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 Table of Content

1 Dredging: ................................................................................................................................ 3
2 Small Scale Dredging: ........................................................................................................... 3
3 Criteria for Selecting Dredging Technique: ......................................................................... 3
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8 Impacts of Dredging: ........................................................................................................... 11
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ĚũƵƐƚŚĞƌĞǁŝƚŚƚŚĞƌĂƚĞĚĐƵƌƌĞŶƚ


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㻺㻵㻿㻴㼀㻱㻾
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㻻㼜㼑㼞㼍㼠㼛㼞 㻿㼡㼎㻌㻱㼚㼓㼕㼚㼑㼑㼞 㻼㼞㼑㼢㼑㼚㼠㼕㼢㼑㻌㻹㼍㼕㼚㼠㼑㼚㼍㼚㼏㼑㻌㼀㼑㼍㼙 㻻㼜㼑㼞㼍㼠㼛㼞 㻿㼡㼎㻌㻱㼚㼓㼕㼚㼑㼑㼞 㻼㼞㼑㼢㼑㼚㼠㼕㼢㼑㻌㻹㼍㼕㼚㼠㼑㼚㼍㼚㼏㼑㻌㼀㼑㼍㼙
㻼㼞㼑㼢㼑㼚㼠㼕㼢㼑 㻼㼞㼑㼢㼑㼚㼠㼕㼢㼑
㻸㼛㼏㼍㼠㼕㼛㼚 㻼㼑㼞㼟㼛㼚㼟㻌㼕㼚㻌㻯㼔㼍㼞㼓㼑 㻰㼍㼕㼘㼥㻌㻻㼜㼑㼞㼍㼠㼕㼛㼚 㻹㼛㼚㼠㼔㼘㼥㻌㻻㼜㼑㼞㼍㼠㼕㼛㼚
㻹㼍㼕㼚㼠㼑㼚㼍㼚㼏㼑
㻾㼑㼝㼡㼕㼞㼑㼐 㻰㼍㼕㼘㼥㻌㻻㼜㼑㼞㼍㼠㼕㼛㼚 㻹㼛㼚㼠㼔㼘㼥㻌㻻㼜㼑㼞㼍㼠㼕㼛㼚
㻹㼍㼕㼚㼠㼑㼚㼍㼚㼏㼑
㻾㼑㼝㼡㼕㼞㼑㼐
㻌㻿㼕㼠㼑 㻾㼑㼏㼛㼞㼐 㻒㻌㻿㻻㻼㻌㻾㼑㼏㼛㼞㼐 㻼㼍㼞㼠㼟㻌㻸㼕㼟㼠 㻾㼑㼏㼛㼞㼐 㻒㻌㻿㻻㻼㻌㻾㼑㼏㼛㼞㼐 㻼㼍㼞㼠㼟㻌㻸㼕㼟㼠
㻾㼑㼏㼛㼞㼐 㻾㼑㼏㼛㼞㼐
㻺㼛㻚
㻿㼡㼎㻌㻰㼕㼢㼕㼟㼕㼛㼚 㻿㼕㼠㼑㻌㻺㼍㼙㼑 㻿㻰㻻 㻼㻹㼀 㻿㼡㼎㻌㻱㼚㼓㼕㼚㼑㼑㼞 㻻㼜㼑㼞㼍㼠㼛㼞 㻼㼘㼍㼚 㻰㼛㼚㼑 㻼㼘㼍㼚 㻰㼛㼚㼑 㻼㼘㼍㼚 㻰㼛㼚㼑 㻼㼘㼍㼚 㻰㼛㼚㼑 㻼㼘㼍㼚 㻰㼛㼚㼑 㻼㼘㼍㼚 㻰㼛㼚㼑 㻼㼘㼍㼚 㻰㼛㼚㼑 㻼㼘㼍㼚 㻰㼛㼚㼑

㻝㻚 㻳㼞㼑㼑㼚㼠㼛㼣㼚 䖃 䖃 䖃 䖃 䖃 䖃

㻞㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻟㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻠㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻡㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻢㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻣㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻤㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻥㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻝㻜㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻝㻝㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻝㻞㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻝㻟㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻝㻠㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻝㻡㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻝㻢㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻝㻣㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻝㻤㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻝㻥㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻞㻜㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻞㻝㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻞㻞㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻞㻟㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻞㻠㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻞㻡㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻞㻢㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻞㻣㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻞㻤㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻞㻥㻚 䖃 䖃 䖃 䖃 䖃 䖃

㻟㻜㻚 䖃 䖃 䖃 䖃 䖃 䖃





ϰϲͮW Ă Ő Ğ 


 


 


ŽŶƚĞŶƚƐWĂŐĞEƵŵďĞƌ

ŚĂƉƚĞƌϭ
/ŶƚƌŽĚƵĐƚŝŽŶŽĨDĞĐŚĂŶŝĐĂůĞƋƵŝƉŵĞŶƚt^ƵƐĞƐ
ϭ͘ϭWƵŵƉ
ϭ͘Ϯ/ŶĚƵĐƚŝŽŶDŽƚŽƌ
ϭ͘ϯsĂůǀĞ
ŚĂƉƚĞƌϮ
/ŵƉŽƌƚĂŶĐĞŽĨDĞĐŚĂŶŝĐĂůĞƋƵŝƉŵĞŶƚ
Ϯ͘ϭZŽůĞŽĨt^WƵŵƉŽƉĞƌĂƚŝŽŶƐ͘
Ϯ͘ϮWƵƌƉŽƐĞŽĨƋƵŝƉŵĞŶƚ
ŚĂƉƚĞƌϯ
'ĞŶĞƌĂůĞƐŝŐŶΘWĂƌĂŵĞƚĞƌƐ
ϯ͘ϭ/ŵƉŽƌƚĂŶĐĞŽĨƐĞůĞĐƚŝŽŶŽĨĞƋƵŝƉŵĞŶƚ
ϯ͘ϮŽĐƵŵĞŶƚƐƌĞƋƵĞƐƚƚŽƐƵƉƉůŝĞƌ
ϯ͘ϯĂƐŝĐWƵŵƉƚŚĞŽƌLJ
ϯ͘ϰĂƐŝĐŝŶĚƵĐƚŝŽŶŵŽƚŽƌƚŚĞŽƌLJ
ϯ͘ϱĂƐŝĐsĂůǀĞƚŚĞŽƌLJ
ϯ͘ϲdžĞƌĐŝƐĞ
ŚĂƉƚĞƌϰ
WƌĞǀĞŶƚŝǀĞŵĂŝŶƚĞŶĂŶĐĞĂŶĚZĞĐŽƌĚŬĞĞƉŝŶŐ
ϰ͘ϭWƌĞǀĞŶƚŝǀĞDĂŝŶƚĞŶĂŶĐĞ
ϰ͘Ϯ,ŽǁƚŽŵĂŬĞĚĂŝůLJŽƉĞƌĂƚŝŽŶƌĞĐŽƌĚ
ϰ͘ϯ,ŽǁƚŽĐŽŶĚƵĐƚƉƌĞǀĞŶƚŝǀĞŵĂŝŶƚĞŶĂŶĐĞ
ϰ͘ϰEĞĐĞƐƐĂƌLJƚŽŽůƐĂŶĚƚŚĞŝƌƵƐĞƐ
ŚĂƉƚĞƌϱ
WůĂŶŶŝŶŐĂƐĂŵƉůĞŽĨĂŶŶƵĂůŵĂŝŶƚĞŶĂŶĐĞƉůĂŶ


 

ŚĂƉƚĞƌϲ
,ŽǁŝŵƉƌŽǀĞƵƌƌĞŶƚ^ŝƚƵĂƚŝŽŶ
ϲ͘ϭWƵŵƉƐĂŶĚDŽƚŽƌ
ϲ͘ϮsĂůǀĞ
ŚĂƉƚĞƌϳ
ĐŚŝĞǀĞŵĞŶƚdĞƐƚ;WƌĂĐƚŝĐĂůͿ
ŚĂƉƚĞƌϴ
ĐŚŝĞǀĞŵĞŶƚdĞƐƚ;tƌŝƚŝŶŐͿ



 

ŚĂƉƚĞƌϭ
DĂŝŶƚĞŶĂŶĐĞ
WƌĞǀĞŶƚŝǀĞŵĂŝŶƚĞŶĂŶĐĞ

͘WƌĞǀĞŶƚŝǀĞDĂŝŶƚĞŶĂŶĐĞ

WƌŽƉĞƌŵĂŝŶƚĞŶĂŶĐĞŝƐŽĨƚŚĞŵŽƐƚŝŵƉŽƌƚĂŶĐĞŝŶŝŶƐƵƌŝŶŐƚŚĞƐƚĂďůĞǁŽƌŬŝŶŐŽƌĚĞƌŽĨƚŚĞ
ƉƵŵƉĂŶĚĚĞǀŝĐĞƐ͘ZĞŐƵůĂƌŝŶƐƉĞĐƚŝŽŶƐĂƐǁĞůůĂƐĚŝƐĂƐƐĞŵďůLJŝŶƐƉĞĐƚŝŽŶƐƐŚŽƵůĚďĞ
ĐŽŶĚƵĐƚĞĚŝŶƚŚĞĐŽŶũƵŶĐƚŝŽŶƐǁŝƚŚƚŚĞĚĂŝůLJŝŶƐƉĞĐƚŝŽŶƐƚŽƉƌĞǀĞŶƚĂŶLJĂĐĐŝĚĞŶƚƐĨƌŽŵ
ŽĐĐƵƌƌŝŶŐ͘dŚĞĨŽůůŽǁŝŶŐƐĞĐƚŝŽŶǁŝůůĞdžƉůĂŝŶďĂƐŝĐŵĂŝŶƚĞŶĂŶĐĞƉƌŽĐĞĚƵƌĞƐĂƐǁĞůůĂƐ
ĚĞƚĂŝůĞĚĞdžƉůĂŶĂƚŝŽŶƐƌĞŐĂƌĚŝŶŐŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚƚƌŽƵďůĞƐŚŽŽƚŝŶŐ͘

¾ dŚĞĂƉƉƌŽƉƌŝĂƚĞŵĂŝŶƚĞŶĂŶĐĞĂŶĚƚŝŵĞŝŶƚĞƌǀĂůƐďĞƚǁĞĞŶŝŶƐƉĞĐƚŝŽŶƐĂŶĚƉĂƌƚ
ƌĞƉůĂĐĞŵĞŶƚƐƐŚŽƵůĚďĞĐƌĞĂƚĞĚƚŽĂƐƐŝƐƚǁŝƚŚŵĂŝŶƚĞŶĂŶĐĞĂĐƚŝǀŝƚŝĞƐĂŶĚƐŵŽŽƚŚ
ĂĐĐŝĚĞŶƚĨƌĞĞŽƉĞƌĂƚŝŽŶ͘
¾ ƌĞĂƚĞĚĚĂŝůLJĂŶĚŵŽŶƚŚůLJůŽŐƐ͕ĂŶĚĞŶƚĞƌŝŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐŵĂŝŶƚĞŶĂŶĐĞ
ŝŶƐƉĞĐƚŝŽŶĞƚĐ͘ůǁĂLJƐŵĂŬĞŶŽƚĞŽĨƚŚĞĐŽŶĚŝƚŝŽŶŽĨƚŚĞŵĂĐŚŝŶĞƌLJ͘
¾ ůĂƐƐŝĨLJĞĂĐŚƵŶŝƚĂŶĚĐƌĞĂƚĞĂůŽŐƚŽƌĞĐŽƌĚĚĞƚĂŝůĞĚŝŶĨŽƌŵĂƚŝŽŶŽŶŝŶƐƉĞĐƚŝŽŶƐ͕
ŵĂŝŶƚĞŶĂŶĐĞĂĐƚŝǀŝƚŝĞƐ͕ƌĞƉĂŝƌƐĂŶĚŽƚŚĞƌƉƌŽďůĞŵƐĨŽƌĨƵƚƵƌĞƌĞĨĞƌĞŶĐĞ͘
¾ KƌŐĂŶŝnjĞĂŶĚƐƚŽƌĞ
^ƉĞĐŝĂůƚŽŽůƐƵƐĞĚĨŽƌƌĞƉĂŝƌƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞ͘
^ƉĂƌĞƉĂƌƚƐĂŶĚĐŽŶƐƵŵĂďůĞƐŵĂƚĞƌŝĂůǁŝůůďĞƌĞĂĚŝůLJĂǀĂŝůĂďůĞŝĨŶĞĞĚĞĚ͘
'ůĂŶĚƉĂĐŬŝŶŐŝƐĐŽŶƐƵŵĂďůĞŵĂƚĞƌŝĂůƐŽŝƚ͛ƐĂůǁĂLJƐďĞƌĞĂĚLJ͘;dŚĞƐĞůŝŶĞƐƚĂŬĞĨƌŽŵ
ŬǁŚŝĐŚLJŽƵƐĞŶĚŵĞŶĂŵĞŽĨŽƉĞƌĂƚŝŶŐŵĂŶƵĂůƐ͘Ϳ


ĞŶĞĨŝƚƐŽĨWƌĞǀĞŶƚŝǀĞDĂŝŶƚĞŶĂŶĐĞ

¾ ZĞƉĂŝƌŝŶŐĂŶĚŽǀĞƌŚĂƵůŝŶŐĂƌĞĚŽŝŶŐďLJŵĂŶƵĨĂĐƚƵƌĞƌͬƐƵƉƉůŝĞƌŽƌůŽĐĂůĐŽŶƚƌĂĐƚŽƌ
ǁŚŝĐŚŝƐƋƵĂůŝĨŝĞĚďLJŵĂŶƵĨĂĐƚƵƌĞƌ͘
¾ LJWƌŽƉĞƌŵĂŝŶƚĞŶĂŶĐĞǁĞǁŝůůƐĂǀĞŵŽŶĞLJĂůƐŽ͘&ŽƌĞdžĂŵƉůĞďĞĨŽƌĞŽǀĞƌŚĂƵůŝŶŐ
ĂŶĚŵĂŝŶƚĞŶĂŶĐĞĐŽƐƚĐŽŶƐƵŵƉƚŝŽŶƉĞƌLJĞĂƌŽĨĂƐŝŶŐůĞƚƵďĞǁĞůůƉƵŵƉŝƐĂůŵŽƐƚϰ͘ϴ
ĂŶĚϲ͘ϳŵŝůůŝŽŶƌĞƐƉĞĐƚŝǀĞůLJĂŶĚĂĨƚĞƌŽǀĞƌŚĂƵůŝŶŐŝƚƐĐŽƐƚĐŽŶƐƵŵƉƚŝŽŶďĞϯ͘ϴĂŶĚ
ϰ͘ϭŵŝůůŝŽŶƌĞƐƉĞĐƚŝǀĞůLJ͘^ĞĞŝŶƚĂďůĞ͘;ZĞĨ<^Ϳ
¾ ĨĨŝĐŝĞŶĐLJĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽĨWƵŵƉƐƐLJƐƚĞŵĂůƐŽďĞŝŶĐƌĞĂƐĞĚďLJƉƌŽƉĞƌ
ŵĂŝŶƚĞŶĂŶĐĞŽƉĞƌĂƚŝŽŶƐ͘


 

¾ >ŝĨĞŽĨŵĞĐŚĂŶŝĐĂůƉĂƌƚƐĂůƐŽďĞŝŶĐƌĞĂƐĞĚďLJƉƌĞǀĞŶƚŝǀĞŵĂŝŶƚĞŶĂŶĐĞŽƉĞƌĂƚŝŽŶƐ
ƐƵĐŚůŝŬĞŐƌĞĂƐŝŶŐĂŶĚůƵďƌŝĐĂƚŝŽŶĞƚĐ͘;ZĞĨĞƌĞŶĐĞ<^ŶĞƌŐLJĂƵĚŝƚƚƵƌďŝŶĞƉƵŵƉƐ
ϮϬϭϰďLJŽǁŶǁŽƌĚƐͿ


dĂďůĞWƵŵƉŽŶƐƵŵƉƚŝŽŶ

 ĂƉĂĐŝƚLJ;ĐĨƐͿ dŽƚĂů,ĞĂĚ ŽŶƐƵŵƉƚŝŽŶ ;ZƐͿ

ĞƐŝŐŶ ;ĨƚͿ ĨĨŝĐŝĞŶĐLJ;йͿ KƵƚƉƵƚ ƉĞƌϮϰϰϴŵϯͬϰϴϵϲŵϯƉĞƌĚĂLJ ^ĂǀŝŶŐƉĞƌ
ĐĂƉĂĐŝƚLJ͗ϰĐĨƐ ĞƐŝŐŶ ;ŬtͿ ƉƵŵƉŝŶŐ LJĞĂƌ;йͿ
ŚĞĂĚ͗ϭϲϱĨƚ ĂŝůLJ zĞĂƌůLJ

ĞĨŽƌĞ ϭ͘ϴ ϭϬϰ ϱϲ͘ϴ ϯϰ ϭϯ͕ϰϮϱ ϰ͕ϴϯϮ͕ϴϮϲ

KǀĞƌŚĂƵůŝŶŐ
ĨƚĞƌ ϰ ϭϭϬ ϳϲ ϱϵ͘ϯ ϭϬ͕ϲϳϯ ϯ͕ϴϰϮ͕Ϯϱϵ
KǀĞƌŚĂƵůŝŶŐ

 ĂƉĂĐŝƚLJ;ĐĨƐͿ dŽƚĂů,ĞĂĚ ŽŶƐƵŵƉƚŝŽŶ ;ZƐͿ

ĞƐŝŐŶ ;ĨƚͿ ĨĨŝĐŝĞŶĐLJ;йͿ KƵƚƉƵƚ ƉĞƌϮϰϰϴŵϯͬϰϴϵϲŵϯƉĞƌĚĂLJ ^ĂǀŝŶŐƉĞƌ
ĐĂƉĂĐŝƚLJ͗ϰĐĨƐ ĞƐŝŐŶ ;ŬtͿ ƉƵŵƉŝŶŐ LJĞĂƌ;йͿ
ŚĞĂĚ͗ϭϲϱĨƚ ĂŝůLJ zĞĂƌůLJ

ĞĨŽƌĞ ϰ͘ϰ ϭϬϳ͘ϳ ϰϭ͘ϳ ϭϭϰ ϭϴ͕ϲϱϱ ϲ͕ϳϭϱ͕ϴϮϲ

KǀĞƌŚĂƵůŝŶŐ
ĨƚĞƌ ϰ ϭϭϬ ϳϰ ϲϰ͘Ϯ ϭϭ͕ϱϲϮ ϰ͕ϭϲϮ͕ϰϰϳ
KǀĞƌŚĂƵůŝŶŐ

ZĞĨĞƌĞŶĐĞďLJ<^ĞŶĞƌŐLJĂƵĚŝƚϮϬϭϰ

ĂŝůLJ/ŶƐƉĞĐƚŝŽŶƐ
¾ ĂŝůLJŝŶƐƉĞĐƚŝŽŶƐĂƌĞƉĞƌƚŝŶĞŶƚƚŽƚŚĞĞĂƌůLJĚĞƚĞĐƚŝŽŶŽĨƉƌŽďůĞŵƐ͘
¾ /ĨƉƌŽďůĞŵƐĂƌĞĚĞƚĞĐƚĞĚŝŶƚŚĞŝƌĞĂƌůLJƐƚĂŐĞƐ͕ĂĐĐŝĚĞŶƚƐĐĂŶďĞĂǀŽŝĚĞĚĂŶĚƚŚĞŶĞĐĞƐƐĂƌLJ
ƉĂƌƚƐĐĂŶďĞŽƌĚĞƌĞĚ͘
¾ /ĨĂŶĂĐĐŝĚĞŶƚĚŽĞƐŽĐĐƵƌ͕ĚĂŝůLJŝŶƐƉĞĐƚŝŽŶƐƉůĂLJĂŶŝŶƚĞŐƌĂůƌŽůĞŝŶŝŶǀĞƐƚŝŐĂƚŝŽŶƐŝŶƚŽƚŚĞŝƌ
ƉŽƐƐŝďůĞĐĂƵƐĞƐ͘
¾ tŚĞŶĐŽŶĚƵĐƚŝŶŐĚĂŝůLJŝŶƐƉĞĐƚŝŽŶƐ͕ƵƐĞƐĞŶƐĞƐŽĨƚŽƵĐŚĂŶĚŚĞĂƌŝŶŐŝŶĂĚĚŝƚŝŽŶƚŽƐĞŶƐĞŽĨ
ƐŝŐŚƚƚŽŚĞůƉĚĞƚĞĐƚĂŶLJƉŽƐƐŝďůĞƉƌŽďůĞŵƐ͘
¾ /ĨĂƉƌŽďůĞŵĂƌŝƐĞƐ͕ƵƐĞƚŚĞƉƌŽƉĞƌĞƋƵŝƉŵĞŶƚƚŽŵĂŬĞƚŚĞŶĞĐĞƐƐĂƌLJŵĞĂƐƵƌĞŵĞŶƚƐ͕ƚŚĞŶ
ƌĞĐŽƌĚƚŚĞĚĂƚĂŝŶƚŚĞĂƉƉƌŽƉƌŝĂƚĞůŽŐŬ͘
¾ dŚĞŝŶƚƌŽĚƵĐƚŝŽŶŽĨĚŝĂŐŶŽƐƚŝĐĞƋƵŝƉŵĞŶƚĨŽƌƉƌĞǀĞŶƚŝǀĞŵĂŝŶƚĞŶĂŶĐĞƐŚŽƵůĚĂůƐŽďĞ
ĚŝƐĐƵƐƐĞĚ͘;KƉĞƌĂƚŝŶŐŵĂŶƵĂůƐŬĨƌŽŵLJŽƵƌƐŝĚĞďLJƐŽŵĞŽǁŶĨŽƌŵĂƚͿ


 

