǀŝĚŝŶŐ ĂŶ ĂŵĞŶŝƚLJ ĨŽƌ ƚƌĂǀĞůĞƌƐ ƐƚŽƉƉŝŶŐ ŝŶ ƚŚĞ ĐŝƚLJ͘

WƌŽŐƌĂŵƐ ŽŽ KƉĞƌĂƚŝŽŶƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϰϵϴ͕ϭϴϴ /ŶƐƉŝƌĞ ĂƉƉƌĞĐŝĂƚŝŽŶ͕ ƌĞƐƉĞĐƚ ĂŶĚ Ă ĐŽŶŶĞĐƚŝŽŶ ƚŽ ǁŝůĚůŝĨĞ ĂŶĚ ŶĂƚƵƌĞ ƚŚƌŽƵŐŚ ĞĚƵĐĂƚŝŽŶ͕ ƌĞĐƌĞĂƚŝŽŶ ĂŶĚ ĐŽŶƐĞƌǀĂƚŝŽŶ ǁŚŝůĞ ƉƌŽǀŝĚŝŶŐ Ă ĨƵŶ͕ ĂĨĨŽƌĚĂďůĞ ĚĞƐƚŝŶĂƚŝŽŶ ĨŽƌ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͕ ĂƌĞĂ ĂŶĚ ƚŽƵƌŝƐƚƐ͘

ŽŽ ĚƵĐĂƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϲϮ͕Ϯϳϰ ĚǀĂŶĐĞ ƚŚĞ ŽŽΖƐ ŵŝƐƐŝŽŶ ŽĨ ĐŽŶŶĞĐƚŝŶŐ ƉĞŽƉůĞ ǁŝƚŚ ǁŝůĚůŝĨĞ ďLJ ƉƌŽǀŝĚŝŶŐ ŵĞĂŶŝŶŐĨƵů ĞĚƵĐĂƚŝŽŶĂů ĂŶĚ ĞŶŐĂŐŝŶŐ ĞdžƉĞƌŝĞŶĐĞƐ͘

sŽůƵŶƚĞĞƌ WƌŽŐƌĂŵ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϯϭ͕ϭϯϳ ĚǀĂŶĐĞ ƚŚĞ ŽŽΖƐ ŵŝƐƐŝŽŶ ŽĨ ĐŽŶŶĞĐƚŝŶŐ ƉĞŽƉůĞ ǁŝƚŚ ǁŝůĚůŝĨĞ ďLJ ƉƌŽǀŝĚŝŶŐ ŵĞĂŶŝŶŐĨƵů ǀŽůƵŶƚĞĞƌ ŽƉƉŽƌƚƵŶŝƚŝĞƐ͘

^ƉĞĐŝĂů ǀĞŶƚƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϯϭ͕ϭϯϳ ĚǀĂŶĐĞ ƚŚĞ ŽŽΖƐ ŵŝƐƐŝŽŶ ďLJ ƉƌŽǀŝĚŝŶŐ ĞŶŐĂŐŝŶŐ͕ ĨƵŶ͕ ĞĚƵĐĂƚŝŽŶĂů ĞdžƉĞƌŝĞŶĐĞƐ ǁŚŝůĞ ƐŚŽǁĐĂƐŝŶŐ ĂŶĚ ŵĂƌŬĞƚŝŶŐ ƚŚĞ ŽŽ ƚŽ Ă ǁŝĚĞƌ ĂƵĚŝĞŶĐĞ͘

ŝƌƚŚĚĂLJ WĂƌƚŝĞƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϬ ĚǀĂŶĐĞ ƚŚĞ ŽŽΖƐ ŵŝƐƐŝŽŶ ǁŚŝůĞ ƉƌŽǀŝĚŝŶŐ Ă ĂĚĚŝƚŝŽŶĂů ƌĞǀĞŶƵĞ ŽƉƚŝŽŶ͘ 320

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ŵĂƌŝůůŽ ŽŽ ŶŝŵĂů ŽůůĞĐƚŝŽŶ ;^ƉĞĐŝĞƐͬ^ƉĞĐŝŵĞŶƐͿ DĂŵŵĂůƐ ŝƌĚƐ ZĞƉƚŝůĞƐͬ ŵƉŚŝďŝĂŶƐ /ŶǀĞƌƚĞďƌĂƚĞƐ sŝƐŝƚŽƌ ^ĞƌǀŝĐĞƐ ĚŵŝƐƐŝŽŶ ZĞǀĞŶƵĞ ĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵ ZĞǀĞŶƵĞ ^ƉĞĐŝĂů ǀĞŶƚ ZĞǀĞŶƵĞ sŽůƵŶƚĞĞƌ ,ŽƵƌƐ tŽƌŬĞĚ ŶŶƵĂů ŽŽ sŝƐŝƚŽƌƐ

ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ĐƚƵĂů ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϯϭͬϱϱ Ϯϴͬϰϵ Ϯϴͬϰϵ ϭϬͬϮϮ ϴͬϭϰ ϴͬϭϰ ϯϴͬϲϯ ϯϲͬϱϴ ϯϲͬϱϴ ϭϭͬϯϰϬн ϴͬϯϭϭн ϴͬϯϭϭн Ψϭϳϵ͕ϵϱϵ Ψϭϲϴ͕ϮϰϬ ΨϮϬϭ͕ϳϱϬ ΨϮϭ͕ϰϬϵ ΨϮϰ͕Ϭϵϲ ΨϮϮ͕ϬϬϬ Ψϲϭ͕ϬϬϬ Ψϲϳ͕Ϭϱϲ Ψϳϯ͕ϰϰϵ ϳ͕ϰϬϲ ϳ͕ϰϭϳ ϳ͕ϰϬϬ ϭϯϬ͕ϬϬϬ ϭϯϱ͕ϬϬϬ ϭϯϱ͕ϬϬϬ

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dŽƚĂů ŽŽ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϲϮϮ͕ϳϯϲ

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ϮϬϭϳͬϭϴ ĐƚƵĂů Ψ ϯϮϭ͕ϰϵϭ Ϯϰ͕ϬϬϮ ϲϮ͕ϴϳϵ Ϯ͕ϲϵϮ Ψ ϰϭϭ͕Ϭϲϯ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ Ψ ϯϮϲ͕ϴϯϬ ϯϲ͕ϵϮϱ ϳϱ͕ϴϰϭ ϳ͕ϴϮϵ Ψ ϰϰϳ͕ϰϮϱ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ ϯϮϭ͕ϱϴϭ ϯϰ͕ϰϴϵ ϳϰ͕ϰϵϱ ϲ͕ϭϴϭ Ψ ϰϯϲ͕ϳϰϲ

DŝƐƐŝŽŶ ƵŝůĚŝŶŐ ŽƵƌ ĐŽŵŵƵŶŝƚLJ ƚŚƌŽƵŐŚ ƉĂƌŬƐ ĂŶĚ ƉƌŽŐƌĂŵƐ ďLJ ĞŶĐŽƵƌĂŐŝŶŐ ŚĞĂůƚŚ ĂŶĚ ǁĞůůŶĞƐƐ͕ ĐƌĞĂƚŝŶŐ ƉŽƐŝƚŝǀĞ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ͕ ĂŶĚ ĞŶŚĂŶĐŝŶŐ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͛Ɛ ĞĐŽůŽŐŝĐĂů ƐLJƐƚĞŵƐ͘

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WƌŽŐƌĂŵƐ ĚƵůƚ >ĞĂŐƵĞƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭϯϭ͕ϬϮϰ WŽƐŝƚŝǀĞůLJ ĐŽŶƚƌŝďƵƚĞ ƚŽ ƚŚĞ ƋƵĂůŝƚLJ ŽĨ ƉůĂĐĞ ĂŶĚ ůŝĨĞ ŝŶ ŵĂƌŝůůŽ ǁŚŝůĞ ƉƌŽǀŝĚŝŶŐ ŚĞĂůƚŚLJ͕ ƐĂĨĞ͕ ƐŽĐŝĂů ƌĞĐƌĞĂƚŝŽŶĂů ŽƉƉŽƌƚƵŶŝƚŝĞƐ ĨŽƌ ƚŚĞ ĐŽŵŵƵŶŝƚLJΖƐ ĂĚƵůƚ ƉŽƉƵůĂƚŝŽŶ ƚŚƌŽƵŐŚ ƚŚĞ ĨŽůůŽǁŝŶŐ ůĞĂŐƵĞƐ͗

y ^ŽĨƚďĂůů ;ϭϴϳϭͿ Ͳ dŚŝƐ ƉƌŽŐƌĂŵ ƉƌŽǀŝĚĞƐ ƚŚĞ ĂĚƵůƚ ƐŽĨƚďĂůů ůĞĂŐƵĞƐ ŝŶ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ͘ tĞ ŚĂǀĞ ϯ ƐĞĂƐŽŶƐ ŽĨ ƐŽĨƚďĂůů͕ ĂǀĞƌĂŐĞ ŽĨ ϰϬϬ ƚŽ ϰϮϱ ƚĞĂŵƐ͕ ĂǀĞƌĂŐĞ ŽĨ ϱ͕ϬϬϬ ƉůĂLJĞƌƐ ĂŶĚ ĂǀĞƌĂŐĞ ŽĨ Ϯ͕ϬϬϬ ŐĂŵĞƐ Ăƚ DĂƌƚŝŶ ZŽĂĚ͕ ^ŽƵƚŚĞĂƐƚ͕ ĂŶĚ ^ŽƵƚŚǁĞƐƚ ĐŽŵƉůĞdžĞƐ ŝŶ ĞĂĐŚ ďƵĚŐĞƚ LJĞĂƌ͘ y ĂƐŬĞƚďĂůů ;ϭϴϳϮͿ Ͳ dŚŝƐ ƉƌŽŐƌĂŵ ƉƌŽǀŝĚĞƐ ƚŚĞ ĂĚƵůƚ ďĂƐŬĞƚďĂůů ůĞĂŐƵĞƐ ŝŶ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ͘ tĞ ŚĂǀĞ ŽŶĞ ƐĞĂƐŽŶ ĂǀĞƌĂŐŝŶŐ ϯϮͲϯϰ ƚĞĂŵƐ͕ ĂǀĞƌĂŐĞ ŽĨ ϯϬϬ ƉůĂLJĞƌƐ͕ ĂŶĚ ĂǀĞƌĂŐĞ ŽĨ ϭϯϬͲϭϰϬ ŐĂŵĞƐ Ăƚ ůŽĐĂů /^ ŐLJŵƐ ĂŶĚ ƚŚĞ tĂƌĨŽƌĚ ĐƚŝǀŝƚLJ ĞŶƚĞƌ ŝŶ ĞĂĐŚ ďƵĚŐĞƚ LJĞĂƌ͘ y sŽůůĞLJďĂůů ;ϭϴϳϰͿ Ͳ dŚŝƐ ƉƌŽŐƌĂŵ ƉƌŽǀŝĚĞƐ ƚŚĞ ĂĚƵůƚ ǀŽůůĞLJďĂůů ůĞĂŐƵĞƐ ŝŶ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ͘ tĞ ŚĂǀĞ ϰ ƐĞĂƐŽŶƐ ;Ϯ ŝŶĚŽŽƌ ĂŶĚ Ϯ ŽƵƚĚŽŽƌͿ ĂǀĞƌĂŐŝŶŐ ϲϬϬͲϲϮϱ ƚĞĂŵƐ͕ ĂǀĞƌĂŐĞ ϯ͕ϲϬϬ ƉůĂLJĞƌƐ ĂŶĚ ϯ͕ϲϬϬ ŵĂƚĐŚĞƐ͘ /ŶĚŽŽƌ ƐĞĂƐŽŶƐ ĂƌĞ ƉůĂLJĞĚ Ăƚ ůŽĐĂů /^ ŵŝĚĚůĞ ƐĐŚŽŽů ŐLJŵƐ ĂŶĚ ŽƵƚĚŽŽƌ ƐĞĂƐŽŶƐ ĂƌĞ ƉůĂLJĞĚ Ăƚ dŚŽŵƉƐŽŶ WĂƌŬ͕ ůůǁŽŽĚ WĂƌŬ͕ ĂŶĚ DĞŵŽƌŝĂů WĂƌŬ͘

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y ^ŽĨƚďĂůů ;ϭϴϳϭͿ Ͳ tĞ ŚŽƐƚ ϰ ƚŽ ϱ ƚŽƵƌŶĂŵĞŶƚƐ ĞĂĐŚ LJĞĂƌ ĨŽƌ ƚŚĞ ĂĚƵůƚ ƐŽĨƚďĂůů ƉƌŽŐƌĂŵƐ͘ tĞ ĂǀĞƌĂŐĞ ϭϭϬ ƚŽ ϭϮϱ ƚĞĂŵƐ ĞĂĐŚ ďƵĚŐĞƚ LJĞĂƌ ĂŶĚ ĂǀĞƌĂŐĞ ϭ͕ϯϬϬ ƉůĂLJĞƌƐ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ŝŶ ƚŚĞ ƚŽƵƌŶĂŵĞŶƚƐ ŝŶ Ă ďƵĚŐĞƚ LJĞĂƌ y sŽůůĞLJďĂůů ;ϭϴϳϰͿ Ͳ tĞ ŚŽƐƚ Ϯ ŽƵƚĚŽŽƌ ƚŽƵƌŶĂŵĞŶƚƐ ĞĂĐŚ LJĞĂƌ ĨŽƌ ƚŚĞ ĂĚƵůƚ ǀŽůůĞLJďĂůů ƉƌŽŐƌĂŵƐ͘ tĞ ĂǀĞƌĂŐĞ ϯϬͲϯϱ ƚĞĂŵƐ ĞĂĐŚ ďƵĚŐĞƚ LJĞĂƌ ĂŶĚ ĂǀĞƌĂŐĞ ϮϬϬ ƉůĂLJĞƌƐ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ŝŶ ƚŚĞ ƚŽƵƌŶĂŵĞŶƚƐ ŝŶ Ă ďƵĚŐĞƚ LJĞĂƌ͘

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WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ dŽƚĂů ĚƵůƚ >ĞĂŐƵĞ 'ĂŵĞƐ ^ĐŚĞĚƵůĞĚ ĚƵůƚ ĂƐŬĞƚďĂůů dĞĂŵƐ ZĞŐŝƐƚĞƌĞĚ ;ƐŝŶŐůĞ ƐĞĂƐŽŶͿ ĚƵůƚ ^ŽĨƚďĂůů dĞĂŵƐ ZĞŐŝƐƚĞƌĞĚ ;ƚŚƌĞĞ ƐĞĂƐŽŶƐͿ ĚƵůƚ sŽůůĞLJďĂůů dĞĂŵƐ ZĞŐŝƐƚĞƌĞĚ ;ĨŽƵƌ ƐĞĂƐŽŶƐͿ KĨĨŝĐŝĂůƐͬ^ĐŽƌĞŬĞĞƉĞƌƐ dƌĂŝŶĞĚ WƌĂĐƚŝĐĞ &ŝĞůĚ ZĞƐĞƌǀĂƚŝŽŶƐ WƌŽĐĞƐƐĞĚ

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ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ Ψ ϴϰ͕ϯϮϬ ϰ͕ϬϬϬ Ϯϭ͕ϮϱϬ ϯ͕ϰϬϲ Ψ ϭϭϮ͕ϵϳϲ

ϮϬϭϵͬϮϬϮϬ ƵĚŐĞƚĞĚ Ψ ϱϵ͕ϵϲϱ ϰ͕ϬϬϬ Ϯϭ͕ϮϱϬ ϯ͕ϱϬϲ Ψ ϴϴ͕ϳϮϭ

DŝƐƐŝŽŶ ƵŝůĚŝŶŐ ŽƵƌ ĐŽŵŵƵŶŝƚLJ ƚŚƌŽƵŐŚ ƉĂƌŬƐ ĂŶĚ ƉƌŽŐƌĂŵƐ ďLJ ĞŶĐŽƵƌĂŐŝŶŐ ŚĞĂůƚŚ ĂŶĚ ǁĞůůŶĞƐƐ͕ ĐƌĞĂƚŝŶŐ ƉŽƐŝƚŝǀĞ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ͕ ĂŶĚ ĞŶŚĂŶĐŝŶŐ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͛Ɛ ĞĐŽůŽŐŝĐĂů ƐLJƐƚĞŵƐ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ ĞŶƚĞƌ tŝƚŚŽƵƚ tĂůůƐ ŝƐ Ă ĐŽŵŵƵŶŝƚLJͲďĂƐĞĚ ƐĞƌǀŝĐĞ ĚĞůŝǀĞƌLJ ŵŽĚĞů ĐŽŶŶĞĐƚŝŶŐ ƉĂƌƚŝĐŝƉĂŶƚƐ ƚŽ ĞdžŝƐƚŝŶŐ ƉƌŽŐƌĂŵƐ ĂŶĚ ƐĞƌǀŝĐĞƐ ŝŶ ŶŽŶƚƌĂĚŝƚŝŽŶĂů ͞ƐĞŶŝŽƌ͟ ĨĂĐŝůŝƚŝĞƐ͕ ƉƌŽǀŝĚŝŶŐ ŶĞǁ ƐĞƌǀŝĐĞƐ ĂŶĚ ƉƌŽŐƌĂŵƐ ƵƚŝůŝnjŝŶŐ ĞdžŝƐƚŝŶŐ ĐŽŵŵƵŶŝƚLJ ƐƉĂĐĞƐ͕ ĂŶĚ ĐƌĞĂƚŝŶŐ Ă ĐŽůůĂďŽƌĂƚŝŽŶ ŶĞƚǁŽƌŬ ŽĨ ŽƌŐĂŶŝnjĂƚŝŽŶƐ͕ ďƵƐŝŶĞƐƐĞƐ ĂŶĚ ŝŶĚŝǀŝĚƵĂůƐ ĐŽŵŵŝƚƚĞĚ ƚŽ ƐŚĂƌŝŶŐ ĂŶĚ ĚĞǀĞůŽƉŝŶŐ ƉƌŽŐƌĂŵ ĂŶĚ ƐĞƌǀŝĐĞ ƌĞƐŽƵƌĐĞƐ͘ /ƚ ŝƐ ĞdžƉĞĐƚĞĚ ƚŚĂƚ Ă ĞŶƚĞƌ tŝƚŚŽƵƚ tĂůůƐ ǁĞď ďĂƐĞĚ ǀŝƌƚƵĂů ĐĞŶƚĞƌ ǁŝůů ďĞŶĞĨŝƚ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ŝŶ ƐĞǀĞƌĂů ǁĂLJƐ͘ dŚĞ ĞŶƚĞƌ tŝƚŚŽƵƚ tĂůůƐ ĐŽŶĐĞƉƚ ǁŝůů͗ y ŽŶƐŝƐƚĞŶƚůLJ ĐŽŶŶĞĐƚ ĐŝƚŝnjĞŶƐ ƚŽ ĞdžŝƐƚŝŶŐ ƉƌŽŐƌĂŵŵŝŶŐ ĂŶĚ ƐĞƌǀŝĐĞƐ ĂĐƌŽƐƐ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͘ y ƌĞĂƚĞ ŽƉƉŽƌƚƵŶŝƚLJ ƚŽ ƌĞĂĐŚ ĂĐƚŝǀĞ ĂĚƵůƚƐͬƐĞŶŝŽƌƐ ŶŽƚ ĐƵƌƌĞŶƚůLJ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ŝŶ ƉƌŽŐƌĂŵƐ ĂŶĚ ƐĞƌǀŝĐĞƐ͘ y WƌŽǀŝĚĞ ƉƌŽŐƌĂŵŵŝŶŐ ĂŶĚ ƐĞƌǀŝĐĞƐ ƚŚĂƚ ĐƵƌƌĞŶƚůLJ ĚŽ ŶŽƚ ĞdžŝƐƚ ŝŶ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ƚŽ ĂĚĚƌĞƐƐ ŚĞĂůƚŚ ĂŶĚ ǁĞůůŶĞƐƐ͕ ĞĐŽŶŽŵŝĐ ƐĞĐƵƌŝƚLJ ĂŶĚ ĐŽŶŶĞĐƚŝŽŶ ƚŽ ĐŽŵŵƵŶŝƚLJ ŝƐƐƵĞƐ ĨŽƌ ƚŚĞ ĂĐƚŝǀĞ ĂĚƵůƚͬƐĞŶŝŽƌ ƉŽƉƵůĂƚŝŽŶ͘ y ĞǀĞůŽƉ ŶĞǁ ĐŽůůĂďŽƌĂƚŝŽŶ ĂŶĚ ƉĂƌƚŶĞƌƐŚŝƉƐ ƚŽ ďĞƚƚĞƌ ƐĞƌǀĞ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ĂƐ ǁĞůů ĂƐ Ă ĐŽŽƌĚŝŶĂƚĞĚ ŶĞƚǁŽƌŬ ŽĨ ĐŽŵŵƵŶŝƚLJ ďĂƐĞĚ ŽƌŐĂŶŝnjĂƚŝŽŶƐ͕ ďƵƐŝŶĞƐƐ ĂŶĚ ŝŶĚŝǀŝĚƵĂůƐ ĐŽŵŵŝƚƚĞĚ ƚŽ ƐŚĂƌŝŶŐ ĂŶĚ ĚĞǀĞůŽƉŝŶŐ ĨƵƌƚŚĞƌ ƉƌŽŐƌĂŵ ĂŶĚ ƐĞƌǀŝĐĞ ƌĞƐŽƵƌĐĞƐ͘ y ĚƵĐĂƚĞ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ŶĞĞĚƐ ŽĨ ŝƚƐ ĂŐŝŶŐ ĐŝƚŝnjĞŶƐ͘ y ŽŶŶĞĐƚ ĂŐŝŶŐ ĐŝƚŝnjĞŶƐ ĂŶĚ ƚŚĞŝƌ ĐĂƌĞŐŝǀĞƌƐ ƚŽ ƌĞƐŽƵƌĐĞ ŝŶĨŽƌŵĂƚŝŽŶ͘ y ĨĨŝĐŝĞŶƚůLJ ƵƐĞ ĞdžŝƐƚŝŶŐ ƌĞƐŽƵƌĐĞƐ ƚŽ ĞĨĨŝĐŝĞŶƚůLJ ƐĞƌǀĞ ƚŚĞ ŐƌŽǁŝŶŐ ĂĐƚŝǀĞ ĂĚƵůƚͬƐĞŶŝŽƌ ƉŽƉƵůĂƚŝŽŶ

329

dŚĞ ƐƉĞĐŝĨŝĐ ŐŽĂů ĂŶĚ ƐƚƌĂƚĞŐLJ ŽĨ ƚŚĞ ŵĂƌŝůůŽ ĞŶƚĞƌ tŝƚŚŽƵƚ tĂůůƐ ŝƐ ƚŽ ŵĂdžŝŵŝnjĞ ƚŚĞ ŚĞĂůƚŚ ;ƉŚLJƐŝĐĂů͕ ŵĞŶƚĂů ĂŶĚ ƐƉŝƌŝƚƵĂůͿ ĂŶĚ ǁĞůůŶĞƐƐ͕ ĞĐŽŶŽŵŝĐ ƐĞĐƵƌŝƚLJ ĂŶĚ ĐŽŶŶĞĐƚŝŽŶ ƚŽ ĐŽŵŵƵŶŝƚLJ ĨŽƌ ĂĐƚŝǀĞ ĂĚƵůƚƐ ; ŐĞ ϱϬнͿ ŝŶ ĂŶĚ ŶĞĂƌ ŵĂƌŝůůŽ͕ dĞdžĂƐ ďLJ͗

y ĐŽŶŶĞĐƚŝŶŐ ĂŶĚ ĞŶŐĂŐŝŶŐ ĂĐƚŝǀĞ ĂĚƵůƚƐ ϱϬн ǁŝƚŚ ĞdžŝƐƚŝŶŐ ĐŽŵŵƵŶŝƚLJ ƉƌŽŐƌĂŵƐ ĂŶĚ ƐĞƌǀŝĐĞƐ͕ y ĚĞǀĞůŽƉŝŶŐ ŶĞǁ ƐĞƌǀŝĐĞƐͬƉƌŽŐƌĂŵƐ ĨŽƌ ƚŚĞ ĂŐĞ ŐƌŽƵƉ͕ ĂŶĚ y ĐƌĞĂƚŝŶŐ Ă ĐŽůůĂďŽƌĂƚŝŽŶͬƉƌŽŐƌĂŵ ƉƌŽǀŝĚĞƌ ŶĞƚǁŽƌŬ ƚŽ ƐŚĂƌĞ ĂŶĚ ĚĞǀĞůŽƉ ƉƌŽŐƌĂŵ ĂŶĚ ƐĞƌǀŝĐĞ ƌĞƐŽƵƌĐĞƐ͘

WƌŽŐƌĂŵ ĐŽŵƉŽŶĞŶƚƐ ŝŶĐůƵĚĞ͗ y ŽŶůŝŶĞ ĐŽŵŵƵŶŝƚLJ ǀŝĂ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ʹ WĂƌŬƐ ĂŶĚ ZĞĐƌĞĂƚŝŽŶ ǁĞďƐŝƚĞ ;ǁĞďƉĂŐĞ͕ ƐŽĐŝĂů ŵĞĚŝĂ͕ ĞǀĞŶƚͬĂĐƚŝǀŝƚLJ ĐĂůĞŶĚĂƌ͕ ƌĞŐŝƐƚƌĂƚŝŽŶ ŽĨ ŝƚLJ ĚŝƌĞĐƚŽƌƐ ƉƌŽŐƌĂŵƐͬĞǀĞŶƚƐͬĂĐƚŝǀŝƚŝĞƐ͕ ůŝŶŬƐ ƚŽ ƉƌŽŐƌĂŵ ƉƌŽǀŝĚĞƌ ĞǀĞŶƚƐͬĂĐƚŝǀŝƚŝĞƐͬƌĞŐŝƐƚƌĂƚŝŽŶ͕ ĂŶĚ ƌĞƐŽƵƌĐĞƐ ĚŝƌĞĐƚŽƌLJ ǁŝƚŚ ƌĞůĞǀĂŶƚ ůŝŶŬƐ ĂŶĚ ŝŶĨŽƌŵĂƚŝŽŶͿ͖ y ůŽǁ ĐŽƐƚͬŶŽ ĐŽƐƚ ƉƌŽŐƌĂŵƐ ĂŶĚ ƐĞƌǀŝĐĞƐ ŝŶ ŶŽŶƚƌĂĚŝƚŝŽŶĂů ƐƉĂĐĞƐ ĚĞůŝǀĞƌĞĚ ďLJ ƚŚĞ ŝƚLJ ƚŽ Ĩŝůů ŐĂƉƐ ŝŶ ĐŽŵŵƵŶŝƚLJ ƉƌŽŐƌĂŵŵŝŶŐ ĂƐ ŝĚĞŶƚŝĨŝĞĚ ŝŶ ƚŚĞ ƉƌŽŐƌĂŵŵŝŶŐ ŶĞĞĚƐ ĂƐƐĞƐƐŵĞŶƚ͖ ĂŶĚ y ĐŽŵŵƵŶŝƚLJ ĂǁĂƌĞŶĞƐƐ ĂŶĚ ŵĂƌŬĞƚŝŶŐ ŽĨ ƚŚĞ ďƌĂŶĚĞĚ ĞŶƚĞƌ tŝƚŚŽƵƚ tĂůůƐ͘ ƵƌŝŶŐ ϮϬϭϴ͕ ^ĞŶŝŽƌ ^ĞƌǀŝĐĞƐ ďĞŐĂŶ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƚŚĞ ĞŶƚĞƌ tŝƚŚŽƵƚ tĂůůƐ WƌŽŐƌĂŵ͘ dŚĞ ĨŝƌƐƚ ƐƚĞƉ ǁĂƐ ƚŽ ŚŝƌĞ Ă WƌŽŐƌĂŵ ŽŽƌĚŝŶĂƚŽƌ͘ dŚĞ WƌŽŐƌĂŵ ŽŽƌĚŝŶĂƚŽƌ ǁĂƐ ŚŝƌĞĚ ŝŶ EŽǀĞŵďĞƌ ϮϬϭϴ ĂŶĚ ďĞŐĂŶ ĚĞǀĞůŽƉŝŶŐ Ă ƌĞƐŽƵƌĐĞ ĚŝƌĞĐƚŽƌLJ͕ ĐŽŶƚƌĂĐƚŝŶŐ ǁŝƚŚ Ă DĂƌŬĞƚŝŶŐ &ŝƌŵ ĂŶĚ ƉƌĞƉĂƌŝŶŐ ƚŽ ůĂƵŶĐŚ ƚŚĞ ƉƌŽŐƌĂŵ͘ tŝƚŚ ƚŚĞ ŚĞůƉ ŽĨ ƚŚĞ DĂƌŬĞƚŝŶŐ &ŝƌŵ͕ Ă ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŚĂƐ ďĞĞŶ ŵĂĚĞ ƚŚĂƚ ĞŶƚĞƌ tŝƚŚŽƵƚ tĂůůƐ ǁŝůů ĐŽŶƚŝŶƵĞ ƚŽ ďĞ ƚŚĞ ĐŽŶĐĞƉƚ ĨŽƌ ƚŚĞ ǁĞď ďĂƐĞĚ ǀŝƌƚƵĂů ŵŽĚĞů ƵƐĞĚ͕ ďƵƚ ƚŚĞ WƌŽŐƌĂŵ ŝƚƐĞůĨ ǁŝůů ŚĂǀĞ Ă ŶĂŵĞ ǁŚŝĐŚ ǁŝůů ƌĞƐŽŶĂƚĞ ǁŝƚŚ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͕ ŝŶ ƉĂƌƚŝĐƵůĂƌ ƚŚĞ ĐƚŝǀĞ ĚƵůƚƐ ϱϬн͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ƚŚĞ ŶĂŵŝŶŐ ƉƌŽĐĞƐƐ͕ ƚŚĞ DĂƌŬĞƚŝŶŐ &ŝƌŵ ŝƐ ĂůƐŽ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ďƌĂŶĚŝŶŐ ƚŚĞ WƌŽŐƌĂŵ͕ ĚĞǀĞůŽƉŝŶŐ ƚĂŐ ůŝŶĞƐ ĂŶĚ ŵĞƐƐĂŐŝŶŐ͕ ĂŶĚ ĐƌĞĂƚŝŶŐ ĂŶ ĂŶŶƵĂů ŵĂƌŬĞƚŝŶŐ ƉůĂŶ͘ &ŝŶĂůůLJ͕ ƚŚĞ DĂƌŬĞƚŝŶŐ &ŝƌŵ ǁŝůů ƉƌŽǀŝĚĞ ĂŶ ĂƉƉƌŽĂĐŚ ĨŽƌ Ă ͞ƐŽĨƚ ůĂƵŶĐŚ͟ ŽĨ ƚŚĞ ƉƌŽŐƌĂŵ͕ ĨŽůůŽǁĞĚ ďLJ ƐĞǀĞƌĂů ŵŽŶƚŚƐ ŽĨ ůĂƵŶĐŚ ĂĐƚŝǀŝƚŝĞƐ ĂŝŵĞĚ Ăƚ ƌĞĂĐŚŝŶŐ Ă ďƌŽĂĚ ďĂƐĞ ŽĨ ƚŚĞ ĂĐƚŝǀĞ ĂĚƵůƚƐ ϱϬн ĂŶĚ ƚŚĞŝƌ ĐĂƌĞŐŝǀĞƌƐ ŝŶ ŵĂƌŝůůŽ͘ ZĞŵĂŝŶŝŶŐ ĨƵŶĚƐ ƉƌŽǀŝĚĞĚ ƵŶĚĞƌ ƚŚĞ ŽƌŝŐŝŶĂů DKh ; ŵĂƌŝůůŽ ƌĞĂ &ŽƵŶĚĂƚŝŽŶ͕ ĂƉƚŝƐƚ ŽŵŵƵŶŝƚLJ ^ĞƌǀŝĐĞƐ͕ ĂŶĚ DĂƌLJ ͘ ŝǀŝŶƐ &ŽƵŶĚĂƚŝŽŶͿ ŝŶ ƚŚĞ ĂŵŽƵŶƚ ŽĨ Ψϱϵ͘ϲϬϭ͘ϭϲ ǁĂƐ ĐĂƌƌŝĞĚ ĨŽƌǁĂƌĚ ŝŶ &z ϮϬϭϴ ĨŽƌ ƉƌŽŐƌĂŵ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ŽŶĞͲƚŝŵĞ ƐƚĂƌƚͲƵƉ ĐŽƐƚƐ͘ ƵƌŝŶŐ &z ϮϬϭϴ͕ Ψϭϳ͕ϬϯϬ ŚĂƐ ďĞĞŶ ƐĞƚ ĂƐŝĚĞ ĨƌŽŵ ƚŚĞƐĞ ƌĞŵĂŝŶŝŶŐ ĨƵŶĚƐ ƚŽ ĐŽǀĞƌ ƚŚĞ ĐŽƐƚ ŽĨ ƚŚĞ DĂƌLJ ŽLJŶĞ DĂƌŬĞƚŝŶŐ ŽŵŵƵŶŝĐĂƚŝŽŶƐ ĐŽŶƚƌĂĐƚ ĂŶĚ ĂŶ ĂĚĚŝƚŝŽŶĂů ΨϯϯϬϬ ŚĂƐ ďĞĞŶ ƐĞƚ ĂƐŝĚĞ ƚŽ ĐŽǀĞƌ ƚŚĞ ĐŽƐƚƐ ĨŽƌ ƚƌĂĚĞŵĂƌŬ ƌĞƐĞĂƌĐŚ ĂŶĚ ĂƉƉůŝĐĂƚŝŽŶ ĨĞĞ ĨŽƌ ƚŚĞ ƚƌĂĚĞŵĂƌŬ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ WƌŽŐƌĂŵ ŶĂŵĞ ĂŶĚ ďƌĂŶĚŝŶŐ͘ dŚĞ ƌĞŵĂŝŶŝŶŐ Ψϯϵ͕Ϯϳϭ͘ϭϲ ŝƐ ƚŽ ďĞ ĐĂƌƌŝĞĚ ĨŽƌǁĂƌĚ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ĂŐƌĞĞŵĞŶƚ ǁŝƚŚ ƚŚĞ ĨƵŶĚĞƌ͛Ɛ ĂŶĚ ǁŝůů ƌĞŵĂŝŶ ŝŶ ƐƵƉƉůŝĞƐͬƵŶĂƐƐŝŐŶĞĚ ƚŽ ďĞ ĂƉƉůŝĞĚ ƚŽ ĨƵƚƵƌĞ WƌŽŐƌĂŵ ůĂƵŶĐŚ ĐŽƐƚƐ ĚƵƌŝŶŐ &z ϮϬϭϵ͘

WƌŽŐƌĂŵƐ ^ĞŶŝŽƌ ^ĞƌǀŝĐĞƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϴϴ͕ϳϮϭ ƌĞĂƚĞ Ă ŶĞƚǁŽƌŬ ŽĨ ĚŝǀĞƌƐĞ ƉƌŽŐƌĂŵƐ ĂŶĚ ƐĞƌǀŝĐĞƐ ĞŶĂďůŝŶŐ ĂĐƚŝǀĞ ĂĚƵůƚƐ ϱϬн ƚŽ ŵĂdžŝŵŝnjĞ ƚŚĞŝƌ ŚĞĂůƚŚ ĂŶĚ ǁĞůůŶĞƐƐ ;ƉŚLJƐŝĐĂů͕ ŵĞŶƚĂů͕ ƐƉŝƌŝƚƵĂůͿ͕ ĞĐŽŶŽŵŝĐ ƐĞĐƵƌŝƚLJ ĂŶĚ ĐŽŶŶĞĐƚŝŽŶ ƚŽ ĐŽŵŵƵŶŝƚLJ͘

330

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;ϭϳϲϭͲϭϳϲϰͿ ƵĚŐĞƚ ŽŵƉĂƌŝƐŽŶ WĞƌƐŽŶŶĞů ^ĞƌǀŝĐĞƐ ^ƵƉƉůŝĞƐ ŽŶƚƌĂĐƚƵĂů ^ĞƌǀŝĐĞƐ KƚŚĞƌ ŚĂƌŐĞƐ ĂƉŝƚĂů KƵƚůĂLJ dŽƚĂů džƉĞŶƐĞƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů Ψ ϯ͕ϱϭϭ͕ϳϯϬ ϴϲϴ͕ϰϵϳ ϭϬϲ͕ϲϳϲ ϱϱϭ͕ϲϳϲ Ϯϭ͕ϭϭϳ Ψ ϱ͕Ϭϱϵ͕ϲϵϲ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ Ψ ϯ͕ϵϱϴ͕ϱϲϭ ϭ͕ϱϵϮ͕Ϭϭϭ ϭϭϰ͕ϯϯϳ ϰϳϭ͕ϲϵϯ Ͳ Ψ ϲ͕ϭϯϲ͕ϲϬϮ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ ϯ͕ϴϯϴ͕ϳϮϭ ϭ͕ϯϲϳ͕ϯϴϬ ϭϭϮ͕ϳϱϯ ϰϰϰ͕ϰϮϱ Ͳ Ψ ϱ͕ϳϲϯ͕Ϯϳϵ

DŝƐƐŝŽŶ KƵƌ DŝƐƐŝŽŶ ŝƐ ƚŽ ƉƌŽǀŝĚĞ ^ĂĨĞ͕ ZĞůŝĂďůĞ ĂŶĚ ŽƐƚ ĨĨĞĐƚŝǀĞ WƵďůŝĐ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ƐĞƌǀŝĐĞƐ ǀĂůƵĞĚ ďLJ hƐĞƌƐ͕ EŽŶͲhƐĞƌƐ ĂŶĚ ŽŵŵƵŶŝƚLJ >ĞĂĚĞƌƐ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ ŵĂƌŝůůŽ ŝƚLJ dƌĂŶƐŝƚ ; dͿ ǁŝůů ĨŽĐƵƐ ŽŶ ŝŵƉƌŽǀŝŶŐ ƐĞƌǀŝĐĞ ƚŽ ŵĞĞƚ ƚŚĞ ƉƌŝŽƌŝƚŝĞƐ ƐĞƚ ĨŽƌƚŚ ŝŶ ƚŚĞ &ƵƚƵƌĞ sŝƐŝŽŶ ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ ďLJ ĚĞůŝǀĞƌŝŶŐ ĐƵƐƚŽŵĞƌ ĨŽĐƵƐĞĚ ƉƵďůŝĐ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ƐĞƌǀŝĐĞƐ ͘ d ĐƵƌƌĞŶƚůLJ ƉƌŽǀŝĚĞƐ ĨŝdžĞĚ ƌŽƵƚĞ ƐĞƌǀŝĐĞ ǁŝƚŚŝŶ ƚŚĞ ĐŝƚLJ ůŝŵŝƚƐ ǁĞƐƚ ŽĨ >ĂŬĞƐŝĚĞ ƌŝǀĞ͕ DŽŶĚĂLJ ƚŚƌŽƵŐŚ ^ĂƚƵƌĚĂLJ ĨƌŽŵ ϲ Ă͘ŵ͘ ƚŽ ϳ Ɖ͘ŵ͘ d ƉƌŽǀŝĚĞƐ ^ƉĞĐͲdƌĂŶ ƐĞƌǀŝĐĞ ƚŽ ŝŶĚŝǀŝĚƵĂůƐ ǁŚŽ ƋƵĂůŝĨLJ ƵŶĚĞƌ ƚŚĞ ŵĞƌŝĐĂŶƐ ǁŝƚŚ ŝƐĂďŝůŝƚŝĞƐ Đƚ͘ ^ƉĞĐͲdƌĂŶƐ ŽƉĞƌĂƚĞƐ ŝŶ ƚŚĞ ƐĂŵĞ ƐĞƌǀŝĐĞ ĂƌĞĂ ŽŶ ƚŚĞ ƐĂŵĞ ĚĂLJƐ͕ ĂŶĚ ŚŽƵƌƐ ĂƐ ĨŝdžĞĚ ƌŽƵƚĞ ƐĞƌǀŝĐĞ ŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚĞ ŵĞƌŝĐĂŶƐ ǁŝƚŚ ŝƐĂďŝůŝƚŝĞƐ Đƚ͘ d ŝŵƉůĞŵĞŶƚĞĚ ƚŚĞ dƌĂŶƐŝƚ DĂƐƚĞƌ WůĂŶ ƌŽƵƚĞ ŶĞƚǁŽƌŬ ŝŶ ƵŐƵƐƚ ϮϬϭϴ͘ dŚĞ ŶƵŵďĞƌ ŽĨ ďƵƐ ƌŽƵƚĞƐ ŝŶĐƌĞĂƐĞĚ ĨƌŽŵ ĞŝŐŚƚ ƚŽ ƚŚŝƌƚĞĞŶ͘ ^ĞƌǀŝĐĞ ŝƐ ŶŽǁ ŵŽƌĞ ĚŝƌĞĐƚ ĂŶĚ ŵŽƌĞ ĚĞƐƚŝŶĂƚŝŽŶƐ ĂƌĞ ƐĞƌǀĞĚ ǁŝƚŚ ƚŚĞ ŶĞǁ ƌŽƵƚĞ ƐƚƌƵĐƚƵƌĞ͘ ƵƌŝŶŐ &zϭϴͬϭϵ d ŚĂƐ ĨŽĐƵƐĞĚ ŽŶ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƉƌŽũĞĐƚƐ ŝŶĐůƵĚŝŶŐ ŶĞǁ ƐŚĞůƚĞƌƐ ĂŶĚ ŝŵƉƌŽǀĞĚ ďƵƐ ƐƚŽƉ ĂĐĐĞƐƐŝďŝůŝƚLJ͕ ƌĞƉĂŝƌ ĂŶĚ ŝŵƉƌŽǀĞŵĞŶƚ ƚŽ ĂŶ ĞdžŝƐƚŝŶŐ ďƵƐ ǁĂƐŚ͕ ŝŵƉůĞŵĞŶƚŝŶŐ Ă ƉŚŽŶĞ ĂƉƉůŝĐĂƚŝŽŶ ƚŽ ƉƌŽǀŝĚĞ ƌĞĂů ƚŝŵĞ ďƵƐ ĂŶĚ ƐĐŚĞĚƵůĞ ŝŶĨŽƌŵĂƚŝŽŶ͘ /Ŷ ƵŐƵƐƚ ϮϬϭϵ d ďĞŐĂŶ Ă ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ŵĂƌŝůůŽ ŽůůĞŐĞ ƚŽ ŽĨĨĞƌ ĨƌĞĞ ĨĂƌĞ ƚŽ Ăůů ƐƚƵĚĞŶƚƐ͕ ĨĂĐƵůƚLJ ĂŶĚ ƐƚĂĨĨ͘ KǀĞƌĂůů ƌŝĚĞƌƐŚŝƉ ŝƐ ĞdžƉĞĐƚĞĚ ƚŽ ŝŶĐƌĞĂƐĞ ŝŶ &zϭϵͬϮϬ ĂƐ Ă ƌĞƐƵůƚ͘ d ǁŝůů ůŽŽŬ ĨŽƌ ƐŝŵŝůĂƌ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ƚŽ ƚĂƌŐĞƚ ŐƌŽƵƉƐ ƚŽ ƉƌŽǀŝĚĞ ƐĞƌǀŝĐĞ ĂŶĚ ŝŶĐƌĞĂƐĞ ƌŝĚĞƌƐŚŝƉ͘ d ǁŝůů ŝŵƉůĞŵĞŶƚ Ă ĨĂƌĞ ŝŶĐƌĞĂƐĞ ŝŶ &zϭϵͬϮϬ ƚŽ ƌĂŝƐĞ ĨĂƌĞƐ ƚŽ ďĞ ŽŶ ƉĂƌ ǁŝƚŚ ŽƵƌ ƉĞĞƌƐ ŝŶ ƌĞŐŝŽŶ͘

335

d ǁŝůů ĐŽŶƚŝŶƵĞ ƚŽ ŵĂŶĂŐĞ ŝƚƐ ƌĞƐŽƵƌĐĞƐ ƌĞƐƉŽŶƐŝďůLJ ďƵŝůĚŝŶŐ ŽŶ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŵĞĂƐƵƌĞƐ ĂŶĚ ƚĂƌŐĞƚƐ ŝŵƉůĞŵĞŶƚĞĚ ŝŶ ůĂƐƚ LJĞĂƌ͛Ɛ ďƵĚŐĞƚ͘ dŚĞ ƐƵĐĐĞƐƐĞƐ ĂŶĚ ƌĞŵĂŝŶŝŶŐ ĐŚĂůůĞŶŐĞƐ ĂƌĞ ĚŝƐĐƵƐƐĞĚ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ĞŶƚŝƌĞƚLJ ŽĨ ƚŚĞ ĚŽĐƵŵĞŶƚ͘

WƌŽŐƌĂŵƐ &ŝdžĞĚ ZŽƵƚĞ KƉĞƌĂƚŝŽŶƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮ͕ϳϳϳ͕ϯϵϵ d ĨŝdžĞĚ ƌŽƵƚĞ ĞŵƉůŽLJƐ ϯϭ ƵƐ KƉĞƌĂƚŽƌƐ ĂŶĚ ƵƚŝůŝnjĞƐ ϭϲ ďƵƐĞƐ ƚŽ ƉƌŽǀŝĚĞ ƐĞƌǀŝĐĞ ŽŶ ϭϮ ƌŽƵƚĞƐ ĂŶĚ ŽŶĞ ŽŶ ĚĞŵĂŶĚ ĐŝƌĐƵůĂƚŽƌ͘ ^ŽŵĞ ƌŽƵƚĞƐ ŚĂǀĞ ďĞĞŶ ĂĚũƵƐƚĞĚ ďĂƐĞĚ ŽŶ ĚĞŵĂŶĚ ŝŶ &zϭϴͬϭϵ ĂŶĚ d ǁŝůů ĐŽŶƚŝŶƵĂůůLJ ůŽŽŬ ĨŽƌ ŝŶŶŽǀĂƚŝǀĞ ǁĂLJƐ ƚŽ ƐĞƌǀĞ ƚŚĞ ƉƵďůŝĐ ĂŶĚ ŽƉĞƌĂƚĞ ĞĨĨŝĐŝĞŶƚůLJ͘ dŚĞ &ŝdžĞĚ ZŽƵƚĞ KƉĞƌĂƚŝŶŐ ŐƌŽƵƉ ŚĂƐ Ă ƉƌŽŐƌĂŵ ƚŽ ƚƌĂĐŬ ĂŶĚ ŝŵƉƌŽǀĞ KŶ dŝŵĞ WĞƌĨŽƌŵĂŶĐĞ ;KdWͿ͘ KŶ ƚŝŵĞ ŝƐ ĚĞĨŝŶĞĚ ĂƐ njĞƌŽ ŵŝŶƵƚĞƐ ĞĂƌůLJ ƚŽ ϱ ŵŝŶƵƚĞƐ ůĂƚĞ ĂƐ ƐŚŽǁŶ ŽŶ ƚŚĞ ƉƵďůŝĐ ƚŝŵĞƚĂďůĞ͘ DŝƐƐĞĚ ƚƌŝƉƐ ĂƌĞ ĚĞĨŝŶĞĚ ĂƐ ƚƌŝƉƐ ŶŽƚ ŽƉĞƌĂƚŝŶŐ Žƌ ŽƉĞƌĂƚŝŶŐ ŽǀĞƌ ϮϬ ŵŝŶƵƚĞƐ ůĂƚĞ ĂŶĚ ĂƌĞ Ă ƐŝŐŶ ŽĨ ƐĞƌǀŝĐĞ ƌĞůŝĂďŝůŝƚLJ͘ DŝƐƐĞĚ ƚƌŝƉƐ ŽĐĐƵƌ ǁŚĞŶ ƚŚĞƌĞ ĂƌĞ ĂĐĐŝĚĞŶƚƐ͕ ƚƌĂĨĨŝĐ ĚĞůĂLJƐ Žƌ ĂŶ ŽƉĞƌĂƚŽƌ ŶŽ ƐŚŽǁƐ ĨŽƌ ĂŶ ĂƐƐŝŐŶŵĞŶƚ ĂŶĚ ƚŚĞƌĞ ĂƌĞ ŶŽ ƐƵďƐƚŝƚƵƚĞ ŽƉĞƌĂƚŽƌƐ͘ d ĨŝdžĞĚ ƌŽƵƚĞ ƐŝŐŶŝĨŝĐĂŶƚůLJ ŝŵƉƌŽǀĞĚ ƐĞƌǀŝĐĞ ƌĞůŝĂďŝůŝƚLJ ŝŶ &zϭϳͬϭϴ ŚŽǁĞǀĞƌ ŝŶ &zϭϴͬϭϵ Ă ůĂĐŬ ŽĨ > ďƵƐ ŽƉĞƌĂƚŽƌƐ ŬĞƉƚ d ĨƌŽŵ ƌĞĚƵĐŝŶŐ ŵŝƐƐĞĚ ƚƌŝƉƐ͘ /Ŷ KĐƚŽďĞƌ ϮϬϭϴ d ĞdžƉĞƌŝĞŶĐĞĚ ƚǁŽ ĐĂƚĂƐƚƌŽƉŚŝĐ ǁŚĞĞůĐŚĂŝƌ ůŝĨƚ ĨĂŝůƵƌĞƐ ƚŚĂƚ ƌĞƐƵůƚĞĚ ŝŶ ϭϯ ǀĞŚŝĐůĞƐ ďĞŝŶŐ ƚĂŬĞŶ ŽƵƚ ŽĨ ƐĞƌǀŝĐĞ͘ tŽƌŬŝŶŐ ǁŝƚŚ ƚŚĞ ůŝĨƚ ŵĂŶƵĨĂĐƚƵƌĞƌ ƚŚĞ ƉƌŽďůĞŵ ǁĂƐ ƌĞƐŽůǀĞĚ ďƵƚ ƐĞƌǀŝĐĞ ǁĂƐ ĚŝƐƌƵƉƚĞĚ ĨŽƌ ŽǀĞƌ Ϯ ŵŽŶƚŚƐ ƌĞƐƵůƚŝŶŐ ŝŶ Ă ƌĞĚƵĐƚŝŽŶ ŝŶ ĨŝdžĞĚ ƌŽƵƚĞ ƌŝĚĞƌƐŚŝƉ͘

&ŝdžĞĚ ZŽƵƚĞ KƉĞƌĂƚŝŽŶƐ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ /ŶĚŝĐĂƚŽƌ

DĞĂƐƵƌĞ

dĂƌŐĞƚ

WĞƌĐĞŶƚ ŽĨ dŽƚĂů dƌŝƉƐ ƉĞƌ DŽŶƚŚ /ŶĐƌĞĂƐĞ DŽŶƚŚůLJ WĂƐƐĞŶŐĞƌƐ ŽǀĞƌ ^ĂŵĞ DŽŶƚŚ WƌĞǀŝŽƵƐ zĞĂƌ WĞƌĐĞŶƚ ŽĨ dƌŝƉƐ ǁŝƚŚŝŶ KŶ dŝŵĞ Ϭ ŵŝŶƵƚĞƐ ĞĂƌůLJ ʹ ϱ ŵŝŶƵƚĞƐ ůĂƚĞ Ăƚ ƚŝŵĞ ƉŽŝŶƚƐ

>ĞƐƐ ƚŚĂŶ ͘Ϭϳй

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

Ϭ͘Ϭϴй

Ϭ͘Ϭϳй

͘Ϭϲй

ϮϮ͕ϬϮϬ

Ϯϯ͕ϱϬϬ

DŝƐƐĞĚ dƌŝƉ

ǀĞƌĂŐĞ DŽŶƚŚůLJ WĂƐƐĞŶŐĞƌƐ

KŶͲdŝŵĞ WĞƌĨŽƌŵĂŶĐĞ

ϲй

Ϯϯ͕ϴϴϰ

ϵϮй

ϵϮй

ϴϳй

ϵϮй

Ψϭ͘ϱϬ

ΨϬ͘ϳϱ

ΨϬ͘ϳϱ

Ψϭ͘ϬϬ

&ĂƌĞ ZĞĐŽǀĞƌLJ ĚƵůƚ &ĂƌĞ

^ƉĞĐͲdƌĂŶƐ ŵĞƌŝĐĂŶƐ ǁŝƚŚ ŝƐĂďŝůŝƚŝĞƐ ZĞƋƵŝƌĞĚ ^ĞƌǀŝĐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕ϰϯϭ͕ϴϭϳ ^ƉĞĐͲdƌĂŶƐ ƵƚŝůŝnjĞƐ ϴ ǀĞŚŝĐůĞƐ ƚŽ ƉƌŽǀŝĚĞ ĐƵƌďͲƚŽͲĐƵƌď ƐĞƌǀŝĐĞ ƚŽ ƉĞŽƉůĞ ǁŝƚŚ ĚŝƐĂďŝůŝƚŝĞƐ͘ dŚĞ ŵĞƌŝĐĂŶƐ ǁŝƚŚ ŝƐĂďŝůŝƚŝĞƐ Đƚ ; Ϳ ĚĞĨŝŶĞƐ ǁŚŽ ŝƐ ĞůŝŐŝďůĞ ƚŽ ƵƐĞ ƚŚĞ ƐĞƌǀŝĐĞ͘ KƵƌ ĞůŝŐŝďŝůŝƚLJ ƐĐƌĞĞŶŝŶŐ ƉƌŽĐĞƐƐ ĚĞƚĞƌŵŝŶĞƐ ŝĨ ĂŶ ĂƉƉůŝĐĂŶƚ ŝƐ ĐĂƉĂďůĞ ŽĨ ƵƐŝŶŐ ĨŝdžĞĚ ƌŽƵƚĞ ĨŽƌ ƐŽŵĞ Žƌ Ăůů ŽĨ ƚŚĞŝƌ ƚƌŝƉƐ͘ ƉƉůŝĐĂŶƚƐ ǁŚŽ

336

ŚĂǀĞ Ă ĚŝƐĂďŝůŝƚLJ ďƵƚ ǁŚŽ ĂƌĞ ŶŽƚ ƉƌĞǀĞŶƚĞĚ ĨƌŽŵ ƵƐŝŶŐ ĨŝdžĞĚ ƌŽƵƚĞ ĂƌĞ ŶŽƚ ĞůŝŐŝďůĞ ĨŽƌ ^ƉĞĐͲdƌĂŶ ƐĞƌǀŝĐĞ͘ WĂŶŚĂŶĚůĞ /ŶĚĞƉĞŶĚĞŶƚ >ŝǀŝŶŐ ĞŶƚĞƌ ƉƌŽǀŝĚĞƐ ƚƌĂŝŶŝŶŐ ƚŽ ŝŶĚŝǀŝĚƵĂůƐ ŶĞĞĚŝŶŐ ĂƐƐŝƐƚĂŶĐĞ ƵŶĚĞƌƐƚĂŶĚŝŶŐ d &ŝdžĞĚ ZŽƵƚĞ ƐĞƌǀŝĐĞ͘ dŚĞ ĂůƐŽ ƉƌĞƐĐƌŝďĞƐ ŚŽǁ ƐĞƌǀŝĐĞ ŝƐ ƚŽ ďĞ ĚĞůŝǀĞƌĞĚ͘ ŶLJŽŶĞ ĚĞƚĞƌŵŝŶĞĚ ĞůŝŐŝďůĞ ŵĂLJ ƌĞƋƵĞƐƚ Ă ƚƌŝƉ ƚŚĞ ĚĂLJ ďĞĨŽƌĞ ƚŚĞLJ ǁŝƐŚ ƚŽ ƚƌĂǀĞů ĂŶĚ ^ƉĞĐͲdƌĂŶ ŝƐ ƌĞƋƵŝƌĞĚ ƚŽ ƉƌŽǀŝĚĞ Ă ƚƌŝƉ ŽŶĞ ŚŽƵƌ ďĞĨŽƌĞ Žƌ ĂĨƚĞƌ ƚŚĞ ƌĞƋƵĞƐƚĞĚ ƚŝŵĞ͘ ^ƉĞĐͲdƌĂŶƐ ĐĂŶŶŽƚ ĂŶĚ ĚŽĞƐ ŶŽƚ ĚĞŶLJ ĂŶLJŽŶĞ Ă ƚƌŝƉ͘ /Ŷ &zϭϴͬϭϵ ^ƉĞĐͲdƌĂŶ ĨŽĐƵƐĞĚ ŽŶ ŝŵƉƌŽǀŝŶŐ ƉƌŽĚƵĐƚŝǀŝƚLJ͘ dŚĞƌĞ ŝƐ Ă ƌĞůĂƚŝŽŶƐŚŝƉ ďĞƚǁĞĞŶ ŽŶ ʹƚŝŵĞ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ƉƌŽĚƵĐƚŝǀŝƚLJ͗ ŐĞŶĞƌĂůůLJ ƚŚĞ ŵŽƌĞ ŽŶ ƚŝŵĞ ƚŚĞ ůŽǁĞƌ ƚŚĞ ƉƌŽĚƵĐƚŝǀŝƚLJ͘ ^ƉĞĐͲdƌĂŶƐ ĚŝƐƉĂƚĐŚ ŚĂƐ ŝŵƉůĞŵĞŶƚĞĚ ƌĞĂů ƚŝŵĞ ĚŝƐƉĂƚĐŚ ŵĞƚŚŽĚƐ ǁŚŝĐŚ ǁŝůů ĨŽĐƵƐĞƐ ŽŶ ŝŶĐƌĞĂƐŝŶŐ ďŽƚŚ ƉĂƐƐĞŶŐĞƌ ƉĞƌ ŚŽƵƌ ƉƌŽĚƵĐƚŝǀŝƚLJ ĂŶĚ ŽŶ ʹ ƚŝŵĞ ŽƉĞƌĂƚŝŽŶƐ͘

^ƉĞĐͲdƌĂŶƐ KƉĞƌĂƚŝŽŶƐ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ /ŶĚŝĐĂƚŽƌ

DĞĂƐƵƌĞ

WĂƐƐĞŶŐĞƌ ƉĞƌ ZĞǀĞŶƵĞ ,ŽƵƌ EŽ ^ŚŽǁƐͬ >ĂƚĞ ĂŶĐĞůůĂƚŝŽŶƐ KŶͲdŝŵĞ WĞƌĨŽƌŵĂŶĐĞ

WĂƐƐĞŶŐĞƌƐ ƉĞƌ ZĞǀĞŶƵĞ ,ŽƵƌ WĞƌĐĞŶƚ ŽĨ ^ĐŚĞĚƵůĞĚ dƌŝƉƐ WĞƌĐĞŶƚ ŽĨ dƌŝƉƐ WŝĐŬĞĚ hƉͬ ƌŽƉƉĞĚ KĨĨ ǁŝƚŚŝŶ ƚŚĞ Ϯϱ DŝŶƵƚĞ WŝĐŬ hƉ tŝŶĚŽǁ

ǀĞƌĂŐĞ dŝŵĞ ZĞƋƵŝƌĞĚ ƚŽ ŽŵƉůĞƚĞ >ĞƐƐ ƚŚĂŶ Ϯϭ ĚĂLJƐ ƌĞƋƵŝƌĞĚ ďLJ Ă ĞƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ůŝŐŝďŝůŝƚLJ

dĂƌŐĞƚ

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

Ϯ͘ϰ >ĞƐƐ ƚŚĂŶ ϱй

Ϯ͘ϯ

Ϯ͘ϯ

Ϯ͘ϰ

ϭϯй

ϵй

ϱй

ϵϮй

ϴϴй

ϴϵй

ϵϮй

>ĞƐƐ ƚŚĂŶ ϳ ĚĂLJƐ

ϰ͘ϳ

Ϯ͘ϰ

Ϯ͘Ϭ

&ůĞĞƚ DĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ZĞƉĂŝƌ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϵϴϱ͕Ϭϱϱ dŚĞ d &ůĞĞƚ DĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ZĞƉĂŝƌ ŐƌŽƵƉ ƉĞƌĨŽƌŵƐ ƌŽƵƚŝŶĞ ĂŶĚ ƉƌĞǀĞŶƚŝǀĞ ŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ĐůĞĂŶŝŶŐ ŽŶ ϯϬ ƌĞǀĞŶƵĞ ǀĞŚŝĐůĞƐ ĂŶĚ ϳ ƐƵƉƉŽƌƚ ǀĞŚŝĐůĞƐ͘ /Ŷ &zϭϳͬϭϴ ϲ ĞŶŐŝŶĞƐ ǁĞƌĞ ƌĞƉůĂĐĞĚ ďLJ ĂŶ ŽƵƚƐŝĚĞ ĐŽŶƚƌĂĐƚŽƌ͘ ,ŝƐƚŽƌŝĐĂůůLJ͕ ŵĂũŽƌ ĐŽŵƉŽŶĞŶƚ ƌĞƉĂŝƌ ĂŶĚ ďŽĚLJ ǁŽƌŬ ŚĂƐ ďĞĞŶ ĐŽŶƚƌĂĐƚĞĚ͘ ƵĞ ƚŽ ƚŚĞ ŝŶĐƌĞĂƐĞĚ ƐŬŝůůƐ ŽĨ d ŵĂŝŶƚĞŶĂŶĐĞ ƐƚĂĨĨ ǁĞ ǁĞƌĞ ĂďůĞ ƚŽ ƌĞƉĂŝƌ ĨŽƵƌ ĂĚĚŝƚŝŽŶĂů ĞŶŐŝŶĞƐ ŝŶ ŚŽƵƐĞ ĂŶĚ ǁŝůů ďĞ ĂďůĞ ƚŽ ƉĞƌĨŽƌŵ ŵŝŶŽƌ ďŽĚLJ ǁŽƌŬ ŐŽŝŶŐ ĨŽƌǁĂƌĚ͘ ^ƚĂĨĨ ŚĂƐ ĨŽĐƵƐĞĚ ŽŶ ƌĞĚƵĐŝŶŐ ŽǀĞƌĂůů ŵĂŝŶƚĞŶĂŶĐĞ ĐŽƐƚƐ ǁŚŝůĞ ŵĂŝŶƚĂŝŶŝŶŐ ĂŶ ĂĚĞƋƵĂƚĞ ƐƉĂƌĞ ƌĂƚŝŽ ƚŽ ƌĞĚƵĐĞ ƌŽĂĚ ĐĂůůƐ ĂŶĚ ŝŵƉƌŽǀĞ ƐĞƌǀŝĐĞ ƌĞůŝĂďŝůŝƚLJ͘ DĂŝŶƚĞŶĂŶĐĞ ƐƚĂĨĨ ŵĂĚĞ ƐŝŐŶŝĨŝĐĂŶƚ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ ƌĞĚƵĐŝŶŐ ƌŽĂĚ ĐĂůůƐ ǁŚŝĐŚ ĂŝĚĞĚ ŝŶ ŵĂŝŶƚĂŝŶŝŶŐ ƐĞƌǀŝĐĞ ƌĞůŝĂďŝůŝƚLJ͘

337

&ůĞĞƚ DĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ZĞƉĂŝƌ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ /ŶĚŝĐĂƚŽƌ ĂŝůLJ ůĞĂŶŝŶŐ ĞƚĂŝů ůĞĂŶŝŶŐ

ZŽĂĚ ĂůůƐ WƌĞǀĞŶƚĂƚŝǀĞ DĂŝŶƚĞŶĂŶĐĞ

DĞĂƐƵƌĞ WĞƌĐĞŶƚ ŽĨ &ůĞĞƚ ůĞĂŶĞĚ ĂŝůLJ ǀŐ͘ sĞŚŝĐůĞƐ ĞƚĂŝůĞĚ ƉĞƌ DŽŶƚŚ Kƌ ϱϬй ŽĨ ƚŚĞ &ůĞĞƚ ZŽĂĚ ĂůůƐ ƉĞƌ ϭϬ͕ϬϬϬ ƌĞǀĞŶƵĞ ŵŝůĞƐ WD ^ĞƌǀŝĐĞ ŽŵƉůĞƚĞĚ ǁŝƚŚŝŶ ϱϬϬ ŵŝůĞƐ ŽĨ ƐĐŚĞĚƵůĞĚ ƐĞƌǀŝĐĞ

dĂƌŐĞƚ

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬϮϬ WƌŽũĞĐƚĞĚ

ϭϬϬй

ϭϬϬй

ϭϬϬй

ϭϬϬй

ϴ

ϴ

ϰ

ϴ

Ϯ͘ϬϬ

ϭ͘ϱϬ

ϭ͘ϴϳ

ϭ͘ϳϬ

ϵϱй

ϵϵй

ϵϵй

ϵϵй

DĂŶĂŐĞŵĞŶƚ ĂŶĚ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϱϲϵ͕ϬϬϴ dŚĞ DĂŶĂŐĞŵĞŶƚ ĂŶĚ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝƐ Ă ŶĞǁ ƉƌŽŐƌĂŵ ƚŚĂƚ ǁĂƐ ƉƌĞǀŝŽƵƐůLJ ŝŶĐůƵĚĞĚ ƵŶĚĞƌ ϭϳϲϭ &ŝdžĞĚ ZŽƵƚĞ ƉƌŽŐƌĂŵ͘ ůĞĂƌůLJ ĂůŝŐŶŝŶŐ ƉƌŽŐƌĂŵƐ ǁŝƚŚ ĨƵŶĐƚŝŽŶƐ ǁŝůů ƉĞƌŵŝƚ ďĞƚƚĞƌ ĐŽƐƚ ĐŽŶƚƌŽů͘ dŚŝƐ ŐƌŽƵƉ ŝŶĐůƵĚĞƐ ƚŚĞ ŝƌĞĐƚŽƌ͕ ƐƐŝƐƚĂŶƚ ŝƌĞĐƚŽƌ͕ Ă DĂŶĂŐĞŵĞŶƚ ŶĂůLJƐƚ ĂŶĚ Ă WůĂŶŶĞƌ͘ EĞǁ ĨĞĚĞƌĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ĞĨĨĞĐƚŝǀĞ :ƵůLJ ϮϬϭϵ ƌĞƋƵŝƌĞ ƚƌĂŶƐŝƚ ŽƉĞƌĂƚŝŽŶƐ ƚŽ ĚĞƐŝŐŶĂƚĞ Ă ŚŝĞĨ ^ĂĨĞƚLJ KĨĨŝĐĞƌ͘ d ƌĞŽƌŐĂŶŝnjĞĚ ƐƵƉĞƌǀŝƐŽƌLJ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ƚŽ ĂĐĐŽŵƉůŝƐŚ ƚŚŝƐ ǁŝƚŚŽƵƚ ĂĚĚŝŶŐ Ă ƉŽƐŝƚŝŽŶ͘ /Ŷ &zϭϵͬϮϬ d ǁŝůů ƉƌĞƉĂƌĞ Ă ^LJƐƚĞŵ ^ĂĨĞƚLJ WůĂŶ ;^^WͿ ƚŚĂƚ ǁŝůů ďĞ ŝŶƚĞŐƌĂƚĞĚ ǁŝƚŚ ŽƵƌ ĐƵƌƌĞŶƚ ƐĂĨĞƚLJ ďĞƐƚ ƉƌĂĐƚŝĐĞ ŵĞĂƐƵƌĞƐ ƚŽ ĞŶŚĂŶĐĞ ĚĞƉĂƌƚŵĞŶƚĂů ƐĂĨĞƚLJ͘ dĂƌŐĞƚƐ ŚĂǀĞ ďĞĞŶ ƐĞƚ ďĂƐĞĚ ŽŶ ŶĂƚŝŽŶĂů ĚĂƚĂ͘ dŚĞ DĂŶĂŐĞŵĞŶƚ dĞĂŵ ĨŽĐƵƐĞĚ ŽŶ ĞdžƉĞŶĚŝŶŐ ĞdžŝƐƚŝŶŐ &ĞĚĞƌĂů ĂŶĚ ^ƚĂƚĞ 'ƌĂŶƚƐ ŝŶ &zϭϳͬϭϴ ĨŽƌ ƐŚĞůƚĞƌƐ͕ ďƵƐ ƐƚŽƉ ƐŝŐŶƐ͕ ŵĂŝŶƚĞŶĂŶĐĞ ĞƋƵŝƉŵĞŶƚ͕ ďƌĞĂŬ ƌŽŽŵ ĂŶĚ ďĂƚŚƌŽŽŵ ƵƉŐƌĂĚĞƐ ĂƐ ǁĞůů ĂƐ ĚĞǀĞůŽƉŝŶŐ ƐƉĞĐŝĨŝĐĂƚŝŽŶ ĨŽƌ ŶĞǁ ǀĞŚŝĐůĞƐ ĂŶĚ Ă ĨĂƌĞ ƐƚƵĚLJ͘ d ƌĞĐĞŝǀĞĚ Ă ΨϭϬϬ͕ϬϬϬ ŐƌĂŶƚ ĨƌŽŵ dy Kd ƚŽ ĐŽŶĚƵĐƚ Ă ŶĞĞĚƐ ĂƐƐĞƐƐŵĞŶƚ ĨŽƌ Ă ŶĞǁ dƌĂŶƐĨĞƌ dĞƌŵŝŶĂů͘

ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ ^ĂĨĞƚLJ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ /ŶĚŝĐĂƚŽƌ

DĞĂƐƵƌĞ

ĐĐŝĚĞŶƚ ZĂƚĞΎ

ϭ WĞƌ ϭϬϬ͕ϬϬϬ DŝůĞƐ

ŵƉůŽLJĞĞ >ŽƐƚ dŝŵĞ ƚŽ /ŶũƵƌLJ

ŽŵƉůĂŝŶƚƐ ƉĞƌ ϭϬϬϬϬ WĂƐƐĞŶŐĞƌƐ Ϯϰ ,ŽƵƌ ĐŬŶŽǁůĞĚŐĞŵĞŶƚ ŽĨ Ă ŽŵƉůĂŝŶƚ ĂLJƐ ŵƉůŽLJĞĞ ŝĚ EŽƚ tŽƌŬ

/ŶũƵƌLJ ZĂƚĞΎ

ϭ WĞƌ ϭϬϬ͕ϬϬϬ DŝůĞƐ

ŽŵƉůĂŝŶƚƐ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ ZĞƐƉŽŶƐĞ

dĂƌŐĞƚ >ĞƐƐ ƚŚĂŶ ϮϬ͘ϵ >ĞƐƐ ƚŚĂŶ ϭ͘ϲ ϵϳй >ĞƐƐ ƚŚĂŶ ϭϮ >ĞƐƐ ƚŚĂŶ ϭϲ͘Ϯ

Ύ^ŽƵƌĐĞ͗ &d dƌĂŶƐƉŽƌƚĂƚŝŽŶ ^ĂĨĞƚLJ ĂƚĂ dĂďůĞ ;ƚŚĞ ĂǀĞƌĂŐĞ ĨŽƌ D ĂŶĚ ZͿ

338

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϭ͘ϴϳ

Ϭ͘ϴϵ

Ϭ͘ϳϱ

Ϯ͘ϰ

ϭ͘ϲ

ϭ͘ϱ

ϵϬй

ϵϱй

ϵϳй

ϵ

ϳ

ϱ

Ϭ͘ϰϳ

Ϭ͘ϭϴ

Ϭ͘ϭϳ

d ĨŽůůŽǁƐ ƚŚĞ dƌĂŶƐŝƚ ƐƐĞƚ DĂŶĂŐĞŵĞŶƚ WůĂŶ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ ĨĞĚĞƌĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ ŵĂŶĂŐŝŶŐ ĂƐƐĞƚƐ ŝŶ Ă ^ƚĂƚĞ ŽĨ 'ŽŽĚ ZĞƉĂŝƌ͘ /Ŷ &zϭϴͬϭϵ d ǁŝůů ƉƌŽĐƵƌĞĚ ĞŝŐŚƚ ϯϱ͛ ůŽǁ ĨůŽŽƌ ƚƌĂŶƐŝƚ ďƵƐĞƐ ĨŽƌ ĨŝdžĞĚ ƌŽƵƚĞ ĂŶĚ ďĞŐŝŶ ƉƌŽĐƵƌĞŵĞŶƚ ŽĨ ŶĞǁ ^ƉĞĐͲdƌĂŶƐ ǀĞŚŝĐůĞƐ͘ d ĞdžƉĞĐƚƐ ƚŽ ƌĞĐĞŝǀĞ ƚŚĞƐĞ ŶĞǁ ǀĞŚŝĐůĞƐ ŝŶ &zϭϵͬϮϬ ĂŶĚ ƌĞďƌĂŶĚ Ăůů ĞdžŝƐƚŝŶŐ d ǀĞŚŝĐůĞƐ͘ /Ŷ &zϭϴͬϭϵ d ǁŝůů ƌĞƉůĂĐĞ ŽŶĞ ŵĂŝŶƚĞŶĂŶĐĞ ƚƌƵĐŬ͕ ƐƵƉĞƌǀŝƐŽƌ ĐĂƌƐ ĂŶĚ ďƵƐ ŽƉĞƌĂƚŽƌ ƐŚƵƚƚůĞ ǀĞŚŝĐůĞƐ ƚŚĂƚ ŚĂǀĞ ƐƵƌƉĂƐƐĞĚ ƚŚĞŝƌ ƵƐĞĨƵů ůŝĨĞ͘ dŚĞ ƐƵƉĞƌǀŝƐŽƌ ǀĞŚŝĐůĞƐ ǁŝůů ďĞ ƌĞƉůĂĐĞĚ ǁŝƚŚ ǀĂŶƐ ǁŚŝĐŚ ĐĂŶ ďĞ ƵƐĞĚ ƚŽ ƚƌĂŶƐƉŽƌƚ ǁŚĞĞůĐŚĂŝƌ ƉĂƐƐĞŶŐĞƌƐ ǁŚĞŶ ůŝĨƚƐ ďƌĞĂŬĚŽǁŶ͘ dŚĞ d ƵƐ tĂƐŚ &ĂĐŝůŝƚLJ ǁĂƐ ŝƐ Ăƚ >ĞǀĞů ϭ Ͳ ŝŶ ŶĞĞĚ ŽĨ ŝŵŵĞĚŝĂƚĞ ƌĞƉĂŝƌ͕ ǁĞůů ƉĂƐƚ ƵƐĞĨƵů ůŝĨĞ ĂŶĚ ǁĂƐ ŝŶŽƉĞƌĂďůĞ ĨŽƌ ŵŽƐƚ ŽĨ ƚŚĞ LJĞĂƌ ĂƐ ĚĞĨŝŶĞĚ ďLJ ƚŚĞ &ĞĚĞƌĂů dƌĂŶƐŝƚ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ^ƚĂƚĞ ŽĨ 'ŽŽĚ ZĞƉĂŝƌ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ /Ŷ &zϭϴͬϭϵ͕ d ŚĂƐ ƌĞĨƵƌďŝƐŚĞĚ ƚŚĞ ďƵƐ ǁĂƐŚ ĨĂĐŝůŝƚLJ ƚŚƌŽƵŐŚ ĐŽŵďŝŶĞĚ ĨƵŶĚŝŶŐ ƐŽƵƌĐĞƐ͘ tŝƚŚ ƚŚĞ ƌĞĨƵƌďŝƐŚŵĞŶƚ ŽĨ ƚŚĞ ďƵƐ ǁĂƐŚ d ǁŝůů ďĞ ĂďůĞ ƚŽ ĞdžĐĞĞĚ ƚŚĞ ĐůĞĂŶůŝŶĞƐƐ ŐŽĂůƐ͘ ^ƚĂĨĨ ǁŝůů ŶŽ ůŽŶŐĞƌ ŚĂǀĞ ƚŽ ŵĂŶƵĂůůLJ ĐůĞĂŶ ƚŚĞ ďƵƐ ĞdžƚĞƌŝŽƌƐ ĂŶĚ ĐĂŶ ĨŽĐƵƐ ŵŽƌĞ ŽŶ ŝŶƚĞƌŝŽƌ ĐůĞĂŶůŝŶĞƐƐ ĂŶĚ ƐŚĞůƚĞƌ ŵĂŝŶƚĞŶĂŶĐĞ͘

dƌĂŶƐŝƚ ƐƐĞƚ DĂŶĂŐĞŵĞŶƚ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ /ŶĚŝĐĂƚŽƌ

DĞĂƐƵƌĞ

ZĞǀĞŶƵĞ sĞŚŝĐůĞ Ͳ ϯϬ dƌĂŶƐŝƚ ƵƐĞƐ

dŚĞ й ŽĨ ƌĞǀĞŶƵĞ ǀĞŚŝĐůĞƐ ƚŚĂƚ ĞdžĐĞĞĚ ƚŚĞ ƵƐĞĨƵů ůŝĨĞ͘

ϯϬй

dŚĞ й ŽĨ ŶŽŶͲ ƌĞǀĞŶƵĞ ƐĞƌǀŝĐĞ ǀĞŚŝĐůĞƐ ƚŚĂƚ ĞdžĐĞĞĚ ƚŚĞ ƵƐĞĨƵů ůŝĨĞ͘

Ϯϱй

EŽŶͲZĞǀĞŶƵĞ sĞŚŝĐůĞ ʹ ^ƵƉĞƌǀŝƐŽƌ ĂƌƐ ĂŶĚ ^ŚŽƉ dƌƵĐŬƐ

&ĂĐŝůŝƚŝĞƐͲ dƌĂŶƐŝƚ KĨĨŝĐĞͬDĂŝŶƚĞŶĂŶĐĞ͕ dƌĂŶƐĨĞƌ dĞƌŵŝŶĂů͕ ƵƐ tĂƐŚ

dŚĞ й ŽĨ ĨĂĐŝůŝƚŝĞƐ ;ďLJ ŐƌŽƵƉͿ ƚŚĂƚ ĂƌĞ ƌĂƚĞĚ ůĞƐƐ ƚŚĂŶ ϯ͘Ϭ ŽŶ ƚŚĞ dƌĂŶƐŝƚ ĐŽŶŽŵŝĐ ZĞƋƵŝƌĞŵĞŶƚƐ DŽĚĞů ;d ZDͿ ^ĐĂůĞ͘

dĂƌŐĞƚ

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϭϬй

ϭϬй

ϯϬй

ϰϯй

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ƵƚŚŽƌŝnjĞĚ WŽƐŝƚŝŽŶƐ WĞƌŵĂŶĞŶƚ WŽƐŝƚŝŽŶƐ WĂƌƚͲƚŝŵĞ WŽƐŝƚŝŽŶƐ dŽƚĂů WŽƐŝƚŝŽŶƐ

ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ĐƚƵĂů ƵĚŐĞƚĞĚ ϲϳ ϲϱ Ͳ Ͳ ϲϳ ϲϱ

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;ϭϰϮϬͿ ƵĚŐĞƚ ŽŵƉĂƌŝƐŽŶ WĞƌƐŽŶŶĞů ^ĞƌǀŝĐĞƐ ^ƵƉƉůŝĞƐ ŽŶƚƌĂĐƚƵĂů ^ĞƌǀŝĐĞƐ KƚŚĞƌ ŚĂƌŐĞƐ ĂƉŝƚĂů KƵƚůĂLJ /ŶƚĞƌ ZĞŝŵďƵƌƐĞŵĞŶƚƐ dŽƚĂů džƉĞŶƐĞƐ

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^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ ^ƚƌĞĞƚ ŝǀŝƐŝŽŶ ĐƵƌƌĞŶƚůLJ ŵĂŝŶƚĂŝŶƐ ϭ͕Ϭϯϳ ĐĞŶƚĞƌůŝŶĞ ŵŝůĞƐ ŽĨ ƐƚƌĞĞƚƐ ĂŶĚ ϰϵϵ ŵŝůĞƐ ŽĨ ĂůůĞLJƐ͘ DĂŶĂŐŝŶŐ ĂŶ ĂŐŝŶŐ ĂŶĚ ŐƌŽǁŝŶŐ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ƐLJƐƚĞŵ ŽĨ ƚŚŝƐ ŵĂŐŶŝƚƵĚĞ ƌĞƋƵŝƌĞƐ ƚŚĞ ƵƚŝůŝnjĂƚŝŽŶ ŽĨ ĞƐƚ WƌĂĐƚŝĐĞƐ͕ &ŝƐĐĂů ZĞƐƉŽŶƐŝďŝůŝƚLJ͕ ĂŶĚ ĂŶ ĂƌƌĂLJ ŽĨ ĞĨĨĞĐƚŝǀĞ ŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ƉĂǀĞŵĞŶƚ ƉƌĞƐĞƌǀĂƚŝŽŶ ƉƌŽŐƌĂŵƐ͘ ƉĂǀĞŵĞŶƚ ĐŽŶĚŝƚŝŽŶ ĂƐƐĞƐƐŵĞŶƚ͕ Ă ĞƐƚ WƌĂĐƚŝĐĞ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŵĞƌŝĐĂŶ WƵďůŝĐ tŽƌŬƐ ƐƐŽĐŝĂƚŝŽŶ ; Wt Ϳ͕ ǁĂƐ ĐŽŵƉůĞƚĞĚ ŝŶ ϮϬϭϳ͘ dŚĞ ĞdžŝƐƚŝŶŐ ƉĂǀĞŵĞŶƚ ĐŽŶĚŝƚŝŽŶ ŽĨ ƚŚĞ ŝƚLJ͛Ɛ ĞŶƚŝƌĞ ƐƚƌĞĞƚ ŶĞƚǁŽƌŬ ǁĂƐ ĞǀĂůƵĂƚĞĚ ĂŶĚ Ă WĂǀĞŵĞŶƚ ŽŶĚŝƚŝŽŶ /ŶĚĞdž ;W /Ϳ ǁĂƐ ĞƐƚĂďůŝƐŚĞĚ͘ W / ŝƐ Ă ŶƵŵĞƌŝĐĂů ŝŶĚĞdž ďĞƚǁĞĞŶ Ϭ ĂŶĚ ϭϬϬ ǁŚŝĐŚ ŝƐ ƵƐĞĚ ƚŽ ŝŶĚŝĐĂƚĞ ƚŚĞ ŐĞŶĞƌĂů ĐŽŶĚŝƚŝŽŶ ŽĨ Ă ƉĂǀĞŵĞŶƚ͘ dŚĞ W / ĨŽƌ ŽƵƌ ŝƚLJ͛Ɛ ƐƚƌĞĞƚƐ ŝƐ ĐƵƌƌĞŶƚůLJ ϲϴ͕ ǁŚŝĐŚ ŝƐ ĐŽŶƐŝĚĞƌĞĚ ƚŽ ďĞ ͞^ĂƚŝƐĨĂĐƚŽƌLJ͟ ĐŽŶĚŝƚŝŽŶ͘ dŚĞ W / ĚĂƚĂ ǁŝůů ĞŶĂďůĞ ƐƵƌĨĂĐĞ ƚƌĞĂƚŵĞŶƚƐ ĨŽƌ ƐƚƌĞĞƚƐ ƚŽ ďĞ ƐĞůĞĐƚĞĚ ďĂƐĞĚ ŽŶ ĞdžŝƐƚŝŶŐ ƐƵƌĨĂĐĞ ĐŽŶĚŝƚŝŽŶƐ ĂŶĚ ƉƌŝŽƌŝƚŝnjĞĚ ĂĐĐŽƌĚŝŶŐůLJ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ ǀĂƌŝŽƵƐ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ ĂƐƐĞƐƐŵĞŶƚ ǁŝůů ĂŝĚ ŝŶ ƉůĂŶŶŝŶŐ ĂŶĚ ĐŽŽƌĚŝŶĂƚŝŽŶ ŽĨ ĨƵƚƵƌĞ ƐƚƌĞĞƚ ŵĂŝŶƚĞŶĂŶĐĞ ƉƌŽŐƌĂŵƐ ĂŶĚ ĂƉŝƚĂů /ŶǀĞƐƚŵĞŶƚ WƌŽũĞĐƚƐ͘ /Ŷ ĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚ ƚŚĞ ƉĂǀĞŵĞŶƚ ĂƐƐĞƐƐŵĞŶƚ͕ Ă ƉĂǀĞŵĞŶƚ ŵĂŶĂŐĞŵĞŶƚ ƐLJƐƚĞŵ ǁĂƐ ĂůƐŽ ƉƌŽĐƵƌĞĚ ƚŽ ĞŶŚĂŶĐĞ ƚŚĞ ^ƚƌĞĞƚ ŝǀŝƐŝŽŶ͛Ɛ ĂďŝůŝƚLJ ƚŽ ƵƚŝůŝnjĞ ƚŚĞ ŶĞǁ W / ĚĂƚĂ͕ ŵĂŶĂŐĞ ƚŚĞ ĚŝǀŝƐŝŽŶ͛Ɛ ŵĂŝŶƚĞŶĂŶĐĞ ƉƌŽŐƌĂŵƐ ŵŽƌĞ ĞĨĨĞĐƚŝǀĞůLJ͕ ĂŶĚ ĞdžƉĂŶĚ ŽƵƌ ĐĂƉĂĐŝƚLJ ƚŽ ĚĞůŝǀĞƌ ĨŝƌƐƚͲƌĂƚĞ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ ĂŶĚ džĐĞůůĞŶĐĞ ŝŶ ŽŵŵƵŶŝĐĂƚŝŽŶ ƚŽ ƚŚĞ ĐŝƚŝnjĞŶƐ ŽĨ ŵĂƌŝůůŽ͘ WƌŽũĞĐƚƐ ĂƌĞ ƐĐŚĞĚƵůĞĚ ŽǀĞƌ ƚŚĞ ŶĞdžƚ ĨŽƵƌ LJĞĂƌƐ ƚŽ ĨƵƌƚŚĞƌ ĂĚĚƌĞƐƐ ƐƚƌĞĞƚ ŵĂŝŶƚĞŶĂŶĐĞ ŶĞĞĚƐ͕ ĂƐ ǁĞůů ĂƐ͕ ĂƌƚĞƌŝĂů ƌĞĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ ĂŶĚ ZĞĚĞǀĞůŽƉŵĞŶƚ͘

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dŚĞ ^ƚƌĞĞƚ ŝǀŝƐŝŽŶ ǁŝůů ƌĞŵĂŝŶ ĨŽĐƵƐĞĚ ŽŶ ĚĞůŝǀĞƌŝŶŐ ĨŝƐĐĂůůLJ ƌĞƐƉŽŶƐŝďůĞ ƉƌŽŐƌĂŵƐ ĂůŝŐŶĞĚ ǁŝƚŚ ƚŚĞ ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ ĂŶĚ ĂŝŵĞĚ Ăƚ ĞĨĨĞĐƚŝǀĞůLJ ŵĂŝŶƚĂŝŶŝŶŐ ƚŚĞ ŝƚLJ͛Ɛ dƌĂŶƐƉŽƌƚĂƚŝŽŶ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ ĞŶŚĂŶĐŝŶŐ ŝǀŝĐ WƌŝĚĞ͕ ĂŶĚ ƉƌŽǀŝĚŝŶŐ ƐĂĨĞƌ ƌŽĂĚǁĂLJƐ ĨŽƌ ƚŚĞ ƉƵďůŝĐ͘

WƌŽŐƌĂŵƐ ^ƚƌĞĞƚ ŝǀŝƐŝŽŶ ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϰϭϴ͕ϵϰϭ DĂŶĂŐĞŵĞŶƚ ŽĨ Ă ŵƵůƚŝͲĨĂĐĞƚĞĚ ƐƚƌĞĞƚ ĂŶĚ ĂůůĞLJ ŵĂŝŶƚĞŶĂŶĐĞ ŽƉĞƌĂƚŝŽŶ ďLJ ^ƚƌĞĞƚ ^ƵƉĞƌŝŶƚĞŶĚĞŶƚ ĂŶĚ ƐƐŝƐƚĂŶƚ ^ƚƌĞĞƚ ^ƵƉĞƌŝŶƚĞŶĚĞŶƚ͕ ƐƵƉƉŽƌƚĞĚ ďLJ Ă ĨŽƵƌͲƉĞƌƐŽŶ ŽĨĨŝĐĞ ƐƚĂĨĨ͘ dŚƌŽƵŐŚ ƚŚĞ ƵƚŝůŝnjĂƚŝŽŶ ŽĨ ĞƐƚ WƌĂĐƚŝĐĞƐ͕ ƐƚƌĂƚĞŐŝĐ ƉůĂŶŶŝŶŐ͕ ƐŽƵŶĚ &ŝƐĐĂů ZĞƐƉŽŶƐŝďŝůŝƚLJ͕ ĂŶĚ ĞdžĐĞůůĞŶĐĞ ŝŶ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ͕ ƚŚĞ ^ƚƌĞĞƚ ŝǀŝƐŝŽŶ ƐƚƌŝǀĞƐ ƚŽ ĚĞůŝǀĞƌ ĐŽƐƚͲĞĨĨĞĐƚŝǀĞ ƉƌŽŐƌĂŵƐ ĂŝŵĞĚ Ăƚ ƉƌŽǀŝĚŝŶŐ ƚŚĞ ƉƵďůŝĐ ǁŝƚŚ Ă ƐĂĨĞ͕ ǁĞůůͲ ŵĂŝŶƚĂŝŶĞĚ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ŶĞƚǁŽƌŬ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ϮϬϭϳͬϭϴ ĐƚƵĂů ϭ͕ϯϯϲ ϭ͕ϴϬϵ

^ĞƌǀŝĐĞ ƌĞƋƵĞƐƚƐ ƌĞĐĞŝǀĞĚ ƉĞƌ LJĞĂƌ ^ĞƌǀŝĐĞ ƌĞƋƵĞƐƚƐ ĐŽŵƉůĞƚĞĚ ƉĞƌ LJĞĂƌ WĞƌĐĞŶƚ ŽĨ ƐĞƌǀŝĐĞ ƌĞƋƵĞƐƚƐ ŝŶǀĞƐƚŝŐĂƚĞĚ ďLJ ϳϯй ƐƵƉĞƌǀŝƐŽƌ ǁŝƚŚŝŶ ƚŚƌĞĞ ĚĂLJƐ ŽĨ ƌĞĐĞŝƉƚ sĞŚŝĐůĞ Θ ƋƵŝƉŵĞŶƚ 'W^ DĂŶĂŐĞŵĞŶƚ ϮϵϮ ,ƌƐ ĂŝůLJ ;KǀĞƌĂůů ZĞĚƵĐƚŝŽŶ ŝŶ sĞŚŝĐůĞ /ĚůĞ dŝŵĞͿ LJ ǀĞ ϭϬй

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϭ͕ϭϬϬ ϭ͕ϬϬϬ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϭ͕ϯϱϬ ϭ͕ϯϱϬ

ϳϱй

ϳϳй

Ϯϲϯ ,ƌƐ ĂŝůLJ ǀĞ

Ϯϲϯ ,ƌƐ ĂŝůLJ ǀĞ

WĂǀĞŵĞŶƚ WƌĞƐĞƌǀĂƚŝŽŶ WƌŽŐƌĂŵ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϯ͕Ϭϯϳ͕ϯϮϬ dŚĞ ^ƚƌĞĞƚ ŝǀŝƐŝŽŶ ƵƚŝůŝnjĞƐ ĞƐƚ WƌĂĐƚŝĐĞƐ ĂŶĚ ĂŶ ĞdžƚĞŶƐŝǀĞ ĂƐƐŽƌƚŵĞŶƚ ŽĨ ƉƌĞǀĞŶƚĂƚŝǀĞ ŵĂŝŶƚĞŶĂŶĐĞ ƉƌŽŐƌĂŵƐ ƚŽ ƉƌĞƐĞƌǀĞ ƚŚĞ ŝƚLJ͛Ɛ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĂŶĚ ĞŶŚĂŶĐĞ ŝǀŝĐ WƌŝĚĞ ŝŶ ŽƵƌ ŝƚLJ͛Ɛ ƐƚƌĞĞƚƐ ĂŶĚ ĂůůĞLJƐ͘ ^ĞĂůĐŽĂƚŝŶŐ͕ ĐƌĂĐŬ ƐĞĂůŝŶŐ͕ ĂŶĚ ĨŽŐ ƐĞĂůŝŶŐ ;ĂůůĞLJƐͿ ĂƌĞ ŐĞŶĞƌĂůůLJ ƉĞƌĨŽƌŵĞĚ ŝŶͲŚŽƵƐĞ ďLJ ^ƚƌĞĞƚ ŝǀŝƐŝŽŶ ĞŵƉůŽLJĞĞƐ͕ ǁŚŝůĞ ĂƐƉŚĂůƚ ŽǀĞƌůĂLJ ŝƐ ŽƵƚƐŽƵƌĐĞĚ ƚŽ ůŽĐĂů ĐŽŶƚƌĂĐƚŽƌƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ >ĂŶĞ ŵŝůĞƐ ŽĨ ƌĞƐŝĚĞŶƚŝĂů ƐƚƌĞĞƚƐ ƐĞĂůĐŽĂƚĞĚ ;ϭϬͲLJĞĂƌ ĐLJĐůĞ с ϭϳϲ͘ϲ ůĂŶĞ ŵŝůĞƐ ĂŶŶƵĂůůLJͿ ^ĞĂůĐŽĂƚ ĐŽƐƚ ;ƉĞƌ ůĂŶĞ ŵŝůĞͿ >ĂŶĞ ŵŝůĞƐ ŽĨ ƉĂǀĞĚ ƐƚƌĞĞƚƐ ĐƌĂĐŬ ƐĞĂůĞĚ ;ϭϬͲLJĞĂƌ ĐLJĐůĞ с Ϯϰϭ͘ϰ ůĂŶĞ ŵŝůĞƐ ĂŶŶƵĂůůLJͿ ƌĂĐŬƐĞĂů ŽƐƚ ;ƉĞƌ ůĂŶĞ ŵŝůĞͿ DŝůĞƐ ŽĨ ƉĂǀĞĚ ĂůůĞLJƐ ƐĞĂůĞĚ ;ϲͲLJĞĂƌ ĐLJĐůĞ с ϯϳ͘Ϯϰ ŵŝůĞƐ ĂŶŶƵĂůůLJͿ ůůĞLJ ƐĞĂůŝŶŐ ĐŽƐƚ ;ƉĞƌ ŵŝůĞͿ >ĂŶĞ ŵŝůĞƐ ŽĨ ĂƌƚĞƌŝĂů ƐƚƌĞĞƚƐ ŽǀĞƌůĂŝĚ ;ϭϬͲLJĞĂƌ ĐLJĐůĞ с ϲϰ͘ϳϴ ůĂŶĞ ŵŝůĞƐ ĂŶŶƵĂůůLJͿ KǀĞƌůĂLJ ĐŽƐƚ ;ƉĞƌ ůĂŶĞ ŵŝůĞͿ

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϭϭϳ

ϭϮϬ

ϭϮϱ

Ψϭϯ͕ϴϴϬ

Ψϭϯ͕ϱϬϬ

Ψϭϯ͕ϮϬϬ

ϴϭ͘ϱ

ϱϱ

ϲϱ

ΨϮ͕ϯϯϮ

Ψϯ͕ϬϬϬ

ΨϮ͕ϴϬϬ

ϭϴ͘ϯ

ϮϬ

ϮϮ

Ψϭϱ͕ϲϮϳ

Ψϭϱ͕ϱϬϬ

Ψϭϱ͕ϮϱϬ

ϭϯ͘ϳ

ϳ͘ϴ

ϭϱ͘ϯ

Ψϴϱ͕ϱϳϵ

Ψϭϭϳ͕ϯϴϬ

ΨϭϮϬ͕ϬϬϬ

344

WĂǀĞŵĞŶƚ DĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ZĞƉĂŝƌ WƌŽŐƌĂŵ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϰ͕ϰϭϳ͕ϮϯϮ 'ĞŶĞƌĂů ƉĂǀĞŵĞŶƚ ŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ƌĞƉĂŝƌƐ ĂƌĞ ƉĞƌĨŽƌŵĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ĞƐƚ WƌĂĐƚŝĐĞƐ ƚŽ ƉƌŽůŽŶŐ ƚŚĞ ůŝĨĞ ŽĨ ŽƵƌ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĂŶĚ ĞŶŚĂŶĐĞ ŝǀŝĐ WƌŝĚĞ ŝŶ ŽƵƌ ŝƚLJ͛Ɛ ƐƚƌĞĞƚƐ ĂŶĚ ĂůůĞLJƐ͘ ƐƉŚĂůƚ ƌĞƉĂŝƌƐ ĂƌĞ ĐĂƚĞŐŽƌŝnjĞĚ ďLJ ƐŝnjĞ ĂŶĚ ĐŽŵƉůĞdžŝƚLJ͗ ƉŽƚŚŽůĞƐ͕ ŵŝŶŽƌ͕ ĂŶĚ ŵĂũŽƌ͘ WƌŽŐƌĂŵ ĂůƐŽ ŝŶĐůƵĚĞƐ ďƌŝĐŬ ĂŶĚ ĐŽŶĐƌĞƚĞ ƐƚƌĞĞƚ ƌĞƉĂŝƌƐ͕ ƉĂǀĞŵĞŶƚ ƐŚŽƵůĚĞƌŝŶŐ͕ ĂŶĚ ƐǁĞĞƉŝŶŐ͘ ƵĞ ƚŽ ƚƌĂĨĨŝĐ ǀŽůƵŵĞ ĂŶĚ ƐƉĞĞĚ͕ ƉĂǀĞŵĞŶƚ ƌĞƉĂŝƌƐ ƉĞƌĨŽƌŵĞĚ ŝŶͲŚŽƵƐĞ ďLJ ^ƚƌĞĞƚ ŝǀŝƐŝŽŶ ĞŵƉůŽLJĞĞƐ ĂƌĞ ƉƌŝŽƌŝƚŝnjĞĚ ŝŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ŽƌĚĞƌ ƚŽ ĞŶƐƵƌĞ ƚŚĞ ƐĂĨĞƚLJ ŽĨ ƚŚĞ ƚƌĂǀĞůŝŶŐ ƉƵďůŝĐ͗ ĂƌƚĞƌŝĂů ƐƚƌĞĞƚƐ͕ ƌĞƐŝĚĞŶƚŝĂů ƐƚƌĞĞƚƐ͕ ĂůůĞLJƐ͘ ƌƚĞƌŝĂů ƌĞĐŽŶƐƚƌƵĐƚŝŽŶ ŝƐ ŽƵƚƐŽƵƌĐĞĚ ƚŽ ůŽĐĂů ĐŽŶƚƌĂĐƚŽƌƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ EƵŵďĞƌ ŽĨ ƉŽƚŚŽůĞƐ ƌĞƉĂŝƌĞĚ ;ĂǀĞƌĂŐĞ ƐŝnjĞ с ϯ͛ dž ϯ͛Ϳ WŽƚŚŽůĞ ƌĞƉĂŝƌ ĐŽƐƚ ;ƉĞƌ ƉŽƚŚŽůĞͿ ǀĞƌĂŐĞ ƚŝŵĞ ƚŽ ƌĞƉĂŝƌ ƉŽƚŚŽůĞ ŝŶ ƐƚƌĞĞƚ ĨƌŽŵ ƌĞĐĞŝƉƚ ŽĨ ƐĞƌǀŝĐĞ ƌĞƋƵĞƐƚ ǀĞƌĂŐĞ ƚŝŵĞ ƚŽ ƌĞƉĂŝƌ ƉŽƚŚŽůĞ ŝŶ ĂůůĞLJ ĨƌŽŵ ƌĞĐĞŝƉƚ ŽĨ ƐĞƌǀŝĐĞ ƌĞƋƵĞƐƚ EƵŵďĞƌ ŽĨ ŵŝŶŽƌ ĂƐƉŚĂůƚ ƌĞƉĂŝƌƐ ĐŽŵƉůĞƚĞĚ ŝŶ ƐƚƌĞĞƚƐ ;ĂǀŐ ƐŝnjĞ с ϭϬ͛ dž ϭϱ͛Ϳ DŝŶŽƌ ƌĞƉĂŝƌ ĐŽƐƚ Ͳ ƐƚƌĞĞƚ ;ƉĞƌ ŵŝŶŽƌ ƌĞƉĂŝƌͿ EƵŵďĞƌ ŽĨ ŵŝŶŽƌ ĂƐƉŚĂůƚ ƌĞƉĂŝƌƐ ĐŽŵƉůĞƚĞĚ ŝŶ ĂůůĞLJƐ ;ĂǀŐ ƐŝnjĞ с ϭϬ͛ dž ϭϱ͛Ϳ DŝŶŽƌ ƌĞƉĂŝƌ ĐŽƐƚ Ͳ ĂůůĞLJ ;ƉĞƌ ŵŝŶŽƌ ƌĞƉĂŝƌͿ >ĂŶĞ ŵŝůĞƐ ŽĨ ŵĂũŽƌ ĂƐƉŚĂůƚ ƌĞƉĂŝƌƐ ĐŽŵƉůĞƚĞĚ ŝŶ ƐƚƌĞĞƚƐ DĂũŽƌ ƌĞƉĂŝƌ ĐŽƐƚ Ͳ ƐƚƌĞĞƚ ;ƉĞƌ ůĂŶĞ ŵŝůĞͿ DŝůĞƐ ŽĨ ŵĂũŽƌ ĂƐƉŚĂůƚ ƌĞƉĂŝƌƐ ĐŽŵƉůĞƚĞĚ ŝŶ ĂůůĞLJƐ DĂũŽƌ ƌĞƉĂŝƌ ĐŽƐƚ Ͳ ĂůůĞLJ ;ƉĞƌ ŵŝůĞͿ >ĂŶĞ ŵŝůĞƐ ŽĨ ĂƌƚĞƌŝĂů ƐƚƌĞĞƚƐ ƌĞĐŽŶƐƚƌƵĐƚĞĚ ŽƐƚ ƚŽ ƌĞĐŽŶƐƚƌƵĐƚ ĂƌƚĞƌŝĂů ƐƚƌĞĞƚ ;ƉĞƌ ůĂŶĞ ŵŝůĞͿ 'ƵƚƚĞƌ ŵŝůĞƐ ŽĨ ƌĞƐŝĚĞŶƚŝĂů ƐƚƌĞĞƚƐ ƐǁĞƉƚ ZĞƐŝĚĞŶƚŝĂů ƐƚƌĞĞƚ ƐǁĞĞƉŝŶŐ ĐŽƐƚ ;ƉĞƌ ŐƵƚƚĞƌ ŵŝůĞͿ

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϱ͕ϵϳϬ

ϳ͕ϬϬϬ

ϳ͕ϱϬϬ

Ψϱϴ͘ϯϬ

Ψϱϱ͘ϬϬ

Ψϱϰ͘ϬϬ

ϳ ĚĂLJƐ

ϱ ĚĂLJƐ

ϱ ĚĂLJƐ

ϮϬ ĚĂLJƐ

ϭϮ ĚĂLJƐ

ϭϬ ĚĂLJƐ

ϱϮϱ

ϱϬϬ

ϰϳϱ

ΨϴϲϬ

ΨϴϮϱ

ΨϴϬϬ

ϳϲϳ

ϲϳϱ

ϲϮϱ

ΨϳϴϮ

ΨϳϲϬ

ΨϳϰϬ

ϯ͘ϵ

ϯ͘ϵϱ

ϰ͘Ϭ

Ψϭϱϰ͕ϰϯϰ

Ψϭϱϯ͕ϬϬϬ

ΨϭϱϬ͕ϱϬϬ

ϭ͘ϱ

Ϯ͘ϲ

Ϯ͘ϳϱ

ΨϮϲϳ͕ϳϱϬ ϰ͘ϯϴ

ΨϮϲϳ͕ϬϬϬ ϱ͘Ϯ

ΨϮϲϲ͕ϬϬϬ ϱ͘Ϯ

ΨϰϰϮ͕ϮϬϬ

ΨϰϵϬ͕ϯϳϱ

Ψϱϭϱ͕ϬϬϬ

ϲ͕ϲϮϭ

ϳ͕ϬϬϬ

ϳ͕ϱϬϬ

Ψϰϱ͘ϬϬ

Ψϰϰ͘ϱϬ

Ψϰϰ͘ϬϬ

tŝŶƚĞƌ tĞĂƚŚĞƌ KƉĞƌĂƚŝŽŶƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϲϮϴ͕ϰϭϭ dŚŝƐ ƉƌŽŐƌĂŵ ƵƚŝůŝnjĞƐ ĞƐƚ WƌĂĐƚŝĐĞƐ ƚŽ ƉƌŽǀŝĚĞ ĨŽƌ ƐĂĨĞ ƌŽĂĚǁĂLJƐ ĚƵƌŝŶŐ ǁŝŶƚĞƌ ǁĞĂƚŚĞƌ ĞǀĞŶƚƐ͘ dŚĞ ĚŝǀŝƐŝŽŶ ƉĞƌĨŽƌŵƐ ƐŶŽǁͬŝĐĞ ĐŽŶƚƌŽů ŽŶ ĂƌƚĞƌŝĂů ĂŶĚ ĐŽůůĞĐƚŽƌ ƐƚƌĞĞƚƐ͕ ŽǀĞƌƉĂƐƐĞƐ͕ ĞƚĐ͘

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WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ^ŶŽǁ ƌĞŵŽǀĂů ;ŶƵŵďĞƌ ŽĨ ůĂŶĞ ŵŝůĞƐͿ ^ŶŽǁ ƌĞŵŽǀĂů ĐŽƐƚ ;ƉĞƌ ůĂŶĞ ŵŝůĞͿ

ϮϬϭϳͬϭϴ ĐƚƵĂů Ϭ ΨϬ͘ϬϬ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϮϭϬ Ψϴ͘ϴϱ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ Ϯ͕ϮϬϬ Ψϭϴ͘ϬϬ

^ƚƌĞĞƚ ^ƚƌƵĐƚƵƌĞ DĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ZĞƉĂŝƌ WƌŽŐƌĂŵ ϮϬϭϵͬϮϬ ƵĚŐĞƚ ʹ ΨϭϬϰ͕ϳϯϱ sĂƌŝŽƵƐ ƐƚƌĞĞƚͲƌĞůĂƚĞĚ ƐƚƌƵĐƚƵƌĞƐ͕ ƐƵĐŚ ĂƐ ĐƌĂƐŚ ĂƚƚĞŶƵĂƚŽƌƐ͕ ŐƵĂƌĚ ƌĂŝůƐ͕ ƐƉĞĞĚ ďƵŵƉƐ͕ ƌĂŵƉƐ͕ ĞƚĐ͘ ĂƌĞ ĞƐƐĞŶƚŝĂů ƐĂĨĞƚLJ ĐŽŵƉŽŶĞŶƚƐ ĨŽƌ ŵŽƚŽƌŝƐƚƐ ĂŶĚ ƉĞĚĞƐƚƌŝĂŶƐ ƚƌĂǀĞůŝŶŐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ŝƚLJ͛Ɛ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ^LJƐƚĞŵ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ EƵŵďĞƌ ŽĨ ƐƉĞĞĚ ďƵŵƉƐ ŝŶƐƚĂůůĞĚ ϭϯ ϭϬ ϭϬ ŽƐƚ ƚŽ ŝŶƐƚĂůů ƐƉĞĞĚ ďƵŵƉ;ƉĞƌ ƐƉĞĞĚ ďƵŵƉͿ Ψϯϴϰ͘ϮϮ ΨϮϲϬ͘ϬϬ ΨϮϲϬ͘ϬϬ >ŝŶĞĂƌ ĨĞĞƚ ŽĨ ŐƵĂƌĚƌĂŝů ƌĞƉĂŝƌĞĚ ϭϮϲ ϮϱϬ ϮϱϬ ŽƐƚ ƚŽ ƌĞƉĂŝƌ ŐƵĂƌĚƌĂŝů ;ƉĞƌ ůŝŶĞĂƌ ĨŽŽƚͿ ΨϯϮ͘ϱϱ ΨϮϲ͘Ϯϱ ΨϮϲ͘Ϯϱ

