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March 4, 2024 Agenda Packet
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͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭ [[1276,2373,1289,2425][11][B,I,][Arial]] [[1276,2459,1289,2511][11][B,I,][Arial]] [[1276,2543,1289,2595][11][B,I,][Arial]] [[1276,2629,1289,2681][11][B,I,][Arial]] [[1276,2713,1289,2765][11][B,I,][Arial]] [[1276,2799,1289,2851][11][B,I,][Arial]] [[1276,2885,1289,2937][11][B,I,][Arial]] 3DJHRI &LW\RI5RFKHVWHU0LQQHVRWD 5HTXHVWIRU3URSRVDOV3ODQQLQJ6XFFHHG&RPSUHKHQVLYH3ODQ8SGDWH [[1276,471,1289,523][11][B,I,][Arial]] [[1276,555,1289,607][11][B,I,][Arial]] [[1276,641,1289,693][11][B,I,][Arial]] [[1276,726,1289,778][11][B,I,][Arial]] [[1276,811,1289,863][11][B,I,][Arial]] [[1276,897,1289,949][11][B,I,][Arial]] [[1276,981,1289,1033][11][B,I,][Arial]] [[306,1067,319,1119][11][B,I,][Arial]] [[306,1152,319,1204][11][B,I,][Arial]] [[306,1237,319,1289][11][B,I,][Arial]] [[306,1323,319,1375][11][B,I,][Arial]] [[306,1407,319,1459][11][B,I,][Arial]] [[306,1493,319,1545][11][B,I,][Arial]] [[155,1578,168,1630][11][B,I,][Arial]] [[155,1663,168,1715][11][B,I,][Arial]] [[306,1749,319,1802][11][,I,][Arial]] [[306,1833,319,1886][11][,I,][Arial]] [[306,1919,319,1972][11][,I,][Arial]] [[306,2004,319,2057][11][,I,][Arial]] [[306,2089,319,2142][11][,I,][Arial]] [[306,2175,319,2228][11][,I,][Arial]] [[1276,2260,1289,2313][11][,I,][Arial]] [[1276,2345,1289,2398][11][,I,][Arial]] [[1276,2431,1289,2484][11][,I,][Arial]] [[1276,2515,1289,2568][11][,I,][Arial]] [[1276,2601,1289,2654][11][,I,][Arial]] [[1276,2686,1289,2739][11][,I,][Arial]] 3DJHRI &LW\RI5RFKHVWHU0LQQHVRWD 5HTXHVWIRU3URSRVDOV3ODQQLQJ6XFFHHG&RPSUHKHQVLYH3ODQ8SGDWH ,QWURGXFWLRQ 7KH&LW\RI5RFKHVWHU DSSUR[LPDWHSRSXODWLRQRI LVUHTXHVWLQJSURSRVDOVWRFRQWUDFW ¶V&RPSUHKHQVLYH3ODQ SURIHVVLRQDOVHUYLFHVWROHDGWKHUHYLHZDQGXSGDWHRIWKH&LW\RI5RFKHVWHU 