ZĞŐƵůĂƌ/ŶƐƉĞĐƚŝŽŶƐ

¾ tŚĞŶĞƋƵŝƉŵĞŶƚŝƐĚŝƐƐĞŵďůĞĚĨŽƌƌĞŐƵůĂƌŽŶĞƚŽƐŝdžŵŽŶƚŚŝŶƐƉĞĐƚŝŽŶƐ͕ƉĂƌƚƐ
ƐŚŽƵůĚďĞĐůĞĂŶĞĚ͕ĨůƵŝĚƐĐŚĞĐŬĞĚĂŶĚŝĨŶĞĐĞƐƐĂƌLJƌĞƉůĞŶŝƐŚĞĚ͕ĂŶĚůŽŽƐĞďŽůƚƐ
ƚŝŐŚƚĞŶĞĚ͘
¾ &ŽƌϭнzĞĂƌŝŶƐƉĞĐƚŝŽŶƐ͕ĞƋƵŝƉŵĞŶƚŵƵƐƚďĞƚĞŵƉŽƌĂƌŝůLJƐŚƵƚĚŽǁŶ͘
¾ ^Ž͕ĂĚǀĂŶĐĞĚƉůĂŶŶŝŶŐŝƐĂŶĞĐĞƐƐŝƚLJ͘
¾ ƋƵŝƉŵĞŶƚƐŚŽƵůĚďĞĚŝƐĂƐƐĞŵďůĞĚĂŶĚĨƵůůŵĂŝŶƚĞŶĂŶĐĞƐŚŽƵůĚďĞƐƚƌĞƐƐĞĚ͘
¾ ZĞƉůĂĐĞĂŶLJǁŽƌŶƉĂƌƚƐĂŶĚƌĞƉůĞŶŝƐŚĂŶLJĨůƵŝĚƐǁŚŝĐŚĂƌĞůŽǁ͘
¾ ZĞƉŽƌƚƐ͘ƌĞĐŽƌĚŝŶŐĂůůĚĞƚĂŝůƐƌĞŐĂƌĚŝŶŐƚŚĞƐĞŝŶƐƉĞĐƚŝŽŶƐƐŚŽƵůĚďĞǁƌŝƚƚĞŶĂŶĚ
ƉƌŽƉĞƌůLJƐƚŽƌĞĚ͘
¾ ĞƚĂŝůƐƐŚŽƵůĚďĞǁƌŝƚƚĞŶĂŶĚƉƌŽƉĞƌůLJƐƚŽƌĞĚĂůƐŽďĞƌĞĐŽƌĚĞĚŝŶĞĂĐŚƵŶŝƚ͛Ɛ
ŝŶĚŝǀŝĚƵĂůůŽŐŬ͘
¾ ^ƉĞĐŝĂůĂƚƚĞŶƚŝŽŶƐŚŽƵůĚďĞƉĂŝĚŝŶƚŚĞĚĞƚĞƌŵŝŶŝŶŐƚŚĞƉĞƌŝŽĚďĞƚǁĞĞŶĞĂĐŚ
ŝŶƐƉĞĐƚŝŽŶƐŝŶĐĞŝƚĐŚĂŶŐĞƐďĂƐĞĚŽŶƚŚĞƵŶŝƚ͛ƐƐƵƌƌŽƵŶĚŝŶŐĞŶǀŝƌŽŶŵĞŶƚ;ǁĂƚĞƌ
ƋƵĂůŝƚLJ͕ƐƵƌƌŽƵŶĚŝŶŐƚĞŵƉĞƌĂƚƵƌĞ͕ŚƵŵŝĚŝƚLJĞƚĐ͘ͿĂŶĚǁŽƌŬŝŶŐĐŽŶĚŝƚŝŽŶƐ;ƚŝŵĞ
ĂŶĚƉĞƌŝŽĚͿ͘
¾ ĞĐĂƵƐĞƚŚŝƐƉĞƌŝŽĚĂƐǁĞůůĂƐƚŚĞƚLJƉĞŽĨŝŶƐƉĞĐƚŝŽŶǀĂƌŝĞƐǁŝƚŚŽƉĞƌĂƚŝŶŐ
ĐŽŶĚŝƚŝŽŶƐ͕ŝŶƐƉĞĐƚŝŽŶƐ͕ƐŚŽƵůĚďĞŚĞůĚĂĐĐŽƌĚŝŶŐůLJ͘;KƉĞƌĂƚŝŶŐŵĂŶƵĂůƐŬ
ĨƌŽŵLJŽƵƌƐŝĚĞͿ

EŽƚĞ
dŚĞƐĞĨŽůůŽǁŝŶŐĐŽŶƚĞŶƚƐŽĨZĞŐƵůĂƌĂŶĚĂŝůLJŝŶƐƉĞĐƚŝŽŶŝƐŐĞŶĞƌĂůƐƵŐŐĞƐƚŝŽŶ
ĂŶĚŐĞŶĞƌĂůŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚŝŶƐƉĞĐƚŝŽŶƐďƵƚĂĐƚƵĂůŝŶƐƉĞĐƚŝŽŶƐĚĞĐŝĚĞĚĂƐƉĞƌ
ƐŝƚĞŵĂŶƵĂůƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘









 

;ůůŝŶƐƉĞĐƚŝŽŶĂŶĚŵĂŝŶƚĞŶĂŶĐĞƚĂďůĞƚĂŬĞŬŽƉĞƌĂƚŝŶŐŵĂŶƵĂůƐǁŚŝĐŚ
LJŽƵƐĞŶĚͿ

ZĞŐƵůĂƌWƵŵƉ/ŶƐƉĞĐƚŝŽŶƐ

 /ŶƐƉĞĐƚŝŽŶ/ƚĞŵƐ ZĞŵĂƌŬƐ
&ƌĞƋƵĞŶĐLJ
 ¾ /ŶƐƉĞĐƚƉƵŵƉĂƉƉĞĂƌĂŶĐĞ͘
 ¾ ŚĞĐŬĨŽƌǀŝďƌĂƚŝŽŶŽĨƵŶƵƐƵĂůƐŽƵŶĚƐ͘ 
 ¾ ŚĞĐŬďĞĂƌŝŶŐƚĞŵƉĞƌĂƚƵƌĞ͘ 
ĂŝůLJ ¾ ŚĞĐŬůƵďƌŝĐĂƚŝŶŐŽŝůƉƌĞƐƐƵƌĞ͘ ŽŶĨŝƌŵƚŚĂƚƌŽŽŵƚĞŵƉĞƌĂƚƵƌĞ
¾ ŚĞĐŬ ĨŽƌ ĞdžĐĞƐƐŝǀĞ ŐĞŶĞƌĂƚŝŽŶ ŽĨ ŚĞĂƚ ŝŶ ŝƐϰϬŽƌůĞƐƐ
ŐůĂŶĚ͘
¾ ŚĞĐŬĨŽƌǁĂƚĞƌůĞĂŬĂŐĞĨƌŽŵŐůĂŶĚƉĂĐŬŝŶŐ͘
¾ ŚĞĐŬƉƌĞƐƐƵƌĞŐĂƵŐĞƌĞĂĚŝŶŐƐ͘
 ¾ ŚĞĐŬ ďĞĂƌŝŶŐ ŐƌĞĂƐĞ ĂŶĚ ůƵďƌŝĐĂƚŝŶŐ Kŝů ŚĞĐŬĨŽƌůĞĂŬĂŐĞĂƌŽƵŶĚƐĞĂůƐ
DŽŶƚŚůLJ >ĞǀĞů͘
&ŝůůŝĨŶĞĐĞƐƐĂƌLJ͘
¾ ŚĞĐŬŐůĂŶĚƉĂĐŬŝŶŐǁĞĂƌ͘
¾ ŚĞĐŬƉƌĞƐƐƵƌĞŐĂƵŐĞƌĞĂĚŝŶŐƐ͘
 ¾ ZĞͲƚŝŐŚƚĞŶ ĨĂƐƚĞŶŝŶŐ ďŽůƚƐ ĨŽƌ ƐƚĂƚŝŽŶĂƌLJ
^ĞŵŝͲĂŶŶƵĂů ƉĂƌƚƐ͘
¾ ŚĞĐŬ ĨůŽǁ ƌĞůĂLJ͕ ƉƌĞƐƐƵƌĞ ƐǁŝƚĐŚ͕
ƚĞŵƉĞƌĂƚƵƌĞ ƐǁŝƚĐŚ ;ĞƚĐ͘Ϳ ĂŶĚ ŽƚŚĞƌ
ƉƌŽƚĞĐƚŝǀĞĚĞǀŝĐĞƐ
ǀĞƌLJϭͲϰ ¾ ZĞƉůĂĐĞďĞĂƌŝŶŐŐƌĞĂƐĞĂŶĚůƵďƌŝĐĂƚŝŶŐŽŝů͘ ŚĞĐŬĨŽƌǁĞĂƌŽĨƌŽƚĂƚŝŶŐĂŶĚ
zĞĂƌƐ ¾ ZĞƉůĂĐĞŐůĂŶĚƉĂĐŬŝŶŐ͘ ƐůŝĚŝŶŐĂŶĚĐŽƌƌŽƐŝŽŶŝŶǁĞƚƚĞĚ
¾ KǀĞƌŚĂƵůĂŶĚƐĞƌǀŝĐĞƵŶŝƚ͘ ƉĂƌƚƐ
EŽƚĞƐ͗
¾ /ŶƐƉĞĐƚƚŚĞƵŶŝƚĚĂŝůLJŝĨŝƚŝƐƵƐĞĚϮ͕ϬϬϬŚŽƵƌƐŽƌŵŽƌĞĐŽŶƐĞĐƵƚŝǀĞůLJŝŶŽŶĞLJĞĂƌ͘
¾ dŚĞĨƌĞƋƵĞŶĐLJŽĨĚŝƐĂƐƐĞŵďůLJŝŶƐƉĞĐƚŝŽŶƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞĂĐƚŝǀŝƚŝĞƐǀĂƌŝĞƐ
ĂĐĐŽƌĚŝŶŐƚŽƚŚĞĂŵŽƵŶƚƵƐĞ͘







 


ZĞŐƵůĂƌZĞĚƵĐƚŝŽŶWƵŵƉ/ŶƐƉĞĐƚŝŽŶƐ


 /ŶƐƉĞĐƚŝŽŶ/ƚĞŵƐ ZĞŵĂƌŬƐ
&ƌĞƋƵĞŶĐLJ
 ¾ /ŶƐƉĞĐƚĂƉƉĞĂƌĂŶĐĞ͘ ŽŶĨŝƌŵ ƚŚĂƚ ƌŽŽŵ
 ¾ ŚĞĐŬĨŽƌĞdžĐĞƐƐŝǀĞǀŝďƌĂƚŝŽŶĂŶĚƐƚƌĂŶŐĞƐŽƵŶĚƐ͘ ƚĞŵƉĞƌĂƚƵƌĞŝƐϰϬຘŽƌůĞƐƐ͘
ĂŝůLJ ¾ ŚĞĐŬďĞĂƌŝŶŐƚĞŵƉĞƌĂƚƵƌĞ͘ ϭ͘ϱͲϮŬŐĨͬĐŵϸ
¾ ŚĞĐŬůƵďƌŝĐĂƚŝŶŐŽŝůƉƌĞƐƐƵƌĞ͘
 ¾ ůĞĂŶůƵďƌŝĐĂƚŝŶŐŽŝůƐƚƌĂŝŶĞƌ͘ WƌĞǀĞŶƚZƵƐƚŝŶŐ
DŽŶƚŚůLJ ¾ /Ĩ ƚŚĞ ƵŶŝƚ ŚĂƐ ŶŽƚ ďĞĞŶ ŝŶ ƵƐĞ ĨŽƌ ĂŶ ĞdžƚĞŶĚĞĚ
ƉĞƌŝŽĚŽĨƚŝŵĞ͕ĐŝƌĐƵůĂƚĞƚŚĞŽŝůƵƐŝŶŐĂǁŝŶŐƉƵŵƉ
ĨŽƌĂƉƉƌŽdžŝŵĂƚĞůLJϭϬŵŝŶƵƚĞƐ͘
^ĞŵŝͲĂŶŶƵĂů ¾ ŚĞĐŬůƵďƌŝĐĂƚŝŶŐŽŝůůĞǀĞůĂŶĚĨŝůůŝĨŶĞĐĞƐƐĂƌLJ 
¾ ZĞͲƚŝŐŚƚĞŶĨĂƐƚĞŶŝŶŐďŽůƚƐĨŽƌƐƚĂƚŝŽŶĂƌLJƉĂƌƚƐ͘
¾ ŚĞĐŬ ĨůŽǁ ƌĞůĂLJ͕ ƉƌĞƐƐƵƌĞ ƐǁŝƚĐŚ͕ ƚĞŵƉĞƌĂƚƵƌĞ
ƐǁŝƚĐŚ;ĞƚĐ͘ͿĂŶĚŽƚŚĞƌƉƌŽƚĞĐƚŝǀĞĚĞǀŝĐĞƐ͘
ǀĞƌLJϭͲϰ ¾ ZĞƉůĂĐĞůƵďƌŝĐĂƚŝŶŐŽŝů͘ WĂƌƚǁŝƚŚƐĂĐƌŝĨŝĐŝĂůĂŶŽĚĞƐ
LJĞĂƌ ¾ ŝƐĂƐƐĞŵďůĞĂŶĚĐůĞĂŶůƵďƌŝĐĂƚŝŶŐŽŝůĐŽŽůĞƌ͘ ƐŚŽƵůĚďĞĐŚĞĐŬĞĚĂŵŽƵŶƚŽĨ
ůŽƐƐ͘
EŽƚĞƐ͗
¾ /ŶƐƉĞĐƚƚŚĞƵŶŝƚĚĂŝůLJŝĨŝƚŝƐƵƐĞĚϮ͕ϬϬϬŚŽƵƌƐŽƌŵŽƌĞĐŽŶƐĞĐƵƚŝǀĞůLJŝŶŽŶĞLJĞĂƌ͘
¾ dŚĞĨƌĞƋƵĞŶĐLJŽĨĚŝƐĂƐƐĞŵďůLJŝŶƐƉĞĐƚŝŽŶƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞĂĐƚŝǀŝƚŝĞƐǀĂƌŝĞƐ
ĂĐĐŽƌĚŝŶŐƚŽƚŚĞĂŵŽƵŶƚƵƐĞ͘












 


ZĞŐƵůĂƌ^ƵďŵĞƌƐŝďůĞDŽƚŽƌ/ŶƐƉĞĐƚŝŽŶƐ


 /ŶƐƉĞĐƚŝŽŶ/ƚĞŵƐ ZĞŵĂƌŬƐ
&ƌĞƋƵĞŶĐLJ
 ¾ ŚĞĐŬ ĨŽƌ ĞdžĐĞƐƐŝǀĞ ǀŝďƌĂƚŝŽŶ ĂŶĚ ƐƚƌĂŶŐĞ ŽŶĨŝƌŵƚŚĂƚƚŚĞƌĞĂƌĞŶŽƐƵĚĚĞŶĐŚĂŶŐĞƐ
ĂŝůLJ ƐŽƵŶĚƐ͘ ŝŶĐƵƌƌĞŶƚŽƌƉƌĞƐƐƵƌĞ͘
¾ ŚĞĐŬǁŽƌŬŝŶŐŽƌĚĞƌ DĞĂƐƵƌĞĂŶĚƌĞĐŽƌĚǀĂůƵĞƐƌĞŐƵůĂƌůLJ͘
¾ ŚĞĐŬĞůĞĐƚƌŝĐĐƵƌƌĞŶƚǀĂůƵĞƐ͘
  ŚĞĐŬŝŶƐƵůĂƚŝŽŶƌĞƐŝƐƚĂŶĐĞůŽǁĞƌůŝŵŝƚƐ͘
 ¾ DĞĂƐƵƌĞ/ŶƐƵůĂƚŝŽŶƌĞƐŝƐƚĂŶĐĞ ŽŶĨŝƌŵhͲs͕sͲt͕tͲhƚŚĞƌŵĂůƉƌŽƚĞĐƚŽƌƐ
DŽŶƚŚůLJ ¾ DĞĂƐƵƌĞĐŽŶƚŝŶƵŝƚLJ ĐŽŶƚŝŶƵŝƚLJ͘
ŽŶĨŝƌŵƚŚĂƚƚŚĞƌŵĂůƉƌŽƚĞĐƚŽƌĐŽŝůŝƐ
ŶŽƚ ĐŽŶƚŝŶƵŽƵƐ͘
 ¾ ŚĞĐŬ ƉƌŽƚĞĐƚŝǀĞ ĞƋƵŝƉŵĞŶƚ ;ƚŚĞƌŵĂů ŽŶĨŝƌŵƚŚĞŝƌĐŽŶƚŝŶƵŝƚLJ͘
ŶŶƵĂů ƉƌŽƚĞĐƚŽƌƐ͕ĨůŽŽĚĚĞƚĞĐƚŽƌƐĞƚĐ͘ͿƐƚĂƚƵƐ͘ WƵůůƚŚĞƉƵŵƉĂŶĚĐŚĞĐŬĨŽƌĂŶLJĚĂŵĂŐĞĚ
¾ /ŶƐƉĞĐƚĂƉƉĞĂƌĂŶĐĞ͘ ƉĂƌƚƐ
ǀĞƌLJϮͲϯ ¾ KǀĞƌŚĂƵůĂŶĚƐĞƌǀŝĐĞƵŶŝƚ ZĞƉůĂĐĞĂŶLJǁŽƌŶƉĂƌƚƐ
zĞĂƌƐ ;ŵĞĐŚĂŶŝĐĂůƐĞĂůƐ͕ďĞĂƌŝŶŐƐͿ
ŽŶĨŝƌŵĂŶLJƌĞƉĂŝƌĂŶLJǁĞĂƌ͕
ĞĨŽƌŵŝƚŝĞƐ͕ĐŽƌƌŽƐŝŽŶ͕ŽƌĨĂƵůƚLJƉĂƌƚƐ͘



EŽƚĞƐ͗

¾ /ŶƐƉĞĐƚƚŚĞƵŶŝƚĞǀĞƌLJĚĂLJŝĨŝƚŝƐƵƐĞĚϮ͕ϬϬϬŚŽƵƌƐŽƌŵŽƌĞĐŽŶƐĞĐƵƚŝǀĞůLJŝŶŽŶĞLJĞĂƌ͘
¾ dŚĞĨƌĞƋƵĞŶĐLJŽĨŽǀĞƌŚĂƵůƐǀĂƌŝĞƐĂĐĐŽƌĚŝŶŐƚŽƚŚĞĂŵŽƵŶƚŽĨƵƐĞ͘
 


 


ZĞŐƵůĂƌůĞĐƚƌŝĐsĂůǀĞ/ŶƐƉĞĐƚŝŽŶ


 /ŶƐƉĞĐƚŝŽŶ/ƚĞŵƐ ZĞŵĂƌŬƐ
&ƌĞƋƵĞŶĐLJ
ĂŝůLJ ϭͿ /ŶƐƉĞĐƚĂƉƉĞĂƌĂŶĐĞ 

 ¾ ƵƌŝŶŐĞdžƚĞŶĚĞĚƉĞƌŝŽĚƐŽĨ ŶŽŶͲƵƐĞ͕ ĐŽŶĨŝƌŵ

^ĞŵŝͲŶŶƵĂů ŵĂŶƵĂů ĂŶĚ ĞůĞĐƚƌŝĐ ŽƉĞŶŝŶŐ ĂŶĚ ĐůŽƐŝŶŐ 
ŵŽǀĞŵĞŶƚƐ͘ ZƵƐƚ ƉƌĞǀĞŶƚŝǀĞƐ͘ 'ƌĞĂƐĞ͕
¾ ZĞŵŽǀĞ Ăůů Ěŝƌƚ ĂŶĚ ĚĞďƌŝƐ ĨƌŽŵ ǀĂůǀĞ ƌŽĚ ĚŝƐƵůƉŚŝĚĞ ŵŽůLJďĚĞŶƵŵ
ƐĐƌĞǁĂƌĞĂĂŶĚĐŽǀĞƌǁŝƚŚƌƵƐƚƉƌĞǀĞŶƚŝǀĞƐ͘ ;ŵŽůLJĐŽĂƚͿ
 ¾ ŚĞĐŬŽƉĞŶŝŶŐĂŶĚĐůŽƐŝŶŐŵĞĐŚĂŶŝƐŵŐƌĞĂƐĞ 
 ĂŶĚůƵďƌŝĐĂƚŝŽŶŽŝůůĞǀĞů͘
ŶŶƵĂů ¾ ŚĞĐŬŐůĂŶĚƉĂĐŬŝŶŐ͘
¾ ŽŶĨŝƌŵ ƚŚĂƚ ƌĞŵŝƚ ƐǁŝƚĐŚ ĂŶĚ ƚŚĞ ƚŽƌƋƵĞ
ƐǁŝƚĐŚ;ĞƚĐ͘ͿƉƌŽƚĞĐƚŝǀĞĚĞǀŝĐĞƐĂƌĞŝŶǁŽƌŬŝŶŐ
ŽƌĚĞƌ͘
 ¾ ŝƐĂƐƐĞŵďůĞ ĂŶĚŝŶƐƉĞĐƚ ŽƉĞŶŝŶŐ ĂŶĚĐůŽƐŝŶŐ
ǀĞƌLJϯͲϲ ŵĞĐŚĂŶŝƐŵ;ŐĞĂƌŚĞĂĚͿ
LJĞĂƌƐ ¾ ZĞƉůĂĐĞŐƌĞĂƐĞĂŶĚůƵďƌŝĐĂƚŝŽŶŽŝů͘
¾ ŝƐĂƐƐĞŵďůĞǀĂůǀĞďŽĚLJ͘


EŽƚĞƐ͘

¾ /ŶƐƉĞĐƚƚŚĞƵŶŝƚĚĂŝůLJŝĨŝƚŝƐƵƐĞĚϮ͕ϬϬϬŚŽƵƌƐŽƌŵŽƌĞĐŽŶƐĞĐƵƚŝǀĞůLJŝŶŽŶĞLJĞĂƌ͘
¾ dŚĞĨƌĞƋƵĞŶĐLJŽĨŽǀĞƌŚĂƵůƐǀĂƌŝĞƐĂĐĐŽƌĚŝŶŐƚŽƚŚĞĂŵŽƵŶƚŽĨƵƐĞ͘














 




ZĞŐƵůĂƌůĞĐƚƌŝĐDŽƚŽƌ/ŶƐƉĞĐƚŝŽŶ


&ƌĞƋƵĞŶĐLJ /ŶƐƉĞĐƚŝŽŶ/ƚĞŵƐ ZĞŵĂƌŬƐ

 ¾ /ŶƐƉĞĐƚdžƚĞƌŝŽƌ͘
 ¾ ŚĞĐŬĨŽƌǀŝďƌĂƚŝŽŶŽƌƵŶƵƐƵĂůƐŽƵŶĚƐ͘ 
 ¾ ŚĞĐŬďĞĂƌŝŶŐƚĞŵƉĞƌĂƚƵƌĞ͘ ŽŶĨŝƌŵƚŚĂƚ
ĂŝůLJ  ƌŽŽŵƚĞŵƉĞƌĂƚƵƌĞŝƐϰϬຘ Žƌ
¾ ŚĞĐŬĨƌĂŵĞƚĞŵƉĞƌĂƚƵƌĞ͘ ůĞƐƐ
¾ ZĞŵŽǀĞĂŶLJĚŝƌƚŽƌĚĞďƌŝƐĨƌŽŵƐůŝƉƌŝŶŐƐĂŶĚ
ďƌƵƐŚŚŽůĚĞƌĂƌĞĂ͘
DŽŶƚŚůLJ ¾ ŚĞĐŬďƌƵƐŚƵƉͬĚŽǁŶŵŽǀĞŵĞŶƚ͕ůĞŶŐƚŚĂŶĚ ŽǁŶǁĂƌĚ ƉƌĞƐƐƵƌĞ ŝƐ ϭϱϬͲ
ĚŽǁŶǁĂƌĚƉƌĞƐƐƵƌĞ͘ ϮϬϬŬŐĨͬĐŵϸ
 ¾ ŚĞĐŬďĞĂƌŝŶŐŐƌĞĂƐĞĂŶĚůƵďƌŝĐĂƚŝŶŐŽŝůůĞǀĞůƐ
 ĂŶĚĨŝůůŝĨŶĞĐĞƐƐĂƌLJ͘ 
 ¾ DĞĂƐƵƌĞĐŽŝůŝŶƐƵůĂƚŝŽŶƌĞƐŝƐƚĂŶĐĞ;DɏͿ 'ĞŶĞƌĂůůLJůĞƐƐƚŚĂŶϲϬϬsŝƐ
^ĞŵŝͲ  ϭDɏŵŽƌĞƚŚĂŶϲϬϬŝƐϯDɏ
ŶŶƵĂů ¾ ŚĞĐŬǁŽƌŬŝŶŐŽƌĚĞƌŽĨĨůŽǁƌĞůĂLJƐ͕ƉƌĞƐƐƵƌĞ
ƐǁŝƚĐŚĞƐ͕ ĂŶĚ ƚĞŵƉĞƌĂƚƵƌĞ ƐǁŝƚĐŚ ;ĞƚĐ͘Ϳ
ƉƌŽƚĞĐƚŝǀĞĚĞǀŝĐĞƐ͘
ŶŶƵĂů ¾ ZĞƉůĂĐĞďĞĂƌŝŶŐŐƌĞĂƐĞĂŶĚůƵďƌŝĐĂƚŝŶŐŽŝů͘ 




