IN THE ENVIRONMENT COURT OF NEW ZEALAND AUCKLAND REGISTRY
I MUA I TE KŌTI TAIAO O AOTEAROA TĀMAKI MAKAURAU ROHE
ENV-2020-AKL
IN THE MATTER OF the Resource Management Act 1991
AND
IN THE MATTER OF an appeal under clause 14(1) of Schedule 1 of the Resource Management Act 1991
BETWEEN NEW ZEALAND TRANSPORT AGENCY
Appellant
AND WHANGAREI DISTRICT COUNCIL
Respondent
NOTICE OF APPEAL TO THE ENVIRONMENT COURT AGAINST DECISION OF THE WHANGAREI DISTRICT COUNCIL ON PROPOSED PLAN CHANGES 109 & 148 – URBAN AND SERVICES TO THE WHANGAREI DISTRICT PLAN
15 July 2020
Barristers and Solicitors Auckland Solicitor Acting: Patrick Mulligan / Mathew Gribben Email: [email protected] Tel 64 9 358 2555 Fax 64 9 363 0734 PO Box 1433 DX CP24024 Auckland 1140
To: The Registrar Environment Court Auckland
1. New Zealand Transport Agency (“Transport Agency”) appeals against part of the decision of the Whangarei District Council (“Council”) to approve Proposed Plan Changes 109 & 148 – Urban and Services – to the Whangarei District Council Operative District Plan (“Plan Changes”).
Background and decision appealed
2. The Transport Agency lodged a submission on the Plan Changes on 3 July 2019 and lodged further submissions on 22 August 2019.
3. It presented legal submissions and evidence to the Independent Hearings Panel on a range of matters on 26 November 2019, including:
(a) Urban growth and development policies;
(b) Regionally significant infrastructure objectives and policies;
(c) Proposed new amenity noise provisions;
(d) Transport provisions including triggers for Integrated Transport Assessments;
(e) Signs and lighting provisions;
(f) The Whangarei Hospital zone;
(g) Site specific rezonings or precincts that could impact on the State highway network; and
(h) The wider zoning pattern.
4. The Transport Agency is not a trade competitor for the purposes of section 308D of the Resource Management Act 1991 (“RMA”).
5. The Transport Agency received notice of the Council’s decision on the Plan Changes on 3 June 2020 (“Decision”).
6. The Transport Agency generally supports the Decision in relation to the matters identified above.
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Parts of the Decision subject to appeal
7. The Transport Agency is appealing against parts of the Decision that do not:
(a) Allow a fair and balanced assessment of new regionally significant infrastructure (“RSI”) and in particular, major upgrades to existing RSI (DGD-17);
(b) Include robust and comprehensive triggers for when restricted discretionary activity consents are required in order to assess transport effects, including through Integrated Transport Assessments (“ITAs”) (TRA-R15); and
(c) Adequately manage the potential effects of noise from the State highway network on noise sensitive activities (Transport Chapter Rules).
8. The reasons for the appeal generally are that some parts of the Plan Changes do not:
(d) Meet the purpose, principles or requirements of the RMA;
(e) Give effect to the relevant higher order planning documents, including national policy statements and the Northland Regional Policy Statement;
(f) Represent the most appropriate way of exercising the Respondent’s functions or implementing the objectives in the district plan, having regard to the efficiency and effectiveness of other reasonably practicable options, and are therefore not appropriate in terms of section 32 and other provisions of the RMA;
(g) Provide for the safe and efficient operation and development of the State highway network, including managing potential adverse effects on the network and its users;
(h) Adequately protect new noise sensitive activities adjacent to the State highway network in the absence of appropriate mitigation; and
(i) Achieve integrated management of the effects of the use, development or protection of land and associated natural and physical resources.
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9. The Decision was issued as an integrated package on all related plan changes, however, the specific parts of the Decision that are appealed relate to:
(j) Plan Change 148 – District Growth and Development; and
(k) Plan Change 109 – Transport.
Providing for regionally significant infrastructure in the objective and policy framework
Reasons for the appeal
10. The Transport Agency seeks provisions that recognise and enable new RSI, and which recognise that new RSI and major upgrades can generate significant adverse effects, but that this needs to be weighed against the benefits of RSI.
11. The Transport Agency is particularly concerned with the RSI provisions given the significance of the State highway network to Whangarei and the wider Northland Communities. The State highway network provides the critical link between different communities and to key economic assets. It is therefore important that the Plan allows for maintenance and upgrades to the existing network and also for new improvements and projects likely to be required to service anticipated growth.
12. The Transport Agency supports the revised objectives DGD-O13 (identification and protection of RSI), DGD-O14 (benefits of RSI are recognised and provided for) and DGD-O15 (avoid, remedy or mitigate adverse effects of RSI). The related policies, as amended through the Decision, appropriately provide for new RSI.
13. However, the policies for RSI require amendments to improve clarity and remove potential inconsistency between how upgrades to existing RSI are treated:
(l) DGD-P15 recognises and provides for the operation, development and upgrade of RSI;
(m) DGD-P16 outlines how adverse effects of new RSI are to be managed but appears to depart from the language of the notified version of the Plan Changes and the section 42 reports; and
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(n) DGD-P17 outlines how adverse effects of upgrades to RSI are managed but is inconsistent with DGD-P15, as it requires all upgrades to RSI to have the same or similar adverse effects as before the upgrading was undertaken. This could effectively prevent any major upgrades gaining approval and undermines DGD-P15 and the related objectives.
Relief sought
14. In order to address the matters discussed above, the Transport Agency seeks the following amendments to the Growth and Development Chapter of the Decision:
(o) DGD-P16 is amended as follows:
DGD-P16 – New Regionally Significant Infrastructure: Allowing Manage adverse effects created by from new network utilities and Regionally Significant Infrastructure that have been by avoidinged, remedyingied, mitigatinged or off- setting (where practicable and offered or agreed to), while taking into account the following matters:
a. Benefits of the activity;
b. Any recognition within a national policy statement;
c. Constraints that limit the design and location of the activity, including any alternatives assessed;
d. Whether the proposal is a regionally significant infrastructure lifeline utility which meets the foreseeable needs of Northland;
e. The extent to which the adverse effects of the activity can be practicably reduced including any positive effects on the subject site or elsewhere (provided that the positive effects accrue to the community of interest and/or resource affected);
f. Any monitoring programme for identified significant adverse effects with uncertain outcomes which can be addressed by and adaptive management regime where the infrastructure assists in achieving efficient land use;
g. Whether the infrastructure proposal helps to achieve consolidated development and efficient use of land; and
h. Ensuring damage to or loss of the relationship of iwi with ancestral sites, sites of significance, wāhi tapu, customary activities and/or taonga is avoided or otherwise agreed to by the affected iwi or hapū.
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(p) DGD-P17 is amended as follows:
DGD-P17 – Managing Adverse Effects of Existing Regionally Significant Infrastructure: In addition to Policy DGD-P15, Tto manage adverse effects from the operation, maintenance and upgrading of existing network utilities and Regionally Significant Infrastructure by:
1.Allowing adverse effects that are not significant while the maintenance or upgrading is being undertaken.
2.Requiring that any permanent adverse effects are the same or similar to the adverse effects that existed before the maintenance or upgrading was undertaken.
3.Taking into account the following matters:
…
Integrated Transport Assessments
Reasons for the appeal
15. The Transport Agency strongly supports the use of ITAs and their retention in the Plan Changes. A district plan without such provisions would fail to meet best practice transport planning, as they are a critical management tool which serve a number of purposes.
16. The Transport Agency considers additional ITA triggers, such as Gross Floor Area (“GFA”), occupancy or vehicle generation, are necessary as the reliance on car parking numbers as ITA triggers does not necessarily reflect actual trip generation characteristics. As a result, the provisions in the Decision do not allow for an appropriate understanding of the impact a development can have on the safe and efficient operation of the State highway network.
17. In addition, some land use activities may not be captured by reliance on a car parking trigger. These activities include fuel stations, drive through activities, schools and childcare centres. Therefore, more appropriate triggers are required for these types of activities.
BF\60284113\4 Page 6
Relief sought
18. The Transport Agency seeks that the Plan Changes be amended to address the issues identified above, and specifically that:
(a) Additional ITA triggers are inserted to amend clause 1 of TRA-R15 of the Transport Chapter of the Decision:
TRA-R15: Discretionary Integrated Transport Assessments:
Activity Status: Discretionary
An integrated transport assessment is required where:
1. The activity (or activities) requires an increase of more than 100 car parking spaces in accordance with TRA Appendix 1.
1. For any of the following:
a. 50 or more dwellings;
b. 1,500+ seat events centre or similar;
c. 1,000 m2 and above gross retail, shopping centre, entertainment, leisure floor space;
d. 500m2 Fast Food / Drive Through;
e. 60 car parks for child care;
f. 2,000m2 Service Station;
g. 2,500 m2 and above gross office, education, health floor space;
h. 5,000 m2 and above gross industrial floor space; and/or
i. 10,000 m2 and above gross warehousing floor space.
2. The subdivision is of an allotment that existed at [Operative Date] and the area of the parent allotment is equal to or larger than:
a. 1ha within the Medium Density Residential Zone.
b. 2.5ha within the General Residential Zone or Rural Village Residential Zone.
c. 8ha within the Low Density Residential Zone.
Compliance Standard:
1. TRA-R15.2 does not apply for any allotment where consent has previously been granted for the allotment under Rule TRA-R15.2.
Note: Applications shall comply with information requirement TRA-REQ2.
BF\60284113\4 Page 7
(b) As an alternative to triggers based on GFA, the Transport Agency seeks equivalent triggers based on vehicle movement per hour, as follows:
TRA-R15: Discretionary Integrated Transport Assessments:
Activity Status: Discretionary
An integrated transport assessment is required where:
1. The activity (or activities) requires an increase of more than 100 car parking spaces in accordance with TRA Appendix 1.
1. The activity results in more than any of the following:
j. 48 vehicle movements per hour (vph) for dwellings;
k. 225 vph for events centre;
l. 21 vph for retail, shopping centre, entertainment, leisure floor space;
m. 216 vph for fast Food / Drive Through;
n. 144 vph for child care;
o. 475 vph for service stations;
p. 63 vph for office, education, health floor space;
q. 38 vph for industrial floor space; and/or
r. 20 vph for warehousing floor space.
2. The subdivision is of an allotment that existed at [Operative Date] and the area of the parent allotment is equal to or larger than:
d. 1ha within the Medium Density Residential Zone.
e. 2.5ha within the General Residential Zone or Rural Village Residential Zone.
f. 8ha within the Low Density Residential Zone.
Compliance Standard:
1. TRA-R15.2 does not apply for any allotment where consent has previously been granted for the allotment under Rule TRA-R15.2.
Note: Applications shall comply with information requirement TRA-REQ2.
(c) Any amendments, as required, are made to ensure TRA-R14 appropriately aligns with R15 and to ensure there is an appropriate distinction between activities requiring resource consent as a restricted discretionary activity (under R14) and as a fully discretionary activity (under R15).
BF\60284113\4 Page 8
New amenity noise provisions
Reasons for the appeal
19. The Transport Agency, in conjunction with KiwiRail, seeks a proposed range of provisions to provide amenity protection and protect human health for new noise sensitive activities in close proximity to the State highway network and rail network. In addition, the provisions will help to manage and reduce reverse sensitivity effects on the transport system from the establishment of new noise sensitive activities or alteration to existing noise sensitive activities.
20. There is clear policy support for the proposed provisions. The Northland Regional Policy Statement and the objectives of the Plan Changes identify the protection of RSI and the management of reverse sensitive effects. Further, section 7(c) of the RMA requires particular regard to the maintenance and enhancement of amenity values, and section 5 includes the health and safety of people and communities.
21. Without appropriate mitigation, new noise sensitive activities, such as new residential uses near to an existing State highway network can potentially be affected by road-traffic noise. This could result in annoyance and sleep disturbance, potentially resulting in adverse health effects. This could in turn cause reverse sensitivity effects on the State highway network.
22. The proposed provisions may impose additional costs on some land owners, but updated expert assessments indicate those costs are small compared to overall building costs. The benefits of the provisions outweigh those costs and so the provisions are the most appropriate response to the planning issues under section 32 of the RMA.
Relief sought
23. The Transport Agency seeks that the Plan Changes be amended to address the issues discussed above, and specifically that the following new provisions are inserted to the Transport Chapter:
(d) A new objective as follows:
TRA-0 XX Transport Network Effects
Sensitive activities (including subdivision) are protected from potential health and amenity effects by:
BF\60284113\4 Page 9
1. Set-backs or buffer corridors within which incompatible activities will be managed;
2. Controls on activities where they can be affected by the operation, maintenance, upgrade and development of the transport network.
(e) A new policy as follows:
TRA-P XX Transport Networks Effects
Protect sensitive activities and subdivision from potential health and amenity effects that may arise from the safe and efficient operation, maintenance, repair, upgrading, removal and development of the transport network by:
1. locating and designing new buildings and activities sensitive to noise to manage potential effects of the railway corridor and national and regional road network;
2. managing access to the railway corridor and national and regional road network;
3. managing the location of sensitive activities (including subdivision) through set-backs and design controls.
(f) The Transport Agency seeks to include a new set of rules for noise sensitive activities to implement this objective and these policies as set out in Appendix A.
Further relief sought
24. The Transport Agency seeks the following relief:
(g) Amendments to the identified provisions as outlined above, including the amendments listed in Appendix A;
(h) Such other relief, whether it be alternative, additional or consequential, as may be required to address the issues identified in this appeal; and
(i) Costs.
Attachments
25. The following documents are attached to this notice:
(a) Appendix A: Proposed new noise related provisions;
(b) Appendix B: A copy of the Transport Agency’s submission and further submission;
BF\60284113\4 Page 10
(c) Appendix C: A copy of the relevant parts of the Decision; and
(d) Appendix D: A list of the names and addresses of persons who lodged submissions who are to be served with a copy of this notice.
New Zealand Transport Agency by its solicitors and authorised agents Buddle Findlay:
______
Signature: Mathew Gribben
Date: 15 July 2020
Address for Service of Appellant: Buddle Findlay Level 18 188 Quay Street Auckland 1140 c/- Patrick Mulligan / Mathew Gribben Service may also be effected by: (a) posting it to the solicitor at PO Box 1433, Auckland; or (b) leaving it for the solicitor at a document exchange for direction to DX CP24024, Auckland; or (c) emailing it to the solicitor at [email protected].
Telephone: 64 9 358 2555
TO: The Registrar of the Environment Court at Auckland
AND TO: Whangarei District Council
AND TO: The relevant submitters on the provisions appealed
BF\60284113\4 Page 11
Advice to recipients of copy of notice of appeal
How to become party to proceedings You may be a party to the appeal if you made a submission or a further submission on the matter of this appeal.
To become a party to the appeal, you must,— within 15 working days after the period for lodging a notice of appeal ends, lodge a notice of your wish to be a party to the proceedings (in form 33) with the Environment Court and serve copies of your notice on the relevant local authority and the appellant; and within 20 working days after the period for lodging a notice of appeal ends, serve copies of your notice on all other parties.
Your right to be a party to the proceedings in the court may be limited by the trade competition provisions in section 274(1) and Part 11A of the Resource Management Act 1991.
You may apply to the Environment Court under section 281 of the Resource Management Act 1991 for a waiver of the above timing or service requirements (see form 38).
How to obtain copies of documents relating to appeal The copy of this notice served on you does not attach a copy of the appellant's submission and (or or) the decision (or part of the decision) appealed. These documents may be obtained, on request, from the appellant.
Advice If you have any questions about this notice, contact the Environment Court in Auckland, Wellington, or Christchurch.
BF\60284113\4 Page 12
Appendix A
Proposed new noise related provisions
At any location Activity status: Permitted Activity status when within 100 compliance not Where: metres of a achieved: state highway 1A. A minor addition or alteration to an existing building Restricted carriageway or containing noise sensitive activities, which is not a discretionary 100 metres habitable room or to be occupied by noise sensitive from the legal activities. This activity is not subject to clauses 1-5 below. Matters of discretion are boundary of any Outdoor road noise railway corridor restricted to: 1. Any new building, or alteration to an existing building, 1. Whether the that contains an activity sensitive to noise where: activity a. external road noise levels are less than 57 sensitive to dBLAeq(24h) at all points 1.5 metres above ground noise could be level within the proposed notional boundary; or located further b. there is a noise barrier at least 3 metres high from the state which blocks the line-of-sight to the road surface highway or from all points 1.5 metres above ground level railway within the proposed notional boundary. corridor.
Indoor road and railway noise 2. The extent to which the noise 2. Any new building, or alteration to an existing building, and vibration that contains an activity sensitive to noise where the criteria are building or alteration is: achieved and a. designed, constructed and maintained to achieve the effects of indoor design noise levels resulting from the road any non- or railway not exceeding the maximum values in compliance. the following table; or 3. The character Occupancy/acti Maximum Maximum of, and degree vity road noise railway of,s amenity level noise level provided by the
LAeq(24h) LAeq(1h) existing
Building type: Residential environment and proposed Sleeping spaces 40 dB 35 dB activity.
All other 40 dB 40 dB 4. The reverse habitable rooms sensitivity Building type: Education effects on the state highway Lecture 35 dB 35 dB or railway rooms/theatres, corridor, and the extent to
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music studios, which assembly halls mitigation measures can Teaching areas, 40 dB 40 dB enable their conference ongoing rooms, drama operation, studios, sleeping maintenance areas and upgrade. Libraries 45 dB 45 dB 5. Special Building type: Health topographical,
Overnight 40 dB 40 dB building medical care, features or wards ground conditions Clinics, 45 dB 45 dB which will consulting mitigate rooms, theatres, vibration nurses' stations impacts;
Building type: Cultural 6. The outcome of Places of 35 dB 35 dB any worship, marae consultation with the New b. at least 50 metres from the carriageway of any Zealand state highway or 50 metres from any railway Transport corridor, and is designed so that a noise barrier Agency or entirely blocks line-of-sight from all parts of doors KiwiRail. and windows, to the road surface and to all points 3.8 metres above railway tracks. Notification: 1. Application for Mechanical ventilation resource consent
3. If windows must be closed to achieve the design under this rule will noise levels in clause 2(a), the building is designed, be decided without constructed and maintained with a mechanical public notification. ventilation system that The New Zealand Transport Agency a. For habitable rooms for a residential activity, or KiwiRail (as achieves the following requirements: relevant) are likely i. provides mechanical ventilation to satisfy to be the only clause G4 of the New Zealand Building affected person Code; and determined in accordance with ii. is adjustable by the occupant to control the section 95B of the ventilation rate in increments up to a high air Resource flow setting that provides at least 6 air Management changes per hour; and Act 1991.
