Part III Recommendations for Further Actions Toward M-MAP2

Part III Recommendations for Further Actions toward M-MAP2

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Appendix 1 Proposed Blueprint for the Second Mass Rapid Transit Master Plan in Bangkok Metropolitan Region (M-MAP2) ƉƉĞŶĚŝǆ ϭ

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DͲDW ZĂŝůǁĂǇEĞƚǁŽƌŬ WůĂŶ ,ŽǁŝƐƚƌĂĨĨŝĐƐŝƚƵĂƚŝŽŶŝŶDZ͍ Ͳ ^ĞƌŝŽƵƐƚƌĂĨĨŝĐĐŽŶŐĞƐƚŝŽŶ Ͳ /ŶƐƵĨĨŝĐŝĞŶƚƉƵďůŝĐƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬ ,ŽǁǁŝůůDZďĞŝŶĨƵƚƵƌĞ͍ Ͳ WŽŽƌƋƵĂůŝƚǇŽĨƐĞƌǀŝĐĞƐ;ďƵƐĂŶĚƌĂŝůǁĂǇͿ Ͳ WŽƉƵůĂƚŝŽŶŝŶĐƌĞĂƐĞ Ͳ>ĂĐŬŽĨŝŶƚĞƌͲŵŽĚĂůĂĐĐĞƐƐŝďŝůŝƚǇ Ͳ WƌŽŐƌĞƐƐŝŶŐĂŐĞŝŶŐƐŽĐŝĞƚǇ Ͳ ǆƉĂŶĚŝŶŐƵƌďĂŶĂƌĞĂƐ

ƚƉƌĞƐĞŶƚ͙ DͲDWϮůƵĞƉƌŝŶƚ

ZĂŝůǁĂǇEĞƚǁŽƌŬ DĞƚƌŽƉŽůŝƚĂŶ 'ůŽďĂůĂĐĐĞƐƐŝďŝůŝƚǇ WƵďůŝĐ ,ŽůŝƐƚŝĐWŽůŝĐǇŝƌĞĐƚŝŽŶƐƚŽ ĂƌͲŽƌŝĞŶƚĞĚ dƌĂŶƐƉŽƌƚ ^ŽĐŝĞƚǇ ƉƌŽŵŽƚĞƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚŝŶDZ YƵĂůŝƚǇŽĨ /ŶƚĞƌͲŵŽĚĂů ^ŽĐŝĞƚǇ ^ĞƌǀŝĐĞƐ ĂĐĐĞƐƐŝďŝůŝƚǇ /ŵƉůĞŵĞŶƚĂƚŝŽŶDĞĂƐƵƌĞƐ DŽĚĂů^ŚŝĨƚWŽůŝĐǇ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϯ

Ϯ͘KǀĞƌĂůů&ƌĂŵĞǁŽƌŬŽĨƌĂĨƚDͲDWϮůƵĞƉƌŝŶƚ KǀĞƌĂůů &ƌĂŵĞǁŽƌŬ ŽĨ DDWϮůƵĞƉƌŝŶƚ

DDWϮůƵĞƉƌŝŶƚ &ƵƚƵƌĞ sŝƐŝŽŶƐŽĨ WůĂŶŶŝŶŐŽŶĚŝƚŝŽŶƐ dĂƌŐĞƚĂƌĞĂ͗DZ͕ǇƵƚƚŚĂǇĂĂŶĚŚĂĐŚĞŶŐƐĂŽ hƌďĂŶƐƚƌƵĐƚƵƌĞ͗ DZ dĂƌŐĞƚǇĞĂƌ͗ϮϬϯϳ Ͳ DZ^ƚƌƵĐƚƵƌĞWůĂŶ;ďĞŝŶŐƵƉĚĂƚĞĚͿ WŽƉƵůĂƚŝŽŶ͗Dϴ͘ϲŵŝů͕͘DZϭϱ͘ϲŵŝů͘;ϮϬϭϱͿ Ͳ DŽŵƉƌĞŚĞŶƐŝǀĞ WůĂŶ Dϴ͘ϰŵŝů͕͘DZϭϳ͘ϴŵŝů͘;ϮϬϯϳͿ dĂƌŐĞƚDŽĚĂůƐŚĂƌĞ͗ϭϱйďǇDĂƐƐdƌĂŶƐŝƚ

ƵƌƌĞŶƚ KǀĞƌĂůůŝƌĞĐƚŝŽŶŽĨDĂƐƐdƌĂŶƐŝƚĞǀĞůŽƉŵĞŶƚŝŶDZ͗ /ƐƐƵĞƐĂŶĚ dŽĞƐƚĂďůŝƐŚĂƉƵďůŝĐƚƌĂŶƐƉŽƌƚƐŽĐŝĞƚǇ ƚŽƐƵƉƉŽƌƚƚŚĞƌĞŐŝŽŶ͛ƐƐƵƐƚĂŝŶĂďůĞĚĞǀĞůŽƉŵĞŶƚ &ƵƚƵƌĞ WƌŽƐƉĞĐƚƐ Ϯ͘dŽƐƚƌĞŶŐƚŚĞŶ &ŝǀĞDĂũŽƌWŽůŝĐǇŝƌĞĐƚŝŽŶƐ͗ ϯ͘dŽŝŵƉƌŽǀĞ ŽǀĞƌĂůůƌĂŝůǁĂǇŶĞƚǁŽƌŬ ĂĐĐĞƐƐŝďŝůŝƚǇƚŽ ;hƌďĂŶĂŶĚ ŝŶDZ ƐƚĂƚŝŽŶƐ dƌĂŶƐƉŽƌƚͿ ϭ͘dŽĂůůĞǀŝĂƚĞƚƌĂĨĨŝĐ ĐŽŶŐĞƐƚŝŽŶŝŶƚŚĞ ϰ͘dŽƉƌŽǀŝĚĞǀĂůƵĞͲ ĐĞŶƚĞƌ ϱ͘dŽĞŶŚĂŶĐĞ ĂĚĚĞĚŵĂƐƐƚƌĂŶƐŝƚ ĂĐĐĞƐƐŝďŝůŝƚǇƚŽŐůŽďĂů ƐĞƌǀŝĐĞƐ ŐĂƚĞǁĂǇƐ

-,&$6WXG\ WƌŽƉŽƐĞĚŽŶĐĞƉƚƵĂůEĞƚǁŽƌŬ WƌĞůŝŵŝŶĂƌǇZŽƵƚĞǀĂůƵĂƚŝŽŶ

DĞĂƐƵƌĞƐĨŽƌĞůŝǀĞƌŝŶŐƚŚĞWůĂŶ DŽĚĂů^ŚŝĨƚWŽůŝĐǇ

DͲDWϮ;DĞĚŝƵŵͬ>ŽŶŐͲƚĞƌŵDĂƐƐdƌĂŶƐŝƚĞǀĞůŽƉŵĞŶƚWůĂŶͿ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞŽŵŵŝƚƚĞĞĨŽƌZĂŝůǁĂǇĞǀĞůŽƉŵĞŶƚĨŽƌŽŶƐĞŶƐƵƐƵŝůĚŝŶŐ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϰϰ ϯ͘,ŽǁĂŶŐŬŽŬDĞƚƌŽƉŽůŝƚĂŶZĞŐŝŽŶ;DZͿǁŝůůďĞŝŶ&ƵƚƵƌĞ͍ ͲWůĂŶŶŝŶŐŽŶĚŝƚŝŽŶƐĨŽƌDͲDWϮ /ŶĐƌĞĂƐĞŽĨƉŽƉƵůĂƚŝŽŶƉĂƌƚŝĐƵůĂƌůǇŝŶŽƵƚƐŝĚĞŽĨD ¾ D͛ƐƉŽƉƵůĂƚŝŽŶǁŝůůďĞƐĂƚƵƌĂƚĞĚĂƌŽƵŶĚϴ͘ϵŵŝůůŝŽŶ ĂŶĚŵĂǇƐƚĂƌƚƚŽĚĞĐƌĞĂƐĞ͘ ¾ KƵƚƐŝĚĞϱWƌŽǀŝŶĐĞƐǁŝůůĂĐĐŽŵŵŽĚĂƚĞ ĂĚĚŝƚŝŽŶĂůϮ͘ϮŵŝůůŝŽŶƉĞŽƉůĞŝŶŶĞǆƚϮϬǇĞĂƌƐ ¾ ĂŶŐŬŽŬǁĂƐǀŝƐŝƚĞĚďǇŵŽƌĞƚŚĂŶϮϬŵŝůůŝŽŶĨŽƌĞŝŐŶǀŝƐŝƚŽƌƐ ŝŶϮϬϭϲ͘

WŽƉƵůĂƚŝŽŶŝŶĐƌĞĂƐĞŝŶĂŶĚĂƌŽƵŶĚDZ WƌŽŐƌĞƐƐŝŶŐĂŐĞŝŶŐƐŽĐŝĞƚǇ͘ ϮϬ͕ϬϬϬ ĞŶƐƵƐWŽƉ͘ ͲͲͲͲͲͲͲ ƐƚŝŵĂƚĞĚ ¾ ŐĞĚƌĂƚŝŽ;хϲϬͿǁŝůůďĞϮϯйŝŶD ϭϱ͕ϬϬϬ ĂŶĚϮϴйŝŶϱƉƌŽǀŝŶĐĞƐ;ŝŶϮϬϯϬͿ Î /ŶĐƌĞĂƐŝŶŐŶĞĞĚƐŽĨƉƵďůŝĐƚƌĂŶƐƉŽƌƚ ϭϬ͕ϬϬϬ ǁŝƚŚďĂƌƌŝĞƌͲĨƌĞĞĂĐĐĞƐƐƚŽƐĞĐƵƌĞ WŽƉƵůĂƚŝŽŶ;ΖϬϬϬͿ ϱ͕ϬϬϬ ŵŽďŝůŝƚǇŽĨƐĞŶŝŽƌƐ͘

Ϭ ϭϵϲϬ ϭϵϳϬ ϭϵϴϬ ϭϵϵϬ ϮϬϬϬ ϮϬϭϬ ϮϬϮϬ ϮϬϯϬ ĂŶŐŬŽŬ ϱƉƌŽǀŝŶĐĞƐ ǇƵƚƚŚĂǇĂнŚĂĐŚŽĞŶŐƐĂŽ

^ŽƵƌĐĞ͗ĞŶƐƵƐ͕WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ;E^Ϳ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϱ

ϯ͘,ŽǁĂŶŐŬŽŬDĞƚƌŽƉŽůŝƚĂŶZĞŐŝŽŶ;DZͿǁŝůůďĞŝŶ&ƵƚƵƌĞ͍ ͲWůĂŶŶŝŶŐŽŶĚŝƚŝŽŶƐĨŽƌDͲDWϮ ǆƉĂŶƐŝŽŶ ŽĨƵƌďĂŶĂƌĞĂƐ͘ ¾ DŽƌĞƵƌďĂŶƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞŽƵƚĞƌĂƌĞĂŽĨĂŶŐŬŽŬ͕ ĂůŽŶŐŵĂũŽƌƌŽĂĚƐ ĂŶĚŵŽƌĞƉĞŽƉůĞůŝǀĞŝŶƐƵďƵƌďĂŶĂƌĞĂƐ͘ ¾ ZĞĐĞŶƚůǇ͕ƌĞĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚŝŶĐŝƚǇĐĞŶƚĞƌŚĂƐďĞĞŶŽďƐĞƌǀĞĚ ŝŶĐůƵĚŝŶŐƌĞƐŝĚĞŶƚŝĂůĂƌĞĂƐ͘

ϭϵϵϴ ϮϬϬϴ ϮϬϭϭ ϮϬϯϱ;ƐŝŵƵůĂƚĞĚͿ

hƌďĂŶĂƌĞĂ͗ϭϲй hƌďĂŶĂƌĞĂ͗Ϯϴй hƌďĂŶĂƌĞĂ͗ϯϳй

ĂƐĞŽĨdŽŬǇŽ͗&ƌŽŵ^ƵďƵƌďĂŶŝǌĂƚŝŽŶŝŶƚŚĞϭϵϴϬƐƚŽƌĞƵƌďĂŶŝǌĂƚŝŽŶ ŝŶƚŚĞϮϬϬϬƐ͘

WŽƉƵůĂƚŝŽŶŚĂŶŐĞ ŝŶϭϱǇĞĂƌƐ;йͿ

&ƌŽŵϭϵϳϬƚŽϭϵϴϱ&ƌŽŵϭϵϴϱƚŽϮϬϬϬ ĨƌŽŵϮϬϬϬƚŽϮϬϭϱ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϲ ϰ͘WŽůŝĐǇŝƌĞĐƚŝŽŶƐƚŽWƌŽŵŽƚĞZĂŝůǁĂǇĞǀĞůŽƉŵĞŶƚŝŶDZ

dŽĞƐƚĂďůŝƐŚĂƉƵďůŝĐƚƌĂŶƐƉŽƌƚƐŽĐŝĞƚǇ ƚŽƐƵƉƉŽƌƚƚŚĞƌĞŐŝŽŶ͛ƐƐƵƐƚĂŝŶĂďůĞĚĞǀĞůŽƉŵĞŶƚ &ŝǀĞDĂũŽƌWŽůŝĐǇŝƌĞĐƚŝŽŶƐ

Ϯ͘ ϱ͘ dŽƐƚƌĞŶŐƚŚĞŶ dŽĞŶŚĂŶĐĞ ŽǀĞƌĂůůƌĂŝůǁĂǇ ĂĐĐĞƐƐŝďŝůŝƚǇ ŶĞƚǁŽƌŬ ϭ͘ ƚŽŐůŽďĂů ŝŶƚŚĞDZ dŽĂůůĞǀŝĂƚĞ ŐĂƚĞǁĂǇƐ ƚƌĂĨĨŝĐ ĐŽŶŐĞƐƚŝŽŶ ŝŶƚŚĞĐĞŶƚĞƌ ϰ͘ ϯ͘ dŽƉƌŽǀŝĚĞ dŽŝŵƉƌŽǀĞ ǀĂůƵĞͲĂĚĚĞĚ ĂĐĐĞƐƐŝďŝůŝƚǇ ŵĂƐƐƚƌĂŶƐŝƚ ƚŽƐƚĂƚŝŽŶƐ ƐĞƌǀŝĐĞƐ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϳ

ϱ͘<ĞǇDĞĂƐƵƌĞƐĨŽƌĞĂĐŚŝƌĞĐƚŝŽŶ ϱ͘ϭ<ĞǇDĞĂƐƵƌĞƐƚŽĂůůĞǀŝĂƚĞƚƌĂĨĨŝĐĐŽŶŐĞƐƚŝŽŶŝŶƚŚĞĐŝƚǇĐĞŶƚĞƌ

&ŽƵƌďĂƐŝĐŵĞĂƐƵƌĞƐƚŽĂůůĞǀŝĂƚĞƚƌĂĨĨŝĐĐŽŶŐĞƐƚŝŽŶƐŝŶƚŚĞĐŝƚǇ ĐĞŶƚĞƌ͖ Ϳ ĂƉĂĐŝƚǇĞǆƉĂŶƐŝŽŶŽĨƚŚĞĞǆŝƐƚŝŶŐŵĂƐƐƚƌĂŶƐŝƚůŝŶĞƐ ;ŶŽ͘ŽĨƚƌĂŝŶĐĂƌƐ͕ĨƌĞƋƵĞŶĐǇ͕ĞƚĐ͘Ϳ Ϳ ŶƐƵƌĞĚŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞƉůĂŶŶĞĚŵĂƐƐƚƌĂŶƐŝƚƌŽƵƚĞƐ ;DͲDWͿ Ϳ ĚĚŝƚŝŽŶĂůůŝŶĞĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞƌĂŝůǁĂǇŵŝƐƐŝŶŐĂƌĞĂƐ Ϳ ^ƚƌĞŶŐƚŚĞŶŝŶŐŽĨŵƵůƚŝͲŵŽĚĂůƉƵďůŝĐƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬ ǁŝƚŚďƵƐƚƌĂŶƐƉŽƌƚ͕ƌŝǀĞƌƚƌĂŶƐƉŽƌƚ͕ĞƚĐ͘

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϴ ͿĂƉĂĐŝƚǇĞǆƉĂŶƐŝŽŶŽĨƚŚĞĞǆŝƐƚŝŶŐŵĂƐƐƚƌĂŶƐŝƚůŝŶĞƐ

ƵƌƌĞŶƚ/ƐƐƵĞƐ ¾ ^ĞƌŝŽƵƐĐŽŶŐĞƐƚŝŽŶŝŶƐŝĚĞƚƌĂŝŶĐĂƌĂŶĚƐƚĂƚŝŽŶ ŝŶƚŚĞƉĞĂŬŚŽƵƌ͕ŽŶƚŚĞĞǆŝƐƚŝŶŐŵĂƐƐƚƌĂŶƐŝƚ ůŝŶĞƐ͘ dŽŬǇŽ͛ƐdĂƌŐĞƚ ŽŶŐĞƐƚŝŽŶƌĂƚŝŽ хϭϴϬй Ramkhamhaeng St. хϭϱϬй͕ϭϴϬйф 1. 19/12/17, 07:48 - 9:08 Lat Phrao St. фϭϱϬй 2. 6-28 minutes 1. 18/12/17,07:30-8:23 3. 1-2 trains 2. 3-4 minutes 4. 190-200 % 3. 0-1 train 4. 90-200 %

Saphan Taksin St. 1. 22/12/17, 07:28 - 8:31 On Nut St. 2. 3-6 minutes 1. 21/12/17, 07:20- 8:10 3. 0-1 train 2. 2-4 minutes 4. 180-200 % 3. 0-2 trains 4. 170-200 % ϭϬŬŵĨƌŽŵ^ŝĂŵ^ƚĂƚŝŽŶ *1. Survey date, time, 2. Head between trains (min), 3. Number of trains passengers miss due to congestion 4. Congestion Ratio (Japanese standard, see above)

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϵ

ͿĂƉĂĐŝƚǇĞǆƉĂŶƐŝŽŶŽĨƚŚĞĞǆŝƐƚŝŶŐŵĂƐƐƚƌĂŶƐŝƚůŝŶĞƐ

dŽŝŶĐƌĞĂƐĞƚƌĂŶƐƉŽƌƚĐĂƉĂĐŝƚǇŽĨƚŚĞĞǆŝƐƚŝŶŐ ůŝŶĞƐŝŶŽƌĚĞƌƚŽƌĞĚƵĐĞƚŚĞĐŽŶŐĞƐƚŝŽŶ͘ ¾ ǇŝŶĐƌĞĂƐŝŶŐŶŽ͘ŽĨƚƌĂŝŶĐĂƌƐĨŽƌĂůůĞǆŝƐƚŝŶŐ ůŝŶĞƐ͘ ¾ ǇŝŶĐƌĞĂƐŝŶŐĨƌĞƋƵĞŶĐǇŽĨƚƌĂŝŶŽƉĞƌĂƚŝŽŶŽĨ ůƵĞ͕WƵƌƉůĞůŝŶĞƐĂŶĚZ>͘

ǆŝƚŝŶŐ ŽƉĞƌĂƚŝŽŶ ƐƚŝŵĂƚĞĚWĞĂŬ /ŵƉƌŽǀĞĚ ŽƉĞƌĂƚŝŽŶ /ŶĐƌĞĂƐĞĚ ZĂƚŝŽ ;Ϳͬ;Ϳ EŽ͘ŽĨƌŽůůŝŶŐ WĞĂŬ dƌĂŶƐƉŽƌƚ ĐĂƉĂĐŝƚǇ EŽ͘ŽĨZŽůůŝŶŐ WĞĂŬ ĐĂƉĂĐŝƚǇ ƐƚŽĐŬƐ &ƌĞƋƵĞŶĐǇ ;ƉƉŚƉĚͿ;Ϳ ƐƚŽĐŬƐ &ƌĞƋƵĞŶĐǇ ;ƉƉŚƉĚͿ;Ϳ ŝƌƉŽƌƚZĂŝů >ŝŶŬ ϯ ϲ ϰ͕ϮϬϬ ϲϮϬϮϳ͕ϳϬϬ ϲ͘ϳ ^ƵŬŚƵŵǀŝƚ >ŝŶĞ ϰ ϮϬ ϮϮ͕ϯϬϬ ϲϮϬϯϮ͕ϰϬϬ ϭ͘ϱ ^ŝůŽŵ >ŝŶĞ ϰ ϮϬ ϮϮ͕ϯϬϬ ϲϮϬϯϮ͕ϰϬϬ ϭ͘ϱ WƵƌƉůĞ>ŝŶĞ ϯ ϭϮ ϭϬ͕ϬϬϬ ϲϮϬϯϯ͕ϬϬϬ ϯ͘ϯ ůƵĞ >ŝŶĞ ϯ ϭϮ ϭϬ͕ϬϬϬ ϲϮϬϯϯ͕ϬϬϬ ϯ͘ϯ ƉƉŚƉĚ͗ƉĂƐƐĞŶŐĞƌƐƉĞƌŚŽƵƌƉĞƌĚŝƌĞĐƚŝŽŶ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϭϬ ͿŶƐƵƌĞĚŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞƉůĂŶŶĞĚŵĂƐƐƚƌĂŶƐŝƚƌŽƵƚĞƐ ;DͲDWͿ

ƵƌƌĞŶƚ/ƐƐƵĞƐ͗ ¾ ĞůĂǇŽĨ/ŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞĞǆŝƐƚŝŶŐŵĂƐƐƚƌĂŶƐŝƚƌŽƵƚĞƐ;DͲDWͿ

ŽŵƉĂƌŝƐŽŶŽĨ>ĞŶŐƚŚŽĨDĂƐƐͲƚƌĂŶƐŝƚŝŶKƉĞƌĂƚŝŽŶ;ŬŵͿ DĂƐƐƚƌĂŶƐŝƚŶĞƚǁŽƌŬ ƉƌŽƉŽƐĞĚŝŶDͲDW DͲDWƉůĂŶ ĐƚƵĂů ŝŶ >ŝŶĞ ϮϬϭϲ ϮϬϭϵ ŽƉĞƌĂƚŝŽŶ ƐŽĨϮϬϭϲ ƐŽĨϮϬϭϵ d^ ϰϲ ϱϯ ϯϲ͘ϴ ůƵĞ ϰϳ ϰϳ ϮϬ͘ϴ WƵƌƉůĞ Ϯϯ ϰϮ͘ϴ Ϯϯ Z> Ϯϴ͘ϱ Ϯϴ͘ϱ Ϯϴ͘ϱ ĂƌŬZĞĚ ϰϮ͘ϴ ϲϬ͘ϴ Ͳ >ŝŐŚƚZĞĚ Ϯϲ ϰϵ Ͳ ǆŝƐƚŝŶŐDĂƐƐƚƌĂŶƐŝƚŶĞƚǁŽƌŬ;ϮϬϭϴͿ KƌĂŶŐĞ Ͳ ϯϳ͘ϱ Ͳ WŝŶŬ Ͳ ϯϲ Ͳ dŽƚĂů Ϯϭϯ͘ϯ ϯϱϰ͘ϲ ϭϬϵ͘ϭ

^ŽƵƌĐĞ͗DͲDW͕d>͕ZĂŝůǁĂǇKƉĞƌĂƚŽƌƐ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϭϭ

ͿŶƐƵƌĞĚŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞƉůĂŶŶĞĚŵĂƐƐƚƌĂŶƐŝƚƌŽƵƚĞƐ ;DͲDWͿ ¾ŽŶƐƚƌƵĐƚŝŽŶŽĨƌĞŵĂŝŶŝŶŐƐĞĐƚŝŽŶŽĨƚŚĞƐƚĂƌƚĞĚůŝŶĞƐ͕ĂƌŬZĞĚ>ŝŶĞ͕WƵƌƉůĞ >ŝŶĞ͕ĂŶĚ KƌĂŶŐĞ>ŝŶĞ ĂƚƚŚĞƐŽŽŶĞƐƚƚŝŵŝŶŐ͘ ¾ZĞĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨĐĂƉĂĐŝƚǇĂŶĚĂůŝŐŶŵĞŶƚŽĨƚŚĞŶŽŶͲĐŽŵŵŝƚƚĞĚDͲDWůŝŶĞƐ͖ 'ƌĂǇ>ŝŶĞĂŶĚ>ŝŐŚƚůƵĞ>ŝŶĞ

10 km North Bus Terminal

Taling Chan Bang Sue >ŝŐŚƚůƵĞ>ŝŶĞ 'ƌĂǇ>ŝŶĞ South Bus Terminal Super Tower Orange Line

Makkhasan One Bangkok Icon Siam East Bus Terminal Bang wa dŚĞŚŝŐŚĞƐƚƉƌŝŽƌŝƚǇƌŽƵƚĞƐ Wongwainyai ƚŽďĞĚĞǀĞůŽƉĞĚ

New Dockland WůĂŶŶĞĚƌŽƵƚĞƐŶĞĞĚƚŽďĞ Dark Red Line ĞůĂďŽƌĂƚĞĚ dĞƌŵŝŶĂůƐƚĂƚŝŽŶƐ

Purple Line ƵƐƚĞƌŵŝŶĂůƐ >ĂƌŐĞƵƌďĂŶĚĞǀĞůŽƉŵĞŶƚ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϭϮ ͿĚĚŝƚŝŽŶĂůůŝŶĞĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞƌĂŝůǁĂǇŵŝƐƐŝŶŐĂƌĞĂƐ

¾ĚĚŝƚŝŽŶĂůƌĂŝůǁĂǇůŝŶĞƐƚŽƐĞƌǀĞĨŽƌƚŚĞƌĂŝůǁĂǇͲŵŝƐƐŝŶŐĂƌĞĂƐŝŶƚŚĞŝƚǇĞŶƚĞƌ

ZĂŝůǁĂǇ ŵŝƐƐŝŶŐ ĂƌĞĂ ZĂŝůǁĂǇŵŝƐƐŝŶŐĂƌĞĂ ;ǁŝƚŚŶŽĞĂƐƚͲǁĞƐƚĐŽŶŶĞĐƚŝŽŶͿ

10 km

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϭϯ

Ϳ^ƚƌĞŶŐƚŚĞŶŝŶŐŽĨŵƵůƚŝͲŵŽĚĂůƉƵďůŝĐƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬ ǁŝƚŚďƵƐƚƌĂŶƐƉŽƌƚ͕ƌŝǀĞƌƚƌĂŶƐƉŽƌƚ͕ĞƚĐ͘ ƵƌƌĞŶƚ/ƐƐƵĞƐ͗ ¾ ^ƚĞĂĚŝůǇŝŶĐƌĞĂƐĞŽĨƌĂŝůǁĂǇ ƉĂƐƐĞŶŐĞƌƐĂŶĚĚĞĐƌĞĂƐĞŽĨďƵƐƉĂƐƐĞŶŐĞƌƐ͘ ¾ ƐĂƌĞƐƵůƚ͕ƚŚĞƚŽƚĂůŶƵŵďĞƌŽĨƉƵďůŝĐƚƌĂŶƐƉŽƌƚƵƐĞƌƐŚĂǀĞEKŝŶĐƌĞĂƐĞ͘

dŽƚĂůsŽůƵŵĞŽĨWƵďůŝĐdƌĂŶƐƉŽƌƚWĂƐƐĞŶŐĞƌsŽůƵŵĞ ;ƉĞƌƐŽŶͬĚĂǇͿ ĂŝůǇZĂŝůǁĂǇWĂƐƐĞŶŐĞƌǀĞƌĂŐĞĂŝůǇZŝĚĞƌƐŚŝƉ ϳϬϬ͕ϬϬϬ ϲϬϬ͕ϬϬϬ ϱϬϬ͕ϬϬϬ d^ ϰϬϬ͕ϬϬϬ ůƵĞ>ŝŶĞ ϯϬϬ͕ϬϬϬ WƵƌƉůĞ>ŝŶĞ ϮϬϬ͕ϬϬϬ Z> ϭϬϬ͕ϬϬϬ Ϭ ϮϬϬϳ ϮϬϬϵ ϮϬϭϭ ϮϬϭϯ ϮϬϭϱ EŽƚĞ͗ǀĞƌĂŐĞĚĂŝůǇƉĂƐƐĞŶŐĞƌƐŚĂƐŝŶĐƌĞĂƐĞĚƚŽϰϲ͕ϴϬϬŝŶ ^ĞƉƚĞŵďĞƌϮϬϭϳ͕ĂĨƚĞƌdĂŽWŽŽŶ^ƚĂƚŝŽŶǁĂƐŽƉĞŶĞĚ͘ ^ŽƵƌĐĞ͗DŶŶƵĂůZĞƉŽƌƚ ^ŽƵƌĐĞ͗ŶŶƵĂůZĞƉŽƌƚŽĨĞĂĐŚƌĂŝůǁĂǇŽƉĞƌĂƚŽƌ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϭϰ Ϳ^ƚƌĞŶŐƚŚĞŶŝŶŐŽĨŵƵůƚŝͲŵŽĚĂůƉƵďůŝĐƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬ ǁŝƚŚďƵƐƚƌĂŶƐƉŽƌƚ͕ƌŝǀĞƌƚƌĂŶƐƉŽƌƚ͕ĞƚĐ͘ ¾dŽĐŽŽƌĚŝŶĂƚĞǁŝƚŚďƵƐƌŽƵƚĞŶĞƚǁŽƌŬĂŶĚĨĞƌƌǇŶĞƚǁŽƌŬĂƐƉƵďůŝĐƚƌĂŶƐƉŽƌƚ ŶĞƚǁŽƌŬ͘;ĨĞƌƌǇŝŵƉƌŽǀĞŵĞŶƚŝƐďĞŝŶŐĐŽŶƐŝĚĞƌĞĚďǇDZdͿ ¾dŽƉƌŽǀŝĚĞŝŶƚĞŐƌĂƚĞĚŝŶĨŽƌŵĂƚŝŽŶŽĨŽǀĞƌĂůůƉƵďůŝĐƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬ

ZŽĂĚǁŝƚŚŵŽƌĞƚŚĂŶϭϬďƵƐƌŽƵƚĞƐ ZŽĂĚǁŝƚŚϱͲϭϬďƵƐƌŽƵƚĞƐ ZŽĂĚǁŝƚŚϭͲϱďƵƐƌŽƵƚĞƐ &ĞƌƌǇ >ŝŶĞ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϭϱ

ϱ͘Ϯ<ĞǇDĞĂƐƵƌĞƐƚŽƐƚƌĞŶŐƚŚĞŶŽǀĞƌĂůůƌĂŝůǁĂǇŶĞƚǁŽƌŬŝŶDZ

&ŽƵƌďĂƐŝĐŵĞĂƐƵƌĞƐƚŽƐƚƌĞŶŐƚŚĞŶƌĂŝůǁĂǇŶĞƚǁŽƌŬ͗ Ϳ dŽĚĞǀĞůŽƉŵĂƐƐƚƌĂŶƐŝƚůŝŶĞƐƚŽƚŚĞĐŽƌƌŝĚŽƌƐǁŝƚŚ ŚŝŐŚĚĞŵĂŶĚͲƐƵƉƉůǇŐĂƉ͘ Ϳ dŽĚĞǀĞůŽƉŵĂƐƐƚƌĂŶƐŝƚůŝŶĞƐƚŽůŝŶŬƐƵďͲĐĞŶƚĞƌƐ Ϳ dŽƵƚŝůŝǌĞƚŚĞĞǆŝƐƚŝŶŐ^ZdůŝŶĞƐĂŶĚĐŽŶŶĞĐƚǁŝƚŚŵĂƐƐ ƚƌĂŶƐŝƚŶĞƚǁŽƌŬ Ϳ dŽƐƚƌĞŶŐƚŚĞŶƚƌĂŶƐƉŽƌƚƚĞƌŵŝŶĂůƐ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϭϲ ͿdŽĚĞǀĞůŽƉŵĂƐƐƚƌĂŶƐŝƚůŝŶĞƐƚŽƚŚĞĐŽƌƌŝĚŽƌƐǁŝƚŚŚŝŐŚĚĞŵĂŶĚ

tŚĞƌĞ&ƵƚƵƌĞĞŵĂŶĚǁŝůůďĞ͍ tŚĞƌĞŝƐĞŵĂŶĚͲ^ƵƉƉůǇ'ĂƉ͍ dƌĂŶƐƉŽƌƚĞŵĂŶĚ;ϬϬϬƚƌŝƉƐͬŚŽƵƌͿďǇŝƌĞĐƚŝŽŶ;ϮϬϯϳͿ ĞŵĂŶĚͬ^ƵƉƉůǇZĂƚŝŽďǇŝƌĞĐƚŝŽŶͬƌĞĂ;ϮϬϯϳͿ

6RXUFHH%80 DQG00$3 1RWH $UHD ZLWK LQ NP UDGLXV 1RWH$VVXPLQJFRPSOHWLRQRI00$33ODQQHG5RXWHZLWK $VVXPLQJUDLOZD\PRGDOVKDUHDWDQGSHDNUDWHDW WKHWUDLQGHVLJQFDSDFLW\ ĞŵĂŶĚͲƐƵƉƉůǇŐĂƉŝŶƚŚĞƐŽƵƚŚͲĞĂƐƚĞƌŶĂŶĚŶŽƌƚŚͲĞĂƐƚĞƌŶ ĚŝƌĞĐƚŝŽŶ͘

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϭϳ

tŚĞƌĞ&ƵƚƵƌĞĞŵĂŶĚǁŝůůďĞ͍ tŚĞƌĞŝƐĞŵĂŶĚͲ^ƵƉƉůǇ'ĂƉ͍ ;ĐŝƌĐƵůĂƌĚŝƌĞĐƚŝŽŶͿ dƌĂŶƐƉŽƌƚĞŵĂŶĚ;ϬϬϬƚƌŝƉƐͬŚŽƵƌͿďǇŝƌĞĐƚŝŽŶ;ϮϬϯϳͿ ĞŵĂŶĚͬ^ƵƉƉůǇZĂƚŝŽďǇŝƌĞĐƚŝŽŶͬƌĞĂ;ϮϬϯϳͿ

6RXUFHH%80 DQG00$3 1RWH $UHD ZLWK LQ NP UDGLXV 1RWH$VVXPLQJFRPSOHWLRQRI00$33ODQQHG5RXWHZLWKWKH $VVXPLQJUDLOZD\PRGDOVKDUHDWDQGSHDNUDWHDW WUDLQGHVLJQFDSDFLW\ ,ŝŐŚĞƌĚĞŵĂŶĚŽĨĐŝƌĐƵůĂƌůŝŶĞƐĐĂŶďĞŵŽƐƚůǇĐŽǀĞƌĞĚďǇDͲDWůŝŶĞƐ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϭϴ ͿdŽĚĞǀĞůŽƉŵĂƐƐƚƌĂŶƐŝƚůŝŶĞƐƚŽůŝŶŬƐƵďͲĐĞŶƚĞƌƐ ^ƵďͲĐĞŶƚĞƌƐŝŶĂŶŐŬŽŬDĞƚƌŽƉŽůŝƚĂŶZĞŐŝŽŶ

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ŽƵďůĞͬdƌŝƉůĞƚƌƵĐŬ

^ŝŶŐůĞdƌƵĐŬ DĂũŽƌƐƚĂƚŝŽŶƐ Thamasat Univ. dĞƌŵŝŶĂůƐƚĂƚŝŽŶƐ

Rangsit

Northeeastern Line Saraya TalingChan Bang Sue Nakhon Pathom Southern Line Hua Mak Western Line Tonburi Lat Krabang Chachengsao Wongwianyai Hualampon

Rang Pho Southeastern Line

Maha Chai Ban Kaem

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Ύ/ŵƉůĞŵĞŶƚĂƚŝŽŶŵĞĐŚĂŶŝƐŵĨŽƌŝŶƚĞƌͲŵŽĚĂůĨĂĐŝůŝƚŝĞƐƐŚŽƵůĚďĞĚĞǀĞůŽƉĞĚĂƐďĞůŽǁ͖ Ͳ WůĂŶŶŝŶŐƚŽŐĞƚŚĞƌǁŝƚŚƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚ͕ Ͳ ƵƚŚŽƌŝƚǇƚŽĚĞǀĞůŽƉŝŶƚĞƌŵŽĚĂůĨĂĐŝůŝƚŝĞƐ͕ Ͳ /ŶƐƚŝƚƵƚŝŽŶĂůŵĞĂƐƵƌĞƐƚŽƐĞĐƵƌĞƉƵďůŝĐůĂŶĚĨŽƌŝŶƚĞƌŵŽĚĂůĨĂĐŝůŝƚŝĞƐ ;ŝŶƌĞƚƵƌŶŽĨĨŝŶĂŶĐŝĂůͬŝŶƐƚŝƚƵƚŝŽŶĂůŝŶĐĞŶƚŝǀĞƐ͕ Ͳ ŽŽƌĚŝŶĂƚŝŽŶĂŵŽŶŐƌĞůĞǀĂŶƚĂŐĞŶĐŝĞƐ͘

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ Ϯϵ

Ϳ/ŶƚĞŐƌĂƚŝŽŶǁŝƚŚƐƵƌƌŽƵŶĚŝŶŐƵƌďĂŶĚĞǀĞůŽƉŵĞŶƚĂƚƐƚĂƚŝŽŶĂƌĞĂ

¾ ĞǀĞůŽƉŵĞŶƚĂƚƚƌĂĐƚŝǀĞĂŶĚƐƵďͲĐĞŶƚĞƌƐŝŶƚĞŐƌĂƚĞĚǁŝƚŚƉƵďůŝĐƚƌĂŶƐƉŽƌƚ ¾ ^ĞĐƵƌĞŽĨƐƉĂĐĞƐĨŽƌŝŶƚĞƌŵŽĚĂůĨĂĐŝůŝƚŝĞƐĂŶĚĚŝƌĞĐƚĂĐĐĞƐƐĨƌŽŵƐƵƌƌŽƵŶĚŝŶŐďƵŝůĚŝŶŐƐ ¾ WƌŽǀŝƐŝŽŶŽĨǀĂƌŝŽƵƐƵƌďĂŶƐĞƌǀŝĐĞƐ;ĐŽŵŵĞƌĐŝĂů͕ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ͕ĞƚĐͿĨŽƌĂůůĐŝƚŝǌĞŶƐ͘ WƌŝŵĂƌǇƚĞƌŵŝŶĂůƐƚĂƚŝŽŶƐ ;ĂŶŐ^ƵĞ͕DĂŬŬŚĂƐĂŶ͕tŽŶŐǁĂŝŶ zĂŝ͕DĂĞEĂŵ͕ĞƚĐ͘Ϳ KƚŚĞƌƐƚĂƚŝŽŶƐŶĞĂƌďǇƵƌďĂŶƌĞĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚ

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PP :DONLQJ'LVWDQFH Ύ/ŶƐƚŝƚƵƚŝŽŶĂůĂƌƌĂŶŐĞŵĞŶƚƚŽŝŶƚĞŐƌĂƚĞƵƌďĂŶ 5H'HYHORSPHQWLQWHJUDWHGZLWK ĚĞǀĞůŽƉŵĞŶƚĂŶĚƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚŝƐŝŶĞǀŝƚĂďůĞ͘ UDLOZD\VWDWLRQ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϯϬ ϱ͘ϰ<ĞǇDĞĂƐƵƌĞƐƚŽƉƌŽǀŝĚĞǀĂůƵĞͲĂĚĚĞĚŵĂƐƐƚƌĂŶƐŝƚƐĞƌǀŝĐĞƐƚŽ ƉƌŽŵŽƚĞƉƵďůŝĐƚƌĂŶƐƉŽƌƚ

Ϳ /ŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝƐŝŽŶĨŽƌƉĂƐƐĞŶŐĞƌƐ Ϳ &ůĞǆŝďůĞ&ĂƌĞ^ĞƚƚŝŶŐ Ϳ ^ĂĨĞƚǇĂŶĚĂŵĞŶŝƚǇĨĂĐŝůŝƚŝĞƐ Ϳ ǆƉƌĞƐƐŽƉĞƌĂƚŝŽŶ Ϳ ƵƐŝŶĞƐƐͲůĂƐƐƚƌĂŝŶĐĂƌƐ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϯϭ

Ϳ/ŶĨŽƌŵĂƚŝŽŶWƌŽǀŝƐŝŽŶŽŶZĂŝůǁĂǇ^ĞƌǀŝĐĞƐĨŽƌƉĂƐƐĞŶŐĞƌƐ

¾/ŶĨŽƌŵĂƚŝŽŶƚŽďĞƉƌŽǀŝĚĞĚďǇZĂŝůǁĂǇKƉĞƌĂƚŽƌƐ 9 ĂƐŝĐŝŶĨŽƌŵĂƚŝŽŶŽŶƌĂŝůǁĂǇŽƉĞƌĂƚŝŽŶ /ŶĨŽƌŵĂƚŝŽŶdŽŽůƐ;ĞǆĂŵƉůĞŝŶdŽŬǇŽDĞƚƌŽͿ ;ƌĂŝůǁĂǇŶĞƚǁŽƌŬ͕ĨĂƌĞƚŽĂůůƐƚĂƚŝŽŶƐͿ 9 YƵĂůŝƚǇŽĨƐĞƌǀŝĐĞƐ;ĨƌĞƋƵĞŶĐǇ͕ĐŽŶŐĞƐƚŝŽŶ͕ ƚƌĂǀĞůƚŝŵĞŶĞĞĚĞĚͿ 9 >ĂǇŽƵƚŽĨ^ƚĂƚŝŽŶ;ĚŝƌĞĐƚŝŽŶ͕ĨĂĐŝůŝƚŝĞƐ͕ ďĂƌƌŝĞƌͲĨƌĞĞĂĐĐĞƐƐͿ /ŶĨŽƌŵĂƚŝŽŶĚŝƐƉůĂǇĂƚƉůĂƚĨŽƌŵ /ŶĨŽƌŵĂƚŝŽŶĚŝƐƉůĂǇ 9 ^ĂĨĞƚǇŵĞĂƐƵƌĞƐ ĂƚĐŽŶĐŽƵƌƐĞ

¾/ŶĨŽƌŵĂƚŝŽŶƚŽďĞƉƌŽǀŝĚĞĚ ďǇ'ŽǀĞƌŶŵĞŶƚƵƚŚŽƌŝƚǇ 9 dƌĂŶƐƉŽƌƚĂƚŝŽŶƌĞĐŽƌĚŽĨĂůůůŝŶĞƐ 9 YƵĂůŝƚǇŽĨƐĞƌǀŝĐĞƐŽĨĂůůůŝŶĞƐ DĞƚƌŽŶĞƚǁŽƌŬǁŝƚŚĨĂƌĞƐ 9 ^ĂĨĞƚǇŝŶĨŽƌŵĂƚŝŽŶ

/ŶĨŽƌŵĂƚŝŽŶĐŽƵŶƚĞƌ ^ĞƌǀŝĐĞŵĂŶĂŐĞƌ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϯϮ Ϳ&ůĞǆŝďůĞ&ĂƌĞ^ĞƚƚŝŶŐ

KƌŝŐŝŶ ŝƌĞĐƚůǇ ĞƐƚŝŶĂƚŝŽŶ ¾ŝƐĐŽƵŶƚĨŽƌƚƌĂŶƐĨĞƌďĞƚǁĞĞŶůŝŶĞƐ ƐƚĂƚŝŽŶ dŽŬǇŽDĞƚƌŽ ĐŽŶŶĞĐƚĞĚ :Z>ŝŶĞ ^ƚĂƚŝŽŶ

^ƚĂƚŝŽŶ :WzϭϳϬ ^ƚĂƚŝŽŶ :WzϭϰϬ ^ƚĂƚŝŽŶ ŝƐĐŽƵŶƚс:WzϮϬ ¾ :WzϮϵϬ ^ƉĞĐŝĂůĚŝƐĐŽƵŶƚƚŝĐŬĞƚ;ϮϰͲŚŽƵƌƚŝĐŬĞƚͿ ŝƐĐŽƵŶƚ&ĂƌĞ dŽŬǇŽDĞƚƌŽ :Z>ŝŶĞ ŝƐĐŽƵŶƚ :WzϭϳϬ :WzϭϰϬ :WzϮϬ :WzϮϵϬ ŝƐĐŽƵŶƚĨŽƌdƌĂŶƐĨĞƌďĞƚǁĞĞŶ>ŝŶĞƐ

ϮϰͲŚŽƵƌdŝĐŬĞƚ ϭϭŽƵƉŽŶƐĂƚϭϬͲƌŝĚĞĨĂƌĞƐ ¾ǇŶĂŵŝĐĨĂƌĞƐĞƚƚŝŶŐǁŝƚŚ/ͲĐĂƌĚ;ĨŽƌĨƵƚƵƌĞͿ ¾ tŝƚŚ/ͲĐĂƌĚ͕ƚƌĂǀĞůƉĂƚƚĞƌŶĐĂŶďĞĂŶĂůǇǌĞĚďǇŵŝŶƵƚĞƐ͕ďǇƌŽƵƚĞ͕ĂŶĚďǇƵƐĞƌƐ͘ ¾ ĂƐĞĚŽŶƐƵĐŚĚĞŵĂŶĚĂŶĂůǇƐŝƐ͕ƌĂŝůǁĂǇĨĂƌĞĐĂŶďĞĂĚũƵƐƚĞĚĨůĞǆŝďůǇ ĚĞƉĞŶĚŝŶŐŽŶƚƌĂǀĞůĚĞŵĂŶĚ͘ Ͳ ďǇĚŝƌĞĐƚŝŽŶ͗ůŽǁĞƌĨĂƌĞĨŽƌŐŽŝŶŐŽƵƚƐŝĚĞĐŝƚǇŝŶƚŚĞŵŽƌŶŝŶŐ Ͳ ďǇƚŝŵĞ͗ůŽǁĞƌĨĂƌĞĚƵƌŝŶŐŽĨĨͲƉĞĂŬŚŽƵƌƐ͕ Ͳ ďǇĚĂƚĞ͗ůŽǁĞƌĨĂƌĞĚƵƌŝŶŐǁĞĞŬĞŶĚ Ͳ ďǇƵƐĞŽĨĨƌĞƋƵĞŶĐǇ͗ůŽǁĞƌĨĂƌĞĨŽƌĨƌĞƋƵĞŶƚƵƐĞƌƐ͕ĞƚĐ͘

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϯϯ

Ϳ^ĂĨĞƚǇĂŶĚĂŵĞŶŝƚǇĨĂĐŝůŝƚŝĞƐ

¾^ĂĨĞƚǇ&ĂĐŝůŝƚŝĞƐ 9 ĞŵĞƌŐĞŶĐǇĐĂůůŝŶŐďƵƚƚŽŶŽŶƚŚĞƉůĂƚĨŽƌŵ ĂŶĚĂƚĐƌŽƐƐŝŶŐ 9 ƉůĂƚĨŽƌŵƐĐƌĞĞŶĚŽŽƌƐ 9 ƐĞĐƵƌŝƚǇĐĂŵĞƌĂ 9 ĞŵĞƌŐĞŶĐǇďĂƚƚĞƌǇ͕ĞƚĐ͘ ŵĞƌŐĞŶĐǇĂůůŝŶŐƵƚƚŽŶ

/ŶĐĂƐĞŽĨƉŽǁĞƌŽƵƚĂŐĞ WůĂƚĨŽƌŵƐĐƌĞĞŶ ĚŽŽƌƐ

ƉŽǁĞƌŽƵƚĂŐĞ ^ĞĐƵƌŝƚǇĂŵĞƌĂ sŝƐŝďůĞƚƌƵƐŚ ďŝŶ ^ĞĐƵƌŝƚǇ^ƚĂĨĨ

WŽǁĞƌƐƵƉƉůǇĨƌŽŵďĂƚƚĞƌǇƚŽƌƵŶƚŽƚŚĞŶĞĂƌĞƐƚƐƚĂƚŝŽŶ ¾ůĞĂŶĂŶĚĐŽŵĨŽƌƚĂďůĞZĂŝůǁĂǇ^ĞƌǀŝĐĞƐ ĂƚƚĞƌǇŝŶĞŵĞƌŐĞŶĐǇ;ŽƵƚŽĨĞůĞĐƚƌŝĐŝƚǇͿ ¾hŶŝǀĞƌƐĂůĞƐŝŐŶ ĂƌƌŝĞƌͲĨƌĞĞZŽƵƚĞŝŶƚŚĞ^ƚĂƚŝŽŶ KŶͲďŽĂƌĚĨĂĐŝůŝƚŝĞƐ KƚŚĞƌ&ĂĐŝůŝƚŝĞƐ

^ůŽƉĞ tŝĚĞŐĂƚĞĨŽƌǁŚĞĞůĐŚĂŝƌ ^ƉĂĐĞĨŽƌtŚĞĞůͲĐŚĂŝƌ hŶŝǀĞƌƐĂůdŽŝůĞƚ ͬďĂďǇƐƚƌŽůůĞƌ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϯϰ ͿǆƉƌĞƐƐŽƉĞƌĂƚŝŽŶ ǆƉƌĞƐƐŽƉĞƌĂƚŝŽŶǁŝůůďĞ ¾ǆƉƌĞƐƐŽƉĞƌĂƚŝŽŶĨŽƌĐŽŵŵƵƚĞƌůŝŶĞƐ;^Zd͕ĂƌŬZĞĚ͕>ŝŐŚƚZĞĚͿ ¾ǆƉƌĞƐƐŽƉĞƌĂƚŝŽŶĨŽƌůŽŶŐĞƌͲ DZdƐ;ĂƌŬ'ƌĞĞŶͿ

΀DĞƌŝƚƐŽĨǆƉƌĞƐƐKƉĞƌĂƚŝŽŶ΁ ϭ͘&ĂƐƚĞƌƚƌĂǀĞůŝŶŐƚŝŵĞ ¾&ĂƐƚĞƌƚƌĂǀĞůŝŶŐƚŝŵĞĨŽƌůŽŶŐƚƌŝƉĂŶĚƐƚƌĞŶŐƚŚĞŶĞĚƌĂŝůǁĂǇŶĞƚǁŽƌŬŝŶŵĞƚƌŽƉŽůŝƚĂŶĂƌĞĂ ¾&ĂƐƚĞƌƚƌĂǀĞůŝŶŐƚŝŵĞŝŶƵƌďĂŶŵĂƐƐƚƌĂŶƐŝƚ͘ Ϯ͘ĞŵĂŶĚĚŝƐƚƌŝďƵƚŝŽŶ ¾>ŽŶŐͲĚŝƐƚĂŶĐĞůŝŶĞƐǁŝůůďĞĨƵůůǇŽĐĐƵƉŝĞĚďǇĐŽŵŵƵƚĞƌƐĨƌŽŵƐƵďͲƵƌďĂŶĂƌĞĂ ĂŶĚĐĂŶŶŽƚĂĐĐŽŵŵŽĚĂƚĞƉĂƐƐĞŶŐĞƌƐĂƚƐƚĂƚŝŽŶƐŝŶĐŝƚǇĐĞŶƚĞƌ͘;ĂƌŬ'ƌĞĞŶĂŶĚZĞĚ>ŝŶĞͿ ¾ǆƉƌĞƐƐŽƉĞƌĂƚŝŽŶĐĂŶĚŝƐƚƌŝďƵƚĞĚĞŵĂŶĚĂŶĚĐĂŶĂĐĐŽŵŵŽĚĂƚĞůĂƌŐĞƌŶƵŵďĞƌŽĨƉĞŽƉůĞ ĂƚƐƚĂƚŝŽŶƐŝŶĐŝƚǇĐĞŶƚĞƌ

΀ĞŵĞƌŝƚƐƚŽďĞĐŽŶĐĞƌŶĞĚ΁ ϭ͘&ĞǁĞƌĂĐĐĞƐƐŝďŝůŝƚǇĨŽƌƵƐĞƌƐĂƚǁĂǇͲƐƚĂƚŝŽŶƐ͘ Ϯ͘,ŝŐŚĞƌƐŬŝůůƚŽƌĞƐƉŽŶĚƚŽĂĐĐŝĚĞŶƚͬŽƉĞƌĂƚŝŽŶĂůƚƌŽƵďůĞ

ΎǆƉƌĞƐƐŽƉĞƌĂƚŝŽŶƌĞƋƵŝƌĞƐƐƚĂƚŝŽŶƐǁŝƚŚĂĚĚŝƚŝŽŶĂůƚƌĂĐŬƐĨŽƌƉĂƐƐŝŶŐƚƌĂŝŶƐ͘

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϯϱ

ǆĂŵƉůĞƐŽĨĞǆƉƌĞƐƐŽƉĞƌĂƚŝŽŶŝŶdŽŬǇŽ

ϭϬ ϭϵ ZĞƋƵŝƌĞĚƚƌĂǀĞůŝŶŐƚŝŵĞ ǆƉƌĞƐƐKƉĞƌĂƚŝŽŶŽĨDĞƚƌŽŝŶdŽŬǇŽ ϳ Ϯϭ Ϯϯ͘ϱŬŵ dƌĂǀĞůdƌĂǀĞů^ƉĞĞĚ ǀĞƌĂŐĞ ^ƚĂƚŝŽŶ ƐƉĞĞĚ ŝƐƚĂŶĐĞ >ŽĐĂů ƚƌĂŝŶ 34.3 km/h 1.2 km ǆƉƌĞƐƐ 47.0 km/h 3.4 km

^ƚĂƚŝŽŶǁŝƚŚƉĂƐƐŝŶŐƚƌĂŝŶƐ

ǆƉƌĞƐƐKƉĞƌĂƚŝŽŶŽĨ^ƵďƵƌďĂŶZĂŝůǁĂǇ ϱϴ͘ϯŬŵ dƌĂǀĞů^ƉĞĞĚ ǀĞƌĂŐĞ^ƚĂƚŝŽŶ ŝƐƚĂŶĐĞ

ZĂƉŝĚ 77.7 km/h 7.3 km

Žŵ ʹ Z 71.4 km/h 4.9 km

Semi – R 67.3 km/h 3.9 km

Local 61.4 km/h 3.1 km

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ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϯϵ

ͿŽŵŵŝƚƚĞĞĨŽƌZĂŝůǁĂǇĞǀĞůŽƉŵĞŶƚĨŽƌŽŶƐĞŶƐƵƐƵŝůĚŝŶŐ

9 dŚĞŽŵŵŝƚƚĞĞĨŽƌƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚŝŶDZƐŚŽƵůĚďĞĂŶĂƌĞŶĂ ŶŽƚŽŶůǇĨŽƌĂŶĂůǇƐŝƐĂŶĚĚŝƐĐƵƐƐŝŽŶƐďƵƚĂůƐŽĨŽƌŵĂŬŝŶŐĚĞĐŝƐŝŽŶƐ͘ 9 ŽŵŵŝƚƚĞĞƐŚŽƵůĚŝŶǀŽůǀĞĂĐĂĚĞŵŝĂ͕ƌĂŝůǁĂǇŽƉĞƌĂƚŽƌƐ͕ĂŶĚƵƐĞƌƐ ŝŶƚŚĞƉůĂŶŶŝŶŐƉƌŽĐĞƐƐ ĂƐǁĞůůĂƐƌĞůĞǀĂŶƚŐŽǀĞƌŶŵĞŶƚŽƌŐĂŶŝǌĂƚŝŽŶƐ͘ 9 ŝƐĐƵƐƐŝŽŶƚŚƌŽƵŐŚŽŵŵŝƚƚĞĞĐĂŶĞŶƐƵƌĞŶĞƵƚƌĂůŝƚǇŽĨƚŚĞƉůĂŶ͕ƉƌŽŵŽƚĞĐŽŽƌĚŝŶĂƚŝŽŶ͕ŐĞƚ ĐŽŶƐĞŶƐƵƐŽŶĚĞǀĞůŽƉŵĞŶƚŵĞĂƐƵƌĞƐĂŶĚĞĂĐŚƌĞƐƉŽŶƐŝďŝůŝƚǇ͕ŝŶĐůƵĚŝŶŐĨŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞ ďǇŐŽǀĞƌŶŵĞŶƚ͘ 9 /ƚŝƐŝŵƉŽƌƚĂŶƚƚŽƐŚĂƌĞƚŚĞƌĞƐƵůƚŽĨĚĞŵĂŶĚĂŶĂůǇƐŝƐ͕ŝŶĐůƵĚŝŶŐƌĞůĞǀĂŶƚĚĂƚĂĂŶĚŵŽĚĞůŝŶŐ͘

3URSRVHG&RPPLWWHHDQG3ODQQLQJ3URFHVVIRU5DLOZD\'HYHORSPHQWLQ%05 ŽŵŵŝƚƚĞĞ

'ŽǀĞƌŶŵĞŶƚ^ĞĐƚŽƌ &ŝŶĂŶĐŝĂů ƐĞĐƚŽƌ ƌĂŝůǁĂǇ ƌŽĂĚ ƵƌďĂŶ WƌŽƉŽƐĂůĨŽƌZĂŝůǁĂǇĞǀĞůŽƉŵĞŶƚWŽůŝĐǇͬWůĂŶ >K >K

ZĂŝůǁĂǇ ZĂŝůǁĂǇĞǀ͘ ^ĞƌǀŝĐĞ hƐĞƌƐ ĂĐĂĚĞŵŝĂ EĞƚǁŽƌŬ DĞƚŚŽĚƐ ŝŵƉƌŽǀĞŵĞŶƚ ƵƐ WƌŝǀĂƚĞ ZĂŝůǁĂǇ

ŽŶƐƵůƚĂŶƚ KƉĞƌĂƚŽƌ Ͳ &ŝŶĂŶĐŝĂůƐƵƉƉŽƌƚĨŽƌƌĂŝůǁĂǇĚĞǀ͘ Ͳ ^ŚĂƌĞĚĚŝƌĞĐƚŽƉĞƌĂƚŝŽŶ Ͳ ĞǀĞůŽƉŵĞŶƚƐĐŚĞŵĞƐĞƚĐ͘ Ͳ ŽŵŵŽŶƚŝĐŬĞƚŝŶŐĞƚĐ͘

&ŝŶĂŶĐŝĂůĨĞĂƐŝďŝůŝƚǇͬƐŽĐŝŽͲĞĐŽŶŽŵŝĐŝŵƉĂĐƚ;ĞŵĂŶĚĨŽƌĞĐĂƐƚͿ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϰϬ ϲ͘Ϯ&ŝŶĂŶĐŝĂů&ĂĐŝůŝƚĂƚŝŽŶ

^ƵƉƉŽƌƚWƌŽŐƌĂŵĨŽƌ ^ƵƉƉŽƌƚWƌŽŐƌĂŵĨŽƌhƌďĂŶ Ϳ^ƵƉƉŽƌƚŵĞĐŚĂŶŝƐŵƐ͗ ^ƵďǁĂǇĞǀĞůŽƉŵĞŶƚ ZĂŝůǁĂǇƐhƐĞƌWƌŽŵŽƚŝŽŶ EĂŵĞ 'ŽǀĞƌŶŵĞŶƚŐƌĂŶƚƐƵƉƉŽƌƚŝƐĞƐƐĞŶƚŝĂůĨŽƌ dŽƚĂůĐŽƐƚ;ŵŝŶƵƐŵĂŶƉŽǁĞƌ͕ŽŶƐƚƌƵĐƚŝŽŶнĂŶĐŝůůĂƌǇнůĂŶĚ ƵƌďĂŶŵĂƐƐƌĂƉŝĚƚƌĂŶƐŝƚĚĞǀĞůŽƉŵĞŶƚ͘ ĂĚŵŝŶ͕ƌŽůůŝŶŐƐƚŽĐŬ͕ŝŶƚĞƌĞƐƚ ĂĐƋƵŝƐŝƚŝŽŶ ^ƵďũĞĐƚ ƌĂƚĞͿǆϭ͘ϬϮǆϴϬйǆϵϬй ^ƵƉƉŽƌƚƐƐŚŽƵůĚďĞĐŽŶƚĞǆƚͲƐƉĞĐŝĨŝĐƐŽĂƐƚŽ hƉƚŽϯϱй hƉƚŽϭͬϯ ;ŵĂƚĐŚŝŶŐĂŵŽƵŶƚǁŝƚŚƐƵďƐŝĚǇ ;ŵĂƚĐŚŝŶŐĂŵŽƵŶƚǁŝƚŚƐƵďƐŝĚǇ

ĨĂĐŝůŝƚĂƚĞŝŶƚĞŶĚĞĚŝŶǀĞƐƚŵĞŶƚƐ͘ WŽƌƚŝŽŶ ĨƌŽŵŵƵŶŝĐŝƉĂůŐŽǀĞƌŶŵĞŶƚƐͿ ĨƌŽŵŵƵŶŝĐŝƉĂůŐŽǀĞƌŶŵĞŶƚƐͿ ͿWŽůŝĐǇĨŝŶĂŶĐŝŶŐ͗ &zϮϬϭϴďƵĚŐĞƚ͗:Wzϰ͕ϲďŝůůŝŽŶ&zϮϬϭϴďƵĚŐĞƚ͗:Wzϭϭ͘ϲďŝůůŝŽŶ ĞǀĞůŽƉĞĚĐŽƵŶƚƌŝĞƐǁŚĞƌĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞ

ĚĞǀĞůŽƉŵĞŶƚŚĂƐƚĂŬĞŶƉůĂĐĞĂƌĞŵŽƐƚůǇ ǆĂŵƉůĞ ĨƵƌŶŝƐŚĞĚǁŝƚŚƉŽůŝĐǇĨŝŶĂŶĐŝŶŐŝŶƐƚƌƵŵĞŶƚƐ͘ ǆĂŵƉůĞƐŽĨŐƌĂŶƚƐƵƉƉŽƌƚŵĞĐŚĂŶŝƐŵƐ ^ŽƵƌĐĞ͗ĞǆƚƌĂĐƚĞĚĂŶĚĞĚŝƚĞĚďǇ:/^ƚƵĚǇ ƉŽůŝĐǇĨŝŶĂŶĐŝŶŐŝŶƐƚƌƵŵĞŶƚĐĂŶƉƌŽǀŝĚĞƐƚĂďůĞĂŶĚůŽŶŐͲƚĞƌŵ dĞĂŵďĂƐĞĚŽŶ:ZddĚŽĐƵŵĞŶƚƐ ĨƵŶĚŝŶŐǁŚŝĐŚŝƐƐƵŝƚĂďůĞĨŽƌĨƵŶĚŝŶŐƚƌĂŶƐƉŽƌƚŝŶĨƌĂƐƚƌƵĐƚƵƌĞĚĞǀĞůŽƉŵĞŶƚ͘ h^ ĂŶĂĚĂ h< 'ĞƌŵĂŶǇ &ƌĂŶĐĞ :ĂƉĂŶ ŽŵƉƌĞŚĞŶƐŝǀĞ &ĞĚĞƌĂůƌĞĚŝƚ &ŝƐĐĂů/ŶǀĞƐƚŵĞŶƚ ͲͲͲͲ WƌŽŐƌĂŵŵĞ WƌŽŐƌĂŵ͗&W Θ>ŽĂŶWƌŽŐƌĂŵ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ ͲͲͲ<ĨtƉŝĨƌĂŶĐĞ: dƌĂĚĞ͕ŽǀĞƌƐĞĂƐ <Ĩt /WyĂŶŬ͕ D/D h<& &͕ƉŝĨƌĂŶĐĞ :/͕:/ ŝŶǀĞƐƚŵĞŶƚ '͕<Ĩt ^DƐ ^ <Ĩt ƉŝĨƌĂŶĐĞ :& ,ŽƵƐŝŶŐ &ED͕&,>D͕&,> D, <Ĩt :,& KƵƚƐƚĂŶĚŝŶŐďĂůĂŶĐĞŽĨ h^ϲƚƌŝůůŝŽŶ ϯϮϲďŝůůŝŽŶ hZϮϳϯďŝůůŝŽŶhZϮϬϱďŝůůŝŽŶ Ͳ :WzϵϳƚƌŝůůŝŽŶ WŽůŝĐǇ&ŝŶĂŶĐŝŶŐ;&zϮϬϭϱͿ :WzϲϲϬƚƌŝůůŝŽŶ :WzϮϳƚƌŝůůŝŽŶ :WzϯϯƚƌŝůůŝŽŶ :WzϮϱƚƌŝůůŝŽŶ ^ŽƵƌĐĞ͗ĞĚŝƚĞĚĂŶĚƚƌĂŶƐůĂƚĞĚďǇ:/^ƚƵĚǇdĞĂŵďĂƐĞĚŽŶDK&ĚŽĐƵŵĞŶƚ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϰϭ

