Appendix 4D & Half-Year Financial Statements
Released
Released
Announcement PDF
Appendix 4D
Half year report
ASX Appendix 4D
Half-Year Financial Report to 31 December 2020
1. Details of reporting period
Name of Entity
ABN
Reporting Period
Previous Corresponding Period
2.
Race Oncology Limited (“the Company”)
61 149 318 749
31 December 2020
31 December 2019
Results for announcement to the market
31
December
2020
31
December
2019
Increase/
(decrease)
Amount
change $
-
-
-
-
Loss for the half-year
(2,059,989)
(1,502,092)
37%
(557,897)
Total net loss for the half-year attributable
to members
(2,059,989)
(1,502,092)
37%
(557,897)
Key information
Revenues from ordinary activities
Amount Per
Security
Franked Amount
Per Security
Final Dividend
Nil
Nil
Interim Dividend
Nil
Nil
Previous Corresponding Period
Nil
Nil
Record Date for Determining Entitlements
Not Applicable
For further information, refer to the review of operations contained in the directors’ report, which
forms part of the attached condensed consolidated financial statements.
3.
Net tangible asset backing
Net tangible backing per ordinary security
4.
31 December 2020
31 December 2019
4.36 cents
1.27 cents
Details of entities over which control has been gained or lost during the period
N/A
5.
Details of Dividends
No dividend has been paid or recommended to be paid for the half-year ended 31 December 2020.
Appendix 4D Page 1
Appendix 4D
Half year report
6.
Details of dividend reinvestment plans
N/A
7
Details of associate and joint venture entities
N/A
8.
Foreign entities
On 6 October 2017, the Company incorporated a new subsidiary in Belgium, (Race Oncology,
Company Number 0682664917). There have been no signfiicant financial transactions through the
subsidiary at 31 December 2020.
On 17 December 2019, the Company incorporated new subsidiary in United States, (Race Oncology
Research, Inc). On 9 December 2020, the Company has been deregistered. There have been no
significant transactions through the subsidiary at 31 December 2020.
9.
Audit
This report has been based on accounts that have been subject to an audit review. There are no
items of dispute with the auditor and the audit review is not subject to qualification.
Phillip Lynch
Managing Director
Authorised for release by the Board
25 February 2021
Appendix 4D Page 2
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ϯͮZĂĐĞKŶĐŽůŽŐLJ>ŝŵŝƚĞĚEϭϰϵϯϭϴϳϰϵʹ/ŶƚĞƌŝŵ&ŝŶĂŶĐŝĂůZĞƉŽƌƚϯϭĞĐĞŵďĞƌϮϬϮϬ
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Zs/tK&KWZd/KE^;KEd/EhͿ
KŶϮKĐƚŽďĞƌϮϬϮϬ͕ƚŚĞŽŵƉĂŶLJĂŶŶŽƵŶĐĞĚƚŚĂƚWƌŽĨ͘ŽƌũĞŶĚĞƌƐƐŽŶǁĂƐĂƉƉŽŝŶƚĞĚŚŝĞĨDĞĚŝĐĂůKĨĨŝĐĞƌ;DKͿŽŶϰϬй
ĨƵůůƚŝŵĞĞƋƵŝǀĂůĞŶƚďĂƐŝƐ͘
KŶϮϴKĐƚŽďĞƌϮϬϮϬ͕tŝůůŝĂŵ͚ŝůů͛'ĂƌŶĞƌĂŶĚŚƌŝƐEƚŽƵŵĞŶŽƉŽƵůŽƐƌĞƐŝŐŶĞĚĂƐEŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐ͘
KŶ Ϯϰ EŽǀĞŵďĞƌ ϮϬϮϬ͕ ƚŚĞ ŽŵƉĂŶLJ ƐŚĂƌĞĚ ŝŵƉƌĞƐƐŝǀĞ ƌĞƐƵůƚƐ ĨƌŽŵ ƉƌĞĐůŝŶŝĐĂů ƌĞƐĞĂƌĐŚ ƉƌŽŐƌĂŵ ŝŶ ďƌĞĂƐƚ ĐĂŶĐĞƌ͕
