Heartland announces 1H2025 results

Note: All figures in NZD unless otherwise stated. Endnotes are located at the end of this announcement.
Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info
NZX/ASX release
27 February 2025

Heartland announces 1H2025 results

Heartland Group Holdings Limited (Heartland) (NZX/ASX: HGH) has announced a net profit after tax
(NPAT) of $3.6 million for the six-month period ended 31 December 2024 (1H2025). On an
underlying basis
1
, 1H2025 NPAT was $10.7 million.

Heartland’s reduced 1H2025 NPAT reflects an increase in net operating income (NOI) (up $12.0
million or 8.4% on the six month period ended 31 December 2023 (1H2024) to $155.1 million),
supported by strong performance by the Australian bank, Heartland Bank Australia Limited
(Heartland Bank Australia), offset by active derisking and repositioning of some of the New Zealand
bank, Heartland Bank Limited’s (Heartland Bank), non-performing loans (NPL) which contributed to
a significantly higher impairment expense. The result was also impacted by an increase in operating
expense (OPEX), up $31.6 million (47.5%) in 1H2025. However, this includes a $11.4 million uplift
related to the regulatory and operational requirements of the Australian business becoming an
authorised deposit-taking institution (ADI), $2.8 million in additional depreciation and amortisation
primarily related to Heartland Bank’s core banking system upgrade and $7.7 million related to one-
off expenses.
2


Overview
‒ Strong Reverse Mortgage growth continued in both countries, with Receivables
3
up 15.3%
4
in
New Zealand and 15.0%
5
in Australia. The Australian Reverse Mortgage business achieved
record new business in 1H2025 of $193 million, up 4.1% from 1H2024.
‒ Livestock market confidence returning in Australia, flowing through to increased application
volumes and livestock purchases in Heartland Bank Australia’s Livestock Finance business.
‒ Heartland Bank Australia’s transition to becoming funded primarily by deposits was
substantially progressed in 1H2025, with deposits now making up 60% of funding, and having a
positive effect on net interest margin (NIM). When NIM is adjusted for the impact of the ADI
acquisition (rebase NIM), the exit rebase NIM for 1H2024 was 2.64%, up 49 basis points (bps) to
3.13% by 1H2025.
‒ Heartland Bank’s NIM has remained stable in 1H2025, but is expected to expand in the six
month period ending 30 June 2025 (2H2025), with the exit NIM for the financial year ending 30
June 2025 (FY2025) expected to be above 4.00%.
‒ Heightened focus on simplification within Heartland Bank, with clear realisation strategies in
place for Non-Strategic Assets (NSAs).
‒ OPEX is at peak investment and expected to moderate by the end of FY2025.
‒ Heartland remains well capitalised with strong liquidity and no changes to credit ratings.
‒ Interim dividend of 2.0 cps.


NPAT NIM
6

CTI (cost-to-income)
ratio

Receivables
Reported

$3.6m
 90.4%
on 1H2024
3.41%
 26 bps
on 1H2024
63.2%
 1676 bps
on 1H2024

$7.1b
 3.9%
4

on 1H2024
Underlying
1

$10.7m
 79.8%
on 1H2024
3.41%
 26 bps
on 1H2024
57.6%
 1390 bps
on 1H2024

10.9%
CAGR
1H2021-1H2025
7

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 2
NZ banking

The New Zealand bank, Heartland Bank, is focused on achieving sustainable and profitable growth in
its core lending portfolios of Reverse Mortgages, Rural Lending, Motor Finance and Asset Finance as
it rationalises all other lending against meeting return on equity (ROE) thresholds.

This includes continuing its shift away from unsecured lending and large relationship lending. The
remaining Harmoney Corp Limited (Harmoney) portfolio (New Zealand and Australia) was sold in
1H2025.

Lending portfolio performance
Heartland Bank’s primary business of Reverse Mortgages had strong performance in 1H2025.
Receivables were up $82 million (15.3%)
4
from 30 June 2024 to $1.2 billion as at 31 December 2024,
as Heartland Bank continued to support older New Zealanders to live a more comfortable retirement
through access to the equity in their home.

Heartland Bank’s Rural Lending portfolios performed better than anticipated in 1H2025, despite
usual seasonal contractions. Rural Lending Receivables were down $42 million (11.7%)
4
from 30 June
2024 to $668 million as at 31 December 2024. This includes Rural Relationship, Rural Direct and
Livestock Finance.

Within the Livestock Finance portfolio, new intermediary distribution partnerships onboarded in the
six month period to 30 June 2024 (2H2024) mitigated seasonal contraction in the book, amidst the
backdrop of a market where sheep numbers in New Zealand continued to fall.
8
The New Zealand
Farmgate Milk Price outlook for the 2025 calendar year is positive as global demand increases. This is
expected to flow through to growth in Heartland Bank’s Livestock Finance portfolio in 2H2025.

Motor Finance Receivables were down $32 million (3.9%) from 30 June 2024 to $1.6 billion as at 31
December 2024. However, growth through Heartland Bank’s direct channels was up 20.1% from 30
June 2024, driven by an increase in marketing activity and Heartland Bank’s partnership with Tesla as
one of two preferred finance providers.

Challenging economic conditions impacted growth in Heartland Bank’s other lending portfolios. See
pages 26 and 27 of the accompanying FY2025 Investor Presentation (IP).

NIM

1H2024 2H2024 1H2025 1H2025 exit FY2025 exit
expectation
NZ banking 3.81% 3.74% 3.78% 3.89% >4.00%

Heartland Bank’s NIM was 3.78%, down just 3 bps from 1H2024. The declining interest rate
environment in New Zealand, and subdued credit demand, has triggered significant pricing
competition in the market through 1H2025.

NIM remains forecast to exit FY2025
9
at greater than 4%. This will be driven by:
‒ continued underlying NIM improvement in fixed rate portfolios, primarily in Motor Finance and
Asset Finance as customers with lower margin loans repay
‒ a focus on sustainable lending growth in Heartland Bank’s Reverse Mortgage, Rural and Motor
Finance portfolios, combined with active management of NSAs
‒ further cost of funds benefits from a reducing interest rate environment.

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 3
Asset quality
In response to the impact of ongoing deterioration in economic conditions in New Zealand, and to
derisk and reposition some of its lending portfolios, Heartland Bank increased its impairment
expense to $49.6 million (up from $23.9 million in 1H2024). Although this is a substantial increase, it
will significantly derisk and reposition the affected lending portfolios, and is in the long-term
interests of the business, its customers and Heartland’s shareholders.

Details of this impairment expense are outlined within Heartland’s announcement dated 18
February 2025. The announcement also includes details of enhancements to Heartland Bank’s Motor
Finance collections, recoveries and write-offs strategies, and changes underway to strengthen the
NPL management of Heartland Bank’s older Business Relationship and older Rural Relationship
portfolios.

Despite New Zealand’s particularly challenging recessionary environment, the credit quality of
Heartland Bank’s Reverse Mortgage and Rural Lending portfolios is strong (refer to pages 23 and 24
of the IP). In Reverse Mortgages, the weighted average current loan-to-value (LVR) is 24.6%
10
and
only 0.2% of loans have an LVR over 75%. In Rural Lending, of the 6.8% Rural Lending NPL ratio, just
0.5% is attributable to loans originated post-2020 (when Heartland Bank updated its lending
standards to move away from larger Rural Relationship lending). For Motor Finance NPLs, lending
originated post-2020 is performing better than loans originated prior to and inclusive of 2020, with a
loss rate
11
of 2.7%, compared to 10.8% for loans originated prior to and inclusive of 2020.

Costs
Heartland Bank’s OPEX was $63.1 million, up $10.9 million or 21.0% from 1H2024 (underlying OPEX
was $62.1 million, up $10.5 million or 20.4%, from 1H2024). Increased costs were the result of:
‒ $3.4 million related to the reallocation of staff support functions from Heartland to Heartland
Bank as required for post-ADI acquisition regulatory requirements
‒ $2.1 million related to the capitalisation of staff costs for Heartland Bank’s core banking system
upgrade and lower discretionary payments to staff in the financial year ended 30 June 2024
‒ a $2.1 million investment in capability and capacity in key areas including within Collections,
Finance and Technology
‒ amortisation of $2.8 million for Heartland Bank’s core banking system upgrade which began in
July 2024 (this will add approximately $5.4 million of non-cash operating expenditure per
annum over a seven-year period).

As a result, and exacerbated by net interest income remaining flat on 1H2024 (up $0.1 million on
1H2024 to $105.6 million in 1H2025), Heartland Bank’s CTI ratio was 54.9% (the underlying CTI ratio
was 53.2%).

An additional $3.0 million of OPEX is expected to be incurred in 2H2025. This includes recruitment
costs in relation to expansion in Heartland Bank’s credit and collections functions in 1H2025 to more
effectively manage arrears moving forward, and implementation costs related to enhanced fraud
management tools to meet industry-wide anti-scam commitments. This critical expenditure will
contribute to an elevated CTI ratio for FY2025.

AU banking

Following the acquisition of the ADI and subsequent integration of Heartland’s existing Australian
businesses into the ADI, what is now Heartland Bank Australia is a substantially different business in
1H2025 than it was in 1H2024.

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 4
This makes comparability with the prior corresponding period difficult. This is detailed below.

Lending portfolio performance
Heartland Bank Australia’s Reverse Mortgages portfolio experienced strong growth in 1H2025 with
Receivables up $138 million (15.0%)
5
from 30 June 2024 to $2.0 billion as at 31 December 2024
despite heightened competition in the equity release market. The portfolio achieved record new
business in 1H2025 of $193 million, up 4.1%
12
from 30 June 2024.

Through a concerted effort to improve process efficiencies, Heartland Bank Australia saw a 74%
reduction in Reverse Mortgage application turnaround times, enabling capacity for growth and
improved customer satisfaction. This has been supported by the strength of Heartland Bank
Australia’s partnerships and broker network which have contributed significantly to new business
volumes in 1H2025. Momentum has continued into 2H2025 – January 2025 was a record month for
new customer loans and further drawdowns.

Increased confidence has returned to the Australian livestock market as seasonal conditions have
improved. Key market indicators are trending upwards and global demand for Australian beef has
increased (driven by a weakened Australian dollar, and a herd rebuild taking place in the USA and
commencing in South America).

Heartland Bank Australia’s Livestock Finance business, StockCo, has seen good application volumes
and livestock purchases as a result. Receivables were relatively flat, down just $1 million (1.0%)
5

from 30 June 2024 to $272 million as at 31 December 2024. In the second quarter of FY2025,
StockCo saw the largest volume of livestock purchases per head since the second quarter of the
financial year ended 30 June 2022. The increased application volumes experienced in November and
December 2024 are expected to continue and have been enabled by operational improvements,
including the way in which Livestock Finance applications are processed.

NIM

1H2024
(rebase)
2H2024 1H2025 1H2025 exit FY2025 exit
expectation
AU banking 2.40% 2.52% 2.75% 3.13% > 3.60%

Heartland Bank Australia’s 1H2025 NIM was 2.75%, down 37 bps from 1H2024. This was due
primarily to the inclusion of liquid assets from the ADI, which earn a lower yield than receivables,
following acquisition completion in May 2024. On a comparable basis, NIM was up 35 bps from the
1H2024 rebase NIM of 2.40%.

NIM expansion is expected to accelerate in 2H2025, with FY2025 exit NIM expected to be greater
than 3.60%.

NIM expansion in 1H2025 was driven by Heartland Bank Australia’s transition from its sole reliance
on wholesale funding to a mix of predominantly deposits supported by wholesale funding, growth in
receivables and deposit spread management. The transition to being funded primarily by deposits is
very well progressed with deposits now making up 60% of funding, expected to be above 80% by the
end of FY2025.

The funding mix transition continues to have a positive effect on Heartland Bank Australia’s cost of
funds. As at 31 December 2024, Heartland Bank Australia’s cost of funds was 5.75% (compared with
6.50% as at 31 December 2023), 75 bps lower than pre-ADI acquisition levels.

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 5
Heartland Bank Australia is further diversifying its funding mix with the recent launch of a new
savings account, MySavings, on 1 February 2025. MySavings is an online call account designed to
help Australians maximise their savings in a way that is simple and easy, without conditions to
achieve the advertised interest rate. Heartland Bank Australia is also broadening its deposit
distribution model through new intermediary partnerships.

Asset quality
Asset quality for Heartland Bank Australia remains strong. For Australian Reverse Mortgages, the
weighted average current LVR is 24.0%
10
and only one loan has an LVR over 75%.

In a difficult operating environment, Heartland Bank Australia has improved asset quality,
particularly in its Livestock Finance business where NPLs have seen a reduction from $70.5 million or
3.26% (as at 30 June 2024) to $40.4 million or 1.77% (as at 31 December 2024), without any write-
offs occurring, demonstrating the resilience of the market and Heartland Bank Australia’s customers.

Heartland Bank Australia continued to work proactively with Livestock Finance customers during
difficult trading conditions. Through active management, Livestock Finance NPLs reduced materially,
down 57.3% from 1H2024. The impairment expense ratio was up 5 bps from 2H2024 due to a $0.8
million provision for a large Livestock Finance customer exposure.

The sale of the Harmoney Australia personal loans book resulted in a provision release of $0.2
million and simplification of the balance sheet.

Costs
Heartland Bank Australia’s OPEX was $26.6 million, up $12.4 million or 87.2% from 1H2024
(underlying OPEX was $25.5 million, up $11.4 million or 80.5%, from 1H2024). $7.2 million of the
increased costs related to the cost base of the ADI on acquisition. Costs have increased $4.2 million
since acquisition of the ADI, reflecting investment to uplift Heartland’s businesses which were
transferred to the ADI and are now under prudential regulation, and renewal costs related to the
core banking system.

Costs are expected to remain stable in 2H2025. Heartland Bank Australia now expects its FY2025
underlying CTI ratio to be approximately 51%.

While Heartland Bank Australia is investing for sustainable and profitable growth, expense discipline
remains a priority. As part of its post-ADI acquisition simplification activity, Heartland Bank Australia
is winding down unnecessary legal entities within its structure. This will avoid duplication of costs
and complexity of operations and regulatory oversight.

Group strategy
Heartland’s fundamental purpose is to maximise shareholder value. This means ensuring capital is
allocated to the parts of the business that generate strong returns, measured by ROE.

Across its two banks, the core specialist banking products are Deposits, Reverse Mortgages and Rural
Lending, with the addition of Motor Finance for the New Zealand bank. See page 8 of the
accompanying 1H2025 IP for more detail. With a clear focus on specialist banking products,
Heartland has an opportunity to enable better lives for New Zealanders and Australians.

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 6
Non-Strategic Assets (NSAs)
The reallocation of capital from NSAs, will contribute to the simplification of the business, enabling
capital to be deployed into value accretive activity. The majority of these NSAs are New Zealand
assets which Heartland Bank has accumulated overtime to its current state of maturity, and are no
longer a strategic fit for the organisation. Heartland Bank now has in place clear realisation
strategies for its pool of NSAs. Through realisation of these NSAs, underlying capital can be
redeployed to support Heartland Bank’s growth ambitions in its specialist core banking portfolios.

See pages 9 and 10 of the 1H2025 IP for more information about the NSAs and realisation strategies.

Outlook

Interim dividend
Acknowledging the support of its shareholders and its strong capital settings, and despite a
challenging operating environment, Heartland has declared a 1H2025 interim dividend of 2.0 cps,
down 2.0 cps on 1H2024. Heartland’s interim dividend yield of 7.9%
13
compares with 11.9%
14
in
1H2024.

Having regard to Heartland’s next stage of growth, the Board continues to expect to target a total
dividend payout ratio of at least 50% of underlying NPAT in FY2025. The Board will, as it has
historically, actively manage dividend settings and carefully consider the declaration of any dividends
based on Heartland’s capital needs, ROE accretive growth opportunities, balance sheet flexibility and
financial performance.

The interim dividend will be paid on Friday 21 March 2025 (Payment Date) to shareholders on the
company’s register as at 5.00pm NZDT on Friday 7 March 2025 (Record Date) and will be fully
imputed.

Heartland has a Dividend Reinvestment Plan (DRP), giving eligible shareholders the opportunity to
reinvest some or all of their dividend payments into new ordinary shares. The DRP will apply to the
final dividend with no discount.
15
The DRP offer document and participation form is available on
Heartland’s website at heartlandgroup.info/investor-information/dividends.
FY2025 outlook
NZ banking
Heartland Bank’s priorities are sustainable and profitable growth within its core lending portfolios
(accompanied by a continued focus on NIM expansion – with FY2025 exit NIM expected to be
greater than 4%), uplifting the quality of its Motor Finance and business lending portfolios through
simplification and uplifting credit risk management, and identifying efficiency through digitalisation
and automation to manage costs.

This includes identifying opportunities to address unique banking needs of New Zealanders within its
areas of specialty, such as Reverse Mortgages. Heartland Bank is launching a new product designed
to allow people to access the equity in their home to enable the purchase of a retirement village
property. The new Village Access Loan product is being piloted with a premier provider of aged care
living solutions.

New Zealand economic conditions are expected to remain challenging in 2H2025. In particular,
Heartland Bank expects trading conditions within the forestry, transport, agriculture contractor and
construction sectors to remain challenging. While continuation of strong growth in Reverse

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 7
Mortgages is anticipated, moderated growth is expected in other core lending portfolios as the
economy recovers.

As advised in Heartland’s 18 February 2025 announcement, if conditions deteriorate further than
what is currently anticipated and provisioned within Heartland Bank’s lending portfolios, then
additional losses could result in 2H2025, of up to $8 million in write-offs (in addition to what is
considered business as usual) and up to $5 million in specific provisions.

AU banking
Australian economic conditions are varied and expected to pick up in 2H2025. Through its focus on
business growth, service excellence and distribution diversification, Heartland Bank Australia is well
positioned for sustainable and profitable growth through FY2025 and beyond.

Confidence is improving for farmers, driven primarily by price improvement in both beef and lamb.
Heartland Bank Australia has seen positive signs of growth for StockCo continuing in January and
February 2025, with a good pipeline of growth for the remainder of FY2025. The focus for the
StockCo business in 2H2025 is on building brand awareness through key industry partnerships and
new product innovation. Heartland Bank Australia also launched a new targeted Feedlot Finance
product to test a potential opportunity in the market, and is partnering with Auctions Plus to provide
livestock finance at the point of sale on the Auctions Plus platform.

Demand for Reverse Mortgages continues to be robust, driven through higher cost of living
pressures, an ageing population and increased value in residential homes. Competition is
intensifying with non-banks and fintech innovators expanding in the market. Heartland Bank
Australia is continuing to refine and further improve its Reverse Mortgage operational processes to
remain competitive while continuing to offer a premium product.

Margin benefits are expected by the end of FY2025 as Heartland Bank Australia’s funding transition
nears completion (expected to be greater than 80% deposit funding by the end of FY2025), with a
more diversified deposit distribution model in place.
FY2025 guidance
Heartland expects underlying NPAT for FY2025 to be at least $45 million. 2H2025 one-offs are
expected to include fair value changes on equity investments held and any other one-off non-
recurring expenses that arise. Heartland expects the difference between reported and underlying
FY2025 NPAT to reduce in 2H2025.
FY2028 ambitions
Heartland recognises the need to meet its FY2028 ambitions and remains confident in doing so
despite near term financial impacts. At its FY2025 results announcement, Heartland will provide a
detailed overview of the plans underway to meet these ambitions.

– ENDS –

The persons who authorised this announcement:
Andrew Dixson, Chief Executive Officer

For further information and media enquiries, please contact:
Nicola Foley, Head of Communications & Investor Relations
+64 27 345 6809, nicola.foley@heartland.co.nz
Level 3, Heartland House, 35 Teed Street, Newmarket, Auckland, New Zealand

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 8
About Heartland
Heartland is a financial services group with operations in Australia and New Zealand. Heartland has a
long history with roots stretching back to 1875 and is listed on the New Zealand and Australian stock
exchanges (NZX/ASX: HGH).

Heartland’s New Zealand business, Heartland Bank, provides customers with savings and deposit
products, reverse mortgages, online home loans, business loans, car loans and rural loans. In
Australia, Heartland Bank Australia offers competitive term deposits, is Australia's leading provider
of reverse mortgages and provides specialist livestock finance through the StockCo brand.

Heartland’s point of differentiation is its ‘best or only’ strategy – where it focuses on providing
products which are the best or only of their kind through scalable digital platforms. Heartland is
committed to delivering financial solutions through speed and simplicity, particularly via digital
platforms which reduce the cost of onboarding and make it easier for customers to open accounts or
apply for funds when they need it.

More: heartlandgroup.info

Endnotes


1
Financial results are presented on a reported and underlying basis. Reported results are prepared in
accordance with NZ GAAP and include the impacts of positive and negative one-offs, which can make it
difficult to compare performance between periods. Underlying results for 1H2025 (which are non-GAAP
financial information) exclude the impact of one-off regulatory assurance costs arising in relation to the
acquisition of Heartland Bank Australia, one-off staff exit costs, the de-designation of derivatives, the fair value
changes on equity investments held, and other non-recurring income. The use of underlying results is intended
to allow for easier comparability between periods and is used internally by management for this purpose. In
the accompanying IP, refer to page 6 for a summary of reported and underlying results, page 7 for details
about 1H2025 one-offs, page 46 for details about 1H2024 one-offs and page 45 for general information about
the use of non-GAAP financial measures. The 1H2025 financial statements are unaudited, but have been
reviewed by Heartland’s external auditor, PricewaterhouseCoopers.
2
For details about 1H2025 one-offs, see page 6 of the IP.
3
Gross Finance Receivables (Receivables) includes Reverse Mortgages.
4
Annualised growth.
5
Annualised growth excluding the impact of changes in foreign exchange (FX) rates.
6
Net interest margin (NIM) is calculated as net interest income over average gross interest earning assets.
7
Compound annual growth rate (CAGR) for the period 31 December 2019 to 31 December 2024.
8
Beef + Lamb New Zealand Stock Number Survey, as at 30 June 2024, published August 2024.
9
The FY2025 exit NIM is the NIM expected to be achieved on 30 June 2025 (rather than the average NIM for
FY2025).
10
LVR calculated using indexed valuation.
11
Loss rate is defined as either 180 days past due with no losses experienced or written-off.
12
Including the impact of changes in FX rates.
13
Total fully imputed dividends for 1H2025 (interim) and 2H2024 (final) divided by the closing share price as at
25 February 2025 of $0.88.
14
Total fully imputed dividends for 1H2024 (interim) and 2H2023 (final) divided by the closing share price as at
26 February 2024 of $1.17.
15
That is, the strike price under the DRP will be 100% of the volume weighted average sale price of Heartland
shares over the five trading days following the Record Date. For the full details of the DRP and the Strike Price
calculation, refer to the Heartland DRP offer document dated 10 December 2018 available at
www.heartlandgroup.info/investor-information/dividends.

---

2
2
CONTENTS
01Group summary3-12
02New Zealand banking13-27
03Australian banking28-37
04Outlook38-39
05Additional information40-43
06Disclosure, appendices & glossary44-48

3
01 |
GROUP SUMMARY
Andrew Dixson
Chief Executive Officer, Heartland Group

4
Financial results in this investor presentation are presented on a reported and
underlying basis.
•Reported results are prepared in accordance with NZ GAAP and include the impacts of one-offs, both positive and
negative, which can make it difficult to compare performance between periods.
•1H2025 underlying results (which are non-GAAP financial information) exclude the impact of one-off regulatory assurance
costs arising in relation to the acquisition of Heartland Bank Australia, one-off staff exit costs, the de-designation of
derivatives, the fair value changes on equity investments held, and other impacts of non-recurring income. This is intended
to allow for easier comparability between periods and is used internally by management for this purpose.
Adjustments for underlying results impact NOI, OPEX, NPAT, NIM and EPS. Underlying ROE, underlying CTI ratio and underlying
impairment expense ratio measures are supplementary, non-GAAP measures that may be used by investors, industry analysts
and others in assessing and benchmarking profitability and performance against the industry and/or other companies. A GAAP
and non-GAAP comparative is provided for each of these measures.
Refer to page 6 for a detailed comparison between reported and underlying financial information, page 7 for details about
1H2025 one-offs and page 46 for details about 1H2024 one-offs.
General information about the use of non-GAAP financial measures is set out on page 47 of this investor presentation.
The 1H2025 financial statements for Heartland are unaudited, but have been reviewed by Heartland’s external auditor,
PricewaterhouseCoopers.
4
PRESENTATION OF RESULTS

5
1
When NIM is adjusted for the impact of the ADI acquisition (rebase NIM), the exit rebase NIM for 1H2024 was 2.64%, increasing 49 bps to 3.13% by 1H2025.
2
Annualised growth.
3
Annualised growth excluding the impact of changes in FX rates.
Heartland’s reduced 1H2025 NPAT reflects an increase in NOI, supported by
strong performance by the AU bank, offset by active derisking and
repositioning of some of the NZ bank’s NPLs which contributed to a
significantly higher impairment expense.
•The result was also impacted by an increase in OPEX. However, this includes a $11.4m uplift related to the
regulatory and operational requirements of the Australian business becoming an ADI, $2.8m in additional
depreciation and amortisation primarily related to Heartland Bank’s core banking system upgrade and $7.7m
related to one-off expenses .
•Strong Reverse Mortgage growth continued in both countries, with Receivables up 15.3%
2
in NZ and 15.0%
3

in AU. AU Reverse Mortgages achieved record new business in 1H2025 of $193m, up 4.1% from 1H2024.
•Heartland Bank Australia’s transition to becoming funded primarily by deposits was substantially progressed
in 1H2025, now making up 60% of funding, and is having a positive effect on NIM.
1
•Heartland Bank’s NIM has remained stable in 1H2025, but is expected to expand in 2H2025, with the FY2025
exit NIM expected to be above 4.00%.
•Heartland remains well capitalised with strong liquidity and no changes to credit ratings.
•Interim dividend of 2.0 cps.
•Heartland expects underlying NPAT for FY2025 to be at least $45m.
5
SUMMARY OF 1H2025 RESULT
Heartland Group
Holdings Limited
BBB (outlook stable)
Heartland Bank
Limited
BBB (outlook stable)
Heartland Bank
Australia Limited
BBB (outlook stable)
Fitch Ratings
long term issuer
default ratings

6
6
8m NZ, ReportedUnderlyingReported v Underlying
1H251H24Movement1H251H24Movement1H251H24
Financial
performance
NII$149.1m$138.7m

$10.4m7.5%$149.1m$138.7m

$10.4m7.5%--
OOI
1
$6.0m$4.4m

$1.6m37.5%$7.7m$6.8m

$0.9m13.4%($1.7m)($2.4m)
NOI$155.1m$143.1m

$12.0m8.4%$156.9m$145.6m

$11.3m7.8%($1.7m)($2.4m)
OPEX$98.1m$66.5m

$31.6m47.5%$90.4m$63.5m

$26.8m42.2%$7.7m$3.0m
Impairment expense$50.5m$24.0m

$26.5m110.2%$50.5m$8.0m

$42.5m528.8%-$16.0m
GFV provision$1.2m-

$1.2mn/a$1.2m-

$1.2Mn/a--
Tax expense$1.7m$15.0m

($13.2m)(88.4%)$4.1m$21.2m

($17.1m)(80.5%)2.4m6.2m
NPAT
2
$3.6m$37.6m

($34.0m)(90.4%)$10.7m$52.7m

($42.1m)(79.8%)($7.0m)($15.1m)
NIM3.41%3.67%

(26 bps)3.41%3.67%

(26 bps)--
CTI ratio63.2%46.5%

1676 bps57.6%43.7%

1390 bps560 bps280 bps
Impairment expense ratio
3
1.40%0.70%

70 bps1.40%0.23%

117 bps-47 bps
ROE0.6%7.3%

(670 bps)1.9%10.2%

(833 bps)(130 bps)(310 bps)
EPS0.4 cps5.3 cps

(4.9 cps)1.1 cps7.4 cps

(6.3 cps)(0.7cps)(2.1 cps)
1H251H24Movement
Financial
position
Liquid assets$1,268m$1,708m