BF\60284113\4 Page 14
iii. provides relief for equivalent volumes of spill air;
iv. provides cooling and heating that is controllable by the occupant and can maintain the inside temperature between 18°C and 25°C; and
v. does not generate more than 35 dBLAeq(30s) when measured 1 metre away from any grille or diffuser.
b. For other spaces, is as determined by a suitably qualified and experienced person.
Indoor road and railway vibration
4. Any new buildings or alterations to existing buildings containing an activity sensitive to noise, closer than 40 metres to the carriageway of a state highway or 60 metres from the boundary of a railway corridor, is designed, constructed and maintained to achieve road
and rail vibration levels not exceeding 0.3 mm/s vw.95.
Design report [may be replaced with a construction schedule]
5. A report is submitted to the council demonstrating compliance with clauses (1) to (4) above (as relevant) prior to the construction or alteration of any building containing an activity sensitive to noise. In the design:
a. railway noise is assumed to be 70 dBLAeq(1h) at a distance of 12 metres from the track, and must be deemed to reduce at a rate of 3 dB per doubling of distance of up to 40 metres and 6 dB per doubling of distance beyond 40 metres; and
b. road noise is based on measured or predicted noise levels plus 3 dB.
Where this activity complies with the following rule requirements:
Nil
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Appendix B
A copy of the New Zealand Transport Agency’s submission and further submission
[Attached]
BF\60284113\4 Page 16
Appendix C
A copy of the relevant parts of the Decision
[Attached]
BF\60284113\4 Page 17
Appendix D
The submitters to be served with a copy of this notice of appeal:
Name Address for service
Transpower New Zealand Limited [email protected]
Anil Shetty - Population Health Unit of [email protected] the Northland District Health Board
KiwiRail Holdings Limited [email protected]
The University of Auckland [email protected]
Northpower Limited [email protected]
Northport Ltd [email protected]
New Zealand Defence Force [email protected] and [email protected]
Radio New Zealand [email protected]
Shelby Managh - Trustpower Ltd [email protected]
Z Energy, Mobil Oil New Zealand [email protected] Limited and BP Oil New Zealand Limited
Horticulture New Zealand [email protected]
Board - [email protected] Ngā Tai Ora – Public Health Northland
Northland District Health Board [email protected]
Refining NZ [email protected] and [email protected]
Kotata Developments Limited [email protected]
Woolworths New Zealand Limited [email protected]
Housing New Zealand Corporation [email protected]
Fonterra Limited [email protected]
Port Nikau Three Joint Venture [email protected]
124 Tauroa Street Limited [email protected]
Heron Construction Holdings Limited [email protected]
Page 18 Appendix B
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WƌŽǀŝƐŝŽŶEƵŵďĞƌ WƌŽǀŝƐŝŽŶ ŐĞŶĐLJ^ƵďŵŝƐƐŝŽŶͬZĞůŝĞĨ^ŽƵŐŚƚ EĞǁƚĞdžƚƵŶĚĞƌůŝŶĞ ĞůĞƚĞĚƚĞdžƚƐƚƌŝŬĞƚŚƌŽƵŐŚ KǀĞƌǀŝĞǁ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ ZĞĂƐŽŶ͗dŚĞŐĞŶĐLJĐŽŶƐŝĚĞƌƐďĞƚƚĞƌĂůŝŐŶŵĞŶƚǁŝƚŚŽƚŚĞƌĚŽĐƵŵĞŶƚƐĂŶĚƉĂƌƚƐŽĨƚŚĞWůĂŶǁŚŝĐŚ ƉƌŽŵŽƚĞŵŽǀĞĂǁĂLJĨƌŽŵĐĂƌĚĞƉĞŶĚĞŶĐLJƐŚŽƵůĚďĞƌĞĨůĞĐƚĞĚŝŶƚŚĞKǀĞƌǀŝĞǁǁŽƌĚŝŶŐ͘/ŶƉĂƌƚŝĐƵůĂƌ͕ ƚŚĞϯϬzĞĂƌdƌĂŶƐƉŽƌƚ^ƚƌĂƚĞŐLJĨŽƌEŽƌƚŚůĂŶĚ͕ƚŚĞϮϬϭϴtĂůŬŝŶŐĂŶĚLJĐůŝŶŐ^ƚƌĂƚĞŐLJĂŶĚƐϯϮĂŶĂůLJƐŝƐ ŝĚĞŶƚŝĨLJŶĞƚǁŽƌŬĚĞĨŝĐŝĞŶĐŝĞƐĂŶĚŶĞĞĚƚŽĐŚĂŶŐĞŵŽĚĞƐ͘dŚĞŐĞŶĐLJĐŽŶƐŝĚĞƌƐƚŚĂƚƚŚŝƐĨŝŶĚŝŶŐƐŚŽƵůĚ ďĞƌĞĨůĞĐƚĞĚŝŶƚŚĞKǀĞƌǀŝĞǁďLJƌĞĨĞƌĞŶĐĞƚŽƐƵƐƚĂŝŶĂďůĞƚƌĂŶƐƉŽƌƚƐLJƐƚĞŵ͘ &ŽƌĞdžĂŵƉůĞ͕WϭϬϵĂŝŵƐƚŽĞŶĐŽƵƌĂŐĞĂůƚĞƌŶĂƚŝǀĞŵŽĚĞƐƚŚƌŽƵŐŚŵĞĂƐƵƌĞƐ ŝŶĐůƵĚŝŶŐ ůĞƐƐ ŽŶ ƐŝƚĞ ƉĂƌŬŝŶŐ͕ďŝĐLJĐůĞƉĂƌŬŝŶŐ͕ĂŵĞŶŝƚLJ;ůĂŶĚƐĐĂƉŝŶŐŝŶĐĂƌƉĂƌŬƐͿĂŶĚƉĞĚĞƐƚƌŝĂŶĨƌŝĞŶĚůLJƐƚƌĞĞƚƐ͗ƚŚĞƐĞĐŽƵůĚ ďĞďĞƚƚĞƌƌĞĨůĞĐƚĞĚŝŶƚŚŝƐĐŚĂƉƚĞƌ͘^ƚƌŽŶŐĞƌƚĞdžƚƐƵƉƉŽƌƚŝŶŐƌĞĚƵĐŝŶŐƌĞůŝĂŶĐĞŽŶƉƌŝǀĂƚĞĐĂƌũŽƵƌŶĞLJƐ ĂŶĚĨĂĐŝůŝƚĂƚŝŶŐĂŐƌĞĂƚĞƌŵŽĚĞƐŚĂƌĞŽĨƐƵƐƚĂŝŶĂďůĞƚƌĂŶƐƉŽƌƚŵŽĚĞƐŝƐƌĞƋƵĞƐƚĞĚ͘ ƐƉĞĐŝĨŝĐĂŵĞŶĚŵĞŶƚŝƐĂůƐŽƉƌŽƉŽƐĞĚƚŽƌĞĨůĞĐƚŝŶƚĞŐƌĂƚŝŽŶŽĨůĂŶĚƵƐĞĂŶĚƚƌĂŶƐƉŽƌƚƉůĂŶŶŝŶŐ͗ ^ŝŐŶŝĨŝĐĂŶƚŝƐƐƵĞƐĨŽƌƚŚĞŝƐƚƌŝĐƚƚŚĂƚĂƌĞĂĚĚƌĞƐƐĞĚďLJƚŚĞƉůĂŶŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐ͗ ͻDĂŶĂŐŝŶŐŐƌŽǁƚŚĂŶĚĚĞǀĞůŽƉŵĞŶƚ͖ ͻůŝŐŶŵĞŶƚŽĨůĂŶĚƵƐĞĂŶĚƚƌĂŶƐƉŽƌƚƉůĂŶŶŝŶŐ ͻ͙ ^ͲϬϯ'ƌŽǁƚŚ ĐĐŽŵŵŽĚĂƚĞĨƵƚƵƌĞŐƌŽǁƚŚ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ ƚŚƌŽƵŐŚƵƌďĂŶĐŽŶƐŽůŝĚĂƚŝŽŶŽĨ ZĞĂƐŽŶ͗KďũĞĐƚŝǀĞĂůŝŐŶƐǁĞůůǁŝƚŚĂĚĚƌĞƐƐŝŶŐŽŶĞŽĨƚŚĞƐŝŐŶŝĨŝĐĂŶƚŝƐƐƵĞƐĨŽƌƚŚĞŝƐƚƌŝĐƚƚŚĂƚŝƐ͞ƚŚĞ tŚĂŶŐĂƌĞŝŝƚLJ͕ĞdžŝƐƚŝŶŐ ĞĨĨŝĐŝĞŶƚĚĞǀĞůŽƉŵĞŶƚĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘͟ƌĞƐƚƌƵĐƚƵƌĞŽĨƚŚĞŽďũĞĐƚŝǀĞŝƐŚŽǁĞǀĞƌ ƐƵďƵƌďĂŶŶŽĚĞƐĂŶĚƌƵƌĂů ƌĞĐŽŵŵĞŶĚĞĚƚŽďĞƚƚĞƌƌĞĨůĞĐƚŝƚƐƉƵƌƉŽƐĞ͗ ǀŝůůĂŐĞƐ͕ƚŽĂǀŽŝĚƵƌďĂŶ ĚĞǀĞůŽƉŵĞŶƚƐƉƌĂǁůŝŶŐŝŶƚŽ ĐĐŽŵŵŽĚĂƚĞĨƵƚƵƌĞŐƌŽǁƚŚƚŚƌŽƵŐŚ͗ ƉƌŽĚƵĐƚŝǀĞƌƵƌĂůĂƌĞĂƐ͘ ;ĂͿ ƵƌďĂŶĐŽŶƐŽůŝĚĂƚŝŽŶŽĨtŚĂŶŐĂƌĞŝŝƚLJ͕ĞdžŝƐƚŝŶŐƐƵďƵƌďĂŶŶŽĚĞƐĂŶĚƌƵƌĂůǀŝůůĂŐĞƐ͕ĂŶĚ ;ďͿ ƚŽĂǀŽŝĚŝŶŐƵƌďĂŶĚĞǀĞůŽƉŵĞŶƚƐƉƌĂǁůŝŶŐŝŶƚŽƉƌŽĚƵĐƚŝǀĞƌƵƌĂůĂƌĞĂƐ͘ ^ͲKϱ/ŶĐŽŵƉĂƚŝďůĞ ǀŽŝĚĐŽŶĨůŝĐƚďĞƚǁĞĞŶ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶĂƐŶŽƚŝĨŝĞĚ͘ ĐƚŝǀŝƚŝĞƐ ŝŶĐŽŵƉĂƚŝďůĞůĂŶĚƵƐĞĂĐƚŝǀŝƚŝĞƐ ZĞĂƐŽŶ͗^ͲKϱƐƵƉƉŽƌƚƐƉƌŽƚĞĐƚŝŽŶŽĨŝŶĨƌĂƐƚƌƵĐƚƵƌĞĨƌŽŵŝŶĐŽŵƉĂƚŝďůĞůĂŶĚƵƐĞǁŚŝĐŚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚ EZW^KďũĞĐƚŝǀĞϯ͘ϲĂŶĚWŽůŝĐLJϱ͘ϭ͘
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Ϯ ŶƐƵƌŝŶŐƚŚĂƚƵƌďĂŶĚĞǀĞůŽƉŵĞŶƚ ZĞĂƐŽŶ͗dŚĞdƌĂŶƐƉŽƌƚŐĞŶĐLJƐƵƉƉŽƌƚƐŝŶƚĞŐƌĂƚĞĚůĂŶĚƵƐĞĂŶĚƚƌĂŶƐƉŽƌƚ;ŝŶĨƌĂƐƚƌƵĐƚƵƌĞͿƉůĂŶŶŝŶŐĂŶĚ ŽĐĐƵƌƐ͗ ƉƌŽƉŽƐĞƐĂŶĂŵĞŶĚŵĞŶƚƚŽĞŶĐŽƵƌĂŐĞĚĞǀĞůŽƉŵĞŶƚƚŽďĞƐƵƉƉŽƌƚĞĚďLJŵƵůƚŝƉůĞƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬ Ă͘/ŶĂƉůĂŶŶĞĚĂŶĚĐŽŽƌĚŝŶĂƚĞĚ ŽƉƉŽƌƚƵŶŝƚŝĞƐ͘ ŵĂŶŶĞƌ͘ ď͘tŚĞƌĞĂƉƉƌŽƉƌŝĂƚĞ ŶƐƵƌŝŶŐƚŚĂƚƵƌďĂŶĚĞǀĞůŽƉŵĞŶƚŽĐĐƵƌƐ͗ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚƐĞƌǀŝĐĞƐĐĂŶďĞ Ă͘/ŶĂƉůĂŶŶĞĚĂŶĚĐŽŽƌĚŝŶĂƚĞĚŵĂŶŶĞƌ͘ ƉƌŽǀŝĚĞĚ͘ ď͘tŚĞƌĞĂƉƉƌŽƉƌŝĂƚĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚƐĞƌǀŝĐĞƐĐĂŶďĞƉƌŽǀŝĚĞĚ͘ Ϯ͘ZĞƋƵŝƌŝŶŐŶĞǁƵƌďĂŶ Đ͘ ŝŶ ĂƌĞĂƐ ǁŚŝĐŚ ĂƌĞ ƐĞƌǀĞĚ ďLJ ŵƵůƚŝ ŵŽĚĂů ƚƌĂŶƐƉŽƌƚ ŽƉƚŝŽŶƐ Žƌ͕ ŝĨ ŶŽƚ ĐƵƌƌĞŶƚůLJ ƐĞƌǀŝĐĞĚ͕ ďLJ ĚĞǀĞůŽƉŵĞŶƚƚŽďĞĐŽŶƐŽůŝĚĂƚĞĚ ƉƌŽǀŝĚŝŶŐĂĐƚŝǀĞƚƌĂŶƐƉŽƌƚŵŽĚĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝŶŶĞǁƵƌďĂŶĚĞǀĞůŽƉŵĞŶƚƐ͘ ǁŝƚŚŝŶŽƌĂĚũĂĐĞŶƚƚŽhƌďĂŶƌĞĂƐ ĂŶĚƌƵƌĂůǀŝůůĂŐĞƐ͘ ϯ͘ǀŽŝĚŝŶŐƵƌďĂŶĚĞǀĞůŽƉŵĞŶƚ ƐƉƌĂǁůŝŶŐŝŶƚŽƚŚĞZƵƌĂůƌĞĂ͘ ^ͲWϳdƌĂŶƐƉŽƌƚ^LJƐƚĞŵ dŽŵĂŶĂŐĞĂŶĞĨĨĞĐƚŝǀĞĂŶĚ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ ĞĨĨŝĐŝĞŶƚƚƌĂŶƐƉŽƌƚƐLJƐƚĞŵďLJ͗ ZĞĂƐŽŶ͗WŽůŝĐLJϳƌĞƋƵŝƌĞƐƐŽŵĞĂŵĞŶĚŵĞŶƚƚŽĞŶƐƵƌĞŝƚŝƐŵŽƌĞƌĞĨůĞĐƚŝǀĞŽĨƚŚĞdƌĂŶƐƉŽƌƚŐĞŶĐLJ͛Ɛ ϭ͘/ŶƚĞŐƌĂƚŝŶŐĂŶĚĐŽŽƌĚŝŶĂƚŝŶŐ ƐƚƌĂƚĞŐŝĐĂŶĚƐƚĂƚƵƚŽƌLJŽďũĞĐƚŝǀĞƐ͘ ƚƌĂŶƐƉŽƌƚĂŶĚůĂŶĚƵƐĞƉůĂŶŶŝŶŐ͘ Ϯ͘/ŵƉƌŽǀŝŶŐĂĐĐĞƐƐƚŽĂůƚĞƌŶĂƚŝǀĞ dŽĞŶĂďůĞĂƐĂĨĞ͕ĞĨĨĞĐƚŝǀĞ͕ĞĨĨŝĐŝĞŶƚĂŶĚĂĐĐĞƐƐŝďůĞŵĂŶĂŐĞĂŶĞĨĨĞĐƚŝǀĞĂŶĚĞĨĨŝĐŝĞŶƚƚƌĂŶƐƉŽƌƚ ƚƌĂŶƐƉŽƌƚŽƉƚŝŽŶƐ͘ ƐLJƐƚĞŵďLJ͗ ϯ͘ ŶŚĂŶĐŝŶŐƚŚĞǁĂůŬĂďŝůŝƚLJŽĨ ϭ͘/ŶƚĞŐƌĂƚŝŶŐĂŶĚĐŽŽƌĚŝŶĂƚŝŶŐƚƌĂŶƐƉŽƌƚĂŶĚůĂŶĚƵƐĞƉůĂŶŶŝŶŐ͘ ŶĞŝŐŚďŽƵƌŚŽŽĚƐ͘ Ϯ͘/ŵƉƌŽǀŝŶŐĂĐĐĞƐƐƚŽĂůƚĞƌŶĂƚŝǀĞƚƌĂŶƐƉŽƌƚŽƉƚŝŽŶƐ͘ ϯ͘ ŶŚĂŶĐŝŶŐƚŚĞǁĂůŬĂďŝůŝƚLJĂŶĚĐLJĐůĞĐŽŶŶĞĐƚŝŽŶƐǁŝƚŚŝŶŽĨŶĞŝŐŚďŽƵƌŚŽŽĚƐ͘ ϰ͘ ŽŶĐĞŶƚƌĂƚŝŶŐ ŵŽƌĞ ŝŶƚĞŶƐŝǀĞ ƵƌďĂŶ ĚĞǀĞůŽƉŵĞŶƚ ŝŶ ĐůŽƐĞ ƉƌŽdžŝŵŝƚLJ ƚŽ ƉƵďůŝĐ ƚƌĂŶƐƉŽƌƚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ ^ͲWϵůƚĞƌŶĂƚŝǀĞDŽĚĞƐ dŽƐƵƉƉŽƌƚĂůƚĞƌŶĂƚŝǀĞŵŽĚĞƐŽĨ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ ŽĨdƌĂŶƐƉŽƌƚ ƚƌĂŶƐƉŽƌƚďLJƉƌŽŵŽƚŝŶŐŚŝŐŚĞƌ ZĞĂƐŽŶ͗ WŽůŝĐLJ ϵ ĂůŝŐŶƐ ǁŝƚŚ ƚŚĞ dƌĂŶƐƉŽƌƚ ŐĞŶĐLJ͛Ɛ ƐƚƌĂƚĞŐŝĐ ĂŶĚ ƐƚĂƚƵƚŽƌLJ ŽďũĞĐƚŝǀĞƐ ĂŶĚ͕ ǁŝƚŚ ĂŶ ƌĞƐŝĚĞŶƚŝĂůĚĞŶƐŝƚŝĞƐĂƌŽƵŶĚ ĂŵĞŶĚŵĞŶƚ͕ƌĞĨůĞĐƚƐƚŚĞŽƵŶĐŝů͛ƐĂƉƉƌŽĂĐŚƚŽƉĂƌŬŝŶŐŝŶƚŚĞŝƚLJĞŶƚƌĞ͘ ŶŽĚĞƐŽĨƐƵďƵƌďĂŶĚĞǀĞůŽƉŵĞŶƚ ĂŶĚƉƵďůŝĐƚƌĂŶƐƉŽƌƚ dŽƐƵƉƉŽƌƚĂůƚĞƌŶĂƚŝǀĞŵŽĚĞƐŽĨƚƌĂŶƐƉŽƌƚďLJƉƌŽŵŽƚŝŶŐŚŝŐŚĞƌƌĞƐŝĚĞŶƚŝĂůĚĞŶƐŝƚŝĞƐĂƌŽƵŶĚŶŽĚĞƐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ ŽĨƐƵďƵƌďĂŶĚĞǀĞůŽƉŵĞŶƚĂŶĚƉƵďůŝĐƚƌĂŶƐƉŽƌƚŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚďLJŵĂŶĂŐŝŶŐƚŚĞƉƌŽǀŝƐŝŽŶŽĨĐĂƌ ƉĂƌŬŝŶŐ͘ ^ͲWϭϬhƌďĂŶĞƐŝŐŶ dŽƉƌŽƚĞĐƚĐŚĂƌĂĐƚĞƌĂŶĚĂŵĞŶŝƚLJ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶĂƐŶŽƚŝĨŝĞĚ͘ ďLJŵĂŶĂŐŝŶŐďƵŝůƚĨŽƌŵĂŶĚ ZĞĂƐŽŶ͗dŚĞŐĞŶĐLJƐƵƉƉŽƌƚƐƐƵƐƚĂŝŶĂďůĞ͕ŐŽŽĚƋƵĂůŝƚLJƵƌďĂŶĚĞƐŝŐŶŝŶĐůƵĚŝŶŐƚŚĞĚĞƐŝŐŶŽĨƵƌďĂŶ ĞŶĐŽƵƌĂŐŝŶŐďĞƐƚƉƌĂĐƚŝĐĞƵƌďĂŶ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞƐƵĐŚĂƐĨŽŽƚƉĂƚŚƐ͕ďŝŬĞůĂŶĞƐĂŶĚĐĂƌƌŝĂŐĞǁĂLJƐ͘ ĚĞƐŝŐŶ ^WϭϯKƉĞŶ^ƉĂĐĞ dŽŝŶĐƌĞĂƐĞƚŚĞĨƵŶĐƚŝŽŶĂůŝƚLJĂŶĚ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ >ŝŶŬĂŐĞƐ ĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨƚŚĞŽƉĞŶƐƉĂĐĞ
ϯ ŶĞƚǁŽƌŬďLJĞŶƐƵƌŝŶŐƚŚĂƚůŝŶŬĂŐĞƐ ZĞĂƐŽŶ͗dŚĞŐĞŶĐLJĐŽŶƐŝĚĞƌƐŽƉĞŶƐƉĂĐĞŶĞƚǁŽƌŬƐƉƌŽǀŝĚĞĞdžĐĞůůĞŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌǁĂůŬŝŶŐĂŶĚ ĂƌĞĐƌĞĂƚĞĚďĞƚǁĞĞŶŶĞǁĂŶĚ ĐLJĐůŝŶŐůŝŶŬĂŐĞƐĂŶĚƚŚĂƚƚŚŝƐƐŚŽƵůĚďĞƌĞĨůĞĐƚĞĚǁŝƚŚŝŶƚŚĞƉŽůŝĐLJĂŶĚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚ^ͲWϭϰ͞ƚŽ ĞdžŝƐƚŝŶŐĂƌĞĂƐŽĨŽƉĞŶƐƉĂĐĞ ƉƌŽǀŝĚĞĨŽƌĂĐƚŝǀĞƐƉŽƌƚĂŶĚƌĞĐƌĞĂƚŝŽŶ͙͘͟ ƚŚƌŽƵŐŚƐƵďĚŝǀŝƐŝŽŶĚĞƐŝŐŶ͘ dŽŝŶĐƌĞĂƐĞƚŚĞĨƵŶĐƚŝŽŶĂůŝƚLJĂŶĚĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨƚŚĞŽƉĞŶƐƉĂĐĞŶĞƚǁŽƌŬďLJĞŶƐƵƌŝŶŐƚŚĂƚ ůŝŶŬĂŐĞƐ;ŝŶĐůƵĚŝŶŐǁĂůŬŝŶŐĂŶĚĐLJĐůŝŶŐůŝŶŬĂŐĞƐͿĂƌĞĐƌĞĂƚĞĚďĞƚǁĞĞŶŶĞǁĂŶĚĞdžŝƐƚŝŶŐĂƌĞĂƐŽĨ ŽƉĞŶƐƉĂĐĞƚŚƌŽƵŐŚƐƵďĚŝǀŝƐŝŽŶĚĞƐŝŐŶ͘ ^ͲWϭϱĞŶĞĨŝƚƐŽĨ dŽŚĂǀĞƌĞŐĂƌĚƚŽƚŚĞƐŽĐŝĂů͕ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ ZĞŐŝŽŶĂůůLJ^ŝŐŶŝĨŝĐĂŶƚ ĞĐŽŶŽŵŝĐĂŶĚĐƵůƚƵƌĂůďĞŶĞĨŝƚƐŽĨ ZĞĂƐŽŶ͗dŚĞƉŽůŝĐLJƌĞĐŽŐŶŝƐĞƐƚŚĞďĞŶĞĨŝƚƐŽĨŝŶĨƌĂƐƚƌƵĐƚƵƌĞǁŚŝĐŚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚEZW^KďũĞĐƚŝǀĞ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ ZĞŐŝŽŶĂůůLJ^ŝŐŶŝĨŝĐĂŶƚ ϯ͘ϴ;ĐͿĂŶĚWŽůŝĐLJϱ͘Ϯ͘,ŽǁĞǀĞƌ͕ƚŚĞƉƌŽǀŝƐŝŽŶƌĞƋƵŝƌĞƐƌĞǁŽƌĚŝŶŐĨŽƌĐůĂƌŝƚLJ͘ /ŶĨƌĂƐƚƌƵĐƚƵƌĞďLJĞŶĂďůŝŶŐƚŚĞ ŽŶŐŽŝŶŐŽƉĞƌĂƚŝŽŶ͕ŵĂŝŶƚĞŶĂŶĐĞ dŽŚĂǀĞƌĞŐĂƌĚƚŽƚŚĞƐŽĐŝĂů͕ĞĐŽŶŽŵŝĐĂŶĚĐƵůƚƵƌĂůďĞŶĞĨŝƚƐŽĨZĞŐŝŽŶĂůůLJ^ŝŐŶŝĨŝĐĂŶƚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ ĂŶĚƵƉŐƌĂĚŝŶŐŽĨZĞŐŝŽŶĂůůLJ ďLJ ĞŶĂďůŝŶŐ ŝƚƐ ƚŚĞ ŽŶŐŽŝŶŐ ŽƉĞƌĂƚŝŽŶ͕ ŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ƵƉŐƌĂĚŝŶŐ ŽĨ ZĞŐŝŽŶĂůůLJ ^ŝŐŶŝĨŝĐĂŶƚ ^ŝŐŶŝĨŝĐĂŶƚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞǁŚĞƌĞ /ŶĨƌĂƐƚƌƵĐƚƵƌĞǁŚĞƌĞĂĚǀĞƌƐĞĞĨĨĞĐƚƐĐĂŶďĞĂǀŽŝĚĞĚ͕ƌĞŵĞĚŝĞĚŽƌŵŝƚŝŐĂƚĞĚ͘ ĂĚǀĞƌƐĞĞĨĨĞĐƚƐĐĂŶďĞĂǀŽŝĚĞĚ͕ ƌĞŵĞĚŝĞĚŽƌŵŝƚŝŐĂƚĞĚ͘ ^ͲWϭϲĚǀĞƌƐĞ ĨĨĞĐƚƐŽĨ dŽŵĂŶĂŐĞĂĚǀĞƌƐĞĞĨĨĞĐƚƐ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ EĞǁZĞŐŝŽŶĂůůLJ^ŝŐŶŝĨŝĐĂŶƚ ĐƌĞĂƚĞĚďLJŶĞǁŶĞƚǁŽƌŬƵƚŝůŝƚŝĞƐ ZĞĂƐŽŶ͗^ͲWϭϲƐƵƉƉŽƌƚƐƚŚĞƉƌŽƚĞĐƚŝŽŶŽĨŝŶĨƌĂƐƚƌƵĐƚƵƌĞĨƌŽŵŝŶĐŽŵƉĂƚŝďůĞůĂŶĚƵƐĞǁŚŝĐŚŝƐĐŽŶƐŝƐƚĞŶƚ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ ĂŶĚZĞŐŝŽŶĂůůLJ^ŝŐŶŝĨŝĐĂŶƚ ǁŝƚŚEZW^WŽůŝĐLJϱ͘ϯ͘ϯŚŽǁĞǀĞƌƐŽŵĞĂŵĞŶĚŵĞŶƚƐĂƌĞŶĞĐĞƐƐĂƌLJ͘/Ŷ ƉĂƌƚŝĐƵůĂƌ ;ϭͿ͕ ĂĚǀĞƌƐĞ ĞĨĨĞĐƚƐ /ŶĨƌĂƐƚƌƵĐƚƵƌĞďLJ͗ ǁŚŝĐŚŚĂǀĞďĞĞŶĂǀŽŝĚĞĚǁŽƵůĚŶŽƚƌĞƋƵŝƌĞŵŝƚŝŐĂƚŝŽŶ͘ ϭ͘ůůŽǁŝŶŐĂĚǀĞƌƐĞĞĨĨĞĐƚƐƚŚĂƚ ŚĂǀĞďĞĞŶĂǀŽŝĚĞĚƌĞŵĞĚŝĞĚĂŶĚ ϭ͘ůůŽǁŝŶŐĂĚǀĞƌƐĞĞĨĨĞĐƚƐƚŚĂƚŚĂǀĞďĞĞŶĂǀŽŝĚĞĚƌĞŵĞĚŝĞĚĂŶĚŵŝƚŝŐĂƚĞĚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚ ŵŝƚŝŐĂƚĞĚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚƚŚĞLJ ƚŚĞLJĂƌĞŶŽŵŽƌĞƚŚĂŶŵŝŶŽƌ͖ĂŶĚ ĂƌĞŶŽŵŽƌĞƚŚĂŶŵŝŶŽƌ͖ĂŶĚ͙ ^ͲWϭϳĚǀĞƌƐĞ ĨĨĞĐƚƐŽĨ dŽŵĂŶĂŐĞĂĚǀĞƌƐĞĞĨĨĞĐƚƐĨƌŽŵ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶĂƐŶŽƚŝĨŝĞĚ͘ džŝƐƚŝŶŐZĞŐŝŽŶĂůůLJ ƚŚĞŽƉĞƌĂƚŝŽŶ͕ŵĂŝŶƚĞŶĂŶĐĞĂŶĚ ZĞĂƐŽŶ͗^ͲWϭϲƐƵƉƉŽƌƚƐƚŚĞƉƌŽƚĞĐƚŝŽŶŽĨŝŶĨƌĂƐƚƌƵĐƚƵƌĞĨƌŽŵŝŶĐŽŵƉĂƚŝďůĞůĂŶĚƵƐĞǁŚŝĐŚŝƐĐŽŶƐŝƐƚĞŶƚ ^ŝŐŶŝĨŝĐĂŶƚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ ƵƉŐƌĂĚŝŶŐŽĨĞdžŝƐƚŝŶŐŶĞƚǁŽƌŬ ǁŝƚŚEZW^WŽůŝĐLJϱ͘ϯ͘ϯ͘ ƵƚŝůŝƚŝĞƐĂŶĚZĞŐŝŽŶĂůůLJ^ŝŐŶŝĨŝĐĂŶƚ /ŶĨƌĂƐƚƌƵĐƚƵƌĞďLJ͗ ϭ͘ůůŽǁŝŶŐĂĚǀĞƌƐĞĞĨĨĞĐƚƐƚŚĂƚ ĂƌĞŶŽƚƐŝŐŶŝĨŝĐĂŶƚǁŚŝůĞƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞŽƌƵƉŐƌĂĚŝŶŐŝƐ ďĞŝŶŐƵŶĚĞƌƚĂŬĞŶ͘ Ϯ͘ZĞƋƵŝƌŝŶŐƚŚĂƚĂŶLJƉĞƌŵĂŶĞŶƚ ĂĚǀĞƌƐĞĞĨĨĞĐƚƐĂƌĞƚŚĞƐĂŵĞŽƌ ƐŝŵŝůĂƌƚŽƚŚĞĂĚǀĞƌƐĞĞĨĨĞĐƚƐƚŚĂƚ
