1. No category

 7KH&KULVWLDQ3LORW -XQH 0RQWKO\1HZVOHWWHURI5D\WRZQ&KULVWLDQ&KXUFK ǁǁǁ͘ƌĂLJƚŽǁŶĐĐ͘ŽƌŐ sŝƐŝƚŽƵƌǁĞďƐŝƚĞĨŽƌhƉĐŽŵŝŶŐǀĞŶƚƐΘĐƟǀŝƟĞƐ͕ŚƵƌĐŚĂůĞŶĚĂƌ͕tĞĞŬůLJŶŶŽƵŶĐĞŵĞŶƚƐΘZĞŐƵůĂƌůLJhƉĚĂƚĞĚ/ŶĨŽƌŵĂƟŽŶ :ŽŝŶƵƐŽŶ&ĂƚŚĞƌ͛ƐĂLJ-­‐^ƵŶĚĂLJ͕:ƵŶĞϮϭƐƚĨŽƌ ĂƵŶŝƋƵĞtŽƌƐŚŝƉ^ĞƌǀŝĐĞĂƚϭϬ͗ϯϬĂŵŽŶŽƵƌďĂĐŬůĂǁŶ dŚĞƌĞǁŝůůďĞĂ^ĞƌǀŝĐĞŽĨtŽƌĚΘdĂďůĞĂƚϵ͗ϬϬĂŵŝŶƚŚĞ^ĂŶĐƚƵĂƌLJ ΘĚƵůƚ^ƵŶĚĂLJ^ĐŚŽŽůǁŝůůŵĞĞƚĂƚϵ͗ϯϬĂŵ dŚĞŚƌŝƐƟĂŶWŝůŽƚ;h^W^ϭϬϵ-­‐ϬϰϬͿ DŽŶƚŚůLJ WĞƌŝŽĚŝĐĂůƐWŽƐƚĂŐĞ ZĂLJƚŽǁŶŚƌŝƐƟĂŶŚƵƌĐŚ ϲϭϬϴůƵĞZŝĚŐĞŽƵůĞǀĂƌĚ͕ZĂLJƚŽǁŶ͕DKϲϰϭϯϯ ZĞǀ͘dƌŝƐŚtŝŶƚĞƌƐ;/ŶƚĞƌŝŵ^ĞŶŝŽƌDŝŶŝƐƚĞƌͿ ZĞǀ͘^ĂƌĂtŝůĐŽdž;/ŶƚĞƌŝŵƐƐŽĐŝĂƚĞDŝŶŝƐƚĞƌͿ WK^dD^dZ͗^ĞŶĚĂĚĚƌĞƐƐĐŽƌƌĞĐƟŽŶƐƚŽĂďŽǀĞĂĚĚƌĞƐƐ W/ <ĂŶƐĂƐŝƚLJ͕DKϲϰϭϯϯ tŝŶƚĞƌƐtĂŶĚĞƌŝŶŐƐ tĞĂƌĞĞƚĞƌŶĂůůLJŐƌĂƚĞĨƵů͙ ƚŽ ƚŚŽƐĞ ŝŶ ŽƵƌ ůŝǀĞƐ͕ ǁŚŽ ĨĞĚ ĂŶĚ ŶŽƵƌŝƐŚĞĚ ƵƐ͘ KŶ ^ƵŶĚĂLJ͕ DĂLJ
ϭϬƚŚ͕ǁĞŚĂĚƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽŐŝǀĞŝŶ ŚŽŶŽƌ ŽĨƚŚŽƐĞǁŽŵĞŶǁŚŽ
ŝŶƐƉŝƌĞĚƵƐƚŽĨĞĞĚΘŶŽƵƌŝƐŚŽƚŚĞƌƐ͘DĂŶLJŐĂǀĞŐĞŶĞƌŽƵƐůLJĂŶĚǁĞ
ĂĐŬŶŽǁůĞĚŐĞƚŚŽƐĞǁŚŽůŝƐƚĞĚƚŚĞŝƌůŽǀĞĚŽŶĞƐŝŶƚŚĞEĂƌƚŚĞdž͗ 'ŝǀĞƌ͗ EĂŶĐLJĂŝůĞLJ >LJŶŶΘŽŶƌŽǁŶ DĂƌŬĂƌŵĂĐŬ YƵĞŶƟŶůĂƌŬ ĞĂƌ&ƌŝĞŶĚƐ͕ <ĂƌĞŶƵƌƟƐ 'ŽĚŝƐĂƚtKZ<͊'ŽĚŝƐĂƚǁŽƌŬ͘'ŽĚŝƐĂƚǁŽƌŬ͍ ŚĂƌĂƵŐŚĞƌƚLJ ^ŽŵĞƟŵĞƐ͕ŝƚ͛ƐĞĂƐLJƚŽǁŽŶĚĞƌ,Kt'ŽĚŝƐĂƚǁŽƌŬ͕ǁŚĞŶϴϬйŽĨĂůůĐŽŶŐƌĞŐĂƟŽŶƐ͕ŝŶĚĞŶŽŵŝŶĂƟŽŶƐƐƉĂŶŶŝŶŐƚŚĞƐƉĞĐƚƌƵŵ͕
<ĞǀŝŶΘ<ĂƚĞ&ƌĞǀĞƌƚ ĂƌĞ ĚĞĐůŝŶŝŶŐ͘ ŶĚ ŽĨ ĐŽƵƌƐĞ͕ ǁŚĞŶ ƚŚĂƚ͛ƐŚĂƉƉĞŶŝŶŐ ;ĞƐƉĞĐŝĂůůLJ ǁŚĞŶ ŝƚ͛Ɛ ŚĂƉƉĞŶŝŶŐ ŝŶ ŽƵƌŽǁŶ ďĂĐŬ-­‐LJĂƌĚͿ͕ ǁĞ ƐƚĂƌƚ ƚŽ ǁŽƌŬ
>ĂƌƌLJΘĂƌŽů&ƌĞǀĞƌƚ Z>>z ŚĂƌĚ Ăƚ ƉƌĞƐĞƌǀŝŶŐ ƚŚĞ ŝŶƐƟƚƵƟŽŶ͕ ĐůŝŶŐŝŶŐ ƚŽ ŽƵƌ ďƵŝůĚŝŶŐ͕ ĂŶĚ ŵĂLJďĞ ůŽƐŝŶŐ Ă ďŝƚ ŽĨ ŽƵƌ ĨŽĐƵƐ ǁŚĞŶ ŝƚ ĐŽŵĞƐ ƚŽ WŚLJůŝƐΘ^Ăŵ'ŽĨŽƌƚŚ ƉƌŽĐůĂŝŵŝŶŐ;ǁŝƚŚŽƵƚŚĞƐŝƚĂƟŽŶͿƚŚĂƚ'K/^dtKZ<ŝŶƚŚĞĐŚƵƌĐŚ͊ ŶĚǁĞ͛ǀĞƐƚĂƌƚĞĚƚŽƚĂůŬĂďŽƵƚƚŚĂƚ͙ŶĂŵĞƚŚĂƚ͙ĂŶĚǁŽƌŬĂƚƚŚĂƚ͘ƵƚƚŚĞƌĞŝƐƐƟůůŵŽƌĞƚƌĂŶƐĨŽƌŵĂƟǀĞǁŽƌŬƚŽďĞĚŽŶĞ͘ :ĞƌƌLJΘĂƌŽůLJŶ'ƌŝĚĞƌ ƵƚŚŽƌ͕ƚŚĞŽůŽŐŝĂŶ͕ĂŶĚƐĐŚŽůĂƌWŚLJůůŝƐdŝĐŬůĞƐĂLJƐƚŚĂƚĞǀĞƌLJϱϬϬLJĞĂƌƐŽƌƐŽ͕'ŽĚƐŚĂŬĞƐƵƉƚŚŽƐĞǁŚŽĨŽůůŽǁ,ŝŵǁŝƚŚĂŶĞǁ
džŝŶĞ,ĂƌŶĞƐƐ ƉĂƌĂĚŝŐŵ͘/ƚŚĂƉƉĞŶĞĚĚƵƌŝŶŐƚŚĞĂďLJůŽŶĐĂƉƟǀŝƚLJ͕ĂŐĂŝŶĂƚƚŚĞƟŵĞŽĨ:ĞƐƵƐ͕ĨŽůůŽǁĞĚϱϬϬLJĞĂƌƐůĂƚĞƌďLJƚŚĞŽƵŶĐŝůŚĂůĐĞĚŽŶ͕
dŚĞ,ĞƚnjĞů&ĂŵŝůLJ ƚŚĞŶϱϬϬLJĞĂƌƐůĂƚĞƌǁŝƚŚƚŚĞ'ƌĞĂƚ^ĐŚŝƐŵ͕ĂŶĚƚŚĞŶƚŚĞƌĞĨŽƌŵĂƟŽŶ͘dŽĚĂLJƚŚĞĐŚƵƌĐŚŝƐĨĂĐŝŶŐĂŶŽƚŚĞƌϱϬϬLJĞĂƌƐŚŝŌǁŚŝĐŚǁŝůů
WĂƵůΘ:ŽŶŶ,ƵĚƐŽŶ ƌĞƋƵŝƌĞĂůůůĞĂĚĞƌƐ͕ůĂLJĂŶĚĐůĞƌŐLJ͕ƚŽůĞĂĚǁŝƚŚĐƌĞĂƟǀŝƚLJĂŶĚŝŶŝƟĂƟǀĞ͘ƐWŚLJůůŝƐdƌŝĐŬůĞƐĂLJƐ͕͞tĞĂƌĞůƵĐŬLJǁĞŐĞƚƚŽůŝǀĞŝŶŽŶĞ
ĂƌŽů<ůŝŶŐƐŵŝƚŚ ŽĨƚŚŽƐĞĞƌĂƐ͘͟ŶĚ/ĐŽƵůĚŶ͛ƚĂŐƌĞĞŵŽƌĞ͊͊ ůŝnjĂďĞƚŚ>ĞŚŝĞŶ dŚŝƐŝƐĂƌĞĚĞĞŵŝŶŐƟŵĞ͊ƐƉŝƌŝƚƵĂůƟŵĞ͊ƌĞĚĞĮŶŝŶŐƟŵĞ͊ŶĚǁĞŐĞƚƚŽďĞƉĂƌƚŽĨŝƚ͊tĞŐĞƚƚŽďĞƉĂƌƚŽĨ'ŽĚ͛ƐǁŽƌŬ͊tĞŐĞƚ
:ŽLJĐĞΘ>ĞŶ>Ƶƚnj ƚŽŚĞůƉƐŚĂƉĞƚŚŝƐ͚ŶĞǁƚŚŝŶŐ͛ƚŚĂƚ'ŽĚŝƐĚŽŝŶŐŝŶŽƵƌŵŝĚƐƚ͊;tŚŽĂ͊͊dŚĞƉƌĞƐƐƵƌĞ͕ƌŝŐŚƚ͍͊͊ŽŶ͛ƚǁŽƌƌLJ͙'ŽĚ͛ƐďŝŐŐĞƌƚŚĂŶŽƵƌ
dŝŵΘDĂƌLJDĞŝĞƌ ŚƵŵĂŶĨĂůůŝďŝůŝƚLJ͊Ϳ :ŝŵDĞƐŝŵĞƌ DĂĞDŝůůĞƌ Ƶƚŝƚ͛ůůŵĞĂŶƚŚĂƚǁĞǁŝůůŶĞĞĚƚŽďĞǁŝůůŝŶŐƚŽĚŽƐŽŵĞŚĂƌĚǁŽƌŬ;'ŽĚĚŽĞƐŶ͛ƚǁĂŶŶĂĚŽƚŚŝƐĂůŽŶĞ͊Ϳ͙ǁĞ͛ůůŶĞĞĚƚŽĞdžƉůŽƌĞŽƵƌ