ϲ͘ϯWƌŽũĞĐƚ&ŽƌŵƵůĂƚŝŽŶĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ

ͿWƵďůŝĐͲWƌŝǀĂƚĞWĂƌƚŶĞƌƐŚŝƉ&ĂƐƚdƌĂĐŬWƌŽũĞĐƚƐ dŚĂŝůĂŶĚĂůƌĞĂĚǇŚĂƐŐŽŽĚƉƵďůŝĐͲƉƌŝǀĂƚĞƉĂƌƚŶĞƌƐŚŝƉƌŽůĞͲƐŚĂƌŝŶŐŵŽĚĞůƐ͘ǆŝƐƚŝŶŐĨĂƐƚ ƚƌĂĐŬƉƌŽũĞĐƚƐƐŚŽƵůĚĨƵƌƚŚĞƌďĞĞŶĐŽƵƌĂŐĞĚ͘ &ƵƌƚŚĞƌŵĂƌŬĞƚƐŽƵŶĚŝŶŐƐŚŽƵůĚďĞĐŽŶĚƵĐƚĞĚƚŽĂƚƚƌĂĐƚŵŽƌĞďŝĚĚĞƌƐ͘ ͿĂůĂŶĐŝŶŐǁŝƚŚĂƵǆŝůŝĂƌǇďƵƐŝŶĞƐƐĞƐ ǆĂŵƉůĞƐŽĨĂƵǆŝůŝĂƌǇďƵƐŝŶĞƐƐĞƐǁŝƚŚ:ĂƉĂŶ͛ƐƌĂŝůǁĂǇŽƉĞƌĂƚŽƌƐ DĂƐƐƌĂƉŝĚƚƌĂŶƐŝƚŽƉĞƌĂƚŝŽŶŝƐ ĂƚĞŐŽƌǇ ǆĂŵƉůĞ WƵďůŝĐ ƌĞůĂƚŝŽŶƐ ĚǀĞƌƚŝƐŝŶŐ͕ŵĂƌŬĞƚŝŶŐƐƵƉƉŽƌƚ ĂĚǀĂŶƚĂŐĞŽƵƐŝŶƚŚĂƚƚŚĞ ZĞƚĂŝů ŽŶǀĞŶŝĞŶĐĞƐƚŽƌĞƐ͕ƐƵƉĞƌŵĂƌŬĞƚƐ ŽƉĞƌĂƚŽƌĐĂŶĞĂƐŝůǇƌĞĂĐŚŽƵƚ ZĞƐƚĂƵƌĂŶƚƐ ĂŶĚ ĐĂƚĞƌŝŶŐ /ŶͲƐƚĂƚŝŽŶƌĞƐƚĂƵƌĂŶƚƐ͕ĂƌĞĂĐĂƚĞƌŝŶŐ ZĞĂů ĞƐƚĂƚĞ ĂŶĚ ŚŽƵƐŝŶŐ WƌŽƉĞƌƚǇĚĞǀĞůŽƉŵĞŶƚĂŶĚĂŐĞŶƚƐ ƚŽĂŚƵŐĞŶƵŵďĞƌŽĨƉĞŽƉůĞ͕ ƵƐŝŶĞƐƐ ƐƵƉƉŽƌƚ KĨĨŝĐĞƌĞŶƚŝŶŐ͕ƐĞĐƌĞƚĂƌŝĂƚƐĞƌǀŝĐĞ͕ƉƌŝŶƚŝŶŐ ŽĨĂůůĐĂƚĞŐŽƌŝĞƐ͘ /ŶĨĂŶƚ ĂŶĚ ƐĞŶŝŽƌ ĐĂƌĞ EƵƌƐĞƌǇͬĚĂǇĐĂƌĞŚŽŵĞ ƐĞƌǀŝĐĞƐ >ŽŐŝƐƚŝĐƐ ŽƵƌŝĞƌ͕ŵŽǀŝŶŐ͕ĚŝƐƚƌŝďƵƚŝŽŶ ǇŵĂŬŝŶŐƵƐĞŽĨŽƉƉŽƌƚƵŶŝƚŝĞƐ ^ĞĐƵƌŝƚǇ ^ĞĐƵƌŝƚǇŐƵĂƌĚ͕ƌĞŵŽƚĞƐƵƉĞƌǀŝƐŝŽŶ ŽŵŵƵŶŝĐĂƚŝŽŶ dĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶ͕ǀĂůƵĞͲĂĚĚĞĚŶĞƚǁŽƌŬ͕/^W͕ds ƚŽƌĞĂĐŚŽƵƚƚŽƉƵďůŝĐŝŶŐĞŶĞƌĂů͕hƚŝůŝƚǇ ůĞĐƚƌŝĐŝƚǇĂŶĚŐĂƐƐƵƉƉůǇ ƚŚĞƌĞŝƐĂĨƵůůƌĂŶŐĞŽĨŝŶĐŽŵĞ ^ƚŽƌĂŐĞ dƌƵŶŬƌŽŽŵƌĞŶƚĂůĂŶĚĚĞůŝǀĞƌǇ &ŝŶĂŶĐĞ ĐƌĞĚŝƚĐĂƌĚƐĂŶĚƐĞƚƚůĞŵĞŶƚ ĞĂƌŶŝŶŐďƵƐŝŶĞƐƐĞƐǁŚŝĐŚĐĂŶ ĐĐŽŵŵŽĚĂƚŝŽŶ ,ŽƚĞůƐ͕ĂƉĂƌƚŵĞŶƚƐ ĞĂƐŝůǇĞǆĐĞĞĚƚŚĞƐŝǌĞŽĨƚŚĞ ĚƵůƚĞĚƵĐĂƚŝŽŶ ŽŵŵƵŶŝƚǇƐĐŚŽŽů͕ĐŽŶƚŝŶƵŽƵƐůĞĂƌŶŝŶŐ ŶƚĞƌƚĂŝŶŵĞŶƚ ǀĞŶƚŚĂůůƌĞŶƚŝŶŐ ƚƌĂŶƐƉŽƌƚďƵƐŝŶĞƐƐ͘ dƌĂǀĞůƐƵƉƉŽƌƚ dƌĂǀĞůĂŐĞŶƚ͕ƚŝĐŬĞƚŝŶŐ ^ƉŽƌƚƐĂŶĚŚĞĂůƚŚ &ŝƚŶĞƐƐŐǇŵ͕ƚĞŶŶŝƐĐŽƵƌƚ͕ŐŽůĨĐŽƵƌƐĞ͕ƐǁŝŵŵŝŶŐƉŽŽů DĞĚŝĐĂů ,ŽƐƉŝƚĂůƐ >ŝĨĞƐƚĂŐĞƐƵƉƉŽƌƚ tĞĚĚŝŶŐŚĂůů͕ĨƵŶĞƌĂůŚĂůů ^ŽƵƌĐĞ͗:/^ƚƵĚǇdĞĂŵďĂƐĞĚŽŶŝŶĨŽƌŵĂƚŝŽŶĐŽůůĞĐƚĞĚĨƌŽŵƌĂŝůǁĂǇŽƉĞƌĂƚŽƌƐ͛ǁĞďƐŝƚĞƐ͘

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϰϮ ϳ͘DŽĚĂů^ŚŝĨƚWŽůŝĐǇ͗WŽƐƐŝďůĞDĞŶƵ>ŝƐƚďĂƐĞĚŽŶ:ĂƉĂŶĞƐĞĞǆƉĞƌŝĞŶĐĞƐ

΀WƌŽŵŽƚŝŽŶDĞĂƐƵƌĞƐĂƐŝŶŝƚŝĂůĂĐƚŝŽŶƐ΁ ϭ͘ /ŶĨŽƌŵĂƚŝŽŶWƌŽǀŝƐŝŽŶƚŽWƌŽŵŽƚĞWƵďůŝĐdƌĂŶƐƉŽƌƚ ¾ ĂŵƉĂŝŐŶƚŽƉƌŽŵŽƚĞ͞ƉƵďůŝĐƚƌĂŶƐƉŽƌƚƐŽĐŝĞƚǇ͟ ǁŝƚŚƐŵĂƌƚŝŵĂŐĞŽĨƉƵďůŝĐƚƌĂŶƐƉŽƌƚ͘ ¾ WƌŽŵŽƚŝŽŶĂƐĂŶ͞ĞĐŽͲĨƌŝĞŶĚůǇƚƌĂŶƐƉŽƌƚŵŽĚĞ͟

ǁŝƚŚŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚKϮ ĞŵŝƐƐŝŽŶďǇŵŽĚĞ͘ ¾ WƌŽŵŽƚŝŽŶŽĨ͞ŽĨĨͲƉĞĂŬĐŽŵŵƵƚŝŶŐ͟ ǁŝƚŚŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƉĞĂŬĐŽŶŐĞƐƚŝŽŶŚŽƵƌ͘

ŽŵƉĂƌŝƐŽŶŽĨKϮ ŵŝƐƐŝŽŶďǇDŽĚĞ

KϮ ĞŵŝƐƐŝŽŶͬƉĞƌƐŽŶͬŬŵ WĂƐƐĞŶŐĞƌĂƌǁŝůůĞŵŝƚ

ĂďŽƵƚϵƚŝŵĞƐŽĨKϮ ZĂŝůǁĂǇ ĐŽŵƉĂƌĞĚƚŽƌĂŝůǁĂǇ

ƵƐ

Ăƌ

;ŐͬĐĂƉŝƚĂͬŬŵͿ

KĨĨͲƉĞĂŬWƌŽŵŽƚŝŽŶǁŝƚŚ/ŶĨŽƌŵĂƚŝŽŶ ^ŽƵƌĐĞ͗D>/d͕:ĂƉĂŶ ŽĨWĞĂŬͲĐŽŶŐĞƐƚŝŽŶďǇ^ƚĂƚŝŽŶ ^ŽƵƌĐĞ͗dŽŬǇŽDĞƚƌŽ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϰϯ

΀WƌŽŵŽƚŝŽŶDĞĂƐƵƌĞƐĨŽƌŵŝĚͲƚŽͲůŽŶŐͲƚĞƌŵ΁ ϭ͘ WƌŽŵŽƚŝŽŶĂƐĂŶ͞ĞĐŽͲĨƌŝĞŶĚůǇƚƌĂŶƐƉŽƌƚŵŽĚĞ͟ ¾ ĞƌƚŝĨŝĐĂƚĞŽĨ͞ĞĐŽͲĨƌŝĞŶĚůǇŽĨĨŝĐĞ͟ ǁŚŝĐŚ ƉƌŽŵŽƚĞĞŵƉůŽǇĞĞƐƚŽĐŽŵŵƵƚĞďǇƉƵďůŝĐƚƌĂŶƐƉŽƌƚ ;ƌĂƚŝŽŽĨƉƵďůŝĐƚƌĂŶƐƉŽƌƚĐŽŵŵƵƚĞƌƐ͕ >ŽŐŽŵĂƌŬŽĨ ŶǀŝƌŽŶŵĞŶƚĂůůǇ^ƵƐƚĂŝŶĂďůĞdƌĂŶƐƉŽƌƚ ĐŽŵŵƵŶŝƚǇĂůůŽǁĂŶĐĞŽŶůǇĨŽƌƉƵďůŝĐƚƌĂŶƐƉŽƌƚͿ ¾ ĚƵĐĂƚŝŽŶĂůƉƌŽŐƌĂŵ ĨŽƌƐƚƵĚĞŶƚƐĂƚƐĐŚŽŽůƚŽƵƐĞƉƵďůŝĐƚƌĂŶƐƉŽƌƚ

Ϯ͘DŽĚĂů^ŚŝĨƚDĞĂƐƵƌĞƐĨŽƌKĨĨŝĐĞͲŽŵŵƵƚĞƌƐ

¾ ^ƉĞĐŝĂůĐŽŵŵƵƚŝŶŐĂůůŽǁĂŶĐĞ ǆ͘ZĞǀŝƐŝŽŶŽĨŽŵŵƵƚŝŶŐůůŽǁĂŶĐĞĨŽƌĞŵƉůŽǇĞĞƐ ŽŶůǇĨŽƌƉƵďůŝĐƚƌĂŶƐƉŽƌƚƵƐĞƌƐ ƚŽƉƌŽŵŽƚĞWƵďůŝĐdƌĂŶƐƉŽƌƚ ƚŽĐŽǀĞƌĐŽŵŵƵƚŝŶŐĐŽƐƚ ĂŶĚEŽŶͲŵŽƚŽƌŝǌĞĚdƌĂŶƐƉŽƌƚ;:WzͬŵŽŶƚŚͿ ŝƐƚĂŶĐĞ ŽŵŵƵƚŝŶŐ ĂůůŽǁĂŶĐĞ ¾ ^ƉĞĐŝĂůĂůůŽǁĂŶĐĞ ĨƌŽŵ,ŽŵĞ ĨŽƌWĂƐƐĞŶŐĞƌĐĂƌ WƵďůŝĐƚƌĂŶƐƉŽƌƚ DŽƚŽƌĐǇĐůĞ ĨŽƌEDdĐŽŵŵƵƚĞƌƐ ƚŽŽĨĨŝĐĞ ¾ ŝƐĐŽƵƌĂŐŝŶŐĐĂƌͲĐŽŵŵƵƚŝŶŐ ͲϱŬŵ :Wz Ϯ͕ϬϬϬÎ ϭ͕ϬϬϬ ůů ƌĞƋƵŝƌĞĚĨĂƌĞƐ :WzϮ͕ϭϬϬÎϰ͕ϬϬϬ ĨŽƌĞŵƉůŽǇĞĞƐůŝǀŝŶŐǁŝƚŚŝŶϮŬŵ͘ ϱͲϭϬŬŵ :Wzϰ͕ϭϬϬ ůů ƌĞƋƵŝƌĞĚĨĂƌĞƐ :Wzϰ͕ϭϬϬÎϴ͕ϮϬϬ ϭϬͲϭϱŬŵ :Wzϲ͕ϱϬϬ ůů ƌĞƋƵŝƌĞĚĨĂƌĞƐ :Wzϲ͕ϱϬϬÎϴ͕ϮϬϬ ϭϱŬŵͲ :Wz ϴ͕ϵϬϬ ůů ƌĞƋƵŝƌĞĚĨĂƌĞƐ Î :Wzϴ͕ϵϬϬ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϰϰ ΀WƌŽŵŽƚŝŽŶDĞĂƐƵƌĞƐĨŽƌŵŝĚͲƚŽͲůŽŶŐͲƚĞƌŵ΁ /ŵĂŐĞŽĨ^ƚĂƚŝŽŶͲ<ŝĚƐ^ĞƌǀŝĐĞƐ ϯ͘ǇŶĂŵŝĐWƌŝĐŝŶŐǁŝƚŚ/ͲĐĂƌĚ

¾ &ŝŶĂŶĐŝĂůŝŶĐĞŶƚŝǀĞƉƌŽǀŝƐŝŽŶǁŝƚŚ/ͲĐĂƌĚ ^ĞĐƵƌĞĚ͊ ;ĚŝƐĐŽƵŶƚĨŽƌŽĨĨͲƉĞĂŬƵƐĞ͕ĞƚĐ͘Ϳ ΘƌĞůŝĞǀĞĚ ϰ͘WƌŽŵŽƚŝŽŶĂƐĂ^ĞĐƵƌĞĚdƌĂŶƐƉŽƌƚDŽĚĞ ^D^ ^D^ ¾ ^E^ͬ^D^ǁŝůůďĞƐĞŶƚƚŽƉĂƌĞŶƚƐ ǁŚĞŶŬŝĚƐƉĂƐƐƚŚĞƌĂŝůǁĂǇŐĂƚĞǁŝƚŚ/ͲĐĂƌĚ͘ tŚĞŶŬŝĚƐƉĂƐƐƌĂŝůǁĂǇŐĂƚĞ͕͕͕ tŚĞŶŬŝĚƐƉĂƐƐďƵƐŐĂƚĞ͕͕͕ KŶĐĞŬŝĚƐĞŶƚĞƌƌĂŝůǁĂǇƐƚĂƚŝŽŶŐĂƚĞǁŝƚŚ/ͲĐĂƌĚ͕ ΀ZĞƐƚƌŝĐƚŝŽŶDĞĂƐƵƌĞƐĨŽƌůŽŶŐͲƚĞƌŵ΁ ^D^ŵĞƐƐĂŐĞǁŝůůďĞĂƵƚŽŵĂƚŝĐĂůůǇƐĞŶƚƚŽƚŚĞƉĂƌĞŶƚƐ͛ŵŽďŝůĞ͘ ϭ͘ ZĞƐƚƌŝĐƚŝŽŶŽĨhƐĞŽĨWƌŝǀĂƚĞĂƌͬŵŽƚŽƌĐǇĐůĞ ¾ /ŶĐƌĞĂƐĞŽĨƚŽůůƚĂǆ ¾ /ŶĐƌĞĂƐĞŽĨƉĂƌŬŝŶŐƚĂǆŝŶĐŝƚǇĐĞŶƚĞƌ͕ ¾ /ŶĐƌĞĂƐŝŶŐĐĂƌƚĂǆĂŶĚĨƵĞůƚĂǆ ¾ ZŽĂĚƉƌŝĐŝŶŐ ¾ ĂƌͲĨƌĞĞĚĂǇ ΎZĞƐƚƌŝĐƚŝŽŶŵĞĂƐƵƌĞƐĐĂŶďĞŝŶƚƌŽĚƵĐĞĚŽŶůǇǁŚĞŶĂŶĚǁŚĞƌĞƐƵĨĨŝĐŝĞŶƚƌĂŝůǁĂǇ ŶĞƚǁŽƌŬŝƐĂǀĂŝůĂďůĞĨŽƌƉĞŽƉůĞƚŽĐŚŽŽƐĞƉƵďůŝĐƚƌĂŶƐƉŽƌƚĂƐĂŶĂůƚĞƌŶĂƚŝǀĞŵŽĚĞ͘

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϰϱ

ϴ͘^ĐŚĞŵĂƚŝĐ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĐŚĞĚƵůĞ ŽĨƚŚĞƉƌŽƉŽƐĞĚDͲDWϮůƵĞƉƌŝŶƚ;ƚĞŶƚĂƚŝǀĞͿ

ϮϬϭϴʹ ϮϬϮϳ;ƐŚŽƌƚͬŵĞĚŝƵŵͲƚĞƌŵͿ ʹ ϮϬϯϳ;>ŽŶŐͿ

ϮͲ^ƚƌĞŶŐƚŚĞŶŝŶŐŽĨƚƌĂŶƐƉŽƌƚƚĞƌŵŝŶĂůƐ ĞǀĞůŽƉŵĞŶƚŽĨ DĂƐƐdƌĂŶƐŝƚ ϯͲĞǀĞůŽƉŵĞŶƚŽĨŝŶƚĞƌͲŵŽĚĂůĨĂĐŝůŝƚŝĞƐ EĞƚǁŽƌŬĂŶĚ ϯͲWƌŽǀŝƐŝŽŶŽĨƐĂĨĞĂŶĚĐŽŵĨŽƌƚĨĞĞĚĞƌƚƌĂŶƐƉŽƌƚƐĞƌǀŝĐĞƐ ϯͲ/ŶƚĞŐƌĂƚŝŽŶǁŝƚŚƐƵƌƌŽƵŶĚŝŶŐƵƌďĂŶĚĞǀĞůŽƉŵĞŶƚĂƚƐƚĂƚŝŽŶĂƌĞĂ ^ĞƌǀŝĐĞƐ ϰͲ/ŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝƐŝŽŶ͕ϰͲ^ĂĨĞƚǇĂŶĚĂŵĞŶŝƚǇĨĂĐŝůŝƚŝĞƐ

ϰͲ&ůĞǆŝďůĞ&ĂƌĞ^ĞƚƚŝŶŐ͕ϰͲǆƉƌĞƐƐŽƉĞƌĂƚŝŽŶ ϰͲƵƐŝŶĞƐƐͲĐůĂƐƐƚƌĂŝŶĐĂƌƐ

ϱͲůƚĞƌŶĂƚŝǀĞĂĐĐĞƐƐƌŽƵƚĞƐƚŽĂŝƌƉŽƌƚƐ ϱͲZĞĚƵĐĞĂĐĐĞƐƐƚŝŵĞƚŽĂŝƌƉŽƌƚƐ

WƌŽŵŽƚŝŽŶDĞĂƐƵƌĞƐ DŽĚĂů^ŚŝĨƚWŽůŝĐǇ ZĞƐƚƌŝĐƚŝŽŶDĞĂƐƵƌĞƐ

DĂƐƚĞƌWůĂŶŶŝŶŐ͕ DͲDWϮ DͲDWϯ ĂƚĂďĂƐĞĂŶĚ ĨŽƌŵƵůĂƚŝŽŶ ĨŽƌŵƵůĂƚŝŽŶ ĞŵĂŶĚ&ŽƌĞĐĂƐƚ /ŵƉƌŽǀĞŵĞŶƚŽĨƚŚĞ ŽŶƚŝŶƵŽƵƐƌĞǀŝƐŝŽŶ ƵƉĚĂƚĞĚĞhDϮ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϰϲ

Appendix 2 Workshop on Implementation Mechanism of M-MAP2

ƉƉĞŶĚŝǆ Ϯ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚ ĨŽƌ ƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ ;DͲDWϮͿ

tŽƌŬƐŚŽƉŽŶ/ŵƉůĞŵĞŶƚĂƚŝŽŶDĞĐŚĂŶŝƐŵ ŽĨDͲDWϮ

ϱ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ ĂŶŐŬŽŬ :/^ƚƵĚǇdĞĂŵ ;ƌĞǀŝƐĞĚĨŽƌƌĞƉŽƌƚŝŶŐͿ

ϭ͘/ŶƚƌŽĚƵĐƚŝŽŶ͗ ZĞǀŝƐŝƚŝŶŐdŽŬǇŽEĞƚǁŽƌŬ ^ƵŵŵĂƌŝǌŝŶŐŽƵƌƉĂƐƚ ϭͲϭ͘DŝůůŝŽŶ,ĂďŝƚĂŶƚŝƚǇ^ŝŶĐĞϭϳƚŚ ĞŶƚƵƌǇ

dŽŬǇŽǁĂƐĂůƌĞĂĚǇǁŝƚŚĂŵŝůůŝŽŶŚĂďŝƚĂŶƚƐϯϬϬǇĞĂƌƐ ĂŐŽ;ĨƌŽŵďĞĨŽƌĞǇĞĂƌϭϳϬϬͿ͕ĐĞŶƚĞƌŝŶŐĚŽĂƐƚůĞ͘dŚĞ ĐŝƚǇĐĞŶƚĞƌůŽĐĂƚŝŽŶŚĂƐŶŽƚƐŚŝĨƚĞĚĂƚĂůůƐŝŶĐĞƚŚĞŶ͘

ŚƚƚƉƐ͗ͬͬĞĚŽͲŐ͘ĐŽŵͬďůŽŐͬϮϬϭϲͬϬϭͬƉŽƉƵůĂƚŝŽŶ͘ŚƚŵůͬϮ ŚƚƚƉ͗ͬͬǁǁǁ͘ƐŽƵŵƵ͘ŵĞƚƌŽ͘ƚŽŬǇŽ͘ũƉͬϬϭƐŽƵŵƵͬĂƌĐŚŝǀĞƐͬϬϳϭϮĞĚŽͺŚĂŶŶŝ͘Śƚŵ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϯ

ϭͲϮ͘ŚƌŽŶŽůŽŐǇŽĨZĂŝůǁĂǇEĞƚǁŽƌŬĞǀĞůŽƉŵĞŶƚ

ZĞĐŽŶƐƚƌƵĐƚŝŽŶ hŶŝƚ͗Ŭŵ DĞŝũŝZĞƐƚŽƌĂƚŝŽŶ tĂƌ ZĂƉŝĚŐƌŽǁƚŚ /ŶĚƵƐƚƌŝĂůŝǌĂƚŝŽŶ ĚĞĨĞĂƚ ^ƚĂďůĞŐƌŽǁƚŚ <ĂŶƚŽ'ƌĞĂƚ 3ULYDWHVXEXUEDQ ĂƌƚŚƋƵĂŬĞ 4XDGUXSOH OLQHV

1DWLRQDO -5 4XDGUXSOH OLQHV 6XEZD\

&ŝƌƐƚƐƵďǁĂǇ 3ULYDWHVXEXUEDQOLQHV

1DWLRQDO± -5OLQHV

^ŽƵƌĐĞ͗ŽŵƉŝůĞĚďǇ:/^ƚƵĚǇdĞĂŵďĂƐĞĚŽŶD>/dŶŶƵĂů^ƚĂƚŝƐƚŝĐƐŽĨdƌĂŶƐƉŽƌƚ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϰ ϭͲϯ͘dŽŬǇŽϭϵϱϬͲϭϵϴϬ͗hƌďĂŶƌĞĂ

ZĞƉůĂĐĞƚƌĂŵƐďǇ^ƵďǁĂǇ

ߑ૟

/ŵĂŐĞĐĂŶŶŽƚ ďĞƐŚĂƌĞĚďǇ ĞůĞĐƚƌŽŶŝĐĨŝůĞ͘

^htz

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϱ

ϭͲϰ͘dŽŬǇŽϭϵϱϬͲϭϵϴϬ͗^ƵďƵƌďĂŶƌĞĂ

&ŝůůƵƉƚŚĞǀĂĐƵƵŵĂƌĞĂǁŝƚŚŚŽƵƐŝŶŐĂŶĚŶĞǁƌĂŝů ĐŽŶŶĞĐƚŝŽŶƐ͘

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϲ ϭͲϱ͘dŽŬǇŽϭϵϱϬͲϭϵϴϬ͗hƌďĂŶͲ ^ƵďƵƌďĂŶŽŶŶĞĐƚŝŽŶ

ŽŶŶĞĐƚƐƵďƵƌďĂŶŶĞƚǁŽƌŬǁŝƚŚƐƵďǁĂǇŶĞƚǁŽƌŬ

YƵĂĚƌƵƉůŝŶŐнůĞŶŐƚŚĞŶŝŶŐƚƌĂŝŶƐ ǇƉĂƐƐŝŶŐůŝŶĞƐ

ǆƚĞŶƐŝŽŶ;ƚŽƐƵďƵƌďĂŶŶĞǁƚŽǁŶƐͿ ŝƌƉŽƌƚĂĐĐĞƐƐ ^htz

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ϭͲϲ͘&ƵŶĐƚŝŽŶĂůZĞŝŶĨŽƌĐĞŵĞŶƚ;YƵĂĚƌƵƉůŝŶŐͿ /ŶWĂƌĂůůĞů͗ hƉŐƌĂĚŝŶŐ;ƋƵĂĚƌƵƉůŝŶŐͿϱƚƌƵŶŬůŝŶĞƐ ;ƵŶĚĞƌŶĂƚŝŽŶĂůƌĂŝůŵĂŶĂŐĞŵĞŶƚͿ ⋉ ⋊ ⋈ ⋋

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ϯϭϵ ƚŚŽƵƐĂŶĚ

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ϱϬŬŵ :Z ;ĞǆͲŶĂƚŝŽŶĂůƌĂŝůǁĂǇͿ ZĂŝůǁĂǇ ŽƉĞƌĂƚŽƌƐ WƌŝǀĂƚĞƌĂŝůǁĂǇ

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ϭͲϭϬ͘KƚŚĞƌZĞĐĞŶƚ&ƵŶĐƚŝŽŶĂůĞǀĞůŽƉŵĞŶƚƐ

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ƌĞĂƌĞũƵǀĞŶĂƚŝŽŶ ŝƌƉŽƌƚƚŽĂŝƌƉŽƌƚ

ĞǀĞůŽƉĞƌͲĚƌŝǀĞŶ ŶƚĞƌƚĂŝŶŵĞŶƚůĂŶĚ

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ϭ͘YƵĞƐƚŝŽŶƐǇŽƵŵĂǇŚĂǀĞŽŶ/ŶƚƌŽĚƵĐƚŝŽŶ

ϭϭtŚǇŝƐdŽŬǇŽƵƌďĂŶƵŶĚĞƌŐƌŽƵŶĚƌĂŝůǁĂǇŶĞƚǁŽƌŬ ŵŽŶŽƉŽůŝǌĞĚ ;ƉƌĞĐŝƐĞůǇ͕ŽůŝŐŽƉŽůǇďǇƚǁŽĐŽŵƉĂŶŝĞƐͿ͍ /ƐŶ͛ƚƚŚĂƚƵŶĨĂŝƌ͍

ϭϮtŚǇǁĞƌĞƚŚĞƌĞǀĂƌŝŽƵƐ;ƉƵďůŝĐĂŶĚƉƌŝǀĂƚĞͿƌĂŝůǁĂǇ ĐŽŵƉĂŶŝĞƐ͍,ŽǁĚŝĨĨĞƌĞŶƚĂƌĞƚŚĞǇ͍

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ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϭϰ Ϯ͘/ŶƐƚŝƚƵƚŝŽŶĂů^ĞƚƵƉ tŚŽŝƐĚŽŝŶŐŝƚ͕ĂŶĚŚŽǁ͍

ϮͲϭ͘ŽƵŶĐŝůŽĨdƌĂŶƐƉŽƌƚWŽůŝĐǇ

ĨŽƌƵŵǁŚĞƌĞŐŽǀĞƌŶŵĞŶƚ͕ĂĐĂĚĞŵŝĂ͕ĂŶĚŽƚŚĞƌƐƚĂŬĞŚŽůĚĞƌƐĐĂŶ ƌĂŝƐĞƚŚĞŝƌĐŽŶĐĞƌŶƐŽǀĞƌƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬĚĞǀĞůŽƉŵĞŶƚ͘

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>ŝŐŚƚƌĂŝů ϭϭϮ͘ϰ ǆƚĞŶƐŝŽŶ EĞǁůŝŶĞ ^ƵďƵƌďĂŶŶĞǁƚŽǁŶůŝŶĞ ,ĞĂǀǇ ϭϭϳϭ͘ϲ ƌĂŝů ^ƵďǁĂǇ Ŭŵ ϭϬϱϵ͘Ϯ ǇͲƉĂƐƐ ǇͲƉĂƐƐ ŝƌĐƵůĂƌ ŝƌĐƵůĂƌ ϭϱϲϱ͘ϲŬŵ YƵĂĚƌƵƉůŝŶŐ;ƚƌƵŶŬůŝŶĞƐͿ &ƵŶĐƚŝŽŶĂů &ŝůůŝŶŐ ŝƌƉŽƌƚ /ŵƉƌŽǀĞŵĞŶƚ ǀĂĐƵƵŵ ĂĐĐĞƐƐ ϯϳϯ͘ϵŬŵ ĂƌĞĂ ϵϬ͘ϵŬŵ ϴϳϭ͘ϬŬŵ

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&ƵŶĐƚŝŽŶĂůŝŵƉƌŽǀĞŵĞŶƚ EĞǁůŝŶĞ ǆƚĞŶƐŝŽŶ

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^ŽƵƌĐĞ͗ǆƚƌĂĐƚĞĚĂŶĚƚƌĂŶƐůĂƚĞĚĨƌŽŵŽƵŶĐŝůŽĨdƌĂŶƐƉŽƌƚWŽůŝĐǇWůĂŶϭϵϴďǇ:/^ƚƵĚǇdĞĂŵ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϮϬ ϮͲϲ͘ZĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌ/ŵƉůĞŵĞŶƚĂƚŝŽŶ

ĂƐĞƐŽĨdŽŬǇŽĂŶĚ>ŽŶĚŽŶƐŚŽǁƚŚĂƚƚŚĞƌĞŝƐĂǁĞůůͲƐƚƌƵĐƚƵƌĞĚƌĞƐƉŽŶƐŝďŝůŝƚǇ ĂŶĚŝŶĐĞŶƚŝǀĞĐŽŵďŝŶĂƚŝŽŶ͘

dŝƚůĞ͗ ĂŶŐŬŽŬ dŽŬǇŽ >ŽŶĚŽŶ ĞǀĞůŽƉŵĞŶƚ WůĂŶ DĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌ WŽůŝĐǇWůĂŶ DĂǇŽƌ͛ƐdƌĂŶƐƉŽƌƚ^ƚƌĂƚĞŐǇ WůĂŶ;DͲDWͿ ƌĂĨƚŝŶŐ ĞŶƚŝƚǇ KĨĨŝĐĞŽĨdƌĂŶƐƉŽƌƚĂŶĚ ŽƵŶĐŝůŽĨdƌĂŶƐƉŽƌƚWŽůŝĐǇ dƌĂŶƐƉŽƌƚĨŽƌ>ŽŶĚŽŶ;dĨ>Ϳ͕ dƌĂĨĨŝĐWŽůŝĐǇĂŶĚWůĂŶŶŝŶŐ WůĂŶŶŝŶŐ 'ƌĞĂƚĞƌ>ŽŶĚŽŶƵƚŚŽƌŝƚǇ ;KdWͿ͕DŝŶŝƐƚƌǇŽĨ ZŽůĞ͗ƐƵƌǀĞǇĂŶĚĚĞůŝďĞƌĂƚŝŽŶ dƌĂŶƐƉŽƌƚ ŽĨĞƐƐĞŶƚŝĂůƉŽůŝĐŝĞƐŝŶ ƌĞƐƉŽŶƐĞƚŽĐŽŶƐƵůƚĂƚŝŽŶĨƌŽŵ DŝŶŝƐƚĞƌ;ĂƐƐƚŝƉƵůĂƚĞĚŝŶƚŚĞ D>/dƐƚĂďůŝƐŚŵĞŶƚĐƚͿ ŶĚŽƌƐŝŶŐ ĞŶƚŝƚǇ WƌŝŵĞDŝŶŝƐƚĞƌ D>/dDŝŶŝƐƚĞƌ DĂǇŽƌ ŽĨ >ŽŶĚŽŶ /ŵƉůĞŵĞŶƚĂƚŝŽŶ y WWWůŝĐĞŶƐĞĂǁĂƌĚĞĚ ZĂŝůǁĂǇŽƉĞƌĂƚŽƌĐŽŵƉĂŶŝĞƐ dĨ>͕ ŝŶ ĐŽŶƐƵůƚĂƚŝŽŶ ǁŝƚŚ ƚŚĞ ƉƌŝǀĂƚĞĐŽŵƉĂŶŝĞƐ ŝŶĐŽůůĂďŽƌĂƚŝŽŶǁŝƚŚƚŚĞ ĐĞŶƚƌĂů ŐŽǀĞƌŶŵĞŶƚ ĂŶĚ y ^Zd ĐĞŶƚƌĂůĂŶĚŵƵŶŝĐŝƉĂů ŽƌŽƵŐŚƐ͘ ŐŽǀĞƌŶŵĞŶƚƐ͘ &ŝŶĂŶĐŝĂů ŝŶĐĞŶƚŝǀĞƐ y ^WK͕ƵŶĚĞƌƚŚĞDŝŶŝƐƚƌǇ WƌŽŵŽƚŝŽŶĂůŵĞĂƐƵƌĞƐƐƵĐŚ y 'ŽǀĞƌŶŵĞŶƚŐƌĂŶƚ ŽĨ&ŝŶĂŶĐĞŽĨĨĞƌƐ ĂƐƐƵďƐŝĚŝǌŝŶŐĂƌĞĂǀĂŝůĂďůĞ͘ y ͞ƵƐŝŶĞƐƐZĂƚĞƐ͕͟ǁŚŝĐŚŝƐ ĨŝŶĂŶĐŝĂůŝŶĐĞŶƚŝǀĞƐƚŽ dŚĞŵĞĂƐƵƌĞƐĂƌĞŵŽƐƚůǇ ĂůĞǀǇŽŶŶŽŶͲƌĞƐŝĚĞŶƚŝĂů WWWƉƌŽũĞĐƚƐ͘ ƚĂŝůŽƌĞĚĨŽƌĐĞƌƚĂŝŶƉƌŽũĞĐƚƐ͘ ƉƌŽƉĞƌƚǇƵƐĂŐĞ͘

^ŽƵƌĐĞ͗:/^ƚƵĚǇdĞĂŵ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ Ϯϭ

Ϯ͘YƵĞƐƚŝŽŶƐǇŽƵŵĂǇŚĂǀĞŽŶ/ŶƐƚŝƚƵƚŝŽŶĂů^ĞƚƵƉ

ϮϭtŚŽŝƐďĞŝŶŐŝŶĨůƵĞŶƚŝĂůŝŶƉŽůŝĐǇƉůĂŶĚĞǀĞůŽƉŵĞŶƚ͍/Ɛ ƚŚĞŐŽǀĞƌŶŵĞŶƚƐŽƐƚƌŽŶŐ͕ŽƌŝƐƚŚĞƌĞĂƉŽůŝƚŝĐĂů ƉƌĞƐƐƵƌĞĨƌŽŵĂŶŝŶĨůƵĞŶƚŝĂůƉĞƌƐŽŶ͍

ϮϮ,ŽǁĂƌĞƚŚĞƚƌĂŶƐƉŽƌƚŽƉĞƌĂƚŽƌƐŝŶǀŽůǀĞĚŝŶƚŚĞƉŽůŝĐǇ ƉůĂŶĚĞǀĞůŽƉŵĞŶƚ͍

ϮϯtŚĂƚŵŽƚŝǀĂƚĞƐƚŚĞƚƌĂŶƐƉŽƌƚŽƉĞƌĂƚŽƌƐƚŽƉƌŽĐĞĞĚ ǁŝƚŚƚŚĞƉƌŽũĞĐƚƐ͍ŽĞƐƚŚĞ'ŽǀĞƌŶŵĞŶƚ͞ŝŵƉŽƐĞ͟ƚŚĞ ŽƉĞƌĂƚŽƌƐƚŽĐŽŶĚƵĐƚƚŚĞƉƌŽũĞĐƚƐ͍tŚĂƚŝĨƚŚĞ ŽƉĞƌĂƚŽƌƌĞĨƵƐĞƐƚŽŝŵƉůĞŵĞŶƚĂƉƌŽũĞĐƚ͍

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϮϮ ϯ͘&ƵŶĚŝŶŐ tŚĞƌĞŝƐƚŚĞŵŽŶĞǇĐŽŵŝŶŐĨƌŽŵ͍

ϯͲϭ͘&ŝŶĂŶĐŝĂů^ƵƉƉŽƌƚĨŽƌZĂŝůǁĂǇƐĞǀĞůŽƉŵĞŶƚ;ϭͿ

DĂũŽƌŽŶͲŐŽŝŶŐĨŝŶĂŶĐŝĂůƐƵƉƉŽƌƚƉƌŽŐƌĂŵƐĨŽƌƵƌďĂŶƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚ

^ƵƉƉŽƌƚWƌŽŐƌĂŵĨŽƌhƌďĂŶ ^ƵƉƉŽƌƚWƌŽŐƌĂŵĨŽƌ^ƵďǁĂǇ ^ƵƉƉŽƌƚWƌŽŐƌĂŵĨŽƌ ZĂŝůǁĂǇƐhƐĞƌWƌŽŵŽƚŝŽŶ ĞǀĞůŽƉŵĞŶƚ;ŶĞǁůŝŶĞ͕ĚŝƐĂƐƚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ ;ŝŵƉƌŽǀĞŵĞŶƚŽĨƌĂƉŝĚŝƚǇĂŶĚͬŽƌ ƌĞƐŝůŝĞŶĐĞ͕ďĂƌƌŝĞƌƌĞŵŽǀĂůͿ /ŵƉƌŽǀĞŵĞŶƚŽĨZĂŝůǁĂǇ EĂŵĞ ĐŽŶŶĞĐƚŝǀŝƚǇͿ ^ƚĂƚŝŽŶƐ ŽŶƐƚƌƵĐƚŝŽŶнĂŶĐŝůůĂƌǇн dŽƚĂůĐŽƐƚ;ŵŝŶƵƐŵĂŶƉŽǁĞƌ͕ ŝǀŝů͕ƚƌĂĐŬ͕ĞůĞĐƚƌŝĐ͕ƐƚĂƚŝŽŶ͕ ůĂŶĚĂĐƋƵŝƐŝƚŝŽŶ ĂĚŵŝŶ͕ƌŽůůŝŶŐƐƚŽĐŬ͕ŝŶƚĞƌĞƐƚ ĂŶĐŝůůĂƌǇ͕ĂŶĚůĂŶĚĂĐƋƵŝƐŝƚŝŽŶ

^ƵďũĞĐƚ ƌĂƚĞͿǆϭ͘ϬϮǆϴϬйǆϵϬй

hƉƚŽϭͬϯ;ŵĂƚĐŚŝŶŐĂŵŽƵŶƚǁŝƚŚ hƉƚŽϯϱй;ŵĂƚĐŚŝŶŐĂŵŽƵŶƚǁŝƚŚ hƉƚŽϭͬϯ;ŵĂƚĐŚŝŶŐĂŵŽƵŶƚǁŝƚŚ ƐƵďƐŝĚǇĨƌŽŵŵƵŶŝĐŝƉĂůŐŽǀĞƌŶŵĞŶƚƐͿ ƐƵďƐŝĚǇĨƌŽŵŵƵŶŝĐŝƉĂůŐŽǀĞƌŶŵĞŶƚƐͿ ƐƵďƐŝĚǇĨƌŽŵŵƵŶŝĐŝƉĂůŐŽǀĞƌŶŵĞŶƚƐͿ͕ ĂŶĚƵƉƚŽϮͬϭϬŽĨƚŚĞĞŶƚŝƌĞƉƌŽũĞĐƚ

WŽƌƚŝŽŶ ĐŽƐƚ

&zϮϬϭϴďƵĚŐĞƚ͗:Wzϭϭ͘ϲďŝůůŝŽŶ &zϮϬϭϴďƵĚŐĞƚ͗:Wzϰ͕ϲďŝůůŝŽŶ &zϮϬϭϴďƵĚŐĞƚ͗:WzϮ͘ϯďŝůůŝŽŶ ǆĂŵƉůĞ

^ŽƵƌĐĞ͗ĞǆƚƌĂĐƚĞĚĂŶĚĞĚŝƚĞĚďǇ:/^ƚƵĚǇdĞĂŵďĂƐĞĚŽŶ:ZddĂŶĚ&ƵŬƵŽŬĂŝƚǇ'ŽǀĞƌŶŵĞŶƚĚŽĐƵŵĞŶƚƐ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ Ϯϰ ϯͲϮ͘&ŝŶĂŶĐŝĂů^ƵƉƉŽƌƚĨŽƌZĂŝůǁĂǇƐĞǀĞůŽƉŵĞŶƚ;ϮͿ

KƚŚĞƌĨŝŶĂŶĐŝĂůƐƵƉƉŽƌƚƉƌŽŐƌĂŵƐĨŽƌƵƌďĂŶƌĂŝůǁĂǇ͞ƋƵĂůŝƚǇ͟ŝŵƉƌŽǀĞŵĞŶƚƐ

^ƵƉƉŽƌƚWƌŽŐƌĂŵĨŽƌZĂŝůǁĂǇ ^ƵƉƉŽƌƚWƌŽŐƌĂŵĨŽƌ ^ƵƉƉŽƌƚWƌŽŐƌĂŵĨŽƌ &ĂĐŝůŝƚŝĞƐ^ĂĨĞƚǇ DĂŝŶƚĞŶĂŶĐĞŽĨZĞŐŝŽŶĂů dƌĂŶƐƉŽƌƚ^ĞƌǀŝĐĞ /ŵƉƌŽǀĞŵĞŶƚ;ĞĂƌƚŚƋƵĂŬĞ WƵďůŝĐdƌĂŶƐƉŽƌƚ;ĨŽƌƵƐĞƌ ŽŶǀĞŶŝĞŶĐĞ/ŵƉƌŽǀĞŵĞŶƚ EĂŵĞ ƌĞƐŝƐƚĂŶĐĞͿ ĞŶǀŝƌŽŶŵĞŶƚŝŵƉƌŽǀĞŵĞŶƚͿ ;ŶƵƌƚƵƌŝŶŐĨĂǀŽƵƌĂďůĞ ĞŶǀŝƌŽŶŵĞŶƚĨŽƌ ŝŶďŽƵŶĚƚŽƵƌŝƐƚƐͿ ^ƚƌƵĐƚƵƌĂůŝŵƉƌŽǀĞŵĞŶƚŽĨ >ŽǁͲĨůŽŽƌ>Zd͕ďĂƌƌŝĞƌͲĨƌĞĞ /ŶƚƌŽĚƵĐƚŝŽŶŽĨĐŽŵŵŽŶ/ ĞůĞǀĂƚĞĚƚƌĂĐŬƐƚĂƚŝŽŶ;ǁŝƚŚ ƐƚĂƚŝŽŶ͕ĂŶĚǀŝďƌĂƚŝŽŶ ĐĂƌĚƐ͕ŵƵůƚŝͲůŝŶŐƵĂů ĐŽŶŶĞĐƚŝŶŐŽƌƚĞƌŵŝŶĂƚŝŶŐĨĂĐŝůŝƚǇ͕ĚĂŝůǇ ƌĞĚƵĐƚŝŽŶƚƌĂĐŬ ŝŶĨŽƌŵĂƚŝŽŶďŽĂƌĚƐ ^ƵďũĞĐƚ ƵƐĞƌƐŽĨŵŽƌĞƚŚĂŶϭϬ͕ϬϬϬͿ

hƉƚŽϭͬϯ;ŵĂƚĐŚŝŶŐĂŵŽƵŶƚǁŝƚŚ hƉƚŽϭͬϯ hƉƚŽϭͬϯ ƐƵďƐŝĚǇĨƌŽŵŵƵŶŝĐŝƉĂůŐŽǀĞƌŶŵĞŶƚƐͿ WŽƌƚŝŽŶ

&zϮϬϭϴďƵĚŐĞƚ͗:Wzϰ͘ϬďŝůůŝŽŶ &zϮϬϭϳƐďƵĚŐĞƚ͗:WzϮ͕ϱďŝůůŝŽŶ &zϮϬϭϳƐďƵĚŐĞƚ͗:Wzϱ͘ϬďŝůůŝŽŶ ǆĂŵƉůĞ

^ŽƵƌĐĞ͗ĞǆƚƌĂĐƚĞĚĂŶĚĞĚŝƚĞĚďǇ:/^ƚƵĚǇdĞĂŵďĂƐĞĚŽŶD>/dĚŽĐƵŵĞŶƚ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ Ϯϱ

ϯͲϯ͘ĞĐůŝŶŝŶŐdƌĞŶĚŽĨ^ƵƉƉŽƌƚWƌŽŐƌĂŵŝƐďƵƌƐĞŵĞŶƚ

ŶĞǆĂŵƉůĞŽĨƵŶĚĞƌŐƌŽƵŶĚƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚƐƵƉƉŽƌƚĚŝƐďƵƌƐĞŵĞŶƚ ƐŚŽǁƐƚŚĂƚŝƚŝƐŝŶĂĚĞĐůŝŶŝŶŐƚƌĞŶĚ͘ ϯϬϬ hŶŝƚ͗:WzďŝůůŝŽŶ ϳϬй;ϯϱйĐĞŶƚƌĂůнϯϱйŵƵŶŝĐŝƉĂůͿƐƵďƐŝĚǇ ϲϲй;ϯϯйĐĞŶƚƌĂů нϯϯйŵƵŶŝĐŝƉĂůͿƐƵďƐŝĚǇ ϱϬй;ϮϯйĐĞŶƚƌĂůнϮϱйŵƵŶŝĐŝƉĂůͿƐƵďƐŝĚǇ ϭϬ͘ϱйĐĞŶƚƌĂůŐŽǀĞƌŶŵĞŶƚƐƵďƐŝĚǇ ϮϱϬ

ϮϬϬ

ϭϱϬ

ϭϬϬ

ϱϬ

Ϭ ϭϵϲϮ ϭϵϲϯ ϭϵϲϰ ϭϵϲϱ ϭϵϲϲ ϭϵϲϳ ϭϵϲϴ ϭϵϲϵ ϭϵϳϬ ϭϵϳϭ ϭϵϳϮ ϭϵϳϯ ϭϵϳϰ ϭϵϳϱ ϭϵϳϲ ϭϵϳϳ ϭϵϳϴ ϭϵϳϵ ϭϵϴϬ ϭϵϴϭ ϭϵϴϮ ϭϵϴϯ ϭϵϴϰ ϭϵϴϱ ϭϵϴϲ ϭϵϴϳ ϭϵϴϴ ϭϵϴϵ ϭϵϵϬ ϭϵϵϭ ϭϵϵϮ ϭϵϵϯ ϭϵϵϰ ϭϵϵϱ ϭϵϵϲ ϭϵϵϳ ϭϵϵϴ ϭϵϵϵ ϮϬϬϬ ϮϬϬϭ ϮϬϬϮ ϮϬϬϯ ϮϬϬϰ ϮϬϬϱ ϮϬϬϲ ϮϬϬϳ ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ^ŽƵƌĐĞ͗:/^ƚƵĚǇdĞĂŵĐŽŵƉŝůĂƚŝŽŶďĂƐĞĚŽŶD>/dĚĂƚĂ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ Ϯϲ ϯͲϰ͘^ƵƐƚĂŝŶĂďůĞ&ƵŶĚŝŶŐ^ŽƵƌĐĞ͗WŽůŝĐǇ&ŝŶĂŶĐŝŶŐ

WŽůŝĐǇ&ŝŶĂŶĐŝŶŐ͕ƐƵĐŚĂƐƚŚĞ͞&ŝƐĐĂů/ŶǀĞƐƚŵĞŶƚĂŶĚ>ŽĂŶWƌŽŐƌĂŵ͗&/>W͟ŚĂƐ ďĞĞŶŽĨĨĞƌŝŶŐůŽŶŐͲƚĞƌŵůŽǁŝŶƚĞƌĞƐƚĨŝŶĂŶĐĞĨŽƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞĚĞǀĞůŽƉŵĞŶƚ͘ ^ƵƐƚĂŝŶĂďůĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞĨƵŶĚŝŶŐǁŝƚŚůŝŵŝƚĞĚŝŶĨůƵĞŶĐĞĨƌŽŵƚĂǆƌĞǀĞŶƵĞ ĐŽŶĚŝƚŝŽŶ͘ фWƵďůŝĐƐĞƌǀŝĐĞŽŶŐĞŶĞƌĂůďƵĚŐĞƚх фWƵďůŝĐƐĞƌǀŝĐĞŽŶ&/>Wх

'ĞŶĞƌĂůƉƵďůŝĐ 'ĞŶĞƌĂůƉƵďůŝĐ

^ĞƌǀŝĐĞƌĞŶĚĞƌŝŶŐ ^ĞƌǀŝĐĞƌĞŶĚĞƌŝŶŐ ŽŶƚƌŝďƵƚŝŽŶ

'ŽǀĞƌŶŵĞŶƚĂůĞǆĞĐƵƚŝŶŐĂŐĞŶĐŝĞƐ 'ŽǀĞƌŶŵĞŶƚĂůĞǆĞĐƵƚŝŶŐĂŐĞŶĐŝĞƐ

^ƵďƐŝĚǇͬďƵĚŐĞƚ >ŽĂŶ ĞďƚƐĞƌǀŝĐĞ

'ŽǀĞƌŶŵĞŶƚ;ŐĞŶĞƌĂůďƵĚŐĞƚͿ &ŝƐĐĂůŝŶǀĞƐƚŵĞŶƚΘ>ŽĂŶWƌŽŐƌĂŵ

dĂǆƌĞǀĞŶƵĞ &/>WŽŶĚ ĞďƚƐĞƌǀŝĐĞ

'ĞŶĞƌĂůƉƵďůŝĐ &ŝŶĂŶĐŝĂůŵĂƌŬĞƚ

^ŽƵƌĐĞ͗ƚƌĂŶƐůĂƚĞĚďǇ:/^ƚƵĚǇdĞĂŵďĂƐĞĚŽŶDK&ĚŽĐƵŵĞŶƚ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ Ϯϳ

ϯͲϱ͘WŽůŝĐǇ&ŝŶĂŶĐŝŶŐŝŶKƚŚĞƌŽƵŶƚƌŝĞƐ

ŽƵŶƚƌŝĞƐǁŚĞƌĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞĚĞǀĞůŽƉŵĞŶƚŚĂƐƚĂŬĞŶ ƉůĂĐĞĂƌĞŵŽƐƚůǇĨƵƌŶŝƐŚĞĚǁŝƚŚƉŽůŝĐǇĨŝŶĂŶĐŝŶŐ ŝŶƐƚƌƵŵĞŶƚƐ͘

h^ ĂŶĂĚĂ h< 'ĞƌŵĂŶǇ &ƌĂŶĐĞ :ĂƉĂŶ

ŽŵƉƌĞŚĞŶƐŝǀĞ &ĞĚĞƌĂůƌĞĚŝƚ &ŝƐĐĂů/ŶǀĞƐƚŵĞŶƚĂŶĚ ͲͲ Ͳ Ͳ WƌŽŐƌĂŵŵĞ WƌŽŐƌĂŵ͗&W >ŽĂŶWƌŽŐƌĂŵ͗&/>W /ŶĨƌĂƐƚƌƵĐƚƵƌĞ Ͳ Ͳ Ͳ <Ĩt ƉŝĨƌĂŶĐĞ : <Ĩt /WyĂŶŬ͕ dƌĂĚĞ͕ŽǀĞƌƐĞĂƐ D/D h<& '͕<Ĩt &͕ƉŝĨƌĂŶĐĞ :/͕:/ ŝŶǀĞƐƚŵĞŶƚ ŶƚǁŝĐŬůƵŶŐƐďĂŶŬ ^DƐ ^ <Ĩt ƉŝĨƌĂŶĐĞ :& &ED͕&,>D͕ ,ŽƵƐŝŶŐ D, <Ĩt :,& &,> WŽůŝĐǇĨŝŶĂŶĐŝŶŐ h^ϲƚƌŝůůŝŽŶ ϯϮϲďŝůůŝŽŶ hZϮϳϯďŝůůŝŽŶ hZϮϬϱďŝůůŝŽŶ ŽƵƚƐƚĂŶĚŝŶŐďĂůĂŶĐĞ Ͳ :WzϵϳƚƌŝůůŝŽŶ :WzϲϲϬƚƌŝůůŝŽŶ :WzϮϳƚƌŝůůŝŽŶ :WzϯϯƚƌŝůůŝŽŶ :WzϮϱƚƌŝůůŝŽŶ ;&zϮϬϭϱͿ ZĞĨĞƌĞŶĐĞ͗ŽŵĞƐƚŝĐ 'Wϴ͘ϳƚƌŝůůŝŽŶ hZϭϯƚƌŝůůŝŽŶ ŶŽŶͲĨŝŶĂŶĐŝĂůƐĞĐƚŽƌ h^ϰϱƚƌŝůůŝŽŶ ϵƚƌŝůůŝŽŶ hZϴ͘ϴƚƌŝůůŝŽŶ :Wzϭ͘ϯ :Wzϭ͘ϲ :Wzϯ͘ϱƋƵĂĚƌŝůůŝŽŶ ŽƵƚƐƚĂŶĚŝŶŐĚĞďƚ;&z :WzϱƋƵĂĚƌŝůůŝŽŶ :WzϳϰϲƚƌŝůůŝŽŶ :WzϭƋƵĂĚƌŝůůŝŽŶ ƋƵĂĚƌŝůůŝŽŶ ƋƵĂĚƌŝůůŝŽŶ ϮϬϭϱͿ

^ŽƵƌĐĞ͗ĞĚŝƚĞĚĂŶĚƚƌĂŶƐůĂƚĞĚďǇ:/^ƚƵĚǇdĞĂŵďĂƐĞĚŽŶDK&ĚŽĐƵŵĞŶƚ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ Ϯϴ ϯͲϲ͘&/>WŝƐŶŽůŽŶŐĞƌĂŵĂŐŝĐĂůƚŽŽů͕ďƵƚŝƐƐƵĨĨŝĐŝĞŶƚ

hŶŝƚ͗:WzƚƌŝůůŝŽŶ ĞƉŽƐŝƚĂƌǇĨƵŶĚ &/>WŽŶĚ ϰϱϬ

ϰϬϬ

ϯϱϬ

ϯϬϬ

ϮϱϬ

ϮϬϬ

ϭϱϬ

ϭϬϬ

ϱϬ

Ϭ ϮϬϬϬ ϮϬϬϭ ϮϬϬϮ ϮϬϬϯ ϮϬϬϰ ϮϬϬϱ ϮϬϬϲ ϮϬϬϳ ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ^ŽƵƌĐĞ͗:/^ƚƵĚǇdĞĂŵďĂƐĞĚŽŶDK&ĚĂƚĂ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ Ϯϵ

ϯ͘YƵĞƐƚŝŽŶƐǇŽƵŵĂǇŚĂǀĞŽŶ&ƵŶĚŝŶŐ&ĂĐŝůŝƚŝĞƐ

ϯϭƌĞŶ͛ƚǇŽƵĐƌŝƚŝĐŝǌĞĚĨŽƌƐƵďƐŝĚŝǌŝŶŐƉƌŝǀĂƚĞĐŽŵƉĂŶŝĞƐ͛ ďƵƐŝŶĞƐƐĞƐ͍,ŽǁĚŽǇŽƵũƵƐƚŝĨǇƚŚĞƐƵďƐŝĚŝĞƐ͍

ϯϮ/ĨƚŚĞƚƌĂŶƐƉŽƌƚŽƉĞƌĂƚŽƌƐĂƌĞƚĂŬŝŶŐĂůůƚŚĞŽƉĞƌĂƚŝŽŶ ƌŝƐŬƐŝŶĐůƵĚŝŶŐƌŝĚĞƌƐŚŝƉƌŝƐŬ͕ĚŽŶ͛ƚƐŽŵĞŽĨƚŚĞ ƚƌĂŶƐƉŽƌƚŽƉĞƌĂƚŽƌƐŐŽďĂŶŬƌƵƉƚ͍

ϯϯtŝƚŚƚŚĞĞǆŝƐƚŝŶŐŵŽŶĞǇƌƵŶŶŝŶŐŽƵƚ͕ǁŚĂƚǁŝůůďĞ :ĂƉĂŶ͛ƐŶĞǆƚĨƵŶĚŝŶŐƐŽƵƌĐĞ͍,ŽǁĂƌĞǇŽƵŐŽŝŶŐƚŽ ŵĂŬĞŝƚƐƵƐƚĂŝŶĂďůĞ͍

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϯϬ ϰ͘WƌŽũĞĐƚ&ŽƌŵƵůĂƚŝŽŶ ,ŽǁƚŽŐĞƚŝƚŐŽŝŶŐ

ϰͲϭ͘sĂƌŝŽƵƐdǇƉĞƐŽĨWƵďůŝĐͲ WƌŝǀĂƚĞŽůůĂďŽƌĂƚŝŽŶƐ

WƵďůŝĐͲƉƌŝǀĂƚĞũŽŝŶƚůǇͲŽǁŶĞĚ WƵďůŝĐͲƉƌŝǀĂƚĞũŽŝŶƚŝŶǀĞƐƚŵĞŶƚ ƌĂŝůǁĂǇĨĂĐŝůŝƚǇĐŽŵƉĂŶǇ ;ƚŚŝƌĚƐĞĐƚŽƌͿƌĂŝůǁĂǇ;ǁŝƚŚƚŚƌŽƵŐŚ ;ůĞĂƐŝŶŐƚŚĞĨĂĐŝůŝƚǇĨŽƌĂƉƌŝǀĂƚĞƌĂŝůǁĂǇͿ ƐĞƌǀŝĐĞƚŽĂƉƌŝǀĂƚĞƌĂŝůǁĂǇͿ

WƌŝǀĂƚĞ

WƵďůŝĐ WƌŝǀĂƚĞ WƌŝǀĂƚĞ WƵďůŝĐ WƌŝǀĂƚĞ KƚŚĞƌƐ <ĞŝƐĞŝůĞĐƚƌŝĐ ϱй DŝƚƐƵďŝƐŚŝ ZĂŝůǁĂǇŽ͕͘>ƚĚ͘ ^ŚĂƌĞŚŽůĚŝŶŐƐƚƌƵĐƚƵƌĞ ^ŚĂƌĞŚŽůĚŝŶŐƐƚƌƵĐƚƵƌĞ ϲй ŽĨEĂƌŝƚĂZĂƉŝĚZĂŝů ƐƚĂƚĞŽ͕͘ ŽĨƚŚĞzŽŬŽŚĂŵĂ ĐĐĞƐƐ Ž͕͘>ƚĚ͘ >ƚĚ͘ KƚŚĞƌƐ DŝŶĂƚŽŵŝƌĂŝ EĂƌŝƚĂŝƚǇ ϯй Ϯϭй ZĂŝůǁĂǇ 'ŽǀĞƌŶŵĞŶƚ ŽŵƉĂŶǇ ϭϭй EĂƌŝƚĂ dŽŬǇƵ ŚŝďĂ ŽƌƉŽƌĂƚŝŽŶ /ŶƚĞƌŶĂƚŝŽŶĂů zŽŬŽŚĂŵĂ WƌĞĨĞĐƚƵƌĞ ŝƌƉŽƌƚ ϰй 'ŽǀĞƌŶŵĞŶƚ ŝƚǇ ŽƌƉŽƌĂƚŝŽŶ Ϯϯй <ĂŶĂŐĂǁĂ 'ŽǀĞƌŶŵĞŶƚ ϱϱй WƌĞĨĞĐƚƵƌĞ ϲϯй 'ŽǀĞƌŶŵĞŶƚ ϵй ^ŽƵƌĐĞ͗ŽŵƉŝůĞĚĨƌŽŵEĂƌŝƚĂZĂƉŝĚZĂŝůĐĐĞƐƐŽ͕͘>ƚĚ͘ĂŶĚzŽŬŽŚĂŵĂDŝŶĂƚŽŵŝƌĂŝ ZĂŝůǁĂǇŽŵƉĂŶǇǁĞďƐŝƚĞƐĂŶĚĚŝƐĐůŽƐƵƌĞƐ͘ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϯϮ ϰͲϮ͘<ĞǇĨŽƌ^ƵĐĐĞƐƐŝŶZĂŝůǁĂǇƐĞǀĞůŽƉŵĞŶƚ͗ĂƉŝƚĂůŽƐƚ

ϭϬй ŚŝďĂ ǆƉƌĞƐƐ ZĂŝůǁĂǇ ;ϭϵϳϯͿ ;zĞĂƌ ŝŶďƌĂĐŬĞƚсƐƚĂďůŝƐŚŵĞŶƚǇĞĂƌͿ ϵй K: ŝŶƚĞƌĞƐƚƌĂƚĞ ϴй ŚŝďĂ hƌďĂŶDŽŶŽƌĂŝů ;ϭϵϳϵͿ

ϳй dŽǇŽZĂƉŝĚ ZĂŝůǁĂǇ ;ϭϵϴϭͿ ϲй dŽŬǇŽtĂƚĞƌĨƌŽŶƚƌĞĂZĂƉŝĚdƌĂŶƐŝƚ ϱй ;ϭϵϵϭͿ ϰй ^ĂŝƚĂŵĂZĂŝůǁĂǇ ϯй ;ϭϵϵϮͿ zŽŬŽŚĂŵĂDŝŶĂƚŽŵŝƌĂŝ Ϯй ;ϭϵϴϵͿ zƵƌŝŬĂŵŽŵĞ ϭй ;ϭϵϴϴͿ

Ϭй ϭϵϱϬ ϭϵϱϱ ϭϵϲϬ ϭϵϲϱ ϭϵϳϬ ϭϵϳϱ ϭϵϴϬ ϭϵϴϱ ϭϵϵϬ ϭϵϵϱ ϮϬϬϬ ϮϬϬϱ ϮϬϭϬ ϮϬϭϱ

^ŽƵƌĐĞ͗:/^ƚƵĚǇdĞĂŵ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϯϯ

ϰͲϯ͘&ŝŶĂŶĐŝĂů^ƚĂƚƵƐŽĨZĂŝůǁĂǇŽŵƉĂŶŝĞƐ

^ŝŵŝůĂƌŝƚŝĞƐŝŶĐŽƐƚƉĞƌƌĞǀĞŶƵĞůĞǀĞůĐĂŶďĞŽďƐĞƌǀĞĚ͘

ك੾঵੐ਯق HLR. ك੏৞ق ك੾঵੐ਯق HLVHL. ك੏৞ق ك੾঵੐ਯق 6HLEX ك੏৞ق ك੾঵੐ਯق 7REX ك੏৞ق ك੾঵੐ਯق DVW)5- ك੏৞ق

+ + + + +

ك੾঵੐ਯق 7RN\R0HWUR ك੏৞ق ك੾঵੐ਯق 6RWHWVX ك੏৞ق ك੾঵੐ਯق HLN\X. ك੏৞ق ك੾঵੐ਯق 2GDN\X ك੏৞ق ك੾঵੐ਯق 7RN\X ك੏৞ق

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ϱͲϮ͘ ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐ

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Appendix 3 Review of Tokyo Metropolitan Area (TMA) Railway Development

Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 3: Review of Tokyo Metropolitan Area (TMA) Railway Development

Table of Contents

1. History of Railway Development in Tokyo Metropolitan Area (TMA) ...... A3-1 1.1 Early Days (from end of 19th century to beginning of 20th century) ...... A3-1 1.2 Rapid Development (First half of the 20th century, until the defeat in World War II in 1945) ...... A3-1 1.3 Reconstruction (1950s to 1960s) ...... A3-1 1.4 Rapid Growth (1970s to 1980s) ...... A3-2 1.5 Stable Growth (1990s onwards) ...... A 3 - 2

2. Railway Operators and Administrators ...... A3-4

3. Urbanization and Further Development of the Railway Network ...... A3-5 3.1 Reconstruction and Formulation of Railway Network Development up to 1950s ...... A3-5 3.2 Urbanization and Railway network after 1955...... A3-5 3.3 Railway Network Development and Socio-economic Growth ...... A3-8 3.4 Contributions from each sector towards railway investment and operation ..... A3-9

4. Government Leadership in Railway Projects ...... A3-11 4.1 Railway investment planning and promotion ...... A3-11 4.2 Implementation Steps in Railway Investment Planning and Promotion ...... A3-14 4.3 Railway service, management, and safety ...... A3-16 4.4 Subsidies for Railway Network Development ...... A3-17 4.5 Railway development as a national strategy ...... A3-18

5. Integration of railway and city planning ...... A3-19 5.1 Rapid increase of migration to TMA ...... A3-19 5.2 Example of railway projects as a promotion of urban development ...... A3-19 5.3 Real estate development by private railway company ...... A3-25 5.4 Functional Development of TMA Railway Network ...... A3-27

6. Demand Forecasting and Railway Investment ...... A3-29 6.1 Roles of Demand Forecasting ...... A3-29 6.2 Demand forecasting for individual project ...... A3-31

7. Demand Forecasting and Model Improvement Initiatives ...... A3-35 7.1 Research and development ...... A3-35 7.2 Demand forecasting workgroup ...... A3-35 7.3 Demand forecasting validation from specialists ...... A3-35 7.4 Demand forecasting and post-evaluation ...... A3-36 7.5 Model precision ...... A3-36 7.6 Demand forecasting model improvement ...... A3-37 7.7 Demand forecasting and city characteristics ...... A3-38

8. Railway Information Sharing and Research ...... A3-41

A3-i

Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 3: Review of Tokyo Metropolitan Area (TMA) Railway Development

8.1 Railway operating data ...... A3-41 8.2 Establishment of the research institute for railway policy: JTRI ...... A3-41 8.3 Survey data ...... A3-45

A3-ii

Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 3: Review of Tokyo Metropolitan Area (TMA) Railway Development

History of Railway Development in Tokyo Metropolitan Area (TMA)

The history of TMA railway network development dates to 1872 when the first steam railway line officially started its operation between Shimbashi Station located in central Tokyo and Yokohama Station in the center of the port city. This development, which can be regarded as one of the symbolic achievements of modernization in Japan, took place approximately half a century after the world’s very first railway operation of the Stockton and Darlington Railway in 1825.

