Zd/&/dK&E>z^/^

ŚĂŝŶŽĨƵƐƚŽĚLJ͗ ϯϬϬϯες :ŽďEĂŵĞ͗ dĂƐŬϯͲŶĂůLJƐŝƐŽĨKĨĨŝĐŝĂů^ĂŵƉůĞƐ ĂƚĞ^ƵďŵŝƚƚĞĚ͗ ϯͬϭκͬϮϬϭε

ůŝĞŶƚ͗ h^&ŽŽĚΘƌƵŐĚŵŝŶŝƚƌĂƚŝŽŶ :Žď>ŽĐĂƚŝŽŶ͗ ϭƐƚ'ƌŽƵƉͲΘ^ĂŵƉůĞƐ ĂƚĞŶĂůLJnjĞĚ͗ ϯͬϮεͬϮϬϭεͲκͬϭΘͬϮϬϭε

ĚĚƌĞƐƐ͗ KĨĨŝĐĞŽĨŽƐŵĞƚŝĐƐΘŽůŽƌƐ :ŽďEƵŵďĞƌ͗ >/EϭͲdĂƐŬϯ;Θ^ĂŵƉůĞƐͿ ZĞƉŽƌƚĂƚĞ͗ κͬϮρͬϮϬϭε

κϯϬϬZŝǀĞƌZŽĂĚ WKEƵŵďĞƌ͗ ,,^&ϮϮϯϮϬϭΘϭϬϯϯϳW ĂƚĞ^ĂŵƉůĞĚ͗ EŽƚWƌŽǀŝĚĞĚ

ŽůůĞŐĞWĂƌŬ͕DϮϬϳκϬ WĞƌƐŽŶ^ƵďŵŝƚƚŝŶŐ͗ ^ƚĞǀĞtŽůĨŐĂŶŐ

ƚƚĞŶƚŝŽŶ͗ :ŽŚŶ'ĂƐƉĞƌ ZĞǀŝƐĞĚ͗ κͬϯϬͬϮϬϭε;ϭƐƚZĞǀŝƐŝŽŶͿ

dD>K dD>KY йdƌĞŵŽůŝƚĞďLJdD йŚƌLJƐŽƚŝůĞďLJdD йdŽƚĂůƐďĞƐƚŽƐĂďLJdD

hƐŝŶŐ^dDρϳρςDĂƐƐ

ĂůĐƵůĂƚŝŽŶ

hƐŝŶŐ^dDρϳρςDĂƐƐ

ĂůĐƵůĂƚŝŽŶ

hƐŝŶŐ^dDρϳρςDĂƐƐ

ĂůĐƵůĂƚŝŽŶ

hƐŝŶŐ^dDρϳρςDĂƐƐ

ĂůĐƵůĂƚŝŽŶ

hƐŝŶŐ^dDρϳρςDĂƐƐ

ĂůĐƵůĂƚŝŽŶ

ϯϬϬϯεςͲϭ ͲϯϮ Ϭ͘ϬϬϬϬϬϮϭΘй Ϭ͘ϬϬϬϬϬΘϳϮй E E E E ς͘Ϯй ρ͘Ϭй ΘΘ͘Θй

ϯϬϬϯεςͲϭ ͲϯϮ Ϭ͘ϬϬϬϬϬϭςϮй Ϭ͘ϬϬϬϬϬςκΘй E E E E ς͘Ϯй ϭ͘κй εϮ͘κй

ϯϬϬϯεςͲϭ ͲϯϮ Ϭ͘ϬϬϬϬϬϭκκй Ϭ͘ϬϬϬϬϬρϳκй E E E E ς͘Ϯй κ͘Ϭй Θε͘Θй

ϯϬϬϯεςͲϮ Ͳϯϯ Ϭ͘ϬϬϬϬϬϭεϮй Ϭ͘ϬϬϬϬϬϳςεй E E E E ϮΘ͘ϳй ϯ͘ϯй ςΘ͘Ϭй

ϯϬϬϯεςͲϮ Ͳϯϯ Ϭ͘ϬϬϬϬϬϮϬρй Ϭ͘ϬϬϬϬϬΘϭεй E E E E Ϯε͘κй Ϯ͘ϭй ςΘ͘ρй

ϯϬϬϯεςͲϮ Ͳϯϯ Ϭ͘ϬϬϬϬϬϭεϯй Ϭ͘ϬϬϬϬϬϳϳϯй E E E E Ϯε͘ϭй ϯ͘ϯй ςϳ͘ςй

ϯϬϬϯεςͲϯ Ͳϯκ Ϭ͘ϬϬϬϬϬϮρκй Ϭ͘ϬϬϬϬϭϬϭςй E E E E Ϯκ͘ϳй κ͘ϳй ϳϬ͘ςй

ϯϬϬϯεςͲϯ Ͳϯκ Ϭ͘ϬϬϬϬϬϮΘρй Ϭ͘ϬϬϬΘϬϮϳκй E фϬ͘ϬϬϬΘϬй фϬ͘ϬϬϬΘϬй E Ϯϯ͘κй κ͘ρй ϳϮ͘ϭй

