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Table of Contents KǀĞƌǀŝĞǁ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯ dŚĞKďũĞĐƚŝǀĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰ ƵůƚƵƌĂů/ŵƉĂĐƚƐƐĞƐƐŵĞŶƚ^ĐŽƉĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ dŚĞWƌŽƉŽƐĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ dŚĞ^ŝƚĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲ /DĞƚŚŽĚŽůŽŐLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳ dŝŵĞůŝŶĞĨŽƌ džĞĐƵƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴ ƵůƚƵƌĂů^ŝŐŶŝĨŝĐĂŶĐĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴ EŐĈƚŝZĞŚŝĂΘdĞdŝƌŝƚŝŽtĂŝƚĂŶŐŝ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ ƐƐĞƐƐŵĞŶƚŽĨWŽůŝĐŝĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭ tĂŝŽƌĂWůĂŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϮ dĂŶĞDĂŚƵƚĂWůĂŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϲ ,ĞƌŝƚĂŐĞWůĂŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϰ
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dĞZƻŶĂŶŐĂŽEŐĈƚŝZĤŚŝĂŝƐƉůĞĂƐĞĚƚŽƐƵďŵŝƚƚŚŝƐƵůƚƵƌĂů/ŵƉĂĐƚƐƐĞƐƐŵĞŶƚŽĨƚŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶZĂŶŐŝƚĂŶĞZŝǀĞƌWĂƌŬ^ƚĂŐĞϯďLJEĞŝů ŽŶƐƚƌƵĐƚŝŽŶ>ŝŵŝƚĞĚ͘
dŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶŝƐŽŶdƵďďƐ&Ăƌŵ͕<ĂƉŝƌŽZŽĂĚ͕<ĞƌŝŬĞƌŝĂŶĚƉƌŽƉŽƐĞƐƚŽƐƵďĚŝǀŝĚĞĂϲϴ͘ϭϴϲϮŚĂůŽƚŝŶƚŽϭϯϯƌƵƌĂůʹƌĞƐŝĚĞŶƚŝĂůůŽƚƐ͕ƌŽĂĚ ƚŽǀĞƐƚƉƵďůŝĐƌĞƐĞƌǀĞĂŶĚũŽŝŶƚůLJŽǁŶĞĚĂĐĐĞƐƐůŽƚƐ;:K>ͿĂƐĨŽůůŽǁƐ͗
x ϭϭϰƌĞƐŝĚĞŶƚŝĂůůŽƚƐǁŝƚŚĂŵŝŶŝŵƵŵƐŝnjĞŽĨϯϬϬϬŵϸƚŽƚĂůůŝŶŐϯϲ͘ϬϲϭϯŚĂ͖ x ϭϲƌĞƐŝĚĞŶƚŝĂůůŽƚƐǁŝƚŚĂŵŝŶŝŵƵŵƐŝnjĞŽĨϴϬϬϬŵϮƚŽƚĂůůŝŶŐϭϯ͘ϮϴϴϬŚĂ͖ x ϯƌĞƐŝĚĞŶƚŝĂůůŽƚƐǁŝƚŚĂŵŝŶŝŵƵŵƐŝnjĞŽĨϰŚĂƚŽƚĂůůŝŶŐϭϯ͘ϮϮϱϬŚĂ x ϲƌŽĂĚƚŽǀĞƐƚůŽƚƐƚŚĂƚƚŽƚĂůϰ͘ϵϬϭϰŚĂ͖ x ϭůŽƚƉƌŽƉŽƐĞĚĂƐĂƉƵďůŝĐƌĞƐĞƌǀĞŽĨϬ͘ϬϬϭϬŚĂ͖ĂŶĚ x ϳ:K>͛ƐǁŝƚŚĂƚŽƚĂůĂƌĞĂŽĨϬ͘ϳϬϵϱŚĂ
dŚŝƐƵůƚƵƌĂů/ŵƉĂĐƚƐƐĞƐƐŵĞŶƚ;/ͿǁŝůůĞŶƐƵƌĞƚŚĂƚƚŚĞŵĂƚƚĞƌƐŽĨŶĂƚŝŽŶĂůŝŵƉŽƌƚĂŶĐĞĂƐƐĞƚŽƵƚďLJƚŚĞZĞƐŽƵƌĐĞDĂŶĂŐĞŵĞŶƚĐƚϭϵϵϭĂƌĞ ĐŽŶƐŝĚĞƌĞĚĂŶĚǀŝĞǁƐŽĨEŐĈƚŝZĤŚŝĂŽŶƚŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶĂƌĞĚŽĐƵŵĞŶƚĞĚ͘dŚĞZDƌĞƋƵŝƌĞƐƚŚĞƌĞŐŝŽŶĂůĐŽƵŶĐŝů͕ǁŚĞŶĞdžĞƌĐŝƐŝŶŐŝƚƐ ĨƵŶĐƚŝŽŶƐĂŶĚƉŽǁĞƌƐ͕ƚŽ͗
ͻ ^ĞĐƚŝŽŶϲ;ĞͿʹ͙͞ƌĞĐŽŐŶŝƐĞĂŶĚƉƌŽǀŝĚĞĨŽƌƚŚĞĨŽůůŽǁŝŶŐŵĂƚƚĞƌƐŽĨŶĂƚŝŽŶĂůŝŵƉŽƌƚĂŶĐĞ͗ƚŚĞƌĞůĂƚŝŽŶƐŚŝƉŽĨDĈŽƌŝĂŶĚƚŚĞŝƌĐƵůƚƵƌĞĂŶĚ ƚƌĂĚŝƚŝŽŶƐǁŝƚŚƚŚĞŝƌĂŶĐĞƐƚƌĂůůĂŶĚƐ͕ǁĂƚĞƌ͕ƐŝƚĞƐǁĈŚŝƚĂƉƵ͕ĂŶĚŽƚŚĞƌƚĂŽŶŐĂ͘͟ ͻ ^ĞĐƚŝŽŶϳ;ĂͿʹ͘͘͘͞ŚĂǀĞƉĂƌƚŝĐƵůĂƌƌĞŐĂƌĚƚŽʹŬĂŝƚŝĂŬŝƚĂŶŐĂ͟ x ZDĚĞĨŝŶŝƚŝŽŶŽĨŬĂŝƚŝĂŬŝƚĂŶŐĂʹ͞ŵĞĂŶƐƚŚĞĞdžĞƌĐŝƐĞŽĨŐƵĂƌĚŝĂŶƐŚŝƉďLJƚĂŶŐĂƚĂǁŚĞŶƵĂŽĨĂŶĂƌĞĂŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŝŬĂŶŐĂDĈŽƌŝŝŶ ƌĞůĂƚŝŽŶƚŽŶĂƚƵƌĂůĂŶĚƉŚLJƐŝĐĂůƌĞƐŽƵƌĐĞƐ͖ĂŶĚŝŶĐůƵĚĞƐƚŚĞĞƚŚŝĐŽĨƐƚĞǁĂƌĚƐŚŝƉ͘͟
3 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
ͻ ^ĞĐƚŝŽŶϴʹ͞/ŶĂĐŚŝĞǀŝŶŐƚŚĞƉƵƌƉŽƐĞŽĨƚŚĞĐƚ͕ĂůůƉĞƌƐŽŶƐĞdžĞƌĐŝƐŝŶŐĨƵŶĐƚŝŽŶƐĂŶĚƉŽǁĞƌƐƵŶĚĞƌŝƚ͕ŝŶƌĞůĂƚŝŽŶƚŽŵĂŶĂŐŝŶŐƚŚĞƵƐĞ͕ ĚĞǀĞůŽƉŵĞŶƚ͕ĂŶĚƉƌŽƚĞĐƚŝŽŶŽĨŶĂƚƵƌĂůĂŶĚƉŚLJƐŝĐĂůƌĞƐŽƵƌĐĞƐ͕ƐŚĂůůƚĂŬĞŝŶƚŽĂĐĐŽƵŶƚƚŚĞƉƌŝŶĐŝƉůĞƐŽĨƚŚĞdƌĞĂƚLJŽĨtĂŝƚĂŶŐŝ;dĞdŝƌŝƚŝŽ tĂŝƚĂŶŐŝͿ͘͟
dŚŝƐ/ŝƐŝŶƚĞŶĚĞĚƚŽďĞĂĐĂƚĂůLJƐƚĨŽƌƚŚĞďƵŝůĚŝŶŐŽĨďĞŶĞĨŝĐŝĂůŽƵƚĐŽŵĞƐďĞƚǁĞĞŶEŐĈƚŝZĤŚŝĂĂŶĚEĞŝůŽŶƐƚƌƵĐƚŝŽŶ>ŝŵŝƚĞĚ͖ĂŶĚƚŽĞŶƐƵƌĞƚŚĂƚ ƚŚĞ&ĂƌEŽƌƚŚŝƐƚƌŝĐƚŽƵŶĐŝů;&EͿĐĂŶďĞĐĞƌƚĂŝŶƚŚĂƚƚŚĞĂƉƉƌŽƉƌŝĂƚĞƐĂĨĞŐƵĂƌĚƐĂƌĞŝŶƉůĂĐĞĂƐĚŝƌĞĐƚĞĚďLJƌĞƐŽƵƌĐĞŵĂŶĂŐĞŵĞŶƚůĞŐŝƐůĂƚŝŽŶ ĨŽƌƚŚĞƉƌŽƚĞĐƚŝŽŶŽĨEŐĈƚŝZĤŚŝĂ͘dŚĞŝŶĨŽƌŵĂƚŝŽŶĐŽŶƚĂŝŶĞĚǁŝƚŚŝŶƚŚŝƐ/ŝƐƚŽďĞƵƐĞĚĨŽƌƚŚĞƉƌŽƉŽƐĞĚƐƚĂŐĞϯƐƵďĚŝǀŝƐŝŽŶĂƉƉůŝĐĂƚŝŽŶƚŽ&E ĂŶĚĨŽƌŶŽŽƚŚĞƌƉƵƌƉŽƐĞǁŝƚŚŽƵƚƉƌŝŽƌĂƉƉƌŽǀĂůďLJEŐĈƚŝZĤŚŝĂ͘
d, K: d/s
dĞZƻŶĂŶŐĂŽEŐĈƚŝZĤŚŝĂ;dZKEZͿƌĞƉƌĞƐĞŶƚƐƚŚĞŚĂƉƻŽĨEŐĈƚŝZĤŚŝĂǁŝƚŚŝŶŝƚƐƌŽŚĞŵŽĂŶĂĂŶĚǁŚĞŶƵĂ͘EŐĈƚŝZĤŚŝĂŝƐƚŚĞƌĞĐŽŐŶŝƐĞĚdĂŶŐĂƚĂ tŚĞŶƵĂ͕ŚŝͲ<ĈĂŶĚ<ĂŝƚŝĂŬŝŽĨƚŚĞŝƌĂƌĞĂ͘dŚĞŵĂŝŶŽďũĞĐƚŝǀĞŽĨdZKEZŝƐƚŽĚĞǀĞůŽƉĂƐƵƐƚĂŝŶĂďůĞĞĐŽŶŽŵŝĐ͕ƐŽĐŝĂůĂŶĚĐƵůƚƵƌĂůďĂƐĞĨŽƌƚŚĞ ĐŽŶƚŝŶƵĞĚŐƌŽǁƚŚŽĨEŐĈƚŝZĤŚŝĂ͘dŚĞEŐĈƚŝZĤŚŝĂ,ĂƉƻ ŶǀŝƌŽŶŵĞŶƚĂůDĂŶĂŐĞŵĞŶƚWůĂŶƐĞƚƐŽƵƚŽƵƌǀŝƐŝŽŶ͕ǀĂůƵĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĂƐƚŚĞ dĂŶŐĂƚĂtŚĞŶƵĂŽĨŽƵƌƌŽŚĞ͘
dŚŝƐƉƌŽĐĞƐƐĂůůŽǁƐƚŚĞǀŝĞǁƐŽĨEŐĈƚŝZĤŚŝĂƚŽďĞĚŽĐƵŵĞŶƚĞĚŝŶĂĐŽůůĞĐƚŝǀĞŵĂŶŶĞƌǀŝĂĂĨĂŵŝůŝĂƌĂŶĚĐŽŵĨŽƌƚĂďůĞƉƌŽĐĞƐƐƚŚĂƚĂůŝŐŶƐǁŝƚŚƚŚĞŝƌ ƚŝŬĂŶŐĂĂŶĚŬĂǁĂ͕ǁŚŝůĞƉƌŽǀŝĚŝŶŐƚŚĞŵǁŝƚŚĂǀĞƌLJƌŽďƵƐƚƚŽŽůŝŶƌĞůĂƚŝŽŶƚŽƚŚĞƌĞƐŽƵƌĐĞŵĂŶĂŐĞŵĞŶƚůĞŐŝƐůĂƚŝŽŶ͘
tŚŝůĞƚŚĞƌĞŝƐŶŽƐƚĂƚƵƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƵƉŽŶĂŶĂƉƉůŝĐĂŶƚƚŽƉƌĞƉĂƌĞĂ/͕ƐƵĐŚĂŶĂƐƐĞƐƐŵĞŶƚĐĂŶĂƐƐŝƐƚĂŐĞŶĐŝĞƐĂŶĚĂƉƉůŝĐĂŶƚƐƚŽŵĞĞƚ ƐƚĂƚƵƚŽƌLJŽďůŝŐĂƚŝŽŶƐŝŶĂŶƵŵďĞƌŽĨǁĂLJƐ͕ƐƵĐŚĂƐ͗
x WƌĞƉĂƌĂƚŝŽŶ ŽĨ ĂŶ ƐƐĞƐƐŵĞŶƚ ŽĨ ŶǀŝƌŽŶŵĞŶƚĂů ĨĨĞĐƚƐ ; Ϳ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƐĞĐƚŝŽŶ ϴϴ;ϮͿ;ďͿ ĂŶĚ ^ĐŚĞĚƵůĞ ϰ ŽĨ ƚŚĞ ZĞƐŽƵƌĐĞ DĂŶĂŐĞŵĞŶƚĐƚϭϵϵϭ;͚ƚŚĞZD͛Ϳ͘ x ZĞƋƵĞƐƚƐĨŽƌĨƵƌƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶƵŶĚĞƌƐĞĐƚŝŽŶϵϮŽĨƚŚĞĐƚŝŶŽƌĚĞƌƚŽĂƐƐĞƐƐƚŚĞĂƉƉůŝĐĂƚŝŽŶ͘
4 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
x WƌŽǀŝĚŝŶŐŝŶĨŽƌŵĂƚŝŽŶƚŽĂƐƐŝƐƚƚŚĞĐŽƵŶĐŝůŝŶĚĞƚĞƌŵŝŶŝŶŐŶŽƚŝĨŝĐĂƚŝŽŶƐƚĂƚƵƐƵŶĚĞƌƐĞĐƚŝŽŶƐϵϯƚŽϵϰŽĨƚŚĞZD͘ x WƌŽǀŝĚŝŶŐŝŶĨŽƌŵĂƚŝŽŶƚŽĞŶĂďůĞĂƉƉƌŽƉƌŝĂƚĞĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƌĞůĞǀĂŶƚWĂƌƚ//ŵĂƚƚĞƌƐǁŚĞŶŵĂŬŝŶŐĂĚĞĐŝƐŝŽŶŽŶĂŶĂƉƉůŝĐĂƚŝŽŶĨŽƌ ƌĞƐŽƵƌĐĞĐŽŶƐĞŶƚƵŶĚĞƌƐĞĐƚŝŽŶϭϬϰŽĨƚŚĞZD͘ x ŽŶƐŝĚĞƌĂƚŝŽŶŽĨĂƉƉƌŽƉƌŝĂƚĞĐŽŶĚŝƚŝŽŶƐŽĨƌĞƐŽƵƌĐĞĐŽŶƐĞŶƚƵŶĚĞƌƐĞĐƚŝŽŶϭϬϴŽĨƚŚĞZD͘ x /ŶĨŽƌŵŝŶŐ ĐŽƵŶĐŝůƐ ŽĨ ĂŶ ĂƉƉůŝĐĂƚŝŽŶƐ ŝŵƉůŝĐĂƚŝŽŶƐ ŝŶ ƌĞůĂƚŝŽŶ ƚŽ ĂŶLJ ƌĞůĞǀĂŶƚ ƉůĂŶŶŝŶŐ ĚŽĐƵŵĞŶƚƐ ƐƵĐŚ ĂƐ ƚŚĞ EŐĈƚŝ ZĤŚŝĂ ,ĂƉƻ DĂŶĂŐĞŵĞŶƚWůĂŶ͘ x DĞĞƚŝŶŐĂŶLJƐƉĞĐŝĨŝĐƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĐŽƵŶĐŝůƐĂƌŝƐŝŶŐĨƌŽŵƉĂƌƚŝĐƵůĂƌdƌĞĂƚLJŽĨtĂŝƚĂŶŐŝ^ĞƚƚůĞŵĞŶƚůĞŐŝƐůĂƚŝŽŶ
h>dhZ>/DWd^^ ^^D Ed^KW
dŚĞƐŝƚĞŝƐůŽĐĂƚĞĚŽŶƚŚĞĐŽƌŶĞƌƐŽĨ<ĂƉŝƌŽZŽĂĚĂŶĚZĞĚĐůŝĨĨƐZŽĂĚ͕<ĞƌŝŬĞƌŝ͕ĂƉƉƌŽdžŝŵĂƚĞůLJϲŬŝůŽŵĞƚƌĞƐŶŽƌƚŚŽĨ<ĞƌŝŬĞƌŝƚŽǁŶƐŚŝƉĂŶĚŝƐnjŽŶĞĚ ĂƐĐŽĂƐƚĂůůŝǀŝŶŐ͘dŚĞƐŝƚĞŝƐďŽĂƌĚĞĚďLJZĂŶŐŝƚĂŶĞZŝǀĞƌŽŶŝƚƐŶŽƌƚŚĞƌŶƐŝĚĞǁŝƚŚƐĞǀĞƌĂůƐŵĂůůŐƵůůŝĞƐƚŚĂƚĚƌĂŝŶŝŶƚŽƚŚĞZĂŶŐŝƚĂŶĞZŝǀĞƌǁŚŝĐŚ ĨůŽǁƐŝŶƚŽƚŚĞ<ĞƌŝŬĞƌŝ/ŶůĞƚǀŝĂĂŶĞƐƚƵĂƌLJŶĞĂƌWŝƌŝŬĂǁĂƵ/ƐůĂŶĚ͘dŚĞƌĞŝƐŶĂƚŝǀĞǀĞŐĞƚĂƚŝŽŶƚŚĂƚƌƵŶƐĂůŽŶŐZĂŶŐŝƚĂŶĞZŝǀĞƌĂůƚŚŽƵŐŚŝƚŝƐŶŽƚ ĐŽŶƚŝŶƵŽƵƐĂŶĚĂƐŵĂůůƉŽĐŬĞƚŽŶƚŚĞĂĐƚƵĂůĨĂƌŵŝƚƐĞůĨ͘dŚĞŶĂƚŝǀĞǀĞŐĞƚĂƚŝŽŶ͕ƚŚĞƐƚƌĞĂŵŚĞĂůƚŚĂŶĚĐƵůƚƵƌĂůŚŝƐƚŽƌLJŽĨƚŚŝƐƐŝƚĞĂƌĞŽĨƐŝŐŶŝĨŝĐĂŶĐĞ ƚŽEŐĈƚŝZĤŚŝĂ͘
dŚĞWƌŽƉŽƐĂů dŚĞƉƌŽƉŽƐĂůŝƐĨŽƌϭϯϯůŽƚƌƵƌĂůƌĞƐŝĚĞŶƚŝĂůƐƵďĚŝǀŝƐŝŽŶƚŚĂƚŝŶĐůƵĚĞƐϮ͕ϴϬϬŵŽƌŶĞǁƌŽĂĚƚŽǀĞƐƚ͕ĂŶĚũŽŝŶƚůLJŽǁŶĞĚĂĐĐĞƐƐůŽƚƐ͘ EŐĈƚŝZĤŚŝĂŚĂƐƌĞǀŝĞǁĞĚƚŚĞĨŽůůŽǁŝŶŐĚŽĐƵŵĞŶƚƐŝŶƉƌĞƉĂƌĂƚŝŽŶĨŽƌƚŚŝƐ/͗