($440m)(25.8%)
Receivables
4
$7,121m$7,241m

($143m)
6
(3.9%)
5,6
Borrowings$7,477m$7,994m

($517m)(6.5%)
Equity$1,213m$1,238m

($25.3m)(2.0%)
Equity/total assets13.9%13.3%

60 bps
Note: See page 45 for a definition of underlying financial metrics. Refer to page 7 for details about 1H2025 one-offs and page 46 for details
about 1H2024 one-offs.
1
Reported OOI includes fair value gains/losses on investments.
2
Refer to pages 7 and 46 for details about one-offs in the periods covered in this investor presentation.
3
Impairment expense as a percentage of average Receivables.
4
Receivables also includes Reverse Mortgages.
5
Annualised 1H2025 growth.
6
Excludingthe impact of changes in FX rates.
GROUP FINANCIAL RESULTS

7
7
Note: Refer to page 46 for details about 1H2024 one-offs.
1
See page 45 for definition of underlying financial metrics. Refer to page 6 for a detailed comparison between reported and underlying financial information.
1H2025
Entity
HGHHBLHBAL
Reported NPAT$3.6m
‒De-designation of derivatives$1.1m$1.1m
‒Fair value changes on equity investments held$0.2m$0.2m
‒Other non-recurring income$0.4m$0.4m
Other operating income (OOI)$1.7m
‒One-off regulatory assurance costs arising in relation to the
acquisition of Challenger Bank (now Heartland Bank Australia)
$1.2m$0.1m$1.0m$0.1m
‒One-off staff exit costs$6.5m$5.5m$1.0m
Operating expenses (OPEX)$7.7m
Tax impact($2.4m)($1.6m)($0.5m)($0.3m)
Underlying NPAT
1
$10.7m
•The impact from the de-designation of derivatives is now complete.
•2H2025 one-offs are expected to be limited to any fair value changes on equity investments held and any other one-off non-recurring expenses that arise.
1H2025 REPORTED VS. UNDERLYING

8
GROUP STRATEGY
Deliver specialist banking products
that meet ROE thresholds
•Invest where risk and return is calibrated to deliver
12-14% ROE.
•Improve operating leverage through automation
and technology solutions.
•Leverage investment and momentum in Heartland
Bank Australia to fuel growth opportunities.
•Restore asset quality through active derisking and
repositioning of non-performing NZ loans.
•Recycle capital from portfolios that are not
meeting ROE thresholds.
Heartland recognises the need to meet its FY2028 ambitions and remains confident in
doing so despite near term financial impacts. At its FY2025 results announcement,
Heartland will provide a detailed overview of the plans underway to meet these ambitions.
Ensure capital is deployed into value accretive activity measured by ROE.
Core market goals
•Leading provider of funding
solutions for older New
Zealanders and Australians.
•Pre-eminent provider of rural
finance in NZ and Australia,
focusing on livestock.
•Preferred vehicle financier in
NZ.
•Innovative and competitively
priced term and savings
deposits in NZ and AU.
2H2025 focus
NZ banking
•Simplifying the NZ bank through NSA realisation
and ceasing to originate unsecured lending.
•Further product rationalisation required.
•Margins have stabilised and are expected to
expand.
•Heartland Bank asset quality expected to benefit
from enhancements to collections, recoveries
and write-offs strategies.
•Cost growth expected to be at peak investment
and requires moderation.
AU banking
•Strong growth in Reverse Mortgage and Livestock
Finance portfolios generating sustainable profits.
•Margin acceleration expected.
•Costs expected to remain stable.

9
9
NSAs are primarily NZ assets that are outside of Heartland’s core lending strategy, or do not deliver threshold ROE.
Asset typeDescriptionExit strategies
Balance
Jun-24 ($m)
Movement
($m)
Balance
Dec-24
($m)
Rural Receivables
•Diversified portfolio of agricultural lending primarily to NZ based dairy
farms and sheep and beef farms.
•Exposures are ~30% North Island and ~70% South Island (Otago
~60%)
1
.
•Primary exit strategy assessed on a file-by-file basis. This is
expected to be achieved through a combination of refinancing and
sale of underlying security.
•Portfolio level solutions continue to be explored as a means of
expediting realisation timeframes.
129.5(6.9)122.6
Business
Receivables
•Portfolio of diversified NZ SME lending.
•Primary sectors include: transport, forestry, mining, vineyards and
construction.
63.9(4.3)59.6
Online Home
Loans Receivables
•Portfolio of prime home loans.
•The portfolio is being wound down through organic repayment.
Heartland expects over 80% of the total balance will be repaid by
the end of 1H2026.
311.0(64.5)246.5
Properties•Two dairy farms located in Canterbury and Otago.
•Both farms are currently being prepared for sale at the next
available market window.
16.00.216.2
Investment
Properties
•Block of 16 apartments located in Northland.•Sale of apartments on open market to commence in April 2025. 3.70.74.4
Equity
Investments
•Minority equity stake in Alex Corporation Limited (Alex Bank), Avenue
Hold Limited (Avenue Bank) and Harmoney Corp Limited.
•No near term exits likely on commercially acceptable terms.
Primary exit strategy is via existing shareholder base.
13.5(0.6)12.9
Total537.6(75.4)462.2
1
Sized by $ exposure.
NON-STRATEGIC ASSETS (NSA) OVERVIEW

10
1
0
Realisation strategies will enable underlying capital to be deployed to support value accretive growth within Heartland.
AssetNZ($m)3Q254Q251Q262Q263Q264Q26+Total
Rural Relationship
Repayment ($m)
-7.413.97.32.991.1122.6
CET1 released ($m)
-0.91.80.90.411.615.6
Business Relationship
Repayment ($m)
4.123.83.422.04.02.459.6
CET1 released ($m)
0.31.90.31.70.30.24.7
Online Home Loans
Repayment ($m)
30.261.933.178.414.829.0246.5
CET1 released ($m)
1.53.11.63.90.71.412.2
Properties
Repayment ($m)
----16.216.2
CET1 released ($m)
-----2.42.4
Investment Properties
Repayment ($m)
-1.02.01.4--4.4
CET1 released ($m)
-0.10.20.2--0.5
Equity Investments AU
Repayment ($m)
-----7.67.6
CET1 released ($m)
-----7.67.6
Equity Investments NZ
Repayment ($m)
-----5.35.3
CET1 released ($m)
-----5.35.3
Total NSA Repayments
34.394.152.4109.121.7150.6462.2
Total CET1 Released
1.86.03.96.71.428.448.2
NSA Balance
428.0333.9281.5172.4150.7-
CET1 Balance - Allocated to NSAs
46.440.536.529.928.5-
NSA MILESTONES & REALISATION

11
CAPITAL
1
1
734
453
26
Heartland Bank NZHeartland Bank AU
Heartland Group
1,238
7
(8)
4
(28)
1,213
Jun-24
Share capital
Reserves
Retained earnings
Dividends
Dec-24
Heartland capital movement $m
Heartland capital allocation $m
Note:
•Retained earnings include current NPAT.
•AU Bank includes the ADI and its subsidiaries (Heartland Australia Group & StockCo Australia).
Heartland remains well
capitalised
•Both banks maintain strong regulatory capital
positions.
•There are currently no ordinary share capital
issuances planned to meet future requirements.
•NSA realisation strategies will enable capital to be
deployed and utilised more effectively.

12
12.1%
11.9%
10.2%
9.8%
1.9%
10.6%
10.4%
7.3%
6.6%
0.6%
Dec-22Jun-23Dec-23Jun-24Dec-24
Underlying ROEReported ROE
ROE
7.3
5.3
0.4
6.7
4.5
FY23FY24FY25
Interim EPSFinal EPS
EPS (cps)
•Heartland’s DRP will apply to the interim dividend with no discount.
3
•Having regard to Heartland’s next stage of growth, the Board expects to target a total dividend
payout ratio of at least 50% of underlying NPAT in FY2025.
•The Board will, as it has historically, actively manage dividend settings and carefully consider
the declaration of any dividends based on Heartland’s capital needs, ROE accretive growth
opportunities, balance sheet flexibility and financial performance.
1
Total fully imputed dividends divided by the closing share price as at 25 February 2025 of $0.88.
2
Total fully imputed dividends divided by the closing share price as at 26 February 2024 of $1.17.
3
That is, the strike price under the DRP will be 100% of the volume weighted average sale price of Heartland shares over the five trading days following the
Record Date. For the full details of the DRP and the Strike Price calculation, refer to the Heartland DRP offer document dated 10 December 2018.
4
Underlying ROE refers to ROE calculated using underlying results.
4
7.9%
1
2.0 CPS
Interim dividend
down 2.0 cps vs 1H2024
Dividend yield
(1H2024: 11.9%
2
)
77%
Total dividend payout ratio
12-month rolling underlying NPAT
SHAREHOLDER RETURN

13
02 |
NEW ZEALAND BANKING
Leanne Lazarus
Chief Executive Officer, Heartland Bank
Kerry Conway
Chief Financial Officer, Heartland Bank

14
ReportedUnderlying
1H251H24Movement1H251H24Movement
Financial
performance
NII$105.6m$105.5m

$0.1m0.1%$105.6m$105.5m

$0.1m0.1%
OOI
1
$9.4m$6.3m

$3.1m49.7%$11.1m$10.6m

$0.5m5.0%
NOI$115.0m$111.7m

$3.2m2.9%$116.7m$116.0m

$0.7m0.6%
OPEX$63.1m$52.1m

$10.9m21.0%$62.1m$51.6m

$10.5m20.4%
Impairment expense$49.6m$23.9m

$25.6m107.1%$49.6m$7.9m

$41.6m523.9%
GFV provision$1.2mn/a

$1.2mn/a$1.2mn/a

$1.2mn/a
Tax expense$0.2m$10.0m

($9.9m)(98.5%)$0.7m$15.9m

($15.2m)(95.8%)
NPAT
2
$0.9m$25.6m

($24.6m)(96.3%)$3.1m$40.6m

($37.5m)(92.2%)
NIM3.78%3.81%

(3 bps)3.78%3.81%

(3 bps)
CTI ratio54.9%46.7%

820 bps53.2%44.5%

878 bps
Impairment expense ratio
3
1.99%0.96%

103 bps1.99%0.32%

167 bps
ROE0.2%7.1%

(696 bps)0.5%11.1%

(1061 bps)
Dec 24Jun 24Movement
Financial
position
Liquid assets$573m$620m

($46m)(7.5%)
Receivables
4
$4,810m$5,078m

($268m)(10.5%)
5
Borrowings$4,756m$5,039m

($283m)(5.6%)
Equity$1,174m$1,201m

($27m)(2.3%)
Equity/total assets19.7%19.1%

60 bps
Note: See page 45 for definition of underlying financial metrics. Refer to page 7 for details about 1H2025 one-offs and page 46 for details
about 1H2024 one-offs.
1
Reported OOI includes fair value gains/losses on investments.
2
Refer to pages 7 and 46 for details about one-offs in the periods covered in this investor presentation..
3
Impairment expense as a percentage of average Receivables.
4
Receivables also includes Reverse Mortgages.
5
Annualised 1H2025 growth.
FINANCIAL RESULTS

15
Note: 1H2025 growth in Receivables by portfolio excludes the impact of changes in FX rates and intercompany balances. All figures in NZ$m.
1
Annualised 1H2025 growth excluding the impact of changes in FX rates.
2
Rural includes Rural Relationship, Rural Direct and NZ Livestock Finance loans.
3
Wholesale Lending includes Motor Wholesale and bulk funding arrangements.
4
Home Loans is an old residential mortgages portfolio that is in run down.
5
Online Home Loans are now part of NSAs (Jun-24 has been rebased to reflect this change).
Reverse Mortgage portfolio has shown resilience despite economic challenges. Deliberate shift to monitor and manage NSAs separately.
4,574
4,381 4,381
504
82
(32)
504
(7)
429
(35)
(42)
(98)
(39)
(21)
(8)
(1)
(64)
(4)
Jun-24Reverse
Mortgages NZ
RuralMotor
Finance
Asset
Finance
Wholesale
Lending
Business
Relationship
Open for
Business
Personal
Lending
Home
Loans
Dec-24Online Home
Loans
BusinessRuralDec-24
(35.0%)
(64.5%)
(41.1%)
(47.6%)
(3.9%)
(88.0%)
15.3%
(11.9%)
(13.3%)
(11.4%)
(10.6%)
(21.0%)
$268m (-10.5%)
1

$27m (-1.3%)
1

Core business
NSAs
$76m (-29.8%)
1

2
3
5
4
RECEIVABLES
5,0781,1515451,598695123182661664,381247601234,810
Gross Receivables
NZD $m

16
Note: NIM is calculated as net interest income/average gross interest earning assets.
4.14%
4.04%
3.81%
3.74%
3.78%
>3.90%
4.21%
4.19%
3.90%
3.92%
3.89%
>4.00%
1H20232H20231H20242H20241H20252H2025
(Outlook)
Avg. NIMExit NIM
NIM
NIM is expected to improve
in 2H2025
Despite pricing competition from declining interest
rates and subdued credit demand, NIM is expected
to exit FY25 above 4%, supported by:
•fixed rate portfolios: ongoing NIM improvement
in Motor Finance and Asset Finance
•sustainable lending growth: focus on core
lending and managing NSAs
•cost of funds: benefits from a lower rate
environment and improved funding mix.

17
CTI%
Underlying44.5%48.9%50.8%53.2%57.5%
Reported46.7%54.9%
Note: CTI ratio is calculated as OPEX/NOI. Underlying CTI ratio excludes one-off impacts . See page 45 for definition of underlying financial metrics. Refer to pages 7 and 46 for details about one-offs in the periods covered in this investor presentation.
1H2025 v 1H2024
1H2025 has seen incremental costs incurred in relation to:
•Inter-entity staff transfers (net neutral to the Group)
+$3.4m. Reallocation of group support functionsas
required for post-ADI acquisition regulatory requirements.
•Expenses of $2.1m related to capitalisation of staff costs
for Heartland Bank’s core banking system upgrade and
lower discretionary payments to staff in FY2024.
•Investment in additional staff of $2.1m to build capability
and capacity within key functions.
•Software amortisation uplift of $2.8m due to the core
banking system upgrade completed in the prior year.
2H2025 v 1H2025
•Full half impact of staff transfers and 1H2025 recruitment
+$2m.
•IT security investment +$1m
•Software amortisation increase of $0.8m.
51.6
3.4
55.0
0.9
1.2
57.0
2.1
0.2
59.3
2.8
62.1
66.1
1H2024
Staff
Transfer
1H2024
(Rebase)
Labour
Capitalisation
Discretionary
Payments
Staff
Costs
OtherSoftware
Amortisation
1H2025
2H2025
Outlook
10.5m (20.4%)
2.1m
Non-repeating
2.3m (4.0%)
Capability
investment
UNDERLYING OPEX

18
Impairment expense increase due to ongoing deterioration of economic conditions in New Zealand ultimately
impacting the ability of Motor Finance and business lending customers in arrears to repay.
Although a substantial increase, this will significantly derisk and reposition the affected lending portfolios.
Refer to Heartland’s announcement dated 18 February 2025 for more information.
0.96%
0.39%
0.29%
0.32%
0.44%
1.99%
0.85%
1H 232H 231H 242H 241H 252H 25
(Outlook)
Reported impairment expense ratioUnderlying impairment expense ratio
10.0
19.4
8.5
16.1
(0.4)
(3.9)
Collective provision
expense
Specific provision
expense
BAU write-offs>365 DPD write-offs
Impairment expense ratio1H2025 impairment expense ($m)
IMPAIRMENT EXPENSE

19
1.91%
2.57%
3.69%
3.63%
3.20%
2.81%
2.88%
3.60%
3.65%
3.40%
4.04%
4.08%
Dec-2022Jun-2023Dec-2023Jun-2024Dec-2024
30DPD %Gross NPL %Predicted 30DPDPredicted NPL
Business,
31.4%
Business
NPLs, 2.3%
Consumer,
32.6%
Consumer
NPLs, 1.0%
Reverse
Mortgages &
Residential
Mortgages,
29.2%
Livestock,
3.4%
Livestock NPLs,
0.1%
$52.4
$52.1
$68.4
$74.6
$76.7
1.34%1.30%
1.71%1.86%2.10%
Dec-22Jun-23Dec-23Jun-24Dec-24
Collective ProvisionSpecific ProvisionCoverage Ratio
Arrears ratio
Portfolio composition
Total provisions and coverage
PROVISIONS & ARREARS

20
209
173
123
116
159
269
315
389
372
414
297
216
162
248
159
775
704
674
735
732
Dec-22Jun-23Dec-23Jun-24Dec-24
Liquidity composition $m
Undrawn limitInvestmentsCash
4,078
4,131
4,214
4,376
4,441
327
388
373
179
148
191
227
377
484
167
4,596
4,746
4,963
5,039
4,756
Dec-22Jun-23Dec-23Jun-24Dec-24
Funding composition $m
DepositsBonds & Tier 2Wholesale
Heartland Bank has an improved funding mix
and strong liquidity profile, which remains well
above regulatory requirements.
31-Dec-24
1-Week MMR
1
1-Month MMR
1
Core funding
New Zealand Banking Group9.48.791.2
RBNZ minimum0.00.075.0
Note:
•Regulatory ratios are calculated on the last working day of the reported period and according to the RBNZ’s liquidity policy, BS13.
•The NZ Banking Group consists of the NZ bank and its NZ subsidiaries, excluding Marac Insurance. The Banking Group includes all of the NZ
Bank’s subsidiaries, including the AU bank and Marac Insurance.
•The NZ Bank had transitional arrangements from the acquisition of Challenger Bank (now Heartland Bank Australia) until 31 October 2024,
which restricted the bank’s liquidity requirements to the NZ Banking Group until that date.
1
MMR = mismatch ratio, which is a short-term liquidity metric, as per the RBNZ’s liquidity policy in BS13.
FUNDING & LIQUIDITY

21
Note:
•Retained earnings includes current NPAT.
•RBNZ total capital ratio plus prudential capital buffer requirement of 13.50% as at 31 December 2024 (30 June 2024: 12.50%).
•RBNZ imposed a transitional capital overlay on Heartland Bank after the acquisition of Challenger Bank (now Heartland Bank Australia).
•Heartland Bank’s regulatory capital ratio increased to 15.05% as of 31 December 2024 (30 June 2024: 14.40%), primarily due to capital released from exit of
a single wholesale lending customer during 1H2025. The total capital ratio for the Banking Group (which includes Heartland Bank’s investment in the AU
Bank) increased to 16.02% from 15.39% during the same period.
1
The regulatory view above is the NZ Banking Group, which consists of the NZ Bank and its NZ subsidiaries, excluding Marac insurance.
2
As per RBNZ’s 2019 Capital Review for non D-SIB banks.
Heartland Bank continues to operate significantly in excess of regulatory minimums and is
well positioned to meet the RBNZ’s future higher capital requirements.
•The RBNZ future capital requirements are for a CET1
capital ratio of 11.50% and a total capital ratio of 16.00%
by 1 July 2028.
•There are currently no ordinary share capital issuances
planned to meet future requirements.
Capital ratio and RBNZ requirements
2.0%2.0%
7.0%
8.0%
11.5%
2.5%
2.5%
2.5%
2.0%
2.0%
2.0%
13.5%
14.5%
16.0%
CurrentJul-25Jul-28
Capital Overlay*CET1Tier OneTier Two
Core RBNZ requirements
NZ Bank – Total capital ratio
CAPITAL
NZ Bank
1
- Capital movement $m
616
(13)
1
(15)
20
609
100
100
Jun 24ReservesRetained
Earnings
DividendsRegulatory
adjustments
Dec 24
Tier Two
CET1
14.40%
0.02%
(0.32%)
0.00%
0.15%
0.80%
(0.01%)
(0.03%)
0.04%
15.05%
13.50%
Jun-24
Current year
NPAT
DividendsCapital issuedRegulatory Adj
Credit Risk
(on Balance
Sheet)
Credit Risk
(off Balance
Sheet)
Operational
Risk
Market RiskDec-24RBNZ Requirement
2

22
Growth
Deliver on margin commitment and focus on
sustainable growth in sectors where Heartland Bank’s
customer value proposition is strongest.
•Invest in the core quality businesses of Reverse
Mortgages, Rural Lending and Motor Finance to deliver
strong ROE.
•Rebalance origination toward Motor Finance direct
channel.
•Streamline and enhance existing product offerings.
•Launch new product offerings within existing core
lending portfolios.
Quality
Continue to improve asset quality and uplift credit risk
management.
•Focus on the implementation of enhanced
collections, recoveries and write-offs strategies for
Motor Finance to restore asset quality.
•Focus origination to low cost, high quality proprietary
distribution.
•Uplift Motor Finance credit decisioning capability and
continue to closely manage credit risk.
•Continue to exit NSAs, releasing capital to redeploy
towards growth in Heartland Bank’s core portfolios.
Efficiency
Simplify and automate to provide better and faster
customer outcomes and eliminate costly manual
process.
•Modernisation of the business by continuing to
automate back-end processes to eliminate manual
processes.
•Commitment to providing customers with digital tools
to improve service delivery. For example, self-service
tools for customers to manage their Motor Finance
payments were recently introduced.
•Leverage technology investments made in 1H2025 to
realise efficiency benefits.
•Cost base to stabilise by end of FY2025 following
investment required to effectively operate under a
more complex structure following the ADI acquisition.
Heartland Bank has focused on investingin capability to simplify and strengthen its operating model to achieve
sustainable, quality growth.
NZ STRATEGY

23
1
Annualised growth.
2
Reverse Mortgages are measured at fair value.
3
Using indexed valuation.
•Cost of living challenges remain evident in the way Heartland Bank’s Reverse Mortgage customers
are using their loans.
•Borrowing purposes remain consistent with CY2023. The top three purposes are: home
improvements, debt consolidation and everyday expenses.
•Heartland Bank is launching a new product designed to allow people to access the equity in their
home to enable the purchase of a retirement village property.
Asset quality
2
•NPL ratio: <0.5%
•Average current loan size: $147k
•Weighted average current LVR: 24.6%
3
$
29.2m
$
1,151m
Receivables as at 31 Dec 2024
+$82m, 15.3%
1
since Jun 2024
NOI as at 31 Dec 2024
+22.3% vs 1H2024
NZ LENDING PERFORMANCE: REVERSE MORTGAGES
Outlook expectations
•2H2025 growth
1
: 15.0%
•FY2025 growth: 15.7%

24
1
Includes NSAs.
2
Annualised growth.
3
Rural Lending includes Rural Relationship and Rural Direct loan portfolios.
4
Rural Direct has a 0.00% NPL ratio.
5
Pre-2020 lending includes all loans originated prior to and inclusive of 2020.
•Rural performed better than anticipated, despite usual seasonal contractions.
•Livestock Finance intermediary distribution partnerships onboarded in 2H2024 mitigated
seasonal contraction, amidst the continued fall in sheep numbers in NZ. NZ Farmgate Milk
Price outlook for CY2025 is positive as global demand increases.
•88% of NPLs are related to pre-2020
5
lending.
Includes $502m Rural Lending
3
and $166m Livestock Finance
$
668m
Receivables as at 31 Dec 2024
-$42m, -11.7%
2
since Jun 2024
Includes $11.8m Rural Lending
3
and $4.4m Livestock Finance
$
16.1m
NOI as at 31 Dec 2024
-3.7% vs 1H2024
NZ LENDING PERFORMANCE: RURAL
1
6.05%, NPL, 88%
1.56%, NPL, 12%
4.49% Total NPL
Rural
Pre-2020Post-2020
Outlook expectations
•2H2025 growth
1
: 19.2%
•FY2025 growth: 3.1%
Asset quality
4

25
1
Annualised growth.
2
Defined as either 180 days past due with no losses experienced, or written-off.
3
Pre-2020 lending includes all loans originated prior to and inclusive of 2020.
•Growth through Heartland Bank’s direct channels was up 20.1% on 1H2024, driven by an
increase in marketing activity.
•Growth in direct channels was supported by Heartland Bank’s partnership with Tesla (as one
of two preferred finance providers).
•Heartland Bank has adopted a more prescriptive approach to arrears management
practices and is seeing improved outcomes already flowing through.
•Lending originated post-2020 is performing better than loans originated pre-2020, with a
loss rate
2
of 2.7%, compared to 10.8% for pre-2020
3
.
$
35.1m
$
1,598m
Receivables as at 31 Dec 2024
-$32m, -3.9%
1
since Jun 2024
NOI as at 31 Dec 2024
+11.2% vs 1H2024
NZ LENDING PERFORMANCE: MOTOR FINANCE
Pre-2020, 10.80%,
$167m Average
Originated/Year
Post-2020, 2.67%,
$631m Average
Originated/Year
0%
2%
4%
6%
8%
10%
12%
15913172125293337414549535761656973778185
Loss Rate
Months Run
Motor Finance Vintage Loss Curves
(180DPD and Write-Offs)
Pre-2020Post-2020
Asset quality
4
Outlook expectations
•2H2025 growth
1
: 7.3%
•FY2025 growth: 1.6%

26
Outlook expectations
•2H2025 growth
1
: -8.1%
•FY2025 growth: -9.5%
1
Annualised growth.
2
Pre-2020 lending includes all loans originated prior to and inclusive of 2020.
•Trading conditions remained difficult in 1H2025. As such, lending reduced while Heartland
Bank remained firm on credit quality and risk appetite.
•Heartland Bank continued to support its Asset Finance distributors and customers as they
navigated difficult economic conditions.
•Modest growth is expected to return in Q42025 as the economic environment improves and
customers recommence capital investment in their businesses.
•70% of NPLs are related to pre-2020
2
lending.
11.25% NPL, 70%
3.53% NPL, 30%
6.77% Total NPL
Asset Finance
Pre-2020Post-2020
$
15.8m
$
695m
Receivables as at 31 Dec 2024
-$42m, -11.4%
1
since Jun 2024
NOI as at 31 Dec 2024
+10.4% vs 1H2024
NZ LENDING PERFORMANCE: ASSET FINANCE
Asset quality
4

27
1
Annualised growth.
2
Personal Lending includes Harmoney NZ and Personal Loans portfolios.
3
Includes NSAs.
4
Home Loans includes Online Home Loans and older residential Home Loans portfolios.
5
Pre-2020 lending includes all loans originated prior to and inclusive of 2020.
ReceivablesNOINPL ratio
as at 31 Dec 2024since 30 Jun 2024
1
as at 31 Dec 2024vs 1H2024as at 31 Dec 2024
Personal
Lending
2
$16m-$8m, -64.5%$0.6m-72.9%4.5%
Business
Relationship
3
$242m-$43m, -30.1%$8.6m-23.1%13.0%
Wholesale
Lending
$123m-98m,-88.0%$1.8m-36.9%0.0%
Open for
Business
$66m-$21m, -47.6%$4.0m-27.0%11.5%
Home Loans
3, 4
$253m-$65m, -40.7%$1.8m22.7%0.2%
Asset quality
3,4
•Personal Lending is closed to new business and running down.
The Harmoney portfolio was sold in 1H2025.
•Business Relationship includes larger loans that are part of NSAs.
•Wholesale Lending includes floorplan lending to vehicle retailers.
•Open for Business is not being actively originated.
•Online Home Loans is now part of NSAs.
14.48% NPL,
85%
12.24% NPL, 6%
13.49% NPL,
68%
7.93% NPL,
15%
4.22% NPL,
94%
8.57% NPL,
32%
2.04% NPL,
100%
13.01%
Total NPL
4.48%
Total NPL
11.49%
Total NPL
0.25%
Total NPL
Business
Relationship
Personal LoansO4BHome Loans
Pre-2020Post-2020
NZ LENDING PERFORMANCE: OTHER
5

28
03 |
AUSTRALIAN BANKING
Michelle Winzer
Chief Executive Officer, Heartland Bank Australia
Kerry Conway
Chief Financial Officer, Heartland Bank

29
FINANCIAL RESULTS
ReportedUnderlying
1H251H24Movement1H251H24Movement
Financial
performance
NII$43.4m$31.7m

$11.7m36.9%$43.4m$31.7m

$11.7m36.9%
OOI
1
$1.8m$1.5m

$0.3m18.7%$1.8m$1.5m

$0.3m18.7%
NOI$45.1m$33.2m

$12.0m36.1%$45.1m$33.2m

$12.0m36.1%
OPEX$26.6m$14.2m

$12.4m87.2%$25.5m$14.1m

$11.4m80.5%
Impairment expense$0.9m$0.1m

$0.9m1142.6%$0.9m$0.1m

$0.9m1142.6%
Tax expense$5.3m$5.7m

($0.4m)(7.8%)$5.6m$5.7m

($0.1m)(2.1%)
NPAT
2
$12.4m$13.2m

($0.8m)(6.2%)$13.1m$13.3m

($0.1m)(1.0%)
NIM2.75%3.16%

(41 bps)2.75%3.16%

(41 bps)
CTI58.8%42.7%

1606 bps56.4%42.5%

1387bps
Impairment expense ratio
3
0.08%0.01%

8 bps0.08%0.01%

8 bps
ROE5.5%13.3%

(781 bps)5.9%13.4%

(755 bps)
Dec 24Jun 24Movement
Financial
position
Liquid assets$694m$1,087m

($393m)(36.1%)
Receivables
4
$2,311m$2,163m

$125m
6
11.5%
5,6
Borrowings$2,724m$2,973m

($249m)(8.4%)
Equity$453m$435m

$17m4.0%
Equity/total assets14.2%12.7%

151 bps
Note: All figures in NZ$m. See page 45 for definition of underlying financial metrics. Refer to page 7 for details about 1H2025 one-offs and page 46z
for details about 1H2024 one-offs.
1
Reported OOI includes fair value gains/losses on investments.
2
Refer to pages 7 and 46 for details about one-offs in the periods covered in this investor presentation.
3
Impairment expense as a percentage of average Receivables.
4
Receivables also includes Reverse Mortgages.
5
Annualised 1H2025 growth.
6
Annualised growth excludingthe impact of changes in FX rates.
Heartland Bank Australia is a substantially
different business following acquisition
completion on 30 April 2024. As such,
comparing 1H2025 with 1H2024 is not a like-
for-like comparison. ​

30
Note: 1H2025 growth in Receivables by portfolio is excluding the impact of changes in FX rates and intercompany balances. All figures in NZ$m.
1
Annualised 1H2025 growth excluding the impact of changes in FX rates.
2
Other AU includes Home Loans and Consumer & Other loan portfolios acquired through the ADI which are in run down.
2,163
2,288
138
(1)
(11)
Jun-24Reverse Mortgages AULivestock Finance AUOther AUDec-24
15.0%
(1.0%)
(38.1%)
$125m (11.5%)
1

2
Reverse Mortgages has maintained strong growth despite heightened competition. Growth returning in Livestock Finance.
RECEIVABLES
2,1631,968272482,288
Gross
Receivables
(NZD $m)

31
NIM
Further NIM improvement
expected in 2H2025
NIM improvement of 35 bps from 1H2024 (rebased) to
1H2025 was driven primarily by Heartland Bank
Australia’s transition from its sole reliance on wholesale
funding to a mix of predominantly deposits supported
by wholesale funding, growth in Receivables and
deposit spread management.
•Liquids impact: minimum liquidity holdings (MLH)
requirement for banking license.
•Funding optimisation: cost of funds benefit,
deposit funding transition 100% wholesale to > 60%
deposit funded 1H2025, moving to > 80% deposit
funded for June 2025 outlook.
•Portfolio mix: change in Livestock Finance (higher
yield) to Reverse Mortgage (lower yield) portfolio
mix.
0.38%
3.16%
(0.76%)
2.40%
(0.03%)
2.75%
1H2024Liquids1H2024
(Rebase)
Funding
Optimisation
Portfolio
Mix
1H2025
Note: NIM is calculated as net interest income/average gross interest earning assets.
2.40%
2.52%
2.75%
> 3.30%
2.64%
2.84%
3.13%
> 3.60%
1H2024
(Rebase)
2H20241H20252H2025
Outlook
Avg NIMExit NIM

32
Note : All figures are in NZ$m unless otherwise mentioned
.
CTI ratio is calculated as OPEX/NOI. Underlying CTI ratio excludes one-off impacts . See page 45 for definition of underlying financial metrics. Refer to pages 7 and 46 for details about one-offs in the periods covered in this investor presentation.
1H2025 v 1H2024
1H2024 costs have been rebased
to reflect the cost base of the ADI
when it was acquired, +$7.2m.
1H2025 has seen incremental
costs incurred in relation to:
•staff cost: investment in
additional FTE to build capacity
and capability in key functions
•IT & Communications: related to
increased renewal costs of the
core banking system
•other costs: represents uplift in
costs to support growth in
Reverse Mortgages and Livestock
Finance.
2H2025 v 1H2025
Costs are expected to remain
stable in 2H2025.
14.1
3.8
1.8
1.6
21.3
1.4
0.8
2.0
25.5
25.6
1H2024Staff
costs
ITOther
expenses
1H2024
(Rebase)
Staff
costs
ITOther
expenses
1H20252H2025
Outlook
11.4m
(80.5%)
7.2m
ADI cost base
4.2 (19.7%)
CTI%
Underlying42.5%64.2%56.4%47.8%
Reported42.7%64.4%58.8%
UNDERLYING OPEX

33
1,454
1,495
1,244
1,352
1,334
809
595
363
242
403
403
323
50
50
121
1,607
1,715
1,737
2,715
2,462
Dec 22Jun 23Dec 23Jun 24Dec 24Jun 25
Outlook
Funding composition
1
A$m
DepositSecuritised fundingMTNs Tier 2Other borrowings
166
105
341
313
12
78
86
113
347
196
646
431
244
191
454
1,306
639
Dec 22Jun 23Dec 23Jun 24Dec 24
Liquidity composition
1
A$m
Undrawn limitCashInvestment
31-Dec-24
MLH
Heartland Bank Australia 20.6%
FUNDING & LIQUIDITY
>80%
Deposit fundinggrowth managed in line with repayment of
wholesale funding. Heartland Bank Australia’s liquidity position
remains strong andabove regulatory requirements.
Note: Heartland Bank acquired Challenger Bank (now Heartland Bank Australia) on 30 April 2024. Prior to that, Heartland’s Australian businesses operated as Heartland Australia Group, which did not have an ADI licence or access to deposit funding in Australia.
1
Prior to 30 April 2024, Heartland did not have an ADI license or deposit funding in Australia. .
2
Predominantly Australian Government Securities.
2

34
20.03%
0.64%
0.03%
(0.13%)
(0.01%)
20.56%
Jun-24Current year
NPAT
Credit Risk
(on Balance Sheet)
Credit Risk
(off Balance Sheet)
Operational
Risk
Dec-24
CAPITAL
•HBAL maintained a strong regulatory capital position,
ensuring compliance with prudential requirements while
supporting sustainable growth.
•Total capital ratio (TCR) remained robust at 20.56%,
reflecting disciplined capital management, earnings and
prudent risk-weighted asset growth coupled with non-
performing loan management, positioning the Bank well to
support customers and drive long-term financial stability.
•Credit Risk capital growth (on balance sheet) of only
3bpshas been assisted bya $30m reduction innon-
performing loans.
Heartland Bank Australia continues to operate in excess of regulatory minimums and is well positioned for future sustainable growth.
246
3
11
0
(5)
256
50
50
Jun 24ReservesRetained
Earnings
DividendsRegulatory
adjustments
Dec 24
Tier Two
CET1
Heartland Bank Australia - Capital movement A$m
Heartland Bank Australia – Total capital ratio

35
Business growth
Continue to focus on expansion within existing
segments: Reverse Mortgages, Livestock Finance
and Deposit offerings.
•Streamline and enhance existing product
offeringsto better meet the needs of existing and
new customers, farmers and livestock agents.
•Launch new product offerings within existing
lending and deposit strategic pillars to access
different segments of the market. New MySavings
savings account launched in February 2025 and
Feedlot Finance product launched late in 1H2025.
•Relaunched Heartland Bank Australia and
StockCo by Heartland Bank brands in 1H2025 to
strengthen brand connection. Continue to build
awareness of the brand in the market to increase
enquiry about Heartland Bank Australia’s product
offering.
Diversify distribution
Expand distribution networks and strengthen partnerships to
increase product reach.
•Increase active brokers, partnerships and key aggregator
relationships to capture broader market opportunities.
•Identify additional growth opportunities through new referral
relationships and white label product offerings.
•New intermediary partnerships in place to broaden deposit
distribution.
•Reverse Mortgage partnerships and brokers contributed
significant new business in 1H2025.
•A new partnership between StockCo and AuctionsPlus will
deliver finance direct through the AuctionsPlus platform in
2H2025.
•Launched exclusive sponsorship naming rights to the Hereford’s
Australia 60
th
anniversary national show & sale in May 2025,
building the brand and creating stronger connections for new
livestock financing lending opportunities.
Heartland Bank Australia is well positioned for sustainable growth beyond FY2025 through its
focus on business growth, service excellence and diversifying distribution networks.
Service excellence
Through a commitment to strategy
execution and disciplined management,
deliver service excellence for customers.
•Increased focus on retention of valued
customers through delivery of exceptional
customer service, consistently and with
heart.
•Invest in digitalisation and automation to
improve service delivery and ultimately
lead to enhanced customer experience.
•Improved customer onboarding
experience following a deep dive into end-
to-end process, delivering a reduction in
customer origination process times from
>60 to <20 days, and enabling capacity for
growth. This will continue in 2H2025.
AU STRATEGY

36
•Good growth in 1H2025 despite heightened competition in the equity release market.
•Momentum has been building, with record new business in 1H2025 of $193 million, up 4.1%
from 30 June 2024.
•A concerted effort to improve process efficiencies saw a 74% reduction in application
turnaround times, enabling capacity for growth and improved customer satisfaction.
•Partnerships and broker network contributed significantly to new business in 1H2025.
Receivables as at 31 Dec 2024
+$138m, 15.0%
1
since Jun 2024
$
1,968m
Asset quality
2
•NPL ratio: <1.0%
•Average current loan size : A$198k
•Weighted average current LVR : 24.0%
4
Outlook expectations
•2H2025 growth
1
: 20%
•FY2025 growth: 18%
AU LENDING PERFORMANCE: REVERSE MORTGAGES
$
34.7m
NOI as at 31 Dec 2024
3
Note: All figures in NZ$m unless otherwise noted.
1
Annualised growth.
2
Reverse Mortgages are measured at fair value.
3
Heartland Bank Australia became an ADI after 31 December 2023, therefore 1H2024 did not require the minimum liquidity holdings which are
included in the 1H2025 results.
4
Using indexed valuation.

37
1
Annualised growth.
2
Heartland Bank Australia became an ADI after 31 December 2023, therefore 1H2024 did not require the minimum liquidity holdings which are included in the 1H2025 results.
•Increased confidence has returned to the Australian livestock market as seasonal
conditions have improved.
•Q22025 saw the largest volume of livestock purchases per head since 2Q2022.
•Increased application volumes experienced in November and December 2024 are expected
to continue and have been enabled by operational improvements, which includes the way in
which Livestock Finance applications are processed.
Asset quality
•Prudent management of NPLs for Livestock Finance has
seen a positive reduction in NPL from $70.5m or 3.26% (30
June 2024) to $40.4m or 1.77% (31 Dec 2024).
•The key driver for NPL decrease was due to the full recovery
of a large Livestock Finance customer in Oct 2024 with no
balance sheet impairment charge required.
$
272m
Outlook expectations
•2H2025 growth
1
: 18%
•FY2025 growth: 17%
Receivables as at 31 Dec 2024
-$1m, -1.0%
1
since Jun 2024
AU LENDING PERFORMANCE: LIVESTOCK FINANCE
$274
$276
$274
$265
$253
$265
$272
Jun24Jul24Aug24Sep24Oct24Nov24Dec24Jun25
outlook
$m
$319
$
6.4m
NOI as at 31 Dec 2024
2

38
04 |
OUTLOOK
Andrew Dixson
Chief Executive Officer, Heartland Group

39
Heartland expects underlying NPAT for FY2025 to be at least $45m.
2H2025 one-offs are expected to be limited to any fair value changes on equity investments held and any other one-off non-recurring
expenses that arise. Heartland expects the difference between reported and underlying FY2025 NPAT to reduce in 2H2025.
OUTLOOK
AU banking
•Overall economic conditions are expected to pick up in 2H2025.
Confidence is improving for farmers and expected to positively benefit
AU Livestock Finance.
•Continuation of strong growth expected in both Reverse Mortgages and
Livestock Finance.
•Margin benefits expected to accelerate as funding mix reaches its target
state of >80% deposits.
•OPEX expected to be stable.
NZ banking
•Trading conditions expected to remain challenging in 2H2025, particularly
within the forestry, transport, agriculture contractor and construction
sectors.
•Continuation of strong growth in Reverse Mortgages with moderated
growth expectations in other core lending portfolios as the economy
recovers.
•Margin expected to exit FY2025 >4%.
•Focus on implementation of enhanced collections, recoveries and write-
offs strategies for the Motor Finance portfolio.
•OPEX growth to moderate by end of FY2025.

40
05 |
ADDITIONAL
INFORMATION

41
$1.15b
NZ Reverse Mortgages
+$82.4m (15.3%)
1
vs June 2024
$147,446
Average current
loan size
5
73
Average age of youngest borrower
(new customers)
3
17.3%
Compound annual growth rate
4
8.9%
Average
initial LVR
3
24.6%
Weighted average current LVR
(Indexed Valuation)
2
0.2%
Proportion of the
loan book over 75% LVR
5
6
Number of loans in the
book over 75% LVR
5
$106m
(+$9.8m vs 1H2024)
1H2025 origination
5
$80m
(+$22.5m vs 1H2024)
Total repayments in 1H2025
5
14.9%
(vs 12.9% in 1H2024)
1H2025 repayment rate
5
18.0%
(vs 22.8% in 1H2024)
Repayments from vintage loans
(+11 years)
5
41
NZ REVERSE MORTGAGE PORTFOLIO ANALYTICS
1
Annualised 1H2025 growth excluding the impact of changes in FX rates.
2
Across all time on whole book.

3
Rolling 12 months as at 31 December 2024.
4
Compound annual growth rate for the period 1 July 2020 – 31 December 2024.
5
As at 31 December 2024.

42
A$1.80b
AU Reverse Mortgages
+A$126m (15.0%)
1
vs June 2024
A$197,986
Average current
loan size
5
73
Average age of youngest borrower
(new customers)
3
17.5%
Compound annual growth rate
4
11.5%
Average
initial LVR
3
24.0%
Weighted average current LVR
(Indexed Valuation)
2
0.0%
Proportion of the
loan book over 75% LVR
5
1
Number of loans in the
book over 75% LVR
5
A$176m
(+A$4.4m vs 1H2024)
1H2024 origination
5
A$133m
(+A$37.0 vs 1H2024)
Total repayments in 1H2024
5
15.8%
(vs 12.6% in 1H2024)
1H2024 repayment rate
5
11.9%
(vs 16.1% in 1H2024)
Repayments from vintage loans
(+11 years)
5
42
AU REVERSE MORTGAGE PORTFOLIO ANALYTICS
Note: All figures are in $AUD unless otherwise stated.
1
Annualised 1H2025 growth excluding the impact of changes in FX rates.
2
Across all time on whole book.

3
Rolling 12 months as at 31 December 2024.
4
Compound annual growth rate for the period 1 July 2020 – 31 December 2024.
5
As at 31 December 2024.

43
1
StockCo Australia is a group of companies.
Heartland Group
(NZX/ASX: HGH)
Heartland Bank
Heartland Bank Australia
(previously Challenger Bank)
Heartland Australia
Holdings
StockCo Australia
1
Heartland Australia Group
Australian Seniors Finance
BBB (stable) Fitch
NZ Banking Group
BBB (stable) Fitch
AU Banking Group
BBB (stable) Fitch
BBB- (stable)
Fitch
NZ company
AU company
CORPORATE STRUCTURE

44
06 |
DISCLOSURE,
APPENDICES &
GLOSSARY

45
This presentation has been prepared by Heartland Group Holdings Limited (NZX/ASX: HGH)
(the Company or Heartland) for the purpose of briefings in relation to its Financial
Statements.
The presentation and the briefing (together the Presentation) contain summary information
only, which should not be relied on in isolation from the full detail in the Financial Statements.
The information in the Presentation has been prepared with due care and attention, but its
accuracy, correctness and completeness cannot be guaranteed. No person (including the
Company and its directors, shareholders and employees) will be liable to any other person
for any loss arising in connection with the Presentation.
The Presentation outlines a number of the Company’s forward-looking plans and projections.
Those plans and projections reflect current expectations, but are inherently subject to risk
and uncertainty, and may change at any time. There is no assurance that those plans will be
implemented or that projections will be realised. You are strongly cautioned not to place
undue reliance on any forward-looking statements, particularly in light of the current
economic climate.
No person is under any obligation to update this presentation at any time after its release or
to provide further information about the Company.
The information in this presentation is of a general nature and does not constitute financial
product advice, investment advice or any recommendation. Nothing in this presentation
constitutes legal, financial, tax or other advice.
Non-GAAP measures
This presentation contains references to non-GAAP measures including underlying profit or
loss, underlying ROE, underlying CTI ratios, underlying impairment expense ratios and
underlying EPS. A reconciliation between reported and the non-GAAP measure of underlying
financial information is included on page 7.
Because Heartland complies with accounting standards, investors know that comparisons
can be made with confidence between reported profits and those of other companies, and
there is integrity in Heartland’s reporting approach. These non-GAAP figures are provided as
a supplementary measure for readers to assess Heartland’s performance alongside NZ GAAP
reported measures, where one-offs, both positive and negative, can make it difficult to
compare profits between years. However, these non-GAAP measures do not have
standardised meanings prescribed by GAAP and should not be viewed in isolation nor
considered a substitute for measures reported in accordance with NZ GAAP.
Non-GAAP financial information has not been subject to review by PricewaterhouseCoopers,
Heartland’s external auditor.
All amounts are in New Zealand dollars unless otherwise indicated. Financial data in this
presentation is as at 31 December 2024 unless otherwise indicated. The 1H2025 financial
statements have not been audited, but have been reviewed by Heartland’s auditor,
PricewaterhouseCoopers. Any other financial information provided as at a date after 31
December 2024 has not been audited or reviewed by any independent registered public
accounting firm.
DISCLAIMER

46
1
See page 45 for definition of underlying financial metrics. Refer to page 6 for a detailed reconciliation between reported and underlying financial information.
1H2024
Entity
HGHHBLHBAL
Reported NPAT$37.6m
‒De-designation of derivatives$4.3m$4.3m
‒Fair value changes on equity investments held($1.9m)($1.9m)
Other operating income (OOI)$2.4m
‒ABP transaction costs$2.3m$2.1m$0.1m$0.1m
‒Other non-recurring expense$0.6m$0.2$0.4
Operating expenses (OPEX)$2.9m
‒Provision for a subset of legacy lending$16.0m$16.0m
Impairment Expense$16.0m
Tax impact($6.2m)($0.4m)($5.8m)
Underlying NPAT
1
$52.7m
1H2024 REPORTED VS. UNDERLYING

47
ABPAustralia Bank ProgrammeNIMNet interest margin
ADIAuthorised deposit-taking institutionNOINet operating income
bpsBasis pointsNPATNet profit after tax
CET1Common Equity Tier 1O4BOpen for Business
Challenger BankChallenger Bank Limited (now Heartland Bank Australia)OOIOther Operating Income
cpsCents per shareOPEXOperating expenses
CTI ratioCost-to-income ratioppsPercentage points
CYCalendar yearRBNZReserve Bank of New Zealand
DPDDays past dueReceivablesGross Finance Receivables (includes Reverse Mortgages)
DRPDividend Reinvestment PlanROEReturn on Equity
EPSEarnings per shareSMESmall-to-medium sized enterprise
FXForeign currency exchangeFY2025Financial year ending 30 June 2025 (1 July 2024 to 30 June 2025)
GFV Guaranteed Future Value1H2025First half of FY2025 (1 July to 31 December 2024)
HarmoneyHarmoney Corp Limited2Q2025Second quarter of FY2025 (1 October to 31 December 2024)
Heartland, Heartland Group,
HGH
Heartland Group Holdings Limited or the Company2H2025Second half of FY2025 (1 January to 30 June 2025)
Heartland Australia Group
Heartland Australia Holdings Pty Ltd and its direct and indirect
wholly-owned subsidiaries
FY2024Financial year ended 30 June 2024 (1 July 2023 to 30 June 2024)
Heartland Bank, HBL, NZ
Bank, NZ Banking
Heartland Bank Limited1H2024First half of FY2024 (1 July to 31 December 2023)
Heartland Bank Australia,
HBAL, AU Bank, AU banking
Heartland Bank Australia Limited1H2026
First half of the financial year ended 30 June 2026 (1 July 2025 to 30
June 2026)
LVRLoan-to-value ratioFY2028Financial year ending 30 June 2028 (1 July 2027 to 30 June 2028)
MTNMedium Term Note2Q2022Second quarter of FY2022 (1 October to 31 December 2021)
NIINet interest income
GLOSSARY

Investor information
For more information
heartlandgroup.info/investor-information
Investor & media relations
Nicola Foley
Head of Corporate Communications & Investor Relations
+64 27 345 6809
nicola.foley@heartland.co.nz
THANK YOU

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)



Results for announcement to the market
Name of issuer Heartland Group Holdings Limited
Reporting Period 6 months to 31 December 2024
Previous Reporting Period 6 months to 31 December 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$ 155,127 8.4%
Total Revenue $155,127 8.4%
Net profit/(loss) from
continuing operations
$3,612 -90.4%
Total net profit/(loss) $3,612 -90.4%
Interim/Final Dividend
Amount per Quoted Equity
Security
$ 0.02000000
Imputed amount per Quoted
Equity Security
$0.00777778
Record Date 07/03/2025
Dividend Payment Date 21/03/2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.99 $1.00
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the financial statements that accompany this
announcement for a further explanation of these figures.
Authority for this announcement
Name of person

authorised
to make this announcement
Andrew Dixson, Chief Executive Officer
Contact person for this
announcement
Nicola Foley, Head of Corporate Communications & Investor
Relations
Contact phone number +64 27 345 6809
Contact email address nicola.foley@heartland.co.nz
Date of release through MAP

27/02/2025

[Unaudited] financial statements accompany this announcement.