^ƚƌĞĞƚ hƚŝůŝƚLJ ƵƚƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϲϭϬ͕Ϭϱϱ ĨĨĞĐƚŝǀĞ ƉĂǀĞŵĞŶƚ ĐƵƚ ƌĞƐƚŽƌĂƚŝŽŶ ŝƐ Ă ŬĞLJ ĞůĞŵĞŶƚ ŽĨ ŽƵƌ ůŽŶŐͲƚĞƌŵ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ŵĂŝŶƚĞŶĂŶĐĞ ƉůĂŶ͕ ĂƐ ǁĞůů ĂƐ Ă ĞƐƚ WƌĂĐƚŝĐĞ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŵĞƌŝĐĂŶ WƵďůŝĐ tŽƌŬƐ ƐƐŽĐŝĂƚŝŽŶ͘ dŚŝƐ ƉƌŽŐƌĂŵ ĂĚŵŝŶŝƐƚĞƌƐ Ă ƉĞƌŵŝƚ ƉƌŽĐĞƐƐ ĨŽƌ Ăůů ƵƚŝůŝƚLJ ĞdžĐĂǀĂƚŝŽŶƐ ǁŝƚŚŝŶ ŝƚLJ ƌŝŐŚƚͲŽĨͲǁĂLJ ĨŽƌ ƐĞƌǀŝĐĞ ůŝŶĞ ŝŶƐƚĂůůĂƚŝŽŶ Žƌ ŵĂŝŶƚĞŶĂŶĐĞ͘ hƚŝůŝƚLJ ĐƵƚ ƐƵƌĨĂĐĞ ƌĞƉĂŝƌƐ ĨŽƌ ƉĞƌŵŝƚ ŚŽůĚĞƌƐ ĂƌĞ ĂůƐŽ ƉƌŽǀŝĚĞĚ͕ Ăƚ Ă ĨĞĞ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ EƵŵďĞƌ ŽĨ ƵƚŝůŝƚLJ ĐƵƚ ƉĞƌŵŝƚƐ ŝƐƐƵĞĚ ϭ͕ϱϴϴ ϭϱϬϬ ϭϱϬϬ ŶŶƵĂů ƌĞǀĞŶƵĞ ĞĂƌŶĞĚ ĨŽƌ ƵƚŝůŝƚLJ ĐƵƚ ƌĞƉĂŝƌƐ ΨϱϮϴ͕ϳϰϲ Ψϱϱϱ͕ϬϬϬ Ψϱϱϱ͕ϬϬϬ

hŶƉĂǀĞĚ ^ƚƌĞĞƚƐͬ ůůĞLJƐ DĂŝŶƚĞŶĂŶĐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕Ϯϱϲ͕ϴϮϮ dŚŝƐ ƉƌŽŐƌĂŵ ƵƚŝůŝnjĞƐ ĞƐƚ WƌĂĐƚŝĐĞƐ ƚŽ ĞĨĨĞĐƚŝǀĞůLJ ŵĂŝŶƚĂŝŶ ƚŚĞ ƵŶƉĂǀĞĚ ƐƚƌĞĞƚƐ ĂŶĚ ĂůůĞLJƐ ǁŝƚŚŝŶ ŽƵƌ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ^LJƐƚĞŵ͕ ĂŶĚ ĞŶŚĂŶĐĞ ŝǀŝĐ WƌŝĚĞ ŝŶ ŽƵƌ ŝƚLJ͛Ɛ ƵŶƉĂǀĞĚ ƐƚƌĞĞƚƐ ĂŶĚ ĂůůĞLJƐ͘

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WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ DŝůĞƐ ŽĨ ƵŶƉĂǀĞĚ ƐƚƌĞĞƚƐ ƌĞƉĂŝƌĞĚ ĂŶŶƵĂůůLJ ;ϴϯ ƚŽƚĂů ŵŝůĞƐ ŽĨ ƵŶƉĂǀĞĚ ƐƚƌĞĞƚƐͿ ŽƐƚ ƚŽ ƌĞƉĂŝƌ ƵŶƉĂǀĞĚ ƐƚƌĞĞƚƐ ;ƉĞƌ ŵŝůĞͿ DŝůĞƐ ŽĨ ƵŶƉĂǀĞĚ ĂůůĞLJƐ ƌĞƉĂŝƌĞĚ ĂŶŶƵĂůůLJ ;Ϯϳϵ ƚŽƚĂů ŵŝůĞƐ ŽĨ ƵŶƉĂǀĞĚ ĂůůĞLJƐͿ ŽƐƚ ƚŽ ƌĞƉĂŝƌ ƵŶƉĂǀĞĚ ĂůůĞLJƐ ;ƉĞƌ ŵŝůĞͿ

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϭϯ͘ϲ

ϭϱ͘Ϭ

ϭϬ͘Ϭ

Ψϭ͕ϴϴϴ

Ψϭ͕ϴϴϴ

ΨϮ͕ϬϬϬ

ϯϲ͘ϱ

ϯϱ͘Ϭ

ϯϱ͘Ϭ

Ψϭϲ͕ϳϱϬ

Ψϭϲ͕ϳϱϬ

Ψϭϲ͕ϳϱϬ

ƵƚŚŽƌŝnjĞĚ WŽƐŝƚŝŽŶƐ WĞƌŵĂŶĞŶƚ WŽƐŝƚŝŽŶƐ WĂƌƚͲƚŝŵĞ WŽƐŝƚŝŽŶƐ dŽƚĂů WŽƐŝƚŝŽŶƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϵϮ ϱ ϵϳ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ ϵϯ ϰ ϵϳ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ ϵϭ ϰ ϵϱ

dŽƚĂů ^ƚƌĞĞƚ ŝǀŝƐŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϭϬ͕ϰϳϯ͕ϱϭϲ ^ƚƌĞĞƚ ŝǀŝƐŝŽŶ ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ WĂǀĞŵĞŶƚ WƌĞƐĞƌǀĂƚŝŽŶ WƌŽŐƌĂŵ WĂǀĞŵĞŶƚ DĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ZĞƉĂŝƌ WƌŽŐƌĂŵ tŝŶƚĞƌ tĞĂƚŚĞƌ KƉĞƌĂƚŝŽŶƐ ^ƚƌĞĞƚ ^ƚƌƵĐƚƵƌĞ DĂŝŶƚĞŶĂŶĐĞͬZĞƉĂŝƌ WƌŽŐƌĂŵ ^ƚƌĞĞƚ hƚŝůŝƚLJ ƵƚƐ hŶƉĂǀĞĚ ^ƚƌĞĞƚƐͬ ůůĞLJƐ DĂŝŶƚĞŶĂŶĐĞ

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ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ Ψ ϭ͕ϲϳϬ͕ϬϵϬ Ϯ͕Ϯϴϴ͕ϱϴϵ ϭ͕ϮϬϳ͕Ϯϱϳ Ϯϴϯ͕ϳϱϭ Ͳ ;ϳϴ͕ϬϬϬͿ ϯϬϭ͕ϬϬϬ Ψ ϱ͕ϲϳϮ͕ϲϴϳ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ ϭ͕ϳϲϭ͕Ϭϱϳ Ϯ͕Ϯϰϳ͕ϯϭϲ ϭ͕ϭϲϲ͕ϯϰϰ Ϯϴϯ͕ϱϳϰ ϰϱ͕ϬϬϬ ;ϳϴ͕ϬϬϬͿ ϰϬ͕ϬϬϬ Ψ ϱ͕ϰϲϱ͕Ϯϵϭ

DŝƐƐŝŽŶ dŽ ƉƌŽǀŝĚĞ ĨŽƌ ƚŚĞ ƐĂĨĞ ĂŶĚ ĞĨĨŝĐŝĞŶƚ ŵŽǀĞŵĞŶƚ ŽĨ ƉĞĚĞƐƚƌŝĂŶƐ͕ ĐLJĐůŝƐƚƐ ĂŶĚ ǀĞŚŝĐƵůĂƌ ƚƌĂĨĨŝĐ ǁŝƚŚŝŶ ƚŚĞ ŝƚLJ ĂŶĚ ƚŽ ĞŶƐƵƌĞ ƐĂĨĞ ƉĂƐƐĂŐĞ ŽŶ ŽƵƌ ƐƚƌĞĞƚƐ ĂŶĚ ŚŝŐŚǁĂLJƐ ƚŽ ŵŽƚŽƌŝƐƚƐ ĂŶĚ ƉĞĚĞƐƚƌŝĂŶƐ ĂůŝŬĞ ĂŶĚ ǁŝƚŚ ĞĨĨĞĐƚŝǀĞ ĂŶĚ ĞĨĨŝĐŝĞŶƚ ƚƌĂĨĨŝĐ ĐŽŶƚƌŽů ĚĞǀŝĐĞƐ ƚŚĂƚ ŵĂdžŝŵŝnjĞ ƐĂĨĞƚLJ͕ ƋƵĂůŝƚLJ͕ ĂŶĚ ƌĞůŝĂďŝůŝƚLJ͕ ĂŶĚ ŵŝŶŝŵŝnjĞ ƚƌĂǀĞů ƚŝŵĞ͕ ŝŶĐŽŶǀĞŶŝĞŶĐĞ͕ ĂŶĚ ĞdžƉĞŶƐĞ ĨŽƌ ƚŚĞ ƚƌĂǀĞůŝŶŐ ƉƵďůŝĐ ĂŶĚ ƚŚĞ ƚĂdžƉĂLJĞƌƐ͘ dŚĞ ŐŽĂů ŽĨ ƚŚĞ ƌĞĚ ůŝŐŚƚ ĐĂŵĞƌĂ ƉƌŽŐƌĂŵ ŝƐ ƚŽ ĐŚĂŶŐĞ ĚƌŝǀŝŶŐ ďĞŚĂǀŝŽƌ ƵƐŝŶŐ ƚĞĐŚŶŽůŽŐLJ ƌĂƚŚĞƌ ƚŚĂŶ ŵĂŶƉŽǁĞƌ͘ dŚŝƐ ŝŶǀŽůǀĞƐ Ă ĐŽŶƚŝŶƵŽƵƐ ĞĨĨŽƌƚ ƚŽ ŝŵƉƌŽǀĞ ƚŚĞ ŽǀĞƌĂůů ĞĨĨŝĐŝĞŶĐLJ ŽĨ ƚŚĞ ƐƚƌĞĞƚ ŶĞƚǁŽƌŬ ǁŚŝůĞ ƌĞĚƵĐŝŶŐ ƚŚĞ ŶƵŵďĞƌ ĂŶĚ ƐĞǀĞƌŝƚLJ ŽĨ ĐŽůůŝƐŝŽŶƐ͘

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349

ŶĞǁ ĐŽŶƚŝŶƵŽƵƐ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ŽǁŶƚŽǁŶ͘ dŚĞƐĞ ĐƚŝǀŝƚŝĞƐ ĂƌĞ ĂĐĐŽŵƉůŝƐŚĞĚ ƵƐŝŶŐ ŶĂƚŝŽŶĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ƐƚĂŶĚĂƌĚƐ ĂŶĚ ŵĞƚŚŽĚƐ ĨŽƵŶĚ ŝŶ ƚŚĞ dĞdžĂƐ DĂŶƵĂů ŽŶ hŶŝĨŽƌŵ dƌĂĨĨŝĐ ŽŶƚƌŽů ĞǀŝĐĞƐ ĂŶĚ /ŶƚĞƌŶĂƚŝŽŶĂů dƌĂŶƐƉŽƌƚĂƚŝŽŶ ŽĨ ŶŐŝŶĞĞƌƐ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ͕ ǁŚŝůĞ Ɛƚŝůů ĨŽůůŽǁŝŶŐ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ƚŽ ŝŵƉƌŽǀĞ ƚƌĂĨĨŝĐ ƉĂƚƚĞƌŶƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ĐŝƚLJ ĂŶĚ ŝŶ ƚŚĞ ĚŽǁŶƚŽǁŶ ĚĞǀĞůŽƉŵĞŶƚ͖ ŝƚ ĂůƐŽ ƉůĂŶƐ ĨŽƌ ĨŝƐĐĂů ƌĞƐƉŽŶƐŝďŝůŝƚLJ ĨŽƌ ƌĞƉůĂĐĞŵĞŶƚƐ ĂƐ ĞƋƵŝƉŵĞŶƚ ŵĞĞƚƐ ƚŚĞŝƌ ĞŶĚ ŽĨ ůŝĨĞ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ŚĂƐ ƐĞǀĞƌĂů ƉĞƌĨŽƌŵĂŶĐĞ ŵĞĂƐƵƌĞƐ ƚŚĂƚ ĞŶĂďůĞ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ ŵĂŶĂŐĞŵĞŶƚ ƚŽ ŵŽŶŝƚŽƌ ĚĂŝůLJ͕ ǁĞĞŬůLJ ĂŶĚ LJĞĂƌůLJ ǁŽƌŬ ƚƌĞŶĚƐ͕ ƋƵĂůŝƚLJ ŽĨ ƐĞƌǀŝĐĞ͕ ĂŶĚ ŵĂŬĞ ĂĚũƵƐƚŵĞŶƚƐ ĂƐ ŶĞĞĚĞĚ ĨŽƌ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ŝŵƉůĞŵĞŶƚƐ ĐŽƐƚ ĞĨĨĞĐƚŝǀĞ ŝŵƉƌŽǀĞŵĞŶƚƐ ŝŶĐůƵĚŝŶŐ ĂĚĚŝƚŝŽŶĂů ƚƌĂĨĨŝĐ ƐŝŐŶƐ͕ ŝŵƉƌŽǀĞĚ ƉĂǀĞŵĞŶƚ ŵĂƌŬŝŶŐƐ ƚƌĂĨĨŝĐ ƐŝŐŶĂů ƌĞƚŝŵŝŶŐ ĂŶĚͬŽƌ ƌĞͲƉŚĂƐŝŶŐ ĂŶĚ ƌĞǀŝƐĞĚ ƐŝŐŶĂů ĚŝƐƉůĂLJƐ ĨŽƌ ďĞƚƚĞƌ ǀŝƐŝďŝůŝƚLJ ĂŶĚ ĐŽůůŝƐŝŽŶ ƌĞĚƵĐƚŝŽŶ͘ LJ ŝŵƉůĞŵĞŶƚŝŶŐ ƚŚĞƐĞ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ƚŚĞ dƌĂĨĨŝĐ ŶŐŝŶĞĞƌŝŶŐ ĞƉĂƌƚŵĞŶƚ ŚĂƐ ƐĞƚ ŝƚƐĞůĨ ƵƉ ƚŽ ŵŽŶŝƚŽƌ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ƉƌŽŐƌĂŵƐ ƚŽ ĂůŝŐŶ ŝƚƐĞůĨ ǁŝƚŚ ƚŚĞ ŝƚLJ͛Ɛ ĨƵƚƵƌĞ ůƵĞƉƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ͘ /Ŷ &ĞďƌƵĂƌLJ ŽĨ ϮϬϭϵ͕ ϳ ŶĞǁ ƌĞĚ ůŝŐŚƚ ĐĂŵĞƌĂ ŝŶƚĞƌƐĞĐƚŝŽŶƐ ǁĞƌĞ ĂĚĚĞĚ ĂŶĚ ϰ ĞdžŝƐƚŝŶŐ ǁĞƌĞ ƌĞŵŽǀĞĚ ĨŽƌ Ă ƚŽƚĂů ŽĨ ϭϮ ĐĂŵĞƌĂ ůŽĐĂƚŝŽŶƐ͘

WƌŽŐƌĂŵƐ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕ϭϬϴ͕ϱϬϲ DĂŶĂŐĞŵĞŶƚ ŽĨ Ă ŵƵůƚŝͲĨĂĐĞƚĞĚ dƌĂĨĨŝĐ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĚƵƚŝĞƐ ďLJ dƌĂĨĨŝĐ ŶŐŝŶĞĞƌ ĂŶĚ͕ ƐƵƉƉŽƌƚĞĚ ďLJ ŽĨĨŝĐĞ ƐƚĂĨĨ ĂŶĚ ƚŚĞ WŚŽƚŽŐƌĂƉŚŝĐ dƌĂĨĨŝĐ ŶĨŽƌĐĞŵĞŶƚ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĚƵƚŝĞƐ ŽĨ ĂŶ ĚŵŝŶŝƐƚƌĂƚŝǀĞ ŚĞĂƌŝŶŐ ŽĨĨŝĐĞƌ͘ ĚŵŝŶŝƐƚƌĂƚŝǀĞ ƐƚĂĨĨ ǁŽƌŬƐ ǁŝƚŚ ŵĞƌŝĐĂŶ dƌĂĨĨŝĐ ^ŽůƵƚŝŽŶƐ ĂŶĚ ŵĂƌŝůůŽ WŽůŝĐĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĐŽůůĞĐƚ ĨĞĞƐ ĨŽƌ ƌĞĚ ůŝŐŚƚ ĐĂŵĞƌĂ ǀŝŽůĂƚŝŽŶƐ͕ ŚĞĂƌŝŶŐƐ ĂƌĞ ŚĞůĚ ĞǀĞƌLJ ŽƚŚĞƌ tĞĚŶĞƐĚĂLJ͘ dŚĞ WŚŽƚŽŐƌĂƉŚŝĐ dƌĂĨĨŝĐ ^ŝŐŶĂů ŶĨŽƌĐĞŵĞŶƚ ƉƌŽŐƌĂŵ ŚĂƐ ĂŶ ŽǀĞƌĂůů ĐŽůůĞĐƚŝŽŶ ƌĂƚĞ ŽĨ ϲϬй͘ dŚŝƐ ƉƌŽŐƌĂŵ ƌĞĐĞŝǀĞƐ ƌĞƋƵĞƐƚƐ ĨŽƌ ^ŝŐŶĂů ĂŶĚ ^ŝŐŶ ŵĂŝŶƚĞŶĂŶĐĞ ĨŽƌŵ ƚŚĞ ƉƵďůŝĐ ĂŶĚ ĂƐƐŝŐŶƐ ƚŚĞŵ ƚŽ ƚŚĞ ĐŽƌƌĞĐƚ ƉĞƌƐŽŶŶĞů͕ ƚŚĞ dƌĂĨĨŝĐ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂůƐŽ ƐĞŶĚƐ ŽƵƚ ǀĂƌŝŽƵƐ ƚƌĂĨĨŝĐ ƌĞůĂƚĞĚ ǁŽƌŬ ŽƌĚĞƌƐ ĨŽƌ ŝŶƐƚĂůůĂƚŝŽŶ ŽĨ ƐŝŐŶƐ͕ ƌĞůŽĐĂƚŝŽŶ ŽĨ ƉĂǀĞŵĞŶƚ ŵĂƌŬŝŶŐƐ͕ ƚŽ ƌĞƚŝŵŝŶŐ ŽĨ ^ĐŚŽŽů &ůĂƐŚĞƌƐ Žƌ dƌĂĨĨŝĐ ^ŝŐŶĂůƐ͘ dŚŝƐ ƉƌŽŐƌĂŵ ŝƐ ĚĞƐŝŐŶĞĚ ƚŽ ŵĂŬĞ ƐƵƌĞ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ ĨŽůůŽǁƐ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ƵƐŝŶŐ ŶĂƚŝŽŶĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ƐƚĂŶĚĂƌĚƐ ĂŶĚ ŵĞƚŚŽĚƐ ĨŽƵŶĚ ŝŶ ƚŚĞ dĞdžĂƐ DĂŶƵĂů ŽŶ hŶŝĨŽƌŵ dƌĂĨĨŝĐ ŽŶƚƌŽů ĞǀŝĐĞƐ ĂŶĚ /ŶƚĞƌŶĂƚŝŽŶĂů dƌĂŶƐƉŽƌƚĂƚŝŽŶ ŽĨ ŶŐŝŶĞĞƌƐ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ĨŽƌ dƌĂĨĨŝĐ ŶŐŝŶĞĞƌŝŶŐ͕ ĂŶĚ ĐŽŶƚŝŶƵĞƐ ƚŽ ĚĞƐŝŐŶ ĨŽƌ ƚŚĞ ĨůŽǁ ŽĨ ƚƌĂĨĨŝĐ ŝŶ ƚŚĞ ĚŽǁŶƚŽǁŶ ĚĞǀĞůŽƉŵĞŶƚ͘ tŽƌŬůŽĂĚͬ/ŶĚŝĐĂƚŽƌƐ͗

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

Ύ^ĞƌǀŝĐĞ ƌĞƋƵĞƐƚƐ ĨŽƌ dƌĂĨĨŝĐ ŽŶƚƌŽů ϯϮϬ ϯϲϬ ĞǀŝĐĞƐ ĐŽŵƉůĞƚĞĚ EƵŵďĞƌ ŽĨ dƌĂĨĨŝĐ ŽŶƐƚƌƵĐƚŝŽŶ WůĂŶƐ ϭϬϯ ϴϬ ƌĞǀŝĞǁĞĚ ZĞĚ >ŝŐŚƚ ĂŵĞƌĂ sŝŽůĂƚŝŽŶƐ Ϯϳ͕ϴϰϳ ϯϭ͕ϯϲϬ dƌĂĨĨŝĐ ŶŐŝŶĞĞƌŝŶŐ tŽƌŬ KƌĚĞƌƐ ĂƐƐŝŐŶĞĚ ϭϮϵ ϭϮϲ Ύ^ŝŐŶĂů DĂŝŶƚĞŶĂŶĐĞ ƌĞƋƵĞƐƚƐ ƌĞǀŝĞǁĞĚ Ϯ͕ϮϮϭ ϭ͕ϱϬϬ ĂŶĚ ĂƐƐŝŐŶĞĚ Ύ^ŝŐŶ DĂŝŶƚĞŶĂŶĐĞ ƌĞƋƵĞƐƚƐ ƌĞǀŝĞǁĞĚ ĂŶĚ ϰϴϱ ϯϳϮ ĂƐƐŝŐŶĞĚ Ύ^ƚƌĞĞƚ >ŝŐŚƚ DĂŝŶƚĞŶĂŶĐĞ ƌĞƋƵĞƐƚƐ ϯϳϬ ϯϯϮ ƌĞǀŝĞǁĞĚ ĂŶĚ ĂƐƐŝŐŶĞĚ WƵďůŝĐ ZĞĐŽƌĚƐ ƌĞƋƵĞƐƚ ĚĂƚĂ ϭϲ ϭϴ ΎZĞƐƉŽŶƐĞ ƚŝŵĞ͗ ^ŝŐŶĂůƐ ʹ ϯϬ ŵŝŶ͖ ^ŝŐŶƐ ʹ ϭ ,ŽƵƌ͖ ^ƚƌĞĞƚ >ŝŐŚƚƐ ʹ Ϯϰ ŚŽƵƌƐ

350

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϯϰϬ ϳϱ ϯϰ͕ϬϬϬ ϭϱϬ ϭ͕ϴϬϬ ϯϬϬ ϯϮϱ ϭϱ

WĞƌĨŽƌŵĂŶĐĞͬ/ŶĚŝĐĂƚŽƌƐ͗ ŝƚŝnjĞŶ ƌĞƋƵĞƐƚƐ ĐŽŵƉůĞƚĞĚ ŝŶ ϭϱ ĚĂLJƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϴϭй

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϵϬй

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϵϱй

dƌĂĨĨŝĐ ŶŐŝŶĞĞƌŝŶŐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭϰϯ͕ϰϳϬ WƌŽǀŝĚĞƐ ĨŽƌ ƚŚĞ ƚŝŵĞ ĂŶĚ ƌĞƐŽƵƌĐĞƐ ĚĞĚŝĐĂƚĞĚ ƚŽǁĂƌĚƐ ƚŚĞ ƌĞǀŝĞǁ ĂŶĚ ƌĞƐŽůƵƚŝŽŶ ŽĨ ƚƌĂĨĨŝĐ ƌĞůĂƚĞĚ ĐŽŶĐĞƌŶƐ ŝŶ ĂŶ ĞĨĨŽƌƚ ĨŽƌ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ƐĂĨĞƚLJ͕ ĐŽŶƐŝƐƚĞŶƚ͕ ĂŶĚ ĞĨĨĞĐƚŝǀĞ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ƐLJƐƚĞŵ ƚŚĂƚ ŝŵƉůĞŵĞŶƚƐ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ͘ dƌĂĨĨŝĐ ŶŐŝŶĞĞƌŝŶŐ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŝŵƉůĞŵĞŶƚŝŶŐ ŝƚLJ ƉŽůŝĐŝĞƐͬƐƚĂŶĚĂƌĚƐ ĨŽƌ ĚĞǀĞůŽƉŵĞŶƚ ƉƌŽũĞĐƚƐ ĨŽƌ ƌĞƐŝĚĞŶƚŝĂů ĂŶĚ ĐŽŵŵĞƌĐŝĂů ĐŽŶƐƚƌƵĐƚŝŽŶ ƉƌŽũĞĐƚƐ ƚŚĂƚ ŽĐĐƵƌƐ ǁŝƚŚŝŶ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ͘ dŚŝƐ ƉƌŽŐƌĂŵ ĐŽŶƚŝŶƵĞƐ ƚŽ ŝŵƉƌŽǀĞ ƚƌĂĨĨŝĐ ƉĂƚƚĞƌŶƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ĐŝƚLJ ĂŶĚ ŝŶ ƚŚĞ ĚŽǁŶƚŽǁŶ ĚĞǀĞůŽƉŵĞŶƚ͖ ŝƚ ĂůƐŽ ƉůĂŶƐ ĨŽƌ ĨƵƚƵƌĞ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƌĞƉůĂĐĞŵĞŶƚƐ ĂƐ ƚŚĞLJ ŵĞĞƚ ƚŚĞŝƌ ĞŶĚ ŽĨ ůŝĨĞ͘ tŽƌŬůŽĂĚͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ tŽƌŬ ŽƌĚĞƌƐ ŝƐƐƵĞĚ ĨŽƌ ^ƚƌĞĞƚ >ŝŐŚƚƐ /ŶƐƚĂůůĞĚ ϳϭ ϭϭϱ ϲϬ ďLJ yĐĞů dƌĂĨĨŝĐ ^ŝŐŶĂů ^ƚƵĚŝĞƐ ϴϵ ;ΎϬͿ ϴϴ ;ΎϭͿ ϵϬ ;ΎϮͿ ^ƉĞĞĚ ^ƚƵĚŝĞƐ ϴϴ ;ΎϵͿ ϳϲ ;ΎϭϴͿ ϳϬ ;ΎϭϱͿ dƌĂĨĨŝĐ ŽŶƚƌŽů ƌĞƋƵĞƐƚƐ Ϯϭϯ ;ΎϰϰͿ ϭϲϬ ;ΎϯϬͿ ϭϰϬ ;ΎϮϱͿ WĂƌŬŝŶŐ ^ƚƵĚŝĞƐ ϱϲ ;ΎϴͿ ϲϬ ;ΎϭϮͿ ϱϱ ;ΎϭϰͿ ΎEƵŵďĞƌ ŽĨ ^ƚƵĚŝĞƐ /ŵƉůĞŵĞŶƚĞĚ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ dƌĂĨĨŝĐ >ŝŶŬƐ ŽƵŶƚĞĚ ŽŶ Ϯ LJĞĂƌ ƌŽƚĂƚŝŽŶ ;ϱϬϬ ƚŽƚĂů ůŝŶŬƐͿ /ŶĐƌĞĂƐĞ ƌƚĞƌŝĂů ^ŝŐŶĂů &ůŽǁ ďLJ ŵŽŶŝƚŽƌŝŶŐ ƚƌĂĨĨŝĐ ƚŚƌŽƵŐŚ dD ZĞĚƵĐĞ ƌĞƐƉŽŶƐĞ ƚŝŵĞ ƚŽ ŵŝŶŽƌ ƐŝŐŶĂů ŝŶĨƌĂĐƚŝŽŶƐ ďLJ ŵŽŶŝƚŽƌŝŶŐ ĚĞƚĞĐƚŝŽŶ ƚŚƌŽƵŐŚ dD

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϳϬй ;ϭϳϱͿ

ϵϲй ;ϮϰϬͿ

ϭϬϬй ;ϮϱϬͿ

Ϭй

Ϯϱй

ϳϱй

ϱй

ϱϱй

ϵϬй

^ĐŚŽŽů ƌŽƐƐŝŶŐ WƌŽŐƌĂŵ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϯϮϯ͕ϬϯϮ dŚŝƐ ƉƌŽŐƌĂŵ ŚĂƐ ϯϲ ,ŽƵƌůLJ ^ĐŚŽŽů ƌŽƐƐŝŶŐ 'ƵĂƌĚƐ ǁŝƚŚ ϯ ^ƵďƐƚŝƚƵƚĞƐ ĂŶĚ ϭ ^ƵƉĞƌǀŝƐŽƌ͘ dŚŝƐ ƉƌŽŐƌĂŵ ŝƐ ĚĞƐŝŐŶĞĚ ǁŝƚŚ Ă ĐŽŵŵŝƚŵĞŶƚ ƚŽ ƐĂĨĞƚLJ ĂŶĚ ĐŝǀŝĐ ƉƌŝĚĞ ƚŽ ǁŽƌŬ ǁŝƚŚ ŵĂƌŝůůŽ /ŶĚĞƉĞŶĚĞŶƚ ^ĐŚŽŽů ŝƐƚƌŝĐƚ ; /^ Ϳ ĂŶĚ ĂŶLJŽŶ /ŶĚĞƉĞŶĚĞŶƚ ^ĐŚŽŽů ŝƐƚƌŝĐƚ ; /^ Ϳ ƚŽ ĂŝĚĞ ǁŝƚŚ ƚŚĞ ĐƌŽƐƐŝŶŐ ŽĨ ƐĐŚŽŽů ĐŚŝůĚƌĞŶ ĂĐƌŽƐƐ ďƵƐLJ ĂƌƚĞƌŝĂů ĂŶĚ ĐŽůůĞĐƚŽƌ ƐƚƌĞĞƚƐ͘

351

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ĐĐŝĚĞŶƚƐ ǁŚĞƌĞ ^ĐŚŽŽů ƌŽƐƐŝŶŐ 'ƵĂƌĚƐ ĂƌĞ ƉƌĞƐĞŶƚ

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

Ϭ

Ϭ

Ϭ

WĞƌŵŝƚƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϳ͕ϳϮϯ WĂƌĂĚĞ ĂŶĚ ůŽĐŬ WĂƌƚLJ ƉĞƌŵŝƚƐ ĂƌĞ ŝƐƐƵĞĚ ƚŽ ĐŝƚŝnjĞŶƐ ƚŽ ŝŶƐƵƌĞ ƚŚĂƚ Ăůů ĞŵĞƌŐĞŶĐLJ ƐĞƌǀŝĐĞƐ ĂƌĞ ĂǁĂƌĞ ŽĨ ƐƚƌĞĞƚ ĐůŽƐƵƌĞƐ ĂŶĚ ƚŽ ŝŶƐƵƌĞ ƚŚĂƚ ƉĂƌƚŝĞƐ ĂƌĞ ĨŽůůŽǁŝŶŐ ŝƚLJ ŐƵŝĚĞůŝŶĞƐ͘ ƌŝǀĞǁĂLJ WĞƌŵŝƚƐ ĂƌĞ ŐŝǀĞŶ ŽƵƚ ƚŽ ƉƌŽƉĞƌƚLJ ŽǁŶĞƌƐ ĂŶĚ ĐŽŶƚƌĂĐƚŽƌƐ ǁŚŽ ǁŝƐŚ ƚŽ ƌĞŵŽǀĞ ĐƵƌď ĂŶĚ ŐƵƚƚĞƌ ĂŶĚ ŝŶƐƚĂůů Ă ŶĞǁ ĚƌŝǀĞǁĂLJ͕ Žƌ ƌĞƉůĂĐĞ ĂŶ ĞdžŝƐƚŝŶŐ ĚƌŝǀĞǁĂLJ͘ dŚŝƐ ƉƌŽŐƌĂŵ ŝƐ ĚĞƐŝŐŶĞĚ ƚŽ ďĞ ĨŝƐĐĂůůLJ ƌĞƐƉŽŶƐŝďůĞ ĂŶĚ ŝŵƉůĞŵĞŶƚ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ͘

tŽƌŬůŽĂĚͬ/ŶĚŝĐĂƚŽƌƐ͗ ůŽĐŬ WĂƌƚLJ WĞƌŵŝƚƐ /ƐƐƵĞĚ WĂƌĂĚĞ WĞƌŵŝƚƐ /ƐƐƵĞĚ WĞƌŵŝƚ ZĞǀĞŶƵĞ;WĂƌĂĚĞ͕ ZƵŶ͕ ůŽĐŬ WĂƌƚLJ͕ ƌŝǀĞǁĂLJͿ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϳϴ ϵϰ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ Ϯϱ ϯϮ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϯϬ ϯϱ

Ψϳ͕ϵϭϬ

Ψϭ͕ϳϭϬ

Ψϯ͕ϮϱϬ

^ŝŐŚƚ ZĞƐƚƌŝĐƚŝŽŶƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϳ͕ϳϮϮ ^ŝŐŚƚ ZĞƐƚƌŝĐƚŝŽŶƐ ĂƌĞ ŽďƐƚƌƵĐƚŝŽŶƐ ŝŶ ƚŚĞ ůŝŶĞ ŽĨ ƐŝŐŚƚ ĨŽƌ ƚƌĂĨĨŝĐ Ăƚ ĂŶ ŝŶƚĞƌƐĞĐƚŝŽŶ ǁŝƚŚ Ă ƐƚŽƉ ƐŝŐŶ Žƌ LJŝĞůĚ ƐŝŐŶ͘ dŚŝƐ ƉƌŽŐƌĂŵ ŝƐ ĚĞƐŝŐŶĞĚ ŝŶƐƚŝůů ĐŝǀŝĐ ƉƌŝĚĞ ĂŶĚ ŝŵƉůĞŵĞŶƚ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ͘ tŽƌŬůŽĂĚͬ/ŶĚŝĐĂƚŽƌƐ͗ ^ŝŐŚƚ ZĞƐƚƌŝĐƚŝŽŶ ZĞƋƵĞƐƚƐ ^ŝŐŚƚ ZĞƐƚƌŝĐƚŝŽŶƐ /ŶǀĞƐƚŝŐĂƚĞĚ ^ŝŐŚƚ ZĞƐƚƌŝĐƚŝŽŶƐ ůĞĂƌĞĚ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϱϵϮ ϭϬϬй ϳϲй

352

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϯϬϬ ϭϬϬй ϵϯй

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϮϱϬ ϭϬϬй ϵϱй

^ĂĨĞƚLJ /ŵƉƌŽǀĞŵĞŶƚƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϵϬ͕ϯϭϴ dŚŝƐ ƉƌŽŐƌĂŵ ŝƐ ƐĞƚͲƵƉ ƚŽ ĨƵŶĚ ƐĂĨĞƚLJ ŝŵƉƌŽǀĞŵĞŶƚ ƉƌŽŐƌĂŵƐ ǁŝƚŚŝŶ ƚŚĞ ŝƚLJ ƚŚĂƚ ĨŽůůŽǁ EĂƚŝŽŶĂů 'ƵŝĚĞůŝŶĞƐ ŽĨ ǁŚĂƚ WŚŽƚŽŐƌĂƉŚŝĐ dƌĂĨĨŝĐ ŶĨŽƌĐĞŵĞŶƚ ƌĞǀĞŶƵĞ ĐĂŶ ďĞ ƐƉĞŶƚ ŽŶ͘ dƌĂĨĨŝĐ ŶŐŝŶĞĞƌŝŶŐ ƐƚƵĚŝĞƐ ƚŽ ĂůůŽĐĂƚĞ ǁŚŝĐŚ ŶĞǁ ƐŝŐŶĂůŝnjĞĚ ŝŶƚĞƌƐĞĐƚŝŽŶ͕ ĂŶĚ ǁŚŝĐŚ ƐŝŐŶĂůŝnjĞĚ ŝŶƚĞƌƐĞĐƚŝŽŶƐ ǁŝůů ďĞ ƌĞďƵŝůƚ ǁŝƚŚ ƉƌŽũĞĐƚĞĚ ĨƵŶĚƐ ĨŽƌ ƚŚĞ ĨŝƐĐĂů LJĞĂƌ͘ dŚŝƐ WƌŽŐƌĂŵ ŚĂƐ ĨƵŶĚĞĚ ƚŚĞ ďƵŝůĚŝŶŐ ŽĨ ϭϮ ŶĞǁ ^ŝŐŶĂůŝnjĞĚ

/ŶƚĞƌƐĞĐƚŝŽŶƐ͕ ŝŶƐƚĂůůĞĚ ŶĞǁ ĞƋƵŝƉŵĞŶƚ Ăƚ Ϯϴ ƐŝŐŶĂůŝnjĞĚ ŝŶƚĞƌƐĞĐƚŝŽŶƐ͕ ŝŶƐƚĂůůĂƚŝŽŶ ŽĨ Ϯ ĞŵĞƌŐĞŶĐLJ &ŝƌĞ ƐƚĂƚŝŽŶ &ůĂƐŚĞƌƐ͕ Ϯ ŶĞǁ ^ĐŚŽŽů ŽŶĞ͕ Ϯ &ůŽŽĚ 'ĂƚĞ ^LJƐƚĞŵƐ͕ Ϯϴ &ŝƌĞ WƌĞĞŵƉƚĞĚ ^ŝŐŶĂůƐ͕ ϭϲϱ Ğůů WŚŽŶĞ ^ŝŐŶƐ͕ Ϯ ƚĞŵƉŽƌĂƌLJ ^ŝŐŶĂů WŽƉ ʹhƉ dƌĂŝůĞƌƐ͕ ĂŶĚ Ϯ ǁŽƌŬ njŽŶĞ ƐĂĨĞƚLJ ƚƌĂŝůĞƌƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

^ĂĨĞƚLJ ƵĚŝƚƐ ĐŽŶĚƵĐƚĞĚ Ăƚ ƚŚĞ ƚŽƉ ĐƌĂƐŚ ĂĐĐŝĚĞŶƚ ůŽĐĂƚŝŽŶƐ ZĞĚƵĐƚŝŽŶ ŝŶ ƌĂƐŚĞƐ Ăƚ ^ĂĨĞƚLJ ƵĚŝƚ >ŽĐĂƚŝŽŶƐ dƌĂĨĨŝĐ ŽŶƚƌŽů DŽĚŝĨŝĐĂƚŝŽŶƐ ĨŽƌ ƐĂĨĞƚLJ ŝŵƉƌŽǀĞŵĞŶƚƐ ĞĐƌĞĂƐĞ sĞŚŝĐůĞ /ĚůĞ dŝŵĞ ĞĐƌĞĂƐĞ ĐĐŝĚĞŶƚƐͬ/ŶĐŝĚĞŶƚƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϲϬ

ϮϬ

ϮϬ

Ϯϰй

Ϯϱй

ϯϬй

ϳ

ϯ

ϱ

Ϭй ϴй

Ϭй ϵй

ϱй ϭϬй

>ŽĐĂƚĞ ^ĞƌǀŝĐĞƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϳϭ͕ϮϬϭ WƌŽǀŝĚĞƐ ĨŽƌ ƚŚĞ ƚŝŵĞ ĂŶĚ ƌĞƐŽƵƌĐĞƐ ĚĞĚŝĐĂƚĞĚ ƚŽǁĂƌĚƐ ƚŚĞ ƉƌŽƚĞĐƚŝŽŶ ŽĨ ƚŚĞ dƌĂĨĨŝĐ͛Ɛ ƵŶĚĞƌŐƌŽƵŶĚ ƵƚŝůŝƚLJ ĂƐƐĞƚƐ͕ ĂƐ ǁĞůů ĂƐ ƚŚĞ ƐĂĨĞƚLJ ŽĨ ĂƌĞĂ ĞdžĐĂǀĂƚŝŽŶ ĂĐƚŝǀŝƚŝĞƐ͘ dƌĂĨĨŝĐ &ŝĞůĚ KƉĞƌĂƚŝŽŶƐ ŝƐ ƉĂƌƚ ŽĨ ƚŚĞ ŝƚLJ͛Ɛ >ŝŶĞ >ŽĐĂƚĞ ^ĞƌǀŝĐĞƐ͕ ůŽĐĂƚĞƐ ĂƌĞ ƐƵďŵŝƚƚĞĚ ŝŶƚĞƌŶĂůůLJ ĂŶĚ ĞdžƚĞƌŶĂůůLJ͘ dŚĞ dƌĂĨĨŝĐ ĚĞƉĂƌƚŵĞŶƚ ŽǁŶƐ ĂŶĚ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŝƚƐ ŽǁŶ ƵŶĚĞƌŐƌŽƵŶĚ ƐƚƌĞĞƚůŝŐŚƚ͕ ƚƌĂĨĨŝĐ ƐŝŐŶĂů͕ ĂŶĚ ĨŝďĞƌ ŽƉƚŝĐ ƵƚŝůŝƚLJ ĂƐƐĞƚƐ͘ dŚŝƐ ƉƌŽŐƌĂŵ ŝƐ ĚĞƐŝŐŶĞĚ ĨŽƌ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ͕ ĂŶĚ ŽŵŵŝƚŵĞŶƚ ƚŽ ^ĂĨĞƚLJ͘ tŽƌŬůŽĂĚͬ/ŶĚŝĐĂƚŽƌƐ͗ >ŝŶĞ >ŽĐĂƚĞƐ ZĞǀŝĞǁĞĚ >ŝŶĞ >ŽĐĂƚĞƐ ƌĞůĂƚĞĚ ƚŽ dƌĂĨĨŝĐ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ ;>ŽĐĂƚĞĚ ŝŶ ůĞƐƐ ƚŚĂŶ ϳϮ ŚŽƵƌƐͿ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϯ͕ϴϰϭ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϯ͕ϱϬϮ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϯ͕ϯϬϬ

Ϯϵϰ ;ϭϬϬйͿ

ϭϳϰ ;ϭϬϬйͿ

Ϯϳϱ ;ϭϬϬйͿ

dƌĂĨĨŝĐ ^ŝŐŶ DĂŝŶƚĞŶĂŶĐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϯϮϬ͕ϰϵϬ WƌŽǀŝĚĞƐ ĨŽƌ ƚŚĞ ƚŝŵĞ ĂŶĚ ƌĞƐŽƵƌĐĞƐ ĚĞĚŝĐĂƚĞĚ ƚŽǁĂƌĚƐ ǁĞůů ŵĂŝŶƚĂŝŶĞĚ͕ ƐĂĨĞ͕ ĂŶĚ ĐŽŶƐŝƐƚĞŶƚůLJ ĂƉƉůŝĞĚ ƐŝŐŶĂŐĞ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ŝƚLJ͘ dŚĞ ƉƌŽŐƌĂŵ ƐƚƌŝǀĞƐ ĨŽƌ ƚŝŵĞůLJ ƌĞƐƉŽŶƐĞ ŵĂŝŶƚĞŶĂŶĐĞ͕ ĂƐ ǁĞůů ĂƐ ĂƉƉƌŽƉƌŝĂƚĞ ƉƌŽĂĐƚŝǀĞ ŵĂŝŶƚĞŶĂŶĐĞ͘ dŚŝƐ ƉƌŽŐƌĂŵ ŝƐ ĚĞƐŝŐŶĞĚ ƚŽ ŵĞĞƚ ŝǀŝĐ WƌŝĚĞ͕ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ͕

353

ŽŵŵŝƚŵĞŶƚ ƚŽ ^ĂĨĞƚLJ ĂŶĚ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ĞƐƚ WƌĂĐƚŝĐĞƐ͘ dŚĞ ĐŽƐƚ ĨŽƌ ůƵŵŝŶƵŵ ŝƐ ĞdžƉĞĐƚĞĚ ƚŽ ĂůŵŽƐƚ ĚŽƵďůĞ ŝŶ ƚŚŝƐ ĨŝƐĐĂů LJĞĂƌ͘ tŽƌŬůŽĂĚͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ^ŝŐŶƐ &ĂďƌŝĐĂƚĞĚ ϴϭϭ ϳϱϬ ϵϬϬ WƌĞͲDĂĚĞ ^ŝŐŶƐ WƵƌĐŚĂƐĞĚ ϯϮϯ ϰϵϴ ϰϬϬ ^ŝŐŶƐ ZĞƉĂŝƌĞĚ ϲ͕Ϭϱϴ ϳ͕ϬϮϲ ϱ͕ϴϬϬ ^ŝŐŶ ZĞƉůĂĐĞŵĞŶƚ ŽƐƚ ;>ĂďŽƌ ĂŶĚ DĂƚĞƌŝĂůƐͿ ΨϭϬϴ Ψϭϲϱ ΨϭϵϬ

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

Ϭ

ϭϱй

ϲϬй

Ϭ

ϮϬй

ϭϬϬй

/ŵƉƌŽǀĞ ĨĨŝĐŝĞŶĐLJ ŽĨ dƌĂĐŬŝŶŐ ^ŝŐŶ ZĞƉůĂĐĞŵĞŶƚ ;sh tKZ<^Ϳ /ŶǀĞŶƚŽƌLJ ^ŝŐŶĂŐĞ ĨŽƌ ŐĞͬZĞƉůĂĐĞŵĞŶƚ ǁŝƚŚ ZĞƚƌŽƌĞĨůĞĐƚŽŵĞƚĞƌ ;sƵĞtŽƌŬƐͿ

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ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ Ψ ϯ͕ϰϵϭ͕ϵϭϬ ϭ͕ϮϮϬ͕ϴϳϮ ϭ͕ϴϰϰ͕ϲϮϵ ϴ͕ϮϮϬ͕ϰϯϮ ϳ͕ϳϮϲ͕ϲϬϬ ϭϯϮ͕ϰϮϱ Ͳ Ψ ϮϮ͕ϲϯϲ͕ϴϲϴ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ ϯ͕ϳϲϱ͕ϰϯϭ ϭ͕Ϯϰϭ͕ϰϴϱ ϭ͕ϴϵϰ͕Ϭϰϳ ϴ͕ϱϭϴ͕ϰϴϴ Ϯ͕ϳϲϱ͕ϰϳϬ ϰϰ͕ϮϲϮ Ͳ Ψ ϭϴ͕ϮϮϵ͕ϭϴϯ

DŝƐƐŝŽŶ dŚĞ DŝƐƐŝŽŶ ŽĨ ƚŚĞ ZŝĐŬ ,ƵƐďĂŶĚ ŵĂƌŝůůŽ /ŶƚĞƌŶĂƚŝŽŶĂů ŝƌƉŽƌƚ ŝƐ ƚŽ ƉůĂŶ ĂŶĚ ƉƌŽǀŝĚĞ ĨŽƌ ƚŚĞ ĐƵƌƌĞŶƚ ĂŶĚ ĨƵƚƵƌĞ Ăŝƌ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ŶĞĞĚƐ ŽĨ ƚŚĞ dĞdžĂƐ WĂŶŚĂŶĚůĞ ƌĞŐŝŽŶ ďLJ ĐŽŶƐƚƌƵĐƚŝŶŐ͕ ŵĂŝŶƚĂŝŶŝŶŐ͕ ĂŶĚ ŽƉĞƌĂƚŝŶŐ ƐĂĨĞ͕ ĞĨĨŝĐŝĞŶƚ͕ ĂŶĚ ƋƵĂůŝƚLJ ĂŝƌƉŽƌƚ ĨĂĐŝůŝƚŝĞƐ͖ ƚŽ ƉƌŽŵŽƚĞ ĂŶĚ ƐƵƉƉŽƌƚ Ăůů ĨĂĐĞƚƐ ŽĨ ĂǀŝĂƚŝŽŶ ĂŶĚ ůŽĐĂů ĞĐŽŶŽŵŝĐ Θ ĐŽŵŵƵŶŝƚLJ ĚĞǀĞůŽƉŵĞŶƚ͖ ƚŽ ƉƌŽŵŽƚĞ ĂŶĚ ƐƵƉƉŽƌƚ ƐĂĨĞ͕ ƌĞůŝĂďůĞ͕ ĂŶĚ ƌĞĂƐŽŶĂďůLJ ƉƌŝĐĞĚ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ƐĞƌǀŝĐĞƐ ƚŽ ĚĞƐƚŝŶĂƚŝŽŶƐ ŵĞĞƚŝŶŐ ƚŚĞ ƉƵďůŝĐ ĚĞŵĂŶĚ͖ ĂŶĚ ƚŽ ĨƵůĨŝůů ƚŚŝƐ ŵŝƐƐŝŽŶ ŝŶ ĂŶ ĞƚŚŝĐĂů͕ ƉƌŽĨĞƐƐŝŽŶĂů͕ ĞĨĨŝĐŝĞŶƚ͕ ĨŝƐĐĂůůLJ ƌĞƐƉŽŶƐŝďůĞ͕ ĂŶĚ ĐŽƐƚͲĞĨĨĞĐƚŝǀĞ ŵĂŶŶĞƌ ƚŚĂƚ ŝƐ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ŵĂŝŶƚĂŝŶŝŶŐ ƚŚĞ ŚŝŐŚ ƋƵĂůŝƚLJ ŽĨ ůŝĨĞ ŝŶ ƚŚĞ ŵĂƌŝůůŽ ĂƌĞĂ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ 'ŽĂůƐ Θ KďũĞĐƚŝǀĞƐ͗ y DĂŝŶƚĂŝŶ Ă ŵŽƚŝǀĂƚĞĚ ĂŶĚ ŐŽĂůͲĨŽĐƵƐĞĚ ƐƚĂĨĨ͘ y WƌŽǀŝĚĞ ƚŚĞ ŝŶƚĞƌŶĂů ƐLJƐƚĞŵƐ ĂŶĚ ƉƌŽĐĞƐƐĞƐ ŶĞĞĚĞĚ ĨŽƌ ĂĐĐŽƵŶƚĂďŝůŝƚLJ ĂŶĚ ĞĨĨŝĐŝĞŶĐLJ͘ y DĂŝŶƚĂŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ Ăůů ĂƉƉůŝĐĂďůĞ ƌĞŐƵůĂƚŝŽŶƐ ĂŶĚ ĞdžĐĞĞĚ ƐƚĂŶĚĂƌĚƐ ǁŚĞŶ ĂďůĞ͘ y Ğ ǀŝŐŝůĂŶƚ ŝŶ ŽƵƌ ƐĂĨĞƚLJ ĐŽŶƐĐŝŽƵƐŶĞƐƐ͘ y DĂŝŶƚĂŝŶ ƉƌŽĨĞƐƐŝŽŶĂů LJĞƚ ĨůĞdžŝďůĞ ĂƚƚŝƚƵĚĞƐ͘ y DĂŝŶƚĂŝŶ Ă ŚŝŐŚ ůĞǀĞů ŽĨ ŝŶƚĞŐƌŝƚLJ ĂŶĚ ĂĐĐŽƵŶƚĂďŝůŝƚLJ͘ y >ŽŽŬ ĨŽƌ ƉŽƐŝƚŝǀĞ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ǁŚĞŶĞǀĞƌ ƉŽƐƐŝďůĞ͘ y >ŽŽŬ ĨŽƌ ǁĂLJƐ ƚŽ ƐĂǀĞ ŵŽŶĞLJ ŝŶ ƚŚĞ ŶĞĂƌ ƚĞƌŵ͕ ďƵƚ ĂůƐŽ ƚŚĞ ůŽŶŐ ƚĞƌŵ͘ y WƌŽŵŽƚĞ ŝŶƚĞƌŶĂů ĂŶĚ ĞdžƚĞƌŶĂů ĞĨĨŝĐŝĞŶĐŝĞƐ ǁŚĞŶĞǀĞƌ ƉŽƐƐŝďůĞ͘ y dŚŝŶŬ ĂƐ Ă ƚĞĂŵ ďLJ ƐƵƉƉŽƌƚŝŶŐ ĞĂĐŚ ŽƚŚĞƌ ĂƐ ǁĞůů ĂƐ ŽƚŚĞƌ ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ͘ y ^Ğƚ ĂƉƉƌŽƉƌŝĂƚĞ ƐƚĂŶĚĂƌĚƐ ŝŶ ĞǀĞƌLJ ŽƉĞƌĂƚŝŽŶĂů ĂƌĞĂ͘ y Ğ ĐƵƐƚŽŵĞƌ ĨŽĐƵƐĞĚ͘

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dŚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ ǀŝĂƚŝŽŶ ŝƐ ĂŶ ĞŶƚĞƌƉƌŝƐĞ ŽƉĞƌĂƚŝŽŶ ŽƌŐĂŶŝnjĞĚ ƚŽ ƉƌŽǀŝĚĞ ƚŚĞ ŶĞĐĞƐƐĂƌLJ ƐĞƌǀŝĐĞƐ ĨŽƌ Ă ƉƵďůŝĐ ĂŝƌƉŽƌƚ ŽŶ Ă ĨŝŶĂŶĐŝĂůůLJ ƐĞůĨͲƐƵĨĨŝĐŝĞŶƚ ďĂƐŝƐ͘ dŚŝƐ ŵĞĂŶƐ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ ĚŽĞƐ ŶŽƚ ĂĐĐĞƉƚ ĂŶLJ ůŽĐĂů ƉƌŽƉĞƌƚLJ ƚĂdž ŵŽŶŝĞƐ ĨŽƌ ŝƚƐ ŽƉĞƌĂƚŝŽŶ͘ EŽ ŐĞŶĞƌĂů ĨƵŶĚ ƚĂdž ƌĞǀĞŶƵĞƐ ĂƌĞ ƌĞƋƵŝƌĞĚ͘ dŚĞ ŝƌƉŽƌƚ ƐŝƚƐ ŽŶ ŵŽƌĞ ƚŚĂŶ ϯ͕ϱϬϬ ĂĐƌĞƐ ŽĨ ůĂŶĚ͕ ŽĨ ǁŚŝĐŚ ϭ͕ϬϬϬ ĂĐƌĞƐ ĂƌĞ ĚĞǀĞůŽƉĞĚ͘ dŚŝƐ ŝŶĐůƵĚĞƐ Ă Ϯϭϳ͕ϬϬϬ ƐƋƵĂƌĞ ĨŽŽƚ ƉĂƐƐĞŶŐĞƌ ƚĞƌŵŝŶĂů ĨŽƌ ĐŽŵŵĞƌĐŝĂů ĂŝƌůŝŶĞ ƐĞƌǀŝĐĞ ĂƐ ǁĞůů ĂƐ Ϯϰ ĂĚĚŝƚŝŽŶĂů ƐƚƌƵĐƚƵƌĞƐ ƌĂŶŐŝŶŐ ŝŶ ƐŝnjĞ ĨƌŽŵ ϭ͕ϬϬϬ ƚŽ ŵŽƌĞ ƚŚĂŶ ϱϬϬ͕ϬϬϬ ƐƋƵĂƌĞ ĨĞĞƚ ŽĨ ĐŽǀĞƌĞĚ ƐƉĂĐĞ ǁŚŝĐŚ ĂƌĞ ƵƚŝůŝnjĞĚ ĨŽƌ ƌĞǀĞŶƵĞ ƉƌŽĚƵĐƚŝŽŶ Žƌ ĂƐ ƐƵƉƉŽƌƚ ĨĂĐŝůŝƚŝĞƐ ƚŽ ŵĂŝŶƚĂŝŶ ƚŚĞ ŝƌƉŽƌƚ͘

WƌŽŐƌĂŵƐ ŝƌƉŽƌƚ ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕ϵϱϮ͕ϵϲϲ dŚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ ǀŝĂƚŝŽŶ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ƐƚĂĨĨ ĚŝƌĞĐƚƐ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ŽĨ Ă ŵƵůƚŝͲĨĂĐĞƚĞĚ ĂŝƌƉŽƌƚ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ĨĂĐŝůŝƚLJ ŽƉĞƌĂƚŝŽŶ͘ dŚĞ ƐƚĂĨĨ ĐŽŶƐŝƐƚƐ ŽĨ ƚŚĞ ŝƌĞĐƚŽƌ ŽĨ ǀŝĂƚŝŽŶ͕ ĞƉƵƚLJ ŝƌĞĐƚŽƌ ŽĨ ǀŝĂƚŝŽŶ͕ ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ƐƵƉƉŽƌƚ ƐƚĂĨĨ͘ dŚĞLJ ŝĚĞŶƚŝĨLJ ĂŶĚ ŵŽŶŝƚŽƌ ƚŚĞ ĨƵŶĚŝŶŐ ĂŶĚ ĨŝŶĂŶĐŝĂů ďƵĚŐĞƚŝŶŐ ĨŽƌ ĐƵƌƌĞŶƚ ĂŶĚ ĨƵƚƵƌĞ ŽƉĞƌĂƚŝŽŶĂů ŶĞĞĚƐ ĂŶĚ ĐĂƉŝƚĂů ĚĞǀĞůŽƉŵĞŶƚ͘ ŝƌƉŽƌƚ ĨƵŶĚŝŶŐ ƐŽƵƌĐĞƐ ŝŶĐůƵĚĞ ƚŚĞ WĂƐƐĞŶŐĞƌ &ĂĐŝůŝƚLJ ŚĂƌŐĞ ;W& Ϳ ƉƌŽŐƌĂŵ ĂŶĚ ĨĞĚĞƌĂů ĂŶĚ ƐƚĂƚĞ ŐƌĂŶƚ ƉƌŽŐƌĂŵƐ͘ dŚŝƐ ƐƵƉƉŽƌƚƐ ƚŚĞ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ƉŝůůĂƌ ĂŶĚ ǀŝƐŝŽŶ ĨŽƌ ĨŝƐĐĂů ƌĞƐƉŽŶƐŝďŝůŝƚLJ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ DĞƚƌŝĐ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ dŽƚĂů ZĞǀĞŶƵĞƐ Ψϭϯ͕ϰϮϲ͕Ϯϳϰ Ψϭϵ͕ϳϬϲ͕ϳϰϰ Ψϭϱ͕ϳϴϵ͕ϯϴϳ dŽƚĂů ŽƐƚ WĞƌ ŶƉůĂŶĞŵĞŶƚ ΨϮϰ͘ϲϱ ΨϮϲ͘ϯϴ ΨϮϰ͘Ϯϳ dŽƚĂů ŶƉůĂŶĞŵĞŶƚƐ ϯϱϴ͕ϴϭϵ ϯϳϰ͕ϵϲϱ ϯϴϲ͕Ϯϭϰ

ŝƌĨŝĞůĚ DĂŶĂŐĞŵĞŶƚ ĂŶĚ DĂŝŶƚĞŶĂŶĐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕ϲϮϳ͕ϰϳϮ WƌŽǀŝĚĞƐ ŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ƌĞƉĂŝƌ ŽĨ ƌƵŶǁĂLJƐ͕ ƚĂdžŝǁĂLJƐ͕ ƌĂŵƉƐ͕ ĂŝƌƐŝĚĞ ƌŽĂĚǁĂLJƐ͕ ĂŝƌĨŝĞůĚ ůŝŐŚƚŝŶŐ ĂŶĚ ƐŝŐŶƐ͕ ŶĂǀŝŐĂƚŝŽŶĂů ĂŝĚƐ ĂŶĚ ŽƚŚĞƌ ƐĞƌǀŝĐĞƐ ƐƵĐŚ ĂƐ ŵŽǁŝŶŐ ĂŶĚ ǁŝůĚůŝĨĞ ĐŽŶƚƌŽů͘ dŚĞ ĂŝƌĨŝĞůĚ ŝƐ ŵĂŝŶƚĂŝŶĞĚ ĂŶĚ ŽƉĞƌĂƚĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ &ĞĚĞƌĂů ǀŝĂƚŝŽŶ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ;& Ϳ ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ Ăůů ĐŽŵŵĞƌĐŝĂů ĂŝƌƉŽƌƚƐ ;ϭϰ &Z WĂƌƚ ϭϯϵͿ ƚŚĂƚ ŚŽůĚ ĂŶ ŝƌƉŽƌƚ KƉĞƌĂƚŝŶŐ ĞƌƚŝĨŝĐĂƚĞ͘ dŚŝƐ ƉƌŽŐƌĂŵ ƐƵƉƉŽƌƚƐ ĚĞǀĞůŽƉŝŶŐ ƚŚĞ ďĞƐƚ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ƐLJƐƚĞŵƐ ĨŽƌ ƚŚĞ ĐŝƚŝnjĞŶƐ ŽĨ ŵĂƌŝůůŽ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ DĞƚƌŝĐ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ŝƌĨŝĞůĚ ŽƐƚ ƉĞƌ ŶƉůĂŶĞŵĞŶƚ Ύ Ύ ΨϬ͘ϰϬ

ŝƌƉŽƌƚ ^ĂĨĞƚLJ͕ ^ĞĐƵƌŝƚLJ͕ ĂŶĚ ŽŵŵƵŶŝĐĂƚŝŽŶƐ ĞŶƚĞƌ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϲ͕ϴϯϲ͕ϴϴϭ WƌŽǀŝĚĞƐ ƐŚŽƌƚͲƚĞƌŵ ĂŶĚ ůŽŶŐͲƚĞƌŵ ƉůĂŶŶŝŶŐ ĨŽƌ &ĞĚĞƌĂů ǀŝĂƚŝŽŶ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ;& Ϳ ĐŽŽƌĚŝŶĂƚŝŽŶ͘ ƐƐŝƐƚƐ ŝŶ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƚŚĞ ŝƌƉŽƌƚ ĞƌƚŝĨŝĐĂƚŝŽŶ DĂŶƵĂů͕ ĞŶǀŝƌŽŶŵĞŶƚĂů ƌĞůĂƚĞĚ ĐŽŵƉůŝĂŶĐĞ ƉƌŽŐƌĂŵƐ͕ ĂŶĚ ŝƌƉŽƌƚ ^ĞĐƵƌŝƚLJ WƌŽŐƌĂŵ ƚŽ ĂƐƐƵƌĞ ƚŚĞ ƐĂĨĞƚLJ ŽĨ ƚŚĞ ƚƌĂǀĞůŝŶŐ ƉƵďůŝĐ͘ ^ĞĐƵƌŝƚLJ ĐŽƐƚƐ ŝŶĐůƵĚĞ ƚŚĞ ŝƌƉŽƌƚ WŽůŝĐĞ ĞƉĂƌƚŵĞŶƚ͕ ŝƌƉŽƌƚ KƉĞƌĂƚŝŽŶƐ ĞŶƚĞƌ͕ ďĂĚŐŝŶŐ Θ ĐƌĞĚĞŶƚŝĂůŝŶŐ͕ ĂŶĚ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ

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ŽĨ ƐĞĐƵƌŝƚLJ ĐĂŵĞƌĂƐ ĂŶĚ ƐĞĐƵƌŝƚLJ ƌĞůĂƚĞĚ ƚĞĐŚŶŽůŽŐLJ ƐLJƐƚĞŵƐ͘ dŚŝƐ ƉƌŽŐƌĂŵ ŝŶĐůƵĚĞƐ ĞŵĞƌŐĞŶĐLJ ĂŶĚ ŵĞĚŝĐĂů ƐĞƌǀŝĐĞƐ ŶĞĞĚĞĚ Ăƚ ƚŚĞ ĂŝƌƉŽƌƚ ĂŶĚ ƐƵƌƌŽƵŶĚŝŶŐ ĂƌĞĂƐ͘ dŚŝƐ ƉƌŽŐƌĂŵ ƐƵƉƉŽƌƚƐ ƚŚĞ WƵďůŝĐ ^ĂĨĞƚLJ ĂŶĚ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ ŝŶŝƚŝĂƚŝǀĞƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ DĞƚƌŝĐ >Ăǁ ŶĨŽƌĐĞŵĞŶƚ ĂůůƐ ĨŽƌ ^ĞƌǀŝĐĞ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϰ͕ϬϬϮ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϰ͕ϭϬϲ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϰ͕ϭϰϳ

;>Ăǁ ĞŶĨŽƌĐĞŵĞŶƚ ĐĂůůƐ ŝŶĐůƵĚĞ ŝƚĞŵƐ ƐƵĐŚ ĂƐ ŽĨĨĞŶƐĞͬŝŶĐŝĚĞŶƚ ƌĞƉŽƌƚƐ͕ ƐĞĐƵƌŝƚLJ ƐLJƐƚĞŵ ĂůĂƌŵ ƌĞƐƉŽŶƐĞƐ͕ ƉĂƐƐĞŶŐĞƌͬĐŝƚŝnjĞŶ ĂƐƐŝƐƚĂŶĐĞ͕ ƉĂƌŬŝŶŐ ĐŝƚĂƚŝŽŶƐ͕ ůŽƐƚ Θ ĨŽƵŶĚ ĐĂůůƐ͕ ƵŶĂƚƚĞŶĚĞĚ ďĂŐƐ͕ ĂƌƌĞƐƚƐ͕ ĂŶĚ ƐĞĐƵƌŝƚLJ ĂƌĞĂ ƉĂƚƌŽůƐͿ͘

tŝŶƚĞƌ tĞĂƚŚĞƌ KƉĞƌĂƚŝŽŶƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϵϳϲ͕ϰϴϯ ^ŶŽǁ ĂŶĚ ŝĐĞ ƌĞŵŽǀĂů ŽƉĞƌĂƚŝŽŶƐ ĚƵƌŝŶŐ ǁŝŶƚĞƌ ǁĞĂƚŚĞƌ ĞǀĞŶƚƐ ĂƌĞ ƉƌŽǀŝĚĞĚ ďLJ ĂŝƌƉŽƌƚ ƉĞƌƐŽŶŶĞů͘ dŚĞ ĂƐƐŝŐŶĞĚ ĚĞƉĂƌƚŵĞŶƚƐ ƉĞƌĨŽƌŵ ƐŶŽǁ ĂŶĚ ŝĐĞ ĐŽŶƚƌŽů ŽŶ ƌƵŶǁĂLJƐ͕ ƚĂdžŝǁĂLJƐ͕ ƌĂŵƉƐ͕ ĞŶƚƌĂŶĐĞ ƌŽĂĚƐ ĂŶĚ ƉĂƌŬŝŶŐ ĂƌĞĂƐ͘ WƌŽŐƌĂŵ ĐŽƐƚƐ ŝŶĐůƵĚĞ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ŽƉĞƌĂƚŝŽŶ ŽĨ ƐŶŽǁ ƌĞŵŽǀĂů ĞƋƵŝƉŵĞŶƚ ŽǁŶĞĚ ďLJ ƚŚĞ ĂŝƌƉŽƌƚ͘ dŚŝƐ ƉƌŽŐƌĂŵ ƐƵƉƉŽƌƚƐ ƚŚĞ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ ŝŶŝƚŝĂƚŝǀĞ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ DĞƚƌŝĐ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ dŽƚĂů ^ŶŽǁĨĂůů ;ŝŶĐŚĞƐͿ Ύ Ύ ϴ͘ϯϴ dŽƚĂů ^ŶŽǁ ǀĞŶƚƐ

Ύ

Ύ

ϱ

tŝŶƚĞƌ tĞĂƚŚĞƌ DĂŶŚŽƵƌƐ

Ύ

Ύ

ϲϴϰ

WƵďůŝĐ WĂƌŬŝŶŐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϯϮϱ͕ϰϵϰ WĂƌŬŝŶŐ ŝƐ ĂǀĂŝůĂďůĞ Ăƚ ƚŚĞ ŝƌƉŽƌƚ ĨŽƌ ƵƐĞ ďLJ ƚŚĞ ƉƵďůŝĐ ĂŶĚ ŝƌƉŽƌƚ ĞŵƉůŽLJĞĞƐ͘ dŚŝƐ ƉƌŽŐƌĂŵ ŽǀĞƌƐĞĞƐ ŵŽƌĞ ƚŚĂŶ ϭ͕ϰϬϬ ƉĂƌŬŝŶŐ ƐƉĂĐĞƐ ŝŶ ĨŽƵƌ ĚŝĨĨĞƌĞŶƚ ƉĂƌŬŝŶŐ ůŽƚƐ ǁŚŝůĞ ŵĂŝŶƚĂŝŶŝŶŐ ƚŚĞ ƉĂƌŬŝŶŐ ĐŽŶƚƌŽů ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ƚŚĞ ƌĞǀĞŶƵĞ ĐŽŶƚƌŽů ƐLJƐƚĞŵ͘ dŚŝƐ ƉƌŽŐƌĂŵ ƐƵƉƉŽƌƚƐ ƚŚĞ WƵďůŝĐ ^ĂĨĞƚLJ ĂŶĚ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ ŝŶŝƚŝĂƚŝǀĞƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ DĞƚƌŝĐ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ WĂƌŬŝŶŐ ZĞǀĞŶƵĞ Ψϯ͕Ϭϯϵ͕ϯϮϯ Ψϯ͕Ϭϯϳ͕ϱϭϮ Ψϯ͕ϬϮϱ͕ϬϬϬ

ŽŶƐŽůŝĚĂƚĞĚ ZĞŶƚĂů Ăƌ ;͞ KEZ ͟Ϳ &ĂĐŝůŝƚLJ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϭϲϮ͕ϳϰϳ WƌŽǀŝĚĞƐ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ƚŚĞ ZĞŶƚĂů Ăƌ ĞŶƚĞƌ ĂŶĚ ĐƵƐƚŽŵĞƌ ƌĞƚƵƌŶ ůŽƚƐ ĂŶĚ ƚŚĞ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ŽĨ ĐŽŵŵĞƌĐŝĂů ĨƵĞů ƐĂůĞƐ ĂŶĚ ƚŚĞ ƵƐƚŽŵĞƌ &ĂĐŝůŝƚLJ ŚĂƌŐĞ ; & Ϳ ƉƌŽŐƌĂŵ͘ dŚŝƐ ƉƌŽŐƌĂŵ ƐƵƉƉŽƌƚƐ ƚŚĞ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ ŝŶŝƚŝĂƚŝǀĞ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ďĞƐƚ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ƐLJƐƚĞŵƐ͘

361

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ DĞƚƌŝĐ ^LJƐƚĞŵ ŽƉĞƌĂƚŝŽŶĂů ĚƵƌŝŶŐ ŽƉĞƌĂƚŝŶŐ ŚŽƵƌƐ ŽĨ ƚŚĞ ĨĂĐŝůŝƚLJ

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϴϱй

ϭϬϬй

ϭϬϬй

WƌŽƉĞƌƚLJ DĂŶĂŐĞŵĞŶƚ ĂŶĚ DĂŝŶƚĞŶĂŶĐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϲϱϬ͕ϵϴϵ ZĞƐƉŽŶƐŝďůĞ ĨŽƌ ůĞĂƐŝŶŐ ƌĞĂů ĞƐƚĂƚĞ͕ ƉƌŽƉĞƌƚLJ ŵĂŶĂŐĞŵĞŶƚ͕ ƚĞŶĂŶƚ ƌĞůĂƚŝŽŶƐ͕ ĐŽŵŵƵŶŝƚLJ ŽƵƚƌĞĂĐŚ͕ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ͕ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ƚŽ ƉƌŽƉĞƌƚŝĞƐ ůĞĂƐĞĚ ƚŽ ƚĞŶĂŶƚƐ ǁŝƚŚŝŶ ƚŚĞ ƐƵƌƌŽƵŶĚŝŶŐ ŝƌƉŽƌƚ ŽǁŶĞĚ ƉƌŽƉĞƌƚŝĞƐ͘ dŚŝƐ ƉƌŽŐƌĂŵ ƐƵƉƉŽƌƚƐ ƚŚĞ ĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ŝŶŝƚŝĂƚŝǀĞƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ DĞƚƌŝĐ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ WĞƌĐĞŶƚ ŽĨ ůĞĂƐĞ ƐƉĂĐĞ ƌĞŶƚĞĚ Ύ ϵϬй ϵϱй

dĞƌŵŝŶĂů DĂŶĂŐĞŵĞŶƚ ĂŶĚ DĂŝŶƚĞŶĂŶĐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϯ͕ϱϴϬ͕ϰϯϴ WƌŽǀŝĚĞƐ ŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ƌĞƉĂŝƌƐ ŽĨ Ăůů ƚĞƌŵŝŶĂů ĂŶĚ ƚĞƌŵŝŶĂůͲƌĞůĂƚĞĚ ĨĂĐŝůŝƚŝĞƐ ƚŽ ĞŶƐƵƌĞ ƚŚĞ ƚĞƌŵŝŶĂů ŝƐ ƐĂĨĞ͕ ĞĨĨŝĐŝĞŶƚ͕ ĐůĞĂŶ͕ ĂŶĚ ƵƐĞƌͲĨƌŝĞŶĚůLJ ĨŽƌ ƚƌĂǀĞůĞƌƐ ĂŶĚ ŝƌƉŽƌƚ ĞŵƉůŽLJĞĞƐ͘ ůƐŽ ŝŶĐůƵĚĞƐ ůĞĂƐĞ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ƚĞŶĂŶƚ ƌĞůĂƚŝŽŶƐ ĨŽƌ ĐŽŵŵĞƌĐŝĂů ĂŝƌůŝŶĞƐ͘ dŚŝƐ ƉƌŽŐƌĂŵ ƐƵƉƉŽƌƚƐ ƚŚĞ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ ĂŶĚ WƵďůŝĐ ^ĂĨĞƚLJ ŝŶŝƚŝĂƚŝǀĞƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ DĞƚƌŝĐ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ŽĂƌĚŝŶŐ ƌŝĚŐĞ KƉĞƌĂƚŝŽŶĂů hƉƚŝŵĞ ;йͿ Ύ ϵϱй ϵϴй

dĞƌŵŝŶĂů dĞĐŚŶŽůŽŐLJ ^LJƐƚĞŵƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϯϮϱ͕ϰϵϰ WƌŽǀŝĚĞƐ ƚĞĐŚŶŝĐĂů ƐƵƉƉŽƌƚ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ĨŽƌ ƚŚĞ ƚĞƌŵŝŶĂů ƐLJƐƚĞŵƐ͕ ŝŶĐůƵĚŝŶŐ ĨůŝŐŚƚ ĂŶĚ ďĂŐŐĂŐĞ ŝŶĨŽƌŵĂƚŝŽŶ ĚŝƐƉůĂLJƐ͕ ƉĂƐƐĞŶŐĞƌ ĂŶĚ ƉĂŐŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ ƐLJƐƚĞŵƐ͕ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĂŶĚ tŝͲ&ŝ ŶĞƚǁŽƌŬƐ͕ ĂŶĚ ĂƵĚŝŽ ĂŶĚ ǀŝƐƵĂů ƐLJƐƚĞŵƐ͘ WƌŽǀŝĚĞƐ ƚĞĐŚŶŝĐĂů ƐƵƉƉŽƌƚ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ĨŽƌ ƚŚĞ ĨůŝŐŚƚ ŝŶĨŽƌŵĂƚŝŽŶ ĚŝƐƉůĂLJƐ Ăƚ ŐĂƚĞ ĂŶĚ ŚŽůĚ ƌŽŽŵ ĂƌĞĂƐ͘ dŚĞ ƚĞƌŵŝŶĂů ƚĞĐŚŶŽůŽŐLJ ƐLJƐƚĞŵ ƐƵƉƉŽƌƚƐ ƚŚĞ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ ŝŶŝƚŝĂƚŝǀĞ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ DĞƚƌŝĐ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ^LJƐƚĞŵ ŽƉĞƌĂƚŝŽŶĂů ƐƚĂƚƵƐ ĨŽƌ ĐŽƌĞ ĂǀŝĂƚŝŽŶ ďƵƐŝŶĞƐƐ ƐLJƐƚĞŵƐ ĚƵƌŝŶŐ ŚŽƵƌƐ ŽĨ ŽƉĞƌĂƚŝŽŶ Ύ ϵϱй ϵϵй ŽĨ ĨĂĐŝůŝƚLJ

362

dĞƌŵŝŶĂů /ŶůŝŶĞ ĂŶĚ ĂŐŐĂŐĞ ^LJƐƚĞŵƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϵϳϲ͕ϰϴϯ WƌŽǀŝĚĞƐ ĨŽƌ ƚĞĐŚŶŝĐĂů ƐƵƉƉŽƌƚ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ƚŚĞ ŝŶůŝŶĞ ďĂŐŐĂŐĞ ƐLJƐƚĞŵ ŝŶĐůƵĚŝŶŐ ĐŽŶǀĞLJŽƌ ďĞůƚƐ͕ ĐŽŵƉƵƚĞƌ ƐŽĨƚǁĂƌĞ͕ ďĂŐŐĂŐĞ ĐůĂŝŵ ĚĞǀŝĐĞƐ ĂŶĚ ďĂŐ ŵĂŬĞ ƵƉ ĂƌĞĂƐ͘ dŚĞ ŝŶůŝŶĞ ƐLJƐƚĞŵ ĂůŝŐŶƐ ŝƚƐĞůĨ ǁŝƚŚ ƚŚĞ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ ĂŶĚ ĞƐƚ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ^LJƐƚĞŵƐ ŝŶŝƚŝĂƚŝǀĞƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ DĞƚƌŝĐ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ^LJƐƚĞŵ ŽƉĞƌĂƚŝŽŶĂů ĚƵƌŝŶŐ ŽƉĞƌĂƚŝŶŐ ŚŽƵƌƐ Ύ ϵϳй ϵϵй ŽĨ ƚŚĞ ĨĂĐŝůŝƚLJ

ŝƌƉŽƌƚ &ůĞĞƚ sĞŚŝĐůĞƐ ;/ŶĐůƵĚŝŶŐ Z&& Θ ^ŶŽǁ ZĞŵŽǀĂů ƋƵŝƉŵĞŶƚͿ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϴϭϯ͕ϳϯϲ WƌŽǀŝĚĞƐ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ƚŚĞ ŝƌƉŽƌƚ͛Ɛ ǀĞŚŝĐůĞ ĨůĞĞƚ ŝŶĐůƵĚŝŶŐ ƉŝĐŬͲƵƉ ƚƌƵĐŬƐ͕ ŽƚŚĞƌ ǁŽƌŬ ƚƌƵĐŬƐ͕ ďƵƐĞƐ͕ ƚƌĂĐƚŽƌƐ͕ ůŝĨƚƐ͕ ƐŶŽǁ ƉůŽǁ ǀĞŚŝĐůĞƐ͕ ƐŶŽǁ ďƌŽŽŵ ǀĞŚŝĐůĞƐ͕ ŽƚŚĞƌ ƐŶŽǁ ƌĞŵŽǀĂů ĞƋƵŝƉŵĞŶƚ͕ ĂŝƌĐƌĂĨƚ ƌĞƐĐƵĞ ĂŶĚ ĨŝƌĞĨŝŐŚƚŝŶŐ ; Z&&Ϳ ǀĞŚŝĐůĞƐ͕ ĂŝƌƉŽƌƚ ƉŽůŝĐĞ ǀĞŚŝĐůĞƐ͕ ĂŶĚ ĂŝƌƉŽƌƚ ŽƉĞƌĂƚŝŽŶƐ ǀĞŚŝĐůĞƐ͘ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ DĞƚƌŝĐ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ^ŶŽǁ ZĞŵŽǀĂů ƋƵŝƉŵĞŶƚ hƉƚŝŵĞ ;йͿ Ύ Ύ ϵϱй Z&& ƋƵŝƉŵĞŶƚ hƉƚŝŵĞ ;йͿ Ύ Ύ ϵϵй

ƵƚŚŽƌŝnjĞĚ WŽƐŝƚŝŽŶƐ

ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ ƵĚŐĞƚĞĚ ϱϳ ϱϰ Ͳ Ͳ ϱϳ ϱϰ

WĞƌŵĂŶĞŶƚ WŽƐŝƚŝŽŶƐ WĂƌƚͲƚŝŵĞ WŽƐŝƚŝŽŶƐ dŽƚĂů WŽƐŝƚŝŽŶƐ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ ϱϵ Ͳ ϱϵ

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ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ ϭ͕ϴϰϭ͕ϰϮϬ ϭϳϴ͕ϱϬϬ ϭ͕Ϭϯϲ͕ϵϵϮ ϵϱ͕Ϭϵϯ Ψ ϯ͕ϭϱϮ͕ϬϬϱ

DŝƐƐŝŽŶ hƚŝůŝƚLJ ŝůůŝŶŐ ƐƚƌŝǀĞƐ ƚŽ ƉƌŽǀŝĚĞ ĂĐĐƵƌĂƚĞ ďŝůůŝŶŐ ŽŶ Ă ƚŝŵĞůLJ ďĂƐŝƐ ƚŽ Ăůů ĐƵƐƚŽŵĞƌƐ ǁŝƚŚ ƚŚĞ ŚŝŐŚĞƐƚ ƌĞŐĂƌĚ ĨŽƌ ƉƵďůŝĐ ƐĂƚŝƐĨĂĐƚŝŽŶ͘ dŽ ƉƌŽǀŝĚĞ ĞdžĐĞƉƚŝŽŶĂů ƐĞƌǀŝĐĞ ƚŽ ŶĞǁĐŽŵĞƌƐ͕ ǀŝƐŝƚŽƌƐ ĂŶĚ ƌĞƐŝĚĞŶƚƐ ƐŽ ƚŚĂƚ ƚŚĞLJ ŵĂLJ ĞdžƉĞƌŝĞŶĐĞ Ă ƉŽƐŝƚŝǀĞ ĞŶǀŝƌŽŶŵĞŶƚ ǁŝƚŚŝŶ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ͕ ǁŚĞƚŚĞƌ ďLJ ƉŚŽŶĞ Žƌ ŝŶ ƉĞƌƐŽŶ͘ dŽ ƉƌŽǀŝĚĞ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ƚŚĂƚ ǁŝůů ĞdžĐĞĞĚ Ăůů ĞdžƉĞĐƚĂƚŝŽŶƐ ďLJ ůŝƐƚĞŶŝŶŐ ƚŽ ĐƵƐƚŽŵĞƌƐ ĂŶĚ ƌĞƐƉŽŶĚŝŶŐ ƚŽ ƚŚĞŝƌ ŶĞĞĚƐ ŝŶ Ă ƉƌŽĨĞƐƐŝŽŶĂů͕ ĐŽƵƌƚĞŽƵƐ ĂŶĚ ƌĞƐƉĞĐƚĨƵů ŵĂŶŶĞƌ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ hƚŝůŝƚLJ ŝůůŝŶŐ ĚŝǀŝƐŝŽŶ ŝƐ Ă ŚŝŐŚͲǀŽůƵŵĞ ƵƚŝůŝƚLJ ƐĞƌǀŝĐĞ ƐĞƉĂƌĂƚĞĚ ŝŶƚŽ ƚŚĞ ĨŽůůŽǁŝŶŐ ĨƵŶĐƚŝŽŶĂů ŐƌŽƵƉƐ͗ ^ĞƌǀŝĐĞ͕ ƌĞĚŝƚͬ ŽůůĞĐƚŝŽŶƐ͕ ĂƐŚŝĞƌŝŶŐ͕ ĂŶĚ DĞƚĞƌ ZĞĂĚŝŶŐ͘ sŝƚĂů ^ƚĂƚŝƐƚŝĐƐ ŝƐ ĂůƐŽ ƐƵƉƉŽƌƚĞĚ ǁŝƚŚŝŶ ƚŚĞ hƚŝůŝƚLJ ŝůůŝŶŐ ĚŝǀŝƐŝŽŶ͘ hƚŝůŝƚLJ ŝůůŝŶŐ ŝƐ ŽĨƚĞŶ ƚŚĞ ŝŶŝƚŝĂů ĐŽŶƚĂĐƚ ǁŝƚŚ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ĨŽƌ ŵĂŶLJ ŝŶĚŝǀŝĚƵĂůƐ͘ /ƚ ŝƐ ƚŚĞ ŐŽĂů ŽĨ ƚŚĞ ĚŝǀŝƐŝŽŶ ƚŽ ĐŽŶƚŝŶƵĞ ƚŽ ĐƵůƚŝǀĂƚĞ ƋƵĂůŝƚLJ ƐĞƌǀŝĐĞ ĂŶĚ ƚŽ ǁŽƌŬ ǁŝƚŚ ĐƵƐƚŽŵĞƌƐ ƌĞŐĂƌĚŝŶŐ ƵŶĚĞƌůLJŝŶŐ ŝƐƐƵĞƐ ƌĞůĂƚĞĚ ƚŽ ƵƚŝůŝƚLJ ĂĐĐŽƵŶƚƐ ŝŶ Ă ƚŝŵĞůLJ ĂŶĚ ƉŽƐŝƚŝǀĞ ŵĂŶŶĞƌ͘ dŚĞ hƚŝůŝƚLJ ŝůůŝŶŐ ĚŝǀŝƐŝŽŶ ĐŽŶƚŝŶƵĞƐ ƚŽ ůŽŽŬ ĨŽƌ ŝŶŶŽǀĂƚŝǀĞ ƐŽůƵƚŝŽŶƐ ƚŽ ĨƵůĨŝůů ƚŚĞ ŝŶŝƚŝĂƚŝǀĞƐ ŽƵƚůŝŶĞĚ ŝŶ ƚŚĞ ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ ĞƐƉĞĐŝĂůůLJ ŝŶ ƌĞůĂƚŝŽŶ ƚŽ ƚŚĞ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ WŝůůĂƌ͘ dŚĞ ĚŝǀŝƐŝŽŶ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ƉƌŽĚƵĐƚŝŽŶ ĂŶĚ ĚŝƐƚƌŝďƵƚŝŽŶ ŽĨ Ăůů ďŝůůŝŶŐ ƐƚĂƚĞŵĞŶƚƐ ŝŶ Ă ŚŝŐŚůLJ ĞĨĨŝĐŝĞŶƚ ŵĂŶŶĞƌ ĂŶĚ ĐŽŶƚŝŶƵĞƐ ƚŽ ůŽŽŬ ĨŽƌ ŶĞǁ ǁĂLJƐ ƚŽ ĂĐĐŽŵƉůŝƐŚ ƚŚĞƐĞ ŐŽĂůƐ ďLJ ŝŶǀĞƐƚŝŶŐ ƚŝŵĞ ĂŶĚ ĞĨĨŽƌƚƐ ŝŶ ďƵŝůĚŝŶŐ ƐŽůŝĚ ƉƌĂĐƚŝĐĞƐ ǁŝƚŚŝŶ ƚŚĞ ŶĞǁ ďŝůůŝŶŐ ƐŽĨƚǁĂƌĞ ĂƐ ǁĞůů ĂƐ ĐĂůů ĐĞŶƚĞƌ ƵƉŐƌĂĚĞƐ͘ dŚŝƐ ǁŝůů ŝŶ ƚƵƌŶ͕ ŚĞůƉ ƚŽ ŝŵƉƌŽǀĞ ƐĂƚŝƐĨĂĐƚŝŽŶ ŽĨ ƐĞƌǀŝĐĞ͘ /ƚ ŝƐ ĞǀŝĚĞŶƚ ƚŚĂƚ ƚŚĞ ĚŝǀŝƐŝŽŶ͛Ɛ ƐƵĐĐĞƐƐ ĚĞƉĞŶĚƐ ŽŶ ŝƚƐ ĂďŝůŝƚLJ ƚŽ ƐƚƌĞŶŐƚŚĞŶ ŝƚƐ ĐƵƌƌĞŶƚ ĐƵƐƚŽŵĞƌ ƌĞůĂƚŝŽŶƐŚŝƉƐ͘ ŝůůŝŶŐ ƐŽůƵƚŝŽŶƐ ĨƵŶĐƚŝŽŶ ĂƐ Ă ĐƌŝƚŝĐĂů ƚŽƵĐŚ ƉŽŝŶƚ ďĞƚǁĞĞŶ ƵƚŝůŝƚŝĞƐ ĂŶĚ ƚŚĞŝƌ ĐƵƐƚŽŵĞƌƐ͘ tŝƚŚ ŶĞǁ ƚĞĐŚŶŽůŽŐŝĞƐ͕ ƵƚŝůŝƚLJ ďŝůůƐ ĐĂŶ ŶŽǁ ƐĞƌǀĞ ĂƐ ƐƚƌĞĂŵůŝŶĞĚ ǀĞŚŝĐůĞƐ ĂŶŶŽƵŶĐŝŶŐ ŶĞǁ ƐĞƌǀŝĐĞƐ ĂŶĚ ƉƌŽǀŝĚŝŶŐ ĐƵƐƚŽŵŝnjĞĚ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ͘ ůƐŽ͕ ǁŝƚŚ ƚŚĞ ĂĚǀĂŶĐĞŵĞŶƚ ŽĨ ƚĞĐŚŶŽůŽŐLJ͕ ƚŚĞ hƚŝůŝƚLJ ŝůůŝŶŐ ĚŝǀŝƐŝŽŶ ĐĂŶ ĐŽŵŵƵŶŝĐĂƚĞ ŵŽƌĞ ĞĨĨĞĐƚŝǀĞůLJ ĂŶĚ ĚŝƌĞĐƚůLJ ǁŝƚŚ ĐƵƐƚŽŵĞƌƐ͘ dŚĞƐĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶƐ ŚĂǀĞ

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ŶŽƚ ŽŶůLJ ĚĞůŝǀĞƌĞĚ ŽƉĞƌĂƚŝŽŶĂů ĞĨĨŝĐŝĞŶĐŝĞƐ ĂŶĚ ŝŵƉƌŽǀĞĚ ĐƵƐƚŽŵĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ďƵƚ ĐŽƵůĚ ƉŽƚĞŶƚŝĂůůLJ ůŽǁĞƌ ĐŽƐƚƐ ŝŶ ƚŚĞ ƉƌŝŶƚŝŶŐ ĂŶĚ ĚŝƐƚƌŝďƵƚŝŽŶ ŽĨ ŵŽƌĞ ƚŚĂŶ ϴϱϬ͕ϬϬϬ ďŝůůƐ LJĞĂƌůLJ ďLJ ƉƌŽǀŝĚŝŶŐ ĞůĞĐƚƌŽŶŝĐ ĂĐĐĞƐƐ ƚŽ ĐƵƐƚŽŵĞƌƐ ǀŝĂ ƚŚĞ ŝŶƚĞƌŶĞƚ͘

WƌŽŐƌĂŵƐ hƚŝůŝƚLJ ŝůůŝŶŐ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭϯϯ͕ϵϱϵ dŚŝƐ ƉƌŽŐƌĂŵ ƉƌŽǀŝĚĞƐ ƐƵƉƉŽƌƚ ĂŶĚ ĂĐĐŽƵŶƚƐ ĨŽƌ ƚŚĞ ĂĐĐƵƌĂƚĞ ĂŶĚ ƉƌĞĐŝƐĞ ƌĞĐŽƌĚŝŶŐ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ ŐĂƚŚĞƌĞĚ ĨƌŽŵ ƚŚĞ ƌĞĂĚŝŶŐ͕ ďŝůůŝŶŐ ĂŶĚ ĐŽůůĞĐƚŝŽŶ ŽĨ ŵŽŶĞLJ ĨŽƌ ĞǀĞƌLJ ŵĞƚĞƌ ǁŝƚŚŝŶ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ͘ dŚĞ ŐŽĂů ǁŝƚŚŝŶ ƚŚĞ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ ^ƵƉƉŽƌƚ ƉƌŽŐƌĂŵ ŝƐ ƚŽ ŝŵƉƌŽǀĞ ƌĞƐƉŽŶƐŝǀĞŶĞƐƐ ǁŚĞŶ ĚĞĂůŝŶŐ ǁŝƚŚ ĐƵƐƚŽŵĞƌ ŝƐƐƵĞƐ ĂƐ ǁĞůů ĂƐ ŽǀĞƌĂůů ĐƵƐƚŽŵĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ͘ tĂŝƚ ƚŝŵĞƐ ƚŽ ƐƉĞĂŬ ǁŝƚŚ ƐĞƌǀŝĐĞ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ĐŽŶƚŝŶƵĞĚ ƚŽ ďĞ Ă ĐŽŵŵŽŶ ĨƌƵƐƚƌĂƚŝŽŶ͘ dŚĞ hƚŝůŝƚLJ ŝůůŝŶŐ ĚŝǀŝƐŝŽŶ ŵĂĚĞ ƚŚŝƐ ŝƐƐƵĞ ĂŶ ŝŵŵĞĚŝĂƚĞ ƉƌŝŽƌŝƚLJ ĂŶĚ ŚĂǀĞ ƌĞĐĞŶƚůLJ ŝŵƉůĞŵĞŶƚĞĚ ƐŽĨƚǁĂƌĞ ƐŽůƵƚŝŽŶƐ ĨŽƌ ŝŵƉƌŽǀĞĚ ĐƵƐƚŽŵĞƌ ĨĞĞĚďĂĐŬ͘ tŝƚŚ ƚŚĞ ƌĞĐĞŶƚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƚŚĞ ĚŝǀŝƐŝŽŶƐ /Ŷ ŽŶƚĂĐƚ ĐĂůů ĐĞŶƚĞƌ ƐŽĨƚǁĂƌĞ͕ ĐƵƐƚŽŵĞƌƐ ŶŽǁ ĐĂŶ ƵƚŝůŝnjĞ ŶĞǁ ƚĞĐŚŶŽůŽŐŝĞƐ ƚŚĂƚ ƉƌŽǀŝĚĞ ĐƵƐƚŽŵŝnjĞĚ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ͘ dŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŚĂƐ ƌĞĚƵĐĞĚ ĐĂůů ǁĂŝƚ ƚŝŵĞƐ ďLJ ƉƌŽǀŝĚŝŶŐ ĂŶ ĂƵƚŽ ĐĂůůďĂĐŬ ĨĞĂƚƵƌĞ ĂŶĚ ŚĂƐ ĂůƐŽ ƉƌŽǀŝĚĞĚ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ĞŵĂŝů ĂŶĚ ĐŚĂƚ ǁŝƚŚ ĂŐĞŶƚƐ ƌĞŐĂƌĚŝŶŐ ƚŚĞŝƌ ĂĐĐŽƵŶƚƐ͘ dŚĞƐĞ ĂĚĚŝƚŝŽŶĂů ĨŽƌŵƐ ŽĨ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ŚĂǀĞ ĂƐƐŝƐƚĞĚ ƚŚĞ hƚŝůŝƚLJ ŝůůŝŶŐ ĚŝǀŝƐŝŽŶ ŝŶ ĨŽůůŽǁŝŶŐ ŽƵŶĐŝů WŝůůĂƌƐ ďLJ ƉƌŽŵŽƚŝŶŐ ĞĨĨŝĐŝĞŶƚ ĨŽƌŵƐ ŽĨ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ƚŽ ĐƵƐƚŽŵĞƌƐ͘ /ƚ ŝƐ ƚŚĞ ŐŽĂů ŽĨ ƚŚĞ hƚŝůŝƚLJ ŝůůŝŶŐ ĚŝǀŝƐŝŽŶ ƚŽ ƐƚƌŝǀĞ ĨŽƌ ĐŽŶƚŝŶƵŽƵƐ ĞŶŚĂŶĐĞŵĞŶƚƐ ĂŶĚ ƉƌŽŵŽƚŝŽŶƐ ŽĨ ƋƵĂůŝƚLJ ƐĞƌǀŝĐĞ ǁŝƚŚŝŶ ƚŚĞ ŝƚLJ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ŶŶƵĂů ƵƐƚŽŵĞƌ ŽŶƚĂĐƚƐ Ύ Ϯϱϲ͕ϬϬϬ ϮϳϬ͕ϬϬϬ ŽŶƚĂĐƚ ďLJ dĞůĞƉŚŽŶĞ Ύ ϲϱй ϲϳй ŽŶƚĂĐƚ ŝŶ WĞƌƐŽŶ Ύ Ϯ͘ϱй Ϯ͘Ϭй ŽŶƚĂĐƚ ďLJ ŵĂŝů Ύ ϯϬ͘ϱй Ϯϴ͘Ϭй ŽŶƚĂĐƚ ďLJ ŚĂƚ Ύ Ϯй ϯй ZĞƐƉŽŶƐŝǀĞŶĞƐƐͲ ĂůůƐ ,ĂŶĚůĞĚ ǁŝƚŚŝŶ ϯ ŵŝŶƐ Ύ ϳϬй ϴϬй ZĞƐƉŽŶƐŝǀĞŶĞƐƐͲtĂŝƚ dŝŵĞ ϯ ŵŝŶƐ Žƌ ŵŽƌĞ Ύ ϯϬй ϮϬй ŶŶƵĂů ƵƐƚŽŵĞƌ ƵƚŽ ĂůůďĂĐŬƐ Ύ ϯϲ͕ϰϬϬ ϯϮ͕ϳϬϬ Ύ/ŶĨŽƌŵĂƚŝŽŶ ŶŽƚ ĂǀĂŝůĂďůĞ

hƚŝůŝƚLJ ŝůů WƌŽĚƵĐƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϵϲϮ͕ϵϯϴ dŚŝƐ ƉƌŽŐƌĂŵ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ƉƌŽĚƵĐƚŝŽŶ ŽĨ ŵŽƌĞ ƚŚĂŶ ϴϱϬ͕ϬϬϬ ĐƵƐƚŽŵĞƌ ďŝůůƐ ĂŶŶƵĂůůLJ͘ ŝůůŝŶŐƐ ĂƌĞ ƉƌŽĐĞƐƐĞĚ ŽŶ ĂŶ ĂǀĞƌĂŐĞ ŽĨ ƚŚƌĞĞ ƚŝŵĞƐ ƉĞƌ ǁĞĞŬ ďĂƐĞĚ ŽŶ ƚŚĞ ŝƚLJ͛Ɛ ϭϮͲŵĞƚĞƌ ƌĞĂĚŝŶŐ ĐLJĐůĞƐ͘ hƚŝůŝƚLJ ŝůůŝŶŐ ƉƌŽĚƵĐĞƐ ƚŚĞ ďŝůůƐ ĨŽƌ ŶŽƚ ŽŶůLJ tĂƚĞƌ ĂŶĚ ^ĞǁĞƌ͕ ďƵƚ ƌĂŝŶĂŐĞ hƚŝůŝƚLJ ĂŶĚ ^ŽůŝĚ tĂƐƚĞ͘ dŚĞ ƉƌĞƉĂƌĂƚŝŽŶƐ ŽĨ ŵĞƚĞƌ ƌĞĂĚŝŶŐ ďŽŽŬƐ ĂƌĞ ĐŽŵƉůĞƚĞĚ ǁŝƚŚŝŶ Ă ƐƉĂŶ ŽĨ ƚǁŽ ĚĂLJƐ ĂŶĚ ĐŽŶƐŝƐƚ ŽĨ ƚŚĞ ĚĂƚĂ ĞŶƚƌLJ ŽĨ ƌĞͲƌĞĂĚƐ ĂŶĚ ǀĞƌŝĨŝĐĂƚŝŽŶƐ͘ dŚĞ ƉƌŽĚƵĐƚŝŽŶ ŽĨ ďŝůůƐ ƚĂŬĞƐ ĂƉƉƌŽdžŝŵĂƚĞůLJ ĨŝǀĞ ŚŽƵƌƐ ĂŶĚ ŝŶĐůƵĚĞƐ ǀĞƌŝĨŝĐĂƚŝŽŶ ŽĨ ĚĂƚĂ͕ ĐĂůĐƵůĂƚŝŽŶ ŽĨ ďŝůůƐ͕ ĐƌĞĂƚŝŶŐ ƚŚĞ ďŝůůŝŶŐ ũŽƵƌŶĂů͕ ĂŶĚ ĚŝƐƚƌŝďƵƚŝŽŶ ŽŶ ďŝůůƐ͘ dŚĞ ĂĚĚŝƚŝŽŶ ŽĨ ƚŚĞ hƚŝůŝƚLJ ŝůůŝŶŐ ^ƉĞĐŝĂůŝƐƚ ŚĂƐ ŝŶĐƌĞĂƐĞĚ ƚŚĞ ĂĐĐƵƌĂĐLJ ĂŶĚ ĞĨĨŝĐŝĞŶĐLJ ŽĨ ďŝůů ƉƌŽĚƵĐƚŝŽŶ ĂŶĚ ĂƵĚŝƚŝŶŐ͕ ǁŝƚŚŝŶ ĞĂĐŚ ĚŝƐƚƌŝĐƚ͘ dŚĞ hƚŝůŝƚLJ ŝůůŝŶŐ ^ƉĞĐŝĂůŝƐƚ ĐŽŽƌĚŝŶĂƚĞƐ ǁŝƚŚ ƚŚĞ DĞƚĞƌ ZĞĂĚĞƌ ĂŶĚ tĂƚĞƌ ŝƐƚƌŝďƵƚŝŽŶ ƐƚĂĨĨ ŵĞŵďĞƌƐ ƚŽ ĂƐƐŝƐƚ ĐƵƐƚŽŵĞƌ ĐŽŶĐĞƌŶƐ ǁŝƚŚ ŵŝŶŝŵĂů ŝŵƉĂĐƚ ƚŽ ĐƵƐƚŽŵĞƌ ďŝůůŝŶŐ͘ dŚĞ

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ƌĞĐĞŶƚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽŶ ƚŚĞ ŶĞǁ ďŝůůŝŶŐ ƐŽĨƚǁĂƌĞ͕ ǁŝůů ĐŽŶƚŝŶƵĞ ƚŽ ƐƚƌĞĂŵůŝŶĞ ƉƌŽĐĞƐƐĞƐ ǁŝƚŚŝŶ ďŝůůŝŶŐ ĂƐ ǁĞůů ĂƐ ƚŚĞ ĚŝǀŝƐŝŽŶ͕ ƚŽ ƐĂƚŝƐĨLJ ĐƵƐƚŽŵĞƌƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ĐĐŽƵŶƚƐ ŝůůĞĚ DŽŶƚŚůLJ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϳϯ͕ϱϬϬ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϳϲ͕ϬϬϬ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϳϴ͕ϬϬϬ

hƚŝůŝƚLJ ŝůůŝŶŐ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϲϯϯ͕ϱϱϯ hƚŝůŝƚLJ ŝůůŝŶŐ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ ƐƚĂĨĨ ŝƐ ĚĞƐŝŐŶĂƚĞĚ ŝŶƚŽ ƚǁŽ ĨƵŶĐƚŝŽŶĂů ŐƌŽƵƉƐ͗ ƌĞĚŝƚ ^ĞƌǀŝĐĞƐ ĂŶĚ EĞǁ ŽŶŶĞĐƚŝŽŶƐ͘ ůů ƐƚĂĨĨ ŵĞŵďĞƌƐ ǁŽƌŬ ƚŽǁĂƌĚƐ ƚŚĞ ŐŽĂů ŽĨ ƉƌŽǀŝĚŝŶŐ ƋƵŝĐŬ ĂŶĚ ĂĐĐƵƌĂƚĞ ƐĞƌǀŝĐĞ ĨŽƌ ĐƵƐƚŽŵĞƌƐ Ăƚ ĂŶ ĞdžĞŵƉůĂƌLJ ůĞǀĞů ƚŽ ŝŵƉƌŽǀĞ ĐƵƐƚŽŵĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ͘ ƌĞĚŝƚ ^ĞƌǀŝĐĞ ĨƵŶĐƚŝŽŶƐ ĐŽŶƐŝƐƚ ŽĨ ƌĞƐƉŽŶĚŝŶŐ ƚŽ ƌĞƋƵĞƐƚƐ ĨŽƌ ƉĂLJŵĞŶƚ ĂƌƌĂŶŐĞŵĞŶƚƐ ŽŶ ĐƵƌƌĞŶƚ ĂŶĚ ƉĂƐƚ ĚƵĞ ĂĐĐŽƵŶƚƐ͕ ĂƐ ǁĞůů ĂƐ ƚŚĞ ŝƐƐƵĂŶĐĞ ŽĨ ƐĞƌǀŝĐĞ ŽƌĚĞƌƐ ĨŽƌ ƌĞĐŽŶŶĞĐƚŝŽŶƐ ĂŶĚ ĚĞůŝŶƋƵĞŶƚ ŵĞƚĞƌ ŝŶƐƚĂůůĂƚŝŽŶƐ͘ ƌĞĚŝƚ ^ĞƌǀŝĐĞƐ ĚŝƐƚƌŝďƵƚĞƐ ƐĞƌǀŝĐĞ ŽƌĚĞƌƐ ƌĞŐĂƌĚŝŶŐ ŚŝŐŚ ďŝůů ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ ĂƐ ǁĞůů ĂƐ ŝŶǀĞƐƚŝŐĂƚĞ ĂĐĐŽƵŶƚƐ ǁŚĞƌĞ ĐƵƐƚŽŵĞƌƐ ŵĂLJ ŚĂǀĞ ĞdžƉĞƌŝĞŶĐĞĚ ůĞĂŬƐ ĂŶĚ ĂƐƐŝƐƚ ǁŝƚŚ ƉŽƐƐŝďůĞ ĂĚũƵƐƚŵĞŶƚƐ ŽŶ ďŝůůƐ͘ ƉƉůŝĐĂƚŝŽŶƐ ĂŶĚ ƌĞƋƵĞƐƚƐ ĨŽƌ ĨŝƌĞ ŚLJĚƌĂŶƚ ŵĞƚĞƌƐ ĂŶĚ ƚŚĞ ĐŽůůĞĐƚŝŽŶ ŽĨ ĐƵƌƌĞŶƚ ƌĞĂĚŝŶŐƐ ĨŽƌ ĞĂĐŚ ĨŝƌĞ ŚLJĚƌĂŶƚ ĐƵƐƚŽŵĞƌƐ ĂƌĞ ĐŽŵƉůĞƚĞĚ ǁŝƚŚŝŶ ĐƌĞĚŝƚ ƐĞƌǀŝĐĞƐ͕ ĂƐ ǁĞůů͘ ůů ĨŝŶĂů ďŝůůƐ ĂƌĞ ƉƌŽĚƵĐĞĚ ǁŝƚŚŝŶ ĐƌĞĚŝƚ ƐĞƌǀŝĐĞƐ ĂŶĚ ƐĞƌǀŝĐĞ ŽƵƚĂŐĞ ĐĂůůƐ ĂƌĞ ǁŽƌŬĞĚ ďLJ Ăůů ĂǀĂŝůĂďůĞ ƐƚĂĨĨ ŵĞŵďĞƌƐ ĚƵƌŝŶŐ ƌĞŐƵůĂƌ ďƵƐŝŶĞƐƐ ŚŽƵƌƐ͘ EĞǁ ŽŶŶĞĐƚŝŽŶ ĨƵŶĐƚŝŽŶƐ ĂƌĞ ŝŶŝƚŝĂů ƌĞƋƵĞƐƚƐ ĨŽƌ ƐĞƌǀŝĐĞƐ ƐƵĐŚ ĂƐ ŶĞǁ͕ ƚƌĂŶƐĨĞƌ ĂŶĚ ĐŽŵƉůĞƚŝŽŶ ŽĨ ƐĞƌǀŝĐĞ͘ ůů ƐƚĂĨĨ ŵĞŵďĞƌƐ ŝŶƚĞƌĂĐƚ ǁŝƚŚ ĐƵƐƚŽŵĞƌƐ ǁŚŽƐĞ ŶĞĞĚƐ ǀĂƌLJ ĨƌŽŵ ƐŝŵƉůĞ ďŝůůŝŶŐ ƋƵĞƐƚŝŽŶƐ ƚŽ ŵŽƌĞ ĐŽŵƉůĞdž ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ ƌĞŐĂƌĚŝŶŐ ĞƐƚĂďůŝƐŚŵĞŶƚ ŽĨ ƐĞƌǀŝĐĞƐ͘ ^ƚĂĨĨ ĂůƐŽ ǁŽƌŬ ǁŝƚŚ ĂƐƐŝƐƚŝŶŐ ŽƚŚĞƌ ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ ŝŶ ƉƌŽĐĞƐƐŝŶŐ ŶĞǁ ƚĂƉ ŽƌĚĞƌƐ͘ dŚĞ ĐĂůĐƵůĂƚŝŽŶ ĂŶĚ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ ŝůůĞŐĂů ĨĞĞƐ ĂƌĞ ĂůƐŽ ƉĞƌĨŽƌŵĞĚ ǁŝƚŚŝŶ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ͘ tŝƚŚ ƚŚĞ ƌĞĐĞŶƚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ŶĞǁ ďŝůůŝŶŐ ƐŽĨƚǁĂƌĞ ĂŶĚ ĐĂůů ĐĞŶƚĞƌ ƐŽůƵƚŝŽŶ͕ hƚŝůŝƚLJ ŝůůŝŶŐ ƐƚĂĨĨ ŚĂǀĞ ďĞĞŶ ŐŝǀĞŶ ƚŚĞ ŽƉƉŽƌƚƵŶŝƚLJ ƚŽ ƉƌŽǀŝĚĞ ƋƵĂůŝƚLJ ƐĞƌǀŝĐĞ ƚŽ ƚŚĞ ĐŝƚŝnjĞŶƐ ŽĨ ŵĂƌŝůůŽ͘ dŚĞ ĂĚĚŝƚŝŽŶ ŽĨ ŽƵƌ dƌĂŝŶĞƌͬYƵĂůŝƚLJ ƐƐƵƌĂŶĐĞ ƉŽƐŝƚŝŽŶ ŚĂƐ ĂůƐŽ ĂƐƐŝƐƚĞĚ ŝŶ ƚŚĞ ƚƌĂŝŶŝŶŐ ŽĨ ƐƚĂĨĨ ǁŝƚŚ Ăůů ŶĞǁ ĨƵŶĐƚŝŽŶƐ ǁŝƚŚŝŶ ƚŚĞ hƚŝůŝƚLJ ŝůůŝŶŐ ƐŽĨƚǁĂƌĞ͘ ^ƚĂĨĨ ŶŽǁ ĐĂŶ ƉƌŽǀŝĚĞ ŵƵůƚŝƉůĞ ƚLJƉĞƐ ŽĨ ĂƌƌĂŶŐĞŵĞŶƚ ŽƉƚŝŽŶƐ ƚŽ ĐƵƐƚŽŵĞƌƐ͘ dŚĞ hƚŝůŝƚLJ ŝůůŝŶŐ ĚŝǀŝƐŝŽŶ ǁŝůů ĂůƐŽ ǁŽƌŬ ǁŝƚŚ tĂƚĞƌ ŝƐƚƌŝďƵƚŝŽŶ ƐƚĂĨĨ ƚŽ ƚƌĂŶƐŝƚŝŽŶ ƚŽ Ă ŵŽƌĞ ĞůĞĐƚƌŽŶŝĐ ƐĞƌǀŝĐĞ ŽƌĚĞƌ ĞŶǀŝƌŽŶŵĞŶƚ͕ ĐƌĞĂƚŝŶŐ ŝŶĐƌĞĂƐĞƐ ŝŶ ĂĐĐƵƌĂĐLJ ĂŶĚ ĞĨĨŝĐŝĞŶĐLJ ǁŝƚŚŝŶ ďŽƚŚ ĚŝǀŝƐŝŽŶƐ͘ ůĞĐƚƌŽŶŝĐ ƐĞƌǀŝĐĞ ŽƌĚĞƌƐ ǁŽƵůĚ ŵŝŶŝŵŝnjĞ ƚŚĞ ůŽƐƐ ŽĨ ƉĂƉĞƌ ŽƌĚĞƌƐ ŝŶ ƚƌĂŶƐĨĞƌ ĂŶĚ ƉƌŽĐĞƐƐŝŶŐ͕ ĂƐ ǁĞůů ĂƐ ĐƌĞĂƚĞ ĞĨĨŝĐŝĞŶƚ ƌĞƐƉŽŶƐĞ ƚŝŵĞƐ ǁŚĞŶ ŝĚĞŶƚŝĨLJŝŶŐ ĐƵƐƚŽŵĞƌ ŝƐƐƵĞƐ͘ ƵƐƚŽŵĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ǁŽƵůĚ ŝŶĐƌĞĂƐĞ ĚƵĞ ƚŽ ƚŚĞ ƉƌŽƉĞƌ ƚƌĂŝŶŝŶŐ ĂŶĚ ŵŽŶŝƚŽƌŝŶŐ ŽĨ ƚŝŵĞůLJ ƌĞƐƉŽŶƐĞƐ ƚŽ ŽƵƌ ĐƵƐƚŽŵĞƌƐ ǁŚĞŶ ƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐ͘

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WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ dŽƚĂů ƌƌĂŶŐĞŵĞŶƚƐ /ƐƐƵĞĚ ϲ DŽŶƚŚ ƌƌĂŶŐĞŵĞŶƚƐ /ƐƐƵĞĚ ϭϮ DŽŶƚŚ ƌƌĂŶŐĞŵĞŶƚƐ /ƐƐƵĞĚ dŽƚĂů ƌŽŬĞŶ ƌƌĂŶŐĞŵĞŶƚƐ dŝŵĞ ^ƉĞŶƚ ƉĞƌ EĞǁ ^ĞƌǀŝĐĞ ZĞƋƵĞƐƚ dŝŵĞ ^ƉĞŶƚ ƉĞƌ ŝƐĐŽŶƚŝŶƵĞĚ ^ĞƌǀŝĐĞ ZĞƋƵĞƐƚ dŝŵĞ ^ƉĞŶƚ ƉĞƌ dƌĂŶƐĨĞƌ ^ĞƌǀŝĐĞ ZĞƋƵĞƐƚ Ύ/ŶĨŽƌŵĂƚŝŽŶ ŶŽƚ ĂǀĂŝůĂďůĞ

ϮϬϭϳͬϭϴ ĐƚƵĂů Ύ Ύ Ύ Ύ Ύ Ύ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϳ͕ϬϬϬ ϱ͕ϬϬϬ Ϯ͕ϬϬϬ ϰϬй ϭϱ ŵŝŶƵƚĞƐ ϱ ŵŝŶƵƚĞƐ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϴ͕ϬϬϬ ϲ͕ϬϬϬ Ϯ͕ϬϬϬ ϯϱй ϭϬ ŵŝŶƵƚĞƐ ϱ ŵŝŶƵƚĞƐ

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ϭϱ ŵŝŶƵƚĞƐ

ϭϬ ŵŝŶƵƚĞƐ

hƚŝůŝƚLJ WĂLJŵĞŶƚ ĂŶĚ ĐĐŽƵŶƚ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϰϳϱ͕ϵϱϯ WĂLJŵĞŶƚ ĂŶĚ ĐĐŽƵŶƚ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ƐƚĂĨĨ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƉƌŽĐĞƐƐŝŶŐ ƉĂLJŵĞŶƚƐ ŝŶ ĂŶ ĞĨĨŝĐŝĞŶƚ ĂŶĚ ĞĨĨĞĐƚŝǀĞ ŵĂŶŶĞƌ͘ WĂLJŵĞŶƚƐ ĂƌĞ ĐŽůůĞĐƚĞĚ ŝŶ ƉĞƌƐŽŶ ĂƐ ǁĞůů ĂƐ ƚŚƌŽƵŐŚ ƚŚŝƌĚ ƉĂƌƚŝĞƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ƚŚĞ ĐŽůůĞĐƚŝŽŶ ŽĨ ƉĂLJŵĞŶƚƐ͕ ƐƚĂĨĨ ŵĞŵďĞƌƐ ĂůƐŽ ƉƌŽǀŝĚĞ ƌĞůŝĂďůĞ ĂŶĚ ĂĐĐƵƌĂƚĞ ĐŽůůĞĐƚŝŽŶ ĞĨĨŽƌƚƐ ŝŶĐůƵĚŝŶŐ ƉƌŽĐĞƐƐŝŶŐ ƌĞƚƵƌŶĞĚ ĐŚĞĐŬƐ͕ ĂƐ ǁĞůů ĂƐ ĐŽƌƌĞƐƉŽŶĚŝŶŐ ǁŝƚŚ ĐƵƐƚŽŵĞƌƐ ƌĞŐĂƌĚŝŶŐ ƚŚĞƐĞ ŝƚĞŵƐ͘ WĂLJŵĞŶƚ ĂŶĚ ĐĐŽƵŶƚ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ƐƚĂĨĨ ĂůƐŽ ĂĐĐĞƉƚƐ ƉĂLJŵĞŶƚ ĨŽƌ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ZĞĚ >ŝŐŚƚ ĂŵĞƌĂ sŝŽůĂƚŝŽŶƐ ĂƐ ǁĞůů ĂƐ ƐĞůůŝŶŐ ŝƚLJ ďƵƐ ƚŝĐŬĞƚƐ͘ ůů ƐƚĂĨĨ ŵĞŵďĞƌƐ ĂƌĞ ƚŚŽƌŽƵŐŚůLJ ƚƌĂŝŶĞĚ ŝŶ ƚŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ĞĂĐŚ ƚƌĂŶƐĂĐƚŝŽŶ ĂŶĚ ĂĐĐƵƌĂĐLJ ǁŚĞŶ ďĂůĂŶĐŝŶŐ ĚĂŝůLJ ƚƌĂŶƐĂĐƚŝŽŶƐ͘ tŝƚŚ ƚŚĞ ƌĞĐĞŶƚ ƵƉĚĂƚĞ ŽĨ ďŝůůŝŶŐ ƐŽĨƚǁĂƌĞ͕ ƚŚĞƌĞ ŚĂƐ ďĞĞŶ ůŝƚƚůĞ ĐŚĂŶŐĞ ǁŝƚŚ ǁĂůŬͲŝŶ ƚƌĂĨĨŝĐ͘ /ƚ ŝƐ ƚŚĞ ĚŝǀŝƐŝŽŶ͛Ɛ ĞdžƉĞĐƚĂƚŝŽŶ ƚŽ ĞdžƉĞƌŝĞŶĐĞ ĂŶ ŝŶĐƌĞĂƐĞ ŝŶ ƚŚĞ ŶƵŵďĞƌ ŽĨ ƚƌĂŶƐĂĐƚŝŽŶƐ ƐƵďŵŝƚƚĞĚ ǁŝƚŚŝŶ ƚŚĞ ƐĞůĨͲƐĞƌǀĞ ƉŽƌƚĂůƐ ĂƐ ǁĞ ƉƌŽŵŽƚĞ ƐĞƌǀŝĐĞƐ ƚŽ ŽƵƌ ĐŝƚŝnjĞŶƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ĂƐŚ ,ĂŶĚůĞĚ ;ĚĂŝůLJͿ Ύ Ψϭϰ͕ϮϬϬ Ψϭϲ͕ϱϬϬ ĂƐŚ WĂLJŵĞŶƚƐ ;ŵŽŶƚŚůLJͿ Ύ Ψϯϭϭ͕ϱϬϬ ΨϯϮϬ͕ϬϬϬ ƌĞĚŝƚ ĂƌĚ WĂLJŵĞŶƚƐ ;ŵŽŶƚŚůLJͿ Ύ ΨϮϲϴ͕ϬϬϬ ΨϮϳϱ͕ϬϬϬ ŚĞĐŬ WĂLJŵĞŶƚƐ ;ŵŽŶƚŚůLJͿ Ύ Ψϭ͕ϵϵϬ͕ϵϬϱ ΨϮ͕ϰϬϬ͕ϬϬϬ dŽƚĂů dƌĂŶƐĂĐƚŝŽŶƐ ;ĚĂŝůLJͿ Ύ ϯϴϯ ϯϱϬ EƵŵďĞƌ ŽĨ tĂůŬͲŝŶ ƵƐƚŽŵĞƌƐ Ύ Ϯϰ͕ϬϬϬ ϮϬ͕ϬϬϬ Ύ/ŶĨŽƌŵĂƚŝŽŶ ŶŽƚ ĂǀĂŝůĂďůĞ

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/ŶĐůƵĚĞƐ ůĂĐŬƌŝĚŐĞ ŽŶƚƌĂĐƚ džƉĞŶƐĞ ŽĨ ΨϭϯϬ͕ϬϬϬ͕ ΨϭϮϬ͕ϬϬϬ Θ ΨϭϮϬ͕ϬϬϬ ƌĞƐƉĞĐƚŝǀůLJ

DŝƐƐŝŽŶ Ɛ ĂŶ ĂĐŬŶŽǁůĞĚŐĞĚ ůĞĂĚĞƌ ŝŶ ƚŚĞ ŝŶĚƵƐƚƌLJ͕ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ tĂƚĞƌ hƚŝůŝƚŝĞƐ ĞƉĂƌƚŵĞŶƚ ŝƐ ĐŽŵŵŝƚƚĞĚ ƚŽ ƐƵƉƉůLJŝŶŐ ĐŽŶƚŝŶƵŽƵƐ ŚŝŐŚ ƋƵĂůŝƚLJ ǁĂƚĞƌ͕ ƐĞǁĞƌ ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚĂů ƐĞƌǀŝĐĞƐ ƚŽ ŽƵƌ ĐƵƐƚŽŵĞƌƐ ŝŶ Ă ƐĂĨĞ ĂŶĚ ĞĨĨŝĐŝĞŶƚ ŵĂŶŶĞƌ͕ ƐƵƉƉŽƌƚŝŶŐ ŵĂƌŝůůŽ͛Ɛ ŚŝŐŚ ƋƵĂůŝƚLJ ŽĨ ůŝĨĞ ŶŽǁ ĂŶĚ ŝŶ ƚŚĞ ĨƵƚƵƌĞ͘ dŚŝƐ ŝƐ ĂĐĐŽŵƉůŝƐŚĞĚ ƚŚƌŽƵŐŚ ŝŶŶŽǀĂƚŝǀĞ ĞŵƉůŽLJĞĞƐ ĚĞŵŽŶƐƚƌĂƚŝŶŐ ƚĞĂŵǁŽƌŬ͕ ĐŽŵŵŝƚŵĞŶƚ ĂŶĚ ŽƵƚƐƚĂŶĚŝŶŐ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ ŝƌĞĐƚŽƌ ŽĨ hƚŝůŝƚŝĞƐ ŽĨĨŝĐĞ ƉƌŽǀŝĚĞƐ ůĞĂĚĞƌƐŚŝƉ ĂŶĚ ŽǀĞƌƐŝŐŚƚ ĨŽƌ ƐĞǀĞŶ ĚŝǀŝƐŝŽŶƐ ŝŶĐůƵĚŝŶŐ tĂƚĞƌ WƌŽĚƵĐƚŝŽŶ͕ tĂƚĞƌ dƌĂŶƐŵŝƐƐŝŽŶ͕ ^ƵƌĨĂĐĞ tĂƚĞƌ dƌĞĂƚŵĞŶƚ͕ tĂƚĞƌ ŝƐƚƌŝďƵƚŝŽŶ͕ tĂƐƚĞǁĂƚĞƌ ŽůůĞĐƚŝŽŶ͕ tĂƐƚĞǁĂƚĞƌ dƌĞĂƚŵĞŶƚ ĂŶĚ ŶǀŝƌŽŶŵĞŶƚĂů >Ăď͘ dŚĞ ŝƌĞĐƚŽƌ ŽĨ hƚŝůŝƚŝĞƐ ŽĨĨŝĐĞ͕ ƚŚƌŽƵŐŚ ƐƚƌĂƚĞŐŝĐ ƉůĂŶŶŝŶŐ ƉƌŽĐĞƐƐĞƐ͕ ŵĂŶĂŐĞƐ ƚŚĞ ĚĂŝůLJ ŽƉĞƌĂƚŝŽŶƐ ŽĨ ƚŚĞƐĞ ĚĞƉĂƌƚŵĞŶƚƐ ƚŽ ŵĞĞƚ ƚŚĞ ŽƌŐĂŶŝnjĂƚŝŽŶĂů ŐŽĂůƐ ŽĨ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ĂŶĚ ƚŽ ƉƌŽǀŝĚĞ ĐůĞĂŶ ƐĂĨĞ ĚƌŝŶŬŝŶŐ ǁĂƚĞƌ ƚŽ ƚŚĞ ĐŝƚŝnjĞŶƐ ŽĨ ŵĂƌŝůůŽ͘ dŚĞ ŝƌĞĐƚŽƌ ŽĨ hƚŝůŝƚŝĞƐ ƉůĂĐĞƐ ĞŵƉŚĂƐŝƐ ŽŶ ƐƚƌĂƚĞŐŝĐ ƉůĂŶŶŝŶŐ Ăƚ Ăůů ůĞǀĞůƐ ŽĨ ƚŚĞ ŽƌŐĂŶŝnjĂƚŝŽŶ͕ ƚŽ ĂůůŽǁ ƚŚĞ ŝǀŝƐŝŽŶ ƚŽ ƉƌŽǀŝĚĞ ƚŚĞ ŚŝŐŚĞƐƚ ůĞǀĞů ŽĨ ƋƵĂůŝƚLJ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ǁŚŝůĞ ĞŶƐƵƌŝŶŐ ŽƵƌ ŽƉĞƌĂƚŝŽŶĂů ĂĐƚŝǀŝƚŝĞƐ ƐƵƉƉŽƌƚ ŽƵƌ ŵŝƐƐŝŽŶ ĂŶĚ ƐƚĂƚĞŵĞŶƚ͘ tĂƚĞƌ ĂŶĚ ƐĞǁĞƌ ƵƚŝůŝƚŝĞƐ ĂƌĞ ĨĂĐĞĚ ǁŝƚŚ ĞǀĞƌ ĐŚĂŶŐŝŶŐ ĐŚĂůůĞŶŐĞƐ ǁŚŝĐŚ ŝŶĐůƵĚĞ ƌŝƐŝŶŐ ĐŽƐƚƐ͕ ĂŐŝŶŐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ ƐƚƌŝŶŐĞŶƚ ƌĞŐƵůĂƚŽƌLJ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ Ă ĐŚĂŶŐŝŶŐ ǁŽƌŬĨŽƌĐĞ͘ dŚĞ ŝƌĞĐƚŽƌ ŽĨ hƚŝůŝƚŝĞƐ ůŽŽŬƐ ƚŽ ƵƐĞ ĞĨĨĞĐƚŝǀĞ ƵƚŝůŝƚLJ ŵĂŶĂŐĞŵĞŶƚ ƉƌĂĐƚŝĐĞƐ ƚŽ ůĞĂĚ ƚŚĞ tĂƚĞƌ hƚŝůŝƚŝĞƐ ĞƉĂƌƚŵĞŶƚ͕ ŝŶ ŽƌĚĞƌ ƚŽ ĨŽĐƵƐ ŽƵƌ ĞĨĨŽƌƚƐ ĂŶĚ ĞŶĞƌŐLJ ƚŽ ŵĞĞƚ ŽƵƌ ŽƌŐĂŶŝnjĂƚŝŽŶĂů ƉĞƌĨŽƌŵĂŶĐĞ ŐŽĂůƐ͘ dŚĞ ŝƌĞĐƚŽƌ ŽĨ hƚŝůŝƚŝĞƐ KĨĨŝĐĞ ŝƐ ĂĚĚƌĞƐƐŝŶŐ ƚŚĞ ŝƚLJ ŽƵŶĐŝů͛Ɛ ƉƌŝŽƌŝƚŝĞƐ ĂŶĚ ŝƚLJ DĂŶĂŐĞƌ͛Ɛ ŝŶŝƚŝĂƚŝǀĞƐ ƐĞƚ ĨŽƌƚŚ ŝŶ ƚŚĞ ůƵĞ WƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ ƚŚƌŽƵŐŚ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ĞƐƚ WƌĂĐƚŝĐĞƐ DĂŶĂŐĞŵĞŶƚ ĂŶĚ ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ ĂŶĚ ZĞĚĞǀĞůŽƉŵĞŶƚ͘ dŚĞ ŝƌĞĐƚŽƌ ŽĨ hƚŝůŝƚŝĞƐ KĨĨŝĐĞ ĞŶŐĂŐĞƐ ŝŶ ĞƐƚ WƌĂĐƚŝĐĞ

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ŵĂŶĂŐĞŵĞŶƚ ǁŝƚŚ ƚŚĞ ŽǀĞƌƐŝŐŚƚ ŽĨ ƚŚĞ ƐĞǀĞŶ ĚŝǀŝƐŝŽŶƐ ƚŽ ĞŶƐƵƌĞ ĐŽŶƚŝŶƵĞĚ ƌĞŐƵůĂƚŽƌLJ ĐŽŵƉůŝĂŶĐĞ Ăƚ ƚŚĞ tĂƚĞƌ ĂŶĚ tĂƐƚĞǁĂƚĞƌ dƌĞĂƚŵĞŶƚ WůĂŶƚƐ͕ ĐŽŶƚŝŶƵĞĚ ƉƵƌƐƵŝƚ ŽĨ ĂůƚĞƌŶĂƚŝǀĞ ŽƉĞƌĂƚŝŽŶĂů ĂŶĚ ƉƌŽĐƵƌĞŵĞŶƚ ƐƚƌĂƚĞŐŝĞƐ ƚŽ ŵŝŶŝŵŝnjĞ ƚŚĞ ƵƐĞ ŽĨ ŽƵƌ ůŝŵŝƚĞĚ ƌĞƐŽƵƌĐĞƐ͕ ĐŽŶƚŝŶƵĞĚ ƉƵƌƐƵŝƚ ŽĨ ƚƌĂŝŶŝŶŐ ƐƚƌĂƚĞŐŝĞƐ ƚŽ ďƌŽĂĚĞŶ ĞŵƉůŽLJĞĞƐ ŬŶŽǁůĞĚŐĞ ĂŶĚ ƚŚƌŽƵŐŚ ŵŽŶŝƚŽƌŝŶŐ ŽĨ ĐƵƐƚŽŵĞƌƐ ĐŽŶĐĞƌŶƐ ƚŽ ƉƌŽǀŝĚĞ͕ ŵĂŝŶƚĂŝŶ͕ ĂŶĚ ŝŵƉƌŽǀĞ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ͘ dŚĞ ŝƌĞĐƚŽƌ ŽĨ hƚŝůŝƚŝĞƐ ĐůŽƐĞůLJ ŵŽŶŝƚŽƌƐ ƌƵůĞƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ ƐĞƚ ĨŽƌƚŚ ďLJ ƚŚĞ ŵĞƌŝĐĂŶ tĂƚĞƌ tŽƌŬƐ ƐƐŽĐŝĂƚŝŽŶ ; tt Ϳ͕ ƚŚĞ dĞdžĂƐ ŽŵŵŝƐƐŝŽŶ ŽŶ ŶǀŝƌŽŶŵĞŶƚĂů YƵĂůŝƚLJ ;d YͿ͕ ĂŶĚ ƚŚĞ ŶǀŝƌŽŶŵĞŶƚĂů ƉƌŽƚĞĐƚŝŽŶ ŐĞŶĐLJ ; W Ϳ ƚŽ ĞŶƐƵƌĞ ƚŚĞ tĂƚĞƌ hƚŝůŝƚŝĞƐ ĞƉĂƌƚŵĞŶƚ ŝƐ ŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ĐƵƌƌĞŶƚ ƌƵůĞƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ͘ dŚĞ ŝƌĞĐƚŽƌ ŽĨ hƚŝůŝƚŝĞƐ ĞŶŐĂŐĞƐ ŝŶ ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ ĂŶĚ ZĞĚĞǀĞůŽƉŵĞŶƚ ƚŚƌŽƵŐŚ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƵƚŝůŝƚŝĞƐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ŝŶĐůƵĚŝŶŐ ŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ĞdžƉĂŶƐŝŽŶ ŽĨ ƚŚĞ ĐƵƌƌĞŶƚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ dŚĞ ŝƌĞĐƚŽƌ ŽĨ hƚŝůŝƚŝĞƐ ŵŽŶŝƚŽƌƐ ƚŚĞ ĂŐĞ ŽĨ ƚŚĞ ĞdžŝƐƚŝŶŐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĂŶĚ ŽƚŚĞƌ ĐĂƉŝƚĂů ĂƐƐĞƚƐ ƚŽ ĞdžĞĐƵƚĞ ĞĨĨĞĐƚŝǀĞ ŝŵƉƌŽǀĞŵĞŶƚ ĂŶĚ ƌĞƉůĂĐĞŵĞŶƚ ŽĨ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ dŚĞ ŝƌĞĐƚŽƌ ŽĨ hƚŝůŝƚŝĞƐ ĂůƐŽ ŵŽŶŝƚŽƌƐ ĐƵƌƌĞŶƚ ŝŶǀĞŶƚŽƌLJ ƚŽ ŝĚĞŶƚŝĨLJ ĨƵƚƵƌĞ ĞdžƉĂŶƐŝŽŶ ŶĞĞĚƐ ƌĞƐƵůƚŝŶŐ ĨƌŽŵ ŐƌŽǁƚŚ ĂŶĚ ĞdžƉĂŶƐŝŽŶ ŽĨ ƚŚĞ ŝƚLJ͘

WƌŽŐƌĂŵƐ ^ƵƉƉŽƌƚ ĂŶĚ DĂŶĂŐĞƌŝĂů KǀĞƌƐŝŐŚƚ ŽĨ hƚŝůŝƚŝĞƐ ŝǀŝƐŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϲϬϴ͕ϭϯϳ dŚĞ ŝƌĞĐƚŽƌ ŽĨ hƚŝůŝƚŝĞƐ ƉƌŽǀŝĚĞƐ ƐƵƉƉŽƌƚ ĂŶĚ ŵĂŶĂŐĞƌŝĂů ŽǀĞƌƐŝŐŚƚ ĨŽƌ ƚŚĞ ϳ ĚŝǀŝƐŝŽŶƐ ŝŶ ƚŚĞ tĂƚĞƌ hƚŝůŝƚŝĞƐ ĞƉĂƌƚŵĞŶƚ͘ dŚĞ ŝƌĞĐƚŽƌ ŽĨ hƚŝůŝƚŝĞƐ KĨĨŝĐĞ ƐƚĂĨĨ ǁĂƐ ŝŶƚĞŐƌĂƚĞĚ ǁŝƚŚ ƚŚĞ ŶŐŝŶĞĞƌŝŶŐ ĞƉĂƌƚŵĞŶƚ ƐƚĂĨĨ ĨŽƌ Ă ƌĞŽƌŐĂŶŝnjĂƚŝŽŶ ƚŽ ĐƌĞĂƚĞ Ă ĂƉŝƚĂů WƌŽũĞĐƚƐ ĂŶĚ ĞǀĞůŽƉŵĞŶƚ ŶŐŝŶĞĞƌŝŶŐ ŐƌŽƵƉ ŝŶ ĞĂƌůLJ ϮϬϭϲ͘ dŚĞ ŝƌĞĐƚŽƌ ŽĨ hƚŝůŝƚŝĞƐ ƌĞƚĂŝŶĞĚ ĨŽƵƌ ƐƚĂĨĨ ƉŽƐŝƚŝŽŶƐ͖ ŝƌĞĐƚŽƌ ŽĨ hƚŝůŝƚŝĞƐ͕ ƐƐŝƐƚĂŶƚ ŝƌĞĐƚŽƌ ŽĨ hƚŝůŝƚŝĞƐ͕ ĚŵŝŶŝƐƚƌĂƚŝǀĞ ƐƐŝƐƚĂŶƚ / ĂŶĚ KĨĨŝĐĞ ĚŵŝŶŝƐƚƌĂƚŽƌ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ WƵďůŝĐ ǁĂƌĞŶĞƐƐ DĞĞƚŝŶŐƐ ŽŶ tĂƚĞƌ ϭϰ ϭϱ ϭϳ ŽŶƐĞƌǀĂƚŝŽŶ ǀĂůƵĂƚŝŽŶ ŽĨ ŝǀŝƐŝŽŶƐ ƚŽ ŽŵƉůLJ ǁŝƚŚ ĞƐƚ ϳ ϳ ϳ WƌĂĐƚŝĐĞƐ ĨŽƌ ĞƉĂƌƚŵĞŶƚ EƵŵďĞƌ ŽĨ WŽƐŝƚŝŽŶƐ ^ƵƉƉŽƌƚĞĚ Ϯϯϭ ϮϯϬ ϮϯϬ ZĞŐƵůĂƚŽƌLJ ŽŵƉůŝĂŶĐĞ ZĞǀŝĞǁ ĨŽƌ ŝǀŝƐŝŽŶƐ ϳ ϳ ϳ džƉĞŶĚŝƚƵƌĞƐ DĂŶĂŐĞĚ ĨŽƌ ĞƉĂƌƚŵĞŶƚƐ ;ŵŝůůŝŽŶƐͿ

ΨϰϮ͘Ϯ

Ψϰϰ͘ϯ

Ψϰϲ͘ϴ

tĂƚĞƌ ĂŶĚ ^ĞǁĞƌ 'ĞŶĞƌĂů ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭϰ͕ϱϳϭ͕ϲϵϰ dŚŝƐ ƉƌŽŐƌĂŵ ŝŶĐůƵĚĞƐ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĂŶĚ ƉƌŽĨĞƐƐŝŽŶĂů ĐŽƐƚƐ ŶŽƚ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ƐƉĞĐŝĨŝĐ tĂƚĞƌ ĂŶĚ ^ĞǁĞƌ ĨƵŶĚ ĚĞƉĂƌƚŵĞŶƚƐ ĂŶĚ ƉĞƌƐŽŶŶĞů ĐŽƐƚƐ ƐƵĐŚ ĂƐ ĨƵŶĚŝŶŐ ƚŽ ŝŵƉůĞŵĞŶƚ ƚŚĞ ĐŽŵƉĞŶƐĂƚŝŽŶ ĂŶĚ ĐůĂƐƐŝĨŝĐĂƚŝŽŶ ƐƚƵĚLJ͘

tĂƚĞƌ ĂŶĚ ^ĞǁĞƌ ĂƉŝƚĂů ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϰϳ͕ϰϲϲ͕ϯϳϱ dŚĞ ŝƚLJ͛Ɛ ĂƉŝƚĂů /ŵƉƌŽǀĞŵĞŶƚ WůĂŶ ;͞ /W͟Ϳ ƌĞƉƌĞƐĞŶƚƐ ƚŚĞ ƐƚĂĨĨ͛Ɛ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ƉƌŽũĞĐƚƐ ƚŚĂƚ ŶĞĞĚ ƚŽ ďĞ ĐŽŵƉůĞƚĞĚ ĚƵƌŝŶŐ ƚŚĞ ŶĞdžƚ ĨŝǀĞ LJĞĂƌƐ ƚŽ ŝŵƉƌŽǀĞ ƚŚĞ ƋƵĂůŝƚLJ ŽĨ ůŝĨĞ ĨŽƌ Ăůů ŽƵƌ ĐŝƚŝnjĞŶƐ ĂŶĚ ƚŽ ŝŵƉƌŽǀĞ ŽƵƌ ƉƌĞƐĞŶƚ ƐĞƌǀŝĐĞ ĚĞůŝǀĞƌLJ ƐLJƐƚĞŵ͘ ŝƌĞĐƚŽƌ ŽĨ hƚŝůŝƚŝĞƐ ƉůĂŶƐ ĨŽƌ ƉƌŽũĞĐƚƐ ƐƵĐŚ ĂƐ ŝŶƐƚĂůůĂƚŝŽŶ ŽĨ ŶĞǁ ǁĂƚĞƌ ĂŶĚ

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tĂƚĞƌ WƌŽĚƵĐƚŝŽŶ ŝǀŝƐŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϳ͕ϱϳϯ͕ϬϰϬ DĂŶĂŐĞŵĞŶƚ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ƚŚĞ ĨŽƵƌ ŝƚLJ ǁĞůů ĨŝĞůĚƐ ĂŶĚ ǁĞůů ĨŝĞůĚ ƉƵŵƉŝŶŐ ƐƚĂƚŝŽŶƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ 'ƌŽƵŶĚǁĂƚĞƌ WƌŽĚƵĐƚŝŽŶ WƌŽĚƵĐĞĚ ; ŝůůŝŽŶ ϳ͘Ϭϳ ϵ͘ϬϬ ϵ͘ϬϬ 'ĂůůŽŶƐͿ tĞůů WƵŵƉ ĂŶĚ DŽƚŽƌ ZĞƉůĂĐĞŵĞŶƚͬZĞƉĂŝƌ ϳ ϭϬ ϴ >ĞĂŬ ZĞƉĂŝƌƐ ϰ ϰ ϰ hƉŐƌĂĚĞƐ ƚŽ ƚŚĞ ^ ^LJƐƚĞŵ ϱ ϱ ϴ

tĂƚĞƌ dƌĂŶƐŵŝƐƐŝŽŶ ŝǀŝƐŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϱ͕ϵϱϬ͕ϯϰϬ DĂŶĂŐĞŵĞŶƚ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ŝƚLJ ƉƵŵƉŝŶŐ ƐƚĂƚŝŽŶƐ ĂŶĚ ŽǀĞƌŚĞĂĚ ƐƚŽƌĂŐĞ ĨĂĐŝůŝƚŝĞƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

WŽƚĂďůĞ tĂƚĞƌ dĂŶŬ /ŶƐƉĞĐƚŝŽŶƐ ZĞŵŽƚĞ ^ƚĂƚŝŽŶ /ŶƐƉĞĐƚŝŽŶƐ tĂƚĞƌ >ŽƐƐ WĞƌĐĞŶƚĂŐĞϭ

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ΎZĞĂƐŽŶ ĨŽƌ ůŽǁĞƌ ĂŵŽƵŶƚ͗ ďĞŐĂŶ ƉĞƌĨŽƌŵŝŶŐ ŵŽŶƚŚůLJ ǁĂƚĞƌ ĂƵĚŝƚƐ͘

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ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ Ϯϰ ϲϬϬ ϱ͘Ϭй

tĂƚĞƌ dƌĞĂƚŵĞŶƚ ŝǀŝƐŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϭϬ͕ϱϮϴ͕Ϯϭϲ DĂŶĂŐĞŵĞŶƚ͕ ŵĂŝŶƚĞŶĂŶĐĞ͕ ƚƌĞĂƚŵĞŶƚ ĂŶĚ ƐƚĂƚĞ ĐŽŵƉůŝĂŶĐĞ ƚĞƐƚŝŶŐ ŽĨ ƚŚĞ ĂŶĂĚŝĂŶ ZŝǀĞƌ DƵŶŝĐŝƉĂů tĂƚĞƌ ƵƚŚŽƌŝƚLJ ; ZDt Ϳ ǁĂƚĞƌ ƌĞƐŽƵƌĐĞ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ZDt ůůŽĐĂƚŝŽŶ ; ŝůůŝŽŶ 'ĂůůŽŶƐͿ ϵ͘ϳ ϵ͘ϵ ϭϬ͘ϱ ŽŵƉůŝĂŶĐĞ ǁŝƚŚ ^ƚĂƚĞ ͬ &ĞĚĞƌĂů ZĞŐƵůĂƚŽƌLJ ϭϬϬй ϭϬϬй ϭϬϬй ZĞƉŽƌƚŝŶŐ й >ŽƐƐ ŝŶ dƌĞĂƚŵĞŶƚ WƌŽĐĞƐƐ ϱй ϱй ϭй ĂĐƚĞƌŝŽůŽŐŝĐĂů ^ĂŵƉůŝŶŐ ϭ͕ϱϬϯ ϭ͕ϱϮϬ ϭ͕ϱϮϬ ^ƵƌĨĂĐĞ tĂƚĞƌ WƌŽĚƵĐƚŝŽŶ ĂƉĂĐŝƚLJ ϵ͘ϳϴ ϭϬ͘Ϭϳ ϭϬ͘ϯϳ ; ŝůůŝŽŶ 'ĂůůŽŶƐͿ Ύ Ύ tt ƐƚĂŶĚĂƌĚ ŝŶĐƌĞĂƐĞ ϯй

ƵƚŚŽƌŝnjĞĚ WŽƐŝƚŝŽŶƐ WĞƌŵĂŶĞŶƚ WŽƐŝƚŝŽŶƐ WĂƌƚͲƚŝŵĞ WŽƐŝƚŝŽŶƐ dŽƚĂů WŽƐŝƚŝŽŶƐ

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ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ ϱϰ Ͳ ϱϰ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ ϱϰ Ͳ ϱϰ

dŽƚĂů tĂƚĞƌ WƌŽĚƵĐƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϰ͕Ϭϱϭ͕ϱϵϲ

tĂƚĞƌ WƌŽĚƵĐƚŝŽŶ tĂƚĞƌ dƌĂŶƐŵŝƐƐŝŽŶ ^ƵƌĨĂĐĞ tĂƚĞƌ dƌĞĂƚŵĞŶƚ

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WĞƌƐŽŶŶĞů ^ĞƌǀŝĐĞƐ ^ƵƉƉůŝĞƐ ŽŶƚƌĂĐƚƵĂů ^ĞƌǀŝĐĞƐ KƚŚĞƌ ŚĂƌŐĞƐ ĂƉŝƚĂů KƵƚůĂLJ /ŶƚĞƌ ZĞŝŵďƵƌƐĞŵĞŶƚƐ dŽƚĂů džƉĞŶƐĞƐ

Ψ ϯ͕ϭϭϴ͕ϳϰϳ ϳϯ͕Ϯϯϱ ϭ͕ϰϰϭ͕ϭϱϰ Ϯ͕ϯϰϲ͕ϳϯϴ Ͳ ;ϳϬϭ͕ϴϴϵͿ Ψ ϲ͕Ϯϳϳ͕ϵϴϱ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ Ψ ϯ͕Ϯϳϭ͕ϯϳϭ ϵϯ͕ϰϵϭ ϭ͕ϰϭϵ͕ϵϮϯ Ϯ͕ϱϲϵ͕ϭϲϱ Ͳ ;ϱϯϳ͕ϬϬϬͿ Ψ ϲ͕ϴϭϲ͕ϵϱϬ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ ϯ͕ϯϬϰ͕ϯϰϬ ϵϮ͕ϰϰϯ ϭ͕ϰϰϬ͕ϯϯϵ Ϯ͕ϰϱϱ͕ϮϮϳ ϭϰ͕ϬϬϬ ;ϱϯϳ͕ϬϬϬͿ Ψ ϲ͕ϳϲϵ͕ϯϰϵ

DŝƐƐŝŽŶ dŽ ƉƌŽǀŝĚĞ ĐŽŶƐƵŵĞƌƐ ǁŝƚŚ ƐĂĨĞ ĂŶĚ ƌĞůŝĂďůĞ ǁĂƚĞƌ ƐĞƌǀŝĐĞƐ Ăƚ ƚŚĞ ůŽǁĞƐƚ ƌĞĂƐŽŶĂďůĞ ƌĂƚĞƐ ƚŚĂƚ ĂƌĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƐŽƵŶĚ ďƵƐŝŶĞƐƐ ƉƌĂĐƚŝĐĞƐ͘ dŽ ƉƌŽǀŝĚĞ ƌĞůŝĂďůĞ͕ ŚŝŐŚ ƋƵĂůŝƚLJ ǁĂƚĞƌ ƐĞƌǀŝĐĞ ǁŚŝůĞ ŵĞĞƚŝŶŐ ĐƵƐƚŽŵĞƌ ĚĞŵĂŶĚ ĂŶĚ ƚŽ ŵĂŶĂŐĞ ĚĞƉĂƌƚŵĞŶƚĂů ƌĞƐŽƵƌĐĞƐ ŝŶ ĂŶ ŽƉĞŶ͕ ƌĞƐƉŽŶƐŝďůĞ ŵĂŶŶĞƌ͕ Ăƚ ƚŚĞ ůŽǁĞƐƚ ƉƌĂĐƚŝĐĂů ĐŽƐƚ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ tĂƚĞƌ ŝƐƚƌŝďƵƚŝŽŶ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ƌĞƉĂŝƌ ŽĨ ƚŚĞ ĚŝƐƚƌŝďƵƚŝŽŶ ƐLJƐƚĞŵ ǁŚŝĐŚ ƐƵƉƉůŝĞƐ ǁĂƚĞƌ ƚŽ ŚŽŵĞƐ ĂŶĚ ďƵƐŝŶĞƐƐĞƐ͘ dŚĞ ĚŝƐƚƌŝďƵƚŝŽŶ ƐLJƐƚĞŵ ĐŽŶƐŝƐƚƐ ŽĨ ϭ͕ϭϳϬ ŵŝůĞƐ ŽĨ ǁĂƚĞƌ ŵĂŝŶ ƌĂŶŐŝŶŐ ĨƌŽŵ Ϯ͟ ƚŽ ϰϴ͕͟ ϰϱϯϴ ĨŝƌĞ ŚLJĚƌĂŶƚƐ͕ ϭϳ͕ϵϰϰ ǀĂůǀĞƐ ĂŶĚ ϳϭ͕ϲϵϭ ƐĞƌǀŝĐĞ ĐŽŶŶĞĐƚŝŽŶƐ͘ tĂƚĞƌ ŝƐƚƌŝďƵƚŝŽŶ ĞŶŐĂŐĞƐ ŝŶ ƚŚĞ ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ ďLJ ĐŽŶƚŝŶƵŝŶŐ ƚŽ ƌĞŚĂďŝůŝƚĂƚĞ ƚŚĞ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ďLJ /ŶƐƚŝƚƵƚŝŶŐ ĞƐƚ WƌĂĐƚŝĐĞƐ ǁŝƚŚ ŝŶƚĞƌŶĂů ĂŶĚ ĞdžƚĞƌŶĂů ƐŽƵƌĐĞƐ ƚŽ ŵĞĞƚ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ͘ dŚĞ ŝƚLJ ĂĚĚĞĚ Ă ĐƌĞǁ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ŝŶ ƚŚĞ ϮϬϭϰͬϭϱ ĂŶĚ ϮϬϭϱͬϭϲ ďƵĚŐĞƚƐ ƚŽ ĐŽŶĐĞŶƚƌĂƚĞ ŽŶ Ϯ͟ ǁĂƚĞƌ ůŝŶĞ ƌĞƉůĂĐĞŵĞŶƚ͘ dŚĞ hƚŝůŝƚŝĞƐ ĚĞƉĂƌƚŵĞŶƚ ƐƚĂƌƚĞĚ Ă ŶĞǁ tĂƚĞƌ DĂƐƚĞƌ WůĂŶ ƐƚƵĚLJ ƚŚŝƐ LJĞĂƌ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ǁŝůů ƵƐĞ ƚŚĞ ƐƚƵĚLJ ƚŽ ĐŽŶƚŝŶƵĞ ĞǀĂůƵĂƚŝŽŶ ŽĨ ƚŚĞ ĚĞŵĂŶĚ ŽĨ ƚŚĞ ĚŝƐƚƌŝďƵƚŝŽŶ ƐLJƐƚĞŵ͕ ĨƵƚƵƌĞ ŶĞĞĚƐ ĂŶĚ ŚŽǁ ƚŽ ŽƉĞƌĂƚĞ ƚŚĞ ƐLJƐƚĞŵ ŝŶ ƚŚĞ ĨƵƚƵƌĞ͘

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WƌŽŐƌĂŵƐ tĂƚĞƌ ŝƐƚƌŝďƵƚŝŽŶ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϴϴ͕ϱϮϮ ZĞƐƉŽŶƐŝďůĞ ĨŽƌ ĐƵƐƚŽŵĞƌ ĐĂůůƐ ĂŶĚ ĚŝƐƉĂƚĐŚŝŶŐ ĐĂůůƐ ƚŽ ĨŝĞůĚ ĐƌĞǁƐ ĨŽƌ tĂƚĞƌ ĂŶĚ tĂƐƚĞǁĂƚĞƌ ĐŽůůĞĐƚŝŽŶ͘ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ƐƚĂĨĨ ĐƌĞĂƚĞĚ ϲ͕Ϯϵϵ ǁŽƌŬ ŽƌĚĞƌƐ ĨŽƌ tĂƚĞƌ ĚĞƉĂƌƚŵĞŶƚ ĂŶĚ ϯ͕Ϯϱϯ ǁŽƌŬ ŽƌĚĞƌƐ ĨŽƌ tĂƐƚĞǁĂƚĞƌ ĚĞƉĂƌƚŵĞŶƚ ĚƵƌŝŶŐ ϮϬϭϰͬϭϱ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ĚŵŝŶ ^ƚĂĨĨ tŽƌŬ KƌĚĞƌƐ ƌĞĂƚĞĚ WŚŽŶĞ ĂůůƐ dĂŬĞŶ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϭϬ͕ϭϴϵ Ϯϯ͕Ϭϲϵ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϭϬ͕ϬϬϬ Ϯϭ͕ϬϬϬ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϭϬ͕ϮϱϬ ϮϮ͕ϬϬϬ

DĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ZĞƉĂŝƌ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϱ͕ϵϬϭ͕ϴϯϭ ZĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ƌĞƉĂŝƌ ŽĨ ƚŚĞ ǁĂƚĞƌ ĚŝƐƚƌŝďƵƚŝŽŶ ƐLJƐƚĞŵ ƚŽ ĞŶƐƵƌĞ ƵŶŝŶƚĞƌƌƵƉƚĞĚ ƐĞƌǀŝĐĞ ƚŽ ĐƵƐƚŽŵĞƌƐ͘ dŚĞ ĚŝƐƚƌŝďƵƚŝŽŶ ƐLJƐƚĞŵ ŝŶĐůƵĚĞƐ ϭ͕ϭϳϬ ŵŝůĞƐ ŽĨ ǁĂƚĞƌ ŵĂŝŶƐ͕ ϭϳ͕ϵϰϰ ǀĂůǀĞƐ ĂŶĚ ϳϭ͕ϰϵϯ ĂĐƚŝǀĞ ĂĐĐŽƵŶƚƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ DĂŝŶ ƌĞĂŬƐ ϯϲϲ ϮϮϬ ϮϬϬ ĂŵĂŐĞ ďLJ ŽŶƚƌĂĐƚŽƌƐ Eͬ ϭϬϬ ϳϱ &ŝƌĞ ,LJĚƌĂŶƚƐ ZĞƉĂŝƌĞĚ ϮϮϱ ϭϱϬ ϭϮϱ tĂƚĞƌ sĂůǀĞƐ tŽƌŬĞĚͬ džĞƌĐŝƐĞĚ ϭ͕ϵϰϴ ϭ͕ϮϱϬ ϭ͕ϮϱϬ

EĞǁ ŽŶƐƚƌƵĐƚŝŽŶ ^ĞƌǀŝĐĞ dĂƉƐ ĂŶĚ DĂŝŶ džƚĞŶƐŝŽŶƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϯϳϭ͕ϳϵϯ ZĞƐƉŽŶƐŝďůĞ ĨŽƌ ŝŶ ƚŚĞ ŝŶƐƚĂůůĂƚŝŽŶ ŽĨ ŶĞǁ ǁĂƚĞƌ ƐĞƌǀŝĐĞƐ ĨƌŽŵ ϱͬϴΗ ƚŽ ϰΗ͕ ĨŝƌĞ ůŝŶĞƐ ĂŶĚ ŝŶƐƚĂůůŝŶŐ ŶĞǁ ǁĂƚĞƌ ŵĂŝŶƐ ĂƐ ŶĞĞĚĞĚ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ KΘD ĐŽǀĞƌƐ ƚŚĞ ůĂďŽƌ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĐŽƐƚ ĨŽƌ ŶĞǁ ĐŽŶƐƚƌƵĐƚŝŽŶ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ EĞǁ tĂƚĞƌ dĂƉƐ /ŶƐƚĂůůĞĚ tĂƚĞƌ dĂƉƐ ďĂŶĚŽŶĞĚ й EĞǁ dĂƉ ŽƐƚ ƚŽ ĞƉĂƌƚŵĞŶƚ EĞǁ ƚĂƉ ŽƐƚ ƚŽ ĞƉĂƌƚŵĞŶƚ EĞǁ ƚĂƉƐ ƵƐƚŽŵĞƌƐ ĐŽƐƚ tŽƌŬ KƌĚĞƌƐ ŽŵƉůĞƚĞĚ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϭϲϮ ϱϵ ϲϮй Ψϯϴϳ͕ϮϮϯ Ψϭϰϳ͕ϲϮϬ ΨϰϲϮ͕ϰϭϱ

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ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϭϱϬ ϱϱ ϰϯй ΨϮϵϱ͕ϬϬϬ ΨϭϳϬ͕ϬϬϬ ΨϯϱϬ͕ϬϬϬ

tĂƚĞƌ DĞƚĞƌ ^ĞƌǀŝĐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϯϴϰ͕Ϯϵϭ ZĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ŝŶƐƚĂůůĂƚŝŽŶ ĂŶĚ ƌĞƉĂŝƌƐ ŽĨ ǁĂƚĞƌ ŵĞƚĞƌƐ͘ EĞǁ ǁĂƚĞƌ ŵĞƚĞƌƐ ĂƌĞ ƉƵƌĐŚĂƐĞĚ ƚŚƌŽƵŐŚ Ă /W ĂĐĐŽƵŶƚ͘ dŚĞ ĂƉƉƌŽdžŝŵĂƚĞ ĂŶŶƵĂů ĐŽƐƚ ŽĨ ǁĂƚĞƌ ŵĞƚĞƌƐ ŝƐ ΨϯϮϱ͕ϬϬϬ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ DĞƚĞƌ ZĞƉƌĞƐĞŶƚĂƚŝǀĞƐ KƌĚĞƌƐ tŽƌŬĞĚ tĂƚĞƌ DĞƚĞƌƐ dĞƐƚĞĚ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϲϵ͕ϰϯϬ Ϯϳϯ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϳϱ͕ϬϬϬ ϯϬϬ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϳϬ͕ϬϬϬ ϯϱϬ

tŝŶƚĞƌ tĞĂƚŚĞƌ KƉĞƌĂƚŝŽŶƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϮ͕ϵϭϮ ZĞƐƉŽŶƐŝďůĞ ĨŽƌ ƌĞƐƉŽŶĚŝŶŐ ƚŽ ŵĞƌŐĞŶĐLJ KƉĞƌĂƚŝŽŶƐ ĞŶƚĞƌ ; K Ϳ ĞŵĞƌŐĞŶĐŝĞƐ ĂŶĚ ƌĞŵŽǀŝŶŐ ƐŶŽǁ ĨƌŽŵ ŝƚLJ ŽǁŶĞĚ ƉƌŽƉĞƌƚLJ ƐƵĐŚ ĂƐ ŝƚLJ ,Ăůů͕ ŝǀŝĐ ĞŶƚĞƌ͕ ůŝďƌĂƌŝĞƐ͕ 'ůŽďĞ EĞǁƐ ĞŶƚĞƌ ĂŶĚ ĚŽǁŶƚŽǁŶ ƐƚƌĞĞƚƐ ǁŚĞŶ ŶĞĞĚĞĚ ďLJ ƚŚĞ ^ƚƌĞĞƚ ĚĞƉĂƌƚŵĞŶƚ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ZĞƐƉŽŶƐĞ ƚŽ ^ŶŽǁ ZĞŵŽǀĂů

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ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ Ϭ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϯ

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ƵƚŚŽƌŝnjĞĚ WŽƐŝƚŝŽŶƐ WĞƌŵĂŶĞŶƚ WŽƐŝƚŝŽŶƐ WĂƌƚͲƚŝŵĞ WŽƐŝƚŝŽŶƐ dŽƚĂů WŽƐŝƚŝŽŶƐ

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^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ ZĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ŽƉĞƌĂƚŝŽŶ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ƚŚĞ ǁĂƐƚĞǁĂƚĞƌ ĐŽůůĞĐƚŝŽŶ ƐLJƐƚĞŵ ǁŚŝĐŚ ŝŶĐůƵĚĞƐ ϵϴϬ ŵŝůĞƐ ŽĨ ƐĞǁĞƌ ŵĂŝŶ ƌĂŶŐŝŶŐ ĨƌŽŵ ϲ͟ ƚŽ ϱϰ͕͟ ϭϮ͕ϲϳϭ ŵĂŶŚŽůĞƐ ĂŶĚ ϱϰ ůŝĨƚ ƐƚĂƚŝŽŶƐ͘ tĂƐƚĞǁĂƚĞƌ ŽůůĞĐƚŝŽŶ ĨƵůĨŝůůƐ ŝƚƐ ŵŝƐƐŝŽŶ ďLJ ƉƌŽĂĐƚŝǀĞůLJ ĂŶĚ ƐLJƐƚĞŵĂƚŝĐĂůůLJ ƌĞƐƉŽŶĚŝŶŐ ƚŽ ĐƵƐƚŽŵĞƌ ĐĂůůƐ ĂŶĚ ŐĂƚŚĞƌŝŶŐ ĚĂƚĂ ĂďŽƵƚ ƚŚĞ ϵϴϵ ŵŝůĞ ƐLJƐƚĞŵ͘ tĂƐƚĞǁĂƚĞƌ ŽůůĞĐƚŝŽŶ ĞŶŐĂŐĞƐ ŝŶ ƚŚĞ ůƵĞƉƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ ďLJ ĐŽŶƚŝŶƵŝŶŐ ƚŽ /ŶƐƚŝƚƵƚĞ ĞƐƚ WƌĂĐƚŝĐĞƐ ƚŽ ƌĞŚĂďŝůŝƚĂƚĞ ŽĨ ƚŚĞ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ǁŝƚŚ ŝŶƚĞƌŶĂů Žƌ ĞdžƚĞƌŶĂů ƐŽƵƌĐĞƐ ƚŽ ŵĞĞƚ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ĐŽŵƉůĞƚĞĚ Ă tĂƐƚĞǁĂƚĞƌ DĂƐƚĞƌ WůĂŶ ^ƚƵĚLJ ŝŶ ϮϬϭϯ ƚŚĂƚ ƉƌŽĚƵĐĞĚ Ă LJŶĂŵŝĐ WůĂŶŶŝŶŐ dŽŽů ; WdͿ͘ tĂƐƚĞǁĂƚĞƌ ŽůůĞĐƚŝŽŶ ǁŝůů ƵƚŝůŝnjĞ ƚŚĞ ŶĞǁ Wd ƚŽ ƐĐŚĞĚƵůĞ ĂƉŝƚĂů /ŵƉƌŽǀĞŵĞŶƚ WƌŽũĞĐƚƐ ; /WͿ ĂŶĚ ƚŽ ŝĚĞŶƚŝĨLJ ƚĂƌŐĞƚ ĂƌĞĂƐ ĨŽƌ ŝŶƚĞƌŶĂů ƉƌŽũĞĐƚƐ ĨŽƌ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƌĞƉůĂĐĞŵĞŶƚ͘

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WƌŽŐƌĂŵƐ DĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ZĞƉĂŝƌ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϱ͕Ϭϰϵ͕ϬϮϲ ZĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ƌĞƉĂŝƌ ŽĨ ƚŚĞ ǁĂƐƚĞǁĂƚĞƌ ĐŽůůĞĐƚŝŽŶ ƐLJƐƚĞŵ ŝŶĐůƵĚŝŶŐ ϵϴϬ ŵŝůĞƐ ŽĨ ƐĞǁĞƌ ŵĂŝŶƐ͕ ϭϮ͕ϯϴϲ ƐĞǁĞƌ ŵĂŶŚŽůĞƐ͕ ϲϵ͕Ϯϱϭ ƐĞǁĞƌ ƐĞƌǀŝĐĞ ƚĂƉ ĐŽŶŶĞĐƚŝŽŶƐ ĂŶĚ ϱϰ ůŝĨƚ ƐƚĂƚŝŽŶƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ^ĞǁĞƌ DĂŝŶƐ ZĞƉĂŝƌƐ ϭϭϵ ϭϮϬ ϭϬϬ ^ĞǁĞƌ DĂŶŚŽůĞƐ ĚũƵƐƚĞĚ ϭϰϳ ϴϱ ϳϱ DŝůĞƐ ŽĨ ^ĞǁĞƌ ůĞĂŶĞĚ ϯϵϯ ϰϱϬ ϰϱϬ DŝůĞƐ ŽĨ ^ĞǁĞƌ dĞůĞǀŝƐĞĚ ϯϯ ϯϬ ϯϬ dŽƚĂů ^ĞǁĞƌ ĂůůƐ ZĞĐĞŝǀĞĚ ϴϱϲ ϳϱϬ ϳϱϬ dŽƚĂů ^ĞǁĞƌ ĂůůƐ ƚŚĂƚ ǁĞƌĞ EŽƚ ^ƚŽƉƐ ϲϲϳ ϱϱϬ ϱϱϬ >ŝĨƚ ^ƚĂƚŝŽŶ ŚĞĐŬƐ zĞĂƌůLJ ϴ͕Ϭϳϳ ϲ͕ϱϬϬ ϲ͕ϱϬϬ

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ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ ϭ͕Ϯϯϵ͕ϬϮϮ ϮϮϱ͕ϱϵϭ Ϯϵϵ͕ϬϯϬ ϭϵϴ͕ϭϬϭ ϭϲ͕ϲϬϬ ;ϯϵ͕ϳϴϬͿ Ψ ϭ͕ϵϯϴ͕ϱϲϰ

DŝƐƐŝŽŶ dŽ ĐŽŵƉůĞƚĞ ƌĞŐƵůĂƚŽƌLJ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ĂŶĚ ƉƌŽǀŝĚĞ ĂŶĂůLJƚŝĐĂů ƐĞƌǀŝĐĞƐ ŶĞĞĚĞĚ ďLJ ŵĂŶLJ ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐͬĚŝǀŝƐŝŽŶƐ ƚŚƌŽƵŐŚ ĂŶ ŶǀŝƌŽŶŵĞŶƚĂů YƵĂůŝƚLJ ŝǀŝƐŝŽŶ͘ dŚĞ ŵŝƐƐŝŽŶ ŝƐ ĐŽůůĞĐƚŝǀĞůLJ ŽŶĞ ŽĨ ƉƌŽƚĞĐƚŝŽŶ ĨŽƌ ĐŝƚŝnjĞŶƐ͕ ƚŚĞ ŝƚLJ͕ ĂŶĚ ƚŚĞ ŶǀŝƌŽŶŵĞŶƚ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŽ ŵĂŝŶƚĂŝŶ Ă ƉƌŽĨĞƐƐŝŽŶĂů ƐƚĂĨĨ ǁŚŝĐŚ ƌĞƋƵŝƌĞƐ Ă ŚŝŐŚ ĚĞŐƌĞĞ ŽĨ ƌĞƐƉŽŶƐŝďŝůŝƚLJ͕ ƉƌŝĚĞ͕ ĂŶĚ ĚĞĚŝĐĂƚŝŽŶ ŝŶ ƚŚĞ ĨŝĞůĚ ŽĨ ƚŚĞŝƌ ĞdžƉĞƌƚŝƐĞ͘ dŚĞ >ĂďŽƌĂƚŽƌLJ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ ŝƐ ĂĐƚŝǀĞ ŝŶ ĞƐƚ WƌĂĐƚŝĐĞƐ ǁŝƚŚ ƚŚĞ dĞdžĂƐ ŽŵŵŝƐƐŝŽŶ ŽŶ ŶǀŝƌŽŶŵĞŶƚĂů YƵĂůŝƚLJ ;d YͿ EĂƚŝŽŶĂů ŶǀŝƌŽŶŵĞŶƚĂů >ĂďŽƌĂƚŽƌLJ ĐĐƌĞĚŝƚĂƚŝŽŶ ŽŶĨĞƌĞŶĐĞ ;E > Ϳ ĐĐƌĞĚŝƚĂƚŝŽŶ ĨŽƌ ďĂĐƚĞƌŝŽůŽŐLJ ŝŶ ƉůĂĐĞ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ĨƵůůLJ ĂĐĐƌĞĚŝƚĞĚ ĂŶĂůLJƐƚƐ ĂŶĚ ŵĞƚŚŽĚƐ͘ d Y ĂƉƉƌŽǀĞĚ WƌĞƚƌĞĂƚŵĞŶƚ WƌŽŐƌĂŵ ŝƐ ĂůƐŽ ŵĂŝŶƚĂŝŶĞĚ͘ dŚĞ ^ƚŽƌŵǁĂƚĞƌ YƵĂůŝƚLJ WƌŽŐƌĂŵ ŝŶĐůƵĚĞƐ ĂŶĚ ŵĂŝŶƚĂŝŶƐ Ă d Y D^ϰ WĞƌŵŝƚ͘ ZĞĐĞŶƚůLJ ƚŚĞ ŶĞǁ ,ŽƵƐĞŚŽůĚ ,ĂnjĂƌĚŽƵƐ tĂƐƚĞ WƌŽŐƌĂŵ ;,,tͿ͕ ǁŚŝĐŚ ŝƐ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ^ƚĂƚĞ ŽĨ dĞdžĂƐ͕ ǁĂƐ ĐŽŵƉůĞƚĞĚ ĂŶĚ ŝŶƐƚĂůůĞĚ͘ >ĂďŽƌĂƚŽƌLJ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝƐ ĂĐƚŝǀĞ ŝŶ ƚŚĞ ŶĞǁ ŝƚLJ ǁŽƌŬĨŽƌĐĞ ^ĂĨĞƚLJ /ŶŝƚŝĂƚŝǀĞ ďLJ ŵĂŝŶƚĂŝŶŝŶŐ ϰϮ :Žď ^ĂĨĞƚLJ ŶĂůLJƐŝƐ ĚŽĐƵŵĞŶƚƐ ;:^ ͛ƐͿ ĨŽƌ ƚŚĞ ĚŝǀŝƐŝŽŶ͘ >ĂďŽƌĂƚŽƌLJ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ƉƌŽǀŝĚĞƐ ƐĞƌǀŝĐĞƐ ƚŽ ŽƚŚĞƌ ĚĞƉĂƌƚŵĞŶƚƐͬĚŝǀŝƐŝŽŶƐ ĂŶĚ ƐƵƉƉŽƌƚƐ ƚŚĞ ĐŝƚŝnjĞŶƐ ŽĨ ŵĂƌŝůůŽ ĨŽƌ ƚŚĞŝƌ ĐŽŶĐĞƌŶƐ͘ KƉĞƌĂƚŝŽŶƐ ŝŶ ƚŚĞ ŶǀŝƌŽŶŵĞŶƚĂů >ĂďŽƌĂƚŽƌLJ WƌŽŐƌĂŵ ĂƌĞ ǀĞƌLJ ĂĐƚŝǀĞ ǁŝƚŚ ĐƵƚƚŝŶŐ ĞĚŐĞ dĞĐŚŶŽůŽŐLJ ǁŚŝĐŚ ŝƐ ƵƐĞĚ ŝŶ ŵĞƚŚŽĚƐ ĂŶĚ ĐŽŵƉůĞdž ŝŶƐƚƌƵŵĞŶƚƐ͘ dŚĞ ŽƵƚƉƵƚ ŽĨ ƚŚŝƐ dĞĐŚŶŽůŽŐLJ ĞŶƐƵƌĞƐ WƵďůŝĐ ^ĂĨĞƚLJ ŽĨ ƌŝŶŬŝŶŐ tĂƚĞƌ ĂŶĚ ǀĂƌŝŽƵƐ ǁĂƐƚĞ ŵĂŶĂŐĞŵĞŶƚ ƐLJƐƚĞŵƐ͘ džĐĞůůĞŶĐĞ ŝŶ ŽŵŵƵŶŝĐĂƚŝŽŶ ŝƐ ĐŽŶƚŝŶƵĂůůLJ ƉƌŽǀŝĚĞĚ ƚŽ ƚŚĞ WƵďůŝĐ͕ ƚŚĞ ZĞŐƵůĂƚŽƌLJ ^ĞĐƚŽƌ͕ ĂŶĚ ƚŚĞ EĞǁƐ DĞĚŝĂ͘ dŚŝƐ ĚŝǀŝƐŝŽŶ ŚĂƐ Ă ŝƚLJ ŽĨ ŵĂƌŝůůŽ ŝŶƚĞƌŶĞƚ ƉƌĞƐĞŶĐĞ ǁŝƚŚ ƚŚĞ ^ƚŽƌŵǁĂƚĞƌ YƵĂůŝƚLJ WƌŽŐƌĂŵ͕ ƚŚĞ WƌĞƚƌĞĂƚŵĞŶƚ WƌŽŐƌĂŵ͕ ƚŚĞ ,,t WƌŽŐƌĂŵ͕ ĂŶĚ ƚŚĞ ŶǀŝƌŽŶŵĞŶƚĂů >ĂďŽƌĂƚŽƌLJ͘ ůů ŽĨ ƚŚĞƐĞ ĂƌĞ ůŽĐĂƚĞĚ ŽŶ ƚŚĞ ŵĂƌŝůůŽ͘'Žǀ ŚŽŵĞƉĂŐĞ ǁŝƚŚ ŐŽŽĚ ĞdžƉůĂŶĂƚŝŽŶƐ ŽĨ ƚŚĞ ƉƌŽŐƌĂŵƐ ĂŶĚ ĚĞƚĂŝůƐ ŽĨ ŚŽǁ ^ƚĂƚĞ Θ &ĞĚĞƌĂů ůĂǁ ŝƐ ŝŶƚĞƌĨĂĐĞĚ ǁŝƚŚ ƚŚĞ ƉƌŽŐƌĂŵƐ͘ >ĂďŽƌĂƚŽƌLJ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ƉƌŽǀŝĚĞƐ ^ĂĨĞ ƌŝŶŬŝŶŐ tĂƚĞƌ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ ŶĞĞĚĞĚ ďLJ ƌĞƋƵĞƐƚŝŶŐ ĐŝƚŝnjĞŶƐ͕ ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐͬĚŝǀŝƐŝŽŶƐ͕ ĂŶĚ ƉƌŝǀĂƚĞ ďƵƐŝŶĞƐƐĞƐ͘

397

ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ ŝƐ ŚĞůƉĞĚ ďLJ ƉƌŽǀŝĚŝŶŐ ĂĐƚŝǀĞ ĂŶĂůLJƐŝƐ ĂŶĚ ŚŝƐƚŽƌŝĐĂů ĚĂƚĂ ĐŽŶĐĞƌŶŝŶŐ ƚŚĞ ƋƵĂůŝƚLJ ŽĨ ŽƵƌ ƌŝŶŬŝŶŐ ǁĂƚĞƌ ĂŶĚ ƚŚĞ ƐƚĂƚƵƐ ŽĨ ŽƵƌ tĂƐƚĞǁĂƚĞƌ͘ tĞ ĂůƐŽ ƉƌŽǀŝĚĞ ŐƵŝĚĂŶĐĞ ĂŶĚ ĚĂƚĂ ŝŶ ƚŚĞ ƉƌŽĐĞƐƐ ŽĨ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ ŝŶ tĂƚĞƌ dƌĞĂƚŵĞŶƚ͕ tĂƐƚĞǁĂƚĞƌ dƌĞĂƚŵĞŶƚ͕ ^ƚŽƌŵǁĂƚĞƌ YƵĂůŝƚLJ͕ ĂŶĚ tĂƐƚĞǁĂƚĞƌ ŽůůĞĐƚŝŽŶ ^LJƐƚĞŵƐ͘ >ĂďŽƌĂƚŽƌLJ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝƐ ĚŝƌĞĐƚůLJ ŝŶǀŽůǀĞĚ ƚŽ ĞŶƐƵƌĞ ƚŚĞƐĞ ĐŚĂŶŐĞƐ ĂƌĞ ĂĚĞƋƵĂƚĞ͕ ĐŽƌƌĞĐƚ͕ ĂŶĚ ŵĞĞƚ ƚŚĞ ŶĞĞĚƐ ŽĨ ƚŚĞ ǀĂƌŝŽƵƐ ^ƚĂƚĞ ZĞŐƵůĂƚŽƌLJ WƌŽŐƌĂŵƐ͘ KƵƌ ǁŽƌŬ ŝƐ ĚŝƌĞĐƚůLJ ŝŶǀŽůǀĞĚ ŝŶ ĞŶƐƵƌŝŶŐ ƉƌŝǀĂƚĞ /ŶĚƵƐƚƌŝĂů tĂƐƚĞ &ĂĐŝůŝƚŝĞƐ ŵĂŝŶƚĂŝŶ ŐŽŽĚ ŚŽƵƐĞŬĞĞƉŝŶŐ ƵŶĚĞƌ ƚŚĞŝƌ ƉĞƌŵŝƚƐ ǁŚŝĐŚ ĂƌĞ ŝƐƐƵĞĚ ďLJ >ĂďŽƌĂƚŽƌLJ ĚŵŝŶŝƐƚƌĂƚŝŽŶ͘ dŚĞ ^ƚŽƌŵǁĂƚĞƌ YƵĂůŝƚLJ WƌŽŐƌĂŵ ƐƵƉƉŽƌƚƐ ŝǀŝĐ WƌŝĚĞ ďLJ ĞŶƐƵƌŝŶŐ ƐĞĚŝŵĞŶƚ͕ ĞƌŽƐŝŽŶ͕ ĂŶĚ ĐŽŶƐƚƌƵĐƚŝŽŶ ĚĞďƌŝƐ ĚŽ ŶŽƚ ůĞĂǀĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ŝŶĚƵƐƚƌŝĂů ƐŝƚĞƐ͘ dŚĞƐĞ ƐŝƚĞƐ ŚĂǀĞ ^ƚĂƚĞ ƌĞƋƵŝƌĞĚ ^tWϯ ƉůĂŶƐ ĂŶĚ ĂƌĞ ŝŶƐƉĞĐƚĞĚ ďLJ ƚŚŝƐ ƉƌŽŐƌĂŵ ƚŽ ĞŶƐƵƌĞ ŐŽŽĚ ŚŽƵƐĞŬĞĞƉŝŶŐ ƉƌŽĐĞĚƵƌĞƐ ƉƌŽǀŝĚĞ ŵĂƌŝůůŽ ĞĂƵƚŝĨŝĐĂƚŝŽŶ͘

WƌŽŐƌĂŵƐ ĚŵŝŶŝƐƚƌĂƚŝŽŶ Θ ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭϴϰ͕ϲϮϱ dŚŝƐ WƌŽŐƌĂŵ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĐŽŵƉůĞƚŝŽŶ ŽĨ Ϯϯ͕ϲϲϰ ƌĞƋƵŝƌĞĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĚŽĐƵŵĞŶƚƐ ŝŶĐůƵĚŝŶŐ ƉĞƌŵŝƚƐ͕ ŵĂŶŝĨĞƐƚƐ͕ ůĂďŽƌĂƚŽƌLJ ƌĞƉŽƌƚƐ͕ ĐƌĞĚŝƚ ĐĂƌĚ ƉƵƌĐŚĂƐĞƐ͕ ŵĞŵŽƐ͕ ĚĞƉŽƐŝƚƐͬĐĂƐŚ ƌĞƉŽƌƚƐ͕ ƌĞƋƵŝƐŝƚŝŽŶƐ͕ ƉĂLJŵĞŶƚ ǀŽƵĐŚĞƌƐ͕ ĐŚĞŵŝĐĂů ŝŶǀĞŶƚŽƌLJ͕ ĂŶĚ ŽƚŚĞƌƐ ĂƐ ƌĞƋƵŝƌĞĚ ďLJ ĚŝĨĨĞƌĞŶƚ ǁŽƌŬ ŐƌŽƵƉƐ͘

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ĚŵŝŶŝƐƚƌĂƚŝǀĞ ŽĐƵŵĞŶƚƐ DĂŶĂŐĞĚ

ϮϬϭϳͬϭϴ ĐƚƵĂů Ϯϯ͕ϲϲϰ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ Ϯϰ͕ϴϰϳ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ Ϯϲ͕Ϭϴϵ

ŶǀŝƌŽŶŵĞŶƚĂů >ĂďŽƌĂƚŽƌLJ WƌŽŐƌĂŵ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϳϵϮ͕ϵϭϲ dŚŝƐ WƌŽŐƌĂŵ ŝƐ ĂŶ ŝŶͲŚŽƵƐĞ ĞŶƚƌĂů >ĂďŽƌĂƚŽƌLJ ŽƉĞƌĂƚŝŽŶ ĨŽƌ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ͘ ŶĂůLJƚŝĐĂů ůĂďŽƌĂƚŽƌLJ ƐƵƉƉŽƌƚ ŝƐ ƉƌŽǀŝĚĞĚ ƚŽ ŵĂŶLJ ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ Θ ĚŝǀŝƐŝŽŶƐ͘ ƵƌƌĞŶƚůLJ ƚŚŝƐ ǁŽƌŬ ŝŶĐůƵĚĞƐ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϲϴ͕ϬϬϬ ƉĂƌĂŵĞƚĞƌ ƌĞƐƵůƚƐ ǁŝƚŚŝŶ ϭϴ͕ϱϲϰ ƐĂŵƉůĞƐ ǁŝƚŚ Ă ĐŽŵŵĞƌĐŝĂů ǀĂůƵĞ ŽĨ Ψϭ͕ϵϬϰ͕ϬϬϬ ƉĞƌ LJĞĂƌ͘ 'ƌŽǁƚŚ ŝŶ ƐĂŵƉůĞƐ ƉƌŽĐĞƐƐĞĚ ĐƵƌƌĞŶƚůLJ ĂǀĞƌĂŐĞƐ ϭ͘ϰϭй ƉĞƌ LJĞĂƌ͘ tĞ ƉƌŽǀŝĚĞ ŚŝŐŚ ƋƵĂůŝƚLJ ĂŶĂůLJƚŝĐĂů ƐĞƌǀŝĐĞƐ ƚŽ Ăůů ƌĞƋƵĞƐƚŝŶŐ ĚĞƉĂƌƚŵĞŶƚƐ Θ ĚŝǀŝƐŝŽŶƐ ŝŶ Ă ƚŝŵĞůLJ ŵĂŶŶĞƌ ǁŝƚŚ ƚŚĞ ůŽǁĞƐƚ ĐŽƐƚ ƚŽ ƚŚĞ ŝƚLJ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ dŽƚĂů ^ĂŵƉůĞƐ ĂŶĂůLJnjĞĚ ϭϴ͕ϱϲϰ ϭϴ͕ϴϱϬ ϭϵ͕ϭϰϬ

/ŶĚƵƐƚƌŝĂů tĂƐƚĞͬWƌĞƚƌĞĂƚŵĞŶƚ WƌŽŐƌĂŵ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϴϬ͕ϴϮϱ dŚŝƐ WƌŽŐƌĂŵ ŵĂŶĂŐĞƐ ϭϲ ƐŝŐŶŝĨŝĐĂŶƚ ŝŶĚƵƐƚƌŝĞƐ ǁŝƚŚ /ŶĚƵƐƚƌŝĂů tĂƐƚĞ WĞƌŵŝƚƐ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ŵŽŶƚŚůLJ ƐĂŵƉůŝŶŐ͕ ŝŶƐƉĞĐƚŝŽŶƐ͕ ƉĞƌŵŝƚƚŝŶŐ͕ ĂŶĚ ƌĞƉŽƌƚŝŶŐ ŝŶ Ă ƚŝŵĞůLJ ĂŶĚ ƉƌŽĨĞƐƐŝŽŶĂů ŵĂŶŶĞƌ͘ tĞ ŵĞĞƚ ĂŶĚ ĞdžĐĞĞĚ Ăůů ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ d Y ĂƉƉƌŽǀĞĚ WƌĞƚƌĞĂƚŵĞŶƚ WƌŽŐƌĂŵ ĂŶĚ ƚŚĞ ƉĞƌŵŝƚƐ ŽĨ ďŽƚŚ tĂƐƚĞǁĂƚĞƌ dƌĞĂƚŵĞŶƚ WůĂŶƚƐ͘

398

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ /ŶĚƵƐƚƌŝĞƐ DĂŶĂŐĞĚ ƵŶĚĞƌ WĞƌŵŝƚƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϭϲ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϭϳ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϭϵ

^ƚŽƌŵǁĂƚĞƌ YƵĂůŝƚLJ WƌŽŐƌĂŵ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϰϬϳ͕ϲϯϯ dŚŝƐ WƌŽŐƌĂŵ ŵĂŶĂŐĞƐ ϭϬϱ ƌĞŐƵůĂƚĞĚ ŝŶĚƵƐƚƌŝĞƐ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ƐĂŵƉůŝŶŐ͕ ŝŶƐƉĞĐƚŝŽŶƐ͕ ĂŶĚ ƌĞƉŽƌƚŝŶŐ͘ dŚĞ ƉƌŝŵĂƌLJ ŝƚLJ WůĂLJĂ >ĂŬĞƐ ĂƌĞ ĂůƐŽ ŵŽŶŝƚŽƌĞĚ ĨŽƌ ƉŽůůƵƚŝŽŶ ƌŽƵƚŝŶĞůLJ͘ KƉĞƌĂƚŝŽŶ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ƚŚĞ ^ƚĂƚĞͬ&ĞĚĞƌĂů D^ϰ WĞƌŵŝƚ ŝƐƐƵĞĚ ƚŽ ƚŚĞ ŝƚLJ ŝƐ ĐŽŶƚŝŶƵĂů͕ ĂŶĚ ƌĞŶĞǁƐ ŝŶ Ă ĨŝǀĞ LJĞĂƌ ĐLJĐůĞ͘ tĞ ƉƌŽĨĞƐƐŝŽŶĂůůLJ ŵĂŝŶƚĂŝŶ ƚŚĞ WƌŽŐƌĂŵ ƚŽ ŵĞĞƚ ƚŚĞ ^ƚŽƌŵǁĂƚĞƌ YƵĂůŝƚLJ D^ϰ WĞƌŵŝƚ͕ ƚŚĞ ŽŶƐƚƌƵĐƚŝŽŶ 'ĞŶĞƌĂů WĞƌŵŝƚ͕ ĂŶĚ ƚŚĞ /ŶĚƵƐƚƌŝĂů 'ĞŶĞƌĂů WĞƌŵŝƚ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ /ŶĚƵƐƚƌŝĞƐ DĂŶĂŐĞĚ ƵŶĚĞƌ WĞƌŵŝƚƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϭϬϱ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϭϬϰ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϭϬϴ

ŚĞŵŝĐĂů /ŶǀĞŶƚŽƌLJ WƌŽŐƌĂŵ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϱϯ͕ϲϴϳ dŚŝƐ WƌŽŐƌĂŵ ŵĂŶĂŐĞƐ ϴ͕ϳϴϱ ĐŚĞŵŝĐĂů ŝƚĞŵƐ ǁŝƚŚŝŶ ϭϭϮ ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ Θ ĚŝǀŝƐŝŽŶƐ ĂŶĚ ŐĞŶĞƌĂƚĞƐ ƚŚĞ dĞdžĂƐ dŝĞƌ dǁŽ ZĞƉŽƌƚ ĂŶŶƵĂůůLJ͘ dŚĞ ŶŶƵĂů ŚĞŵŝĐĂů /ŶǀĞŶƚŽƌLJ ĨŽƌ Ăůů ŝƚLJ ĚĞƉĂƌƚŵĞŶƚƐ Θ ĚŝǀŝƐŝŽŶƐ ŝƐ ĐŽŶĚƵĐƚĞĚ ďLJ ƚŚŝƐ WƌŽŐƌĂŵ ĞĂĐŚ LJĞĂƌ ŝŶ ĞĐĞŵďĞƌ͘ dŚĞ ƌĞƐƵůƚƐ ŽĨ ƚŚĞ ϭϭϮ ŝŶǀĞŶƚŽƌŝĞƐ ĂƌĞ ĐŚĞĐŬĞĚ ĨŽƌ ĂĐĐƵƌĂĐLJ ĂŶĚ ĐŽŵƉůĞƚĞŶĞƐƐ ƚŽ ƐƵƉƉŽƌƚ ŐĞŶĞƌĂƚŝŽŶ ŽĨ ƚŚĞ ƉƌŝŵĂƌLJ ŶŶƵĂů dĞdžĂƐ dŝĞƌ // ZĞƉŽƌƚ͘ /ŶƚĞƌŝŵ dŝĞƌ // ZĞƉŽƌƚƐ ŵĂLJ ďĞ ƌĞƋƵŝƌĞĚ Ăƚ ĚŝĨĨĞƌĞŶƚ ƚŝŵĞƐ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ ŝĨ ŶĞĞĚĞĚ͘ WĞƌĨŽƌŵĂŶĐĞ ĨŽƌ ƚŚĞ WƌŽŐƌĂŵ ŝƐ ŵĞĂƐƵƌĞĚ ďLJ ƚŝŵĞ ŽĨ ƌĞƐƉŽŶƐĞ͕ ĐŽŵƉůĞƚĞŶĞƐƐ͕ ĂŶĚ ĂĐĐƵƌĂĐLJ ŽĨ ƚŚĞ ĚĂƚĂ ƉƌĞƐĞŶƚĞĚ ƚŽ d Y͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ dŽƚĂů ŚĞŵŝĐĂů /ƚĞŵƐ DĂŶĂŐĞĚ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϴ͕ϳϴϱ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϴ͕ϵϲϭ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϵ͕ϭϰϬ

E > ƌŝŶŬŝŶŐ tĂƚĞƌ ĂĐƚĞƌŝŽůŽŐLJ WƌŽŐƌĂŵ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϬϮ͕ϯϱϵ dŚŝƐ WƌŽŐƌĂŵ ĂŶĂůLJnjĞƐ ϵ͕ϱϵϭ ƌŝŶŬŝŶŐ tĂƚĞƌ ƐĂŵƉůĞƐ ƉĞƌ LJĞĂƌ ƚŽ ƉƌŽƚĞĐƚ ŽǀĞƌ ϮϱϬ͕ϬϬϬ ƉĞŽƉůĞ ŝŶ Ϯϳϱ ĐŝƚŝĞƐ ĂŶĚ ĞŶƚŝƚŝĞƐ ŝŶ ƚŚĞ ƵƉƉĞƌ WĂŶŚĂŶĚůĞ ZĞŐŝŽŶ͘ ZĞŐŝŽŶĂů ŽƚƚůĞĚ tĂƚĞƌ ĐŽŵƉĂŶŝĞƐ ĂƌĞ ĂůƐŽ ƐƵƉƉŽƌƚĞĚ͘ tĞ ŵĂŝŶƚĂŝŶ d Y E > ĐĐƌĞĚŝƚĂƚŝŽŶ ĨŽƌ ďĂĐƚĞƌŝŽůŽŐLJ͕ ĂŶĚ ƉƌŽǀŝĚĞ ƚŚĞ ^ƚĂƚĞ ǁŝƚŚ Ăůů ĂƉƉůŝĐĂďůĞ ƌĞƉŽƌƚƐ ŝŶ Ă ƚŝŵĞůLJ ĂŶĚ ĂĐĐƵƌĂƚĞ ŵĂŶŶĞƌ͘ ƉƉůŝĞĚ ŐƌŽǁƚŚ ĨĂĐƚŽƌ ŝƐ ϭ͘ϰϭй ƉĞƌ LJĞĂƌ͘

399

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ϮϬϭϳͬϭϴ ĐƚƵĂů ϵ͕ϱϵϭ

dŽƚĂů ĂĐƚĞƌŝŽůŽŐLJ ^ĂŵƉůĞƐ WƌŽĐĞƐƐĞĚ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϵ͕ϳϯϱ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϵ͕ϴϴϭ

,ŽƵƐĞŚŽůĚ ,ĂnjĂƌĚŽƵƐ tĂƐƚĞ WƌŽŐƌĂŵ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭϲ͕ϱϭϵ dŚŝƐ WƌŽŐƌĂŵ ƉƌŽĐĞƐƐĞƐ ϴ͕ϳϲϰ ƉŽƵŶĚƐ ŽĨ ŚĞŵŝĐĂů ƉƌŽĚƵĐƚƐ ĚĞůŝǀĞƌĞĚ ďLJ ƚŚĞ ƌĞƐŝĚĞŶƚŝĂů WƵďůŝĐ ƉĞƌ LJĞĂƌ͕ ĂŶĚ ĐŽŵƉůĞƚĞƐ ĂŶŶƵĂů ^ƚĂƚĞ ƌĞƉŽƌƚŝŶŐ͘ tĞ ƉƌŽĐĞƐƐ Ăůů ŚĂnjĂƌĚŽƵƐ ǁĂƐƚĞ ŝƚĞŵƐ ƌĞĐĞŝǀĞĚ ĨƌŽŵ ƚŚĞ ƌĞƐŝĚĞŶƚŝĂů WƵďůŝĐ ŝŶ Ă ƐĂĨĞ ĂŶĚ ĂĐĐŽƵŶƚĂďůĞ ŵĂŶŶĞƌ͘ DĂŶLJ ƉƌŽĚƵĐƚƐ ǁŚŝĐŚ ĂƌĞ ƐĂĨĞ ĨŽƌ ĐŽŶƐƵŵĞƌ ƵƐĞ ĂƌĞ ƌĞĐLJĐůĞĚ ďĂĐŬ ƚŽ ƚŚĞ WƵďůŝĐ ĨƌĞĞ ŽĨ ĐŚĂƌŐĞ͘ dŚŽƐĞ ƉƌŽĚƵĐƚƐ ǁŚŝĐŚ ĂƌĞ ĚĂŶŐĞƌŽƵƐ Žƌ ŵĂLJ ďĞ ďĂŶŶĞĚ ĨƌŽŵ ƵƐĞ ĂƌĞ ƐŚŝƉƉĞĚ ƚŽ Ă ,ĂnjĂƌĚŽƵƐ tĂƐƚĞ ŝƐƉŽƐĂů ^ŝƚĞ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ WŽƵŶĚƐ ŽĨ ŚĞŵŝĐĂůƐ DĂŶĂŐĞĚ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϴ͕ϳϲϰ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϵ͕ϬϬϬ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϵ͕ϮϳϬ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ Ϯϭ Ͳ Ϯϭ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ϯϭ Ͳ Ϯϭ

ƵƚŚŽƌŝnjĞĚ WŽƐŝƚŝŽŶƐ WĞƌŵĂŶĞŶƚ WŽƐŝƚŝŽŶƐ WĂƌƚͲƚŝŵĞ WŽƐŝƚŝŽŶƐ dŽƚĂů WŽƐŝƚŝŽŶƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϮϮ Ͳ ϮϮ

dŽƚĂů ŶǀŝƌŽŶŵĞŶƚĂů >ĂďŽƌĂƚŽƌLJ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕ϵϯϴ͕ϱϲϰ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ ^ƵƉƉŽƌƚ ŶǀŝƌŽŶŵĞŶƚĂů >ĂďŽƌĂƚŽƌLJ WƌŽŐƌĂŵ /ŶĚƵƐƚƌŝĂů tĂƐƚĞͬWƌĞƚƌĞĂƚŵĞŶƚ WƌŽŐƌĂŵ ^ƚŽƌŵǁĂƚĞƌ YƵĂůŝƚLJ WƌŽŐƌĂŵ ŚĞŵŝĐĂů /ŶǀĞŶƚŽƌLJ WƌŽŐƌĂŵ E > ƌŝŶŬŝŶŐ tĂƚĞƌ ĂĐƚĞƌŝŽůŽŐLJ WƌŽŐƌĂŵ ,ŽƵƐĞŚŽůĚ ,ĂnjĂƌĚŽƵƐ tĂƐƚĞ WƌŽŐƌĂŵ

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;ϭϰϯϭͿ ƵĚŐĞƚ ŽŵƉĂƌŝƐŽŶ

WĞƌƐŽŶŶĞů ^ĞƌǀŝĐĞƐ ^ƵƉƉůŝĞƐ ŽŶƚƌĂĐƚƵĂů ^ĞƌǀŝĐĞƐ KƚŚĞƌ ŚĂƌŐĞƐ ĂƉŝƚĂů KƵƚůĂLJ dŽƚĂů džƉĞŶƐĞƐ

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ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ ϱ͕ϴϲϴ͕ϳϳϳ ϮϬϯ͕ϱϵϴ ϱ͕ϰϬϴ͕ϭϲϯ ϳϬ͕ϬϬϵ ϱϲϬ͕ϬϬϬ Ψ ϭϮ͕ϭϭϬ͕ϱϰϳ

DŝƐƐŝŽŶ dŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ^ŽůŝĚ tĂƐƚĞ ŽůůĞĐƚŝŽŶ ŝǀŝƐŝŽŶ ƉƌŽǀŝĚĞƐ ĨŽƌ ƚŚĞ ƐĂĨĞ ĂŶĚ ĞĨĨŝĐŝĞŶƚ ĐŽůůĞĐƚŝŽŶ ŽĨ ƌĞƐŝĚĞŶƚŝĂů ĂŶĚ ĐŽŵŵĞƌĐŝĂů ƐŽůŝĚ ǁĂƐƚĞ ǁŝƚŚŝŶ ƚŚĞ ŝƚLJ ůŝŵŝƚƐ͘ dŚĞ ^ŽůŝĚ tĂƐƚĞ ŽůůĞĐƚŝŽŶ ŝǀŝƐŝŽŶ ĞŶƐƵƌĞƐ ƚŚĞ ŚĞĂůƚŚ͕ ƐĂĨĞƚLJ͕ ĂŶĚ ǁĞůĨĂƌĞ ŽĨ ƌĞƐŝĚĞŶƚƐ͕ ĐŽŵŵĞƌĐŝĂů ĐƵƐƚŽŵĞƌƐ͕ ĂŶĚ ĞŵƉůŽLJĞĞƐ ǁŚŝůĞ ĂĐƚŝŶŐ ŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƐƚĂƚĞ ƌĞŐƵůĂƚŝŽŶƐ ĂŶĚ ŵĂƌŝůůŽ DƵŶŝĐŝƉĂů KƌĚŝŶĂŶĐĞƐ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ ŝƚLJ ^ŽůŝĚ tĂƐƚĞ ŽůůĞĐƚŝŽŶ ŝǀŝƐŝŽŶ ƵƚŝůŝnjĞƐ Ă ĨƵůůLJ ĂƵƚŽŵĂƚĞĚ͕ ĐŽŶƚĂŝŶĞƌŝnjĞĚ ƚƌĂƐŚ ĐŽůůĞĐƚŝŽŶ ƐLJƐƚĞŵ ĨŽƌ ƚŚĞ ŵĂũŽƌŝƚLJ ŽĨ ƌĞƐŝĚĞŶƚŝĂů ĂŶĚ ĐŽŵŵĞƌĐŝĂů ĐƵƐƚŽŵĞƌƐ͘ ZĞƐŝĚĞŶƚƐ ǁŚŽ ŚĂǀĞ ĚƵŵƉƐƚĞƌƐ ŝŶ ĨƌŽŶƚ ŽĨ ƚŚĞŝƌ ŚŽŵĞƐ͕ ƚŚŽƐĞ ǁŝƚŚ ĚĞĂĚͲĞŶĚ ĂůůĞLJƐ Žƌ ƐĂĨĞƚLJ ĐŽŶĐĞƌŶƐ͕ ĂŶĚ ƐŽŵĞ ĐƵƐƚŽŵĞƌƐ ĐƵƌƌĞŶƚůLJ ƌĞĐĞŝǀŝŶŐ ĐƵƌďƐŝĚĞ ŚĂŶĚ ĐŽůůĞĐƚŝŽŶ ĂƌĞ ƌĞĐĞŝǀŝŶŐ ĐƵƌďƐŝĚĞ ĐĂƌƚ ĐŽůůĞĐƚŝŽŶ͘ KƚŚĞƌ ƌĞƐŝĚĞŶƚƐ ŝŶ ƐƉĞĐŝĨŝĐ ŶĞŝŐŚďŽƌŚŽŽĚƐ ǁŝƚŚŽƵƚ ĂůůĞLJƐ ŚĂǀĞ ĐƵƌďƐŝĚĞ ŚĂŶĚͲƉŝĐŬƵƉ ĐŽůůĞĐƚŝŽŶ ŽĨ ƚŚĞŝƌ ƐŽůŝĚ ǁĂƐƚĞ͖ ŚŽǁĞǀĞƌ͕ ŵŽƐƚ ǁŝůů ďĞ ƚƌĂŶƐŝƚŝŽŶŝŶŐ ƚŽ ĐƵƌďƐŝĚĞ ĐĂƌƚ ĐŽůůĞĐƚŝŽŶ ǁŝƚŚŝŶ ƚŚŝƐ ďƵĚŐĞƚ LJĞĂƌ͘ dŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ĂůƐŽ ŚĂƐ Ă ĐƵƌďƐŝĚĞ ďŝŐͬďƵůŬLJ ĐŽůůĞĐƚŝŽŶ ƉƌŽŐƌĂŵ ĂƐ ǁĞůů ĂƐ ĐŽŽƌĚŝŶĂƚĞĚ ĂůůĞLJ ĐŽůůĞĐƚŝŽŶ ƉƌŽŐƌĂŵ ĨŽƌ ůŝŵďƐ ĂŶĚ ďŝŐͬďƵůŬLJ ŝƚĞŵƐ͘ dŚĞ ĞdžŝƐƚŝŶŐ ŵƵůƚŝƉůĞ ƉƌŽŐƌĂŵ ŽƉĞƌĂƚŝŽŶ ƐƚƌŝǀĞƐ ƚŽ ŵĂŝŶƚĂŝŶ ŝǀŝĐ WƌŝĚĞ ďLJ ƉƌŽǀŝĚŝŶŐ ŵĂŶLJ ƐŽůŝĚ ǁĂƐƚĞ ĐŽůůĞĐƚŝŽŶ ƐĞƌǀŝĐĞƐ ĨŽƌ ƚŚĞ ƉƵďůŝĐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ĞƐƚ WƌĂĐƚŝĐĞƐ͘

WƌŽŐƌĂŵƐ ŝǀŝƐŝŽŶ ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϱϴϮ͕ϰϲϬ ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƚŚĞ ŵƵůƚŝͲĨĂĐĞƚĞĚ ^ŽůŝĚ tĂƐƚĞ ŽůůĞĐƚŝŽŶ ŝǀŝƐŝŽŶ͘

403

ZĞƐŝĚĞŶƚŝĂů ŽůůĞĐƚŝŽŶ ^ĞƌǀŝĐĞƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϱ͕ϴϮϭ͕ϭϯϲ ƵƌƌĞŶƚůLJ͕ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ƉƌŽǀŝĚĞƐ ƌĞƐŝĚĞŶƚŝĂů ĐŽůůĞĐƚŝŽŶ ƵƐŝŶŐ ƐŝĚĞͲůŽĂĚ ĚƵŵƉƐƚĞƌƐ͕ ĐƵƌďƐŝĚĞ ĐĂƌƚ ĐŽůůĞĐƚŝŽŶ͕ ĂƐ ǁĞůů ĂƐ ĐƵƌďͲƐŝĚĞ ďĂŐ ĐŽůůĞĐƚŝŽŶ ŝŶ ŶĞŝŐŚďŽƌŚŽŽĚƐ ǁŝƚŚŽƵƚ ĂůůĞLJƐ͘ dŚĞ ĂƵƚŽŵĂƚĞĚ ĐƵƌďƐŝĚĞ ĐĂƌƚ ƐĞƌǀŝĐĞ ŝƐ ĨŽƌ ĐƵƐƚŽŵĞƌƐ ǁŝƚŚ ĚƵŵƉƐƚĞƌƐ ŝŶ ĨƌŽŶƚ ŽĨ ƚŚĞŝƌ ŚŽŵĞƐ͕ ƚŚŽƐĞ ǁŝƚŚ ĚĞĂĚͲĞŶĚ ĂůůĞLJƐ Žƌ ƐĂĨĞƚLJ ĐŽŶĐĞƌŶƐ͕ ĂŶĚ ƐŽŵĞ ĐƵƐƚŽŵĞƌƐ ǁŚŽ ĐƵƌƌĞŶƚůLJ ƌĞĐĞŝǀĞ ĐƵƌďƐŝĚĞ ŚĂŶĚ ĐŽůůĞĐƚŝŽŶ͘ ĂĐŚ ϯͲĐƵďŝĐͲLJĂƌĚ͕ ƐŝĚĞͲůŽĂĚĞƌ ĚƵŵƉƐƚĞƌ ĨŽƌ ƐŽůŝĚ ǁĂƐƚĞ ĚŝƐƉŽƐĂů͕ ǁŝůů ŐĞŶĞƌĂůůLJ ƐĞƌǀĞ ƚŚƌĞĞ ƚŽ ĨŝǀĞ ŚŽƵƐĞŚŽůĚƐ͘ ƚ ƉƌĞƐĞŶƚ͕ ƚŚĞƌĞ ĂƌĞ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϭϵ͕ϬϲϬ ŽĨ ƚŚĞ ϯͲĐƵďŝĐͲLJĂƌĚ͕ ƐŝĚĞͲůŽĂĚĞƌ ĚƵŵƉƐƚĞƌƐ ƐĞƌǀŝŶŐ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϲϯ͕ϯϬϯ ƌĞƐŝĚĞŶĐĞƐ ǁŝƚŚŝŶ ƚŚĞ ŝƚLJ ůŝŵŝƚƐ͘ tŽƌŬůŽĂĚ /ŶĚŝĐĂƚŽƌƐ͗

ϮϬϭϳͬϭϴ ĐƚƵĂů ^ŝŶŐůĞ &ĂŵŝůLJ ZĞƐŝĚĞŶƚŝĂů ʹ ůůĞLJ ĂŶĚ ^ƚƌĞĞƚ ƵŵƉƐƚĞƌƐΎ ,ŽƵƐĞŚŽůĚƐ ϱϲ͕ϲϳϵ ŽƐƚ ŽĨ ^ĞƌǀŝĐĞ ƉĞƌ DŽŶƚŚ Eͬ ^ŝŶŐůĞ &ĂŵŝůLJ ZĞƐŝĚĞŶƚŝĂů ʹ ƵƌďƐŝĚĞ DĂŶƵĂůΎ ,ŽƵƐĞŚŽůĚƐ ϰ͕ϬϬϰ ŽƐƚ ŽĨ ^ĞƌǀŝĐĞ ƉĞƌ DŽŶƚŚ Eͬ ^ŝŶŐůĞ &ĂŵŝůLJ ZĞƐŝĚĞŶƚŝĂů ʹ Ƶƌď ĂƌƚΎ ,ŽƵƐĞŚŽůĚƐ Eͬ ŽƐƚ ŽĨ ^ĞƌǀŝĐĞ ƉĞƌ DŽŶƚŚΎΎ Eͬ dŽƚĂů ZĞƐŝĚĞŶƚŝĂů ƵƐƚŽŵĞƌƐ ϲϬ͕ϲϴϯ DŽŶƚŚůLJ ^ŽůŝĚ tĂƐƚĞ ZĂƚĞΎΎΎ Ψϭϱ͘ϰϬ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϱϳ͕ϲϱϱ Ψϭϲ͘ϰϭ

ϱϴ͕Ϭϱϱ Ψϭϳ͘ϭϳ

Ϯ͕ϵϯϬ ΨϯϮ͘Ϯϵ

ϲϰϴ ΨϰϬ͘ϭϭ

Ϯ͕ϳϭϴ Ψϭϲ͘ϰϭ

ϱ͕ϬϬϬ Ψϭϳ͘ϭϳ

ϲϯ͕ϯϬϯ Ψϭϱ͘ϱϵ

ϲϯ͕ϳϬϯ Ψϭϳ͘ϯϯ

Ύ ŽƵŶƚƐ ĂƌĞ ĨƌŽŵ &Z͕ ŽƐƚƐ ĨƌŽŵ ^ŽůŝĚ tĂƐƚĞ ^ƚƵĚLJ ϮϬϭϳ ΎΎ ŽŶƐĞƌǀĂƚŝǀĞ ĞƐƚŝŵĂƚĞ ĐŽŶƐŝĚĞƌŝŶŐ ŽŶůLJ ϯϬй ƌŽƵƚĞ ĚĞŶƐŝƚLJ͘ ŽƐƚƐ ĚĞĐƌĞĂƐĞ ǁŝƚŚ ŚŝŐŚĞƌ ĚĞŶƐŝƚLJ͘ ΎΎΎ/ŶĐůƵĚĞƐ ĂĚĚŝƚŝŽŶĂů ϯ ďŝŐ Θ ďƵůŬLJ ĐƌĞǁƐ͕ ĂŶĚ Ϯ ĐŚŝƉƉĞƌ ĐƌĞǁƐ

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ZĞƐŝĚĞŶƚŝĂů ŽůůĞĐƚŝŽŶ KǀĞƌƚŝŵĞ ,ŽƵƌƐ ;ŐŽĂů ƚŽ ƌĞĚƵĐĞ ďLJ ϱйͿ

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϲ͕ϯϴϳ

ϲ͕ϮϬϬ

ϱ͕ϱϴϬ

ZĞĐLJĐůŝŶŐ ĞŶƚĞƌƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϲϰ͕ϱϵϬ ŝƚLJ ^ƚĂĨĨ ĐůĞĂŶ ĂŶĚ ŵĂŝŶƚĂŝŶ ƚŚĞ ĨŝǀĞ ,ŽƵƐĞŚŽůĚ ŽůůĞĐƚŝŽŶ ^ŝƚĞƐ ůŽĐĂƚĞĚ ŝŶ ƚŚĞ ŝƚLJ͘ dŚĞ ĐĞŶƚĞƌƐ ĂĐĐĞƉƚ ƵƐĞĚ ŵŽƚŽƌ Žŝů͕ Žŝů ĨŝůƚĞƌƐ͕ ƚŝŶ ĐĂŶƐ͕ ĂŶĚ ĂůƵŵŝŶƵŵ ĐĂŶƐ͘ dŚĞ ƌĞĐLJĐůŝŶŐ ĐĞŶƚĞƌƐ ĂƌĞ ĐůĞĂŶĞĚ ĂŶĚ ƚŚĞ Žŝů ĨŝůƚĞƌƐ ƌĞŵŽǀĞĚ Ăƚ ůĞĂƐƚ ƚǁŝĐĞ ƉĞƌ ǁĞĞŬ ďLJ ƚŚĞ ŚŝƉƉĞƌ ƌĞǁ ƉĞƌƐŽŶŶĞů͘

404

dŚĞ ŝƚLJ ŝƐ ĐƵƌƌĞŶƚůLJ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ŝŶ Ă ŶŽͲĐŽƐƚ ƌĞĐLJĐůŝŶŐ ƉŝůŽƚ ƉƌŽŐƌĂŵ ƚŽ ŐĂƵŐĞ ƚŚĞ ƉƵďůŝĐ͛Ɛ ŝŶƚĞƌĞƐƚ ŝŶ Ă ĨƵůů ƚŝŵĞ ƌĞĐLJĐůŝŶŐ ƉƌŽŐƌĂŵ ĨŽƌ ĐĂƌĚďŽĂƌĚ͘ dŚĞ ƉŝůŽƚ ĞŶĚƐ ƐƵŵŵĞƌ ϮϬϭϵ ĂŶĚ ƐƚĂĨĨ ǁŝůů ĞǀĂůƵĂƚĞ ƚŚĞ ǀŝĂďŝůŝƚLJ ŽĨ Ă ƉĞƌŵĂŶĞŶƚ ƉƌŽŐƌĂŵ͘

ŝŐ Θ ƵůŬLJ ŽůůĞĐƚŝŽŶ ƌĞǁƐ ĂŶĚ ŚŝƉƉĞƌ ƌĞǁƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕ϵϭϱ͕ϳϳϯ dŚĞ ƵƌďƐŝĚĞ ŝŐ Θ ƵůŬLJ ƉƌŽŐƌĂŵ ĂůůŽǁƐ ĐƵƐƚŽŵĞƌƐ ƚŽ ĐŽŶƚĂĐƚ ƚŚĞ ^ŽůŝĚ tĂƐƚĞ ŽůůĞĐƚŝŽŶ ŝǀŝƐŝŽŶ ƚŽ ƐĐŚĞĚƵůĞ Ă ƉŝĐŬ ƵƉ ŽĨ ďŝŐ Θ ďƵůŬLJ ŝƚĞŵƐ ĨƌŽŵ ƚŚĞŝƌ ĐƵƌď͘ KŶĐĞ Ă ĐƵƐƚŽŵĞƌ ĐĂůůƐ ^ŽůŝĚ tĂƐƚĞ͕ ƚŚĞLJ ĂƌĞ ŐŝǀĞŶ Ă ĚĂƚĞ ƚŽ ƐĞƚ ŽƵƚ ƚŚĞŝƌ ŝƚĞŵƐ ĂŶĚ ƚŚĞ ĐƌĞǁ ĐŽůůĞĐƚƐ ƚŚĞŵ ĨƌŽŵ ƚŚĞŝƌ ĐƵƌď͘ dŚĞ ŝƚLJ ŽƉĞƌĂƚĞƐ ĞŝŐŚƚ >ŝŐŚƚŶŝŶŐ >ŽĂĚĞƌ ƚƌƵĐŬƐ ǁŝƚŚ Ɛŝdž ĐƌĞǁƐ ĂǀĂŝůĂďůĞ ƚŽ ĐŽůůĞĐƚ ƚŚĞ ůĂƌŐĞ ďƵůŬLJ ŝƚĞŵƐ ĨƌŽŵ ƚŚĞ ĐƵƌď͕ ƵƉŽŶ ĐŝƚŝnjĞŶ ƌĞƋƵĞƐƚ͘ &ŽƵƌ ŚŝƉƉĞƌ ƌĞǁƐ ĐŽůůĞĐƚ ƚŚĞ ďƌƵƐŚ ĂƐ ǁĞůů ĂƐ ƚŚĞ ďŝŐ ĂŶĚ ďƵůŬLJ ǁŝƚŚŝŶ ƚŚĞ ĂůůĞLJƐ͕ ƉƌŝŵĂƌŝůLJ ĚƌŝǀĞŶ ďLJ ĐŝƚŝnjĞŶ ƌĞƋƵĞƐƚ͘ ƌĞǁƐ ĐůĞĂŶ ƚŚĞ ĞŶƚŝƌĞ ĂůůĞLJ ǁŚĞŶ ƌĞƐƉŽŶĚŝŶŐ ƚŽ Ă ĐŝƚŝnjĞŶ ƌĞƋƵĞƐƚ͘ tŚĞŶ ƚŚĞ ŝŐ Θ ƵůŬLJ ŽůůĞĐƚŝŽŶ ƌĞǁƐ ŚĂǀĞ ĨŝŶŝƐŚĞĚ Ăůů ĐƵƌďƐŝĚĞ ƌĞƋƵĞƐƚƐ͕ ƚŚĞLJ ĚŝǀĞƌƚ ƚŚĞŝƌ ĞĨĨŽƌƚƐ ƚŽ ĂůůĞLJƐ ĂƐ ǁĞůů͘ tŽƌŬůŽĂĚ /ŶĚŝĐĂƚŽƌƐ͗ ůůĞLJ ůĞĂŶƵƉ ZĞƋƵĞƐƚƐ ;й ĐŽŵƉůĞƚĞĚͿ ƵƌďƐŝĚĞ ŝŐ Θ ƵůŬLJ WŝĐŬƵƉ ZĞƋƵĞƐƚƐ ;й ĐŽŵƉůĞƚĞĚͿ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϱ͕ϯϮϯ ;ϴϯ͘ϭйͿ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϱ͕ϱϬϬ ;ϭϬϬйͿ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϲ͕ϬϱϬ ;ϭϬϬйͿ

ϭϭ͕ϳϬϭ ;ϵϵ͘ϵйͿ

ϭϰ͕ϬϬϬ ;ϭϬϬйͿ

ϭϲ͕ϴϬϬ ;ϭϬϬйͿ

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

Eͬ

ϭϱ ǁĞĞŬƐ

ϭϭ ǁĞĞŬƐ

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ dŝŵĞ ƚŽ ƌĞƐƉŽŶĚ ƚŽ ůůĞLJ ůĞĂŶͲƵƉ ƌĞƋƵĞƐƚƐ ;ŐŽĂů ƚŽ ƌĞĚƵĐĞ ďLJ ϮϱйͿ

ƌƵƐŚ ^ŝƚĞƐ Θ ŽŵƉŽƐƚŝŶŐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϯϰϵ͕ϰϳϲ dŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ŽƉĞƌĂƚĞƐ ƚǁŽ ďƌƵƐŚ ƐŝƚĞƐ ĨŽƌ ƌĞƐŝĚĞŶƚƐ ƚŽ ĚŝƐƉŽƐĞ ŽĨ ƚŚĞŝƌ ƚƌĞĞ ůŝŵďƐ ĂŶĚ ďƌƵƐŚ͘ dŚĞ ďƌƵƐŚ ĂŶĚ ůŝŵďƐ Ăƚ ƚŚĞƐĞ ƚǁŽ ůŽĐĂƚŝŽŶƐ ǁŝůů ďĞŝŶŐ ƉƌŽĐĞƐƐĞĚ ĂŶĚ ƚƌĂŶƐĨĞƌƌĞĚ ƚŽ ƚŚĞ ĐŽŵƉŽƐƚ ĨĂĐŝůƚLJ Ăƚ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ >ĂŶĚĨŝůů͘ dŚĞ ďƌƵƐŚ ƐŝƚĞƐ ƉƌŽǀŝĚĞ ŽƌŐĂŶŝĐ ŵĂƚĞƌŝĂů ŶĞĞĚĞĚ ĨŽƌ ƚŚĞ ĐŽŵƉŽƐƚ ƐŝƚĞ Ăƚ ƚŚĞ ůĂŶĚĨŝůů͘ dŚĞ ĐŽŵƉŽƐƚ ĨĂĐŝůŝƚLJ ŝƐ ĂŶŽƚŚĞƌ LJĞĂƌ ĂǁĂLJ ĨƌŽŵ ŚĂǀŝŶŐ ƋƵĂůŝƚLJ ĐŽŵƉŽƐƚ ĂǀĂŝůĂďůĞ ĨŽƌ ƐĂůĞ͕ ďƵƚ ǁŝůů ƵƚŝůŝƚnjĞ ƚŚĞ ŵĂƚĞƌŝĂůƐ ĐŽůůĞĐƚĞĚ ĨƌŽŵ ƚŚĞ ŝƚLJ͛Ɛ ďƌƵƐŚ ƐŝƚĞƐ ƚŽ ŐƌŽǁ ƚŚŝƐ ƉƌŽŐƌĂŵ͘ dŚĞ ĐŽŵƉŽƐƚ ƐŝƚĞ ǁŝůů ĂůůŽǁ ƚŚĞ ĐŝƚŝnjĞŶƐ ĂŶĚ ďƵƐŝŶĞƐƐĞƐ ŽĨ ŵĂƌŝůůŽ ƚŽ ĚŝǀĞƌƚ ǁĂƐƚĞ ĨƌŽŵ ƚŚĞ >ĂŶĚĨŝůů ƚŽ ƚŚĞ ĐŽŵƉŽƐƚ ƐŝƚĞ͕ ĞdžƉĂŶĚŝŶŐ ƚŚĞ ůŝĨĞ ŽƵƌ ƚŚĞ >ĂŶĚĨŝůů͘

405

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ dŽƚĂů ĐƵďŝĐ LJĂƌĚƐ ŽĨ ŐƌŽƵŶĚ ǁŽŽĚ ĐŚŝƉƐ ;ŐŽĂů ŝƐ ƚŽ ŝŶĐƌĞĂƐĞ ƚŚĞ ƚŽƚĂů ĐƵďŝĐ LJĂƌĚƐ ŽĨ ŐƌŽƵŶĚ ǁŽŽĚ ĐŚŝƉƐ ĚŝǀĞƌƚĞĚ ĨƌŽŵ ƚŚĞ >ĂŶĚĨŝůů ďLJ ϱйͿ