x dŚĞ ŶŐŝŶĞĞƌŝŶŐZĞƉŽƌƚĨŽƌWƌŽƉŽƐĞĚ^ƵďĚŝǀŝƐŝŽŶZĂŶŐŝƚĂŶĞZŝǀĞƌWĂƌŬ^ƚĂŐĞƐϯͲϲĨŽƌEĞŝůŽŶƐƚƌƵĐƚŝŽŶ>ƚĚͲ,ĂŝŐŚǁŽƌŬŵĂŶ>ƚĚϮϬϭϵ x dŚĞdƵďď͛Ɛ&Ăƌŵ͕<ĂƉŝƌŽZŽĂĚ͕<ĞƌŝŬĞƌŝ͖ƐƐĞƐƐŵĞŶƚŽĨ ĐŽůŽŐŝĐĂů^ŝŐŶŝĨŝĐĂŶĐĞʹE YƵĂůŝƚLJ^LJƐƚĞŵϮϬϬϴ
5 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
x dƵďďƐ&Ăƌŵ͕<ĞƌŝŬĞƌŝ͕ĂLJŽĨ/ƐůĂŶĚƐ͗ĐŚĂĞŽůŽŐŝĐĂůƐƐĞƐƐŵĞŶƚʹůŽƵŐŚΘƐƐŽĐŝĂƚĞƐ>ƚĚϮϬϬϳ x dŚĞZĞƐŽƵƌĐĞDĂŶĂŐĞŵĞŶƚĐƚϭϵϵϭ x dŚĞZĞŐŝŽŶĂůWŽůŝĐLJ^ƚĂƚĞŵĞŶƚĨŽƌEŽƌƚŚůĂŶĚDĂLJϮϬϭϲ x dŚĞ&ĂƌEŽƌƚŚŝƐƚƌŝĐƚWůĂŶ
dŚĞ^ŝƚĞ
dŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶŝƐŽŶƚŚĞĐŽƌŶĞƌŽĨ<ĂƉŝƌŽĂŶĚZĞĚĐůŝĨĨZŽĂĚƐĂƐƐŚŽǁŶŝŶƚŚĞďĞůŽǁŝŵĂŐĞ͗
6 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
/DĞƚŚŽĚŽůŽŐLJ dĞZƻŶĂŶŐĂŽEŐĈƚŝZĤŚŝĂŚŝ<ĂĂĚǀŝƐŽƌƐǁĞƌĞĐŽŶƚĂĐƚĞĚďLJƚŚĞĂƉƉůŝĐĂŶƚƐƉƌĞĂƉƉůŝĐĂƚŝŽŶŽŶϯϭ:ƵůLJϮϬϭϵ͘dŚĞĚƌĂĨƚƉƌŽƉŽƐĂůǁĂƐƉƌŽǀŝĚĞĚ ĂŶĚĂƐŝƚĞǀŝƐŝƚǁĂƐĐŽŶĚƵĐƚĞĚŽŶϮϰ:ƵůLJϮϬϭϵ͘
dŚĞ/ƐĐŽƉĞǁĂƐĂŐƌĞĞĚǁŝƚŚƚŚĞĂƉƉůŝĐĂŶƚŽŶϲKĐƚŽďĞƌϮϬϭϵ͘
&ŽůůŽǁŝŶŐŝƐĂĐŽŵƉůĞƚĞůŝƐƚŽĨĂůůƉƌŽũĞĐƚĚĞůŝǀĞƌĂďůĞƐ͗
ĞůŝǀĞƌĂďůĞ ĞƐĐƌŝƉƚŝŽŶ
^ŝƚĞsŝƐŝƚϭ dŽĐŽŵƉůĞƚĞƚŚĞWƌĞůŝŵŝŶĂƌLJƐƐĞƐƐŵĞŶƚĂŶĚŵĞĞƚĐůŝĞŶƚ
ƵůƚƵƌĂů/ŵƉĂĐƚƐƐĞƐƐŵĞŶƚ dŚĞŽǀĞƌĂůůƌĞƉŽƌƚŽŶƚŚĞŝŵƉĂĐƚƐŽĨƚŚĞĂĐƚŝǀŝƚLJŝŶĐůƵĚŝŶŐĂŶĂƐƐĞƐƐŵĞŶƚŽĨ͗ ϭ͘ dŚĞEĂƚŝŽŶĂůĂŶĚ>ŽĐĂůŐŽǀĞƌŶŵĞŶƚƉŽůŝĐLJĨƌĂŵĞǁŽƌŬ Ϯ͘ dŚĞEŐĈƚŝZĤŚŝĂ,ĂƉƻ ŶǀŝƌŽŶŵĞŶƚĂůDĂŶĂŐĞŵĞŶƚWůĂŶ ϯ͘ dŚĞůĞǀĞůŽĨĐƵůƚƵƌĂůĞĨĨĞĐƚƐ ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐŽŶŚŽǁƚŚĞŝŵƉĂĐƚƐƐŚĂůůďĞĂǀŽŝĚĞĚ͕ƌĞŵĞĚŝĞĚŽƌŵŝƚŝŐĂƚĞĚ͘
tĂŝŽƌĂ ĐŽͲĐƵůƚƵƌĂůƐƐĞƐƐŵĞŶƚ ŶŝŶͲĚĞƉƚŚŝŶǀĞƐƚŝŐĂƚŝŽŶŽĨƚŚĞƉŽƚĞŶƚŝĂůƉŽƐŝƚŝǀĞĂŶĚŶĞŐĂƚŝǀĞĞĨĨĞĐƚƐŽŶĐƵůƚƵƌĂůǀĂůƵĞƐŽĨ ǁĂƚĞƌǁĂLJƐŝŶĐůƵĚŝŶŐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞǁĞƚůĂŶĚ͘
dĂŶĞDĂŚƵƚĂƐƐĞƐƐŵĞŶƚ dŽĂƐƐĞƐƐƚŚĞŝŵƉĂĐƚƐĂŶĚŽƉƉŽƌƚƵŶŝƚŝĞƐŽĨƚŚĞŝŶĚŝŐĞŶŽƵƐĨůŽƌĂĂŶĚĨĂƵŶĂ͘
7 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
dŝŵĞůŝŶĞĨŽƌ džĞĐƵƚŝŽŶ
ĞƐĐƌŝƉƚŝŽŶ ĂƚĞ
WƌŽũĞĐƚ^ƚĂƌƚ ϯϭ:ƵůLJϮϬϭϵ
^ŝƚĞsŝƐŝƚ ϮϴƵŐƵƐƚϮϬϭϵ
/^ĐŽƉĞƐŝŐŶĞĚŽĨĨ ϲKĐƚŽďĞƌϮϬϭϵ
^ŝƚĞsŝƐŝƚϮ ϰĞĐĞŵďĞƌϮϬϭϵ
dĂŶĞDĂŚƵƚĂƐƐĞƐƐŵĞŶƚ ϭϲĞĐĞŵďĞƌϮϬϭϵ
tĂŝŽƌĂ ĐŽͲĐƵůƚƵƌĂůƐƐĞƐƐŵĞŶƚ ϭϲĞĐĞŵďĞƌϮϬϭϵ
ƵůƚƵƌĂů/ŵƉĂĐƚƐƐĞƐƐŵĞŶƚ ϭϲĞĐĞŵďĞƌϮϬϭϵ
WƌŽũĞĐƚ ŶĚ ϮϬĞĐĞŵďĞƌϮϬϭϵ
h>dhZ>^/'E/&/E
<ĂƌƵŬƵĂƚƵŚĂƵŬŝƌŽƚŽŝdĞǁĂŽEŐĂZĂŶŐĂƚŝƌĂ /ĚŝǀĞŚĞĂĚĨŝƐƚŝŶƚŽƚŚĞZŝǀĞƌŽĨƚŚĞŚŝĞĨƐ;<ĞƌŝŬĞƌŝ/ŶůĞƚͿ ƚƵĂŬĞƌĂĂZĂŶŐŝƚĂŶĞƚĞ<ĂŝƚŝĂŬŝŝĂ<ŽƌŽƌŝƉŽ WĂƐƚZĂŶŐŝƚĂŶĞƚŚĞŐƵĂƌĚŝĂŶŽĨ<ŽƌŽƌŝƉŽWĈ <ĂŚƵƌŝƚĂŬƵƚŝƚŝƌŽŬŝƚĞŚĂƵƚŽŶŐĂ͕ /ŐĂnjĞƐŽƵƚŚǁĂƌĚƐ
8 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
ŬŽŵĂƵŶŐĂWŽŬĂĂŬĂƚĞƌĂ dŽǁĂƌĚDŽƵŶƚWŽŬĈŬĈ <ŝƚĞĂǁĂŽtĂŝƚĂŶŐŝĞŚĂƌƵƌƵŵĂŝƌĂ ŶĚŽŶǁĂƌĚƐƚŽƚŚĞtĂŝƚĂŶŐŝZŝǀĞƌ
EŐĈƚŝZĤŚŝĂĐůĂŝŵƌŽŚĞŝŶƚŚĞŐĞŶĞƌĂůĂƌĞĂŽĨ͗ x dĈŬĂƵĂLJ x ZĈŚŝƌŝ x KŵĂƉĞƌĞ x tĂŝƚĂŶŐŝ x WƵƌĞƌƵĂWĞŶŝŶƐƵůĂ x <ĞƌŝŬĞƌŝ
dŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶŝƐŝŶƚŚĞǀŝĐŝŶŝƚLJŽĨZĂŶŐŝƚĂŶĞWĈĂŶĚƚŚĞǁŚĞŶƵĂŽĨWĂƌĞŶŐĂƌŽĂ͘dŚĞĂďŽǀĞƉĞƉĞŚĂŽƵƚůŝŶĞƐƚŚĞƌĞůĂƚŝŽŶƐŚŝƉŽĨEŐĈƚŝ ZĤŚŝĂƚŽŝƚƐŵŽƵŶƚĂŝŶƐ͕ƌŝǀĞƌƐĂŶĚƚŚĞůĂŶĚ͘dŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶŝƐǁŝƚŚŝŶĂŶĂƌĞĂƚŚĂƚǁĂƐŽŶĐĞŚĞĂǀŝůLJŽĐĐƵƉŝĞĚďLJEŐĈƚŝZĤŚŝĂ͘
EŐĈƚŝZĤŚŝĂĐůĂŝŵŚŝͲŬĈŽǀĞƌŽƵƌƌŽŚĞ͘tĞĂĐŬŶŽǁůĞĚŐĞƚŚĞŽǀĞƌůĂƉƉŝŶŐŝŶƚĞƌĞƐƚŽĨŽƚŚĞƌEŐĈƉƵŚŝŚĂƉƻ͕ũƵƐƚĂƐEŐĈƚŝZĤŚŝĂŽǀĞƌůĂƉƐƚŚĞƌŽŚĞŽĨ ŽƚŚĞƌƐ͘^ƵĐŚŽǀĞƌůĂƉƐĐŽŵĞƐĨƌŽŵƚŚĞĐůŽƐĞŶĞƐƐŽĨŽƵƌƌĞůĂƚŝŽŶƐŚŝƉƐ͕ĂŶĚŽƵƌƐŚĂƌĞĚŚŝƐƚŽƌŝĞƐŽĨǁŚĂŬĂƉĂƉĂ͕ŵĂƌƌŝĂŐĞ͕ĂůůŝĂŶĐĞƐĂŶĚĐŽŶƋƵĞƐƚƐ͘
E' d/Z ,/Θd d/Z/d/Kt/dE'/
,ĞtŚĂŬĂƉƵƚĂŶŐĂŽdĞZĂŶŐĂƚŝƌĂƚĂŶŐĂŽEŝƵdŝƌĞŶĞ;ĞĐůĂƌĂƚŝŽŶŽĨ/ŶĚĞƉĞŶĚĞŶĐĞͿĂŶĚdĞdŝƌŝƚŝƃtĂŝƚĂŶŐŝ;dŚĞdƌĞĂƚLJŽĨtĂŝƚĂŶŐŝͿĂƌĞƚŚĞ ĨŽƵŶĚŝŶŐĚŽĐƵŵĞŶƚƐŽĨŽƚĞĂƌŽĂ;EĞǁĞĂůĂŶĚͿ͘dŚĞtĂŝƚĂŶŐŝdƌŝďƵŶĂůdĞWĂƉĂƌĂŚŝƃdĞZĂŬŝϮϬϭϲ^ƚĂŐĞϭZĞƉŽƌƚĨŽƵŶĚƚŚĂƚEŐĈƉƵŚŝŶĞǀĞƌĐĞĚĞĚ ƐŽǀĞƌĞŝŐŶƚLJ͘
9 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
dĂƌĞŚĂ͕ŽŶďĞŚĂůĨŽĨEŐĈƚŝZĤŚŝĂ͕ƐŝŐŶĞĚƚŚĞϭϴϯϱĞĐůĂƌĂƚŝŽŶŽĨ/ŶĚĞƉĞŶĚĞŶĐĞŽƌŐĂŶŝƐĞĚďLJƚŚĞƌŝƚŝƐŚZĞƐŝĚĞŶƚƵƐďLJ͘EŐĈƚŝZĤŚŝĂĚŝĚŶŽƚƐŝŐŶ ƚŚĞdƌĞĂƚLJŽĨtĂŝƚĂŶŐŝ͘dĂƌĞŚĂĐŽŶƐŝĚĞƌĞĚƚŚĞŵĂŶĂŽĨEŐĈƚŝZĤŚŝĂǁĂƐƉƌŽƚĞĐƚĞĚŝŶƚŚĞĞĂƌůŝĞƌĚŽĐƵŵĞŶƚ͘
dŚĞŚĂƉƻŽĨEŐĈƚŝZĤŚŝĂƌĞĐŽŐŶŝƐĞƚŚĞdƌĞĂƚLJĂŶĚƚŚĞĞĂƌůŝĞƌϭϴϯϱĞĐůĂƌĂƚŝŽŶŽĨ/ŶĚĞƉĞŶĚĞŶĐĞĂƐĨŽƵŶĚĂƚŝŽŶĚŽĐƵŵĞŶƚƐĚĞĨŝŶŝŶŐƚŚĞƉĂƌƚŶĞƌƐŚŝƉ ďĞƚǁĞĞŶŚĂƉƻĂŶĚƚŚĞƌŽǁŶ͘tĞƌĞĐŽŵŵĞŶĚƚŚĂƚdĞZƻŶĂŶŐĂ/ǁŝKEŐĈƉƵŚŝĂĚǀŝƐĞĂůůĂŐĞŶĐŝĞƐƚŽĐŽŶƐŝĚĞƌďŽƚŚĚŽĐƵŵĞŶƚƐĂƐ͞ƌĞůĞǀĂŶƚ ƉůĂŶŶŝŶŐĚŽĐƵŵĞŶƚƐ͘͟
t/ϰϵϮtĂŝƚĂŶŐŝdƌŝďƵŶĂůZĞƉŽƌƚŝŶĐůƵĚĞƐƐŽŵĞŽĨƚŚĞEŐĈƚŝZĤŚŝĂĞǀŝĚĞŶĐĞ͘
EŐĂƚŝZĞŚŝĂŬĂŝƚŝĂŬŝƚĂŶŐĂŝƐƚŚĞƉƌĞĨĞƌƌĞĚŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵĂŶĚƚŚĞƚŽŽůƐŽĨƌĂŚƵŝ͕ƚĂƉƵ͕ŵĂŶĂĂŬŝĂŶĚŬĂƌĂŬŝĂĂƌĞƵƐĞĚ͘dŚĞĨĂŝůƵƌĞƚŽůŝǀĞ ƐƵƐƚĂŝŶĂďůLJĂŶĚŝŶŚĂƌŵŽŶLJǁŝƚŚƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂŶĚƚŚĞƐĞĂƐŽŶƐŚĂƐƐĞǀĞƌĞĂŶĚĚƌĂƐƚŝĐĐŽŶƐĞƋƵĞŶĐĞƐĨŽƌŽƵƌƉĞŽƉůĞ͘
dŽƐƵŵŵĂƌŝƐĞ͕ƚŚĞdƌĞĂƚLJƉƌŝŶĐŝƉůĞƐŝŶĐůƵĚĞ͕ŝŶƚĞƌĂůŝĂ͗
x ƵƚLJƚŽĂĐƚŝŶŐŽŽĚĨĂŝƚŚĂŶĚŝŶƉĂƌƚŶĞƌƐŚŝƉ͖ x WƌŽƚĞĐƚŝŽŶŽĨDĈŽƌŝŝŶƚĞƌĞƐƚƐ͕ƚĂŽŶŐĂĂŶĚĚĞǀĞůŽƉŵĞŶƚʹƚŚĞĚƵƚLJŽĨƚŚĞƌŽǁŶŝƐŶŽƚũƵƐƚƉĂƐƐŝǀĞďƵƚĞdžƚĞŶĚĞĚƚŽĂĐƚŝǀĞƉƌŽƚĞĐƚŝŽŶŽĨ DĈŽƌŝƉĞŽƉůĞŝŶƚŚĞƵƐĞŽĨƚŚĞŝƌůĂŶĚƐĂŶĚǁĂƚĞƌƐ͚ƚŽƚŚĞĨƵůůĞƐƚĞdžƚĞŶƚƉƌĂĐƚŝĐĂďůĞ͖͛ x dŚĞ'ŽǀĞƌŶŵĞŶƚŵƵƐƚďĞĂďůĞƚŽŵĂŬĞŝŶĨŽƌŵĞĚĚĞĐŝƐŝŽŶƐ͖ x dŽƌĞŵĞĚLJƉĂƐƚdƌĞĂƚLJŽĨtĂŝƚĂŶŐŝŐƌŝĞǀĂŶĐĞƐ͖ĂŶĚ x dŚĞ'ŽǀĞƌŶŵĞŶƚŚĂƐƚŚĞƌŝŐŚƚƚŽŐŽǀĞƌŶŝŶĞdžĐŚĂŶŐĞĨŽƌƚŚĞĞdžĞƌĐŝƐĞŽĨƌĂŶŐĂƚŝƌĂƚĂŶŐĂ;ĐŽŶƚƌŽůĂŶĚĂƵƚŚŽƌŝƚLJͿŽǀĞƌƌĞƐŽƵƌĐĞƐĂƐůŝƐƚĞĚŝŶ ƌƚŝĐůĞϮǁŝƚŚŽƵƚƵŶƌĞĂƐŽŶĂďůĞĂŶĚƵŶĚƵĞ͚ƐŚĂĐŬůĞƐ͛͘ϭ
ϭŚƚƚƉƐ͗ͬͬƐƵƐƚĂŝŶĂďůĞƐĞĂƐĐŚĂůůĞŶŐĞ͘ĐŽ͘ŶnjͬƐŝƚĞƐͬĚĞĨĂƵůƚͬĨŝůĞƐͬϮϬϭϴͲϭϭͬdŚĞйϮϬdƌĞĂƚLJйϮϬdŝŬĂŶŐĂйϮϬZDйϮϬͲйϮϬWƌŽĨйϮϬZŽďĞƌƚйϮϬ:ŽƐĞƉŚйϮϬ^ĞƉƚйϮϬϮϬϭϴ͘ƉĚĨ
10 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
ŶŽƚŚĞƌŬĞLJdƌĞĂƚLJƉƌŝŶĐŝƉůĞŝƐƚŚĞĂĐƚŝǀĞĚƵƚLJƚŽƉƌŽƚĞĐƚDĈŽƌŝŝŶƚĞƌĞƐƚƐ͕ǁŚŝĐŚŝŶĐůƵĚĞƐƉƌŽƚĞĐƚŝŶŐƚĂŽŶŐĂ;ĂůůƚŚĂƚŝƐƚƌĞĂƐƵƌĞĚͿ͕ĂŶĚƚŽŝĚĞŶƚŝĨLJ ƚŚĞĨƵůůŚŝƐƚŽƌLJĂŶĚĞǀŝĚĞŶĐĞŽĨƚĂŽŶŐĂƵŶĚĞƌƐϲ;ĞͿ͕ZD͘dŚĞĚƵƚLJƚŽƉƌŽƚĞĐƚDĈŽƌŝŝŶƚĞƌĞƐƚƐƚŚĞŶŝƐĂƌĞůĂƚŝŽŶƐŚŝƉŽĨƚĂŶŐĂƚĂǁŚĞŶƵĂǁŝƚŚƚŚĞ ŶĂƚƵƌĂůƌĞƐŽƵƌĐĞƐƚŚĂƚŽďůŝŐĞƐĂŶĂƐƐĞƐƐŵĞŶƚŽĨĂŶLJŝŵƉĂĐƚŽŶDĈŽƌŝŝŶƚĞƌĞƐƚƐŝŶƚŚĞƌĞƐŽƵƌĐĞƐ͘
ŽŶƐƵůƚĂƚŝŽŶŝƐĂŶŽƚŚĞƌŝŵƉŽƌƚĂŶƚdƌĞĂƚLJŽĨtĂŝƚĂŶŐŝƉƌŝŶĐŝƉůĞǁŚĞƌĞƚŚĞ'ŽǀĞƌŶŵĞŶƚ͕ŝŶƚĞƌĂůŝĂ͕͚ŵƵƐƚŵĂŬĞƐƵƌĞƚŚĂƚŝƚǁĂƐŝƐŝŶĨŽƌŵĞĚŝŶ ŵĂŬŝŶŐĚĞĐŝƐŝŽŶƐƌĞůĂƚŝŶŐƚŽƚŚĞdƌĞĂƚLJ͛͘^ƵďƐƚĂŶƚŝǀĞůLJ͕ĐŽŶƐƵůƚĂƚŝŽŶƌĞƋƵŝƌĞƐďĞŝŶŐĨƵůůLJŝŶĨŽƌŵĞĚďLJŚĂǀŝŶŐĨƵůůĂŶĚƚŝŵĞůLJŝŶĨŽƌŵĂƚŝŽŶĂŶĚďĞŝŶŐ ŝŶĨŽƌŵĞĚƐƵĨĨŝĐŝĞŶƚůLJĂƐƚŽƚŚĞĨƵůůŝŵƉůŝĐĂƚŝŽŶƐĨŽƌƚŚĞŚĂƉƻŽĨǁŚĂƚĞdžĂĐƚůLJǁĂƐƉƌŽƉŽƐĞĚ͕ŽƌŽĨŚŽǁƚŽŐŝǀĞĞĨĨĞĐƚƚŽƐŽŵĞŽĨƚŚĞŚĂƉƻΖĐƵƐƚŽŵĂƌLJ ƉƌĂĐƚŝĐĞƐ͕ĞĂƌůLJĞŶŽƵŐŚŝŶƚŚĞĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐƉƌŽĐĞƐƐ͘ŽŶƐƵůƚĂƚŝŽŶĂƐĂdƌĞĂƚLJƉƌŝŶĐŝƉůĞƌĞƋƵŝƌĞƐƚŚĞĨƵůĨŝůŵĞŶƚŽĨďŽƚŚƚŚĞƐƵďƐƚĂŶƚŝǀĞĂŶĚ ƉƌŽĐĞĚƵƌĂůĞůĞŵĞŶƚƐ͘ůů>ŽĐĂůƵƚŚŽƌŝƚŝĞƐĂŶĚĞǀĞŶĂƉƵďůŝĐůŝƐƚĞĚĐŽŵƉĂŶLJ͚ĐĂŶŶŽƚƉƵƌƉŽƌƚƚŚĂƚŝƚŚĂƐŶŽŽďůŝŐĂƚŝŽŶƚŽĐŽŶƐŝĚĞƌƚĂŶŐĂƚĂǁŚĞŶƵĂ ŝƐƐƵĞƐŽƌƚŽĐŽŶƐƵůƚǁŝƚŚƚŚĞƌĞůĞǀĂŶƚƉĂƌƚŝĞƐ͛ǁŚŝĐŚŝŶĂĐƚŝŽŶŝƐ͚ŚƵƌƚĨƵůĂŶĚĚŝƐƌĞƐƉĞĐƚŝŶŐŽĨƌĂŶŐĂƚŝƌĂƚĂŶŐĂ͘WĞƌĨŽƌŵŝŶŐĐŽŶƐƵůƚĂƚŝŽŶŝŶƐƵĐŚĂŶ ĂĐƚŝǀĞŵĂŶŶĞƌǁŽƵůĚŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞƌŽǁŶĂŶĚ>ŽĐĂůƵƚŚŽƌŝƚŝĞƐĂƌĞĨƵůĨŝůůŝŶŐƚŚĞŝƌĚƵƚLJƚŽĂĐƚƌĞĂƐŽŶĂďůLJĂŶĚŝŶŐŽŽĚĨĂŝƚŚ͘