---

Distribution Notice




Section 1: Issuer information
Name of issuer Heartland Group Holdings Limited
Financial product name/description Ordinary shares
NZX ticker code HGH
ISIN (If unknown, check on NZX
website)
NZHGHE0007S9
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date 07/03/2025
Ex-Date (one business day before the
Record Date)
06/03/2025
Payment date (and allotment date for
DRP)
21/03/2025
Total monies associated with the
distribution
1

$ 18,748,385.58
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$ 0.02777778

Gross taxable amount
3
$ 0.02777778
Total cash distribution
4
$ 0.02000000
Excluded amount (applicable to listed
PIEs)
NIL
Supplementary distribution amount $ 0.00352941
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed

Fully imputed – YES
Partial imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

No imputation
If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$ 0.00777778

Resident Withholding Tax per
financial product
$0.00138889

Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
NIL
Start date and end date for
determining market price for DRP
10/03/2025 14/03/2025
Date strike price to be announced (if
not available at this time)
17/03/2025
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New issue
DRP strike price per financial product
$
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
10/03/2025, 5.00pm NZT
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Andrew Dixson, Chief Executive Officer
Contact person for this
announcement
Nicola Foley, Head of Corporate Communications &
Investor Relations
Contact phone number +64 27 345 6809
Contact email address nicola.foley@heartland.co.nz
Date of release through MAP

27/02/2025






6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---


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^ƚĂƚĞŵĞŶƚŽĨŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ
&ŽƌƚŚĞƐŝdžŵŽŶƚŚƐĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ



hŶĂƵĚŝƚĞĚ
ςDŽŶƚŚƐƚŽ
ĞĐĞŵďĞƌϮϬϮκ
hŶĂƵĚŝƚĞĚ
ςDŽŶƚŚƐƚŽ
ĞĐĞŵďĞƌϮϬϮϯ


ΨϬϬϬΖƐEŽƚĞ
/ŶƚĞƌĞƐƚŝŶĐŽŵĞ
ϯ
ϯςϮ͕ϳϯϯϯϭε͕ρϮϮ
/ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ
ϯ
Ϯϭϯ͕ρεεϭΘϬ͕ϳϳκ
EĞƚŝŶƚĞƌĞƐƚŝŶĐŽŵĞ

ϭκε͕ϭϯκϭϯΘ͕ϳκΘ

KƉĞƌĂƟŶŐůĞĂƐĞŝŶĐŽŵĞ

ϯ͕ϭϯϭϮ͕εεε
KƉĞƌĂƟŶŐůĞĂƐĞĞdžƉĞŶƐĞ

Ϯ͕ϮϯεϮ͕ϭϯς
EĞƚŽƉĞƌĂƟŶŐůĞĂƐĞŝŶĐŽŵĞ

ΘεϮΘςϯ

>ĞŶĚŝŶŐĂŶĚĐƌĞĚŝƚĨĞĞŝŶĐŽŵĞ

ς͕ϳκςρ͕εϬς
KƚŚĞƌ;ĞdžƉĞŶƐĞͿ

;ϭ͕κϳϯͿ;κ͕ϮϳϬͿ
EĞƚŽƉĞƌĂƟŶŐŝŶĐŽŵĞ

ϭρρ͕Ϯεεϭκϭ͕Ϯκϳ

KƉĞƌĂƟŶŐĞdžƉĞŶƐĞƐ
κ
εΘ͕ϬΘϭςς͕κεΘ
WƌŽĮƚďĞĨŽƌĞĨĂŝƌǀĂůƵĞ;ůŽƐƐͿͬŐĂŝŶŽŶŝŶǀĞƐƚŵĞŶƚƐĂŶĚŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJ͕ůŽƐƐĞƐ
ŽŶŐƵĂƌĂŶƚĞĞĚĨƵƚƵƌĞǀĂůƵĞƉƌŽĚƵĐƚƐ͕ŝŵƉĂŝƌĞĚĂƐƐĞƚĞdžƉĞŶƐĞĂŶĚŝŶĐŽŵĞƚĂdž


ρϳ͕ϮϭΘϳκ͕ϳκε

EĞƚĨĂŝƌǀĂůƵĞůŽƐƐͬ;ŐĂŝŶͿŽŶŝŶǀĞƐƚŵĞŶƚƐĂŶĚŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJ

ϭϳϮ;ϭ͕ΘςϮͿ
>ŽƐƐĞƐŽŶŐƵĂƌĂŶƚĞĞĚĨƵƚƵƌĞǀĂůƵĞƉƌŽĚƵĐƚƐ

ϭ͕ϭϳκͲ
/ŵƉĂŝƌĞĚĂƐƐĞƚĞdžƉĞŶƐĞ
ρ
ρϬ͕ρϯϬϮκ͕Ϭϯς
WƌŽĮƚďĞĨŽƌĞŝŶĐŽŵĞƚĂdž

ρ͕ϯκϮρϮ͕ρϳρ

/ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞ

ϭ͕ϳϯϬϭκ͕εϳρ
WƌŽĮƚĨŽƌƚŚĞƉĞƌŝŽĚ

ϯ͕ςϭϮϯϳ͕ςϬϬ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞ;ůŽƐƐͿͬŝŶĐŽŵĞ


/ƚĞŵƐƚŚĂƚĂƌĞŽƌŵĂLJďĞƌĞĐůĂƐƐŝĮĞĚƐƵďƐĞƋƵĞŶƚůLJƚŽƉƌŽĮƚŽƌůŽƐƐ͕ŶĞƚŽĨŝŶĐŽŵĞ
ƚĂdž͗


īĞĐƟǀĞƉŽƌƟŽŶŽĨĐŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŽĨĚĞƌŝǀĂƟǀĞĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŝŶĂĐĂƐŚ
ŇŽǁŚĞĚŐĞƌĞůĂƟŽŶƐŚŝƉ


;ϭϯ͕ϭςϬͿ;ϭϭ͕ϬΘϯͿ
DŽǀĞŵĞŶƚŝŶĨĂŝƌǀĂůƵĞƌĞƐĞƌǀĞ

Ϯκς;κϬͿ
DŽǀĞŵĞŶƚŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJƚƌĂŶƐůĂƟŽŶƌĞƐĞƌǀĞ

κ͕ΘϮκ;ϭ͕ρκϬͿ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞůŽƐƐĨŽƌƚŚĞƉĞƌŝŽĚ͕ŶĞƚŽĨŝŶĐŽŵĞƚĂdž

;Θ͕ϬεϬͿ;ϭϮ͕ςςϯͿ

dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞ;ůŽƐƐͿͬŝŶĐŽŵĞĨŽƌƚŚĞƉĞƌŝŽĚ

;κ͕κϳΘͿϮκ͕εϯϳ
ĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ


ĂƐŝĐĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞςϬ͘κϬĐρ͘ϯϬĐ
ŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞς
Ϭ͘κϬĐ
ρ͘ϯϬĐ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞƉĞƌŝŽĚŝƐĂƩƌŝďƵƚĂďůĞƚŽƚŚĞŽǁŶĞƌƐŽĨƚŚĞ'ƌŽƵƉ͘

dŚĞŶŽƚĞƐƚŽƚŚĞŝŶƚĞƌŝŵĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨ͕ĂŶĚƐŚŽƵůĚďĞƌĞĂĚŝŶĐŽŶũƵŶĐƟŽŶǁŝƚŚ͕ƚŚĞƐĞŝŶƚĞƌŝŵ
ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘





W͘ς
^ƚĂƚĞŵĞŶƚŽĨŚĂŶŐĞƐŝŶƋƵŝƚLJ

&ŽƌƚŚĞƐŝdžŵŽŶƚŚƐĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ


^ŚĂƌĞ
ĂƉŝƚĂů
ŵƉůŽLJĞĞ
ĞŶĞĨŝƚ
ZĞƐĞƌǀĞ
&ŽƌĞŝŐŶ
ƵƌƌĞŶĐLJ
dƌĂŶƐůĂƚŝŽŶ
ZĞƐĞƌǀĞ
&Ăŝƌ
sĂůƵĞ
ZĞƐĞƌǀĞ
ĂƐŚ
&ůŽǁ
,ĞĚŐĞ
ZĞƐĞƌǀĞ
ZĞƚĂŝŶĞĚ
ĂƌŶŝŶŐƐ
dŽƚĂů
ƋƵŝƚLJ


ΨϬϬϬΖƐEŽƚĞ
hŶĂƵĚŝƚĞĚͲĞĐĞŵďĞƌϮϬϮκ

ĂůĂŶĐĞĂƐĂƚϭ:ƵůLJϮϬϮκ

ϭ͕ϬϭΘ͕ερκͲ;ς͕ςςρͿ;ς͕ϮϬρͿκ͕ϯϳκϮϮϳ͕κϭϭϭ͕Ϯϯϳ͕Θςε

dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞ
ŝŶĐŽŵĞĨŽƌƚŚĞƉĞƌŝŽĚ


WƌŽĨŝƚĨŽƌƚŚĞƉĞƌŝŽĚ

ͲͲͲͲͲϯ͕ςϭϮϯ͕ςϭϮ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞͬ;ůŽƐƐͿ͕ŶĞƚŽĨ
ŝŶĐŽŵĞƚĂdž


ͲͲκ͕ΘϮκϮκς;ϭϯ͕ϭςϬͿͲ;Θ͕ϬεϬͿ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞͬ;ůŽƐƐͿĨŽƌƚŚĞ
ƉĞƌŝŽĚ


ͲͲκ͕ΘϮκϮκς;ϭϯ͕ϭςϬͿϯ͕ςϭϮ;κ͕κϳΘͿ
dƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŽǁŶĞƌƐ


ŝǀŝĚĞŶĚƐƉĂŝĚε
ͲͲͲͲͲ;Ϯϳ͕εϭΘͿ;Ϯϳ͕εϭΘͿ
^ŚĂƌĞŝƐƐƵĂŶĐĞε
ϳ͕ϭκϮͲ

Ͳϳ͕ϭκϮ
dŽƚĂůƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŽǁŶĞƌƐ

ϳ͕ϭκϮͲͲͲͲ;Ϯϳ͕εϭΘͿ;ϮϬ͕ϳϳςͿ
ĂůĂŶĐĞĂƐĂƚϯϭĞĐĞŵďĞƌϮϬϮκ

ϭ͕ϬϮς͕ϬεςͲ;ϭ͕ΘκϭͿ;ρ͕ερεͿ;Θ͕ϳΘςͿϮϬϯ͕ϭϬρϭ͕ϮϭϮ͕ςϭρ
hŶĂƵĚŝƚĞĚͲĞĐĞŵďĞƌϮϬϮϯ


ĂůĂŶĐĞĂƐĂƚϭ:ƵůLJϮϬϮϯ

ΘϬϬ͕ϳϭϮϯ͕ρΘϭ;Θ͕κϯΘͿ;ϯ͕εϳΘͿϭρ͕ϬϳρϮϮκ͕ϬρϮϭ͕Ϭϯϭ͕ϬϬκ

dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞ
ŝŶĐŽŵĞĨŽƌƚŚĞƉĞƌŝŽĚ


WƌŽĨŝƚĨŽƌƚŚĞƉĞƌŝŽĚ

ͲͲͲͲͲϯϳ͕ςϬϬϯϳ͕ςϬϬ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞ;ůŽƐƐͿ͕ŶĞƚŽĨŝŶĐŽŵĞ
ƚĂdž


ͲͲ;ϭ͕ρκϬͿ;κϬͿ;ϭϭ͕ϬΘϯͿͲ;ϭϮ͕ςςϯͿ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞ;ůŽƐƐͿͬ
ŝŶĐŽŵĞĨŽƌƚŚĞƉĞƌŝŽĚͲͲ;ϭ͕ρκϬͿ;κϬͿ;ϭϭ͕ϬΘϯͿϯϳ͕ςϬϬϮκ͕εϯϳ

dƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŽǁŶĞƌƐ


ŝǀŝĚĞŶĚƐƉĂŝĚε
ͲͲͲͲͲ;κϮ͕ρϳεͿ;κϮ͕ρϳεͿ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐ

ͲςϯϭͲͲͲͲςϯϭ
sĞƐƚŝŶŐŽĨƐŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐε
ϳςρ;ϳςρͿͲͲͲͲͲ
^ŚĂƌĞŝƐƐƵĂŶĐĞε
ϳ͕ϮΘϯͲͲͲͲͲϳ͕ϮΘϯ
dŽƚĂůƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŽǁŶĞƌƐ

Θ͕ϬκΘ;ϭϯκͿͲͲͲ;κϮ͕ρϳεͿ;ϯκ͕ςςρͿ
ĂůĂŶĐĞĂƐĂƚϯϭĞĐĞŵďĞƌϮϬϮϯ

ΘϬΘ͕ϳςϬϯ͕κκϳ;ε͕εϳΘͿ;κ͕ϬϭΘͿϯ͕εεϮϮϭε͕Ϭϳϯϭ͕ϬϮϭ͕Ϯϳς
dŚĞŶŽƚĞƐƚŽƚŚĞŝŶƚĞƌŝŵĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨ͕ĂŶĚƐŚŽƵůĚďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚ͕ƚŚĞƐĞŝŶƚĞƌŝŵ
ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘




W͘ϳ
^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůWŽƐŝƟŽŶ

ƐĂƚϯϭĞĐĞŵďĞƌϮϬϮκ



hŶĂƵĚŝƚĞĚ
ĞĐĞŵďĞƌϮϬϮκ
ƵĚŝƚĞĚ
ΨϬϬϬΖƐ
EŽƚĞ:ƵŶĞϮϬϮκ
ƐƐĞƚƐ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ

ϯϳϳ͕ϬϳϬςϮε͕ςϭε
ŽůůĂƚĞƌĂůƉĂŝĚ

ϭϯ͕κρϳͲ
/ŶǀĞƐƚŵĞŶƚƐϭϮεϬϯ͕εϯϮϭ͕ϬεϮ͕ϭϯϭ
ĞƌŝǀĂƟǀĞĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐϭϮρ͕ϭςΘϭϮ͕ϯϭς
&ŝŶĂŶĐĞƌĞĐĞŝǀĂďůĞƐŵĞĂƐƵƌĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚϳϯ͕εϬϮ͕κϮϳκ͕Ϯςς͕εκς
&ŝŶĂŶĐĞƌĞĐĞŝǀĂďůĞƐͲƌĞǀĞƌƐĞŵŽƌƚŐĂŐĞƐϭϮϯ͕ϭϯϳ͕εϮκϮ͕Θεϳ͕ΘϭΘ
/ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƟĞƐ

κ͕ϯεϬϯ͕ςςϬ
KƉĞƌĂƟŶŐůĞĂƐĞǀĞŚŝĐůĞƐ

ϭς͕εϭκϭΘ͕Ϯςϭ
ZŝŐŚƚŽĨƵƐĞĂƐƐĞƚƐ

ϭϯ͕ϳϮρϭρ͕ρϭε
KƚŚĞƌĂƐƐĞƚƐ

κϮ͕ρςϮϯρ͕ϭΘρ
ƵƌƌĞŶƚƚĂdžĂƐƐĞƚ

κϭ͕ςϳϭϭς͕ϳςϳ
/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐϭϬϮϳρ͕κϯϭϮϳε͕εϬς
ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚ

Ϯϭ͕ϳϭςϮϯ͕ϳϮϳ
dŽƚĂůĂƐƐĞƚƐΘ͕ϳρς͕ϯΘϳε͕Ϯεϭ͕Θρρ
>ŝĂďŝůŝƟĞƐ

ŽůůĂƚĞƌĂůƌĞĐĞŝǀĞĚ

ͲϮ͕ϯΘκ
ĞƉŽƐŝƚƐΘς͕Ϭεϭ͕ρϮϮρ͕εκε͕ϭϭς
KƚŚĞƌďŽƌƌŽǁŝŶŐƐΘϭ͕ϯΘϮ͕ϯϬϮϮ͕ϬκϬ͕ϳςϯ
ĞƌŝǀĂƟǀĞĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐϭϮϮϭ͕ϳϮςε͕Ϭϭϳ
>ĞĂƐĞůŝĂďŝůŝƟĞƐ

ϭς͕Ϭϯϭϭϳ͕ϳϳς
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ

ϯϬ͕ΘΘςϯκ͕εϯϬ
ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚLJ

ϭ͕ϯϬρͲ
dŽƚĂůůŝĂďŝůŝƟĞƐϳ͕ρκϯ͕ϳϳϮΘ͕Ϭρϯ͕εΘς
EĞƚĂƐƐĞƚƐϭ͕ϮϭϮ͕ςϭρϭ͕Ϯϯϳ͕Θςε
ƋƵŝƚLJ

^ŚĂƌĞĐĂƉŝƚĂůεϭ͕ϬϮς͕Ϭεςϭ͕ϬϭΘ͕ερκ
ZĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐĂŶĚŽƚŚĞƌƌĞƐĞƌǀĞƐ

ϭΘς͕ρϭεϮϭΘ͕εϭρ
dŽƚĂůĞƋƵŝƚLJϭ͕ϮϭϮ͕ςϭρϭ͕Ϯϯϳ͕Θςε

dŚĞŶŽƚĞƐƚŽƚŚĞŝŶƚĞƌŝŵĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨ͕ĂŶĚƐŚŽƵůĚďĞƌĞĂĚŝŶĐŽŶũƵŶĐƟŽŶǁŝƚŚ͕ƚŚĞƐĞŝŶƚĞƌŝŵ
ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘





W͘Θ

^ƚĂƚĞŵĞŶƚŽĨĂƐŚ&ůŽǁƐ

&ŽƌƚŚĞƐŝdžŵŽŶƚŚƐĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ


hŶĂƵĚŝƚĞĚ
ςDŽŶƚŚƐƚŽ
ĞĐĞŵďĞƌϮϬϮκ
hŶĂƵĚŝƚĞĚ
ςDŽŶƚŚƐƚŽ
ĞĐĞŵďĞƌϮϬϮϯ


ΨϬϬϬΖƐ
EŽƚĞ
ĂƐŚĨůŽǁƐĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ

/ŶƚĞƌĞƐƚƌĞĐĞŝǀĞĚϮϭϬ͕κϬϯϭεϳ͕ϯρϮ
KƉĞƌĂƚŝŶŐůĞĂƐĞŝŶĐŽŵĞƌĞĐĞŝǀĞĚϮ͕ΘϮΘϮ͕ςκρ
>ĞŶĚŝŶŐ͕ĐƌĞĚŝƚĨĞĞƐĂŶĚŽƚŚĞƌŝŶĐŽŵĞƌĞĐĞŝǀĞĚρ͕ϬϮϭκ͕ΘΘϮ
KƉĞƌĂƚŝŶŐŝŶĨůŽǁƐϮϭΘ͕ϮρϮϮϬκ͕Θϳε

/ŶƚĞƌĞƐƚƉĂŝĚ;ϮϬς͕ϬϬϳͿ;ϭρΘ͕ϮςςͿ
WĂLJŵĞŶƚƐƚŽƐƵƉƉůŝĞƌƐĂŶĚĞŵƉůŽLJĞĞƐ;εε͕κϭρͿ;ςϮ͕κϮςͿ
dĂdžĂƚŝŽŶƉĂŝĚ;ϭε͕ϯΘςͿ;ϯϮ͕κεκͿ
KƉĞƌĂƚŝŶŐŽƵƚĨůŽǁƐ;ϯϮκ͕ΘϬΘͿ;Ϯρϯ͕ϭΘςͿ

EĞƚĐĂƐŚĨůŽǁƐĂƉƉůŝĞĚƚŽŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐďĞĨŽƌĞĐŚĂŶŐĞƐŝŶŽƉĞƌĂƚŝŶŐĂƐƐĞƚƐ
ĂŶĚůŝĂďŝůŝƚŝĞƐ


;ϭϬς͕ρρςͿ;κΘ͕ϯϬϳͿ

ŽůůĂƚĞƌĂůƉĂŝĚ;Ϯϳ͕ςϭϬͿ;ϯΘ͕ϳϬϬͿ
ŽůůĂƚĞƌĂůƌĞĐĞŝǀĞĚϭϭ͕ΘϮϬϭς͕κκϬ
WƌŽĐĞĞĚƐĨƌŽŵƐĂůĞŽĨŽƉĞƌĂƚŝŶŐůĞĂƐĞǀĞŚŝĐůĞƐϭ͕Ϯςρκϯϳ
WƵƌĐŚĂƐĞŽĨŽƉĞƌĂƚŝŶŐůĞĂƐĞǀĞŚŝĐůĞƐ

;ϭ͕ςϬκͿ;Ϯ͕κςϯͿ
EĞƚĚĞĐƌĞĂƐĞͬ;ŝŶĐƌĞĂƐĞͿŝŶĨŝŶĂŶĐĞƌĞĐĞŝǀĂďůĞƐϮκε͕ϭςΘ;ϭκ͕ςϯϮͿ
EĞƚŵŽǀĞŵĞŶƚŝŶĚĞƉŽƐŝƚƐϭϭϬ͕ϬεςϳΘ͕κϮΘ
EĞƚĐĂƐŚĨůŽǁƐĨƌŽŵͬ;ĂƉƉůŝĞĚƚŽͿŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
ϭ
Ϯϯς͕ρϳε;Θ͕ϳεϳͿ
ĂƐŚĨůŽǁƐĨƌŽŵŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐ

WƵƌĐŚĂƐĞŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚĂŶĚŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ;ϭ͕ΘϭΘͿ;ϭς͕ϳϭρͿ
WƌŽĐĞĞĚƐĨƌŽŵŝŶǀĞƐƚŵĞŶƚƐĞĐƵƌŝƚŝĞƐςεΘ͕Θϭρςϯ͕ϭρε
WƵƌĐŚĂƐĞŽĨŝŶǀĞƐƚŵĞŶƚƐĞĐƵƌŝƚŝĞƐ;κεϯ͕ϬϳϳͿ
;ϭϮρ͕ϬϬϬͿ
ŽŶƐŝĚĞƌĂƚŝŽŶĂĚũƵƐƚŵĞŶƚƌĞůĂƚĞĚƚŽĂĐƋƵŝƐŝƚŝŽŶŽĨƐƵďƐŝĚŝĂƌLJϭ͕κϬκͲ
WƵƌĐŚĂƐĞŽĨĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚ;ϮκςͿͲ
EĞƚĐĂƐŚĨůŽǁƐĨƌŽŵͬ;ĂƉƉůŝĞĚƚŽͿŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐϮϬρ͕ϬϳΘ;ϳΘ͕ρρςͿ
ĂƐŚĨůŽǁƐĨƌŽŵĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ

WƌŽĐĞĞĚƐĨƌŽŵǁŚŽůĞƐĂůĞďŽƌƌŽǁŝŶŐƐϭκς͕εςϬςρε͕Ϯρϯ
ZĞƉĂLJŵĞŶƚŽĨǁŚŽůĞƐĂůĞďŽƌƌŽǁŝŶŐƐ

;ϳϯΘ͕εϭεͿ;ϳϯϭ͕ϮϮΘͿ
WƌŽĐĞĞĚƐĨƌŽŵŝƐƐƵĞŽĨƵŶƐƵďŽƌĚŝŶĂƚĞĚŶŽƚĞƐ

ͲϭϳϮ͕ϭϳϬ
ZĞƉĂLJŵĞŶƚŽĨƵŶƐƵďŽƌĚŝŶĂƚĞĚŶŽƚĞƐ

;ΘϮ͕ΘϭϯͿͲ
ŝǀŝĚĞŶĚƐƉĂŝĚε;ϮϬ͕ϳϳςͿ;κϮ͕ρϳεͿ
WĂLJŵĞŶƚŽĨůĞĂƐĞůŝĂďŝůŝƚŝĞƐ

;ϭ͕ϳρεͿ;ϭ͕ϮϬςͿ
EĞƚŝƐƐƵĞŽĨƐŚĂƌĞĐĂƉŝƚĂů

Ͳϳ͕εϭρ
EĞƚĐĂƐŚĨůŽǁƐ;ĂƉƉůŝĞĚƚŽͿͬĨƌŽŵĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ;ςεϳ͕ϯϬϳͿςκ͕ϯϮρ
EĞƚĚĞĐƌĞĂƐĞŝŶĐĂƐŚŚĞůĚ;Ϯρρ͕ςρϬͿ;Ϯϯ͕ϬϮΘͿ
ĨĨĞĐƚŽĨĞdžĐŚĂŶŐĞƌĂƚĞƐŽŶĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐϯ͕ϭϬϭ;ϭ͕ρρϬͿ
KƉĞŶŝŶŐĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ

ςϮε͕ςϭεϯϭϭ͕ρϬϯ
ůŽƐŝŶŐĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ
Ϯ
ϯϳϳ͕ϬϳϬϮΘς͕εϮρ
ϭ
ĂƐŚĨůŽǁƐĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐĚŽŶŽƚŝŶĐůƵĚĞĐĂƐŚĨůŽǁƐĨƌŽŵǁŚŽůĞƐĂůĞďŽƌƌŽǁŝŶŐƐǁŚŝĐŚĂƌĞŝŶĐůƵĚĞĚĂƐƉĂƌƚŽĨĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ͘
Ϯ
ƚϯϭĞĐĞŵďĞƌϮϬϮκ͕ƚŚĞ'ƌŽƵƉŚĂƐΨερ͘κŵŝůůŝŽŶ;ĞĐĞŵďĞƌϮϬϮϯ͗ΨϭϮε͘εŵŝůůŝŽŶͿŽĨĐĂƐŚŚĞůĚďLJƐƚƌƵĐƚƵƌĞĚĂƐƐĞƚŚŽůĚŝŶŐĞŶƚŝƚŝĞƐ;dƌƵƐƚƐͿ
ǁŚŝĐŚŵĂLJŽŶůLJďĞƵƐĞĚĨŽƌƚŚĞƉƵƌƉŽƐĞƐĚĞĨŝŶĞĚŝŶƚŚĞƵŶĚĞƌůLJŝŶŐdƌƵƐƚĚŽĐƵŵĞŶƚƐ͘




W͘ε
^ƚĂƚĞŵĞŶƚŽĨĂƐŚ&ůŽǁƐ;ŽŶƚŝŶƵĞĚͿ

&ŽƌƚŚĞƐŝdžŵŽŶƚŚƐĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ


ZĞĐŽŶĐŝůŝĂƚŝŽŶŽĨƉƌŽĨŝƚĂĨƚĞƌƚĂdžƚŽŶĞƚĐĂƐŚĨůŽǁƐĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ



hŶĂƵĚŝƚĞĚ
ςDŽŶƚŚƐƚŽ
ĞĐĞŵďĞƌϮϬϮκ
hŶĂƵĚŝƚĞĚ
ςDŽŶƚŚƐƚŽ
ĞĐĞŵďĞƌϮϬϮϯ


ΨϬϬϬΖƐ
EŽƚĞ
WƌŽĨŝƚĨŽƌƚŚĞƉĞƌŝŽĚϯ͕ςϭϮϯϳ͕ςϬϬ

ĚĚͬ;ůĞƐƐͿŶŽŶͲĐĂƐŚŝƚĞŵƐ͗

ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝƐĂƚŝŽŶĞdžƉĞŶƐĞΘ͕κρϳρ͕ϭεϮ
ĞƉƌĞĐŝĂƚŝŽŶŽŶůĞĂƐĞǀĞŚŝĐůĞƐ

Ϯ͕Ϭϭκϭ͕ΘΘϮ
ĂƉŝƚĂůŝƐĞĚŶĞƚŝŶƚĞƌĞƐƚŝŶĐŽŵĞĂŶĚĨĞĞŝŶĐŽŵĞ

;ϭρϬ͕ϯϳϭͿ;ϭϬρ͕ρϳςͿ
/ŵƉĂŝƌĞĚĂƐƐĞƚĞdžƉĞŶƐĞρρϭ͕ϬϯΘϮρ͕ϭϯΘ
>ŽƐƐĞƐŽŶŐƵĂƌĂŶƚĞĞĚĨƵƚƵƌĞǀĂůƵĞƉƌŽĚƵĐƚƐ

ϭ͕ϭϳκͲ
&ĂŝƌǀĂůƵĞŵŽǀĞŵĞŶƚƐ

;ε͕ϮρϳͿ;ϭϮ͕εϮεͿ
ĞĨĞƌƌĞĚƚĂdžϯ͕ϯϭς;ϭ͕ϳςϳͿ
KƚŚĞƌŶŽŶͲĐĂƐŚŝƚĞŵƐ

ϭερΘρε
dŽƚĂůŶŽŶͲĐĂƐŚŝƚĞŵƐ;εϯ͕κϯκͿ;Θϳ͕ϮϬϭͿ

ĚĚͬ;ůĞƐƐͿŵŽǀĞŵĞŶƚƐŝŶŽƉĞƌĂƚŝŶŐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͗

&ŝŶĂŶĐĞƌĞĐĞŝǀĂďůĞƐϮκε͕ϭςΘ;ϭρ͕ϳϯκͿ
KƉĞƌĂƚŝŶŐůĞĂƐĞǀĞŚŝĐůĞƐ;ςςϳͿ;Ϯ͕κςϯͿ
KƚŚĞƌĂƐƐĞƚƐ;ϮϬ͕ϳϮϭͿ;κ͕ΘϯϯͿ
ƵƌƌĞŶƚƚĂdž;Ϯκ͕εϬκͿ;Ϯϭ͕ϳεεͿ
ĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐϭε͕ΘρϳϮΘ͕Θςϳ
ĞƉŽƐŝƚƐϭϭϬ͕ϬεςϳΘ͕κϮΘ
KƚŚĞƌůŝĂďŝůŝƚŝĞƐ;ς͕κϮΘͿ;Ϯϭ͕ςςϮͿ
dŽƚĂůŵŽǀĞŵĞŶƚƐŝŶŽƉĞƌĂƚŝŶŐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐϯϮς͕κϬϭκϬ͕ΘϬκ

EĞƚĐĂƐŚĨůŽǁƐĨƌŽŵͬ;ĂƉƉůŝĞĚƚŽͿŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
ϭ
Ϯϯς͕ρϳε;Θ͕ϳεϳͿ
ϭ
ĂƐŚĨůŽǁƐĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐĚŽŶŽƚŝŶĐůƵĚĞĐĂƐŚĨůŽǁƐĨƌŽŵǁŚŽůĞƐĂůĞďŽƌƌŽǁŝŶŐƐǁŚŝĐŚĂƌĞŝŶĐůƵĚĞĚĂƐƉĂƌƚŽĨĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ͘
dŚĞŶŽƚĞƐƚŽƚŚĞŝŶƚĞƌŝŵĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨ͕ĂŶĚƐŚŽƵůĚďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚ͕ƚŚĞƐĞŝŶƚĞƌŝŵ
ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘




W͘ϭϬ
EŽƚĞƐƚŽƚŚĞ/ŶƚĞƌŝŵ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ

&ŽƌƚŚĞƐŝdžŵŽŶƚŚƐĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ

ϭ/ŶƚĞƌŝŵ&ŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƉƌĞƉĂƌĂƚŝŽŶ

ĂƐŝƐŽĨƉƌĞƉĂƌĂƚŝŽŶ

dŚĞŝŶƚĞƌŝŵĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƉƌĞƐĞŶƚĞĚĂƌĞƚŚĞŝŶƚĞƌŝŵĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĐŽŵƉƌŝƐŝŶŐ,ĞĂƌƚůĂŶĚ'ƌŽƵƉ,ŽůĚŝŶŐƐ>ŝŵŝƚĞĚ
;,',ͿĂŶĚŝƚƐĐŽŶƚƌŽůůĞĚĞŶƚŝƚŝĞƐ;ƚŚĞ'ƌŽƵƉͿ͘dŚĞLJŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ'ĞŶĞƌĂůůLJĐĐĞƉƚĞĚĐĐŽƵŶƚŝŶŐ
WƌĂĐƚŝĐĞŝŶEĞǁĞĂůĂŶĚ;E'WͿĂƐĚĞĨŝŶĞĚŝŶƚŚĞ&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐĐƚϮϬϭϯ͘dŚĞƐĞŝŶƚĞƌŝŵĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĐŽŵƉůLJǁŝƚŚ
E/^ϯκ/ŶƚĞƌŝŵ&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐĂƐĂƉƉƌŽƉƌŝĂƚĞĨŽƌƉƵďůŝĐůLJĂĐĐŽƵŶƚĂďůĞĨŽƌͲƉƌŽĨŝƚĞŶƚŝƚŝĞƐĂŶĚ/^ϯκ/ŶƚĞƌŝŵ&ŝŶĂŶĐŝĂů
ZĞƉŽƌƚŝŶŐ͘

dŚĞŝŶƚĞƌŝŵĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĚŽŶŽƚŝŶĐůƵĚĞĂůůŶŽƚĞƐŽĨƚŚĞƚLJƉĞŶŽƌŵĂůůLJŝŶĐůƵĚĞĚƚŚĞĂŶŶƵĂůĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
ĐĐŽƌĚŝŶŐůLJƚŚĞƐĞŝŶƚĞƌŝŵĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƐŚŽƵůĚďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ
:ƵŶĞϮϬϮκ͘

dŚĞŝŶƚĞƌŝŵĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƉƌĞƐĞŶƚĞĚŚĞƌĞĂƌĞĨŽƌƚŚĞƐŝdžŵŽŶƚŚƐƉĞƌŝŽĚĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ͘

dŚĞŝŶƚĞƌŝŵĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŽŶƚŚĞďĂƐŝƐŽĨŚŝƐƚŽƌŝĐĂůĐŽƐƚ͕ĞdžĐĞƉƚĨŽƌĐĞƌƚĂŝŶĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂŶĚ
ŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ͕ǁŚŝĐŚĂƌĞŵĞĂƐƵƌĞĚĂƚƚŚĞŝƌĨĂŝƌǀĂůƵĞƐ͘

dŚĞŝŶƚĞƌŝŵĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŽŶĂŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐ͘

ŚĂŶŐĞƐŝŶĂĐĐŽƵŶƚŝŶŐƉŽůŝĐLJ

dŚĞ'ƌŽƵƉŚĂƐĞůĞĐƚĞĚƚŽĂĚŽƉƚE/&Z^ε&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ;E/&Z^εͿƚŽĂĐĐŽƵŶƚĨŽƌĚĞƐŝŐŶĂƚĞĚŚĞĚŐĞƌĞůĂƚŝŽŶƐŚŝƉƐ͕
ƚƌĂŶƐŝƚŝŽŶŝŶŐĨƌŽŵƚŚĞƉƌĞǀŝŽƵƐĂĐĐŽƵŶƚŝŶŐƐƚĂŶĚĂƌĚE/^ϯε&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ͗ZĞĐŽŐŶŝƚŝŽŶĂŶĚDĞĂƐƵƌĞŵĞŶƚ;E/^ϯεͿ
ƉƌŽƐƉĞĐƚŝǀĞůLJĨƌŽŵϭ:ƵůLJϮϬϮκ͘dŚĞƌĞǁĂƐŶŽƌĞƚƌŽƐƉĞĐƚŝǀĞĂĚũƵƐƚŵĞŶƚƚŽƚŚĞ'ƌŽƵƉ͛ƐƌĞƐƵůƚƐ͘

E/&Z^εĐŽŶƚĂŝŶƐŚĞĚŐĞĂĐĐŽƵŶƚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐŝŶƚƌŽĚƵĐŝŶŐĂŵŽƌĞƉƌŝŶĐŝƉůĞƐͲďĂƐĞĚĂƉƉƌŽĂĐŚ͕ǁŚŝĐŚŵŽƌĞĐůŽƐĞůLJĂůŝŐŶƐ
ĂĐĐŽƵŶƚŝŶŐǁŝƚŚƌŝƐŬŵĂŶĂŐĞŵĞŶƚĂĐƚŝǀŝƚŝĞƐĂŶĚŝŶĐƌĞĂƐĞƐƚŚĞĞůŝŐŝďŝůŝƚLJŽĨďŽƚŚŚĞĚŐĞŝŶƐƚƌƵŵĞŶƚƐĂŶĚŚĞĚŐĞĚŝƚĞŵƐĨŽƌŚĞĚŐĞ
ĂĐĐŽƵŶƚŝŶŐ͘

E/&Z^εƌĞƋƵŝƌĞƐĂĨŽƌǁĂƌĚͲůŽŽŬŝŶŐĂƐƐĞƐƐŵĞŶƚŽĨŚĞĚŐĞĞĨĨĞĐƚŝǀĞŶĞƐƐĂƚƚŚĞŝŶĐĞƉƚŝŽŶŽĨƚŚĞŚĞĚŐĞƌĞůĂƚŝŽŶƐŚŝƉĂŶĚŽŶĂŶ
ŽŶŐŽŝŶŐďĂƐŝƐĂŶĚƌĞŵŽǀĞƐƚŚĞE/^ϯεƌĞƋƵŝƌĞŵĞŶƚŽĨĂŚŝŐŚůLJĞĨĨĞĐƚŝǀĞŚĞĚŐĞƌĞůĂƚŝŽŶƐŚŝƉďĞŝŶŐǁŝƚŚŝŶƚŚĞΘϬйƚŽϭϮρй
ƌĂŶŐĞ͘dŽĐŽŵƉůLJǁŝƚŚŚĞĚŐĞĞĨĨĞĐƚŝǀĞŶĞƐƐƌĞƋƵŝƌĞŵĞŶƚƐ͕E/^ϯεƌĞƋƵŝƌĞƐƚŚĞĚĞͲĚĞƐŝŐŶĂƚŝŽŶŽĨĂŶĞdžŝƐƚŝŶŐŚĞĚŐĞƌĞůĂƚŝŽŶƐŚŝƉ
ĂŶĚƌĞͲĚĞƐŝŐŶĂƚŝŽŶŽĨĂŶĞǁŚĞĚŐĞƌĞůĂƚŝŽŶƐŚŝƉ͘E/&Z^εƌĞƋƵŝƌĞƐƚŚĞƌĞďĂůĂŶĐŝŶŐŽĨƚŚĞĞdžŝƐƚŝŶŐŚĞĚŐĞďLJĂĚũƵƐƚŝŶŐĂŚĞĚŐĞ
ƌĂƚŝŽƚŚƌŽƵŐŚĂůƚĞƌŝŶŐƚŚĞƋƵĂŶƚŝƚŝĞƐŽĨƚŚĞŚĞĚŐĞŝŶƐƚƌƵŵĞŶƚŽƌŚĞĚŐĞĚŝƚĞŵ͘
ZĞďĂůĂŶĐŝŶŐŝƐĂĐĐŽƵŶƚĞĚĨŽƌĂƐĂĐŽŶƚŝŶƵĂƚŝŽŶŽĨĂŶ
ĞdžŝƐƚŝŶŐŚĞĚŐĞƌĞůĂƚŝŽŶƐŚŝƉ͘

tŚŝůĞƚŚĞ'ƌŽƵƉΖƐƌŝƐŬŵĂŶĂŐĞŵĞŶƚƐƚƌĂƚĞŐŝĞƐƌĞŵĂŝŶůĂƌŐĞůLJƵŶĐŚĂŶŐĞĚ͕ŵĂŶĂŐĞŵĞŶƚŚĂƐƵƉĚĂƚĞĚƚŚĞŚĞĚŐĞĚŽĐƵŵĞŶƚĂƚŝŽŶƚŽ
ďĞŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚE/&Z^ε͘ƐƚŚĞƉƵƌƉŽƐĞĂŶĚƚLJƉĞƐŽĨŚĞĚŐĞƌĞůĂƚŝŽŶƐŚŝƉƐƌĞŵĂŝŶƚŚĞƐĂŵĞĂƐƚŚŽƐĞďĞĨŽƌĞƚŚĞĂĚŽƉƚŝŽŶ
ŽĨE/&Z^εŚĞĚŐĞĂĐĐŽƵŶƚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͕ŝŶƚŚĞĂďƐĞŶĐĞŽĨĂŶLJŶĞĞĚƚŽƌĞďĂůĂŶĐĞŽŶƚƌĂŶƐŝƚŝŽŶĚĂƚĞ͕ƚŚĞƌĞŝƐŶŽƐŝŐŶŝĨŝĐĂŶƚ
ŝŵƉĂĐƚŽŶƚŚĞ'ƌŽƵƉΖƐƌĞƐƵůƚƐƵƉŽŶƚŚŝƐĂĚŽƉƚŝŽŶ͘

EŽĂŵĞŶĚŵĞŶƚƐƚŽƚŚĞĞdžŝƐƚŝŶŐĂĐĐŽƵŶƚŝŶŐƐƚĂŶĚĂƌĚƐǁŚŝĐŚďĞĐĂŵĞĞĨĨĞĐƚŝǀĞĨƌŽŵϭ:ƵůLJϮϬϮκĂƌĞŵĂƚĞƌŝĂůƚŽƚŚĞ'ƌŽƵƉ͘ůů
ŽƚŚĞƌĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐĂĚŽƉƚĞĚĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚŽƐĞŽĨƚŚĞƉƌĞǀŝŽƵƐĨŝŶĂŶĐŝĂůLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϮκ͘

ĞƌƚĂŝŶĐŽŵƉĂƌĂƚŝǀĞďĂůĂŶĐĞƐŚĂǀĞďĞĞŶƌĞĐůĂƐƐŝĨŝĞĚƚŽĂůŝŐŶǁŝƚŚƚŚĞƉƌĞƐĞŶƚĂƚŝŽŶƵƐĞĚŝŶƚŚĞĐƵƌƌĞŶƚƉĞƌŝŽĚ͘dŚĞƐĞ
ƌĞĐůĂƐƐŝĨŝĐĂƚŝŽŶƐŚĂǀĞŶŽŝŵƉĂĐƚŽŶƚŚĞŽǀĞƌĂůůĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞŽƌŶĞƚĂƐƐĞƚƐĨŽƌƚŚĞĐŽŵƉĂƌĂƚŝǀĞƉĞƌŝŽĚ͘





W͘ϭϭ
ϭ/ŶƚĞƌŝŵ&ŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƉƌĞƉĂƌĂƟŽŶ;ĐŽŶƟŶƵĞĚͿ

ƌŝƚŝĐĂůĂĐĐŽƵŶƚŝŶŐĞƐƚŝŵĂƚĞƐĂŶĚũƵĚŐĞŵĞŶƚƐ

WƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚŽŶĨŝŶĂŶĐĞƌĞĐĞŝǀĂďůĞƐŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ

ƐĂƚϯϭĞĐĞŵďĞƌϮϬϮκ͕ƚŚĞŵŽƐƚƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞƐŝŶũƵĚŐĞŵĞŶƚǁĞƌĞŝŶƌĞƐƉĞĐƚŽĨƚŚĞƉƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚ͘

ZĞĨĞƌƚŽEŽƚĞϳͲ&ŝŶĂŶĐĞƌĞĐĞŝǀĂďůĞƐŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚĨŽƌĨƵƌƚŚĞƌĚĞƚĂŝůƐ͘

dŚĞƌĞŚĂǀĞďĞĞŶŶŽŽƚŚĞƌŵĂƚĞƌŝĂůĐŚĂŶŐĞƐƚŽƚŚĞƵƐĞŽĨĞƐƚŝŵĂƚĞƐĂŶĚũƵĚŐĞŵĞŶƚƐĨŽƌƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞŝŶƚĞƌŝŵĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐƐŝŶĐĞƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞŽĨƚŚĞƉƌĞǀŝŽƵƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘dŚĞ'ƌŽƵƉ͛Ɛ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ
:ƵŶĞϮϬϮκĐŽŶƚĂŝŶƐĚĞƚĂŝůŽŶŽƚŚĞƌĞƐƚŝŵĂƚĞƐĂŶĚũƵĚŐĞŵĞŶƚƐƵƐĞĚ͘

^ŝŐŶŝĨŝĐĂŶƚĞǀĞŶƚƐĂŶĚƚƌĂŶƐĂĐƚŝŽŶƐ

KŶϯϬƉƌŝůϮϬϮκ͕ƚŚĞ'ƌŽƵƉĂĐƋƵŝƌĞĚϭϬϬйŽĨƚŚĞƐŚĂƌĞƐŝŶ,ĞĂƌƚůĂŶĚĂŶŬƵƐƚƌĂůŝĂ>ŝŵŝƚĞĚ;,͕ƉƌĞǀŝŽƵƐůLJŚĂůůĞŶŐĞƌĂŶŬ
>ŝŵŝƚĞĚͿ͘dŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƉĂŝĚǁĂƐƐƵďũĞĐƚƚŽĂĐŽŵƉůĞƚŝŽŶĂĚũƵƐƚŵĞŶƚďĂƐĞĚŽŶƚŚĞŶĞƚĂƐƐĞƚŵŽǀĞŵĞŶƚƐĂŶĚĨŝŶĂůŝƐĂƚŝŽŶŽĨ
ŽƚŚĞƌĐŽŵŵĞƌĐŝĂůƐƐŝŶĐĞƚŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶĚĂƚĞ͘dŚĞƌĞǀŝƐĞĚƉƵƌĐŚĂƐĞĐŽŶƐŝĚĞƌĂƚŝŽŶǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚŝƐĂĐƋƵŝƐŝƚŝŽŶǁĂƐ
Ψϭϭϯ͘ερŵŝůůŝŽŶ;EΨϭϮρ͘ϮϬŵŝůůŝŽŶͿĂƚƚŚĞĞdžĐŚĂŶŐĞƌĂƚĞŽĨƚŚĞĚĂƚĞƐŽĨƚŚĞĂĐƋƵŝƐŝƚŝŽŶĂŶĚƚŚĞĐŽŵƉůĞƚŝŽŶĂĚũƵƐƚŵĞŶƚ͘

ƵƌŝŶŐƚŚĞƐŝdžŵŽŶƚŚƐĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ͕ƚŚĞƉƵƌĐŚĂƐĞƉƌŝĐĞǁĂƐĨŝŶĂůŝƐĞĚĂŶĚĂƌĞĚƵĐƚŝŽŶŽĨΨϭ͘ϮεŵŝůůŝŽŶ;EΨϭ͘κϬ
ŵŝůůŝŽŶͿǁĂƐŵĂĚĞƚŽƚŚĞŝŶŝƚŝĂůƉƵƌĐŚĂƐĞĐŽŶƐŝĚĞƌĂƚŝŽŶ͘dŚĞĨĂŝƌǀĂůƵĞŽĨĐŽŶƐŝĚĞƌĂƚŝŽŶƌĞĚƵĐĞĚĨƌŽŵΨϭϭρ͘ϮκŵŝůůŝŽŶ;EΨϭϮς͘ςϬ
ŵŝůůŝŽŶͿƚŽΨϭϭϯ͘ερŵŝůůŝŽŶ;EΨϭϮρ͘ϮϬŵŝůůŝŽŶͿ͘'ŽŽĚǁŝůůƌĞĚƵĐĞĚĨƌŽŵΨϮϭ͘ϭεŵŝůůŝŽŶ;EΨϮϯ͘ϮϭŵŝůůŝŽŶͿƚŽΨϭε͘εϬŵŝůůŝŽŶ
;EΨϮϭ͘ΘϭŵŝůůŝŽŶͿ͘

ůůŽƚŚĞƌƐŝŐŶŝĨŝĐĂŶƚĞǀĞŶƚƐĂŶĚƚƌĂŶƐĂĐƚŝŽŶƐĂƌĞĚŝƐĐůŽƐĞĚŝŶƚŚĞŶŽƚĞƐƚŽƚŚĞŝŶƚĞƌŝŵĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘



W͘ϭϮ
WĞƌĨŽƌŵĂŶĐĞ

Ϯ^ĞŐŵĞŶƚĂůĂŶĂůLJƐŝƐ

^ĞŐŵĞŶƚŝŶĨŽƌŵĂƚŝŽŶŝƐƉƌĞƐĞŶƚĞĚŝŶƌĞƐƉĞĐƚŽĨƚŚĞ'ƌŽƵƉΖƐŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚŽƐĞƵƐĞĚĨŽƌƚŚĞ'ƌŽƵƉΖƐ
ŵĂŶĂŐĞŵĞŶƚĂŶĚŝŶƚĞƌŶĂůƌĞƉŽƌƚŝŶŐƐƚƌƵĐƚƵƌĞ͘

ŶŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚŝƐĂĐŽŵƉŽŶĞŶƚŽĨĂŶĞŶƚŝƚLJĞŶŐĂŐŝŶŐŝŶďƵƐŝŶĞƐƐĂĐƚŝǀŝƚŝĞƐǁŚŽƐĞƌĞƐƵůƚƐĂƌĞƌĞŐƵůĂƌůLJƌĞǀŝĞǁĞĚďLJƚŚĞ
'ƌŽƵƉ͛ƐŚŝĞĨKƉĞƌĂƚŝŶŐĞĐŝƐŝŽŶDĂŬĞƌ;KDͿ͘dŚĞKD͕ǁŚŽŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌĂůůŽĐĂƚŝŶŐƌĞƐŽƵƌĐĞƐĂŶĚĂƐƐĞƐƐŝŶŐ
ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ'ƌŽƵƉ͕ŚĂƐďĞĞŶŝĚĞŶƚŝĨŝĞĚĂƐƚŚĞ'ƌŽƵƉ͛ƐŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌ;KͿĂŶĚĚŝƌĞĐƚƌĞƉŽƌƚƐ͘

KƉĞƌĂƚŝŶŐ^ĞŐŵĞŶƚƐ

dŚĞ'ƌŽƵƉŽƉĞƌĂƚĞƐǁŝƚŚŝŶEĞǁĞĂůĂŶĚĂŶĚƵƐƚƌĂůŝĂĂŶĚĐŽŵƉƌŝƐĞƐƚŚĞĨŽůůŽǁŝŶŐŵĂŝŶŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐ͗

KƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐʹEĞǁĞĂůĂŶĚ


DŽƚŽƌDŽƚŽƌǀĞŚŝĐůĞĨŝŶĂŶĐĞ͘

ZĞǀĞƌƐĞŵŽƌƚŐĂŐĞƐZĞǀĞƌƐĞŵŽƌƚŐĂŐĞůĞŶĚŝŶŐ͘

WĞƌƐŽŶĂůůĞŶĚŝŶŐdƌĂŶƐĂĐƚŝŽŶĂů͕ŚŽŵĞůŽĂŶƐĂŶĚƉĞƌƐŽŶĂůůŽĂŶƐƚŽŝŶĚŝǀŝĚƵĂůƐ͘

ƵƐŝŶĞƐƐdĞƌŵĚĞďƚ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚĨŝŶĂŶĐĞ͕ĐŽŵŵĞƌĐŝĂůŵŽƌƚŐĂŐĞůĞŶĚŝŶŐĂŶĚǁŽƌŬŝŶŐĐĂƉŝƚĂůƐŽůƵƚŝŽŶƐĨŽƌ
ƐŵĂůůͲƚŽͲŵĞĚŝƵŵƐŝnjĞĚďƵƐŝŶĞƐƐĞƐ͘

ZƵƌĂů^ƉĞĐŝĂůŝƐƚĨŝŶĂŶĐŝĂůƐĞƌǀŝĐĞƐƚŽƚŚĞĨĂƌŵŝŶŐƐĞĐƚŽƌƉƌŝŵĂƌŝůLJŽĨĨĞƌŝŶŐůŝǀĞƐƚŽĐŬĨŝŶĂŶĐĞ͕ƌƵƌĂůŵŽƌƚŐĂŐĞ
ůĞŶĚŝŶŐ͕ƐĞĂƐŽŶĂůĂŶĚǁŽƌŬŝŶŐĐĂƉŝƚĂůĨŝŶĂŶĐŝŶŐ͕ĂƐǁĞůůĂƐůĞĂƐŝŶŐƐŽůƵƚŝŽŶƐƚŽĨĂƌŵĞƌƐ͘


KƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚʹƵƐƚƌĂůŝĂ

ƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϮκ͕ƚŚĞ'ƌŽƵƉƌĞǀŝƐĞĚƚŚĞĐŽŵƉŽƐŝƚŝŽŶŽĨŝƚƐƌĞƉŽƌƚĂďůĞƐĞŐŵĞŶƚƐ͕ĨŽůůŽǁŝŶŐƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨ
,
ďLJ,ĞĂƌƚůĂŶĚĂŶŬ>ŝŵŝƚĞĚ;,>ͿŽŶϯϬƉƌŝůϮϬϮκĂŶĚƚƌĂŶƐĨĞƌŽĨ,ĞĂƌƚůĂŶĚƵƐƚƌĂůŝĂ,ŽůĚŝŶŐƐWƚLJ>ŝŵŝƚĞĚ;,,ͿĂŶĚŝƚƐ
ƐƵďƐŝĚŝĂƌŝĞƐĨƌŽŵ,',ƚŽ,ŽŶϮDĂLJϮϬϮκ͕ǁŝƚŚ,ĂƐƐƵŵŝŶŐŽǁŶĞƌƐŚŝƉŽǀĞƌ,',͛ƐƵƐƚƌĂůŝĂŶƌĞǀĞƌƐĞŵŽƌƚŐĂŐĞůĞŶĚŝŶŐ͕
ƐƉĞĐŝĂůŝƐƚůŝǀĞƐƚŽĐŬĨŝŶĂŶĐĞƐĂŶĚŽƚŚĞƌĨŝŶĂŶĐŝĂůƐĞƌǀŝĐĞƐďƵƐŝŶĞƐƐĞƐ͘dŚĞ'ƌŽƵƉŚĂƐƐƵďƐĞƋƵĞŶƚůLJĂŐŐƌĞŐĂƚĞĚƉƌĞǀŝŽƵƐůLJƌĞƉŽƌƚĞĚ
^ƚŽĐŬĐŽƵƐƚƌĂůŝĂĂŶĚƵƐƚƌĂůŝĂƐĞŐŵĞŶƚƐŝŶƚŽŽŶĞŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƵƐƚƌĂůŝĂŶĂŶŬŝŶŐ'ƌŽƵƉ͘


dŚŝƐĐŚĂŶŐĞǁĂƐŵĂĚĞƚŽĂůŝŐŶƚŚĞƉƌĞƐĞŶƚĂƚŝŽŶǁŝƚŚƚŚĞŝŶƚĞƌŶĂůƌĞƉŽƌƚŝŶŐƉƌŽǀŝĚĞĚƚŽƚŚĞ'ƌŽƵƉ͛ƐKDǁŚĞƌĞďƵƐŝŶĞƐƐ
ƉĞƌĨŽƌŵĂŶĐĞŽĨ,ĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐŝƐĂƐƐĞƐƐĞĚĂƐŽŶĞƐŝŶŐůĞŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚǁŝƚŚŝŶƵƐƚƌĂůŝĂ͘ŽŵƉĂƌĂƚŝǀĞŝŶĨŽƌŵĂƚŝŽŶ
ǁŝƚŚŝŶƚŚŝƐ
ŶŽƚĞŚĂƐďĞĞŶĂĚũƵƐƚĞĚƚŽƌĞĨůĞĐƚƚŚĞĐŚĂŶŐĞŝŶƚŚĞ'ƌŽƵƉ͛ƐƌĞǀŝƐĞĚĐŽŵƉŽƐŝƚŝŽŶŽĨƌĞƉŽƌƚĂďůĞƐĞŐŵĞŶƚƐ͘

ƵƐƚƌĂůŝĂŶĂŶŬŝŶŐ
'ƌŽƵƉ
ƵƐƚƌĂůŝĂŶĂŶŬŝŶŐ'ƌŽƵƉƉƌŽǀŝĚĞƐďĂŶŬŝŶŐĂŶĚĨŝŶĂŶĐŝĂůƐĞƌǀŝĐĞƐŝŶƵƐƚƌĂůŝĂǁŚŝĐŚĐŽŶƐŝƐƚŽĨƌĞǀĞƌƐĞ
ŵŽƌƚŐĂŐĞůĞŶĚŝŶŐ͕ůŝǀĞƐƚŽĐŬĨŝŶĂŶĐĞĂŶĚŽƚŚĞƌĨŝŶĂŶĐŝĂůƐĞƌǀŝĐĞƐ͘

ůůŽƚŚĞƌƐĞŐŵĞŶƚƐ


KƚŚĞƌKƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐ͕ƐƵĐŚĂƐƉƌĞŵŝƐĞƐ͕/dĂŶĚƐƵƉƉŽƌƚĐĞŶƚƌĞĐŽƐƚƐŝŶEĞǁĞĂůĂŶĚĂƌĞŶŽƚĂůůŽĐĂƚĞĚƚŽ
ƚŚĞEĞǁĞĂůĂŶĚŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐĂŶĚĂƌĞŝŶĐůƵĚĞĚŝŶKƚŚĞƌ͘

&ŝŶĂŶĐĞƌĞĐĞŝǀĂďůĞƐĂƌĞĂůůŽĐĂƚĞĚĂĐƌŽƐƐƚŚĞŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐĂƐĂƐƐĞƚƐ͘>ŝĂďŝůŝƚŝĞƐĂƌĞŵĂŶĂŐĞĚĐĞŶƚƌĂůůLJĂŶĚƚŚĞƌĞĨŽƌĞĂƌĞŶŽƚ
ĂůůŽĐĂƚĞĚĂĐƌŽƐƐƚŚĞŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐ͘dŚĞ'ƌŽƵƉĚŽĞƐŶŽƚƌĞůLJŽŶĂŶLJƐŝŶŐůĞŵĂũŽƌĐƵƐƚŽŵĞƌĨŽƌŝƚƐƌĞǀĞŶƵĞďĂƐĞ͘