ϯϬϬϯεςͲϯ Ͳϯκ Ϭ͘ϬϬϬϬϬϯϳϬй Ϭ͘ϬϬϬϬϭκϳεй E Ϭ͘ϬϬϬϯϬй Ϭ͘ϬϬϬϯϬй E Ϯκ͘Ϭй ϯ͘εй ϳϮ͘Ϭй

ϯϬϬϯεςͲκ Ͳϯρ Ϭ͘ϬϬϬϬϬϭϯκй Ϭ͘ϬϬϬϬϬρϯςй Ϭ͘ϬϬϬϳϭй Ϭ͘ϬϬρϬϯй Ϭ͘ϬϬρϳκй E ϭϮ͘Θй ϭϮ͘κй ϳκ͘ϳй

ϯϬϬϯεςͲκ Ͳϯρ Ϭ͘ϬϬϬϬϬϭΘΘй Ϭ͘ϬϬϬϭϮεϬρй фϬ͘ϬϬϬϭϯй фϬ͘ϬϬϬϭϯй фϬ͘ϬϬϬϭϯй E ϭϯ͘ϳй ϭϯ͘Θй ϳϮ͘ρй

ϯϬϬϯεςͲκ Ͳϯρ Ϭ͘ϬϬϬϬϬϭςΘй Ϭ͘ϬϬϬϬϬςϳϭй Ϭ͘ϬϬϯςϳй Ϭ͘ϬϬϬϬρй Ϭ͘ϬϬϯϳϭй E ϭϮ͘ρй ϭρ͘ρй ϳϯ͘Ϭй

ϯϬϬϯεςͲρ Ͳϯς Ϭ͘ϬϬϬϬϬϭΘΘй Ϭ͘ϬϬϬϬϬϳρϭй E E E E Ϯκ͘Ϭй ϯ͘ρй ϳϮ͘ρй

ϯϬϬϯεςͲρ Ͳϯς Ϭ͘ϬϬϬϬϬϭϭκй Ϭ͘ϬϬϬϬϬκρκй E E E E Ϯκ͘ϭй ϯ͘Ϭй ϳϮ͘Θй

ϯϬϬϯεςͲρ Ͳϯς Ϭ͘ϬϬϬϬϬϭρϬй Ϭ͘ϬϬϬϬϬρεεй E E E E Ϯκ͘ϭй Ϯ͘ρй ϳϯ͘κй

ϯϬϬϯεςͲς Ͳϯϳ Ϭ͘ϬϬϬϬϬϭρϬй Ϭ͘ϬϬϬϬϬρεεй E E E E ϭε͘Ϯй ς͘ϳй ϳκ͘ϭй

ϯϬϬϯεςͲς Ͳϯϳ Ϭ͘ϬϬϬϬϬϭϳΘй Ϭ͘ϬϬϬϬϬϳϭκй E E E E ϭΘ͘εй ρ͘ϯй ϳρ͘Θй

ϯϬϬϯεςͲς Ͳϯϳ Ϭ͘ϬϬϬϬϬϭρϳй Ϭ͘ϬϬϬϬϬςϮεй E E E E ϭΘ͘ϯй ς͘Ϭй ϳρ͘Θй

ϯϬϬϯεςͲϳ ͲϯΘ Ϭ͘ϬϬϬϬϬϭϯκй Ϭ͘ϬϬϬϬϬρϯςй E E E E Ϭ͘Ϭй ϯ͘ϭй ες͘Θй

ϯϬϬϯεςͲϳ ͲϯΘ Ϭ͘ϬϬϬϬϬϭϳϯй Ϭ͘ϬϬϬϬϬςεκй E E E E Ϭ͘ϭй Ϯ͘κй εϳ͘ρй

ϯϬϬϯεςͲϳ ͲϯΘ Ϭ͘ϬϬϬϬϬϭϯρй Ϭ͘ϬϬϬϬϬρϯεй E E E E Ϭ͘Ϭй Ϯ͘ρй εϳ͘κй

ϯϬϬϯεςͲΘ Ͳϯε Ϭ͘ϬϬϬϬϬϭϯϭй Ϭ͘ϬϬϬϬϬρϮκй E E E E ρρ͘ϯй ϭϭ͘Ϭй ϯϯ͘ϳй

ϯϬϬϯεςͲΘ Ͳϯε Ϭ͘ϬϬϬϬϬϭΘϬй Ϭ͘ϬϬϬϬϬϳϮϭй E E E E ρρ͘ϯй Θ͘ϯй ϯς͘κй

ϯϬϬϯεςͲΘ Ͳϯε Ϭ͘ϬϬϬϬϬϭϯρй Ϭ͘ϬϬϬϬϬρκϬй E E E E ρρ͘ϯй ϭρ͘κй Ϯε͘ϯй

>Kс>ŝŵŝƚŽĨĞƚĞĐƚŝŽŶ >KYс>ŝŵŝƚŽĨYƵĂŶƚŝĨŝĐĂƚŝŽŶ EсEŽƚĞƚĞĐƚĞĚ W>DсWŽůĂƌŝnjĞĚ>ŝŐŚƚDŝĐƌŽƐĐŽƉLJ dDсdƌĂŶƐŵŝƐƐŝŽŶůĞĐƚƌŽŶDŝĐƌŽƐĐŽƉLJ