ŽďΘĂƌŽůDŽnjůĞLJ ĞĐŽŶŽŵŝĐŵŽĚĞůƐ͕ƌĞůĞĂƌŶŚŽǁƚŽƵƐĞŽƵƌǀŽůƵŶƚĞĞƌƐ͕ƚĂŬĞĂŐŽŽĚůŽŽŬĂƚŽƵƌďƵŝůĚŝŶŐ͕ƌĞĞǀĂůƵĂƚĞŚŽǁǁĞŵĞĂƐƵƌĞƐƵĐĐĞƐƐ͕ĂŶĚ
ůĂŝŶĞΘ>ĂƌƌLJ^ĐŚƵůnjĞ ƚĂƉŝŶƚŽŽƵƌƐƉŝƌŝƚƵĂůůLJƐŽƚŚĂƚǁĞĐĂŶďĞĐŽŵĞǀŝƚĂů͕ƚƌĂŶƐĨŽƌŵĂƟǀĞ͕ƌĞĚĞĞŵŝŶŐƉĞŽƉůĞ͊ ůĂŝŶĞΘ&ƌĂŶŬ^ƚĂƌƌ ŶĚƚŚĂƚŝƐǁŚLJLJŽƵƌŽĂƌĚĂƉƉƌŽǀĞĚŽƵƌƉĂƌƟĐŝƉĂƟŽŶŝŶ͞dŚĞ:ŽƵƌŶĞLJ͘͟dŚĞ:ŽƵƌŶĞLJŝƐĂƚǁŽLJĞĂƌĞdžƉĞƌŝĞŶĐĞĨŽƌŵĞĚŽƵƚŽĨŽƵƌ
WĂƚΘ&ƌĞĚ^ƚĞĞůĞ 'ĞŶĞƌĂůKĸĐĞĂŶĚĞŶĚŽƌƐĞĚďLJŽƵƌZĞŐŝŽŶĂůKĸĐĞ͘/ƚĞŵďƌĂĐĞƐĐƌĞĂƟǀŝƚLJ͕ƉĞƌŵŝƐƐŝŽŶŐŝǀŝŶŐ͕ĂŶĚĞŶĐŽƵƌĂŐĞƐĐŽŶŐƌĞŐĂƟŽŶƐƚŽ
^ĂůůLJtĂƌƌĞŶ ĞǀĂůƵĂƚĞǁŚĂƚŝƐŶŽůŽŶŐĞƌůŝĨĞ-­‐ŐŝǀŝŶŐ͕ĂŶĚŝŶƐƚĞĂĚ͕ƚŽƉŽŽůƚŚĞŝƌĞŶĞƌŐLJĂŶĚƚŚĞŝƌƌĞƐŽƵƌĐĞƐŝŶƚŽƚŚŽƐĞƚŚŝŶŐƐƚŚĂƚƐƉĞĂŬƚŽƚŚĞ
ZĞǀ͘dƌŝƐŚtŝŶƚĞƌƐ ŵŝƐƐŝŽŶĂŶĚŵŝŶŝƐƚƌLJŽĨŚƌŝƐƚ͘dŚĞ:ŽƵƌŶĞLJǁŝůůĞŶĐŽƵƌĂŐĞƵƐƚŽďĞŽƉĞŶƚŽƚŚĞ^Ɖŝƌŝƚ͕ǁŚŝĐŚŝƐĐŽŶƐƚĂŶƚůLJŵŽǀŝŶŐŝŶŽƵƌŵŝĚƐƚ͕
ĂŶĚǁŝůůĂůůŽǁƵƐƚŽĐŽŶŶĞĐƚƚŽŽƚŚĞƌĐŚƵƌĐŚĞƐǁŚŽĂƌĞĂĐŬŶŽǁůĞĚŐŝŶŐƚŚĞ͚ŐŽŽĚƚŚŝŶŐ͛ƚŚĂƚƚŚĞ^ƉŝƌŝƚŝƐĚŽŝŶŐŝŶƚŚĞŝƌŵŝĚƐƚ͊ ƵƚƚŚĞŽĂƌĚŶĞĞĚƐzKhZƉĂƌƟĐŝƉĂƟŽŶ͊dŚĞLJŶĞĞĚƚŽŬŶŽǁƚŚĂƚLJŽƵ͛ƌĞǁŝůůŝŶŐƚŽĞdžƉůŽƌĞǁŝƚŚƚŚĞŵ͙ƐƚƌŝǀĞǁŝƚŚƚŚĞŵ͙ĂŶĚƚŚƌŝǀĞ
ǁŝƚŚƚŚĞŵ͊^Ž/ƐƚƌŽŶŐůLJĞŶĐŽƵƌĂŐĞLJŽƵƚŽůŽŽŬĂƚƚŚĞŶĞdžƚƉĂŐĞ͕ǁŚŝĐŚŽƵƚůŝŶĞƐƚŚĞƉƌŽŐƌĂŵ͕ĞdžƉĞĐƚĂƟŽŶƐ͕ĂŶĚŚŽƉĞƐ͙ĂŶĚŵĂŬĞ
ĂĐŽŵŵŝƚŵĞŶƚƚŽĚĂLJ͕ƚŽďĞƉĂƌƚŽĨƚŚĞŽŶŐŽŝŶŐƉƌŽĐĞƐƐŽĨĐŽƵƌĂŐĞŽƵƐƚƌĂŶƐĨŽƌŵĂƟŽŶ͘DĂŬĞƉůĂŶƐƚŽĚĂLJ͕ƚŽƉĂƌƟĐŝƉĂƚĞŝŶƚŚĞ
:ƵŶĞϭϮ-­‐ϭϰƌĞƚƌĞĂƚ͊ƵƚŵŽƐƚŽĨĂůů͕/ĂƐŬƚŚĂƚLJŽƵƉůĞĚŐĞƚŽďĞƉĂƌƚŽĨƚŚĞũŽƵƌŶĞLJ͙ŽƉĞŶŝŶŐLJŽƵƌƐĞůĨƚŽƚŚĞƐƉŝƌŝƚŽĨƌĞĚĞŵƉƟŽŶ͕
ůŽǀĞ͕ƉŽǁĞƌ͕ĂŶĚŚŽƉĞ͘ tŚLJ͍ ĞĐĂƵƐĞ'ŽĚŝƐĂƚǁŽƌŬ͘ ŶĚ/ǁĂŶƚƚŽƐĞĞZĂLJƚŽǁŶŚƌŝƐƟĂŶŚƵƌĐŚďĞƉĂƌƚŽĨŝƚ͊ tŚĂƚĂũŽLJŝƚŝƐƚŽƐĞƌǀĞǁŝƚŚĂŶĚĨŽƌLJŽƵ͕ƌĞǀ͘ƚƌŝƐŚн ŽĂƌĚƌŝĞĨƐ ƚŝƚƐDĂLJϮϲƚŚŵĞĞƟŶŐ͕ƚŚĞ'ĞŶĞƌĂů
ŽĂƌĚ͗ x
,ĞĂƌĚĂŶƵƉĚĂƚĞĨƌŽŵƚŚĞ^ƚĞǁĂƌĚƐŚŝƉ
DŝŶŝƐƚƌLJ ŚĂŝƌ ĂŶ DĞƐŝŵĞƌ ƌĞŐĂƌĚŝŶŐ
ƚŚĞ ĞdžƚĞŶƐŝŽŶ ŽĨ ƚŚĞ ͞>ŝŌĞĚ hƉ͟
ĂŵƉĂŝŐŶ x
ZĞĐĞŝǀĞĚ ƵƉĚĂƚĞƐ ĨƌŽŵ ƚŚĞ tŽƌƐŚŝƉ
^ĞƌǀŝĐĞ ǀĂůƵĂƟŽŶ ĂŶĚ EŽŵŝŶĂƟŶŐ
dĂƐŬ&ŽƌĐĞƐ x
,ĞĂƌĚ ĚĞƚĂŝůƐ ĂďŽƵƚ ƚŚĞ ƉůĂŶŶĞĚ :ƵŶĞ
ϮϬ ͞,ŽŵĞ DŝƐƐŝŽŶ WƌŽũĞĐƚ͟ ĨŽƌ
ĐůĞĂŶŝŶŐ ĂŶĚ ƌĞƉĂŝƌŝŶŐ ƚŚĞ ĐŚƵƌĐŚ
ƉƌŽƉĞƌƚLJĂŶĚďƵŝůĚŝŶŐ͘ x
ZĞĐĞŝǀĞĚ Ă ƌĞƉŽƌƚ ĨƌŽŵ ƚŚĞ ^ƉŝƌŝƚƵĂů
'ƌŽǁƚŚ ĂŶĚ DŝƐƐŝŽŶ ĞƉĂƌƚŵĞŶƚƐ
ƌĞŐĂƌĚŝŶŐŚŽǁƚŚĞŝƌŵŝŶŝƐƚƌŝĞƐĨƵŶĐƟŽŶ
ĂŶĚ Ă ƌĞĐŽŵŵĞŶĚĂƟŽŶ ŚŽǁ ƚŚĞLJ ĐĂŶ
ďĞ ƐƚƌĞĂŵůŝŶĞĚ ĂŶĚ ŵĂĚĞ ŵŽƌĞ
ĞīĞĐƟǀĞ͘ x
tĞƌĞƵƉĚĂƚĞĚďLJƚŚĞŽĂƌĚŽĨdƌƵƐƚĞĞƐ
ŽŶ ƚŚĞ ĐŚƵƌĐŚ͛Ɛ ŝŶƐƵƌĂŶĐĞ ƉŽůŝĐLJ ƌĞ-­‐
ŝƐƐƵĂŶĐĞ x
,ĞĂƌĚ ZĞǀ͘ dƌŝƐŚ͛Ɛ ƚŚŽƵŐŚƚƐ ŽŶ ĨƵƚƵƌĞ
ŵŝŶŝƐƚĞƌŝĂů ƐƚĂĸŶŐ ůĞǀĞůƐ ĂƉƉƌŽƉƌŝĂƚĞ
ĨŽƌŽƵƌĐŚƵƌĐŚ ,ŽŶŽƌĞĞ;ƐͿ͗ sŝƌŐŝŶŝĂĂŝůĞLJ DĂƌŝŽŶƌŽǁŶΘZƵƚŚ,ŽǁĂƌĚ ĂƌďĂƌĂĂƌŵĂĐŬ ,ŝƐDŽƚŚĞƌ ZŽƐĞƌŽǁŶ 'ůĂĚLJƐZŝĚŐůĞLJ ĂƌŽů&ƌĞǀĞƌƚΘĂƌŽůDĞƐŝŵĞƌ ZƵƚŚ<ĞŽǁŶΘŶŶŝĞ&ƌĞǀĞƌƚ ZƵƚŚ'ŽĨŽƌƚŚΘ:ĞƌƌLJůĂƌŬĞ ĚŶĂĂdžĂƌŝĚĞ 'ŽĨŽƌƚŚŚŝůĚƌĞŶΘ'ƌĂŶĚĐŚŝůĚƌĞŶ ĚĞŶĂ:ŽŶĞƐ DĂĞǀĂŶƐ ĂƌŽůDĞƐŝŵĞƌ >ƵĐŝůůĞKǀĞƌĮĞůĚΘdŚĞůŵĂƵƌƌƵƐ ĂƌĐLJtŚŝƚĞ DĂƌLJ>ĞŚŝĞŶΘ>ŽƵŝĞ>ĞŚŝĞŶ ,ĂnjĞůdŽďŝŶΘZŽƐĂŵŽŶĚ>Ƶƚnj DŝůĚƌĞĚDŝůůĞƌΘKůŐĂDĞŝĞƌ ĂƌŽůDĞƐŝŵĞƌΘ<ĂƚŚĞƌŝŶĞDĞƐŝŵĞƌ ĞĞůĂŬůĞLJΘKƉĂůDŝůůĞƌ ƌŵĂ>ĞĞDŽnjůĞLJ ĂƚŚĞƌŝŶĞdĂLJůŽƌΘtĂŶĚĂ^ĐŚƵůnjĞ ĚĂ,ĂƌƌŝŶŐƚŽŶ ǀĂDĂĞƵƌŬĞƌ ZŽƐĞZƵƐƐĞůů ůĂƌĂ:͘^ŵŝƚŚΘWĂŵĞůĂdŚŽŵƉƐŽŶ 'ŽƚdǁŽĞŶƚƐ͍ dŚĞ ƉŽŽƌ ǁŝĚŽǁ ŽĨ DĂƌŬ ϭϮ ŚĂĚ ŽŶůLJ ƚǁŽ ƐŵĂůů ĐŽŝŶƐ ƚŽ ŽīĞƌ 'ŽĚ͕ ĂŶĚ ƚŚĞLJ
ǁĞƌĞ ŵŽƌĞ ƚŚĂŶ ĞŶŽƵŐŚ͘ zŽƵƌ ƚǁŽ ĐĞŶƚƐ ĂƌĞ ǀĂůƵĂďůĞ ĂƐ ǁĞůů͊ dŚĞ tŽƌƐŚŝƉ
ǀĂůƵĂƟŽŶdĂƐŬ&ŽƌĐĞǁĂŶƚƐƚŽŚĞĂƌĨƌŽŵLJŽƵ͘DĞŵďĞƌƐŽĨƚŚĞƚĂƐŬĨŽƌĐĞĂƌĞ
ŵĞĞƟŶŐ ǁŝƚŚ ^ƵŶĚĂLJ ƐĐŚŽŽů ĐůĂƐƐĞƐ ĂŶĚ ŽƚŚĞƌ ĐŚƵƌĐŚ ŐƌŽƵƉƐ ƚŽ ŐĂƚŚĞƌ ŝĚĞĂƐ
ĂŶĚ ŽƉŝŶŝŽŶƐ ĂďŽƵƚ ǁŽƌƐŚŝƉ Ăƚ Z͘ /Ĩ LJŽƵ ĂƌĞ ŶŽƚ ŝŶ ŽŶĞ ŽĨ ƚŚŽƐĞ ŐƌŽƵƉƐ Žƌ
ǁĞƌĞ ŶŽƚ ĂďůĞ ƚŽ ďĞ ƉƌĞƐĞŶƚ Ăƚ ŽŶĞ ŽĨ ƚŚĞ ŵĞĞƟŶŐƐ͕ LJŽƵ ĂƌĞ ŝŶǀŝƚĞĚƚŽƐŚĂƌĞ
LJŽƵƌƚŚŽƵŐŚƚƐĂƚĂŶKƉĞŶ>ŝƐƚĞŶŝŶŐ^ĞƐƐŝŽŶŽŶ^ƵŶĚĂLJ͕DĂLJϯϭ͕ĂƚϭϬ͗ϯϬĂŵŽƌ
EŽŽŶ ŝŶ &ĞůůŽǁƐŚŝƉ ,Ăůů͘ WůĞĂƐĞ ĐŽŵĞ ĂŶĚ ƉĂƌƟĐŝƉĂƚĞ ŝŶ Ă ĚŝƐĐƵƐƐŝŽŶ ĂďŽƵƚ
ƌĞǀŝǀŝŶŐǁŽƌƐŚŝƉƐĞƌǀŝĐĞƐŝŶŽƌĚĞƌƚŽďĞƐƚƐĞƌǀĞ'ŽĚĂŶĚ'ŽĚ͛ƐƉĞŽƉůĞ͘ DŽĚĞƌĂƚŽƌ͛ƐDƵƐŝŶŐƐ &ĂƐƚĞŶLJŽƵƌƐĞĂƚďĞůƚƐ͖ ŝƚ͛ƐŐŽŝŶŐƚŽďĞĂďƵƐLJƐƵŵŵĞƌĂƚZĂLJƚŽǁŶŚƌŝƐƟĂŶŚƵƌĐŚ͊ d,:KhZEz ,ĞƌĞĂƌĞũƵƐƚĂĨĞǁŽĨƚŚĞƉůĂŶŶĞĚĂĐƟǀŝƟĞƐŽǀĞƌƚŚĞŶĞdžƚƚŚƌĞĞŵŽŶƚŚƐ͗ ,ŽƉĞWĂƌƚŶĞƌƐŚŝƉ:ŽƵƌŶĞLJ͗:ƵŶĞϭϯ-­‐ϭϰ ,ŽŵĞDŝƐƐŝŽŶWƌŽũĞĐƚ͗:ƵŶĞϮϬ ^ƉĞĐŝĂůtŽƌƐŚŝƉ^ĞƌǀŝĐĞʹ&ĂƚŚĞƌƐ͛ĂLJKďƐĞƌǀĂŶĐĞ͗:ƵŶĞϮϭ &ŝƌĞǁŽƌŬƐ^ƚĂŶĚ^ƉŽŶƐŽƌƐŚŝƉ͗:ƵŶĞϮϴ-­‐:ƵůLJϱ ŵďƌĂĐŝŶŐĚƵĐĂƟŽŶWƌŽŐƌĂŵ͗:ƵůLJϴʹƵŐƵƐƚϳ ^ƵŵŵĞƌ>ƵŶĐŚWƌŽŐƌĂŵ͗:ƵůLJϲʹƵŐƵƐƚϭϰ zŽƵƚŚDŝƐƐŝŽŶdƌŝƉ͗:ƵůLJϭϬ-­‐ϭϰ ΎWůĞĂƐĞƐĞĞƚŚĞƉƌĞǀŝŽƵƐƉĂŐĞƐĨŽƌŵŽƌĞŝŶĨŽƌŵĂƟŽŶŽŶĞĂĐŚŽĨƚŚĞƐĞĂĐƟǀŝƟĞƐ &ŽƌLJŽƵƌƐƉĞĐŝĂůĂƩĞŶƟŽŶ͕/ǁĂŶƚƚŽůŝŌƵƉƚŚĞƐĞĞǀĞŶƚƐŽĐĐƵƌƌŝŶŐŝŶ:ƵŶĞ͗ ,ŽƉĞWĂƌƚŶĞƌƐŚŝƉ:ŽƵƌŶĞLJ zŽƵƌ'ĞŶĞƌĂůŽĂƌĚŚĂƐĚĞĐŝĚĞĚ ŽƵƌĐŚƵƌĐŚ ǁŝůůƉĂƌƟĐŝƉĂƚĞ;ĂŶĚŝŶĨĂĐƚǁĞ͛ǀĞďĞĞŶ ƐĞůĞĐƚĞĚ ƚŽŚŽƐƚƚŚĞ:ƵŶĞϭϯ-­‐ϭϰĞǀĞŶƚĂƚ
ZͿ͘dŚĞ:ŽƵƌŶĞLJŝƐĂƚǁŽLJĞĂƌĞdžƉĞƌŝĞŶĐĞĚĞǀĞůŽƉĞĚďLJƚŚĞŝƐĐŝƉůĞƐŽĨŚƌŝƐƚ'ĞŶĞƌĂůKĸĐĞĂŶĚĞŶĚŽƌƐĞĚďLJŽƵƌZĞŐŝŽŶĂů
KĸĐĞ͘/ƚŝƐŝŶƚĞŶĚĞĚƚŽŚĞůƉĐŚƵƌĐŚůĞĂĚĞƌƐĨŽĐƵƐŽŶĞŶŐĂŐŝŶŐŝŶ'ŽĚ͛ƐŵŝƐƐŝŽŶ͕ƌĂƚŚĞƌƚŚĂŶĨŽĐƵƐŝŶŐŽŶŝŶƐƟƚƵƟŽŶĂůƐƵƌǀŝǀĂů͘Ɛ
ŽƵƌĐŽŵŵƵŶŝƚLJĂŶĚŽƵƌĐŚƵƌĐŚĂƌĞŝŶĂƐƚĂƚĞŽĨƚƌĂŶƐŝƟŽŶ͕ƚŚĞ'ĞŶĞƌĂůŽĂƌĚĨĞůƚƚŚĞƟŵĞǁĂƐƌŝŐŚƚĨŽƌƵƐƚŽƉĂƌƟĐŝƉĂƚĞŝŶƚŚŝƐ
:ŽƵƌŶĞLJ͘ tĞ ĞŶĐŽƵƌĂŐĞLJŽƵ ƚŽ ďĞ ĂƉĂƌƚ ŽĨ ƚŚŝƐ ĞdžƉĞƌŝĞŶĐĞ ĂƐ ǁĞ ƐĞĞŬ ƚŽ ƉƌĞƉĂƌĞ ZĂLJƚŽǁŶ ŚƌŝƐƟĂŶ ŚƵƌĐŚ ĨŽƌ ƚŚĞĨƵƚƵƌĞ͘
ĞƚĂŝůƐƌĞŐĂƌĚŝŶŐƌĞŐŝƐƚƌĂƟŽŶĐĂŶďĞŽďƚĂŝŶĞĚŝŶƚŚĞĐŚƵƌĐŚŽĸĐĞ͘ ,ŽŵĞDŝƐƐŝŽŶWƌŽũĞĐƚ ,ĂǀĞLJŽƵŐŽŶĞŽŶĂŵŝƐƐŝŽŶƚƌŝƉďĞĨŽƌĞ͍/ĨƐŽ͕LJŽƵƉƌŽďĂďůLJŚĂǀĞǁĂƌŵĨĞĞůŝŶŐƐĨŽƌǁŚĂƚLJŽƵĂĐĐŽŵƉůŝƐŚĞĚĨŽƌŽƚŚĞƌƐ͘KŶ:ƵŶĞ
ϮϬ͕ǁĞĂůůŚĂǀĞĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽĂĐĐŽŵƉůŝƐŚŐƌĞĂƚƚŚŝŶŐƐĨŽƌŽƵƌĐŚƵƌĐŚďƵŝůĚŝŶŐĂŶĚƉƌŽƉĞƌƚLJ͘ǀĞƌLJƐŝŶŐůĞĐŚƵƌĐŚŵĞŵďĞƌ
Žƌ ĂƩĞŶĚĞĞ ŝƐ ŝŶǀŝƚĞĚ͕ ŶŽƚ ƌĞƋƵĞƐƚĞĚ͕ ƚŽ ĐŽŵĞ ĂŶĚ ƐƉĞŶĚ ƚŚĞ ĚĂLJ ĂƐ ǁĞ ĐůĞĂŶ͕ ƌĞƉĂŝƌ ĂŶĚ Įdž ƵƉ ŽƵƌ ďƵŝůĚŝŶŐ ĂŶĚ ƉƌŽƉĞƌƚLJ͘
&ƵƌƚŚĞƌĚĞƚĂŝůƐǁŝůůďĞĂŶŶŽƵŶĐĞĚĨƌŽŵƚŚĞƉƵůƉŝƚŽŶ^ƵŶĚĂLJŵŽƌŶŝŶŐƐĂŶĚŝŶŽƚŚĞƌĐŽŵŵƵŶŝĐĂƟŽŶƐĨƌŽŵƚŚĞĐŚƵƌĐŚ͘ĚĂLJŽĨ
ĐůĞĂŶŝŶŐĂŶĚƌĞƉĂŝƌǁŝůůŝŶĐůƵĚĞĂĨĞůůŽǁƐŚŝƉůƵŶĐŚƉƌĞƉĂƌĞĚďLJƐŽŵĞŽĨŽƵƌĐŚƵƌĐŚůĞĂĚĞƌƐǁŚŽǁŝůůĚĞŵŽŶƐƚƌĂƚĞƚŚĞŝƌ͞ŐƌŝůůŝŶŐ͛
ƐŬŝůůƐ͊ ^ƉĞĐŝĂůtŽƌƐŚŝƉ^ĞƌǀŝĐĞ͕&ĂƚŚĞƌƐ͛ĂLJKďƐĞƌǀĂŶĐĞ͗ tĞ ĂƌĞ ŐŽŝŶŐ ƚŽŚĂǀĞ ĂƐƉĞĐŝĂů ŽŶĞ ǁŽƌƐŚŝƉƐĞƌǀŝĐĞ ^ƵŶĚĂLJŚĞůĚ ŽƵƚĚŽŽƌƐ͘ >Ğƚ͛ƐƉƌĂLJĨŽƌ ŐŽŽĚ ǁĞĂƚŚĞƌ ĂƐ ǁĞ ĐĞůĞďƌĂƚĞ ƚŚĞ
ďĞĂƵƚLJŽĨ'ŽĚ͛ƐĞĂƌƚŚ͕ƚŚĞǁŽƌŬǁĞŚĂǀĞĚŽŶĞƚŚĞĚĂLJďĞĨŽƌĞĂŶĚŚŽŶŽƌŽƵƌĨĂƚŚĞƌƐ͘ &ŝƌĞǁŽƌŬƐƐƚĂŶĚ^ƉŽŶƐŽƌƐŚŝƉ dŚŝƐĞǀĞŶƚŚĂƐďĞĐŽŵĞĂƚƌĂĚŝƟŽŶĂƚZĂLJƚŽǁŶŚƌŝƐƟĂŶŚƵƌĐŚĂŶĚĂǀĞƌLJŝŵƉŽƌƚĂŶƚĨƵŶĚƌĂŝƐĞƌĨŽƌŽƵƌĐŚƵƌĐŚ͘sŽůƵŶƚĞĞƌƐĂƌĞ
