<br />6FKLUPHU&RQVXOWLQJ//&•32%R[(XJHQH25•   <br />/DQGVFDSH$UFKLWHFWXUH/DQG8VH3ODQQLQJ <br />6HSWHPEHU <br /> <br />.HOO\:KLWPLOO <br />/DQG8VH$QDO\VW <br />&LW\RI(XJHQH <br />3ODQQLQJDQG'HYHORSPHQW <br />:WK$YHQXH <br />(XJHQH25 <br /> <br />5( $VSLUH(XJHQH <br /> &RPSOHWHQHVV5HYLHZ5HVSRQVH $5%  <br /> <br />.HOO\ <br /> <br />7KDQN\RXIRU\RXUWKRURXJKUHYLHZRIWKHSURMHFW7KHIROORZLQJDUHWKHUHVSRQVHVWRWKH&RPSOHWHQHVV <br />5HYLHZLWHPV7KHFLW\LWHPVDUHLQUHJXODUW\SHIDFHDQGP\UHVSRQVHVDUHLQLWDOLFV <br /> <br />• %DVHGRQWKHORWFRQILJXUDWLRQWKHSURSHUW\RQO\IURQWVWZRVWUHHWV(DVW%URDGZD\DQG+LO\DUG6WUHHW <br />$VVXFKLQDFFRUGDQFHZLWK(&  F WKHEXLOGLQJPXVWKDYHDWOHDVWRQPDLQHQWUDQFH <br />RULHQWHGWRWKHVWUHHW7KHSURSRVHGHQWUDQFHRULHQWHGWR(DVW%URDGZD\FRPSOLHVZLWKWKLV <br />UHTXLUHPHQWEXWLVQRWRQDIDFDGHWKDWLVZLWKLQWKHPD[LPXPIURQW\DUGVHWEDFN3OHDVHUHYLVHWKH <br />ZULWWHQVWDWHPHQWWRFODULI\WKHUHTXHVW <br /> <br />7KHUHIHUHQFHWR(DVWWK$YHQXHKDVEHHQUHPRYHG$PDLQHQWUDQFHLVVKRZQRQ(DVW%URDGZD\ <br />7KH(DVW%URDGZD\IDFDGHLVZLWKLQWKHIRRWPD[LPXPVHWEDFN7KHFRGHLVQRWFOHDUZKHWKHUWKH <br />HQWLUHIDFDGHKDVWREHZLWKLQWKHVHWEDFNLQRUGHUWRKDYHDQHQWUDQFH2UZKHWKHUWKHHQWUDQFHLWVHOI <br />KDVWREHZLWKLQWKH¶PD[LPXPVHWEDFN,KDYHLQWHUSUHWHGWKLVWRPHDQDVORQJDVDSRUWLRQRIWKH <br />IDFDGHLVLQWKHPD[LPXPVHWEDFNWKHQWKDWIDFDGHKDVDQHQWUDQFH <br /> <br />0RUHRYHUWKH$GMXVWPHQW5HYLHZFULWHULDZRXOGDOORZIRUWKHHQWLUHIDoDGHWREHRXWRIWKHPD[LPXP <br />VHWEDFNZKLFKPHDQVWKHHQWUDQFHZRXOGQRWEHZLWKLQWKHPD[LPXPVHWEDFN <br /> <br />7KHZULWWHQVWDWHPHQWKDVEHHQUHYLVHGDFFRUGLQJO\ <br /> <br />• 3OHDVHFODULI\ZKLFK2Q6LWH3HGHVWULDQ&LUFXODWLRQVWDQGDUGVDW(&  DUHLQFOXGHGLQWKH <br />DGMXVWPHQWUHTXHVW3DJHRIRIWKHZULWWHQVWDWHPHQWLQGLFDWHVVXEVHFWLRQV E  G DQG H DUH <br />LQFOXGHG3DJHRILQFOXGHV E  F  G DQG H LQRQHVHFWLRQDQG E  F DQG H LQDQRWKHU <br /> <br />7KLVKDVEHHQFRUUHFWHGWRUHPRYH G  <br /> <br />(&  G GLVFXVVHVLQWHUQDOZDONZD\VDQGZHDWKHUSURWHFWLRQ3ULRUGLVFXVVLRQVZLWKODQGXVH <br />DQGODQGXVHPDQDJHUGHWHUPLQHGWKDWWKHSURSRVHGIURQWHQWU\PHHWVWKLVUHTXLUHPHQW <br /> <br />$Q\UHIHUHQFHWRVHFWLRQ G KDVEHHQUHPRYHGIURPWKHUHYLVHGZULWWHQVWDWHPHQW <br /> <br />• $QDGMXVWPHQWZDVUHTXHVWHGWRWKH([WHULRU:DOO$UWLFXODWLRQ)DFDGHVDQG*URXQG)ORRU:LQGRZV <br />VWDQGDUGVDW(& D DQG F EXWWKHQDUUDWLYHEHJLQQLQJRQSDJHRIDSSHDUVWRLQFOXGH <br /> D DQG E 3OHDVHFODULI\ <br /> <br />,EODPHLWRQ0LFURVRIWDXWRQXPEHULQJIXQFWLRQ<RXNQRZZKDW,DPWDONLQJDERXW:HKDYHDOOEHHQ <br />WKHUHR ,KDYHUHYLVHGWKHZULWWHQVWDWHPHQWWRFKDQJHWKHUHIHUHQFHIURP F WR E  <br /> <br />• $IRRWZLGHODQGVFDSHVWULSLVUHTXLUHGEHWZHHQSURSHUW\OLQHVDQGWKHZDOOVRIWKHVWUXFWXUHG <br />SDUNLQJXQOHVVWKHSURSRVHGVWUXFWXUHLVOHVVWKDQIHHWIURPDQH[LVWLQJVWUXFWXUHPHDVXUHG <br />DFURVVWKHFRPPRQLQWHULRUSURSHUW\OLQH (&  I  7KHUHIRUHODQGVFDSLQJLVUHTXLUHGDORQJ <br />WKHQRUWKDQGHDVWZDOOVRIWKHSDUNLQJVWUXFWXUH XQOHVVDQDGMXVWPHQWLVUHTXHVWHG