Hutton Brickyards - FEAF Report 20180131

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ΞϮϬϭϴdŚĞŚĂǌĞŶŽŵƉĂŶŝĞƐ
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ǁǁǁ͘ĐŚĂǌĞŶĐŽŵƉĂŶŝĞƐ͘ĐŽŵ
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ϭ͘Ϭ WZK:d^Z/Wd/KE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭ
ϭ͘ϭ /ŶƚƌŽĚƵĐƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭ
ϭ͘Ϯ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭ
ϭ͘ϯ ĚĚŝƚŝŽŶĂůƉƉƌŽǀĂůƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯ
Ϯ͘Ϭ Es/ZKEDEd>^^^^DEd͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯ
Ϯ͘ϭ >ĂŶĚhƐĞ͕ŽŶŝŶŐĂŶĚWƵďůŝĐWŽůŝĐǇ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯ
Ϯ͘ϭ͘ϭ >ĂŶĚhƐĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯ
Ϯ͘ϭ͘Ϯ ŽŶŝŶŐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰ
Ϯ͘ϭ͘Ϯ͘ϭ ƵůŬĂŶĚŝŵĞŶƐŝŽŶĂůZĞƋƵŝƌĞŵĞŶƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰ
Ϯ͘ϭ͘Ϯ͘Ϯ ZĞƋƵŝƌĞĚWĂƌŬŝŶŐĂŶĚWĂƌŬŝŶŐDĂŶĂŐĞŵĞŶƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰ
Ϯ͘ϭ͘ϯ WƵďůŝĐWŽůŝĐǇ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ
Ϯ͘ϭ͘ϰ ŽŶĐůƵƐŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ
Ϯ͘Ϯ hƚŝůŝƚŝĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ
Ϯ͘Ϯ͘ϭ tĂƚĞƌĂŶĚtĂƐƚĞǁĂƚĞƌ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ
Ϯ͘Ϯ͘Ϯ ^ƚŽƌŵǁĂƚĞƌ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬ
Ϯ͘Ϯ͘ϯ ůĞĐƚƌŝĐĂŶĚ'ĂƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭ
Ϯ͘ϯ dƌĂĨĨŝĐĂŶĚdƌĂĨĨŝĐDĂŶĂŐĞŵĞŶƚWůĂŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭ
Ϯ͘ϯ͘ϭ dƌĂĨĨŝĐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭ
Ϯ͘ϯ͘Ϯ dƌĂĨĨŝĐDĂŶĂŐĞŵĞŶƚWůĂŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭ
Ϯ͘ϰ EŽŝƐĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮ
Ϯ͘ϰ͘ϭ DĞĂƐƵƌĞŵĞŶƚWƌŽĐĞĚƵƌĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮ
Ϯ͘ϰ͘Ϯ ŽŶĐůƵƐŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϯ
Ϯ͘ϱ ^ŽůŝĚtĂƐƚĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϯ
Ϯ͘ϲ ^ŽŝůƐ͕^ƵƌĨĂĐĞtĂƚĞƌZĞƐŽƵƌĐĞƐ͕ĂŶĚ&ůŽŽĚƉůĂŝŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϰ
Ϯ͘ϲ͘ϭ ^ŽŝůƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϰ
Ϯ͘ϲ͘Ϯ ^ƵƌĨĂĐĞtĂƚĞƌZĞƐŽƵƌĐĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱ
Ϯ͘ϲ͘ϯ &ůŽŽĚƉůĂŝŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱ
Ϯ͘ϳ sĞŐĞƚĂƚŝŽŶĂŶĚtŝůĚůŝĨĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϲ
Ϯ͘ϴ ,ŝƐƚŽƌŝĐĂŶĚƌĐŚĂĞŽůŽŐŝĐĂůZĞƐŽƵƌĐĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϳ

&h>>Es/ZKEDEd>^^^^DEd&KZD͕WZdϭ
>/^dK&d>^
dĂďůĞϭ͗ZZZŽŶŝŶŐŝƐƚƌŝĐƚƵůŬĂŶĚŝŵĞŶƐŝŽŶĂůZĞƋƵŝƌĞŵĞŶƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰ
dĂďůĞϮ͗WĂƌŬŝŶŐĂŶĚ>ŽĂĚŝŶŐZĞƋƵŝƌĞŵĞŶƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ
dĂďůĞϯ͗tĂƚĞƌĞŵĂŶĚĂŶĚtĂƐƚĞǁĂƚĞƌ'ĞŶĞƌĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬ
dĂďůĞϰ͗>ŽĐĂůEŽŝƐĞKƌĚŝŶĂŶĐĞ>ŝŵŝƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮ
dĂďůĞϱ͗EŽŝƐĞ>ŽĐĂƚŝŽŶƐ^ŽƵŶĚDĞĂƐƵƌĞŵĞŶƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϯ
dĂďůĞϲ͗WƌŽũĞĐƚ^ŝƚĞ^ŽŝůdǇƉĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱ
:ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ


&/'hZ^
&ŝŐƵƌĞϭ͗ h^'^>ŽĐĂƚŝŽŶDĂƉ
&ŝŐƵƌĞϮ͗ KƌƚŚŽƉŚŽƚŽdĂǆDĂƉ
&ŝŐƵƌĞϯ͗ >ĂŶĚhƐĞ
&ŝŐƵƌĞϰ͗ ŽŶŝŶŐ
&ŝŐƵƌĞϱ͗ EŽŝƐĞDŽŶŝƚŽƌŝŶŐ>ŽĐĂƚŝŽŶƐ
&ŝŐƵƌĞϲ͗ ^ŽŝůƐ
&ŝŐƵƌĞϳ͗tĞƚůĂŶĚƐ
&ŝŐƵƌĞϴ͗EĞǁzŽƌŬ^ƚĂƚĞĞƉĂƌƚŵĞŶƚŽĨŶǀŝƌŽŶŵĞŶƚĂůŽŶƐĞƌǀĂƚŝŽŶŶǀŝƌŽŶŵĞŶƚĂůZĞƐŽƵƌĐĞDĂƉ
&ŝŐƵƌĞϵ͗EĞǁzŽƌŬ^ƚĂƚĞĞƉĂƌƚŵĞŶƚŽĨWĂƌŬƐ͕ZĞĐƌĞĂƚŝŽŶĂŶĚ,ŝƐƚŽƌŝĐWƌĞƐĞƌǀĂƚŝŽŶƵůƚƵƌĂůZĞƐŽƵƌĐĞ
/ŶĨŽƌŵĂƚŝŽŶ^ǇƐƚĞŵDĂƉ
&ŝŐƵƌĞϭϬ͗^ĐĞŶŝĐƌĞĂƐ
dd,DEd^
ƚƚĂĐŚŵĞŶƚ͗ ŽĂƐƚĂůŽŶĞŽŶƐŝƐƚĞŶĐǇƐƐĞƐƐŵĞŶƚ
ƚƚĂĐŚŵĞŶƚ͗ EĞǁzŽƌŬEĂƚƵƌĂů,ĞƌŝƚĂŐĞWƌŽŐƌĂŵĞĐĞŵďĞƌϭϵ͕ϮϬϭϳ>ĞƚƚĞƌ

^ŝƚĞWůĂŶƐƵďŵŝƚƚĞĚƐĞƉĂƌĂƚĞůǇ͘

dŚĞŚĂǌĞŶŽŵƉĂŶŝĞƐ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ


ϭ͘Ϭ WZK:d^Z/Wd/KE
ϭ͘ϭ /ŶƚƌŽĚƵĐƚŝŽŶ
EŽƌƚŚ ^ƚƌĞĞƚ ƌŝĐŬ tŽƌŬƐ͕ >> ;EŽƌƚŚ ^ƚƌĞĞƚ ƌŝĐŬ tŽƌŬƐͿ ŝƐ ƚŚĞ ŽǁŶĞƌ ŽĨ ƚŚĞ ,ƵƚƚŽŶ ƌŝĐŬǇĂƌĚƐ͕ ƚŚĞ
ĨŽƌŵĞƌďƌŝĐŬŵĂŶƵĨĂĐƚƵƌŝŶŐĨĂĐŝůŝƚǇůŽĐĂƚĞĚŽŶƚŚĞ,ƵĚƐŽŶZŝǀĞƌtĂƚĞƌĨƌŽŶƚŶŽƌƚŚŽĨƚŚĞZŽŶĚŽƵƚŝŶƚŚĞ
ŝƚǇŽĨ<ŝŶŐƐƚŽŶ;ƐĞĞ&ŝŐƵƌĞƐϭĂŶĚϮͿ͘/ŶϮϬϭϲ͕EŽƌƚŚ^ƚƌĞĞƚƌŝĐŬtŽƌŬƐǁĂƐŐƌĂŶƚĞĚƐƉĞĐŝĂůƉĞƌŵŝƚĂŶĚ
ƐŝƚĞ ƉůĂŶ ĂƉƉƌŽǀĂů ďǇ ƚŚĞ ŝƚǇ ŽĨ <ŝŶŐƐƚŽŶ WůĂŶŶŝŶŐ ŽĂƌĚ ƚŽ ĂĐƚŝǀĂƚĞ ƚŚĞ ůŽŶŐ ǀĂĐĂŶƚ ƐŝƚĞ ƚŚƌŽƵŐŚ ƚŚĞ
ŝŶƚƌŽĚƵĐƚŝŽŶŽĨĂƐĞĂƐŽŶĂůĨůĞĂŵĂƌŬĞƚĂŶĚĨŽŽĚǀĞŶĚŝŶŐƵƐĞ͕ĂŶĚŽĐĐĂƐŝŽŶĂůƐƉĞĐŝĂůĞǀĞŶƚƐ͘ƐƉĂƌƚŽĨ
ƚŚŝƐĞĨĨŽƌƚ͕EŽƌƚŚ^ƚƌĞĞƚƌŝĐŬtŽƌŬƐƌĞŚĂďŝůŝƚĂƚĞĚƐĞǀĞƌĂůĞǆŝƐƚŝŶŐŚŝƐƚŽƌŝĐďƵŝůĚŝŶŐƐŽŶƐŝƚĞ;ƵŝůĚŝŶŐƐηϲ
ĂŶĚ ηϳͿ͕ ĂŶĚ ƐƚĂďŝůŝǌĞĚ ƵŝůĚŝŶŐ ηϵ͘ KƚŚĞƌ ďƵŝůĚŝŶŐƐ ǁĞƌĞ ĐŽƌĚŽŶĞĚ ŽĨĨ ƵƐŝŶŐ ƉƌŽƚĞĐƚŝǀĞ ĨĞŶĐŝŶŐ͕ ĂŶĚ
ƐŽŵĞ ƐĞůĞĐƚĞĚ ĚĞŵŽůŝƚŝŽŶ ǁĂƐ ƵŶĚĞƌƚĂŬĞŶ ƚŽ ƌĞŵŽǀĞ ĚĂŶŐĞƌŽƵƐ ƐƚƌƵĐƚƵƌĞƐ ;ƵŝůĚŝŶŐƐ ηϱ ĂŶĚ ηϴͿ ĂŶĚ
ŶŽŶͲŚŝƐƚŽƌŝĐƐƚƌƵĐƚƵƌĂůĞůĞŵĞŶƚƐ͘^ĞĞ&ŝŐƵƌĞϮĨŽƌƚŚĞŝĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨďƵŝůĚŝŶŐƐŽŶƚŚĞ,ƵƚƚŽŶƌŝĐŬǇĂƌĚƐ
ƐŝƚĞ͘EŽƌƚŚ^ƚƌĞĞƚƌŝĐŬtŽƌŬƐŝƐŶŽǁƐĞĞŬŝŶŐĂĨŝǀĞͲǇĞĂƌƐƉĞĐŝĂůƉĞƌŵŝƚƚŽůĂƵŶĐŚWŚĂƐĞϮŽĨƚŚĞƐŝƚĞ͛Ɛ
ƌĞĂĐƚŝǀĂƚŝŽŶ͕ǁŚŝĐŚŝŶĐůƵĚĞƐĐŽŶƚŝŶƵĂƚŝŽŶŽĨƚŚĞŵĂƌŬĞƚƵƐĞĂŶĚƌĞĂĐƚŝǀĂƚŝŽŶŽĨĞǆŝƐƚŝŶŐŚŝƐƚŽƌŝĐďƵŝůĚŝŶŐƐ
ĨŽƌ Ă ŚŽƐƉŝƚĂůŝƚǇ ĂŶĚ ĨĞƐƚŝǀĂů ǀĞŶƵĞ͕ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĂŶĚ ƐŝƚĞ ŵĂŶĂŐĞŵĞŶƚ ŝŵƉƌŽǀĞŵĞŶƚƐ͕ ĂŶĚ ĂĐĐĞƐƐ
ŝŵƉƌŽǀĞŵĞŶƚƐ͘dŚĞĨŽůůŽǁŝŶŐƌĞƉŽƌƚŝŶĐůƵĚĞƐƚŚĞƉƌŽũĞĐƚĚĞƐĐƌŝƉƚŝŽŶ͕ůŝƐƚŽĨƌĞƋƵŝƌĞĚĂƉƉƌŽǀĂůƐ͕ĂŶĚƚŚĞ
ĞŶǀŝƌŽŶŵĞŶƚĂůĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĂĐƚŝǀŝƚŝĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶĂŶĚŽƉĞƌĂƚŝŽŶŽĨWŚĂƐĞ
Ϯ͘dŚĞƐŝƚĞǁŝůůĂůƐŽĐŽŶƚŝŶƵĞƚŽďĞƵƐĞĚĨŽƌĂǁĞĞŬĞŶĚŵĂƌŬĞƚĂŶĚǀĞŶĚŝŶŐƵƐĞ͘dŚĞƌĞĨŽƌĞ͕ŶŽŝŵƉĂĐƚ
ĞǀĂůƵĂƚŝŽŶŽĨƚŚŝƐƵƐĞŝƐŝŶĐůƵĚĞĚ͘
ϭ͘Ϯ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ

EŽƌƚŚ ^ƚƌĞĞƚ ƌŝĐŬ tŽƌŬƐ ŝƐ ƐĞĞŬŝŶŐ ƐŝƚĞ ƉůĂŶ ĂŶĚ ƐƉĞĐŝĂů ƉĞƌŵŝƚ ĂƉƉƌŽǀĂů ĨƌŽŵ ƚŚĞ ŝƚǇ ŽĨ <ŝŶŐƐƚŽŶ
WůĂŶŶŝŶŐŽĂƌĚƉƵƌƐƵĂŶƚƚŽŚĂƉƚĞƌƐϯϰϳĂŶĚϰϬϱŽĨƚŚĞŝƚǇŽĨ<ŝŶŐƐƚŽŶŽĚĞƚŽŽƉĞƌĂƚĞĂŵĂƌŬĞƚĂŶĚ
ǀĞŶĚŝŶŐƵƐĞĂŶĚĐŽŶƐƚƌƵĐƚĂŶĚŽƉĞƌĂƚĞĂŚŽƐƉŝƚĂůŝƚǇǀĞŶƵĞĂƚƚŚĞĨŽƌŵĞƌ,ƵƚƚŽŶƌŝĐŬǇĂƌĚƐůŽĐĂƚĞĚĂƚ
ϮϬϬEŽƌƚŚ^ƚƌĞĞƚ;ƉͬŽƚĂǆƉĂƌĐĞůϰϴ͘ϴϰͲϭͲϰͿ͘dŚĞϮϲ͘ϳϱͲĂĐƌĞƉƌŽũĞĐƚƐŝƚĞŝƐƉĂƌƚŽĨĂϳϲ͘ϳͲĂĐƌĞƚĂǆƉĂƌĐĞů
ƚŚĂƚ ŝƐ ĐƵƌƌĞŶƚůǇ ŽǁŶĞĚ ďǇ EŽƌƚŚ ^ƚƌĞĞƚ ƌŝĐŬ tŽƌŬƐ͕ >> ;ƐĞĞ &ŝŐƵƌĞƐ ϭ ĂŶĚ ϮͿ ƚŚĂƚ ŝŶĐůƵĚĞƐ ƐĞǀĞŶ
ĞǆŝƐƚŝŶŐƐƚƌƵĐƚƵƌĞƐ͘dŚĞƐŝƚĞŝƐůŽĐĂƚĞĚŽĨĨEŽƌƚŚ^ƚƌĞĞƚŝŶƚŚĞ,ƵĚƐŽŶZŝǀĞƌĨƌŽŶƚŽŶŝŶŐŝƐƚƌŝĐƚ;Z&Ͳ,Ϳ͕
ĂŶĚŝƐĂůƐŽůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞEĞǁzŽƌŬ^ƚĂƚĞŽĂƐƚĂůŽŶĞƌĞĂĂŶĚƚŚĞ<ŝŶŐƐƚŽŶ,ĞƌŝƚĂŐĞŽŵŵŝƐƐŝŽŶ
ƌĞĂ͘dŚĞƉƌŽũĞĐƚƐŝƚĞŝƐĂůƐŽĞůŝŐŝďůĞĨŽƌůŝƐƚŝŶŐŽŶƚŚĞEĂƚŝŽŶĂůĂŶĚ^ƚĂƚĞZĞŐŝƐƚĞƌŽĨ,ŝƐƚŽƌŝĐWůĂĐĞƐ͘

/Ŷ ϮϬϭϲ ĂŶĚ ϮϬϭϳ ƚŚĞ ƐŝƚĞ ŽƉĞƌĂƚĞĚ ĂƐ ^ŵŽƌŐĂƐďƵƌŐ͕ Ă ĨůĞĂ ŵĂƌŬĞƚ ĂŶĚ ǀĞŶĚŝŶŐ ƵƐĞ͕ ƚŚĂƚ ŽƉĞƌĂƚĞĚ ŝŶ
ƵŝůĚŝŶŐƐ ηϲ ĂŶĚ ηϳ͘ ^ŝƚĞ ŝŵƉƌŽǀĞŵĞŶƚƐ ĐŽŵƉůĞƚĞĚ ŝŶ ϮϬϭϲ͕ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ƵƐĞ͕ ŝŶĐůƵĚĞĚ ƚŚĞ
ĨŽůůŽǁŝŶŐ͗

x 'ƌĂǀĞů ƉĞĚĞƐƚƌŝĂŶ ƉĂƚŚƐ ĐŽŶŶĞĐƚŝŶŐ ƵŝůĚŝŶŐƐ ηϲ ĂŶĚ ϳ ǁŝƚŚ ƉĂƌŬŝŶŐ ĂƌĞĂƐ͕ ĂŶĚ ĐŽŶŶĞĐƚŝŽŶƐ ƚŽ
ŐƌĂƐƐǇĂƌĞĂƐůŽĐĂƚĞĚĂŶĚŶŽƌƚŚĂŶĚƐŽƵƚŚĞŶĚƐŽĨƉƌŽƉĞƌƚǇ͖
x KƉĞƌĂƚŝŽŶĂůůŝŐŚƚŝŶŐ;^ĞǀĞŶ;ϳͿϲϱͲǁĂƚƚ͕>͕ĂƌŬ^ŬǇ&ƌŝĞŶĚůǇ͕ŚŝƐƚŽƌŝĐͲƐƚǇůĞůĂŵƉƉŽƐƚƐͿƵƐŝŶŐϭϴͲ
ĨŽŽƚŚŝŐŚƉŽůĞƐ͖
x ƌŝǀĞǁĂǇǁŝƚŚĐŽŶŶĞĐƚŝŽŶƚŽŶŽƌƚŚŐƌĂǀĞůϮϳϰͲƐƉĂĐĞƉĂƌŬŝŶŐůŽƚ͖
x ƌŝǀĞǁĂǇǁŝƚŚĐŽŶŶĞĐƚŝŽŶƚŽǁĞƐƚŐƌĂƐƐϮϬϯͲƐƉĂĐĞƉĂƌŬŝŶŐůŽƚ͖
x ƌŝǀĞǁĂǇǁŝƚŚĐŽŶŶĞĐƚŝŽŶƚŽƐŽƵƚŚĂƐƉŚĂůƚϱϮͲƐƉĂĐĞƉĂƌŬŝŶŐůŽƚ͖ĂŶĚ
x ^ĂŶŝƚĂƌǇĨĂĐŝůŝƚŝĞƐ;ǁĂƐŚƐƚĂƚŝŽŶƐĂŶĚƌĞƐƚƌŽŽŵƐͿŝŶƉĂƌƚŽĨƵŝůĚŝŶŐϲ

dŚĞƐŝƚĞǁŝůůĐŽŶƚŝŶƵĞƚŽŽƉĞƌĂƚĞĂƐĂǁĞĞŬĞŶĚŵĂƌŬĞƚĂŶĚǀĞŶĚŝŶŐƵƐĞ͕ůŝŬĞůǇǁŝƚŚĂĚŝĨĨĞƌĞŶƚŽƉĞƌĂƚŽƌ͘
WŚĂƐĞϮǁŝůůŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐŝŵƉƌŽǀĞŵĞŶƚƐ;ƐĞĞ^ŝƚĞWůĂŶͿ͗
ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϭŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ


,ŽƐƉŝƚĂůŝƚǇĂŶĚ&ĞƐƚŝǀĂůͲƌĞůĂƚĞĚ/ŵƉƌŽǀĞŵĞŶƚƐ͗
x ZĞĂĐƚŝǀĂƚŝŽŶŽĨƚŚĞĨŽůůŽǁŝŶŐďƵŝůĚŝŶŐƐϭ͗
o ƵŝůĚŝŶŐηϭ;ƐŝŶŐůĞͲƐƚŽƌǇ͕ϲ͕ϵϱϬƐƋƵĂƌĞĨĞĞƚ;^&ͿͿĨŽƌĞǀĞŶƚƐƵƉƉŽƌƚŽĨĨŝĐĞƐƉĂĐĞ;ƐĞĂƐŽŶĂůͿ͖
o ƵŝůĚŝŶŐηϮ;ƚǁŽͲƐƚŽƌǇ͕ϭ͕ϭϭϲ^&ͿĨŽƌĂƐŝŶŐůĞͲŬĞǇƐƵŝƚĞ;ĨŽƌƉƌŝǀĂƚĞĞǀĞŶƚƵƐĞʹŶŽƚŽƉĞŶƚŽ
ƌĞƐĞƌǀĂƚŝŽŶƐĨƌŽŵƚŚĞŐĞŶĞƌĂůƉƵďůŝĐͿ͖
o ƵŝůĚŝŶŐηϯ;ƐŝŶŐůĞͲƐƚŽƌǇ͕Ϯ͕ϬϳϮ^&ͿĨŽƌĂϭϲͲŬĞǇŚŽƚĞů;ĨŽƌƉƌŝǀĂƚĞĞǀĞŶƚƵƐĞʹŶŽƚŽƉĞŶƚŽ
ƌĞƐĞƌǀĂƚŝŽŶƐĨƌŽŵƚŚĞŐĞŶĞƌĂůƉƵďůŝĐͿ͖
o ƵŝůĚŝŶŐηϰ;ƐŝŶŐůĞͲƐƚŽƌǇ͕Ϯ͕ϵϮϱ^&ͿĨŽƌĂŶŝŶĚŽŽƌϭϬϬͲƉĞƌƐŽŶĞǀĞŶƚƐƉĂĐĞ;ďĂƌ͕ŶŽŬŝƚĐŚĞŶͿ͖
o ƵŝůĚŝŶŐηϲ;ƐŝŶŐůĞͲƐƚŽƌǇ͕ϭϱ͕ϯϵϱƐƋƵĂƌĞĨĞĞƚͿĨŽƌƚĂůĞŶƚďĂĐŬŽĨŚŽƵƐĞĂƌĞĂ;ĐŽŵŵĞƌĐŝĂů
ŬŝƚĐŚĞŶ͕ďĂƚŚƌŽŽŵĨĂĐŝůŝƚŝĞƐͿ͖ĨĞƐƚŝǀĂůƐƉĂĐĞ;ĨůĞĂŵĂƌŬĞƚ͕ĨŽŽĚǀĞŶĚŝŶŐ͕ĂĐĐĞƐƐŽƌǇ
ĐŽŶĐĞƌƚͲƌĞůĂƚĞĚƵƐĞƐͿ
o ƵŝůĚŝŶŐηϳ;ƐŝŶŐůĞͲƐƚŽƌǇ͕ϮϮ͕ϱϬϬƐƋƵĂƌĞĨĞĞƚͿĨŽƌƐƚĂŐĞĂŶĚϮ͕ϵϵϳͲƐĞĂƚƐ;ŶŽŶͲƉĞƌŵĂŶĞŶƚͿ͖
x ϯϲ͞'ůĂŵƉŝŶŐ͟ŽƌƚĞŵƉŽƌĂƌǇĐĂŵƉŝŶŐůŽĐĂƚŝŽŶƐ͘ƚƚŚĞƐĞůŽĐĂƚŝŽŶƐ͕ĂƚĞŵƉŽƌĂƌǇĂŶĚŵŽǀĞĂďůĞ
ƐƚƌƵĐƚƵƌĞǁŽƵůĚďĞůŽĐĂƚĞĚĨĞĂƚƵƌŝŶŐĂƐůĞĞƉŝŶŐĂŶĚůŝǀŝŶŐƌŽŽŵĂƌĞĂ;ǁŝƚŚĂĐĐĞƐƐƚŽǁĂƚĞƌĂŶĚ
ŵŽďŝůĞƌĞƐƚƌŽŽŵĨĂĐŝůŝƚŝĞƐͿ͖
x ƌĞĂƚŝŽŶŽĨĂƐĐĞŶŝĐŽǀĞƌůŽŽŬĂƚŶŽƌƚŚǁĞƐƚĞĚŐĞŽĨƉƌŽƉĞƌƚǇ͕ĂĐĐĞƐƐŝďůĞďǇĞǆŝƐƚŝŶŐƉĂƚŚ͖ĂŶĚ
x ƌĞĂƚŝŽŶŽĨŶĞǁƚŝĐŬĞƚŝŶŐĂŶĚĐŽŶĐŝĞƌŐĞƉůĂǌĂŽĨĨEŽƌƚŚ^ƚƌĞĞƚ͕ŶŽƌƚŚǁĞƐƚŽĨƵŝůĚŝŶŐηϳ͕ŝŶĐůƵĚŝŶŐ
ŝŶƐƚĂůůĂƚŝŽŶŽĨĂƚƌĂŝůĞƌĨŽƌďŽǆŽĨĨŝĐĞĨƵŶĐƚŝŽŶƐ͘

/ŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚ^ŝƚĞDĂŶĂŐĞŵĞŶƚ/ŵƉƌŽǀĞŵĞŶƚƐ͗
x ŽŶƐƚƌƵĐƚŝŽŶŽĨĂĐĂƌĞƚĂŬĞƌĐŽƚƚĂŐĞ͖
x ZĞƉůĂĐĞŵĞŶƚŽĨƚŚĞĞǆŝƐƚŝŶŐĐŚĂŝŶůŝŶŬŐĂƚĞǁŝƚŚĂŶĂƵƚŽŵĂƚĞĚĞŶƚƌǇŐĂƚĞĂŶĚƐĞĐƵƌŝƚǇďŽŽƚŚ͖
x EĞǁůŝŐŚƚŝŶŐĂŶĚƐŝŐŶĂŐĞ͖
x ZĞĐŽŶĨŝŐƵƌĂƚŝŽŶŽĨƚŚĞŶŽƌƚŚŐƌĂǀĞůƉĂƌŬŝŶŐůŽƚƚŽĨĞĂƚƵƌĞϮϲϲƉĂƌŬŝŶŐƐƉĂĐĞƐĂŶĚϯϱϰŐƌĂƐƐ
ŽǀĞƌĨůŽǁ;ƵŶŝŵƉƌŽǀĞĚͿƉĂƌŬŝŶŐƐƉĂĐĞƐ͖
x ǆƉĂŶƐŝŽŶŽĨĞǆŝƐƚŝŶŐǁĞƐƚϮϬϯͲƐƉĂĐĞƉĂƌŬŝŶŐůŽƚĂĐƌŽƐƐEŽƌƚŚ^ƚƌĞĞƚĂĚĚŝŶŐĂŶĂĚĚŝƚŝŽŶĂůϭϵϱ
ƉĂƌŬŝŶŐƐƉĂĐĞƐĨŽƌĂƚŽƚĂůŽĨϯϵϴƉĂƌŬŝŶŐƐƉĂĐĞƐ͖
x ZĞƉůĂĐĞŵĞŶƚŽĨƐŽƵƚŚĂƐƉŚĂůƚϱϮͲƐƉĂĐĞƉĂƌŬŝŶŐůŽƚǁŝƚŚĂŐƌĂƐƐϰϭͲƐƉĂĐĞƉĂƌŬŝŶŐĂƌĞĂƐŽƵƚŚǁĞƐƚ
ŽĨƵŝůĚŝŶŐηϲƚŽƐĞƌǀĞƚĂůĞŶƚďĂĐŬŽĨŚŽƵƐĞĂƌĞĂ͕ŝŶĐůƵĚŝŶŐƚŽƵƌďƵƐĞƐ͖ĂŶĚ
x hƉŐƌĂĚĞƐƚŽƐĂŶŝƚĂƌǇŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘

ĐĐĞƐƐ/ŵƉƌŽǀĞŵĞŶƚƐ͗
x tŝĚĞŶŝŶŐŽĨEŽƌƚŚ^ƚƌĞĞƚ;ƵƐŝŶŐĐƌƵƐŚĞĚƐƚŽŶĞͿƚŽϮϰĨĞĞƚǁŝĚĞĨŽƌĞŵĞƌŐĞŶĐǇǀĞŚŝĐůĞƐ͖
x ^ƚƌĞĞƚƐĐĂƉĞŝŵƉƌŽǀĞŵĞŶƚƐ͖
x sĞŚŝĐůĞƚƵƌŶͲĂƌŽƵŶĚĂƚDĂŝŶ'ĂƚĞĞŶƚƌǇĂƌĞĂ͖
x WĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐĐŽŶŶĞĐƚŝŽŶƚŽ<ŝŶŐƐƚŽŶWŽŝŶƚĞĂĐŚ͖
x ŽŶƐƚƌƵĐƚŝŽŶŽĨŶĞǁƉĞĚĞƐƚƌŝĂŶǁĂůŬǁĂǇƐ͖ĂŶĚ
x ŽŶƐƚƌƵĐƚŝŽŶŽĨĂŐƌĂǀĞůƐŚƵƚƚůĞďƵƐĚƌŽƉͲŽĨĨĂƚĂŝƚǇŽĨ<ŝŶŐƐƚŽŶͲŽǁŶĞĚĞůĂǁĂƌĞǀĞŶƵĞ
ƉƌŽƉĞƌƚǇ͕ǁŝƚŚĂĐĐĞƐƐǀŝĂĞǆŝƐƚŝŶŐƉĂƚŚƚŽƚŚĞƐŝƚĞĨƌŽŵ<ŝŶŐƐƚŽŶWŽŝŶƚĞĂĐŚ͘

dŚĞƉƌŽƉŽƐĞĚŝŵƉƌŽǀĞŵĞŶƚƐĨŽƌWŚĂƐĞϮǁŝůůŝŵƉƌŽǀĞƚŚĞŽǀĞƌĂůůĨƵŶĐƚŝŽŶŽĨƚŚĞƐŝƚĞĨŽƌďŽƚŚůĂƌŐĞĂŶĚ
ƐŵĂůů ĞǀĞŶƚƐ͘ dŚĞ ƉƌŽƉŽƐĞĚ ƐŝƚĞ ƉĂƌŬŝŶŐ ŝŵƉƌŽǀĞŵĞŶƚƐ ǁŝůů ĞǆƉĂŶĚ ƚŚĞ ĞǀĞŶƚ ƉĂƌŬŝŶŐ ĐĂƉĂĐŝƚǇ ĨƌŽŵ
ĂƉƉƌŽǆŝŵĂƚĞůǇ ϱϬϬ ƉĂƌŬŝŶŐ ƐƉĂĐĞƐ ƚŽ ŽǀĞƌ ϭ͕ϬϬϬ͘ dŚĞ ĞǆŝƐƚŝŶŐ ĂƐƐŽƌƚŵĞŶƚ ŽĨ ĂƐƉŚĂůƚ ĚƌŝǀĞƐ͕ ǁĂůŬƐ ĂŶĚ

ϭƵŝůĚŝŶŐηϵŚĂƐďĞĞŶƐƚĂďŝůŝǌĞĚĂƐƉĂƌƚŽĨƚŚĞƉƌĞǀŝŽƵƐǁŽƌŬĚŽŶĞŽŶƚŚĞƐŝƚĞ͕ĂŶĚŝƐŶŽƚƉƌŽƉŽƐĞĚĨŽƌƵƐĞĂƐƉĂƌƚŽĨWŚĂƐĞ
Ϯ͘ƵŝůĚŝŶŐƐηϱĂŶĚηϴŚĂǀĞďĞĞŶĚĞŵŽůŝƐŚĞĚ͘
ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϮŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ


ƉĂƌŬŝŶŐůŽƚƚŚĂƚĐƵƌƌĞŶƚůǇƉƌŽǀŝĚĞĂĐĐĞƐƐƚŽƚŚĞƐŽƵƚŚĞĂƐƚƉĂƌƚŽĨƚŚĞƐŝƚĞǁŝůůďĞƌĞƉůĂĐĞĚ ǁŝƚŚĂŶĞǁ
ĞŶƚƌǇƉůĂǌĂĂŶĚĚƌŽƉŽĨĨĂƌĞĂƚŽĂĐĐĞƐƐƚŚĞŶŽƌƚŚƉĂƌŬŝŶŐůŽƚ͖ĂŶĞǁĚƌŝǀĞǁĂǇĂŶĚƉĂƌŬŝŶŐĂƌĞĂǁĞƐƚŽĨ
EŽƌƚŚ^ƚƌĞĞƚ͖ĂŶĚĂŶĞǁĂĐĐĞƐƐĚƌŝǀĞǁĂǇĂŶĚĚƌŽƉŽĨĨĐŝƌĐůĞƚŽĂĐĐĞƐƐƚŚĞƐŽƵƚŚďĂĐŬŽĨŚŽƵƐĞƉĂƌŬŝŶŐ
ĂƌĞĂ͘

EŽƌƚŚ ^ƚƌĞĞƚ ƌŝĐŬǇĂƌĚƐ ŝŶƚĞŶĚƐ ƚŽ ŽƉĞƌĂƚĞ ĞŝŐŚƚ ƚŽ ƚĞŶ ǁĞĞŬĞŶĚƐ Ă ǇĞĂƌ͕ ǁŝƚŚ ƚŚĞ ŵĂũŽƌŝƚǇ ŽĨ ĞǀĞŶƚƐ
ŽĐĐƵƌƌŝŶŐ ǁĞĞŬĞŶĚĂĨƚĞƌŶŽŽŶƐĂŶĚĞǀĞŶŝŶŐƐ͕ĂŶĚ ŽĐĐĂƐŝŽŶĂůǁĞĞŬĚĂǇĞǀĞŶŝŶŐƐ͘dŚĞ ĞǀĞŶƚƐĞĂƐŽŶǁŝůů
ŐĞŶĞƌĂůůǇ ŽĐĐƵƌ ďĞƚǁĞĞŶ DĂǇ ĂŶĚ KĐƚŽďĞƌ͕ ǁŝƚŚ ƐŽŵĞ ĞǀĞŶƚƐ ŽĐĐƵƌƌŝŶŐ ĚƵƌŝŶŐ ƚŚĞ ƌĞŵĂŝŶŝŶŐ ǇĞĂƌ͘
'ĂƚĞƐǁŝůůďĞŽƉĞŶƚŽƚŝĐŬĞƚŚŽůĚĞƌƐ;ƵƉƚŽͿƚǁŽĂŶĚŽŶĞͲŚĂůĨŚŽƵƌƐ;ǁŚĞŶƉŽƐƐŝďůĞͿŝŶĂĚǀĂŶĐĞŽĨƚŚĞ
ƐŚŽǁƚŽƉƌŽǀŝĚĞĂŵƉůĞƚŝŵĞĨŽƌƉĂƌŬŝŶŐĂŶĚƐŚƵƚƚůŝŶŐƚŽƚŚĞƐŚŽǁ͘ǀĞŶŝŶŐƐŚŽǁƐĂƌĞƚŽĐŽŵŵĞŶĐĞĂƚ
ϴ͗ϬϬW͘D͘;ŽƌϳW͘D͘ŽŶ^ƵŶĚĂǇƐĂŶĚϳ͗ϯϬW͘D͘ŽŶǁĞĞŬĚĂǇƐ΃ĂŶĚǁŝůůĞŶĚŶŽůĂƚĞƌƚŚĂŶϭϬ͗ϯϬW͘D͘
ϭ͘ϯ ĚĚŝƚŝŽŶĂůƉƉƌŽǀĂůƐ