ĂůǁĂLJƐŶĞĞĚĞĚĂŶĚƐŝŐŶ-­‐ƵƉƐŚĞĞƚƐǁŝůůďĞĂǀĂŝůĂďůĞŝŶƚŚĞEĂƌƚŚĞdžďĞŐŝŶŶŝŶŐ:ƵŶĞϭϰ͘ŽŵĞďĞĂƉĂƌƚŽĨƚŚŝƐŝŵƉŽƌƚĂŶƚĨƵŶĚ
ƌĂŝƐĞƌĂŶĚĞŶũŽLJƚŚĞĨĞůůŽǁƐŚŝƉŽĨŽƚŚĞƌZŵĞŵďĞƌƐĂŶĚĨƌŝĞŶĚƐ͘ ,Žǁ͛Ɛ ƚŚĂƚĨŽƌ ĂƐƚĂƌƚ ƚŽ ƚŚĞ ƐƵŵŵĞƌ͍ ŶĚ ĂƐ LJŽƵ ĐĂŶ ƐĞĞ͕ ǁĞ͛ƌĞ ŶŽƚ ĞǀĞŶ ŝŶƚŽ ƚŚĞ ďŝŐ ƉƌŽũĞĐƚƐƐƵĐŚ ĂƐ ƚŚĞ ^ƵŵŵĞƌ >ƵŶĐŚ
DŝŶŝƐƚƌLJ ĂŶĚ ŽƵƌ ŵďƌĂĐŝŶŐ ĚƵĐĂƟŽŶ WƌŽŐƌĂŵ͘ dŚĞƌĞ ĂƌĞ ĐĞƌƚĂŝŶůLJ ŽƉƉŽƌƚƵŶŝƟĞƐ ĨŽƌ LJŽƵ ƚŽ ŚĞůƉ ǁŝƚŚ ƚŚĞƐĞ͕ ĞƐƉĞĐŝĂůůLJ ƚŚĞ
^ƵŵŵĞƌ >ƵŶĐŚ DŝŶŝƐƚƌLJ͘ dŚĞƌĞ ƚƌƵůLJ ĂƌĞ Ă ůŽƚ ŽĨ ƌĞĂƐŽŶƐ ƚŽ ĐĞůĞďƌĂƚĞ ƚŚĞ ŵŝŶŝƐƚƌLJ ŽĨ :ĞƐƵƐ ŚƌŝƐƚ ŚĞƌĞ Ăƚ ZĂLJƚŽǁŶ ŚƌŝƐƟĂŶ
ŚƵƌĐŚ͘tŽŶ͛ƚLJŽƵĐŽŵĞĂŶĚďĞĂƉĂƌƚŽĨŝƚ͍ ^ĞĞLJŽƵŝŶŚƵƌĐŚ͕ ƵƌŝŶŐ ƚŚĞ DĂƌĐŚ ŽĂƌĚ DĞĞƟŶŐ͕ ŝƚ ǁĂƐ ƵŶĂŶŝŵŽƵƐůLJ ĂƉƉƌŽǀĞĚ ƚŚĂƚ ŽƵƌ ĐŽŶŐƌĞŐĂƟŽŶ ǁŽƵůĚ ƚĂŬĞ ƉĂƌƚ ŝŶ Ă ŵŝƐƐŝŽŶĂů
ƚƌĂŶƐĨŽƌŵĂƟŽŶƉƌŽĐĞƐƐ͕ǁŚŝĐŚŝƐůĞĚďLJŽƵƌĚĞŶŽŵŝŶĂƟŽŶĂŶĚƐƉŽŶƐŽƌĞĚďLJŽƵƌƌĞŐŝŽŶ͕ĞŶƟƚůĞĚ͞dŚĞ:ŽƵƌŶĞLJ͘͟ dŚŝƐǁŝůůďĞĂŶĞdžĐŝƟŶŐƟŵĞŽĨƐƉŝƌŝƚƵĂůŐƌŽǁƚŚĨŽƌƵƐĂƐŝŶĚŝǀŝĚƵĂůƐĂŶĚĂƐĂĐŽŶŐƌĞŐĂƟŽŶ͘dŽŐĞƚŚĞƌ͕ǁĞǁŝůůĐŽŶƟŶƵĞƚŽĞdžƉůŽƌĞ
ĂŶĚůŝǀĞŝŶƚŽƚŚĞǁĂLJƐŝŶǁŚŝĐŚ'ŽĚŝƐĐĂůůŝŶŐƵƐĂƐƐĞƌǀĂŶƚƐŝŶŵŝŶŝƐƚƌLJ͘ƵƚŝƚǁŝůůƌĞƋƵŝƌĞLJŽƵƌƉĂƌƟĐŝƉĂƟŽŶ͊͊ ͞dŚĞ:ŽƵƌŶĞLJ͟ŝƐĂƚǁŽLJĞĂƌƉƌŽĐĞƐƐǁŚŝĐŚǁŝůůŚĞůƉĐŚƵƌĐŚůĞĂĚĞƌƐĨŽĐƵƐŽŶĞŶŐĂŐŝŶŐŝŶ'ŽĚ͛ƐŵŝƐƐŝŽŶ͕ƌĂƚŚĞƌƚŚĂŶĨŽĐƵƐŝŶŐŽŶ
ŝŶƐƟƚƵƟŽŶĂůƐƵƌǀŝǀĂů͘dŚĞƉƌĞŵŝƐĞ͕ŝƐƚŚĂƚǁŚĞŶĂĐŚƵƌĐŚŝƐĨŽĐƵƐĞĚŽŶďĞŝŶŐƚŚĞŚĂŶĚƐĂŶĚĨĞĞƚŽĨ:ĞƐƵƐ͕ŝƚǁŝůůƚƌĂŶƐĨŽƌŵŝƚƐĞůĨ
ŝŶƚŽďĞĐŽŵŝŶŐĂĐŚƵƌĐŚƚŚĂƚŵĂŬĞƐĂĚŝīĞƌĞŶĐĞŝŶƚŚĞůŝǀĞƐŽĨƚŚĞƉĞŽƉůĞŝƚƐĞƌǀĞƐ͘dŚĞ:ŽƵƌŶĞLJƉƌŽĐĞƐƐƌĞƐƵůƚƐŝŶ͗ x
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>ĞĂĚĞƌƐǁŚŽǁŽƌŬŵŽƌĞĐŽŚĞƐŝǀĞůLJĂŶĚĐŽůůĂďŽƌĂƟǀĞůLJ >ĞĂĚĞƌƐǁŚŽĨŽĐƵƐŽŶ͞ƚŚĞƌŝŐŚƚƋƵĞƐƟŽŶƐ͟ >ĞĂĚĞƌƐǁŚŽǁŽƌŬŵŽƌĞĐƌĞĂƟǀĞůLJ 'ƌĞĂƚĞƌĨŽĐƵƐŽŶ'ŽĚ͛ƐŵŝƐƐŝŽŶĂŶĚůĞƐƐĨŽĐƵƐŽŶŚƵƌĐŚĂƐŝŶƐƟƚƵƟŽŶ ŽŶŐƌĞŐĂƟŽŶƐǁŚŽŵŽǀĞĨƌŽŵĂŵĞŵďĞƌƐŚŝƉŵŽĚĞůƚŽǁĂƌĚƐĂŵŝƐƐŝŽŶĨŽĐƵƐ dŚĞ:ŽƵƌŶĞLJŝŶǀŽůǀĞƐ͗ Ÿ ͙ƚǁŽǁĞĞŬĞŶĚƌĞƚƌĞĂƚĞdžƉĞƌŝĞŶĐĞƐ͕ǁŚŝĐŚĂƌĞŝŶƚĞƌĂĐƟǀĞĂŶĚƉĂƌƟĐŝƉĂƚŽƌLJŝŶĚĞƐŝŐŶ ʹĂŶĚǁŝůůŝŶĐůƵĚĞŶĞǁƐƉŝƌŝƚƵĂů
ƉƌĂĐƟĐĞƐ͕ƐŝŵƵůĂƟŽŶŐĂŵĞƐ͕ĚĂŶĐŝŶŐ͕ǀŝĚĞŽĐůŝƉƐĂŶĚůŽƚƐŽĨĚĞĞƉĐŽŶǀĞƌƐĂƟŽŶ͘ ¡ tĞĞŬĞŶĚdžƉĞƌŝĞŶĐĞ/ǁŝůůďĞ:ƵŶĞϭϯ-­‐ϭϰ͕ϮϬϭϱĂŶĚǁŝůůƚŽƵĐŚŽŶ͙ x
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>ĞĂƌŶŝŶŐƚŽ͞ƉĂƵƐĞ͟ dŚĞĂŶĐĞŽĨ>ĞĂĚĞƌƐŚŝƉ tŚLJĂƌĞLJŽƵĂůĞĂĚĞƌ͍tŚĂƚŬŝŶĚŽĨůĞĂĚĞƌĂƌĞLJŽƵ͍ ,ŽǁĚŽĞƐLJŽƵƌĐŽŶŐƌĞŐĂƟŽŶ͛ƐůĞĂĚĞƌƐŚŝƉǁŽƌŬƚŽŐĞƚŚĞƌ͍ ,ŽǁĚŽLJŽƵĂƐŬƚŚĞ͞ƌŝŐŚƚ͟ƋƵĞƐƟŽŶƐ͍ tĞĞŬĞŶĚdžƉĞƌŝĞŶĐĞ//ǁŝůůďĞ^ĞƉƚĞŵďĞƌϮϱ-­‐Ϯϳ͕ϮϬϭϱ x
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tŚĂƚĚŽĞƐŝƚŵĞĂŶƚŽďĞŵŝƐƐŝŽŶĂů͍ tŚĂƚĚŽĞƐŽƵƌĐŚƵƌĐŚŚĂǀĞƚŽǁŽƌŬǁŝƚŚ͍ tŚĂƚĚŽǁĞŶĞĞĚƚŽůĞƚŐŽŽĨ͍ ,ŽǁĐĂŶǁĞƉƵƚĂůůŽĨƚŚŝƐƚŽŐĞƚŚĞƌŝŶƚŽĂǀŝƐŝŽŶ͍ Ÿ ͙ĞŝŐŚƚĂƌĞ'ƌŽƵƉƐĞƐƐŝŽŶƐǁŝƚŚĂWƌŽĨĞƐƐŝŽŶĂů'ƵŝĚĞ ¡
dŚĞƐĞŐĂƚŚĞƌŝŶŐƐĂƌĞĚĞƐŝŐŶĞĚĨŽƌĐůĞƌŐLJƚŽŵĞĞƚƋƵĂƌƚĞƌůLJǁŝƚŚƚŚĞŽƚŚĞƌŵŝŶŝƐƚĞƌƐŝŶƚŚĞƌĞŐŝŽŶƚŚĂƚĂƌĞƚĂŬŝŶŐƉĂƌƚ
ŝŶƚŚĞ:ŽƵƌŶĞLJ͘dŚĞƐĞŐƌŽƵƉŵĞĞƟŶŐƐǁŝůůďĞĨĂĐŝůŝƚĂƚĞĚďLJĂ,ŽƐƚǁŚŽŚĂƐĞdžƚĞŶƐŝǀĞĞdžƉĞƌŝĞŶĐĞŝŶŚĞůƉŝŶŐƉĂƐƚŽƌƐĨŽĐƵƐ
ŽŶ ƚŚĞ ƚĂƐŬ ŽĨ ƉĞƌƐŽŶĂů ƚƌĂŶƐĨŽƌŵĂƟŽŶ͕ ĐŽůůĂďŽƌĂƟǀĞ ŝŶƋƵŝƌLJ͕ ĂŶĚ ŵƵƚƵĂů ƐƵƉƉŽƌƚ͘ dŚĞƐĞ ŐƌŽƵƉƐ ŚĂǀĞ ƉƌŽǀĞŶ ŚŝŐŚůLJ
ĞīĞĐƟǀĞ͘WĂƐƚŽƌƐǁŚŽĂƌĞĞŶŐĂŐĞĚŝŶĂĂƌĞ'ƌŽƵƉŶŽƌŵĂůůLJŽƵƚ-­‐ƉĞƌĨŽƌŵƉĂƐƚŽƌƐǁŚŽĂƌĞŶŽƚ͘ Ÿ ͙ƚŚƌĞĞŽŚŽƌƚ'ĂƚŚĞƌŝŶŐƐ ¡
WĂƌƟĐŝƉĂƟŶŐĐŽŶŐƌĞŐĂƟŽŶƐŐĂƚŚĞƌĨŽƌĂK,KZdŵĞĞƟŶŐ͘dŚŝƐŝƐĂϮ-­‐ϯŚŽƵƌĞǀĞŶƚƚŚĂƚŝƐŚŽƐƚĞĚďLJĂĐŽŶŐƌĞŐĂƟŽŶ
ŝŶƚŚĞŐƌŽƵƉ͘WĂƌƟĐŝƉĂŶƚƐƐŚĂƌĞƵƉĚĂƚĞƐŽŶŶĞǁŝĚĞĂƐƚŚĞLJŚĂǀĞƐƚĂƌƚĞĚŽƌŝŵƉƌŽǀĞĚƵƉŽŶ͘dŚĞŐƌŽƵƉƚŚĞŶĞŶƚĞƌƐŝŶƚŽ
͞ŽƉĞŶƐƉĂĐĞ͟ĨŽƌĨƵƌƚŚĞƌĞdžƉůŽƌĂƟŽŶŽĨŝĚĞĂƐĂŶĚŝŶŝƟĂƟǀĞƐ͘ Ÿ ͙ĂŶĚƚǁĞŶƚLJ-­‐ĨŽƵƌŽĂĐŚŝŶŐ^ĞƐƐŝŽŶƐĨŽƌƚŚĞDŝŶŝƐƚĞƌ ¡
KŶĐĞĂŵŽŶƚŚƚŚĞŵŝŶŝƐƚĞƌǁŝůůĐŽŵŵƵŶŝĐĂƚĞǁŝƚŚĂƚƌĂŝŶĞĚĐŽĂĐŚ͘dŚĞƐĞĐŽĂĐŚĞƐƵƟůŝnjĞĂŶƉƉƌĞĐŝĂƟǀĞ/ŶƋƵŝƌLJŵĞƚŚͲ
ŽĚŽĨĐŽĂĐŚŝŶŐ͕ĂŶĚƚŚĞLJŚĞůƉƚŚĞƉĂƐƚŽƌĨŽƌŵƵůĂƚĞƋƵĞƐƟŽŶƐĨŽƌƚŚĞĐŽŶŐƌĞŐĂƟŽŶ͕ĂƐǁĞůůĂƐƐƚƌĂƚĞŐŝĞƐĨŽƌĞĂĐŚŶĞdžƚ
ƐƚĞƉ͘dŚĞĐŽĂĐŚǁŝůůŚĞůƉŝŶƚĞĐŚŶŝĐĂůĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞĐŽŶŐƌĞŐĂƟŽŶ͕ƌĂƚŚĞƌƚŚĂŶĂƐƐƵƉĞƌǀŝƐŽƌƐ͕ŚĞůƉŝŶŐƚŚĞŵŝŶŝƐƚĞƌ
ƐĞƚŐŽĂůƐĂŶĚĞƐƚĂďůŝƐŚŐƵŝĚĞůŝŶĞƐĨŽƌĚĞǀĞůŽƉŵĞŶƚ͘ KƵƚƌĞĂĐŚŽƌŶĞƌ &ƌŝĞŶĚƐ͕ ůĞƐƐŝŶŐdŚŽƐĞŝŶEĞĞĚ &ŽŽĚWĂŶƚƌLJZĞƉŽƌƚ ƉƌŝůϮϬϭϱ &ĂŵŝůŝĞƐ͗ϴϱ ĚƵůƚƐ͗ϭϬϴ ŚŝůĚƌĞŶ͗ϰϵ ^ĞŶŝŽƌƐ͗ϰϳ dŽƚĂůWĞŽƉůĞ^ĞƌǀĞĚ͗ϮϬϰ ŽŵƉůĞƚĞĚKƵƚƌĞĂĐŚǀĞŶƚƐ ^ƉĞĐŝĂů^ƵŵŵĞƌ>ƵŶĐŚDŝŶŝƐƚƌLJKīĞƌŝŶŐ dŚĂŶŬLJŽƵƚŽĞǀĞƌLJŽŶĞǁŚŽŵĂĚĞĚŽŶĂƟŽŶƐƚŽŽƵƌ^ƵŵŵĞƌ
>ƵŶĐŚDŝŶŝƐƚƌLJĂƐǁĞƉƌĞƉĂƌĞƚŽĨĞĞĚϲϬϬĐŚŝůĚƌĞŶĂĚĂLJƚŚŝƐ
ƐƵŵŵĞƌĨŽƌƐŝdžǁĞĞŬƐŝŶ:ƵůLJĂŶĚƵŐƵƐƚ͘KŶDŽƚŚĞƌ͛ƐĂLJ͕
ǁĞ ǁĞƌĞ ŐŝǀĞŶ ĂŶ ŽƉƉŽƌƚƵŶŝƚLJ ƚŽ ĚŽŶĂƚĞ ŝŶ ŚŽŶŽƌ ĂŶĚͬŽƌ
ŵĞŵŽƌLJŽĨƚŚĞǁŽŵĞŶŝŶŽƵƌůŝǀĞƐǁŚŽĨĞĚƵƐƉŚLJƐŝĐĂůůLJĂŶĚ
ƐƉŝƌŝƚƵĂůůLJ͘ dŚĞ ƚŽƚĂů ĐŽůůĞĐƚĞĚ ǁĂƐ Ψϯ͕ϬϮϮ͘ϬϬ͘ tŚĂƚ Ă
ďůĞƐƐŝŶŐǁĞĂƌĞƚŽƚŚĞĐŚŝůĚƌĞŶŽĨZĂLJƚŽǁŶ͘ƐƉĞĐŝĂůƚŚĂŶŬ
LJŽƵ ŝƐ ĞdžƚĞŶĚĞĚ ƚŽ ZƵƚŚ ŚĂŶŶĞůƐĨŽƌ ƉƌŽǀŝĚŝŶŐ ƚŚĞDŝŶƵƚĞ
ĨŽƌDŝƐƐŝŽŶŝŶĂůůƚŚƌĞĞǁŽƌƐŚŝƉƐĞƌǀŝĐĞƐƚŚĂƚĚĂLJ͘ hƉĐŽŵŝŶŐKƵƚƌĞĂĐŚǀĞŶƚƐ ŵďƌĂĐŝŶŐĚƵĐĂƟŽŶ dŚĞĚǀŝƐŽƌLJŽĂƌĚŽĨŵďƌĂĐŝŶŐĚƵĐĂƟŽŶŚĂƐďĞĞŶŵĞĞƟŶŐ
ŵŽŶƚŚůLJĂƐƚŚĞƉƌŽŐƌĂŵďĞŐŝŶƐŐĞĂƌŝŶŐƵƉƚŽƉƌŽǀŝĚĞƚƵƚŽƌŝŶŐ
ƚŚŝƐ ƐƵŵŵĞƌ ĨŽƌ ϱ ǁĞĞŬƐ ŝŶ :ƵůLJ ĂŶĚ ƵŐƵƐƚ͘ ƚŽƚĂů ŽĨ Ϯϵ
ĐŚŝůĚƌĞŶŚĂǀĞďĞĞŶĂĐĐĞƉƚĞĚŝŶƚŽƚŚĞƉƌŽŐƌĂŵĂŶĚƚŚĞĨĂŵŝůŝĞƐ
ŚĂǀĞďĞĞŶŶŽƟĮĞĚ͘ Ɛ ǁŝƚŚ ĂŶLJ ƚƵƚŽƌŝŶŐ ƉƌŽŐƌĂŵ͕ ƉůĂŶƐ ĐŽŶƟŶƵĞ ƚŽ ĮŶĂůŝnjĞ ƚŚĞ
ƚĞĂĐŚŝŶŐƐƚĂī͕ŵĂŬĞůĞƐƐŽŶƉůĂŶƐ͕ƉůĂŶĮĞůĚƚƌŝƉƐ͕ƉƌŽǀŝĚĞĚĂŝůLJ
ƐŶĂĐŬƐ͕ĂŶĚĂƌƌĂŶŐĞďƵƐƚƌĂŶƐƉŽƌƚĂƟŽŶĨŽƌŵĂŶLJŝŶŶĞĞĚ͘ KŶ:ƵŶĞϭϰ͕ŽƵƌĐŚƵƌĐŚǁŝůůŚĂǀĞƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽĮŶĂŶĐŝĂůůLJ
ƐƵƉƉŽƌƚ ƚŚŝƐ ƚƵƚŽƌŝŶŐ ƉƌŽŐƌĂŵ͘ dŚĞƌĞ ǁŝůů ĂůƐŽ ďĞ ĂŶ
ŽƉƉŽƌƚƵŶŝƚLJƚŽǀŽůƵŶƚĞĞƌŝĨLJŽƵĂƌĞŝŶƚĞƌĞƐƚĞĚ͘dƌĂĐLJŽůŝŶǁŝůů
ƉƌŽǀŝĚĞ ƚŚĞ DŝŶƵƚĞ ĨŽƌ DŝƐƐŝŽŶ ŝŶ Ăůů ƚŚƌĞĞ ǁŽƌƐŚŝƉ ƐĞƌǀŝĐĞƐ
ƚŚĂƚĚĂLJ͘ ^ƵŵŵĞƌ>ƵŶĐŚDŝŶŝƐƚƌLJ /Ŷ :ƵůLJ͕ 'ŽĚ͛Ɛ ,ƵŶŐĞƌ tĂƌƌŝŽƌƐ ǁŝůů ďĞŐŝŶ ŐĂƚŚĞƌŝŶŐ ĞǀĞƌLJ
ǁĞĞŬĚĂLJ ĨŽƌ Ɛŝdž ǁĞĞŬƐ Ăƚ Z ƚŽ ƉĂĐŬ ĂŶĚ ĚĞůŝǀĞƌ ůƵŶĐŚĞƐ ƚŽ
ŽǀĞƌϲϬϬZĂLJƚŽǁŶĐŚŝůĚƌĞŶǁŚŽŵŝŐŚƚŽƚŚĞƌǁŝƐĞŶŽƚĞĂƚĂƚĂůů͘
KƵƌ ĐŽŶŐƌĞŐĂƟŽŶŚĂƐ ďĞĞŶ ƌŝĐŚůLJďůĞƐƐĞĚďLJƚŚŝƐŵŝŶŝƐƚƌLJĂŶĚ
ǁĞ ŚŽƉĞ LJŽƵ ǁŝůů ũŽŝŶ ŽƵƌ ŝŶƚĞƌĨĂŝƚŚ ĂŶĚ ŝŶƚĞƌŐĞŶĞƌĂƟŽŶĂů
ŐƌŽƵƉƚŚŝƐƐƵŵŵĞƌ͘,ŽǁĐĂŶzKhďĞĂďůĞƐƐŝŶŐ͍ dŚĞ >ŝŌĞĚ hƉ ĂƉŝƚĂů
ĂŵƉĂŝŐŶ ŝƐ ŝŶ ŶĞĞĚ ŽĨ ŽƵƌ