EŽƚĞƐ͗
/ŶƐƉĞĐƚƚŚĞƵŶŝƚĚĂŝůLJŝĨŝƚŝƐƵƐĞĚϮ͕ϬϬϬŚŽƵƌƐŽƌŵŽƌĞĐŽŶƐĞĐƵƚŝǀĞůLJŝŶŽŶĞLJĞĂƌ͘
dŚĞĨƌĞƋƵĞŶĐLJŽĨŽǀĞƌŚĂƵůƐǀĂƌŝĞƐĂĐĐŽƌĚŝŶŐƚŽƚŚĞĂŵŽƵŶƚŽĨƵƐĞ͘


 

WůĂŶŶŝŶŐĂƐĂŵƉůĞŽĨĂŶŶƵĂůŵĂŝŶƚĞŶĂŶĐĞƉůĂŶ 


 

EĞĐĞƐƐĂƌLJdŽŽůƐĂŶĚ,ŽǁƚŽhƐĞ;ZĞĨĞƌĞŶĐĞďŽƵƚ 
ƚŽŽůƐƚĂŬĞŝĚĞĂĨƌŽŵŝŶƚĞƌŶĞƚĂŶĚĨŽƌŵĂƚƚĞĚďLJŽǁŶ
ǁŽƌĚƐͿ

/ŶĚŝĐĂƚŽƌƐ

&ůŽǁDĞƚĞƌ


ĨůŽǁŵĞƚĞƌŝƐĂŶŝŶƐƚƌƵŵĞŶƚǁŚŝĐŚƵƐĞĚƚŽŵĞĂƐƵƌĞůŝŶĞĂƌ͕
ŶŽŶͲůŝŶĞĂƌ͕ŵĂƐƐŽƌǀŽůƵŵĞƚƌŝĐĨůŽǁƌĂƚĞŽĨůŝƋƵŝĚ͘


&ůŽǁŵĞƚĞƌƵƐĞĚŝŶZĂǁĂůƉŝŶĚŝ
t^
džƉůĂŶĂƚŝŽŶƐ͗ 
x DĞĂƐƵƌŝŶŐ ƚŚĞ ĨůŽǁ ŽĨ ůŝƋƵŝĚ ŝƐ ĐƌŝƚŝĐĂů ŶĞĞĚ ŝŶ ŵĂŶLJ 
ŝŶĚƵƐƚƌŝĂů ƉůĂŶƚƐ͘ /Ĩ ĂĐĐƵƌĂƚĞ ĨůŽǁ ŵĞĂƐƵƌĞĚ ƚŚĂŶ ŝƚ 
ĐŽƵůĚŵĂŬĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƉƌŽĨŝƚŽƌůŽƐƐ͘ 
x Ƶƚ ŝĨ ŝŶĂĐĐƵƌĂƚĞ ĨůŽǁ ŵĞĂƐƵƌĞĚ Žƌ ĨůŽǁ ĚŝĚ ŶŽƚ 
ŵĞĂƐƵƌĞĚƚŚĂŶŝƚƐƌĞƐƵůƚǁŝůůďĞǀĞƌLJƐĞƌŝŽƵƐůLJ͘ 
x tŝƚŚŵŽƐƚůŝƋƵŝĚĨůŽǁŵĞĂƐƵƌĞŵĞŶƚŝŶƐƚƌƵŵĞŶƚƐ͕ƚŚĞ 
ĨůŽǁƌĂƚĞŝƐĚĞƚĞƌŵŝŶĞĚŝŶĨĞƌĞŶƚŝĂůůLJďLJŵĞĂƐƵƌŝŶŐƚŚĞ 
ůŝƋƵŝĚƐǀĞůŽĐŝƚLJŽƌƚŚĞĐŚĂŶŐĞŝŶŬŝŶĞƚŝĐĞŶĞƌŐLJ͘ 
x sĞůŽĐŝƚLJ ĚĞƉĞŶĚƐ ŽŶ ƚŚĞ ƉƌĞƐƐƵƌĞ ĚŝĨĨĞƌĞŶƚŝĂů ƚŚĂƚ ŝƐ 
ĨŽƌĐŝŶŐƚŚĞůŝƋƵŝĚƚŚƌŽƵŐŚĂƉŝƉĞŽƌĐŽŶĚƵŝƚ͘ 
x ĞĐĂƵƐĞƚŚĞƉŝƉĞ͛ƐĐƌŽƐƐͲƐĞĐƚŝŽŶĂůĂƌĞĂŝƐŬŶŽǁŶ ĂŶĚ 
ƌĞŵĂŝŶƐĐŽŶƐƚĂŶƚ͕ƚŚĞĂǀĞƌĂŐĞǀĞůŽĐŝƚLJŝƐĂŶŝŶĚŝĐĂƚŝŽŶ 
ŽĨƚŚĞĨůŽǁƌĂƚĞ͘ &ůŽǁŵĞƚĞƌƵƐĞĚŝŶDƵůƚĂŶt^
x dŚĞďĂƐŝĐƌĞůĂƚŝŽŶƐŚŝƉĨŽƌĚĞƚĞƌŵŝŶŝŶŐƚŚĞůŝƋƵŝĚ͛ƐĨůŽǁ
ƌĂƚĞŝŶƐƵĐŚĐĂƐĞŝƐ
x &ůŽǁƌĂƚĞŵĞĂƐƵƌĞĚďLJ
Yсs
tŚĞƌĞ͕YсĨůŽǁƌĂƚĞ
sсsĞůŽĐŝƚLJŽĨǁĂƚĞƌ
сƌŽƐƐ^ĞĐƚŝŽŶĂůĂƌĞĂŽĨƉŝƉĞ
&ůŽǁZĂƚĞŵĞĂƐƵƌŝŶŐhŶŝƚƐ͚͛ŵϯ͕ŬŐĨͬĐŵϮ͕ůďͬŝŶϮ͛͛


 


WƌĞƐƐƵƌĞ'ĂƵŐĞ


ŶŝŶƐƚƌƵŵĞŶƚƵƐĞĚƚŽŵĞĂƐƵƌĞƚŚĞƉƌĞƐƐƵƌĞŝƐ
ĂůůĞĚƉƌĞƐƐƵƌĞŐĂƵŐĞ͘
'ĂƵŐĞƉƌĞƐƐƵƌĞсďƐŽůƵƚĞWƌĞƐƐƵƌĞͲƚŵŽƐƉŚĞƌŝĐWƌĞƐƐƵƌĞ


WƌĞƐƐƵƌĞ'ĂƵŐĞhƐĞĚŝŶ&ĂŝƐĂůĂďĂĚ
 
džƉůĂŶĂƚŝŽŶƐ͗ 
y tŝƚŚŝŶƚŚĞWƌĞƐƐƵƌĞŐĂƵŐĞŝƐĂƚŚŝŶͲǁĂůůĞĚŵĞƚĂůƚƵďĞ͕ 
ƐŽŵĞǁŚĂƚĨůĂƚƚĞŶĞĚĂŶĚďĞŶƚŝŶƚŽƚŚĞĨŽƌŵŽĨĂ͘ 
y ƚƚĂĐŚĞĚƚŽŝƚƐĨƌĞĞĞŶĚŝƐĂůĞǀĞƌƐLJƐƚĞŵƚŚĂƚ
ŵĂŐŶŝĨŝĞƐĂŶLJŵŽƚŝŽŶŽĨƚŚĞĨƌĞĞĞŶĚŽĨƚŚĞƚƵďĞ͘
y KŶƚŚĞĨŝdžĞĚĞŶĚŽĨƚŚĞŐĂƵŐĞŝƐĂĨŝƚƚŝŶŐLJŽƵƚŚƌĞĂĚ
ŝŶƚŽĂƐLJƐƚĞŵ͘ƐƉƌĞƐƐƵƌĞŝŶĐƌĞĂƐĞƐǁŝƚŚŝŶƚŚĞWƵŵƉ͕
ŝƚƚƌĂǀĞůƐƚŚƌŽƵŐŚƚŚĞƚƵďĞ͘>ŝŬĞƚŚĞƐŶĂŬĞůŝŬĞƉĂƉĞƌ
ǁŚŝƐƚůĞ͕ƚŚĞŵĞƚĂůƚƵďĞďĞŐŝŶƐƚŽƐƚƌĂŝŐŚƚĞŶĂƐƚŚĞ
ƉƌĞƐƐƵƌĞŝŶĐƌĞĂƐĞƐŝŶƐŝĚĞŽĨŝƚ͘
y ƐĂƚƵďĞƐƚƌĂŝŐŚƚĞŶƐ͕ƚŚĞƉŽŝŶƚĞƌŵŽǀĞƐĂƌŽƵŶĚĂ
ŝĂůƚŚĂƚŝŶĚŝĐĂƚĞƐƚŚĞƉƌĞƐƐƵƌĞ͘
y 'ĂƵŐĞWƌĞƐƐƵƌĞŵĞĂƐƵƌĞĚďLJ
WŐĂƵŐĞсʌŐŚ
tŚĞƌĞWс'ĂƵŐĞWƌĞƐƐƵƌĞ 
ʌсĞŶƐŝƚLJŽĨtĂƚĞƌ 
Őс'ƌĂǀŝƚĂƚŝŽŶĂůĐĐĞůĞƌĂƚŝŽŶ ^ƚƌƵĐƚƵƌĞŽĨWƌĞƐƐƵƌĞ'ĂƵŐĞ
ŚсŚĞĂĚ 
hŶŝƚƐ͗ 
DĞĂƐƵƌŝŶŐƵŶŝƚƐŽĨƉƌĞƐƐƵƌĞĂƌĞ͚͛ďĂƌ͕ƉƐŝ͕ƉĂ͕DƉĂ͛͛ 
dŚĞƐĞĂƌĞŵĞĂƐƵƌŝŶŐƵŶŝƚƐƚŽĐĂůĐƵůĂƚĞƚŚĞƉƌĞƐƐƵƌĞ͘ 



>ĞǀĞů/ŶĚŝĐĂƚŽƌ

x LJ ƵƐŝŶŐ >ĞǀĞů ŝŶĚŝĐĂƚŽƌ ǁĞ ĐĂŶ ĞĂƐŝůLJ ŵĞĂƐƵƌĞ ƚŚĞ
ůĞǀĞů ŽĨ ǁĂƚĞƌ ŝŶ KǀĞƌ ,ĞĂĚ ZĞƐĞƌǀŽŝƌ͘ŝŶ ƐƚŽƌĂŐĞ
ĐŚĂŵďĞƌŽĨŝƐƉŽƐĂůƐƚĂƚŝŽŶƐ͕^ĞǁĞƌĂŐĞĂŶĚƌĂŝŶĂŐĞ
ƐLJƐƚĞŵ͘^Žŝƚ͛ƐƐŚŽƵůĚďĞŝŶƐƚĂůůĞĚĂƚĞǀĞƌLJŵĂŝŶƉŽŝŶƚ͘

 >ĞǀĞů/ŶĚŝĐĂƚŽƌƵƐĞĚŝŶt^


 

hůƚƌĂƐŽŶŝĐ&ůŽǁDĞƚĞƌ 
 
¾ ŶhůƚƌĂƐŽŶŝĐĨůŽǁŵĞƚĞƌŝƐƚLJƉĞŵĞĂƐƵƌĞŽĨĨůŽǁ 
ŵĞƚĞƌƚŚĂƚŵĞĂƐƵƌĞƐƚŚĞǀĞůŽĐŝƚLJŽĨĂĨůƵŝĚǁŝƚŚ 
ƵůƚƌĂƐŽƵŶĚƚŽĂůĐƵůĂƚĞǀŽůƵŵĞĨůŽǁ͘ 
 
džƉůĂŶĂƚŝŽŶ 
 
¾ hůƚƌĂƐŽŶŝĐĨůŽǁŵĞƚĞƌĐĂŶŵĞĂƐƵƌĞƚŚĞĂǀĞƌĂŐĞ 
ǀĞůŽĐŝƚLJďLJƵƐŝŶŐŽƉƉůĞƌƉƌŝŶĐŝƉůĞ͘ 
¾ hůƚƌĂƐŽŶŝĐĨůŽǁŵĞƚĞƌƐŵĞĂƐƵƌĞƚŚĞĚŝĨĨĞƌĞŶĐĞŽĨ hůƚƌĂƐŽŶŝĐ&ůŽǁŵĞƚĞƌƵƐĞĚŝŶ
ƚŚĞƚƌĂŶƐŝƚƚŝŵĞŽĨƵůƚƌĂƐŽŶŝĐƉƵůƐĞƐƉƌŽƉĂŐĂƚŝŶŐŝŶ &ĂŝƐĂůĂďĂĚ
ĂŶĚĂŐĂŝŶƐƚĨůŽǁĚŝƌĞĐƚŝŽŶ͘
¾ dŚŝƐƚŝŵĞĚŝĨĨĞƌĞŶĐĞŝƐĂŵĞĂƐƵƌĞĨŽƌƚŚĞĂǀĞƌĂŐĞ
ǀĞůŽĐŝƚLJŽĨƚŚĞĨůƵŝĚĂůŽŶŐƚŚĞƉĂƚŚŽĨƚŚĞƵůƚƌĂƐŽŶŝĐ
ďĞĂŵ͘
¾ LJƵƐŝŶŐƚŚĞĂďƐŽůƵƚĞƚƌĂŶƐŝƚƚŝŵĞƐďŽƚŚƚŚĞ
ĂǀĞƌĂŐĞĚĨůƵŝĚǀĞůŽĐŝƚLJĂŶĚƚŚĞƐƉĞĞĚŽĨƐŽƵŶĚĐĂŶ
ďĞĐĂůĐƵůĂƚĞĚ͘
¾ hůƚƌĂƐŽŶŝĐĨůŽǁŵĞƚĞƌƐĂƌĞĂĨĨĞĐƚĞĚďLJƚŚĞĂĐŽƵƐƚŝĐ
ƉƌŽƉĞƌƚŝĞƐŽĨƚŚĞĨůƵŝĚĂŶĚĐĂŶďĞŝŵƉĂĐƚĞĚďLJ
ƚĞŵƉĞƌĂƚƵƌĞ͕ĚĞŶƐŝƚLJ͕ǀŝƐĐŽƐŝƚLJĂŶĚƐƵƐƉĞŶĚĞĚ
ƉĂƌƚŝĐƵůĂƚĞƐĚĞƉĞŶĚŝŶŐŽŶƚŚĞĞdžĂĐƚĨůŽǁŵĞƚĞƌ͘ ^ƚƌƵĐƚƵƌĞŽĨhůƚƌĂƐŽŶŝĐ&ůŽǁ
 ŵĞƚĞƌ





¾ hůƚƌĂƐŽŶŝĐ&ůŽǁŵĞƚĞƌĂƌĞǀĞƌLJĐŽƐƚůLJďƵƚĂƌĞŽĨƚĞŶ
ŝŶĞdžƉĞŶƐŝǀĞƚŽƵƐĞĂŶĚŵĂŝŶƚĂŝŶďĞĐĂƵƐĞƚŚĞLJĚŽ
ŶŽƚƵƐĞŵŽǀŝŶŐƉĂƌƚƐ͕ƵŶůŝŬĞŵĞĐŚĂŶŝĐĂůĨůŽǁ
ŵĞƚĞƌƐ͘

KƵƚůĞƚhůƚƌĂƐŽŶŝĐ&ůŽǁ


 







ŵŵĞƚĞƌ
¾ ŶĂŵŵĞƚĞƌŝƐŵĞĂƐƵƌŝŶŐŝŶƐƚƌƵŵĞŶƚƵƐĞĚƚŽ
ŵĞĂƐƵƌĞƐƚŚĞĐƵƌƌĞŶƚŝŶĐŝƌĐƵŝƚ
¾ ůĞĐƚƌŝĐƵƌƌĞŶƚŵĞĂƐƵƌĞƐŝŶ͚͛ŵƉĞƌĞ͛͛͘

ŵŵĞƚĞƌƵƐĞĚŝŶt^
sŽůƚŵĞƚĞƌ
¾ sŽůƚŵĞƚĞƌŝƐĚĞǀŝĐĞǁŚŝĐŚƵƐĞĚŝŶĐŝƌĐƵŝƚƚŽĨŝŶĚŽƵƚ
ƚŚĞĞůĞĐƚƌŝĐƉŽƚĞŶƚŝĂůĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚǁŽƉŽŝŶƚƐ͘
¾ sŽůƚŵĞƚĞƌŵĞĂƐƵƌĞƉŽƚĞŶƚŝĂůĚŝĨĨĞƌĞŶĐĞŝŶ
ƵŶŝƚ͛͛sŽůƚƐ͛͛͘

sŽůƚŵĞƚĞƌƵƐĞĚŝŶt^


dŚĞƐĞĂƌĞƐŽŵĞƚŽŽůƐƵƐĞĚĨŽƌŵĞĂƐƵƌĞŵĞŶƚĂŶĚŝŶĚŝĐĂƚŝŽŶƉƵƌƉŽƐĞ͘











 

/ŶƚƌŽĚƵĐƚŝŽŶŽĨŵĞĐŚĂŶŝĐĂůĞƋƵŝƉŵĞŶƚt^ƐƵƐĞƐ
WƵŵƉƐ
dƵďĞǁĞůůƉƵŵƉƐ
sĞƌƚŝĐĂůƐŚĂĨƚƚƵƌďŝŶĞƉƵŵƉͬĞŶƚƌŝĨƵŐĂůWƵŵƉ
dŚĞƐĞƉƵŵƉƐĂƉƉůLJƉƌĞƐƐƵƌĞĂŶĚǀĞůŽĐŝƚLJĞŶĞƌŐLJƚŽůŝƋƵŝĚďLJĐĞŶƚƌŝĨƵŐĂůĨŽƌĐĞŽĨĂŶŝŵƉĞůůĞƌ
ĐĞŶƚƌŝĨƵŐĂůƉƵŵƉĐŽŶǀĞƌƚƐŝŶƉƵƚƉŽǁĞƌƚŽŬŝŶĞƚŝĐĞŶĞƌŐLJďLJĂĐĐĞůĞƌĂƚŝŶŐůŝƋƵŝĚŝŶĂƌĞǀŽůǀŝŶŐ
ĚĞǀŝĐĞĂŶŝŵƉĞůůĞƌ͘dŚĞŵŽƐƚĐŽŵŵŽŶŝƐƚŚĞǀŽůƵƚĞƉƵŵƉǁŚĞƌĞĨůƵŝĚĞŶƚĞƌƐƚŚĞƉƵŵƉƚŚƌŽƵŐŚƚŚĞ
ĞLJĞŽĨƚŚĞŝŵƉĞůůĞƌǁŚŝĐŚƌŽƚĂƚĞƐĂƚŚŝŐŚƐƉĞĞĚ͘

dƵďĞǁĞůůWƵŵƉŝŶt^     dƵďĞǁĞůůƐƵƉƉůLJŝŶt^
¾ dŚĞŵŽƐƚĐŽŵŵŽŶĂŶĚƵƐĞĨƵůƉƵŵƉĚƵĞƚŽŝƚƐƐŝŵƉůŝĐŝƚLJĂŶĚĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨĚĞƐŝŐŶ
ĂŶĚŽƉĞƌĂƚŝŽŶ͘
¾ ĞŶƚƌŝĨƵŐĂůWƵŵƉŐŝǀĞŚŝŐŚǀĞƌƚŝĐĂůĂŶĚŚŽƌŝnjŽŶƚĂůŚĞĂĚ͘

DĂũŽƌƉĂƌƚƐ 
x ZŽƚĂƚŝŶŐǀĂŶĞƐĐĂůůĞĚŝŵƉĞůůĞƌ 
x ZŽƚĂƚŝŶŐƐŚĂĨƚ 
x ^ƚƵĨĨŝŶŐďŽdž 
x ĂƐŝŶŐ 
x ĞĂƌŝŶŐ 
/ŵƉĞůůĞƌŝƐƚŚĞŵŽƐƚŝŵƉŽƌƚĂŶƚƉĂƌƚŽĨƉƵŵƉ͘ 
 
 
 ^ƚƌƵĐƚƵƌĞĚŝĂŐƌĂŵŽĨĞŶƚƌŝĨƵŐĂů
 WƵŵƉ


 

tŽƌŬŝŶŐWƌŝŶĐŝƉůĞ
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¾ ŝƌĞĐƚƵƌƌĞŶƚŵŽƚŽƌDŽƚŽƌ͘
¾ ůƚĞƌŶĂƚŝŶŐDŽƚŽƌDŽƚŽƌ͘

DŽƚŽƌ

DŽƚŽƌ

ŽŵŵƵƚĂƚŽƌDŽƚŽƌ
/ŶĚƵĐƚŝŽŶDŽƚŽƌ ^LJŶĐŚƌŽŶŽƵƐDŽƚŽƌ




^ƵďŵĞƌƐŝďůĞWƵŵƉ;ƌLJdLJƉĞDŽƚŽƌͿ

ƐƵďŵĞƌƐŝďůĞƉƵŵƉŝƐĂĚĞǀŝĐĞǁŚŝĐŚŚĞƌŵĞƚŝĐĂůůLJƐĞĂůĞĚ
ŵŽƚŽƌĐůŽƐĞĐŽƵƉůĞĚƚŽƉƵŵƉďŽĚLJ͘dŚĞǁŚŽůĞĂƐƐĞŵďůLJ
ƐƵďŵĞƌŐĞĚŝŶƚŽĨůƵŝĚƚŽďĞƉƵŵƉĞĚ͘^ƵďŵĞƌƐŝďůĞ


'ƌĂŶĚĨŽƐ^ƵďŵĞƌƐŝďůĞWƵŵƉƵƐĞĚŝŶ
t^'ƵũƌĂŶǁĂůĂ͘



 

tŽƌŬŝŶŐWƌŝŶĐŝƉůĞ
¾ WƵŵƉƉƵƐŚĨůƵŝĚƐŝŶƚŽƐƵƌĨĂĐĞ͘DĂŝŶĂĚǀĂŶƚĂŐĞƐŝƐƚŚĂƚƐƵďŵĞƌƐŝďůĞƉƵŵƉƉƌĞǀĞŶƚƐ
ƉƵŵƉĐĂǀŝƚĂƚŝŽŶ͘
¾ dŚĞƐƵďŵĞƌƐŝďůĞƉƵŵƉƐƵƐĞĚŝŶ^WŝŶƐƚĂůůĂƚŝŽŶƐĂƌĞŵƵůƚŝƐƚĂŐĞĐĞŶƚƌŝĨƵŐĂůƉƵŵƉƐ
ŽƉĞƌĂƚŝŶŐŝŶĂǀĞƌƚŝĐĂůƉŽƐŝƚŝŽŶ͘WƌŽĚƵĐĞĚůŝƋƵŝĚƐ͕ĂĨƚĞƌďĞŝŶŐƐƵďũĞĐƚĞĚƚŽŐƌĞĂƚ
ĐĞŶƚƌŝĨƵŐĂůĨŽƌĐĞƐĐĂƵƐĞĚďLJƚŚĞŚŝŐŚƌŽƚĂƚŝŽŶĂůƐƉĞĞĚŽĨƚŚĞŝŵƉĞůůĞƌ͕ůŽƐĞƚŚĞŝƌ
ŬŝŶĞƚŝĐĞŶĞƌŐLJŝŶƚŚĞĚŝĨĨƵƐĞƌǁŚĞƌĞĂĐŽŶǀĞƌƐŝŽŶŽĨŬŝŶĞƚŝĐƚŽƉƌĞƐƐƵƌĞĞŶĞƌŐLJƚĂŬĞƐ
ƉůĂĐĞ͘dŚŝƐŝƐƚŚĞŵĂŝŶŽƉĞƌĂƚŝŽŶĂůŵĞĐŚĂŶŝƐŵŽĨƌĂĚŝĂůĂŶĚŵŝdžĞĚĨůŽǁƉƵŵƉƐ͘

x dŚĞƉƵŵƉƐŚĂĨƚŝƐĐŽŶŶĞĐƚĞĚƚŽƚŚĞŐĂƐƐĞƉĂƌĂƚŽƌŽƌƚŚĞƉƌŽƚĞĐƚŽƌďLJĂŵĞĐŚĂŶŝĐĂů
ĐŽƵƉůŝŶŐĂƚƚŚĞďŽƚƚŽŵŽĨƚŚĞƉƵŵƉ͘
x tŚĞŶĨůƵŝĚƐĞŶƚĞƌƚŚĞƉƵŵƉƚŚƌŽƵŐŚĂŶŝŶƚĂŬĞƐĐƌĞĞŶĂŶĚĂƌĞůŝĨƚĞĚďLJƚŚĞƉƵŵƉ
ƐƚĂŐĞƐ͘KƚŚĞƌƉĂƌƚƐŝŶĐůƵĚĞƚŚĞƌĂĚŝĂůďĞĂƌŝŶŐƐ;ďƵƐŚŝŶŐƐͿĚŝƐƚƌŝďƵƚĞĚĂůŽŶŐƚŚĞ
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ƌŽƚĂƚŝŽŶĂůƐƉĞĞĚƐ͘ ,GHDIURPLQWHUQHWZULWWHQDQGIRUPDWWHGE\P\VHOI 