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϯϮ͕ϴϯϲ

ϯϰ͕ϰϳϴ

ϯϲ͕ϮϬϭ

ƵŵƉƐƚĞƌ ĂŶĚ Ăƌƚ WĂŝŶƚ ĂŶĚ ZĞƉĂŝƌ KƉĞƌĂƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕Ϯϴϭ͕ϰϭϭ dŚĞ ^ŽůŝĚ tĂƐƚĞ ŽůůĞĐƚŝŽŶ ŝǀŝƐŝŽŶ ŽƉĞƌĂƚĞƐ Ă ĐŽŶƚĂŝŶĞƌ ƌĞƉĂŝƌ ĂŶĚ ƉĂŝŶƚŝŶŐ ŽƉĞƌĂƚŝŽŶ͘ tŽƌŬůŽĂĚ /ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ƵŵƉƐƚĞƌ ^ĞƌǀŝĐĞ ZĞƋƵĞƐƚƐ ϯ͕ϮϬϯ ϯ͕ϴϱϬ Ϯ͕ϰϳϱ ƵŵƉƐƚĞƌƐ ZĞƉĂŝƌĞĚ ϱ͕ϰϰϭ Ϯ͕ϱϬϲ ϭ͕ϲϴϬ ƵŵƉƐƚĞƌƐ ZĞƉůĂĐĞĚ ϭ͕ϱϬϮ ϴϵϰ ϳϵϱ

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ EƵŵďĞƌ ŽĨ ĂLJƐ ƚŽ ZĞƉĂŝƌ >ŝĚƐ ;ŐŽĂů ƚŽ ĚĞĐƌĞĂƐĞ ďLJ ϭϬйͿ EƵŵďĞƌ ŽĨ ĂLJƐ ƚŽ WĞƌĨŽƌŵ DŝŶŽƌ ZĞƉĂŝƌ ZĞƋƵĞƐƚƐ ;ŐŽĂů ƚŽ ĚĞĐƌĞĂƐĞ ďLJ ϭϬйͿ

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

Eͬ

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ϭϰ

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ϯϳ

ϯϯ

ŽŵŵĞƌĐŝĂů ŽůůĞĐƚŝŽŶ ^ĞƌǀŝĐĞƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮ͕Ϭϵϱ͕ϳϬϭ dŚĞ ŝƚLJ͛Ɛ ŽŵŵĞƌĐŝĂů ŽůůĞĐƚŝŽŶ ^ĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞ ƐĞƌǀŝĐĞ ƚŽ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϲ͕ϰϴϰ ďƵƐŝŶĞƐƐ ĐƵƐƚŽŵĞƌƐ ƵƐŝŶŐ ĞŝƚŚĞƌ ϴͲĐƵďŝĐͲLJĂƌĚ ĨƌŽŶƚ ůŽĂĚŝŶŐ ĐŽŶƚĂŝŶĞƌƐ Žƌ ϯͲĐƵďŝĐͲLJĂƌĚ ƐŝĚĞ ůŽĂĚŝŶŐ ĚƵŵƉƐƚĞƌƐ͘ ^ŵĂůůĞƌ ďƵƐŝŶĞƐƐĞƐ ĂŶĚ ĂƉĂƌƚŵĞŶƚ ĐŽŵƉůĞdžĞƐ ƵƚŝůŝnjĞ ƚŚĞ ƐŵĂůůĞƌ ϯͲĐƵďŝĐͲLJĂƌĚ ƐŝĚĞ ůŽĂĚŝŶŐ ĐŽŶƚĂŝŶĞƌƐ͘ ƵĞ ƚŽ ǀĞƌLJ ĐŽŵƉĞƚŝƚŝǀĞ ƉƌŝĐŝŶŐ ĨƌŽŵ ƉƌŝǀĂƚĞ ĐŽŵŵĞƌĐŝĂů ŚĂƵůĞƌƐ ǁŝƚŚ ƚŚƌĞĞ LJĞĂƌ ƚĞƌŵ ĐŽŶƚƌĂĐƚƐ ĂŶĚ ŶĂƚŝŽŶĂů ĐŚĂŝŶ ƐĞƌǀŝĐĞ ĂŐƌĞĞŵĞŶƚƐ͕ ƚŚĞ ĐŽŵŵĞƌĐŝĂů ĐŽůůĞĐƚŝŽŶ ƐĞƌǀŝĐĞ ŚĂƐ ƐĞĞŶ Ă ĚĞĐƌĞĂƐĞ ŝŶ ĐƵƐƚŽŵĞƌƐ ĂŶĚ ƐĞƌǀŝĐĞ ĨƌŽŵ ƉĂƐƚ LJĞĂƌƐ͘ tŽƌŬůŽĂĚ /ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ŽŵŵĞƌĐŝĂů ϯͲ z ĐƵƐƚŽŵĞƌƐ ;ϯн ƚŝŵĞƐ ƉĞƌ Ϯ͕ϳϮϭ Ϯ͕ϳϮϭ Ϯ͕ϱϬϬ ǁĞĞŬͿ ŽŵŵĞƌĐŝĂů ϴͲ z ĐƵƐƚŽŵĞƌƐ ϵϱϯ ϵϱϯ ϵϳϬ

406

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ sĞŚŝĐůĞ /ĚůĞ dŝŵĞ ŝŶ ,ŽƵƌƐ ;ŐŽĂů ƚŽ ĚĞĐƌĞĂƐĞ ďLJ ϭϬйͿ K^, ZĞƉŽƌƚĂďůĞ ĐĐŝĚĞŶƚƐͬ/ŶĐŝĚĞŶƚƐ ;ŐŽĂů ƚŽ ĚĞĐƌĞĂƐĞ ďLJ ϱйͿ

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

Eͬ

ϴϭ͘ϱϬ

ϳϯ͘ϯϰ

Eͬ

Ϯϵ

Ϯϳ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϭϬϯ Ϯ ϭϬϱ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ ϭϬϯ Ϯ ϭϬϱ

ƵƚŚŽƌŝnjĞĚ WŽƐŝƚŝŽŶƐ WĞƌŵĂŶĞŶƚ WŽƐŝƚŝŽŶƐ WĂƌƚͲƚŝŵĞ WŽƐŝƚŝŽŶƐ dŽƚĂů WŽƐŝƚŝŽŶƐ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ ϭϭϬ Ϯ ϭϭϮ

dŽƚĂů ^ŽůŝĚ tĂƐƚĞ ŽůůĞĐƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϭϮ͕ϭϭϬ͕ϱϰϳ ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ ZĞƐŝĚĞŶƚŝĂů ŽůůĞĐƚŝŽŶ ^ĞƌǀŝĐĞƐ ZĞĐLJĐůŝŶŐ ĞŶƚĞƌƐ ŝŐ Θ ƵůŬLJ ŽůůĞĐƚŝŽŶͬ ŚŝƉƉĞƌ ƌĞǁƐ ƌƵƐŚ ^ŝƚĞƐ Θ ŽŵƉŽƐƚŝŶŐ ƵŵƉƐƚĞƌͬ Ăƌƚ WĂŝŶƚ ĂŶĚ ZĞƉĂŝƌ ŽŵŵĞƌĐŝĂů ŽůůĞĐƚŝŽŶ ^ĞƌǀŝĐĞƐ

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ϮϬϭϳͬϭϴ ĐƚƵĂů Ψ Ϯ͕Ϯϰϲ͕ϳϭϵ ϮϮϵ͕ϲϳϰ Ϯ͕ϭϮϵ͕ϵϮϲ ϯϬϰ͕ϯϭϰ Ψ ϰ͕ϵϭϬ͕ϲϯϯ

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ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ Ϯ͕ϮϳϮ͕ϴϰϬ ϮϬϲ͕ϮϱϮ Ϯ͕ϮϮϲ͕ϯϵϰ ϯϮϮ͕ϴϭϮ Ψ ϱ͕ϬϮϴ͕Ϯϵϴ

DŝƐƐŝŽŶ dŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ^ŽůŝĚ tĂƐƚĞ ŝƐƉŽƐĂů ŝǀŝƐŝŽŶ ƉƌŽǀŝĚĞƐ ĨŽƌ ƚŚĞ ƐĂĨĞ ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚĂůůLJ ĞĨĨŝĐŝĞŶƚ ƉƌŽĐĞƐƐŝŶŐ͕ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ ĐŽŵƉĂĐƚŝŽŶ͕ ĂŶĚ ĚĂŝůLJ ĐŽǀĞƌ ŽĨ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͛Ɛ ǁĂƐƚĞ Ăƚ ƚŚĞ dƌĂŶƐĨĞƌ ^ƚĂƚŝŽŶ ĂŶĚ >ĂŶĚĨŝůů ŽƉĞƌĂƚŝŽŶƐ ŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚĞ ĨĞĚĞƌĂů͕ ƐƚĂƚĞ͕ ůŽĐĂů ƉĞƌŵŝƚ ƌĞŐƵůĂƚŝŽŶƐ͕ ĂŶĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ĞƐƚ WƌĂĐƚŝĐĞƐ͘ dŚĞ >ĂŶĚĨŝůů ĂĐĐĞƉƚƐ ƐŽůŝĚ ǁĂƐƚĞ ĂŶĚ ĚĞďƌŝƐ ĨƌŽŵ ƚŚĞ dƌĂŶƐĨĞƌ ^ƚĂƚŝŽŶ͕ ŽƚŚĞƌ ŵƵŶŝĐŝƉĂů ĚĞƉĂƌƚŵĞŶƚƐ͕ ĐŽŵŵĞƌĐŝĂů ĐŽŶƚƌĂĐƚ ŚĂƵůĞƌƐ͕ ĐŽŶƚƌĂĐƚŽƌƐ͕ ƉƌŝǀĂƚĞ ĐŝƚŝnjĞŶƐ͕ ĂŶĚ ŶĞŝŐŚďŽƌŝŶŐ ĐŽŵŵƵŶŝƚŝĞƐ͘ ^ŽůŝĚ tĂƐƚĞ ŝƐƉŽƐĂů ƐƚƌŝǀĞƐ ƚŽ ƉƌŽǀŝĚĞ ĞdžĐĞůůĞŶƚ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ͕ ǁŚŝůĞ ĂůǁĂLJƐ ƐƚƌŝǀŝŶŐ ƚŽ ŝŵƉƌŽǀĞ ^ĂĨĞƚLJ ŽĨ ƚŚĞ ĞŵƉůŽLJĞĞƐ ĂŶĚ ĐŝƚŝnjĞŶƐ ƚŚĂƚ ƵƚŝůŝnjĞ ƚŚĞ dƌĂŶƐĨĞƌ ^ƚĂƚŝŽŶ ĂŶĚ >ĂŶĚĨŝůů͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ ^ŽůŝĚ tĂƐƚĞ ŝƐƉŽƐĂů ŝǀŝƐŝŽŶ ŽƉĞƌĂƚĞƐ Ă dƌĂŶƐĨĞƌ ^ƚĂƚŝŽŶ ƚŚĂƚ ƌĞĐĞŝǀĞƐ ƚŚĞ ƌĞĨƵƐĞ ĨƌŽŵ ĐŽŵŵĞƌĐŝĂů ĂŶĚ ƌĞƐŝĚĞŶƚŝĂů ĐŽůůĞĐƚŝŽŶ ǀĞŚŝĐůĞƐ͘ dŚĞ dƌĂŶƐĨĞƌ ^ƚĂƚŝŽŶ ŝƐ ĐĞŶƚƌĂůůLJ ůŽĐĂƚĞĚ ǁŝƚŚŝŶ ƚŚĞ ĐŝƚLJ ůŝŵŝƚƐ ŽĨ ŵĂƌŝůůŽ͕ Ăƚ ƚŚĞ ŝƚLJ ^ĞƌǀŝĐĞ ĞŶƚĞƌ͕ ĂŶĚ ƌĞĚƵĐĞƐ ƚŚĞ ŽǀĞƌĂůů ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ĐŽƐƚƐ ŽĨ ŚĂƵůŝŶŐ ƌĞĨƵƐĞ ƚŽ ƚŚĞ >ĂŶĚĨŝůů͘ dŚĞ >ĂŶĚĨŝůů ƐƚƌĂƚĞŐŝĐ ĂƉƉƌŽĂĐŚ ŝƐ ƚŽ ŵĂŝŶƚĂŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ĨĞĚĞƌĂů ĂŶĚ ƐƚĂƚĞ ĞŶǀŝƌŽŶŵĞŶƚĂů ůĂǁƐ͕ ǁŚŝůĞ ƐĞƌǀŝŶŐ ƚŚĞ ŶĞĞĚƐ ŽĨ ƚŚĞ ĐŝƚŝnjĞŶƐ ŽĨ ŵĂƌŝůůŽ ƚŚƌŽƵŐŚ ĞĨĨŝĐŝĞŶƚ ƐĞƌǀŝĐĞ ĂŶĚ ĞƐƚ WƌĂĐƚŝĐĞƐ͕ ǁŚŝůĞ ĞŶŚĂŶĐŝŶŐ ŝǀŝĐ WƌŝĚĞ ƚŚƌŽƵŐŚ ĞĨĨŝĐŝĞŶƚ ǁĂƐƚĞ ĚŝƐƉŽƐĂů͘ dŚŝƐ ĂƉƉƌŽĂĐŚ ǁŝůů ďĞ ŝŵƉůĞŵĞŶƚĞĚ ƵƚŝůŝnjŝŶŐ ^ĂĨĞƚLJ ĨŝƌƐƚ͕ ǁŝƚŚ Ă ƐƚƌŽŶŐ ĞŵƉŚĂƐŝƐ ŽŶ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ͘

WƌŽŐƌĂŵƐ dƌĂŶƐĨĞƌ ^ƚĂƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕ϴϵϵ͕ϯϮϱ dŚĞ dƌĂŶƐĨĞƌ ^ƚĂƚŝŽŶ ƉƌŽǀŝĚĞƐ ĨŽƌ Ă ĐĞŶƚƌĂů ůŽĐĂƚŝŽŶ ƚŽ ĞĨĨŝĐŝĞŶƚůLJ ƚƌĂŶƐĨĞƌ ƌĞĨƵƐĞ ĨƌŽŵ ƚŚĞ ĐŽůůĞĐƚŝŽŶ ƌŽƵƚĞƐ ƚŽ ƚŚĞ >ĂŶĚĨŝůů ĨŽƌ ĚŝƐƉŽƐĂů͘

409

dŽ ŝŵƉƌŽǀĞ ƐĂĨĞƚLJ͕ Ă ƚƌĂĨĨŝĐ ƐŝŐŶĂů ǁŝůů ďĞ ŝŶƐƚĂůůĞĚ Ăƚ ƚŚĞ ĞŶƚƌĂŶĐĞ ŽĨ ƚŚĞ dƌĂŶƐĨĞƌ ^ƚĂƚŝŽŶ ƚŽ ŝŶĨŽƌŵ ĚƌŝǀĞƌƐ ŽĨ ǁŚĞŶ ŝƚ ŝƐ ƐĂĨĞ ƚŽ ĞŶƚĞƌ͘ dŚŝƐ ǁŝůů ƉƌĞǀĞŶƚ ƚŽŽ ŵĂŶLJ ĚƌŝǀĞƌƐ ĞŶƚĞƌŝŶŐ Ăƚ ŽŶĐĞ͕ ǁŚŝĐŚ ĐƌĞĂƚĞƐ ĂŶ ƵŶƐĂĨĞ ĞŶǀŝƌŽŶŵĞŶƚ ŽŶ ƚŚĞ ĨůŽŽƌ͘

>ĂŶĚĨŝůů ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϯ͕ϭϮϴ͕ϵϳϯ dŚĞ >ĂŶĚĨŝůů ǁĞŝŐŚƐ ƚŚĞ ŝŶĐŽŵŝŶŐ ƌĞĨƵƐĞ͕ ĂŶĚ ĐŽŵƉĂĐƚƐ ĂŶĚ ĐŽǀĞƌƐ Ăůů ŝŶĐŽŵŝŶŐ ĚĞďƌŝƐ ĚĂŝůLJ͘ dŚĞ >ĂŶĚĨŝůů ƌĞĐLJĐůĞƐ ĂƉƉůŝĂŶĐĞƐ͕ ŵŝƐĐĞůůĂŶĞŽƵƐ ŵĞƚĂů͕ ƵƐĞĚ ƚŝƌĞƐ͕ ĞƚĐ͘ dŚĞ ĨĂĐŝůŝƚLJ ŵƵƐƚ ĐŽůůĞĐƚ Ăŝƌ ƐĂŵƉůĞƐ͕ ŐƌŽƵŶĚ ǁĂƚĞƌ ƐĂŵƉůĞƐ͕ ƐƵƌĨĂĐĞ ǁĂƚĞƌ ƌƵŶͲŽĨĨ ƐĂŵƉůĞƐ͕ ĂŶĚ ǁĂƚĞƌ ǁĞůů ƐĂŵƉůĞƐ ƚŽ ĂƐƐƵƌĞ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ĨĞĚĞƌĂů͕ ƐƚĂƚĞ͕ ĂŶĚ ůŽĐĂů ƉĞƌŵŝƚ ŽƉĞƌĂƚŝŶŐ ƌĞŐƵůĂƚŝŽŶƐ͘ dŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ >ĂŶĚĨŝůů ŚĂƐ ĂŶ ĞdžƉĞĐƚĞĚ ůŝĨĞ ŽĨ ĂƉƉƌŽdžŝŵĂƚĞůLJ ĂŶŽƚŚĞƌ ϭϬϬ LJĞĂƌƐ͘ dŚĞ ^ŽůŝĚ tĂƐƚĞ ŝǀŝƐŝŽŶ ŝƐ ĂĐƚŝǀĞůLJ ƉƵƌƐƵŝŶŐ ǁĂLJƐ ƚŽ ƌĞĚƵĐĞ͕ ƌĞƵƐĞ ĂŶĚ ƌĞĐLJĐůĞ ƚŽ ĞdžƉĂŶĚ ƚŚĞ >ĂŶĚĨŝůů͛Ɛ ůŝĨĞƐƉĂŶ͘ KŶĞ ƐƵĐŚ ĞĨĨŽƌƚ ŝƐ ƚŚĞ ĐŽŵƉŽƐƚŝŶŐ ƐŝƚĞ ůŽĐĂƚĞĚ Ăƚ ƚŚĞ ůĂŶĚĨŝůů͘ dŚŝƐ ĨĂĐŝůŝƚLJ ŝƐ ĂƉƉƌŽdžŝŵĂƚĞůLJ Ă LJĞĂƌ ĂǁĂLJ ĨƌŽŵ ŚĂǀŝŶŐ ƋƵĂůŝƚLJ ĐŽŵƉŽƐƚ ĂǀĂŝůĂďůĞ ĨŽƌ ƐĂůĞ ďƵƚ ǁŝůů ƵƚŝůŝnjĞĚ ƚŚĞ ŵĂƚĞƌŝĂůƐ ĐŽůůĞĐƚĞĚ ĨƌŽŵ ƚŚĞ ŝƚLJ͛Ɛ ďƌƵƐŚ ƐŝƚĞƐ ƚŽ ŐƌŽǁ ƚŚŝƐ ƉƌŽŐƌĂŵ͘ dŚĞ ĐŽŵƉŽƐƚ ƐŝƚĞ ǁŝůů ĂůůŽǁ ƚŚĞ ĐŝƚŝnjĞŶƐ ĂŶĚ ďƵƐŝŶĞƐƐĞƐ ŽĨ ŵĂƌŝůůŽ ƚŽ ĚŝǀĞƌƚ ǁĂƐƚĞ ĨƌŽŵ ƚŚĞ >ĂŶĚĨŝůů ƚŽ ƚŚĞ ĐŽŵƉŽƐƚ ƐŝƚĞ͕ ĞdžƉĂŶĚŝŶŐ ƚŚĞ ůŝĨĞ ŽĨ ƚŚĞ >ĂŶĚĨŝůů͘ tŽƌŬůŽĂĚ /ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ EƵŵďĞƌ ŽĨ ŝŶĐŽŵŝŶŐ ůŽĂĚƐ ϵ͕ϭϭϲ ϵ͕ϭϯϯ ϵ͕ϮϮϱ dŽŶƐ ŽĨ ƐŽůŝĚ ǁĂƐƚĞ ƌĞĐĞŝǀĞĚ ϮϱϮ͕ϲϮϴ Ϯϲϱ͕Ϯϱϵ Ϯϳϴ͕ϱϮϮ hƐĞĚ ƚŝƌĞƐ ďƌŽƵŐŚƚ ƚŽ >ĂŶĚĨŝůů ;ĨƌŽŵ ƉƵďůŝĐ ϰϱ͕ϭϴϬ ϰϰ͕ϮϳϬ ϰϱ͕ϬϬϬ ĂŶĚ dƌĂŶƐĨĞƌ ^ƚĂƚŝŽŶͿ

^ŽůŝĚ tĂƐƚĞ ŝƐƉŽƐĂů ŝƐ ŐŽŝŶŐ ƚŽ ŝŶĐƌĞĂƐĞ ŽƵƌ ĐŽŵƉĂĐƚŝŽŶ ƌĂƚĞ ǁŚŝĐŚ ǁŝůů ƐĂǀĞ ǀĂůƵĂďůĞ ƐƉĂĐĞ Ăƚ ƚŚĞ >ĂŶĚĨŝůů ďLJ ĐŽŵƉĂĐƚŝŶŐ ŵŽƌĞ ǁĂƐƚĞ ŝŶƚŽ Ă ƐŵĂůůĞƌ ƐƉĂĐĞ͘ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ Ă ŶĞǁ ĐŽŵƉĂĐƚŝŽŶ ƚĞĐŚŶŝƋƵĞ ǁŝůů ƌĞĚƵĐĞ ŽǀĞƌĂůů ƐŽŝů ƵƐĞ ĂŶĚ ĞdžƚĞŶĚ ƚŚĞ ůŝĨĞ ŽĨ ƚŚĞ ůĂŶĚĨŝůů͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ŽŵƉĂĐƚŝŽŶ ZĂƚŝŽ ΀ůďͬ͘ĐLJ΁ ;ŐŽĂů ƚŽ ŝŶĐƌĞĂƐĞ ďLJ ϭϱйͿ

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

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ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

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Ύ ƐƚŝŵĂƚĞ ĨƌŽŵ ϮϬϭϴ ^ŽůŝĚ tĂƐƚĞ DĂƐƚĞƌ ^ƚƵĚLJ

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ,ŽƵƌƐ ŽĨ sĞŚŝĐůĞ /ĚůĞ dŝŵĞ ;ŐŽĂů ƚŽ ĚĞĐƌĞĂƐĞ ďLJ ϭϬйͿ K^, ZĞƉŽƌƚĂďůĞ ĐĐŝĚĞŶƚƐͬ/ŶĐŝĚĞŶƚƐ ;ŐŽĂů ƚŽ ĚĞĐƌĞĂƐĞ ďLJ ϱйͿ

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ϮϬϭϳͬϭϴ ĐƚƵĂů ϰϮ Ϯ ϰϰ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ ϰϮ Ϯ ϰϰ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ ϰϯ Ϯ ϰϱ

dŽƚĂů ^ŽůŝĚ tĂƐƚĞ ŝƐƉŽƐĂů ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϱ͕ϬϮϴ͕Ϯϵϴ

dƌĂŶƐĨĞƌ ^ƚĂƚŝŽŶ >ĂŶĚĨŝůů

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ϮϬϭϳͬϭϴ ĐƚƵĂů Ψ ϭ͕Ϯϳϰ͕Ϭϵϲ ϭϰϱ͕ϲϰϱ ϵϬϱ͕ϲϭϭ ϲϯϭ͕Ϭϯϳ Ͳ Ϯ͕ϮϰϬ Ͳ ϵϭ͕ϱϯϱ Ψ ϯ͕ϬϱϬ͕ϭϲϰ

WĞƌƐŽŶŶĞů ^ĞƌǀŝĐĞƐ ^ƵƉƉůŝĞƐ ŽŶƚƌĂĐƚƵĂů ^ĞƌǀŝĐĞƐ KƚŚĞƌ ŚĂƌŐĞƐ ĂƉŝƚĂů KƵƚůĂLJ Ğďƚ ^ĞƌǀŝĐĞ /ŶƚĞƌ ZĞŝŵďƵƌƐĞŵĞŶƚƐ KƉĞƌĂƚŝŶŐ dƌĂŶƐĨĞƌƐ dŽƚĂů džƉĞŶƐĞƐ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ Ψ ϭ͕ϳϵϱ͕ϭϮϴ ϮϮϲ͕Ϯϳϱ ϵϯϯ͕ϳϬϬ ϳϬϵ͕ϱϳϲ ϭϭ͕ϳϮϵ͕ϲϬϭ ϳϰϰ͕ϲϰϰ ;ϱϬ͕ϬϬϬͿ ϭ͕ϱϱϬ Ψ ϭϲ͕ϬϵϬ͕ϰϳϰ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ ϭ͕ϲϭϰ͕Ϭϳϲ Ϯϰϰ͕ϬϭϬ ϵϰϲ͕ϳϮϰ ϳϳϲ͕ϳϰϭ ϭ͕ϮϱϬ͕ϬϬϬ ϳϯϮ͕ϴϰϰ ;ϱϬ͕ϬϬϬͿ ϭ͕ϱϱϬ Ψ ϱ͕ϱϭϱ͕ϵϰϱ

DŝƐƐŝŽŶ dŽ ǁŽƌŬ ĐŽŽƉĞƌĂƚŝǀĞůLJ ƚŽ ƉƌŽǀŝĚĞ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ǁŝƚŚ Ă ƐĂĨĞ ĂŶĚ ĞĨĨŝĐŝĞŶƚ ĚƌĂŝŶĂŐĞ ƐLJƐƚĞŵ ĂŶĚ ƚŽ ƉƌŽǀŝĚĞ ŽƵƌ ƐĞƌǀŝĐĞƐ ŝŶ Ă ƌĞƐƉĞĐƚĨƵů͕ ĐŽƵƌƚĞŽƵƐ͕ ĂŶĚ ƌĞƐƉŽŶƐŝǀĞ ŵĂŶŶĞƌ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ ƌĂŝŶĂŐĞ hƚŝůŝƚLJ ĚŝǀŝƐŝŽŶ ŝƐ ĞŶƚĞƌŝŶŐ ŝƚƐ ƐĞǀĞŶƚŚ LJĞĂƌ ŽĨ ŽƉĞƌĂƚŝŶŐ ĂŶĚ ŵĂŝŶƚĂŝŶŝŶŐ ƚŚĞ ŝƚLJ͛Ɛ ĚƌĂŝŶĂŐĞ ƐLJƐƚĞŵ͘ dŚĞ ƌĂŝŶĂŐĞ hƚŝůŝƚLJ ƐƵƉƉŽƌƚƐ ƚŚĞ ŐŽĂůƐ ĂŶĚ ŝŶŝƚŝĂƚŝǀĞƐ ƐĞƚ ŽƵƚ ŝŶ ƚŚĞ ŽƵŶĐŝů WŝůůĂƌƐ ĂŶĚ ŝƚLJ DĂŶĂŐĞƌ /ŶŝƚŝĂƚŝǀĞƐ ďLJ ŵĂŝŶƚĂŝŶŝŶŐ ƚŚĞ ŝƚLJ͛Ɛ ƐƚŽƌŵ ǁĂƚĞƌ ĚƌĂŝŶĂŐĞ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ ƵƚŝůŝnjŝŶŐ ƌĞĐŽŵŵĞŶĚĞĚ ĞƐƚ WƌĂĐƚŝĐĞƐ ĨŽƌ ĐƵƐƚŽŵĞƌ ďŝůůŝŶŐ ĂƐƐŝƐƚĂŶĐĞ͕ ƐƚƌĞĞƚ ƐǁĞĞƉŝŶŐ͕ ŝŶƐƉĞĐƚŝŽŶ͕ ŝŶǀĞŶƚŽƌLJ ŵĂŶĂŐĞŵĞŶƚ͕ ĐůĞĂŶŝŶŐ͕ ƌĞŚĂďŝůŝƚĂƚŝŽŶ͕ ĂŶĚ ƌĞƉĂŝƌ ŽĨ Ăůů ŵƵŶŝĐŝƉĂů ĚƌĂŝŶĂŐĞ ĨĂĐŝůŝƚŝĞƐ ;ƐƵĐŚ ĂƐ ĐŽŶĐƌĞƚĞ ĐŚĂŶŶĞůƐ͕ ŐƵƚƚĞƌƐ͕ ŽƵƚĨĂůůƐ͕ ŝŶůĞƚƐ͕ ĐƵůǀĞƌƚƐ͕ ƐƚŽƌŵ ƉŝƉĞ͕ ŽƉĞŶ ĐŚĂŶŶĞůƐ͕ ƐƚŽƌŵ ǁĂƚĞƌ ƉƵŵƉƐ͕ ĂŶĚ ƉůĂLJĂ ůĂŬĞƐͿ͘ dŚĞ ƉƌŝŶĐŝƉĂů ŐƵŝĚĂŶĐĞ ĚŽĐƵŵĞŶƚƐ ƚŚĂƚ ĂŝĚ ŝŶ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ͛Ɛ ƉůĂŶŶŝŶŐ ĂŶĚ ŽƉĞƌĂƚŝŽŶƐ ĂƌĞ ƚŚĞ ŽƵŶĐŝů WŝůůĂƌƐ ĂŶĚ ŝƚLJ DĂŶĂŐĞƌ /ŶŝƚŝĂƚŝǀĞƐ͕ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ƌĂŝŶĂŐĞ hƚŝůŝƚLJ ^ƚƵĚLJ ;:ƵŶĞ ϮϬϭϵͿ͕ ƚŚĞ DĂƌƚŝŶ ZŽĂĚ >ĂŬĞ ^ƚŽƌŵ tĂƚĞƌ DĂƐƚĞƌ WůĂŶ ;EŽǀĞŵďĞƌ ϮϬϭϯͿ͕ ƚŚĞ dĞĞ ŶĐŚŽƌ ƌĂŝŶĂŐĞ DĂƐƚĞƌ WůĂŶ ;:ƵůLJ ϮϬϭϰͿ͕ ƚŚĞ ^ƚŽƌŵ tĂƚĞƌ DĂŶĂŐĞŵĞŶƚ DĂƐƚĞƌ WůĂŶ ; Ɖƌŝů ϭϵϵϯͿ͕ ĂŶĚ ƚŚĞ ^ƚŽƌŵ tĂƚĞƌ DĂŶĂŐĞŵĞŶƚ ƌŝƚĞƌŝĂ DĂŶƵĂů ; Ɖƌŝů ϭϵϵϱͿ͘

413

WƌŽŐƌĂŵƐ ƌĂŝŶĂŐĞ hƚŝůŝƚLJ ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͳ Ψϱϳϰ͕ϱϲϵ WƌŽǀŝĚĞ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ ƐƵƉƉŽƌƚ ƐĞƌǀŝĐĞƐ ƚŽ ƚŚĞ ĚƌĂŝŶĂŐĞ ƵƚŝůŝƚLJ ƐLJƐƚĞŵ ƚŚƌŽƵŐŚ ƚŚĞ ĨŽƵŶĚĂƚŝŽŶƐ ŽĨ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ WůĂŶŶŝŶŐ͕ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ĞƐƚ WƌĂĐƚŝĐĞƐ͕ ĂŶĚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƚŚĞ ŝƚLJ͛Ɛ ^ĂĨĞƚLJ ƉƌŽŐƌĂŵƐ͘ WĞƌĨŽƌŵĂŶĐĞ tŽƌŬ >ŽĂĚͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ EƵŵďĞƌ ŽĨ ^ĞƌǀŝĐĞ ZĞƋƵĞƐƚ WƌŽĐĞƐƐĞĚ ϯϭϱ ϯϮϬ ϯϮϱ ƵƐƚŽŵĞƌ͛Ɛ ^ĞƌǀŝĐĞ ZĞƋƵĞƐƚ WƌŽĐĞƐƐŝŶŐ ϵϳ ϵϵ ϭϬϬ ;ĐĂůůďĂĐŬ ƚŽ ĐƵƐƚŽŵĞƌ ǁŝƚŚŝŶ ϰϴ ŚŽƵƌƐͿ sĞŚŝĐůĞ Θ ƋƵŝƉŵĞŶƚ /ĚůĞ dŝŵĞ ΀ĚĂŝůLJ Ϯϱ ϮϮ ϮϮ ĂǀĞƌĂŐĞ ŚŽƵƌƐ΁ ;ŐŽĂů ƚŽ ƌĞĚƵĐĞ ďLJ ϭϬйͿ

ƌĂŝŶĂŐĞ hƚŝůŝƚLJ &ĞĞ DĂŝŶƚĞŶĂŶĐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͳ Ψϭϵϱ͕ϵϲϳ DĂŝŶƚĂŝŶ ĂŶĚ ĂĚũƵƐƚ ƚŚĞ ĐƵƐƚŽŵĞƌ ĚĂƚĂďĂƐĞ ĨŽƌ ďŝůůŝŶŐ ĂƐ ĐŚĂŶŐĞƐ ŽĐĐƵƌ ŽŶ ƐĞƌǀŝĐĞ ƉƌŽƉĞƌƚŝĞƐ ŝŶ ŬĞĞƉŝŶŐ ǁŝƚŚ ĞƐƚ WƌĂĐƚŝĐĞƐ͘ ZĞǀĞŶƵĞƐ ĨŽƌ ƚŚĞ ƌĂŝŶĂŐĞ hƚŝůŝƚLJ ĂƌĞ ƉƌŽǀŝĚĞĚ ƚŚƌŽƵŐŚ ƚŚĞ ĨĞĞƐ ďŝůůĞĚ ƚŽ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϳϳ͕ϬϬϬ ĚƌĂŝŶĂŐĞ ƵƚŝůŝƚLJ ĂĐĐŽƵŶƚƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ƌĂŝŶĂŐĞ hƚŝůŝƚLJ ŝůůƐ ĚũƵƐƚĞĚ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϯϭϮ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϱ͕ϬϬϬн

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϭ͕ϬϬϬ

ƌĂŝŶĂŐĞ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ ĂŶĚ DĂŝŶƚĞŶĂŶĐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͳ ΨϮ͕ϳϬϮ͕ϮϭϬ DĞĞƚ ƚŚĞ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ WůĂŶŶŝŶŐ͕ ^ĂĨĞƚLJ WƌŽŐƌĂŵƐ͕ ŝǀŝĐ WƌŝĚĞ ĂŶĚ ĞƐƚ WƌĂĐƚŝĐĞƐ ŝŶŝƚŝĂƚŝǀĞƐ ŽĨ ƚŚĞ ŽƵŶĐŝů WŝůůĂƌƐ ĂŶĚ ŝƚLJ DĂŶĂŐĞƌ /ŶŝƚŝĂƚŝǀĞƐ ďLJ ŝŶƐƉĞĐƚŝŶŐ͕ ŵĂŝŶƚĂŝŶŝŶŐ ĂŶĚ ƌĞƉĂŝƌŝŶŐ ƚŚĞ ĚƌĂŝŶĂŐĞ ƐLJƐƚĞŵ͘ DĂŝŶƚĂŝŶ ƚŚĞ ĚƌĂŝŶĂŐĞ ƐLJƐƚĞŵ ƚŽ ŽƉĞƌĂƚĞ ĞĨĨŝĐŝĞŶƚůLJ ĂŶĚ ƚŽ ƉƌŽǀŝĚĞ ĨŽƌ ƚŚĞ ƐĂĨĞƐƚ ƚƌĂŶƐƉŽƌƚ ĂŶĚ ƌĞŵŽǀĂů ŽĨ ƐƚŽƌŵ ǁĂƚĞƌƐ͘

414

tŽƌŬ >ŽĂĚͬ/ŶĚŝĐĂƚŽƌƐ͗ ^ƚŽƌŵ ^ĞǁĞƌ /ŶƐƉĞĐƚĞĚ͕ ůĞĂŶĞĚ Žƌ DĂŝŶƚĂŝŶĞĚ ;>ŝŶĞĂƌ &ĞĞƚͿ WĞƌĐĞŶƚĂŐĞ ŽĨ ƐLJƐƚĞŵ ^ƚŽƌŵ ^ĞǁĞƌ ůĞĂŶĞĚ Žƌ DĂŝŶƚĂŝŶĞĚ ;WĞƌ >&Ϳ ^ƚŽƌŵ ^ĞǁĞƌ /ŶƚĞƌŶĂů /ŶƐƉĞĐƚŝŽŶƐ ;>ŝŶĞĂƌ &ĞĞƚͿ WĞƌĐĞŶƚĂŐĞ ŽĨ ƐLJƐƚĞŵ ^ƚŽƌŵ ^ĞǁĞƌ /ŶƚĞƌŶĂů /ŶƐƉĞĐƚŝŽŶƐ ;WĞƌ >&Ϳ ƌĂŝŶĂŐĞ ŚĂŶŶĞů DĂŝŶƚĞŶĂŶĐĞ ;>ŝŶĞĂƌ &ĞĞƚͿ WĞƌĐĞŶƚĂŐĞ ŽĨ ƐLJƐƚĞŵ ƌĂŝŶĂŐĞ ŚĂŶŶĞů DĂŝŶƚĞŶĂŶĐĞ ;WĞƌ >&Ϳ Ƶƌď Θ 'ƵƚƚĞƌ DĂŝŶƚĞŶĂŶĐĞ ;>ŝŶĞĂƌ &ĞĞƚͿ WĞƌĐĞŶƚĂŐĞ ŽĨ ƐLJƐƚĞŵ Ƶƌď Θ 'ƵƚƚĞƌ DĂŝŶƚĞŶĂŶĐĞ ŽƐƚ ƌĂŝŶĂŐĞ /ŶůĞƚƐ /ŶƐƉĞĐƚŝŽŶ Θ DĂŝŶƚĞŶĂŶĐĞ WĞƌĐĞŶƚĂŐĞ ŽĨ ƐLJƐƚĞŵ ;ϯ͕ϲϳϲ /ŶůĞƚƐͿ DĂŶŚŽůĞ /ŶƐƉĞĐƚŝŽŶ Θ DĂŝŶƚĞŶĂŶĐĞ WĞƌĐĞŶƚĂŐĞ ŽĨ ƐLJƐƚĞŵ ;ϲϭϴ DĂŶŚŽůĞƐͿ

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϵϲ͕ϵϴϱ

ϵϭ͕ϬϬϬ

ϭϬϬ͕ϬϬϬ

ϭϭ͘Ϭй Ψϯ͘ϭϭ

ϭϬ͘ϰй Ψϭ͘ϴϱ

ϭϭ͘ϰй Ψϭ͘ϲϬ

ϴϯ͕ϰϳϲ

ϱϱ͕ϬϬϬ

ϲϱ͕ϬϬϬ

ϵ͘ϱй ΨϮ͘ϭϮ ϭϭ͕ϱϴϲ Ϯϳ͘ϴй Ψϰ͘Ϯϭ ϱ͕ϴϭϯ ͘ϭϬй Ψϰϳ͘ϯϱ ϭ͕ϵϭϰ ϰϳй Ϯϱϵ ϱϭй

ϲ͘ϯй Ψϭ͘ϳϱ ϭϳ͕ϬϬϬ ϯϲ͘Ϭй Ψϱ͘ϬϬ ϴ͕Ϯϰϴ ͘ϭϳй ΨϯϬ͘ϲϲ Ϯ͕ϬϬϬ ϱϬй ϮϱϬ ϱϬй

ϳ͘ϰй Ψϭ͘ϲϱ ϭϴ͕ϬϬϬ ϯϴ͘Ϭй Ψϰ͘ϱϬ ϴ͕ϱϬϬ ͘ϭϵй ΨϯϬ͘ϬϬ Ϯ͕ϱϬϬ ϲϮй ϮϱϬ ϱϬй

ŶǀŝƌŽŶŵĞŶƚĂů DĂŝŶƚĞŶĂŶĐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͳ Ψϳϵϯ͕ϭϵϵ ^ǁĞĞƉ ƐƚƌĞĞƚƐ ŽŶ Ă ƌĞŐƵůĂƌ ďĂƐŝƐ ŶŽƚ ŽŶůLJ ƚŽ ŝŵƉƌŽǀĞ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ ďƵƚ ĂůƐŽ ƚŽ ƌĞĚƵĐĞ ĐŽŶƚĂŵŝŶĂŶƚƐ ƌĞŐƵůĂƚĞĚ ďLJ ^ƚĂƚĞ ĂŶĚ &ĞĚĞƌĂů ĂŐĞŶĐŝĞƐ͘ ŽǀĞƌ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϮϬ͕ϬϬϬ ĐĞŶƚĞƌůŝŶĞ ŵŝůĞƐ ŽĨ ĐƵƌďĞĚ ƐƚƌĞĞƚƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ^ƚƌĞĞƚƐ ^ǁĞƉƚ ; ĞŶƚĞƌůŝŶĞ DŝůĞƐͿ ϭϲ͕ϲϮϮ ϮϬ͕ϬϬϬ Ϯϭ͕ϬϬϬ WƌŽŐƌĂŵŵĞĚ ^ƚƌĞĞƚ ^ǁĞƉƚ ;й ŽĨ dŽƚĂůͿ ϵϴй ϭϬϱй ϭϬϬй ŽƐƚ ŽĨ ^ƚƌĞĞƚ ^ǁĞĞƉŝŶŐ ;WĞƌ ĞŶƚĞƌůŝŶĞ Ψϲϯ͘ϱϯ Ψϰϴ͘ϬϬ Ψϰϴ͘ϬϬ DŝůĞͿ

^ǁĞĞƉĞƌ /ĚůĞ dŝŵĞ ΀ŚŽƵƌƐ ƉĞƌ ĚĂLJ΁ ;ŐŽĂů ƚŽ ĚĞĐƌĞĂƐĞ ďLJ ϭϬйͿ DŝůĞƐ ƌŝǀĞŶ ƉĞƌ ĂLJ ;ŐŽĂů ƚŽ ĚĞĐƌĞĂƐĞ ďLJ ϱйͿ EƵŵďĞƌ ŽĨ ƐƚƌĞĞƚƐ ƐǁĞƉƚ ;ŐŽĂů ƚŽ ŝŶĐƌĞĂƐĞ ďLJ ϱйͿ

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

Eͬ

ϭϱ

ϭϯ͘ϱ

Eͬ

Ϯϱ

Ϯϯ͘ϳϱ

Eͬ

ϮϬ͕ϬϬϬ

ϮϮ͕ϬϬϬ

415

ƌĂŝŶĂŐĞ ĂƉŝƚĂů /ŵƉƌŽǀĞŵĞŶƚ WůĂŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͳ Ψϭ͕ϮϱϬ͕ϬϬϬ ĞƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ƉƌŽũĞĐƚƐ ƚŚĂƚ ŶĞĞĚ ƚŽ ďĞ ĐŽŵƉůĞƚĞĚ ĚƵƌŝŶŐ ƚŚĞ ŶĞdžƚ ĨŝǀĞ LJĞĂƌƐ ƚŽ ŝŵƉƌŽǀĞ ƚŚĞ ƋƵĂůŝƚLJ ŽĨ ůŝĨĞ ĨŽƌ Ăůů ĐŝƚŝnjĞŶƐ ĂŶĚ ƚŽ ŝŵƉƌŽǀĞ ƚŚĞ ƉƌĞƐĞŶƚ ƐĞƌǀŝĐĞ ĚĞůŝǀĞƌLJ ƐLJƐƚĞŵ͘ ƌĂŝŶĂŐĞ hƚŝůŝƚLJ ƉůĂŶƐ ĨŽƌ ƉƌŽũĞĐƚƐ ƐƵĐŚ ĂƐ ŝŶƐƚĂůůĂƚŝŽŶ ŽĨ ŶĞǁ ƐƚŽƌŵ ƐĞǁĞƌƐ͕ ƌĞƉĂŝƌ Žƌ ŝŵƉƌŽǀĞŵĞŶƚ ƚŽ ĞdžŝƐƚŝŶŐ ƐƚŽƌŵ ƐĞǁĞƌ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ ŶĞǁ ĐŽŶƐƚƌƵĐƚŝŽŶ͕ ĂŶĚ ǀĞŚŝĐůĞƐ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ƚŽ ĞdžƉĂŶĚ ƚŚĞ ƌĂŝŶĂŐĞ hƚŝůŝƚLJ ĨƵŶĐƚŝŽŶ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ƉƉƌŽǀĞĚ /W &ƵŶĚŝŶŐ

ϮϬϭϳͬϭϴ ĐƚƵĂů Ψϭ͕ϵϬϲ͕ϱϮϱ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ΨϮ͕ϰϮϱ͕ϬϬϬ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ Ψϭ͕ϮϱϬ͕ϬϬϬ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ ϯϮ Ͳ ϯϮ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ ϯϮ Ͳ ϯϮ

ƵƚŚŽƌŝnjĞĚ WŽƐŝƚŝŽŶƐ WĞƌŵĂŶĞŶƚ WŽƐŝƚŝŽŶƐ WĂƌƚͲƚŝŵĞ WŽƐŝƚŝŽŶƐ dŽƚĂů WŽƐŝƚŝŽŶƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϯϭ Ͳ ϯϭ

dŽƚĂů ƌĂŝŶĂŐĞ hƚŝůŝƚLJ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϱ͕ϱϭϱ͕ϵϰϱ

ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ ƌĂŝŶĂŐĞ hƚŝůŝƚLJ &ĞĞ DĂŝŶƚĞŶĂŶĐĞ ƌĂŝŶĂŐĞ /ŶĨƌĂƐƚƌƵĐƚƵƌĞͬDĂŝŶƚĞŶĂŶĐĞ ŶǀŝƌŽŶŵĞŶƚĂů DĂŝŶƚĞŶĂŶĐĞ ƌĂŝŶĂŐĞ ĂƉŝƚĂů /ŵƉƌŽǀĞŵĞŶƚ WůĂŶ

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ĐƚƵĂů ϮϬϭϳͬϮϬϭϴ

ƵĚŐĞƚĞĚ ϮϬϭϴͬϮϬϭϵ

ƵĚŐĞƚĞĚ ϮϬϭϵͬϮϬϮϬ

ϮϬϬ͕ϵϴϱ ϯϳϮ͕Ϭϴϵ ϵϳϬ͕ϱϯϳ ϰϲϯ͕ϳϵϯ Ϯ͕ϯϱϱ͕ϭϴϳ ϭ͕ϭϴϰ͕ϭϲϲ ϱ͕ϱϰϲ͕ϳϱϳ

Ͳ ϰϲϰ͕ϳϯϴ ϭ͕ϭϮϳ͕ϯϳϮ ϵϭϯ͕ϱϵϵ Ϯ͕ϴϲϰ͕Ϯϲϲ ϭ͕Ϯϴϱ͕ϵϲϮ ϲ͕ϲϱϱ͕ϵϯϳ

Ϭ ϱϰϭ͕ϲϱϳ ϭ͕Ϭϰϯ͕ϰϳϭ ϵϬϱ͕ϭϬϬ ϯ͕ϭϲϬ͕Ϭϳϰ ϭ͕ϰϴϯ͕ϭϱϰ ϳ͕ϭϯϯ͕ϰϱϲ

ϮϰϮϬ hƌďĂŶ dƌĂŶƐƉŽƌƚĂƚŝŽŶ WůĂŶ ĞǀĞůŽƉŵĞŶƚ ^ĞƌǀŝĐĞƐ ϮϰϮϬϬ hƌďĂŶ dƌĂŶƐƉŽƌƚĂƚŝŽŶ WůĂ ϮϰϮϬ hƌďĂŶ dƌĂŶƐƉŽƌƚĂƚŝŽŶ WůĂŶ

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ϰϯϵ͕ϱϭϮ ϰϯϵ͕ϱϭϮ

ϰϯϬ͕ϰϭϴ ϰϯϬ͕ϰϭϴ

ϱϮϬϬ tĂƚĞƌ Θ ^ĞǁĞƌ &ƵŶĚ ĞǀĞůŽƉŵĞŶƚ ^ĞƌǀŝĐĞƐ ϱϮϭϭϱ ĂƉŝƚĂů WƌŽũĞĐƚƐ Θ ĞǀĞů ϱϮϬϬ tĂƚĞƌ ĂŶĚ ^ĞǁĞƌ ^LJƐƚĞŵ &Ƶ

ϳϭϳ͕ϭϭϯ ϳϭϳ͕ϭϭϯ

ϭ͕ϯϬϴ͕ϳϬϴ ϭ͕ϯϬϴ͕ϳϬϴ

ϭ͕ϯϵϴ͕ϵϭϰ ϭ͕ϯϵϴ͕ϵϭϰ

ĞǀĞůŽƉŵĞŶƚ ^ĞƌǀŝĐĞƐ dŽƚĂů džƉĞŶĚŝƚƵƌĞƐ

ϲ͕ϱϳϭ͕ϲϯϬ

ϴ͕ϰϬϰ͕ϭϱϳ

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ϮϬϭϳͬϭϴ ĐƚƵĂů Ψ ϯϲϭ͕ϵϯϰ ϮϮ͕Ϭϭϴ Ϯϱ͕ϴϱϳ ϮϬ͕ϭϭϴ ;ϱϳ͕ϴϯϴͿ Ψ ϯϳϮ͕Ϭϴϵ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ Ψ ϰϴϴ͕ϰϰϳ ϭ͕ϮϱϬ ϲ͕ϬϯϬ ϭϬ͕ϵϯϮ ;ϰϭ͕ϵϮϭͿ Ψ ϰϲϰ͕ϳϯϴ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ ϱϵϭ͕ϭϱϳ ϳ͕ϮϱϬ ϱ͕ϮϯϬ ϭϭ͕ϲϯϴ ;ϳϯ͕ϲϭϴͿ Ψ ϱϰϭ͕ϲϱϳ

DŝƐƐŝŽŶ dŚĞ WƵďůŝĐ tŽƌŬƐ ĚĞƉĂƌƚŵĞŶƚ ĂŝŵƐ ƚŽ ĞŶŚĂŶĐĞ ƚŚĞ ƋƵĂůŝƚLJ ŽĨ ůŝĨĞ ĨŽƌ ŝƚƐ ƌĞƐŝĚĞŶƚƐ ĂŶĚ ǀŝƐŝƚŽƌƐ͕ ĂŶĚ ƚŽ ƉƌŽŵŽƚĞ ĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚ ĨŽƌ ŽƵƌ ĐŽŵŵƵŶŝƚLJ ďLJ ƐƚƌĂƚĞŐŝĐĂůůLJ ƉƌŽǀŝĚŝŶŐ ĂŶĚ ŵĂŝŶƚĂŝŶŝŶŐ ƉƵďůŝĐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĂŶĚ ŵƵŶŝĐŝƉĂů ƐĞƌǀŝĐĞƐ ŝŶ Ă ƌĞƐŝůŝĞŶƚ ŵĂŶŶĞƌ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ ƉƌŝŵĂƌLJ ĨƵŶĐƚŝŽŶ ŽĨ ƚŚĞ WƵďůŝĐ tŽƌŬƐ ĚĞƉĂƌƚŵĞŶƚ ŝƐ ƚŽ ƉƌŽǀŝĚĞ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ƐƵƉƉŽƌƚ ĂŶĚ ŵĂŶĂŐĞƌŝĂů ĚŝƌĞĐƚŝŽŶ ƚŽ ƚŚĞ ĨŝǀĞ ĚŝǀŝƐŝŽŶƐ ǁŝƚŚŝŶ ƚŚĞ WƵďůŝĐ tŽƌŬƐ ĚĞƉĂƌƚŵĞŶƚ͕ ǁŚŝĐŚ ĂƌĞ͗ ƌĂŝŶĂŐĞ hƚŝůŝƚLJ͕ &ůĞĞƚ ^ĞƌǀŝĐĞƐ͕ ^ŽůŝĚ tĂƐƚĞ ŽůůĞĐƚŝŽŶ Θ ŝƐƉŽƐĂů͕ ^ƚƌĞĞƚƐ ^ĞƌǀŝĐĞƐ͕ ĂŶĚ dƌĂĨĨŝĐ͘ dŚĞ WƵďůŝĐ tŽƌŬƐ ĚĞƉĂƌƚŵĞŶƚ ƉƌŽǀŝĚĞƐ ĐŽŽƌĚŝŶĂƚŝŽŶ͕ ŽƉĞƌĂƚŝŽŶĂů ĚŝƌĞĐƚŝŽŶ͕ ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ƐƵƉƉŽƌƚ ƚŽ ƚŚĞƐĞ ĚŝǀŝƐŝŽŶƐ͘ dŚĞƐĞ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ŝŶĐůƵĚĞ ƐƚƌĂƚĞŐŝĐ ƉůĂŶŶŝŶŐ͕ ƉƌŽŐƌĂŵ ĐŽŽƌĚŝŶĂƚŝŽŶ͕ ĐŽŶƚƌĂĐƚ ŵĂŶĂŐĞŵĞŶƚ͕ ƋƵĂůŝƚLJ͕ ƐĂĨĞƚLJ ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚĂů ƐLJƐƚĞŵƐ͕ ĐŽŵŵƵŶŝƚLJ ŽƵƚƌĞĂĐŚ͕ ĂŶĚ ďƵĚŐĞƚ ŵĂŶĂŐĞŵĞŶƚ͘ dŚĞƐĞ ĨƵŶĐƚŝŽŶƐ ĂƌĞ ĂĐĐŽŵƉůŝƐŚĞĚ ƚŚƌŽƵŐŚ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ͛Ɛ ƐŝŶŐƵůĂƌ ƉƌŽŐƌĂŵ ŽĨ ĚŵŝŶŝƐƚƌĂƚŝŽŶ Θ ^ƵƉƉŽƌƚ ^ĞƌǀŝĐĞƐ͘

WƌŽŐƌĂŵƐ ŝǀŝƐŝŽŶ ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϱϰϭ͕ϲϱϳ WƌŽǀŝĚĞ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ŽǀĞƌƐŝŐŚƚ ƚŽ ƚŚĞ ĚŝǀŝƐŝŽŶƐ ŽĨ ƌĂŝŶĂŐĞ hƚŝůŝƚLJ͕ &ůĞĞƚ ^ĞƌǀŝĐĞƐ͕ ^ŽůŝĚ tĂƐƚĞ ŽůůĞĐƚŝŽŶ Θ ŝƐƉŽƐĂů͕ ^ƚƌĞĞƚƐ ^ĞƌǀŝĐĞƐ͕ ĂŶĚ dƌĂĨĨŝĐ͘

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ϮϬϭϳͬϭϴ ĐƚƵĂů ϯϵϲ Ψϱϴ͘ϯ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϯϵϴ ΨϳϮ͘ϳ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϰϬϰ Ψϲϰ͘ϯ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϰ Ͳ ϰ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ ϰ Ͳ ϰ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ ϱ Ͳ ϱ

ƵƚŚŽƌŝnjĞĚ WŽƐŝƚŝŽŶƐ WĞƌŵĂŶĞŶƚ WŽƐŝƚŝŽŶƐ WĂƌƚͲƚŝŵĞ WŽƐŝƚŝŽŶƐ dŽƚĂů WŽƐŝƚŝŽŶƐ

dŽƚĂů WƵďůŝĐ tŽƌŬƐ ĞƉĂƌƚŵĞŶƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϱϰϭ͕ϲϱϳ

ŝǀŝƐŝŽŶ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ ^ƵƉƉŽƌƚ

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ϮϬϭϳͬϭϴ ĐƚƵĂů Ψ Ϯ͕Ϭϳϭ͕ϰϳϬ ϴϮ͕ϵϱϲ ϮϰϬ͕ϯϭϴ Ϯϭ͕Ϭϴϱ ;ϳϮϴ͕ϭϳϵͿ Ψ ϭ͕ϲϴϳ͕ϲϱϬ

ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ ƵĚŐĞƚĞĚ Ψ Ϯ͕ϱϳϯ͕ϱϮϵ Ψ Ϯ͕ϱϲϯ͕ϬϯϮ ϭϭϵ͕ϳϱϬ ϭϭϵ͕ϳϱϬ Ϯϵϭ͕ϳϴϭ Ϯϱϯ͕ϭϭϵ ϱϭ͕ϬϮϬ ϭϬϲ͕ϰϴϰ ;ϲϬϬ͕ϬϬϬͿ ;ϲϬϬ͕ϬϬϬͿ Ψ Ϯ͕ϰϯϲ͕ϬϴϬ Ψ Ϯ͕ϰϰϮ͕ϯϴϱ

DŝƐƐŝŽŶ dŚĞ ĂƉŝƚĂů WƌŽũĞĐƚƐ ĂŶĚ ĞǀĞůŽƉŵĞŶƚ ; WΘ Ϳ ŶŐŝŶĞĞƌŝŶŐ ĚĞƉĂƌƚŵĞŶƚ͛Ɛ ŵŝƐƐŝŽŶ ŝƐ ƚŽ ĨĂĐŝůŝƚĂƚĞ ƐĂĨĞ͕ ǁĞůůͲƉůĂŶŶĞĚ ĐŽŵŵƵŶŝƚLJ ŝŵƉƌŽǀĞŵĞŶƚƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ĂĐƚƐ ǁŝƚŚ ŝŶƚĞŐƌŝƚLJ͕ ĂĐĐŽƵŶƚĂďŝůŝƚLJ ĂŶĚ ƚƌĂŶƐƉĂƌĞŶĐLJ ƚŽ ƉƌŽǀŝĚĞ ƚŚĞ ŚŝŐŚĞƐƚ ůĞǀĞů ŽĨ ƐĞƌǀŝĐĞ ĨŽƌ ĂŶ ŝŵƉƌŽǀĞĚ ŽǀĞƌĂůů ŝƚLJ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ WΘ ŶŐŝŶĞĞƌŝŶŐ ŝƐ Ă ĨƵůů ƐĞƌǀŝĐĞ ĚĞƉĂƌƚŵĞŶƚ ŵĂĚĞ ƵƉ ŽĨ Ă ƚĞĂŵ ŽĨ ƉƌŽĨĞƐƐŝŽŶĂůƐ ŝŶ ƚŚĞ ĨŝĞůĚƐ ŽĨ ƐƵƌǀĞLJŝŶŐ͕ ĚƌĂĨƚŝŶŐ͕ '/^͕ ƉƌŽũĞĐƚ ŵĂŶĂŐĞŵĞŶƚ͕ ĐŽŶƐƚƌƵĐƚŝŽŶ ŝŶƐƉĞĐƚŝŽŶ͕ ĞŶŐŝŶĞĞƌŝŶŐ͕ ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ŝƐ ĐŽŵŵŝƚƚĞĚ ƚŽ ƚŚĞ ƐƚƌĂƚĞŐŝĐ ŽďũĞĐƚŝǀĞƐ ŝŶ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ͛Ɛ sŝƐŝŽŶ ĨŽƌ ƚŚĞ &ƵƚƵƌĞ ǀŝĂ ƚŚĞ ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ ĂƐ ĞĂĐŚ ŝŶŝƚŝĂƚŝǀĞ ŝƐ ĐŽŶƐŝĚĞƌĞĚ ĂƐ ƉĂƌƚ ŽĨ ƚŚĞ ĚĂŝůLJ ǁŽƌŬ ŽĨ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ͘ dŚĞ WΘ ŶŐŝŶĞĞƌŝŶŐ ĚĞƉĂƌƚŵĞŶƚ ŝƐ ĐŽŵŵŝƚƚĞĚ ƚŽ ƉƌŽǀŝĚŝŶŐ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ ƚŽ ƚŚĞ ĐŝƚŝnjĞŶƐ ŽĨ ŵĂƌŝůůŽ͕ ĞŶŐŝŶĞĞƌŝŶŐ ƐĞƌǀŝĐĞƐ ƚŽ ŽƚŚĞƌ ŝƚLJ ĚŝǀŝƐŝŽŶƐ ĂŶĚ ĚĞƉĂƌƚŵĞŶƚƐ͕ ĂŶĚ ƚŽ ƉƌŽǀŝĚĞ ƌĞŐƵůĂƚŽƌLJ ŽǀĞƌƐŝŐŚƚ ƚŽ ƉƌŝǀĂƚĞ ĚĞǀĞůŽƉŵĞŶƚ ŝŶ ŽƌĚĞƌ ƚŽ ĂĐŚŝĞǀĞ ƚŚĞ ŽďũĞĐƚŝǀĞƐ ŽĨ ƚŚĞ ŝƚLJ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ĐŽŵŵŝƚƐ ƚŽ ƚŚĞ ŚĞĂůƚŚ͕ WƵďůŝĐ ^ĂĨĞƚLJ͕ ĂŶĚ ǁĞůĨĂƌĞ ŽĨ ƚŚĞ ŐĞŶĞƌĂů ƉŽƉƵůĂƚŝŽŶ ďLJ ĞŶƐƵƌŝŶŐ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ůĂǁƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ ŐŽǀĞƌŶŝŶŐ ƚŚĞ ĚĞƐŝŐŶ ĂŶĚ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ƉƵďůŝĐ ĚƌŝŶŬŝŶŐ ǁĂƚĞƌ ƉƌŽĚƵĐƚŝŽŶ ĂŶĚ ƐƵƉƉůLJ ƐLJƐƚĞŵƐ͖ ƉƵďůŝĐ ǁĂƐƚĞǁĂƚĞƌ ĐŽůůĞĐƚŝŽŶ͕ ƚƌĞĂƚŵĞŶƚ͕ ĂŶĚ ĚŝƐƉŽƐĂů ƐLJƐƚĞŵƐ͖ ƉƵďůŝĐ ƐƚŽƌŵ ǁĂƚĞƌ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͖ ƉƵďůŝĐ ƐŽůŝĚ ǁĂƐƚĞ ĚŝƐƉŽƐĂů ƐLJƐƚĞŵƐ͖ ĂŶĚ ƚŚĞ ƉƵďůŝĐ ƌŝŐŚƚͲŽĨͲǁĂLJ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ĐŽŶƚƌŝďƵƚĞƐ ƚŽ ƚŚĞ ŽǀĞƌĂůů ĞĨĨŽƌƚƐ ŽĨ ƚŚĞ ŝƚLJ͛Ɛ ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ ĂŶĚ ZĞĚĞǀĞůŽƉŵĞŶƚ ŝŶŝƚŝĂƚŝǀĞ ĂƐ ǁĞůů ĂƐ ƚŚĞ ŝǀŝĐ WƌŝĚĞ ŝŶŝƚŝĂƚŝǀĞ ďLJ ƉůĂŶŶŝŶŐ͕ ĚĞƐŝŐŶŝŶŐ͕ ĂŶĚ ĐŽŶƐƚƌƵĐƚŝŶŐ ƉƌŽũĞĐƚƐ ƐƵĐŚ ĂƐ ƚŚĞ EŽƌƚŚ ,ĞŝŐŚƚƐ EĞŝŐŚďŽƌŚŽŽĚ WůĂŶ͕ ŶŶƵĂů ƌƚĞƌŝĂů ZĞĐŽŶƐƚƌƵĐƚŝŽŶ͕ ŶŶƵĂů ^ŝĚĞǁĂůŬ ZĞƉůĂĐĞŵĞŶƚ͕ ϮͲŝŶĐŚ tĂƚĞƌ DĂŝŶ ZĞƉůĂĐĞŵĞŶƚ͕ ĂŶĚ ^ĞǁĞƌ DĂŝŶ WŝƉĞ ƵƌƐƚŝŶŐ͘ WΘ ŶŐŝŶĞĞƌŝŶŐ ĞŵďŽĚŝĞƐ ƚŚĞ &ŝƐĐĂů ZĞƐƉŽŶƐŝďŝůŝƚLJ ŝŶŝƚŝĂƚŝǀĞ ďLJ ŝŶŝƚŝĂƚŝŶŐ ĂŶĚ ĞǀĂůƵĂƚŝŶŐ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ Ă ŵƵůƚŝͲLJĞĂƌ ĐŝƚLJǁŝĚĞ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƉůĂŶ ƚŚĞ ŽŵŵƵŶŝƚLJ /ŶǀĞƐƚŵĞŶƚ WƌŽŐƌĂŵ ; /WͿ͘ dŚĞ /W ĨŽĐƵƐĞƐ ŽŶ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƉůĂŶŶŝŶŐ͕ ĚĞƐŝŐŶ͕ ĂŶĚ ĐŽŶƐƚƌƵĐƚŝŽŶ ƵƚŝůŝnjŝŶŐ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ͘ dŚĂƚ ƉůĂŶ ŝŶĐůƵĚĞƐ ĐŽůůĞĐƚŝŶŐ ĂŶĚ ĞǀĂůƵĂƚŝŶŐ ƐƚĂƚŝƐƚŝĐĂů ĚĂƚĂ ĂŶĚ ŵĂŝŶƚĂŝŶŝŶŐ ůŝĐĞŶƐĞĚ ĂŶĚ ĐĞƌƚŝĨŝĞĚ ĚĞƐŝŐŶ ĂŶĚ ƉƌŽũĞĐƚ ŵĂŶĂŐĞŵĞŶƚ

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ƐƚĂĨĨ ƚŽ ŵĂŬĞ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ŽŶ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ͕ ĞdžƉĂŶƐŝŽŶ͕ ĂŶĚ ĨƵŶĚŝŶŐ ŽĨ ƚŚĞ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ŶĞĞĚƐ ŽĨ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͘ WΘ ŶŐŝŶĞĞƌŝŶŐ ƐƚƌŝǀĞƐ ĨŽƌ džĐĞůůĞŶĐĞ ŝŶ ŽŵŵƵŶŝĐĂƚŝŽŶ ǁŝƚŚ ƚŚĞ ƉƵďůŝĐ͕ ĐŽŶƚƌĂĐƚŽƌƐ͕ ĂŶĚ ƉƌŝǀĂƚĞ ĚĞǀĞůŽƉŵĞŶƚ ƉĂƌƚŶĞƌƐ͘ WΘ ŶŐŝŶĞĞƌŝŶŐ ŝƐ ĚĞĚŝĐĂƚĞĚ ƚŽ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ ďLJ ƉƌŽǀŝĚŝŶŐ Ă ƐĂĨĞ ǁŽƌŬ ĞŶǀŝƌŽŶŵĞŶƚ ƚŚĂƚ ĞŶĐŽƵƌĂŐĞƐ ƚŚĞ ŐƌŽǁƚŚ ŽĨ ůŽLJĂů ĞŵƉůŽLJĞĞƐ ǁŚŽ ƌĞƐƉĞĐƚ ĞĂĐŚ ŽƚŚĞƌ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ŚŽůĚƐ ƚŽ ƚŚĞ ŚŝŐŚĞƐƚ ĞƚŚŝĐĂů ƐƚĂŶĚĂƌĚƐ ĂŶĚ ƉĞƌĨŽƌŵƐ ŝŶ ǁĂLJƐ ƚŚĂƚ ĞĂƌŶ ƚŚĞ ƚƌƵƐƚ ŽĨ ŽƚŚĞƌƐ ďLJ ĂĐŬŶŽǁůĞĚŐŝŶŐ ƚŚĂƚ ĚĞĐŝƐŝŽŶƐ ĂĨĨĞĐƚ Ăůů ƌĞƐŝĚĞŶƚƐ ŽĨ ŵĂƌŝůůŽ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ǁĂƐ ĐƌĞĂƚĞĚ ŝŶ ƚŚĞ ϮϬϭϱͬϮϬϭϲ ĨŝƐĐĂů LJĞĂƌ ďLJ ĐŽŵďŝŶŝŶŐ ƚŚĞ ĞŶŐŝŶĞĞƌŝŶŐ ĨƵŶĐƚŝŽŶƐ ĨƌŽŵ ŝƌĞĐƚŽƌ ŽĨ hƚŝůŝƚŝĞƐ ĚĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞ ŶŐŝŶĞĞƌŝŶŐ ĚĞƉĂƌƚŵĞŶƚ͘

WƌŽŐƌĂŵƐ ĂƉŝƚĂů ĞƉĂƌƚŵĞŶƚ ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϱϲϯ͕ϲϮϳ WƌŽǀŝĚĞƐ ŽǀĞƌƐŝŐŚƚ ĂŶĚ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƚŚĞ ĚĞƐŝŐŶ ĂŶĚ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ĐĂƉŝƚĂů ƉƌŽũĞĐƚƐ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĨŽƌ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ĂŶĚ ŝƚƐ ĞdžƚƌĂƚĞƌƌŝƚŽƌŝĂů ũƵƌŝƐĚŝĐƚŝŽŶ ; d:Ϳ͘ dŚŝƐ ƉƌŽŐƌĂŵ ĞŶƐƵƌĞƐ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ĂƌĞ ďĞŝŶŐ ƵƐĞĚ ŝŶ ƚŚĞ ĚĞƐŝŐŶ ƉƌŽĐĞƐƐ ĂŶĚ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ƉƵďůŝĐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ WĞƌĨŽƌŵĂŶĐĞ ŵĞĂƐƵƌĞƐ ŝŶĐůƵĚĞ ŵĞĞƚŝŶŐ ĐŽŶƚƌĂĐƚƵĂů ƉƌŽĐĞƐƐŝŶŐ ƚŝŵĞƐ ĨŽƌ ƉƌŽũĞĐƚ ƉĂLJŵĞŶƚƐ͕ ĐŚĂŶŐĞͲŽƌĚĞƌƐ ĂŶĚ ƉƌŽũĞĐƚ ĂĐĐĞƉƚĂŶĐĞ ůĞƚƚĞƌƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ŽůůĂƌ sĂůƵĞ ŽĨ ĂƉŝƚĂů WƌŽũĞĐƚƐ ĐĐĞƉƚĞĚ Ψϴ͕ϰϳϳ͕ϱϬϭ ΨϯϬ͕ϬϬϬ͕ϬϬϬ Ψϲϱ͕ϬϬϬ͕ϬϬϬ ŽůůĂƌ sĂůƵĞ ŽĨ ĂƉŝƚĂů WƌŽũĞĐƚƐ ƵĚŐĞƚĞĚ Ψϰϯ͕ϰϳϮ͕ϲϴϭ Ψϰϲ͕Ϯϱϰ͕ϳϱϱ Ψϲϯ͕ϲϱϮ͕ϳϱϴ ŽůůĂƌ sĂůƵĞ ŽĨ ĞǀĞůŽƉŵĞŶƚ WƌŽũĞĐƚƐ ΨϯϬ͕ϴϰϳ͕ϬϳϮ ΨϲϬ͕ϬϬϬ͕ϬϬϬ ΨϱϬ͕ϬϬϬ͕ϬϬϬ ĂƉŝƚĂůŝnjĞĚ EƵŵďĞƌ ŽĨ ŶŐŝŶĞĞƌŝŶŐ ŽŶƐƵůƚĂŶƚ ŽŶƚƌĂĐƚƐ ϭϮ ϭϲ ϭϴ ĚŵŝŶŝƐƚĞƌĞĚ Ύ/ŶĨŽƌŵĂƚŝŽŶ ŶŽƚ ĂǀĂŝůĂďůĞ

ĂƉŝƚĂů WƌŽũĞĐƚ WůĂŶŶŝŶŐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϲϮ͕ϲϮϱ WƌŽǀŝĚĞƐ ŽƚŚĞƌ ĚĞƉĂƌƚŵĞŶƚƐ ǁŝƚŚ ůŽŶŐͲƚĞƌŵ ƉůĂŶŶŝŶŐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ /W ƉƌŽũĞĐƚƐ͕ ŝŶĐůƵĚŝŶŐ ďƵĚŐĞƚŝŶŐ͘ WƌŽǀŝĚĞƐ ŐƵŝĚĂŶĐĞ ĂŶĚ ĞdžƉĞƌƚŝƐĞ ƌĞůĂƚĞĚ ƚŽ ĞǀĂůƵĂƚŝŶŐ ƉƌŽũĞĐƚƐ ĨŽƌ ĐŽŶĨŽƌŵĂŶĐĞ ƚŽ Ă ůŽŶŐͲƚĞƌŵ ƉůĂŶ ĨŽƌ ŝƚLJ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ ĂŶĚ ZĞĚĞǀĞůŽƉŵĞŶƚ͕ ŝǀŝĐ WƌŝĚĞ ŝŶĐůƵĚŝŶŐ ĐŽŵŵƵŶŝƚLJ ĂƉƉĞĂƌĂŶĐĞ͕ ĂŶĚ ĚŝƐĂĚǀĂŶƚĂŐĞĚ ĂƌĞĂƐ ŽĨ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͕ ĂŶĚ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ŶĞƚǁŽƌŬ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ƐƚŝŵĂƚĞĚ ƐƚŝŵĂƚĞĚ ĂƉŝƚĂů /ŵƉƌŽǀĞŵĞŶƚ WƌŽũĞĐƚƐ EƵŵďĞƌ ŽĨ ŽůůĂƌ sĂůƵĞ ŽĨ WƌŽũĞĐƚƐ WƌŽũĞĐƚƐ ϮϬϭϵͬϮϬϮϬ ĂƉŝƚĂů WƌŽũĞĐƚƐ WƌŽƉŽƐĞĚ ϲϳ ΨϭϬϬ͕ϴϵϱ͕Ϭϴϳ ϱ LJĞĂƌ ĂƉŝƚĂů WƌŽũĞĐƚƐ WƌŽƉŽƐĞĚ Ύ Ύ Ύ/ŶĨŽƌŵĂƚŝŽŶ ŶŽƚ ĂǀĂŝůĂďůĞ

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ĂƉŝƚĂů WƌŽũĞĐƚ ĞƐŝŐŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϴϳϲ͕ϳϱϰ WƌŽǀŝĚĞƐ ŽƚŚĞƌ ĚĞƉĂƌƚŵĞŶƚƐ ǁŝƚŚ ĚĞƐŝŐŶ ĂŶĚ ďŝĚĚŝŶŐ ƉŚĂƐĞ ƐĞƌǀŝĐĞƐ ĨŽƌ ĐĂƉŝƚĂů ƉƌŽũĞĐƚƐ͕ ŝŶĐůƵĚŝŶŐ ůĂŶĚ ĂĐƋƵŝƐŝƚŝŽŶ͕ ƚŚĞ ƉƌŽĚƵĐƚŝŽŶ ŽĨ ƚĞĐŚŶŝĐĂů ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ ƉůĂŶƐ͕ ĚĞƚĂŝůĞĚ ĞƐƚŝŵĂƚĞƐ͕ ĂŶĚ ĐŽŶƚƌĂĐƚ ĚŽĐƵŵĞŶƚƐ͘ hƚŝůŝnjĞƐ &ŝƐĐĂů ZĞƐƉŽŶƐŝďŝůŝƚLJ ƚŽ ĚĞƐŝŐŶ ůĂƐƚŝŶŐ ĂŶĚ ƵƐĞĨƵů ƉƌŽũĞĐƚƐ ƚŚĂƚ ƐƵƉƉŽƌƚ ƚŚĞ ƉƌŝŽƌŝƚŝĞƐ ŽĨ ƚŚĞ ŝƚLJ ĨŽƌ ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ ĂŶĚ ZĞĚĞǀĞůŽƉŵĞŶƚ͕ ŝǀŝĐ WƌŝĚĞ ŝŶĐůƵĚŝŶŐ ĐŽŵŵƵŶŝƚLJ ĂƉƉĞĂƌĂŶĐĞ͕ ĂŶĚ ĚŝƐĂĚǀĂŶƚĂŐĞĚ ĂƌĞĂƐ ŽĨ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͕ WƵďůŝĐ ^ĂĨĞƚLJ͕ ĂŶĚ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ŶĞƚǁŽƌŬ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ dŽƚĂů >ĞŶŐƚŚ ŽĨ ƌƚĞƌŝĂů ĞƐŝŐŶĞĚ ;>ĂŶĞ ϱ͘ϱ ϱ ϯϯ DŝůĞƐͿ ŽůůĂƌ sĂůƵĞ ŽĨ ƌƚĞƌŝĂů ĞƐŝŐŶĞĚ Ψϯ͕ϬϬϬ͕ϬϬϬ Ψϯ͕ϬϬϬ͕ϬϬϬ Ψϭϵ͕ϱϬϬ͕ϬϬϬ dŽƚĂů >ĞŶŐƚŚ ŽĨ ƌƚĞƌŝĂů KǀĞƌůĂLJ ĞƐŝŐŶĞĚ ϭϰ ϳ͘ϴ ϭϱ ;>ĂŶĞ DŝůĞƐͿ dŽƚĂů >ĞŶŐƚŚ ŽĨ ^ƚŽƌŵ ^ĞǁĞƌ DĂŝŶ ĞƐŝŐŶĞĚ ϰ ϭ ϱ͘ϰ ;DŝůĞƐͿ ŽůůĂƌ sĂůƵĞ ŽĨ ^ƚŽƌŵ ^ĞǁĞƌ DĂŝŶ ĞƐŝŐŶĞĚ Ψϭ͕ϭϬϬ͕ϬϬϬ Ψϭ͕ϮϬϬ͕ϬϬϬ Ψϳ͕ϴϬϬ͕ϬϬϬ dŽƚĂů >ĞŶŐƚŚ ŽĨ tĂƚĞƌ DĂŝŶ ĞƐŝŐŶĞĚ ;DŝůĞƐͿ ϲ͘ϱ ϭϮ ϳ ŽůůĂƌ sĂůƵĞ ŽĨ tĂƚĞƌ DĂŝŶ ĞƐŝŐŶĞĚ Ψϰ͕ϵϬϬ͕ϬϬϬ Ψϰ͕ϴϳϭ͕ϵϱϲ Ψϰ͕ϱϬϬ͕ϬϬϬ dŽƚĂů >ĞŶŐƚŚ ŽĨ ^ĞǁĞƌ DĂŝŶ ĞƐŝŐŶĞĚ ;DŝůĞƐͿ ϵ ϲ ϭϱ ŽůůĂƌ sĂůƵĞ ŽĨ ^ĞǁĞƌ DĂŝŶ ĞƐŝŐŶĞĚ Ψϭϯ͕ϬϬϬ͕ϬϬϬ Ψϴ͕ϱϬϬ͕ϬϬϬ ΨϯϮ͕ϬϬϬ͕ϬϬϬ ŽůůĂƌ sĂůƵĞ ŽĨ 'ĞŶĞƌĂů ŽŶƐƚƌƵĐƚŝŽŶ ĞƐŝŐŶ ŝŶĐůƵĚŝŶŐ ^ƚƌĞĞƚ /ŵƉƌŽǀĞŵĞŶƚƐ͕ Ψϵ͕ϱϬϬ͕ϬϬϬ Ψϭϭ͕ϬϬϬ͕ϬϬϬ ΨϭϮ͕ϬϬϬ͕ϬϬϬ ͬ^ŝĚĞǁĂůŬ /ŵƉƌŽǀĞŵĞŶƚƐ͕ ƵƐ ^ƚŽƉƐ͕ ĂŶĚ DŝƐĐ͘ WƌŽũĞĐƚƐ͘ η ŽĨ ^ƵƌǀĞLJƐ ŽŵƉůĞƚĞĚ ϭϱϱ ϭϱϬ ϭϲϬ

ĂƉŝƚĂů WƌŽũĞĐƚ ŽŶƐƚƌƵĐƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϱϲϯ͕ϲϮϳ WƌŽǀŝĚĞƐ ĐŽŶƐƚƌƵĐƚŝŽŶ ƉŚĂƐĞ ƐĞƌǀŝĐĞƐ ƚŽ ŽƚŚĞƌ ĚĞƉĂƌƚŵĞŶƚƐ ĨŽƌ ƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ĐĂƉŝƚĂů ƉƌŽũĞĐƚƐ ŝŶĐůƵĚŝŶŐ ƉƌŽũĞĐƚ ŵĂŶĂŐĞŵĞŶƚ͕ ƉĂLJŵĞŶƚ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶ͕ ĨŝĞůĚ ŝŶƐƉĞĐƚŝŽŶ͕ ĂŶĚ ƉƌŽũĞĐƚ ƚĞƐƚŝŶŐ͘ hƚŝůŝnjĞƐ &ŝƐĐĂů ZĞƐƉŽŶƐŝďŝůŝƚLJ ƚŽ ĐŽŶƐƚƌƵĐƚ ůĂƐƚŝŶŐ ĂŶĚ ƵƐĞĨƵů ƉƌŽũĞĐƚƐ ƚŚĂƚ ƐƵƉƉŽƌƚ ƚŚĞ ƉƌŝŽƌŝƚŝĞƐ ŽĨ ƚŚĞ ŝƚLJ ĨŽƌ ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ ĂŶĚ ZĞĚĞǀĞůŽƉŵĞŶƚ͕ ŝǀŝĐ WƌŝĚĞ ŝŶĐůƵĚŝŶŐ ĐŽŵŵƵŶŝƚLJ ĂƉƉĞĂƌĂŶĐĞ͕ ĂŶĚ ĚŝƐĂĚǀĂŶƚĂŐĞĚ ĂƌĞĂƐ ŽĨ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͕ WƵďůŝĐ ^ĂĨĞƚLJ͕ ĂŶĚ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ŶĞƚǁŽƌŬ͘ DĂŝŶƚĂŝŶƐ Ă ^ĂĨĞ ǁŽƌŬ ĞŶǀŝƌŽŶŵĞŶƚ ŽŶ ƉƌŽũĞĐƚƐ ĨŽƌ ŝƚLJ ƐƚĂĨĨ͕ ĐŽŶƚƌĂĐƚŽƌƐ͕ ĂŶĚ ƚŚĞ ƉƵďůŝĐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ dŽƚĂů >ĞŶŐƚŚ ŽĨ ƌƚĞƌŝĂů ŽŶƐƚƌƵĐƚĞĚ ;>ĂŶĞ DŝůĞƐͿ dŽƚĂů >ĞŶŐƚŚ ŽĨ ZĞƐŝĚĞŶƚŝĂů ^ƚƌĞĞƚƐ ŽŶƐƚƌƵĐƚĞĚ ;DŝůĞƐͿ

427

ϮϬϭϳͬϭϴ ĐƚƵĂů ϱ͘ϱ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϱ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ Ϯϯ

ϱ͘ϲ

ϰ

ϱ

dŽƚĂů >ĞŶŐƚŚ ŽĨ ƌƚĞƌŝĂů KǀĞƌůĂLJĞĚ ;>ĂŶĞ DŝůĞƐͿ dŽƚĂů >ĞŶŐƚŚ ŽĨ ^ƚŽƌŵƐĞǁĞƌ ŽŶƐƚƌƵĐƚĞĚ ;DŝůĞƐͿ dŽƚĂů >ĞŶŐƚŚ ŽĨ tĂƚĞƌ DĂŝŶ ŽŶƐƚƌƵĐƚĞĚ ;DŝůĞƐͿ dŽƚĂů >ĞŶŐƚŚ ŽĨ ^ĞǁĞƌ DĂŝŶ ŽŶƐƚƌƵĐƚĞĚ ;DŝůĞƐͿ dŽƚĂů EƵŵďĞƌ ŽĨ 'ĞŶĞƌĂů ŽŶƐƚƌƵĐƚŝŽŶ WƌŽũĞĐƚƐ ŽŶƐƚƌƵĐƚĞĚ ŝŶĐůƵĚŝŶŐ ^ƚƌĞĞƚ /ŵƉƌŽǀĞŵĞŶƚƐ͕ ͬ^ŝĚĞǁĂůŬ /ŵƉƌŽǀĞŵĞŶƚƐ͕ ƵƐ ^ƚŽƉƐ͕ ĂŶĚ DŝƐĐ͘ WƌŽũĞĐƚƐ͘

ϭϰ Ϯ͘ϳ ϭϮ͘ϴ ϴ

ϳ͘ϴ ϭ͘ϱ ϵ͘ϱ ϵ

ϭϱ Ϯ ϭϮ ϭϰ

ϱ

ϵ

ϲ

ĞǀĞůŽƉŵĞŶƚ ^ĞƌǀŝĐĞƐ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϭϮϱ͕Ϯϱϭ WƌŽǀŝĚĞƐ ƚŚĞ ƉƵďůŝĐ ǁŝƚŚ ƐĞƌǀŝĐĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƉůĂŶŶŝŶŐ ĨŽƌ͕ ĞƐƚĂďůŝƐŚŝŶŐ͕ ĂŶĚ ĞŶĨŽƌĐŝŶŐ ĂƉƉůŝĐĂďůĞ ůĂǁƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ ĨŽƌ ƚŚĞ ĚĞƐŝŐŶ ĂŶĚ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ƉƵďůŝĐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ďLJ ƉƌŝǀĂƚĞ ĚĞǀĞůŽƉŵĞŶƚ͘ dŚŝƐ ƉƌŽĐĞƐƐ ŝŶĐůƵĚĞƐ ŵĂŝŶƚĂŝŶŝŶŐ ƚŚĞ ƚĞĐŚŶŝĐĂů ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ ĨŽƌ ƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ƉƵďůŝĐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ ĨůŽŽĚ ƉůĂŝŶ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ ĐŽŶƚƌĂĐƚ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ ƌĞǀŝĞǁ ŽĨ ƚĞĐŚŶŝĐĂů ĚŽĐƵŵĞŶƚƐ͕ ƉƌŽũĞĐƚ ŝŶƐƉĞĐƚŝŽŶ͕ ĂŶĚ ƉƌŽũĞĐƚ ƚĞƐƚŝŶŐ ĨŽƌ &ŝƐĐĂů ZĞƐƉŽŶƐŝďŝůŝƚLJ ĂŶĚ WƵďůŝĐ ^ĂĨĞƚLJ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ dŽƚĂů EƵŵďĞƌ ŽĨ ĞǀĞůŽƉŵĞŶƚ ŽŶƐƚƌƵĐƚŝŽŶ ϰϭ ϯϯ ϯϱ WůĂŶƐ ZĞǀŝĞǁĞĚ й ZĞǀŝĞǁĞĚ ŽŶ dŝŵĞ ϵϴй ϵϰй ϵϰй dŽƚĂů EƵŵďĞƌ ŽĨ ĞǀĞůŽƉŵĞŶƚ ƌĂŝŶĂŐĞ Ϯϵ ϭϱ ϮϬ ZĞƉŽƌƚƐ ZĞǀŝĞǁĞĚ й ZĞǀŝĞǁĞĚ ŽŶ dŝŵĞ ϵϱй ϵϯй ϵϱй

ZŝŐŚƚ KĨ tĂLJ ;ZKtͿ DĂŶĂŐĞŵĞŶƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϱϬ͕ϱϬϭ WƌŽǀŝĚĞƐ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƚŚĞ ƉƵďůŝĐ ZKt͕ ǁŚŝĐŚ ŝŶĐůƵĚĞƐ ĂĐƋƵŝƌŝŶŐ ŶĞĞĚĞĚ ZKt͕ ŵĂƉƉŝŶŐ ĞdžŝƐƚŝŶŐ ĂŶĚ ƉƌŽƉŽƐĞĚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ ĂŶĚ ƉůĂŶŶŝŶŐ ĨŽƌ ĂŶĚ ƉĞƌŵŝƚƚŝŶŐ ĐŽŶƐƚƌƵĐƚŝŽŶ ŝŶ ƚŚĞ ƉƵďůŝĐ ZKt͘ hƚŝůŝnjĞƐ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ďLJ ĐŽůůĞĐƚŝŶŐ ĚĂƚĂ ŽŶ ƚŚĞ ƵƐĞ ŽĨ ƚŚĞ ƉƵďůŝĐ ZKt ƚŽ ĚĞǀĞůŽƉ ĂŶĚ ĞŶĨŽƌĐĞ &ŝƐĐĂůůLJ ZĞƐƉŽŶƐŝďůĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ŵĞƚŚŽĚƐ͕ ŬĞĞƉ ƚŚĞ ƉƵďůŝĐ ŝŶĨŽƌŵĞĚ͕ ĨĂĐŝůŝƚĂƚĞ WƵďůŝĐ ^ĂĨĞƚLJ͕ ĂŶĚ ƉůĂŶŶŝŶŐ ĨŽƌ ƚŚĞ ĨƵƚƵƌĞ ŽĨ ƉƵďůŝĐ ZKt͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ dŽƚĂů EƵŵďĞƌ ŽĨ ZKt WĞƌŵŝƚƐ /ƐƐƵĞĚ ϯϬϮ ϰϳϬ ϰϱϬ dŽƚĂů EƵŵďĞƌ ŽĨ ZKt WĞƌŵŝƚƐ ůŽƐĞĚ ϭϱϱ Ϯϱϲ ϯϱϬ dŽƚĂů EƵŵďĞƌ ŽĨ ŽŶƐƚƌƵĐƚŝŽŶ ĂƐĞŵĞŶƚƐ ϰ ϴ ϮϬ dŽƚĂů EƵŵďĞƌ ŽĨ ZKt >ŽĐĂƚĞ ZĞƋƵĞƐƚƐ ϰ͕ϭϲϭ ϰ͕ϰϬϰ ϰ͕ϱϬϬ

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^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ WůĂŶŶŝŶŐ͗ dŚĞ WůĂŶŶŝŶŐ ĚŝǀŝƐŝŽŶ ƉƌŽǀŝĚĞƐ ƉƌŽĨĞƐƐŝŽŶĂů ƉůĂŶŶŝŶŐ ĂĚǀŝĐĞ ĂŶĚ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ƚŚĞ ŝƚLJ ŽƵŶĐŝů͕ WůĂŶŶŝŶŐ ĂŶĚ ŽŶŝŶŐ ŽŵŵŝƐƐŝŽŶ͕ ŽƚŚĞƌ ĚĞǀĞůŽƉŵĞŶƚͲƌĞůĂƚĞĚ ďŽĂƌĚƐͬĐŽŵŵŝƚƚĞĞƐ͕ ƌĞƐŝĚĞŶƚƐ͕ ůĂŶĚŽǁŶĞƌƐ͕ ĂŶĚ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ĐŽŵŵƵŶŝƚLJ͕ ǁŝƚŚ ƚŚĞ ŐŽĂů ŽĨ ĞŶŚĂŶĐŝŶŐ ƚŚĞ ƋƵĂůŝƚLJ ŽĨ ůŝĨĞ ĂŶĚ ƚŚĞ ďƵŝůƚ ĞŶǀŝƌŽŶŵĞŶƚ ǁŝƚŚŝŶ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ͘ /Ŷ ĐŽůůĂďŽƌĂƚŝŽŶ ǁŝƚŚ ǀĂƌŝŽƵƐ ĐŽŵŵƵŶŝƚLJ ƐƚĂŬĞŚŽůĚĞƌƐ͕ ƚŚĞ WůĂŶŶŝŶŐ ĚŝǀŝƐŝŽŶ ĚĞǀĞůŽƉƐ ĂŶĚ ƌĞĐŽŵŵĞŶĚƐ ƉŽůŝĐŝĞƐ͕ ƌĞŐƵůĂƚŝŽŶƐͬŽƌĚŝŶĂŶĐĞƐ͕ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ƚŚĂƚ ƉƌŽŵŽƚĞ ĞĨĨĞĐƚŝǀĞ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ƌĞĚĞǀĞůŽƉŵĞŶƚ ƐƚƌĂƚĞŐŝĞƐ ĂŝŵĞĚ Ăƚ ŝŵƉƌŽǀŝŶŐ ƚŚĞ ƋƵĂůŝƚLJ ŽĨ ůŝĨĞ ĨŽƌ ŵĂƌŝůůŽ ƌĞƐŝĚĞŶƚƐ͘ ƌĞĂƚŝŶŐ ĂŶĚ ƉƌŽŵŽƚŝŶŐ Ă ǀŝďƌĂŶƚ ĂŶĚ ƐƵƐƚĂŝŶĂďůĞ ďƵŝůƚ ĞŶǀŝƌŽŶŵĞŶƚ͕ ǁŚŝůĞ ĞŶƐƵƌŝŶŐ ƚŚĞ ƉƌŽƚĞĐƚŝŽŶ ĂŶĚ ĞŶŚĂŶĐĞŵĞŶƚ ŽĨ ŝŵƉŽƌƚĂŶƚ ĐƵůƚƵƌĂů ĂŶĚ ŚŝƐƚŽƌŝĐĂů ƌĞƐŽƵƌĐĞƐ͕ ĂƌĞ ĂůƐŽ ŬĞLJ ŐŽĂůƐ ĨŽƌ ƚŚĞ WůĂŶŶŝŶŐ ĚŝǀŝƐŝŽŶ͘ dŚĞ ƉůĂŶŶŝŶŐ ĨƵŶĐƚŝŽŶ ŝƐ ŐƵŝĚĞĚ ďLJ ŐŽĂůƐ ĂŶĚ ŽďũĞĐƚŝǀĞƐ ƉƌŽǀŝĚĞĚ ďLJ ŵĂƌŝůůŽ͛Ɛ ŽŵƉƌĞŚĞŶƐŝǀĞ WůĂŶ ĂŶĚ ĂĚŽƉƚĞĚ ŶĞŝŐŚďŽƌŚŽŽĚ ƉůĂŶƐ͘ dŚĞ ŽŵƉƌĞŚĞŶƐŝǀĞ WůĂŶ͛Ɛ ŐŽĂůƐ ĂŶĚ ŽďũĞĐƚŝǀĞƐ ƌĞůĂƚĞ ƚŽ ůŽŶŐͲƌĂŶŐĞ ƉůĂŶŶŝŶŐ ƉŽůŝĐLJ͕ ĂŶŶĞdžĂƚŝŽŶ͕ ůĂŶĚ ƵƐĞ͕ ĚĞƐŝŐŶ͕ ĂŶĚ ŚŽƵƐŝŶŐ͘ dŚĞ ĂĚŽƉƚĞĚ ŶĞŝŐŚďŽƌŚŽŽĚ ƉůĂŶƐ͛ ŐŽĂůƐ ĂŶĚ ŽďũĞĐƚŝǀĞƐ ƌĞůĂƚĞ ƚŽ ƌĞĚĞǀĞůŽƉŵĞŶƚ͕ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ ŝĚĞŶƚŝƚLJ ĂŶĚ ĂŵĞŶŝƚŝĞƐ͕ ŚĞĂůƚŚ͕ ĂŶĚ ƐĂĨĞƚLJ͘ ĂLJ ƚŽ ĚĂLJ͕

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ƐŚŽƌƚͲƌĂŶŐĞ ƉůĂŶŶŝŶŐ ĂĐƚŝǀŝƚŝĞƐ ĂƌĞ ĂĐĐŽŵƉůŝƐŚĞĚ ƚŚƌŽƵŐŚ ĂĚŵŝŶŝƐƚĞƌŝŶŐ ƌĞŐƵůĂƚŝŽŶƐ ǁŝƚŚŝŶ ƚŚĞ njŽŶŝŶŐ͕ ƐƵďĚŝǀŝƐŝŽŶ͕ ĂŶĚ ŽƚŚĞƌ ĚĞǀĞůŽƉŵĞŶƚͲƌĞůĂƚĞĚ ŽƌĚŝŶĂŶĐĞƐ͘ hƐŝŶŐ ƚŚĞƐĞ ƉůĂŶŶŝŶŐ ĚŽĐƵŵĞŶƚƐ͕ ƚŚĞ ĚŝǀŝƐŝŽŶ ƐƚƌŝǀĞƐ ƚŽ ďĂůĂŶĐĞ ƉŚLJƐŝĐĂů͕ ƐŽĐŝĂů͕ ĂŶĚ ĞĐŽŶŽŵŝĐĂů ŝŶƚĞƌĞƐƚƐ͕ ŝŶ ŽƌĚĞƌ ƚŽ ĂĐŚŝĞǀĞ Ă ďƵŝůƚ ĨŽƌŵ ƚŚĂƚ ǁŝůů ďĞŶĞĨŝƚ ďŽƚŚ ƚŚĞ ƉƌĞƐĞŶƚ ĂŶĚ ĨƵƚƵƌĞ ƌĞƐŝĚĞŶƚƐ ŽĨ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͘ WƵďůŝĐ ĂŶĚ ƐƚĂŬĞŚŽůĚĞƌ ŝŶǀŽůǀĞŵĞŶƚ ŝŶ ƚŚĞ ƉůĂŶŶŝŶŐ ƉƌŽĐĞƐƐ ŝƐ ĞŶĐŽƵƌĂŐĞĚ ƚŽ ďĂůĂŶĐĞ ĐŽŵƉĞƚŝŶŐ ŝŶƚĞƌĞƐƚƐ ĂŶĚ ĞŶŐĂŐĞ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ǁĂƐ ƌĞĐŽŐŶŝnjĞĚ ďLJ ƚŚĞ dĞdžĂƐ ŚĂƉƚĞƌ ŽĨ ƚŚĞ ŵĞƌŝĐĂŶ WůĂŶŶŝŶŐ ƐƐŽĐŝĂƚŝŽŶ ;ddž W Ϳ ĨŽƌ WůĂŶŶŝŶŐ džĐĞůůĞŶĐĞ ŝŶ ϮϬϭϱ͕ ϮϬϭϲ͕ ĂŶĚ ϮϬϭϳ͕ ĂĨĨŝƌŵŝŶŐ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ͛Ɛ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ĞƐƚ WƌĂĐƚŝĐĞƐ͘ ĂĐŚ ŽĨ ƚŚĞ ƉƌŽŐƌĂŵƐ ďĞůŽǁ ĨƵůĨŝůůƐ ƚŚĞ ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ ŝŶŝƚŝĂƚŝǀĞ͘ &Žƌ ĞdžĂŵƉůĞ͕ ƚŚĞ >ŽŶŐ ĂŶĚ ^ŚŽƌƚͲ ZĂŶŐĞ WůĂŶŶŝŶŐ ƉƌŽŐƌĂŵ ĂĚĚƌĞƐƐĞƐ ĂƐƉĞĐƚƐ ŽĨ ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ͕ ZĞĚĞǀĞůŽƉŵĞŶƚ͕ ĂŶĚ ŝǀŝĐ WƌŝĚĞ͘ dŚĞ ^ƉĞĐŝĂů ŝƐƚƌŝĐƚ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ WůĂŶŶŝŶŐ ^ƚƵĚŝĞƐ Θ ZĞƉŽƌƚƐ ƉƌŽŐƌĂŵƐ ĞĂĐŚ ŝŶǀŽůǀĞ ƐĞǀĞƌĂů ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ ŝŶŝƚŝĂƚŝǀĞƐ͖ ŝŶĐůƵĚŝŶŐ ĐŽŶƚŝŶƵĞĚ ŽǁŶƚŽǁŶ ZĞĚĞǀĞůŽƉŵĞŶƚ͕ ĚĚƌĞƐƐŝŶŐ ŝƐĂĚǀĂŶƚĂŐĞĚ ƌĞĂƐ͕ ŽŵŵƵŶŝƚLJ ƉƉĞĂƌĂŶĐĞ͕ ĂŶĚ ŝǀŝĐ WƌŝĚĞ͘ DĞƚƌŽƉŽůŝƚĂŶ WůĂŶŶŝŶŐ KƌŐĂŶŝnjĂƚŝŽŶ ;DWKͿ͗ dŚĞ DĞƚƌŽƉŽůŝƚĂŶ WůĂŶŶŝŶŐ KƌŐĂŶŝnjĂƚŝŽŶ ĚŝǀŝƐŝŽŶ ĨƵůĨŝůůƐ ŝƚƐ ŵŝƐƐŝŽŶ ƚŚƌŽƵŐŚ ƐŚŽƌƚ ĂŶĚ ůŽŶŐͲƌĂŶŐĞ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ƉůĂŶŶŝŶŐ ĂĐƚŝǀŝƚŝĞƐ ĨŽƌ ƌŽĂĚǁĂLJƐ͕ ƉƵďůŝĐ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ ǁĂůŬŝŶŐ͕ ďŝŬŝŶŐ͕ ĂŶĚ ĨƌĞŝŐŚƚ͘ dŚĞ DWK ǁŽƌŬƐ ƚŽ ĐŽŽƌĚŝŶĂƚĞ ƉůĂŶŶŝŶŐ ĞĨĨŽƌƚƐ ďĞƚǁĞĞŶ ĨĞĚĞƌĂů͕ ƐƚĂƚĞ͕ ĐŽƵŶƚLJ͕ ŝƚLJ ŽĨ ĂŶLJŽŶ͕ WĂŶŚĂŶĚůĞ ZĞŐŝŽŶĂů WůĂŶŶŝŶŐ ŽŵŵŝƐƐŝŽŶ ;WZW Ϳ͕ ĂŶĚ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ŽĨĨŝĐŝĂůƐ ĂŶĚ ƚŽ ŝŶĐŽƌƉŽƌĂƚĞ ƉƵďůŝĐ ŝŶǀŽůǀĞŵĞŶƚ Ăƚ Ăůů ƐƚĂŐĞƐ ŽĨ ƚŚĞ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ƉůĂŶŶŝŶŐ ƉƌŽĐĞƐƐ͘ dŚĞ ƉƌŝŵĂƌLJ ĂĐƚŝǀŝƚŝĞƐ ŽĨ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ ŝŶĐůƵĚĞ ƚŚĞ ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ ƚŚĞ DĞƚƌŽƉŽůŝƚĂŶ dƌĂŶƐƉŽƌƚĂƚŝŽŶ WůĂŶ ;DdWͿ͕ Ă ϮϱͲLJĞĂƌ ůŽŶŐͲƌĂŶŐĞ ƉůĂŶ ƚŚĂƚ ƌĞƋƵŝƌĞƐ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ƐŽĐŝŽͲĞĐŽŶŽŵŝĐ ĚĂƚĂ ĨŽƌ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ŵŽĚĞůŝŶŐ͕ ƚŚĞ dƌĂŶƐƉŽƌƚĂƚŝŽŶ /ŵƉƌŽǀĞŵĞŶƚ WƌŽŐƌĂŵ ;d/WͿ͕ Ă ĨŽƵƌͲLJĞĂƌ ƐŚŽƌƚͲƌĂŶŐĞ ƉůĂŶ ĨŽƌ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ƉƌŽũĞĐƚƐ ǁŝƚŚŝŶ ƚŚĞ ƐƚƵĚLJ ĂƌĞĂ͕ ĂŶĚ ƚŚĞ hŶŝĨŝĞĚ WůĂŶŶŝŶŐ tŽƌŬ WƌŽŐƌĂŵ ;hWtWͿ͕ ǁŚŝĐŚ ŝĚĞŶƚŝĨŝĞƐ ƚŚĞ ƉůĂŶŶŝŶŐ ŽďũĞĐƚŝǀĞƐ ĨŽƌ ƚŚĞ ĨŝƐĐĂů LJĞĂƌ͘ dŚĞƐĞ ĞĨĨŽƌƚƐ ĂĚĚƌĞƐƐ ƚŚĞ ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ƐƚƌĂƚĞŐŝĐ ƉŝůůĂƌ͘ ŽŶƐŝĚĞƌŝŶŐ ƚŚĞ DWK ĞƐƚ WƌĂĐƚŝĐĞƐ ĞĨĨŽƌƚƐ͕ ĚƵƌŝŶŐ ƚŚĞ ϮϬϭϱͲϮϬϭϲ ĨŝƐĐĂů LJĞĂƌ͕ ƚŚĞ DWK ƐƚĂĨĨ ƉĂƌƚŝĐŝƉĂƚĞĚ ŝŶ Ă DĞƚƌŽƉŽůŝƚĂŶ WůĂŶŶŝŶŐ WƌŽŐƌĂŵ ZĞǀŝĞǁ ĐŽŶĚƵĐƚĞĚ ďLJ ƚŚĞ &ĞĚĞƌĂů ,ŝŐŚǁĂLJ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ &ĞĚĞƌĂů dƌĂŶƐŝƚ ĚŵŝŶŝƐƚƌĂƚŝŽŶ͘ dŚĞ &ĞĚĞƌĂů ZĞǀŝĞǁ dĞĂŵ ĨŽƵŶĚ ƚŚĂƚ ƚŚĞ ŵĂƌŝůůŽ DWK ŝƐ ŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ĨĞĚĞƌĂů ƌĞŐƵůĂƚŝŽŶƐ ŐŽǀĞƌŶŝŶŐ ƚŚĞ DWK͛Ɛ ƉůĂŶŶŝŶŐ ĂŶĚ ƉƌŽŐƌĂŵŵŝŶŐ ŝŶŝƚŝĂƚŝǀĞƐ͘ ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ĨƌŽŵ ƚŚĞ ƌĞǀŝĞǁ ĂƌĞ ďĞŝŶŐ ŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶƚŽ ƚŚĞ dƌĂŶƐƉŽƌƚĂƚŝŽŶ WůĂŶŶŝŶŐ ƉƌŽŐƌĂŵ͘ ƵƌŝŶŐ ƚŚĞ ϮϬϭϳͲϮϬϭϴ ĨŝƐĐĂů LJĞĂƌ ĂŶĚ ĐŽŶƚŝŶƵŝŶŐ ŝŶƚŽ ƚŚĞ ϮϬϭϵͲϮϬϭϵ ĨŝƐĐĂů LJĞĂƌ͕ ƚŚĞ DWK ŚĂƐ ĞŶŐĂŐĞĚ ŝŶ Ă WƌŽŐƌĂŵ ZĞǀŝĞǁ ǁŝƚŚ ƚŚĞ dĞdžĂƐ ΘD dƌĂŶƐƉŽƌƚĂƚŝŽŶ /ŶƐƚŝƚƵƚĞ ;dd/Ϳ ĂŶĚ Ă ƐƵďƐĞƚ ŽĨ ƚŚĞ dĞĐŚŶŝĐĂů ĚǀŝƐŽƌLJ ŽŵŵŝƚƚĞĞ ;d Ϳ͘ dŚŝƐ ĞŶĚĞĂǀŽƌ ŝƐ ŝŶƚĞŶĚĞĚ ƚŽ ƐƚƌĞĂŵůŝŶĞ ŽƉĞƌĂƚŝŽŶƐ͕ ĚĞƚĞƌŵŝŶĞ ƐƚĂĨĨŝŶŐ ĂŶĚ ƌĞƐŽƵƌĐĞ ƐŚŽƌƚĂŐĞƐ͕ ĂŶĚ ƚŽ ĐŽŵĞ ŝŶƚŽ ůŝŶĞ ǁŝƚŚ ŝŶĚƵƐƚƌLJ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ͕ ǁŚŝůĞ ĚŽŝŶŐ ƚŚĞ ǁŽƌŬ ƌĞƋƵŝƌĞĚ ƚŽ ƉƌĞƉĂƌĞ ĨŽƌ ĚĞƐŝŐŶĂƚŝŽŶ ĂƐ Ă dƌĂŶƐƉŽƌƚĂƚŝŽŶ DĂŶĂŐĞŵĞŶƚ ƌĞĂ ;dD Ϳ͕ ĂŶƚŝĐŝƉĂƚĞĚ Ăƚ ƚŚĞ ƚŝŵĞ ŽĨ ƚŚĞ ŶĞdžƚ ĞŶƐƵƐ͘ dŚŝƐ ŝŶŝƚŝĂƚŝǀĞ ŚĂƐ ĂůƌĞĂĚLJ ƌĞƐƵůƚŝŶŐ ŝŶ ĐŚĂŶŐĞƐ ƚŽ ƉƌŽĐĞƐƐĞƐ ĂŶĚ ŚĂƐ ůĞĚ ƚŽ Ă ŵŽĚŝĨŝĐĂƚŝŽŶ ƚŽ ƚŚĞ DĞƚƌŽƉŽůŝƚĂŶ ƌĞĂ ŽƵŶĚĂƌLJ ;D Ϳ͕ ƚŽ ŝŶĐůƵĚĞ ĂŶLJŽŶ͘ dŚĞ ĚŝǀŝƐŝŽŶ ĂůƐŽ ŝƐ ŝŶǀŽůǀĞĚ ŝŶ ƉƵďůŝĐ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ƉůĂŶŶŝŶŐ ĂĐƚŝǀŝƚŝĞƐ ǁŝƚŚ ŵĂƌŝůůŽ ŝƚLJ dƌĂŶƐŝƚ ĂŶĚ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ Ă &ĞĚĞƌĂů dƌĂŶƐŝƚ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ;&d Ϳ ĚĂƚĂďĂƐĞ ĨŽƌ ĂƉƉůŝĐĂƚŝŽŶ ĂŶĚ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƚŚĞ ĂŶŶƵĂů &d ŐƌĂŶƚ͘ dŚŝƐ ǁŽƌŬ ŝŶĐůƵĚĞƐ ƚƌĂŶƐŝƚ ƐƚƵĚŝĞƐ͕ ůŽĐĂů ƚƌĂŶƐŝƚ ƐLJƐƚĞŵ ƉƌŽŵŽƚŝŽŶ͕ ĂŶĚ ƚƌĂŶƐŝƚ ƉůĂŶŶŝŶŐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ŵĞƌŝĐĂŶƐ ǁŝƚŚ ŝƐĂďŝůŝƚŝĞƐ Đƚ ;ƚŚĞ ͞ ͟Ϳ͘ dŚĞ ĚŝǀŝƐŝŽŶ ĂůƐŽ ƉĂƌƚŝĐŝƉĂƚĞĚ ŝŶ ƚŚĞ ĨŽƌŵƵůĂƚŝŽŶ ŽĨ Ă dƌĂŶƐŝƚ DĂƐƚĞƌ WůĂŶ͕ ĨŝŶĂůŝnjĞĚ ŝŶ ϮϬϭϳ͘ dŚĞƐĞ ƉƵďůŝĐ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ĂĐƚŝǀŝƚŝĞƐ ĂĚĚƌĞƐƐ ƚŚĞ ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ͛Ɛ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ƐƚƌĂƚĞŐŝĐ ƉŝůůĂƌ͘ dŚĞ ƉƌŽƉŽƐĞĚ ďƵĚŐĞƚ ƌĞůŝĞƐ ƵƉŽŶ ĨƵŶĚŝŶŐ ƉƌŽǀŝĚĞĚ ďLJ Ă ĨĞĚĞƌĂů ŐƌĂŶƚ ĂĚŵŝŶŝƐƚĞƌĞĚ ƚŚƌŽƵŐŚ ƚŚĞ dĞdžĂƐ ĞƉĂƌƚŵĞŶƚ ŽĨ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ;ddž KdͿ͘ dŚĞ ĨƵŶĚƐ ŚĂǀĞ ďĞĞŶ ĐŽŶƐŝƐƚĞŶƚ ŽǀĞƌ ƚŚĞ ƉĂƐƚ Ɛŝdž ƚŽ ĞŝŐŚƚ LJĞĂƌƐ͖ ĂƐ ƐƵĐŚ͕ ŶŽ ĨƵŶĚŝŶŐ ĚĞǀŝĂƚŝŽŶ ŝƐ ĞdžƉĞĐƚĞĚ ĨŽƌ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ŝŶ ƚŚĞ ϮϬϭϵͲϮϬϮϬ LJĞĂƌ͘