ŶĂůLJƚŝĐĂůDĞƚŚŽĚ;ƐͿ͗ W>DďLJDŽĚŝĨŝĞĚEz>WϭεΘ͘ς

dDďLJDŽĚŝĨŝĞĚEz>WϭεΘ͘κͬ^dDρϳρς

ŶĂůLJƐƚ;ƐͿ͗ W>D

dD

dĞĐŚŶŝĐĂůŝƌĞĐƚŽƌ͗ ŶĚƌĞĂƐ^ĂůĚŝǀĂƌ

ůůƌĞƐƵůƚƐĂƌĞƚŽďĞĐŽŶƐŝĚĞƌĞĚƉƌĞůŝŵŝŶĂƌLJĂŶĚƐƵďũĞĐƚƚŽĐŚĂŶŐĞƵŶůĞƐƐƐŝŐŶĞĚďLJƚŚĞdĞĐŚŶŝĐĂůŝƌĞĐƚŽƌŽƌĞƉƵƚLJ

^hDDZzK&^^dK^/Ed>E>z^/^

ŽŵŵĞŶƚƐ йĐŝĚ ^ŽůƵĂďůĞ й KƚŚĞƌ й KƌŐĂŶŝĐƐ D ^ĂŵƉůĞ/ ůŝĞŶƚ ^ĂŵƉůĞ/ й ƐďĞƐƚŽƐ ďLJW>D

dŚŝƐƌĞƉŽƌƚĂƉƉůŝĞƐŽŶůLJƚŽƚŚĞƐĂŵƉůĞ͕ŽƌƐĂŵƉůĞƐ͕ŝŶǀĞƐƚŝŐĂƚĞĚĂŶĚŝƐŶŽƚŶĞĐĞƐƐĂƌŝůLJŝŶĚŝĐĂƚŝǀĞŽĨƚŚĞƋƵĂůŝƚLJŽƌĐŽŶĚŝƚŝŽŶŽĨĂƉƉĂƌĞŶƚůLJŝĚĞŶƚŝĐĂůŽƌƐŝŵŝůĂƌƉƌŽĚƵĐƚƐ͘ƐĂŵƵƚƵĂůƉƌŽƚĞĐƚŝŽŶƚŽĐůŝĞŶƚƐ͕ƚŚĞƉƵďůŝĐ͕ĂŶĚƚŚĞƐĞ>ĂďŽƌĂƚŽƌŝĞƐ͕ƚŚŝƐƌĞƉŽƌƚŝƐƐƵďŵŝƚƚĞĚĂŶĚĂĐĐĞƉƚĞĚĨŽƌƚŚĞĞdžĐůƵƐŝǀĞƵƐĞŽĨƚŚĞĐůŝĞŶƚƚŽǁŚŽŵŝƚŝƐ

ĂĚĚƌĞƐƐĞĚĂŶĚƵƉŽŶƚŚĞĐŽŶĚŝƚŝŽŶƚŚĂƚŝƚŝƐŶŽƚƚŽďĞƵƐĞĚ͕ŝŶǁŚŽůĞŽƌŝŶƉĂƌƚ͕ŝŶĂŶLJĂĚǀĞƌƚŝƐŝŶŐŽƌƉƵďůŝĐŝƚLJŵĂƚƚĞƌŶŽƌƐŚĂůůŝƚďĞƌĞƉƌŽĚƵĐĞĚ͕ĞdžĐĞƉƚŝŶĨƵůů͕ǁŝƚŚŽƵƚƉƌŝŽƌǁƌŝƚƚĞŶĂƵƚŚŽƌŝnjĂƚŝŽŶĨƌŽŵƵƐ͘^ĂŵƉůĞƚLJƉĞƐ͕ůŽĐĂƚŝŽŶƐ͕ĂŶĚĐŽůůĞĐƚŝŽŶƉƌŽƚŽĐŽůƐĂƌĞďĂƐĞĚƵƉŽŶƚŚĞŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚďLJƚŚĞƉĞƌƐŽŶƐƐƵďŵŝƚƚŝŶŐƚŚĞŵ

ĂŶĚ͕ƵŶůĞƐƐĐŽůůĞĐƚĞĚďLJƉĞƌƐŽŶŶĞůŽĨƚŚĞƐĞ>ĂďŽƌĂƚŽƌŝĞƐ͕ǁĞĞdžƉƌĞƐƐůLJĚŝƐĐůĂŝŵĂŶLJŬŶŽǁůĞĚŐĞĂŶĚůŝĂďŝůŝƚLJĨŽƌƚŚĞĂĐĐƵƌĂĐLJĂŶĚ ĐŽŵƉůĞƚĞŶĞƐƐŽĨƚŚŝƐŝŶĨŽƌŵĂƚŝŽŶ͘ZĞƐŝĚƵĂůƐĂŵƉůĞŵĂƚĞƌŝĂůǁŝůůďĞĚŝƐĐĂƌĚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂƉƉƌŽƉƌŝĂƚĞƌĞŐƵůĂƚŽƌLJŐƵŝĚĞůŝŶĞƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƌĞƋƵĞƐƚĞĚďLJƚŚĞĐůŝĞŶƚ͘Es>WĂĐĐƌĞĚŝƚĂƚŝŽŶ