^^ ^^D EdK&WK>// ^
dŚŝƐƐĞĐƚŝŽŶĞŶƐƵƌĞƐƚŚĂƚƚŚĞEŐĈƚŝZĤŚŝĂ,ĂƉƻ ŶǀŝƌŽŶŵĞŶƚĂůDĂŶĂŐĞŵĞŶƚWůĂŶĂŶĚƌĞƋƵŝƌĞĚƚĂŶŐĂƚĂǁŚĞŶƵĂƐĞĐƚŝŽŶƐŽĨůŽĐĂůŐŽǀĞƌŶŵĞŶƚƉůĂŶƐ ĂƌĞĂƐƐĞƐƐĞĚ͘dŚĞƉƌŽƉŽƐĞĚƐĐŽƉĞŽĨǁŽƌŬƐƚƌŝŐŐĞƌƐŽĨƐŝŐŶŝĨŝĐĂŶĐĞƚŽEŐĈƚŝZĤŚŝĂĂƌĞĂƐĨŽůůŽǁƐ͗
&ĂƌEŽƌƚŚŝƐƚƌŝĐƚWůĂŶ
dŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶŝƐnjŽŶĞĚĂƐŽĂƐƚĂů>ŝǀŝŶŐ͘dŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶƉƌŽǀŝĚĞƐĨŽƌďƵƚĚŽĞƐŶŽƚŝŶĐůƵĚĞƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚ͘
dŚĞEŐĂƚŝZĞŚŝĂ,ĂƉƵ ŶǀŝƌŽŶŵĞŶƚĂůDĂŶĂŐĞŵĞŶƚWůĂŶ
dŚĞEŐĈƚŝZĤŚŝĂ,ĂƉƻ ŶǀŝƌŽŶŵĞŶƚĂůDĂŶĂŐĞŵĞŶƚWůĂŶƐĞƚƐŽƵƚŽƵƌǀŝƐŝŽŶ͕ǀĂůƵĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĂƐƚŚĞdĂŶŐĂƚĂtŚĞŶƵĂŽĨŽƵƌƌŽŚĞ͘
11 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
EŐĈƚŝZĤŚŝĂ, DWWŽůŝĐŝĞƐ
ϵ͘Z >d/KE^,/WWK>// ^ Ɛ<ĂŝƚŝĂŬŝEŐĈƚŝZĤŚŝĂ͗ ϭ͘/ƐĂŶƐǁĞƌĂďůĞĨŝƌƐƚůLJƚŽƚŚĞƌĞůĂƚŝŽŶƐŚŝƉƐŽƵƌdƻƉƵŶĂĨŽƌŐĞĚǁŝƚŚĂůůƚŚĞĐŚŝůĚƌĞŶŽĨƚŚĞƚƵĂĂŶĚƚŽƚŚĞƌĞůĂƚŝŽŶƐŚŝƉŽƵƌŵŽŬŽƉƵŶĂŶĞĞĚƚŽ ŚĂǀĞǁŝƚŚdĞŽDĈƌĂŵĂ͘ Ϯ͘tŝůůƐĞĞŬƚŽƉƌŽƚĞĐƚƚĂŽŶŐĂŽĨǀĂůƵĞƚŽƉĂƐƚ͕ƉƌĞƐĞŶƚĂŶĚĨƵƚƵƌĞŐĞŶĞƌĂƚŝŽŶƐĂŶĚƐĞĞŬƚŚĂƚďĞƐƚƉƌĂĐƚŝĐĞǁŚĞŶĐŽŶƐƵůƚŝŶŐŝƐĂĐƚŝǀĞůLJ ƌĞĐŽŐŶŝƐĞĚĂŶĚƉƌĂĐƚŝĐĞĚďLJĂůůƉĂƌƚŝĐŝƉĂŶƚƐ͘ ϵ͘ϰKhZZ >d/KE^,/Wt/d, s >KW Z^ Ϯ͘dZKEZǁŝůůĞŶƚĞƌŝŶƚŽĐŽŶƐƵůƚĂƚŝŽŶǁŝƚŚĂůůĚĞǀĞůŽƉĞƌƐƚŽĂƐĐĞƌƚĂŝŶƚŚĞĂĐƚƵĂůŽƌƉŽƚĞŶƚŝĂůĞĨĨĞĐƚƐŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚƉƌŽƉŽƐĂůƐŽŶEŐĈƚŝ ZĤŚŝĂ͕ŽƵƌǀĂůƵĞƐĂŶĚŽƵƌĞŶǀŝƌŽŶŵĞŶƚ͘ ϱ͘dZKEZǁŝůůƚŽƚŚĞďĞƐƚŽĨŽƵƌĐĂƉĂĐŝƚLJŵŽŶŝƚŽƌĂůůĚĞǀĞůŽƉŵĞŶƚƐŽŶĐĞĐŽŵŵĞŶĐĞĚƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞLJĚŽŶŽƚƌĞƐƵůƚŝŶĂĚǀĞƌƐĞĞĨĨĞĐƚƐĂŶĚ ƚŚĂƚƚŚĞLJĂƌĞĐŽŵƉůĞƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐŽŶĚŝƚŝŽŶƐŽĨƚŚĞŝƌĐŽŶƐĞŶƚ͘ ϲ͘dZKEZǁŝůůƐĞĞŬƚŚĞŚŝŐŚĞƐƚƐƚĂŶĚĂƌĚƐďĞĂĚŽƉƚĞĚĨŽƌĚĞǀĞůŽƉŵĞŶƚĂŶĚǁŝůůǁŽƌŬǁŝƚŚĚĞǀĞůŽƉĞƌƐƚŽĞŶƐƵƌĞƚŚĂƚďĞƐƚƉƌĂĐƚŝĐĞŝƐĂĚŽƉƚĞĚ ĨŽƌĂůůĚĞǀĞůŽƉŵĞŶƚŝŶŝƚŝĂƚŝǀĞƐ͘
>ŽĐĂů'ŽǀĞƌŶŵĞŶƚWŽůŝĐŝĞƐ >ĞǀĞůŽĨ ĨĨĞĐƚƐ
d, Z '/KE>WK>/z^dd D Ed dŚĞĂďŝůŝƚLJŽĨEŐĈƚŝZĤŚŝĂƚŽǁŽƌŬǁŝƚŚƚŚĞĂƉƉůŝĐĂŶƚƉƌĞĂƉƉůŝĐĂƚŝŽŶĂŶĚ ĐŽŵƉůĞƚĞĂŶĂƐƐĞƐƐŵĞŶƚŽĨĞĨĨĞĐƚƐŽŶƐŝƚĞ͘ WK>// ^ /ƚŝƐĂůǁĂLJƐǀĂůƵĂďůĞƚŽĨŽƌŵĂƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚĂƉƉůŝĐĂŶƚƐĚƵƌŝŶŐƚŚĞƉƌĞͲ ϴ͘ϭ͘ϭdŚĞƌĞŐŝŽŶĂůĂŶĚĚŝƐƚƌŝĐƚĐŽƵŶĐŝůƐƐŚĂůůƉƌŽǀŝĚĞ ĂƉƉůŝĐĂƚŝŽŶƉŚĂƐĞ͕ŝƚĂůůŽǁƐĨŽƌEŐĈƚŝZĤŚŝĂƚŽĚŝƐĐƵƐƐĂŶĚŵŝƚŝŐĂƚĞƚŚĞ ŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌƚĂŶŐĂƚĂǁŚĞŶƵĂƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞƌĞǀŝĞǁ͕ ƉŽƚĞŶƚŝĂůĞĨĨĞĐƚƐƉƌĞůŽĚŐĞŵĞŶƚ͘ ĚĞǀĞůŽƉŵĞŶƚ͕ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ĂŶĚŵŽŶŝƚŽƌŝŶŐŽĨƉůĂŶƐĂŶĚ
12 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
ƌĞƐŽƵƌĐĞĐŽŶƐĞŶƚƉƌŽĐĞƐƐĞƐƵŶĚĞƌƚŚĞZĞƐŽƵƌĐĞDĂŶĂŐĞŵĞŶƚ ŐƌĞĞŵĞŶƚƚŽƚŚĞƐĐŽƉĞŽĨƚŚĞ/ŝƐĂƉŽƐŝƚŝǀĞĐƵůƚƵƌĂůĞĨĨĞĐƚ Đƚϭϵϵϭ͘ EŐĈƚŝZĤŚŝĂŚĂǀŝŶŐĂĐĐĞƐƐƚŽĂŶĚƚŚĞŚŽůĚŝŶŐŽĨƚŚĞŚŝƐƚŽƌŝĐĂůĂƌƚĞĨĂĐƚ ϴ͘ϭ͘ϯdŚĞƌĞŐŝŽŶĂůĂŶĚĚŝƐƚƌŝĐƚĐŽƵŶĐŝůƐƐŚĂůůƉƌŽǀŝĚĞ ͚ŬƃŚĂƚƵ͛ĨŽƵŶĚŽŶƚŚĞƐŝƚĞŝƐĂƉŽƐŝƚŝǀĞĐƵůƚƵƌĂůĞĨĨĞĐƚ ŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌƚŚĞƵƐĞĂŶĚŝŶĐŽƌƉŽƌĂƚŝŽŶŽĨDĈƚĂƵƌĂŶŐĂ dŚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐŽĨƚŚŝƐ/ďĞŝŶŐĂĚĚƌĞƐƐĞĚďLJƚŚĞĂƉƉůŝĐĂŶƚŵĂLJďĞ DĈŽƌŝŝŶƚŽĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐ͕ŵĂŶĂŐĞŵĞŶƚ͕ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ ĂƉŽƐŝƚŝǀĞĐƵůƚƵƌĂůĞĨĨĞĐƚ ĂŶĚŵŽŶŝƚŽƌŝŶŐŽĨŶĂƚƵƌĂůĂŶĚƉŚLJƐŝĐĂůƌĞƐŽƵƌĐĞƐƵŶĚĞƌƚŚĞ ZĞƐŽƵƌĐĞDĂŶĂŐĞŵĞŶƚĐƚϭϵϵϭ͘ ϴ͘Ϯ͘ϭdŚĞƌĞŐŝŽŶĂůĐŽƵŶĐŝůǁŝůůƌĞĐŽŐŶŝƐĞƚŚĞǀĂůƵĞŽĨŝǁŝĂŶĚ ŚĂƉƻŵĂŶĂŐĞŵĞŶƚƉůĂŶƐŝŶĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐƵŶĚĞƌƚŚĞ ZĞƐŽƵƌĐĞDĂŶĂŐĞŵĞŶƚĐƚϭϵϵϭĂŶĚƚŚĞŶĞĞĚƚŽƐƵƉƉŽƌƚ ƚĂŶŐĂƚĂǁŚĞŶƵĂŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨ ƚŚĞƐĞƉůĂŶƐ͘ d, &ZEKZd,/^dZ/dW>E Ϯ͘dE'dt, Eh WK>// ^ Ϯ͘ϴ͘Ϯ dŚĂƚ ƚĂŶŐĂƚĂ ǁŚĞŶƵĂ ďĞ ĐŽŶƐƵůƚĞĚ ŽǀĞƌ ƚŚĞ ƵƐĞ͕ ĚĞǀĞůŽƉŵĞŶƚ Žƌ ƉƌŽƚĞĐƚŝŽŶ ŽĨ ŶĂƚƵƌĂů ƌĞƐŽƵƌĐĞƐ ǁŚĞƌĞ ƚŚĞƐĞ ĂĨĨĞĐƚƚŚĞŝƌƚĂŽŶŐĂ͘ Ϯ͘ϴ͘ϯdŚĂƚƚŚĞŽƵŶĐŝůǁŝůůŚĂǀĞƌĞŐĂƌĚƚŽƌĞůĞǀĂŶƚƉƌŽǀŝƐŝŽŶƐŽĨ ĂŶLJǁŚĂŶĂƵ͕ŚĂƉƻŽƌŝǁŝƌĞƐŽƵƌĐĞŵĂŶĂŐĞŵĞŶƚƉůĂŶƐ͕ƚĂŝĂƉƵƌĞ ƉůĂŶƐŽƌŵĂŚŝŶŐĂŵĂƚĂŝƚĂŝƉůĂŶƐ͘ Ϯ͘ϴ͘ϱdŚĂƚǁĂĂŚŝƚĂƉƵĂŶĚŽƚŚĞƌƚĂŽŶŐĂďĞŝĚĞŶƚŝĨŝĞĚĂŶĚ ƉƌŽƚĞĐƚĞĚďLJƉƌŽǀŝƐŝŽŶƐŝŶƚŚĞWůĂŶ͘
13 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
EŐĈƚŝZĤŚŝĂ, DWWŽůŝĐŝĞƐ
ϭϬt, Ehͬ>EWK>// ^ Ϯ͘&ƵƌƚŚĞƌĚĞǀĞůŽƉŵĞŶƚŽĨůĂŶĚƌĞƐŽƵƌĐĞƐǁŝƚŚŝŶƚŚĞƌŽŚĞŽĨEŐĈƚŝZĤŚŝĂƐŚŽƵůĚŶŽƚďĞĂƚƚŚĞĞdžƉĞŶƐĞŽĨƚŚĞĂŶĐĞƐƚƌĂůƌĞůĂƚŝŽŶƐŚŝƉŽĨEŐĈƚŝ ZĤŚŝĂǁŝƚŚƚŚĂƚůĂŶĚ͕ŽƵƌĐƵůƚƵƌĞĂŶĚŚĞƌŝƚĂŐĞ͘ ϯ͘&ƵƌƚŚĞƌĚĞǀĞůŽƉŵĞŶƚŽĨůĂŶĚƌĞƐŽƵƌĐĞƐǁŝƚŚŝŶƚŚĞƌŽŚĞŽĨEŐĈƚŝZĤŚŝĂƐŚŽƵůĚŶŽƚďĞĂƚƚŚĞĞdžƉĞŶƐĞŽĨƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͘ ϰ͘&ƵƌƚŚĞƌĚĞǀĞůŽƉŵĞŶƚƐŚŽƵůĚďĞƉƌĞĐĞĚĞĚďLJƉƌŽƉĞƌƉůĂŶŶŝŶŐĨŽƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞ;ƌŽĂĚŝŶŐ͕ǁĂƚĞƌ͕ƐĞǁĞƌĂŐĞ͕ǁĂƐƚĞ͕ĂŵĞŶŝƚŝĞƐͿ͘ ϱ͘EŐĈƚŝZĤŚŝĂǁŝůůƉĂƌƚŝĐŝƉĂƚĞĨƵůůLJŝŶĂůůĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐƉƌŽĐĞƐƐĞƐ͕ĂŶĚŵŽŶŝƚŽƌŝŶŐŽĨĚĞǀĞůŽƉŵĞŶƚŽĨůĂŶĚƌĞƐŽƵƌĐĞƐĂŶĚŝƚƐĞĨĨĞĐƚƐŽŶďŽƚŚ EŐĈƚŝZĤŚŝĂĂŶĚŽƵƌĞŶǀŝƌŽŶŵĞŶƚ͘ ϭϬ͘ϱhZE ^/'E ϱ͘dZKEZƐƵƉƉŽƌƚƐůŽǁŝŵƉĂĐƚĚĞƐŝŐŶĂŶĚŝŶŶŽǀĂƚŝǀĞƐŽůƵƚŝŽŶƐǁŚŝĐŚŝŵƉƌŽǀĞƚŚĞƋƵĂůŝƚLJŽĨ<ĞƌŝŬĞƌŝĂŶĚtĂŝƉĂƉĂĂŶĚŽƵƌƌŽŚĞŐĞŶĞƌĂůůLJ͘ ϭϬ͘ϲ/K/s Z^/dz ϭ͘<ĂŝƚŝĂŬŝƚĂŶŐĂ͕ƉƌĂĐƚŝĐĞĚďLJĞŵƉŽǁĞƌĞĚŚŝͲ<Ĉ<ĂŝƚŝĂŬŝŝƐĞƐƐĞŶƚŝĂůĨŽƌƚŚĞĨƵƚƵƌĞƐƵƐƚĂŝŶĂďůĞŵĂŶĂŐĞŵĞŶƚŽĨŽƵƌŝŶĚŝŐĞŶŽƵƐďŝŽĚŝǀĞƌƐŝƚLJ͘ ŐĞŶĐŝĞƐŶĞĞĚƚŽƉƌŽǀŝĚĞŐƌĞĂƚĞƌƉƌŝŽƌŝƚLJĂŶĚƌĞƐŽƵƌĐŝŶŐƚŽĞŵƉŽǁĞƌŝŶŐŚĂƉƻĂƚĂůůůĞǀĞůƐŽĨďŝŽĚŝǀĞƌƐŝƚLJĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐĂŶĚŵĂŶĂŐĞŵĞŶƚ͘ Ϯ͘dŚĞĚĞĐůŝŶĞŽĨŽƵƌďŝŽĚŝǀĞƌƐŝƚLJŚĂƐƚŽďĞƚƵƌŶĞĚĂƌŽƵŶĚƚŽďĞĐŽŵĞĂƚůĞĂƐƚŶŽŵŽƌĞůŽƐƐĞƐĨŽƌŶĂƚŝǀĞƐƉĞĐŝĞƐĂŶĚŶŽŵŽƌĞŝŶĐƌĞĂƐĞƐŝŶ ƉĞƐƚƐ͘ ϯ͘dZKEZǁŝůůƐƵƉƉŽƌƚŝŶŝƚŝĂƚŝǀĞƐĨŽƌƉƌŽƚĞĐƚŝŶŐĂŶĚĞŶŚĂŶĐŝŶŐďŝŽĚŝǀĞƌƐŝƚLJŽŶĂĐĂƐĞďLJĐĂƐĞďĂƐŝƐ͘ ϰ͘dZKEZďĞůŝĞǀĞƐďŝŽĚŝǀĞƌƐŝƚLJǀĂůƵĞƐĂƌĞďĞƚƚĞƌŵĂŶĂŐĞĚƚŚƌŽƵŐŚĞŶĐŽƵƌĂŐĞŵĞŶƚ͕ĐŽůůĂďŽƌĂƚŝŽŶĂŶĚĂƐƐŝƐƚĂŶĐĞƌĂƚŚĞƌƚŚĂŶďLJƌĞŐƵůĂƚŝŽŶ͘
>ŽĐĂů'ŽǀĞƌŶŵĞŶƚWŽůŝĐŝĞƐ >ĞǀĞůŽĨ ĨĨĞĐƚƐ
14 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
