HomeMy WebLinkAboutAvila Ranch DEIR Public Comment received 1-18-17 (Peck Planning and Development)ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ŽŵŵĞŶƚƐŽĨǀŝůĂZĂŶĐŚ/ZWĂŐĞͮϮ
ŽŵŵĞŶƚƐŽŶǀŝůĂZĂŶĐŚŶǀŝƌŽŶŵĞŶƚĂů/ŵƉĂĐƚZĞƉŽƌƚ
džĞĐƵƚŝǀĞ^ƵŵŵĂƌLJ
ĚĚĂĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞDŝƚŝŐĂƚĞĚWƌŽũĞĐƚůƚĞƌŶĂƚŝǀĞ͘dŚĞƌĞĂĚĞƌƐŚŽƵůĚďĞŝŶĨŽƌŵĞĚƚŚĂƚƚŚĞDŝƚŝͲ
ŐĂƚĞĚWƌŽũĞĐƚůƚĞƌŶĂƚŝǀĞǁĂƐĚĞǀĞůŽƉĞĚďĂƐĞĚŽŶƋƵĞƐƚŝŽŶƐĂďŽƵƚƚŚĞĨĞĂƐŝďŝůŝƚLJĂŶĚƚŝŵŝŶŐŽĨŽĨĨƐŝƚĞ
ĚƌĂŝŶĂŐĞŝŵƉƌŽǀĞŵĞŶƚƐŶĞĐĞƐƐĂƌLJƚŽƐƵƉƉŽƌƚƚŚĞWƌŽũĞĐƚ͘dŚĞDŝƚŝŐĂƚĞĚWƌŽũĞĐƚůƚĞƌŶĂƚŝǀĞ͕ĂůƐŽŝŶͲ
ĐůƵĚĞƐĨĞĂƚƵƌĞƐƚŚĂƚĂĚĚƌĞƐƐĐŽŵŵĞŶƚƐĨƌŽŵƚŚĞƉƵďůŝĐĂŶĚĂĚǀŝƐŽƌLJďŽĚŝĞƐ͕ĂƐǁĞůůĂƐŝƐƐƵĞƐƌĂŝƐĞĚĚƵƌͲ
ŝŶŐƚŚĞ/ZĚĞǀĞůŽƉŵĞŶƚĂŶĚƌĞǀŝĞǁƉĞƌŝŽĚ͘ƉƉĞŶĚŝdžYŽĨƚŚĞ/ZƐĞƚƐĨŽƌƚŚƚŚĞĚĞƚĂŝůƐĂŶĚƚĞĐŚŶŝĐĂů
ƐƚƵĚŝĞƐƉƌĞƉĂƌĞĚĨŽƌƚŚĞDŝƚŝŐĂƚĞĚWƌŽũĞĐƚůƚĞƌŶĂƚŝǀĞ͘
WĂŐĞ^Ͳϱ dŚĞůĂŶĚƵƐĞƐĞĐƚŝŽŶŵŝƐƐƚĂƚĞƐƚŚĞŝŶƚĞŶƚĂŶĚŵĞĂŶŝŶŐŽĨ>ĂŶĚhƐĞWŽůŝĐLJϭ͘ϵ͘ϮǁŚŝĐŚ
ƌĞƋƵŝƌĞƐŵŝƚŝŐĂƚŝŽŶŽĨĂŐƌŝĐƵůƚƵƌĂůŝŵƉĂĐƚƐǁŝƚŚƚŚĞŐƌĞĞŶďĞůƚŽƌƵƌďĂŶƌĞƐĞƌǀĞ͘,ŽǁͲ
ĞǀĞƌ͕͞ŵŝƚŝŐĂƚŝŽŶ͟ŝŶĐůƵĚĞƐĂƌĞĚƵĐƚŝŽŶŝŶƚŚĞƐĞǀĞƌŝƚLJŽĨƚŚĞŝŵƉĂĐƚ͕ĂƐǁĞůůĂƐĂǀŽŝĚͲ
ĂŶĐĞ͘dŚĞƐƵŵŵĂƌLJƐƚĂƚĞƐƚŚĂƚƚŚĞƉŽůŝĐLJƌĞƋƵŝƌĞƐƚŚĞƉƌŽƚĞĐƚŝŽŶŽĨĂŐƌŝĐƵůƚƵƌĂůůĂŶĚ
ǁŝƚŚŝŶ͙͞ƚŚĞŝƚLJ͘͟dŚĞĂĚŽƉƚĞĚƉŽůŝĐLJƌĞĨĞƌƐƚŽĂŐĐŽŶƐĞƌǀĂƚŝŽŶĞĂƐĞŵĞŶƚƐǁŝƚŚŝŶƚŚĞ
ĐŝƚLJŽƌŐƌĞĞŶďĞůƚ͘dŚĞƉƌŽũĞĐƚǁŝůůĐŽŵƉůLJǁŝƚŚƚŚĂƚƉŽůŝĐLJĂŶĚƚŚĞ^WƉŽůŝĐLJƚŚĂƚĚŝͲ
ƌĞĐƚƐƐƵĐŚƉƌŽƚĞĐƚŝŽŶƚŽĂƌĞĂƐƚŚĂƚĂƌĞŶĞĐĞƐƐĂƌLJĨŽƌĂŝƌƉŽƌƚƐĂĨĞƚLJĂƐǁĞůů͘dŚĞƉŽůŝĐLJ
ĂůƐŽĚŽĞƐŶŽƚƌĞƋƵŝƌĞƉƌŽũĞĐƚƐƚŽ͞ƌĞĐƌĞĂƚĞŽƌƌĞƉůĂĐĞ͟ůŽƐƚĂŐƌŝĐƵůƚƵƌĂůůĂŶĚƐĂƐƚŚĂƚŝƐ
ŶŽƚƚŚĞƐƚĂƚĞĚƉŽůŝĐLJĂŶĚŝƐƉŚLJƐŝĐĂůůLJŝŵƉŽƐƐŝďůĞ͘WůĞĂƐĞĐŽƌƌĞĐƚůLJƐƚĂƚĞƚŚĞƉŽůŝĐLJĂŶĚ
ŵĂŬĞƚŚĞĨŝŶĚŝŶŐĐŽŶƐŝƐƚĞŶƚǁŝƚŚďŽĚLJŽĨƚŚĞ/ZĚŽĐƵŵĞŶƚ͘dŚĞĞŶƚŝƌĞĚŽĐƵŵĞŶƚ
ƐŚŽƵůĚĂůƐŽĂĐĐƵƌĂƚĞůLJĚŝƐƚŝŶŐƵŝƐŚďĞƚǁĞĞŶŝŵƉĂĐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞĐŽŵƉůŝĂŶĐĞŽƌ
ŶŽŶͲĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĐŝƚLJ͛ƐƉŽůŝĐŝĞƐĨŽƌƌĞĚƵĐŝŶŐƚŚĞƐĞǀĞƌŝƚLJŽĨƚŚĞůŽƐƐĂŐƌŝĐƵůƚƵƌĂů
ůĂŶĚƐŝŶƚŚĞ>ĂŶĚhƐĞ^ĞĐƚŝŽŶƐ;ǁŚŝĐŚĂƌĞŶŽƚƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚƐďĞĐĂƵƐĞƚŚĞƉƌŽũĞĐƚ
ĨƵůůLJĐŽŶĨŽƌŵƐƚŽƚŚŽƐĞƉŽůŝĐŝĞƐͿ͕ĂŶĚƚŚĞĂĐƚƵĂůůŽƐƐŽĨĂŐůĂŶĚƐƵŶĚĞƌƚŚĞŐZĞƐŽƵƌĐĞƐ
ƐĞĐƚŝŽŶƐŽĨƚŚĞ/Z;ǁŚŝĐŚƐŝŐŶŝĨŝĐĂŶƚďĞĐĂƵƐĞƚŚĞůŽƐƚĂŐůĂŶĚĐĂŶŶŽƚďĞƌĞƉůĂĐĞĚͿ͘;^ĞĞ
WŽůŝĐLJϭ͘ϵ͘ϮŝŶƚƚĂĐŚŵĞŶƚϭͿ͘^ĞĞĂůƐŽdĂďůĞϯ͘ϴͲϳǁŚŝĐŚĐŽƌƌĞĐƚůLJƐƚĂƚĞƐƚŚĞŝŵƉĂĐƚĂŶĚ
ƉŽůŝĐLJ͘
WĂŐĞ^ͲϭϬ dŚĞĨŝŶĚŝŶŐŽŶƚŚĞŝŵƉĂĐƚ>hͲϯŝƐůĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚĂĨƚĞƌŵŝƚŝŐĂƚŝŽŶ͘dŚĞƉƌŽũĞĐƚǁŝůů
ĨƵůůLJĐŽŵƉůLJǁŝƚŚƚŚĞĂŐĐŽŶƐĞƌǀĂƚŝŽŶĂŶĚĞĂƐĞŵĞŶƚƌĞƋƵŝƌĞŵĞŶƚƐŝŶƚŚĞ'ĞŶĞƌĂůWůĂŶ
ĂŶĚƚŚĞ^W͘dŚĞŝŵƉĂĐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚĂŐůĂŶĚƐŝƐĐŽƌƌĞĐƚůLJĐŝƚĞĚŝŶƚŚĞĂŐƐĞĐƚŝŽŶ͕
ďƵƚŝƐŝŶĐŽƌƌĞĐƚůLJƐƚĂƚĞĚŝŶ>hͲϯ͘dŚĞƐƵŵŵĂƌLJĂůƐŽŝŵƉůŝĞƐƚŚĂƚƚŚĞƌĞĂƌĞƐŝŐŶŝĨŝĐĂŶƚŝŵͲ
ƉĂĐƚƐƌĞůĂƚĞĚƚŽƵƚŝůŝƚŝĞƐĂŶĚƉƵďůŝĐƐĞƌǀŝĐĞƐƚŚĂƚĂƌĞŶŽƚůĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚ͘dŚŝƐŝƐĂŶ
ŝŶĐŽƌƌĞĐƚƐƵŵŵĂƌLJŽĨƚŚĞŝŵƉĂĐƚƐŝĚĞŶƚŝĨŝĞĚŝƚƚŚĞďŽĚLJŽĨƚŚĞĚŽĐƵŵĞŶƚ͘
WĂŐĞ^Ͳϭϭ W^ͲϰŝƐŝŶĐŽƌƌĞĐƚůLJƌĞĨĞƌƌĞĚƚŽĂƐĂŶŝŵƉĂĐƚŽŶƉĂƌŬ͞ƐĞƌǀŝĐĞƐ͘͟WĂƌŬƐĞƌǀŝĐĞƐĂƌĞŶŽƚĂŶ
ĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚ͘dŚĞƌĞŝƐƚŽĂĚŽƉƚĞĚƐƚĂŶĚĂƌĚĨŽƌ͞ƉĂƌŬƐĞƌǀŝĐĞƐ͕͟ďƵƚƚŚŝƐĨŽƌ
ƉĂƌŬůĂŶĚ͘
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ŽŵŵĞŶƚƐŽĨǀŝůĂZĂŶĐŚ/ZWĂŐĞͮϯ
WĂŐĞ^ͲϭϮ /ŵƉĂĐƚdƌĂŶƐͲϭϯƐŚŽƵůĚďĞƐĞƉĂƌĂƚĞĚƐŽƚŚĂƚŝƚŝƐĐůĞĂƌƚŚĂƚƚŚĞŝŵƉƌŽǀĞŵĞŶƚŽĨƵĐŬͲ
ůĞLJͬϮϮϳŝƐƐŝŐŶŝĨŝĐĂŶƚĂŶĚƵŶĂǀŽŝĚĂďůĞďĞĐĂƵƐĞƚŚĞŝŵƉƌŽǀĞŵĞŶƚŝƐŽƵƚƐŝĚĞƚŚĞũƵƌŝƐĚŝĐͲ
ƚŝŽŶŽĨƚŚĞŝƚLJƚŽĞŶĨŽƌĐĞ͕ǁŚĞƌĞĂƐƚŚĞ>KsZͬ^ŽƵƚŚ,ŝŐƵĞƌĂŝŵƉƌŽǀĞŵĞŶƚƐĂƌĞǁŝƚŚŝŶ
ŝƚLJũƵƌŝƐĚŝĐƚŝŽŶ͘
WĂŐĞ^Ͳϭϰ dŚĞĚŝƐĐƵƐƐŝŽŶŽĨƚŚĞDŝƚŝŐĂƚŝŽŶWƌŽũĞĐƚůƚĞƌŶĂƚŝǀĞƐŚŽƵůĚƉƌŽǀŝĚĞĂĚŝƐĐƵƐƐŝŽŶŽĨƚŚĞ
ƌĞĂƐŽŶĨŽƌĂĚĞƚĂŝůĞĚĚŝƐĐƵƐƐŝŽŶŽĨŝƚ͕ƚŚĂƚƚŚĞWƌŽũĞĐƚŚĂĚƐĞǀĞƌĂůĨĞĂƐŝďŝůŝƚLJŝƐƐƵĞƐƚŚĂƚ
ĚŝƌĞĐƚĞĚĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞDW͕ĂŶĚƚŚĂƚƚŚĞĂƉƉůŝĐĂŶƚǁŽƵůĚŶŽǁĐŽŶƐŝĚĞƌƚŚĂƚƚŚĞ
ƉƌŽũĞĐƚĨŽƌĨŽƌŵĂůĐŽŶƐŝĚĞƌĂƚŝŽŶ͘dŚĞĂůƚĞƌŶĂƚŝǀĞƐĚŝƐĐƵƐƐŝŽŶŵĂLJĂůƐŽŶĞĞĚƚŽĂĚĚĂĚŝƐͲ
ĐƵƐƐŝŽŶŽĨĂƌĞĚƵĐĞĚƉƌŽũĞĐƚĂůƚĞƌŶĂƚŝǀĞ;ϱϮϱĚǁĞůůŝŶŐƵŶŝƚƐͿƚŚĂƚŝƐǁŝƚŚŝŶƚŚĞƌĂŶŐĞŽĨ
'WƉŽůŝĐŝĞƐ͘dŚŝƐĚŝƐĐƵƐƐŝŽŶƐŚŽƵůĚĂůƐŽĐŽŶƐŝĚĞƌƚŚĞŝŶĚŝƌĞĐƚŝŵƉĂĐƚƐ;͞ĚŝƐƉůĂĐĞŵĞŶƚ͟Ϳ
ŽĨƌĞĚƵĐŝŶŐƚŚĞĚĞǀĞůŽƉŵĞŶƚŽŶƚŚĞƐŝƚĞĂŶĚǁŚĞƚŚĞƌĞdžŝƐƚŝŶŐWƉƌŽƉĞƌƚŝĞƐǁŽƵůĚďĞ
ĐŽŶǀĞƌƚĞĚƚŽƌĞƐŝĚĞŶƚŝĂů͕ŽƌǁŚĞƚŚĞƌĚĞǀĞůŽƉŵĞŶƚǁŽƵůĚŶĞĞĚƚŽƚĂŬĞƉůĂĐĞŽƵƚƐŝĚĞƚŚĞ
hZ>ƚŽƉƌŽǀŝĚĞƚŚĞŚŽƵƐŝŶŐĐĂůůĞĚĨŽƌŝŶƚŚĞ>h͘^ĞĞĐŽŵŵĞŶƚƐŽŶƚŚĞƌĞůĂƚŝǀĞƐƵƉĞƌŝͲ
ŽƌŝƚLJŽĨƚŚĞĂůƚĞƌŶĂƚŝǀĞƐ͘
WĂŐĞϭͲϰ EŽƚĞƚŚĂƚƚŚĞŝƌƉŽƌƚ>ĂŶĚhƐĞŽŵŵŝƐƐŝŽŶĨŽƵŶĚƚŚĂƚƚŚĞDWĂŶĚWƌŽũĞĐƚǁĞƌĞŝŶ
ĐŽŶĨŽƌŵĂŶĐĞǁŝƚŚƚŚĞ>hWŝŶĞĐĞŵďĞƌ͕ϮϬϭϲ͘^ĞĞƚƚĂĐŚŵĞŶƚϮ͘
WĂŐĞϮͲϭϭ dŚĞ'ĞŶĞƌĂůWůĂŶŵĞŶĚŵĞŶƚĞŶƚŝƚůĞŵĞŶƚƐŚŽƵůĚŝŶĐůƵĚĞƚŚĞƌĞͲĚĞƐŝŐŶĂƚŝŽŶŽĨĂƌĞĂ
ƌŽĂĚǁĂLJƐƚŽĐŽŶĨŽƌŵǁŝƚŚƉƌŽũĞĐƚƌŽĂĚǁĂLJǀŽůƵŵĞƐĂŶĚŶĞŝŐŚďŽƌŚŽŽĚĐŽŵƉĂƚŝďŝůŝƚLJ͕
ŝŶĐůƵĚŝŶŐĚĞƐŝŐŶĂƚŝŶŐsĂĐŚĞůůĂŶĚ^ƵďƵƌďĂŶĂŶĚŽŵŵĞƌĐŝĂůŽůůĞĐƚŽƌƐ͕sĞŶƚƵƌĞĂŶĚ
ĂƌƚŚǁŽŽĚĂƐZĞƐŝĚĞŶƚŝĂůŽůůĞĐƚŽƌƐ͕ĂŶĚ:ĞƐƉĞƌƐĞŶĂƐĂZĞƐŝĚĞŶƚŝĂůƌƚĞƌŝĂů͘
WĂŐĞϮͲϭϮ dŚĞ>hWŽŶĨŽƌŵŝƚLJĚŝƐĐƵƐƐŝŽŶƐŚŽƵůĚďĞƵƉĚĂƚĞĚƚŽŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞ>hĨŽƵŶĚƚŚĞ
ƉƌŽũĞĐƚŝŶĐŽŶĨŽƌŵĂŶĐĞǁŝƚŚƚŚĞ>hW͕ĂŶĚĂĚĚƚŚĞ&ŝŶĂůEŽƚŝĐĞŽĨĞƚĞƌŵŝŶĂƚŝŽŶ͘^ĞĞ
ƚƚĂĐŚŵĞŶƚϮ͘
WĂŐĞϮͲϮϬ &ŽŽƚŶŽƚĞϮŝŶƚĞƌŵŝdžĞƐŵĞĚŝĂŶĨĂŵŝůLJŝŶĐŽŵĞĂŶĚŵĞĚŝĂŶŚŽƵƐĞŚŽůĚŝŶĐŽŵĞ͘dŚĞLJĂƌĞ
ĚŝĨĨĞƌĞŶƚŝŶĐŽŵĞŵĞƚƌŝĐƐ͘tŚŝĐŚŽŶĞŝƐŝƚ͍
WĂŐĞϮͲϯϳ dŚĞŽĨĨƐŝƚĞƐĞǁĞƌůŝŶĞǁŽƵůĚďĞĞdžƚĞŶĚĞĚǁĞƐƚĂůŽŶŐ^ƵďƵƌďĂŶZŽĂĚ͘dŚĞĞdžƚĞŶƐŝŽŶ
ĞĂƐƚǁŽƵůĚŐŽƚŚƌŽƵŐŚƉƌŝǀĂƚĞƉƌŽƉĞƌƚLJĂŶĚŝƐŶŽƚĨĞĂƐŝďůĞ͘^ĞĞƚŚĞĞǀĞůŽƉŵĞŶƚWůĂŶ