ĐŽŶĚƵĐƚĞĚŝŶĐŽůůĂďŽƌĂƚŝŽŶǁŝƚŚƚŚĞhŶŝǀĞƌƐŝƚLJŽĨEĞǁĐĂƐƚůĞ͘dŚĞƌĞƐĞĂƌĐŚƉƌŽŐƌĂŵĐŽŶĨŝƌŵĞĚƚŚĞŚŝƐƚŽƌŝĐĂůĐůŝŶŝĐĂůĚĂƚĂƚŚĂƚ
ŝƐĂŶƚƌĞŶĞƐŚŽǁĞĚƐŝŵŝůĂƌĞĨĨŝĐĂĐLJƚŽĚŽdžŽƌƵďŝĐŝŶĂŶĚĞƉŝƌƵďŝĐŝŶŝŶĂƌĂŶŐĞŽĨďƌĞĂƐƚĐĂŶĐĞƌƚLJƉĞƐ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞƌĞƐĞĂƌĐŚ
ƉƌŽŐƌĂŵƐŚŽǁĞĚƚŚĂƚŝƐĂŶƚƌĞŶĞǁĂƐĞĨĨĞĐƚŝǀĞĂŶĚĐŽŵƉĂƚŝďůĞŝŶĐŽŵďŝŶĂƚŝŽŶǁŝƚŚŽƚŚĞƌŽŶĐŽůŽŐLJĚƌƵŐƐĐƵƌƌĞŶƚůLJƵƐĞĚŝŶ
ďƌĞĂƐƚĐĂŶĐĞƌƐĞƚƚŝŶŐ͘dŚĞƉƌŽŐƌĂŵƉƌŽǀŝĚĞĚĞǀŝĚĞŶĐĞƚŽƐƵƉƉŽƌƚƚŚĞƉƌŽŐƌĞƐƐŝŽŶŽĨŝƐĂŶƚƌĞŶĞŝŶƚŽďƌĞĂƐƚĐĂŶĐĞƌĐůŝŶŝĐĂů
ƚƌŝĂůƐ͘
KŶϮϲEŽǀĞŵďĞƌϮϬϮϬĂŶŶŽƵŶĐĞĚĐůŝŶŝĐĂůƌĞƐĞĂƌĐŚŽƌŐĂŶŝƐĂƚŝŽŶ͕'ĞŽƌŐĞůŝŶŝĐĂů͕ǁŽƵůĚĂƐƐŝƐƚƚŽƐĐŽƉĞĂŶĚĐŽƐƚĂƉƌŽŽĨŽĨ
ĐŽŶĐĞƉƚWŚĂƐĞ/ͬ//ďƌĞĂƐƚĐĂŶĐĞƌĐůŝŶŝĐĂůƚƌŝĂůŽĨŝƐĂŶƚƌĞŶĞŝŶĐŽŵďŝŶĂƚŝŽŶǁŝƚŚĐLJĐůŽƉŚŽƐƉŚĂŵŝĚĞ͘dŚĞƉƌŽŐƌĂŵǁŝůůĞŶĂďůĞ
ƚŚĞŽŵƉĂŶLJƚŽŵĂŬĞĂŶŝŶĨŽƌŵĞĚĂŶĚĐŽƐƚĞĚĚĞĐŝƐŝŽŶŽŶƚŚŝƐƉŽƚĞŶƚŝĂůĐůŝŶŝĐĂůƉĂƚŚǁĂLJƉƌŝŽƌƚŽĞdžƉĞŶĚŝŶŐŝŶǀĞƐƚŽƌĨƵŶĚƐ͘
KŶϯϬEŽǀĞŵďĞƌϮϬϮϬ͕ƚŚĞŽŵƉĂŶLJƐŚĂƌĞĚƚŚĞdŚƌĞĞWŝůůĂƌ^ƚƌĂƚĞŐLJ͕ĐŽŵŵƵŶŝĐĂƚŝŶŐƚŚĞŽŵƉĂŶLJĞǀŽůƵƚŝŽŶƚŽĂƉƌĞĐŝƐŝŽŶ
ŽŶĐŽůŽŐLJĨŽĐƵƐǀŝĂƚŚĞ&ĂƚDĂƐƐĂŶĚKďĞƐŝƚLJĂƐƐŽĐŝĂƚĞĚƉƌŽƚĞŝŶ;&dKͿ͕ǁŚŝůĞƌĞƚĂŝŶŝŶŐůĞŐĂĐLJŽƉƉŽƌƚƵŶŝƚŝĞƐŝŶďƌĞĂƐƚĐĂŶĐĞƌ
ĂŶĚĐƵƚĞDLJĞůŽŝĚ>ĞƵŬĂĞŵŝĂ;D>Ϳ͘dŚĞƵƉĚĂƚĞĚƐƚƌĂƚĞŐLJĂůůŽǁƐƚŚĞŽŵƉĂŶLJƚŽƉƵƌƐƵĞŽƵƚƐŝnjĞĚƌĞǁĂƌĚƐĨŽƌƐŚĂƌĞŚŽůĚĞƌƐ͕
ǁŚŝůĞŵŝŶŝŵŝƐŝŶŐĐůŝŶŝĐĂůĂŶĚĐŽŵŵĞƌĐŝĂůƌŝƐŬ͘dŚƌĞĞWŝůůĂƌƐĂĚĚƌĞƐƐĞƐƚŚĞĨŽůůŽǁŝŶŐĂƌĞĂƐ͗
ͻ
WŝůůĂƌϭʹ&dKŝŶŚŝďŝƚŝŽŶĨŽĐƵƐĞĚŽŶDĞůĂŶŽŵĂĂŶĚůĞĂƌĞůůZĞŶĂůĞůůĂƌĐŝŶŽŵĂĂƐƉƌŽŽĨͲŽĨͲĐŽŶĐĞƉƚŝŶĚŝĐĂƚŝŽŶƐ
ͻ
WŝůůĂƌϮʹƌĞĂƐƚĐĂŶĐĞƌƚƌĞĂƚŵĞŶƚĂƐĂƐĂĨĞƌĐŚĞŵŽƚŚĞƌĂƉĞƵƚŝĐĂŐĞŶƚǁŝƚŚĞdžƉĂŶĚĞĚƚŚĞƌĂƉĞƵƚŝĐŝŶĚĞdž
ͻ
WŝůůĂƌ ϯ ʹ D> ĂĚĚƌĞƐƐŝŶŐ ůĞŐĂĐLJ ƉůĂŝŶƐ ŝŶ ĂĚƵůƚ ĂŶĚ ƉĂĞĚŝĂƚƌŝĐ ƉŽƉƵůĂƚŝŽŶƐ͘ ǀĂůƵĂƚŝŽŶ ŽĨ ĞdžƚƌĂŵĞĚƵůůĂƌLJ D>
ďƵŝůĚŝŶŐŽŶƚŚĞ/ƐƌĂĞůƚƌŝĂůŽďƐĞƌǀĂƚŝŽŶĂŶĚĐůĞĂƌƵŶŵĞƚĐůŝŶŝĐĂůŶĞĞĚ͘
KŶ ϯϬ EŽǀĞŵďĞƌ ϮϬϮϬ͕ ĂƐ ĂƉƉƌŽǀĞĚ Ăƚ ƚŚĞ ŶŶƵĂů 'ĞŶĞƌĂů DĞĞƚŝŶŐ͕ ƚŚĞ ŽŵƉĂŶLJ ŝƐƐƵĞĚ Ă ƚŽƚĂů ŽĨ ϱ͕ϲϬϬ͕ϬϬϬ /ŶĐĞŶƚŝǀĞ
KƉƚŝŽŶƐĂŶĚϭϭϴ͕ϱϱϳ/ŶĐĞŶƚŝǀĞWĞƌĨŽƌŵĂŶĐĞZŝŐŚƚƐĂƐĨŽůůŽǁƐ͗
ĂͿ Ϯ͕ϬϬϬ͕ϬϬϬKƉƚŝŽŶƐĞdžĞƌĐŝƐĂďůĞĂƚΨϮ͘ϲϱĂŶĚĞdžƉŝƌŝŶŐŽŶϮϵEŽǀĞŵďĞƌϮϬϮϱƚŽWŚŝůůŝƉ>LJŶĐŚ͖
ďͿ Ϯ͕ϬϬϬ͕ϬϬϬKƉƚŝŽŶƐĞdžĞƌĐŝƐĂďůĞĂƚΨϮ͘ϲϱĂŶĚĞdžƉŝƌŝŶŐŽŶϮϵEŽǀĞŵďĞƌϮϬϮϱƚŽĂŶŝĞůdŝůůĞƚƚ͖
ĐͿ ϭ͕ϲϬϬ͕ϬϬϬKƉƚŝŽŶƐĞdžĞƌĐŝƐĂďůĞĂƚΨϮ͘ϲϱĂŶĚĞdžƉŝƌŝŶŐŽŶϮϵEŽǀĞŵďĞƌϮϬϮϱƚŽWƌŽĨ͘ŽƌũĞŶĚĞƌƐƐŽŶ͖
ĚͿ ϭϭϴ͕ϱϱϳWĞƌĨŽƌŵĂŶĐĞZŝŐŚƚƐĞdžƉŝƌŝŶŐŽŶϮϵEŽǀĞŵďĞƌϮϬϮϱƚŽWƌŽĨ͘ŽƌũĞŶĚĞƌƐƐŽŶ͘
KŶϭϬĞĐĞŵďĞƌϮϬϮϬ͕WƌŽĨ͘ŽƌũĞŶĚĞƌƐƐŽŶƌĞƐŝŐŶĞĚĂƐĂŶdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐƚŽĨŽĐƵƐŽŶƚŚĞƌŽůĞŽĨŚŝĞĨDĞĚŝĐĂůKĨĨŝĐĞƌ
ĂŶĚŚĂŝƌŽĨƚŚĞZĂĐĞůŝŶŝĐĂůĚǀŝƐŽƌLJŽĂƌĚ͘
KŶϭϳĞĐĞŵďĞƌϮϬϮϬ͕ƚŚĞŽŵƉĂŶLJƌĞĐĞŝǀĞĚZĞƐĞĂƌĐŚĂŶĚĞǀĞůŽƉŵĞŶƚƚĂdžŝŶĐĞŶƚŝǀĞƐƌĞĨƵŶĚŽĨΨϯϴϳ͕ϯϴϱĨƌŽŵƵƐƚƌĂůŝĂŶ
dĂdžĂƚŝŽŶKĨĨŝĐĞĨŽƌƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϮϬ͘
&/EE/>WZ&KZDE
dŚĞůŽƐƐĨŽƌƚŚĞƐŝdžŵŽŶƚŚƐĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮϬǁĂƐΨϮ͕Ϭϱϵ͕ϵϴϵŽƌΨϭ͕ϭϳϲ͕ϯϬϲĞdžĐůƵĚŝŶŐƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐ;ĂŶŽŶͲ
ĐĂƐŚĞdžƉĞŶƐĞͿ͘ƚϯϭĞĐĞŵďĞƌϮϬϮϬ͕ƚŚĞŽŵƉĂŶLJŚĂĚΨϱ͕ϱϳϳ͕ϬϳϱŝŶĐĂƐŚƌĞƐĞƌǀĞƐ;ĐŽŵƉĂƌĞĚǁŝƚŚΨϭ͕ϳϯϬ͕ϳϳϯĂƚϯϬ:ƵŶĞ
ϮϬϮϬͿ͘
Khd>KK<
dŚĞŽƵƚůŽŽŬĨŽƌZĂĐĞKŶĐŽůŽŐLJŚĂƐďĞĞŶƐŝŐŶŝĨŝĐĂŶƚůLJĞŶŚĂŶĐĞĚĨŽůůŽǁŝŶŐƚŚĞEŽǀĞŵďĞƌϮϬϮϬ'DƌĞůĞĂƐĞŽĨŝƚƐdŚƌĞĞWŝůůĂƌ
^ƚƌĂƚĞŐLJ͘ dŚŝƐ ^ƚƌĂƚĞŐLJ ďƵŝůĚƐ ƵƉŽŶ ŝƐĂŶƚƌĞŶĞ͛Ɛ ĚŝĨĨĞƌĞŶƚŝĂƚĞĚ ĐŚĞŵŽƚŚĞƌĂƉĞƵƚŝĐ ĐƌĞĚĞŶƚŝĂůƐ ŝŶ ƌĞĂƐƚ͕ ĐƵƚĞ DLJĞůŽŝĚ
>ĞƵŬĞŵŝĂ;D>ͿĂŶĚKǀĂƌŝĂŶĂŶĐĞƌƐ͕ďƵƚĐĂƉŝƚĂůŝƐĞƐƚŚƌŽƵŐŚWŝůůĂƌϭŽŶƚŚĞƐŝŐŶŝĨŝĐĂŶƚŽƉƉŽƌƚƵŶŝƚLJŝƐĂŶƚƌĞŶĞŵĂLJŚĂǀĞ͕ŝŶ