434

ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ͗ dŚĞ ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ ŝǀŝƐŝŽŶ ůĞĂĚƐ ƚŚĞ ŝƚLJ͛Ɛ ĞĨĨŽƌƚƐ Ăƚ ůŽĐĂů ĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚ ǁŝƚŚ ĂŶ ĞŵƉŚĂƐŝƐ ŽŶ ĞŶŚĂŶĐŝŶŐ ĂŶĚ ĞdžƉĂŶĚŝŶŐ ƚŚĞ ŝƚLJ͛Ɛ ƚĂdž ďĂƐĞ ĂŶĚ ĐŽŵŵƵŶŝƚLJ͛Ɛ ƋƵĂůŝƚLJ ŽĨ ůŝĨĞ͘ /ƚ ƉƌŽǀŝĚĞƐ ƐƵƉƉŽƌƚ ƚŽ ƚŚĞ ŵĂƌŝůůŽ ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ ŽƌƉŽƌĂƚŝŽŶ ĂŶĚ ŽƚŚĞƌ ƉĂƌƚŶĞƌƐ ǁŝƚŚ Ă ĨŽĐƵƐ ŽŶ ũŽď ƌĞƚĞŶƚŝŽŶ ĂŶĚ ĐƌĞĂƚŝŽŶ͕ ǁŽƌŬĨŽƌĐĞ ĚĞǀĞůŽƉŵĞŶƚ͕ ďƵƐŝŶĞƐƐ ƐƵƉƉŽƌƚ͕ ĂŶĚ ĞŶƚƌĞƉƌĞŶĞƵƌƐŚŝƉ͘ dŚĞ ĚŝǀŝƐŝŽŶ ŝƐ ĂůƐŽ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƐĞƌǀŝŶŐ ĂƐ ƚŚĞ ůŝĂŝƐŽŶ ďĞƚǁĞĞŶ ƚŚĞ ŝƚLJ ĂŶĚ ŝƚƐ ǀĂƌŝŽƵƐ ƉĂƌƚŶĞƌƐ͕ ĂƐ ǁĞůů ĂƐ ĚĞǀĞůŽƉŝŶŐ͕ ŝŵƉůĞŵĞŶƚŝŶŐ ĂŶĚ ŵĂŝŶƚĂŝŶŝŶŐ ƚŚĞ ŝƚLJ͛Ɛ ĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚ ŝŶĐĞŶƚŝǀĞ ƉŽůŝĐŝĞƐ ĂŶĚ ŐƵŝĚĞůŝŶĞƐ͘

WƌŽŐƌĂŵƐ WůĂŶŶŝŶŐ ĂŶĚ ĞǀĞůŽƉŵĞŶƚ ^ĞƌǀŝĐĞƐ ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϯϱϭ͕ϭϰϵ dŚŝƐ ƉƌŽŐƌĂŵ ƉƌŽǀŝĚĞƐ ĨŽƌ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƐƚĂĨĨ ĂŶĚ ƌĞƐŽƵƌĐĞƐ ŶĞĐĞƐƐĂƌLJ ƚŽ ĨĂĐŝůŝƚĂƚĞ ŵĞĞƚŝŶŐƐ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ƌĞǀŝĞǁ ƉƌŽĐĞƐƐĞƐ͘ dŚŝƐ ƉƌŽŐƌĂŵ ŝŶĐůƵĚĞƐ ƉƌŽŐƌĂŵ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ ŽĨĨŝĐĞ ƐƵƉƉůŝĞƐ ĂŶĚ ĞƋƵŝƉŵĞŶƚ͕ ƉƌŽĨĞƐƐŝŽŶĂů ĚĞǀĞůŽƉŵĞŶƚ͕ ĂŶĚ ƉƵďůŝĐ ŝŶǀŽůǀĞŵĞŶƚͬdŝƚůĞ s/ Đŝǀŝů ƌŝŐŚƚƐ͘ WƵďůŝĐ ŵĞĞƚŝŶŐƐ ĂƌĞ ĂŶ ŝŵƉŽƌƚĂŶƚ ǁĂLJ ƚŽ ĞŶŐĂŐĞ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ĂŶĚ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ƐƚĂŬĞŚŽůĚĞƌƐ͘ /ŶƚĞƌĞƐƚ ĂŶĚ ŝŶǀĞƐƚŵĞŶƚ ďLJ ĐŝƚŝnjĞŶƐ ĐĂŶ ďĞ ŵĞĂƐƵƌĞĚ ďLJ ƉƵďůŝĐ ŝŶǀŽůǀĞŵĞŶƚ ĂŶĚ ƉĂƌƚŝĐŝƉĂƚŝŽŶ Ăƚ ŵĞĞƚŝŶŐƐ ĨŽƌ ƉƌŽƉŽƐĞĚ ƉƌŽũĞĐƚƐ ĂŶĚ ĚŽĐƵŵĞŶƚ ƉƌĞƉĂƌĂƚŝŽŶ͘ ŝƚŝnjĞŶ ƌĞƋƵĞƐƚƐ ĨŽƌ ƚƌĂĨĨŝĐ ĐŽƵŶƚ ŝŶĨŽƌŵĂƚŝŽŶ͕ ƉƵďůŝĐ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ŶĞĞĚƐ͕ Žƌ ƌŽĂĚǁĂLJ ƉƌŽũĞĐƚ ĚĞƚĂŝů ĂůůŽǁƐ ƐƚĂĨĨ ƚŽ ŐĂƵŐĞ ĐŝƚŝnjĞŶ ĂǁĂƌĞŶĞƐƐ͘ dŚŝƐ ĐŝƚŝnjĞŶ ĂǁĂƌĞŶĞƐƐ ĂŝĚƐ ƐƚĂĨĨ ǁŝƚŚ ĨƵƚƵƌĞ ƉƌŽũĞĐƚ ĚĞǀĞůŽƉŵĞŶƚ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ WůĂŶŶŝŶŐ EƵŵďĞƌ ŽĨ ƉƌĞͲĂƉƉůŝĐĂƚŝŽŶ ĐŽŶĨĞƌĞŶĐĞƐ DĞƚƌŽƉŽůŝƚĂŶ WůĂŶŶŝŶŐ KƌŐĂŶŝnjĂƚŝŽŶ WƵďůŝĐ ŵĞĞƚŝŶŐƐ WƵďůŝĐ ŵĞĞƚŝŶŐ ƐƚĂŬĞŚŽůĚĞƌ ĂƚƚĞŶĚĂŶĐĞ ^ƚĂŬĞŚŽůĚĞƌ ĐŽŵŵĞŶƚƐ ƌĞĐĞŝǀĞĚ

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϴϱ

ϭϱϴ

ϭϱϬ

ϰϯ ϱϱϭ ϮϬ

ϰϬ ϲϰϱ ϭϱ

ϰϬ ϱϬϬ ϭϬ

>ŽŶŐ ZĂŶŐĞ ĂŶĚ ^ŚŽƌƚͲZĂŶŐĞ WůĂŶŶŝŶŐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϯϰϲ͕ϵϲϯ >ŽŶŐ ĂŶĚ ƐŚŽƌƚͲƌĂŶŐĞ ƉůĂŶŶŝŶŐ ƐĞĞŬƐ ƚŽ ŐĂƚŚĞƌ ĂŶĚ ĂŶĂůLJnjĞ ĚĂƚĂ ĂŶĚ ŝŶĨŽƌŵĂƚŝŽŶ ƌĞůĂƚĞĚ ƚŽ ŐƌŽǁƚŚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĂƐ ŶĞĐĞƐƐĂƌLJ ƚŽ ĨŽƌŵƵůĂƚĞ ĂŶĚ ŝŵƉůĞŵĞŶƚ ĐƵƌƌĞŶƚ ĂŶĚ ůŽŶŐͲƌĂŶŐĞ ƉůĂŶŶŝŶŐͲƌĞůĂƚĞĚ ƉŽůŝĐŝĞƐ ĂŶĚͬŽƌ ŽƌĚŝŶĂŶĐĞƐ͘ &Žƌ ƐŚŽƌƚͲƌĂŶŐĞ ƉůĂŶŶŝŶŐ͕ ƚŚŝƐ ƉƌŽŐƌĂŵ ŝŶĐůƵĚĞƐ ŵĂŝŶƚĂŝŶŝŶŐ ƚŚĞ d/W͕ hWtW ĚĞǀĞůŽƉŵĞŶƚ͕ ĂŶĂůLJƐŝƐ ŽĨ ĐŝƚŝnjĞŶ ƌĞƋƵĞƐƚƐ͕ ƚƌĂĨĨŝĐ ƐƚƵĚŝĞƐ͕ ƌĞǀŝĞǁ ŽĨ ƉůĂƚƐ ĂŶĚ ƌŝŐŚƚƐͲŽĨͲǁĂLJ͕ dƌĂŶƐŝƚ ŵĂƌŬĞƚŝŶŐ͕ dƌĂŶƐŝƚ ƉůĂŶŶŝŶŐ͕ ĂŶĚ dƌĂŶƐŝƚ ƐƚƵĚŝĞƐ͘ ^ŚŽƌƚ ĂŶĚ ůŽŶŐͲƌĂŶŐĞ ƉůĂŶŶŝŶŐ ŝŶŝƚŝĂƚŝǀĞƐ ĂƌĞ ĐŽŶƐŝĚĞƌĂƚŝŽŶƐ ďƌŽƵŐŚƚ ĂďŽƵƚ ďLJ ƉƵďůŝĐ ĂŶĚ ĂŐĞŶĐLJ ŝŶƉƵƚ͘ &Žƌ ůŽŶŐͲƌĂŶŐĞ ƉůĂŶŶŝŶŐ͕ ƚŚĞ ƉƌŽŐƌĂŵ ŝŶĐůƵĚĞƐ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƚŚĞ DdW ĂŶĚ ŵĂŝŶƚĂŝŶŝŶŐ ƚŚĞ dŚŽƌŽƵŐŚĨĂƌĞ WůĂŶ͘ WŽƌƚŝŽŶƐ ŽĨ ƚŚĞƐĞ ǁŽƌŬ ĞĨĨŽƌƚƐ ĨƵůĨŝůů ƚŚĞ ůƵĞƉƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ ĂŶĚ ZĞĚĞǀĞůŽƉŵĞŶƚ ƉŝůůĂƌ͘

435

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϭϬϯ͘ϲϱ ϵϭ͘ϯϯ Ϭ Ϭ ϭ ; ĂƌƌŝŽͿ

ϭϬϰ͘ϭϲ ϭ͕ϯϯϮ͘ϬϬ Ϭ ϭ ;^ĂŶ :ĂĐŝŶƚŽͿ Ϭ

ϭϬϰ͘ϭϲ ϭϬϬ͘ϬϬ ϭ ϭ ϭ ;^ĂŶ :ĂĐŝŶƚŽͿ

ϭϮ

ϭϵ

ϮϬ

ϳ

ϱ

ϰ

Ϯϭ

ϭϰ

ϭϰ

WůĂŶŶŝŶŐ ƌĞĂ ǁŝƚŚŝŶ ŝƚLJ ůŝŵŝƚ ;ƐƋƵĂƌĞ ŵŝůĞƐͿ ĐƌĞƐ ĂŶŶĞdžĞĚ EƵŵďĞƌ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ƉůĂŶ ƵƉĚĂƚĞƐ EĞŝŐŚďŽƌŚŽŽĚ WůĂŶƐ ŝŶŝƚŝĂƚĞĚ EĞŝŐŚďŽƌŚŽŽĚ WůĂŶƐ ĐŽŵƉůĞƚĞĚ DĞƚƌŽƉŽůŝƚĂŶ WůĂŶŶŝŶŐ KƌŐĂŶŝnjĂƚŝŽŶ dƌĂŝŶŝŶŐ ƐĞƐƐŝŽŶƐ ĂƚƚĞŶĚĞĚ ŽŶĨĞƌĞŶĐĞ Θ ƐƐŽĐŝĂƚŝŽŶ ŵĞĞƚŝŶŐƐ ĂƚƚĞŶĚĞĚ DĞĞƚŝŶŐƐ ǁŝƚŚ ƉĂƌƚŶĞƌ ĂŐĞŶĐŝĞƐ ŽƵƚƐŝĚĞ ŽĨ ƋƵĂƌƚĞƌůLJ ŵĞĞƚŝŶŐƐ

ĞǀĞůŽƉŵĞŶƚ ƉƉůŝĐĂƚŝŽŶ WƌŽĐĞƐƐŝŶŐͬZĞǀŝĞǁ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϱϯ͕ϰϮϴ ĞǀĞůŽƉŵĞŶƚ ƉƉůŝĐĂƚŝŽŶ WƌŽĐĞƐƐŝŶŐͬZĞǀŝĞǁ ŝƐ ƚŚĞ ƉƌŽŐƌĂŵ ĨŽƌ ĂĚŵŝŶŝƐƚĞƌŝŶŐ ĚĞǀĞůŽƉŵĞŶƚͲƌĞůĂƚĞĚ ĂƉƉůŝĐĂƚŝŽŶƐ ĂŶĚ ƌĞǀŝĞǁ ƉƌŽĐĞƐƐĞƐ ďLJ ĂƉƉƌŽƉƌŝĂƚĞ ƐƚĂĨĨ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ /Ŷ ŝƚLJ >ŝŵŝƚƐ /Ŷ d: /Ŷ ŝƚLJ >ŝŵŝƚƐ /Ŷ d: EƵŵďĞƌ ŽĨ ĐĂƐĞƐ ƌĞƋƵŝƌŝŶŐ ƉƵďůŝĐ ŶŽƚŝĐĞ ;njŽŶŝŶŐ͕ ƌĞƉůĂƚƐ͕ ϰϳ ϮϬ Ϯϰ Ϯϭ Ϯϱ ǀĂĐĂƚŝŽŶƐ͕ W/ ƐͿ ǀĞƌĂŐĞ ƚŝŵĞ ;ĚĂLJƐͿ ƚŽ ĐŽŶĚƵĐƚ ĐŽŵƉůĞƚĞŶĞƐƐ ϯ ϯ ϯ Ϯ Ϯ ĐŚĞĐŬ ĨŽƌ ĂƉƉůŝĐĂƚŝŽŶƐ ǀĞƌĂŐĞ ƚŝŵĞ ;ĚĂLJƐͿ ƚŽ ĐŽŵƉůĞƚĞ ƌĞǀŝĞǁ ŽĨ ϭϱ ϭϮ ϭϮ ϭϮ ϭϮ ƉƌĞůŝŵŝŶĂƌLJ ƉůĂŶƐ EƵŵďĞƌ ŽĨ ƐƵďĚŝǀŝƐŝŽŶ ƉůĂƚƐ ϭϰϱ ϱϱ ϲϱ ϱϬ ϲϬ ƉƌŽĐĞƐƐĞĚ EƵŵďĞƌ ŽĨ ZĞƐŝĚĞŶƚŝĂů >ŽƚƐ ϰϳϭ ϰϱϱ ϯϵϯ ϱϬϬ ϰϬϬ EƵŵďĞƌ ŽĨ ŽŵŵĞƌĐŝĂů ϱϭ ϯϬ ϭϴ ϯϭ ϮϬ >ŽƚƐ ǀĞƌĂŐĞ ƚŝŵĞ ;ĚĂLJƐͿ ĨŽƌ ƐƵďĚŝǀŝƐŝŽŶ ƉůĂƚ ĐŽŵŵĞŶƚƐ ϭϭ ϭϮ ϭϭ ďĂĐŬ ƚŽ ĂƉƉůŝĐĂŶƚ ^ŝƚĞ ƉůĂŶ ĐĂƐĞƐ ƌĞǀŝĞǁĞĚ ϳϵ ϭϭϭ ϵϱ dŝŵĞ ĨŽƌ ƐŝƚĞ ƉůĂŶ ƌĞǀŝĞǁ ϭϯ ϭϯ ϭϯ ;ĚĂLJƐͿ

436

ŽĂƌĚͬ ŽŵŵŝƐƐŝŽŶ ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϱϰ͕ϵϬϵ dŚĞ WůĂŶŶŝŶŐ ĂŶĚ ĞǀĞůŽƉŵĞŶƚ ^ĞƌǀŝĐĞƐ ĞƉĂƌƚŵĞŶƚ ƐĞƌǀĞƐ ĂƐ Ă ůŝĂŝƐŽŶ ƚŽ ǀĂƌŝŽƵƐ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚͲƌĞůĂƚĞĚ ďŽĂƌĚͬĐŽŵŵŝƐƐŝŽŶƐ͕ ƉƵďůŝĐ ŵĞĞƚŝŶŐƐ͕ ĂŶĚ ƉƵďůŝĐ ĐŽŵŵŝƚƚĞĞƐͬŐƌŽƵƉƐ ĂƐ ŶĞĐĞƐƐĂƌLJ ƚŽ ĂĚŵŝŶŝƐƚĞƌ ƚŚĞ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĂů ŽĨ ĚĞǀĞůŽƉŵĞŶƚͲƌĞůĂƚĞĚ ĂƉƉůŝĐĂƚŝŽŶƐ͘ dŚĞƐĞ ŝŶĐůƵĚĞ ƚŚĞ WůĂŶŶŝŶŐ ĂŶĚ ŽŶŝŶŐ ŽŵŵŝƐƐŝŽŶ͕ ŽĂƌĚ ŽĨ ZĞǀŝĞǁ ĨŽƌ >ĂŶĚŵĂƌŬƐ͕ ,ŝƐƚŽƌŝĐ ŝƐƚƌŝĐƚƐ ĂŶĚ ŽǁŶƚŽǁŶ ĞƐŝŐŶ͕ dĂdž /ŶĐƌĞŵĞŶƚ ZĞŝŶǀĞƐƚŵĞŶƚ ŽŶĞƐ ηϭ ĂŶĚ ηϮ͕ >ŽĐĂů 'ŽǀĞƌŶŵĞŶƚ ŽƌƉŽƌĂƚŝŽŶ͕ ĂŶĚ ƚŚĞ EĞŝŐŚďŽƌŚŽŽĚ WůĂŶ KǀĞƌƐŝŐŚƚ ŽŵŵŝƚƚĞĞ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ EƵŵďĞƌ ŽĨ ƉƵďůŝĐ ŵĞĞƚŝŶŐƐ EƵŵďĞƌ ŽĨ WΘ ŽŵŵŝƐƐŝŽŶ ƐƚĂĨĨ ƌĞƉŽƌƚƐ ;ĚĞǀĞůŽƉĞĚ Θ ƉƌĞƐĞŶƚĞĚͿ ǀĞƌĂŐĞ ƚŝŵĞ ;ĚĂLJƐͿ ƚŽ ĐƌĞĂƚĞ Θ ĚŝƐƚƌŝďƵƚĞ WΘ ŽŵŵŝƐƐŝŽŶ ƉĂĐŬĞƚƐ

ϮϬϭϲͬϭϳ ĐƚƵĂů

ϮϬϭϳͬϭϴ ƐƚŝŵĂƚĞĚ

ϮϬϭϴͬϭϵ WƌŽũĞĐƚĞĚ

ϰϭ

ϰϬ

ϰϲ

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KƌĚŝŶĂŶĐĞ DĂŝŶƚĞŶĂŶĐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭϭϱ͕Ϯϰϵ KƌĚŝŶĂŶĐĞ DĂŝŶƚĞŶĂŶĐĞ ŵŽŶŝƚŽƌƐ ĂŶĚ ƌĞǀŝƐĞƐ ŐƌŽǁƚŚͲ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚͲƌĞůĂƚĞĚ ƉŽůŝĐŝĞƐ ĂŶĚ ŽƌĚŝŶĂŶĐĞƐ ĂƐ ŶĞĐĞƐƐĂƌLJ ƚŽ ŝŵƉůĞŵĞŶƚ ĐƵƌƌĞŶƚ ŶĞĞĚƐ ĂƐ ƌĞĐŽŵŵĞŶĚĞĚ ďLJ ĚĞǀĞůŽƉŵĞŶƚͲƌĞůĂƚĞĚ ĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐ ďŽĚŝĞƐ͘ ĐŽŵƉůĞƚĞ ƌĞǁƌŝƚĞ ŽĨ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ŽŶŝŶŐ ŽĚĞ ŝƐ ƐĐŚĞĚƵůĞĚ ĨŽƌ ϮϬϭϵ ŝŶƚŽ ϮϬϮϭ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ EƵŵďĞƌ ŽĨ ŽƌĚŝŶĂŶĐĞ ĚƌĂĨƚƐͬĂŵĞŶĚŵĞŶƚƐ

ϮϬϭϲͬϭϳ ĐƚƵĂů Ϯ

ϮϬϭϳͬϭϴ ƐƚŝŵĂƚĞĚ ϯ

ϮϬϭϴͬϭϵ WƌŽũĞĐƚĞĚ ϯ

ĂƚĂ ĞǀĞůŽƉŵĞŶƚ ĂŶĚ DĂŝŶƚĞŶĂŶĐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭϱϯ͕ϰϴϬ ĂƚĂ ĞǀĞůŽƉŵĞŶƚ ĂŶĚ DĂŝŶƚĞŶĂŶĐĞ ŵŽŶŝƚŽƌƐ ĂŶĚ ƌĞǀŝƐĞƐ ŐƌŽǁƚŚͲ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚͲƌĞůĂƚĞĚ ƉŽůŝĐŝĞƐ ĂŶĚ ŽƌĚŝŶĂŶĐĞƐ ĂƐ ŶĞĐĞƐƐĂƌLJ ƚŽ ŝŵƉůĞŵĞŶƚ ĐƵƌƌĞŶƚ ŶĞĞĚƐ ĂƐ ƌĞĐŽŵŵĞŶĚĞĚ ďLJ ĚĞǀĞůŽƉŵĞŶƚͲƌĞůĂƚĞĚ ĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐ ďŽĚŝĞƐ͘ /ƚ ĂůƐŽ ĞŶƐƵƌĞƐ ƵƉͲƚŽͲĚĂƚĞ ŵĂƉƉŝŶŐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĐŝƚLJ͛Ɛ ŽĨĨŝĐŝĂů ďĂƐĞ ŵĂƉ ĂŶĚ ŽƚŚĞƌ ƐƉĞĐŝĂůŝnjĞĚ ŵĂƉƉŝŶŐ ĨŽƌ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ ƐƉĂƚŝĂů ĂŶĂůLJƐŝƐ͕ ŝŶĨŽƌŵĂƚŝŽŶĂů ƉƵƌƉŽƐĞƐ͕ ĂŶĚ ĂŶŶĞdžĂƚŝŽŶƐ͘ DĂŝŶƚĞŶĂŶĐĞ ĂůƐŽ ƉƌŽǀŝĚĞƐ ƐƵƉƉŽƌƚ ƚŽ ŽƚŚĞƌ ĚĞƉĂƌƚŵĞŶƚƐ ĨŽƌ ƐƉĞĐŝĂů ƉƌŽũĞĐƚƐ͕ ĞdžŚŝďŝƚƐ͕ ĂŶĚ ƌĞƉŽƌƚƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϲͬϭϳ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ EƵŵďĞƌ ŽĨ ŵĂƉ ĂŵĞŶĚŵĞŶƚƐ Žƌ ůĂLJĞƌ ϭϴϰ Ϯϰϰ ϰϱϴ ĐƌĞĂƚŝŽŶ

437

ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϲϬ͕ϯϰϬ ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ ĚŝǀŝƐŝŽŶ ŚĂŶĚůĞƐ Ăůů ĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚ ƌĞůĂƚĞĚ ŝŶĐĞŶƚŝǀĞ ƌĞƋƵĞƐƚƐ ĨŽƌ ƚŚĞ ŝƚLJ ŽƵŶĐŝů͕ dĂdž /ŶĐƌĞŵĞŶƚ ZĞŝŶǀĞƐƚŵĞŶƚ ŽŶĞƐ͕ ĂƐ ǁĞůů ĂƐ ĂƉƉůŝĐĂƚŝŽŶƐ ĨŽƌ ƐƚĂƚĞ ĂŶĚ ĨĞĚĞƌĂů ƉƌŽŐƌĂŵƐ ŶĞĞĚŝŶŐ ŝƚLJ ĂƉƉƌŽǀĂů͘ /ƚ ĂůƐŽ ŚĂŶĚůĞƐ ĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚ ƌĞƐĞĂƌĐŚ͕ ŵĂƌŬĞƚŝŶŐ ŵĂƚĞƌŝĂůƐ͕ ĂŶĚ ŐĞŶĞƌĂů ƌĞƋƵĞƐƚƐ ĨŽƌ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ĐŝƚLJ ĚĞǀĞůŽƉŵĞŶƚ͘ DĂŝŶƚĂŝŶƐ ĐŝƚLJ ǁĞďƐŝƚĞ͕ ĂƐ ǁĞůů ĂƐ ŽƚŚĞƌƐ ƐƵĐŚ ĂƐ ĚŽǁŶƚŽǁŶƚdž͘ŽƌŐ ƚŽ ŬĞĞƉ ĐƵƌƌĞŶƚ ŵĂƌŝůůŽ ŝŶĨŽƌŵĂƚŝŽŶ ůŝƐƚĞĚ ĂŶĚ ĐƵƌƌĞŶƚ͘ ^ƚĂĨĨ ĂůƐŽ ĐŽŽƌĚŝŶĂƚĞƐ ǁŝƚŚ ŵĂƌŝůůŽ ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ ŽƌƉŽƌĂƚŝŽŶ ŽŶ ƚŚĞŝƌ ƉƌŽũĞĐƚƐ ŶĞĞĚŝŶŐ ĐŝƚLJ ĂƐƐŝƐƚĂŶĐĞ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ dĂdžĂďůĞ sĂůƵĞƐ EƵŵďĞƌ ŽĨ EĞǁ ^ŝŶŐůĞͲ&ĂŵŝůLJ WĞƌŵŝƚƐ dŽƚĂů WŽƉƵůĂƚŝŽŶ >ĂďŽƌ &ŽƌĐĞ dŽƚĂů dĂdžĂďůĞ ^ĂůĞƐ dĂdžĂďůĞ ƐĂůĞƐ ;ŝŶĐƌĞĂƐĞͬĚĞĐƌĞĂƐĞͿ dĂdžĂďůĞ ƐĂůĞƐ ƉĞƌ ƉĞƌƐŽŶ ;ƚŽƚĂů ƉŽƉƵůĂƚŝŽŶͿ ƵŝůĚŝŶŐ WĞƌŵŝƚ sĂůƵĂƚŝŽŶƐ ƵƐŝŶĞƐƐ sŝƐŝƚƐ dŽƚĂů EƵŵďĞƌ ŽĨ d/Z ηϭ 'ƌĂŶƚƐͬZĞďĂƚĞƐ dŽƚĂů EƵŵďĞƌ ŽĨ d/Z ηϮ 'ƌĂŶƚƐͬZĞďĂƚĞƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů ΨϭϮ͕ϴϬϬ͕ϬϬϬ͕ϬϬϬ ϱϱϬ ϮϬϰ͕ϴϮϴ ϭϬϬ͕ϵϰϳ Ψϯ͕ϴϭϰ͕ϮϯϬ͕ϭϰϱ Ϯ͘ϵϵй Ψϭϴ͕ϲϮϭ͘ϲϮ Ψϰϱϰ͕ϯϮϳ͕Ϭϰϵ ϯϬ ϯ Ϭ

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ƵƚŚŽƌŝnjĞĚ WŽƐŝƚŝŽŶƐ

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WĞƌŵĂŶĞŶƚ WŽƐŝƚŝŽŶƐ WĂƌƚͲƚŝŵĞ WŽƐŝƚŝŽŶƐ dŽƚĂů WŽƐŝƚŝŽŶƐ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ ϭϰ Ͳ ϭϰ

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ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ Ϯ͕Ϯϴϱ͕ϮϬϳ ϱϭ͕ϰϭϴ ϳϱϰ͕ϴϰϴ ϰϴ͕ϲϬϭ ϮϬ͕ϬϬϬ Ψ ϯ͕ϭϲϬ͕Ϭϳϰ

DŝƐƐŝŽŶ ^ƚĂƚĞŵĞŶƚ ƵŝůĚŝŶŐ ^ĂĨĞƚLJ ƉƌŽŵŽƚĞƐ ůŝǀĂďŝůŝƚLJ ĂŶĚ ĞŶƐƵƌĞƐ ƉƵďůŝĐ ŚĞĂůƚŚ͕ ƐĂĨĞƚLJ ĂŶĚ ǁĞůĨĂƌĞ ŝŶ ƚŚĞ ďƵŝůƚ ĞŶǀŝƌŽŶŵĞŶƚ͘ ƵŝůĚŝŶŐ ^ĂĨĞƚLJ ĂůƐŽ ƉƌŽǀŝĚĞƐ ƐĞƌǀŝĐĞƐ ƚŽ ƉƌŽŵŽƚĞ ŶĞŝŐŚďŽƌŚŽŽĚ ƉƌĞƐĞƌǀĂƚŝŽŶ͕ ĨŽĐƵƐŝŶŐ ŽŶ Ă ŚĞĂůƚŚLJ ĂŶĚ ǀŝďƌĂŶƚ ĞŶǀŝƌŽŶŵĞŶƚ ƚŚƌŽƵŐŚ ŝŶƚĞƌĂĐƚŝŽŶ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ŽĨ ŽƵƌ ĐŽŵŵƵŶŝƚLJ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ ƵŝůĚŝŶŐ ^ĂĨĞƚLJ ĨƵůĨŝůůƐ ŝƚƐ ŵŝƐƐŝŽŶ ƚŚƌŽƵŐŚ Ă ĐŽŵƉůŝĂŶĐĞ ĂƉƉƌŽĂĐŚ ŽĨ ƐĞƌǀŝĐĞ ĚĞůŝǀĞƌLJ͘ dŚŝƐ ĂƉƉƌŽĂĐŚ ĂůŝŐŶƐ ǁŝƚŚ ŝƚLJ ŽƵŶĐŝů͛Ɛ ƉŝůůĂƌƐ ŽĨ WƵďůŝĐ ^ĂĨĞƚLJ͕ ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚͬ ZĞĚĞǀĞůŽƉŵĞŶƚ͕ ĂŶĚ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ĐŽŶƚŝŶƵĞƐ ƚŽ ŵĂŝŶƚĂŝŶ ĂŶ ĞdžĐĞůůĞŶƚ ƵŝůĚŝŶŐ ŽĚĞƐ ĨĨĞĐƚŝǀĞŶĞƐƐ 'ƌĂĚŝŶŐ ^LJƐƚĞŵ ; '^Ϳ ŽĨ Ϯ ĨŽƌ ĐŽŵŵĞƌĐŝĂů ĂŶĚ ϯ ĨŽƌ ZĞƐŝĚĞŶƚŝĂů ;ϭ ďĞŝŶŐ ďĞƐƚ͕ ϭϬ ǁŽƌƐƚͿ͘ dŚĞƐĞ ƌĂƚŝŶŐƐ ƉůĂĐĞ ŵĂƌŝůůŽ͛Ɛ ƵŝůĚŝŶŐ ^ĂĨĞƚLJ ĞƉĂƌƚŵĞŶƚ ŝŶ ƚŚĞ ƚŽƉ ϵϲй ĨŽƌ ĐŽŵŵĞƌĐŝĂů ĂŶĚ ϵϮй ĨŽƌ ƌĞƐŝĚĞŶƚŝĂů ĐŽŵƉĂƌĞĚ ƚŽ ϰϬϬ ŽƚŚĞƌ ŵƵŶŝĐŝƉĂůŝƚŝĞƐ ŝŶ dĞdžĂƐ͘ KƵƌ ƌĂƚŝŶŐ ŝƐ ďĂƐĞĚ ŽŶ Ă ǀĂƌŝĞƚLJ ŽĨ ĨĂĐƚŽƌƐ ŝŶĐůƵĚŝŶŐ ƉĞƌĐĞŶƚĂŐĞ ŽĨ /ŶƚĞƌŶĂƚŝŽŶĂů ŽĚĞ ŽƵŶĐŝů ĐĞƌƚŝĨŝĞĚ ƐƚĂĨĨ͕ ŵŽĚĞů ĐŽĚĞ ĐLJĐůĞ͕ ĐŽĚĞ ĂŵĞŶĚŵĞŶƚƐ͕ ƋƵĂůŝƚLJ ŽĨ ƉůĂŶ ƌĞǀŝĞǁ ĂŶĚ ŝŶƐƉĞĐƚŝŽŶ ƐĞƌǀŝĐĞ͘ ƵŝůĚŝŶŐ ^ĂĨĞƚLJ ƐƚĂĨĨ ĐŽŶƐŝƐƚƐ ŽĨ ϯϭ ĨƵůů ƚŝŵĞ ƉŽƐŝƚŝŽŶƐ͕ Ϯ ƉĂƌƚ ƚŝŵĞ ƉŽƐŝƚŝŽŶƐ ĂŶĚ ϭ ' ĨƵŶĚĞĚ ƉŽƐŝƚŝŽŶ͘ ůů ĂƌĞ ĚĞĚŝĐĂƚĞĚ ƚŽ ŝŵƉƌŽǀŝŶŐ ƚŚĞ ƐĂĨĞƚLJ ĂŶĚ ǁĞůĨĂƌĞ ŽĨ ĐŝƚŝnjĞŶƐ ĂŶĚ ǀŝƐŝƚŽƌƐ ƚŽ ŵĂƌŝůůŽ ĚĂŝůLJ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ƉƌŽǀŝĚĞƐ Ă ŚŝŐŚ ůĞǀĞů ŽĨ ƉƌŽĨĞƐƐŝŽŶĂů ƐĞƌǀŝĐĞ ƚŽ Ă ǁŝĚĞ ƌĂŶŐĞ ŽĨ ƉƌŽŐƌĂŵƐ ĂŶĚ ĂĐƚŝǀŝƚŝĞƐ ĨŽĐƵƐĞĚ ŽŶ ŚĞĂůƚŚ͕ ƐĂĨĞƚLJ ĂŶĚ ƋƵĂůŝƚLJ ŽĨ ůŝĨĞ ŝŶ ŵĂƌŝůůŽ͘ DĂŶĚĂƚĞĚ ĂĐƚŝǀŝƚŝĞƐ ŝŶĐůƵĚĞ ĐŽŵƉůŝĂŶĐĞ ĂŶĚ ĞŶĨŽƌĐĞŵĞŶƚ ĂĐƚŝŽŶƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ĂƉƉůŝĐĂďůĞ ůŽĐĂů͕ ƐƚĂƚĞ ĂŶĚ ĨĞĚĞƌĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ďƵŝůƚ ĞŶǀŝƌŽŶŵĞŶƚ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ƐƚƌŝǀĞƐ ƚŽ ƐƚƌĞĂŵůŝŶĞ ĐŝƚŝnjĞŶ ƐĞƌǀŝĐĞƐ ƚŚƌŽƵŐŚ ƚŚĞ ĞǀĞůŽƉŵĞŶƚ ^ĞƌǀŝĐĞƐ ƉŽƌƚĂů͕ ͞KŶĞ ^ƚŽƉ ^ŚŽƉ͘͟ dŚŝƐ ŝƐ ĂĐŚŝĞǀĞĚ ƚŚƌŽƵŐŚ ĂƉƉůŝĐĂƚŝŽŶ ŝŶƚĂŬĞ ĨŽƌ ŶƵŵĞƌŽƵƐ ŝƚLJ ƉƌŽŐƌĂŵƐ͕ ƉůĂŶ ƌĞǀŝĞǁ͕ ƉĞƌŵŝƚƚŝŶŐ͕ ŝŶƐƉĞĐƚŝŽŶ͕ ĂŶĚ ůŝĐĞŶƐŝŶŐ ƐĞƌǀŝĐĞƐ͘ ƵŝůĚŝŶŐ ^ĂĨĞƚLJ ƐƚĂĨĨ ƚĂŬĞƐ ƉƌŝĚĞ ŝŶ ǁŽƌŬŝŶŐ ŽŶ ƚŚĞ ĨƌŽŶƚ ƐŝĚĞ ŽĨ ƚŚĞ ŵŽĚĞů ďLJ ƌĞŐƵůĂƌůLJ ĞŶŐĂŐŝŶŐ ŝŶ ĐƵƐƚŽŵĞƌ ĐŽŶƐƵůƚĂƚŝŽŶ ďĞĨŽƌĞ ĂŶĚ ĚƵƌŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĐŽŵƉůŝĂŶĐĞ ĂĐƚŝǀŝƚŝĞƐ͘ ŽŵŵƵŶŝƚLJ /ŵƉƌŽǀĞŵĞŶƚ ƉƌŽŐƌĂŵ ĂĐƚŝǀŝƚŝĞƐ ĂƌĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ŽƵŶĐŝů͛Ɛ ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚͬ ZĞĚĞǀĞůŽƉŵĞŶƚ ŝŶŝƚŝĂƚŝǀĞ ƚŽ ĞŶŚĂŶĐĞ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͛Ɛ ĞĐŽŶŽŵŝĐ ĐŽŵƉĞƚŝƚŝǀĞŶĞƐƐ͕ ǁŚŝĐŚ ŝŶĐůƵĚĞƐ

441

ĂďĂƚĞŵĞŶƚ ŽĨ ƵŶĐƵůƚŝǀĂƚĞĚ ǀĞŐĞƚĂƚŝŽŶ͕ ĂĐĐƵŵƵůĂƚŝŽŶƐ ŽĨ ũƵŶŬ ĂŶĚ ĚĞďƌŝƐ͕ ŐƌĂĨĨŝƚŝ͕ ũƵŶŬ ǀĞŚŝĐůĞƐ͕ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ĂŶĚ ƌĞŵŽǀĂů ŽĨ ŚĂnjĂƌĚŽƵƐ ĐŽŶĚŝƚŝŽŶƐ͕ ĂŶĚ ůĞŐĂů ĚƵĞ ƉƌŽĐĞƐƐ ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ ĚĂŶŐĞƌŽƵƐ ƐƚƌƵĐƚƵƌĞƐ͘ ƵŝůĚŝŶŐ ^ĂĨĞƚLJ ŝƐ ĐŚĂƌŐĞĚ ǁŝƚŚ ŝŶƐƉĞĐƚŝŶŐ ƚŚĞ ŝƚLJ͛Ɛ ŚŽƵƐŝŶŐ ƐƚŽĐŬ ƚŚƌŽƵŐŚ ŝŶǀĞƐƚŝŐĂƚŝŽŶ ŽĨ ƐƵďƐƚĂŶĚĂƌĚ ŚŽƵƐŝŶŐ ĐŽŵƉůĂŝŶƚƐ͕ ǀĂĐĂŶƚ ďƵŝůĚŝŶŐ ĞŶĨŽƌĐĞŵĞŶƚ ĂƐ ǁĞůů ĂƐ ǁŽƌŬŝŶŐ ĐůŽƐĞůLJ ǁŝƚŚ ƚŚĞ ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚ ĞƉĂƌƚŵĞŶƚ ƚŽ ĂƐƐŝƐƚ ĞǀĞůŽƉŵĞŶƚͬZĞĚĞǀĞůŽƉŵĞŶƚ͘ dŚĞ ĚĂŶŐĞƌŽƵƐ ƐƚƌƵĐƚƵƌĞ ŽŶĚĞŵŶĂƚŝŽŶ ƉƌŽĐĞƐƐ ŝƐ ĂŶ ĞdžĐĞůůĞŶƚ ĞdžĂŵƉůĞ ŽĨ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ͘ /Ŷ ƚŚĞ ƐŚŽƌƚ ƚŝŵĞ ƚŚŝƐ ŶĞǁ ƉƌŽĐĞƐƐ ŚĂƐ ďĞĞŶ ŝŶ ĞdžŝƐƚĞŶĐĞ ĂŶ ĂǀĞƌĂŐĞ ŽĨ ϰ ĚĂŶŐĞƌŽƵƐ ƐƚƌƵĐƚƵƌĞƐ ƉĞƌ ŵŽŶƚŚ ŚĂǀĞ ďĞĞŶ ĂďĂƚĞĚ͘

dŚĞ ĚĞƉĂƌƚŵĞŶƚ ŝƐ ĂůƐŽ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŽƚŚĞƌ ƉƌŽŐƌĂŵƐ ǁŚŝĐŚ ŝŵƉƌŽǀĞ ƚŚĞ ƋƵĂůŝƚLJ ŽĨ ůŝĨĞ ŝŶ ŵĂƌŝůůŽ͘ dŚĞƐĞ ŝŶĐůƵĚĞ ƚŚĞ ŝƚLJ͛Ɛ ƉŽƌƚĂů ĨŽƌ ĞǀĞůŽƉŵĞŶƚ ^ĞƌǀŝĐĞƐ͕ ĐŽŶƚƌĂĐƚŽƌ ƌĞŐŝƐƚƌĂƚŝŽŶ͕ ƚƌĂŶƐŝĞŶƚ ďƵƐŝŶĞƐƐ ůŝĐĞŶƐĞƐ͕ ĐƌĞĚŝƚ ĂĐĐĞƐƐ ďƵƐŝŶĞƐƐ ůŝĐĞŶƐĞƐ͕ ƐĐƌĂƉ ƚŝƌĞ ďƵƐŝŶĞƐƐĞƐ͕ ƚŽƉůĞƐƐ ĞƐƚĂďůŝƐŚŵĞŶƚ ůŝĐĞŶƐĞƐ͕ ŵĂŶƵĨĂĐƚƵƌĞĚ ŚŽŵĞͬZs ƉĂƌŬƐ ĂŶĚ ĐŽŵƉůĂŝŶƚ ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ĐŽŶǀĞŶĞƐ ƚŚĞ ĨŽůůŽǁŝŶŐ ďŽĂƌĚƐ ĂŶĚ ĐŽŵŵŝƐƐŝŽŶƐ͗ ŽŶƐƚƌƵĐƚŝŽŶ ĚǀŝƐŽƌLJ ĂŶĚ ƉƉĞĂůƐ ŽŵŵŝƐƐŝŽŶ͕ ŽŶĚĞŵŶĂƚŝŽŶ ƉƉĞĂůƐ ŽŵŵŝƐƐŝŽŶ͕ ĂŶĚ ƚŚĞ ŽŶŝŶŐ ŽĂƌĚ ŽĨ ĚũƵƐƚŵĞŶƚƐ͘

WƌŽŐƌĂŵƐ ƵŝůĚŝŶŐ ^ĂĨĞƚLJ ĂŶĚ ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϰϲϰ͕ϳϭϳ

DĞĂƐƵƌĂďůĞ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ ƐĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞĚ ƚŽ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ŝŶĐůƵĚĞ ƐŚŽƌƚĞƌ ĐŽŶƐƚƌƵĐƚŝŽŶ ƉůĂŶ ƌĞǀŝĞǁ ƚƵƌŶͲĂƌŽƵŶĚ ĂŶĚ ƉĞƌŵŝƚƚŝŶŐ ƚŝŵĞƐ͖ ĨŽĐƵƐ ŽŶ ƋƵĂůŝƚLJ ŝŶƐƉĞĐƚŝŽŶƐ͖ ĂŶĚ ĐŽŵŵƵŶŝƚLJ ĞŶŐĂŐĞŵĞŶƚ ĂŶĚ ƉƌĞƐĞƌǀĂƚŝŽŶ͘ dŚĞ ƵŝůĚŝŶŐ ^ĂĨĞƚLJ ĚĞƉĂƌƚŵĞŶƚ ŚĂƐ Ă ĐŽŶƚŝŶƵĞĚ ĨŽĐƵƐ ŽŶ ǁŝĚĞƐƉƌĞĂĚ ĐƌŽƐƐ ƚƌĂŝŶŝŶŐͬƐƚĂĨĨ ĚĞǀĞůŽƉŵĞŶƚ͕ ^KWƐ ĂŶĚ ǁŽƌŬĨůŽǁ ĚŝĂŐƌĂŵƐ͘ ƵƌƌĞŶƚůLJ ƵŝůĚŝŶŐ ^ĂĨĞƚLJ ŚĂƐ ĐŽŵƉůĞƚĞĚ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϭϱϬ ^KWƐ͘ ƵŝůĚŝŶŐ ^ĂĨĞƚLJ ŝƐ ĂůƐŽ ĐŽŶĐĞƌŶĞĚ ǁŝƚŚ ŝŵƉƌŽǀŝŶŐ ĐŝƚŝnjĞŶ ĂĐĐĞƐƐ ƚŽ ŝŶĨŽƌŵĂƚŝŽŶ ƌĞŐĂƌĚŝŶŐ ƐĞƌǀŝĐĞƐ͘ dŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶ ŝƐ ƉƌŽǀŝĚĞĚ ƵƐŝŶŐ Ă ǁĞďƐŝƚĞ͕ ŝŶĨŽƌŵĂƚŝŽŶĂů ďƵůůĞƚŝŶƐ ĂŶĚ ŽƵƚƌĞĂĐŚ ĂĐƚŝǀŝƚŝĞƐ͘

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ĞǀĞůŽƉŵĞŶƚ ƐĞƌǀŝĐĞƐ ŝŶƚĂŬĞ ^KW͛Ɛ Θ ǁŽƌŬĨůŽǁ ĚŝĂŐƌĂŵƐ WĞƌĐĞŶƚĂŐĞ ŽĨ ĐŽĚĞ ĐĞƌƚŝĨŝĞĚ ƉůĂŶ ƌĞǀŝĞǁĞƌƐ ĂŶĚ ŝŶƐƉĞĐƚŽƌƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϲϳϭ ϭϱϯ ϵϱй

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϴϬϬ ϭϱϱ ϵϲй

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϳϳϱ ϭϲϬ ϵϲй

WůĂŶ ZĞǀŝĞǁ ĂŶĚ WĞƌŵŝƚ /ƐƐƵĂŶĐĞ͗ WĞƌŵŝƚ /ŶƚĂŬĞ͕ WůĂŶ ZĞǀŝĞǁ ĂŶĚ WƌŽĐĞƐƐ DĂŶĂŐĞŵĞŶƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕ϬϮϮ͕ϯϳϳ

WĞƌŵŝƚ /ŶƚĂŬĞ͕ WůĂŶ ZĞǀŝĞǁ ĂŶĚ WƌŽĐĞƐƐ DĂŶĂŐĞŵĞŶƚ ƐƚƌŝǀĞƐ ƚŽ ƌĞĚƵĐĞ ĂŶĚ ŵĂŝŶƚĂŝŶ ƚƵƌŶͲĂƌŽƵŶĚ ƚŝŵĞ ƚŚƌŽƵŐŚ ĂĚĚŝƚŝŽŶĂů ƚƌĂŝŶŝŶŐ ĂŶĚ ƐƚĂĨĨ ĚĞǀĞůŽƉŵĞŶƚ͘ ^ŽŵĞ ĂĚĚŝƚŝŽŶĂů ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ ŝŶŝƚŝĂƚŝǀĞƐ ŝŶĐůƵĚĞ ƐƚĂĨĨ ǁŽƌŬŝŶŐ ǁŝƚŚ ŚŝŐŚ ǀŽůƵŵĞ ďƵŝůĚĞƌƐ͛ ƵƐĂŐĞ ŽĨ ͞DĂƐƚĞƌ WůĂŶƐ͟ ƚŚĂƚ͕ ŽŶĐĞ ƌĞǀŝĞǁĞĚ ĂŶĚ ĂƉƉƌŽǀĞĚ͕ ǁŝůů ďĞ ĂƌĐŚŝǀĞĚ ĨŽƌ ƌĞͲƵƐĞ͘ tŚĞŶ ƚŚĞ ďƵŝůĚĞƌ ƌĞͲƵƐĞƐ ĂŶ ĂƉƉƌŽǀĞĚ ŵĂƐƚĞƌ ƉůĂŶ͕ Ă ƌĞǀŝĞǁ ŝƐ ŽŶůLJ ƌĞƋƵŝƌĞĚ ĨŽƌ ƚŚĞ ƐŝƚĞ ĐŽŶĚŝƚŝŽŶƐ͘ ^ĞǀĞƌĂů ŽƚŚĞƌ ĞdžĂŵƉůĞƐ ŽĨ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ ŝŶŝƚŝĂƚŝǀĞƐ ŝŶĐůƵĚĞ ƐŝŵƉůŝĨŝĞĚ ŵŽďŝůĞ ŚŽŵĞ ĂƉƉůŝĐĂƚŝŽŶ͕ ƚŚŝƐ ŶĞǁ ĨŽƌŵ ƌĞĚƵĐĞĚ ƚŚĞ ƉĞƌŵŝƚ ƉƌŽĐĞƐƐ ďLJ ĂƉƉƌŽdžŝŵĂƚĞůLJ ŚĂůĨ ĂŶ ŚŽƵƌ ĂŶĚ ͞ džƉƌĞƐƐ WůĂŶƐ͟ Ă Ĩŝůů ŝŶ ƚŚĞ ďůĂŶŬ ƉůĂŶ ƐƵŝƚĂďůĞ ĨŽƌ ƐŝŵƉůĞ ,ŽŵĞ KǁŶĞƌ ƉƌŽũĞĐƚƐ ƐƵĐŚ ĂƐ ĚĞĐŬƐ͕ ƉĂƚŝŽ ĐŽǀĞƌƐ͕ ĐĂƌƉŽƌƚƐ͕ ƚŚŝƐ ƉƌŽĐĞƐƐ ĞůŝŵŝŶĂƚĞƐ ŶĞĞĚ ĨŽƌ ŵƵůƚŝƉůĞ ǀŝƐŝƚƐ͘ dŚĞ ƵŝůĚŝŶŐ ^ĂĨĞƚLJ ĚĞƉĂƌƚŵĞŶƚ ĐŽŶƚŝŶƵĞƐ ƚŽ ĐƌĞĂƚĞ ƐƉƌĞĂĚƐŚĞĞƚƐ͕ ǁŚŝƚĞ ƉĂƉĞƌƐ͕ ĐŚĞĐŬůŝƐƚƐ͕ ĂŶĚ ƵƐĞƌͲĨƌŝĞŶĚůLJ ĨŽƌŵƐͬĂƉƉůŝĐĂƚŝŽŶƐ ĂƌĞ ďĞŝŶŐ ƚĂŝůŽƌĞĚ ƚŽ ĞdžƉĞĚŝƚĞ ƚŚĞ ƉĞƌŵŝƚ ƉƌŽĐĞƐƐ͘

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WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

WĞƌŵŝƚ /ŶƚĂŬĞͬ WůĂŶ ZĞǀŝĞǁ

ϭϲ͕ϵϭϱ

ϭϵ͕ϲϮϴ

ϮϬ͕ϬϬϬ

ϭϭ͕Ϯϯϯ Ψϰϱϯ͕ϳϰϳ͕ϭϱϴ

ϭϯ͕ϮϯϮ ΨϰϳϬ͕Ϭϯϭ͕Ϯϭϯ

ϭϯ͕ϱϬϬ ΨϱϬϬ͕ϬϬϬ͕ϬϬϬ

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dƌĂĚĞ ƉĞƌŵŝƚ ŝƐƐƵĂŶĐĞ ;D WͿ dŽƚĂů ǀĂůƵĞ ŽĨ ĐŽŶƐƚƌƵĐƚŝŽŶ ƉĞƌŵŝƚƚĞĚ ǀĞƌĂŐĞ ĐĂůĞŶĚĂƌ ĚĂLJƐ ƚŽ ƉĞƌŵŝƚ ŶĞǁ ƌĞƐŝĚĞŶƚŝĂů ǀĞƌĂŐĞ ĐĂůĞŶĚĂƌ ĚĂLJƐ ƚŽ ƉĞƌŵŝƚ Ăůů ĐŽŵŵĞƌĐŝĂů

Ύ^ĞǀĞƌĂů ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ ŝŶŝƚŝĂƚŝǀĞƐ ǁĞƌĞ ŝŵƉůĞŵĞŶƚĞĚ͘ ͞DĂƐƚĞƌ WůĂŶ͟ ĐŽŶĐĞƉƚ͕ ƚŚŝƐ ƉƌŽĐĞƐƐ ĂůůŽǁƐ ƚŚĞ ďƵŝůĚĞƌ ƚŽ ƐƵďŵŝƚ Ă ĐĂƚĂůŽŐ ŽĨ ŵĂƐƚĞƌ ƉůĂŶƐ͘ dŚŽƐĞ ƉůĂŶƐ ŽŶůLJ ŶĞĞĚ ŽŶĞ ƐƚƌƵĐƚƵƌĂůͬůŝĨĞ ƐĂĨĞƚLJ ƌĞǀŝĞǁ͘ dŚĞƌĞĂĨƚĞƌ ƚŚĞ ĐŽŶƚƌĂĐƚŽƌ ĐĂŶ Ă ƐƵďŵŝƚ ƐŝƚĞ ƉůĂŶ ŝŶĚŝĐĂƚŝŶŐ ǁŚŝĐŚ ŵĂƐƚĞƌ ƉůĂŶ ƚŽ ďĞ ďƵŝůƚ͕ ƚŚƵƐ ƌĞƋƵŝƌŝŶŐ Ă ƌĞǀŝĞǁ ŽĨ ƚŚĞ ƐŝƚĞ ŽŶůLJ͘ dŚŝƐ ƉƌŽĐĞƐƐ ĞdžƉĞĚŝƚĞƐ ƌĞǀŝĞǁ ĂŶĚ ƚƵƌŶĂƌŽƵŶĚ ƚŝŵĞ ĐŽŶƐŝĚĞƌĂďůLJ͘ ͞ džƉƌĞƐƐ WůĂŶƐ͟ ũƵƐƚ ƌĞĐĞŶƚůLJ ĚĞǀĞůŽƉĞĚ ĂŶĚ ŵĂĚĞ ĂǀĂŝůĂďůĞ ĨŽƌ ƐŝŵƉůĞ ,ŽŵĞ KǁŶĞƌ ƉƌŽũĞĐƚƐ͘ tĞ ĂŶƚŝĐŝƉĂƚĞ ƚŚŝƐ ǁŝůů ƐĂǀĞ ŽƵƌ ĐƵƐƚŽŵĞƌƐ ĨƌŽŵ ŵƵůƚŝƉůĞ ǀŝƐŝƚƐ ĂŶĚ ƌĞĚƵĐĞ ƚŝŵĞ ůŝŶĞ ĨŽƌ ƉĞƌŵŝƚƐ͘ ŶŽƚŚĞƌ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ ŝŶŝƚŝĂƚŝǀĞ ŝƐ ƚŚĞ ĐŽŶƚŝŶƵĞĚ ƚƌĂŶƐŝƚŝŽŶ ƚŽ ĚŝŐŝƚĂů ĨŽƌŵĂƚ ŽŶ Ăůů ĐŽŶƐƚƌƵĐƚŝŽŶ ĚŽĐƵŵĞŶƚƐ ĂŶĚ ĨŝůĞƐ Ăƚ ƚŚĞ ďĞŐŝŶŶŝŶŐ ŽĨ ƚŚĞ ĂƉƉůŝĐĂƚŝŽŶ ƉƌŽĐĞƐƐ͕ ƚŚƵƐ ĞůŝŵŝŶĂƚŝŶŐ ƚŝŵĞ ĂŶĚ ƌĞƐŽƵƌĐĞƐ ƉƌĞǀŝŽƵƐůLJ ĚĞǀŽƚĞĚ ƚŽ ŵĂŶĂŐŝŶŐ ƉĂƉĞƌ ĨŝůĞƐͬĚŽĐƵŵĞŶƚƐ͘

/ŶƐƉĞĐƚŝŽŶ ^ĞƌǀŝĐĞƐ͗ ƵŝůĚŝŶŐͬ^ŝƚĞ /ŶƐƉĞĐƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕ϭϭϱ͕ϯϮϬ ƵŝůĚŝŶŐ ^ĂĨĞƚLJ /ŶƐƉĞĐƚŝŽŶ ^ĞƌǀŝĐĞƐ ƐƚƌŝǀĞƐ ƚŽ ƌĞĚƵĐĞ ƚŚĞ ŶƵŵďĞƌ ŽĨ ƐŝƚĞ ǀŝƐŝƚƐ ŽŶ ƉƌŽũĞĐƚƐ ƚŚƌŽƵŐŚ ĐƌŽƐƐͲ ƚƌĂŝŶŝŶŐ ĂŶĚ ďLJ ĞdžƉĂŶĚŝŶŐ ƚŚĞ ĐƵƌƌĞŶƚ ŶƵŵďĞƌ ŽĨ ŽŵŵƵŶŝƚLJ ^ĂĨĞƚLJ /ŶƐƉĞĐƚŽƌƐ ; ^/Ϳ ƚŚƌŽƵŐŚ ƚƌĂŝŶŝŶŐ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ĂŶĚ ŝŶĐĞŶƚŝǀĞƐ͘ ^/Ɛ ĐĂŶ ƉĞƌĨŽƌŵ ŵƵůƚŝƉůĞ ŝŶƐƉĞĐƚŝŽŶƐ ƉĞƌ ǀŝƐŝƚ͘ ƵŝůĚŝŶŐ ^ĂĨĞƚLJ ĐƵƌƌĞŶƚůLJ ŚĂƐ ϭ ^/ ŝŶƐƉĞĐƚŽƌ ǁŝƚŚ Ă ŐŽĂů ƚŽ ĞŶĐŽƵƌĂŐĞ ŵŽƌĞ ƐƚĂĨĨ ƚŽ ƚƌĂŶƐŝƚŝŽŶ ƚŽ ^/ ƐƚĂƚƵƐ͘ dŚĞƐĞ ŝŶŝƚŝĂƚŝǀĞƐ ĂƌĞ ŝŶ ůŝŶĞ ǁŝƚŚ ŽƵŶĐŝů ƉƌŝŽƌŝƚLJ ŽĨ ĨŝƐĐĂů ƌĞƐƉŽŶƐŝďŝůŝƚLJ͕ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ĂŶĚ ĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚͬƌĞĚĞǀĞůŽƉŵĞŶƚ͕

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ƵŝůĚŝŶŐ ƐŝƚĞ ǀŝƐŝƚƐ ^/ ŝŶƐƉĞĐƚŝŽŶƐ dŽƚĂů ŝŶƐƉĞĐƚŝŽŶƐ ǀĞƌĂŐĞ ƐŝƚĞ ǀŝƐŝƚ ƉĞƌ ŝŶƐƉĞĐƚŽƌ ƉĞƌ ĚĂLJ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϯϴ͕ϰϰϰ Ϯ͕ϵϵϮ ϱϯ͕ϰϴϳ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϰϬ͕ϬϬϬ Ϯ͕ϰϮϬ ϱϱ͕ϬϬϬ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϱϬ͕ϬϬϬ ϯ͕ϬϬϬ ϲϲ͕ϬϬϬ

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WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ŽŵŵƵŶŝƚLJ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶƐƉĞĐƚŝŽŶƐ ŽĚĞ ǀŝŽůĂƚŝŽŶ ŝŶƐƉĞĐƚŝŽŶƐ ĂŶŐĞƌŽƵƐ ƐƚƌƵĐƚƵƌĞƐ ŝĚĞŶƚŝĨŝĞĚ ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚ ĨƵŶĚĞĚ ŝŶƐƉĞĐƚŝŽŶƐ tĞĞĚͬũƵŶŬ ĂŶĚ ĚĞďƌŝƐ ĐŽŵƉůĂŝŶƚƐ hŶŽĐĐƵƉŝĞĚ͕ ƵŶƐĂĨĞ ďƵŝůĚŝŶŐƐ ĐŽŵƉůĂŝŶƚƐ dĞŶĂŶƚ ŽĐĐƵƉŝĞĚ ƵŶƐĂĨĞ ďƵŝůĚŝŶŐ ĐŽŵƉůĂŝŶƚƐ :ƵŶŬ ǀĞŚŝĐůĞ ĐŽŵƉůĂŝŶƚƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

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ϮϬϭϳͬϭϴ ĐƚƵĂů ϯϭ Ϯ ϯϯ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ ϯϮ Ϯ ϯϰ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϯϱ Ͳ ϯϱ

dŽƚĂů ƵŝůĚŝŶŐ ^ĂĨĞƚLJ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϯ͕ϭϲϬ͕Ϭϳϰ

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ƵĚŐĞƚ ŽŵƉĂƌŝƐŽŶ WĞƌƐŽŶŶĞů ^ĞƌǀŝĐĞƐ ^ƵƉƉůŝĞƐ ŽŶƚƌĂĐƚƵĂů ^ĞƌǀŝĐĞƐ KƚŚĞƌ ŚĂƌŐĞƐ /ŶƚĞƌ ZĞŝŵďƵƌƐĞŵĞŶƚƐ dŽƚĂů džƉĞŶƐĞƐ

ϮϬϭϳͬϭϴ ƵĚŐĞƚĞĚ Ψ ϵϯϳ͕ϰϬϰ ϮϬ͕ϱϯϬ Ϯϭϭ͕ϭϭϭ ϭϱ͕ϭϮϭ Ͳ Ψ ϭ͕ϭϴϰ͕ϭϲϲ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ Ψ ϭ͕ϭϳϭ͕ϱϬϭ ϰϲ͕ϲϱϬ ϭϲϵ͕ϲϳϯ ϭϴ͕ϳϴϴ ;ϭϮϬ͕ϲϱϬͿ Ψ ϭ͕Ϯϴϱ͕ϵϲϮ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ ϭ͕Ϯϰϵ͕ϴϳϭ Ϯϲ͕ϱϬϬ ϭϴϱ͕ϵϴϱ ϮϬ͕ϳϵϴ Ͳ Ψ ϭ͕ϰϴϯ͕ϭϱϰ

DŝƐƐŝŽŶ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ŽĨ ŶǀŝƌŽŶŵĞŶƚĂů ,ĞĂůƚŚ ĐŽŶƐŝƐƚƐ ŽĨ ŚŝŐŚůLJ ƚƌĂŝŶĞĚ ŚĞĂůƚŚ ĂŶĚ ƐĂĨĞƚLJ ƉƌŽĨĞƐƐŝŽŶĂůƐ ǁŚŽ ŝĚĞŶƚŝĨLJ ĂŶĚ ƉƌŽŵŽƚĞ ƚŚĞ ĐŽŶĚŝƚŝŽŶƐ ƵŶĚĞƌ ǁŚŝĐŚ Ăůů ƉĞŽƉůĞ ĐĂŶ ůŝǀĞ ǁŝƚŚŝŶ ŚĞĂůƚŚLJ ĐŽŵŵƵŶŝƚŝĞƐ ĂŶĚ ǁŽƌŬ ƚŽ ĂĐŚŝĞǀĞ ŽƉƚŝŵƵŵ ŚĞĂůƚŚ ƐĞƌǀŝŶŐ ƚŚĞ ŝͲ ŝƚLJͲ ŽƵŶƚLJ ,ĞĂůƚŚ ŝƐƚƌŝĐƚ͘ KƵƌ ŐŽĂů ŝƐ ƚŽ ƉƌŽƚĞĐƚ ĂŶĚ ŝŵƉƌŽǀĞ ƚŚĞ ŚĞĂůƚŚ ĂŶĚ ǁĞůůͲďĞŝŶŐ ĨŽƌ Ăůů ƉĞŽƉůĞ ǁŚŽ ůŝǀĞ͕ ǁŽƌŬ͕ Žƌ ǀŝƐŝƚ ŵĂƌŝůůŽ͕ ĂŶLJŽŶ͕ ĂŶĚ ƚŚĞ ĐŽƵŶƚŝĞƐ ŽĨ WŽƚƚĞƌ ĂŶĚ ZĂŶĚĂůů͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ ƐƚƌĂƚĞŐŝĐ ĂƉƉƌŽĂĐŚ ĨŽƌ ŶǀŝƌŽŶŵĞŶƚĂů ,ĞĂůƚŚ ŝƐ ĂĐƵƚĞůLJ ĨŽĐƵƐĞĚ ŽŶ ƚŚĞ ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ ƚŽ ŝŶĐůƵĚĞ ŝƚLJ ŽƵŶĐŝů͛Ɛ dŽƉ &ŝǀĞ ƉƌŝŽƌŝƚŝĞƐ͘ ŶǀŝƌŽŶŵĞŶƚĂů ,ĞĂůƚŚ ƐƚƌŝǀĞƐ ƚŽ ĨƵůĨŝůů ƚŚĞ ŐŽĂůƐ ŽĨ ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ ďLJ ĨŽĐƵƐŝŶŐ ƐƉĞĐŝĨŝĐĂůůLJ ŽŶ ƚŚĞ ĞƐƚ WƌĂĐƚŝĐĞƐ ĂŶĚ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ ƉŝůůĂƌƐ͘ /Ŷ ĨŝƐĐĂů LJĞĂƌ ϮϬϭϵͬϮϬϮϬ ǁĞ ĐŽŶƚŝŶƵĞ ƚŽ ĨŽĐƵƐ ŽŶ ĞŶƐƵƌŝŶŐ ĂŶ ĂƉƉƌŽƉƌŝĂƚĞůLJͲƐŝnjĞĚ ĂŶĚ ĐŽŵƉĞƚĞŶƚ ǁŽƌŬĨŽƌĐĞ͘ ƵƌƌĞŶƚůLJ͕ ŶǀŝƌŽŶŵĞŶƚĂů ,ĞĂůƚŚ ůĂĐŬƐ ĂĚĞƋƵĂƚĞ ƐƚĂĨĨ ƚŽ ĚĞůŝǀĞƌ ƚǁŽ ŝŶƐƉĞĐƚŝŽŶƐ ƉĞƌ ĨŽŽĚ ĞƐƚĂďůŝƐŚŵĞŶƚ ƉĞƌ LJĞĂƌ͕ ĂƐ ƌĞƋƵŝƌĞĚ ďLJ ŵƵŶŝĐŝƉĂů ĐŽĚĞ ĂŶĚ ƐƚĂƚĞ ůĂǁ͘ tĞ ĐƵƌƌĞŶƚůLJ ĂǀĞƌĂŐĞ ůĞƐƐ ƚŚĂŶ ƚǁŽ ŝŶƐƉĞĐƚŝŽŶƐ ƉĞƌ ĞƐƚĂďůŝƐŚŵĞŶƚ͕ ƉĞƌ LJĞĂƌ͘ KƵƌ ůŽŶŐͲƚĞƌŵ ŐŽĂů ŝƐ ƚŽ ďĞ ĂďůĞ ƚŽ ŵĞĞƚ ƚŚĞ & ͛Ɛ sŽůƵŶƚĂƌLJ EĂƚŝŽŶĂů ZĞƚĂŝů &ŽŽĚ ^ƚĂŶĚĂƌĚ η ϯ ďLJ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞĚ ŶƵŵďĞƌ ŽĨ ŝŶƐƉĞĐƚŝŽŶƐ ƉĞƌ ĨĂĐŝůŝƚLJ ƉĞƌ LJĞĂƌ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ Ă ZŝƐŬͲ ĂƐĞĚ /ŶƐƉĞĐƚŝŽŶ ƉƌŽŐƌĂŵ ĂŶĚ ĞƐƚ WƌĂĐƚŝĐĞƐ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ǁŝůů ĐŽŶƚŝŶƵĞ ǁŝƚŚ ŽƵƌ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƚǁŽ ŶĞǁ ƐŽĨƚǁĂƌĞ ŝŶŝƚŝĂƚŝǀĞƐ ƚŽ ƉƌŽǀŝĚĞ ďĞƚƚĞƌ ĂŶĚ ŵŽƌĞ ƚŝŵĞůLJ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ͘ &ŝŶĂůůLJ͕ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ ǁŝůů ďĞ ĐŽŶƚŝŶƵŝŶŐ ǁŝƚŚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƚŚĞ ŝƚLJ͛Ɛ ĨŝƌƐƚ ǁĂƐƚĞǁĂƚĞƌ ƉƌĞͲ ƚƌĞĂƚŵĞŶƚ ;ŐƌĞĂƐĞ ƚƌĂƉͿ ƉƌŽŐƌĂŵ ǁŚŝĐŚ ǁŝůů ŝŶĐůƵĚĞ ƉĞƌŵŝƚƚŝŶŐ ǁŝƚŚ ĨĞĞƐ ĂŶĚ ƉĞƌŝŽĚŝĐ ŝŶƐƉĞĐƚŝŽŶƐ͘ tĞ ǁŝůů ďĞ ǁŽƌŬŝŶŐ ŽŶ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ŶĞǁ ƐƚĂŶĚĂƌĚƐ ŝŶ ŽƵƌ ĞdžŝƐƚŝŶŐ ŽƌĚŝŶĂŶĐĞ ĨŽƌ ǁĂƐƚĞǁĂƚĞƌ ƉƌĞͲƚƌĞĂƚŵĞŶƚ ǁŝƚŚ hƚŝůŝƚŝĞƐ͕ ƵŝůĚŝŶŐ ^ĂĨĞƚLJ͕ ĂŶĚ /ŶĚƵƐƚƌLJ͘ tĞ ĐŽŶƚŝŶƵĞ ƚŽ ǁŽƌŬ ŽŶ ƚŚĞ ƵƉĚĂƚŝŶŐ ŽĨ ƚŚĞ ŝͲ ŝƚLJͲ ŽƵŶƚLJ WƵďůŝĐ ,ĞĂůƚŚ ŝƐƚƌŝĐƚ ŽŽƉĞƌĂƚŝǀĞ ŐƌĞĞŵĞŶƚ͘

447

WƌŽŐƌĂŵƐ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϱϮ͕ϭϯϲ DĂŶĂŐŝŶŐ ĂŶĚ ůĞĂĚŝŶŐ ĨŝĞůĚ ŝŶƐƉĞĐƚŝŽŶ ƐƚĂĨĨ ƚŽ ĞŶƐƵƌĞ ĂƉƉƌŽƉƌŝĂƚĞ ĂŶĚ ƚŝŵĞůLJ ƐĞƌǀŝĐĞ ĚĞůŝǀĞƌLJ ďLJ ĂƐƐŝƐƚŝŶŐ ǁŝƚŚ ĚĂƚĂ ĞŶƚƌLJ͕ ĐƵƐƚŽŵĞƌ ŝŶƚĞƌĂĐƚŝŽŶ͕ ƚĞĐŚŶŝĐĂů ŐƵŝĚĂŶĐĞ͕ ĂŶĚ ŽƚŚĞƌ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĚƵƚŝĞƐ͘ ŶŐĂŐŝŶŐ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ĂŶĚ ŽƵƌ ƉĂƌƚŶĞƌƐ ƚŽ ƐŚĂƌĞ ƌĞƐŽƵƌĐĞƐ ĂŶĚ ƉƌŽǀŝĚĞ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ƚƌĂŝŶŝŶŐ ŽŶ ŝŵƉŽƌƚĂŶƚ ƉƵďůŝĐ ŚĞĂůƚŚ ĂŶĚ ƐĂĨĞƚLJ ŝŶĨŽƌŵĂƚŝŽŶ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ŽƵƌ ĞƌƚŝĨŝĞĚ &ŽŽĚ DĂŶĂŐĞƌ͕ ĞƌƚŝĨŝĞĚ WŽŽů dĞĐŚŶŝĐŝĂŶ ĐŽƵƌƐĞƐ͕ ĂŶĚ ŽƚŚĞƌ ĐŽŵŵƵŶŝƚLJͲďĂƐĞĚ ĞŶŐĂŐĞŵĞŶƚ ĂŶĚ ŽƵƚƌĞĂĐŚ ƉƌĞƐĞŶƚĂƚŝŽŶƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ůů ƉĞƌŵŝƚ ĂŶĚ ůŝĐĞŶƐĞ ĂƉƉůŝĐĂƚŝŽŶƐ ǁŝůů ďĞ ĞŶƚĞƌĞĚ ŝŶƚŽ ĚĂƚĂďĂƐĞ ǁŝƚŚŝŶ ƚŚĞ ƐĂŵĞ ĚĂLJ ϳϴй ϵϱй ϭϬϬй ŽĨ ƌĞĐĞŝƉƚ KŶĐĞ ƉĞƌŵŝƚƐ ĂŶĚ ůŝĐĞŶƐĞƐ ŚĂǀĞ ďĞĞŶ ƉƌŽĐĞƐƐĞĚ͕ ƚŚĞLJ ǁŝůů ďĞ ƐĞŶƚ ƚŽ ϴϳй ϵϱй ϵϱй ƉĞƌŵŝƚͬůŝĐĞŶƐĞ ŚŽůĚĞƌ ǁŝƚŚŝŶ ϱ ďƵƐŝŶĞƐƐ ĚĂLJƐ WƵďůŝƐŚ Ă ƋƵĂƌƚĞƌůLJ ŶǀŝƌŽŶŵĞŶƚĂů ,ĞĂůƚŚ ϳϱй ϭϬϬй ϭϬϬй ŶĞǁƐůĞƚƚĞƌ ĨŽƌ ĚŝƐƐĞŵŝŶĂƚŝŽŶ ƚƚĞŶĚ Ăƚ ůĞĂƐƚ ϰ ŵĂƌŝůůŽ WƵďůŝĐ >ŽĚŐŝŶŐ ƐƐŽĐŝĂƚŝŽŶ ƌĞŐƵůĂƌ ŵĞĞƚŝŶŐƐ ƚŽ ĐŽŶĚƵĐƚ ϱϬй ϭϬϬй ϭϬϬй ĞĚƵĐĂƚŝŽŶ ĂŶĚͬŽƌ ƵƉĚĂƚĞƐ ƚƚĞŶĚ Ăƚ ůĞĂƐƚ ϰ WĂŶŚĂŶĚůĞ ZĞƐƚĂƵƌĂŶƚ ƐƐŽĐŝĂƚŝŽŶ ƌĞŐƵůĂƌ ŵĞĞƚŝŶŐƐ ƚŽ ĐŽŶĚƵĐƚ ϭϬϬй ϭϬϬй ϭϬϬй ĞĚƵĐĂƚŝŽŶ ĂŶĚͬŽƌ ƵƉĚĂƚĞƐ

ĞǀĞůŽƉŵĞŶƚ ^ĞƌǀŝĐĞƐ WĂƌƚŶĞƌ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϳϰ͕ϭϲϭ WĂƌƚŝĐŝƉĂƚŝŶŐ ŝŶ ƚŚĞ ͞KŶĞͲ^ƚŽƉͲ^ŚŽƉ͟ ĚĞǀĞůŽƉŵĞŶƚ ĐŽŶĐĞƉƚ͘ tĞ ǁŽƌŬ ǁŝƚŚ WůĂŶŶŝŶŐ͕ ƵŝůĚŝŶŐ ^ĂĨĞƚLJ͕ ĂŶĚ ŽƚŚĞƌ ĚĞƉĂƌƚŵĞŶƚƐ ƚŽ ƉƌŽǀŝĚĞ Ă ƌĂƉŝĚ ƚƵƌŶĂƌŽƵŶĚ ĨŽƌ ƉƌŽũĞĐƚ ƌĞǀŝĞǁƐ͕ ƉĞƌŵŝƚƚŝŶŐ͕ ĂŶĚ ŝŶƐƉĞĐƚŝŽŶƐ ŝŶ ĂŶ ŝŶƚĞŐƌĂƚĞĚ ƐLJƐƚĞŵ ĨŽĐƵƐĞĚ ŽŶ ƐƵƉĞƌŝŽƌ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϭϬϬй

ϭϬϬй

ϭϬϬй

ϵϱй

ϭϬϬй

ϭϬϬй

WƌŽĐĞƐƐ ƉůĂƚ ĂƉƉƌŽǀĂů ĨŽƌ WůĂŶŶŝŶŐ ĚĞƉĂƌƚŵĞŶƚ ǁŝƚŚŝŶ ŽŶĞ ďƵƐŝŶĞƐƐ ĚĂLJ ŽŵƉůĞƚĞ ƉƌĞͲŽƉĞŶŝŶŐ ŝŶƐƉĞĐƚŝŽŶƐ ĨŽƌ ĨŽŽĚ ĞƐƚĂďůŝƐŚŵĞŶƚƐ ǁŝƚŚŝŶ ϯ ďƵƐŝŶĞƐƐ ĚĂLJƐ ĨƌŽŵ ƚŚĞ ŝƐƐƵĂŶĐĞ ŽĨ ƚŚĞ ĞƌƚŝĨŝĐĂƚĞ ŽĨ KĐĐƵƉĂŶĐLJ ; KͿ

448

&ŽŽĚ ,LJŐŝĞŶĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϰϰϰ͕ϵϰϲ ŽŶĚƵĐƚŝŶŐ ƐĞƌǀŝĐĞƐ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ƉĞƌŵŝƚƚŝŶŐ ĂŶĚ ŝŶƐƉĞĐƚŝŽŶ ŽĨ ĨŽŽĚ ĞƐƚĂďůŝƐŚŵĞŶƚƐ ǁŝƚŚŝŶ ƚŚĞ ŝͲ ŝƚLJͲ ŽƵŶƚLJ ,ĞĂůƚŚ ŝƐƚƌŝĐƚ͘ ^ĞƌǀŝĐĞƐ ŝŶĐůƵĚĞ ƉůĂŶ ƌĞǀŝĞǁƐ͕ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ĐŽŵƉůŝĂŶĐĞ ŝŶƐƉĞĐƚŝŽŶƐ͕ ƉĞƌŵŝƚƚŝŶŐ͕ ƌŽƵƚŝŶĞ ŝŶƐƉĞĐƚŝŽŶƐ͕ ĂŶĚ ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ ŽĨ ĨŽŽĚ ĂŶĚ ǁĂƚĞƌďŽƌŶĞ ŝůůŶĞƐƐ ĂŶĚ ĐŽŵƉůĂŝŶƚƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ŽŵƉůĞƚĞ ĨŽŽĚ ĞƐƚĂďůŝƐŚŵĞŶƚ ƉůĂŶ ƌĞǀŝĞǁƐ ϵϯй ϵϱй ϵϴй ǁŝƚŚŝŶ ϭϬ ĐĂůĞŶĚĂƌ ĚĂLJƐ /ŶǀĞƐƚŝŐĂƚĞ ĨŽŽĚ ĂŶĚ ǁĂƚĞƌďŽƌŶĞ ŝůůŶĞƐƐĞƐ ϴϵй ϵϱй ϵϱй ǁŝƚŚŝŶ ϭ ďƵƐŝŶĞƐƐ ĚĂLJ /ŶƐƉĞĐƚ Ăůů &ŽŽĚ ƐƚĂďůŝƐŚŵĞŶƚƐ Ăƚ ůĞĂƐƚ ƚǁŽ ϲϯй ϳϱй ϴϬй ƚŝŵĞƐ ƉĞƌ LJĞĂƌ ;ƌĞƋƵŝƌĞĚ ďLJ ^ƚĂƚĞ ůĂǁͿ

ůĐŽŚŽůŝĐ ĞǀĞƌĂŐĞ >ŝĐĞŶƐĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ ʹ Ψϭϰ͕ϴϯϭ >ŝĐĞŶƐŝŶŐ ƚŚĞ ƐĂůĞ ŽĨ ďĞĞƌ͕ ǁŝŶĞ͕ ĂŶĚ ůŝƋƵŽƌ ǁŝƚŚŝŶ ŝƚLJ ůŝŵŝƚƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐ ϮϬϭϳͬϭϴ ĐƚƵĂů /ƐƐƵĞ ůŝĐĞŶƐĞ ǁŝƚŚŝŶ ϱ ďƵƐŝŶĞƐƐ ĚĂLJƐ ŽĨ ϲϮй ƌĞĐĞŝƉƚ ŽĨ ĐŽŵƉůĞƚĞ ĂƉƉůŝĐĂƚŝŽŶ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϭϬϬй

ϭϬϬй

sĞĐƚŽƌ ŽŶƚƌŽů ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭϭϴ͕ϲϱϭ WƌŽǀŝĚŝŶŐ ƚƌĞĂƚŵĞŶƚ ŽĨ ŵŽƐƋƵŝƚŽĞƐ ĂŶĚ ŽƚŚĞƌ ĚŝƐĞĂƐĞͲĐĂƵƐŝŶŐ ǀĞĐƚŽƌƐ ǁŝƚŚŝŶ ŝƚLJ ůŝŵŝƚƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ZĞƐƉŽŶĚ ƚŽ ĐŽŵƉůĂŝŶƚƐ ĂŶĚ ƚƌĞĂƚ ǀĂůŝĚ ϵϮй ϵϱй ϭϬϬй ĐŽŵƉůĂŝŶƚƐ ǁŝƚŚŝŶ ϭ ďƵƐŝŶĞƐƐ ĚĂLJ ƐƚĂďůŝƐŚ ĂŶ ĂĐƚŝǀĞ ŵŽƐƋƵŝƚŽ ƚƌĂƉƉŝŶŐ ĂŶĚ ϰ ƐŝƚĞƐ ϲ ƐŝƚĞƐ ϲ ƐŝƚĞƐ ƐƵƌǀĞŝůůĂŶĐĞ ƐLJƐƚĞŵ ǁŝƚŚ ϲ ƐŝƚĞƐ ŽŶĚƵĐƚ ƐƵƌǀĞŝůůĂŶĐĞ ĂŶĚ ƐƉƌĂLJ ƐƚĂŶĚŝŶŐ ǁĂƚĞƌ Ăƚ ůĞĂƐƚ ƚǁŽ ƚŝŵĞƐ ƉĞƌ ǁĞĞŬ ĚƵƌŝŶŐ ϭϬϬй ϭϬϬй ϭϬϬй ŵŽƐƋƵŝƚŽ ƐĞĂƐŽŶ ;DĂLJͲKĐƚŽďĞƌͿ

449

KŶͲƐŝƚĞ ^ĞǁĂŐĞ &ĂĐŝůŝƚŝĞƐ ;K^^&Ϳ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϮϮ͕ϰϳϯ ŽŶĚƵĐƚŝŶŐ ƐĞƌǀŝĐĞƐ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ƉĞƌŵŝƚƚŝŶŐ ĂŶĚ ŝŶƐƉĞĐƚŝŽŶ ŽĨ ŽŶͲƐŝƚĞ ƐĞǁĂŐĞ ĨĂĐŝůŝƚŝĞƐ ǁŝƚŚŝŶ ƚŚĞ ŝͲ ŝƚLJͲ ŽƵŶƚLJ ,ĞĂůƚŚ ŝƐƚƌŝĐƚ͘ ^ĞƌǀŝĐĞƐ ŝŶĐůƵĚĞ ƉůĂŶ ƌĞǀŝĞǁƐ͕ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ĐŽŵƉůŝĂŶĐĞ ŝŶƐƉĞĐƚŝŽŶƐ͕ ƉĞƌŵŝƚƚŝŶŐ͕ ĂŶĚ ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ ŽĨ ƐĂŶŝƚĂƌLJ ŶƵŝƐĂŶĐĞ ĐŽŵƉůĂŝŶƚƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ŽŵƉůĞƚĞ ƉůĂŶ ƌĞǀŝĞǁ ĂŶĚ ŝƐƐƵĞ ƉĞƌŵŝƚ ǁŝƚŚŝŶ ϯ ďƵƐŝŶĞƐƐ ĚĂLJƐ ŽĨ ƌĞĐĞŝƉƚ ŽĨ ϴϱй ϵϱй ϵϱй ĐŽŵƉůĞƚĞĚ ĂƉƉůŝĐĂƚŝŽŶ ŽŵƉůĞƚĞ Ăůů ŝŶƐƉĞĐƚŝŽŶ ƌĞƋƵĞƐƚƐ ǁŝƚŚŝŶ ϭ ϭϬϬй ϭϬϬй ϭϬϬй ďƵƐŝŶĞƐƐ ĚĂLJ ŽĨ ƌĞƋƵĞƐƚ

ZĞĐƌĞĂƚŝŽŶĂů tĂƚĞƌ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭϭϴ͕ϲϱϭ ŽŶĚƵĐƚŝŶŐ ƐĞƌǀŝĐĞƐ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ƉĞƌŵŝƚƚŝŶŐ ĂŶĚ ŝŶƐƉĞĐƚŝŽŶ ŽĨ ƉƵďůŝĐ ƐǁŝŵŵŝŶŐ ƉŽŽůƐ ǁŝƚŚŝŶ ƚŚĞ ŝͲ ŝƚLJͲ ŽƵŶƚLJ ,ĞĂůƚŚ ŝƐƚƌŝĐƚ͘ ^ĞƌǀŝĐĞƐ ŝŶĐůƵĚĞ ƉůĂŶ ƌĞǀŝĞǁƐ͕ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ĐŽŵƉůŝĂŶĐĞ ŝŶƐƉĞĐƚŝŽŶƐ͕ ƉĞƌŵŝƚƚŝŶŐ͕ ƌŽƵƚŝŶĞ ŝŶƐƉĞĐƚŝŽŶƐ͕ ĂŶĚ ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ ŽĨ ǁĂƚĞƌďŽƌŶĞ ŝůůŶĞƐƐ ĂŶĚ ĐŽŵƉůĂŝŶƚƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ŽŵƉůĞƚĞ ƉƵďůŝĐ ƐǁŝŵŵŝŶŐ ƉŽŽů ƉůĂŶ ϭϬϬй ϭϬϬй ϭϬϬй ƌĞǀŝĞǁƐ ǁŝƚŚŝŶ ϭϬ ĐĂůĞŶĚĂƌ ĚĂLJƐ ŽĨ ƌĞƋƵĞƐƚ /ŶƐƉĞĐƚ Ăůů ĂŶŶƵĂů ƉƵďůŝĐ ƉŽŽůƐ Ăƚ ůĞĂƐƚ Ϯ ϵϰй ϵϱй ϭϬϬй ƚŝŵĞƐ ƉĞƌ LJĞĂƌ KĨĨĞƌ Ăƚ ůĞĂƐƚ ĨŽƵƌ ĞƌƚŝĨŝĞĚ WŽŽů dĞĐŚŶŝĐŝĂŶ ϭϬϬй ϭϬϬй ϭϬϬй ĐŽƵƌƐĞƐ ƉĞƌ LJĞĂƌ

'ƌŽƵƉ ĂƌĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϰϰ͕ϰϵϱ WƌŽǀŝĚŝŶŐ ƉĞƌŵŝƚƚŝŶŐ ĂŶĚ ŝŶƐƉĞĐƚŝŽŶ ŽĨ ĨŽƐƚĞƌ ŚŽŵĞƐ ŝŶ ƚŚĞ ŝͲ ŝƚLJͲ ŽƵŶƚLJ ,ĞĂůƚŚ ŝƐƚƌŝĐƚ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ŽŶĚƵĐƚ ŝŶƐƉĞĐƚŝŽŶƐ ǁŝƚŚŝŶ ϯ ďƵƐŝŶĞƐƐ ĚĂLJƐ ϵϳй ϭϬϬй ϭϬϬй ĨƌŽŵ ƌĞƋƵĞƐƚ

450

WƵďůŝĐ ,ĞĂůƚŚ EƵŝƐĂŶĐĞƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϵ͕ϲϲϯ /ŶǀĞƐƚŝŐĂƚŝŶŐ ĂŶĚ ŵŝƚŝŐĂƚŝŶŐ ƚŚƌĞĂƚƐ ƚŽ ŚĞĂůƚŚ ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐ ϮϬϭϳͬϭϴ ĐƚƵĂů /ŶǀĞƐƚŝŐĂƚĞ ƐĂŶŝƚĂƌLJ ŶƵŝƐĂŶĐĞƐ ǁŝƚŚŝŶ ŽŶĞ ϵϭй ďƵƐŝŶĞƐƐ ĚĂLJ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϵϱй

ϭϬϬй

tĂƐƚĞǁĂƚĞƌ WƌĞͲdƌĞĂƚŵĞŶƚ ;'ƌĞĂƐĞ dƌĂƉͿ ϮϬϭϵͬϮϬ ƵĚŐĞƚ ʹ Ψϭϲϯ͕ϭϰϳ ŽŶĚƵĐƚŝŶŐ ƐĞƌǀŝĐĞƐ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ƉĞƌŵŝƚƚŝŶŐ ĂŶĚ ŝŶƐƉĞĐƚŝŽŶ ŽĨ ŐƌĞĂƐĞ ƚƌĂƉƐ ǁŝƚŚŝŶ ƚŚĞ ŝƚLJ ůŝŵŝƚƐ͘ ^ĞƌǀŝĐĞƐ ŝŶĐůƵĚĞ ƉůĂŶ ƌĞǀŝĞǁƐ͕ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ĐŽŵƉůŝĂŶĐĞ ŝŶƐƉĞĐƚŝŽŶƐ͕ ƉĞƌŵŝƚƚŝŶŐ͕ ƌŽƵƚŝŶĞ ŝŶƐƉĞĐƚŝŽŶƐ͕ ĂŶĚ ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ ŽĨ ƐĂŶŝƚĂƌLJ ŶƵŝƐĂŶĐĞƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐ

/ŶƐƉĞĐƚ Ăůů ƉĞƌŵŝƚƚĞĚ ŐƌĞĂƐĞ ƚƌĂƉƐ ĂŶŶƵĂůůLJ KĨĨĞƌ Ăƚ ůĞĂƐƚ ƚǁŽ ĐŽƵƌƐĞƐ ŽŶ ƉƌŽƉĞƌ ŐƌĞĂƐĞ ƚƌĂƉƐ ŵĂŝŶƚĞŶĂŶĐĞ ĂŶŶƵĂůůLJ ΎͲWƌŽŐƌĂŵ ƐƚĂƌƚĞĚ ŝŶ &z ϭϴͬϭϵ

ϮϬϭϳͬϭϴ ĐƚƵĂůΎ Eͬ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϵϱй

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϭϬϬй

Eͬ

ϱϬй

ϭϬϬй

ƵƚŚŽƌŝnjĞĚ WŽƐŝƚŝŽŶƐ WĞƌŵĂŶĞŶƚ WŽƐŝƚŝŽŶƐ WĂƌƚͲƚŝŵĞ WŽƐŝƚŝŽŶƐ dŽƚĂů WŽƐŝƚŝŽŶƐ

ϮϬϭϳͬϭϴ ƵĚŐĞƚĞĚ ϭϱ Ͳ ϭϱ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ ϭϴ Ͳ ϭϴ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ ϭϴ Ͳ ϭϴ

dŽƚĂů ŶǀŝƌŽŶŵĞŶƚĂů ,ĞĂůƚŚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕ϰϴϯ͕ϭϱϰ

451

ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ ^ƵƉƉŽƌƚ ĞǀĞůŽƉŵĞŶƚ ^ĞƌǀŝĐĞƐ WĂƌƚŶĞƌ &ŽŽĚ ,LJŐŝĞŶĞ ůĐŽŚŽůŝĐ ĞǀĞƌĂŐĞ >ŝĐĞŶƐĞ sĞĐƚŽƌ ŽŶƚƌŽů KŶͲƐŝƚĞ ^ĞǁĂŐĞ &ĂĐŝůŝƚŝĞƐ ;K^^&Ϳ ZĞĐƌĞĂƚŝŽŶĂů tĂƚĞƌ 'ƌŽƵƉ ĂƌĞ WƵďůŝĐ ,ĞĂůƚŚ EƵŝƐĂŶĐĞƐ tĂƐƚĞǁĂƚĞƌ WƌĞͲdƌĞĂƚŵĞŶƚ ;'ƌĞĂƐĞ dƌĂƉͿ

452

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ϭϬϭ͕ϵϲϵ ϭϬϭ͕ϵϲϵ

ϮϬϭϬ ' &ƵŶĚ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ ϮϬϭϭϬ WƌŽŐƌĂŵ DĂŶĂŐĞŵĞŶƚ ϮϬϭϭϱ ŽĚĞ ŶĨŽƌĐĞŵĞŶƚ ϮϬϭϭϲ ŽĚĞ /ŶƐƉĞĐƚŽƌ ϮϬϭϮϱ ZĞŚĂď ^ƵƉƉŽƌƚ ϮϬϭϯϬ ,ŽƵƐŝŶŐ ZĞŚĂď ϮϬϭϯϱ WĂƌŬ /ŵƉƌŽǀĞŵĞŶƚƐ ϮϬϭϰϬ WƵďůŝĐ ^ĞƌǀŝĐĞƐ ϮϬϭϱϱ EĞŝŐŚďŽƌŚŽŽĚ &ĂĐŝůŝƚŝĞƐ ϮϬϭϬ ' &ƵŶĚ

Ϯϳϳ͕ϬϵϮ ϭϲϱ͕Ϯϯϳ ϳϭ͕ϭϴϳ ϭϭϴ͕ϵϵϴ ϯϯϲ͕ϵϴϱ Ϯϵϳ͕ϴϳϲ Ϯϭϴ͕ϴϴϳ ϭϯϵ͕ϱϭϳ ϭ͕ϲϮϱ͕ϳϴϬ

ϮϵϮ͕Ϯϴϳ Ϯϯϵ͕ϱϬϬ ϳϮ͕ϴϮϭ ϵϳ͕ϲϯϮ ϯϳϱ͕ϬϬϬ Ͳ Ϯϯϴ͕ϴϬϮ ϭϲϬ͕ϱϬϬ ϭ͕ϰϳϲ͕ϱϰϮ

ϯϯϬ͕ϰϵϳ Ϯϱϳ͕ϮϬϯ ϴϭ͕ϲϬϱ ϭϴϲ͕ϱϱϰ ϯϳϱ͕ϬϬϬ Ͳ ϮϰϮ͕ϴϴϲ ϭϲϬ͕ϱϬϬ ϭ͕ϲϯϰ͕Ϯϰϱ

ϮϬϮϬ ,ŽƵƐŝŶŐ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ ϮϬϮϭϬ ,ŽƵƐŝŶŐ ƐƐŝƐƚĂŶĐĞ ϮϬϮϮϬ DŽĚ ZĞŚĂď ϮϬϮϯϬ ,ŽƵƐŝŶŐ sŽƵĐŚĞƌƐ ϮϬϮϱϬ ϱ z Z D /E^dZ D sKh , ϮϬϮϬ ,ŽƵƐŝŶŐ

ϳϭϭ͕ϰϮϵ ;ϭ͕ϴϯϬͿ ϴ͕Ϯϴϯ͕ϯϵϮ Ϯϴϭ͕ϰϯϯ ϵ͕Ϯϳϰ͕ϰϮϯ

ϴϵϱ͕ϵϰϳ Ͳ ϵ͕ϭϴϴ͕ϮϯϬ ϯϮϭ͕Ϯϵϵ ϭϬ͕ϰϬϱ͕ϰϳϲ

ϵϭϵ͕Ϯϰϵ Ͳ ϵ͕ϭϴϴ͕ϮϯϬ ϯϮϭ͕Ϯϵϵ ϭϬ͕ϰϮϴ͕ϳϳϴ

ϮϬϯϬ ,ŽŵĞ /ŶǀĞƐƚŵĞŶƚ WĂƌƚŶĞƌƐŚ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ ϮϬϯϭϬ ,ŽŵĞ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ϮϬϯϮϬ ,ŽŵĞ WƌŽũĞĐƚƐ ϮϬϯϬ ,ŽŵĞ /ŶǀĞƐƚŵĞŶƚ WĂƌƚŶĞƌƐŚ

ϲϯ͕ϳϱϳ ϮϬϵ͕ϵϳϲ Ϯϳϯ͕ϳϯϯ

ϳϭ͕ϱϵϰ ϲϱϯ͕Ϭϭϳ ϳϮϰ͕ϲϭϭ

ϲϰ͕ϵϳϵ ϱϴϬ͕ϯϭϴ ϲϰϱ͕Ϯϵϳ

ϮϬϰϬ ^ŚĞůƚĞƌ WůƵƐ ĂƌĞ &ƵŶĚ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ ϮϬϰϬϬ ^, >d Z W>h^ Z ϮϬϰϬ ^ŚĞůƚĞƌ WůƵƐ ĂƌĞ &ƵŶĚ

ϭϴϵ͕ϮϯϬ ϭϴϵ͕ϮϯϬ

ϯϬϱ͕ϬϬϬ ϯϬϱ͕ϬϬϬ

ϯϬϮ͕ϳϭϮ ϯϬϮ͕ϳϭϮ

ϮϬϲϱ ŽŵŝŶŐ ,ŽŵĞ WƌŽũĞĐƚ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ ϮϬϲϱϬ ŽŵŝŶŐ ,ŽŵĞ WƌŽũĞĐƚ ϮϬϲϱ ŽŵŝŶŐ ,ŽŵĞ WƌŽũĞĐƚ

Ͳ Ͳ

Ͳ Ͳ

Ϯϳϴ͕ϮϮϰ Ϯϳϴ͕ϮϮϰ

ϮϬϳϬ dy ŵĞƌŐĞŶĐLJ ^ŽůƵƚŝŽŶƐ 'ƌ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ ϮϬϳϬϬ dy ŵĞƌŐĞŶĐLJ ^ŽůƵƚŝŽŶƐ ' ϮϬϳϬ dy ŵĞƌŐĞŶĐLJ ^ŽůƵƚŝŽŶƐ 'ƌ

Ϯϵϴ͕Ϭϵϴ Ϯϵϴ͕Ϭϵϴ

ϭϰϱ͕ϰϰϵ ϭϰϱ͕ϰϰϵ

Ͳ Ͳ

ϮϬϳϱ ,D/^ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ ϮϬϳϱϱ ,D/^ ϮϬϳϱ ,D/^

Ͳ Ͳ

Ͳ Ͳ

ϭϲϯ͕ϮϯϮ ϭϲϯ͕ϮϯϮ

ϮϯϬϬ ^ƵŵŵĞƌ WƌŽŐƌĂŵƐ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ ϮϯϭϬϬ ^ƵŵŵĞƌ &ŽŽĚ ^ĞƌǀŝĐĞ WƌŽŐ ϮϯϬϬ ^ƵŵŵĞƌ WƌŽŐƌĂŵƐ

ϯϱϳ͕ϯϲϭ ϯϱϳ͕ϯϲϭ

ϱϭϱ͕ϯϱϰ ϱϭϱ͕ϯϱϰ

ϱϭϱ͕ϯϱϰ ϱϭϱ͕ϯϱϰ

455

/dz K& D Z/>>K ^hDD Zz K& yW E /dhZ ^ z d/s/dz > ^^/&/ d/KE

^ Z/Wd/KE ϮϱϬϬ WƵďůŝĐ ,ĞĂůƚŚ &ƵŶĚ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ ϮϱϬϭϭ , WƵďůŝĐ ,ĞĂůƚŚ ϮϱϬϭϮ ZĞĨƵŐĞĞ ,ĞĂůƚŚ ϮϱϬϭϯ d , /ŵŵƵŶŝnjĂƚŝŽŶƐ ϮϱϬϭϰ ,/s WƌĞǀĞŶƚŝŽŶ ϮϱϬϭϱ ŽƌĞ WƵďůŝĐ ,ĞĂůƚŚ ϮϱϬϭϲ ,ĂŶƐĞŶΖƐ ϮϱϬϭϳ ,ĞĂůƚŚLJ dĞdžĂƐ ĂďŝĞƐ ϮϱϬϮϬ ŝŽƚĞƌƌŽƌŝƐŵ 'ƌĂŶƚ ϮϱϬϮϰ ^Z/W /DDhE/ d/KE^ ϮϱϬϮϱ ^Z/W Z ϮϱϬϯϬ ƉŝĚĞŵŝŽůŽŐLJ ϮϱϬϯϱ >ŽĐĂů dƵďĞƌĐƵůŽƐŝƐ Ͳ &ĞĚ ϮϱϬϰϱ >ŽĐĂů dƵďĞƌĐƵůŽƐŝƐ Ͳ ^ƚĂ ϮϱϬϬ WƵďůŝĐ ,ĞĂůƚŚ &ƵŶĚ

ĐƚƵĂů ϮϬϭϳͬϮϬϭϴ

ƵĚŐĞƚĞĚ ϮϬϭϴͬϮϬϭϵ

ƵĚŐĞƚĞĚ ϮϬϭϵͬϮϬϮϬ

ϭ͕Ϭϲϱ͕ϲϳϱ ϮϮϵ͕ϬϬϳ ϯϱϲ͕ϯϰϮ ϮϬϰ͕ϰϵϵ ϭϳϵ͕ϴϱϳ ϵ͕ϬϮϮ Ϯϭ͕ϵϱϲ ϯϭϬ͕ϲϬϰ ϮϮϱ͕ϰϯϵ ϭϱϬ͕ϬϬϬ ϴϰ͕ϱϳϱ ϳϰ͕ϳϴϬ ϭϱϬ͕ϳϬϬ ϯ͕ϬϲϮ͕ϰϱϱ

ϭ͕Ϯϵϰ͕Ϯϯϲ ϯϵϵ͕ϭϬϮ ϯϳϬ͕Ϭϲϲ Ϯϱϳ͕Ϯϵϯ ϭϵϭ͕ϰϴϵ Ϯϭ͕ϰϲϰ ϳϭ͕ϱϲϳ ϯϬϵ͕ϬϱϬ ϯϳϱ͕ϮϲϮ ϭϱϬ͕ϬϬϬ ϴϲ͕ϵϯϵ ϳϱ͕ϯϰϮ ϭϱϵ͕ϭϲϰ ϯ͕ϳϲϬ͕ϵϳϮ

ϭ͕Ϯϱϲ͕Ϯϱϲ ϯϳϭ͕ϲϬϳ ϯϲϮ͕ϳϴϰ Ϯϱϰ͕ϳϳϱ ϭϴϲ͕ϴϴϱ ϮϬ͕ϴϬϰ ϭϮϯ͕ϯϰϯ ϯϬϬ͕ϳϰϲ Ϯϳϰ͕ϰϳϮ ϭϱϬ͕ϬϬϬ ϴϰ͕ϴϬϯ ϳϮ͕ϲϰϲ ϭϰϳ͕ϴϮϬ ϯ͕ϲϬϲ͕ϵϰϮ

ϮϱϯϬ t/ 'ƌĂŶƚ &ƵŶĚ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ Ϯϱϯϭϭ t/ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ϮϱϯϭϮ t/ EƵƚƌŝƚŝŽŶ ĚƵĐĂƚŝŽŶ Ϯϱϯϭϯ t/ ƌĞĂƐƚĨĞĞĚŝŶŐ Ϯϱϯϭϰ t/ ůŝĞŶƚ ^ĞƌǀŝĐĞƐ Ϯϱϯϭϱ t/ ƵƚŽŵĂƚŝŽŶ : Ϯϱϯϭϲ t/ &ĂƌŵĞƌƐ DĂƌŬĞƚ Ϯϱϯϭϳ t/ >ĂĐƚĂƚŝŽŶ ŽŶƐƵůƚĂŶƚ Ϯϱϯϭϴ t/ WĞĞƌ ŽƵŶƐĞůŽƌ Ϯϱϯϭϵ t/ sĞŶĚŽƌ KƉĞƌĂƚŝŽŶƐ ϮϱϯϮϬ t/ DĞŶƚŽƌ ϮϱϯϮϭ t/ KďĞƐŝƚLJ ϮϱϯϮϮ t/ Z 'ƌĂŶƚ ϮϱϯϮϯ t/ ^ƵŵŵĞƌ &ĞĞĚŝŶŐ ϮϱϯϬ t/ 'ƌĂŶƚ &ƵŶĚ

Ϯϰϰ͕ϯϬϵ ϯϴϯ͕Ϯϲϴ ϰϬ͕ϭϴϵ ϰϲϴ͕ϱϭϯ ϭ ϵϴ͕Ϭϳϳ ϭϲ͕ϲϮϲ ϯϰ͕ϴϵϰ ϱϯ͕ϭϴϮ Ͳ ϮϮ͕ϰϱϬ ϭϭ͕ϲϰϮ ϱ͕ϭϯϱ ϭ͕ϯϳϴ͕Ϯϴϲ

ϲϬϳ͕ϮϬϵ ϳϭϮ͕ϵϲϵ ϴϲ͕ϯϮϮ ϴϬϰ͕ϳϮϵ Ͳ Ͳ ϴ͕ϵϯϲ ϭϬϴ͕ϲϴϲ Ͳ ϱϬ͕ϬϬϬ ϯϮ͕ϵϱϴ ϳϭ͕ϴϲϴ Ͳ Ϯ͕ϰϴϯ͕ϲϳϲ

ϱϴϱ͕ϬϮϳ ϳϬϯ͕ϭϱϮ ϴϱ͕ϯϭϲ ϳϴϱ͕ϵϯϭ ϭϰ͕ϰϬϬ ϭ͕Ϭϵϯ ϴ͕ϴϵϭ ϭϬϳ͕ϴϵϮ Ͳ ϰϵ͕ϵϬϬ ϯϮ͕ϳϬϯ ϳϳ͕ϭϲϴ Ͳ Ϯ͕ϰϱϭ͕ϰϳϯ

,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ dŽƚĂů džƉĞŶĚŝƚƵƌĞƐ

ϭϲ͕ϱϮϬ͕ϯϰϯ

ϭϵ͕ϴϳϴ͕ϮϱϮ

ϮϬ͕ϭϮϴ͕ϮϮϲ

456

;ϭϯϯϱͿ ƵĚŐĞƚ ŽŵƉĂƌŝƐŽŶ WĞƌƐŽŶŶĞů ^ĞƌǀŝĐĞƐ ^ƵƉƉůŝĞƐ ŽŶƚƌĂĐƚƵĂů ^ĞƌǀŝĐĞƐ KƚŚĞƌ ŚĂƌŐĞƐ dŽƚĂů džƉĞŶƐĞƐ

ϮϬϭϳͬϭϴ ĐƚƵĂů Ψ ϰϳ͕Ϭϰϱ ϭϭ͕ϭϯϰ ϭ͕ϭϲϬ ϭ͕ϲϯϴ Ψ ϲϬ͕ϵϳϳ

ϮϬϭϴͬϭϵ ƵĚŐĞƚĞĚ Ψ ϰϳ͕ϯϮϮ ϭϬ͕ϭϬϳ ϭ͕ϱϬϬ Ϯ͕Ϯϰϯ Ψ ϲϭ͕ϭϳϮ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ ϱϬ͕ϯϲϯ ϭϱ͕ϭϬϬ ϯϯ͕ϱϬϬ ϯ͕ϬϬϲ Ψ ϭϬϭ͕ϵϲϵ