EŐĈƚŝZĤŚŝĂĂƌĞƚĂŶŐĂƚĂǁŚĞŶƵĂͬŚŝͲ<Ĉͬ<ĂŝƚŝĂŬŝʹůŝƚĞƌĂůůLJƚŚĞƉĞŽƉůĞŽĨ &ZEKZd,/^dZ/dW>E ƚŚĞůĂŶĚ͘KƵƌƌĞůĂƚŝŽŶƐŚŝƉƚŽƚŚŝƐůĂŶĚŝƐĐĞŶƚƌĂůƚŽŽƵƌďĞŝŶŐ͘ ϭϮEdhZ>EW,z^/>Z ^KhZ ^ /ŶĐƌĞĂƐŝŶŐƵƌďĂŶŝƐĂƚŝŽŶďƌŝŶŐƐǁŝƚŚŝƚĂůůƚŚĞĂƐƐŽĐŝĂƚĞĚƉƌŽďůĞŵƐŽĨ WK>// ^ ŝŶĐƌĞĂƐĞƉŽƉƵůĂƚŝŽŶŝŶĂƐŵĂůůĂƌĞĂʹŝŶĐƌĞĂƐĞĚƐƚƌĞƐƐŽŶƐƉĂĐĞ͕ĨŝƐŚĞƌŝĞƐ͕ ^ĞĐƚŝŽŶϭʹ>ĂŶĚƐĐĂƉĞĂŶĚEĂƚƵƌĂů&ĞĂƚƵƌĞƐ ĐŽĂƐƚĂůƌĞƐŽƵƌĐĞƐƚŽŶĂŵĞĂĨĞǁ͘dŚĞƐĞƉƌĞƐƐƵƌĞƐŶĞĞĚƚŽďĞĐĂƌĞĨƵůůLJ ŵĂŶĂŐĞĚƚŽĞŶƐƵƌĞƚŚĂƚŽƵƌŚĂƉƻ͕ŽƵƌĐƵůƚƵƌĂů͕ŽƵƌƚĂŽŶŐĂĂŶĚŽƵƌŚĞƌŝƚĂŐĞ ϭϮ͘ϭ͘ϰ͘ϭϬ dŚĂƚ ůĂŶĚƐĐĂƉĞ ǀĂůƵĞƐ ďĞ ƉƌŽƚĞĐƚĞĚ ďLJ ĞŶĐŽƵƌĂŐŝŶŐ ĂƌĞŶŽƚƚŚĞƵŶĨŽƌƚƵŶĂƚĞĐĂƐƵĂůƚŝĞƐ͘ ĚĞǀĞůŽƉŵĞŶƚƚŚĂƚƚĂŬĞƐŝŶĂĐĐŽƵŶƚ͗ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝŶǀŽůǀĞƐƌĞǀĞŐĞƚĂƚŝŶŐĂƌĞĂƐ͕ŝŶĐůƵĚŝŶŐĂůůƚŚĞ ;ĨͿDĂŽƌŝĐƵůƚƵƌĂůǀĂůƵĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚůĂŶĚƐĐĂƉĞƐ͖ ŐƵůůŝĞƐǁŝƚŚǁĂƚĞƌĐŽƵƌƐĞƐŝŶƚŚĞŵĂŶĚĂůůƚŚĞƐƚĞĞƉĞƌƐůŽƉĞƐƚŽĐƌĞĂƚĞĂ ;ŐͿƚŚĞŝŵƉŽƌƚĂŶĐĞŽĨƚŚĞĂĐƚŝǀŝƚLJŝŶĞŶĂďůŝŶŐƉĞŽƉůĞĂŶĚ ĐŽŶŶĞĐƚĞĚŚĂďŝƚĂƚ͘dŚŝƐŝƐƐĞĞŶĂƐĂƉŽƐŝƚŝǀĞĐƵůƚƵƌĂůĞĨĨĞĐƚ͘ ĐŽŵŵƵŶŝƚŝĞƐƚŽƉƌŽǀŝĚĞĨŽƌƚŚĞŝƌƐŽĐŝĂů͕ĞĐŽŶŽŵŝĐĂŶĚĐƵůƚƵƌĂů WƌŽƉŽƐĂůƚŽǀĞƐƚƚŚĞĞƐƉůĂŶĂĚĞƌĞƐĞƌǀĞǁŽƵůĚƉƌŽǀŝĚĞƉƌŽƚĞĐƚŝŽŶƚŽƚŚĂƚ ǁĞůůͲďĞŝŶŐ͘ ůĂŶĚ͘dŽŵŝŶŝŵŝƐĞĨƵƌƚŚĞƌĂůŝĞŶĂƚŝŽŶŽĨĂŶĐĞƐƚƌĂůůĂŶĚ͕ƐƵƉƉŽƌƚŝŶŐ ŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽǀĞƐƚůĂŶĚďĂĐŬƚŽEŐĈƚŝZĤŚŝĂǁŽƵůĚďĞĂƉŽƐŝƚŝǀĞĐƵůƚƵƌĂů ĞĨĨĞĐƚ͘ >ĞǀĞůƐŽĨĞĨĨĞĐƚƐĂƐƐŽĐŝĂƚĞĚƚŽĞƌŽƐŝŽŶĂŶĚƐĞĚŝŵĞŶƚĂƚŝŽŶĂƌĞƵŶŬŶŽǁŶĂƚ ƚŚŝƐƐƚĂŐĞĂƐƚŚĞ ƌŽƐŝŽŶĂŶĚ^ĞĚŝŵĞŶƚĂƚŝŽŶZĞƉŽƌƚĂŶĚ'ĞŽƚĞĐŚŶŝĐĂů ZĞƉŽƌƚŚĂǀĞŶŽƚďĞĞŶƉƌŽǀŝĚĞĚ͕ƚŚŝƐŝƐĂŶĞŐĂƚŝǀĞĐƵůƚƵƌĂůĞĨĨĞĐƚ͘ dŽŵŝƚŝŐĂƚĞƚŚĞŶĞŐĂƚŝǀĞĐƵůƚƵƌĂůŝŵƉĂĐƚƐŽĨƚŚŝƐĂƉƉůŝĐĂƚŝŽŶĂŶĚƚŽĨƵƌƚŚĞƌ ƐƵƉƉŽƌƚƉŽƚĞŶƚŝĂůƉŽƐŝƚŝǀĞŝŵƉĂĐƚƐ͕EŐĈƚŝZĤŚŝĂƌĞĐŽŵŵĞŶĚƚŚĞĨŽůůŽǁŝŶŐ͗ D/d/'d/KE ϭ͘ ƐƉůĂŶĂĚĞƌĞƐĞƌǀĞŝƐǀĞƐƚƚŽEŐĈƚŝZĤŚŝĂ Ϯ͘ EŐĈƚŝZĤŚŝĂŬĂŝƚŝĂŬŝƚŽŵŽŶŝƚŽƌĂŶLJĞĂƌƚŚǁŽƌŬƐĚƵƌŝŶŐƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚŝƐĂƉƉůŝĐĂƚŝŽŶ
15 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
ϯ͘ EŐĈƚŝZĤŚŝĂƚŽĐŽͲĚĞƐŝŐŶĂŶLJƉƌŽƉŽƐĞĚůĂŶĚƐĐĂƉĞĚĞƐŝŐŶƐĂŶĚƉůĂŶƚŝŶŐ ƉůĂŶƐ ϰ͘ ǁĞĞĚƉůĂŶŝƐĞƐƚĂďůŝƐŚĞĚƚŽƌĞĚƵĐĞĂŶĚŵŝŶŝŵŝƐĞĨƵƚƵƌĞǁĞĞĚ ŝŶǀĂƐŝŽŶĂŶĚŝƐĐŽͲĚĞƐŝŐŶĞĚǁŝƚŚEŐĈƚŝZĤŚŝĂ ϱ͘ ZƵďďŝƐŚĚƵŵƉĂŶĚŽůĚĐĂƌƐďĞƌĞŵŽǀĞĚĨƌŽŵƚŚĞƐŝƚĞĂŶĚ ĚĞĐŽŶƚĂŵŝŶĂƚĞĚ͘ ϲ͘ dŚĂƚƚŚĞŽůĚƋƵĂƌƌLJďĞƌĞŚĂďŝůŝƚĂƚĞĚĨŽƌǁŝůĚůŝĨĞĂŶĚƚŽƌĞĚƵĐĞ ƐĞĚŝŵĞŶƚĂƚŝŽŶĨƌŽŵĞŶƚĞƌŝŶŐZĂŶŐŝƚĂŶĞZŝǀĞƌ͘
EŐĈƚŝZĤŚŝĂ, DWWŽůŝĐŝĞƐ >ĞǀĞůŽĨ ĨĨĞĐƚƐ
ϭϭt/DKZ/ͬ&Z ^,td Z ,LJĚƌŽůŽŐLJ ϭ͘dŚĞƌĞŝƐĂŶĞdžƚƌĞŵĞůLJĐůŽƐĞƌĞůĂƚŝŽŶƐŚŝƉďĞƚǁĞĞŶEŐĈƚŝZĤŚŝĂ͕ dŚĞĂďĂŶĚŽŶĞĚƋƵĂƌƌLJŝŶƚŚĞŶŽƌƚŚĞƌŶĐŽƌŶĞƌŽĨƚŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶ ŽƵƌĐƵůƚƵƌĞĂŶĚŽƵƌƚƌĂĚŝƚŝŽŶƐǁŝƚŚŽƵƌĂŶĐĞƐƚƌĂůǁĂƚĞƌƐ͘dŚŝƐ ĂŶĚĂĚũĂĐĞŶƚƚŽƚŚĞZĂŶŐŝƚĂŶĞZŝǀĞƌ͕ŚĂƐƐŽŵĞŽĐĐĂƐŝŽŶĂůƉŽŶĚŝŶŐĂŶĚŚĂƐ ƌĞůĂƚŝŽŶƐŚŝƉŝƐƉƌŽƚĞĐƚĞĚďLJůĞŐŝƐůĂƚŝŽŶ͘ ƚŚĞƉŽƚĞŶƚŝĂůƚŽĨůŽŽĚ͘ Ϯ͘EŐĈƚŝZĤŚŝĂĂƌĞƚŚĞ<ĂŝƚŝĂŬŝŽĨƚŚĞǁĂƚĞƌƌĞƐŽƵƌĐĞƐǁŝƚŚŝŶŽƵƌ dŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶƐŝƚĞĚƌĂŝŶƐŝŶƚŽƚŚĞZĂŶŐŝƚĂŶĞZŝǀĞƌĂŶĚƚŚĞ ƌŽŚĞ͘ŶĂĐƚŝǀĞƌŽůĞŝŶƚŚĞĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐƉƌŽĐĞƐƐĞƐ͕ ĂďŽǀĞƋƵĂƌƌLJƉŽŶĚ͘dŚĞƌĞĂƌĞĂůƐŽƐĞǀĞƌĂůƐŵĂůůĞƌǁĂƚĞƌĐŽƵƌƐĞƐƚŚĂƚĚƌĂŝŶ ŵĂŶĂŐĞŵĞŶƚĂŶĚŵŽŶŝƚŽƌŝŶŐŽĨƚŚĞƐĞƌĞƐŽƵƌĐĞƐŶĞĞĚƐƚŽďĞ ĚŝƌĞĐƚůLJŝŶƚŽƚŚĞZĂŶŐŝƚĂŶĞZŝǀĞƌ͘ ƉƌŽǀŝĚĞĚƚŽEŐĈƚŝZĤŚŝĂďLJƚŚĞƌĞůĞǀĂŶƚĂŐĞŶĐŝĞƐ͘ dŚĞƉƌŽƉŽƐĞĚďƵŝůĚŝŶŐƐŝƚĞƐĂƌĞϮϬƚŽϰϬŵŚŝŐŚĞƌƚŚĂŶƚŚĞZĂŶŐŝƚĂŶĞZŝǀĞƌ ϲ͘&ƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚƚŚĂƚĐĂŶĂĨĨĞĐƚƚŚĞŚĞĂůƚŚŽƌŵĂƵƌŝŽĨ ĂŶĚŶŽƚĂƚƌŝƐŬŽĨĨůŽŽĚŝŶŐ͘ ǁĂƚĞƌǁĂLJƐƐŚŽƵůĚŶŽƚďĞĂůůŽǁĞĚƵŶůĞƐƐƚŚĞƌĞŚĂƐĨŝƌƐƚďĞĞŶ ^ƚŽƌŵǁĂƚĞƌ ĂĚĞƋƵĂƚĞƉůĂŶŶŝŶŐĂŶĚƉƌŽǀŝƐŝŽŶŽĨƌŽĂĚŝŶŐ͕ƐƚŽƌŵǁĂƚĞƌĂŶĚ ƐĞǁĞƌĂŐĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞŶĞĐĞƐƐĂƌLJƚŽĂǀŽŝĚĂŶLJĐƵŵƵůĂƚŝǀĞ dŚĞĂƉƉůŝĐĂŶƚŝƐƐĞĞŬŝŶŐĐŽŶƐĞŶƚĨŽƌŝŶĐƌĞĂƐĞĚŝŵƉĞƌŵĞĂďůĞƐƵƌĨĂĐĞǁŝƚŚŝŶ ĞĨĨĞĐƚŽŶŽƵƌǁĂƚĞƌǁĂLJƐ͘ ƚŚĞƐƵďĚŝǀŝƐŝŽŶĂƐĨŽůůŽǁƐ͗ ϳ͘ĞĐůŝŶŝŶŐǁĂƚĞƌƋƵĂůŝƚLJŝŶŵĂŶLJŽĨŽƵƌǁĂƚĞƌǁĂLJƐŝƐůĂƌŐĞůLJ x ϯ͕ϬϬϬʹϰ͕ϬϬϬŵϸŝŶĐƌĞĂƐĞDĂdžŝŵƵŵ/ŵƉĞƌŵĞĂďůĞƐƵƌĨĂĐĞйƚŽ ĐĂƵƐĞĚďLJĚĞǀĞůŽƉŵĞŶƚƉƌĞƐƐƵƌĞ͕ůĂŶĚͲďĂƐĞĚĂĐƚŝǀŝƚŝĞƐĂŶĚ ϮϬй
16 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
ƉŽŽƌůĂŶĚͲƵƐĞƉƌĂĐƚŝĐĞƐ͘tĂƚĞƌƋƵĂůŝƚLJƚŚƌŽƵŐŚŽƵƚƚŚĞƌŽŚĞ x ϴ͕ϬϬϬʹϭϬ͕ϬϬϬŵϸŝŶĐƌĞĂƐĞŽŶƐĞŶƚĞĚ/ŵƉĞƌŵĞĂďůĞ^ƵƌĨĂĐĞƐƌĞĂ ŵƵƐƚďĞƉƌŽƚĞĐƚĞĚĨƌŽŵƚŚĞƐĞŝŵƉĂĐƚƐ͘ ƚŽϴϬϬŵϸ ϴ͘ůůƌŽĂĚŝŶŐĂŶĚĐƌŽƐƐŝŶŐƐŽĨŶĂƚƵƌĂůǁĂƚĞƌǁĂLJƐƐŚŽƵůĚďĞ x ϰϬ͕ϬϬϬŵϸƉůƵƐʹŝŶĐƌĞĂƐĞŽŶƐĞŶƚĞĚ/ŵƉĞƌŵĞĂďůĞ^ƵƌĨĂĐĞƐƌĞĂƚŽ ĚĞƐŝŐŶĞĚƚŽĞŶƐƵƌĞƚŚĂƚƌƵŶͲŽĨĨĂŶĚƐĞĚŝŵĞŶƚĂƚŝŽŶĨƌŽŵƚŚĞƐĞ Ϯ͕ϬϬϬŵϸ ĂĐƚŝǀŝƚŝĞƐĚŽŶŽƚĚŝƐĐŚĂƌŐĞƚŽŶĂƚƵƌĂůǁĂƚĞƌǁĂLJƐ͘ ƌĂŝŶĂŐĞĨƌŽŵƚŚĞƌŽĂĚǁŝůůďĞǀŝĂƉƵďůŝĐƐƚŽƌŵǁĂƚĞƌƉŝƉĞƐ͖ĚƌĂŝŶĂŐĞĨƌŽŵ ϵ͘&ĞŶĐŝŶŐŽĨĂŐƌŝĐƵůƚƵƌĂůůĂŶĚĨƌŽŵǁĂƚĞƌǁĂLJƐĂŶĚƌĞƐƚŽƌŝŶŐ ƚŚĞƉƌŽƉŽƐĞĚůŽƚƐǁŚĞŶƚŚĞLJĂƌĞĚĞǀĞůŽƉĞĚǁŝůůďĞǀŝĂŶĂƚƵƌĂů ĂĚĞƋƵĂƚĞƌŝƉĂƌŝĂŶŵĂƌŐŝŶƐĂůŽŶŐĂůůǁĂƚĞƌǁĂLJƐŽĨŝŶĚŝŐĞŶŽƵƐ ǁĂƚĞƌĐŽƵƌƐĞƐƚŚƌŽƵŐŚƉƌŝǀĂƚĞƉƌŽƉĞƌƚŝĞƐŽƌĚŝƌĞĐƚƚŽƚŚĞZĂŶŐŝƚĂŶĞZŝǀĞƌ͘ ǀĞŐĞƚĂƚŝŽŶĂƌĞĞĨĨĞĐƚŝǀĞŵĞƚŚŽĚƐŽĨƌĞĚƵĐŝŶŐŝŵƉĂĐƚŽŶǁĂƚĞƌ /ƚŝƐƉƌŽƉŽƐĞĚƚŽĚŝƐĐŚĂƌŐĞƐƚŽƌŵǁĂƚĞƌƚŽZĂŶŐŝƚĂŶĞZŝǀĞƌǁŚĞƌĞŶĂƚƵƌĂů ƋƵĂůŝƚLJ͘ƌƚŝĨŝĐŝĂůƐƚƌĂŝŐŚƚĞŶŝŶŐŽƌĚŝǀĞƌƐŝŽŶŽĨŶĂƚƵƌĂů ŐƵůůŝĞƐŵĞĞƚƚŚĞƌŝǀĞƌ͘KŶĂǀĞƌĂŐĞ͕ƉŽƐƚĚĞǀĞůŽƉŵĞŶƚĨůŽǁƌĂƚĞƐĂƌĞ ǁĂƚĞƌǁĂLJƐƐŚŽƵůĚďĞĂǀŽŝĚĞĚ͕ĂŶĚƌĞƐƚŽƌĂƚŝŽŶŽĨŶĂƚƵƌĂůǁĂƚĞƌ ĞdžƉĞĐƚĞĚƚŽďĞϮϱйŐƌĞĂƚĞƌƚŚĂŶƉƌĞĚĞǀĞůŽƉŵĞŶƚĨůŽǁƌĂƚĞƐ͘/Ŷ ĐŽƵƌƐĞƐƐƵƉƉŽƌƚĞĚ͘ ƐƵďĐĂƚĐŚŵĞŶƚƐƚŚĂƚĚƌĂŝŶĚŝƌĞĐƚůLJŝŶƚŽZĂŶŐŝƚĂŶĞZŝǀĞƌ͘ /ƚŝƐƉƌŽƉŽƐĞĚƚŽĚŝƐĐŚĂƌŐĞƌƵŶŽĨĨĨƌŽŵƚŚĞƐŝƚĞǁŝƚŚŽƵƚĂƚƚĞŶƵĂƚŝŽŶƚŽƐƚŽƉ ƉĞĂŬƌƵŶŽĨĨĨƌŽŵƚŚĞƐŝƚĞŝŵƉĂĐƚŝŶŐŽŶƚŚĞƉĞĂŬĨůŽǁŽĨƚŚĞƌŝǀĞƌĚƵƌŝŶŐ ƌĂŝŶĨĂůůĞǀĞŶƚƐ͘dŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶǁŝůůƌĞƐƵůƚŝŶĂƉƉƌŽdžŝŵĂƚĞůLJϮϰй ŝŶĐƌĞĂƐĞŝŶƉĞĂŬƐƚŽƌŵǁĂƚĞƌƌƵŶŽĨĨ͘ /ƚŝƐƉƌŽƉŽƐĞĚƚŽĚŝƐĐŚĂƌŐĞƚŽƐƚƌĞĂŵďĂŶŬƐǁŝƚŚůĂŶĚƐĐĂƉŝŶŐƉůĂŶƚŝŶŐŽƌ ĨůĂdžĂŶĚƌĂƵƉŽƚŽĐŽŶƚƌŽůĨůŽǁǀĞůŽĐŝƚLJ͘/ƚŝƐĂůƐŽƉƌŽƉŽƐĞĚĨŽƌƉůĂŶƚŝŶŐĂƚ ŽƵƚůĞƚƐƚŽƚŚĞƌŝǀĞƌ͕ĂŶĚƵƉƐƚƌĞĂŵŝŶƚŚĞƐƚĞĞƉĞƌŝŶĐŝƐĞĚĂƌĞĂƐŽĨƚŚĞŬŶŽǁŶ ŐƵůůŝĞƐ͘ ZŽĂĚƐƚŽƌŵǁĂƚĞƌ WƌŝŵĂƌLJƐLJƐƚĞŵ͗ x <ĞƌďĂŶĚĐŚĂŶŶĞůŽŶƌŽĂĚƐ x ĂƚĐŚƉŝƚŝŶůĞƚƐŽŶƌŽĂĚƐƚŽǀĞƐƚ x ĚŽƵďůĞĐĂƚĐŚƉŝƚĂƚĐƵůͲĚĞͲƐĂĐŚĞĂĚƐƚŽƌĞĚƵĐĞƚŚĞƌŝƐŬŽĨďůŽĐŬĂŐĞ
17 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
x ^ĐƌƵĨĨLJĚŽŵĞŝŶůĞƚƐŝŶƚŽŵĂŶŚŽůĞƐŝĨƌĞƋƵŝƌĞĚ x ϯϬϬŵŵŵŝŶŝŵƵŵĚŝĂŵĞƚĞƌĐŽŶĐƌĞƚĞƉŝƉĞƐĨƌŽŵƚŚĞƌŽĂĚƐƚŽǀĞƐŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚ&E ŶŐŝŶĞĞƌŝŶŐĂŶĚŵŝŶŝŵƵŵƐŝnjŝŶŐƐƚĂŶĚĂƌĚƐ͘ x DĂŶŚŽůĞƐĂƚĂůůĐŚĂŶŐĞƐŝŶĚŝƌĞĐƚŝŽŶ͕ŐƌĂĚŝĞŶƚĂŶĚĂƚũƵŶĐƚŝŽŶƐ͘ x KƵƚůĞƚƉƌŽƚĞĐƚŝŽŶŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚEĐůĂƵƐĞ ϭĂŶĚZdWϭϬ͘ ^ĞĐŽŶĚĂƌLJ^LJƐƚĞŵ͗ x ZĂŽĚŝŶŐƚŽ&E ŶŐŝŶĞĞƌŝŶŐƐƚĂŶĚĂƌĚƐ x ŝƐĐŚĂƌŐĞĨƌŽŵƚŚĞƌŽĂĚƚŽĞdžŝƐƚŝŶŐŶĂƚƵƌĂůŽǀĞƌůĂŶĚĨůŽǁƉĂƚŚƐ ZŽĂĚƵůǀĞƌƚƐ dŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵŝƐƚŽŝŶĐůƵĚĞϮ ĐƵůǀĞƌƚƐďĞŶĞĂƚŚƚŚĞ^ƉŽŽŶďŝůůZŽĂĚ͘/ƚŝƐƉƌŽƉŽƐĞĚƚŽĚŝƐĐŚĂƌŐĞƚŽŶĂƚƵƌĂů ŽǀĞƌůĂŶĚĨůŽǁƉĂƚŚƐĂŶĚǁĂƚĞƌĐŽƵƌƐĞƐ͕ŽǀĞƌƌŽĐŬůŝŶĞĚŽƵƚĨĂůůƐĂƐďĞůŽǁ
18 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