Today, Japan’s railway network exceeds 27,000 km of operating lines of which approximately 2,700 km is within TMA. This network of railway lines in TMA was developed in consequence of the steps that can briefly described as follows.

Early Days (from end of 19th century to beginning of 20th century)

Following the success of the first railway line that served Tokyo and Yokohama, new lines were developed mostly in urban areas throughout the country. In those days, the railway business was profitable in most cases as it could become a dominant player in the transport of goods. All five radius trunk lines that extended from central Tokyo to the suburbs were developed during this period. In order to support the railway network expansion of TMA, the Tokyo Railway Investment Master Plan in 1903 was enacted. It may be considered as one of the earliest urban development plans in Japan. At the time, the railways were both government and privately owned. but following the enactment of the Railway Nationalization Act in 1906, majority of the railways became governmental except for some regional and urban lines that were not regarded as essential lines. In TMA’s case, there were still many privately-owned lines that remained. In the beginning of 20th century, the railway network of TMA reached approximately 500 km.

Rapid Development (First half of the 20th century until the defeat in World War II in 1945)

With the rapid urbanization of TMA, the case of new railway lines construction increased significantly, especially among the private railway enterprises. It was also due to the country’s modernization and under the government’s slogan to build a wealthier and stronger country that industrial development was encouraged. Many of the development projects materialized just after the Great Kanto Earthquake, which hit TMA in 1923. The first subway train also entered service in 1927. By then, the network grew thrice to approximately 1,400 km in total length. Development slowed down after the defeat in World War II until the beginning of the 1950s.

Reconstruction (1950s to 1960s)

Railway development was one of the key elements to support the reconstruction of TMA. Nine years after the end of the war, the second subway line in Tokyo started operation in 1954 (Marunouchi Line). This was one of the remarkable achievements in the reconstruction

A3-1 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 3: Review of Tokyo Metropolitan Area (TMA) Railway Development

activities in Tokyo that was found to be effective in the promotion of economic development as it could replace trams that suffered from heavy traffic overground. With the success of this second subway line, the development of further lines soon followed. The third line is Asakusa Line that opened in 1960, fourth is Hibiya Line in 1961, fifth is Tozai Line in 1964, sixth is Mita Line in 1968, seventh is Chiyoda Line in 1969 and so on. As for the surface trunk lines, the quadrupling of the five major trunk lines were conducted, which contributed to the increase in transport capacity on these lines. Meanwhile, the suburban railways started through operation services with the subway lines so that the passengers from the suburbs could travel directly to the central business district (CBD) without train transfer.

Rapid Growth (1970s to 1980s)

Railway development during this period is closely related to urban and regional development. Some new extension lines were placed to link the suburban new towns (newly developed residential areas). In parallel with the new extensions, quadrupling of many of the existing lines were done to increase the capacity as well as to introduce faster services to reduce travel time. The opening of the outer circle (Musashino Line) significantly contributed to fill the vacuum in the outskirts of Tokyo, which were not accessible on trains. As such, both placement of new extensions and reinforcement of the existing lines were intensively conducted during this period of rapid growth.

Stable Growth (1990s onwards)

The network continued to grow mostly through contribution of the private railway enterprises, subway operators and the “third sector” railway companies, which were the public-private joint investment railway companies mostly under the initiatives and leadership of the municipal governments (mostly prefecture governments with some city governments). Airport connection lines were also further reinforced, offering more than one choice of rail access to both Narita and Haneda Airports. In the urban area, subway continued to enhance its network, resulting in most of the urban area being accessible to nearest railway station within walking distance.

A3-2 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 3: Review of Tokyo Metropolitan Area (TMA) Railway Development

Source: Minister of Land, Infrastructure, Transport and Tourism (MLIT) Annual Statistics of Transport.

Figure 1.1 Chronology of Railway Development in TMA

A3-3 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 3: Review of Tokyo Metropolitan Area (TMA) Railway Development

Railway Operators and Administrators

The railway network development started under central government ownership, but also with the participation of private enterprises. Although under the Railway Nationalization Act of 1906, the government could not respond to all the demand for railway development in TMA that they issued railway development and operation license to private companies for proposals not regarded as a threat for the development and maintenance of the national railway network. It was for this reason that by 1930s, the total length of the private railways in TMA surpassed that of the national railway.

Another law affected the railway operation and administration and it is the Land Transport Business Coordination Act of 1938 that virtually allocated the transport operators’ business territory. The major aim of this act was to coordinate various transport operators’ business activities to prevent conflict among them. It also functioned to guarantee the operators’ business existence for that specific allocated area. A striking feature of the act to be noted was that the transport services of both road and rail in the urban area of Tokyo was to be handled by Tokyo Metropolitan Government (TMG), while the underground (subway) was to be monopolized by a public company newly incorporated for this purpose. This public company, Teito Rapid Transit Authority (currently succeeded by Tokyo Metro), was jointly owned by the central government and Tokyo Metropolitan Government. This arrangement made the entire subway network an oligopoly of Teito Rapid Transit Authority and TMG Bureau of Transport, which were both governmental organizations. Because the construction of subway network infrastructure costs more than the overground, a subsidy was essential. The TMA subway network was quickly developed by these two governmental companies under subsidization.

Meanwhile, the development of the suburban railway lines other than subways were mostly done either by privately-owned railway enterprises that are mostly unsubsidized or by newly set up “third sector” railway companies that are joint investment of public (prefectural governments or city governments) and private companies, with subsidy or in-kind support from the public sector. This way, various private and public entities and joint investors contributed significantly to the development of TMA railway network. They had different responsibilities, but collaborated with one another. Collaboration included through train services between subways and suburban railway lines, and fare discount for connecting passengers travelling on two or more railway companies.

Currently, (i) JR East (used to be the Japan National Railway [JNR]), (ii) Tokyo Metro (formerly Teito Rapid Transit Authority), (iii) Municipal Government Transport Authorities (specifically Tokyo Metropolitan and Yokohama City Governments), (iv) “third sector” railway companies (by joint investment among municipal governments and private companies), and (v) other private railway enterprises (which have been private from the beginning) collaborate to shape the railway network in TMA.

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The development of railway network in TMA was closely related to the trend of rapid urbanization in the area. Tokyo, being a city with more than a million habitants for more than three centuries, has always been a built-up urban area. The first wave of rapid “modern” urbanization started around the turn of the century in year 1900s. During the 1920s up to the 1940s, Tokyo became an industrialized urban area; the capital that built itself up under the slogan to become wealthier and stronger. However, when World War II ended in 1945, the capital was burned down to ashes with only a limited infrastructure remaining (subway line avoided the destruction being underground). Reconstruction soon started and the railway network was restored to be expanded again from around 1950s, which is the beginning of the post-war urbanization, and continued until the 1990s. The development of the railway network in TMA in the context of urbanization is hereby explained.

Reconstruction and Formulation of Railway Network Development up to 1950s

The network at the time comprised of the inner circle overground railway line, the Yamanote Line (already started circular operation in 1925), and many radial lines that connected the urban with suburban areas in various directions. The area within Yamanote Line, by this time, could be regarded as an urban area with CBDs developed inside and on the line. Inside the line, a railway network was mostly developed as tramways (except for one subway line and one national railway traversing line). The network as of early 1950s can be considered as the main framework for future expansion. With reconstruction of the capital city’s infrastructure, the economic activities had become vibrant that resulted in severe road congestions. To cope with the demand for a modern mass transport, the first post war subway line opened in 1954. This subway line significantly supported the economic activities in the center of Tokyo.

Urbanization and Railway network after 1955

Figure 3.1 describes the railway network length expansion from 1955 onwards. New railway lines were developed to solve various problems due to rapid urbanization, such as serious road congestion, increasing demands to link new town developments with the CBDs to support the rapid population growth, in-train congestions, and so on. Since 1955, more than 1,200 km of additional railway lines in TMA has been developed and the network is still continuously expanding. It should also be noted that the investments were not only for new line development but also for improvement of the existing lines, such as quadrupling, adding connection and by-pass links, and reinforcement of stations, etc. The long history and experience of railway development can be considered as foundation for the economic and social development of TMA.

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Serious road Serious congestion Serious congestion Increasing needs of Railway congestion of commuter lines of CBD l i nes redevelopment of urban centers and terminal stations Developme nt issues Increasing demands to connect Needs to develop railways new towns a nd s ub-centers in missing areas

Railway MP Modification Frequent revision of MP in order to respond to the urgent Periodical revision of MP by 15 year, which is issues at that moment. normal period for railway development from preparation, approval, construction to opening.

Quadruple track 1960~ (private) 1200 1990~ Commuter line and metro Multiple network dev, Quadruple track shared direct -operation 1975~ (JR) 1000 1965~ CBD by-pass MRT Dev. 5-Direction Rail Dev. Metro 800 1970~ Connecting with sub-centers and new-towns 1960~ 600 Subway development Bypass Line New transit system acceleration Development (Monorail, AGT) Private Double, Quadruple track Metropolitan(km) Area Railway 400 of commuter lines RailwayDevelopment Tokyo in Expansion of sub-urban private lines 200 100 km subways in 10 years JR 0 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015

About 2,000 km railway as of 1955

Figure 3.1 Railway Development and Social Issues

The first trend to cope with the rapid urbanization was to introduce subway lines across the urban area of central Tokyo. There was a desperate need to replace the trams that no longer functioned (as expected) because of serious traffic jams, so the subway development was accelerated through the participation of the Tokyo Metropolitan Government from what used to be a monopoly by Teito Rapid Transit Authority. Subway lines with a length of 100 km were developed in 10 years. These were mostly developed so that suburban radial railway lines could operate through-services. This through-services were found effective in realizing seamless transport for those commuting from the suburban new towns into CBDs without transfer at the connecting stations (congestion at suburban railway lines’ terminal stations were already a serious problem). This concept of through service has now been applied to almost all of the radial suburban lines. Consequently, there was an efficient role- sharing between the governmental subway network development (which is, by far, capital intensive compared with the overground railway development) and private suburban network development. Private railway enterprises could provide direct service to CBDs without the need to invest in a cost-intensive subway, while governmental subway operators enjoyed the transfer of passengers from the outskirts on through-services from the suburban network. Both urban and suburban operators benefitted from this role- sharing model.

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As for the overground network, in 1956, the five major radial lines that stretched out of Tokyo (all belonged to JNR that time) were quadrupled under a program named the Five- Direction Rail Development. This bold improvement program significantly boosted the transport capacity of these lines as well as shrink travel time duration by introducing fast train service on quadrupled tracks. The outer circle line was developed (by means of introducing passenger trains on what used to be a freight line) after the reinforcement of the radial lines that. As such, the whole network function was upgraded during the time.

Figure 3.2 Five Directions Rail Development (Quadrupling)

From the latter half of 1970s onwards, the development of TMA rail network diversified to include various new functions including (i) subways by-passing conventional CBDs, (ii) third sector railway extensions to mass transit vacuum areas, (iii) airport connections, (iv) light rail development for rejuvenation of areas lacking in transport convenience, and (v) increase choices of routes through development of parallel lines. The diversification of railway network functions sustained urbanization in a wider area in TMA. Further rail network development in TMA was then pursued to underpin the trend of urbanization.

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Source: Forum for Railway Development in Tokyo Metropolitan Area, Footsteps and Future of Railways in Tokyo Metropolitan Area.

Figure 3.3 Network Development Linking Suburban New Towns and CBDs

Railway Network Development and Socio-Economic Growth

Table 3.1 shows the comparison of growth of population, gross regional product (GRP), and railway network length in TMA for the past 60 years.

From 1956 to 2016, railway network length extended 1.73 times more from 1,566 to 2,705 km. From 1960 to 2010, the nighttime population in the four prefectures that belong to TMA increased from 17.8 to 35.6 million; furthermore, their total GRP increased 6.18 times more from 28.92 trillion yen to 178.8 trillion yen. This correlation could explain that railway network development has been one of the main foundations to the population and economic growth in TMA.

Table 3.1 Transition in Railway Network Length and Socio-Economic Growth

Times TMA stats 50+ years before Recent stat increase 17,864,000 35,619,000 Nighttime Population (4 1960 䠄19.8% of national 2010 䠄27.8% of national 1.99 times TMA prefectures1) population䠅 population䠅 GRP(real) (4 TMA 1964 28.92 trillion yen 2011 178.80 trillion yen 6.18 times prefectures) Railway network length 1956 1,566 km 2016 2,705 km 1.73 times (TMA) Number of railway 1956 807 station 2016 1,510 station 1.87 times station (TMA)

1 Only Tokyo, Kanagawa, Saitama and Chiba were considered. The southern part of Ibaraki was excluded.

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Motorway length 1960 0 km 2011 7,920 km - (nationwide) Highway length 1960 972,688 km 2011 1,204,744 km 1.24 times (nationwide) Sewage coverage䠄4 TMA 1964 18.9䠂 2012 94.2䠂 - prefectures䠅 Electric consumption 1964 157,208GW/h 2010 1,031,799GW/h 6.56 times (nationwide) Source: Yuichi MOHRI and Jun MORIO. Tokyo Metropolitan Area: Change for 50 years and Future Vision ࠥChange and Future of Metropolis according to the Dataࠥ (Japanese).

Contributions from each sector towards railway investment and operation

Since 1872, the central government, local authorities, private railway companies, and other public-private railway enterprises cooperatively shape the railway network in TMA.

1) Before World War II (until 1945): National railway period2 Since the opening of the TMA railway network in 1872, its expansion has been continuously invested in by both public and private sectors. However, since the railway nationalization in 1906, railway in TMA was mainly invested in by the government until the end of World War II.

During this period, the characteristics of TMA railway are mainly trams in the CBD area and national railway and private railways in the suburban area.

2) After World War II (after 1945): The development of the subway system Since the opening of Marunouchi Line (Ikebukuro–Ochanomizu section) in 1954 by Teito Rapid Transit Authority (currently Tokyo Metro), the development of subway lines inside the Yamanote Line is mainly conducted by Tokyo Metro and Bureau of Transportation of TMG.

Before WWII, the subway lines in the CBD area were constructed by many private firms (subway Ginza Line has been in operation since 1927). However, those private firms scattered and developed their own lines without integration. In order to have a systematic subway system, the government enacted the 1938 Land Business Adjustment Act to create Teito Rapid Transit Authority in 1941. Many private subway companies were integrated together and became a sole investor and operator in Tokyo subway.

In 2004, as one of the public corporations, Teito Rapid Transit Authority changed its name to Tokyo Metro Co., Ltd. but maintains the status of a public corporation. Therefore, it can be said that the development and operation cost of subway lines in Tokyo are financially supported by the government to maintain the good financial condition and the expected level of service.

3) After the economic miracle (after 1950): Development of commuting lines by the public and private sectors. Due to the rapid city expansion during this period, there was a high demand for such

2 Japan Transport Research Institute (JTRI). TMA Railway: Course of History and Future.

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suburban developments in the center of Tokyo. In order to provide a smooth connection between residential and business area, public and private railway companies and other public-private railway enterprises constantly invested in new commuting lines.

In 1987, JNR was privatized in order to settle a huge debt. Since then, a portion of JNR in TMA was transferred to JR East company.

4) Initializing the through-service (from 1960): Bridging the gap between suburban area and CBD area. The through-service to connect suburban commuting line with subway line in CBD was initially planned in 1956 in the Council of Urban Transport Plan (CUTP) No. 1. It was successfully implemented when the through-service between Toei Asakusa Subway and the Keisei Line started in 1960.

Since then, the collaboration between different railway companies to improve their facilities and service level has been formulated. Railway users can enjoy a smooth and convenient ride from their home to office without transferring through this collaboration.

5) Roles of public and private sectors regarding railway investment: Extracts from the Council of Transport Policy Plan (CTPP) No. 19 (2000). “Generally, the railway investment should be conducted based on the business viability of such railway company.”

“In the case of a private initiated project, based on the importance and the expectation of the project itself, the public entity should provide a certain level of support to ensure the success of the project.”

6) Aids from central and local governments: Extract from CTPP No. 19 (2000). “Regarding this, the amount of financial support from the central government and the local organization should be based on the roles and benefits of each sector.”

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Government Leadership in Railway Projects

Railway investment planning and promotion

After the end of World War II in 1945, the Japanese government tried to recover from the war damages by setting up the Committee on War Damage Reconstruction. In 1946, the Notification of War Damage Reconstruction No. 252, based on the Ministry of Interior Notification No. 49, was enacted as the first urban railway development plan in Tokyo. Since then, the committee of transportation was established in order to develop the TMA railway masterplan.

The railway master plan in TMA (hereafter, Tokyo and its vicinity of 50 km radius) was first formulated in 1956. Recent railway developments follow the direction given in the two recent plans, namely, CTPP Nos. 18 and 198. CTPP No. 18 was formulated in 2000 because of the synthesis from the previous eight master plans. As a result of emerging social issues such as aging society and policy towards globalization, the next master plan, CTPP No. 198, was formulated in 2016 by incorporating those issues along with the railway master plan. These master plans were formulated by committee members composed of the central and local governments and railway operators. With their efforts, policy towards financial support from the government as well as collaboration between private and public sectors have shaped the railway network as it is today.

As for CTPP No. 18, this plan was announced by the Ministry of Transport (MOT, but now MLIT) in 2000 and become active until 2015. The outlines of every TMA railway master plan are in the following tables.

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Table 4.1 Outline of TMA Railway Master Plan

Year Master Plan Features Issues 1956 CUTP No. 1 y Planning of subway and commuter line y Business agglomeration in CBD through service and suburban sprawl. y Change of regulation that allows Bureau y Rapid increase in commuting of Transportation of TMG to invest in demand. subway. Previously, only Teito Rapid Transit Authority was allowed. 1960 CUTP No. 4 y Prevention/Dispersion countermeasure y At-grade traffic problem due to to solve at-grade traffic problem. motorization. y Discontinuation of several tram lines (change to subway or bus). y Measurements to support the subway development in order to attract more public transportation users. y Increase in road demand and countermeasures. 1962 CUTP No. 6 y Revision of CUTP No. 1 (add more y Rapid increase in trip demand to proposed lines). CBD due to high economic growth y Line extension with consideration of rate. suburban sprawl in TMA. 1966 CUTP No.9 y Consideration of the commuting trip as y Declining population growth rate the main trip purpose. in Tokyo 23 wards area. y Consideration of the express service and y Population and business feeder system. agglomeration in Yokohama and y Consideration of new line development Kawasaki. in areas where congestion rate is already above 200%. 1968 CUTP No.10 y Congestion relief countermeasure. y Underestimation of the population y Urban structure countermeasure (e.g. increase and suburban sprawl. CBD expansion to the western part of Imperial Palace, development of the new sub-CBD) 1972 CUTP No. 15 y Expansion of railway network to new y In-train congestion relief during towns (NT), such as Kohoku NT, Tama NT, rush hour. Chiba NT, and Kaihin NT. y Long commuting hours due to y Promotion of sub-CBDs by investing in suburban sprawl. the new traverse line. y Increase accessibility to airport and HSR station by railway connection. 1985 CTPP No. 7 y New line development for congestion y Multi-polarization of population relief in JNR lines. growth in TMA. y New line investment for new urban y Urban structure change due to NT development (e.g. Minato Mirai 21). development. y Strengthen accessibility to Haneda y Internationalization. Airport. y Promotion of satellite cities.

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Table 4.2 Outline of TMA Railway Master Plan (continuation)

Year Master Plan Features Issues 2000 CTPP No. y Congestion relief during rush hour. y Although a lot of effort has been taken 18 y Speed improvement. to promote sub-CBDs, but the y Urban development and city function business over-agglomeration in Tokyo support CBD still continued. y Strengthen accessibility to airport and y Continuation of suburban sprawl HSR. trend. y Universal design and seamless transfer. y Existence of high congestion lines y Train delay caused by congested schedule. y Existence of the area with low accessibility to Airport and HSR station. 2016 CTPP No. y Strengthen international y Promotion of Tokyo as a traction city 198 competitiveness to strengthen international - Increase connectivity to airport and competitiveness. HSR stations. y Promotion of Tokyo Olympics, - Strengthen urban development in Paralympics. the international business hub area. y Large-scale earthquake, climate y Improvement of quality of life change, or other large-scale disaster - Congestion relief prevention measurement. - Speed improvement y Severe fiscal conditions. - Seamless transfer y Coordination with urban development - Universal design - Strengthening cooperation with suburban town development - Ecodesign y Station area improvement (invention of next-generation station) -Station Management - Next-level universal design - Next-level foreigner support - Station planning/structure renewal - Integration with the city y Reliability and Safety - Visualization of train delay information - Intensive to railway company when conducting a service improvement - Cooperation with rail users - Information sharing with rail users y Strengthen disaster prevention measurements - Visualization of disaster prevention measurements - Disaster prevention measurements from tangible and intangible aspect

The CUTPs and CTPPs reflected the urbanization issues and the need for transport

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infrastructure development in each of period they were drafted. An example of the issues, solutions, and targets summarized for CTPP No. 18 is in Figure 4.1. Excessive centralization in TMA caused housing and commuting issues. The solution was to develop suburban new towns and sub-center cities as the suburban CBDs with the aim to disperse the urban functions away from the conventional CBDs in the center of Tokyo. In parallel, the capacity of railway transport was planned to be increased so that in-train congestion would be relieved, enabling a decently commutable environment. A strategy encompassing these solutions was drafted as the development plan of the railway network in CTPP No. 18. Other CTPPs and CUTPs mostly followed a similar pattern to reflect the urbanization issues and possible solutions to be addressed. CTPPs and CUTPs, therefore, could be commonly recognized and shared among various stakeholders, which are the governments, academicians, transport operators, and most of all, transport users and citizens in general.

Figure 4.1 Network Development Linking Suburban New Towns and CBDs

Implementation Steps in Railway Investment Planning and Promotion

1) Preparation and discussion The first committee meeting was held in November 1998 and the meetings took about a year until the last one in January 2000. The series of seminars on the railway master plan discussion was continuously organized by MoT. Furthermore, The Japan Transport Economics Research Center (JTERC, now JTRI) was established in 1997 to launch the research coordination among the academics, MoT bodies, railway companies, and local transport authorities.

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2) Planning Committee members and related sectors

During the planning stage, the mass media and potential users other than railway operators were also invited to be part of the committee members in order to fulfill the demand from the social sector.

Public hearing process

Railway development stakeholders (railway company, local government, etc.) must reveal information such as current operating issue and future plans to the public.

3) Content Similar to M-MAP, besides the development of new lines, the improvement of existing services and facilities should be considered as one of the options in railway planning process as well. The contents of the master plan are as follows.

y Review of the previous master plan, especially the performance issue. y Analysis of the given issues based on the current data. y Organization of the future plans from each agency, such as the Fifth Metropolitan Area Development Master Plan. y Demand forecasting, financial estimation, and cost-effectiveness analysis.

4) Implementation and follow up

y Railway development promotion system

࠙Main features of CTPP No. 19ࠚ I Railway development and future direction II Railway development and future task to be tackled III Railway development and future supporting measurement IV Railway development and future issue to be considered

CTPP No. 19 or the Mid-to-Long Term Railway Investment Policy (2000) was issued after the formulation of CTPP No. 18. This plan was formulated to provide the railway investment policy for smooth implementation in the future.

y Feasibility study of each line by government

In order to realize the development plan from CTPP No. 18, the government provided an additional budget for the feasibility study of each proposed line. In this feasibility study, the investment scheme, demand forecasting, financial estimation, and the consideration of other physical aspects such as route alignment and construction cost were further analyzed. The organization chart of the feasibility study is shown below.

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[organization] MLIT [role] Provide budget and supervise the study

Assign the study

[organization] NPO (in the case of Japan, incorporated foundation such as JTRI) [role] Survey design and implementation, host a committee meeting, coordinator, assign a task to consultant, document preparation, report to committee member, etc.

Job assignment – host a committee meeting, Job report coordinator

[organization] Private consultant [role] Survey design, preparation of the pre-

condition data, technical support, etc.

[organization] Urban railway committee ࣭Academic researcher ࣭Related public entity (MLIT, police, or local entity) ࣭Railway company ࣭Japan Railway Construction Public Corporation ࣭Other related groups and corporations [role] ࣭Supervise and assess the study ࣭Provide information to improve the quality of the study

࣭Consensus building

Figure 4.2 Feasibility Study Committee Organization Chart

Railway service, management, and safety

In Japan, the railway operators must comply with several regulations to maintain their railway operating license.

Before the authorization of the railway operating license by the MLIT, the licensing criteria3 must be complied.

1. Such business plan must be appropriated from the operation and management viewpoint. 2. Such business plan must be appropriated from the transportation safety viewpoint. 3. In addition to the 1. and 2., such business plan must be appropriated for the execution of its business.

3 The Railway Business Act. Article 5: Licensing Criteria.

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4. Such business must possess an adequate ability to appropriately execute the business.

Subsidies for Railway Network Development

Subsidizing the railway network development can be considered as one of the government leadership policies in Japan. Central and local governments consider railway subsidizing as one of the important national policies. In each line, a subsidized objective and target could be categorized in subsidy programs as shown below.

Table 4.3 Railway Subsidy Program

Program Objective Content Target Support In the CBD area with a high level of A portion of the following cost Public, Program for social overhead capital, it is y New line construction public- Subway important to improve the living y Earthquake resistant private, and Development conditions of the commuter. A structure construction Tokyo Metro. social task such as in-train y Large-scale congestion relief and city structure improvement/renewal promotion and preservation are some of the policies. In order to fulfill those needs, subway investment promotion is required. Support To vitalize the city activity with a A portion of the following cost Public and Program for comfortable city life, y New line construction public- Urban Railways improvements in the utilization of between existing lines private. User the existing railway network and y Construction of an additional Promotion station facility are needed. extension to improve connectivity to other lines y Construction of additional sidings for express operation y Construction of relay service between existing stations Support To increase the international A portion of the following cost Public entity Program for competitiveness, to strengthen y New line construction in a public- Airport Access local connectivity, and to revitalize y Earthquake resistant private (former: the local activity, along with the structure construction enterprise. Newtown age of economic globalization, y Large-scale Railway airport access investment improvement/renewal Development promotion is needed. (the previous Support Newtown Railway Development Program) Support Program was intended to support the increase in the demand of residential area)

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Railway development as a national strategy

㻌㻭㼕㼞㼜㼛㼞㼠㻌㼍㼏㼏㼑㼟㼟㻌㼞㼍㼕㼘㼣㼍㼥㻌㼐㼑㼢㼑㼘㼛㼜㼙㼑㼚㼠㻌㼒㼛㼞㻌㼡㼞㼎㼍㼚㻌㼞㼑㼢㼕㼠㼍㼘㼕㼦㼍㼠㼕㼛㼚㻌 The Urban Renaissance Headquarters was established in April 2001 to increase the attractiveness and international competitiveness of Tokyo. The headquarters is where the Prime Minister acts as the Chairman and the related ministers as members.

Several projects issued in December 2001, such as the construction of additional runway and road access, were planned along with the additional railway access plan to Narita Airport. This railway access, so-called “Skyliner,” reduces travel time from Nippori to Narita Airport 2nd Terminal from 51 to 36 minutes. It started operation in 2010.

Extracted from “Urban Renaissance Projects” 1. Strengthen the function of the airport • New parallel runway in Narita Airport. • Fourth runway in Haneda Airport. 2. Airport accessibility improvement • New Narita Airport access, Hosuku Line, aims to reduce the travel time between CBD and Narita Airport and between Haneda and Narita Airport. • New airport access road from TMA ring roads and the northern part of Chiba • New two airport link access via Toei Asakusa Line that aims to utilize Tokyo station as an access hub to both airports. • Station upgrade at Keikyu Kamata station for direct access service from Yokohama to Haneda Stations.

Figure 4.3 Railway Access to Narita Airport

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Integration of railway and city planning

Rapid increase of migration to TMA

In the 1960s, the net number of people that moved to TMA was more than 300,000 persons per year. This created a huge demand for housing facility, so the policy on this issue became one of the main tasks.

Source: Ministry of Internal Affairs and Communications (MIAC)

Figure 5.1 Transition of Population Migration During 1953–2016

Example of railway projects as a promotion of urban development

Four examples of integration between urban development and railway investment are shown in Figure 5.2.

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3. Tsukuba Express

1. Tama Newtown

2. Tokyu Den-en Toshi

4. Minato Mirai 21

Figure 5.2 Location of Railway Project Examples

1. Tama Newtown. The collaboration between land development by government and railway investment by railway companies (Keio and Odakyu). This project was aimed to support the housing demand from a sharp population increase in TMA.

2. Tokyu Tama Den-En-Toshi. The example of development of both land and rail by a

single railway company.

3. Tsukuba Express. The development based on the Act of Integration of Residential Area

Development and Railway Investment in Metropolitan Area. Tsukuba Express was opened in 2005 with a length of around 58 km. This is also one of the examples of a collaboration between public and private sectors that invested in a new railway line with land development around the station.

4. Minato Mirai 21. An example of the integration of railway and new business district. In this project, the local government funded the land fill cost and each private firm developed their own structure. The railway service, which is a public-private entity, serves the new business district in this reclaimed land.

1) Tama Newtown TMG, in cooperation with real estate companies, developed Tama Newtown located about 30 km from the CBD because of rapid population increase and unorganized residential development during the 1960s and 1970s. Originally developed as a residential area, around 220,000 residents currently live there with an integration of housing, offices, retailers,

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schools, and cultural facilities.

In the same period, two railway companies, Keio and Odakyu, began the extension to connect Tama Newtown to CBD. This direct service connects to the center of Tama Newtown. Tama-Center Station was opened in 1974 by Keio and 1975 by Odakyu.

Land development: Tokyo Metropolitan Government (public) Rail development: Private railway companies

Access via Keio Line

Access via Odakyu Line

Source: Bureau of Urban Development, TMG website.

Figure 5.3 Tama Newtown Development and Railway Access

Development Timeline 1963 Southern Tama Area development zone plan 1964 Basic guideline of Tama area development policy 1965 New residential area development plan in Tama New Town 1966 Construction started in Tama New Town development project 1971 First tenant in Tama New Town development project (Suwa-Nagayama area) 1974 Odakyu Line extended its service to Nagayama Station 1974 Keio Line extended its service to Tama Center Station 1974 Population in Tama New Town reached 30,000 1975 Odakyu Line extended its service to Tama Center Station

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2) Tokyu Tama Den-En-Toshi Tokyo Tama Den-En-Toshi development is one example of which only one private company initiated both land and railway developments. This project was announced in 1953 by Tokyo Corporation to serve the (expected) increase in housing demand. Den-En-Toshi development, which is about 15–35 km from Tokyo CBD, currently comprises of a development area of 5,000 ha and has a population of 620,000.

Land+Rail development: Tokyu Corp. (private railway company)

Station renewal in 2010’s

Figure 5.4 Den-En-Toshi Development

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Railway Development Timeline 1966 Mizonokuchi-Nagatsuta (⁁ࡢཱྀ - 㛗ὠ⏣) 1968 Nagatsuta-Tsukushino (㛗ὠ⏣ - ࡘࡃࡋ㔝) 1972 Tsukushino-Suzukakedai (ࡘࡃࡋ㔝 - ࡍࡎ࠿ࡅྎ) 1976 Suzukakedai-Tsukimino (ࡍࡎ࠿ࡅྎ - ࡘࡁࡳ㔝) Shibuya-Futako Tamagawa (῰㇂ - ஧Ꮚ⋢ᕝ) 1978 Through service with Hanzomon Subway Line 1984 Tsukimino-Chuo Rinkan (ࡘࡁࡳ㔝 - ୰ኸᯘ㛫)

3) Tsukuba Express Tsukuba express is one of the latest lines in TMA that serves Tokyo, Saitama, Chiba, and Ibaraki prefecture. With a maximum speed of 130km/h, Tsukuba Express connects Akihabara and Tsukuba (58.3 km) with only 45 minutes of travel time.

In 1989, the Act of Integration of Residential Area Development and Railway Investment in Metropolitan Area was enacted. Its objective is to support the issue regarding population increase in TMA, especially the measurements to promote the integration of residential area development and railway investment. Tsukuba Express was also planned based on the initiation of this law too.

Land development: Local government and Urban Renaissance (UR, public) Rail development: Company’s shareholders: Public 90%, Private 10%

Source: http://www.tsukubaexpress-ibaraki.jp/english/

Figure 5.5 Map of Tsukuba Express

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Table 5.1 Tsukuba Express Project Information

Passenger Year 2009 270 License granted January 10, 1992 thousandق Year 2010 283 كOpened August 24, 2005 people/day Japan Railway Construction, Transport ق Infrastructure and Technology Agency Population along the line thousand كJRTT) people) Metropolitan Intercity Contractors Operation Nighttime Year 2000 1,974 Railway Company population Termini Akihabara-Tsukuba Year 2010 2,121 Length 58.3 km Year 2001 1,304 Workers Construction Cost 808 billion yen Year 2006 1,814 Subsidy Program Urban Railway Investment Funds (੃৘ள੊ତ૟হ঵ৱস)

4) Minato Mirai 21 Minato Mirai 21 area development

Aimed to create the new business center in TMA, Minato Mirai 21 area development was initially a brownfield redevelopment in the Yokohama Port area. In 1979, the Yokohama Waterfront Area Comprehensive Development Plan was announced that included Minato Mirai 21. It began in 1983 in collaboration among the Yokohama City Government, UR, and other private entities. Currently, this 186-hectare development comprises of a business district with 190,000 workers and residential district with 10,000 residents. Civil works, mainly the land reclaim cost, was invested by the City of Yokohama. Area development was mainly conducted by UR.

Minato Mirai 21 Line

Minatomirai 21 Line was introduced to provide an access to Minato Mirai 21 development area. The service between Yokohama and Motamachi-Chukagai Stations, which has a length of 4.1 km, started its operation in 2004. It also provides a direct access to Tokyo’s CBD areas such as Shibuya, Shinjuku, and Ikebukuro through a service to Tokyu Toyoko Line and the subway Fukutoshin Line.

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Land development: Land reclaim ->public Structure -> private Rail development: Public 70%, Private 30%

Shareholding structure as of 2017 Source: Yokohama Minatomirai Railway Note: Shareholding structure compiled by JICA Study Team from various disclosure materials.

Figure 5.6 Minato Mirai 21 Development

Table 5.2 Minato Mirai 21 Line project information

License granted April 19, 1990 Passenger Year 2006 140 (thousand Opened February 1, 2004 people/day) Year 2010 163 Population along the line Infrastructure JRTT كthousand peopleق Nighttime Operation Yokohama Minatomirai Railway Year 1999 190 Contractor Contractor population Termini Yokohama, Motomachi-&KŻNDJDL Year 2009 223

Length 4.1 km Year 2001 312 Workers Construction Cost 257 billion yen Year 2016 320

Subsidy Scheme Build-Transfer-Operate

Real estate development by private railway company

During the rapid population increase in TMA from 1960 to 2000, many railway companies

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exploited this opportunity to expand their real estate business with their own railway lines. The table below shows the example of large-scale real estate development conducted by each railway company.

Table 5.3 Example of Real Estate and Housing Development by Each Major Railway Company

Revenue by category History of real estate development Tobu Operating Revenue (2016) 1954 The first housing development from the support of Railway - Transportation 212.1 Housing Loan Corporation (20 units) Bil.¥ (37.3%) 1966 Opening of Omocha-no-Machi development (52.9 -Department Store ha) 191.5 Bil.¥ (33.7%) 1968 Opening of Noda-Kamawadai development -Recreation 75.1 1974 Opening of Tobu-Kamagaya development (26ha) Bil.¥ (13.2%) 1975 Opening of Misora NT development in Yotsukaido - Real Estate 38.7 City, Chiba Prefecture Bil.¥ (6.8%) 1978 Completion of Misora NT development (65 ha, - Others 51.4 Bil.¥ (9.0%) 1,653 unit) - Total 568.8 Bil.¥ 1984 Opening of Shin-Kashiwa NT development (33 ha) Seibu Operating Revenue (2016) Housing Lot Holdings - Transportation and 1969 Shonan-Takatoridai (2,489 units) Business along railway 1969 Kanazawa-Bunko (1,350 units) lines 157.4 Bil.¥ (28.2%) 1970 Kamakura-Zushi Highlands (1,846 units) -Hotel and Recreation1973 Mabori Sea Heights (1,197 units) 188 Bil.¥ (33.8%) 1976 Hachioji NT Seibu Kitanodai (2,259 units) - Real Estate 49.7 1980 Seibu Sayama NT Kashiwara (1,333 units) Bil.¥ (8.9%) 1981 Tokorozawa Matsugaoka (1,148 units) - Construction 105 1983 Seibu Bushi NT (1,141 units) Bil.¥ (18.9%) 1988 Seibu Hanno, Seibu Hidaka 1,974 units) - Hawaii Business 1988 Seibu Greentown (Minami Boso, Onjuku) (1,515 Department 19.3 units) Bil.¥ (3.5%) 1995 Kisarazu Bayside Hills Seibu Konandai (2,000 units) - Others 37.5 Bil.¥ (6.7%) 2000 Yokosuka NT Shonan Ikegami (463 units) - Total 556.9 Bil.¥ 2008 Harmony Days Kotesashi SAKURA Premium (38 units) Condominium 2000 Isoga Prince Heights (200 units) 2003 Lower Places Shimazuyama (34 units) 2007 HIBARI TOWER (332 units) 2007 Ercio Tamagawa-Josui (183 units) 2007 Park House ONE'S TOWER (182 units) 2008 Brillia L-sio Hagiyama (184 units) 2010 Kotesashi Towers (374 units) Keisei Operating Revenue (2016) Electric - Transportation 144.3 Billion Yen (50.0%) Railway - Department Store 68.4 Billion Yen (25.6%) - Recreation 10.2 Billion Yen (3.8%) - Real Estate 17.5 Billion Yen (6.6%) - Construction 21.7 Billion Yen㸦8.0㸣㸧 - Others 5.1 Billion Yen (1.9㸣㸧 - Total 267.1 Billion Yen

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Table 5.4 Size of residential development by each private railway company

Developed area䠄ha䠅

Before WW2 Before WW2 Total Odakyu 145 912 1,057 Keio 0 333 333 Keisei 25 256 281 Keikyu 70 1,616 1,686 Seibu 1,172 2,051 3,223 Tokyu 138 6,785 6,923 Tobu 43 402 445 Total 1,592 12,355 13,947 Source: Takashi Yajima and Hitoshi Ieda. How Railway Shapes the World’s Greatest City, Tokyo (Japanese).

Functional Development of TMA Railway Network

The railway network development outlined above took place as reflections of what were strategically planned in CUTPs and CTPPs from the mid-1950s. Categorizing developments into some of the major new functions with every development project added as a value, the developments can be shown broadly (Figure 5.7). Since the mid-1950s, a significant portion of the development was devoted to filling the vacuum area in mass rapid transport (including subway development in urban area if it is a replacement of the tramway network). In parallel, there has also been a good portion of functional development of the existing lines, which were quadrupling, and the introduction of by-passing and outer circular lines. The third function that can be added to the TMA railway network is access to airport.

Source: Forum for Railway Development in Tokyo Metropolitan Area, Footsteps and Future of Railways in Tokyo Metropolitan Area.

Figure 5.7 Functional Development of TMA Rail Network since 1950s

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Likewise, the future development from now to year 2030, as outlined in the new CTPP No. 198, can also be displayed in a similar manner. Although the length of the new extension is not given in the CTPP, the JICA Study Team assumes it will be approximately 380 km. The 330-km portion can be categorized as promotion of regional growth with projects on functional improvement, introduction of a new line, and extension of the existing lines. The other 50 km was designated to strengthen international competitiveness of TMA that includes further improvement in the convenience of access to airports and other urban functions.

Source: CTPP No. 198 and JICA Study Team.

Figure 5.8 Functional Development of TMA Rail Network Towards 2030

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Demand Forecasting and Railway Investment

Roles of Demand Forecasting

Implementation of demand forecasting can be observed in most of the stages in railway life cycle, such as planning, construction, and operation. Not only the public, but the private railway companies also request demand forecasting results for their investment decision in some cases. Demand forecasting is implemented for several considerations, such as financial balance, selection of transit system, route/alignment selection, expected LOS (fare, service pattern, and frequency), as well as an investment scheme.

Utilization of demand forecasting results can be described through the following.

1) Demand forecasting for Railway Master Plan (central/local government-initiated plan)

In general, an estimation of demand forecasting for these master plans will be conducted by the consultant company under the committee that includes related entities from the central and local governments, railway companies, academic researchers, and a representative from residents.

y Demand forecasting for common recognition in TMA’s future outlook

The result from railway master plan as shown in CTPP No. 18, such as future population forecast, total trip forecast, railway modal share forecast, and demand forecast to CBD, will be utilized for railway network planning that is expected to give a common recognition in TMA’s future outlook.

y Demand forecasting for the railway network planning with logical consideration

To ensure possible implementation of the railway network plan, the plan must be conducted under the consideration of demand forecasting and financial estimation. Detail analysis such as service level (fare and frequency) impact, through-service impact, and convenience of transfer should be considered during the railway network planning process. Other considerations include:

Station location and route alignment must be decided based on user benefit maximization of the current O-D flow. The selection of a transit system must be decided based on the transport capacity that suits the expected demand. As for CTPP No. 18, transport capacity was set based on the demand forecasting. Furthermore, since in-train congestion became one of the social issues, this master plan incorporates this issue as one of the parameters in the model estimation. Based on this model, the TMA railway network with a target of 150% congestion rate improvement was proposed. Transport capacity design must consider future urban growth (as for M-MAP, 509 km of the network was planned until 2029).

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Investment priority should be set to support the transport demand. (In the case of CTPP No. 18, the demand forecasting, financial estimation, and cost-effectiveness analysis were considered together with the investment priority setting process.) Fare-setting based on the financial analysis. (TMA master plan analyzed the effect from scenarios with different fare setting.) The connectivity of railway network (station and route) was planned based on the demand. (In CTPP No. 18, seamless transfer network is one of its objectives, which network planning is based on demand forecasting.) Verification of the through-transfer operation to strengthen the network effect. Sensitivity analysis was applied for standard price setting. (Standard could vary across different railway companies.) New line investment could cause a demand change in the existing lines. In this case, unnecessary investment must be avoided by checking whether there is an unrealistic sharp decrease in demand in any lines.

z Visualizing the achievement from railway investment

Considering the impact of railway investment in a different perspective, such as the impact on the whole society, city, surrounding residence, and railway user, we can visualize the necessity of railway investment. As for visualization of the impact to the whole society, one example is the result from subsidy analysis that could be used as basis of the decision process of the amount of subsidy.

In CTPP No. 18, one of the objectives is the in-train congestion relief. In order to achieve this objective, the investment plan must be supported by a subsidy from the government and investment effort from the railway company. Such objective can be visualized through improvement factors as follows.

Speed improvement: travel time per trip. Station accessibility: travel time per trip. Airport and HSR station accessibility: travel time per trip, number of transfers. Seamless transfer: transfer time per trip. In Bangkok, a target of 15% share of public transit user has been set. To achieve this target, a policy such as vehicle ownership restriction should be incorporated into the model so that this problem can be visualized to stakeholders for further policy discussion.

z Relationship with urban development

A large-scale development could strongly affect railway demand. Therefore, urban development planning should also be considered in railway planning. As for CTPP No. 18, the generated demand from urban development project is based on the development plan given by the local government.

2) Railway company business plan For a railway company, the following must be taken into consideration during investment

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and implementation schedule planning processes.

1. Short to midterm revenue analysis. 2. Revision of train schedule and operating hours. 3. Investment of new line and transfer facility. 4. Analysis of the impact of the improvement or new line investment by other companies. 5. Station accessibility improvement. 6. In-station facility upgrade and analysis of in-station passenger movement (e.g. New Toranomon Station). 7. Consideration of through service, facility sharing, and investment cost sharing.

Demand forecasting for individual project

1) Example of different infrastructure owner and railway operator According to the Act of Urban Railway Efficiency Improvement Works, efficiency improvement such as travel time reduction and travel facilitation was targeted in the existing stock. The vertical separation investment scheme was also suggested in this act. The scheme is for the investment to improve efficiency of the existing lines that will be supported by central government by one-third and local government by another third. The rest will be committed by infrastructure owner (JRTT or other public-private enterprises). Railway operator pays the infrastructure usage cost to the infrastructure owner and infrastructure owner will use this to repay the debt caused by the investment loan.

For this reason, the railway company might want to consider the result from demand forecasting to evaluate whether revenue and profit will be desirable, especially the ability to pay the infrastructure cost.

Furthermore, the service level must be also included in the contract. Thus, to be able to decide an appropriate level of service, such as in fare and frequency, an analysis of multiple- scenario setting must be conducted to compare the impacts from a different level of service. Therefore, under the vertical separation investment scheme, consensus building between infrastructure owner and railway operator must be based on the result from demand forecasting.

The figure below exhibits an example of vertical separation investment project from the Efficiency Improvement Works in “Sotetsu-JR Line” and “Sotetsu-Tokyu Line.”

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Note: Blue is Sotetsu-JR line and red is Sotetsu-Tokyu line. Source: http://www.jrtt.go.jp/02business/construction/const-urbanIndex.html

Figure 6.1 Map of Sotetsu-JR Line and Sotetsu-Tokyu Line Projects

2) Example of cooperative development between land developer and railway investor: A case study of New Toranomon Station Development The new Toranomon Station Development, which is currently under construction, is on the current Hibiya Subway Line. The target date for the development to commence service is before the 2020 Tokyo Olympics; however, the new station is scheduled to be 100% completed in 2022.

This development is one of the parts of the Special Designated Redevelopment Area. Besides to strengthen the international competitiveness of Tokyo, this area was also developed in the alignment of the TMA second ring road (Kanni-dori Avenue). Therefore, it can be also said that both road and rail connections were planned to increase the connectivity to this development. Construction of a privately-operated bus terminal that will connect to the current Toranomon Station in Ginza Subway Line was also included in the plan. The simulation analysis of in-station pedestrian flow was also conducted to test the performance of the plan based on the demand forecasting model of the whole TMA.

For an effective coordination among stakeholders, UR was appointed as the main implementing body with support from Tokyo Metro.

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Source: City and Transportation Vol. 103 (Japanese), published by Japan Transportation Planning Association (JTPA)

Figure 6.2 New Toranomon Station Development

3) Example of a new line investment with through service for connectivity improvement in sub-center areas: A case study of Fukutoshin Subway Line

Objectives: ʀExpand the railway network between Saitama and Yokohama. ʀConnect three sub-centers (Ikebukuro–Shinjuku–Shibuya). ʀRelieve the congestion of JR Yamanote and JR Saikyo Lines.

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Figure 6.3 Connectivity in Fukutoshin Subway Line

Table 6.1 Fukutoshin Subway Line project information

Contractors Tokyo Metro Corp.

Section Shibuya to Kotake-Mukaihara Station

Construction/Operation 2001/2008

Through service with Tokyu Toyoko Line Seibu Ikebukuro and Yurakucho Lines Tobu Tojo Line Minatomirai 21 Line

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Demand Forecasting and Model Improvement Initiatives

Research and development

In Japan, the history of demand forecasting model development4 can be described as follows.

z The year 1955 was the time of Japanese economic miracle and start of motorization. z The 1960s was the motorization age. z Because of motorization problem, transportation infrastructure investment became an urgent policy. z In order to provide an adequate transportation infrastructure, demand forecast must be conducted. Since then, research on demand forecasting has begun. z The development based on the 4-step model (developed by MIT in 1962).

Demand forecasting workgroup

In the process of demand forecasting model development, the demand forecasting workgroup (WG) was established. WG members were composed of researchers, representatives from government agencies, consultants, and railway operators.

Academic professors and Government䠄MLIT䠅㻌 researchers㻌䞉Implementation of demand forecasting㻌䞉Research (on the theory of demand 㻌䞉Supervise demand forecasting based㻌㻌㻌forecasting)㻌 on Railway License㻌䞉Model development㻌䞉Collect the survey data for model 㻌䞉Research publication㻌㻌㻌development㻌䞉Advisor to other parties㻌䞉Provide the budget for survey and research㻌

Transport planning consultants㻌 RailwayR operators㻌䞉Implementation of demand 㻌䞉Client in demand forecasting㻌

forecasting㻌㻌䞉Supervise demand forecasting㻌䞉Model development㻌㻌䞉Participate in the discussion of 㻌䞉Model revision based on the latest demand forecasting development available data㻌㻌

Figure 7.1 Demand Forecasting Workgroup Members and Their Roles

Demand forecasting validation from specialists

In the railway master plan (e.g. CTPP Nos. 18 and 198) development process, the contents of demand forecasting models, such as methodology, model, pre-condition setting, and the result, must be validated by specialists from the WG. The model validity will give a huge contribution to a smooth discussion during the consensus-building process.

4 Demand Forecasting Handbook (Japanese). First edition. 1981.

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Demand forecasting and post-evaluation

Information regarding demand forecasting will be shared among the WG to ensure common understanding and to encourage the constant development of the model. After the planning process, the progress of the project as well as social and economic conditions could be different from what was planned. Changes could affect pre-conditions or the target set in the model; therefore, it is very important to consider the necessity whether or not the pre-conditions and target should be revised. As for CTPP No. 18, after a certain period, the Railway Bureau of MLIT initiated the post-evaluation process by conducting the survey based on the instruction from specialists.

Model precision

During the project im[lementation stage, the result from demand forecasting was required to estimate the future operating revenue and future business risks. This will be further utilized for the estimation of subsidy from the government. Therefore, estimation processes and pre-conditions setting should be clearly determined. Validation of the model based on the combination of improvement from past experiences and latest demand forecasting methodology is important for the best precision.

Fukutoshin Subway Line (new CBD line) 600

400

200

Thousand passenger Thousand 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Estimated Actual

Tsukuba Express (Suburban housing development line) 400

300

200

100

Thousand passenger Thousand 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Estimated Actual

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Figure 7.2 Comparison of the Estimated and Actual Demand on the Selected Lines

Demand forecasting model improvement

Serious congestion and rapid city expansion in TMA during the 1970s were the main drive force for railway network expansion. Thus, the master plan during this period must be planned to solve these problems. In each master plan, problem-related parameters must be included in the demand forecasting model to test the ability to solve the problem in each proposed policy. From past to present, not only problems and demand forecasting model that change, but the transportation technology, economic condition, and computational limitation also change. From 1972, the progress of TMA railway master plan development can be described by the table below.

Table 7.1 TMA Railway Master Plan Development from 1972

Master Plan Policy Agenda Analysis Features of Model Council of Urban Transport y Capacity expansion y Demand forecasting and y First introduction of 4- Plan No. 15 (1972) y Commuting time reduction other related analyses Step Model with the consideration of y 40 zones Target year 1985 urban expansion (targeting lines to new suburban development area) y Initiation of express service y Planning of Fukutoshin Line y Improvement of the accessibility to airport and HSR station Council of Transport Policy y Easing of the morning peak y Evaluation of the y Analysis of morning Plan No. 7 (1985) in-train congestion (for this, congestion rate in the peak-hours by Tsukuba Express Line, Keiyo most congested section considering only working Target year 2000 Line, and Saikyo Line were and schooling commuter proposed) y Introduction of y Access to new CBD Disaggregate Travel (Minatomirai 21 Line) Demand Model y Access to Haneda Airport y 658 zones (Tokyo Monorail, Keikyu Airport Line extension) Council of Transport Policy y Easing of the morning peak y Congestion alleviation, y Include daytime traffic Plan No. 18 (2000) in-train congestion time savings analysis analysis (for profitability y Speed improvement y Evaluation of railway estimation) Target year 2015 y Urban restructuring service profitability y Include congestion y Improvement of the y Cost-effectiveness parameter accessibility to airport and analysis (CEA) y Introduction of Probit HSR station y Service continuity Model y Seamless service y Introduction of Airport y Universal design service and HSR access model y 1812 zones Council of Transport Policy y Strengthen international y Congestion alleviation, y Increase the types of trip Plan No. 198 (2016) competitiveness time savings analysis destination y Design of new-generation y Evaluation of railway y Analysis by age groups Target year 2030 station service profitability (because of population y Reliability improvement y Cost-effectiveness aging)

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y Strengthen of the disaster analysis y 2843 zones countermeasure y Service continuity 㻌

Demand forecasting and city characteristics

1) Probit model in route assignment model As shown in Table 7.2, more than 2,000 km of railway network was included in CTPP Nos. 7 and 18. The complex network provides multiple routes to go from one place to another. Therefore, it is inevitable to assign a multiple route combination in each O–D pair. However, with multiple choices, there is a high probability that IIA assumption will be violated because of route similarity. Therefore, CTPP No. 18 applied a probit model in route assignment model because of the relaxation of IIA assumption.

䢲䢴䢲䢰䢲䢲

䣭䣯

Note: Proposed lines are indicated in colors. Red indicates first priority lines. Yellow indicates second priority lines. Green dashes indicate lines for future consideration.

Figure 7.3 Proposed Network in CTPP No. 18

Table 7.2 Fukutoshin Subway Line Project Information

(A) Total Length of (B) Total Length of Plan No. (B)/(A) Existing Line Planned Line Plan No. 18 (2000) 2,246 km 656 km 29% Plan No. 7 (1985) 1,962 km 616 km 31%

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2) Morning rush hour and congestion parameter Since 1970, in-train congestion during morning rush hour became one of the serious problems. Various countermeasures such as new line investment, longer train set, and a wider carriage train have been introduced to relieve in-train congestion.

The following model improvements were taken to evaluate the result of railway investment plan.

CTPP No. 7: Demand forecasting model targeting commute (work and school) trip. CTPP No. 18: Congestion parameter (congestion rate × travel time2) is included in the route assignment model parameter (as one of the route utility parameters). With this, the effect of in-train congestion relief can be evaluated.

Congestion rate evaluation 180% = passenger body contact each other, but still be able to read newspaper 200% = passenger body contact each other with a feeling of oppression. But still be able to read magazine 250% = cannot move body and arms even when the train shakes

Figure 7.4 Congestion rate during 1975–2014

3) Aging Society Aging society becomes one of the main problems in recent years. In 2015, the senior population of ages over 65 is 26.7% of the total population in Japan. The following analyses were included in the model to capture the effect of aging society in Japan.

Population estimation by age group. Trip generation-attraction model by age group. Trip distribution model (O–D estimation) by age group. Modal share model by age group. Route assignment model by age group.

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Legend Red = under 15 Black = 15-64 Blue = over 65 Teal = over 75

1950㻌 2015㻌

Figure 7.5 Change of Population Share by Age Range from 1950–2015

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Railway Information Sharing and Research

Railway operating data

Private railway and subway operators (excluding JRs) must submit annual reports that contain operating information and safety records. The government agency can then constantly monitor the private railway operating performance. Furthermore, it also creates a close relationship between a government agency and railway operators that can result to a better environment for consensus-building process. The two annual reports include:

1) Railway statistics annual report ࣭ Operating achievements ࣭ Operating conditions ࣭ Tax-related conditions ࣭ Facility, rolling stock, electricity and fuel cost ࣭ Personnel and annual salary payment ࣭ Accidents

2) Urban transportation annual report ࣭ Transport improvement record ࣭ Operating condition by each line ࣭ No. of station and station facility improvement record ࣭ No. of passenger, no. of passenger by station, total passenger-kilometer, and average distance travel per passenger

Establishment of the research institute for railway policy: JTRI

JTRI was established to conduct a comprehensive research and survey on transportation- related policy issue. The research aims to develop the best transportation policy to improve the quality of life, increase local attractiveness, and boost economic activity. Contributions of JTRI to transportation in Japan are listed below.

1) Responsibility 1. Conduct research and survey on the transportation-related topics.

2. Transportation policy evaluation and suggestion.

3. Information collection, analysis, and sharing.

4. Transportation export and international transportation-related policy study.

5. Policy study on transportation as a tool for international exchange and regional connectivity.

6. Transportation consultant related works.

7. Hosting a lecture, conference, seminar on the transportation-related subject.

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8. Research publication.

9. Any other required tasks to support numbers 1 to 8.

2) JTRI and the development of demand forecasting model for CTPP As mentioned in section 6.4, JTRI gives a huge contribution to demand forecasting model development as a member of the demand forecasting WG.

3) Publications and conferences Research outcomes from JTRI will be publicized through journals such as the quarterly published “Transport Policy Studies’ Review” (left in Figure 8.1). JTRI also hosts several seminars and symposiums that aim to improve a common knowledge in transportation- related issue.

Figure 8.1 Publications and Conferences by JTRI

4) Policy Suggestion Since JRTI is an independent body, the institute can provide policy suggestions that is “user experience-based” such as needs and requirements from railway users. Policy suggestions could be for service improvement that may be different from the perspective of the government or railway company. Figure 8.2 shows an example of a policy suggestion for the service improvement of Haneda Airport Access.

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Figure 8.2 Policy Suggestion for Haneda Airport Access Service Improvement

5) Comprehensive planning study With the commission from the government, JTRI also conducts a comprehensive railway planning study that includes the feasibility study on the investment scheme. As shown below, the vertical separation investment scheme, which has become the most popular railway investment scheme in Japan, was proposed by JTRI to many projects across the country.

Figure 8.3 Overview of Urban Railway Service Improvement Works

The vertical separation scheme mentioned in section 6.4.2 for Sotetsu-JR Line and Sotetsu- Tokyu Line was also verified by a study from JTRI.

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Note: Blue is Sotetsu-JR line and red is Sotetsu-Tokyu line.

Figure 8.4 Map of Sotetsu-JR Line and Sotetsu-Tokyu Line Projects

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Survey data

In Japan, various socio-economic census and survey have been implemented. During the demand forecast process, frequently used data can be extracted from the following surveys.

Table 8.1 Survey data from urban transport study

Data from urban transport study National Person-Trip Metropolitan Urban Highway Census Survey Title Census Survey Transportation transportation Census Annual Report Statistics City Bureau, Policy Bureau, MLIT Japan Road Bureau, MLIT Agency Bureau, MIC MLIT; local Transportation government Research Institute Provide the To understand To understand the To understand the To understand the basic the current volume of public passenger volume current situation of information for situation of transportation in and the actual the national policy transportation in major 3 capacity of public highway and discussion in an urban area in metropolitan area, transportation, for vehicle usage, as a Objective both national overall, for the As the basic the transportation basic information and local best information for the management plan for every plan admin. level consideration in public related to highway policy planning transportation investment plan Nationwide Urban Area, TMA Tokyo MA, Chukyo Tokyo MA, Chukyo Nationwide Study Area (Nagoya) MA, Kinki MA, Kinki MA (Osaka) MA A person, Person-trip Rail, Bus, Tram Railway passenger Car movement Survey Target Person-trip (1day) passenger volume, the actual (1day) (1day) movement (1day) capacity Since 1920 Since 1967, each Since 1960 Since 1920 Since 1928, from Staring year every 5 years city every 10 every 5 years every year 1980 and period years every 5 years Commuting O- 䞉Commuting, 䞉individual trip 䞉railway peak- 䞉highway O-D and D (Municipality Private trip, data for hour passenger, volume level) Business related disaggregate route by section Utilization in trip O-D (partial choice model 䞉railway capacity demand muni. Level) 䞉railway passenger forecasting 䞉 individual trip volume by time model data for the period disaggregate 䞉 station access model data (access mode, origin zone) All resident (2008) (2010) Based on the (2010) Individual: Rail: 212,971 annual report O-D survey: 783,873 samples person submitted by 1,425,000 vehicle (respond rate Bus, Tram: 23,009 railway company Sample size 2.12%) person Household: 340,619 samples (respond rate 24.2%) Involvement YES YES from Professors

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Table 8.2 Survey Data from Urban Transport and Air Transport Study

Data from urban transport study Data from air transport study Highway Census Survey of trunk line Air Passenger International Air Survey Title passenger flow Survey Passenger Survey Road Bureau, MLIT Policy Bureau, MLIT Civil Aviation Bureau, MLIT Agency To understand the To understand the To understand the characteristics of air current situation of the flow of regional passenger such as personal information, national highway and transportation on the origin and destination, flight pattern, etc., as Objective vehicle usage, as a trunk line, as a basic a basic data for airport development plan basic information for information for and other aviation promotion policies every plan related to demand forecasting highway and policy planning. Study Area Nationwide Nationwide Nationwide Car movement (1day) Trunk line (Rail, Air, Domestic International Ferry, Car), per passenger-trip passenger-trip (1 Survey Target passenger-trip (1day, (weekend- week) 1year) weekday, one day each) Since 1928, from 1980 Since 1990 Since 1973 Since 1987 Staring year Every 5 years and period Every 5 years Every 2 years Every year Utilization in 䞉Highway O–D and O-D to HSR station by O-D to the O-D to the demand volume access mode domestic airport international airport forecasting by access mode by access mode model (2010) (2010) (2015) O–D survey: 1,425,000 For Railway: The sample in Narita vehicle Weekday 76,000 Airport is beyond the Sample size person (8.9%) expected recovery Holiday 192,000 rate person (9.0%) Involvement Yes from Professors

1) National Census The main objective of the National Census is to understand the population and household conditions that will be recorded as database for further national policy discussion. Since the workplace or school location of each household individual can be obtained from the survey, we can grasp the commuting pattern. This information can be further utilized in the demand forecast process. The following information can be obtained from the National Census.

z Survey items

x Household member related information

¾ Individual attributes: Name, gender, date of birth, relationship with the head of household, marital status, nationality.

¾ Resident information: Living period in this residence, residence address five years ago (to check migration).

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¾ Employment information: Employment status, affiliation and type of business, type of work, and position.

¾ Workplace or school location.

x Household related information

¾ Household type

¾ Number of household member

¾ Housing categories

¾ Housing structure

z Example of the result

From the National Survey, we can understand the condition of daytime and nighttime population. In Tokyo 23 wards area, Chiyoda ward shows the highest ratio of daytime/nighttime population of 1460.6% (14.6 daytime population against 1 nighttime population)

100 or less 100-150 150-200 Over 200

Figure 8.5 Daytime/Nighttime Population Ratio in Tokyo 23 Wards Area

2) Metropolitan Transport Census The Metropolitan Transport Census aims to understand the current public transport condition in the metropolitan area. This survey has been conducted in three metropolitan areas in Japan once every 5 years since 1960. The information from this survey will be further utilized for various policy consideration such as public transportation accessibility upgrade and service improvement policies.

z Survey items

x Railway survey: User survey, commuting ticket sales survey, O–D survey, and service condition survey.