/ŶĂĚĚŝƚŝŽŶƚŽƚŚĞƐƉĞĐŝĂůƉĞƌŵŝƚĂŶĚƐŝƚĞƉůĂŶĂƉƉƌŽǀĂů͕ƚŚĞĨŽůůŽǁŝŶŐĂĚĚŝƚŝŽŶĂůĂƉƉƌŽǀĂůƐĂƌĞĂůƐŽ
ƌĞƋƵŝƌĞĚĨŽƌƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚŽƉĞƌĂƚŝŽŶŽĨƚŚĞŚŽƐƉŝƚĂůŝƚǇĂŶĚĨĞƐƚŝǀĂůǀĞŶƵĞ͗

ϭ͘dŚĞƉƌŽũĞĐƚŝƐůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞ^ƚĂƚĞ͛ƐŽĂƐƚĂůŽŶĞĂŶĚƚŚĞ<ŝŶŐƐƚŽŶ,ĞƌŝƚĂŐĞŽŵŵŝƐƐŝŽŶƌĞĂ͖
ƚŚĞƌĞĨŽƌĞ͕ĂŽĂƐƚĂůŽŶĞŽŶƐŝƐƚĞŶĐǇĂŶĂůǇƐŝƐŝƐƌĞƋƵŝƌĞĚ͘
Ϯ͘^ƚŽƌŵǁĂƚĞƌWŽůůƵƚŝŽŶWƌĞǀĞŶƚŝŽŶWůĂŶ;^tWWWͿƵƉĚĂƚĞƚŽƚŚĞĞǆŝƐƚŝŶŐĂƉƉƌŽǀĂůƵŶĚĞƌEĞǁzŽƌŬ
^ƚĂƚĞĞƉĂƌƚŵĞŶƚŽĨŶǀŝƌŽŶŵĞŶƚĂůŽŶƐĞƌǀĂƚŝŽŶ;Ez^Ϳ'ĞŶĞƌĂůWĞƌŵŝƚ'WͲϬͲϭϱͲϬϬϮŝƐ
ƌĞƋƵŝƌĞĚ͘
ϯ͘dŚĞƉƌŽũĞĐƚƌĞƋƵŝƌĞƐĐŽŶƐƵůƚĂƚŝŽŶǁŝƚŚƚŚĞEĞǁzŽƌŬ^ƚĂƚĞĞƉĂƌƚŵĞŶƚŽĨWĂƌŬƐ͕ZĞĐƌĞĂƚŝŽŶĂŶĚ
,ŝƐƚŽƌŝĐWƌĞƐĞƌǀĂƚŝŽŶ;Ez^KWZ,WͿƵŶĚĞƌ'ĞŶĞƌĂůWĞƌŵŝƚ'WͲϬͲϭϱͲϬϬϮ͘
ϰ͘ůŝĐĞŶƐĞŽƌƉĞƌŵŝƐƐŝŽŶƚŽƵƚŝůŝǌĞ<ŝŶŐƐƚŽŶWŽŝŶƚĞĂĐŚĨŽƌĂďƵƐĐƵůͲĚĞͲƐĂĐ͘
ϱ͘ZĞĨĞƌƌĂůƚŽhůƐƚĞƌŽƵŶƚǇĞƉĂƌƚŵĞŶƚŽĨWůĂŶŶŝŶŐƵŶĚĞƌ'ĞŶĞƌĂůDƵŶŝĐŝƉĂů>ĂǁϮϯϵͲD͘
Ϯ͘Ϭ Es/ZKEDEd>^^^^DEd
Ϯ͘ϭ >ĂŶĚhƐĞ͕ŽŶŝŶŐĂŶĚWƵďůŝĐWŽůŝĐǇ
Ϯ͘ϭ͘ϭ >ĂŶĚhƐĞ
&ƌŽŵϭϴϲϱƚŽϭϵϴϬ͕ƚŚĞ ƉƌŽũĞĐƚƐŝƚĞ ǁĂƐƵƐĞĚĨŽƌďƌŝĐŬͲŵĂŬŝŶŐĂŶĚŵŝŶŝŶŐ ĂĐƚŝǀŝƚŝĞƐ͕ĂŶĚƌĞŵŶĂŶƚƐ ŽĨ
ƚŚĞƐĞĂĐƚŝǀŝƚŝĞƐĂƌĞƐƚŝůůǀŝƐŝďůĞŽŶƚŚĞƐŝƚĞ͘>ĂŶĚƵƐĞƐŶŽƌƚŚĂŶĚǁĞƐƚŽĨƚŚĞƉƌŽũĞĐƚƐŝƚĞĂƌĞĐŚĂƌĂĐƚĞƌŝǌĞĚ
ďǇ ǀĂĐĂŶƚ ůĂŶĚ͖ ŚŽǁĞǀĞƌ͕ ƚŚĞ ,ƵĚƐŽŶ >ĂŶĚŝŶŐ ƉƌŽũĞĐƚ͕ Ă ŵŝǆĞĚͲƵƐĞ ĚĞǀĞůŽƉŵĞŶƚ͕ ŝƐ ƉƌŽƉŽƐĞĚ ƚŽ ďĞ
ůŽĐĂƚĞĚ ĂĚũĂĐĞŶƚ ƚŽ ĂŶĚ ŶŽƌƚŚ ŽĨ ƚŚĞ ƉƌŽũĞĐƚ ƐŝƚĞ͘ dŚĞ ,ƵĚƐŽŶ ZŝǀĞƌ ĨůŽǁƐ ĂĚũĂĐĞŶƚ ƚŽ ĂŶĚ ĞĂƐƚ ŽĨ ƚŚĞ
ƐŝƚĞ͘ ^ŽƵƚŚ ŽĨ ƚŚĞ ƐŝƚĞ ŝƐ ƉƌŝŵĂƌŝůǇ ĚĞǀĞůŽƉĞĚ ǁŝƚŚ ƌĞƐŝĚĞŶƚŝĂů ůĂŶĚ ƵƐĞƐ ƚŚĂƚ ĂƌĞ Ă ƉĂƌƚ ŽĨ ƚŚĞ ŚŝƐƚŽƌŝĐ
WŽŶĐŬŚŽĐŬŝĞ ŶĞŝŐŚďŽƌŚŽŽĚ͘ dŚĞ ^ƚ͘ DĂƌǇ͛Ɛ ĞŶĞǀŽůĞŶƚ ^ŽĐŝĞƚǇ ŝƐ ĂůƐŽ ůŽĐĂƚĞĚ ƐŽƵƚŚ ŽĨ ƚŚĞ ƐŝƚĞ͘ dŚĞ
<ŝŶŐƐƚŽŶWŽŝŶƚWĂƌŬĂŶĚŚŝƐƚŽƌŝĐZŽŶĚŽƵƚĂƌĞĂĂƌĞůŽĐĂƚĞĚĨƵƌƚŚĞƌƐŽƵƚŚŽĨƚŚĞƐŝƚĞ͘/ŶϮϬϭϲ͕EŽƌƚŚ^ƚƌĞĞƚ
ƌŝĐŬtŽƌŬƐǁĂƐŐƌĂŶƚĞĚƐƉĞĐŝĂůƉĞƌŵŝƚĂŶĚƐŝƚĞƉůĂŶĂƉƉƌŽǀĂůďǇƚŚĞŝƚǇŽĨ<ŝŶŐƐƚŽŶWůĂŶŶŝŶŐŽĂƌĚƚŽ
ŽƉĞƌĂƚĞĂƐĞĂƐŽŶĂůĨůĞĂŵĂƌŬĞƚĂŶĚĨŽŽĚǀĞŶĚŝŶŐƵƐĞ͕ĂŶĚŽĐĐĂƐŝŽŶĂůƐƉĞĐŝĂůĞǀĞŶƚƐǁŝƚŚŝŶƵŝůĚŝŶŐƐηϲ
ĂŶĚηϳ͘&ŝŐƵƌĞϯŝůůƵƐƚƌĂƚĞƐƚŚĞĞǆŝƐƚŝŶŐůĂŶĚƵƐĞƐǁŝƚŚŝŶĂϱϬϬ͛ƌĂĚŝƵƐŽĨƚŚĞƉƌŽũĞĐƚƐŝƚĞ͘
dŚĞƉƌŽũĞĐƚƐŝƚĞŝƐůĂƌŐĞůǇůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞZ&Ͳ,ŽŶŝŶŐŝƐƚƌŝĐƚ͕ǁŝƚŚĂƐŵĂůůƉŽƌƚŝŽŶ;ƉƌŽƉŽƐĞĚEŽƌƚŚ
^ƚƌĞĞƚƚƵƌŶĂƌŽƵŶĚĂŶĚĐĂƌĞƚĂŬĞƌĐŽƚƚĂŐĞͿůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞKŶĞͲ&ĂŵŝůǇZĞƐŝĚĞŶĐĞ;ZZZͿŽŶŝŶŐŝƐƚƌŝĐƚ͕
ƐĞĞ &ŝŐƵƌĞ ϰ͘ dŚĞ ƉƌŽƉŽƐĞĚ ƉƌŽũĞĐƚ ƚŽ ĐŽŶƚŝŶƵĞ Ă ĨůĞĂ ŵĂƌŬĞƚ ĂŶĚ ĨŽŽĚ ǀĞŶĚŝŶŐ ƵƐĞ ĂŶĚ ŝŵƉůĞŵĞŶƚ Ă
ŚŽƐƉŝƚĂůŝƚǇ ĂŶĚ ĨĞƐƚŝǀĂů ǀĞŶƵĞ Ăƚ ƚŚĞ ,ƵƚƚŽŶ ƌŝĐŬǇĂƌĚƐ ŝƐ Ă ƉĞƌŵŝƚƚĞĚ ƵƐĞ ďǇ ƐƉĞĐŝĂů ƉĞƌŵŝƚ ŝŶ ƚŚĞ
ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϯŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ


,ƵĚƐŽŶ ZŝǀĞƌĨƌŽŶƚ ŽŶŝŶŐ ŝƐƚƌŝĐƚ ;Z&Ͳ,Ϳ ŽŶŝŶŐ ŝƐƚƌŝĐƚ ƉƵƌƐƵĂŶƚ ƚŽ ŽŶŝŶŐ ^ĞĐƚŝŽŶ ϰϬϱͲϮϱ͘ ŶĞǁ
ĐĂƌĞƚĂŬĞƌ ĐŽƚƚĂŐĞ͕ ǁŝůů ďĞ ĐŽŶƐƚƌƵĐƚĞĚ ŝŶ ƚŚĞ KŶĞͲ&ĂŵŝůǇ ZĞƐŝĚĞŶĐĞ ;ZZZͿ ŽŶŝŶŐ ŝƐƚƌŝĐƚ͕ ĂŶĚ ŝƐ
ƉĞƌŵŝƚƚĞĚ ĂƐͲŽĨͲƌŝŐŚƚ͘ EĞǁ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ ƐŝƚĞ ŵĂŶĂŐĞŵĞŶƚ͕ ĂŶĚ ĂĐĐĞƐƐ ŝŵƉƌŽǀĞŵĞŶƚƐ͕ ŝŶĐůƵĚŝŶŐ Ă
ƉĞĚĞƐƚƌŝĂŶĐŽŶŶĞĐƚŝŽŶďĞƚǁĞĞŶ<ŝŶŐƐƚŽŶWŽŝŶƚĞĂĐŚĂŶĚ,ƵƚƚŽŶƌŝĐŬǇĂƌĚƐ;ǁŝƚŚĞǀĞŶƚƵĂůĐŽŶŶĞĐƚŝŽŶ
ƚŽƚŚĞ,ƵĚƐŽŶ>ĂŶĚŝŶŐƉƌŽƉĞƌƚǇͿǁŝůůĂůƐŽďĞĞƐƚĂďůŝƐŚĞĚ͘dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚŝƐƉĞƌŵŝƚƚĞĚŝŶƚŚĞZ&Ͳ,
ĂŶĚZZZŽŶŝŶŐŝƐƚƌŝĐƚƐ͖ƚŚĞƌĞĨŽƌĞ͕ŶŽĂĚǀĞƌƐĞŝŵƉĂĐƚƐƚŽůĂŶĚƵƐĞǁŝůůŽĐĐƵƌ͘
Ϯ͘ϭ͘Ϯ ŽŶŝŶŐ
dŚĞŝŶƚĞŶƚŽĨƚŚĞZ&Ͳ,ŝƐƚƌŝĐƚŝƐƚŽƉƌŽŵŽƚĞǁĂƚĞƌĨƌŽŶƚĚĞƉĞŶĚĞŶƚƵƐĞƐĂŶĚĂĐŚŝĞǀĞƉƵďůŝĐĂĐĐĞƐƐƚŽƚŚĞ
ĐŽĂƐƚĂůĂƌĞĂ͕ĂůůǁŚŝůĞŝŵƉůĞŵĞŶƚŝŶŐƚŚĞƉŽůŝĐŝĞƐĂŶĚƉƵƌƉŽƐĞƐŽĨƚŚĞŝƚǇŽĨ<ŝŶŐƐƚŽŶ>ŽĐĂůtĂƚĞƌĨƌŽŶƚ
ZĞǀŝƚĂůŝǌĂƚŝŽŶ WƌŽŐƌĂŵ͘ &ƵƌƚŚĞƌ͕ ƚŚĞ Z&Ͳ, ŝƐƚƌŝĐƚ ƌĞĐŽŐŶŝǌĞƐ ƚŚĂƚ ĂŶ ĂƚƚƌĂĐƚŝǀĞ ǁĂƚĞƌĨƌŽŶƚ ĐĂŶ ďĞ
ĂĐŚŝĞǀĞĚǁŝƚŚĂǀĂƌŝĞƚǇŽĨƵƐĞƐƚŚĂƚĂƌĞŶŽƚǁĂƚĞƌĚĞƉĞŶĚĞŶƚďƵƚĂƚƚŚĞƐĂŵĞƚŝŵĞĂĐŚŝĞǀĞƚŚĞŐŽĂůƐŽĨ
ƚŚĞŝƚǇŽĨ<ŝŶŐƐƚŽŶ>ŽĐĂůtĂƚĞƌĨƌŽŶƚZĞǀŝƚĂůŝǌĂƚŝŽŶWƌŽŐƌĂŵ͘ƐƐƵĐŚ͕ƚŚĞĐŽŶƚŝŶƵĂƚŝŽŶŽĨĂƐĞĂƐŽŶĂůĨůĞĂ
ŵĂƌŬĞƚĂŶĚĨŽŽĚǀĞŶĚŝŶŐƵƐĞ;ĐŽŶƐŝƐƚŝŶŐŽĨƌĞƚĂŝůĂŶĚƌĞƐƚĂƵƌĂŶƚƵƐĞƐͿĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨŚŽƐƉŝƚĂůŝƚǇ
ĂŶĚĨĞƐƚŝǀĂůƵƐĞƐĂƌĞĂƉĞƌŵŝƚƚĞĚƵƐĞďǇƐƉĞĐŝĂůƉĞƌŵŝƚ͕ƉƵƌƐƵĂŶƚƚŽŽŶŝŶŐ^ĞĐƚŝŽŶϰϬϱͲϮϱŽĨƚŚĞŝƚǇŽĨ
<ŝŶŐƐƚŽŶŽĚĞ͘
ƐŶŽƚĞĚĂďŽǀĞ͕ƚŚĞƉƌŽƉŽƐĞĚĐĂƌĞƚĂŬĞƌĐŽƚƚĂŐĞǁŝƚŚŝŶƚŚĞZZZŽŶŝŶŐŝƐƚƌŝĐƚŝƐĂŶĂůůŽǁĂďůĞƵƐĞŝŶƚŚŝƐ
ĚŝƐƚƌŝĐƚ͘
Ϯ͘ϭ͘Ϯ͘ϭ ƵůŬĂŶĚŝŵĞŶƐŝŽŶĂůZĞƋƵŝƌĞŵĞŶƚƐ

EŽŶĞǁďƵŝůĚŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶǁŝůůŽĐĐƵƌǁŝƚŚŝŶƚŚĞZ&Ͳ,ŽŶŝŶŐŝƐƚƌŝĐƚĂƐƉĂƌƚŽĨƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚ͘
dĂďůĞϭƉƌĞƐĞŶƚƐƚŚĞďƵůŬĂŶĚůŽƚƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞZZZĚŝƐƚƌŝĐƚ͕ĂŶĚƚŚĞƉƌŽƉŽƐĞĚĐĂƌĞƚĂŬĞƌĐŽƚƚĂŐĞ
ĚĞƐŝŐŶ͛ƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘

dĂďůĞϭ͗ZZZŽŶŝŶŐŝƐƚƌŝĐƚƵůŬĂŶĚŝŵĞŶƐŝŽŶĂůZĞƋƵŝƌĞŵĞŶƚƐ
ZZZŽŶŝŶŐŝƐƚƌŝĐƚ ZĞƋƵŝƌĞĚ WƌŽƉŽƐĞĚΎ
DŝŶŝŵƵŵ>ŽƚZĞƋƵŝƌĞŵĞŶƚƐ ƌĞĂ ϭϮ͕ϱϬϬƐƋ͘Ĩƚ͘ ϯϱ͘ϮϲĂĐ͘
tŝĚƚŚ ϭϬϬĨƚ͘ ϰϱϴĨƚ͘
ĞƉƚŚ ϭϮϱĨƚ͘ ϭ͕ϲϳϬĨƚ͘
ƌĞĂͬǁĞůůŝŶŐhŶŝƚ ͲͲ ϭ͕ϮϬϬƐƋ͘Ĩƚ͘
DŝŶŝŵƵŵzĂƌĚZĞƋƵŝƌĞŵĞŶƚƐ &ƌŽŶƚzĂƌĚ;ϭͿ ϯϬĨƚ͘ ϯϮĨƚ͘
^ŝĚĞzĂƌĚ;ϮͿ ϭϱĨƚ͘ Ϯϳϯ͘ϳϱĨƚͬ͘ϭϰϲ͘ϳϱĨƚ͘
ZĞĂƌzĂƌĚ ϯϬĨƚ͘ ϭ͕ϲϬϱĨƚ͘
DĂǆŝŵƵŵƵŝůĚŝŶŐ,ĞŝŐŚƚ ϯϱĨƚ͘ŽƌϯЪƐƚŽƌŝĞƐ ϮϰĨƚ͘
DĂǆŝŵƵŵ>ŽƚŽǀĞƌĂŐĞ ϯϬй Ϭ͘ϬϬϬϳϴй
;ϭͿ&ƌŽŶƚǇĂƌĚŵĂǇďĞĚĞĐƌĞĂƐĞĚƚŽϮϱĨĞĞƚŝŶĂŶZZZŝƐƚƌŝĐƚǁŚĞŶƚŚĞƉůĂŶĞƐŽĨĂůůǁĂůůƐŽĨĂďƵŝůĚŝŶŐ
ĨĂĐŝŶŐƚŚĞƐƚƌĞĞƚŝŶƚĞƌƐĞĐƚƚŚĞƐƚƌĞĞƚůŝŶĞĂƚĂŶĂŶŐůĞŽĨϮϱΣŽƌŵŽƌĞ͘;ϮͿKŶĞƐŝĚĞǇĂƌĚŵƵƐƚďĞĂŵŝŶŝŵƵŵ
ŽĨϮϳĨĞĞƚǁŝĚĞŝŶĂŶZZZŝƐƚƌŝĐƚ͘dŚĞŽƚŚĞƌƐŝĚĞǇĂƌĚƐŚĂůůŶŽƚďĞůĞƐƐƚŚĂŶϭϱĨĞĞƚǁŝĚĞ͕ĞǆĐĞƉƚƚŚĂƚŝŶ
ƚŚĞĐĂƐĞŽĨĂĚǁĞůůŝŶŐĞƌĞĐƚĞĚǁŝƚŚŽƵƚĂŐĂƌĂŐĞƚŚĞůĞƐƐĞƌƐŝĚĞƐŚĂůůŶŽƚďĞůĞƐƐƚŚĂŶϮϳĨĞĞƚǁŝĚĞŝŶĂŶ
ZZZŝƐƚƌŝĐƚĂŶĚϭϴĨĞĞƚǁŝĚĞŝŶĂŶZZŝƐƚƌŝĐƚ͘
^Ƌ͘Ĩƚ͗͘^ƋƵĂƌĞĨĞĞƚ͖&ƚ͗͘&ĞĞƚ͖Đ͗͘ĐƌĞƐ͘

Ϯ͘ϭ͘Ϯ͘Ϯ ZĞƋƵŝƌĞĚWĂƌŬŝŶŐĂŶĚWĂƌŬŝŶŐDĂŶĂŐĞŵĞŶƚ
ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϰŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ


dĂďůĞϮƐŚŽǁƐƚŚĞŵŝŶŝŵƵŵƉĂƌŬŝŶŐĨŽƌƚŚĞĨŽůůŽǁŝŶŐƵƐĞƐĂƐƐƚŝƉƵůĂƚĞĚŝŶŽŶŝŶŐ^ĞĐƚŝŽŶϰϬϱͲϯϰ;:Ϳ͘
dĂďůĞϮ͗WĂƌŬŝŶŐĂŶĚ>ŽĂĚŝŶŐZĞƋƵŝƌĞŵĞŶƚƐ
hƐĞ ƉƉƌŽǆŝŵĂƚĞ ZĞƋƵŝƌĞŵĞŶƚϭ
^ƋƵĂƌĞ&ĞĞƚ
ƵŝůĚŝŶŐηϭĨŽƌĞǀĞŶƚ ϲ͕ϵϱϬ ϭƐƉĂĐĞƉĞƌϯϬϬƐƋƵĂƌĞĨĞĞƚ
ƐƵƉƉŽƌƚŽĨĨŝĐĞƐƉĂĐĞ
;ƐĞĂƐŽŶĂůͿ
ƵŝůĚŝŶŐηϮĨŽƌĂϭͲŬĞǇ ϭ͕ϭϭϲ ϭƐƉĂĐĞƉĞƌŐƵĞƐƚƌŽŽŵ͕ƉůƵƐϭƐƉĂĐĞƉĞƌϲϬϬƐƋƵĂƌĞ
ŚŽƚĞůƐƵŝƚĞϮ ĨĞĞƚŽĨƐƉĂĐĞŽƵƚƐŝĚĞŽĨŐƵĞƐƚƌŽŽŵƐ͕ĐŽƌƌŝĚŽƌƐĂŶĚ
ĞƋƵŝƉŵĞŶƚƐƚŽƌĂŐĞĂƌĞĂƐ
ƵŝůĚŝŶŐηϯĨŽƌĂϭϲͲŬĞǇ Ϯ͕ϬϳϮ ϭƐƉĂĐĞƉĞƌŐƵĞƐƚƌŽŽŵ͕ƉůƵƐϭƐƉĂĐĞƉĞƌϲϬϬƐƋƵĂƌĞ
ŚŽƚĞůϮ ĨĞĞƚŽĨƐƉĂĐĞŽƵƚƐŝĚĞŽĨŐƵĞƐƚƌŽŽŵƐ͕ĐŽƌƌŝĚŽƌƐĂŶĚ
ĞƋƵŝƉŵĞŶƚƐƚŽƌĂŐĞĂƌĞĂƐ
ƵŝůĚŝŶŐϰĨŽƌĂŶŝŶĚŽŽƌ Ϯ͕ϵϮϱ ϭƐƉĂĐĞƉĞƌϭ͘ϱƉĞƌƐŽŶƐƉĞƌŵŝƚƚĞĚƵŶĚĞƌŵĂǆŝŵƵŵ
ϭϬϬͲƉĞƌƐŽŶĞǀĞŶƚƐƉĂĐĞϯ ŽĐĐƵƉĂŶĐǇŽƌϭƐƉĂĐĞĨŽƌĞĂĐŚϭϬϬƐƋƵĂƌĞĨĞĞƚŽĨŐƌŽƐƐ
ĨůŽŽƌĂƌĞĂ͕ǁŚŝĐŚĞǀĞƌŝƐŐƌĞĂƚĞƌ
ŽǆKĨĨŝĐĞdƌĂŝůĞƌ ϭϲϴ ϭƐƉĂĐĞƉĞƌϯϬϬƐƋƵĂƌĞĨĞĞƚ
ĂƌĞƚĂŬĞƌŽƚƚĂŐĞ ϭ͕ϬϱϮ ϮƐƉĂĐĞƐƉĞƌĚǁĞůůŝŶŐƵŶŝƚ
ϭ^ƉĂĐĞƐƌĞƋƵŝƌĞĚĨŽƌůŽĂĚŝŶŐǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďǇƚŚĞWůĂŶŶŝŶŐŽĂƌĚ͘
Ϯ&ŽƌƉƌŝǀĂƚĞĞǀĞŶƚƵƐĞʹŶŽƚŽƉĞŶƚŽƌĞƐĞƌǀĂƚŝŽŶƐĨƌŽŵƚŚĞŐĞŶĞƌĂůƉƵďůŝĐ͘
ϯ/ŶĐůƵĚĞƐďĂƌ͕ŶŽŬŝƚĐŚĞŶ͘
WĂƌŬŝŶŐĨŽƌƚŚĞĨŽůůŽǁŝŶŐƵƐĞƐǁŽƵůĚďĞĚĞƚĞƌŵŝŶĞĚďǇƚŚĞWůĂŶŶŝŶŐŽĂƌĚĚƵƌŝŶŐƐŝƚĞƉůĂŶƌĞǀŝĞǁ͘

x ƵŝůĚŝŶŐϲĨŽƌƚĂůĞŶƚďĂĐŬŽĨŚŽƵƐĞĂƌĞĂ;ĐŽŵŵĞƌĐŝĂůŬŝƚĐŚĞŶ͕ďĂƚŚƌŽŽŵĨĂĐŝůŝƚŝĞƐͿ
x ƵŝůĚŝŶŐϳ^ƚĂŐĞĂŶĚϮ͕ϵϵϳͲƐĞĂƚƐ;ŶŽŶͲƉĞƌŵĂŶĞŶƚͿ
x ϯϲ͞'ůĂŵƉŝŶŐ͟;ĐĂŵƉŝŶŐͿ^ŝƚĞƐ

dŚĞ ƉƌŽũĞĐƚ ƐŝƚĞ ĐƵƌƌĞŶƚůǇ ŚĂƐ ϱϮϵ ƉĂƌŬŝŶŐ ƐƉĂĐĞƐ͘ hŶĚĞƌ WŚĂƐĞ Ϯ͕ ƚŚĞ ƉƌŽũĞĐƚ ƐŝƚĞ ǁŽƵůĚ ŚĂǀĞ
ĂƉƉƌŽǆŝŵĂƚĞůǇϭ͕ϬϱϵƉĂƌŬŝŶŐƐƉĂĐĞƐĂĐƌŽƐƐƚŚĞƚŚƌĞĞƉĂƌŬŝŶŐůŽƚƐ;ŶŽƌƚŚ͕ǁĞƐƚĂŶĚƐŽƵƚŚͿ͘WƵƌƐƵĂŶƚƚŽ
ŽŶŝŶŐ ^ĞĐƚŝŽŶ ϰϬϱͲϮϱ͕ ŶŽ ƉĂƌŬŝŶŐ ŝƐ ƉĞƌŵŝƚƚĞĚ ǁŝƚŚŝŶ Ϯϱ ĨĞĞƚ ŽĨ ƚŚĞ ǁĂƚĞƌĨƌŽŶƚ ŝŶ ƚŚĞ Z&Ͳ, ,ƵĚƐŽŶ
ZŝǀĞƌĨƌŽŶƚ ŝƐƚƌŝĐƚ͕ ĂŶĚ ŶŽ ƉĂƌŬŝŶŐ ŝƐ ƉƌŽƉŽƐĞĚ ǁŝƚŚŝŶ ƚŚŝƐ ĂƌĞĂ͘ dŚĞ ƉƌŽƉŽƐĞĚ ŐƌĂƐƐ ƉĂƌŬŝŶŐ ǁŝůů ďĞ
ůŽĐĂƚĞĚĂƉƉƌŽǆŝŵĂƚĞůǇϮϵĨĞĞƚĨƌŽŵƚŚĞ,ƵĚƐŽŶZŝǀĞƌ͘

ƵƌŝŶŐƉƌŝǀĂƚĞƉĂƌƚŝĞƐĂŶĚŽƚŚĞƌƐŵĂůůŐĂƚŚĞƌŝŶŐƐ͕ƚŚĞĞŶƚƌǇƉůĂǌĂƉƌŽǀŝĚŝŶŐĂĐĐĞƐƐƚŽƚŚĞŶŽƌƚŚƉĂƌŬŝŶŐ
ĂƌĞĂǁŝůůĂůůŽǁĨŽƌǀĞŚŝĐůĞĚƌŽƉŽĨĨĂŶĚůŝŵŝƚĞĚƐŚŽƌƚͲƚĞƌŵƉĂƌŬŝŶŐ͘&ŽƌůĂƌŐĞĐŽŶĐĞƌƚĞǀĞŶƚƐ͕ƚŚĞƉůĂǌĂ
ǁŝůůďĞĐůŽƐĞĚƚŽǀĞŚŝĐƵůĂƌĂĐĐĞƐƐĂŶĚǁŝůůďĞĐŽŵĞĂŐĂƚŚĞƌŝŶŐƐƉŽƚĨŽƌĐŽŶĐĞƌƚƉĂƚƌŽŶƐďĞĨŽƌĞƉĂƐƐŝŶŐ
ƚŚƌŽƵŐŚƚŝĐŬĞƚŝŶŐĂŶĚƐĞĐƵƌŝƚǇ͘'ƵĞƐƚƐǁŝůůďĞĂďůĞƚŽƉƵƌĐŚĂƐĞƉĞƌŵŝƐƐŝŽŶƚŽƉĂƌŬŽŶƐŝƚĞĚƵƌŝŶŐƚŝĐŬĞƚ
ƉƵƌĐŚĂƐĞ͘dŝĐŬĞƚŚŽůĚĞƌƐǁŚŽŚĂǀĞŶŽƚĐŚŽƐĞŶƚŽƉƵƌĐŚĂƐĞŽŶƐŝƚĞƉĂƌŬŝŶŐ͕ŽƌŽŶĐĞĂůůŽŶƐŝƚĞƉĂƌŬŝŶŐ
ƐƉĂĐĞƐ ĂƌĞ ƐŽůĚ͕ ǁŝůů ďĞ ƉƌŽǀŝĚĞĚ ĚŝƌĞĐƚŝŽŶƐ ƚŽ ĂƐƐŝŐŶĞĚ ŽĨĨ ƐŝƚĞ ƉĂƌŬŝŶŐ ůŽƚƐ ;ĨĂĐŝůŝƚĂƚŝŶŐ ƉĂƌŬŝŶŐ ŽĨ
ĂƉƉƌŽǆŝŵĂƚĞůǇϲϬϬǀĞŚŝĐůĞƐͿĨĞĂƚƵƌŝŶŐƐŚƵƚƚůĞƐĞƌǀŝĐĞƚŽĂŶĚĨƌŽŵƚŚĞĞǀĞŶƚ͘
Ϯ͘ϭ͘ϯ WƵďůŝĐWŽůŝĐǇ
<ŝŶŐƐƚŽŶhƌďĂŶƵůƚƵƌĂůWĂƌŬDĂŶĂŐĞŵĞŶƚWůĂŶ
dŚĞ<ŝŶŐƐƚŽŶhƌďĂŶƵůƚƵƌĂůWĂƌŬDĂŶĂŐĞŵĞŶƚWůĂŶǁĂƐƉƌĞƉĂƌĞĚŝŶ:ƵŶĞϭϵϴϳ͕ĂƐƉĂƌƚŽĨĂŶŝŶŝƚŝĂƚŝǀĞ
ƚŽ ƵƚŝůŝǌĞ ĞǆŝƐƚŝŶŐ ŚŝƐƚŽƌŝĐ͕ ĐƵůƚƵƌĂů͕ ĂŶĚ ŶĂƚƵƌĂů ƌĞƐŽƵƌĐĞƐ ƚŽ ĐƌĞĂƚĞ Ă ůŝǀŝŶŐ ƵƌďĂŶ ƉĂƌŬ͘ dŚĞ <ŝŶŐƐƚŽŶ
ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϱŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ


hƌďĂŶ ƵůƚƵƌĂů WĂƌŬ ;hWͿ͕ ĂŶĚ ƐƵďƐĞƋƵĞŶƚ ŶĂŵĞ ĐŚĂŶŐĞ ƚŽ ,ĞƌŝƚĂŐĞ ƌĞĂ ŝŶ ϭϵϵϵ͕ ŝƐ ŽŶĞ ŽĨ ƐĞǀĞƌĂů
ƉĂƌƚƐŽĨĂƐƚĂƚĞǁŝĚĞƐǇƐƚĞŵ͘dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚŝƐůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞŽǀĞƌĂůůhWďŽƵŶĚĂƌǇ͘
dŚĞ ŐŽĂů ŽĨ hW ŝƐ ƚŽ ƉƌŽǀŝĚĞ ƉƌĞƐĞƌǀĂƚŝŽŶ͕ ĞĚƵĐĂƚŝŽŶ͕ ƌĞĐƌĞĂƚŝŽŶ͕ ĂŶĚ ĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚ͘
KďũĞĐƚŝǀĞƐ ƚŽ ƌĞĂĐŚ ƚŚĞƐĞ ĨŽƵƌ ŐŽĂůƐ ĂƌĞ ŝĚĞŶƚŝĨŝĞĚ ŝŶ ƚŚĞ hƌďĂŶ ƵůƚƵƌĂů WĂƌŬ DĂŶĂŐĞŵĞŶƚ WůĂŶ͘ dŚĞ
ĨŽƌŵĞƌ,ƵƚƚŽŶƌŝĐŬǇĂƌĚƐŝƐƌĞĐŽŐŶŝǌĞĚĨŽƌŝƚƐƌĞĚĞǀĞůŽƉŵĞŶƚƉŽƚĞŶƚŝĂůĂŶĚŝƚƐƉŽƚĞŶƚŝĂůĨŽƌĨƵƌƚŚĞƌŝŶŐ
ƚŚĞŝŶƚĞƌƉƌĞƚŝǀĞĞĨĨŽƌƚƐŽĨƚŚĞhW͘ŶĂĚĂƉƚŝǀĞƌĞƵƐĞŽĨƚŚĞĞǆŝƐƚŝŶŐŽƌŝŐŝŶĂůďƵŝůĚŝŶŐƐŝƐƌĞĐŽŵŵĞŶĚĞĚ͕
ĂƐǁĞůůĂƐƌĞĂĐƚŝǀĂƚŝŽŶŽĨƚŚĞƌĂŝůůŝŶĞ͘
dŚĞ ƉƌŽƉŽƐĞĚ ƉƌŽũĞĐƚ ǁŝůů ďĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ĂŶĚ ŝŶ ƐƵƉƉŽƌƚ ŽĨ ƉƵďůŝĐ ƉŽůŝĐǇ ŝŶŝƚŝĂƚŝǀĞƐ ĂŝŵĞĚ Ăƚ
ƉƌŽŵŽƚŝŶŐĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ͕ƉƌŽǀŝĚŝŶŐĂŵĞŶŝƚŝĞƐĂŶĚƐĞƌǀŝĐĞƐĂůŽŶŐƚŚĞ<ŝŶŐƐƚŽŶǁĂƚĞƌĨƌŽŶƚ͕ĂŶĚ
ŝŵƉƌŽǀŝŶŐƉƵďůŝĐĂĐĐĞƐƐƚŽƚŚĞǁĂƚĞƌĨƌŽŶƚ͘
<ŝŶŐƐƚŽŶ>ŽĐĂůtĂƚĞƌĨƌŽŶƚZĞǀŝƚĂůŝǌĂƚŝŽŶWƌŽŐƌĂŵ;>tZWͿ
dŚĞŝƚǇŽĨ<ŝŶŐƐƚŽŶĂĚŽƉƚĞĚĂ>ŽĐĂůtĂƚĞƌĨƌŽŶƚZĞǀŝƚĂůŝǌĂƚŝŽŶWƌŽŐƌĂŵ;>tZWͿŽŶ:ƵůǇϳ͕ϭϵϵϮ͕ǁŚŝĐŚ
ǁĂƐĂůƐŽƐƵďƐĞƋƵĞŶƚůǇĂĐĐĞƉƚĞĚďǇƚŚĞEz^^ĞĐƌĞƚĂƌǇŽĨ^ƚĂƚĞĂŶĚƚŚĞh͘^͘KĨĨŝĐĞŽĨKĐĞĂŶĂŶĚŽĂƐƚĂů
ZĞƐŽƵƌĐĞ DĂŶĂŐĞŵĞŶƚ͘ dŚĞ ƉƵƌƉŽƐĞ ŽĨ ƚŚĞ >tZW ŝƐ ͙͞ƚŽ ƉƌŽŵŽƚĞ ĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ
ƌĞǀŝƚĂůŝǌĂƚŝŽŶ ŽĨ ƚŚĞ ŝƚǇ͛Ɛ ůŽĐĂů ǁĂƚĞƌĨƌŽŶƚ ƌĞǀŝƚĂůŝǌĂƚŝŽŶ ĂƌĞĂ ǁŚŝůĞ ĂƐƐƵƌŝŶŐ ƚŚĞ ƉƌŽƚĞĐƚŝŽŶ ĂŶĚ
ďĞŶĞĨŝĐŝĂůƵƐĞŽĨĐŽĂƐƚĂůƌĞƐŽƵƌĐĞƐƚŚĞƌĞŝŶ͘͟dŚĞƉƌŽŐƌĂŵĚĞĨŝŶĞĚĂůĂŶĚǁĂƌĚĂŶĚǁĂƚĞƌƐŝĚĞďŽƵŶĚĂƌǇ
ĨŽƌƚŚĞůŽĐĂůǁĂƚĞƌĨƌŽŶƚƌĞǀŝƚĂůŝǌĂƚŝŽŶĂƌĞĂ͘dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚƐŝƚĞŝƐůŽĐĂƚĞĚǁŝƚŚŝŶƚŚŝƐďŽƵŶĚĂƌǇ͘

dŚĞ >tZW ŝƐ Ă ƚŽŽů ƚŽ ĂƚƚƌĂĐƚ ƉƵďůŝĐ ĂŶĚ ƉƌŝǀĂƚĞ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ǁĂƚĞƌĨƌŽŶƚ ƉƌŽũĞĐƚƐ͕ ǁŚŝůĞ ĂůƐŽ
ĚĞŵŽŶƐƚƌĂƚŝŶŐƚŚĞŝƚǇ͛ƐĐŽŵŵŝƚŵĞŶƚƚŽƌĞǀŝƚĂůŝǌĂƚŝŽŶĂŶĚƌĞƐŽƵƌĐĞƉƌŽƚĞĐƚŝŽŶ͘dŚĞ>tZWŝŶĐůƵĚĞƐƚŚĞ
ĨŽƌƚǇͲĨŽƵƌ ;ϰϰͿ Ez^ ĐŽĂƐƚĂů ƉŽůŝĐĞƐ͘ Ŷ ĞǀĂůƵĂƚŝŽŶ ŽĨ ƚŚĞ >tZW ƉŽůŝĐŝĞƐ ǁĂƐ ĐŽŵƉůĞƚĞĚ ĂŶĚ ƚŚĞ
ŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨWŚĂƐĞϮƚŽďƌŝŶŐĂŚŽƐƉŝƚĂůŝƚǇĂŶĚĨĞƐƚŝǀĂůǀĞŶƵĞƚŽƚŚĞƐŝƚĞŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƐĞ
ƉŽůŝĐĞƐ͘dŚĞŽĂƐƚĂůƐƐĞƐƐŵĞŶƚ&ŽƌŵĂŶĚĂĚŝƐĐƵƐƐŝŽŶŽĨƚŚĞƉƌŽũĞĐƚ͛ƐĐŽŶƐŝƐƚĞŶĐǇǁŝƚŚƚŚĞ>tZWŐŽĂůƐ
ŝƐŝŶĐůƵĚĞĚŝŶƚƚĂĐŚŵĞŶƚ͘
<ŝŶŐƐƚŽŶtĂƚĞƌĨƌŽŶƚĞǀĞůŽƉŵĞŶƚ/ŵƉůĞŵĞŶƚĂƚŝŽŶWůĂŶ
/ŶϮϬϬϮ͕ƚŚĞ<ŝŶŐƐƚŽŶtĂƚĞƌĨƌŽŶƚĞǀĞůŽƉŵĞŶƚ/ŵƉůĞŵĞŶƚĂƚŝŽŶWůĂŶǁĂƐƉƌĞƉĂƌĞĚĂƐĂĨŽƌŵĂůƐƚƌƵĐƚƵƌĞ
ƚŽŝŵƉůĞŵĞŶƚƚŚĞĂĚŽƉƚĞĚ>ŽĐĂůtĂƚĞƌĨƌŽŶƚZĞǀŝƚĂůŝǌĂƚŝŽŶWƌŽŐƌĂŵĂŶĚƐƵƉƉůĞŵĞŶƚĂůĂĐƚŝŽŶƐĚĞǀĞůŽƉĞĚ
ĂƐĂƉĂƌƚŽĨƚŚĞƉůĂŶŶŝŶŐƉƌŽĐĞƐƐ͘dŚĞWůĂŶŝĚĞŶƚŝĨŝĞƐďŽƚŚĂƉƌŝŵĂƌǇĂŶĚƐĞĐŽŶĚĂƌǇƉůĂŶŶŝŶŐĞĨĨŽƌƚĨŽƌ
ĚĞǀĞůŽƉŝŶŐ ƚŚĞ ǁĂƚĞƌĨƌŽŶƚ͘ dŚĞ ƉƌŽƉŽƐĞĚ ƉƌŽũĞĐƚ ƐŝƚĞ ŝƐ ůŽĐĂƚĞĚ ŝŶ ƚŚĞ ƐĞĐŽŶĚĂƌǇ ĂƌĞĂ͕ ĂŶĚ ŽƵƚůŝŶĞƐ
ƌĞĚĞǀĞůŽƉŵĞŶƚƐƚƌĂƚĞŐŝĞƐĂŶĚƉŽƚĞŶƚŝĂůƌŽůĞƐĨŽƌƚŚĞƉƌŽũĞĐƚƐŝƚĞ͘dŚĞĞǀĂůƵĂƚŝŽŶĐŽŶƐŝĚĞƌƐŵĂƌŬĞƚ͕ƚĂǆ
ďĂƐĞ͕ĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůĂŶĂůǇƐŝƐŽĨƚŚĞƐŝƚĞ͕ďƵƚĚŽĞƐŶŽƚƉƌŽǀŝĚĞĚĞƚĂŝůĞĚƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌĨƵƚƵƌĞ
ůĂŶĚƵƐĞƐŽƌĚĞǀĞůŽƉŵĞŶƚƐƚƌĂƚĞŐŝĞƐ͘dŚĞǀŝƐŝŽŶŝƐƚŽĐƌĞĂƚĞĂǁĂƚĞƌĨƌŽŶƚĨŽƌƚŚĞŝƚǇŽĨ<ŝŶŐƐƚŽŶƚŚĂƚŝƐ͗
͙͞ĂƚƚƌĂĐƚŝǀĞ͕ ĂĐƚŝǀĞ͕ ǁĂůŬĂďůĞ͕ ĐƵůƚƵƌĂůůǇ ǀŝďƌĂŶƚ ĚŝƐƚƌŝĐƚ ǁŝƚŚ ƐƚƌŽŶŐ ůŝŶŬĂŐĞƐ ƚŽ ƚŚĞ ƌĞƐƚ ŽĨ ƚŚĞ ŝƚǇ ŽĨ
<ŝŶŐƐƚŽŶ͘^ŚŽƉƐ͕ƌĞƐƚĂƵƌĂŶƚƐ͕ƌĞĐƌĞĂƚŝŽŶĂůŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ŵƵƐĞƵŵƐ͕ĂŶĚĞǀĞŶƚƐǁŝůůĂƚƚƌĂĐƚǀŝƐŝƚŽƌƐĂŶĚ
ƌĞƐŝĚĞŶƚƐ ƐĞǀĞŶ ĚĂǇƐ ƉĞƌ ǁĞĞŬ Ăůů ƚŚƌŽƵŐŚ ƚŚĞ ǇĞĂƌ͘ EĞǁ ĚĞǀĞůŽƉŵĞŶƚ ǁŝůů ďĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ
ĞƐƚĂďůŝƐŚĞĚĐŚĂƌĂĐƚĞƌĂŶĚǁŝůůŚŝŐŚůŝŐŚƚƚŚĞĂƌĞĂ͛ƐŚŝƐƚŽƌŝĐĂŶĚŶĂƚƵƌĂůƌĞƐŽƵƌĐĞƐ͘dƌĂŝů͕ƉĂƌŬƐ͕ŵĂƌŝŶĂƐ͕
ĂŶĚ ďŽĂƚ ůĂƵŶĐŚĞƐ ǁŝůů ŵĂǆŝŵŝǌĞ ĂĐĐĞƐƐ ƚŽ ƚŚĞ ǁĂƚĞƌǁĂǇƐ ĐƌĞĂƚŝŶŐ ŚŝŐŚͲƋƵĂůŝƚǇ ƌĞĐƌĞĂƚŝŽŶĂů
ŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ĂŶĚŽƉƚŝŵŝǌŝŶŐŵĞĂŶŝŶŐĨƵůƉĞƌŵĂŶĞŶƚƉƵďůŝĐĂĐĐĞƐƐƚŽƚŚĞǁĂƚĞƌĨƌŽŶƚ͘͟

dŚĞ ƉƌŽƉŽƐĞĚ WŚĂƐĞ Ϯ ŝƐ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚŝƐ ǀŝƐŝŽŶ ĨŽƌ ƚŚĞ ŝƚǇ ŽĨ <ŝŶŐƐƚŽŶ ĂƐ ŝƚ ǁŝůů ƌĞǀŝƚĂůŝǌĞ ƚŚĞ
ǁĂƚĞƌĨƌŽŶƚ ǁŝƚŚ Ă ŚŽƐƉŝƚĂůŝƚǇ ĂŶĚ ĨĞƐƚŝǀĂů ǀĞŶƵĞ͕ ǁŚŝĐŚ ǁŝůů ĐƌĞĂƚĞ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ĨŽƌ ƐŬŝůůĞĚ ĂŶĚ ŶŽŶͲ
ƐŬŝůůĞĚĞŵƉůŽǇŵĞŶƚƚŚĂƚŽƚŚĞƌǁŝƐĞǁŽƵůĚŶŽƚďĞĂǀĂŝůĂďůĞ͕ĂŶĚŝƚǁŝůůĂƚƚƌĂĐƚĚĂǇĂŶĚŽǀĞƌŶŝŐŚƚƚŽƵƌŝƐŵ͕
ŚĞůƉŝŶŐƚŽƌĞǀŝƚĂůŝǌĞĚŝƐƚƌĞƐƐĞĚĂƌĞĂƐǁŝƚŚŝŶƚŚĞŝƚǇŽĨ<ŝŶŐƐƚŽŶ͘
ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϲŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ


<ŝŶŐƐƚŽŶϮϬϮϱŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ
dŚĞ <ŝŶŐƐƚŽŶ ϮϬϮϱ ŽŵƉƌĞŚĞŶƐŝǀĞ WůĂŶ ǁĂƐ ŝƐƐƵĞĚ ŝŶ DĂƌĐŚ ϮϬϭϲ͕ ĂŶĚ ŝƐ ƚŚĞ ĨŝƌƐƚ ƵŶŝĨŝĞĚ ĂŶĚ
ĐŽŵƉƌĞŚĞŶƐŝǀĞĞǀĂůƵĂƚŝŽŶŽĨƚŚĞůĂŶĚƵƐĞĂŶĚƐĞƚƚůĞŵĞŶƚƉĂƚƚĞƌŶǁŝƚŚŝŶƚŚĞŝƚǇŽĨ<ŝŶŐƐƚŽŶƐŝŶĐĞƚŚĞ
ŽƌŝŐŝŶĂů ŽŵƉƌĞŚĞŶƐŝǀĞ WůĂŶ ǁĂƐ ǁƌŝƚƚĞŶ ŝŶ ϭϵϲϭ͘ dŚĞ ƵƉĚĂƚĞ ǁĂƐ ƵŶĚĞƌƚĂŬĞŶ ŝŶ ƉĂƌƚ ƚŽ ƵƉĚĂƚĞ ĂŶĚ
ƐƚƌĞĂŵůŝŶĞ ƚŚĞ ŝƚǇ͛Ɛ ĚĞǀĞůŽƉŵĞŶƚ ƌĞŐƵůĂƚŝŽŶƐ͕ ďƵƚ ĂůƐŽ ƐĞĞŬƐ ƚŽ ĞŶŐĂŐĞ ƚŚĞ ƉƵďůŝĐ ŝŶ Ă ŵĞĂŶŝŶŐĨƵů
ĚŝĂůŽŐƵĞ ĂďŽƵƚ ŚŽǁ ƚŚĞ ŝƚǇ ƐŚŽƵůĚ ĞǀŽůǀĞ͘ dŚĞ WůĂŶ ŝĚĞŶƚŝĨŝĞƐ ŽďũĞĐƚŝǀĞƐ ƚŽ ƐƵƉƉŽƌƚ ŐŽĂůƐ ƌĞůĂƚĞĚ ƚŽ
ŚŽƵƐŝŶŐ͕ ŽƉĞŶ ƐƉĂĐĞ͕ ĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚ͕ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ĂŶĚ ŵŽďŝůŝƚǇ͕ ŚŝƐƚŽƌŝĐ ƌĞƐŽƵƌĐĞƐ͕ ƉƵďůŝĐ
ĨĂĐŝůŝƚŝĞƐ͕ĂŶĚƚŚĞDŝĚƚŽǁŶ͕hƉƚŽǁŶ͕ZŽŶĚŽƵƚŽƌĞĂƌĞĂƐĂŶĚƚŚĞ,ƵĚƐŽŶZŝǀĞƌǁĂƚĞƌĨƌŽŶƚ͘dŚĞ,ƵƚƚŽŶ
ƌŝĐŬǇĂƌĚƐƉƌŽƉĞƌƚǇŝƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉůĂŶĂƐƉĂƌƚŽĨĂĨŽƵƌƚŚĐŽƌĞŶĞŝŐŚďŽƌŚŽŽĚ;ũŽŝŶŝŶŐƚŚĞ^ƚŽĐŬĂĚĞ
ŝƐƚƌŝĐƚ͕DŝĚƚŽǁŶĂŶĚƚŚĞZŽŶĚŽƵƚͿƚŚĂƚŝƐĂŶƚŝĐŝƉĂƚĞĚƚŽďĞĐŽŵĞĂŵŝǆĞĚƵƐĞĂƌĞĂ;>ĂŶĚŝŶŐDŝǆĞĚhƐĞ
ŽƌĞͿ͘

dŚĞWůĂŶŝĚĞŶƚŝĨŝĞƐƐĞǀĞƌĂůŐŽĂůƐĨŽƌĂĐĐŽŵƉůŝƐŚŝŶŐƚŚĞϮϬϮϱǀŝƐŝŽŶƚŚĂƚŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐ͗

x 'ŽĂůϭ͗WƌŽŵŽƚĞĂƐƵƐƚĂŝŶĂďůĞĐŝƚǇǁŝĚĞůĂŶĚƵƐĞƉŽůŝĐǇ͖
x 'ŽĂůϮ͗WƌŽŵŽƚĞŵĂŝŶƚĞŶĂŶĐĞĂŶĚŝŵƉƌŽǀĞŵĞŶƚŽĨĞǆŝƐƚŝŶŐƐƚĂďůĞŶĞŝŐŚďŽƌŚŽŽĚƐŽƵƚƐŝĚĞƚŚĞ
ΗŵŝǆĞĚͲƵƐĞĐŽƌĞƐ͖Η
x 'ŽĂůϯ͗WƌĞƐĞƌǀĞĐŽŶƐƚƌĂŝŶĞĚůĂŶĚƐĂƐŽƉĞŶƐƉĂĐĞ͕ĂŐƌŝĐƵůƚƵƌĞŽƌǀĞƌǇůŽǁͲĚĞŶƐŝƚǇƌĞƐŝĚĞŶƚŝĂů
ĐůƵƐƚĞƌĞĚĚĞǀĞůŽƉŵĞŶƚĂƐĂƉƉƌŽƉƌŝĂƚĞ͖
x 'ŽĂůϰ͗ŶŚĂŶĐĞĞŵƉůŽǇŵĞŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐĂŶĚƉƌŽŵŽƚĞĞĐŽŶŽŵŝĐǀŝƚĂůŝƚǇŝŶƚŚĞŝƚǇ͖
x 'ŽĂůϱ͗WƌŽŵŽƚĞĂŶĞĨĨĞĐƚŝǀĞĂŶĚĐŽŵƉƌĞŚĞŶƐŝǀĞƚƌĂŶƐƉŽƌƚĂƚŝŽŶƐǇƐƚĞŵƚŚĂƚĞŶŚĂŶĐĞƐƐĂĨĞƚǇ͕
ĞŶĐŽƵƌĂŐĞƐĂŶĚĞŶĂďůĞƐĂĐƚŝǀĞŵŽďŝůŝƚǇĨŽƌĂůůƵƐĞƌƐŽĨƚŚĞƐƚƌĞĞƚƐŝŶĐůƵĚŝŶŐĐŚŝůĚƌĞŶ͕
ĨĂŵŝůŝĞƐ͕ŽůĚĞƌĂĚƵůƚƐ͕ĂŶĚƉĞŽƉůĞǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐ͕ĞŶƐƵƌĞƐĂĐĐĞƐƐŝďŝůŝƚǇ͕ŵŝŶŝŵŝǌĞƐ
ĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚƐĂŶĚĞŶĐŽƵƌĂŐĞƐĐŽŵŵƵŶŝƚǇĐŽŶŶĞĐƚŝǀŝƚǇ͖
x 'ŽĂůϲ͗WƌŽŵŽƚĞĨƵƌƚŚĞƌƉƌĞƐĞƌǀĂƚŝŽŶŽĨŝƚǇŚŝƐƚŽƌŝĐĂŶĚĂƌĐŚŝƚĞĐƚƵƌĂůƌĞƐŽƵƌĐĞƐĂŶĚůĞǀĞƌĂŐĞ
ƚŚĞŵĨŽƌĨƵƌƚŚĞƌĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ͖
x 'ŽĂůϳ͗ĞƉƌŽĂĐƚŝǀĞƌĂƚŚĞƌƚŚĂŶƌĞĂĐƚŝǀĞŝŶŝŵƉƌŽǀŝŶŐƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝŶĐůƵĚŝŶŐŝƚǇ
ƐƚƌĞĞƚƐ͕ǁĂƚĞƌĂŶĚǁĂƐƚĞǁĂƚĞƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĂƐǁĞůůĂƐĞŶŚĂŶĐĞĚƉĂƌŬĨĂĐŝůŝƚŝĞƐ͖
x 'ŽĂůϴ͗WƌŽŵŽƚĞĂŶĞǁƉůĂŶŶĞĚĐŽŵŵĞƌĐŝĂůŶŽĚĞŝŶDŝĚƚŽǁŶĐĞŶƚĞƌĞĚĂƌŽƵŶĚĞĚƵĐĂƚŝŽŶ͕ƚŚĞ
ĂƌƚƐ͕ĞŶƚĞƌƚĂŝŶŵĞŶƚĂŶĚĞƚŚŶŝĐĚŝǀĞƌƐŝƚǇ͖
x 'ŽĂůϵ͗ŶĐŽƵƌĂŐĞĐŽŶƚŝŶƵĞĚĂŶĚǀŝďƌĂŶƚŵŝǆĞĚͲƵƐĞůĂŶĚƵƐĞƉĂƚƚĞƌŶƐŝŶhƉƚŽǁŶĐĞŶƚĞƌĞĚ
ĂƌŽƵŶĚĂƌĞĂŚŝƐƚŽƌŝĐƌĞƐŽƵƌĐĞƐĂŶĚŽƵŶƚǇŽĨĨŝĐĞƐ͖
x'ŽĂůϭϬ͗ŶĐŽƵƌĂŐĞǀŝďƌĂŶƚŵŝǆĞĚͲƵƐĞůĂŶĚƵƐĞƉĂƚƚĞƌŶƐŝŶZŽŶĚŽƵƚĐĞŶƚĞƌĞĚĂƌŽƵŶĚǁĂƚĞƌĨƌŽŶƚ
ĂĐĐĞƐƐ͕ƌĞƐƚĂƵƌĂŶƚƐĂŶĚƚŽƵƌŝƐƚĂƚƚƌĂĐƚŝŽŶƐ͕ĂŶĚĂĐƚŝǀĞƌĞĐƌĞĂƚŝŽŶ͖
x'ŽĂůϭϭ͗ŶĐŽƵƌĂŐĞĚĞǀĞůŽƉŵĞŶƚŽĨĂŶĞǁ,ƵĚƐŽŶ>ĂŶĚŝŶŐŵŝǆĞĚͲƵƐĞĂƌĞĂĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞ
,ƵĚƐŽŶ>ĂŶĚŝŶŐĞƐŝŐŶDĂŶƵĂů͖

^ĞǀĞƌĂů ŐŽĂůƐ ;ŝŶĚŝĐĂƚĞĚ ŝŶ ďŽůĚƚǇƉĞ ĂďŽǀĞͿ ƌĞůĂƚĞ ƚŽ ƚŚĞ ƉƌŽƉŽƐĞĚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ŚŽƐƉŝƚĂůŝƚǇ ĂŶĚ
ĨĞƐƚŝǀĂůƵƐĞƐĂŶĚĐŽŶƚŝŶƵĂƚŝŽŶŽĨƚŚĞŵĂƌŬĞƚƵƐĞĂƚƚŚĞ,ƵƚƚŽŶƌŝĐŬǇĂƌĚƐ͘KďũĞĐƚŝǀĞϭ͘ϰƚŽŝŵƉůĞŵĞŶƚ
'ŽĂůϭƐƚĂƚĞƐ͕͞WƌŽŵŽƚĞĂĐŝƚǇͲǁŝĚĞĂĞƐƚŚĞƚŝĐĂŶĚĐƵůƚƵƌĞƚŚĂƚŝƐǀŝďƌĂŶƚ͕ĂƚƚƌĂĐƚƐǀŝƐŝƚŽƌƐƚŽƚŚĞŝƚǇ͕ĂŶĚ
ŵĂŬĞƐ<ŝŶŐƐƚŽŶĂŵŽƌĞĞĨĨĞĐƚŝǀĞĐĞŶƚĞƌĨŽƌŐŽǀĞƌŶŵĞŶƚ͕ĐŽŵŵĞƌĐĞĂŶĚĐƵůƚƵƌĞŝŶhůƐƚĞƌŽƵŶƚǇ͘͟dŚĞ
ƉƌŽƉŽƐĞĚƉƌŽũĞĐƚǁŝůůďƵŝůĚƵƉŽŶƚǁŽǇĞĂƌƐŽĨĞǀĞŶƚƉƌŽĚƵĐƚŝŽŶĂŶĚĂƌĞŐŝŽŶĂůĐƌĂĨƚƐĂŶĚĨŽŽĚŵĂƌŬĞƚĂƚ
ƚŚĞǁĂƚĞƌĨƌŽŶƚƐŝƚĞ͘/Ŷ:ƵŶĞϮϬϭϳ͕ƚŚĞƌŝĐŬǇĂƌĚƐƐƵĐĐĞƐƐĨƵůůǇŚŽƐƚĞĚƚǁŽĐŽŶĐĞƌƚƐĨĞĂƚƵƌŝŶŐƌĞŶŽǁŶĞĚ
ŵƵƐŝĐŝĂŶ ĂŶĚ ƌĞĐĞŶƚ EŽďĞů WƌŝǌĞ ĨŽƌ >ŝƚĞƌĂƚƵƌĞ ǁŝŶŶĞƌ͕ Žď ǇůĂŶ͘ dŚĞ ƉƌŽƉĞƌƚǇ ŝƐ ŝĚĞĂů ĨŽƌ ůĂƌŐĞ
ƉĞƌĨŽƌŵĂŶĐĞƐ ƚŚĂƚ ĂƚƚƌĂĐƚ ǀŝƐŝƚŽƌƐ ĨƌŽŵ EĞǁ zŽƌŬ ŝƚǇ ĂŶĚ ŽƚŚĞƌ ĐŽƵŶƚƌŝĞƐ͘ dŚĞ ƌĞĂĐƚŝǀĂƚĞĚ ƐŝƚĞ ŚĂƐ
ďƌŽƵŐŚƚŝŶƚĞƌŶĂƚŝŽŶĂůǀŝƐŝƚŽƌƐĂŶĚƚŽƵƌŝƐƚƐƚŽƚŚĞǁĂƚĞƌĨƌŽŶƚĂŶĚƐƵƌƌŽƵŶĚŝŶŐŶĞŝŐŚďŽƌŚŽŽĚ͘
ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϳŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ


dŚĞWůĂŶĂůƐŽƐƉĞĐŝĨŝĐĂůůǇŝĚĞŶƚŝĨŝĞƐƚŚĞƉƌŽũĞĐƚƐŝƚĞŝŶ^ƚƌĂƚĞŐǇϰ͘ϲ͘ϭƚŽŝŵƉůĞŵĞŶƚ'ŽĂůϰ͕ǁŚŝĐŚƐĞĞŬƐ
ĨŝŶĂŶĐŝĂůƐƵƉƉŽƌƚĨŽƌďƌŽǁŶĨŝĞůĚĐůĞĂŶƵƉŝŶŽƌĚĞƌƚŽĐƌĞĂƚĞƐŚŽǀĞůƌĞĂĚǇƐŝƚĞƐƚŽĂƐƐŝƐƚŝŶĂƚƚƌĂĐƚŝŶŐŶĞǁ
ƌĞŐŝŽŶĂů ĞŵƉůŽǇĞƌƐ͘ dŚĞ ƐŝƚĞ ƵŶĚĞƌǁĞŶƚ ƉĂƌƚŝĂů ĞŶǀŝƌŽŶŵĞŶƚĂů ƌĞŵĞĚŝĂƚŝŽŶ ŝŶ ĂĚǀĂŶĐĞ ŽĨ ďƌŝŶŐŝŶŐ ƚŚĞ
ĞǆŝƐƚŝŶŐ ŵĂƌŬĞƚ ƵƐĞ ƚŽ ƚŚĞ ƐŝƚĞ͘ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƚŚĞ ŚŽƐƉŝƚĂůŝƚǇ ĂŶĚ ĨĞƐƚŝǀĂů ǀĞŶƵĞ͕ ǁŚŝĐŚ ŝŶǀŽůǀĞƐ
ƌĞŚĂďŝůŝƚĂƚŝŽŶŽĨĞǆŝƐƚŝŶŐďƵŝůĚŝŶŐƐĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶŽĨŽŶĞŶĞǁďƵŝůĚŝŶŐǁŝůůďĞƵŶĚĞƌƚĂŬĞŶĂĐĐŽƌĚŝŶŐƚŽ
ƌĞŐƵůĂƚŽƌǇŐƵŝĚĞůŝŶĞƐĂŶĚǁŝůůƌĞƐƵůƚŝŶĂƵŶŝƋƵĞĚĞǀĞůŽƉŵĞŶƚĚƌĂǁŝŶŐƌĞŐŝŽŶĂůŝŶƚĞƌĞƐƚ͘

dŚĞ ƉƌŽũĞĐƚ ŝŶǀŽůǀĞƐ ƌĞĂĐƚŝǀĂƚŝŽŶ ŽĨ ƐĞǀĞƌĂů ĞǆŝƐƚŝŶŐ ďƵŝůĚŝŶŐƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ŚŝƐƚŽƌŝĐ ďƌŝĐŬǇĂƌĚƐ͕
ǁŚŝĐŚŝƐĂƐŝƚĞƚŚĂƚŝƐĞůŝŐŝďůĞĨŽƌůŝƐƚŝŶŐŽŶƚŚĞEĂƚŝŽŶĂůĂŶĚ^ƚĂƚĞZĞŐŝƐƚĞƌŽĨ,ŝƐƚŽƌŝĐWůĂĐĞƐŝƐĐŽŶƐŝƐƚĞŶƚ
ǁŝƚŚ 'ŽĂů ϲ ƚŽ ƉƌŽŵŽƚĞ ĨƵƌƚŚĞƌ ƉƌĞƐĞƌǀĂƚŝŽŶ ŽĨ ŚŝƐƚŽƌŝĐ ĂŶĚ ĂƌĐŚŝƚĞĐƚƵƌĂů ƌĞƐŽƵƌĐĞƐ ǁŚŝůĞ ůĞǀĞƌĂŐŝŶŐ
ƚŚĞŝƌƉŽƚĞŶƚŝĂůƚŽƐƵƉƉŽƌƚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ͘

/ŶƐƵƉƉŽƌƚŽĨ^ƚƌĂƚĞŐǇϭϬ͘Ϯ͘ϯƚŽ͞WƌŽǀŝĚĞĐŽŶƚŝŶƵŽƵƐƉƵďůŝĐĂĐĐĞƐƐƚŽƚŚĞ,ƵĚƐŽŶZŝǀĞƌtĂƚĞƌĨƌŽŶƚĨƌŽŵ
ůŽĐŬWĂƌŬƚŽ<ŝŶŐƐƚŽŶWŽŝŶƚĂŶĚŽŶƚŽƚŚĞdŽǁŶŽĨhůƐƚĞƌǀŝĂƚŚĞĨƵƚƵƌĞ,ƵĚƐŽŶ>ĂŶĚŝŶŐWƌŽŵĞŶĂĚĞ͕͟
ƚŚĞƉƌŽũĞĐƚ ǁŝůůŝŶĐůƵĚĞĂƉĞĚĞƐƚƌŝĂŶ ĐŽŶŶĞĐƚŝŽŶ ďĞƚǁĞĞŶ<ŝŶŐƐƚŽŶWŽŝŶƚĞĂĐŚĂŶĚ,ƵƚƚŽŶƌŝĐŬǇĂƌĚƐ
;ǁŝƚŚĞǀĞŶƚƵĂůĐŽŶŶĞĐƚŝŽŶƚŽƚŚĞ,ƵĚƐŽŶ>ĂŶĚŝŶŐƉƌŽƉĞƌƚǇͿ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞƉƌŽũĞĐƚƉƌŽŵŽƚĞƐ'ŽĂůϭϬƚŽ
ĞŶĐŽƵƌĂŐĞ ǀŝďƌĂŶƚ ŵŝǆĞĚ ƵƐĞ ůĂŶĚ ƵƐĞ ƉĂƚƚĞƌŶƐ ŝŶ ZŽŶĚŽƵƚ ĐĞŶƚĞƌĞĚ ĂƌŽƵŶĚ ǁĂƚĞƌĨƌŽŶƚ ĂĐĐĞƐƐ͕
ƌĞƐƚĂƵƌĂŶƚƐĂŶĚƚŽƵƌŝƐƚĂƚƚƌĂĐƚŝŽŶƐ͕ĂŶĚĂĐƚŝǀĞƌĞĐƌĞĂƚŝŽŶ͘

dŚĞ WůĂŶ ƐƚĂƚĞƐ ĂƐ 'ŽĂů ϭϭ ƚŽ ͞ĞŶĐŽƵƌĂŐĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ Ă ŶĞǁ ,ƵĚƐŽŶ >ĂŶĚŝŶŐ ŵŝǆĞĚͲƵƐĞ ĂƌĞĂ
ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ,ƵĚƐŽŶ >ĂŶĚŝŶŐ ĞƐŝŐŶ DĂŶƵĂů͘͟ dŚĞ ƉƌŽƉŽƐĞĚ ƉƌŽũĞĐƚ ŐĞŶĞƌĂůůǇ ŝŶĐůƵĚĞƐ ƚŚĞ
ƌĞĂĐƚŝǀĂƚŝŽŶ ŽĨ ĞǆŝƐƚŝŶŐ ďƵŝůĚŝŶŐƐ ĨŽƌ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ Ă ŚŽƐƉŝƚĂůŝƚǇ ĂŶĚ ĨĞƐƚŝǀĂů ǀĞŶƵĞ ĂŶĚ ƚŚĞ
ĐŽŶƚŝŶƵĞĚ ŽƉĞƌĂƚŝŽŶ ŽĨ Ă ŵĂƌŬĞƚ ĂŶĚ ǀĞŶĚŝŶŐ ƵƐĞ͘ KŶĞ ŶĞǁ ďƵŝůĚŝŶŐ͕ Ă ĐĂƌĞƚĂŬĞƌ ĐŽƚƚĂŐĞ͕ ǁŝůů ďĞ
ĐŽŶƐƚƌƵĐƚĞĚ͘ƐƉƌŽƉŽƐĞĚ͕ƚŚĞƉƌŽũĞĐƚĚŽĞƐŶŽƚƌŝƐĞƚŽƚŚĞůĞǀĞůŽĨĚĞǀĞůŽƉŵĞŶƚĐŽŶĐĞŝǀĞĚŽĨǁŝƚŚŝŶƚŚĞ
,ƵĚƐŽŶ >ĂŶĚŝŶŐ ĞƐŝŐŶ DĂŶƵĂů͕ ďƵƚ ĚŽĞƐ ŶŽƚ ĂĚǀĞƌƐĞůǇ ĂĨĨĞĐƚ ƚŚĞ ŝƚǇ͛Ɛ ĂďŝůŝƚǇ ƚŽ ŝŵƉůĞŵĞŶƚ
ĚĞǀĞůŽƉŵĞŶƚ ŝŶ ƚŚĞ ,ƵĚƐŽŶ >ĂŶĚŝŶŐ DŝǆĞĚ hƐĞ ŽƌĞ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ĚĞƐŝŐŶ ŵĂŶƵĂů͘ dŚĞƌĞĨŽƌĞ͕ ƚŚĞ
ƉƌŽũĞĐƚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚŝƐŐŽĂů͘