ŚĞůƉ͊ dŚĞ ĞdžŝƐƟŶŐ ĐĂŵƉĂŝŐŶ
ĐŽŵĞƐ ƚŽ Ă ƐƵĐĐĞƐƐĨƵů ĂŶĚ
ĨƵůůLJĨƵŶĚĞĚĐůŽƐĞĂƚƚŚĞĞŶĚ
ŽĨ :ƵŶĞ ϮϬϭϱ͘ ,ŽǁĞǀĞƌ͕ ŝŶ
ůŝĞƵ ŽĨ ďĞŐŝŶŶŝŶŐ Ă ďƌĂŶĚ
ŶĞǁ ĐĂƉŝƚĂů ĐĂŵƉĂŝŐŶ ĚƵƌŝŶŐ ŽƵƌ ƟŵĞ ŽĨ ƚƌĂŶƐŝƟŽŶ͕ ƚŚĞ
'ĞŶĞƌĂů ŽĂƌĚ ǀŽƚĞĚ ƚŽ ĞdžƚĞŶĚ ƚŚĞ ĐƵƌƌĞŶƚ ĐĂŵƉĂŝŐŶ͘ /Ŷ
ŽƌĚĞƌƚŽŵĂŬĞƚŚŝƐƐƵĐĐĞƐƐĨƵůĂŶĚĂůůŽǁZĂLJƚŽǁŶŚƌŝƐƟĂŶ
ŚƵƌĐŚƚŽďĞŐŽŽĚƐƚĞǁĂƌĚƐŽĨ'ŽĚ͛ƐƌĞƐŽƵƌĐĞƐ͕ǁĞŚĂǀĞ
Ăůů ďĞĞŶ ĂƐŬĞĚ ƚŽ ĐŽŵŵŝƚ͕ ƚŚƌŽƵŐŚ ƚŚĞ ƐƵďŵŝƐƐŝŽŶ ŽĨ Ă
ƉůĞĚŐĞ͕ƚŽƚŚĞĐĂƉŝƚĂůĐĂŵƉĂŝŐŶ͘ zŽƵƌƉůĞĚŐĞĐĂŶďĞŽŶĞŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ x ŝŶĐƌĞĂƐĞŐŝǀŝŶŐĂďŽǀĞǁŚĞƌĞLJŽƵĂƌĞŐŝǀŝŶŐƚŽĚĂLJ͕ x ĐŽŶƟŶƵĞ ƚŽ ŐŝǀĞ Ăƚ ƚŚĞ ƐĂŵĞ ƌĂƚĞ ǁŚŝĐŚ LJŽƵ ĂƌĞ
ĂůƌĞĂĚLJŐŝǀŝŶŐ͕Žƌ x ŐŝǀĞƚŽƚŚĞĐĂƉŝƚĂůĐĂŵƉĂŝŐŶĨŽƌƚŚĞǀĞƌLJĮƌƐƚƟŵĞ͘ WůĞĂƐĞũŽŝŶŵĞŝŶƌĞŶĞǁŝŶŐŽƵƌƉůĞĚŐĞĂŶĚŬĞĞƉŝŶŐZ͛Ɛ
ĮŶĂŶĐŝĂůĐŽŵŵŝƚŵĞŶƚƐĂƐƚŚĞŐŽŽĚƐƚĞǁĂƌĚƐǁĞĂƌĞ͊ &ĞĞůĨƌĞĞƚŽƌĞĂĐŚŽƵƚƚŽŵĞ͕ĐĂůůƚŚĞŽĸĐĞ͕ŽƌĐŽŶƚĂĐƚŽƵƌ
&ŝŶĂŶĐŝĂůDĂŶĂŐĞƌ͕:ŽŚŶ ĞůnjĞůůǁŝƚŚĂŶLJƋƵĞƐƟŽŶƐŽƌ ĨŽƌ
ƉůĞĚŐĞĐĂƌĚƐ͘ ZĂLJƚŽǁŶ ŚƌŝƐƟĂŶ ŚƵƌĐŚ ǁŝůů ďĞ ƐƚĂĸŶŐ ƚŚĞ ĮƌĞǁŽƌŬƐ
ƚĞŶƚ Ăƚ ƚŚĞ ƌLJǁŽŽĚ ^ŚŽƉƉŝŶŐ ĞŶƚĞƌ ĨŽƌ ŽƵƌ ĂŶŶƵĂů
ĨƵŶĚƌĂŝƐĞƌ͘ >ĂƐƚ LJĞĂƌ͕ ǁĞ ŵĂĚĞ ŽǀĞƌ ΨϵϬϬϬ͊ tĞ
ĂŶƟĐŝƉĂƚĞ ƚŚŝƐďĞŝŶŐ ĂŶŽƚŚĞƌ ŐŽŽĚ LJĞĂƌ ĨŽƌ ƌĞǀĞŶƵĞƐŝŶĐĞ
:ƵůLJϰƚŚŝƐŽŶĂ^ĂƚƵƌĚĂLJ͘^ĞƚƵƉŝƐ^ƵŶĚĂLJĂŌĞƌŶŽŽŶ͕:ƵŶĞ
ϮϴƚŚ͘ dŚĞ ƐƚĂŶĚ ǁŝůů ďĞ ŽƉĞŶ ĨŽƌ ďƵƐŝŶĞƐƐ ŽŶ :ƵŶĞ ϮϴƚŚ
;ĂŌĞƌĂƉƉƌŽǀĂůĨƌŽŵƚŚĞZĂLJƚŽǁŶ&ŝƌĞDĂƌƐŚĂůůͿĂŶĚǁŝůůďĞ
ŽƉĞŶƚŚƌŽƵŐŚ:ƵůLJϰƚŚ͘ƌĞĂŬĚŽǁŶǁŝůůďĞŽŶ^ƵŶĚĂLJ͕:ƵůLJ
ϱƚŚ͘ ^ƚĂĸŶŐƚŚĞƚĞŶƚƚĂŬĞƐůŽƚƐŽĨǀŽůƵŶƚĞĞƌƐďƵƚĞƐƉĞĐŝĂůůLJŽŶ
:ƵůLJ ϯƌĚ ĂŶĚ :ƵůLJ ϰƚŚ͘ ďŽƵƚ ϵϱй ŽĨ ŽƵƌ ƐĂůĞƐ ŽĐĐƵƌ ŽŶ
ƚŚĞƐĞƚǁŽĚĂLJƐ͘WůĞĂƐĞŵĂŬĞƐŽŵĞƟŵĞĚƵƌŝŶŐƚŚŝƐǁĞĞŬ
ƚŽŚĞůƉŽƵƚ͘dŚĞŵŽŶĞLJǁĞƌĂŝƐĞŚĂƐ͕ŝŶƚŚĞƉĂƐƚ͕ŐŽŶĞƚŽ
ƚŚĞ ŐĞŶĞƌĂů ĨƵŶĚ ĂŶĚ ďĞĞŶ ƵƐĞĚ ĨŽƌ ŝŵƉŽƌƚĂŶƚ
ĞdžƉĞŶĚŝƚƵƌĞƐƐƵĐŚĂƐďƵƐƟƌĞƐ͘ dŚŝƐŝƐĂůƐŽĂŐƌĞĂƚŽƉƉŽƌƚƵŶŝƚLJƚŽŐĞƚƚŽŬŶŽǁƐŽŵĞŽƚŚĞƌ
ŵĞŵďĞƌƐ ŽĨ ŽƵƌ ĐŚƵƌĐŚ ĨĂŵŝůLJ ďĞƩĞƌ͕ ƚŽ ďĞ ƉƌĞƐĞŶƚ ĂŶĚ
ƐĞĞŶŽƵƚŝŶŽƵƌĐŽŵŵƵŶŝƚLJ͕ĂŶĚĞǀĞŶŚĂǀĞƐŽŵĞĨƵŶ͘ ^ŝŐŶƵƉƐŚĞĞƚƐ ǁŝůůďĞƚŚĞ EĂƌƚŚĞdžďĞŐŝŶŶŝŶŐ^ƵŶĚĂLJ͕:ƵŶĞ
ϭϰĂŶĚŝŶƚŚĞĐŚƵƌĐŚŽĸĐĞ͘ <ĂƚŚLJĂƌƚĞůůŝ :ŽŶĂƚŚĂŶ&ŝĞůĚƐ ůĂŝŶĞ^ĐŚƵůnjĞ x
x
ĂŶDĞƐŝŵĞƌ sŽůƵŶƚĞĞƌŽŶŽƵƌƌĞ-­‐ƉĂĐŬĂŐŝŶŐͬŇLJĞƌĚĞůŝǀĞƌLJĚĂLJƐŝŶ:ƵŶĞ sŽůƵŶƚĞĞƌ ƚŽ ďĞ Ă ƐĂŶĚǁŝĐŚ ŵĂŬĞƌͬůƵŶĐŚ ƉĂĐŬĞƌͬ^ƚĞǁĂƌĚƐŚŝƉDŝŶŝƐƚƌLJŚĂŝƌ ^ŽƵƚŚǁŽŽĚůĞŵĞŶƚĂƌLJŽŵŵƵŶŝƚLJZĞƐŽƵƌĐĞ&Ăŝƌ ƌĞ-­‐ƉĂĐŬĂŐĞƌƚŚƌŽƵŐŚŽƵƚƚŚĞƐƵŵŵĞƌ KƵƌ ĐŚƵƌĐŚ ƉĂƌƟĐŝƉĂƚĞĚ ŝŶ ^ŽƵƚŚǁŽŽĚ ůĞŵĞŶƚĂƌLJx sŽůƵŶƚĞĞƌƚŽǁŽƌŬŝŶƚŚĞŬŝƚĐŚĞŶƚŽŵĂŬĞƉƌĞƉĂƌĂƟŽŶƐĨŽƌ
ƚŚĞĚĂLJ͛ƐƉůĂŶŶĞĚŵĞĂů ŽŵŵƵŶŝƚLJZĞƐŽƵƌĐĞ&Ăŝƌ͕DĂLJϭ͕ĨƌŽŵϲ-­‐ϴƉŵ͘dŚŝƐǁĂƐĂŶ
x sŽůƵŶƚĞĞƌ ƚŽ ĚƌŝǀĞ Žƌ ƌŝĚĞ ƚŚĞ ĐŚƵƌĐŚ ďƵƐ ƚŽ ŵĂŬĞ
ĞǀĞŶƚ ŽƌŐĂŶŝnjĞĚ ďLJ ƚŚĞ ƐĐŚŽŽů͛Ɛ Wd ůĞĂĚĞƌƐ ĂŶĚ ǁĞ ǁĞƌĞ
^ƉƌŝŶŐ,ŽŵĞŚƵƌĐŚDŝƐƐŝŽŶWƌŽũĞĐƚ ĚĞůŝǀĞƌŝĞƐĂƚĂƌĞĂĂƉĂƌƚŵĞŶƚĐŽŵƉůĞdžĞƐ ĂƐŬĞĚƚŽĂƩĞŶĚĂŌĞƌǁĞƉĂƌƟĐŝƉĂƚĞĚŝŶƚŚĞZĂLJƚŽǁŶ^ĐŚŽŽů
x ŽŶĂƚĞďĂŐŐŝĞƐĂŶĚͬŽƌŶĂƉŬŝŶƐĚƵƌŝŶŐŽƵƌĂŐŐŝĞŽŶĂŶnjĂ
ŽŵŵƵŶŝƚLJZĞƐŽƵƌĐĞĂLJ͘ /ƚŝƐƚŚĂƚƟŵĞŽĨLJĞĂƌǁŚĞƌĞƐƉƌŝŶŐĐůĞĂŶŝŶŐŝƐŽŶŽƵƌƉĞƌƐŽŶĂůƚŽĚŽůŝƐƚƐ͘ ŝŶ:ƵŶĞ tĞŐĂǀĞŽƵƚĂƚůĞĂƐƚϯϱƉĂĐŬĞƚƐŽĨŵĂƚĞƌŝĂůƐĂďŽƵƚŽƵƌ&ŽŽĚ