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x Bus survey: User survey, O–D survey, and service condition survey.

z Example of the result

Change in commuting pattern

The flow of commuters from Tokyo suburban to Tokyo 23 wards and other prefectures (by using commuter pass) are shown in Figure 8.6.

Note: Circle indicates the total generated trip from each zone. Shaded area indicates the share of generated trip to Tokyo 23 wards.

Figure 8.6 Flow of Commuters to Tokyo 23 Wards

Commuting travel time

Figure 8.7 shows the transition of an average commuting time of commuters using commuter pass (including access time and egress time to/from the station) in 2005, 2010, and 2015.

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2005㻌 2010㻌 2015㻌

Average required time

To work㻌 To school㻌 Sum㻌

2015 Data㻌 Travel time share Travel time

Figure 8.7 Average and Distribution of Commuting Time of Commuter Pass User (including access time and egress time, in minute)

Transition of modal share of access and egress trip

Figures 8.8 and 8.9 show the change of modal share of access trip (from home to station) and egress trip (from station to workplace) in 2005 to 2015. For access trip, walking shares the highest modal choice, followed by bicycle. Bus share is around 10%. For egress trip, walking share is higher than share in access trip, up to around 90%.

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Figure 8.8 Modal Share of Access Trip (from Home to Station)

Figure 8.9 Modal Share of Egress Trip (from Station to Workplace)

Transition of boarding and alighting time distribution

The distribution of boarding and alighting times for commuting and returning home trips are shown in Figures 8.10 and 8.11. It can be observed from the figures that the morning peak boarding is between 7:30 to 7:44 and alighting is between 8:00 to 8:44. Also, peak share decreases and the distribution gets more uniform each year. In the returning home trip, the peak share is less in the morning peak and the distribution is quite uniform across time especially for alighting time.

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Figure 8.10 Distribution of Boarding Time and Alighting Time for Commuting Trip (Work/School)

Figure 8.11 Distribution of Boarding Time and Alighting Time for Returning Home Trip

3) Person-Trip Survey (PT Survey, known as household travel survey in other countries) The PT survey aims to determine every detail of trips conducted each day such as the trip purpose, trip origin and destination, mode of transportation, and even the attribute of the person who makes a trip. This survey can reveal modal share and traffic volume by each mode of transportation.

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Figure 8.12 Summary of the Contents in a PT Survey

z Survey items

Survey items in a PT survey include every trip detail in one day (on a weekday). Contents of the fifth PT survey in TMA is shown below.

Figure 8.13 Survey Items in PT Survey

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z Example of the result

Travel flows

In the figure below, the trips from/to Tokyo 23 wards area share the largest portion of trips in TMA. Also, we can observe a large amount of trips from/to Tama area, southern part of Saitama Prefecture, Yokohama City, Kawasaki City, and north- western part of Chiba.

Figure 8.14 Summary of Travel Flow from PT Survey

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Modal share

Most of the commuters to Tokyo 23 wards area and other designated city areas use railways. Eighty percent of commuters use railways especially in Tokyo 23 wards area.

Figure 8.15 Summary of Modal Share in Each Block from PT Survey

A3-54

Appendix 4 Lecture on Demand Forecast Modeling in Railway Development Planning in Tokyo Metropolitan Area (TMA) ƉƉĞŶĚŝǆ ϰ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐ ZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

^ƵďͲtŽƌŬŐƌŽƵƉ ĨŽƌĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐ

KEͲz>dhZ ŽŶ ĞŵĂŶĚ&ŽƌĞĐĂƐƚDŽĚĞůŝŶŐŝŶZĂŝůǁĂǇĞǀĞůŽƉŵĞŶƚWůĂŶŶŝŶŐ ŝŶdŽŬǇŽDĞƚƌŽƉŽůŝƚĂŶƌĞĂ ;dDͿ

ƵŐƵƐƚϮ͕ϮϬϭϴ :/^ƚƵĚǇdĞĂŵ

ŶŐŝŶĞĞƌ /ŶƐƚŝƚƵƚĞ ŽĨ dŚĂŝůĂŶĚ͕ĂŶŐŬŽŬ

>ĞĐƚƵƌĞƌ͛ƐWƌŽĨŝůĞ ƌĞĂƚŝǀĞZĞƐĞĂƌĐŚĂŶĚWůĂŶŶŝŶŐŽ͕͘>ƚĚ͘;ZWͿ &ŽƵŶĚĞĚŝŶϭϵϳϴ dƌĂŶƐƉŽƌƚƉůĂŶŶŝŶŐĐŽŶƐƵůƚĂŶƚĨŝƌŵŵĂŝŶůǇĚĞĂůŝŶŐǁŝƚŚƚƌĂĨĨŝĐĚĞŵĂŶĚ ĨŽƌĞĐĂƐƚŝŶŐ ƐƐŝƐƚŝŶŐƵƌďĂŶƌĂŝůǁĂǇƉůĂŶŶŝŶŐŝŶƐĞǀĞƌĂůŵĞƚƌŽƉŽůŝƚĂŶĂƌĞĂƐŝŶ:ĂƉĂŶ ĨŽƌŽǀĞƌϰϬǇĞĂƌƐ ^ŚŝŽ,z^ƚĚ͘ tŝƚŚZWƐŝŶĐĞϭϵϴϳ ϯϬǇĞĂƌƐŽĨĞǆƉĞƌŝĞŶĐĞƐŝŶƚƌĂŶƐƉŽƌƚĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐĂŶĚƉƌŽũĞĐƚ ĨĞĂƐŝďŝůŝƚŝĞƐƐƚƵĚǇŝŶ:ĂƉĂŶ :ĂǇtdt/dKK ͘ŶŐ͘ŝŶŝǀŝůŶŐŝŶĞĞƌŝŶŐ ^ƉĞĐŝĂůŝǌĞĚŝŶdƌĂŶƐƉŽƌƚĂƚŝŽŶĐŽŶŽŵŝĐƐĂŶĚKƉĞƌĂƚŝŽŶĂůZĞƐĞĂƌĐŚ

Ϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ dŽŬǇŽDĞƚƌŽƉŽůŝƚĂŶƌĞĂ;dDͿ

ϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

dŽŬǇŽDĞƚƌŽƉŽůŝƚĂŶƌĞĂ;dDͿ

ϰ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ dŽŬǇŽDĞƚƌŽƉŽůŝƚĂŶƌĞĂ ZĂŝůǁĂǇEĞƚǁŽƌŬ WůĂŶ ;ϮϬϬϬͿ

ZĂŝůǁĂǇ EĞƚǁŽƌŬŝŶdŽŬǇŽD ϱƉŽůŝĐǇƚŽďĞĐŽŶƐŝĚĞƌĞĚ ĂůŽŶŐǁŝƚŚƚŚĞƌĂŝůǁĂǇ ĚĞǀĞůŽƉŵĞŶƚƉůĂŶ /ŶͲƚƌĂŝŶĐŽŶŐĞƐƚŝŽŶ ƌĞĚƵĐƚŝŽŶ ^ƉĞĞĚŝŵƉƌŽǀĞŵĞŶƚ hƌďĂŶĚĞǀĞůŽƉŵĞŶƚ ĂŶĚĐŝƚǇĨƵŶĐƚŝŽŶ ƐƵƉƉŽƌƚ ^ƚƌĞŶŐƚŚĞŶƚŚĞ ĂĐĐĞƐƐŝďŝůŝƚǇƚŽĂŝƌƉŽƌƚ͕ ,^Z hŶŝǀĞƌƐĂůĚĞƐŝŐŶĂŶĚ ƐĞĂŵůĞƐƐƚƌĂŶƐĨĞƌ

ϱ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

dŽŬǇŽDĞƚƌŽƉŽůŝƚĂŶƌĞĂ ZĂŝůǁĂǇEĞƚǁŽƌŬ WůĂŶ ;ϮϬϬϬͿ

ŽŶŐĞƐƚŝŽŶ ƌĂƚĞ ĂŶĚ ŵŽĚĞů ĐĂůŝďƌĂƚŝŽŶ

<ĂǁĂŐŽĞ KŵŝǇĂ <ŽŵĂŐĂǁĂ hƌĂǁĂDŝƐŽŶŽ ^ŚŝŶͲ<ĂǁĂŐŽĞ <ĂƐŚŝǁĂ DŝŶĂŵŝhƌĂǁĂ

^ŚŝŶͲDĂƚƐƵĚŽ <ŝƚĂĂƐĂŬĂ ŚŝďĂEĞǁdŽǁŶ dŽŬŽƌŽǌĂǁĂ ŬĂďĂŶĞ

ŽƚŽ

/ŬĞďƵŬƵƌŽ EŝƉƉŽƌŝ ,ĂŝũŝŵĂ KƐŚŝĂŐĞ <ŝĐŚŝũŽũŝ &ƵŶĂďĂƐŚŝ <ŽŬƵďƵŶũŝ ŬŝŚĂďĂƌĂ ^ŚŝŶũƵŬƵ dŽŬǇŽ &ƵĐŚƵ ^ŚŝďƵǇĂ ,ĂĐŚŝŽũŝ ŚŽĨƵ ^ŚŝŶŬŝďĂ 㸦㸧 ^ĞŶŐĂŬƵũŝ ŵŽĚĞůͬĂĐƚƵĂů ^ŚŝŶĂŐĂǁĂ Ϯ͘Ϭ㹼 ϭ͘Ϯ㹼Ϯ͘Ϭ DŝǌŽŶŽŬƵĐŚŝ ϭ͘ϭ㹼ϭ͘Ϯ ^ĂŐĂŵŝŚĂƌĂ DŝƐĂƐŚŝ ŬŽƐƵŐŝ ϭ͘Ϭ㹼ϭ͘ϭ 㹼 <ĞŝŬǇƵ <ĂŵĂƚĂ dZ'd Ϭ͘ϵ ϭ͘Ϭ ,ĂŶĞĚĂŝƌƉŽƌƚ Ϭ͘ϴ㹼Ϭ͘ϵ DĂĐŚŝĚĂ EĂŐĂƚƐƵĚĂ <ĂǁĂƐĂŬŝ Ϭ͘ϱ㹼Ϭ͘ϴ 㹼Ϭ͘ϱ ^ŚŝŶͲzŽŬŽŚĂŵĂ hƐĞƌ㸦ŵŝůůŝŽŶͬǇĞĂƌ㸧 ϭϬϬ㹼 ϱϬ㹼ϭϬϬ zŽŬŽŚĂŵĂ 㹼ϱϬ

ƚƐƵŐŝ

ϲ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ƌĂĨƚWƌŽƉŽƐĂůŽĨ&ƵƚƵƌĞDĂƐƐdƌĂŶƐŝƚŽƌƌŝĚŽƌƐ ĨŽƌWŽůŝĐǇŝƐĐƵƐƐŝŽŶWƵƌƉŽƐĞKŶůǇ;ĐŽŶĨŝĚĞŶƚŝĂůͿ

WŽůŝĐǇŝƌĞĐƚŝŽŶ <ĞǇ/ŵƉůĞŵĞŶƚĂƚŝŽŶ DĞĂƐƵƌĞƐ ϭ͘dŽĂůůĞǀŝĂƚĞ ƚƌĂĨĨŝĐĐŽŶŐĞƐƚŝŽŶ ͿĂƉĂĐŝƚǇĞǆƉĂŶƐŝŽŶŽĨƚŚĞĞǆŝƐƚŝŶŐŵĂƐƐƚƌĂŶƐŝƚůŝŶĞƐ ŝŶƚŚĞĐŝƚǇĐĞŶƚĞƌ ͿŶƐƵƌĞĚŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞƉůĂŶŶĞĚŵĂƐƐƚƌĂŶƐŝƚƌŽƵƚĞƐ;DͲDWͿ ͿĚĚŝƚŝŽŶĂůůŝŶĞĚĞǀĞůŽƉŵĞŶƚŝŶ ƚŚĞƌĂŝůǁĂǇͲŵŝƐƐŝŶŐĂƌĞĂƐ Ϳ^ƚƌĞŶŐƚŚĞŶŝŶŐŽĨŵƵůƚŝͲŵŽĚĂů ƉƵďůŝĐƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬǁŝƚŚďƵƐƚƌĂŶƐƉŽƌƚ͕ƌŝǀĞƌ ƚƌĂŶƐƉŽƌƚ͕ĞƚĐ͘

Ϯ͘dŽƐƚƌĞŶŐƚŚĞŶŽǀĞƌĂůůZĂŝůǁĂǇ ͿdŽĚĞǀĞůŽƉŵĂƐƐƚƌĂŶƐŝƚůŝŶĞƐƚŽƚŚĞĐŽƌƌŝĚŽƌƐǁŝƚŚŚŝŐŚĚĞŵĂŶĚ EĞƚǁŽƌŬŝŶDZ ͿdŽĚĞǀĞůŽƉŵĂƐƐƚƌĂŶƐŝƚůŝŶĞƐƚŽůŝŶŬƐƵďͲĐĞŶƚĞƌƐ ͿdŽƵƚŝůŝǌĞƚŚĞĞǆŝƐƚŝŶŐ^ZdůŝŶĞƐĂŶĚĐŽŶŶĞĐƚǁŝƚŚŵĂƐƐƚƌĂŶƐŝƚŶĞƚǁŽƌŬ ͿdŽƐƚƌĞŶŐƚŚĞŶƚƌĂŶƐƉŽƌƚƚĞƌŵŝŶĂůƐ

ϯ͘dŽŝŵƉƌŽǀĞĂĐĐĞƐƐŝďŝůŝƚǇƚŽ ͿdŽĚĞǀĞůŽƉŝŶƚĞƌͲŵŽĚĂůĨĂĐŝůŝƚŝĞƐ͖ƚĞƌŵŝŶĂů ŽƌƉĂƌŬŝŶŐƐƉĂĐĞƐĨŽƌĨĞĞĚĞƌ ƐƚĂƚŝŽŶƐ ŵŽĚĞ͕ƉĂƌŬŝŶŐƐƉĂĐĞƐĨŽƌƉƌŝǀĂƚĞǀĞŚŝĐůĞ͕ƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐ ͿdŽƉƌŽǀŝĚĞƐĂĨĞĂŶĚĐŽŵĨŽƌƚ ĨĞĞĚĞƌƚƌĂŶƐƉŽƌƚƐĞƌǀŝĐĞƐ Ϳ/ŶƚĞŐƌĂƚŝŽŶ ǁŝƚŚƐƵƌƌŽƵŶĚŝŶŐƵƌďĂŶĚĞǀĞůŽƉŵĞŶƚĂƚƐƚĂƚŝŽŶĂƌĞĂ

ϰ͘dŽƉƌŽǀŝĚĞǀĂůƵĞͲĂĚĚĞĚŵĂƐƐ Ϳ/ŶĨŽƌŵĂƚŝŽŶ ƉƌŽǀŝƐŝŽŶŽŶƌĂŝůǁĂǇƐĞƌǀŝĐĞƐĨŽƌƉĂƐƐĞŶŐĞƌƐ ƚƌĂŶƐŝƚƐĞƌǀŝĐĞƐƚŽƉƌŽŵŽƚĞ Ϳ&ůĞǆŝďůĞĨĂƌĞ ƐĞƚƚŝŶŐ ƉƵďůŝĐƚƌĂŶƐƉŽƌƚ Ϳ^ĂĨĞƚǇĂŶĚĂŵĞŶŝƚǇĨĂĐŝůŝƚŝĞƐ ͿǆƉƌĞƐƐŽƉĞƌĂƚŝŽŶ ͿƵƐŝŶĞƐƐͲĐůĂƐƐƚƌĂŝŶĐĂƌƐ

ϱ͘dŽĞŶŚĂŶĐĞĂĐĐĞƐƐŝďŝůŝƚǇƚŽ ͿdŽĚĞǀĞůŽƉĂůƚĞƌŶĂƚŝǀĞƌŽƵƚĞƐƚŽĂĐĐĞƐƐŝŶƚĞƌŶĂƚŝŽŶĂůĂŝƌƉŽƌƚƐ ŐůŽďĂůŐĂƚĞǁĂǇƐ ͿdŽƌĞĚƵĐĞĂĐĐĞƐƐƚŝŵĞ;ĞǆƉƌĞƐƐŽƉĞƌĂƚŝŽŶ͕ĞƚĐ͘Ϳ

ϳ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

&RQILGHQWLDO,QIRUPDWLRQ

ϴ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ Ϩ ,ŝƐƚŽƌǇŽĨdŚĞĞǀĞůŽƉŵĞŶƚŽĨdƌĂŶƐƉŽƌƚ ĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐŝŶ:ĂƉĂŶ

ϭ͘ ,ŝƐƚŽƌǇŽĨZĂŝůǁĂǇĞǀĞůŽƉŵĞŶƚŝŶdŽŬǇŽDĞƚƌŽƉŽůŝƚĂŶƌĞĂ;dDͿ Ϯ͘ ŽŵƉĂƌŝƐŽŶŽĨĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞůŝŶĂŶŐŬŽŬĂŶĚdŽŬǇŽ ϯ͘ ,ŝƐƚŽƌǇŽĨĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐ ϰ͘ ĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐt'ŵĞŵďĞƌƐĂŶĚƚŚĞŝƌƌŽůĞƐ ϱ͘ ĞǀĞůŽƉŵĞŶƚŽĨĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵĞƚŚŽĚ ϲ͘ ĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐĂŶĚŝƚƐĞĨĨĞĐƚƚŽƌĞƐĞĂƌĐŚĞƌƐ ϳ͘ WƌĂĐƚŝĐĂůŝŵƉůĞŵĞŶƚĂƚŝŽŶĂŶĚĐŚŝĞǀĞŵĞŶƚƐ ϴ͘ ZŽůĞƐŽĨĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϵ͘ ŝƚǇĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐĂŶĚĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϭϬ͘ĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐĂŶĚ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚǇ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

DĂŝŶ/ƐƐƵĞƚŽďĞŽŶƐŝĚĞƌĞĚ

DĂŝŶ ƚĂƐŬ ƚŽ ďĞ ĐŽŶƐŝĚĞƌĞĚ ŝŶ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ dŽŬǇŽ DĞƚƌŽƉŽůŝƚĂŶ ƌĞĂ ;dDͿ ĚĞŵĂŶĚ ĨŽƌĞĐĂƐƚŝŶŐ ŵŽĚĞů ӑ WŽůŝĐǇ ƌĞůĂƚĞĚ ƚĂƐŬ ;ƚŽ ƉƌĞƐĞŶƚ ƚŚĞ ƌĞƐƵůƚ ĨƌŽŵ ƌĂŝůǁĂǇ ŝŶǀĞƐƚŵĞŶƚ ƉůĂŶͿ ĨŽƌ ƚŚĞ ƉŽůŝĐǇ ĚŝƐĐƵƐƐŝŽŶ ŝŶ ĐĞŶƚƌĂů ĂŶĚ ůŽĐĂů ŐŽǀĞƌŶŵĞŶƚ ƚŽ ĐůĂƌŝĨǇ ƚŚĞ ĨŝƐĐĂů ƉŽůŝĐǇ ŶĞĞĚĞĚ ĨŽƌ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ƚŽ ĚĞĂů ǁŝƚŚ ƚŚĞ ĐŽŶĐĞƌŶ ĂďŽƵƚ ƚĂǆ ƐƉĞŶĚŝŶŐ

ӑ dĞĐŚŶŝĐĂů ƌĞůĂƚĞĚ ƚĂƐŬ ZĞƐĞĂƌĐŚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ŽŶ ĚĞŵĂŶĚ ĨŽƌĞĐĂƐƚŝŶŐ ŵŽĚĞů ;ĚŝƐĂŐŐƌĞŐĂƚĞ ŵŽĚĞů͕ ƉƌŽďŝƚ ŵŽĚĞů͕ ĞƚĐ͘Ϳ hƚŝůŝǌŝŶŐ ƚŚĞ ĐŽŵƉƵƚĂƚŝŽŶĂů ĐĂƉĂďŝůŝƚǇ ;ƉĞĂŬ ĚĂƚĂ ŵĂŶĂŐĞŵĞŶƚ͕ ŝƚĞƌĂƚŝŽŶͿ ĂƚĂ ƐƵƌǀĞǇŝŶŐ

ϭ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /Ͳϭ,ŝƐƚŽƌǇŽĨdDƵƌďĂŶƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚ ;ĐƵƌƌĞŶƚŶĞƚǁŽƌŬͿ DŽƌĞƚŚĂŶϱϬǇĞĂƌƐŽĨŚŝŐŚͲƐƉĞĞĚƌĂŝů;,^ZͿĚĞǀĞůŽƉŵĞŶƚŝŶ:ĂƉĂŶ dŚĞĨŝƌƐƚůŝŶĞ;dŽŬǇŽͲKƐĂŬĂͿƐƚĂƌƚĞĚŝƚƐŽƉĞƌĂƚŝŽŶŝŶϭϵϲϰ ƵƌƌĞŶƚůǇ͕ϳůŝŶĞƐǁŝƚŚƚŚĞůĞŶŐƚŚĂƌŽƵŶĚϮ͕ϳϲϱŬŵĂƌĞƵŶĚĞƌŽƉĞƌĂƚŝŽŶ ǆƚĞŶƐŝŽŶƐŽĨϰϬϯŬŵŝŶϯƌŽƵƚĞƐĂƌĞƵŶĚĞƌĐŽŶƐƚƌƵĐƚŝŽŶ ŽŶŶĞĐƚŝŶŐƚŚĞĐĂƉŝƚĂůĐŝƚǇ͕dŽŬǇŽ͕ǁŝƚŚŽƚŚĞƌĐŝƚŝĞƐĂƌŽƵŶĚ:ĂƉĂŶ

hŶĚĞƌŽƉĞƌĂƚŝŽŶ hŶĚĞƌĐŽŶƐƚƌƵĐƚŝŽŶ

dŽŬǇŽ ^ŽƵƌĐĞ͗ :ĂƉĂŶ ZĂŝůǁĂǇ ŽŶƐƚƌƵĐƚŝŽŶ͕ dƌĂŶƐƉŽƌƚ ĂŶĚ dĞĐŚŶŽůŽŐǇ ŐĞŶĐǇ ;:ZddͿ

Ϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

/Ͳϭ,ŝƐƚŽƌǇŽĨdDƵƌďĂŶƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚ ;ĐƵƌƌĞŶƚŶĞƚǁŽƌŬͿ dĂƌŐĞƚƌĞĂŽĨhƌďĂŶZĂŝůǁĂǇĞǀĞůŽƉŵĞŶƚWůĂŶŝŶdŽŬǇŽĂƌĞĂ ƌĞĂǁŝƚŚŝŶϱϬŬŵƌĂĚŝƵƐŽĨdŽŬǇŽĐĞŶƚƌĂůĂƌĞĂ;dŽŬǇŽ͕<ĂŶĂŐĂǁĂ͕ŚŝďĂ͕^ĂŝƚĂŵĂĂŶĚ ƐŽƵƚŚƉĂƌƚŽĨ/ďĂƌĂŬŝƉƌĞĨĞĐƚƵƌĞƐͿ

/ďĂƌĂŬŝ

^ĂŝƚĂŵĂ

dŽŬǇŽ

dĂƌŐĞƚĂƌĞĂŝƐĂůŵŽƐƚ <ĂŶĂŐĂǁĂ ĞƋƵĂůƚŽƚŚĞĂƌĞĂǁŚĞƌĞ ŚŝďĂ ĐŽŵŵƵƚĞƌƐƚŽdŽŬǇŽ ĐĞŶƚƌĂůĂƌĞĂůŝǀĞ͘

ϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /Ͳϭ,ŝƐƚŽƌǇŽĨdDƵƌďĂŶƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚ ;ĐƵƌƌĞŶƚŶĞƚǁŽƌŬͿ

dD;ƌĂĚŝƵƐĂƌŽƵŶĚϱϬŬŵͿ ĂŶŐŬŽŬD WŽƉƵůĂƚŝŽŶ;ϮϬϭϬͿ͗ĂƌŽƵŶĚϯϳ͘ϮϰŵŝůůŝŽŶ ͻ WŽƉƵůĂƚŝŽŶ;ϮϬϭϲͿ͗ĂƌŽƵŶĚϭϬ͘ϳϲŵŝůůŝŽŶ ZĂŝůǁĂǇEĞƚǁŽƌŬ;ϮϬϭϲͿ͗Ϯ͕ϳϬϱŬŵ ͻ ZĂŝůǁĂǇEĞƚǁŽƌŬ;ϮϬϭϳͿ͗ϭϭϮŬŵ;^ZdĞǆĐůƵĚĞĚͿ ŽƵŶĐŝůŽĨdƌĂŶƐƉŽƌƚWŽůŝĐǇWůĂŶEŽ͘ϭϴ;ϮϬϬϬͿ͗ ƚŚĞǁŚŽůĞϵϲƌĂŝůǁĂǇůŝŶĞƐĂƌĞŝŶĐůƵĚĞĚŝŶƚŚĞ ĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞů

ZĂŝůǁĂǇEĞƚǁŽƌŬŝŶdD;ĞŶůĂƌŐĞͿ >ŝŶĞƐĨƌŽŵdWWŶŽ͘ϭϴĂƌĞŝŶĐŽůŽƌƐ

ZĂŝůǁĂǇEĞƚǁŽƌŬŝŶdD >ŝŶĞƐĨƌŽŵdWWŶŽ͘ϭϴĂƌĞŝŶĐŽůŽƌƐ ZĂƉŝĚƚƌĂŶƐŝƚŶĞƚǁŽƌŬŝŶD

ϰ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

/Ͳϭ,ŝƐƚŽƌǇŽĨdDƵƌďĂŶƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚ ;ďĞĨŽƌĞttϮͿ ZĂŝůǁĂǇ ŶĞƚǁŽƌŬ ŝŶ dD ǁĂƐ ĞǆƚĞŶƐŝǀĞůǇ ĚĞǀĞůŽƉĞĚ ďĞĨŽƌĞ ttϮ ďǇ ďŽƚŚ ƉƵďůŝĐ ĂŶĚ ƉƌŝǀĂƚĞ &ŝƌƐƚ ƌĂŝůǁĂǇ ƐĞƌǀŝĐĞ ƐƚĂƌƚĞĚ ŝŶ ϭϴϳϮ ^ŝŶĐĞ ƚŚĞ ŶĂƚŝŽŶĂůŝǌĂƚŝŽŶ ŽĨ ƌĂŝůǁĂǇ ŝŶ ϭϵϬϲ͕ ƌĂŝůǁĂǇ ĚĞǀĞůŽƉŵĞŶƚ ŝŶ dD ƐĂǁ Ă ƌĂƉŝĚ ŐƌŽǁƚŚ ƉĞƌŝŽĚ ƵŶƚŝů ttϮ /Ŷ ͕ ŵŽƐƚ ŽĨ ƚŚĞŵ ĂƌĞ ŽŶͲƐƚƌĞĞƚ ƚƌĂŵ͕ ǁŚŝůĞ ƐƵďƵƌďĂŶ ůŝŶĞƐ ĂƌĞ ƉƌŽǀŝĚĞĚ ďǇ ďŽƚŚ ƉƵďůŝĐ ĂŶĚ ƉƌŝǀĂƚĞ EĞƚǁŽƌŬ ůĞŶŐƚŚ

ϱ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /Ͳϭ,ŝƐƚŽƌǇŽĨdDƵƌďĂŶƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚ ;ĂĨƚĞƌttϮͿ

ϭϵϴϱ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ϮϬϬϬ /ŵƉůĞŵĞŶƚĂƚŝŽŶŽĨ ZĂŝůǁĂǇŶĞƚǁŽƌŬŝŶdD ŽĨĐŽŵŵƵƚŝŶŐKŝŶƚŚĞ ƚŚĞǁŚŽůĞϵϲƌĂŝůǁĂǇůŝŶĞƐ ĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞů ŝŶƚŚĞĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞů ϭϵϱϲ͗ϭ͕ϱϲϲŬŵ ϮϬϭϲ͗Ϯ͕ϳϬϱŬŵ EĞƚǁŽƌŬůĞŶŐƚŚ;ŬŵͿ

Ύ:EZс:ĂƉĂŶEĂƚŝŽŶĂůZĂŝůǁĂǇƐ :EZͬ:ZΎ WƌŝǀĂƚĞ ^ƵďǁĂǇ :EZͬ:Z WƌŝǀĂƚĞ :ZсWƌŝǀĂƚŝǌĞĚ:EZĂĨƚĞƌϭϵϴϳ ;YƵĂĚƌƵƉůĞƚƌĂĐŬͿ ;YƵĂĚƌƵƉůĞƚƌĂĐŬͿ ϲ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

/Ͳϭ,ŝƐƚŽƌǇŽĨdDƵƌďĂŶƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚ ;ĂĨƚĞƌttϮͿ

ϳ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ZĂŝůǁĂǇ/ŶǀĞƐƚŵĞŶƚĂŶĚ hƌďĂŶĞǀĞůŽƉŵĞŶƚ

ǆĂŵƉůĞŽĨhƌďĂŶ ĞǀĞůŽƉŵĞŶƚďǇWƵďůŝĐ ĂŶĚWƌŝǀĂƚĞŐĞŶĐŝĞƐ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

ZĞĨĞƌĞŶĐĞ͗dŽŬǇŽĂŶĚϱϬzĞĂƌƐŽĨĞǀŽůƵƚŝŽŶ

dŽŬǇŽĂŶĚϱϬzĞĂƌƐŽĨĞǀŽůƵƚŝŽŶ WƌŽĚƵĐƚŝŽŶŝŶĐƌĞĂƐĞďǇϲ͘ϮƚŝŵĞƐ ZĂŝůǁĂǇŶĞƚǁŽƌŬŝŶĐƌĞĂƐĞďǇϭ͘ϳ ƚŝŵĞƐ dŝŵĞƐ dD ƐƚĂƚƐ ϱϬнǇĞĂƌƐ ďĞĨŽƌĞ ZĞĐĞŶƚƐƚĂƚ ŝŶĐƌĞĂƐĞ ϭ͘ϵϵ EŝŐŚƚƚŝŵĞ WŽƉƵůĂƚŝŽŶ ;ϰ dD WƌĞĨ͘Ϳ ϭϵϲϬ ϭϳ͕ϴϲϰ͕ϬϬϬ ϮϬϭϬ ϯϱ͕ϲϭϵ͕ϬϬϬ ;ϭϵ͘ϴй ŽĨŶĂƚŝŽŶĂůƉŽƉƵůĂƚŝŽŶͿ ;Ϯϳ͘ϴй ŽĨŶĂƚŝŽŶĂůƉŽƉƵůĂƚŝŽŶͿ ƚŝŵĞƐ ϲ͘ϭϴ 'ZW ;ƌĞĂůͿ ;ϰ dD WƌĞĨ͘Ϳ ϭϵϲϰ Ϯϴ͘ϵϮ ƚƌŝůůŝŽŶǇĞŶ ϮϬϭϭ ϭϳϴ͘ϴϬƚƌŝůůŝŽŶǇĞŶ ƚŝŵĞƐ ϭ͘ϳϯ ZĂŝůǁĂǇ ŶĞƚǁŽƌŬ ůĞŶŐƚŚ ;dDͿ ϭϵϱϲ ϭ͕ϱϲϲŬŵ ϮϬϭϲ Ϯ͕ϳϬϱŬŵ ƚŝŵĞƐ ϭ͘ϴϳ EƵŵďĞƌ ŽĨ ƌĂŝůǁĂǇ ƐƚĂƚŝŽŶ ;dDͿ ϭϵϱϲ ϴϬϳƐƚĂƚŝŽŶ ϮϬϭϲ ϭ͕ϱϭϬƐƚĂƚŝŽŶ ƚŝŵĞƐ

DŽƚŽƌǁĂǇ ůĞŶŐƚŚ ;ŶĂƚŝŽŶǁŝĚĞͿ ϭϵϲϬ ϬŬŵ ϮϬϭϭ ϳ͕ϵϮϬŬŵ Ͳ ϭ͘Ϯϰ ,ŝŐŚǁĂǇ ůĞŶŐƚŚ ;ŶĂƚŝŽŶǁŝĚĞͿ ϭϵϲϬ ϵϳϮ͕ϲϴϴŬŵ ϮϬϭϭ ϭ͕ϮϬϰ͕ϳϰϰŬŵ ƚŝŵĞƐ

^ĞǁĂŐĞ ĐŽǀĞƌĂŐĞ ;ϰ dD WƌĞĨ͘Ϳ ϭϵϲϰ ϭϴ͘ϵй ϮϬϭϮ ϵϰ͘Ϯй Ͳ ϲ͘ϱϲ ůĞĐƚƌŝĐ ĐŽŶƐƵŵƉƚŝŽŶ ;ŶĂƚŝŽŶǁŝĚĞͿ ϭϵϲϰ ϭϱϳ͕ϮϬϴ'tͬŚ ϮϬϭϬ ϭ͕Ϭϯϭ͕ϳϵϵ'tͬŚ ƚŝŵĞƐ ^ŽƵƌĐĞ͗ dŽŬǇŽDĞƚƌŽƉŽůŝƚĂŶƌĞĂ͗ŚĂŶŐĞĨŽƌϱϬǇĞĂƌƐĂŶĚ&ƵƚƵƌĞsŝƐŝŽŶͲ ŚĂŶŐĞĂŶĚ&ƵƚƵƌĞŽĨDĞƚƌŽƉŽůŝƐĂĐĐŽƌĚŝŶŐƚŽƚŚĞĂƚĂ ;zƵŝĐŚŝDK,Z/ĂŶĚ:ƵŶDKZ/K͕ŝŶ:ĂƉĂŶĞƐĞͿ

ϵ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨƚŚĞϮŶĚůƵĞƉƌŝŶƚĨŽƌDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /Ͳϭ,ŝƐƚŽƌǇŽĨdDƵƌďĂŶƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚ ;ƉŽƉƵůĂƚŝŽŶĂŐŐůŽŵĞƌĂƚŝŽŶŝŶdDͿ

/ŶĞĂƌůǇϲϬ͛Ɛ͕ƉŽƉƵůĂƚŝŽŶŝŶdDŝŶĐƌĞĂƐĞďǇϯϬϬ͕ϬϬϬĂŶŶƵĂůůǇ ϭϬ͕ϬϬϬƉĞŽƉůĞ

dŽŬǇŽD͗dŽŬǇŽ͕<ĂŶĂŐĂǁĂ͕^ĂŝƚĂŵĂ͕ĂŶĚ ŚŝďĂƉƌĞĨĞĐƚƵƌĞ EĂŐŽǇĂD͗ŝĐŚŝ͕'ŝĨƵ͕ĂŶĚDŝĞƉƌĞĨĞĐƚƵƌĞ ϯDƐ KƐĂŬĂD͗KƐĂŬĂ͕,ǇŽŐŽ͕<ǇŽƚŽ͕ĂŶĚEĂƌĂ ƉƌĞĨĞĐƚƵƌĞ dŽŬǇŽD

KƐĂŬĂD

EĞƚŵŝŐƌĂƚŝŽŶƉŽƉƵůĂƚŝŽŶ EĂŐŽǇĂD

ǇĞĂƌ ^ŽƵƌĐĞ͗DŝŶŝƐƚƌǇŽĨ/ŶƚĞƌŶĂůĨĨĂŝƌƐĂŶĚŽŵŵƵŶŝĐĂƚŝŽŶƐ;D/Ϳ ϭϬ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨƚŚĞϮŶĚůƵĞƉƌŝŶƚĨŽƌDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

/Ͳϭ ,ŝƐƚŽƌǇ ŽĨ dD ƵƌďĂŶ ƌĂŝůǁĂǇ ĚĞǀĞůŽƉŵĞŶƚ ;ƉŽƉƵůĂƚŝŽŶ ĂŐŐůŽŵĞƌĂƚŝŽŶ ŝŶ dDͿ

&ƌŽŵϭϵϱϬƚŽϮϬϭϬ͕ƉŽƉƵůĂƚŝŽŶŝŶdDŝŶĐƌĞĂƐĞĚďǇϮ͘ϳƚŝŵĞƐ

zĞĂƌ dŽƚĂůWŽƉƵůĂƚŝŽŶ;Ϳ WŽƉ͘'ƌŽǁƚŚZĂƚĞ;йͿ WŽƉƵůĂƚŝŽŶŝŶdD;Ϳ WŽƉ͘'ƌŽǁƚŚ WŽƉ͘^ŚĂƌĞ;ͬͿ ZĂƚĞ;йͿ

Ϯ͘ϳ ƚŝŵĞƐ

^ŽƵƌĐĞ͗ĂďŝŶĞƚŽĨĨŝĐĞŽĨ:ĂƉĂŶ;KͿ

ϭϭ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨƚŚĞϮŶĚůƵĞƉƌŝŶƚĨŽƌDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ,ŽǁĂŶŐŬŽŬDĞƚƌŽƉŽůŝƚĂŶZĞŐŝŽŶ;DZͿǁŝůůďĞŝŶ &ƵƚƵƌĞ͍ͲWůĂŶŶŝŶŐŽŶĚŝƚŝŽŶƐĨŽƌDͲDWϮ

/ŶĐƌĞĂƐĞŽĨƉŽƉƵůĂƚŝŽŶƉĂƌƚŝĐƵůĂƌůǇŝŶŽƵƚƐŝĚĞŽĨD ¾ D͛ƐƉŽƉƵůĂƚŝŽŶǁŝůůďĞƐĂƚƵƌĂƚĞĚĂƌŽƵŶĚϴ͘ϵŵŝůůŝŽŶ ĂŶĚŵĂǇƐƚĂƌƚƚŽĚĞĐƌĞĂƐĞ͘ ¾ KƵƚƐŝĚĞϱWƌŽǀŝŶĐĞƐǁŝůůĂĐĐŽŵŵŽĚĂƚĞ ĂĚĚŝƚŝŽŶĂůϮ͘ϮŵŝůůŝŽŶƉĞŽƉůĞŝŶŶĞǆƚϮϬǇĞĂƌƐ ¾ ĂŶŐŬŽŬǁĂƐǀŝƐŝƚĞĚďǇŵŽƌĞƚŚĂŶϮϬŵŝůůŝŽŶĨŽƌĞŝŐŶǀŝƐŝƚŽƌƐ ŝŶϮϬϭϲ͘

WŽƉƵůĂƚŝŽŶŝŶĐƌĞĂƐĞŝŶĂŶĚĂƌŽƵŶĚDZ ͲͲͲͲͲͲͲ WƌŽŐƌĞƐƐŝŶŐĂŐĞŝŶŐƐŽĐŝĞƚǇ͘ ϮϬ͕ϬϬϬ ĞŶƐƵƐWŽƉ͘ ƐƚŝŵĂƚĞĚ ¾ ŐĞĚƌĂƚŝŽ;хϲϬͿǁŝůůďĞϮϯйŝŶD ϭϱ͕ϬϬϬ ĂŶĚϮϴйŝŶϱƉƌŽǀŝŶĐĞƐ;ŝŶϮϬϯϬͿ Î /ŶĐƌĞĂƐŝŶŐŶĞĞĚƐŽĨƉƵďůŝĐƚƌĂŶƐƉŽƌƚ ϭϬ͕ϬϬϬ

ǁŝƚŚďĂƌƌŝĞƌͲĨƌĞĞĂĐĐĞƐƐƚŽƐĞĐƵƌĞ WŽƉƵůĂƚŝŽŶ;ΖϬϬϬͿ ϱ͕ϬϬϬ ŵŽďŝůŝƚǇŽĨƐĞŶŝŽƌƐ͘ Ϭ ϭϵϲϬ ϭϵϳϬ ϭϵϴϬ ϭϵϵϬ ϮϬϬϬ ϮϬϭϬ ϮϬϮϬ ϮϬϯϬ ĂŶŐŬŽŬ ϱƉƌŽǀŝŶĐĞƐ ǇƵƚƚŚĂǇĂнŚĂĐŚŽĞŶŐƐĂŽ

^ŽƵƌĐĞ͗ĞŶƐƵƐ͕WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ;E^Ϳ

ϭϮ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

/Ͳϭ,ŝƐƚŽƌǇŽĨdDƵƌďĂŶƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚǆĂŵƉůĞ ŽĨhƌďĂŶĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚ

ϭ͘dĂŵĂ EĞǁƚŽǁŶ

Ϯ͘dŽŬǇƵ ĞŶͲĞŶ dŽƐŚŝ

ϰ͘DŝŶĂƚŽDŝƌĂŝ Ϯϭ

ϭϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /Ͳϭ,ŝƐƚŽƌǇŽĨdDƵƌďĂŶƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚ ʹ ǆĂŵƉůĞŽĨhƌďĂŶĚĞǀĞůŽƉŵĞŶƚĚƵƌŝŶŐϭϵϲϬͲϭϵϴϬ

dĂŵĂ EĞǁƚŽǁŶ͗ ƚŽ ŚĂŶĚůĞ ǁŝƚŚ ƚŚĞ ƌĂƉŝĚ ŝŶĐƌĞĂƐĞ ŝŶ ƉŽƉƵůĂƚŝŽŶ ĂŶĚ ĚŝƐŽƌŐĂŶŝǌĂƚŝŽŶ ĚĞǀĞůŽƉŵĞŶƚ ĨƌŽŵ ϭϵϲϯ dŽŬǇŽ DĞƚƌŽƉŽůŝƚĂŶ 'ŽǀĞƌŶŵĞŶƚ ĂŶĚ ƉƌŝǀĂƚĞ ĚĞǀĞůŽƉĞƌƐ ĐŽƌƉŽƌĂƚĞůǇ ĚĞǀĞůŽƉĞĚ ƚŚĞ ŶĞǁ ƚŽǁŶ ĚĞǀĞůŽƉŵĞŶƚ ƉůĂŶ͕ ůŽĐĂƚĞĚ ĂƌŽƵŶĚ ϯϬ Ŭŵ ĨƌŽŵ /Ŷ ƚŚĞ ƐĂŵĞ ƚŝŵĞ͕ ƚŚĞ ƌĂŝůǁĂǇ ĂĐĐĞƐƐ ǁĂƐ ĂůƐŽ ĚĞǀĞůŽƉĞĚ ĂůŽŶŐ ǁŝƚŚ ƚŚĞ ŶĞǁ ƚŽǁŶ

>ĂŶĚĚĞǀĞůŽƉŵĞŶƚ͗ dŽŬǇŽ DĞƚƌŽ͘'Žǀƚ͘;ƉƵďůŝĐͿ ZĂŝůĚĞǀĞůŽƉŵĞŶƚ͗ WƌŝǀĂƚĞƌĂŝůǁĂǇĐŽŵƉĂŶŝĞƐ

ϭϵϲϯ ^ŽƵƚŚĞƌŶͲdĂŵĂƌĞĂĚĞǀĞůŽƉŵĞŶƚǌŽŶĞƉůĂŶ ϭϵϲϰ ĂƐŝĐŐƵŝĚĞůŝŶĞŽĨdĂŵĂĂƌĞĂĚĞǀĞůŽƉŵĞŶƚƉŽůŝĐǇ ϭϵϲϱ EĞǁƌĞƐŝĚĞŶƚŝĂůĂƌĞĂĚĞǀĞůŽƉŵĞŶƚƉůĂŶŝŶdĂŵĂEĞǁdŽǁŶ ϭϵϲϲ ŽŶƐƚƌƵĐƚŝŽŶƐƚĂƌƚĞĚŝŶdĂŵĂEĞǁdŽǁŶĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚ ϭϵϳϭ &ŝƌƐƚƚĞŶĂŶƚŝŶdĂŵĂEĞǁdŽǁŶĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚ ;^ƵǁĂͲEĂŐĂǇĂŵĂĂƌĞĂͿ ϭϵϳϰ KĚĂŬǇƵ>ŝŶĞĞǆƚĞŶĚĞĚŝƚƐƐĞƌǀŝĐĞƚŽEĂŐĂǇĂŵĂ ^ƚĂƚŝŽŶ ϭϵϳϰ <ĞŝŽ>ŝŶĞĞǆƚĞŶĚĞĚŝƚƐƐĞƌǀŝĐĞƚŽdĂŵĂĞŶƚĞƌ^ƚĂƚŝŽŶ ϭϵϳϰ WŽƉƵůĂƚŝŽŶŝŶdĂŵĂEĞǁdŽǁŶƌĞĂĐŚĞĚϯϬ͕ϬϬϬ ϭϵϳϱ KĚĂŬǇƵ>ŝŶĞĞǆƚĞŶĚĞĚŝƚƐƐĞƌǀŝĐĞƚŽdĂŵĂĞŶƚĞƌ^ƚĂƚŝŽŶ

ϭϰ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

/Ͳϭ,ŝƐƚŽƌǇŽĨdDƵƌďĂŶƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚ ʹ ǆĂŵƉůĞŽĨhƌďĂŶĚĞǀĞůŽƉŵĞŶƚĚƵƌŝŶŐϭϵϲϬͲϭϵϴϬ ĞŶͲĞŶ dŽƐŚŝ͗ KŶĞ ĐŽŵƉĂŶǇ ƌĂŝůǁĂǇ н ůĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ďǇ dŽŬǇƵ ŽƌƉŽƌĂƚŝŽŶ ӑ ϭϵϱϯ͗ tŝƚŚ ƚŚĞ ĞǆƉĞĐƚĂƚŝŽŶ ŽĨ ŽǀĞƌĐƌŽǁĚĞĚ ƉŽƉƵůĂƚŝŽŶ ŝŶ dŽŬǇŽ͕ dŽŬǇƵ ŽƌƉ͘ ĂŶŶŽƵŶĐĞĚ ƚŚĞ ƉůĂŶ ƚŽ ĚĞǀĞůŽƉ Ă ƌĞƐŝĚĞŶƚŝĂů ŝŶ ƚŚŝƐ ĂƌĞĂ ӑ dŚĞ ͞dŽŬǇƵ dĂŵĂ ĞŶͲĞŶ dŽƐŚŝ͟ ƉůĂŶ ŝƐ ƚŚĞ ůĂƌŐĞƐƚ ƐĐĂůĞ ƵƌďĂŶ ĚĞǀĞůŽƉŵĞŶƚ ďǇ ƉƌŝǀĂƚĞ ĐŽŵƉĂŶǇ ŝŶ :ĂƉĂŶ ϭϱͲϯϱŬŵ ĨƌŽŵ ͕ ĚĞǀĞůŽƉĞĚ ĂƌĞĂ ŽĨ ϱ͕ϬϬϬŚĂ͕ ƉŽƉƵůĂƚŝŽŶ ŽĨ ϲϮϬ͕ϬϬϬ ;ϮϬϭϳͿ

dŽŬǇƵĞŶͲĞŶdŽƐŚŝDĂƉ &ƵƚĂŬŽ dĂŵĂŐĂǁĂ

DŝǌŽŶŽŬƵĐŚŝ >ĂŶĚнZĂŝů ĚĞǀĞůŽƉŵĞŶƚ͗ dŽŬǇƵ ŽƌƉ͘;ƉƌŝǀĂƚĞ

ƌĂŝůǁĂǇĐŽŵƉĂŶǇͿ <ŽĚŽŵŽ ŶŽŬƵŶŝ 'ƌĞĞŶ>ŝŶĞ

,ŝǇŽƐŚŝ DĂĐŚŝĚĂ

ӑ ZĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚƚŝŵĞůŝŶĞ ^ĂŐĂŵŝKŶŽ ůƵĞ>ŝŶĞ dƐƵŬƵƐŚŝŶŽ EĂŐĂƚƐƵĚĂ ϭϵϲϲ DŝǌŽŶŽŬƵĐŚŝͲEĂŐĂƚƐƵƚĂ ^ŚŝŶŬĂŶƐĞŶ ϭϵϲϴ EĂŐĂƚƐƵƚĂͲdƐƵŬƵƐŚŝŶŽ ^ƵǌƵŬĂŬĞĚĂŝ :ZzŽŬŽŚĂŵĂ>ŝŶĞ ŚƵŽƌŝŶŬĂŶ ϭϵϳϮ dƐƵŬƵƐŚŝŶŽͲ^ƵǌƵŬĂŬĞĚĂŝ dƐƵŬŝŶŝŵŽ ϭϵϳϲ ^ƵǌƵŬĂŬĞĚĂŝͲdƐƵŬŝŵŝŶŽ zŽŬŽŚĂŵĂͲDĂĐŚŝĚĂ/ ^ŚŝŶͲzŽŬŽŚĂŵĂ ^ŚŝďƵǇĂͲ&ƵƚĂŬŽ dĂŵĂŐĂǁĂ <ŽĚŽŵŽ ŶŽ<ƵŶŝ ĞŶͲĞŶ dŽƐŚŝ >ŝŶĞ KŝDĂĐŚŝ >ŝŶĞ >ŝŶĞ dŽǇŽŬŽ>ŝŶĞ ϭϵϳϴ dŚƌŽƵŐŚƐĞƌǀŝĐĞǁŝƚŚ,ĂŶǌŽŵŽŶ ^ƵďǁĂǇ>ŝŶĞ DĞŐƵƌŽ>ŝŶĞ dŽŵĞŝ,ŝŐŚǁĂǇ EZϮϰϲ ϭϵϴϰ dƐƵŬŝŵŝŶŽͲŚƵŽZŝŶŬĂŶ &ƌŽŵdŽŬǇƵ ZĂŝůǁĂǇ,ŽŵĞƉĂŐĞ

ϭϱ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /Ͳϭ,ŝƐƚŽƌǇŽĨdDƵƌďĂŶƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚ ʹ hƌďĂŶĚĞǀĞůŽƉŵĞŶƚďǇƉƌŝǀĂƚĞƌĂŝůǁĂǇĐŽŵƉĂŶǇ

ĞǀĞůŽƉŵĞŶƚŚĂƐďĞĞŶƐƚĂƌƚĞĚƐŝŶĐĞďĞĨŽƌĞttϮ ĞǀĞůŽƉĞĚ ĂƌĞĂ;ŚĂͿ ĞĨŽƌĞ ttϮ ĞĨŽƌĞ ttϮ dŽƚĂů KĚĂŬǇƵ ϭϰϱ ϵϭϮ ϭ͕Ϭϱϳ <ĞŝŽ Ϭ ϯϯϯ ϯϯϯ <ĞŝƐĞŝ Ϯϱ Ϯϱϲ Ϯϴϭ <ĞŝŬǇƵ ϳϬ ϭ͕ϲϭϲ ϭ͕ϲϴϲ ^ĞŝďƵ ϭ͕ϭϳϮ Ϯ͕Ϭϱϭ ϯ͕ϮϮϯ dŽŬǇƵ ϭϯϴ ϲ͕ϳϴϱ ϲ͕ϵϮϯ dŽďƵ ϰϯ ϰϬϮ ϰϰϱ dŽƚĂů ϭ͕ϱϵϮ ϭϮ͕ϯϱϱ ϭϯ͕ϵϰϳ

^ŽƵƌĐĞ͗dĂŬĂƐŚŝzĂũŝŵĂ ĂŶĚ,ŝƚŽƐŚŝ/ĞĚĂ ;ϮϬϭϰͿ͘dƌĂŶƐŝƚŽƌŝĞŶƚĞĚĚĞǀĞůŽƉŵĞŶƚdŽŬǇŽ͘dŚĞ/ŶƐƚŝƚƵƚĞŽĨ ĞŚĂǀŝŽƌĂů^ĐŝĞŶĐĞ͘ ϭϲ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

/Ͳϭ,ŝƐƚŽƌǇŽĨdDƵƌďĂŶƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚ ʹ ǆĂŵƉůĞŽĨhƌďĂŶĚĞǀĞůŽƉŵĞŶƚĚƵƌŝŶŐϭϵϴϬͲϮϬϬϬ dƐƵŬƵďĂǆƉƌĞƐƐ /ŶƚĞŐƌĂƚŝŽŶďĞƚǁĞĞŶƌĞƐŝĚĞŶƚŝĂůĂŶĚƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚ͗ ZĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚĂŶĚĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐǁŝƚŚƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƵƌďĂŶĚĞǀĞůŽƉŵĞŶƚ

>ĂŶĚĚĞǀĞůŽƉŵĞŶƚ͗ >ŽĐĂůŐŽǀƚ͘ĂŶĚhZ;ƉƵďůŝĐͿ ZĂŝůĚĞǀĞůŽƉŵĞŶƚ͗ ŽŵƉĂŶǇ͛ƐƐŚĂƌĞŚŽůĚĞƌƐ͗WƵďůŝĐϵϬй͕ WƌŝǀĂƚĞϭϬй

>ŝĐĞŶƐĞŐƌĂŶƚĞĚ :ĂŶƵĂƌǇ ϭϬ͕ϭϵϵϮ ƉĂƐƐĞŶŐĞƌ zĞĂƌϮϬϬϵ ϮϳϬ ;ƚŚŽƵƐĂŶĚ KƉĞŶĞĚ ƵŐƵƐƚ Ϯϰ͕ϮϬϬϱ zĞĂƌϮϬϭϬ Ϯϴϯ ƉĞŽƉůĞͬĚĂǇͿ ĐŽŶƐƚƌƵĐƚŝŽŶ :Zdd WŽƉƵůĂƚŝŽŶĂůŽŶŐ ƚŚĞůŝŶĞ ;ƚŚŽƵƐĂŶĚ ƉĞŽƉůĞͿ ŽƉĞƌĂƚŝŽŶ DĞƚƌŽƉŽůŝƚĂŶ/ŶƚĞƌĐŝƚǇ zĞĂƌϮϬϬϬ ϭ͕ϵϳϰ ZĂŝůǁĂǇŽŵƉĂŶǇ ĐŽŶƚƌĂĐƚŽƌƐ dĞƌŵŝŶŝ ŬŝŚĂďĂƌĂͲdƐƵŬƵďĂ zĞĂƌϮϬϭϬ Ϯ͕ϭϮϭ >ĞŶŐƚŚ ϱϴ͘ϯŬŵ zĞĂƌϮϬϬϭ ϭ͕ϯϬϰ tŽƌŬĞƌƐ ŽŶƐƚƌƵĐƚŝŽŶŽƐƚ ϴϬϴďŝůůŝŽŶ ǇĞŶ zĞĂƌϮϬϬϲ ϭ͕ϴϭϰ ^ƵďƐŝĚǇ ^ĐŚĞŵĞ hƌďĂŶZĂŝůǁĂǇ /ŶǀĞƐƚŵĞŶƚ&ƵŶĚƐ

ϭϳ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /Ͳϭ,ŝƐƚŽƌǇŽĨdDƵƌďĂŶƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚ ʹ ǆĂŵƉůĞŽĨhƌďĂŶĚĞǀĞůŽƉŵĞŶƚĚƵƌŝŶŐϭϵϴϬͲϮϬϬϬ DŝŶĂƚŽŵŝƌĂŝ >ŝŶĞ ZĞĐůĂŝŵĞĚƵƌďĂŶĚĞǀĞůŽƉŵĞŶƚŝŶzŽŬŽŚĂŵĂtĂƚĞƌĨƌŽŶƚ͗ ZĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚĂŶĚĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐǁŝƚŚƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƵƌďĂŶĚĞǀĞůŽƉŵĞŶƚ

>ŝĐĞŶƐĞŐƌĂŶƚĞĚ Ɖƌŝůϭϵ͕ϭϵϵϬ ƉĂƐƐĞŶŐĞƌ zĞĂƌϮϬϬ ;ƚŚŽƵƐĂŶĚ zĞĂƌϮϬϭϬ KƉĞŶĞĚ &ĞďƌƵĂƌǇ ϭ͕ϮϬϬϰ ƉĞŽƉůĞͬĚĂǇͿ ĐŽŶƐƚƌƵĐƚŝŽŶ :Zdd WŽƉƵůĂƚŝŽŶĂůŽŶŐ ƚŚĞůŝŶĞ >ĂŶĚĚĞǀĞůŽƉŵĞŶƚ͗ ;ƚŚŽƵƐĂŶĚ ƉĞŽƉůĞͿ ŽƉĞƌĂƚŝŽŶ zŽŬŽŚĂŵĂ zĞĂƌ >ĂŶĚƌĞĐůĂŝŵͲхƉƵďůŝĐ ĐŽŶƚƌĂĐƚŽƌƐ DŝŶĂƚŽŵŝƌĂŝ ZĂŝůǁĂǇ EŝŐŚƚƚŝŵĞ ZĞĂůĞƐƚĂƚĞͲхƉƌŝǀĂƚĞ dĞƌŵŝŶŝ zŽŬŽŚĂŵĂ͕ ƉŽƉ͘ zĞĂƌ DŽƚŽŵĂĐŚŝͲŚƻŬĂŐĂŝ ZĂŝůĚĞǀĞůŽƉŵĞŶƚ͗

>ĞŶŐƚŚ ϰ͘ϭŬŵ zĞĂƌϮϬϬϭ WƵďůŝĐϳϬй͕WƌŝǀĂƚĞϯϬй tŽƌŬĞƌƐ ŽŶƐƚƌƵĐƚŝŽŶŽƐƚ ϮϱϳďŝůůŝŽŶ ǇĞŶ zĞĂƌϮϬϲ

^ƵďƐŝĚǇ ^ĐŚĞŵĞ ƵŝůĚͲdƌĂŶƐĨĞƌͲKƉĞƌĂƚĞ DĂƉƐŽƵƌĐĞ͗zŽŬŽŚĂŵĂDŝŶĂƚŽŵŝƌĂŝ ZĂŝůǁĂǇ

DĂƉƐŽƵƌĐĞ͗zŽŬŽŚĂŵĂDŝŶĂƚŽŵŝƌĂŝ ZĂŝůǁĂǇ ϭϴ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

/ͲϮŽŵƉĂƌŝƐŽŶŽĨĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞůŝŶ ĂŶŐŬŽŬĂŶĚdŽŬǇŽ

dŚĞŵŽĚĞůƵƐĞĚŝŶĂŶŐŬŽŬŝƐƋƵŝƚĞƐŝŵŝůĂƌƚŽŵŽĚĞůƵƐĞĚŝŶdD͊

dDDŽĚĞůÆ ŝŶƚƌŽĚƵĐĞƚŽÆ DDŽĚĞů͍͍͍

ĂƚĂ͕DŽĚĞů^ƚƌƵĐƚƵƌĞ͕DŽĚĞůŽŶƐŝĚĞƌĂƚŝŽŶ͕/ŵƉůĞŵĞŶƚĂƚŝŽŶ͕ĞƚĐ͘

D dD DĞƚŚŽĚ ϰ^ƚĞƉ DŽĚĞů ϰ^ƚĞƉDŽĚĞů EƵŵďĞƌ ŽĨ ŽŶĞƐ ϭϳϳϭ;ĞͲďƵŵͿ Ϯϴϰϯ 'ĞŶĞƌĂƚŝŽŶ DŽĚĞů 'ĞŶĞƌĂƚŽƌ DĞƚŚŽĚ ŝƐƚƌŝďƵƚŝŽŶDŽĚĞů 'ƌĂǀŝƚǇDŽĚĞů WƌĞƐĞŶƚ WĂƚƚĞƌŶDĞƚŚŽĚ ŶĂůŽŐǇ WĂƚƚĞƌŶDĞƚŚŽĚ 'ƌĂǀŝƚǇDŽĚĞů DŽĚĂů^ƉůŝƚDŽĚĞů ŝƐĂŐŐƌĞŐĂƚĞ DŽĚĞů ŝƐĂŐŐƌĞŐĂƚĞDŽĚĞů;>ŽŐŝƚDŽĚĞůͿ ZŽƵƚĞƐƐŝŐŶŵĞŶƚ ͍ ŝƐĂŐŐƌĞŐĂƚĞDŽĚĞů;WƌŽďŝƚ DŽĚĞůͿ DŽĚĞů

ϭϵ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /ͲϮŽŵƉĂƌŝƐŽŶŽĨĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞůŝŶ ĂŶŐŬŽŬĂŶĚdŽŬǇŽ

ŽŶĞĚĞĨŝŶŝƚŝŽŶĂŶĚŶƵŵďĞƌŽĨǌŽŶĞƐÆ EŽƚƐŽĚŝĨĨĞƌĞŶƚ

D dDďĂƐĞĚ ŽŶdWWEŽ͘ϭϵϴ;EŽ͘ϭϴŝŶďƌĂĐŬĞƚͿ ĚĞĨŝŶŝƚŝŽŶ EŽ͘ŽĨǌŽŶĞƐ ĚĞĨŝŶŝƚŝŽŶ EŽ͘ŽĨ ǌŽŶĞƐ ƉƉůŝĐĂƚŝŽŶ WƌŽǀŝŶĐĞ ϴůŽĐŬϯϰ^ƵďͲƌĞŐŝŽŶ ĂŶĚ ĚĞƐŝŐŶĂƚĞĚ ĐŝƚŝĞƐ ࣭ŽŶƚƌŽů ƚŽƚĂů ǀĂůƵĞ ĨŽƌ ƉŽƉƵůĂƚŝŽŶ D ;ϭϯͿ ĨŽƌĞĐĂƐƚŝŶŐ DZ

ŝƐƚƌŝĐƚ ϵϭ > ǌŽŶĞ Ϯϲϵ DƵŶŝĐŝƉĂůŝƚǇ ůĞǀĞů ŽŵŵƵƚŝŶŐ KͲ ĨƌŽŵ EĂƚŝŽŶĂů ;ϯϯϯͿ ĞŶƐƵƐ ƐƚŝŵĂƚĞĚ ǀĂůƵĞ ĨƌŽŵ EĂƚŝŽŶĂů /ŶƐƚŝƚƵƚĞ ŽĨ WŽƉƵůĂƚŝŽŶ ĂŶĚ ^ŽĐŝĂů ^ĞĐƵƌŝƚǇ ZĞƐĞĂƌĐŚ ^Ƶď ĚŝƐƚƌŝĐƚ ϲϰϱ D ǌŽŶĞ ϲϮϴ Wd ƐƵƌǀĞǇ ǌŽŶĞ KͲ ĨƌŽŵ Wd ƐƵƌǀĞǇ ŝŶ ĐŽŵŵƵƚŝŶŐ͕ ;ϲϱϭͿ ďƵƐŝŶĞƐƐ͕ ůĞŝƐƵƌĞ ƉƵƌƉŽƐĞ dƌĂĨĨŝĐ ŶĂůǇƐŝƐ ϭϳϳϭ ^ ǌŽŶĞ Ϯϴϰϯ &ŽƌĞĐĂƐƚŝŶŐ ǌŽŶĞ EŽ͘ ŽĨ ƌĞƐŝĚĞŶƚ ƌĞŐŝƐƚƌĂƚŝŽŶ ŝŶ ŽŶĞ ĞhD͍ ;ϭ͕ϴϭϮͿ ǀŝůůĂŐĞͬĐŚŽͲŵĞ ůĞǀĞů

ϮϬ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

/Ͳϯ,ŝƐƚŽƌǇŽĨĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐ

ZĞƐĞĂƌĐŚĞƐ ĂŶĚ ^ƚƵĚŝĞƐ ӑ&ƌŽŵϭϵϱϱ͗ ĐŽŶŽŵŝĐ ƌĞǀŝǀĂů ĂŶĚ ƐƉƌĞĂĚ ŽĨ ĐĂƌ ƵƐĂŐĞ ӑ ϭϵϲϬ͛Ɛ ͗ DŽƚŽƌŝǌĂƚŝŽŶ ƉĞƌŝŽĚ ŝŶ :ĂƉĂŶ ӑ DŽƌĞ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ŵĂƐƐ ƚƌĂŶƐŝƚ ďĞĐĂŵĞ ĂŶ ƵƌŐĞŶƚ ƚĂƐŬ ӑ /Ŷ ŽƌĚĞƌ ƚŽ ĞƐƚŝŵĂƚĞ ƚŚĞ ĐĂƉĂĐŝƚǇ ŽĨ ƚŚĞ ŶĞǁ ŵĂƐƐ ƚƌĂŶƐŝƚ͕ ƌĞƐĞĂƌĐŚ ŽŶ ƚŚĞ ĚĞŵĂŶĚ ĨŽƌĞĐĂƐƚŝŶŐ ŵŽĚĞů ĂŶĚ ŵĞƚŚŽĚ ǁĂƐ ŶĞĞĚĞĚ ӑ &ŝƌƐƚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ϰͲƐƚĞƉ ŵŽĚĞů ŝŶ :ĂƉĂŶ ĂƐĞĚŽŶD/dϰͲƐƚĞƉŵŽĚĞů;ϭϵϲϮͿ ĞǀĞůŽƉŵĞŶƚŽĨƐƵƌǀĞǇƐĨŽƌƉĂƐƐĞŶŐĞƌĨůŽǁĚĂƚĂ ӑ WdƐƵƌǀĞǇ͗ ĨƌŽŵϭϵϲϳ͕ŽŶĐĞĞǀĞƌǇϭϬǇĞĂƌƐŝŶĞĂĐŚĐŝƚǇ ӑ ,ŝƌŽƐŚŝŵĂD ;ϭϵϲϳͿ͕dŽŬǇŽD ;ϭϵϲϴͿ ӑ ^ŝŶĐĞƚŚĞŶ͗ dDϱ ƚŝŵĞƐ͕ŽƚŚĞƌϲϱDƐсϭϰϬƚŝŵĞƐ ӑ DĞƚƌŽƉŽůŝƚĂŶdƌĂŶƐƉŽƌƚĂƚŝŽŶĞŶƐƵƐ͗ĨƌŽŵϭϵϲϬ͕ŽŶĐĞĞǀĞƌǇϱǇĞĂƌƐ ӑ hƌďĂŶdƌĂŶƐƉŽƌƚĂƚŝŽŶŶŶƵĂůZĞƉŽƌƚ͗ ĨƌŽŵϭϵϱϵ͕ĂŶŶƵĂůůǇ ӑ ,ŝŐŚǁĂǇĞŶƐƵƐ͗ĨƌŽŵϭϵϮϴƵƉŽŶƚŚĞƌŽĂĚŝŵƉƌŽǀĞŵĞŶƚĐŽŵŵŝƚƚĞĞŵĞĞƚŝŶŐ͖ ĨƌŽŵϭϵϴϬ͕ŽŶĐĞĞǀĞƌǇϱ ǇĞĂƌƐ ӑ EĂƚŝŽŶĂůĞŶƐƵƐ͗ĨƌŽŵϭϵϮϬ͕ŽŶĐĞĞǀĞƌǇϱǇĞĂƌƐ