<ŝŶŐƐƚŽŶ'ƌĞĞŶůŝŶĞŽŶĐĞƉƚƵĂůWůĂŶ
/ŶDĂƌĐŚϮϬϭϰ͕ĂĐŽŶĐĞƉƚƉůĂŶƉƌŽǀŝĚŝŶŐĂŶŽǀĞƌǀŝĞǁŽĨƚŚĞ<ŝŶŐƐƚŽŶ'ƌĞĞŶůŝŶĞǁĂƐƉƵďůŝƐŚĞĚ͘dŚĞWůĂŶ
ŝŶĐůƵĚĞƐĂƉƌŽƉŽƐĞĚŶĞƚǁŽƌŬŽĨƵƌďĂŶƚƌĂŝůƐ͕ĐŽŵƉůĞƚĞƐƚƌĞĞƚƐ͕ďŝŬĞůĂŶĞƐĂŶĚůŝŶĞĂƌƉĂƌŬƐŝŶƚŚĞŝƚǇĂŶĚ
ŝƐ ŝŶƚĞŶĚĞĚ ƚŽ ĞůŝĐŝƚ ŝŶƉƵƚ ĨƌŽŵ ƐƚĂŬĞŚŽůĚĞƌƐ ĂďŽƵƚ ƚŚĞ ďĞŶĞĨŝƚƐ ĂŶĚ ĐŚĂůůĞŶŐĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ
ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƚŚĞ 'ƌĞĞŶůŝŶĞ͘ dŚĞ <ŝŶŐƐƚŽŶ 'ƌĞĞŶůŝŶĞ ŝƐ Ă ƉƌŽũĞĐƚ ŽĨ ƚŚĞ <ŝŶŐƐƚŽŶ >ĂŶĚ dƌƵƐƚ͕ ŝŶ
ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ƚŚĞŝƚǇŽĨ<ŝŶŐƐƚŽŶ͘ dŚĞ<ŝŶŐƐƚŽŶ'ƌĞĞŶůŝŶĞĐŽŵƉƌŝƐĞƐĨŽƵƌ ƐĞƉĂƌĂƚĞƐĞĐƚŝŽŶƐĂĐƌŽƐƐ
ƚŚĞ ŝƚǇ ŽĨ <ŝŶŐƐƚŽŶ ƚŚĂƚ ǁŝůů ǁĞĂǀĞ ƚŽŐĞƚŚĞƌ ĂŶ ĞŵĞƌŐŝŶŐ ƌĞŐŝŽŶĂů ŶĞƚǁŽƌŬ ŽĨ ƚƌĂŝůƐ ĂŶĚ ƐƚƌĞĞƚ
ĞŶŚĂŶĐĞŵĞŶƚƐƚŚĂƚƉƌŽŵŽƚĞŶŽŶͲŵŽƚŽƌŝǌĞĚƚƌĂǀĞů͕ĐŽŶŶĞĐƚŝŶŐƌĞƐŝĚĞŶƚƐĂŶĚǀŝƐŝƚŽƌƐƚŽĂůůŽĨƚŚĞŝƚǇ͛Ɛ
ƌŝĐŚĂŵĞŶŝƚŝĞƐĂŶĚƌĞƐŽƵƌĐĞƐ͘dŚĞ'ƌĞĞŶůŝŶĞǁŝůůďĞĂĐŽŵďŝŶĂƚŝŽŶŽĨƐŚĂƌĞĚƵƐĞƉĂƚŚƐ͕ƐŝĚĞǁĂůŬƐ͕ĂŶĚ
ŽŶͲƌŽĂĚ ďŝĐǇĐůĞ ĂĐĐŽŵŵŽĚĂƚŝŽŶƐ ƚŽ ƉƌŽǀŝĚĞ ĂŶ ŝŶƚƵŝƚŝǀĞ ƐǇƐƚĞŵ ƚŚĂƚ ŝƐ ƐĂĨĞ ĂŶĚ ĐŽŵĨŽƌƚĂďůĞ ĨŽƌ Ăůů
ƵƐĞƌƐ͘dŚĞ'ƌĞĞŶůŝŶĞĐŽŵƉůĞŵĞŶƚƐŽŶŐŽŝŶŐŝƚǇĂŶĚŽƵŶƚǇĞĨĨŽƌƚƐƚŽĐƌĞĂƚĞŵŽƌĞǁĂůŬĂďůĞĂŶĚďŝŬĂďůĞ
ĐŽŵŵƵŶŝƚŝĞƐ͘
dŚĞ <ŝŶŐƐƚŽŶ 'ƌĞĞŶůŝŶĞ ^ǇƐƚĞŵ ŝŶĐůƵĚĞƐ ƚŚĞ ƉƌŽũĞĐƚ ƐŝƚĞ ĂƐ Ă ĐŽŶŶĞĐƚŝǀŝƚǇ ƉŽŝŶƚ ǁŝƚŚŝŶ ƚŚĞ ZŽŶĚŽƵƚ
ƐĞŐŵĞŶƚůŝŶŬŝŶŐ<ŝŶŐƐƚŽŶWŽŝŶƚWĂƌŬĂŶĚƚŚĞƉƌŽƉŽƐĞĚ,ƵĚƐŽŶ>ĂŶĚŝŶŐWƌŽŵĞŶĂĚĞďǇĐŽŶǀĞƌƚŝŶŐEŽƌƚŚ
^ƚƌĞĞƚƚŽĂĐŽŵƉůĞƚĞƐƚƌĞĞƚĨĞĂƚƵƌŝŶŐƉĞĚĞƐƚƌŝĂŶĂŶĚďŝĐǇĐůĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ĐĐŽƌĚŝŶŐƚŽŝŶĨŽƌŵĂƚŝŽŶŽŶ
ƚŚĞ<ŝŶŐƐƚŽŶ>ĂŶĚdƌƵƐƚǁĞďƐŝƚĞ͕ƚŚĞsZ,ƵĚƐŽŶ>ĂŶĚŝŶŐWƌŽŵĞŶĂĚĞWƌŽũĞĐƚ;ŶŽƚŝŶĐůƵĚŝŶŐƚŚĞEŽƌƚŚ
^ƚƌĞĞƚ ƐĞŐŵĞŶƚͿ ŝƐ ƉƌŽƉŽƐĞĚ ĨŽƌ ĐŽŶƐƚƌƵĐƚŝŽŶ ŝŶ ^ƉƌŝŶŐ ϮϬϭϴ͕ ĂŶĚ ǁŝůů ŝŶĐůƵĚĞ ƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ Ă
ƉĂƌŬŝŶŐůŽƚŝŵŵĞĚŝĂƚĞůǇŶŽƌƚŚŽĨƚŚĞ,ƵƚƚŽŶƌŝĐŬǇĂƌĚƐƐŝƚĞ͘dŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨWŚĂƐĞϮǁŝůůƐƵƉƉŽƌƚ
ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϴŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ


ƚŚĞƉůĂŶŶŝŶŐŐŽĂůƐŽĨƚŚĞ'ƌĞĞŶůŝŶĞƐǇƐƚĞŵďǇŝŶĐůƵĚŝŶŐĂƉĞĚĞƐƚƌŝĂŶĐŽŶŶĞĐƚŝŽŶďĞƚǁĞĞŶ<ŝŶŐƐƚŽŶWŽŝŶƚ
ĞĂĐŚĂŶĚ,ƵƚƚŽŶƌŝĐŬǇĂƌĚƐ;ǁŝƚŚĞǀĞŶƚƵĂůĐŽŶŶĞĐƚŝŽŶƚŽƚŚĞ,ƵĚƐŽŶ>ĂŶĚŝŶŐƉƌŽƉĞƌƚǇͿ͘
<ŝŶŐƐƚŽŶtĂƐƚĞǁĂƚĞƌdƌĞĂƚŵĞŶƚWůĂŶƚʹ>ŽŶŐdĞƌŵĂƉŝƚĂůWůĂŶZĞƉŽƌƚ
/Ŷ DĂǇϮϬϭϱ͕ƚŚĞŝƚǇŽĨ<ŝŶŐƐƚŽŶĚĞǀĞůŽƉĞĚĂ>ŽŶŐͲdĞƌŵĂƉŝƚĂůWůĂŶĨŽƌŝŵƉƌŽǀĞŵĞŶƚƐƚŽƚŚĞŝƚǇ͛Ɛ
tĂƐƚĞǁĂƚĞƌdƌĞĂƚŵĞŶƚWůĂŶƚ;ttdWͿĚƵĞƚŽŝƚƐĂŐŝŶŐĞƋƵŝƉŵĞŶƚ͕ĂŶƚŝĐŝƉĂƚĞĚƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͕
ĂŶĚŐƌŽǁƚŚ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞƉůĂŶĞǀĂůƵĂƚĞƐƚŚĞĨůŽŽĚŝŶŐŝƐƐƵĞƐĞŶĐŽƵŶƚĞƌĞĚĂƚƚŚĞttdW͘dŚĞƉƌŽũĞĐƚ
ƐŝƚĞŝƐŝĚĞŶƚŝĨŝĞĚĂƐĂƉŽƚĞŶƚŝĂůƐŝƚĞĨŽƌĂttdWƵŶĚĞƌůƚĞƌŶĂƚŝǀĞϮʹZĞůŽĐĂƚŝŽŶŽĨƚŚĞttdW͕ǁŚŝĐŚ
ĐŽŶƐŝĚĞƌĞĚ ƚŽ ŵĞĞƚ ƚŚĞ ŝƚǇ͛Ɛ ůŽŶŐ ƚĞƌŵ ŶĞĞĚƐ͕ ƉŽƐƚͲϮϬϯϱ͘ dŚĞ ǀĂĐĂŶƚ ĐŽŵŵĞƌĐŝĂů ƉĂƌĐĞů ŝƐ
ƌĞĐŽŵŵĞŶĚĞĚĚƵĞƚŽŝƚƐƐŝǌĞ͕ƚŚĞĂďŝůŝƚǇŽĨƵƉůĂŶĚĂƌĞĂƐ;ǁĞƐƚŽĨEŽƌƚŚ^ƚƌĞĞƚʹŽĨĨƚŚĞĐƵƌƌĞŶƚƉƌŽũĞĐƚ
ƐŝƚĞͿ ƚŽ ǁŝƚŚƐƚĂŶĚ ĨůŽŽĚŝŶŐ ĂŶĚ ƐĞĂͲůĞǀĞů ƌŝƐĞ͕ ƌĞĂƐŽŶĂďůĞ ĐŽŶƐƚƌƵĐƚĂďŝůŝƚǇ͕ ĂŶĚ ĂďŝůŝƚǇ ƚŽ ĂǀŽŝĚ
ĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚƐ͘
dŚĞ ƉƌŽƉŽƐĞĚ ƉƌŽũĞĐƚ ŝƐ ƐĞĞŬŝŶŐ Ă ĨŝǀĞͲǇĞĂƌ ƐƉĞĐŝĂů ƉĞƌŵŝƚ ĨŽƌ ƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ Ă ŚŽƐƉŝƚĂůŝƚǇ ĂŶĚ
ĨĞƐƚŝǀĂůǀĞŶƵĞĂŶĚĐŽŶƚŝŶƵĞĚŽƉĞƌĂƚŝŽŶŽĨĂĨůĞĂŵĂƌŬĞƚĂŶĚĨŽŽĚǀĞŶĚŝŶŐƵƐĞ͘dŚĞƉƌŽƉĞƌƚǇŝƐƉƌŝǀĂƚĞůǇ
ŽǁŶĞĚĂŶĚƌĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞǁĂƚĞƌĨƌŽŶƚŝƐĂƐƚĂƚĞĚŐŽĂůŽĨƚŚĞŝƚǇŽĨ<ŝŶŐƐƚŽŶ͘dŚĞƌĞĨŽƌĞ͕ĂůƚŚŽƵŐŚ
ƚŚĞŝƚǇĐŽŶƐŝĚĞƌĞĚƚŚĞƐŝƚĞĨŽƌƌĞůŽĐĂƚŝŽŶŽĨƚŚĞttdW;ǁŚŝĐŚǁĂƐŽŶĞŽĨƚǁŽĂůƚĞƌŶĂƚŝǀĞƐĨŽƌƌĞƐŽůǀŝŶŐ
ǁĂƐƚĞǁĂƚĞƌ ŝƐƐƵĞƐͿ͕ ƚŚĞ ƉƌŽƉŽƐĞĚ ƉƌŽũĞĐƚ ďǇ ƚŚĞ ƐŝƚĞ͛Ɛ ŽǁŶĞƌ ƚŽ ƌĞĚĞǀĞůŽƉ ƚŚĞ ƉƌŽƉĞƌƚǇ ŝƐ ĐŽŶƐŝƐƚĞŶƚ
ǁŝƚŚƚŚĞŝƚǇ͛ƐŽďũĞĐƚŝǀĞƐĂŶĚŐŽĂůƐ͘
Ϯ͘ϭ͘ϰ ŽŶĐůƵƐŝŽŶ
dŚĞ ƉƌŽƉŽƐĞĚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ WŚĂƐĞ Ϯ ǁŽƵůĚ ĂůůŽǁ ƚƌĂŶƐĨŽƌŵĂƚŝŽŶ ŽĨ ƚŚĞ ,ƵƚƚŽŶ ƌŝĐŬǇĂƌĚƐ ŝŶƚŽ Ă
ĐĞŶƚĞƌĨŽƌĞŶƚĞƌƚĂŝŶŵĞŶƚ͕ĨĞƐƚŝǀĂůƐ͕ƉƵďůŝĐŵĂƌŬĞƚƐ͕ĂŶĚŽƚŚĞƌŚŽƐƉŝƚĂůŝƚǇƵƐĞƐƚŚĂƚƉƌŽŵŝƐĞƚŽďƌŝŶŐŶĞǁ
ǀŝƐŝƚŽƌƐ͕ƌĞǀĞŶƵĞĂŶĚũŽďƐƚŽƚŚĞŝƚǇŽĨ<ŝŶŐƐƚŽŶĂŶĚƚŚĞDŝĚͲ,ƵĚƐŽŶsĂůůĞǇ͘ƐƚŚĞƵƐĞŝƐƉĞƌŵŝƚƚĞĚďǇ
ƐƉĞĐŝĂů ƉĞƌŵŝƚ ƉƵƌƐƵĂŶƚ ƚŽ ŽŶŝŶŐ ^ĞĐƚŝŽŶ ϰϬϱͲϮϱ͕ ĐŽŵƉůŝĂŶƚ ǁŝƚŚ ǌŽŶŝŶŐ͕ ĂŶĚ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƉƵďůŝĐ
ƉŽůŝĐǇ͕ŶŽĂĚǀĞƌƐĞŝŵƉĂĐƚƐƌĞůĂƚĞĚƚŽǌŽŶŝŶŐǁŽƵůĚŽĐĐƵƌ͘
Ϯ͘Ϯ hƚŝůŝƚŝĞƐ
Ϯ͘Ϯ͘ϭ tĂƚĞƌĂŶĚtĂƐƚĞǁĂƚĞƌ
dŚĞƉƌŽũĞĐƚƐŝƚĞŝƐůŽĐĂƚĞĚŝŶƚŚĞŝƚǇŽĨ<ŝŶŐƐƚŽŶtĂƚĞƌŝƐƚƌŝĐƚ;<tͿ͘ŶĞǆŝƐƚŝŶŐĞŝŐŚƚͲŝŶĐŚǁĂƚĞƌŵĂŝŶ
ƚƌĂǀĞůƐĂůŽŶŐEŽƌƚŚ^ƚƌĞĞƚ͕ĂŶĚƚƌĂǀĞůƐĞĂƐƚƉĂƐƚƵŝůĚŝŶŐƐηϮ͕ηϯ͕ηϰ͕ĂŶĚηϲƚŽƚŚĞƐŚŽƌĞůŝŶĞ͘ƵŝůĚŝŶŐηϮ
ŝƐĐƵƌƌĞŶƚůǇĐŽŶŶĞĐƚĞĚǀŝĂĂŽŶĞͲŝŶĐŚƐĞƌǀŝĐĞůŝŶĞ͘ƵŝůĚŝŶŐƐηϯĂŶĚηϰǁŝůůďĞĐŽŶŶĞĐƚĞĚǀŝĂĂĨŽƵƌͲŝŶĐŚ
ĨŝƌĞƐƵƉƉƌĞƐƐŝŽŶůŝŶĞĂŶĚĂƚǁŽͲŝŶĐŚƐĞƌǀŝĐĞůŝŶĞƚĂƉƉŝŶŐŝŶƚŽƚŚĞĞǆŝƐƚŝŶŐĞŝŐŚƚͲŝŶĐŚůŝŶĞ͘ƵŝůĚŝŶŐƐηϯĂŶĚ
ηϰ ǁŝůů ďĞ ĐŽŶŶĞĐƚĞĚ ǀŝĂ Ă ŶĞǁ ƐĞƌǀŝĐĞ ůŝŶĞ͕ ĂůƐŽ ƚĂƉƉŝŶŐ ŝŶƚŽ ƚŚĞ ĞǆŝƐƚŝŶŐ ĞŝŐŚƚͲŝŶĐŚ ǁĂƚĞƌ ůŝŶĞ͘ dŚĞ
͞ŐůĂŵƉŝŶŐ͟ ĂƌĞĂ ǁŝůů ďĞ ĐŽŶŶĞĐƚĞĚ ǀŝĂ Ă ϭ Ъ ŝŶĐŚ ƐĞĂƐŽŶĂů ǁĂƚĞƌ ůŝŶĞ͕ ĂŶĚ ǁŝůů ĨĞĂƚƵƌĞ ĨŽƵƌ ǇĂƌĚ
ŚǇĚƌĂŶƚƐ͘ ƵŝůĚŝŶŐ ηϭ ǁŝůů ĂůƐŽ ĐŽŶŶĞĐƚ ǀŝĂ Ă ϭ Ъ ŝŶĐŚ ƐĞĂƐŽŶĂů ǁĂƚĞƌ ůŝŶĞ͕ ĂŶĚ Ă ǇĂƌĚ ŚǇĚƌĂŶƚ ǁŝůů ďĞ
ůŽĐĂƚĞĚŝŵŵĞĚŝĂƚĞůǇŶŽƌƚŚ͘dŚĞĐĂƌĞƚĂŬĞƌĐŽƚƚĂŐĞǁŝůůĐŽŶŶĞĐƚƚŽƚŚĞĞŝŐŚƚͲŝŶĐŚǁĂƚĞƌŵĂŝŶƚŚĂƚƚƌĂǀĞůƐ
ĂůŽŶŐEŽƌƚŚ^ƚƌĞĞƚ͘ŝƚǇĂƉƉƌŽǀĞĚǁĂƚĞƌŵĞƚĞƌ͕ǁĂƚĞƌƐŚƵƚŽĨĨĂŶĚĐŽƉƉĞƌǁĂƚĞƌƐĞƌǀŝĐĞůŝŶĞǁŝůůďĞ
ŝŶƐƚĂůůĞĚĨŽƌƚŚĞƌĞƐŝĚĞŶĐĞ͘
dŚĞŝƚǇŽĨ<ŝŶŐƐƚŽŶŽǁŶƐĂŶĚŽƉĞƌĂƚĞƐƐĞǁĂŐĞĐŽůůĞĐƚŝŽŶĂŶĚƚƌĞĂƚŵĞŶƚĨĂĐŝůŝƚŝĞƐ͘ŶĞǆŝƐƚŝŶŐƐĂŶŝƚĂƌǇ
ůŝŶĞƚƌĂǀĞůƐĂůŽŶŐEŽƌƚŚ^ƚƌĞĞƚ͕ĂŶĚĐŽŶŶĞĐƚƐƚŽĂŶĞǆŝƐƚŝŶŐƐŝǆͲŝŶĐŚůŝŶĞƚŚĂƚƚĞƌŵŝŶĂƚĞƐĂƚĂŵĂŶŚŽůĞŝŶ
ƚŚĞǀŝĐŝŶŝƚǇŽĨƵŝůĚŝŶŐƐηϮ͕ηϯ͕ηϰĂŶĚηϲ͘ƵŝůĚŝŶŐƐηϮĂŶĚηϯǁŝůůďĞĐŽŶŶĞĐƚĞĚƚŽƚŚĞĞǆŝƐƚŝŶŐƐŝǆͲŝŶĐŚ
ůŝŶĞ͘ Ŷ ĞǆŝƐƚŝŶŐ ŐƌŝŶĚĞƌ ƉƵŵƉ ƐƚĂƚŝŽŶ ƚŚĂƚ ƉƌĞƐĞŶƚůǇ ƐĞƌǀĞƐ ƵŝůĚŝŶŐ ϲ ǁŝůů ďĞ ƵƉŐƌĂĚĞĚ ƚŽ ŚĂŶĚůĞ ƚŚĞ
ĂĚĚŝƚŝŽŶĂůǁĂƐƚĞǁĂƚĞƌŐĞŶĞƌĂƚĞĚďǇƚŚĞŶĞǁƐĂŶŝƚĂƌǇĨŝǆƚƵƌĞƐƐĞƌǀŝŶŐƚŚĞƚĂůĞŶƚĂƌĞĂďĂĐŬŽĨŚŽƵƐĞ͘dŚĞ
ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϵŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ


ƵƉŐƌĂĚĞĚ ƉƵŵƉ ƐƚĂƚŝŽŶ ǁŝůů ƐĞƌǀĞ ƵŝůĚŝŶŐƐ ηϰ ĂŶĚ ηϲ͕ ĂŶĚ ǁŝůů ƉƵŵƉ ǁĂƐƚĞǁĂƚĞƌ ƚŽ ƚŚĞ ĞǆŝƐƚŝŶŐ
ŵĂŶŚŽůĞ ĂŶĚ ŽŶƚŽ ƚŚĞ ĞǆŝƐƚŝŶŐ ƐŝǆͲŝŶĐŚ ƐĞƌǀŝĐĞ ŵĂŝŶ ůŽĐĂƚĞĚ ďĞŶĞĂƚŚ EŽƌƚŚ ^ƚƌĞĞƚ͘ ^ĞǁĞƌ ĐŽŶŶĞĐƚŝŽŶ
ǁŝƚŚĂWsƐĞǁĞƌůĂƚĞƌĂůǁŝůůďĞŵĂĚĞƚŽƚŚĞĞǆŝƐƚŝŶŐƐĂŶŝƚĂƌǇůŝŶĞƚŚĂƚƚƌĂǀĞůƐĂůŽŶŐEŽƌƚŚ^ƚƌĞĞƚĨŽƌƚŚĞ
ĐĂƌĞƚĂŬĞƌĐŽƚƚĂŐĞ͘
dĂďůĞϯƉƌĞƐĞŶƚƐƚŚĞĞƐƚŝŵĂƚĞĚŐĂůůŽŶƐƉĞƌĚĂǇ;'WͿĂŶƚŝĐŝƉĂƚĞĚĨŽƌǁĂƚĞƌĂŶĚǁĂƐƚĞǁĂƚĞƌƵƐĞĨŽƌƚŚĞ
ŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨWŚĂƐĞϮ͘

dĂďůĞϯ͗tĂƚĞƌĞŵĂŶĚĂŶĚtĂƐƚĞǁĂƚĞƌ'ĞŶĞƌĂƚŝŽŶ
>ŽĂĚŝŶŐ ǀĞƌĂŐĞĂŝůǇ
dǇƉĞŽĨhƐĞ hŶŝƚ hŶŝƚYƚǇ
ZĂƚĞ;ŐƉĚͿϭ &ůŽǁ;ŐƉĚͿ
KĨĨŝĐĞ^ƉĂĐĞ͕ƵŝůĚŝŶŐEŽ͘ϭ WĞƌŵƉůŽǇĞĞϮ ϭϬϬ ϭϱ ϭ͕ϱϬϬ
,ŽƚĞů͕ƵŝůĚŝŶŐEŽ͘Ϯ WĞƌ^ůĞĞƉŝŶŐhŶŝƚ ϭ ϭϱϬ ϭϱϬ
,ŽƚĞů͕ƵŝůĚŝŶŐEŽ͘ϯ WĞƌ^ůĞĞƉŝŶŐhŶŝƚ ϭϲ ϭϱϬ Ϯ͕ϰϬϬ
ƐƐĞŵďůǇ,Ăůů͕ƵŝůĚŝŶŐEŽ͘ϰ WĞƌ^ĞĂƚ ϭϬϬ ϱ ϱϬϬ
ŽŶĐĞƌƚ,ĂůůƌĞĂ͕ƵŝůĚŝŶŐEŽ͘ϲ WĞƌ^ĞĂƚϯ ϯϱϬϬ ϱ ϭϳ͕ϱϬϬ
&ŽŽĚWƌĞƉĂƌĂƚŝŽŶ͕ƵŝůĚŝŶŐEŽ͘ϲ WĞƌ^ĞĂƚϰ ϯϱ ϭϬ ϯϱϬ
ĂƌĞƚĂŬĞƌΖƐZĞƐŝĚĞŶĐĞ WĞƌĞĚƌŽŽŵ Ϯ ϭϱϬ ϯϬϬ
WĞƌhŶƐĞǁĞƌĞĚ
ĂŵƉŐƌŽƵŶĚ ϯϲ ϱϱ ϭ͕ϵϴϬ
^ŝƚĞ
dŽƚĂů Ϯϰ͕ϲϴϬ
EŽƚĞƐ͗
ϭWĞƌEĞǁzŽƌŬ^ƚĂƚĞĞƉĂƌƚŵĞŶƚŽĨŶǀŝƌŽŶŵĞŶƚĂůŽŶƐĞƌǀĂƚŝŽŶ;Ez^ͿĞƐŝŐŶ^ƚĂŶĚĂƌĚƐĨŽƌ/ŶƚĞƌŵĞĚŝĂƚĞ^ŝǌĞĚtĂƐƚĞǁĂƚĞƌ
dƌĞĂƚŵĞŶƚ^ǇƐƚĞŵƐ;DĂƌĐŚϮϬϭϰͿ͘
ϮƐƐƵŵĞĚŶƵŵďĞƌŽĨĞǀĞŶƚƐƵƉƉŽƌƚƐƚĂĨĨ
ϯƐƌĞƉŽƌƚĞĚŶƵŵďĞƌŽĨĂƚƚĞŶĚĞĞƐĂƚĐŽŶĐĞƌƚŚĂůů
ϰƐƐƵŵĞĚŶƵŵďĞƌŽĨƉĞƌƐŽŶƐĨŽŽĚƉƌĞƉĂƌĂƚŝŽŶĂƌĞĂǁŝůůƐƵƉƉŽƌƚŝŶĂ͕ĂƐƌĞƉŽƌƚĞĚ͕ΗĂŶƋƵĞƚ,ĂůůΗƐƚǇůĞŽĨƐĞƌǀŝŶŐ
dŚĞŝƚǇŽĨ<ŝŶŐƐƚŽŶtĂƚĞƌĂŶĚ^ĞǁĞƌŝƐƚƌŝĐƚŚĂǀĞƐƵĨĨŝĐŝĞŶƚĐĂƉĂĐŝƚǇƚŽƐĞƌǀĞƚŚĞƉƌŽũĞĐƚƐŝƚĞ͕ĂŶĚǁŝƚŚ
ƚŚĞƉƌŽƉŽƐĞĚƐĂŶŝƚĂƌǇŝŵƉƌŽǀĞŵĞŶƚƐƚŚĞƌĞǁŝůůďĞŶŽĂĚǀĞƌƐĞŝŵƉĂĐƚƐƚŽŵƵŶŝĐŝƉĂůǁĂƚĞƌŽƌǁĂƐƚĞǁĂƚĞƌ
ĐĂƉĂĐŝƚǇ͘
Ϯ͘Ϯ͘Ϯ ^ƚŽƌŵǁĂƚĞƌ

^ƚŽƌŵǁĂƚĞƌ WŽůůƵƚŝŽŶ WƌĞǀĞŶƚŝŽŶ WůĂŶ ;^tWWWͿ ǁĂƐ ƉƌĞƉĂƌĞĚ ĨŽƌ ƚŚĞ ,ƵƚƚŽŶ ƌŝĐŬǇĂƌĚƐ ĚƵƌŝŶŐ ƚŚĞ
ϮϬϭϲ ƉĞƌŵŝƚƚŝŶŐ ĨŽƌ ƚŚĞ ŵĂƌŬĞƚ ƵƐĞ͘ dŚĞ ^tWWW ŝŶĐůƵĚĞĚ ƚŚĞ ĨŽůůŽǁŝŶŐ ŐƌĞĞŶ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƉůĂŶŶŝŶŐ
ĂŶĚƌĞĚƵĐƚŝŽŶƚĞĐŚŶŝƋƵĞƐ͕ǁŚŝĐŚƐĂƚŝƐĨŝĞĚƚŚĞƉƌŽũĞĐƚƌĞƋƵŝƌĞŵĞŶƚƐ͗

x ŝŽƌĞƚĞŶƚŝŽŶĨŝůƚĞƌƐ͕ƚƌĞĞƉůĂŶƚŝŶŐƐ͕ĂŶĚƐŽŝůƌĞƐƚŽƌĂƚŝŽŶ͘

ŶĂŵĞŶĚŵĞŶƚŚĂƐďĞĞŶƉƌĞƉĂƌĞĚƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞĂĚĚŝƚŝŽŶŽĨĂƐŚƵƚƚůĞďƵƐĚƌŽƉͲŽĨĨŽŶĞůĂǁĂƌĞ
ǀĞŶƵĞ͕ƚŚĞƌĞĐŽŶĨŝŐƵƌĞĚĚƌŝǀĞǁĂǇĂůŝŐŶŵĞŶƚĂŶĚƉĂƌŬŝŶŐůŽƚĂƚƵŝůĚŝŶŐηϭ͕ƚŚĞĂĚĚŝƚŝŽŶŽĨĂƚĞŵƉŽƌĂƌǇ
ĂĐĐĞƐƐ ƌŽĂĚ ĂŶĚ ƐƚŽƌŵ ƐĞǁĞƌ ŶĞƚǁŽƌŬ ĨŽƌ ƵŝůĚŝŶŐ ηϯ͕ ŶĞǁ ůŝŵŝƚƐ ŽĨ ĐůĞĂƌŝŶŐ ĂŶĚ ŐƌƵďďŝŶŐ ĨŽƌ ƚŚĞ
͞'ůĂŵƉŝŶŐ͟ŽƌƚĞŵƉŽƌĂƌǇĐĂŵƉŝŶŐĂƌĞĂ͕ĂŶĚĂĚĚŝƚŝŽŶŽĨĂƚƵƌŶĂƌŽƵŶĚĂƚƚŚĞEŽƌƚŚ^ƚƌĞĞƚĞŶƚƌǇƚŽƚŚĞ
ƐŝƚĞ͘dŚĞĨŝƌƐƚƉŚĂƐĞŽĨĐŽŶƐƚƌƵĐƚŝŽŶǁĂƐĐŽŵƉůĞƚĞĚ^ĞƉƚĞŵďĞƌϮϬϭϲ͘
ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϭϬŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ


dŚĞ ĂŵĞŶĚĞĚ ^tWWW ŝƐ ĂŶƚŝĐŝƉĂƚĞĚ ƚŽ ďĞ ŝŶ ĐŽŶĨŽƌŵĂŶĐĞ ǁŝƚŚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ Ez^
^ƚŽƌŵǁĂƚĞƌ DĂŶĂŐĞŵĞŶƚ ĞƐŝŐŶ DĂŶƵĂů͕ ĂŶĚ ĂƉƉƌŽǀĂů ƵŶĚĞƌ EĞǁ zŽƌŬ ^ƚĂƚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ
ŶǀŝƌŽŶŵĞŶƚĂů ŽŽƌĚŝŶĂƚŝŽŶ ;Ez^Ϳ ^ƚĂƚĞ WŽůůƵƚĂŶƚ ŝƐĐŚĂƌŐĞ ůŝŵŝŶĂƚŝŽŶ ^ǇƐƚĞŵ ;^W^Ϳ 'ĞŶĞƌĂů
WĞƌŵŝƚ'WͲϬͲϭϱͲϬϬϮ;ĨŽƌƐƚŽƌŵǁĂƚĞƌƌƵŶͲŽĨĨĨƌŽŵĐŽŶƐƚƌƵĐƚŝŽŶĂĐƚŝǀĞƐͿŝƐďĞŝŶŐƐŽƵŐŚƚ͘
Ϯ͘Ϯ͘ϯ ůĞĐƚƌŝĐĂŶĚ'ĂƐ
ŽŽƌĚŝŶĂƚŝŽŶ ǁŝƚŚ ĞŶƚƌĂů ,ƵĚƐŽŶ 'ĂƐ ĂŶĚ ůĞĐƚƌŝĐ ;ĞŶƚƌĂů ,ƵĚƐŽŶͿ ƚŽ ďƌŝŶŐ ƚŚƌĞĞ ƉŚĂƐĞ ƉŽǁĞƌ
ƚƌĂŶƐŵŝƐƐŝŽŶƚŽƚŚĞƐŝƚĞŝƐƵŶĚĞƌǁĂǇ͘dǁŽ͕ϮϯϬŬŝůŽǁĂƚƚŐĞŶĞƌĂƚŽƌƐǁŝůůďĞƵƐĞĚƚŽƉŽǁĞƌƉƌŽĚƵĐƚŝŽŶƐŽŶ
ƐŝƚĞ͘WĞƌWĂƌƚϮϬϭͲϯ͘Ϯ;ĐͿ;ϯͿƚŚĞŐĞŶĞƌĂƚŽƌƐĂƌĞĞǆĞŵƉƚĨƌŽŵƐƚĂƚĞĂŝƌƌĞŐŝƐƚƌĂƚŝŽŶ͘
Ϯ͘ϯ dƌĂĨĨŝĐĂŶĚdƌĂĨĨŝĐDĂŶĂŐĞŵĞŶƚWůĂŶ
Ϯ͘ϯ͘ϭ dƌĂĨĨŝĐ

EŽƌƚŚ ^ƚƌĞĞƚ ƌŝĐŬǇĂƌĚƐ ŝŶƚĞŶĚƐ ƚŽ ŽƉĞƌĂƚĞ ĞŝŐŚƚ ƚŽ ƚĞŶ ǁĞĞŬĞŶĚƐ Ă ǇĞĂƌ͕ ǁŝƚŚ ƚŚĞ ŵĂũŽƌŝƚǇ ŽĨ ĞǀĞŶƚƐ
ŽĐĐƵƌƌŝŶŐ ǁĞĞŬĞŶĚĂĨƚĞƌŶŽŽŶƐĂŶĚĞǀĞŶŝŶŐƐ͕ĂŶĚ ŽĐĐĂƐŝŽŶĂůǁĞĞŬĚĂǇĞǀĞŶŝŶŐƐ͘dŚĞ ĞǀĞŶƚƐĞĂƐŽŶǁŝůů
ŐĞŶĞƌĂůůǇ ŽĐĐƵƌ ďĞƚǁĞĞŶ DĂǇ ĂŶĚ KĐƚŽďĞƌ͕ ǁŝƚŚ ƐŽŵĞ ĞǀĞŶƚƐ ŽĐĐƵƌƌŝŶŐ ĚƵƌŝŶŐ ƚŚĞ ƌĞŵĂŝŶŝŶŐ ǇĞĂƌ͘
'ĂƚĞƐǁŝůůďĞŽƉĞŶƚŽƚŝĐŬĞƚŚŽůĚĞƌƐ;ƵƉƚŽͿƚǁŽĂŶĚŽŶĞͲŚĂůĨŚŽƵƌƐ;ǁŚĞŶƉŽƐƐŝďůĞͿŝŶĂĚǀĂŶĐĞŽĨƚŚĞ
ƐŚŽǁƚŽƉƌŽǀŝĚĞĂŵƉůĞƚŝŵĞĨŽƌƉĂƌŬŝŶŐĂŶĚƐŚƵƚƚůŝŶŐƚŽƚŚĞƐŚŽǁ͘ǀĞŶŝŶŐƐŚŽǁƐĂƌĞƚŽĐŽŵŵĞŶĐĞĂƚ
ϴ͗ϬϬW͘D͘;ŽƌϳW͘D͘ŽŶ^ƵŶĚĂǇƐĂŶĚϳ͗ϯϬW͘D͘ŽŶǁĞĞŬĚĂǇƐͿĂŶĚǁŝůůĞŶĚŶŽůĂƚĞƌƚŚĂŶϭϬ͗ϯϬW͘D͘

dŚĞĞƐƚŝŵĂƚĞĚŶƵŵďĞƌŽĨǀĞŚŝĐůĞƚƌŝƉƐŐĞŶĞƌĂƚĞĚďǇƉƌŽƉŽƐĞĚĐŽŶĐĞƌƚƐŽƌĨĞƐƚŝǀĂůƐŚĂƐďĞĞŶĞƐƚĂďůŝƐŚĞĚ
ďĂƐĞĚŽŶƚŚĞĨŽůůŽǁŝŶŐĐŽŶƐĞƌǀĂƚŝǀĞĂƐƐƵŵƉƚŝŽŶƐ͗

x DĂǆŝŵƵŵǀŝƐŝƚŽƌůĞǀĞůŽĨϯ͕ϱϬϬƉĞŽƉůĞŽŶͲƐŝƚĞĂƚĂŶǇŐŝǀĞŶƚŝŵĞ͘
x ϳϱйŽĨŵĂǆŝŵƵŵůĞǀĞůĂƌƌŝǀĞƐĚƵƌŝŶŐĂŽŶĞͲŚŽƵƌƉĞƌŝŽĚсϮ͕ϲϮϱƉĞŽƉůĞƉĞĂŬĂƌƌŝǀĂůƐ
x sĞŚŝĐůĞŽĐĐƵƉĂŶĐǇƌĂƚĞŽĨϮ͘ϬƉĞƌƐŽŶƐͬǀĞŚŝĐůĞсϭ͕ϯϭϯǀĞŚŝĐůĞƐĞŶƚĞƌŝŶŐŝŶƉĞĂŬĂƌƌŝǀĂůƉĞƌŝŽĚ