ĨĨůƵĞŶƚŝƐƉŽƐĂů dŚĞƉƌŽƉŽƐĞĚůŽƚƐĂƌĞƐƵŝƚĂďůĞĨŽƌƐƵƌĨĂĐĞŽƌƐƵďͲƐƵƌĨĂĐĞƚƌŝĐŬůĞŝƌƌŝŐĂƚŝŽŶ ƐLJƐƚĞŵƐ͘ĐĐĞƐƐƚŽƚŚĞĚŝƐƉŽƐĂůĂƌĞĂƐŚŽƵůĚďĞŵŝŶŝŵŝƐĞĚďLJĞĨĨĞĐƚŝǀĞ ďŽƌĚĞƌŝŶŐǁŝƚŚĞŝƚŚĞƌǀĞŐĞƚĂƚŝŽŶŽƌĨĞŶĐŝŶŐ͘dŚĞƌĞƐĞƌǀĞĨŝĞůĚŝƐƌĞƋƵŝƌĞĚ ƚŽƉƌŽǀŝĚĞĂŶĂĚĚŝƚŝŽŶĂůĂƌĞĂĨŽƌĚŝƐƉŽƐĂůĨŝĞůĚŝŶƚŚĞĞǀĞŶƚŽĨĂƐLJƐƚĞŵ ĨĂŝůƵƌĞ͕ŽƌĨƌŽŵƵŶĚĞƌĞƐƚŝŵĂƚŝŽŶŽĨĚĂŝůLJǁĂƐƚĞƌǁĂƚĞƌƉƌŽĚƵĐƚŝŽŶŽƌůĂŶĚ ůŽĂĚŝŶŐƌĂƚĞ͘,LJĚƌŽƉŚŝůŝĐƉůĂŶƚƐƉĞĐŝĞƐƐŚŽƵůĚďĞƉůĂŶƚĞĚĂĐƌŽƐƐƚŚĞ ĚŝƐƉŽƐĂůĨŝĞůĚŝŶŽƌĚĞƌƚŽŵĂdžŝŵŝƐĞĞǀĂƉŽͲƚƌĂŶƐƉŝƌĂƚŝŽŶ͘
19 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
dŚĞŝŶĐƌĞĂƐĞŝŶŝŵƉĞƌǀŝŽƵƐƐƵƌĨĂĐŝŶŐƚŚĂƚŝƐƉƌŽƉŽƐĞĚŚĂƐƚŚĞƉŽƚĞŶƚŝĂůƚŽ ŝŶĐƌĞĂƐĞƐƚŽƌŵǁĂƚĞƌƌƵŶŽĨĨĂŶĚŚĂǀĞŶĞŐĂƚŝǀĞĐƵůƚƵƌĂůĞĨĨĞĐƚ͕ĂŶĚƚŚĞůĂĐŬ ŽĨĂŶ ĐŽůŽŐŝĐĂůƐƐĞƐƐŵĞŶƚŽĨƚŚĞZĂŶŐŝƚĂŶĞZŝǀĞƌŝƐĂŶĞŐĂƚŝǀĞĐƵůƚƵƌĂů ĞĨĨĞĐƚ͘ dŽŵŝƚŝŐĂƚĞƚŚĞŶĞŐĂƚŝǀĞĐƵůƚƵƌĂůŝŵƉĂĐƚƐŽĨƚŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶEŐĈƚŝ ZĤŚŝĂƌĞĐŽŵŵĞŶĚƚŚĞĨŽůůŽǁŝŶŐ͗ D/d/'d/KE ϭ͘ ŶLJĞĂƌƚŚǁŽƌŬƐĂƐƐŽĐŝĂƚĞĚƚŽƚŚĞŶĞǁƌŽĂĚƐƚŽǀĞƐƚĂŶĚ:K>ƐƐŚĂůů ďĞŵĂŶĂŐĞĚƚŽŵŝŶŝŵŝƐĞĂŶLJĚŝƐĐŚĂƌŐĞŽĨĚĞďƌŝƐ͕ƐŽŝů͕Ɛŝůƚ͕ƐĞĚŝŵĞŶƚŽƌ ƐĞĚŝŵĞŶƚͲůĂĚĞŶǁĂƚĞƌĞŝƚŚĞƌƚŽĂǁĂƚĞƌǁĂLJŽƌǁĞƚůĂŶĚ͘dŚĞ ŶŐŝŶĞĞƌŝŶŐƌĞƉŽƌƚƐĂƐƐŽĐŝĂƚĞĚƚŽƚŚŝƐĂƌĞƐƵƉƉůŝĞĚƚŽEŐĈƚŝZĤŚŝĂƉƌŝŽƌ ƚŽĂƉƉƌŽǀĂůĨŽƌĂƐƐĞƐƐŵĞŶƚ͘ Ϯ͘ ^ĞĚŝŵĞŶƚƚƌĂƉƐĂƌĞŝŶƐƚĂůůĞĚƚŽƌĞĚƵĐĞƐĞĚŝŵĞŶƚĂƚŝŽŶĨƌŽŵƚŚĞ ƌŽĂĚŝŶŐĂŶĚĞĂƌƚŚǁŽƌŬƐĞŶƚĞƌŝŶŐƚŚĞƐƚƌĞĂŵƚŚƌŽƵŐŚƚŚĞƐƚŽƌŵǁĂƚĞƌ ƐLJƐƚĞŵ͘ ϯ͘ ZŝƉĂƌŝĂŶƉůĂŶƚŝŶŐŽĨŶĂƚŝǀĞƐƉĞĐŝĞƐŝƐĐŽŵƉůĞƚĞĚĂŶĚŵĂŝŶƚĂŝŶĞĚ;ŝŶ ƚŚĞĨŽƌŵŽĨƌĞůĞĂƐŝŶŐĂŶĚƉĞƐƚĨĂƵŶĂĂŶĚĨůŽƌĂŵĂŶĂŐĞŵĞŶƚͿƵŶƚŝů ĞƐƚĂďůŝƐŚĞĚĂůŽŶŐĂůůƚŚĞŶĂƚƵƌĂůǁĂƚĞƌǁĂLJƐŽŶƚŚĞƐŝƚĞŝŶĐůƵĚŝŶŐĂůů ƚŚĞŐƵůůŝĞƐǁŝƚŚǁĂƚĞƌĐŽƵƌƐĞƐƚŚĂƚĨůŽǁŝŶƚĞƌŵŝƚƚĞŶƚůLJ͕ĂůůƚŚĞƐƚĞĞƉĞƌ ƐůŽƉĞƐ͕ĂŶĚZĂŶŐŝƚĂŶĞZŝǀĞƌ͘ ϰ͘ ^ƚŽĐŬƉƌŽŽĨĨĞŶĐŝŶŐŝƐĞƐƚĂďůŝƐŚĞĚĂŶĚŵĂŝŶƚĂŝŶĞĚĨŽƌƌŝƉĂƌŝĂŶĂƌĞĂƐ ůŽĐĂƚĞĚŽŶƚŚĞƐŝƚĞǁŚĞƌĞƐƚŽĐŬǁŝůůďĞŐƌĂnjĞĚ͕ŝŶĐůƵĚŝŶŐĂŶLJŶĞǁ ĂƌĞĂƐŽĨůĂŶĚƐĐĂƉĞƉůĂŶƚŝŶŐĨŽƌƚŚĞŐƵůůŝĞƐǁŝƚŚǁĂƚĞƌǁĂLJƐĂŶĚƐƚĞĞƉĞƌ ƐůŽƉĞƐ͘
20 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
ϱ͘ EŐĈƚŝZĤŚŝĂŬĂŝƚŝĂŬŝŝƐƉƌĞƐĞŶƚĚƵƌŝŶŐĂŶLJĞĂƌƚŚǁŽƌŬƐĂƐƐŽĐŝĂƚĞĚƚŽƚŚĞ ŝŶƐƚĂůůĂƚŝŽŶŽĨĐƵůǀĞƌƚƐ͘ ϲ͘ EŽǁĂƐƚĞǁĂƚĞƌǁŝůůďĞĚŝƐĐŚĂƌŐĞĚĚŝƌĞĐƚůLJƚŽĂŶLJǁĂƚĞƌǁĂLJ͘
21 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
t/KZW>E
,ĞŚƵĂŚƵĂƚĞŬĂŝ͍͕ŚĞǁĂŝƚĞŬĂŝ ƌĞƉƌĞƐĞƌǀĞĚƉŝŐĞŽŶƐƚŚĞĐŚŝĞĨĨŽŽĚ͍EŽ͕ŝƚƐǁĂƚĞƌ͘
tĂƚĞƌŝƐƚŚĞƐŽƵƌĐĞŽĨĂůůůŝĨĞ͘/ƚĐŽŵĞƐĨƌŽŵƚŚĞƚĞĂƌƐŽĨƚŚĞƉĂƌĞŶƚƐ͕WĂƉĂƚƻĈŶƵŬƵĂŶĚZĂŶŐŝŶƵŝŐƌŝĞǀŝŶŐĨƌŽŵƚŚĞƐĞƉĂƌĂƚŝŽŶĨŽƌĐĞĚŽŶƚŚĞŵďLJ ƚŚĞŝƌĐŚŝůĚƌĞŶ͘/ŶƚŚĞŝƌŐƌŝĞĨƚŚĞLJŐŝǀĞƵƐůŝĨĞ͘dŚĞŚĞĂůƚŚŽĨŽƵƌǁĂƚĞƌǁĂLJƐŝƐŽĨƚŚĞŚŝŐŚĞƐƚŝŵƉŽƌƚĂŶĐĞƚŽEŐĈƚŝZĤŚŝĂ͘
dŚĞ, DWƐƚĂƚĞƐƚŚĂƚ͗
22 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
dŽĚĂLJƚŚĞƋƵĂůŝƚLJŽĨŵŽƐƚŽĨŽƵƌǁĂƚĞƌǁĂLJƐŝƐĚĞŐƌĂĚĞĚ͘ ǀĞƌLJƐƵŵŵĞƌEŽƌƚŚůĂŶĚ,ĞĂůƚŚĂŶĚEZĂĚǀŝĐĞƚŚĂƚŵŽƌĞƐƚƌĞĂŵƐ ŚĂǀĞ ŝŶĐƌĞĂƐŝŶŐ ůĞǀĞůƐ ŽĨ ƉŽůůƵƚŝŽŶ ĂŶĚ ĐŽŶƚĂŵŝŶĂƚŝŽŶ͘ dŚĞ ŝŶĐƌĞĂƐŝŶŐ ƉŽƉƵůĂƚŝŽŶ͕ ďŽƚŚ ƉĞƌŵĂŶĞŶƚ ĂŶĚƚŽƵƌŝƐƚ͕ ĂŶĚ ŽƵƌ ŝŶĐƌĞĂƐŝŶŐůLJĐŽŶƐƵŵĞƌůŝĨĞƐƚLJůĞƐƉůĂĐĞĞǀĞƌŝŶĐƌĞĂƐŝŶŐĚĞŵĂŶĚƐŽŶƚŚĞǁĂƚĞƌƌĞƐŽƵƌĐĞƐ͘DŽƐƚŵŽĚĞůƐĨŽƌĐůŝŵĂƚĞĐŚĂŶŐĞ ƉƌĞĚŝĐƚŝŶĐƌĞĂƐŝŶŐƐƚŽƌŵĂŶĚĚƌŽƵŐŚƚĞǀĞŶƚƐĨŽƌƚŚĞĞĂƐƚĞƌŶƐĞĂďŽĂƌĚŽĨEŽƌƚŚůĂŶĚ͘
dŚĞŐƌĞĂƚĞƐƚƚŚƌĞĂƚƚŽŽƵƌǁĂƚĞƌƌĞƐŽƵƌĐĞƐĐŽŵĞƐĨƌŽŵƚŚĞƚŚŝŶŐƐǁĞĚŝƐĐŚĂƌŐĞŝŶƚŽƚŚĞŵ ʹĞĨĨůƵĞŶƚĨƌŽŵƉĞŽƉůĞĂŶĚĂŶŝŵĂůƐ͕ƚƌĞĂƚĞĚĂŶĚ ƵŶƚƌĞĂƚĞĚ͕ĐŚĞŵŝĐĂůƐ͕ĨĞƌƚŝůŝƐĞƌƐ͕ƉĞƐƚŝĐŝĚĞƐ͕ƐĞĚŝŵĞŶƚƐ͕ĐŽŶƚĂŵŝŶĂƚĞĚƐƚŽƌŵǁĂƚĞƌ͕ƌŽĂĚƌƵŶͲŽĨĨǁŝƚŚŝƚƐƚŽdžŝĐĐĂƌŐŽŽĨŚĞĂǀLJŵĞƚĂůƐ͕ƌƵďďŝƐŚĂŶĚ ůŝƚƚĞƌ͘
EŐĈƚŝZĤŚŝĂtĂƚĞƌĂŶĚƚŚĞŝƌĐƵůƚƵƌĞĂŶĚƚƌĂĚŝƚŝŽŶƐ dƌĂĚŝƚŝŽŶĂůůLJ͕ŽƵƌdƻƉƵŶĂĚŝƐƚŝŶŐƵŝƐŚĞĚďĞƚǁĞĞŶŵĂŶLJƚLJƉĞƐŽĨǁĂƚĞƌʹtĂŝƚĂƉƵŽƌƐĂĐƌĞĚǁĂƚĞƌ͕ǁĂŝŶŽĂƵƐĞĚĨŽƌĞǀĞƌLJĚĂLJĚƌŝŶŬŝŶŐĂŶĚ ǁĂƐŚŝŶŐ͕ĞƚĐ͘tĂƚĞƌǁĂƐƵƐĞĚĨŽƌĐĞƌĞŵŽŶŝĂůƉƵƌƉŽƐĞƐ͕ĨŽƌĚĂŝůLJĐŽŶƐƵŵƉƚŝŽŶ͕ĨŽƌƚƌĂŶƐƉŽƌƚĂƚŝŽŶĂŶĚĂƐƚŚĞŚŽŵĞŽĨŝŵƉŽƌƚĂŶƚŵĂŚŝŶŐĂŬĂŝĂŶĚ ĐƵůƚƵƌĂůŵĂƚĞƌŝĂůƐ͘tĂƚĞƌǁĂLJƐŽĨƚĞŶĨŽƌŵƚƌĂĚŝƚŝŽŶĂůďŽƵŶĚĂƌŝĞƐďĞƚǁĞĞŶŚĂƉƻĂŶĚǁŚĂŶĂƵƌŽŚĞ͘^ƚƌŝĐƚƚŝŬĂŶŐĂǁĂƐƵƐĞĚƚŽĐŽŶƚƌŽůƚŚĞ ŝŵƉĂĐƚŽĨƉĞŽƉůĞĂŶĚŽƵƌĐŽŵŵƵŶŝƚŝĞƐŽŶǁĂƚĞƌƋƵĂůŝƚLJ͘,ƵŵĂŶĞĨĨůƵĞŶƚ͕ĨŽƌĞdžĂŵƉůĞ͕ǁĂƐŶĞǀĞƌĚŝƐĐŚĂƌŐĞĚƚŽǁĂƚĞƌǁŝƚŚŽƵƚĨŝƌƐƚďĞŝŶŐƉĂƐƐĞĚ ƚŚƌŽƵŐŚƚŚĞůĂŶĚ͘
&ƵƌƚŚĞƌŵŽƌĞ͕ŽƵƌ<ĂŝƚŝĂŬŝŵĞƚŚŽĚŽůŽŐŝĞƐůŽŽŬĞĚĂƚƚŚĞŶĂƚƵƌĂůǁŽƌůĚĂƐŽŶĞǁŚŽůĞƐLJƐƚĞŵƚŚĂƚǁĂƐŝŶƚĞƌĐŽŶŶĞĐƚĞĚƚŚƌŽƵŐŚǁŚĂŬĂƉĂƉĂ͘ dŚĞƌĞĨŽƌĞ͕ĂƐƚƌĞĂŵĐĂŶŶŽƚďĞůŽŽŬĞĚĂƚŝŶŝƐŽůĂƚŝŽŶĨƌŽŵŝƚƐĞŶǀŝƌŽŶŵĞŶƚ͖ĨĂƵŶĂĂŶĚĨůŽƌĂƚŚĂƚĂƌĞŝŶ͕ŽŶĂŶĚĂůŽŶŐŝƚƐďĂŶŬƐ͖ĂŶĚƚŚĞ ĚŽǁŶƐƚƌĞĂŵƐLJƐƚĞŵŝƚŝƐĂƉĂƌƚŽĨ͘
ZĂŶŐŝƚĂŶĞ^ƚƌĞĂŵ dŚĞƐŝƚĞůŝĞƐŝŶƚŚĞůŽǁĞƌƌĞĂĐŚĞƐŽĨƚŚĞZĂŶŐŝƚĂŶĞZŝǀĞƌ͕ϭ͘ϱƚŽϯ͘ϯŬŵƵƉƐƚƌĞĂŵŽĨŝƚƐũƵŶĐƚŝŽŶǁŝƚŚƚŚĞ<ĞƌŝŬĞƌŝ/ŶůĞƚ͘dŚĞZĂŶŐŝƚĂŶĞZŝǀĞƌĚƌĂŝŶƐ ĂĐĂƚĐŚŵĞŶƚĂƌĞĂŽĨϮϱ͘ϱŬŵϸ͘
23 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
dŚĞĐĂƚĐŚŵĞŶƚŝƐƉƌĞĚŽŵŝŶĂƚĞůLJĨĂƌŵůĂŶĚǁŝƚŚƐŽŵĞŽƌĐŚĂƌĚĂŶĚĨŽƌĞƐƚĂƌĞĂƐ͘dŚĞƌĞĂƌĞƚǁŽŵĂŝŶƚƌŝďƵƚĂƌŝĞƐǁŚŝĐŚũŽŝŶĂƉƉƌŽdžŝŵĂƚĞůLJϲŬŵ ƵƉƐƚƌĞĂŵŽĨƚŚĞƐƵďĚŝǀŝƐŝŽŶƐŝƚĞ͗ƚŚĞZĂŶŐŝƚĂŶĞZŝǀĞƌĂŶĚ<ĂƉŝƌŽ^ƚƌĞĂŵ͘
ŶŐŝŶĞĞƌŝŶŐZĞƉŽƌƚĨŽƌWƌŽƉŽƐĞĚ^ƵďĚŝǀŝƐŝŽŶZĂŶŐŝƚĂŶĞZŝǀĞƌWĂƌŬ^ƚĂŐĞƐϯͲϲ,ĂŝŐŚtŽƌŬŵĂŶϮϬϭϵ
/ƚŝƐƐƵŐŐĞƐƚĞĚƚŚĂƚƚŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶǁŝůůƌĞƐƵůƚŝŶĂƉƉƌŽdžŝŵĂƚĞůLJϮϰйŝŶĐƌĞĂƐĞŝŶƉĞĂŬƐƚŽƌŵǁĂƚĞƌƌƵŶŽĨĨǁŚŝĐŚŝƐ ƌĞĂĚŝůLJĂĐĐŽŵŵŽĚĂƚĞĚďLJƚŚĞŶĂƚƵƌĂůǁĂƚĞƌĐŽƵƌƐĞƐƚŚƌŽƵŐŚƚŚĞƐŝƚĞĂŶĚƚŚĞZĂŶŐŝƚĂŶĞZŝǀĞƌ͘
/ŶŽƵƌĞdžƉĞƌŝĞŶĐĞ͕ƚŚĞŝŶĐƌĞĂƐĞŝŶƉĞĂŬƐƚŽƌŵǁĂƚĞƌƌƵŶŽĨĨĐĂŶĐŚĂŶŐĞǀĞůŽĐŝƚLJŽĨƚŚĞǁĂƚĞƌĂŶĚŚĂǀĞĂŶŝŵƉĂĐƚŽŶ ŵŝŐƌĂƚŽƌLJĂƋƵĂƚŝĐƐƉĞĐŝĞƐƐƵĐŚĂƐĞĞůƐǁŚŝĐŚĂƌĞĞƐƐĞŶƚŝĂůĨŽƌEŐĈƚŝZĤŚŝĂĂŶĚƚŚĞŚĞĂůƚŚŽĨŽƵƌǁĂƚĞƌǁĂLJƐ͘dŚĞĂƌĞĂ ŽĨƚŚĞŐƌĞĂƚĞƐƚŝŵƉĂĐƚĨƌŽŵƐƚŽƌŵǁĂƚĞƌǁŝůůďĞƚŚĞĚŝƐĐŚĂƌŐĞƉŽŝŶƚƐĂŶĚƌĞŚĂďŝůŝƚĂƚŝŽŶŽĨƚŚŽƐĞƐĞĐƚŝŽŶƐŽĨƚŚĞƌŝǀĞƌ ŝƐŝŵƉŽƌƚĂŶƚƚŽEŐĈƚŝZĤŚŝĂ͘
WŚŽƚŽϭ͗^ƚĂŐŶĂŶƚƐĞĐƚŝŽŶŽĨ EŽĂƐƐĞƐƐŵĞŶƚŽĨŶĂƚŝǀĞĨĂƵŶĂŽĨƚŚĞǁĂƚĞƌǁĂLJǁĂƐƉƌŽǀŝĚĞĚĂŶĚĂƚƌƵĞĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĐƵƌƌĞŶƚƐƚĂƚĞ͕ƚŚĞƌĞĨŽƌĞ ZĂŶŐŝƚĂŶĞZŝǀĞƌ ƚŚĞĂďŝůŝƚLJŽĨƚŚĞZĂŶŐŝƚĂŶĞZŝǀĞƌƚŽƐƵƉƉŽƌƚĂŶLJŝŶĐƌĞĂƐĞƐŝŶĨůŽǁŝƐŝŶĐŽŶĐůƵƐŝǀĞĨƌŽŵĂĐƵůƚƵƌĂůƉĞƌƐƉĞĐƚŝǀĞ͘ ƐƐĞƐƐŵĞŶƚŽĨ ĐŽůŽŐŝĐĂů^ŝŐŶŝĨŝĐĂŶĐĞ͕E ŶǀŝƌŽŶŵĞŶƚĂů>ƚĚϮϬϬϴ
EŽĨƌĞƐŚǁĂƚĞƌĨŝƐŚƐƵƌǀĞLJǁĂƐŶŽƚĐĂƌƌŝĞĚŽƵƚĂƐƉĂƌƚŽĨƚŚĞĂƐƐĞƐƐŵĞŶƚŽĨĞĐŽůŽŐŝĐĂůƐŝŐŶŝĨŝĐĂŶĐĞ͘dŚĞĂƐƐĞƐƐŵĞŶƚ ŚŝŐŚůŝŐŚƚĞĚƚŚĂƚƚŚĞƌĞŝƐŶŽƌĞĐŽƌĚŽĨƉƌĞǀŝŽƵƐƐƵƌǀĞLJŝŶŐŽĨĂƋƵĂƚŝĐůŝĨĞŝŶƚŚŝƐƐĞĐƚŝŽŶŽĨƚŚĞZĂŶŐŝƚĂŶĞZŝǀĞƌŽŶƚŚĞ ĞƉĂƌƚŵĞŶƚŽĨŽŶƐĞƌǀĂƚŝŽŶ&ƌĞƐŚǁĂƚĞƌ&ŝƐŚĂƚĂďĂƐĞ͘dŚĞƋƵĂůŝƚLJŽĨƚŚĞǁĂƚĞƌŝŶƚŚĞZĂŶŐŝƚĂŶĞZŝǀĞƌŝƐĂĨĨĞĐƚĞĚďLJ ƚŚĞƵƉƐƚƌĞĂŵƵƐĞƌƐŽĨƚŚĞƌŝǀĞƌ͕ĂƐǁĞůůĂƐĂĐƚŝǀŝƚŝĞƐŽŶƚŚĞĨĂƌŵ͘ĞĐĂƵƐĞŽĨŝƚƐƌŝǀĞƌŵŽƵƚŚůŽĐĂƚŝŽŶ͕ǁĞĞĚƐĂŶĚƉĞƐƚƐ ĂůƐŽƚƌĂǀĞůĚŽǁŶƐƚƌĞĂŵĂŶĚŝŶǀĂĚĞŽƌƌĞŝŶǀĂĚĞƚŚŝƐƐŝƚĞ͘ĐƌŽƐƐƚŚĞƌŝǀĞƌĨƌŽŵƚŚŝƐƉƌŽƉĞƌƚLJƚŚĞƌŝǀĞƌďĂŶŬƐĂƌĞǀĞƌLJ ͞ǁĞĞĚLJ͟ĂŶĚŵĂŶLJǁĞĞĚƐ͕ƐƵĐŚĂƐǁĂŶĚĞƌŝŶŐũĞǁĂŶĚƌĂŐǁŽƌƚ͕ĂƌĞůŝŬĞůLJƚŽĐŽůŽŶŝƐĞƚŚĞŚĂďŝƚĂƚŝŶƚŚŝƐǁĂLJ͘dŚŝƐƉĂƚƚĞƌŶ ŽĨŝŶǀĂƐŝŽŶŵĂLJĞdžƉůĂŝŶƚŚĞĐƵƌƌĞŶƚĚŝƐƚƌŝďƵƚŝŽŶŽĨǁĞĞĚƐĂůŽŶŐƚŚĞƌŝǀĞƌ͘
WŚŽƚŽϮ͗ĚƵŵƉĞĚǀĞŚŝĐůĞ
24 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