ĂĚĚƌĞƐƐŝŶŐĐĂŶĐĞƌǁŝƚŚĚLJƐƌĞŐƵůĂƚŝŽŶŽĨƚŚĞ&ĂƚDĂƐƐĂŶĚKďĞƐŝƚLJͲĂƐƐŽĐŝĂƚĞĚƉƌŽƚĞŝŶ;&dKͿ͘&dKǁĂƐŝĚĞŶƚŝĨŝĞĚďLJƚŚĞŝƚLJ
ŽĨ,ŽƉĞ;:ƵŶĞϮϬϮϬͿŝŶĂƉƌĞͲĐůŝŶŝĐĂůĐĞůůůŝŶĞĂŶĚŵŽƵƐĞƐƚƵĚLJƚŽďĞĂƉŽƚĞŶƚŝŶŚŝďŝƚŽƌŽĨ&dKĂĐƚŝǀŝƚLJ͘
ZĂĐĞŝƐĨŽƌƚƵŶĂƚĞƚŽŚĂǀĞƐŝŐŶŝĨŝĐĂŶƚĐůŝŶŝĐĂůŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ƐŽŝŶƉƵƌƐŝŶŐĂŶŽƉƚŝŵĂůĂŐĞŶĚĂƚŚĞƚĞĂŵŝƐĐŽŵƉůĞƚŝŶŐƌĞŐƵůĂƚŽƌLJ
ĂŶĚ ĐŽŶƐƵůƚĂŶƚ ƐƵƉƉŽƌƚĞĚ ĨĞĂƐŝďŝůŝƚLJ ĂƐƐĞƐƐŵĞŶƚƐ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ŽƉƚŝŵĂů ƉƌĞĐůŝŶŝĐĂů ĂŶĚ ĐůŝŶŝĐĂů ƉƌŽŐƌĂŵ ĂŶĚ ƉůĂŶƐ͘
ŽŵŵƵŶŝĐĂƚŝŽŶŽĨƚŚŽƐĞŽƵƚĐŽŵĞƐǁŝůůďĞƐŚĂƌĞĚďĞĨŽƌĞƚŚĞĞŶĚŽĨDĂƌĐŚϮϬϮϭ͘
ϰͮZĂĐĞKŶĐŽůŽŐLJ>ŝŵŝƚĞĚEϭϰϵϯϭϴϳϰϵʹ/ŶƚĞƌŝŵ&ŝŶĂŶĐŝĂůZĞƉŽƌƚϯϭĞĐĞŵďĞƌϮϬϮϬ
/ZdKZ^͛ZWKZd
^/'E/&/EdsEd^&dZd,>E^,dd
KŶ ϴ &ĞďƌƵĂƌLJ ϮϬϮϭ͕ DƐ DĂƌLJ ,ĂƌŶĞLJ ǁĂƐ ĂƉƉŽŝŶƚĞĚ ĂƐ EŽŶͲdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌ͘ DƐ ,ĂƌŶĞLJ ŝƐ ƚŚĞ ĚŝƌĞĐƚŽƌ ŽĨ ƐƉĞĐŝĂůŝƐƚ
ĐŽŶƐƵůƚŝŶŐĨŝƌŵ;DĂƌLJ,ĂƌŶĞLJĚǀŝƐŽƌLJͿƉƌŽǀŝĚŝŶŐůĞĂĚĞƌƐŚŝƉ͕ŐŽǀĞƌŶĂŶĐĞĂŶĚƐƚƌĂƚĞŐŝĐĂĚǀŝĐĞĂĐƌŽƐƐŝŶŶŽǀĂƚŝŽŶŝŶĚƵƐƚƌŝĞƐ
ƐƵĐŚĂƐŚĞĂůƚŚ͕ďŝŽƚĞĐŚĂŶĚĂŐƌŝĐƵůƚƵƌĞ͘^ŚĞĐƵƌƌĞŶƚůLJƐĞƌǀĞƐĂƐŚĂŝƌŵĂŶŽĨƉƌŝǀĂƚĞƵƐƚƌĂůŝĂŶŝŽƚĞĐŚ͕ddžKEWƚLJ>ƚĚ͕Ă
ĐĂŶĐĞƌĚƌƵŐĚŝƐĐŽǀĞƌLJĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽŵƉĂŶLJƉƵƌƐƵŝŶŐŶŽǀĞůĞƉŝŐĞŶĞƚŝĐĂŶĚŝŵŵƵŶĞͲŽŶĐŽůŽŐLJƉƌŽŐƌĂŵ͘
KŶϭϵ&ĞďƌƵĂƌLJϮϬϮϭ͕WƌŽĨ͘ŽƌũĞŶĚĞƌƐƐŽŶƉƌŽǀŝĚĞŶŽƚŝĐĞŽĨƌĞƐŝŐŶĂƚŝŽŶĂƐZĂĐĞ͛ƐŚŝĞĨDĞĚŝĐĂůKĨĨŝĐĞƌ;DKͿƚŽĞŶĂďůĞ
ZĂĐĞƚŽĂƉƉŽŝŶƚĂĨƵůůͲƚŝŵĞƵƐƚƌĂůŝĂŶďĂƐĞĚDK͘dŚĞϭ͕ϲϬϬ͕ϬϬϬKƉƚŝŽŶƐƉƌĞǀŝŽƵƐůLJŝƐƐƵĞĚƚŽWƌŽĨ͘ŶĚĞƌƐƐŽŶƵŶĚĞƌƚŚĞ
ŽŵƉĂŶLJ͛Ɛ/ŶĐĞŶƚŝǀĞKƉƚŝŽŶWůĂŶǁŝůůŝŵŵĞĚŝĂƚĞůLJůĂƉƐĞƵƉŽŶWƌŽĨ͘ŶĚĞƌƐƐŽŶ͛ƐĞĨĨĞĐƚŝǀĞƌĞƐŝŐŶĂƚŝŽŶĚĂƚĞ͘
KŶϭϵ&ĞďƌƵĂƌLJϮϬϮϭ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚϮ͕ϵϳϮ͕ϱϳϱĨƵůůLJƉĂŝĚŽƌĚŝŶĂƌLJƐŚĂƌĞƐĨŽůůŽǁŝŶŐƚŚĞĞdžĞƌĐŝƐĞŽĨĨŽůůŽǁŝŶŐŽƉƚŝŽŶƐ͗
Ͳ
ϳϱϳ͕ϱϳϱƵŶůŝƐƚĞĚŽƉƚŝŽŶƐǁŝƚŚĂŶĞdžĞƌĐŝƐĞƉƌŝĐĞŽĨΨϬ͘ϬϵϵĞdžƉŝƌŝŶŐϯϭƵŐƵƐƚϮϬϮϭ͖
Ͳ
ϭ͕ϱϰϬ͕ϬϬϬƵŶůŝƐƚĞĚŽƉƚŝŽŶƐǁŝƚŚĂŶĞdžĞƌĐŝƐĞƉƌŝĐĞŽĨΨϬ͘ϮϱĞdžƉŝƌŝŶŐϮϱEŽǀĞŵďĞƌϮϬϮϭ͖ĂŶĚ
Ͳ
ϲϳϱ͕ϬϬϬƵŶůŝƐƚĞĚŽƉƚŝŽŶƐǁŝƚŚĂŶĞdžĞƌĐŝƐĞƉƌŝĐĞŽĨΨϬ͘ϰϱĞdžƉŝƌŝŶŐϭϮDĂƌĐŚϮϬϮϮ͘
dŚĞƌĞŚĂǀĞďĞĞŶŶŽŽƚŚĞƌŵĂƚƚĞƌƐŽƌĐŝƌĐƵŵƐƚĂŶĐĞƐƚŚĂƚŚĂǀĞĂƌŝƐĞŶƐŝŶĐĞϯϭĞĐĞŵďĞƌϮϬϮϬ͘
h/dKZ͛^/EWEE>Zd/KE
dŚĞĂƵĚŝƚŽƌ͛ƐŝŶĚĞƉĞŶĚĞŶĐĞĚĞĐůĂƌĂƚŝŽŶŝƐŝŶĐůƵĚĞĚŽŶƉĂŐĞϲŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͘
^ŝŐŶĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂƌĞƐŽůƵƚŝŽŶŽĨĚŝƌĞĐƚŽƌƐŵĂĚĞƉƵƌƐƵĂŶƚƚŽƐϯϬϲ;ϯͿŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ͘
KŶďĞŚĂůĨŽĨƚŚĞŝƌĞĐƚŽƌƐ
ĞŝƌĞĐƚŽƌƐ
DĂŶĂŐŝŶŐŝƌĞĐƚŽƌ
ĐƚŽƌ
^LJĚŶĞLJ͕ƵƐƚƌĂůŝĂ
ĂƚĞĚ͗Ϯϱ&ĞďƌƵĂƌLJϮϬϮϭ
ϱͮZĂĐĞKŶĐŽůŽŐLJ>ŝŵŝƚĞĚEϭϰϵϯϭϴϳϰϵʹ/ŶƚĞƌŝŵ&ŝŶĂŶĐŝĂůZĞƉŽƌƚϯϭĞĐĞŵďĞƌϮϬϮϬ
To The Board of Directors
Auditor’s Independence Declaration under Section 307C of the
Corporations Act 2001
As lead audit Partner for the review of the financial statements of Race Oncology Limited
for the half year ended 31 December 2020, I declare that to the best of my knowledge
and belief, there have been no contraventions of:
the auditor independence requirements of the Corporations Act 2001 in relation to
the review; and
any applicable code of professional conduct in relation to the review.