7KHSXUSRVHRIWKH&RPSUHKHQVLYH3ODQDSSURYHGLQLVWRDUWLFXODWHDFRPPXQLW\YLVLRQWKURXJK 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sŝƐŝƚƐŝƚĞĨŽƌĂǁĂůŬƚŚƌŽƵŐŚŽĨĞdžŝƐƚŝŶŐ,sĞƋƵŝƉŵĞŶƚĂŶĚ^ŚĂƌĚǁĂƌĞ͘ƌŝŶŐƉĂƌƚŝĂůůLJ x ĚĞǀĞůŽƉĞĚŚĂƌĚǁĂƌĞŝŶƐƚĂůůĂƚŝŽŶĚƌĂǁŝŶŐƐĨŽƌƌĞĚůŝŶŝŶŐƚŽƌĞĨŝŶĞĚƌĂǁŝŶŐƐĞƚĨŽƌŶĞdžƚƌĞǀŝƐŝŽŶ͘ ZĞǀŝĞǁĞdžŝƐƚŝŶŐƐŽĨƚǁĂƌĞŐƌĂƉŚŝĐƐĐƌĞĞŶƐ͘ x ŝƐĐƵƐƐŝŽŶƐǁŝƚŚĚĞƐŝŐŶĞŶŐŝŶĞĞƌĂŶĚŝƚLJƚŽƵŶĚĞƌƐƚĂŶĚƉƌĞĨĞƌĞŶĐĞƐ͕ĞdžŝƐƚŝŶŐĐŽŶĚŝƚŝŽŶƐ͕ĂŶĚ x ĞdžƉĞĐƚĂƚŝŽŶƐ͘ ϱ͘ĞǀĞůŽƉŚĂƌĚǁĂƌĞŝŶƐƚĂůůĂƚŝŽŶĚƌĂǁŝŶŐƐƚŚĂƚƐŚĂůůďĞĞŵďĞĚĚĞĚŝŶƚŽD WĚƌĂǁŝŶŐƐĞƚŝƐƐƵĞĚĨŽƌďŝĚ͘ ƌĂǁŝŶŐƐƐŚĂůůŝŶĐůƵĚĞĚĞƚĂŝůĞĚĐŽŶƚƌŽůŚĂƌĚǁĂƌĞŝŶƐƚĂůůĂƚŝŽŶĚƌĂǁŝŶŐĐŽŶƚĞŶƚ͘ŽŶƚĞŶƚŝŶĐůƵĚĞƐ x ƐLJƐƚĞŵĂƌĐŚŝƚĞĐƚƵƌĞ͕ĂĚĚƌĞƐƐŝŶŐ͕ďŝůůŽĨŵĂƚĞƌŝĂůƐ͕ǁŝƌŝŶŐƚĞƌŵŝŶĂƚŝŽŶĚĞƚĂŝůƐ͕ƐLJƐƚĞŵƐĚĞƚĂŝůƐ͕ĂŶĚ ƐƵƉƉŽƌƚŝŶŐƐĐŚĞĚƵůĞƐ͘ EĞǁĐŽŶƚƌŽůƐĂƌĞƉůĂŶŶĞĚƚŽďĞĂĚĚĞĚŽŶŶĞǁ,sĞƋƵŝƉŵĞŶƚĂŶĚŶĞǁĐŽŶƚƌŽůƐƐŚĂůůďĞƉƌŽǀŝĚĞĚ x ƚŽƌĞƉůĂĐĞĞdžŝƐƚŝŶŐĐŽŶƚƌŽůƐŽŶĞdžŝƐƚŝŶŐĐĞŶƚƌĂůƉůĂŶƚ͕ƐƵƉƉůLJͲƐŝĚĞĞƋƵŝƉŵĞŶƚ͘ZĞĨĞƌƚŽƉĂƌĂŐƌĂƉŚ͕ ŽŶƚƌŽů^LJƐƚĞŵʹ^ŽĨƚǁĂƌĞ ŶŐŝŶĞĞƌŝŶŐ͕ĨŽƌĚĞƐĐƌŝƉƚŝŽŶŽĨĐŽŶƚƌŽůĂƌĐŚŝƚĞĐƚƵƌĞ͘ ϲ͘^ƵďŵŝƚƉƌŽƉŽƐĞĚŚĂƌĚǁĂƌĞŝŶƐƚĂůůĂƚŝŽŶĚƌĂǁŝŶŐƐƚŽĚĞƐŝŐŶĞŶŐŝŶĞĞƌĂŶĚŝƚLJĨŽƌƌĞǀŝĞǁĂŶĚĂƉƉƌŽǀĂů͘ ƚƚĞŶĚŽŶĞǀŝƌƚƵĂůƌĞǀŝĞǁŵĞĞƚŝŶŐǁŝƚŚĚĞƐŝŐŶĞŶŐŝŶĞĞƌĂŶĚŝƚLJƚŽƌĞǀŝĞǁƐƵďŵŝƚƚĂů͘ x 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ĂŶĚŝŶĐŽƌƉŽƌĂƚĞŝƚLJĨĞĞĚďĂĐŬ͘ Ϯ͘dLJƉŝĐĂůŐƌĂƉŚŝĐƐĐƌĞĞŶƐŝŶĐůƵĚĞƐŝƚĞƐƉĞĐŝĨŝĐŚŽŵĞͬƐƵŵŵĂƌLJŐƌĂƉŚŝĐ͕ĨůŽŽƌƉůĂŶ ŐƌĂƉŚŝĐƐ͕ƚĂďůĞƐƚLJůĞĚĂƚĂƌĞƉŽƌƚƐ͕ŝŶĚŝǀŝĚƵĂůƐLJƐƚĞŵͬĞƋƵŝƉŵĞŶƚŐƌĂƉŚŝĐƐ͕ ƐĞƋƵĞŶĐĞƐĂŶĚĞŵďĞĚĚĞĚD WĚŽĐƵŵĞŶƚĂƚŝŽŶ͘ ŝŝŝ͘ džŝƐƚŝŶŐĂůĂƌŵŶŽƚŝĨŝĐĂƚŝŽŶƐƚƌĂƚĞŐLJƐŚĂůůďĞĞdžƚĞŶĚĞĚĨŽƌƚŚŝƐƉƌŽũĞĐƚ͘ ŝǀ͘,ŝƐƚŽƌLJƚƌĞŶĚŝŶŐ ϭ͘,ŝƐƚŽƌLJƚƌĞŶĚƐƐŚĂůůďĞĂĚĚĞĚĨŽƌĞǀĞƌLJŚĂƌĚǁĂƌĞƉŽŝŶƚĂŶĚĞǀĞƌLJĐĂůĐƵůĂƚĞĚ ƐŽĨƚǁĂƌĞƉŽŝŶƚƚŚĂƚĐŚĂŶŐĞĂƵƚŽŵĂƚŝĐĂůůLJďLJǁĂLJŽĨƉƌŽŐƌĂŵŵŝŶŐ͘ DŝĚĚůĞ>ĞǀĞůʹEŝĂŐĂƌĂ: ĐŽŶƚƌŽůůĞƌƐ͘ x ŝ͘EĞǁ: ĐŽŶƚƌŽůůĞƌƐĂŶĚŝŶƉƵƚͬŽƵƚƉƵƚŵŽĚƵůĞƐƐŚĂůůďĞĂĚĚĞĚǁŚĞƌĞŶĞĞĚĞĚƚŽƉƌŽǀŝĚĞ ĞƋƵŝƉŵĞŶƚĐŽŶƚƌŽůĂŶĚŐĂƚĞǁĂLJĨƵŶĐƚŝŽŶĂůŝƚLJƚŽĨŝĞůĚĐŽŶƚƌŽůůĞƌƐ͘,ĂƌĚǁĂƌĞ͕ƐŽĨƚǁĂƌĞĂŶĚ ůŝĐĞŶƐŝŶŐƐŚĂůůďĞĨƵƌŶŝƐŚĞĚĂŶĚŝŶƐƚĂůůĞĚďLJŽƚŚĞƌƐ͕ƌĞĨĞƌƚŽĐůĂƌŝĨŝĐĂƚŝŽŶƐ͘ ŽƚƚŽŵ>ĞǀĞůʹ&ŝĞůĚŽŶƚƌŽůůĞƌƐ x ŝ͘dŚŝƐůĞǀĞůŝŶĐůƵĚĞƐĐŽŶƚƌŽůůĞƌƐƐĞƌǀŝŶŐƐŵĂůůĂƌĞĂƐŽƌnjŽŶĞƐ͘dLJƉŝĐĂůůLJ͕ƚŚĞƐĞĐŽŶƚƌŽůůĞƌƐĂƌĞ ĂƉƉůŝĞĚƚŽŽƉĞƌĂƚĞ,sĞƋƵŝƉŵĞŶƚŝŶĐůƵĚŝŶŐƵŶŝƚŚĞĂƚĞƌƐ͕ĨŝŶŶĞĚƚƵďĞƌĂĚŝĂƚŝŽŶ͕ĨĂŶĐŽŝů 6FRSHDQG)HH.), ŽŶƚƌŽůƐD^/WůĂŶƚƐ ŝƚLJŽĨZŽĐŚĞƐƚĞƌ WĂŐĞϯŽĨϲ ƵŶŝƚƐĂŶĚƐŽŽŶ͘&ŝĞůĚĐŽŶƚƌŽůůĞƌƐĐŽŵŵƵŶŝĐĂƚĞƚŽƚŚĞEŝĂŐĂƌĂ^ƵƉĞƌǀŝƐŽƌǀŝĂ: ĐŽŶƚƌŽůůĞƌƐ͘ ŝŝ͘ƵƌƌĞŶƚůLJĨŝĞůĚĐŽŶƚƌŽůůĞƌƐĂƌĞŶŽƚƉůĂŶŶĞĚĨŽƌƚŚŝƐƉƌŽũĞĐƚ͕ďƵƚĂŶLJŶĞĞĚĞĚƐŚĂůůďĞ:/&y ďƌĂŶĚĨŝĞůĚĐŽŶƚƌŽůůĞƌƐ͘ ŝŝŝ͘ZĞĨĞƌƚŽƉĂƌĂŐƌĂƉŚ͕,s ƋƵŝƉŵĞŶƚ>ŝƐƚ͕ĨŽƌŝŶĐůƵĚĞĚĞƋƵŝƉŵĞŶƚ͘ ŽŶƚƌŽů^LJƐƚĞŵʹŚĞĐŬŽƵƚ͕&ŝŶĞͲdƵŶŝŶŐ͕ĂŶĚůŽƐĞŽƵƚ͘ ϭ͘sŝƐŝƚƐŝƚĞƚŽƉĞƌĨŽƌŵĐŚĞĐŬŽƵƚ͘ŽŽƌĚŝŶĂƚĞǁŝƚŚŝŶƐƚĂůůŝŶŐĐŽŶƚƌĂĐƚŽƌƚŽďĞŽŶƐŝƚĞĚƵƌŝŶŐĐƵƚŽǀĞƌ͘ Ϯ͘<&/ƐŚĂůůĐŽŵƉůĞƚĞŚĂƌĚǁĂƌĞƉŽŝŶƚͲƚŽͲƉŽŝŶƚĐŚĞĐŬŽƵƚǀĞƌŝĨŝĐĂƚŝŽŶŽĨĐŽŶƚƌŽůŚĂƌĚǁĂƌĞ͘dŽƌĞƐŽůǀĞĂŶLJ ĚĞĨŝĐŝĞŶĐŝĞƐĨŽƵŶĚ͕<&/ƐŚĂůůĨŝƌƐƚĂƚƚĞŵƉƚƚŽƚƌŽƵďůĞƐŚŽŽƚĂŶĚƌĞƐŽůǀĞƐŽĨƚǁĂƌĞ͘/ĨŚĂƌĚǁĂƌĞƚƌŽƵďůĞƐŚŽŽƚŝŶŐ ĂŶĚƌĞƉĂŝƌŝƐŶĞĐĞƐƐĂƌLJ͕<&/ƐŚĂůůŶŽƚŝĨLJŝŶƐƚĂůůŝŶŐĐŽŶƚƌĂĐƚŽƌƚŽƌĞƐŽůǀĞ͘ĞLJŽŶĚƚŚŝƐ͕ĨƵƌƚŚĞƌƌĞƉĂŝƌƐĂƐ ŶĞĞĚĞĚĨŽƌĞdžŝƐƚŝŶŐĞƋƵŝƉŵĞŶƚŵĂLJďĞĐŽŵƉůĞƚĞĚĂƐĂŶĂĚĚŝƚŝŽŶĂůƐĞƌǀŝĐĞ͘ ϯ͘<&/ƐŚĂůůĐŽŵƉůĞƚĞƐŽĨƚǁĂƌĞƐĞƋƵĞŶĐĞŽĨŽƉĞƌĂƚŝŽŶĐŚĞĐŬŽƵƚǀĞƌŝĨŝĐĂƚŝŽŶ͘<&/ƐŚĂůůƉƌŽǀŝĚĞĨŝŶĞͲƚƵŶŝŶŐŽĨ ĐŽŶƚƌŽůƐLJƐƚĞŵĨƵŶĐƚŝŽŶƐŝŶĐůƵĚŝŶŐĐŽŶƚƌŽůůŽŽƉƐ͕ĚŝĨĨĞƌĞŶƚŝĂůƐ͕ĂŶĚƚŝŵĞĚĞůĂLJƐ͘ ϰ͘<&/ƐŚĂůůƐƵƉƉŽƌƚĐŽŵŵŝƐƐŝŽŶŝŶŐĂŐĞŶƚŝŶƚŚĞŝƌƚŚŝƌĚͲƉĂƌƚLJƌĞǀŝĞǁĂŶĚǀĞƌŝĨŝĐĂƚŝŽŶŽĨƚŚĞĐŽŶƚƌŽůƐLJƐƚĞŵ͘dŚŝƐ ŵĂLJŝŶĐůƵĚĞƌĞƐƉŽŶĚŝŶŐƚŽƋƵĞƐƚŝŽŶƐ͕ƉƌŽǀŝĚŝŶŐĂďƌŝĞĨĚĞŵŽŶƐƚƌĂƚŝŽŶ͕ĂŶĚƉƌŽǀŝĚŝŶŐĂĐĐĞƐƐƚŽƚŚĞƐLJƐƚĞŵ ĂƐŶĞĞĚĞĚĨŽƌƚŚĞŝƌĞĨĨŽƌƚƐ͘^ƵƉƉŽƌƚƐŚĂůůďĞƵƉŽŶƚŚĞŝƌƌĞƋƵĞƐƚ͘ ϱ͘<&/ƐŚĂůůƉƌŽǀŝĚĞƚƌĂŝŶŝŶŐĨŽƌŽǁŶĞƌƐƚĂĨĨ͘/ŶĐůƵĚĞƐŽŶĞ;ϭͿŽŶĞͲŚŽƵƌƐĞƐƐŝŽŶǁŚŝĐŚǁŝůůĨŽĐƵƐƐƉĞĐŝĨŝĐĂůůLJŽŶ ŶĂǀŝŐĂƚŝŶŐƚŚĞŐƌĂƉŚŝĐƐĂŶĚŽƉĞƌĂƚŝŶŐƚŚĞƐLJƐƚĞŵ͘ ,ĂƌĚǁĂƌĞ/ŶƐƚĂůůĂƚŝŽŶʹLJŽƚŚĞƌƐ ,ĂƌĚǁĂƌĞŝŶƐƚĂůůĂƚŝŽŶŝƐĂŶƚŝĐŝƉĂƚĞĚƚŽĐŽŵƉůĞƚĞĚďLJŝŶƐƚĂůůŝŶŐĐŽŶƚƌĂĐƚŽƌƐƚŚĂƚĂƌĞĂǁĂƌĚĞĚƚŚĞƉƌŽũĞĐƚ͘ DĞĐŚĂŶŝĐĂůŽŶƚƌĂĐƚŽƌ ϭ͘ZĞƉůĂĐĞĞdžŝƐƚŝŶŐĐŽŶƚƌŽůǀĂůǀĞĂƐƐĞŵďůŝĞƐǁŝƚŚŶĞǁǁŚĞƌĞĨĂŝůƵƌĞŚĂƐďĞĞŶŝĚĞŶƚŝĨŝĞĚ͘dĞƐƚŝŶŐǁŝůůďĞĚŽŶĞ ĂƐƉĂƌƚŽĨĐŽŶƚƌŽůůĞƌƌĞƉůĂĐĞŵĞŶƚ͘ Ϯ͘ƐƐŝƐƚǁŝƚŚƉŽŝŶƚͲƚŽͲƉŽŝŶƚĐŚĞĐŬŽƵƚ͘/ƚŵĂLJďĞŶĞĐĞƐƐĂƌLJƚŽƚƌŽƵďůĞƐŚŽŽƚĂŶĚŵĂŬĞĂĚũƵƐƚŵĞŶƚƐŽƌ ĐŽƌƌĞĐƚŝŽŶƐ͘ ůĞĐƚƌŝĐĂůŽŶƚƌĂĐƚŽƌ ϭ͘ĞŵŽůŝƐŚĞdžŝƐƚŝŶŐĐŽŶƚƌŽůƐĂŶĚƌĞĨƵƌďŝƐŚĞdžŝƐƚŝŶŐĞŶĐůŽƐƵƌĞƐǁŝƚŚŶĞǁĐŽŶƚƌŽůƐ͘ >ĂďĞůĂŶĚƚĞŵƉŽƌĂƌŝůLJĚŝƐĐŽŶŶĞĐƚƉŽǁĞƌĐĂďůŝŶŐ͕ƐĂĨĞƚLJĐŝƌĐƵŝƚĐĂďůŝŶŐ͕ĂŶĚŝŶƉƵƚͬŽƵƚƉƵƚĐĂďůŝŶŐ͘ x WůĂŶƚŽůĞĂǀĞĞdžŝƐƚŝŶŐĐŽŶĚƵŝƚƐĂŶĚŝŶƉƵƚͬŽƵƚƉƵƚĐĂďůŝŶŐĨŽƌĐŽŶŶĞĐƚŝŽŶƚŽŶĞǁĐŽŶƚƌŽůƐ͘ x Ϯ͘ZĞĐŽŶŶĞĐƚĞdžŝƐƚŝŶŐƉŽǁĞƌĐĂďůŝŶŐ͕ƐĂĨĞƚLJĐŝƌĐƵŝƚĐĂďůŝŶŐ͕ĂŶĚŝŶƉƵƚͬŽƵƚƉƵƚĐĂďůŝŶŐ͘ ϯ͘ZĞƉůĂĐĞĐŽŶƚƌŽůĚĞǀŝĐĞƐĂƐƌĞƋƵŝƌĞĚĨŽƌĐŽŵƉĂƚŝďŝůŝƚLJ͘ ϰ͘&ƵƌŶŝƐŚĂŶĚŝŶƐƚĂůůŶĞǁĐŽŶĚƵŝƚĂŶĚŝŶƉƵƚͬŽƵƚƉƵƚĐĂďůŝŶŐƚŽƐƵƉƉŽƌƚƌĞƉůĂĐĞĚĚĞǀŝĐĞƐŽƌǁŚĞƌĞƌĞƉůĂĐĞŵĞŶƚ ĐĂďůĞŝƐƌĞƋƵŝƌĞĚ͘ ϱ͘ŽŵƉůĞƚĞƚĞƌŵŝŶĂƚŝŽŶƐƚŽŶĞǁĐŽŶƚƌŽůůĞƌĂŶĚĚĞǀŝĐĞƐ͘ ϲ͘ƐƐŝƐƚǁŝƚŚƉŽŝŶƚͲƚŽͲƉŽŝŶƚĐŚĞĐŬŽƵƚ͘/ƚŵĂLJďĞŶĞĐĞƐƐĂƌLJƚŽƚƌŽƵďůĞƐŚŽŽƚĂŶĚŵĂŬĞĐĂďůŝŶŐĐŽƌƌĞĐƚŝŽŶƐ͘ ,s ƋƵŝƉŵĞŶƚ>ŝƐƚ ϭ͘DĂLJŽŝǀŝĐĞŶƚĞƌ YƵĂŶƚŝƚLJ;ϭͿŶĞǁǁĂƚĞƌƚŽǁĂƚĞƌŚĞĂƚƉƵŵƉtt,WĂŶĚƌĞůĂƚĞĚƉƵŵƉƐ x YƵĂŶƚŝƚLJ;ϮͿŶĞǁŚĞĂƚĞdžĐŚĂŶŐĞƌƐĨŽƌŝƐŽůĂƚŝŶŐƚŚĞĂƌĐĞLJǁĞůůƐĂŶĚĐŽŽůŝŶŐƚŽǁĞƌƐ͘ x YƵĂŶƚŝƚLJ;ϯͿĞdžŝƐƚŝŶŐďŽŝůĞƌƐĂŶĚƌĞůĂƚĞĚƉƵŵƉƐ͘ x 6FRSHDQG)HH.), ŽŶƚƌŽůƐD^/WůĂŶƚƐ ŝƚLJŽĨZŽĐŚĞƐƚĞƌ WĂŐĞϰŽĨϲ YƵĂŶƚŝƚLJ;ϮͿĞdžŝƐƚŝŶŐĂŝƌͲĐŽŽůĞĚĐŚŝůůĞƌƐĂŶĚƌĞůĂƚĞĚƉƵŵƉƐ͘ x YƵĂŶƚŝƚLJ;ϮͿĞdžŝƐƚŝŶŐĐŽŽůŝŶŐƚŽǁĞƌƐ x Ϯ͘ZŽĐŚĞƐƚĞƌWƵďůŝĐ>ŝďƌĂƌLJ YƵĂŶƚŝƚLJ;ϭͿŶĞǁǁĂƚĞƌƚŽǁĂƚĞƌŚĞĂƚƉƵŵƉtt,WĂŶĚƌĞůĂƚĞĚƉƵŵƉƐ x YƵĂŶƚŝƚLJ;ϭͿŶĞǁŚĞĂƚĞdžĐŚĂŶŐĞƌƐĨŽƌŝƐŽůĂƚŝŶŐƚŚĞůŽŽƉ͘ x WZK: d^, h> WƌŝĐŝŶŐŝƐďĂƐĞĚƵƉŽŶƉƌŽũĞĐƚĐŽŵƉůĞƚŝŽŶŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƉƌŽũĞĐƚƐĐŚĞĚƵůĞ͘WƌŽũĞĐƚƚĂƌŐĞƚĚĂƚĞƐƉůĂŶŶĞĚƚŚƵƐĨĂƌ 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ĨƵƌŶŝƐŚĞĚďLJƉƌŽĐƵƌŝŶŐĚŝƌĞĐƚůLJĨƌŽŵƚŚĞĚŝƐƚƌŝďƵƚŽƌ͕<&/ĐĂŶŚĞůƉĂƌƌĂŶŐĞƚŚŝƐ͘ ϰ͘/ŶƐƚĂůůĂƚŝŽŶŽĨŚĂƌĚǁĂƌĞŵĂƚĞƌŝĂůŝƐĂŶƚŝĐŝƉĂƚĞĚƚŽďĞĚŽŶĞǀŝĂƉƵďůŝĐďŝĚƉƌŽĐĞƐƐ͘/ŶƐƚĂůůŝŶŐĐŽŶƚƌĂĐƚŽƌƐŵĂLJ ƐƵďŵŝƚĂƉƌŝĐĞŝŶƌĞƐƉŽŶƐĞƚŽďŝĚĚŽĐƵŵĞŶƚƐ͘<&/ƐŚĂůůƉƌŽǀŝĚĞƚĞĐŚŶŝĐĂůĂƐƐŝƐƚĂŶĐĞĂŶĚƌĞƐƉŽŶĚƚŽƋƵĞƐƚŝŽŶƐ ƚŽƐƵƉƉŽƌƚƐƵĐĐĞƐƐĨƵůďŝĚĚĞƌ͘ ϱ͘dŚĞĞdžŝƐƚŝŶŐ>Žƌ<DĐŽŶƚƌŽůƐƉůĂŶŶĞĚƚŽďĞůĞĨƚŝŶƉůĂĐĞĂƌĞŶŽƚŝŶĐůƵĚĞĚŝŶƚŚŝƐƉƌŽƉŽƐĂů͘ŶLJĐŽŶƚƌŽů ǁŽƌŬŶĞĞĚĞĚƚŽŬĞĞƉƚŚĞƐĞƐLJƐƚĞŵƐŝŶǁŽƌŬŝŶŐŽƌĚĞƌĂŶĚƐƵƉƉŽƌƚ,sŵŽĚŝĨŝĐĂƚŝŽŶƐƐŚĂůůďĞĚŽŶĞďLJ ŽƚŚĞƌƐ͘dŚŝƐŵĂLJŝŶĐůƵĚĞďƵƚŝƐŶŽƚůŝŵŝƚĞĚƚŽ͕ŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽĞdžŝƐƚŝŶŐƐŽĨƚǁĂƌĞŶĞĞĚĞĚƚŽĞůŝŵŝŶĂƚĞ ƌĞŵŽǀĞĚĐŽŶƚƌŽůůĞƌƐĨƌŽŵƚŚĞĞdžŝƐƚŝŶŐƐLJƐƚĞŵĂŶĚŐƌĂƉŚŝĐƐĐƌĞĞŶƐ͕ĂŶĚƌĞǁŽƌŬŝŶŐĐŽŶƚƌŽůůĞƌƐ͕ĐŽŶƚƌŽů ǀĂůǀĞƐ͕ĂŶĚƌĞůĂƚĞĚĚĞǀŝĐĞƐŝŶƐƵƉƉŽƌƚŽĨƉƌŽũĞĐƚĚĞƐŝŐŶ͘ ϲ͘dŚĞŝƚLJƐŚĂůůĞƐƚĂďůŝƐŚƌĞŵŽƚĞĐŽŶŶĞĐƚŝŽŶĨŽƌ<&/ƵƐĞƚŽƉƌŽǀŝĚĞƉƌŽŐƌĂŵŵŝŶŐĂŶĚŐƌĂƉŚŝĐƐƌĞŵŽƚĞůLJ͘ ZĞŵŽƚĞĂĐĐĞƐƐƐŚĂůůƌĞŵĂŝŶĂĐƚŝǀĞƚŚƌŽƵŐŚŽƵƚƚŚĞƉƌŽũĞĐƚĂŶĚǁĂƌƌĂŶƚLJƉĞƌŝŽĚ͘ ϳ͘dŚĞŝƚLJƐŚĂůůƉƌŽǀŝĚĞ/WͲEĞƚǁŽƌŬĐŽŶŶĞĐƚŝŽŶƉŽŝŶƚƐ͕/WͲŶĞƚǁŽƌŬŐĞĂƌ͕ĂŶĚĐŽŶĨŝŐƵƌĂƚŝŽŶĂƐƌĞƋƵŝƌĞĚƚŽ ƐƵƉƉŽƌƚƚŚĞEŝĂŐĂƌĂĐŽŶƚƌŽůůĞƌƐĂŶĚƐĞƌǀĞƌ͘ 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EŽƚŚŝŶŐŝŶƚŚŝƐůĂŶĚƐƵďĚŝǀŝƐŝŽŶƉƌŽƉŽƐĂůǀŝŽůĂƚĞƐĂŶLJĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĐŝƚLJ͕ŽƌĐŽƵŶƚLJ ůĂǁƐͬŽƌĚŝŶĂŶĐĞ͘ Ğ͘dŚĞƉƌŽƉŽƐĞĚǁĂƚĞƌƐLJƐƚĞŵĂŶĚƐĂŶŝƚĂƌLJƐĞǁĞƌƐLJƐƚĞŵĂƌĞĂĚĞƋƵĂƚĞƚŽƐĞƌǀĞƚŚĞ ŶŽƌŵĂůĮƌĞƉƌŽƚĞĐƟŽŶĚĞŵĂŶĚƐŽĨƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚĂŶĚƚŽƉƌŽǀŝĚĞĨŽƌƚŚĞ ĞĸĐŝĞŶƚĂŶĚƟŵĞůLJĞdžƚĞŶƐŝŽŶƚŽƐĞƌǀĞƚŚĞĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚ͘ ƉƌĞĚĞƐŝŐŶŵĞĞƟŶŐǁĂƐĐŽŶĚƵĐƚĞĚǁŝƚŚZŽĐŚĞƐƚĞƌWƵďůŝĐǁŽƌŬƐƚŽƌĞǀŝĞǁƚŚĞƵƟůŝƚLJ ĚĞƐŝŐŶŽĨƚŚĞƉƌŽũĞĐƚ͘ŵĂƐƚĞƌƉůƵŵďĞƌŚĂƐƌĞǀŝĞǁĞĚƚŚĞǁĂƚĞƌĚŝƐƚƌŝďƵƟŽŶƐŝnjŝŶŐĨŽƌ :HVW%URDGZD\6WH ĂĚĞƋƵĂĐLJ͘dŚĞƌĞĂƌĞϮĮƌĞŚLJĚƌĂŶƚƐůŽĐĂƚĞĚĂƚĞĂĐŚƐŽƵƚŚĞƌŶƉƌŽƉĞƌƚLJĐŽƌŶĞƌĨŽƌĮƌĞ ƉƌŽƚĞĐƟŽŶ͘ Ĩ͘dŚĞƉůĂŶĨŽƌƐŽŝůĞƌŽƐŝŽŶĂŶĚƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚŵĞĞƚƐƚŚĞĂĚŽƉƚĞĚƐƚĂŶĚĂƌĚƐ ŽĨƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌĂŶĚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂĚŽƉƚĞĚ^ƚŽƌŵǁĂƚĞƌ DĂŶĂŐĞŵĞŶƚWůĂŶŽƌĂĚŽƉƚĞĚĚƌĂŝŶĂŐĞŽƌƐƚŽƌŵǁĂƚĞƌƉŽůŝĐŝĞƐ͘ ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚŝƐŵĞƚďLJƵŶĚĞƌŐƌŽƵŶĚĚĞƚĞŶƟŽŶƚŽƌĞĚƵĐĞƚŚĞŽǀĞƌĂůůƌƵŶŽī ŽŶƚŚĞƉƌŽƉĞƌƚLJ͘WƌĞůŝŵŝŶĂƌLJƉůĂŶƐŚĂǀĞďĞĞŶƐƵďŵŝƩĞĚǁŝƚŚƚŚŝƐƉƌĞůŝŵŝŶĂƌLJƉůĂƚ ƐŚŽǁŝŶŐƚŚĂƚƚŚŝƐƉƌŽũĞĐƚǁŝůůĐŽŵƉůLJǁŝƚŚĂůůůŽĐĂůƐƚĂŶĚĂƌĚƐ͘ Ő͘dŚĞǀĞŚŝĐƵůĂƌ͕ƉĞĚĞƐƚƌŝĂŶ͕ƚƌĂŶƐŝƚ͕ĂŶĚŶŽŶͲŵŽƚŽƌŝnjĞĚƐLJƐƚĞŵŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚ ĂĚŽƉƚĞĚƚƌĂŶƐƉŽƌƚĂƟŽŶƉůĂŶƐĂŶĚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƐƚƌĞĞƚůĂLJŽƵƚƐƚĂŶĚĂƌĚƐ ůŝƐƚĞĚŝŶ^ĞĐƟŽŶϲϬ͘ϰϬϬ͘ϬϰϬ^ƵďĚŝǀŝƐŝŽŶ>ĞǀĞůŽŶŶĞĐƟǀŝƚLJĂŶĚŝƌĐƵůĂƟŽŶĂŶĚ ĂƉƉůŝĐĂďůĞƚƌĂĸĐƐĞƌǀŝĐĞƐƚĂŶĚĂƌĚƐ͘ dŽĚĂLJƚŚĞƌĞĂƌĞϮĂĐĐĞƐƐƉŽŝŶƚƐĨƌŽŵϮϬ^ƚ^tƚŽƚŚŝƐƉƌŽƉĞƌƚLJ͘dŚĞƉƌŽƉŽƐĞĚŚŽŵĞƐ ƚŚ ǁŝůůƐŚĂƌĞϭĐŽŵŵŽŶĂĐĐĞƐƐƚŽϮϬ^ƚ^tƚŚĂƚŵĞĞƚƐƉĂĐŝŶŐƐƚĂŶĚĂƌĚƐ͘ƉĞĚĞƐƚƌŝĂŶ ƚŚ ĨĂĐŝůŝƟĞƐĂŐƌĞĞŵĞŶƚǁŝůůďĞĐŽŵƉůĞƚĞĚĂƐƐŝŐŶŝŶŐĨƵƚƵƌĞƌĞƐƉŽŶƐŝďŝůŝƟĞƐǁŚĞŶϮϬ^ƚ^tŝƐ ƚŚ ƵƉŐƌĂĚĞĚĂŶĚƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƟĞƐĂƌĞĂĚĚĞĚ͘ Ś͘dŚĞƐŽŝůƐ͕ƚŽƉŽŐƌĂƉŚLJ͕ĂŶĚǁĂƚĞƌƚĂďůĞƐŚĂǀĞďĞĞŶĂĚĞƋƵĂƚĞůLJƐƚƵĚŝĞĚƚŽĞŶƐƵƌĞƚŚĂƚ ĂůůůŽƚƐĂƌĞĚĞǀĞůŽƉĂďůĞĨŽƌƚŚĞŝƌĚĞƐŝŐŶĂƚĞĚƉƵƌƉŽƐĞƐ͘ ƵĞƚŽƚŚĞƚŽƉŽŐƌĂƉŚLJŽĨƚŚĞƐŝƚĞƚƵĐŬƵŶĚĞƌŚŽŵĞƐǁĞƌĞĐŚŽƐĞŶƚŽƌĞĚƵĐĞĚŐƌĂĚŝŶŐ ƌĞƋƵŝƌĞĚŽŶƐŝƚĞ͘WƌĞůŝŵŝŶĂƌLJƐŽŝůĂŶĂůLJƐŝƐǁĂƐĐŽŵƉůĞƚĞĚĂŶĚŝĚĞŶƟĮĞĚƐƵŝƚĂďůĞƐŽŝůƐĨŽƌ ŚŽŵĞĐŽŶƐƚƌƵĐƟŽŶ͘ ŝ͘dŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶǁŝůůŶŽƚŚĂǀĞŽīͲƐŝƚĞŝŵƉĂĐƚƐŽŶƚŚĞƐƚƌĞĞƚ͕ĚƌĂŝŶĂŐĞ͕ ǁĂƚĞƌ͕ŽƌǁĂƐƚĞǁĂƚĞƌƐLJƐƚĞŵƐƚŚĂƚĞdžĐĞĞĚĂĚŽƉƚĞĚƐƚĂŶĚĂƌĚƐ͘ ƌĂŝŶĂŐĞƐǁĂůĞƐ͕ƵŶĚĞƌŐƌŽƵŶĚĚĞƚĞŶƟŽŶ͕ƐŚĂƌĞĚĂĐĐĞƐƐƚŽϮϬ^ƚ^tĂƌĞĂůůĚĞƐŝŐŶ ƚŚ ĐŽŶƐŝĚĞƌĂƟŽŶƐƚŽƌĞĚƵĐĞƉŽƚĞŶƟĂůŽīͲƐŝƚĞŝŵƉĂĐƚƐ͘dŚĞƌĞŝƐƐĂŶŝƚĂƌLJƐĞǁĞƌĐĂƉĂĐŝƚLJŝŶ 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ů͘dŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶǁŝůůŶŽƚŚĂǀĞĂĚǀĞƌƐĞŝŵƉĂĐƚƐŽŶƚŚĞƐĂĨĞƚLJŽƌǀŝĂďŝůŝƚLJŽĨ ƉĞƌŵŝƩĞĚƵƐĞƐŽŶ͕ŽƌƚŚĞĞĸĐŝĞŶƚĐŽŶƟŶƵĞĚĚĞǀĞůŽƉŵĞŶƚŽĨ͕ĂĚũĂĐĞŶƚƉƌŽƉĞƌƟĞƐ͘ dŚĞƉƌŽƉŽƐĞĚůŽǁĚĞŶƐŝƚLJĚĞǀĞůŽƉŵĞŶƚŝƐĐŽŵƉĂƟďůĞǁŝƚŚĂĚũĂĐĞŶƚƉƌŽƉĞƌƟĞƐƚŚĂƚĂƌĞ ĂůůůŽǁĚĞŶƐŝƚLJƌĞƐŝĚĞŶƟĂů͘dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŵĂŝŶƚĂŝŶƐƚŚĞĐŚĂƌĂĐƚĞƌŽĨƚŚĞ ŶĞŝŐŚďŽƌŚŽŽĚĂŶĚĚŽĞƐŶŽƚůŝŵŝƚĐŽŶƟŶƵĞĚĚĞǀĞůŽƉŵĞŶƚ͘ ŵ͘ZŝŐŚƚƐͲŽĨͲǁĂLJĂŶĚĞĂƐĞŵĞŶƚƐŽĨĂĚĞƋƵĂƚĞƐŝnjĞĂŶĚĚŝŵĞŶƐŝŽŶĂƌĞƉƌŽǀŝĚĞĚĨŽƌƚŚĞ ƉƵƌƉŽƐĞŽĨĐŽŶƐƚƌƵĐƟŶŐƚŚĞƐƚƌĞĞƚ͕ƵƟůŝƚLJ͕ĂŶĚĚƌĂŝŶĂŐĞĨĂĐŝůŝƟĞƐŶĞĞĚĞĚƚŽƐĞƌǀĞƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ͘ ZŝŐŚƚͲŽĨͲǁĂLJĂĚũĂĐĞŶƚƚŽϮϬ^ƚ^tǁŝůůďĞĚĞĚŝĐĂƚĞĚǁŝƚŚƚŚĞƉůĂƚ͘hƟůŝƚLJĞĂƐĞŵĞŶƚƐǁŝůů ƚŚ ďĞĐƌĞĂƚĞĚŽĨĂƉƉƌŽƉƌŝĂƚĞƐŝnjĞĨŽƌƚŚĞƉƌŽƉŽƐĞĚƵƟůŝƟĞƐ͘ Ŷ͘dŚĞƉƌŽƉŽƐĞĚƉĂƌŬƐ͕ƚƌĂŝůƚŚŽƌŽƵŐŚĨĂƌĞƐ͕ĂŶĚŽƉĞŶƐƉĂĐĞĚĞĚŝĐĂƟŽŶƐĂƌĞĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚĂĚŽƉƚĞĚƉůĂŶƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƌĞŐƵůĂƟŽŶƐ͘ džŝƐƟŶŐƉĂƌŬƐ͕ƚƌĂŝůƐ͕ĂŶĚŽƉĞŶƐƉĂĐĞŝŶƚŚĞĂƌĞĂĂƌĞĂĚĞƋƵĂƚĞƚŽƐĞƌǀĞƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ ĂŶĚĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂĚŽƉƚĞĚƉůĂŶƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƌĞŐƵůĂƟŽŶƐ͘ Ž͘/ĨůŽĐĂƚĞĚŝŶĂƌĞƐŝĚĞŶƟĂůnjŽŶŝŶŐĚŝƐƚƌŝĐƚ͕ƚŚĞƐƵďĚŝǀŝƐŝŽŶĂĚĚƌĞƐƐĞƐƚŚĞŶĞĞĚƚŽĂǀŽŝĚ 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>ŽŶŐͲZĂŶŐĞĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚƐWƌŽŐƌĂŵƐĂŶĚƚŚĞĞůĞŵĞŶƚƐůŝƐƚĞĚŝŶƚŚŽƐĞ ƉƌŽŐƌĂŵƐŝŶƚŚĞĚĞƐŝŐŶŽĨƚŚĞƐƵďĚŝǀŝƐŝŽŶ͘ dŚŝƐĚĞǀĞůŽƉŵĞŶƚĐĂŶďĞĐŽŶƐŝĚĞƌĞĚĂŶŝŶĮůůĚĞǀĞůŽƉŵĞŶƚƚŚĂƚƵƟůŝnjĞƐĞdžŝƐƟŶŐŝŶƉůĂĐĞ ƐƚŽƌŵǁĂƚĞƌĂŶĚƐĂŶŝƚĂƌLJƐĞǁĞƌ͘&ƵƚƵƌĞƵƉŐƌĂĚĞƐƚŽϮϬ^ƚ^tǁĞƌĞƚĂŬĞŶŝŶƚŽ ƚŚ ĐŽŶƐŝĚĞƌĂƟŽŶƐŽƌŝŐŚƚͲŽĨͲǁĂLJǁŝůůďĞĚĞĚŝĐĂƚĞĚǁŝƚŚƚŚĞƉůĂƚĨŽƌĨƵƚƵƌĞƵƉŐƌĂĚĞƐ͘ ů͘dŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶǁŝůůŶŽƚŚĂǀĞĂĚǀĞƌƐĞŝŵƉĂĐƚƐŽŶƚŚĞƐĂĨĞƚLJŽƌǀŝĂďŝůŝƚLJŽĨ ƉĞƌŵŝƩĞĚƵƐĞƐŽŶ͕ŽƌƚŚĞĞĸĐŝĞŶƚĐŽŶƟŶƵĞĚĚĞǀĞůŽƉŵĞŶƚŽĨ͕ĂĚũĂĐĞŶƚƉƌŽƉĞƌƟĞƐ͘ dŚĞƉƌŽƉŽƐĞĚůŽǁĚĞŶƐŝƚLJĚĞǀĞůŽƉŵĞŶƚŝƐĐŽŵƉĂƟďůĞǁŝƚŚĂĚũĂĐĞŶƚƉƌŽƉĞƌƟĞƐƚŚĂƚĂƌĞ ĂůůůŽǁĚĞŶƐŝƚLJƌĞƐŝĚĞŶƟĂů͘dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŵĂŝŶƚĂŝŶƐƚŚĞĐŚĂƌĂĐƚĞƌŽĨƚŚĞ ŶĞŝŐŚďŽƌŚŽŽĚĂŶĚĚŽĞƐŶŽƚůŝŵŝƚĐŽŶƟŶƵĞĚĚĞǀĞůŽƉŵĞŶƚ͘ ŵ͘ZŝŐŚƚƐͲŽĨͲǁĂLJĂŶĚĞĂƐĞŵĞŶƚƐŽĨĂĚĞƋƵĂƚĞƐŝnjĞĂŶĚĚŝŵĞŶƐŝŽŶĂƌĞƉƌŽǀŝĚĞĚĨŽƌƚŚĞ ƉƵƌƉŽƐĞŽĨĐŽŶƐƚƌƵĐƟŶŐƚŚĞƐƚƌĞĞƚ͕ƵƟůŝƚLJ͕ĂŶĚĚƌĂŝŶĂŐĞĨĂĐŝůŝƟĞƐŶĞĞĚĞĚƚŽƐĞƌǀĞƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ͘ ZŝŐŚƚͲŽĨͲǁĂLJĂĚũĂĐĞŶƚƚŽϮϬ^ƚ^tǁŝůůďĞĚĞĚŝĐĂƚĞĚǁŝƚŚƚŚĞƉůĂƚ͘hƟůŝƚLJĞĂƐĞŵĞŶƚƐǁŝůů ƚŚ ďĞĐƌĞĂƚĞĚŽĨĂƉƉƌŽƉƌŝĂƚĞƐŝnjĞĨŽƌƚŚĞƉƌŽƉŽƐĞĚƵƟůŝƟĞƐ͘ Ŷ͘dŚĞƉƌŽƉŽƐĞĚƉĂƌŬƐ͕ƚƌĂŝůƚŚŽƌŽƵŐŚĨĂƌĞƐ͕ĂŶĚŽƉĞŶƐƉĂĐĞĚĞĚŝĐĂƟŽŶƐĂƌĞĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚĂĚŽƉƚĞĚƉůĂŶƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƌĞŐƵůĂƟŽŶƐ͘ džŝƐƟŶŐƉĂƌŬƐ͕ƚƌĂŝůƐ͕ĂŶĚŽƉĞŶƐƉĂĐĞŝŶƚŚĞĂƌĞĂĂƌĞĂĚĞƋƵĂƚĞƚŽƐĞƌǀĞƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ ĂŶĚĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂĚŽƉƚĞĚƉůĂŶƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƌĞŐƵůĂƟŽŶƐ͘ Ž͘/ĨůŽĐĂƚĞĚŝŶĂƌĞƐŝĚĞŶƟĂůnjŽŶŝŶŐĚŝƐƚƌŝĐƚ͕ƚŚĞƐƵďĚŝǀŝƐŝŽŶĂĚĚƌĞƐƐĞƐƚŚĞŶĞĞĚƚŽĂǀŽŝĚ ƐƉŝůůŽǀĞƌƉĂƌŬŝŶŐĨƌŽŵƐƵďĚŝǀŝƐŝŽŶƌĞƐŝĚĞŶƚƐŝŶƚŽƐƵƌƌŽƵŶĚŝŶŐƌĞƐŝĚĞŶƟĂůĚŝƐƚƌŝĐƚƐ͘ ƌŝǀĞǁĂLJƐĂŶĚƚŚĞƉƌŽƉŽƐĞĚĂĐĐĞƐƐƌŽĂĚŵĂLJďĞƵƐĞĚĨŽƌƐƉŝůůŽǀĞƌƉĂƌŬŝŶŐ͘ϮϬ^ƚ^tŝƐ ƚŚ ŶŽƚƐƵŝƚĂďůĞĨŽƌƉĂƌŬŝŶŐŽŶƚŚĞƐŚŽƵůĚĞƌ͘ Ɖ͘&ŽƌĂŶLJůĂŶĚůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞ^ƉĞĐŝĂů&ůŽŽĚ,ĂnjĂƌĚƌĞĂŽĨƚŚĞ&WKʹ&ůŽŽĚƉůĂŝŶ KǀĞƌůĂLJ͗ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝƐůŽĐĂƚĞĚŝŶƚŚĞ&/ZDWĂŶĞůŽŶĞyĂŶĚŝƐŶŽƚƐƵďũĞĐƚƚŽƚŚĞ &WK͘ ϭͿdŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶĂĚĞƋƵĂƚĞůLJŵŝƟŐĂƚĞƐƚŚĞƌŝƐŬƐŽĨŇŽŽĚŝŶŐ͕ŝŶĂĚĞƋƵĂƚĞ ĚƌĂŝŶĂŐĞ͕ƐŽŝůĂŶĚƌŽĐŬĨŽƌŵĂƟŽŶƐǁŝƚŚƐĞǀĞƌĞůŝŵŝƚĂƟŽŶƐĨŽƌĚĞǀĞůŽƉŵĞŶƚ͕ ƐĞǀĞƌĞĞƌŽƐŝŽŶƉŽƚĞŶƟĂů͕ŽƌĂŶLJŽƚŚĞƌŇŽŽĚƉůĂŝŶƌĞůĂƚĞĚƌŝƐŬƐƚŽƚŚĞŚĞĂůƚŚ͕ ƐĂĨĞƚLJ͕ŽƌǁĞůĨĂƌĞŽĨƚŚĞĨƵƚƵƌĞƌĞƐŝĚĞŶƚƐŽĨƚŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶŝŶĂ ŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚŝƐŽƌĚŝŶĂŶĐĞ͖E :HVW%URDGZD\6WH ϮͿ ĂĐŚůŽƚĐŽŶƚĂŝŶƐĂƉŽƚĞŶƟĂůďƵŝůĚŝŶŐƐŝƚĞůŽĐĂƚĞĚŽƵƚƐŝĚĞŽĨƚŚĞ&ůŽŽĚǁĂLJ ŝƐƚƌŝĐƚĂƚŽƌĂďŽǀĞƚŚĞƌĞŐƵůĂƚŽƌLJŇŽŽĚƉƌŽƚĞĐƟŽŶĞůĞǀĂƟŽŶ͖E ϯͿĚĞƋƵĂƚĞĚƌĂŝŶĂŐĞŝƐƉƌŽǀŝĚĞĚƚŽƌĞĚƵĐĞĞdžƉŽƐƵƌĞŽĨŇŽŽĚŚĂnjĂƌĚ͖E ϰͿ&ŽƌĂůůƐƵďĚŝǀŝƐŝŽŶƐĐŽŶƚĂŝŶŝŶŐůĂŶĚǁŝƚŚŝŶƚŚĞ&ůŽŽĚǁĂLJĂŶĚͬŽƌ&ůŽŽĚ&ƌŝŶŐĞ ŝƐƚƌŝĐƚďŽƵŶĚĂƌŝĞƐ͕ƚŚĞƌĞŐƵůĂƚŽƌLJŇŽŽĚƉƌŽƚĞĐƟŽŶĞůĞǀĂƟŽŶĂŶĚƚŚĞƌĞƋƵŝƌĞĚ ĞůĞǀĂƟŽŶŽĨĂůůĂĐĐĞƐƐƌŽĂĚƐĂƌĞĐůĞĂƌůLJůĂďĞůĞĚŽŶĂůůƌĞƋƵŝƌĞĚƐƵďĚŝǀŝƐŝŽŶ ĚƌĂǁŝŶŐƐĂŶĚƉůĂƫŶŐĚŽĐƵŵĞŶƚƐ͘E ϱͿdŚĞƐƵďĚŝǀŝƐŝŽŶƉƌŽǀŝĚĞƐƌŽĂĚĂĐĐĞƐƐďŽƚŚƚŽƚŚĞƐƵďĚŝǀŝƐŝŽŶĂŶĚƚŽƚŚĞ ŝŶĚŝǀŝĚƵĂůďƵŝůĚŝŶŐƐŝƚĞŶŽůŽǁĞƌƚŚĂŶƚǁŽĨĞĞƚďĞůŽǁƚŚĞƌĞŐƵůĂƚŽƌLJŇŽŽĚ ƉƌŽƚĞĐƟŽŶĞůĞǀĂƟŽŶ͖ĂŶĚE ϲͿůůƉƵďůŝĐƵƟůŝƟĞƐĂŶĚĨĂĐŝůŝƟĞƐ͕ƐƵĐŚĂƐƐĞǁĞƌ͕ŐĂƐ͕ĞůĞĐƚƌŝĐĂů͕ĂŶĚǁĂƚĞƌƐLJƐƚĞŵƐ͕ ĂƌĞůŽĐĂƚĞĚĂŶĚĐŽŶƐƚƌƵĐƚĞĚƚŽŵŝŶŝŵŝnjĞŽƌĞůŝŵŝŶĂƚĞŇŽŽĚĚĂŵĂŐĞ͘E :HVW%URDGZD\6WH %!644<50;@,=,3674,5; ',:;#0=,9"(92>(@ '$<0;, #6*/,:;,9 #! 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