ŽƵďůĞ
^ƵĐƚŝŽŶ
sŽůƵƚĞ
WƵŵƉ

ŽŽƐƚĞƌ
WƵŵƉ
ŶĚ
^ƵĐƚŝŽŶ
sŽůƵƚĞ
WƵŵƉ




 

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¾ dŚŝƐƉƵŵƉŚĂƐĂĚǀĂŶƚĂŐĞƚŚĂƚŝƚ͛ƐĚŝƐĂƐƐĞŵďůŝŶŐĂŶĚ 
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¾ ,ŝŐŚĨĨŝĐŝĞŶĐLJ 

¾ ŶŚĂŶĐĞĚ^ƵĐƚŝŽŶWĞƌĨŽƌŵĂŶĐĞ 
¾ ĂƐLJŵĂŝŶƚĞŶĂŶĐĞ 

¾ /ŶĐƌĞĂƐĞĚĚƵƌĂďŝůŝƚLJĂŶĚƌĞůŝĂďŝůŝƚLJ 

¾ >ŝŐŚƚǁĞŝŐŚƚ͘

^ĞůĨͲWƌŝŵŝŶŐ
LJŝŶƚĞƌůŽĐŬŝŶŐƚŚĞƵŶŝƋƵĞǀĂĐƵƵŵƉƵŵƉǁŝƚŚĂǁĂƚĞƌĂŝƌ
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x ŐƌŝĐƵůƚƵƌĂůŝƌƌŝŐĂƚŝŽŶ
x ŽŽůŝŶŐǁĂƚĞƌĐŝƌĐƵůĂƚŝŽŶ
x 'ĞŶĞƌĂůǁĂƚĞƌƐƵƉƉůLJͬƌĂŝŶĂŐĞ
 ,GHDIURPLQWHUQHWZULWWHQDQGIRUPDWWHGE\P\VHOI 








 

(QG6XFWLRQ9ROXWH3XPS
ŶĚƐƵĐƚŝŽŶǀŽůƵƚĞƉƵŵƉŝƐĂƚLJƉĞŽĨĐĞŶƚƌŝĨƵŐĂů
ƉƵŵƉĂůǁĂLJƐďĞĂƐŝŶŐůĞƐƚĂŐĞƉƵŵƉ͘
džƉůĂŶĂƚŝŽŶƐ
ŶĚ^ƵĐƚŝŽŶǀŽůƵƚĞƉƵŵƉƵƐƵĂůůLJŚĂǀĞŽŶĞŝŵƉĞůůĞƌ
ĂŶĚǀŽůƵƚĞƚLJƉĞĐĂƐŝŶŐ͘dŚĞLJǁŽƌŬǁŚĞŶƚŚĞƉƵŵƉĞĚ
ůŝƋƵŝĚŝŶĐƌĞĂƐĞƐǀĞůŽĐŝƚLJĂƐŝƚŵŽǀĞƐĂůŽŶŐƚŚĞǀĂŶĞƐ
ŽĨƚŚĞŝŵƉĞůůĞƌƚŚĞŶƚŚĞůŝƋƵŝĚŵŽǀĞƐŝŶƚŽƚŚĞǀŽůƵƚĞ
ĐĂƐŝŶŐǁŚĞƌĞĂĚŝĨĨƵƐŝŽŶƉƌŽĐĞƐƐĐŽŶǀĞƌƚƐƚŚĞŚŝŐŚ
ǀĞůŽĐŝƚLJƚŽŚŝŐŚƉƌĞƐƐƵƌĞ͘ ŶĚ^ƵĐƚŝŽŶsŽůƵƚĞWƵŵƉƵƐĞĚŝŶt^
 &ĂŝƐĂůĂďĂĚ

6WUXFWXUH
ŶĚƐƵĐƚŝŽŶǀŽůƵƚĞƉƵŵƉĐŽŶƐŝƐƚŽĨŵĂŶLJŵĂũŽƌƉĂƌƚƐ
ŝŶǁŚŝĐŚ
ϭ͘WƵŵƉŽĚLJ
Ϯ͘WƵŵƉŽǀĞƌ
ϯ͘/ŵƉĞůůĞƌ
ϰ͘^ŚĂĨƚ
ϱ͘ƵĂůƐƵĐƚŝŽŶƐĞĂůƌŝŶŐ
ϲ͘^ŚĂĨƚƐůĞĞǀĞ
ŝĂŐƌĂŵŽĨŶĚƐƵĐƚŝŽŶǀŽůƵƚĞƉƵŵƉ
ϳ͘ŽƵƉůŝŶŐ
ϴ͘ĞĂƌŝŶŐ,ŽƵƐŝŶŐ
ϵ͘^ĞĂůƉĂƌƚƐ


¾ ŶĚ^ƵĐƚŝŽŶǀŽůƵƚĞƉƵŵƉƐĂƌĞŚŽƌŝnjŽŶƚĂůůLJŝŶƐƚĂůůĞĚƚŚĞĐĂƐŝŶŐĂŶĚĐŽǀĞƌŽĨƉƵŵƉĂƌĞ
ĚŝǀŝĚĞĚĂůŽŶŐĂdžŝƐ͘dŚĞƉƵŵƉĐŽǀĞƌŝƐĂďŽǀĞƚŚĞƐŚĂĨƚĂŶĚƚŚĞĐĂƐŝŶŐŝƐƵŶĚĞƌƚŚĞƐŚĂĨƚ͘
dŚĞŝŶůĞƚĂŶĚŽƵƚůĞƚĂƌĞƵŶĚĞƌƚŚĞƐŚĂĨƚ͘dŚĞƌŽƚŽƌĞůĞŵĞŶƚƐǁŝůůďĞƌĞŵŽǀĞĚǁŝƚŚŽƵƚ
ĚŝƐƚƌŝďƵƚŝŶŐƚŚĞŝŶůĞƚƉŝƉŝŶŐĂŶĚƚŚĞŽƵƚůĞƚƉŝƉŝŶŐ͕ŽŶůLJĚŝƐŵĂŶƚůŝŶŐƚŚĞƉƵŵƉĐŽǀĞƌǁŚŝůĞ
ŵĂŝŶƚĞŶĂŶĐĞ͘dŚĞƐŚĂĨƚƐĞĂůƵƐĞƐƉĂĐŬŝŶŐƐĞĂůŽƌŵĞĐŚĂŶŝĐĂůƐĞĂů͘ ,GHDIURPLQWHUQHW
ZULWWHQDQGIRUPDWWHGE\P\VHOI 


 

sĂůǀĞƐ ¾ 6OXLFH9DOYH
^ůƵŝĐĞsĂůǀĞ
¾ ^ůƵŝĐĞǀĂůǀĞŝƐĂůƐŽĐĂůůĞĚŐĂƚĞǀĂůǀĞǁŚŝĐŚ
ĐŽŶƚƌŽůƐƚŚĞĨůŽǁƌĂƚĞŽĨǁĂƚĞƌ͘
¾ ^ůƵŝĐĞǀĂůǀĞĂƌĞŝŶƚŚĞƐŚĂƉĞƐŽĨƌŽƵŶĚĂŶĚ
ƌĞĐƚĂŶŐƵůĂƌ͘
¾ /ƚ͛ƐŽĨƚĞŶƵƐĞĚǁŚĞŶĂƐƚƌĂŝŐŚƚůŝŶĞĨůŽǁŽĨĨůƵŝĚ

ĂŶĚŵŝŶŝŵƵŵƌĞƐƚƌŝĐƚŝŽŶƐĚĞƐŝƌĞĚ͘
^ůƵŝĐĞsĂůǀĞƵƐĞĚŝŶZĂǁĂůƉŝŶĚŝt^͘

¾ ^ůƵŝĐĞsĂůǀĞŚĂǀĞŵĂũŽƌƉĂƌƚƐĨŽůůŽǁŝŶŐ͘
x tŚĞĞů
x ^ƚĞŵ
x ŽŶŶĞƚ
x ŝƐĐ
x ŽĚLJ

x tŚĞĞůĂŶĚ^ƚĞŵůŝŶŬĞĚƚŽŐĞƚŚĞƌƉƌŽǀŝĚĞƐǀŝƐƵĂů
x /ŶĚŝĐĂƚŝŽŶĞŝƚŚĞƌǀĂůǀĞŝƐŽƉĞŶŽƌĐůŽƐĞ͘
x ŽŶŶĞƚƉƌŽǀŝĚĞůĞĂŬͲƉƌŽŽĨĐůŽƐƵƌĞƚŽǀĂůǀĞďŽĚLJ͘ ƐůƵŝĐĞǀĂůǀĞ^ƚƌƵĐƚƵƌĞ
x ŝƐĐŝƐŽƉĞƌĂƚŝŽŶĂůƵŶŝƚǁŚŝĐŚĂƐƐƵƌĞƚŚĞĨůŽǁƌĂƚĞ
ŽĨĨůƵŝĚ

 1RQ5HWXUQ9DOYH
EŽŶZĞƚƵƌŶsĂůǀĞ
¾ EŽŶƌĞƚƵƌŶǀĂůǀĞͬĐŚĞĐŬǀĂůǀĞŶŽƌŵĂůůLJĂůůŽǁƐ
ǁĂƚĞƌƚŽĨůŽǁƚŚƌŽƵŐŚŝƚďƵƚŽŶůLJŝŶŽŶĞĚŝƌĞĐƚŝŽŶ͘
¾ sĂůǀĞŚĂǀĞƚǁŽŽƉĞŶŝŶŐƐŽŶĞĨŽƌĞŶƚƌĂŶĐĞĂŶĚ
ƐĞĐŽŶĚĨŽƌĞdžŝƚ






 EŽŶZĞƚƵƌŶsĂůǀĞƵƐĞĚŝŶt^
 'ƵũƌĂŶǁĂůĂ



 



¾ ŶŽŶͲƌĞƚƵƌŶǀĂůǀĞŝƐĨŝƚƚĞĚƚŽĞŶƐƵƌĞƚŚĂƚĂ
ŵĞĚŝƵŵĨůŽǁƐƚŚƌŽƵŐŚĂƉŝƉĞŝŶĂƌŝŐŚƚĚŝƌĞĐƚŝŽŶ͘
¾ tŚĞƌĞƉƌĞƐƐƵƌĞĐŽŶĚŝƚŝŽŶƐŵĂLJĐĂƵƐĞƌĞǀĞƌƐĞĚ
ĨůŽǁ͘
ĚǀĂŶƚĂŐĞƐ

¾ WƌĞǀĞŶƚŝŽŶŽĨƌĞǀĞƌƐĞĨůŽǁŽŶƐLJƐƚĞŵƐŚƵƚĚŽǁŶ͘
¾ WƌĞǀĞŶƚŝŽŶŽĨĨůŽǁƵŶĚĞƌŐƌĂǀŝƚLJ͘ KƉĞŶĂŶĚůŽƐĞĚEŽŶZĞƚƵƌŶsĂůǀĞ
¾ ZĞůŝĞĨŽĨǀĂĐƵƵŵĐŽŶĚŝƚŝŽŶƐ͘
¾ WƌĞǀĞŶƚŝŽŶŽĨĨůŽŽĚŝŶŐ͘
¾ WƌŽƚĞĐƚŝŽŶŽĨĞƋƵŝƉŵĞŶƚǁŚŝĐŚĂƌĞĞĨĨĞĐƚĞĚďLJ
ƌĞǀĞƌƐĞĨůŽǁ͘ĨŽƌĞdžĂŵƉůĞĨůŽǁŵĞƚĞƌĂŶĚǀĂůǀĞƐ
ĞƚĐ͘






ƵƚƚĞƌĨůLJsĂůǀĞ

¾ ǀĂůǀĞĐŽŶƐŝƐƚŝŶŐŽĨĂƌŽƚĂƚŝŶŐĐŝƌĐƵůĂƌƉůĂƚĞ
ŽƌĂƉĂŝƌŽĨŚŝŶŐĞĚƐĞŵŝͲĐŝƌĐƵůĂƌƉůĂƚĞƐ͕
ĂƚƚĂĐŚĞĚƚŽĂƚƌĂŶƐǀĞƌƐĞƐƉŝŶĚůĞĂŶĚ
ŵŽƵŶƚĞĚŝŶƐŝĚĞĂƉŝƉĞŝŶŽƌĚĞƌƚŽƌĞŐƵůĂƚĞŽƌ
ƉƌĞǀĞŶƚĨůŽǁ͘
¾ ďƵƚƚĞƌĨůLJǀĂůǀĞŝƐƵƐĞĚƚŽĐŽŶƚƌŽůƚŚĞĨůŽǁ
ŽĨĐĞƌƚĂŝŶŽďũĞĐƚ͘
/ƚŚĂƐĂƐƉŚĞƌŝĐĂůĚŝƐŬĂŶĚƌŽĚƌƵŶŶŝŶŐ
ƚŚƌŽƵŐŚŝƚƐŽƚŚĂƚǁŚĞŶ
dŚĞǀĂůǀĞŝƐŽƉĞŶĨůŽǁǁŝůůŚĂƉƉĞŶ͘/ĨǀĂůǀĞŝƐ
ĐůŽƐĞƚŚĂŶĨůŽǁ
ůƐŽďůŽĐŬĞĚ͘




 ďƵƚƚĞƌĨůLJsĂůǀĞƵƐĞĚŝŶ&ĂŝƐĂůĂďĂĚ
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ƵƚƚĞƌĨůLJǀĂůǀĞŚĂƐĨŽƵƌŵĂũŽƌƉĂƌƚƐ
x KƉĞƌĂƚŽƌͬǀĂůǀĞŚĂŶĚůĞ
x ŽĚLJ
x ^ĞĂƚ
x ŝƐŬ

x ŚĂŶĚůĞǁŚŝĐŚŝƐƵƐĞĚďLJŽƉĞƌĂƚŽƌ
x ŝƐŬŝƐŝŵƉŽƌƚĂŶƚƉĂƌƚŽĨďƵƚƚĞƌĨůLJǀĂůǀĞǁŚŝĐŚ
ƌŽƚĂƚĞƐĂŶĚĐŽŶƚƌŽůƚŚĞĨůŽǁŽĨǁĂƚĞƌ͘

^ƚƌƵĐƚƵƌĂůŝĂŐƌĂŵŽĨƵƚƚĞƌĨůLJsĂůǀĞ





ZŽƚŽsĂůǀĞ

ZŽƚŽͬZŽƚĂƌLJsĂůǀĞŝƐĂƚLJƉĞŽĨǀĂůǀĞŝŶǁŚŝĐŚ
ƌŽƚĂƚŝŽŶŽĨWĂƐƐĂŐĞŽƌƉĂƐƐĂŐĞƐŝŶĂƚƌĂŶƐǀĞƌƐĞƉůƵŐ
ƌĞŐƵůĂƚĞƐƚŚĞĨůŽǁŽĨ>ŝƋƵŝĚƚŚƌŽƵŐŚƚŚĞĂƚƚĂĐŚĞĚ
ƉŝƉĞƐ͘

ZŽƚŽsĂůǀĞƵƐĞĚŝŶ&ĂŝƐĂůĂďĂĚt^
ŝƌsĂůǀĞ


ŽŵďŝŶĂƚŝŽŶĂŝƌƌĞůĞĂƐĞĂŶĚǀĂĐƵƵŵďƌĞĂŬĞƌǀĂůǀĞƐ
ƚŽƉƌŽƚĞĐƚƚŚĞƉŝƉŝŶŐƐLJƐƚĞŵďLJĞůŝŵŝŶĂƚŝŶŐ
ĂƵƚŽŵĂƚŝĐĂůůLJĞůŝŵŝŶĂƚŝŶŐĂŝƌƉŽĐŬĞƚƐĂŶĚƉƌĞǀĞŶƚŝŶŐ
ǀĂĐƵƵŵĨŽƌŵĂƚŝŽŶƐĨƌŽŵďƵŝůĚŝŶŐƵƉŝŶƚŚĞƉŝƉĞůŝŶĞ
ĚƵƌŝŶŐĨŝůůŝŶŐŽƌĚƌĂŝŶŝŶŐŽƉĞƌĂƚŝŽŶƐ͘



 ŝƌsĂůǀĞƵƐĞĚŝŶt^'ƵũƌĂŶǁĂůĂ



 


džƉůĂŶĂƚŝŽŶƐ

džĐĞƐƐŝǀĞĂŝƌŝŶĂƐLJƐƚĞŵĐĂŶĚƌĂŵĂƚŝĐĂůůLJƌĞĚƵĐĞ
ĐĂƉĂĐŝƚLJĂŶĚŝŶĐƌĞĂƐĞƉŽǁĞƌĚĞŵĂŶĚĂƐƉƵŵƉǁŽƌŬ
ŚĂƌĚĞƌƚŽŵĂŝŶƚĂŝŶĚĞƐŝƌĞĚĨůŽǁ͘džĐĞƐƐŝǀĞĂŝƌŽƌ
ǀĂĐƵƵŵĨŽƌŵĂƚŝŽŶĂůƐŽĐĂƵƐĞƚŚĞůŝŶĞďƌĞĂŬ͘
^ŽƚŚĞďĞƐƚǁĂLJƚŽƉƌŽƚĞĐƚƚŚĞƉŝƉŝŶŐƐLJƐƚĞŵĨƌŽŵ
ƚŚĞƐĞŶĞŐĂƚŝǀĞĐŽŶĚŝƚŝŽŶƐŝƐƚŽƵƚŝůŝnjĞĂŝƌǀĂůǀĞŝŶ
ůŽĐĂƚŝŽŶ͘

 ,GHDIURPLQWHUQHWZULWWHQDQGIRUPDWWHGE\P\VHOI 



/ŶĚƵĐƚŝŽŶDŽƚŽƌ
¾ ŶŝŶĚƵĐƚŝŽŶŵŽƚŽƌŝƐĂŶĞůĞĐƚƌŝĐŵŽƚŽƌŝŶǁŚŝĐŚƚŚĞĞůĞĐƚƌŝĐĐƵƌƌĞŶƚŝŶƚŚĞƌŽƚŽƌ
ŶĞĞĚĞĚƚŽƉƌŽĚƵĐĞƚŽƌƋƵĞŽďƚĂŝŶĞĚďLJĞůĞĐƚƌŽŵĂŐŶĞƚŝĐŝŶĚƵĐƚŝŽŶĨƌŽŵƚŚĞŵĂŐŶĞƚŝĐ
ĨŝĞůĚŽĨƚŚĞƐƚĂƚŽƌǁŝŶĚŝŶŐ͘


d&;dŽƚĂůůLJŶĐůŽƐĞĚ&ĂŶŽŽůĞĚDŽƚŽƌͿ

¾ dŽƚĂůůLJĞŶĐůŽƐĞĚĨĂŶĐŽŽůĞĚŵŽƚŽƌŝƐĂƚLJƉĞ
ŽĨ ŝŶĚƵƐƚƌŝĂů ƚLJƉĞ ĞůĞĐƚƌŝĐ ŵŽƚŽƌ ǁŝƚŚ ĂŶ
ĞŶĐůŽƐƵƌĞƚŚĂƚĚŽĞƐŶŽƚƉĞƌŵŝƚŽƵƚƐŝĚĞĂŝƌƚŽ
ĨƌĞĞůLJĐŝƌĐƵůĂƚĞƚŚƌŽƵŐŚƚŚĞŝŶƚĞƌŝŽƌŽĨŵŽƚŽƌ͘
¾ Ŷ ĞdžƚĞƌŶĂů ĨĂŶ ďůŽǁƐ ŽƵƚƐŝĚĞ Ăŝƌ ŽǀĞƌ ƚŚĞ
ĨƌĂŵĞ ŽĨ ŵŽƚŽƌ ƚŽ ĐŽŽů ŝƚ͘dŚŝƐ ŵŽƚŽƌ ŝƐ
ƉƌŽďĂďůLJ ŵŽƐƚ ĐŽŵŵŽŶůLJ ƵƐĞĚ ŵŽƚŽƌ ŝŶ
ŝŶĚƵƐƚƌŝĞƐĂůƐŽ͘
¾ /ƚĐŽƐƚƐĂůŝƚƚůĞŵŽƌĞƚŚĂŶƚŚĞŽƉĞŶŵŽƚŽƌ͕ďƵƚ
ŽĨĨĞƌƐ ŝŶĐƌĞĂƐĞĚ ƉƌŽƚĞĐƚŝŽŶ ĂŐĂŝŶƐƚ ǁĞĂƚŚĞƌ͕
ĚŝƌƚĂŶĚŵŽŝƐƚƵƌĞ͘ d&ŵŽƚŽƌƵƐĞĚŝŶt^Ɛ





 

ŽŶƐƚƌƵĐƚŝŽŶ
¾ dŚĞŵŽƚŽƌŝƐĐŽŶƐƚƌƵĐƚĞĚǁŝƚŚĂƐŵĂůůĨĂŶŽŶƚŚĞƌĞĂƌƐŚĂĨƚŽĨƚŚĞŵŽƚŽƌ͕ĐŽǀĞƌĞĚďLJ
ĂŚŽƵƐŝŶŐ͘dŚŝƐĨĂŶĨŽƌĐĞƐĂŝƌŽǀĞƌƚŚĞŵŽƚŽƌĨƌĂŵĞĨŝŶƐ͕ĂŶĚĐŽŽůƐƚŚĞŵŽƚŽƌ͘
¾ dŚĞĞŶĐůŽƐƵƌĞŝƐΗdŽƚĂůůLJŶĐůŽƐĞĚΗ͘
¾ dŚŝƐŵĞĂŶƐƚŚĂƚƚŚĞŵŽƚŽƌŝƐĚƵƐƚƚŝŐŚƚ͕ĂŶĚŚĂƐĂŵŽĚĞƌĂƚĞǁĂƚĞƌƐĞĂůĂƐǁĞůů͘


d&ŵŽƚŽƌƵƐĞĚŝŶt^Ɛ



¾ d&ŵŽƚŽƌƐĂƌĞŶŽƚƐĞĐƵƌĞĂŐĂŝŶƐƚŚŝŐŚƉƌĞƐƐƵƌĞǁĂƚĞƌŶŽƌƐƵďŵĞƌƐŝďůĞ͘ ,GHDIURP
LQWHUQHWZULWWHQDQGIRUPDWWHGE\P\VHOI 