ĂŶĚ&ŝŐƵƌĞϮͲϵŽĨƚŚĞ/Z͘dŚĞĞĂƐƚĞƌŶĂůŝŐŶŵĞŶƚǁĂƐĞǀĂůƵĂƚĞĚǁŝƚŚŝƚLJƐƚĂĨĨĂŶĚƚŚĞ
ĂƉƉůŝĐĂŶƚĂŶĚŝƚǁĂƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚĞdžƚĞŶĚŝŶŐƚŚĞůŝŶĞŝŶƚŚŝƐĚŝƌĞĐƚŝŽŶǁŽƵůĚŶŽƚƉƌŽͲ
ǀŝĚĞƐĞǁĞƌƐĞƌǀŝĐĞƚŽĂŶLJƵŶƐĞǁĞƌĞĚƵƐĞƌƐ;ďĞĐĂƵƐĞŽĨĚĞƉƚŚĂŶĚƚŚĞůĞŶŐƚŚŽĨƚŚĞ
ĨŽƌĐĞŵĂŝŶͿ͕ĂŶĚƚŚĞĂůŝŐŶŵĞŶƚǁĞŶƚƚŚƌŽƵŐŚƉƌŝǀĂƚĞƉƌŽƉĞƌƚLJĂŶĚǁŽƵůĚĚŝƐƌƵƉƚĞdžŝƐƚͲ
ŝŶŐƵƚŝůŝƚŝĞƐŝŶƚŚĞtŚŝƚƐŽŶ/ŶĚƵƐƚƌŝĂůWĂƌŬ͘
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ŽŵŵĞŶƚƐŽĨǀŝůĂZĂŶĐŚ/ZWĂŐĞͮϰ
&ŝŐƵƌĞϮͲϴ ŽƌƌĞĐƚƚŚŝƐĨŝŐƵƌĞƐŽƚŚĂƚƚŚĞ,ƌƵŶƐŝŶƚŚĞƐŽƵƚŚŵŽƐƚĞĂƐƚͲǁĞƐƚZͲϭƌŽĂĚ;,ƵŐŚĞƐ
ZŽĂĚͿ͘
ŶǀŝƌŽŶŵĞŶƚĂů/ŵƉĂĐƚƐĂŶĚDŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐ
dĂďůĞϯ͘ϬͲϭ ŝƐĐƵƐƐŝŽŶŽĨƚŚĞǁŝƚŚĚƌĂǁĂůŽĨƚŚĞŚĞǀƌŽŶĚĞǀĞůŽƉŵĞŶƚĂŶĚƌĞƐƚŽƌĂƚŝŽŶƉůĂŶƐ͘^ĞƚƵƉ
ƚŚĞĨĂĐƚƵĂůĐĂƐĞĨŽƌƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞDWŝŶƐƚĞĂĚŽĨƚŚĞWƌŽũĞĐƚ͍
WĂŐĞϯ͘ϭͲϴ ĞůĞƚĞĚŝƐĐƵƐƐŝŽŶŽĨ^ϳϰϯŚĞƌĞ͘/ƚŝƐŽƵƚŽĨƉůĂĐĞ͘
WĂŐĞϯ͘ϭͲϭϬ ĞůĞƚĞ,ŝůůƐŝĚĞWŽůŝĐŝĞƐ͘dŚĞƉƌŽũĞĐƚŝƐŶŽƚŝŶĂ,ŝůůƐŝĚĞƌĞĂ͘
WĂŐĞϯ͘ϭ͘Ͳϭϭ ĚĚK^WŽůŝĐLJϳ͘ϳ͘ϵƌĞŐĂƌĚŝŶŐƌĞĞŬ^ĞƚďĂĐŬƐŚĞƌĞ͘
WĂŐĞϯ͘ϭͲϮϭ ŽƌƌĞĐƚƚŚĞĨŽůůŽǁŝŶŐƐƚĂƚĞŵĞŶƚ͘ϭϱϬĂĐƌĞƐŝƐŶŽƚĂŶĂĐĐƵƌĂƚĞƐƚĂƚĞŵĞŶƚŽĨůĂŶĚĐŽŶǀĞƌͲ
ƐŝŽŶ͗͞WƌŽũĞĐƚĚĞǀĞůŽƉŵĞŶƚǁŽƵůĚĐŽŶǀĞƌƚϭϱϬĂĐƌĞƐŽĨĂŐƌŝĐƵůƚƵƌĂůůĂŶĚƐĐĂƉĞĂŶĚŽƉĞŶ
ƐƉĂĐĞƚŽĂŵŝdžŽĨŵŽƌĞƵƌďĂŶͲƐƵďƵƌďĂŶƵƐĞƐ͕ŝŶĐůƵĚŝŶŐϲϴ͘ϮϯĂĐƌĞƐŽĨŵŝdžĞĚĚĞŶƐŝƚLJƌĞƐͲ
ŝĚĞŶƚŝĂůƵƐĞƐ͕ϭϲĂĐƌĞƐŽĨĚĞǀĞůŽƉĞĚƉĂƌŬůĂŶĚ͕ĂŶĚϯ͘ϯϰĂĐƌĞƐŽĨĐŽŵŵĞƌĐŝĂůĚĞǀĞůŽƉͲ
ŵĞŶƚ͖ŚŽǁĞǀĞƌ͕ϱϱ͘ϯĂĐƌĞƐŽĨƚŚĞƐŝƚĞ;ϯϳƉĞƌĐĞŶƚͿǁŽƵůĚƌĞŵĂŝŶŝŶƵŶĚĞǀĞůŽƉĞĚŽƉĞŶ
ƐƉĂĐĞĂŶĚĂŐƌŝĐƵůƚƵƌĞ͘͟
WĂŐĞϯ͘ϭͲϮϮ ĚĚƉŚŽƚŽƐŝŵĨŽƌƵĐŬůĞLJĨƌŽŶƚĂŐĞŚĞƌĞ͘ĞĨŽƌĞĂŶĚĂĨƚĞƌƉŝĐƚƵƌĞƐĂƌĞŝŶƚƚĂĐŚŵĞŶƚϯ͘
WĂŐĞϯ͘ϯͲϮϵ DDYͲϭĐŝƐƌĞĚƵŶĚĂŶƚĂŶĚƵŶŶĞĐĞƐƐĂƌLJ͘dŚĞƉƌŽũĞĐƚŝŶĐůƵĚĞƐĂůůŽĨƚŚĞĨĞĂƐŝďůĞŵŝƚŝŐĂͲ
ƚŝŽŶŵĞĂƐƵƌĞƐƌĞƋƵŝƌĞĚďLJƚŚĞWYŝƌYƵĂůŝƚLJ,ĂŶĚŬƚŽƌĞĚƵĐĞƚŚĞƐĞǀĞƌŝƚLJ
ŽĨƚŚĞƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚƐƚŽƚŚĞŐƌĞĂƚĞƐƚĞdžƚĞŶƚĨĞĂƐŝďůĞ͕ĂƐƐŚŽǁŶŝŶdĂďůĞϯ͘ϯͲϵ͘/ŶĂĚͲ
ĚŝƚŝŽŶ͕dĂďůĞϯ͘ϯͲϵƐŚŽƵůĚĂůƐŽŝŶĐůƵĚĞƚŚĞƌĞůĂƚŝǀĞƌĞĚƵĐƚŝŽŶŝŶĂŝƌĞŵŝƐƐŝŽŶĂƐƐŽĐŝĂƚĞĚ
ǁŝƚŚĞĂĐŚŵĞĂƐƵƌĞ͕ĂŶĚŝĚĞŶƚŝĨLJƚŚŽƐĞƚŚĂƚŚĂǀĞŶŽƋƵĂŶƚŝĨŝĂďůĞƌĞĚƵĐƚŝŽŶŝŶĂŝƌƋƵĂůŝƚLJ
ŝŵƉĂĐƚƐ͘
dĂďůĞϯ͘ϯͲϵ dĂďůĞƐŚŽƵůĚĚĞŵŽŶƐƚƌĂƚĞŚŽǁƚŚĞƉƌŽũĞĐƚŵĞĞƚƐŽƌĞdžĐĞĞĚƐƚŚĞŵĞĂƐƵƌĞ͘DĞĂƐƵƌĞϮϬ
ƐŚŽƵůĚďĞĐŽƌƌĞĐƚĞĚƚŽďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞWƐŽƚŚĂƚϱϬйŽĨƚŚĞƵŶŝƚƐ;ĂůůƵŶŝƚƐŶŽƚ
ũƵƐƚƚŚĞƐŝŶŐůĞͲĨĂŵŝůLJƵŶŝƚƐͿĂƌĞƚŽďĞŽƵƚĨŝƚƚĞĚǁŝƚŚƐŽůĂƌWsƐLJƐƚĞŵƐ͘
WĂŐĞϯ͘ϯͲϯϴ ŽƌƌĞĐƚƚŚĞƌĞĨĞƌĞŶĐĞŝŶZĞƋƵŝƌĞŵĞŶƚƐĂŶĚdŝŵŝŶŐƚŽƌĞĨĞƌƚŽdĂďůĞϯ͘ϯͲϵ͕ŶŽƚϯ͘ϯͲϭϬ͘
WĂŐĞϯ͘ϯͲϰϳ dŚĞĨŝŶĚŝŶŐƵŶĚĞƌŝƌYƵĂůŝƚLJŶĞĞĚƐƚŽďĞĞdžƉĂŶĚĞĚ͘dŚĞŝŶĐŽŶƐŝƐƚĞŶĐLJŝŶƚŚĞƉŽƉƵůĂͲ
ƚŝŽŶƉƌŽũĞĐƚŝŽŶƐŝƐďĞĐĂƵƐĞƚŚĞŝƌYƵĂůŝƚLJWůĂŶŚĂƐŶŽƚďĞĞŶƵƉĚĂƚĞĚŝŶϭϱLJĞĂƌƐ͕ƐŝŶĐĞ
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ŽŵŵĞŶƚƐŽĨǀŝůĂZĂŶĐŚ/ZWĂŐĞͮϱ
ŝƚƐĨŝƌƐƚĂĚŽƉƚŝŽŶŝŶϮϬϬϭ͘ƐŶŽƚĞĚŽŶWĂŐĞϰͲϱϲŝŶƚŚĞ>h/Z͞dŚĞŵŽƐƚĐƵƌƌĞŶƚǀĞƌͲ
ƐŝŽŶŽĨƚŚĞůĞĂŶŝƌWůĂŶŝŶĐůƵĚĞƐƉŽƉƵůĂƚŝŽŶƉƌŽũĞĐƚŝŽŶƐĂŶĚĂŐƌŽǁƚŚƌĂƚĞĨŽƌƚŚĞŝƚLJ
ŽĨ^ĂŶ>ƵŝƐKďŝƐƉŽŝŶŚĂƉƚĞƌϮ͕WůĂŶŶŝŶŐƌĞĂĂŶĚŝƌĂƐŝŶĞƐĐƌŝƉƚŝŽŶ͕dĂďůĞϮͲϭĂŶĚ
dĂďůĞϮͲϮ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘dŚĞƉƌŽũĞĐƚĞĚƉŽƉƵůĂƚŝŽŶĨŽƌϮϬϭϱŝŶƚŚĞůĞĂŶŝƌWůĂŶŝƐ
ϰϴ͕ϰϵϵ͕ǁŝƚŚĂŐƌŽǁƚŚƌĂƚĞŽĨϮϮйĨƌŽŵϭϵϵϱƚŽϮϬϭϱ͘dŚĞƉƌŽũĞĐƚŝŽŶƐŝŶƚŚĞŵŽƐƚƌĞͲ
ĐĞŶƚůĞĂŶŝƌWůĂŶŚĂǀĞŶŽƚďĞĞŶƵƉĚĂƚĞĚďĞLJŽŶĚϮϬϭϱ͖ƚŚƵƐ͕ƚŚĞƉƌŽũĞĐƚĞĚƉŽƉƵůĂƚŝŽŶ
ĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞ>hhƉĚĂƚĞŝŶϮϬϭϱŝƐƵƐĞĚĨŽƌĚĞƚĞƌŵŝŶŝŶŐĐŽŶƐŝƐƚĞŶĐLJĂůŽŶŐǁŝƚŚ
ƚŚĞŽǀĞƌĂůůŐƌŽǁƚŚƌĂƚĞ͘dŚĞƉƌŽũĞĐƚĞĚƉŽƉƵůĂƚŝŽŶĨŽƌƚŚĞ>hhƉĚĂƚĞŝŶϮϬϭϱŝƐ
ϰϲ͕ϰϱϲ͕ĂƐƐŚŽǁŶŝŶdĂďůĞϰŽĨƚŚĞƵƉĚĂƚĞĚ>ĂŶĚhƐĞ^ĞĐƚŝŽŶ͘dŚŝƐǀĂůƵĞŝƐĂƉƉƌŽdžŝͲ
ŵĂƚĞůLJϮ͕ϬϬϬůĞƐƐƚŚĂŶƚŚĞǀĂůƵĞĂƐƐƵŵĞĚŝŶƚŚĞůĞĂŶŝƌWůĂŶ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞŐƌŽǁƚŚ
ƌĂƚĞŶŽƚĞĚŝŶůĞĂŶŝƌWůĂŶǁĂƐϮϮйŽǀĞƌĂϮϬͲLJĞĂƌƉĞƌŝŽĚĨƌŽŵϭϵϵϱƚŽϮϬϭϱ͘dŚĞ
ŐƌŽǁƚŚƌĂƚĞĨŽƌƚŚĞ>hhƉĚĂƚĞŽǀĞƌĂϮϬͲLJĞĂƌƉĞƌŝŽĚĨƌŽŵϮϬϭϱƚŽϮϬϯϱǁŽƵůĚĂůƐŽďĞ
ϮϮй͘,ŽǁĞǀĞƌ͕ŝƚŝƐŝŵƉŽƌƚĂŶƚƚŽŶŽƚĞƚŚĂƚƚŚĞϮϬϯϱƉƌŽũĞĐƚŝŽŶƐŝŶƚŚĞ>hhƉĚĂƚĞĐĂŶͲ
ŶŽƚďĞĚŝƌĞĐƚůLJĐŽŵƉĂƌĞĚƚŽƉƌŽũĞĐƚŝŽŶƐĨŽƌƚŚĞƐĂŵĞLJĞĂƌŝŶƚŚĞůĞĂŶŝƌWůĂŶďĞĐĂƵƐĞ
LJĞĂƌϮϬϭϱŝƐƚŚĞŵŽƐƚƌĞĐĞŶƚLJĞĂƌĐƵƌƌĞŶƚůLJƐŚŽǁŶ͘͟dŚĞĂŶĂůLJƐŝƐƐŚŽƵůĚŶŽƚĞƚŚĂƚƚŚĞ
ƉƌŽũĞĐƚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŽŶĞƉĞƌĐĞŶƚŐƌŽǁƚŚŐƵŝĚĞůŝŶĞĐŽŶƚĂŝŶĞĚŝŶƚŚĞ>h͘dŚĂŶ
ĂŶĂůLJƐŝƐŝŶ^ĞĐƚŝŽŶϯ͘ϭϬŽĨƚŚĞ/ZŝŶĚŝĐĂƚĞƐƚŚĂƚƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚĐŽŶƚƌŝďƵƚĞƚŽĂĐƵͲ
ŵƵůĂƚŝǀĞƉŽƉƵůĂƚŝŽŶĂŶĚŚŽƵƐŝŶŐŝŶĐƌĞĂƐĞƚŚĂƚǁŝůůĞdžĐĞĞĚƚŚĞŽŶĞƉĞƌĐĞŶƚŐƌŽǁƚŚƌĂƚĞ
ŝŶƚŚĞ>hĂŶĚƚŚĞůĞĂŶŝƌWůĂŶ͘dŚĞĐŽƌƌĞĐƚŝŽŶĨŽƌƚŚŝƐǁŽƵůĚďĞĨŽƌƚŚĞůĞĂŶŝƌ
WůĂŶƚŽďĞƵƉĚĂƚĞĨŽƌĂŶŽƚŚĞƌϭϱͲLJĞĂƌƉƌŽũĞĐƚŝŽŶƉĞƌŝŽĚ͕ďƵƚƚŚĂƚŝƐŽƵƚƐŝĚĞŽĨƚŚĞƌĞͲ
ƐƉŽŶƐŝďŝůŝƚLJĂŶĚĂƵƚŚŽƌŝƚLJŽĨƚŚĞŝƚLJ͘
dŚĞĨŝŶĚŝŶŐĂůƐŽŶĞĞĚƐƚŽŝĚĞŶƚŝĨLJƚŚĂƚĂůůĨĞĂƐŝďůĞŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐŝŶƚŚĞŝƚLJůŝͲ
ŵĂƚĞĐƚŝŽŶWůĂŶĂŶĚdĂďůĞϯ͘ϯͲϵŽĨƚŚĞ/ZŚĂǀĞďĞĞŶŝŵƉůĞŵĞŶƚĞĚĂŶĚƚŚĂƚƚŚĞƌĞŝƐ
ƐƚŝůůĂƌĞƐŝĚƵĂůƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚ͕ĂŶĚƚŚĂƚƚŚĞƐĞǀĞƌŝƚLJŚĂƐďĞĞŶƌĞĚƵĐĞĚƚŽƚŚĞŐƌĞĂƚĞƐƚ
ĚĞŐƌĞĞĨĞĂƐŝďůĞ͘
WĂŐĞϯ͘ϰͲϯϮ ŚĞĐŬĨŽƌĐŽŶƐŝƐƚĞŶĐLJŝŶŐƌĂĚŝŶŐƌĞĨĞƌĞŶĐĞƐƚŽĐƵďŝĐLJĂƌĚƐ͗ϳϮϳ͕ϭϲϮǀ͘ϯϯϬ͕ϯϬϬ͘ůĂƌŝĨLJ
ƚŚĂƚƚŚĞůŽǁĞƌŶƵŵďĞƌƌĞĨĞƌĞŶĐĞƐ͞ĐƵƚ͟Žƌ͞Ĩŝůů͕͟ǁŚŝůĞƚŚĞŚŝŐŚĞƌŶƵŵďĞƌƌĞĨĞƌĞŶĐĞƐ
ƚŽƚĂůĐƵƚ͕Ĩŝůů͕ƚƌĞŶĐŚƐƉŽŝůƐĂŶĚŚŽƵƐĞĨŽƵŶĚĂƚŝŽŶƐƉŽŝůƐ͘
WĂŐĞϯ͘ϰͲϲϯ ŽƌƌĞĐƚƌĞĨĞƌĞŶĐĞƚŽ͞ŝŽDDͲϰ͟ŝŶƐƚĞĂĚŽĨ͞ŝŽDDϰĂĂŶĚϰď͘͟dŚĞƌĞŝƐŽŶůLJĂŝŽ
DDͲϰ͘
WĂŐĞϯ͘ϰͲϲϱ DDŝŽͲϱĂƐŚŽƵůĚďĞĐůĂƌŝĨŝĞĚƚŚĂƚŝůůƵŵŝŶĂƚŝŽŶůĞǀĞůƐƐŚĂůůŶŽƚĞdžĐĞĞĚϭĨŽŽƚͲĐĂŶĚůĞ͕Žƌ
ƚŚĞůŽǁĞƐƚĨĞĂƐŝďůĞůĞǀĞůĂďŽǀĞϭĨŽŽƚͲĐĂŶĚůĞĂƐĚĞƚĞƌŵŝŶĞĚďLJƚŚĞŝƚLJ͘/ƚŝƐĂƐƐƵŵĞĚ