ĂƉƉůŝĞƐŽŶůLJƚŽƉŽůĂƌŝnjĞĚůŝŐŚƚŵŝĐƌŽƐĐŽƉLJŽĨďƵůŬƐĂŵƉůĞƐĂŶĚƚƌĂŶƐŵŝƐƐŝŽŶĞůĞĐƚƌŽŶŵŝĐƌŽƐĐŽƉLJŽĨ,ZĂŝƌƐĂŵƉůĞƐ͘dŚŝƐƌĞƉŽƌƚŵƵƐƚŶŽƚďĞƵƐĞĚƚŽĐůĂŝŵ͕ĂŶĚĚŽĞƐŶŽƚŝŵƉůLJƉƌŽĚƵĐƚĐĞƌƚŝĨŝĐĂƚŝŽŶ͕ĂƉƉƌŽǀĂů͕ŽƌĞŶĚŽƌƐĞŵĞŶƚďLJEz>W͕/,͕Es>W͕E/^d͕ŽƌĂŶLJĂŐĞŶĐLJŽĨƚŚĞ&ĞĚĞƌĂů'ŽǀĞƌŶŵĞŶƚ͘ůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͘D

ŶĂůLJƚŝĐĂů^ĞƌǀŝĐĞƐ͕/ŶĐ͘

κκϳρ&ŽƌďĞƐŽƵůĞǀĂƌĚͻ>ĂŶŚĂŵ͕DϮϬϳϬςͻ;ϯϬϭͿκρεͲϮςκϬͬ;ΘϬϬͿϯκςͲϬεςϭͻǁǁǁ͘ĂŵĂůĂď͘ĐŽŵ WĂŐĞϭŽĨϭ

Ě ůĚ

(b

) 

(6)

(b

) 

(6)
ZĞ͗&KĨĨŝĐĞŽĨŽƐŵĞƚŝĐƐΘŽůŽƌƐ

KϯϬϬϯες͕ϭƐƚZĞǀŝƐŝŽŶʹκͬϯϬͬϮϬϭε

WĂŐĞρŽĨςϬ

ϯϬϬϯεςͲϯ͕ϯ͕ϯͬͲϯκ

  

   



 
Re: FDA Office of Cosmetics & Colors

 COC 300396, 1st Revision – 4/30/2019

 Page 10 of 60

 

 

Sample Preparation 

Samples were prepared for PLM and TEM bulk analysis by on March 15, 2019 through March 29, 2019. 

Sample preparation consisted of the following steps:

1) Label and weigh two 8mL glass vials for each sample in the set – one vial for the PLM preparation and one vial 

for the TEM preparation. 

2) Weigh out 0.1 to 0.8 grams of material and place in corresponding 8mL glass vial. Record weight.

3) Burn samples at 480° C for at least 12 hours.

4) Record Post-Ash Weight.

5) Treat ashed sample with concentrated hydrochloric acid.

6) Filter acid reduced material onto a pre-weighed 47mm 0.4um PolyCarbonate filter.

7) Place filter into drying oven for 30 minutes and then record Post-Acid Reduced weight. 

8) Make four PLM slide preparations from the PLM residual ash for each sample in 1.550 dispersion oil. Make 

additional preparations in 1.605, 1.625, 1.680 and 1.700 dispersion oil as necessary for particle identification. 

(b) (4)

(b) (6) (b) (4)
ZĞ͗&KĨĨŝĐĞŽĨŽƐŵĞƚŝĐƐΘŽůŽƌƐ

KϯϬϬϯες͕ϭƐƚZĞǀŝƐŝŽŶʹκͬϯϬͬϮϬϭε

WĂŐĞϭϭŽĨςϬ

εͿ tĞŝŐŚĂƉŽƌƚŝŽŶŽĨƚŚĞƌĞƐŝĚƵĞĨƌŽŵƚŚĞdDƌĞƐŝĚƵĂůĂƐŚĂŶĚƉůĂĐĞŝƚŝŶƚŽƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐƉƌĞͲǁĞŝŐŚĞĚ