dŚĞƌĞĂƌĞĂƌĞĂƐŽĨƌƵďďŝƐŚŽŶƚŚĞƐŝƚĞŝŶĐůƵĚŝŶŐŽůĚǀĞŚŝĐůĞƐƚŚĂƚŚĂǀĞďĞĞŶĚƵŵƉĞĚ͘dŚĞƌĞŝƐƉŽƚĞŶƚŝĂůŽĨůĞĂĐŚŝŶŐĨƌŽŵƚŚĞĚƵŵƉŝŶŐŽĨƚŚŝƐƚLJƉĞ ŽĨƌƵďďŝƐŚŝŶƚŽƚŚĞǁĂƚĞƌǁĂLJƐĂŶĚŝŵƉĂĐƚŝŶŐŽŶƚŚĞŚĞĂůƚŚŽĨƚŚĞZĂŶŐŝƚĂŶĞZŝǀĞƌ͘
dŚĞƐĞĐƚŝŽŶƐŽĨǁĂƚĞƌǁĂLJƐƚŚĂƚŚĂǀĞƐŽŵĞŽĨƚŚĞŚŝŐŚĞƐƚůĞǀĞůƐŽĨďŝŽĚŝǀĞƌƐŝƚLJŝŶĐůƵĚĞƚŚŽƐĞƉĂƌƚƐŝŶƚŚĞĐŽĂƐƚĂůnjŽŶĞƐƵĐŚĂƐƚŚŝƐƐĞĐƚŝŽŶŽĨƚŚĞ ZĂŶŐŝƚĂŶĞZŝǀĞƌ͘tŝƚŚŽƵƚĂŶ ĐŽůŽŐŝĐĂůƐƐĞƐƐŵĞŶƚŽĨƚŚĞZĂŶŐŝƚĂŶĞZŝǀĞƌŝƚĚŝĨĨŝĐƵůƚĨŽƌEŐĈƚŝZĤŚŝĂƚŽĐŽŵƉůĞƚĞĂĨƵůůĂƐƐĞƐƐŵĞŶƚŽĨĞĨĨĞĐƚƐŽĨ ƚŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶŽŶZĂŶŐŝƚĂŶĞZŝǀĞƌ͘
dŽŵŝƚŝŐĂƚĞƚŚĞŶĞŐĂƚŝǀĞĐƵůƚƵƌĂůŝŵƉĂĐƚƐŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶĂŶĚƚŽĂƐĐĞƌƚĂŝŶƚŚĞŚĞĂůƚŚŽĨƚŚĞZĂŶŐŝƚĂŶĞZŝǀĞƌĂŶĚŝƚƐĂďŝůŝƚLJƚŽƐƵƉƉŽƌƚƚŚĞ ĂĐĐƵŵƵůĂƚŝǀĞĞĨĨĞĐƚƐƚŚĂƚŝŵƉĂĐƚƵƉŽŶƚŚĞZŝǀĞƌĨƌŽŵƚŚŝƐĂƉƉůŝĐĂƚŝŽŶ͕EŐĈƚŝZĤŚŝĂƌĞĐŽŵŵĞŶĚƚŚĞĨŽůůŽǁŝŶŐ͗
ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ϭ͘ ƉƉƌŽƉƌŝĂƚĞƌŝƉĂƌŝĂŶĂŶĚĂƋƵĂƚŝĐŚĂďŝƚĂƚƌĞƐƚŽƌĂƚŝŽŶǁŽƵůĚĨƵƌƚŚĞƌĞŶŚĂŶĐĞǁĂƚĞƌƋƵĂůŝƚLJĂŶĚĂƋƵĂƚŝĐŚĂďŝƚĂƚƐĂŶĚƉƌŽǀŝĚĞŝŵƉƌŽǀĞĚ ŚĂďŝƚĂƚĂŶĚůŝŶŬĂŐĞƐĨŽƌŝŶĚŝŐĞŶŽƵƐĨĂƵŶĂ͘ Ϯ͘ Ŷ ĐŽͲƵůƚƵƌĂůDĂƌŝŶĞƐƐĞƐƐŵĞŶƚŝƐĐŽŵƉůĞƚĞĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚEŐĈƚŝZĤŚŝĂĂƐƉĂƌƚŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶ͘ ϯ͘ DĂĐƌŽŝŶǀĞƌƚĞďƌĂƚĞƐƵƌǀĞLJĂŶĚĨŝƐŚƐƵƌǀĞLJŝƐĐŽŵƉůĞƚĞĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚEŐĈƚŝZĤŚŝĂĂƐƉĂƌƚŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶ͘ ϰ͘ ƵůƚƵƌĂůŵŽŶŝƚŽƌŝŶŐŽƉƉŽƌƚƵŶŝƚŝĞƐĂƌĞŝŶǀĞƐƚŝŐĂƚĞĚĨŽƌƚŚĞZĂŶŐŝƚĂŶĞZŝǀĞƌĨŽƌĨĂƵŶĂďŝŽĚŝǀĞƌƐŝƚLJ͘ ϱ͘ ŶLJĞĐŽůŽŐŝĐĂůŵŽŶŝƚŽƌŝŶŐŝŶĐůƵĚĞƐŵĈƚĂƵƌĂŶŐĂDĈŽƌŝĂƐĂĐŽŶĚŝƚŝŽŶŽĨĐŽŶƐĞŶƚ͘ ϲ͘ dŚĞĂƉƉůŝĐĂŶƚƐƵƉƉŽƌƚƐĂŶĚĂƐƐŝƐƚƐEŐĈƚŝZĤŚŝĂƚŽďƵŝůĚƌĞůĂƚŝŽŶƐŚŝƉƐǁŝƚŚŶĞŝŐŚďŽƵƌŝŶŐůĂŶĚŽǁŶĞƌƐŽŶƚŚĞŽƉƉŽƐŝƚĞďĂŶŬĂŶĚ ƵƉƐƚƌĞĂŵŽĨZĂŶŐŝƚĂŶĞZŝǀĞƌƌĞŐĂƌĚŝŶŐƌŝƉĂƌŝĂŶƉůĂŶƚŝŶŐĂŶĚƐƚŽĐŬŵĂŶĂŐĞŵĞŶƚĂůŽŶŐƚŚĞƌŝǀĞƌ͘ ϳ͘ dŚĂƚƚŚĞŽůĚƋƵĂƌƌLJďĞƌĞŚĂďŝůŝƚĂƚĞĚĨŽƌǁŝůĚůŝĨĞĂŶĚƚŽƌĞĚƵĐĞƐĞĚŝŵĞŶƚĂƚŝŽŶĨƌŽŵĞŶƚĞƌŝŶŐZĂŶŐŝƚĂŶĞZŝǀĞƌ͘ ϴ͘ ƌŽƐŝŽŶĐŽŶƚƌŽůƉůĂŶĂŶĚƐĞĚŝŵĞŶƚĂƚŝŽŶƉůĂŶƐĂƌĞĂŐƌĞĞĚǁŝƚŚEŐĈƚŝZĤŚŝĂƚŽŵŝŶŝŵŝƐĞĂĚǀĞƌƐĞĐƵůƚƵƌĂůŝŵƉĂĐƚƐŽŶǁĂƚĞƌƋƵĂůŝƚLJ͘
25 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
dE D,hdW>E
/ŶĚŝŐĞŶŽƵƐĂŶŝŵĂůƐĂŶĚƉůĂŶƚƐĂƌĞƚŚĞƌĞƐƵůƚŽĨĐŽƵŶƚůĞƐƐŐĞŶĞƌĂƚŝŽŶƐŽĨǁŚĂŬĂƉĂƉĂĨƌŽŵŶŐĈƚƵĂ͘dŚĞLJĂƌĞĂƉƌŝĐĞůĞƐƐƚĂŽŶŐĂďĞƋƵĞĂƚŚĞĚƚŽ ƵƐĨƌŽŵƚŚĞĚĂǁŶŝŶŐŽĨĂůůƚŝŵĞ͘KƵƌdƻƉƵŶĂŚĂǀĞŝŶƚĞƌĂĐƚĞĚǁŝƚŚƚŚĞƐĞĂŶŝŵĂůƐĂŶĚƉůĂŶƚƐƐŝŶĐĞƚŚĞŝƌĂƌƌŝǀĂůŝŶŽƚĞĂƌŽĂ͘dŚĞLJŚĂĚƚŽďĞĐĂƵƐĞ ƚŚĞŝƌƐƵƌǀŝǀĂůĚĞƉĞŶĚĞĚŽŶƚŚĞƐĞƚĂŽŶŐĂĂŶĚƚŚĞŝƌƐƵƐƚĂŝŶĂďůĞŵĂŶĂŐĞŵĞŶƚ͕ǁŚŝĐŚǁĂƐůĞĂƌŶƚƚŚƌŽƵŐŚŽďƐĞƌǀĂƚŝŽŶŽǀĞƌƚŝŵĞĂŶĚƚŚĞƉƌĂĐƚŝƐĞŽĨ <ĂŝƚŝĂŬŝƚĂŶŐĂ͘
dŚĞ, DWƐƚĂƚĞƐƚŚĂƚ͗ ƵƌŝŶŐƚŚĞƉĂƐƚϭϲϬLJĞĂƌƐƐŝŶĐĞƚŚĞƌŽǁŶŚĂƐŐŝǀĞŶŝƚƐĞůĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨůŽŽŬŝŶŐĂĨƚĞƌŽƵƌŶĂƚŝǀĞƉůĂŶƚƐĂŶĚĂŶŝŵĂůƐ͕ ǁĞ ŚĂǀĞ ƐĞĞŶ ƐŝŐŶŝĨŝĐĂŶƚ ĂŶĚ ĚĞǀĂƐƚĂƚŝŶŐ ůŽƐƐĞƐ ŝŶ ďŝŽĚŝǀĞƌƐŝƚLJ ƚŚƌŽƵŐŚ ƉŽŽƌ ŵĂŶĂŐĞŵĞŶƚ ƉƌĂĐƚŝĐĞƐ ĂŶĚ ďĞĐĂƵƐĞ ŽĨ ĂŶ ĞdžƉůŽƐŝŽŶŽĨůĂƌŐĞůLJƵŶĐŽŶƚƌŽůůĞĚĐŽŵƉĞƚŝŶŐŝŶƚƌŽĚƵĐĞĚƐƉĞĐŝĞƐ͘
26 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
tŚĂƚůŝƚƚůĞƌĞŵĂŝŶƐŽĨƚŚĂƚǁŚŝĐŚǁĞŽŶĐĞŚĂĚŶĞĞĚƐƚŽďĞŵĂŝŶƚĂŝŶĞĚĂŶĚĞŶŚĂŶĐĞĚƚŽƚŚĞďĞƐƚŽĨŽƵƌĐŽůůĞĐƚŝǀĞĂďŝůŝƚLJ͕ƚŽĞŶƐƵƌĞƚŚĂƚŽƵƌ ŵŽŬŽƉƵŶĂŚĂǀĞĂƐŵĂŶLJŽƉƚŝŽŶƐĂƐƉŽƐƐŝďůĞĂŶĚŚĂǀĞƚŚĞŶĞĐĞƐƐĂƌLJƚŽŽůƐ͘ EŐĂƚŝZĞŚŝĂdĂŽŶŐĂ
ƐŬĂŝƚŝĂŬŝEŐĈƚŝZĤŚŝĂ͕ŝƐĂŶƐǁĞƌĂďůĞĨŝƌƐƚůLJƚŽƚŚĞƌĞůĂƚŝŽŶƐŚŝƉƐŽƵƌdƻƉƵŶĂĨŽƌŐĞĚǁŝƚŚĂůůƚŚĞĐŚŝůĚƌĞŶŽĨƚŚĞƚƵĂĂŶĚƚŽƚŚĞƌĞůĂƚŝŽŶƐŚŝƉŽƵƌ ŵŽŬŽƉƵŶĂŶĞĞĚƚŽŚĂǀĞǁŝƚŚdĞŽDĂƌĂŵĂ͖ĂŶĚǁŝůůƐĞĞŬƚŽƉƌŽƚĞĐƚƚĂŽŶŐĂŽĨǀĂůƵĞƚŽƉĂƐƚ͕ƉƌĞƐĞŶƚĂŶĚĨƵƚƵƌĞŐĞŶĞƌĂƚŝŽŶƐĂŶĚƐĞĞŬƚŚĂƚďĞƐƚ ƉƌĂĐƚŝĐĞǁŚĞŶĐŽŶƐƵůƚŝŶŐŝƐĂĐƚŝǀĞůLJƌĞĐŽŐŶŝƐĞĚĂŶĚƉƌĂĐƚŝĐĞĚďLJĂůůƉĂƌƚŝĐŝƉĂŶƚƐ͘ /ŶĚŝŐĞŶŽƵƐ&ůŽƌĂĂŶĚ&ĂƵŶĂ
dŚĞďĞůŽǁƚĂďůĞƉƌŽǀŝĚĞƐĚĞƐĐƌŝƉƚŝŽŶƐŽĨƚŚĞƐŝŐŶŝĨŝĐĂŶƚƐƉĞĐŝĞƐƚŚĂƚǁĞƌĞĨŽƵŶĚĚƵƌŝŶŐƚŚĞƐŝƚĞǀŝƐŝƚŽŶƚŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶƐŝƚĞ͘
/ŵĂŐĞ ĞƐĐƌŝƉƚŝŽŶ /ŵĂŐĞ ĞƐĐƌŝƉƚŝŽŶ
dŽƚĂƌĂ EĂƚŝǀĞŵŽƐƐ
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/ŵĂŐĞ ĞƐĐƌŝƉƚŝŽŶ /ŵĂŐĞ ĞƐĐƌŝƉƚŝŽŶ
dƵŝŽŶ,ĂƌĂŬĞŬĞ;ĨůĂdžͿ WŽŶŐĂ;ƐŝůǀĞƌdƌĞĞ&ĞƌŶͿ
ƐƐĞƐƐŵĞŶƚŽĨ ĐŽůŽŐŝĐĂů^ŝŐŶŝĨŝĐĂŶĐĞ͕E ŶǀŝƌŽŶŵĞŶƚĂů>ƚĚϮϬϬϴ
dŚĞǀĞŐĞƚĂƚĞĚƌŝƉĂƌŝĂŶĂƌĞĂĨĞĂƚƵƌĞƐƚŽƚĂƌĂ͕ŵĂŶƵŬĂ͕ŬĂŶƵŬĂĂŶĚŽƚŚĞƌĞĂƌůLJƐƵĐĐĞƐƐŝŽŶƐƉĞĐŝĞƐŝŶĐůƵĚŝŶŐĨůĂdž͕ŵĂŚŽĞĂŶĚŵĂƉŽƵ͘dŚĞƚŽƚĂƌĂ ĐĂŶŽƉLJǀĂƌŝĞƐŝŶŚĞŝŐŚƚĨƌŽŵϲƚŽϭϮŵĞƚƌĞƐ͘&ĞƌŶƐ͕ŐƌĂƐƐĞƐ;ŵŽƐƚůLJƉĂƐƚƵƌĞŐƌĂƐƐĞƐͿĂŶĚǁĞĞĚƐĚŽŵŝŶĂƚĞƚŚĞƵŶĚĞƌƐƚŽƌĞLJ͘^ĞǀĞƌĂůĞdžŽƚŝĐƐƉĞĐŝĞƐ ĂƌĞƉƌĞƐĞŶƚŝŶƚŚĞĐĂŶŽƉLJŝŶĐůƵĚŝŶŐƐŽŵĞǁĞĞĚƐ͘dŚĞĂƌĞĂŝŵŵĞĚŝĂƚĞůLJĚŽǁŶƐƚƌĞĂŵŽĨƚŚĞďƌŝĚŐĞŽŶZĞĚĐůŝĨĨƐZŽĂĚ͕ĂĚũĂĐĞŶƚƚŽƚŚĞŽůĚƌŝĨůĞ ƌĂŶŐĞ͕ŚĂƐƚŚĞŚŝŐŚĞƐƚůĞǀĞůŽĨǁĞĞĚŝŶĨĞƐƚĂƚŝŽŶĂŶĚŝƐĚŽŵŝŶĂƚĞĚďLJƉĂŵƉĂƐ͕ŐŽƌƐĞ͕ǁĂŶĚĞƌŝŶŐũĞǁĂŶĚǁŽŽůůLJŶŝŐŚƚƐŚĂĚĞ͘ dŚĞƌŝƉĂƌŝĂŶĂƌĞĂŚĂƐďĞĞŶƐƚƌŽŶŐůLJŵŽĚŝĨŝĞĚďLJŐƌĂnjŝŶŐĂŶĚĂƐƐƵĐŚƚŚĞƐƉĞĐŝĞƐĨŽƵŶĚƚŚĞƌĞĂƌĞƉƌŝŵĂƌŝůLJƚŚŽƐĞƚŚĂƚĂƌĞ ĞŝƚŚĞƌŶŽƚƉĂůĂƚĂďůĞ͕ĚŝĨĨŝĐƵůƚĨŽƌƐƚŽĐŬƚŽĂĐĐĞƐƐŽƌĂƌĞƌĞƐŝůŝĞŶƚƚŽŵĂŵŵĂůďƌŽǁƐŝŶŐ͘dŚĞǀĞŐĞƚĂƚŝŽŶŝƐƉƌĞĚŽŵŝŶĂŶƚůLJ ƌĞŐĞŶĞƌĂƚŝŶŐƚŽƚĂƌĂƐŚƌƵďůĂŶĚ͕ǁŝƚŚĂĨĞƌŶƵŶĚĞƌƐƚŽƌĞLJ͕ĂŶĚĞĂƌůLJƐƵĐĐĞƐƐŝŽŶĂůŝŶĚŝŐĞŶŽƵƐďƌŽĂĚůĞĂĨƐƉĞĐŝĞƐĂŶĚǁĞĞĚƐ ;&ŝŐƵƌĞϭͿ͘dŽƚĂƌĂĂĐĐŽƵŶƚƐĨŽƌĂƉƉƌŽdžŝŵĂƚĞůLJϵϬйŽĨƚŚĞĐŽǀĞƌĂďƵŶĚĂŶĐĞ͘dŚĞďĂůĂŶĐĞŝƐŵĂĚĞƵƉŽĨŵĂŶƵŬĂͬŬĂŶƵŬĂ͕ ŵĂŚŽĞĂŶĚŵĂŵĂŬƵ͘ ůƚŚŽƵŐŚƐŽŵĞŽĨƚŚĞƌŝƉĂƌŝĂŶĂƌĞĂŝƐĨĞŶĐĞĚ͕ĐĂƚƚůĞŚĂǀĞŚĂĚĂĐĐĞƐƐĂŶĚŚĂǀĞŚĂĚĂƐŝŐŶŝĨŝĐĂŶƚĂĚǀĞƌƐĞŝŵƉĂĐƚŽŶƚŚĞĨůŽƌĂ WŚŽƚŽϯhŶĚĞƌƐƚŽƌĞLJŽĨ ďLJŐƌĂnjŝŶŐĂŶĚĐŽŵƉĂĐƚŝŶŐƐŽŝů͘dŚŝƐŚĂƐĂůƐŽŽĐĐƵƌƌĞĚŝŶƚŚĞŐƵůůŝĞƐǁŚĞƌĞŶŽĨĞŶĐŝŶŐĞdžŝƐƚƐ͘ ƌĞŐĞŶĞƌĂƚŝŶŐƚŽƚĂƌĂƐƚĂŶĚ
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/ƚǁĂƐŶŽƚĞĚŝŶƚŚĞ ĐŽůŽŐŝĐĂůĂƐƐĞƐƐŵĞŶƚƚŚĂƚƚŚĞƌĞǁĂƐĂŚŝŐŚŶƵŵďĞƌŽĨďŝƌĚƐĂŶĚĐŽŶƚŝŶƵĞĚƉƌĞƐĞŶĐĞŽĨƐƉĞĐŝĞƐůŝŬĞĨĞƌŶďŝƌĚŽŶƚŚĞƐŝƚĞ͘EŽƌƚŚ /ƐůĂŶĚƌŽǁŶ<ŝǁŝŚĂǀĞĂůƐŽďĞĞŶƌĞĐŽƌĚĞĚĨƌŽŵƚŚĞƐŝƚĞĚƵƌŝŶŐϮϬϬϴŵŽŶŝƚŽƌŝŶŐďLJdŚĞEĞǁĞĂůĂŶĚ<ŝǁŝ&ŽƵŶĚĂƚŝŽŶ;E<ŝǁŝ&ŽƵŶĚĂƚŝŽŶͿ͘dŚĞ ůŝŬĞůŝŚŽŽĚŽĨƚŚĞŚŝŐŚŶƵŵďĞƌǁĂƐĂƚƚƌŝďƵƚĞĚƚŽƚŚĞE<ŝǁŝ&ŽƵŶĚĂƚŝŽŶĂŶĚƚŚĞŝƌĞdžƚĞŶƐŝǀĞƉĞƐƚĐŽŶƚƌŽůŽŶƚŚĞZĂŶŐŝƚĂŶĞWĞŶŝŶƐƵůĂŽĨǁŚŝĐŚƚŚĞ ZĂŶŐŝƚĂŶĞZŝǀĞƌŝƐŝƚƐďŽĂƌĚĞƌ͘dŚĞƉƌŽƉĞƌƚLJǁĂƐĂƐƐĞƐƐĞĚŝŶϮϬϬϴĂŶĚǁĂƐŶŽƚĞĐŽůŽŐŝĐĂůůLJƐŝŐŶŝĨŝĐĂŶƚƵƐŝŶŐƚŚĞ&EĐƌŝƚĞƌŝĂ͘dŚŝƐŝƐŶŽƚƚŚĞǀŝĞǁ ŽĨEŐĈƚŝZĤŚŝĂ͘
dŽŝŶĐƌĞĂƐĞďŝŽĚŝǀĞƌƐŝƚLJ͕ƉƌŽǀŝĚŝŶŐŚĂďŝƚĂƚĂŶĚĨŽŽĚĨŽƌƚŚĞŝŶĚŝŐĞŶŽƵƐƐƉĞĐŝĞƐƉƌĞĨĞƌƌĞĚďLJEŐĈƚŝZĤŚŝĂŝƐŽĨƚŚĞƵƚŵŽƐƚŝŵƉŽƌƚĂŶĐĞ͘ŽͲĚĞƐŝŐŶŝŶŐ ŽĨƚŚĞ>ĂŶĚƐĐĂƉĞĚĞƐŝŐŶŝƐĐƌŝƚŝĐĂůƚŽĨŽƌEŐĈƚŝZĤŚŝĂĂƐŬĂŝƚŝĂŬŝ͕ƚŽŵŝƚŝŐĂƚĞĂŶLJĂĚǀĞƌƐĞŝŵƉĂĐƚƐĂŶĚĞŶƐƵƌĞƚŚĂƚƚŚĞŝƌƉƌĞĨĞƌƌĞĚŶĂƚŝǀĞƉůĂŶƚƐƚŚĂƚ ǁĞƌĞŽŶĐĞƚƌĂĚŝƚŝŽŶĂůƚŽƚŚĞůŽĐĂůĂƌĞĂĂƌĞƵƐĞĚ͘&ůŽǁĞƌŝŶŐŶĂƚŝǀĞƐĂƌĞƉƌĞĨĞƌƌĞĚĂƐƚŚĞLJŝŶĐƌĞĂƐĞƚŚĞŚĂďŝƚĂƚĨŽƌďŝƌĚƐĂŶĚŝŶƐĞĐƚƐĂŶĚǁŽƵůĚ ƐƵƉƉŽƌƚƚŚĞĐŽŶƚŝŶƵĞĚǁŽƌŬŽĨE<ŝǁŝ&ŽƵŶĚĂƚŝŽŶ͘
ƐƚĂďůŝƐŚŝŶŐƚŚĞĐŽƌƌĞĐƚŐƌŽƵŶĚĐŽǀĞƌƉůĂŶƚƐĂŶĚƉůĂŶŶŝŶŐĨŽƌƚŚĞŝƌŐƌŽǁƚŚďĞĨŽƌĞƉůĂŶƚŝŶŐŽĨŶĂƚŝǀĞƚƌĞĞƐŝƐƚŚĞƉƌĞĨĞƌƌĞĚŵĞƚŚŽĚƚŽĞŶƐƵƌŝŶŐƚŚĞ ƐƵĐĐĞƐƐŽĨƚŚĞƉůĂŶƚŝŶŐƉůĂŶƐ͘