/ŵƉŽƌƚĂŶĐĞŽĨDĞĐŚĂŶŝĐĂůƋƵŝƉŵĞŶƚ͛Ɛ
DĞĐŚĂŶŝĐĂůĞƋƵŝƉŵĞŶƚ͛ƐƵƐĞĚŽŶƚƵďĞǁĞůůƐLJƐƚĞŵƐĂƌĞ
sĂůǀĞƐ
y EŽŶZĞƚƵƌŶsĂůǀĞ
y ^ůƵŝĐĞsĂůǀĞ
y ŝƌsĂůǀĞ
y &ůŽǁŵĞƚĞƌ
y WƌĞƐƐƵƌĞ'ĂƵŐĞ
y WŝƉŝŶŐ
ŝƐŝŶĨĞĐƚŝŽŶƋƵŝƉŵĞŶƚ
y ^ƚŽƌĂŐĞƚĂŶŬ
y ŝĂƉŚƌĂŐŵWƵŵƉ

¾ ǀĞƌLJƋƵŝƉŵĞŶƚŚĂƐŝƚƐŽǁŶũŽďĂŶĚŝŵƉŽƌƚĂŶĐĞ͘



 

y dŚĞƐĞĞƋƵŝƉŵĞŶƚ͛ƐĂƌĞƵƐĞĚŽŶƚƵďĞǁĞůůƐLJƐƚĞŵƐĨŽƌĂƐƐƵƌĂŶĐĞŽĨ
ǁĂƚĞƌƐƵƉƉůLJĂŶĚƋƵĂůŝƚLJŽĨǁĂƚĞƌĂůƐŽ͘
y EŽŶ ZĞƚƵƌŶ ǀĂůǀĞ ƉƌĞǀĞŶƚ ĨƌŽŵ ďĂĐŬĨůŽǁ ŽĨ ǁĂƚĞƌ ǁŚŝĐŚ ĐĂƵƐĞ Ă
ƐĞƌŝŽƵƐ ĞĨĨĞĐƚƐ ŽŶ ƐLJƐƚĞŵ ĂŶĚ ŽƚŚĞƌ ŝŶƐƚƌƵŵĞŶƚƐ ǁŚŝĐŚ ĂƌĞ
ŝŶƐƚĂůůĞĚ͘
y ^ůƵŝĐĞǀĂůǀĞŝƐĂŐĂƚĞǀĂůǀĞĐŽŶƚƌŽůƐƚŚĞĨůŽǁƌĂƚĞŽĨǁĂƚĞƌ͘^Žŝƚ͛ƐĚŽ
ǀĞƌLJŝŵƉŽƌƚĂŶƚũŽď͘
y ŝƌǀĂůǀĞŚĂƐŝƚƐŽǁŶŝŵƉŽƌƚĂŶĐĞƌĞŐĂƌĚŝŶŐƉƵŵƉƉĞƌĨŽƌŵĂŶĐĞĂŶĚ
ĞĨĨŝĐŝĞŶĐLJ͘
y &ůŽǁ ŵĞƚĞƌ ƚĞůůƐ ƚŚĞ ĐĂƉĂĐŝƚLJ ŽĨ ƚƵďĞ ǁĞůů ƉƵŵƉƐ͘ LJ ƵƐŝŶŐ ĨůŽǁ
ŵĞƚĞƌǁĞĐĂŶŵĞĂƐƵƌĞƚŚĞĚŝƐĐŚĂƌŐĞĐĂƉĂĐŝƚLJ͘
y WŝƉŝŶŐŽĨƚƵďĞǁĞůůŚĂƐĂŐƌĞĂƚŝŶĨůƵĞŶĐĞŝŶƉƵŵƉƉĞƌĨŽƌŵĂŶĐĞĂŶĚ
ĐĂƉĂĐŝƚLJ͘/ĨƉŝƉĞĨŝƚƚŝŶŐŝƐďĞƚƚĞƌŵĞĂŶƐũŽŝŶƚƐŝŶĐůƵĚŝŶŐĞůďŽǁƐ͕dĞĞ͕
hŶŝŽŶƐ͕WůƵŐƐ͕ZĞĚƵĐĞƌƐĞƚĐ͘/ĨƚŚĞƐĞĨŝƚƚŝŶŐŝƐďĞƚƚĞƌǁĂLJƚŚĞŶƉƵŵƉ
ĐƌĞĂƚĞŵĂdžŝŵƵŵĞĨĨŝĐŝĞŶĐLJĂŶĚůŝĨĞŝƐĂůƐŽŵŽƌĞLJĞĂƌƐ͘
y ŝƐŝŶĨĞĐƚŝŽŶƋƵŝƉŵĞŶƚĂƐƐƵƌĞǁĂƚĞƌƋƵĂůŝƚLJ͘ĞĐĂƵƐĞĐůĞĂŶǁĂƚĞƌ
ƐĂǀĞƐƉĞŽƉůĞƐĨƌŽŵŵĂŶLJĚŝƐĞĂƐĞƐ͘
y ŚůŽƌŝŶĂƚŝŽŶ ŽĨ ǁĂƚĞƌ ƉƵŵƉ ŝƐ ǀĞƌLJ ƵƐĞĨƵů ĂŶĚŚĞůƉĨƵů ƚŽ ƉƌĞǀĞŶƚ
ĚŝƐĞĂƐĞƐ͘ ,GHDIURPLQWHUQHWZULWWHQDQGIRUPDWWHGE\P\VHOI 


 
^ůƵŝĐĞǀĂůǀĞ EŽŶƌĞƚƵƌŶsĂůǀĞ  &ůŽǁŵĞƚĞƌ WŝƉŝŶŐͬ&ŝƚƚŝŶŐ


 





dƵďĞǁĞůů
x ƚƵďĞǁĞůůŝƐĂƚLJƉĞŽĨǁĂƚĞƌǁĞůůŝŶǁŚŝĐŚĂůŽŶŐϭϬϬʹ
ϮϬϬŵŝůůŝŵĞƚƌĞƐ;ϯ͘ϵʹϳ͘ϵŝŶͿǁŝĚĞƐƚĂŝŶůĞƐƐƐƚĞĞůƚƵďĞŽƌ
ƉŝƉĞŝƐďŽƌĞĚŝŶƚŽĂŶƵŶĚĞƌŐƌŽƵŶĚĂƋƵŝĨĞƌ͘
x dŚĞůŽǁĞƌĞŶĚŝƐĨŝƚƚĞĚǁŝƚŚĂƐƚƌĂŝŶĞƌ͕ĂŶĚĂƉƵŵƉĂƚ
ƚŚĞƚŽƉůŝĨƚƐǁĂƚĞƌĨŽƌŝƌƌŝŐĂƚŝŽŶĂŶĚƐƵƉƉůLJĨŽƌŚŽƵƐĞƐ͘
dŚĞƌĞƋƵŝƌĞĚĚĞƉƚŚŽĨƚŚĞǁĞůůĚĞƉĞŶĚƐŽŶƚŚĞĚĞƉƚŚ
ŽĨƚŚĞǁĂƚĞƌƚĂďůĞ͘
x dƵďĞǁĞůůŚĂǀĞdǁŽŵĂŝŶƉĂƌƚƐ
x WƵŵƉ
x DŽƚŽƌ


dƵďĞǁĞůůhƐĞĚŝŶt^Ɛ



t^WƵŵƉKƉĞƌĂƚŝŽŶƐ;tĂƚĞƌ^ƵƉƉůLJͿ
dƵďĞǁĞůůƚĂŬĞǁĂƚĞƌĨƌŽŵǁĞůůĂŶĚƐĞŶĚƚŽŵĂŝŶƐƵƉƉůLJůŝŶĞƐĂŶĚŽǀĞƌŚĞĂĚƌĞƐĞƌǀŽŝƌ͘
^ƵƉƉůLJŽĨǁĂƚĞƌŚĂƐƚǁŽŵĞƚŚŽĚƐ
ϭ͘dĂŬĞƐǁĂƚĞƌĨƌŽŵƚƵďĞǁĞůůƐƚŚĞŶŐŽĚŝƌĞĐƚůLJƚŽŵĂŝŶƐƵƉƉůLJůŝŶĞƐĂŶĚǁŚŝĐŚĨƵƌƚŚĞƌ
ĚŝǀŝĚĞĚƚŽƚŚĞŚŽƵƐĞƐůŝŶĞƐ͘ ,GHDIURPLQWHUQHWZULWWHQDQGIRUPDWWHGE\P\VHOI 












 

&ůŽǁŝĂŐƌĂŵŽĨtĂƚĞƌ^ƵƉƉůLJŝŶt^^LJƐƚĞŵ

dƵďĞtĞůůƐ
^LJƐƚĞŵ

DĂŝŶ^ƵƉƉůLJ>ŝŶĞƐ

,ŽƵƐĞƐdĂƉƐ



Ϯ͘dĂŬĞǁĂƚĞƌĨƌŽŵƚƵďĞǁĞůůƐƐLJƐƚĞŵĂŶĚŝƚŐŽƚŽŽǀĞƌŚĞĂĚƌĞƐĞƌǀŽŝƌƚŚĞŶŝƚƐŐŽƚŽŵĂŝŶǁĂƚĞƌ
ƐƵƉƉůLJůŝŶĞƐǁŚŝĐŚĂƌĞĨƵƌƚŚĞƌĚŝǀŝĚĞĚŝŶƚŽŚŽƵƐĞƐǁĂƚĞƌůŝŶĞƐ͘



dƵďĞtĞůůƐ

KǀĞƌŚĞĂĚ
ZĞƐĞƌǀŽŝƌ

DĂŝŶtĂƚĞƌ
^ƵƉƉůLJ>ŝŶĞƐ

,ŽƵƐĞƐdĂƉƐ

&ůŽǁŝĂŐƌĂŵŽĨtĂƚĞƌƐƵƉƉůLJŝŶt^ƐLJƐƚĞŵ


 



&ƌŽŵŵĂŝŶƐƵƉƉůLJůŝŶĞƐŽĨǁĂƚĞƌĂŶĚŽǀĞƌŚĞĂĚƌĞƐĞƌǀŽŝƌǁĂƚĞƌŐŽƚŽƚĂƉƐŽĨŚŽƵƐĞƐŝŶ
ƐƉĞĐŝĨŝĐƚŝŵĞ͘
^ŽƉĞŽƉůĞƐƵƐĞƚŚŝƐǁĂƚĞƌĂƐĨŽƌĚƌŝŶŬŝŶŐ͕ĐŽŽŬŝŶŐ͕ďĂƚŚŝŶŐĂŶĚĨŽƌƌŽƵƚŝŶĞƉƵƌƉŽƐĞ͘
^ƵƉƉůLJŽĨǁĂƚĞƌŚĂƐĂǀŝƚĂůƌŽůĞŝŶt^ďĞĐĂƵƐĞƉĞŽƉůĞƐƌŽƵƚŝŶĞůLJůŝĨĞĚĞƉĞŶĚƐŽŶŝƚƐ
ƐƵƉƉůLJ͘
tĂƚĞƌƋƵĂůŝƚLJĂŶĚǁĂƚĞƌƐƵƉƉůLJďŽƚŚĂƌĞŝŵƉŽƌƚĂŶƚĂƐĨŽƌƉĞŽƉůĞƐĐŽŶĐĞƌŶ͘
/ĨƚƵďĞǁĞůůŽƉĞƌĂƚŽƌƐĚŽŶŽƚĚŽŐŽŽĚũŽďĂŶĚŶŽƚƉƌŽƉĞƌŵĂŝŶƚĂŝŶŝƚƐƉŚLJƐŝĐĂůĂŶĚŝŶƚĞƌŶĂů
ĐŽŶĚŝƚŝŽŶƐƚŚĞŶƚƵďĞǁĞůůƐƉƵŵƉƐƉĞƌĨŽƌŵĂŶĐĞĂŶĚƉƌĞƐƐƵƌĞĨŽƌŵĂŝŶƐƵƉƉůLJůŝŶĞƐĐŽƵůĚďĞ
ĚĞĐƌĞĂƐĞƐŽŝƚƐĐƌĞĂƚĞůŽƚŽĨƉƌŽďůĞŵƐĨŽƌůŽĐĂůƉĞŽƉůĞƐ͘

dƌĞĂƚŵĞŶƚ
ZĞƐĞƌǀŽŝƌͬdĂŶŬƐ
ZĂǁĂůĂŵ WůĂŶƚͬ&ŝůƚƌĂƚŝŽŶ
^ƚŽƌĂŐĞ
WůĂŶƚ

ŽŵĞƐƚŝĐͬ,ŽƵƐĞƐ DĂŝŶtĂƚĞƌ
dĂƉƐ ^ƵƉƉůLJ>ŝŶĞƐ

&ůŽǁŝĂŐƌĂŵŽĨtĂƚĞƌ^ƵƉƉůLJ^LJƐƚĞŵŝŶt^ZĂǁĂůƉŝŶĚŝ


 

ZĞƐĞƌǀŽŝƌͬdĂŶŬƐ KǀĞƌŚĞĂĚ
ŽŽƐƚĞƌWƵŵƉƐ
^ƚŽƌĂŐĞ ZĞƐĞƌǀŽŝƌ

ŽŵĞƐƚŝĐͬ,ŽƵƐĞƐ DĂŝŶtĂƚĞƌ
dĂƉƐ ^ƵƉƉůLJ>ŝŶĞƐ

&ůŽǁŝĂŐƌĂŵŽĨtĂƚĞƌ^ƵƉƉůLJ^LJƐƚĞŵŝŶt^ZĂǁĂůƉŝŶĚŝĂĨƚĞƌ^ƚŽƌĂŐĞdĂŶŬƐ






ZŝǀĞƌ ŽŽƐƚĞƌ
dƵďĞtĞůůƐ WƵŵƉŝŶŐ
ŚĞŶĂď ^ƚĂƚŝŽŶƐ

dĞƌŵŝŶĂů DĂŝŶtĂƚĞƌ
ZĞƐĞƌǀŽŝƌ ^ƵƉƉůLJ>ŝŶĞƐ

&ůŽǁŝĂŐƌĂŵŽĨt^&ĂŝƐĂůĂďĂĚĨŽƌtĂƚĞƌ^ƵƉƉůLJ^LJƐƚĞŵ


 

KǀĞƌŚĂĞĚ DĂŝŶ ,ŽƵƐĞƐ

dĂƉƐͬŽŵĞƐƚŝĐ
ZĞƐĞƌǀŽŝƌ tĂƚĞƌ
^ƵƉƉůLJ
>ŝŶĞƐ

&ůŽǁŝĂŐƌĂŵKĨt^&ĂŝƐĂůĂďĂĚĨŽƌtĂƚĞƌ^ƵƉƉůLJ^LJƐƚĞŵ
dƵďĞǁĞůůŽƉĞƌĂƚŽƌƐŽƌŵĂŶĂŐĞŵĞŶƚƐŚŽƵůĚďĞĚŽĐŚůŽƌŝŶĂƚŝŽŶŽĨƉƵŵƉƐƐLJƐƚĞŵĂŶĚƌĞƐĐƵĞ
ƉĞŽƉůĞƐĨƌŽŵŵĂŶLJĚŝƐĞĂƐĞƐǁŚŝĐŚĐĂƵƐĞƐĞƌŝŽƵƐŚĞĂůƚŚŝƐƐƵĞ͘ ,GHDIURPLQWHUQHWZULWWHQ
DQGIRUPDWWHGE\P\VHOI 




ŚůŽƌŝŶĞ^ƵƉƉůLJ^LJƐƚĞŵĂŶĚ&ŝůƚƌĂƚŝŽŶ^LJƐƚĞŵ
/ŶƚƌŽĚƵĐƚŝŽŶ
ŚůŽƌŝŶĞŝƐĂĐŚĞŵŝĐĂůĞůĞŵĞŶƚ͕ŽŶĞŽĨƌŽƵŐŚůLJϵϬďĂƐŝĐďƵŝůĚŝŶŐďůŽĐŬƐŽĨŵĂƚƚĞƌ͘
ŚůŽƌŝŶĞŝƐĂŶĂƚƵƌĂůůLJͲŽĐĐƵƌƌŝŶŐĐŚĞŵŝĐĂůĞůĞŵĞŶƚ͕ŽŶĞŽĨƚŚĞďĂƐŝĐďƵŝůĚŝŶŐďůŽĐŬƐŽĨ
ŵĂƚƚĞƌ͘^ĐĂƚƚĞƌĞĚƚŚƌŽƵŐŚŽƵƚƚŚĞƌŽĐŬƐŽĨĂƌƚŚ͛ƐĐŽŶƚŝŶĞŶƚƐĂŶĚĐŽŶĐĞŶƚƌĂƚĞĚŝŶŝƚƐƐĂůƚLJ
ŽĐĞĂŶƐ͕ĐŚůŽƌŝŶĞŝƐĂŶĞƐƐĞŶƚŝĂůŶƵƚƌŝĞŶƚĨŽƌƉůĂŶƚƐĂŶĚĂŶŝŵĂůƐ͘
ŚůŽƌŝŶĞĐŚĞŵŝƐƚƌLJƉƌŽǀŝĚĞƐĐůĞĂŶĚƌŝŶŬŝŶŐǁĂƚĞƌƚŽŵŝůůŝŽŶƐĂƌŽƵŶĚƚŚĞŐůŽďĞ͘ůĞĂŶ
ĚƌŝŶŬŝŶŐǁĂƚĞƌŵĂĚĞƉŽƐƐŝďůĞǁŝƚŚĐŚůŽƌŝŶĞĚŝƐŝŶĨĞĐƚĂŶƚƐŝƐĂŵŽŶƵŵĞŶƚĂůƚƌŝƵŵƉŚŽǀĞƌƚŚĞ
ƐĐŽƵƌŐĞƐŽĨǁĂƚĞƌďŽƌŶĞĚŝƐĞĂƐĞ͘

/ŵƉŽƌƚĂŶĐĞ

YƵĂůŝƚLJŽĨǁĂƚĞƌŶĞǀĞƌďĞĐŽŵƉƌŽŵŝƐĞďĞĐĂƵƐĞƉĞŽƉůĞƐƵƐĞĚŝƚŝŶƌŽƵƚŝŶĞůŝĨĞƐŽŵƵĐŚ͘
ŚůŽƌŝŶĞŝƐŽŶĞŽĨƚŚĞŵŽƐƚĐŽŵŵŽŶůLJƵƐĞĚĚŝƐŝŶĨĞĐƚĂŶƚƐĨŽƌǁĂƚĞƌĚŝƐŝŶĨĞĐƚŝŽŶ͘ŚůŽƌŝŶĞĐĂŶ
ďĞĂƉƉůŝĞĚĨŽƌƚŚĞĚĞĂĐƚŝǀĂƚŝŽŶŽĨŵŽƐƚŵŝĐƌŽŽƌŐĂŶŝƐŵƐĂŶĚŝƚŝƐƌĞůĂƚŝǀĞůLJĐŚĞĂƉ͘


 

&ŽƌďĞƚƚĞƌƋƵĂůŝƚLJŽĨǁĂƚĞƌǁĞƐŚŽƵůĚĚŽƐĞƐŽŵĞĐŚůŽƌŝŶĞŝŶƐƵƉƉůLJůŝŶĞƐŽĨǁĂƚĞƌƚŚŝƐ
ƉƌŽĐĞƐƐŝƐĐĂůůĞĚĐŚůŽƌŝŶĂƚŝŽŶ͘tĂƚĞƌĐŚůŽƌŝŶĂƚŝŽŶŝƐƚŚĞƉƌŽĐĞƐƐŽĨĂĚĚŝŶŐĐŚůŽƌŝŶĞůϮ
ŚLJƉŽĐŚůŽƌŝƚĞƚŽǁĂƚĞƌ͘

tŚLJŚůŽƌŝŶĞŝƐŶĞĐĞƐƐĂƌLJ͍
ƐĂŚĂůŽŐĞŶ͕ĐŚůŽƌŝŶĞŝƐĂŚŝŐŚůLJĞĨĨŝĐŝĞŶƚĚŝƐŝŶĨĞĐƚĂŶƚ͕ĂŶĚŝƐĂĚĚĞĚƚŽƉƵďůŝĐǁĂƚĞƌƐƵƉƉůŝĞƐ
ƚŽŬŝůůĚŝƐĞĂƐĞͲĐĂƵƐŝŶŐƉĂƚŚŽŐĞŶƐ͕ƐƵĐŚĂƐďĂĐƚĞƌŝĂ͕ǀŝƌƵƐĞƐ͕ĂŶĚƉƌŽƚŽnjŽĂŶƐ͕ƚŚĂƚĐŽŵŵŽŶůLJ
ŐƌŽǁŝŶǁĂƚĞƌƐƵƉƉůLJƌĞƐĞƌǀŽŝƌƐ͕ŽŶƚŚĞǁĂůůƐŽĨǁĂƚĞƌŵĂŝŶƐĂŶĚŝŶƐƚŽƌĂŐĞƚĂŶŬƐ͘
ŚĞŵŝĐĂůZĞĂĐƚŝŽŶ
ŚůŽƌŝŶĞнtĂƚĞƌс,LJĚƌŽĐŚůŽƌŝĐĐŝĚн,LJƉŽĐŚůŽƌŽƵƐĐŝĚ
ůϮн ,ϮKс,ůн,Ků

tŚĞŶĐŚůŽƌŝŶĞƌĞĂĐƚƐǁŝƚŚǁĂƚĞƌŝƚƉƌŽĚƵĐĞƐŚLJĚƌŽĐŚůŽƌŝĐĂĐŝĚĂŶĚŚLJƉŽĐŚůŽƌŽƵƐĂĐŝĚ͘


dŚŝƐŵĞƚŚŽĚŝƐƵƐĞĚƚŽŬŝůůŵĂŶLJďĂĐƚĞƌŝĂĂŶĚŽƚŚĞƌŵŝĐƌŽďĞƐŝŶ
ƚĂƉǁĂƚĞƌĂƐĐŚůŽƌŝŶĞŝƐŚŝŐŚůLJƚŽdžŝĐ͘Ƶƚ/ŶƉĂƌƚŝĐƵůĂƌ
ĐŚůŽƌŝŶĂƚŝŽŶŝƐƵƐĞĚƚŽƉƌĞǀĞŶƚƚŚĞƐƉƌĞĂĚŽĨǁĂƚĞƌďŽƌŶĞ
ĚŝƐĞĂƐĞƐƐƵĐŚĂƐĐŚŽůĞƌĂ͕ĚLJƐĞŶƚĞƌLJ͕ƚLJƉŚŽŝĚĞƚĐ͘








ŚůŽƌŝŶĂƚŝŽŶŵĞƚŚŽĚŝƐƵƐĞĚŝŶĞǀĞƌLJt^ďƵƚƐŽŵĞŚĂƐĂ
ƉƌŽƉĞƌŵĂŝŶƚĞŶĂŶĐĞĂŶĚĐĂƌŝŶŐĂďŽƵƚƚŚĞĐŚůŽƌŝŶĂƚŽƌďƵƚƐŽŵĞ
ŚĂƐŶŽƉƌŽƉĞƌŵĂŝŶƚĞŶĂŶĐĞĚƵĞƚŽǁŚŝĐŚĚŝƐĞĂƐĞƐĂƌĞ ŚůŽƌŝŶĂƚŝŽŶŵĞƚŚŽĚhƐĞĚŝŶt^
ƉƌŽĚƵĐĞĚ͘ DƵůƚĂŶ


 