ƚŚĂƚĂĐŚŝĞǀŝŶŐƚŚĞϭĨŽŽƚͲĐĂŶĚůĞůĞǀĞůŝƐĂĚĞƋƵĂƚĞŵŝƚŝŐĂƚŝŽŶ͘
WĂŐĞϯ͘ϲͲϳ dŚĞƐŽŝůƐĞŶŐŝŶĞĞƌŝŶŐƌĞƉŽƌƚĨŽƌƚŚĞƵĐŬůĞLJdžƚĞŶƐŝŽŶƐŚŽǁƐƚŚĂƚŶŽƌŵĂůĨƵŐŝƚŝǀĞĚƵƐƚ
ĐŽŶƚƌŽůŵĞĂƐƵƌĞƐĂƌĞĂĚĞƋƵĂƚĞ͘dŚĞƌĞƉŽƌƚƐƚĂƚĞĚƚŚĂƚ͞EĂƚƵƌĂůůLJŽĐĐƵƌƌŝŶŐĂƐďĞƐƚŽƐ
;EKͿŚĂƐďĞĞŶĨŽƵŶĚƚŽŽĐĐƵƌǁŝƚŚŝŶƐĞƌƉĞŶƚŝŶĞƌŽĐŬ͘&ŽƌŵĂƚŝŽŶĂů^ĞƌƉĞŶƚŝŶŝƚĞŵĂƚĞͲ
ƌŝĂůǁĂƐĞŶĐŽƵŶƚĞƌĞĚĂƚƐŽŵĞŽĨƚŚĞĞdžĐĂǀĂƚŝŽŶƐĚƵƌŝŶŐŽƵƌĨŝĞůĚĞdžƉůŽƌĂƚŝŽŶ͘'ŝǀĞŶƚŚĞ
ůŽĐĂůŝnjĞĚŶĂƚƵƌĞŽĨ^ĞƌƉĞŶƚŝŶŝƚĞĂƚƚŚĞƐŝƚĞ͕ǁĞĂŶƚŝĐŝƉĂƚĞŐƌĂĚŝŶŐŝŶƐĞƌƉĞŶƚŝŶĞƌŽĐŬƚŽ
ďĞůĞƐƐƚŚĂŶϭĂĐƌĞ͘͟hŶĚĞƌƚŚŽƐĞĐŝƌĐƵŵƐƚĂŶĐĞƐŶŽƌŵĂůĨƵŐŝƚŝǀĞĚƵƐƚĐŽŶƚƌŽůŵĞĂƐƵƌĞƐ
ĂƌĞĂĚĞƋƵĂƚĞĨŽƌŵŝƚŝŐĂƚŝŽŶ͘WůĞĂƐĞĐŝƚĞƚŽƚŚĞƌĞƉŽƌƚ͘
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ŽŵŵĞŶƚƐŽĨǀŝůĂZĂŶĐŚ/ZWĂŐĞͮϲ
WĂŐĞϯ͘ϳͲϴ dŚĞ/ZƐŚŽƵůĚĐůĂƌŝĨLJƚŚĂƚƚŚĞDWŝƐŶŽǁǁŚĂƚǁŝůůďĞďƵŝůƚ͘ŝƐĐƵƐƐŝŽŶƐŚŽƵůĚďĞ
ĂĚĚĞĚĨŽƌƌĂŝŶĂŐĞĨŽƌŚĞǀƌŽŶdĂŶŬ&Ăƌŵ͘/ƚŝƐƵŶĚĞƌƐƚŽŽĚƚŚĂƚƚŚĞĂƉƉůŝĐĂƚŝŽŶĨŽƌĂŶͲ
LJƚŚŝŶŐŽƚŚĞƌƚŚĂŶƚŚĞƌĞŵĞĚŝĂƚŝŽŶŚĂƐďĞĞŶǁŝƚŚĚƌĂǁŶĂŶĚƚŚĞƚŝŵŝŶŐĂŶĚƐĐŽƉĞĂŶĚ
ĂŶLJŽŶƐŝƚĞƐƚŽƌŵĚƌĂŝŶĂŐĞŝƐŝŶĚĞƚĞƌŵŝŶĂƚĞ͘WƌŽũĞĐƚƉƌŽĐĞĞĚĞĚŽƌŝŐŝŶĂůůLJŝŶƌĞůŝĂŶĐĞŽŶ
ƚŚĞŚĞǀƌŽŶĂƉƉƌŽǀĂůƐ͕ďƵƚŝƚǁĂƐůĂƚĞƌĚŝƐĐŽǀĞƌĞĚƚŚĂƚƚŚĞǁŽƌŬǁŽƵůĚŶŽƚďĞƉĞƌͲ
ĨŽƌŵĞĚďLJŚĞǀƌŽŶ͕ĂŶĚŚĞǀƌŽŶǁŽƵůĚŶŽƚůĞƚƚŚĞǁŽƌŬďĞƉĞƌĨŽƌŵĞĚďLJŽƚŚĞƌƐŽŶƚŚĞ
ƉƌŽƉĞƌƚLJ͘
&ŝŐƵƌĞϯ͘ϳͲϮ dŚŝƐĨŝŐƵƌĞŝƐŶŽƚƌĞĨĞƌĞŶĐĞĚĂŶLJǁŚĞƌĞŝŶƚŚĞƚĞdžƚĂŶĚĚŽĞƐŶŽƚĂƉƉĞĂƌƚŽĐŽŶƚƌŝďƵƚĞƚŽ
ƚŚĞĚŝƐĐƵƐƐŝŽŶ͘
WĂŐĞϯ͘ϳͲϱϮ dŚĞĚŝƐĐƵƐƐŝŽŶŽĨƌĞĚƵĐĞĚŐƌŽƵŶĚǁĂƚĞƌƉĞƌĐŽůĂƚŝŽŶĂŶĚƐƵƉƉůŝĞƐƐŚŽƵůĚďĞĞdžƉĂŶĚĞĚƚŽ
ĨƵůůLJĚŝƐĐƵƐƐƚŚĞŽŶͲƐŝƚĞƌĞƚĞŶƚŝŽŶŽĨƌƵŶŽĨĨĂŶĚŝŶĐƌĞĂƐĞƐŝŶŐƌŽƵŶĚǁĂƚĞƌůĞǀĞůƐ͘hŶĚĞƌ
ƚŚĞ>/ƌĞŐƵůĂƚŝŽŶƐŵŽƐƚŽĨƚŚĞƌƵŶŽĨĨǁŽƵůĚďĞĚĞƚĂŝŶĞĚŽŶƐŝƚĞĂŶĚƉĞƌĐŽůĂƚĞĚŝŶ>/
ďĂƐŝŶĂŶĚďŝŽͲƐǁĂůĞƐ͘&ƵƌƚŚĞƌŐƌŽƵŶĚǁĂƚĞƌĞdžƚƌĂĐƚŝŽŶĨƌŽŵƚŚĞŽŶƐŝƚĞĂŐǁĞůůǁŽƵůĚďĞ
ƌĞĚƵĐĞĚƵŶĚĞƌƚŚĞWƌŽũĞĐƚĂŶĚƚŚĞDWƐŝŶĐĞƚŚĞƚŽƚĂůŶƵŵďĞƌŽĨŝƌƌŝŐĂƚĞĚĂĐƌĞƐǁŽƵůĚ
ďĞƌĞĚƵĐĞĚĨƌŽŵĂƉƉƌŽdžŝŵĂƚĞůLJϭϰϬĂĐƌĞƐƚŽϯϱĂĐƌĞƐ͘'ƌŽƵŶĚǁĂƚĞƌǁŽƵůĚůĞǀĞůƐǁŝůů
ŝŶĐƌĞĂƐĞďĞĐĂƵƐĞŽĨƚŚĞƌĞĚƵĐƚŝŽŶŝŶĂŐƌŝĐƵůƚƵƌĂůŐƌŽƵŶĚǁĂƚĞƌĞdžƚƌĂĐƚŝŽŶ͘hŶĚĞƌƚŚĞ
ƉƌŽũĞĐƚ͕ĂŶĚǁŝƚŚƚŚĞƌĞƋƵŝƌĞĚ>/ƐƚƌĂƚĞŐŝĞƐŶĞƚǁĂƚĞƌŐĂŝŶǁŽƵůĚďĞĂƉƉƌŽdžŝŵĂƚĞůLJϭϯϬ
&;ƌĞƚĂŝŶĞĚƌĂŝŶĨĂůůŽĨϭϱϳ&ůĞƐƐϮϳ&ŽĨĂŐƵƐĂŐĞͿ͕ĐŽŵƉĂƌĞĚƚŽƚŚĞϭϬϵ&ŽĨĐƵƌͲ
ƌĞŶƚƌĞƚĂŝŶĞĚŐƌŽƵŶĚǁĂƚĞƌ;ϭϵϵ&ŽĨƌĞƚĂŝŶĞĚƌĂŝŶĨĂůůĐŽŵƉĂƌĞĚƚŽϵϬ&ŽĨĂŐŐƌŽƵŶĚͲ
ǁĂƚĞƌĞdžƚƌĂĐƚŝŽŶ͘^ĞĞĂƚƚĂĐŚĞĚĂŶĚďĞůŽǁ͘
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ŽŵŵĞŶƚƐŽĨǀŝůĂZĂŶĐŚ/ZWĂŐĞͮϳ
WĂŐĞϯ͘ϴͲϯϬ dŚĞƉƌŽũĞĐƚŝƐĐŽŶƐŝƐƚĞŶƚ͕ĂĨƚĞƌŵŝƚŝŐĂƚŝŽŶ͕ǁŝƚŚWŽůŝĐLJϲ͘ϲ͘ϭ͘ĞůĞƚĞƌĞĨĞƌĞŶĐĞƐƚŽ͞ƉŽͲ
ƚĞŶƚŝĂůůLJĐŽŶƐŝƐƚĞŶƚ͟Žƌ͞ƉŽƚĞŶƚŝĂůůLJŝŶĐŽŶƐŝƐƚĞŶƚ͟ĂƐƚŚŽƐĞƚĞƌŵƐĂƌĞĂƉƉƌŽƉƌŝĂƚĞĨŽƌĂŶ
EKW͕/ŶŝƚŝĂů^ƚƵĚLJŽƌƐĐŽƉŝŶŐĚŽĐƵŵĞŶƚ͕ďƵƚŶŽƚĂĨƚĞƌĂŶĂůLJƐŝƐĂŶĚĞǀĂůƵĂƚŝŽŶ͘
WĂŐĞϯ͘ϴͲϰϭ ^ĞĐƚŝŽŶƌĞĨĞƌƐƚŽƚŚĞƉŽƚĞŶƚŝĂůŝŶĐŽŶƐŝƐƚĞŶĐLJŽĨŶŽƚĐŽŵƉůĞƚŝŶŐƚŚĞůĂƐƐ//ďŝŬĞůĂŶĞƐ
ƚŚƌŽƵŐŚƚŚĞƵĐŬůĞLJͬdĂŶŬ&ĂƌŵƌĞĞŬďƌŝĚŐĞ͘ƐŶŽƚĞĚŝŶƚŚĞd/^͕͞dŚŝƐƐĞŐŵĞŶƚŝƐŽƵƚͲ
ƐŝĚĞŽĨƚŚĞŝƚLJůŝŵŝƚƐƐŽƚŚĞŵƵůƚŝŵŽĚĂůƚŚƌĞƐŚŽůĚŽĨƐŝŐŶŝĨŝĐĂŶĐĞĚŽĞƐŶŽƚĂƉƉůLJ͘dŚĞ
ƉƌŽũĞĐƚƉƌŽƉŽƐĞƐƚŽĐŽŶƐƚƌƵĐƚĂƉĂƌĂůůĞůůĂƐƐ/ƉĂƚŚĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝƚLJ͛ƐdW͕ǁŚŝĐŚ
ǁŽƵůĚĂĚĚƌĞƐƐƚŚŝƐĚĞĨŝĐŝĞŶĐLJ͘͟dŚŝƐƐĞŐŵĞŶƚŝƐĂůƐŽŽƵƚƐŝĚĞŽĨƚŚĞhZ>͕^K/ĂŶĚƚŚĞŝƚLJ
ůŝŵŝƚƐĂŶĚƚŚĞƌĞĨŽƌĞŽƵƚƐŝĚĞŽĨƚŚĞŝƚLJ͛ƐƉůĂŶŶŝŶŐũƵƌŝƐĚŝĐƚŝŽŶĂŶĚƚŚĞdWĚŽĞƐŶŽƚĂƉͲ
ƉůLJ͘dŚĞůĂƐƐ/ďŝŬĞƉĂƚŚƉƌŽǀŝĚĞƐƚŚĞŶĞĐĞƐƐĂƌLJǁĞƐƚďŽƵŶĚĐŽŶŶĞĐƚŝŽŶĨŽƌƌŝĚĞƌƐ͘DŝƚŝͲ
ŐĂƚŝŽŶƐŚŽƵůĚďĞƌĞĨĞƌĞŶĐĞĚŝŶƚŚĞĨŽƌŵŽĨƚŚĞƌĞĐŽŵŵĞŶĚĞĚƌĞůŽĐĂƚŝŽŶŽĨƚŚĞdĂŶŬ
&ĂƌŵƌĞĞŬďŝŬĞďƌŝĚŐĞƚŽĂƉŽŝŶƚϮϱϬĨĞĞƚƐŽƵƚŚͬƐŽƵƚŚǁĞƐƚƚŽƌĞĚƵĐĞƚŚĞůĞŶŐƚŚŽĨƚŚĞ
ĚŝǀĞƌƐŝŽŶŶŽƌƚŚŽĨdĂŶŬ&ĂƌŵƌĞĞŬ͘
>KddzW dKd>Z;Ϳ йZd/EΎ Zd/E;/EͿ
KWE^W ϱϬ͘Ϯ ϴϬй ϲϲ͘ϲϳ
WZ< ϭϳ͘ϵ ϴϬй Ϯϯ͘ϳϳ
Wh>/&/>/d/^ Ϭ͘ϲ ϱϬй Ϭ͘ϱϬ
ZͲϭKE ϭϯ͘ϭ ϱϬй ϭϬ͘ϴϳ
ZͲϭKE Ϯϳ͘ϴ ϱϬй Ϯϯ͘Ϭϳ
ZͲϭKE ϭϮ͘Ϯ ϱϬй ϭϬ͘ϭϯ
ZͲϭKE ϰ ϱϬй ϯ͘ϯϮ
ͲE ϭ͘ϵ ϱϬй ϭ͘ϱϴ
Wh>/ZKt Ϯϭ͘ϯ ϱϬй ϭϳ͘ϲϴ
dKd>Z ϭϰϵ
dKd>Zd/EΎΎ ϭϱϳ͘ϱϴ
ƌĂǁŶ ϯϱ ;Ϯϳ͘ϯϵͿ
EĞƚtĂƚĞƌ'ĂŝŶ ϭϯϬ͘ϭϵ
>KddzW dKd>Z;Ϳ йZd/EΎ Zd/E;/EͿ
KWE^W ϭϰϵ͘ϵ ϴϬй ϭϵϵ͘Ϭϳ
WZ< ϴϬй Ͳ
Wh>/&/>/d/^ ϱϬй Ͳ
ZͲϭKE ϱϬй Ͳ
ZͲϭKE ϱϬй Ͳ
ZͲϭKE ϱϬй Ͳ
ZͲϭKE ϱϬй Ͳ
ͲE ϱϬй Ͳ
Wh>/ZKt ϱϬй Ͳ
dKd>Z ϭϰϵ͘ϵ
dKd>Zd/EΎΎ ϭϵϵ͘Ϭϳ
ƌĂǁŶ ϭϭϱ ;ϵϬ͘ϬϬͿ
EĞƚtĂƚĞƌ'ĂŝŶ ϭϬϵ͘Ϭϳ
WƌĞͲĞǀĞůŽƉŵĞŶƚ
WŽƐƚĞǀĞůŽƉŵĞŶƚ
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ŽŵŵĞŶƚƐŽĨǀŝůĂZĂŶĐŚ/ZWĂŐĞͮϴ
^ŝŵŝůĂƌůLJ͕ƚŚĞŽƵŶƚLJŝĐLJĐůĞDĂƐƚĞƌWĂŶĂƉƉůŝĞƐĂůŽŶŐƚŚĞƵĐŬůĞLJZŽĂĚdžƚĞŶƐŝŽŶĂŶĚĂ
ůĂƐƐ//ĨĂĐŝůŝƚLJŽŶůLJ;ĂŶĚŶŽƚĂůĂƐƐ/ďŝŬĞƉĂƚŚͿŝƐŝŶĚŝĐĂƚĞĚĨŽƌƚŚĞƐƚƌĞƚĐŚƵĐŬůĞLJZŽĂĚ͘
ŽŵƉůĞƚŝŽŶŽĨĞŝƚŚĞƌƚŚĞůĂƐƐ/ŽƌƚŚĞůĂƐƐ//ĨĂĐŝůŝƚLJĂůŽŶŐƚŚĞƵĐŬůĞLJZŽĂĚdžƚĞŶƐŝŽŶ
ǁŽƵůĚďĞŝŶĐŽŶĨŽƌŵĂŶĐĞǁŝƚŚƚŚĞŽƵŶƚLJŝĐLJĐůĞDĂƐƚĞƌWĂŶĂŶĚƚŚĞĨŝŶĚŝŶŐƐŽĨƚŚĞ
d/^͘
WĂŐĞϯ͘ϴͲϰϲ dŚĞƉƌŽũĞĐƚŝƐĐŽŶƐŝƐƚĞŶƚ͕ǁŝƚŚŵŝƚŝŐĂƚŝŽŶ͕ǁŝƚŚ^WWŽůŝĐLJϯ͘Ϯ͘ϭϲ͘ĞůĞƚĞƚŚĞƌĞĨĞƌĞŶĐĞ
ƚŽ͚WĂƌƚŝĂůůLJŽŶƐŝƐƚĞŶƚ͘͟dŚĞƉƌŽũĞĐƚŝƐĂůƐŽĨƵůůLJĐŽŶƐŝƐƚĞŶƚǁŝƚŚ^WWŽůŝĐLJϯ͘Ϯ͘ϭϴ
ƐŝŶĐĞŝƚǁŝůůƉƌŽƚĞĐƚĂŐůĂŶĚƐƚŚƌŽƵŐŚĐŽŶƐĞƌǀĂƚŝŽŶĞĂƐĞŵĞŶƚƐ͘
WĂŐĞϯ͘ϴͲϱϳ dŚĞĞǀĂůƵĂƚŝŽŶŽĨ>hͲϯŝƐŵŝdžĞĚƵƉǁŝƚŚƚŚĞůŽƐƐŽĨĂŐůĂŶĚ͘>hͲϯĞǀĂůƵĂƚĞƐƚŚĞ'WƉŽůŝĐLJ
ƚŽƉƌŽǀŝĚĞĂŐĐŽŶƐĞƌǀĂƚŝŽŶĞĂƐĞŵĞŶƚƐǁŚĞŶĂŐůĂŶĚŝƐĐŽŶǀĞƌƚĞĚ͘^ƵĐŚĂŐĐŽŶƐĞƌǀĂƚŝŽŶ
ĞĂƐĞŵĞŶƚƐĂƌĞďĞŝŶŐƉƌŽǀŝĚĞĚƉĞƌƚŚĞƉŽůŝĐLJ͘dŚĞŝŵƉĂĐƚƚŚĂƚŝƐƵŶĂǀŽŝĚĂďůĞŝƐƚŚĞŝŵͲ
ƉĂĐƚƵŶĚĞƌ'Ͳϭ͕ŶŽƚĂůƐŽ>hͲϯ͘WůĞĂƐĞĐŽƌƌĞĐƚĂŶĚĐůĂƌŝĨLJ͘
WĂŐĞϯ͘ϴͲϲϬ EŽƚĞƚŚĂƚƚŚĞĚŝƐƚƌŝĐƚŚĂƐĂŐŐƌĞŐĂƚĞĞdžĐĞƐƐĐĂƉĂĐŝƚLJĂƚĂůůŐƌĂĚĞůĞǀĞůƐĂŶĚƌĞŐƵůĂƌůLJĂĚͲ
ũƵƐƚƐĂƚƚĞŶĚĂŶĐĞďŽƵŶĚĂƌŝĞƐƚŽƌĞͲĚŝƐƚƌŝďƵƚĞƐƚƵĚĞŶƚƐĨƌŽŵǀĂƌŝŽƵƐĂƚƚĞŶĚĂŶĐĞĂƌĞĂƐ͘
EŽƚĞĂůƐŽƚŚĂƚǀŝůĂZĂŶĐŚŝƐǁŝƚŚŝŶƚŚĞďƵƐƐŝŶŐĂƌĞĂĨŽƌďŽƚŚ>ĂŐƵŶĂDŝĚĚůĞ^ĐŚŽŽůĂŶĚ
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^ĞĞƚƚĂĐŚŵĞŶƚϰ͘
WĂŐĞϯ͘ϵͲϮϳ hƉĚĂƚĞdĂďůĞϯ͘ϵͲϭϳƚŽƌĞĨůĞĐƚĐƵƌƌĞŶƚŵĞĂƐƵƌĞĚƐĞŐŵĞŶƚǀŽůƵŵĞƐĨŽƌsĂĐŚĞůůĂŶĚƵĐŬͲ