dŚĞƐĂŵĞŝƐĨŽƌŽƵƌĐŚƵƌĐŚ͘dŚŝƐLJĞĂƌǁĞĂƌĞŬŝĐŬŝŶŐŽīĂ^ƉƌŝŶŐ,ŽŵĞŚƵƌĐŚDŝƐƐŝŽŶWƌŽũĞĐƚ͘:ƵƐƚůŝŬĞĂƚŽƵƌŚŽŵĞƐŽŶůLJŵŽƌĞ
x ^ƵƉƉŽƌƚ ƚŚĞ ƉƌŽŐƌĂŵ ĮŶĂŶĐŝĂůůLJ ƚŽ ŚĞůƉ ƵƐ ƐĞƌǀĞ ŽǀĞƌ
WĂŶƚƌLJ͕ ^ƵŵŵĞƌ >ƵŶĐŚ DŝŶŝƐƚƌLJ͕ ĂŶĚ ZĂLJƚŽǁŶ ŚƌŝƐƟĂŶ
ƐŽ͕ŽƵƌĐŚƵƌĐŚŶĞĞĚƐĂƐƉƌŝŶŐĐůĞĂŶŝŶŐĂŶĚĮdž-­‐ƵƉ͘tĞŚĂǀĞŝŶƚĞƌŝŽƌǁĂůůƐƚŚĂƚŶĞĞĚƉĂŝŶƟŶŐ͕ǁŝŶĚŽǁƐ
ϮϬ͕ϬϬϬůƵŶĐŚĞƐŽǀĞƌƚŚĞĐŽƵƌƐĞŽĨƚŚĞƐƵŵŵĞƌ ŚƵƌĐŚ ǁŽƌƐŚŝƉ ƐĞƌǀŝĐĞƐ͘ tĞ ĂůƐŽ ŐĂǀĞ ĂǁĂLJ Ă ŚĞĂůƚŚLJ
ƚŚĂƚŶĞĞĚĐůĞĂŶŝŶŐ͕ǁŝŶĚŽǁƐƚŚĂƚŶĞĞĚĐĂƵůŬĞĚ͕ƌŽŽĨƐƚŚĂƚŶĞĞĚĂƩĞŶƟŽŶĂŶĚŐƌŽƵŶĚƐƚŚĂƚŶĞĞĚƚŽ
/Ŷ :ƵŶĞ͕ ƌĞŵĞŵďĞƌ ƚŽ ƐŝŐŶ-­‐ƵƉ ŽŶ ƚŚĞ ǀŽůƵŶƚĞĞƌ ƐŚĞĞƚƐ ĂŶĚ
ƐŶĂĐŬ͕͞ĐƵƟĞƐ͕͟ƚŽĂůůǁŚŽĂƩĞŶĚĞĚ͘ ĐŚŽŽƐĞ ŚŽǁ LJŽƵ ǁŝůů ǀŽůƵŶƚĞĞƌ ǁŝƚŚ ƚŚŝƐ ŵŽƐƚ ŐůŽƌŝŽƵƐ ďĞƐƉƌƵĐĞĚƵƉƉůƵƐŵŽƌĞ͘ /ƚǁĂƐĞdžĐŝƟŶŐƚŽďĞƚŚĞƌĞĂŶĚƐĞĞƚŚĞƐŵŝůĞƐŽŶƚŚĞĨĂĐĞƐŽĨ
KƵƚƌĞĂĐŚ DŝŶŝƐƚƌLJ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ĐŚŝůĚƌĞŶ ŽĨ ƚŚĞ ZĂLJƚŽǁŶ
ĐŚŝůĚƌĞŶ ĂŶĚ ƉĂƌĞŶƚƐ ǁŚŽ ŬŶĞǁ ŽĨ ŽƵƌ ^ƵŵŵĞƌ >ƵŶĐŚ
tĞŚĂǀĞĐŚŽƐĞŶ^ĂƚƵƌĚĂLJ͕:ƵŶĞϮϬƚŚ͕ĨƌŽŵϵ͗ϬϬĂŵƚŽϯ͗ϬϬƉŵĨŽƌƚŚĞĞīŽƌƚ͘tĞǁŝůůƐĞƌǀĞďƌĂƚƐĂŶĚ
ŽŵŵƵŶŝƚLJ͘ ,ĞůƉ ŽƵƚ ǁŝƚŚ ŽƵƌ ĂŐŐŝĞ ŽŶĂŶnjĂ ĂƐ ǁĞ ĂůƐŽ
DŝŶŝƐƚƌLJ ĂŶĚ ǁĞƌĞ ƐŽ ĚĞůŝŐŚƚĞĚ ƚŽ ŬŶŽǁ ŝƚ ǁŽƵůĚ ŚĂƉƉĞŶ
ŚĂŵďƵƌŐĞƌƐĨŽƌůƵŶĐŚĂƐĂŶĂĚĚŝƟŽŶĂůĞŶƟĐĞŵĞŶƚƚŽũŽŝŶŝŶ͘dŚŝƐŝƐĨŽƌĂůůĂŐĞƐĂŶĚĨŽƌďŽƚŚƚŚĞŐƵLJƐ
ĐŽůůĞĐƚ ͞ŝƉůŽĐ͟ ƚLJƉĞ ƐĂŶĚǁŝĐŚ ĂŶĚ ƐŶĂĐŬ ďĂŐƐ ĂŶĚ ŶĂƉŬŝŶƐ ƚŽ
ĂŐĂŝŶƚŚŝƐƐƵŵŵĞƌ͘t͕ĂƐĐŚƵƌĐŚ͕ĂƌĞŵĂŬŝŶŐĂĚŝīĞƌĞŶĐĞ
ĂŶĚƚŚĞŐĂůƐ͘tĞŶĞĞĚĂƐŵĂŶLJƉĞŽƉůĞĂƐƉŽƐƐŝďůĞƚŽŚĞůƉƵƐƌĞƉĂŝƌĂůůŽĨƚŚĞĂĐŚĞƐĂŶĚƉĂŝŶƐĂĐŚƵƌĐŚ
ƵƐĞŝŶƚŚĞůƵŶĐŚĞƐĞǀĞƌLJĚĂLJ͘ ŝŶKhZĐŽŵŵƵŶŝƚLJ͘ ďƵŝůĚŝŶŐŽĨƚŚĞƐŝnjĞŽĨŽƵƌĐŚƵƌĐŚĂĐĐƵŵƵůĂƚĞƐ͘ tĞǁŝůůŚĂǀĞĂƚĂďůĞŝŶƚŚĞEĂƌƚŚĞdžŽŶ:ƵŶĞϭϰƚŚĨŽƌLJŽƵƚŽƐŝŐŶƵƉĨŽƌƚŚĞ͞ĂĐƟǀŝƟĞƐ͘͟dŚĞƌĞǁŝůůĂůƐŽ
ďĞĂƐŝŐŶƵƉƐŚĞĞƚŝŶƚŚĞŽĸĐĞ͘ dŚĞWƌŽƉĞƌƚLJdĞĂŵůŽŽŬƐĨŽƌǁĂƌĚƚŽƐŚĂƌŝŶŐƚŚŝƐŶĞĞĚĞĚĨĞůůŽǁƐŚŝƉǁŝƚŚLJŽƵ͊ Happy Birthday!
1 Gerald Lawhead 2 Erin McCall 3 Cayton Stump 6 Jeana Eaves Kevin Frevert 9 Silas Mesimer Jan Walker 10 Willene Hinken 11 Darla Jones 14 Juanita Gardner Emily Sweeney 16 Carl Antrim 18 Paul Channels 19 DiAnne Atkin Marlin Dvorak 23 Mildred Lujin Nancy Odyja 24 Loeta Hunley 25 Donna Faust 26 Kristen Hetzel 27 Len Lutz Rev. Trish Winters 28 Max Brown David Faust Jenn Wetzel 30 Allen Dyer Elizabeth LeChien
Happy
Anniversary!
4 John & Dovie Fields 5 Fritz & Grace Lauer 6 Paul & JoAnn Hudson 8 Timothy & Glenda Taylor 9 Paul & Ruth Channels 10 Marlin & Veda Dvorak 13 Tom & Mary Ann Stribling 15 Tim & Mary Meier Allen & Janelle Dyer 17 Kyle & Audrey White 18 Charles & Suanne Comfort 20 John & Wanda Modlin Carl & Shirley Antrim 21 Nick & Kristal Wison June Deacons 8:15: Kim Lawhead, Keelin McAfee, Kelsey McAfee, Gale Markley, Juanita Dunn, Candy Sprick, Olga Foster, Donna Faust 9:30: Eric Dawe, Kristen Hetzel, Lynn Brown, Courtney Mesimer, Caitlin Brailsford, Fred Steele, Hannah Steele, Jamie Faulkner 11:00: Anita Burton, David Burton, Gaylord Salisbury, Joel Miller, Sandy Fattig, Mary Jo Chandler, Dotsy Hall, Juanita Blayney, Maretta White