W͘ϭϯ
Ϯ^ĞŐŵĞŶƚĂůĂŶĂůLJƐŝƐ;ĐŽŶƟŶƵĞĚͿ

ƵƐƚƌĂůŝĂŶ

ZĞǀĞƌƐĞWĞƌƐŽŶĂůĂŶŬŝŶŐ
ΨϬϬϬΖƐ
DŽƚŽƌDŽƌƚŐĂŐĞƐ>ĞŶĚŝŶŐƵƐŝŶĞƐƐZƵƌĂů'ƌŽƵƉKƚŚĞƌdŽƚĂů
hŶĂƵĚŝƚĞĚͲĞĐĞŵďĞƌϮϬϮκ
EĞƚŝŶƚĞƌĞƐƚŝŶĐŽŵĞϯϭ͕ΘϯϳϮϳ͕ΘςϯϮ͕κϮεϮϳ͕ϮϬϳϭρ͕εςϳκϯ͕ϯρςκϳρϭκε͕ϭϯκ
>ĞŶĚŝŶŐĂŶĚĐƌĞĚŝƚĨĞĞ
ŝŶĐŽŵĞͬ;ĞdžƉĞŶƐĞͿ
Ϯ͕ςϳϯϭ͕ϮεΘ;ϯϯςͿϭ͕ΘϬϯϮκςϭ͕ϬςϮͲς͕ϳκς
EĞƚŽƚŚĞƌŝŶĐŽŵĞͬ;ĞdžƉĞŶƐĞͿςϭΘͲκϮκες;ΘϭͿϳϯϬ;Ϯ͕ϯΘςͿ;ρΘϭͿ
EĞƚŽƉĞƌĂƚŝŶŐŝŶĐŽŵĞͬ;ĞdžƉĞŶƐĞͿϯρ͕ϭϮΘϮε͕ϭςϭϮ͕ϭϯρϮε͕ρϬςϭς͕ϭϯϮκρ͕ϭκΘ;ϭ͕εϭϭͿϭρρ͕Ϯεε

KƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐϮ͕ϭΘϯϯ͕ϬϬϯκ͕ςϯϬκ͕κϬεϭ͕ρϳρϮς͕ρρϬρρ͕ϳϯϭεΘ͕ϬΘϭ
WƌŽĨŝƚͬ;ůŽƐƐͿďĞĨŽƌĞĨĂŝƌǀĂůƵĞůŽƐƐ
ŽŶŝŶǀĞƐƚŵĞŶƚƐĂŶĚŝŶǀĞƐƚŵĞŶƚ
ƉƌŽƉĞƌƚLJ͕ůŽƐƐĞƐŽŶŐƵĂƌĂŶƚĞĞĚ
ĨƵƚƵƌĞǀĂůƵĞƉƌŽĚƵĐƚƐ͕ŝŵƉĂŝƌĞĚ
ĂƐƐĞƚĞdžƉĞŶƐĞĂŶĚŝŶĐŽŵĞƚĂdž

ϯϮ͕εκρϮς͕ϭρΘ;Ϯ͕κερͿϮρ͕Ϭεϳϭκ͕ρρϳϭΘ͕ρεΘ;ρϳ͕ςκϮͿρϳ͕ϮϭΘ
&ĂŝƌǀĂůƵĞůŽƐƐŽŶŝŶǀĞƐƚŵĞŶƚƐĂŶĚ
ŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJ
ͲͲͲͲͲͲϭϳϮϭϳϮ
>ŽƐƐĞƐŽŶŐƵĂƌĂŶƚĞĞĚĨƵƚƵƌĞǀĂůƵĞ
ƉƌŽĚƵĐƚƐ
ϭ͕ϭϳκͲͲͲͲͲͲϭ͕ϭϳκ
/ŵƉĂŝƌĞĚĂƐƐĞƚĞdžƉĞŶƐĞϭϳ͕ϮΘρͲκεϮϮε͕ϯϭεϮ͕κεςεϯΘͲρϬ͕ρϯϬ
WƌŽĨŝƚͬ;ůŽƐƐͿďĞĨŽƌĞŝŶĐŽŵĞƚĂdžϭκ͕κΘςϮς͕ϭρΘ;Ϯ͕εΘϳͿ;κ͕ϮϮϮͿϭϮ͕Ϭςϭϭϳ͕ςςϬ;ρϳ͕ΘϭκͿρ͕ϯκϮ
/ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞͲͲͲͲͲͲϭ͕ϳϯϬϭ͕ϳϯϬ
WƌŽĨŝƚͬ;ůŽƐƐͿĨŽƌƚŚĞƉĞƌŝŽĚϭκ͕κΘςϮς͕ϭρΘ;Ϯ͕εΘϳͿ;κ͕ϮϮϮͿϭϮ͕Ϭςϭϭϳ͕ςςϬ;ρε͕ρκκͿϯ͕ςϭϮ

hŶĂƵĚŝƚĞĚͲĞĐĞŵďĞƌϮϬϮϯ


EĞƚŝŶƚĞƌĞƐƚŝŶĐŽŵĞϮε͕ρϯϭϮϮ͕ρϯκϮ͕εκΘϯϮ͕ϭϬϭϭϳ͕ϬϭϮϯκ͕ςϭεϯϭϯΘ͕ϳκΘ
>ĞŶĚŝŶŐĂŶĚĐƌĞĚŝƚĨĞĞŝŶĐŽŵĞϭ͕κϭϯϭ͕ϯϭκϳϮϭ͕ϯϯρϭρκϭ͕ςϭΘͲρ͕εϬς
EĞƚŽƚŚĞƌŝŶĐŽŵĞͬ;ĞdžƉĞŶƐĞͿςκκͲκΘςκρϮ;κϭρͿͲ;κ͕ρϳκͿ;ϯ͕κϬϳͿ
EĞƚŽƉĞƌĂƚŝŶŐŝŶĐŽŵĞͬ;ĞdžƉĞŶƐĞͿϯϭ͕ρΘΘϮϯ͕ΘκΘϯ͕ρϬςϯϯ͕ΘΘΘϭς͕ϳρϭϯς͕Ϯϯϳ;κ͕ρϳϭͿϭκϭ͕Ϯκϳ

KƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐϮ͕ϬςϳϮ͕ρκεϯ͕κΘςκ͕ςϮκϭ͕ςςϯϭϭ͕ϮϭϭκϬ͕ΘεΘςς͕κεΘ
WƌŽĨŝƚͬ;ůŽƐƐͿďĞĨŽƌĞĨĂŝƌǀĂůƵĞŐĂŝŶ
ŽŶŝŶǀĞƐƚŵĞŶƚƐ͕ŝŵƉĂŝƌĞĚĂƐƐĞƚ
ĞdžƉĞŶƐĞĂŶĚŝŶĐŽŵĞƚĂdž

Ϯε͕ρϮϭϮϭ͕ϮεεϮϬϮε͕Ϯςκϭρ͕ϬΘΘϮρ͕ϬϮς;κρ͕κςεͿϳκ͕ϳκε
&ĂŝƌǀĂůƵĞ;ŐĂŝŶͿŽŶŝŶǀĞƐƚŵĞŶƚƐͲͲͲͲͲͲ;ϭ͕ΘςϮͿ;ϭ͕ΘςϮͿ
/ŵƉĂŝƌĞĚĂƐƐĞƚĞdžƉĞŶƐĞϭρ͕ϯϮϳͲςϭρϳ͕ΘΘΘϭϭΘΘΘͲϮκ͕Ϭϯς
WƌŽĨŝƚͬ;ůŽƐƐͿďĞĨŽƌĞŝŶĐŽŵĞƚĂdžϭκ͕ϭεκϮϭ͕Ϯεε;ρερͿϮϭ͕ϯϳςϭκ͕εϳϬϮκ͕εϯΘ;κϯ͕ςϬϳͿρϮ͕ρϳρ
/ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞͲͲͲͲͲͲϭκ͕εϳρϭκ͕εϳρ
WƌŽĨŝƚͬ;ůŽƐƐͿĨŽƌƚŚĞƉĞƌŝŽĚϭκ͕ϭεκϮϭ͕Ϯεε;ρερͿϮϭ͕ϯϳςϭκ͕εϳϬϮκ͕εϯΘ;ρΘ͕ρΘϮͿϯϳ͕ςϬϬ

hŶĂƵĚŝƚĞĚͲĞĐĞŵďĞƌϮϬϮκ
dŽƚĂůĂƐƐĞƚƐϭ͕ϳϳρ͕ρϭϭϭ͕ϮΘς͕ϬϬεϯϬϬ͕Ϭκϳϭ͕ϮϮϳ͕ερϮϳρρ͕Ϭρϳϯ͕ϭϳΘ͕ϯκρϮϯϯ͕κςς
Θ͕ϳρς͕ϯΘϳ
dŽƚĂůůŝĂďŝůŝƚŝĞƐ
ϳ͕ρκϯ͕ϳϳϮ


ƵĚŝƚĞĚͲ:ƵŶĞϮϬϮκ
dŽƚĂůĂƐƐĞƚƐϭ͕ςϬΘ͕ϮΘϮϭ͕ϬςΘ͕ϭρκϯϯε͕ϭϭϬϭ͕ϯϬς͕ςΘεϳϮϬ͕ϯϯεϯ͕κϭρ͕κερΘϯϯ͕ϳΘς
ε͕Ϯεϭ͕Θρρ
dŽƚĂůůŝĂďŝůŝƚŝĞƐΘ͕Ϭρϯ͕εΘς




W͘ϭκ
ϯEĞƚŝŶƚĞƌĞƐƚŝŶĐŽŵĞ

hŶĂƵĚŝƚĞĚhŶĂƵĚŝƚĞĚ

ςDŽŶƚŚƐƚŽςDŽŶƚŚƐƚŽ
ΨϬϬϬΖƐ
ĞĐĞŵďĞƌϮϬϮκĞĐĞŵďĞƌϮϬϮϯ
/ŶƚĞƌĞƐƚŝŶĐŽŵĞ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ
Θ͕ϯϮρς͕ϯςϳ
/ŶǀĞƐƚŵĞŶƚƐŵĞĂƐƵƌĞĚĂƚ&sK/
ϭε͕ϯκςρ͕Ϯϯρ
/ŶǀĞƐƚŵĞŶƚƐŵĞĂƐƵƌĞĚĂƚ&sdW>
ϭ͕ϭϯΘͲ
&ŝŶĂŶĐĞƌĞĐĞŝǀĂďůĞƐŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ
ϭΘρ͕εεϬϭΘε͕Ϯϭϳ
&ŝŶĂŶĐĞƌĞĐĞŝǀĂďůĞƐͲƌĞǀĞƌƐĞŵŽƌƚŐĂŐĞƐ
ϭκϳ͕εϯκϭϭΘ͕ϳϬϯ
dŽƚĂůŝŶƚĞƌĞƐƚŝŶĐŽŵĞ
ϭ
ϯςϮ͕ϳϯϯϯϭε͕ρϮϮ

/ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ

ĞƉŽƐŝƚƐ
ϭςϯ͕εϳϯϭϭϬ͕ϮϯϮ
KƚŚĞƌďŽƌƌŽǁŝŶŐƐ
ρϳ͕ρϳκΘκ͕ρρΘ
EĞƚŝŶƚĞƌĞƐƚ;ŝŶĐŽŵĞͿŽŶĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ
;ϳ͕εκΘͿ;ϭκ͕ϬϭςͿ
dŽƚĂůŝŶƚĞƌĞƐƚĞdžƉĞŶƐĞ
Ϯ
Ϯϭϯ͕ρεεϭΘϬ͕ϳϳκ

EĞƚŝŶƚĞƌĞƐƚŝŶĐŽŵĞϭκε͕ϭϯκϭϯΘ͕ϳκΘ
ϭ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂŶĚŶŽŶƌĞǀĞƌƐĞŵŽƌƚŐĂŐĞĨŝŶĂŶĐĞƌĞĐĞŝǀĂďůĞƐĂƌĞŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ͘/ŶǀĞƐƚŵĞŶƚƐĂƌĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ
ƚŚƌŽƵŐŚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ;
&sK/ͿŽƌĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ;&sdW>Ϳ͘dŽƚĂůŝŶƚĞƌĞƐƚŝŶĐŽŵĞĚĞƌŝǀĞĚĨƌŽŵĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ
ŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚŽƌ&sK/ŝƐĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘&ŝŶĂŶĐĞƌĞĐĞŝǀĂďůĞƐͲƌĞǀĞƌƐĞŵŽƌƚŐĂŐĞƐĂƌĞŵĞĂƐƵƌĞĚ
Ăƚ&sdW>͘

Ϯ
ĞƉŽƐŝƚƐĂŶĚKƚŚĞƌďŽƌƌŽǁŝŶŐƐĂƌĞŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ͕ƚŚĞƌĞĨŽƌĞŝŶƚĞƌĞƐƚĞdžƉĞŶƐĞŝŶĐƵƌƌĞĚŽŶƚŚĞƐĞĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐŝƐĐĂůĐƵůĂƚĞĚ
ƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘EĞƚŝŶƚĞƌĞƐƚ;ŝŶĐŽŵĞͿŽŶĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŝƐŶŽƚĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚ
ŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚ
ƌĂƚĞŵĞƚŚŽĚĂƐƚŚĞLJĂƌĞŵĞĂƐƵƌĞĚĂƚ&sdW>͘



κKƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐ

hŶĂƵĚŝƚĞĚhŶĂƵĚŝƚĞĚ

ςDŽŶƚŚƐƚŽςDŽŶƚŚƐƚŽ
ΨϬϬϬΖƐĞĐĞŵďĞƌϮϬϮκĞĐĞŵďĞƌϮϬϮϯ
WĞƌƐŽŶŶĞůĞdžƉĞŶƐĞƐ
ϭ
ρϮ͕ςςϳϯϯ͕Ϭςκ
ŝƌĞĐƚŽƌƐΖĨĞĞƐ
ϭ͕Ϭεςςϯρ
^ƵƉĞƌĂŶŶƵĂƚŝŽŶ
ϭ͕ΘϳκεΘϳ
ĞƉƌĞĐŝĂƚŝŽŶͲƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ
ΘΘεεςϯ
>ĞŐĂůĂŶĚƉƌŽĨĞƐƐŝŽŶĂůĨĞĞƐ
κ͕ΘϭϮϮ͕ςεκ
ĚǀĞƌƚŝƐŝŶŐĂŶĚƉƵďůŝĐƌĞůĂƚŝŽŶƐ
ϭ͕ϳεεϭ͕ρϯϳ
ĞƉƌĞĐŝĂƚŝŽŶͲƌŝŐŚƚŽĨƵƐĞĂƐƐĞƚ
ϭ͕Θςϯϭ͕κκκ
dĞĐŚŶŽůŽŐLJƐĞƌǀŝĐĞƐ
ε͕ρϬϳρ͕ερΘ
dĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐ͕ƐƚĂƚŝŽŶĞƌLJĂŶĚƉŽƐƚĂŐĞ
ΘΘςεΘϯ
ƵƐƚŽŵĞƌĂĚŵŝŶŝƐƚƌĂƚŝŽŶĐŽƐƚƐ
κ͕ϳϭϳρ͕ϬϮϮ
ƵƐƚŽŵĞƌŽŶďŽĂƌĚŝŶŐĐŽƐƚƐ
ϭ͕ϯϭϯϭ͕ϯρκ
KĐĐƵƉĂŶĐLJĐŽƐƚƐ
ϭ͕κϳρϭ͕Ϯρκ
ŵŽƌƚŝƐĂƚŝŽŶŽĨŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ
ρ͕ϳϬρϮ͕ϳΘρ
KƚŚĞƌŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐ
Ϯ

ε͕κϳΘϳ͕ΘϭΘ
dŽƚĂůŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐεΘ͕ϬΘϭςς͕κεΘ
ϭ
džĐůƵĚĞƐĐĞƌƚĂŝŶƉĞƌƐŽŶŶĞůĞdžƉĞŶƐĞƐĚŝƌĞĐƚůLJŝŶĐƵƌƌĞĚŝŶĂĐƋƵŝƌŝŶŐĂŶĚĚĞǀĞůŽƉŝŶŐƐŽĨƚǁĂƌĞĂŶĚĐĂƉŝƚĂůŝƐĞĚĂƐƉĂƌƚŽĨƐƉĞĐŝĨŝĐĂƉƉůŝĐĂƚŝŽŶ
ƐŽĨƚǁĂƌĞ͘

Ϯ
KƚŚĞƌŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐŵĂŝŶůLJĐŽŵƉƌŝƐĞŶŽŶͲƌĞĐŽǀĞƌĂďůĞƉƌŽƉŽƌƚŝŽŶŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐƚĂdž;'^dͿ͕ƚƌĂǀĞůĂŶĚŝŶƐƵƌĂŶĐĞĞdžƉĞŶƐĞƐ͘





W͘ϭρ
ρ/ŵƉĂŝƌĞĚĂƐƐĞƚĞdžƉĞŶƐĞ

hŶĂƵĚŝƚĞĚhŶĂƵĚŝƚĞĚ
ςDŽŶƚŚƐƚŽςDŽŶƚŚƐƚŽ
ΨϬϬϬΖƐĞĐĞŵďĞƌϮϬϮκĞĐĞŵďĞƌϮϬϮϯ
/ŶĚŝǀŝĚƵĂůůLJŝŵƉĂŝƌĞĚĂƐƐĞƚĞdžƉĞŶƐĞϮϬ͕Ϭϭϭρ͕ϯεϬ
ŽůůĞĐƚŝǀĞůLJŝŵƉĂŝƌĞĚĂƐƐĞƚĞdžƉĞŶƐĞ
ϯϭ͕ϬϮϳϭε͕ϳκΘ
dŽƚĂůŝŵƉĂŝƌĞĚĂƐƐĞƚĞdžƉĞŶƐĞĞdžĐůƵĚŝŶŐƌĞĐŽǀĞƌLJŽĨĂŵŽƵŶƚƐƉƌĞǀŝŽƵƐůLJǁƌŝƚƚĞŶŽĨĨƚŽƚŚĞ
ŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚ

ρϭ͕ϬϯΘϮρ͕ϭϯΘ
ZĞĐŽǀĞƌLJŽĨĂŵŽƵŶƚƐƉƌĞǀŝŽƵƐůLJǁƌŝƚƚĞŶŽĨĨƚŽƚŚĞŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚ
;ρϬΘͿ;ϭ͕ϭϬϮͿ
dŽƚĂůŝŵƉĂŝƌĞĚĂƐƐĞƚĞdžƉĞŶƐĞρϬ͕ρϯϬϮκ͕Ϭϯς


ZĞĨĞƌƚŽEŽƚĞϳͲ&ŝŶĂŶĐĞƌĞĐĞŝǀĂďůĞƐŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚĨŽƌƉƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚĚĞƚĂŝůƐ͘

ςĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ

ĂƌŶŝŶŐƐ
WĞƌ^ŚĂƌĞ
EĞƚWƌŽĨŝƚ
ĨƚĞƌdĂdž
tĞŝŐŚƚĞĚ
ǀĞƌĂŐĞEŽ͘
ŽĨ^ŚĂƌĞƐ



ĞŶƚƐΨϬϬϬΖƐϬϬϬΖƐ
hŶĂƵĚŝƚĞĚͲĞĐĞŵďĞƌϮϬϮκ
ĂƐŝĐĞĂƌŶŝŶŐƐ
Ϭ͘κϬϯ͕ςϭϮεϯκ͕ϯκε
ŝůƵƚĞĚĞĂƌŶŝŶŐƐ
Ϭ͘κϬϯ͕ςϭϮεϯκ͕ϯκε
hŶĂƵĚŝƚĞĚͲĞĐĞŵďĞƌϮϬϮϯ

ĂƐŝĐĞĂƌŶŝŶŐƐ
ρ͘ϯϬϯϳ͕ςϬϬϳϭϯ͕κϭκ
ŝůƵƚĞĚĞĂƌŶŝŶŐƐ
ρ͘ϯϬϯϳ͕ςϬϬϳϭϯ͕κϭκ




W͘ϭς
&ŝŶĂŶĐŝĂůWŽƐŝƚŝŽŶ

ϳ&ŝŶĂŶĐĞƌĞĐĞŝǀĂďůĞƐŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ

hŶĂƵĚŝƚĞĚƵĚŝƚĞĚ
ΨϬϬϬΖƐ
ĞĐĞŵďĞƌϮϬϮκ:ƵŶĞϮϬϮκ
'ƌŽƐƐĨŝŶĂŶĐĞƌĞĐĞŝǀĂďůĞƐŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ
ϯ͕εΘϯ͕Ϭϳρκ͕ϯκϯ͕Ϯςϳ
>ĞƐƐƉƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚ
;ϳε͕κϳκͿ;ϳς͕ϯϮϭͿ
>ĞƐƐƉƌŽǀŝƐŝŽŶĨŽƌůŽƐƐĞƐŽŶŐƵĂƌĂŶƚĞĞĚĨƵƚƵƌĞǀĂůƵĞƉƌŽĚƵĐƚƐ
ϭ

;ϭ͕ϭϳκͿͲ
EĞƚĨŝŶĂŶĐĞƌĞĐĞŝǀĂďůĞƐŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ
ϯ͕εϬϮ͕κϮϳκ͕Ϯςς͕εκς
ϭ
ZĞƉƌĞƐĞŶƚƐƉƌŽǀŝƐŝŽŶĨŽƌƉƌŽďĂďůĞůŽƐƐĞƐĂƌŝƐŝŶŐĨƌŽŵŐƵĂƌĂŶƚĞĞĚĨƵƚƵƌĞǀĂůƵĞ;'&sͿƉŽƌƚĨŽůŝŽŽĨŵŽƚŽƌǀĞŚŝĐůĞůŽĂŶƐƚŚĂƚŚĂǀĞŐƵĂƌĂŶƚĞĞĚ
ƌĞƐŝĚƵĂůǀĂůƵĞŽĨƚŚĞƵŶĚĞƌůLJŝŶŐƐĞĐƵƌŝƚLJĂŶĚŽƉƚŝŽŶĂůŝƚLJĨŽƌ
ĐƵƐƚŽŵĞƌƐƚŽƌĞƚƵƌŶƚŚĞǀĞŚŝĐůĞ͘

dŚĞ'ƌŽƵƉ͛ƐŵŽĚĞůƐĨŽƌĞƐƚŝŵĂƚŝŶŐĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐ;>ͿĨŽƌĞĂĐŚŽĨŝƚƐƉŽƌƚĨŽůŝŽƐĂƌĞďĂƐĞĚŽŶƚŚĞŚŝƐƚŽƌŝĐĂůĐƌĞĚŝƚĞdžƉĞƌŝĞŶĐĞ
ŽĨƚŚŽƐĞƉŽƌƚĨŽůŝŽƐĂŶĚĨŽƌǁĂƌĚͲůŽŽŬŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͘dŚĞŵŽĚĞůƐĂƐƐƵŵĞƚŚĂƚĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐƌĞŵĂŝŶƐƚĂƚŝĐŽǀĞƌƚŝŵĞ͕ĂŶĚƚŚĞ
ƉƌŽǀŝƐŝŽŶŝƐĐĂůĐƵůĂƚĞĚĂƐĂƉŽŝŶƚŝŶƚŝŵĞĞƐƚŝŵĂƚĞ͘dŚĞĐŽŶƚŝŶƵŝŶŐĚĞƚĞƌŝŽƌĂƚŝŽŶŽĨĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐŝŶEĞǁĞĂůĂŶĚ;ůŽǁ
ŐƌŽǁƚŚŝŶ'W͕ƵŶĞŵƉůŽLJŵĞŶƚ͕ŝŶĐƌĞĂƐĞĚĨŝŶĂŶĐŝĂůŚĂƌĚƐŚŝƉĂŶĚĐŽŵƉĂŶLJůŝƋƵŝĚĂƚŝŽŶƐͿ͕ƉĂƌƚŝĐƵůĂƌůLJŽǀĞƌƚŚĞƐŝdžŵŽŶƚŚƉĞƌŝŽĚ
ĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ͕ŝƐƵůƚŝŵĂƚĞůLJŝŵƉĂĐƚŝŶŐƚŚĞĂďŝůŝƚLJŽĨƚŚĞ'ƌŽƵƉ͛ƐDŽƚŽƌ&ŝŶĂŶĐĞ͕KƉĞŶĨŽƌƵƐŝŶĞƐƐ͕ƐƐĞƚ&ŝŶĂŶĐĞĂŶĚ
ƵƐŝŶĞƐƐZĞůĂƚŝŽŶƐŚŝƉĐƵƐƚŽŵĞƌƐŝŶĂƌƌĞĂƌƐƚŽƌĞƉĂLJŽƵƚƐƚĂŶĚŝŶŐďĂůĂŶĐĞƐŽŶƚŚĞŝƌůŽĂŶƐ͘ŽŶƐĞƋƵĞŶƚůLJ͕ƚŚĞĞƐƚŝŵĂƚĞĚ>ĨŽƌ
ƚŚŽƐĞƉŽƌƚĨŽůŝŽƐŚĂǀĞŝŶĐƌĞĂƐĞĚ;ƉƌŝŽƌƚŽƐƵďƐĞƋƵĞŶƚǁƌŝƚĞͲŽĨĨŽĨůŽĂŶƐͿƌĞůĂƚŝǀĞƚŽϯϬ:ƵŶĞϮϬϮκ͘

tŝƚŚƌĞŐĂƌĚƐƚŽƉŽƌƚĨŽůŝŽƐǁŚŝĐŚĂƌĞĂƐƐĞƐƐĞĚĐŽůůĞĐƚŝǀĞůLJĨŽƌĐƌĞĚŝƚŝŵƉĂŝƌŵĞŶƚ͕ƚŚĞ'ƌŽƵƉŚĂǀĞŝŶĐƌĞĂƐĞĚƚŚĞƉƌŽďĂďŝůŝƚŝĞƐŽĨ
ĚĞĨĂƵůƚĂŶĚůŽƐƐŐŝǀĞŶĚĞĨĂƵůƚƚŽĂůŝŐŶŵŽĚĞůůĞĚŝŶƉƵƚƐǁŝƚŚŵŽƌĞƌĞĐĞŶƚŽďƐĞƌǀĂƚŝŽŶƐĂŶĚĚĂƚĂ͘dŚĞ'ƌŽƵƉŚĂĚĂůƐŽĚĞƚĞƌŵŝŶĞĚ
ƚŚĂƚƚŚĞůŝŬĞůŝŚŽŽĚŽĨƌĞĐŽǀĞƌLJĨŽƌůŽĂŶƐƚŚĂƚĂƌĞŐƌĞĂƚĞƌƚŚĂŶϯςρĚĂLJƐƉĂƐƚĚƵĞǁŝƚŚŝŶƚŚĞDŽƚŽƌ&ŝŶĂŶĐĞĂŶĚKƉĞŶĨŽƌƵƐŝŶĞƐƐ
ƉŽƌƚĨŽůŝŽƐŚĂǀĞƐŝŐŶŝĨŝĐĂŶƚůLJĚŝŵŝŶŝƐŚĞĚ͕ƌĞƐƵůƚŝŶŐŝŶĂĨƵůůƉƌŽǀŝƐŝŽŶŶĞƚŽĨĂŶƚŝĐŝƉĂƚĞĚƌĞĐŽǀĞƌŝĞƐĂŐĂŝŶƐƚƚŚŽƐĞĐŽŚŽƌƚƐŽĨůŽĂŶƐ͘
dŚĞƐĞůŽĂŶƐĂŶĚĂƐƐŽĐŝĂƚĞĚŝŶĐƌĞĂƐĞĚ>ŚĂǀĞĂůƐŽďĞĞŶǁƌŝƚƚĞŶͲŽĨĨĨƌŽŵƚŚĞ'ƌŽƵƉ͛ƐƌĞĐĞŝǀĂďůĞƐďĂůĂŶĐĞƐĂƚϯϭĞĐĞŵďĞƌϮϬϮκ͘