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ĨŝĐŵŽĚĞů͘WĞĂŬŚŽƵƌƉƌŽũĞĐƚŝŽŶƐŝŶ&ŝŐƵƌĞϭϬŽĨƚŚĞd/^ƐƵŐŐĞƐƚůŽǁĞƌǀŽůƵŵĞƐĨŽƌ
sĂĐŚĞůůĂŶĚƐůŝŐŚƚůLJŚŝŐŚĞƌůĞǀĞůƐĨŽƌƵĐŬůĞLJZŽĂĚ͘ůƐŽ͕ĂĚĚƚŚĂƚƚŚĞĂĐŽƵƐƚŝĐƐƐƚƵĚLJ
ĐŽŶĐůƵĚĞĚƚŚĂƚƚŚĞďĞƌŵĂůŽŶŐWŚĂƐĞϱǁŽƵůĚƌĞĚƵĐĞŶŽŝƐĞĞdžƉŽƐƵƌĞďLJϭϬĚ;Ϳ͕ĂŶĚ
ƚŚĂƚƚŚĞĚĞƐŝŐŶŐƵŝĚĞůŝŶĞƐƐƉĞĐŝĨLJƚŚĂƚƚŚĞƐĞƵŶŝƚƐƐŚŽƵůĚďĞƐŝŶŐůĞƐƚŽƌLJŝĨŶĞĐĞƐƐĂƌLJĨŽƌ
ƐŽƵŶĚĂŶĚŶŽŝƐĞŵŝƚŝŐĂƚŝŽŶ͘
WĂŐĞϯ͘ϵͲϯϭ EŽƚĞƚŚĂƚƌƵďďĞƌŝnjĞĚĂƐƉŚĂůƚŵĂLJƌĞƐƵůƚŝŶĂϱͲϴĚ;ͿƌĞĚƵĐƚŝŽŶŝŶǀĞŚŝĐůĞŶŽŝƐĞ͘ůƐŽ͕
ŶŽƚĞƚŚĂƚƵĐŬůĞLJZŽĂĚŝƐŝŶƚŚĞŽƵŶƚLJĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚŝƐƌĞƋƵŝƌĞŵĞŶƚĚĞͲ
ƉĞŶĚƐŽŶĂĐĐĞƉƚĂŶĐĞŽĨƚŚŝƐĐŽŶĚŝƚŝŽŶĂŶĚĞƐƚĂďůŝƐŚŵĞŶƚŽĨĂĚĞƐŝŐŶƐƚĂŶĚĂƌĚďLJƚŚĞ
ŽƵŶƚLJWƵďůŝĐtŽƌŬƐŝƌĞĐƚŽƌ͘ĂƐĞĚŽŶĚŝƐĐƵƐƐŝŽŶƐǁŝƚŚƚŚĞŽƵŶƚLJWƵďůŝĐtŽƌŬƐĞͲ
ƉĂƌƚŵĞŶƚ͕ŝƚŝƐďĞůŝĞǀĞĚƚŚĂƚƚŚŝƐŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞŝƐĞĨĨĞĐƚŝǀĞĂŶĚĨĞĂƐŝďůĞ͘dŚĞ
ĂĐŽƵƐƚŝĐƐƌĞƉŽƌƚŝŶĚŝĐĂƚĞƐƚŚĂƚƚŚĞƉƌŽƉŽƐĞĚďĞƌŵĂŶĚͬŽƌĐƌĞĞŬǀĞŐĞƚĂƚŝŽŶ͕ŽƌƚŚĞĂĚĚŝͲ
ƚŝŽŶĂůƐĞƚďĂĐŬƐŽŶƚŚĞĞĂƐƚĞŶĚŽĨƚŚĞƉƌŽũĞĐƚǁŝůůĨƵůůLJŵŝƚŝŐĂƚĞƚŚĞƌŽĂĚŶŽŝƐĞŝŵƉĂĐƚƐ
ĨƌŽŵƵĐŬůĞLJZŽĂĚǁŝƚŚŽƵƚƚŚĞƌƵďďĞƌŝnjĞĚĂƐƉŚĂůƚ͘/ŶĐůƵƐŝŽŶŽĨƚŚĞƌƵďďĞƌŝnjĞĚĂƐƉŚĂůƚ
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ŝŶĐůƵĚĞĚ͘
WĂŐĞϯ͘ϭϬͲϭ EŽƚĞŝŶƐĞĐƚŝŽŶϯ͘ϭϬ͘ϭƚŚĂƚ>hWŽůŝĐLJϭ͘ϱƌĞƋƵŝƌĞƐƚŚĂƚƚŚĞũŽďƐŚŽƵƐŝŶŐďĂůĂŶĐĞƐŚĂůůŶŽƚ
ǁŽƌƐĞŶĨŽƌŝƚƐĐƵƌƌĞŶƚůĞǀĞůŽĨϭ͘ϴ͗ϭ;ŝŶĐůƵĚŝŶŐŝƚLJ͕ĂůWŽůLJĂŶĚDĞŵƉůŽLJŵĞŶƚĂŶĚ
ŝƚLJŚŽƵƐŝŶŐͿ͘ůƐŽ͕ŶŽƚĞƚŚĂƚƚŚĞƉŽůŝĐLJƌĞĨĞƌƐƚŽ͞ĞŶƌŽůůŵĞŶƚ͟ƐŽƚŚĂƚƵĞƐƚĂĂŶĚĂůͲ
WŽůLJĞŶƌŽůůŵĞŶƚŝƐĨĂĐƚŽƌĞĚŝŶƚŽƚŚĞũŽďƐͲŚŽƵƐŝŶŐďĂůĂŶĐĞĞƋƵĂƚŝŽŶ͘
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ŽŵŵĞŶƚƐŽĨǀŝůĂZĂŶĐŚ/ZWĂŐĞͮϵ
dĂďůĞϯ͘ϭϭͲϮ ŚĞĐŬĂƌŝƚŚŵĞƚŝĐŝŶdĂďůĞ͘dŽƚĂůĐĂƉĂĐŝƚLJŝƐĐĂůĐƵůĂƚĞĚƚŽďĞϰ͕ϯϳϮƐƚƵĚĞŶƚƐĐŽŵƉĂƌĞĚƚŽ
ĐƵƌƌĞŶƚĞŶƌŽůůŵĞŶƚŽĨϯ͕ϴϭϰĨŽƌĞůĞŵĞŶƚĂƌLJŐƌĂĚĞƐ͕ĂŶĚ,^ŐƌĂĚĞƐƚŽƚĂůϯ͕ϰϯϰĐĂƉĂĐŝƚLJ
ĐŽŵƉĂƌĞĚƚŽϮ͕ϮϵϴĞŶƌŽůůŵĞŶƚ͕ĂƐƐŚŽǁŶŝŶƚƚĂĐŚŵĞŶƚEŽϰ͘EŽƚĞĂŶĚĐĂůĐƵůĂƚĞĞdžĐĞƐƐ
ĐĂƉĂĐŝƚLJŝŶ^ĂŶ>ƵŝƐKďŝƐƉŽƐĐŚŽŽůƐĨŽƌĐŽŵƉĂƌŝƐŽŶ͘ůƐŽ͕ƵƉĚĂƚĞƚŽŝŶĐůƵĚĞϮϬϭϱͲϮϬϭϲ
ĚĂƚĂƚŚĂƚŝƐĂǀĂŝůĂďůĞ͘ůƐŽ͕ĨŽƌĂŵĞĂŶŝŶŐĨƵůĐŽŵƉĂƌŝƐŽŶŐƌŽƵƉƚŚĞ^>KĞůĞŵĞŶƚĂƌLJ
ƐĐŚŽŽůƐƚŽƐŚŽǁƚŚĂƚƚŚĞƌĞŝƐĂŐŐƌĞŐĂƚĞĐĂƉĂĐŝƚLJŝŶƚŚĞƐĐŚŽŽůƐƚŚĂƚƐŚĂƌĞĂƚƚĞŶĚĂŶĐĞ
ďŽƵŶĚĂƌŝĞƐ͘^ŝŶƐŚĞŝŵĞƌ͕^ŵŝƚŚ͕>ŽƐZĂŶĐŚŽƐĂŶĚ,ĂǁƚŚŽƌŶĞŚĂǀĞĐŽŵďŝŶĞĚĐĂƉĂĐŝƚLJŽĨ
ϭ͕ϳϵϲƐƚƵĚĞŶƚƐĐŽŵƉĂƌĞĚƚŽƚŽƚĂůĐƵƌƌĞŶƚĞŶƌŽůůŵĞŶƚŽĨϭ͕ϱϵϲŝŶƚŚĞϮϬϭϱͲϮϬϭϲƐĐŚŽŽů
LJĞĂƌ͘^ĞĞƚƚĂĐŚŵĞŶƚϰ͘
dĂďůĞϯ͘ϭϮͲϰ hƉĚĂƚĞĂŶĚͬŽƌŵŽĚŝĨLJƚŚŝƐƚĂďůĞƚŽƌĞƉŽƌƚƐĞŐŵĞŶƚǀŽůƵŵĞƐƐŽƚŚĂƚƚŚĞƌĞŝƐĂĚŝƌĞĐƚƌĞͲ
ƉŽƌƚŝŶŐŽĨĞdžŝƐƚŝŶŐĂŶĚƉƌŽũĞĐƚĞĚǀŽůƵŵĞƐŽŶƌŽĂĚǁĂLJƐƚŽĞŶƐƵƌĞĐŽŵƉůŝĂŶĐĞǁŝƚŚ>h
ǀŽůƵŵĞƌĞƐƚƌŝĐƚŝŽŶƐ͘/ŶĐůƵĚĞǀŽůƵŵĞƐƚĂŬĞŶŝŶĞĐĞŵďĞƌϮϬϭϲ;ĂƚƚĂĐŚĞĚͿĨŽƌĐŽŵƉĂƌŝͲ
ƐŽŶĂŶĚƵƉĚĂƚĞ͞ƉŽƐƚ>KsZŝŶƚĞƌĐŚĂŶŐĞ͟ŝŵƉƌŽǀĞŵĞŶƚƐ͘^ĞĞƚƚĂĐŚŵĞŶƚϱ͘
dĂďůĞϯ͘ϭϮͲϮϰ EŽƚĞƚŚĂƚƚŚĞŽƵŶƚLJŚĂƐĂĚŽƉƚĞĚĂŝĐLJĐůĞDĂƐƚĞƌWůĂŶƚŚĂƚĂƉƉůŝĞƐƚŽĂƌĞĂƐŽƵƚƐŝĚĞŽĨ
ƚŚĞŝƚLJĂŶĚƚŚĞhZ>͕ĂƐŶŽƚĞĚŝŶƚŚĞ/Z͘dŚĞůĂƐƐ/ĚŝǀĞƌƐŝŽŶĨƌŽŵůĂƐƐ//ďŝŬĞůĂŶĞƐŽŶ
ƵĐŬůĞLJĞĂƐƚŽĨsĂĐŚĞůůŝƐŝŶĐŽŶĨŽƌŵĂŶĐĞǁŝƚŚƚŚĞŽƵŶƚLJŝŬĞWůĂŶƐŝŶĐĞŝƚƉƌŽǀŝĚĞƐĂ
͞ƐƵƉĞƌŝŽƌ͟ĂŶĚƐĂĨĞƌƉĂƚŚŽĨƚƌĂǀĞů͕ĂŶĚƚŚĂƚĞŝƚŚĞƌĂůĂƐƐ/ŽƌůĂƐƐ//͕ŽƌďŽƚŚ͕ĂůŽŶŐƚŚĞ
ƵĐŬůĞLJdžƚĞŶƐŝŽŶŝŶŝƐĐŽŶĨŽƌŵĂŶĐĞǁŝƚŚŽƵŶƚLJŝĐLJĐůĞDĂƐƚĞƌWůĂŶ͕ĂĐĐŽƌĚŝŶŐƚŽƚŚĞ
ŽƵŶƚLJ͘
WĂŐĞϯ͘ϭϮ͘ͲϮϵ ĚĚ&ŝŐƵƌĞϱĨƌŽŵƚŚĞd/^ƚŽƐŚŽǁƚŚĞĂůůŽĐĂƚŝŽŶŽĨƚƌŝƉƐĨƌŽŵƚŚĞƉƌŽũĞĐƚƚŽĂƌĞĂƌŽĂĚͲ
ǁĂLJƐ͘^ĞĞƚƚĂĐŚŵĞŶƚϲ͘ŽŶǀĞƌƚWDͬDƉĞĂŬĚĂƚĂƚŽdĨŽƌĞĂĐŚŽĨƵƐĞĂŶĚƌĞĨĞƌͲ
ĞŶĐĞ͘ůƐŽ͕ŶŽƚĞŶŽƚƚŚĞƚƌŝƉŐĞŶĞƌĂƚŝŽŶĚŝƐĐƵƐƐŝŽŶƚŚĂƚƚŚĞƚƌŝƉŐĞŶĞƌĂƚŝŽŶƌĂƚĞƐƵƐĞĚ
ĨŽƌƚŚĞƉƌŽũĞĐƚĂƌĞĨƵůů/dƚƌŝƉƌĂƚĞƐǁŚŝĐŚŚĂǀĞŶŽƚďĞĞŶĂĚũƵƐƚĞĚĨŽƌůŽĐĂůĐŽŶĚŝƚŝŽŶƐ
ƐƵĐŚĂƐŝŶĐƌĞĂƐĞĚďŝŬĞŽƌƚƌĂŶƐŝƚ͕ŽƌĂĚũƵƐƚĞĚĨŽƌƚŚĞWƌŽũĞĐƚ͛ƐĐŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƌĞĨŽƌĞ
ĚĞŵŽŶƐƚƌĂƚĞŵŽƌĞƚƌŝƉƐƚŚĂŶĂƌĞůŝŬĞůLJƚŽŽĐĐƵƌ͘^ĞĞƚƚĂĐŚŵĞŶƚϳ͘;^ĞĞƉŽƐƐŝďůĞĂĚͲ
ũƵƐƚŵĞŶƚƐŝŶƚƌŝƉŐĞŶĞƌĂƚŝŽŶĂŶĚsDdĂƐƐŽĐŝĂƚĞĚǁŝƚŚǀĂƌŝŽƵƐŵŝƚŝŐĂƚŝŽŶĂŶĚƐƚƌĂƚĞŐŝĞƐ
ŝŶƚŚĞYƐĞĐƚŝŽŶ͘Ϳ
WĂŐĞϯ͘ϭϮͲϯϯ ƐŶŽƚĞĚŝŶƉƌĞǀŝŽƵƐĐŽŵŵĞŶƚƐ͕ƚŚĞƐĞĐƚŝŽŶŽŶsDdŽǀĞƌƐƚĂƚĞƚŚĞsDdĨŽƌƚŚĞƉƌŽũĞĐƚ
ĂŶĚƐŚŽƵůĚďĞƌĞǀŝƐĞĚƚŽƌĞůLJŽŶƚŚĞsDdĞƐƚŝŵĂƚĞƐƉƌĞƉĂƌĞĚĨŽƌĂůDŽĚ͘tŚŝůĞƚŚŝƐ
ŵĂLJďĞĐŚĂƌĂĐƚĞƌŝnjĞĚĂƐĂ͞ǁŽƌƐƚĐĂƐĞ͟ƐĐĞŶĂƌŝŽĨŽƌĚŝƐĐƵƐƐŝŽŶƉƵƌƉŽƐĞƐ͕ƚŚŝƐƐŚŽƵůĚďĞ
ĐŽƌƌĞĐƚĞĚƐŽƚŚĂƚƚŚŝƐ͞ƌĞƉŽƌƚŝŶŐŽŶůLJ͟ƉƌŽǀŝĚĞƐĂĨĂŝƌĂŶĚĂĐĐƵƌĂƚĞĞƐƚŝŵĂƚĞƚŚĂƚŝƐĐŽŶͲ
ƐŝƐƚĞŶƚǁŝƚŚŽƚŚĞƌsDdĚĂƚĂƌĞƉŽƌƚĞĚŝŶƚŚĞ/ZŝŶƚŚĞĂůDŽĚĞƐƚŝŵĂƚĞƐĂŶĚƚŚĂƚ
ƋƵĂŶƚŝĨŝĞƐƚŚĞƌĞůĂƚŝǀĞďĞŶĞĨŝƚƐŽĨǀĂƌŝŽƵƐŵŝƚŝŐĂƚŝŽŶƐƚƌĂƚĞŐŝĞƐ͘ŽƚŚƚŚĞ^ƚĂƚĞKĨĨŝĐĞ
ŽĨWůĂŶŶŝŶŐĂŶĚZĞƐĞĂƌĐŚ;KWZͿĂŶĚƚŚĞĂůŝĨŽƌŶŝĂŝƌZĞƐŽƵƌĐĞƐŽĂƌĚ;ZͿƌĞĐŽŐŶŝnjĞ
ĂůDŽĚĂƐƚŚĞƉƌĞĨĞƌƌĞĚƚŽŽůĨŽƌƚŚŝƐƉƵƌƉŽƐĞǁŚĞƌĞƚƌŝƉͲďĂƐĞĚĞƐƚŝŵĂƚĞƐĂƌĞƵƐĞĚ͘
KWZĨƵƌƚŚĞƌƌĞĐŽŵŵĞŶĚƐƵƐŝŶŐƚŚĞĂůŝĨŽƌŶŝĂ^ƚĂƚĞdƌĂǀĞůĞŵĂŶĚDŽĚĞů;^dDͿdͲ
ƐƉĞĐŝĨŝĐƚƌŝƉůĞŶŐƚŚĞƐƚŝŵĂƚĞƐǁŚĞŶƵƐŝŶŐƚŚŝƐƚŽŽů͕ĂŶĚƚŚĞĂůŝĨŽƌŶŝĂŝƌZĞƐŽƵƌĐĞƐ
ŽĂƌĚ;ZͿĨƵƌƚŚĞƌƌĞĐŽŵŵĞŶĚƐƚŚĂƚƚŚĞŵŝƚŝŐĂƚŝŽŶĞƐƚŝŵĂƚŝŽŶƚŽŽůŝŶĂůDŽĚďĞ
ĂƵŐŵĞŶƚĞĚďLJŵŝƚŝŐĂƚŝŽŶƐĞƐƚŝŵĂƚĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚĞŝƌ'ƌĞĞŶŚŽƵƐĞ'ĂƐYƵĂŶƚŝĨŝĐĂƚŝŽŶ
DĞƚŚŽĚŽůŽŐLJ;ϮϬϭϱͿĨŽƌƉƌŽũĞĐƚĚĞŶƐŝƚLJ͕ƉƌŽũĞĐƚǁĂůŬĂďŝůŝƚLJ͕ƚƌĂŶƐŝƚĂĐĐĞƐƐŝďŝůŝƚLJ͕ƚƌĂĨĨŝĐ
ĐĂůŵŝŶŐĨĞĂƚƵƌĞƐ͕ƚƌĂŶƐŝƚ͕ŚŽƵƐŝŶŐ͕ůĂŶĚƵƐĞ͕ďŝŬĞƉĂƚŚ͕ƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚLJĂŶĚĂĨĨŽƌĚĂďůĞ
ŚŽƵƐŝŶŐĨĞĂƚƵƌĞƐŽĨĂƉƌŽũĞĐƚ͘dŚĞsDdĞƐƚŝŵĂƚŝŽŶŵĞƚŚŽĚƌĞƉŽƌƚĞĚŝŶƚŚĞƚĞdžƚŽĨƚŚĞ
/ZĚŽĞƐŶŽƚĂĐĐŽƵŶƚĨŽƌĂŶLJŽĨƚŚĞĂďŽǀĞ͕ĂŶĚĂůDŽĚŚĂƐůŝŵŝƚĞĚĂďŝůŝƚLJƚŽĞƐƚŝŵĂƚĞ
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ŽŵŵĞŶƚƐŽĨǀŝůĂZĂŶĐŚ/ZWĂŐĞͮϭϬ
sDdďĞŶĞĨŝƚƐĨƌŽŵǀĂƌŝŽƵƐĂŝƌƋƵĂůŝƚLJĂŶĚƚƌĂŶƐƉŽƌƚĂƚŝŽŶƐƚƌĂƚĞŐŝĞƐ͘ĚĚŝƚŝŽŶŽĨƚŚĞ
''YDŵŝƚŝŐĂƚŝŽŶƐŝƐŶĞĐĞƐƐĂƌLJƚŽƉƌŽǀŝĚĞĨƵůůĚŝƐĐůŽƐƵƌĞŽĨƉŽƚĞŶƚŝĂůŶĞƚŝŵƉĂĐƚƐďĞĨŽƌĞ
ĂŶĚĂĨƚĞƌŵŝƚŝŐĂƚŝŽŶ͘