Yours faithfully
BENTLEYS
Chartered Accountants
Dated at Perth this 25th day of February 2021
MARK DELAURENTIS CA
Partner
KE^K>/d^ddDEdK&WZK&/dKZ>K^^
EKd,ZKDWZ,E^/s/EKD
&KZd,,>&ͲzZEϯϭDZϮϬϮϬ
ŽŶƐŽůŝĚĂƚĞĚ
ŽŶƐŽůŝĚĂƚĞĚ
ϯϭĞĐĞŵďĞƌ
ϯϭĞĐĞŵďĞƌ
ϮϬϮϬ
ϮϬϭϵ
EŽƚĞ
Ψ
Ψ
ZĞǀĞŶƵĞ
/ŶƚĞƌĞƐƚƌĞĐĞŝǀĞĚ
ϭϬ͕ϱϳϳ
Ϯ͕ϴϮϴ
KƚŚĞƌŝŶĐŽŵĞ
Ϯ
ϰϮϰ͕ϴϴϱ
ϭϱϵ͕ϯϳϭ
ĚŵŝŶŝƐƚƌĂƚŝǀĞĞdžƉĞŶƐĞƐ
;ϮϮ͕ϵϱϵͿ
;ϭϭ͕ϴϬϲͿ
ĐĐŽƵŶƚŝŶŐĂŶĚĂƵĚŝƚĨĞĞƐ
;ϰϮ͕ϴϳϳͿ
;ϰϭ͕ϭϭϯͿ
ŵŽƌƚŝƐĂƚŝŽŶ
ϯ
;ϭϰϬ͕ϱϵϴͿ
;ϭϰϬ͕ϱϵϴͿ
ƵƐŝŶĞƐƐĚĞǀĞůŽƉŵĞŶƚĂŶĚŵĂƌŬĞƚŝŶŐ
;ϳϯ͕ϰϭϱͿ
;ϯϲ͕ϵϮϳͿ
ZΘŵĂŶƵĨĂĐƚƵƌŝŶŐĂŶĚĚŝƐƚƌŝďƵƚŝŽŶ
;ϯϭϴ͕ϭϵϬͿ
;ϭϭϰ͕ϭϱϭͿ
ŽƌƉŽƌĂƚĞĂĚǀŝĐĞĨĞĞƐ
;ϭϲϮ͕ϬϰϯͿ
;ϱϬ͕ϵϮϱͿ
ŝƌĞĐƚŽƌĨĞĞƐ
;ϵϵ͕ϯϬϲͿ
;ϭϬϴ͕ϰϵϵͿ
ŵƉůŽLJĞĞďĞŶĞĨŝƚƐĞdžƉĞŶƐĞ
;ϳϭ͕ϯϲϴͿ
;Ϯϰ͕ϱϰϮͿ
ZĞƐĞĂƌĐŚĂŶĚĚĞǀĞůŽƉŵĞŶƚĞdžƉĞŶƐĞ
;ϱϯϱ͕ϲϴϲͿ
;ϱϰϬ͕ϴϱϴͿ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚĞdžƉĞŶƐĞ
ϳ
;ϴϴϯ͕ϲϴϯͿ
;ϰϵϳ͕ϳϴϭͿ
^ŚĂƌĞƌĞŐŝƐƚƌLJĞdžƉĞŶƐĞ
;ϭϵ͕ϮϱϳͿ
;ϰ͕ϵϳϵͿ
dƌĂǀĞůĂŶĚĂĐĐŽŵŵŽĚĂƚŝŽŶ
;ϰϰϭͿ
;ϭϭ͕ϮϭϯͿ
KƚŚĞƌĞdžƉĞŶƐĞƐ
;ϭϮϱ͕ϲϮϴͿ
;ϴϬ͕ϴϵϵͿ
ZĞƐƵůƚƐĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
;Ϯ͕Ϭϱϵ͕ϵϴϵͿ
;ϭ͕ϱϬϮ͕ϬϵϮͿ
>ŽƐƐďĞĨŽƌĞŝŶĐŽŵĞƚĂdž
/ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞ
Ͳ
Ͳ
>ŽƐƐĨŽƌƚŚĞƉĞƌŝŽĚ
;Ϯ͕Ϭϱϵ͕ϵϴϵͿ
;ϭ͕ϱϬϮ͕ϬϵϮͿ
/ƚĞŵƐƚŚĂƚŵĂLJďĞƌĞĐůĂƐƐŝĨŝĞĚƐƵďƐĞƋƵĞŶƚůLJƚŽƉƌŽĨŝƚŽƌůŽƐƐ
&ŽƌĞŝŐŶĐƵƌƌĞŶĐLJƚƌĂŶƐůĂƚŝŽŶ;ŶĞƚŽĨƚĂdžͿ
;ϰϲϲͿ
;ϭϵϯͿ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞůŽƐƐĨŽƌƚŚĞƉĞƌŝŽĚŶĞƚŽĨƚĂdž
;Ϯ͕ϬϲϬ͕ϰϱϱͿ
ĂƐŝĐĂŶĚĚŝůƵƚĞĚůŽƐƐƉĞƌƐŚĂƌĞ;ĐĞŶƚƐƉĞƌƐŚĂƌĞͿ
;ϭ͘ϲϯͿ
;ϭ͕ϱϬϮ͕ϮϴϱͿ
;ϭ͘ϱϬͿ
dŚĞĂďŽǀĞĐŽŶĚĞŶƐĞĚƐƚĂƚĞŵĞŶƚŽĨƉƌŽĨŝƚŽƌůŽƐƐĂŶĚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞƐŚŽƵůĚďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞ
ĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐ͘
ϳͮZĂĐĞKŶĐŽůŽŐLJ>ŝŵŝƚĞĚEϭϰϵϯϭϴϳϰϵʹ/ŶƚĞƌŝŵ&ŝŶĂŶĐŝĂůZĞƉŽƌƚϯϭĞĐĞŵďĞƌϮϬϮϬ
KE^K>/d^ddDEdK&&/EE/>WK^/d/KE
^dϯϭDZϮϬϮϬ
EŽƚĞ
hZZEd^^d^
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ
dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ
ŽŶƐŽůŝĚĂƚĞĚ
ŽŶƐŽůŝĚĂƚĞĚ
ϯϭĞĐĞŵďĞƌ
ϯϬ:ƵŶĞ
ϮϬϮϬ
ϮϬϮϬ
Ψ
Ψ
ϱ͕ϱϳϳ͕Ϭϳϱ
ϭ͕ϳϯϬ͕ϳϳϯ
ϭϲ͕ϳϳϱ
ϰϴ͕ϵϭϴ
KƚŚĞƌĂƐƐĞƚƐ
ϭϲϯ͕ϴϳϱ
Ϯϭϳ͕Ϯϱϯ
dKd>hZZEd^^d^
ϱ͕ϳϱϳ͕ϳϮϱ
ϭ͕ϵϵϲ͕ϵϰϰ
EKEhZZEd^^d^
/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ
ϯ
ϯ͕ϳϵϲ͕ϭϰϰ
ϯ͕ϵϯϲ͕ϳϰϮ
dKd>EKEhZZEd^^d^
ϯ͕ϳϵϲ͕ϭϰϰ
ϯ͕ϵϯϲ͕ϳϰϮ
ϵ͕ϱϱϯ͕ϴϲϵ
ϱ͕ϵϯϯ͕ϲϴϲ
hZZEd>//>/d/^
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ
ϰ
ϵϭ͕ϮϮϱ
Ϯϯϵ͕ϱϮϬ
WƌŽǀŝƐŝŽŶ
Ϯϯ͕ϭϮϱ
ϰ͕ϭϯϭ
dKd>hZZEd>//>/d/^
ϭϭϰ͕ϯϱϬ
Ϯϰϯ͕ϲϱϭ
ϭϭϰ͕ϯϱϬ
Ϯϰϯ͕ϲϱϭ
ϵ͕ϰϯϵ͕ϱϭϵ
ϱ͕ϲϵϬ͕Ϭϯϱ
^,Z,K>Z^͛Yh/dz
/ƐƐƵĞĚĐĂƉŝƚĂů
ϱ
Ϯϰ͕Ϯϯϳ͕ϳϬϭ
ϭϵ͕ϲϲϬ͕ϬϬϴ
ZĞƐĞƌǀĞ
ϲ
ϯ͕ϯϴϳ͕ϵϮϯ
Ϯ͕ϲϬϬ͕ϱϴϳ
ZĞƐĞƌǀĞƐŚĂƌĞƐ
ϱď
Ͳ
;ϴϬϬ͕ϬϬϬͿ
ĐĐƵŵƵůĂƚĞĚůŽƐƐĞƐ
;ϭϴ͕ϭϴϲ͕ϭϬϱͿ
;ϭϱ͕ϳϳϬ͕ϱϲϬͿ
ϵ͕ϰϯϵ͕ϱϭϵ
ϱ͕ϲϵϬ͕Ϭϯϱ
dKd>^^d^
dKd>>//>/d/^
Ed^^d^
^,Z,K>Z^͛Yh/dz
dŚĞĂďŽǀĞĐŽŶĚĞŶƐĞĚĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶƐŚŽƵůĚďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐ͘
ϴͮZĂĐĞKŶĐŽůŽŐLJ>ŝŵŝƚĞĚEϭϰϵϯϭϴϳϰϵʹ/ŶƚĞƌŝŵ&ŝŶĂŶĐŝĂůZĞƉŽƌƚϯϭĞĐĞŵďĞƌϮϬϮϬ
KE^K>/d^ddDEdK&,E'^/EYh/dz
&KZd,,>&ͲzZEϯϭDZϮϬϮϬ
ĐĐƵŵƵůĂƚĞĚ
>ŽƐƐĞƐ
Ψ
/ƐƐƵĞĚĂƉŝƚĂů
Ψ
ZĞƐĞƌǀĞƐ
Ψ
dŽƚĂů
Ψ
ĂůĂŶĐĞĂƚϭ:ƵůLJϮϬϮϬ
ϭϵ͕ϲϲϬ͕ϬϬϴ
;ϭϱ͕ϳϳϬ͕ϱϲϬͿ
ϭ͕ϴϬϬ͕ϱϴϳ
ϱ͕ϲϵϬ͕Ϭϯϱ
>ŽƐƐĂƚƚƌŝďƵƚĂďůĞƚŽŵĞŵďĞƌƐ
Ͳ
;Ϯ͕Ϭϱϵ͕ϵϴϵͿ
Ͳ
;Ϯ͕Ϭϱϵ͕ϵϴϵͿ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞƉĞƌŝŽĚ
Ͳ
Ͳ
;ϰϲϲͿ
;ϰϲϲͿ
Ͳ
;Ϯ͕Ϭϱϵ͕ϵϴϵͿ
;ϰϲϲͿ
;Ϯ͕ϬϲϬ͕ϰϱϱͿ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞƉĞƌŝŽĚ
dƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŽǁŶĞƌƐ͕ŝŶƚŚĞŝƌĐĂƉĂĐŝƚLJĂƐ
ŽǁŶĞƌƐĂŶĚŽƚŚĞƌƚƌĂŶƐĨĞƌƐ
/ƐƐƵĞŽĨƐŚĂƌĞĐĂƉŝƚĂůŶĞƚŽĨĐŽƐƚƐ
Ϯ͕ϯϳϭ͕Ϭϱϲ
;ϯϱϱ͕ϱϱϲͿ
ϴϬϬ͕ϬϬϬ
Ϯ͕ϴϭϱ͕ϱϬϬ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐ
Ͳ
Ͳ
ϳϴϳ͕ϴϬϮ
ϳϴϳ͕ϴϬϮ
džĞƌĐŝƐĞŽĨŽƉƚŝŽŶƐ
Ϯ͕ϮϬϲ͕ϲϯϳ
Ͳ
Ͳ
Ϯ͕ϮϬϲ͕ϲϯϳ
>EdϯϭDZϮϬϮϬ
Ϯϰ͕Ϯϯϳ͕ϳϬϭ
;ϭϴ͕ϭϴϲ͕ϭϬϱͿ
ϯ͕ϯϴϳ͕ϵϮϯ
ϵ͕ϰϯϵ͕ϱϭϵ
/ƐƐƵĞĚĂƉŝƚĂů
Ψ
ZĞƐĞƌǀĞƐ
Ψ
ĐĐƵŵƵůĂƚĞĚ
>ŽƐƐĞƐ
Ψ
dŽƚĂů
Ψ
ĂůĂŶĐĞĂƚϭ:ƵůLJϮϬϭϵ
ϭϱ͕ϰϮϮ͕ϲϮϭ
ϯ͕Ϭϱϰ͕ϵϵϳ
;ϭϯ͕ϰϮϳ͕ϳϭϮͿ
ϱ͕Ϭϰϵ͕ϵϬϲ
>ŽƐƐĂƚƚƌŝďƵƚĂďůĞƚŽŵĞŵďĞƌƐ
Ͳ
Ͳ
;ϭ͕ϱϬϮ͕ϬϵϮͿ
;ϭ͕ϱϬϮ͕ϬϵϮͿ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞƉĞƌŝŽĚ
Ͳ
;ϭϵϯͿ
Ͳ
;ϭϵϯͿ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞƉĞƌŝŽĚ
Ͳ
;ϭϵϯͿ
;ϭ͕ϱϬϮ͕ϬϵϮͿ
;ϭ͕ϱϬϮ͕ϮϴϱͿ
dƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŽǁŶĞƌƐ͕ŝŶƚŚĞŝƌĐĂƉĂĐŝƚLJĂƐ
ŽǁŶĞƌƐĂŶĚŽƚŚĞƌƚƌĂŶƐĨĞƌƐ
ŽŶǀĞƌƐŝŽŶŽĨƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƐ
ϭ͕ϬϬϬ͕ϬϬϬ
;ϭ͕ϬϬϬ͕ϬϬϬͿ
Ͳ
Ͳ
/ƐƐƵĞŽĨƐŚĂƌĞĐĂƉŝƚĂůŶĞƚŽĨĐŽƐƚƐ
ϭ͕ϰϭϰ͕ϵϬϰ
Ͳ
Ͳ
ϭ͕ϰϭϰ͕ϵϬϰ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐ
Ͳ
ϰϵϳ͕ϳϴϭ
Ͳ
ϰϵϳ͕ϳϴϭ
džƚŝŶŐƵŝƐŚŵĞŶƚŽĨŽƉƚŝŽŶƐ
Ͳ
;Ϯϲϵ͕ϳϱϮͿ
Ϯϲϵ͕ϳϱϮ
Ͳ
ϭϳ͕ϴϯϳ͕ϱϮϱ
Ϯ͕ϮϴϮ͕ϴϯϯ
;ϭϰ͕ϲϲϬ͕ϬϱϮͿ
ϱ͕ϰϲϬ͕ϯϬϲ
>EdϯϭDZϮϬϭϵ
dŚĞĐŽŶĚĞŶƐĞĚƐƚĂƚĞŵĞŶƚŽĨĐŚĂŶŐĞƐŝŶĞƋƵŝƚLJƐŚŽƵůĚďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞ
ϵͮZĂĐĞKŶĐŽůŽŐLJ>ŝŵŝƚĞĚEϭϰϵϯϭϴϳϰϵʹ/ŶƚĞƌŝŵ&ŝŶĂŶĐŝĂůZĞƉŽƌƚϯϭĞĐĞŵďĞƌϮϬϮϬ
KE^K>/d^ddDEdK&^,&>Kt^
&KZd,,>&ͲzZEϯϭDZϮϬϮϬ
ŽŶƐŽůŝĚĂƚĞĚ
ŽŶƐŽůŝĚĂƚĞĚ
ϯϭĞĐĞŵďĞƌ
ϯϭĞĐĞŵďĞƌ
ϮϬϭϵ
Ψ
^,&>Kt^&ZKDKWZd/E'd/s/d/^
EŽƚĞ
ϮϬϮϬ
Ψ
/ŶƚĞƌĞƐƚƌĞĐĞŝǀĞĚ
ϭϮ͕ϯϯϱ
Ϯ͕ϴϮϴ
ZĞƐĞĂƌĐŚĂŶĚĚĞǀĞůŽƉŵĞŶƚƚĂdžŝŶĐĞŶƚŝǀĞ
ϯϴϳ͕ϯϴϱ
ϭϱϵ͕ϯϳϭ
KƚŚĞƌŝŶĐŽŵĞʹŐŽǀĞƌŶŵĞŶƚŝŶĐĞŶƚŝǀĞ
ϱϬ͕ϬϬϬ
Ͳ
WĂLJŵĞŶƚƐĨŽƌƌĞƐĞĂƌĐŚĂŶĚĚĞǀĞůŽƉŵĞŶƚ
;ϱϲϬ͕ϴϯϯͿ
;ϱϭϮ͕ϲϴϴͿ
WĂLJŵĞŶƚƐĨŽƌďƵƐŝŶĞƐƐĚĞǀĞůŽƉŵĞŶƚĂŶĚŵĂƌŬĞƚŝŶŐ
;ϭϬϳ͕ϮϬϮͿ
;Ϯϵ͕ϭϬϰͿ
WĂLJŵĞŶƚƐĨŽƌŵĂŶƵĨĂĐƚƵƌŝŶŐĂŶĚĚŝƐƚƌŝďƵƚŝŽŶ
;ϯϳϵ͕ϳϲϭͿ
;ϭϮϮ͕ϯϱϮͿ
WĂLJŵĞŶƚƐƚŽƐƵƉƉůŝĞƌƐĂŶĚĞŵƉůŽLJĞĞƐ
;ϱϴϲ͕ϳϬϲͿ
;ϯϱϬ͕ϯϯϳͿ
EĞƚĐĂƐŚƵƐĞĚŝŶŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
;ϭ͕ϭϴϰ͕ϳϴϮͿ
;ϴϱϮ͕ϮϴϮͿ
Ͳ
Ͳ
^,&>Kt^&ZKD/Es^d/E'd/s/d/^
EĞƚĐĂƐŚƉƌŽǀŝĚĞĚďLJŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
^,&>Kt^&ZKD&/EE/E'/d/s/d/^
WƌŽĐĞĞĚƐĨƌŽŵƐŚĂƌĞƐŝƐƐƵĞĚ
ϯ͕ϬϬϬ͕ϬϬϬ
ϭ͕ϰϰϱ͕ϵϵϵ
WƌŽĐĞĞĚƐŝƐƐƵĞŽĨƐŚĂƌĞƐŽŶĞdžĞƌĐŝƐĞŽĨŽƉƚŝŽŶƐ
Ϯ͕ϮϬϲ͕ϲϯϳ
Ͳ
ĂƉŝƚĂůƌĂŝƐŝŶŐĐŽƐƚƐ
;ϭϴϰ͕ϱϬϬͿ
;ϯϭ͕ϬϵϱͿ
EĞƚĐĂƐŚƉƌŽǀŝĚĞĚďLJĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ
ϱ͕ϬϮϮ͕ϭϯϳ
ϭ͕ϰϭϰ͕ϵϬϰ
ϯ͕ϴϯϳ͕ϯϱϱ
ϱϲϮ͕ϲϮϮ
ϴ͕ϵϰϳ
;Ϯ͕ϳϳϮͿ
ϭ͕ϳϯϬ͕ϳϳϯ
ϵϴϴ͕ϳϭϰ
ϱ͕ϱϳϳ͕Ϭϳϱ
ϭ͕ϱϰϴ͕ϱϲϰ
EĞƚŝŶĐƌĞĂƐĞŝŶĐĂƐŚŚĞůĚ
&ŽƌĞŝŐŶĐƵƌƌĞŶĐLJƚƌĂŶƐůĂƚŝŽŶ
ĂƐŚĂƚďĞŐŝŶŶŝŶŐŽĨƚŚĞƉĞƌŝŽĚ
ĂƐŚĂƚĞŶĚŽĨƚŚĞƉĞƌŝŽĚ
dŚĞĐŽŶĚĞŶƐĞĚƐƚĂƚĞŵĞŶƚŽĨĐĂƐŚĨůŽǁƐƐŚŽƵůĚďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐ
ϭϬͮZĂĐĞKŶĐŽůŽŐLJ>ŝŵŝƚĞĚEϭϰϵϯϭϴϳϰϵʹ/ŶƚĞƌŝŵ&ŝŶĂŶĐŝĂůZĞƉŽƌƚϯϭĞĐĞŵďĞƌϮϬϮϬ
EKd^dKd,&/EE/>^ddDEd^
EKdϭ͗ ^ddDEdK&^/'E/&/EdKhEd/E'WK>//^
ĂͿ
^ƚĂƚĞŵĞŶƚŽĨĐŽŵƉůŝĂŶĐĞ
dŚĞŚĂůĨͲLJĞĂƌĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞŐĞŶĞƌĂůƉƵƌƉŽƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨ
ƚŚĞ ŽƌƉŽƌĂƚŝŽŶƐ Đƚ ϮϬϬϭ͕ ĂƉƉůŝĐĂďůĞ ĂĐĐŽƵŶƚŝŶŐ ƐƚĂŶĚĂƌĚƐ ŝŶĐůƵĚŝŶŐ ^ ϭϯϰ ͚/ŶƚĞƌŝŵ &ŝŶĂŶĐŝĂů ZĞƉŽƌƚŝŶŐ͕͛ ĐĐŽƵŶƚŝŶŐ
/ŶƚĞƌƉƌĞƚĂƚŝŽŶƐĂŶĚŽƚŚĞƌĂƵƚŚŽƌŝƚĂƚŝǀĞƉƌŽŶŽƵŶĐĞŵĞŶƚƐŽĨƚŚĞƵƐƚƌĂůŝĂŶĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐŽĂƌĚ;͚^͛Ϳ͘ŽŵƉůŝĂŶĐĞ
ǁŝƚŚ^ϭϯϰĞŶƐƵƌĞƐĐŽŵƉůŝĂŶĐĞǁŝƚŚ/^ϯϰ͚/ŶƚĞƌŝŵ&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ͛͘
dŚĞŝŶƚĞƌŝŵĨŝŶĂŶĐŝĂůƌĞƉŽƌƚǁĂƐŝƐƐƵĞĚŽŶϮϱ&ĞďƌƵĂƌLJϮϬϮϭďLJƚŚĞĚŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJ͘
dŚĞŚĂůĨͲLJĞĂƌƌĞƉŽƌƚĚŽĞƐŶŽƚŝŶĐůƵĚĞĨƵůůĚŝƐĐůŽƐƵƌĞƐŽĨƚŚĞƚLJƉĞŶŽƌŵĂůůLJŝŶĐůƵĚĞĚŝŶĂŶĂŶŶƵĂůĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͘dŚĞƌĞĨŽƌĞ͕
ŝƚĐĂŶŶŽƚďĞĞdžƉĞĐƚĞĚƚŽƉƌŽǀŝĚĞĂƐĨƵůůĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞ͕ĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂŶĚĐĂƐŚĨůŽǁƐŽĨ
ƚŚĞŽŵƉĂŶLJĂƐŝŶƚŚĞĨƵůůĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͘
/ƚŝƐƌĞĐŽŵŵĞŶĚĞĚƚŚĂƚƚŚŝƐŚĂůĨͲLJĞĂƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞĂŶŶƵĂůĨŝŶĂŶĐŝĂůƌĞƉŽƌƚĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚ
ϯϬ:ƵŶĞϮϬϮϬĂŶĚĂŶLJƉƵďůŝĐĂŶŶŽƵŶĐĞŵĞŶƚƐŵĂĚĞďLJZĂĐĞKŶĐŽůŽŐLJĚƵƌŝŶŐƚŚĞŚĂůĨͲLJĞĂƌŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĐŽŶƚŝŶƵŽƵƐ
ĚŝƐĐůŽƐƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐĂƌŝƐŝŶŐƵŶĚĞƌƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ͘
ďͿ
ĂƐŝƐŽĨƉƌĞƉĂƌĂƚŝŽŶ
dŚĞ ĐŽŶĚĞŶƐĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŚĂǀĞ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŽŶ Ă ŚŝƐƚŽƌŝĐĂů ĐŽƐƚ ďĂƐŝƐ͘ ŽƐƚ ŝƐ ďĂƐĞĚ ŽŶ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ
ĐŽŶƐŝĚĞƌĂƚŝŽŶŐŝǀĞŶŝŶĞdžĐŚĂŶŐĞĨŽƌĂƐƐĞƚƐ͘dŚĞĐŽŵƉĂŶLJŝƐĚŽŵŝĐŝůĞĚŝŶƵƐƚƌĂůŝĂĂŶĚĂůůĂŵŽƵŶƚƐĂƌĞƉƌĞƐĞŶƚĞĚŝŶƵƐƚƌĂůŝĂŶ
ĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚ͘dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŽŶĂŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐ͘
dŚĞ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ ĂŶĚ ŵĞƚŚŽĚƐ ŽĨ ĐŽŵƉƵƚĂƚŝŽŶ ĂĚŽƉƚĞĚ ŝŶ ƚŚĞ ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ ƚŚĞ ŚĂůĨͲLJĞĂƌ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚ ĂƌĞ
ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚŽƐĞĂĚŽƉƚĞĚĂŶĚĚŝƐĐůŽƐĞĚŝŶƚŚĞŽŵƉĂŶLJ͛ƐϮϬϮϬĂŶŶƵĂůĨŝŶĂŶĐŝĂůƌĞƉŽƌƚĨŽƌƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌĞŶĚĞĚϯϬ
:ƵŶĞ ϮϬϮϬ͕ ĞdžĐĞƉƚ ĨŽƌ ƚŚĞ ^ƚĂŶĚĂƌĚƐ ĂŶĚ /ŶƚĞƌƉƌĞƚĂƚŝŽŶƐ ĚĞƐĐƌŝďĞĚ ďĞůŽǁ͘ dŚĞƐĞ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ ĂƌĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ
ƵƐƚƌĂůŝĂŶĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚĂŶĚǁŝƚŚ/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚƐ͘
'ŽŝŶŐŽŶĐĞƌŶ
dŚĞŚĂůĨLJĞĂƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŚĂƐďĞĞŶƉƌĞƉĂƌĞĚŽŶĂŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐ͕ǁŚŝĐŚĐŽŶƚĞŵƉůĂƚĞƐƚŚĞĐŽŶƚŝŶƵŝƚLJŽĨŶŽƌŵĂů
ďƵƐŝŶĞƐƐĂĐƚŝǀŝƚLJĂŶĚƚŚĞƌĞĂůŝƐĂƚŝŽŶŽĨĂƐƐĞƚƐĂŶĚƚŚĞƐĞƚƚůĞŵĞŶƚŽĨůŝĂďŝůŝƚŝĞƐŝŶƚŚĞŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͘
dŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJŝŶĐƵƌƌĞĚĂůŽƐƐĨŽƌƚŚĞŚĂůĨLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮϬŽĨΨϮ͕Ϭϱϵ͕ϵϴϵ;ϮϬϭϵůŽƐƐ͗Ψϭ͕ϱϬϮ͕ϬϵϮͿĂŶĚ
ŶĞƚĐĂƐŚŽƵƚĨůŽǁƐĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐŽĨΨϭ͕ϭϴϰ͕ϳϴϮ;ϮϬϭϵ͗ΨϴϱϮ͕ϮϴϮŽƵƚĨůŽǁƐͿ͘
dŚĞŝƌĞĐƚŽƌƐŚĂǀĞƉƌĞƉĂƌĞĚĂĐĂƐŚĨůŽǁĨŽƌĞĐĂƐƚǁŚŝĐŚŝŶĚŝĐĂƚĞƐƚŚĂƚƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJǁŝůůŚĂǀĞƐƵĨĨŝĐŝĞŶƚĐĂƐŚĨůŽǁƐ
ƚŽŵĞĞƚĂůůĐŽŵŵŝƚŵĞŶƚƐĂŶĚǁŽƌŬŝŶŐĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞϭϮŵŽŶƚŚƐƉĞƌŝŽĚĨƌŽŵƚŚĞĚĂƚĞŽĨƐŝŐŶŝŶŐƚŚŝƐĨŝŶĂŶĐŝĂů
ƌĞƉŽƌƚ͘
ĐͿ /ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ
/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂĐƋƵŝƌĞĚƐĞƉĂƌĂƚĞůLJĂƌĞŵĞĂƐƵƌĞĚŽŶŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶĂƚĐŽƐƚ͘dŚĞĐŽƐƚŽĨŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂĐƋƵŝƌĞĚŝŶĂ
ďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶŝƐƚŚĞŝƌĨĂŝƌǀĂůƵĞĂƚƚŚĞĚĂƚĞŽĨĂĐƋƵŝƐŝƚŝŽŶ͘&ŽůůŽǁŝŶŐŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͕ŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂƌĞĐĂƌƌŝĞĚ
ĂƚĐŽƐƚůĞƐƐĂŶLJĂĐĐƵŵƵůĂƚĞĚĂŵŽƌƚŝƐĂƚŝŽŶĂŶĚĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘/ŶƚĞƌŶĂůůLJŐĞŶĞƌĂƚĞĚŝŶƚĂŶŐŝďůĞƐ͕ĞdžĐůƵĚŝŶŐ
ĐĂƉŝƚĂůŝƐĞĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐ͕ĂƌĞŶŽƚĐĂƉŝƚĂůŝƐĞĚĂŶĚƚŚĞƌĞůĂƚĞĚĞdžƉĞŶĚŝƚƵƌĞŝƐƌĞĨůĞĐƚĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐŝŶƚŚĞƉĞƌŝŽĚŝŶ
ǁŚŝĐŚƚŚĞĞdžƉĞŶĚŝƚƵƌĞŝƐŝŶĐƵƌƌĞĚ͘
dŚĞƵƐĞĨƵůůŝǀĞƐŽĨŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂƌĞĂƐƐĞƐƐĞĚĂƐĞŝƚŚĞƌĨŝŶŝƚĞŽƌŝŶĚĞĨŝŶŝƚĞ͘/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐǁŝƚŚĨŝŶŝƚĞůŝǀĞƐĂƌĞĂŵŽƌƚŝƐĞĚ