Ϯϭ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /Ͳϯ,ŝƐƚŽƌǇŽĨĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐ

WĂƐƐĞŶŐĞƌǀŽůƵŵĞĂŶĂůǇƐŝƐ

фϭϬ͕ϬϬϬƉĂƐͬŚƌ фϮϬ͕ϬϬϬƉĂƐͬŚƌ фϯϬ͕ϬϬϬƉĂƐͬŚƌ хϯϬ͕ϬϬϬƉĂƐͬŚƌ

ϮϮ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

/Ͳϯ,ŝƐƚŽƌǇŽĨĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐ

ĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐĂŶĚƚŚĞƌĂŝůǁĂǇŵĂƐƚĞƌƉůĂŶ ĨŝƌƐƚŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨϰͲƐƚĞƉŵŽĚĞů;ƐŝŵƉůŝĨŝĞĚŵŽĚĞůͿŝŶhdWEŽ͘ϭϱ

DĂƐƚĞƌWůĂŶ /ƐƐƵĞ ƚŽďĞĐŽŶƐŝĚĞƌĞĚ dŚĞ ŽƵŶĐŝů ŽĨ hƌďĂŶ ʀŝƌĞĐƚŽƉĞƌĂƚŝŽŶĂŵŽŶŐƐĞǀĞƌĂůƚƌĂŝŶŽƉĞƌĂƚŽƌƐ;<ĞŝƐĞŝ͕dŽĞŝ͕ĂŶĚ<ĞŝŬǇƵͿ ϭϵϱϲ dƌĂŶƐƉŽƌƚ WůĂŶ ;hdWͿ ʀ EŽ͘ϭ ǆƉĂŶƐŝŽŶŽĨƐƵďǁĂǇŽƉĞƌĂƚŽƌ ϭϵϲϬ hdW EŽ̒͘ ʀWƌŽďůĞŵƐĨƌŽŵŵŽƚŽƌŝǌĂƚŝŽŶ ;ŽŶͲƐƚƌĞĞƚƚƌĂŵƐĞƌǀŝĐĞ͕ĞƚĐ͘Ϳ ʀĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƵƌďĂŶƌĂŝůǁĂǇŶĞƚǁŽƌŬƚŽĞĂƐĞƚƌĂĨĨŝĐĐŽŶŐĞƐƚŝŽŶ ϭϵϲϮ hdW EŽ̔͘ ʀZĞƐƉŽŶƐĞƚŽƚŚĞĚŝƐƉĞƌƐŝŽŶŽĨƚŚĞƉŽƉƵůĂƚŝŽŶŝŶƚŽƚŚĞƐƵďƵƌďƐ ʀZĞƐƉŽŶƐĞƚŽƚŚĞĚŝƐƉĞƌƐŝŽŶŽĨƚŚĞƉŽƉƵůĂƚŝŽŶŝŶƚŽƚŚĞƐƵďƵƌďƐ ϭϵϲϲ hdW EŽ̗͘ ʀ/ŶĐƌĞĂƐĞŽĨƉŽƉƵůĂƚŝŽŶĂŐŐůŽŵĞƌĂƚŝŽŶŝŶzŽŬŽŚĂŵĂĂŶĚ<ĂǁĂƐĂŬŝ ϭϵϲϴ hdW EŽ͘ϭϬ ʀZĞƐƉŽŶƐĞƚŽƚŚĞƌĂƉŝĚƉŽƉƵůĂƚŝŽŶŝŶĐƌĞĂƐĞ ʀĞǀĞůŽƉŵĞŶƚŽĨƐƵďĐĞŶƚĞƌƐ ϭϵϳϮ hdW EŽ͘ϭϱ ʀ/ŵƉƌŽǀĞŵĞŶƚŽĨĂĐĐĞƐƐƚŽŶĞǁƚŽǁŶƐ͕ĂŝƌƉŽƌƚƐ͕ĂŶĚƐƚĂƚŝŽŶƐĨŽƌŚŝŐŚͲƐƉĞĞĚƌĂŝůǁĂǇ dŚĞ ŽƵŶĐŝů ŽĨ dƌĂŶƐƉŽƌƚ ʀZĞƐƉŽŶƐĞƚŽƚŚĞĂŝƌƉŽƌƚƉůĂŶĂŶĚƚŚĞĚŝƐƉĞƌƐŝŽŶŽĨƚŚĞƉŽƉƵůĂƚŝŽŶŝŶƚŽƚŚĞƐƵďƵƌďƐ ϭϵϴϱ WŽůŝĐǇ WůĂŶ ;dWWͿ EŽ͘̕ ʀĞǀĞůŽƉŵĞŶƚŽĨƐƵďĐĞŶƚĞƌƐ ĂŶĚďƵƐŝŶĞƐƐĐŽƌĞĐŝƚŝĞƐ ʀhƚŝůŝǌĂƚŝŽŶŽĨĞǆŝƐƚŝŶŐƌĂŝůǁĂǇƐƚŽĐŬ ʀĞǀĞůŽƉŵĞŶƚŽĨƐƵďĐĞŶƚĞƌƐ ĂŶĚďƵƐŝŶĞƐƐĐŽƌĞĐŝƚŝĞƐ ʀŽŶƚŝŶƵĂƚŝŽŶŽĨƚŚĞĚŝƐƉĞƌƐŝŽŶŽĨƚŚĞƉŽƉƵůĂƚŝŽŶŝŶƚŽƚŚĞƐƵďƵƌďƐ ϮϬϬϬ dWW EŽ͘ϭϴ ʀZĞƐƉŽŶƐĞƚŽŚĞĂǀŝůǇĐŽŶŐĞƐƚĞĚůŝŶĞƐĂŶĚŝƚƐƚŝŵĞƚĂďůĞ ʀĐĐĞƐƐŝďŝůŝƚǇ ŝŶĐƌĞĂƐĞ ƚŽ ĂŝƌƉŽƌƚ ĂŶĚ ,^Z ƐƚĂƚŝŽŶ DŽƌĞƚŚĂŶϰϬǇĞĂƌƐ͕ ʀ/ŶĐƌĞĂƐĞ ŝŶƚĞƌŶĂƚŝŽŶĂů ĐŽŵƉĞƚŝƚŝǀĞŶĞƐƐ ʀZĞƐƉŽŶƐĞ ƚŽ ϮϬϮϬ dŽŬǇŽ KůǇŵƉŝĐƐ ĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŚĂƐ ϮϬϭϲ dWW EŽ͘ϭϵϴ ʀŽƵŶƚĞƌŵĞĂƐƵƌĞ ƚŽ ŶĂƚƵƌĂů ĚŝƐĂƐƚĞƌƐ ďĞĞŶŝŵƉůĞŵĞŶƚĞĚŝŶ ʀ&ŝƐĐĂů ĐŽŶĚŝƚŝŽŶ ƉƌŽďůĞŵƐ ƚŚĞƌĂŝůǁĂǇŵĂƐƚĞƌƉůĂŶ Ϯϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /Ͳϯ,ŝƐƚŽƌǇŽĨĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐ Ͳ ĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞůďǇĞĂĐŚŵĂƐƚĞƌƉůĂŶ ĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞůŝƐĚĞǀĞůŽƉĞĚŝŶŽƌĚĞƌƚŽƚĞƐƚƚŚĞƉŽůŝĐǇŐŝǀĞŶďǇƚŚĞŐŽǀĞƌŶŵĞŶƚ͘ /ŶĞĂĐŚŵĂƐƚĞƌƉůĂŶƐ͕ƚŚĞǁŽƌŬŝŶŐŐƌŽƵƉ;t'ͿĨŽƌĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐǁĂƐĞƐƚĂďůŝƐŚĞĚ͘ /ŶƚŚŝƐǁŽƌŬŝŶŐŐƌŽƵƉ͕ĐŽŶƐƵůƚĂŶƚƐǁŽƌŬĞĚƚŽŐĞƚŚĞƌǁŝƚŚƐĐŚŽůĂƌƐĨƌŽŵŵĂŶǇƵŶŝǀĞƌƐŝƚǇ͘ tŝƚŚƚŚĞĂĚǀĂŶĐĞŽĨƚĞĐŚŶŽůŽŐǇ͕ĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐǁŝƚŚŚŝŐŚĞƌƉƌĞĐŝƐŝŽŶĐĂŶďĞĂĐŚŝĞǀĞĚ͘ &ŽƌĞǆĂŵƉůĞ͕ŵŽƌĞƌĂŝůǁĂǇůŝŶĞƐ͕ŵŽƌĞǌŽŶĞƐĐĂŶďĞĂŶĂůǇǌĞĚ WŽůŝĐǇŐĞŶĚĂ ŶĂůǇƐŝƐ &ĞĂƚƵƌĞƐ ŽĨDŽĚĞů ŽƵŶĐŝůŽĨhƌďĂŶ ĂƉĂĐŝƚǇ ĞǆƉĂŶƐŝŽŶ ĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ĂŶĚŽƚŚĞƌƌĞůĂƚĞĚ &ŝƌƐƚŝŶƚƌŽĚƵĐƚŝŽŶ ŽĨϰͲ^ƚĞƉ dƌĂŶƐƉŽƌƚWůĂŶ ŽŵŵƵƚŝŶŐ ƚŝŵĞƌĞĚƵĐƚŝŽŶǁŝƚŚƚŚĞ ĂŶĂůǇƐĞƐ DŽĚĞů EŽ͘ϭϱ;ϭϵϳϮͿ ĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƵƌďĂŶĞǆƉĂŶƐŝŽŶ;ƚĂƌŐĞƚŝŶŐ ϰϬ ǌŽŶĞƐ ůŝŶĞƐƚŽŶĞǁƐƵďƵƌďĂŶĚĞǀĞůŽƉŵĞŶƚĂƌĞĂͿ dĂƌŐĞƚǇĞĂƌϭϵϴϱ /ŶŝƚŝĂƚŝŽŶ ŽĨĞǆƉƌĞƐƐƐĞƌǀŝĐĞ WůĂŶŶŝŶŐ ŽĨ&ƵŬƵƚŽƐŚŝŶ >ŝŶĞ /ŵƉƌŽǀĞŵĞŶƚ ŽĨƚŚĞĂĐĐĞƐƐŝďŝůŝƚǇƚŽĂŝƌƉŽƌƚĂŶĚ ,^ZƐƚĂƚŝŽŶ ŽƵŶĐŝůŽĨdƌĂŶƐƉŽƌƚ ĂƐŝŶŐŽĨƚŚĞŵŽƌŶŝŶŐƉĞĂŬ ŝŶͲƚƌĂŝŶĐŽŶŐĞƐƚŝŽŶ ǀĂůƵĂƚŝŽŶŽĨƚŚĞĐŽŶŐĞƐƚŝŽŶƌĂƚĞŝŶƚŚĞ ŶĂůǇƐŝƐ ŽĨŵŽƌŶŝŶŐƉĞĂŬͲŚŽƵƌƐ WŽůŝĐǇWůĂŶEŽ͘ϳ ;ĨŽƌƚŚŝƐ͕dƐƵŬƵďĂ ǆƉƌĞƐƐ>ŝŶĞ͕<ĞŝǇŽ>ŝŶĞ͕ĂŶĚ ŵŽƐƚĐŽŶŐĞƐƚĞĚƐĞĐƚŝŽŶ ďǇĐŽŶƐŝĚĞƌŽŶůǇǁŽƌŬŝŶŐĂŶĚ ;ϭϵϴϱͿ ^ĂŝŬǇŽ >ŝŶĞǁĞƌĞƉƌŽƉŽƐĞĚͿ ƐĐŚŽŽůŝŶŐĐŽŵŵƵƚĞƌ ĐĐĞƐƐƚŽŶĞǁ ;DŝŶĂƚŽŵŝƌĂŝ Ϯϭ>ŝŶĞͿ /ŶƚƌŽĚƵĐƚŝŽŶŽĨŝƐĂŐŐƌĞŐĂƚĞ dĂƌŐĞƚǇĞĂƌϮϬϬϬ ĐĐĞƐƐƚŽ,ĂŶĞĚĂ ŝƌƉŽƌƚ;dŽŬǇŽDŽŶŽƌĂŝů͕ dƌĂǀĞůĞŵĂŶĚDŽĚĞů <ĞŝŬǇƵ ŝƌƉŽƌƚ>ŝŶĞĞǆƚĞŶƐŝŽŶͿ ϲϱϴǌŽŶĞƐ ŽƵŶĐŝůŽĨdƌĂŶƐƉŽƌƚ ĂƐŝŶŐŽĨƚŚĞŵŽƌŶŝŶŐƉĞĂŬ ŝŶͲƚƌĂŝŶĐŽŶŐĞƐƚŝŽŶ ŽŶŐĞƐƚŝŽŶĂůůĞǀŝĂƚŝŽŶ͕ƚŝŵĞƐĂǀŝŶŐƐ /ŶĐůƵĚĞ ĚĂǇƚŝŵĞƚƌĂĨĨŝĐĂŶĂůǇƐŝƐ WŽůŝĐǇWůĂŶEŽ͘ϭϴ ^ƉĞĞĚŝŵƉƌŽǀĞŵĞŶƚ ĂŶĂůǇƐŝƐ ƚŽŽ;ĨŽƌƉƌŽĨŝƚĂďŝůŝƚǇ ĞƐƚŝŵĂƚŝŽŶͿ ;ϮϬϬϬͿ hƌďĂŶƌĞƐƚƌƵĐƚƵƌŝŶŐ ǀĂůƵĂƚŝŽŶŽĨƌĂŝůǁĂǇƐĞƌǀŝĐĞƉƌŽĨŝƚĂďŝůŝƚǇ /ŶĐůƵĚĞ ĐŽŶŐĞƐƚŝŽŶ ƉĂƌĂŵĞƚĞƌ /ŵƉƌŽǀĞŵĞŶƚŽĨƚŚĞĂĐĐĞƐƐŝďŝůŝƚǇƚŽĂŝƌƉŽƌƚĂŶĚ ŽƐƚͲĞĨĨĞĐƚŝǀĞŶĞƐƐĂŶĂůǇƐŝƐ;Ϳ /ŶƚƌŽĚƵĐƚŝŽŶŽĨWƌŽďŝƚ DŽĚĞů dĂƌŐĞƚǇĞĂƌϮϬϭϱ ,^ZƐƚĂƚŝŽŶ ^ĞƌǀŝĐĞ ĐŽŶƚŝŶƵŝƚǇ /ŶƚƌŽĚƵĐƚŝŽŶ ŽĨŝƌƉŽƌƚĂŶĚ,^Z ^ĞĂŵůĞƐƐ ƐĞƌǀŝĐĞ ĂĐĐĞƐƐŵŽĚĞů hŶŝǀĞƌƐĂůĚĞƐŝŐŶƐĞƌǀŝĐĞ ϭϴϭϮǌŽŶĞƐ ŽƵŶĐŝůŽĨdƌĂŶƐƉŽƌƚ ^ƚƌĞŶŐƚŚĞŶŝŶƚĞƌŶĂƚŝŽŶĂů ĐŽŵƉĞƚŝƚŝǀĞŶĞƐƐ ŽŶŐĞƐƚŝŽŶĂůůĞǀŝĂƚŝŽŶ͕ƚŝŵĞƐĂǀŝŶŐƐ /ŶĐƌĞĂƐĞƚŚĞƚǇƉĞƐŽĨƚƌŝƉ WŽůŝĐǇWůĂŶEŽ͘ϭϵϴ ĞƐŝŐŶŽĨŶĞǁͲŐĞŶĞƌĂƚŝŽŶ ƐƚĂƚŝŽŶ ĂŶĂůǇƐŝƐ ĚĞƐƚŝŶĂƚŝŽŶ ;ϮϬϭϲͿ ZĞůŝĂďŝůŝƚǇŝŵƉƌŽǀĞŵĞŶƚ ǀĂůƵĂƚŝŽŶŽĨƌĂŝůǁĂǇƐĞƌǀŝĐĞƉƌŽĨŝƚĂďŝůŝƚǇ ŶĂůǇƐŝƐ ďǇĂŐĞŐƌŽƵƉƐ;ĚƵĞƚŽ ^ƚƌĞŶŐƚŚĞŶ ŽĨƚŚĞĚŝƐĂƐƚĞƌĐŽƵŶƚĞƌŵĞĂƐƵƌĞ ŽƐƚͲĞĨĨĞĐƚŝǀĞŶĞƐƐĂŶĂůǇƐŝƐ ƚŚĞĞĨĨĞĐƚŽĨƉŽƉƵůĂƚŝŽŶĂŐŝŶŐͿ dĂƌŐĞƚǇĞĂƌϮϬϯϬ ^ĞƌǀŝĐĞ ĐŽŶƚŝŶƵŝƚǇ ϮϴϰϯǌŽŶĞƐ Ϯϰ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

/Ͳϯ,ŝƐƚŽƌǇŽĨĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐ Ͳ ĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞůďǇĞĂĐŚŵĂƐƚĞƌƉůĂŶ

ϭϵϳϮ hdW EŽ͘ϭϱ ;ƚĂƌŐĞƚ ǇĞĂƌ ϭϵϴϱͿ

EŽ͘ŽĨǌŽŶĞсϰϬ

Ϯϱ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /Ͳϯ,ŝƐƚŽƌǇŽĨĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐ Ͳ ĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞůďǇĞĂĐŚŵĂƐƚĞƌƉůĂŶ

ϭϵϴϱ dWW EŽ͘ϳ ;ƚĂƌŐĞƚ ǇĞĂƌ ϮϬϬϬͿ

EŽ͘ŽĨǌŽŶĞсϲϱϴ

Ϯϲ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

/Ͳϯ,ŝƐƚŽƌǇŽĨĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐ Ͳ ĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞůďǇĞĂĐŚŵĂƐƚĞƌƉůĂŶ

ϮϬϬϬ dWW EŽ͘ϭϴ ;ƚĂƌŐĞƚ ǇĞĂƌ ϮϬϭϱͿ

EŽ͘ŽĨǌŽŶĞсϭ͕ϴϳϳ

Ϯϳ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /Ͳϯ,ŝƐƚŽƌǇŽĨĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐ Ͳ ĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞůďǇĞĂĐŚŵĂƐƚĞƌƉůĂŶ

ϮϬϭϲ dWW EŽ͘ϭϵϴ ;ƚĂƌŐĞƚ ǇĞĂƌ ϮϬϯϬͿ

EŽ͘ŽĨǌŽŶĞсϮ͕ϵϬϳ Ϯϴ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

/ͲϰĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐt'ŵĞŵďĞƌƐĂŶĚƚŚĞŝƌƌŽůĞƐ

KƌŐĂŶŝǌĂƚŝŽŶŽĨƚŚĞt'ŵĞŵďĞƌƐ

'ŽǀĞƌŶŵĞŶƚ ;D>/dͿ ĐĂĚĞŵŝĐ ƉƌŽĨĞƐƐŽƌƐ ĂŶĚ ƌĞƐĞĂƌĐŚĞƌƐ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ĚĞŵĂŶĚ ĨŽƌĞĐĂƐƚŝŶŐ ZĞƐĞĂƌĐŚ ;ŽŶ ƚŚĞ ƚŚĞŽƌǇ ŽĨ ĚĞŵĂŶĚ ^ƵƉĞƌǀŝƐĞ ĚĞŵĂŶĚ ĨŽƌĞĐĂƐƚŝŶŐ ďĂƐĞĚ ŽŶ ĨŽƌĞĐĂƐƚŝŶŐͿ ZĂŝůǁĂǇ >ŝĐĞŶƐĞ DŽĚĞů ĚĞǀĞůŽƉŵĞŶƚ ŽůůĞĐƚ ƚŚĞ ƐƵƌǀĞǇ ĚĂƚĂ ĨŽƌ ŵŽĚĞů ZĞƐĞĂƌĐŚ ƉƵďůŝĐĂƚŝŽŶ ĚĞǀĞůŽƉŵĞŶƚ ĚǀŝƐŽƌ ƚŽ ŽƚŚĞƌ ƉĂƌƚŝĞƐ WƌŽǀŝĚĞ ƚŚĞ ďƵĚŐĞƚ ĨŽƌ ƐƵƌǀĞǇ ĂŶĚ ƌĞƐĞĂƌĐŚ

dƌĂŶƐƉŽƌƚ ƉůĂŶŶŝŶŐ ĐŽŶƐƵůƚĂŶƚƐ ZĂŝůǁĂǇ ŽƉĞƌĂƚŽƌƐ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ĚĞŵĂŶĚ ĨŽƌĞĐĂƐƚŝŶŐ ůŝĞŶƚ ŝŶ ĚĞŵĂŶĚ ĨŽƌĞĐĂƐƚŝŶŐ DŽĚĞů ĚĞǀĞůŽƉŵĞŶƚ ^ƵƉĞƌǀŝƐĞ ĚĞŵĂŶĚ ĨŽƌĞĐĂƐƚŝŶŐ DŽĚĞů ƌĞǀŝƐŝŽŶ ďĂƐĞĚ ŽŶ ƚŚĞ ůĂƚĞƐƚ WĂƌƚŝĐŝƉĂƚĞ ŝŶ ƚŚĞ ĚŝƐĐƵƐƐŝŽŶ ŽĨ ĚĞŵĂŶĚ ĂǀĂŝůĂďůĞ ĚĂƚĂ ĨŽƌĞĐĂƐƚŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ

Ϯϵ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /ͲϱĞǀĞůŽƉŵĞŶƚŽĨĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵĞƚŚŽĚ

ĞǀĞůŽƉŵĞŶƚŽĨĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵĞƚŚŽĚͲ ƚŽǁĂƌĚƐďĞƚƚĞƌĨŽƌĞĐĂƐƚŝŶŐ ƌĞůŝĂďŝůŝƚǇ ϮϬϬϭ͗ dŚĞ ĐŽŵŵŝƚƚĞĞ ŽĨ ƵƌďĂŶ ƌĂŝůǁĂǇ ƐƚƵĚǇ ͞t' ĨŽƌ ĚĞŵĂŶĚ ĨŽƌĞĐĂƐƚŝŶŐ ŵĞƚŚŽĚ ŝŵƉƌŽǀĞŵĞŶƚ͟ ;ŚĂŝƌŵĂŶ͗ WƌŽĨ͘ dĞƚƐƵŽ zĂŝͿ ZĞŽƌŐĂŶŝǌĂƚŝŽŶ ŽĨ ĐƵƌƌĞŶƚ ŵĞƚŚŽĚ ƐƐĞƐƐŵĞŶƚ ŽĨ ƚŚĞ ĐŚĂŶŐŝŶŐ ĨĂĐƚŽƌƐ ŽŵƉĂƌŝƐŽŶ ďĞƚǁĞĞŶ ĨŽƌĞĐĂƐƚĞĚ ĚĂƚĂ ĨƌŽŵ ƚŚĞ ƉĂƐƚ ƐƚƵĚǇ ĂŶĚ ĂĐƚƵĂů ĚĂƚĂ ZĞǀŝƐŝŽŶ ŽĨ ƚŚĞ ƚĂƌŐĞƚŝŶŐ ƉŽůŝĐŝĞƐ ϮϬϬϰ͗ dŚĞ ĨĞĂƐŝďŝůŝƚǇ ƐƚƵĚǇ ŽŶ ƚŚĞ ƵƌďĂŶ ƌĂŝůǁĂǇ ĚĞǀĞůŽƉŵĞŶƚ ͞t' ĨŽƌ ĚĞŵĂŶĚ ĨŽƌĞĐĂƐƚŝŶŐ ŵĞƚŚŽĚ ŝŵƉƌŽǀĞŵĞŶƚ ĂŶĚ ƵƚŝůŝǌĂƚŝŽŶ ƉŽůŝĐǇ͟ ;ŚĂŝƌŵĂŶ͗ WƌŽĨ͘ dĞƚƐƵƌŽ ,ǇŽĚŽͿ ZĞǀŝƐŝŽŶ ŽĨ ƚŚĞ ƚĂƌŐĞƚŝŶŐ ƉŽůŝĐŝĞƐ ;ĨƌŽŵ ƉŽůŝĐǇ ĂŶĚ ƚĞĐŚŶŝĐĂů ǀŝĞǁƉŽŝŶƚͿ ůĂƌŝĨŝĐĂƚŝŽŶ ŽĨ ƚŚĞ ŵŽĚĞů ƌĞƋƵŝƌĞŵĞŶƚƐ ;ůĂƌŝĨŝĐĂƚŝŽŶ ŽĨ ƚŚĞ ĚĂƚĂ ƉƌĞĚŝĐƚŝŽŶ ŵĞƚŚŽĚŽůŽŐǇͿ ƐƐĞƐƐŵĞŶƚ ŽĨ ƚŚĞ ŝŶŝƚŝĂů ĚĞŵĂŶĚ ƐĞƚƚŝŶŐ ;ĐĂŶŶŽƚ ƐĞƚ ĂĨƚĞƌ ƐĞƌǀŝĐĞ ŽƉĞŶŝŶŐͿ ZĞǀŝƐŝŽŶ ŽĨ ƚŚĞ >K^ ƐĞƚƚŝŶŐ ŝŶ ĚĞŵĂŶĚ ĨŽƌĞĐĂƐƚŝŶŐ ŵŽĚĞů ;ďĂƐĞĚ ŽŶ ƚŚĞ ĂĐƚƵĂů ĐŽŶĚŝƚŝŽŶͿ ϯϬ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

/ͲϲĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐĂŶĚŝƚƐĞĨĨĞĐƚƚŽƌĞƐĞĂƌĐŚĞƌƐ

EƵŵďĞƌŽĨƉƵďůŝƐŚĞĚĂĐĂĚĞŵŝĐƉĂƉĞƌƌĞŐĂƌĚŝŶŐƵƌďĂŶƌĂŝůǁĂǇƐŚĂƌƉůǇŝŶĐƌĞĂƐĞĂƌŽƵŶĚ ĂĚĞĐĂĚĞ;ϭϵϵϱͲϮϬϬϱͿĂĨƚĞƌƚŚĞƉƵďůŝƐŚŝŶŐŽĨƚŚĞdWWŶŽ͘ϭϴ͘

EŽ͘ŽĨƉƵďůŝƐŚĞĚƉĂƉĞƌďǇǇĞĂƌ ŽŶƚĞŶƚ ;ďůƵĞсďĞŚĂǀŝŽƌĂůĂŶĂůǇƐŝƐͿ

ϯϭ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /ͲϳWƌĂĐƚŝĐĂůŝŵƉůĞŵĞŶƚĂƚŝŽŶĂŶĚĐŚŝĞǀĞŵĞŶƚƐ

dDƌĂŝůǁĂǇĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐďǇƌĞĂƚŝǀĞZĞƐĞĂƌĐŚĂŶĚ WůĂŶŶŝŶŐŽ͕͘>ƚĚ͘;^ĞůĞĐƚĞĚƉƌŽũĞĐƚƐƐŝŶĐĞϮϬϬϯͿ

ʀtŝĚĞĂƌĞĂƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬŝŶƚĞŐƌĂƚŝŽŶƉůĂŶ dŽŬǇŽDĞƚƌŽ͘'ŽǀĞƌŶŵĞŶƚ;ϮϬϭϮͲϮϬϭϲͿ ʀWƌĞĨĞĐƚƵƌĂůƉƵďůŝĐƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬŝŶǀĞƐƚŝŐĂƚŝŽŶƐƵƌǀĞǇ ^ĂŝƚĂŵĂWƌĞĨ͘'ŽǀĞƌŶŵĞŶƚ;ϮϬϭϯͲϭϬϭϲͿ ʀĂƐƚĞƌŶ<ĂŶĂŐĂǁĂƌĂŝůǁĂǇŝŶǀĞƐƚŵĞŶƚĨĞĂƐŝďŝůŝƚǇƐƚƵĚǇ :Zdd ;ϮϬϭϱͲϮϬϭϲͿ ʀǀĂůƵĂƚŝŽŶŽĨƚŚĞ^ŽƵƚŚĞƌŶdŽŬǇŽƌĂŝůǁĂǇŝŶǀĞƐƚŵĞŶƚ :Zdd;ϮϬϬϳͲϮϬϭϯͿ ʀEŽƌƚŚĞƌŶ<ĂŶĂŐĂǁĂƌĂŝůǁĂǇŝŶǀĞƐƚŵĞŶƚĨĞĂƐŝďŝůŝƚǇƐƚƵĚǇ :Zdd ;ϮϬϬϳͲϮϬϭϲͿ ʀĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐĂŶĚĨŝŶĂŶĐŝĂůĂŶĂůǇƐŝƐŽĨŶĞǁ,ĂŶĞĚĂ ĂŝƌƉŽƌƚĂĐĐĞƐƐ :dZ/ ;ϮϬϭϲͿ ʀĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐĂŶĚŽĨŶĞǁEĂƌŝƚĂĂŝƌƉŽƌƚĂĐĐĞƐƐ :dZ/ ;ϮϬϭϲͿ ʀĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐĂŶĚĨŝŶĂŶĐŝĂůĂŶĂůǇƐŝƐŽĨdŽŬǇŽEŽ͘ϴůŝŶĞ;dŽǇŽƐƵͲ^ƵŵŝǇŽƐŚŝͿ :dZ/ ;ϮϬϭϯͲϮϬϭϲͿ ʀzŽŬŽŚĂŵĂĐŝƚǇƌĂŝůǁĂǇƉƌŽŵŽƚŝŽŶ :dZ/ ;ϮϬϭϱͿ ʀĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŽĨKĞĚŽ ůŝŶĞĞǆƚĞŶƐŝŽŶ :dZ/ ;ϮϬϭϰͿ ʀĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŽĨdƐƵŬƵďĂǆƉƌĞƐƐ DĞƚƌŽƉŽůŝƚĂŶ/ŶƚĞƌĐŝƚǇZĂŝůǁĂǇŽŵƉĂŶǇ;ϮϬϭϯͲϮϬϭϲͿ

ϯϮ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

/ͲϴZŽůĞƐŽĨĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ

/ŶƌĂŝůǁĂǇƉůĂŶŶŝŶŐ͕ŵĂŶǇĐŽŵƉŽŶĞŶƚƐĨƌŽŵĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐƐƵĐŚĂƐŵŽĚĞůůŝŶŐ͕ŽƵƚƉƵƚ͕ ƐĞŶƐŝƚŝǀŝƚǇĂŶĂůǇƐŝƐ͕ĞƚĐ͕͘ĂƌĞƵƚŝůŝǌĞĚĂƐĂƌĞĨĞƌĞŶĐĞĨŽƌĚĞĐŝƐŝŽŶŵĂŬŝŶŐ ĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ

'ĞŶĞƌĂůƌĂŝůǁĂǇƉůĂŶŶŝŶŐ͗ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨƚƌĂŶƐƉŽƌƚŵŽĚĞ͕ĨĞĂƐŝďŝůŝƚǇĂŶĂůǇƐŝƐ

&ŝŶĂŶĐŝĂůͬKƉĞƌĂƚŝŶŐďĂůĂŶĐĞ͗ ƉĂƐƐĞŶŐĞƌƐĞƌǀŝĐĞƌĞǀĞŶƵĞ

DŽĚĞĂŶĚƐǇƐƚĞŵƐĞůĞĐƚŝŽŶ͗ ƐĐĂůĞŽĨƵƐĞƌƐ

ZŽƵƚĞĂŶĚƐƚĂƚŝŽŶůŽĐĂƚŝŽŶƐĞůĞĐƚŝŽŶ͗ ĨůŽǁƐ͕ƐĐĂůĞŽĨĚĞŵĂŶĚ͕ƵƐĞƌ͛ƐĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ

ZĞƋƵŝƌĞĚĐĂƉĂĐŝƚǇ ;ĨƌĞƋƵĞŶĐǇ͕ĐĂƌƉĞƌƚƌĂŝŶͿ͗ ƚƌĂŶƐƉŽƌƚǀŽůƵŵĞ

ĞƐŝƌĂďůĞƐĞƌǀŝĐĞůĞǀĞů ;ĨĂƌĞ͕ĨƌĞƋƵĞŶĐǇͿ͗ ƚƌĂŶƐƉŽƌƚĚĞŵĂŶĚ͕ƵƐĞƌ͛ƐďĞŶĞĨŝƚ

ŽƐƚͲďĞŶĞĨŝƚĂŶĂůǇƐŝƐ͗ ŐĞŶĞƌĂůŝǌĞĚĐŽƐƚ͕ǀĂůƵĞŽĨƚŝŵĞ

^ĞĐƚŝŽŶ͕ůŝŶĞƉƌŝŽƌŝƚǇƐĞƚƚŝŶŐ͗ƐĐĂůĞŽĨƵƐĞƌƐ

dŚĞĞĨĨĞĐƚŽĨƐƚĂƚŝŽŶĂƌĞĂĚĞǀĞůŽƉŵĞŶƚ͗ƉĂƐƐĞŶŐĞƌƐĞƌǀŝĐĞƌĞǀĞŶƵĞ

ϯϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /ͲϴZŽůĞƐŽĨĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ

ϭ͘ĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐďǇĞĂĐŚŵĂƐƚĞƌƉůĂŶŝŶ:ĂƉĂŶ ǆĂŵƉůĞŽĨŽƵŶĐŝůŽĨdƌĂŶƐƉŽƌƚWŽůŝĐǇWůĂŶEŽ͘ϭϴ ;ϮϬϬϬͿ ;ϭͿdDĨƵƚƵƌĞĐŽŵŵŽŶƌĞĐŽŐŶŝƚŝŽŶ ƐƚŝŵĂƚŝŽŶŽĨĨƵƚƵƌĞƉŽƉƵůĂƚŝŽŶ͕ƚŽƚĂůƚƌĂŶƐƉŽƌƚǀŽůƵŵĞĂŶĚƌĂŝůǁĂǇƐŚĂƌĞ ĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŽĨƚŚĞƌĂŝůǁĂǇƉĂƐƐĞŶŐĞƌĨůŽǁƚŽ ;ϮͿ ZĂŝůǁĂǇŶĞƚǁŽƌŬƉůĂŶŶŝŶŐďĂƐĞĚŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ZĂŝůǁĂǇƐĞƌǀŝĐĞƐƵƉƉůǇŶĞĞĚƐĨŽƌdDďĂƐĞĚŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ^ĞůĞĐƚŝŽŶŽĨŝŵƉůĞŵĞŶƚĂƚŝŽŶĂƌĞĂ͕ƐƚĂƚŝŽŶůŽĐĂƚŝŽŶĂŶĚƌĂŝůƌŽƵƚĞƐ ^ĞůĞĐƚŝŽŶŽĨƚƌĂŶƐƉŽƌƚŵŽĚĞƐĂŶĚƐǇƐƚĞŵƐ;ƌĂŝůǁĂǇ͕ŵŽŶŽƌĂŝůŽƌ'dͿ WƌŝŽƌŝƚǇƐĞƚƚŝŶŐ;ďĂƐĞĚŽŶĐŽŵƉĂƌŝƐŽŶƐŽĨĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ͕ƉƌŽĨŝƚĂďŝůŝƚǇĂŶĂůǇƐŝƐ͕ ĂŶĚĐŽƐƚͲĞĨĨĞĐƚŝǀĞŶĞƐƐĂŶĂůǇƐŝƐͿ ƐƚŝŵĂƚŝŽŶŽĨƐĞƌǀŝĐĞŝŶĐŽŵĞ &ĂƌĞƐĞŶƐŝƚŝǀŝƚǇĂŶĂůǇƐŝƐ /ŶǀĞƐƚŝŐĂƚŝŽŶŽĨƚŚĞĞĨĨĞĐƚŽĨƚŚƌŽƵŐŚͲƐĞƌǀŝĐĞďĞƚǁĞĞŶƚǁŽĐŽŶŶĞĐƚĞĚůŝŶĞƐ ĨĨĞĐƚƚŽƚŚĞĞǆŝƐƚŝŶŐůŝŶĞƐĨƌŽŵƚŚĞŝŶƚƌŽĚƵĐƚŝŽŶŽĨƚŚĞŶĞǁůŝŶĞƐ 'd͗ĂƵƚŽŵĂƚĞĚŐƵŝĚĞǁĂǇƚƌĂŶƐŝƚ ϯϰ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

/ͲϴZŽůĞƐŽĨĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ

ϭ͘ĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐďǇĞĂĐŚŵĂƐƚĞƌƉůĂŶŝŶ:ĂƉĂŶ ǆĂŵƉůĞŽĨŽƵŶĐŝůŽĨdƌĂŶƐƉŽƌƚWŽůŝĐǇWůĂŶEŽ͘ϭϴ ;ϮϬϬϬͿ ;ϯͿ sŝƐƵĂůŝǌŝŶŐƚŚĞĂĐĐŽŵƉůŝƐŚŵĞŶƚ ^ƉĞĞĚŝŵƉƌŽǀĞŵĞŶƚ͗ ƚƌĂǀĞůƚŝŵĞƉĞƌƚƌŝƉ ^ƚĂƚŝŽŶĂĐĐĞƐƐŝďŝůŝƚǇ͗ ƚƌĂǀĞůƚŝŵĞƉĞƌƚƌŝƉ ŝƌƉŽƌƚĂŶĚ,^ZƐƚĂƚŝŽŶĂĐĐĞƐƐŝďŝůŝƚǇ͗ ƚƌĂǀĞůƚŝŵĞŽƌŶŽ͘ŽĨƚƌĂŶƐĨĞƌƉĞƌƚƌŝƉ ^ĞĂŵůĞƐƐƐĞƌǀŝĐĞ͗ ŶŽ͘ŽĨƚƌĂŶƐĨĞƌƉĞƌƚƌŝƉ ;ϰͿ hƌďĂŶĚĞǀĞůŽƉŵĞŶƚƉůĂŶƌĞůĂƚĞĚŝƐƐƵĞƐ ŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƵƌďĂŶĚĞǀĞůŽƉŵĞŶƚƉůĂŶŝŶƚŽƚŚĞĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞů

ϯϱ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /ͲϴZŽůĞƐŽĨĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ Ϯ͘EĞǁůŝŶĞĨĞĂƐŝďŝůŝƚǇƐƚƵĚǇ ;ϭͿ ĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐĨŽƌĨŝŶĂŶĐŝĂůĞƐƚŝŵĂƚŝŽŶ KďũĞĐƚŝǀĞ /ŶŽƌĚĞƌƚŽƌĞĂůŝǌĞƚŚĞĚĞǀĞůŽƉŵĞŶƚĨŽůůŽǁŝŶŐƚŚĞŽƵŶĐŝůŽĨdƌĂŶƐƉŽƌƚWŽůŝĐǇWůĂŶEŽ͘ϭϴ͕ƐĞǀĞƌĂů ĐƌŝƚĞƌŝĂƐƵĐŚĂƐĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ͕ĐŽƐƚͲĞĨĨĞĐƚŝǀĞŶĞƐƐĂŶĂůǇƐŝƐĂŶĚƉƌŽĨŝƚĂďŝůŝƚǇĂŶĂůǇƐŝƐĂƌĞ ŶĞĞĚĞĚƚŽďĞĐŽŶƐŝĚĞƌĞĚ͘tŝƚŚƚŚĞƐƚƌŽŶŐůĞĂĚĞƌƐŚŝƉĨƌŽŵƚŚĞŐŽǀĞƌŶŵĞŶƚ͕ƚŚĞƉůĂŶǁŝůůďĞ ĐŽŶĚƵĐƚĞĚďĂƐĞĚŽŶƚŚĞĐŽŶƐĞŶƐƵƐďƵŝůĚŝŶŐĨƌŽŵǀĂƌŝŽƵƐƐƚĂŬĞŚŽůĚĞƌ͘ ZŽůĞƐŽĨt'ŵĞŵďĞƌƐ ĐĂĚĞŵŝĐƐĂŶĚƉƌŽĨĞƐƐŝŽŶĂůƐ͗ƚĞĐŚŶŝĐĂůŐƵŝĚĂŶĐĞ͕ĞǀĂůƵĂƚŝŽŶ͕ĂĚǀŝĐĞ D>/d;ZĂŝůǁĂǇƵƌĞĂƵ͕WŽůŝĐǇƵƌĞĂƵ͕ŝƚǇƵƌĞĂƵ͕ZŽĂĚƵƌĞĂƵͿ͗ĐŽŶƐĞŶƐƵƐďƵŝůĚŝŶŐƐƵƉƉŽƌƚ dŽŬǇŽDĞƚƌŽƉŽůŝƚĂŶ'ŽǀĞƌŶŵĞŶƚĂŶĚŽƚŚĞƌůŽĐĂůŐŽǀĞƌŶŵĞŶƚƐ͗ƉƌŽǀŝĚĞƚŚĞĐŽŽƌĚŝŶĂƚŝŽŶĂƐĂ ůŽĐĂůĂĚŵŝŶŝƐƚƌĂƚŝǀĞ͕ƐŚĂƌĞƚŚĞƐƵďƐŝĚǇ;ŝĨƉŽƐƐŝďůĞͿ ŽŶƚƌĂĐƚŽƌƐĂŶĚKƉĞƌĂƚŽƌƐ͗ƉĂƌƚŝĐŝƉĂƚĞŝŶĐŽŶƐĞŶƐƵƐďƵŝůĚŝŶŐĂĐƚŝǀŝƚŝĞƐ WŽŝŶƚƐƚŽďĞĐŽŶƐŝĚĞƌĞĚ EĞǁůŝŶĞƐ͗ĚĞŐƌĞĞŽĨŶĞĐĞƐƐŝƚǇ͕ĐŽŶƐƚƌƵĐƚŝŽŶĐŽƐƚ͕ƐĞƌǀŝĐĞĚĞƚĂŝů ĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ͕ĐŽƐƚͲĞĨĨĞĐƚŝǀĞŶĞƐƐĂŶĂůǇƐŝƐ͕ƉƌŽĨŝƚĂďŝůŝƚǇĂŶĂůǇƐŝƐ͕ĞƚĐ͘ ϯϲ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

/ͲϴZŽůĞƐŽĨĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ

Ϯ͘EĞǁůŝŶĞĨĞĂƐŝďŝůŝƚǇƐƚƵĚǇ ;ϭͿ ĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐĨŽƌĨŝŶĂŶĐŝĂůĞƐƚŝŵĂƚŝŽŶ dŚĞ^ƚƵĚǇŽŶĂƐƚƌĂƚĞŐǇĚĞǀĞůŽƉŵĞŶƚĨŽƌĂůĂƌŐĞͲƐĐĂůĞƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚƉůĂŶ;ϮϬϬϮͿ dDĂŝƌƉŽƌƚƐĂĐĐĞƐƐ ŽŶŶĞĐƚŝǀŝƚǇŝŶĂƐƚĞƌŶ<ĂŶĂŐĂǁĂĂƌĞĂ ;ƚŚƌŽƵŐŚƐĞƌǀŝĐĞďĞƚǁĞĞŶ^ŽƚĞƚƐƵĂŶĚdŽŬǇƵ ůŝŶĞƐĂƌĞƵŶĚĞƌĐŽŶƐƚƌƵĐƚŝŽŶͿ Ͳ /ŶƚŚŝƐƉƌŽũĞĐƚ͕ĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŝƐƵƐĞĚĨŽƌƌĂŝůƵƐĂŐĞĨĞĞĂŶĚďƵƐŝŶĞƐƐĞǀĂůƵĂƚŝŽŶ dDĂƐƚͲtĞƐƚĐŽƌƌŝĚŽƌĞǆƉƌĞƐƐƐĞƌǀŝĐĞ dŚƌŽƵŐŚͲƐĞƌǀŝĐĞ ƉůĂŶ ^ŽƚĞƚƐƵ Ͳ :Z ^ŽƚĞƚƐƵ Ͳ dŽŬǇƵ ^ĞĐƚŝŽŶ ^ŽƚĞƚƐƵDĂŝŶ>ŝŶĞ :ZĂƐƚĨƌĞŝŐŚƚůŝŶĞ͕ EŝƐŚŝƚĂŶŝ ^ƚĂƚŝŽŶͲ:Z ĂƐƚ ĂƌŽƵŶĚzŽŬŽŚĂŵĂͲ ĨƌĞŝŐŚƚůŝŶĞ͕ĂƌŽƵŶĚ ,ĂǌĂǁĂ ^ƚĂƚŝŽŶ zŽŬŽŚĂŵĂͲ,ĂǌĂǁĂ ͲdŽŬǇƵ dŽǇŽŬŽ >ŝŶĞ ^ƚĂƚŝŽŶ ,ŝǇŽƐŚŝ ^ƚĂƚŝŽŶ ǆƚĞŶƐŝŽŶ >ĞŶŐƚŚ Ϯ͘ϳŬŵ ϭϬ͘ϬŬŵ ŽŶƚƌĂĐƚŽƌƐ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ :Zdd :Zdd KǁŶĞƌ KƉĞƌĂƚŽƌ ^ŽƚĞƚƐƵ ^ŽƚĞƚƐƵ dŽŬǇƵ /Ŷ ƐĞƌǀŝĐĞ ĨƌŽŵ ϮϬϭϵ ϮϬϮϮ

ϯϳ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /ͲϴZŽůĞƐŽĨĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ

Ϯ͘EĞǁůŝŶĞĨĞĂƐŝďŝůŝƚǇƐƚƵĚǇ ;ϭͿ ĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐĨŽƌƐƵďƐŝĚǇĞƐƚŝŵĂƚŝŽŶ dŚĞƐƚƵĚǇŽŶƚŚĞĐŽŶŶĞĐƚŝǀŝƚǇďĞƚǁĞĞŶ&ƵŬƵƚŽƐŚŝŶ ůŝŶĞĂŶĚdŽŬǇƵ dŽǇŽŬŽ ůŝŶĞ͕ĂŶĚ dŽŬǇƵ dĂŵĂŐĂǁĂ ůŝŶĞĂŶĚ<ĞŝŬǇƵ ŝƌƉŽƌƚůŝŶĞ;ϮϬϬϭͿ KďũĞĐƚŝǀĞ ʀǆƉĂŶĚƚŚĞƌĂŝůǁĂǇŶĞƚǁŽƌŬďĞƚǁĞĞŶ^ĂŝƚĂŵĂĂŶĚzŽŬŽŚĂŵĂ ʀŽŶŶĞĐƚŝŶŐƚŚƌĞĞƐƵďͲĐĞŶƚĞƌƐ;/ŬĞďƵŬƵƌŽͲ^ŚŝŶũƵŬƵͲ^ŚŝďƵǇĂͿƚŽŐĞƚŚĞƌ ʀZĞůŝĞǀĞƚŚĞĐŽŶŐĞƐƚŝŽŶŽĨ:ZzĂŵĂŶŽƚĞ ůŝŶĞĂŶĚ:Z^ĂŝŬǇŽ >ŝŶĞ

ŽŶƚƌĂĐƚŽƌƐ dŽŬǇŽDĞƚƌŽŽƌƉ͘ ^ĞĐƚŝŽŶ ^ŚŝďƵǇĂ ƚŽ<ŽƚĂŬĞͲDƵŬĂŝŚĂƌĂ ŽŶƐƚƌƵĐƚŝŽŶͬKƉĞƌĂƚŝŽŶ ϮϬϬϭͬϮϬϬϴ dŚƌŽƵŐŚ ƐĞƌǀŝĐĞǁŝƚŚ dŽŬǇƵ dŽǇŽŬŽ ůŝŶĞ ^ĞŝďƵ/ŬĞďƵŬƵƌŽ ĂŶĚzƵƌĂŬƵĐŚŽ ůŝŶĞƐ dŽďƵdŽũŽ ůŝŶĞ DŝŶĂƚŽŵŝƌĂŝ ϮϭůŝŶĞ

ϯϴ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

/ͲϴZŽůĞƐŽĨĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ

ϯ͘ZĂŝůǁĂǇKƉĞƌĂƚŽƌǭƐƵƐŝŶĞƐƐWůĂŶ Ͳ &ŽƌŝŶǀĞƐƚŵĞŶƚĚĞĐŝƐŝŽŶŵĂŬŝŶŐ Ͳ &ŽƌĐŽŶƐĞŶƐƵƐďƵŝůĚŝŶŐ ZĞǀĞŶƵĞĂŶĂůǇƐŝƐŝŶƐŚŽƌƚƚŽ>ŽŶŐƚĞƌŵ &ŽƌƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƌĞͲƐĐŚĞĚƵůŝŶŐƉůĂŶ &ŽƌƚŚĞƉůĂŶŶŝŶŐŽĨŝŶǀĞƐƚŵĞŶƚƉĞƌŝŽĚ &ŽƌƚŚĞŝŵƉĂĐƚĂŶĂůǇƐŝƐŽĨƚŚĞŶĞǁŝŶǀĞƐƚŵĞŶƚĨƌŽŵĐŽŵƉĞƚŝƚŽƌƐ &ŽƌƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞĂĐĐĞƐƐŝŵƉƌŽǀĞŵĞŶƚƉůĂŶ &ŽƌƚŚĞĂŶĂůǇƐŝƐŽĨƚŚĞŝŶƐŝĚĞͲƐƚĂƚŝŽŶƌĞĚĞƐŝŐŶƉůĂŶ &ŽƌƚŚĞďƵĚŐĞƚƐŚĂƌŝŶŐĂŶĂůǇƐŝƐ;ǁŚĞŶƚǁŽŽƌŵŽƌĞĐŽŵƉĂŶŝĞƐ ũŽŝŶƚůǇĚĞǀĞůŽƉƚŚĞŚƵďͲƐƚĂƚŝŽŶƚŽŐĞƚŚĞƌͿ

ϯϵ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /ͲϵŝƚǇĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐĂŶĚĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ dŽƐŽůǀĞ ƚŚĞƚƌĂŶƐƉŽƌƚƉƌŽďůĞŵ

DĂƐƚĞƌƉůĂŶĂŶĂůǇƐŝƐͲхDĂŶǇĚĂƚĂŝƐŶĞĞĚĞĚ ƵƚǁŚĂƚĚĂƚĂƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͍

ƐĨŽƌĂŶŐŬŽŬ͙͙͙͙͘ ,ŽǁƚŽƐŚŝĨƚĨƌŽŵĐĂƌŽƌŝĞŶƚĞĚƚŽŵĂƐƐƚƌĂŶƐŝƚ͍ ǀĞŶƚŚĞŵĂƐƐƚƌĂŶƐŝƚŝƐĂǀĂŝůĂďůĞ͕ƐŽŵĞƉĞŽƉůĞƐƚŝůůƉƌĞĨĞƌĐĂƌ͘,ŽǁƚŽĚĞĂů ǁŝƚŚŝƐƐƵĞŝŶƚŚĞŵŽĚĞů͍ ĞƐƚŝŶĂƚŝŽŶƐƵƌǀĞǇ͗ĨƌŽŵϯƌĚ t'ŵĞĞƚŝŶŐ ,ŽǁƚŽĚĞĂůǁŝƚŚĂŐŝŶŐƐŽĐŝĞƚǇ ,ŽǁƚŽĚĞĂůǁŝƚŚůĂƌŐĞͲƐĐĂůĞƵƌďĂŶĚĞǀĞůŽƉŵĞŶƚ

ϰϬ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

/ͲϵŝƚǇĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐĂŶĚĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ

/ŶĐĂƐĞŽĨdD DŽƐƚŽĨƚŚĞĐŽŵŵƵƚĞƌƐƚŽdŽŬǇŽĂŶĚϭϮŵĂũŽƌĐŝƚŝĞƐƵƐĞƌĂŝůǁĂǇƐ͘ ƐƉĞĐŝĂůůǇŝŶdŽŬǇŽ͕ ϴϬйŽĨĐŽŵŵƵƚĞƌƐƵƐĞƌĂŝůǁĂǇƐ

dŚĞƌĞĨŽƌĞ͕ tĂůŬ ڦ ZŽĂĚĐŽŶŐĞƐƚŝŽŶĂŶĚ ŝĐǇĐůĞ ڦ DŽƚŽƌĐǇĐůĞ ڦ ƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚĂƌĞ Ăƌ ڦ ƵƐ ڦ ƐĞƉĂƌĂƚĞůǇĐŽŶƐŝĚĞƌĞĚ͘ ZĂŝůǁĂǇ ڦ Ͳ /ŶƚŚĞŵŽĚĞů͕ŶŽƚƌĂĨĨŝĐ >ĞĨƚ͗ϭϵϵϴ ĚŝƐƚƌŝďƵƚŝŽŶƚŽƌŽĂĚ ZŝŐŚƚ͗ϮϬϬϴ ;йͿ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϰϭ /ͲϵŝƚǇĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐĂŶĚĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ĂƐĞĚŽŶƚŚĞĐƵƌƌĞŶƚƉůĂŶ͕ƌĂŝůǁĂǇŶĞƚǁŽƌŬŝŶdDǁŝůůďĞĞǆƚĞŶĚĞĚƚŽĂƚŽƚĂů

ůĞŶŐƚŚŽĨϮ͕ϵϬϲŬŵ 䢲䢴䢲䢰䢲䢲

䣭䣯

dŽŝŶĐƌĞĂƐĞƚŚĞƉƌĞĐŝƐŝŽŶ ŝŶƌĂŝůǁĂǇƌŽƵƚĞ ĂƐƐŝŐŶŵĞŶƚŵŽĚĞů͕ ϭͿ /ŶĞĂĐŚKͲƉĂŝƌ͕ ;ͿdŽƚĂů ;ͿdŽƚĂů >ĞŶŐƚŚ ŽĨ >ĞŶŐƚŚ ŽĨ WůĂŶ EŽ͘ ;Ϳͬ;Ϳ ^ĞǀĞƌĂůĂůƚĞƌŶĂƚŝǀĞƌŽƵƚĞƐĂƌĞ ǆŝƐƚŝŶŐ WůĂŶŶĞĚ ŐŝǀĞŶ >ŝŶĞ >ŝŶĞ WƌŽďĂďŝůŝƚǇƚŽƐĞůĞĐƚĞĂĐŚƌŽƵƚĞ dWWůĂŶ ŝƐĚŝƐƚƌŝďƵƚĞĚďǇĚŝƐĂŐŐƌĞŐĂƚĞ EŽ͘ϭϴ Ϯ͕ϮϰϲŬŵ ϲϱϲŬŵ Ϯϵй ŵŽĚĞů ;ϮϬϬϬͿ ϮͿ /ŶdWWEŽ͘ϭϴ͕ĚŝĨĨĞƌĞŶƚ dWWůĂŶ EŽ͘ϳ ϭ͕ϵϲϮŬŵ ϲϭϲŬŵ ϯϭй ůŝŶĞƐǁŝƚŚƚŚĞƐĂŵĞKͲ ;ϭϵϴϱͿ ĂƌĞĂůƐŽĐŽŶƐŝĚĞƌĞĚ ᪤Ꮡ㊰⥺ǆŝƐƚŝŶŐ>ŝŶĞ Ζ͞ͳ͗న౲ͤۂ䣃䢳㊰⥺ ϮϬϭϱ೧ΉͲͶ֋ ƚŽŐĞƚŚĞƌ;ƉĂƌĂůůĞůůŝŶĞƐͿďǇ WůĂŶŶĞĚ>ŝŶĞϭͲ͍Ζ࿑ત 䣃䢴㊰⥺ ϮϬϭϱ೧ΉͲͶ੖ඍ஥घͤΖ͞ͳ͗ ƉƌŽďŝƚ ŵŽĚĞů;ĂƐƐƵŵƉƚŝŽŶ WůĂŶŶĞĚ>ŝŶĞϮన౲Ͳ͍Ζ࿑ત ੖ඍͶͯ͏ͱݗ౾ͤ΄͘࿑તޛŝƐƌĞůĂǆĞĚͿ 䣄㊰⥺WůĂŶŶĞĚ>ŝŶĞࠕ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϰϮ

/ͲϵŝƚǇĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐĂŶĚĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ

^ŝŶĐĞϭϵϳϬ͕ƚƌĂŝŶĐŽŶŐĞƐƚŝŽŶŝŶƚŚĞŵŽƌŶŝŶŐďĞĐĂŵĞŽŶĞŽĨƚŚĞŶĂƚŝŽŶĂůŝƐƐƵĞ͘DĂŶǇ ĐŽƵŶƚĞƌŵĞĂƐƵƌĞƐƵĐŚĂƐŵŽƌĞƌĂŝůǁĂǇĐŽŶƐƚƌƵĐƚŝŽŶ͕ůŽŶŐͲƚĞƌŵƐƚĂƚŝŽŶĂŶĚƚƌĂĐŬ ĂůŝŐŶŵĞŶƚŝŵƉƌŽǀĞŵĞŶƚ͕ĂŶĚƌŽůůŝŶŐƐƚŽĐŬŝŶǀĞƐƚŵĞŶƚŚĂǀĞďĞĞŶĐŽŶĚƵĐƚĞĚ͘

ŽŶƐŝĚĞƌĂƚŝŽŶŽĨ͞ŽŶŐĞƐƚŝŽŶ͟ŝŶƚŚĞĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞů ϭͿ /ŶdWWEŽ͘ϳ͕ĂƐĨŽƌĐŽŵŵƵƚŝŶŐƉƵƌƉŽƐĞ͕ƉĞĂŬŚŽƵƌǀŽůƵŵĞŝƐĐŽŶƐŝĚĞƌĞĚŝŶƚŚĞŵŽĚĞů͕ ϮͿ/ŶdWWEŽ͘ϭϴ͕ďǇŝŶĐŽƌƉŽƌĂƚŝŶŐƚŚĞĐŽŶŐĞƐƚŝŽŶƉĂƌĂŵĞƚĞƌŝŶƚŚĞŵŽĚĞů͕ŝƚŝƐƉŽƐƐŝďůĞƚŽ ĞǀĂůƵĂƚĞƚŚĞĐŽŶŐĞƐƚŝŽŶŵŝƚŝŐĂƚŝŽŶͬƌĞůŝĞǀĞƉŽůŝĐǇ͘;ĐŽŶŐĞƐƚŝŽŶƌĂƚĞǆŽŶͲƚƌĂŝŶƚƌĂǀĞůƚŝŵĞͿ ϭϵϳϱͲϮϬϭϰŽŶŐĞƐƚŝŽŶƌĂƚĞĐŚĂŶŐĞĨƌŽŵƚŚĞ ĂǀĞƌĂŐĞŽĨϯϭŵĂŝŶůŽĐĂƚŝŽŶƐ ŽŶŐĞƐƚŝŽŶƌĂƚĞ ĂƉĂĐŝƚǇ WĂƐƐĞŶŐĞƌƚƌĂŶƐƉŽƌƚ ͲŽŶŐĞƐƚŝŽŶƌĂƚĞ Ͳ ĂƉĂĐŝƚǇΘWĂƐƐĞŶŐĞƌƚƌĂŶƐƉŽƌƚŝŶϭϵϳϱсϭϬϬ

ϭϵϳϱ ϮϬϭϰ ŽŶŐĞƐƚŝŽŶƌĂƚĞĞǀĂůƵĂƚŝŽŶ ϭϴϬй с ƉĂƐƐĞŶŐĞƌďŽĚǇĐŽŶƚĂĐƚĞĂĐŚŽƚŚĞƌ͕ďƵƚƐƚŝůůďĞĂďůĞƚŽƌĞĂĚŶĞǁƐƉĂƉĞƌ ϮϬϬй с ƉĂƐƐĞŶŐĞƌďŽĚǇĐŽŶƚĂĐƚĞĂĐŚŽƚŚĞƌǁŝƚŚĂĨĞĞůŝŶŐŽĨŽƉƉƌĞƐƐŝŽŶ͘ƵƚƐƚŝůůďĞĂďůĞƚŽƌĞĂĚŵĂŐĂǌŝŶĞ ϮϱϬй с ĐĂŶŶŽƚŵŽǀĞďŽĚǇĂŶĚĂƌŵƐĞǀĞŶǁŚĞŶƚŚĞƚƌĂŝŶƐŚĂŬĞƐ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϰϯ ;ƌĞĨĞƌĞŶĐĞͿŽŶŐĞƐƚŝŶŐZĂƚĞĨƌŽŵĂŶŐŬŽŬ

ƵƌƌĞŶƚ/ƐƐƵĞƐ ¾ ^ĞƌŝŽƵƐĐŽŶŐĞƐƚŝŽŶŝŶƐŝĚĞƚƌĂŝŶĐĂƌĂŶĚ ƐƚĂƚŝŽŶŝŶƚŚĞƉĞĂŬŚŽƵƌ͕ŽŶƚŚĞĞǆŝƐƚŝŶŐ ŵĂƐƐƚƌĂŶƐŝƚůŝŶĞƐ͘ dŽŬǇŽ͛ƐdĂƌŐĞƚ ŽŶŐĞƐƚŝŽŶƌĂƚŝŽ хϭϴϬй ZĂŵŬŚĂŵŚĂĞŶŐ ^ƚ͘ хϭϱϬй͕ϭϴϬйф ϭ͘ ϭϵͬϭϮͬϭϳ͕Ϭϳ͗ϰϴͲ >Ăƚ WŚƌĂŽ ^ƚ͘ фϭϱϬй ϵ͗Ϭϴ ϭ͘ ϭϴͬϭϮͬϭϳ͕Ϭϳ͗ϯϬͲ Ϯ͘ ϲͲϮϴŵŝŶƵƚĞƐ ϴ͗Ϯϯ ϯ͘ ϭͲϮƚƌĂŝŶƐ Ϯ͘ ϯͲϰŵŝŶƵƚĞƐ ϰ͘ ϭϵϬͲϮϬϬй ϯ͘ ϬͲϭƚƌĂŝŶ ϰ͘ ϵϬͲϮϬϬй

^ĂƉŚĂŶ dĂŬƐŝŶ ^ƚ͘ KŶEƵƚ^ƚ͘ ϭ͘ ϮϮͬϭϮͬϭϳ͕Ϭϳ͗ϮϴͲ ϭ͘ ϮϭͬϭϮͬϭϳ͕Ϭϳ͗ϮϬͲ ϴ͗ϯϭ ϴ͗ϭϬ Ϯ͘ ϯͲϲŵŝŶƵƚĞƐ Ϯ͘ ϮͲϰŵŝŶƵƚĞƐ ϯ͘ ϬͲϭƚƌĂŝŶ ϯ͘ ϬͲϮƚƌĂŝŶƐ ϰ͘ ϭϴϬͲϮϬϬй ϰ͘ ϭϳϬͲϮϬϬй ϭϬŬŵĨƌŽŵ^ŝĂŵ^ƚĂƚŝŽŶ

Ύϭ͘^ƵƌǀĞǇĚĂƚĞ͕ƚŝŵĞ͕Ϯ͘,ĞĂĚďĞƚǁĞĞŶƚƌĂŝŶƐ;ŵŝŶͿ͕ϯ͘EƵŵďĞƌŽĨƚƌĂŝŶƐƉĂƐƐĞŶŐĞƌƐŵŝƐƐĚƵĞƚŽĐŽŶŐĞƐƚŝŽŶϰ͘ŽŶŐĞƐƚŝŽŶZĂƚŝŽ;:ĂƉĂŶĞƐĞ ƐƚĂŶĚĂƌĚ͕ƐĞĞĂďŽǀĞͿ ϰϰ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

/ͲϵŝƚǇĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐĂŶĚĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ

/ŶƚŽƚŚĞĂŐŝŶŐнůŽǁďŝƌƚŚƌĂƚĞƐŽĐŝĞƚǇ ŐŝŶŐƉŽƉƵůĂƚŝŽŶÆ ƌĂŝůǁĂǇĚĞŵĂŶĚсŝŶĐƌĞĂƐĞ͍ŽƌĚĞĐƌĞĂƐĞ͍