KWZĐŽŶƐŝĚĞƌƐƚŚĞƵƐĂŐĞŽĨĂůDŽĚĂƐĂĐĞŶƚƌĂůĨĞĂƚƵƌĞŽĨ^ϳϰϯŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘
dŚĞƌĞǀŝƐĞĚŐƵŝĚĞůŝŶĞƐƐƚĂƚĞƚŚĂƚ͙͞ĂŐĞŶĐŝĞƐĐĂŶƵƐĞƚƌĂǀĞůĚĞŵĂŶĚŵŽĚĞůƐŽƌƐƵƌǀĞLJ
ĚĂƚĂƚŽĞƐƚŝŵĂƚĞĞdžŝƐƚŝŶŐƚƌŝƉůĞŶŐƚŚƐĂŶĚŝŶƉƵƚƚŚŽƐĞŝŶƚŽƐŬĞƚĐŚŵŽĚĞůƐƐƵĐŚĂƐĂůͲ
DŽĚƚŽĂĐŚŝĞǀĞŵŽƌĞĂĐĐƵƌĂƚĞƌĞƐƵůƚƐ͘tŚĞŶĞǀĞƌƉŽƐƐŝďůĞ͕ĂŐĞŶĐŝĞƐƐŚŽƵůĚŝŶƉƵƚůŽĐĂůͲ
ŝnjĞĚƚƌŝƉůĞŶŐƚŚƐŝŶƚŽĂƐŬĞƚĐŚŵŽĚĞůƚŽƚĂŝůŽƌƚŚĞĂŶĂůLJƐŝƐƚŽƚŚĞƉƌŽũĞĐƚůŽĐĂƚŝŽŶ͘͟dŚĞ
ŐƵŝĚĞůŝŶĞƐĂůƐŽƐƚĂƚĞƚŚĂƚƚŚĞƌĞƐŚŽƵůĚďĞĐŽŶƐŝƐƚĞŶĐLJďĞƚǁĞĞŶƚŚĞŵŽĚĞůƐƵƐĞĚƚŽĚĞͲ
ƚĞƌŵŝŶĞƚƌŝƉŐĞŶĞƌĂƚŝŽŶ͕ĂŝƌƋƵĂůŝƚLJĂŶĚsDd͘
ĂƐĞĚŽŶƚŚĞĂďŽǀĞ͕ƚŚĞsDdĞƐƚŝŵĂƚĞƐƉƌĞƉĂƌĞĚĨŽƌƚŚĞĂůDŽĚŵŽĚĞůƚŚĂƚĂƌĞĂůͲ
ƌĞĂĚLJĐŽŶƚĂŝŶĞĚŝŶƚŚĞ/ZƐŚŽƵůĚďĞƵƐĞĚǁŚĞŶĞƐƚŝŵĂƚŝŶŐĂŶĚƌĞƉŽƌƚŝŶŐsDd͕ďĞĨŽƌĞ
ĂŶĚĂĨƚĞƌŵŝƚŝŐĂƚŝŽŶ͘ĂƐĞĚŽŶƚŚĞWƌŽũĞĐƚĂůDŽĚŝŶƉƉĞŶĚŝdž,͕ƚŚĞĚĂŝůLJsDdĨŽƌ
ƚŚĞƉƌŽũĞĐƚŝƐϰϰ͕ϬϰϮŵŝůĞƐƉĞƌĚĂLJ͕ŽƌϲϭŵŝůĞƐĂĚĂLJƉĞƌŚŽƵƐĞŚŽůĚ͖ĨŽƌƚŚĞWƌŽũĞĐƚǁŝƚŚ
ŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐ;ĂůƚŚŽƵŐŚŶŽƚĂůůŵŝƚŝŐĂƚŝŽŶƐŵĞĂƐƵƌĞƐŚĂǀĞƋƵĂŶƚŝĨŝĞĚsDdďĞŶĞͲ
ĨŝƚƐͿ͕ƚŚĞƚŽƚĂůŝƐϯϲ͕ϱϱϵŵŝůĞƐƉĞƌĚĂLJ͕ŽƌϱϬ͘ϴŵŝůĞƐƉĞƌŚŽƵƐĞŚŽůĚƉĞƌĚĂLJ͘^ĞĞƚƚĂĐŚͲ
ŵĞŶƚϴ͘ĂƐĞĚŽŶƚŚĞDŝƚŝŐĂƚĞĚWƌŽũĞĐƚĂůDŽĚŝŶƉƉĞŶĚŝdžY͕ƚŚĞĚĂŝůLJsDdĨŽƌƚŚĞ
DŝƚŝŐĂƚĞĚWƌŽũĞĐƚŝƐϰϯ͕ϴϮϱŵŝůĞƐƉĞƌĚĂLJ͕ŽƌϲϬŵŝůĞƐĂĚĂLJƉĞƌŚŽƵƐĞŚŽůĚ͖ĨŽƌƚŚĞDŝƚŝͲ
ŐĂƚĞĚWƌŽũĞĐƚǁŝƚŚŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐ;ŶŽƚĂůůŵŝƚŝŐĂƚŝŽŶƐŵĞĂƐƵƌĞƐŚĂǀĞƋƵĂŶƚŝĨŝĞĚ
sDdďĞŶĞĨŝƚƐͿ͕ƚŚĞƚŽƚĂůŝƐϯϲ͕ϯϮϵŵŝůĞƐƉĞƌĚĂLJ͕ŽƌϱϬ͘ϰŵŝůĞƐƉĞƌŚŽƵƐĞŚŽůĚƉĞƌĚĂLJ͘
^ĞĞƚƚĂĐŚŵĞŶƚϵ͘dŚĞƐĞĂůDŽĚĞƐƚŝŵĂƚĞƐĂƌĞǀĞƌLJĐŽŶƐĞƌǀĂƚŝǀĞďĞĐĂƵƐĞƚŚĞLJĂƐͲ
ƐƵŵĞƚŚĞŽƵŶƚLJǁŝĚĞ,ŽŵĞͲtŽƌŬŝƐƚĂŶĐĞŽĨϭϯŵŝůĞƐƉĞƌƚƌŝƉ͕ƌĂƚŚĞƌƚŚĂŶƚŚĞƚƌĂĨĨŝĐ
ĂŶĂůLJƐŝƐnjŽŶĞƐƉĞĐŝĨŝĐƚƌŝƉůĞŶŐƚŚǀĂůƵĞƐƌĞĐŽŵŵĞŶĚĞĚďLJKWZĨƌŽŵĂůƚƌĂŶƐ͛ϮϬϭϱĂůŝͲ
ĨŽƌŶŝĂ^ƚĂƚĞĞŵĂŶĚDŽĚĞůƚƌŝƉůĞŶŐƚŚǀĂůƵĞƐĨŽƌ^ŽƵƚŚ^ĂŶ>ƵŝƐKďŝƐƉŽ͘dŚĞsDdĨŽƌ
ďŽƚŚƚŚĞDŝƚŝŐĂƚĞĚWƌŽũĞĐƚǁŝƚŚŵŝƚŝŐĂƚŝŽŶƐĂŶĚƚŚĞWƌŽũĞĐƚǁŝƚŚŵŝƚŝŐĂƚŝŽŶƐŝƐůĞƐƐƚŚĂŶ
ƚŚĞĐƵƌƌĞŶƚĐŝƚLJǁŝĚĞĂǀĞƌĂŐĞŽĨϱϰsDdƉĞƌŚŽƵƐĞŚŽůĚƉĞƌĚĂLJ͘
ƐĚŝƌĞĐƚĞĚďLJZĂŶĚKWZ͕sDdŝŶƉƵƚƐƚŽƚŚĞĂŝƌƋƵĂůŝƚLJŵŽĚĞůƐŚŽƵůĚďĞďĂƐĞĚŽŶ
^dDůŽĐĂůdƚƌŝƉůĞŶŐƚŚĨĂĐƚŽƌƐ͘dŚŝƐǁŽƵůĚŵĞĂŶƚŚĂƚĨŽƌƐŽƵƚŚ^>K;^dDdƐ
ϯϯϯϮĂŶĚϯϯϯϯͿƚŚĞŶŽŵŝŶĂůŚŽŵĞͲďĂƐĞĚƚƌŝƉůĞŶŐƚŚƐƐŚŽƵůĚďĞϲ͘ϰŵŝůĞƐĨŽƌǁŽƌŬƚƌŝƉƐ͕
ϯ͘ϰŵŝůĞƐĨŽƌ͞ŽƚŚĞƌ͟ƚƌŝƉƐĂŶĚϯ͘ϯŵŝůĞƐĨŽƌƐŚŽƉƉŝŶŐƚƌŝƉƐ͘WƌŽũĞĐƚĞĚsDdƐŚŽƵůĚďĞĚĞͲ
ƚĞƌŵŝŶĞĚǁŝƚŚĂƉƉƌŽƉƌŝĂƚĞĂĚũƵƐƚŵĞŶƚĨŽƌƚŚĞĨŽůůŽǁŝŶŐĞdžŝƐƚŝŶŐƉƌŽũĞĐƚĨĞĂƚƵƌĞƐƚŚĂƚ
ŵĂLJŶŽƚďĞƋƵĂŶƚŝĨŝĞĚŝŶƚŚĞĂůDŽĚ͕ďƵƚĐĂŶďĞĞƐƚŝŵĂƚĞĚďLJ'ƌĞĞŶŚŽƵƐĞ'ĂƐYƵĂŶͲ
ƚŝĨŝĐĂƚŝŽŶDĞƚŚŽĚŽůŽŐLJ͗
Ă͘WƌŽũĞĐƚĚĞŶƐŝƚLJŝƐŵŽƌĞƚŚĂŶƚŚĞďĂƐĞůŝŶĞϳ͘ϲƵŶŝƚƐƉĞƌĂĐƌĞ͘WƌŽũĞĐƚŶĞƚĚĞŶƐŝƚLJŝƐ
ĞƐƚŝŵĂƚĞĚĂƚϭϯƵŶŝƚƐƉĞƌŶĞƚĂĐƌĞ͘ϰ͘ϱйsDdƌĞĚƵĐƚŝŽŶŝƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚŝƐ͘
ď͘dƌĂŶƐŝƚƐŚĂƌĞ͘dŚĞƌĞŝƐŝŶĐƌĞĂƐĞĚƚƌĂŶƐŝƚƐŚĂƌĞďĞĐĂƵƐĞŽĨƉƌŽdžŝŵŝƚLJƚŽďƵƐƐƚŽƉƐĂŶĚ
ƚƌĂŶƐŝƚƌŽƵƚĞƐ͘ĨŝǀĞƉĞƌĐĞŶƚƚƌĂŶƐŝƚƐŚĂƌĞƐŚŽƵůĚďĞĂƐƐƵŵĞĚ͕ĂďŽǀĞƚŚĞďĂƐĞůŝŶĞ
ϭ͘ϯƉĞƌĐĞŶƚ͘
Đ͘,ŽƵƐŝŶŐĂĨĨŽƌĚĂďŝůŝƚLJ͘dŚƌĞĞŚƵŶĚƌĞĚƵŶŝƚƐĂƌĞĐŽŶƐŝĚĞƌĞĚĂĨĨŽƌĚĂďůĞƚŽůŽǁĂŶĚ
ŵŽĚĞƌĂƚĞŝŶĐŽŵĞŚŽƵƐĞŚŽůĚƐ͕ĞŝƚŚĞƌďLJĚĞƐŝŐŶŽƌĐŽŶƚƌĂĐƚ͘dŚŝƐǁŽƵůĚƌĞƐƵůƚŝŶĂ
ϭ͘ϳйƌĞĚƵĐƚŝŽŶŝŶsDd;ϯϬϬͬϳϮϬΎϰйͿ͘
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ŽŵŵĞŶƚƐŽĨǀŝůĂZĂŶĐŚ/ZWĂŐĞͮϭϭ
Ě͘WƌŽũĞĐƚŽƌŝĞŶƚĂƚŝŽŶĂƌŽƵŶĚĂďŝŬĞĐŽƌƌŝĚŽƌ͘Ϭ͘ϮϱйƌĞĚƵĐƚŝŽŶŝŶsDd͘
Ğ͘WƌŽũĞĐƚďŝŬĞƉĂƚŚĐŽŶŶĞĐƚŝŽŶƐ͘ŶĂĚĚŝƚŝŽŶĂůϮ͘ϮϱйƌĞĚƵĐƚŝŽŶ;Ϯ͘ϱйƚŽƚĂůĨŽƌďŝŬĞ
ĨĂĐŝůŝƚŝĞƐͿ͘
Ĩ͘ĚĚĞĚŝŶƚĞƌƐĞĐƚŝŽŶĚĞŶƐŝƚLJ͘dŚĞƌĞĂƌĞϵϬŝŶƚĞƌƐĞĐƚŝŽŶƐƉĞƌƐƋƵĂƌĞŵŝůĞĐŽŵƉĂƌĞĚƚŽ
ƚŚĞŶŽƌŵŽĨϯϲ͘dŚĞƌĞƐƵůƚƐŝŶĂϲ͘ϱйsDdƌĞĚƵĐƚŝŽŶ͘
Ő͘WĞĚŶĞƚǁŽƌŬĂŶĚĐŽŶŶĞĐƚŝŽŶƐ͘ϮйsDdƌĞĚƵĐƚŝŽŶ͘
Ś͘dƌĂĨĨŝĐĐĂůŵŝŶŐŽŶĂůůƐƚƌĞĞƚƐ͕ƌĞƐƵůƚŝŶŐŝŶĂϭйsDdƌĞĚƵĐƚŝŽŶ͘
ŝ͘ŝŬĞůĂŶĞĚĞŶƐŝƚLJŝŶĞdžĐĞƐƐŽĨϬ͘ϯϰŵŝůĞƐƉĞƌƐƋƵĂƌĞŵŝůĞ͘dŽƚĂůŽŶƐŝƚĞďŝŬĞůĂŶĞƐĂŶĚ
ďŝŬĞƉĂƚŚƐ;ůĂƐƐ/ĂŶĚůĂƐƐ//ŽŶůLJͿĂƌĞϯϴ͘ϵϳůĂŶĞŵŝůĞƐƉĞƌƐƋƵĂƌĞŵŝůĞ͕ĐŽŵƉĂƌĞĚ
ƚŽƚŚĞĞdžŝƐƚŝŶŐĐŝƚLJǁŝĚĞĂǀĞƌĂŐĞŽĨϯ͘ϭϵůĂŶĞŵŝůĞƐƉĞƌƐƋƵĂƌĞŵŝůĞ͘ĚĚĞĚďŝŬĞĨĂĐŝůͲ
ŝƚLJƌĞĚƵĐƚŝŽŶŽĨϰ͘ϭйŽĨsDdZ͘
ũ͘^ĐŚŽŽůďƵƐƐĞƌǀŝĐĞ͘^ĂŶ>ƵŝƐŽĂƐƚĂůƉƌŽǀŝĚĞƐďƵƐƐĞƌǀŝĐĞƚŽĞůĞŵĞŶƚĂƌLJƐƚƵĚĞŶƚƐ
ŽƵƚƐŝĚĞŽĨϭЪŵŝůĞƐ͕ĂŶĚƚŽ:ƌ,ŝŐŚƐƚƵĚĞŶƚƐŽƵƚƐŝĚĞŽĨϮŵŝůĞƐ͘dŚĞƉƌŽũĞĐƚƋƵĂůŝĨŝĞƐ
ĨŽƌďŽƚŚ͘ĂƐĞĚŽŶƚŚŝƐƚŚĞƌĞŝƐĂϯϴйƐĂǀŝŶŐƐŝŶƐĐŚŽŽůsDd͕Žƌϰ͘ϰйƐĂǀŝŶŐƐŝŶƚŽƚĂů
sDdĂƚĂϭϴйƐĐŚŽŽůsDdƐŚĂƌĞŽĨƚŽƚĂůsDdĂŶĚĂĚũƵƐƚŵĞŶƚĨŽƌƚƌŝƉůĞŶŐƚŚ͘
dŽƚĂůƌĞĚƵĐƚŝŽŶƐĨŽƌŵŝƚŝŐĂƚŝŽŶƐĂŶĚĨĞĂƚƵƌĞƐŝŶƚŚĞƉƌŽũĞĐƚƌĞƐƵůƚŝŶƌĞĚƵĐƚŝŽŶƐŝŶ
ƚŚĞĂůDŽĚsDdĞƐƚŝŵĂƚĞƐŽĨϯϭ͘ϱй͘DŽĚĞƐŚĂƌĞ͕ƚƌŝƉůĞŶŐƚŚĂŶĚƉĂƐƐͲďLJĨĂĐƚŽƌƐ
ƐŚŽƵůĚďĞĂĚũƵƐƚĞĚƚŽƌĞĨůĞĐƚƚŚĞůŽĐĂůͲƐĞƌǀŝŶŐŶĂƚƵƌĞŽĨƚŚĞƚŽǁŶĐĞŶƚĞƌƵƐĞƐ͘
WĂŐĞϯ͘ϭϮͲϰϬ dŚĞƐĞŐŵĞŶƚĂŶĂůLJƐŝƐŝƐŶŽƚĐůĞĂƌƌĞůĂƚŝǀĞƚŽ'ĞŶĞƌĂůWůĂŶĐŽŶĨŽƌŵŝƚLJƚŚƌĞƐŚŽůĚƐ͘ĚĚĂ
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ǁŚĂƚƚŚĞƉƌŽũĞĐƚŝŽŶƐĂƌĞĨŽƌƚŚĂƚĨĂĐŝůŝƚLJďĂƐĞĚŽŶĐŽŶǀĞƌƐŝŽŶŽĨƉĞĂŬŚŽƵƌƉƌŽũĞĐƚŝŽŶƐ
ŽƌƐĞŐŵĞŶƚƉƌŽũĞĐƚŝŽŶƐĨƌŽŵƚŚĞƚƌĂĨĨŝĐŵŽĚĞů͘
WĂŐĞϯ͘ϭϮͲϰϵ ^ĂŵĞŝƐƐƵĞĂƐĂďŽǀĞ͘WƌŽǀŝĚĞĂƚĂďůĞƚŚĂƚĐŽŵƉĂƌĞƐƉƌŽũĞĐƚŝŽŶƐǁŝƚŚ'WƚŚƌĞƐŚŽůĚƐ͘
^ŚŽǁĂƉƉƌŽƉƌŝĂƚĞƐƚƌĞĞƚĐůĂƐƐŝĨŝĐĂƚŝŽŶ͘
WĂŐĞϯ͘ϭϮͲϱϲ hŶĚĞƌWůĂŶZĞƋƵŝƌĞŵĞŶƚƐĂŶĚdŝŵŝŶŐĨŽƌDDdƌĂŶƐϳͲĂ͕ƚŚĂƚƚŚĞĞĂƌůLJƉŚĂƐĞƐŽĨƚŚĞ
ƉƌŽũĞĐƚĚŽŶŽƚĂĚĚƐƵďƐƚĂŶƚŝĂůůLJƚŽƚŚĞƋƵĞƵĞĂŶĚĚŽŶŽƚĚĞŐƌĂĚĞƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶ>K^͕
ĂŶĚƚŚĂƚWŚĂƐĞƐϭƚŚƌŽƵŐŚϯŵĂLJďĞĐŽŶƐƚƌƵĐƚĞĚǁŝƚŚŽƵƚƐƵďƐƚĂŶƚŝĂůĚĞŐƌĂĚĂƚŝŽŶŽĨƚŚĞ
ŝŶƚĞƌƐĞĐƚŝŽŶĨƌŽŵƚŚĞWƌŽũĞĐƚ͘dŚĞƌĞĨŽƌĞ͕ŝĨƚŚĞ^>K^ĂŶ>ƵŝƐƌĞĞŬďƌŝĚŐĞǁŝĚĞŶŝŶŐŝƐ
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ƚŚĂƚƚŚĞLJŵĂLJŶŽƚďĞĚĞĨĞƌƌĞĚďĞLJŽŶĚƚŚĞĞŶĚŽĨWŚĂƐĞϯŽĨƚŚĞƉƌŽũĞĐƚ͘
WĂŐĞϯ͘ϭϮͲϲϰ ůĂƌŝĨLJƚŚĂƚƚŚĞƉƌŽũĞĐƚƉƌŽƉŽƐĞƐƚŚĞŝŶƐƚĂůůĂƚŝŽŶŽĨĞĂƐƚďŽƵŶĚůĂƐƐ//ďŝĐLJĐůĞůĂŶĞƐŽŶ
ƵĐŬůĞLJĨƌŽŵsĂĐŚĞůůƚŽƚŚĞĞĂƐƚƉƌŽƉĞƌƚLJďŽƵŶĚĂƌLJ͘ůĂƌŝĨLJ͕ǁŝƚŚĂŶĞdžŚŝďŝƚŝĨŶĞĐĞƐͲ
ƐĂƌLJ͕ƚŚĂƚƚŚĞǁĞƐƚďŽƵŶĚůĂƐƐ//ǁŝůůƚƌĂŶƐŝƚŝŽŶƚŽĂůĂƐƐ/ƚŚĂƚǁŝůůŐŽŽǀĞƌĂŶĚŶŽƌƚŚŽĨ