ϭϬϬŵůũĂƌ͘

ϭϬͿ &ŝůůƚŚĞϭϬϬŵůũĂƌǁŝƚŚĚĞŝŽŶŝnjĞĚǁĂƚĞƌ

ϭϭͿ ^ŽŶŝĐĂƚĞƚŚĞũĂƌƐĨŽƌĂƉƉƌŽdžŝŵĂƚĞρͲŵŝŶƵƚĞƐ͘

ϭϮͿ &ŝůƚĞƌϬ͘ϮŵůƚŽϭŵůŽĨƚŚĞƐŽůƵƚŝŽŶŽŶƚŽĂκϳŵŵϬ͘ϮϮƵŵDĨŝůƚĞƌ͘

ϭϯͿ ƌLJƚŚĞĨŝůƚĞƌĨŽƌϭϬŵŝŶƵƚĞƐƚŚĞŶĐŽůůĂƉƐĞ͕ĐĂƌďŽŶĐŽĂƚ͕ĂŶĚƉůĂĐĞŽŶĂϯdDŐƌŝĚƐ͘

W>DŶĂůLJƐŝƐ

ŶĂůLJƐŝƐǁĂƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚEz>WϭεΘ͘ςƉƌŽƚŽĐŽůƐ͘dŚĞĂŶĂůLJƐŝƐǁĂƐĐŽŶĚƵĐƚĞĚƵƐŝŶŐĂŶKůLJŵƉƵƐ,Ͳ

ϮƉŽůĂƌŝnjĞĚůŝŐŚƚŵŝĐƌŽƐĐŽƉĞ;W>DͿĞƋƵŝƉƉĞĚǁŝƚŚĂĚŝƐƉĞƌƐŝŽŶƐƚĂŝŶŝŶŐŽďũĞĐƚŝǀĞ͘ůůĨŽƵƌƐůŝĚĞƉƌĞƉĂƌĂƚŝŽŶƐĨŽƌĞĂĐŚ

ĂůŝƋƵŽƚǁĞƌĞĞdžĂŵŝŶĞĚ͘κϬϬͲƉŽŝŶƚĐŽƵŶƚǁĂƐƉĞƌĨŽƌŵĞĚĨŽƌƚŚŽƐĞƐĂŵƉůĞƐŽŶǁŚŝĐŚĂƐďĞƐƚŽƐǁĂƐŽďƐĞƌǀĞĚ͘/ĨŶŽ

ĂƐďĞƐƚŽƐǁĂƐĚĞƚĞĐƚĞĚŽŶĂŶLJŽĨƚŚĞƐůŝĚĞƐ͕ƚŚĞƉĞƌĐĞŶƚĂŐĞŽĨĨŝďƌŽƵƐĐŽŵƉŽŶĞŶƚƐǁĂƐĚĞƚĞƌŵŝŶĞĚďLJǀŝƐƵĂůĞƐƚŝŵĂƚŝŽŶ͘

dŚĞƌĞƐƵůƚƐŽĨƚŚŝƐĂŶĂůLJƐŝƐĂƌĞĚĞƚĂŝůĞĚďĞůŽǁŝŶƚŚĞŝƐĐƵƐƐŝŽŶĂŶĚ/ŶƚĞƌƉƌĞƚĂƚŝŽŶŽĨŶĂůLJƚŝĐĂů&ŝŶĚŝŶŐƐƐĞĐƚŝŽŶ ĨŽƌĞĂĐŚ

ŝŶĚŝǀŝĚƵĂůƐĂŵƉůĞ͘

dDŶĂůLJƐŝƐ

ŶĂůLJƐŝƐǁĂƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŵŽĚŝĨŝĞĚEz>WDĞƚŚŽĚϭεΘ͘κƉƌŽƚŽĐŽůƐ͘dŚĞĂŶĂůLJƐŝƐǁĂƐƉĞƌĨŽƌŵĞĚ

ƵƐŝŶŐĂ:K>:DͲϭϬϬy//ƚƌĂŶƐŵŝƐƐŝŽŶĞůĞĐƚƌŽŶŵŝĐƌŽƐĐŽƉĞ;dDͿ͕ĞƋƵŝƉƉĞĚǁŝƚŚĂdŚĞƌŵŽ&ŝƐŚĞƌYƵĞƐƚŶĞƌŐLJ

ŝƐƉĞƌƐŝǀĞyͲZĂLJŶĂůLJnjĞƌ;yͿ͕ĂƚŵĂŐŶŝĨŝĐĂƚŝŽŶƐŽĨϭε͕ϬϬϬdž͘dǁŽŐƌŝĚƐĨŽƌĞĂĐŚĂůŝƋƵŽƚǁĞƌĞĞdžĂŵŝŶĞĚ͘dǁĞŶƚLJ;ϮϬͿ

ŐƌŝĚŽƉĞŶŝŶŐƐǁĞƌĞĞdžĂŵŝŶĞĚƉĞƌƐĂŵƉůĞ͘

DŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚĞEz>WϭεΘ͘κDĞƚŚŽĚǁĞƌĞ͗

ϭͿ dŚĞƌĞƐŝĚƵĞǁĂƐŶŽƚƉůĂĐĞĚŝŶĂůĐŽŚŽůĂŶĚƉƌĞƉĂƌĞĚƵƐŝŶŐƚŚĞƋƵŝĐŬĚƌŽƉŵĞƚŚŽĚ͘dŽŽďƚĂŝŶĂŵŽƌĞƵŶŝĨŽƌŵ