DŝƐƐŝŽŶ dŽ ƐĞƌǀĞ ƚŚĞ ƉƵďůŝĐ ďLJ ƌĞĐŽƌĚŝŶŐ͕ ƉƌĞƐĞƌǀŝŶŐ͕ ĂŶĚ ƌĞƚƌŝĞǀŝŶŐ ŽĨĨŝĐŝĂů ĂŶĚ ǀŝƚĂů ƉƵďůŝĐ ƌĞĐŽƌĚƐ ŝŶ Ă ĐŽƵƌƚĞŽƵƐ ĂŶĚ ƉƌŽĨĞƐƐŝŽŶĂů ŵĂŶŶĞƌ ǁŚŝůĞ ĐŽŶƐŝƐƚĞŶƚůLJ ĐŽŶĨŽƌŵŝŶŐ ƚŽ ƐƚĂƚĞ ĂŶĚ ĨĞĚĞƌĂů ůĂǁ ŐŽǀĞƌŶŝŶŐ ƚŚĞƐĞ ƉƌĂĐƚŝĐĞƐ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŽ ŵĂŝŶƚĂŝŶ ĂŶĚ ƉƌĞƐĞƌǀĞ ǀŝƚĂů ƌĞĐŽƌĚƐ ŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƐƚĂƚĞ ĂŶĚ ĨĞĚĞƌĂů ůĂǁƐ͕ ĂŶĚ ƚŽ ĂĐƚ ŝŶ ƚŚĞ ďĞƐƚ ŝŶƚĞƌĞƐƚ ŽĨ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ďLJ ƉƌŽǀŝĚŝŶŐ ĞĨĨŝĐŝĞŶƚ͕ ŝŶŶŽǀĂƚŝǀĞ͕ ĂŶĚ ƋƵĂůŝƚLJ ƐĞƌǀŝĐĞƐ ŝŶ Ă ĨĂŝƌ ĂŶĚ ŝŵƉĂƌƚŝĂů ŵĂŶŶĞƌ ƚŽ Ăůů͘ dŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ sŝƚĂů ^ƚĂƚŝƐƚŝĐƐ ĚŝǀŝƐŝŽŶ ƐƚƌŝǀĞƐ ƚŽ ƉĞƌĨŽƌŵ Ăƚ Ă ŚŝŐŚ ůĞǀĞů ĂŶĚ ƌĞĐŽŐŶŝnjĞƐ ƚŚĞ ŶĞĞĚ ƚŽ ĐŽŶƚŝŶƵŽƵƐůLJ ǁŽƌŬ ƚŽ ĞĂƌŶ ƚŚĞ ƌĞƐƉĞĐƚ ŽĨ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͘ dŚĞ ĚŝǀŝƐŝŽŶ ĂůƐŽ ƌĞĂůŝnjĞƐ ƚŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ĂůǁĂLJƐ ǁĞůĐŽŵŝŶŐ ŶĞǁĐŽŵĞƌƐ ĂƐ ǁĞůů ĂƐ ůŝĨĞůŽŶŐ ƌĞƐŝĚĞŶƚƐ ǁŝƚŚ ŝŶĨŽƌŵĂƚŝŽŶ͕ ƌĞƐŽƵƌĐĞƐ͕ ĂŶĚ Ă ƐŵŝůĞ͘ dŚĞ ĚŝǀŝƐŝŽŶ ĐŽŶƚŝŶƵĞƐ ƚŽ ůŽŽŬ ĨŽƌ ŝŶŶŽǀĂƚŝǀĞ ƐŽůƵƚŝŽŶƐ ƚŽ ĨƵůĨŝůů ƚŚĞ ŽƵŶĐŝů WŝůůĂƌƐ ŝŶŝƚŝĂƚŝǀĞ ŽƵƚůŝŶĞĚ ŝŶ ƚŚĞ ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ͘ dŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ sŝƚĂů ^ƚĂƚŝƐƚŝĐƐ ĚŝǀŝƐŝŽŶ ĐŽŶƚŝŶƵĞƐ ƚŽ ǁŽƌŬ ĚŝůŝŐĞŶƚůLJ ŝŶ ƌĞŵĂŝŶŝŶŐ ĐŽŵƉůŝĂŶƚ ǁŝƚŚ ƐƚĂƚĞ ĂŶĚ ĨĞĚĞƌĂů ůĂǁ ǁŚĞŶ ĚŝƐƚƌŝďƵƚŝŶŐ ǀŝƚĂů ƌĞĐŽƌĚƐ͘ dŚĞ sŝƚĂů ^ƚĂƚŝƐƚŝĐƐ ĚŝǀŝƐŝŽŶ ŚĂƐ ĐŽŶƚŝŶƵĞĚ ƚŽ ĨŽůůŽǁ ĐŽƵŶƐĞů ĨƌŽŵ ^ƚĂƚĞ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ ŝŶ ĂƚƚĞŶĚŝŶŐ ƚŚĞ ĂŶŶƵĂů ĐŽŶĨĞƌĞŶĐĞƐ ĨŽƌ sŝƚĂů ^ƚĂƚŝƐƚŝĐƐ ƚŽ ŵĂŝŶƚĂŝŶ ĂǁĂƌĞŶĞƐƐ ŽĨ Ăůů ĨŽƌƚŚĐŽŵŝŶŐ ĐŚĂŶŐĞƐ͘ dŚĞ ĚŝǀŝƐŝŽŶ͛Ɛ ŐŽĂů ĨŽƌ ƚŚĞ ƵƉĐŽŵŝŶŐ LJĞĂƌ ŝƐ ƚŽ ŽďƚĂŝŶ ĂŶ ĂĚĚŝƚŝŽŶĂů DĂƐƚĞƌ ZĞŐŝƐƚƌĂƌ ĐĞƌƚŝĨŝĐĂƚŝŽŶ ƚŽ ĂĐŚŝĞǀĞ Ă ŚŝŐŚ ůĞǀĞů ŽĨ ŬŶŽǁůĞĚŐĞ ƚŽ ŶŽƚ ŽŶůLJ ĐŽŶƚŝŶƵĞ ƚŽ ŵĞĞƚ ƌĞƋƵŝƌĞŵĞŶƚƐ ƐĞƚ ĨŽƌƚŚ ďLJ ƚŚĞ ^ƚĂƚĞ͕ ďƵƚ ĂůƐŽ ƚŽ ƉĞƌĨŽƌŵ Ăƚ ĂŶ ĞdžĞŵƉůĂƌLJ ůĞǀĞů ĨŽƌ ŽƵƌ ĐƵƐƚŽŵĞƌƐ ĂƐ ǁĞůů ĂƐ ĨŽƌ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ͘ tŝƚŚŝŶ ƚŚĞ ƉĂƐƚ LJĞĂƌ͕ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ sŝƚĂů ^ƚĂƚŝƐƚŝĐƐ ĚŝǀŝƐŝŽŶ ŚĂƐ ǁŽƌŬĞĚ ƚŽǁĂƌĚƐ ŽǀĞƌĂůů ŝŵƉƌŽǀĞŵĞŶƚ ŽĨ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ͕ ŝƐƐƵĂŶĐĞ ĂŶĚ ƉƌĞƐĞƌǀĂƚŝŽŶ ŽĨ Ăůů ƌĞĐŽƌĚƐ͘ dŚŝƐ ŝŶ ƚƵƌŶ͕ ǁŝůů ƉƌŽǀŝĚĞ ƚŚĞ ĞdžĞŵƉůĂƌLJ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ƚŚĂƚ ĞĂĐŚ ĐŝƚŝnjĞŶ ĚĞƐĞƌǀĞƐ͘ dŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ŚĂƐ ŝŶǀĞƐƚĞĚ ŝŶ ƵƉŐƌĂĚĞĚ ƚĞĐŚŶŽůŽŐLJ ƚŽ ŵĂŝŶƚĂŝŶ ƌĞĐŽƌĚƐ͕ ĂƐ ǁĞůů ĂƐ ŵŽǀĞ ƚŽ Ă ŵŽƌĞ ĞůĞĐƚƌŽŶŝĐ ĞŶǀŝƌŽŶŵĞŶƚ͘ dŚĞ sŝƚĂů ^ƚĂƚŝƐƚŝĐƐ ĚŝǀŝƐŝŽŶ ĐŽŶƚŝŶƵĞƐ ƚŽ ƐƚƌĞŶŐƚŚĞŶ ƐŬŝůůƐ ǁŝƚŚŝŶ dLJůĞƌ dĞĐŚŶŽůŽŐŝĞƐ ƌĞĐŽƌĚƐ ƐŽĨƚǁĂƌĞ ƉƌŽĚƵĐƚ ĐĂůůĞĚ ĂŐůĞ

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ĂŶĚ ǁĂƐ ƐĞůĞĐƚĞĚ ĂƐ Ă WŝůŽƚ dĞƐƚĞƌ ĨŽƌ ƚŚĞ ŶĞǁ ddž s Z ƉƌŽŐƌĂŵ͘ dĞdžĂƐ ůĞĐƚƌŽŶŝĐ sŝƚĂů ǀĞŶƚƐ ZĞŐŝƐƚƌĂƌ ;ddž s ZͿ ŝƐ Ă ŶĞǁ ƌĞŐŝƐƚƌĂƚŝŽŶ ƐLJƐƚĞŵ ƚŚĂƚ ƌĞƉůĂĐĞĚ ƚŚĞ ůĞŐĂĐLJ dĞdžĂƐ ůĞĐƚƌŽŶŝĐ ZĞŐŝƐƚƌĂƌ ;d ZͿ ƐLJƐƚĞŵƐ͘ dŚŝƐ ŶĞǁ ƐLJƐƚĞŵ ŚĂƐ ƉƌŽǀŝĚĞĚ ƚŚĞ ^ƚĂƚĞ ŽĨ dĞdžĂƐ ƚŽ ďĞĐŽŵĞ ŽŶĞ ŽĨ ƚŚĞ ĨŝƌƐƚ ƐƚĂƚĞƐ ƚŽ ĞŵďƌĂĐĞ Ă ĨƵůůLJ ŝŶƚĞŐƌĂƚĞĚ ǀŝƚĂů ƌĞĐŽƌĚƐ ƐLJƐƚĞŵ͘ dŚĞ ddž s Z ƐLJƐƚĞŵ ǁĞŶƚ ůŝǀĞ ŽŶ :ĂŶƵĂƌLJ ϭ͕ ϮϬϭϵ ƚŽ ƐƵƉƉŽƌƚ Ăůů ǀŝƚĂů ĞǀĞŶƚƐ ŽƉĞƌĂƚŝŽŶƐ͕ ŝŶĐůƵĚŝŶŐ ƌĞƉŽƌƚŝŶŐ͕ ƌĞŐŝƐƚƌĂƚŝŽŶ͕ ĂŶĚ ĂŵĞŶĚŵĞŶƚƐ ŽĨ ďŝƌƚŚƐ ĂŶĚ ĚĞĂƚŚƐ͘

tŝƚŚŝŶ ƚŚĞ ĨŝƌƐƚ LJĞĂƌ ŽŶ ƚŚĞ ŶĞǁ ƐLJƐƚĞŵ͕ ǁĞ ŚĂǀĞ ƐĞĞŶ ŵĂŶLJ ŝŵƉƌŽǀĞŵĞŶƚƐ ĂŶĚ ůŽŽŬ ĨŽƌǁĂƌĚ ƚŽ ƚŚĞ ĞĨĨŝĐŝĞŶĐLJ ĂŶĚ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ŝƚ ǁŝůů ƉƌŽǀŝĚĞ ƚŽ ŽƵƌ ƐƚĂĨĨ ĂŶĚ ƚŚĞ ĐŝƚŝnjĞŶƐ ŽĨ ŵĂƌŝůůŽ͘

WƌŽŐƌĂŵƐ ŝƌƚŚ ZĞĐŽƌĚƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϰϴ͕ϵϰϱ ƐƐŝƐƚ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ŝŶ ƉƌŽǀŝĚŝŶŐ ĐĞƌƚŝĨŝĞĚ ĐŽƉŝĞƐ ŽĨ ďŝƌƚŚ ƌĞĐŽƌĚƐ ǁŝƚŚŝŶ ƚŚĞ ^ƚĂƚĞ ŽĨ dĞdžĂƐ ĂŶĚ ƉƌŽǀŝĚŝŶŐ ĚŽĐƵŵĞŶƚƐ ŶĞĞĚĞĚ ƚŽ ŽďƚĂŝŶ ŽƵƚͲŽĨͲƐƚĂƚĞ ďŝƌƚŚ ƌĞĐŽƌĚƐ͘ dŚĞƌĞ ĂƌĞ ŵĂŶLJ ĚŝĨĨĞƌĞŶƚ ŵĞƚŚŽĚƐ ďLJ ǁŚŝĐŚ ƚŚĞ sŝƚĂů ^ƚĂƚŝƐƚŝĐƐ ĚŝǀŝƐŝŽŶ ƌĞĐĞŝǀĞƐ ĂŶĚ ĚŝƐƚƌŝďƵƚĞƐ ƚŚĞƐĞ ƌĞĐŽƌĚƐ͘ &ƵŶĐƚŝŽŶƐ ĐŽŶƐŝƐƚ ŽĨ ĐĞƌƚŝĨLJŝŶŐ ŚŽŵĞďŝƌƚŚ ƌĞĐŽƌĚƐ͕ ŝƐƐƵŝŶŐ ĂŵĞŶĚŵĞŶƚƐ ŽŶ ďŝƌƚŚ ƌĞĐŽƌĚƐ͕ ĐŽŵƉůĞƚŝŶŐ ĂĐŬŶŽǁůĞĚŐĞŵĞŶƚ ŽĨ ƉĂƚĞƌŶŝƚLJ ƌĞƋƵĞƐƚƐ͕ ĂŶĚ ŚĞůƉŝŶŐ ƚŚĞ ĐŽƵŶƚLJ ĂŶĚ ^ƚĂƚĞ ĂŐĞŶĐŝĞƐ ǁŝƚŚ ƌĞƋƵĞƐƚƐͶĂůů ŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƐƚĂƚĞ ĂŶĚ ĨĞĚĞƌĂů ƌĞŐƵůĂƚŝŽŶƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ŝƌƚŚƐ ZĞĐŽƌĚĞĚ ϵ͕ϳϳϵ ϭϭ͕ϳϴϬ ϭϮ͕ϬϬϬ ƚƚĞŶĚĂŶĐĞ ŽĨ ĂŶŶƵĂů ĐŽŶĨĞƌĞŶĐĞ Ϯ ϭ Ϯ DĂƐƚĞƌ ZĞŐŝƐƚƌĂƌ ĞƌƚŝĨŝĐĂƚŝŽŶ Ϭ Ϭ ϭ

ĞĂƚŚ ZĞĐŽƌĚƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϴ͕ϱϱϭ ƐƐŝƐƚ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ĂƐ ǁĞůů ĂƐ ĨƵŶĞƌĂů ŚŽŵĞƐ ďLJ ƉƌŽǀŝĚŝŶŐ ĐĞƌƚŝĨŝĞĚ ĐŽƉŝĞƐ ŽĨ ĚĞĂƚŚ ƌĞĐŽƌĚƐ ŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƐƚĂƚĞ ĂŶĚ ĨĞĚĞƌĂů ƌĞŐƵůĂƚŝŽŶƐ͘ ůƐŽ ŝƐƐƵĞ ĨĞƚĂů ĚĞĂƚŚ ĐĞƌƚŝĨŝĐĂƚĞƐ͕ ĂŵĞŶĚŵĞŶƚƐ ŽŶ ĚĞĂƚŚ ƌĞĐŽƌĚƐ͕ ĂŶĚ ďƵƌŝĂů ƚƌĂŶƐŝƚ ƉĞƌŵŝƚƐ ŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƐƚĂƚĞ ĂŶĚ ĨĞĚĞƌĂů ƌĞŐƵůĂƚŝŽŶƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ĞĂƚŚƐ ZĞĐŽƌĚĞĚ ϱ͕ϲϲϵ ϳ͕ϵϯϮ ϴ͕ϬϬϬ ƚƚĞŶĚĂŶĐĞ ŽĨ ĂŶŶƵĂů ĐŽŶĨĞƌĞŶĐĞ Ϯ ϭ Ϯ DĂƐƚĞƌ ZĞŐŝƐƚƌĂƌ ĞƌƚŝĨŝĐĂƚŝŽŶ Ϭ Ϭ ϭ

YƵĂůŝĨŝĞĚ ƉƉůŝĐĂŶƚ ĞƚĞƌŵŝŶĂƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϰ͕ϰϳϯ sĞƌŝĨLJ ďŝƌƚŚ ĂŶĚ ĚĞĂƚŚ ƌĞĐŽƌĚƐ ĂƌĞ ŽŶůLJ ĚŝƐƚƌŝďƵƚĞĚ ƚŽ ƋƵĂůŝĨŝĞĚ ĂƉƉůŝĐĂŶƚƐ͘ hŶĚĞƌ dĞdžĂƐ >Ăǁ͕ ďŝƌƚŚ ƌĞĐŽƌĚƐ ĂƌĞ ĐŽŶĨŝĚĞŶƚŝĂů ĨŽƌ ƐĞǀĞŶƚLJͲĨŝǀĞ ;ϳϱͿ LJĞĂƌƐ ĂŶĚ ĚĞĂƚŚ ƌĞĐŽƌĚƐ ĂƌĞ ĐŽŶĨŝĚĞŶƚŝĂů ĨŽƌ ƚǁĞŶƚLJͲĨŝǀĞ ;ϮϱͿ LJĞĂƌƐ ĂŶĚ ĐĂŶ ďĞ ŽďƚĂŝŶĞĚ ŽŶůLJ ďLJ ƋƵĂůŝĨŝĞĚ ĂƉƉůŝĐĂŶƚƐ͘ ƋƵĂůŝĨŝĞĚ ĂƉƉůŝĐĂŶƚ ŝƐ ĚĞĨŝŶĞĚ ĂƐ ƚŚĞ ƌĞŐŝƐƚƌĂŶƚ͕ Žƌ ŝŵŵĞĚŝĂƚĞ ĨĂŵŝůLJ ŵĞŵďĞƌ ĞŝƚŚĞƌ ďLJ ďůŽŽĚ Žƌ ŵĂƌƌŝĂŐĞ͕ ŚŝƐ Žƌ ŚĞƌ ŐƵĂƌĚŝĂŶ͕ Žƌ ŚŝƐ Žƌ ŚĞƌ

458

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ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ĐƚƵĂů ƵĚŐĞƚĞĚ Ψ ϴϯϵ͕ϲϱϰ Ψ ϭ͕ϬϮϬ͕ϰϭϴ ϯϳϳ͕ϰϵϱ ϰϴϱ͕ϭϮϱ ϭϬ͕ϰϴϲ͕ϵϯϰ ϭϭ͕ϲϵϯ͕ϭϯϳ ϯϭϰ͕ϱϰϮ ϯϳϯ͕ϳϱϮ Ψ ϭϮ͕Ϭϭϴ͕ϲϮϱ Ψ ϭϯ͕ϱϳϮ͕ϰϯϮ

ϮϬϭϵͬϮϬ ƵĚŐĞƚĞĚ Ψ ϭ͕Ϯϲϴ͕ϳϰϵ ϱϳϳ͕ϭϲϴ ϭϭ͕ϲϰϵ͕ϴϵϭ ϰϳϮ͕Ϭϯϰ Ψ ϭϯ͕ϵϲϳ͕ϴϰϮ

DŝƐƐŝŽŶ dŽ ƐƵƉƉŽƌƚ ŶĞŝŐŚďŽƌŚŽŽĚƐ ĂŶĚ ŶĞŝŐŚďŽƌƐ ǁŚŽ ĂƌĞ ĨĂĐŝŶŐ ƉŽǀĞƌƚLJ ďLJ ƉƌŽǀŝĚŝŶŐ ƐĂĨĞ͕ ĚĞĐĞŶƚ͕ ĂĨĨŽƌĚĂďůĞ ŚŽƵƐŝŶŐ͕ ĂŶĚ ƚŽ ůĞĂĚ ƚŚĞ ŝƚLJ͛Ɛ ŚŽŵĞůĞƐƐ ƐĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞƌƐ ŝŶ ƵƚŝůŝnjŝŶŐ ĞǀŝĚĞŶĐĞĚ ďĂƐĞĚ ƉƌĂĐƚŝĐĞƐ ĂŶĚ ĚĂƚĂ ĚƌŝǀĞŶ ĚĞĐŝƐŝŽŶƐ ƚŽ ĞŶĚ ŚŽŵĞůĞƐƐŶĞƐƐ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚ ŚĂƐ ƵŶĚĞƌŐŽŶĞ ĂŶ ŽǀĞƌŚĂƵů ŝŶ ŽƉĞƌĂƚŝŽŶƐ ďƵƚ ŶŽƚ ŵŝƐƐŝŽŶ͘ ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚ ŝƐ ŵĂŶĚĂƚĞĚ ƚŽ ĨŽůůŽǁ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ WůĂŶ ƚŚĂƚ ŝƐ ĐƌĞĂƚĞĚ ĞǀĞƌLJ ĨŝǀĞ LJĞĂƌƐ͕ ďƵƚ ĐŚĂŶŐĞƐ ĐĂŶ ďĞ ŵĂĚĞ ǁŝƚŚ ĨĞĞĚďĂĐŬ ĨƌŽŵ ƚŚĞ ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚ ĚǀŝƐŽƌLJ ŽŵŵŝƚƚĞĞ ; Ϳ͘ dŚĞ ŽŶƐŽůŝĚĂƚĞĚ WůĂŶ ƐĞƌǀĞƐ ĂƐ Ă ƉůĂŶŶŝŶŐ ĚŽĐƵŵĞŶƚ ŵĞĞƚŝŶŐ ƚŚĞ ĨĞĚĞƌĂů ŐŽǀĞƌŶŵĞŶƚ ƐƚĂƚƵƚŽƌLJ ƌĞƋƵŝƌĞŵĞŶƚƐ ŝŶ ŐƵŝĚŝŶŐ ƚŚĞ ƵƐĞ ŽĨ ' ĂŶĚ ,KD ĨƵŶĚƐ ďĂƐĞĚ ŽŶ ĂƉƉůŝĐĂƚŝŽŶƐ ƚŽ ƚŚĞ h͘^͘ ĞƉĂƌƚŵĞŶƚ ŽĨ ,ŽƵƐŝŶŐ ĂŶĚ hƌďĂŶ ĞǀĞůŽƉŵĞŶƚ ;,h Ϳ͘ dŚĞ ŽŶƐŽůŝĚĂƚĞĚ WůĂŶ ĂůƐŽ ƐĞƌǀĞƐ ĂƐ ƚŚĞ ďĂƐĞůŝŶĞ ĨŽƌ ŵĞĂƐƵƌŝŶŐ ƉƌŽŐƌĂŵ ĞĨĨĞĐƚŝǀĞŶĞƐƐ͕ ĂƐ ƌĞƉŽƌƚĞĚ ŝŶ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ ŶŶƵĂů WĞƌĨŽƌŵĂŶĐĞ ĂŶĚ ǀĂůƵĂƚŝŽŶ ZĞƉŽƌƚ ; W ZͿ͘ dŚĞ ĐƵƌƌĞŶƚ ŽŶƐŽůŝĚĂƚĞĚ WůĂŶ ǁĂƐ ĚĞǀĞůŽƉĞĚ ƵƐŝŶŐ ĂŶ ŽŶůŝŶĞ ƐƵƌǀĞLJ ŽŶ ƚŚĞ ŝƚLJ͛Ɛ ǁĞďƐŝƚĞ͖ ĐŽŶĚƵĐƚŝŶŐ ƉƵďůŝĐ ĨŽƌƵŵƐ͖ ĂŶĚ ƵƚŝůŝnjŝŶŐ ĨŽĐƵƐ ŐƌŽƵƉƐ ĐŽŶƐŝƐƚŝŶŐ ŽĨ ĐŝƚŝnjĞŶƐ͕ ŶŽŶƉƌŽĨŝƚ ĂŐĞŶĐŝĞƐ͕ ďƵƐŝŶĞƐƐ ŽǁŶĞƌƐ͕ ĐŽůůĞŐĞƐ ĂŶĚ ƵŶŝǀĞƌƐŝƚŝĞƐ͕ ĞůĞĐƚĞĚ ĂŶĚ ĂƉƉŽŝŶƚĞĚ ŽĨĨŝĐŝĂůƐ͕ ƚŚĞ ŵĂƌŝůůŽ ŽŶƚŝŶƵƵŵ ŽĨ ĂƌĞ ĂŶĚ ƚŚĞ ͘ ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚ ďĞŐĂŶ ƚŚĞ ƉƌŽĐĞƐƐ ŝŶ :ƵůLJ ƚŽ ĐƌĞĂƚĞ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ WůĂŶ ĨŽƌ ƚŚĞ ŶĞdžƚ ĨŝǀĞ LJĞĂƌƐ ǁŝƚŚ Ă ƐƚƌĂƚĞŐLJ ŽĨ ĞŶƐƵƌŝŶŐ ƵƚŝůŝnjĂƚŝŽŶ ŽĨ ůŝŵŝƚĞĚ ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚ ůŽĐŬ 'ƌĂŶƚ ; 'Ϳ ĨƵŶĚƐ ŵŽƐƚ ĞĨĨŝĐŝĞŶƚůLJ ĂŶĚ ƚŽ ĂĐŚŝĞǀĞ ƚŚĞ ƐƚƌŽŶŐĞƐƚ ŝŵƉĂĐƚ ŝŶ ƚŚĞ ĂƌĞĂƐ ŽĨ ŐƌĞĂƚĞƐƚ ŶĞĞĚ͘ ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚ ŝƐ ĂůƐŽ ĨŽĐƵƐĞĚ ŽŶ ĞŶƐƵƌŝŶŐ ƚŚĞ ŶĞǁ ŽŶƐŽůŝĚĂƚĞĚ WůĂŶ ŝƐ ĂůŝŐŶĞĚ ǁŝƚŚ ƚŚĞ ŵƵůƚŝƉůĞ EĞŝŐŚďŽƌŚŽŽĚ WůĂŶƐ ŵĂŶĂŐĞĚ ƚŚƌŽƵŐŚ WůĂŶŶŝŶŐ ĂŶĚ ĞǀĞůŽƉŵĞŶƚ ^ĞƌǀŝĐĞƐ͘

461

,h ƌĞƋƵŝƌĞŵĞŶƚƐ ĂůŝŐŶ ƉĞƌĨĞĐƚůLJ ǁŝƚŚ ƚŚĞ ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ ĂĚŽƉƚĞĚ ďLJ ŝƚLJ ŽƵŶĐŝů ŝŶ ƚĞƌŵƐ ŽĨ ĨŽĐƵƐ͕ ĂůůŽĐĂƚŝŽŶ ŽĨ ƌĞƐŽƵƌĐĞƐ͕ ĂŶĚ ŝŶŝƚŝĂƚŝǀĞƐ͘ dŚĞ ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚ ĞƉĂƌƚŵĞŶƚ ƉůĂŶƐ͕ ŵŽŶŝƚŽƌƐ ĂŶĚ ĂĚŵŝŶŝƐƚĞƌƐ ƚŚĞ ĞŶƚŝƚůĞŵĞŶƚ ŐƌĂŶƚ ƉƌŽŐƌĂŵ ďLJ ƵƐŝŶŐ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ &ĞĚĞƌĂů ZĞŐƵůĂƚŝŽŶƐ ĂŶĚ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ƉŽůŝĐŝĞƐ͘ WƌŽƉŽƐĞĚ ƉƌŽũĞĐƚƐ ĨŽƌ ϮϬϭϵͬϮϬ ǁŝůů ƉƌŽǀŝĚĞ ĨƵŶĚŝŶŐ ƚŽ ŚĞůƉ ĂĚĚƌĞƐƐ ƚŚĞ ŽƵŶĐŝů WŝůůĂƌƐ &ŝƐĐĂů ZĞƐƉŽŶƐŝďŝůŝƚLJ ĂŶĚ ŝǀŝĐ WƌŝĚĞ͘

WƌŽŐƌĂŵƐ WƵďůŝĐ ,ŽƵƐŝŶŐ ƵƚŚŽƌŝƚLJ ϮϬϭϵͬϮϬ ƵĚŐĞƚ ʹ ΨϭϬ͕ϳϯϭ͕ϰϵϬ dŚŝƐ ƉƌŽŐƌĂŵ ƉƌŽǀŝĚĞƐ ĚŝƌĞĐƚ ƌĞŶƚĂů ĂƐƐŝƐƚĂŶĐĞ ƚŚƌŽƵŐŚ ƚŚĞ ,ŽƵƐŝŶŐ ŚŽŝĐĞ sŽƵĐŚĞƌ WƌŽŐƌĂŵ ǁŝƚŚ Ă ĨŽĐƵƐ ŽŶ ŚŽƵƐŝŶŐ ƚŚŽƐĞ ŵŽƐƚ ŝŶ ŶĞĞĚ͗ ƚŚĞ ĐŚƌŽŶŝĐĂůůLJ ŚŽŵĞůĞƐƐ͕ ĨĂŵŝůŝĞƐ ǁŝƚŚ LJŽƵŶŐ ĐŚŝůĚƌĞŶ ůŝǀŝŶŐ ŝŶ ƐŚĞůƚĞƌƐ͕ ĂŶĚ ŚŽŵĞůĞƐƐ ǀĞƚĞƌĂŶƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ dŽƚĂů hŶŝƚƐ ǀĂŝůĂďůĞΎ ϭ͕ϲϯϵ ϭ͕ϲϰϰ ϭ͕ϲϰϰ >ĞĂƐĞĚ hŶŝƚƐ ϭ͕Ϯϭϭ ϭ͕ϯϴϱ ϭ͕ϱϬϬ WĞƌĐĞŶƚ ŽĨ hŶŝƚƐ >ĞĂƐĞĚ ϳϰй ϴϰй ϵϭй Ύ/Ŷ ϮϬϭϳͬϭϴ͕ ƐĞǀĞŶ s ^ƵƉƉŽƌƚŝǀĞ ,ŽƵƐŝŶŐ ;s ^,Ϳ ƵŶŝƚƐ ǁĞƌĞ ĂĚĚĞĚ͕ ĂŶĚ ŝŶ ϮϬϭϴͬϭϵ͕ ĨŝǀĞ s ^, ƵŶŝƚƐ ĂƌĞ ĂŶƚŝĐŝƉĂƚĞĚ ƚŽ ďĞ ĂĚĚĞĚ͘

ŽŶƚŝŶƵƵŵ ŽĨ ĂƌĞ ; Ž Ϳ ϮϬϭϵͬϮϬ ƵĚŐĞƚ ʹ Ψϭϲϯ͕ϮϯϮ hŶĚĞƌ ƚŚŝƐ ƉƌŽŐƌĂŵ ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚ ƐĞƌǀĞƐ ĂƐ ƚŚĞ ůĞĂĚ ĂŐĞŶĐLJ ĨŽƌ ƚŚĞ ŽŶƚŝŶƵƵŵ ŽĨ ĂƌĞ͕ Ă ĐŽĂůŝƚŝŽŶ ŵĂĚĞ ƵƉ ŽĨ Ăůů ŚŽŵĞůĞƐƐ ƐĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞƌƐ ǁŝƚŚŝŶ ŵĂƌŝůůŽ͘ ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚ ĂŶŶƵĂůůLJ ƐƵďŵŝƚƐ Ă ƐŝŶŐůĞ ĂƉƉůŝĐĂƚŝŽŶ ƚŽ ,h ŽŶ ďĞŚĂůĨ ŽĨ Ăůů ŚŽŵĞůĞƐƐ ƐĞƌǀŝĐĞ ƉƌŽǀŝĚĞƌƐ ŝŶ ŵĂƌŝůůŽ ƚŽ ƉƌŽǀŝĚĞ ŚŽƵƐŝŶŐ ĂŶĚ ƐƵƉƉŽƌƚŝǀĞ ƐĞƌǀŝĐĞƐ ƚŽ ƚŚĞ ŚŽŵĞůĞƐƐ ĐŽŵŵƵŶŝƚLJ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂůΎ ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ Ž WůĂŶŶŝŶŐ 'ƌĂŶƚ; ƚŽ ƉƌŽǀŝĚĞ ƚƌĂŝŶŝŶŐ ŽŶ ĞǀŝĚĞŶĐĞ ďĂƐĞĚ ƉƌĂĐƚŝĐĞƐ ĨŽƌ ƚŚĞ ĐŽŵŵƵŶŝƚLJͿ Eͬ Ψϯϱ͕ϬϬϬ Ψϯϱ͕ϬϬϬ ,ŽŵĞůĞƐƐ DĂŶĂŐĞŵĞŶƚ /ŶĨŽƌŵĂƚŝŽŶ ^LJƐƚĞŵ ;ƚŚŝƐ ŝƐ Ă ĐĞŶƚƌĂůŝnjĞĚ ĚĂƚĂ ďĂƐĞ͕ ƚŚĂƚ Ăůů ŚŽŵĞůĞƐƐ ƐĞƌǀŝĐĞ ƉƌŽǀŝĚĞƌƐ ŶĞĞĚ ƚŽ ƵƚŝůŝnjĞ ƐŽ ĚĞĐŝƐŝŽŶ ǁŝůů ďĞ ŝŶĨŽƌŵĞĚ ďLJ ĚĂƚĂͿ Eͬ Ψϭϲϯ͕ϮϯϮ Ψϭϲϯ͕ϮϯϮ ŽŵŝŶŐ ,ŽŵĞͲ; ǁŝůů ĂƉƉůLJ ĨŽƌ ĨƵŶĚŝŶŐ ƚŽ ƐƵƐƚĂŝŶ ĂŶĚ ĞdžƉĂŶĚ ƚŚŝƐ ƉƌŽŐƌĂŵ ƚŚƌŽƵŐŚ ƚŚŝƐ ƌĞƐŽƵƌĐĞ ĚƵƌŝŶŐ ƚŚĞ ŶĞdžƚ ĐŽŵƉĞƚŝƚŝŽŶͿ Eͬ ΨϬ ΨϮϭϬ͕ϬϬϬ ΎWƌŽŐƌĂŵ ŝƐ ŶĞǁ ƚŽ ϮϬϭϴͬϭϵ͕ ĂŶĚ ƚŚĞƌĞĨŽƌĞ ĚĂƚĂ ŝƐ ŶŽƚ ĂǀĂŝůĂďůĞ ĨŽƌ ϮϬϭϳͬϭϴ͘

462

ŽŵŝŶŐ ,ŽŵĞ ϮϬϭϵͬϮϬ ʹ ΨϮϳϴ͕ϮϮϰ dŚŝƐ ƉƌŽŐƌĂŵ ǁĂƐ ƐƚĂƌƚĞĚ ŝŶ EŽǀĞŵďĞƌ ŽĨ ϮϬϭϴ ƚŽ ŚĞůƉ ƉƌŽǀŝĚĞ ŚŽƵƐŝŶŐ ƚŽ ƚŚŽƐĞ ǁŚŽ ĂƌĞ ĐŚƌŽŶŝĐĂůůLJ ŚŽŵĞůĞƐƐ ĂŶĚ ĐŽƉŝŶŐ ǁŝƚŚ ŵĞĚŝĐĂů ĂŶĚ ƉƐLJĐŚŝĂƚƌŝĐ ŶĞĞĚƐ͘ WĂƌƚŝĐŝƉĂŶƚƐ ƐĞůĞĐƚĞĚ ĨŽƌ ŽŵŝŶŐ ,ŽŵĞ ĂƌĞ ĂƐƐŝƐƚĞĚ ŝŶ ŽďƚĂŝŶŝŶŐ ŚŽƵƐŝŶŐ ůĞĂƐĞƐ ĂŶĚ ƚŚĞŶ ĂƌĞ ǀŝƐŝƚĞĚ Ăƚ ůĞĂƐƚ ǁĞĞŬůLJ ďLJ ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚ ƐŽĐŝĂů ǁŽƌŬĞƌƐ ĂŶĚ Ă ƉƐLJĐŚŝĂƚƌŝƐƚ͘ dŚĞ ƉƌŽŐƌĂŵ ĂůƐŽ ƉƌŽǀŝĚĞƐ ŚĞůƉ ƚŽ ƉĂƌƚŝĐŝƉĂŶƚƐ ŝŶ ŽďƚĂŝŶŝŶŐ ƐĞƌǀŝĐĞƐ ƐƵĐŚ ĂƐ ŵĞĚŝĐĂů ĐĂƌĞ ĂŶĚ ĞŵƉůŽLJŵĞŶƚ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ĐƚƵĂůΎ ƐƚŝŵĂƚĞĚ ,ŽŵĞůĞƐƐ ŝƚŝnjĞŶƐ ,ŽƵƐĞĚ Eͬ ϰϰ ůŝĞŶƚƐ ƚŚĂƚ ŚĂǀĞ ƌĞŵĂŝŶĞĚ ŝŶ ŚŽƵƐŝŶŐ Eͬ ϰϰ ΎWƌŽŐƌĂŵ ŝƐ ŶĞǁ ƚŽ ϮϬϭϴͬϭϵ͕ ĂŶĚ ƚŚĞƌĞĨŽƌĞ ĚĂƚĂ ŝƐ ŶŽƚ ĂǀĂŝůĂďůĞ ĨŽƌ ϮϬϭϳͬϭϴ͘

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϳϲ ϳϬ

ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚ ůŽĐŬ 'ƌĂŶƚ ; 'Ϳ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͳ Ψϭ͕ϲϯϰ͕Ϯϰϱ dŚŝƐ ďƵĚŐĞƚ ƉƌŽǀŝĚĞƐ ƚŚĞ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ƌĞƐŽƵƌĐĞƐ ŶĞĐĞƐƐĂƌLJ ƚŽ ĂĚŵŝŶŝƐƚĞƌ Ăůů ĂƐƉĞĐƚƐ ŽĨ ƚŚĞ ' ƉƌŽŐƌĂŵ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ĨĞĚĞƌĂů ĂŶĚ ƐƚĂƚĞ ƌĞŐƵůĂƚŝŽŶƐ͘ dŚĞ ƉůĂŶ ĨŽƌ ƚŚĞ ƵƉĐŽŵŝŶŐ LJĞĂƌ ĨŽƌ ƚŚĞ ƉƵďůŝĐ ƐĞƌǀŝĐĞƐ ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ' ŐƌĂŶƚ ǁŝůů ĨŽĐƵƐ ŽŶ ƌĞƋƵŝƌŝŶŐ Ăůů ĂƉƉůŝĐĂŶƚƐ ƚŽ ĚĞŵŽŶƐƚƌĂƚĞ ŚŽǁ Ă ƉƌŽũĞĐƚ ĨƵƌƚŚĞƌƐ ƚŚĞ ŐŽĂů ŽĨ ĞŶĚŝŶŐ ŚŽŵĞůĞƐƐŶĞƐƐ ŝŶ ŵĂƌŝůůŽ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ dŽƚĂů WĞƌƐŽŶƐ ƐƐŝƐƚĞĚ Ϯϭ͕ϳϰϱ ϭϱ͕Ϯϵϱ ϭϱ͕ϭϱϬ WĂƌŬƐ Θ ZĞĐƌĞĂƚŝŽŶ ϲ͕ϯϰϱ Ϭ Ϭ ŽĚĞ ŶĨŽƌĐĞŵĞŶƚ ϵ͕ϵϱϯ ϭϬ͕ϬϬϬ ϭϬ͕ϬϬϬ ĞŵŽůŝƚŝŽŶ Θ ůĞĂƌĂŶĐĞ ϯϮ ϰϱ ϱϬ ŵĞƌŐĞŶĐLJ ,ŽŵĞ ZĞƉĂŝƌƐ ϭϬϳ ϭϬϬ ϭϬϬ WƵďůŝĐ ^ĞƌǀŝĐĞƐ ϰ͕ϯϬϳ ϱ͕ϬϬϬ ϱ͕ϬϬϬ EĞŝŐŚďŽƌŚŽŽĚ /ŵƉƌŽǀĞŵĞŶƚƐ ϭ͕ϬϬϭ ϭϱϬ Ϭ ZĞƉƌĞƐĞŶƚƐ ϮϬй ŽĨ ŵĂdžŝŵƵŵ ' ŶƚŝƚůĞŵĞŶƚ ΨϮϴϮ͕ϳϵϲ Ψϯϭϴ͕ϰϬϮ Ψϯϯϴ͕ϴϰϵ

,KD ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͳ Ψϲϰϱ͕Ϯϵϳ dŚŝƐ ƉƌŽŐƌĂŵ ƉƌŽǀŝĚĞƐ ƌĞƐŽƵƌĐĞƐ ĨŽƌ ƐŝŶŐůĞ ĨĂŵŝůLJ ĂŶĚ ŵƵůƚŝĨĂŵŝůLJ ŶĞǁ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ƌĞŚĂďŝůŝƚĂƚŝŽŶ ƉƌŽũĞĐƚƐ ĨŽƌ ůŽǁ ƚŽ ŵŽĚĞƌĂƚĞ ŝŶĐŽŵĞ ƉĞƌƐŽŶƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ Ă ŽŵŵƵŶŝƚLJ ,ŽƵƐŝŶŐ ĞǀĞůŽƉŵĞŶƚ KƌŐĂŶŝnjĂƚŝŽŶ ; , KͿ ,ĂďŝƚĂƚ ŝƐ ĨƵŶĚĞĚ ĨŽƌ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ŶĞǁ ŚŽƵƐŝŶŐ ĨŽƌ ůŽǁ ŝŶĐŽŵĞ ŚŽŵĞŽǁŶĞƌƐ͘ dŚĞƐĞ ƉƌŽũĞĐƚƐ ĂƌĞ ĨƵŶĚĂŵĞŶƚĂů ƚŽ ŵĞĞƚŝŶŐ ƚŚĞ ŽƵŶĐŝů WŝůůĂƌ ŽĨ ŝǀŝĐ WƌŝĚĞ͘

463

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

ϮϬϭϳͬϭϴ ĐƚƵĂů ϮϬ ϭ Ϭ ϭϳ Ϯ ΨϱϬ͕ϭϭϳ

hŶŝƚƐ ŽĨ ĨĨŽƌĚĂďůĞ ,ŽƵƐŝŶŐ Ƶŝůƚ ,ŽŵĞŽǁŶĞƌ ZĞŚĂď ZĂƉŝĚ ZĞͲŚŽƵƐŝŶŐ ZĞŶƚĂů ZĞŚĂď , K EĞǁ ŽŶƐƚƌƵĐƚŝŽŶ ZĞƉƌĞƐĞŶƚƐ ϭϬй ŽĨ ŵĂdžŝŵƵŵ ,KD ŶƚŝƚůĞŵĞŶƚ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϯϲ Ϭ Ϭ ϯϰ Ϯ ΨϳϮ͕ϱϱϳ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϯϲ Ϭ Ϯϭ ϯϲ ϯ Ψϲϰ͕ϰϳϵ

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^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ WƵďůŝĐ ,ĞĂůƚŚ ĨƵŶĚŝŶŐ ĐŽŵĞƐ ĨƌŽŵ ƚŚĞ ŵĂƌŝůůŽ ,ŽƐƉŝƚĂů ŝƐƚƌŝĐƚ͕ ǁŚŝĐŚ ƐƵƉƉŽƌƚƐ ĂĐƚŝǀŝƚŝĞƐ ŶŽƚ ĨƵŶĚĞĚ ƚŚƌŽƵŐŚ ŐƌĂŶƚƐ͘ /Ŷ ƚŚĞ ƉĂƐƚ ĞŝŐŚƚ LJĞĂƌƐ͕ ĨŝŶĂŶĐŝĂů ƐƵƉƉŽƌƚ ĨƌŽŵ ƚŚĞ ŵĂƌŝůůŽ ,ŽƐƉŝƚĂů ŝƐƚƌŝĐƚ ŚĂƐ ĐŽŵĞ ŝŶ ƚŚĞ ĨŽƌŵ ŽĨ ŝŶƚĞƌͲŐŽǀĞƌŶŵĞŶƚĂů ƚƌĂŶƐĨĞƌ͕ ƐƵƉƉŽƌƚŝŶŐ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ŝŶ ƚŚĞ ϭϭϭϱ DĞĚŝĐĂŝĚ ǁĂŝǀĞƌ ƉƌŽŐƌĂŵ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ĂůƐŽ ǁŽƌŬƐ ǁŝƚŚ ƚŚĞ dĞdžĂƐ ĞƉĂƌƚŵĞŶƚ ŽĨ ^ƚĂƚĞ ,ĞĂůƚŚ ^ĞƌǀŝĐĞƐ ƚŽ ĐĂƌƌLJ ŽƵƚ ďƵĚŐĞƚƐ͕ ǁŽƌŬ ƉůĂŶƐ ĂŶĚ ĚĞůŝǀĞƌĂďůĞƐ ĨŽƌ ĞĂĐŚ ŽĨ ŶŝŶĞ ŐƌĂŶƚƐ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ƵƚŝůŝnjĞƐ ĞĂĐŚ ŽĨ ƚŚĞƐĞ ĨƵŶĚŝŶŐ ƐŽƵƌĐĞƐ ƚŽ ĐĂƌƌLJ ŽƵƚ dĞdžĂƐ ƐƚĂƚĞ ůĂǁ͕ ůŽĐĂů ŽƌĚŝŶĂŶĐĞ ĂŶĚ ŝŶŶŽǀĂƚŝǀĞ ĂƉƉƌŽĂĐŚĞƐ ƚŽ ƉƌŽƚĞĐƚ ƚŚĞ ƉƵďůŝĐ ŚĞĂůƚŚ ŽĨ ŽƵƌ ĐŽŵŵƵŶŝƚLJ͘ ŽŵŵƵŶŝƚLJ ŶĞĞĚƐ ĂƌĞ ŝĚĞŶƚŝĨŝĞĚ ƚŚƌŽƵŐŚ ƚŚĞ ŽŵŵƵŶŝƚLJ ,ĞĂůƚŚ ƐƐĞƐƐŵĞŶƚ ĂŶĚ ŽŵŵƵŶŝƚLJ ,ĞĂůƚŚ /ŵƉƌŽǀĞŵĞŶƚ WůĂŶ͕ ǁŚŝĐŚ ĂƌĞ ĐŽŵƉůĞƚĞĚ ŽŶ Ă ϯͲϱ LJĞĂƌ ĐLJĐůĞ͘ dŚĞ ĐŽŽƌĚŝŶĂƚŝŽŶ ŽĨ ŐƌĂŶƚ ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ ĐŽƌĞ ƉƵďůŝĐ ŚĞĂůƚŚ ƐĞƌǀŝĐĞƐ͕ ŶĞĞĚƐ ŝĚĞŶƚŝĨŝĞĚ ŝŶ ŽƵƌ ĐŽŵŵƵŶŝƚLJ͕ ĂŶĚ ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ ĂƌĞ ƚŚĞ ĚƌŝǀŝŶŐ ĨŽƌĐĞƐ ďĞŚŝŶĚ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ͛Ɛ ĂĐƚŝǀŝƚŝĞƐ ĂŶĚ ĨƵŶĚŝŶŐ ŶĞĞĚƐ͘ /Ŷ ůĂƚĞ ϮϬϭϴ͕ ŵĂƌŝůůŽ WƵďůŝĐ ,ĞĂůƚŚ ĐŽŵƉůĞƚĞĚ ƚŚĞ ůĂƚĞƐƚ ŽŵŵƵŶŝƚLJ ,ĞĂůƚŚ ƐƐĞƐƐŵĞŶƚ͕ ŽŵŵƵŶŝƚLJ ,ĞĂůƚŚ /ŵƉƌŽǀĞŵĞŶƚ WůĂŶ ĂŶĚ ĚĞƉĂƌƚŵĞŶƚ͛Ɛ ^ƚƌĂƚĞŐŝĐ WůĂŶ͘ dŚĞƐĞ ĚŽĐƵŵĞŶƚƐ ĂŶĚ ƚŚĞ ƉƌŽĐĞƐƐ ďLJ ǁŚŝĐŚ ƚŚĞLJ ǁĞƌĞ ĐƌĞĂƚĞĚ ŚĂǀĞ ĚƌŝǀĞŶ ĐŽŵŵƵŶŝƚLJ ĐŽŶǀĞƌƐĂƚŝŽŶ͕ ĚĞǀĞůŽƉĞĚ ŶĞǁ ƉĂƌƚŶĞƌƐŚŝƉƐ ĂŶĚ ŽƉĞŶĞĚ ƚŚĞ ĚŽŽƌ ƚŽ ŶĞǁ ĐŽůůĂďŽƌĂƚŝŽŶƐ͘ dŚĞ ŽŵŵƵŶŝƚLJ ,ĞĂůƚŚ ƐƐĞƐƐŵĞŶƚ ĂŶĚ /ŵƉƌŽǀĞŵĞŶƚ WůĂŶ ĂĚĚƌĞƐƐ ĞĂĐŚ ŽĨ ƚŚĞ ŽƵŶĐŝů WŝůůĂƌƐ ĂŶĚ DĂŶĂŐĞŵĞŶƚ /ŶŝƚŝĂƚŝǀĞƐ ĨƌŽŵ WƵďůŝĐ ^ĂĨĞƚLJ ƚŽ &ŝƐĐĂů ZĞƐƉŽŶƐŝďŝůŝƚLJ͘

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/Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ĨŝƐĐĂů ƐƵƉƉŽƌƚ ĨƌŽŵ ƚŚĞ ŵĂƌŝůůŽ ,ŽƐƉŝƚĂů ŝƐƚƌŝĐƚ͕ ϭϭϭϱ DĞĚŝĐĂŝĚ ǁĂŝǀĞƌ ƉƌŽũĞĐƚƐ͕ ĂŶĚ ŐƌĂŶƚƐ͕ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ ĂƉƉůŝĞƐ ĨĞĞƐ ƚŽ ĐĞƌƚĂŝŶ ƐĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞĚ͘ dŚĞƐĞ ĨĞĞƐ ŚĂǀĞ ƌĞŵĂŝŶĞĚ ǀĞƌLJ ůŽǁ LJĞƚ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ ŝƐ ĐŽŵŝŶŐ ĐůŽƐĞƌ ƚŽ ĐŽƐƚ ƌĞĐŽǀĞƌLJ ĨŽƌ ƐƉĞĐŝĨŝĐ ƉƌŽŐƌĂŵƐ ;ĨŝƐĐĂů ƌĞƐƉŽŶƐŝďŝůŝƚLJͿ͘ dŚŝƐ ƉƌŽŐƌĂŵ ŝŶĐŽŵĞ ƉƌŽǀŝĚĞƐ ĂĚĚŝƚŝŽŶĂů ƐƵƉƉŽƌƚ ƚŽ ŐƌĂŶƚ ĂĐƚŝǀŝƚŝĞƐ͘ dŚĞ ŝƚLJ ŽƵŶĐŝů͛Ɛ ƉŝůůĂƌƐ ĂƌĞ ĂŶ ŝŵƉŽƌƚĂŶƚ ƉĂƌƚ ŽĨ ĚĂŝůLJ ĂĐƚŝǀŝƚŝĞƐ ŝŶ WƵďůŝĐ ,ĞĂůƚŚ͘ ĂĐŚ ĚĂLJ͕ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ ǁŽƌŬƐ ƚŽ ŵĞĞƚ ƚŚĞ ŶĞĞĚƐ ŽĨ ĐŝǀŝĐ ƉƌŝĚĞ͕ ŚŝŐŚůLJ ĞĚƵĐĂƚĞĚ ƉŽƉƵůĂƚŝŽŶ͕ ĂŶĚ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ͕ ďŽƚŚ ŝŶ ƚĞƌŵƐ ŽĨ ƉƌĞǀĞŶƚŝŽŶ ĚŝƐĞĂƐĞƐ ĂŶĚ ƉƌŽŵŽƚŝŶŐ ŚĞĂůƚŚ͘ WƵďůŝĐ ,ĞĂůƚŚ ƐĞƌǀĞƐ ĂƐ Ă ƐĂĨĞƚLJ ŶĞƚ ĨŽƌ ŵĂŶLJ ŽĨ ƚŚĞ ŵŽƐƚ ǀƵůŶĞƌĂďůĞ ŝŶ ŽƵƌ ĐŽŵŵƵŶŝƚLJ ĂŶĚ ƉƌŽǀŝĚĞƐ ƐĞƌǀŝĐĞƐ ĂŶĚ ĞdžƉĞƌƚŝƐĞ ŝŶ Ă ǁŝĚĞ ƌĂŶŐĞ ŽĨ ƐƉĞĐŝĨŝĐ ƐĞƌǀŝĐĞƐ ĨƌŽŵ ƚƵďĞƌĐƵůŽƐŝƐ ĂŶĚ ŝŵŵƵŶŝnjĂƚŝŽŶƐ ƚŽ ^d Ɛ ĂŶĚ ƉƵďůŝĐ ŚĞĂůƚŚ ĞŵĞƌŐĞŶĐLJ ƉƌĞƉĂƌĞĚŶĞƐƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ WƵďůŝĐ ,ĞĂůƚŚ͛Ɛ ĨŝdžĞĚ ůŽĐĂƚŝŽŶ ŝŶ ŶŽƌƚŚĞĂƐƚ ŵĂƌŝůůŽ͕ ƚŚĞ ŵŽďŝůĞ ĐůŝŶŝĐ ĂůůŽǁƐ ĨŽƌ WƵďůŝĐ ,ĞĂůƚŚ ƐĞƌǀŝĐĞƐ ƚŽ ďĞ ŵĂĚĞ ŵŽƌĞ ĂǀĂŝůĂďůĞ ƚŽ ƚŚĞ ĞŶƚŝƌĞ ũƵƌŝƐĚŝĐƚŝŽŶ͘ WƵďůŝĐ ,ĞĂůƚŚ ŝƐ ƐĞĞŬŝŶŐ ŽƵƚ ŐƌĂŶƚ ĨƵŶĚŝŶŐ ƚŽ ďĞŐŝŶ ƚŚĞ ŐŽŽĚ ǁŽƌŬ ŝŶ ĐŚƌŽŶŝĐ ŚĞĂůƚŚ ĐŽŶĚŝƚŝŽŶƐ ĂŶĚ ŵĂƚĞƌŶĂů ĐŚŝůĚ ŚĞĂůƚŚ͘ KƵƌ ŐŽĂů ŝƐ ƚŽ ďĞŐŝŶ Ă ^ĂĨĞ <ŝĚƐ ŽĂůŝƚŝŽŶ ĂŶĚ ƐĞƌǀĞ ŽƵƌ ĐŽŵŵƵŶŝƚLJ ƚŚƌŽƵŐŚ Ă ƌŝďƐ ĨŽƌ <ŝĚƐ ŝŶŝƚŝĂƚŝǀĞ ;ƉƵďůŝĐ ƐĂĨĞƚLJ͘Ϳ /Ŷ ƚŚĞ ƵƉĐŽŵŝŶŐ LJĞĂƌ͕ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ ĂŶƚŝĐŝƉĂƚĞƐ ĂĐƚŝǀĞůLJ ǁŽƌŬŝŶŐ ƚŽ ŝŵƉƌŽǀĞ ƌĞǀĞŶƵĞ ƐƚƌĞĂŵƐ ďLJ ŝŵƉůĞŵĞŶƚŝŶŐ ĂŶ ĞůĞĐƚƌŽŶŝĐ ŵĞĚŝĐĂů ƌĞĐŽƌĚ ƐLJƐƚĞŵ ĂŶĚ ŝŵƉůĞŵĞŶƚŝŶŐ ƚŚĞ ďŝůůŝŶŐ ŽĨ DĞĚŝĐĂŝĚ ĂŶĚ ,/W ĨŽƌ ƐĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞĚ ƚŽ ƉƌŽŐƌĂŵ ƉĂƌƚŝĐŝƉĂŶƚƐ͘

WƌŽŐƌĂŵƐ WƵďůŝĐ ,ĞĂůƚŚ ĚŵŝŶŝƐƚƌĂƚŝŽŶͬ^ƵƉƉŽƌƚ ϮϬϭϵͬϮϬϮϬ ƵĚŐĞƚ Ͷ Ψϯϳϵ͕ϭϯϳ WƵďůŝĐ ,ĞĂůƚŚ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ƉƌŽǀŝĚĞƐ ŽǀĞƌƐŝŐŚƚ ĨŽƌ ĚĂŝůLJ ŽƉĞƌĂƚŝŽŶ ĂŶĚ ƐƵƉƉŽƌƚ ĨŽƌ ĚĞƉĂƌƚŵĞŶƚ ĂĐƚŝǀŝƚŝĞƐ ;ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞͿ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ŝŵƉůĞŵĞŶƚĞĚ ĐƵƐƚŽŵĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ƐƵƌǀĞLJƐ ŝŶ DĂƌĐŚ ϮϬϭϴ͘ /Ŷ ƚŚĞ ĨŝƌƐƚ ƚŚƌĞĞ ŵŽŶƚŚƐ ŽĨ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ ƌĞĐĞŝǀĞĚ ϵϭй ĞdžĐĞůůĞŶƚ ƌĂƚŝŶŐ ĂŶĚ ϵϵй ŐŽŽĚͬĞdžĐĞůůĞŶƚ ƌĂƚŝŶŐ͘ tĞ ƉƌŝĚĞ ŽƵƌƐĞůǀĞƐ ŽŶ ƉƌŽǀŝĚŝŶŐ ƋƵĂůŝƚLJ ĐĂƌĞ ǁŝƚŚ ĞdžĐĞƉƚŝŽŶĂů ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ŝƐ ĐƵƌƌĞŶƚůLJ ǁŽƌŬŝŶŐ ƚŽǁĂƌĚ ĂĐĐƌĞĚŝƚĂƚŝŽŶ ƚŚƌŽƵŐŚ ƚŚĞ WƵďůŝĐ ,ĞĂůƚŚ ĐĐƌĞĚŝƚĂƚŝŽŶ ŽĂƌĚ͕ ĂŶĚ ƉƌŽǀŝĚĞƐ ĐŽŵŵƵŶŝƚLJ ŚĞĂůƚŚ ĂƐƐĞƐƐŵĞŶƚ ĂŶĚ ĐŽŵŵƵŶŝƚLJ ŚĞĂůƚŚ ŝŵƉƌŽǀĞŵĞŶƚ ƉůĂŶŶŝŶŐ ĞǀĞƌLJ ƚŚƌĞĞͲĨŝǀĞ LJĞĂƌƐ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ƉĂƌƚŝĐŝƉĂƚĞƐ ŝŶ ƚŚĞ ϭϭϭϱ DĞĚŝĐĂŝĚ ǁĂŝǀĞƌ ; ^Z/WͿ ƉƌŽŐƌĂŵ ĂŶĚ ĐŽŶĚƵĐƚƐ ŐƌĂŶƚ ŵĂŶĂŐĞŵĞŶƚ ĨŽƌ ϭϬ ŐƌĂŶƚƐ ƚŚƌŽƵŐŚ ƚŚĞ ^ƚĂƚĞ ĂŶĚ &ĞĚĞƌĂů ƉĂƌƚŶĞƌƐ ;ĨŝƐĐĂů ƌĞƐƉŽŶƐŝďŝůŝƚLJͿ͘ dŚĞ ŝƌĞĐƚŽƌ WƵďůŝĐ ,ĞĂůƚŚ ƐĞƌǀĞƐ ĂƐ ůŝĂŝƐŽŶ ĨŽƌ ƚŚĞ ŵĂƌŝůůŽ ,ŽƐƉŝƚĂů ŝƐƚƌŝĐƚ ĂŶĚ EŽƌƚŚǁĞƐƚ dĞdžĂƐ ,ĞĂůƚŚ ĂƌĞ ^LJƐƚĞŵ ĂŶĚ ƐĞƌǀĞƐ ĂƐ ƐƚĂĨĨ ĨŽƌ ƚŚĞ ŝͲ ŝƚLJͲ ŽƵŶƚLJ WƵďůŝĐ ,ĞĂůƚŚ ŽĂƌĚ͘ /Ŷ ĞĂƌůLJ ϮϬϭϵ͕ ƚŚĞ ŝͲ ŝƚLJͲ ŽƵŶƚLJ WƵďůŝĐ ŝƐƚƌŝĐƚ ǁĞůĐŽŵĞĚ ĨŽƵƌ ŶĞǁ ŵĞŵďĞƌ ũƵƌŝƐĚŝĐƚŝŽŶƐ͕ dŝŵďĞƌĐƌĞĞŬ ĂŶLJŽŶ͕ >ĂŬĞ dĂŶŐůĞǁŽŽĚ͕ ŝƐŚŽƉ ,ŝůůƐ͕ ĂŶĚ WĂůŝƐĂĚĞƐ͘ >ĂƚĞƌ ƚŚŝƐ LJĞĂƌ͕ ƚŚĞ WƵďůŝĐ ,ĞĂůƚŚ ŽĂƌĚ ǁŝůů ƵƉĚĂƚĞ ƚŚĞ ŽŽƉĞƌĂƚŝǀĞ ŐƌĞĞŵĞŶƚ͕ ǁŚŝĐŚ ǁĂƐ ůĂƐƚ ƵƉĚĂƚĞĚ ŝŶϭϵϵϳ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

&ĂĐĞŬ WŽƐƚƐ ZĞƉŽƌƚƐ ƐƵďŵŝƚƚĞĚ ƚŽ ĨƵŶĚŝŶŐ ĂŐĞŶĐŝĞƐ ;ƉƌŽŐƌĂŵͬĨŝŶĂŶĐŝĂůͿ ^Ƶďŵŝƚ Ăůů ŐƌĂŶƚ ĂƉƉůŝĐĂƚŝŽŶƐͬƌĞŶĞǁĂů ƉĂƉĞƌǁŽƌŬ ǁŝƚŚŝŶ ĚĞƐŝŐŶĂƚĞĚ ƚŝŵĞ ĨƌĂŵĞ͘ ƵƐƚŽŵĞƌ ^ĂƚŝƐĨĂĐƚŝŽŶ ^ƵƌǀĞLJƐ ;ƉĞƌĐĞŶƚ 'ŽŽĚ ΀ϰ΁ Žƌ džĐĞůůĞŶƚ ΀ϱ΁Ϳ ZĞƉŽƌƚĞĚ KĐƚŽďĞƌ ʹ ^ĞƉƚĞŵďĞƌ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϯϬϬ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϯϮϱ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϯϱϬ

ϲϵͬϭϮϬ

ϳϳͬϭϯϲ

ϴϯͬϭϰϮ

ϭϮͬϭϬϬй

ϭϯͬϭϬϬй

ϭϲͬϭϬϬй

ϵϬй

ϵϮй

ϵϬй ;ϯϭй ůĞĨƚ Ă ĐŽŵŵĞŶƚͿ

470

ŽŵŵƵŶŝĐĂďůĞ ŝƐĞĂƐĞ ϮϬϭϵͬϮϬϮϬ ƵĚŐĞƚ Ͷ ΨϮϰϯ͕ϱϯϭ dŚĞ ŽŵŵƵŶŝĐĂďůĞ ŝƐĞĂƐĞ WƌŽŐƌĂŵ ĐŽŶĚƵĐƚƐ ĚŝƐĞĂƐĞ ƐƵƌǀĞŝůůĂŶĐĞ ĂŶĚ ĞƉŝĚĞŵŝŽůŽŐLJ͕ ŝŶƚĞƌĨĂĐĞƐ ǁŝƚŚ ŚŽƐƉŝƚĂůƐ ĂŶĚ ŽƚŚĞƌ ƉƌŽǀŝĚĞƌƐ͕ ĂŶĚ ƉƌŽǀŝĚĞƐ ĐŽŵŵƵŶŝƚLJ ĞĚƵĐĂƚŝŽŶ͘ dŚĞƌĞ ĂƌĞ ϴϴ ĐŽŶĚŝƚŝŽŶƐ ŝŶ dĞdžĂƐ ƚŚĂƚ ĂƌĞ ŶŽƚŝĨŝĂďůĞ ƚŽ ƚŚĞ ƉƵďůŝĐ ŚĞĂůƚŚ ĚĞƉĂƌƚŵĞŶƚ͘ ƵƌŝŶŐ ĂŶLJ ŐŝǀĞŶ LJĞĂƌ͕ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϰϱ ŽĨ ƚŚĞ ϴϴ ĐŽŶĚŝƚŝŽŶƐ ĂƌĞ ƌĞƉŽƌƚĞĚ͘ ŽŵŵƵŶŝĐĂďůĞ ŝƐĞĂƐĞ ƐƚĂĨĨ ĨŽůůŽǁ ƵƉ ǁŝƚŚ ĞĂĐŚ ƌĞƉŽƌƚ ƚŽ ĞŶƐƵƌĞ ƚŚĞ ƐĂĨĞƚLJ ŽĨ ďŽƚŚ ŝŶĚŝǀŝĚƵĂů ƉĂƚŝĞŶƚƐ ĂŶĚ ƚŚĞ ƉƵďůŝĐ͕ ĞŶƐƵƌĞ ĂƉƉƌŽƉƌŝĂƚĞ ƚƌĞĂƚŵĞŶƚ ŽĨ ƉĂƚŝĞŶƚƐ ĂŶĚ ĐŽŶƚĂĐƚƐ͕ ĂŶĚ ŝĚĞŶƚŝĨLJ ĂŶĚ ƌĞƐƉŽŶĚ ƚŽ ŽƵƚďƌĞĂŬƐ͘ ŽŵŵƵŶŝĐĂďůĞ ŝƐĞĂƐĞ ƐƚĂĨĨ ĂƌĞ ĂĐƚŝǀĞůLJ ŝŶǀŽůǀĞĚ ŝŶ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ĂŶĚ ĂƌĞ ƚŚĞ ůĞĂĚ ĂŐĞŶĐLJ WĂŶ/ ͕ ƚŚĞ WĂŶŚĂŶĚůĞ /ŶĨĞĐƚŝŽŶ ŽŶƚƌŽů ŐƌŽƵƉ ;ŚŝŐŚůLJ ĞĚƵĐĂƚĞĚ ƉŽƉƵůĂƚŝŽŶͿ͘ dŚĞ WĞƌŝŶĂƚĂů ,ĞƉĂƚŝƚŝƐ ƉƌŽŐƌĂŵ ŝƐ ŽŶĞ ĐŽŵƉŽŶĞŶƚ ŽĨ ƚŚĞ ŽŵŵƵŶŝĐĂďůĞ ŝƐĞĂƐĞ ƉƌŽŐƌĂŵ͘ ĂƐĞ ŵĂŶĂŐĞŵĞŶƚ ŝƐ ƉƌŽǀŝĚĞĚ ĨŽƌ ŝŶĨĂŶƚƐ ĂŶĚ ĐŽŶƚĂĐƚƐ ƚŽ ŵŽƚŚĞƌƐ ǁŚŽ ŚĂǀĞ ,ĞƉĂƚŝƚŝƐ ͕ ŝŶ ĂŶ ĞĨĨŽƌƚ ƚŽ ƉƌĞǀĞŶƚ ƚŚĞ ŝŶĨĂŶƚ ĨƌŽŵ ĐŽŶƚƌĂĐƚŝŶŐ ,ĞƉ ͘ dŚĞ ƉƌŽŐƌĂŵ ĂůƐŽ ĐŽůůĂďŽƌĂƚĞƐ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ ŶŝŵĂů DĂŶĂŐĞŵĞŶƚ ĂŶĚ tĞůĨĂƌĞ ƚŽ ĂƐƐĞƐƐ ƚŚĞ ŶĞĞĚ ĨŽƌ ƌĂďŝĞƐ ƉŽƐƚͲĞdžƉŽƐƵƌĞ ƉƌŽƉŚLJůĂdžŝƐ ĨŽƌ ĂŶŝŵĂů ďŝƚĞ ǀŝĐƚŝŵƐ ĂŶĚ ƉƌŽǀŝĚĞƐ ƉƌĞͲĞdžƉŽƐƵƌĞ ǀĂĐĐŝŶĞ ĂƐ ŶĞĞĚĞĚ ƚŽ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͘ ^ƚĂĨĨ ƉĂƌƚŝĐŝƉĂƚĞ ŝŶ ƚŚĞ WĂŶŚĂŶĚůĞ ŚŝůĚ &ĂƚĂůŝƚLJ ZĞǀŝĞǁ dĞĂŵ ŝŶ ĂŶ ĞĨĨŽƌƚ ƚŽ ƌĞĚƵĐĞ ƉƌĞǀĞŶƚĂďůĞ ĐŚŝůĚ ĚĞĂƚŚƐ ŝŶ ƚŚĞ ƉĂŶŚĂŶĚůĞ ŽĨ dĞdžĂƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ dŽƚĂů EƵŵďĞƌ ŽĨ ĂƐĞƐ tŽƌŬĞĚ EƵŵďĞƌ ŽĨ EŽƚŝĨŝĂďůĞ ŽŶĚŝƚŝŽŶƐ /ŶǀĞƐƚŝŐĂƚĞĚ ŝƐĞĂƐĞ ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ ĂƌĞ ƌĞƉŽƌƚĞĚ ƚŽ ƚŚĞ dĞdžĂƐ ĞƉĂƌƚŵĞŶƚ ŽĨ ^ƚĂƚĞ ,ĞĂůƚŚ ^ĞƌǀŝĐĞƐ ǁŝƚŚŝŶ ƌĞƋƵŝƌĞĚ ƚŝŵĞ͘ ;^ƚĂƚĞ ǀĞƌĂŐĞ ϴϭйͿ WĞƌŝŶĂƚĂů ,ĞƉ /ŶĨĂŶƚƐ ĨŽůůŽǁĞĚ ƚŽ ĐŽŵƉůĞƚŝŽŶ ŽĨ ƉƌŽŐƌĂŵ͘ ;^ƚĂƚĞ ǀĞƌĂŐĞ ϳϯйͿ ZĞƉŽƌƚĞĚ :ĂŶƵĂƌLJ ʹ ĞĐĞŵďĞƌ WĞƌŝŶĂƚĂů ,ĞƉ ƌĞƉŽƌƚĞĚ ^ĞƉƚͲ ƵŐ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϭ͕ϵϰϵ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ Ϯ͕ϬϬϬ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ Ϯ͕ϬϱϬ

ϲϳϴ

ϳϱϬ

ϴϮϱ

ϵϴй

ϵϴй

ϵϴй

ϵϯй

ϵϰй

ϵϱй

/ŵŵƵŶŝnjĂƚŝŽŶ ϮϬϭϵͬϮϬϮϬ ƵĚŐĞƚ Ͷ Ψϲϲϭ͕ϱϬϲ dŚĞ /ŵŵƵŶŝnjĂƚŝŽŶ ƚĞĂŵ ƉƌŽǀŝĚĞƐ ĂĚƵůƚ ĂŶĚ ĐŚŝůĚŚŽŽĚ ŝŵŵƵŶŝnjĂƚŝŽŶƐ ƚŚƌŽƵŐŚ ƚŚĞ ŵŽďŝůĞ ĐůŝŶŝĐ ĂŶĚ ĨŝdžĞĚ ůŽĐĂƚŝŽŶ͕ ĐŽŶĚƵĐƚƐ ŝŵŵƵŶŝnjĂƚŝŽŶ ŽƵƚƌĞĂĐŚ ĂŶĚ ĐŽŵŵƵŶŝƚLJ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ĐŽŶĚƵĐƚƐ ƐĐŚŽŽůͬĚĂLJĐĂƌĞ ĐŽŵƉůŝĂŶĐĞ ĂƐƐĞƐƐŵĞŶƚƐ͘ dĂƌŐĞƚ ĂƌĞĂƐ ĨŽƌ ƚŚĞ ŵŽďŝůĞ ĐůŝŶŝĐ ŝŶĐůƵĚĞ ǀƵůŶĞƌĂďůĞ ĂƌĞĂƐ ƐƵĐŚ ĂƐ ƐŚĞůƚĞƌƐ͕ ůŽǁͲŝŶĐŽŵĞ ŚŽƵƐŝŶŐ͕ ĐŽŵŵƵŶŝƚLJ ĞǀĞŶƚƐ ĂŶĚ ĐŽŵŵƵŶŝƚLJ ĐĞŶƚĞƌƐ͘ ^ƵĐĐĞƐƐ ĨƌŽŵ ƚŚĞƐĞ ĞǀĞŶƚƐ ŝƐ ŽĨƚĞŶ ƌĞĐŽŐŶŝnjĞĚ LJĞĂƌƐ ůĂƚĞƌ ǁŚĞŶ ƚŚĞ ƉĂƚŝĞŶƚ ƌĞƚƵƌŶƐ ƚŽ ƐĐŚŽŽů Žƌ ŽďƚĂŝŶƐ ĐŝƚŝnjĞŶƐŚŝƉ ;ŚŝŐŚůLJ ĞĚƵĐĂƚĞĚ ƉŽƉƵůĂƚŝŽŶ͕ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞͿ͘ sĂĐĐŝŶĞƐ ƉƌŽǀŝĚĞĚ ƚŚƌŽƵŐŚ ƉƵďůŝĐ ŚĞĂůƚŚ ĐůŝŶŝĐƐ ŝŶĐůƵĚĞ͕ ,ĞƉĂƚŝƚŝƐ ͕ ZŽƚĂǀŝƌƵƐ͕ dĂW͕ ,ĂĞŵŽƉŚŝůƵƐ ŝŶĨƵĞŶnjĂĞ ƚLJƉĞ ;,/ Ϳ͕ WŶĞƵŵŽĐŽĐĐĂů ĐŽŶũƵŐĂƚĞ ĂŶĚ ƉŽůLJƐĂĐĐŚĂƌŝĚĞ͕ WŽůŝŽ͕ &ůƵ͕ DDZ͕ ŚŝĐŬĞŶƉŽdž͕ ,ĞƉĂƚŝƚŝƐ ͕ ,Ws͕ DĞŶŝŶŐŽĐŽĐĐĂů tz ĂŶĚ ͕ dĚĂƉ͕ dĚ͕ ŽƐƚĞƌ͕ ĂŶĚ ƌĂďŝĞƐ ʹ Ă ŵĞŶƵ ŽĨ ϭϴ ǀĂĐĐŝŶĞƐ͘

471

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

WĂƚŝĞŶƚƐ ƐĞĞŶ sĂĐĐŝŶĞƐ ŐŝǀĞŶ ZĞƉŽƌƚĞĚ KĐƚŽďĞƌ ʹ ^ĞƉƚĞŵďĞƌ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϵ͕ϰϱϬ ϭϳ͕ϬϬϬ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϭϬ͕ϵϵϮ ϮϬ͕ϬϬϬ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϭϭ͕ϬϬϬ Ϯϭ͕ϬϬϬ

ZĞĨƵŐĞĞ ,ĞĂůƚŚ ϮϬϭϵͬϮϬϮϬ ƵĚŐĞƚ Ͷ ΨϯϳϬ͕ϴϵϮ dŚĞ ZĞĨƵŐĞĞ ,ĞĂůƚŚ ƚĞĂŵ ƉƌŽǀŝĚĞƐ ŚĞĂůƚŚ ƐĐƌĞĞŶŝŶŐƐ ĨŽƌ ƉƌŝŵĂƌLJ ƌĞĨƵŐĞĞƐ ǁŝƚŚŝŶ ϵϬ ĚĂLJƐ ŽĨ ĂƌƌŝǀĂů ŝŶĐůƵĚŝŶŐ d ƐŬŝŶ ƚĞƐƚŝŶŐ͕ ŵĞĚŝĐĂů ŚŝƐƚŽƌLJ͕ ƉŚLJƐŝĐĂů ĂƐƐĞƐƐŵĞŶƚ ĂŶĚ ŶĞĐĞƐƐĂƌLJ ƌĞĨĞƌƌĂůƐ ĨŽƌ ŵĞĚŝĐĂů ĐĂƌĞ͘ &ŽůůŽǁͲƵƉ ŝŵŵƵŶŝnjĂƚŝŽŶƐ ĨŽƌ ƉƌŝŵĂƌLJ ĂŶĚ ƐĞĐŽŶĚĂƌLJ ƌĞĨƵŐĞĞƐ͕ ĂƐƐŝƐƚĂŶĐĞ ǁŝƚŚ ŐƌĞĞŶ ĐĂƌĚ ƉĂƉĞƌǁŽƌŬ ;ŵĞĚŝĐĂů ƉŽƌƚŝŽŶͿ ĂŶĚ ĐŽŵŵƵŶŝƚLJ ĞĚƵĐĂƚŝŽŶ ĂƌĞ ŝŵƉŽƌƚĂŶƚ ĐŽŵƉŽŶĞŶƚƐ ŽĨ ƚŚŝƐ ƉƌŽŐƌĂŵ ;ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ͕ ĐŝǀŝĐ ƉƌŝĚĞͿ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

sK> ' ĐĂƉĂĐŝƚLJ ĨŽƌ WƌŝŵĂƌLJ ZĞĨƵŐĞĞ ĂƌƌŝǀĂů WƌŝŵĂƌLJ ƌĞĨƵŐĞĞƐ͗ ŚĞĂůƚŚ ƐĐƌĞĞŶŝŶŐ ǁŝƚŚŝŶ ϵϬ ĚĂLJƐ ŽĨ ĂƌƌŝǀĂů ;ηͬйͿ ^ĞĐŽŶĚĂƌLJ ZĞĨƵŐĞĞƐ ƐĞĞŶ ŝŶ ŝŵŵƵŶŝnjĂƚŝŽŶ ĐůŝŶŝĐ 'ƌĞĞŶ ĐĂƌĚ ĂƐƐŝƐƚĂŶĐĞ ZĞƉŽƌƚĞĚ KĐƚŽďĞƌ ʹ^ĞƉƚĞŵďĞƌ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϭϯϱ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϭϱϬ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϮϬϬ

ϭϯϱͬϭϬϬй

ϭϱϬͬϭϬϬй

ϮϬϬͬϭϬϬй

ϮϭϬ

ϭϰϬ

ϭϱϬ

Ϯϵϱ

ϭϲϬ

ϭϳϱ

dƵďĞƌĐƵůŽƐŝƐͬ,ĂŶƐĞŶ͛Ɛ ŽŶƚƌŽů ϮϬϭϵͬϮϬϮϬ ƵĚŐĞƚ Ͷ Ψϯϯϲ͕ϴϯϯ dŚĞ dƵďĞƌĐƵůŽƐŝƐ ŽŶƚƌŽů ƚĞĂŵ ƉƌŽǀŝĚĞƐ ƚƌĞĂƚŵĞŶƚ ŽĨ ĂĐƚŝǀĞ ĐĂƐĞƐ ĂŶĚ ĐŽŶƚĂĐƚ ŝŶǀĞƐƚŝŐĂƚŝŽŶ͕ ƚƌĞĂƚŵĞŶƚ ŽĨ ůĂƚĞŶƚ ĐĂƐĞƐ͕ d ƚĞƐƚŝŶŐ ĨŽƌ ƚŚĞ ƉƵďůŝĐ ĂŶĚ ĐŽŵŵƵŶŝƚLJ ĞĚƵĐĂƚŝŽŶ͘ /Ŷ ϮϬϭϳ͕ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ ŽƉĞŶĞĚ ƚŚĞ ĨŝƌƐƚ ,ĂŶƐĞŶ͛Ɛ ĐůŝŶŝĐ ŝŶ ƚŚĞ WĂŶŚĂŶĚůĞ ŽĨ dĞdžĂƐ ĂŶĚ ŝŶ ϮϬϭϴ ŽďƚĂŝŶĞĚ ĨƵŶĚŝŶŐ ƚŚƌŽƵŐŚ ^,^ ǀŝĂ Ă ŐƌĂŶƚ ŽƉƉŽƌƚƵŶŝƚLJ ;ĨŝƐĐĂů ƌĞƐƉŽŶƐŝďŝůŝƚLJͿ͘ dŚƌŽƵŐŚ ƚŚĞ ,ĂŶƐĞŶ͛Ɛ ĐůŝŶŝĐ͕ ƐƚĂĨĨ ƉƌŽǀŝĚĞ ĐĂƐĞ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ŵĞĚŝĐĂƚŝŽŶ ŵĂŶĂŐĞŵĞŶƚ ĨŽƌ ,ĂŶƐĞŶ͛Ɛ ƉĂƚŝĞŶƚƐ ĨƌŽŵ Ă ǀĂƌŝĞƚLJ ŽĨ ďĂĐŬŐƌŽƵŶĚƐ ;ĐŝǀŝĐ ƉƌŝĚĞͿ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗

d ƐŬŝŶ ƚĞƐƚƐ ƉůĂĐĞĚ >ĂƚĞŶƚ dƵďĞƌĐƵůŽƐŝƐ ƉĂƚŝĞŶƚƐ ƐĞĞŶ ŝŶ ĐůŝŶŝĐ >ĂƚĞŶƚ dƵďĞƌĐƵůŽƐŝƐ ƚŚĞƌĂƉLJ ĐŽŵƉůĞƚŝŽŶ ƌĂƚĞ ĐƚŝǀĞ dƵďĞƌĐƵůŽƐŝƐ ƉĂƚŝĞŶƚƐ ƐĞĞŶ ŝŶ ĐůŝŶŝĐ ĐƚŝǀĞ dƵďĞƌĐƵůŽƐŝƐ ƚŚĞƌĂƉLJ ĐŽŵƉůĞƚŝŽŶ ƌĂƚĞ ZĞƉŽƌƚĞĚ KĐƚŽďĞƌ ʹ^ĞƉƚĞŵďĞƌ

ϮϬϭϳͬϭϴ ĐƚƵĂů ϭ͕Ϯϭϲ ϴϲ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϭ͕ϮϮϱ ϳϲ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϭ͕ϮϱϬ ϵϬ

ϴϮй

ϴϰй

ϴϲй

ϱ

ϱͲϳ

ϱͲϳ

ϭϬϬй

ϭϬϬй

ϭϬϬй

472

^d ͬ,/s WƌĞǀĞŶƚŝŽŶ ĂŶĚ dƌĞĂƚŵĞŶƚ ϮϬϭϵͬϮϬϮϬ ƵĚŐĞƚ Ͷ Ψϵϱϵ͕ϲϳϳ dŚĞ ^d ͬ,/s ƚĞĂŵ ƉƌŽǀŝĚĞƐ ĂŶ ^d ĐůŝŶŝĐ ĂŶĚ ƚƌĞĂƚŵĞŶƚ͕ ĚŝƐĞĂƐĞ ŝŶƚĞƌǀĞŶƚŝŽŶ ĂŶĚ ĐŽŶƚĂĐƚ ŝŶǀĞƐƚŝŐĂƚŝŽŶ͕ ,/s ŽƵƚƌĞĂĐŚ ĂŶĚ ĐŽŵŵƵŶŝƚLJ ĞĚƵĐĂƚŝŽŶ͘ /Ŷ ϮϬϭϱͬϭϲ͕ ^LJƉŚŝůŝƐ ĂŶĚ ,/s ƌĂƚĞƐ ďĞŐĂŶ ŝŶĐƌĞĂƐŝŶŐ ŝŶ ďŽƚŚ WŽƚƚĞƌ ĂŶĚ ZĂŶĚĂůů ŽƵŶƚŝĞƐ͕ Ă ƚƌĞŶĚ ƚŚĂƚ ŝƐ ƉƌĞƐĞŶƚ ^ƚĂƚĞ ǁŝĚĞ͘ /ŶĐƌĞĂƐĞĚ ƚĞƐƚŝŶŐ ƚŽ ƚĂƌŐĞƚĞĚ͕ ŚŝŐŚ ƌŝƐŬ ƉŽƉƵůĂƚŝŽŶƐ ĐŽŶƚŝŶƵĞƐ ĂƐ ǁĞůů ĂƐ ĞŶŚĂŶĐĞĚ ƉĂƌƚŶĞƌ ĞůŝĐŝƚĂƚŝŽŶ ĂŶĚ ŝŶĐƌĞĂƐĞĚ ĞĚƵĐĂƚŝŽŶ͘ dŚƌŽƵŐŚ ĐŽŶƚĂĐƚ ŝŶǀĞƐƚŝŐĂƚŝŽŶ͕ Ă ĚĂŶŐĞƌŽƵƐ ƚƌĞŶĚ ŝŶ ŵĞĞƚŝŶŐ ƐĞdžƵĂů ƉĂƌƚŶĞƌƐ ŚĂƐ ďĞĞŶ ŝĚĞŶƚŝĨŝĞĚ͘ dŚĞ ƵƐĞ ŽĨ ĚĂƚŝŶŐ ĂƉƉƐ ƚŽ ĨŝŶĚ ĂŶŽŶLJŵŽƵƐ ƐĞdžƵĂů ƉĂƌƚŶĞƌƐ ŝƐ ƵƐĞĚ ĨƌĞƋƵĞŶƚůLJͲ ĂƐ ŝƐ ƚŚĞ ƉƌĂĐƚŝĐĞ ŽĨ ƵŶƉƌŽƚĞĐƚĞĚ ƐĞdž͘ ĚǀĞƌƚŝƐŝŶŐ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ŽŶ &ĂĐĞŬ ĂŶĚ ƌĂŝŐƐůŝƐƚ ŚĂǀĞ ďĞĞŶ ƚŽŽůƐ ŝŵƉůĞŵĞŶƚĞĚ ĂůŽŶŐ ǁŝƚŚ ƚƌĂĚŝƚŝŽŶĂů ŵĞƚŚŽĚƐ ŽĨ ŽƵƚƌĞĂĐŚ͘ ^d ͬ,/s ƐƚĂĨĨ ŚĂǀĞ ǁŽƌŬĞĚ ĚŝůŝŐĞŶƚůLJ ƚŽ ŝŶĐƌĞĂƐĞ ƚĞƐƚŝŶŐ͕ ƚƌĞĂƚŵĞŶƚ͕ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ʹ ďLJ ůŽŽŬŝŶŐ ĨŽƌ ĚŝƐĞĂƐĞ͕ ŽƵƌ ĚĞƉĂƌƚŵĞŶƚ ŝƐ ĨŝŶĚŝŶŐ ŝƚ ĂŶĚ ǁŽƌŬŝŶŐ ƚŽ ĞůŝŵŝŶĂƚĞ ŝƚ ;ŚŝŐŚůLJ ĞĚƵĐĂƚĞĚ ƉŽƉƵůĂƚŝŽŶͿ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ WĂƚŝĞŶƚƐ ƐĞĞŶ ŝŶ ^d ĐůŝŶŝĐ WĂƚŝĞŶƚƐ ƚĞƐƚĞĚ ƚŚƌŽƵŐŚ ,/s KƵƚƌĞĂĐŚ

ϮϬϭϳͬϭϴ ĐƚƵĂů Ϯ͕ϬϮϯ Ϯ͕Ϭϱϯ

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ Ϯ͕ϭϭϰ Ϯ͕ϮϬϭ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ Ϯ͕ϮϬϱ Ϯ͕ϯϰϵ

ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬΎ ĐƚƵĂů ĐƚƵĂů ĐƚƵĂů ;ϮϬϭϲ ZĂƚĞƐͿ ;ϮϬϭϳ ZĂƚĞƐͿ ;ϮϬϭϴ ZĂƚĞƐͿ 'ŽŶŽƌƌŚĞĂ ZĂƚĞ ;WŽƚƚĞƌͿ ϯϳϵ͘ϵ ϰϮϯ͘ϰ Ύ 'ŽŶŽƌƌŚĞĂ ZĂƚĞ ;ZĂŶĚĂůůͿ ϱϲ͘ϲ ϯϵ͘ϰ Ύ ŚůĂŵLJĚŝĂ ZĂƚĞ ;WŽƚƚĞƌͿ ϳϴϯ͘ϳ ϴϲϱ͘ϵ Ύ ŚůĂŵLJĚŝĂ ZĂƚĞ ;ZĂŶĚĂůůͿ ϭϳϭ͘ϯ ϭϱϲ͘ϵ Ύ ,/s ZĂƚĞ ;WŽƚƚĞƌͿ ϭϬ͘ϴ ϭϴ͘ϯ Ύ ,/s ZĂƚĞ ;ZĂŶĚĂůůͿ ϯ͘ϴ ϯ͘ϳ Ύ ^LJƉŚŝůŝƐ ZĂƚĞ ;WŽƚƚĞƌͿ ϲϳ͘ϵ ϱϲ͘ϱ Ύ ^LJƉŚŝůŝƐ ZĂƚĞ ;ZĂŶĚĂůůͿ ϭϮ͘ϴ ϴ͘ϵ Ύ EŽƚĞ͗ ZĂƚĞƐ ƉĞƌ ϭϬϬ͕ϬϬϬ ĂƐ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ dĞdžĂƐ ĞƉĂƌƚŵĞŶƚ ŽĨ ^ƚĂƚĞ ,ĞĂůƚŚ ^ĞƌǀŝĐĞƐ ĂŶĚ ƌĞƉŽƌƚƐ ĚĂƚĂ ŽŶĞ LJĞĂƌ ŝŶ ĂƌƌĞĂƌƐ͖ dĞƐƚŝŶŐ ŶƵŵďĞƌƐ ƌĞƉŽƌƚĞĚ KĐƚŽďĞƌ ʹ ^ĞƉƚĞŵďĞƌ͖ ZĂƚĞƐ ƌĞƉŽƌƚĞĚ :ĂŶƵĂƌLJ ʹ ĞĐĞŵďĞƌ ΎϮϬϭϵͬϮϬ ĚĂƚĂ ;ϮϬϭϴ ZĂƚĞƐͿ ǁŝůů ďĞ ƌĞůĞĂƐĞĚ ŝŶ ƚŚĞ ƐƵŵŵĞƌ ŽĨ ϮϬϭϵ͘ dĞƐƚŝŶŐ ŶƵŵďĞƌƐ ƌĞƉŽƌƚĞĚ KĐƚŽďĞƌ Ͳ ^ĞƉƚĞŵďĞƌ

WƵďůŝĐ ,ĞĂůƚŚ WƌĞƉĂƌĞĚŶĞƐƐ ϮϬϭϵͬϮϬϮϬ ƵĚŐĞƚ Ͷ ΨϭϲϬ͕Ϭϵϵ dŚĞ WƵďůŝĐ ,ĞĂůƚŚ WƌĞƉĂƌĞĚŶĞƐƐ ƚĞĂŵ ĐŽŶĚƵĐƚƐ Ăůů ŚĂnjĂƌĚƐ ƉƌĞƉĂƌĞĚŶĞƐƐ͕ ĐŽůůĂďŽƌĂƚĞƐ ǁŝƚŚ ĐŽŵŵƵŶŝƚLJ ƉĂƌƚŶĞƌƐ ŝŶ ƉůĂŶŶŝŶŐ͕ ƌĞƐƉŽŶƐĞ͕ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ĂŶĚ ƉƌŽǀŝĚĞƐ ĐŽŵŵƵŶŝƚLJ ĞĚƵĐĂƚŝŽŶ͘ dŚŝƐ ƚĞĂŵ ĐŽůůĂďŽƌĂƚĞƐ ǁŝƚŚ ŝƚLJ͕ ^ƚĂƚĞ͕ ĂŶĚ &ĞĚĞƌĂů ƉĂƌƚŶĞƌƐ ŝŶ ƉůĂŶŶŝŶŐ ĂŶĚ ĐŽŶĚƵĐƚŝŶŐ Ă ǁŝĚĞ ƌĂŶŐĞ ŽĨ ĞdžĞƌĐŝƐĞƐ ĨƌŽŵ ƚĂďůĞ ƚŽƉ ƚŽ ĨƵůů ƐĐĂůĞ ;ŚŝŐŚůLJ ĞĚƵĐĂƚĞĚ ƉŽƉƵůĂƚŝŽŶ͕ ĐŝǀŝĐ ƉƌŝĚĞͿ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ WŽŝŶƚ ŽĨ ŝƐƉĞŶƐŝŶŐ ^ŝƚĞ ĐƚŝǀĂƚŝŽŶ džĞƌĐŝƐĞ ZĞĐƌƵŝƚ ĂŶĚ ĚĞǀĞůŽƉ ĐůŽƐĞĚ WK ^

ϮϬϭϳͬϭϴ ĐƚƵĂů Ϯ ϯ

473

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ ϯ ϴ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ ϯ ϭϮ

WƵďůŝĐ ,ĞĂůƚŚ WƌŽŵŽƚŝŽŶƐ ϮϬϭϵͬϮϬϮϬ ƵĚŐĞƚ Ͷ ΨϮϰϵ͕ϮϮϵ dŚĞ ƉƵďůŝĐ ŚĞĂůƚŚ ƉƌŽŵŽƚŝŽŶƐ ƉƌŽŐƌĂŵ ĐŽŶƚŝŶƵĞƐ ƚŽ ĞǀŽůǀĞ ĂƐ ĨƵŶĚŝŶŐ ďĞĐŽŵĞƐ ĂǀĂŝůĂďůĞ ƚŚƌŽƵŐŚ ŐƌĂŶƚ ŽƉƉŽƌƚƵŶŝƚŝĞƐ͘ /Ŷ Ɖƌŝů ϮϬϭϴ͕ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ ǁĂƐ ĂǁĂƌĚĞĚ Ă ϯͲϱ LJĞĂƌ ,ĞĂůƚŚLJ dĞdžĂƐ DŽƚŚĞƌƐ ĂŶĚ ĂďŝĞƐ ŐƌĂŶƚ ƚŽ ƌĞĚƵĐĞ ůŽǁ ďŝƌƚŚ ǁĞŝŐŚƚ ĂŶĚ ƉƌĞƚĞƌŵ ďŝƌƚŚƐ ŝŶ WŽƚƚĞƌ ĂŶĚ ZĂŶĚĂůů ŽƵŶƚŝĞƐ͘ dŚƌŽƵŐŚ ĐŽŵŵƵŶŝƚLJ ĐŽůůĂďŽƌĂƚŝŽŶ͕ ĐŽŵŵƵŶŝƚLJ ĂƐƐĞƐƐŵĞŶƚ͕ ĂŶĚ ƐƚƌĂƚĞŐŝĐ ƉůĂŶŶŝŶŐ ,ĞĂůƚŚLJ WĞŽƉůĞ ϮϬϮϬ ŐŽĂůƐ ĂƌĞ ƚŚĞ ƚĂƌŐĞƚ͘ /Ŷ ĞĐĞŵďĞƌ ŽĨ ϮϬϭϳ͕ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ ǁĂƐ ĂůƐŽ ĂƉƉƌŽǀĞĚ ƚŽ ƉĂƌƚŝĐŝƉĂƚĞ ŝŶ ƚŚĞ ŽŵŵƵŶŝƚLJ ĂŶĚ ůŝŶŝĐĂů ,ĞĂůƚŚ ƌŝĚŐĞ ŐƌĂŶƚ͘ dŚŝƐ ŽƉƉŽƌƚƵŶŝƚLJ ǁŝůů ƉƌŽǀŝĚĞ ĨƵŶĚŝŶŐ ĨŽƌ ŽďĞƐŝƚLJ ĂŶĚ ĐŚƌŽŶŝĐ ĚŝƐĞĂƐĞ ƌĞůĂƚĞĚ ĐŽŶĚŝƚŝŽŶƐ ŝŶ WŽƚƚĞƌ ĂŶĚ ZĂŶĚĂůů ŽƵŶƚŝĞƐ͘ dŚĞ ĐŽŶƚƌĂĐƚ ŚĂƐ ŶŽƚ ďĞĞŶ ĨŝŶĂůŝnjĞĚ ďƵƚ ǁĞ ĂƌĞ ůŽŽŬŝŶŐ ĨŽƌǁĂƌĚ ƚŽ ďĞŐŝŶŶŝŶŐ ƚŚŝƐ ŐŽŽĚ ǁŽƌŬ ;ĐŝǀŝĐ ƉƌŝĚĞ͕ ŚŝŐŚůLJ ĞĚƵĐĂƚĞĚ ƉŽƉƵůĂƚŝŽŶͿ͘ /Ŷ ƚŚĞ ƐƉƌŝŶŐ ŽĨ ϮϬϭϵ͕ Ă ŶĞĞĚ ĨŽƌ ƐĂĨĞ ƐůĞĞƉ ĂĐĐŽŵŵŽĚĂƚŝŽŶƐ ǁĂƐ ŝĚĞŶƚŝĨŝĞĚ ĨŽƌ ďĂďŝĞƐ ŝŶ ŽƵƌ ůŽĐĂů ŚŽŵĞůĞƐƐ ƐŚĞůƚĞƌƐ͘ dŚƌŽƵŐŚ ĐŽůůĂďŽƌĂƚŝŽŶ ǁŝƚŚ W ͛Ɛ /d ƉƌŽŐƌĂŵ͕ ŵĂƌŝůůŽ WƵďůŝĐ ,ĞĂůƚŚ ŝƐ ĂĐĐĞƉƚŝŶŐ ĚŽŶĂƚŝŽŶƐ ƚŽ ƉƵƌĐŚĂƐĞ ĐƌŝďƐ ĨŽƌ ŬŝĚƐ ĂŶĚ ŝƐ ůŽŽŬŝŶŐ ĨŽƌǁĂƌĚ ƚŽ ĂĚĚŝƚŝŽŶĂů ŐƌĂŶƚ ĚŽůůĂƌƐ ƚŽ ĞdžƉĂŶĚ ƚŚĞ ƉƌŽŐƌĂŵ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ^ĞĞŬ ĂĐĐƌĞĚŝƚĂƚŝŽŶ ƚŚƌŽƵŐŚ WƵďůŝĐ ,ĞĂůƚŚ ĐĐƌĞĚŝƚĂƚŝŽŶ ŽĂƌĚ ʹ ĞƐƚ WƌĂĐƚŝĐĞ ,ŝƌĞ ĚĚŝƚŝŽŶĂů ^ƚĂĨĨ ĨŽƌ ŶĞǁ ŐƌĂŶƚƐ ʹ ŵĞĂƐƵƌĞƐ ǁŝůů ĞǀŽůǀĞ ĂƐ ƉƌŽŐƌĂŵ ĞǀŽůǀĞƐ͘

ϮϬϭϳͬϮϬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ĐƚŝŽŶ WůĂŶ

ĐĐƌĞĚŝƚĂƚŝŽŶ

DĂŝŶƚĂŝŶ

ϭ

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DŝƐƐŝŽŶ dŚĞ ŵŝƐƐŝŽŶ ŽĨ ƚŚĞ t/ EƵƚƌŝƚŝŽŶ ĚĞƉĂƌƚŵĞŶƚ ŝƐ ƚŽ ƐĂĨĞŐƵĂƌĚ ƚŚĞ ŚĞĂůƚŚ ŽĨ ůŽǁͲ ĂŶĚ ŵŽĚĞƌĂƚĞͲŝŶĐŽŵĞ ǁŽŵĞŶ͕ ŝŶĨĂŶƚƐ͕ ĂŶĚ ĐŚŝůĚƌĞŶ ;ƵƉ ƚŽ ĂŐĞ ĨŝǀĞͿ ǁŚŽ ĂƌĞ Ăƚ ŶƵƚƌŝƚŝŽŶĂů ƌŝƐŬ ďLJ ƉƌŽǀŝĚŝŶŐ ŶƵƚƌŝƚŝŽƵƐ ĨŽŽĚƐ ƚŽ ƐƵƉƉůĞŵĞŶƚ ĚŝĞƚƐ͕ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ŚĞĂůƚŚLJ ĞĂƚŝŶŐ͕ ĂŶĚ ƌĞĨĞƌƌĂůƐ ƚŽ ŚĞĂůƚŚ ĐĂƌĞ͘

^ƚƌĂƚĞŐŝĐ ƉƉƌŽĂĐŚ dŚĞ ĂĚŽƉƚŝŽŶ ŽĨ ƚŚĞ ůƵĞWƌŝŶƚ ĨŽƌ ŵĂƌŝůůŽ ďLJ ƚŚĞ ŝƚLJ ŽƵŶĐŝů ƐĞƚƐ ĨŽƌƚŚ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ ƐƚƌĂƚĞŐŝĐ ĚŝƌĞĐƚŝŽŶ ĨŽƌ ƚŚĞ ŝƚLJ ŐŽǀĞƌŶŵĞŶƚ ŝŶ ƚĞƌŵƐ ŽĨ ĨŽĐƵƐ͕ ĂůůŽĐĂƚŝŽŶ ŽĨ ƌĞƐŽƵƌĐĞƐ͕ ĂŶĚ ŝŶŝƚŝĂƚŝǀĞƐ͘ dŚĞ ŵŝƐƐŝŽŶ ĂŶĚ ƌŽůĞ ŽĨ ƚŚĞ t/ EƵƚƌŝƚŝŽŶ ƉƌŽŐƌĂŵ ĚŝƌĞĐƚůLJ ĂĚĚƌĞƐƐĞƐ ƚŚĞ ŽƵŶĐŝů͛Ɛ ŝǀŝĐ WƌŝĚĞͶ ŶŚĂŶĐĞ ,ĞĂůƚŚ ĂŶĚ tĞůůŶĞƐƐ ƉŝůůĂƌ ďLJ ƐĞƌǀŝŶŐ ůŽǁͲ ĂŶĚ ŵŽĚĞƌĂƚĞͲŝŶĐŽŵĞ ĨĂŵŝůŝĞƐ ďLJ ƉƌŽǀŝĚŝŶŐ ŚĞĂůƚŚ ƐĐƌĞĞŶŝŶŐƐ͕ ŶƵƚƌŝƚŝŽƵƐ ĨŽŽĚƐ ƚŽ ƐƵƉƉůĞŵĞŶƚ ƚŚĞŝƌ ĚŝĞƚƐ͕ ĂŶĚ ƌĞĨĞƌƌĂůƐ ƚŽ ŚĞĂůƚŚ ĐĂƌĞ͘ WĂƌƚŝĐŝƉĂƚŝŽŶ ŝŶ ƚŚĞ t/ ƉƌŽŐƌĂŵ ŝƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ Ă ƌĞĚƵĐƚŝŽŶ ŝŶ ƚŚĞ ŶƵŵďĞƌ ŽĨ ƉŽŽƌ ďŝƌƚŚ ŽƵƚĐŽŵĞƐ ĂŶĚ ƌĞĚƵĐŝŶŐ ƚŚĞ ĂŵŽƵŶƚ ƐƉĞŶƚ ŽŶ DĞĚŝĐĂŝĚ ĐŽƐƚƐ͘ WĂƌƚŝĐŝƉĂƚŝŽŶ ŝŶ ƚŚĞ t/ ƉƌŽŐƌĂŵ ĂůƐŽ ŚĂƐ ďĞĞŶ ƐŚŽǁŶ ƚŽ ƐƵƉƉŽƌƚ ĐŽŐŶŝƚŝǀĞ ĚĞǀĞůŽƉŵĞŶƚ͕ ŚĞůƉŝŶŐ ĐŚŝůĚƌĞŶ ƚŽ ĞŶƚĞƌ ŬŝŶĚĞƌŐĂƌƚĞŶ ƌĞĂĚLJ ƚŽ ůĞĂƌŶ͘ dŚĞ t/ EƵƚƌŝƚŝŽŶ WƌŽŐƌĂŵ ŝƐ ĨĞĚĞƌĂůůLJ ĨƵŶĚĞĚ ďLJ h^ ƚŚƌŽƵŐŚ Ă ŐƌĂŶƚ ƚŽ ƚŚĞ ^ƚĂƚĞ ŽĨ dĞdžĂƐ͘ dŚĞ ƐƚĂƚĞ ĂĚŵŝŶŝƐƚĞƌƐ ƚŚĞ ƉƌŽŐƌĂŵ ĂŶĚ ĐŽŶƚƌĂĐƚƐ ǁŝƚŚ ƚŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ƚŽ ƉƌŽǀŝĚĞ ƐĞƌǀŝĐĞƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƐƚĂƚĞ ĂŶĚ ĨĞĚĞƌĂů ŐƵŝĚĞůŝŶĞƐ͘ dŚĞ t/ EƵƚƌŝƚŝŽŶ WƌŽŐƌĂŵ ƐƚƌŝǀĞƐ ƚŽ ĚĞůŝǀĞƌ ƚŚĞ ŚŝŐŚĞƐƚ ƋƵĂůŝƚLJ ƐĞƌǀŝĐĞƐ ŝŶ ƚŚĞ ŶĂƚŝŽŶ ǁŝƚŚ ŝŶƚĞŐƌŝƚLJ ĂŶĚ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ƚŚĞ t/ ĞůŝŐŝďůĞ ƉŽƉƵůĂƚŝŽŶ͘ ƵƌƌĞŶƚůLJ͕ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ ƐĞƌǀĞƐ ĂŶ ĂǀĞƌĂŐĞ ŽĨ ϲ͕Ϯϳϯ ƉĂƌƚŝĐŝƉĂŶƚƐ ƉĞƌ ŵŽŶƚŚ͕ Žƌ ϳϱϮϳϵ ƉĂƌƚŝĐŝƉĂŶƚƐ ƉĞƌ LJĞĂƌ͘ dŚĞ ĚĞƉĂƌƚŵĞŶƚ ŚĂƐ ĂŶ ŽƉĞƌĂƚŝŶŐ ďƵĚŐĞƚ ŽĨ Ψϭ͘ϴ ŵŝůůŝŽŶ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ ŽǀĞƌƐĞĞƐ Ψϰ͘ϱ ŵŝůůŝŽŶ ŝŶ ĨŽŽĚ ďĞŶĞĨŝƚ ŝƐƐƵĂŶĐĞƐ͘ dŚĞƌĞ ĂƌĞ ƚǁŽ ŵĂũŽƌ ƚLJƉĞƐ ŽĨ ŶƵƚƌŝƚŝŽŶ ƌŝƐŬƐ ƌĞĐŽŐŶŝnjĞĚ ĨŽƌ t/ ĞůŝŐŝďŝůŝƚLJ͗ ŵĞĚŝĐĂůůLJ ďĂƐĞĚ ƌŝƐŬƐ ƐƵĐŚ ĂƐ ĂŶĞŵŝĂ͕ ƵŶĚĞƌǁĞŝŐŚƚ͕ ŚŝƐƚŽƌLJ ŽĨ ƉƌĞŐŶĂŶĐLJ ĐŽŵƉůŝĐĂƚŝŽŶƐ͕ Žƌ ƉŽŽƌ ƉƌĞŐŶĂŶĐLJ ŽƵƚĐŽŵĞƐ͖ ĂŶĚ ĚŝĞƚĂƌLJ ƌŝƐŬƐ͕ ƐƵĐŚ ĂƐ ŝŶĂƉƉƌŽƉƌŝĂƚĞ ŶƵƚƌŝƚŝŽŶͬĨĞĞĚŝŶŐ ƉƌĂĐƚŝĐĞƐ Žƌ ĨĂŝůƵƌĞ ƚŽ ŵĞĞƚ ƚŚĞ ĐƵƌƌĞŶƚ ŝĞƚĂƌLJ 'ƵŝĚĞůŝŶĞƐ ĨŽƌ

479

ŵĞƌŝĐĂŶƐ͘ tŽŵĞŶ͕ ŝŶĨĂŶƚƐ͕ ĂŶĚ ĐŚŝůĚƌĞŶ Ăƚ ŶƵƚƌŝƚŝŽŶ ƌŝƐŬ ŚĂǀĞ ŵƵĐŚ ŐƌĞĂƚĞƌ ƌŝƐŬ ŽĨ ĞdžƉĞƌŝĞŶĐŝŶŐ ŚĞĂůƚŚ ƉƌŽďůĞŵƐ͘