&ƌŽŵƚŚĞƐĞĂƐƐƵŵƉƚŝŽŶƐ͕ŝƚŝƐĞƐƚŝŵĂƚĞĚƚŚĂƚϭ͕ϯϭϯǀĞŚŝĐůĞƐǁŝůůĞŶƚĞƌƚŚĞƐŝƚĞĚƵƌŝŶŐƚŚĞƉĞĂŬƉĞƌŝŽĚŽĨ
ƚŚĞƚƌĂĨĨŝĐŐĞŶĞƌĂƚŽƌ;ϲ͗ϯϬW͘D͘ʹϳ͗ϯϬW͘D͘Ϳ͘
Ϯ͘ϯ͘Ϯ dƌĂĨĨŝĐDĂŶĂŐĞŵĞŶƚWůĂŶ

ƵƌŝŶŐƉƌŝǀĂƚĞƉĂƌƚŝĞƐĂŶĚŽƚŚĞƌƐŵĂůůŐĂƚŚĞƌŝŶŐƐ͕ƚŚĞĞŶƚƌǇƉůĂǌĂƉƌŽǀŝĚŝŶŐĂĐĐĞƐƐƚŽƚŚĞŶŽƌƚŚƉĂƌŬŝŶŐ
ĂƌĞĂ ǁŝůů ĂůůŽǁ ĨŽƌ ǀĞŚŝĐůĞ ĚƌŽƉ ŽĨĨ ĂŶĚ ůŝŵŝƚĞĚ ƐŚŽƌƚͲƚĞƌŵ ƉĂƌŬŝŶŐ͘ dŽƚĂů ƉĂƌŬŝŶŐ ŝƐ ĂǀĂŝůĂďůĞ ĨŽƌ
ĂƉƉƌŽǆŝŵĂƚĞůǇϭ͕ϬϱϵǀĞŚŝĐůĞƐĂĐƌŽƐƐƚŚĞƚŚƌĞĞƉĂƌŬŝŶŐůŽƚƐ;ŶŽƌƚŚ͕ǁĞƐƚĂŶĚƐŽƵƚŚͿ͘

&ŽƌůĂƌŐĞĐŽŶĐĞƌƚĞǀĞŶƚƐ͕ƚŚĞƉůĂǌĂǁŝůůďĞĐůŽƐĞĚƚŽǀĞŚŝĐƵůĂƌĂĐĐĞƐƐĂŶĚǁŝůůďĞĐŽŵĞĂŐĂƚŚĞƌŝŶŐƐƉŽƚ
ĨŽƌ ĐŽŶĐĞƌƚ ƉĂƚƌŽŶƐ ďĞĨŽƌĞ ƉĂƐƐŝŶŐ ƚŚƌŽƵŐŚ ƚŝĐŬĞƚŝŶŐ ĂŶĚ ƐĞĐƵƌŝƚǇ͘ 'ƵĞƐƚƐ ǁŝůů ďĞ ĂďůĞ ƚŽ ƉƵƌĐŚĂƐĞ
ƉĞƌŵŝƐƐŝŽŶƚŽƉĂƌŬŽŶƐŝƚĞĚƵƌŝŶŐƚŝĐŬĞƚƉƵƌĐŚĂƐĞ͘dŝĐŬĞƚŚŽůĚĞƌƐǁŚŽŚĂǀĞŶŽƚĐŚŽƐĞŶƚŽƉƵƌĐŚĂƐĞŽŶ
ƐŝƚĞƉĂƌŬŝŶŐ͕ŽƌŽŶĐĞĂůůŽŶƐŝƚĞƉĂƌŬŝŶŐƐƉĂĐĞƐĂƌĞƐŽůĚ͕ǁŝůůďĞƉƌŽǀŝĚĞĚĚŝƌĞĐƚŝŽŶƐƚŽĂƐƐŝŐŶĞĚŽĨĨƐŝƚĞ
ƉĂƌŬŝŶŐůŽƚƐĨĞĂƚƵƌŝŶŐƐŚƵƚƚůĞƐĞƌǀŝĐĞƚŽĂŶĚĨƌŽŵƚŚĞĞǀĞŶƚ͘

^ŚƵƚƚůĞƐǁŝůůĚŝƐĞŵďĂƌŬĂƚƚŚĞƉƌŽƉŽƐĞĚĞůĂǁĂƌĞǀĞŶƵĞƐŚƵƚƚůĞďƵƐĚƌŽƉͲŽĨĨ;ƐĞĞƉƉĞŶĚŝǆͿ͕ǁŚŝĐŚ
ǁŽƵůĚƉƌŽǀŝĚĞĂĐĐĞƐƐƚŽ ƚŚĞǀĞŶƵĞǀŝĂĂǁŽŽĚůĂŶĚƉĂƚŚ͘ KĨĨƐŝƚĞƉĂƌŬŝŶŐĂƌĞĂƐƚŽƚĂůŝŶŐĂƉƉƌŽǆŝŵĂƚĞůǇ
ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϭϭŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ


ϱϲϬƐƉĂĐĞƐŝŶĐůƵĚĞƚŚĞ<ŝŶŐƐƚŽŶƵƐŝŶĞƐƐWĂƌŬĂŶĚ:ŽŚŶ&<ĞŶŶĞĚǇůĞŵĞŶƚĂƌǇ^ĐŚŽŽů͕ǁŚŝĐŚĂƌĞůŽĐĂƚĞĚ
ǁŝƚŚŝŶ Ă ϱ ŵŝŶƵƚĞ ĚƌŝǀĞ ƚŽ ƚŚĞ ƐŝƚĞ ďǇ ƐŚƵƚƚůĞ͘ ^ŝŐŶĂŐĞ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ƐŚƵƚƚůĞ ƐĞƌǀŝĐĞ ǁŝůů ďĞ ƉŽƐƚĞĚ ŝŶ
ĐŽŶƐƉŝĐƵŽƵƐůŽĐĂƚŝŽŶƐ͘

dŚĞĞůĂǁĂƌĞǀĞŶƵĞƐŚƵƚƚůĞďƵƐĚƌŽƉͲŽĨĨǁŽƵůĚĂůƐŽďĞƵƐĞĚďǇƚŚĞ<ŝŶŐƐƚŽŶŝƚŝďƵƐ͘

^ĞĐƵƌŝƚǇǁŝůůďĞůŽĐĂƚĞĚĂƚƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶƐŽĨEŽƌƚŚ^ƚƌĞĞƚĂŶĚĞůĂǁĂƌĞǀĞŶƵĞĂŶĚEŽƌƚŚ^ƚƌĞĞƚĂŶĚ
tŝůůŽǁ^ƚƌĞĞƚĐŚĞĐŬŝŶŐĨŽƌƉĂƌŬŝŶŐƉĂƐƐĞƐ͕ĂŶĚĚŝƌĞĐƚŝŶŐƚŚŽƐĞǁŝƚŚŽƵƚƚŽƚŚĞŶĞǁƚƵƌŶĂƌŽƵŶĚ͘
Ϯ͘ϰ EŽŝƐĞ

KŶ :ƵŶĞ Ϯϯ͕ ϮϬϭϳ͕ Ă ŶŽŝƐĞ ƐƵƌǀĞǇ ǁĂƐ ĐŽŶĚƵĐƚĞĚ ĚƵƌŝŶŐ Ă ĐŽŶĐĞƌƚ ŚĞůĚ Ăƚ ƚŚĞ ,ƵƚƚŽŶ ƌŝĐŬǇĂƌĚƐ͕ ĂŶĚ
ŶŽŝƐĞůĞǀĞůƐǁĞƌĞŵĞĂƐƵƌĞĚĂƚƚŚƌĞĞ;ϯͿůŽĐĂƚŝŽŶƐŝŶƚŚĞdŽǁŶŽĨZŚŝŶĞďĞĐŬ;ĂĐƌŽƐƐƚŚĞ,ƵĚƐŽŶZŝǀĞƌͿ
ĂŶĚŽŶĞ;ϭͿůŽĐĂƚŝŽŶŝŶƚŚĞŝƚǇŽĨ<ŝŶŐƐƚŽŶ͘dŚĞƐĞůŽĐĂƚŝŽŶƐǁĞƌĞŝĚĞŶƚŝĨŝĞĚĚƵĞƚŽƚŚĞŝƌĚŝƌĞĐƚůŝŶĞŽĨ
ƐŝŐŚƚϮƚŽƚŚĞǀĞŶƵĞ͕ŽƌƉƌŽǆŝŵŝƚǇƚŽƚŚĞǀĞŶƵĞ͘&ŝŐƵƌĞϱƐŚŽǁƐƚŚĞŶŽŝƐĞŵĞĂƐƵƌĞŵĞŶƚůŽĐĂƚŝŽŶƐ͕ǁŚŝĐŚ
ĂƌĞĂůƐŽŝĚĞŶƚŝĨŝĞĚďĞůŽǁ͗

x >ŽĐĂƚŝŽŶϭ͗<ŝŶŐƐƚŽŶWŽŝŶƚĞĂĐŚůŽĐĂƚĞĚƐŽƵƚŚĞĂƐƚŽĨ,ƵƚƚŽŶƌŝĐŬǇĂƌĚƐŝŶƚŚĞŝƚǇŽĨ<ŝŶŐƐƚŽŶ͖
x >ŽĐĂƚŝŽŶϮ͗EŽƌƚŚĞƌŶŵŽƐƚĞĚŐĞŽĨƚŚĞZŚŝŶĞĐůŝĨĨdƌĂŝŶ^ƚĂƚŝŽŶŝŶƚŚĞdŽǁŶŽĨZŚŝŶĞďĞĐŬ͖
x >ŽĐĂƚŝŽŶϯ͗ŶĚŽĨ^ůĂƚĞŽĐŬZŽĂĚŝŶƚŚĞdŽǁŶŽĨZŚŝŶĞďĞĐŬ͖ĂŶĚ
x >ŽĐĂƚŝŽŶϰ͗ŶĚŽĨ>ŽŶŐŽĐŬZŽĂĚŝŶƚŚĞdŽǁŶŽĨZŚŝŶĞďĞĐŬ͘

dĂďůĞ ϰ ŝĚĞŶƚŝĨŝĞƐ ƚŚĞ ĂƉƉůŝĐĂďůĞ ƌĞƐŝĚĞŶƚŝĂů ŶŽŝƐĞ ůĞǀĞů ůŝŵŝƚƐ ĨŽƌ ƚŚĞ ŝƚǇ ŽĨ <ŝŶŐƐƚŽŶ ĂŶĚ dŽǁŶ ŽĨ
ZŚŝŶĞďĞĐŬ͘dŚĞĚĂǇĂŶĚŶŝŐŚƚƚŝŵĞƐǀĂƌǇŝŶĞĂĐŚƚŽǁŶĂƐǁĞůůĂƐƚŚĞŶŝŐŚƚƚŝŵĞůŝŵŝƚƐ͘

dĂďůĞϰ͗>ŽĐĂůEŽŝƐĞKƌĚŝŶĂŶĐĞ>ŝŵŝƚƐ
DƵŶŝĐŝƉĂůŝƚǇ dŝŵĞ EŽŝƐĞ>ŝŵŝƚ
ĂǇ;ϳĂŵʹϭϬƉŵͿ ϲϬĚ
<ŝŶŐƐƚŽŶ
EŝŐŚƚ;ϭϬƉŵʹϳĂŵͿ ϱϱĚ
ĂǇ;ϳĂŵʹϴƉŵͿ ϲϬĚ
ZŚŝŶĞďĞĐŬ
EŝŐŚƚ;ϴƉŵʹϳĂŵͿ ϱϬĚ
Ϯ͘ϰ͘ϭ DĞĂƐƵƌĞŵĞŶƚWƌŽĐĞĚƵƌĞ

ƚƚŚĞ,ƵƚƚŽŶƌŝĐŬǇĂƌĚƐ͕ƵŝůĚŝŶŐƐηϲĂŶĚηϳǁĞƌĞƵƐĞĚĨŽƌƚŚĞŵƵƐŝĐĂůĐŽŶĐĞƌƚŽŶƚŚĞĚĂǇŽĨƚŚĞŶŽŝƐĞ
ƐƵƌǀĞǇ͕ ǁŚŝĐŚ ĂƌĞ ƚŚĞ ƐĂŵĞ ďƵŝůĚŝŶŐƐ ƚŚĂƚ ĂƌĞ ƉƌŽƉŽƐĞĚ ƚŽ ďĞ ƵƐĞĚ ŝŶ WŚĂƐĞ Ϯ ĨŽƌ ĐŽŶĐĞƌƚƐ ĂŶĚ ŽƚŚĞƌ
ƐƉĞĐŝĂů ĞǀĞŶƚƐ͘ ƵŝůĚŝŶŐ ηϳ ŝƐ ŽƌŝĞŶƚĞĚ ĞĂƐƚͲǁĞƐƚ͕ ĂŶĚ ŝŶĐůƵĚĞƐ Ă ƐƚĂŐĞ ŽŶ ƚŚĞ ǁĞƐƚ ƐŝĚĞ͕ ĨĂĐŝŶŐ ƚŚĞ
,ƵĚƐŽŶ ZŝǀĞƌ͘ dŚĞ ŽƚŚĞƌ ƉĂǀŝůŝŽŶ ;ƵŝůĚŝŶŐ ηϲͿ ŝƐ ŽƌŝĞŶƚĞĚ ŶŽƌƚŚͲƐŽƵƚŚ ĚŝƌĞĐƚŝŽŶ ĂŶĚ ŝƐ ůŽĐĂƚĞĚ ƚŽ ƚŚĞ
ƐŽƵƚŚĞĂƐƚŽĨƚŚĞƐƚĂŐĞ͘WƌŝŽƌƚŽƚŚĞĐŽŶĐĞƌƚ͕ƚŚĞƚǇƉŝĐĂůĂŵďŝĞŶƚďĂĐŬŐƌŽƵŶĚŶŽŝƐĞůĞǀĞůƐǁĞƌĞŵĞĂƐƵƌĞĚ
ĂƚĞĂĐŚŽĨƚŚĞŵĞĂƐƵƌĞŵĞŶƚůŽĐĂƚŝŽŶƐ͘dŚŝƐŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞƐĂďĂƐĞůŝŶĞŶŽŝƐĞůĞǀĞůǁŝƚŚǁŚŝĐŚƚŚĞ
ƐŽƵŶĚƉƌŽĚƵĐĞĚĚƵƌŝŶŐƚŚĞĐŽŶĐĞƌƚŵĂǇďĞĐŽŵƉĂƌĞĚ͘ƵƌŝŶŐƚŚĞĐŽŶĐĞƌƚ͕ŶŽŝƐĞůĞǀĞůƐǁĞƌĞŵĞĂƐƵƌĞĚ
ĨŽƌĂƉƉƌŽǆŝŵĂƚĞůǇϭϬͲϭϱŵŝŶƵƚĞƐĂƚĞĂĐŚŽĨƚŚĞĨŽƵƌŵĞĂƐƵƌĞŵĞŶƚůŽĐĂƚŝŽŶƐ;dĂďůĞϭͿ͘

ϮdŚĞŵŽƐƚŽďǀŝŽƵƐƚƌĂŶƐŵŝƐƐŝŽŶƉĂƚŚďǇǁŚŝĐŚŶŽŝƐĞƚƌĂǀĞůƐŝƐƐŝŵƉůǇĂĚŝƌĞĐƚůŝŶĞͲŽĨͲƐŝŐŚƚĂŝƌƉĂƚŚďĞƚǁĞĞŶƚŚĞƐŽƵƌĐĞĂŶĚ
ůŝƐƚĞŶĞƌ͘
ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϭϮŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ


dĂďůĞ ϱ ŝĚĞŶƚŝĨŝĞƐ ƚŚĞ ŶŽŝƐĞ ůĞǀĞůƐ ŵĞĂƐƵƌĞĚ Ăƚ ĞĂĐŚ ůŽĐĂƚŝŽŶ͕ ĂŶĚ ĐŽŵƉĂƌĞƐ ŝƚ ƚŽ ƚŚĞ ĂŵďŝĞŶƚ ŶŽŝƐĞ
ůĞǀĞůƐĂƚƚŚŽƐĞƐĂŵĞůŽĐĂƚŝŽŶƐ͘

dĂďůĞϱ͗EŽŝƐĞ>ŽĐĂƚŝŽŶƐ^ŽƵŶĚDĞĂƐƵƌĞŵĞŶƚƐ
>ŽĐĂƚŝŽŶ EĞĂƌďǇ>ĂŶĚƵƐĞ DĞĂƐƵƌĞEŽŝƐĞ>ĞǀĞů ŽĚĞ WĞƌĐĞƉƚŝďŝůŝƚǇ
ŵďŝĞŶƚ ƵƌŝŶŐ
ŽŶĐĞƌƚ
ĐƚŝǀŝƚŝĞƐ
ϭ <ŝŶŐƐƚŽŶ <ŝŶŐƐƚŽŶ ZĞƐŝĚĞŶƚŝĂů ϰϮĚ ϱϱʹϱϵ ϲϬĚ ůĞĂƌůǇϭ
WŽŝŶƚ Ě ;ƵŶƚŝů ĂƵĚŝďůĞ
ĞĂĐŚ ϭϬƉŵͿ
Ϯ ZŚŝŶĞĐůŝĨĨ ZŚŝŶĞďĞĐŬ dƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ ϯϳĚ ϰϮʹϰϱ /ŶĂƵĚŝďůĞ
dƌĂŝŶ ;dͿ DŝǆĞĚZĞƐŝĚĞŶƚŝĂů Ě
^ƚĂƚŝŽŶ ĂŶĚŽŵŵĞƌĐŝĂů ϱϬĚ
ϯ ^ůĂƚĞŽĐŬ ZŚŝŶĞďĞĐŬ ZĞƐŝĚĞŶƚŝĂů ϰϮĚ ϰϴĚ ;ĂĨƚĞƌ ƵĚŝďůĞ
ZŽĂĚ ;dͿ ϴƉŵͿ
ϰ >ŽŶŐŽĐŬ ZŚŝŶĞďĞĐŬ ZĞƐŝĚĞŶƚŝĂů ϰϰĚ ϱϰĚ ůĞĂƌůǇ
ZŽĂĚ ;dͿ ĂƵĚŝďůĞ
ϭŶŝŶĐƌĞĂƐĞŽĨϭϬĚŝŶƐŽƵŶĚůĞǀĞůƐŝƐĞǆƉĞƌŝĞŶĐĞĚĂƐĂƐŽƵŶĚƚŚĂƚŝƐƚǁŝĐĞĂƐůŽƵĚ͘
Ϯ͘ϰ͘Ϯ ŽŶĐůƵƐŝŽŶ

Ɛ ƐŚŽǁŶ ŝŶ dĂďůĞ Ϯ͕ ƚŚĞ ŵĞĂƐƵƌĞĚ ƐŽƵŶĚ ůĞǀĞůƐ ;ǁŚŝĐŚ ǁĞƌĞ ƚĂŬĞŶ ƉƌŝŽƌ ƚŽ ϭϬ WDͿ Ăƚ >ŽĐĂƚŝŽŶ Ϯ
;ZŚŝŶĞĐůŝĨĨdƌĂŝŶ^ƚĂƚŝŽŶͿŝƐŐĞŶĞƌĂůůǇϱͲϳĚĂďŽǀĞƚŚĞƚǇƉŝĐĂůĂŵďŝĞŶƚƐŽƵŶĚůĞǀĞů͕ďƵƚĐŽŶĐĞƌƚƐŽƵŶĚƐ
ǁĞƌĞŝŶĂƵĚŝďůĞ͘dŚĞŵĞĂƐƵƌĞĚƐŽƵŶĚůĞǀĞůƐĂƚ>ŽĐĂƚŝŽŶϭ;<ŝŶŐƐƚŽŶWŽŝŶƚĞĂĐŚͿĂŶĚ>ŽĐĂƚŝŽŶϯ;^ůĂƚĞ
ŽĐŬZŽĂĚͿĚŝĚŶŽƚĞǆĐĞĞĚƚŚĞŶŽŝƐĞĐŽĚĞůŝŵŝƚƐ͖ŚŽǁĞǀĞƌ͕ƚŚĞĐŽŶĐĞƌƚŵƵƐŝĐǁĂƐĂƵĚŝďůĞĚƵĞƚŽƚŚĞůŽǁ
ĂŵďŝĞŶƚŶŽŝƐĞůĞǀĞů͘>ŽĐĂƚŝŽŶϰ;>ŽŶŐŽĐŬZŽĂĚͿŝŶZŚŝŶĞďĞĐŬĞǆĐĞĞĚƐƚŚĞŶŝŐŚƚƚŝŵĞŶŽŝƐĞĐŽĚĞůŝŵŝƚŽĨ
ϱϬĚĨŽƌŶŽŝƐĞĐŽŶĚŝƚŝŽŶƐŽĐĐƵƌƌŝŶŐĂĨƚĞƌϴƉŵĂƚŶŝŐŚƚ͕ďƵƚĚŽĞƐŶŽƚĞǆĐĞĞĚƚŚĞĚĂǇƚŝŵĞůŝŵŝƚŽĨϲϬ
Ě͘

>ŽĐĂƚŝŽŶƐϯ;^ůĂƚĞŽĐŬZŽĂĚͿĂŶĚϰ;>ŽŶŐŽĐŬZŽĂĚͿŚĂǀĞŶĞĂƌůǇĚŝƌĞĐƚůŝŶĞŽĨƐŝŐŚƚƚŽƚŚĞŽƉĞŶĞŶĚŽĨ
ƚŚĞĞĂƐƚͲǁĞƐƚŽƌŝĞŶƚĞĚƐƚĂŐĞƉĂǀŝůŝŽŶǁŝƚŚŶŽŽďƐƚƌƵĐƚŝŽŶƐ͘dŚĞƌĞĨŽƌĞ͕Ăƚ>ŽĐĂƚŝŽŶϰ;>ŽŶŐŽĐŬZŽĂĚͿ͕
ƚŚĞĐŽŶĐĞƌƚŵƵƐŝĐǁĂƐĞǆƉĞƌŝĞŶĐĞĚƚŽďĞĂƉƉƌŽǆŝŵĂƚĞůǇƚǁŝĐĞĂƐůŽƵĚĂƐƚŚĞƚǇƉŝĐĂůĂŵďŝĞŶƚŶŽŝƐĞůĞǀĞů͘

dŚĞ ƉƌŽƉŽƐĞĚ ƉƌŽũĞĐƚ ŝŶĐůƵĚĞƐ ƚŚĞ ŽƉĞƌĂƚŝŽŶ ŽĨ ĐŽŶĐĞƌƚ ĞǀĞŶƚƐ ƵŶƚŝů ϭϬ͗ϯϬ WD͕ ǁŚŝĐŚ ĐŽƵůĚ ƌĞƐƵůƚ ŝŶ
ŶŽŝƐĞ ŐĞŶĞƌĂƚŝŶŐ ĂĐƚŝǀŝƚŝĞƐ ƚŚĂƚ ƐƵƌƉĂƐƐ ŝƚǇ ŽĨ <ŝŶŐƐƚŽŶ EŽŝƐĞ ŽĚĞ ƚŚƌĞƐŚŽůĚƐ͘ dŚĞƐĞ ĂĐƚŝǀŝƚŝĞƐ ĐŽƵůĚ
ƌĞƐƵůƚ ŝŶ Ă ŵĂƌŐŝŶĂů ŝŶĐƌĞĂƐĞ ƚŽ ŶŽŝƐĞ ůĞǀĞůƐ ƉĞƌŵŝƚƚĞĚ ĂĨƚĞƌ ϭϬ WD͕ ďƵƚ ǁŽƵůĚ ŶŽƚ ŽĐĐƵƌ ĚĂŝůǇ͕ ďƵƚ
ŝŶƐƚĞĂĚ ĂƉƉƌŽǆŝŵĂƚĞůǇ ϴ ʹ ϭϬ ǁĞĞŬĞŶĚƐ Ă ǇĞĂƌ͘ &Žƌ ƚŚĞƐĞ ƌĞĂƐŽŶƐ͕ ƚŚĞ ƉƌŽƉŽƐĞĚ ƉƌŽũĞĐƚ ŝƐ ŶŽƚ
ĂŶƚŝĐŝƉĂƚĞĚ ĂĚǀĞƌƐĞůǇ ŝŵƉĂĐƚ ƚŚĞ ĐŽŵŵƵŶŝƚǇ͘ /Ĩ ŶŽŝƐĞ ĞǆĐĞĞĚŝŶŐ ƚŚĞ ŽĚĞ ďĞĐŽŵĞƐ Ă ƉƌŽďůĞŵ͕ ƚŚĞ
ƐŽƵŶĚĂŵƉůŝĨŝĐĂƚŝŽŶĐĂŶďĞƌĞĚƵĐĞĚ͘
Ϯ͘ϱ ^ŽůŝĚtĂƐƚĞ
dŚĞhůƐƚĞƌŽƵŶƚǇZĞƐŽƵƌĐĞZĞĐŽǀĞƌǇŐĞŶĐǇ;hZZͿŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƐŽůŝĚǁĂƐƚĞŵĂŶĂŐĞŵĞŶƚĨŽƌĂůů
ŽĨ hůƐƚĞƌ ŽƵŶƚǇ͘ ^ŽůŝĚ ǁĂƐƚĞ ĂŶĚ ƌĞĐǇĐůŝŶŐ ǁŝůů ďĞ ĚĞƉŽƐŝƚĞĚ ŝŶƚŽ ƌŽůů ŽĨĨ ĚƵŵƉƐƚĞƌƐ͕ ǁŚŝĐŚ ǁŝůů ďĞ
ůŽĐĂƚĞĚŽŶƚŚĞƐŝƚĞ͕ĂŶĚĂ ůŝĐĞŶƐĞĚǁĂƐƚĞŚĂƵůĞƌǁŝůů ƉŝĐŬƵƉƌĞĨƵƐĞĨƌŽŵƚŚĞƐŝƚĞĂŶĚĚĞůŝǀĞƌŝƚƚŽƚŚĞ
ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϭϯŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ


hZZ hůƐƚĞƌ dƌĂŶƐĨĞƌ ^ƚĂƚŝŽŶ͘ ZĞĐǇĐůĂďůĞƐ ǁŝůů ďĞ ƐĞŶƚ ƚŽ ƚŚĞ hZZ DĂƚĞƌŝĂůƐ ZĞĐŽǀĞƌǇ &ĂĐŝůŝƚǇ ŝŶ
<ŝŶŐƐƚŽŶ͘

ĐĐŽƌĚŝŶŐƚŽƚŚĞƉƉůŝĐĂŶƚ͕ĂƉƉƌŽǆŝŵĂƚĞůǇϮͲϱƚŽŶƐŽĨƐŽůŝĚǁĂƐƚĞĂƌĞĂŶƚŝĐŝƉĂƚĞĚƚŽďĞŐĞŶĞƌĂƚĞĚďǇƚŚĞ
ĂĐƚŝǀŝƚŝĞƐ ŽŶ ƐŝƚĞ͘ ƉƉƌŽǆŝŵĂƚĞůǇ ϮͲϱ ƚŽŶƐ ŽĨ ĐŽŶƐƚƌƵĐƚŝŽŶ ǁĂƐƚĞ ǁŝůů ďĞ ŐĞŶĞƌĂƚĞĚ ďǇ ĐŽŶƐƚƌƵĐƚŝŽŶ
ĂĐƚŝǀŝƚŝĞƐĂŶƚŝĐŝƉĂƚĞĚĨŽƌĞĂƌůǇ^ƵŵŵĞƌϮϬϭϲ͘dŚĞǁĂƐƚĞǁŝůůďĞĚĞƉŽƐŝƚĞĚŝŶƚŽƌŽůůŽĨĨĚƵŵƉƐƚĞƌƐŽŶƚŚĞ
ƐŝƚĞ͕ĂŶĚǁŝůůďĞƉŝĐŬĞĚƵƉďǇĂůŝĐĞŶƐĞĚǁĂƐƚĞŚĂƵůĞƌ͘
Ϯ͘ϲ ^ŽŝůƐ͕^ƵƌĨĂĐĞtĂƚĞƌZĞƐŽƵƌĐĞƐ͕ĂŶĚ&ůŽŽĚƉůĂŝŶƐ
Ϯ͘ϲ͘ϭ ^ŽŝůƐ

dŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ ĞƉĂƌƚŵĞŶƚ ŽĨ ŐƌŝĐƵůƚƵƌĞ ;h^Ϳ ^Žŝů ŽŶƐĞƌǀĂƚŝŽŶ ^ĞƌǀŝĐĞ ;^^Ϳ ^Žŝů ^ƵƌǀĞǇ ĨŽƌ
hůƐƚĞƌŽƵŶƚǇǁĂƐƌĞǀŝĞǁĞĚĂŶĚƉƌŽǀŝĚĞĚƐƵƌĨŝĐŝĂůƐŽŝůĐŽŶĚŝƚŝŽŶƐĨŽƌƚŚĞƐƚƵĚǇĂƌĞĂ͘ĐĐŽƌĚŝŶŐƚŽƚŚĞ
^^͕ƚŚĞŵĂũŽƌŝƚǇŽĨƚŚĞƉƌŽƉĞƌƚǇŝƐŵĂƉƉĞĚĂƐ͞ŵĂĚĞůĂŶĚƐ͟ĂŶĚ͞ĐůĂǇƉŝƚƐ;ƐĞĞdĂďůĞϲĂŶĚ&ŝŐƵƌĞϲͿ͘
dŚĞƉƌŽƉĞƌƚǇǁĂƐĞǆƚĞŶƐŝǀĞůǇĨŝůůĞĚƚŽďƌŝŶŐŝƚƚŽŝƚƐĐƵƌƌĞŶƚŐƌĂĚĞĂƐƉĂƌƚŽĨƚŚĞďƌŝĐŬǇĂƌĚŽƉĞƌĂƚŝŽŶ͘dŚĞ
ƉƌŽƉĞƌƚǇĐŽŶƚĂŝŶƐǀĂĐĂŶƚƐƚƌƵĐƚƵƌĞƐĂŶĚĂĨŽƌŵĞƌĐůĂǇƉŝƚĂƌĞĂĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚŝƐŚŝƐƚŽƌŝĐƵƐĂŐĞ͘dŚĞĨŝůů
ŵĂƚĞƌŝĂů ĂƉƉĞĂƌƐ ƚŽ ĐŽŶƐŝƐƚ ŽĨ ĐƌƵƐŚĞĚ ĂŶĚ ďƌŽŬĞŶ ďƌŝĐŬ ĂƐ ǁĞůů ĂƐ ƉĞƌŵĞĂďůĞ ƐŽŝůƐ͘ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ
hůƐƚĞƌŽƵŶƚǇ^Žŝů^ƵƌǀĞǇ͕ƐŽŝůƐŽŶƚŚĞƐƵďũĞĐƚƉƌŽƉĞƌƚǇĂƌĞĚĞĨŝŶĞĚĂƐĨŽůůŽǁƐ͗

x DĂĚĞ>ĂŶĚƐ;D>Ϳ͗DĂĚĞůĂŶĚƐĂƌĞĂƌĞĂƐƚŚĂƚǁĞƌĞĐƌĞĂƚĞĚďǇŵĂŶƚŚƌŽƵŐŚŐƌĂĚŝŶŐĂŶĚŽƚŚĞƌĨŝůů
ƉƌŽĐĞƐƐĞƐ͘dŚŝƐƵŶŝƚŝŶĐůƵĚĞƐŝŵƉĞƌǀŝŽƵƐƐƵƌĨĂĐĞƐƐƵĐŚĂƐƉĂƌŬŝŶŐůŽƚƐĂŶĚƐƚƌƵĐƚƵƌĞƐ͘
x ůĂǇWŝƚƐ;WͿ͗dŚŝƐŵĂƉƉŝŶŐƵŶŝƚĚĞŶŽƚĞƐĂĐůĂǇƋƵĂƌƌǇ͘dŚĞƐĞĂƌĞĂƐǁĞƌĞŵŝŶĞĚĨŽƌĐůĂǇůĞĂǀŝŶŐ
ďĞŚŝŶĚŽƉĞŶďŽƌƌŽǁƉŝƚƐǀŽŝĚŽĨŽƌŝŐŝŶĂůƚŽƉƐŽŝůƐ͘
x &ƌĞƐŚtĂƚĞƌDĂƌƐŚ;&tͿ͗dŚŝƐŵĂƉƉŝŶŐƵŶŝƚĐŽŶƐŝƐƚƐŽĨůĞǀĞů͕ǁĞƚ͕ƉĞƌŝŽĚŝĐĂůůǇĨůŽŽĚĞĚĂƌĞĂƐ͘
x WůĂŝŶĨŝĞůĚʹZŝǀĞƌŚĞĂĚŽŵƉůĞǆ;WD&Ϳ͗dŚŝƐŵĂƉƉŝŶŐƵŶŝƚĐŽŶƐŝƐƚƐŽĨĚĞĞƉƐŽŝůƐƚŚĂƚĨŽƌŵĞĚŝŶ
ǁĂƚĞƌůĂǇĞĚƐĂŶĚǇĚĞƉŽƐŝƚƐŽĨƚŚĞĨĂĐĞƐĂŶĚĚŝƐƐĞĐƚĞĚĂƌĞĂƐŽĨŽƵƚǁĂƐŚĂŶĚĚĞůƚĂƉůĂŝŶƐ͘
x ƵƚĂŶĚ&ŝůů>ĂŶĚ;&Ϳ͗dŚŝƐŵĂƉƉŝŶŐƵŶŝƚŝƐŵĂĚĞƵƉŽĨƵĚŽƌƚŚĞŶƚƐĂŶĚƐŝŵŝůĂƌƐŽŝůƐ͘

ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϭϰŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ


dĂďůĞϲ͗WƌŽũĞĐƚ^ŝƚĞ^ŽŝůdǇƉĞƐ
^Žŝů ^ŽŝůdǇƉĞ ^ůŽƉĞƐ ƌĂŝŶĂŐĞ ĞƉƚŚƚŽ ĞƉƚŚƚŽ
^ǇŵďŽů tĂƚĞƌ ĞĚƌŽĐŬ
dĂďůĞ ;/ŶĐŚĞƐͿ
;&ĞĞƚͿ
D> DĂĚĞ>ĂŶĚ ϬͲϱй ^ŽŵĞǁŚĂƚ Ϯʹϯ хϴϬ
ǆĐĞƐƐŝǀĞůǇ
ƌĂŝŶĞĚ
W ůĂǇWŝƚ Ϭʹϱй DŽĚĞƌĂƚĞůǇ хϲ ϰϬƚŽϲϬ
tĞůůͲƌĂŝŶĞĚ
&t &ƌĞƐŚtĂƚĞƌDĂƌƐŚ Ϭʹϭй sĞƌǇWŽŽƌůǇ EŽŶĞ хϴϬ
ƌĂŝŶĞĚ
WD& WůĂŝŶĨŝĞůĚʹZŝǀĞƌŚĞĂĚ ϮϱͲϱϬй ǆĐĞƐƐŝǀĞůǇĂŶĚ хϲ хϴϬ
ŽŵƉůĞǆ tĞůůƌĂŝŶĞĚ
& ƵƚĂŶĚ&ŝůů Ϭʹϴй ^ŽŵĞǁŚĂƚ ϯ хϴϬ
ĞǆĐĞƐƐŝǀĞůǇ
ĚƌĂŝŶĞĚ
Ϯ͘ϲ͘Ϯ ^ƵƌĨĂĐĞtĂƚĞƌZĞƐŽƵƌĐĞƐ

ĚĞůŝŶĞĂƚŝŽŶŽĨǁĞƚůĂŶĚƐĂŶĚƐƚƌĞĂŵƐŽŶƚŚĞƉĂƌĐĞůǁĂƐĐŽŶĚƵĐƚĞĚŝŶEŽǀĞŵďĞƌĂŶĚĞĐĞŵďĞƌϮϬϭϰ͘
dŚĞƌĞ ŝƐ Ă ǁĞƚůĂŶĚ ĂƌĞĂ ůŽĐĂƚĞĚ Ăƚ ƚŚĞ ƐŽƵƚŚĞƌŶ ĞŶĚ ŽĨ ƚŚĞ ƉƌŽũĞĐƚ ƐŝƚĞ͕ ďĞƚǁĞĞŶ EŽƌƚŚ ^ƚƌĞĞƚ ĂŶĚ
,ƵĚƐŽŶ ZŝǀĞƌ ƚŚĂƚ ŝƐ ƵŶĚĞƌ ƚŚĞ ƌĞŐƵůĂƚŝŽŶ ŽĨ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ ƌŵǇ ŽƌƉƐ ŽĨ ŶŐŝŶĞĞƌƐ ;h^Ϳ ;ƐĞĞ
&ŝŐƵƌĞ ϳͿ͘ dŚŝƐ ǁĞƚůĂŶĚ ŝƐ ĚŽŵŝŶĂƚĞĚ ďǇ ĞŵĞƌŐĞŶƚ ĂŶĚ ƐŚƌƵď ǀĞŐĞƚĂƚŝŽŶ͘ dŚŝƐ ǁĞƚůĂŶĚ ĞǆƚĞŶĚƐ ĨƌŽŵ Ă
ĐƵůǀĞƌƚ ŽŶ ƚŚĞ ĞĂƐƚĞƌŶ ƐŝĚĞ ŽĨ EŽƌƚŚ ^ƚƌĞĞƚ ƚŽ ƚŚĞ ĐĞŶƚƌĂů ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ƐŝƚĞ͘ ŶŽƚŚĞƌ ǁĞƚůĂŶĚ ;ĂůƐŽ
ƌĞŐƵůĂƚĞĚďǇh^ͿŝƐůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞŶŽƌƚŚĞĂƐƚƉŽƌƚŝŽŶŽĨƚŚĞƉƌŽũĞĐƚƐŝƚĞ͕ĞĂƐƚŽĨEŽƌƚŚ^ƚƌĞĞƚ͘/ƚŝƐ
ĂŶĞŵĞƌŐĞŶƚŵĂƌƐŚĂƌĞĂƚŚĂƚĞǆƚĞŶĚƐŝŶƚŽƚŚĞ,ƵĚƐŽŶZŝǀĞƌ͘dŽƚĂůǁĞƚůĂŶĚĂƌĞĂŽŶƚŚĞƉƌŽũĞĐƚƐŝƚĞŝƐ
ĂƉƉƌŽǆŝŵĂƚĞůǇ Ϯ͘ϲϳ ĂĐƌĞƐ͘ ůů ŽĨ ƚŚĞ ǁĞƚůĂŶĚƐ ĂƌĞ ĐŽŶŶĞĐƚĞĚ ŚǇĚƌŽůŽŐŝĐĂůůǇ ƚŽ ƚŚĞ ,ƵĚƐŽŶ ZŝǀĞƌ͕ Ă
ƚƌĂĚŝƚŝŽŶĂůůǇŶĂǀŝŐĂďůĞǁĂƚĞƌ͘

dŚĞƌĞĂƌĞŶŽEz^ŵĂƉƉĞĚǁĞƚůĂŶĚƐůŽĐĂƚĞĚŽŶƚŚĞƉƌŽũĞĐƚƐŝƚĞ͘KŶĞEz^ͲƌĞŐƵůĂƚĞĚƐƚƌĞĂŵ͕ƚŚĞ
,ƵĚƐŽŶ ZŝǀĞƌ͕ ĨůŽǁƐ ĂůŽŶŐ ƚŚĞ ĞĂƐƚĞƌŶ ďŽƵŶĚĂƌǇ ŽĨ ƚŚĞ ƉƌŽƉĞƌƚǇ͕ ǁŚŝĐŚ ŝƐ ŝĚĞŶƚŝĨŝĞĚ ĂƐ Ă ůĂƐƐ ϯ
Ez^ƐƚƌĞĂŵ͘dŚĞEt/ĐůĂƐƐŝĨŝĞƐƚŚĞ,ƵĚƐŽŶZŝǀĞƌĂƐĂWĞƌŵĂŶĞŶƚůǇ&ůŽŽĚĞĚhŶĐŽŶƐŽůŝĚĂƚĞĚŽƚƚŽŵ
dŝĚĂůZŝǀĞƌŝŶĞ;ZϭhsͿǁĂƚĞƌďŽĚǇ͘
dŚĞ ƉƌŽƉŽƐĞĚ ƉƌŽũĞĐƚ ǁŝůů ŶŽƚ ƌĞƋƵŝƌĞ ĂůƚĞƌĂƚŝŽŶ Žƌ ĞŶĐƌŽĂĐŚŵĞŶƚ ŝŶ ƚŚĞ ǁĞƚůĂŶĚ ĂƌĞĂƐ͘ &ƵƌƚŚĞƌŵŽƌĞ͕
ƐƚŽƌŵǁĂƚĞƌ ǁŝůů ďĞ ĐŽŶƚƌŽůůĞĚ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ^tWWW ƐŽ ƚŚĂƚ ŶŽ ĂĚǀĞƌƐĞ ŝŵƉĂĐƚƐ ƚŽ ƐƵƌĨĂĐĞ ǁĂƚĞƌ
ƌĞƐŽƵƌĐĞƐǁŝůůŽĐĐƵƌ͘
Ϯ͘ϲ͘ϯ &ůŽŽĚƉůĂŝŶƐ
ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ƉƌŽũĞĐƚ ƐŝƚĞ ŝƐ ůŽĐĂƚĞĚ ŝŶ ƚŚĞ ϭϬϬͲǇĞĂƌ ĨůŽŽĚƉůĂŝŶ͘ KŶ ƚŚĞ ƉƌŽũĞĐƚ ƐŝƚĞ͕ ƚŚĞ ϭϬϬͲǇĞĂƌ
ĨůŽŽĚƉůĂŝŶ ŝƐ ŐĞŶĞƌĂůůǇ ĂůŝŐŶĞĚ ǁŝƚŚ ƚŚĞ ǁĂƚĞƌĨƌŽŶƚ ĞĚŐĞ ŽĨ ƚŚĞ ,ƵĚƐŽŶ ZŝǀĞƌ͕ ďƵƚ ĚŽĞƐ ĞǆƚĞŶĚ ǁĞƐƚ

ϯůĂƐƐƐƚƌĞĂŵŝƐƌĞŐƵůĂƚĞĚďǇƚŚĞEz^ƵŶĚĞƌƌƚŝĐůĞϭϱ͕͞hƐĞĂŶĚWƌŽƚĞĐƚŝŽŶŽĨtĂƚĞƌƐ͘͟
ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϭϱŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ


ĞŶĐŽŵƉĂƐƐŝŶŐƵŝůĚŝŶŐηϭ͕ηϵ͕ĂŶĚƚŚĞŽƉĞŶůĂǁŶĂƌĞĂůŽĐĂƚĞĚĂƚƚŚĞŶŽƌƚŚŽĨƚŚĞƐŝƚĞ͘ĐĐŽƌĚŝŶŐƚŽƚŚĞ
ƚŽƉŽŐƌĂƉŚŝĐ ƐƵƌǀĞǇ͕ ƚŚĞ ďĂƐĞ ĞůĞǀĂƚŝŽŶ ŝƐ ϴ ĨĞĞƚ ;EsϴϴͿ͘ &D ŚĂƐ ĂůƐŽ ĚĞůŝŶĞĂƚĞĚ Ă ͞ƐƉĞĐŝĂů ĨůŽŽĚ
ŚĂǌĂƌĚ ĂƌĞĂ͟ ;^&,Ϳ ǁŝƚŚŝŶ ƚŚĞ ƉƌŽũĞĐƚ ƐŝƚĞ͘ dŚĞ ^&, ďŽƵŶĚĂƌǇ ĐŽƌƌĞƐƉŽŶĚƐ ǁŝƚŚ ƚŚĞ ϭϬϬͲǇĞĂƌ
ĨůŽŽĚƉůĂŝŶďŽƵŶĚĂƌǇŽŶƚŚĞƐŝƚĞ͘^&,͛ƐĂƌĞĨůŽŽĚǌŽŶĞƐƚŚĂƚŚĂǀĞƚŚĞŐƌĞĂƚĞƐƚƌŝƐŬŽĨĨůŽŽĚŝŶŐ͘
EŽƌĞƐŝĚĞŶƚŝĂůƵƐĞƐǁŽƵůĚŽĐĐƵƌǁŝƚŚŝŶƚŚĞĨůŽŽĚƉůĂŝŶŽƌ^&,^ďŽƵŶĚĂƌǇŽŶƚŚĞƉƌŽũĞĐƚƐŝƚĞ͘ƵŝůĚŝŶŐηϭ
ǁŽƵůĚďĞƵƐĞĚƐĞĂƐŽŶĂůůǇĨŽƌŽĨĨŝĐĞͬƐƵƉƉŽƌƚƐƉĂĐĞĨŽƌĞǀĞŶƚƐ͘dŚŝƐďƵŝůĚŝŶŐŝƐĐŽŵƉƌŝƐĞĚŽĨĂƌŽŽĨĂŶĚ
ǀĞƌƚŝĐĂůƐƵƉƉŽƌƚƐŽŶůǇ͕ĂŶĚŝƐŶŽƚĞŶĐůŽƐĞĚ͘ƐŶŽƚĞĚŝŶƚŚĞŝŶƚƌŽĚƵĐƚŝŽŶ͕ƵŝůĚŝŶŐηϵŝƐŶŽƚƉƌŽƉŽƐĞĚĨŽƌ
ƵƐĞĂƐƉĂƌƚŽĨWŚĂƐĞϮ͘ϯϲ͞'ůĂŵƉŝŶŐ͟ŽƌƚĞŵƉŽƌĂƌǇĐĂŵƉŝŶŐůŽĐĂƚŝŽŶƐǁŽƵůĚďĞƐĞƚƵƉƐŽƵƚŚŽĨƵŝůĚŝŶŐ
ηϭ͘ dĞŵƉŽƌĂƌǇ ĂŶĚ ŵŽǀĞĂďůĞ ƐƚƌƵĐƚƵƌĞƐ ǁŽƵůĚ ďĞ ůŽĐĂƚĞĚ Ăƚ ƚŚĞƐĞ ůŽĐĂƚŝŽŶƐ ĨĞĂƚƵƌŝŶŐ Ă ƐůĞĞƉŝŶŐ ĂŶĚ
ůŝǀŝŶŐƌŽŽŵĂƌĞĂŽŶĂƌĂŝƐĞĚǁŽŽĚĞŶƉůĂƚĨŽƌŵ;ǁŝƚŚĂĐĐĞƐƐƚŽǁĂƚĞƌĂŶĚŵŽďŝůĞƌĞƐƚƌŽŽŵĨĂĐŝůŝƚŝĞƐͿĨŽƌ
ĐĂŵƉŝŶŐ͘dŚĞƐĞƐƚƌƵĐƚƵƌĞƐĂƌĞĐůĂƐƐŝĨŝĞĚďǇƚŚĞEĞǁzŽƌŬ^ƚĂƚĞƵŝůĚŝŶŐŽĚĞĂƐZĞĐƌĞĂƚŝŽŶĂůsĞŚŝĐůĞƐ
;ZsͿ͘&ŽƌZsƐůŽĐĂƚĞĚǁŝƚŚŝŶĂ^&,͕ƚŚĞEĂƚŝŽŶĂů&ůŽŽĚ/ŶƐƵƌĂŶĐĞWƌŽŐƌĂŵ;E&/WͿƌĞƋƵŝƌĞƐƚŚĞĨŽůůŽǁŝŶŐ͗

x ^ƚƌƵĐƚƵƌĞƐŵƵƐƚŵĞĞƚƚŚĞĞůĞǀĂƚŝŽŶĂŶĚĂŶĐŚŽƌŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌŵĂŶƵĨĂĐƚƵƌĞĚŚŽŵĞƐ͖
x ^ƚƌƵĐƚƵƌĞƐŵĂǇŶŽƚďĞůŽĐĂƚĞĚŽŶƚŚĞƐŝƚĞĨŽƌŐƌĞĂƚĞƌƚŚĂŶϭϴϬĐŽŶƐĞĐƵƚŝǀĞĚĂǇƐ͖
x ^ƚƌƵĐƚƵƌĞƐŵƵƐƚďĞĨƵůůǇůŝĐĞŶƐĞĚĂŶĚĨĞĂƚƵƌĞǁŚĞĞůƐŽƌũĂĐŬŝŶŐƐǇƐƚĞŵ͕ǁŝƚŚĞĂƐǇĚŝƐĐŽŶŶĞĐƚŝŽŶ
ĨƌŽŵƵƚŝůŝƚŝĞƐ͘
dŚĞ ƉƵƌƉŽƐĞ ŽĨƚŚŝƐƌĞƋƵŝƌĞŵĞŶƚŝƐ ƚŽ ƉƌĞǀĞŶƚƌĞĐƌĞĂƚŝŽŶĂůǀĞŚŝĐůĞƐĨƌŽŵďĞŝŶŐƉĞƌŵĂŶĞŶƚůǇƉůĂĐĞĚŝŶ

ƚŚĞĨůŽŽĚƉůĂŝŶƵŶůĞƐƐƚŚĞǇĂƌĞĂƐǁĞůůƉƌŽƚĞĐƚĞĚĨƌŽŵĨůŽŽĚŝŶŐĂƐĂŵĂŶƵĨĂĐƚƵƌĞĚŚŽŵĞ͘dŚĞƌĞĨŽƌĞ͕ďǇ
ŵĞĞƚŝŶŐƚŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐƚŚĞ͞'ůĂŵƉŝŶŐ͟ƐƚƌƵĐƚƵƌĞƐǁŝůůŶŽƚďĞĂĚǀĞƌƐĞůǇŝŵƉĂĐƚĞĚďǇƚŚĞĨůŽŽĚƉůĂŝŶ
Žƌ^&,͕ĂŶĚŶŽůŝĨĞͲƚŚƌĞĂƚĞŶŝŶŐŝŵƉĂĐƚƐĨƌŽŵĂĚǀĞƌƐĞĨůŽŽĚŝŶŐĐŽŶĚŝƚŝŽŶƐǁŝůůŽĐĐƵƌ͘ƵŝůĚŝŶŐηϭŝƐĂŶ
ĞǆŝƐƚŝŶŐ ďƵŝůĚŝŶŐ͕ ĂŶĚ ǁŝůů ďĞ ƵƐĞĚ ĨŽƌ ŽĨĨŝĐĞͬƐƵƉƉŽƌƚ ƐƉĂĐĞ ŽŶ Ă ƐĞĂƐŽŶĂů ďĂƐŝƐ͖ ƚŚĞƌĞĨŽƌĞ͕ ŶŽ ůŝĨĞͲ
ƚŚƌĞĂƚĞŶŝŶŐŝŵƉĂĐƚƐĨƌŽŵĂĚǀĞƌƐĞĨůŽŽĚŝŶŐĐŽŶĚŝƚŝŽŶƐǁŝůůŽĐĐƵƌ͘
Ϯ͘ϳ sĞŐĞƚĂƚŝŽŶĂŶĚtŝůĚůŝĨĞ

ĐĐŽƌĚŝŶŐƚŽƚŚĞtĞƚůĂŶĚĞůŝŶĞĂƚŝŽŶZĞƉŽƌƚƉƌĞƉĂƌĞĚĨŽƌƚŚĞƐŝƚĞ͛ƐŽǁŶĞƌ͕EŽƌƚŚ^ƚƌĞĞƚƌŝĐŬtŽƌŬƐ͕
ďǇ ƚŚĞŚĂǌĞŶŽŵƉĂŶŝĞƐ ;ϮϬϭϱͿ͕ ƚŚĞƌĞĂƌĞĨŝǀĞŵĂũŽƌƉůĂŶƚ ĐŽŵŵƵŶŝƚŝĞƐĨŽƵŶĚǁŝƚŚŝŶƚŚĞ ďŽƵŶĚƐŽĨ
ƚŚĞƐŝƚĞ͕ĂƐĚĞĨŝŶĞĚďǇZĞƐĐŚŬĞŝŶ͞ĐŽůŽŐŝĐĂůŽŵŵƵŶŝƚŝĞƐŽĨEĞǁzŽƌŬ^ƚĂƚĞ͘͟dŚĞƵƉůĂŶĚĂƌĞĂƐĐŽŶƐŝƐƚ
ŽĨƐƵĐĐĞƐƐŝŽŶĂůƐŽƵƚŚĞƌŶEĞǁzŽƌŬŚĂƌĚǁŽŽĚĨŽƌĞƐƚĂŶĚŽƉĞŶŵŽǁĞĚŵĞĂĚŽǁ͕ĂŶĚƚŚĞǁĞƚůĂŶĚĂƌĞĂƐ
ǀĂƌǇďĞƚǁĞĞŶǁŽŽĚĞĚƌĞĚŵĂƉůĞƐǁĂŵƉƚŽƐĐƌƵďͲƐŚƌƵďĂŶĚĞŵĞƌŐĞŶƚǁĞƚůĂŶĚƐ͘

dŚĞ Ez^ ŶǀŝƌŽŶŵĞŶƚĂů ZĞƐŽƵƌĐĞ DĂƉ ;&ŝŐƵƌĞ ϴͿ ŝŶĚŝĐĂƚĞƐ ƚŚĂƚ ƚŚĞƌĞ ĂƌĞ ŬŶŽǁŶ ŽĐĐƵƌƌĞŶĐĞƐ ŽĨ
ĞŶĚĂŶŐĞƌĞĚ͕ ƚŚƌĞĂƚĞŶĞĚ͕ Žƌ ƌĂƌĞ ;dZͿ ƐƉĞĐŝĞƐ ŝŶ ƚŚĞ ǀŝĐŝŶŝƚǇ ŽĨ ƚŚĞ ƉƌŽũĞĐƚ ƐŝƚĞ͘ dŚĞ ZŽŶĚŽƵƚ ƌĞĞŬ
;ĨƌĞƐŚǁĂƚĞƌ ƚŝĚĂů ŵĂƌƐŚͿ ĂŶĚ ,ƵĚƐŽŶ ZŝǀĞƌ ;ƚŝĚĂů ƌŝǀĞƌͿ ŝŶ ƚŚŝƐ ĂƌĞĂ ĂƌĞ ĐŽŶƐŝĚĞƌĞĚ ^ŝŐŶŝĨŝĐĂŶƚ EĂƚƵƌĂů
ŽŵŵƵŶŝƚŝĞƐ͘ /Ŷ Ă ůĞƚƚĞƌ ĚĂƚĞĚ ĞĐĞŵďĞƌ ϭϴ͕ ϮϬϭϳ ;ƐĞĞ ƚƚĂĐŚŵĞŶƚ Ϳ͕ Ez^ ƌĞƐƉŽŶĚĞĚ ƚŚĂƚ ƚŚĞ
^ŚŽƌƚŶŽƐĞ^ƚƵƌŐĞŽŶ;ĞŶĚĂŶŐĞƌĞĚͿĂŶĚƚŚĞƚůĂŶƚŝĐ^ƚƵƌŐĞŽŶ;ĞŶĚĂŶŐĞƌĞĚͿŚĂǀĞďĞĞŶĚŽĐƵŵĞŶƚĞĚŶĞĂƌ
ƚŚĞƉƌŽũĞĐƚƐŝƚĞŝŶƚŚĞ,ƵĚƐŽŶZŝǀĞƌ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞEŽƌƚŚĞƌŶůŽŶŐͲĞĂƌĞĚďĂƚ;E>Ϳ;ƚŚƌĞĂƚĞŶĞĚͿŚĂƐ
ďĞĞŶĚŽĐƵŵĞŶƚĞĚǁŝƚŚŝŶĂŚĂůĨͲŵŝůĞŽĨƚŚĞƐŝƚĞ;ĂůƚŚŽƵŐŚŶŽŬŶŽǁŶƐƵŵŵĞƌŵĂƚĞƌŶŝƚǇƌŽŽƐƚƚƌĞĞƐĂƌĞ
ŬŶŽǁŶƚŽĞǆŝƐƚŝŶhůƐƚĞƌŽƵŶƚǇͿ͘dŚĞĨŽůůŽǁŝŶŐĂŶŝŵĂůĂƐƐĞŵďůĂŐĞƐŚĂǀĞďĞĞŶĚŽĐƵŵĞŶƚĞĚĂƚƚŚĞƐŝƚĞ͕
ŽƌŝŶŝƚƐǀŝĐŝŶŝƚǇĂŶĚĂƌĞŽĨĐŽŶƐĞƌǀĂƚŝŽŶĐŽŶĐĞƌŶƚŽƚŚĞ^ƚĂƚĞ͕ĂŶĚĂƌĞĐŽŶƐŝĚĞƌĞĚƌĂƌĞ͗ŶĂĚƌŽŵŽƵƐ&ŝƐŚ
ĂŶĚ tĂƚĞƌĨŽǁů tŝŶƚĞƌ͘ dŚĞ ,ĞĂƌƚůĞĂĨ WůĂŶƚĂŝŶ ;ƌĂƌĞͿ ĂŶĚ ƚŚĞ ĞůŵĂƌǀĂ ĞŐŐĂƌͲƚŝĐŬƐ ;ƌĂƌĞͿ ŚĂǀĞ ďĞĞŶ
ĚŽĐƵŵĞŶƚĞĚ ǁŝƚŚŝŶ ƚŚĞ ZŽŶĚŽƵƚ ƌĞĞŬ DŽƵƚŚ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ĂǀŝƐ͛ ^ĞĚŐĞ ;ƚŚƌĞĂƚĞŶĞĚͿ ŚĂƐ ďĞĞŶ
ĚŽĐƵŵĞŶƚĞĚ ŽŶ ƚŚĞ ƉƌŽũĞĐƚ ƐŝƚĞ͘ ĂǀŝƐ͛ ^ĞĚŐĞ ůŽĐĂƚŝŽŶƐ ǁĞƌĞ ƐƵƌǀĞǇĞĚ ĂŶĚ ŝŶǀĞŶƚŽƌŝĞĚ͕ ĂŶĚ ƚŚĞ
ƉƌŽƉŽƐĞĚƉƌŽũĞĐƚĂǀŽŝĚƐƚŚĞƐĞůŽĐĂƚŝŽŶƐ͘
ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϭϲŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ


h^&t^ŽŶůŝŶĞĐŽŶƐƵůƚĂƚŝŽŶƌĞƉŽƌƚŝŶĚŝĐĂƚĞƐƚŚĞƉƌĞƐĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐƐƉĞĐŝĞƐŝŶƚŚĞǀŝĐŝŶŝƚǇŽĨƚŚĞ
ƉƌŽũĞĐƚƐŝƚĞ͗/ŶĚŝĂŶĂďĂƚ;ĞŶĚĂŶŐĞƌĞĚͿ͕E>;ƚŚƌĞĂƚĞŶĞĚͿ͕ĂŶĚƚŚĞŽŐdƵƌƚůĞ;ƚŚƌĞĂƚĞŶĞĚͿ͘dŚĞƌĞƉŽƌƚ
ŝŶĚŝĐĂƚĞƐƚŚĂƚƚŚĞƌĞĂƌĞŶŽĐƌŝƚŝĐĂůŚĂďŝƚĂƚƐŽŶƚŚĞƉƌŽũĞĐƚƐŝƚĞ͘
dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚƚŽĐŽŶƚŝŶƵĞĂĨůĞĂŵĂƌŬĞƚĂŶĚĨŽŽĚǀĞŶĚŝŶŐƵƐĞĂŶĚŝŵƉůĞŵĞŶƚĂŚŽƐƉŝƚĂůŝƚǇĂŶĚ
ĨĞƐƚŝǀĂůǀĞŶƵĞĂƚƚŚĞ,ƵƚƚŽŶƌŝĐŬǇĂƌĚƐŝƐĂƉĞƌŵŝƚƚĞĚƵƐĞďǇƐƉĞĐŝĂůƉĞƌŵŝƚŝŶƚŚĞZ&Ͳ,ŽŶŝŶŐŝƐƚƌŝĐƚ
ƉƵƌƐƵĂŶƚ ƚŽ ŽŶŝŶŐ ^ĞĐƚŝŽŶ ϰϬϱͲϮϱ͘ KŶĞ ŶĞǁ ďƵŝůĚŝŶŐ ;ĐĂƌĞƚĂŬĞƌ ĐŽƚƚĂŐĞͿ ǁŝůů ďĞ ĐŽŶƐƚƌƵĐƚĞĚ͕ ĂŶĚ
ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ ƐŝƚĞ ŵĂŶĂŐĞŵĞŶƚ͕ ĂŶĚ ĂĐĐĞƐƐ ŝŵƉƌŽǀĞŵĞŶƚƐ͕ ŝŶĐůƵĚŝŶŐ Ă ďƵƐ ƐŚƵƚƚůĞ ĚƌŽƉ ŽĨĨ ĂƌĞĂ Ăƚ
<ŝŶŐƐƚŽŶ WŽŝŶƚ ĞĂĐŚ ĂĐĐĞƐƐŝďůĞ ďǇ Ă ƉĞĚĞƐƚƌŝĂŶ ĐŽŶŶĞĐƚŝŽŶ͘ dƌĞĞ ĐůĞĂƌŝŶŐ ŝƐ ƉƌŽƉŽƐĞĚ ĨŽƌ ƚŚĞ
͞'ůĂŵƉŝŶŐ͟ Žƌ ƚĞŵƉŽƌĂƌǇ ĐĂŵƉŝŶŐ ĂƌĞĂ͕ EŽƌƚŚ ^ƚƌĞĞƚ ĞŶƚƌǇͬĐƵůͲĚĞͲƐĂĐ ĂƌĞĂ͕ ĐĂƌĞƚĂŬĞƌ ĐŽƚƚĂŐĞ
ĐŽŶƐƚƌƵĐƚŝŽŶĂƌĞĂ͕ĂŶĚŶŽƌƚŚĞƌŶƉĂƌŬŝŶŐĂƌĞĂ͘
EŽĐůĞĂƌŝŶŐŽĨŵĂƚƵƌĞƚƌĞĞƐǁŝƚŚƚŚĞƉŽƚĞŶƚŝĂůƚŽƐĞƌǀĞĂƐďĂƚŚĂďŝƚĂƚǁŝůůŽĐĐƵƌďĞƚǁĞĞŶDĂƌĐŚϯϭƐƚĂŶĚ
KĐƚŽďĞƌ ϭϱƚŚ ƚŽ ĞŶƐƵƌĞ ŶŽ ƉŽƚĞŶƚŝĂů ƚĂŬĞ ŽĨ ƚŚĞ /ŶĚŝĂŶĂ Ăƚ Žƌ E>͘ Ɛ ŝŶĚŝĐĂƚĞĚ͕ ŶŽ ǁŽƌŬ ǁŝƚŚŝŶ
ǁĞƚůĂŶĚĂƌĞĂƐǁŽƵůĚŽĐĐƵƌ͖ƚŚĞƌĞĨŽƌĞ͕ƚŚĞƌĞŝƐŶŽƉŽƚĞŶƚŝĂůƚŽŶĞŐĂƚŝǀĞůǇŝŵƉĂĐƚŽŐdƵƌƚůĞƐ͕ŝĨƉƌĞƐĞŶƚ͘
Ϯ͘ϴ ,ŝƐƚŽƌŝĐĂŶĚƌĐŚĂĞŽůŽŐŝĐĂůZĞƐŽƵƌĐĞƐ

dŚĞƉƌŽũĞĐƚƐŝƚĞŚĂƐďĞĞŶĚĞƚĞƌŵŝŶĞĚƚŽĐŽŶƐƚŝƚƵƚĞĂEĂƚŝŽŶĂůZĞŐŝƐƚĞƌŽĨ,ŝƐƚŽƌŝĐWůĂĐĞƐͲĞůŝŐŝďůĞŚŝƐƚŽƌŝĐ
ĂŶĚ ŝŶĚƵƐƚƌŝĂů ĂƌĐŚĂĞŽůŽŐŝĐĂů ĚŝƐƚƌŝĐƚ ƵŶĚĞƌ ƌŝƚĞƌŝĂ ĂŶĚ ďǇ EĞǁ zŽƌŬ ^ƚĂƚĞ KĨĨŝĐĞ ŽĨ WĂƌŬƐ͕
ZĞĐƌĞĂƚŝŽŶ͕ĂŶĚ,ŝƐƚŽƌŝĐWƌĞƐĞƌǀĂƚŝŽŶ;Ez^KWZ,WͿ;ƐĞĞ&ŝŐƵƌĞϵͿ͘

/ŶϮϬϬϰ͕:ŽƐĞƉŚ͘ŝĂŵŽŶĚ͕WŚ͕͘͘ĐŽŶĚƵĐƚĞĚĂWŚĂƐĞ/ƵůƚƵƌĂůZĞƐŽƵƌĐĞ/ŶǀĞƐƚŝŐĂƚŝŽŶ;WŚĂƐĞϭĂŶĚ
ϭͿĨŽƌĂƉƌĞǀŝŽƵƐƉƌŽũĞĐƚ;ϬϰWZϬϬϯϳϳͿŽŶƉĂƌƚŽĨƚŚĞĐƵƌƌĞŶƚƉƌŽũĞĐƚƐŝƚĞ͘dŚĞƌĞƉŽƌƚŝĚĞŶƚŝĨŝĞĚƐŝǆƚĞĞŶ
ƉƌĞŚŝƐƚŽƌŝĐƐŝƚĞƐǁŝƚŚŝŶĂŽŶĞͲŵŝůĞƌĂĚŝƵƐŽĨƚŚĞƉƌŽũĞĐƚĂƌĞĂ͕ĂŶĚƚǁŽƐŝƚĞƐǁĞƌĞůŽĐĂƚĞĚŽŶƚŚĞƉƌĞǀŝŽƵƐ
ƉƌŽũĞĐƚ ƐŝƚĞ͘ dŚĞƐĞ ƉƌĞŚŝƐƚŽƌŝĐ ƐŝƚĞƐ ĂƌĞ ŶŽƚ ůŽĐĂƚĞĚ ǁŝƚŚŝŶ ƚŚĞ ďŽƵŶĚĂƌŝĞƐ ŽĨ ƚŚĞ WŚĂƐĞ Ϯ ƉƌŽũĞĐƚ͘
dŚĞƌĞĨŽƌĞ͕ŶŽĂĚǀĞƌƐĞŝŵƉĂĐƚƐƚŽƚŚĞƐĞƌĞƐŽƵƌĐĞƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͘

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Full Environmental Assessment Form
Part 1 - Project and Setting
Instructions for Completing Part 1
Part 1 is to be completed by the applicant or project sponsor. Responses become part of the application for approval or funding,
are subject to public review, and may be subject to further verification.
Complete Part 1 based on information currently available. If additional research or investigation would be needed to fully respond to
any item, please answer as thoroughly as possible based on current information; indicate whether missing information does not exist,
or is not reasonably available to the sponsor; and, when possible, generally describe work or studies which would be necessary to
update or fully develop that information.
Applicants/sponsors must complete all items in Sections A & B. In Sections C, D & E, most items contain an initial question that
must be answered either “Yes” or “No”. If the answer to the initial question is “Yes”, complete the sub-questions that follow. If the
answer to the initial question is “No”, proceed to the next question. Section F allows the project sponsor to identify and attach any
additional information. Section G requires the name and signature of the project sponsor to verify that the information contained in
Part 1is accurate and complete.
A. Project and Sponsor Information.

Name of Action or Project:
Hutton Brickyards
Project Location (describe, and attach a general location map):
200 North Street (p/o Tax Parcel ID 48.84-1-4, City of Kingston, Ulster County, New York
Brief Description of Proposed Action (include purpose or need):

See Attached Project Description.
Name of Applicant/Sponsor: Telephone: (914) 403-3568

North Street Brick Works, LLC E-Mail: kmcmanus@icappelli.com
Address: 33 Currituck Road
City/PO: Newtown State: Zip Code:

CT 06470
Project Contact (if not same as sponsor; give name and title/role): Telephone: (914) 403-3568
Kevin McManus (Project Manager) E-Mail: kmcmanus@icappelli.com
Address:
33 Currituck Road
City/PO: State: Zip Code:
Newtown CT 06470
Property Owner (if not same as sponsor): Telephone:
E-Mail:
Address:
City/PO: State: Zip Code:
Page 1 of 13
B. Government Approvals
B. Government Approvals Funding, or Sponsorship. (“Funding” includes grants, loans, tax relief, and any other forms of financial
assistance.)
Government Entity If Yes: Identify Agency and Approval(s) Application Date
Required (Actual or projected)
a. City Council, Town Board, ✔ Yes No License or Permission to use Kingston Point Winter/Spring 2018
or Village Board of Trustees Beach for bus cul-de-sac
b. City, Town or Village ✔
Yes No Kingston Planning Board: Site Plan and Special Winter/Spring 2018
Planning Board or Commission Permit Review
c. City Council, Town or Yes ✔
No
Village Zoning Board of Appeals
d. Other local agencies ✔
Yes No Kingston Heritage Area Commission: Coastal Winter/Spring 2018
Consistency Review
e. County agencies Yes ✔
No Ulster County Department of Planning - GML Winter/Spring 2018
239M Referral
f. Regional agencies Yes ✔
No
g. State agencies ✔
Yes No NYSDEC SPDES General Permit GP-0-15-002; Winter/Spring 2018
SHPO Advisory Review
h. Federal agencies Yes ✔
No
i. Coastal Resources.
i. Is the project site within a Coastal Area, or the waterfront area of a Designated Inland Waterway? ✔
Yes No
ii. Is the project site located in a community with an approved Local Waterfront Revitalization Program? ✔
Yes No
iii. Is the project site within a Coastal Erosion Hazard Area? Yes No
C. Planning and Zoning
C.1. Planning and zoning actions.