&ŽƌůŽĂŶƐǁŚŝĐŚĂƌĞĂƐƐĞƐƐĞĚŝŶĚŝǀŝĚƵĂůůLJĨŽƌĐƌĞĚŝƚŝŵƉĂŝƌŵĞŶƚ͕ƚŚĞƐĞĂƌĞƉƌĞĚŽŵŝŶĂŶƚůLJǁŝƚŚŝŶƚŚĞƐƐĞƚ&ŝŶĂŶĐĞĂŶĚŽůĚĞƌ
ƵƐŝŶĞƐƐZĞůĂƚŝŽŶƐŚŝƉůĞŶĚŝŶŐƉŽƌƚĨŽůŝŽƐǁŝƚŚŝŶƚŚĞƚƌĂŶƐƉŽƌƚ͕ĐŽŶƐƚƌƵĐƚŝŽŶ͕ĨŽƌĞƐƚƌLJĂŶĚĂŐƌŝĐƵůƚƵƌĞƐĞĐƚŽƌƐ͘dŚĞůŽƐƐŐŝǀĞŶĚĞĨĂƵůƚ
ƐŝŶĐĞϯϬ:ƵŶĞϮϬϮκĨŽƌƚŚŝƐƐƵďƐĞƚŽĨůŽĂŶƐŚĂƐŝŶĐƌĞĂƐĞĚƐŝŐŶŝĨŝĐĂŶƚůLJĂƐĂĚŝƌĞĐƚĐŽŶƐĞƋƵĞŶĐĞŽĨƉŽŽƌƚƌĂĚŝŶŐĐŽŶĚŝƚŝŽŶƐĂŶĚ
ǁĞĂŬĞƌƐĞĐƵƌŝƚLJǀĂůƵĂƚŝŽŶƐƐŝŶĐĞϯϬ:ƵŶĞϮϬϮκ͕ƌĞƐƵůƚŝŶŐŝŶůŝŵŝƚĞĚƉƌŽƐƉĞĐƚƐŽĨƌĞĐŽǀĞƌLJ͘ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞƉƌŽǀŝƐŝŽŶŚĂƐŝŶĐƌĞĂƐĞĚ
ƐŝŶĐĞϯϬ:ƵŶĞϮϬϮκ͕ǁŝƚŚƐƵďƐĞƋƵĞŶƚǁƌŝƚĞͲŽĨĨŽĨƐŽŵĞŽĨƚŚĞ'ƌŽƵƉΖƐůŽĂŶƐĂŶĚĂƐƐŽĐŝĂƚĞĚ>͘

dŚĞƌĞŚĂǀĞďĞĞŶŶŽŵĂƚĞƌŝĂůĐŚĂŶŐĞƐƚŽƚŚĞ>ĨŽƌƚŚĞƵƐƚƌĂůŝĂŶĂŶŬŝŶŐ'ƌŽƵƉŝŶƚŚĞƐŝdžŵŽŶƚŚƐĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ͘



W͘ϭϳ
ϳ&ŝŶĂŶĐĞƌĞĐĞŝǀĂďůĞƐŵĞĂƐƵƌĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚ;ĐŽŶƟŶƵĞĚͿ

;ĂͿ DŽǀĞŵĞŶƚŝŶƉƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚ

dŚĞĨŽůůŽǁŝŶŐƚĂďůĞĚĞƚĂŝůƐƚŚĞŵŽǀĞŵĞŶƚĨƌŽŵƚŚĞŽƉĞŶŝŶŐďĂůĂŶĐĞƚŽƚŚĞĐůŽƐŝŶŐďĂůĂŶĐĞŽĨƚŚĞƉƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘


ŽůůĞĐƚŝǀĞůLJƐƐĞƐƐĞĚ/ŶĚŝǀŝĚƵĂůůLJ

ΨϬϬϬΖƐ^ƚĂŐĞϭ^ƚĂŐĞϮ^ƚĂŐĞϯƐƐĞƐƐĞĚdŽƚĂů
hŶĂƵĚŝƚĞĚͲĞĐĞŵďĞƌϮϬϮκ

/ŵƉĂŝƌŵĞŶƚĂůůŽǁĂŶĐĞĂƐĂƚϯϬ:ƵŶĞϮϬϮκϭκ͕ϯςϭρ͕ϭεϳϯκ͕ϮΘϭϮϮ͕κΘϮϳς͕ϯϮϭ
ŚĂŶŐĞƐŝŶůŽƐƐĂůůŽǁĂŶĐĞ

dƌĂŶƐĨĞƌďĞƚǁĞĞŶƐƚĂŐĞƐ
ϭ
;κ͕ρϯϯͿ;ϯ͕εϭϯͿϳ͕ερϳκΘεͲ
EĞǁĂŶĚŝŶĐƌĞĂƐĞĚƉƌŽǀŝƐŝŽŶ;ŶĞƚŽĨƉƌŽǀŝƐŝŽŶƌĞůĞĂƐĞƐͿ
ϭ

Ϯ͕ςϯϯΘ͕κρςϮϬ͕κϮϳϭε͕ρϮϮρϭ͕ϬϯΘ
ƌĞĚŝƚŝŵƉĂŝƌŵĞŶƚĐŚĂƌŐĞ;ϭ͕εϬϬͿκ͕ρκϯϮΘ͕ϯΘκϮϬ͕Ϭϭϭρϭ͕ϬϯΘ
tƌŝƚĞͲŽĨĨƐͲͲ;ϯς͕ϮϬΘͿ;ϭϭ͕ϳϬρͿ;κϳ͕εϭϯͿ
ĨĨĞĐƚŽĨĐŚĂŶŐĞƐŝŶĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞϳϮϳϭϮϮΘ
/ŵƉĂŝƌŵĞŶƚĂůůŽǁĂŶĐĞĂƐĂƚϯϭĞĐĞŵďĞƌϮϬϮκϭϮ͕κςΘε͕ϳκϮϮς͕κςκϯϬ͕ΘϬϬϳε͕κϳκ

ƵĚŝƚĞĚͲϯϬ:ƵŶĞϮϬϮκ


/ŵƉĂŝƌŵĞŶƚĂůůŽǁĂŶĐĞĂƐĂƚϯϬ:ƵŶĞϮϬϮϯϭϯ͕ϬϬεϮ͕κςϯϮϭ͕κεεϭς͕Ϯερρϯ͕Ϯςς
ŚĂŶŐĞƐŝŶůŽƐƐĂůůŽǁĂŶĐĞ

dƌĂŶƐĨĞƌďĞƚǁĞĞŶƐƚĂŐĞƐ
ϭ
;ϳςεͿ;ρ͕ςΘϳͿκ͕κϳΘϭ͕εϳΘͲ
EĞǁĂŶĚŝŶĐƌĞĂƐĞĚƉƌŽǀŝƐŝŽŶ;ŶĞƚŽĨƉƌŽǀŝƐŝŽŶƌĞůĞĂƐĞƐͿ
ϭ

ϭ͕ερκΘ͕κϮϮϮρ͕ϳϯεϭϭ͕ϳϮϳκϳ͕ΘκϮ
ƌĞĚŝƚŝŵƉĂŝƌŵĞŶƚĐŚĂƌŐĞϭ͕ϭΘρϮ͕ϳϯρϯϬ͕Ϯϭϳϭϯ͕ϳϬρκϳ͕ΘκϮ
tƌŝƚĞͲŽĨĨƐͲͲ;ϭϳ͕κρϭͿ;ϳ͕ρϭΘͿ;Ϯκ͕εςεͿ
ĨĨĞĐƚŽĨĐŚĂŶŐĞƐŝŶĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞͲ;ϭͿϭςͲϭρ
ĐƋƵŝƐŝƚŝŽŶŽĨƐƵďƐŝĚŝĂƌLJϭςϳͲͲͲϭςϳ
/ŵƉĂŝƌŵĞŶƚĂůůŽǁĂŶĐĞĂƐĂƚϯϬ:ƵŶĞϮϬϮκϭκ͕ϯςϭρ͕ϭεϳϯκ͕ϮΘϭϮϮ͕κΘϮϳς͕ϯϮϭ
ϭ
dŚĞŝŶĐƌĞĂƐĞŝŶƉƌŽǀŝƐŝŽŶǁŚĞŶĂůŽĂŶŵŽǀĞƐƚŽĂŚŝŐŚĞƌƐƚĂŐĞŝƐŝŶĐůƵĚĞĚŝŶŶĞǁĂŶĚŝŶĐƌĞĂƐĞĚƉƌŽǀŝƐŝŽŶ;ŶĞƚŽĨƉƌŽǀŝƐŝŽŶƌĞůĞĂƐĞƐͿŝŶƚŚĞ
ŚŝŐŚĞƌƐƚĂŐĞƚŽǁŚŝĐŚƚŚĞůŽĂŶŵŽǀĞĚ͘dŚĞĚĞĐƌĞĂƐĞŝŶƉƌŽǀŝƐŝŽŶǁŚĞŶĂůŽĂŶŵŽǀĞƐƚŽĂůŽǁĞƌƐƚĂŐĞŝƐŝŶĐůƵĚĞĚŝŶŶĞǁĂŶĚŝŶĐƌĞĂƐĞĚƉƌŽǀŝƐŝŽŶ
;ŶĞƚŽĨƉƌŽǀŝƐŝŽŶƌĞůĞĂƐĞƐͿŝŶƚŚĞŚŝŐŚĞƌƐƚĂŐĞĨƌŽŵǁŚŝĐŚ
ƚŚĞůŽĂŶŵŽǀĞĚ͘



W͘ϭΘ
ϳ&ŝŶĂŶĐĞƌĞĐĞŝǀĂďůĞƐŵĞĂƐƵƌĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚ;ĐŽŶƟŶƵĞĚͿ

;ďͿ /ŵƉĂĐƚŽĨĐŚĂŶŐĞƐŝŶŐƌŽƐƐĨŝŶĂŶĐĞƌĞĐĞŝǀĂďůĞƐŚĞůĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚŽŶĂůůŽǁĂŶĐĞĨŽƌ>


ŽůůĞĐƚŝǀĞůLJƐƐĞƐƐĞĚ/ŶĚŝǀŝĚƵĂůůLJ

ΨϬϬϬΖƐ^ƚĂŐĞϭ^ƚĂŐĞϮ^ƚĂŐĞϯƐƐĞƐƐĞĚdŽƚĂů
hŶĂƵĚŝƚĞĚͲĞĐĞŵďĞƌϮϬϮκ

'ƌŽƐƐĨŝŶĂŶĐĞƌĞĐĞŝǀĂďůĞƐŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚĂƐ
ĂƚϯϬ:ƵŶĞϮϬϮκ
ϯ͕ΘΘΘ͕κκϯϮκϭ͕ςϯϯϭϭς͕ϳϮϯες͕κςΘκ͕ϯκϯ͕Ϯςϳ
dƌĂŶƐĨĞƌďĞƚǁĞĞŶƐƚĂŐĞƐ;ϭςϬ͕κκϳͿςϬ͕ϭΘερΘ͕ϭϬϬκϮ͕ϭρΘͲ
ĚĚŝƚŝŽŶƐςΘΘ͕εϭεͲͲϳεςΘΘ͕εεΘ
ĞůĞƚŝŽŶƐ;εϬΘ͕ΘϳϭͿ;ϯε͕ϭϯϳͿ;ϯε͕ϮςεͿ;ϭϳ͕ϯρϬͿ;ϭ͕ϬϬκ͕ςϮϳͿ
tƌŝƚĞͲŽĨĨƐͲͲ;ϯς͕ϮϬΘͿ;ϭϭ͕ϳϬρͿ;κϳ͕εϭϯͿ
ĨĨĞĐƚŽĨĐŚĂŶŐĞƐŝŶĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞϮ͕ϳρΘϮϯκϳϯρϭϯ͕ϯρϬ
'ƌŽƐƐĨŝŶĂŶĐĞƌĞĐĞŝǀĂďůĞƐŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚĂƐ
ĂƚϯϭĞĐĞŵďĞƌϮϬϮκ
ϯ͕ρϭϬ͕ΘϬϮϮςϮ͕εϭεεε͕ϯρϯϭϭϬ͕ϬϬϭϯ͕εΘϯ͕Ϭϳρ
ƵĚŝƚĞĚͲ:ƵŶĞϮϬϮκ


'ƌŽƐƐĨŝŶĂŶĐĞƌĞĐĞŝǀĂďůĞƐŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚĂƐ
ĂƚϯϬ:ƵŶĞϮϬϮϯ
κ͕ϬϳϬ͕ρεΘϭΘϮ͕κϳϬΘϭ͕Ϯεκρϯ͕ϭϭΘκ͕ϯΘϳ͕κΘϬ
ĐƋƵŝƐŝƚŝŽŶŽĨƐƵďƐŝĚŝĂƌLJςϭ͕ϭϳεͲͲͲςϭ͕ϭϳε
dƌĂŶƐĨĞƌďĞƚǁĞĞŶƐƚĂŐĞƐ;Ϯςϭ͕ϳϮεͿερ͕ΘςςϭϭϮ͕ϭϭϭρϯ͕ϳρϮͲ
ĚĚŝƚŝŽŶƐϭ͕ϮΘκ͕ϮϬϯͲͲͲϭ͕ϮΘκ͕ϮϬϯ
ĞůĞƚŝŽŶƐ;ϭ͕Ϯςε͕ϳκΘͿ;ϯς͕ϬϳϳͿ;ςϬ͕ϯΘϮͿ;Ϯ͕ρεϮͿ;ϭ͕ϯςΘ͕ϳεεͿ
tƌŝƚĞͲŽĨĨƐ;ϮϮςͿ;ςϮΘͿ;ϭς͕ϯϬρͿ;ϳ͕ΘϭϬͿ;Ϯκ͕εςεͿ
ĨĨĞĐƚŽĨĐŚĂŶŐĞƐŝŶĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞκ͕ϭςςϮρͲκ͕ϭϳϯ
'ƌŽƐƐĨŝŶĂŶĐĞƌĞĐĞŝǀĂďůĞƐŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚĂƐ
ĂƚϯϬ:ƵŶĞϮϬϮκ
ϯ͕ΘΘΘ͕κκϯϮκϭ͕ςϯϯϭϭς͕ϳϮϯες͕κςΘκ͕ϯκϯ͕Ϯςϳ


/ŵƉĂĐƚŽĨĐŚĂŶŐĞƐŝŶŐƌŽƐƐĞdžƉŽƐƵƌĞƐŽŶůŽƐƐĂůůŽǁĂŶĐĞƐ

dŚĞ'ƌŽƵƉ͛ƐƉƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚŚĂƐŝŶĐƌĞĂƐĞĚďLJΨϯ͘ϮŵŝůůŝŽŶĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚĚƵĞƚŽ͗

x ŶĞƚƌĞĚƵĐƚŝŽŶŝŶĐŽůůĞĐƚŝǀĞƉƌŽǀŝƐŝŽŶƐŽĨΨρ͘ϭŵŝůůŝŽŶƌĞĨůĞĐƚŝŶŐ͗

Ͳ ŶŝŶĐƌĞĂƐĞŝŶƉƌŽǀŝƐŝŽŶƐŽĨΨϯϭ͘ϭŵŝůůŝŽŶƉƌĞĚŽŵŝŶĂŶƚůLJƌĞůĂƚŝŶŐƚŽŵŽƚŽƌǀĞŚŝĐůĞƐĂŶĚďƵƐŝŶĞƐƐůĞŶĚŝŶŐĂƐĂƌĞƐƵůƚŽĨ
ĚŝŵŝŶŝƐŚĞĚƌĞĐŽǀĞƌĂďŝůŝƚLJŽĨƚŚĞƐĞƌĞĐĞŝǀĂďůĞƐĂƚƚƌŝďƵƚĂďůĞƚŽĚĞƉƌĞƐƐĞĚǀĂůƵĂƚŝŽŶƐŽĨƵŶĚĞƌůLJŝŶŐƐĞĐƵƌŝƚŝĞƐ͕ĚƌŝǀĞŶďLJ
ĨƵƌƚŚĞƌĚĞƚĞƌŝŽƌĂƚŝŽŶŽĨĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐ͖ĂŶĚ

Ͳ ƐƵďƐĞƋƵĞŶƚďĂĚĚĞďƚǁƌŝƚĞͲŽĨĨƐŽĨΨϯς͘ϮŵŝůůŝŽŶǁŚŝĐŚŝŶĐůƵĚĞƚŚĞǁƌŝƚĞͲŽĨĨŽĨƌĞĐĞŝǀĂďůĞƐĂŶĚƌĞůĂƚĞĚŝŶĐƌĞĂƐĞĚ
ƉƌŽǀŝƐŝŽŶƐĞdžƉůĂŝŶĞĚĂďŽǀĞ͘

x ŶĞƚŝŶĐƌĞĂƐĞŝŶŝŶĚŝǀŝĚƵĂůůLJĂƐƐĞƐƐĞĚƉƌŽǀŝƐŝŽŶƐŽĨΨΘ͘ϯŵŝůůŝŽŶĚƵĞƚŽƚŚĞƚƌĂŶƐĨĞƌŽĨΨκϮ͘ϮŵŝůůŝŽŶƚŽƚĂůƌĞĐĞŝǀĂďůĞƐŝŶƚŽƚŚŝƐ
ĐĂƚĞŐŽƌLJǁŚŝĐŚƌĞƐƵůƚĞĚŝŶĂĚĚŝƚŝŽŶĂůƉƌŽǀŝƐŝŽŶƐŽĨΨϮϬ͘ϬŵŝůůŝŽŶŵĂĚĞĂŐĂŝŶƐƚůŽĂŶƐǁŝƚŚŝŶƚŚĞƐĞĐƵƌĞĚďƵƐŝŶĞƐƐůĞŶĚŝŶŐ
ƉŽƌƚĨŽůŝŽĂƐĂƌĞƐƵůƚŽĨĚĞƚĞƌŝŽƌĂƚŝŽŶŽĨĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐĂŶĚĚĞƉƌĞƐƐĞĚǀĂůƵĂƚŝŽŶƐŽĨƵŶĚĞƌůLJŝŶŐƐĞĐƵƌŝƚŝĞƐ͕ƉĂƌƚŝĂůůLJŽĨĨƐĞƚ
ďLJƐƵďƐĞƋƵĞŶƚďĂĚĚĞďƚǁƌŝƚĞͲŽĨĨƐŽĨΨϭϭ͘ϳŵŝůůŝŽŶ͘


W͘ϭε
ΘŽƌƌŽǁŝŶŐƐ

hŶĂƵĚŝƚĞĚƵĚŝƚĞĚ
ΨϬϬϬΖƐĞĐĞŵďĞƌϮϬϮκ:ƵŶĞϮϬϮκ
ĞƉŽƐŝƚƐ
^ŚŽƌƚͲƚĞƌŵŝŶƚĞƌĞƐƚďĞĂƌŝŶŐĚĞƉŽƐŝƚƐϭ͕κϯΘ͕ςϬςϭ͕ϯεε͕ϭΘε
EŽŶͲŝŶƚĞƌĞƐƚďĞĂƌŝŶŐĚĞƉŽƐŝƚƐϯΘ͕ϯϳϮϯΘ͕ϭεϯ
dĞƌŵĚĞƉŽƐŝƚƐκ͕ςϭκ͕ρκκκ͕ρϭϭ͕ϳϯκ
dŽƚĂůĚĞƉŽƐŝƚƐς͕Ϭεϭ͕ρϮϮρ͕εκε͕ϭϭς
KƚŚĞƌďŽƌƌŽǁŝŶŐƐ

hŶƐƵďŽƌĚŝŶĂƚĞĚŶŽƚĞƐϯϳϳ͕ςϭρκρΘ͕Ϭϭε
^ƵďŽƌĚŝŶĂƚĞĚŶŽƚĞƐϭρΘ͕ϭϳϮ
ϭρϯ͕ϳϯϮ
^ĞĐƵƌŝƚŝƐĞĚďŽƌƌŽǁŝŶŐƐΘϮϭ͕κςϬϭ͕ϯςε͕ϯεκ
ĞƌƚŝĨŝĐĂƚĞƐŽĨĚĞƉŽƐŝƚĂŶĚŵŽŶĞLJŵĂƌŬĞƚďŽƌƌŽǁŝŶŐƐϮρ͕Ϭρρρε͕ςϭΘ
dŽƚĂůŽƚŚĞƌďŽƌƌŽǁŝŶŐƐϭ͕ϯΘϮ͕ϯϬϮϮ͕ϬκϬ͕ϳςϯ
dŽƚĂůĚĞƉŽƐŝƚƐĂŶĚŽƚŚĞƌďŽƌƌŽǁŝŶŐƐϳ͕κϳϯ͕ΘϮκϳ͕εΘε͕Θϳε


ĞƉŽƐŝƚƐĂŶĚƵŶƐƵďŽƌĚŝŶĂƚĞĚŶŽƚĞƐƌĂŶŬĞƋƵĂůůLJĂŶĚĂƌĞƵŶƐĞĐƵƌĞĚ͘

DŽǀĞŵĞŶƚŝŶŽƚŚĞƌďŽƌƌŽǁŝŶŐƐ


hŶĂƵĚŝƚĞĚ
Audited
ΨϬϬϬΖƐ

December 2024
June 2024
ĂůĂŶĐĞĂƐĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞƉĞƌŝŽĚϮ͕ϬκϬ͕ϳςϯϮ͕κες͕ϯϳρ

/ƐƐƵĞŽĨĚĞďƚϭκς͕εςϬϭ͕εΘκ͕ςϳϬ
ZĞƉĂLJŵĞŶƚŽĨĚĞďƚ;ΘϮϭ͕ϳϯϮͿ;Ϯ͕κΘς͕ρρϬͿ
dŽƚĂůĐĂƐŚŵŽǀĞŵĞŶƚƐ;ςϳκ͕ϳϳϮͿ;ρϬϭ͕ΘΘϬͿ
ĐƋƵŝƐŝƚŝŽŶŽĨĚĞďƚĨƌŽŵƉƵƌĐŚĂƐĞŽĨƐƵďƐŝĚŝĂƌLJͲϮ͕ρϳκ
ĂƉŝƚĂůŝƐĞĚŝŶƚĞƌĞƐƚĂŶĚĨĞĞĞdžƉĞŶƐĞ;ςκϬͿϯϬ͕ϳεϭ
&ĂŝƌǀĂůƵĞŵŽǀĞŵĞŶƚƐϯ͕ςςϬΘϬρ
&ŽƌĞŝŐŶĞdžĐŚĂŶŐĞĂŶĚŽƚŚĞƌŵŽǀĞŵĞŶƚƐϭϯ͕ϮεϭϭϮ͕ϬεΘ
dŽƚĂůŶŽŶͲĐĂƐŚŵŽǀĞŵĞŶƚƐϭς͕ϯϭϭκς͕ϮςΘ

ĂůĂŶĐĞĂƐĂƚƚŚĞĞŶĚŽĨƚŚĞƉĞƌŝŽĚϭ͕ϯΘϮ͕ϯϬϮϮ͕ϬκϬ͕ϳςϯ

hŶƐƵďŽƌĚŝŶĂƚĞĚŶŽƚĞƐ

KŶε:ƵůLJϮϬϮκ͕ΨΘϯ͘ϯŵŝůůŝŽŶ;ΨϳρŵŝůůŝŽŶͿŽĨƵŶƐƵďŽƌĚŝŶĂƚĞĚŵĞĚŝƵŵͲƚĞƌŵŶŽƚĞƐ;DdEͿǁĞƌĞĨƵůůLJƌĞƉĂŝĚŽŶŵĂƚƵƌŝƚLJ͘

^ĞĐƵƌŝƚŝƐĞĚďŽƌƌŽǁŝŶŐƐ

^ĞŶŝŽƌƐtĂƌĞŚŽƵƐĞdƌƵƐƚϮ;^tdϮͿƌĞĚƵĐĞĚŝƚƐƐĞĐƵƌŝƚŝƐĂƚŝŽŶĨĂĐŝůŝƚLJůŝŵŝƚĨƌŽŵΨϳρϬŵŝůůŝŽŶƚŽΨκρϬŵŝůůŝŽŶŽŶϭςKĐƚŽďĞƌ
ϮϬϮκ͕ǁŚŝĐŚǁĂƐĨƵƌƚŚĞƌƌĞĚƵĐĞĚƚŽΨϯϬϬŵŝůůŝŽŶŽŶϭς:ĂŶƵĂƌLJϮϬϮρĂƐƉĂƌƚŽĨĞdžĞĐƵƚŝŽŶŽĨŝƚƐĚĂƚĞͲďĂƐĞĚĐĂůůƐĂŶĚƐĐŚĞĚƵůĞĚ
ƌĞƉĂLJŵĞŶƚƐŽĨŝƚƐƐĞĐƵƌŝƚŝƐĞĚďŽƌƌŽǁŝŶŐƐ͕ŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƵƐƚƌĂůŝĂŶWƌƵĚĞŶƚŝĂů^ƚĂŶĚĂƌĚϭϮϬ^ĞĐƵƌŝƚŝƐĂƚŝŽŶ͘

^ƚŽĐŬŽ^ĞĐƵƌŝƚŝƐĂƚŝŽŶdƌƵƐƚϮϬϮϮͲϭ;^ƚŽĐŬŽdƌƵƐƚͿƌĞĚƵĐĞĚŝƚƐƐĞĐƵƌŝƚŝƐĂƚŝŽŶĨĂĐŝůŝƚLJůŝŵŝƚĨƌŽŵΨϮρϬŵŝůůŝŽŶƚŽΨϭρϬŵŝůůŝŽŶŽŶ
ϮϮ:ƵůLJϮϬϮκ͕ǁŚŝĐŚǁĂƐĨƵƌƚŚĞƌƌĞĚƵĐĞĚƚŽΨϭϬϬŵŝůůŝŽŶǁŝƚŚĞĨĨĞĐƚĨƌŽŵϭςKĐƚŽďĞƌϮϬϮκ͘KŶϭΘEŽǀĞŵďĞƌϮϬϮκ͕ƚŚĞ^ƚŽĐŬŽ
dƌƵƐƚĨĂĐŝůŝƚLJƵŶĚƌĂǁŶůŝŵŝƚǁĂƐĐĂŶĐĞůůĞĚ͘

,ĞĂƌƚůĂŶĚƵƚŽZĞĐĞŝǀĂďůĞƐtĂƌĞŚŽƵƐĞdƌƵƐƚϮϬϭΘͲϭ;,ZtdͿĨĂĐŝůŝƚLJŵĂƚƵƌŝƚLJĚĂƚĞǁĂƐĞdžƚĞŶĚĞĚƚŽϮςƵŐƵƐƚϮϬϮςŽŶϮϯ
ƵŐƵƐƚϮϬϮκ͕ǁŝƚŚĂƌĞĚƵĐƚŝŽŶŝŶŝƚƐƐĞĐƵƌŝƚŝƐĂƚŝŽŶĨĂĐŝůŝƚLJůŝŵŝƚĨƌŽŵΨςϬϬŵŝůůŝŽŶƚŽΨρϬϬŵŝůůŝŽŶ͕ǁŚŝĐŚǁĂƐĨƵƌƚŚĞƌƌĞĚƵĐĞĚƚŽ
ΨϯϮϬŵŝůůŝŽŶǁŝƚŚĞĨĨĞĐƚĨƌŽŵϮκĞĐĞŵďĞƌϮϬϮκ͘