ϰ ĞdžŝƐƚĞĚďĞĨŽƌĞƚŚĞŵĂŝŶƚĞŶĂŶĐĞ ŽƌƵƉŐƌĂĚŝŶŐǁĂƐƵŶĚĞƌƚĂŬĞŶ͘ ^ͲWϮϬŝƚLJĞŶƚƌĞŽŶĞ dŽĞŶƐƵƌĞƚŚĂƚƚŚĞǀŝĂďŝůŝƚLJ͕ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ ǀŝďƌĂŶĐLJĂŶĚĂĐƚŝǀŝƚLJŽĨƚŚĞŝƚLJ ZĞĂƐŽŶ͗dŚĞŐĞŶĐLJĐŽŶƐŝĚĞƌƐĂůůĂĐƚŝǀĞƚƌĂŶƐƉŽƌƚŵŽĚĞƐǁŝůůĂƐƐŝƐƚŝŶƐƵƉƉŽƌƚŝŶŐǀŝďƌĂŶƚĐŝƚLJĐĞŶƚƌĞ ĞŶƚƌĞŝƐŵĂŝŶƚĂŝŶĞĚĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚ͘ ĞŶŚĂŶĐĞĚďLJĂƉƉůLJŝŶŐƚŚĞŝƚLJ ĞŶƚƌĞŽŶĞƚŽĂůŝŵŝƚĞĚĂƌĞĂ͗ dŽĞŶƐƵƌĞƚŚĂƚƚŚĞǀŝĂďŝůŝƚLJ͕ǀŝďƌĂŶĐLJĂĐĐĞƐƐŝďŝůŝƚLJĂŶĚĂĐƚŝǀŝƚLJŽĨƚŚĞŝƚLJĞŶƚƌĞŝƐŵĂŝŶƚĂŝŶĞĚ͙ ϭ͘/ŶƚŚĞĐŽƌĞŽĨtŚĂŶŐĂƌĞŝŝƚLJ ϯ͘tŚĞƌĞĞdžŝƐƚŝŶŐƵƐĞƐĂŶĚĚĞǀĞůŽƉŵĞŶƚƐƵƉƉŽƌƚĂǀŝďƌĂŶƚĂŶĚƉĞĚĞƐƚƌŝĂŶŝƐĞĚĂĐĐĞƐƐŝďůĞ ǁŚĞƌĞĂĐŽŶƐŽůŝĚĂƚĞĚĐĞŶƚƌĞŝƐ ĞŶǀŝƌŽŶŵĞŶƚĨŽƌĂĐƚŝǀĞƚƌĂŶƐƉŽƌƚŵŽĚĞƐ͘ ŵĂŝŶƚĂŝŶĞĚ͘ Ϯ͘tŝƚŚŚŝŐŚĂŵĞŶŝƚLJǀĂůƵĞƐĂŶĚ ĂĐƚŝǀĞĨƌŽŶƚĂŐĞƐĂƚŐƌŽƵŶĚĨůŽŽƌ͘ ϯ͘tŚĞƌĞĞdžŝƐƚŝŶŐƵƐĞƐĂŶĚ ĚĞǀĞůŽƉŵĞŶƚƐƵƉƉŽƌƚĂǀŝďƌĂŶƚ ĂŶĚƉĞĚĞƐƚƌŝĂŶŝƐĞĚĞŶǀŝƌŽŶŵĞŶƚ͘ ^ͲWϮϮŽŵŵĞƌĐŝĂůŽŶĞ dŽƉƌŽǀŝĚĞĨŽƌĂŵŝdžŽĨ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ ĐŽŵŵĞƌĐŝĂů͕ďƵƐŝŶĞƐƐĂŶĚƐŵĂůů ZĞĂƐŽŶ͗ŵŝŶŽƌĂŵĞŶĚŵĞŶƚŝƐƉƌŽƉŽƐĞĚƚŽƐƚƌĞŶŐƚŚĞŶŵƵůƚŝŵŽĚĂůĂĐĐĞƐƐ͘ ƐĐĂůĞŝŶĚƵƐƚƌŝĂůĂĐƚŝǀŝƚŝĞƐǁŝƚŚŽƵƚ ŵĂƚĞƌŝĂůůLJƌĞĚƵĐŝŶŐƚŚĞĞĐŽŶŽŵŝĐ ϯ͘'ŽŽĚƚƌĂŶƐƉŽƌƚĂĐĐĞƐƐĂĐƌŽƐƐĚŝĨĨĞƌĞŶƚƚƌĂŶƐƉŽƌƚŵŽĚĞƐŝƐĂǀĂŝůĂďůĞ͘ ƉŽƚĞŶƚŝĂůŽĨŽƚŚĞƌƵƐŝŶĞƐƐŽŶĞƐ ďLJĂƉƉůLJŝŶŐƚŚĞŽŵŵĞƌĐŝĂůŽŶĞ ŝŶůŽĐĂƚŝŽŶƐǁŚĞƌĞ͙͗ ^ͲWϮϰ>ŝŐŚƚ/ŶĚƵƐƚƌŝĂů dŽƉƌŽǀŝĚĞĨŽƌƐŵĂůůƐĐĂůĞ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ ŽŶĞ ŝŶĚƵƐƚƌŝĂůĂĐƚŝǀŝƚŝĞƐĂŶĚůĂƌŐĞƌ ZĞĂƐŽŶ͗dŚĞƉƌŽǀŝƐŝŽŶƐŚŽƵůĚƌĞĨůĞĐƚĂƐĂĨĞƌƐLJƐƚĞŵƐĂƉƉƌŽĂĐŚĂŶĚĨĂĐŝůŝƚĂƚĞƐĂĨĞĂĐĐĞƐƐƌĂƚŚĞƌƚŚĂŶũƵƐƚ ƐĐĂůĞƚƌĂĚĞƌĞƚĂŝůĂĐƚŝǀŝƚŝĞƐďLJ ƉƌŽdžŝŵŝƚLJƚŽŵĂũŽƌƚƌĂŶƐƉŽƌƚƌŽƵƚĞƐ͘ ƉƌŽǀŝĚŝŶŐĨŽƌƚŚĞ>ŝŐŚƚ/ŶĚƵƐƚƌŝĂů ŽŶĞŝŶůŽĐĂƚŝŽŶƐƚŚĂƚ͗ Ϯ͘ƌĞŝŶƉƌŽǀŝĚĞĚǁŝƚŚƐĂĨĞĂĐĐĞƐƐƚŽƉƌŽdžŝŵŝƚLJƚŽŵĂũŽƌƚƌĂŶƐƉŽƌƚƌŽƵƚĞƐ͘ ͙ Ϯ͘ƌĞŝŶƉƌŽdžŝŵŝƚLJƚŽŵĂũŽƌ ƚƌĂŶƐƉŽƌƚƌŽƵƚĞƐ͘ ^ͲWϮϱ,ĞĂǀLJ/ŶĚƵƐƚƌŝĂů dŽĞŶĂďůĞŶŽdžŝŽƵƐĂŶĚůĂƌŐĞƐĐĂůĞ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ ŽŶĞ ŝŶĚƵƐƚƌŝĂůĂĐƚŝǀŝƚŝĞƐƚŽŽƉĞƌĂƚĞ͕ ZĞĂƐŽŶ͗dŚĞƉƌŽǀŝƐŝŽŶƐŚŽƵůĚƌĞĨůĞĐƚĂƐĂĨĞƌƐLJƐƚĞŵƐĂƉƉƌŽĂĐŚĂŶĚĨĂĐŝůŝƚĂƚĞƐĂĨĞĂĐĐĞƐƐƌĂƚŚĞƌƚŚĂŶ ĞdžƉĂŶĚĂŶĚĞƐƚĂďůŝƐŚďLJ ƐŝŵƉůLJƉƌŽdžŝŵŝƚLJ͘ ƉƌŽǀŝĚŝŶŐĨŽƌƚŚĞ,ĞĂǀLJ/ŶĚƵƐƚƌŝĂů ŽŶĞŝŶůŽĐĂƚŝŽŶƐƚŚĂƚ͙͗ Ϯ͘ƌĞŝŶƉƌŽǀŝĚĞĚǁŝƚŚƐĂĨĞĂĐĐĞƐƐƚŽƉƌŽdžŝŵŝƚLJƚŽŵĂũŽƌƚƌĂŶƐƉŽƌƚƌŽƵƚĞƐ͘ Ϯ͘ƌĞŝŶƉƌŽdžŝŵŝƚLJƚŽŵĂũŽƌ ƚƌĂŶƐƉŽƌƚƌŽƵƚĞƐ͘
ϱ ^ͲWϯϭDĞĚŝƵŵͲĚĞŶƐŝƚLJ͕ dŽƉƌŽǀŝĚĞĨŽƌĂƌĂŶŐĞŽĨ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ ,ŝŐŚͲĚĞŶƐŝƚLJĂŶĚ ƌĞƐŝĚĞŶƚŝĂůĂĐƚŝǀŝƚŝĞƐƚŽ ZĞĂƐŽŶ͗ŽŶƐŝĚĞƌĂƚŝŽŶŽĨĂůůƚƌĂŶƐƉŽƌƚŵŽĚĞƐŝƐĚĞƐŝƌĂďůĞĂĐƌŽƐƐĂůůƌĞƐŝĚĞŶƚŝĂůnjŽŶĞƐ͘ ZĞƐŝĚĞŶƚŝĂůŽŶĞƐ ĂĐĐŽŵŵŽĚĂƚĞƚŚĞƉŽƉƵůĂƚŝŽŶ ŐƌŽǁƚŚŽĨtŚĂŶŐĂƌĞŝŝƐƚƌŝĐƚďLJ dŚĞDĞĚŝƵŵͲĚĞŶƐŝƚLJZĞƐŝĚĞŶƚŝĂůŽŶĞŝŶůŽĐĂƚŝŽŶƐƚŚĂƚ͗ ĂƉƉůLJŝŶŐ͗dŚĞDĞĚŝƵŵͲĚĞŶƐŝƚLJ Ă͙͘͘ ZĞƐŝĚĞŶƚŝĂůŽŶĞŝŶůŽĐĂƚŝŽŶƐƚŚĂƚ͗ ď͘&ĞĂƚƵƌĞƐƵĨĨŝĐŝĞŶƚƐĂĨĞĂŶĚĂĐĐĞƐƐŝďůĞƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬƐƌŽĂĚŝŶŐĂĐĐĞƐƐƚŽĂĐĐŽŵŵŽĚĂƚĞ Ă͙͘͘ ŝŶĐƌĞĂƐĞĚĚĞǀĞůŽƉŵĞŶƚ͘ ď͘&ĞĂƚƵƌĞƐƵĨĨŝĐŝĞŶƚƌŽĂĚŝŶŐ ĂĐĐĞƐƐƚŽĂĐĐŽŵŵŽĚĂƚĞ ŝŶĐƌĞĂƐĞĚĚĞǀĞůŽƉŵĞŶƚ͘ ^ͲWϯϭDĞĚŝƵŵͲĚĞŶƐŝƚLJ͕ dŚĞ,ŝŐŚͲĚĞŶƐŝƚLJZĞƐŝĚĞŶƚŝĂůŽŶĞ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ ,ŝŐŚͲĚĞŶƐŝƚLJĂŶĚ ŝŶůŽĐĂƚŝŽŶƐƚŚĂƚ͗Ă͘DĞĞƚƚŚĞ ZĞĂƐŽŶ͗,ŝŐŚĚĞŶƐŝƚLJƌĞƐŝĚĞŶƚŝĂůƐŚŽƵůĚďĞƐƵƉƉŽƌƚĞĚďLJŐŽŽĚĂĐĐĞƐƐƚŽƉƵďůŝĐƚƌĂŶƐƉŽƌƚĂŶĚŽƚŚĞƌ ZĞƐŝĚĞŶƚŝĂůŽŶĞƐ ĐƌŝƚĞƌŝĂƵŶĚĞƌ^ͲWϯϭ͘ϭ͘ď͘ƌĞŝŶ ƚƌĂŶƐƉŽƌƚŵŽĚĞƐ͘ ƉƌŽdžŝŵŝƚLJƚŽĐŽŵŵĞƌĐŝĂůĐĞŶƚƌĞƐ ĂŶĚƐƵĨĨŝĐŝĞŶƚ'ƌĞĞŶ^ƉĂĐĞŽŶĞƐ͘ dŚĞ,ŝŐŚͲĚĞŶƐŝƚLJZĞƐŝĚĞŶƚŝĂůŽŶĞŝŶůŽĐĂƚŝŽŶƐƚŚĂƚ͗ Đ͘ƌĞĨĞĂƐŝďůĞĨŽƌŚŝŐŚĞƌĚĞŶƐŝƚLJ Ă͘DĞĞƚƚŚĞĐƌŝƚĞƌŝĂƵŶĚĞƌ^ͲWϯϭ͘ϭ͘ ƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚ ď͘ƌĞŝŶƉƌŽdžŝŵŝƚLJƚŽĐŽŵŵĞƌĐŝĂůĐĞŶƚƌĞƐĂŶĚƐƵĨĨŝĐŝĞŶƚ'ƌĞĞŶ^ƉĂĐĞŽŶĞƐ͘ Đ͘ƌĞĨĞĂƐŝďůĞĨŽƌŚŝŐŚĞƌĚĞŶƐŝƚLJƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚ Ě͘ƌĞǁĞůůƐĞƌǀĞĚďLJĂĐƚŝǀĞƚƌĂŶƐƉŽƌƚŵŽĚĞƐĂŶĚͬŽƌƉƵďůŝĐƚƌĂŶƐƉŽƌƚ͘ ^ͲWϯϵZƵƌĂůhƌďĂŶ dŽŝĚĞŶƚŝĨLJĂƌĞĂƐĂƐZƵƌĂůhƌďĂŶ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ džƉĂŶƐŝŽŶŽŶĞ džƉĂŶƐŝŽŶŽŶĞƚŚĂƚ͙͗ ZĞĂƐŽŶ͗ ZƵƌĂů džƉĂŶƐŝŽŶ ĂƌĞĂƐ ƐŚŽƵůĚ ďĞ ƐƵƉƉŽƌƚĞĚ ďLJ ŐŽŽĚ ĂĐĐĞƐƐ ƚŽ ƉƵďůŝĐ ƚƌĂŶƐƉŽƌƚ ĂŶĚ ŽƚŚĞƌ ƚƌĂŶƐƉŽƌƚŵŽĚĞƐ͘ dŽŝĚĞŶƚŝĨLJĂƌĞĂƐĂƐZƵƌĂůhƌďĂŶ džƉĂŶƐŝŽŶŽŶĞƚŚĂƚ͙͗ ϭϬ͘ƌĞǁĞůůĐŽŶŶĞĐƚĞĚƚŽĂůůƚƌĂŶƐƉŽƌƚŵŽĚĞƐ WůĂŶŚĂŶŐĞϭϬϵʹdƌĂŶƐƉŽƌƚ
WƌŽǀŝƐŝŽŶEƵŵďĞƌ WƌŽǀŝƐŝŽŶ ŐĞŶĐLJ^ƵďŵŝƐƐŝŽŶͬZĞůŝĞĨ^ŽƵŐŚƚ EĞǁƚĞdžƚƵŶĚĞƌůŝŶĞ ĞůĞƚĞĚƚĞdžƚƐƚƌŝŬĞƚŚƌŽƵŐŚ KǀĞƌǀŝĞǁ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚƐ͘ ZĞĂƐŽŶ͗ dŚĞ dƌĂŶƐƉŽƌƚ ŐĞŶĐLJ ŝƐ Ă ƐŝŐŶŝĨŝĐĂŶƚ ŝŶǀĞƐƚŽƌ ŝŶ ƚŚĞ ůŽĐĂů ƌŽĂĚŝŶŐ ŶĞƚǁŽƌŬ͕ ŐĞŶĞƌĂůůLJ͕ ƚŚĞ KǀĞƌǀŝĞǁŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞdƌĂŶƐƉŽƌƚŐĞŶĐLJ͛ƐŽďũĞĐƚŝǀĞƐĂŶĚƚŚĞ'ŽǀĞƌŶŵĞŶƚWŽůŝĐLJ^ƚĂƚĞŵĞŶƚŽŶ >ĂŶĚdƌĂŶƐƉŽƌƚ͘^ŽŵĞĐŚĂŶŐĞƐĂƌĞƌĞƋƵĞƐƚĞĚƚŽƚŚĞKǀĞƌǀŝĞǁǁŽƌĚŝŶŐƚŽƌĞĨůĞĐƚƚŚĞŐĞŶĐLJ͛ƐƐƚĂƚƵƚŽƌLJ
ϲ ĨƵŶĐƚŝŽŶƐ ĂŶĚ ďƌŽĂĚĞƌ ƐƚƌĂƚĞŐŝĐ ĂƉƉƌŽĂĐŚ ;ĞĨĨĞĐƚŝǀĞ͕ ĞĨĨŝĐŝĞŶƚ ĂŶĚ ƐĂĨĞ ŽƉĞƌĂƚŝŽŶ ŽĨ ƚŚĞ ƚƌĂŶƐƉŽƌƚ ƐLJƐƚĞŵͿ͘ dŚĞƚƌĂŶƐƉŽƌƚǀŝƐŝŽŶĨŽƌtŚĂŶŐĂƌĞŝŝƐĂƐĂĨĞĂŶĚĞĨĨŝĐŝĞŶƚƚƌĂŶƐƉŽƌƚƐLJƐƚĞŵŶĞƚǁŽƌŬƚŚĂƚƉƌŽŵŽƚĞƐ ĂƌĂŶŐĞŽĨƚƌĂŶƐƉŽƌƚĐŚŽŝĐĞƐĂŶĚƐƵƉƉŽƌƚƐƚŚĞǀŝƚĂůŝƚLJĂŶĚůŝǀĞĂďŝůŝƚLJŽĨƚŚĞŝƐƚƌŝĐƚ͘ dŚĞŐĞŶĐLJƐƵƉƉŽƌƚƐĂŶĚƌĞĐŽŐŶŝƐĞƐƚŚĞĨŽĐƵƐŽŶƚŚĞŝŶƚĞƌƌĞůĂƚŝŽŶƐŚŝƉďĞƚǁĞĞŶƚƌĂŶƐƉŽƌƚĂŶĚůĂŶĚƵƐĞ ƉůĂŶŶŝŶŐďĞŝŶŐĨƵŶĚĂŵĞŶƚĂůƚŽĂĐŚŝĞǀŝŶŐtŚĂŶŐĂƌĞŝ͛ƐdƌĂŶƐƉŽƌƚsŝƐŝŽŶĂŶĚŝƚƐĂƉƉƌŽĂĐŚƚŽĐĂƌƉĂƌŬŝŶŐ ƚŽŝŶĨůƵĞŶĐĞƚƌĂŶƐƉŽƌƚĐŚŽŝĐĞƐ͘ĐŚĂŶŐĞƚŽƚŚĞĨŽůůŽǁŝŶŐƐƚĂƚĞŵĞŶƚŝƐƌĞƋƵĞƐƚĞĚƚŽƌĞĨůĞĐƚƚŚŝƐ͘ tŚŝůĞƚŚĞŝƐƚƌŝĐƚWůĂŶƉƌŽŵŽƚĞƐĂůƚĞƌŶĂƚŝǀĞŵŽĚĞƐŽĨƚƌĂŶƐƉŽƌƚĂƚŝŽŶĂŶĚƌĞĚƵĐĞĚĞƉĞŶĚĞŶĐLJŽŶ ƉƌŝǀĂƚĞŵŽƚŽƌǀĞŚŝĐůĞƐ͕ƚŚĞƌĞĂƌĞƉŽƐŝƚŝǀĞĞĨĨĞĐƚƐŝŶƉƌŽǀŝĚŝŶŐŵŽďŝůŝƚLJƚŚƌŽƵŐŚƉƌŝǀĂƚĞŵŽƚŽƌǀĞŚŝĐůĞ ƵƐĂŐĞǁŝůůƐƚŝůůďĞƉƌŽǀŝĚĞĚĨŽƌ͘ dZͲKϭdƌĂŶƐƉŽƌƚ WƌŽǀŝĚĞĂŶĚŵĂŝŶƚĂŝŶĂƐĂĨĞ͕ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚƐ͘ EĞƚǁŽƌŬ ĞĨĨŝĐŝĞŶƚ͕ĂĐĐĞƐƐŝďůĞĂŶĚ ZĞĂƐŽŶ͗DŝŶŽƌ ĂŵĞŶĚŵĞŶƚƐ ĂƌĞ ƉƌŽƉŽƐĞĚ ƚŽ ƌĞĨůĞĐƚ ƚŚĞ ǁŝĚĞƌ ƚƌĂŶƐƉŽƌƚƐLJƐƚĞŵǁŚŝĐŚĐĂƚĞƌƐĨŽƌĂůů ƐƵƐƚĂŝŶĂďůĞƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬ ŵŽĚĞƐ;ŝŶĐůƵĚŝŶŐƉƵďůŝĐƚƌĂŶƐƉŽƌƚ͕ĂĐƚŝǀĞĂŶĚƐŚĂƌĞĚŵŽĚĞƐͿ͘ ǁŚŝůĞĂǀŽŝĚŝŶŐ͕ƌĞŵĞĚLJŝŶŐŽƌ ŵŝƚŝŐĂƚŝŶŐĂĚǀĞƌƐĞĞĨĨĞĐƚƐŽŶ WƌŽǀŝĚĞĂŶĚŵĂŝŶƚĂŝŶĂƐĂĨĞ͕ĞĨĨŝĐŝĞŶƚ͕ĂĐĐĞƐƐŝďůĞĂŶĚƐƵƐƚĂŝŶĂďůĞƚƌĂŶƐƉŽƌƚƐLJƐƚĞŵŶĞƚǁŽƌŬǁŚŝůĞ ƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͘ ĂǀŽŝĚŝŶŐ͕ƌĞŵĞĚLJŝŶŐŽƌŵŝƚŝŐĂƚŝŶŐĂĚǀĞƌƐĞĞĨĨĞĐƚƐŽŶƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͘ dZͲKϮ/ŶƚĞŐƌĂƚĞ /ŶƚĞŐƌĂƚĞůĂŶĚƵƐĞĂŶĚƚƌĂŶƐƉŽƌƚ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚƐ͘ dƌĂŶƐƉŽƌƚĂŶĚ>ĂŶĚƵƐĞ ƉůĂŶŶŝŶŐƚŽĞŶƐƵƌĞƚŚĂƚůĂŶĚƵƐĞ ZĞĂƐŽŶ͗DŝŶŽƌ ĂŵĞŶĚŵĞŶƚƐ ĂƌĞ ƉƌŽƉŽƐĞĚ ƚŽ ƌĞĨůĞĐƚ ƚŚĞ ǁŝĚĞƌ ƚƌĂŶƐƉŽƌƚƐLJƐƚĞŵǁŚŝĐŚĐĂƚĞƌƐĨŽƌĂůů WůĂŶŶŝŶŐ ĂĐƚŝǀŝƚŝĞƐ͕ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ŵŽĚĞƐ;ŝŶĐůƵĚŝŶŐƉƵďůŝĐƚƌĂŶƐƉŽƌƚ͕ĂĐƚŝǀĞĂŶĚƐŚĂƌĞĚŵŽĚĞƐͿ͘ ƐƵďĚŝǀŝƐŝŽŶ ŵĂŝŶƚĂŝŶ ƚŚĞ ƐĂĨĞƚLJ ĂŶĚ ĞĨĨŝĐŝĞŶĐLJ ŽĨ ƚŚĞ ƚƌĂŶƐƉŽƌƚ /ŶƚĞŐƌĂƚĞ ůĂŶĚƵƐĞ ĂŶĚ ƚƌĂŶƐƉŽƌƚ ƉůĂŶŶŝŶŐ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ůĂŶĚƵƐĞ ĂĐƚŝǀŝƚŝĞƐ͕ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ŶĞƚǁŽƌŬ͘ ƐƵďĚŝǀŝƐŝŽŶ ŵĂŝŶƚĂŝŶ ĂŶĚ ĞŶŚĂŶĐĞ ƚŚĞ ƐĂĨĞƚLJ ĂŶĚ ĞĨĨŝĐŝĞŶĐLJ ŽĨ ƚŚĞ ƚƌĂŶƐƉŽƌƚ ŶĞƚǁŽƌŬ ƐLJƐƚĞŵ ŝŶĐůƵĚŝŶŐĂĐƚŝǀĞƚƌĂŶƐƉŽƌƚŵŽĚĞƐ͘ dZͲKϯĐƚŝǀĞĂŶĚWƵďůŝĐ ŶĐŽƵƌĂŐĞĂŶĚĨĂĐŝůŝƚĂƚĞĂĐƚŝǀĞ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ dƌĂŶƐƉŽƌƚ ƚƌĂŶƐƉŽƌƚĂŶĚƉƵďůŝĐ ZĞĂƐŽŶ͗ďƌŽĂĚĞŶŝŶŐŽĨƚŚĞŽďũĞĐƚŝǀĞǁŽƌĚŝŶŐŝƐƐŽƵŐŚƚƚŽƌĞĨůĞĐƚŵŽĚĞƐŚŝĨƚŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƚƌĂƚĞŐŝĐ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͘ ŝƌĞĐƚŝŽŶƉƌŽǀŝƐŝŽŶƐ͘ ŶĐŽƵƌĂŐĞ ĂŶĚ ĨĂĐŝůŝƚĂƚĞ ĂĐƚŝǀĞ ƚƌĂŶƐƉŽƌƚ ĂŶĚ ƉƵďůŝĐ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ŝŶĐůƵĚŝŶŐ Ă ƚƌĂŶƐŝƚŝŽŶ ĨƌŽŵ ƉƌŝǀĂƚĞǀĞŚŝĐůĞƚŽƉƵďůŝĐƚƌĂŶƐƉŽƌƚ͕ĂĐƚŝǀĞĂŶĚƐŚĂƌĞĚŵŽĚĞƐ͘ dZͲKϰʹ^ĂĨĞƚLJĂŶĚ WƌŽǀŝĚĞƐƵŝƚĂďůĞĂŶĚƐƵĨĨŝĐŝĞŶƚ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ ĨĨŝĐŝĞŶĐLJ ǀĞŚŝĐůĞĐƌŽƐƐŝŶŐƐ͕ĂĐĐĞƐƐ͕ ZĞĂƐŽŶ͗dŚĞƐĂĨĞĂŶĚĞĨĨĞĐƚŝǀĞŽƉĞƌĂƚŝŽŶŽĨƚŚĞƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬ;ĂůůŵŽĚĞƐͿŵƵƐƚďĞƉƌŝŽƌŝƚŝƐĞĚŽǀĞƌ ƉĂƌŬŝŶŐ͕ůŽĂĚŝŶŐĂŶĚ ĂĐĐĞƐƐ͕ƉĂƌŬŝŶŐĂŶĚŵĂŶŽĞƵǀƌŝŶŐ͘
ϳ ŵĂŶŽĞƵǀƌŝŶŐĂƌĞĂƐƚŚĂƚ ĐŽŶƚƌŝďƵƚĞƚŽƚŚĞƐĂĨĞĂŶĚ WƌŽǀŝĚĞƐƵŝƚĂďůĞĂŶĚƐƵĨĨŝĐŝĞŶƚǀĞŚŝĐůĞĐƌŽƐƐŝŶŐƐ͕ĂĐĐĞƐƐ͕ƉĂƌŬŝŶŐ͕ůŽĂĚŝŶŐĂŶĚŵĂŶŽĞƵǀƌŝŶŐĂƌĞĂƐ ĞĨĨŝĐŝĞŶƚĨƵŶĐƚŝŽŶŝŶŐŽĨƚŚĞ ƚŚĂƚĚŽŶŽƚĂĚǀĞƌƐĞůLJĂĨĨĞĐƚĐŽŶƚƌŝďƵƚĞƚŽƚŚĞƐĂĨĞ͕ĞĨĨĞĐƚŝǀĞĂŶĚ ĞĨĨŝĐŝĞŶƚ ĨƵŶĐƚŝŽŶŝŶŐ ŽĨ ƚŚĞ ƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬ͘ ƚƌĂŶƐƉŽƌƚƐLJƐƚĞŵŶĞƚǁŽƌŬ͘ dZͲKϱhƌďĂŶĞƐŝŐŶ ůůƉƌŽǀŝƐŝŽŶƐ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶĂƐŶŽƚŝĨŝĞĚ͘ dZͲKϲ&ƵƚƵƌĞ'ƌŽǁƚŚ ZĞĂƐŽŶ͗dŚĞƐĞƉƌŽǀŝƐŝŽŶƐƉƌŽǀŝĚĞƐƵƉƉŽƌƚĨŽƌƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ͕ŽƉĞƌĂƚŝŽŶĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨĂŵƵůƚŝ ŵŽĚĂůƚƌĂŶƐƉŽƌƚƐLJƐƚĞŵĂŶĚǁŝůůĞŶƐƵƌĞƚŚĂƚĨƵƚƵƌĞŐƌŽǁƚŚĐĂŶďĞƐƵƉƉŽƌƚĞĚďLJĂƉƉƌŽƉƌŝĂƚĞƚƌĂŶƐƉŽƌƚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ dZͲWϭʹĞƐŝŐŶ͕ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ ŽŶƐƚƌƵĐƚŝŽŶĂŶĚ ZĞĂƐŽŶ͗dŚĞWŽůŝĐLJŝƐƐƵƉƉŽƌƚĞĚǁŝƚŚŵŝŶŽƌĂŵĞŶĚŵĞŶƚƐƚŽƌĞĨůĞĐƚƐĂĨĞƚLJĂƐĂďƌŽĂĚĞƌĨŽĐƵƐŽŶĂůů DĂŝŶƚĞŶĂŶĐĞ ƚƌĂŶƐƉŽƌƚŵŽĚĞƐ͘ ϭ͘WƌŽǀŝĚĞƐĂƐĂĨĞƌƐLJƐƚĞŵƐĂƉƉƌŽĂĐŚƚŽƚŚĞĂŶĚĞĨĨŝĐŝĞŶƚƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬ͘ ϲ͘WƌŽǀŝĚĞƐƉĞĚĞƐƚƌŝĂŶĂŶĚĐLJĐůŝƐƚĂĐĐĞƐƐƚŽĐŽŶŶĞĐƚƌŽĂĚƐĂŶĚƉƵďůŝĐƐƉĂĐĞƐǁŚĞƌĞƚŚĞLJǁŽƵůĚ ŽĨĨĞƌĂƐŝŐŶŝĨŝĐĂŶƚůLJƐŚŽƌƚĞƌǁĂůŬŝŶŐƌŽƵƚĞ͘ dZͲWϰʹ/ŶƚĞŐƌĂƚĞĚ dŽĂǀŽŝĚƌĞŵĞĚLJŽƌŵŝƚŝŐĂƚĞ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶĂƐŶŽƚŝĨŝĞĚ͘ dƌĂŶƐƉŽƌƚƐƐĞƐƐŵĞŶƚƐ ĂĚǀĞƌƐĞĞĨĨĞĐƚƐŽŶƚŚĞĂĚũĂĐĞŶƚ ZĞĂƐŽŶ͗ dŚĞŐĞŶĐLJƐƵƉƉŽƌƚƐƚŚĞƵƐĞŽĨ/dƐĂƐĂƚŽŽůĨŽƌƚŚĞďĞƚƚĞƌŝŶƚĞŐƌĂƚŝŽŶŽĨůĂŶĚƵƐĞĂŶĚ ĂŶĚǁŝĚĞƌƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬďLJ ƚƌĂŶƐƉŽƌƚ͕ŝŶĐůƵĚŝŶŐĐŽŶƚƌŝďƵƚŝŶŐƚŽĂŵŽĚĞƐŚĂƌĞƐŚŝĨƚĂŶĚŝŵƉƌŽǀŝŶŐƉƵďůŝĐŚĞĂůƚŚ͘ ƌĞƋƵŝƌŝŶŐ/ŶƚĞŐƌĂƚĞĚdƌĂŶƐƉŽƌƚ ƐƐĞƐƐŵĞŶƚƐĨŽƌůĂƌŐĞƐĐĂůĞ ĚĞǀĞůŽƉŵĞŶƚƐĂŶĚƐƵďĚŝǀŝƐŝŽŶƐ͘ dZͲWϱʹĐƚŝǀĞdƌĂŶƐƉŽƌƚ dŽƉƌŽŵŽƚĞĂĐƚŝǀĞƚƌĂŶƐƉŽƌƚďLJ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ ĨĂĐŝůŝƚĂƚŝŶŐĐLJĐůĞĂŶĚƉĞĚĞƐƚƌŝĂŶ ZĞĂƐŽŶ͗ďƌŽĂĚĞƌĂƉƉƌŽĂĐŚƚŽƚƌĂŶƐƉŽƌƚ;ďĞLJŽŶĚǀĞŚŝĐůĞƐͿŝƐƐƵƉƉŽƌƚĞĚ͘ŵĞŶĚŵĞŶƚƐƚŽƚŚĞƉŽůŝĐLJĂƌĞ ĐŽŶŶĞĐƚŝǀŝƚLJǁŝƚŚŝŶŶĞǁ ƉƌŽƉŽƐĞĚƚŽƐƚƌĞŶŐƚŚĞŶƚŚŝƐĂƉƉƌŽĂĐŚ͘ ƐƵďĚŝǀŝƐŝŽŶƐĂŶĚĚĞǀĞůŽƉŵĞŶƚƐ ĂŶĚ͕ǁŚĞƌĞĂƉƉƌŽƉƌŝĂƚĞ͕ƚŽ dƌĂŶƐŝƚŝŽŶĨƌŽŵƉƌŝǀĂƚĞǀĞŚŝĐůĞƚŽƉƵďůŝĐƚƌĂŶƐƉŽƌƚ͕ĂĐƚŝǀĞĂŶĚƐŚĂƌĞĚŵŽĚĞƐ͘ ĞdžŝƐƚŝŶŐĚĞǀĞůŽƉŵĞŶƚƐ͕ƌĞƐĞƌǀĞƐ ĂŶĚŽƚŚĞƌƉƵďůŝĐƐƉĂĐĞƐ͘ dŽƉƌŽŵŽƚĞĂĐƚŝǀĞĂŶĚƐŚĂƌĞĚƚƌĂŶƐƉŽƌƚŵŽĚĞƐďLJĨĂĐŝůŝƚĂƚŝŶŐĐLJĐůĞĂŶĚƉĞĚĞƐƚƌŝĂŶĐŽŶŶĞĐƚŝǀŝƚLJ͕ ŝŶĐůƵĚŝŶŐƐůŽǁƐƚƌĞĞƚƐŽƌƐŚĂƌĞĚƐƉĂĐĞĞŶǀŝƌŽŶŵĞŶƚƐ͕ǁŝƚŚŝŶŶĞǁƐƵďĚŝǀŝƐŝŽŶƐĂŶĚĚĞǀĞůŽƉŵĞŶƚƐ ĂŶĚ͕ǁŚĞƌĞĂƉƉƌŽƉƌŝĂƚĞ͕ƚŽĞdžŝƐƚŝŶŐĚĞǀĞůŽƉŵĞŶƚƐ͕ƌĞƐĞƌǀĞƐĂŶĚŽƚŚĞƌƉƵďůŝĐƐƉĂĐĞƐ͘ dZͲWϳʹĐĐĞƐƐĂŶĚ dŽĞŶƐƵƌĞƚŚĂƚĂĐĐĞƐƐĂŶĚ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ /ŶƚĞƌƐĞĐƚŝŽŶƐ ŝŶƚĞƌƐĞĐƚŝŽŶƐĂƌĞĚĞƐŝŐŶĞĚĂŶĚ ZĞĂƐŽŶ͗ďƌŽĂĚĞƌĂƉƉƌŽĂĐŚƚŽƚƌĂŶƐƉŽƌƚ;ďĞLJŽŶĚǀĞŚŝĐůĞƐͿŝƐƐƵƉƉŽƌƚĞĚ͘ŵĞŶĚŵĞŶƚƐƚŽƚŚĞƉŽůŝĐLJĂƌĞ ůŽĐĂƚĞĚƐŽƚŚĂƚ͗ ƉƌŽƉŽƐĞĚƚŽƐƚƌĞŶŐƚŚĞŶƚŚŝƐĂƉƉƌŽĂĐŚ͘ ϭ͘'ŽŽĚǀŝƐŝďŝůŝƚLJŝƐƉƌŽǀŝĚĞĚ͘
ϴ Ϯ͘sĞŚŝĐůĞŵĂŶŽĞƵǀƌĞƐĂƌĞ dŽĞŶƐƵƌĞƚŚĂƚĂĐĐĞƐƐĂŶĚŝŶƚĞƌƐĞĐƚŝŽŶƐĂƌĞĚĞƐŝŐŶĞĚĂŶĚůŽĐĂƚĞĚƐŽƚŚĂƚ͗ ĂĐĐŽŵŵŽĚĂƚĞĚ͘ ͙ ϯ͘dŚĞLJĂƌĞƐƵĨĨŝĐŝĞŶƚůLJ Ϯ͘sĞŚŝĐůĞŵĂŶŽĞƵǀƌĞƐ͕ƉƵďůŝĐƚƌĂŶƐƉŽƌƚ͕ĂĐƚŝǀĞĂŶĚƐŚĂƌĞĚŵŽĚĞƐĂƌĞĂĐĐŽŵŵŽĚĂƚĞĚ͘ ƐĞƉĂƌĂƚĞĚƐŽĂƐŶŽƚƚŽ ͘ ĂĚǀĞƌƐĞůLJĂĨĨĞĐƚƚŚĞĨƌĞĞĨůŽǁŽĨ ƚƌĂĨĨŝĐ͘ dZͲWϵʹĂƌWĂƌŬŝŶŐ dŽĂůůŽǁĨŽƌƌĞĚƵĐĞĚŽŶͲƐŝƚĞ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶĂƐŶŽƚŝĨŝĞĚ͘ ƉĂƌŬŝŶŐƐƉĂĐĞƐǁŚĞƌĞ ZĞĂƐŽŶ͗dŚĞŐĞŶĐLJŐĞŶĞƌĂůůLJƐƵƉƉŽƌƚƐƌĞĚƵĐĞĚŽƌŶŽŽŶƐŝƚĞĐĂƌƉĂƌŬƐŝŶĂƌĞĂƐƚŚĂƚĂƌĞǁĞůůƐĞƌǀŝĐĞĚ ĂƉƉƌŽƉƌŝĂƚĞďĂƐĞĚŽŶ͗ϭ͘ ďLJŽƚŚĞƌƚƌĂŶƐƉŽƌƚŵŽĚĞƐ͘/ŶƉĂƌƚŝĐƵůĂƌ͕ƚŚĞƌĞŶĞĞĚƐƚŽďĞƐƵĨĨŝĐŝĞŶƚŝŶǀĞƐƚŵĞŶƚĂŶĚƉůĂŶŶŝŶŐŝŶǀŝĂďůĞ ^ƵƌƌŽƵŶĚŝŶŐƚƌĂŶƐƉŽƌƚ ĂůƚĞƌŶĂƚŝǀĞƚƌĂŶƐƉŽƌƚŽƉƚŝŽŶƐƚŽĞŶƐƵƌĞƚŚĂƚƚŚĂƚƐƉŝůůŽǀĞƌƉĂƌŬŝŶŐƉŽƚĞŶƚŝĂůŝƐŵĂŶĂŐĞĚĂƚƚŚĞ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘Ϯ͘WƌŽdžŝŵŝƚLJƚŽ ĐŽŶƐĞŶƚŝŶŐƐƚĂŐĞ͘ ƚŚĞŝƚLJĞŶƚƌĞ͕>ŽĐĂů ŽŵŵĞƌĐŝĂůŽƌEĞŝŐŚďŽƵƌŚŽŽĚ ŽŵŵĞƌĐŝĂůŽŶĞƐ͘ϯ͘dŚĞ ƉƌŽǀŝƐŝŽŶŽĨĂĚĚŝƚŝŽŶĂů ĂŵĞŶŝƚŝĞƐŽŶͲƐŝƚĞ͘ϰ͘dŚĞĂďŝůŝƚLJ ƚŽŵŝƚŝŐĂƚĞĐĂƌƉĂƌŬŝŶŐƐƉŝůůŽǀĞƌ ĞĨĨĞĐƚƐ͘ EĞǁKďũĞĐƚŝǀĞ͕ƉŽůŝĐLJ͕ EĞǁƉƌŽǀŝƐŝŽŶƐ͘ ^ƵďŵŝƐƐŝŽŶ͗/ŶƐĞƌƚŶĞǁƉƌŽǀŝƐŝŽŶƐ͘ ƌƵůĞƐĂŶĚŵĂƚƚĞƌƐŽĨ ZĞĂƐŽŶ͗WŽƚĞŶƚŝĂůĞĨĨĞĐƚƐŽŶƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬƐŝƐŶŽƚĞĚŝŶƚŚĞůĂƐƚƉĂƌĂŐƌĂƉŚŽĨƚŚĞKǀĞƌǀŝĞǁĂŶĚ ĚŝƐĐƌĞƚŝŽŶ͘ ǁŝƚŚŝŶ^ͲKϱĂŶĚ^ͲϬϮϮ͘/ƚŚĂƐŶŽƚŚŽǁĞǀĞƌĐĂƌƌŝĞĚƚŚƌŽƵŐŚŝŶƚŽƚŚĞdƌĂŶƐƉŽƌƚĐŚĂƉƚĞƌ͘ŶĞǁƐƵŝƚĞ ŽĨƉƌŽǀŝƐŝŽŶƐĂƌĞƉƌŽƉŽƐĞĚƚŽĞŶƐƵƌĞƚŚĂƚŶĞǁĂĐƚŝǀŝƚŝĞƐǁŚŝĐŚůŽĐĂƚĞŝŶĐůŽƐĞƉƌŽdžŝŵŝƚLJƚŽƚƌĂŶƐƉŽƌƚ ŶĞƚǁŽƌŬƐ ĂƌĞ ƉƌŽǀŝĚĞĚ ǁŝƚŚ ƐƵŝƚĂďůĞ ĂŵĞŶŝƚLJ͘ dŚĞ ƉƌŽƉŽƐĞĚ ƉƌŽǀŝƐŝŽŶƐ ŚĂǀĞ ďĞĞŶ ƉƌŽǀŝĚĞĚ ŝŶ ĐŽůůĂďŽƌĂƚŝŽŶǁŝƚŚ<ŝǁŝZĂŝů͘ dZͲϬyydƌĂŶƐƉŽƌƚEĞƚǁŽƌŬ ĨĨĞĐƚƐ ^ĞŶƐŝƚŝǀĞĂĐƚŝǀŝƚŝĞƐ;ŝŶĐůƵĚŝŶŐƐƵďĚŝǀŝƐŝŽŶͿĂƌĞƉƌŽƚĞĐƚĞĚĨƌŽŵƉŽƚĞŶƚŝĂůŚĞĂůƚŚĂŶĚĂŵĞŶŝƚLJĞĨĨĞĐƚƐ ďLJ͗ ϭ͘ ^ĞƚͲďĂĐŬƐŽƌďƵĨĨĞƌĐŽƌƌŝĚŽƌƐǁŝƚŚŝŶǁŚŝĐŚŝŶĐŽŵƉĂƚŝďůĞĂĐƚŝǀŝƚŝĞƐǁŝůůďĞŵĂŶĂŐĞĚʡ Ϯ͘ ŽŶƚƌŽůƐŽŶĂĐƚŝǀŝƚŝĞƐǁŚĞƌĞƚŚĞLJĐĂŶďĞĂĨĨĞĐƚĞĚďLJƚŚĞ ŽƉĞƌĂƚŝŽŶ͕ŵĂŝŶƚĞŶĂŶĐĞ͕ƵƉŐƌĂĚĞĂŶĚĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬ͘ dZͲWyydƌĂŶƐƉŽƌƚEĞƚǁŽƌŬƐ ĨĨĞĐƚƐ WƌŽƚĞĐƚƐĞŶƐŝƚŝǀĞĂĐƚŝǀŝƚŝĞƐĂŶĚƐƵďĚŝǀŝƐŝŽŶĨƌŽŵƉŽƚĞŶƚŝĂůŚĞĂůƚŚĂŶĚĂŵĞŶŝƚLJĞĨĨĞĐƚƐƚŚĂƚŵĂLJĂƌŝƐĞĨƌŽŵ ƚŚĞ ƐĂĨĞ ĂŶĚ ĞĨĨŝĐŝĞŶƚ ŽƉĞƌĂƚŝŽŶ͕ ŵĂŝŶƚĞŶĂŶĐĞ͕ ƌĞƉĂŝƌ͕ ƵƉŐƌĂĚŝŶŐ͕ƌĞŵŽǀĂůĂŶĚĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞ ƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬďLJ͗ ϭ͘ ůŽĐĂƚŝŶŐĂŶĚĚĞƐŝŐŶŝŶŐŶĞǁďƵŝůĚŝŶŐƐĂŶĚĂĐƚŝǀŝƚŝĞƐƐĞŶƐŝƚŝǀĞƚŽŶŽŝƐĞƚŽŵĂŶĂŐĞƉŽƚĞŶƚŝĂů ĞĨĨĞĐƚƐŽĨƚŚĞƌĂŝůǁĂLJĐŽƌƌŝĚŽƌĂŶĚŶĂƚŝŽŶĂůĂŶĚƌĞŐŝŽŶĂůƌŽĂĚŶĞƚǁŽƌŬ͖