WƌĞůŝŵŝŶĂƌLJƐƵŐŐĞƐƚŝŽŶƐĨŽƌƚŚĞƚLJƉĞŽĨĨůŽƌĂĂŶĚƚŚĞŝƌǀĂůƵĞƐĂƌĞĂƐĨŽůůŽǁƐ͗
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EĂŵĞ ^ŝŐŶŝĨŝĐĂŶĐĞͬƵƐĞ EĂŵĞ ^ŝŐŶŝĨŝĐĂŶĐĞͬƵƐĞ
<ĂƵƌŝʹŽĐĞĂŶǀŽLJĂŐŝŶŐǁĂŬĂ͕ dŝƚŽŬŝ Kŝů͕ĨŽŽĚƐŽƵƌĐĞĨŽƌďŝƌĚƐŝŶĞĂƌůLJƐƵŵŵĞƌ͘/ƚŝƐĂ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞŽĨdĂŶĞDĂŚƵƚĂĂƚƵĂŽĨƚŚĞ ŐŽŽĚƚƌĞĞĨŽƌƐŚĂĚĞ ĨŽƌĞƐƚĂŶĚƚŚĞƌĞĨŽƌĞŬĞLJƐƚŽŶĞƐƉĞĐŝĞƐ ƌĞůŝĞĚƵƉŽŶďLJŽǀĞƌϭϬϬŽƚŚĞƌŝŶĚŝŐĞŶŽƵƐ ƐƉĞĐŝĞƐůŝǀŝŶŐŽŶĂŶĚŶĞĂƌďLJ͕ŬĂƵƌŝŐƵŵ͘
<ŝŽŬŝŽ EĂƚŝǀĞůŽǁŐƌŽǁŝŶŐĨĞƌŶ WƵƌŝƌŝ ĞƌƌŝĞƐĂůůLJĞĂƌƌŽƵŶĚ͕ĨŽŽĚƐŽƵƌĐĞĨŽƌďŝƌĚƐĂŶĚ ŝŶƐĞĐƚƐ
WƵƚĂƉƵƚĂǁĞƚĂ ,ŽƐƚƚŽƚŚĞƉƵƌŝƌŝŵŽƚŚĂŶĚŽƚŚĞƌŝŶƐĞĐƚƐ <ĂƌĂŵƵ ĐŽŶƐŝĚĞƌĞĚďLJdĂŶĞĂƐƚŚĞĨŝƌƐƚƚƌĞĞƚŽďĞƉůĂŶƚĞĚŝŶ ƚŚĞĨŽƌĞƐƚ͕ĞĚŝďůĞďĞƌƌŝĞƐ͕ĂŶĚŵĞĚŝĐŝŶĂůůĞĂǀĞƐ͘ dŝŬŽƵŬĂ ^ƵƐƚĂŝŶĂďůĞŚĞƌŝƚĂŐĞŬĂŝ dŽĞƚŽĞ tĞĂǀŝŶŐ͕ŚĂƌĚLJǁĞƚůĂŶĚĂŶĚƌŝƉĂƌŝĂŶƉůĂŶƚ͘'ŽŽĚ ŶƵƌƐĞƌLJƐƉĞĐŝĞƐĨŽƌŐƌŽǁƚŚďĞĨŽƌĞƉůĂŶƚŝŶŐŽĨůĂƌŐĞƌ ƚƌĞĞƐ͘ <ĂƌĂŬĂ ,ĞƌŝƚĂŐĞŬĂŝ <ĂŚŝŬĂƚĞĂ ,ĞƌŝƚĂŐĞŬĂŝ͕ƐƉĂƌĞƐ
ZŝŵƵ ĂƌǀŝŶŐ͕ďƵŝůĚŝŶŐĂŶĚƌŽŶŐŽĂ <ŽƌŽŵŝŬŽ &ůŽǁĞƌƐĂƵƚƵŵŶ;ĨŽŽĚƐŽƵƌĐĞĨŽƌďŝƌĚƐĂŶĚŝŶƐĞĐƚƐͿ
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EĂŵĞ ^ŝŐŶŝĨŝĐĂŶĐĞͬƵƐĞ EĂŵĞ ^ŝŐŶŝĨŝĐĂŶĐĞͬƵƐĞ
,ŽƵŚĞƌĞ &ůŽǁĞƌƐ͕ƌŽŶŐŽĂ ZĞǁĂƌĞǁĂ &ůŽǁĞƌŝŶŐŝŶƐƉƌŝŶŐ͕ĨŽŽĚƐƐŽƵƌĐĞĨŽƌďŝƌĚƐĂŶĚ ŝŶƐĞĐƚƐ͘ WƵŬĂƚĞĂ ZŽŶŐŽĂ DĂŶƵŬĂ EƵƌƐĞƌLJƐƉĞĐŝĞƐ͕ĂŶƚŝĨƵŶŐĂů͕ĨŽŽĚƐŽƵƌĐĞĨŽƌŝŶƐĞĐƚƐ
<ŽƌĂƌŝ ŶƚŝƐĞƉƚŝĐ <ŽŚƵŚƵ &ůŽǁĞƌƐŝŶƐƉƌŝŶŐ͕ĨŽŽĚƐŽƵƌĐĞĨŽƌďŝƌĚƐĂŶĚŝŶƐĞĐƚƐ͘
dŽƚĂƌĂ WƌŝnjĞĚĨŽƌĐĂƌǀŝŶŐĂŶĚďƵŝůĚŝŶŐ DĂƚĂŝ ďƵŝůĚŝŶŐ
DĂŝƌĞƚĂǁĂŬĞ &ůŽǁĞƌƐŝŶĂƵƚƵŵŶ͕ĨŽŽĚƐŽƵƌĐĞĨŽƌďŝƌĚƐ EĂƉƵŬĂ &ŽŽĚƐƉĞĐŝĞƐĨŽƌďŝƌĚƐĂŶĚŝŶƐĞĐƚƐŶĂŵĞůLJďĞĞƐ ĂŶĚŝŶƐĞĐƚƐ
DŝŶŐŝŵŝŶŐŝ ĞƌƌŝĞƐŝŶĂƵƚƵŵŶ͕ĨŽŽĚƐŽƵƌĐĞĨŽƌďŝƌĚƐ <ŽǁŚĂŝ &ŽŽĚƐŽƵƌĐĞĨŽƌďŝƌĚƐĂŶĚŝŶƐĞĐƚƐŝŶƐƉƌŝŶŐ
<ƻŵĂƌĂŚŽƵ ZŽŶŐŽĂ͕ĨĂƐƚŐƌŽǁŝŶŐ
,ĞǁĂŚŝŶĞ͕ŚĞǁŚĞŶƵĂ͕ŬĂŶŐĂƌŽƚĞƚĂŶŐĂƚĂʹZĞĐŽŶŶĞĐƚŝŶŐƉĞŽƉůĞƚŽƚŚĞ>ĂŶĚ
tŝƚŚŽƵƚǁŽŵĞŶĂŶĚůĂŶĚ͕ƚŚĞƉĞŽƉůĞĂƌĞůŽƐƚ͘dŚĞŚĞĂůƚŚŽĨƚĂŶŐĂƚĂǁŚĞŶƵĂŝƐƌĞůĂƚĞĚĚŝƌĞĐƚůLJƚŽƚŚĞŝƌĐŽŶŶĞĐƚŝŽŶƚŽůĂŶĚ͘dŚĞĂďŝůŝƚLJƚŽ ĞdžƉƌĞƐƐƚŚĂƚĐŽŶŶĞĐƚŝŽŶƚŚƌŽƵŐŚŝŶƚĞƌĂĐƚŝŶŐǁŝƚŚƚŚĞĞŶǀŝƌŽŶŵĞŶƚŝƐĞƐƐĞŶƚŝĂůĨŽƌĐƵůƚƵƌĂůŚĞĂůƚŚŽĨƚŚĞƉĞŽƉůĞ͘
31 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
ƐĞdžƉƌĞƐƐĞĚďLJƚŚĞ,ĂƉƻ ŶǀŝƌŽŶŵĞŶƚĂůDĂŶĂŐĞŵĞŶƚWůĂŶ͕EŐĈƚŝZĤŚŝĂǁŝůůƐƚƌŝǀĞƚŽǁŽƌŬǁŝƚŚĂůůƚĂŶŐĂƚĂǁŚĞŶƵĂĨŽƌƚŚĞĐŽŵŵŽŶŐŽŽĚŽĨŽƵƌ ĞŶǀŝƌŽŶŵĞŶƚŝŶĐůƵĚŝŶŐŵĂŬŝŶŐĚĞĐŝƐŝŽŶƐƚŚĂƚĐŽŶƐŝĚĞƌƚŚĞƚĂƵƌĂŚĞƌĞƉŽƉƵůĂƚŝŽŶƐƚƌĂǀĞůůŝŶŐƚŚƌŽƵŐŚŽƌǁŽƌŬŝŶŐĂŶĚŽƌůŝǀŝŶŐǁŝƚŚŝŶŽƵƌĂŶĐĞƐƚƌĂů ĚŽŵĂŝŶƐ͘
/ƚŝƐĞƐƐĞŶƚŝĂůƚŽĐŽŶƐŝĚĞƌǁŚĞƚŚĞƌƚŚĞƌĞĂƌĞŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽƐƵƉƉŽƌƚƚŚŝƐĐŽŶŶĞĐƚŝŽŶĂŶĚĞŶŚĂŶĐĞƚŚĞůĂŶĚƐĐĂƉĞĐŚĂƌĂĐƚĞƌĂŶĚǀŝƐƵĂůĂŵĞŶŝƚLJŽĨ ƚŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶ͘dŚĞĞƐƉůĂŶĂĚĞƌĞƐĞƌǀĞŝƐĂŐŽŽĚĞdžĂŵƉůĞŽĨŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽĐƌĞĂƚĞƚŚĞƐĞĐŽŶŶĞĐƚŝŽŶƐ͘
<ĂŵĂƚĞŬĂĂŝŶŐĂƚĂŚŝ͕ŬĂŽƌĂŬĂĂŝŶŐĂƌƵĂʹ&ŽŽĚ^ŽǀĞƌĞŝŐŶƚLJ
dŚƌŽƵŐŚŚĂǀŝŶŐŽŶůLJŽŶĞĐƵůƚŝǀĂƚŝŽŶƚŚĞƉĞŽƉůĞŵĂLJƉĞƌŝƐŚ͕ƚŚƌŽƵŐŚŚĂǀŝŶŐƚǁŽĐƵůƚŝǀĂƚŝŽŶƐƚŚĞLJƚŚƌŝǀĞ͘
dŚŝƐǁĂƐĐĂƌƌŝĞĚŽƵƚĨƵůůLJďLJƚŚĞEĞǁĞĂůĂŶĚĞƌƐ͕ĂƐƚŽĨŽŽĚĐƵůƚŝǀĂƚŝŽŶƐ͕ŚŽƵƐĞƐ͕ďŝƌĚͲƉƌĞƐĞƌǀĞƐ͕ĞĞůͲǁĞŝƌƐ͕ĨŝƐŚŝŶŐͲŐƌŽƵŶĚƐ͕ĞƚĐ͕͘ŶŽƚŽŶůLJ ƚŚĂƚƚŚĞLJŵŝŐŚƚŚĂǀĞƉůĞŶƚLJ͕ďƵƚƐŽĂƐƚŽƐĞĐƵƌĞƐŽŵĞĨƌŽŵďĞŝŶŐĐĂƌƌŝĞĚŽĨĨďLJƚŚĞŝƌĨŽĞƐ͕ŝŶƚŝŵĞŽĨĨĞƵĚƐ͕ŽĨƚĞŶŚĂƉƉĞŶŝŶŐ͘
KƵƌŬĂŝŶŐĂ͕ŽƵƌĂŶĐĞƐƚƌĂůǀŝůůĂŐĞƐ͕ĂƌĞƚŚĞƉůĂĐĞƐŽƵƌdƻƉƵŶĂĨĂŵŝůŝĞƐůŝǀĞĚƚŚĞŝƌĚĂŝůLJůŝǀĞƐ͘KŶĐĞƚŚĞLJǁĞƌĞŶƵŵĞƌŽƵƐĂŶĚEŐĈƚŝZĤŚŝĂŵŽǀĞĚ ƐĞĂƐŽŶĂůůLJďĞƚǁĞĞŶƚŚĞŝƌǀŝůůĂŐĞƐĐŽŶƐƚƌƵĐƚĞĚĐůŽƐĞƚŽƚŚĞďĞƐƚŐĂƌĚĞŶŝŶŐ͕ďŝƌĚŝŶŐĂŶĚĨŝƐŚŝŶŐĂƌĞĂƐ͘
tŚĞŶƚŚĞŵŝƐƐŝŽŶĂƌLJDĂƌƐĚĞŶĨŝƌƐƚĐĂŵĞƚŽEŐĈƚŝZĤŚŝĂŚĞĚĞƐĐƌŝďĞĚƚŚĞďĂLJƐŽĨdĞ<ĞƌĞŝDĂŶŐŽŶƵŝ;ŶŽǁǁƌŽŶŐůLJĐĂůůĞĚdĞWƵŶĂ/ŶůĞƚͿĂƐĞĂĐŚ ŚĂǀŝŶŐĂŬĂŝŶŐĂĐĂƌĞĨƵůůLJůĂŝĚŽƵƚĂŶĚƐƵƌƌŽƵŶĚĞĚďLJŶĞĂƚůLJŬĞƉƚŐĂƌĚĞŶƐ͘ &ŽŽĚƐŽǀĞƌĞŝŐŶƚLJŚĂƐƐĞǀĞƌĞůLJďĞĞŶĞƌŽĚĞĚ͘ŶLJĚĞǀĞůŽƉŵĞŶƚƐǁŝƚŚŝŶdĞZŽŚĞŽEŐĈƚŝZĤŚŝĂŶĞĞĚƚŽďĞĂƐƐĞƐƐĞĚĨŽƌƚŚĞŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌƚŚĞ ĞůĞǀĂƚŝŽŶŽĨƚŚŝƐƉƌĂĐƚŝĐĞ͘
ŽŶƚĂŵŝŶĂƚĞĚůĂŶĚ;,/>Ϳ dŚĞ ŶŐŝŶĞĞƌŝŶŐƌĞƉŽƌƚŝŶǀĞƐƚŝŐĂƚĞĚƚŚĞƐŝƚĞƐůŝƐƚĞĚŽŶDŝŶŝƐƚƌLJĨŽƌƚŚĞ ŶǀŝƌŽŶŵĞŶƚ͕ĂƐďĞŝŶŐůŽĐĂƚŝŽŶƐďĞŝŶŐŝĚĞŶƚŝĨŝĞĚĂƐ͚,ĂnjĂƌĚŽƵƐĐƚŝǀŝƚŝĞƐĂŶĚ /ŶĚƵƐƚƌŝĞƐ>ŝƐƚ͛;,/>ͿǁŝƚŚƌĞƐƉĞĐƚƚŽĐŽŶƚĂŵŝŶĂƚŝŽŶ͘dŚĞůĞǀĞůŽĨŝŶǀĞƐƚŝŐĂƚŝŽŶŝƐĐĂƚĞŐŽƌŝƐĞĚĂƐĂĞƚĂŝůĞĚ^ŝƚĞ/ŶǀĞƐƚŝŐĂƚŝŽŶ;^/ͿĂŶĚŝŶĐůƵĚĞĚĚĞƐŬƚŽƉ
32 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
ƌĞǀŝĞǁŽĨĂǀĂŝůĂďůĞŝŶĨŽƌŵĂƚŝŽŶĂŶĚĂŶĂůLJƐŝƐŽĨƐŽŝůƐĂŵƉůĞƐ͘dŚĞƌĞƉŽƌƚƚŝƚůĞĚ͚ĞƚĂŝůĞĚ^ŝƚĞ/ŶǀĞƐƚŝŐĂƚŝŽŶʹZĂŶŐŝƚĂŶĞZŝǀĞƌWĂƌŬ^ƚĂŐĞƐϯƚŽϲ͛ĂŶĚĚĂƚĞĚ Ϯϰ:ĂŶƵĂƌLJϮϬϭϵŝĚĞŶƚŝĨŝĞƐƚŚĂƚĂŶĂƌĞĂŽĨůĂŶĚƵƐĞĚďLJƚŚĞ<ĞƌŝŬĞƌŝWŝƐƚŽůůƵď;ŝŶƚŚĞŐĞŶĞƌĂůǀŝĐŝŶŝƚLJŽĨ>ŽƚƐϭϭϮĂŶĚϭϭϯͿ͕ŝƐŽĨĐŽŶĐĞƌŶĂŶĚƌĞƋƵŝƌĞƐ ƌĞŵĞĚŝĂƚŝŽŶ͘dŚĞ^/ǁĂƐŶĞǀĞƌƉƌŽǀŝĚĞĚƚŽEŐĈƚŝZĤŚŝĂ͕ƚŚŝƐŝƐŽĨĐŽŶĐĞƌŶƚŽEŐĈƚŝZĤŚŝĂĂŶĚŶĞĞĚƐƚŽďĞŵĂŶĂŐĞĚĂĐĐŽƌĚŝŶŐůLJĂŶĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚ EŐĈƚŝZĤŚŝĂ͘
dŽŵŝƚŝŐĂƚĞƚŚĞŝŵƉĂĐƚƐŽĨƚŚŝƐĂƉƉůŝĐĂƚŝŽŶEŐĈƚŝZĤŚŝĂƌĞĐŽŵŵĞŶĚƚŚĞĨŽůůŽǁŝŶŐ͗
ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐ
ϭ͘ WůĂŶƚŝŶŐƚĂŬĞƐƉůĂĐĞĚƵƌŝŶŐƚŚĞŵŽŶƚŚƐŽĨDĂLJʹ^ĞƉƚĞŵďĞƌĂŶĚƚŚĞŵĂƌĂŵĂƚĂŬĂŝƐƵƚŝůŝƐĞĚƚŽƐƵƉƉŽƌƚƚŚĞƐƵĐĐĞƐƐĨƵůŐƌŽǁƚŚŽĨƚŚĞ ƉůĂŶƚƐ͘ Ϯ͘ EĂƚŝǀĞƉůĂŶƚƐĂƌĞĞĐŽͲƐŽƵƌĐĞĚĨƌŽŵƚŚĞůŽĐĂůĂƌĞĂ<ĞƌŝŬĞƌŝͲtĂŝƉĂƉĂĚŝƐƚƌŝĐƚǁŚĞƌĞƉŽƐƐŝďůĞ͘ ϯ͘ EĂƚŝǀĞƐƚŚĂƚĂƌĞƐŝŐŶŝĨŝĐĂŶƚƚŽEŐĈƚŝZĤŚŝĂĂƌĞƵƐĞĚ͘ ϰ͘ WĞƐƚŵĂŶĂŐĞŵĞŶƚWůĂŶ;ĨĂƵŶĂĂŶĚĨůŽƌĂͿŝƐĐŽŶƚŝŶƵĞĚĂŶĚŵŽŶŝƚŽƌĞĚƚŽĞƐƚĂďůŝƐŚƐƵĐĐĞƐƐ͕ĂŶĚŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽǁŽƌŬŝŶĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚEŐĈƚŝZĤŚŝĂĂƌĞĞdžƉůŽƌĞĚ͘ ϱ͘ KƉƉŽƌƚƵŶŝƚŝĞƐĂƌĞŝŶǀĞƐƚŝŐĂƚĞĚƚŚĂƚŝŶĐƌĞĂƐĞĨŽŽĚƐŽǀĞƌĞŝŐŶƚLJŽĨƚƌĂĚŝƚŝŽŶĂůĐƌŽƉƐ͘ ϲ͘ dŚĂƚǁŚĞƌĞǀĞƌƉŽƐƐŝďůĞĂůůĂƌĞĂƐŽĨŶĂƚŝǀĞǀĞŐĞƚĂƚŝŽŶĐƌĞĂƚĞĚďĞůŝŶŬĞĚƚŽŐĞƚŚĞƌ͘dŚŝƐŝŶĐƌĞĂƐĞƐƚŚĞƐƵƐƚĂŝŶĂďŝůŝƚLJŽĨĞĂĐŚƉĂƚĐŚĂŶĚ ƉƌŽŵŽƚĞƐǁŝůĚůŝĨĞĂŶĚƐĞĞĚŵŽǀĞŵĞŶƚ͘/ƚĂůƐŽƌĞĚƵĐĞƐƚŚĞĂŵŽƵŶƚŽĨĐŽůŽŶŝƐĂƚŝŽŶďLJǁĞĞĚƐ͘ ϳ͘ WƵďůŝĐǁĂůŬŝŶŐĂĐĐĞƐƐĂůŽŶŐƚŚĞZĂŶŐŝƚĂŶĞZŝǀĞƌŝƐƉƌŽŵŽƚĞĚĂŶĚǁŚĞƌĞƉŽƐƐŝďůĞƚĂůůŶĂƚŝǀĞƚƌĞƐƐďĞĞƐƚĂďůŝƐŚĞĚ͘ ϴ͘ ZĞŵŽǀĂůŽĨĞdžŽƚŝĐƉůĂŶƚƐĂůŽŶŐĂůůǁĂƚĞƌĐŽƵƌƐĞƐƚŽƉƌĞǀĞŶƚƚŚĞƐƉƌĞĂĚŽĨĞdžŽƚŝĐǁĞĞĚƐ͘ ϵ͘ ^/ĐŽŵƉůĞƚĞĚĨŽƌZĂŶŐŝƚĂŶĞZŝǀĞƌWĂƌŬ^ƚĂŐĞƐϯƚŽϲŝƐƐŚĂƌĞĚǁŝƚŚEŐĈƚŝZĤŚŝĂ ϭϬ͘ƌĞŵĞĚŝĂƚŝŽŶƉůĂŶŝƐĚĞǀĞůŽƉĞĚĂŶĚŝŵƉůĞŵĞŶƚĞĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚEŐĈƚŝZĤŚŝĂĨŽƌĂƌĞĂŽĨůĂŶĚƵƐĞĚďLJƚŚĞ<ĞƌŝŬƌĞŝWŝƐƚŽůůƵď͘
33 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
, Z/d' W>E
EŐĈƚŝZĤŚŝĂŵĂƚĂŵŽĞ EŐĈƚŝZĤŚŝĂŵĂƚĂŬĂŬĂĂ dŝƚŝƌŽŬŝŶŐĈŵĂƵŶŐĂ͕ŶŐĈĂǁĂ͕ŶŐĈŵŽĂŶĂ͕ŶŐĈǁŚĞŶƵĂƚĂƉƵŽEŐĈƚŝZĤŚŝĂ EŐĈƚŝZĤŚŝĂƚŚĞƐůĞĞƉŝŶŐŐŝĂŶƚ EŐĈƚŝZĤŚŝĂĨĂĐĞƐĂůůĐŚĂůůĞŶŐĞƐ͕ǁŚĞŶĂǁĂŬĞŶĞĚ EŐĈƚŝZĤŚŝĂƉƌŽƚĞĐƚƐŽƵƌƐĂĐƌĞĚŵŽƵŶƚĂŝŶƐ͕ƌŝǀĞƌƐ͕ƐĞĂƐĂŶĚůĂŶĚƐ