WƌŽŐƌĂŵƐ t/ ĞƉĂƌƚŵĞŶƚ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϲϱϬ͕ϰϮϬ dŚŝƐ ƉƌŽŐƌĂŵ ƉƌŽǀŝĚĞƐ ƚŚĞ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĞdžƉĞƌƚŝƐĞ ĨŽƌ ƚŚĞ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ŽĨ Ăůů ĂƐƉĞĐƚƐ ŽĨ ƚŚĞ t/ EƵƚƌŝƚŝŽŶ WƌŽŐƌĂŵ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ĨĞĚĞƌĂů ĂŶĚ ƐƚĂƚĞ ƌĞŐƵůĂƚŝŽŶƐ͕ ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ͘ dŚĞ t/ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĚĞƉĂƌƚŵĞŶƚ ƌĞĐĞŝǀĞĚ ĞdžĐĞůůĞŶƚ ŵĂƌŬƐ ŽŶ ƚŚĞ ƐƚĂƚĞ ĂƵĚŝƚ ŝŶ ƵŐƵƐƚ ŽĨ ϮϬϭϳ͘ /ƚ ǁĂƐ ŶŽƚĞĚ ďLJ ƐƚĂƚĞ ĂƵĚŝƚŽƌƐ ƚŚĂƚ ƚŚĞƌĞ ǁĞƌĞŶ͛ƚ ĂŶLJ ĨŝŶĚŝŶŐƐ ŝŶ ƚŚĞ ĞŶƚŝƌĞ ĂƵĚŝƚ͕ ǁŚŝĐŚ ŝƐ Ă ǀĞƌLJ ƌĂƌĞ ŽĐĐƵƌƌĞŶĐĞ͘ ,ŝŐŚ ĐŽŵŵĞŶĚĂƚŝŽŶƐ ǁĞƌĞ ŐŝǀĞŶ ĨŽƌ ŚĂǀŝŶŐ ĂŶ ĞdžĐĞůůĞŶƚ ŵĂŶĂŐĞĚ ĂŐĞŶĐLJ͘

t/ EƵƚƌŝƚŝŽŶ ĚƵĐĂƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϴϭϯ͕ϬϮϯ dŚŝƐ ƉƌŽŐƌĂŵ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĚĞůŝǀĞƌŝŶŐ ŶƵƚƌŝƚŝŽŶ ĞĚƵĐĂƚŝŽŶ ƚŽ ƉĂƌƚŝĐŝƉĂŶƚƐ ĞŶƌŽůůĞĚ ŝŶ ƚŚĞ t/ EƵƚƌŝƚŝŽŶ WƌŽŐƌĂŵ ĂĐĐŽƌĚŝŶŐ ƚŽ ƐƚĂƚĞ ĂŶĚ ĨĞĚĞƌĂů ƌĞŐƵůĂƚŝŽŶƐ͘ dŚĞ EƵƚƌŝƚŝŽŶ ĚƵĐĂƚŝŽŶ ƐĞĐƚŝŽŶ ǁĂƐ ĂďůĞ ƚŽ ĐŽŶƚŝŶƵĞ ĂŶĚ ĞŶŚĂŶĐĞ ƚŚĞ ŶƵƚƌŝƚŝŽŶ ĐĂƌŶŝǀĂůƐ ƚŚĂƚ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ ŽĨĨĞƌƐ͘ dŚĞ t/ EƵƚƌŝƚŝŽŶ WƌŽŐƌĂŵ ŝƐ ƚŚĞ ŽŶůLJ t/ ĂŐĞŶĐLJ ŝŶ dĞdžĂƐ ƚŚĂƚ ƉƌŽǀŝĚĞƐ ƚŚŝƐ ĞŶŚĂŶĐĞĚ ůĞǀĞů ŽĨ ŶƵƚƌŝƚŝŽŶ ĞĚƵĐĂƚŝŽŶ͘ dŚŝƐ ĚĞƉĂƌƚŵĞŶƚ ĂůƐŽ ŚĂƐ ďĞĞŶ ŝŶǀŽůǀĞĚ ŝŶ ĂĚĚŝŶŐ ƚŚĞ &ĂƌŵĞƌƐ DĂƌŬĞƚ ƉƌŽŐƌĂŵ ƚŽ ƚŚĞ t/ ďĞŶĞĨŝƚƐ ƌĞĐĞŝǀĞĚ͕ ŵĂŬŝŶŐ ĨƌĞƐŚ ǀĞŐĞƚĂďůĞƐ ĂŶĚ ĨƌƵŝƚ ĨƌŽŵ ƚŚĞ 'ŽůĚĞŶ ^ƉƌĞĂĚ &ĂƌŵĞƌƐ DĂƌŬĞƚ ĂǀĂŝůĂďůĞ ƚŽ t/ ƉĂƌƚŝĐŝƉĂŶƚƐ͘ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ ϮϬϭϳͬϭϴ ϮϬϭϴͬϭϵ ϮϬϭϵͬϮϬ ĐƚƵĂů ƐƚŝŵĂƚĞĚ WƌŽũĞĐƚĞĚ ^ƚƌŝǀĞ ƚŽ ŵĂŝŶƚĂŝŶ ƉĞƌĐĞŶƚĂŐĞ ŽĨ t/ ƉĂƌƚŝĐŝƉĂŶƚƐ ƌĞĐĞŝǀŝŶŐ EƵƚƌŝƚŝŽŶ ĚƵĐĂƚŝŽŶ ϵϳй ϵϲй ϵϲй ĂďŽǀĞ ϵϱй ;^ƚĂƚĞ ^ƚĂŶĚĂƌĚͿ EƵŵďĞƌ ŽĨ ĨĂŵŝůŝĞƐ ƌĞĐĞŝǀŝŶŐ EƵƚƌŝƚŝŽŶ ĚƵĐĂƚŝŽŶͬ ŽƵŶƐĞůŝŶŐ ^ĞƌǀŝĐĞƐ Ăƚ ƚŚĞ ƚŝŵĞ ϳ͕ϱϳϵ ϲ͕ϬϮϮ ϱ͕ϳϮϬ ŽĨ ďĞŶĞĨŝƚ ŝƐƐƵĂŶĐĞ

t/ ƌĞĂƐƚĨĞĞĚŝŶŐ ĚƵĐĂƚŝŽŶ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϬϮ͕Ϭϵϵ ZĞƐƉŽŶƐŝďůĞ ĨŽƌ ƉƌŽǀŝĚŝŶŐ ďƌĞĂƐƚĨĞĞĚŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ͕ ĞĚƵĐĂƚŝŽŶ͕ ĂŶĚ ƐƵƉƉŽƌƚ ƚŽ ƉƌĞŐŶĂŶƚ ǁŽŵĞŶ ĂŶĚ ďƌĞĂƐƚĨĞĞĚŝŶŐ ǁŽŵĞŶ ĞŶƌŽůůĞĚ ŝŶ ƚŚĞ t/ EƵƚƌŝƚŝŽŶ WƌŽŐƌĂŵ͕ ĂƐ ǁĞůů ĂƐ ƚŚŽƐĞ ŝŶ ƚŚĞ ŐĞŶĞƌĂů ƉƵďůŝĐ ƌĞƋƵĞƐƚŝŶŐ ƐƵĐŚ͘ ^ĞƌǀŝĐĞƐ ĂƌĞ ƉƌŽǀŝĚĞĚ ďLJ ƌĞĂƐƚĨĞĞĚŝŶŐ ĚƵĐĂƚŽƌƐ͕ >ĂĐƚĂƚŝŽŶ ŽŶƐƵůƚĂŶƚƐ͕ ĂŶĚ WĞĞƌ ŽƵŶƐĞůŽƌƐ͘

480

WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐͬ/ŶĚŝĐĂƚŽƌƐ͗ WĞƌĐĞŶƚ ŽĨ ŽƌŶͲƚŽͲt/ ŝŶĨĂŶƚƐ ƚŚĂƚ ĂƌĞ ďƌĞĂƐƚĨĞĚ Ăƚ ƚŚĞ ƚŝŵĞ ŽĨ ĐĞƌƚŝĨŝĐĂƚŝŽŶ ;^ƚĂƚĞ ƐƚĂŶĚĂƌĚ ŝƐ ϲϬ ƉĞƌĐĞŶƚͿ EƵŵďĞƌ ŽĨ ƉƌĞŐŶĂŶƚ ǁŽŵĞŶ ƌĞĐĞŝǀŝŶŐ ďƌĞĂƐƚĨĞĞĚŝŶŐ ĞĚƵĐĂƚŝŽŶ EƵŵďĞƌ ŽĨ ďƌĞĂƐƚĨĞĞĚŝŶŐ ǁŽŵĞŶ ƌĞĐĞŝǀŝŶŐ ďƌĞĂƐƚĨĞĞĚŝŶŐ ĐŽƵŶƐĞůŝŶŐͬĞĚƵĐĂƚŝŽŶ

ϮϬϭϳͬϭϴ ĐƚƵĂů

ϮϬϭϴͬϭϵ ƐƚŝŵĂƚĞĚ

ϮϬϭϵͬϮϬ WƌŽũĞĐƚĞĚ

ϳϱй

ϳϳй

ϳϳй

ϴ͕ϴϳϭ

ϲ͕ϵϬϴ

ϳ͕ϰϬϵ

ϭϭ͕ϱϲϴ

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WƌŽŐƌĂŵƐ 'ƌĞĞŶǁĂLJƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϲϮϴ͕ϲϯϬ ƐƚĂďůŝƐŚĞĚ ŝŶ ϭϵϵϱ͕ 'ƌĞĞŶǁĂLJƐ ǁĂƐ ƚŚĞ ĨŝƌƐƚ W/ ĞƐƚĂďůŝƐŚĞĚ ŝŶ ŵĂƌŝůůŽ͘ >ĂŶĚƐĐĂƉĞĚ ƉĂƌŬǁĂLJƐ ĂŶĚ ĐŽŵŵŽŶ ĂƌĞĂƐ ǁŚŝĐŚ ŝŶĐůƵĚĞ ŚĂƌĚƐĐĂƉĞ ĨĞĂƚƵƌĞƐ ĂƌĞ ƐŽŵĞ ŽĨ ƚŚĞ ŝŵƉƌŽǀĞŵĞŶƚƐ ǁŝƚŚŝŶ ƚŚĞ 'ƌĞĞŶǁĂLJƐ͘ dŚĞ 'ƌĞĞŶǁĂLJƐ W/ ĐŽŶƚŝŶƵĞƐ ƚŽ ĚĞǀĞůŽƉ Ă ůŝŶĞĂƌ ƉĂƌŬ ƐLJƐƚĞŵ ǁŚŝĐŚ ŶŽǁ ĐŽŶƚĂŝŶƐ ĂƉƉƌŽdžŝŵĂƚĞůLJ Ϯϵ ĂĐƌĞƐ͘ dŚĞ ƉĂƌŬͲůŝŬĞ ƐĞƚƚŝŶŐ ŵĞĂŶĚĞƌƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ͕ ŝŶƚĞƌĐŽŶŶĞĐƚŝŶŐ ƚŚĞ ŚŽŵĞ ƐŝƚĞƐ ǁŝƚŚ Ă ůŝŶĞĂƌ ƉĂƌŬǁĂLJ͘ dƌĞĞƐ ĂŶĚ ƐŚƌƵďƐ ŚĂǀĞ ďĞĞŶ ĂĚĚĞĚ ƚŽ ĞŶŚĂŶĐĞ ƚŚĞ ƉĂƌŬ͛Ɛ ůĂƌŐĞ ĞdžƉĂŶƐĞ ŽĨ ŝƌƌŝŐĂƚĞĚ ƚƵƌĨ͘ dŚĞ ƉĂƌŬ ĐŽŶƚĂŝŶƐ ŽǀĞƌ Ă ŵŝůĞ ŽĨ ǁĂůŬŝŶŐͬũŽŐŐŝŶŐ ƚƌĂŝůƐ ĨŽƌ ƚŚĞ ƵƐĞ ĂŶĚ ĞŶũŽLJŵĞŶƚ ŽĨ Ăůů ƵƐĞƌƐ͘ hƚŝůŝnjŝŶŐ ŐƌĂŶƚ ĚŽůůĂƌƐ ĨƌŽŵ ƚŚĞ ^ƚĂƚĞ ŽĨ dĞdžĂƐ WĂƌŬƐ ĂŶĚ tŝůĚůŝĨĞ ĞƉĂƌƚŵĞŶƚ͕ ƚŚĞ ŝƚLJ ĐŽŶƐƚƌƵĐƚĞĚ Ă ŶĂƚƵƌĂů ƐĞƚƚŝŶŐ ĐŝƚLJ ƉĂƌŬ ǁŝƚŚ ƐŽĐĐĞƌ ĨŝĞůĚƐ ĂŶĚ ŽƚŚĞƌ ƌĞĐƌĞĂƚŝŽŶĂů ƚLJƉĞ ĂŵĞŶŝƚŝĞƐ ŝŶ ǁŚĂƚ ǁĂƐ ƉƌĞǀŝŽƵƐůLJ ĂŶ ƵŶĚĞǀĞůŽƉĞĚ ƉůĂLJĂ ůĂŬĞ͘ dŚĞ ŝƚLJ ŵĂŝŶƚĂŝŶƐ ƚŚŝƐ ͞ƉůĂLJĂ ƉĂƌŬ͘͟ dŚĞ ĂƐƐĞƐƐŵĞŶƚƐ ĨŽƌ ƚŚĞ 'ƌĞĞŶǁĂLJƐ

489

W/ ĂƌĞ ŶĞĐĞƐƐĂƌLJ ƚŽ ĨƵŶĚ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĐŽƐƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ W/ ŝŵƉƌŽǀĞŵĞŶƚƐ͕ ĚĞďƚ ƐĞƌǀŝĐĞ͕ ĂŶĚ ƌĞƐĞƌǀĞ͘ dŚĞ 'ƌĞĞŶǁĂLJƐ W/ ŚĂƐ Ă ĨŝǀĞ ŵĞŵďĞƌ ĂĚǀŝƐŽƌLJ ŽĂƌĚ͘ WĞƌ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ 'ƌĞĞŶǁĂLJƐ W/ ƉĞƚŝƚŝŽŶ͕ ƚŚƌĞĞ ďŽĂƌĚ ŵĞŵďĞƌ ƉŽƐŝƚŝŽŶƐ ĂƌĞ ŚŽŵĞŽǁŶĞƌƐ ĂŶĚ ƚǁŽ ĂƌĞ ƐƵŐŐĞƐƚĞĚ ĨŽƌ ĂƉƉƌŽǀĂů ďLJ ƚŚĞ ĚĞǀĞůŽƉĞƌ͘

WŝŶŶĂĐůĞ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϯϱϬ ƐƚĂďůŝƐŚĞĚ ŝŶ ϮϬϭϳ͕ ƚŚĞ WŝŶŶĂĐůĞ W/ ĞŶĐŽŵƉĂƐƐĞƐ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϱϭϬ ĂĐƌĞƐ ŽĨ ůĂŶĚ ĂŶĚ ŝƐ ŝŶ ƐŽƵƚŚ ŵĂƌŝůůŽ͘ dŚĞ WŝŶŶĂĐůĞ W/ ĐŽŶƚĂŝŶƐ ƌĞƐŝĚĞŶƚŝĂůůLJ ĚĞǀĞůŽƉĞĚ ƉƌŽƉĞƌƚŝĞƐ͘ dŚĞ WŝŶŶĂĐůĞ W/ ŝƐ Ă ŵƵůƚŝͲ ƉŚĂƐĞĚ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ǁŝůů ďĞ ƐƵďũĞĐƚ ƚŽ ĚĞǀĞůŽƉĞƌ ƌĞŝŵďƵƌƐĞŵĞŶƚƐ ĨŽƌ ƉŽƌƚŝŽŶƐ ŽĨ ƚŚĞ ŝŵƉƌŽǀĞŵĞŶƚƐ͘ ^ŝŶĐĞ ƚŚĞ ƉƌŽƉŽƐĞĚ ƐĞƌǀŝĐĞƐ ĂƌĞ ŝŶ ĂĚĚŝƚŝŽŶ ƚŽ ƚŚĞ ƐƚĂŶĚĂƌĚ ůĞǀĞů ŽĨ ƐĞƌǀŝĐĞ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ ŝƚLJ͕ ƚŚĞ ƉƌŽƉĞƌƚLJ ŽǁŶĞƌƐ ǁŝƚŚŝŶ ƚŚĞ WŝŶŶĂĐůĞ W/ ǁŝůů ďĞ ĂƐƐĞƐƐĞĚ ĨŽƌ ƚŚĞ ĐŽƐƚ ŽĨ ĐĂƌĞ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ͘ WĞƌ ƚŚĞ ĂƉƉƌŽǀĞĚ WĞƚŝƚŝŽŶ ƚŚĂƚ ĞƐƚĂďůŝƐŚĞĚ ƚŚĞ W/ ͕ ĂƐƐĞƐƐŵĞŶƚƐ ǁŝůů ďĞ ĐŽůůĞĐƚĞĚ ŽŶ ƚŚĞ ƉůĂƚƚĞĚ ƉŽƌƚŝŽŶƐ ŽĨ ƚŚĞ WŝŶŶĂĐůĞ W/ ďĞŐŝŶŶŝŶŐ ŝŶ ƚŚĞ &z ϮϬϮϬͬϮϭ͘ dŚĞ ĂƐƐĞƐƐŵĞŶƚƐ ĨŽƌ ƚŚĞ WŝŶŶĂĐůĞ W/ ĂƌĞ ŶĞĐĞƐƐĂƌLJ ƚŽ ĨƵŶĚ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĐŽƐƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ W/ ŝŵƉƌŽǀĞŵĞŶƚƐ͕ ĚĞďƚ ƐĞƌǀŝĐĞ͕ ĂŶĚ ƌĞƐĞƌǀĞƐ͘ /ŵƉƌŽǀĞŵĞŶƚƐ ƐƵĐŚ ĂƐ ůĂŶĚƐĐĂƉĞĚ ŵĞĚŝĂŶƐ͕ ĞŶƚƌLJǁĂLJ ĨĞĂƚƵƌĞƐ͕ ĂŶĚ ƐƉĞĐŝĂůƚLJ ůŝŐŚƚŝŶŐ ǁŝůů ďĞ ŝŶƐƚĂůůĞĚ͕ ĚĞĚŝĐĂƚĞĚ͕ ĂĐĐĞƉƚĞĚ ĂŶĚ ƚŚĞ ďĞ ƐƵďũĞĐƚ ƚŽ ďĞŝŶŐ ŵĂŝŶƚĂŝŶĞĚ ďLJ ƚŚĞ W/ ĂƐƐĞƐƐŵĞŶƚƐ͘ ƵƌƌĞŶƚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĞdžƉĞŶƐĞƐ ĚƵĞ ƉƌŝŽƌ ƚŽ ĂƐƐĞƐƐŵĞŶƚƐ ďĞŝŶŐ ĐŽůůĞĐƚĞĚ ǁŝůů ďĞ ƉĂŝĚ ďLJ ƚŚĞ ĞǀĞůŽƉĞƌͬWƌŽƉĞƌƚLJ ŽǁŶĞƌ͘ dŚĞ WŝŶŶĂĐůĞ W/ ǁŝůů ĞƐƚĂďůŝƐŚ ĂŶ ŝŶŝƚŝĂů ƚŚƌĞĞͲŵĞŵďĞƌ ĂĚǀŝƐŽƌLJ ďŽĂƌĚ͘ KŶĐĞ ŵŽƌĞ ƚŚĂŶ ϭϬϬ ůŽƚƐ ĂƌĞ ƐŽůĚ͕ ƚŚĞ ĂĚǀŝƐŽƌLJ ďŽĂƌĚ ǁŝůů ĞdžƉĂŶĚ ƚŽ ĨŝǀĞ ŵĞŵďĞƌƐ͘ WĞƌ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ WŝŶŶĂĐůĞ W/ ƉĞƚŝƚŝŽŶ͕ ƚŚĞ ŝŶŝƚŝĂů ƚŚƌĞĞͲŵĞŵďĞƌ ďŽĂƌĚ ǁŝůů ĐŽŶƐŝƐƚ ŽĨ ƚǁŽ ďŽĂƌĚ ƉŽƐŝƚŝŽŶƐ ƐƵŐŐĞƐƚĞĚ ĨŽƌ ĂƉƉƌŽǀĂů ďLJ ƚŚĞ ĞǀĞůŽƉĞƌ ĂŶĚ ŽŶĞ ďŽĂƌĚ ƉŽƐŝƚŝŽŶ ƐƵŐŐĞƐƚĞĚ ďLJ ĂƉƉƌŽǀĂů ďLJ ƚŚĞ KǁŶĞƌ ŽĨ ŶŽŶͲƐĐŚŽŽů ƉƌŽƉĞƌƚLJ͘ dŚĞ ĞdžƉĂŶĚĞĚ ĨŝǀĞͲŵĞŵďĞƌ ďŽĂƌĚ ǁŝůů ĐŽŶƐŝƐƚ ŽĨ ƚǁŽ ďŽĂƌĚ ƉŽƐŝƚŝŽŶƐ ƐƵŐŐĞƐƚĞĚ ĨŽƌ ĂƉƉƌŽǀĂů ďLJ ƚŚĞ ĚĞǀĞůŽƉĞƌ͕ ƚǁŽ ďŽĂƌĚ ƉŽƐŝƚŝŽŶƐ ƐƵŐŐĞƐƚĞĚ ĨŽƌ ĂƉƉƌŽǀĂů ďLJ ƚŚĞ WƌŽƉĞƌƚLJ KǁŶĞƌƐ ƐƐŽĐŝĂƚŝŽŶ ǁŚŽ ĂƌĞ ůŽƚ ŽǁŶĞƌƐ ŝŶ ƚŚĞ W/ ͕ ĂŶĚ ŽŶĞ ďŽĂƌĚ ƉŽƐŝƚŝŽŶ ƐƵŐŐĞƐƚĞĚ ĨŽƌ ĂƉƉƌŽǀĂů ďLJ KǁŶĞƌ ŽĨ ŶŽŶͲƐĐŚŽŽů ƉƌŽƉĞƌƚLJ͘

,ĞƌŝƚĂŐĞ ,ŝůůƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϰϳ͕ϲϮϯ dŚĞ ,ĞƌŝƚĂŐĞ ,ŝůůƐ W/ ǁĂƐ ĞƐƚĂďůŝƐŚĞĚ ŝŶ :ƵůLJ ϮϬϭϲ ƚŽ ƉƌŽǀŝĚĞ ĨŽƌ ƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ĐĞƌƚĂŝŶ ƌŝŐŚƚͲŽĨͲǁĂLJ ŝŵƉƌŽǀĞŵĞŶƚƐ ƐƵĐŚ ĂƐ ůĂŶĚƐĐĂƉŝŶŐ͕ ŐƌĞĞŶ ĂƌĞĂƐ ĂŶĚ ĞŶƚƌLJ ĨĞĂƚƵƌĞƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ƐƵďĚŝǀŝƐŝŽŶ͘ ,ĞƌŝƚĂŐĞ ,ŝůůƐ ǁŝůů ďĞ Ă ŵƵůƚŝͲƉŚĂƐĞĚ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ǁŝůů ďĞ ƐƵďũĞĐƚ ƚŽ ĚĞǀĞůŽƉĞƌ ƌĞŝŵďƵƌƐĞŵĞŶƚƐ ĨŽƌ ƉŽƌƚŝŽŶƐ ŽĨ ƚŚĞ ŝŵƉƌŽǀĞŵĞŶƚƐ͘ ^ŝŶĐĞ ƚŚĞ ƉƌŽƉŽƐĞĚ ƐĞƌǀŝĐĞƐ ĂƌĞ ŝŶ ĂĚĚŝƚŝŽŶ ƚŽ ƚŚĞ ƐƚĂŶĚĂƌĚ ůĞǀĞů ŽĨ ƐĞƌǀŝĐĞ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ ŝƚLJ͕ ƚŚĞ ƉƌŽƉĞƌƚLJ ŽǁŶĞƌƐ ǁŝƚŚŝŶ ƚŚĞ ,ĞƌŝƚĂŐĞ ,ŝůůƐ W/ ǁŝůů ďĞ ĂƐƐĞƐƐĞĚ ĨŽƌ ƚŚĞ ĐŽƐƚ ŽĨ ĐĂƌĞ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ͘ WĞƌ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ ,ĞƌŝƚĂŐĞ ,ŝůůƐ W/ ƉĞƚŝƚŝŽŶ͕ ƚŚĞ ŝŶŝƚŝĂů ƚŚƌĞĞͲŵĞŵďĞƌ ĂĚǀŝƐŽƌLJ ďŽĂƌĚ ŝƐ ƚŽ ĐŽŶƐŝƐƚ ŽĨ ƚŚƌĞĞ ďŽĂƌĚ ŵĞŵďĞƌƐ ƐƵŐŐĞƐƚĞĚ ĨŽƌ ĂƉƉƌŽǀĂů ďLJ ƚŚĞ ŽǁŶĞƌ͘

ŽůŽŶŝĞƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϵϱϬ͕ϭϳϵ ƐƚĂďůŝƐŚĞĚ ŝŶ ϮϬϬϭ͕ ƚŚĞ ŽůŽŶŝĞƐ W/ ĞŶĐŽŵƉĂƐƐĞƐ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϯϳϱ ĂĐƌĞƐ ŽĨ ůĂŶĚ ĂŶĚ ŝƐ ůŽĐĂƚĞĚ ŝŶ ƐŽƵƚŚǁĞƐƚ ŵĂƌŝůůŽ͘ dŚĞ ŽůŽŶŝĞƐ W/ ĐŽŶƚĂŝŶƐ ďŽƚŚ ƌĞƐŝĚĞŶƚŝĂůůLJ ĂŶĚ ĐŽŵŵĞƌĐŝĂůůLJ ĚĞǀĞůŽƉĞĚ ƉƌŽƉĞƌƚŝĞƐ͘ dŚĞ ŽůŽŶŝĞƐ W/ ŝƐ Ă ŵƵůƚŝͲƉŚĂƐĞĚ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ǁŝůů ďĞ ƐƵďũĞĐƚ ƚŽ ĚĞǀĞůŽƉĞƌ ƌĞŝŵďƵƌƐĞŵĞŶƚƐ ĨŽƌ ƉŽƌƚŝŽŶƐ ŽĨ ƚŚĞ ŝŵƉƌŽǀĞŵĞŶƚƐ͘ ^ŝŶĐĞ ƚŚĞ ƉƌŽƉŽƐĞĚ ƐĞƌǀŝĐĞƐ ĂƌĞ ŝŶ ĂĚĚŝƚŝŽŶ ƚŽ ƚŚĞ ƐƚĂŶĚĂƌĚ ůĞǀĞů ŽĨ ƐĞƌǀŝĐĞ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ ŝƚLJ͕ ƚŚĞ ƉƌŽƉĞƌƚLJ ŽǁŶĞƌƐ ǁŝƚŚŝŶ ƚŚĞ ŽůŽŶŝĞƐ W/ ǁŝůů ďĞ

490

ĂƐƐĞƐƐĞĚ ĨŽƌ ƚŚĞ ĐŽƐƚ ŽĨ ĐĂƌĞ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ͘ dŚĞ ŽůŽŶŝĞƐ W/ ĐŽůůĞĐƚĞĚ ƚŚĞ ĨŝƌƐƚ ĂƐƐĞƐƐŵĞŶƚƐ ŝŶ :ĂŶƵĂƌLJ ϮϬϬϮ͘ dŚĞ ĂƐƐĞƐƐŵĞŶƚƐ ĨŽƌ ƚŚĞ ŽůŽŶŝĞƐ W/ ĂƌĞ ŶĞĐĞƐƐĂƌLJ ƚŽ ĨƵŶĚ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĐŽƐƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ W/ ŝŵƉƌŽǀĞŵĞŶƚƐ͕ ĚĞďƚ ƐĞƌǀŝĐĞ͕ ĂŶĚ ƌĞƐĞƌǀĞƐ͘ /ŵƉƌŽǀĞŵĞŶƚƐ ƐƵĐŚ ĂƐ Ă ĐůŽĐŬ ƚŽǁĞƌ͕ ůĂŶĚƐĐĂƉĞĚ ŵĞĚŝĂŶƐ͕ Ă ďƌŝĚŐĞ͕ ŐĂnjĞďŽƐ͕ ĞŶƚƌLJǁĂLJ ĨĞĂƚƵƌĞƐ͕ ĂŶĚ ƐƉĞĐŝĂůƚLJ ůŝŐŚƚŝŶŐ ŚĂǀĞ ďĞĞŶ ŝŶƐƚĂůůĞĚ͕ ĚĞĚŝĐĂƚĞĚ͕ ĂĐĐĞƉƚĞĚ ĂŶĚ ĂƌĞ ŶŽǁ ďĞŝŶŐ ŵĂŝŶƚĂŝŶĞĚ ďLJ ƚŚĞ W/ ĂƐƐĞƐƐŵĞŶƚƐ͘ dŚĞ ŽůŽŶŝĞƐ W/ ŚĂƐ Ă ĨŝǀĞͲŵĞŵďĞƌ ĂĚǀŝƐŽƌLJ ďŽĂƌĚ͘ WĞƌ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ ŽůŽŶŝĞƐ W/ ƉĞƚŝƚŝŽŶ͕ ƚǁŽ ďŽĂƌĚ ƉŽƐŝƚŝŽŶƐ ĂƌĞ ƐƵŐŐĞƐƚĞĚ ĨŽƌ ĂƉƉƌŽǀĂů ďLJ ůŽƚ ŽǁŶĞƌƐ͕ ƚǁŽ ďŽĂƌĚ ƉŽƐŝƚŝŽŶƐ ĂƌĞ ƐƵŐŐĞƐƚĞĚ ĨŽƌ ĂƉƉƌŽǀĂů ďLJ ƚŚĞ ĚĞǀĞůŽƉĞƌ͕ ĂŶĚ ŽŶĞ ďŽĂƌĚ ƉŽƐŝƚŝŽŶ ƐƵŐŐĞƐƚĞĚ ĨŽƌ ĂƉƉƌŽǀĂů ďLJ ƚŚĞ ŽǁŶĞƌƐ͘

dƵƚďƵƌLJ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭϱ͕ϵϮϳ dƵƚďƵƌLJ W/ ĂŶĚ ǁĂƐ ĞƐƚĂďůŝƐŚĞĚ ƚŽ ƉƌŽǀŝĚĞ ĨŽƌ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ĞŝŐŚƚ ůĂŶĚƐĐĂƉĞĚ ƉĂƌĐĞůƐ͕ ǁŚŝĐŚ ŚĂǀĞ ďĞĞŶ ĚĞƐŝŐŶĂƚĞĚ ĂƐ ĐŽŵŵŽŶ ĂƌĞĂƐ ǁŝƚŚŝŶ ƚŚĞ ŽůŽŶŝĞƐ hŶŝƚ EƵŵďĞƌ EŝŶĞ ƐƵďĚŝǀŝƐŝŽŶ͘ dŚĞ dƵƚďƵƌLJ W/ ŚĂƐ Ă ƚŚƌĞĞͲŵĞŵďĞƌ ĂĚǀŝƐŽƌLJ ďŽĂƌĚ͘ WĞƌ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ dƵƚďƵƌLJ W/ ƉĞƚŝƚŝŽŶ͕ Ăůů ƚŚƌĞĞ ŽĂƌĚ ŵĞŵďĞƌƐ ŵƵƐƚ ďĞ dƵƚďƵƌLJ ŚŽŵĞŽǁŶĞƌƐ͘

WŽŝŶƚ tĞƐƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ ΨϮϵ͕ϰϭϰ dŚĞ WŽŝŶƚ tĞƐƚ W/ ǁĂƐ ĞƐƚĂďůŝƐŚĞĚ ƚŽ ƉƌŽǀŝĚĞ ĨŽƌ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ƐĞǀĞƌĂů ůĂŶĚƐĐĂƉĞĚ ŵĞĚŝĂŶƐ ǁŝƚŚŝŶ ŝƚLJ ƌŝŐŚƚͲŽĨͲǁĂLJ͘ dŚĞ ŝƚLJ ŽĨ ŵĂƌŝůůŽ ŚĂƐ Ă ƉŽůŝĐLJ ŽĨ ŶŽƚ ĂůůŽǁŝŶŐ ŵĞĚŝĂŶƐ ǁŝƚŚŝŶ ŝƚLJ ƌŝŐŚƚͲŽĨͲ ǁĂLJ ĂŶĚ ƚŚĞƌĞĨŽƌĞ ƌĞƋƵŝƌĞĚ ƚŚĞ W/ ďĞ ĞƐƚĂďůŝƐŚĞĚ ĨŽƌ Ă ŵĂŝŶƚĞŶĂŶĐĞ ŵĞĐŚĂŶŝƐŵ͘ dŚĞ WŽŝŶƚ tĞƐƚ W/ ŝƐ njŽŶĞĚ ĨŽƌ Ă ďƵƐŝŶĞƐƐ ĂŶĚ ŽĨĨŝĐĞ ƉĂƌŬ ĚĞǀĞůŽƉŵĞŶƚ͘ WŽŝŶƚ tĞƐƚ ǁĂƐ ĞƐƚĂďůŝƐŚĞĚ ĂƐ Ă ŵĞĐŚĂŶŝƐŵ ƚŽ ƉƌŽǀŝĚĞ ĨŽƌ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ƐĞǀĞƌĂů ůĂŶĚƐĐĂƉĞĚ ŵĞĚŝĂŶƐ ǁŝƚŚŝŶ ŝƚLJ ƌŝŐŚƚͲŽĨͲǁĂLJ͘ ^ŝŶĐĞ ƚŚĞ ƉƌŽƉŽƐĞĚ ƐĞƌǀŝĐĞƐ ĂƌĞ ŝŶ ĂĚĚŝƚŝŽŶ ƚŽ ƚŚĞ ƐƚĂŶĚĂƌĚ ůĞǀĞů ŽĨ ƐĞƌǀŝĐĞ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ ŝƚLJ͕ ƚŚĞ ƉƌŽƉĞƌƚLJ ŽǁŶĞƌƐ ǁŝƚŚŝŶ WŽŝŶƚ tĞƐƚ ǁŝůů ďĞ ĂƐƐĞƐƐĞĚ ĨŽƌ ƚŚĞ ĐŽƐƚ ŽĨ ĐĂƌĞ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ƚŚĞ ŵĞĚŝĂŶƐ͘ dŚĞ ĂƐƐĞƐƐŵĞŶƚƐ ĨŽƌ ƚŚĞ WŽŝŶƚ tĞƐƚ W/ ĂƌĞ ŶĞĐĞƐƐĂƌLJ ƚŽ ĨƵŶĚ ƚŚĞ ĂƐƐŽĐŝĂƚĞĚ ŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĐŽƐƚƐ͘ dŚĞƐĞ ĐŽƐƚƐ ǁŝůů ďĞ ĚŝǀŝĚĞĚ ĂŵŽŶŐ ƚŚĞ ƉƌŽƉĞƌƚLJ ŽǁŶĞƌƐ ďĂƐĞĚ ŽŶ ƚŚĞ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ƚŽƚĂů ƐƋƵĂƌĞ ĨŽŽƚĂŐĞ ŽĨ ƉƌŽƉĞƌƚLJ ŽǁŶĞĚ͘ dŚĞ WŽŝŶƚ tĞƐƚ W/ ŚĂƐ Ă ĨŝǀĞͲŵĞŵďĞƌ ĂĚǀŝƐŽƌLJ ďŽĂƌĚ͘ WĞƌ ƚŚĞ ƚĞƌŵƐ ŽĨ ZĞƐŽůƵƚŝŽŶ EŽ͘ ϱͲϮϵͲϭϮͲϭ ǁŚŝĐŚ ĞdžƉĂŶĚĞĚ ƚŚĞ ďŽĂƌĚ ĨƌŽŵ ƚŚƌĞĞ ŵĞŵďĞƌƐ ƚŽ ĨŝǀĞ ŵĞŵďĞƌƐ͕ ƚǁŽ ŵĞŵďĞƌƐ ƐŚĂůů ďĞ ƐƵŐŐĞƐƚĞĚ ďLJ ƚŚĞ ĚĞǀĞůŽƉĞƌ͕ ƚǁŽ ŵĞŵďĞƌƐ ŵƵƐƚ ďĞ ůŽƚ ŽǁŶĞƌƐ͕ ĂŶĚ ŽŶĞ ŵĞŵďĞƌ ƐŚĂůů ďĞ ƐƵŐŐĞƐƚĞĚ ĨŽƌ ĂƉƉƌŽǀĂů ďLJ ƚŚĞ ŽǁŶĞƌƐ

YƵĂŝů ƌĞĞŬ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϴ͕ϭϬϱ dŚĞ YƵĂŝů ƌĞĞŬ W/ ǁĂƐ ĞƐƚĂďůŝƐŚĞĚ ƚŽ ƉƌŽǀŝĚĞ ĨŽƌ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ƚŚĞ ĐŽŵŵŽŶ ĂƌĞĂ ǁŝƚŚ ďƌŝĐŬ ĚƵŵƉƐƚĞƌ ĞŶĐůŽƐƵƌĞƐ ƚŽ ŝŶĐůƵĚĞ Ă ůŝŐŚƚĞĚ ůĂŶĚƐĐĂƉĞĚ ŵĞĚŝĂŶ ǁŝƚŚŝŶ ŝƚLJ ƌŝŐŚƚͲŽĨͲǁĂLJ͘ dŚŝƐ Ϯϵ ůŽƚ ƌĞƐŝĚĞŶƚŝĂů ƐƵďĚŝǀŝƐŝŽŶ ǁĂƐ ĚĞǀĞůŽƉĞĚ ŽŶ ĂŶ ŝƌƌĞŐƵůĂƌ ƉŝĞĐĞ ŽĨ ůĂŶĚ ĂŶĚ ǁĂƐ ůŝŵŝƚĞĚ ŝŶ ǁŚĂƚ ĐŽƵůĚ ďĞ ĚƌĂĨƚĞĚ ŝŶƚŽ Ă ǁŽƌŬĂďůĞ ƌĞƐŝĚĞŶƚŝĂů ĚĞƐŝŐŶ͘ dŚĞ ůĂƌŐĞ ŵĞĚŝĂŶ ŝŶ ƚŚĞ ŵŝĚĚůĞ ŽĨ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ǁĂƐ Ă ƌĞƐƵůƚ ŽĨ ƚŚŝƐ ŝƌƌĞŐƵůĂƌ ƚƌĂĐƚ͘ dŚĞƌĞ ǁŝůů ďĞ ŶŽ ĞŶƚƌLJ ĨĞĂƚƵƌĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚŝƐ ƚƌĂĐƚ ĂŶĚ ƚŚĞ ŽŶůLJ ůĂŶĚƐĐĂƉŝŶŐ ǁŝůů ďĞ ŐƌĂƐƐ ĂŶĚ ƚƌĞĞƐ ǁŝƚŚŝŶ ƚŚĞ ŵĞĚŝĂŶ ŵĞŶƚŝŽŶĞĚ ĂďŽǀĞ͘ dŚĞ ƐƵďĚŝǀŝƐŝŽŶ ŝŵƉƌŽǀĞŵĞŶƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚŝƐ W/ ǁĞƌĞ ĐŽŵƉůĞƚĞĚ ĂŶĚ ĂĐĐĞƉƚĞĚ ŝŶ ƚŚĞ ƐƉƌŝŶŐ ŽĨ ϮϬϬϵ ĂŶĚ ĂƌĞ ŶŽǁ ďĞŝŶŐ ŵĂŝŶƚĂŝŶĞĚ ďLJ Ă ƉƌŝǀĂƚĞ ĐŽŶƚƌĂĐƚŽƌ͘ dŚĞ ĂŵĞŶŝƚŝĞƐ ŽĨĨĞƌĞĚ ǁŝƚŚŝŶ ƚŚŝƐ W/ ĂƌĞ ŝŶ ĂĚĚŝƚŝŽŶ ƚŽ ƚŚĞ ƐƚĂŶĚĂƌĚ

491

ůĞǀĞů ŽĨ ƐĞƌǀŝĐĞ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ ŝƚLJ͘ dŚĞ ƉƌŽƉĞƌƚLJ ŽǁŶĞƌƐ ǁŝƚŚŝŶ ƚŚĞ YƵĂŝů ƌĞĞŬ W/ ǁŝůů ďĞ ĂƐƐĞƐƐĞĚ ĨŽƌ ƚŚĞ ĐŽƐƚ ŽĨ ĐĂƌĞ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ƚŚĞ ĐŽŵŵŽŶ ĂƌĞĂ ĂŵĞŶŝƚŝĞƐ͘ dŚĞ YƵĂŝů ƌĞĞŬ W/ ŚĂƐ Ă ƚŚƌĞĞͲŵĞŵďĞƌ ĂĚǀŝƐŽƌLJ ďŽĂƌĚ͘ WĞƌ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ YƵĂŝů ƌĞĞŬ W/ ƉĞƚŝƚŝŽŶ͕ ŽŶĞ ďŽĂƌĚ ƉŽƐŝƚŝŽŶ ƌĞƉƌĞƐĞŶƚƐ ƚŚĞ ĚĞǀĞůŽƉĞƌ ĂŶĚ ƚŚĞ ƌĞŵĂŝŶŝŶŐ ƚǁŽ ďŽĂƌĚ ŵĞŵďĞƌƐ ƌĞƉƌĞƐĞŶƚ YƵĂŝů ƌĞĞŬ ŚŽŵĞŽǁŶĞƌƐ͘

sŝŶĞLJĂƌĚƐ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϲ͕ϳϰϭ dŚĞ sŝŶĞLJĂƌĚƐ W/ ǁĂƐ ĞƐƚĂďůŝƐŚĞĚ ƚŽ ƉƌŽǀŝĚĞ ĨŽƌ ƚŚĞ ŝŶƐƚĂůůĂƚŝŽŶ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ĐĞƌƚĂŝŶ ůĂŶĚƐĐĂƉĞĚ ĂƌĞĂƐ ;ĐŽŵŵŽŶ ĂƌĞĂƐͿ͘ ^ŝŶĐĞ ƚŚĞ ƉƌŽƉŽƐĞĚ ƐĞƌǀŝĐĞƐ ĂƌĞ ŝŶ ĂĚĚŝƚŝŽŶ ƚŽ ƚŚĞ ƐƚĂŶĚĂƌĚ ůĞǀĞů ŽĨ ƐĞƌǀŝĐĞ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ ŝƚLJ͕ ƚŚĞ ƉƌŽƉĞƌƚLJ ŽǁŶĞƌƐ ǁŝƚŚŝŶ ƚŚĞ sŝŶĞLJĂƌĚƐ W/ ǁŝůů ďĞ ĂƐƐĞƐƐĞĚ ĨŽƌ ƚŚĞ ĐŽƐƚ ŽĨ ĐĂƌĞ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ͘ dŚĞ sŝŶĞLJĂƌĚƐ W/ ŝƐ Ă ŵƵůƚŝͲƉŚĂƐĞĚ ƌĞƐŝĚĞŶƚŝĂů ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ǁŝůů ďĞ ƐƵďũĞĐƚ ƚŽ ĚĞǀĞůŽƉĞƌ ƌĞŝŵďƵƌƐĞŵĞŶƚƐ ĨŽƌ ƉŽƌƚŝŽŶƐ ŽĨ ƚŚĞ ŝŵƉƌŽǀĞŵĞŶƚƐ͘ dŚĞ sŝŶĞLJĂƌĚƐ W/ ĐŽůůĞĐƚĞĚ ŝƚƐ ĨŝƌƐƚ ĂƐƐĞƐƐŵĞŶƚƐ ŝŶ KĐƚŽďĞƌ ϮϬϭϮ͘ /ŵƉƌŽǀĞŵĞŶƚƐ ƐƵĐŚ ĂƐ ůĂŶĚƐĐĂƉĞĚ ŵĞĚŝĂŶƐ ĂŶĚ ƐƉĞĐŝĂůƚLJ ůŝŐŚƚŝŶŐ ŚĂǀĞ ďĞĞŶ ŝŶƐƚĂůůĞĚ͕ ĂĐĐĞƉƚĞĚ ĂŶĚ ƚŚĞƌĞĨŽƌĞ͕ ĂƌĞ ŶŽǁ ďĞŝŶŐ ŵĂŝŶƚĂŝŶĞĚ ǁŝƚŚŝŶ ƚŚĞ ĨŝƌƐƚ ƉŚĂƐĞ ŽĨ ĚĞǀĞůŽƉŵĞŶƚ͘ WĞƌ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ sŝŶĞLJĂƌĚƐ W/ ƉĞƚŝƚŝŽŶ͕ ĂĨƚĞƌ ƚŚĞ ĨŝƌƐƚ LJĞĂƌ͕ ƚŚĞ ĂĚǀŝƐŽƌLJ ďŽĂƌĚ ǁŝůů ĐŽŶƐŝƐƚ ŽĨ ĨŝǀĞ ŵĞŵďĞƌƐ ĂƉƉŽŝŶƚĞĚ ďLJ ƚŚĞ ŝƚLJ ŽƵŶĐŝů ĂŶĚ Ăůů ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ĂĚǀŝƐŽƌLJ ďŽĂƌĚ ǁŝůů ƐĞƌǀĞ ƚĞƌŵƐ ŽĨ ƚŚƌĞĞ LJĞĂƌƐ͘ dǁŽ ŵĞŵďĞƌƐ ĂƌĞ ƌĞĐŽŵŵĞŶĚĞĚ ďLJ ƚŚĞ ĚĞǀĞůŽƉĞƌ͕ ƚǁŽ ŵĞŵďĞƌƐ ĂƌĞ ůŽƚ ŽǁŶĞƌƐ ǁŝƚŚŝŶ ƚŚĞ sŝŶĞLJĂƌĚƐ ĂŶĚ ŽŶĞ ŝƐ ƌĞĐŽŵŵĞŶĚĞĚ ďLJ ƚŚĞ ŽǁŶĞƌƐ͘

dŽǁŶ ^ƋƵĂƌĞ ϮϬϭϴͬϭϵ ƵĚŐĞƚ Ͷ Ψϴϯ͕ϭϭϯ dŚĞ dŽǁŶ ^ƋƵĂƌĞ W/ ǁĂƐ ĞƐƚĂďůŝƐŚĞĚ ƚŽ ƉƌŽǀŝĚĞ ĨŽƌ ƚŚĞ ŝŶƐƚĂůůĂƚŝŽŶ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ĐĞƌƚĂŝŶ ůĂŶĚƐĐĂƉĞĚ ĐŽŵŵŽŶ ĂƌĞĂƐ ƚŽ ŝŶĐůƵĚĞ ŚĂƌĚƐĐĂƉĞ ĨĞĂƚƵƌĞƐ͘ ƐƚĂďůŝƐŚĞĚ ŝŶ KĐƚŽďĞƌ ŽĨ ϮϬϭϰ͕ dŽǁŶ ^ƋƵĂƌĞ ŝƐ ŵĂƌŝůůŽ͛Ɛ ŵŽƐƚ ƌĞĐĞŶƚůLJ ĞƐƚĂďůŝƐŚĞĚ W/ ͘ dŽǁŶ ^ƋƵĂƌĞ ǁŝůů ďĞ Ă ŵƵůƚŝͲƉŚĂƐĞĚ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ǁŝůů ďĞ ƐƵďũĞĐƚ ƚŽ ĚĞǀĞůŽƉĞƌ ƌĞŝŵďƵƌƐĞŵĞŶƚƐ ĨŽƌ ƉŽƌƚŝŽŶƐ ŽĨ ƚŚĞ ŝŵƉƌŽǀĞŵĞŶƚƐ͘ ^ŝŶĐĞ ƚŚĞ ƉƌŽƉŽƐĞĚ ƐĞƌǀŝĐĞƐ ĂƌĞ ŝŶ ĂĚĚŝƚŝŽŶ ƚŽ ƚŚĞ ƐƚĂŶĚĂƌĚ ůĞǀĞů ŽĨ ƐĞƌǀŝĐĞ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ ŝƚLJ͕ ƚŚĞ ƉƌŽƉĞƌƚLJ ŽǁŶĞƌƐ ǁŝƚŚŝŶ ƚŚĞ dŽǁŶ ^ƋƵĂƌĞ W/ ǁŝůů ďĞ ĂƐƐĞƐƐĞĚ ĨŽƌ ƚŚĞ ĐŽƐƚ ŽĨ ĐĂƌĞ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ͘ WĞƌ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ dŽǁŶ ^ƋƵĂƌĞ W/ ƉĞƚŝƚŝŽŶ͕ ƚŚĞ ŝŶŝƚŝĂů ƚŚƌĞĞͲŵĞŵďĞƌ ĂĚǀŝƐŽƌLJ ďŽĂƌĚ ŝƐ ƚŽ ĐŽŶƐŝƐƚ ŽĨ ƚŚƌĞĞ ďŽĂƌĚ ŵĞŵďĞƌƐ ƐƵŐŐĞƐƚĞĚ ĨŽƌ ĂƉƉƌŽǀĂů ďLJ ƚŚĞ ŽǁŶĞƌ͘

dŽƚĂů WƵďůŝĐ /ŵƉƌŽǀĞŵĞŶƚ ŝƐƚƌŝĐƚ ϮϬϭϵͬϮϬ ƵĚŐĞƚ Ͷ Ψϭ͕ϳϳϬ͕ϬϴϮ

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'ƌĞĞŶǁĂLJƐ W/ WŝŶŶĂĐůĞ W/ ,ĞƌŝƚĂŐĞ ,ŝůůƐ W/ ŽůŽŶŝĞƐ W/ dƵƚďƵƌLJ W/ WŽŝŶƚ tĞƐƚ W/ YƵĂŝů ƌĞĞŬ W/ sŝŶĞLJĂƌĚƐ W/ ZĞĚƐƚŽŶĞ W/ dŽǁŶ ^ƋƵĂƌĞ W/

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CITY OF AMARILLO DEBT SERVICE Current Requirements The total debt service requirement for the City of Amarillo for fiscal year 2018/2019 is $41,841,786*. The debt service consists of $26,857,458 in principal payments, $13,913,773 in interest and fees, and $1,070,555 in estimated compensated absences payments. The State of Texas sets a limit on the amount of General Obligation debt that can be issued. This limit would apply to the General Obligation Bonds and the Certificates of Obligation Bonds. The limit of General Obligation debt is 10% of the total assessed property value before applying exemptions. Accordingly, the City of Amarillo’s total General Obligation debt limit would be $1.6 billion. The City’s actual General Obligation debt net of Debt Service assets is $137.8 million which leaves a balance of greater than $1.4 billion. We cannot see any future projects that would take the City of Amarillo anywhere near this limit. During the 1999/2000 fiscal year, voters approved library improvements that would be funded by a one-cent property tax increase. In June 2001, $6.9 million in General Obligation bonds were issued. The Library Improvement bonds were issued for 20 years at an average interest rate of 4.87%. The bond proceeds were used to construct two new branch libraries and to remodel two existing branch libraries and the downtown library. This issue was refunded with the 2009 General Obligation bonds with a net present value benefit of $231,274. The original par value of the new bonds is $4,825,000 with an average interest coupon of 3.83% and maturities through August 2022. These bonds enjoyed an underlying rating of AAA from Standard & Poor’s and Aa2 from Moody’s Investors Service. During the 2006/2007 fiscal year, the City Council approved the issuance of $24,575,000 of Combination Tax and Revenue Certificates of Obligation. The bond proceeds enabled the City to fund capital improvement needs in the Fire, Police, Public Health, Street and Parks departments. The substantial growth in the City has increased public facility and infrastructure needs and many of these projects had been waiting for a funding source for several years. The bonds were issued for 20 years at an average interest rate of 4.76%. This issue was refunded with the 2017 General Obligation Refunding bonds with a net present value benefit of $2,422,114. The original par value of the new bonds is $15,110,000 with a true interest cost of 2.219% and maturities through May 2027. These bonds enjoyed an underlying rating of AAA from Standard & Poor’s and Aa2 from Moody’s Investors Service. During 2017, the City Council issued the Certificates of Obligation, Series 2017 in the amount of $6,940,000 the proceeds are funding the public safety radio system and allow the City to acquire a two-way radio communications system for public safety. The bonds were issued for 20 years at a true interest cost of 2.736%. These bonds enjoyed an underlying rating of AAA from Standard & Poor’s and Aa2 from Moody’s Investors Service. During 2010, the City issued $1,392,000 in Recovery Zone Build America Bonds, Series 2010. The maturities range through 2030 with an average interest coupon of 3.196%. These bonds are eligible for an interest subsidy of 45%. These funds support a portion of the construction of the S.E. 3rd Avenue and Grand Street overpass with the remaining funds used for street improvements in the target zone. During 2017, the City Council issued the General Obligation Bonds, Series 2017 in the amount of $21,280,000 with a true interest cost of 3.181%. These maturities range through 2042. This is the first year of five anticipated bond issues associated with the November 2016 bond election. The voters approved two propositions totaling $109 million for streets and public safety infrastructure initiatives. During 2018, the City Council issued the General Obligation Bonds, Series 2018 in the amount of $22,145,000 with a true interest cost of 3.466%. These maturities range through 2043. This is the second year of five anticipated bond issues associated with the November 2016 bond election. The Greenways Public Improvement District (PID) has developed a linear park system containing approximately 19 acres. The parklike setting meanders throughout the development. In the 2003/2004 fiscal year, the City of Amarillo issued $620,000 in Certificates of Obligation with an annual debt service amount of approximately $47,000. The 2003 Certificates of Obligation mature in 20 years at 3.70% interest. During the 2007/2008 fiscal year, the City of Amarillo issued $600,000 in Certificates of Obligation with an annual debt service amount of approximately $45,000. The 2008A Certificates of Obligation mature in 20 years at 4.28% interest. During the 2013/2014 fiscal year, the City of Amarillo issued $2,260,000 in Certificates of Obligation to pay for park improvements, of that amount $725,000 is the Greenways share with an annual debt service amount of approximately $50,000. The 2014 Certificates of Obligation mature in 20 years at 3.22% interest. All these issues are funded by assessments to the property owners of the Greenways Public Improvement District. Accordingly, the Greenway’s assessments are $600 per lot for the 2019/2020 fiscal year. The Colonies Public Improvement District has developed a linear park area throughout the development. During the 2005/2006 fiscal year, the City of Amarillo issued $585,000 in Certificates of Obligation to pay for the improvements to the Colonies. The Certificates of Obligation mature in 20 years at 4.75% interest. Annual debt service on the 2006 Certificates will be approximately $46,000. During the 2007/2008 fiscal year, the City of Amarillo issued $1,500,000 in Certificates of Obligation to pay for the improvements to the Colonies. The Certificates of Obligation mature in 20 years at 4.08% interest. Annual debt service on the

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CITY OF AMARILLO DEBT SERVICE 2008B Certificates will be approximately $110,000. During the 2013/2014 fiscal year, the City of Amarillo issued $2,260,000 in Certificates of Obligation to pay for park improvements, of that amount $1,535,000 is the Colonies share with an annual debt service amount of approximately $106,000. The 2014 Certificates of Obligation mature in 20 years at 3.22% interest. During the 2017/2018 fiscal year, the City of Amarillo issued $3,000,000 in Certificates of Obligation to pay for the improvements to the Colonies. The Certificates of Obligation mature in 20 years at 3.27% interest. Annual debt service on the 2018 Certificates will be approximately $206,000. All these issues are funded by an assessment to the property owners. The total assessment is calculated on the total square feet of the property owner’s lot. The 2019/2020 assessment of $0.100 per square foot funds the debt service of the Certificates as well as the operating cost to maintain the park area. During 2011, the City issued $3,750,000 in Certificates of Obligation bonds to fund the reconstruction of one of the City municipal golf courses. The maturities range through 2037 with a true interest cost of 4.91%. The debt service on this issue will be funded by revenues generated by the City golf course. The City also issued $2,210,000 in Certificates of Obligation Bonds that will be funded by Tax Increment Reinvestment Zone #1(TIRZ #1) revenue. The proceeds from this issue will be allocated by the TIRZ #1 Board to fund downtown improvement projects. During 2016 the City issued the Hotel Occupancy Tax Revenue Bonds, Taxable Series 2016 in the amount of $11,995,000. The maturities range through 2043 with a true interest cost of 4.12%. The bonds are being used to construct and equip a downtown Amarillo parking garage located in the vicinity of the City’s convention center facilities. The parking garage construction corresponds with the completion of a privately funded convention hotel. During 2018 the City issued a second Hotel Occupancy Tax Revenue Bonds, Taxable Series 2018 in the amount of $38,835,000. The maturities range through 2048 with a true interest cost of 4.30%. This issue completed the funding for the multipurpose event venue (ballpark) of $45.5 million with the balance of the funding from cash. The ballpark project completed during 2019 and is the home of the Amarillo Sod Poodles who ended their first season as the 2019 Texas League Champions (Double-A). The ballpark was selected as the Best Double-A Ballpark by Ballpark Digest. The construction of the ballpark is the final piece of the City’s downtown initiative that also included the construction of a convention hotel and parking garage. Amounts provided for in the Provision for Compensated Absences Fund are used to pay terminating and retiring employees their respective sick and annual leave. Civilian employees with 10 years of service are entitled to be paid up to 90 days of unused sick days and 65 unused vacation days. Police Officers and Firefighters are entitled to be paid for up to 90 days of unused sick days and 65 unused vacation days, but are not required to have 10 years of service to receive the benefit. The compensated absences fund was depleted before the end of 2018/2019, however the City located unspent budget to fund the remainder of 2018/2019 and 2019/2020. The City will have to locate dedicated funding for this benefit for the 2020/2021 year or operating budgets will need to fund the unused sick and annual leave benefit. Currently, there are 12 outstanding Water and Sewer bond issues: the 2009 Certificates of Obligation, the 2009B Certificates of Obligation, the 2009C Certificates of Obligation, the 2011 Water and Sewer issue, 2011 General Obligation Refunding Bonds, the 2013 Water and Sewer issue, the 2014 Water and Sewer issue, the 2015 Water and Sewer issue, the 2015A Water and Sewer issue, the 2017 Water and Sewer issue, the 2018A Water and Sewer issue, and the 2018B Water and Sewer issue. Funding for debt service expenses will be from the Water and Sewer Fund of $19,782,224 including principal and interest. The bond covenants for the Water and Sewer debt issues require that the Water and Sewer Bond Reserve Fund contain an average of one year’s debt service for the 2013 Water and Sewer issue, the 2014 Water and Sewer issue, the 2015 Water and Sewer issue, and the 2018A Water and Sewer issue of $2,333,565. This account is fully funded. During 2005, the Waterworks and Sewer System Revenue Refunding Bonds, Series 2005, were issued. The proceeds from the sale of these bonds were used to refund a portion of the Waterworks and Sewer System Revenue Bonds, Series 1999. The issuance of the 2005 bonds resulted in a debt service gross savings to the City of approximately $917,000. During 2006, the Waterworks and Sewer System Revenue Refunding Bonds, Series 2006A, were issued. With the 2006A issue, we restructured the 1996 issue, thereby extending maturities. The City still ended up with a net present value benefit of just over $100,000. During 2015, the City issued the Waterworks & Sewer System Refunding Bonds, New Series 2015A in the amount of $21,145,000. The New Series 2015A bonds refunded the City's outstanding Waterworks & Sewer System Revenue Bonds Series 2005, Series 2006, and Series 2006A with a net present value benefit of $2.6 million and a true interest cost of 2.38%. During 2011, the General Obligation Refunding Bonds, Series 2011, were issued for $5,605,000 to refund the 2003 Water and Sewer issue. The refunding reduced total debt service payments over 12 years by approximately $840,080. Also, the Waterworks and Sewer System Revenue Bonds, Series 2011, were issued to fund water rights purchases. All the debt issuances are monitored for potential savings with refundings. During 2009, the City issued $38,885,000 in Combination Tax and Revenue Certificates of Obligation, Series 2009, and $47,400,000 in Combination Tax and Revenue Certificates of Obligation, Series 2009B; both through the Texas Water Development Board Water Infrastructure Fund. These bonds were issued at 2.095% and 1.969% respectively, 200 basis points less than the market. Also, during 2009, the City issued $18,075,000 in Combination Tax and Revenue Certificates of Obligation, Series 2009C. The bonds mature annually through 2031 with annual principal payment of $905,000 and provide for a 0% interest rate. During 2011, the City issued $16,300,000 in Waterworks and Sewer System New Series Revenue Bonds, New Series 2011. The bonds mature annually through 2023 with a true interest cost of 3.678%.

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CITY OF AMARILLO DEBT SERVICE

During 2013 and 2014, the City issued additional Water and Sewer Revenue Bonds through the Texas Water Development Board (TWDB). The 2013 with a $1,310,000 par were issued with a true interest cost of 0.36% for 10 years and the 2014 bonds with a $8,495,000 par were issued with a true interest cost of 1.94% for 20 years. During 2015, the City issued the Waterworks & Sewer System Revenue Bonds, Series 2015 in the amount of $17,195,000 through the TWDB with a true interest cost of 1.17% for 20 years. Again in 2018, the City issued the Waterworks & Sewer System Revenue Bonds, New Series 2018A in the amount of $12,500,000 through the TWDB with a true interest cost of 1.34% for 20 years. The City has enjoyed very favorable financing through the TWDB. During 2017 and 2018, the City Council issued the Waterworks and Sewer System Revenue Bonds, Series 2017 in the amount of $31,005,000 and the Waterworks and Sewer System Revenue Bonds, New Series 2018B in the amount of $14,610,000. The proceeds are year one and two of a five-year capital plan totaling $140 million. These bonds allow the City to address much need infrastructure projects for water and sewer. The bonds were issued for 20 years at a true interest cost 2.932% and 3.238%, respectively. These bonds enjoyed an underlying rating of AAA from Standard & Poor’s. The City anticipates issuing an additional $28,100,000 and $29,500,000 in Waterworks and Sewer System Revenue Bonds during 2020 for year three and four of the fiveyear capital plan. Also included in the Water and Sewer Debt Service is the City’s share of the Canadian River Municipal Water Authority’s (CRMWA) debt. Although the CRMWA debt is not bonded debt, it is a long-term obligation of the City. This obligation represents the City's portion of the CRMWA’s debt that was issued to provide the municipal water supply. This debt is paid for out of the Water and Sewer Fund. During 2005, the City participated in two CRMWA debt issues: the 2005 revenue/refunding bonds and the 2005 revenue bonds, which were later refunded in 2012. CRMWA refunded the 2005 Revenue bonds by issuing the 2012 Refunding bonds in the total amount of $28,535,000. The City’s share of these bonds is $18,415,688. During 2006, CRMWA issued revenue bonds in the amount of $49,075,000. The City’s share of the issue is $20,359,745. During 2014 the City participated in the 2014 CRMWA refunding bond issue. This issue refunded the 2005 and 2006 revenue issues with the City’s share of this issue being $20,031,387. During 2010, CRMWA refunded a 1999 issue with the Conjunctive Use Groundwater Supply Project revenue refunding bonds ($5,235,000). The City’s share of these bonds is $3,420,130. During 2011, CRMWA issued bonds in the amount of $81,630,000. The City’s share of these bonds is $33,536,053. During 2017, the City participated in the 2017 CRMWA refunding bond issue. This issue refunded a 2009 issue with the City’s share of the refunding issue being $4,657,198. During 2009, the City issued $16,140,000 in Combination Tax and Revenue Certificates of Obligation, Series 2009A, with maturities through 2020 and an average interest coupon of 4.69%. The proceeds of this issue are to help fund the Airport terminal project. The City implemented a Passenger Facility Charge for the repayment of this bond issue. During 2012, the City issued Certificates of Obligation 2012A and 2012B. The 2012A issue is funded by the Drainage Utility Fund and was issued in the amount of $6,260,000 with a true interest cost of 1.76% including maturities through 2032. These proceeds have been used to fund drainage utility projects, with most of the proceeds funding the Farmers Avenue project. During 2014, the City issued Drainage Utility System Revenue Bonds, Series 2014 in the amount of $6,080,000 with a true interest cost of 3.23% including maturities through 2034. These proceeds have been used to fund drainage utility projects, with most of the proceeds funding the T-Anchor Excavation project. The City anticipates issuing approximately $10,000,000 in Drainage Utility System Revenue Bonds during 2019/2020 to fund drainage improvements as outlined in a five-year capital plan.

Future Bond Requirements The following pages also detail the future annual principal and interest requirements for the City's outstanding debt obligations. As of October 1, 2019 through 2048, the City has a total of $298,255,696 in principal to retire and $100,596,845 in interest to pay.

Future Bond Sales and Impact on Operating Budget On November 8, 2016, the citizens of Amarillo voted in a bond election that included seven propositions totaling $340 million which would allow the City to implement a five-year general capital program. The voters Propositions 1 and 2 associated with streets and public safety infrastructure improvements in the total amount of $109 million. During April 2017, the City issued the first year of five anticipated annual bond issues in the amount of $21,280,000 and during July 2018, the second issue for $22,145,000. The City anticipates the third issue of $19.9 million and the fourth issue of $34.6 million during April 2020, with the related tax rate impact to be included in the 2020/21 fiscal year budget. During 2018 the City had to close the swimming pool facility located at Thompson Park. The City anticipates during 2020 a $6 million certificate of obligation issue for the construction of new pool facility located in the same park. The City Council has also approved year one and two of the Water and Sewer capital improvement plan and approved the first two years funding of revenue bonds with 3% water and sewer fee increases, the first two of five planned similar increases. During 2020, the City anticipates issuing an additional $28.1 million in Water and Sewer bonds to be used for water and sewer system

497

CITY OF AMARILLO DEBT SERVICE enhancements and replacements and an additional $29.5 million in Water and Sewer bonds, with anticipated funding through the Texas Water Development Board, for an Automated Metering Infrastructure (AMI) project. The City Council has approved funding of revenue bonds with a 3% water and sewer fee increase effective October 1, 2018 for the $28.1 million issuance, the third of five planned similar increases, and a 4% water and sewer fee increase effective October 1, 2019 for the $29.5 million issuance. During 2019 the City applied for Texas Water Development Board funding for the Automated Metering Infrastructure (AMI) project and is awaiting approval of the application. * Note – The amount reported as total debt service, $40,771,231, includes $5,809,856 in Canadian River Municipal Water Authority debt interest payments and $11,710 in fiscal agent fees. In the Summary of Revenue and Expenditures, these amounts are included as Water and Sewer Fund operating expenses.

498

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WƌŽƉĞƌƚLJ dĂdž ^ƵƉƉŽƌƚĞĚ Ğďƚ 'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶ ŽŶĚƐ͗ ^ĞƌŝĞƐ ϮϬϬϵ ^ĞƌŝĞƐ ϮϬϭϳ ZĞĨƵŶĚŝŶŐ ^ĞƌŝĞƐ ϮϬϭϳ ^ĞƌŝĞƐ ϮϬϭϴ ŽŵďŝŶĂƚŝŽŶ dĂdž ĂŶĚ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͗ ^ĞƌŝĞƐ ϮϬϭϬ ^ĞƌŝĞƐ ϮϬϭϳ WĂLJŝŶŐ ŐĞŶĐLJ &ĞĞƐ dŽƚĂů WƌŽƉĞƌƚLJ dĂdž ^ƵƉƉŽƌƚĞĚ Ğďƚ Ğďƚ ^ĞƌǀŝĐĞĚ ďLJ ^ƉĞĐŝĂů ƐƐĞƐƐŵĞŶƚƐ ĂŶĚ KƚŚĞƌ ZĞǀĞŶƵĞ ^ŽƵƌĐĞƐ ŽŵďŝŶĂƚŝŽŶ dĂdž ĂŶĚ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͗ ^ĞƌŝĞƐ ϮϬϬϯ Ͳ 'ƌĞĞŶǁĂLJƐ W/ ^ĞƌŝĞƐ ϮϬϬϲ Ͳ ŽůŽŶŝĞƐ W/ ^ĞƌŝĞƐ ϮϬϬϴ Ͳ 'ƌĞĞŶǁĂLJƐ W/ ^ĞƌŝĞƐ ϮϬϬϴ Ͳ ŽůŽŶŝĞƐ W/ ^ĞƌŝĞƐ ϮϬϭϭ Ͳ 'ŽůĨ ^ĞƌŝĞƐ ϮϬϭϭ Ͳ d/Z ηϭ ^ĞƌŝĞƐ ϮϬϭϰ Ͳ 'ƌĞĞŶǁĂLJƐ ĂŶĚ ŽůŽŶŝĞƐ W/ ^ĞƌŝĞƐ ϮϬϭϴ Ͳ ŽůŽŶŝĞƐ W/ ,ŽƚĞů KĐĐƵƉĂŶĐLJ dĂdž ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϲ ,ŽƚĞů KĐĐƵƉĂŶĐLJ dĂdž ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϴ WĂLJŝŶŐ ŐĞŶĐLJ &ĞĞƐ dŽƚĂů Ğďƚ ^ĞƌǀŝĐĞĚ ďLJ ^ƉĞĐŝĂů ƐƐĞƐƐŵĞŶƚƐ ĂŶĚ KƚŚĞƌ ZĞǀĞŶƵĞ tĂƚĞƌ ĂŶĚ ^ĞǁĞƌ ^ƵƉƉŽƌƚĞĚ Ğďƚ ŽŵďŝŶĂƚŝŽŶ dĂdž Θ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϬϵ ŽŵďŝŶĂƚŝŽŶ dĂdž Θ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϬϵ ŽŵďŝŶĂƚŝŽŶ dĂdž Θ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϬϵ tĂƚĞƌ Θ ^ĞǁĞƌ ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϭ 'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶ ZĞĨƵŶĚŝŶŐ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϭ tĂƚĞƌ Θ ^ĞǁĞƌ ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϯ tĂƚĞƌ Θ ^ĞǁĞƌ ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϰ tĂƚĞƌ Θ ^ĞǁĞƌ ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϱ tĂƚĞƌ Θ ^ĞǁĞƌ ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϱ tĂƚĞƌ Θ ^ĞǁĞƌ ZĞǀĞŶƵĞ ŽŶĚƐ͕ EĞǁ ^ĞƌŝĞƐ ϮϬϭϳ tĂƚĞƌ Θ ^ĞǁĞƌ ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϴ tĂƚĞƌ Θ ^ĞǁĞƌ ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϴ tĂƚĞƌ Θ ^ĞǁĞƌ ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϵ ;ĞƐƚ͘Ϳ tĂƚĞƌ Θ ^ĞǁĞƌ ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϮϬ ;ĞƐƚ͘Ϳ dŽƚĂů >ŽĐĂů tĂƚĞƌ Θ ^ĞǁĞƌ Ğďƚ

KƌŝŐŝŶĂů /ƐƐƵĞ

KƵƚƐƚĂŶĚŝŶŐ ϭϬͬϬϭͬϭϵ

ϬϵͬϬϯͬϬϵ Ϭϭͬϭϱͬϭϳ ϬϰͬϬϭͬϭϳ Ϭϳͬϭϴͬϭϴ

ϰ͕ϴϮϱ͕ϬϬϬ ϭϱ͕ϭϭϬ͕ϬϬϬ Ϯϭ͕ϮϴϬ͕ϬϬϬ ϮϮ͕ϭϰϱ͕ϬϬϬ

ϭ͕ϰϬϱ͕ϬϬϬ ϭϮ͕ϯϭϱ͕ϬϬϬ ϮϬ͕ϰϲϬ͕ϬϬϬ Ϯϭ͕ϳϬϬ͕ϬϬϬ

ϰϱϱ͕ϬϬϬ ϱϮ͕ϳϲϯ ϭ͕ϯϯϱ͕ϬϬϬ ϰϵϮ͕ϲϬϬ ϱϰϬ͕ϬϬϬ ϳϰϴ͕ϲϭϵ ϱϯϱ͕ϬϬϬ ϴϭϳ͕Ϭϲϵ

ϱϬϳ͕ϳϲϯ ϭ͕ϴϮϳ͕ϲϬϬ ϭ͕Ϯϴϴ͕ϲϭϵ ϭ͕ϯϱϮ͕Ϭϲϵ

ϰͬϭϱͬϮϬϭϬ ϭ͕ϯϵϮ͕ϬϬϬ ϭͬϭϱͬϮϬϭϳ ϲ͕ϵϰϬ͕ϬϬϬ

ϴϱϮ͕ϬϬϬ ϲ͕Ϭϴϱ͕ϬϬϬ

ϲϵ͕ϬϬϬ Ϯϳ͕ϮϮϲ ϱϬϱ͕ϬϬϬ ϭϳϴ͕ϰϳϱ

ϲϮ͕ϴϭϳ͕ϬϬϬ

ϯ͕ϰϯϵ͕ϬϬϬ

Ϯ͕ϯϭϲ͕ϳϱϭ

ϵϲ͕ϮϮϲ ϲϴϯ͕ϰϳϱ ϳ͕ϱϬϬ ϱ͕ϳϲϯ͕Ϯϱϭ

ƌĂŝŶĂŐĞ ŽŶĚƐ ŽŵďŝŶĂƚŝŽŶ dĂdž Θ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϭϮ ƌĂŝŶĂŐĞ hƚŝůŝƚLJ ^LJƐƚĞŵ ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϰ ƌĂŝŶĂŐĞ hƚŝůŝƚLJ ^LJƐƚĞŵ ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϵ ;ĞƐƚ͘Ϳ dŽƚĂů ƌĂŝŶĂŐĞ džƉĞŶĚŝƚƵƌĞƐ

/ŶƚĞƌĞƐƚ

dŽƚĂů

ϭϭͬϮϲͬϮϬϬϯ ϱͬϮϰͬϮϬϬϲ ϳͬϭϳͬϮϬϬϴ ϳͬϭϳͬϮϬϬϴ ϮͬϯͬϮϬϭϭ ϮͬϯͬϮϬϭϭ ϰͬϯϬͬϮϬϭϰ ϳͬϭϴͬϮϬϭϴ

ϲϮϬ͕ϬϬϬ ϱϴϱ͕ϬϬϬ ϲϬϬ͕ϬϬϬ ϭ͕ϱϬϬ͕ϬϬϬ ϯ͕ϳϱϬ͕ϬϬϬ Ϯ͕ϮϭϬ͕ϬϬϬ Ϯ͕ϮϲϬ͕ϬϬϬ ϯ͕ϬϬϬ͕ϬϬϬ

ϭϳϬ͕ϬϬϬ Ϯϱϯ͕ϲϵϲ ϯϯϱ͕ϬϬϬ ϴϯϬ͕ϬϬϬ Ϯ͕ϵϵϱ͕ϬϬϬ ϭ͕ϱϵϬ͕ϬϬϬ ϭ͕ϴϮϬ͕ϬϬϬ Ϯ͕ϵϬϱ͕ϬϬϬ

ϰϬ͕ϬϬϬ ϲ͕ϮϵϬ ϯϰ͕ϲϰϯ ϭϭ͕ϯϬϯ ϯϬ͕ϬϬϬ ϭϯ͕ϲϵϲ ϳϱ͕ϬϬϬ ϯϮ͕ϯϯϰ ϭϭϬ͕ϬϬϬ ϭϰϮ͕ϰϮϱ ϵϬ͕ϬϬϬ ϴϯ͕ϳϬϬ ϵϱ͕ϬϬϬ ϱϴ͕Ϯϭϵ ϭϭϬ͕ϬϬϬ ϭϬϬ͕ϰϴϭ

ϰϲ͕ϮϵϬ ϰϱ͕ϵϰϲ ϰϯ͕ϲϵϲ ϭϬϳ͕ϯϯϰ ϮϱϮ͕ϰϮϱ ϭϳϯ͕ϳϬϬ ϭϱϯ͕Ϯϭϵ ϮϭϬ͕ϰϴϭ

ϰͬϭϯͬϮϬϭϲ ϮͬϭϱͬϮϬϭϴ

ϭϭ͕ϵϵϱ͕ϬϬϬ ϯϴ͕ϴϯϱ͕ϬϬϬ

ϭϭ͕ϲϴϬ͕ϬϬϬ ϯϴ͕ϴϯϱ͕ϬϬϬ

ϯϮϬ͕ϬϬϬ ϰϱϭ͕ϴϯϲ Ͳ ϭ͕ϲϬϲ͕ϭϯϯ

ϬϮͬϮϳͬϬϵ ϭϭͬϮϰͬϬϵ ϬϮͬϬϰͬϭϬ ϬϴͬϯϬͬϭϭ ϬϴͬϯϬͬϭϭ ϬϭͬϮϮͬϭϰ ϬϭͬϮϮͬϭϰ ϭϬͬϬϮͬϭϱ ϭϬͬϬϮͬϭϱ Ϭϰͬϭϭͬϭϳ Ϭϳͬϭϵͬϭϴ Ϭϳͬϭϵͬϭϴ

KƚŚĞƌ tĂƚĞƌ Θ ^ĞǁĞƌ >ŽŶŐ dĞƌŵ Ğďƚ ĂŶĂĚŝĂŶ ZŝǀĞƌ DƵŶŝĐŝƉĂů tĂƚĞƌ ƵƚŚŽƌŝƚLJ ; ZDt Ϳ ϮϬϭϬ ŽŶũƵŶĐƚŝǀĞ hƐĞ ϮϬϭϭ ŽŶĚƐ ŽŶƚƌĂĐƚ ZĞǀĞŶƵĞ ŽŶĚƐ ϮϬϭϮ ZĞĨƵŶĚŝŶŐ ŽŶĚƐ ϮϬϭϰ ZĞĨƵŶĚŝŶŐ ŽŶĚƐ ϮϬϭϳ ZĞĨƵŶĚŝŶŐ ŽŶĚƐ dŽƚĂů ZDt Ğďƚ WĂLJŝŶŐ ŐĞŶĐLJ &ĞĞƐ dŽƚĂů tĂƚĞƌ ĂŶĚ ^ĞǁĞƌ džƉĞŶĚŝƚƵƌĞƐ ŝƌƉŽƌƚ ŽŶĚƐ ŽŵďŝŶĂƚŝŽŶ dĂdž Θ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϬϵ dŽƚĂů ŝƌƉŽƌƚ džƉĞŶĚŝƚƵƌĞƐ

yW E /dhZ ^ WƌŝŶĐŝƉĂů

ĂƚĞ ŽĨ /ƐƐƵĞ

ϲϭ͕ϰϭϯ͕ϲϵϲ

ϵϬϰ͕ϲϰϯ

Ϯ͕ϱϬϲ͕ϰϭϳ

ϳϳϭ͕ϴϯϲ ϭ͕ϲϬϲ͕ϭϯϯ ϴ͕ϬϬϬ ϯ͕ϰϭϵ͕ϬϲϬ

ϯϴ͕ϴϴϱ͕ϬϬϬ ϰϳ͕ϰϬϬ͕ϬϬϬ ϭϴ͕Ϭϳϱ͕ϬϬϬ ϭϲ͕ϯϬϬ͕ϬϬϬ ϱ͕ϲϬϱ͕ϬϬϬ ϭ͕ϯϭϬ͕ϬϬϬ ϴ͕ϰϵϱ͕ϬϬϬ ϭϳ͕ϭϵϱ͕ϬϬϬ Ϯϭ͕ϭϰϱ͕ϬϬϬ ϯϭ͕ϬϬϱ͕ϬϬϬ ϭϮ͕ϱϬϬ͕ϬϬϬ ϭϰ͕ϲϭϬ͕ϬϬϬ Ϯϴ͕ϭϬϬ͕ϬϬϬ Ϯϵ͕ϱϬϬ͕ϬϬϬ

ϮϬ͕ϳϬϱ͕ϬϬϬ Ϯϵ͕ϲϴϬ͕ϬϬϬ ϭϬ͕ϴϲϬ͕ϬϬϬ ϭϬ͕ϵϱϬ͕ϬϬϬ Ϯ͕ϭϵϬ͕ϬϬϬ ϱϯϱ͕ϬϬϬ ϲ͕ϭϳϬ͕ϬϬϬ ϭϯ͕ϴϲϬ͕ϬϬϬ ϭϰ͕ϮϴϬ͕ϬϬϬ Ϯϴ͕ϲϱϬ͕ϬϬϬ ϭϭ͕ϴϴϱ͕ϬϬϬ ϭϯ͕ϵϯϱ͕ϬϬϬ Ϯϴ͕ϭϬϬ͕ϬϬϬ Ϯϵ͕ϱϬϬ͕ϬϬϬ ϮϮϭ͕ϯϬϬ͕ϬϬϬ

Ϯ͕Ϭϵϱ͕ϬϬϬ Ϯ͕ϱϰϬ͕ϬϬϬ ϵϬϱ͕ϬϬϬ ϳϮϬ͕ϬϬϬ ϱϮϱ͕ϬϬϬ ϭϯϬ͕ϬϬϬ ϯϵϬ͕ϬϬϬ ϴϭϱ͕ϬϬϬ ϭ͕ϯϴϬ͕ϬϬϬ ϭ͕ϭϳϱ͕ϬϬϬ ϱϳϱ͕ϬϬϬ ϱϮϬ͕ϬϬϬ ϭ͕Ϭϵϱ͕ϬϬϬ ϭ͕ϭϵϭ͕ϱϯϰ ϭϰ͕Ϭϱϲ͕ϱϯϰ

ϱϯϱ͕ϵϰϭ ϲϱϱ͕ϯϱϮ Ϭ ϰϮϬ͕ϴϯϴ ϲϰ͕ϰϱϬ ϯ͕ϭϲϬ ϭϮϬ͕ϬϵϬ ϭϰϳ͕ϭϬϮ ϰϲϳ͕Ϭϲϵ ϭ͕ϭϮϴ͕Ϭϰϰ ϭϯϴ͕ϴϳϳ ϱϲϴ͕ϮϮϱ ϳϬϳ͕ϭϬϮ ϳϲϵ͕ϰϰϬ ϱ͕ϳϮϱ͕ϲϵϬ

Ϯ͕ϲϯϬ͕ϵϰϭ ϯ͕ϭϵϱ͕ϯϱϮ ϵϬϱ͕ϬϬϬ ϭ͕ϭϰϬ͕ϴϯϴ ϱϴϵ͕ϰϱϬ ϭϯϯ͕ϭϲϬ ϱϭϬ͕ϬϵϬ ϵϲϮ͕ϭϬϮ ϭ͕ϴϰϳ͕Ϭϲϵ Ϯ͕ϯϬϯ͕Ϭϰϰ ϳϭϯ͕ϴϳϳ ϭ͕Ϭϴϴ͕ϮϮϱ ϭ͕ϴϬϮ͕ϭϬϮ ϭ͕ϵϲϬ͕ϵϳϰ ϭϵ͕ϳϴϮ͕ϮϮϰ

ϯ͕ϰϮϬ͕ϭϯϬ ϯϯ͕ϱϯϲ͕Ϭϱϯ ϭϴ͕ϰϭϱ͕ϲϴϴ ϮϬ͕Ϭϯϭ͕ϯϴϳ ϰ͕ϲϱϳ͕ϭϵϴ

Ϯϭϯ͕ϰϭϴ Ϯϯ͕Ϯϵϯ͕Ϭϯϰ ϭϱ͕ϲϭϲ͕ϵϮϱ ϵ͕ϯϯϬ͕ϳϴϰ ϰ͕ϮϵϬ͕Ϭϴϱ ϱϮ͕ϳϰϰ͕Ϯϰϲ

Ϯϭϯ͕ϰϭϴ ϭ͕ϲϬϰ͕ϴϬϱ Ϯ͕Ϭϯϴ͕ϯϬϬ ϭ͕ϱϰϯ͕Ϭϲϭ ϰϭϬ͕ϮϳϮ ϱ͕ϴϬϵ͕ϴϱϲ

ϳ͕ϰϳϬ ϭ͕ϭϬϴ͕ϳϰϴ ϳϴϬ͕ϴϰϲ ϰϵϱ͕ϯϴϵ ϭϳϭ͕ϭϰϲ Ϯ͕ϱϲϯ͕ϱϵϵ

Ϯϳϰ͕Ϭϰϰ͕Ϯϰϲ

ϭϵ͕ϴϲϲ͕ϯϵϬ

ϴ͕Ϯϴϵ͕Ϯϴϵ

Ύ Ύ Ύ Ύ Ύ Ύ

ϮϮϬ͕ϴϴϴ Ϯ͕ϳϭϯ͕ϱϱϯ Ϯ͕ϴϭϵ͕ϭϰϲ Ϯ͕Ϭϯϴ͕ϰϱϬ ϱϴϭ͕ϰϭϴ ϴ͕ϯϳϯ͕ϰϱϱ ϭϭ͕ϳϭϬ Ϯϴ͕ϭϲϳ͕ϯϴϵ

ϵͬϯͬϮϬϬϵ

ϭϲ͕ϭϰϬ͕ϬϬϬ

ϭ͕ϴϯϬ͕ϬϬϬ ϭ͕ϴϯϬ͕ϬϬϬ

ϭ͕ϴϯϬ͕ϬϬϬ ϭ͕ϴϯϬ͕ϬϬϬ

ϰϯ͕ϳϲϮ ϰϯ͕ϳϲϮ

Ύ

ϭ͕ϴϳϯ͕ϳϲϮ ϭ͕ϴϳϯ͕ϳϲϮ

ϭϮͬϭϮͬϮϬϭϮ ϰͬϭͬϮϬϭϰ

ϲ͕ϮϲϬ͕ϬϬϬ ϲ͕ϬϴϬ͕ϬϬϬ ϭϬ͕ϬϬϬ͕ϬϬϬ

ϯ͕ϲϯϱ͕ϬϬϬ ϰ͕ϴϲϬ͕ϬϬϬ ϭϬ͕ϬϬϬ͕ϬϬϬ ϭϴ͕ϰϵϱ͕ϬϬϬ

ϮϱϬ͕ϬϬϬ Ϯϲϱ͕ϬϬϬ ϯϬϮ͕ϰϮϱ ϴϭϳ͕ϰϮϱ

ϳϮ͕ϳϬϬ ϭϱϳ͕ϲϰϰ ϱϬϬ͕ϬϬϬ ϳϯϬ͕ϯϰϰ

Ύ Ύ Ύ

ϯϮϮ͕ϳϬϬ ϰϮϮ͕ϲϰϰ ϴϬϮ͕ϰϮϱ ϭ͕ϱϰϳ͕ϳϲϵ

ϰϭϴ͕ϱϵϵ͕ϵϰϮ

Ϯϲ͕ϴϱϳ͕ϰϱϴ

ϭϯ͕ϴϴϲ͕ϱϲϮ

dŽƚĂů ŝƚLJ ŽĨ ŵĂƌŝůůŽ Ğďƚ ^ĞƌǀŝĐĞ Ύ /ŶĐůƵĚĞĚ ŝŶ ŽƉĞƌĂƚŝŶŐ ďƵĚŐĞƚ

499

ϰϬ͕ϳϳϭ͕Ϯϯϭ

&,7< 2) $0$5,//2 &20387$7,21 2) /(*$/ '(%7 0$5*,1 2FWREHU

$VVHVVHG 9DOXH 7D[ 5ROO 'HEW /LPLW RI $VVHVVHG 5ROO

$PRXQW RI 'HEW $SSOLFDEOH WR 'HEW /LPLW 7RWDO %RQGHG 'HEW /HVV $VVHWV LQ 'HEW 6HUYLFH )XQG DV RI /HVV +27 5HYHQXH %RQGV /HVV :DWHUZRUNV 5HYHQXH %RQGV /HVV 'UDLQDJH 5HYHQXH %RQGV

7RWDO $PRXQW RI 'HEW $SSOLFDEOH WR 'HEW /LPLW

3UR )RUPD /HJDO 'HEW 0DUJLQ

500

/dz K& D Z/>>K d ^ Zs/ ƚ KĐƚŽďĞƌ ϭ͕ ϮϬϭϵ dĂdž ^ƵƉƉŽƌƚĞĚ Ğďƚ /ŶƚĞƌĞƐƚ ĂŶĚ ZĞĚĞŵƉƚŝŽŶ ^ĞƌŝĞƐ ϮϬϬϵ͕ ϮϬϭϬ͕ ϮϬϭϳ ZĞĨƵŶĚŝŶŐ͕ ϮϬϭϳ͕ ĂŶĚ ϮϬϭϴ dh > ϮϬϭϳͬϮϬϭϴ

^d/D d ϮϬϭϴͬϮϬϭϵ

^d/D d ϮϬϭϵͬϮϬϮϬ

ϵϴϯ͕ϭϱϲ

ϭ͕ϭϯϭ͕ϰϰϭ

ϲϬϵ͕ϰϱϱ

Z /Wd^͗ /ŶƚĞƌĞƐƚ ĂƌŶŝŶŐƐ Ě sĂůŽƌĞŵ dĂdž ŽůůĞĐƚŝŽŶƐ KƚŚĞƌ

Ϯϴ͕ϬϳϮ ϰ͕ϱϬϰ͕ϭϬϴ Ϭ

Ϯϵ͕Ϭϯϭ ϱ͕ϮϬϰ͕ϵϲϳ Ϭ

Ϯϵ͕Ϭϯϭ ϱ͕ϲϬϰ͕ϳϱϮ Ϭ

dŽƚĂů ZĞĐĞŝƉƚƐ

ϰ͕ϱϯϮ͕ϭϴϬ

ϱ͕Ϯϯϯ͕ϵϵϴ

ϱ͕ϲϯϯ͕ϳϴϯ

dŽƚĂů ZĞƐŽƵƌĐĞƐ Θ ZĞĐĞŝƉƚƐ

ϱ͕ϱϭϱ͕ϯϯϲ

ϲ͕ϯϲϱ͕ϰϯϵ

ϲ͕Ϯϰϯ͕Ϯϯϴ

h d yW E /dhZ ^͗ WƌŝŶĐŝƉĂů DĂƚƵƌŝƚŝĞƐ /ŶƚĞƌĞƐƚ DĂƚƵƌŝƚŝĞƐ WĂLJŝŶŐ ŐĞŶĐLJ &ĞĞƐ

Ϯ͕ϯϵϬ͕ϬϬϬ ϭ͕ϵϴϵ͕Ϯϭϱ ϰ͕ϲϴϬ

ϯ͕Ϯϯϳ͕ϬϬϬ Ϯ͕ϱϭϭ͕ϰϴϰ ϳ͕ϱϬϬ

ϯ͕ϰϯϵ͕ϬϬϬ Ϯ͕ϯϭϲ͕ϳϱϮ ϳ͕ϱϬϬ

dŽƚĂů džƉĞŶĚŝƚƵƌĞƐ

ϰ͕ϯϴϯ͕ϴϵϱ

ϱ͕ϳϱϱ͕ϵϴϰ

ϱ͕ϳϲϯ͕ϮϱϮ

ZĞƐĞƌǀĞ ĨŽƌ &ƵƚƵƌĞ DĂƚƵƌŝƚŝĞƐ

ϭ͕ϭϯϭ͕ϰϰϭ

ϲϬϵ͕ϰϱϱ

ϰϳϵ͕ϵϴϲ

Z ^KhZ ^͗ ĂůĂŶĐĞ ϭϬͬϬϭͬϭϴ

ƐƚŝŵĂƚĞĚ dĂdž ZĂƚĞ͗ Ğďƚ ^ĞƌǀŝĐĞ ZĂƚĞ WĞƌ ΨϭϬϬ sĂůƵĞ ǀĂŝůĂďůĞ ĨƵŶĚƐ ĐĂůĐƵůĂƚŝŽŶ͗ ĂƐŚ Θ /ŶǀĞƐƚŵĞŶƚƐ ; ƉƉƌĞĐŝĂƚŝŽŶͿ ĞƉƌĞĐŝĂƚŝŽŶ ŝŶ /ŶǀĞƐƚŵĞŶƚƐ ƐƐĞƚƐ ƚŽ ďĞ ĐŽŶǀĞƌƚĞĚ ƚŽ ĂƐŚ >ĞƐƐ͗ >ŝĂďŝůŝĞƐ Θ ŶĐƵŵďĞƌĂŶĐĞƐ >ĞƐƐ͗ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ ŽďůŝŐĂƚŝŽŶ ĨƵŶĚƐ >ĞƐƐ͗ ,Kd ZĞǀĞŶƵĞ ŽŶĚƐ

ϭ͕ϭϮϳ͕ϵϬϵ Ϭ ϮϬ͕ϱϮϬ ;ϭϲ͕ϵϴϴͿ

ĂůĂŶĐĞ ϭϬͬϬϭͬϭϴ

ϭ͕ϭϯϭ͕ϰϰϭ

501

/dz K& D Z/>>K d ^ Zs/ ƚ KĐƚŽďĞƌ ϭ͕ ϮϬϭϵ ŽŵďŝŶĂƚŝŽŶ dĂdž ĂŶĚ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ ^ĞƌŝĞƐ ϮϬϬϯ͕ ϮϬϬϲ͕ ϮϬϬϴ͕ ϮϬϭϭ͕ ϮϬϭϰ͕ ĂŶĚ ϮϬϭϴ

Z ^KhZ ^͗ ĂůĂŶĐĞ ϭϬͬϬϭͬϭϴ

dh > ϮϬϭϳͬϮϬϭϴ

^d/D d ϮϬϭϴͬϮϬϭϵ

^d/D d ϮϬϭϵͬϮϬϮϬ

ϭ͕ϯϰϭ

ϭ͕ϰϭϳ

ϭ͕ϰϮϮ

Z /Wd^͗ /ŶƚĞƌĞƐƚ ĂƌŶŝŶŐƐ ZĞǀĞŶƵĞ dƌĂŶƐĨĞƌƐ

ϳϴ

ϰ

ϰ

ϴϯϱ͕ϱϵϮ

ϭ͕ϬϰϬ͕ϵϵϲ

ϭ͕Ϭϰϭ͕ϬϵϮ

dŽƚĂů ZĞĐĞŝƉƚƐ

ϴϯϱ͕ϲϳϬ

ϭ͕Ϭϰϭ͕ϬϬϬ

ϭ͕Ϭϰϭ͕Ϭϵϲ

dŽƚĂů ZĞƐŽƵƌĐĞƐ Θ ZĞĐĞŝƉƚƐ

ϴϯϳ͕Ϭϭϭ

ϭ͕ϬϰϮ͕ϰϭϳ

ϭ͕ϬϰϮ͕ϱϭϴ

h d yW E /dhZ ^͗ WƌŝŶĐŝƉĂů DĂƚƵƌŝƚŝĞƐ /ŶƚĞƌĞƐƚ DĂƚƵƌŝƚŝĞƐ WĂLJŝŶŐ ŐĞŶĐLJ &ĞĞƐ KƚŚĞƌ

ϰϱϭ͕ϱϬϵ ϯϴϭ͕ϲϯϱ Ϯ͕ϰϱϬ Ϭ

ϱϱϴ͕Ϭϯϳ ϰϳϱ͕ϵϱϴ ϳ͕ϬϬϬ

ϱϴϰ͕ϲϰϯ ϰϰϴ͕ϰϰϴ ϴ͕ϬϬϬ

dŽƚĂů džƉĞŶĚŝƚƵƌĞƐ

ϴϯϱ͕ϱϵϰ

ϭ͕ϬϰϬ͕ϵϵϱ

ϭ͕Ϭϰϭ͕Ϭϵϭ

ϭ͕ϰϭϳ

ϭ͕ϰϮϮ

ϭ͕ϰϮϳ

ZĞƐĞƌǀĞ ĨŽƌ &ƵƚƵƌĞ DĂƚƵƌŝƚŝĞƐ

ǀĂŝůĂďůĞ ĨƵŶĚƐ ĐĂůĐƵůĂƚŝŽŶ͗ ĂƐŚ Θ /ŶǀĞƐƚŵĞŶƚƐ ; ƉƉƌĞĐŝĂƚŝŽŶͿ ĞƉƌĞĐŝĂƚŝŽŶ ŝŶ /ŶǀĞƐƚŵĞŶƚƐ ƐƐĞƚƐ ƚŽ ďĞ ĐŽŶǀĞƌƚĞĚ ƚŽ ĂƐŚ >ĞƐƐ͗ >ŝĂďŝůŝĞƐ Θ ŶĐƵŵďĞƌĂŶĐĞƐ >ĞƐƐ͗ ŽŶƐƚƌƵĐƚŝŽŶ ŝŶ WƌŽŐƌĞƐƐ ĂůĂŶĐĞƐ

ϭ͕ϰϭϳ

ĂůĂŶĐĞ ϭϬͬϬϭͬϭϴ

ϭ͕ϰϭϳ

502

/dz K& D Z/>>K d ^ Zs/ ƚ KĐƚŽďĞƌ ϭ͕ ϮϬϭϵ ,ŽƚĞů KĐĐƵƉĂŶĐLJ dĂdž ZĞǀĞŶƵĞ ŽŶĚƐ ^ĞƌŝĞƐ ϮϬϭϲ ĂŶĚ ϮϬϭϴ

Z ^KhZ ^͗ ĂůĂŶĐĞ ϭϬͬϬϭͬϭϴ

dh > ϮϬϭϳͬϮϬϭϴ

^d/D d ϮϬϭϴͬϮϬϭϵ

^d/D d ϮϬϭϵͬϮϬϮϬ

ϭϭϮ͕Ϭϴϭ

ϮϭϮ͕ϳϮϮ

Ϯϭϳ͕ϳϳϱ

Z /Wd^͗ /ŶƚĞƌĞƐƚ ĂƌŶŝŶŐƐ ZĞǀĞŶƵĞ dƌĂŶƐĨĞƌƐ

Ϯ͕ϰϬϰ

ϱ͕Ϭϱϯ

ϱ͕Ϭϱϯ

ϭ͕ϮϬϮ͕ϴϭϱ

Ϯ͕ϯϳϴ͕ϳϵϲ

Ϯ͕ϯϳϳ͕ϵϲϵ

dŽƚĂů ZĞĐĞŝƉƚƐ

ϭ͕ϮϬϱ͕Ϯϭϵ

Ϯ͕ϯϴϯ͕ϴϰϵ

Ϯ͕ϯϴϯ͕ϬϮϮ

dŽƚĂů ZĞƐŽƵƌĐĞƐ Θ ZĞĐĞŝƉƚƐ

ϭ͕ϯϭϳ͕ϯϬϬ

Ϯ͕ϱϵϲ͕ϱϳϭ

Ϯ͕ϲϬϬ͕ϳϵϳ

h d yW E /dhZ ^͗ WƌŝŶĐŝƉĂů DĂƚƵƌŝƚŝĞƐ /ŶƚĞƌĞƐƚ DĂƚƵƌŝƚŝĞƐ WĂLJŝŶŐ ŐĞŶĐLJ &ĞĞƐ KƚŚĞƌ

Ϭ ϭ͕ϭϬϰ͕ϱϳϴ Ϭ Ϭ

ϯϭϱ͕ϬϬϬ Ϯ͕Ϭϲϯ͕ϳϵϲ Ϭ

ϯϮϬ͕ϬϬϬ Ϯ͕Ϭϱϳ͕ϵϲϵ Ϭ

dŽƚĂů džƉĞŶĚŝƚƵƌĞƐ

ϭ͕ϭϬϰ͕ϱϳϴ

Ϯ͕ϯϳϴ͕ϳϵϲ

Ϯ͕ϯϳϳ͕ϵϲϵ

ϮϭϮ͕ϳϮϮ

Ϯϭϳ͕ϳϳϱ

ϮϮϮ͕ϴϮϴ

ZĞƐĞƌǀĞ ĨŽƌ &ƵƚƵƌĞ DĂƚƵƌŝƚŝĞƐ

ǀĂŝůĂďůĞ ĨƵŶĚƐ ĐĂůĐƵůĂƚŝŽŶ͗ ĂƐŚ Θ /ŶǀĞƐƚŵĞŶƚƐ ; ƉƉƌĞĐŝĂƚŝŽŶͿ ĞƉƌĞĐŝĂƚŝŽŶ ŝŶ /ŶǀĞƐƚŵĞŶƚƐ ƐƐĞƚƐ ƚŽ ďĞ ĐŽŶǀĞƌƚĞĚ ƚŽ ĂƐŚ >ĞƐƐ͗ >ŝĂďŝůŝĞƐ Θ ŶĐƵŵďĞƌĂŶĐĞƐ >ĞƐƐ͗ ŽŶƐƚƌƵĐƚŝŽŶ ŝŶ WƌŽŐƌĞƐƐ ĂůĂŶĐĞƐ

ϮϭϮ͕ϳϮϮ

ĂůĂŶĐĞ ϭϬͬϬϭͬϭϴ

ϮϭϮ͕ϳϮϮ

503

/dz K& D Z/>>K /Ed Z ^d E Z DWd/KE &hE Ͳ ' E Z > K >/' d/KE d ^d d D Ed K& KE /E d E ^^ d K dK Z ϭ͕ ϮϬϭϵ E yW E /dhZ ^ z /^^h ^ ϮϬϭϵͬϮϬ

KE /E d E ^^ ĂƚĞ ŽĨ /ƐƐƵĞ

DĂƚƵƌŝƚŝĞƐ KƵƚƐƚĂŶĚŝŶŐ

/ŶƚĞƌĞƐƚ ZĂƚĞ

yW E /dhZ ^ ϮϬϭϵͬϮϬ KƌŝŐŝŶĂů KƵƚƐƚĂŶĚŝŶŐ /ƐƐƵĞ ϭϬͬϬϭͬϭϵ

WƌŝŶĐŝƉĂů

/ŶƚĞƌĞƐƚ

dŽƚĂů

KE /^^h ^ 'K͕ ^ĞƌŝĞƐ ϮϬϬϵ

ϵͬϯͬϮϬϬϵ ϭ͕ϰϬϱ͕ϬϬϬ ϯ͘ϬϬ Ͳ ϱ͘ϬϬ

ϰ͕ϴϮϱ͕ϬϬϬ

ϭ͕ϰϬϱ͕ϬϬϬ

ϰϱϱ͕ϬϬϬ ϱϮ͕ϳϲϯ

ϱϬϳ͕ϳϲϯ

'K ZĞĨ͕ ^ĞƌŝĞƐ ϮϬϭϳ

ϭͬϭϱͬϮϬϭϳ ϭϮ͕ϯϭϱ͕ϬϬϬ ϰ͘ϬϬ

ϭϱ͕ϭϭϬ͕ϬϬϬ

ϭϮ͕ϯϭϱ͕ϬϬϬ

ϭ͕ϯϯϱ͕ϬϬϬ ϰϵϮ͕ϲϬϬ

ϭ͕ϴϮϳ͕ϲϬϬ

'K͕ ^ĞƌŝĞƐ ϮϬϭϳ

ϰͬϭͬϮϬϭϳ ϮϬ͕ϰϲϬ͕ϬϬϬ ϯ͘ϬϬ Ͳ ϱ͘ϬϬ

Ϯϭ͕ϮϴϬ͕ϬϬϬ

ϮϬ͕ϰϲϬ͕ϬϬϬ

ϱϰϬ͕ϬϬϬ ϳϰϴ͕ϲϭϵ

ϭ͕Ϯϴϴ͕ϲϭϵ

'K͕ ^ĞƌŝĞƐ ϮϬϭϴ

ϳͬϭϴͬϮϬϭϴ Ϯϭ͕ϳϬϬ͕ϬϬϬ ϯ͘ϬϬ Ͳ ϱ͘ϬϬ

ϮϮ͕ϭϰϱ͕ϬϬϬ

Ϯϭ͕ϳϬϬ͕ϬϬϬ

ϱϯϱ͕ϬϬϬ ϴϭϳ͕Ϭϲϵ

ϭ͕ϯϱϮ͕Ϭϲϵ

Ύ ^ĞƌŝĞƐ ϮϬϬϯ

ϭϭͬϮϲͬϮϬϬϯ

ϭϳϬ͕ϬϬϬ ϯ͘ϳϬ

ϲϮϬ͕ϬϬϬ

ϭϳϬ͕ϬϬϬ

ϰϬ͕ϬϬϬ

ϲ͕ϮϵϬ

ϰϲ͕ϮϵϬ

ΎΎ ^ĞƌŝĞƐ ϮϬϬϲ

ϱͬϮϰͬϮϬϬϲ Ϯϱϯ͕ϲϵϲ ϰ͘ϳϱ

ϱϴϱ͕ϬϬϬ

Ϯϱϯ͕ϲϵϲ

ϯϰ͕ϲϰϯ

ϭϭ͕ϯϬϯ

ϰϱ͕ϵϰϲ

Ύ ^ĞƌŝĞƐ ϮϬϬϴ

ϳͬϭϳͬϮϬϬϴ ϯϯϱ͕ϬϬϬ ϰ͘Ϯϴ

ϲϬϬ͕ϬϬϬ

ϯϯϱ͕ϬϬϬ

ϯϬ͕ϬϬϬ

ϭϯ͕ϲϵϲ

ϰϯ͕ϲϵϲ

ΎΎ ^ĞƌŝĞƐ ϮϬϬϴ

ϳͬϭϳͬϮϬϬϴ ϴϯϬ͕ϬϬϬ ϰ͘Ϭϴ

ϭ͕ϱϬϬ͕ϬϬϬ

ϴϯϬ͕ϬϬϬ

ϳϱ͕ϬϬϬ

ϯϮ͕ϯϯϰ

ϭϬϳ͕ϯϯϰ

ΎΎΎ ^ĞƌŝĞƐ ϮϬϭϬ

ϰͬϭϱͬϮϬϭϬ ϴϱϮ͕ϬϬϬ ϱ͘ϴϭ

ϭ͕ϯϵϮ͕ϬϬϬ

ϴϱϮ͕ϬϬϬ

ϲϵ͕ϬϬϬ

Ϯϳ͕ϮϮϲ

ϵϲ͕ϮϮϲ

ΎΎΎΎ ^ĞƌŝĞƐ ϮϬϭϭ

ϮͬϯͬϮϬϭϭ Ϯ͕ϵϵϱ͕ϬϬϬ ϯ͘ϱϬ Ͳ ϱ͘Ϯϱ

ϯ͕ϳϱϬ͕ϬϬϬ

Ϯ͕ϵϵϱ͕ϬϬϬ

ϭϭϬ͕ϬϬϬ ϭϰϮ͕ϰϮϱ

ϮϱϮ͕ϰϮϱ

ΎΎΎΎΎ ^ĞƌŝĞƐ ϮϬϭϭ

ϮͬϯͬϮϬϭϭ ϭ͕ϱϵϬ͕ϬϬϬ ϯ͘ϱϬ Ͳ ϲ͘ϬϬ

Ϯ͕ϮϭϬ͕ϬϬϬ

ϭ͕ϱϵϬ͕ϬϬϬ

ϵϬ͕ϬϬϬ

ϴϯ͕ϳϬϬ

ϭϳϯ͕ϳϬϬ

dž ^ĞƌŝĞƐ ϮϬϭϰ

ϰͬϯϬͬϮϬϭϰ ϭ͕ϴϮϬ͕ϬϬϬ Ϯ͘ϬϬ Ͳ ϯ͘ϲϮϱ

Ϯ͕ϮϲϬ͕ϬϬϬ

ϭ͕ϴϮϬ͕ϬϬϬ

ϵϱ͕ϬϬϬ

ϱϴ͕Ϯϭϵ

ϭϱϯ͕Ϯϭϵ

ΎΎΎ^ĞƌŝĞƐ ϮϬϭϳ

ϭͬϭϱͬϮϬϭϳ ϲ͕Ϭϴϱ͕ϬϬϬ ϯ͘ϬϬ Ͳ ϯ͘ϱϬ

ϲ͕ϵϰϬ͕ϬϬϬ

ϲ͕Ϭϴϱ͕ϬϬϬ

ϱϬϱ͕ϬϬϬ ϭϳϴ͕ϰϳϱ

ϲϴϯ͕ϰϳϱ

ΎΎ^ĞƌŝĞƐ ϮϬϭϴ

ϳͬϭϴͬϮϬϭϴ Ϯ͕ϵϬϱ͕ϬϬϬ ϯ͘ϬϬ Ͳ ϯ͘ϱϬ

ϯ͕ϬϬϬ͕ϬϬϬ

Ϯ͕ϵϬϱ͕ϬϬϬ

ϭϭϬ͕ϬϬϬ ϭϬϬ͕ϰϴϭ

ϮϭϬ͕ϰϴϭ

dždž,Kd ^ĞƌŝĞƐ ϮϬϭϲ

ϰͬϭϯͬϮϬϭϲ ϭϭ͕ϲϴϬ͕ϬϬϬ ϭ͘ϴϱ Ͳ ϰ͘Ϯϱ

ϭϭ͕ϵϵϱ͕ϬϬϬ

ϭϭ͕ϲϴϬ͕ϬϬϬ

ϯϮϬ͕ϬϬϬ ϰϱϭ͕ϴϯϲ

ϳϳϭ͕ϴϯϲ

dždž,Kd ^ĞƌŝĞƐ ϮϬϭϴ

ϮͬϭϱͬϮϬϭϴ ϯϴ͕ϴϯϱ͕ϬϬϬ Ϯ͘ϴϬ Ͳ ϰ͘ϰϬ

ϯϴ͕ϴϯϱ͕ϬϬϬ

ϯϴ͕ϴϯϱ͕ϬϬϬ

Ͳ

ϭ͕ϲϬϲ͕ϭϯϯ

ϭ͕ϲϬϲ͕ϭϯϯ

WĂLJŝŶŐ ŐĞŶĐLJ &ĞĞƐ

ϭϱ͕ϱϬϬ dŽƚĂů džƉĞŶĚŝƚƵƌĞƐ

ϰ͕ϯϰϯ͕ϲϰϯ

ϰ͕ϴϮϯ͕ϭϲϳ

ϵ͕ϭϴϮ͕ϯϭϬ

Ύ dŚĞ ŽŵďŝŶĂƚŝŽŶ dĂdž ĂŶĚ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϬϯ͕ ϮϬϬϴ ͕ Θ ϮϬϭϰ ŽŶĚƐ ĂƌĞ ĨƵŶĚĞĚ ďLJ Ă ^ƉĞĐŝĂů ƐƐĞƐƐŵĞŶƚ ƚŽ ƚŚĞ 'ƌĞĞŶǁĂLJƐ WƵďůŝĐ /ŵƉƌŽǀĞŵĞŶƚ ŝƐƚƌŝĐƚ͘ ΎΎ dŚĞ ŽŵďŝŶĂƚŝŽŶ dĂdž ĂŶĚ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϬϲ͕ ϮϬϬϴ ͕ ϮϬϭϰ͕ Θ ϮϬϭϴ ŽŶĚƐ ĂƌĞ ĨƵŶĚĞĚ ďLJ Ă ^ƉĞĐŝĂů ƐƐĞƐƐŵĞŶƚ ƚŽ ƚŚĞ ŽůŽŶŝĞƐ WƵďůŝĐ /ŵƉƌŽǀĞŵĞŶƚ ŝƐƚƌŝĐƚ͘ ΎΎΎ dŚĞ ŽŵďŝŶĂƚŝŽŶ dĂdž ĂŶĚ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϭϬ Θ ϮϬϭϳ ŽŶĚƐ ĂƌĞ ĨƵŶĚĞĚ ďLJ WƌŽƉĞƌƚLJ dĂdžĞƐ͘ ΎΎΎΎ dŚĞ ŽŵďŝŶĂƚŝŽŶ dĂdž ĂŶĚ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϭϭ ŽŶĚƐ ĂƌĞ ĨƵŶĚĞĚ ďLJ 'ŽůĨ ZĞǀĞŶƵĞ͘ ΎΎΎΎΎ dŚĞ ŽŵďŝŶĂƚŝŽŶ dĂdž ĂŶĚ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϭϭ ŽŶĚƐ ĂƌĞ ĨƵŶĚĞĚ ďLJ d/Z ηϭ͘ dž dŚĞ ŽŵďŝŶĂƚŝŽŶ dĂdž ĂŶĚ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϭϰ ŽŶĚƐ ĂƌĞ ĨƵŶĚĞĚ ďLJ Ă ^ƉĞĐŝĂů ƐƐĞƐƐŵĞŶƚ ƚŽ ƚŚĞ ŽůŽŶŝĞƐ ĂŶĚ ƚŚĞ 'ƌĞĞŶǁĂLJƐ WƵďůŝĐ /ŵƉƌŽǀĞŵĞŶƚ ŝƐƚƌŝĐƚ͘ dždž dŚĞ ,ŽƚĞů KĐĐƵƉĂŶĐLJ dĂdž ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϲ ĂŶĚ ϮϬϭϴ ĂƌĞ ĨƵŶĚĞĚ ďLJ ŚŽƚĞů ŽĐĐƵƉĂŶĐLJ ƚĂdžĞƐ͘