ϵ Ϯ͘ ŵĂŶĂŐŝŶŐĂĐĐĞƐƐƚŽƚŚĞƌĂŝůǁĂLJĐŽƌƌŝĚŽƌĂŶĚŶĂƚŝŽŶĂůĂŶĚƌĞŐŝŽŶĂůƌŽĂĚŶĞƚǁŽƌŬ͖ ϯ͘ ŵĂŶĂŐŝŶŐƚŚĞůŽĐĂƚŝŽŶŽĨƐĞŶƐŝƚŝǀĞĂĐƚŝǀŝƚŝĞƐ;ŝŶĐůƵĚŝŶŐƐƵďĚŝǀŝƐŝŽŶͿƚŚƌŽƵŐŚƐĞƚͲďĂĐŬƐĂŶĚ ĚĞƐŝŐŶĐŽŶƚƌŽůƐ͘ dZͲZyyĂŶĚDĂƚƚĞƌƐŽĨĚŝƐĐƌĞƚŝŽŶ /ŶƐĞƌƚŶĞǁƚĞdžƚ͗
ϭϬ ϭϭ
dZͲZϯ>ŽĐĂƚŝŽŶĂŶĚ ĐƚŝǀŝƚLJ^ƚĂƚƵƐ͗W ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ /ĚĞŶƚŝĨŝĐĂƚŝŽŶůůŽŶĞƐ tŚĞƌĞ͗ϭ͘ůůĐĂƌƉĂƌŬŝŶŐƐƉĂĐĞƐ ZĞĂƐŽŶ͗ZĞĐŽŵŵĞŶĚĂŵĞŶĚŵĞŶƚƚŽĞŶƐƵƌĞƉĂƌŬŝŶŐŝƐůŽĐĂƚĞĚŝŶĂƐƵŝƚĂďůĞůŽĐĂƚŝŽŶ;ŝĞ͘ŽŶƚŚĞƐŝƚĞƚŽ ĂŶĚůŽĂĚŝŶŐƐƉĂĐĞƐĂƌĞ͗ ǁŚŝĐŚŝƚƌĞůĂƚĞƐͿ͘ Ă͘EŽƚůŽĐĂƚĞĚŽŶĂŶLJĨŽŽƚƉĂƚŚ͕ ĂĐĐĞƐƐ͕ŵĂŶŽĞƵǀƌŝŶŐŽƌ tŚĞƌĞ͗ ŽƵƚĚŽŽƌůŝǀŝŶŐĐŽƵƌƚĂƌĞĂ͘ ϭ͘ůůĐĂƌƉĂƌŬŝŶŐƐƉĂĐĞƐĂŶĚůŽĂĚŝŶŐƐƉĂĐĞƐĂƌĞ͗ Ă͘ >ŽĐĂƚĞĚŽŶƚŚĞƐĂŵĞƐŝƚĞĂƐƚŚĞĂĐƚŝǀŝƚLJƚŽǁŚŝĐŚƚŚĞLJƌĞůĂƚĞ͘ ď͘ EŽƚůŽĐĂƚĞĚŽŶĂŶLJĨŽŽƚƉĂƚŚ͕ĂĐĐĞƐƐ͕ŵĂŶŽĞƵǀƌŝŶŐŽƌŽƵƚĚŽŽƌůŝǀŝŶŐĐŽƵƌƚĂƌĞĂ͘ dZͲZϱĞƐŝŐŶĂŶĚ ůůŽŶĞƐĐƚŝǀŝƚLJ^ƚĂƚƵƐ͗W ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ >ŽĐĂƚŝŽŶ tŚĞƌĞ͗ ZĞĂƐŽŶ͗^ƚĂƚĞ,ŝŐŚǁĂLJϭϰŝƐŶŽƚĐƵƌƌĞŶƚůLJĐĂƉƚƵƌĞĚĂƐĂEĂƚŝŽŶĂůŽƌZĞŐŝŽŶĂůZŽĂĚ͘ĐĐĞƐƐŵĂŶĂŐĞŵĞŶƚ ͙ ŝƐŚŽǁĞǀĞƌŝŵƉŽƌƚĂŶƚĂŶĚŵĂŶĂŐĞĚƚŽďLJŐĞŶĐLJ͘ŶĂŵĞŶĚŵĞŶƚƚŽƌĞĨůĞĐƚƚŚŝƐŝƐƉƌŽƉŽƐĞĚ͘ ůůŽŶĞƐĐƚŝǀŝƚLJ^ƚĂƚƵƐ͗WtŚĞƌĞ͗
ϭϮ Ϯ͘dŚĞǀĞŚŝĐůĞĐƌŽƐƐŝŶŐŝƐŶŽƚ ͙ ĨƌŽŶƚŝŶŐĂEĂƚŝŽŶĂůŽƌZĞŐŝŽŶĂů Ϯ͘dŚĞǀĞŚŝĐůĞĐƌŽƐƐŝŶŐŝƐŶŽƚĨƌŽŶƚŝŶŐĂEĂƚŝŽŶĂůŽƌZĞŐŝŽŶĂůƌŽĂĚŽƌĂ^ƚĂƚĞŚŝŐŚǁĂLJ͘ ƌŽĂĚ͘ dZͲZϳZĞƋƵŝƌĞŵĞŶƚƐĨŽƌ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶĂƐŶŽƚŝĨŝĞĚ͘ KŶͲ^ŝƚĞDĂŶŽĞƵǀƌŝŶŐ ZĞĂƐŽŶ͗dŚĞƉƌŽǀŝƐŝŽŶĂƐƐŝƐƚƐŝŶƉƌŽǀŝĚŝŶŐĂƐĂĨĞƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬ͘ ^ƉĂĐĞ dZͲZϴƌŽƐƐŝŶŐƐ͕ĐĐĞƐƐ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ ĂŶĚWĂƌŬŝŶŐƌĞĂƐ ZĞĂƐŽŶ͗ĐĐĞƐƐĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶǁŝƚŚŝŶƚŚĞ^ƚĂƚĞŚŝŐŚǁĂLJƌĞƋƵŝƌĞƐƚŚĞĂƉƉƌŽǀĂůŽĨƚŚĞdƌĂŶƐƉŽƌƚŐĞŶĐLJ ĂŶĚĐĂŶŐŝǀĞƌŝƐĞƚŽƐĂĨĞƚLJŝƐƐƵĞƐĂŶĚĚĞƚƌŝŵĞŶƚĂůƚƌĂĨĨŝĐĞĨĨĞĐƚƐŝĨŶŽƚƉƌŽƉĞƌůLJŵĂŶĂŐĞĚ͘ĚĚŝƚŝŽŶĂůƌƵůĞƐ ĂƌĞƌĞƋƵĞƐƚĞĚƚŽƌĞĨůĞĐƚůŝŵŝƚĞĚĂĐĐĞƐƐƌŽĂĚƌĞƐƚƌŝĐƚŝŽŶƐ͘ ͘ ZĞƐƚƌŝĐƚĞĚŝƐĐƌĞƚŝŽŶĂƌLJĐƚŝǀŝƚLJ͗ ϭ͘ŶLJůĂŶĚƵƐĞĂĐƚŝǀŝƚLJƚŚĂƚǁŽƵůĚƌĞƋƵŝƌĞĚŝƌĞĐƚĂĐĐĞƐƐƚŽĂƐƚĂƚĞŚŝŐŚǁĂLJǁŚŝĐŚŝƐŶŽƚĂŵŽƚŽƌǁĂLJ͕ ĞdžƉƌĞƐƐǁĂLJŽƌ>ŝŵŝƚĞĚĐĐĞƐƐZŽĂĚĂƚĂůŽĐĂƚŝŽŶǁŚĞƌĞƚŚĞƌĞŝƐĐƵƌƌĞŶƚůLJŶŽƐƵĐŚĚŝƌĞĐƚĂĐĐĞƐƐ͕Žƌ ǁŽƵůĚ ƌĞƋƵŝƌĞ ĂŶLJ ĂůƚĞƌĂƚŝŽŶ ƚŽ͕ Žƌ ŝŶĐƌĞĂƐĞ ŝŶ ƵƐĞ ŽĨ͕ ĂŶ ĞdžŝƐƚŝŶŐ ĚŝƌĞĐƚ ĂĐĐĞƐƐ ƚŽ ƐƵĐŚ Ă ƐƚĂƚĞ ŚŝŐŚǁĂLJ͘ Ϯ͘ŶLJƐƵďĚŝǀŝƐŝŽŶƚŚĂƚǁŽƵůĚƌĞƋƵŝƌĞĚŝƌĞĐƚĂĐĐĞƐƐƚŽĂƐƚĂƚĞŚŝŐŚǁĂLJ ƚŚĂƚ ŝƐ ŶŽƚ Ă ŵŽƚŽƌǁĂLJ͕ ĞdžƉƌĞƐƐǁĂLJŽƌ>ŝŵŝƚĞĚĐĐĞƐƐZŽĂĚ͕ĞdžĐĞƉƚǁŚĞƌĞŝƚŝƐĂŶŽŶͲĐŽŵƉůLJŝŶŐĂĐƚŝǀŝƚLJĂĐĐŽƌĚŝŶŐƚŽZƵůĞ ͘ ͘ŝƐĐƌĞƚŝŽŶĂƌLJĂĐƚŝǀŝƚLJ͗ ϭ͘ŶLJůĂŶĚƵƐĞĂĐƚŝǀŝƚLJƚŚĂƚǁŽƵůĚƌĞƋƵŝƌĞĚŝƌĞĐƚĂĐĐĞƐƐƚŽĂƐƚĂƚĞŚŝŐŚǁĂLJǁŚŝĐŚŝƐĂ>ŝŵŝƚĞĚĐĐĞƐƐ ZŽĂĚĂƚĂůŽĐĂƚŝŽŶǁŚĞƌĞƚŚĞƌĞŝƐĐƵƌƌĞŶƚůLJŶŽƐƵĐŚĚŝƌĞĐƚĂĐĐĞƐƐ͕ŽƌǁŽƵůĚƌĞƋƵŝƌĞĂŶLJĂůƚĞƌĂƚŝŽŶƚŽ͕ ŽƌŝŶĐƌĞĂƐĞŝŶƵƐĞŽĨ͕ĂŶĞdžŝƐƚŝŶŐĚŝƌĞĐƚĂĐĐĞƐƐƚŽƐƵĐŚĂƐƚĂƚĞŚŝŐŚǁĂLJ͘ Ϯ͘ŶLJƐƵďĚŝǀŝƐŝŽŶƚŚĂƚǁŽƵůĚƌĞƋƵŝƌĞĚŝƌĞĐƚĂĐĐĞƐƐƚŽĂƐƚĂƚĞŚŝŐŚǁĂLJƚŚĂƚŝƐĂ>ŝŵŝƚĞĚĐĐĞƐƐZŽĂĚ͕ ĞdžĐĞƉƚǁŚĞƌĞŝƚŝƐĂŶŽŶͲĐŽŵƉůLJŝŶŐĂĐƚŝǀŝƚLJĂĐĐŽƌĚŝŶŐƚŽZƵůĞ͘ ͘EŽŶͲĐŽŵƉůLJŝŶŐ͗ ŶLJ ƐƵďĚŝǀŝƐŝŽŶ ƚŚĂƚ ƌĞƋƵŝƌĞƐ ĚŝƌĞĐƚ ĂĐĐĞƐƐ ŽŶƚŽ Ă ƐƚĂƚĞ ŚŝŐŚǁĂLJƚŚĂƚŝƐŶŽƚĂŵŽƚŽƌǁĂLJŽƌ ĞdžƉƌĞƐƐǁĂLJƚŚĂƚŝƐďĞůŽǁƚŚĞŵŝŶŝŵƵŵĂůůŽƚŵĞŶƚƐŝnjĞĨŽƌƚŚĂƚnjŽŶĞ͘ dZͲZϴƌŽƐƐŝŶŐƐ͕ĐĐĞƐƐ ĐƚŝǀŝƚLJ^ƚĂƚƵƐ͗WtŚĞƌĞ͗ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ ĂŶĚWĂƌŬŝŶŐƌĞĂƐ ͙
ϭϯ ZĞĂƐŽŶ͗dZͲZϴĚŽĞƐŶŽƚŵĞŶƚŝŽŶƐŝŐŚƚĚŝƐƚĂŶĐĞƐďƵƚƚŚĞLJĂƌĞƐŚŽǁŶŽŶdĂďůĞdZϴŝŶƉƉĞŶĚŝdžϴ͘ dĂďůĞdZϴŚĂƐƚĂŬĞŶŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶƚŚĞKEZĂŶĚƚŚĞƐŝŐŚƚĚŝƐƚĂŶĐĞƐƐŚŽǁŶƌĞĨůĞĐƚƚŚŝƐĂŶĚƚŚŝƐ ĂƉƉƌŽĂĐŚŝƐƐƵƉƉŽƌƚĞĚ͘ ŶŽƚĞŝƐƌĞĐŽŵŵĞŶĚĞĚǁŚŝĐŚĂĚǀŝƐĞƐƉůĂŶƵƐĞƐƚŚĂƚĂŶLJĐƌŽƐƐŝŶŐƐ͕ĂĐĐĞƐƐĂŶĚƉĂƌŬŝŶŐĂƌĞĂƐǁŝƚŚ ĂĐĐĞƐƐƚŽƚŚĞ^ƚĂƚĞ,ŝŐŚǁĂLJŶĞƚǁŽƌŬŶĞĞĚƚŽƌĞĨĞƌĞŶĐĞƚŚĞEdƌĂŶƐƉŽƌƚŐĞŶĐLJ͛ƐWůĂŶŶŝŶŐWŽůŝĐLJ DĂŶƵĂů͘ EŽƚĞ͗ŶLJǀĞŚŝĐůĞĂĐĐĞƐƐĂƌĞĂƐǁŝƚŚĚŝƌĞĐƚĂĐĐĞƐƐƚŽƚŚĞ^ƚĂƚĞ,ŝŐŚǁĂLJŶĞƚǁŽƌŬŶĞĞĚƚŽƌĞĨĞƌĞŶĐĞ ƚŚĞEdƌĂŶƐƉŽƌƚŐĞŶĐLJ͛ƐWůĂŶŶŝŶŐWŽůŝĐLJDĂŶƵĂůƚŽĚĞƚĞƌŵŝŶĞŵŝŶŝŵƵŵƐŝƚĞĚŝƐƚĂŶĐĞƐ͘ dZͲZϭϯ ĐƚŝǀŝƚLJ^ƚĂƚƵƐ͗W ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ ůĞĐƚƌŝĐsĞŚŝĐůĞŚĂƌŐŝŶŐ tŚĞƌĞ͗ϭ͘ŶLJƉĂƌŬŝŶŐĂƌĞĂ ZĞĂƐŽŶ͗ dŚĞŐĞŶĐLJƐƵƉƉŽƌƚƐƚŚĞƉƌŽǀŝƐŝŽŶŽĨĞůĞĐƚƌŝĐǀĞŚŝĐůĞĐŚĂƌŐŝŶŐƐƚĂƚŝŽŶƐ͘/ƚŝƐŚŽǁĞǀĞƌ ^ƚĂƚŝŽŶƐ ǁŚĞƌĞϱϬŽƌŵŽƌĞĐĂƌƉĂƌŬŝŶŐ ƌĞĐŽŵŵĞŶĚĞĚƚŚĂƚĂŵĞŶĚŵĞŶƚƐĂƌĞŵĂĚĞƚŽƚŚĞƌƵůĞƚŽĞŶƐƵƌĞƚŚĞǀĞŚŝĐůĞĐŚĂƌŐŝŶŐƉĂƌŬƐĂƌĞƵƐĞĚ ƐƉĂĐĞƐĂƌĞƌĞƋƵŝƌĞĚďLJ ƐƉĞĐŝĨŝĐĂůůLJĨŽƌǀĞŚŝĐůĞĐŚĂƌŐŝŶŐĂĐƚŝǀŝƚŝĞƐ͘dŚŝƐŝƐƚŽƉƌĞǀĞŶƚƚŚĞǀĞŚŝĐůĞĐŚĂƌŐŝŶŐƐƚĂƚŝŽŶƐƉĂĐĞƐďĞŝŶŐ ƉƉĞŶĚŝdžϭƉƌŽǀŝĚĞƐĂƚůĞĂƐƚϭ ŽĐĐƵƉŝĞĚĨŽƌǀĞŚŝĐůĞƐǁŚŝĐŚĂƌĞŶŽƚĂĐƚŝǀĞůLJƵƐŝŶŐƚŚĞĐŚĂƌŐŝŶŐĨĂĐŝůŝƚŝĞƐ͘ ĞůĞĐƚƌŝĐǀĞŚŝĐůĞĐŚĂƌŐŝŶŐƐƚĂƚŝŽŶ ƉĞƌĞǀĞƌLJϱϬƌĞƋƵŝƌĞĚĐĂƌ ĐƚŝǀŝƚLJ^ƚĂƚƵƐ͗WtŚĞƌĞ͗ ƉĂƌŬŝŶŐƐƉĂĐĞƐ͘ ϭ͘ ŶLJƉĂƌŬŝŶŐĂƌĞĂǁŚĞƌĞϱϬŽƌŵŽƌĞĐĂƌƉĂƌŬŝŶŐƐƉĂĐĞƐĂƌĞƌĞƋƵŝƌĞĚďLJƉƉĞŶĚŝdžϭƉƌŽǀŝĚĞƐĂƚ ůĞĂƐƚϭĞůĞĐƚƌŝĐǀĞŚŝĐůĞĐŚĂƌŐŝŶŐƐƚĂƚŝŽŶƉĞƌĞǀĞƌLJϱϬƌĞƋƵŝƌĞĚĐĂƌƉĂƌŬŝŶŐƐƉĂĐĞƐ͘ Ϯ͘ KĐĐƵƉĂƚŝŽŶŽĨƚŚĞĞůĞĐƚƌŝĐǀĞŚŝĐůĞĐŚĂƌŐŝŶŐƐƚĂƚŝŽŶŝƐůŝŵŝƚĞĚƚŽǀĞŚŝĐůĞƐĂĐƚŝǀĞůLJƵƚŝůŝƐŝŶŐƚŚĞ ĐŚĂƌŐŝŶŐĨĂĐŝůŝƚŝĞƐ͘ dZͲZy ^ƵďŵŝƐƐŝŽŶ͗/ŶĐůƵĚĞĂƐĂŵĞŶĚŵĞŶƚ͘ EĞǁWƌŽǀŝƐŝŽŶ ZĞĂƐŽŶ͗ŝĐLJĐůĞƉĂƌŬŝŶŐŝƐƐƵƉƉŽƌƚĞĚ͕ŚŽǁĞǀĞƌƚŚĞŝŶĐůƵƐŝŽŶŽĨƚĞĐŚŶŝĐĂůŐƵŝĚĂŶĐĞŽƌƌĞĨĞƌĞŶĐĞƚŽƚŚŝƐ ŝƐƌĞĐŽŵŵĞŶĚĞĚ͘ džĂŵƉůĞƐŝŶĐůƵĚĞ͗ ŚƚƚƉ͗ͬͬĐŽŶƚĞŶƚ͘ƚĨů͘ŐŽǀ͘ƵŬͬtŽƌŬƉůĂĐĞͲLJĐůĞͲWĂƌŬŝŶŐͲ'ƵŝĚĞ͘ƉĚĨ ^ƵďĚŝǀŝƐŝŽŶdZͲZϭϰ DĂƚƚĞƌƐŽĨŽŶƚƌŽů͗ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ ^ƵďĚŝǀŝƐŝŽŶ ZĞĂƐŽŶ͗dŚĞŵĂƚƚĞƌƐŽĨĚŝƐĐƌĞƚŝŽŶĚŽŶŽƚŵĞŶƚŝŽŶƉƌŽǀŝƐŝŽŶŽĨĐLJĐůĞĨĂĐŝůŝƚŝĞƐ͘ DĂƚƚĞƌƐŽĨŽŶƚƌŽů͗ ͙ ϭϯ͘WĞĚĞƐƚƌŝĂŶ ĂŶĚĐLJĐůĞ ĐŽŶŶĞĐƚŝŽŶƐƚŽƉƵďůŝĐƌŽĂĚƐĨƌŽŵĞdžŝƐƚŝŶŐƌĞƐĞƌǀĞƐ ĂŶĚͬŽƌƉĞĚĞƐƚƌŝĂŶ ĂĐĐĞƐƐǁĂLJƐ͕ĞƐƉĞĐŝĂůůLJǁŚĞƌĞƚŚĞĐŽŶŶĞĐƚŝŽŶǁŝůůƉƌŽǀŝĚĞĂƐŝŐŶŝĨŝĐĂŶƚůLJƐŚŽƌƚĞƌǁĂůŬŝŶŐĚŝƐƚĂŶĐĞ͘ ϭϰ͘ĞƐŝŐŶŽĨƉĞĚĞƐƚƌŝĂŶĂŶĚĐLJĐůĞĐŽŶŶĞĐƚŝŽŶƐƚŽĞŶƐƵƌĞĞĂƐĞŽĨƵƐĞ͕ĂĐĐĞƐƐŝďŝůŝƚLJĂŶĚƐĂĨĞƚLJ
ϭϰ dZͲZϭϱZĞƐƚƌŝĐƚĞĚ ůůŽŶĞƐĐƚŝǀŝƚLJ^ƚĂƚƵƐ͗Z ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ ŝƐĐƌĞƚŝŽŶĂƌLJ/ŶƚĞŐƌĂƚĞĚ tŚĞƌĞ͗ ZĞĂƐŽŶ͗ŶĂŵĞŶĚŵĞŶƚƚŽƚŚĞƉƌĞĨĂĐŝŶŐƚĞdžƚŝƐƉƌŽƉŽƐĞĚƚŽĞŶƐƵƌĞŝƚŝƐĐůĞĂƌƚŚĂƚƚŚĞƌƵůĞƌĞƋƵŝƌĞƐĂŶ dƌĂŶƐƉŽƌƚƐƐĞƐƐŵĞŶƚƐ ϭ͘ŶLJĂĐƚŝǀŝƚLJ;ŽƌĂĐƚŝǀŝƚŝĞƐͿ /d͘ ƚŚĂƚƌĞƋƵŝƌĞƐĂŶŝŶĐƌĞĂƐĞŽĨ ŵŽƌĞƚŚĂŶϱϬĐĂƌƉĂƌŬŝŶŐ dZͲZϭϱZĞƐƚƌŝĐƚĞĚŝƐĐƌĞƚŝŽŶĂƌLJ/ŶƚĞŐƌĂƚĞĚdƌĂŶƐƉŽƌƚƐƐĞƐƐŵĞŶƚƐ ƐƉĂĐĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ŶŝŶƚĞŐƌĂƚĞĚƚƌĂŶƐƉŽƌƚĂƐƐĞƐƐŵĞŶƚŝƐƌĞƋƵŝƌĞĚtǁŚĞƌĞ͗ ƉƉĞŶĚŝdžϭǁŝƚŚŝŶĂƉĂƌĞŶƚ ϭ͘ŶLJĂĐƚŝǀŝƚLJ;ŽƌĂĐƚŝǀŝƚŝĞƐͿƚŚĂƚƌĞƋƵŝƌĞƐĂŶŝŶĐƌĞĂƐĞ͙ ĂůůŽƚŵĞŶƚŽƌĂůůŽƚŵĞŶƚƐƚŚĂƚ ĞdžŝƐƚĞĚĂƚKƉĞƌĂƚŝǀĞĂƚĞ͘ Ϯ͘ŶLJƐƵďĚŝǀŝƐŝŽŶŽĨĂŶ ĂůůŽƚŵĞŶƚƚŚĂƚĞdžŝƐƚĞĚĂƚ KƉĞƌĂƚŝǀĞĂƚĞǁŚĞƌĞƚŚĞ ĂƌĞĂŽĨƚŚĞƉĂƌĞŶƚĂůůŽƚŵĞŶƚŝƐ ĞƋƵĂůƚŽŽƌůĂƌŐĞƌƚŚĂŶ͗ Ă͘ϭ͕ϬϬϬŵϮǁŝƚŚŝŶƚŚĞZƵƌĂů ;hƌďĂŶ džƉĂŶƐŝŽŶͿŽŶĞǁŚĞƌĞ ĂŶLJĂůůŽƚŵĞŶƚǁŝůůďĞĐŽŶŶĞĐƚĞĚ ƚŽŽƵŶĐŝůƌĞƚŝĐƵůĂƚĞĚǁĂƚĞƌ͕ ǁĂƐƚĞǁĂƚĞƌĂŶĚƐƚŽƌŵǁĂƚĞƌ ƐĞƌǀŝĐĞƐ͘ ď͘ϱ͕ϬϬϬŵϮǁŝƚŚŝŶƚŚĞ,ŝŐŚͲ ĚĞŶƐŝƚLJZĞƐŝĚĞŶƚŝĂůŽŶĞ͘ Đ͘ϭŚĂǁŝƚŚŝŶƚŚĞDĞĚŝƵŵͲ ĚĞŶƐŝƚLJZĞƐŝĚĞŶƚŝĂůŽŶĞŽƌ ZƵƌĂůsŝůůĂŐĞZĞƐŝĚĞŶƚŝĂůŽŶĞ͘ Ě͘ϰŚĂǁŝƚŚŝŶƚŚĞZĞƐŝĚĞŶƚŝĂů ŽŶĞ͘ Ğ͘ϲŚĂǁŝƚŚŝŶƚŚĞ>ŽǁͲĚĞŶƐŝƚLJ ZĞƐŝĚĞŶƚŝĂůŽŶĞ͘ dZͲZϭϱZĞƐƚƌŝĐƚĞĚ DĂƚƚĞƌƐŽĨĚŝƐĐƌĞƚŝŽŶ͗ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ ŝƐĐƌĞƚŝŽŶĂƌLJ/ŶƚĞŐƌĂƚĞĚ ϭ͘ ĨĨĞĐƚƐŽŶƚŚĞƐƵƐƚĂŝŶĂďŝůŝƚLJ͕ ZĞĂƐŽŶ͗ŵŝŶŽƌĂŵĞŶĚŵĞŶƚŝƐƉƌŽƉŽƐĞĚƚŽƌĞĨůĞĐƚĂĐĐĞƐƐŝďŝůŝƚLJŽĨƚŚĞƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬ͘ dƌĂŶƐƉŽƌƚƐƐĞƐƐŵĞŶƚƐ ƐĂĨĞƚLJ͕ĞĨĨŝĐŝĞŶĐLJ͕ĞĨĨĞĐƚŝǀĞŶĞƐƐ ĂŶĚĐŽŶǀĞŶŝĞŶĐĞŽĨƚŚĞ ϭ͘ ĨĨĞĐƚƐŽŶƚŚĞƐƵƐƚĂŝŶĂďŝůŝƚLJ͕ƐĂĨĞƚLJ͕ĞĨĨŝĐŝĞŶĐLJ͕ĞĨĨĞĐƚŝǀĞŶĞƐƐĂŶĚĂĐĐĞƐƐŝďŝůŝƚLJĐŽŶǀĞŶŝĞŶĐĞŽĨƚŚĞ ĂĚũĂĐĞŶƚƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬ͘ ĂĚũĂĐĞŶƚƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬ͘ Ϯ͘ZĞƋƵŝƌĞĚŝŵƉƌŽǀĞŵĞŶƚƐ͕ ĂůƚĞƌĂƚŝŽŶƐŽƌĞdžƚĞŶƐŝŽŶƐƚŽƚŚĞ ĂĚũĂĐĞŶƚƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬƚŽ ŵŝƚŝŐĂƚĞĂĚǀĞƌƐĞĞĨĨĞĐƚƐ͘
ϭϱ ϯ͘dŚĞŶĞĞĚĨŽƌƉĞĚĞƐƚƌŝĂŶĂŶĚ ĐLJĐůŝƐƚĐŽŶŶĞĐƚŝŽŶƐƚŽĂĚũĂĐĞŶƚ ĚĞƐƚŝŶĂƚŝŽŶƐ͘ ϰ͘ĚǀĞƌƐĞĞĨĨĞĐƚƐŽŶ ƐƚƌĞĞƚƐĐĂƉĞĂŶĚĂŵĞŶŝƚLJ͘ ϱ͘ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐĂŶĚ ƉƌŽƉŽƐĞĚŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐ ŽĨƚŚĞ/ŶƚĞŐƌĂƚĞĚdƌĂŶƐƉŽƌƚ ƐƐĞƐƐŵĞŶƚ͘ dZͲZϭϱZĞƐƚƌŝĐƚĞĚ ŽŵƉůŝĂŶĐĞ^ƚĂŶĚĂƌĚ͗ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ ŝƐĐƌĞƚŝŽŶĂƌLJ/ŶƚĞŐƌĂƚĞĚ ϭ͘dZͲZϭϱĚŽĞƐŶŽƚĂƉƉůLJĨŽƌ ZĞĂƐŽŶ͗ůĂƌŝĨŝĐĂƚŝŽŶŝƐƐŽƵŐŚƚƚŽĞŶƐƵƌĞƚŚŝƐƉƌŽǀŝƐŝŽŶĂƉƉůŝĞƐǁŚĞƌĞƚŚĞƌĞŚĂƐďĞĞŶĂŶ/dƉƌŽĚƵĐĞĚ dƌĂŶƐƉŽƌƚƐƐĞƐƐŵĞŶƚƐ ĂŶLJ ĂůůŽƚŵĞŶƚ ǁŚĞƌĞ ĐŽŶƐĞŶƚ ƉƌĞǀŝŽƵƐůLJĂŶĚĂĐƚŝǀŝƚLJͬůĂŶĚƵƐĞƌĞŵĂŝŶƐƚŚĞƐĂŵĞ͘ ŚĂƐƉƌĞǀŝŽƵƐůLJďĞĞŶŐƌĂŶƚĞĚĨŽƌ ƚŚĞ ĂůůŽƚŵĞŶƚ ƵŶĚĞƌ ZƵůĞ dZͲ ϭ͘dZͲZϭϱĚŽĞƐŶŽƚĂƉƉůLJĨŽƌĂŶLJĂůůŽƚŵĞŶƚǁŚĞƌĞĐŽŶƐĞŶƚŚĂƐƉƌĞǀŝŽƵƐůLJďĞĞŶŐƌĂŶƚĞĚĨŽƌƚŚĞ Zϭϱ͘ ĂůůŽƚŵĞŶƚ ƵŶĚĞƌ ZƵůĞ dZͲZϭϱ ĂŶĚ ƚŚĞƌĞ ŝƐ ŶŽ ƉƌŽƉŽƐĞĚ ĐŚĂŶŐĞ ƚŽĂůůŽƚŵĞŶƚ ƐŝnjĞŽƌůĂŶĚ ƵƐĞ ĂĐƚŝǀŝƚLJ͘ dZͲZϭϱZĞƐƚƌŝĐƚĞĚ ŽŵƉůŝĂŶĐĞ^ƚĂŶĚĂƌĚ͗ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ ŝƐĐƌĞƚŝŽŶĂƌLJ/ŶƚĞŐƌĂƚĞĚ ϭ͙͘ ZĞĂƐŽŶ͗dŚĞŶŽƚĞƐŚŽƵůĚďĞƌĞǁŽƌĚĞĚĂƐĂĐŽŵƉůŝĂŶĐĞƐƚĂŶĚĂƌĚƚŽĞŶƐƵƌĞƚŚĂƚdZͲZ YϭŝƐŵĞƚ͘ dƌĂŶƐƉŽƌƚƐƐĞƐƐŵĞŶƚƐ EŽƚĞ͗ŶLJĂƉƉůŝĐĂƚŝŽŶƐŚĂůů ŽŵƉůŝĂŶĐĞ^ƚĂŶĚĂƌĚ͗ ĐŽŵƉůLJǁŝƚŚŝŶĨŽƌŵĂƚŝŽŶ ϭ͙͘ ƌĞƋƵŝƌĞŵĞŶƚdZͲZ Yϭ͘ Ϯ͘EŽƚĞ͗ŶLJĂƉƉůŝĐĂƚŝŽŶƐƐŚĂůůĐŽŵƉůLJǁŝƚŚŝŶĨŽƌŵĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚdZͲZ Yϭ͘ dZͲZϭϱZĞƐƚƌŝĐƚĞĚ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ ŝƐĐƌĞƚŝŽŶĂƌLJ/ŶƚĞŐƌĂƚĞĚ ZĞĂƐŽŶ͗/ƚŝƐƵŶĐůĞĂƌǁŚĂƚƚŚĞĂĐƚŝǀŝƚLJƐƚĂƚƵƐŽĨĂƉƌŽƉŽƐĂůǁŽƵůĚďĞǁŚĞƌĞĂŶ/dŝƐŶŽƚƉƌŽǀŝĚĞĚ͘dŚĞ dƌĂŶƐƉŽƌƚƐƐĞƐƐŵĞŶƚƐ ŐĞŶĐLJƌĞƋƵĞƐƚƐĂŶŽŶͲĐŽŵƉůLJŝŶŐĂĐƚŝǀŝƚLJƐƚĂƚƵƐĂƉƉůŝĞƐŝŶƚŚŝƐƐŝƚƵĂƚŝŽŶ͘ dZͲZϭϲŝƐĐƌĞƚŝŽŶĂƌLJ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ /ŶƚĞŐƌĂƚĞĚdƌĂŶƐƉŽƌƚ ZĞĂƐŽŶ͗ŶĂŵĞŶĚŵĞŶƚƚŽƚŚĞƉƌĞĨĂĐŝŶŐƚĞdžƚŝƐƉƌŽƉŽƐĞĚƚŽĞŶƐƵƌĞŝƚŝƐĐůĞĂƌƚŚĂƚƚŚĞƌƵůĞƌĞƋƵŝƌĞƐĂŶ /d͘ dZͲZϭϲŝƐĐƌĞƚŝŽŶĂƌLJ/ŶƚĞŐƌĂƚĞĚdƌĂŶƐƉŽƌƚƐƐĞƐƐŵĞŶƚƐ ŶŝŶƚĞŐƌĂƚĞĚƚƌĂŶƐƉŽƌƚĂƐƐĞƐƐŵĞŶƚŝƐƌĞƋƵŝƌĞĚtǁŚĞƌĞ͗ ϭ͘ŶLJĂĐƚŝǀŝƚLJ;ŽƌĂĐƚŝǀŝƚŝĞƐͿƚŚĂƚƌĞƋƵŝƌĞƐĂŶŝŶĐƌĞĂƐĞ͙ dZͲZϭϲŝƐĐƌĞƚŝŽŶĂƌLJ tŚĞƌĞ͗ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ /ŶƚĞŐƌĂƚĞĚdƌĂŶƐƉŽƌƚ ϭ͘ŶLJĂĐƚŝǀŝƚLJ;ŽƌĂĐƚŝǀŝƚŝĞƐͿ ZĞĂƐŽŶ͗dŚĞŐĞŶĐLJĐŽŶƐŝĚĞƌƐĂĚĚŝƚŝŽŶĂů/dƚƌŝŐŐĞƌƐĂƌĞŶĞĞĚĞĚĂƐƚŚĞƌĞůŝĂŶĐĞŽŶĐĂƌƉĂƌŬŶƵŵďĞƌƐ ƐƐĞƐƐŵĞŶƚƐůůŽŶĞƐ ƚŚĂƚƌĞƋƵŝƌĞƐĂŶŝŶĐƌĞĂƐĞŽĨ ;ĐŽŵƉĂƌĞĚǁŝƚŚĂĐƚƵĂůĂĐƚŝǀŝƚŝĞƐͿĚŽĞƐŶŽƚŶĞĐĞƐƐĂƌŝůLJƌĞĨůĞĐƚƚŚĞƚƌŝƉŐĞŶĞƌĂƚŝŽŶĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͘&Žƌ ĐƚŝǀŝƚLJ^ƚĂƚƵƐ͗ ŵŽƌĞƚŚĂŶϭϬϬĐĂƌƉĂƌŬŝŶŐ
ϭϲ ƐƉĂĐĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ĞdžĂŵƉůĞ͕ĂĐĂƌƉĂƌŬĨŽƌĂŶŝŶĚƵƐƚƌŝĂůƵƐĞ;ŶŽƌĞƚĂŝůͿŝƐůŝŬĞůLJƚŽŚĂǀĞĂĚŝĨĨĞƌĞŶƚƚƌŝƉŐĞŶĞƌĂƚŝŽŶƉƌŽĨŝůĞ ƉƉĞŶĚŝdžϭǁŝƚŚŝŶĂƉĂƌĞŶƚ ĐŽŵƉĂƌĞĚǁŝƚŚĂǀŝƐŝƚŽƌͬƉĂƌĞŶƚƉĂƌŬĨŽƌĂĐŚŝůĚĐĂƌĞ͘ ĂůůŽƚŵĞŶƚŽƌĂůůŽƚŵĞŶƚƐƚŚĂƚ ĞdžŝƐƚĞĚĂƚKƉĞƌĂƚŝǀĞĂƚĞ͘ ϯ͘ &ŽƌĂŶLJŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ Ϯ͘ŶLJƐƵďĚŝǀŝƐŝŽŶŽĨĂŶ Ă͘ ϭϬϬŽƌŵŽƌĞĚǁĞůůŝŶŐƐ ĂůůŽƚŵĞŶƚƚŚĂƚĞdžŝƐƚĞĚĂƚ ď͘ ϭ͕ϱϬϬнƐĞĂƚĞǀĞŶƚƐĐĞŶƚƌĞŽƌƐŝŵŝůĂƌ͖ Ϯ ŽƉĞƌĂƚŝǀĞĚĂƚĞǁŚĞƌĞƚŚĞĂƌĞĂ Đ͘ ϭ͕ϬϬϬŵ ĂŶĚĂďŽǀĞŐƌŽƐƐƌĞƚĂŝů͕ĞŶƚĞƌƚĂŝŶŵĞŶƚ͕ůĞŝƐƵƌĞĨůŽŽƌƐƉĂĐĞ͖ ŽĨƚŚĞƉĂƌĞŶƚĂůůŽƚŵĞŶƚŝƐĞƋƵĂů Ϯ ƚŽŽƌůĂƌŐĞƌƚŚĂŶ͗ Ě͘ Ϯ͕ϱϬϬŵ ĂŶĚĂďŽǀĞŐƌŽƐƐŽĨĨŝĐĞ͕ĞĚƵĐĂƚŝŽŶ͕ŚĞĂůƚŚĨůŽŽƌƐƉĂĐĞ͖ Ϯ Ă͘ϭŚĂǁŝƚŚŝŶƚŚĞ,ŝŐŚͲĚĞŶƐŝƚLJ Ğ͘ ϱ͕ϬϬϬŵ ĂŶĚĂďŽǀĞŐƌŽƐƐŝŶĚƵƐƚƌŝĂůĨůŽŽƌƐƉĂĐĞ͖ĂŶĚͬŽƌ Ϯ ZĞƐŝĚĞŶƚŝĂůŽŶĞ͘ Ĩ͘ ϭϬ͕ϬϬϬŵ ĂŶĚĂďŽǀĞŐƌŽƐƐǁĂƌĞŚŽƵƐŝŶŐĨůŽŽƌƐƉĂĐĞ͘ ď͘Ϯ͘ϱŚĂǁŝƚŚŝŶƚŚĞDĞĚŝƵŵͲ ĚĞŶƐŝƚLJZĞƐŝĚĞŶƚŝĂůŽŶĞŽƌ ZƵƌĂůsŝůůĂŐĞZĞƐŝĚĞŶƚŝĂůŽŶĞ͘ Đ͘ϴŚĂǁŝƚŚŝŶƚŚĞZĞƐŝĚĞŶƚŝĂů ŽŶĞ͘ dZͲZϭϲŝƐĐƌĞƚŝŽŶĂƌLJ ŽŵƉůŝĂŶĐĞ^ƚĂŶĚĂƌĚ͗ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ /ŶƚĞŐƌĂƚĞĚdƌĂŶƐƉŽƌƚ ϭ͘ dZͲZϭϱ ĚŽĞƐ ŶŽƚ ĂƉƉůLJ ĨŽƌ ZĞĂƐŽŶ͗ůĂƌŝĨŝĐĂƚŝŽŶŝƐƐŽƵŐŚƚƚŽĞŶƐƵƌĞƚŚŝƐƉƌŽǀŝƐŝŽŶĂƉƉůŝĞƐǁŚĞƌĞƚŚĞƌĞŚĂƐďĞĞŶĂŶ/dƉƌŽĚƵĐĞĚ ƐƐĞƐƐŵĞŶƚƐ ĂŶLJ ĂůůŽƚŵĞŶƚ ǁŚĞƌĞ ĐŽŶƐĞŶƚ ƉƌĞǀŝŽƵƐůLJĂŶĚĂĐƚŝǀŝƚLJͬůĂŶĚƵƐĞƌĞŵĂŝŶƐƚŚĞƐĂŵĞ͘ ŚĂƐƉƌĞǀŝŽƵƐůLJďĞĞŶŐƌĂŶƚĞĚĨŽƌ ƚŚĞ ĂůůŽƚŵĞŶƚ ƵŶĚĞƌ ZƵůĞ dZͲ ϭ͘dZͲZϭϲĚŽĞƐŶŽƚĂƉƉůLJĨŽƌĂŶLJĂůůŽƚŵĞŶƚǁŚĞƌĞĐŽŶƐĞŶƚŚĂƐƉƌĞǀŝŽƵƐůLJďĞĞŶŐƌĂŶƚĞĚĨŽƌƚŚĞ Zϭϲ͘ ĂůůŽƚŵĞŶƚƵŶĚĞƌZƵůĞdZͲZϭϲĂŶĚƚŚĞƌĞŝƐŶŽƉƌŽƉŽƐĞĚĐŚĂŶŐĞƚŽĂůůŽƚŵĞŶƚƐŝnjĞŽƌůĂŶĚƵƐĞĂĐƚŝǀŝƚLJ͘ dZͲZϭϲŝƐĐƌĞƚŝŽŶĂƌLJ ŽŵƉůŝĂŶĐĞ^ƚĂŶĚĂƌĚ͗ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ /ŶƚĞŐƌĂƚĞĚdƌĂŶƐƉŽƌƚ ϭ͙͘ ZĞĂƐŽŶ͗dŚĞŶŽƚĞƐŚŽƵůĚďĞƌĞǁŽƌĚĞĚĂƐĂĐŽŵƉůŝĂŶĐĞƐƚĂŶĚĂƌĚƚŽĞŶƐƵƌĞƚŚĂƚdZͲZ YϮŝƐŵĞƚ͘ ƐƐĞƐƐŵĞŶƚƐ EŽƚĞ͗ŶLJĂƉƉůŝĐĂƚŝŽŶƐŚĂůů ĐŽŵƉůLJǁŝƚŚŝŶĨŽƌŵĂƚŝŽŶ ŽŵƉůŝĂŶĐĞ^ƚĂŶĚĂƌĚ͗ ƌĞƋƵŝƌĞŵĞŶƚdZͲZ YϮ͘ ϭ͙͘ Ϯ͘EŽƚĞ͗ŶLJĂƉƉůŝĐĂƚŝŽŶƐƐŚĂůůĐŽŵƉůLJǁŝƚŚŝŶĨŽƌŵĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚdZͲZ YϮ͘