ƉƌĞƉĂƌĂƚŝŽŶ͕ƚŚĞƌĞƐŝĚƵĞǁĂƐƉůĂĐĞĚŝŶĂũĂƌĂŶĚĨŝůůĞĚǁŝƚŚϭϬϬŵůŽĨĚĞŝŽŶŝnjĞĚǁĂƚĞƌ͘dŚĞũĂƌǁĂƐƐŽŶŝĐĂƚĞĚ͕ĂŶĚ

ĂƉŽƌƚŝŽŶŽĨƚŚĞƐŽůƵƚŝŽŶǁĂƐĨŝůƚĞƌĞĚŽŶƚŽĂκϳŵŵϬ͘ϮϮƵŵDĨŝůƚĞƌ͘

ϮͿ dŚĞƚƌĞŵŽůŝƚĞĂŶĚĐŚƌLJƐŽƚŝůĞǁĞƌĞŶŽƚǀŝƐƵĂůůLJĞƐƚŝŵĂƚĞĚ͘dŚĞůĞŶŐƚŚĂŶĚǁŝĚƚŚŽĨƚŚĞŽďƐĞƌǀĞĚƉĂƌƚŝĐůĞƐǁĞƌĞ

ŵĞĂƐƵƌĞĚ͕ĂŶĚƚŚĞŵĂƐƐŽĨĞĂĐŚĂŵƉŚŝďŽůĞƉĂƌƚŝĐůĞǁĂƐĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚŚĞ^dDρϳρςŵĞƚŚŽĚ͘

dŚĞƌĞƐƵůƚƐŽĨƚŚŝƐĂŶĂůLJƐŝƐĂƌĞĚĞƚĂŝůĞĚďĞůŽǁŝŶƚŚĞŝƐĐƵƐƐŝŽŶĂŶĚ/ŶƚĞƌƉƌĞƚĂƚŝŽŶŽĨŶĂůLJƚŝĐĂů&ŝŶĚŝŶŐƐƐĞĐƚŝŽŶ ĨŽƌĞĂĐŚ

ŝŶĚŝǀŝĚƵĂůƐĂŵƉůĞ͘

ĂůĐƵůĂƚŝŽŶƐ

^dDρϳρςDĂƐƐ    

Dсʋͬκ>ΎtϮ

ΎΎϭϬͲϭϮ 

DсŵĂƐƐ

>сůĞŶŐƚŚ

tсǁŝĚƚŚ

 сĚĞŶƐŝƚLJ

WĞƌĐĞŶƚĂůĐƵůĂƚŝŽŶ   

&;ŵŵϮ

ͿΎϭϬϬŵůΎD;ŐͿΎZt;ŐͿ

s&;ŵůͿΎ/t;ŐͿΎ;ŵŵϮͿΎZ:;ŐͿ

 dŚĞĐĂůĐƵůĂƚĞĚǀĂůƵĞŝƐƚŚĞŶŵƵůƚŝƉůŝĞĚďLJϭϬϬƚŽĐŽŶǀĞƌƚŝƚƚŽƉĞƌĐĞŶƚ͘

&ʹĨĨĞĐƚŝǀĞĨŝůƚĞƌĂƌĞĂ

DʹDĂƐƐŽĨĂƐďĞƐƚŽƐ

ZtʹtĞŝŐŚƚŽĨƌĞƐŝĚƵĞ

s&ʹsŽůƵŵĞĨŝůƚĞƌĞĚ

/tʹ/ŶŝƚŝĂůǁĞŝŐŚƚŽĨƚŚĞƐĂŵƉůĞ

ʹƌĞĂĂŶĂůLJnjĞĚ

Z:ʹtĞŝŐŚƚŽĨƌĞƐŝĚƵĞƉůĂĐĞĚŝŶƚŽƚŚĞũĂƌ
ZĞ͗&KĨĨŝĐĞŽĨŽƐŵĞƚŝĐƐΘŽůŽƌƐ

KϯϬϬϯες͕ϭƐƚZĞǀŝƐŝŽŶʹκͬϯϬͬϮϬϭε

WĂŐĞϭϮŽĨςϬ

>ŝŵŝƚŽĨĞƚĞĐƚŝŽŶĂŶĚYƵĂŶƚŝĨŝĐĂƚŝŽŶ

tĞƵƐĞĚƚŚĞŵĂƐƐŽĨĂϬ͘ρdžϬ͘ϬκͲŵŝĐƌŽŶƚƌĞŵŽůŝƚĞŽƌĐŚƌLJƐŽƚŝůĞĨŝďĞƌ͕ĚĞƉĞŶĚŝŶŐŽŶǁŚĂƚǁĂƐĨŽƵŶĚŝŶĞĂĐŚƐĂŵƉůĞ͕ĂƐ