ŽǀĞƌƚŚĞƵƐĞĨƵůĞĐŽŶŽŵŝĐůŝĨĞĂŶĚĂƐƐĞƐƐĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚǁŚĞŶĞǀĞƌƚŚĞƌĞŝƐĂŶŝŶĚŝĐĂƚŝŽŶƚŚĂƚƚŚĞŝŶƚĂŶŐŝďůĞĂƐƐĞƚŵĂLJďĞ
ŝŵƉĂŝƌĞĚ͘dŚĞĂŵŽƌƚŝƐĂƚŝŽŶƉĞƌŝŽĚĂŶĚƚŚĞĂŵŽƌƚŝƐĂƚŝŽŶŵĞƚŚŽĚĨŽƌĂŶŝŶƚĂŶŐŝďůĞĂƐƐĞƚǁŝƚŚĂĨŝŶŝƚĞƵƐĞĨƵůůŝĨĞĂƌĞƌĞǀŝĞǁĞĚ
ĂƚůĞĂƐƚĂƚƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘ŚĂŶŐĞƐŝŶƚŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝĨĞŽƌƚŚĞĞdžƉĞĐƚĞĚƉĂƚƚĞƌŶŽĨĐŽŶƐƵŵƉƚŝŽŶŽĨ
ĨƵƚƵƌĞĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐĞŵďŽĚŝĞĚŝŶƚŚĞĂƐƐĞƚĂƌĞĐŽŶƐŝĚĞƌĞĚƚŽŵŽĚŝĨLJƚŚĞĂŵŽƌƚŝƐĂƚŝŽŶƉĞƌŝŽĚŽƌŵĞƚŚŽĚ͕ĂƐĂƉƉƌŽƉƌŝĂƚĞ͕
ĂŶĚ ĂƌĞ ƚƌĞĂƚĞĚ ĂƐ ĐŚĂŶŐĞƐ ŝŶ ĂĐĐŽƵŶƚŝŶŐ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ĂĚũƵƐƚĞĚ ŽŶ Ă ƉƌŽƐƉĞĐƚŝǀĞ ďĂƐŝƐ͘ dŚĞ ĂŵŽƌƚŝƐĂƚŝŽŶ ĞdžƉĞŶƐĞ ŽŶ
ŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐǁŝƚŚĨŝŶŝƚĞůŝǀĞƐŝƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘
ϭϭͮZĂĐĞKŶĐŽůŽŐLJ>ŝŵŝƚĞĚEϭϰϵϯϭϴϳϰϵʹ/ŶƚĞƌŝŵ&ŝŶĂŶĐŝĂůZĞƉŽƌƚϯϭĞĐĞŵďĞƌϮϬϮϬ
EKd^dKd,&/EE/>^ddDEd^
EKdϭ͗ ^ddDEdK&^/'E/&/EdKhEd/E'WK>//^;KEd/EhͿ
ĐͿ /ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ;ĐŽŶƚŝŶƵĞĚͿ
/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐǁŝƚŚŝŶĚĞĨŝŶŝƚĞƵƐĞĨƵůůŝǀĞƐĂƌĞŶŽƚĂŵŽƌƚŝƐĞĚ͕ďƵƚĂƌĞƚĞƐƚĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚĂŶŶƵĂůůLJ͕ĞŝƚŚĞƌŝŶĚŝǀŝĚƵĂůůLJŽƌ
ĂƚƚŚĞĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚůĞǀĞů͘dŚĞĂƐƐĞƐƐŵĞŶƚŽĨŝŶĚĞĨŝŶŝƚĞůŝĨĞŝƐƌĞǀŝĞǁĞĚĂŶŶƵĂůůLJƚŽĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌƚŚĞŝŶĚĞĨŝŶŝƚĞ
ůŝĨĞĐŽŶƚŝŶƵĞƐƚŽďĞƐƵƉƉŽƌƚĂďůĞ͘/ĨŶŽƚ͕ƚŚĞĐŚĂŶŐĞŝŶƵƐĞĨƵůůŝĨĞĨƌŽŵŝŶĚĞĨŝŶŝƚĞƚŽĨŝŶŝƚĞŝƐŵĂĚĞŽŶĂƉƌŽƐƉĞĐƚŝǀĞďĂƐŝƐ͘
'ĂŝŶƐŽƌůŽƐƐĞƐĂƌŝƐŝŶŐĨƌŽŵĚĞƌĞĐŽŐŶŝƚŝŽŶŽĨĂŶŝŶƚĂŶŐŝďůĞĂƐƐĞƚĂƌĞŵĞĂƐƵƌĞĚĂƐƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞŶĞƚĚŝƐƉŽƐĂů
ƉƌŽĐĞĞĚƐĂŶĚƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĂƐƐĞƚĂŶĚĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞǁŚĞŶƚŚĞ
ĂƐƐĞƚŝƐĚĞƌĞĐŽŐŶŝƐĞĚ͘
ZĞƐĞĂƌĐŚĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐ
ZĞƐĞĂƌĐŚĐŽƐƚƐĂƌĞĞdžƉĞŶƐĞĚĂƐŝŶĐƵƌƌĞĚ͘ĞǀĞůŽƉŵĞŶƚĞdžƉĞŶĚŝƚƵƌĞƐŽŶĂŶŝŶĚŝǀŝĚƵĂůƉƌŽũĞĐƚĂƌĞƌĞĐŽŐŶŝƐĞĚĂƐĂŶŝŶƚĂŶŐŝďůĞ
ĂƐƐĞƚǁŚĞŶƚŚĞŽŵƉĂŶLJĐĂŶĚĞŵŽŶƐƚƌĂƚĞ͗
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dŚĞƚĞĐŚŶŝĐĂůĨĞĂƐŝďŝůŝƚLJŽĨĐŽŵƉůĞƚŝŶŐƚŚĞŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐŽƚŚĂƚƚŚĞĂƐƐĞƚǁŝůůďĞĂǀĂŝůĂďůĞĨŽƌƵƐĞŽƌƐĂůĞ
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/ƚƐŝŶƚĞŶƚŝŽŶƚŽĐŽŵƉůĞƚĞĂŶĚŝƚƐĂďŝůŝƚLJƚŽƵƐĞŽƌƐĞůůƚŚĞĂƐƐĞƚ
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,ŽǁƚŚĞĂƐƐĞƚǁŝůůŐĞŶĞƌĂƚĞĨƵƚƵƌĞĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐ
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dŚĞĂǀĂŝůĂďŝůŝƚLJŽĨƌĞƐŽƵƌĐĞƐƚŽĐŽŵƉůĞƚĞƚŚĞĂƐƐĞƚ
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dŚĞĂďŝůŝƚLJƚŽŵĞĂƐƵƌĞƌĞůŝĂďůLJƚŚĞĞdžƉĞŶĚŝƚƵƌĞĚƵƌŝŶŐĚĞǀĞůŽƉŵĞŶƚ
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dŚĞĂďŝůŝƚLJƚŽƵƐĞƚŚĞŝŶƚĂŶŐŝďůĞĂƐƐĞƚŐĞŶĞƌĂƚĞĚ
&ŽůůŽǁŝŶŐŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚĞdžƉĞŶĚŝƚƵƌĞĂƐĂŶĂƐƐĞƚ͕ƚŚĞĂƐƐĞƚŝƐĐĂƌƌŝĞĚĂƚĐŽƐƚůĞƐƐĂŶLJĂĐĐƵŵƵůĂƚĞĚ
ĂŵŽƌƚŝƐĂƚŝŽŶĂŶĚĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘ŵŽƌƚŝƐĂƚŝŽŶŽĨƚŚĞĂƐƐĞƚďĞŐŝŶƐǁŚĞŶĚĞǀĞůŽƉŵĞŶƚŝƐĐŽŵƉůĞƚĞĂŶĚƚŚĞ
ĂƐƐĞƚŝƐĂǀĂŝůĂďůĞĨŽƌƵƐĞ͘/ƚŝƐĂŵŽƌƚŝƐĞĚŽǀĞƌƚŚĞƉĞƌŝŽĚŽĨĞdžƉĞĐƚĞĚĨƵƚƵƌĞďĞŶĞĨŝƚ͘ƵƌŝŶŐƚŚĞƉĞƌŝŽĚŽĨĚĞǀĞůŽƉŵĞŶƚ͕ƚŚĞ
ĂƐƐĞƚŝƐƚĞƐƚĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚĂŶŶƵĂůůLJ͘
WĂƚĞŶƚƐ
dŚĞŽŵƉĂŶLJŵĂĚĞƵƉĨƌŽŶƚƉĂLJŵĞŶƚƐƚŽƉƵƌĐŚĂƐĞƉĂƚĞŶƚƐ͘dŚĞƉĂƚĞŶƚƐŚĂǀĞďĞĞŶŐƌĂŶƚĞĚĨŽƌĂƉĞƌŝŽĚŽĨϮϬLJĞĂƌƐďLJƚŚĞ
ƌĞůĞǀĂŶƚŐŽǀĞƌŶŵĞŶƚĂŐĞŶĐLJ͘