dZͲZ Yϭ/ŶĨŽƌŵĂƚŝŽŶ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ ZĞƋƵŝƌĞŵĞŶƚ ZĞĂƐŽŶ͗/ƚĞŵ;ĚͿ;ŝǀͿ͗ƌĞĨĞƌƐŽŶůLJƚŽĞĨĨŝĐŝĞŶƚĂŶĚĞĨĨĞĐƚŝǀĞĨƵŶĐƚŝŽŶŝŶŐ ŽĨ ƚŚĞ ƚƌĂŶƐƉŽƌƚ ŶĞƚǁŽƌŬ͘ Ŷ ĂŵĞŶĚŵĞŶƚĂƐƌĞƋƵĞƐƚĞĚƚŽĂůƐŽƉƌŽǀŝĚĞĨŽƌƐĂĨĞƚLJ͘ ;ĚͿ;ŝǀͿdŚĞĂĐĐĞƐƐŝďŝůŝƚLJŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚďLJƉƌŝǀĂƚĞŵŽƚŽƌǀĞŚŝĐůĞƐĂŶĚƚŚĞƐƵŝƚĂďŝůŝƚLJŽĨƚŚĞ ƉƌŽƉŽƐĞĚĂĐĐĞƐƐĂŶĚƵƐĞŽĨƚŚĞƐŝƚĞǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƐĂĨĞĞĨĨŝĐŝĞŶƚĂŶĚĞĨĨĞĐƚŝǀĞĨƵŶĐƚŝŽŶŝŶŐŽĨ ƚŚĞƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬ͘
ϭϳ dZʹƉƉĞŶĚŝdžϭ͘ ŶLJĂĐƚŝǀŝƚLJůŽĐĂƚĞĚŝŶƚŚĞĂƌ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶĂƐŶŽƚŝĨŝĞĚ͘ DĂdžŝŵƵŵKŶͲƐŝƚĞĂƌ WĂƌŬŝŶŐ džĞŵƉƚŝŽŶƌĞĂ ZĞĂƐŽŶ͗dŚĞdƌĂŶƐƉŽƌƚŐĞŶĐLJƐƵƉƉŽƌƚƐĐŽŶƚƌŽůƐŽŶƉĂƌŬŝŶŐĂŶĚůŽĂĚŝŶŐƐƉĂĐĞŵĂdžŝŵƵŵƐĂƐĂƚŽŽůƚŽ WĂƌŬŝŶŐŝŶWĂƌŬŝŶŐ ŝĚĞŶƚŝĨŝĞĚŝŶƉƉĞŶĚŝdžϭ&ƐŚĂůů ĂĐŚŝĞǀĞĐŚĂŶŐĞŝŶƚƌĂŶƐƉŽƌƚŵŽĚĞƐ͘ džĞŵƉƚŝŽŶƌĞĂ ƉƌŽǀŝĚĞŶŽŵŽƌĞŽŶͲƐŝƚĞĐĂƌ ƉĂƌŬŝŶŐƐƉĂĐĞƐƚŚĂŶƚŚŽƐĞ ƐƉĞĐŝĨŝĞĚŝŶdĂďůĞdZϮ͘ ƉƉĞŶĚŝdžϭ ͘DŝŶŝŵƵŵ ŶLJĂĐƚŝǀŝƚLJǁŚŝĐŚŵĞĞƚƐĂŶLJŽĨ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ KŶͲƐŝƚĞĂƌWĂƌŬŝŶŐ ƚŚĞƌĞĚƵĐƚŝŽŶĨĂĐƚŽƌƐĚĞƚĂŝůĞĚŝŶ ZĞĂƐŽŶ͗ dŚĞ ŐĞŶĐLJ ƐƵƉƉŽƌƚƐ ĐĂƌĞĨƵů ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŽĨ ƉĂƌŬŝŶŐ ƌĞĚƵĐƚŝŽŶ ĂƉƉůŝĐĂƚŝŽŶƐ͘ dŚĞ ĐƌŝƚĞƌŝĂ ZĞĚƵĐƚŝŽŶ&ĂĐƚŽƌƐ dĂďůĞdZϱŝƐƉĞƌŵŝƚƚĞĚƚŽ ƉƌŽǀŝĚĞĚƐŚŽƵůĚďĞƌĞĨŝŶĞĚƚŽĂƐƐŝƐƚǁŝƚŚƚŚŝƐ͘ ƌĞĚƵĐĞƚŚĞƌĞƋƵŝƌĞĚŽŶͲƐŝƚĞĐĂƌ ƉĂƌŬŝŶŐƐƉĂĐĞƐĂĐĐŽƌĚŝŶŐůLJ͘ ϭ͘ >ŽĐĂƚĞĚǁŝƚŚŝŶĂϮϬϬŵǁĂůŬŽĨĂƉƵďůŝĐƚƌĂŶƐƉŽƌƚƐƚŽƉǁŝƚŚĂĨƌĞƋƵĞŶĐLJŽĨĂƚůĞĂƐƚϯϬŵŝŶƵƚĞƐ dĂďůĞdZϱ͘DŝŶŝŵƵŵŽŶͲƐŝƚĞ ŽŶǁĞĞŬĚĂLJƐďĞƚǁĞĞŶϳĂŵĂŶĚϲƉŵ͘ZĞĚƵĐƚŝŽŶĂǀĂŝůĂďůĞǁŚĞŶƚŚĞĂĐƚŝǀŝƚLJ ŽƉĞƌĂƚĞƐ ŽŶ ĐĂƌƉĂƌŬŝŶŐƌĞĚƵĐƚŝŽŶĨĂĐƚŽƌƐ;ϭͿ ǁĞĞŬĚĂLJƐďĞƚǁĞĞŶƚŚĞŚŽƵƌƐŽĨϳĂŵĂŶĚϲƉŵ͘ /ƚŝƐŶŽƚĐůĞĂƌǁŚLJŝƚŝƐĂǁĞĞŬĚĂLJƐĞƌǀŝĐĞŽŶůLJ͘dŚĞŚŽƵƌƐŽĨŽƉĞƌĂƚŝŽŶŽĨƚŚĞĂĐƚŝǀŝƚLJǁŚŝĐŚƌĞĐĞŝǀĞƐĂ ƌĞĚƵĐƚŝŽŶƐŚŽƵůĚďĞĐŽŵŵĞŶƐƵƌĂƚĞǁŝƚŚƚŚĞǁĞĞŬĚĂLJƐĞƌǀŝĐĞŽŶǁŚŝĐŚƚŚĞƌĞĚƵĐƚŝŽŶƌĞůŝĞƐ͘ &ƵƌƚŚĞƌ͕ŝƚŝƐƵŶĐůĞĂƌǁŚĂƚƚŚĞƚĞƌŵƌĞĚƵĐƚŝŽŶƉĞƌƐĞƌǀŝĐĞƌĞůĂƚĞƐƚŽ͘ŽĞƐƚŚŝƐŵĞĂŶĞĂĐŚďƵƐǁŚŝĐŚƐƚŽƉƐ ĂƚƚŚĞƌĞůĞǀĂŶƚƐƚŽƉ͍dŚĞŐĞŶĐLJƌĞƋƵĞƐƚƐƚŚĂƚƚŚŝƐƚĞƌŵŝƐĐůĂƌŝĨŝĞĚ͘ ƉƉĞŶĚŝdžϭ ͘DŝŶŝŵƵŵ ŶLJĂĐƚŝǀŝƚLJǁŚŝĐŚŵĞĞƚƐĂŶLJŽĨ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ KŶͲƐŝƚĞĂƌWĂƌŬŝŶŐ ƚŚĞƌĞĚƵĐƚŝŽŶĨĂĐƚŽƌƐĚĞƚĂŝůĞĚŝŶ ZĞĂƐŽŶ͗ dŚĞŐĞŶĐLJƐƵƉƉŽƌƚƐĐĂƌĞĨƵůĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƉĂƌŬŝŶŐƌĞĚƵĐƚŝŽŶĂƉƉůŝĐĂƚŝŽŶƐ͘ dŚĞ ĐƌŝƚĞƌŝĂ ZĞĚƵĐƚŝŽŶ&ĂĐƚŽƌƐ dĂďůĞdZϱŝƐƉĞƌŵŝƚƚĞĚƚŽ ƉƌŽǀŝĚĞĚƐŚŽƵůĚďĞƌĞĨŝŶĞĚƚŽĂƐƐŝƐƚǁŝƚŚƚŚŝƐ͘ ƌĞĚƵĐĞƚŚĞƌĞƋƵŝƌĞĚŽŶͲƐŝƚĞĐĂƌ ƉĂƌŬŝŶŐƐƉĂĐĞƐĂĐĐŽƌĚŝŶŐůLJ͘ Ϯ͘>ŽĐĂƚĞĚǁŝƚŚŝŶĂϰϬϬŵǁĂůŬĨƌŽŵĂĐĂƌƉĂƌŬŝŶŐůŽƚĐŽŶƚĂŝŶŝŶŐĂƚůĞĂƐƚϱϬĐĂƌƉĂƌŬŝŶŐƐƉĂĐĞƐ dĂďůĞdZϱ͘DŝŶŝŵƵŵŽŶͲƐŝƚĞ ƚŚĂƚĂƌĞĂǀĂŝůĂďůĞĨŽƌƵƐĞĨƌĞĞŽĨĐŚĂƌŐĞƚŽďLJƚŚĞƉƵďůŝĐ͘ ĐĂƌƉĂƌŬŝŶŐƌĞĚƵĐƚŝŽŶĨĂĐƚŽƌƐ;ϮͿ dŚĞĐŚŽŝĐĞďĞƚǁĞĞŶĨƌĞĞŽƌƉĂŝĚƉĂƌŬŝŶŐǁŝůůŝŶĨůƵĞŶĐĞĐĂƌƉĂƌŬƐĞůĞĐƚŝŽŶ͘ZĞůŝĂŶĐĞŽŶƉĂŝĚƉĂƌŬŝŶŐŝƐ ůŝŬĞůLJ ƚŽ ĞŶĐŽƵƌĂŐĞ ƉĂƌŬŝŶŐ ŝŶ ŽƚŚĞƌ ĨƌĞĞ ƉĂƌŬŝŶŐ ůŽĐĂƚŝŽŶƐ ŝŶ ƚŚĞ ǀŝĐŝŶŝƚLJ ĂŶĚ ŚĂǀĞ ƵŶŝŶƚĞŶĚĞĚ ĐŽŶƐĞƋƵĞŶĐĞƐ͘ ƉƉĞŶĚŝdžϭ ͘DŝŶŝŵƵŵ ŶLJĂĐƚŝǀŝƚLJǁŚŝĐŚŵĞĞƚƐĂŶLJŽĨ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ KŶͲƐŝƚĞĂƌWĂƌŬŝŶŐ ƚŚĞƌĞĚƵĐƚŝŽŶĨĂĐƚŽƌƐĚĞƚĂŝůĞĚŝŶ ZĞĂƐŽŶ͗ dŚĞŐĞŶĐLJƐƵƉƉŽƌƚƐĐĂƌĞĨƵůĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƉĂƌŬŝŶŐƌĞĚƵĐƚŝŽŶĂƉƉůŝĐĂƚŝŽŶƐ͘ dŚĞ ĐƌŝƚĞƌŝĂ ZĞĚƵĐƚŝŽŶ&ĂĐƚŽƌƐ dĂďůĞdZϱŝƐƉĞƌŵŝƚƚĞĚƚŽ ƉƌŽǀŝĚĞĚƐŚŽƵůĚďĞƌĞĨŝŶĞĚƚŽĂƐƐŝƐƚǁŝƚŚƚŚŝƐ͘ ƌĞĚƵĐĞƚŚĞƌĞƋƵŝƌĞĚŽŶͲƐŝƚĞĐĂƌ ƉĂƌŬŝŶŐƐƉĂĐĞƐĂĐĐŽƌĚŝŶŐůLJ͘ ϯ͘>ŽĐĂƚĞĚǁŝƚŚŝŶĂϰϬϬŵǁĂůŬŽĨĂŝƚLJĞŶƚƌĞƉĂƌŬŝŶŐĞdžĞŵƉƚŝŽŶnjŽŶĞ;ƉƉĞŶĚŝdžϭ ͿŽƌĂ>ŽĐĂů dĂďůĞdZϱ͘DŝŶŝŵƵŵŽŶͲƐŝƚĞ ŽŵŵĞƌĐŝĂůŽƌEĞŝŐŚďŽƵƌŚŽŽĚŽŵŵĞƌĐŝĂůŽŶĞ͘ ĐĂƌƉĂƌŬŝŶŐƌĞĚƵĐƚŝŽŶĨĂĐƚŽƌƐ;ϯͿ
ϭϴ /ƚŝƐƵŶĐůĞĂƌǁŚLJƉƌŽdžŝŵŝƚLJƚŽŽŶĞŽĨƚŚĞƚŚƌĞĞůŝƐƚĞĚnjŽŶĞƐǁŽƵůĚďĞĂƌĞĂƐŽŶƚŽƐƵƉƉŽƌƚĂƉĂƌŬŝŶŐ ƐŚŽƌƚĨĂůů͘/ƚŝƐƐƵŐŐĞƐƚĞĚƚŚĂƚƚŚŝƐĐƌŝƚĞƌŝĂďĞƌĞŵŽǀĞĚĂŶĚďĂƐĞĚŽŶƚŚĞ;ĂƐƐƵŵĞĚͿƐƵĐĐĞƐƐŽĨƚŚĞĞdžŝƐƚŝŶŐ ƉĂƌŬŝŶŐĞdžĞŵƉƚŝŽŶĂƌĞĂ͕ǁŝƚŚƚŚĞƉĂƌŬŝŶŐĞdžĞŵƉƚŝŽŶĂƌĞĂďĞŝŶŐĞdžƚĞŶĚĞĚĂƚĂůĂƚĞƌĚĂƚĞ͘ ƉƉĞŶĚŝdžϭ ͘DŝŶŝŵƵŵ ŶLJĂĐƚŝǀŝƚLJǁŚŝĐŚŵĞĞƚƐĂŶLJŽĨ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ KŶͲƐŝƚĞĂƌWĂƌŬŝŶŐ ƚŚĞƌĞĚƵĐƚŝŽŶĨĂĐƚŽƌƐĚĞƚĂŝůĞĚŝŶ ZĞĂƐŽŶ͗ dŚĞŐĞŶĐLJƐƵƉƉŽƌƚƐĐĂƌĞĨƵůĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƉĂƌŬŝŶŐƌĞĚƵĐƚŝŽŶĂƉƉůŝĐĂƚŝŽŶƐ͘ dŚĞ ĐƌŝƚĞƌŝĂ ZĞĚƵĐƚŝŽŶ&ĂĐƚŽƌƐ dĂďůĞdZϱŝƐƉĞƌŵŝƚƚĞĚƚŽ ƉƌŽǀŝĚĞĚƐŚŽƵůĚďĞƌĞĨŝŶĞĚƚŽĂƐƐŝƐƚǁŝƚŚƚŚŝƐ͘ ƌĞĚƵĐĞƚŚĞƌĞƋƵŝƌĞĚŽŶͲƐŝƚĞĐĂƌ ƉĂƌŬŝŶŐƐƉĂĐĞƐĂĐĐŽƌĚŝŶŐůLJ͘ ϰ͘ >ŽĐĂƚĞĚǁŝƚŚŝŶϭ͘ϮŬŵŽĨĂĚĞƐŝŐŶĂƚĞĚĐLJĐůĞƌŽƵƚĞ dĂďůĞdZϱ͘DŝŶŝŵƵŵŽŶͲƐŝƚĞ dŚŝƐĐƌŝƚĞƌŝĂƐŚŽƵůĚďĞĐŽŵďŝŶĞĚǁŝƚŚĐƌŝƚĞƌŝĂϲĂƐŝƚǁŝůůƌĞƐƵůƚŝŶƚŚĞƉƌŽǀŝƐŝŽŶŽĨĞdžƚƌĂďŝĐLJĐůĞƉĂƌŬƐŝŶ ĐĂƌƉĂƌŬŝŶŐƌĞĚƵĐƚŝŽŶĨĂĐƚŽƌƐ;ϭͿ ĐůŽƐĞƉƌŽdžŝŵŝƚLJƚŽĐLJĐůŝŶŐĨĂĐŝůŝƚŝĞƐ͘ ƉƉĞŶĚŝdžϭ ͘DŝŶŝŵƵŵ ŶLJĂĐƚŝǀŝƚLJǁŚŝĐŚŵĞĞƚƐĂŶLJŽĨ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ KŶͲƐŝƚĞĂƌWĂƌŬŝŶŐ ƚŚĞƌĞĚƵĐƚŝŽŶĨĂĐƚŽƌƐĚĞƚĂŝůĞĚŝŶ ZĞĂƐŽŶ͗ dŚĞ ŐĞŶĐLJ ƐƵƉƉŽƌƚƐ ĐĂƌĞĨƵů ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŽĨ ƉĂƌŬŝŶŐ ƌĞĚƵĐƚŝŽŶ ĂƉƉůŝĐĂƚŝŽŶƐ͘ dŚĞ ĐƌŝƚĞƌŝĂ ZĞĚƵĐƚŝŽŶ&ĂĐƚŽƌƐ dĂďůĞdZϱŝƐƉĞƌŵŝƚƚĞĚƚŽ ƉƌŽǀŝĚĞĚƐŚŽƵůĚďĞƌĞĨŝŶĞĚƚŽĂƐƐŝƐƚǁŝƚŚƚŚŝƐ͘ ƌĞĚƵĐĞƚŚĞƌĞƋƵŝƌĞĚŽŶͲƐŝƚĞĐĂƌ ƉĂƌŬŝŶŐƐƉĂĐĞƐĂĐĐŽƌĚŝŶŐůLJ͘ ϱ͘ ĞǀĞůŽƉŵĞŶƚƐƚŚĂƚĐŽŶƚĂŝŶĂŵŝdžŽĨďŽƚŚƌĞƐŝĚĞŶƚŝĂůĂĐƚŝǀŝƚŝĞƐĂŶĚĂĐƚŝǀŝƚŝĞƐǁŚĞƌĞƉĞŽƉůĞĂƌĞ dĂďůĞdZϱ͘DŝŶŝŵƵŵŽŶͲƐŝƚĞ ĞŵƉůŽLJĞĚŽŶͲƐŝƚĞ ĐĂƌƉĂƌŬŝŶŐƌĞĚƵĐƚŝŽŶĨĂĐƚŽƌƐ;ϭͿ dŚŝƐĐƌŝƚĞƌŝĂǁŝůůŽŶůLJƌĞŵĂŝŶƌĞůĞǀĂŶƚǁŚĞƌĞƚŚĞďƵŝůĚŝŶŐƌĞƐŝĚĞŶƚƐǁŽƌŬŽŶƐŝƚĞ͘dŚŝƐŵĂLJďĞĚŝĨĨŝĐƵůƚƚŽ ĞŶƐƵƌĞĐŽŵƉůŝĂŶĐĞǁŝƚŚŽŶĂŶŽŶŐŽŝŶŐďĂƐŝƐ͘dŚĞŐĞŶĐLJƌĞƋƵĞƐƚƐƚŚĂƚŝƚŝƐĚĞůĞƚĞĚ͘ ƉƉĞŶĚŝdžϭ ͘DŝŶŝŵƵŵ ŶLJĂĐƚŝǀŝƚLJǁŚŝĐŚŵĞĞƚƐĂŶLJŽĨ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ KŶͲƐŝƚĞĂƌWĂƌŬŝŶŐ ƚŚĞƌĞĚƵĐƚŝŽŶĨĂĐƚŽƌƐĚĞƚĂŝůĞĚŝŶ ZĞĂƐŽŶ͗ dŚĞŐĞŶĐLJƐƵƉƉŽƌƚƐĐĂƌĞĨƵůĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƉĂƌŬŝŶŐƌĞĚƵĐƚŝŽŶĂƉƉůŝĐĂƚŝŽŶƐ͘ dŚĞ ĐƌŝƚĞƌŝĂ ZĞĚƵĐƚŝŽŶ&ĂĐƚŽƌƐ dĂďůĞdZϱŝƐƉĞƌŵŝƚƚĞĚƚŽ ƉƌŽǀŝĚĞĚƐŚŽƵůĚďĞƌĞĨŝŶĞĚƚŽĂƐƐŝƐƚǁŝƚŚƚŚŝƐ͘ ƌĞĚƵĐĞƚŚĞƌĞƋƵŝƌĞĚŽŶͲƐŝƚĞĐĂƌ ƉĂƌŬŝŶŐƐƉĂĐĞƐĂĐĐŽƌĚŝŶŐůLJ͘ ϲ͘ ŝĐLJĐůĞƉĂƌŬŝŶŐƐƉĂĐĞƐĂƌĞƉƌŽǀŝĚĞĚŽŶͲƐŝƚĞďĞLJŽŶĚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐƵŶĚĞƌZƵůĞdZͲZϮĂŶĚ dĂďůĞdZϱ͘DŝŶŝŵƵŵŽŶͲƐŝƚĞ ƚŚĞƐŝƚĞŝƐůŽĐĂƚĞĚǁŝƚŚŝŶϭ͘ϮŬŵŽĨĞŝƚŚĞƌĂŶĞdžŝƐƚŝŶŐĐLJĐůĞƌŽƵƚĞŽƌĂĐLJĐůĞƌŽƵƚĞǁŝƚŚ ĐĂƌƉĂƌŬŝŶŐƌĞĚƵĐƚŝŽŶĨĂĐƚŽƌƐ;ϭͿ ĐŽŶĨŝƌŵĞĚĨƵŶĚŝŶŐĂŶĚĂĐŽŶƐƚƌƵĐƚŝŽŶƉƌŽŐƌĂŵ͘ dŚŝƐƉƌŽǀŝƐŝŽŶŝƐƐƵƉƉŽƌƚĞĚǁŚĞŶĐŽŵďŝŶĞĚǁŝƚŚƌŝƚĞƌŝĂϰ͘ ƉƉĞŶĚŝdžϭ ͘DŝŶŝŵƵŵ ŶLJĂĐƚŝǀŝƚLJǁŚŝĐŚŵĞĞƚƐĂŶLJŽĨ ^ƵďŵŝƐƐŝŽŶ͗ZĞƚĂŝŶǁŝƚŚĂŵĞŶĚŵĞŶƚ͘ KŶͲƐŝƚĞĂƌWĂƌŬŝŶŐ ƚŚĞƌĞĚƵĐƚŝŽŶĨĂĐƚŽƌƐĚĞƚĂŝůĞĚŝŶ ZĞĂƐŽŶ͗ dŚĞ ŐĞŶĐLJ ƐƵƉƉŽƌƚƐ ĐĂƌĞĨƵů ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŽĨ ƉĂƌŬŝŶŐ ƌĞĚƵĐƚŝŽŶ ĂƉƉůŝĐĂƚŝŽŶƐ͘ dŚĞ ĐƌŝƚĞƌŝĂ ZĞĚƵĐƚŝŽŶ&ĂĐƚŽƌƐ dĂďůĞdZϱŝƐƉĞƌŵŝƚƚĞĚƚŽ ƉƌŽǀŝĚĞĚƐŚŽƵůĚďĞƌĞĨŝŶĞĚƚŽĂƐƐŝƐƚǁŝƚŚƚŚŝƐ͘ ƌĞĚƵĐĞƚŚĞƌĞƋƵŝƌĞĚŽŶͲƐŝƚĞĐĂƌ ƉĂƌŬŝŶŐƐƉĂĐĞƐĂĐĐŽƌĚŝŶŐůLJ͘ dĂďůĞdZϱ͘DŝŶŝŵƵŵŽŶͲƐŝƚĞ ϭ͘ /ŶƚĞƌŶĂůůĂŶĚƐĐĂƉŝŶŐŝƐƉƌŽǀŝĚĞĚǁŝƚŚŝŶƚŚĞƉĂƌŬŝŶŐĂƌĞĂŽƌŝŵŵĞĚŝĂƚĞůLJĂĚũĂĐĞŶƚƚŽƚŚĞ ĐĂƌƉĂƌŬŝŶŐƌĞĚƵĐƚŝŽŶĨĂĐƚŽƌƐ;ϭͿ ƉĂƌŬŝŶŐĂƌĞĂďĞLJŽŶĚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐƵŶĚĞƌZƵůĞdZͲZϭϭ dŚŝƐƉƌŽǀŝƐŝŽŶƐŚŽƵůĚďĞĚĞůĞƚĞĚ͖ǁŚŝůƐƚŝƚŵĂLJƉƌŽǀŝĚĞĂŵŽƌĞƉůĞĂƐĂŶƚĞŶǀŝƌŽŶŵĞŶƚ͕ƚŚĞƌĞŝƐŶŽ ŽďǀŝŽƵƐƌĞůĂƚŝŽŶƐŚŝƉďĞƚǁĞĞŶƉƌŽǀŝĚŝŶŐŝŶĐƌĞĂƐĞĚůĂŶĚƐĐĂƉŝŶŐĂŶĚƌĞĚƵĐŝŶŐĚĞŵĂŶĚĨŽƌĐĂƌƉĂƌŬƐ͘
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ϮϬ dĂďůĞϭ͗EdƌĂŶƐƉŽƌƚŐĞŶĐLJ&ƵƌƚŚĞƌ^ƵďŵŝƐƐŝŽŶtŚĂŶŐĂƌĞŝŝƐƚƌŝĐƚWůĂŶʹhƌďĂŶWůĂŶŚĂŶŐĞ WůĂŶŚĂŶŐĞϭϰϴ^ƚƌĂƚĞŐŝĐŝƌĞĐƚŝŽŶĂŶĚ^ƵďĚŝǀŝƐŝŽŶ
^ƵďŵŝƚƚĞƌ WŽŝŶƚ EĂŵĞ ŵĂŝůŽƌ ZĞůŝĞĨƐŽƵŐŚƚ ^ƵƉƉŽƌƚ ZĞĂƐŽŶ η η WŽƐƚĚĚƌĞƐƐ KƉƉŽƐĞ ϭϬϭ ϯϭ ŶĞƌŐLJ͕DŽďŝůKŝů ƐŝĂŶĨΛϰƐŝŐŚƚ͘ĐŽ͘Ŷnj ŵĞŶĚWŽůŝĐLJWϭϱƚŽƋƵĂůŝĨLJƚŚĞ ^ƵƉƉŽƌƚ͘ dŚĞƐƵďŵŝƐƐŝŽŶǁŝůůƐƵƉƉŽƌƚƚŚĞƐĂĨĞĂŶĚ EĞǁĞĂůĂŶĚ>ŝŵŝƚĞĚ ƌĞƋƵŝƌĞŵĞŶƚƚŽĂǀŽŝĚ͕ƌĞŵĞĚLJŽƌ ĞĨĨŝĐŝĞŶƚŽƉĞƌĂƚŝŽŶŽĨƚŚĞƚƌĂŶƐƉŽƌƚ ĂŶĚWKŝůEĞǁ ŵŝƚŝŐĂƚĞĂĚǀĞƌƐĞĞĨĨĞĐƚƐďLJĂĚĚŝŶŐ͞ƚŽƚŚĞ ƐLJƐƚĞŵǁŚŝĐŚŝƐƌĞŐŝŽŶĂůůLJƐŝŐŶŝĨŝĐĂŶƚ ĞĂůĂŶĚ>ŝŵŝƚĞĚ ĞdžƚĞŶƚƉƌĂĐƚŝĐĂďůĞ͘͟ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ ϭϬϳ ϯ ĂƚŽŽůĂŶ ŬĂƚƌŝŶĂƌΛĐĂƚŽďŽůĂŵ͘ĐŽ͘Ŷnj ŵĞŶĚ^hͲZϱŵŝŶŝŵƵŵůŽƚƐŝnjĞŽĨ ^ƵƉƉŽƌƚŝŶ dŚĞdƌĂŶƐƉŽƌƚŐĞŶĐLJŐĞŶĞƌĂůůLJƐƵƉƉŽƌƚƐ ϰϱϬŵϮƚŽϯϱϬŵϮ͘ ƉĂƌƚ͘ ŝŶƚĞŶƐŝĨŝĐĂƚŝŽŶŝŶĞdžŝƐƚŝŶŐƵƌďĂŶĂƌĞĂƐ ŚŽǁĞǀĞƌŶŽĂƐƐĞƐƐŵĞŶƚŽĨƉŽƚĞŶƚŝĂů ĞĨĨĞĐƚƐŽŶƚŚĞƚƌĂŶƐƉŽƌƚƐLJƐƚĞŵŚĂƐďĞĞŶ ƉƌŽǀŝĚĞĚ͘ ϮϬϳ ϲϴ WŽƉƵůĂƚŝŽŶ,ĞĂůƚŚ Ŷŝů͘ƐŚĞƚƚLJΛŶŽƌƚŚůĂŶĚĚŚď͘ŽƌŐ͕Ŷnj ŵĞŶĚ^ͲWϵ͗ ^ƵƉƉŽƌƚ͘ dŚĞƐƵďŵŝƐƐŝŽŶǁŝůůƐƵƉƉŽƌƚƚŚĞƐĂĨĞĂŶĚ hŶŝƚŽĨƚŚĞEŽƌƚŚůĂŶĚ dŽŝŵƉƌŽǀĞƉĞĚĞƐƚƌŝĂŶĂŶĚĐLJĐůŝƐƚ ĞĨĨŝĐŝĞŶƚŽƉĞƌĂƚŝŽŶŽĨƚŚĞƚƌĂŶƐƉŽƌƚ ŝƐƚƌŝĐƚ,ĞĂůƚŚŽĂƌĚ ĐŝƌĐƵůĂƚŝŽŶĂŶĚĐŽŶŶĞĐƚŝŽŶƐǁŝƚŚŝŶ ƐLJƐƚĞŵǁŚŝĐŚŝƐƌĞŐŝŽŶĂůůLJƐŝŐŶŝĨŝĐĂŶƚ ƐŚŽƉƉŝŶŐĐĞŶƚƌĞƐĂŶĚƚŽƐŚŽƉƉŝŶŐĐĞŶƚƌĞƐ͕ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ ďLJƉƌŽǀŝĚŝŶŐƐĞĐƵƌĞĚ ďŝĐLJĐůĞƉĂƌŬŝŶŐĨĂĐŝůŝƚŝĞƐ͕͘͘͘ ϮϬϳ ϴϴ WŽƉƵůĂƚŝŽŶ,ĞĂůƚŚ Ŷŝů͘ƐŚĞƚƚLJΛŶŽƌƚŚůĂŶĚĚŚď͘ŽƌŐ͕Ŷnj /ŶƐĞƌƚdZͲWϭϮ͘ϯ͗ ^ƵƉƉŽƌƚ͘ dŚĞƐƵďŵŝƐƐŝŽŶǁŝůůƐƵƉƉŽƌƚƚŚĞƐĂĨĞĂŶĚ hŶŝƚŽĨƚŚĞEŽƌƚŚůĂŶĚ dŽƌĞĚƵĐĞĞŵŝƐƐŝŽŶƐĂŶĚĞŶŚĂŶĐĞƚŚĞ ĞĨĨŝĐŝĞŶƚŽƉĞƌĂƚŝŽŶŽĨƚŚĞƚƌĂŶƐƉŽƌƚ ŝƐƚƌŝĐƚ,ĞĂůƚŚŽĂƌĚ ƐƵƐƚĂŝŶĂďŝůŝƚLJŽĨtŚĂŶŐĂƌĞŝ͛Ɛ ƐLJƐƚĞŵǁŚŝĐŚŝƐƌĞŐŝŽŶĂůůLJƐŝŐŶŝĨŝĐĂŶƚ ƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬďLJƌĞƋƵŝƌŝŶŐ͗͘͘ϯ͘^ĂĨĞ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ ĂŶĚƐĞĐƵƌĞĚĞůĞĐƚƌŝĐďŝĐLJĐůĞ ĂŶĚĞůĞĐƚƌŝĐƐĐŽŽƚĞƌ;ĚŝƐĂďŝůŝƚLJͿƐƚĂƚŝŽŶƐŝŶ njŽŶĞƐůŝŬĞŝƚLJĞŶƚƌĞĂŶĚ ^ŚŽƉƉŝŶŐĞŶƚƌĞ͘ dŚĞƵƐĂŐĞŽĨĞůĞĐƚƌŝĐďŝĐLJĐůĞƐŝƐŝŶĐƌĞĂƐŝŶŐ ďLJďŽƚŚĞůĚĞƌůLJĂŶĚůĞŝƐƵƌĞ ďŝĐLJĐůĞƵƐĞƌƐŝŶƚŚĞŝƐƚƌŝĐƚ͘WƌŽǀŝĚŝŶŐ ĐŚĂƌŐŝŶŐƐƚĂƚŝŽŶƐǁŽƵůĚ ĞŶĐŽƵƌĂŐĞŵŽƌĞƉĞŽƉůĞďĞŝŶŐĂĐƚŝǀĞŝŶ ŽƵƌĐŽŵŵƵŶŝƚŝĞƐ͘
ϭ EdƌĂŶƐƉŽƌƚŐĞŶĐLJ&ƵƌƚŚĞƌ^ƵďŵŝƐƐŝŽŶŽŶtŚĂŶŐĂƌĞŝhƌďĂŶWůĂŶŚĂŶŐĞƐ Ϯϰϳ ϱ dƌĂŶƐƉŽǁĞƌ ĞŶǀŝƌŽŶŵĞŶƚ͘ƉŽůŝĐLJΛƚƌĂŶƐƉŽǁĞƌ͘ĐŽ͘Ŷnj ŵĞŶĚƚŚĞƉƌŽƉŽƐĞĚƉůĂŶĐŚĂŶŐĞƚŽ ^ƵƉƉŽƌƚ͘ dŚĞƐƵďŵŝƐƐŝŽŶǁŝůůƐƵƉƉŽƌƚƚŚĞƐĂĨĞĂŶĚ ĐůĂƌŝĨLJǁŚĂƚŝƐŵĞĂŶƚďLJ ĞĨĨŝĐŝĞŶƚŽƉĞƌĂƚŝŽŶŽĨƚŚĞƚƌĂŶƐƉŽƌƚ ͚ƌĞŐŝŽŶĂůůLJƐŝŐŶŝĨŝĐĂŶƚŝŶĚƵƐƚƌŝĞƐ͛ĂŶĚ ƐLJƐƚĞŵǁŚŝĐŚŝƐƌĞŐŝŽŶĂůůLJƐŝŐŶŝĨŝĐĂŶƚ ͚ƌĞŐŝŽŶĂůůLJƐŝŐŶŝĨŝĐĂŶƚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͛ƚŚƌŽƵŐŚƚŚĞŝŶĐůƵƐŝŽŶŽĨ ŶĞǁĚĞĨŝŶŝƚŝŽŶͬƐ͘ Ϯϲϰ ϯ EŽƌƚŚůĂŶĚZĞŐŝŽŶĂůŽƵŶĐŝů ŵŝĐŚĂĞůĚΛŶƌĐ͘ŐŽǀƚ͘Ŷnj /ŶƐĞƌƚĂŶŽďũĞĐƚŝǀĞƌĞĨĞƌƌŝŶŐƚŽƚŚĞĚŝƐƚƌŝĐƚ ^ƵƉƉŽƌƚŝŶ dŚĞdƌĂŶƐƉŽƌƚŐĞŶĐLJƐƵƉƉŽƌƚƐ ƉůĂŶ͛ƐƌŽůĞŝŶŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞ ƉĂƌƚ͘ ĐŽŽƌĚŝŶĂƚĞĚĨŽƌǁĂƌĚƉůĂŶŶŝŶŐ͘/ƚŝƐŶŽƚĞĚ tŚĂŶŐĂƌĞŝŝƐƚƌŝĐƚ'ƌŽǁƚŚ^ƚƌĂƚĞŐLJ ŚŽǁĞǀĞƌƚŚĂƚƚŚĞtŚĂŶŐĂƌĞŝŝƐƚƌŝĐƚ ;ƉŽƐƐŝďůLJŝŶ^ͲKϯ'ƌŽǁƚŚĂŶĚͬŽƌWŽůŝĐLJ 'ƌŽǁƚŚ^ƚƌĂƚĞŐLJŝƐŶŽƚLJĞƚĨŝŶĂůŝƐĞĚĂŶĚ ^ͲWϴͿ͘ ŝƚƐĐŽŶƚĞŶƚŵĂLJŶŽƚƌĞĨůĞĐƚƚŚĞǀŝĞǁƐŽĨ ŬĞLJŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉƌŽǀŝĚĞƌƐ͘ Ϯϲϰ ϰ EŽƌƚŚůĂŶĚZĞŐŝŽŶĂůŽƵŶĐŝů ŵŝĐŚĂĞůĚΛŶƌĐ͘ŐŽǀƚ͘Ŷnj /ŶƐĞƌƚĂŶŽďũĞĐƚŝǀĞƚŽĂĚĚƌĞƐƐĐůŝŵĂƚĞ ^ƵƉƉŽƌƚ͘ dŚĞƐƵďŵŝƐƐŝŽŶǁŝůůƐƵƉƉŽƌƚƚŚĞƐĂĨĞĂŶĚ ĐŚĂŶŐĞĂƐĨŽůůŽǁƐ;ŽƌǁŽƌĚƐƚŽƐŝŵŝůĂƌ ĞĨĨŝĐŝĞŶƚŽƉĞƌĂƚŝŽŶŽĨƚŚĞƚƌĂŶƐƉŽƌƚ ĞĨĨĞĐƚͿ͗Η ŶƐƵƌĞŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽƌĞĚƵĐĞ ƐLJƐƚĞŵ͘ ŐƌĞĞŶŚŽƵƐĞŐĂƐĞŵŝƐƐŝŽŶƐĂŶĚŽƚŚĞƌ ŵĞĂƐƵƌĞƐƚŽŵŝƚŝŐĂƚĞĂŶĚĂĚĂƉƚƚŽĐůŝŵĂƚĞ ĐŚĂŶŐĞĞĨĨĞĐƚƐĂƌĞƉƌŽǀŝĚĞĚĨŽƌŝŶ ĚĞǀĞůŽƉŵĞŶƚ͕ŐƌŽǁƚŚĂŶĚƚƌĂŶƐƉŽƌƚ ƉůĂŶŶŝŶŐ͘Η Ϯϲϰ ϭϬ EŽƌƚŚůĂŶĚZĞŐŝŽŶĂůŽƵŶĐŝů ŵŝĐŚĂĞůĚΛŶƌĐ͘ŐŽǀƚ͘Ŷnj ŵĞŶĚ^ͲWϭϴďLJĂĚĚŝŶŐƚŚĞĨŽůůŽǁŝŶŐ͗ ^ƵƉƉŽƌƚ͘ dŚĞƐƵďŵŝƐƐŝŽŶǁŝůůƐƵƉƉŽƌƚƚŚĞƐĂĨĞĂŶĚ ΗdŽŝĚĞŶƚŝĨLJĂƌĞĂƐƚŚĂƚĂƌĞ ĞĨĨŝĐŝĞŶƚŽƉĞƌĂƚŝŽŶŽĨƚŚĞƚƌĂŶƐƉŽƌƚ ƉŽƚĞŶƚŝĂůůLJĂĨĨĞĐƚĞĚďLJŶĂƚƵƌĂůŚĂnjĂƌĚƐ ƐLJƐƚĞŵĂƐƚŚĞƌĞŵĂLJďĞŝŶƐƚĂŶĐĞƐǁŚĞƌĞ ĂŶĚĂƉƉůLJƌƵůĞƐŽŶƐƵďĚŝǀŝƐŝŽŶ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞĐŽƵůĚďĞĂĚǀĞƌƐĞůLJ ĂŶĚůĂŶĚƵƐĞƚŽĞŶƐƵƌĞĂĐƚŝǀŝƚŝĞƐĂƌĞ ŝŵƉĂĐƚĞĚďLJƐƵďĚŝǀŝƐŝŽŶŽƌůĂŶĚƵƐĞ͘ ŵĂŶĂŐĞĚƚŽŵŝŶŝŵŝƐĞƚŚĞ ƉŽƚĞŶƚŝĂůƌŝƐŬƐŽĨĐƵƌƌĞŶƚĂŶĚĨƵƚƵƌĞ ŶĂƚƵƌĂůŚĂnjĂƌĚƐĂŶĚƚŽĂǀŽŝĚ ŝŶĐƌĞĂƐŝŶŐƌŝƐŬƐƚŽƉĞŽƉůĞ͕ƉƌŽƉĞƌƚLJĂŶĚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘Η Ϯϲϰ ϭϳ EŽƌƚŚůĂŶĚZĞŐŝŽŶĂůŽƵŶĐŝů ŵŝĐŚĂĞůĚΛŶƌĐ͘ŐŽǀƚ͘Ŷnj ŵĞŶĚƉŽůŝĐLJ^hͲWϭƚŽĞdžƉůŝĐŝƚůLJƌĞĨĞƌƚŽ ^ƵƉƉŽƌƚ͘ dŚĞƐƵďŵŝƐƐŝŽŶǁŝůůƐƵƉƉŽƌƚƚŚĞƐĂĨĞĂŶĚ ĂǀŽŝĚŝŶŐƚŚĞƉŽƚĞŶƚŝĂůĨŽƌƌĞǀĞƌƐĞ ĞĨĨŝĐŝĞŶƚŽƉĞƌĂƚŝŽŶŽĨƚŚĞƚƌĂŶƐƉŽƌƚ ƐĞŶƐŝƚŝǀŝƚLJ ƐLJƐƚĞŵ͘ Ϯϲϱ ϳ <ŝǁŝZĂŝů WĂŵ͘ďƵƚůĞƌΛŬŝǁŝƌĂŝů͘ĐŽ͘Ŷnj ZĞƚĂŝŶ^hͲKϱǁŝƚŚĂŵĞŶĚŵĞŶƚƐĂƐ ^ƵƉƉŽƌƚ͘ dŚĞƐƵďŵŝƐƐŝŽŶǁŝůůƐƵƉƉŽƌƚƚŚĞƐĂĨĞĂŶĚ ĨŽůůŽǁƐ͗Η^ƵďĚŝǀŝƐŝŽŶŝƐĚĞƐŝŐŶĞĚƚŽ ĞĨĨŝĐŝĞŶƚŽƉĞƌĂƚŝŽŶŽĨƚŚĞƚƌĂŶƐƉŽƌƚ ŵŝŶŝŵŝƐĞĂŶLJĂĚǀĞƌƐĞĞĨĨĞĐƚƐŽŶƚŚĞ ƐLJƐƚĞŵ͘ ĞŶǀŝƌŽŶŵĞŶƚ͕ŝŶĐůƵĚŝŶŐŽŶĞdžŝƐƚŝŶŐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĂŶĚŽĐĐƵƌƐŝŶĂƐĞƋƵĞŶĐĞĚ ĂŶĚĐŽŚĞƌĞŶƚŵĂŶŶĞƌ͘ Ϯϲϱ ϴ <ŝǁŝZĂŝů WĂŵ͘ďƵƚůĞƌΛŬŝǁŝƌĂŝů͘ĐŽ͘Ŷnj ĞůĞƚĞ^hͲWϱĂŶĚƌĞƉůĂĐĞĂƐĨŽůůŽǁƐ͗ ^ƵƉƉŽƌƚ͘ dŚĞƐƵďŵŝƐƐŝŽŶǁŝůůƐƵƉƉŽƌƚƚŚĞƐĂĨĞĂŶĚ ŶƐƵƌĞĂĚĞƋƵĂƚĞƉƌŽǀŝƐŝŽŶŽĨ ĞĨĨŝĐŝĞŶƚŽƉĞƌĂƚŝŽŶŽĨƚŚĞƚƌĂŶƐƉŽƌƚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚƐĞƌǀŝĐĞƐƚŽŵĞĞƚ ƐLJƐƚĞŵ͘