ŚůŽƌŝŶĂƚŝŽŶŵĞƚŚŽĚƵƐĞĚŝŶt^ƐLJƐƚĞŵǁŚŝĐŚŝƐŶŽŶͲ
ǁŽƌŬŝŶŐĐŽŶĚŝƚŝŽŶĂŶĚŵĞƚŚŽĚŽĨĐŚůŽƌŝŶĂƚŝŽŶŝƐĂůƐŽƐŽ
ŽƌĚŝŶĂƌLJ͘ƐŽǁĂƚĞƌƋƵĂůŝƚLJŝƐŶŽƚƐŽŐŽŽĚ͘

ŚůŽƌŝŶĂƚŝŽŶŵĞƚŚŽĚƵƐĞĚŝŶt^
'ƵũƌĂŶǁĂůĂ
ŚůŽƌŝŶĂƚŝŽŶŵĞƚŚŽĚƵƐĞĚŝŶt^Ɛ
DĂũŽƌWĂƌƚƐŽĨŚůŽƌŝŶĂƚŽƌĂƌĞ


ϭ͘ŝĂƉŐŚƌĂŵWƵŵƉ
Ϯ͘ŚůŽƌŝŶĞƐƚŽƌĂŐĞƚĂŶŬ
ϯ͘WŝƉĞĨŽƌĐŚůŽƌŝŶĞĚŽƐŝŶŐ
ϰ͘WƵŵƉŽĨǁĂƚĞƌƐƵƉƉůLJůŝŶĞƐ




 ŚůŽƌŝŶĂƚŝŽŶƐƚŽƌĂŐĞƚĂŶŬƵƐĞĚŝŶ
 t^Ɛ͘


 


ĚŝĂƉŚƌĂŐŵƉƵŵƉ;ĂůƐŽŬŶŽǁŶĂƐĂDĞŵďƌĂŶĞƉƵŵƉͿŝƐĂ
ƉŽƐŝƚŝǀĞĚŝƐƉůĂĐĞŵĞŶƚƉƵŵƉƚŚĂƚƵƐĞƐĂĐŽŵďŝŶĂƚŝŽŶŽĨƚŚĞ
ƌĞĐŝƉƌŽĐĂƚŝŶŐĂĐƚŝŽŶŽĨĂƌƵďďĞƌ͕ƚŚĞƌŵŽƉůĂƐƚŝĐŽƌdĞĨůŽŶ
ĚŝĂƉŚƌĂŐŵĂŶĚƐƵŝƚĂďůĞǀĂůǀĞƐŽŶĞŝƚŚĞƌƐŝĚĞŽĨƚŚĞ
ĚŝĂƉŚƌĂŐŵ;ĐŚĞĐŬǀĂůǀĞ͕ďƵƚƚĞƌĨůLJǀĂůǀĞƐ͕ĨůĂƉǀĂůǀĞƐ͕ŽƌĂŶLJ
ŽƚŚĞƌĨŽƌŵŽĨƐŚƵƚͲŽĨĨǀĂůǀĞƐͿƚŽƉƵŵƉĂĨůƵŝĚ͘





 ŝĂƉŚƌĂŐŵWƵŵƉhƐĞĚŝŶt^ƐĨŽƌůϮ




/ŶƚĞƌŶĂůWĂƌƚƐŽĨŝĂƉŚƌĂŐŵWƵŵƉŝƐƐŚŽǁŶŝŶĨŝŐƵƌĞ͘



 

dŚĞƌĞ ĂƌĞ ƐĞǀĞƌĂů ŵĞƚŚŽĚƐ ĞůŝŵŝŶĂƚĞ

ĚŝƐĞĂƐĞͲĐĂƵƐŝŶŐ ŵŝĐƌŽŽƌŐĂŶŝƐŵƐ ŝŶ ǁĂƚĞƌ͕
ĐŚůŽƌŝŶĂƚŝŽŶ ŝƐ ƚŚĞ ŵŽƐƚ ĐŽŵŵŽŶůLJ
ƵƐĞĚ͘ŚůŽƌŝŶĂƚŝŽŶŝƐĞĨĨĞĐƚŝǀĞĂŐĂŝŶƐƚŵĂŶLJ
ƉĂƚŚŽŐĞŶŝĐďĂĐƚĞƌŝĂ͕ďƵƚĂƚŶŽƌŵĂůĚŽƐĂŐĞ
ƌĂƚĞƐ ŝƚ ĚŽĞƐ ŶŽƚ Ŭŝůů Ăůů ǀŝƌƵƐĞƐ͕ ĐLJƐƚƐ͕ Žƌ
ǁŽƌŵƐ͘ tŚĞŶ ĐŽŵďŝŶĞĚ ǁŝƚŚ ĨŝůƚƌĂƚŝŽŶ͕
ĐŚůŽƌŝŶĂƚŝŽŶŝƐĂŶĞdžĐĞůůĞŶƚǁĂLJƚŽĚŝƐŝŶĨĞĐƚ
ĚƌŝŶŬŝŶŐǁĂƚĞƌƐƵƉƉůŝĞƐ͘

ŽŵŵĞƌĐŝĂů^LJƐƚĞŵŽĨĐŚůŽƌŝŶĂƚŝŽŶ


tŽƌůĚĐŚůŽƌŝŶĞĐŽƵŶĐŝůƐĂLJƐ
 ŚůŽƌŝŶĞ ŝƐ ƵƐĞĚ ƚŽ ĚĞƐƚƌŽLJ ĚŝƐĞĂƐĞͲ
ĐĂƵƐŝŶŐŽƌŐĂŶŝƐŵƐŝŶǁĂƚĞƌ͕ĂŶĞƐƐĞŶƚŝĂů
ƐƚĞƉ ŝŶ ĚĞůŝǀĞƌŝŶŐ ƐĂĨĞ ĚƌŝŶŬŝŶŐ ǁĂƚĞƌ
ĂŶĚƉƌŽƚĞĐƚŝŶŐƉƵďůŝĐŚĞĂůƚŚ͘ŚůŽƌŝŶĞŝƐ
ďLJ ĨĂƌ ƚŚĞ ŵŽƐƚ ĐŽŵŵŽŶůLJ ƵƐĞĚ
ĚŝƐŝŶĨĞĐƚĂŶƚŝŶĂůůƌĞŐŝŽŶƐŽĨƚŚĞǁŽƌůĚ͘Η

ŚůŽƌŝŶĞŝƐŵŽƐƚǁŝĚĞůLJĂŶĚĞĂƐŝůLJƵƐĞĚ͕ĂŶĚ
ƚŚĞ ŵŽƐƚ ĂĨĨŽƌĚĂďůĞ ŽĨ ƚŚĞ ĚƌŝŶŬŝŶŐ ǁĂƚĞƌ
ĚŝƐŝŶĨĞĐƚĂŶƚƐ͘ /ƚ ŝƐ ĂůƐŽ ŚŝŐŚůLJ ĞĨĨĞĐƚŝǀĞ
ĂŐĂŝŶƐƚŶĞĂƌůLJĂůůǁĂƚĞƌďŽƌŶĞƉĂƚŚŽŐĞŶƐ͘ ƌŝŶŬŝŶŐtĂƚĞƌ



WƌĞǀĞŶƚŝǀĞŵĂŝŶƚĞŶĂŶĐĞ
¾ dŚĞůŝƋƵŝĚƚƌĂŶƐĨĞƌĨŽƌĐĞĐŽŶƚƌŽůůĞĚĚƵƌŝŶŐŶŽͲĚŝƐĐŚĂƌŐĞŽƉĞƌĂƚŝŽŶƚŽƉƌĞǀĞŶƚ
ƉƌĞƐƐƵƌĞďƵŝůĚͲƵƉ͘
¾ tŚĞŶƚŚĞƉƌĞƐƐƵƌĞĞdžĐĞĞĚƐ͕ƚŚĞƌĞůŝĞĨǀĂůǀĞŽƉĞƌĂƚĞƐĂƵƚŽŵĂƚŝĐĂůůLJ͘
¾ tŚĞŶŶŽƌŵĂůƉƌĞƐƐƵƌĞďƵŝůĚƐƵƉĚƵĞƚŽĐůŽŐŐŝŶŐŽĨƚŚĞƉŝƉĞƐŽƌǁŚŝůĞƚŚĞĚŝƐĐŚĂƌŐĞĚ
ǀĂůǀĞŝƐĐůŽƐĞĚ͕ĂŶĂůĂƌŵŝƐĞŵŝƚƚĞĚƚŽǁĂƌŶƚŚŝƐĐŽŶĚŝƚŝŽŶ͘
¾ ůĂƌŵĨƵŶĐƚŝŽŶĨŽƌŶŽƚŝĨLJŝŶŐĂďŶŽƌŵĂůƉƌĞƐƐƵƌĞ͘


 

¾ LJƵƐŝŶŐƌĞůŝĞĨǀĂůǀĞĂƵƚŽŵĂƚŝĐĂůůLJƌĞůĞĂƐĞĂďŶŽƌŵĂůƉƌĞƐƐƵƌĞƚŚĂƚŽĐĐƵƌƐŝŶ
ĚŝƐĐŚĂƌŐĞƐŝĚĞƉŝƉŝŶŐ͕ĚƵĞƚŽďůŽĐŬĂŐĞďLJĨŽƌĞŝŐŶŽďũĞĐƚƐĂŶĚƚŝŐŚƚĞŶŝŶŐŽĨǀĂůǀĞƚŽ
ƉƌĞǀĞŶƚĂĐĐŝĚĞŶƚŽƌƉŽƐƐŝďůĞĚĂŵĂŐĞƚŽƉƵŵƉĂŶĚƉŝƉŝŶŐ͘

ZĞůŝĞĨǀĂůǀĞ


dƌŽƵďůĞ^ŚŽŽƚŝŶŐͬ^ŽůƵƚŝŽŶ

 dƌŽƵďůĞ ĂƵƐĞ ZĞŵĞĚŝĂůĂĐƚŝŽŶ
  ¾ dŚĞĚŝƐĐŚĂƌŐĞƐŝĚĞŽĨƉŝƉĞŝƐďůŽĐŬĞĚ͕ ¾ ŝƐĂƐƐĞŵďůĞĂŶĚ
 >ŝƋƵŝĚŝƐ ĐĂƵƐŝŶŐƚŚĞƉƌĞƐƐƵƌĞƚŽŝŶĐƌĞĂƐĞ͘ ĐůĞĂŶƚŚĞƉŝƉĞ͘
>ŝƋƵŝĚŝƐ ůĞĂŬŝŶŐ ¾ dŚĞĚŝĂƉŚƌĂŐŵŝƐĚĂŵĂŐĞĚ ¾ ZĞƉůĂĐĞƚŚĞ
ůĞĂŬŝŶŐ ¾ /ŶĂĚĞƋƵĂƚĞƚŝŐŚƚĞŶŝŶŐŽĨƚŚƌĞĂĚĞĚĂƌĞĂƐ ĚŝĂƉŚƌĂŐŵ͘
¾ >ŽŽƐĞŶƵƚƐ ¾ dŝŐŚƚĞŶƵƉƚŚĞ
¾ dŚĞKͲƌŝŶŐƐ͕ǀĂůǀĞƐĞĂƚƐŽƌŽƚŚĞƌƉĂƌƚƐŝŶ ƚŚƌĞĂĚĞĚĂƌĞĂƐ͘
ƚŚĞƐĞĂůĂƌĞĂƐŚĂǀĞĚĞƚĞƌŝŽƌĂƚĞĚŽǀĞƌ ¾ dŝŐŚƚĞŶƵƉƚŚĞŚŽƐĞ
ƚŝŵĞ͘ ŶƵƚƐ͘
¾ ZĞƉůĂĐĞƚŚĞ
ĐŽŶƐƵŵĂďůĞƉĂƌƚƐŽĨ
ƚŚĞƐĞĂůĂƌĞĂƐ͘
>ŝƋƵŝĚŝƐ ¾ dŚĞƌĞůŝĞĨǀĂůǀĞǁĂƐŶŽƚƌĞƉůĂĐĞĚĂĨƚĞƌŝƚ ¾ ZĞƉůĂĐĞƚŚĞƌĞůŝĞĨ
ĐŽŵŝŶŐ ǁĂƐĂĐƚŝǀĂƚĞĚďLJĂŶĂďŶŽƌŵĂůƉƌĞƐƐƵƌĞŽƌ ǀĂůǀĞ͘
ŽƵƚŽĨƚŚĞ ŽƚŚĞƌĨĂĐƚŽƌ͘ ¾ ZĞŵŽǀĞƚŚĞĐĂƵƐĞŽĨ
ƌĞůŝĞĨͬĂŝƌ ¾ ŶĂďŶŽƌŵĂůƉƌĞƐƐƵƌĞŚĂƐďĞĞŶ ƚŚĞĂďŶŽƌŵĂů
ƌĞůĞĂƐĞ ŐĞŶĞƌĂƚĞĚ͘ ƉƌĞƐƐƵƌĞ͕ĂŶĚƌĞƉůĂĐĞ
ƉŽƌƚ ƚŚĞƌĞůŝĞĨǀĂůǀĞ͘
,ĞĂƚŝƐ EŽŝƐĞŽƌ ¾ KǀĞƌůŽĂĚ ¾ ŚĞĐŬƚŚĞĚŝƐĐŚĂƌŐĞ
ŐĞŶĞƌĂƚĞĚ ŚĞĂƚ ¾ /ŶĂĚĞƋƵĂƚĞůƵďƌŝĐĂƚŝŽŶ ƉƌĞƐƐƵƌĞ͕ĂŶĚŝŶƐƉĞĐƚ
Žƌ ŐĞŶĞƌĂƚŝŽŶ ¾ dŚĞŽƵƚƐŝĚĞĂŝƌƚĞŵƉĞƌĂƚƵƌĞŽƌ ƚŚĞĂƌĞĂƐĨŽƌ
ĂďŶŽƌŵĂů ŝŶĚƌŝǀĞ ƚĞŵƉĞƌĂƚƵƌĞŽĨƚŚĞƚƌĂŶƐĨĞƌƌĞĚůŝƋƵŝĚŝƐ ĐůŽŐŐŝŶŐ͘
ŶŽŝƐĞŝƐ ĂƌĞĂƐ ƚŽŽŚŝŐŚ͘ ¾ ƉƉůLJŐƌĞĂƐĞ͘
ŚĞĂƌĚ ¾ tŽƌŶŽƌĚĂŵĂŐĞĚƌĞĚƵĐƚŝŽŶŐĞĂƌ͘ ¾ /ŵƉƌŽǀĞƚŚĞ
¾ ĂŵĂŐĞĚƐƉƌŝŶŐ ŝŶƐƚĂůůĂƚŝŽŶ
¾ ŶĂďŶŽƌŵĂůƉƌĞƐƐƵƌĞŝƐďĞŝŶŐĂƉƉůŝĞĚƚŽ ĐŽŶĚŝƚŝŽŶƐ͘
ƚŚĞĚŝƐĐŚĂƌŐĞƐŝĚĞ͘


 

¾ ZĞƉĂŝƌŽƌƌĞƉůĂĐĞƚŚĞ
ƌĞĚƵĐƚŝŽŶŐĞĂƌ͘
¾ ZĞƉůĂĐĞƚŚĞƐƉƌŝŶŐ͘
¾ /ŶƐƉĞĐƚƚŚĞƉŝƉĞ͘







dƌŽƵďůĞ ĂƵƐĞ ZĞŵĞĚŝĂůĂĐƚŝŽŶ
EŽ dŚĞ dŚĞ ¾ dƌŽƵďůĞŝŶƚŚĞƉŽǁĞƌƐƵƉƉůLJŽƌ ¾ ŚĞĐŬƚŚĞƉŽǁĞƌƐƵƉƉůLJŽƌ
ůŝƋƵŝĚŝƐ ƉƵŵƉ ŵŽƚŽƌ ƐƵƉƉůLJǀŽůƚĂŐĞ͘ ƐƵƉƉůLJǀŽůƚĂŐĞ͕ĂŶĚĐŽŶŶĞĐƚƚŚĞ
ĚŝƐĐŚĂƌŐ ĚŽĞƐ ĚŽĞƐ ¾ ĞĨĞĐƚŝǀĞĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞ ƵŶŝƚƚŽƚŚĞĐŽƌƌĞĐƚƉŽǁĞƌ
ĞĚ ŶŽƚ ŶŽƚ ŵŽƚŽƌ͘ ƐƵƉƉůLJ͘
ǁŽƌŬ ƌƵŶ ¾ ƌŽŬĞŶĞůĞĐƚƌŝĐĐĂďůĞ͘ ¾ /ŶƐƉĞĐƚƚŚĞĐŽŶŶĞĐƚŝŽŶƐ͕ĂŶĚ
¾ ^ǁŝƚĐŚŝƐŝŶƚŚĞ͚͛ŽĨĨ͛͛ƉŽƐŝƚŝŽŶ͘ ĐŽŶŶĞĐƚƚŚĞƵŶŝƚƉƌŽƉĞƌůLJƚŽƚŚĞ
¾ ŝƌĐƵŝƚďƌĞĂŬĞƌŚĂƐďĞĞŶƚƌŝƉƉĞĚŽƌ ŵŽƚŽƌ͘
ĨƵƐĞŚĂƐďůŽǁŶ͘ ¾ ZĞƉĂŝƌŽƌƌĞƉůĂĐĞƚŚĞĞůĞĐƚƌŝĐ
¾ DŽƚŽƌŝƐŝŵŵĞƌƐĞĚŝŶǁĂƚĞƌ͘ ĐĂďůĞ͘
¾ DŽƚŽƌĨĂŝůƵƌĞ͘ ¾ ^ĞƚƚŚĞƐǁŝƚĐŚƚŽƚŚĞĐŽƌƌĞĐƚ
¾ ĞĨĞĐƚŝǀĞŵĂŐŶĞƚƐǁŝƚĐŚ͘ ƉŽƐŝƚŝŽŶ͘
¾ ZĞƉůĂĐĞƚŚĞŵŽƚŽƌ͘
¾ ZĞƉůĂĐĞƚŚĞŵŽƚŽƌ͘
¾ ZĞƉůĂĐĞƚŚĞŵĂŐŶĞƚƐǁŝƚĐŚ͘
 dŚĞ ¾ ZĞĚƵĐƚŝŽŶŐĞĂƌŵĞĐŚĂŶŝƐŵŝƐ ¾ ZĞƉĂŝƌŽƌƌĞƉůĂĐĞƚŚĞ
ŵŽƚŽƌ ĚĂŵĂŐĞĚ͘ ŵĞĐŚĂŶŝƐŵ͘
ƌƵŶƐ ¾ ĐĐĞŶƚƌŝĐĐĂŵŵĞĐŚĂŶŝƐŵŝƐ ¾ ZĞƉůĂĐĞƚŚĞŵĞĐŚĂŶŝƐŵ͘
ĚĂŵĂŐĞĚ͘ 
dŚĞ ŝƌ ¾ 'ĂƐĞƐŵĂLJďĞŐĞŶĞƌĂƚĞĚďLJŶĂƚƵƌĞ ¾ ůŝŵŝŶĂƚĞƚŚĞĐĂƵƐĞƐŽĨƚŚĞŐĂƐ
ƉƵŵƉ ŚĂƐ ŽĨƚŚĞůŝƋƵŝĚ͘ ŐĞŶĞƌĂƚŝŽŶ͘
ƌƵŶƐ ĨŽƵŶĚ ¾ >ŝƋƵŝĚŝƐůĞĂŬŝŶŐĨƌŽŵƚŚĞũŽŝŶƚƐ͕ ¾ ŚĞĐŬƚŚĞKͲƌŝŶŐƐ͕ĞƚĐ͘dŚĞŶ
ďƵƚ ŝƚƐ ƐĞĂůĂƌĞĂƐŽƌŽƚŚĞƌĂƌĞĂƐ͘ ƚŝŐŚƚĞŶƵƉƚŚĞƉĂƌƚƐ͘
ŶŽ ǁĂLJ ¾ dŚĞĐŚĞŵŝĐĂůƚĂŶŬŝƐĞŵƉƚLJ͘ ¾ ZĞƉůĞŶŝƐŚƚŚĞĐŚĞŵŝĐĂůƐ͕ĂŶĚ
ĐŚĞŵŝ ŝŶƐŝĚĞ ƌĞůĞĂƐĞƚŚĞĂŝƌ͘
ĐĂůƐ dŚĞ ¾ dŚĞƐƚƌĂŝŶĞƌŝƐĐůŽŐŐĞĚ͘ ¾ ůĞĂŶƚŚĞƐƚƌĂŝŶĞƌĂŶĚƚŚĞƚĂŶŬ͘
ĂƌĞ ůŝƋƵŝĚ ¾ &ŽƌĞŝŐŶŵĂƚƚĞƌŝƐďŝƚŝŶŐŝŶƚŽƚŚĞ ¾ ŝƐĂƐƐĞŵďůĞĂŶĚĐůĞĂŶƚŚĞ
ŝƐŶŽƚ sĂůǀĞƐĞĂƚĂƌĞĂ͘ ǀĂůǀĞƐĞĂƚ͘


 