dĂŶŬ&ĂƌŵƌĞĞŬĂƐĐůŽƐĞƚŽƚŚĞdĂŶŬ&ĂƌŵƌĞĞŬĂƐŝƐƉƌĂĐƚŝĐĂďůĞ;ϯϱ͛ĐƌĞĞŬƐĞƚͲ
ďĂĐŬͬǁŝůĚůŝĨĞĐŽƌƌŝĚŽƌͿůƐŽŶŽƚĞƚŚĂƚƚŚĞŽƵŶƚLJDWĂƉƉůŝĞƐĂůŽŶŐƵĐŬůĞLJZŽĂĚ͕ĂŶĚ
ĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞůĂƐƐ/ĨĂĐŝůŝƚLJŽŶƚŚĞŶŽƌƚŚƐŝĚĞŽĨƵĐŬůĞLJZŽĂĚŝŶƐƚĞĂĚŽĨĂĐŽŶƚŝŶƵͲ
ŽƵƐůĂƐƐ//;ĂŶĚŶŽůĂƐƐ/ͿĂƐƉƌĞƐĐƌŝďĞĚďLJƚŚĞŽƵŶƚLJWůĂŶŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞ
ŽƵŶƚLJŝĐLJĐůĞDĂƐƚĞƌWůĂŶ͕ĂŶĚĨƵƌƚŚĞƌƚŚĂƚƚŚĞůĂƐƐ//ǁŝůůďĞŝŶƐƚĂůůĞĚĂƚƐƵĐŚƚŝŵĞŝŶ
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ŽŵŵĞŶƚƐŽĨǀŝůĂZĂŶĐŚ/ZWĂŐĞͮϭϮ
ƚŚĞĨƵƚƵƌĞǁŚĞŶƚŚĞďƌŝĚŐĞŝƐǁŝĚĞŶĞĚ͘&ƵƌƚŚĞƌ͕ƚŚĂƚŝŶƐƚĂůůĂƚŝŽŶŽĨĞŝƚŚĞƌƚŚĞůĂƐƐ/Žƌ
ƚŚĞůĂƐƐ//ŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚŽƵŶƚLJŝŬĞDĂƐƚĞƌWůĂŶĂŶĚƚŚĞĨŝŶĚŝŶŐƐƵŶĚĞƌƚŚĞd/^͘
dĂďůĞϯ͘ϭϮͲϭϯ ŽůƵŵŶŚĞĂĚĞƌƌĞĨĞƌƐƚŽ͞džŝƐƚŝŶŐEŽWƌŽũĞĐƚ͟ĂŶĚ͞džŝƐƚŝŶŐнWƌŽũĞĐƚ͘͟ŽƌƌĞĐƚƚŽƌĞĂĚ
͞EĞĂƌdĞƌŵEŽWƌŽũĞĐƚ͟ĂŶĚ͞EĞĂƌdĞƌŵнWƌŽũĞĐƚ͘͟
dĂďůĞϯ͘ϭϮͲϭϰ ŽůƵŵŶŚĞĂĚĞƌƌĞĨĞƌƐƚŽ͞džŝƐƚŝŶŐ͟ĂŶĚ͞džŝƐƚŝŶŐнWƌŽũĞĐƚ͘͟ŽƌƌĞĐƚƚŽƌĞĂĚ͞EĞĂƌ
dĞƌŵ͟ĂŶĚ͞EĞĂƌdĞƌŵнWƌŽũĞĐƚ͘͟
WĂŐĞϯ͘ϭϮͲϲϴ WĂƌĂŐƌĂƉŚƌĞĨĞƌƐƚŽ^ĞĐƚŝŽŶϯ͘ϭϮ͘ϱ͘dŚŝƐƐĞĐƚŝŽŶĚŽĞƐŶŽƚĞdžŝƐƚ;^ĞĐƚŝŽŶϯ͘ϭϮĞŶĚƐǁŝƚŚ
^ĞĐƚŝŽŶϯ͘ϭϮ͘ϰͿ͘WůĞĂƐĞĐŽƌƌĞĐƚƚŚŝƐƌĞĨĞƌĞŶĐĞƚŚƌŽƵŐŚŽƵƚ͘
WĂŐĞϯ͘ϭϮͲϲϵ džƉůĂŝŶƚŚĂƚdƌĂŶƐϭϯŝƐĐŽŶƐŝĚĞƌĞĚƐŝŐŶŝĨŝĐĂŶƚĂŶĚƵŶĂǀŽŝĚĂďůĞďĞĐĂƵƐĞƵĐŬůĞLJĂŶĚϮϮϳ
ŝƐŽƵƚƐŝĚĞŽĨƚŚĞŝƚLJ͛ƐũƵƌŝƐĚŝĐƚŝŽŶ͖ƚŚĂƚƚŚĞŝƚLJǁŝůůĚŽǁŚĂƚŝƚĂďůĞƚŽĚŽͶĐŽůůĞĐƚĨĂŝƌ
ƐŚĂƌĞĨĞĞƐĂŶĚĐŽŶƚƌŝďƵƚĞƚŽƚŚĞŝŵƉƌŽǀĞŵĞŶƚŽĨƚŚĞƉƌŽũĞĐƚ͖ďƵƚ͕ƚŚĂƚƚŚĞŝƚLJĐĂŶŶŽƚ
ŐƵĂƌĂŶƚĞĞĐŽŵƉůĞƚŝŽŶ͕ďƵƚŚĂƐĞŶĨŽƌĐĞĚŵŝƚŝŐĂƚŝŽŶƐƚŚĂƚĂƌĞƵŶĚĞƌŝƚƐĐŽŶƚƌŽů͘&ƵƌƚŚĞƌ͕
ƚŚĂƚŝƚƌĞĐŽŵŵĞŶĚƐƚŽƚŚĞƌĞƐƉŽŶƐŝďůĞĂŐĞŶĐŝĞƐƚŚĂƚƚŚĞƐĞŝŵƉƌŽǀĞŵĞŶƚƐďĞƉůĂŶŶĞĚ͕
ĨƵŶĚĞĚĂŶĚŝŶƐƚĂůůĞĚ͘
dĂďůĞϯ͘ϭϯͲϮ hƉĚĂƚĞĐƵƌƌĞŶƚƐƚŽƌĂŐĞǀŽůƵŵĞƐƉĞƌϭͬϭϬͬϮϬϭϳƌĞƉŽƌƚƐ͕ŝŶĐůƵĚŝŶŐϭϳ͕ϯϱϴ&ĨŽƌtŚĂůĞ
ZŽĐŬ͕ϳ͕ϰϬϵ&ĨŽƌ^ĂůŝŶĂƐ͕ĂŶĚϮϭϬ͕ϲϱϬ&ĨŽƌEĂĐŝŵŝĞŶƚŽ͕ĂƐƌĞƉŽƌƚĞĚŽŶƚŚĞŝƚLJ͛Ɛ
ǁĞďƐŝƚĞ͘hƉĚĂƚĞƚĞdžƚŽŶƚŚĞƉĂŐĞĨŽůůŽǁŝŶŐƚŚĞƚĂďůĞ͘
WĂŐĞϯ͘ϭϯͲϭϴ WŽůŝĐLJϯ͘ϳ͘ϰĚŽĞƐŶŽƚĂƉƉĞĂƌƚŽĂƉƉůLJƚŽƚŚĞƉƌŽũĞĐƚƉƌŽƉŽƐĂů͘
WĂŐĞϯ͘ϭϯͲϮϭ /ŶĐůƵĚĞƌĞĨĞƌĞŶĐĞĂŶĚĚĞƐĐƌŝƉƚŝŽŶƚŽƚŚĞhƌďĂŶtĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶ͕ĞƐƉĞĐŝĂůůLJƚŽ
ƌĞĐĞŶƚůLJĂŵĞŶĚĞĚŚĂƉƚĞƌϴƚŚĂƚƐĞƚƐŽƵƚƚŚĞtĂƚĞƌ^ŚŽƌƚĂŐĞŽŶƚŝŶŐĞŶĐLJWůĂŶĂŶĚƚŚĞ
ǀĂƌŝŽƵƐĂĐƚŝŽŶƐƵŶĚĞƌǀĂƌŝŽƵƐƐƚĂŐĞƐŽĨĚƌŽƵŐŚƚ͘EŽƚĞƚŚĂƚƚŚĞWƌŽũĞĐƚt^ƉƌŽũĞĐƚƐ
ƚŚĂƚƚŚĞƉƌŽũĞĐƚĂůƌĞĂĚLJŵĞĞƚƐƚŚĞ͞ƌŝƚŝĐĂů^ƚĂŐĞ͟ĂůůŽƚŵĞŶƚŐŽĂůƐŽĨϰϴŐĂůůŽŶƐƉĞƌĚĂLJ
ƉĞƌƉĞƌƐŽŶ͘^ĞĞƚƚĂĐŚŵĞŶƚϭϬ͘
WĂŐĞϯ͘ϭϯͲϯϲ EŽƚĞƚŚĂƚƚŚĞƉƌŽũĞĐƚƐĞǁĞƌƌŽƵƚĞŝƐǁĞƐƚĞƌůLJĂůŽŶŐ^ƵďƵƌďĂŶ͕ŶŽƚ͞ĞĂƐƚĞƌůLJ͘͟dŚĞĞĂƐƚͲ
ĞƌůLJƌŽƵƚĞŐŽĞƐƚŚƌŽƵŐŚƉƌŝǀĂƚĞƉƌŽƉĞƌƚLJĂŶĚƐĞŶƐŝƚŝǀĞŚĂďŝƚĂƚ͕ĂŶĚǁŽƵůĚĐŽŶĨůŝĐƚǁŝƚŚ
ĞdžŝƐƚŝŶŐƵƚŝůŝƚŝĞƐŝŶƚŚĞtŚŝƚƐŽŶ/ŶĚƵƐƚƌŝĂůWĂƌŬ͘
WĂŐĞϰͲϰ hŶĚĞƌ'ƌŽǁƚŚ/ŶĚƵĐŝŶŐ/ŵƉĂĐƚƐ͕ĚŝƐĐƵƐƐƚŚĂƚƵƚŝůŝƚŝĞƐǁŝůůŶŽƚďĞƉƌŽǀŝĚĞĚŽƵƚƐŝĚĞŽĨƚŚĞ
hZ>ŽƌĐŝƚLJůŝŵŝƚƐ͕ĂŶĚƚŚĂƚŵŽƐƚŽĨƚŚĞƉƌŽƉĞƌƚLJƚŽƚŚĞƐŽƵƚŚŽĨƵĐŬůĞLJŚĂƐĂůƌĞĂĚLJ
ďĞĞŶƉůĂĐĞĚŝŶĂtŝůůŝĂŵƐŽŶĐƚĐŽŶƚƌĂĐƚŽƌĂŶŐŽŶƐĞƌǀĂƚŝŽŶĞĂƐĞŵĞŶƚƐ͘
WĂŐĞϰͲϳ ^ĞĐƚŝŽŶϰ͘ϯ͘ϯƐŚŽƵůĚďĞĂĚĚĞĚƚŽĚŽĐƵŵĞŶƚƚŚĞ/Z͛ƐĨŝŶĚŝŶŐƐǁŝƚŚƌĞŐĂƌĚƚŽŶĞƌŐLJ
ZĞƐŽƵƌĐĞƐ͘dŚŝƐĂŶĂůLJƐŝƐĂŶĚŝŶĨŽƌŵĂƚŝŽŶŝŶĨŽƵŶĚŝŶƚŚĞ>h/Z͕ƌĞĨĞƌĞŶĐĞĚŝŶƚŚĞ
EKWĂŶĚŝŵƉĂĐƚĞǀĂůƵĂƚŝŽŶ͕ĂŶĚƚŚĞĂůDŽĚĞƐƚŝŵĂƚĞƐƉƌŽǀŝĚĞĚĨŽƌƚŚĞWƌŽũĞĐƚĂŶĚ
ƚŚĞDW͘dŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵƚŚĞ>h/ZƐŚŽƵůĚďĞĂĚĚĞĚƚŽƚŚĞ^ĞĐƚŝŽŶ
ϰ͘ϯ͘ϯ͗
͞ĞǀĞůŽƉŵĞŶƚŽĨƌĞƐŝĚĞŶƚŝĂůĂŶĚŶŽŶͲƌĞƐŝĚĞŶƚŝĂůƵƐĞƐŝĚĞŶƚŝĨŝĞĚďLJƚŚĞ>hhƉĚĂƚĞ
ǁŽƵůĚƌĞƋƵŝƌĞƚŚĞƵƐĞŽĨŶŽŶƌĞŶĞǁĂďůĞďƵŝůĚŝŶŐŵĂƚĞƌŝĂůƐĂŶĚĞŶĞƌŐLJ͕ĂŶĚƚŚĞůŽŶŐͲ
ƚĞƌŵŽĐĐƵƉĂŶĐLJĂŶĚƵƐĞŽĨƉƌŽƉŽƐĞĚƌĞƐŝĚĞŶƚŝĂůĂŶĚŶŽŶƌĞƐŝĚĞŶƚŝĂůǁŽƵůĚŝƌƌĞǀĞƌƐŝďůLJ
ŝŶĐƌĞĂƐĞůŽĐĂůĚĞŵĂŶĚĨŽƌŶŽŶͲƌĞŶĞǁĂďůĞĞŶĞƌŐLJƌĞƐŽƵƌĐĞƐ͘dŚĞƵƐĞŽĨďƵŝůĚŝŶŐŵĂƚĞƌŝͲ
ĂůƐĂŶĚůŽŶŐͲƚĞƌŵĞŶĞƌŐLJƵƐĞƚŚĂƚǁŽƵůĚƌĞƐƵůƚĨƌŽŵƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞ>h
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ŽŵŵĞŶƚƐŽĨǀŝůĂZĂŶĐŚ/ZWĂŐĞͮϭϯ
hƉĚĂƚĞǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶƚŚĞƵƐĞŽĨŶŽŶͲƌĞŶĞǁĂďůĞƌĞƐŽƵƌĐĞƐŝŶĂǁĂƐƚĞĨƵůŵĂŶŶĞƌ͕
ĂŶĚǁŽƵůĚŶŽƚďĞĞdžĐĞƐƐŝǀĞŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞĂĚĚŝƚŝŽŶĂůƉŽƉƵůĂƚŝŽŶŽĨƚŚĞĐŝƚLJƚŚĂƚ
ǁŽƵůĚďĞƐĞƌǀĞĚďLJƚŚĞƵƐĞŽĨƚŚŽƐĞƌĞƐŽƵƌĐĞƐ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞƉƌŽƉŽƐĞĚ>hhƉĚĂƚĞ
ǁŽƵůĚŶŽƚƌĞƐƵůƚŝŶƐŝŐŶŝĨŝĐĂŶƚŝƌƌĞǀĞƌƐŝďůĞĞŶǀŝƌŽŶŵĞŶƚĂůĞĨĨĞĐƚƐƌĞůĂƚĞĚƚŽƚŚĞƵƐĞŽĨ
ŶŽŶͲƌĞŶĞǁĂďůĞƌĞƐŽƵƌĐĞƐ͘
͞dŚĞƉƌŽƉŽƐĞĚŝƌĐƵůĂƚŝŽŶůĞŵĞŶƚhƉĚĂƚĞŝĚĞŶƚŝĨŝĞƐƐĞǀĞŶƚĞĞŶƉŽƚĞŶƚŝĂůƐƚƌĞĞƚŶĞƚͲ
ǁŽƌŬĐŚĂŶŐĞƐƚŚĂƚŵĂLJďĞĐŽŶƐŝĚĞƌĞĚĨŽƌĨƵƚƵƌĞŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘/ŶŐĞŶĞƌĂů͕ƚŚĞƉƌŽͲ
ƉŽƐĞĚƐƚƌĞĞƚŶĞƚǁŽƌŬĐŚĂŶŐĞƐǁŽƵůĚĞŶŚĂŶĐĞĞdžŝƐƚŝŶŐǀĞŚŝĐůĞ͕ďŝĐLJĐůĞĂŶĚƉĞĚĞƐƚƌŝĂŶ
ĐŝƌĐƵůĂƚŝŽŶ͖ĞůŝŵŝŶĂƚĞĂƉƌĞǀŝŽƵƐůLJƉƌŽƉŽƐĞĚďƌŝĚŐĞŽǀĞƌƚŚĞhŶŝŽŶWĂĐŝĨŝĐƌĂŝůƌŽĂĚ
ƚƌĂĐŬƐ͖ƉƌŽǀŝĚĞŵŝŶŽƌƐƚƌĞĞƚƌĞĂůŝŐŶŵĞŶƚƐĂŶĚĐŽŶŶĞĐƚŝŽŶƐ͖ĂůƚĞƌĞdžŝƐƚŝŶŐ,ŝŐŚǁĂLJ
ϭϬϭͬ^ƚĂƚĞZŽƵƚĞϭƌĂŵƉƐĂŶĚŝŶƚĞƌĐŚĂŶŐĞƐ͖ĂŶĚĐŽŶǀĞƌƚŽŶĞͲǁĂLJƐƚƌĞĞƚƐƚŽƚǁŽͲǁĂLJ
ĐŝƌĐƵůĂƚŝŽŶ͘dŚĞƐĞƚLJƉĞƐŽĨƐƚƌĞĞƚŶĞƚǁŽƌŬĐŚĂŶŐĞƐǁŽƵůĚƌĞƐƵůƚŝŶůŽĐĂůŝnjĞĚŝŵƉƌŽǀĞͲ
ŵĞŶƚƐŝŶƚĞŶĚĞĚƚŽĞŶŚĂŶĐĞƚƌĂŶƐƉŽƌƚĂƚŝŽŶĂŶĚŵŝŶŝŵŝnjĞĐŝƌĐƵůĂƚŝŽŶͲƌĞůĂƚĞĚĐŽŶĨůŝĐƚƐ͘͟
ĂƐĞĚŽŶƚŚĞĞǀĂůƵĂƚŝŽŶŝŶƚŚĞŝƌYƵĂůŝƚLJĂŶĚ>ĂŶĚhƐĞƐĞĐƚŝŽŶƐƚŽƚŚĞ/Z͕ĂŶĚƚŚĞĂĚͲ
ĚŝƚŝŽŶĂůŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐ͕ƚŚĞWƌŽũĞĐƚǁŽƵůĚƌĞƐƵůƚŝŶĞŶĞƌŐLJƵƐĂŐĞƚŚĂƚŝƐƐŝŐŶŝĨŝͲ
ĐĂŶƚůLJůĞƐƐƚŚĂŶƚŚĂƚĂƐƐƵŵĞĚŝŶƚŚĞ>h/Z͕ĞdžŝƐƚŝŶŐĐŝƚLJƌĞŐƵůĂƚŝŽŶƐ͕ƚŚĞŝƚLJ͛ƐůŝͲ
ŵĂƚĞĐƚŝŽŶWůĂŶ͕ĂŶĚƚŚĞŽƚŚĞƌƌĞŐƵůĂƚŝŽŶƐ͘dŚĞ>h/ZĚĞƚĞƌŵŝŶĞĚƚŚĂƚƚŚĞŝŵƉĂĐƚ
ŽŶĞŶĞƌŐLJƌĞƐŽƵƌĐĞƐǁĂƐůĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚĂŶĚƐŽƚŚĞWƌŽũĞĐƚ͛ƐĞdžĐĞĞĚĂŶĐĞŽĨƚŚŽƐĞ