ƚŚĞďĂƐŝƐĨŽƌŽƵƌĐĂůĐƵůĂƚŝŽŶƐ͘>ŝŵŝƚŽĨĚĞƚĞĐƚŝŽŶǁĂƐĚĞĨŝŶĞĚĂƐϭĨŝďĞƌĂŶĚůŝŵŝƚŽĨƋƵĂŶƚŝĨŝĐĂƚŝŽŶǁĂƐĚĞĨŝŶĞĚĂƐκ

ĨŝďĞƌƐ͘

^ŽŵĞĂůŝƋƵŽƚƐŽĨƐĂŵƉůĞƐϯκ ĐŽŶƚĂŝŶĞĚǀĞƌLJƐŵĂůůĂŵŽƵŶƚƐŽĨĂƐďĞƐƚŽƐƚŚĂƚǁĞƌĞĞŝƚŚĞƌĂƚŽƌďĞůŽǁŽƵƌκͲ

ĨŝďĞƌůŝŵŝƚŽĨƋƵĂŶƚŝĨŝĐĂƚŝŽŶ͘&ŽƌƚŚĞƐĞƐĂŵƉůĞƐǁĞĚĞĨŝŶĞĚŽƵƌůŝŵŝƚŽĨƋƵĂŶƚŝĨŝĐĂƚŝŽŶĂƐĨŽůůŽǁƐ͗

ϯϬϬϯεςͲϯ͗ŵĂƐƐŽĨƚŚĞƐŝŶŐůĞŽďƐĞƌǀĞĚĐŚƌLJƐŽƚŝůĞĨŝďĞƌƉůƵƐƚŚĞŵĂƐƐŽĨƚŚƌĞĞƚƌĞŵŽůŝƚĞĨŝďĞƌƐŵĞĂƐƵƌŝŶŐ

Ϭ͘ρdžϬ͘ϬκŵŝĐƌŽŶƐ

ϯϬϬϯεςͲκ͗ŵĂƐƐŽĨƚŚĞƚǁŽŽďƐĞƌǀĞĚĐŚƌLJƐŽƚŝůĞĨŝďĞƌƐ͕ƚŚĞƐŝŶŐůĞŽďƐĞƌǀĞĚƚƌĞŵŽůŝƚĞƐƚƌƵĐƚƵƌĞƉůƵƐƚŚĞŵĂƐƐŽĨ

ŽŶĞϬ͘ρdžϬ͘ϬκŵŝĐƌŽŶƐƚƌĞŵŽůŝƚĞĨŝďĞƌ͘

ŝƐĐƵƐƐŝŽŶĂŶĚ/ŶƚĞƌƉƌĞƚĂƚŝŽŶŽĨŶĂůLJƚŝĐĂů&ŝŶĚŝŶŐƐ͗

 

(

(b) (4)
ZĞ͗&KĨĨŝĐĞŽĨŽƐŵĞƚŝĐƐΘŽůŽƌƐ

KϯϬϬϯες͕ϭƐƚZĞǀŝƐŝŽŶʹκͬϯϬͬϮϬϭε

WĂŐĞϮρŽĨςϬ

ϯϬϬϯεςͲϯ͕ϯ͕ϯ͕ůŝĞŶƚ^ĂŵƉůĞͲϯκ

W>D

ůůƚŚƌĞĞĂůŝƋƵŽƚƐŽĨƐĂŵƉůĞͲϯκǁĞƌĞĂŶĂůLJnjĞĚďLJ ŽŶDĂƌĐŚϮε͕ϮϬϭε͘EŽĂƐďĞƐƚŽƐŽƌŶŽŶͲ

ĂƐďĞƐƚŽƐĂŵƉŚŝďŽůĞǀĂƌŝĂŶƚƐǁĞƌĞĚĞƚĞĐƚĞĚƚŚĞƐĂŵƉůĞƐ͘dŚĞƌĞƐƵůƚƐǁĞƌĞĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚŚĞĞƋƵĂƚŝŽŶƐĚĞƚĂŝůĞĚŝŶƚŚĞ

ĐĂůĐƵůĂƚŝŽŶƐƐĞĐƚŝŽŶ͘

ϯϬϬϯεςͲϯ E

ϯϬϬϯεςͲϯ E

ϯϬϬϯεςͲϯ E

dD

^ĂŵƉůĞϯǁĂƐĂŶĂůLJnjĞĚďLJ ŽŶƉƌŝůκ͕ϮϬϭε͘ŶĚƌĞĂƐ^ĂůĚŝǀĂƌĂŶĂůLJnjĞĚƐĂŵƉůĞϯŽŶƉƌŝůϭρ͕ϮϬϭε

ĂŶĚƐĂŵƉůĞϯŽŶƉƌŝůϭς͕ϮϬϭε͘ůůƚŚƌĞĞƐĂŵƉůĞƐĐŽŶƚĂŝŶĞĚŵŝĐĂ͕ƚĂůĐ͕ĂŶĚƚŝƚĂŶŝƵŵƉĂƌƚŝĐůĞƐ͘KŶĞε͘εdžϬ͘ϭρŵŝĐƌŽŶ