ŚĂŶŐĞŽĨƉŽƉƵůĂƚŝŽŶƐŚĂƌĞďǇĂŐĞƌĂŶŐĞĨƌŽŵϭϵϱϬͲϮϬϭϲ ŽŶƐŝĚĞƌŝŶŐĂŐĞƌĂŶŐĞ ƐĞƉĂƌĂƚŝŽŶ

dŚĞƐĞĂŶĂůǇƐĞƐŚĂǀĞďĞĞŶ DŽƌĞƚŚĂŶϲϱǇ͘Ž͘с ĐŽŶĚƵĐƚĞĚďǇĂŐĞƌĂŶŐĞ ĂďŽƵƚϯϬйʄ ƐĞƉĂƌĂƚŝŽŶ͗ ʀƉŽƉƵůĂƚŝŽŶĨŽƌĞĐĂƐƚ ʀŐĞŶĞƌĂƚŝŽŶΘĂƚƚƌĂĐƚŝŽŶ ʀKͲ;ĚŝƐƚƌŝďƵƚŝŽŶͿ ʀŵŽĚĂůƐƉůŝƚ ʀƌŽƵƚĞĂƐƐŝŐŶŵĞŶƚ ϭϵϱϬ೧ ϮϬϭϱ೧

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϰϱ /ͲϵŝƚǇĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐĂŶĚĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ

ƵĞƚŽƚŚĞďŝƌƚŚƌĂƚĞĚĞĐůŝŶŝŶŐŝŶ:ĂƉĂŶ͕ƐĐŚŽŽůĐŽŵŵƵƚŝŶŐƚƌŝƉƐŚŽǁƐĚĞĐůŝŶŝŶŐƚƌĞŶĚ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ĚƵĞƚŽƚŚĞĂŐŝŶŐƉŽƉƵůĂƚŝŽŶĂŶĚĐŚĂŶŐŝŶŐŝŶůŝĨĞƐƚǇůĞŽĨǁŽŵĞŶ͕ůĞŝƐƵƌĞƚƌŝƉ ;ƉĞƌƐŽŶĂůƌĞůĂƚĞĚƚƌŝƉĂĨƚĞƌǁŽƌŬͿƐŚŽǁƐƚŚĞŝŶĐƌĞĂƐŝŶŐƚƌĞŶĚ͘ ĞĐƌĞĂƐŝŶŐŝŶƐĐŚŽŽůĐŽŵŵƵƚŝŶŐ ƚƌŝƉн/ŶĐƌĞĂƐŝŶŐŝŶůĞŝƐƵƌĞƚƌŝƉĂĨƚĞƌǁŽƌŬ ૱ŬƀŗŴƇ਼ʦຬŬƀŗŴƇʙೖʧdŽƚĂůŶƵŵďĞƌŽĨƚƌŝƉ;ϭϬ͕ϬϬϬƚƌŝƉͬĚĂǇͿ ϵ͕ϬϬϬ ϭϬϬ͘Ϭй ϴ͘ϰй >ĞŝƐƵƌĞƚƌŝƉŝƐ ϵ͘ϱй ϭϯ͘ϴй ϴ͕ϬϬϬ ϭ͕ϭϱϮ ϳ͘ϳй ϲ͘ϳй ŝŶĐƌĞĂƐŝŶŐ͊ ϳϱϬ ϲ͘Ϭй ϴϬ͘Ϭй ϳ͕ϬϬϬ ϲϮϲ ϱϯϮ ϱϬϯ ϱϳϱ ϲ͕ϬϬϬ ϰϭ͘ϴй ϰϭ͘ϴй ϲϬ͘Ϭй ϰϬ͘Ϯй ϱ͕ϬϬϬ ϯ͕ϯϬϭ ϯ͕ϯϱϬ ϯ͕ϭϬϮ ϰ͕ϬϬϬ ϰϬ͘Ϭй ϯ͕ϬϬϬ ϭϰ͘ϭй ϭϱ͘ϵй ϭϱ͘Ϭй ϭ͕Ϯϱϱ ϭ͕Ϯϱϱ ϭ͕Ϭϰϲ ϯ͘Ϭй Ϯ͘ϴй Ϯ͘Ϯй Ϯ͕ϬϬϬ ϮϮϯ ϮϮϯ ϭϴϲ ϮϬ͘Ϭй ϵ͘ϲй ϳ͘ϭй ϲ͘Ϯй ϳϭϬ ϱϲϭ ϱϮϬ ϭ͕ϬϬϬ ϭϲ͘ϱй ϭ͕ϭϰϯ ϭ͕Ϯϳϰ ϭ͕ϯϳϮ ϭϱ͘ϰй ϭϲ͘ϭй Ϭ Ϭ͘Ϭй ^ϲϯ ,ϭϬ ,ϮϬ ^ϲϯ ,ϭϬ ,ϮϬ 䛭䛾௚⚾஦>ĞŝƐƵƌĞƚƌŝƉ ໅ົඛⓎᴗົƵƐŝŶĞƐƐ ᖐᏯ ⮬ᏯⓎ⚾஦ 䛭䛾௚⚾஦>ĞŝƐƵƌĞƚƌŝƉ ໅ົඛⓎᴗົƵƐŝŶĞƐƐ ᖐᏯ ⮬ᏯⓎ⚾஦ ^ĐŚŽŽůĐŽŵŵƵƚŝŶŐ ŽŵŵƵƚŝŶŐ ŽŵŵƵƚŝŶŐ ŽŵŵƵƚŝŶŐ ŽŵŵƵƚŝŶŐ ⮬ᏯⓎᴗົ ㏻Ꮫ ㏻໅ ⮬ᏯⓎᴗົ ㏻Ꮫ;^ĐŚŽŽůͿ ㏻໅;tŽƌŬͿ ;^ĐŚŽŽůͿ ;tŽƌŬͿ ƚƌŝƉŝƐĚĞĐƌĞĂƐŝŶŐ͊

ŽŵƉĂƌŝƐŽŶŽĨĐŚĂŶŐĞŝŶƚƌŝƉŐĞŶĞƌĂƚĞĚďǇĞĂĐŚƉƵƌƉŽƐĞ

^ŽƵƌĐĞ͗dDWĞƌƐŽŶͲdƌŝƉ^ƵƌǀĞǇ;ŝŶ:ĂƉĂŶĞƐĞͿ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϰϲ

/ͲϵŝƚǇĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐĂŶĚĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ

dƌŝƉĨƌŽŵƚŚĞĞůĚĞƌůǇ;ďŽƚŚŵĂůĞ͕ĨĞŵĂůĞͿĂŶĚƚƌŝƉǁŽŵĞŶ ĂŐĞϯϱǇ͘Ž͘ŽƌŵŽƌĞƐŚŽǁĂŶŝŶĐƌĞĂƐŝŶŐƚƌĞŶĚ͘

>ĞŝƐƵƌĞƚƌŝƉ;ƉĞƌƐŽŶĂůƌĞůĂƚĞĚƚƌŝƉĂĨƚĞƌǁŽƌŬͿ ƉƵƌƉŽƐĞ Ϭ͘ϴϬ

ࣱڡ Ϭ͘ϲϬ tŽƌŬŝŶŐǁŽŵĂŶ ůĚĞƌůǇ ;ĂĨƚĞƌŐŝǀĞďŝƌƚŚͿ ůĚĞƌůǇ

Ϭ͘ϰϬ ;ƚƌŝƉͬƉĞƌƐŽŶͿ 'ĞŶĞƌĂƚŝŽŶƚƌŝƉƌĂƚĞ Ϭ͘ϮϬ

Ϭ͘ϬϬ >ĞƐƐƚŚĂŶ ϲϰŽƌůĞƐƐ ϲϱͲϳϰ ŵŽƌĞ >ĞƐƐƚŚĂŶ ϭϱͲϯϰ ϯϱͲϲϰ ϲϱͲϳϰ ŵŽƌĞ ϭϱṓᮍ‶ 㠀㧗㱋 ๓ᮇ㧗㱋 ᚋᮇ㧗㱋 ϭϱṓᮍ‶ ϭϱ䡚ϯϰṓ ϯϱ䡚ϲϰṓ ๓ᮇ㧗㱋 ᚋᮇ㧗㱋ƚŚĂŶϳϱ ϭϱ ƚŚĂŶϳϱ ϭϱ ^ϲϯⓎ⏕ཎ༢఩ϭϵϴϴ ,ϭϬϭϵϵϴⓎ⏕ཎ༢఩ ,ϮϮϮϬϭϬⓎ⏕ཎ༢఩ 'ĞŶĞƌĂƚŝŽŶƚƌŝƉƌĂƚĞďǇŐĞŶĚĞƌĂŶĚĂŐĞŐƌŽƵƉ

^ŽƵƌĐĞ͗dDWĞƌƐŽŶͲdƌŝƉ^ƵƌǀĞǇ;ŝŶ:ĂƉĂŶĞƐĞͿ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϰϳ /ͲϵŝƚǇĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐĂŶĚĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ

ŵƉůŽǇŵĞŶƚƌĂƚĞŝŶĞůĚĞƌůǇĂŶĚǁŽŵĞŶƐŚŽǁƐĂŶ ŝŶĐƌĞĂƐŝŶŐƚƌĞŶĚ

ࣱڡ

ϭϬϬ͘Ϭй ϭϬϬ͘Ϭй ϭϵϵϱ ϭϵϵϱ

ϴϬ͘Ϭй ϮϬϬϬ ϴϬ͘Ϭй ϮϬϬϬ ϮϬϬϱ ϮϬϬϱ ϮϬϭϬ ϮϬϭϬ ϲϬ͘Ϭй ϲϬ͘Ϭй

ϰϬ͘Ϭй ϰϬ͘Ϭй

ϮϬ͘Ϭй ϮϬ͘Ϭй

Ϭ͘Ϭй Ϭ͘Ϭй ϴϱͲ ϴϱͲ ϭϱͲϭϵ ϮϬͲϮϰ ϮϱͲϮϵ ϯϬͲϯϰ ϯϱͲϯϵ ϰϬͲϰϰ ϰϱͲϰϵ ϱϬͲϱϰ ϱϱͲϱϵ ϲϬͲϲϰ ϲϱͲϲϵ ϳϬͲϳϰ ϳϱͲϳϵ ϴϬͲϴϰ ϭϱͲϭϵ ϮϬͲϮϰ ϮϱͲϮϵ ϯϬͲϯϰ ϯϱͲϯϵ ϰϬͲϰϰ ϰϱͲϰϵ ϱϬͲϱϰ ϱϱͲϱϵ ϲϬͲϲϰ ϲϱͲϲϵ ϳϬͲϳϰ ϳϱͲϳϵ ϴϬͲϴϰ ŵƉůŽǇŵĞŶƚƌĂƚĞďǇŐĞŶĚĞƌĂŶĚĂŐĞŐƌŽƵƉ

^ŽƵƌĐĞ͗:ĂƉĂŶĞƐĞEĂƚŝŽŶĂůĞŶƐƵƐ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϰϴ

/ͲϵŝƚǇĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐĂŶĚĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ

ƐĂŐĞŝŶĐƌĞĂƐĞ͕ƉĞŽƉůĞƚĞŶĚƐƚŽůŝǀĞͬǁŽƌŬĐůŽƐĞƌƚŽ ǁŽƌŬƉůĂĐĞͬŚŽŵĞ

D> &D>

ϭϱͲϲϰ ϲϱͲϳϰ ϳϱн ϭϱͲϯϰ ϯϱͲϲϰ ϲϱͲϳϰ ϳϱн ZĂƚŝŽŽĨĂƚƚƌĂĐƚŝŽŶƚƌŝƉǁŝƚŚŝŶƚŚĞƐĂŵĞǌŽŶĞ͕ďǇ ŐĞŶĚĞƌĂŶĚĂŐĞŐƌŽƵƉ;ϮϬϬϴͿ ^ŽƵƌĐĞ͗dDWĞƌƐŽŶͲdƌŝƉ^ƵƌǀĞǇ;ŝŶ:ĂƉĂŶĞƐĞͿ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϰϵ /ͲϵŝƚǇĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐĂŶĚĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ

/ŶƐŚŽƌƚĚŝƐƚĂŶĐĞƚƌŝƉ͕ĞůĚĞƌůǇƚĞŶĚƐƚŽƵƐĞŵŽƌĞďƵƐĂŶĚĐĂƌ

ϭϱΕϲϰ ϲϱĂŶĚŽǀĞƌ

Ϯϵ͘ϳ ϰϱ͘ϵ ϱϬ͘Ϯ ϱϴ͘ϴ ϭϭ͘ϱ ϯ͘ϴ

㕲㐨ศᢸ⋡ZĂŝů 䝞䝇ศᢸ⋡ƵƐ ⮬ື㌴ศᢸ⋡Ăƌ ŽŵƉĂƌŝƐŽŶŽĨŵŽĚĂůƐŚĂƌĞďĞƚǁĞĞŶǁŽƌŬŝŶŐ ƉŽƉƵůĂƚŝŽŶĂŶĚĞůĚĞƌůǇ;ϮϬϬϴͿ

^ŽƵƌĐĞ͗dDWĞƌƐŽŶͲdƌŝƉ^ƵƌǀĞǇ;ŝŶ:ĂƉĂŶĞƐĞͿ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϱϬ

/ͲϭϬĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐĂŶĚ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚǇ

DĂŶĚĂƚŽƌǇŽĨƚŽǁĂƌĚƐƉƵďůŝĐƐĞƌǀŝĐĞƐ Ͳ /ŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƌĂŝůǁĂǇďĂƐĞĚŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ,ŝƐƚŽƌǇ ϭϵϵϳʁĂƐĞĚŽŶƚŚĞƌĞƋƵŝƌĞŵĞŶƚĨƌŽŵƚŚĞDŝŶŝƐƚƌǇŽĨdƌĂŶƐƉŽƌƚ͕ĨŽƌĂŶǇŶĞǁƉƵďůŝĐ ƐĞƌǀŝĐĞŝŶǀĞƐƚŵĞŶƚŵƵƐƚĐŽŵƉůǇǁŝƚŚƚŚĞƐŽĐŝĂůŝŵƉĂĐƚĂŶĂůǇƐŝƐ ϭϵϵϳʁƐƚĂďůŝƐŚŵĞŶƚŽĨdŚĞƐƚƵĚǇŐƌŽƵƉĨŽƌƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚďǇWƌŽĨ͘^ŚŝŐĞƌƵ DŽƌŝĐŚŝ ŽĨƚŚĞhŶŝǀĞƌƐŝƚǇŽĨdŽŬǇŽĂƚ:ĂƉĂŶdƌĂŶƐƉŽƌƚZĞƐĞĂƌĐŚ/ŶƐƚŝƚƵƚĞ;:dZ/Ϳ DĂƌĐŚ͕ϭϵϵϴ͗WƵďůŝĐĂƚŝŽŶŽĨƚŚĞĨŝƌƐƚŵĂŶƵĂů͕ĨŽůůŽǁĞĚďǇŵĂŶǇƌĞǀŝƐŝŽŶƐĂĨƚĞƌƚŚĂƚ ĂĐŬŐƌŽƵŶĚ /ŶŽƌĚĞƌƚŽƌĞƐƉŽŶĚǁŝƚŚƚŚĞƐŽĐŝĂůĐƌŝƚŝĐŝƐŵĂďŽƵƚƚŚĞƚƌĂŶƐƉĂƌĞŶĐǇ͕ƚŚĞĨůĞǆŝďŝůŝƚǇŽĨƚŚĞƉůĂŶ͕ ĂŶĚƚŚĞŶĞĐĞƐƐŝƚǇŽĨƚŚĞƉƵďůŝĐƐĞƌǀŝĐĞŝŶǀĞƐƚŵĞŶƚ /ŶŽƌĚĞƌƚŽƌĞƐƉŽŶĚǁŝƚŚƚŚĞĐƌŝƚŝĐŝƐŵĂďŽƵƚƚŚĞƉƌŽďůĞŵƐŽĐĐƵƌƌĞĚĚƵƌŝŶŐƚŚĞŝŶǀĞƐƚŵĞŶƚŽĨ ƚŚĞŵĞŐĂͲƉƌŽũĞĐƚƐŝŶŵĞƚƌŽƉŽůŝƚĂŶĂƌĞĂ ǆƉĞĐƚĞĚZĞƐƵůƚƐ dŽĞŶƐƵƌĞƚŚĂƚƚŚĞĚĞĐŝƐŝŽŶŵĂŬŝŶŐŽĨƚŚĞƉƵďůŝĐƐĞƌǀŝĐĞŝŶǀĞƐƚŵĞŶƚƉŽƐƐĞƐƐĞŶŽƵŐŚƌĂƚŝŽŶĂůŝƚǇ͕ ƚƌĂŶƐƉĂƌĞŶĐǇĂŶĚĐŽŵƉĂƚŝďŝůŝƚǇǁŝƚŚŽƚŚĞƌƉƌŽũĞĐƚƐ ǁŚŝĐŚĐŽƵůĚƚĂŬĞƚŚĞƉůĂŶŶŝŶŐƐƚĞƉƐ͕ƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶƐƚĞƉƐĂŶĚƚŚĞƉŽƐƚͲƐĞƌǀŝĐĞ ĞǀĂůƵĂƚŝŽŶŝŶƚŽĂĐĐŽƵŶƚ ϱϭ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /ͲϭϬĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐĂŶĚ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚǇ

;ZĞĨĞƌĞŶĐĞͿƌŝƚŝĐŝƐŵƐĂŶĚĞĨĨŽƌƚƐƚŽŝŵƉƌŽǀĞƚŚĞŵŽĚĞů ĂĐŬŐƌŽƵŶĚ ĞŵĂŶĚŝŶŐŽĨƚƌĂŶƐƉĂƌĞŶĐǇƚŽǁĂƌĚƐŵŽĚĞůĚĞǀĞůŽƉŵĞŶƚ ĞƚĂŝůƐĂďŽƵƚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞůƐŚŽƵůĚďĞƉƵďůŝĐŝǌĞĚ ƌŝƚŝĐŝƐŵƚŽǁĂƌĚƐƉƵďůŝĐǁŽƌŬƐїďĂĐŬŐƌŽƵŶĚŽĨĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐƐƚƌƵĐƚƵƌĞ ^ŽŵĞƐƵŝƚďǇůŽĐĂůƉĞŽƉůĞƐƵĐŚĂƐƚŚĞĐĂƐĞŽĨ^ŚŝǌƵŽŬĂŝƌƉŽƌƚĂŶĚ^ĞŶĚĂŝ ^ƵďǁĂǇ;ĂĐƚƵĂůƵƐĞƌƐĚŽĞƐŶŽƚƌĞĨůĞĐƚƚŚĞĨŽƌĞĐĂƐƚĞĚĨŝŐƵƌĞͿ

ZĞĂĐƚŝŽŶƚŽǁĂƌĚƐĐƌŝƚŝĐŝƐŵĂŶĚŵŽĚĞůŝŵƉƌŽǀĞŵĞŶƚ &ƵƚƵƌĞŝŵƉƌŽǀĞŵĞŶƚŽĨĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵĞƚŚŽĚ WůĂŶŶŝŶŐĨŽƌƉƌŽũĞĐƚŝŵƉůĞŵĞŶƚĂƚŝŽŶ͗ ƐĞƉĂƌĂƚŝŽŶŽĨ͞ĨŽƌĞĐĂƐƚĞĚǀĂůƵĞ͟ĂŶĚ͞ƉůĂŶŶĞĚͬĞǆƉĞĐƚĞĚ ǀĂůƵĞ͟ї/ŶŽƌĚĞƌƚŽŚĂŶĚůĞǁŝƚŚƵŶĐĞƌƚĂŝŶƚǇ͕ĚĞŵĂŶĚĨŽƌĞĐĂƐƚĞƌŵƵƐƚĐŽŶƐŝĚĞƌďŽƚŚ ͞ĨŽƌĞĐĂƐƚĞĚǀĂůƵĞ͟ǁŝƚŚĚŝĨĨĞƌĞŶƚƐĐĞŶĂƌŝŽƐĂŶĚ͞ƉůĂŶŶĞĚǀĂůƵĞ͟ĨƌŽŵƉƌŽũĞĐƚŽǁŶĞƌ ǀĂůƵĂƚŝŽŶŽĨƉůĂŶŶĞĚǀĂůƵĞ ^ŽƵƌĐĞ͗:ĂƉĂŶdƌĂŶƐƉŽƌƚĂŶĚdŽƵƌŝƐŵZĞƐĞĂƌĐŚ/ŶƐƚŝƚƵƚĞ;ϮϬϬϯͿ͘ƌŝƚŝĐŝƐŵŽŶdƌĂŶƐƉŽƌƚĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐ͕dƌĂŶƐƉŽƌƚWŽůŝĐǇ ^ƚƵĚŝĞƐ͕sŽů͘ϲEŽ͘ϯ͕ϱϰͲϱϵ͘

ϱϮ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

/ͲϭϬĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐĂŶĚ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚǇ

&ŽůůŽǁͲƵƉŽĨƚŚĞĨŽƌĞĐĂƐƚĞĚƌĞƐƵůƚĂŶĚĂĐƚƵĂůǀĂůƵĞ ŽŵƉĂƌŝƐŽŶďĞƚǁĞĞŶĨŽƌĞĐĂƐƚĞĚǀĂůƵĞĂŶĚĂĐƚƵĂůǀĂůƵĞ ƐĨŽƌdƐƵŬƵďĂǆƉƌĞƐƐ͕ƚŚĞĚĞŵĂŶĚŽĨϰϬϬ͕ϬϬϬƵƐĞƌͬĚĂǇǁĂƐĨŽƌĞĐĂƐƚĞĚϯϬǇĞĂƌƐ ďĞĨŽƌĞƚŚĞƐĞƌǀŝĐĞƐƚĂƌƚĞĚ ĨƚĞƌƚŚĂŶ͕ŝƚǁĂƐƌĞͲĞƐƚŝŵĂƚĞĚĚƵĞƚŚĞĐŚĂŶŐĞŝŶƐŽĐŝŽͲĞĐŽŶŽŵŝĐƐƚƌƵĐƚƵƌĞŝŶdD EŽƚŽŶůǇƚŚĞĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ͕ďƵƚƚŚĞŝŶǀĞƐƚŵĞŶƚƐĐŚĞŵĞǁĂƐƌĞǀŝƐĞĚƚŽŽ

ࣰ੹஍ĐƚƵĂů ਬܯ஍ƐƚŝŵĂƚĞĚ ࣰ੹஍ĐƚƵĂů ਬܯ஍ƐƚŝŵĂƚĞĚ

ϲϬϬ ϰϬϬ ϱϯϬ ϯϰϬ ϱϬϭ ϯϮϰ ϯϮϲ ϰϳϲ ϯϱϬ ϯϬϲ ϱϬϬ Ϯϴϯ ϮϵϬ ϯϬϬ Ϯϱϴ ϮϳϬ ϯϲϲ Ϯϯϰ ϰϬϬ ϯϯϬ ϯϯϰ ϮϱϬ ϯϬϴ ϭϵϱ ϮϳϬ Ϯϱϵ ϯϬϬ ϮϬϬ ϭϱϬ ϭϱϬ ϮϬϬ Ϯϳϭ ϭϬϬ ϭϯϱ ϭϬϬ ϱϬ Ϭ Ϭ ,ϭϵ ,ϮϬ ,Ϯϭ ,ϮϮ ,Ϯϯ ,Ϯϰ ,Ϯϱ ,Ϯϲ ,Ϯϳ ,ϭϳ ,ϭϴ ,ϭϵ ,ϮϬ ,Ϯϭ ,ϮϮ ,Ϯϯ ,Ϯϰ ,Ϯϱ ,Ϯϲ ,Ϯϳ dŽŬǇŽDĞƚƌŽ&ƵŬƵƚŽƐŚŝŶ >ŝŶĞ dƐƵŬƵďĂǆƉƌĞƐƐ

ϱϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϩ ĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐ&ƌĂŵĞǁŽƌŬ ZĂŝůǁĂǇĞǀĞůŽƉŵĞŶƚWůĂŶŶŝŶŐŝŶdŽŬǇŽDĞƚƌŽƉŽůŝƚĂŶƌĞĂ ;dDͿ

/ŶǀĞƐƚŵĞŶƚ WƌŝŽƌŝƚǇ ĂŶĚ ĞŵĂŶĚ &ŽƌĞĐĂƐƚŝŶŐ ĞŵĂŶĚ dƌĞŶĚ ŶĂůǇƐŝƐ WƵďůŝĐ WŽůŝĐǇ ZĞƐƉŽŶƐŝǀĞ ŶĂůǇƐŝƐ ŽƐƚͲĨĨĞĐƚŝǀĞŶĞƐƐ ŶĂůǇƐŝƐ ;Ϳ ^ƵďƐŝĚǇ ŶĂůǇƐŝƐ ĞŵĂŶĚ &ŽƌĞĐĂƐƚŝŶŐ &ƌĂŵĞǁŽƌŬ ŝŶ dWW ŶŽ͘ϭϴ ĂŶĚ ŶŽ͘ϭϵϴ

ϭ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

//Ͳϭ/ŶǀĞƐƚŵĞŶƚWƌŝŽƌŝƚǇĂŶĚĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐ ;dŚĞdƌĂŶƐƉŽƌƚWŽůŝĐǇWůĂŶEŽ͘ϭϴͿ

ĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐŝƐŽŶĞŽĨƚŚĞŵĂŝŶĐƌŝƚĞƌŝĂŝŶƚŚĞƉƌŝŽƌŝƚǇƐĞƚƚŝŶŐƉƌŽĐĞƐƐ;ǁŚŝĐŚůŝŶĞǁŝůůďĞ ŝŶǀĞƐƚĞĚĨŝƌƐƚͿ /ŶƚŚĞdƌĂŶƐƉŽƌƚWŽůŝĐǇWůĂŶEŽ͘ϭϴ͕ŝŶůŝŶĞǁŝƚŚƚŚĞĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ͕ŽƚŚĞƌĨŽƵƌĂŶĂůǇƐĞƐǁĂƐ ĂůƐŽĐŽŶĚƵĐƚĞĚŝŶƚŚĞƐĂŵĞƚŝŵĞ͘

WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚŝŶŐ

dƌĂŶƐƉŽƌƚĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐ

^ŝŶŐůĞůŝŶĞĨĞĂƐŝďŝůŝƚǇƐƚƵĚǇ DƵůƚŝƉůĞůŝŶĞĨĞĂƐŝďŝůŝƚǇƐƚƵĚǇ

ĞŵĂŶĚdƌĞŶĚŶĂůǇƐŝƐ ĞŵĂŶĚdƌĞŶĚŶĂůǇƐŝƐ

WƵďůŝĐWŽůŝĐǇZĞƐƉŽŶƐŝǀĞŶĂůǇƐŝƐ ŽƐƚͲĨĨĞĐƚŝǀĞŶĞƐƐŶĂůǇƐŝƐ

ŽƐƚͲĞĨĨĞĐƚŝǀĞŶĞƐƐŶĂůǇƐŝƐ;Ϳ

^ƵďƐŝĚǇŶĂůǇƐŝƐ

Ϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ //Ͳϭ/ŶǀĞƐƚŵĞŶƚWƌŝŽƌŝƚǇĂŶĚĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐ ;dŚĞdƌĂŶƐƉŽƌƚWŽůŝĐǇWůĂŶEŽ͘ϭϴͿ

ϰZĞůĂƚĞĚŶĂůǇƐĞƐ͗ŽŶƚĞŶƚƐĂŶĚKƵƚƉƵƚƐ

㻌㻯㼛㼚㼠㼑㼚㼠㻌㻻㼡㼠㼜㼡㼠㻌㻰㼑㼙㼍㼚㼐㻌㼀㼞㼑㼚㼐㻌㻿㼕㼦㼑㻌㻺㼑㼠㻌㼠㼞㼍㼚㼟㼜㼛㼞㼠㻌㼐㼑㼙㼍㼚㼐 ࠊͤ㼀㼞㼍㼚㼟㼜㼛㼞㼠㻌㻭㼚㼍㼘㼥㼟㼕㼟㻌㼐㼑㼚㼟㼕㼠㼥ࠊͤ㼜㼑㼞㼟㼛㼚㻙㼗㼕㼘㼛㼙㼑㼠㼑㼞㻌㼠㼞㼍㼢㼑㼘ࠊͤ 㻭㼢㼑㼞㼍㼓㼑㻌㼠㼞㼕㼜㻌㼐㼕㼟㼠㼍㼚㼏㼑㻌㻯㼔㼍㼞㼍㼏㼠㼑㼞㼕㼟㼠㼕㼏㼟ࠊ㻯㼛㼚㼚㼑㼏㼠㼕㼢㼕㼠㼥㻌㻿㼠㼍㼠㼕㼛㼚㻌㻻㻙㻰ࠊ㼀㼞㼍㼚㼟㼒㼑㼞㻌㼘㼕㼚㼑㼟㻌㼍㼚㼐㻌㼢㼛㼘㼡㼙㼑ࠊ㻌 ͤ㻰㼑㼙㼍㼚㼐㻌㼏㼔㼍㼚㼓㼑㻌㼕㼚㻌㼚㼑㼍㼞㼎㼥㻌㼏㼛㼙㼜㼑㼠㼕㼠㼛㼞㼟㻌㻼㼡㼎㼘㼕㼏㻌㻼㼛㼘㼕㼏㼥㻌㻯㼛㼚㼓㼑㼟㼠㼕㼛㼚㻌㼞㼍㼠㼑㻌㼍㼚㼐㻌㼟㼑㼏㼠㼕㼛㼚㻌 ͤ㻼㼑㼍㼗㻙㼠㼕㼙㼑㻌㼟㼑㼏㼠㼕㼛㼚㼍㼘㻌㼢㼛㼘㼡㼙㼑㻌㻾㼑㼟㼜㼛㼚㼟㼕㼢㼑㻌㼀㼞㼍㼢㼑㼘㻌㼠㼕㼙㼑㻌㼞㼑㼐㼡㼏㼠㼕㼛㼚䈜㻾㼑㼓㼕㼛㼚㼍㼘㻌㼠㼞㼍㼚㼟㼜㼛㼞㼠㻌㼢㼛㼘㼡㼙㼑䚸䈜㻾㼑㼓㼕㼛㼚㼍㼘㻌㻭㼚㼍㼘㼥㼟㼕㼟㻌㸦㼕㼚㻙㼠㼞㼍㼕㼚㻘㻌㼍㼏㼏㼑㼟㼟㻘㻌㼑㼓㼞㼑㼟㼟㸧ࠊ 㼍㼢㼑㼞㼍㼓㼑㻌㼞㼍㼕㼘㼣㼍㼥㻌㼠㼞㼍㼢㼑㼘㻌㼠㼕㼙㼑䠄㼕㼚㻙㼠㼞㼍㼕㼚㻘㻌㻯㼔㼍㼚㼓㼑㻌㼕㼚㻌㼠㼞㼍㼚㼟㼒㼑㼞㻌㼠㼕㼙㼑㻌㼍㼏㼏㼑㼟㼟㻘㻌㼑㼓㼞㼑㼟㼟䠅䚸㻭㼢㼑㼞㼍㼓㼑㻌㻺㼛㻚㻌㼛㼒㻌㼀㼞㼍㼚㼟㼒㼑㼞㻌㻯㼛㼟㼠㻙㼑㼒㼒㼑㼏㼠㼕㼢㼑㼚㻳㼑㼚㼑㼞㼍㼘㼕㼦㼑㼐㻌㻯㼛㼟㼠㻌 ͤ㻯㼔㼍㼚㼓㼑㻌㼕㼚㻌㼍㼢㼑㼞㼍㼓㼑㻌㼡㼠㼕㼘㼕㼠㼥㸦㼠㼞㼍㼢㼑㼘㻌㼠㼕㼙㼑㻘㻌㼑㼟㼟㻌㻌㻭㼚㼍㼘㼥㼟㼕㼟㻌㼏㼛㼟㼠㻘㻌㼏㼛㼚㼓㼑㼟㼠㼕㼛㼚㸧㼎㼥㻌㻻㻙㻰㻌㻱㼚㼢㼕㼞㼛㼚㼙㼑㼚㼠㼍㼘㻌㻱㼒㼒㼑㼏㼠㻌 ͤ㻯㼔㼍㼚㼓㼑㻌㼕㼚㻌㻼㼍㼟㼟㼑㼚㼓㼑㼞㻌㻯㼍㼞㻌㻷㼙㻙㼠㼞㼍㼢㼑㼘㻌㻌㻿㼡㼎㼟㼕㼐㼥㻌㻾㼑㼢㼑㼚㼡㼑㻌㻌㻿㼠㼍㼠㼕㼛㼚㻌㻻㻙㻰ࠊͤ㻼㼍㼟㼟㼑㼚㼓㼑㼞㻙㻷㼙㻌㼠㼞㼍㼢㼑㼘㻌㻭㼚㼍㼘㼥㼟㼕㼟㻌㻾㼑㼝㼡㼕㼞㼑㼐㻌㼠㼞㼍㼕㼚㻌㼟㼑㼠㻔㼚㼛㻚㻌㼛㼒㻌㼠㼞㼍㼕㼚㻌 ͤ㻼㼑㼍㼗㻙㼠㼕㼙㼑㻌㼟㼑㼏㼠㼕㼛㼚㼍㼘㻌㼢㼛㼘㼡㼙㼑㻌㼟㼑㼠㻘㻌㼏㼍㼞㻌㼜㼑㼞㻌㼟㼑㼠㻕㻌 ΎEĞǁŽƵƚƉƵƚŝŶdƌĂŶƐƉŽƌƚWŽůŝĐǇWůĂŶEŽ͘ϭϴ

ϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

//ͲϭĞŵĂŶĚdƌĞŶĚŶĂůǇƐŝƐ

ĞŵĂŶĚdƌĞŶĚŶĂůǇƐŝƐ͗&ůŽǁĂŶĚŶĂůǇƐŝƐ ŶĂůǇƐŝƐ&ůŽǁ /ƚĞŵƚŽďĞĂŶĂůǇǌĞĚ &ŽƌĞĐĂƐƚĞĚ ƉŽƉƵůĂƚŝŽŶ

ŶŶƵĂůZĞƉŽƌƚŽĨ DĞƚƌŽƉŽůŝƚĂŶ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ hƌďĂŶ dƌĂŶƐƉŽƌƚĂƚŝŽŶ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ĞŶƐƵƐ ŝƐƚƌŝďƵƚŝŽŶŽĨƚƌĂĨĨŝĐŝŶdDďǇŵŽĚĞ ϭϯǌŽŶĞƐƚƌĂĨĨŝĐKͲďǇŵŽĚĞ͕ƐĞĐƚŝŽŶ ŝƐƚƌŝďƵƚŝŽŶ ŚĂŶŐĞŝŶWĂƐƐĞŶŐĞƌĂƌ<ŵͲƚƌĂǀĞů

WĞĂŬƌĂƚĞďǇůŝŶĞ͕ DŽĚĂů^Ɖůŝƚ ϭͲĚĂǇƚƌĂŶƐƉŽƌƚĐĂƉĂĐŝƚǇ͕ƉĂƐƐĞŶŐĞƌͲ<ŵ ƐĞĐƚŝŽŶ ƚƌĂǀĞů ZĞŐŝŽŶĂůƚƌĂǀĞůƚŝŵĞ͕ĐŽƐƚ͕ŶŽ͘ƚƌĂŶƐĨĞƌ ,ĞĂƌŝŶŐƐĨƌŽŵ 'ĞŶĞƌĂůŝǌĞĚĐŽƐƚďǇƌĞŐŝŽŶ ZĂŝůǁĂǇ ZŽƵƚĞƐƐŝŐŶŵĞŶƚ ĐŽŵƉĂŶŝĞƐ

ĂƉĂĐŝƚǇďǇ ůŝŶĞ͕ƐĞĐƚŝŽŶ WĞĂŬͲŚŽƵƌǀŽůƵŵĞďǇƐĞĐƚŝŽŶ WĞĂŬͲŚŽƵƌĚĞŵĂŶĚ WĞĂŬͲŚŽƵƌƌĂƚĞďǇƐĞĐƚŝŽŶ ĨŽƌĞĐĂƐƚŝŶŐ ŽŶŐĞƐƚĞĚƐĞĐƚŝŽŶ

ϰ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ //ͲϭĞŵĂŶĚdƌĞŶĚŶĂůǇƐŝƐ

/ŶĚĞǆŝŶĞŵĂŶĚdƌĞŶĚŶĂůǇƐŝƐ ϭ͘ dƌĂŶƐƉŽƌƚĞŵĂŶĚ;ƉĞƌƐŽŶͬĚĂǇͿ͗ ŶƵŵďĞƌŽĨƉĂƐƐĞŶŐĞƌ Ϯ͘ dƌĂŶƐƉŽƌƚsŽůƵŵĞďǇ^ĞĐƚŝŽŶ;ƉĞƌƐŽŶͬĚĂǇͿ͗ ŶƵŵďĞƌŽĨƉĂƐƐĞŶŐĞƌďǇƐĞĐƚŝŽŶ͘ZĞƋƵŝƌĞĚ ƚƌĂŶƐƉŽƌƚĐĂƉĂĐŝƚǇǁŝůůďĞĐĂůĐƵůĂƚĞĚĨƌŽŵƚŚĞǀŽůƵŵĞĨƌŽŵƚŚĞƉĞĂŬƐĞĐƚŝŽŶ͘ ϯ͘ dƌĂŶƐƉŽƌƚĞŶƐŝƚǇ;ƉĞƌƐŽŶͬĚĂǇͿ͗ĂǀĞƌĂŐĞƚƌĂŶƐƉŽƌƚǀŽůƵŵĞďǇƐĞĐƚŝŽŶ ϰ͘ WĂƐƐĞŶŐĞƌͲ<ŝůŽŵĞƚĞƌ;ƉĞƌƐŽŶͬŬŵͬĚĂǇͿ͗^ƵŵƚŽƚĂůŽĨdƌĂŶƐƉŽƌƚsŽůƵŵĞďǇ^ĞĐƚŝŽŶ͘/ŶdŽŬǇŽ͕ ƚŚĞĂǀĞƌĂŐĞƚƌĂǀĞůĚŝƐƚĂŶĐĞŝƐƵƐĞĚĂƐĂŶŝŶĚĞǆĨŽƌĨĂƌĞƐĞƚƚŝŶŐ͘,ŽǁĞǀĞƌ͕ƉĂƐƐĞŶŐĞƌͲŬŵĐĂŶ ďĞĂůƐŽƵƐĞĚĂƐĂŶŽƚŚĞƌĂůƚĞƌŶĂƚŝǀĞĂƐǁĞůů͘ ΎsĂůŝĚŝƚǇ͕ ĐĐƵƌĂĐǇĂŶĚǆƉůŝĐĂďŝůŝƚǇŽĨƚŚĞĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞůĐĂŶďĞĐŚĞĐŬĞĚďǇƐŝŵƵůĂƚŝŶŐƚŚĞĐƵƌƌĞŶƚƐŝƚƵĂƚŝŽŶǁŝƚŚƚŚĞŵŽĚĞů͘ dŚĞĐŚĞĐŬŝŶŐĐĂŶďĞĐŽŶĚƵĐƚĞĚďǇĐŽŵƉĂƌŝŶŐƚŚĞƌĞƐƵůƚŽĨƚŚĞĨŽƌĞĐĂƐƚĞĚƚƌĂŶƐƉŽƌƚǀŽůƵŵĞďǇƐĞĐƚŝŽŶϮͿ ĨƌŽŵƚŚĞŵŽĚĞůƐŝŵƵůĂƚŝŽŶǁŝƚŚ ƚŚĞĂĐƚƵĂůƚƌĂŶƐƉŽƌƚǀŽůƵŵĞ ΎΎdŚƵƐ͕ŝĨƚŚĞƌĞŝƐĂƐŝŐŶŝĨŝĐĂŶƚĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶĂĐƚƵĂůĂŶĚĨŽƌĞĐĂƐƚĞĚǀĂůƵĞ͕ƚŚĞĐĂƵƐĞŽĨƐƵĐŚĞƌƌŽƌƐŚŽƵůĚďĞƌĞŵŽǀĞĚŝŶŽƌĚĞƌƚŽ ŝŶĐƌĞĂƐĞƚŚĞĂĐĐƵƌĂĐǇŽĨƚŚĞŵŽĚĞů ΎΎΎ/ĨƚŚĞĨŽƌĞĐĂƐƚĞĚǀĂůƵĞŽĨϮͿ ĐŽƌƌĞƐƉŽŶĚǁŝƚŚƚŚĞĂĐƚƵĂůǀĂůƵĞ͕ϯͿ ĂŶĚϰͿ ŵƵƐƚďĞƚŽŽ

WĂƐƐĞŶŐĞƌͲ<ŵ;ƉĞƌƐŽŶͬŬŵͬĚĂǇͿ с

sŽůƵŵĞŽĨͲ ĞŶƐŝƚǇ ^ĞĐƚŝŽŶ ;ƉĞƌƐŽŶͬĚĂǇͿ ;ƉĞƌƐŽŶͬĚĂǇͿ ^ƚĂ͘ ^ƚĂ͘ ^ƚĂ͘ ^ƚĂ͘ ^ƚĂ͘ sŽůƵŵĞ;ƉĞƌƐŽŶͬĚĂǇͿ

ĂŬŵ ďŬŵ ĐŬŵ ĚŬŵ ϮͿsŽůƵŵĞďǇ^ĞĐƚŝŽŶ͕ϯͿĞŶƐŝƚǇ͕ϰͿWĂƐƐĞŶŐĞƌͲ<ŝůŽŵĞƚĞƌ ϱ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

//ͲϭWƵďůŝĐWŽůŝĐǇZĞƐƉŽŶƐŝǀĞŶĂůǇƐŝƐ

/ŶƚŚĞdƌĂŶƐƉŽƌƚWŽůŝĐǇWůĂŶEŽ͘ϭϴ͕ƚŚĞƌĞĂƌĞϱƉŽůŝĐǇƚŽďĞĐŽŶƐŝĚĞƌĞĚĂůŽŶŐǁŝƚŚ ƚŚĞƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚƉůĂŶ /ŶƚŚŝƐĂŶĂůǇƐŝƐ͕ĂĐŽŵďŝŶĂƚŝŽŶŽĨƚŚĞƌĞƐƵůƚĨƌŽŵĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐǁŝůůďĞ ĐŽŶƐŝĚĞƌĞĚƚŽŐĞƚŚĞƌŝŶƚŚĞƐĞĨŽůůŽǁŝŶŐŝƐƐƵĞƐ

/ŶͲƚƌĂŝŶĐŽŶŐĞƐƚŝŽŶƌĞĚƵĐƚŝŽŶ ^ƉĞĞĚŝŵƉƌŽǀĞŵĞŶƚ hƌďĂŶĚĞǀĞůŽƉŵĞŶƚĂŶĚĐŝƚǇĨƵŶĐƚŝŽŶƐƵƉƉŽƌƚ ^ƚƌĞŶŐƚŚĞŶƚŚĞĂĐĐĞƐƐŝďŝůŝƚǇƚŽĂŝƌƉŽƌƚ͕,^Z hŶŝǀĞƌƐĂůĚĞƐŝŐŶĂŶĚƐĞĂŵůĞƐƐƚƌĂŶƐĨĞƌ

ϲ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ //ͲϭWƵďůŝĐWŽůŝĐǇZĞƐƉŽŶƐŝǀĞŶĂůǇƐŝƐ

ŶĂůǇƐŝƐƉƌŽĐĞƐƐ dƌĂŶƐƉŽƌƚĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐ ZĞƐƵůƚĨƌŽŵĞĂĐŚůŝŶĞƐ

sŽůƵŵĞ͕>K^ ƐĞƚƚŚĞŝŶĚĞǆ

ŐŐƌĞŐĂƚŝŽŶŽĨƚŚĞ ŐŐƌĞŐĂƚŝŽŶŽĨƚŚĞ 'ĞŶĞƌĂůŝǌĞĚĐŽƐƚ ĐŽƐƚ;ǁŚŽůĞdD͕Žƌ ŝŶĚĞǆǀĂůƵĞďĞƚǁĞĞŶ ĞƐƚŝŵĂƚŝŽŶ ƉĞƌƉĞƌƐŽŶͿ ƚǁŽƉŽŝŶƚƐ

WƌŽƐΘŽŶƐĐŽŵƉĂƌŝƐŽŶďĞƚǁĞĞŶĞĂĐŚƉůĂŶ

ƐƚŝŵĂƚŝŽŶŽĨƚŚĞ hƐĞƌ͛ƐďĞŶĞĨŝƚ ƐƚŝŵĂƚŝŽŶŽĨƚŚĞ ĐŽŶĐĞƌŶĞĚĞĨĨĞĐƚ;ǁŚŽůĞ ĞƐƚŝŵĂƚŝŽŶ ĐŽŶĐĞƌŶĞĚĞĨĨĞĐƚ dD͕ŽƌƉĞƌƉĞƌƐŽŶͿ ďĞƚǁĞĞŶƚǁŽƉŽŝŶƚƐ

WůĂŶĐŽŵƉĂƌŝƐŽŶƚĂďůĞ

ϳ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

//ͲϭWƵďůŝĐWŽůŝĐǇZĞƐƉŽŶƐŝǀĞŶĂůǇƐŝƐ;ǆĂŵƉůĞͿ

ǆĂŵƉůĞŽĨdƐƵŬƵďĂǆƉƌĞƐƐǆƚĞŶƐŝŽŶWůĂŶ͗ƚŚĞǁŚŽůĞdDŵƵƐƚĐŽŶƐŝĚĞƌĞĚ dƌĂǀĞůƚŝŵĞƌĞĚƵĐƚŝŽŶƚŽdŽŬǇŽ^ƚĂƚŝŽŶ

ᮾிᘏఙ࡟ࡼࡿᮾி㥐࿘㎶ࡲ࡛ࡢᡤせ᫬㛫ኚ໬ ᮾிᘏఙ࡟ࡼࡿࡘࡃࡤ㥐࿘㎶ࡲ࡛ࡢᡤせ᫬㛫ኚ໬ 㸦༢఩㸸ศࠊ㹒㹖㸦⛅ⴥཎ㹼ᮾி㛫㸧ࡢ฼⏝⪅ࡀ࠸ࡿࢰ࣮ࣥ㸧㸧㸦༢఩㸸ศࠉ㹒㹖㸦⛅ⴥཎ㹼ᮾி㛫㸧ࡢ฼⏝⪅ࡀ࠸ࡿࢰ࣮ࣥ㸧㸧㹼㹼㹼㹼㹼㹼

WůĂŶŶĞĚƐĞĐƚŝŽŶ ;ŬŝŚĂďĂƌĂ Ε dŽŬǇŽͿ

WůĂŶŶĞĚƐĞĐƚŝŽŶ ;ŬŝŚĂďĂƌĂ ΕdŽŬǇŽͿ

dŝŵĞƌĞĚ͘;ŵŝŶͿ ϮϬϭϬEŝŐŚƚ ƉŽƉ͘;ϭϬ͕ϬϬϬͿ dŝŵĞƌĞĚ͘;ŵŝŶͿ ϮϬϭϬEŝŐŚƚ ƉŽƉ͘;ϭϬ͕ϬϬϬͿ ϬΕϮ ϳϲ͘ϭ ϬΕϮ ϰ͘ϴ ϮΕϱ ϱϭϰ͘ϲ ϮΕϱ ϭϬϲ͘Ϭ ϱΕ ϮϬ͘ϳ ƐƵŵ ϭϭϬ͘ϴ ƐƵŵ ϲϭϭ͘ϰ EŽ͘ŽĨƚƌĂŶƐĨĞƌƌĞĚƵĐƚŝŽŶƚŽdŽŬǇŽ^ƚĂƚŝŽŶ EŽ͘ ŽĨ ƚƌĂŶƐĨĞƌ ƌĞƋƵŝƌĞĚ ĨƌŽŵ dƐƵŬƵďĂ ;ƌĞƐĞĂƌĐŚ Θ ƚĞĐŚŶŽůŽŐǇ ĐŝƚǇͿ ŝƐ ĂůƐŽ ĚĞĐƌĞĂƐŝŶŐ ϴ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ //ͲϭWƵďůŝĐWŽůŝĐǇZĞƐƉŽŶƐŝǀĞŶĂůǇƐŝƐ;ǆĂŵƉůĞͿ

ǆĂŵƉůĞŽĨdƐƵŬƵďĂǆƉƌĞƐƐǆƚĞŶƐŝŽŶWůĂŶ͗ƚŚĞǁŚŽůĞdDŵƵƐƚĐŽŶƐŝĚĞƌĞĚ EƵŵďĞƌŽĨƚƌĂŶƐĨĞƌƌĞĚƵĐƚŝŽŶƚŽdŽŬǇŽ^ƚĂƚŝŽŶ

ᮾிᘏఙ࡟ࡼࡿᮾி㥐࿘㎶ࡲ࡛ࡢ஌᥮ᅇᩘኚ໬ ᮾிᘏఙ࡟ࡼࡿࡘࡃࡤ㥐࿘㎶ࡲ࡛ࡢ஌᥮ᅇᩘኚ໬ 㸦༢఩㸸ᅇࠉ㹒㹖㸦⛅ⴥཎ㹼ᮾி㛫㸧ࡢ฼⏝⪅ࡀ࠸ࡿࢰ࣮ࣥ㸧㸧㸦༢఩㸸ᅇࠉ㹒㹖㸦⛅ⴥཎ㹼ᮾி㛫㸧ࡢ฼⏝⪅ࡀ࠸ࡿࢰ࣮ࣥ㸧㸧 dƐƵŬƵďĂ

WůĂŶŶĞĚƐĞĐƚŝŽŶ ;ŬŝŚĂďĂƌĂΕdŽŬǇŽͿ

<ĂǁĂƐĂŬŝ

zŽŬŽŚĂŵĂ

WůĂŶŶĞĚƐĞĐƚŝŽŶ KĨƵŶĂ ;ŬŝŚĂďĂƌĂΕdŽŬǇŽͿ

EƵŵďĞƌŽĨ EŝŐŚƚͲƚŝŵĞƉŽƉ͘;ϮϬϬϬͿ EƵŵďĞƌŽĨ EŝŐŚƚͲƚŝŵĞƉŽƉ͘;ϮϬϬϬͿ ƚƌĂŶƐĨĞƌ ƌĞĚ͘ ;ϭϬ͕ϬϬϬƉĞŽƉůĞͿ ƚƌĂŶƐĨĞƌƌĞĚ͘ ;ϭϬ͕ϬϬϬƉĞŽƉůĞͿ Ͳϭ ϭϬϳ͘ϱ Ͳϭ ϰϯϯ͘ϱ dŽƚĂů ϭϬϳ͘ϱ dŽƚĂů ϰϯϯ͘ϱ EŽ͘ŽĨƚƌĂŶƐĨĞƌƌĞĚƵĐƚŝŽŶƚŽdŽŬǇŽ^ƚĂƚŝŽŶ EŽ͘ŽĨƚƌĂŶƐĨĞƌƌĞƋƵŝƌĞĚĨƌŽŵdƐƵŬƵďĂ ;ƌĞƐĞĂƌĐŚΘ ƚĞĐŚŶŽůŽŐǇĐŝƚǇͿ ŝƐĂůƐŽĚĞĐƌĞĂƐŝŶŐ ϵ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

//ͲϭWƵďůŝĐWŽůŝĐǇZĞƐƉŽŶƐŝǀĞŶĂůǇƐŝƐ;ǆĂŵƉůĞͿ

ǆĂŵƉůĞŽĨdƐƵŬƵďĂǆƉƌĞƐƐǆƚĞŶƐŝŽŶWůĂŶ͗ƚŚĞǁŚŽůĞdDŵƵƐƚĐŽŶƐŝĚĞƌĞĚ /ŶĐƌĞĂƐĞŝŶƌĂŝůǁĂǇƵƐĞƌ;ϭϬϬŵŵĞƐŚĚĂƚĂ͕ƵŶŝƚ͗ƉĞƌƐŽŶͬŚĞĐƚĂƌĞͿ

㕲㐨฼⏝⪅ᩘ ᕪศ㸸7;࠶ࡾ7;࡞ࡋ 㕲㐨฼⏝⪅ᩘ ᕪศ㸸7;࠶ࡾ7;࡞ࡋ ༢఩㸸ேKD ༢఩㸸ேKD

DŽĚĂůƐƉůŝƚĚŝĨĨĞƌĞŶĐĞŝƐďĂƐĞĚŽŶƚŚĞǁŝƚŚͬǁŝƚŚŽƵƚdƐƵŬƵďĂ DŽĚĂůƐƉůŝƚĚŝĨĨĞƌĞŶĐĞŝƐďĂƐĞĚŽŶƚŚĞǁŝƚŚͬǁŝƚŚŽƵƚdƐƵŬƵďĂ ǆƉƌĞƐƐ;ŬŝŚĂďĂƌĂͲDŽƌŝǇĂ^ĞĐƚŝŽŶŝƐƐŚŽǁŶͿ ǆƉƌĞƐƐ;DŽƌŝǇĂͲdƐƵŬƵďĂ^ĞĐƚŝŽŶŝƐƐŚŽǁŶͿ

ϭϬ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ //ͲϭWƵďůŝĐWŽůŝĐǇZĞƐƉŽŶƐŝǀĞŶĂůǇƐŝƐ;ǆĂŵƉůĞͿ

ǆĂŵƉůĞŽĨKƐŚŝĂŐĞͲ^ŚŝŶdŽŬǇŽͲ^ĞŶŐĂŬƵũŝ ƉůĂŶ͗ŽŶŶĞĐƚŝŶŐEĂƌŝƚĂĂŝƌƉŽƌƚĂŶĚ,ĂŶĞĚĂ ĂŝƌƉŽƌƚǁŝƚŚ^ŬǇůŝŶĞƌ dƌĂǀĞůƚŝŵĞƌĞĚƵĐƚŝŽŶƚŽEĂƌŝƚĂŝƌƉŽƌƚ

᫓᪥㒊᫓᪥㒊 ᫓᪥㒊᫓᪥㒊

㉺⏕⏕ ᆏᡞᆏᡞ ᒾᵳᒾᵳ Ᏺ㇂Ᏺ㇂ ᒾᵳᒾᵳ Ᏺ㇂Ᏺ㇂

ᕝ㉺ᕝ㉺ ኱ᐑ኱ᐑ ᕝ㉺ᕝ㉺ ኱ᐑ኱ᐑ 㧗㯇ᕝ㧗㯇ᕝ ᾆ࿴⨾ᅬᾆ࿴⨾ᅬ ᾆ࿴⨾ᅬᾆ࿴⨾ᅬ

᪂㉺㇂᪂㉺᪂㉺㇂㇂ ᪂㉺㇂᪂㉺㇂ ᯽᯽ ᯽᯽ 㣤⬟㣤⬟ ᮾ㣤⬟ᮾ㣤⬟ 㣤⬟㣤⬟ ༡ᾆ༡ᾆ࿴࿴ ༡ᾆ࿴༡ᾆ࿴ Ṋⶶᾆ࿴Ṋⶶᾆ࿴ ᪂ᯇᡞ᪂ᯇᡞ ᪂ᯇᡞ᪂ᯇᡞ ໭ᮅ㟘໭ᮅ㟘 ໭ᮅ㟘໭ᮅ㟘

ᡤἑᡤἑ ᡤἑᡤἑ KƐŚŝĂŐĞ ㉥⩚㉥⩚ EĂƌŝƚĂ ㉥⩚㉥⩚ ᡂ⏣✵ ᡂ⏣✵ ᡂ⏣✵ ᡂ⏣✵ ŝƌƉŽƌƚ ிᡂ㧗◁ிᡂ㧗◁ ிᡂ㧗◁ிᡂ㧗◁ 㟷◒㟷◒ ƉƉƌŽǆŝŵĂƚĞůǇϭϭŬŵ ụ⿄ụ⿄ ụ⿄ụ⿄ ᪥ᬽ㔛᪥ᬽ㔛 ᪥ᬽ㔛᪥ᬽ㔛 ᣏᓥᣏᓥ ĨƌŽŵKƐŚŝĂŐĞ ƚŽ ᢲୖᢲୖ ᢲୖᢲୖ ྜྷ⚈ᑎྜྷ⚈ᑎ ᅜศᑎᅜศᑎ ྜྷ⚈ᑎྜྷ⚈ᑎ ⯪ᶫ⯪ᶫ ᅜศᑎᅜศᑎ ⛅ⴥཎ⛅ⴥཎ ⯪ᶫ⯪ᶫ ⛅ⴥཎ⛅ⴥཎ ᪂ᐟ᪂ᐟ ^ĞŶŐĂŬƵũŝ ᮾிᮾி ^ŚŝŶͲdŽŬǇŽ ᗓ୰ᗓ୰ ῰㇂῰㇂ ῰㇂῰㇂ ඵ⋤Ꮚඵ⋤Ꮚ ㄪᕸㄪᕸ ᪂ᮌሙ᪂ᮌሙ ᪂ᮌሙ᪂ᮌሙ ἨᓅᑎἨᓅᑎ ἨᓅᑎἨᓅἨᓅᑎᑎ ရᕝရᕝ ရᕝရᕝ ၈ᮌ⏣၈ᮌ⏣ ၈ᮌ⏣၈ᮌ⏣ ༓ⴥ༓ⴥ ༓ⴥ༓ⴥ ⁁ࡢཱྀ⁁ࡢཱྀ ⁁ࡢཱྀ⁁ࡢཱྀ ,ĂŶĞĚĂ

┦ᶍཎ┦ᶍཎ ^ĞŶŐĂŬƵũŝ ṊⶶᑠᮡṊⶶᑠᮡ ŝƌƉŽƌƚ ṊⶶᑠᮡṊⶶᑠᮡ ிᛴⵦ⏣ிᛴⵦ⏣ ிᛴⵦ⏣ிᛴⵦ⏣ ୖ⁁ୖ⁁ ⩚⏣✵ ⩚⏣✵ ⩚⏣✵ ⩚⏣✵ ⏫⏣⏫⏣

㛗ὠ⏣㛗ὠ⏣ ᕝᓮᕝᓮ ^ŚŝŶĂŐĂǁĂ .LORPHWHUV ᪂ᶓ὾᪂ᶓ᪂ᶓ὾὾ WůĂŶŶĞĚůŝŶĞ ᪂ᶓ὾᪂ᶓ὾ ŝƌĞĐƚͲĐŽŶŶĞĐƚŝŶŐůŝŶĞ ᶓ὾ᶓ὾ ^ŚŝŶŬĂŶƐĞŶůŝŶĞ ᶓ὾ᶓ὾

ཌᮌཌᮌ ᡤせ᫬㛫▷⦰dƌĂǀĞůƚŝŵĞƌĞĚƵĐƚŝŽŶ

ᡞሯᡞሯ ᡞሯᡞሯ ศ௨ୖŵŽƌĞƚŚĂŶϭϬŵŝŶ͘

ᮌ᭦ὠᮌ᭦ὠ ᮌ᭦ὠᮌ᭦ὠ ศ㹼ศϱͲϭϬŵŝŶ͘ ศ㹼ศϮͲϱŵŝŶ͘ ኱⯪኱⯪ ኱⯪኱⯪ ศ㹼ศϭͲϮŵŝŶ͘ ⱴࣨᓮⱴࣨᓮ ⱴࣨᓮⱴࣨᓮ ศᮍ‶ůĞƐƐƚŚĂŶϭŵŝŶ͘

ϭϭ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

//ͲϭWƵďůŝĐWŽůŝĐǇZĞƐƉŽŶƐŝǀĞŶĂůǇƐŝƐ;ǆĂŵƉůĞͿ

ǆĂŵƉůĞ ŽĨ KƐŚŝĂŐĞͲ^ŚŝŶ dŽŬǇŽͲ^ĞŶŐĂŬƵũŝ ƉůĂŶ͗ ŽŶŶĞĐƚŝŶŐ EĂƌŝƚĂ ĂŝƌƉŽƌƚĂŶĚ ,ĂŶĞĚĂ ĂŝƌƉŽƌƚ ǁŝƚŚ ^ŬǇůŝŶĞƌ

᫓᪥㒊᫓᪥㒊 ᫓᪥㒊᫓᪥㒊 ᫓᪥㒊᫓᪥㒊

㉺⏕⏕ ㉺⏕⏕ ᆏᡞᆏᡞ ᆏᡞᆏᡞ ᆏᡞᆏᡞ ᆏᡞᆏᡞ ᒾᵳᒾᵳ Ᏺ㇂Ᏺ㇂ ᒾᵳᒾᵳ Ᏺ㇂Ᏺ㇂ ᒾᵳᒾᵳ Ᏺ㇂Ᏺ㇂

ᕝ㉺ᕝ㉺ ኱ᐑ኱ᐑ ᕝ㉺ᕝ㉺ ኱ᐑ኱ᐑ ᕝ㉺ᕝ㉺ ኱ᐑ኱ᐑ 㧗㯇ᕝ㧗㯇ᕝ 㧗㯇ᕝ㧗㯇ᕝ ᾆ࿴⨾ᅬᾆ࿴⨾ᅬ 㧗㯇ᕝ㧗㯇ᕝ ᾆ࿴⨾ᅬᾆ࿴⨾ᅬ ᾆ࿴⨾ᅬᾆ࿴⨾ᅬ ᪂㉺㇂᪂㉺㇂ ᪂㉺㇂᪂㉺㇂ ᪂㉺㇂᪂㉺᪂㉺㇂㇂ ᯽᯽ ᯽᯽ ᯽᯽ ᮾ㣤⬟ᮾ㣤⬟ 㣤⬟㣤⬟ ᮾ㣤⬟ᮾ㣤⬟ ᮾ㣤⬟ᮾ㣤⬟ 㣤⬟㣤⬟ 㣤⬟㣤⬟ ᮾ㣤⬟ᮾ㣤⬟ ༡ᾆ࿴༡ᾆ༡ᾆ࿴࿴ ༡ᾆ࿴༡ᾆ࿴ ༡ᾆ༡ᾆ࿴༡ᾆ࿴࿴ Ṋⶶᾆ࿴Ṋⶶᾆ࿴ Ṋⶶᾆ࿴Ṋⶶᾆ࿴ ᪂ᯇᡞ᪂ᯇᡞ ᪂ᯇᡞ᪂ᯇᡞ ᪂ᯇᡞ᪂ᯇᡞ ໭ᮅ㟘໭ᮅ㟘 ໭ᮅ㟘໭ᮅ㟘

ᡤἑᡤἑ ᡤἑᡤἑ ᡤἑᡤἑ ㉥⩚㉥⩚ ㉥⩚㉥⩚ ㉥⩚㉥⩚ ᡂ⏣✵ ᡂ⏣✵ ᡂ⏣✵ ᡂ⏣✵ ிᡂ㧗◁ிᡂ㧗◁ ிᡂ㧗◁ிᡂ㧗◁ ிᡂ㧗◁ிᡂ㧗◁ 㟷◒㟷◒ ிᡂ㧗◁ிᡂ㧗◁ 㟷◒㟷◒ 㟷◒㟷◒ ụ⿄ụ⿄ ụ⿄ụ⿄ ᪥ᬽ㔛᪥ᬽ㔛 ụ⿄ụ⿄ ᪥ᬽ㔛᪥ᬽ㔛 ụ⿄ụ⿄ ᪥ᬽ㔛᪥ᬽ㔛 ᪥ᬽ㔛᪥ᬽ㔛 ᣏᓥᣏᓥ ᣏᓥᣏᓥ ᢲୖᢲୖ ᢲୖᢲୖ ᢲୖᢲୖ ྜྷ⚈ᑎྜྷ⚈ᑎ ⯪ᶫ⯪ᶫ ᅜศᑎᅜศᑎ ⛅ⴥཎ⛅ⴥཎ ⯪ᶫ⯪ᶫ ྜྷ⚈ᑎྜྷ⚈ᑎ ⯪ᶫ⯪ᶫ ⛅ⴥཎ⛅ⴥཎ ᅜศᑎᅜศᑎ ⯪ᶫ⯪ᶫ ⛅ⴥཎ⛅ⴥཎ ᪂ᐟ᪂ᐟ ᪂ᐟ᪂ᐟ ᪂ᐟ᪂ᐟ ᮾிᮾி ᮾிᮾி ᮾிᮾி ᮾிᮾி ᗓ୰ᗓ୰ ᗓ୰ᗓ୰ ῰㇂῰㇂ ඵ⋤Ꮚඵ⋤Ꮚ ῰㇂῰㇂ ῰㇂῰㇂ ඵ⋤Ꮚඵ⋤Ꮚ ῰㇂῰㇂ㄪᕸㄪᕸ ඵ⋤Ꮚඵ⋤Ꮚ ㄪᕸㄪᕸ ㄪᕸㄪᕸ ᪂ᮌሙ᪂ᮌሙ ㄪᕸㄪᕸ ᪂ᮌሙ᪂ᮌሙ ᪂ᮌሙ᪂ᮌሙ ἨᓅᑎἨᓅᑎ ἨᓅᑎἨᓅᑎ ἨᓅᑎἨᓅᑎ ἨᓅᑎἨᓅᑎ ရᕝရᕝ ရᕝရᕝ ရᕝရᕝ ၈ᮌ⏣၈ᮌ⏣ ༓ⴥ༓ⴥ ၈ᮌ၈ᮌ⏣၈ᮌ⏣⏣ ༓ⴥ༓ⴥ ⁁ࡢཱྀ⁁ࡢཱྀ ⁁ࡢཱྀ⁁ࡢཱྀ ⁁ࡢཱྀ⁁ࡢཱྀ

┦ᶍ┦ᶍཎ┦ᶍཎཎ ┦ᶍཎ┦ᶍཎ ṊⶶᑠᮡṊⶶᑠᮡ ┦ᶍཎ┦ᶍཎ ṊⶶᑠᮡṊⶶᑠᮡ ṊⶶᑠᮡṊⶶᑠᮡ ிᛴⵦ⏣ிᛴⵦ⏣ ிᛴⵦ⏣ிᛴⵦ⏣ ୖ⁁ୖ⁁ ிᛴⵦ⏣ிᛴⵦ⏣ ୖ⁁ୖ⁁ ⩚⏣✵ ⩚⏣✵ ⩚⏣✵ ⩚⏣✵ ⩚⏣✵ ⩚⏣✵ ⩚⏣✵ ⩚⏣✵ ⏫⏣⏫⏣ ⏫⏣⏫⏣ 㛗ὠ⏣㛗ὠ⏣ ᕝᓮᕝᓮ 㛗ὠ⏣㛗ὠ㛗ὠ⏣⏣ ᕝᓮᕝᓮ 㛗ὠ⏣㛗ὠ㛗ὠ⏣⏣ ᕝᓮᕝᓮ .LORPHWHUV ᪂ᶓ὾᪂ᶓ὾ .LORPHWHUV ᪂ᶓ὾᪂ᶓ὾ ᪂ᶓ὾᪂ᶓ὾

ᶓ὾ᶓ὾ ᶓ὾ᶓ὾ ᶓ὾ᶓ὾ dƌĂǀĞůƚŝŵĞƌĞĚƵĐƚŝŽŶᡤせ᫬㛫▷⦰ dƌĂǀĞůƚŝŵĞƌĞĚƵĐƚŝŽŶᡤせ᫬㛫▷⦰ ཌᮌཌᮌ ཌᮌཌᮌ ศ௨ୖŵŽƌĞƚŚĂŶϭϬŵŝŶ͘ ศ௨ୖŵŽƌĞƚŚĂŶϭϬŵŝŶ͘

ᡞሯᡞሯ ᡞሯᡞሯ ᡞሯᡞሯ ศ㹼ศϱͲϭϬŵŝŶ͘ ศ㹼ศϱͲϭϬŵŝŶ͘ ᮌ᭦ὠᮌ᭦ὠ ᮌ᭦ὠᮌ᭦ὠ ᮌ᭦ὠᮌ᭦ὠ ᮌ᭦ὠᮌ᭦ὠ ศ㹼ศϮͲϱŵŝŶ͘ ศ㹼ศϮͲϱŵŝŶ͘

኱⯪኱⯪ ኱⯪኱⯪ ኱⯪኱⯪ ศ㹼ศϭͲϮŵŝŶ͘ ศ㹼ศϭͲϮŵŝŶ͘

ⱴࣨᓮⱴࣨᓮ ⱴࣨᓮⱴࣨᓮ ⱴࣨᓮⱴࣨᓮ ศᮍ‶ůĞƐƐƚŚĂŶϭŵŝŶ͘ ศᮍ‶ůĞƐƐƚŚĂŶϭŵŝŶ͘

dƌĂǀĞůƚŝŵĞƌĞĚƵĐƚŝŽŶƚŽ,ĂŶĞĚĂ ŝƌƉŽƌƚ dƌĂǀĞůƚŝŵĞƌĞĚƵĐƚŝŽŶƚŽdŽŬǇŽ^ƚĂƚŝŽŶ

ϭϮ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ //ͲϭWƵďůŝĐWŽůŝĐǇZĞƐƉŽŶƐŝǀĞŶĂůǇƐŝƐͲ EĂƚƵƌĂůŝƐĂƐƚĞƌ ZĞƐƉŽŶƐŝǀĞ

ZŽůĞƐŽĨĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐĂƚƚŚĞƚŝŵĞŽĨƚƌĂŶƐƉŽƌƚƐǇƐƚĞŵĨĂŝůƵƌĞ ZŽůĞƐ ŽĨ ƌĂŝůǁĂǇ ĚĞŵĂŶĚ ĨŽƌĞĐĂƐƚŝŶŐ ϭ͘ Ğ ĂďůĞ ƚŽ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ďŽƚƚůĞŶĞĐŬ ƐĞĐƚŝŽŶ Ϯ͘ Ğ ĂďůĞ ƚŽ ƌŽƵŐŚůǇ ĞƐƚŝŵĂƚĞ ƚŚĞ ĞĐŽŶŽŵŝĐ ůŽƐƐ ϯ͘ Ğ ĂďůĞ ƚŽ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ŝŵƉƌŽǀĞŵĞŶƚ ĞĨĨĞĐƚ ĨƌŽŵ ƌĂŝůǁĂǇ ŝŶǀĞƐƚŵĞŶƚ ϰ͘ Ğ ĂďůĞ ƚŽ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ ŽĨ ĞĂĐŚ ƉĂƌĂůůĞů ůŝŶĞ ĂŶĚ ƚŚĞ ƉƌŝŽƌŝƚǇ ǁŚĞƚŚĞƌ ƚŚĞ ƐƵƉƉŽƌƚ ƐŚŽƵůĚ ďĞ ĂƐƐŝŐŶĞĚ ƚŽ ǁŚŝĐŚ ůŝŶĞ ĨŝƌƐƚ ϱ͘ Ğ ĂďůĞ ƚŽ ŝŶĚĞǆ ƚŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ĞĂĐŚ ĂŶĚ ĂŝƌƉŽƌƚ ĂĐĐĞƐƐ ůŝŶĞ͕ ŝŶ ŽƌĚĞƌ ƚŽ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ƐĐĂůĞ ŽĨ ƚŚĞ ĞĨĨĞĐƚ Ăƚ ƚŚĞ ƚŝŵĞ ŽĨ ƐǇƐƚĞŵ ĨĂŝůƵƌĞ

,ŝŐŚǁĂǇ ĐŽŶĚŝƚŝŽŶĂƚ ƚŚĞƚŝŵĞŽĨ ϮϬϭϭdŽŚŽŬƵ ĂƌƚŚƋƵĂŬĞ ^ŚŝďƵǇĂƐƚĂƚŝŽŶĂƚƚŚĞƚŝŵĞŽĨ WĞŽƉůĞǁĂŝƚŝŶŐĨŽƌƚĂǆŝĂƚƚŚĞƚŝŵĞŽĨ ϮϬϭϭdŽŚŽŬƵĂƌƚŚƋƵĂŬĞ ϮϬϭϭdŽŚŽŬƵĂƌƚŚƋƵĂŬĞ ΎƐĞůĞĐƚĞĚĨƌŽŵϮϬϭϰ'ZWƌĞƉŽƌƚ ϭϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

//ͲϭWƵďůŝĐWŽůŝĐǇZĞƐƉŽŶƐŝǀĞŶĂůǇƐŝƐͲ EĂƚƵƌĂůŝƐĂƐƚĞƌ ZĞƐƉŽŶƐŝǀĞ ͞tŚŽůĞͲĚĂǇƚƌĂŶƐƉŽƌƚƐǇƐƚĞŵĨĂŝůƵƌĞ͟ƐĐĞŶĂƌŝŽƐĞƚƚŝŶŐ

tŚŽůĞͲĚĂǇƚƌĂŶƐƉŽƌƚƐǇƐƚĞŵ ĨĂŝůƵƌĞ

zĞĂƌ&ŽƌĞĐĂƐƚ ϮϬϭϬ

ŶĂůǇƐŝƐ ƵŶŝƚ tŚŽůĞĚĂǇ

&ĂŝůƵƌĞ ƐĞĐƚŝŽŶ ĞƉĞŶĚƐ ŽŶƚŚĞŽďũĞĐƚŝǀĞ 㽂 &ĂŝůƵƌĞ ƐĞĐƚŝŽŶ͗ŶŽƐĞƌǀŝĐĞĨŽƌĂǁŚŽůĞĚĂǇ ^ĞƌǀŝĐĞ ƉĂƚƚĞƌŶ Ăƚ ƚŚĞ ƚŝŵĞ 㽂 ŽŶŶĞĐƚĞĚƐĞĐƚŝŽŶƐ͗ ƚƵƌŶŝŶŐƐĞƌǀŝĐĞ ŽĨ ĨĂŝůƵƌĞ ;ďĂƐĞ ĐĂƐĞͿ

㽂 ZĂŝůǁĂǇ ƵƐĞƌƐƐƚŝůůƵƐĞƌĂŝůƐĞƌǀŝĐĞĂƐƵƐƵĂů;ŶŽĐŚĂŶŐĞŝŶŵŽĚĞĂƚƚŚĞ DŽĚĂů ĐŚŽŝĐĞ ƉĂƚƚĞƌŶ ƚŝŵĞŽĨƐǇƐƚĞŵĨĂŝůƵƌĞͿ 㽂 /ŶĐĂƐĞŝĨ ĨĂŝůƵƌĞŝŶĂĐĐĞƐƐͬĞŐƌĞƐƐƚŽƚƌĂŝŶƐƚĂƚŝŽŶ͕ĂĐĐĞƐƐͬĞŐƌĞƐƐƚŽ ŶĞǁƚƌĂŝŶƐƚĂƚŝŽŶǁŝůůďĞƐĞƚďĂƐĞĚŽŶƚŚĞƐŚŽƌƚĞƐƚƌŽĂĚĚŝƐƚĂŶĐĞ ZĂŝůǁĂǇ ƌŽƵƚĞ ĐŚŽŝĐĞ ^ĞƉĂƌĂƚĞ ǁŚŽůĞͲĚĂǇKͲƚĂďůĞŝŶƚŽŵƵůƚŝƉůĞƚĂďůĞƐ͕ĂŶĚƚŚĞŶƌĞĚŝƐƚƌŝďƵƚĞ ŵĞƚŚŽĚ ƚŚĞƌŽƵƚĞƐĞůĞĐƚŝŽŶďǇĞĂĐŚƚĂďůĞƐ ĂƐĞĚŽŶƚŚĞƌŽƵƚĞƐĞůĞĐƚŝŽŶƌĞƐƵůƚ͕ŵƵůƚŝƉůǇƚŚĞĞƐƚŝŵĂƚĞĚ ǀŽůƵŵĞǁŝƚŚ ^ĞƌǀŝĐĞ ŝŵƉĂĐƚ ĚƵĞ ƚŽ ŝŶͲ ƚŚĞƵƐƵĂůƉĞĂŬͬŶŽƌŵĂůƌĂƚŝŽƚŽĐĂůĐƵůĂƚĞƚŚĞĐŽŶŐĞƐƚŝŽŶƌĂƚĞ͘/ĨƚŚĞƌĞƐƵůƚ ƚƌĂŝŶ ĐŽŶŐĞƐƚŝŽŶ ŽĨĐŽŶŐĞƐƚŝŽŶƌĂƚĞŝƐŽǀĞƌϮϱϬй͕ƐĞƚĂƚϮϱϬйĂŶĚƌĞͲĞƐƚŝŵĂƚĞƚŚĞƌŽƵƚĞ ĐŚŽŝĐĞŵŽĚĞů͘

&ĂƌĞ &ŽůůŽǁƚŚĞ ƐĞůĞĐƚĞĚƌŽƵƚĞĨĂƌĞ

ϭϰ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ //ͲϭWƵďůŝĐWŽůŝĐǇZĞƐƉŽŶƐŝǀĞŶĂůǇƐŝƐͲ EĂƚƵƌĂůŝƐĂƐƚĞƌ ZĞƐƉŽŶƐŝǀĞ

ĂƐĞ^ĞƚƚŝŶŐ͗EŽƌƚŚĞĂƐƚdD

ӑ Ɛ ĨŽƌ ďĂƐĞ ĐĂƐĞ͕ Ăůů ůŝŶĞƐ ƚŽ EŽƌƚŚĞĂƐƚĞƌŶ ƉĂƌƚ ŽĨ dD ƐƚŽƉ ƚŚĞŝƌ ƐĞƌǀŝĐĞ͘ ĞƚĂŝů ӑ Ɛ ĨŽƌ ƐĞŶƐŝƚŝǀŝƚǇ ĂŶĂůǇƐŝƐ ĐĂƐĞƐ͕ ŽŶůǇ ŽŶĞ ůŝŶĞ ƉĞƌ ĐĂƐĞ ŝƐ Ɛƚŝůů ŽƉĞƌĂƚĞĚ͘

ӑ &ĂŝůƵƌĞ ĂƌĞĂ͗ ŶŽƌƚŚĞĂƐƚ ĂƌĞĂ ŽĨ <ŝƚĂͲ^ĞŶũƵ ^ƚĂƚŝŽŶ &ĂŝůƵƌĞ ӑ ĨĨĞĐƚĞĚ ůŝŶĞƐ͗ :ŽďĂŶ >ŽĐĂů ůŝŶĞ ;ŝŶĐůƵĚŝŶŐ ĐŽŶŶĞĐƚĞĚ ŚŝǇŽĚĂ >ŝŶĞͿ͕ :ŽďĂŶ ZĂƉŝĚ ůŝŶĞ͕ dƐƵŬƵďĂ ĐŽŶĚŝƚŝŽŶƐ ǆƉƌĞƐƐ͕ dŽďƵ /ƐĞƐĂŬŝ >ŝŶĞ ӑ KƉĞƌĂƚŝŶŐ ƉĂƚƚĞƌŶ͗ ƚƵƌŶŝŶŐ ŽƉĞƌĂƚŝŽŶ

㸿㸸ᇶᮏ㸸㸲㊰⥺඲࡚㐠ఇ 㸿㸯㸸ឤᗘศᯒ㸸ᖖ☬ྛ㥐㏻ᖖ㐠⾜㸿㸰㸸ឤᗘศᯒ㸸ᖖ☬ᛌ㏿㏻ᖖ㐠⾜㸿㸱㸸ឤᗘศᯒ㸸㹒㹖㏻ᖖ㐠⾜㸿㸲㸸ឤᗘศᯒ㸸ᮾṊఀໃᓮ⥺㏻ᖖ㐠⾜

ϭϱ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

//ͲϭWƵďůŝĐWŽůŝĐǇZĞƐƉŽŶƐŝǀĞŶĂůǇƐŝƐͲ EĂƚƵƌĂůŝƐĂƐƚĞƌ ZĞƐƉŽŶƐŝǀĞ ŶĂůǇƐŝƐƌĞƐƵůƚ

㸿㸸ᇶᮏ㸸㸲㊰⥺඲࡚㐠ఇ 㸿㸯㸸ឤᗘศᯒ㸸ᖖ☬ྛ㥐㏻ᖖ㐠⾜㸿㸰㸸ឤᗘศᯒ㸸ᖖ☬ᛌ㏿㏻ᖖ㐠⾜㸿㸱㸸ឤᗘศᯒ㸸㹒㹖㏻ᖖ㐠⾜㸿㸲㸸ឤᗘศᯒ㸸ᮾṊఀໃᓮ⥺㏻ᖖ㐠⾜ ĐŽŶŐĞƐƚŝŽŶ

;ŚƵŶĚƌĞĚŵŝůůŝŽŶǇĞŶͬĚĂǇͿ Ɛ hƐƵĂů ĂƐĞ ĐĂƐĞ Ͳϭ ͲϮ Ͳϯ Ͳϰ 'ĞŶ͘ ĐŽƐƚ 'ĞŶĞƌĂůŝǌĞĚ ϵϵϱ ϭ͕Ϭϯϲ ϭ͕Ϭϭϱ ϭ͕Ϭϭϭ ϭ͕ϬϮϬ ϭ͕Ϭϭϯ ĐŽƐƚ ŝĨĨĞƌĞŶĐĞ ŝŶ 'ĞŶ͘ ĐŽƐƚ

ϭϲ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ //ͲϭŽƐƚͲĨĨĞĐƚŝǀĞŶĞƐƐŶĂůǇƐŝƐ

KďũĞĐƚŝǀĞŽĨŽƐƚͲĨĨĞĐƚŝǀĞŶĞƐƐŶĂůǇƐŝƐ;Ϳ /ŶŽƌĚĞƌƚŽĞƐƚŝŵĂƚĞƚŚĞƐƵďƐŝĚŝǌĞĨƵŶĚ͕ŝƚŝƐƌĞƋƵŝƌĞĚƚŽŵĂŬĞƐƵƌĞƚŚĂƚƐƵĐŚƌĂŝůƐĞƌǀŝĐĞ ǁŝůůƉƌŽĚƵĐĞƚŚĞƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚƚŽƚŚĞĞĐŽŶŽŵǇ

&ŝƌƐƚŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨ ƐĨŽƌƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚŵĂƐƚĞƌƉůĂŶ͗dƌĂŶƐƉŽƌƚWŽůŝĐǇWůĂŶEŽ͘ϭϴ ŽŶƐŝĚĞƌĂůůŽĨƚŚĞϵϲůŝŶĞƐŝŶƚŚĞƉůĂŶ ŽŶĐƵƌƌĞŶƚǁŝƚŚƚŚĞĨŽƌŵƵůĂƚŝŽŶŽĨƚŚĞŵĂŶƵĂůŝŶϭϵϵϳ͕ƚŚŝƐƚĞĐŚŶŝƋƵĞǁĂƐ ŝŵƉůĞŵĞŶƚĞĚƚŽƐŽůǀĞƚŚĞƚĞĐŚŶŝĐĂůƉƌŽďůĞŵĚƵƌŝŶŐƚŚĞĨŽƌŵƵůĂƚŝŽŶ

DŝůĞƐƚŽŶĞ ϭϵϵϳ͗ /Ŷ ŽƌĚĞƌ ƚŽ ĐůĂƌŝĨǇ ƚŚĞ ƐŽĐŝĂů ŝŵƉĂĐƚ͕ DŝŶŝƐƚƌǇ ŽĨ dƌĂŶƐƉŽƌƚ ;ƵƌƌĞŶƚ D>/dͿ ĂƵƚŚŽƌŝǌĞĚ ƚŚĂƚ ŵƵƐƚ ďĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ĞǀĂůƵĂƚŝŽŶ ŽĨ ĂŶǇ ŶĞǁ ƉƌŽũĞĐƚ͘ ϭϵϵϳ͗ ƐƚĂďůŝƐŚŵĞŶƚ ŽĨ dŚĞ ƐƚƵĚǇ ŐƌŽƵƉ ĨŽƌ ƌĂŝůǁĂǇ ĚĞǀĞůŽƉŵĞŶƚ ďǇ WƌŽĨ͘ ^ŚŝŐĞƌƵ DŽƌŝĐŚŝ ŽĨ ƚŚĞ hŶŝǀĞƌƐŝƚǇ ŽĨ dŽŬǇŽ Ăƚ :ĂƉĂŶ dƌĂŶƐƉŽƌƚ ZĞƐĞĂƌĐŚ /ŶƐƚŝƚƵƚĞ ;:dZ/Ϳ DĂƌĐŚ ϭϵϵϴ͗ &ŝƌƐƚ ƉƵďůŝĐĂƚŝŽŶ ŽĨ ƚŚĞ ͞ϵϳ ŵĂŶƵĂů ĨŽƌ ZĂŝůǁĂǇ WƌŽũĞĐƚƐ͟ ϮϬϬϬ͗ ŽƵŶĐŝů ŽĨ dƌĂŶƐƉŽƌƚ WŽůŝĐǇ WůĂŶ EŽ͘ϭϴ

ϭϳ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

//ͲϭŽƐƚͲĨĨĞĐƚŝǀĞŶĞƐƐŶĂůǇƐŝƐ

ŶĂůǇƐŝƐƉƌŽĐĞƐƐŽĨďĂƐĞĚŽŶƚŚĞƌĞƐƵůƚŽĨĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ

dƌĂŶƐƉŽƌƚĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ^ƵďƐŝĚǇŶĂůǇƐŝƐ

KƉĞƌĂƚŝŶŐ sŽůƵŵĞďǇŵŽĚĞ sŽůƵŵĞďǇůŝŶĞ /ŶŝƚŝĂůŽƐƚ ĐŽƐƚ

ZŽĂĚ ƚƌĂĨĨŝĐ ǀŽůƵŵĞ sŽůƵŵĞ͕>K^ ŽƐƚĂůĐƵůĂƚŝŽŶ

ŶǀŝƌŽŶŵĞŶƚĂůĨĨĞĐƚ hƐĞƌƐ͛ĞŶĞĨŝƚ ^ƵƉƉůŝĞƌ͛ĞŶĞĨŝƚ ŽŶƐƚƌƵĐƚŝŽŶ͕>ĂŶĚ ĐƋƵŝƐŝƚŝŽŶ͕dƌĂŝŶƐĞƚĐŽƐƚ KϮ͕EKy͕ĂĐĐŝĚĞŶƚ &ƌŽŵŽŶƐƵŵĞƌ^ƵƌƉůƵƐ KƉĞƌĂƚŝŶŐZĞǀĞŶƵĞ

ĞŶĞĨŝƚĂƚǇĞĂƌy ŽƐƚĂƚǇĞĂƌy

dƌĂŶƐĨŽƌŵĂƚŝŽŶƚŽWƌĞƐĞŶƚ sĂůƵĞ

EĞƚďĞŶĞĨŝƚ;Ϳ EĞƚĐŽƐƚ;Ϳ

ZĞƐƵůƚĨƌŽŵĞĂĐŚŝŶĚĞǆ ͕ͬE͕/ZZ

ϭϴ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ //ͲϭŽƐƚͲĨĨĞĐƚŝǀĞŶĞƐƐŶĂůǇƐŝƐ

hƐĞƌďĞŶĞĨŝƚĨƌŽŵĐŽŶƐƵŵĞƌƐƵƌƉůƵƐĐŚĂŶŐĞ EĞǁƚƌĂŶƐƉŽƌƚĂƚŝŽŶǇŝĞůĚƐƚŚĞŶĞǁ'͕ƚŚƵƐŐŝǀĞƐƚŚĞŶĞǁĚĞŵĂŶĚĐƵƌǀĞ

୍⯡໬㈝⏝ ĞŵĂŶĚĐƵƌǀĞ;tͬKĐĂƐĞͿ஦ᴗ↓䛧䛾㟂せ᭤⥺

஦ᴗ᭷䜚䛾㟂せ᭤⥺ĞŵĂŶĚĐƵƌǀĞ;tŝƚŚĐĂƐĞͿ 'ĞŶĞƌĂůŝǌĞĚŽƐƚ W 0 C0 0 hƐĞƌ^ƵƌƉůƵƐ฼⏝⪅౽┈ ŚĂŶŐĞ W1 C1 䠴䠵

OD㟂せ㔞 Q0 Q1 ĞŵĂŶĚǀŽůƵŵĞ ďǇĞĂĐŚKͲ

ϭϵ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

//ͲϭŽƐƚͲĨĨĞĐƚŝǀĞŶĞƐƐŶĂůǇƐŝƐ

͗ĐŽŵƉĂƌŝƐŽŶďĞƚǁĞĞŶƚŚĞŐĞŶĞƌĂůŝǌĞĚĐŽƐƚĂŶĚ ƐŽĐŝĂůďĞŶĞĨŝƚŽĨƚŚĞĚŝĨĨĞƌĞŶƚƉůĂŶƐ ϭ͘sĂůƵĞŽĨdŝŵĞ;sKdͿ 'ĂŝŶĨƌŽŵƚŝŵĞƐĂǀŝŶŐĐĂŶďĞĐŽŶƐŝĚĞƌĞĚŝŶŵŽŶĞƚĂƌǇƚĞƌŵ dŚƵƐ͕ƚŚĞĞĨĨĞĐƚĨƌŽŵƌĂŝůǁĂǇĚĞǀĞůŽƉŵĞŶƚĐĂŶďĞĐĂůĐƵůĂƚĞĚƚŚƌŽƵŐŚ sKd Ϯ͘sKdĞƐƚŝŵĂƚŝŽŶŵĞƚŚŽĚ ǆƉĞĐƚĞĚsĂůƵĞDĞƚŚŽĚƐ͗ ƐƚŝŵĂƚĞĚĨƌŽŵĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞů ƉĂƌĂŵĞƚĞƌ ZĞĂůŝǌĞĚ/ŶĐŽŵĞDĞƚŚŽĚƐ͗ ƐƚŝŵĂƚĞĚĨƌŽŵŝŶĐŽŵĞĂŶĚǁŽƌŬŝŶŐŚŽƵƌƐ

ϮϬ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ //ͲϭŽƐƚͲĨĨĞĐƚŝǀĞŶĞƐƐŶĂůǇƐŝƐ

ĂůĐƵůĂƚŝŽŶŽĨdŚĞEĞƚĞŶĞĨŝƚƐŝŶEWs UB SB EB SV B tb tb tb T tb T tb ¦¦¦ T tb ¦ ZT tb i tb i tb i tb i

B ͗EĞƚďĞŶĞĨŝƚ;ǇĞŶͿ UBtb͗hƐĞƌĞŶĞĨŝƚĂƚĞĂĐŚǇĞĂƌƚď;ǇĞŶͬǇĞĂƌͿ SBtb ͗^ƵƉƉůŝĞƌĞŶĞĨŝƚĂƚĞĂĐŚǇĞĂƌƚď;ǇĞŶͬǇĞĂƌͿ EBtb ͗ŶǀŝƌŽŶŵĞŶƚĂů/ŵƉƌŽǀĞŵĞŶƚĞŶĞĨŝƚĂƚĞĂĐŚǇĞĂƌƚď;ǇĞŶͬǇĞĂƌͿ SV ͗^ĂůǀĂŐĞsĂůƵĞ;ǇĞŶͿ Z ͗KƉĞƌĂƚŝŽŶƉĞƌŝŽĚ;ϯϬ ǇĞĂƌƐͿ T ͗ŽŶƐƚƌƵĐƚŝŽŶƉĞƌŝŽĚ i ͗^ŽĐŝĂůŝƐĐŽƵŶƚZĂƚĞ;:ĂƉĂŶсϬ͘Ϭϰ͕dŚĂŝůĂŶĚсϬ͘ϭϮͿ

Ϯϭ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

//ͲϭŽƐƚͲĨĨĞĐƚŝǀĞŶĞƐƐŶĂůǇƐŝƐ

ĂůĐƵůĂƚŝŽŶŽĨdŚĞEĞƚĞŶĞĨŝƚƐŝŶEWs CC C tc ¦ tc tc i

C ͗EĞƚĐŽƐƚ;ǇĞŶͿ CCtc͗ŽƐƚĂƚĞĂĐŚǇĞĂƌƚď;ǇĞŶͬǇĞĂƌͿ

ϮϮ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ //ͲϭŽƐƚͲĨĨĞĐƚŝǀĞŶĞƐƐŶĂůǇƐŝƐ

ϯ/ŶĚŝĐĞƐŝŶ ŽƐƚͲĞŶĞĨŝƚZĂƚŝŽ;ZͿ Æ ^ĐĂůĞ/ŶĚĞƉĞŶĚĞŶĐĞ/ŶĚĞǆ ʀsĂůƵĞŽĨŽǀĞƌϭ͘ϬŵĞĂŶƐƚŚĞĞĨĨĞĐƚ;ďĞŶĞĨŝƚͿŝƐĞǆĐĞĞĚƚŚĞŝŶǀĞƐƚŵĞŶƚ ;ĐŽƐƚͿ͕ƐŽƚŚŝƐŝŶǀĞƐƚŵĞŶƚŝƐƉƌŽĚƵĐƚŝǀĞ ʀ/ŶƚŚĞdƌĂŶƐƉŽƌƚWŽůŝĐǇWůĂŶEŽ͘ϭϴ͕ZŝƐƵƚŝůŝǌĞĚŝŶ B CBR C EĞƚWƌĞƐĞŶƚsĂůƵĞ;EWsͿ Æ ŽŶƐŝĚĞƌƚŚĞƐĐĂůĞŽĨĞĨĨĞĐƚ

NPV CB

ĐŽŶŽŵŝĐ/ŶƚĞƌŶĂůZĂƚĞŽĨZĞƚƵƌŶ Æ ŽŵƉĂƌŝƐŽŶǁŝƚŚƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞ /ZZс/ŶƚĞƌĞƐƚƌĂƚĞĂƚǁŚŝĐŚƚŚĞĐŽƐƚĂŶĚĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐŽĨĂƉƌŽũĞĐƚ͕ ĚŝƐĐŽƵŶƚĞĚŽǀĞƌŝƚƐůŝĨĞ͕ĂƌĞĞƋƵĂů

Ϯϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

//Ͳϭ^ƵďƐŝĚǇŶĂůǇƐŝƐ

/Ŷ ŽƌĚĞƌƚŽŵĂŝŶƚĂŝŶĂŚĞĂůƚŚǇďĂůĂŶĐĞǁŝƚŚŝŶƚŚĞŽƉĞƌĂƚŝŽŶƉĞƌŝŽĚ;ϯϬǇĞĂƌƐͿ͕ƐƵďƐŝĚǇ ĨƌŽŵƚŚĞŐŽǀĞƌŶŵĞŶƚŝƐŶĞĞĚĞĚƚŽƌĂŝůǁĂǇŽƉĞƌĂƚŽƌ͘ ƐĨŽƌƚŚĞĐĞŶƚƌĂůĂŶĚůŽĐĂůŐŽǀĞƌŶŵĞŶƚ͕ƚŚŝƐƐƵďƐŝĚǇĂŶĂůǇƐŝƐŝƐĞƐƐĞŶƚŝĂůĨŽƌƚŚĞŝƌƉůĂŶ ďƵĚŐĞƚƚŽĞƐƚŝŵĂƚĞƚŚĞŐƌĂŶƚƐĂŶĚůŽĂŶƐŝŶĞĂĐŚǇĞĂƌ͘

Expense item Investment Structure ϭϬϬ ϵϬ Construction, Land Non-repay Ș㸣 aquisition ϴϬ Existing Loan 㸦 tax, interest subsidy 100㸫Ș㸣 ϳϬ Capital ϳϬ excluded㸧 20㸣 Ș㸫20 % ϲϬ Existing ϱϬ ϲϬ Loan ϱϬ Rolling Stocks Capital ϰϬ 20㸣 80㸣

hE/d͗/>>/KEzE ϯϬ Interest during Short-Term Loan ϮϬ construction period 100㸣 ϯϬ ϭϬ ϮϬ ϮϬ Ϭ ϮϬϭϴ೧ ϮϬϭϵ೧ ϮϬϮϬ೧

ঊࣁۜ'ƌĂŶƚƐ ໃঊࣁۜ>ŽĂŶƐ༙

Ϯϰ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ //ͲϭĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐ&ƌĂŵĞǁŽƌŬ ;dŚĞŽƵŶĐŝůŽĨdƌĂŶƐƉŽƌƚWŽůŝĐǇWůĂŶEŽ͘ϭϴ͕EŽ͘ϭϵϴ㸧

DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ ZĞƋƵŝƌĞĚŽŶĚŝƚŝŽŶ hƌďĂŶdƌĂŶƐ͘DŽĚĞů ŝƌƉŽƌƚΘ,^ZĐĐ͘DŽĚĞů dƌĂŶƐƉŽƌƚĚĞŵĂŶĚĨƌŽŵƚŚƌĞĞŵŽĚĞůƐ͕ŶĂŵĞůǇ͕ƵƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶŵŽĚĞů͕ĂŝƌƉŽƌƚ ĂĐĐĞƐƐŵŽĚĞů͕ĂŶĚ,^ZƐƚĂƚŝŽŶĂĐĐĞƐƐŵŽĚĞů͕ĂƌĞĞƐƚŝŵĂƚĞĚƐĞƉĂƌĂƚĞůǇďǇƵƐŝŶŐϰͲƐƚĞƉ ŵŽĚĞůŵĞƚŚŽĚ͘ hƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ŝƌƉŽƌƚĂĐĐĞƐƐĚĞŵĂŶĚ ,^ZƐƚĂƚŝŽŶĂĐĐĞƐƐ ĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ĨŽƌĞĐĂƐƚŝŶŐ ĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ

&ŽƌĞĐĂƐƚĞĚWŽƉƵůĂƚŝŽŶ ŝƌƉŽƌƚ/ŶǀĞƐƚŵĞŶƚ WůĂŶ;ǀŝĂƚŝŽŶƵƌĞĂƵͿ

ϭͿ'ĞŶĞƌĂƚŝŽŶΘ ϭͿ&ƌŽŵĞĂĐŚĂŝƌƉŽƌƚ ϭͿ&ƌŽŵ,^ZƐƚĂƚŝŽŶ ƚƚƌĂĐƚŝŽŶ ĂĐĐĞƐƐǀŽůƵŵĞĚĂƚĂ ĂĐĐĞƐƐǀŽůƵŵĞĚĂƚĂ

ϮͿŝƐƚƌŝďƵƚŝŽŶ ϮͿŝƐƚƌŝďƵƚŝŽŶ ϮͿŝƐƚƌŝďƵƚŝŽŶ

ϯͿDŽĚĂů^Ɖůŝƚ ϯͿDŽĚĂů^Ɖůŝƚ ϯͿDŽĚĂů^Ɖůŝƚ ϰ ƐƚĞƉ ŵŽĚĞů

ϰͿZĂŝůǁĂǇZŽƵƚĞ ϰͿZĂŝůǁĂǇZŽƵƚĞ ϰͿZĂŝůǁĂǇZŽƵƚĞ ƐƐŝŐŶŵĞŶƚ ƐƐŝŐŶŵĞŶƚ ƐƐŝŐŶŵĞŶƚ

sŽůƵŵĞďǇƌĂŝůǁĂǇůŝŶĞƐ

Ϯϱ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

//ͲϭĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐ&ƌĂŵĞǁŽƌŬ ;dŚĞŽƵŶĐŝůŽĨdƌĂŶƐƉŽƌƚWŽůŝĐǇWůĂŶEŽ͘ϭϴ͕EŽ͘ϭϵϴ㸧

DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ ZĞƋƵŝƌĞĚŽŶĚŝƚŝŽŶ hƌďĂŶdƌĂŶƐ͘DŽĚĞů ŝƌƉŽƌƚΘ,^ZĐĐ͘DŽĚĞů ϰͲ^ƚĞƉDŽĚĞů͗ ƚŚĞĞƐƚŝŵĂƚŝŽŶŵĞƚŚŽĚǁŚŝĐŚƐƚƌƵĐƚƵƌĞƚŚĞƚƌĂǀĞůĚĞĐŝƐŝŽŶŝŶƚŽϰƐƚĞƉƐ

ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ dƌĂŶƐƉŽƌƚĂƚŝŽŶDŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂǇZŽƵƚĞƐƐŝŐŶŵĞŶƚ

ƐƚŝŵĂƚŝŽŶŽĨ'ĞŶĞƌĂƚŝŽŶǀŽůƵŵĞĨƌŽŵ dƌĂǀĞůǀŽůƵŵĞďĞƚǁĞĞŶĞĂĐŚǌŽŶĞ;dŽƚĂů dƌĂǀĞůǀŽůƵŵĞďĞƚǁĞĞŶĞĂĐŚǌŽŶĞďǇ ZĂŝůǁĂǇǀŽůƵŵĞďĞƚǁĞĞŶĞĂĐŚǌŽŶĞďǇ ĞĂĐŚǌŽŶĞĂŶĚƚƚƌĂĐƚŝŽŶǀŽůƵŵĞƚŽĞĂĐŚ KͲƚĂďůĞͿ ŵŽĚĞŽĨƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ƌĂŝůǁĂǇůŝŶĞƐ ǌŽŶĞ

ŽŶĞ ŽŶĞ ŽŶĞ ŽŶĞ

,ŽǁŵĂŶǇ ƉĞŽƉůĞƚƌĂǀĞů ĨƌŽŵŚĞƌĞᾎ ,ŽǁŵĂŶǇƉĞŽƉůĞ tŚĂƚŵŽĚĞŽĨ tŚŝĐŚ ƚƌĂǀĞůĨƌŽŵŚĞƌĞƚŽ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶᾎ ƌĂŝůǁĂǇůŝŶĞƐ͍ ƚŚĞƌĞ͍ ,ŽǁŵĂŶǇ ƉĞŽƉůĞƚƌĂǀĞů ƚŽŚĞƌĞᾎ

ŽŶĞ ŽŶĞ ŽŶĞ ŽŶĞ

Ăƌ ǆĂŵƉůĞŽĨƚŚĞƌĞƐƵůƚŽĨKͲdĂďůĞŝŶĞĂĐŚƐƚĞƉ ƵƐ ,ĞĂǀǇZĂŝů ZĂŝů ůƵĞ>ŝŶĞ ĞƐƚŝŶĂƚŝŽŶŽŶĞ ĞƐƚŝŶĂƚŝŽŶŽŶĞ ĞƐƚŝŶĂƚŝŽŶŽŶĞ ĞƐƚŝŶĂƚŝŽŶŽŶĞ ͙ƐƵŵ ͙ƐƵŵ ŝƐƚƌŝďƵƚĞĚsŽůƵŵĞ 'ĞŶĞƌĂƚĞĚsŽůƵŵĞ ͙ƐƵŵ ͙ƐƵŵ

যٴ যٴ যٴ যٴ যٴ যٴ যٴ যٴ যٴ যٴ যٴ যٴ คนٴ যٴ যٴ যٴ যٴ যٴ যٴ যٴ যٴ যٴ যٴ যٴ যٴ যٴ ᾎ KƌŝŐŝŶŽŶĞ যٴ যٴ যٴ যٴ য ͙ٴ KƌŝŐŝŶŽŶĞ KƌŝŐŝŶŽŶĞ যٴ যٴ যٴ যٴ য ͙ٴ যٴ যٴ যٴ ͙ KƌŝŐŝŶŽŶĞ ͙

যٴ যٴ যٴ যٴ য ƐƵŵٴ যٴ যٴ যٴ য ƐƵŵٴ যٴ যٴ যٴ য ƐƵŵٴ যٴ যٴ যٴ ƐƵŵ ƚƚƌĂĐƚĞĚsŽůƵŵĞ

Ϯϲ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ //ͲϭĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐ&ƌĂŵĞǁŽƌŬ ;dŚĞŽƵŶĐŝůŽĨdƌĂŶƐƉŽƌƚWŽůŝĐǇWůĂŶEŽ͘ϭϴ͕EŽ͘ϭϵϴͿ

DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ ZĞƋƵŝƌĞĚŽŶĚŝƚŝŽŶ hƌďĂŶdƌĂŶƐ͘DŽĚĞů ŝƌƉŽƌƚΘ,^ZĐĐ͘DŽĚĞů dŚƌĞĞƐƵďͲŵŽĚĞůŝŶhƌďĂŶdƌĂŶƐƉŽƌƚĂƚŝŽŶĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐ hƌďĂŶ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐDŽĚĞů ĂƐĞĚŽŶĂƚƌŝƉĨŽƌĐŽŵŵƵƚŝŶŐ;ǁŽƌŬ͕ƐĐŚŽŽůͿ͕ƐŚŽƉƉŝŶŐĂŶĚŽƚŚĞƌĚĂŝůǇůŝĨĞĂĐƚŝǀŝƚŝĞƐ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZŽƵƚĞŚŽŝĐĞ;ZĂŝůǁĂǇͿ

DĞƚŚŽĚ ĂƚĂZĞƋƵŝƌĞŵĞŶƚ DĞƚŚŽĚ ĂƚĂZĞƋƵŝƌĞŵĞŶƚ DĞƚŚŽĚ ĂƚĂZĞƋƵŝƌĞŵĞŶƚ DĞƚŚŽĚ ĂƚĂZĞƋƵŝƌĞŵĞŶƚ ĚũƵƐƚŵĞŶƚ ϮϬϭϬEĂƚŝŽŶĂůĞŶƐƵƐ WƌĞƐĞŶƚWĂƚƚĞƌŶ ϮϬϭϬEĂƚŝŽŶĂůĞŶƐƵƐ tĂůŬŝŶŐͬďŝĐǇĐůĞ ϮϬϬϴWdƐƵƌǀĞǇ ŝƐĂŐŐƌĞŐĂƚĞ ϮϬϭϬDĞƚƌŽƉŽůŝƚĂŶ &ĂĐƚŽƌDĞƚŚŽĚ ϮϬϬϴWdƐƵƌǀĞǇ DĞƚŚŽĚ ϮϬϬϴWdƐƵƌǀĞǇ ƐƉůŝƚĐƵƌǀĞ ƉƌŽďŝƚ ŵŽĚĞů dƌĂŶƐƉŽƌƚĂƚŝŽŶĞŶƐƵƐ 'ƌĂǀŝƚǇDŽĚĞů ŝƐĂŐŐƌĞŐĂƚĞůŽŐŝƚ ŵŽĚĞů z ŝƌƉŽƌƚĐĐĞƐƐĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐDŽĚĞů ĂƐĞĚŽŶĂŶĂĐĐĞƐƐƚƌŝƉĨƌŽŵĞǀĞƌǇŵŽĚĞƐƚŽ,ĂŶĞĚĂŝƌƉŽƌƚĂŶĚEĂƌŝƚĂŝƌƉŽƌƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZŽƵƚĞŚŽŝĐĞ;ZĂŝůǁĂǇͿ

ĂƚĂZĞƋƵŝƌĞŵĞŶƚ DĞƚŚŽĚ ĂƚĂZĞƋƵŝƌĞŵĞŶƚ DĞƚŚŽĚ ĂƚĂZĞƋƵŝƌĞŵĞŶƚ DĞƚŚŽĚ ĂƚĂZĞƋƵŝƌĞŵĞŶƚ ĂƐĞĚŽŶƚŚĞƌĞƐƵůƚĨƌŽŵƚŚĞƐƵďͲĐŽŵŵŝƚƚĞĞ WƌĞƐĞŶƚWĂƚƚĞƌŶ ;ŽŵĞƐƚŝĐͿ ;ŽŵĞƐƚŝĐͿ ;ŽŵĞƐƚŝĐͿ ϮϬϭϯŝƌWĂƐƐĞŶŐĞƌ^ƵƌǀĞǇ ŝƐĂŐŐƌĞŐĂƚĞůŽŐŝƚ ŝƐĂŐŐƌĞŐĂƚĞƉƌŽďŝƚ DĞƚŚŽĚ ϮϬϭϯŝƌWĂƐƐĞŶŐĞƌ ϮϬϭϯŝƌWĂƐƐĞŶŐĞƌ كŽĨĂǀŝĂƚŝŽŶ;^ĞƉƚĞŵďĞƌ͕ϮϬϭϯ ;/ŶƚĞƌŶĂƚŝŽŶĂůͿ ŵŽĚĞů ŵŽĚĞů ^ƵƌǀĞǇ ϮϬϭϯ/ŶƚĞƌŶĂƚŝŽŶĂůŝƌWĂƐƐĞŶŐĞƌ^ƵƌǀĞǇ ^ƵƌǀĞǇ ϮϬϭϯ>ŽĚŐŝŶŐdƌĂǀĞů^ƵƌǀĞǇ ;/ŶƚĞƌŶĂƚŝŽŶĂůͿ ;/ŶƚĞƌŶĂƚŝŽŶĂůͿ ϮϬϭϯ/ŶƚĞƌŶĂƚŝŽŶĂůŝƌ ϮϬϭϯ/ŶƚĞƌŶĂƚŝŽŶĂůŝƌ WĂƐƐĞŶŐĞƌ^ƵƌǀĞǇ z ,ŝŐŚͲ^ƉĞĞĚZĂŝů^ƚĂƚŝŽŶĐĐĞƐƐĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐDŽĚĞů WĂƐƐĞŶŐĞƌ^ƵƌǀĞǇ ĂƐĞĚŽŶĂŶĂĐĐĞƐƐƚƌŝƉƚŽ,^ZĂŶĚDĂŐůĞǀdƌĂŝŶ^ƚĂƚŝŽŶ ϭͿ 'ĞŶĞƌĂƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZŽƵƚĞŚŽŝĐĞ;ZĂŝůǁĂǇͿ

ĂƚĂZĞƋƵŝƌĞŵĞŶƚ DĞƚŚŽĚ ĂƚĂZĞƋƵŝƌĞŵĞŶƚ DĞƚŚŽĚ ĂƚĂZĞƋƵŝƌĞŵĞŶƚ DĞƚŚŽĚ ĂƚĂZĞƋƵŝƌĞŵĞŶƚ ΀dŽŚŽŬƵ͕:ŽĞƚƐƵ͕,ŽŬƵƌŝŬƵ^ŚŝŶŬĂŶƐĞŶ΁ WƌĞƐĞŶƚWĂƚƚĞƌŶ ϮϬϭϬ^ƵƌǀĞǇŽĨ ŝƐĂŐŐƌĞŐĂƚĞůŽŐŝƚ ϮϬϭϬ^ƵƌǀĞǇŽĨ ŝƐĂŐŐƌĞŐĂƚĞ ϮϬϭϬ ^ƵƌǀĞǇŽĨ,^Z ĂƐĞĚŽŶƚŚĞƌĞƐƵůƚĨƌŽŵƚŚĞƐƵďͲĐŽŵŵŝƚƚĞĞŽĨ DĞƚŚŽĚ ƚƌƵŶŬůŝŶĞƉĂƐƐĞŶŐĞƌ ŵŽĚĞů ƚƌƵŶŬůŝŶĞ ƉƌŽďŝƚ ŵŽĚĞů ƉĂƐƐĞŶŐĞƌĨůŽǁ ^ŚŝŶŬĂŶƐĞŶ ĚĞǀĞůŽƉŵĞŶƚ;DĂƌĐŚ͕ϮϬϭϮͿ 'ƌĂǀŝƚǇDŽĚĞů ĨůŽǁ ƉĂƐƐĞŶŐĞƌĨůŽǁ ΀dŽŬĂŝĚŽ͕ŚƵŽ;DĂŐůĞǀͿ^ŚŝŶŬĂŶƐĞŶ΁ ĂƐĞĚŽŶƚŚĞƌĞƐƵůƚĨƌŽŵƚŚĞƐƵďͲĐŽŵŵŝƚƚĞĞŽĨŚƵŽ ^ŚŝŶŬĂŶƐĞŶ ;KĐƚŽďĞƌ͕ϮϬϭϬͿ

Ϯϳ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

//ͲϭĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐ&ƌĂŵĞǁŽƌŬ ;dŚĞŽƵŶĐŝůŽĨdƌĂŶƐƉŽƌƚWŽůŝĐǇWůĂŶEŽ͘ϭϴ͕EŽ͘ϭϵϴͿ

dƌĂĨĨŝĐ sŽůƵŵĞ ƚŽ ŝƌƉŽƌƚƐĂŶĚ,^ZƐƚĂƚŝŽŶƐŝŶdD ӑ ĐĐĞƐƐŝďŝůŝƚǇŝŵƉƌŽǀĞŵĞŶƚƚŽĂŝƌƉŽƌƚĂŶĚ,^ZƐƚĂƚŝŽŶŝƐŽŶĞŽĨƚŚĞŝŵƉŽƌƚĂŶƚƉŽůŝĐǇƚŽƐƚƌĞŶŐƚŚĞŶ ƚŚĞŝŶƚĞƌŶĂƚŝŽŶĂůĐŽŵƉĞƚŝƚŝǀĞŶĞƐƐ ӑ >ĂƌŐĞŝŵƉĂĐƚƚŽƚŚĞƐŝŵƵůĂƚŝŽŶŽĨƚŚĞĐƵƌƌĞŶƚƚƌĂĨĨŝĐĨůŽǁ;ƚŚĞǇĂƌĞŝŵƉŽƌƚĂŶƚŶŽĚĞƐͿ ϱϬŬŵƌĂĚŝƵƐ KŵŝǇĂ

hĞŶŽ EĂƌŝƚĂŝƌƉŽƌƚ dŽŬǇŽ ^ŚŝŶĂŐĂǁĂ ŝƌƉŽƌƚ͕,^ZƐƚĂƚŝŽŶƚƌĂŶƐƉŽƌƚǀŽůƵŵĞ;ϭ͕ϬϬϬƉĞƌƐŽŶͬĚĂǇͿ 'ƌŽǁƚŚ ŶŶƵĂů ϭϵϵϱ ϮϬϭϱ /ŶĐƌĞĂƐ ƌĂƚĞ ŐƌŽǁƚŚ ,ĂŶĞĚĂ ;ĂĐƚƵĂůͿ ;dWW ϭϴͿ ĞƌĂƚĞ ŝƌƉŽƌƚ ;йͿ ;йͿ ^ŚŝŶͲ ŝƌƉŽƌƚ ĐĐĞƐƐ ϭϴϬ Ϯϴϰ ϭϬϰ ϱϳ͘ϴ Ϯ͘ϯ zŽŬŽŚĂŵĂ ,ĂŶĞĚĂ ϭϮϬ ϭϳϳ ϱϳ ϰϳ͘ϱ Ϯ͘Ϭ EĂƌŝƚĂ ϲϬ ϭϬϳ ϰϳ ϳϴ͘ϯ Ϯ͘ϵ dƌƵŶŬ >ŝŶĞ ĐĐĞƐƐ ϰϮϭ ϱϯϬ ϭϬϵ Ϯϲ͘Ϭ ϭ͘Ϯ ^ŚŝŶŬĂŶƐĞŶ ϯϱϯ ϰϰϱ ϵϮ Ϯϲ͘Ϭ ϭ͘Ϯ dŽƚĂů ϲϬϭ ϴϭϰ Ϯϭϯ ϯϱ͘ϰ ϭ͘ϱ

Ϯϴ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ;ZĞĨĞƌĞŶĐĞͿ ĐŽŵƉĂƌŝƐŽŶǁŝƚŚŚŝŐŚǁĂǇĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ӑ ŚŝŐŚǁĂǇĚĞŵĂŶĚĨŽƌĞĐĂƐƚĐĂůĐƵůĂƚŝŽŶŝƐŵĂŝŶůǇďĂƐĞĚŽŶŚŝŐŚǁĂǇĐĞŶƐƵƐ ӑ ĐĂƌ;ŶŽ͘ŽĨǀĞŚŝĐůĞͿďĂƐĞĚĨŽƌĞĐĂƐƚŝŶŐ ӑ ĂƐƐƵŵĞŶŽĐŚĂŶŐĞŝŶŵŽĚĞ;ŽŶůǇĐĂƌŝƐĂƐƐƵŵĞĚͿ

WdƐƵƌǀĞǇďĂƐĞĚ ,ŝŐŚǁĂǇĐĞŶƐƵƐ ;ϰƐƚĞƉŵŽĚĞůͿ ;ϯƐƚĞƉŵŽĚĞůͿ

WŽƉƵůĂƚŝŽŶ EŽ͘ŽĨǀĞŚŝĐůĞ ĨŽƌĞĐĂƐƚŝŶŐ ŽŶƐŝĚĞƌĂƚŝŽŶŽĨŶŽ͘ ĨŽƌĞĐĂƐƚŝŶŐ ŽŶƐŝĚĞƌĂƚŝŽŶŽĨŶŽ͘ ŽĨƉŽƉƵůĂƚŝŽŶĂŶĚ ŽĨƉŽƉƵůĂƚŝŽŶĂŶĚ ůĂŶĚƵƐĞƉĂƚƚĞƌŶ 'ĞŶĞƌĂƚŝŽŶͲƚƚƌĂĐƚŝŽŶ ůĂŶĚƵƐĞƉĂƚƚĞƌŶ 'ĞŶĞƌĂƚŝŽŶͲƚƚƌĂĐƚŝŽŶ ĨƌŽŵƉŽƉƵůĂƚŝŽŶ ĨƌŽŵĐĂƌ

ŝƐƚƌŝďƵƚŝŽŶĨƌŽŵ ŝƐƚƌŝďƵƚŝŽŶ WŽƉƵůĂƚŝŽŶ ĨƌŽŵĂƌ dŚĞƌĞŝƐŽŶůǇĐĂƌKͲĚĂƚĂ ĨƌŽŵŚŝŐŚǁĂǇĐĞŶƐƵƐ͕ƐŽ ƚŚĞƌĞŝƐŶŽŵŽĚĂůƐƉůŝƚ DŽĚĂůƐƉůŝƚ

ĂƐĞĚŽŶĐĂƌKͲ ĂƐĞĚŽŶĐĂƌKͲ ƚĂďůĞ ƚĂďůĞ ZŽĂĚŶĞƚǁŽƌŬ ZŽĂĚŶĞƚǁŽƌŬ

ZŽƵƚĞ ZŽƵƚĞĂƐƐŝŐŶŵĞŶƚ ĂƐƐŝŐŶŵĞŶƚ

&ŽƌĞĐĂƐƚŝŶŐŵĞƚŚŽĚďĂƐĞĚŽŶZŽĂĚƵƌĞĂƵ Ϯϵ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

ZŽůĞƐŽĨƌŽĂĚĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐʹ ŽŶƚƌŝďƵƚŝŽŶƚŽEĂƚŝŽŶĂůĂŶĚ>ŽĐĂůŐŽǀĞƌŶŵĞŶƚ ӑ EĂƚŝŽŶĂůĂŶĚůŽĐĂůƐŚĂƌĞƚŚĞƌŽĂĚŝŶǀĞƐƚŵĞŶƚ ӑ ĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŝƐĂůƐŽŝŶĐůƵĚĞĚŝŶƚŚĞƐĞƉƌŽĐĞƐƐĞƐ;/ Æ ƉůĂŶŶŝŶŐƉƌŽĐĞƐƐͿ͕;ŝŶǀĞƐƚŵĞŶƚƉƌŝŽƌŝƚǇƐĞůĞĐƚŝŽŶ Æ ĚĞƚĂŝů ƉůĂŶŶŝŶŐƉƌŽĐĞƐƐͿ;ƌĞͲĞǀĂůƵĂƚŝŽŶ͕ƉƌŽũĞĐƚĂƵƚŚŽƌŝǌĂƚŝŽŶ Æ ůĂŶĚĂĐƋƵŝƐŝƚŝŽŶƉƌŽĐĞƐƐͿ

D>/d

ZŽĂĚƵƌĞĂƵ͕D>/dŝƐŝŶĐŚĂƌŐĞŽŶůǇ ĨŽƌǀĞŚŝĐůĞĨŽƌĞĐĂƐƚ͕ŐĞŶĞƌĂƚŝŽŶΘ ĂƚƚƌĂĐƚŝŽŶĂŶĚĚŝƐƚƌŝďƵƚŝŽŶ

ффŽƵƌĐŽŵƉĂŶǇ͛Ɛ;ZWͿ ŝŶǀŽůǀĞŵĞŶƚхх KƵƌĐŽŵƉĂŶǇĂƌĞƵƐƵĂůůǇƌĞƋƵĞƐƚĞĚƚŽ ĞƐƚŝŵĂƚĞƚŚĞĚŝƐƚƌŝďƵƚŝŽŶƐƚĞƉ

>ŽĐĂů'Žǀƚ͘ >ŽĐĂůŐŽǀĞƌŶŵĞŶƚĂŶĚD>/d D>/dƌĞŐŝŽŶĂů ƌĞŐŝŽŶĂůŽĨĨŝĐĞĞƐƚŝŵĂƚĞĚƌŽƵƚĞ ĂƐƐŝŐŶŵĞŶƚŝŶƚŚĞŝƌŽǁŶĂƌĞĂ ŽĨĨŝĐĞ ϯϬ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ //ͲϭĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐĂŶĚ>ŝŶĞǀĂůƵĂƚŝŽŶ ;dŚĞdƌĂŶƐƉŽƌƚWŽůŝĐǇWůĂŶEŽ͘ϭϴͲWƌŝŽƌŝƚǇ^ĞůĞĐƚŝŽŶ㸧

ĂƐĞĚĨƌŽŵƚŚĞĨŽƵƌĂŶĂůǇƐĞƐŵĞŶƚŝŽŶĞĚŝŶdWWŶŽ͘ϭϴ͕ƌĂŝůǁĂǇůŝŶĞ ĞǀĂůƵĂƚŝŽŶĐĂŶďĞĐŽŶĚƵĐƚĞĚ͘&ƌŽŵƚŚĞĞǀĂůƵĂƚŝŽŶ͕ŝŶǀĞƐƚŵĞŶƚƉƌŝŽƌŝƚǇ ŽĨϭ͕ϮĂŶĚĐĂŶďĞĞǀĂůƵĂƚĞĚĂƐĨŽůůŽǁƐ

͗dŚĞƉƌŽũĞĐƚŵƵƐƚďĞŝŶŝƚŝĂƚĞĚďĞĨŽƌĞƚĂƌŐĞƚǇĞĂƌ;ϮϬϭϱͿ ϭ͗ ĂƐĞĚŽŶƚŚĞĐƵƌƌĞŶƚƐŝƚƵĂƚŝŽŶ͕ƚŚĞƐĞůŝŶĞƐĂƌĞĂůƌĞĂĚǇǁĞůůͲƉůĂŶŶĞĚ ĂŶĚƌĞĂĚǇĨŽƌŽƉĞƌĂƚŝŽŶďĞĨŽƌĞƚŚĞƚĂƌŐĞƚǇĞĂƌ;ϮϬϭϱͿ Ϯ͗ĂƐĞĚŽŶƚŚĞĐƵƌƌĞŶƚƐŝƚƵĂƚŝŽŶ͕ƉůĂŶĨŽƌƚŚĞƐĞůŝŶĞƐĂƌĞŶŽƚƌĞĂĐŚŝŶŐ ƚŚĞŵĂƚƵƌĞƐƚĂƚĞǇĞƚ͘^ŽŵĞůŝŶĞƐŵŝŐŚƚďĞƌĞĂĚǇĨŽƌŽƉĞƌĂƚŝŽŶďĞĨŽƌĞƚŚĞƚĂƌŐĞƚ ǇĞĂƌ;ϮϬϭϱͿ ͗dŚĞƉƌŽũĞĐƚĨŽƌůĂƚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ ĂƐĞĚŽŶƚŚĞĐƵƌƌĞŶƚƉƌŽŐƌĞƐƐ͕ĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ͕ĂŶĚŝŶǀĞƐƚŵĞŶƚ ĐĂƉĂďŝůŝƚǇ͕ƚŚĞƐĞƌǀŝĐĞŶĞĐĞƐƐŝƚǇĂŶĚŝŶǀĞƐƚŵĞŶƚƉůĂŶƐŚŽƵůĚďĞĨƵƌƚŚĞƌ ĐŽŶƐŝĚĞƌĞĚ

ϯϭ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

//ͲϭĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐĂŶĚ>ŝŶĞǀĂůƵĂƚŝŽŶ ;dŚĞdƌĂŶƐƉŽƌƚWŽůŝĐǇWůĂŶEŽ͘ϭϴͲWƌŝŽƌŝƚǇ^ĞůĞĐƚŝŽŶ㸧

ZĂŝůǁĂǇŶĞƚǁŽƌŬŝŶǀĞƐƚŵĞŶƚƉůĂŶ WƌŝŽƌŝƚǇ͗ϭ;ƌĞĚͿÆ Ϯ;ŽƌĂŶŐĞͿÆ ;ĚŽƚƚĞĚŐƌĞĞŶͿ

ZĂŝůǁĂǇEĞƚǁŽƌŬŝŶdD

ϯϮ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ //ͲϭǀĂůƵĂƚŝŽŶdĂďůĞ

/Ŷ ƚŚĞ dƌĂŶƐƉŽƌƚ WŽůŝĐǇ WůĂŶ EŽ͘ϭϴ͕ ďĂƐĞĚ ŽŶ ĨŽƵƌ ƌĞůĂƚĞĚ ĂŶĂůǇƐŝƐ͕ ƚŚĞ ƌĂŝůǁĂǇ ŝŶǀĞƐƚŵĞŶƚ ƉƌŝŽƌŝƚǇ ǁĂƐ ĚĞƚĞƌŵŝŶĞĚ ĂƐ ĨŽůůŽǁƐ͗

ϯϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

//ͲϭǀĂůƵĂƚŝŽŶdĂďůĞ

ϯϰ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ Ϫ ĂƚĂĂŶĚ^ƵƌǀĞǇZĞƋƵŝƌĞŵĞŶƚƐĨŽƌ dƌĂŶƐƉŽƌƚĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐ

ϭ͘ dƌĂŶƐƉŽƌƚ ĞŵĂŶĚ &ŽƌĞĐĂƐƚŝŶŐ ĂŶĚ ^ƵƌǀĞǇƐͬ^ƚƵĚǇ Ϯ͘ DĂũŽƌ^ƵƌǀĞǇŝŶ:ĂƉĂŶĂŶĚ/ƚƐhƚŝůŝǌĂƚŝŽŶŝŶĞŵĂŶĚ &ŽƌĞĐĂƐƚŝŶŐDŽĚĞů ϯ͘ KǀĞƌǀŝĞǁŽĨĂƚĂZĞƋƵŝƌĞŵĞŶƚƐŝŶdƌĂŶƐƉŽƌƚ ĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐ ϭ͘ EĂƚŝŽŶĂůĞŶƐƵƐ Ϯ͘ DĞƚƌŽƉŽůŝƚĂŶdƌĂŶƐƉŽƌƚĂƚŝŽŶĞŶƐƵƐ ϯ͘ WĞƌƐŽŶͲƚƌŝƉ;WdͿ^ƵƌǀĞǇ ϰ͘ EĂƚŝŽŶĂůĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚdƌĂǀĞůĞŵĂŶĚ &ŽƌĞĐĂƐƚŝŶŐ

Ϭ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

///Ͳϭ dƌĂŶƐƉŽƌƚ ĞŵĂŶĚ &ŽƌĞĐĂƐƚŝŶŐ ĂŶĚ ^ƵƌǀĞǇƐͬ^ƚƵĚǇ

ĂƚĂƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĞĂĐŚĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐƐƵďͲŵŽĚĞů;ĂƐĞĚ ŽŶ dŚĞdƌĂŶƐƉŽƌƚWŽůŝĐǇWůĂŶEŽ͘ϭϵϴͿ

hƌďĂŶ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐDŽĚĞů ĂƐĞĚŽŶĂƚƌŝƉĨŽƌĐŽŵŵƵƚŝŶŐ;ǁŽƌŬ͕ƐĐŚŽŽůͿ͕ƐŚŽƉƉŝŶŐĂŶĚŽƚŚĞƌĚĂŝůǇůŝĨĞĂĐƚŝǀŝƚŝĞƐ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZŽƵƚĞŚŽŝĐĞ;ZĂŝůǁĂǇͿ

DĞƚŚŽĚ ĂƚĂZĞƋƵŝƌĞŵĞŶƚ DĞƚŚŽĚ ĂƚĂZĞƋƵŝƌĞŵĞŶƚ DĞƚŚŽĚ ĂƚĂZĞƋƵŝƌĞŵĞŶƚ DĞƚŚŽĚ ĂƚĂZĞƋƵŝƌĞŵĞŶƚ ĚũƵƐƚŵĞŶƚ ϮϬϭϬEĂƚŝŽŶĂůĞŶƐƵƐ WƌĞƐĞŶƚWĂƚƚĞƌŶ ϮϬϭϬEĂƚŝŽŶĂůĞŶƐƵƐ tĂůŬŝŶŐͬďŝĐǇĐůĞƐƉůŝƚ ϮϬϬϴWdƐƵƌǀĞǇ ŝƐĂŐŐƌĞŐĂƚĞƉƌŽďŝƚ ϮϬϭϬDĞƚƌŽƉŽůŝƚĂŶ &ĂĐƚŽƌDĞƚŚŽĚ ϮϬϬϴWdƐƵƌǀĞǇ DĞƚŚŽĚ ϮϬϬϴWdƐƵƌǀĞǇ ĐƵƌǀĞ ŵŽĚĞů dƌĂŶƐƉŽƌƚĂƚŝŽŶ 'ƌĂǀŝƚǇDŽĚĞů ŝƐĂŐŐƌĞŐĂƚĞůŽŐŝƚ ĞŶƐƵƐ ŵŽĚĞů ŝƌƉŽƌƚĐĐĞƐƐĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐDŽĚĞů ĂƐĞĚŽŶĂŶĂĐĐĞƐƐƚƌŝƉĨƌŽŵĞǀĞƌǇŵŽĚĞƐƚŽ,ĂŶĞĚĂ ŝƌƉŽƌƚĂŶĚEĂƌŝƚĂŝƌƉŽƌƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZŽƵƚĞŚŽŝĐĞ;ZĂŝůǁĂǇͿ