ƐƚĂŶĚĂƌĚƐǁŝůůƌĞƐƵůƚŝŶĂůĞƐƐƚŚĂŶƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚŽŶĞŶĞƌŐLJƌĞƐŽƵƌĐĞƐĨŽƌƚŚĞWƌŽũĞĐƚ͘
WĂŐĞϰͲϴ dŚĞƐĞĨŝŶĚŝŶŐƐƐŚŽƵůĚďĞĞdžƉĂŶĚĞĚƚŽƐƚĂƚĞƚŚĂƚĂůůĨĞĂƐŝďůĞŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐŚĂǀĞ
ďĞĞŶŝŶĐůƵĚĞĚŝŶƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĂƚƚŚĞƌĞĂƌĞƐƚŝůůƌĞƐŝĚƵĂůŝŵƉĂĐƚƐ͕Žƌ͕ĂƐĂƉƉůŝĐĂďůĞ͕
ƚŚĂƚƚŚĞŵŝƚŝŐĂƚŝŽŶƐĂƌĞďĞLJŽŶĚƚŚĞĐŽŶƚƌŽůŽĨƚŚĞŝƚLJ͘
WĂŐĞϱͲϭ ŝƐĐƵƐƐŚĞƌĞƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚŶĞĐĞƐƐŝƚLJŽĨƚŚĞDWƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞǁŝƚŚĚƌĂǁĂů
ŽĨƚŚĞŚĞǀƌŽŶƌĞƐƚŽƌĂƚŝŽŶĂŶĚĚĞǀĞůŽƉŵĞŶƚƉůĂŶƐ͕ĂŶĚƚŚĞƵŶĐĞƌƚĂŝŶƚLJĂŶĚŝŶĨĞĂƐŝďŝůŝƚLJ
ŽĨĂƐƐƵŵŝŶŐƚŚĞŚĞǀƌŽŶĚƌĂŝŶĂŐĞŝŵƉƌŽǀĞŵĞŶƚƐ͘
WĂŐĞϱͲϯ dŚĞĞdžƚĞŶƚŽĨƚŚĞ͞ŶŽŝƐĞƐĞŶƐŝƚŝǀĞƌĞƐŝĚĞŶƚŝĂůƵƐĞƐ͟ŝƐŽŶĞŚŽƵƐĞƚŚĂƚŝƐϭϱϬĨĞĞƚĨƌŽŵ
ƚŚĞĞĂƐƚƉƌŽƉĞƌƚLJůŝŶĞĂŶĚϯϬϬĨĞĞƚĨƌŽŵƚŚĞŶĞĂƌĞƐƚĚĞǀĞůŽƉĞĚƉŽƌƚŝŽŶŽĨƚŚĞƉƌŽũĞĐƚ͘
WĂŐĞϱͲϲ ĚĚƚŽƚŚĞ͞ůƚĞƌŶĂƚŝǀĞƐŽŶƐŝĚĞƌĞĚďƵƚŝƐĐĂƌĚĞĚ͟ĂŶĂůƚĞƌŶĂƚŝǀĞƚŚĂƚŝƐƌĞĚƵĐĞĚƉƌŽͲ
ũĞĐƚĂůƚĞƌŶĂƚŝǀĞƚŚĂƚǁŽƵůĚďĞĨĞĂƐŝďůĞƵŶĚĞƌƚŚĞƉŽůŝĐŝĞƐŝŶƚŚĞ>h͘^ƵĐŚĂƉƌŽũĞĐƚ
ǁĂƐƌĞǀŝĞǁĞĚĚƵƌŝŶŐƚŚĞ>hƌĞǀŝĞǁĂŶĚƚŚĞWƌĞͲƉƉůŝĐĂƚŝŽŶĂŶĚŝŶĐůƵĚĞĚϱϮϬͲϱϯϬ
ƵŶŝƚƐŽŶƚŚĞƉƌŽũĞĐƚƐŝƚĞ;ĂŶĚǁĂƐƉƌŽďĂďůLJƚŚĞďĂƐŝƐĨŽƌƚŚĞůŽǁĞƌƌĂŶŐĞŽĨĚĞǀĞůŽƉͲ
ŵĞŶƚͿ͘hŶĚĞƌƚŚŝƐĂůƚĞƌŶĂƚŝǀĞ͕ƚŚĞĨŽůůŽǁŝŶŐĐŚĂŶŐĞƐĂŶĚĞĨĨĞĐƚƐǁŽƵůĚďĞƉƌĞƐĞŶƚ͗
ϭ͘ůůƚŚĞZͲϮǁŽƵůĚďĞĚĞůĞƚĞĚĂŶĚZͲϭƵŶŝƚƐǁŽƵůĚďĞƉƵƚŝŶƚŚĞŝƌƉůĂĐĞ͘
Ϯ͘ZϯǁŽƵůĚďĞƌĞĚƵĐĞĚďLJϯϮƵŶŝƚƐ͕
ϯ͘ZϰǁŽƵůĚďĞƌĞĚƵĐĞĚďLJϲϱƵŶŝƚƐ;ĞƐƐĞŶƚŝĂůůLJƚŚĞĞĂƐƚƐŝĚĞŽĨĂƌƚŚǁŽŽĚͿ͕
ϰ͘>Žǁ/ŶĐŽŵĞZϯ/ŶĐůƵƐŝŽŶĂƌLJǁŽƵůĚďĞĚĞůĞƚĞĚ͘
ϱ͘WƌŽũĞĐƚǁŽƵůĚŚĂǀĞϱй>ŽǁŝŶƚŚĞZϰĂŶĚϭϬйDŽĚŝŶƚŚĞZϯ͘
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ŽŵŵĞŶƚƐŽĨǀŝůĂZĂŶĐŚ/ZWĂŐĞͮϭϰ
ϲ͘Zϰ>Žǁ/ŶĐŽŵĞǁŽƵůĚďĞĐŚĂŶŐĞĚĨƌŽŵϮϰƚŽϮϳ͘
ϳ͘ZϯDŽĚŝŶĐŽŵĞǁŽƵůĚďĞĐŚĂŶŐĞĚĨƌŽŵϭϮƚŽϱϯ͘
ϴ͘ǀĞƌĂŐĞƵŶŝƚƐŝnjĞǁŽƵůĚŝŶĐƌĞĂƐĞĨƌŽŵϭ͕ϰϵϴ^&ƚŽϭ͕ϳϰϭ^&͕ĞƐƐĞŶƚŝĂůůLJƚŚĞƐĂŵĞ
ĂǀĞƌĂŐĞƵŶŝƚƐŝnjĞĂƐZŝŐŚĞƚƚŝͲ:ŽŶĞƐ͕^ĞƌƌĂDĞĂĚŽǁƐĂŶĚdŽƐĐĂŶĂ͘
ϵ͘WĂƌŬƐǁŽƵůĚďĞƌĞĚƵĐĞĚƚŽϭϮ͘ϮĂĐƌĞƐĨƌŽŵϭϴ͘EĞŝŐŚďŽƌŚŽŽĚWĂƌŬǁŽƵůĚďĞϱ͘ϳϱ
ĂĐƌĞƐ͕WĂƌŬƐ͕ĂŶĚ/ǁŽƵůĚďĞĞůŝŵŝŶĂƚĞĚ͖WĂƌŬƐ&ĂŶĚ'ǁŽƵůĚďĞĐƵƚŝŶŚĂůĨ͘
ϭϬ͘dŽƚĂůƵŶŝƚƐǁŽƵůĚďĞƌĞĚƵĐĞĚďLJϮϲ͘ϰƉĞƌĐĞŶƚĂŶĚĂǀĞƌĂŐĞĚĂŝůLJƚƌŝƉƐǁŽƵůĚďĞƌĞͲ
ĚƵĐĞĚďLJϮ͘ϯƉĞƌĐĞŶƚ͘,ŝŐŚĞƌŶƵŵďĞƌŽĨZͲϭƵŶŝƚƐǁŽƵůĚŵĂŝŶƚĂŝŶƚŽƚĂůƚƌŝƉŐĞŶĞƌͲ
ĂƚŝŽŶĂƚĂƌĞůĂƚŝǀĞůLJĐŽŶƐƚĂŶƚůĞǀĞů͕ĂŶĚŽĨĨƐŝƚĞƚƌĂĨĨŝĐŝŵƉĂĐƚƐǁŽƵůĚŶŽƚďĞƌĞͲ
ĚƵĐĞĚ͘
ϭϭ͘ǀŝůĂΖƐĐŽŶƚƌŝďƵƚŝŽŶƚŽƚŚĞ/ŶƚĞƌŝŵ&ŝƌĞ^ƚĂƚŝŽŶ;/ŶŝƚŝĂůŽŶƐƚƌƵĐƚŝŽŶĂŶĚKƉĞƌĂƚŝŽŶƐͿ
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WĂŐĞϱͲϮϵ dŚĞϮϬ͛ƐǁĂůĞĂƌĞĂǁŝůůŶŽƚďĞŵĂŝŶƚĂŝŶĞĚďLJĂŶ,K͕ďƵƚďLJƚŚĞ&͘
dĂďůĞϱͲϰ EŽƚĞƚŚĂƚWĂƌŬƐĂŶĚǁŝůůďĞĐŽŶƐƚƌƵĐƚĞĚŝŶWŚĂƐĞϭ͘WĂƌŬƐĂŶĚǁŽƵůĚďĞĐŽŶͲ
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ƉĂƚŚǁŽƵůĚďĞĐŽŵƉůĞƚĞĚƚŽ͞:ĞƐƉĞƌƐŽŶ͟ĂƐƉĂƌƚŽĨƚŚĞWŚĂƐĞϯ͕ĂŶĚĐŽŵƉůĞƚĞĚƚŽŚĞǀͲ
ƌŽŶŝŶWŚĂƐĞϰǁŚĞŶ:ĞƐƉĞƌƐŽŶŝƐĐŽŶƐƚƌƵĐƚĞĚĂŶĚƚŚĞǀĞŚŝĐůĞďƌŝĚŐĞŽǀĞƌdĂŶŬ&Ăƌŵ
ƌĞĞŬŝƐĐŽŶƐƚƌƵĐƚĞĚ͘
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ŽŵŵĞŶƚƐŽĨǀŝůĂZĂŶĐŚ/ZWĂŐĞͮϭϱ
WĂŐĞϱͲϯϱ EŽƚĞƚŚĂƚƉƉĞŶĚŝdžYŝŶĐůƵĚĞƐĚĞƚĂŝůƐŽŶƚŚĞDWŝŶĐůƵĚŝŶŐƉƌŽũĞĐƚŐƌĂƉŚŝĐƐĂŶĚƐƚĂŶĚͲ
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ƐĞƐƐŵĞŶƚ͕ĂŶƵƉĚĂƚĞĚsĞƐƚŝŶŐdĞŶƚĂƚŝǀĞDĂƉ͕ĂŶĚĂŶƵƉĚĂƚĞĚĚƌĂŝŶĂŐĞƐƚƵĚLJ͕ĂůůƚŽƚŚĞ
ƐĂŵĞĚĞƚĂŝůĂƐƚŚĞWƌŽũĞĐƚ͘
WĂŐĞϱͲϯϴ ŽŶĐůƵƐŝŽŶƵŶĚĞƌ>hͲϯŝƐŝŶĐŽƌƌĞĐƚ͘ůůůĂŶĚƵƐĞƉŽůŝĐŝĞƐĂƌĞĐŽŵƉůŝĞĚǁŝƚŚƌĞŐĂƌĚŝŶŐĂŐ
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ĂƌĞŶŽƚ͘
WĂŐĞϱͲϲϰ dŚĞƌĞĨĞƌĞŶĐĞƚŽDDEKͲϯĂƌĞƋƵŝƌŝŶŐƐƉĞĐŝĂůƚƌĞĂƚŵĞŶƚĨŽƌZͲϭĂŶĚZͲϮƵŶŝƚƐǁŝƚŚŝŶ
͞ϲϬϬĨĞĞƚ͟ŝƐŝŶĐŽƌƌĞĐƚ͘DDEKͲϯĂƌĞƋƵŝƌĞƐƚŚĂƚĨŽƌƵŶŝƚƐǁŝƚŚŝŶϯϬϬĨĞĞƚƉĞƌƚŚĞĂĐŽƵƐͲ
ƚŝĐƐƐƚƵĚLJ͘ŚĂŶŐĞƚŽďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚDDEKͲϯĂ͘
WĂŐĞϱͲϳϯ dŚĞƌĞůŽĐĂƚŝŽŶŽĨƚŚĞŝƌƌŝŐĂƚŝŽŶǁĞůůǁŝůůŶŽƚŝŶĐƌĞĂƐĞŐƌŽƵŶĚǁĂƚĞƌƵƐĞƵŶĚĞƌƚŚĞDW͘/ƚ
ǁŽƵůĚƐƚŝůůŝƌƌŝŐĂƚĞƚŚĞƐĂŵĞŶƵŵďĞƌŽĨĂĐƌĞƐ͘^ĞĞƉƌĞǀŝŽƵƐĐŽŵŵĞŶƚƚŚĂƚƚŚĞƌĞǁŝůůďĞĂ
ŶĞƚŐĂŝŶƚŽƚŚĞůŽĐĂůŐƌŽƵŶĚǁĂƚĞƌƚĂďůĞŽĨϯϬ&ƉĞƌLJĞĂƌďĞĐĂƵƐĞŽĨƌĞĚƵĐĞĚĂŐŝƌƌŝŐĂͲ
ƚŝŽŶƉƵŵƉŝŶŐ͘
WĂŐĞϱͲϳϳ EŽƚĞƚŚĂƚƚŚĞWĂůƚĞƌŶĂƚŝǀĞŝƐŶŽƚĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞ>hƐŝŶĐĞŝƚǁŽƵůĚĐŽŶƚĂŝŶŵŽƌĞ
ƚŚĂŶϮϱ͕ϬϬϬ^&ŽĨĐŽŵŵĞƌĐŝĂůƵƐĞ͘ŽĞƐŝƚŶĞĞĚƚŽďĞĞdžƉůŽƌĞĚĨƵƌƚŚĞƌŽƌĐĂƌƌŝĞĚĨŽƌͲ
ǁĂƌĚ͍ŽƌƌĞĐƚƐƚĂƚĞŵĞŶƚƚŚĂƚŝƚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞ>h͘
dĂďůĞϱͲϮϱ ŽŵŵĞŶƚŽŶƌĞůĂƚŝǀĞŝŵƉĂĐƚƐ͗ŐŝŵƉĂĐƚƐĨŽƌWĂƌĞŐƌĞĂƚĞƌ͖ŵŽƌĞůĂŶĚǁŽƵůĚďĞĐŽŶͲ
ǀĞƌƚĞĚ͘ŝŽŝŵƉĂĐƚƐĨƌŽŵWǁŽƵůĚďĞŐƌĞĂƚĞƌďĞĐĂƵƐĞŝƚŽƌƚŚĞEĞŝŐŚďŽƌŚŽŽĚƉĂƌŬ
ǁŽƵůĚďĞĚĞǀĞůŽƉĞĚŽŶĂ^ƚĂƚĞtĞƚůĂŶĚ͘
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ŽŵŵĞŶƚƐŽĨǀŝůĂZĂŶĐŚ/ZWĂŐĞͮϭϲ
ƚƚĂĐŚŵĞŶƚϭ
Chapter 1
Page 1-36
1.8.6. Wildlife Habitat
The City shall ensure that continuous wildlife habitat – including corridors free of human disruption - are
preserved, and, where necessary, created.
1.8.7. Trees Outside City Limits
The City shall preserve significant trees, particularly native species, outside its limits and in the greenbelt on
lands owned or leased by the City or for which the City has an easement. For other areas in the greenbelt,
the City will work with the County, Cal Poly, and other public agencies to protect these trees.
1.9. Prime Agricultural Land
1.9.1. Agricultural Protection
The City shall support preservation of economically viable agricultural operations and land within the urban
reserve and city limits. The City should provide for the continuation of farming through steps such as