Ϯ EdƌĂŶƐƉŽƌƚŐĞŶĐLJ&ƵƌƚŚĞƌ^ƵďŵŝƐƐŝŽŶŽŶtŚĂŶŐĂƌĞŝhƌďĂŶWůĂŶŚĂŶŐĞƐ ĚĞǀĞůŽƉŵĞŶƚĐĂƉĂĐŝƚLJǁŚŝůĞŵĂŶĂŐŝŶŐƚŚĞ ĂĚǀĞƌƐĞĞĨĨĞĐƚƐŽĨĚĞǀĞůŽƉŵĞŶƚŽŶƚŚĞ ĐĂƉĂĐŝƚLJĂŶĚĞĨĨŝĐŝĞŶĐLJŽĨƉůĂŶŶĞĚĂŶĚ ĞdžŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘Η WůĂŶŚĂŶŐĞϭϬϵdƌĂŶƐƉŽƌƚ
^ƵďŵŝƚƚĞƌ WŽŝŶƚ EĂŵĞ ŵĂŝůŽƌ ZĞůŝĞĨƐŽƵŐŚƚ ^ƵƉƉŽƌƚ ZĞĂƐŽŶ η η WŽƐƚĚĚƌĞƐƐ KƉƉŽƐĞ ϱϭ ϭϮ tŽŽůǁŽƌƚŚƐEĞǁĞĂůĂŶĚ ŵŝŬĞΛnjŽŵĂĐ͘ĐŽ͘Ŷnj ZϭϲĂŶĚdZͲZ YϮďĞĚĞůĞƚĞĚ͘ KƉƉŽƐĞ͘ dŚĞƐƵďŵŝƐƐŝŽŶǁŝůůŶŽƚƐƵƉƉŽƌƚƚŚĞ ƐĂĨĞĂŶĚĞĨĨŝĐŝĞŶƚŽƉĞƌĂƚŝŽŶŽĨƚŚĞ ƚƌĂŶƐƉŽƌƚƐLJƐƚĞŵ͘ ϭϮϵ ϮϬ ƚůĂƐŽŶĐƌĞƚĞ ŬĂĂƌĞŶ͘ƌŽƐƐĞƌΛŚĂŝŶĞƐƉůĂŶŶŝŶŐ͘ĐŽ͘Ŷnj dZͲZϮͲZϵWƌŽǀŝĚĞĨŽƌŝŶĨƌŝŶŐĞŵĞŶƚƐ KƉƉŽƐĞŝŶ dŚĞƐƵďŵŝƐƐŝŽŶŝƐŽƉƉŽƐĞĚŝŶƉĂƌƚ͖ ĂƐĂƌĞƐƚƌŝĐƚĞĚĚŝƐĐƌĞƚŝŽŶĂƌLJĂĐƚŝǀŝƚLJ ƉĂƌƚ͘ ƐƵŝƚĂďŝůŝƚLJŽĨĂĐƚŝǀŝƚŝĞƐĂƐƌĞƐƚƌŝĐƚĞĚ ĂŶĚƉƌŽǀŝĚĞƐƵŝƚĂďůĞŵĂƚƚĞƌƐĨŽƌ ĚŝƐĐƌĞƚŝŽŶĂƌLJĂĐƚŝǀŝƚŝĞƐǁŝůůĚĞƉĞŶĚŽŶ ĚŝƐĐƌĞƚŝŽŶĂŶĚĂƐƐĞƐƐŵĞŶƚĐƌŝƚĞƌŝĂ͘ ƚŚĞŶĂƚƵƌĞŽĨŵĂƚƚĞƌƐŽĨĚŝƐĐƌĞƚŝŽŶĂŶĚ ŚĂŶŐĞƚŽZ͘ ĂƐƐĞƐƐŵĞŶƚĐƌŝƚĞƌŝĂƉƌŽƉŽƐĞĚ͘ ϭϰϮ ϭϴ WŽƌƚEŝŬĂƵdŚƌĞĞ:ŽŝŶƚ ďƌĞƚƚΛƌĞLJďƵƌŶĂŶĚďƌLJĂŶƚ͘ĐŽ͘Ŷnj dZͲZϭϱͲZϭϲĂŶĚƚŚĞĂƐƐŽĐŝĂƚĞĚ KƉƉŽƐĞ͘ dŚĞƐƵďŵŝƐƐŝŽŶǁŝůůŶŽƚƐƵƉƉŽƌƚƚŚĞ sĞŶƚƵƌĞ ŝŶĨŽƌŵĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐƵŶĚĞƌdZͲ ƐĂĨĞĂŶĚĞĨĨŝĐŝĞŶƚŽƉĞƌĂƚŝŽŶŽĨƚŚĞ Z YϭͲZ YϯƐŚŽƵůĚďĞĚĞůĞƚĞĚ͘ ƚƌĂŶƐƉŽƌƚƐLJƐƚĞŵ͘ ϭϰϮ ϭϵ WŽƌƚEŝŬĂƵdŚƌĞĞ:ŽŝŶƚ ďƌĞƚƚΛƌĞLJďƵƌŶĂŶĚďƌLJĂŶƚ͘ĐŽ͘Ŷnj dZͲZϭϳƐŚŽƵůĚďĞĚĞůĞƚĞĚ͘ ^ƵƉƉŽƌƚŝŶ dŚĞƐƵďŵŝƐƐŝŽŶĚŽĞƐŶŽƚĚĞƚĂŝůƚŚĞ sĞŶƚƵƌĞ ŽŶƐƚƌƵĐƚŝŽŶŽĨĂŶĞǁƉƵďůŝĐƌŽĂĚ ƉĂƌƚ͘ ƌĞůŝĞĨƐŽƵŐŚƚ͘dŚĞdƌĂŶƐƉŽƌƚŐĞŶĐLJ ƐŚŽƵůĚŶŽƚƌĞƐƵůƚŝŶĂĨƵůůĚŝƐĐƌĞƚŝŽŶĂƌLJ ƐƵƉƉŽƌƚƐĂƌĞƐƚƌŝĐƚĞĚĚŝƐĐƌĞƚŝŽŶĂƌLJ ĂĐƚŝǀŝƚLJƐƚĂƚƵƐ͘ ĂĐƚŝǀŝƚLJƐƚĂƚƵƐǁŝƚŚĂƉƉƌŽƉƌŝĂƚĞ ƌĞƐƚƌŝĐƚĞĚĚŝƐĐƌĞƚŝŽŶĂƌLJĂĐƚŝǀŝƚLJĐƌŝƚĞƌŝĂ ŝŶĐůƵĚŝŶŐƌĞĐŽŐŶŝƚŝŽŶŽĨƚŚĞKEZ ŚŝĞƌĂƌĐŚLJ͘ ϭϲϬ ϯϯ ϭϮϰdĂƵƌŽĂ^ƚƌĞĞƚ>ƚĚ ŵĂƌďƵƚŚŶŽƚΛďĞŶƚůĞLJ͘ĐŽ͘Ŷnj ŵĞŶĚƌƵůĞƐdZͲZϮƚŽZϭϰƚŽƉƌŽǀŝĚĞ ^ƵƉƉŽƌƚŝŶ dŚĞƐƵďŵŝƐƐŝŽŶŝƐƐƵƉƉŽƌƚĞĚŝŶƉĂƌƚ͖ƚŚĞ ĨŽƌĂƌĞƐƚƌŝĐƚĞĚĚŝƐĐƌĞƚŝŽŶĂƌLJĂĐƚŝǀŝƚLJ ƉĂƌƚ͘ ŵĂƚĞƌƐŽĨĚŝƐĐƌĞƚŝŽŶŶĞĞĚƚŽďĞ ĐŽŶƐĞŶƚƉƌŽĐĞƐƐĂƐĨŽůůŽǁƐ͗ĐƚŝǀŝƚLJ ƐƵĨĨŝĐŝĞŶƚůLJďƌŽĂĚƚŽĐĂƉƚƵƌĞĞĨĨĞĐƚƐŽŶ ^ƚĂƚƵƐǁŚĞŶĐŽŵƉůŝĂŶĐĞŶŽƚĂĐŚŝĞǀĞĚ͗ ƚŚĞƚƌĂŶƐƉŽƌƚƐLJƐƚĞŵ͘ ZDĂƚƚĞƌƐŽĨĚŝƐĐƌĞƚŝŽŶ͗ϭ͘dŚĞĞĨĨĞĐƚƐ ŽĨƚŚĞŝŶĨƌŝŶŐĞŵĞŶƚŽĨƚŚĞƌƵůĞ͘Ϯ͘ŶLJ ŽďũĞĐƚŝǀĞŽƌƉŽůŝĐLJƚŚĂƚŝƐƌĞůĞǀĂŶƚƚŽ ƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞŝŶĨƌŝŶŐĞŵĞŶƚ ƚŽƚŚĞƌƵůĞ͘ϯ͘ŶLJƐƉĞĐŝĂůŽƌƵŶƵƐƵĂů ĐŚĂƌĂĐƚĞƌŝƐƚŝĐŽĨƚŚĞƐŝƚĞǁŚŝĐŚŝƐ ƌĞůĞǀĂŶƚƚŽƚŚĞƌƵůĞ͘ϰ͘dŚĞĨƵŶĐƚŝŽŶĂů ĂŶĚŽƉĞƌĂƚŝŽŶŶĞĞĚƐŽĨƚŚĞĂĐƚŝǀŝƚLJ͘
ϯ EdƌĂŶƐƉŽƌƚŐĞŶĐLJ&ƵƌƚŚĞƌ^ƵďŵŝƐƐŝŽŶŽŶtŚĂŶŐĂƌĞŝhƌďĂŶWůĂŶŚĂŶŐĞƐ ϭϲϬ ϯϰ ϭϮϰdĂƵƌŽĂ^ƚƌĞĞƚ>ƚĚ ŵĂƌďƵƚŚŶŽƚΛďĞŶƚůĞLJ͘ĐŽ͘Ŷnj ŵĞŶĚZƵůĞdZͲZϭϱƚŽƉƌŽǀŝĚĞĂϭϬϬ KƉƉŽƐĞ͘ ĐƚŝǀŝƚŝĞƐǁŝƚŚϱϬнĐĂƌƉĂƌŬƐŚĂǀĞ ǀĞŚŝĐůĞƚŚƌĞƐŚŽůĚ͕ĂƐĨŽůůŽǁƐ͗ĐƚŝǀŝƚLJ ƉŽƚĞŶƚŝĂůƚŽŝŵƉĂĐƚƚŚĞƚƌĂŶƐƉŽƌƚ ^ƚĂƚƵƐ͗ZtŚĞƌĞ͗ϭ͘ŶLJĂĐƚŝǀŝƚLJ;Žƌ ƐLJƐƚĞŵ͘ ĂĐƚŝǀŝƚŝĞƐͿƚŚĂƚƌĞƋƵŝƌĞƐĂŶŝŶĐƌĞĂƐĞŽĨ ŵŽƌĞƚŚĂŶϭϬϬϱϬĐĂƌƉĂƌŬŝŶŐ͘ ϭϲϭ Ϯϯ ,ĞƌŽŶŽŶƐƚƌƵĐƚŝŽŶ ŵĂƌďƵƚŚŶŽƚΛďĞŶƚůĞLJ͘ĐŽ͘Ŷnj ŵĞŶĚZƵůĞdZͲZϭϱĂŶĚdZͲZϭϲ KƉƉŽƐĞ͘ ĐƚŝǀŝƚŝĞƐǁŝƚŚϱϬнĐĂƌƉĂƌŬƐ;ŝŶĂŶLJ ,ŽůĚŝŶŐƐ>ƚĚ ƐƵĐŚƚŚĂƚŝƚĚŽĞƐŶŽƚĂƉƉůLJƚŽƚŚĞ,/͘ njŽŶĞͿŚĂǀĞƉŽƚĞŶƚŝĂůƚŽŝŵƉĂĐƚƚŚĞ ƚƌĂŶƐƉŽƌƚƐLJƐƚĞŵ͘ ϮϬϮ ϭϰ &ŽŶƚĞƌƌĂ>ƚĚ ĚĞĂŶΛƉůĂŶnjĐŽŶƐƵůƚĂŶƚƐ͘ĐŽ͘Ŷnj dZͲWϭϭͲŵĞŶĚĂƐĨŽůůŽǁƐ͗ΗdŽ KƉƉŽƐĞ͘ dŚĞƐƵďŵŝƐƐŝŽŶǁŝůůŶŽƚƐƵƉƉŽƌƚƚŚĞ ƌĞƋƵŝƌĞďŝĐLJĐůĞƉĂƌŬŝŶŐƐƉĂĐĞƐĂŶĚ ƐĂĨĞĂŶĚĞĨĨŝĐŝĞŶƚŽƉĞƌĂƚŝŽŶŽĨƚŚĞ ĞŶĚͲŽĨƚƌŝƉĨĂĐŝůŝƚŝĞƐĨŽƌĂĐƚŝǀŝƚŝĞƐǁŝƚŚ ƚƌĂŶƐƉŽƌƚƐLJƐƚĞŵ͘ ŚŝŐŚŶƵŵďĞƌƐŽĨĞŵƉůŽLJĞĞƐ͕ƐƚƵĚĞŶƚƐ ŽƌƌĞƐŝĚĞŶƚƐŝŶůŽĐĂƚŝŽŶƐǁŝƚŚƐƵŝƚĂďůĞ ƉĂƐƐŝǀĞƚƌĂŶƐƉŽƌƚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘Η ϮϬϮ ϭϲ &ŽŶƚĞƌƌĂ>ƚĚ ĚĞĂŶΛƉůĂŶnjĐŽŶƐƵůƚĂŶƚƐ͘ĐŽ͘Ŷnj dZͲZϱͲŵĞŶĚĂƐĨŽůůŽǁƐ͗ŵĞŶĚĂƐ KƉƉŽƐĞ͘ dŚĞŝŶƚĞŶƚŽĨƚŚĞƉƌŽƉŽƐĞĚƌƵůĞŝƐ ĨŽůůŽǁƐ͗ΗtŚĞƌĞ͗͘͘͘ϯ͘dŚĞǀĞŚŝĐůĞ ĂĐŬŶŽǁůĞĚŐĞĚ͖ŚŽǁĞǀĞƌƚŚĞƉƌŽǀŝƐŝŽŶ ĐƌŽƐƐŝŶŐĨƌŽŶƚƐĂ^ƚĂƚĞ,ŝŐŚǁĂLJĂŶĚ ƌĞůŝĞƐŽŶĂƚŚŝƌĚƉĂƌƚLJĂƉƉƌŽǀĂů;E ƚŚĞǁƌŝƚƚĞŶĂƉƉƌŽǀĂůŽĨEdŚĂƐďĞĞŶ dƌĂŶƐƉŽƌƚŐĞŶĐLJͿĂŶĚƚŚŝƐŝƐŶŽƚ ŽďƚĂŝŶĞĚ͘ ĂƉƉƌŽƉƌŝĂƚĞĂƐĂƉĞƌŵŝƚƚĞĚĂĐƚŝǀŝƚLJ ƐƚĂŶĚĂƌĚ͘ ϮϬϲ tŚŽůĞŽĨ EŽƌƚŚůĂŶĚŝƐƚƌŝĐƚ,ĞĂůƚŚ :ĂĐƋƵĞůŝŶĞ͘ďĞůůΛŶŽƌƚŚůĂŶĚĚŚď͘ŽƌŐ͘Ŷnj tŚŽůĞƐƵďŵŝƐƐŝŽŶ͘WŽŝŶƚƐϭƚŽϯϭ͘ KƉƉŽƐĞ͘ dŚĞdƌĂŶƐƉŽƌƚŐĞŶĐLJĂĐŬŶŽǁůĞĚŐĞƐ ^ƵďŵŝƐƐŝŽŶ͘ ŽĂƌĚ ƚŚĞƐƚƌĂƚĞŐŝĐƌŽůĞŽĨƚŚĞŚŽƐƉŝƚĂůďƵƚ WŽŝŶƚƐϭƚŽ ĐŽŶƐŝĚĞƌƐƚƌĂŶƐƉŽƌƚŵĂƚƚĞƌƐƌĞƋƵŝƌĞ ϯϭ͘ ĨƵƌƚŚĞƌŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽĞŶƐƵƌĞƚŚĞƐĂĨĞ ĂŶĚĞĨĨŝĐŝĞŶƚŽƉĞƌĂƚŝŽŶŽĨƚŚĞƚƌĂŶƐƉŽƌƚ ƐLJƐƚĞŵ͘ ϮϬϳ ϴϳ WŽƉƵůĂƚŝŽŶ,ĞĂůƚŚhŶŝƚŽĨ Ŷŝů͘^ŚĞƚƚLJΛŶŽƌƚŚůĂŶĚĚŚď͘ŽƌŐ͘Ŷnj ŵĞŶĚdZͲWϭϭ͗dŽƌĞƋƵŝƌĞƐĂĨĞĂŶĚ ^ƵƉƉŽƌƚ͘ dŚĞƐƵďŵŝƐƐŝŽŶǁŝůůƐƵƉƉŽƌƚƚŚĞƐĂĨĞ ƚŚĞEŽƌƚŚůĂŶĚŝƐƚƌŝĐƚ ƐĞĐƵƌĞďŝĐLJĐůĞƉĂƌŬŝŶŐƐƉĂĐĞƐĂŶĚĞŶĚͲ ĂŶĚĞĨĨŝĐŝĞŶƚŽƉĞƌĂƚŝŽŶŽĨƚŚĞƚƌĂŶƐƉŽƌƚ ,ĞĂůƚŚŽĂƌĚ ŽĨͲƚƌŝƉĨĂĐŝůŝƚŝĞƐĨŽƌĂĐƚŝǀŝƚŝĞƐǁŝƚŚŚŝŐŚ ƐLJƐƚĞŵ͘ ŶƵŵďĞƌƐŽĨĞŵƉůŽLJĞĞƐ͕ƐƚƵĚĞŶƚƐŽƌ ƌĞƐŝĚĞŶƚƐ͘ Ϯϯϲ ϴϬĂŶĚϴϭ tWůĂŶŶŝŶŐĂŶĚ ĂůŝƐŽŶ͘ŐĞĚĚĞƐΛǁĚĐ͘ŐŽǀƚ͘Ŷnj ŵĞŶĚdZƉƉĞŶĚŝdžϭ ĂƐƐĞƚŽƵƚŝŶ KƉƉŽƐĞ͘ dŚĞƐƵďŵŝƐƐŝŽŶƐŵĂLJŶŽƚƐƵƉƉŽƌƚƚŚĞ ĞǀĞůŽƉŵĞŶƚ ƚŚĞĐŚĂƉƚĞƌŵĂƌŬĞĚǁŝƚŚƚƌĂĐŬĞĚ ƐĂĨĞĂŶĚĞĨĨŝĐŝĞŶƚŽƉĞƌĂƚŝŽŶŽĨƚŚĞ ĞƉĂƌƚŵĞŶƚ ĐŚĂŶŐĞƐĂŶĚĐŽŶƚĂŝŶĞĚŝŶƚƚĂĐŚŵĞŶƚϭ ƚƌĂŶƐƉŽƌƚƐLJƐƚĞŵ͘ ŽĨƚŚĞƐƵďŵŝƐƐŝŽŶ͘ ϮϰϮ ϭ t/ŶĨƌĂƐƚƌƵĐƚƵƌĞ'ƌŽƵƉ ŚĞĂƚŚĞƌ͘ŽƐďŽƌŶĞΛǁĚĐ͘ŐŽǀƚ͘Ŷnj dZͲZϮͲWƌŽǀŝĚĞĐůĂƌŝƚLJŝŶƌĞŐĂƌĚƐƚŽ ^ƵƉƉŽƌƚ͘ dŚĞƐƵďŵŝƐƐŝŽŶǁŝůůƐƵƉƉŽƌƚƚŚĞƐĂĨĞ ǁŚĞŶƚŚĞƌƵůĞĂƉƉůŝĞƐ͘WƌŽƉŽƐĞƚŚĂƚƚŚĞ ĂŶĚĞĨĨŝĐŝĞŶƚŽƉĞƌĂƚŝŽŶŽĨƚŚĞƚƌĂŶƐƉŽƌƚ ƌƵůĞŽŶůLJĂƉƉůŝĞƐĨŽƌŶĞǁĂĐƚŝǀŝƚŝĞƐŽƌ ƐLJƐƚĞŵ͘ ƐŝƚĞƌĞͲĚĞǀĞůŽƉŵĞŶƚ
ϰ EdƌĂŶƐƉŽƌƚŐĞŶĐLJ&ƵƌƚŚĞƌ^ƵďŵŝƐƐŝŽŶŽŶtŚĂŶŐĂƌĞŝhƌďĂŶWůĂŶŚĂŶŐĞƐ Hierarchy Maps. Brown and red classifications are also difficult to distinguish on the maps. 264 11 Northland Regional Council [email protected] Support the consideration of bus stops Support. The submission will support the safe and bus lanes in TRA‐REQ1. NRC and efficient operation of the transport encourages WDC to integrate measures system. into its transport network that supports efficient public transport, such as bus lanes, bus stops and park and ride facilities, particularly in Whangarei 264 12 Northland Regional Council [email protected] Amend TRA – REQ1 to require the Support. The submission will support the safe consideration of bus only light and efficient operation of the transport phasing at intersections with traffic system. lights. Promote "bus only light phasing" at intersections to enhance the operation of the Public Transport Network. Bus light phasing should be considered through Integrated Transport Assessments. 264 12 Northland Regional Council [email protected] Amend TRA – REQ1 to require the Support. The submission will support the safe consideration of bus only light phasing and efficient operation of the transport at intersections with traffic lights. system. 264 13 Northland Regional Council [email protected] Amend TRA‐P1 as follows: "TRA‐P1 – To Support. The submission will support the safe design, construct and maintain roads, and efficient operation of the transport cycleways, walkways, public transport, system. car parks and pedestrian access in a manner that: .....4. Is multi‐modal and accommodates a range of users where appropriate provides for the needs of all users, as appropriate for the surrounding environment and the function of the road within the transport network hierarchy." 264 14 Northland Regional Council [email protected] Amend TRA‐REQ1 (1)(d)(ii) as follows: Support. The submission will support the safe d. An assessment of... and efficient operation of the transport i... system. ii. The accessibility of the development for pedestrians and cyclists and how the design of the development will encourage walking and cycling, particularly to nearby destinations such
5 NZ Transport Agency Further Submission on Whangarei Urban Plan Changes
as reserves, other public spaces and commercial or community facilities 265 32 KiwiRail [email protected] Insert new provision as follows: Land Support. The submission will support the safe transport activities, facilities and and efficient operation of the transport operations including; the system. development, maintenance, repair and removal and minor upgrading are permitted activities where; […] 265 39 KiwiRail [email protected] Retain EARTH‐R1 with amendments as Support. The submission will support the safe follows: (1) The potential increased risk and efficient operation of the transport of instability based on the location, network. layout and design of the subdivision, including on existing infrastructure, including land transport systems.
6 NZ Transport Agency Further Submission on Whangarei Urban Plan Changes
Appendix C
District Growth and Development Chapter (DGD)
DGD-O7 – Onsite and Provide efficient and effective onsite and reticulated infrastructure in a Reticulated sustainable manner and co-ordinate new land use and development with Infrastructure the establishment or extension of infrastructure and services.
DGD-O8 – Cultural Ensure that growth and development takes into account Māori cultural Values values.
DGD-O9 – Land Use Maintain and enhance accessibility and safety for communities and and Transport Planning integrate land use and transport planning.
DGD-O10 – Hazards Minimise the risks and impacts of natural hazard events, including the influence of climate change, on people, property and infrastructure.
Policies
DGD-P1 – Range of To manage effects on character and amenity values by providing for a Zones range of zones with differing expectations.
DGD-P2 – Incompatible To manage the establishment and location of new activities and expansion Land Uses and Reverse of existing activities to avoid conflicts between incompatible land uses. Sensitivity DGD-P3 – Natural To avoid increasing the risk of natural hazards on people and property by: Hazards 1. Assessing the risk of coastal and flood hazards on subdivision, use and development over a 100-year timeframe. 2. Ensuring new subdivision, use and development does not increase the risk from coastal and flood hazards. 3. Ensuring measures to mitigate and adapt to the effects of climate change are provided for in development, growth and transport planning. 4. Avoiding the zoning of land for more intensive development within identified hazard prone areas. 5. Avoiding locating regionally significant and critical infrastructure within identified hazard zones unless there is a functional or operational need for its location. DGD-P4 – Amenity To ensure that the scale and nature of new land use activities are complementary to the anticipated level of amenity and the stated overview for the relevant zone.
DGD-P5 – Sustainable To avoid adverse effects on the sustainable provision of infrastructure by Infrastructure ensuring that all subdivision and land use is served by infrastructure and services that are appropriately designed, located and constructed.
DGD-P6 – Urban To avoid inappropriate urban expansion by: Expansion 1. Ensuring that urban development occurs: a. In a planned and coordinated manner.
Hearing Panel’s Recommendation Report Part 3 Attachment 1 Page 2
District Growth and Development Chapter (DGD)
3. Used predominately by local residents. 4. Where levels of development, facilities and management range from low to medium. 5. Featuring limited buildings and structures that support the use of the public space, such as barbeques and picnic facilities, playgrounds, skate parks, informal hard courts, shelters, toilet and changing facilities, and small-scale community buildings. 6. Where expected social interaction within the area is medium levels .