Will administrative or legislative adoption, or amendment of a plan, local law, ordinance, rule or regulation be the Yes ✔
No
only approval(s) which must be granted to enable the proposed action to proceed?
x If Yes, complete sections C, F and G.
x If No, proceed to question C.2 and complete all remaining sections and questions in Part 1
C.2. Adopted land use plans.
a. Do any municipally- adopted (city, town, village or county) comprehensive land use plan(s) include the site ✔ Yes No
where the proposed action would be located?
If Yes, does the comprehensive plan include specific recommendations for the site where the proposed action ✔ Yes No
would be located? See Section 2.1.
b. Is the site of the proposed action within any local or regional special planning district (for example: Greenway ✔
Yes No
Brownfield Opportunity Area (BOA); designated State or Federal heritage area; watershed management plan;
or other?)
If Yes, identify the plan(s):
Remediaton Sites:546031 , NYS Heritage Areas:Kingston
_______________________________________________________________________________________________________
Hudson ________________________________________________________________________________________________________
River Valley National Heritage Area, Kingston Greenline Conceptual Plan (March 2014), Kingston Waterfront Development implementation Plan
________________________________________________________________________________________________________
c. Is the proposed action located wholly or partially within an area listed in an adopted municipal open space plan, ✔ Yes No
or an adopted municipal farmland protection plan?
If Yes, identify the plan(s):
________________________________________________________________________________________________________
The project site is not identified as a protected resource within the Ulster County Open Space Plan, therefore no adverse impacts to open space
________________________________________________________________________________________________________
resources would occur.
________________________________________________________________________________________________________
Page 2 of 13
C.3. Zoning See Section 2.1.
a. Is the site of the proposed action located in a municipality with an adopted zoning law or ordinance. Yes No
If Yes, what is the zoning classification(s) including any applicable overlay district?
The _________________________________________________________________________________________________________
project site is largely located within the Hudson Riverfront District (RF-H), with a small portion (proposed scenic outlook) located within the
One-Family Residence (RRR) Zoning District.
_________________________________________________________________________________________________________
b. Is the use permitted or allowed by a special or conditional use permit? ✔

Yes No
c. Is a zoning change requested as part of the proposed action? Yes ✔
No
If Yes,
i. What is the proposed new zoning for the site? ___________________________________________________________________
C.4. Existing community services.

a. In what school district is the project site located? ________________________________________________________________
Kingston City School District
b. What police or other public protection forces serve the project site?
_________________________________________________________________________________________________________
City of Kingston Police Department
c. Which fire protection and emergency medical services serve the project site?
__________________________________________________________________________________________________________
City of Kingston Fire Department
d. What parks serve the project site?

__________________________________________________________________________________________________________
Kingston Point Park
__________________________________________________________________________________________________________
D. Project Details
D.1. Proposed and Potential Development
a. What is the general nature of the proposed action (e.g., residential, industrial, commercial, recreational; if mixed, include all
components)? Commercial (Seasonal Flea Market, Food Vending, Concert and Festival Venue, Hospitality)
_________________________________________________________________________________________________________
b. a. Total acreage of the site of the proposed action? _____________
26.75 acres
b. Total acreage to be physically disturbed? _____________
4.22 acres
c. Total acreage (project site and any contiguous properties) owned
or controlled by the applicant or project sponsor? _____________
76.3 acres
c. Is the proposed action an expansion of an existing project or use? Yes ✔ No

i. If Yes, what is the approximate percentage of the proposed expansion and identify the units (e.g., acres, miles, housing units,
square feet)? % ____________________ Units: ____________________
d. Is the proposed action a subdivision, or does it include a subdivision? ✔ No
Yes
If Yes,
i. Purpose or type of subdivision? (e.g., residential, industrial, commercial; if mixed, specify types)
________________________________________________________________________________________________________
ii. Is a cluster/conservation layout proposed? Yes No
iii. Number of lots proposed? ________
iv. Minimum and maximum proposed lot sizes? Minimum __________ Maximum __________
e. Will proposed action be constructed in multiple phases? Yes ✔ No
i. If No, anticipated period of construction: _____6 months
ii. If Yes:
x Total number of phases anticipated _____
x Anticipated commencement date of phase 1 (including demolition) _____ month _____ year
x Anticipated completion date of final phase _____ month _____year
x Generally describe connections or relationships among phases, including any contingencies where progress of one phase may
determine timing or duration of future phases: _______________________________________________________________
____________________________________________________________________________________________________
____________________________________________________________________________________________________
Page 3 of 13
f. Does the project include new residential uses? Yes ✔
No
If Yes, show numbers of units proposed.
One Family Two Family Three Family Multiple Family (four or more)
Initial Phase ___________ ___________ ____________ ________________________
At completion
of all phases ___________ ___________ ____________ ________________________
g. Does the proposed action include new non-residential construction (including expansions)? Yes ✔
No
If Yes,
i. Total number of structures ___________
ii. Dimensions (in feet) of largest proposed structure: ________height; ________width; and _______ length
iii. Approximate extent of building space to be heated or cooled: ______________________ square feet
h. Does the proposed action include construction or other activities that will result in the impoundment of any Yes ✔
No
liquids, such as creation of a water supply, reservoir, pond, lake, waste lagoon or other storage?
If Yes,
i. Purpose of the impoundment: ________________________________________________________________________________
ii. If a water impoundment, the principal source of the water: Ground water Surface water streams Other specify:
_________________________________________________________________________________________________________
iii. If other than water, identify the type of impounded/contained liquids and their source.
_________________________________________________________________________________________________________
iv. Approximate size of the proposed impoundment. Volume: ____________ million gallons; surface area: ____________ acres
v. Dimensions of the proposed dam or impounding structure: ________ height; _______ length
vi. Construction method/materials for the proposed dam or impounding structure (e.g., earth fill, rock, wood, concrete):
________________________________________________________________________________________________________
D.2. Project Operations

a. Does the proposed action include any excavation, mining, or dredging, during construction, operations, or both? Yes ✔ No
(Not including general site preparation, grading or installation of utilities or foundations where all excavated
materials will remain onsite)
If Yes:
i .What is the purpose of the excavation or dredging? _______________________________________________________________
ii. How much material (including rock, earth, sediments, etc.) is proposed to be removed from the site?
x Volume (specify tons or cubic yards): ____________________________________________
x Over what duration of time? ____________________________________________________
iii. Describe nature and characteristics of materials to be excavated or dredged, and plans to use, manage or dispose of them.
________________________________________________________________________________________________________
________________________________________________________________________________________________________
iv. Will there be onsite dewatering or processing of excavated materials? Yes No
If yes, describe. ___________________________________________________________________________________________
________________________________________________________________________________________________________
v. What is the total area to be dredged or excavated? _____________________________________acres
vi. What is the maximum area to be worked at any one time? _______________________________ acres
vii. What would be the maximum depth of excavation or dredging? __________________________ feet
viii. Will the excavation require blasting? Yes No
ix. Summarize site reclamation goals and plan: _____________________________________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
b. Would the proposed action cause or result in alteration of, increase or decrease in size of, or encroachment Yes ✔ No
into any existing wetland, waterbody, shoreline, beach or adjacent area?
If Yes:
i. Identify the wetland or waterbody which would be affected (by name, water index number, wetland map number or geographic
description): ______________________________________________________________________________________________
_________________________________________________________________________________________________________
Page 4 of 13
ii. Describe how the proposed action would affect that waterbody or wetland, e.g. excavation, fill, placement of structures, or
alteration of channels, banks and shorelines. Indicate extent of activities, alterations and additions in square feet or acres:
_________________________________________________________________________________________________________
_________________________________________________________________________________________________________
_________________________________________________________________________________________________________
_________________________________________________________________________________________________________
iii. Will proposed action cause or result in disturbance to bottom sediments? Yes No
If Yes, describe: __________________________________________________________________________________________
iv. Will proposed action cause or result in the destruction or removal of aquatic vegetation? Yes No
If Yes:
x aFUHV of DTXDWLFvegetation proposed to be removed ___________________________________________________________
x H[SHFWHG acreage of aquatic vegetation remaining after project completion________________________________________
x purpose of proposed removal (e.g. beach clearing, invasive species control, boat access): ____________________________
____________________________________________________________________________________________________
x proposed method of plant removal: ________________________________________________________________________
x if chemical/herbicide treatment will be used, specify product(s): _________________________________________________
v. Describe any proposed reclamation/mitigation following disturbance: _________________________________________________
_________________________________________________________________________________________________________
c. Will the proposed action use, or create a new demand for water? ✔ Yes No
If Yes: See Section 2.2
i. Total anticipated water usage/demand per day: __________________________ 24,680 gallons/day
ii. Will the proposed action obtain water from an existing public water supply? ✔ Yes No
If Yes:
x Name of district or service area: City
_________________________________________________________________________
of Kingston
x Does the existing public water supply have capacity to serve the proposal? ✔ Yes No
x Is the project site in the existing district? ✔ Yes No
x Is expansion of the district needed? Yes ✔
No
x Do existing lines serve the project site? ✔ Yes No
iii. Will line extension within an existing district be necessary to supply the project? ✔ No
Yes
If Yes:
x Describe extensions or capacity expansions proposed to serve this project: ________________________________________
____________________________________________________________________________________________________
x Source(s) of supply for the district: ________________________________________________________________________
iv. Is a new water supply district or service area proposed to be formed to serve the project site? Yes ✔
No
If, Yes:
x Applicant/sponsor for new district: ________________________________________________________________________
x Date application submitted or anticipated: __________________________________________________________________
x Proposed source(s) of supply for new district: _______________________________________________________________
v. If a public water supply will not be used, describe plans to provide water supply for the project: ___________________________
_________________________________________________________________________________________________________
vi. If water supply will be from wells (public or private), maximum pumping capacity: _______24,680 gallons/minute.
d. Will the proposed action generate liquid wastes? ✔ Yes No

If Yes: See Section 2.2
i. Total anticipated liquid waste generation per day: _______________ gallons/day
ii. Nature of liquid wastes to be generated (e.g., sanitary wastewater, industrial; if combination, describe all components and
approximate volumes or proportions of each): __________________________________________________________________
_________________________________________________________________________________________________________
_________________________________________________________________________________________________________
iii. Will the proposed action use any existing public wastewater treatment facilities? ✔ Yes No
If Yes:
x Name of wastewater treatment plant to be used: _____________________________________________________________
City of Kingston Wastewater Treatment Plant
x Name of district: City
______________________________________________________________________________________
of Kingston Water and Sewer District
x Does the existing wastewater treatment plant have capacity to serve the project? ✔ Yes No
x Is the project site in the existing district? ✔ Yes No
x Is expansion of the district needed? Yes ✔
No
Page 5 of 13
x Do existing sewer lines serve the project site? ✔
Yes No
x Will line extension within an existing district be necessary to serve the project? Yes ✔ No
If Yes:
x Describe extensions or capacity expansions proposed to serve this project: ____________________________________
____________________________________________________________________________________________________
____________________________________________________________________________________________________
iv. Will a new wastewater (sewage) treatment district be formed to serve the project site? Yes ✔ No
If Yes:
x Applicant/sponsor for new district: ____________________________________________________________________
x Date application submitted or anticipated: _______________________________________________________________
x What is the receiving water for the wastewater discharge? __________________________________________________
v. If public facilities will not be used, describe plans to provide wastewater treatment for the project, including specifying proposed
receiving water (name and classification if surface discharge, or describe subsurface disposal plans):
________________________________________________________________________________________________________
________________________________________________________________________________________________________
vi. Describe any plans or designs to capture, recycle or reuse liquid waste: _______________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
e. Will the proposed action disturb more than one acre and create stormwater runoff, either from new point ✔
Yes No
sources (i.e. ditches, pipes, swales, curbs, gutters or other concentrated flows of stormwater) or non-point See Section 2.2.
source (i.e. sheet flow) during construction or post construction?
If Yes:
i. How much impervious surface will the project create in relation to total size of project parcel?
_____ Square feet or _____ 1.84 acres (impervious surface)
_____ Square feet or _____ 76.3 acres (parcel size)
ii. Describe types of new point sources. See __________________________________________________________________________
Section 2.2
_________________________________________________________________________________________________________
iii. Where will the stormwater runoff be directed (i.e. on-site stormwater management facility/structures, adjacent properties,
groundwater, on-site surface water or off-site surface waters)?
________________________________________________________________________________________________________
Stormwater will be directed into existing and new on-site stormwater management facilities including bioretention, wet swales and vegetated swales. These
practices will discharge to the on-site wetlands and reach the Hudson River.
________________________________________________________________________________________________________
x If to surface waters, identify receiving water bodies or wetlands: ________________________________________________
____________________________________________________________________________________________________
Receiving surface waters include the Hudson River and the on-site wetland
____________________________________________________________________________________________________
x Will stormwater runoff flow to adjacent properties? ✔
Yes No
iv. Does proposed plan minimize impervious surfaces, use pervious materials or collect and re-use stormwater? ✔
Yes No
f. Does the proposed action include, or will it use on-site, one or more sources of air emissions, including fuel ✔
Yes No
combustion, waste incineration, or other processes or operations?
If Yes, identify:
i. Mobile sources during project operations (e.g., heavy equipment, fleet or delivery vehicles)
_________________________________________________________________________________________________________
None
ii. Stationary sources during construction (e.g., power generation, structural heating, batch plant, crushers)
________________________________________________________________________________________________________
Construction equipment: Impacts would be temporary.
iii. Stationary sources during operations (e.g., process emissions, large boilers, electric generation)
________________________________________________________________________________________________________
Boilers - natural gas; emergency generators - natural gas
g. Will any air emission sources named in D.2.f (above), require a NY State Air Registration, Air Facility Permit, Yes ✔
No
or Federal Clean Air Act Title IV or Title V Permit?
If Yes:
i. Is the project site located in an Air quality non-attainment area? (Area routinely or periodically fails to meet Yes No
ambient air quality standards for all or some parts of the year)
ii. In addition to emissions as calculated in the application, the project will generate:
x ___________Tons/year (VKRUWWRQV) of Carbon Dioxide (CO2)
x ___________Tons/year (VKRUWWRQV) of Nitrous Oxide (N22)
x ___________Tons/year (VKRUWWRQV) of Perfluorocarbons (PFCs)
x ___________Tons/year (VKRUWWRQV) of Sulfur Hexafluoride (SF6)
x ___________Tons/year (VKRUWWRQV) of Carbon Dioxide equivalent of HydrofloXrocarbons (H)&V)
x ___________Tons/year (VKRUWWRQV) of Hazardous Air Pollutants (HAPs)
Page 6 of 13
h. Will the proposed action generate or emit methane (including, but not limited to, sewage treatment plants, Yes ✔ No
landfills, composting facilities)?
If Yes:
i. Estimate methane generation in tons/year (metric): ________________________________________________________________
ii. Describe any methane capture, control or elimination measures included in project design (e.g., combustion to generate heat or
electricity, flaring): ________________________________________________________________________________________
_________________________________________________________________________________________________________
i. Will the proposed action result in the release of air pollutants from open-air operations or processes, such as Yes ✔
No
quarry or landfill operations?
If Yes: Describe operations and nature of emissions (e.g., diesel exhaust, rock particulates/dust):
_________________________________________________________________________________________________________
_________________________________________________________________________________________________________
j. Will the proposed action result in a substantial increase in traffic above present levels or generate substantial Yes No
✔
new demand for transportation facilities or services? See Section 2.3.
If Yes:
i. When is the peak traffic expected (Check all that apply): Morning ✔
Evening ✔
Weekend
Randomly between hours of __________ to ________.
ii. For commercial activities only, projected number of semi-trailer truck trips/day: _______________________
Maximum 1 per major event
iii. Parking spaces: Existing _____________
529 Proposed ___________
1,059 Net increase/decrease _____________
530
iv. Does the proposed action include any shared use parking? Yes ✔ No
v. If the proposed action includes any modification of existing roads, creation of new roads or change in existing access, describe:
________________________________________________________________________________________________________
A vehicle turn-around will be added at the Main Gate entry area. A bus turnaround is also being constructed on Delaware Avenue at Kingston Point
________________________________________________________________________________________________________
Beach (City-owned property).
________________________________________________________________________________________________________
vi. Are public/private transportation service(s) or facilities available within ½ mile of the proposed site? Yes No
✔
vii Will the proposed action include access to public transportation or accommodations for use of hybrid, electric Yes No
✔
or other alternative fueled vehicles?
viii. Will the proposed action include plans for pedestrian or bicycle accommodations for connections to existing ✔
Yes No
pedestrian or bicycle routes?
k. Will the proposed action (for commercial or industrial projects only) generate new or additional demand ✔
Yes No
for energy?
If Yes:
i. Estimate annual electricity demand during operation of the proposed action: ____________________________________________
_________________________________________________________________________________________________________
Approximately 50,000 kWh/year
ii. Anticipated sources/suppliers of electricity for the project (e.g., on-site combustion, on-site renewable, via grid/local utility, or
other):
________________________________________________________________________________________________________
Electricity would be supplied through the local utility for which there is current capacity. Current 2-phase system would be upgraded to 3-phase.
iii. Will the proposed action require a new, or an upgrade to, an existing substation? Yes ✔ No
l. Hours of operation. Answer all items which apply.

i. During Construction: ii. During Operations:
x Monday - Friday: _________________________
8:00 AM - 6 PM x Monday - Friday: ____________________________
10:00 AM to 10:30 PM
x Saturday: ________________________________ x Saturday: ___________________________________
10:00 AM to 10:30 PM
x Sunday: _________________________________ x Sunday: ____________________________________
10:00 AM to 10:30 PM
x Holidays: ________________________________ x 10:00 AM to 10:30 PM
Holidays: ___________________________________
Page 7 of 13
m. Will the proposed action produce noise that will exceed existing ambient noise levels during construction, ✔
Yes No
operation, or both? See Section 2.4.
If yes:
i. Provide details including sources, time of day and duration:
_______________________________________________________________________________________________________
During concert events, concert-related activities will be audible between 7:00 PM and 10:30 PM on days that concerts are held.
_______________________________________________________________________________________________________
ii. Will proposed action remove existing natural barriers that could act as a noise barrier or screen? Yes ✔
No
Describe: _________________________________________________________________________________________________
_________________________________________________________________________________________________________
n.. Will the proposed action have outdoor lighting? ✔
Yes No
If yes:
i. Describe source(s), location(s), height of fixture(s), direction/aim, and proximity to nearest occupied structures:
_________________________________________________________________________________________________________
Two 20-foot-high poles featuring three (3) Lumark Night Falcon LED bullet lights. One 20-foot-tall pole featuring two (2) Lumark Night Falcon LED
_________________________________________________________________________________________________________
bullet lights
ii. Will proposed action remove existing natural barriers that could act as a light barrier or screen? Yes ✔ No
Describe: _________________________________________________________________________________________________
_________________________________________________________________________________________________________
o. Does the proposed action have the potential to produce odors for more than one hour per day? Yes ✔
No
If Yes, describe possible sources, potential frequency and duration of odor emissions, and proximity to nearest
occupied structures: ______________________________________________________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
p. Will the proposed action include any bulk storage of petroleum (FRPELQHGFDSDFLW\RIover 1,100 gallons) Yes ✔
No
or chemical productsJDOORQVLQDERYHJURXQGVWRUDJHRUDQ\DPRXQWLQXQGHUJURXQGVWRUDJH?
If Yes:
i. Product(s) to be stored ______________________________________________________________________________________
ii. Volume(s) ______ per unit time ___________ (e.g., month, year)
iii. Generally describe proposed storage facilities ___________________________________________________________________
________________________________________________________________________________________________________
q. Will the proposed action (commercial, industrial and recreational projects only) use pesticides (i.e., herbicides, Yes ✔ No
insecticides) during construction or operation?
If Yes:
i. Describe proposed treatment(s):
________________________________________________________________________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
ii. Will the proposed action use Integrated Pest Management Practices? Yes No
r. Will the proposed action (commercial or industrial projects only) involve or require the management or disposal ✔ Yes No
of solid waste (excluding hazardous materials)? See Section 2.5.
If Yes:
i. Describe any solid waste(s) to be generated during construction or operation of the facility:
x Construction: ____________________ 2 -5 tons per ________________
during construction (unit of time)
x Operation : ____________________ 2-5 tons per ________________
during events (unit of time)
ii. Describe any proposals for on-site minimization, recycling or reuse of materials to avoid disposal as solid waste:
x Construction: ________________________________________________________________________________________
____________________________________________________________________________________________________
x Operation: __________________________________________________________________________________________
____________________________________________________________________________________________________
iii. Proposed disposal methods/facilities for solid waste generated on-site:
x Construction: Construction
________________________________________________________________________________________
waste will be deposited into roll off dumpsters on the site, and will be picked up by a licensed waste hauler.
____________________________________________________________________________________________________
x Operation: __________________________________________________________________________________________
Solid waste and recycling will be deposited into roll off dumpsters on the site and will be picked up by a licensed waste hauler.
Waste will be delivered to the UCRRA Ulster Transfer Station or Materials Recovery Facility.
____________________________________________________________________________________________________
Page 8 of 13
s. Does the proposed action include construction or modification of a solid waste management facility? Yes ✔ No
If Yes:
i. Type of management or handling of waste proposed for the site (e.g., recycling or transfer station, composting, landfill, or
other disposal activities): ___________________________________________________________________________________
ii. Anticipated rate of disposal/processing:
x ________ Tons/month, if transfer or other non-combustion/thermal treatment, or
x ________ Tons/hour, if combustion or thermal treatment
iii. If landfill, anticipated site life: ________________________________ years
t. Will proposed action at the site involve the commercial generation, treatment, storage, or disposal of hazardous Yes ✔
No
waste?
If Yes:
i. Name(s) of all hazardous wastes or constituents to be generated, handled or managed at facility: ___________________________
_________________________________________________________________________________________________________
_________________________________________________________________________________________________________
ii. Generally describe processes or activities involving hazardous wastes or constituents: ___________________________________
_________________________________________________________________________________________________________
________________________________________________________________________________________________________
iii. Specify amount to be handled or generated _____ tons/month
iv. Describe any proposals for on-site minimization, recycling or reuse of hazardous constituents: ____________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
v. Will any hazardous wastes be disposed at an existing offsite hazardous waste facility? Yes No
If Yes: provide name and location of facility: _______________________________________________________________________
________________________________________________________________________________________________________
If No: describe proposed management of any hazardous wastes which will not be sent to a hazardous waste facility:
________________________________________________________________________________________________________
________________________________________________________________________________________________________
E. Site and Setting of Proposed Action
E.1. Land uses on and surrounding the project site

a. Existing land uses.
i. Check all uses that occur on, adjoining and near the project site.
✔ Urban Industrial Commercial Residential (suburban) Rural (non-farm)
Forest Agriculture Aquatic ✔
Other (specify): ____________________________________
ii. If mix of uses, generally describe:
__________________________________________________________________________________________________________
Residential (urban), Park, Institutional, Utility, Vacant Residential, and Vacant Commercial.
__________________________________________________________________________________________________________
b. Land uses and covertypes on the project site.
Land use or Current Acreage After Change
Covertype Acreage Project Completion (Acres +/-)
x Roads, buildings, and other paved or impervious
surfaces 6.70 8.54 +1.84
x Forested 9.15 7.80 -1.35

x Meadows, grasslands or brushlands (non-
7.69 7.20 -0.49
agricultural, including abandoned agricultural)
x Agricultural
N/A N/A N/A
(includes active orchards, field, greenhouse etc.)
x Surface water features
N/A N/A N/A
(lakes, ponds, streams, rivers, etc.)
x Wetlands (freshwater or tidal) 2.67 2.67 0.00
x Non-vegetated (bare rock, earth or fill) 0.54 (brick pile) 0.54 (brick pile) 0.00
x Other
Describe: _______________________________
________________________________________
Page 9 of 13
c. Is the project site presently used by members of the community for public recreation? Yes ✔
No
i. If Yes: explain: __________________________________________________________________________________________
d. Are there any facilities serving children, the elderly, people with disabilities (e.g., schools, hospitals, licensed Yes ✔
No
day care centers, or group homes) within 1500 feet of the project site?
If Yes,
i. Identify Facilities:
________________________________________________________________________________________________________
________________________________________________________________________________________________________
e. Does the project site contain an existing dam? Yes ✔
No
If Yes:
i. Dimensions of the dam and impoundment:
x Dam height: _________________________________ feet
x Dam length: _________________________________ feet
x Surface area: _________________________________ acres
x Volume impounded: _______________________________ gallons OR acre-feet
ii. Dam=s existing hazard classification: _________________________________________________________________________
iii. Provide date and summarize results of last inspection:
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
f. Has the project site ever been used as a municipal, commercial or industrial solid waste management facility, Yes ✔
No
or does the project site adjoin property which is now, or was at one time, used as a solid waste management facility?
If Yes:
i. Has the facility been formally closed? Yes No
x If yes, cite sources/documentation: _______________________________________________________________________
ii. Describe the location of the project site relative to the boundaries of the solid waste management facility:
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
iii. Describe any development constraints due to the prior solid waste activities: __________________________________________
_______________________________________________________________________________________________________
g. Have hazardous wastes been generated, treated and/or disposed of at the site, or does the project site adjoin Yes ✔
No
property which is now or was at one time used to commercially treat, store and/or dispose of hazardous waste?
If Yes:
i. Describe waste(s) handled and waste management activities, including approximate time when activities occurred:
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
h. Potential contamination history. Has there been a reported spill at the proposed project site, or have any ✔
Yes No
remedial actions been conducted at or adjacent to the proposed site?
If Yes:
i. Is any portion of the site listed on the NYSDEC Spills Incidents database or Environmental Site ✔
Yes No
Remediation database? Check all that apply:
✔ Yes – Spills Incidents database 0405058 and 0406086
Provide DEC ID number(s): ________________________________
✔ Yes – Environmental Site Remediation database Provide DEC ID number(s): ________________________________
546031
Neither database
ii. If site has been subject of RCRA corrective activities, describe control measures:_______________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
iii. Is the project within 2000 feet of any site in the NYSDEC Environmental Site Remediation database? ✔
Yes No
If yes, provide DEC ID number(s): 356040, 546031
______________________________________________________________________________
iv. If yes to (i), (ii) or (iii) above, describe current status of site(s):
_______________________________________________________________________________________________________
Former Brickyard on North Street (#0405058): Petroleum Bulk Storage. Closed 10/13/2015; Former Brickyard on North Street (#0406086):
_______________________________________________________________________________________________________
Petroleum Bulk Storage. Closed 10/13/2015; Hudson River PCB Sediments (#546031): Lead, PCB (Aroclor 1016, 1242 and 1254), and Cadmium.
Phase 2 of the remedial project started in 2011, anticipated to be complete in 2017. Millens Staging Area (#356040): Site Characterization Study in
2010 indicated that site does not quality for addition to the Registry of Inactive Hazardous Waste Disposal Sites.
Page 10 of 13
v. Is the project site subject to an institutional control limiting property uses? Yes ✔
No
x If yes, DEC site ID number: ____________________________________________________________________________
x Describe the type of institutional control (e.g., deed restriction or easement): ____________________________________
x Describe any use limitations: ___________________________________________________________________________
x Describe any engineering controls: _______________________________________________________________________
x Will the project affect the institutional or engineering controls in place? Yes No
x Explain: ____________________________________________________________________________________________
___________________________________________________________________________________________________
___________________________________________________________________________________________________
E.2. Natural Resources On or Near Project Site See Section 2.6.

a. What is the average depth to bedrock on the project site? ________________
> 3 feet
b. Are there bedrock outcroppings on the project site? Yes ✔

No
If Yes, what proportion of the site is comprised of bedrock outcroppings? __________________%
c. Predominant soil type(s) present on project site: ___________________________
Made Land (ML) __________%
82
___________________________
Clay Pit (CP) __________%
14
____________________________
Freshwater Marsh (FW) __________%
3
d. What is the average depth to the water table on the project site? Average: _________
> 2 feet
e. Drainage status of project site soils: ✔

Well Drained: _____%
82 of Vite
✔
Moderately Well Drained: _____%
14 of site
✔
Poorly Drained _____%
3 of Vite
f. Approximate proportion of proposed action site with slopes: ✔
0-10%: _____%
100 of site
10-15%: _____% of site
15% or greater: _____% of site
g. Are there any unique geologic features on the project site? Yes ✔
No
If Yes, describe: _____________________________________________________________________________________________
________________________________________________________________________________________________________
h. Surface water features. See Section 2.6.
i. Does any portion of the project site contain wetlands or other waterbodies (including streams, rivers, ✔
Yes No
ponds or lakes)?
ii. Do any wetlands or other waterbodies adjoin the project site? ✔
Yes No
If Yes to either i or ii, continue. If No, skip to E.2.i.
iii. Are any of the wetlands or waterbodies within or adjoining the project site regulated by any federal, ✔
Yes No
state or local agency?
iv. For each identified UHJXODWHGwetland and waterbody on the project site, provide the following information
x Streams: Name ____________________________________________ Classification _______________________
Lakes or Ponds: Name ____________________________________________ Classification _______________________
t Wetlands: Name ____________________________________________
Federal Waters, Federal Waters, Federal Waters Approximate Size ___________________
2.67 acres on site
Wetland No. (if regulated by DEC) _____________________________
v. Are any of the above water bodies listed in the most recent compilation of NYS water quality-impaired ✔
Yes No
waterbodies?
If yes, name of impaired water body/bodies and basis for listing as impaired: _____________________________________________
Name - Pollutants - Uses:Hudson River – Priority Organics – Fish Consumption
___________________________________________________________________________________________________________
i. Is the project site in a designated Floodway? Yes ✔
No
j. Is the project site in the 100 year Floodplain? ✔
Yes No
k. Is the project site in the 500 year Floodplain? ✔
Yes No
l. Is the project site located over, or immediately adjoining, a primary, principal or sole source aquifer? Yes ✔
No
If Yes:
i. Name of aquifer: _________________________________________________________________________________________
Page 11 of 13
m. Identify the predominant wildlife species that occupy or use the project site: ______________________________
______________________________
See Section 2.7. _______________________________ ______________________________
______________________________ _______________________________ ______________________________
n. Does the project site contain a designated significant natural community? ✔

Yes No
If Yes:
i. Describe the habitat/community (composition, function, and basis for designation): _____________________________________
Freshwater Intertidal Shore, Freshwater Tidal Marsh
________________________________________________________________________________________________________
ii. Source(s) of description or evaluation: ________________________________________________________________________
iii. Extent of community/habitat:
x Currently: 6.0, 30.0 acres
______________________
x Following completion of project as proposed: _____________________ 6.0, 30.0 acres
x Gain or loss (indicate + or -): ______________________ 0.0 acres
o. Does project site contain any species of plant or animal that is listed by the federal government or NYS as ✔ Yes No
endangered or threatened, or does it contain any areas identified as habitat for an endangered or threatened species?
See Section 2.7.
Atlantic Sturgeon, Shortnose Sturgeon, Northern Long-eared Bat, Davis' Sedge
p. Does the project site contain any species of plant or animal that is listed by NYS as rare, or as a species of Yes ✔
No
special concern?
q. Is the project site or adjoining area currently used for hunting, trapping, fishing or shell fishing? ✔
Yes No
If yes, give a brief description of how the proposed action may affect that use: ___________________________________________
________________________________________________________________________________________________________
Hudson River - The project will not affect use of the Hudson River.
E.3. Designated Public Resources On or Near Project Site

a. Is the project site, or any portion of it, located in a designated agricultural district certified pursuant to Yes ✔
No
Agriculture and Markets Law, Article 25-AA, Section 303 and 304?
If Yes, provide county plus district name/number: _________________________________________________________________
b. Are agricultural lands consisting of highly productive soils present? Yes ✔
No
i. If Yes: acreage(s) on project site? ___________________________________________________________________________
ii. Source(s) of soil rating(s): _________________________________________________________________________________
c. Does the project site contain all or part of, or is it substantially contiguous to, a registered National Yes ✔
No
Natural Landmark?
If Yes:
i. Nature of the natural landmark: Biological Community Geological Feature
ii. Provide brief description of landmark, including values behind designation and approximate size/extent: ___________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
d. Is the project site located in or does it adjoin a state listed Critical Environmental Area? Yes ✔
No
If Yes:
i. CEA name: _____________________________________________________________________________________________
ii. Basis for designation: _____________________________________________________________________________________
iii. Designating agency and date: ______________________________________________________________________________
Page 12 of 13
e. Does the project site contain, or is it substantially contiguous to, a building, archaeological site, or district ✔
Yes No
which is listed on, or has been nominated by the NYS Board of Historic Preservation for inclusion on, the See Section 2.8.
State or National Register of Historic Places?
If Yes:
i. Nature of historic/archaeological resource: Archaeological Site ✔
Historic Building or District
ii. Name: Cordts
_________________________________________________________________________________________________
Mansion
iii. Brief description of attributes on which listing is based:
_______________________________________________________________________________________________________
The project site does not abut the Cordts Mansion, which is recognized for exemplifying the French Second Empire-type architecture.
f. Is the project site, or any portion of it, located in or adjacent to an area designated as sensitive for ✔
Yes No
archaeological sites on the NY State Historic Preservation Office (SHPO) archaeological site inventory?
g. Have additional archaeological or historic site(s) or resources been identified on the project site? ✔
Yes No
If Yes:
i. Describe possible resource(s): Archaeological
_______________________________________________________________________________
sites are located on the adjoining parts of the property, but are not located on the project site.
ii. Basis for identification: Phase
___________________________________________________________________________________
I and II Cultural Resource Investigation (Phase I) - Sailor’s Cove project site (Joseph E. Diamond, Ph.D., 2004)
h. ,Vthe project site ZLWKLQILYHVPLOHVRI any officially designated and publicly accessible federal, state, or local ✔
Yes No
scenic or aesthetic resource?
If Yes:
i. Identify resource: _________________________________________________________________________________________
See Figure 10.
ii. Nature of, or basis for, designation (e.g., established highway overlook, state or local park, state historic trail or scenic byway,
etc.): ___________________________________________________________________________________________________
iii. Distance between project and resource: _____________________ miles.
i. Is the project site located within a designated river corridor under the Wild, Scenic and Recreational Rivers Yes ✔
No
Program 6 NYCRR 666?
If Yes:
i. Identify the name of the river and its designation: ________________________________________________________________
ii. Is the activity consistent with development restrictions contained in 6NYCRR Part 666? Yes No
F. Additional Information
Attach any additional information which may be needed to clarify your project.
If you have identified any adverse impacts which could be associated with your proposal, please describe those impacts plus any
measures which you propose to avoid or minimize them.
G. Verification
I certify that the information provided is true to the best of my knowledge.
Applicant/Sponsor Name ___________________________________

Kevin McManus, North Street Brick Works, LLC. Date_______________________________________
January 31, 2018
Signature________________________________________________ Title_______________________________________
Senior Planner
Caren LoBrutto, Chazen Companies, Agent for Applicant
PRINT FORM Page 13 of 13

EAF Mapper Summary Report Tuesday, December 19, 2017 5:30 PM
Disclaimer: The EAF Mapper is a screening tool intended to assist

project sponsors and reviewing agencies in preparing an environmental
assessment form (EAF). Not all questions asked in the EAF are
answered by the EAF Mapper. Additional information on any EAF
question can be obtained by consulting the EAF Workbooks. Although
the EAF Mapper provides the most up-to-date digital data available to
DEC, you may also need to contact local or other data sources in order
to obtain data not provided by the Mapper. Digital data is not a
substitute for agency determinations.
B.i.i [Coastal or Waterfront Area] Yes