provision of appropriate general plan designations and zoning.
1.9.2. Prime Agricultural Land
The City may allow development on prime agricultural land if the development contributes to the protection
of agricultural land in the urban reserve or greenbelt by one or more of the following methods, or an equally
effective method: acting as a receiver site for transfer of development credit from prime agricultural land of
equal quantity; securing for the City or for a suitable land conservation organization open space or
agricultural easements or fee ownership with deed restrictions; helping to directly fund the acquisition of fee
ownership or open space easements by the City or a suitable land conservation organization. Development of
small parcels which are essentially surrounded by urbanization need not contribute to agricultural land
protection.
1.10. Residential Clustering for Open Space Protection
1.10.1. Parcel Sizes
In the greenbelt, the City may allow, and the City shall encourage the County to allow, smaller parcel sizes
only when:
A. All new dwellings will be clustered contiguously;
B. At least 90% of the site area is permanently protected as open space;
C. Agricultural easements are placed on prime agricultural lands outside the cluster.
1.10.2. Means of Protection
The City shall require that open space be preserved either by dedication of permanent easements or transfer
of fee ownership to the City, the County, or a responsible, nonprofit conservation organization.
1.10.3. Public Access
Areas preserved for open space should include public trail access, controlled to protect the natural resources,
to assure reasonable security and privacy of dwellings, and to allow continuing agricultural operations. Public
access through production agricultural land will not be considered, unless the owner agrees.
1.10.4. Design Standards
The City shall require cluster development to:
A. Be screened from public views by land forms or vegetation, but not at the expense of habitat. If the
visually screened locations contain sensitive habitats or unique resources as defined in the Conservation
and Open Space Element, development should be avoided in those areas and instead designed to cluster
d if the development contributes to the protection
of agricultural land in the urban reserve or greenbelt
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and circulated within the area in which the water supply is distributed, or if there is no such newspaper, in
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A. No person shall cause any water delivered by the city water system to flow away from property owned,
occupied or controlled by such person in any gutter, ditch or in any other manner over the surface of the
ground, so as to constitute water waste runoff.
B.“Water waste runoff” means water flowing away from property and which is caused by excessive
application(s) of water beyond reasonable or practical flow rates, water volumes or duration of application.
(Ord. 1089 § 1 (part), 1987)
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2016 2017 2018
Available Water
Supply 12,622 12,622 12,622
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Stages of Water Shortage Contingency Plan
Stage
Complete Both
Percent
Supply
Reduction1
Water Supply Condition
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1 One stage in the Water Shortage Contingency Plan must address a water shortage of 50%.
NOTES: Table 8-1 R.
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Restrictions and Prohibitions on End Uses
Stage Restrictions and Prohibitions on End Users
Penalty, Charge, or
Other
Enforcement?
Monitor Landscape - Restrict or prohibit runoff from landscape
irrigation
Warning Landscape - Limit landscape irrigation to specific times
Warning Landscape - Limit landscape irrigation to specific days
Warning CII - Lodging establishment must offer opt out of linen service
Warning CII - Restaurants may only serve water upon request
Warning Water Features - Restrict water use for decorative water
features, such as fountains
Monitor Other - Customers must repair leaks, breaks, and malfunctions
in a timely manner
Watch Other - Require automatic shut of hoses
Monitor Other - Prohibit use of potable water for construction and
dust control
NOTES: Table 8-2 (R).
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Stages of Water Shortage Contingency Plan - Consumption Reduction Methods
Stage Consumption Reduction Methods by Water Supplier
All Expand Public Information Campaign
Watch Offer Water Use Surveys
Watch Provide Rebates on Plumbing Fixtures and Devices
Watch Provide Rebates for Landscape Irrigation Efficiency
Watch Decrease Line Flushing
NOTES: Table 8-3 R.
Minimum Supply Next Three Years
2016 2017 2018
Available Water
Supply 12,622 12,622 12,622
NOTES: Table 8-4 R.