ĐŚƌLJƐŽƚŝůĞďƵŶĚůĞǁĂƐĐŽƵŶƚĞĚŽŶƐĂŵƉůĞϯ͘&ŝǀĞ;ρͿĐŚƌLJƐŽƚŝůĞƐƚƌƵĐƚƵƌĞƐǁĞƌĞĐŽƵŶƚĞĚŽŶƐĂŵƉůĞϯ͘dŚĞƌĞƐƵůƚƐǁĞƌĞ

ĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚŚĞĞƋƵĂƚŝŽŶƐĚĞƚĂŝůĞĚŝŶƚŚĞĐĂůĐƵůĂƚŝŽŶƐƐĞĐƚŝŽŶ͘



ϯϬϬϯεςͲϯ E

ϯϬϬϯεςͲϯ фϬ͘ϬϬϬΘϬй

ϯϬϬϯεςͲϯ Ϭ͘ϬϬϬϯϬй

ĞůŽǁĂƌĞƉŝĐƚƵƌĞƐ͕ĚŝĨĨƌĂĐƚŝŽŶƉĂƚƚĞƌŶƐ͕ĂŶĚĐŚĞŵŝƐƚƌLJŽĨƚŚĞĐŽƵŶƚĞĚŚƌLJƐŽƚŝůĞƉĂƌƚŝĐůĞƐ͘dŚĞŵŝĐĂ͕ƚĂůĐ͕ĂŶĚƚŝƚĂŶŝƵŵ

ƉĂƌƚŝĐůĞƐĂƌĞƐŝŵŝůĂƌƚŽƚŚŽƐĞƉŝĐƚƵƌĞĚŝŶƐĂŵƉůĞƐϭĂŶĚϮ͘dŚĞƵŶŝĚĞŶƚŝĨŝĞĚƉĞĂŬƐŝŶĐŚĞŵŝƐƚƌLJƐƉĞĐƚƌĂĂƌĞĐŽƉƉĞƌ͕njŝŶĐ͕

ĂŶĚĐĂƌďŽŶ͘dŚŽƐĞƉĞĂŬƐĂƌĞĨƌŽŵƚŚĞdDƐƉĞĐŝŵĞŶŚŽůĚĞƌĂŶĚƐƉĞĐŝŵĞŶŐƌŝĚ͘

^ĂŵƉůĞϯϬϬϯεςͲϯŚƌLJƐŽƚŝůĞƐƚƌƵĐƚƵƌĞ

(b) (6) (b) (6)
ZĞ͗&KĨĨŝĐĞŽĨŽƐŵĞƚŝĐƐΘŽůŽƌƐ

KϯϬϬϯες͕ϭƐƚZĞǀŝƐŝŽŶʹκͬϯϬͬϮϬϭε

WĂŐĞϮςŽĨςϬ

^ĂŵƉůĞϯϬϬϯεςͲϯŝĨĨƌĂĐƚŝŽŶƉĂƚƚĞƌŶĨƌŽŵƚŚĞĐŚƌLJƐŽƚŝůĞƐƚƌƵĐƚƵƌĞƉŝĐƚƵƌĞĚĂďŽǀĞ͘

^ĂŵƉůĞϯϬϬϯεςͲϯŚƌLJƐŽƚŝůĞƐƚƌƵĐƚƵƌĞηϭ
ZĞ͗&KĨĨŝĐĞŽĨŽƐŵĞƚŝĐƐΘŽůŽƌƐ

KϯϬϬϯες͕ϭƐƚZĞǀŝƐŝŽŶʹκͬϯϬͬϮϬϭε

WĂŐĞϮϳŽĨςϬ

^ĂŵƉůĞϯϬϬϯεςͲϯŚƌLJƐŽƚŝůĞƐƚƌƵĐƚƵƌĞηϮ

^ĂŵƉůĞϯϬϬϯεςͲϯŚƌLJƐŽƚŝůĞƐƚƌƵĐƚƵƌĞηϯ
ZĞ͗&KĨĨŝĐĞŽĨŽƐŵĞƚŝĐƐΘŽůŽƌƐ

KϯϬϬϯες͕ϭƐƚZĞǀŝƐŝŽŶʹκͬϯϬͬϮϬϭε

WĂŐĞϮΘŽĨςϬ

^ĂŵƉůĞϯϬϬϯεςͲϯŚƌLJƐŽƚŝůĞĚŝĨĨƌĂĐƚŝŽŶƉĂƚƚĞƌŶĨƌŽŵƐƚƌƵĐƚƵƌĞηϯ

^ĂŵƉůĞϯϬϬϯεςͲϯŚƌLJƐŽƚŝůĞƐƚƌƵĐƚƵƌĞηκ
ZĞ͗&KĨĨŝĐĞŽĨŽƐŵĞƚŝĐƐΘŽůŽƌƐ

KϯϬϬϯες͕ϭƐƚZĞǀŝƐŝŽŶʹκͬϯϬͬϮϬϭε

WĂŐĞϮεŽĨςϬ

^ĂŵƉůĞϯϬϬϯεςͲϯŚƌLJƐŽƚŝůĞƐƚƌƵĐƚƵƌĞηρ

(