Objectives – Regionally Significant Infrastructure DGD-O13 – Regionally Significant Infrastructure is identified and protected. Identification and Protection
DGD-O14 – The benefits of Regionally Significant Infrastructure are recognised and Recognised Benefits provided for.
DGD-O15 – Adverse Avoid, remedy, mitigate or offset adverse effects arising from the Effects development, operation, maintenance, and upgrading of Regionally Significant Infrastructure.
Policies – Regionally Significant Infrastructure
DGD-P15 – Benefits of To recognise and provide for the social, economic and cultural benefits of Regionally Significant Regionally Significant Infrastructure by enabling its ongoing operation, Infrastructure maintenance, development, and upgrading where adverse effects can be avoided, remedied, mitigated or off-set (when offered or agreed to). DGD-P16 – New Allowing adverse effects from new network utilities and Regionally Regionally Significant Significant Infrastructure that have been avoided, remedied, mitigated or Infrastructure off-set (where offered or agreed to), while taking into account the following matters: 1. Benefits of the activity. 2. Any recognition within a national policy statement. 3. Constraints that limit the design and location of the activity. 4. Whether the proposal is a regionally significant infrastructure lifeline utility which meets the foreseeable needs of Northland. 5. The extent to which the adverse effects of the activity can be practicably reduced including any positive effects on the subject site or elsewhere (provided that the positive effects accrue to the community of interest and/or resource affected). 6. Any monitoring programme for identified significant adverse effects with uncertain outcomes which can be addressed by and adaptive management regime where the infrastructure assists in achieving efficient land use.
Hearing Panel’s Recommendation Report Part 3 Attachment 1 Page 5
District Growth and Development Chapter (DGD)
7. Whether the infrastructure proposal helps to achieve consolidated development and efficient use of land. 8. Ensuring damage to or loss of the relationship of iwi with ancestral sites, sites of significance, wāhi tapu, customary activities and/or taonga is avoided or otherwise agreed to by the affected iwi or hapū.
DGD-P17 – Managing To manage adverse effects from the operation, maintenance and upgrading Adverse Effects of of existing network utilities and Regionally Significant Infrastructure by: Existing Regionally Significant Infrastructure 1. Allowing adverse effects that are not significant while the maintenance or upgrading is being undertaken. 2. Requiring that any permanent adverse effects are the same or similar to the adverse effects that existed before the maintenance or upgrading was undertaken. 3. Taking into account the following matters: a. Benefits of the activity. b. Any recognition within a national policy statement. c. Constraints that limit the design and location of the activity. d. Whether the proposal is a regionally significant infrastructure lifeline utility which meets the foreseeable needs of Northland. e. The extent to which the adverse effects of the activity can be practicably reduced including any positive effects on the subject site or elsewhere (provided that the positive effects accrue to the community of interest and/or resource affected). f. Any monitoring programme for identified significant adverse effects with uncertain outcomes which can be addressed by and adaptive management regime where the infrastructure assists in achieving efficient land use. g. Whether the infrastructure proposal helps to achieve consolidated development and efficient use of land.
DGD-P18 – Airport To recognise and provide for Whangārei Airport as regionally significant Zone infrastructure by applying the Airport Zone in locations where there is a functional need to support airport operations.
DGD-P19 – Hospital To recognise the regionally significant nature of the Whangārei Hospital and Zone provide for the wide range of existing and future medical facilities and supported activities by applying the Hospital Zone in the locations of Whangārei Hospital and associated medical facilities.
Objectives – Rural Area
DGD-O16 – Productive Protect the long-term viability of the productive functions of rural land in a Functions manner that delivers economic benefit and sustains the environment.
Hearing Panel’s Recommendation Report Part 3 Attachment 1 Page 6
Transport (TRA)
11. Pedestrian and cycle connections to public roads from existing reserves and/or pedestrian accessways, especially where the connection will provide a significantly shorter distance. 12. Design of pedestrian and cycle connections to ensure ease of use, accessibility and safety. 13. In the Rural (Urban Expansion) Zone, the protection of land within the proposed allotments to allow access and linkages to adjacent allotments for future transport infrastructure. Notes: 1. Refer to Rules TRA-R14 – R15 for any Integrated Transport Assessment Requirements as part of a subdivision. 2. Acceptable means of compliance can be found in the Whangārei District Council Engineering Standards.
Integrated Transport Assessments
TRA-R14 Restricted Discretionary Integrated Transport Assessments
All Zones Activity Status: Restricted Discretionary except the An integrated transport assessment is required where: Hospital Zone (refer 1. The activity (or activities) requires an increase of more than 50 car parking spaces in to HOSZ- accordance with TRA Appendix 1. R18) 2. The subdivision is of an allotment that existed at [Operative Date] and the area of the parent allotment is equal to or larger than:
a. 1,000m2 within the Rural (Urban Expansion) Zone where any allotment will be connected to Council reticulated water, wastewater and stormwater services. b. 5,000m2 within the Medium Density Residential Zone. c. 1ha within the General Residential Zone or Rural Village Residential Zone. d. 4ha within the Low Density Residential Zone. e. 6ha within the Large Lot Residential Zone. Matters of discretion: 1. Effects on the sustainability, safety, efficiency, effectiveness and accessibility of the immediately adjacent transport network. 2. Required improvements, alterations or extensions to the immediately adjacent transport network to mitigate adverse effects (including at level crossings). 3. The need for pedestrian and cyclist connections to adjacent destinations. 4. Adverse effects on streetscape and amenity. 5. Recommendations and proposed mitigation measures of the Integrated Transport Assessment and any further information provided through the consent process . Compliance Standard: 1. TRA-R14.2 does not apply for any allotment where consent has previously been granted for the allotment under Rule TRA-R14.2.
Hearing Panel’s Recommendation Report 10 Attachment 1 Page 12
Transport (TRA)
Note: Applications shall comply with information requirement TRA-REQ1.
TRA-R15 Discretionary Integrated Transport Assessments
All Zones Activity Status: Discretionary except the An integrated transport assessment is required where: Hospital Zone (refer 1. The activity (or activities) requires an increase of more than 100 car parking spaces to HOSZ- in accordance with TRA Appendix 1. R19) 2. The subdivision is of an allotment that existed at [Operative Date] and the area of the parent allotment is equal to or larger than:
a. 1ha within the Medium Density Residential Zone. b. 2.5ha within the General Residential Zone or Rural Village Residential Zone. c. 8ha within the Low Density Residential Zone. Compliance Standard: 1. TRA-R15.2 does not apply for any allotment where consent has previously been granted for the allotment under Rule TRA-R15.2. Note: Applications shall comply with information requirement TRA-REQ2.
TRA-R16 Construction of Any New Public Road or Service Lane
TRA-R17 Any Major Roading Alteration to an Existing Public Road
All Zones Activity Status: Restricted Discretionary Matters of discretion: 1. The provision, design and construction of the road or service lane. 2. Effects on the sustainability, safety, efficiency, effectiveness and accessibility of the transport network. 3. Streetscape, urban design and amenity effects of the transport infrastructure. 4. Provision and encouragement of active and public modes of transport. 5. Integration with surrounding land uses and transport infrastructure. 6. Recommendations and proposed mitigation measures of the Integrated Transport Assessment and any further information provided through the consent process. Notes: 1. Any application shall comply with information requirement TRA-REQ3. 2. Acceptable means of compliance for the provision, design and construction of infrastructure is contained within the Whangārei District Council Engineering Standards.
Rule Requirements
Hearing Panel’s Recommendation Report 10 Attachment 1 Page 13
Transport (TRA)
TRA-REQ1 Information Requirement –Integrated Transport Assessments
1. Any application pursuant to TRA-R14 shall include an Integrated Transport Assessment prepared by a suitably qualified professional which shall include: a. A description of the site characteristics, existing development, existing traffic conditions and trip generation, immediately adjacent land uses, proposed activity and its intensity. b. An assessment of the features of the existing transport network, including the following (where relevant to the proposal): i. Existing access arrangements, on-site car parking and crossing locations. ii. Existing internal vehicle and pedestrian circulation. iii. Existing walking and cycling networks. iv. Existing public transport service routes and frequencies including bus stops and lanes. v. Hours of operation for non-residential activities. vi. The adjacent transport network road hierarchy and the safety of the transport network in the immediate vicinity including crash history if relevant. vii. The location and type of any existing level crossings in the locality. c. A description of the estimated number of trips which will be generated by each transport mode (public transport, walking, cycling and private vehicles, including heavy vehicles). d. An evaluation of the effects of the development on the immediately adjacent transport network, including: i. The impacts that any additional vehicle movements are likely to have on the capacity and operation of adjacent road and rail networks, including any intersections and level crossings. ii. For heavy vehicle trips per day, whether there are any effects from these trips on roading infrastructure. iii. Where the development will directly impact the railway corridor, a summary of consultation with the railway operator. e. Identification of any necessary mitigation measures that will be required to address any impacts on the transport network, including: i. Potential mitigation measures needed both within the proposed development and on the immediately adjacent transport network including any improvements, upgrades, alterations or extensions to the transport network (including at level crossings). ii. Any mitigation required to achieve convenient and safe operation of access points and loading areas for all users. iii. A summary of the Integrated Transport Assessment including key findings and implications that the development will have for transport including any proposed mitigation measures. Note: 1. For further guidance on Integrated Transport Assessments refer to Appendix A of New Zealand Transport Agency Research Report No.422, “Integrated Transport Assessment Guidelines”, Abley et al, November 2010.
TRA-REQ2 Information Requirement
1. Any application pursuant to TRA-R15 shall include an Integrated Transport Assessment prepared by a suitably qualified professional which shall include:
Hearing Panel’s Recommendation Report 10 Attachment 1 Page 14
Transport (TRA)
a. A description of the site characteristics, existing development, existing traffic conditions and trip generation, surrounding land uses, proposed activity and its intensity, and future development potential of the site. b. An assessment of the features of the existing transport network, including the following (where relevant to the proposal): i. Existing access arrangements, on-site car parking and crossing locations. ii. Existing internal vehicle and pedestrian circulation. iii. Existing walking and cycling networks. iv. Existing public transport service routes and frequencies including bus stops and lanes. v. Hours of operation for non-residential activities. vi. The adjacent transport network road hierarchy and the safety of the transport network in the vicinity including crash history if relevant. vii. The location and type of any existing level crossings in the locality. c. A description of the estimated number of trips which will be generated by each transport mode (public transport, walking, cycling and private vehicles, including heavy vehicles). d. An assessment of the suitability of the proposal for all users within the development and connecting to the adjacent transport network. This shall include assessments of: i. The accessibility of the development for public transport and how the design of the development will encourage public transport use by considering the attractiveness, safety, distance and suitability of the walking routes to the nearest bus stop. ii. The accessibility of the development for pedestrians and cyclists and how the design of the development will encourage walking and cycling, particularly to nearby destinations such as reserves, other public spaces and commercial or community facilities. iii. Any safety implications that may detract from walking or cycling to/from the development. iv. The accessibility of the development by private motor vehicles and the suitability of the proposed access and use of the site with respect to the safe, efficient and effective functioning of the transport network. e. An evaluation of the effects of the development on the surrounding transport network, including: i. Impacts on the operation of public transport infrastructure, and any vehicle and pedestrian/cyclist conflicts likely to arise from vehicle movements to and from the development. ii. The impacts that any additional vehicle movements are likely to have on the capacity and operation of adjacent road and rail networks, including any intersections and level crossings. iii. For heavy vehicle trips per day, whether there are any effects from these trips on roading infrastructure. iv. Where the development will directly impact the state highway, a summary of consultation with the New Zealand Transport Agency. v. The impacts of construction traffic where a development will require a significant amount of construction work. vi. Where the development will directly impact the railway corridor, a summary of consultation with the railway operator. f. An assessment of how the transport network will be designed to accommodate infrastructure and services, stormwater, lighting, landscaping and street trees. For larger scale non-residential developments this shall include consideration of underground electrical supply system for electric vehicle charging stations.
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Transport (TRA)
g. Identification of any necessary mitigation measures that will be required to address any impacts on the transport network, including: i. Potential mitigation measures needed both within the proposed development and on the transport network surrounding the development including any improvements, upgrades, alterations or extensions to the transport network (including at level crossings). ii. Any mitigation required to achieve convenient and safe operation of access points and loading areas for all users. iii. How the design and layout of the proposed activity maximises opportunities, to the extent practical, for travel other than by private car. iv. Where appropriate, the use of Crime Prevention Through Environmental Design principles and techniques to mitigate any safety issues for pedestrians or cyclists. v. A description of measures that will be put in place to mitigate against the effects of the construction process. vi. A summary of the Integrated Transport Assessment including key findings and implications that the development will have for transport including any proposed mitigation measures. h. An overview of the transport implications of existing land uses and any land use characteristics that affect the proposal, in the wider surrounding area, that will affect assessment of the proposal. This shall consider projected growth predictions and predicted annual average daily traffic. i. An assessment of the traffic volumes on the wider transport network serving the development and any intersections that will be affected by the proposal. Include consideration of the existing peak-hour congestion near the site, level of service, turning volumes, and comparisons between peak and interpeak conditions. j. A description of any proposed transport upgrades or changes within the vicinity of the proposed development such as known intersection or road upgrades, cycle infrastructure, parking restrictions or public transport upgrades or changes. If the proposed development is to be staged this description shall consider how the proposal will correspond with planned transport upgrades. k. An assessment of the proposal’s consistency with relevant strategic documents including the Blue/Green Network Strategy for Whangārei City, the Walking and Cycling Strategy and the Whangārei Transport Strategy. l. An assessment of the overall suitability of the site to accommodate the proposed activity and its transportation effects in a manner that is consistent with relevant District and Regional transport policies and objectives. Note: 1. For further guidance on Integrated Transport Assessments refer to Appendix A of New Zealand Transport Agency Research Report No.422, “Integrated Transport Assessment Guidelines”, Abley et al, November 2010.
TRA-REQ3 Information Requirement – New Roads and Major Roading Alterations to an Existing Public Road
1. Any application pursuant to TRA-R16 – R17 shall include a detailed assessment including the following: a. The details required under TRA-REQ2. b. A roading layout plan, including: i. The provision of landscaping and street trees. ii. The provision of on-street parking.
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Transport (TRA)
iii. The provision of street lighting and amenities (e.g. benches, bus shelters, etc.). iv. Geometric design. v. Drainage design. vi. Road marking and signage. vii. Traffic calming devices. viii. Utility service locations. ix. Sight distance plans. x. Clear distinction between public and private assets. c. Consideration of the sufficiency of space within the legal road reserve for proposed and potential future street trees, landscaping and/or underground and overhead services and structures. d. An assessment of traffic volumes and vehicle operating speeds. e. An assessment of how the road design is compatible with the character and amenity of the surrounding environment taking into account urban design and Crime Prevention Through Environmental Design principles.
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TRA – Appendix 1
Appendix 1A. Minimum On-site Car and Bicycle Parking Requirements Car parking and bicycle parking spaces shall be provided on-site in accordance with Table TRA 1 for sites outside of the car parking exemption area detailed in Appendix 1F.
Table TRA 1. Minimum on-site car and bicycle parking requirements Activity Required Car Parking Spaces Required Bicycle Parking Spaces Residential Activities Principal Residential Unit 1 per unit within the Medium Density Nil Residential Zone 1 per 1 bedroom unit in all other zones 2 per 2+ bedroom unit in all other zones
Minor Residential Unit 1 per unit Nil Multi-unit Development 1 per unit within the Medium Density Long stay: 1 per Residential Zone residential unit without a 1 per 1 bedroom unit in all other zones dedicated garage, for 2 per 2+ bedroom unit in all other zones developments of 20 or Plus 1 visitor car parking space for every 4 more residential units. residential units provided Short stay: 1 per 20 residential units.
Supported Residential Care 0.3 spaces per bed Long stay: 1 per employee
Retirement Village 1 space per individual retirement village unit Long stay: 1 per 15 Plus 0.3 visitor/staff spaces per individual employees retirement village unit and hospital bed
Commercial Activities Motor Vehicle Sales 1 per 20 vehicle display spaces, Long stay: 1 per 15 Plus 1 per additional 50m2 GFA employees
Trade Suppliers, 1 per 60m2 GFA, Garden Centres, Plus 1 per 100m2 of outdoor storage Marine Retail and Hire Premise Retail Grocery Store 1 space per 25m2 GFA Long stay: 1 per 15
2 employees Other Retail (less than 1 space per 30m GFA 2 600m2 GFA) Short stay: 1 per 400m GFA Other Retail (greater 1 space per 60m2 GFA than 600m2 GFA)
Food and Beverage Activity 1 space per 20m2 GFA and outdoor seating Long stay: 1 per 15 area employees Short stay: 1 per 350m2 GFA
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TRA – Appendix 1
Activity Required Car Parking Spaces Required Bicycle Parking Spaces Commercial Services and 1 space per 50m2 GFA Long stay: 1 per 15 Funeral Home employees Short stay: 1 per 400m2 GFA
Service Stations 1 space per 30m2 GFA for service station Long stay: 1 per 15 retail space employees
Visitor Accommodation 1 space per bedroom
Entertainment Facilities 1 per 5 persons the facility is designed to Long stay: 1 per 15 accommodate for facilities with a specified employees number of seats or occupants. For all other 2 Short-stay: 2 parks plus facilities, 5 spaces per 100m GFA 1 per 1,000m2 GFA
General Commercial 1 space per 50m2 GFA Long stay: 1 per 15 employees Industrial Activities
Repair and 4 per repair/lubrication bay, Long stay: 1 per 30 Maintenance Plus 1 per additional 50m2 GFA employees Services
Manufacturing 1 space per 100m2 GFA plus 1 space per Industrial 100m2 outdoor storage and display Storage activities Other industrial 1 per 50m2 GFA, or 0.7 per employee (where activities the number of staff is known), whichever results in requiring a lower amount of on-site parking
Activities within the Oil Refinery 1 permanent parking space per employee on- Nil Precinct (if activity not stated site at any time, provided that during periods above) of shut downs and maintenance when extra parking is required, this does not have to be permanently marked but must be provided on-site.
Activities within the Port Zone 0.75 parking spaces per employee engaging in port-related activities on-site at any time, provided that during periods of shut downs and maintenance when extra parking is required this does not have to be permanently marked but must be provided.
Activities within the Fonterra Nil Kauri Milk Processing Site
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TRA – Appendix 1
Activity Required Car Parking Spaces Required Bicycle Parking Spaces Community Activities
Place of Assembly 1 per 5 persons the facility is designed to Long stay: 1 per 15 accommodate for facilities with a specified employees number of seats or occupants. For all other Short-stay: 2 parks plus 2 facilities, 5 spaces per 100m GFA 1 per 1,000m2 GFA Recreation Facilities (excluding 15 spaces per hectare, or 0.2 per person the Short-stay: 3 parks plus public playgrounds) facility is designed to accommodate 3 per ha Public Playgrounds Nil Nil Emergency Services 1 per on-site employee Nil Care Centre 0.10 per child or other person, other than Long stay: 1 per 15 staff plus 0.5 per employee employees
Hospital 1 space per 2 beds plus 1 per 2 employees Long stay: 1 per 15 employees Primary and 1 space per 2 employees, plus: Long stay: 1 per 15 Secondary Schools 1 space per 25 students (to be allocated as employees, plus: visitor parking) plus one 99% car loading bay Short stay: 1 per 20 (or pick-up / drop-off bay) per 100 students students (primary) 1 space per 50 students (secondary) EducationalTertiary Facilities 1 space per 2 employees, plus 1 space per 8 Long stay: 1 per 15 Facilities students employees, plus: Short stay: 1 per 15 students Pre-school and 1 space per 10 children (to be allocated as Long stay: 1 per 5 Childcare Facility visitor parking), plus one 99% car loading bay employees (or pick-up / drop-off bay) per 100 children, plus 1 per 2 employees General Community 1 per 5 persons the facility is designed to Long stay: 1 per 15 accommodate for facilities with a specified employees number of seats or occupants. For all other 2 Short-stay: 2 parks plus facilities, 5 spaces per 100m GFA 1 per 1,000m2 GFA Rural Production Activities
Forestry 1 per 2 employees on-site Nil Other Rural Production Nil Activities
Other Mineral Extraction 4 per 5 employees on-site Nil Boat Sheds, Marinas, Moorings 0.5 per berth or craft to be accommodated Nil
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TRA – Appendix 1
Activity Required Car Parking Spaces Required Bicycle Parking Spaces Rural Centre Service Activity 1 space per 30m2 GFA Long stay: 1 per 10 employees Short stay: 1 per 300m2 GFA General Public Amenities Nil Nil Network Utilities
Compliance Standards: 1. Short stay bicycle parking space shall not be required in the City Centre Zone. 2. Where there are multiple activities on the site and each activity requires vehicle park ing, the total vehicle park ing shall be the combined total requirement for all activities (not including any reduction factor under Appendix 1E). 3. If any activity is not represented above the activity closest in nature to the new activity shall be used, or where there are two or more similar activities in the table above, the activity with the higher park ing rate shall apply. 4. Bicycle park ing spaces required under Table TRA 1 above shall provide adequate space to allow cyclists to manoeuvre and attach a bicycle to each stand or parking space. 5. Short stay bicycle parking spaces required under Table TRA 1 above shall: a. Be clearly visible or signposted. b. Located within 30m of public entrances to the activity. c. Consist of stands that are securely attached to an immovable object such as a wall or the ground. 6. Long stay bicycle parking spaces required under Table TRA 1 above shall be undercover, protected from inclement weather and secure from theft. Note: 1. Where park ing is provided, the Building Code requires parking spaces to be provided for people with disabilities and accessible routes from the park ing spaces to the associated activity or road. The dimensions and accessible route requirements are detailed in the New Zealand Building Code D1/AS1 New Zealand Standard for Design for Access and Mobility –Buildings and Associated Facilities (NZS 4121:2001).
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TRA – Appendix 1
Appendix 1B. Maximum On-site Car Parking in the City Centre Zone Any activity located in the City Centre Zone shall provide no more on-site car parking spaces than those specified in Table TRA 2. Table TRA 2. Maximum on-site car parking in the City Centre Zone Activity Maximum Car Parking Spaces Residential Unit Maximum: 1 per unit
Visitor Accommodation Maximum: 1 per 2 units Commercial Services Maximum: 1 per 50m2 GFA
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TRA – Appendix 1
Appendix 1C. Minimum On-site Loading Space Requirements Loading spaces shall be provided on-site in accordance with Table TRA 3 for sites outside of the car parking exemption area detailed in Appendix 1F.
Table TRA 3. Minimum on-site loading space requirements Activity Class GFA Threshold Loading Space Requirement Industrial and Up to 300m2 Nil Retail Activities Greater than 300m2 up to 5,000m2 1 (goods handling Greater than 5,000m2 up to 10,000m2 2 activities) Greater than 10,000m2 3 spaces plus 1 space for every additional 10,000m2 Commercial Up to 2,000m2 Nil Services, Visitor Greater than 2,000m2 up to 20,000m2 1 Accommodation, 2 Hospitals and Greater than 20,000m up to 2 2 Other Activities 50,000m not included Greater than 50,000m2 3 spaces plus 1 space for every above additional 25,000m2
Compliance Standards: 1. Where there are multiple activities on the site and each activity requires loading spaces, the total loading spaces shall be the combined total requirement for all activities. 2. The minimum dimensions of loading spaces shall be: a. For industrial activities – 11m long and 3.5m wide. b. For any loading spaces designed to accommodate articulated vehicles – 18m long and 3.5m wide. c. For all other activities – 9m long and 3.5m wide.
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TRA – Appendix 1
Appendix 1D. Minimum End-of Trip Facilities Requirements Where long stay bicycle parking spaces are provided, end-of-trip facilities shall be provided on-site in accordance with Table TRA 4, except for residential activities.
Table TRA 4. Minimum on-site end-of-trip facilities requirements Number of Long Stay Bicycle Minimum Number of Showers Minimum Number of Parking Spaces On-Site Changing Rooms 5 – 50 2 51 – 100 4 2 Every additional 100 spaces 2 additional
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TRA – Appendix 1
Appendix 1E. Minimum On-site Car Parking Reduction Factors Any activity which meets any of the reduction factors detailed in Table TRA 5 is permitted to reduce the required on-site car parking spaces accordingly.
Table TRA 5. Minimum on-site car parking reduction factors Permitted Minimum Parking Requirement Parking Reduction Factor Reduction Located within a 400m walk of a public 0 to 50m: up to 10% reduction per transport stop transport stop with a frequency of at least 30 51m to 200m: up to 6% reduction per transport minutes on weekdays between 07:00 and stop 18:00 1 201m to 400m: up to 2% reduction per transport stop Up to a maximum of 20% if in proximity to multiple transport stops
Located within a 400m walk from a car parking 0 to 50m: up to 10% reduction 2 lot containing at least 50 car parking spaces 51m to 200m: up to 6% reduction that are available for use by the public 201m to 400m: up to 2% reduction
Developments that contain a mix of both Up to 5% reduction 3 residential activities and activities where people are employed on-site
Bicycle parking spaces are provided on-site 1 less car parking space per 5 bicycle parking beyond the requirements under Rule TRA-R2 spaces provided, up to a total of 2 less car 4 and the site is located within 1.2km of a parking spaces designated cycle route
Compliance Standard: 1. Where an activity meets multiple parking reduction factors, the minimum parking reduction bonuses may be added together up to a total reduction of 30%.
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TRA – Appendix 1
Appendix 1F. Car Parking and Loading Space Exemption Areas Any activity located solely within the shaded area shown in Figure TRA 2 is exempt from providing the minimum car parking and loading spaces required in Appendix 1A and 1C.
Figure TRA 2. Car parking and loading space exemption area
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TRA – Appendix 1
Appendix 1G. Minimum Car Parking Space Dimensions
Any car parking space shall comply with the minimum dimensions in Figures TRA 3 and TRA 4:
Figure TRA 3. Minimum car parking space dimensions (in metres) for angled parking spaces
User Aisle Class A B C1 C2 C3 Width {Note 1) 1,1A 2.1 4.2 4.4 4.1 4.5 3.1 2 2.3 4.6 4.4 4.1 4.7 3.0 3 2.5 5.0 4.4 4.1 4.9 2.9 3A 2.5 5.0 4.4 4.1 4.9 3.45 (a) Bays at 30o
User Aisle A B Class C1 C2 C3 Width (Note 1,1A 2.4 3.4 5.2 4.8 5.5 3.9 2 2.5 3.5 5.2 4.8 5.6 3.7 3 2.6 3.7 5.2 4.8 5.7 3.5 (b) Bays at 45o 3A 2.6 3.7 5.2 4.8 5.7 4.2
User Aisle Class A B C1 C2 C3 Width (Note 1,1A 2.4 2.75 5.7 5.1 5.9 4.9 2 2.5 2.90 5.7 5.1 6.0 4.6 3 2.6 3.00 5.7 5.1 6.0 4.3 3A 2.6 3.0 5.7 5.1 6.0 5.1
o User (c) Boys at 60 Aisle Class A B C1 C2 C3 Width (Note 1 2.4 2.4 5.4 4.8 5.4 6.2 1A 2.4 2.4 5.4 4.8 5.4 5.8 2 2.5 2.5 5.4 4.8 5.4 5.8 3 2.6 2.6 5.4 4.8 5.4 5.8 3A 2.6 2.6 5.4 4.8 5.4 6.6 (d) Bays at 90o 3A 2.7 2.7 5.4 4.8 5.4 6.2
Note: 1. Park ing space dimensions will vary for mobility car park spaces and electric vehicle charging station park ing spaces. Compliance Standards: 1. Dimension C is selected as follows: C1 - Where park ing is to a wall or high k erb not allowing any overhang. C2 - Where park ing is to a low kerb which allows 600mm overhang. C3 - Where park ing is controlled by wheel stops installed at right angles to the direction of park ing, or where the ends of park ing spaces form a saw tooth pattern. 2. Classifications of off-street car park ing facilities are as follows (the two Class 3A options given for 90o park ing are alternatives of equal standing): Hearing Panel’s Recommendation Report 10 Attachment 1 Page 27
TRA – Appendix 1
User Required Door Required Aisle Width Examples of Uses Class Opening
1 Front door, first Minimum for single manoeuvre entry Employee and commuter parking stop and exit (generally, all-day-parking) 1A Front door, first Three-point turn entry and exit into Residential, domestic and employee stop 90o parking spaces only. Otherwise parking as for User Class 1 2 Full opening, all Minimum for single manoeuvre entry Long-term city and town centre parking, doors and exit sports facilities, entertainment centres, hotels, motels, airport visitors (generally medium-term parking)
3 Full opening, all Minimum for single manoeuvre entry Short-term city and town centre doors and exit parking, parking stations, hospitals and medical centres 3A Full opening, all Additional allowance above Short term, high turnover parking at doors minimum single manoeuvre width to shopping centres facilitate entry and exit
Figure TRA 4. Minimum car parking space dimensions (in metres) for parallel parking spaces
Aisle width Space Space Space length (one-way), length, L length unobstructed W obstructed end spaces Lu 3.0 6.3 6.6 5.0 3.3 6.1 6.4 5.0 3.6 5.9 6.2 5.0
Compliance Standards: 1. Spaces shall be located at least 300mm clear of obstructions higher than 150mm such as walls, fences and columns. 2. Where the opposite side of the aisle is bounded by obstructions higher than 150mm, Dimension W shall be increased by at least 0.3m.
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TRA – Appendix 1
3. If a single space is obstructed at both ends, a further 0.3m shall be added to dimensions in this column. 4. Where the aisle is two-way, but park ing is on one side only, its width shall be increased by 3.0m minimum. 5. Where parallel park ing is provided on both sides of a two-way aisle, the aisle widths shown shall be provided on each side of the aisle centre line. 6. For parallel park ing on both sides of a one-way aisle the aisle width shall be at least twice that shown.
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