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March 21, 2022 Agenda Packet
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ĂĐŬŶŽǁůĞĚŐĞŵĞŶƚĨƌŽŵƚŚĞt'ĂLJͲƚŽͲĚĂLJŽŶƚĂĐƚ͘'ŽŽĚŚƵĞ^tƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽ ĚĞůĂLJ;ĂůůŽƌƉĂƌƚŝĂůͿƌĞŝŵďƵƌƐĞŵĞŶƚƌĞƋƵĞƐƚƐǁŚŝĐŚŵĂLJŽǀĞƌůĂƉt^Z͛ƐƌĞĐŽŶĐŝůŝĂƚŝŽŶƉƌŽĐĞƐƐ͘ /ŶǀŽŝĐĞƐƐŚĂůůďĞƐĞŶƚƚŽ͗ ŝ͘ [[413,2602,425,2650][10][,I,][Arial]] 'ŽŽĚŚƵĞ^t WKŽdžϯϯϱ 'ŽŽĚŚƵĞ͕DEϱϱϬϮϳŽƌ ďŬĞŶŶĞĚLJΛŐŽŽĚŚƵĞƐǁĐĚ͘ŽƌŐ 3DFNHW3J ) D /s͘ŽŶƚƌĂĐƚůĂƵƐĞƐ Ă͘KǁŶĞƌƐŚŝƉʹůůŵĂƚĞƌŝĂůƐƉƌĞƉĂƌĞĚŽƌĚĞǀĞůŽƉĞĚďLJƚŚĞ^ƵďͲƌĞĐŝƉŝĞŶƚŚĞƌĞƵŶĚĞƌ͕ŝŶĐůƵĚŝŶŐ ĚŽĐƵŵĞŶƚƐ͕ŶŽƚĞƐ͕ƌĞƉŽƌƚƐ͕ĚĂƚĂĂŶĚƐĂŵƉůĞƐƐŚĂůůďĞĐŽŵĞƉƌŽƉĞƌƚLJŽĨƚŚĞ'ŽŽĚŚƵĞ^t ǁŚĞŶƉƌĞƉĂƌĞĚ͕ǁŚĞƚŚĞƌĚĞůŝǀĞƌĞĚƚŽ'ŽŽĚŚƵĞ^tŽƌŶŽƚ͕ĂŶĚƐŚĂůůďĞĚĞůŝǀĞƌĞĚƚŽƚŚĞ 'ŽŽĚŚƵĞ^tƵƉŽŶƌĞƋƵĞƐƚ͘'ŽŽĚŚƵĞ^tǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƌĞƐƉŽŶĚŝŶŐƚŽĂŶLJĚĂƚĂ ƉƌĂĐƚŝĐĞƐƌĞƋƵĞƐƚƐƉĞƌƚĂŝŶŝŶŐƚŽƚŚŝƐĚĂƚĂ͘ ď͘ZĞǀŝƐŝŽŶƐʹŶLJĂůƚĞƌĂƚŝŽŶƐƚŽƚŚŝƐĂŐƌĞĞŵĞŶƚŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞŶĂŵĞĚt/&ĨŝƐĐĂůĂŐĞŶƚ͕ ƐŚĂůůƌĞƋƵŝƌĞĂĚŽƉƚŝŽŶŽĨĂŶĂŵĞŶĚŵĞŶƚďLJďŽƚŚƉĂƌƚŝĞƐ͘dŚŝƐƐƵďͲĂŐƌĞĞŵĞŶƚŝƐŝŶƚĞŶĚĞĚƚŽďĞĂ ƐƚĂƚŝĐĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞĨŝƐĐĂůĂŐĞŶƚĂŶĚƚŚĞƐƵďͲƌĞĐŝƉŝĞŶƚ͘dŚĞt'&ƵŶĚŝŶŐWŽůŝĐLJ ŚŽƵƐĞƐĐƵƌƌĞŶƚŝŶĨŽƌŵĂƚŝŽŶƐƵĐŚĂƐ͕ĐŽƐƚͲƐŚĂƌĞƌĂƚĞƐ͕ĨƵŶĚŝŶŐƉƌŝŽƌŝƚŝĞƐ͕ƉƌŽũĞĐƚƚƌĂĐŬŝŶŐĂŶĚ 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ŚĞƌĞŝŶƐŚĂůůďĞĐŽŶƐƚƌƵĞĚƚŽůŝŵŝƚĞŝƚŚĞƌƉĂƌƚLJĨƌŽŵĂƐƐĞƌƚŝŶŐĂŐĂŝŶƐƚƚŚŝƌĚƉĂƌƚŝĞƐĂŶLJĚĞĨĞŶƐĞƐ ŽƌŝŵŵƵŶŝƚŝĞƐ;ŝŶĐůƵĚŝŶŐĐŽŵŵŽŶůĂǁ͕ƐƚĂƚƵƚŽƌLJĂŶĚĐŽŶƐƚŝƚƵƚŝŽŶĂůͿŝƚŵĂLJŚĂǀĞŽƌďĞĐŽŶƐƚƌƵĞĚ ƚŽĐƌĞĂƚĞĂďĂƐŝƐĨŽƌĂĐůĂŝŵŽƌƐƵŝƚǁŚĞŶŶŽŶĞǁŽƵůĚŽƚŚĞƌǁŝƐĞĞdžŝƐƚ͘ Ě͘EŽŶͲƐƐŝŐŶŵĞŶƚʹ^ƵďͲƌĞĐŝƉŝĞŶƚƐŚĂůůŶŽƚĂƐƐŝŐŶƚŚŝƐŐƌĞĞŵĞŶƚŶŽƌĚĞůĞŐĂƚĞŽƌƐƵďĐŽŶƚƌĂĐƚĂŶLJ ŽĨƚŚĞǁŽƌŬƚŽďĞƉĞƌĨŽƌŵĞĚǁŝƚŚŽƵƚ'ŽŽĚŚƵĞ^t͛ƐǁƌŝƚƚĞŶĐŽŶƐĞŶƚ͘/ĨĂƐƐŝŐŶŵĞŶƚ͕ ĚĞůĞŐĂƚŝŽŶ͕ŽƌƐƵďĐŽŶƚƌĂĐƚŝƐĚŽŶĞǁŝƚŚƐƵĐŚĐŽŶƐĞŶƚ͕ŝƚƐŚĂůůŶŽƚƌĞůŝĞǀĞ^ƵďͲƌĞĐŝƉŝĞŶƚĨƌŽŵŝƚƐ ƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨĂŶLJŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐŚĞƌĞƵŶĚĞƌ͘ Ğ͘ŽŵƉůĞƚĞŐƌĞĞŵĞŶƚʹdŚŝƐŐƌĞĞŵĞŶƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĨŝŶĂůĞdžƉƌĞƐƐŝŽŶŽĨƚŚĞƉĂƌƚŝĞƐ͛ ĂŐƌĞĞŵĞŶƚ͕ĂŶĚƚŚĞĐŽŵƉůĞƚĞĂŶĚĞdžĐůƵƐŝǀĞƐƚĂƚĞŵĞŶƚŽĨƚŚĞƚĞƌŵƐĂŐƌĞĞĚƵƉŽŶ͘dŚŝƐ ŐƌĞĞŵĞŶƚƐƵƉĞƌƐĞĚĞƐĂůůƉƌŝŽƌŶĞŐŽƚŝĂƚŝŽŶƐ͕ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐĂŶĚƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͘ dŚĞƌĞĂƌĞŶŽŽƌĂůŽƌǁƌŝƚƚĞŶƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐŶŽƚƐƉĞĐŝĨŝĞĚ ŚĞƌĞŝŶ͘ 3DFNHW3J ) D Ĩ͘/ŶĚĞƉĞŶĚĞŶƚŽŶƚƌĂĐƚŽƌ^ƚĂƚƵƐʹ^ƵďͲƌĞĐŝƉŝĞŶƚŝƐĂŶ/ŶĚĞƉĞŶĚĞŶƚŽŶƚƌĂĐƚŽƌ͘EŽƚŚŝŶŐĐŽŶƚĂŝŶĞĚ 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ǁĞƌĞůĂƐƚƉƌŽǀŝĚĞĚŽƌŵĂĚĞůŽŶŐĞƌŝĨĂŶLJĂƵĚŝƚŝŶƉƌŽŐƌĞƐƐƌĞƋƵŝƌĞƐĂůŽŶŐĞƌƌĞƚĞŶƚŝŽŶƉĞƌŝŽĚ͘ůů ĂĐĐŽƵŶƚŝŶŐƌĞĐŽƌĚƐƐŚĂůůďĞŬĞƉƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚĂĐĐŽƵŶƚŝŶŐƉƌĂĐƚŝĐĞƐ͘ 'ŽŽĚŚƵĞ^tƐŚĂůůŚĂǀĞƚŚĞƌŝŐŚƚƚŽĂƵĚŝƚĂŶĚƌĞǀŝĞǁĂůůƐƵĐŚĚŽĐƵŵĞŶƚƐĂŶĚƌĞĐŽƌĚƐĂƚĂŶLJ ƚŝŵĞĚƵƌŝŶŐƚŚĞ^ƵďͲ ƌĞĐŝƉŝĞŶƚ͛ƐƌĞŐƵůĂƌďƵƐŝŶĞƐƐŚŽƵƌƐŽƌƵƉŽŶƌĞĂƐŽŶĂďůĞŶŽƚŝĐĞ͘'ŽŽĚŚƵĞ ^tĂŶĚĞŝƚŚĞƌƚŚĞ>ĞŐŝƐůĂƚŝǀĞƵĚŝƚŽƌŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂƉƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ ^ƚĂƚƵƚĞϭϲ͘Ϭϱ͕ƐƵďĚϱ͘^ƵĐŚĞǀŝĚĞŶĐĞƐĂƌĞĂůƐŽƐƵďũĞĐƚƚŽƌĞǀŝĞǁďLJƚŚĞŽŵƉƚƌŽůůĞƌ'ĞŶĞƌĂůŽĨ ƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͕ŽƌĂĚƵůLJĂƵƚŚŽƌŝnjĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŝĨĨĞĚĞƌĂůĨƵŶĚƐĂƌĞƵƐĞĚĨŽƌĂŶLJǁŽƌŬ ƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͘ 3DFNHW3J ) D Ŭ͘&ŽƌĐĞDĂũĞƵƌĞʹEĞŝƚŚĞƌƉĂƌƚLJƐŚĂůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĚĞůĂLJŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵ ĐĂƵƐĞĚďLJĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ƌŝŽƚ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůLJƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ƚĞƌƌŽƌŝƐŵ͕ ǁĂƌ͕ĂĐƚƐŽĨƉƵďůŝĐĂƵƚŚŽƌŝƚŝĞƐŽƌĚĞůĂLJƐŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďLJƉƵďůŝĐĐĂƌƌŝĞƌƐǁŚŝĐŚǁĂƐďĞLJŽŶĚĂ ƉĂƌƚLJ͛ƐƌĞĂƐŽŶĂďůĞĐŽŶƚƌŽů͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚLJŐŝǀĞƐŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞ ŽƚŚĞƌƉĂƌƚLJŽĨƚŚĞŝŶĂďŝůŝƚLJƚŽƉĞƌĨŽƌŵ͘ 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͘>ŝĐĞŶƐĞĞǁŝůůƉƵƌĐŚĂƐĞĂƐƵďƐĐƌŝƉƚŝŽŶƚŽƚŚĞ ^ĞƌǀŝĐĞĨŽƌĂƉĂƌƚŝĐƵůĂƌŶƵŵďĞƌŽĨhƐĞƌƐ͕ƚŽďĞƐƉĞĐŝĨŝĞĚŝŶƚŚĞĂƉƉůŝĐĂďůĞ^ĂůĞƐKƌĚĞƌ͘ >ŝĐĞŶƐĞĞǁŝůůƐƉĞĐŝĨLJĂŶĚĂƐƐŝŐŶĂƵŶŝƋƵĞhƐĞƌŶĂŵĞĨŽƌĞĂĐŚĂƵƚŚŽƌŝnjĞĚhƐĞƌ͘ ĂĐŚhƐĞƌ ůŽŐŝŶŝƐĨŽƌƚŚĞĚĞƐŝŐŶĂƚĞĚhƐĞƌŽŶůLJ͕ĂŶĚĐĂŶŶŽƚďĞƐŚĂƌĞĚŽƌƵƐĞĚďLJŵŽƌĞƚŚĂŶŽŶĞ hƐĞƌ͘ ϰ͘ϭ͘ůƚĞƌĂƚŝŽŶƐƚŽhƐĞƌĐĐŽƵŶƚƐ ͘/ĨƚŚĞ>ŝĐĞŶƐĞĞĐŚŽŽƐĞƐƚŽĚĞĂĐƚŝǀĂƚĞĂhƐĞƌ ĂĐĐŽƵŶƚ͕ĐƌĞĂƚĞĂŶĞǁĂĐĐŽƵŶƚĨŽƌĂŶĞǁhƐĞƌ͕ŽƌƌĞͲĂĐƚŝǀĂƚĞĂŶĞdžŝƐƚŝŶŐ ĂĐĐŽƵŶƚ͕>ŝĐĞŶƐĞĞŵĂLJĚŽƐŽĂƐůŽŶŐĂƐ>ŝĐĞŶƐĞĞĚŽĞƐŶŽƚĞdžĐĞĞĚƚŚĞƚŽƚĂů ŶƵŵďĞƌŽĨĂƵƚŚŽƌŝnjĞĚhƐĞƌƐ͘ ϰ͘Ϯ͘hŶĂƵƚŚŽƌŝnjĞĚĐĐĞƐƐ ͘>ŝĐĞŶƐĞĞǁŝůůƵƐĞĐŽŵŵĞƌĐŝĂůůLJƌĞĂƐŽŶĂďůĞĞĨĨŽƌƚƐƚŽ ƉƌĞǀĞŶƚƵŶĂƵƚŚŽƌŝnjĞĚĂĐĐĞƐƐƚŽŽƌƵƐĞŽĨƚŚĞ^ĞƌǀŝĐĞĂŶĚǁŝůůƉƌŽŵƉƚůLJŶŽƚŝĨLJ >ŝĐĞŶƐŽƌŽĨĂŶLJƵŶĂƵƚŚŽƌŝnjĞĚĂĐĐĞƐƐŽƌƵƐĞŽĨƚŚĞ^ĞƌǀŝĐĞĂŶĚĂŶLJůŽƐƐŽƌƚŚĞĨƚ ŽƌƵŶĂƵƚŚŽƌŝnjĞĚƵƐĞŽĨĂŶLJhƐĞƌ͛ƐƉĂ ƐƐǁŽƌĚŽƌŶĂŵĞĂŶĚͬŽƌ^ĞƌǀŝĐĞĂĐĐŽƵŶƚ ŶƵŵďĞƌƐ͘ ϰ͘ϯ͘ƵĚŝƚŽĨƵƚŚŽƌŝnjĞĚhƐĞƌƐ ͘>ŝĐĞŶƐĞĞǁŝůůŵĂŝŶƚĂŝŶƌĞĂƐŽŶĂďůĞďƵƐŝŶĞƐƐƉƌĂĐƚŝĐĞƐ ĂŶĚƌĞĐŽƌĚƐŶĞĐĞƐƐĂƌLJƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞŶƵŵďĞƌŽĨhƐĞƌƐŝƐŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚ ƚŚŝƐD>ĂŶĚĂŶLJĂƉƉůŝĐĂďůĞ^ĂůĞƐKƌĚĞƌƐ͕ĂŶĚ>ŝĐĞŶƐŽƌĂƚŝƚƐƐŽůĞĚŝƐĐƌĞƚŝŽŶ ƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽƌĞƋƵĞƐƚ>ŝĐĞŶƐĞĞƌĞĐŽƌĚƐƚŽǀĞƌŝĨLJƐƵĐŚĐŽŵƉůŝĂŶĐĞ͘dŚĞ >ŝĐĞŶƐĞĞǁŝůůŶŽƚŝĨLJ>ŝĐĞŶƐŽƌŝĨĂŶLJĂĚĚŝƚŝŽŶĂůhƐĞƌƐǁŝůůďĞĂĚĚĞĚƚŽƵƐĞƚŚĞ ^ĞƌǀŝĐĞ͘>ŝĐĞŶƐĞĞŵƵƐƚŽďƚĂŝŶĂĚĚŝƚŝŽŶĂů^ĂůĞƐKƌĚĞƌ;ƐͿ͕ŽƌĂƐŝŐŶĞĚǁƌŝƚƚĞŶ ŵŽĚŝĨŝĐĂƚŝŽŶƚŽĞdžŝƐƚŝŶŐ^ĂůĞƐKƌĚĞƌ;ƐͿ͕ŝŶŽƌĚĞƌƚŽŝŶĐƌĞĂƐĞƚŚĞƚŽƚĂůŶƵŵďĞƌŽĨ ĂƵƚŚŽƌŝnjĞĚhƐĞƌƐ͘/Ĩ>ŝĐĞŶƐŽƌĚĞƚĞƌŵŝŶĞƐƚŚĂƚ>ŝĐĞŶƐĞĞŚĂƐŵŽƌĞhƐĞƌƐƚŚĂŶ ĂƵƚŚŽƌŝnjĞĚ͕ƚŚĞĨĞĞƐĨŽƌĂĚĚŝƚŝŽŶĂůhƐĞƌƐďĞĐŽŵĞŝŵŵĞĚŝĂƚĞůLJĚƵĞ͘ ϱ͘Ϭ͘'ĞŶĞƌĂůdĞƌŵƐŽĨ^ĞƌǀŝĐĞ͘ >ŝĐĞŶƐĞĞĂŶĚŝƚƐhƐĞƌƐŵĂLJŽŶůLJƵƐĞƚŚĞ^ĞƌǀŝĐĞƚŽƉĞƌĨŽƌŵ ĞůĞĐƚƌŽŶŝĐƉůĂŶƌĞǀŝĞǁ͕ĂƐĂĚǀĞƌƚŝƐĞĚĂŶĚŽƵƚůŝŶĞĚŽŶ>ŝĐĞŶƐŽƌ͛ƐǁĞďƐŝƚĞ͘>ŝĐĞŶƐĞĞŝƐ ƌĞƐƉŽŶƐŝďůĞĨŽƌĂůůĂĐƚŝǀŝƚŝĞƐĐŽŶĚƵĐƚĞĚƵŶĚĞƌŝƚƐhƐĞƌůŽŐŝŶƐĂŶĚĨŽƌŝƚƐhƐĞƌƐΖĐŽŵƉůŝĂŶĐĞ Ϯ 5HY 3DFNHW3J )D ǁŝƚŚƚŚŝƐD>͘>ŝĐĞŶƐĞĞ͛ƐƵƐĞŽĨƚŚĞ^ĞƌǀŝĐĞǁŝůůŶŽƚŝŶĐůƵĚĞƐĞƌǀŝĐĞďƵƌĞĂƵƵƐĞ͕ ŽƵƚƐŽƵƌĐŝŶŐ͕ƌĞŶƚŝŶŐ͕ƌĞƐĞůůŝŶŐ͕ƐƵďůŝĐĞŶƐŝŶŐ͕ĐŽŶĐƵƌƌĞŶƚƵƐĞŽĨĂƐŝŶŐůĞhƐĞƌůŽŐŝŶ͕ŽƌƚŝŵĞͲ ƐŚĂƌŝŶŐŽĨƚŚĞ^ĞƌǀŝĐĞ͘>ŝĐĞŶƐĞĞǁŝůůŶŽƚ͕ĂŶĚǁŝůůŶŽƚƉĞƌŵŝƚĂŶLJƚŚŝƌĚƉĂƌƚLJǁŝƚŚŝŶŝƚƐ ĐŽŶƚƌŽůƚŽ͗;ĂͿĐŽƉLJ͕ƚƌĂŶƐůĂƚĞ͕ĐƌĞĂƚĞĂĚĞƌŝǀĂƚŝǀĞǁŽƌŬŽĨ͕ƌĞǀĞƌƐĞĞŶŐŝŶĞĞƌ͕ƌĞǀĞƌƐĞ ĂƐƐĞŵďůĞ͕ĚŝƐĂƐƐĞŵďůĞ͕ŽƌĚĞĐŽŵƉŝůĞƚŚĞ^ĞƌǀŝĐĞŽƌĂŶLJƉĂƌƚƚŚĞƌĞŽĨŽƌŽƚŚĞƌǁŝƐĞ ĂƚƚĞŵƉƚƚŽĚŝƐĐŽǀĞƌĂŶLJƐŽƵƌĐĞĐŽĚĞŽƌŵŽĚŝĨLJƚŚĞ^ĞƌǀŝĐĞŝŶĂŶLJŵĂŶŶĞƌŽƌĨŽƌŵƵŶůĞƐƐ ĞdžƉƌĞƐƐůLJĂůůŽǁĞĚŝŶ>ŝĐĞŶƐŽƌ͛ƐƵƐĞƌŐƵŝĚĞƐ͖;ďͿĂĐĐĞƐƐŽƌƵƐĞƚŚĞ^ĞƌǀŝĐĞƚŽĐŝƌĐƵŵǀĞŶƚŽƌ ĞdžĐĞĞĚ^ĞƌǀŝĐĞĂĐĐŽƵŶƚůŝŵŝƚĂƚŝŽŶƐŽƌƌĞƋƵŝƌĞŵĞŶƚƐ͖;ĐͿƵƐĞƚŚĞ^ĞƌǀŝĐĞĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨ ďƵŝůĚŝŶŐĂƐŝŵŝůĂƌŽƌĐŽŵƉĞƚŝƚŝǀĞƉƌŽĚƵĐƚŽƌƐĞƌǀŝĐĞ͕;ĚͿŽďƚĂŝŶƵŶĂƵƚŚŽƌŝnjĞĚĂĐĐĞƐƐƚŽƚŚĞ ^ĞƌǀŝĐĞ;ŝŶĐůƵĚŝŶŐǁŝƚŚŽƵƚůŝŵŝƚĂƚŝŽŶƉĞƌŵŝƚƚŝŶŐĂĐĐĞƐƐƚŽŽƌƵƐĞŽĨƚŚĞ^ĞƌǀŝĐĞǀŝĂĂŶŽƚŚĞƌ ƐLJƐƚĞŵŽƌƚŽŽů͕ƚŚĞƉƌŝŵĂƌLJĞĨĨĞĐƚŽĨǁŚŝĐŚŝƐƚŽĞŶĂďůĞŝŶƉƵƚŽĨƌĞƋƵĞƐƚƐŽƌƚƌĂŶƐĂĐƚŝŽŶƐ ďLJŽƚŚĞƌƚŚĂŶĂƵƚŚŽƌŝnjĞĚhƐĞƌƐͿ͖;ĞͿƵƐĞƚŚĞ^ĞƌǀŝĐĞŝŶĂŵĂŶŶĞƌƚŚĂƚŝƐĐŽŶƚƌĂƌLJƚŽ ĂƉƉůŝĐĂďůĞůĂǁŽƌŝŶǀŝŽůĂƚŝŽŶŽĨĂŶLJƚŚŝƌĚͲƉĂƌƚLJƌŝŐŚƚƐŽĨƉƌŝǀĂĐLJŽƌŝŶƚĞůůĞĐƚƵĂůƉƌŽƉĞƌƚLJ ƌŝŐŚƚƐ͖;ĨͿŝŶƚĞŶƚŝŽŶĂůůLJƉƵďůŝƐŚ͕ƉŽƐƚ͕ƵƉůŽĂĚŽƌŽƚŚĞƌǁŝƐĞƚƌĂŶƐŵŝƚ>ŝĐĞŶƐĞĞĂƚĂƚŚĂƚ ĐŽŶƚĂŝŶƐĂŶLJǀŝƌƵƐĞƐ͕dƌŽũĂŶŚŽƌƐĞƐ͕ǁŽƌŵƐ͕ƚŝŵĞďŽŵďƐ͕ĐŽƌƌƵƉƚĞĚĨŝůĞƐŽƌŽƚŚĞƌ ĐŽŵƉƵƚĞƌƉƌŽŐƌĂŵŵŝŶŐƌŽƵƚŝŶĞƐƚŚĂƚĂƌĞŝŶƚĞŶĚĞĚƚŽĚĂŵĂŐĞ͕ĚĞƚƌŝŵĞŶƚĂůůLJŝŶƚĞƌĨĞƌĞ ǁŝƚŚ͕ƐƵƌƌĞƉƚŝƚŝŽƵƐůLJŝŶƚĞƌĐĞƉƚŽƌĞdžƉƌŽƉƌŝĂƚĞĂŶLJƐLJƐƚĞŵƐ͕ĚĂƚĂ͕ƉĞƌƐŽŶĂůŝŶĨŽƌŵĂƚŝŽŶŽƌ ƉƌŽƉĞƌƚLJŽĨĂŶŽƚŚĞƌ͖Žƌ;ŐͿƵƐĞŽƌƉĞƌŵŝƚƚŚĞƵƐĞŽĨĂŶLJƚŽŽůƐŝŶŽƌĚĞƌƚŽƉƌŽďĞ͕ƐĐĂŶŽƌ ĂƚƚĞŵƉƚƚŽƉĞŶĞƚƌĂƚĞŽƌďĞŶĐŚŵĂƌŬƚŚĞ^ĞƌǀŝĐĞ͘>ŝĐĞŶƐĞĞǁŝůůĐŽŵƉůLJǁŝƚŚĂůůĂƉƉůŝĐĂďůĞ ůŽĐĂů͕ƐƚĂƚĞ͕ĨĞĚĞƌĂů͕ĂŶĚĨŽƌĞŝŐŶůĂǁƐ͕ƚƌĞĂƚŝĞƐ͕ƌĞŐƵůĂƚŝŽŶƐ͕ĂŶĚĐŽŶǀĞŶƚŝŽŶƐŝŶĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚŝƚƐƵƐĞŽĨƚŚĞ^ĞƌǀŝĐĞ͕ŝŶĐůƵĚŝŶŐǁŝƚŚŽƵƚůŝŵŝƚĂƚŝŽŶƚŚŽƐĞƌĞůĂƚĞĚƚŽƉƌŝǀĂĐLJ͕ĞůĞĐƚƌŽŶŝĐ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐĂŶĚĂŶƚŝͲƐƉĂŵůĞŐŝƐůĂƚŝŽŶ͘>ŝĐĞŶƐĞĞǁŝůůĐŽŵƉůLJǁŝƚŚƚŚĞĞdžƉŽƌƚůĂǁƐĂŶĚ ƌĞŐƵůĂƚŝŽŶƐŽĨƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐĂŶĚŽƚŚĞƌĂƉƉůŝĐĂďůĞũƵƌŝƐĚŝĐƚŝŽŶƐŝŶƵƐŝŶŐƚŚĞ^ĞƌǀŝĐĞĂŶĚ ŽďƚĂŝŶĂŶLJƉĞƌŵŝƚƐ͕ůŝĐĞŶƐĞƐĂŶĚĂƵƚŚŽƌŝnjĂƚŝŽŶƐƌĞƋƵŝƌĞĚĨŽƌƐƵĐŚĐŽŵƉůŝĂŶĐĞ͘tŝƚŚŽƵƚ ůŝŵŝƚŝŶŐƚŚĞĨŽƌĞŐŽŝŶŐ͕;ŝͿ>ŝĐĞŶƐĞĞƌĞƉƌĞƐĞŶƚƐƚŚĂƚŝƚŝƐŶŽƚŶĂŵĞĚŽŶĂŶLJh͘^͘ŐŽǀĞƌŶŵĞŶƚ ůŝƐƚŽĨƉĞƌƐŽŶƐŽƌĞŶƚŝƚŝĞƐƉƌŽŚŝďŝƚĞĚĨƌŽŵƌĞĐĞŝǀŝŶŐĞdžƉŽƌƚƐ͕;ŝŝͿ>ŝĐĞŶƐĞĞǁŝůůŶŽƚƉĞƌŵŝƚ hƐĞƌƐƚŽĂĐĐĞƐƐŽƌƵƐĞƚŚĞ^ĞƌǀŝĐĞŝŶǀŝŽůĂƚŝŽŶŽĨĂŶLJh͘^͘ĞdžƉŽƌƚĞŵďĂƌŐŽ͕ƉƌŽŚŝďŝƚŝŽŶŽƌ ƌĞƐƚƌŝĐƚŝŽŶ͕ĂŶĚ;ŝŝŝͿ>ŝĐĞŶƐĞĞǁŝůůĐŽŵƉůLJǁŝƚŚĂůůĂƉƉůŝĐĂďůĞůĂǁƐƌĞŐĂƌĚŝŶŐƚŚĞ ƚƌĂŶƐŵŝƐƐŝŽŶŽĨƚĞĐŚŶŝĐĂůĚĂƚĂĞdžƉŽƌƚĞĚĨƌŽŵƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐĂŶĚƚŚĞĐŽƵŶƚƌLJŝŶǁŚŝĐŚ ŝƚƐhƐĞƌƐĂƌĞůŽĐĂƚĞĚ͘>ŝĐĞŶƐĞĞǁŝůůŶŽƚƐĞŶĚĂŶLJ ůĞĐƚƌŽŶŝĐŽŵŵƵŶŝĐĂƚŝŽŶĨƌŽŵƚŚĞ ^ĞƌǀŝĐĞƚŚĂƚŝƐƵŶůĂǁĨƵů͕ŚĂƌĂƐƐŝŶŐ͕ůŝďĞůŽƵƐ͕ĚĞĨĂŵĂƚŽƌLJŽƌƚŚƌĞĂƚĞŶŝŶŐ͘ džĐĞƉƚĂƐ ƉĞƌŵŝƚƚĞĚďLJƚŚŝƐD>͕ŶŽƉĂƌƚŽĨƚŚĞ^ĞƌǀŝĐĞŵĂLJďĞĐŽƉŝĞĚ͕ƌĞƉƌŽĚƵĐĞĚ͕ĚŝƐƚƌŝďƵƚĞĚ͕ ƌĞƉƵďůŝƐŚĞĚ͕ĚŝƐƉůĂLJĞĚ͕ƉŽƐƚĞĚŽƌƚƌĂŶƐŵŝƚƚĞĚŝŶĂŶLJĨŽƌŵŽƌďLJĂŶLJŵĞĂŶƐ͘>ŝĐĞŶƐĞĞ ĂŐƌĞĞƐŶŽƚƚŽĂĐĐĞƐƐƚŚĞ^ĞƌǀŝĐĞďLJĂŶLJŵĞĂŶƐŽƚŚĞƌƚŚĂŶƚŚƌŽƵŐŚƚŚĞŝŶƚĞƌĨĂĐĞƐƚŚĂƚĂƌĞ ƉƌŽǀŝĚĞĚďLJ>ŝĐĞŶƐŽƌ͘>ŝĐĞŶƐĞĞǁŝůůŶŽƚĚŽĂŶLJΗŵŝƌƌŽƌŝŶŐΗŽƌΗĨƌĂŵŝŶŐΗŽĨĂŶLJƉĂƌƚŽĨƚŚĞ ^ĞƌǀŝĐĞ͕ŽƌĐƌĞĂƚĞ/ŶƚĞƌŶĞƚůŝŶŬƐƚŽƚŚĞ^ĞƌǀŝĐĞǁŚŝĐŚŝŶĐůƵĚĞůŽŐͲŝŶŝŶĨŽƌŵĂƚŝŽŶ͕hƐĞƌ ŶĂŵĞƐ͕ƉĂƐƐǁŽƌĚƐ͕ĂŶĚͬŽƌƐĞĐƵƌĞĐŽŽŬŝĞƐ͘>ŝĐĞŶƐĞĞǁŝůůŶŽƚŝŶĂŶLJǁĂLJĞdžƉƌĞƐƐŽƌŝŵƉůLJ ƚŚĂƚĂŶLJŽƉŝŶŝŽŶƐĐŽŶƚĂŝŶĞĚŝŶ>ŝĐĞŶƐĞĞ͛Ɛ ůĞĐƚƌŽŶŝĐŽŵŵƵŶŝĐĂƚŝŽŶƐĂƌĞĞŶĚŽƌƐĞĚďLJ >ŝĐĞŶƐŽƌ͘>ŝĐĞŶƐĞĞǁŝůůĞŶƐƵƌĞƚŚĂƚĂůůĂĐĐĞƐƐĂŶĚƵƐĞŽĨƚŚĞ^ĞƌǀŝĐĞďLJhƐĞƌƐŝƐŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐD>͘ŶLJĂĐƚŝŽŶŽƌďƌĞĂĐŚďLJĂŶLJŽĨ ƐƵĐŚhƐĞƌǁŝůůďĞĚĞĞŵĞĚĂŶĂĐƚŝŽŶŽƌďƌĞĂĐŚďLJ>ŝĐĞŶƐĞĞ͘ ϲ͘Ϭ͘dƌĂŶƐŵŝƐƐŝŽŶ͕DĂŝŶƚĞŶĂŶĐĞ͕ĂŶĚŽŶĨŝĚĞŶƚŝĂůŝƚLJŽĨĂƚĂ ϯ 5HY 3DFNHW3J )D ϲ͘ϭ͘dƌĂŶƐŵŝƐƐŝŽŶŽĨĂƚĂ ͘>ŝĐĞŶƐĞĞƵŶĚĞƌƐƚĂŶĚƐƚŚĂƚƚŚĞƚĞĐŚŶŝĐĂůƉƌŽĐĞƐƐŝŶŐĂŶĚ ƚƌĂŶƐŵŝƐƐŝŽŶŽĨ>ŝĐĞŶƐĞĞ͛Ɛ ůĞĐƚƌŽŶŝĐŽŵŵƵŶŝĐĂƚŝŽŶƐ;ŝŶĐůƵĚŝŶŐĂŶLJƚƌĂŶƐĨĞƌŽĨ ƐŝŐŶƐ͕ƐŝŐŶĂůƐ͕ƚĞdžƚ͕ŝŵĂŐĞƐ͕ƐŽƵŶĚƐ͕ĚĂƚĂŽƌŝŶƚĞůůŝŐĞŶĐĞŽĨĂŶLJŶĂƚƵƌĞ ƚƌĂŶƐŵŝƚƚĞĚŝŶǁŚŽůĞŽƌƉĂƌƚĞůĞĐƚƌŽŶŝĐĂůůLJƌĞĐĞŝǀĞĚĂŶĚͬŽƌƚƌĂŶƐŵŝƚƚĞĚƚŚƌŽƵŐŚ ƚŚĞ^ĞƌǀŝĐĞͿŝƐĨƵŶĚĂŵĞŶƚĂůůLJŶĞĐĞƐƐĂƌLJƚŽƵƐĞƚŚĞ^ĞƌǀŝĐĞ͘>ŝĐĞŶƐĞĞŝƐ ƌĞƐƉŽŶƐŝďůĞĨŽƌƐĞĐƵƌŝŶŐ^>͕ĐĂďůĞŽƌĂŶŽƚŚĞƌŚŝŐŚƐƉĞĞĚ/ŶƚĞƌŶĞƚĐŽŶŶĞĐƚŝŽŶ ĂŶĚƵƉͲƚŽͲĚĂƚĞ͞ď ƌŽǁ ƐĞƌ͟ƐŽĨƚǁĂƌĞƚŽƵƚŝůŝnjĞƚŚĞ^ĞƌǀŝĐĞ͘>ŝĐĞŶƐĞĞĞdžƉƌĞƐƐůLJ ĐŽŶƐĞŶƚƐƚŽ>ŝĐĞŶƐŽƌ͛ƐŝŶƚĞƌĐĞƉƚŝŽŶĂŶĚƐƚŽƌĂŐĞŽĨ ůĞĐƚƌŽŶŝĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ĂŶĚͬŽƌ>ŝĐĞŶƐĞĞĂƚĂ͕ĂŶĚ>ŝĐĞŶƐĞĞĂĐŬŶŽǁůĞĚŐĞƐĂŶĚƵŶĚĞƌƐƚĂŶĚƐƚŚĂƚ >ŝĐĞŶƐĞĞ͛Ɛ ůĞĐƚƌŽŶŝĐŽŵŵƵŶŝĐĂƚŝŽŶƐǁŝůůŝŶǀŽůǀĞƚƌĂŶƐŵŝƐƐŝŽŶŽǀĞƌƚŚĞ /ŶƚĞƌŶĞƚ͕ĂŶĚŽǀĞƌǀĂƌŝŽƵƐŶĞƚǁŽƌŬƐ͕ŽŶůLJƉĂƌƚŽĨǁŚŝĐŚŵĂLJďĞŽǁŶĞĚĂŶĚͬŽƌ ŽƉĞƌĂƚĞĚďLJ>ŝĐĞŶƐŽƌ͘>ŝĐĞŶƐĞĞĨƵƌƚŚĞƌĂĐŬŶŽǁůĞĚŐĞƐĂŶĚƵŶĚĞƌƐƚĂŶĚƐƚŚĂƚ ůĞĐƚƌŽŶŝĐŽŵŵƵŶŝĐĂƚŝŽŶƐŵĂLJďĞĂĐĐĞƐƐĞĚďLJƵŶĂƵƚŚŽƌŝnjĞĚƉĂƌƚŝĞƐǁŚĞŶ 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>ŽƐƐĞƐƚŽƚŚĞĞdžƚĞŶƚďĂƐĞĚƵƉŽŶƐƵĐŚůĂŝŵƐ͘ ϵ͘ϯ͘/ŶĚĞŵŶŝĨŝĐĂƚŝŽŶWƌŽĐĞĚƵƌĞƐĂŶĚ^ƵƌǀŝǀĂů ͘/ŶƚŚĞĞǀĞŶƚŽĨĂůĂŝŵǁŝƚŚŝŶƚŚĞ ƉƵƌǀŝĞǁŽĨƚŚĞƐĞŝŶĚĞŵŶŝĨŝĐĂƚŝŽŶƉƌŽǀŝƐŝŽŶƐ͕ƚŚĞŝŶĚĞŵŶŝƚĞĞƐŚĂůůĐŽŶƚƌŽůŝƚƐ ŽǁŶĚĞĨĞŶƐĞ͕ĂŶĚĂƚƚŚĞƚŝŵĞŽĨůĂŝŵƌĞƐŽůƵƚŝŽŶƚŚĞŝŶĚĞŵŶŝƚŽƌƐŚĂůůƌĞŝŵďƵƌƐĞ ƚŚĞŝŶĚĞŵŶŝƚĞĞĨŽƌƚŚŽƐĞĂƚƚŽƌŶĞLJĨĞĞƐĂŶĚŽƚŚĞƌĚĞĨĞŶƐĞĐŽƐƚƐƌĞĂƐŽŶĂďůLJ ŝŶĐƵƌƌĞĚŝŶƚŚĂƚĚĞĨĞŶƐĞ͘dŽƚŚĞĞdžƚĞŶƚƚŚĂƚƚŚĞŝŶĚĞŵŶŝƚĞĞŵĂLJŝŶĐƵƌĨĞĞƐĂŶĚ ĐŽƐƚƐŝŶƚŚĞĚĞĨĞŶƐĞŽĨĐůĂŝŵƐŽƚŚĞƌƚŚĂŶĂĐŽǀĞƌĞĚůĂŝŵ͕ƚŚĞŝŶĚĞŵŶŝƚŽƌƐŚĂůů ŚĂǀĞŶŽƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐƵĐŚĐŽƐƚƐ͘dŚĞŝŶĚĞŵŶŝĨŝĐĂƚŝŽŶŽďůŝŐĂƚŝŽŶƐĐŽŶƚĂŝŶĞĚ ŝŶƚŚŝƐƐĞĐƚŝŽŶǁŝůůƐƵƌǀŝǀĞĨŽƌŽŶĞLJĞĂƌĂĨƚĞƌƚĞƌŵŝŶĂƚŝŽŶŽƌĞdžƉŝƌĂƚŝŽŶŽĨƚŚŝƐ D>͘ ϭϬ͘Ϭ͘h͘^͘'ŽǀĞƌŶŵĞŶƚZŝŐŚƚƐ ͘dŚĞ^ĞƌǀŝĐĞŝƐĂ͞ĐŽŵŵĞƌĐŝĂůŝƚĞŵ͟ĂƐƚŚĂƚƚĞƌŵŝƐĚĞĨŝŶĞĚĂƚ &ZϮ͘ϭϬϭ͘/Ĩ>ŝĐĞŶƐĞĞŽƌhƐĞƌŝƐĂh^&ĞĚĞƌĂů'ŽǀĞƌŶŵĞŶƚ;'ŽǀĞƌŶŵĞŶƚͿ džĞĐƵƚŝǀĞ ŐĞŶĐLJ;ĂƐĚĞĨŝŶĞĚŝŶ&ZϮ͘ϭϬϭͿ͕>ŝĐĞŶƐŽƌƉƌŽǀŝĚĞƐƚŚĞ^ĞƌǀŝĐĞ͕ŝŶĐůƵĚŝŶŐĂŶLJƌĞůĂƚĞĚ ƐŽĨƚǁĂƌĞ͕ƚĞĐŚŶŽůŽŐLJ͕ƚĞĐŚŶŝĐĂůĚĂƚĂ͕ĂŶĚͬŽƌƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ƚŚĞĨŽůůŽǁŝŶŐ͗;ĂͿŝĨĂĐƋƵŝƌĞĚďLJŽƌŽŶďĞŚĂůĨŽĨĂŶLJ džĞĐƵƚŝǀĞŐĞŶĐLJ;ŽƚŚĞƌƚŚĂŶĂŶ 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^ŚĞƌŵĂŶƐƐŽĐŝĂƚĞ͛ƐǀŝƐŝŽŶĨŽƌƚŚĞŝǀŝĐĞŶƚĞƌEŽƌƚŚ^ƵƌĨĂĐĞWĂƌŬŝŶŐ>ŽƚƐŝƚĞŝƐƚŽƉƌŽǀŝĚĞĂŚŝŐŚͲĚĞŶƐŝƚLJ͕ ĞŶĞƌŐLJͲĞĨĨŝĐŝĞŶƚ͕ŵŝdžĞĚŝŶĐŽŵĞĐŽŵŵƵŶŝƚLJƚŚĂƚĞŶŚĂŶĐĞƐƚŚĞǁĂůŬĂďŝůŝƚLJŽĨZŽĐŚĞƐƚĞƌ͛ƐĚŽǁŶƚŽǁŶĐŽƌĞ͘ ϭϯͲƐƚŽƌLJƚŽǁĞƌĂŶĚĂĨŝǀĞͲƐƚŽƌLJŵŝĚͲƌŝƐĞďƵŝůĚŝŶŐǁŝůůĐŽŶƚĂŝŶϮϴϵĚǁĞůůŝŶŐƵŶŝƚƐĂŶĚǁŝůůƐƵƌƌŽƵŶĚĂ ƐŚĂƌĞĚϯϲϮͲƐƚĂůůƐƚƌƵĐƚƵƌĞĚƉĂƌŬŝŶŐĨĂĐŝůŝƚLJ͘ ŝŐŚƚLJ;ϴϬͿŽĨƚŚĞƚŽƚĂůƵŶŝƚƐǁŝůůďĞĂĨĨŽƌĚĂďůĞĂƚϲϬйŽĨD/͘ dŚĞƐŝƚĞĚĞƐŝŐŶƐƚƌĂƚĞŐLJůŽĐĂƚĞƐƚŚĞƉĂƌŬŝŶŐƐƚƌƵĐƚƵƌĞŝŶƚŚĞŵŝĚĚůĞŽĨƚŚĞƐŝƚĞ͕ĂůůŽǁŝŶŐĂůůƚŚƌĞĞƉƵďͲ ůŝĐͲĨĂĐŝŶŐĨƌŽŶƚĂŐĞƐ;ĞŶƚĞƌ^ƚƌĞĞƚ͕ϭƐƚ^ƚƌĞĞƚĂŶĚƚŚĞƵŵďƌŽƌŝǀĞƌĨƌŽŶƚͿƚŽďĞĚĞǀĞůŽƉĞĚǁŝƚŚĂĐƚŝǀĞ ƵƐĞƐ͘ŽƚŚďƵŝůĚŝŶŐƐĨĞĂƚƵƌĞŝŶĚŽŽƌĂŶĚŽƵƚĚŽŽƌĐŽŵŵŽŶĂƌĞĂƐƉŽƐŝƚŝŽŶĞĚĐůŽƐĞƚŽƚŚĞƐƚƌĞĞƚ͕ŚĞůƉŝŶŐƚŽ ĂĐƚŝǀĂƚĞƚŚĞƉĞĚĞƐƚƌŝĂŶƌĞĂůŵ͘ĚĚŝƚŝŽŶĂůŝŶĚŽŽƌĂŶĚŽƵƚĚŽŽƌĂŵĞŶŝƚŝĞƐǁŝůůďĞůŽĐĂƚĞĚĂƚŽƉƚŚĞƉĂƌŬŝŶŐ ƐƚƌƵĐƚƵƌĞĂŶĚĂƚƚŚĞƚŽƉůĞǀĞůŽĨƚŚĞƚŽǁĞƌ͘dŚĞĞĂƐƚůĞŐŽĨƚŚĞƚŽǁĞƌďĞŶĚƐƚŽŵĞĞƚƚŚĞƵŵďƌŽZŝǀĞƌ ǁŚĞƌĞƐĞǀĞƌĂůǁĂůŬŽƵƚĂƉĂƌƚŵĞŶƚƐǁŝůůĨĞĂƚƵƌĞůĂƌŐĞƉĂƚŝŽƐĂŶĚƉƌŝŵĂƌLJƵŶŝƚĞŶƚƌĂŶĐĞƐĨĂĐŝŶŐƚŚĞƌŝǀĞƌ͘ ϯ ϯ 3DFNHW3J +D ŽƚŚďƵŝůĚŝŶŐƐǁŝůůďĞƐĞƌǀĞĚďLJŚŝŐŚĞĨĨŝĐŝĞŶĐLJŚĞĂƚŝŶŐĂŶĚĐŽŽůŝŶŐƐLJƐƚĞŵƐ͘dŚĞƉƌŽũĞĐƚƚĞĂŵŚĂƐĞdžƚĞŶͲ ƐŝǀĞĞdžƉĞƌŝĞŶĐĞŝŵƉůĞŵĞŶƚŝŶŐƐƵƐƚĂŝŶĂďůĞďƵŝůĚŝŶŐƉƌĂĐƚŝĐĞƐ͗^ŚĞƌŵĂŶƐƐŽĐŝĂƚĞƐĚĞǀĞůŽƉĞĚƚǁŽƐŽůĂƌ ŐĂƌĚĞŶƐƚŚĂƚƚŽŐĞƚŚĞƌƉƌŽǀŝĚĞϲ͘ϳϱŵĞŐĂǁĂƚƚƐŽĨƉŽǁĞƌƚŽŽĨĨƐĞƚƚŚĞƵƐĞŽĨŵĂŶLJŽĨƚŚĞŝƌdǁŝŶŝƚŝĞƐ ƉƌŽƉĞƌƚŝĞƐ͕tĞŝƐƵŝůĚĞƌƐŚĂƐĐŽŶƐƚƌƵĐƚĞĚƐĞǀĞƌĂů> ĐĞƌƚŝĨŝĞĚďƵŝůĚŝŶŐƐ͕ĂŶĚ ^'ƌĐŚŝƚĞĐƚƵƌĞĂŶĚ ĞƐŝŐŶƌĞĐĞŶƚůLJĐŽŵƉůĞƚĞĚƚŚĞdŽŵŵŝĞ ĂƐƚZĞƐŝĚĞŶĐĞ,ĂůůŽŶƚŚĞhŶŝǀĞƌƐŝƚLJŽĨ^ƚ͘dŚŽŵĂƐĐĂŵƉƵƐŝŶ^ƚ͘ WĂƵů͕DEͲƚŚĞĨŝƌƐƚŵƵůƚŝͲĨĂŵŝůLJŵŝĚͲƌŝƐĞďƵŝůĚŝŶŐŝŶƚŚĞDŝĚǁĞƐƚƚŽĂĐŚŝĞǀĞ> ǀϰWůĂƚŝŶƵŵĐĞƌƚŝĨŝĐĂͲ ƚŝŽŶ͘ tĞƐĞĞŬƚŽŝŵƉůĞŵĞŶƚĂǀŝƐŝŽŶƚŚĂƚĂĚŚĞƌĞƐƚŽDĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐĂŶĚ^ƚĂŶĚĂƌĚƐ͘dŚŝƐƉĂƌĐĞůŝƐĂƚĂ ƉƌŽŵŝŶĞŶƚĂŶĚǀŝƐŝďůĞůŽĐĂƚŝŽŶǁŝƚŚŝŶD^ƵďĚŝƐƚƌŝĐƚϭʹŽǁŶƚŽǁŶtĂƚĞƌĨƌŽŶƚ͘/ƚŝƐĐƌŝƚŝĐĂůƚŚĂƚǁŚĂƚŝƐ ĚĞůŝǀĞƌĞĚŽŶƚŚŝƐƐŝƚĞƐĞƌǀĞƐĂƐĂŵŽĚĞůĂŶĚĐĂƚĂůLJƐƚĨŽƌĂĚĚŝƚŝŽŶĂůƋƵĂůŝƚLJĚĞǀĞůŽƉŵĞŶƚǁŝƚŚŝŶƚŚĞD͘ tĞůŽŽŬĨŽƌǁĂƌĚƚŽĨƵƌƚŚĞƌĞŶŐĂŐĞŵĞŶƚǁŝƚŚŝƚLJĂŶĚDƐƚĂŬĞŚŽůĚĞƌƐƚŚƌŽƵŐŚƚŚĞƉƌŽũĞĐƚƉůĂŶŶŝŶŐ ĂŶĚƌĞǀŝĞǁƉƌŽĐĞƐƐ͘^ŽŵĞĞdžĂŵƉůĞƐŽĨŚŽǁƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŵĞĞƚƐƐĞůĞĐƚŽďũĞĐƚŝǀĞƐŽĨƚŚĞ DĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐĂƌĞ͗ ͻŽŶŶĞĐƚŝŽŶƐƚŽƚŚĞƐƚƌĞĞƚƐĐĂƉĞĞŶŚĂŶĐĞƚŚĞƉƵďůŝĐƌĞĂůŵĂŶĚĞŶĐŽƵƌĂŐĞǁĂůŬŝŶŐͬďŝŬŝŶŐ͘ ͻŽŶŶĞĐƚŝŽŶƐĨŽƌŵĞĚƚŽƚŚĞƵŵďƌŽZŝǀĞƌĂŶĚĞdžŝƐƚŝŶŐŶĂƚƵƌĂůƌĞƐŽƵƌĐĞƐŝŶĐůƵĚĞĂĚĚŝƚŝŽŶŽĨ ƐŝĚĞǁĂůŬĐŽŶŶĞĐƚŝŽŶƐ͕ĂŵĞŶŝƚŝĞƐ͕ĂŶĚǁĂůŬŽƵƚƵŶŝƚƐĂĚũĂĐĞŶƚƚŽƚŚĞƌŝǀĞƌ͘ ͻ^ĞƌǀĞƐĂƐĂŐĂƚĞǁĂLJƐŝƚĞŝŶƚŽƚŚĞŽǁŶƚŽǁŶtĂƚĞƌĨƌŽŶƚĚŝƐƚƌŝĐƚĂŶĚƚŚĞD͘ ͻ/ŶĐŽŽƌĚŝŶĂƚŝŽŶǁŝƚŚĐŽŵŵƵŶŝƚLJƐƚĂŬĞŚŽůĚĞƌƐ͕ǁĞǁŝůůŝŵƉůĞŵĞŶƚƉƵďůŝĐĂƌƚ͘ ͻtĞǁŝůůŝŵƉůĞŵĞŶƚŶŽǀĞůĂŶĚǀŝƐŝďůĞƐƚŽƌŵǁĂƚĞƌDWƐ͘ ͻ^ƚƌĞĞƚƐĐĂƉĞƐͬĚĞƐŝŐŶƉůĂŶŶĞĚƚŽĂĚŚĞƌĞƚŽDƐƚƌĞĞƚŚŝĞƌĂƌĐŚLJĂŶĚƌĞƋƵŝƌĞŵĞŶƚƐ͘ ϯ ϰ 3DFNHW3J ^d/Dd ^/d > sd/KE;,/',ͿсϵϵϬ ^d/Dd ^/d > sd/KE;>KtͿсϴϴϲ hDZKZ/s Z > sd/KEсϵϳϱ ϭϬϬzZ&>KK > sd/KEсϵϴϰ ϵϵϬ y Z/^ ĂƐƚĞŶƚĞƌ^ƚƌĞĞƚ W d ϴϴϲ W d y Z^/ &ŝƌƐƚ^ƚƌĞĞƚE ϭ͕ϯϳϰ^& Ϯ ϴϲϰ^& ϭ ϴϲϰ^& ϭ ϳϮϬ^& ϭ D , ϭ͕ϬϴϬ^&ϭ͕ϬϴϬ^& Ϯ Ϯ >KhE' ͬ K&& ^dh/K ϰϲϬ^& ^dh/K ϰϲϬ^& D/>ͬW<' ϳϮϬ^& ϭ ϳϮϬ^& ϭ DKs /E > ^/E' ^h/d ϳϮϬ^& ϭ dKt ZW Z/D d ZKs WZ</E' ϳϮϬ^& ϭ ϳϮϬ^& ϭ &/dE ^^ ϳϮϬ^& ϭ ϳϮϬ^& ϭ zK' &/dE ^^ ϳϯϬ^& ϭ dZ^, /< >hZKKD > ϯϵϳ^& ϭ͕ϴϭϰ^& > ^/E' ^h/d ϭ͕ϯϳϰ^& Ϯ ϴϲϰ^& ϭ ϴϲϰ^& ϭ ϳϮϬ^& ϭ ϭ͕ϬϴϬ^&ϭ͕ϬϴϬ^& Ϯ Ϯ ^dh/K ϰϲϬ^& ^dh/K ϰϲϬ^& ϳϮϬ^& KW EdK >Kt ϭ ϳϮϬ^& ϭ ϳϮϬ^& ϭ dKt ZW Z/D d ZKs ϳϮϬ^& ϭ ϳϮϬ^& ϭ WZ</E' ϳϮϬ^& ϭ ϳϮϬ^& ϭ ϳϮϬ^& ϭ ϳϮϬ^& ϭ ^dh/K ϰϲϬ^& ^dh/K ϰϲϬ^& ϭ͕ϬϴϬ^& Ϯ ϭ͕ϭϭϱ^& Ϯ ϭ͕ϮϬϱ^& Ϯ ϲϱϱ^& ϭ >Ks ϲϯϭ^& ϭ н ϴϲϯ^& ^dKZ' >Ks ϱϰϬ^& ϭ͕ϬϴϬ^&ϭ͕ϬϴϬ^& Ϯ Ϯ ϭ͕ϭϱϱ^& d Ϯ ^dh/K ϰϲϬ^& > ^dh/K ϰϲϬ^& ϳϮϬ^& ϭ ϳϮϬ^& ϭ /Zh>d/KE Ϯ͕ϴϴϯ^& ϳϮϬ^& ϭ ϳϮϬ^& ϳϮϬ^&ϭ ϭ ϳϮϬ^& ϭ WZ</E' ϳϮϬ^& ϭ ϳϮϬ^& ϭ ^dKZ' td ZZKKDd> s >ϱ ϳϮϬ^& ϭ ϳϮϬ^& ϭ ϳϮϬ^& ϭ ϳϮϬ^& ϭ >Ks ϱϮϲ^& ϳϮϬ^& ϭ ^dh/K ϰϲϬ^& dZ^, > ͬ d >Ks ϱϵϳ^& ^dh/K ϰϲϬ^& ^dh/K ϭ͕Ϭϳϯ^& ϱϬϮ^& Ϯ ϭ͕ϬϴϬ^& ^dh/K ϰϭϲ^& Ϯ ϭ͕ϭϭϱ^& Ϯ ϭ͕ϮϬϱ^& Ϯ ϲϱϱ^& ϭ ϭ н ϴϲϯ^& ϭ͕Ϭϲϯ^& Ϯ >Ks ϱϰϬ^& ^Wͬt >>E ^^ ϭ͕ϯϭϵ^& ϭ͕ϭϱϱ^& Ϯ d > ϳϮϬ^& ϭ WKK> ^W ϳϮϬ^& ϭ ZKK&d ZZ >hZKKD ϭ͕ϱϵϭ^& ϳϮϬ^& ϭ ZKK& >Kt /Zh>d/KE ϳϮϬ^&ϳϮϬ^& ϭ ϭ Ϯ͕ϴϬϲ^& >Ks ϱϮϲ^& >Ks ϱϴϱ^& KW EdKWZ</E' >Kt >Ks ϱϴϱ^& dZ^, >Ks ϱϵϳ^& ϭ͕ϬϴϬ^& Ϯ ϭ͕ϬϴϬ^& Ϯ ϭ͕Ϯϯϭ^& Ϯ ϲϱϱ^& ϭ ϭ н ϴϲϯ^& ϭ͕ϬϳϮ^& Ϯ >Ks ϱϰϬ^& ϳϮϬ^& ϭ ϭ͕ϭϭϰ^& Ϯ >Ks ϱϲϵ^& > ϳϮϬ^& ϭ ϭ н ϴϳϭ^& ϳϮϬ^& ϭ ϳϮϬ^& ϭ ϳϮϬ^& ϭ ϳϮϬ^& ϭ ϳϮϬ^& ϭ >Ks ϱϱϮ^& >Ks ϱϴϱ^& >Ks ϱϴϱ^& dZ^, >Ks ϲϬϭ^& ϭ͕ϬϴϬ^& Ϯ ϭ͕ϬϴϬ^& Ϯ W Ed,Kh^ ϭ͕ϴϱϴ^& W Ed,Kh^ ϭ н ϭ͕ϳϴϰ^& ϴϲϯ^& Z/s Zd ZZ >Ks ϲϬϳ^& ^<z>KhE' ϭ н ϴϳϭ^& ϳϮϬ^& ZKK& ϭ ϳϮϬ^& ϭ ϳϮϬ^&ϳϮϬ^& ϭ ϭ >Ks ϱϮϲ^& >Ks ϱϴϱ^& KW EdK >Kt > s >ϭϯW>E dZ^, W Ed,Kh^ ϭ͕ϲϱϱ^& W Ed,Kh^ ϭ͕ϲϴϳ^& ZKK& ϯйϮϳйϯϴйϵйϮϮйϮйϭϬϬй ϱϲ ϭϴϮϯй ϬϬϬϬϬϬϬϬϲϰϰϰϰ ϮϮϮϮ ^ƚƵĚŝŽ ϬϬϬϬϬϬϬϬϬϬϬϬϯ͕ϯϴϲ ϯ͕ϯϴϲ >ĞǀĞůϰ >ĞǀĞůϱ>ĞǀĞůϯ>ĞǀĞůϮ>ĞǀĞůϭ dŽƚĂů ϬϬϬϬϯϵϳ ϯϵϳ ϭϬ͕ϭϭϬ ϭ͕ϴϱϬ Ϯ͕ϬϲϱϮ͕ϬϲϱϮ͕ϬϲϱϮ͕Ϭϲϱ ϱϱ͕ϵϳϲ ϴ͕ϭϮϳ ϭϭ͕ϵϲϮϭϭ͕ϵϲϮϭϭ͕ϵϲϮϭϭ͕ϵϲϮ ϬϬϬϬϬϬϬϬ ϲϵ͕ϴϲϵ ϭϰ͕ϬϮϳϭϰ͕ϬϮϳϭϰ͕ϬϮϳϭϰ͕ϬϮϳϭϯ͕ϳϲϬ '^& ϭϭ͕ϴϲϴ ϭ͕ϯϭϵ ϭϬ͕ϱϰϵ ŐƌĞĞŶƌŽŽĨ ŽƌƚĞƌƌĂĐĞ ϳϰ͘ϱйϴϱ͘ϱйϴϱ͘ϱйϴϱ͘ϱйϴϱ͘ϱйϴϱ͘ϱйϴϱ͘ϱйϳϬ͘ϯйϳϭ͘Ϯйϳϭ͘Ϯйϳϭ͘Ϯйϲϴ͘ϲйϮϴ͘ϲй ϭϬ͕ϳϱϰ ϭ͕ϴϳϴϬϬϬϬϬϬϮ͕ϵϭϬϬϬϬϱ͕ϵϲϲ ϭϭϵϴ ϭ͕ϴϭϰ ϬϬϬϬϬϬϬϬϬϬϬϬϭ͕ϴϭϰ ϬϬϬϬϬϬϬϬϬϬ ϰ͕ϳϮϴ ϭ͕ϱϳϲϭ͕ϱϳϲϭ͕ϱϳϲ Z^&ͬh'^&'^&ͬh ĨĨŝĐŝĞŶĐLJŵĞŶŝƚLJŵĞŶŝƚLJͬh ϯϰ͕ϰϰϯ Ϯ͕ϳϵϬϮ͕ϳϵϬϮ͕ϳϵϬϮ͕ϳϵϬϮ͕ϳϵϬϮ͕ϳϵϬϮ͕ϴϬϲ Ϯ͕ϳϰϮϮ͕ϴϴϯϮ͕ϴϴϯϮ͕ϴϴϯϭ͕ϳϱϯϭ͕ϳϱϯϮϬϵϭϲϲ͕ϰϰϱϳϵϲϮϭϴ͕ϭϴϰϭϬϰϰϳϲ͘ϯйϭϬ͕ϳϱϰϱϭϴϬϱϱ͕ϵϳϲϳϬϬϲϵ͕ϴϲϵϴϳϯϴϬ͘ϭйϯ͕ϯϴϲϰϮ ϭϲϲ͕ϰϰϱ ϭϯ͕ϰϳϰϭϲ͕ϰϰϰϭϲ͕ϰϰϰϭϲ͕ϰϰϰϭϲ͕ϰϰϰϭϲ͕ϰϰϰϭϲ͕ϰϰϰϭϯ͕ϱϯϰϯ͕ϴϮϮϯ͕ϴϮϮ ϭϭ͕Ϭϰϯϭϭ͕Ϭϰϯϭϭ͕Ϭϰϯ Ϯϭϴ͕ϭϴϰ ϭϴ͕Ϭϵϰϭϵ͕Ϯϯϰϭϵ͕Ϯϯϰϭϵ͕Ϯϯϰϭϵ͕Ϯϯϰϭϵ͕Ϯϯϰϭϵ͕Ϯϯϰϭϵ͕ϮϱϬ ϭϱ͕ϱϬϮϭϱ͕ϱϬϮϭϱ͕ϱϬϮϱ͕ϱϳϱϭϯ͕ϯϱϱ '^& 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ͻŽŶŶĞĐƚŝŽŶƐĨŽƌŵĞĚƚŽƚŚĞƵŵďƌŽZŝǀĞƌĂŶĚĞdžŝƐƚŝŶŐŶĂƚƵƌĂůƌĞƐŽƵƌĐĞƐŝŶĐůƵĚĞ͖ĂĚĚŝƚŝŽŶŽĨƐŝĚĞǁĂůŬ ĐŽŶŶĞĐƚŝŽŶƐ͕ĂŵĞŶŝƚŝĞƐ͕ĂŶĚǁĂůŬŽƵƚƵŶŝƚƐĂĚũĂĐĞŶƚƚŽƚŚĞƌŝǀĞƌ͘ ͻ^ĞƌǀĞƐĂƐĂŐĂƚĞǁĂLJƐŝƚĞŝŶƚŽƚŚĞŽǁŶƚŽǁŶtĂƚĞƌĨƌŽŶƚĚŝƐƚƌŝĐƚĂŶĚƚŚĞD͘ ͻ/ŶĐŽŽƌĚŝŶĂƚŝŽŶǁŝƚŚĐŽŵŵƵŶŝƚLJƐƚĂŬĞŚŽůĚĞƌƐ͕ǁĞǁŝůůŝŵƉůĞŵĞŶƚƉƵďůŝĐĂƌƚ͘ ͻtĞǁŝůůŝŵƉůĞŵĞŶƚŶŽǀĞůĂŶĚǀŝƐŝďůĞƐƚŽƌŵǁĂƚĞƌDWƐ͘ ͻ^ƚƌĞĞƚƐĐĂƉĞƐͬĚĞƐŝŐŶƉůĂŶŶĞĚƚŽĂĚŚĞƌĞƚŽDƐƚƌĞĞƚŚŝĞƌĂƌĐŚLJĂŶĚƌĞƋƵŝƌĞŵĞŶƚƐ͘ ĚĞŵŽŶƐƚƌĂƚĞĚĐůĞĂƌƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞƉƌŽũĞĐƚƐŝƚĞ͕ƐƵƌƌŽƵŶĚŝŶŐŶĞŝŐŚďŽƌŚŽŽĚĂŶĚĐŽŵŵƵŶŝƚLJ͘ d ŚĞƉƌŽũĞĐƚ͛ƐĚĞƐŝŐŶǁĂƐĐƌĞĂƚĞĚƚŽĞĨĨŝĐŝĞŶƚůLJŝŶƚĞŐƌĂƚĞŚŝŐŚͲĚĞŶƐŝƚLJ͕ŵŝdžĞĚŝŶĐŽŵĞŚŽƵƐŝŶŐŝŶƚŽƚŚĞ ŶĞŝŐŚďŽƌŚŽŽĚ͛ƐĞdžŝƐƚŝŶŐĨĂďƌŝĐ͘dŚĞϮϴϵͲƵŶŝƚƐƵƐƚĂŝŶĂďůĞĚĞǀĞůŽƉŵĞŶƚĂĐƚŝǀĂƚĞƐƚŚĞƐŝƚĞ͛ƐƌŝǀĞƌĨƌŽŶƚĂŐĞ ǁŚŝůĞƉƌŽǀŝĚŝŶŐĨƵƚƵƌĞƌĞƐŝĚĞŶƚƐĂĚũĂĐĞŶƚĂĐĐĞƐƐƚŽƚŚĞŝŵŵŝŶĞŶƚƌĂƉŝĚďƵƐƚƌĂŶƐŝƚƌŽƵƚĞĂŶĚŶĞĂƌďLJƉƵďͲ ůŝĐĂŶĚƉƌŝǀĂƚĞĂŵĞŶŝƚŝĞƐ͘dŚĞƉƌŽƉŽƐĞĚďƵŝůĚŝŶŐƐǁŝůůĨĞĂƚƵƌĞŚŝŐŚƋƵĂůŝƚLJĞdžƚĞƌŝŽƌŵĂƚĞƌŝĂůƐ͕ĂƉƵƌƉŽƐĞͲ ĨƵůůLJƐĐƌĞĞŶĞĚƉĂƌŬŝŶŐĐŽŵƉŽŶĞŶƚ͕ĂŶĚĂďĞƐƚͲŝŶͲĐůĂƐƐĂŵĞŶŝƚLJƉƌŽĨŝůĞ͘ ϰϴ 3DFNHW3J +D ^ĐŚĞĚƵůĞĂŶĚŝŵƉůĞŵĞŶƚĂƟŽŶ;ŝŶĐůƵĚŝŶŐĂŶLJƉŚĂƐŝŶŐƉůĂŶͿ 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