B.i.ii [Local Waterfront Revitalization Area] Yes
C.2.b. [Special Planning District] Yes - Digital mapping data are not available for all Special Planning Districts.
Refer to EAF Workbook.
C.2.b. [Special Planning District - Name] Remediaton Sites:546031 , NYS Heritage Areas:Kingston
E.1.h [DEC Spills or Remediation Site - Yes - Digital mapping data for Spills Incidents are not available for this
Potential Contamination History] location. Refer to EAF Workbook.
E.1.h.i [DEC Spills or Remediation Site - Yes
Listed]
E.1.h.i [DEC Spills or Remediation Site - Yes
Environmental Site Remediation Database]
E.1.h.i [DEC Spills or Remediation Site - 546031
DEC ID Number]
E.1.h.iii [Within 2,000' of DEC Remediation Yes
Site]
E.1.h.iii [Within 2,000' of DEC Remediation 356040, 546031
Site - DEC ID]
E.2.g [Unique Geologic Features] No
E.2.h.i [Surface Water Features] Yes
E.2.h.ii [Surface Water Features] Yes
E.2.h.iii [Surface Water Features] Yes - Digital mapping information on local and federal wetlands and
waterbodies is known to be incomplete. Refer to EAF Workbook.
E.2.h.iv [Surface Water Features - Wetlands Federal Waters
Name]
E.2.h.v [Impaired Water Bodies] Yes
E.2.h.v [Impaired Water Bodies - Name and Name - Pollutants - Uses:Hudson River – Priority Organics – Fish
Basis for Listing] Consumption
Full Environmental Assessment Form - EAF Mapper Summary Report 1

E.2.i. [Floodway] No
E.2.j. [100 Year Floodplain] Yes
E.2.k. [500 Year Floodplain] Yes
E.2.l. [Aquifers] No
E.2.n. [Natural Communities] Yes
E.2.n.i [Natural Communities - Name] Freshwater Intertidal Shore, Freshwater Tidal Marsh
E.2.n.i [Natural Communities - Acres] 6.0, 30.0
E.2.o. [Endangered or Threatened Species] Yes
E.2.o. [Endangered or Threatened Species - Atlantic Sturgeon, Shortnose Sturgeon, Northern Long-eared Bat, Davis'
Name] Sedge
E.2.p. [Rare Plants or Animals] No
E.3.a. [Agricultural District] No
E.3.c. [National Natural Landmark] No
E.3.d [Critical Environmental Area] No
E.3.e. [National Register of Historic Places] Yes - Digital mapping data for archaeological site boundaries are not
available. Refer to EAF Workbook.
E.3.e.ii [National Register of Historic Places - Cordts Mansion
Name]
E.3.f. [Archeological Sites] Yes
E.3.i. [Designated River Corridor] No
Full Environmental Assessment Form - EAF Mapper Summary Report 2


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ŽĂƐƚĂůŽŶĞŽŶƐŝƐƚĞŶĐǇƐƐĞƐƐŵĞŶƚ


X
City of Kingston, NY
North Street Brick Works is seeking a 5-year special
permit to launch Phase 2 of the Hutton Brickyards revitalization, which includes continuation of
the existing market use and reactivation of existing historic buildings for a hospitality and festival
venue, infrastructure and site management improvements, and access improvements.
200 North Street, City of Kingston, Ulster County, NY
26.75 acres of 76.3 acre tax parcel

Vacant and Season Market and Vending Use
Hudson Riverfront District (RF-H) and One-Family Residence District (RRR)
None.
None.
Wetlands B and D
Wetland B: 176 square feet, Wetland D: 4,391 square feet
North Street Brick Works, LLC, Kevin McManus (Project Manager)

33 Currituck Road, Newtown, CT. 06470
914-403-3568
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Not Applicable
X
X
X
X
X
X
X
X
See Full Environmental Assessment Form Report, Attachment A for the consistency
assessment.
Stuart Mesinger, AICP 518 469-2328
Vice President of Land Development Chazen Companies
January 31, 2018


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ĐŚĞŵŝĐĂůĐŽŶƚĂŵŝŶĂƚŝŽŶ;WŽůŝĐŝĞƐϳĂŶĚϴͿ͘

dŚĞ ƉƌŽƉŽƐĞĚ ƉƌŽũĞĐƚ ǁŝůů ĚŝƐĐŚĂƌŐĞ ƐƚŽƌŵǁĂƚĞƌ ĚŝƌĞĐƚůǇ ƚŽ ƚŚĞ ,ƵĚƐŽŶ ZŝǀĞƌ ǁŚŝĐŚ ŝƐ Ă ĨŝĨƚŚ ŽƌĚĞƌ
ƐƚƌĞĂŵŽƌůĂƌŐĞƌ͕ƐŽŚĂŶŶĞůWƌŽƚĞĐƚŝŽŶsŽůƵŵĞ;WǀͿ͕KǀĞƌďĂŶŬ&ůŽŽĚ;YƉͿĂŶĚǆƚƌĞŵĞ&ůŽŽĚ;YĨͿŝƐ
ŶŽƚƌĞƋƵŝƌĞĚ͘ŶĂŵĞŶĚŵĞŶƚƚŽƚŚĞϮϬϭϲ^tWWWŚĂƐďĞĞŶƉƌĞƉĂƌĞĚƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞĂĚĚŝƚŝŽŶŽĨĂ
ƐŚƵƚƚůĞ ďƵƐ ĚƌŽƉͲŽĨĨ ŽŶ ĞůĂǁĂƌĞ ǀĞŶƵĞ͕ ƚŚĞ ƌĞĐŽŶĨŝŐƵƌĞĚ ĚƌŝǀĞǁĂǇ ĂůŝŐŶŵĞŶƚ ĂŶĚ ƉĂƌŬŝŶŐ ůŽƚ Ăƚ
ƵŝůĚŝŶŐ ηϭ͕ ƚŚĞ ĂĚĚŝƚŝŽŶ ŽĨ Ă ƚĞŵƉŽƌĂƌǇ ĂĐĐĞƐƐ ƌŽĂĚ ĂŶĚ ƐƚŽƌŵ ƐĞǁĞƌ ŶĞƚǁŽƌŬ ĨŽƌ ƵŝůĚŝŶŐ ηϯ͕ ŶĞǁ
ůŝŵŝƚƐ ŽĨ ĐůĞĂƌŝŶŐ ĂŶĚ ŐƌƵďďŝŶŐ ĨŽƌ ƚŚĞ ͞'ůĂŵƉŝŶŐ͟ Žƌ ƚĞŵƉŽƌĂƌǇ ĐĂŵƉŝŶŐ ĂƌĞĂ͕ ĂŶĚ ĂĚĚŝƚŝŽŶ ŽĨ Ă
ƚƵƌŶĂƌŽƵŶĚ Ăƚ ƚŚĞ EŽƌƚŚ ^ƚƌĞĞƚ ĞŶƚƌǇ ƚŽ ƚŚĞ ƐŝƚĞ͘ dŚĞ ĨŝƌƐƚ ƉŚĂƐĞ ŽĨ ĐŽŶƐƚƌƵĐƚŝŽŶ ǁĂƐ ĐŽŵƉůĞƚĞĚ
^ĞƉƚĞŵďĞƌϮϬϭϲ͘

ƐƚŚĞƐŝƚĞŝƐƐĞƌǀĞĚďǇƉƵďůŝĐƵƚŝůŝƚŝĞƐĂŶĚƐƚŽƌŵǁĂƚĞƌǁŝůůďĞŵĂŶĂŐĞĚĂĐĐŽƌĚŝŶŐƚŽƚŚĞ^tWWWŶŽ
ĂĚǀĞƌƐĞŝŵƉĂĐƚƐƚŽĨŝƐŚĂŶĚǁŝůĚůŝĨĞŚĂďŝƚĂƚƐǁŝůůŽĐĐƵƌ͘

;ϴͿDŝŶŝŵŝǌĞĨůŽŽĚŝŶŐĂŶĚĞƌŽƐŝŽŶŚĂǌĂƌĚƐƚŚƌŽƵŐŚŶŽŶƐƚƌƵĐƚƵƌĂůŵĞĂŶƐ͕ĐĂƌĞĨƵůůǇƐĞůĞĐƚĞĚ͕ůŽŶŐͲƚĞƌŵ
ƐƚƌƵĐƚƵƌĂůŵĞĂƐƵƌĞƐĂŶĚĂƉƉƌŽƉƌŝĂƚĞƐŝƚŝŶŐŽĨƐƚƌƵĐƚƵƌĞƐ;WŽůŝĐŝĞƐϭϭ͕ϭϯ͕ϭϯ͕ϭϰ͕ϭϱ͕ϭϲĂŶĚϭϳͿ͘

dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚŝƐŶŽƚĂƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚ͘dŚĞĂƌĞĂƐƚŽďĞƵƐĞĚĨŽƌ͞ŐůĂŵƉŝŶŐ͟Žƌ
ĐĂŵƉŝŶŐĂƌĞƚĞŵƉŽƌĂƌǇ͘DŽƐƚŽĨƚŚĞďƵŝůĚŝŶŐƐƉƌŽƉŽƐĞĚĨŽƌƵƐĞĂƌĞĂůƌĞĂĚǇĞǆŝƐƚŝŶŐĂŶĚƚŚĞŶĞǁ


ĐĂƌĞƚĂŬĞƌĐŽƚƚĂŐĞǁŽƵůĚŶŽƚďĞďƵŝůƚŝŶƚŚĞĨůŽŽĚƉƌŽŶĞĂƌĞĂƐ͘dŚĞƌĞĨŽƌĞ͕ŶŽĂĚǀĞƌƐĞŝŵƉĂĐƚƐĂƐƐŽĐŝĂƚĞĚ
ǁŝƚŚĨůŽŽĚŚĂǌĂƌĚƐƚŽŚƵŵĂŶůŝĨĞǁŝůůŽĐĐƵƌ͘

;ϵͿ^ĂĨĞŐƵĂƌĚĞĐŽŶŽŵŝĐ͕ƐŽĐŝĂůĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůŝŶƚĞƌĞƐƚƐŝŶƚŚĞĐŽĂƐƚĂůĂƌĞĂǁŚĞŶŵĂũŽƌĂĐƚŝŽŶƐĂƌĞ
ƵŶĚĞƌƚĂŬĞŶ;WŽůŝĐǇϭϴͿ͘

dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚŝƐŶŽƚĂŵĂũŽƌĂĐƚŝŽŶ͕ďƵƚǁŝůůŽĐĐƵƌĂĚũĂĐĞŶƚƚŽƚŚĞ,ƵĚƐŽŶZŝǀĞƌ͕ǁŚŝĐŚŝƐŽĨ
ĞĐŽŶŽŵŝĐ͕ƐŽĐŝĂůĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůŝŶƚĞƌĞƐƚ͘dŚĞƉƌŽƉŽƐĞĚĂĐƚŝŽŶǁŝůůĂůůŽǁƐĐĞŶŝĐǀŝĞǁƐŽĨƚŚĞ,ƵĚƐŽŶ
ZŝǀĞƌĨƌŽŵĂƐŝƚĞƚŚĂƚŚĂƐůŽŶŐďĞĞŶƵŶĂǀĂŝůĂďůĞƚŽƚŚĞƉƵďůŝĐ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚǁŝůů
ĂƐƐŝƐƚŝŶƚŚĞƌĞǀŝƚĂůŝǌĂƚŝŽŶŽĨƚŚĞǁĂƚĞƌĨƌŽŶƚĂƌĞĂĂŶĚǁŝůůĂƐƐŝƐƚŝŶďƌŝŶŐŝŶŐĂǁĂƌĞŶĞƐƐƚŽƚŚĞĐŽĂƐƚĂů
ƌĞƐŽƵƌĐĞŝŶĂĚǀĂŶĐĞŽĨůŽŶŐͲƚĞƌŵŐŽĂůƐ͘dŚĞƌĞĨŽƌĞ͕ŶŽĂĚǀĞƌƐĞŝŵƉĂĐƚƐƚŽĞĐŽŶŽŵŝĐ͕ƐŽĐŝĂůĂŶĚ
ĞŶǀŝƌŽŶŵĞŶƚĂůŝŶƚĞƌĞƐƚƐǁŝůůŽĐĐƵƌ͘

;ϭϭͿWƌŽƚĞĐƚĂŶĚƌĞƐƚŽƌĞŚŝƐƚŽƌŝĐĂŶĚĂƌĐŚĂĞŽůŽŐŝĐĂůƌĞƐŽƵƌĐĞƐ;WŽůŝĐŝĞƐϮϯĂŶĚϮϯͿ͘

dŚĞƉƌŽũĞĐƚƐŝƚĞŚĂƐďĞĞŶĚĞƚĞƌŵŝŶĞĚƚŽĐŽŶƐƚŝƚƵƚĞĂEĂƚŝŽŶĂůZĞŐŝƐƚĞƌŽĨ,ŝƐƚŽƌŝĐWůĂĐĞƐͲĞůŝŐŝďůĞŚŝƐƚŽƌŝĐ
ĂŶĚ ŝŶĚƵƐƚƌŝĂů ĂƌĐŚĂĞŽůŽŐŝĐĂů ĚŝƐƚƌŝĐƚ ƵŶĚĞƌ ƌŝƚĞƌŝĂ ĂŶĚ ďǇ EĞǁ zŽƌŬ ^ƚĂƚĞ KĨĨŝĐĞ ŽĨ WĂƌŬƐ͕
ZĞĐƌĞĂƚŝŽŶ͕ĂŶĚ,ŝƐƚŽƌŝĐWƌĞƐĞƌǀĂƚŝŽŶ;Ez^KWZ,WͿ;ƐĞĞ&ŝŐƵƌĞϵͿ͘

/ŶϮϬϬϰ͕:ŽƐĞƉŚ͘ŝĂŵŽŶĚ͕WŚ͕͘͘ĐŽŶĚƵĐƚĞĚĂWŚĂƐĞ/ƵůƚƵƌĂůZĞƐŽƵƌĐĞ/ŶǀĞƐƚŝŐĂƚŝŽŶ;WŚĂƐĞϭĂŶĚ
ϭͿĨŽƌĂƉƌĞǀŝŽƵƐƉƌŽũĞĐƚ;ϬϰWZϬϬϯϳϳͿŽŶƉĂƌƚŽĨƚŚĞĐƵƌƌĞŶƚƉƌŽũĞĐƚƐŝƚĞ͘dŚĞƌĞƉŽƌƚŝĚĞŶƚŝĨŝĞĚƐŝǆƚĞĞŶ
ƉƌĞŚŝƐƚŽƌŝĐƐŝƚĞƐǁŝƚŚŝŶĂŽŶĞͲŵŝůĞƌĂĚŝƵƐŽĨƚŚĞƉƌŽũĞĐƚĂƌĞĂ͕ĂŶĚƚǁŽƐŝƚĞƐǁĞƌĞůŽĐĂƚĞĚŽŶƚŚĞƉƌĞǀŝŽƵƐ
ƉƌŽũĞĐƚ ƐŝƚĞ͘ dŚĞƐĞ ƉƌĞŚŝƐƚŽƌŝĐ ƐŝƚĞƐ ĂƌĞ ŶŽƚ ůŽĐĂƚĞĚ ǁŝƚŚŝŶ ƚŚĞ ďŽƵŶĚĂƌŝĞƐ ŽĨ ƚŚĞ WŚĂƐĞ Ϯ ƉƌŽũĞĐƚ͘
dŚĞƌĞĨŽƌĞ͕ŶŽĂĚǀĞƌƐĞŝŵƉĂĐƚƐƚŽƚŚĞƐĞƌĞƐŽƵƌĐĞƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͘

/ŶϮϬϭϲ͕Ez^KWZ,WƌĞǀŝĞǁĞĚĂŶĂƉƉůŝĐĂƚŝŽŶ;ϭϲWZϬϭϵϰϲͿďǇEŽƌƚŚ^ƚƌĞĞƚƌŝĐŬtŽƌŬƐƚŽŽƉĞƌĂƚĞĂĨůĞĂ
ŵĂƌŬĞƚĂŶĚǀĞŶĚŝŶŐƵƐĞǁŝƚŚŝŶƵŝůĚŝŶŐƐηϲĂŶĚηϳŽŶƚŚĞƉƌŽƉĞƌƚǇ͘ƐƉĂƌƚŽĨƚŚŝƐƌĞǀŝĞǁ͕ĂŶĞŶŐŝŶĞĞƌ͛Ɛ
ƌĞƉŽƌƚĂŶĚƉƌĞůŝŵŝŶĂƌǇĨĞĂƐŝďŝůŝƚǇƐƚƵĚǇĨŽƌƵŝůĚŝŶŐηϵǁĂƐƉƌŽǀŝĚĞĚ͘/ŶĂůĞƚƚĞƌĚĂƚĞĚ͕ƉƌŝůϮϭ͕ϮϬϭϲ͕
Ez^KWZ,W ƌĞƋƵĞƐƚĞĚ ƚŚĂƚ ĂŶǇ ĨƵƌƚŚĞƌ ǁŽƌŬ ŽŶ ƵŝůĚŝŶŐ ηϵ ;ďĞǇŽŶĚ ĨĞŶĐŝŶŐ ŽĨĨ ĂŶĚ ƌĞŵŽǀĂů ŽĨ ůŽŽƐĞ
ŵĞƚĂůƉĂŶĞůƐͿďĞĚŽŶĞŝŶĐŽŽƌĚŝŶĂƚŝŽŶǁŝƚŚEz^KWZ,W͘dŚĞWŚĂƐĞϮƉƌŽũĞĐƚĚŽĞƐŶŽƚŝŶǀŽůǀĞĂŶǇǁŽƌŬ
ƚŽŽƌƵƐĞŽĨƵŝůĚŝŶŐηϵ͘

ƐŝŶĚŝĐĂƚĞĚŝŶƚŚĞƐŝƚĞƉůĂŶ͕ŐƌŽƵŶĚĚŝƐƚƵƌďĂŶĐĞǁŽƵůĚŽĐĐƵƌŝŶĂƐƐŽĐŝĂƚŝŽŶǁŝƚŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞ
ĐĂƌĞƚĂŬĞƌ͛ƐĐŽƚƚĂŐĞĂŶĚƚŚĞƐŚƵƚƚůĞďƵƐĚƌŽƉͲŽĨĨĂƌĞĂ͘dŚĞĨŽŽƚƉƌŝŶƚŽĨƚŚĞƉƌŽƉŽƐĞĚĐĂƌĞƚĂŬĞƌ͛ƐĐŽƚƚĂŐĞ
ǁĂƐ ĂŶĂůǇǌĞĚ ĂƐ ƉĂƌƚ ŽĨ ƚŚĞ ƉƌĞǀŝŽƵƐ ƉƌŽũĞĐƚ ;ϬϰWZϬϬϯϳϳͿ͖ ŚŽǁĞǀĞƌ͕ ƚŚĞ ƐŚƵƚƚůĞ ďƵƐ ĚƌŽƉͲŽĨĨ ĂƌĞĂ ŝƐ
ůŽĐĂƚĞĚ ƐŽƵƚŚĞĂƐƚ ŽĨ ƚŚĞ ďƌŝĐŬǇĂƌĚ ƉĂƌĐĞů ĂĚũĂĐĞŶƚ ƚŽ ĞĂĐŚ ZŽĂĚ ŝŶ ĂŶ ĂƌĞĂ ĞŶĐŽŵƉĂƐƐŝŶŐ ůĞƐƐ ƚŚĂŶ
ϮϬ͕ϬϬϬ ƐƋƵĂƌĞ ĨĞĞƚ͘ dŚĞƌĞĨŽƌĞ͕ Ă WŚĂƐĞ ϭ ƐƚƵĚǇ ƚŽ ĂƐƐĞƐƐ ƚŚĞ ƉŽƚĞŶƚŝĂů ĨŽƌ ŝŵƉĂĐƚƐ ƚŽ ĂƌĐŚĂĞŽůŽŐŝĐĂů
ƌĞƐŽƵƌĐĞƐŝƐďĞŝŶŐƵŶĚĞƌƚĂŬĞŶďǇEŽƌƚŚ^ƚƌĞĞƚƌŝĐŬtŽƌŬƐ͕ĂŶĚ,ĂƌƚŐĞŶƌĐŚĂĞŽůŽŐŝĐĂůƐƐŽĐŝĂƚĞƐǁŝůů
ĐŽŽƌĚŝŶĂƚĞǁŝƚŚEz^KWZ,WŽŶƚŚĞĨŽƌƚŚĐŽŵŝŶŐƐƚƵĚǇ͘

;ϭϮͿWƌŽƚĞĐƚĂŶĚƵƉŐƌĂĚĞƐĐĞŶŝĐƌĞƐŽƵƌĐĞƐ;WŽůŝĐŝĞƐϮϱ͕ϮϱĂĂŶĚϮϱͿ͘

<ŝŶŐƐƚŽŶ͘tŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨƚŚĞĐĂƌĞƚĂŬĞƌĐŽƚƚĂŐĞ͕ĂůŽǁͲƐĐĂůĞďƵŝůĚŝŶŐ͕ŶŽŶĞǁďƵŝůĚŝŶŐ
ĐŽŶƐƚƌƵĐƚŝŽŶǁŝůůŽĐĐƵƌ͘dŚĞƌĞĨŽƌĞ͕ŶŽŶĞŐĂƚŝǀĞŝŵƉĂĐƚƚŽƐĐĞŶŝĐƌĞƐŽƵƌĐĞƐǁŝůůŽĐĐƵƌ͘


;ϭϰͿWƌŽƚĞĐƚƐƵƌĨĂĐĞĂŶĚŐƌŽƵŶĚǁĂƚĞƌƐĨƌŽŵĚŝƌĞĐƚĂŶĚŝŶĚŝƌĞĐƚĚŝƐĐŚĂƌŐĞŽĨƉŽůůƵƚĂŶƚƐĂŶĚĨƌŽŵŽǀĞƌƵƐĞ
;WŽůŝĐŝĞƐϯϬ͕ϯϬ͕ϯϬ͕ϯϭ͕ϯϮ͕ϯϯ͕ϯϯ͕ϯϯ͕ϯϰ͕ϯϰ͕ϯϱ͕ϯϲ͕ϯϲ͕ϯϳ͕ϯϴ͕ϯϵ͕ϰϬĂŶĚϰϰͿ͘


;ϭϲͿ,ĂŶĚůĞĂŶĚĚŝƐƉŽƐĞŽĨƐŽůŝĚĂŶĚŚĂǌĂƌĚŽƵƐǁĂƐƚĞƐĂŶĚĞĨĨůƵĞŶƚƐŝŶĂŵĂŶŶĞƌǁŚŝĐŚǁŝůůŶŽƚ
ĂĚǀĞƌƐĞůǇĂĨĨĞĐƚƚŚĞĞŶǀŝƌŽŶŵĞŶƚŶŽƌĞǆƉĂŶĚĞǆŝƐƚŝŶŐůĂŶĚĨŝůůƐ;WŽůŝĐŝĞƐϯϰ͕ϯϰ͕ϯϱ͕ϯϲ͕ϯϲĂŶĚϯϵͿ͘

ůŝĐĞŶƐĞĚǁĂƐƚĞŚĂƵůĞƌǁŝůůƉŝĐŬƵƉƌĞĨƵƐĞĨƌŽŵƚŚĞƐŝƚĞĂŶĚĚĞůŝǀĞƌŝƚƚŽƚŚĞhZZhůƐƚĞƌdƌĂŶƐĨĞƌ
^ƚĂƚŝŽŶĂŶĚƌĞĐǇĐůĂďůĞƐǁŝůůďĞƐĞŶƚƚŽƚŚĞhZZDĂƚĞƌŝĂůƐZĞĐŽǀĞƌǇ&ĂĐŝůŝƚǇ͘EŽŚĂǌĂƌĚŽƵƐǁĂƐƚĞƐǁŝůů
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1HZ<RUN1DWXUDO+HULWDJH3URJUDP
New York Natural Heritage Program Report on State-listed Animals
The following state-listed animals have been documented

in the vicinity of the project site.
The following list includes animals that are listed by NYS as Endangered, Threatened, or Special Concern;
and/or that are federally listed or are candidates for federal listing.
For information about any permit considerations for the project, please contact the Permits staff at the
NYSDEC Region 3 Office at dep.r3@dec.ny.gov, (845) 256-3054.
)RULQIRUPDWLRQDERXWSRWHQWLDOLPSDFWVRI\RXUSURMHFWRQWKHILVKDQGKRZWRDYRLGPLQLPL]HRU
PLWLJDWHDQ\LPSDFWVFRQWDFWWKH+XGVRQ5LYHU)LVKHULHV8QLW6RXWK3XWW&RUQHUV5RDG1HZ3DOW]
1<+XGVRQ5LYHU)LVK#GHFQ\JRY
For information about potential impacts of the project on the EDW, and how to avoid, minimize, or
mitigate any impacts, contact the Region 3 Wildlife staff atWildlife.R3@dec.ny.gov, (845) 256-3098.
The following species have been documented QHDUthe project site, LQWKH+XGVRQ5LYHU
COMMON NAME SCIENTIFIC NAME NY STATE LISTING FEDERAL LISTING
Fish
Shortnose Sturgeon Acipenser brevirostrum Endangered Endangered 1091
Atlantic Sturgeon Acipenser oxyrinchus No Open Season Endangered 11464
The following species haV been documented within 5 mile of the project site. Individual animals may
travel 5 miles from documented locations.
COMMON NAME SCIENTIFIC NAME NY STATE LISTING FEDERAL LISTING
Mammals
Northern Long-eared Bat Myotis septentrionalis Threatened Threatened 14175
Hibernaculum
This report only includes records from the NY Natural Heritage database.
If any rare plants or animals are documented during site visits, we request that information on the observations be provided to
the New York Natural Heritage Program so that we may update our database.
Information about many of the listed animals in New York, including habitat, biology, identification, conservation, and
management, are available online in Natural Heritage’s Conservation Guides at www.guides.nynhp.org, and from NYSDEC at
www.dec.ny.gov/animals/7494.html.
12/18/2017 Page 1 of 1
Report on Rare Animals, Rare Plants, and
New York Natural Heritage Program
Significant Natural Communities
The following rare plants, rare animals, and significant natural communities
have been documented at the project site, or in its vicinity.
We recommend that potential onsite and offsite impacts of the proposed project on these species or
communities be addressed as part of any environmental assessment or review conducted as part of the planning,
permitting and approval process, such as reviews conducted under SEQR. Field surveys of the project site may
be necessary to determine the status of a species at the site, particularly for sites that are currently undeveloped
and may still contain suitable habitat. Final requirements of the project to avoid, minimize, or mitigate potential
impacts are determined by the lead permitting agency or the government body approving the project.
The following animals, while not listed by New York State as Endangered or Threatened, are of conservation concern
to the state, and are considered rare by the New York Natural Heritage Program.
COMMON NAME SCIENTIFIC NAME NY STATE LISTING HERITAGE CONSERVATION STATUS
Animal Assemblages
Waterfowl Winter
Concentration Area
The FlatsQRUWKHDVWRISURMHFWVLWH, 1986: River habitat of about 5 miles of underwater shallows with ridge, freshwater 820
and intertidal mudflats and subtidal aquatic beds.

4899
Rondout Creek MouthVRXWKRISURMHFWVLWH, 1987: A mile segment of freshwater tributary of the Hudson River
estuary. There is also an extensive marsh and mudflat area (Sleightsburg Marsh).
Anadromous Fish
Concentration Area
7749
The FlatsQRUWKHDVWRISURMHFWVLWH, 1986: Shallow fresh water tidal flats.
2753
Rondout Creek MouthVRXWKRISURMHFWVLWH, 1987: $4mi section of freshwater tributary, with extensive marsh and mudflat
area.
The following significant natural communities are considered significant from a statewide perspective by the NY
Natural Heritage Program. They are either occurrences of a community type that is rare in the state, or a highquality
example of a more common community type. By meeting specific, documented criteria, the NY Natural Heritage
Program considers these community occurrences to have high ecological and conservation value.
Wetland/Aquatic Communities
Freshwater Tidal Marsh Rare Community Type
Rondout Creek MouthVRXWKRISURMHFWVLWH: Diverse, but area is moderately to extremely disturbed. 9379
12/18/2017 Page 1 of 2
The following plants are listed as Endangered or Threatened by New York State, and/or are considered rare by the
New York Natural Heritage Program, and so are a vulnerable natural resource of conservation concern.
Vascular Plants
Heart-leaved Plantain Plantago cordata Rare Vulnerable in NYS
Rondout Creek MouthVRXWKHDVWRISURMHFWVLWH, 1985-08-10: Probably freshwater intertidal shore. 2484
6094
Rondout Creek MouthVRXWKRISURMHFWVLWH, 1988-09-02: Muddy rocky banks, uptide from 3RQWHGHUD, 3HOWDQGUD. Narrow
band between built up banks and 3RQWHGHUD, 3HOWDQGUD. Brush near 3ODQWDJR has been cleared to improve the view.
There is also a hunting blind at the site.
Delmarva Beggar-ticks Bidens bidentoides Rare Vulnerable in NYS
4272
Rondout Creek MouthVRXWKRISURMHFWVLWH, 1993-06-08: Rocky shore along trolly tracks has both %LGHQV and 3ODQWDJR
FRUGDWD. Marsh with =L]DQLD, 3RQWHGHULD and 1XSKDU has %LGHQVELGHQWRLGHV, %LGHQVFHUQXD and %LGHQVODHYLV.
Davis' Sedge Carex davisii Threatened Imperiled in NYS
Rondout Creek MouthDWWKHSURMHFWVLWH, 2004-06-16: The habitat is upland thicket and wetland along a large 11969
tidal river. The area is seasonally flooded.
This report only includes records from the NY Natural Heritage database. For most sites, comprehensive field
surveys have not been conducted, and we cannot provide a definitive statement as to the presence or absence of
all rare or state-listed species. Depending on the nature of the project and the conditions at the project site,
further information from on-site surveys or other sources may be required to fully assess impacts on biological
resources.
If any rare plants or animals are documented during site visits, we request that information on the observations be provided to the New
York Natural Heritage Program so that we may update our database.
Information about many of the rare animals and plants in New York, including habitat, biology, identification, conservation, and
management, are available online in Natural Heritage’s Conservation Guides at www.guides.nynhp.org, from NatureServe Explorer at
www.natureserve.org/explorer, and from USDA’s Plants Database at http://plants.usda.gov/index.html (for plants).
Information about many of the natural community types in New York, including identification, dominant and characteristic vegetation,
distribution, conservation, and management, is available online in Natural Heritage’s Conservation Guides at www.guides.nynhp.org.
For descriptions of all community types, go to www.dec.ny.gov/animals/97703.html for Ecological Communities of New York State.
12/18/2017 Page 2 of 2
Report on Historical Records of Rare Animals,
New York Natural Heritage Program
Rare Plants, and Natural Communities
The following rare plants and rare animals have

historical records
LQWKHYLFLQLW\RIWKHSURMHFWVLWH.
The following rare plants and animals were documented in the vicinity of the project site at one time, but have
not been documented there since 1979 or earlier, and/or there is uncertainty regarding their continued presence.
There is no recent information on these plants and animals in the vicinity of the project site and their current
status there is unknown. In most cases the precise location of the plant or animal in this vicinity at the time it
was last documented is also unknown.
If suitable habitat for these plants or animals is present in the vicinity of the project site, it is possible that they
may still occur there. We recommend that any field surveys to the site include a search for these species,
particularly at sites that are currently undeveloped and may still contain suitable habitat.
COMMON NAME SCIENTIFIC NAME NYS LISTING HERITAGE CONSERVATION STATUS
Vascular Plants
Hudson River Water Nymph Najas muenscheri Endangered Imperiled in NYS

and Globally Rare
1936-09-05: Rondout CreekVRXWKRISURMHFWVLWH. Specimen labels: Tidal mud flat. 10137
This report only includes records from the NY Natural Heritage database. For most sites, comprehensive field
surveys have not been conducted, and we cannot provide a definitive statement as to the presence or absence of
all rare or state-listed species. Depending on the nature of the project and the conditions at the project site, further
information from on-site surveys or other sources may be required to fully assess impacts on biological resources.
If any rare plants or animals are documented during site visits, we request that information on the observations be provided to the New
York Natural Heritage Program so that we may update our database.
Information about many of the rare animals and plants in New York, including habitat, biology, identification, conservation, and
management, are available online in Natural Heritage’s Conservation Guides at www.guides.nynhp.org, from NatureServe Explorer at
www.natureserve.org/explorer, and from USDA’s Plants Database at http://plants.usda.gov/index.html (for plants).
Page 1 of 1
Prepared December 18, 2017 by the NY Natural Heritage Program, Albany, NY
North
3 ULSTER KINGSTON CITY

S t reet
Downs Street
Miles NY Natural Heritage Program Database Records

1:4,000
0 0.02 0.04 0.08 0.12 0.16
.
This map, and the locations that are displayed, are considered
Legend sensitive information, and are intended for the internal use of the
recipient; they should not be included in any document that will be
Project Site made available to the public, without permission from NY Natural
Heritage. Some records listed in the accompanying report may not
Davis' Sedge be shown on this map. Please see the report for details.
NYS Streets and Highways

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Instructions for Completing Part 1

A. Project and Sponsor Information.

Brief Description of Proposed Action (include purpose or need):

Name of Applicant/Sponsor: Telephone: (914) 403-3568

City/PO: Newtown State: Zip Code:

City/PO: State: Zip Code:

C. Planning and Zoning

C.1. Planning and zoning actions.

b. Is the use permitted or allowed by a special or conditional use permit? ✔

C.4. Existing community services.

d. What parks serve the project site?

D.1. Proposed and Potential Development

c. Is the proposed action an expansion of an existing project or use?  Yes ✔ No

D.2. Project Operations

d. Will the proposed action generate liquid wastes? ✔ Yes  No

l. Hours of operation. Answer all items which apply.

E. Site and Setting of Proposed Action

E.1. Land uses on and surrounding the project site

x Forested 9.15 7.80 -1.35

E.2. Natural Resources On or Near Project Site See Section 2.6.

b. Are there bedrock outcroppings on the project site?  Yes ✔

e. Drainage status of project site soils: ✔

n. Does the project site contain a designated significant natural community? ✔

Atlantic Sturgeon, Shortnose Sturgeon, Northern Long-eared Bat, Davis' Sedge

E.3. Designated Public Resources On or Near Project Site

Applicant/Sponsor Name ___________________________________

PRINT FORM Page 13 of 13

Disclaimer: The EAF Mapper is a screening tool intended to assist

B.i.i [Coastal or Waterfront Area] Yes

Full Environmental Assessment Form - EAF Mapper Summary Report 1

Full Environmental Assessment Form - EAF Mapper Summary Report 2

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FLOOD ZONE NOTE

TAX PARCEL NUMBER:

7RZQRI 0LOOV 3DUN

26.75 acres of 76.3 acre tax parcel

North Street Brick Works, LLC, Kevin McManus (Project Manager)

Stuart Mesinger, AICP 518 469-2328

Vice President of Land Development Chazen Companies

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ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϭŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ

ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϮŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ

ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϯŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ

ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϰŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ

ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϱŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ

ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϲŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ

ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϳŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ

ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϴŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ

ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϵŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ

ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϭϬŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ

ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϭϭŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ

ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϭϮŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ

ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϭϯŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ

ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϭϰŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ

ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϭϱŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ

ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϭϲŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ

ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϭϳŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ

ŚĂǌĞŶWƌŽũĞĐƚEŽ͘ϯϭϲϭϵ͘Ϭϭ WĂŐĞϭϴŽĨϭϴ :ĂŶƵĂƌǇϯϭ͕ϮϬϭϴ

c. Is the proposed action an expansion of an existing project or use? Yes ✔ No

d. Will the proposed action generate liquid wastes? ✔ Yes No

b. Are there bedrock outcroppings on the project site? Yes ✔

/HJHQG

and intertidal mudflats and subtidal aquatic beds.

Rondout Creek MouthVRXWKHDVWRISURMHFWVLWH, 1985-08-10: Probably freshwater intertidal shore. 2484

1936-09-05: Rondout CreekVRXWKRISURMHFWVLWH. Specimen labels: Tidal mud flat. 10137