ƉƵŵƉ ƐƵĐŬĞ ¾ dŚĞǀĂůǀĞƐĞĂƚŝƐƐĐƌĂƚĐŚĞĚ͘ ¾ ZĞƉůĂĐĞƚŚĞǀĂůǀĞƐĞĂƚ͘

ĞĚ ĚŝŶ ¾ dŚĞǀĂůǀĞƐĞĂƚĂƌĞĂŚĂƐďĞĞŶ ¾ ŝƐĂƐƐĞŵďůĞƚŚĞǀĂůǀĞƐĞĂƚ͕
ĂƐƐĞŵďůĞĚŝŶĐŽƌƌĞĐƚůLJ͘ ƚŚĞŶƌĞͲĂƐƐĞŵďůĞŝƚƉƌŽƉĞƌůLJ͘
¾ dŚĞĚŝĂƉŚƌĂŐŵŝƐĚĂŵĂŐĞĚ͘ ¾ ZĞƉůĂĐĞƚŚĞĚŝĂƉŚƌĂŐŵ͘

dŚĞ dŚĞƉƵŵƉŝƐ ¾ dŚĞĚŝĂƉŚƌĂŐŵŝƐĚĂŵĂŐĞĚ ¾ ZĞƉůĂĐĞƚŚĞĚŝĂƉŚƌĂŐŵ
ĚŝƐĐŚĂƌŐ ƌƵŶŶŝŶŐ ¾ &ŽƌĞŝŐŶŵĂƚƚĞƌŝƐďŝƚŝŶŐŝŶƚŽƚŚĞ ¾ /ŶƐƉĞĐƚĂŶĚĐůĞĂŶƚŚĞǀĂůǀĞƐĞĂƚ
Ğ ŶŽƌŵĂůůLJďƵƚ ǀĂůǀĞƐĞĂƚŽƌĐŚĞĐŬďĂůůĂƌĞĂ͘ ĂŶĚĐŚĞĐŬďĂůůĂƌĞĂ
ǀŽůƵŵĞ ƚŚĞĚŝƐĐŚĂƌŐĞ ¾ ŝƌŝƐďĞŝŶŐƐƵĐŬĞĚŝŶĨƌŽŵƚŚĞ ¾ /ŶƐƉĞĐƚ͕ƚŝŐŚƚĞŶƵƉƚŚĞƉŝƉĞ͕
ŝƐƚŽŽ ǀŽůƵŵĞŝƐƚŽŽ ƐƵĐƚŝŽŶƐŝĚĞƉŝƉĞ͘ ĂŶĚƌĞůĞĂƐĞƚŚĞĂŝƌ͘
ůŽǁ ůŽǁ ¾ dŚĞĚŝĂůŝƐƚƵƌŶĞĚĚŽǁŶƚŽŽĨĂƌ͘ ¾ ^ĞƚƚŚĞĚŝĂůƚŽƚŚĞĐŽƌƌĞĐƚ
¾ ĞĨĞĐƚŝǀĞǀĂůǀĞƐĞĂƚŽƌƐĞĂůĂƌĞĂ͘ ƉŽƐŝƚŝŽŶ͘
¾ dŚĞǀĞůŽĐŝƚLJŽĨůŝƋƵŝĚŝƐƚŽŽŚŝŐŚ͘ ¾ ZĞƉůĂĐĞƚŚĞǀĂůǀĞƐĞĂƚ͕ĐŚĞĐŬ
¾ dŚĞƉƌĞƐƐƵƌĞůŽƐƐ;WŝƉĞƌĞƐŝƐƚĂŶĐĞͿ ďĂůů͕KͲƌŝŶŐ͕ĞƚĐ͘
ŝƐƚŽŽŚŝŐŚ͘ ¾ ZĞĚƵĐĞƚŚĞǀŝƐĐŽƐŝƚLJŽĨƚŚĞ
ůŝƋƵŝĚ͘
¾ /ŶƐƚĂůůĂŶĂŝƌĐŚĂŵďĞƌĂƚƚŚĞ
ĚŝƐĐŚĂƌŐĞƐŝĚĞŽƌƵƐĞĂƉŝƉĞ
ǁŝƚŚĂůĂƌŐĞĚŝĂŵĞƚĞƌ͘
dŚĞ dŚĞƉƵŵƉŝƐ ¾ dŚĞŽǀĞƌĨĞĞĚƉŚĞŶŽŵĞŶŽŶŚĂƐ ¾ džĂŵŝŶĞƚŚĞƉŝƉŝŶŐ͕ĂŶĚŝŶƐƚĂůů
ĚŝƐĐŚĂƌŐ ƌƵŶŶŝŶŐ ŽĐĐƵƌƌĞĚ͘ ĂďĂĐŬƉƌĞƐƐƵƌĞǀĂůǀĞ͘
Ğ ŶŽƌŵĂůůLJ͕ďƵƚ ¾ dŚĞƵŶŝƚŝƐĐŽŶŶĞĐƚĞĚƚŽƚŚĞƐƵĐƚŝŽŶ ¾ /ŶƐƉĞĐƚƚŚĞĂŶƚŝͲƐŚŽƉƉŝŶŐĐŚĞĐŬ
ǀŽůƵŵĞ ƚŚĞĚŝƐĐŚĂƌŐĞ ƐŝĚĞ;ŶĞŐĂƚŝǀĞƉƌĞƐƐƵƌĞƐŝĚĞͿŽĨƚŚĞ ǀĂůǀĞŽƌŝŶƐƚĂůůŽŶĞ͘
ŝƐƚŽŽ ǀŽůƵŵĞŝƐƚŽŽ ŵĂŝŶƉƵŵƉ
ŚŝŐŚ ŚŝŐŚ͘
dŚĞůŝƋƵŝĚĚŽĞƐ ¾ dŚĞƐŝƉŚŽŶŝŶŐƉŚĞŶŽŵĞŶŽŶŚĂƐ ¾ džĂŵŝŶĞƚŚĞƉŝƉŝŶŐ͕ĂŶĚ
ŶŽƚƐƚŽƉ ŽĐĐƵƌƌĞĚ͘ ƉƌŽǀŝĚĞĂǀĞŶƚƉŝƉĞŽƌŝŶƐƚĂůůĂ
ĚƌĂŝŶŝŶŐ ¾ ŝƌƌĞŵĂŝŶƐŝŶƐŝĚĞƚŚĞƉŝƉĞ͕ĐĂƵƐŝŶŐ ďĂĐŬƉƌĞƐƐƵƌĞǀĂůǀĞ͘
ƚŚĞĚĂŵƉĞƌĞĨĨĞĐƚ͘ ¾ ZĞůĞĂƐĞƚŚĞĂŝƌŝŶƐŝĚĞƚŚĞƉŝƉĞ͘











 

&ŝůƚƌĂƚŝŽŶƐLJƐƚĞŵ


&ŝůƚƌĂƚŝŽŶŝƐĐŽŵŵŽŶůLJƚŚĞŵĞĐŚĂŶŝĐĂůŽƌ
ƉŚLJƐŝĐĂůŽƉĞƌĂƚŝŽŶǁŚŝĐŚŝƐƵƐĞĚĨŽƌƚŚĞ
ƐĞƉĂƌĂƚŝŽŶŽĨƐŽůŝĚƐĨƌŽŵĨůƵŝĚƐďLJĂ
ŵĞĚŝƵŵƚŚƌŽƵŐŚǁŚŝĐŚŽŶůLJƚŚĞĨůƵŝĚĐĂŶ
ƉĂƐƐ͘dŚĞĨůƵŝĚƚŚĂƚƉĂƐƐĞƐƚŚƌŽƵŐŚŝƐĐĂůůĞĚ
ƚŚĞĨŝůƚƌĂƚĞ͘KǀĞƌƐŝnjĞƐŽůŝĚƐŝŶƚŚĞĨůƵŝĚĂƌĞ
ƌĞƚĂŝŶĞĚ͘/ƚĚĞƉĞŶĚƐƵƉŽŶƚŚĞƉŽƌĞƐŝnjĞƐŽĨ
ŵĞĚŝƵŵŝĨƐŝnjĞŽĨƉŽƌĞƐĂƌĞůĂƌŐĞƌŝŶƐŝnjĞ
ƚŚĞŶƐŽůŝĚƐǁŝůůďĞĐŽŶƚĂŵŝŶĂƚĞĚǁŝƚŚƐŽŵĞ
ĨůƵŝĚƐĂůƐŽ͘
^ŝŵƉůĞ&ŝůƚƌĂƚŝŽŶWƌŽĐĞƐƐ



tĂƚĞƌ&ŝůƚƌĂƚŝŽŶ^LJƐƚĞŵ

tĂƚĞƌĨŝůƚƌĂƚŝŽŶŝƐĂƉƌŽĐĞƐƐĨŽƌƌĞŵŽǀŝŶŐƐƵƐƉĞŶĚĞĚƐŽůŝĚƐĨƌŽŵǁĂƚĞƌƵƐŝŶŐĂƉŚLJƐŝĐĂů
ƉƌŽĐĞƐƐƚŽƐĐƌĞĞŶŽƌĨŝůƚĞƌƚŚĞƉĂƌƚŝĐƵůĂƚĞĂŶĚůĞƚƚŝŶŐƚŚĞƌĞŵĂŝŶŝŶŐĐůĞĂƌǁĂƚĞƌƉĂƐƐ
ƚŚƌŽƵŐŚ͘
/ŶĚƵƐƚƌŝĂůǁĂƚĞƌĨŝůƚƌĂƚŝŽŶƐLJƐƚĞŵƐǁŽƌŬƚŚƌŽƵŐŚĂǀĂƌŝĞƚLJŽĨƐƚĂŐĞƐƐƚĂƌƚŝŶŐǁŝƚŚƌĞŵŽǀŝŶŐ
ƚŚĞůĂƌŐĞƐƚĐŽŶƚĂŵŝŶĂŶƚƐĂůůƚŚĞǁĂLJĚŽǁŶƚŽƐƵďͲŵŝĐƌŽͲůĞǀĞůƐ͘
/ŶĚƵƐƚƌLJďĞƐƚƉƌĂĐƚŝĐĞƐĂƌĞƚŽǁŽƌŬŝŶƐƚĂŐĞƐĨƌŽŵĂĐŽĂƌƐĞƐĐƌĞĞŶƚŽĨŝŶĞƌŵĞĚŝĂŝŶŽƌĚĞƌƚŽ
ĂůůŽǁƚŚĞǁĂƚĞƌƚŽĐŽŶƚŝŶƵĞƚŽĨůŽǁǁŝƚŚŽƵƚƌĂƉŝĚůLJďůŽĐŬŝŶŐĨŝůƚƌĂƚŝŽŶ͘;/ĚĞĂĨƌŽŵŝŶƚĞƌŶĞƚͿ

tĂƚĞƌ&ŝůƚƌĂƚŝŽŶƐLJƐƚĞŵŝŶDƵůƚĂŶt^͘




 

&ůŽǁŝĂŐƌĂŵŽĨtĂƚĞƌ&ŝůƚƌĂƚŝŽŶ^LJƐƚĞŵƵƐĞĚŝŶt^>ĂŚŽƌĞ

DĂũŽƌWĂƌƚƐ
dŚĞƌĞĂƌĞŵĂŶLJĨŽůůŽǁŝŶŐƉĂƌƚƐŽĨĨŝůƚƌĂƚŝŽŶƐLJƐƚĞŵ
ϭ͘ ^ƚŽƌĂŐĞƚĂŶŬ
Ϯ͘ >ĞǀĞů^ǁŝƚĐŚ
ϯ͘ &ĞĞĚƉƵŵƉ
ϰ͘ DŝĐƌŽŶĨŝůƚĞƌ
ϱ͘ WƌĞƐƐƵƌĞƐǁŝƚĐŚ
ϲ͘ &ŝůƚĞƌƐ
ϳ͘ ^ŽůĞŶŽŝĚsĂůǀĞƐ
ϴ͘ DŝĐƌŽŶĨŝůƚĞƌ
ϵ͘ ĂĐŬtĂƐŚƉƵŵƉ
ϭϬ͘tĂƚĞƌDĞƚĞƌ
džƉůĂŶĂƚŝŽŶ
tĂƚĞƌĐŽŵĞƐŝŶƐƚŽƌĂŐĞƚĂŶŬĐĂůůĞĚŝŶƚĂŬĞƚŚĞƌĞŝƐůĞǀĞůƐǁŝƚĐŚǁŚŝĐŚŝŶĚŝĐĂƚĞƚŚĞ
ůĞǀĞůŽĨǁĂƚĞƌƚŚĞŶǁĂƚĞƌŐŽƚŽĨƵƌƚŚĞƌƐƚĞƉďLJĨĞĞĚƉƵŵƉ͘
&ƌŽŵĨĞĞĚƉƵŵƉǁĂƚĞƌŐŽĞƐƚŽŵŝĐƌŽŶĨŝůƚĞƌƚŚĞŶĨŝƌƐƚůLJŐŽƚŽƐĂŶĚĨŝůƚĞƌƚŚĞŶƐŽŵĞ
ĨŝůƚƌĂƚŝŽŶŝƚǁŝůůŵŽǀĞƐƚŽĐƚŝǀĂƚĞĚĐĂƌďŽŶĂŶĚƚŚĞŶŵŽǀĞƐƚŽƌƐĞŶŝĐƌĞŵŽǀĂů
ƉŽƌƚŝŽŶ͘ƚƚŚŝƐůĞǀĞůǁĂƚĞƌǁŝůůďĞƉƵƌŝĨLJƚŚĞŶǁĂƚĞƌǁŝůůŐŽƚŚƌŽƵŐŚƚŚĞŵŝĐƌŽŶĂŶĚ
ďLJƉĂƐƐŝŶŐǁĂƚĞƌŵĞƚĞƌǁĂƚĞƌƌĞĂĐŚĞĚŝŶŽƵƚůĞƚƉŽŝŶƚ͘
;tƌŝƚƚĞŶďLJŵLJƐĞůĨͿ




 

hůƚƌĂĨŝůƚƌĂƚŝŽŶƉůĂŶƚ
hůƚƌĂĨŝůƚƌĂƚŝŽŶ;h&ͿŝƐĂǀĂƌŝĞƚLJŽĨŵĞŵďƌĂŶĞ
ĨŝůƚƌĂƚŝŽŶŝŶǁŚŝĐŚĨŽƌĐĞƐ
ůŝŬĞƉƌĞƐƐƵƌĞŽƌĐŽŶĐĞŶƚƌĂƚŝŽŶ
ŐƌĂĚŝĞŶƚƐůĞĂĚƚŽĂƐĞƉĂƌĂƚŝŽŶƚŚƌŽƵŐŚ
ĂŵĞŵďƌĂŶĞ͘^ƵƐƉĞŶĚĞĚĂŶĚƐŽůƵƚĞƐŽĨ
ŚŝŐŚŵŽůĞĐƵůĂƌǁĞŝŐŚƚĐĂŶŶŽƚƉĂƐƐƚŚƌŽƵŐŚ
ŝƚ͕ǁŚŝůĞǁĂƚĞƌĂŶĚůŽǁŵŽůĞĐƵůĂƌǁĞŝŐŚƚ
ƐŽůƵƚĞƐƉĂƐƐƚŚƌŽƵŐŚƚŚĞŵĞŵďƌĂŶĞŝŶƚŚĞ
ƉĞƌŵĞĂƚĞ͘dŚŝƐƐĞƉĂƌĂƚŝŽŶƉƌŽĐĞƐƐŝƐƵƐĞĚŝŶ
ŝŶĚƵƐƚƌŝĞƐ͘hůƚƌĂĨŝůƚƌĂƚŝŽŶŝƐŶŽƚ
ĨƵŶĚĂŵĞŶƚĂůůLJĚŝĨĨĞƌĞŶƚ
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¾ ŶƚĞƌLJŽƵƌƵƐĞƌŶĂŵĞĂŶĚƉĂƐƐǁŽƌĚ
¾ ůŝĐŬ>ŽŐŝŶďƵƚƚŽŶ
¾ ĨƚĞƌĂƵƚŚĞŶƚŝĐĂƚŝŽŶLJŽƵǁŝůůďĞƌĞĚŝƌĞĐƚĞĚƚŽLJŽƵƌĚĂƐŚďŽĂƌĚ

dŚĞƚƌĂŝŶĞƌǁŝůůƚĞůůŚŽǁƚŽĂĚĚŝŶĨŽƌŵĂƚŝŽŶŝŶƚŽƚŚĞƐLJƐƚĞŵ͖

¾ dŽĂĚĚĂŶĂƐƐĞƚŐŽƚŽƚŚĞƐƐĞƚĐƋƵŝƐŝƚŝŽŶDĞŶƵ
 
¾ ůŝĐŬŽŶƚŚĞĂƐƐĞƚŶĂŵĞ
¾ &ŽƌĞdžĂŵƉůĞŝĨLJŽƵĐůŝĐŬŽŶǀĞŚŝĐůĞ͕ĂĨŽƌŵǁŝůůďĞŽƉĞŶǁŝƚŚĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞƚŽƉ


¾ &ŝůůƚŚĞĨŽƌŵŶƵŵďĞƌ
¾ ^ĞůĞĐƚƚŚĞKƌŐĂŶŝnjĂƚŝŽŶĂƐ'Žƌt^
¾ ^ĞůĞĐƚƚŚĞĞƉĂƌƚŵĞŶƚͬKĨĨŝĐĞƉĞƌƚĂŝŶŝŶŐƚŽƐĞůĞĐƚĞĚŽƌŐĂŶŝnjĂƚŝŽŶ
&ŽƌŝŶƐƚĂŶĐĞ͕/ŶĐĂƐĞŽĨŽƌŐĂŶŝnjĂƚŝŽŶĂƐŝŶ'Ͳ>,ZƚŚĞĨŽůůŽǁŝŶŐŽƉƚŝŽŶƐĂƌĞĂǀĂŝůĂďůĞ



¾ dŚĞŶƐĞůĞĐƚƚŚĞƐƵďŽĨĨŝĐĞͬĚĞƉĂƌƚŵĞŶƚƵƉƚŽƚŚĞϯƌĚůĞǀĞů͕ďƵƚϮŶĚĂŶĚϯƌĚůĞǀĞůƐĂƌĞŽƉƚŝŽŶĂů
¾ dŚĞŶĨŝůůƚŚĞďĂƐŝĐŝŶĨŽƌŵĂƚŝŽŶŽĨĂƐƐĞƚ͕/ŶĐĂƐĞŽĨǀĞŚŝĐůĞĨŽůůŽǁŝŶŐĨŽƌŵǁŝůůďĞŽƉĞŶĞĚ
 


¾ ^ĞůĞĐƚƚŚĞDĂŶƵĨĂĐƚƵƌĞƌŽĨǀĞŚŝĐůĞĨƌŽŵ͞sĞŚŝĐůĞDĂŬĞ͟ĚƌŽƉĚŽǁŶŽƉƚŝŽŶ
¾ /ĨƚĂƌŐĞƚĞĚŵĂŶƵĨĂĐƚƵƌĞƌŝƐŶŽƚŝŶƚŚĞůŝƐƚ͕LJŽƵŵĂLJĂĚĚŝƚďLJĐůŝĐŬŝŶŐƚŚĞ͞ĚĚDŽƌĞ͟ŽƉƚŝŽŶ
¾ LJĚŽŝŶŐƐŽ͕LJŽƵǁŝůůďĞƉƌĞƐĞŶƚĞĚǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐĨŽƌŵĨŽƌĞŶƚƌLJ


¾ ŶƚĞƌĂƚĂƌŐĞƚĞĚŵĂŶƵĨĂĐƚƵƌĞƌŶĂŵĞŝŶƚŚĞƚĞdžƚďŽdžƵŶĚĞƌƚŚĞ͞sĂůƵĞ͟ůĂďĞů
¾ /ƚďĞĐŽŵĞƐĂƉĂƌƚŽĨƚŚĞĂƐƐĞƚĞŶƚƌLJĨŽƌŵΘLJŽƵĐĂŶƐĞůĞĐƚƚŚŝƐŶĞǁŵĂŶƵĨĂĐƚƵƌĞƌĨƌŽŵĚĚsĞŚŝĐůĞ
ĨŽƌŵ
¾ dŚĞŶƐĞůĞĐƚƚŚĞǀĞŚŝĐůĞŵŽĚĞůLJĞĂƌĨƌŽŵĚƌŽƉĚŽǁŶůŝƐƚ
¾ &ŝůůĂůůƚŚĞďĂƐŝĐŝŶĨŽƌŵĂƚŝŽŶŽĨǀĞŚŝĐůĞĂƐŐŝǀĞŶŝŶƚŚĞĨŽƌŵǁŚŝĐŚŝƐŵŽƐƚůLJƐĞůĨͲĞdžƉůĂŶĂƚŽƌLJ
¾ dŚĞŶƐƉĞĐŝĨLJƚŚĞĐŽŶĚŝƚŝŽŶŽĨƚŚĞĂƐƐĞƚďLJƐĞůĞĐƚƌĂĚŝŽďƵƚƚŽŶ
 
¾ dŚĞŶ Ĩŝůů ŝŶ ƚŚĞ ƌĞƉĂŝƌ ŚŝƐƚŽƌLJ ŽĨ ƚŚĞ ĂƐƐĞƚ ďLJ ƐƉĞĐŝĨLJŝŶŐ ƚŚĞ ĚĂƚĞ͕ ĐŽƐƚ Θ ŶĂƚƵƌĞ ŽĨ ƌĞƉĂŝƌ


¾ zŽƵĐĂŶĂĚĚŵƵůƚŝƉůĞƌĞƉĂŝƌƐďLJĐůŝĐŬŝŶŐ͞ĚĚDŽƌĞ͟
¾ dŚĞŶĨŝůůŝŶƚŚĞŐĞŶĞƌĂůƌĞŵĂƌŬƐŽĨǀĞŚŝĐůĞ



/ƚĐĂŶďĞŚƵŶĚƌĞĚƐŽĨĐŚĂƌĂĐƚĞƌƐ
¾ /ŶƚŚĞĞŶĚ͕ƐƉĞĐŝĨLJƚŚĞǀĞƌŝĨŝĞƌƐŽĨƚŚŝƐĂƐƐĞƚŝŶĨŽƌŵĂƚŝŽŶǁŝƚŚƚŚĞŝƌĚĞƐŝŐŶĂƚŝŽŶΘĚĞƉĂƌƚŵĞŶƚƐ



¾ ĨƚĞƌŝƚLJŽƵĐĂŶƐĂǀĞĂůůƚŚĞƉƌŽǀŝĚĞĚŝŶĨŽƌŵĂƚŝŽŶďLJĐůŝĐŬŝŶŐ͞^ĂǀĞ͟
¾ /ĨLJŽƵǁŝƐŚƚŽĚŝƐĐĂƌĚĂůůƚŚĞŝŶĨŽƌŵĂƚŝŽŶĞŶƚĞƌĞĚŽŶƚŚŝƐĚĚƐƐĞƚWĂŐĞ͕LJŽƵĐĂŶĚŽƐŽďLJĐůŝĐŬŝŶŐ
ƚŚĞ͞ĂŶĐĞů͞ďƵƚƚŽŶ
¾ džĞƌĐŝƐĞϮ͗>ŽŐŝŶƚŽƚŚĞD/^ĂŶĚĂĚĚĂƚƵďĞǁĞůůŚĂǀŝŶŐĂůůƚŚĞŝŶĨŽƌŵĂƚŝŽŶŵĞŶƚŝŽŶĞĚŝŶƚŚĞ
ĨŽƌŵ͘


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Ϯ͘ /ŶƚƌŽĚƵĐƚŝŽŶŽĨdŽƉŝĐ
^ĞĂƌĐŚŝŶŐĂŶĚĚŝƚŝŶŐ     ;ϵϬŵŝŶƵƚĞƐͿ

Ϯ͘ϭ͘ƐƐĞƚ^ĞĂƌĐŚŝŶŐ͗
dŚĞŝŶƐƚƌƵĐƚŽƌǁŝůůŐƵŝĚĞƚŚĞĐŽƵƌƐĞƉĂƌƚŝĐŝƉĂŶƚƐƌĞŐĂƌĚŝŶŐƐĞĂƌĐŚŝŶŐĂŶĚĞĚŝƚŝŶŐŽĨĂƐƐĞƚƐŝŶD/^͘
dŽƐĞĂƌĐŚĂŶĚǀŝĞǁŝŶĨŽƌŵĂƚŝŽŶŽĨĂŶLJĂƐƐĞƚŝŶLJŽƵƌƐĐŽƉĞ͕ĨŽůůŽǁƚŚĞƐĞƐƚĞƉƐ
¾ ůŝĐŬŽŶƚŚĞϯƌĚDĞŶƵKƉƚŝŽŶ͞'/^ĂƐĞĚ/ŶǀĞŶƚŽƌLJƐƐĞƚƐ͟ĂŶĚĐůŝĐŬƚŚĞƚLJƉĞŽĨĂƐƐĞƚLJŽƵĂƌĞ
ǁŽŶĚĞƌŝŶŐĨŽƌ͕ĂƐŝŶƚŚĞĨŽůůŽǁŝŶŐƐĐƌĞĞŶƐŚŽƚ




¾ /ŶĐĂƐĞŽĨdƵďĞǁĞůůLJŽƵǁŝůůďĞƌĞĚŝƌĞĐƚĞĚƚŽƚŚĞĨŽůůŽǁŝŶŐƐĞĂƌĐŚƉĂŐĞ
 

¾ ,ĞƌĞLJŽƵĐĂŶƐĞĂƌĐŚĂŶLJdƵďĞǁĞůůďLJƐĞůĞĐƚŝŶŐƌĞůĞǀĂŶƚĚƌŽƉĚŽǁŶƐĂŶĚĐůŝĐŬŝŶŐƐĞĂƌĐŚďƵƚƚŽŶ
¾ &ŽƌŝŶƐƚĂŶĐĞŝĨLJŽƵǁŝƐŚƚŽƐĞĂƌĐŚĨŽƌĂůůŽĨƚŚĞdƵďĞtĞůůƐŝŶ>ĂŚŽƌĞLJŽƵƌĐƌŝƚĞƌŝĂƐƉĞĐŝĨŝĐĂƚŝŽŶŝŶ
ĚƌŽƉĚŽǁŶǁŝůůůŽŽŬůŝŬĞƚŚĞĨŽůůŽǁŝŶŐ