504

/dz K& D Z/>>K ^ , h> K& D dhZ/d/ ^ /Ed Z ^d E Z DWd/KE &hE Ͳ ' E Z > K >/' d/KE KE ^

&ŝƐĐĂů zĞĂƌ

KƵƚƐƚĂŶĚŝŶŐ ĞŐŝŶŶŝŶŐ ŽĨ zĞĂƌ

zĞĂƌ /ŶƚĞƌĞƐƚ

dŽƚĂů

ϰϱϱ͕ϬϬϬ ϰϲϱ͕ϬϬϬ ϰϴϱ͕ϬϬϬ

ϱϮ͕ϳϲϯ ϯϲ͕ϴϯϴ ϭϵ͕ϰϬϬ

ϱϬϳ͕ϳϲϯ ϱϬϭ͕ϴϯϴ ϱϬϰ͕ϰϬϬ

ϭ͕ϰϬϱ͕ϬϬϬ

ϭϬϵ͕ϬϬϬ

ϭ͕ϱϭϰ͕ϬϬϬ

WƌŝŶĐŝƉĂů

'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϬϵ KĐƚŽďĞƌ ϭ͕ ϮϬϭϵ

ϮϬϭϵͬϮϬ ϮϬϮϬͬϮϭ ϮϬϮϭͬϮϮ

ϭ͕ϰϬϱ͕ϬϬϬ ϵϱϬ͕ϬϬϬ ϰϴϱ͕ϬϬϬ

dKd >^

'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶ ZĞĨƵŶĚŝŶŐ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϳ KĐƚŽďĞƌ ϭ͕ ϮϬϭϵ ϮϬϭϵͬϮϬ ϮϬϮϬͬϮϭ ϮϬϮϭͬϮϮ ϮϬϮϮͬϮϯ ϮϬϮϯͬϮϰ ϮϬϮϰͬϮϱ ϮϬϮϱͬϮϲ ϮϬϮϲͬϮϳ

ϭϮ͕ϯϭϱ͕ϬϬϬ ϭϬ͕ϵϴϬ͕ϬϬϬ ϵ͕ϱϵϬ͕ϬϬϬ ϴ͕ϭϰϱ͕ϬϬϬ ϲ͕ϲϰϬ͕ϬϬϬ ϱ͕Ϭϳϱ͕ϬϬϬ ϯ͕ϰϱϬ͕ϬϬϬ ϭ͕ϳϲϬ͕ϬϬϬ

dKd >^

505

ϭ͕ϯϯϱ͕ϬϬϬ ϭ͕ϯϵϬ͕ϬϬϬ ϭ͕ϰϰϱ͕ϬϬϬ ϭ͕ϱϬϱ͕ϬϬϬ ϭ͕ϱϲϱ͕ϬϬϬ ϭ͕ϲϮϱ͕ϬϬϬ ϭ͕ϲϵϬ͕ϬϬϬ ϭ͕ϳϲϬ͕ϬϬϬ

ϰϵϮ͕ϲϬϬ ϰϯϵ͕ϮϬϬ ϯϴϯ͕ϲϬϬ ϯϮϱ͕ϴϬϬ Ϯϲϱ͕ϲϬϬ ϮϬϯ͕ϬϬϬ ϭϯϴ͕ϬϬϬ ϳϬ͕ϰϬϬ

ϭ͕ϴϮϳ͕ϲϬϬ ϭ͕ϴϮϵ͕ϮϬϬ ϭ͕ϴϮϴ͕ϲϬϬ ϭ͕ϴϯϬ͕ϴϬϬ ϭ͕ϴϯϬ͕ϲϬϬ ϭ͕ϴϮϴ͕ϬϬϬ ϭ͕ϴϮϴ͕ϬϬϬ ϭ͕ϴϯϬ͕ϰϬϬ

ϭϮ͕ϯϭϱ͕ϬϬϬ

Ϯ͕ϯϭϴ͕ϮϬϬ

ϭϰ͕ϲϯϯ͕ϮϬϬ

/dz K& D Z/>>K ^ , h> K& D dhZ/d/ ^ /Ed Z ^d E Z DWd/KE &hE Ͳ ' E Z > K >/' d/KE KE ^

&ŝƐĐĂů zĞĂƌ

KƵƚƐƚĂŶĚŝŶŐ ĞŐŝŶŶŝŶŐ ŽĨ zĞĂƌ

zĞĂƌ /ŶƚĞƌĞƐƚ

dŽƚĂů

ϱϰϬ͕ϬϬϬ ϱϳϬ͕ϬϬϬ ϱϵϱ͕ϬϬϬ ϲϮϱ͕ϬϬϬ ϲϲϬ͕ϬϬϬ ϲϵϱ͕ϬϬϬ ϳϯϬ͕ϬϬϬ ϳϲϱ͕ϬϬϬ ϴϬϬ͕ϬϬϬ ϴϯϱ͕ϬϬϬ ϴϲϱ͕ϬϬϬ ϴϵϬ͕ϬϬϬ ϵϭϱ͕ϬϬϬ ϵϰϱ͕ϬϬϬ ϵϳϱ͕ϬϬϬ ϭ͕ϬϬϱ͕ϬϬϬ ϭ͕ϬϰϬ͕ϬϬϬ ϭ͕Ϭϳϱ͕ϬϬϬ ϭ͕ϭϭϬ͕ϬϬϬ ϭ͕ϭϰϱ͕ϬϬϬ ϭ͕ϭϴϱ͕ϬϬϬ ϭ͕ϮϮϱ͕ϬϬϬ ϭ͕ϮϳϬ͕ϬϬϬ

ϳϰϴ͕ϲϭϵ ϳϮϯ͕ϱϲϵ ϲϵϰ͕ϰϰϰ ϲϲϯ͕ϵϰϰ ϲϯϭ͕ϴϭϵ ϱϵϳ͕ϵϰϰ ϱϲϮ͕ϯϭϵ ϱϮϰ͕ϵϰϰ ϰϴϵ͕ϴϭϵ ϰϱϳ͕ϭϭϵ ϰϮϳ͕ϰϰϰ ϰϬϭ͕ϭϭϵ ϯϳϰ͕Ϭϰϰ ϯϰϱ͕ϱϱϯ ϯϭϱ͕ϱϱϯ Ϯϴϯ͕ϵϴϴ ϮϱϬ͕ϳϱϲ Ϯϭϲ͕ϯϴϴ ϭϴϬ͕ϴϴϭ ϭϰϯ͕ϱϮϮ ϭϬϰ͕ϮϬϯ ϲϯ͕ϱϯϰ Ϯϭ͕ϰϯϭ

ϭ͕Ϯϴϴ͕ϲϭϵ ϭ͕Ϯϵϯ͕ϱϲϵ ϭ͕Ϯϴϵ͕ϰϰϰ ϭ͕Ϯϴϴ͕ϵϰϰ ϭ͕Ϯϵϭ͕ϴϭϵ ϭ͕ϮϵϮ͕ϵϰϰ ϭ͕ϮϵϮ͕ϯϭϵ ϭ͕Ϯϴϵ͕ϵϰϰ ϭ͕Ϯϴϵ͕ϴϭϵ ϭ͕ϮϵϮ͕ϭϭϵ ϭ͕ϮϵϮ͕ϰϰϰ ϭ͕Ϯϵϭ͕ϭϭϵ ϭ͕Ϯϴϵ͕Ϭϰϰ ϭ͕ϮϵϬ͕ϱϱϯ ϭ͕ϮϵϬ͕ϱϱϯ ϭ͕Ϯϴϴ͕ϵϴϴ ϭ͕ϮϵϬ͕ϳϱϲ ϭ͕Ϯϵϭ͕ϯϴϴ ϭ͕ϮϵϬ͕ϴϴϭ ϭ͕Ϯϴϴ͕ϱϮϮ ϭ͕Ϯϴϵ͕ϮϬϯ ϭ͕Ϯϴϴ͕ϱϯϰ ϭ͕Ϯϵϭ͕ϰϯϭ

ϮϬ͕ϰϲϬ͕ϬϬϬ

ϵ͕ϮϮϮ͕ϵϱϯ

Ϯϵ͕ϲϴϮ͕ϵϱϯ

WƌŝŶĐŝƉĂů

'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϳ KĐƚŽďĞƌ ϭ͕ ϮϬϭϵ ϮϬϭϵͬϮϬ ϮϬϮϬͬϮϭ ϮϬϮϭͬϮϮ ϮϬϮϮͬϮϯ ϮϬϮϯͬϮϰ ϮϬϮϰͬϮϱ ϮϬϮϱͬϮϲ ϮϬϮϲͬϮϳ ϮϬϮϳͬϮϴ ϮϬϮϴͬϮϵ ϮϬϮϵͬϯϬ ϮϬϯϬͬϯϭ ϮϬϯϭͬϯϮ ϮϬϯϮͬϯϯ ϮϬϯϯͬϯϰ ϮϬϯϰͬϯϱ ϮϬϯϱͬϯϲ ϮϬϯϲͬϯϳ ϮϬϯϳͬϯϴ ϮϬϯϴͬϯϵ ϮϬϯϵͬϰϬ ϮϬϰϬͬϰϭ ϮϬϰϭͬϰϮ

ϮϬ͕ϰϲϬ͕ϬϬϬ ϭϵ͕ϵϮϬ͕ϬϬϬ ϭϵ͕ϯϱϬ͕ϬϬϬ ϭϴ͕ϳϱϱ͕ϬϬϬ ϭϴ͕ϭϯϬ͕ϬϬϬ ϭϳ͕ϰϳϬ͕ϬϬϬ ϭϲ͕ϳϳϱ͕ϬϬϬ ϭϲ͕Ϭϰϱ͕ϬϬϬ ϭϱ͕ϮϴϬ͕ϬϬϬ ϭϰ͕ϰϴϬ͕ϬϬϬ ϭϯ͕ϲϰϱ͕ϬϬϬ ϭϮ͕ϳϴϬ͕ϬϬϬ ϭϭ͕ϴϵϬ͕ϬϬϬ ϭϬ͕ϵϳϱ͕ϬϬϬ ϭϬ͕ϬϯϬ͕ϬϬϬ ϵ͕Ϭϱϱ͕ϬϬϬ ϴ͕ϬϱϬ͕ϬϬϬ ϳ͕ϬϭϬ͕ϬϬϬ ϱ͕ϵϯϱ͕ϬϬϬ ϰ͕ϴϮϱ͕ϬϬϬ ϯ͕ϲϴϬ͕ϬϬϬ Ϯ͕ϰϵϱ͕ϬϬϬ ϭ͕ϮϳϬ͕ϬϬϬ

dKd >^

506

/dz K& D Z/>>K ^ , h> K& D dhZ/d/ ^ /Ed Z ^d E Z DWd/KE &hE Ͳ ' E Z > K >/' d/KE KE ^

&ŝƐĐĂů zĞĂƌ

KƵƚƐƚĂŶĚŝŶŐ ĞŐŝŶŶŝŶŐ ŽĨ zĞĂƌ

zĞĂƌ /ŶƚĞƌĞƐƚ

dŽƚĂů

ϱϯϱ͕ϬϬϬ ϱϲϬ͕ϬϬϬ ϱϵϬ͕ϬϬϬ ϲϮϬ͕ϬϬϬ ϲϱϬ͕ϬϬϬ ϲϴϱ͕ϬϬϬ ϳϮϬ͕ϬϬϬ ϳϲϬ͕ϬϬϬ ϳϵϱ͕ϬϬϬ ϴϯϬ͕ϬϬϬ ϴϱϱ͕ϬϬϬ ϴϴϬ͕ϬϬϬ ϵϭϬ͕ϬϬϬ ϵϯϱ͕ϬϬϬ ϵϳϬ͕ϬϬϬ ϭ͕ϬϬϬ͕ϬϬϬ ϭ͕Ϭϯϱ͕ϬϬϬ ϭ͕Ϭϳϱ͕ϬϬϬ ϭ͕ϭϭϬ͕ϬϬϬ ϭ͕ϭϱϬ͕ϬϬϬ ϭ͕ϭϵϱ͕ϬϬϬ ϭ͕Ϯϯϱ͕ϬϬϬ ϭ͕ϮϴϬ͕ϬϬϬ ϭ͕ϯϮϱ͕ϬϬϬ

ϴϭϳ͕Ϭϲϵ ϳϴϵ͕ϲϵϰ ϳϲϬ͕ϵϰϰ ϳϯϬ͕ϲϵϰ ϲϵϴ͕ϵϰϰ ϲϲϱ͕ϱϲϵ ϲϯϬ͕ϰϰϰ ϱϵϯ͕ϰϰϰ ϱϱϰ͕ϱϲϵ ϱϮϮ͕Ϯϰϰ ϰϵϲ͕ϵϲϵ ϰϳϬ͕ϵϰϰ ϰϰϯ͕ϱϮϱ ϰϭϰ͕ϭϭϯ ϯϴϮ͕ϱϱϬ ϯϰϵ͕ϯϬϲ ϯϭϰ͕ϯϭϵ Ϯϳϳ͕ϯϵϰ Ϯϯϵ͕ϭϱϲ ϭϵϵ͕ϲϬϲ ϭϱϴ͕ϱϲϵ ϭϭϲ͕Ϭϰϰ ϳϭ͕Ϯϯϭ Ϯϰ͕Ϭϭϲ

ϭ͕ϯϱϮ͕Ϭϲϵ ϭ͕ϯϰϵ͕ϲϵϰ ϭ͕ϯϱϬ͕ϵϰϰ ϭ͕ϯϱϬ͕ϲϵϰ ϭ͕ϯϰϴ͕ϵϰϰ ϭ͕ϯϱϬ͕ϱϲϵ ϭ͕ϯϱϬ͕ϰϰϰ ϭ͕ϯϱϯ͕ϰϰϰ ϭ͕ϯϰϵ͕ϱϲϵ ϭ͕ϯϱϮ͕Ϯϰϰ ϭ͕ϯϱϭ͕ϵϲϵ ϭ͕ϯϱϬ͕ϵϰϰ ϭ͕ϯϱϯ͕ϱϮϱ ϭ͕ϯϰϵ͕ϭϭϯ ϭ͕ϯϱϮ͕ϱϱϬ ϭ͕ϯϰϵ͕ϯϬϲ ϭ͕ϯϰϵ͕ϯϭϵ ϭ͕ϯϱϮ͕ϯϵϰ ϭ͕ϯϰϵ͕ϭϱϲ ϭ͕ϯϰϵ͕ϲϬϲ ϭ͕ϯϱϯ͕ϱϲϵ ϭ͕ϯϱϭ͕Ϭϰϰ ϭ͕ϯϱϭ͕Ϯϯϭ ϭ͕ϯϰϵ͕Ϭϭϲ

Ϯϭ͕ϳϬϬ͕ϬϬϬ

ϭϬ͕ϳϮϭ͕ϯϱϯ

ϯϮ͕ϰϮϭ͕ϯϱϯ

WƌŝŶĐŝƉĂů

'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϴ KĐƚŽďĞƌ ϭ͕ ϮϬϭϵ ϮϬϭϵͬϮϬ ϮϬϮϬͬϮϭ ϮϬϮϭͬϮϮ ϮϬϮϮͬϮϯ ϮϬϮϯͬϮϰ ϮϬϮϰͬϮϱ ϮϬϮϱͬϮϲ ϮϬϮϲͬϮϳ ϮϬϮϳͬϮϴ ϮϬϮϴͬϮϵ ϮϬϮϵͬϯϬ ϮϬϯϬͬϯϭ ϮϬϯϭͬϯϮ ϮϬϯϮͬϯϯ ϮϬϯϯͬϯϰ ϮϬϯϰͬϯϱ ϮϬϯϱͬϯϲ ϮϬϯϲͬϯϳ ϮϬϯϳͬϯϴ ϮϬϯϴͬϯϵ ϮϬϯϵͬϰϬ ϮϬϰϬͬϰϭ ϮϬϰϭͬϰϮ ϮϬϰϮͬϰϯ

Ϯϭ͕ϳϬϬ͕ϬϬϬ Ϯϭ͕ϭϲϱ͕ϬϬϬ ϮϬ͕ϲϬϱ͕ϬϬϬ ϮϬ͕Ϭϭϱ͕ϬϬϬ ϭϵ͕ϯϵϱ͕ϬϬϬ ϭϴ͕ϳϰϱ͕ϬϬϬ ϭϴ͕ϬϲϬ͕ϬϬϬ ϭϳ͕ϯϰϬ͕ϬϬϬ ϭϲ͕ϱϴϬ͕ϬϬϬ ϭϱ͕ϳϴϱ͕ϬϬϬ ϭϰ͕ϵϱϱ͕ϬϬϬ ϭϰ͕ϭϬϬ͕ϬϬϬ ϭϯ͕ϮϮϬ͕ϬϬϬ ϭϮ͕ϯϭϬ͕ϬϬϬ ϭϭ͕ϯϳϱ͕ϬϬϬ ϭϬ͕ϰϬϱ͕ϬϬϬ ϵ͕ϰϬϱ͕ϬϬϬ ϴ͕ϯϳϬ͕ϬϬϬ ϳ͕Ϯϵϱ͕ϬϬϬ ϲ͕ϭϴϱ͕ϬϬϬ ϱ͕Ϭϯϱ͕ϬϬϬ ϯ͕ϴϰϬ͕ϬϬϬ Ϯ͕ϲϬϱ͕ϬϬϬ ϭ͕ϯϮϱ͕ϬϬϬ

dKd >^

507

/dz K& D Z/>>K ^ , h> K& D dhZ/d/ ^ /Ed Z ^d E Z DWd/KE &hE

&ŝƐĐĂů

KƵƚƐƚĂŶĚŝŶŐ ĞŐŝŶŶŝŶŐ ŽĨ zĞĂƌ

WƌŝŶĐŝƉĂů

/ŶƚĞƌĞƐƚ

dŽƚĂů

ŽŵďŝŶĂƚŝŽŶ dĂdž ĂŶĚ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϬϯ KĐƚŽďĞƌ ϭ͕ ϮϬϭϵ ϮϬϭϵͬϮϬ ϮϬϮϬͬϮϭ ϮϬϮϭͬϮϮ ϮϬϮϮͬϮϯ

ϭϳϬ͕ϬϬϬ ϭϯϬ͕ϬϬϬ ϵϬ͕ϬϬϬ ϰϱ͕ϬϬϬ

dKd >^

ϰϬ͕ϬϬϬ ϰϬ͕ϬϬϬ ϰϱ͕ϬϬϬ ϰϱ͕ϬϬϬ

ϲ͕ϮϵϬ ϰ͕ϴϭϬ ϯ͕ϯϯϬ ϭ͕ϲϲϱ

ϰϲ͕ϮϵϬ ϰϰ͕ϴϭϬ ϰϴ͕ϯϯϬ ϰϲ͕ϲϲϱ

ϭϳϬ͕ϬϬϬ

ϭϲ͕Ϭϵϱ

ϭϴϲ͕Ϭϵϱ

ŽŵďŝŶĂƚŝŽŶ dĂdž ĂŶĚ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϬϲ KĐƚŽďĞƌ ϭ͕ ϮϬϭϵ ϮϬϭϵͬϮϬ ϮϬϮϬͬϮϭ ϮϬϮϭͬϮϮ ϮϬϮϮͬϮϯ ϮϬϮϯͬϮϰ ϮϬϮϰͬϮϱ ϮϬϮϱͬϮϲ

Ϯϱϯ͕ϲϵϲ Ϯϭϵ͕Ϭϱϯ ϭϴϮ͕ϳϮϴ ϭϰϰ͕ϲϰϬ ϭϬϰ͕ϳϬϰ ϲϮ͕ϴϮϵ ϭϴ͕ϵϮϬ

dKd >^

508

ϯϰ͕ϲϰϯ ϯϲ͕ϯϮϱ ϯϴ͕Ϭϴϴ ϯϵ͕ϵϯϲ ϰϭ͕ϴϳϱ ϰϯ͕ϵϬϵ ϭϴ͕ϵϮϬ

ϭϭ͕ϯϬϯ ϵ͕ϲϮϭ ϳ͕ϴϱϳ ϲ͕ϬϬϴ ϰ͕ϬϳϬ Ϯ͕Ϭϯϳ ϮϮϱ

ϰϱ͕ϵϰϲ ϰϱ͕ϵϰϲ ϰϱ͕ϵϰϱ ϰϱ͕ϵϰϰ ϰϱ͕ϵϰϱ ϰϱ͕ϵϰϲ ϭϵ͕ϭϰϱ

Ϯϱϯ͕ϲϵϲ

ϰϭ͕ϭϮϭ

Ϯϵϰ͕ϴϭϳ

/dz K& D Z/>>K ^ , h> K& D dhZ/d/ ^ /Ed Z ^d E Z DWd/KE &hE

&ŝƐĐĂů

KƵƚƐƚĂŶĚŝŶŐ ĞŐŝŶŶŝŶŐ ŽĨ zĞĂƌ WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐƚ ŽŵďŝŶĂƚŝŽŶ dĂdž ĂŶĚ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϬϴ

dŽƚĂů

KĐƚŽďĞƌ ϭ͕ ϮϬϭϵ ϮϬϭϵͬϮϬ ϮϬϮϬͬϮϭ ϮϬϮϭͬϮϮ ϮϬϮϮͬϮϯ ϮϬϮϯͬϮϰ ϮϬϮϰͬϮϱ ϮϬϮϱͬϮϲ ϮϬϮϲͬϮϳ ϮϬϮϳͬϮϴ

ϯϯϱ͕ϬϬϬ ϯϬϱ͕ϬϬϬ ϮϳϬ͕ϬϬϬ Ϯϯϱ͕ϬϬϬ ϮϬϬ͕ϬϬϬ ϭϲϱ͕ϬϬϬ ϭϮϱ͕ϬϬϬ ϴϱ͕ϬϬϬ ϰϱ͕ϬϬϬ

dKd >^

ϯϬ͕ϬϬϬ ϯϱ͕ϬϬϬ ϯϱ͕ϬϬϬ ϯϱ͕ϬϬϬ ϯϱ͕ϬϬϬ ϰϬ͕ϬϬϬ ϰϬ͕ϬϬϬ ϰϬ͕ϬϬϬ ϰϱ͕ϬϬϬ

ϭϯ͕ϲϵϲ ϭϮ͕ϯϬϱ ϭϬ͕ϴϬϳ ϵ͕ϯϬϵ ϳ͕ϴϭϭ ϲ͕ϮϬϲ ϰ͕ϰϵϰ Ϯ͕ϳϴϮ ϵϲϯ

ϰϯ͕ϲϵϲ ϰϳ͕ϯϬϱ ϰϱ͕ϴϬϳ ϰϰ͕ϯϬϵ ϰϮ͕ϴϭϭ ϰϲ͕ϮϬϲ ϰϰ͕ϰϵϰ ϰϮ͕ϳϴϮ ϰϱ͕ϵϲϯ

ϯϯϱ͕ϬϬϬ

ϲϴ͕ϯϳϯ

ϰϬϯ͕ϯϳϯ

ŽŵďŝŶĂƚŝŽŶ dĂdž ĂŶĚ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϬϴ KĐƚŽďĞƌ ϭ͕ ϮϬϭϵ ϮϬϭϵͬϮϬ ϮϬϮϬͬϮϭ ϮϬϮϭͬϮϮ ϮϬϮϮͬϮϯ ϮϬϮϯͬϮϰ ϮϬϮϰͬϮϱ ϮϬϮϱͬϮϲ ϮϬϮϲͬϮϳ ϮϬϮϳͬϮϴ

ϴϯϬ͕ϬϬϬ ϳϱϱ͕ϬϬϬ ϲϳϱ͕ϬϬϬ ϱϵϬ͕ϬϬϬ ϱϬϬ͕ϬϬϬ ϰϭϬ͕ϬϬϬ ϯϭϱ͕ϬϬϬ Ϯϭϱ͕ϬϬϬ ϭϭϬ͕ϬϬϬ

dKd >^

509

ϳϱ͕ϬϬϬ ϴϬ͕ϬϬϬ ϴϱ͕ϬϬϬ ϵϬ͕ϬϬϬ ϵϬ͕ϬϬϬ ϵϱ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϭϬϱ͕ϬϬϬ ϭϭϬ͕ϬϬϬ

ϯϮ͕ϯϯϰ Ϯϵ͕ϭϳϮ Ϯϱ͕ϴϬϲ ϮϮ͕Ϯϯϲ ϭϴ͕ϱϲϰ ϭϰ͕ϳϵϬ ϭϬ͕ϴϭϮ ϲ͕ϲϯϬ Ϯ͕Ϯϰϰ

ϭϬϳ͕ϯϯϰ ϭϬϵ͕ϭϳϮ ϭϭϬ͕ϴϬϲ ϭϭϮ͕Ϯϯϲ ϭϬϴ͕ϱϲϰ ϭϬϵ͕ϳϵϬ ϭϭϬ͕ϴϭϮ ϭϭϭ͕ϲϯϬ ϭϭϮ͕Ϯϰϰ

ϴϯϬ͕ϬϬϬ

ϭϲϮ͕ϱϴϴ

ϵϵϮ͕ϱϴϴ

/dz K& D Z/>>K ^ , h> K& D dhZ/d/ ^ /Ed Z ^d E Z DWd/KE &hE

&ŝƐĐĂů

KƵƚƐƚĂŶĚŝŶŐ ĞŐŝŶŶŝŶŐ ŽĨ zĞĂƌ WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐƚ ŽŵďŝŶĂƚŝŽŶ dĂdž ĂŶĚ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϭϬ

dŽƚĂů

KĐƚŽďĞƌ ϭ͕ ϮϬϭϵ ϮϬϭϵͬϮϬ ϮϬϮϬͬϮϭ ϮϬϮϭͬϮϮ ϮϬϮϮͬϮϯ ϮϬϮϯͬϮϰ ϮϬϮϰͬϮϱ ϮϬϮϱͬϮϲ ϮϬϮϲͬϮϳ ϮϬϮϳͬϮϴ ϮϬϮϴͬϮϵ ϮϬϮϵͬϯϬ

ϴϱϮ͕ϬϬϬ ϳϴϯ͕ϬϬϬ ϳϭϯ͕ϬϬϬ ϲϰϭ͕ϬϬϬ ϱϲϴ͕ϬϬϬ ϰϵϯ͕ϬϬϬ ϰϭϲ͕ϬϬϬ ϯϯϴ͕ϬϬϬ Ϯϱϳ͕ϬϬϬ ϭϳϰ͕ϬϬϬ ϴϴ͕ϬϬϬ

dKd >^

510

ϲϵ͕ϬϬϬ ϳϬ͕ϬϬϬ ϳϮ͕ϬϬϬ ϳϯ͕ϬϬϬ ϳϱ͕ϬϬϬ ϳϳ͕ϬϬϬ ϳϴ͕ϬϬϬ ϴϭ͕ϬϬϬ ϴϯ͕ϬϬϬ ϴϲ͕ϬϬϬ ϴϴ͕ϬϬϬ

Ϯϳ͕ϮϮϲ Ϯϱ͕ϬϮϭ ϮϮ͕ϳϴϰ ϮϬ͕ϰϴϯ ϭϴ͕ϭϱϬ ϭϱ͕ϳϱϰ ϭϯ͕Ϯϵϯ ϭϬ͕ϴϬϭ ϴ͕ϮϭϮ ϱ͕ϱϲϬ Ϯ͕ϴϭϮ

ϵϲ͕ϮϮϲ ϵϱ͕ϬϮϭ ϵϰ͕ϳϴϰ ϵϯ͕ϰϴϯ ϵϯ͕ϭϱϬ ϵϮ͕ϳϱϰ ϵϭ͕Ϯϵϯ ϵϭ͕ϴϬϭ ϵϭ͕ϮϭϮ ϵϭ͕ϱϲϬ ϵϬ͕ϴϭϮ

ϴϱϮ͕ϬϬϬ

ϭϳϬ͕Ϭϵϳ

ϭ͕ϬϮϮ͕Ϭϵϳ

/dz K& D Z/>>K ^ , h> K& D dhZ/d/ ^ /Ed Z ^d E Z DWd/KE &hE

&ŝƐĐĂů

KƵƚƐƚĂŶĚŝŶŐ ĞŐŝŶŶŝŶŐ ŽĨ zĞĂƌ WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐƚ ŽŵďŝŶĂƚŝŽŶ dĂdž ĂŶĚ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϭϭ

dŽƚĂů

KĐƚŽďĞƌ ϭ͕ ϮϬϭϵ ϮϬϭϵͬϮϬ ϮϬϮϬͬϮϭ ϮϬϮϭͬϮϮ ϮϬϮϮͬϮϯ ϮϬϮϯͬϮϰ ϮϬϮϰͬϮϱ ϮϬϮϱͬϮϲ ϮϬϮϲͬϮϳ ϮϬϮϳͬϮϴ ϮϬϮϴͬϮϵ ϮϬϮϵͬϯϬ ϮϬϯϬͬϯϭ ϮϬϯϭͬϯϮ ϮϬϯϮͬϯϯ ϮϬϯϯͬϯϰ ϮϬϯϰͬϯϱ ϮϬϯϱͬϯϲ ϮϬϯϲͬϯϳ dKd >^

Ϯ͕ϵϵϱ͕ϬϬϬ Ϯ͕ϴϴϱ͕ϬϬϬ Ϯ͕ϳϳϬ͕ϬϬϬ Ϯ͕ϲϱϬ͕ϬϬϬ Ϯ͕ϱϮϱ͕ϬϬϬ Ϯ͕ϯϵϱ͕ϬϬϬ Ϯ͕ϮϲϬ͕ϬϬϬ Ϯ͕ϭϮϬ͕ϬϬϬ ϭ͕ϵϳϬ͕ϬϬϬ ϭ͕ϴϭϱ͕ϬϬϬ ϭ͕ϲϱϬ͕ϬϬϬ ϭ͕ϰϴϬ͕ϬϬϬ ϭ͕ϯϬϬ͕ϬϬϬ ϭ͕ϭϭϬ͕ϬϬϬ ϵϭϬ͕ϬϬϬ ϳϬϬ͕ϬϬϬ ϰϴϬ͕ϬϬϬ Ϯϰϱ͕ϬϬϬ

ϭϭϬ͕ϬϬϬ ϭϭϱ͕ϬϬϬ ϭϮϬ͕ϬϬϬ ϭϮϱ͕ϬϬϬ ϭϯϬ͕ϬϬϬ ϭϯϱ͕ϬϬϬ ϭϰϬ͕ϬϬϬ ϭϱϬ͕ϬϬϬ ϭϱϱ͕ϬϬϬ ϭϲϱ͕ϬϬϬ ϭϳϬ͕ϬϬϬ ϭϴϬ͕ϬϬϬ ϭϵϬ͕ϬϬϬ ϮϬϬ͕ϬϬϬ ϮϭϬ͕ϬϬϬ ϮϮϬ͕ϬϬϬ Ϯϯϱ͕ϬϬϬ Ϯϰϱ͕ϬϬϬ

ϭϰϮ͕ϰϮϱ ϭϯϴ͕ϯϰϰ ϭϯϯ͕ϳϴϴ ϭϮϴ͕ϴϴϴ ϭϮϯ͕ϲϮϱ ϭϭϳ͕ϴϮϱ ϭϭϭ͕ϲϯϴ ϭϬϰ͕ϵϮϱ ϵϳ͕ϲϴϭ ϴϵ͕ϴϳϱ ϴϭ͕ϱϬϬ ϳϮ͕ϳϱϬ ϲϯ͕Ϯϲϯ ϱϯ͕ϬϮϱ ϰϮ͕Ϯϲϯ ϯϬ͕ϵϳϱ ϭϵ͕Ϭϯϭ ϲ͕ϰϯϭ

ϮϱϮ͕ϰϮϱ Ϯϱϯ͕ϯϰϰ Ϯϱϯ͕ϳϴϴ Ϯϱϯ͕ϴϴϴ Ϯϱϯ͕ϲϮϱ ϮϱϮ͕ϴϮϱ Ϯϱϭ͕ϲϯϴ Ϯϱϰ͕ϵϮϱ ϮϱϮ͕ϲϴϭ Ϯϱϰ͕ϴϳϱ Ϯϱϭ͕ϱϬϬ ϮϱϮ͕ϳϱϬ Ϯϱϯ͕Ϯϲϯ Ϯϱϯ͕ϬϮϱ ϮϱϮ͕Ϯϲϯ ϮϱϬ͕ϵϳϱ Ϯϱϰ͕Ϭϯϭ Ϯϱϭ͕ϰϯϭ

Ϯ͕ϵϵϱ͕ϬϬϬ

ϭ͕ϱϱϴ͕ϮϱϬ

ϰ͕ϱϱϯ͕ϮϱϬ

511

/dz K& D Z/>>K ^ , h> K& D dhZ/d/ ^ /Ed Z ^d E Z DWd/KE &hE

&ŝƐĐĂů

KƵƚƐƚĂŶĚŝŶŐ ĞŐŝŶŶŝŶŐ ŽĨ zĞĂƌ WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐƚ ŽŵďŝŶĂƚŝŽŶ dĂdž ĂŶĚ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϭϭ

dŽƚĂů

KĐƚŽďĞƌ ϭ͕ ϮϬϭϵ ϮϬϭϵͬϮϬ ϮϬϮϬͬϮϭ ϮϬϮϭͬϮϮ ϮϬϮϮͬϮϯ ϮϬϮϯͬϮϰ ϮϬϮϰͬϮϱ ϮϬϮϱͬϮϲ ϮϬϮϲͬϮϳ ϮϬϮϳͬϮϴ ϮϬϮϴͬϮϵ ϮϬϮϵͬϯϬ ϮϬϯϬͬϯϭ ϮϬϯϭͬϯϮ dKd >^

ϭ͕ϱϵϬ͕ϬϬϬ ϭ͕ϱϬϬ͕ϬϬϬ ϭ͕ϰϬϱ͕ϬϬϬ ϭ͕ϯϭϬ͕ϬϬϬ ϭ͕ϮϭϬ͕ϬϬϬ ϭ͕ϭϬϱ͕ϬϬϬ ϵϵϱ͕ϬϬϬ ϴϴϬ͕ϬϬϬ ϳϱϱ͕ϬϬϬ ϲϮϬ͕ϬϬϬ ϰϴϬ͕ϬϬϬ ϯϯϬ͕ϬϬϬ ϭϳϬ͕ϬϬϬ

ϵϬ͕ϬϬϬ ϵϱ͕ϬϬϬ ϵϱ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϭϬϱ͕ϬϬϬ ϭϭϬ͕ϬϬϬ ϭϭϱ͕ϬϬϬ ϭϮϱ͕ϬϬϬ ϭϯϱ͕ϬϬϬ ϭϰϬ͕ϬϬϬ ϭϱϬ͕ϬϬϬ ϭϲϬ͕ϬϬϬ ϭϳϬ͕ϬϬϬ

ϴϯ͕ϳϬϬ ϴϬ͕ϯϰϰ ϳϲ͕ϲϲϯ ϳϮ͕ϳϲϯ ϲϴ͕ϱϯϭ ϲϯ͕ϬϬϬ ϱϲ͕ϮϱϬ ϰϵ͕ϬϱϬ ϰϭ͕ϮϱϬ ϯϯ͕ϬϬϬ Ϯϰ͕ϯϬϬ ϭϱ͕ϬϬϬ ϱ͕ϭϬϬ

ϭϳϯ͕ϳϬϬ ϭϳϱ͕ϯϰϰ ϭϳϭ͕ϲϲϯ ϭϳϮ͕ϳϲϯ ϭϳϯ͕ϱϯϭ ϭϳϯ͕ϬϬϬ ϭϳϭ͕ϮϱϬ ϭϳϰ͕ϬϱϬ ϭϳϲ͕ϮϱϬ ϭϳϯ͕ϬϬϬ ϭϳϰ͕ϯϬϬ ϭϳϱ͕ϬϬϬ ϭϳϱ͕ϭϬϬ

ϭ͕ϱϵϬ͕ϬϬϬ

ϲϲϴ͕ϵϱϬ

Ϯ͕Ϯϱϴ͕ϵϱϬ

512

/dz K& D Z/>>K ^ , h> K& D dhZ/d/ ^ /Ed Z ^d E Z DWd/KE &hE

&ŝƐĐĂů

KƵƚƐƚĂŶĚŝŶŐ ĞŐŝŶŶŝŶŐ ŽĨ zĞĂƌ WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐƚ ŽŵďŝŶĂƚŝŽŶ dĂdž ĂŶĚ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϭϰ

dŽƚĂů

KĐƚŽďĞƌ ϭ͕ ϮϬϭϵ ϮϬϭϵͬϮϬ ϮϬϮϬͬϮϭ ϮϬϮϭͬϮϮ ϮϬϮϮͬϮϯ ϮϬϮϯͬϮϰ ϮϬϮϰͬϮϱ ϮϬϮϱͬϮϲ ϮϬϮϲͬϮϳ ϮϬϮϳͬϮϴ ϮϬϮϴͬϮϵ ϮϬϮϵͬϯϬ ϮϬϯϬͬϯϭ ϮϬϯϭͬϯϮ ϮϬϯϮͬϯϯ ϮϬϯϯͬϯϰ dKd >^

ϭ͕ϴϮϬ͕ϬϬϬ ϭ͕ϳϮϱ͕ϬϬϬ ϭ͕ϲϮϱ͕ϬϬϬ ϭ͕ϱϮϬ͕ϬϬϬ ϭ͕ϰϭϱ͕ϬϬϬ ϭ͕ϯϬϱ͕ϬϬϬ ϭ͕ϭϵϱ͕ϬϬϬ ϭ͕ϬϴϬ͕ϬϬϬ ϵϲϬ͕ϬϬϬ ϴϯϱ͕ϬϬϬ ϳϭϬ͕ϬϬϬ ϱϴϬ͕ϬϬϬ ϰϰϬ͕ϬϬϬ ϯϬϬ͕ϬϬϬ ϭϱϱ͕ϬϬϬ

ϵϱ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϭϬϱ͕ϬϬϬ ϭϬϱ͕ϬϬϬ ϭϭϬ͕ϬϬϬ ϭϭϬ͕ϬϬϬ ϭϭϱ͕ϬϬϬ ϭϮϬ͕ϬϬϬ ϭϮϱ͕ϬϬϬ ϭϮϱ͕ϬϬϬ ϭϯϬ͕ϬϬϬ ϭϰϬ͕ϬϬϬ ϭϰϬ͕ϬϬϬ ϭϰϱ͕ϬϬϬ ϭϱϱ͕ϬϬϬ

ϱϴ͕Ϯϭϵ ϱϱ͕ϯϲϵ ϱϮ͕ϯϲϵ ϱϬ͕ϬϬϲ ϰϲ͕ϴϱϲ ϰϯ͕ϱϱϲ ϰϬ͕Ϯϱϲ ϯϲ͕ϴϬϲ ϯϯ͕ϮϬϲ Ϯϵ͕ϯϬϬ Ϯϱ͕Ϯϯϳ ϮϬ͕ϴϱϬ ϭϱ͕ϵϱϬ ϭϬ͕ϴϳϱ ϱ͕ϲϭϵ

ϭϱϯ͕Ϯϭϵ ϭϱϱ͕ϯϲϵ ϭϱϳ͕ϯϲϵ ϭϱϱ͕ϬϬϲ ϭϱϲ͕ϴϱϲ ϭϱϯ͕ϱϱϲ ϭϱϱ͕Ϯϱϲ ϭϱϲ͕ϴϬϲ ϭϱϴ͕ϮϬϲ ϭϱϰ͕ϯϬϬ ϭϱϱ͕Ϯϯϳ ϭϲϬ͕ϴϱϬ ϭϱϱ͕ϵϱϬ ϭϱϱ͕ϴϳϱ ϭϲϬ͕ϲϭϵ

ϭ͕ϴϮϬ͕ϬϬϬ

ϱϮϰ͕ϰϳϰ

Ϯ͕ϯϰϰ͕ϰϳϰ

513

/dz K& D Z/>>K ^ , h> K& D dhZ/d/ ^ /Ed Z ^d E Z DWd/KE &hE

&ŝƐĐĂů

KƵƚƐƚĂŶĚŝŶŐ ĞŐŝŶŶŝŶŐ ŽĨ zĞĂƌ WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐƚ ŽŵďŝŶĂƚŝŽŶ dĂdž ĂŶĚ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϭϳ

dŽƚĂů

KĐƚŽďĞƌ ϭ͕ ϮϬϭϵ ϮϬϭϵͬϮϬ ϮϬϮϬͬϮϭ ϮϬϮϭͬϮϮ ϮϬϮϮͬϮϯ ϮϬϮϯͬϮϰ ϮϬϮϰͬϮϱ ϮϬϮϱͬϮϲ ϮϬϮϲͬϮϳ ϮϬϮϳͬϮϴ ϮϬϮϴͬϮϵ ϮϬϮϵͬϯϬ ϮϬϯϬͬϯϭ ϮϬϯϭͬϯϮ ϮϬϯϮͬϯϯ ϮϬϯϯͬϯϰ ϮϬϯϰͬϯϱ ϮϬϯϱͬϯϲ ϮϬϯϲͬϯϳ dKd >^

ϲ͕Ϭϴϱ͕ϬϬϬ ϱ͕ϱϴϬ͕ϬϬϬ ϱ͕ϬϲϬ͕ϬϬϬ ϰ͕ϱϯϬ͕ϬϬϬ ϯ͕ϵϴϬ͕ϬϬϬ ϯ͕ϰϭϱ͕ϬϬϬ Ϯ͕ϴϯϱ͕ϬϬϬ Ϯ͕Ϯϯϱ͕ϬϬϬ ϭ͕ϲϭϱ͕ϬϬϬ ϭ͕ϰϳϱ͕ϬϬϬ ϭ͕ϯϯϬ͕ϬϬϬ ϭ͕ϭϴϬ͕ϬϬϬ ϭ͕ϬϮϱ͕ϬϬϬ ϴϳϬ͕ϬϬϬ ϳϭϬ͕ϬϬϬ ϱϰϬ͕ϬϬϬ ϯϲϱ͕ϬϬϬ ϭϴϱ͕ϬϬϬ

ϱϬϱ͕ϬϬϬ ϱϮϬ͕ϬϬϬ ϱϯϬ͕ϬϬϬ ϱϱϬ͕ϬϬϬ ϱϲϱ͕ϬϬϬ ϱϴϬ͕ϬϬϬ ϲϬϬ͕ϬϬϬ ϲϮϬ͕ϬϬϬ ϭϰϬ͕ϬϬϬ ϭϰϱ͕ϬϬϬ ϭϱϬ͕ϬϬϬ ϭϱϱ͕ϬϬϬ ϭϱϱ͕ϬϬϬ ϭϲϬ͕ϬϬϬ ϭϳϬ͕ϬϬϬ ϭϳϱ͕ϬϬϬ ϭϴϬ͕ϬϬϬ ϭϴϱ͕ϬϬϬ

ϭϳϴ͕ϰϳϱ ϭϲϯ͕ϭϬϬ ϭϰϳ͕ϯϱϬ ϭϯϭ͕ϭϱϬ ϭϭϰ͕ϰϮϱ ϵϳ͕ϮϱϬ ϳϵ͕ϱϱϬ ϲϭ͕ϮϱϬ ϰϵ͕ϴϱϬ ϰϱ͕ϱϳϱ ϰϭ͕ϭϱϬ ϯϲ͕ϱϳϱ ϯϭ͕ϴϮϴ Ϯϲ͕ϴϬϲ Ϯϭ͕ϰϰϰ ϭϱ͕ϳϮϴ ϵ͕ϲϮϱ ϯ͕Ϯϯϴ

ϲϴϯ͕ϰϳϱ ϲϴϯ͕ϭϬϬ ϲϳϳ͕ϯϱϬ ϲϴϭ͕ϭϱϬ ϲϳϵ͕ϰϮϱ ϲϳϳ͕ϮϱϬ ϲϳϵ͕ϱϱϬ ϲϴϭ͕ϮϱϬ ϭϴϵ͕ϴϱϬ ϭϵϬ͕ϱϳϱ ϭϵϭ͕ϭϱϬ ϭϵϭ͕ϱϳϱ ϭϴϲ͕ϴϮϴ ϭϴϲ͕ϴϬϲ ϭϵϭ͕ϰϰϰ ϭϵϬ͕ϳϮϴ ϭϴϵ͕ϲϮϱ ϭϴϴ͕Ϯϯϴ

ϲ͕Ϭϴϱ͕ϬϬϬ

ϭ͕Ϯϱϰ͕ϯϲϵ

ϳ͕ϯϯϵ͕ϯϲϵ

514

/dz K& D Z/>>K ^ , h> K& D dhZ/d/ ^ /Ed Z ^d E Z DWd/KE &hE

&ŝƐĐĂů

KƵƚƐƚĂŶĚŝŶŐ ĞŐŝŶŶŝŶŐ ŽĨ zĞĂƌ WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐƚ ŽŵďŝŶĂƚŝŽŶ dĂdž ĂŶĚ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϭϴ

dŽƚĂů

KĐƚŽďĞƌ ϭ͕ ϮϬϭϵ ϮϬϭϵͬϮϬ ϮϬϮϬͬϮϭ ϮϬϮϭͬϮϮ ϮϬϮϮͬϮϯ ϮϬϮϯͬϮϰ ϮϬϮϰͬϮϱ ϮϬϮϱͬϮϲ ϮϬϮϲͬϮϳ ϮϬϮϳͬϮϴ ϮϬϮϴͬϮϵ ϮϬϮϵͬϯϬ ϮϬϯϬͬϯϭ ϮϬϯϭͬϯϮ ϮϬϯϮͬϯϯ ϮϬϯϯͬϯϰ ϮϬϯϰͬϯϱ ϮϬϯϱͬϯϲ ϮϬϯϲͬϯϳ ϮϬϯϳͬϯϴ dKd >^

Ϯ͕ϵϬϱ͕ϬϬϬ Ϯ͕ϳϵϱ͕ϬϬϬ Ϯ͕ϲϴϱ͕ϬϬϬ Ϯ͕ϱϳϬ͕ϬϬϬ Ϯ͕ϰϱϬ͕ϬϬϬ Ϯ͕ϯϮϱ͕ϬϬϬ Ϯ͕ϭϵϱ͕ϬϬϬ Ϯ͕ϬϲϬ͕ϬϬϬ ϭ͕ϵϮϬ͕ϬϬϬ ϭ͕ϳϳϬ͕ϬϬϬ ϭ͕ϲϭϱ͕ϬϬϬ ϭ͕ϰϲϬ͕ϬϬϬ ϭ͕ϯϬϬ͕ϬϬϬ ϭ͕ϭϯϱ͕ϬϬϬ ϵϲϬ͕ϬϬϬ ϳϴϬ͕ϬϬϬ ϱϵϱ͕ϬϬϬ ϰϬϱ͕ϬϬϬ ϮϬϱ͕ϬϬϬ

ϭϭϬ͕ϬϬϬ ϭϭϬ͕ϬϬϬ ϭϭϱ͕ϬϬϬ ϭϮϬ͕ϬϬϬ ϭϮϱ͕ϬϬϬ ϭϯϬ͕ϬϬϬ ϭϯϱ͕ϬϬϬ ϭϰϬ͕ϬϬϬ ϭϱϬ͕ϬϬϬ ϭϱϱ͕ϬϬϬ ϭϱϱ͕ϬϬϬ ϭϲϬ͕ϬϬϬ ϭϲϱ͕ϬϬϬ ϭϳϱ͕ϬϬϬ ϭϴϬ͕ϬϬϬ ϭϴϱ͕ϬϬϬ ϭϵϬ͕ϬϬϬ ϮϬϬ͕ϬϬϬ ϮϬϱ͕ϬϬϬ

ϭϬϬ͕ϰϴϭ ϵϲ͕ϲϯϭ ϵϮ͕ϭϯϭ ϴϳ͕ϰϯϭ ϴϮ͕ϱϯϭ ϳϳ͕ϰϯϭ ϳϮ͕ϭϯϭ ϲϲ͕ϲϯϭ ϲϬ͕ϴϯϭ ϱϱ͕ϱϬϲ ϱϬ͕ϴϱϲ ϰϲ͕ϭϯϭ ϰϭ͕ϬϱϬ ϯϱ͕ϱϮϱ Ϯϵ͕ϳϱϲ Ϯϯ͕ϳϬϵ ϭϳ͕ϯϴϭ ϭϬ͕ϲϳϱ ϯ͕ϱϴϴ

ϮϭϬ͕ϰϴϭ ϮϬϲ͕ϲϯϭ ϮϬϳ͕ϭϯϭ ϮϬϳ͕ϰϯϭ ϮϬϳ͕ϱϯϭ ϮϬϳ͕ϰϯϭ ϮϬϳ͕ϭϯϭ ϮϬϲ͕ϲϯϭ ϮϭϬ͕ϴϯϭ ϮϭϬ͕ϱϬϲ ϮϬϱ͕ϴϱϲ ϮϬϲ͕ϭϯϭ ϮϬϲ͕ϬϱϬ ϮϭϬ͕ϱϮϱ ϮϬϵ͕ϳϱϲ ϮϬϴ͕ϳϬϵ ϮϬϳ͕ϯϴϭ ϮϭϬ͕ϲϳϱ ϮϬϴ͕ϱϴϴ

Ϯ͕ϵϬϱ͕ϬϬϬ

ϭ͕ϬϱϬ͕ϰϭϬ

ϯ͕ϵϱϱ͕ϰϭϬ

515

/dz K& D Z/>>K ^ , h> K& D dhZ/d/ ^ /Ed Z ^d E Z DWd/KE &hE

&ŝƐĐĂů

KƵƚƐƚĂŶĚŝŶŐ ĞŐŝŶŶŝŶŐ ŽĨ zĞĂƌ

WƌŝŶĐŝƉĂů

/ŶƚĞƌĞƐƚ

dŽƚĂů

,ŽƚĞů KĐĐƵƉĂŶĐLJ dĂdž ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϲ KĐƚŽďĞƌ ϭ͕ ϮϬϭϵ ϮϬϭϵͬϮϬ ϮϬϮϬͬϮϭ ϮϬϮϭͬϮϮ ϮϬϮϮͬϮϯ ϮϬϮϯͬϮϰ ϮϬϮϰͬϮϱ ϮϬϮϱͬϮϲ ϮϬϮϲͬϮϳ ϮϬϮϳͬϮϴ ϮϬϮϴͬϮϵ ϮϬϮϵͬϯϬ ϮϬϯϬͬϯϭ ϮϬϯϭͬϯϮ ϮϬϯϮͬϯϯ ϮϬϯϯͬϯϰ ϮϬϯϰͬϯϱ ϮϬϯϱͬϯϲ ϮϬϯϲͬϯϳ ϮϬϯϳͬϯϴ ϮϬϯϴͬϯϵ ϮϬϯϵͬϰϬ ϮϬϰϬͬϰϭ ϮϬϰϭͬϰϮ ϮϬϰϮͬϰϯ dKd >^

ϭϭ͕ϲϴϬ͕ϬϬϬ ϭϭ͕ϯϲϬ͕ϬϬϬ ϭϭ͕ϬϯϬ͕ϬϬϬ ϭϬ͕ϲϵϱ͕ϬϬϬ ϭϬ͕ϯϱϬ͕ϬϬϬ ϵ͕ϵϵϱ͕ϬϬϬ ϵ͕ϲϯϬ͕ϬϬϬ ϵ͕Ϯϱϱ͕ϬϬϬ ϴ͕ϴϲϱ͕ϬϬϬ ϴ͕ϰϲϬ͕ϬϬϬ ϴ͕ϬϰϬ͕ϬϬϬ ϳ͕ϲϬϱ͕ϬϬϬ ϳ͕ϭϱϬ͕ϬϬϬ ϲ͕ϲϴϬ͕ϬϬϬ ϲ͕ϭϵϬ͕ϬϬϬ ϱ͕ϲϴϬ͕ϬϬϬ ϱ͕ϭϱϬ͕ϬϬϬ ϰ͕ϱϵϱ͕ϬϬϬ ϰ͕Ϭϭϱ͕ϬϬϬ ϯ͕ϰϭϱ͕ϬϬϬ Ϯ͕ϳϴϱ͕ϬϬϬ Ϯ͕ϭϯϬ͕ϬϬϬ ϭ͕ϰϱϬ͕ϬϬϬ ϳϰϬ͕ϬϬϬ

ϯϮϬ͕ϬϬϬ ϯϯϬ͕ϬϬϬ ϯϯϱ͕ϬϬϬ ϯϰϱ͕ϬϬϬ ϯϱϱ͕ϬϬϬ ϯϲϱ͕ϬϬϬ ϯϳϱ͕ϬϬϬ ϯϵϬ͕ϬϬϬ ϰϬϱ͕ϬϬϬ ϰϮϬ͕ϬϬϬ ϰϯϱ͕ϬϬϬ ϰϱϱ͕ϬϬϬ ϰϳϬ͕ϬϬϬ ϰϵϬ͕ϬϬϬ ϱϭϬ͕ϬϬϬ ϱϯϬ͕ϬϬϬ ϱϱϱ͕ϬϬϬ ϱϴϬ͕ϬϬϬ ϲϬϬ͕ϬϬϬ ϲϯϬ͕ϬϬϬ ϲϱϱ͕ϬϬϬ ϲϴϬ͕ϬϬϬ ϳϭϬ͕ϬϬϬ ϳϰϬ͕ϬϬϬ

ϰϱϭ͕ϴϯϲ ϰϰϰ͕ϵϱϲ ϰϯϳ͕ϮϬϭ ϰϮϴ͕ϯϱϳ ϰϭϴ͕Ϯϰϵ ϰϬϳ͕ϯϱϬ ϯϵϱ͕ϲϳϬ ϯϴϯ͕ϭϬϴ ϯϲϴ͕ϭϯϮ ϯϱϮ͕ϱϴϬ ϯϯϲ͕ϰϱϮ ϯϭϵ͕ϳϰϴ ϯϬϭ͕ϮϮϵ ϮϴϮ͕ϭϬϬ ϮϲϮ͕ϭϱϳ Ϯϰϭ͕ϰϬϬ Ϯϭϴ͕ϴϳϱ ϭϵϱ͕Ϯϴϴ ϭϳϬ͕ϲϯϴ ϭϰϱ͕ϭϯϴ ϭϭϴ͕ϯϲϯ ϵϬ͕ϱϮϱ ϲϭ͕ϲϮϱ ϯϭ͕ϰϱϬ

ϳϳϭ͕ϴϯϲ ϳϳϰ͕ϵϱϲ ϳϳϮ͕ϮϬϭ ϳϳϯ͕ϯϱϳ ϳϳϯ͕Ϯϰϵ ϳϳϮ͕ϯϱϬ ϳϳϬ͕ϲϳϬ ϳϳϯ͕ϭϬϴ ϳϳϯ͕ϭϯϮ ϳϳϮ͕ϱϴϬ ϳϳϭ͕ϰϱϮ ϳϳϰ͕ϳϰϴ ϳϳϭ͕ϮϮϵ ϳϳϮ͕ϭϬϬ ϳϳϮ͕ϭϱϳ ϳϳϭ͕ϰϬϬ ϳϳϯ͕ϴϳϱ ϳϳϱ͕Ϯϴϴ ϳϳϬ͕ϲϯϴ ϳϳϱ͕ϭϯϴ ϳϳϯ͕ϯϲϯ ϳϳϬ͕ϱϮϱ ϳϳϭ͕ϲϮϱ ϳϳϭ͕ϰϱϬ

ϭϭ͕ϲϴϬ͕ϬϬϬ

ϲ͕ϴϲϮ͕ϰϮϮ

ϭϴ͕ϱϰϮ͕ϰϮϮ

516

/dz K& D Z/>>K ^ , h> K& D dhZ/d/ ^ /Ed Z ^d E Z DWd/KE &hE

&ŝƐĐĂů

KƵƚƐƚĂŶĚŝŶŐ ĞŐŝŶŶŝŶŐ ŽĨ zĞĂƌ WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐƚ ,ŽƚĞů KĐĐƵƉĂŶĐLJ dĂdž ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϴ

dŽƚĂů

KĐƚŽďĞƌ ϭ͕ ϮϬϭϵ ϮϬϭϵͬϮϬ ϮϬϮϬͬϮϭ ϮϬϮϭͬϮϮ ϮϬϮϮͬϮϯ ϮϬϮϯͬϮϰ ϮϬϮϰͬϮϱ ϮϬϮϱͬϮϲ ϮϬϮϲͬϮϳ ϮϬϮϳͬϮϴ ϮϬϮϴͬϮϵ ϮϬϮϵͬϯϬ ϮϬϯϬͬϯϭ ϮϬϯϭͬϯϮ ϮϬϯϮͬϯϯ ϮϬϯϯͬϯϰ ϮϬϯϰͬϯϱ ϮϬϯϱͬϯϲ ϮϬϯϲͬϯϳ ϮϬϯϳͬϯϴ ϮϬϯϴͬϯϵ ϮϬϯϵͬϰϬ ϮϬϰϬͬϰϭ ϮϬϰϭͬϰϮ ϮϬϰϮͬϰϯ ϮϬϰϯͬϰϰ ϮϬϰϰͬϰϱ ϮϬϰϱͬϰϲ ϮϬϰϲͬϰϳ ϮϬϰϳͬϰϴ dKd >^

ϯϴ͕ϴϯϱ͕ϬϬϬ ϯϴ͕ϴϯϱ͕ϬϬϬ ϯϴ͕Ϭϯϱ͕ϬϬϬ ϯϳ͕Ϯϭϱ͕ϬϬϬ ϯϲ͕ϯϳϬ͕ϬϬϬ ϯϱ͕ϱϬϬ͕ϬϬϬ ϯϰ͕ϲϬϬ͕ϬϬϬ ϯϯ͕ϲϲϱ͕ϬϬϬ ϯϮ͕ϲϵϱ͕ϬϬϬ ϯϭ͕ϲϵϬ͕ϬϬϬ ϯϬ͕ϲϰϱ͕ϬϬϬ Ϯϵ͕ϱϲϬ͕ϬϬϬ Ϯϴ͕ϰϯϬ͕ϬϬϬ Ϯϳ͕Ϯϱϱ͕ϬϬϬ Ϯϲ͕Ϭϯϱ͕ϬϬϬ Ϯϰ͕ϳϲϱ͕ϬϬϬ Ϯϯ͕ϰϰϬ͕ϬϬϬ ϮϮ͕ϬϲϬ͕ϬϬϬ ϮϬ͕ϲϮϬ͕ϬϬϬ ϭϵ͕ϭϮϬ͕ϬϬϬ ϭϳ͕ϱϱϱ͕ϬϬϬ ϭϱ͕ϵϮϱ͕ϬϬϬ ϭϰ͕ϮϮϬ͕ϬϬϬ ϭϮ͕ϰϰϬ͕ϬϬϬ ϭϬ͕ϱϴϱ͕ϬϬϬ ϴ͕ϲϰϱ͕ϬϬϬ ϲ͕ϲϮϬ͕ϬϬϬ ϰ͕ϱϭϬ͕ϬϬϬ Ϯ͕ϯϬϱ͕ϬϬϬ

Ϭ ϴϬϬ͕ϬϬϬ ϴϮϬ͕ϬϬϬ ϴϰϱ͕ϬϬϬ ϴϳϬ͕ϬϬϬ ϵϬϬ͕ϬϬϬ ϵϯϱ͕ϬϬϬ ϵϳϬ͕ϬϬϬ ϭ͕ϬϬϱ͕ϬϬϬ ϭ͕Ϭϰϱ͕ϬϬϬ ϭ͕Ϭϴϱ͕ϬϬϬ ϭ͕ϭϯϬ͕ϬϬϬ ϭ͕ϭϳϱ͕ϬϬϬ ϭ͕ϮϮϬ͕ϬϬϬ ϭ͕ϮϳϬ͕ϬϬϬ ϭ͕ϯϮϱ͕ϬϬϬ ϭ͕ϯϴϬ͕ϬϬϬ ϭ͕ϰϰϬ͕ϬϬϬ ϭ͕ϱϬϬ͕ϬϬϬ ϭ͕ϱϲϱ͕ϬϬϬ ϭ͕ϲϯϬ͕ϬϬϬ ϭ͕ϳϬϱ͕ϬϬϬ ϭ͕ϳϴϬ͕ϬϬϬ ϭ͕ϴϱϱ͕ϬϬϬ ϭ͕ϵϰϬ͕ϬϬϬ Ϯ͕ϬϮϱ͕ϬϬϬ Ϯ͕ϭϭϬ͕ϬϬϬ Ϯ͕ϮϬϱ͕ϬϬϬ Ϯ͕ϯϬϱ͕ϬϬϬ

ϭ͕ϲϬϲ͕ϭϯϯ ϭ͕ϲϬϲ͕ϭϯϯ ϭ͕ϱϴϯ͕ϳϯϯ ϭ͕ϱϱϴ͕ϳϮϯ ϭ͕ϱϯϭ͕ϲϴϯ ϭ͕ϱϬϮ͕ϭϬϯ ϭ͕ϰϳϬ͕ϭϱϯ ϭ͕ϰϯϲ͕ϬϮϱ ϭ͕ϯϵϵ͕ϲϱϬ ϭ͕ϯϲϬ͕ϵϱϴ ϭ͕ϯϭϵ͕ϲϴϬ ϭ͕Ϯϳϲ͕ϮϴϬ ϭ͕ϮϯϬ͕ϱϭϱ ϭ͕ϭϴϮ͕ϯϰϬ ϭ͕ϭϯϭ͕ϳϭϬ ϭ͕Ϭϳϴ͕ϯϳϬ ϭ͕ϬϮϮ͕ϳϮϬ ϵϲϰ͕ϳϲϬ ϵϬϰ͕ϮϴϬ ϴϰϭ͕ϮϴϬ ϳϳϮ͕ϰϮϬ ϳϬϬ͕ϳϬϬ ϲϮϱ͕ϲϴϬ ϱϰϳ͕ϯϲϬ ϰϲϱ͕ϳϰϬ ϯϴϬ͕ϯϴϬ Ϯϵϭ͕ϮϴϬ ϭϵϴ͕ϰϰϬ ϭϬϭ͕ϰϮϬ

ϭ͕ϲϬϲ͕ϭϯϯ Ϯ͕ϰϬϲ͕ϭϯϯ Ϯ͕ϰϬϯ͕ϳϯϯ Ϯ͕ϰϬϯ͕ϳϮϯ Ϯ͕ϰϬϭ͕ϲϴϯ Ϯ͕ϰϬϮ͕ϭϬϯ Ϯ͕ϰϬϱ͕ϭϱϯ Ϯ͕ϰϬϲ͕ϬϮϱ Ϯ͕ϰϬϰ͕ϲϱϬ Ϯ͕ϰϬϱ͕ϵϱϴ Ϯ͕ϰϬϰ͕ϲϴϬ Ϯ͕ϰϬϲ͕ϮϴϬ Ϯ͕ϰϬϱ͕ϱϭϱ Ϯ͕ϰϬϮ͕ϯϰϬ Ϯ͕ϰϬϭ͕ϳϭϬ Ϯ͕ϰϬϯ͕ϯϳϬ Ϯ͕ϰϬϮ͕ϳϮϬ Ϯ͕ϰϬϰ͕ϳϲϬ Ϯ͕ϰϬϰ͕ϮϴϬ Ϯ͕ϰϬϲ͕ϮϴϬ Ϯ͕ϰϬϮ͕ϰϮϬ Ϯ͕ϰϬϱ͕ϳϬϬ Ϯ͕ϰϬϱ͕ϲϴϬ Ϯ͕ϰϬϮ͕ϯϲϬ Ϯ͕ϰϬϱ͕ϳϰϬ Ϯ͕ϰϬϱ͕ϯϴϬ Ϯ͕ϰϬϭ͕ϮϴϬ Ϯ͕ϰϬϯ͕ϰϰϬ Ϯ͕ϰϬϲ͕ϰϮϬ

ϯϴ͕ϴϯϱ͕ϬϬϬ

ϯϬ͕ϬϵϬ͕ϲϰϱ

ϲϴ͕ϵϮϱ͕ϲϰϱ

517

/dz K& D Z/>>K d ^ Zs/ WZKs/^/KE &KZ KDW E^ d ^ E ^

dh > ϮϬϭϳͬϮϬϭϴ

^d/D d ϮϬϭϴͬϮϬϭϵ

^d/D d ϮϬϭϵͬϮϬϮϬ

ϯ͕ϱϬϭ͕Ϭϭϴ

ϭ͕ϯϵϴ͕ϵϯϭ

ϭ͕Ϭϳϰ͕ϭϯϳ

/ŶƚĞƌĞƐƚ ĂƌŶŝŶŐƐ KƉĞƌĂƚŝŶŐ dƌĂŶƐĨĞƌƐ KƚŚĞƌ

ϯϮ͕ϲϰϮ Ϭ Ͳϭ͕Ϯϵϯ

ϴ͕ϱϰϲ ϭ͕ϰϬϬ͕ϬϬϬ Ϭ

ϱ͕ϬϬϬ Ϭ Ϭ

dŽƚĂů ZĞĐĞŝƉƚƐ

ϯϭ͕ϯϰϵ

ϭ͕ϰϬϴ͕ϱϰϲ

ϱ͕ϬϬϬ

ϯ͕ϱϯϮ͕ϯϲϳ

Ϯ͕ϴϬϳ͕ϰϳϳ

ϭ͕Ϭϳϵ͕ϭϯϳ

ŽŵƉĞŶƐĂƚĞĚ ďƐĞŶĐĞƐ KƉĞƌĂƚŝŶŐ dƌĂŶƐĨĞƌƐ

Ϯ͕ϭϬϴ͕ϵϱϬ Ϯϵ͕ϳϮϲ

ϭ͕ϳϯϯ͕ϯϰϭ Ϭ

ϭ͕ϬϳϬ͕ϱϱϱ Ϭ

dŽƚĂů džƉĞŶĚŝƚƵƌĞƐ

Ϯ͕ϭϯϴ͕ϲϳϲ

ϭ͕ϳϯϯ͕ϯϰϭ

ϭ͕ϬϳϬ͕ϱϱϱ

ZĞƐĞƌǀĞ ĨŽƌ &ƵƚƵƌĞ ŽŵƉĞŶƐĂƚĞĚ ďƐĞŶĐĞƐ

ϭ͕ϯϵϴ͕ϵϯϭ

ϭ͕Ϭϳϰ͕ϭϯϳ

ϴ͕ϱϴϮ

Z ^KhZ ^͗ ĂůĂŶĐĞ ϭϬͬϬϭͬϭϴ Z /Wd^

dŽƚĂů ZĞƐŽƵƌĐĞƐ Θ ZĞĐĞŝƉƚƐ h d yW E /dhZ ^͗

ǀĂŝůĂďůĞ ĨƵŶĚƐ ĐĂůĐƵůĂƚŝŽŶ͗ ĂƐŚ Θ /ŶǀĞƐƚŵĞŶƚƐ ; ƉƉƌĞĐŝĂƚŝŽŶͿ ĞƉƌĞĐŝĂƚŝŽŶ ŝŶ /ŶǀĞƐƚŵĞŶƚƐ ƐƐĞƚƐ ƚŽ ďĞ ĐŽŶǀĞƌƚĞĚ ƚŽ ĂƐŚ >ĞƐƐ͗ >ŝĂďŝůŝĞƐ Θ ŶĐƵŵďĞƌĂŶĐĞƐ >ĞƐƐ͗ ŽŶƐƚƌƵĐƚŝŽŶ ŝŶ WƌŽŐƌĞƐƐ ĂůĂŶĐĞƐ

ϭ͕ϯϴϵ͕ϭϭϮ ϱ͕ϮϰϬ ϰ͕ϱϳϲ ϯ

ĂůĂŶĐĞ ϭϬͬϬϭͬϭϴ

ϭ͕ϯϵϴ͕ϵϯϭ

518

/dz K& D Z/>>K /Ed Z ^d E Z DWd/KE &hE Ͳ t d Z Z s Eh ^d d D Ed K& KE /E d E ^^ d K dK Z ϭ͕ ϮϬϭϵ KE /E d E ^^ KE /^^h ^

ŽŵďŝŶĂƚŝŽŶ dĂdž Θ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϬϵ

yW E /dhZ ^

ĂƚĞ ŽĨ /ƐƐƵĞ

DĂƚƵƌŝƚŝĞƐ KƵƚƐƚĂŶĚŝŶŐ

ϬϮͬϮϳͬϬϵ

/ŶƚĞƌĞƐƚ ZĂƚĞ

KƌŝŐŝŶĂů /ƐƐƵĞ

KƵƚƐƚĂŶĚŝŶŐ ϭϬͬϬϭͬϭϵ

WƌŝŶĐŝƉĂů

/ŶƚĞƌĞƐƚ

dŽƚĂů

ϬϱͬϭϱͬϮϬͲϮϴ Ϭ͘ϭϰϴ Ͳ ϯ͘Ϭϭϴ

ϯϴ͕ϴϴϱ͕ϬϬϬ

ϮϬ͕ϳϬϱ͕ϬϬϬ

Ϯ͕Ϭϵϱ͕ϬϬϬ

ϱϯϱ͕ϵϰϭ

Ϯ͕ϲϯϬ͕ϵϰϭ

ϭϭͬϮϰͬϬϵ

ϬϱͬϭϱͬϮϬͲϮϵ Ϭ͘ϬϮϭ Ͳ Ϯ͘ϱϴϳ

ϰϳ͕ϰϬϬ͕ϬϬϬ

Ϯϵ͕ϲϴϬ͕ϬϬϬ

Ϯ͕ϱϰϬ͕ϬϬϬ

ϲϱϱ͕ϯϱϮ

ϯ͕ϭϵϱ͕ϯϱϮ

ϬϮͬϬϰͬϭϬ

ϬϱͬϭϱͬϮϬͲϯϭ Ϭ͘ϬϬ

ϭϴ͕Ϭϳϱ͕ϬϬϬ

ϭϬ͕ϴϲϬ͕ϬϬϬ

ϵϬϱ͕ϬϬϬ

Ϭ

ϵϬϱ͕ϬϬϬ

ϬϴͬϯϬͬϭϭ ϬϰͬϬϭͬϮϬϮϬͲϯϭ Ϯ͘ϬϬ Ͳ ϰ͘ϭϮϱ

ϭϲ͕ϯϬϬ͕ϬϬϬ

ϭϬ͕ϵϱϬ͕ϬϬϬ

ϳϮϬ͕ϬϬϬ

ϰϮϬ͕ϴϯϴ

ϭ͕ϭϰϬ͕ϴϯϴ

ϬϴͬϯϬͬϭϭ ϬϰͬϬϭͬϮϬϮϬͲϮϯ Ϯ͘ϬϬ Ͳ ϯ͘ϭϮϱ

ϱ͕ϲϬϱ͕ϬϬϬ

Ϯ͕ϭϵϬ͕ϬϬϬ

ϱϮϱ͕ϬϬϬ

ϲϰ͕ϰϱϬ

ϱϴϵ͕ϰϱϬ

ϬϭͬϮϮͬϭϰ ϬϰͬϬϭͬϮϬϮϬͲϯϯ Ϭ͘Ϭϭ Ͳ Ϭ͘ϴϱ

ϭ͕ϯϭϬ͕ϬϬϬ

ϱϯϱ͕ϬϬϬ

ϭϯϬ͕ϬϬϬ

ϯ͕ϭϲϬ

ϭϯϯ͕ϭϲϬ

ϬϭͬϮϮͬϭϰ ϬϰͬϬϭͬϮϬϮϬͲϯϯ Ϭ͘ϯϲ Ͳ Ϯ͘ϲϮ

ϴ͕ϰϵϱ͕ϬϬϬ

ϲ͕ϭϳϬ͕ϬϬϬ

ϯϵϬ͕ϬϬϬ

ϭϮϬ͕ϬϵϬ

ϱϭϬ͕ϬϵϬ

ϭϬͬϮͬϮϬϭϱ

ϬϰͬϬϭͬϮϬϮϬͲϯϱ Ϭ͘ϱϬ Ͳ ϭ͘ϱϵ

ϭϳ͕ϭϵϱ͕ϬϬϬ

ϭϯ͕ϴϲϬ͕ϬϬϬ

ϴϭϱ͕ϬϬϬ

ϭϰϳ͕ϭϬϮ

ϵϲϮ͕ϭϬϮ

ϭϬͬϮͬϮϬϭϱ

ϬϰͬϬϭͬϮϬϮϬͲϯϱ Ϯ͘ϬϬ Ͳ ϰ͘ϬϬ

Ϯϭ͕ϭϰϱ͕ϬϬϬ

ϭϰ͕ϮϴϬ͕ϬϬϬ

ϭ͕ϯϴϬ͕ϬϬϬ

ϰϲϳ͕Ϭϲϵ

ϭ͕ϴϰϳ͕Ϭϲϵ

ϰͬϭϭͬϮϬϭϳ

ϬϰͬϬϭͬϮϬϮϬͲϯϲ ϯ͘ϬϬ Ͳ ϱ͘ϬϬ

ϯϭ͕ϬϬϱ͕ϬϬϬ

Ϯϴ͕ϲϱϬ͕ϬϬϬ

ϭ͕ϭϳϱ͕ϬϬϬ

ϭ͕ϭϮϴ͕Ϭϰϰ

Ϯ͕ϯϬϯ͕Ϭϰϰ

ϳͬϭϵͬϮϬϭϴ

ϬϰͬϬϭͬϮϬϮϬͲϯϲ Ϭ͘ϭϳ Ͳ ϭ͘ϲϬ

ϭϮ͕ϱϬϬ͕ϬϬϬ

ϭϭ͕ϴϴϱ͕ϬϬϬ

ϱϳϱ͕ϬϬϬ

ϭϯϴ͕ϴϳϳ

ϳϭϯ͕ϴϳϳ

ϳͬϭϵͬϮϬϭϴ

ϬϰͬϬϭͬϮϬϮϬͲϯϴ ϯ͘ϬϬ Ͳ ϱ͘ϬϬ

ϭϰ͕ϲϭϬ͕ϬϬϬ

ϭϯ͕ϵϯϱ͕ϬϬϬ

ϱϮϬ͕ϬϬϬ

ϱϲϴ͕ϮϮϱ

ϭ͕Ϭϴϴ͕ϮϮϱ

ƐƚŝŵĂƚĞĚ

Ϯϴ͕ϭϬϬ͕ϬϬϬ

Ϯϴ͕ϭϬϬ͕ϬϬϬ

ϭ͕Ϭϵϱ͕ϬϬϬ

ϳϬϳ͕ϭϬϮ

ϭ͕ϴϬϮ͕ϭϬϮ

ƐƚŝŵĂƚĞĚ

Ϯϵ͕ϱϬϬ͕ϬϬϬ ϮϵϬ͕ϭϮϱ͕ϬϬϬ

Ϯϵ͕ϱϬϬ͕ϬϬϬ ϮϮϭ͕ϯϬϬ͕ϬϬϬ

ϭ͕ϭϵϭ͕ϱϯϰ ϭϰ͕Ϭϱϲ͕ϱϯϰ

ϳϲϵ͕ϰϰϬ ϱ͕ϳϮϱ͕ϲϵϬ

ϭ͕ϵϲϬ͕ϵϳϰ ϭϵ͕ϳϴϮ͕ϮϮϰ

ϯ͕ϰϮϬ͕ϭϯϬ ϯϯ͕ϱϯϲ͕Ϭϱϯ ϭϴ͕ϰϭϱ͕ϲϴϴ ϮϬ͕Ϭϯϭ͕ϯϴϳ ϰ͕ϲϱϳ͕ϭϵϴ

Ϯϭϯ͕ϰϭϴ Ϯϯ͕Ϯϵϯ͕Ϭϯϰ ϭϱ͕ϲϭϲ͕ϵϮϱ ϵ͕ϯϯϬ͕ϳϴϰ ϰ͕ϮϵϬ͕Ϭϴϱ

Ϯϭϯ͕ϰϭϴ ϭ͕ϲϬϰ͕ϴϬϱ Ϯ͕Ϭϯϴ͕ϯϬϬ ϭ͕ϱϰϯ͕Ϭϲϭ ϰϭϬ͕ϮϳϮ

ϳ͕ϰϳϬ ϭ͕ϭϬϴ͕ϳϰϴ ϳϴϬ͕ϴϰϲ ϰϵϱ͕ϯϴϵ ϭϳϭ͕ϭϰϲ

ŽŵďŝŶĂƚŝŽŶ dĂdž Θ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϬϵ ŽŵďŝŶĂƚŝŽŶ dĂdž Θ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϬϵ tĂƚĞƌ Θ ^ĞǁĞƌ ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϭ 'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶ ZĞĨƵŶĚŝŶŐ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϭ tĂƚĞƌ Θ ^ĞǁĞƌ ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϯ tĂƚĞƌ Θ ^ĞǁĞƌ ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϰ tĂƚĞƌ Θ ^ĞǁĞƌ ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϱ tĂƚĞƌ Θ ^ĞǁĞƌ ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϱ tĂƚĞƌ Θ ^ĞǁĞƌ ZĞǀĞŶƵĞ ŽŶĚƐ͕ EĞǁ ^ĞƌŝĞƐ ϮϬϭϳ tĂƚĞƌ Θ ^ĞǁĞƌ ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϴ tĂƚĞƌ Θ ^ĞǁĞƌ ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϴ tĂƚĞƌ Θ ^ĞǁĞƌ ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϵ ;ĞƐƚ͘Ϳ tĂƚĞƌ Θ ^ĞǁĞƌ ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϮϬ ;ĞƐƚ͘Ϳ dŽƚĂů tĂƚĞƌ Θ ^ĞǁĞƌ Kd, Z >KE' d ZD d ĂŶĂĚŝĂŶ ZŝǀĞƌ DƵŶŝĐŝƉĂů tĂƚĞƌ ƵƚŚŽƌŝƚLJ ; ZDt Ϳ ϮϬϭϬ ŽŶũƵŶĐƚŝǀĞ hƐĞ ϮͬϭϱͬϮϬϮϬ sĂƌŝŽƵƐ ϮϬϭϭ ŽŶĚƐ ŽŶƚƌĂĐƚ ZĞǀĞŶƵĞ ŽŶĚƐ ϬϴͬϭϱͬϮϬϮϬͲϯϭ sĂƌŝŽƵƐ ϮϬϭϮ ZĞĨƵŶĚŝŶŐ ŽŶĚƐ ϬϮͬϭϱͬϮϬϮϬͲϮϱ sĂƌŝŽƵƐ ϮϬϭϰ ZĞĨƵŶĚŝŶŐ ŽŶĚƐ ϬϮͬϭϱͬϮϬϮϬͲϮϳ sĂƌŝŽƵƐ ϮϬϭϳ ZĞĨƵŶĚŝŶŐ ŽŶĚƐ ϬϮͬϭϱͬϮϬϮϬͲϮϵ sĂƌŝŽƵƐ WĂLJŝŶŐ ŐĞŶĐLJ &ĞĞƐ dŽƚĂů džƉĞŶĚŝƚƵƌĞƐ

Ύ Ύ Ύ Ύ Ύ Ύ

ϮϮϬ͕ϴϴϴ Ϯ͕ϳϭϯ͕ϱϱϯ Ϯ͕ϴϭϵ͕ϭϰϲ Ϯ͕Ϭϯϴ͕ϰϱϬ ϱϴϭ͕ϰϭϴ ϭϭ͕ϳϭϬ Ϯϴ͕ϭϲϳ͕ϯϴϵ

hZZ Ed Z ^ Zs Z Yh/Z D Ed^

Ϯ͕ϯϯϯ͕ϱϲϱ

dŽƚĂů WƌŝŶĐŝƉĂů WĂLJŵĞŶƚƐ ϭϵ͕ϴϲϲ͕ϯϵϬ EŽƚĞ͗ dŚĞ tĂƚĞƌ ĂŶĚ ^ĞǁĞƌ ϮϬϭϯ͕ ϮϬϭϰ͕ ϮϬϭϱ͕ ĂŶĚ ϮϬϭϴ ŝƐƐƵĞƐ ƌĞƋƵŝƌĞ Ă ƌĞƐĞƌǀĞ ĨƵŶĚ ŽĨ ΨϮ͕ϯϴϬ͕ϭϬϴ ǁŚŝĐŚ ŚĂƐ ďĞĞŶ ĨƵůůLJ ĨƵŶĚĞĚ͘ Ύ /ŶĐůƵĚĞĚ ŝŶ ŽƉĞƌĂƚŝŶŐ ďƵĚŐĞƚ

519

/dz K& D Z/>>K ^ , h> K& D dhZ/d/ ^ /Ed Z ^d E Z DWd/KE &hE Ͳ t d Z ϮϬϮϬͬϮϬϯϳ

&ŝƐĐĂů

KƵƚƐƚĂŶĚŝŶŐ ĞŐŝŶŶŝŶŐ ŽĨ zĞĂƌ

WƌŝŶĐŝƉĂů

zĞĂƌ /ŶƚĞƌĞƐƚ

dŽƚĂů

ϮϬϭϵͬϮϬ ϮϬϮϬͬϮϭ ϮϬϮϭͬϮϮ ϮϬϮϮͬϮϯ ϮϬϮϯͬϮϰ ϮϬϮϰͬϮϱ ϮϬϮϱͬϮϲ ϮϬϮϲͬϮϳ ϮϬϮϳͬϮϴ ϮϬϮϴͬϮϵ ϮϬϮϵͬϯϬ ϮϬϯϬͬϯϭ ϮϬϯϭͬϯϮ ϮϬϯϮͬϯϯ ϮϬϯϯͬϯϰ ϮϬϯϰͬϯϱ ϮϬϯϱͬϯϲ ϮϬϯϲͬϯϳ ϮϬϯϳͬϯϴ

ϭϲϯ͕ϳϬϬ͕ϬϬϬ ϭϱϭ͕ϵϯϬ͕ϬϬϬ ϭϯϵ͕ϵϮϱ͕ϬϬϬ ϭϮϳ͕ϲϱϬ͕ϬϬϬ ϭϭϱ͕ϬϳϬ͕ϬϬϬ ϭϬϮ͕ϱϵϱ͕ϬϬϬ ϴϵ͕ϳϴϬ͕ϬϬϬ ϳϲ͕ϲϵϬ͕ϬϬϬ ϲϯ͕ϯϰϬ͕ϬϬϬ ϱϭ͕ϬϮϬ͕ϬϬϬ ϰϬ͕ϵϵϬ͕ϬϬϬ ϯϰ͕ϭϲϱ͕ϬϬϬ Ϯϳ͕Ϯϱϱ͕ϬϬϬ ϮϮ͕Ϯϳϱ͕ϬϬϬ ϭϳ͕ϲϬϱ͕ϬϬϬ ϭϯ͕ϯϭϱ͕ϬϬϬ ϴ͕ϵϬϱ͕ϬϬϬ ϱ͕ϯϰϱ͕ϬϬϬ ϭ͕ϲϴϬ͕ϬϬϬ

ϭϭ͕ϳϳϬ͕ϬϬϬ ϭϮ͕ϬϬϱ͕ϬϬϬ ϭϮ͕Ϯϳϱ͕ϬϬϬ ϭϮ͕ϱϴϬ͕ϬϬϬ ϭϮ͕ϰϳϱ͕ϬϬϬ ϭϮ͕ϴϭϱ͕ϬϬϬ ϭϯ͕ϬϵϬ͕ϬϬϬ ϭϯ͕ϯϱϬ͕ϬϬϬ ϭϮ͕ϯϮϬ͕ϬϬϬ ϭϬ͕ϬϯϬ͕ϬϬϬ ϲ͕ϴϮϱ͕ϬϬϬ ϲ͕ϵϭϬ͕ϬϬϬ ϰ͕ϵϴϬ͕ϬϬϬ ϰ͕ϲϳϬ͕ϬϬϬ ϰ͕ϮϵϬ͕ϬϬϬ ϰ͕ϰϭϬ͕ϬϬϬ ϯ͕ϱϲϬ͕ϬϬϬ ϯ͕ϲϲϱ͕ϬϬϬ ϭ͕ϲϴϬ͕ϬϬϬ

ϰ͕Ϯϰϵ͕ϭϰϲ ϰ͕ϬϮϳ͕ϲϯϴ ϯ͕ϳϳϭ͕ϭϯϱ ϯ͕ϰϲϳ͕Ϭϳϳ ϯ͕ϭϯϲ͕ϱϯϰ Ϯ͕ϴϬϮ͕Ϯϰϱ Ϯ͕ϰϯϵ͕Ϯϭϱ Ϯ͕Ϭϳϳ͕ϳϬϰ ϭ͕ϳϬϯ͕ϱϯϱ ϭ͕ϯϲϳ͕ϰϮϴ ϭ͕Ϭϵϱ͕ϰϳϰ ϵϮϲ͕ϱϭϲ ϳϱϮ͕ϱϮϬ ϲϮϬ͕ϳϬϬ ϰϵϱ͕ϵϱϴ ϯϳϵ͕ϵϵϮ Ϯϲϭ͕ϴϮϴ ϭϱϱ͕ϯϰϱ ϰϱ͕ϰϬϱ

ϭϲ͕Ϭϭϵ͕ϭϰϲ ϭϲ͕ϬϯϮ͕ϲϯϴ ϭϲ͕Ϭϰϲ͕ϭϯϱ ϭϲ͕Ϭϰϳ͕Ϭϳϳ ϭϱ͕ϲϭϭ͕ϱϯϰ ϭϱ͕ϲϭϳ͕Ϯϰϱ ϭϱ͕ϱϮϵ͕Ϯϭϱ ϭϱ͕ϰϮϳ͕ϳϬϰ ϭϰ͕ϬϮϯ͕ϱϯϱ ϭϭ͕ϯϵϳ͕ϰϮϴ ϳ͕ϵϮϬ͕ϰϳϰ ϳ͕ϴϯϲ͕ϱϭϲ ϱ͕ϳϯϮ͕ϱϮϬ ϱ͕ϮϵϬ͕ϳϬϬ ϰ͕ϳϴϱ͕ϵϱϴ ϰ͕ϳϴϵ͕ϵϵϮ ϯ͕ϴϮϭ͕ϴϮϴ ϯ͕ϴϮϬ͕ϯϰϱ ϭ͕ϳϮϱ͕ϰϬϱ

ϭϲϯ͕ϳϬϬ͕ϬϬϬ

ϯϯ͕ϳϳϱ͕ϯϵϱ

ϭϵϳ͕ϰϳϱ͕ϯϵϱ

dKd >^

520

/dz K& D Z/>>K /Ed Z ^d E Z DWd/KE &hE Ͳ /ZWKZd &hE ^d d D Ed K& KE /E d E ^^ d K dK Z ϭ͕ ϮϬϭϵ KE /E d E ^^ KE /^^h ^

ŽŵďŝŶĂƚŝŽŶ dĂdž Θ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϬϵ

ĂƚĞ ŽĨ /ƐƐƵĞ

ϬϵͬϬϯͬϬϵ

yW E /dhZ ^ DĂƚƵƌŝƚŝĞƐ KƵƚƐƚĂŶĚŝŶŐ

/ŶƚĞƌĞƐƚ ZĂƚĞ

KƌŝŐŝŶĂů /ƐƐƵĞ

KƵƚƐƚĂŶĚŝŶŐ ϭϬͬϬϭͬϭϵ

WƌŝŶĐŝƉĂů

/ŶƚĞƌĞƐƚ

dŽƚĂů

ϮϬϮϬ

ϱ͘ϬϬ͕ ϯ͘ϬϬ͕ ϰ͘ϬϬ͕ ϰ͘ϳϬϱ͕ ϱ͘ϬϬ͕ ϰ͘Ϯϰϭ͕ ϱ͘ϬϬ͕ ϱ͘ϬϬ͕ ϰ͘ϳϴϯ

ϭϲ͕ϭϰϬ͕ϬϬϬ

ϭ͕ϴϯϬ͕ϬϬϬ

ϭ͕ϴϯϬ͕ϬϬϬ

ϰϯ͕ϳϲϮ Ύ

ϭ͕ϴϳϯ͕ϳϲϮ

dŽƚĂů WƌŝŶĐŝƉĂů WĂLJŵĞŶƚƐ

Ύ /ŶĐůƵĚĞĚ ŝŶ ŽƉĞƌĂƚŝŶŐ ďƵĚŐĞƚ

521

ϭ͕ϴϯϬ͕ϬϬϬ

/dz K& D Z/>>K ^ , h> K& D dhZ/d/ ^ /Ed Z ^d E Z DWd/KE &hE Ͳ /ZWKZd ϮϬϮϬ

&ŝƐĐĂů ϮϬϭϵͬϮϬ dKd >^

KƵƚƐƚĂŶĚŝŶŐ ĞŐŝŶŶŝŶŐ ŽĨ zĞĂƌ ϭ͕ϴϯϬ͕ϬϬϬ

WƌŝŶĐŝƉĂů

zĞĂƌ /ŶƚĞƌĞƐƚ

dŽƚĂů

ϭ͕ϴϯϬ͕ϬϬϬ ϭ͕ϴϯϬ͕ϬϬϬ

ϰϯ͕ϳϲϯ ϰϯ͕ϳϲϯ

ϭ͕ϴϳϯ͕ϳϲϯ ϭ͕ϴϳϯ͕ϳϲϯ

522

/dz K& D Z/>>K /Ed Z ^d E Z DWd/KE &hE Ͳ Z /E ' hd/>/dz &hE ^d d D Ed K& KE /E d E ^^ d K dK Z ϭ͕ ϮϬϭϵ KE /E d E ^^ KE /^^h ^

yW E /dhZ ^

ĂƚĞ ŽĨ /ƐƐƵĞ

DĂƚƵƌŝƚŝĞƐ KƵƚƐƚĂŶĚŝŶŐ

/ŶƚĞƌĞƐƚ ZĂƚĞ

KƌŝŐŝŶĂů /ƐƐƵĞ

KƵƚƐƚĂŶĚŝŶŐ ϭϬͬϬϭͬϭϵ

WƌŝŶĐŝƉĂů

/ŶƚĞƌĞƐƚ

dŽƚĂů

ŽŵďŝŶĂƚŝŽŶ dĂdž Θ ZĞǀĞŶƵĞ ĞƌƚŝĨŝĐĂƚĞƐ ŽĨ KďůŝŐĂƚŝŽŶ͕ ^ĞƌŝĞƐ ϮϬϭϮ

ϭϮͬϭϮͬϭϮ

ϬϴͬϭϱͬϮϬϮϬͲϯϮ

ϭ͘ϬϬй Ͳ Ϯ͘ϬϬй

ϲ͕ϮϲϬ͕ϬϬϬ

ϯ͕ϲϯϱ͕ϬϬϬ

ϮϱϬ͕ϬϬϬ

ϳϮ͕ϳϬϬ Ύ

ϯϮϮ͕ϳϬϬ

ƌĂŝŶĂŐĞ hƚŝůŝƚLJ ^LJƐƚĞŵ ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϰ

ϬϰͬϬϭͬϭϰ

ϬϴͬϭϱͬϮϬϮϬͲϯϰ

Ϯ͘ϬϬй Ͳ ϯ͘ϳϱй

ϲ͕ϬϴϬ͕ϬϬϬ

ϰ͕ϴϲϬ͕ϬϬϬ

Ϯϲϱ͕ϬϬϬ

ϭϱϳ͕ϲϰϰ Ύ

ϰϮϮ͕ϲϰϰ

ĞƐƚŝŵĂƚĞĚ

ϭϬ͕ϬϬϬ͕ϬϬϬ

ϭϬ͕ϬϬϬ͕ϬϬϬ

ϯϬϮ͕ϰϮϱ

ϱϬϬ͕ϬϬϬ Ύ

ϴϬϮ͕ϰϮϱ

ϴϭϳ͕ϰϮϱ

ϳϯϬ͕ϯϰϰ

ϭ͕ϱϰϳ͕ϳϲϵ

ƌĂŝŶĂŐĞ hƚŝůŝƚLJ ^LJƐƚĞŵ ZĞǀĞŶƵĞ ŽŶĚƐ͕ ^ĞƌŝĞƐ ϮϬϭϵ ;ĞƐƚ͘Ϳ

dŽƚĂů WƌŝŶĐŝƉĂů WĂLJŵĞŶƚƐ

Ύ /ŶĐůƵĚĞĚ ŝŶ ŽƉĞƌĂƚŝŶŐ ďƵĚŐĞƚ

523

/dz K& D Z/>>K ^ , h> K& D dhZ/d/ ^ /Ed Z ^d E Z DWd/KE &hE Ͳ Z /E ' hd/>/dz ϮϬϮϬͬϮϬϯϰ

&ŝƐĐĂů ϮϬϭϵͬϮϬ ϮϬϮϬͬϮϭ ϮϬϮϭͬϮϮ ϮϬϮϮͬϮϯ ϮϬϮϯͬϮϰ ϮϬϮϰͬϮϱ ϮϬϮϱͬϮϲ ϮϬϮϲͬϮϳ ϮϬϮϳͬϮϴ ϮϬϮϴͬϮϵ ϮϬϮϵͬϯϬ ϮϬϯϬͬϯϭ ϮϬϯϭͬϯϮ ϮϬϯϮͬϯϯ ϮϬϯϯͬϯϰ dKd >^

KƵƚƐƚĂŶĚŝŶŐ ĞŐŝŶŶŝŶŐ ŽĨ zĞĂƌ ϴ͕ϰϵϱ͕ϬϬϬ ϳ͕ϵϴϬ͕ϬϬϬ ϳ͕ϰϲϬ͕ϬϬϬ ϲ͕ϵϮϱ͕ϬϬϬ ϲ͕ϯϴϱ͕ϬϬϬ ϱ͕ϴϯϬ͕ϬϬϬ ϱ͕Ϯϲϱ͕ϬϬϬ ϰ͕ϲϴϱ͕ϬϬϬ ϰ͕Ϭϴϱ͕ϬϬϬ ϯ͕ϰϲϱ͕ϬϬϬ Ϯ͕ϴϯϬ͕ϬϬϬ Ϯ͕ϭϴϬ͕ϬϬϬ ϭ͕ϱϬϱ͕ϬϬϬ ϴϬϱ͕ϬϬϬ ϰϭϬ͕ϬϬϬ

WƌŝŶĐŝƉĂů

zĞĂƌ /ŶƚĞƌĞƐƚ

dŽƚĂů

ϱϭϱ͕ϬϬϬ ϱϮϬ͕ϬϬϬ ϱϯϱ͕ϬϬϬ ϱϰϬ͕ϬϬϬ ϱϱϱ͕ϬϬϬ ϱϲϱ͕ϬϬϬ ϱϴϬ͕ϬϬϬ ϲϬϬ͕ϬϬϬ ϲϮϬ͕ϬϬϬ ϲϯϱ͕ϬϬϬ ϲϱϬ͕ϬϬϬ ϲϳϱ͕ϬϬϬ ϳϬϬ͕ϬϬϬ ϯϵϱ͕ϬϬϬ ϰϭϬ͕ϬϬϬ ϴ͕ϰϵϱ͕ϬϬϬ

ϮϯϬ͕ϯϰϰ Ϯϭϳ͕ϯϵϰ ϮϬϰ͕ϯϰϰ ϭϵϬ͕ϴϵϰ ϭϳϳ͕Ϯϵϰ ϭϲϯ͕Ϯϵϰ ϭϰϵ͕Ϭϰϰ ϭϯϰ͕ϯϵϰ ϭϭϵ͕Ϯϰϰ ϭϬϯ͕ϭϯϭ ϴϲ͕ϭϴϭ ϲϴ͕ϯϲϵ ϰϵ͕ϯϵϰ Ϯϵ͕ϲϵϰ ϭϱ͕ϯϳϱ ϭ͕ϵϯϴ͕ϯϴϴ

ϳϰϱ͕ϯϰϰ ϳϯϳ͕ϯϵϰ ϳϯϵ͕ϯϰϰ ϳϯϬ͕ϴϵϰ ϳϯϮ͕Ϯϵϰ ϳϮϴ͕Ϯϵϰ ϳϮϵ͕Ϭϰϰ ϳϯϰ͕ϯϵϰ ϳϯϵ͕Ϯϰϰ ϳϯϴ͕ϭϯϭ ϳϯϲ͕ϭϴϭ ϳϰϯ͕ϯϲϵ ϳϰϵ͕ϯϵϰ ϰϮϰ͕ϲϵϰ ϰϮϱ͕ϯϳϱ ϭϬ͕ϰϯϯ͕ϯϴϴ

524

CITY OF AMARILLO

CAPITAL PROJECTS The City’s Capital Improvement Plan represents the staff’s determination of projects that need to be completed during the next five years to improve the quality of life for all our citizens and to improve our present service delivery system. Funding for the 2019/2020 portion of this Capital Improvement Plan has been approved in the City’s annual fiscal year budget. Funding for the remaining portion of the plan will be determined on an annual basis depending upon available financial resources and our changing needs and priorities. CAPITAL PROJECTS FUND General Construction -- To account for traffic engineering and other miscellaneous construction funded primarily by the general revenues of the City. This fund also accounts for costs of construction of various improvements to the City’s parks which, in recent years, have been financed primarily by general revenues and, in some instances, by intergovernmental grants. The General Construction Fund is also used to account for general revenues designated for replacement of existing buildings, improvements and equipment, and for similar projects. Street Assessments Fund -- To account for the construction of streets and alleys which are financed primarily by property owner participation. Street Improvement Fund -- To account for improvements being made to major thoroughfares as well as the storm sewer system of the City which is financed by general revenues, augmented in some instances by property owner participation. Golf Course Improvement Fund -- To account for the portion of green fees designated for improvements to the public golf courses. Solid Waste Disposal Improvement Fund -- To account for costs of improvements to the City’s solid waste disposal facilities, which in recent years have primarily been financed by general revenues. T-Anchor-Bivins Improvement Fund -- To account for sales of City land, the proceeds of which are designated for future betterments to the historic Bivins home. This historic home is owned by the City and rented to the Amarillo Chamber of Commerce and other community service organizations. Civic Center Improvement Fund -- To account for improvements to the Civic Center Complex which are financed by motel tax receipts. General Obligation Projects Fund -- To account for projects funded fully or partially through the issuance of general obligation debt. METHODS OF FINANCING CAPITAL IMPROVEMENT PROJECTS General Fund The General Fund is the financing of improvements from revenues such as general taxation, fees, or service charges. Earmarked Funds With earmarked funds, monies are accumulated in advance or set aside for capital construction or purchase. The accumulation may result from a surplus of earmarked operational revenues, funds in depreciation reserves, or the sale of capital assets. Certificates of Obligation Bonds With certificates of obligation bonds, the taxing power of the jurisdiction is pledged to pay interest and retire the debt. Certificates of obligation bonds can be sold to finance permanent types of improvements such as municipal buildings, parks, and recreation facilities. General Obligation Bonds With general obligation bonds, the taxing power of the jurisdiction is pledged to pay interest and retire the debt. General obligation bonds can be sold to finance permanent types of improvements such as municipal buildings, parks, and recreation facilities. Voter approval is required. Revenue Bonds Revenue bonds are frequently sold for projects that produce revenues, such as water and sewer systems. Voter approval is not required. Lease-Purchase The lease-purchase method requires the City to prepare specifications for a needed expenditure. The equipment is then leased by the municipality. At the end of the lease period, the title to the equipment can be conveyed to the municipality without any future payments.

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CITY OF AMARILLO

Special Assessments Public works that benefit particular properties may be financed more equitably by special assessment, i.e. paid by those who directly benefit. State and Federal Grants State and federal grant-in-aid programs are available to finance a number of programs. These may include streets, water and sewer facilities, airports, parks and playgrounds, etc. The cost of funding these facilities may be borne completely by grant funds or a local share may be required. Enterprise Funds Funds established from the delivery of specific services where the money paid to administer the services, and the expenses as a result of providing services, are accounted for separate from the General Fund budget of the City. FUNCTIONS OF THE CAPITAL IMPROVEMENT PROGRAM Estimating capital requirements, budgeting priority projects and identifying revenue sources for proposed improvements. Scheduling all capital projects over a fixed period with appropriate planning, implementation, and informing the public of projected capital improvements. Coordinating the activities of various departments in meeting project schedules. Monitoring and evaluating the progress of capital projects. CAPITAL IMPROVEMENT DEFINITIONS Capital Improvement Project Any expenditure of public funds for the purchase, construction, rehabilitation, replacement, or expansion of the physical assets of the community when the project is relatively large in size, expensive, long-term, and permanent. A capital improvement project should have a useful life of over five years and a unit value of at least $25,000. Some common examples include streets, libraries, tennis courts, signal systems, fire stations, water and sewer lines, and fire engines. Capital Improvement Projects should not include expenditures for equipment or services that management defines as operating budget items and which should be financed out of current revenue. Capital Improvement Program A five-year scheduling of public physical improvements to be constructed with estimated resources available to finance the projected expenditures. Capital Improvement Budget Improvements programmed for the next fiscal year and adopted as part of the normal budget process of the City. It is shown as year number one of the Capital Improvements Program. CAPITAL PROJECTS Many of the City projects are maintenance and annual replacement projects that may have an impact but are absorbed by the existing operating budgets. The City continues to face an aging infrastructure. The City has included $1.9 million funded from the Civic Center improvement fund for various enhancements to the Civic Center, $1.2 million to complete various improvements to the Landfill, $0.9 million for various IT hardware and software purchases, and $6.6 million for routine replacements of rolling stock and Fleet Service shop improvements. In November 2016, the City held a $340 million general obligation bond election which included seven propositions: Streets, Public Safety, Municipal Facilities, Neighborhood Parks, Civic Center Improvements, Fleet Services and Athletic Facilities. Voters approved two of these propositions: Streets and Public Safety. As a result, $34.0 million has been included to address needs of aged street and traffic control infrastructure and $0.5 million has been included to address various neighborhood plan initiatives. The City’s General Fund capital program includes $0.4 million for the purchase of an armored vehicle for Police SWAT Operations, $0.9 million for various Transit System improvements, and $0.7 million for City match to various Fire Department training and equipment grants. The City Water and Wastewater Utility, or Utilities Fund includes $47.5 million in capital projects, partially funded with anticipated bond proceeds of $29.5 million. The City Council has approved a 4% rate increase to fund the implementation of an advanced metering infrastructure (AMI) (total rate increase of 7% includes a 3% operating and maintenance increase). The City paused year four of its five-year Capital Improvement Program in this budget in order to allow implementation of the AMI Project. The City estimates a 15% rate increase spread equitable over five years to fund just over $140.0 million in improvements during that same time period. 2019/2020 was intended to be the fourth year of this fiveyear period. However, under the new plan the fourth year will be 2020/2021. Amarillo now has 1,177 miles of water mains in the City and an additional 998 miles of wastewater mains. The City’s water and wastewater systems are very robust and have excellent capacity. Efforts will continue to focus on addressing aging infrastructure and ensuring future capacity. The Drainage Utility Fund allows us to address improvements to the storm water drainage system. We anticipate addressing capital needs in the approximate amount of $1.3 million for the 2019/2020 year. Projects will include maintenance and

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CITY OF AMARILLO

extensions to the storm sewer drainage system. The City Council has approved a 4% rate increase to help fund the capital program. The Airport Fund includes $2.8 million in capital projects, partially funded with anticipated federal and state grant awards in the amount of $1.5 million. Projects include various enhancements and maintenance needed to the terminal and airfield. CAPITAL PROJECTS OPERATING IMPACTS OPERATING IMPACTS Project Number

Project Name

530044

Advanced Metering Infrastructure

540206

Upgrade EBI Software

540209 540210 540211

Bldg. 602 Fire Suppression System Upgrades Replace five (5) RTU systems on PBB's Upgrade BHS server and software

Total Project $

29,506,375

Software Costs $

Total Impact

O&M

173,055

$

3,600

$

176,655

13,000

1,500

-

1,500

70,000

-

4,000

4,000

27,000

-

1,500

1,500

35,000

1,500

-

1,500

Total Operating Impact

$

176,055

$

9,100

$

185,155

No quantifiable operating impacts were identified within the 2019-2020 annual budget aside from those noted above. However, operating impacts are anticipated in future periods as projects reach completion. Once completed the multimodal transportation terminal will bring on additional utility and operations and maintenance costs of approximately $160,000 a year. These costs will be partially offset with expected rent payments and Federal and State Grant revenue. This project is not projected to be completed until the 2022/2023 fiscal year at the earliest. Projects in the Water & Sewer system will have minimal operating impact, except for the AMI project noted above, as most are rehabilitation or maintenance related. The AMI project will have an estimated annual software cost of approximately $173,000 as well as other increased operations and maintenance costs of $3,600 a year. Airport Improvement projects are not expected to have a major operational impact either as these projects are mostly related to maintenance and rehabilitation of the current Airport property. The two software related projects will add an additional $3,000 in annual software costs. Additionally, the fire suppression system upgrades and the RTU replacement will add approximately $5,500 in additional operations and maintenance costs. Drainage projects will have a minimal operating impact and can be absorbed in the division’s current activity. The Fleet Services and IT projects will also have minimal future operating impacts as these are replacement projects.

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The Public Safety functional group, which includes both the Police and Fire Departments, employs the largest number of employees at 879 full-time positions and 15 part-time positions. Leisure Services departments consist of 230 full-time and 259 seasonal employees, most of which are located under Parks and Recreation. The Utility Services Group, consisting of the Solid Waste Collection and Disposal, the Water and Sewer Departments, and Drainage Utility, employs 449 full-time and 10 part-time positions. The Transportation group, which includes Street, Traffic, Transit and Airport, employs 239 full-time positions and 50 part-time positions.

542

CITY OF AMARILLO CITY EMPLOYEES BY FUNCTIONAL GROUP FOR FISCAL YEAR 2019/2020

PUBLIC SAFETY

FULL TIME

Judicial Emergency Management Emergency Management Grants Amarillo Emergency Comm. Cntr. Municipal Court Office of Civil Hearings Police Civilian Personnel Animal Management and Welfare Fire Fire Marshal Fire Civilian Personnel Court Security Fund Total

3 4 1 67 22 1 371 68 43 279 8 10 2 879

PART TIME 1 2 3 1 -

LEISURE SERVICES

FULL TIME

PART TIME

Civic Center Library Parks and Recreation Golf Total

35 57 103 35 230

9 20 174 56 259

TRANSPORTATION 3 3

1 1 15

Street Transit Traffic Photographic Traffic Enforcement Airport Total

91 65 23 1 59 239

4 45 1 50

GENERAL GOVERNMENT UTILITY SERVICES Mayor and Council City Manager City Attorney City Secretary Public Communications Total

-

5 7 10 2 4 23

5

SUPPORT SERVICES Personnel Risk Management Radio Communications Custodial Operations Facilities Maintenance Director of Finance Accounting Purchasing Health Plan Administration Central Stores Fleet Services Information Technology City Care Clinic Self Insurance Total

Solid Waste Disposal Solid Waste Collection Water & Sewer Drainage Utility Total

43 110 264 32 449

2 2 6 10

DEVELOPMENT SERVICES 8 3 5 27 31 6 13 8 3 7 45 32 5 1 194

2 1 2 1 1 2 -

Public Works (previously Engineering) Capital Projects and Development Eng Planning and Development Services Building Safety Environmental Health Urban Transportation Planning Total

5 37 10 35 18 4 109

-

1 21 81 103

-

2,226

351

HEALTH & HUMAN SERVICES Vital Statistics Community Development & Housing Health Grants Total

1 2 3

9 TOTAL EMPLOYEES

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