ĂƚĂZĞƋƵŝƌĞŵĞŶƚ DĞƚŚŽĚ ĂƚĂZĞƋƵŝƌĞŵĞŶƚ DĞƚŚŽĚ ĂƚĂZĞƋƵŝƌĞŵĞŶƚ DĞƚŚŽĚ ĂƚĂZĞƋƵŝƌĞŵĞŶƚ

ĂƐĞĚŽŶƚŚĞƌĞƐƵůƚĨƌŽŵƚŚĞƐƵďͲĐŽŵŵŝƚƚĞĞ WƌĞƐĞŶƚWĂƚƚĞƌŶ ;ŽŵĞƐƚŝĐͿ ;ŽŵĞƐƚŝĐͿ ;ŽŵĞƐƚŝĐͿ ϮϬϭϯŝƌWĂƐƐĞŶŐĞƌ^ƵƌǀĞǇ ŝƐĂŐŐƌĞŐĂƚĞůŽŐŝƚ ŝƐĂŐŐƌĞŐĂƚĞƉƌŽďŝƚ ŽĨĂǀŝĂƚŝŽŶ;^ĞƉƚĞŵďĞƌ͕ϮϬϭϯʥ DĞƚŚŽĚ ϮϬϭϯŝƌWĂƐƐĞŶŐĞƌ ϮϬϭϯŝƌWĂƐƐĞŶŐĞƌ ;/ŶƚĞƌŶĂƚŝŽŶĂůͿ ŵŽĚĞů ŵŽĚĞů ^ƵƌǀĞǇ ϮϬϭϯ/ŶƚĞƌŶĂƚŝŽŶĂůŝƌWĂƐƐĞŶŐĞƌ^ƵƌǀĞǇ ^ƵƌǀĞǇ ϮϬϭϯ>ŽĚŐŝŶŐdƌĂǀĞů^ƵƌǀĞǇ ;/ŶƚĞƌŶĂƚŝŽŶĂůͿ ;/ŶƚĞƌŶĂƚŝŽŶĂůͿ ϮϬϭϯ/ŶƚĞƌŶĂƚŝŽŶĂůŝƌ ϮϬϭϯ/ŶƚĞƌŶĂƚŝŽŶĂůŝƌ WĂƐƐĞŶŐĞƌ^ƵƌǀĞǇ ,ŝŐŚͲ^ƉĞĞĚZĂŝů^ƚĂƚŝŽŶĐĐĞƐƐĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐDŽĚĞů WĂƐƐĞŶŐĞƌ^ƵƌǀĞǇ ĂƐĞĚŽŶĂŶĂĐĐĞƐƐƚƌŝƉƚŽ,^ZĂŶĚDĂŐůĞǀdƌĂŝŶ^ƚĂƚŝŽŶ ϭͿ 'ĞŶĞƌĂƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZŽƵƚĞŚŽŝĐĞ;ZĂŝůǁĂǇͿ

ĂƚĂZĞƋƵŝƌĞŵĞŶƚ DĞƚŚŽĚ ĂƚĂZĞƋƵŝƌĞŵĞŶƚ DĞƚŚŽĚ ĂƚĂZĞƋƵŝƌĞŵĞŶƚ DĞƚŚŽĚ ĂƚĂZĞƋƵŝƌĞŵĞŶƚ dŽŚŽŬƵ͕:ŽĞƚƐƵ͕,ŽŬƵƌŝŬƵ^ŚŝŶŬĂŶƐĞŶ WƌĞƐĞŶƚWĂƚƚĞƌŶ ϮϬϭϬ^ƵƌǀĞǇŽĨƚƌƵŶŬ ŝƐĂŐŐƌĞŐĂƚĞůŽŐŝƚ ϮϬϭϬ^ƵƌǀĞǇŽĨ ŝƐĂŐŐƌĞŐĂƚĞƉƌŽďŝƚ ϮϬϭϬ ^ƵƌǀĞǇŽĨ,^Z ĂƐĞĚŽŶƚŚĞƌĞƐƵůƚĨƌŽŵƚŚĞƐƵďͲĐŽŵŵŝƚƚĞĞŽĨ DĞƚŚŽĚ ůŝŶĞƉĂƐƐĞŶŐĞƌĨůŽǁ ŵŽĚĞů ƚƌƵŶŬůŝŶĞƉĂƐƐĞŶŐĞƌ ŵŽĚĞů ƉĂƐƐĞŶŐĞƌĨůŽǁ ^ŚŝŶŬĂŶƐĞŶĚĞǀĞůŽƉŵĞŶƚ;DĂƌĐŚ͕ϮϬϭϮͿ 'ƌĂǀŝƚǇDŽĚĞů ĨůŽǁ dŽŬĂŝĚŽ͕ŚƵŽ;DĂŐůĞǀͿ^ŚŝŶŬĂŶƐĞŶ ĂƐĞĚŽŶƚŚĞƌĞƐƵůƚĨƌŽŵƚŚĞƐƵďͲĐŽŵŵŝƚƚĞĞŽĨŚƵŽ ^ŚŝŶŬĂŶƐĞŶ;KĐƚŽďĞƌ͕ϮϬϭϬͿ

ϭ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ///ͲϮ DĂũŽƌ^ƵƌǀĞǇŝŶ:ĂƉĂŶĂŶĚ/ƚƐhƚŝůŝǌĂƚŝŽŶŝŶ ĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐDŽĚĞů

/Ŷ :ĂƉĂŶ͕ ĚĂƚĂŶĞĞĚƐ ĨŽƌƚŚĞĚĞŵĂŶĚĨŽƌĞĐĂƐƚĂŶĚŽƚŚĞƌƵƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞǀĞůŽƉŵĞŶƚƉůĂŶŶŝŶŐĂƌĞŵŽƐƚůǇĐŽŶĚƵĐƚĞĚďǇƚŚĞ ŐŽǀĞƌŶŵĞŶƚ͘ ƵƌŝŶŐƚŚĞƐƵƌǀĞǇŵĞƚŚŽĚĂŶĚƋƵĞƐƚŝŽŶĚĞƐŝŐŶƉƌŽĐĞƐƐ͕ƉĂƌƚŝĐŝƉĂƚŝŽŶŽĨƵŶŝǀĞƌƐŝƚǇƉƌŽĨĞƐƐŽƌƐĂŶĚĞǆƉĞƌƚƐŝƐĞƐƐĞŶƚŝĂů͘ ĂƚĂ ĨƌŽŵƵƌďĂŶƚƌĂŶƐƉŽƌƚƐƚƵĚǇ EĂƚŝŽŶĂůĞŶƐƵƐ WĞƌƐŽŶͲdƌŝƉ^ƵƌǀĞǇ DĞƚƌŽƉŽůŝƚĂŶdƌĂŶƐƉŽƌƚĂƚŝŽŶ hƌďĂŶ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ,ŝŐŚǁĂǇĞŶƐƵƐ ^ƵƌǀĞǇdŝƚůĞ ĞŶƐƵƐ ŶŶƵĂůZĞƉŽƌƚ ^ƚĂƚŝƐƚŝĐƵƌĞĂƵ͕D/ ŝƚǇƵƌĞĂƵ͕D>/d͖ ůŽĐĂů WŽůŝĐǇƵƌĞĂƵ͕D>/d :ĂƉĂŶdƌĂŶƐƉŽƌƚĂƚŝŽŶZĞƐĞĂƌĐŚ ZŽĂĚƵƌĞĂƵ͕D>/d ŐĞŶĐǇ ŐŽǀĞƌŶŵĞŶƚ /ŶƐƚŝƚƵƚĞ

WƌŽǀŝĚĞ ƚŚĞďĂƐŝĐ dŽƵŶĚĞƌƐƚĂŶĚ ƚŚĞĐƵƌƌĞŶƚ dŽ ƵŶĚĞƌƐƚĂŶĚƚŚĞǀŽůƵŵĞŽĨ dŽƵŶĚĞƌƐƚĂŶĚƚŚĞƉĂƐƐĞŶŐĞƌ dŽƵŶĚĞƌƐƚĂŶĚ ƚŚĞĐƵƌƌĞŶƚ ŝŶĨŽƌŵĂƚŝŽŶĨŽƌƉŽůŝĐǇ ƐŝƚƵĂƚŝŽŶŽĨƚƌĂŶƐƉŽƌƚĂƚŝŽŶŝŶ ƉƵďůŝĐƚƌĂŶƐƉŽƌƚĂƚŝŽŶŝŶŵĂũŽƌϯ ǀŽůƵŵĞĂŶĚĂĐƚƵĂůĐĂƉĂĐŝƚǇŽĨ ƐŝƚƵĂƚŝŽŶŽĨŶĂƚŝŽŶĂůŚŝŐŚǁĂǇ KďũĞĐƚŝǀĞ ĚŝƐĐƵƐƐŝŽŶŝŶďŽƚŚŶĂƚŝŽŶĂů ƵƌďĂŶĂƌĞĂŝŶŽǀĞƌĂůů͕ĨŽƌƚŚĞ ŵĞƚƌŽƉŽůŝƚĂŶĂƌĞĂ͕ƐƚŚĞďĂƐŝĐ ƉƵďůŝĐƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ĨŽƌƚŚĞ ĂŶĚǀĞŚŝĐůĞƵƐĂŐĞ͕ĂƐĂďĂƐŝĐ ĂŶĚůŽĐĂůĂĚŵŝŶ͘ůĞǀĞů ďĞƐƚĐŽŶƐŝĚĞƌĂƚŝŽŶŝŶƉŽůŝĐǇ ŝŶĨŽƌŵĂƚŝŽŶĨŽƌƚŚĞƉƵďůŝĐ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶŵĂŶĂŐĞŵĞŶƚƉůĂŶ ŝŶĨŽƌŵĂƚŝŽŶĨŽƌĞǀĞƌǇƉůĂŶ ƉůĂŶŶŝŶŐ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶŝŶǀĞƐƚŵĞŶƚƉůĂŶ ƌĞůĂƚĞĚƚŽŚŝŐŚǁĂǇ EĂƚŝŽŶǁŝĚĞ hƌďĂŶƌĞĂ͕dD dŽŬǇŽD͕ŚƵŬǇŽ ;EĂŐŽǇĂͿD͕ dŽŬǇŽD͕ŚƵŬǇŽ D͕<ŝŶŬŝ D EĂƚŝŽŶǁŝĚĞ ^ƚƵĚǇƌĞĂ <ŝŶŬŝ;KƐĂŬĂͿD WĞƌƐŽŶ͕WĞƌƐŽŶͲƚƌŝƉ;ϭĚĂǇͿ WĞƌƐŽŶͲƚƌŝƉ;ϭĚĂǇͿ ZĂŝů͕ƵƐ͕dƌĂŵƉĂƐƐĞŶŐĞƌ ZĂŝůǁĂǇ ƉĂƐƐĞŶŐĞƌǀŽůƵŵĞ͕ ĂƌŵŽǀĞŵĞŶƚ;ϭĚĂǇͿ ^ƵƌǀĞǇ dĂƌŐĞƚ ŵŽǀĞŵĞŶƚ;ϭĚĂǇͿ ĂĐƚƵĂůĐĂƉĂĐŝƚǇ ^ƚĂƌŝŶŐǇĞĂƌĂŶĚ ^ŝŶĐĞϭϵϮϬ ^ŝŶĐĞ ϭϵϲϳ͕ĞĂĐŚĐŝƚŝĞƐ ĞǀĞƌǇϭϬ ^ŝŶĐĞϭϵϲϬ ^ŝŶĐĞϭϵϮϬ ^ŝŶĐĞϭϵϮϴ͕ĨƌŽŵϭϵϴϬ ƉĞƌŝŽĚ ĞǀĞƌǇϱǇĞĂƌƐ ǇĞĂƌƐ ĞǀĞƌǇϱǇĞĂƌƐ ĞǀĞƌǇǇĞĂƌ ĞǀĞƌǇϱǇĞĂƌƐ ŽŵŵƵƚŝŶŐ KͲ ʀŽŵŵƵƚŝŶŐ͕WƌŝǀĂƚĞƚƌŝƉ͕ ʀŝŶĚŝǀŝĚƵĂů ƚƌŝƉĚĂƚĂĨŽƌ ʀƌĂŝůǁĂǇƉĞĂŬͲŚŽƵƌƉĂƐƐĞŶŐĞƌ͕ ʀŚŝŐŚǁĂǇKͲ ĂŶĚǀŽůƵŵĞ ;DƵŶŝĐŝƉĂůŝƚǇůĞǀĞůͿ ƵƐŝŶĞƐƐƌĞůĂƚĞĚ ƚƌŝƉKͲ ĚŝƐĂŐŐƌĞŐĂƚĞƌŽƵƚĞĐŚŽŝĐĞŵŽĚĞů ďǇƐĞĐƚŝŽŶ hƚŝůŝǌĂƚŝŽŶŝŶ ;ƉĂƌƚŝĂů ŵƵŶŝ͘>ĞǀĞůͿ ʀƌĂŝůǁĂǇ ƉĂƐƐĞŶŐĞƌǀŽůƵŵĞďǇ ʀƌĂŝůǁĂǇĐĂƉĂĐŝƚǇ ĚĞŵĂŶĚ ĨŽƌĞĐĂƐƚŝŶŐ ʀŝŶĚŝǀŝĚƵĂů ƚƌŝƉĚĂƚĂĨŽƌ ƚŝŵĞƉĞƌŝŽĚ ŵŽĚĞů ĚŝƐĂŐŐƌĞŐĂƚĞŵŽĚĞů ʀƐƚĂƚŝŽŶĂĐĐĞƐƐĚĂƚĂ;ĂĐĐĞƐƐ ŵŽĚĞ͕ŽƌŝŐŝŶǌŽŶĞͿ ůůƌĞƐŝĚĞŶƚ ϮϬϬϴ ϮϬϭϬ ĂƐĞĚŽŶƚŚĞĂŶŶƵĂů ƌĞƉŽƌƚ ϮϬϭϬ /ŶĚŝǀŝĚƵĂů͗ϳϴϯ͕ϴϳϯƐĂŵƉůĞƐ ZĂŝů͗ ϮϭϮ͕ϵϳϭ ƉĞƌƐŽŶ ƐƵďŵŝƚƚĞĚďǇƌĂŝůǁĂǇĐŽŵƉĂŶǇ KͲƐƵƌǀĞǇ͗ϭ͕ϰϮϱ͕ϬϬϬǀĞŚŝĐůĞ ^ĂŵƉůĞ ƐŝǌĞ ;ƌĞƐƉŽŶĚƌĂƚĞ Ϯ͘ϭϮйͿ ƵƐ͕dƌĂŵ͗ Ϯϯ͕ϬϬϵƉĞƌƐŽŶ ,ŽƵƐĞŚŽůĚ͗ϯϰϬ͕ϲϭϵƐĂŵƉůĞƐ ;ƌĞƐƉŽŶĚƌĂƚĞ Ϯϰ͘ϮйͿ /ŶǀŽůǀĞŵĞŶƚ ĨƌŽŵ z^ z^ ĂĐĂĚĞŵŝĐƐĂŶĚ ĞǆƉĞƌƚƐ

㸸 ^ŽƵƌĐĞ ĞĚŝƚĞĚĨƌŽŵ͞<ƃƚƐƻ ŬĞŝŬĂŬƵͲŐĂŬƵ;dƌĂŶƐƉŽƌƚWůĂŶŶŝŶŐͿ ďǇzƵŝĐŚŝƌŽϮ <ĂŶĞŬŽ͟ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ

///ͲϮ DĂũŽƌ^ƵƌǀĞǇŝŶ:ĂƉĂŶĂŶĚ/ƚƐhƚŝůŝǌĂƚŝŽŶŝŶ ĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐDŽĚĞů

EŽƚŽŶůǇƚŚĞĚĂƚĂĨƌŽŵƵƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ďƵƚƚŚĞĚĂƚĂĨƌŽŵĂŝƌƚƌĂŶƐƉŽƌƚŝƐĂůƐŽƵƚŝůŝǌĞĚ

ĂƚĂ ĨƌŽŵƵƌďĂŶƚƌĂŶƐƉŽƌƚƐƚƵĚǇ ĂƚĂ ĨƌŽŵĂŝƌƚƌĂŶƐƉŽƌƚƐƚƵĚǇ ,ŝŐŚǁĂǇĞŶƐƵƐ ^ƵƌǀĞǇŽĨƚƌƵŶŬůŝŶĞ ƉĂƐƐĞŶŐĞƌ ŝƌWĂƐƐĞŶŐĞƌ^ƵƌǀĞǇ /ŶƚĞƌŶĂƚŝŽŶĂůŝƌ ^ƵƌǀĞǇdŝƚůĞ ĨůŽǁ WĂƐƐĞŶŐĞƌ^ƵƌǀĞǇ ŐĞŶĐǇ ZŽĂĚƵƌĞĂƵ͕D>/d WŽůŝĐǇƵƌĞĂƵ͕D>/d ŝǀŝůǀŝĂƚŝŽŶƵƌĞĂƵ͕D>/d dŽƵŶĚĞƌƐƚĂŶĚ ƚŚĞĐƵƌƌĞŶƚ dŽƵŶĚĞƌƐƚĂŶĚƚŚĞĨůŽǁ ŽĨƌĞŐŝŽŶĂů dŽƵŶĚĞƌƐƚĂŶĚ ƚŚĞĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨĂŝƌƉĂƐƐĞŶŐĞƌƐƵĐŚĂƐ ƐŝƚƵĂƚŝŽŶŽĨŶĂƚŝŽŶĂůŚŝŐŚǁĂǇĂŶĚ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶŽŶƚŚĞƚƌƵŶŬůŝŶĞ͕ĂƐĂďĂƐŝĐ ƉĞƌƐŽŶĂůŝŶĨŽƌŵĂƚŝŽŶ͕ŽƌŝŐŝŶĂŶĚĚĞƐƚŝŶĂƚŝŽŶ͕ĨůŝŐŚƚƉĂƚƚĞƌŶ͕ĞƚĐ͕͘ KďũĞĐƚŝǀĞ ǀĞŚŝĐůĞƵƐĂŐĞ͕ĂƐĂďĂƐŝĐ ŝŶĨŽƌŵĂƚŝŽŶĨŽƌĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐĂŶĚ ĂƐĂďĂƐŝĐĚĂƚĂĨŽƌĂŝƌƉŽƌƚĚĞǀĞůŽƉŵĞŶƚƉůĂŶĂŶĚŽƚŚĞƌĂǀŝĂƚŝŽŶ ŝŶĨŽƌŵĂƚŝŽŶĨŽƌĞǀĞƌǇƉůĂŶƌĞůĂƚĞĚ ƉŽůŝĐǇƉůĂŶŶŝŶŐ͘ ƉƌŽŵŽƚŝŽŶƉŽůŝĐŝĞƐ ƚŽŚŝŐŚǁĂǇ

^ƚƵĚǇƌĞĂ EĂƚŝŽŶǁŝĚĞ EĂƚŝŽŶǁŝĚĞ EĂƚŝŽŶǁŝĚĞ ĂƌŵŽǀĞŵĞŶƚ;ϭĚĂǇͿ dƌƵŶŬ ůŝŶĞ;ZĂŝů͕ŝƌ͕&ĞƌƌǇ͕ĂƌͿ͕ƉĞƌ ŽŵĞƐƚŝĐƉĂƐƐĞŶŐĞƌͲƚƌŝƉ /ŶƚĞƌŶĂƚŝŽŶĂů ƉĂƐƐĞŶŐĞƌͲƚƌŝƉ;ϭ ^ƵƌǀĞǇ dĂƌŐĞƚ ƉĂƐƐĞŶŐĞƌͲƚƌŝƉ;ϭĚĂǇ͕ϭǇĞĂƌͿ ;ǁĞĞŬĞŶĚͲǁĞĞŬĚĂǇ͕ ŽŶĞĚĂǇ ǁĞĞŬͿ ĞĂĐŚͿ ^ŝŶĐĞϭϵϮϴ͕ĨƌŽŵϭϵϴϬ ^ŝŶĐĞϭϵϵϬ ^ŝŶĐĞϭϵϳϯ ^ŝŶĐĞϭϵϴϳ ^ƚĂƌŝŶŐǇĞĂƌĂŶĚ ĞǀĞƌǇϱǇĞĂƌƐ ƉĞƌŝŽĚ ĞǀĞƌǇϱǇĞĂƌƐ ĞǀĞƌǇϮǇĞĂƌƐ ǀĞƌǇǇĞĂƌ

ʀŚŝŐŚǁĂǇKͲ ĂŶĚǀŽůƵŵĞ KͲƚŽ,^ZƐƚĂƚŝŽŶ ďǇĂĐĐĞƐƐŵŽĚĞ KͲƚŽĚŽŵĞƐƚŝĐ ĂŝƌƉŽƌƚďǇĂĐĐĞƐƐ KͲƚŽŝŶƚĞƌŶĂƚŝŽŶĂů ĂŝƌƉŽƌƚďǇ hƚŝůŝǌĂƚŝŽŶŝŶĚĞŵĂŶĚ ŵŽĚĞ ĂĐĐĞƐƐŵŽĚĞ ĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞů

ϮϬϭϬ ϮϬϭϬ ϮϬϭϱ KͲƐƵƌǀĞǇ͗ϭ͕ϰϮϱ͕ϬϬϬǀĞŚŝĐůĞ ZĂŝůǁĂǇ͗ tĞĞŬĚĂǇϳϲŬƉĞƌƐŽŶ;ϴ͘ϵйͿ ^ĂŵƉůĞ ŝŶEĂƌŝƚĂŝƌƉŽƌƚŝƐ ^ĂŵƉůĞ ƐŝǌĞ ,ŽůŝĚĂǇϭϵϮŬƉĞƌƐŽŶ;ϵ͘ϬйͿ ďĞǇŽŶĚƚŚĞĞǆƉĞĐƚĞĚƌĞĐŽǀĞƌǇ ƌĂƚĞ /ŶǀŽůǀĞŵĞŶƚ ŽĨ z^ ĂĐĂĚĞŵŝĐƐĂŶĚ ĞǆƉĞƌƚƐ

㸸 ^ŽƵƌĐĞ ĞĚŝƚĞĚĨƌŽŵ͞<ƃƚƐƻ ŬĞŝŬĂŬƵͲŐĂŬƵ;dƌĂŶƐƉŽƌƚWůĂŶŶŝŶŐͿ ďǇzƵŝĐŚŝƌŽϯ <ĂŶĞŬŽ͟ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ///Ͳϯ KǀĞƌǀŝĞǁŽĨĂƚĂZĞƋƵŝƌĞŵĞŶƚƐŝŶdƌĂŶƐƉŽƌƚ ĞŵĂŶĚ&ŽƌĞĐĂƐƚŝŶŐ

ϭͿ EĂƚŝŽŶĂůĞŶƐƵƐ

ϮͿ DĞƚƌŽƉŽůŝƚĂŶdƌĂŶƐƉŽƌƚĂƚŝŽŶĞŶƐƵƐ

ϯͿ WĞƌƐŽŶͲƚƌŝƉ;WdͿ^ƵƌǀĞǇ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϰ

///Ͳϯ EĂƚŝŽŶĂůĞŶƐƵƐ ;ϭͿ͗ ŽŵŵƵƚŝŶŐĂƚĂ

KďũĞĐƚŝǀĞ͗ƚŽƵŶĚĞƌƐƚĂŶĚƚŚĞĂĐƚƵĂůŶƵŵďĞƌŽĨƉŽƉƵůĂƚŝŽŶĂŶĚŚŽƵƐĞŚŽůĚƐŝŶ:ĂƉĂŶ͕ĂŶĚ ƚŽŽďƚĂŝŶƚŚĞďĂƐĞĚĂƚĂĨŽƌĂĚŵŝŶŝƐƚƌĂƚŝǀĞƉŽůŝĐŝĞƐ <ĞǇƉŽŝŶƚ͗ƚŽƵŶĚĞƌƐƚĂŶĚƚŚĞĐŽŵŵƵƚŝŶŐƉĂƚƚĞƌŶ;ĨƌŽŵŚŽŵĞƚŽǁŽƌŬƉůĂĐĞͬƐĐŚŽŽůͿ

YƵĞƐƚŝŽŶĂƐŬĞĚƚŽĞĂĐŚŚŽƵƐĞŚŽůĚ YƵĞƐƚŝŽŶĂƐŬĞĚƚŽŚŽƵƐĞŚŽůĚ ŵĞŵďĞƌ

;ϭͿEĂŵĞ ;ϭͿ dǇƉĞŽĨŚŽƵƐĞŚŽůĚ ;ϮͿ'ĞŶĚĞƌ ;ϮͿ EƵŵďĞƌŽĨŚŽƵƐĞŚŽůĚŵĞŵďĞƌ ;ϯͿzĞĂƌĂŶĚŵŽŶƚŚŽĨďŝƌƚŚ ;ϯͿ ,ŽƵƐŝŶŐĐĂƚĞŐŽƌŝǌĂƚŝŽŶ ;ϰͿZĞůĂƚŝŽŶƐŚŝƉǁŝƚŚƚŚĞŚĞĂĚŽĨ,, ;ϰͿ dǇƉĞŽĨŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ ;ϱͿDĂƌŝƚĂů^ƚĂƚƵƐ ;ϲͿEĂƚŝŽŶĂůŝƚǇ ;ϳͿƵƌĂƚŝŽŶŽĨĐƵƌƌĞŶƚƌĞƐŝĚĞŶĐĞ ;ϴͿĚĚƌĞƐƐŽĨƌĞƐŝĚĞŶĐĞϱǇĞĂƌƐďĞĨŽƌĞ ;ϵͿKĐĐƵƉĂƚŝŽŶ ;ϭϬͿĨĨŝůŝĂƚŝŽŶĂŶĚŝƚƐƚǇƉĞŽĨďƵƐŝŶĞƐƐ ;ϭϭͿdǇƉĞŽĨŽĐĐƵƉĂƚŝŽŶ ;ϭϮͿ:ŽďƉŽƐŝƚŝŽŶ ;ϭϯͿĚĚƌĞƐƐŽĨǁŽƌŬƉůĂĐĞͬƐĐŚŽŽů

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϱ ///Ͳϯ EĂƚŝŽŶĂůĞŶƐƵƐ ;ϮͿ͗ &ůŽǁdŽdŽŬǇŽ

WĞƌĐĞŶƚĂŐĞŽĨƉĞŽƉůĞǁŚŽĐŽŵŵƵƚĞƚŽŽƵƚƐŝĚĞŽĨĞĂĐŚƉƌĞĨĞĐƚƵƌĞ

/ďĂƌĂŬŝ

^ĂŝƚĂŵĂ

dŽŬǇŽ

<ĂŶĂŐĂǁĂ

ŚŝďĂ

Ͳ DŽƐƚŚŝŐŚĞƐƚ͗^ĂŝƚĂŵĂWƌĞĨĞĐƚƵƌĞ;ϭϲ͘ϱйͿ ͲϮŶĚ ŚŝŐŚĞƐƚ͗ŚŝďĂƉƌĞĨĞĐƚƵƌĞ;ϭϱ͘ϭйͿ ͲϯƌĚ ŚŝŐŚĞƐƚ͗<ĂŶĂŐĂǁĂWƌĞĨĞĐƚƵƌĞ;ϭϰ͘ϰйͿ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϲ

///Ͳϯ EĂƚŝŽŶĂůĞŶƐƵƐ ;ϯͿ͗ ƵƐŝŶĞƐƐŐŐůŽŵĞƌĂƚŝŽŶŝŶ dŽŬǇŽ

dŚĞƌĂƚŝŽŽĨĚĂǇƚŝŵĞƉŽƉƵůĂƚŝŽŶĂŐĂŝŶƐƚŶŝŐŚƚƚŝŵĞƉŽƉƵůĂƚŝŽŶŝŶƚŚĞϮϯǁĂƌĚƐŽĨdŽŬǇŽ

dŚĞŵŽƐƚŚŝŐŚĞƐƚ͗ŚŝǇŽĚĂŝƐƚƌŝĐƚ;ϭϰϲϬ͘ϲйͿ

ĚĂĐŚŝͲŬƵ /ƚĂďĂƐŚŝͲŬƵ <ŝƚĂͲŬƵ

<ĂƚƐƵƐŚŝŬĂͲŬƵ EĞƌŝŵĂͲŬƵ ƌĂŬĂǁĂͲŬƵ dŽƐŚŝŵĂͲŬƵ ƵŶŬǇŽͲŬƵ dĂŝƚŽͲŬƵ EĂŬĂŶŽͲŬƵ ^ŚŝŶũƵŬƵͲŬƵ ĚŽŐĂǁĂͲŬƵ ^ƵŐŝŶĂŵŝͲŬƵ ŚŝǇŽĚĂͲŬƵ

^ŚŝďƵǇĂͲŬƵ ŚƵŽͲŬƵ <ŽƵƚŽƵͲŬƵ DŝŶĂƚŽͲŬƵ

^ĞƚĂŐĂǇĂͲŬƵ DĞŐƵƌŽͲŬƵ

^ŚŝŶĂŐĂǁĂͲŬƵ

KƚĂͲŬƵ

EŝŐŚƚƚŝŵĞ WŽƉƵůĂƚŝŽŶ ĂǇƚŝŵĞWŽƉƵůĂƚŝŽŶ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϳ ///Ͳϯ DĞƚƌŽƉŽůŝƚĂŶdƌĂŶƐƉŽƌƚĂƚŝŽŶĞŶƐƵƐ;ϭͿ͗ &ƌĂŵĞǁŽƌŬ DĞƚƌŽƉŽůŝƚĂŶdƌĂŶƐƉŽƌƚĂƚŝŽŶĞŶƐƵƐŚĂƐďĞĞŶĐŽŶĚƵĐĞĚĞǀĞƌǇϱǇĞĂƌƐƐŝŶĐĞϭϵϲϬ͘ KďũĞĐƚŝǀĞ͗;ϭͿƚŽŬŶŽǁĂĐƚƵĂůƵƐĂŐĞŽĨŵĂƐƐƉƵďůŝĐƚƌĂŶƐƉŽƌƚ ;ϮͿƚŽƉƌŽǀŝĚĞƚŚĞďĂƐĞŝŶĨŽƌŵĂƚŝŽŶĨŽƌƚŚĞƉƵďůŝĐƚƌĂŶƐƉŽƌƚƉŽůŝĐǇƚŽŝŵƉƌŽǀĞ ƚŚĞĐŽŶǀĞŶŝĞŶĐĞŽĨƉƵďůŝĐƚƌĂŶƐƉŽƌƚŶĞƚǁŽƌŬĂŶĚƚƌĂŶƐƉŽƌƚƐĞƌǀŝĐĞƐ

ZĂŝůƉĂƐƐĞŶŐĞƌƐƵƌǀĞǇ ĂůĂ ƐƵƌǀĞǇ ZĂŝůǁĂǇ

ƌĨŝ ĞŶƐƵƐŽĨDĞƚƌŽƉŽůŝƐ dƌĂĨĨŝĐ ^ƵƌǀĞǇŽŶƚŚĞƌĞĐŽƌĚŽĨƐĂůĞƐ ŽĨĐŽŵŵƵƚĞƌƉĂƐƐ

ZĂŝůǁĂǇK^ƵƌǀĞǇ

ZĂŝůǁĂǇƐĞƌǀŝĐĞƐƵƌǀĞǇ

dƌĂŶƐŝƚĨĂĐŝůŝƚŝĞƐƐƵƌǀĞǇ Ƶ ƐƵƌǀĞǇ ƵƐ ƵƐƉĂƐƐĞŶŐĞƌƐƵƌǀĞǇ

ƵƐK ƐƵƌǀĞǇ

ƵƐƐĞƌǀŝĐĞƐƵƌǀĞǇ

ΎƵƐƐƵƌǀĞǇǁĂƐĐŽŶĚƵĐƚĞĚŽŶůǇĨŽƌĂŝƌƉŽƌƚĂĐĐĞƐƐďƵƐĞƐŝŶĐĂƉŝƚĂůƌĞŐŝŽŶ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϴ

///Ͳϯ DĞƚƌŽƉŽůŝƚĂŶdƌĂŶƐƉŽƌƚĂƚŝŽŶĞŶƐƵƐ;ϮͿ͗ ŽŵŵƵƚŝŶŐWĂƚƚĞƌŶ

ϮϬϬϱ ϮϬϭϬ ϮϬϭϱ ŝƌĐůĞŝŶĚŝĐĂƚĞƐƚŚĞƚŽƚĂůŐĞŶĞƌĂƚĞĚƚƌŝƉĨƌŽŵ

ĞĂĐŚǌŽŶĞǁŚŝůĞƐŚĂĚĞĚĂƌĞĂŝƐƚŚĞƐŚĂƌĞŽĨ ǀĞƌĂŐĞƌĞƋƵŝƌĞĚƚŝŵĞ ŐĞŶĞƌĂƚĞĚƚƌŝƉƚŽdŽŬǇŽϮϯǁĂƌĚƐ

/ďĂƌĂŬŝ ^ĂŝƚĂŵĂ

ŽŵŵƵƚŝŶŐƚŽǁŽƌŬ ŽŵŵƵƚŝŶŐƚŽƐĐŚŽŽů dŽƚĂů

ǀĞƌĂŐĞĐŽŵŵƵƚŝŶŐƚŝŵĞŽĨĐŽŵŵƵƚĞƌƐƵƐŝŶŐ ĐŽŵŵƵƚĞƌƉĂƐƐ;ŵŝŶƵƚĞͿ dĂŵ ;ŝŶĐůƵĚŝŶŐĂĐĐĞƐƐƚŝŵĞĂŶĚĞŐƌĞƐƐƚŝŵĞͿ Ă dŽŬǇŽϮϯ ŽŵŵƵƚŝŶŐ ŽŵŵƵƚŝŶŐƚŽ dŽƚĂů;ϮϬϭϱͿ ǁĂƌĚƐ ƚŽǁŽƌŬ ƐĐŚŽŽů ŽŵƉŽƐŝƚŝŽŶƌĂƚŝŽ

ŚŝďĂ <ĂŶĂŐĂǁ Ă

&ůŽǁŽĨĐŽŵŵƵƚĞƌƐƚŽdŽŬǇŽϮϯǁĂƌĚƐĨƌŽŵdŽŬǇŽ ƐƵďƵƌďĂŶĂŶĚŽƚŚĞƌƉƌĞĨĞĐƚƵƌĞƐ;ďǇƵƐŝŶŐ ĐŽŵŵƵƚĞƌƉĂƐƐͿ ŝƐƚƌŝďƵƚŝŽŶŽĨĐŽŵŵƵƚŝŶŐƚŝŵĞ;ŵŝŶƵƚĞͿ ;ŝŶĐůƵĚŝŶŐĂĐĐĞƐƐƚŝŵĞĂŶĚĞŐƌĞƐƐƚŝŵĞͿ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϵ ///Ͳϯ DĞƚƌŽƉŽůŝƚĂŶdƌĂŶƐƉŽƌƚĂƚŝŽŶĞŶƐƵƐ;ϯͿ͗ ĐĐĞƐƐ DŽĚĞƚŽ^ƚĂƚŝŽŶ DŽĚĂůƐŚĂƌĞŽĨĂĐĐĞƐƐĂŶĚĞŐƌĞƐƐƚƌŝƉŽĨĐŽŵŵƵƚĞƌƉĂƐƐƵƐĞƌƐ

DŽĚĂů^ŚĂƌĞŽĨĐĐĞƐƐdƌŝƉ DŽĚĂů^ŚĂƌĞŽĨŐƌĞƐƐdƌŝƉ ;ĨƌŽŵŚŽŵĞƚŽƐƚĂƚŝŽŶͿ ;ĨƌŽŵƐƚĂƚŝŽŶƚŽǁŽƌŬƉůĂĐĞͿ

ϮϬϬϱ ϮϬϬϱ

ϮϬϭϬ ϮϬϭϬ

ϮϬϭϱ ϮϬϭϱ

ŽƚŚĞƌƐ ڦƐŚƵƚƚůĞďƵƐ ڦƌĞŐƵůĂƌďƵƐ ڦŵŽƚŽƌĐǇĐůĞ ڦďŝĐǇĐůĞ ڦǁĂůŬ ڦ ŽƚŚĞƌƐ ڦďƵƐ ڦĐĂƌ;ƉŝĐŬƵƉͿ ڦĐĂƌ;ĚƌŝǀŝŶŐͿ ڦŵŽƚŽƌĐǇĐůĞ ڦďŝĐǇĐůĞ ڦǁĂůŬ ڦ ĐĐĞƐƐƚƌŝƉ ŐƌĞƐƐƚƌŝƉ ͻ tĂůŬŝŶŐƐŚĂƌĞŝƐƚŚĞŚŝŐŚĞƐƚŽŶĞ ͻ tĂůŬŝŶŐƐŚĂƌĞŝƐŚŝŐŚĞƌƵƉƚŽĂƌŽƵŶĚ ͻ &ŽůůŽǁĞĚďǇďŝĐǇĐůĞ ϵϬй ͻ ƵƐƐŚĂƌĞŝƐĂƌŽƵŶĚϭϬй ͻ ŝĐǇĐůĞŝƐůĞƐƐĐŽŵŵŽŶŝŶĞŐƌĞƐƐƚƌŝƉ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϭϬ

///Ͳϯ DĞƚƌŽƉŽůŝƚĂŶdƌĂŶƐƉŽƌƚĂƚŝŽŶĞŶƐƵƐ;ϰͿ͗ ŽŵŵƵƚŝŶŐDͬWDWĞĂŬ

ŝƐƚƌŝďƵƚŝŽŶŽĨďŽĂƌĚŝŶŐƚŝŵĞĂŶĚŐĞƚƚŝŶŐͲŽĨĨƚŝŵĞĨŽƌĐŽŵŵƵƚŝŶŐĂŶĚƌĞƚƵƌŶŝŶŐŚŽŵĞ

ŝƐƚƌŝďƵƚŝŽŶŽĨďŽĂƌĚŝŶŐƚŝŵĞĂŶĚŐĞƚƚŝŶŐͲŽĨĨƚŝŵĞĨŽƌ ŝƐƚƌŝďƵƚŝŽŶŽĨďŽĂƌĚŝŶŐƚŝŵĞĂŶĚŐĞƚƚŝŶŐͲŽĨĨƚŝŵĞĨŽƌ ĐŽŵŵƵƚŝŶŐƚŽǁŽƌŬƉůĂĐĞͬƐĐŚŽŽů ƌĞƚƵƌŶŝŶŐƚŽŚŽŵĞ

ŽĂƌĚŝŶŐƚŝŵĞ;ϮϬϬϱͿ ŽĂƌĚŝŶŐƚŝŵĞ;ϮϬϬϱͿ ŽĂƌĚŝŶŐƚŝŵĞ;ϮϬϭϬͿ ŽĂƌĚŝŶŐƚŝŵĞ;ϮϬϭϬͿ ŽĂƌĚŝŶŐƚŝŵĞ;ϮϬϭϱͿ ŽĂƌĚŝŶŐƚŝŵĞ;ϮϬϭϱͿ WĞƌĐĞŶƚĂŐĞ

'ĞƚƚŝŶŐͲŽĨĨƚŝŵĞ;ϮϬϬϱͿ WĞƌĐĞŶƚĂŐĞ 'ĞƚƚŝŶŐͲŽĨĨƚŝŵĞ;ϮϬϬϱͿ 'ĞƚƚŝŶŐͲŽĨĨƚŝŵĞ;ϮϬϭϬͿ 'ĞƚƚŝŶŐͲŽĨĨƚŝŵĞ;ϮϬϭϬͿ 'ĞƚƚŝŶŐͲŽĨĨƚŝŵĞ;ϮϬϭϱͿ 'ĞƚƚŝŶŐͲŽĨĨƚŝŵĞ;ϮϬϭϱͿ

dŽǁŽƌŬƉůĂĐĞͬƐĐŚŽŽů ĂĐŬŚŽŵĞ ͻ ŽĂƌĚŝŶŐƉĞĂŬƚŝŵĞŝƐϳ͗ϯϬͲϳ͗ϰϰ ͻ WĞĂŬƐŚĂƌĞŝƐůĞƐƐƚŚĂŶƚŚĞŵŽƌŶŝŶŐ ͻ 'ĞƚƚŝŶŐͲŽĨĨƉĞĂŬƚŝŵĞĂƌŽƵŶĚϴ͗ϬϬͲϴ͗ϰϰ ͻ ŝƐƚƌŝďƵƚŝŽŶŝƐƋƵŝƚĞƵŶŝĨŽƌŵ͘ ͻ WĞĂŬƐŚĂƌĞŝƐĚĞĐƌĞĂƐŝŶŐĞĂĐŚǇĞĂƌ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϭϭ ///Ͳϯ Wd^ƵƌǀĞǇ;ϭͿ͗dƌĂǀĞů&ůŽǁĂƚĂ

WĞƌƐŽŶƚƌŝƉƐƵƌǀĞǇĐĂŶƌĞǀĞĂůDŽĚĂů^ŚĂƌĞĂŶĚdƌĂĨĨŝĐsŽůƵŵĞŽĨĞĂĐŚƚƌĂŶƐƉŽƌƚŵŽĚĞ ŐŐƌĞŐĂƚĞĚĂƚĂĨƌŽŵƚŚŝƐƐƵƌǀĞǇĐĂŶďĞƵƐĞĚĂƐKͲĚĂƚĂ ĂĐŚƚƌŝƉĚĂƚĂĐĂŶďĞƵƐĞĚŝŶĚŝƐĂŐŐƌĞŐĂƚĞƚƌĂĨĨŝĐĚĞŵĂŶĚŵŽĚĞů

tŚŽ &Žƌ ǁŚĞƌĞ ǁŚĞŶ ,Žǁ ǁŚĂƚ

dƌĂǀĞů͍

&Žƌ &ƌŽŵ^ĂŝƚĂŵĂŝƚǇ ĐŽŵŵƵƚŝŶŐ ƚŽŚƵŽĚŝƐƚƌŝĐƚ

,ŽŵĞ ^ĂŝƚĂŵĂŝƚǇ͕ tŽƌŬƉůĂĐĞ ^ĂŝƚĂŵĂWƌĞĨĞĐƚƵƌĞ ŚƵŽĚŝƐƚƌŝĐƚ͕dŽŬǇŽ

ƌƌŝǀĂů͗ϴ͗ϯϱĂŵ ĞƉĂƌƚƵƌĞϭ͗ϯϬƉŵ

ĞƉĂƌƚƵƌĞ͗ϳ͗ϯϬĂŵ ƌƌŝǀĂů͗ϳ͗ϬϬƉŵ

ǇďƵƐ ǇƚƌĂŝŶ ϭϱŵŝŶ͘ ůŝĞŶƚ DŝŶĂƚŽĚŝƐƚƌŝĐƚ͕dŽŬǇŽ ƌƌŝǀĂů͗ϭ͗ϰϱƉŵ ĞƉĂƌƚƵƌĞϱ͗ϯϬƉŵ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϭϮ

///Ͳϯ Wd^ƵƌǀĞǇ;ϮͿ͗KďũĞĐƚŝǀĞ

WĞƌƐŽŶdƌŝƉ^ƵƌǀĞǇŝƐĂĐŽŶĚƵĐƚĞĚŽŶůǇŽŶǁĞĞŬĚĂǇƚƌŝƉ͘ dĂƌŐĞƚ͗ĂďŽƵƚϭ͕ϰϬϬ͕ϬϬϬŚŽƵƐĞŚŽůĚƐ;ŽǀĞƌϱǇĞĂƌƐŽůĚͿĂŵŽŶŐϭϲ͕ϬϬϬ͕ϬϬϬŚŽƵƐĞŚŽůĚƐůŝǀŝŶŐŝŶdŽŬǇŽ ŵĞƚƌŽƉŽůŝƚĂŶĂƌĞĂĂƌĞƌĂŶĚŽŵůǇƐĞůĞĐƚĞĚ͘ ŽŶƚĞŶƚƐŽĨϱƚŚ WĞƌƐŽŶdƌŝƉ^ƵƌǀĞǇŝŶdŽŬǇŽŵĞƚƌŽƉŽůŝƚĂŶĂƌĞĂŝƐƐŚŽǁŶĂƐďĞůŽǁ͘

,ŽƵƐĞŚŽůĚͬ /ŶĚŝǀŝĚƵĂů dƌŝƉ ƉƌŽĨŝůĞ

ZĞƐŝĚĞŶĐĞ 'ĞŶĚĞƌͬŐĞ KƌŝŐŝŶͬĞƐƚŝŶĂƚŝŽŶ

KĐĐƵƉĂƚŝŽŶ tŽƌŬƉůĂĐĞͬ^ĐŚŽŽů KďũĞĐƚŝǀĞͬƚƌĂŶƐƉŽƌƚŵŽĚĞͬƌĞƋƵŝƌĞĚƚŝŵĞ

EƵŵďĞƌŽĨŽǁŶĞĚĐĂƌΘŵŽƚŽƌĐǇĐůĞ ĂƌĚƌŝǀŝŶŐ WĂƌŬŝŶŐůŽƚ

WƌĞƐĞŶĐĞͬďƐĞŶĐĞŽĨĚƌŝǀŝŶŐůŝĐĞŶƐĞ ŝĐǇĐůĞƉĂƌŬŝŶŐ dŽůůǁĂǇƵƐĂŐĞ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϭϯ ///Ͳϯ Wd^ƵƌǀĞǇ;ϯͿ͗,ŝƐƚŽƌǇĂŶĚĐĐŽŵƉůŝƐŚŵĞŶƚ

WĞƌƐŽŶͲƚƌŝƉƐƵƌǀĞǇŝŶdDŚĂƐďĞĞŶĐŽŶĚƵĐƚĞĚĨŽƌϱƚŝŵĞƐ ŽŶĚƵĐƚŝŶŐĞǀĞƌǇϱǇĞĂƌƐĨƌŽŵϭϵϲϴ ^ŝŶĐĞƚŚĞϮŶĚ ƐƵƌǀĞǇ͕ƚŚĞƐĂŵƉůĞƌĂƚĞŵĂŝŶƚĂŝŶƐŚŝŐŚĞƌƚŚĂŶϮй

ϭƐƚ ϮŶĚ ϯƌĚ ϰƚŚ ϱƚŚ zĞĂƌ ϭϵϲϴ ϭϵϳϴ ϭϵϴϴ ϭϵϵϴ ϮϬϬϴ ^ƚƵĚǇ ĂƌĞĂ dŽŬǇŽ͕<ĂŶĂŐĂǁĂ͕ ^ĂŝƚĂŵĂ͕ dŽŬǇŽ͕<ĂŶĂŐĂǁĂ͕ ^ĂŝƚĂŵĂ͕ dŽŬǇŽ͕<ĂŶĂŐĂǁĂ͕ ^ĂŝƚĂŵĂ͕ dŽŬǇŽ͕<ĂŶĂŐĂǁĂ͕ ^ĂŝƚĂŵĂ͕ dŽŬǇŽ͕<ĂŶĂŐĂǁĂ͕ ^ĂŝƚĂŵĂ͕ ŚŝďĂ ŚŝďĂ͕^ŽƵƚŚĞƌŶƉĂƌƚŽĨ ŚŝďĂ͕^ŽƵƚŚĞƌŶƉĂƌƚŽĨ ŚŝďĂ͕^ŽƵƚŚĞƌŶƉĂƌƚŽĨ ŚŝďĂ͕^ŽƵƚŚĞƌŶƉĂƌƚŽĨ /ďĂƌĂŬŝ /ďĂƌĂŬŝ /ďĂƌĂŬŝ /ďĂƌĂŬŝ dDƉŽƉƵůĂƚŝŽŶ Ϯϭ͕ϯϭϬ͕ϬϬϬ Ϯϴ͕ϳϳϬ͕ϬϬϬ ϯϮ͕ϰϵϬ͕ϬϬϬ ϯϰ͕ϰϳϬ͕ϬϬϬ ϯϰ͕ϲϮϬ͕ϬϬϬ DĞƚŚŽĚ ŝƐƚƌŝďƵƚŝŽŶ ŝŶƚĞƌǀŝĞǁ ŝŶƚĞƌǀŝĞǁ /ŶƚĞƌǀŝĞǁ /ŶƚĞƌǀŝĞǁ ƉŽƐƚ ŽůůĞĐƚŝŽŶ ŝŶƚĞƌǀŝĞǁ /ŶƚĞƌǀŝĞǁ ŝŶƚĞƌǀŝĞǁ /ŶƚĞƌǀŝĞǁ WŽƐƚ͕ǁĞďƐŝƚĞ ĨĨĞĐƚŝǀĞ ƐĂŵƉůĞ;ĞƐƚ͘Ϳ ϯϭϱ͕ϬϬϬ ϱϴϴ͕ϬϬϬ ϲϲϴ͕ϬϬϬ ϴϴϯ͕ϬϬϬ ϳϯϱ͕ϬϬϬ ĨĨĞĐƚŝǀĞ ƐĂŵƉůĞƌĂƚĞ ϭ͘ϱй Ϯ͘Ϭй Ϯ͘ϱй Ϯ͘ϲй Ϯ͘ϭй

^ŽƵƌĐĞʁdŽŬǇŽDĞƚƌŽƉŽůŝƚĂŶƌĞĂ͗ŚĂŶŐĞĨŽƌϱϬǇĞĂƌƐĂŶĚ&ƵƚƵƌĞsŝƐŝŽŶ ŚĂŶŐĞĂŶĚ&ƵƚƵƌĞŽĨDĞƚƌŽƉŽůŝƐĂĐĐŽƌĚŝŶŐƚŽƚŚĞĂƚĂ ;zƵŝĐŚŝDK,Z/ĂŶĚ:ƵŶDKZ/K͕ŝŶ:ĂƉĂŶĞƐĞͿ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϭϰ

///Ͳϯ Wd^ƵƌǀĞǇ;ϰͿ͗ŚĂŶŐĞĨƌŽŵƚŚĞƉĂƐƚϱϬǇĞĂƌƐ

EƵŵďĞƌŽĨƚƌŝƉĂƚƚƌĂĐƚŝŽŶ;ƚĞŶƚŚŽƵƐĂŶĚͿ ZĂŝů ƵƐ͕dƌĂŵ Ăƌ D ŝŬĞ ǁĂůŬ KƚŚĞƌƐ

DŽĚĂůƐŚĂƌĞŽĨƚƌŝƉĂƚƚƌĂĐƚŝŽŶƚŽdŽŬǇŽϮϯǁĂƌĚ 'ƌŽǁƚŚŽĨƚƌŝƉĂƚƚƌĂĐƚŝŽŶƚŽdŽŬǇŽϮϯǁĂƌĚĂƌĞĂ ĂƌĞĂ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϭϱ ZĞĨĞƌĞŶĐĞ͗dŽŬǇŽĂŶĚϱϬzĞĂƌƐŽĨĞǀŽůƵƚŝŽŶ

dŽŬǇŽĂŶĚϱϬzĞĂƌƐŽĨĞǀŽůƵƚŝŽŶ WƌŽĚƵĐƚŝŽŶŝŶĐƌĞĂƐĞďǇϲ͘ϮƚŝŵĞƐ ZĂŝůǁĂǇŶĞƚǁŽƌŬŝŶĐƌĞĂƐĞďǇϭ͘ϳ ƚŝŵĞƐ dŝŵĞƐ dD ƐƚĂƚƐ ϱϬнǇĞĂƌƐ ďĞĨŽƌĞ ZĞĐĞŶƚƐƚĂƚ ŝŶĐƌĞĂƐĞ ϭ͘ϵϵ EŝŐŚƚƚŝŵĞ WŽƉƵůĂƚŝŽŶ ;dDͿ ϭϵϲϬ ϭϳ͕ϴϲϰ͕ϬϬϬ ϮϬϭϬ ϯϱ͕ϲϭϵ͕ϬϬϬ ;ϭϵ͘ϴй ŽĨŶĂƚŝŽŶĂůƉŽƉƵůĂƚŝŽŶͿ ;Ϯϳ͘ϴй ŽĨŶĂƚŝŽŶĂůƉŽƉƵůĂƚŝŽŶͿ ƚŝŵĞƐ ϲ͘ϭϴ 'ZW ;ƌĞĂůͿ ;dDͿ ϭϵϲϰ Ϯϴ͘ϵϮ ϮϬϭϭ ϭϳϴ͘ϴϬ ƚŝŵĞƐ ϭ͘ϳϯ ZĂŝůǁĂǇ ŶĞƚǁŽƌŬ ůĞŶŐƚŚ ;dDͿ ϭϵϱϲ ϭ͕ϱϲϲŬŵ ϮϬϭϲ Ϯ͕ϳϬϱŬŵ ƚŝŵĞƐ ϭ͘ϴϳ EƵŵďĞƌ ŽĨ ƌĂŝůǁĂǇ ƐƚĂƚŝŽŶ ;dDͿ ϭϵϱϲ ϴϬϳƐƚĂƚŝŽŶ ϮϬϭϲ ϭ͕ϱϭϬƐƚĂƚŝŽŶ ƚŝŵĞƐ

^ĞǁĂŐĞ ĐŽǀĞƌĂŐĞ ;dDͿ ϭϵϲϰ ϭϴ͘ϵй ϮϬϭϮ ϵϰ͘Ϯй Ͳ ϲ͘ϱϲ ůĞĐƚƌŝĐ ĐŽŶƐƵŵƉƚŝŽŶ ;ŶĂƚŝŽŶǁŝĚĞͿ ϭϵϲϰ ϭϱϳ͕ϮϬϴ'tͬŚ ϮϬϭϬ ϭ͕Ϭϯϭ͕ϳϵϵ'tͬŚ ƚŝŵĞƐ ^ŽƵƌĐĞʁdŽŬǇŽDĞƚƌŽƉŽůŝƚĂŶƌĞĂ͗ŚĂŶŐĞĨŽƌϱϬǇĞĂƌƐĂŶĚ&ƵƚƵƌĞsŝƐŝŽŶͲ ŚĂŶŐĞĂŶĚ&ƵƚƵƌĞŽĨDĞƚƌŽƉŽůŝƐĂĐĐŽƌĚŝŶŐƚŽƚŚĞĂƚĂ ;zƵŝĐŚŝDK,Z/ĂŶĚ:ƵŶDKZ/K͕ŝŶ:ĂƉĂŶĞƐĞͿ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϭϲ

///Ͳϯ Wd^ƵƌǀĞǇ;ϱͿ͗dƌĂǀĞůWĂƚƚĞƌŶŝŶdD

dŚĞŚŝŐŚĞƐƚƐŚĂƌĞŝƐƚƌŝƉƐĨƌŽŵͬƚŽdŽŬǇŽ͘ DŽƐƚŽĨƚƌŝƉƐŽƌŝŐŝŶĂƚĞĨƌŽŵdĂŵĂ ĂƌĞĂ͕ƐŽƵƚŚƉĂƌƚŽĨ^ĂŝƚĂŵĂWƌĞĨĞĐƚƵƌĞ͕zŽŬŽŚĂŵĂŝƚǇ͕ <ĂǁĂƐĂŬŝŝƚǇ͕ŶŽƌƚŚͲǁĞƐƚƉĂƌƚŽĨŚŝďĂ͘

EŽƌƚŚ^ĂŝƚĂŵĂ ^ŽƵƚŚ/ďĂƌĂŬŝ

^ŽƵƚŚ ^ĂŝƚĂŵĂ ^ĂŝƚĂŵĂ ŝƚǇ EŽƌƚŚǁĞƐƚ dĂŵĂĂƌĞĂ ŚŝďĂ ĂƐƚŚŝďĂ dŽŬǇŽ

ŚŝďĂŝƚǇ <ĂǁĂƐĂŬŝ

<ĂŶĂŐĂǁĂ zŽŬŽŚĂŵĂ

^ŽƵƚŚǁĞƐƚ ŚŝďĂ

ƵŶŝƚ͗ϭϬ͕ϬϬϬƚƌŝƉ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϭϳ ///Ͳϯ Wd^ƵƌǀĞǇ;ϲͿ͗DŽĚĂů^ŚĂƌĞ

DŽƐƚ ŽĨ ƚŚĞ ĐŽŵŵƵƚĞƌƐ ƚŽ dŽŬǇŽ Ϯϯ ǁĂƌĚƐ ĂƌĞĂ ĂŶĚ ŽƚŚĞƌ ĚĞƐŝŐŶĂƚĞ ĐŝƚǇ ĂƌĞĂ ƵƐĞ ƌĂŝůǁĂǇƐ͘ ƐƉĞĐŝĂůůǇ ŝŶ dŽŬǇŽ Ϯϯ ǁĂƌĚƐ ĂƌĞĂ͕ ϴϬ й ŽĨ ĐŽŵŵƵƚĞƌƐ ƵƐĞ ƌĂŝůǁĂǇƐ͘

^ŽƵƚŚ/ďĂƌĂŬŝ

EŽƌƚŚ ^ĂŝƚĂŵĂ ^ĂŝƚĂŵĂŝƚǇ tĂůŬ ^ŽƵƚŚ^ĂŝƚĂŵĂ ڦ ŝĐǇĐůĞ dĂŵĂ ڦ ڦ DŽƚŽƌĐǇĐůĞ ĂƌĞĂ EŽƌƚŚǁĞƐƚ Ăƌ dŽŬǇŽ ŚŝďĂ ڦ ƵƐ ڦ ZĂŝůǁĂǇ ڦ ĂƐƚŚŝďĂ

<ĂǁĂƐĂŬŝ ŚŝďĂŝƚǇ

zŽŬŽŚĂŵĂ <ĂŶĂŐĂǁĂ

^ŽƵƚŚǁĞƐƚ ŚŝďĂ >ĞĨƚ͗ϭϵϵϴ ZŝŐŚƚ͗ϮϬϬϴ ;йͿ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϭϴ

///Ͳϰ EĂƚŝŽŶĂůĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚdƌĂǀĞůĞŵĂŶĚ &ŽƌĞĐĂƐƚŝŶŐ

ĞƚƚĞƌĂŝƌƉŽƌƚĂĐĐĞƐƐŝƐŶĞĞĚĞĚƚŽŝŶĐƌĞĂƐĞŝŶƚĞƌŶĂƚŝŽŶĂůĐŽŵƉĞƚŝƚŝǀĞŶĞƐƐ /Ŷ:ĂƉĂŶ͕ ͞dŚĞhƌďĂŶZĞŶĂŝƐƐĂŶĐĞ,ĞĂĚƋƵĂƌƚĞƌƐ͟ǁĂƐĞƐƚĂďůŝƐŚĞĚŝŶ ƉƌŝůϮϬϬϭ ŝŶŽƌĚĞƌƚŽƉƌŽŵŽƚĞƚŚĞƵƌďĂŶƌĞŶĂŝƐƐĂŶĐĞƉƌŽũĞĐƚƐĂŶĚƚŽŝŶĐƌĞĂƐĞŝŶƚĞƌŶĂƚŝŽŶĂů ĐŽŵƉĞƚŝƚŝǀĞŶĞƐƐ ƵŝůĚƚŚĞŵŽĚĞůƚŽ ǆĂŵƉůĞƐ ŽĨ ƵƌďĂŶ ƌĞŶĂŝƐƐĂŶĐĞ ƉƌŽũĞĐƚƐ ϭ͘/ŶĐƌĞĂƐĞ ƚŚĞ ĨƵŶĐƚŝŽŶ ŽĨ ĂŝƌƉŽƌƚ ƉƌĞĚŝĐƚŶƵŵďĞƌŽĨ ӑ ŽŵƉůĞƚŝŽŶ ŽĨ ƚŚĞ ŶĞǁ ƉĂƌĂůůĞů ƌƵŶǁĂǇ ŝŶ EĂƌŝƚĂ ŝƌƉŽƌƚ ƉĂƐƐĞŶŐĞƌƚŽĂŝƌƉŽƌƚ ӑ /ŶƚƌŽĚƵĐƚŝŽŶ ŽĨ ƚŚĞ ĨŽƵƌƚŚ ƌƵŶǁĂǇ ŝŶ ,ĂŶĞĚĂ ŝƌƉŽƌƚ /ŶƚĞƌŶĂƚŝŽŶĂůĨůŝŐŚƚ Ϯ͘/ŶĐƌĞĂƐĞ ƚŚĞ ĞĨĨŝĐŝĞŶĐǇ ŽĨ ƚŚĞ ĂŝƌƉŽƌƚ ĂĐĐĞƐƐ ŽŵĞƐƚŝĐĨůŝŐŚƚ ӑ /ŶĐƌĞĂƐĞ ƚŚĞ ĐŽŶŶĞĐƚŝǀŝƚǇ ďĞƚǁĞĞŶ ƚǁŽ ĂŝƌƉŽƌƚƐ ĂŶĚ ӑ EĞǁ ƌŽĂĚ ĂŶĚ ƌĂŝů ĂĐĐĞƐƐ ƚŽ EĂƌŝƚĂ ŝƌƉŽƌƚ ӑ hƚŝůŝǌĂƚŝŽŶ ŽĨ dŽŬǇŽ ƐƚĂƚŝŽŶ ĂƐ ĂŶ ĂĐĐĞƐƐ ŚƵď ƚŽ ďŽƚŚ ŝƌƉŽƌƚ ӑ WƌŽǀŝĚĞ Ă ĚŝƌĞĐƚ ĂĐĐĞƐƐ ďĞƚǁĞĞŶ zŽŬŽŚĂŵĂ ĂƌĞĂ ƚŽ ,ĂŶĞĚĂ ŝƌƉŽƌƚ ŶŶƵĂůWĂƐƐĞŶŐĞƌŽĨŝƌƉŽƌƚ;ĞǆĐůƵĚŝŶŐƚƌĂŶƐŝƚͿ ϴϬ͕ϬϬϬ ϭϮϬŵŝůůŝŽŶ ϲϱŵŝůůŝŽŶ ϲϬ͕ϬϬϬ

ϰϬ͕ϬϬϬ ^ƵǀĂƌŶĂďƉŚƵŵŝ ŽŶDƵĞĂŶŐ ϮϬ͕ϬϬϬ

Ϭ EƵŵďĞƌŽĨƉĂƐƐĞŶŐĞƌ;ϭϬƚŚŽƵƐĂŶĚͿ ϮϬϬϳ ϮϬϬϵ ϮϬϭϭ ϮϬϭϯ ϮϬϭϱ ϮϬϭϳ ϮϬϯϬ ŽŵĞƐƚŝĐƉĂƐƐĞŶŐĞƌŝŶ,ĂŶĞĚĂ ŝƌƉŽƌƚ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϭϵ ///Ͳϰ EĂƚŝŽŶĂůĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚdƌĂǀĞůĞŵĂŶĚ &ŽƌĞĐĂƐƚŝŶŐ

dŚĞŝŵƉŽƌƚĂŶĐĞŽĨƌĂŝůǁĂǇĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŝŶĂŝƌƉŽƌƚĂĐĐĞƐƐƉƌŽũĞĐƚƐ

hƚŝůŝǌĂƚŝŽŶŽĨƵƌďĂŶƚƌĂŶƐƉŽƌƚŵŽĚĞůΘĂŝƌƉŽƌƚĂĐĐĞƐƐŵŽĚĞů ϭ͘ dŚĞƐĞŵŽĚĞůƐǁĞƌĞĚĞǀĞůŽƉĞĚŝŶƚŚĞdƌĂŶƐƉŽƌƚWŽůŝĐǇWůĂŶEŽ͘ϭĨŽƌĂƉƌŝŽƌŝƚǇƐĞůĞĐƚŝŽŶƉƌŽĐĞƐƐ;ǁŚŝĐŚůŝŶĞ ǁŝůůďĞŝŶǀĞƐƚĞĚĨŝƌƐƚͿ Ϯ͘ tŝƚŚƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨǀĞƌƚŝĐĂůƐĞƉĂƌĂƚŝŽŶŝŶǀĞƐƚŵĞŶƚ ʀŽƐƚͲĞĨĨĞĐƚŝǀĞŶĞƐƐĂŶĂůǇƐŝƐĨŽƌƐƵďƐŝĚǇĞƐƚŝŵĂƚŝŽŶ ʀ^ĞƌǀŝĐĞƉƌŽĨŝƚĂďŝůŝƚǇĂŶĂůǇƐŝƐ ʀdŽĚĞĐŝĚĞƚŚĞƐŚĂƌĞŽĨŝŶǀĞƐƚŵĞŶƚ

ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞǇŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϮϬ

///Ͳϰ EĂƚŝŽŶĂůĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚdƌĂǀĞůĞŵĂŶĚ &ŽƌĞĐĂƐƚŝŶŐ ĂƚĂĐŽůůĞĐƚŝŽŶĨŽƌƚŚĞŵŽĚĞůĐŽŶƐƚƌƵĐƚŝŽŶ

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