¾ zŽƵĐĂŶĞdžƉŽƌƚƚŚĞƌĞƐƵůƚƐŽĨƚĂďůĞŝŶĞdžĐĞůƐŚĞĞƚďLJĐůŝĐŬŝŶŐ͞džƉŽƌƚƚŽdžĐĞů͟ďƵƚƚŽŶ
¾ ͞dŽƚĂůƐƐĞƚƐ͟ůĂďĞůƐŚŽǁƐƚŚĞŶƵŵďĞƌŽĨĂƐƐĞƚƐŵĞĞƚŝŶŐƚŚŝƐƐĞĂƌĐŚĐƌŝƚĞƌŝĂ
¾ zŽƵĐĂŶĐůĞĂƌƚŚĞĨŝůƚĞƌĂŶĚƐĞĂƌĐŚĨŽƌĂůůƚŚĞĂƐƐĞƚƐ;/ŶƚŚŝƐĐĂƐĞdƵďĞtĞůůͿďLJĐůŝĐŬŝŶŐĐůĞĂƌĨŝůƚĞƌ
ĂŶĚƚŚĞŶƐĞĂƌĐŚďƵƚƚŽŶ
¾ &ƌŽŵƚŚĞůŝƐƚLJŽƵĐĂŶĞĚŝƚƚŚĞĂůƌĞĂĚLJĞŶƚĞƌĞĚŝŶĨŽƌŵĂƚŝŽŶŽĨĂƐƐĞƚƐďLJĐůŝĐŬŝŶŐƚŚĞ͞ĚŝƚƵƚƚŽŶ͟
 ¾ LJ ĐůŝĐŬŝŶŐ ŽŶ ŵĂƉ ŝĐŽŶ͕ ŝƚ ǁŝůů ƚĂŬĞ LJŽƵ ƚŽ ƚŚĞ '/^ ƐŝƚĞ ŽĨ ƚŚĞ ĂƐƐĞƚ ǁŚĞƌĞ LJŽƵ ĐĂŶ ǀŝĞǁ Ăůů
dƵďĞtĞůůƐŐĞŽŐƌĂƉŚŝĐĂůůLJŽŶŵĂƉ

¾ &ŽƌĚĞƚĂŝůĞĚůŝƐƚŽĨĂƐƐĞƚ͕ĐůŝĐŬŽŶ͞sŝĞǁZĞƉŽƌƚ͟ďƵƚƚŽŶ
(GLW$VVHW

¾ dŽĞĚŝƚŝŶĨŽƌŵĂƚŝŽŶŽĨĂŶLJĂƐƐĞƚ͕ƐĞĂƌĐŚƚŚĞƌĞƋƵŝƌĞĚĂƐƐĞƚďLJĨŽůůŽǁŝŶŐƚŚĞĂďŽǀĞƐƚĞƉƐ
¾ ůŝĐŬŽŶƚŚĞĚŝƚďƵƚƚŽŶŝŶƚŚĞŐƌŝĚǁŚŝĐŚǁŝůůƚĂŬĞLJŽƵƚŽƚŚĞĨŽůůŽǁŝŶŐĨŽƌŵ






 
¾ zŽƵĐĂŶŵŽĚŝĨLJƚŚĞƌĞƋƵŝƌĞĚŝŶĨŽƌŵĂƚŝŽŶŽŶƉĂŐĞĂƐƉĞƌŶĞĞĚ
¾ zŽƵĐĂŶĂůƐŽŵŽĚŝĨLJďĂƐŝĐŝŶĨŽƌŵĂƚŝŽŶ͕ĐŽŶĚŝƚŝŽŶĂŶĂůLJƐŝƐ͕ƌĞƉĂŝƌŚŝƐƚŽƌLJ͕ƌĞŵĂƌŬƐΘǀĞƌŝĨŝĐĂƚŝŽŶ
ĚĞƚĂŝů
¾ ĨƚĞƌŵŽĚŝĨŝĐĂƚŝŽŶĐůŝĐŬŽŶƚŚĞƐĂǀĞďƵƚƚŽŶƚŽƉĞƌƐŝƐƚĂůůƚŚĞĐŚĂŶŐĞƐ
¾ KƚŚĞƌǁŝƐĞĐůŝĐŬŝŶŐŽŶƚŚĞ͞ĂŶĐĞů͟ďƵƚƚŽŶǁŝůůƚĂŬĞLJŽƵƚŽƚŚĞĂƐƐĞƚůŝƐƚ

džĞƌĐŝƐĞϯ͗^ĞĂƌĐŚĂŶLJƚƵďĞǁĞůůĂŶĚĞĚŝƚŝŶĨŽƌŵĂƚŝŽŶ

ϯ͘ ŽŶĐůƵƐŝŽŶ;ϮϬDŝŶƵƚĞƐͿ
dŚĞůĞĐƚƵƌĞƌǁŝůůŝŶǀŝƚĞƋƵĞƐƚŝŽŶƐĨƌŽŵĐŽƵƌƐĞƉĂƌƚŝĐŝƉĂŶƚƐĨŽƌĨƵƌƚŚĞƌĐůĂƌŝĨŝĐĂƚŝŽŶƌĞůĂƚĞĚƚŽĂĚĚŝƚŝŽŶŽĨ
ĂƐƐĞƚ͕ƐĞĂƌĐŚŝŶŐĂŶĚĞĚŝƚŝŶŐƚŚĞĂƐƐĞƚĂƚƚƌŝďƵƚĞƐ͘

dŚĞůĞĐƚƵƌĞƌǁŝůůĚŝƐƚƌŝďƵƚĞůĞĐƚƵƌĞĨĞĞĚďĂĐŬĨŽƌŵƐĂŵŽŶŐƉĂƌƚŝĐŝƉĂŶƚƐĨŽƌĨĞĞĚďĂĐŬĂŶĚƌĞĨůĞĐƚŝŽŶ͘


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dŚĞ ŝŶƐƚƌƵĐƚŽƌ ǁŝůů ƚĞĂĐŚ ƚŚĞ ŵĞƚŚŽĚƐ ŽĨ ĂĚĚŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ ƌĞůĂƚĞĚ ƚŽ ĂƐƐĞƚ ŵĂŝŶƚĞŶĂŶĐĞ͘ dŚĞ ƐƚĞƉƐ
ŝŶĐůƵĚĞ͖

¾ ,ŽǀĞƌŽŶƚŚĞƐƐĞƚDĂŝŶƚĞŶĂŶĐĞDĞŶƵΘůŝĐŬŽŶƚŚĞ&ŝƌƐƚKƉƚŝŽŶ


¾ zŽƵǁŝůůďĞƉƌĞƐĞŶƚĞĚǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐĨŽƌŵ
 

¾ ^ĞůĞĐƚƚŚĞZĞƋƵŝƌĞĚƐƐĞƚdLJƉĞĨŽƌǁŚŝĐŚLJŽƵǁĂŶƚƚŽĞŶƚĞƌŵĂŝŶƚĞŶĂŶĐĞŝŶĨŽƌŵĂƚŝŽŶ
¾ ŶƚĞƌ&ŽƌŵŶƵŵďĞƌĂŶĚŚŝƚĞŶƚĞƌŬĞLJ
¾ dŚĞŐƌĞLJůĂďĞůƐǁŝůůĂƵƚŽŵĂƚŝĐĂůůLJƐŚŽǁƵƉĂƐĚĞƉŝĐƚĞĚŝŶĂďŽǀĞƐĐƌĞĞŶƐŚŽƚ
¾ dŚĞŶĞŶƚĞƌƚŚĞŵĂŝŶƚĞŶĂŶĐĞƌĞůĂƚĞĚŝŶĨŽƌŵĂƚŝŽŶŽĨƚŚŝƐƉĂƌƚŝĐƵůĂƌĂƐƐĞƚ
¾ ůŝĐŬƐĂǀĞƚŽƉĞƌƐŝƐƚLJŽƵƌĐŚĂŶŐĞƐ
¾ dŽǀŝĞǁĂůƌĞĂĚLJĞŶƚĞƌĞĚŵĂŝŶƚĞŶĂŶĐĞƐĐůŝĐŬ͞>ŝƐƚŽĨDĂŝŶƚĞŶĂŶĐĞ͟ďƵƚƚŽŶ
¾ /ƚǁŝůůƚĂŬĞLJŽƵƚŽƚŚĞĨŽůůŽǁŝŶŐƐĐƌĞĞŶ


¾ zŽƵĐĂŶǀŝĞǁŵĂŝŶƚĞŶĂŶĐĞĚĞƚĂŝůďLJĐůŝĐŬŝŶŐŽŶƚŚĞĚĞƚĂŝůďƵƚƚŽŶ͕ŝƚǁŝůůůŽŽŬůŝŬĞĨŽůůŽǁŝŶŐƐĐƌĞĞŶ
 
Ϯ͘ϮƐƐĞƚŝůůŝŶŐ
¾ ,ŽǀĞƌŽŶƚŚĞƐƐĞƚDĂŝŶƚĞŶĂŶĐĞDĞŶƵΘůŝĐŬŽŶƚŚĞϮŶĚKƉƚŝŽŶ


¾ zŽƵǁŝůůďĞƉƌĞƐĞŶƚĞĚǁŝƚŚƚŚĞůŝƐƚŽĨďŝůůŝŶŐĂƐĚĞƉŝĐƚĞĚďĞůŽǁ


¾ >ŝŬĞƚŚĞŽƚŚĞƌůŝƐƚƐŝƚĐĂŶďĞĞdžƉŽƌƚĞĚƚŽĞdžĐĞů
¾ >ŝŬĞƚŚĞŽƚŚĞƌůŝƐƚƐŝƚĐĂŶďĞĨŝůƚĞƌĞĚďĂƐĞĚŽŶĐƌŝƚĞƌŝĂƐĞůĞĐƚŝŽŶĨƌŽŵĚƌŽƉĚŽǁŶƐ
Ϯ͘ϯƐƐĞƚĞƉƌĞĐŝĂƚŝŽŶ
¾ ,ŽǀĞƌŽŶƚŚĞ&ŝŶĂŶĐĞDĞŶƵΘůŝĐŬŽŶƚŚĞϭƐƚKƉƚŝŽŶ
 
¾ ,ĞƌĞLJŽƵĐĂŶŵĂŬĞƐĞůĞĐƚŝŽŶŽĨĂƐƐĞƚƚLJƉĞĂŶĚĞŶƚĞƌĨŽƌŵŶƵŵďĞƌ
¾ ĨƚĞƌŝƚŚŝƚƚŝŶŐĞŶƚĞƌŬĞLJ͕ĂƐƐĞƚŝŶĨŽƌŵĂƚŝŽŶǁŝůůĂƵƚŽŵĂƚŝĐĂůůLJƐŚŽǁƵƉŝŶŐƌĞLJůĂďĞůƐ
¾ dŚĞŶLJŽƵĐĂŶƐĞůĞĐƚĚĞƉƌĞĐĂƚŝŽŶLJĞĂƌ͕ŵĞƚŚŽĚĨƌŽŵĚƌŽƉĚŽǁŶůŝƐƚ
¾ ĨƚĞƌŝƚƐƉĞĐŝĨLJƌĂƚĞŽĨĚĞƉƌĞĐŝĂƚŝŽŶ
¾ dŚĞŶLJŽƵĐĂŶƐĂǀĞƚŚĞƐƉĞĐŝĨŝĞĚĚĞƉƌĞĐŝĂƚŝŽŶĨŽƌƚŚĞĂƐƐĞƚďLJĐůŝĐŬŝŶŐƐĂǀĞďƵƚƚŽŶ
¾ dŽǀŝĞǁŽůĚĚĞƉƌĞĐŝĂƚŝŽŶƐĐůŝĐŬŽŶůŝƐƚďƵƚƚŽŶ
¾ zŽƵǁŝůůďĞƉƌĞƐĞŶƚĞĚǁŝƚŚƚŚĞůŝƐƚŽĨĚĞƉƌĞĐŝĂƚŝŽŶƐĂƐĚĞƉŝĐƚĞĚďĞůŽǁ


¾ >ŝŬĞƚŚĞŽƚŚĞƌůŝƐƚƐŝƚĐĂŶďĞĞdžƉŽƌƚĞĚƚŽĞdžĐĞů
¾ >ŝŬĞƚŚĞŽƚŚĞƌůŝƐƚƐŝƚĐĂŶďĞĨŝůƚĞƌĞĚďĂƐĞĚŽŶĐƌŝƚĞƌŝĂƐĞůĞĐƚŝŽŶĨƌŽŵĚƌŽƉĚŽǁŶƐ
Ϯ͘ϰƐƐĞƚƵĐƚŝŽŶ
¾ ,ŽǀĞƌŽŶƚŚĞ&ŝŶĂŶĐĞDĞŶƵΘůŝĐŬŽŶƚŚĞϯƌĚKƉƚŝŽŶ


¾ ,ĞƌĞLJŽƵĐĂŶŵĂŬĞƐĞůĞĐƚŝŽŶŽĨĂƐƐĞƚƚLJƉĞĂŶĚĞŶƚĞƌĨŽƌŵŶƵŵďĞƌ
¾ ĨƚĞƌŝƚŚŝƚƚŝŶŐĞŶƚĞƌŬĞLJ͕ĂƐƐĞƚŝŶĨŽƌŵĂƚŝŽŶǁŝůůďĞĂƵƚŽƉŽƉƵůĂƚĞĚŝŶŐƌĞLJůĂďĞůƐ
¾ dŚĞŶLJŽƵĐĂŶƐƉĞĐŝĨLJŶĞƚŬǀĂůƵĞ͕ĂƵĐƚŝŽŶǀĂůƵĞΘĚĂƚĞ
¾ ĨƚĞƌŝƚLJŽƵĐĂŶƵƉůŽĂĚĂŶLJĂƚƚĂĐŚŵĞŶƚ
¾ dŚĞŶLJŽƵĐĂŶƐĂǀĞƚŚĞƐƉĞĐŝĨŝĞĚĚĞƉƌĞĐŝĂƚŝŽŶĨŽƌƚŚĞĂƐƐĞƚďLJĐůŝĐŬŝŶŐƐĂǀĞďƵƚƚŽŶ
¾ dŽǀŝĞǁĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĐůŝĐŬŽŶůŝƐƚďƵƚƚŽŶ
¾ zŽƵǁŝůůďĞƉƌĞƐĞŶƚĞĚǁŝƚŚƚŚĞůŝƐƚŽĨĚĞƉƌĞĐŝĂƚŝŽŶƐĂƐĚĞƉŝĐƚĞĚďĞůŽǁ
 
¾ >ŝŬĞƚŚĞŽƚŚĞƌůŝƐƚƐŝƚĐĂŶďĞĞdžƉŽƌƚĞĚƚŽĞdžĐĞů
¾ >ŝŬĞƚŚĞŽƚŚĞƌůŝƐƚƐŝƚĐĂŶďĞĨŝůƚĞƌĞĚďĂƐĞĚŽŶĐƌŝƚĞƌŝĂƐĞůĞĐƚŝŽŶĨƌŽŵĚƌŽƉĚŽǁŶƐ
Ϯ͘ϱŶĞƌŐLJƵĚŝƚ
¾ ,ŽǀĞƌŽŶƚŚĞ&ŝŶĂŶĐĞDĞŶƵΘůŝĐŬŽŶƚŚĞϰƚŚKƉƚŝŽŶ


¾ zŽƵǁŝůůďĞƉƌĞƐĞŶƚĞĚǁŝƚŚƚŚĞůŝƐƚŽĨŵĞƚĞƌƐͬĐŽŶŶĞĐƚŝŽŶƐĂƐĚĞƉŝĐƚĞĚďĞůŽǁ


¾ zŽƵĐĂŶǀŝĞǁĚĞƚĂŝůŽĨĐŽŶŶĞĐƚŝŽŶďLJĐůŝĐŬŝŶŐŽŶ͞ĞƚĂŝůƐ͟ůŝŶŬ
¾ dŚŝƐĚĞƚĂŝůƉĂŐĞĂůƐŽĞŶůŝƐƚƉƌĞǀŝŽƵƐďŝůůƐĂŶĚŝƚƐƚƌĞŶĚŐƌĂƉŚŝĐĂůůLJ
¾ zŽƵĐĂŶĂĚĚďŝůůďLJĐůŝĐŬŝŶŐŽŶ͞ĚĚŝůů͟ůŝŶŬŝŶŵĞƚĞƌƐůŝƐƚŝŶŐ
¾ dŚĞĂĚĚďŝůůƐĐƌĞĞŶůŽŽŬƐůŝŬĞƚŚĞĨŽůůŽǁŝŶŐƐĐƌĞĞŶƐŚŽƚ


¾ ,ĞƌĞLJŽƵĐĂŶĂĚĚŝůůŝŶŐĂŵŽƵŶƚĂůŽŶŐǁŝƚŚƚŚĞŵŽŶƚŚΘƉŽǁĞƌĨĂĐƚŽƌƐ
¾ zŽƵĐĂŶĂůƐŽƵƉůŽĂĚĂŶLJĂƚƚĂĐŚŵĞŶƚƌĞůĂƚŝŶŐƚŽƚŚŝƐďŝůů

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ϯ͘ ZĞƉŽƌƚƐ     ;ϮϬŵŝŶƵƚĞƐͿ
ƵƌƌĞŶƚůLJƚŚĞƌĞĂƌĞƚŚƌĞĞƚLJƉĞƐŽĨĂƐƐĞƚƌĞƉŽƌƚƐĂǀĂŝůĂďůĞ

ϯ͘ϭƐƐĞƚŽŶĚŝƚŝŽŶ
¾ ,ŽǀĞƌŽŶƚŚĞƐƐĞƚZĞƉŽƌƚƐDĞŶƵΘůŝĐŬŽŶƚŚĞϭƐƚKƉƚŝŽŶ


¾ zŽƵ ǁŝůů ďĞ ƉƌĞƐĞŶƚĞĚ ǁŝƚŚ ƚŚĞ ůŝƐƚ ŽĨ ĂƐƐĞƚƐ ĐŽŶĚŝƚŝŽŶ ǁŝƐĞ ĂƐ ŝŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ĨŝŐƵƌĞ


¾ dŚĞƌĞ ŝƐ ĂůƐŽ Ă ŐƌĂƉŚŝĐĂů ƌĞƉƌĞƐĞŶƚĂƚŝŽŶ ŽĨ ĂƐƐĞƚ ĐŽŶĚŝƚŝŽŶ ǁŝƐĞ Θ ŝƚƐ ĚĞƉŝĐƚĞĚ ďĞůŽǁ


ϯ͘ϮƐƐĞƚ/DW
¾ ,ŽǀĞƌŽŶƚŚĞƐƐĞƚZĞƉŽƌƚƐDĞŶƵΘůŝĐŬŽŶƚŚĞϮŶĚKƉƚŝŽŶ


¾ &ƌŽŵŚĞƌĞ͕LJŽƵĐĂŶǀŝĞǁ/DWŐƌĂƉŚŝĐĂůůLJ

ϯ͘ϯ>ŽŶŐ>ŝƐƚŽĨƐƐĞƚƐ
 ¾ ,ŽǀĞƌŽŶƚŚĞƐƐĞƚZĞƉŽƌƚƐDĞŶƵΘůŝĐŬŽŶƚŚĞϯƌĚKƉƚŝŽŶ


¾ /ƚǁŝůůƚĂŬĞLJŽƵƚŽƚŚĞƉĂŐĞŽĨůŽŶŐůŝƐƚŽĨĂƐƐĞƚƐ
¾ /ƚƐƐĐƌĞĞŶƐŚŽƚŝƐŐŝǀĞŶďĞůŽǁ


¾ /ƚĐĂŶďĞĞdžƉŽƌƚĞĚƚŽĞdžĐĞůďLJĐůŝĐŬŝŶŐŽŶ͞džƉŽƌƚ͟ďƵƚƚŽŶ
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¾ 'ŽƚŽƚŚĞůŽŐŝŶƉĂŐĞďLJƚLJƉŝŶŐƚŚĞĨŽůůŽǁŝŶŐhZ>ĂĚĚƌĞƐƐ
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¾ ŶƚĞƌLJŽƵƌƵƐĞƌŶĂŵĞĂŶĚƉĂƐƐǁŽƌĚ
¾ ůŝĐŬ>ŽŐŝŶďƵƚƚŽŶ
¾ ĨƚĞƌĂƵƚŚĞŶƚŝĐĂƚŝŽŶLJŽƵǁŝůůďĞƌĞĚŝƌĞĐƚĞĚƚŽLJŽƵƌĚĂƐŚďŽĂƌĚ

ƚƉƌĞƐĞŶƚ͕ĂůůƚŚĞƵŶĚĞƌŐƌŽƵŶĚĂƐƐĞƚƐŚĂǀĞďĞĞŶŝŶĐůƵĚĞĚŝŶƚŽƚŚĞƐŽĨƚǁĂƌĞĂŶĚ^ƵďĚŝǀŝƐŝŽŶKĨĨŝĐĞƌŝƐ
ƌĞƋƵŝƌĞĚƚŽƉůĂŶƚŚĞƌĞƉůĂĐĞŵĞŶƚĂŶĚĞdžƚĞŶƐŝŽŶŽĨƚŚĞƐĞǁĂƚĞƌƐƵƉƉůLJĂŶĚƐĞǁĞƌĂŐĞƉŝƉĞůŝŶĞƐ͘dŚĞ^K
ĂƐŚďŽĂƌĚůŽŽŬƐůŝŬĞ͖
 

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¾ ^ĞůĞĐƚƚŚĞƐĞǁĞƌĂŐĞĨƌŽŵƚŚĞĂƐƐĞƚĐĂƚĞŐŽƌLJ
¾ ^ĞůĞĐƚƚŚĞƐĞǁĞƌĂŐĞƉŝƉĞůŝŶĞƐĨƌŽŵƚŚĞƐƵďĐĂƚĞŐŽƌLJ͘dŚĞŶƚŚĞĚĂƐŚďŽĂƌĚǁŝůůůŽŽŬůŝŬĞ͖

dŚĞůĞĐƚƵƌĞƌǁŝůůĞdžƉůĂŝŶŚŽǁƚŽƐĞĞƚŚĞƌĞƉůĂĐĞŵĞŶƚƉůĂŶŶŝŶŐŽĨĂŶLJƐƵďĚŝǀŝƐŝŽŶ͘/ŶŽƌĚĞƌƚŽƐĞĞƚŚĂƚ
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¾ ^ĞůĞĐƚƌĞƉůĂĐĞŵĞŶƚĨƌŽŵŝŶĚŝĐĂƚŽƌ͘dŚĞǁŝŶĚŽǁůŽŽŬƐůŝŬĞ͖
 

dŚĞůĞĐƚƵƌĞƌǁŝůůĞdžƉůĂŝŶŚŽǁƚŽĐƌĞĂƚĞƉƌŽũĞĐƚƐ͕ƐƵďͲƉƌŽũĞĐƚƐ͕ǀŝĞǁƚŚĞĂƐƉĞĐƚƐĂŶĚƉƌŝŽƌŝƚŝnjĞƚŚĞƉƌŽũĞĐƚƐ
ĨƌŽŵƚŚĞƌĞƉůĂĐĞŵĞŶƚƉůĂŶŶŝŶŐ͘/ŶƚŚĞƉƌŽĐĞƐƐƚŚĞĨŽůůŽǁŝŶŐǁŝŶĚŽǁƐǁŝůůĂƉƉĞĂƌ͖

ƌĞĂƚŝŽŶŽĨƐƵďͲƉƌŽũĞĐƚƐ͗
 


 

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([HUFLVHV                                                         PLQXWHV 
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