ƐĂƌĞƐƵůƚ͕ƚŚŽƐĞƉĂƚĞŶƚƐĂƌĞĂŵŽƌƚŝƐĞĚŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞƉĞƌŝŽĚŽĨƚŚĞƉĂƚĞŶƚ͘
ĚͿ EĞǁĂŶĚŵĞŶĚĞĚ^ƚĂŶĚĂƌĚƐĚŽƉƚĞĚďLJƚŚĞ'ƌŽƵƉ
dŚĞ'ƌŽƵƉŚĂƐĐŽŶƐŝĚĞƌĞĚƚŚĞŝŵƉůŝĐĂƚŝŽŶƐŽĨŶĞǁŽƌĂŵĞŶĚĞĚĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐǁŚŝĐŚŚĂǀĞďĞĐŽŵĞĂƉƉůŝĐĂďůĞĨŽƌƚŚĞ
ĐƵƌƌĞŶƚĂŶŶƵĂůĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚďĞŐŝŶŶŝŶŐŽŶŽƌĂĨƚĞƌϭ:ƵůLJϮϬϮϬ͘/ƚŚĂƐďĞĞŶĚĞƚĞƌŵŝŶĞĚďLJƚŚĞ'ƌŽƵƉƚŚĂƚƚŚĞƌĞ
ŝƐ ŶŽ ŝŵƉĂĐƚ͕ ŵĂƚĞƌŝĂů Žƌ ŽƚŚĞƌǁŝƐĞ͕ ŽĨ ƚŚĞ ŶĞǁ Žƌ ĂŵĞŶĚĞĚ ĐĐŽƵŶƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ĂŶĚ ƚŚĞƌĞĨŽƌĞ ŶŽ ĐŚĂŶŐĞƐ ƚŽ 'ƌŽƵƉ
ĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐ͘EŽƌĞƚƌŽƐƉĞĐƚŝǀĞĐŚĂŶŐĞŝŶĂĐĐŽƵŶƚŝŶŐƉŽůŝĐLJŽĨŵĂƚĞƌŝĂůƌĞĐůĂƐƐŝĨŝĐĂƚŝŽŶŚĂƐŽĐĐƵƌƌĞĚĚƵƌŝŶŐƚŚĞŚĂůĨ
LJĞĂƌ͘
ĞͿ ƋƵŝƚLJͲƐĞƚƚůĞĚĐŽŵƉĞŶƐĂƚŝŽŶ
dŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJŽƉĞƌĂƚĞƐĂŶĞŵƉůŽLJĞĞƐŚĂƌĞĂŶĚŽƉƚŝŽŶƉůĂŶ͘^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐƚŽĞŵƉůŽLJĞĞƐĂƌĞŵĞĂƐƵƌĞĚĂƚ
ƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞŝŶƐƚƌƵŵĞŶƚƐŝƐƐƵĞĚĂŶĚĂŵŽƌƚŝƐĞĚŽǀĞƌƚŚĞǀĞƐƚŝŶŐƉĞƌŝŽĚƐ͘dŚĞĨĂŝƌǀĂůƵĞŽĨƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚŽƉƚŝŽŶƐ
ŝƐĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐƚŚĞƐĂƚŝƐĨĂĐƚŝŽŶŽĨĐĞƌƚĂŝŶƉĞƌĨŽƌŵĂŶĐĞĐƌŝƚĞƌŝĂ;WĞƌĨŽƌŵĂŶĐĞDŝůĞƐƚŽŶĞƐͿ͘dŚĞŶƵŵďĞƌŽĨƐŚĂƌĞƐŽƉƚŝŽŶ
ĂŶĚƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐĞdžƉĞĐƚĞĚƚŽǀĞƐƚŝƐƌĞǀŝĞǁĞĚĂŶĚĂĚũƵƐƚĞĚĂƚƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚƐƵĐŚƚŚĂƚƚŚĞĂŵŽƵŶƚ
ƌĞĐŽŐŶŝƐĞĚ ĨŽƌ ƐĞƌǀŝĐĞƐ ƌĞĐĞŝǀĞĚ ĂƐ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ĨŽƌ ƚŚĞ ĞƋƵŝƚLJ ŝŶƐƚƌƵŵĞŶƚƐ ŐƌĂŶƚĞĚ ŝƐ ďĂƐĞĚ ŽŶ ƚŚĞ ŶƵŵďĞƌ ŽĨ ĞƋƵŝƚLJ
ŝŶƐƚƌƵŵĞŶƚƐƚŚĂƚĞǀĞŶƚƵĂůůLJǀĞƐƚ͘dŚĞĨĂŝƌǀĂůƵĞŝƐĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐĞŝƚŚĞƌĂďůĂĐŬͲƐĐŚŽůĞƐŽƌŵŽŶƚĞͲĐĂƌůŽƐŝŵƵůĂƚŝŽŶŵŽĚĞů
ĚĞƉĞŶĚŝŶŐŽŶƚŚĞƚLJƉĞŽĨƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚ͘
ϭϮͮZĂĐĞKŶĐŽůŽŐLJ>ŝŵŝƚĞĚEϭϰϵϯϭϴϳϰϵʹ/ŶƚĞƌŝŵ&ŝŶĂŶĐŝĂůZĞƉŽƌƚϯϭĞĐĞŵďĞƌϮϬϮϬ
EKd^dKd,&/EE/>^ddDEd^
EKdϭ͗ ^ddDEdK&^/'E/&/EdKhEd/E'WK>//^;KEd/EhͿ
ĨͿ ^ĞŐŵĞŶƚ/ŶĨŽƌŵĂƚŝŽŶ
^ϴƌĞƋƵŝƌĞƐŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐƚŽďĞŝĚĞŶƚŝĨŝĞĚŽŶƚŚĞďĂƐŝƐŽĨŝŶƚĞƌŶĂůƌĞƉŽƌƚƐĂďŽƵƚĐŽŵƉŽŶĞŶƚƐŽĨƚŚĞŽŵƉĂŶLJƚŚĂƚ
ĂƌĞƌĞŐƵůĂƌůLJƌĞǀŝĞǁĞĚďLJƚŚĞĐŚŝĞĨŽƉĞƌĂƚŝŶŐĚĞĐŝƐŝŽŶŵĂŬĞƌŝŶŽƌĚĞƌƚŽĂůůŽĐĂƚĞƌĞƐŽƵƌĐĞƐƚŽƚŚĞƐĞŐŵĞŶƚĂŶĚƚŽĂƐƐĞƐƐŝƚƐ
ƉĞƌĨŽƌŵĂŶĐĞ͘
&ŽƌƚŚĞĐƵƌƌĞŶƚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͕ƚŚĞŽŵƉĂŶLJŝƐŽƉĞƌĂƚĞĚŝŶƚǁŽƐĞŐŵĞŶƚƐ͕ďĞŝŶŐƌĞƐĞĂƌĐŚŝŶƚŽŽŶĐŽůŽŐLJĚƌƵŐ͕ŝƐĂŶƚƌĞŶĞ
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ƐƚŝŵĂƚĞƐ ĂŶĚ ũƵĚŐĞŵĞŶƚƐ ĂƌĞ ĐŽŶƚŝŶƵĂůůLJ ĞǀĂůƵĂƚĞĚ ĂŶĚ ĂƌĞ ďĂƐĞĚ ŽŶ ŚŝƐƚŽƌŝĐĂů ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ŽƚŚĞƌ ĨĂĐƚŽƌƐ͕ ŝŶĐůƵĚŝŶŐ
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dŚĞŽŵƉĂŶLJŵĂŬĞƐĞƐƚŝŵĂƚĞƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐĐŽŶĐĞƌŶŝŶŐƚŚĞĨƵƚƵƌĞ͘dŚĞƌĞƐƵůƚŝŶŐĂĐĐŽƵŶƚŝŶŐĞƐƚŝŵĂƚĞƐǁŝůů͕ďLJĚĞĨŝŶŝƚŝŽŶ͕
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^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐ
dŚĞ ǀĂůƵĞ ĂƚƚƌŝďƵƚĞĚ ƚŽ ƐŚĂƌĞ ŽƉƚŝŽŶƐ ĂŶĚ ƌĞŵƵŶĞƌĂƚŝŽŶ ƐŚĂƌĞƐ ŝƐƐƵĞĚ ŝƐ ĂŶ ĞƐƚŝŵĂƚĞ ĐĂůĐƵůĂƚĞĚ ƵƐŝŶŐ ĂŶ ĂƉƉƌŽƉƌŝĂƚĞ
ŵĂƚŚĞŵĂƚŝĐĂůĨŽƌŵƵůĂďĂƐĞĚŽŶůĂĐŬͲ^ĐŚŽůĞƐŽƉƚŝŽŶƉƌŝĐŝŶŐŵŽĚĞů͘dŚĞĐŚŽŝĐĞŽĨŵŽĚĞůƐĂŶĚƚŚĞƌĞƐƵůƚĂŶƚŽƉƚŝŽŶǀĂůƵĞ
ƌĞƋƵŝƌĞĂƐƐƵŵƉƚŝŽŶƐƚŽďĞŵĂĚĞŝŶƌĞůĂƚŝŽŶƚŽƚŚĞůŝŬĞůŝŚŽŽĚĂŶĚƚŝŵŝŶŐŽĨƚŚĞĐŽŶǀĞƌƐŝŽŶŽĨƚŚĞŽƉƚŝŽŶƐƚŽƐŚĂƌĞƐĂŶĚƚŚĞ
ǀĂůƵĞĂŶĚǀŽůĂƚŝůŝƚLJŽĨƚŚĞƉƌŝĐĞŽĨƚŚĞƵŶĚĞƌůLJŝŶŐƐŚĂƌĞƐ͘ĞƚĂŝůƐŽĨƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐĂƐƐƵŵƉƚŝŽŶƐĂƌĞĚĞƚĂŝůĞĚŝŶEŽƚĞ
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