You are invited: Saturday, June 27th ʹ 8:00am Meditative Prayer Breakfast (hosted by PowerShift Worship Center) Let us gather together to pray for and listen to 'ŽĚ͛ƐůĞĂĚŝŶŐ͕ƵƐŝŶŐĐŽŶƚĞŵƉůĂƚŝǀĞƉƌĂLJĞƌ
practices. There is no charge for this event. It is sponsored by the Empowerment Grant from the Kansas City Disciples of Christ. Come, learn, and practice contemplative & meditative ǁĂLJƐƚŽŚĞĂƌ'ŽĚ͛ƐǀŽŝĐĞ͘ We are collecting recyclables for a project at VBS! Start collecting things from the list below and bring to church no later than Sunday, June 14th: Toilet paper rolls Paper towel rolls Egg cartons Plastic bottles (any size) Tissue boxes Cereal boxes June 2015
Sun
Mon
Tue
31
1 2 7 8 9 See recurring activities 10:30am & Noon Worship Evaluation Team Listening Session See recurring activities 3:30 Stephen Ministry Potluck 14 See recurring activities 2:30pm ± 7:30pm Hope Partnership Journey Retreat (Fellowship Hall) 11:00 Staff Meeting 7:00 AA & Alanon Scouts 11:00 Staff Meeting 5:00 Worship Committee 7:00 AA & Alanon Scouts Wed
3 9:30 Raytown Garden Club 1:00 Food Pantry 6:30 Elders Meeting 6:00 Four Seasons to Ballgame 15 16 11:00 Staff Meeting 12:00-­2:00pm 5:00 Embracing Education 6KHSKHUG¶V&HQWHU*DUGHQ
Meeting Tour Luncheon 6:30 Kairos Searchers Potluck 7:00 AA & Alanon Scouts Thu
4 0HQ¶V%UHDNIDVW
6:30 One Desire 10
11 9:30 CWF General Meeting 10:00 Four Seasons 10:30 CWG Group Mtgs 6:30 One Desire 1:00 Food Pantry 17 18 25 9:00 CWF General Assembly 1:00 Food Pantry 2:00 VBS Set Up Fri
Sat
5 6 12 13 1:00 Food Pantry Hope Partnership Journey Retreat 8:30am ± 5:30pm (Fellowship Hall) 1:00 Food Pantry 19 0HQ¶V%UHDNIDVW 1:00 Food Pantry 9:30-­3:30 A Day at the Park Vacation Bible School 6:30 One Desire 7:00 Alzheimers Support 20 9:00am ± 3:00pm Home Mission Project 5:00 H&H Potluck 21 )DWKHU·V'D\
22 9:00 Word & Table Service 11:00 Staff Meeting 9:30 Adult Sunday School 7:00 AA & Alanon 10:30 Unique Outdoor Scouts Worship Experience 1R&KLOGUHQ¶V:RUVKLS 23 24 28 Firework Stand Set Up 29 Firework Stand 30 Firework Stand
Recurring Activities:
See recurring activities 11:00 Staff Meeting 7:00 AA & Alanon Scouts 7:00 General Board 1:00 Food Pantry 4:30 Summer Lunch Meeting 10:00 Four Seasons 6:30 One Desire 26 27 9:00 Adventures in Learning 8:00 Meditative Prayer 1:00 Food Pantry Breakfast (hosted by PowerShift ± all are welcome!) Sunday: 8:15 ± Traditional Worship Service/9:30 ± &RQWHPSRUDU\3UDLVH6HUYLFH&KLOGUHQ¶V
Worship, Adult Sunday School/10:30 ± Children, Youth & Adult Sunday School/11:00 ± Traditional Worship Service