W͘ϮϬ
ε^ŚĂƌĞĐĂƉŝƚĂůĂŶĚĚŝǀŝĚĞŶĚƐ

hŶĂƵĚŝƚĞĚƵĚŝƚĞĚ

ĞĐĞŵďĞƌϮϬϮκ:ƵŶĞϮϬϮκ
ϬϬϬΖƐEƵŵďĞƌŽĨ^ŚĂƌĞƐEƵŵďĞƌŽĨ^ŚĂƌĞƐ
/ƐƐƵĞĚƐŚĂƌĞƐ
KƉĞŶŝŶŐďĂůĂŶĐĞεϯϬ͕ρςϭϳϬε͕ςρΘ
^ŚĂƌĞƐŝƐƐƵĞĚĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚͲϮϭϭ͕ΘςΘ
^ŚĂƌĞƐŝƐƐƵĞĚͲĚŝǀŝĚĞŶĚƌĞŝŶǀĞƐƚŵĞŶƚƉůĂŶς͕ΘρΘε͕Ϭϯρ
ůŽƐŝŶŐďĂůĂŶĐĞεϯϳ͕κϭεεϯϬ͕ρςϭ


dŚĞ'ƌŽƵƉŝƐƐƵĞĚς͕Θρϳ͕ερϬŶĞǁƐŚĂƌĞƐĂƚΨϭ͘ϬκƉĞƌƐŚĂƌĞ;Ψϳ͘ϭŵŝůůŝŽŶͿŽŶϮϬ^ĞƉƚĞŵďĞƌϮϬϮκƵŶĚĞƌƚŚĞĚŝǀŝĚĞŶĚƌĞŝŶǀĞƐƚŵĞŶƚ
ƉůĂŶ;ZWͿĨŽƌƚŚĞƉĞƌŝŽĚ͘

dŚĞŽƌĚŝŶĂƌLJƐŚĂƌĞƐŚĂǀĞŶŽƉĂƌǀĂůƵĞ͘ĂĐŚŽƌĚŝŶĂƌLJƐŚĂƌĞŽĨ,',ĐĂƌƌŝĞƐƚŚĞƌŝŐŚƚƚŽǀŽƚĞŽŶĂƉŽůůĂƚŵĞĞƚŝŶŐƐŽĨƐŚĂƌĞŚŽůĚĞƌƐ͕
ƚŚĞƌŝŐŚƚƚŽĂŶĞƋƵĂůƐŚĂƌĞŝŶĚŝǀŝĚĞŶĚƐĂŶĚƚŚĞƌŝŐŚƚƚŽĂŶĞƋƵĂůƐŚĂƌĞŝŶƚŚĞĚŝƐƚƌŝďƵƚŝŽŶŽĨƚŚĞƐƵƌƉůƵƐĂƐƐĞƚƐŽĨ,',ŝŶƚŚĞĞǀĞŶƚ
ŽĨůŝƋƵŝĚĂƚŝŽŶ͘

ŝǀŝĚĞŶĚƐƉĂŝĚ

hŶĂƵĚŝƚĞĚƵĚŝƚĞĚ

ςDŽŶƚŚƐƚŽĞĐĞŵďĞƌϮϬϮκϭϮDŽŶƚŚƐƚŽ:ƵŶĞϮϬϮκ

ĂƚĞĞŶƚƐ

ĂƚĞĞŶƚƐ


ĞĐůĂƌĞĚWĞƌ^ŚĂƌĞΨϬϬϬΖƐĞĐůĂƌĞĚWĞƌ^ŚĂƌĞΨϬϬϬΖƐ
&ŝŶĂůĚŝǀŝĚĞŶĚϮΘƵŐƵƐƚϮϬϮκϯ͘ϬϮϳ͕εϭΘϮΘƵŐƵƐƚϮϬϮϯς͘ϬκϮ͕ρϳε
/ŶƚĞƌŝŵĚŝǀŝĚĞŶĚͲͲͲϮς&ĞďƌƵĂƌLJϮϬϮκκ͘ϬϮΘ͕ςϭϭ
dŽƚĂůĚŝǀŝĚĞŶĚƐƉĂŝĚ

Ϯϳ͕εϭΘϳϭ͕ϭεϬ




W͘Ϯϭ
ϭϬ/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ

hŶĂƵĚŝƚĞĚƵĚŝƚĞĚ
ΨϬϬϬΖƐĞĐĞŵďĞƌϮϬϮκ:ƵŶĞϮϬϮκ
ŽŵƉƵƚĞƌƐŽĨƚǁĂƌĞ

^ŽĨƚǁĂƌĞͲĐŽƐƚεϮ͕ϯϬΘΘΘ͕ρϯϯ
^ŽĨƚǁĂƌĞƵŶĚĞƌĚĞǀĞůŽƉŵĞŶƚϮ͕κκϳρ͕ςεϮ
ĐĐƵŵƵůĂƚĞĚĂŵŽƌƚŝƐĂƚŝŽŶ;κϮ͕ΘςϭͿ;ϯϳ͕κκϯͿ
EĞƚĐĂƌƌLJŝŶŐǀĂůƵĞŽĨĐŽŵƉƵƚĞƌƐŽĨƚǁĂƌĞρϭ͕Θεκρς͕ϳΘϮ
'ŽŽĚǁŝůů

ϮϬε͕ϭϯςϮϬΘ͕ϳϮϯ
EĞƚĐĂƌƌLJŝŶŐǀĂůƵĞŽĨŐŽŽĚǁŝůůϮϬε͕ϭϯςϮϬΘ͕ϳϮϯ
ĂŶŬŝŶŐůŝĐĞŶĐĞϭκ͕κϬϭϭκ͕κϬϭ
dŽƚĂůŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐϮϳρ͕κϯϭϮϳε͕εϬς

'ŽŽĚǁŝůů

&ŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨŝŵƉĂŝƌŵĞŶƚƚĞƐƚŝŶŐ͕ŐŽŽĚǁŝůůŝƐĂůůŽĐĂƚĞĚƚŽĐĂƐŚŐĞŶĞƌĂƚŝŶŐƵŶŝƚƐ͘ĂƐŚ'ĞŶĞƌĂƚŝŶŐhŶŝƚ;'hͿŝƐƚŚĞ
ƐŵĂůůĞƐƚŝĚĞŶƚŝĨŝĂďůĞŐƌŽƵƉŽĨĂƐƐĞƚƐƚŚĂƚŐĞŶĞƌĂƚĞŝŶĚĞƉĞŶĚĞŶƚĐĂƐŚŝŶĨůŽǁƐ͘dŚĞ'ƌŽƵƉŚĂƐĂƐƐĞƐƐĞĚƚŚĂƚŐŽŽĚǁŝůůƐŚŽƵůĚďĞ
ĂůůŽĐĂƚĞĚƚŽƚŚĞƐŵĂůůĞƐƚŝĚĞŶƚŝĨŝĂďůĞ'hŽƌŐƌŽƵƉŽĨ'hƐ͘

'hͬ'ƌŽƵƉŽĨ'hƐ'ŽŽĚǁŝůů
hŶĂƵĚŝƚĞĚƵĚŝƚĞĚ
ΨϬϬϬ͛ƐĞĐĞŵďĞƌϮϬϮκ:ƵŶĞϮϬϮκ
,ĞĂƌƚůĂŶĚĂŶŬ>ŝŵŝƚĞĚ'hϮε͕ϳεεϮε͕ϳεε
,ĞĂƌƚůĂŶĚĂŶŬƵƐƚƌĂůŝĂ>ŝŵŝƚĞĚ'ƌŽƵƉŽĨ'hƐϭϳε͕ϯϯϳϭϳΘ͕εϮκ
dŽƚĂůŐŽŽĚǁŝůůϮϬε͕ϭϯςϮϬΘ͕ϳϮϯ

dŚĞƌĞǁĂƐŶŽŝŶĚŝĐĂƚŝŽŶŽĨŝŵƉĂŝƌŵĞŶƚĂŶĚŶŽŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐŚĂǀĞďĞĞŶƌĞĐŽŐŶŝƐĞĚĂŐĂŝŶƐƚƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨŐŽŽĚǁŝůů
ĨŽƌƚŚĞƐŝdžŵŽŶƚŚƐĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ;:ƵŶĞϮϬϮκ͗ŶŝůͿ͘


ϭϭZĞůĂƚĞĚƉĂƌƚLJƚƌĂŶƐĂĐƚŝŽŶƐĂŶĚďĂůĂŶĐĞƐ

dƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŬĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞů

<ĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞůĐŽŵƉĞŶƐĂƚŝŽŶĚƵƌŝŶŐƚŚĞƐŝdžͲŵŽŶƚŚƐĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκŝŶĐůƵĚĞƐƌĞƚŝƌĞŵĞŶƚĂŶĚ
ĚŝƐĞƐƚĂďůŝƐŚŵĞŶƚƉĂLJŵĞŶƚƐŽĨĐĞƌƚĂŝŶŬĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞůƚŚĂƚĂŵŽƵŶƚĞĚƚŽΨρ͘εŵŝůůŝŽŶ͘


W͘ϮϮ
ϭϮ&ĂŝƌǀĂůƵĞ

;ĂͿ &ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ

dŚĞĨŽůůŽǁŝŶŐŵĞƚŚŽĚƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐǁĞƌĞƵƐĞĚƚŽĞƐƚŝŵĂƚĞƚŚĞĨĂŝƌǀĂůƵĞŽĨĞĂĐŚĐůĂƐƐŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚĂŶĚůŝĂďŝůŝƚLJŵĞĂƐƵƌĞĚ
ĂƚĨĂŝƌǀĂůƵĞŽŶĂƌĞĐƵƌƌŝŶŐďĂƐŝƐŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͘

dŚĞ'ƌŽƵƉŚĂƐĂŶĞƐƚĂďůŝƐŚĞĚĨƌĂŵĞǁŽƌŬŝŶƉĞƌĨŽƌŵŝŶŐǀĂůƵĂƚŝŽŶƐƌĞƋƵŝƌĞĚĨŽƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐƉƵƌƉŽƐĞƐŝŶĐůƵĚŝŶŐ>ĞǀĞůϯĨĂŝƌ
ǀĂůƵĞƐ͘dŚĞ'ƌŽƵƉƌĞŐƵůĂƌůLJƌĞǀŝĞǁƐĂŶĚĐĂůŝďƌĂƚĞƐƐŝŐŶŝĨŝĐĂŶƚƵŶŽďƐĞƌǀĂďůĞŝŶƉƵƚƐĂŶĚǀĂůƵĂƚŝŽŶĂĚũƵƐƚŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ
ŵĂƌŬĞƚƉĂƌƚŝĐŝƉĂŶƚƐ͛ǀŝĞǁƐ͘/ĨĞdžƚĞƌŶĂůǀĂůƵĂƚŝŽŶƐƉĞĐŝĂůŝƐƚƐĂƌĞĞŶŐĂŐĞĚƚŽŵĞĂƐƵƌĞĨĂŝƌǀĂůƵĞƐ͕ƚŚĞ'ƌŽƵƉĂƐƐĞƐƐĞƐƚŚĞĞǀŝĚĞŶĐĞ
ŽďƚĂŝŶĞĚĨƌŽŵƚŚĞƐĞƐƉĞĐŝĂůŝƐƚƐƚŽƐƵƉƉŽƌƚƚŚĞĐŽŶĐůƵƐŝŽŶŽĨƚŚĞƐĞǀĂůƵĂƚŝŽŶƐ͘ůůƐŝŐŶŝĨŝĐĂŶƚǀĂůƵĂƚŝŽŶƐĂƌĞƌĞƉŽƌƚĞĚƚŽƚŚĞ
'ƌŽƵƉΖƐŽĂƌĚƵĚŝƚĂŶĚZŝƐŬŽŵŵŝƚƚĞĞĨŽƌĂƉƉƌŽǀĂůƉƌŝŽƌƚŽŝƚƐĂĚŽƉƚŝŽŶŝŶƚŚĞŝŶƚĞƌŝŵĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

/ŶǀĞƐƚŵĞŶƚƐŝŶĚĞďƚƐĞĐƵƌŝƚŝĞƐ

/ŶǀĞƐƚŵĞŶƚƐŝŶƉƵďůŝĐƐĞĐƚŽƌƐĞĐƵƌŝƚŝĞƐĂŶĚĐŽƌƉŽƌĂƚĞďŽŶĚƐĂƌĞƐƚĂƚĞĚĂƚ&sK/Žƌ&sdW>͕ǁŝƚŚƚŚĞĨĂŝƌǀĂůƵĞďĞŝŶŐďĂƐĞĚŽŶ
ƋƵŽƚĞĚŵĂƌŬĞƚƉƌŝĐĞƐ;>ĞǀĞůϭƵŶĚĞƌƚŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJͿŽƌŵŽĚĞůůĞĚƵƐŝŶŐŽďƐĞƌǀĂďůĞŵĂƌŬĞƚŝŶƉƵƚƐ;>ĞǀĞůϮƵŶĚĞƌƚŚĞĨĂŝƌ
ǀĂůƵĞŚŝĞƌĂƌĐŚLJͿ͘

/ŶǀĞƐƚŵĞŶƚƐǀĂůƵĞĚƵŶĚĞƌ>ĞǀĞůϮŽĨƚŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJĂƌĞǀĂůƵĞĚĞŝƚŚĞƌďĂƐĞĚŽŶƋƵŽƚĞĚŵĂƌŬĞƚƉƌŝĐĞƐŽƌĚĞĂůĞƌƋƵŽƚĞƐĨŽƌ
ƐŝŵŝůĂƌŝŶƐƚƌƵŵĞŶƚƐ͕ŽƌĚŝƐĐŽƵŶƚĞĚĐĂƐŚĨůŽǁƐĂŶĂůLJƐŝƐ͘

/ŶǀĞƐƚŵĞŶƚƐŝŶĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ

/ŶǀĞƐƚŵĞŶƚƐŝŶĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐĂƌĞĐůĂƐƐŝĨŝĞĚĂƚ&sdW>ƵŶůĞƐƐĂŶŝƌƌĞǀŽĐĂďůĞĞůĞĐƚŝŽŶŝƐŵĂĚĞďLJƚŚĞ'ƌŽƵƉƚŽŵĞĂƐƵƌĞĂƚ&sK/͘
/ŶǀĞƐƚŵĞŶƚŝŶůŝƐƚĞĚƐĞĐƵƌŝƚŝĞƐƚƌĂĚĞĚŝŶůŝƋƵŝĚ͕ĂĐƚŝǀĞŵĂƌŬĞƚƐǁŚĞƌĞƉƌŝĐĞƐĂƌĞƌĞĂĚŝůLJŽďƐĞƌǀĂďůĞĂƌĞŵĞĂƐƵƌĞĚƵŶĚĞƌ>ĞǀĞůϭŽĨ
ƚŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJǁŝƚŚŶŽŵŽĚĞůůŝŶŐŽƌĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚŝŶƚŚĞǀĂůƵĂƚŝŽŶ͘ƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐĂƌĞŵĞĂƐƵƌĞĚĂƚ&sK/ǁŚĞƌĞ
ƚŚĞLJĂƌĞŶŽƚŚĞůĚĨŽƌƚƌĂĚŝŶŐ͕ƚŚĞ'ƌŽƵƉĚŽĞƐŶΖƚŚĂǀĞũŽŝŶƚĐŽŶƚƌŽůŽƌƐŝŐŶŝĨŝĐĂŶƚŝŶĨůƵĞŶĐĞŽǀĞƌƚŚĞŝŶǀĞƐƚĞĞĂŶĚǁŚĞƌĞĂŶ
ŝƌƌĞǀŽĐĂďůĞĞůĞĐƚŝŽŶŝƐŵĂĚĞƚŽŵĞĂƐƵƌĞƚŚĞŵĂƚ&sK/͘dŚĞƐĞƐĞĐƵƌŝƚŝĞƐĂƌĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞǁŝƚŚƵŶƌĞĂůŝƐĞĚŐĂŝŶƐĂŶĚ
ůŽƐƐĞƐƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĞdžĐĞƉƚĨŽƌĚŝǀŝĚĞŶĚŝŶĐŽŵĞǁŚŝĐŚŝƐƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘/ŶǀĞƐƚŵĞŶƚƐŝŶ
ƵŶůŝƐƚĞĚĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐĂƌĞŵĞĂƐƵƌĞĚƵŶĚĞƌ>ĞǀĞůϯŽĨƚŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJǁŝƚŚƚŚĞĨĂŝƌǀĂůƵĞďĞŝŶŐďĂƐĞĚŽŶƵŶŽďƐĞƌǀĂďůĞ
ŝŶƉƵƚƐƵƐŝŶŐŵĂƌŬĞƚĂĐĐĞƉƚĞĚǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐ͘tŚĞƌĞĂƉƉƌŽƉƌŝĂƚĞ͕ƚŚĞ'ƌŽƵƉŵĂLJĂƉƉůLJĂĚũƵƐƚŵĞŶƚƐƚŽƚŚĞĂďŽǀĞͲ
ŵĞŶƚŝŽŶĞĚƚĞĐŚŶŝƋƵĞƐƚŽĚĞƚĞƌŵŝŶĞĨĂŝƌǀĂůƵĞŽĨĂŶĞƋƵŝƚLJƐĞĐƵƌŝƚLJƚŽƌĞĨůĞĐƚƚŚĞƵŶĚĞƌůLJŝŶŐĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͘dŚĞƐĞĂĚũƵƐƚŵĞŶƚƐ
ĂƌĞƌĞĨůĞĐƚŝǀĞŽĨŵĂƌŬĞƚƉĂƌƚŝĐŝƉĂŶƚĐŽŶƐŝĚĞƌĂƚŝŽŶƐŝŶǀĂůƵŝŶŐƚŚĞƐĂŝĚƐĞĐƵƌŝƚLJ͘

&ŝŶĂŶĐĞƌĞĐĞŝǀĂďůĞƐͲƌĞǀĞƌƐĞŵŽƌƚŐĂŐĞƐ

dŚĞ'ƌŽƵƉŚĂƐĞůĞĐƚĞĚƚŽĂĐĐŽƵŶƚĨŽƌƚŚĞƌĞǀĞƌƐĞŵŽƌƚŐĂŐĞƉŽƌƚĨŽůŝŽĂƐĐůĂƐƐŝĨŝĞĚĂŶĚŵĞĂƐƵƌĞĚĂƚ&sdW>ƵŶĚĞƌE/&Z^ε͘dŚĞ
ƌĞǀŝĞǁŽĨƚŚĞƌĞǀĞƌƐĞŵŽƌƚŐĂŐĞƉŽƌƚĨŽůŝŽǀĂůƵĂƚŝŽŶĚĞƚĞƌŵŝŶĞĚƚŚĂƚƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚĞƐĞůŽĂŶĐŽŶƚƌĂĐƚƐĚŽŶŽƚ
ĐŽŶƚĂŝŶĂĐŽŵƉŽŶĞŶƚŽĨƐŝŐŶŝĨŝĐĂŶƚŝŶƐƵƌĂŶĐĞƌŝƐŬ͕ƚŚĞƌĞĨŽƌĞƚŚĞLJĐŽŶƚŝŶƵĞƚŽďĞƚƌĞĂƚĞĚƵŶĚĞƌE/&Z^εĂŶĚĂƌĞĐůĂƐƐŝĨŝĞĚĂŶĚ
ŵĞĂƐƵƌĞĚĂƚ&sdW>͘


W͘Ϯϯ
ϭϮ&ĂŝƌǀĂůƵĞ;ĐŽŶƚŝŶƵĞĚͿ

;ĂͿ &ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ;ĐŽŶƚŝŶƵĞĚͿ

&ŝŶĂŶĐĞƌĞĐĞŝǀĂďůĞƐͲƌĞǀĞƌƐĞŵŽƌƚŐĂŐĞƐ;ĐŽŶƚŝŶƵĞĚͿ

KŶŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶƚŚĞ'ƌŽƵƉĐŽŶƐŝĚĞƌƐƚŚĞƚƌĂŶƐĂĐƚŝŽŶƉƌŝĐĞƚŽƌĞƉƌĞƐĞŶƚƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞůŽĂŶ͕ŽŶƚŚĞďĂƐŝƐƚŚĂƚŶŽƌĞůŝĂďůĞ
ĨĂŝƌǀĂůƵĞĐĂŶďĞĞƐƚŝŵĂƚĞĚĂƐƚŚĞƌĞŝƐŶŽƌĞůĞǀĂŶƚĂĐƚŝǀĞŵĂƌŬĞƚĂŶĚĨĂŝƌǀĂůƵĞĐĂŶŶŽƚďĞƌĞůŝĂďůLJŵĞĂƐƵƌĞĚƵƐŝŶŐŽƚŚĞƌǀĂůƵĂƚŝŽŶ
ƚĞĐŚŶŝƋƵĞƐƵŶĚĞƌE/&Z^ϭϯ&ĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚ͘

&ŽƌƐƵďƐĞƋƵĞŶƚŵĞĂƐƵƌĞŵĞŶƚ͕ĂŶĚĂƚďĂůĂŶĐĞĚĂƚĞ͕ƚŚĞ'ƌŽƵƉĐŽŶƐŝĚĞƌĞĚǁŚĞƚŚĞƌƚŚĞĨĂŝƌǀĂůƵĞĐĂŶďĞĚĞƚĞƌŵŝŶĞĚďLJƌĞĨĞƌĞŶĐĞ
ƚŽĂƌĞůĞǀĂŶƚĂĐƚŝǀĞŵĂƌŬĞƚŽƌƵƐŝŶŐĂǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƚŚĂƚŝŶĐŽƌƉŽƌĂƚĞƐŽďƐĞƌǀĂďůĞŝŶƉƵƚƐďƵƚŚĂƐĐŽŶĐůƵĚĞĚƌĞůĞǀĂŶƚƐƵƉƉŽƌƚ
ŝƐŶŽƚĐƵƌƌĞŶƚůLJĂǀĂŝůĂďůĞ͘/ŶƚŚĞĂďƐĞŶĐĞŽĨƐƵĐŚŵĂƌŬĞƚĞǀŝĚĞŶĐĞƚŚĞ'ƌŽƵƉŚĂƐƵƐĞĚƚŚĞƚƌĂŶƐĂĐƚŝŽŶǀĂůƵĞ;ĐĂƐŚĂĚǀĂŶĐĞĚƉůƵƐ
ĂĐĐƌƵĞĚĐĂƉŝƚĂůŝƐĞĚŝŶƚĞƌĞƐƚͿĨŽƌƐƵďƐĞƋƵĞŶƚŵĞĂƐƵƌĞŵĞŶƚ͘dŚĞ'ƌŽƵƉŚĂƐƵƐĞĚĂŶĂĐƚƵĂƌŝĂůŵĞƚŚŽĚƚŽĚĞƚĞƌŵŝŶĞĂƉƌŽdžLJĨŽƌƚŚĞ
ĨĂŝƌǀĂůƵĞƚŚĂƚŝŶĐŽƌƉŽƌĂƚĞƐĐŚĂŶŐĞƐŝŶƚŚĞƉŽƌƚĨŽůŝŽƌŝƐŬĂŶĚĞdžƉĞĐƚĂƚŝŽŶƐŽĨƚŚĞƉŽƌƚĨŽůŝŽƉĞƌĨŽƌŵĂŶĐĞ͘dŚŝƐŝŶĐůƵĚĞƐŝŶƉƵƚƐƐƵĐŚ
ĂƐŵŽƌƚĂůŝƚLJĂŶĚƉŽƚĞŶƚŝĂůŵŽǀĞŝŶƚŽĐĂƌĞ͕ǀŽůƵŶƚĂƌLJĞdžŝƚƐ͕ŚŽƵƐĞƉƌŝĐĞĐŚĂŶŐĞƐ͕ŝŶƚĞƌĞƐƚƌĂƚĞŵĂƌŐŝŶĂŶĚƚŚĞŶŽĞƋƵŝƚLJŐƵĂƌĂŶƚĞĞ͘
dŚŝƐĞƐƚŝŵĂƚĞŝƐŚŝŐŚůLJƐƵďũĞĐƚŝǀĞĂŶĚĂǁŝĚĞƌĂŶŐĞŽĨƉůĂƵƐŝďůĞǀĂůƵĞƐĂƌĞƉŽƐƐŝďůĞ͘dŚĞĞƐƚŝŵĂƚĞƉƌŽǀŝĚĞƐĂŶŝŶĚŝĐĂƚŝŽŶŽĨ
ǁŚĞƚŚĞƌƚŚĞƚƌĂŶƐĂĐƚŝŽŶǀĂůƵĞŝƐŽǀĞƌƐƚĂƚĞĚ͘

dŚĞ'ƌŽƵƉĚŽĞƐŶŽƚĐŽŶƐŝĚĞƌƚŚĂƚƚŚĞĂĐƚƵĂƌŝĂůĞƐƚŝŵĂƚĞŚĂƐŵŽǀĞĚŽƵƚƐŝĚĞŽĨƚŚĞŽƌŝŐŝŶĂůĞdžƉĞĐƚĂƚŝŽŶƌĂŶŐĞƐŝŶĐĞƚŚĞŝŶŝƚŝĂů
ƌĞĐŽŐŶŝƚŝŽŶ͘dŚĞƌĞŚĂƐďĞĞŶŶŽĨĂŝƌǀĂůƵĞŵŽǀĞŵĞŶƚƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ;:ƵŶĞϮϬϮκ͗ŶŝůͿ͘&ĂŝƌǀĂůƵĞŝƐŶŽƚ
ƐĞŶƐŝƚŝǀĞƚŽƚŚĞĂďŽǀĞĂƐƐƵŵƉƚŝŽŶƐĚƵĞƚŽƚŚĞŶĂƚƵƌĞŽĨƌĞǀĞƌƐĞŵŽƌƚŐĂŐĞůŽĂŶƐ͘/ŶƉĂƌƚŝĐƵůĂƌ͕ŐŝǀĞŶĐŽŶƐĞƌǀĂƚŝǀĞŽƌŝŐŝŶĂƚŝŽŶůŽĂŶͲ
ƚŽͲǀĂůƵĞƌĂƚŝŽĂŶĚƐĞĐƵƌŝƚLJĐƌŝƚĞƌŝĂ͕ĂŵĂƚĞƌŝĂůĚĞƚĞƌŝŽƌĂƚŝŽŶŝŶŚŽƵƐĞƉƌŝĐĞƐĐŽŵďŝŶĞĚǁŝƚŚĂŵĂƚĞƌŝĂůŝŶĐƌĞĂƐĞŝŶŝŶƚĞƌĞƐƚƌĂƚĞƐ
ŽǀĞƌĂƐƵƐƚĂŝŶĞĚƉĞƌŝŽĚŽĨƚŝŵĞǁŽƵůĚůŝŬĞůLJŶĞĞĚƚŽŽĐĐƵƌďĞĨŽƌĞĂŶLJƉŽƚĞŶƚŝĂůŝŵƉĂĐƚƚŽĨĂŝƌǀĂůƵĞ͘

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