EŐĈƉƵŚŝŵŝŚŝƚŽŽƵƌŵĂŶLJŵŽƵŶƚĂŝŶƐ͘tŚĞŶEŐĈƉƵŚŝůŽŽŬĂƚƚŚĞůĂŶĚƐĐĂƉĞƚŚĞLJƐĞĞƚŚĞƌĞĐŽƌĚƐŽĨƚŚĞŝŶƚĞƌĂĐƚŝŽŶŽĨŽƵƌdƻƉƵŶĂǁŝƚŚƚŚŝƐƉůĂĐĞ͘ dŚĞůŽŶŐŚŝƐƚŽƌLJŽĨŽĐĐƵƉĂƚŝŽŶďLJEŐĈƉƵŚŝdƻƉƵŶĂŚĂƐůĞĨƚĂĐƵůƚƵƌĂůŽǀĞƌůĂLJĂĐƌŽƐƐƚŚĞůĂŶĚƐĐĂƉĞŽĨdĞtŚĂƌĞdĂƉƵŽEŐĈƉƵŚŝ͘dŚĂƚŽǀĞƌůĂLJŝƐ ƚĂŽŶŐĂƚŽEŐĈƉƵŚŝ͘
34 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
dŚĞ, DWƐƚĂƚĞƐƚŚĂƚ͗
dŚĞĐŽƵŶĐŝůƐŚĂǀĞĞdžƚĞŶƐŝǀĞƉŽůŝĐLJĂŶĚƉƌŽĐĞƐƐĞƐĐŽŶĐĞƌŶŝŶŐŶĂƚƵƌĂůĂŶĚďƵŝůƚůĂŶĚƐĐĂƉĞǀĂůƵĞƐ͕ůŝƚƚůĞĂƚƚĞŶƚŝŽŶŚĂƐLJĞƚďĞĞŶ ŐŝǀĞŶƚŽƉƌĂĐƚŝĐĂůƉƌŽǀŝƐŝŽŶĨŽƌĐƵůƚƵƌĂůůĂŶĚƐĐĂƉĞ͘KĨƚĞŶƚŚŝƐŚĂƐƌĞƐƵůƚĞĚŝŶƉƌŽƚĞĐƚŝŽŶĨŽƌŶĂƚƵƌĂůǀĂůƵĞƐĂƚƚŚĞĞdžƉĞŶƐĞŽĨƚŚŽƐĞ ĨĞĂƚƵƌĞƐŽĨŚŝŐŚŚĞƌŝƚĂŐĞǀĂůƵĞƚŽŚĂƉƻ͘&ŽƌĞdžĂŵƉůĞ͕ǁŚŝůĞĚĞǀĞůŽƉŵĞŶƚŵŝŐŚƚďĞƌĞƐƚƌŝĐƚĞĚŽŶƌŝĚŐĞůŝŶĞƐƚŽƉƌŽǀŝĚĞǀŝĞǁƐĐĂƉĞƐ ĂŶĚĂŵĞŶŝƚLJǀĂůƵĞƐ͕ŽƵƌŬĂŝŶŐĂƐŝƚĞƐŝŶƚŚĞǀĂůůĞLJƐĂŶĚĨŽŽƚŚŝůůƐĂƌĞƐƵďũĞĐƚƚŽĨƌĞƋƵĞŶƚĚĞƐĞĐƌĂƚŝŽŶ͘
dŚĞǀŝĞǁƐĂŶĚŽƉŝŶŝŽŶƐŽĨĂƌĐŚĂĞŽůŽŐŝƐƚƐĂŶĚůĂŶĚƐĐĂƉĞĂƌĐŚŝƚĞĐƚƐĂƌĞĂůǁĂLJƐǁĞŝŐŚƚĞĚŚŝŐŚĞƌƚŚĂŶƚŚŽƐĞŽĨƚŚĞĂŚŝͲŬĈĂŶĚŬĂŝƚŝĂŬŝƚŽĂĐƵůƚƵƌĂů ůĂŶĚƐĐĂƉĞ͘&ĞǁĂƌĐŚĂĞŽůŽŐŝƐƚĂŶĚůĂŶĚƐĐĂƉĞĂƌĐŚŝƚĞĐƚƐŚĂǀĞĂŶLJƚƌĂŝŶŝŶŐŽƌŵĂŶĚĂƚĞŝŶĐƵůƚƵƌĂůŚĞƌŝƚĂŐĞ͘KƵƌ ĐƵůƚƵƌĂůůĂŶĚƐĐĂƉĞƐŚŽƵůĚďĞ ĂĨĨŽƌĚĞĚĂƚůĞĂƐƚĂƐŚŝŐŚĂƉƌŝŽƌŝƚLJĂƐŽƚŚĞƌůĂŶĚƐĐĂƉĞǀĂůƵĞƐǁŚĞŶďĞŝŶŐĐŽŶƐŝĚĞƌĞĚĂƐƉĂƌƚŽĨĂŶLJƉƌŽĐĞƐƐƵŶĚĞƌƚŚĞZDĂŶĚ,ĞƌŝƚĂŐĞEĞǁ ĞĂůĂŶĚĐƚ͘
KƵƌdƻƉƵŶĂŬŶĞǁĂůůŽƵƌƌŽŚĞʹďĞƚŚĞƐĞŚŽŵĞƐ͕ŐĂƌĚĞŶƐ͕ƚƌĂŝůƐ͕ĐĞƌĞŵŽŶŝĂůĂƌĞĂƐ͕ůĂŶĚŝŶŐƐŝƚĞƐ͕ĨŝƐŚŝŶŐƐŝƚĞƐ͕ďĂƚƚůĞƐŝƚĞƐ͕ƵƌƵƉĂ͕ƉůĂĐĞƐǁŚĞƌĞ ǁŚĞŶƵĂǁĂƐďƵƌŝĞĚŽƌƚƻƉĈƉĂŬƵƉƌĞƉĂƌĞĚĨŽƌďƵƌŝĂů͘ůůƚŚĞƐĞƉůĂĐĞƐǁĞƌĞŶĂŵĞĚďLJŽƵƌdƻƉƵŶĂĂŶĚŝŶŶĂŵŝŶŐƚŚĞŵƚŚĞLJƚŝĞĚƚŚŽƐĞƉůĂĐĞƚŽŽƵƌ ĐƵůƚƵƌĞĂŶĚŽƵƌŚĞƌŝƚĂŐĞĨŽƌĞǀĞƌ͘
dŚĞ, DWƐƚĂƚĞƐƚŚĂƚ͗ ƐǁŝƚŚĂŶLJĞdžĂŵƉůĞŽĨĐŽůŽŶŝƐĂƚŝŽŶ͕ƚŚĞŶĞǁƐĞƚƚůĞƌƐŚĂǀĞǁƌŝƚƚĞŶŽǀĞƌŵĂŶLJƵŽĨŽƵƌŽƌŝŐŝŶĂůŶĂŵĞƐ͘/ŶƐŽŵĞŝŶƐƚĂŶĐĞƐ͕ŽƵƌ ŶĂŵĞƐǁĞƌĞǁƌŽŶŐůLJƌĞĐŽƌĚĞĚ͕ƐŚŽƌƚĞŶĞĚŽƌĐŚĂŶŐĞĚ͘&ŽƌĞdžĂŵƉůĞ͕ƚŚĞŝŶůĞƚŶŽǁĐŽŵŵŽŶůLJĐĂůůĞĚ<ĞƌŝŬĞƌŝŝŶůĞƚǁĂƐĂůǁĂLJƐ ŬŶŽǁŶĂƐdĞǁĂŽƚĞZĂŶŐŝƚŝƌĂ͘tŚĂƚŝƐŶŽǁĐĂůůĞĚdĞWƵŶĂ/ŶůĞƚŝƐƌĞĂůůLJdĞ<ĞƌĞŝDŽŶŐŽŶƵŝ͘
/ƚŝƐŝŵƉŽƌƚĂŶƚƚŽEŐĈƚŝZĤŚŝĂĂŶĚƚŚĞůĞŐĂĐLJǁĞůĞĂǀĞĨŽƌƚŚĞĨƵƚƵƌĞƚŚĂƚƚŚĞƐĞŚŝƐƚŽƌŝĐĂůŝŶĂĐĐƵƌĂĐŝĞƐďĞĐŽƌƌĞĐƚĞĚ͘ƐƚĂŶŐĂƚĂǁŚĞŶƵĂĂŶĚŬĂŝƚŝĂŬŝ͕ EŐĈƚŝZĤŚŝĂǁŝƐŚƚŽďĞĂƉĂƌƚŽĨĂŶLJĚĞďĂƚĞŽǀĞƌƚŚĞŶĂŵŝŶŐŽĨŶĞǁƉůĂĐĞƐǁŝƚŚŝŶŽƵƌƌŽŚĞ͘
35 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
EŐĈƚŝZĤŚŝĂ^ŝƚĞƐĂŶĚƚŚĞŝƌƵůƚƵƌĞĂŶĚƚƌĂĚŝƚŝŽŶƐ dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚĂƌĞĂŝƐǁŝƚŚŝŶƚŚĞĐƵůƚƵƌĂůůĂŶĚƐĐĂƉĞŽĨZĂŶŐŝƚĂŶĞWĈĂŶĚƚŚĞǁŚĞŶƵĂŽĨWĂƌĞŶŐĂƌŽĂ͕ƉƌĞǀŝŽƵƐůLJĂĐĞŶƚƌĞƉŽŝŶƚŽĨŚŝŐŚƵƐĞ ĨŽƌƚĂŶŐĂƚĂǁŚĞŶƵĂ͘ĞƐŬƚŽƉĂƐƐĞƐƐŵĞŶƚƐŚŽǁĞĚƚŚĂƚƚŚĞƌĞǁĞƌĞŶŽŬŶŽǁŶƌĞĐŽƌĚĞĚĂƌĐŚĂĞŽůŽŐŝĐĂůƐŝƚĞƐŽŶƚŚĞƉƌŽƉĞƌƚLJ͕ĂůƚŚŽƵŐŚǁŚĞŶEŐĈƚŝ ZĤŚŝĂĐŽŵƉůĞƚĞĚƚŚĞŝƌƐŝƚĞǀŝƐŝƚŽŶϮϴƵŐƵƐƚĂƵƐĞĚŬƃŚĂƚƵŽĨƐŝŐŶŝĨŝĐĂŶĐĞǁĂƐĨŽƵŶĚ͘ƵĞƚŽƚŚĞŚŝŐŚĂĐƚŝǀŝƚLJƌĞůĂƚĞĚƚŽZĂŶŐŝƚĂŶĞWĈĂŶĚƚŚĞ ŬŶŽǁŶƌĞĐŽƌĚĞĚĂƌĐŚĂĞŽůŽŐŝĐĂůƐŝƚĞƐǁŝƚŚŝŶƚŚĞŶĞĂƌǀŝĐŝŶŝƚLJ͕ƚŚĞƌĞŝƐƉŽƚĞŶƚŝĂůĨŽƌĨƵƌƚŚĞƌĐƵůƚƵƌĂůĨŝŶĚƐĞǀĞŶƚŚŽƵŐŚƚŚĞĂƌĞĂŚĂƐďĞĞŶŚĞĂǀŝůLJ ŵŽĚŝĨŝĞĚĨŽƌƉĂƐƚƵƌĞŐƌŽǁƚŚ͘
dƵďďƐ&Ăƌŵ͕<ĞƌŝŬĞƌŝ͕ĂLJŽĨ/ƐůĂŶĚƐ͗ƌĐŚĂĞŽůŽŐŝĐĂůƐƐĞƐƐŵĞŶƚůŽƵŐŚΘƐƐŽĐŝĂƚĞƐ>ƚĚϮϬϬϳ
dŚĞƌĞƉŽƌƚƐƚĂƚĞƐƚŚĂƚ͗
EŽĂƌĐŚĂĞŽůŽŐŝĐĂůƐŝƚĞƐŚĂĚƉƌĞǀŝŽƵƐůLJďĞĞŶƌĞĐŽƌĚĞĚǁŝƚŚŝŶƚŚĞƉƌŽũĞĐƚĂƌĞĂ͕ĂůƚŚŽƵŐŚƚŚĞƌĞĂƌĞŶƵŵĞƌŽƵƐƌĞĐŽĚĞĚƐŝƚĞƐŝŶƚŚĞ ǀŝĐŝŶŝƚLJ͕ŝŶƚŚĞĐŽĂƐƚĂůĂƌĞĂƐ͕ĂůŽŶŐƌŝǀĞƌďĂŶŬƐĂŶĚŽŶŝƐůĂŶĚƐǁŝƚŚŝŶƚŚĞ<ĞƌŝŬĞƌŝ/ŶůĞƚ͘ dŚĞĨŝĞůĚƐƵƌǀĞLJďLJƚŚĞĂƌĐŚĂĞŽůŽŐŝƐƚĨŽƵŶĚŶŽŵŝĚĚĞŶƐ͕ƐŚĞůůĚĞƉŽƐŝƚƐ͕ŶŽƌĂŶLJƚĞƌƌĂĐŝŶŐ͕ƉŝƚƐŽƌŽƚŚĞƌŝŶĚŝĐĂƚŽƌƐŽĨDĈŽƌŝŽƌĞĂƌůLJ ƵƌŽƉĞĂŶ ŚĂďŝƚĂƚŝŽŶ͘dŚĞůŽǁůLJŝŶŐĨůĂƚƚĞƌĂƌĞĂƐĂůŽŶŐƚŚĞďĂŶŬƐŽĨƚŚĞZĂŶŐŝƚĂŶĞZŝǀĞƌǁŚĞƌĞƚĞŵƉŽƌĂƌLJĐĂŵƉƐƐŝƚĞƐ͕ŽƌƉƌŽĐĞƐƐŝŶŐƐŝƚĞƐƐĞĞŵůŝŬĞůLJ͕ǁĞƌĞ ƉĂŝĚƐƉĞĐŝĂůĂƚƚĞŶƚŝŽŶďLJƚŚĞĂƌĐŚĂĞŽůŽŐŝƐƚƐĂůƚŚŽƵŐŚŶŽĞǀŝĚĞŶĐĞĐŽƵůĚďĞĨŽƵŶĚďLJƚŚĞŵ͘
dŚĞƌĞƉŽƌƚĨƵƌƚŚĞƌƐƚĂƚĞƐƚŚĂƚ͗ dƵďďƐĨĂƌŵŝƚƐĞůĨ͕ŚŽǁĞǀĞƌ͕ĚŽĞƐŶŽƚĂƉƉĞĂƌƚŽŚĂǀĞďĞĞŶĂƐŝŐŶŝĨŝĐĂŶƚůŽĐĂƚŝŽŶŽĨƐĞƚƚůĞŵĞŶƚŝŶĞŝƚŚĞƌƉƌĞͲŽƌĞĂƌůLJ ƵƌŽƉĞĂŶ ƚŝŵĞƐ͙͘>ŽĐĂůůLJƚŚĞŵĂŝŶĨŽĐƵƐŽĨƐĞƚƚůĞŵĞŶƚĂƉƉĞĂƌƐƚŽŚĂǀĞďĞĞŶŽŶƚŚĞŶŽƌƚŚƐŝĚĞŽĨƚŚĞZĂŶŐŝƚĂŶĞZŝǀĞƌ͕ǁŚĞƌĞZĂŶŐŝƚĂŶĞ WĈ;WϬϱͬϭϴͿĂŶĚƚŚĞƉŽƐƐŝďůĞƉĈ;WϬϱͬϭϳͿĂƌĞůŽĐĂƚĞĚ͘
EŐĈƚŝZĤŚŝĂƌƚĞĨĂĐƚ
36 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected] WZKWK^ ^h/s/^KEZE'/dE Z/s ZWZ<^d' ϯͲϲh>dhZ>/DWd^^ ^^D Ed
ƵƌŝŶŐƚŚĞĨŝƌƐƚƉƌĞůŝŵŝŶĂƌLJƐŝƚĞǀŝƐŝƚŝŶƵŐƵƐƚďLJĂŵĞƌŽŶ^ŽǁƚĞƌ͕EŐĈƚŝZĤŚŝĂ<ĂŝƚŝĂŬŝĂEŐĈƚŝZĤŚŝĂĂƌƚĞĨĂĐƚǁĂƐĨŽƵŶĚŶĞĂƌƚŚĞƚŽƉŽĨĂŐƵůůLJƚŚĂƚ ĐĂŵĞƵƉĨƌŽŵZĂŶŐŝƚĂŶĞZŝǀĞƌ͘EŐĈƚŝZĤŚŝĂĂŶĚƚŚĞĂƌĐŚĂĞŽůŽŐŝƐƚǁĞƌĞŶŽƚŝĨŝĞĚŽĨƚŚĞĨŝŶĚ͘
dŚĞĂƌƚĞĨĂĐƚŝƚƐĞůĨŝƐĂƐƚŽŶĞƚŚĂƚŝƐĐŽŶƐŝĚĞƌĞĚďLJEŐĈƚŝZĤŚŝĂƚŽďĞĂĨŽŽĚƉƌŽĐĞƐƐŝŶŐŝŵƉůĞŵĞŶƚ͕ƉŽƚĞŶƚŝĂůůLJ ĨŽƌƉŽƵŶĚŝŶŐĨĞƌŶƌŽŽƚ͘
KŶƚŚĞƐĞĐŽŶĚƐŝƚĞǀŝƐŝƚƚŚĞĂƌƚĞĨĂĐƚǁĂƐĐĞƌĞŵŽŶŝĂůůLJƌĞŵŽǀĞĚďLJ<ŝƉĂDƵŶƌŽŽĨEŐĈƚŝZĤŚŝĂĂŶĚŝƐŶŽǁŚĞůĚ ĂƚZĞǁĂ͛ƐsŝůůĂŐĞ͘
WŚŽƚŽϰ͗EŐĈƚŝZĤŚŝĂĂƌƚĞĨĂĐƚ
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37 AWATEA RESOURCE MANAGEMENT CONSULTANCY – EMAIL [email protected]
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)URP &KRUXV3URSHUW\'HYHORSPHQWV GHYHORS#FKRUXVFRQ]! 6HQW )ULGD\-DQXDU\ SP 7R 'HDQQH5RJHUV 6XEMHFW &KRUXV6LPSOH(VWLPDWH.DSLUR5RDG.HULNHUL6WDJHV/RWV /RWV $WWDFKPHQWV 13'6LPSOH(VWLPDWH.&3') %HIRUH Hello Deanne Rogers, We are pleased to confirm that we can connect your development to our network. You’ll find more details, including a cost estimate, in the attached letter. If you‘d like to proceed and request a formal quote and contract, please email us at [email protected]. Please Note: • The developer is responsible for installing duct from the new dwelling to meet the Chorus Network object at the front boundary. Installing pipe into an open trench can be done via a request to your RSP or 0800 4 NETWORK (option 3). Please also refer to our Chorus website: https://www.chorus.co.nz/help-and-support/for-developers We’re here to help – so please let us know if you need any further information. Kind regards, Jarred Hebden Property Development Coordinator T 0800 782 386 ( OPT 1 ) E [email protected] POBox9405 Hamilton www.chorus.co.nz 33OHDVHFRQVLGHUWKHHQYLURQPHQWEHIRUHSULQWLQJWKLVHPDLO 7KHFRQWHQWRIWKLVHPDLO LQFOXGLQJDQ\DWWDFKPHQWV LVLQWHQGHGIRUWKHDGGUHVVHHRQO\LVFRQILGHQWLDODQG PD\EHOHJDOO\SULYLOHJHG,I\RX¶YHUHFHLYHGWKLVHPDLOLQHUURU\RXVKRXOGQ¶WUHDGLWSOHDVHFRQWDFWPH LPPHGLDWHO\GHVWUR\LWDQGGRQRWFRS\RUXVHDQ\RIWKHFRQWHQWRIWKLVHPDLO1RFRQILGHQWLDOLW\RU SULYLOHJHLVZDLYHGRUORVWE\DQ\PLVWUDQVPLVVLRQRUHUURU7KLVFRPPXQLFDWLRQGRHVQRWGHVLJQDWHDQ LQIRUPDWLRQV\VWHPIRUWKHSXUSRVHVRI3DUWRIWKH&RQWUDFWDQG&RPPHUFLDO/DZ$FW$OWKRXJKZH KDYHWDNHQUHDVRQDEOHSUHFDXWLRQVWRHQVXUHQRYLUXVHVDUHSUHVHQWLQWKLVHPDLOZHFDQQRWDFFHSW UHVSRQVLELOLW\IRUDQ\ORVVRUGDPDJHDULVLQJIURPWKHXVHRIWKLVHPDLORULWVDWWDFKPHQWV Before you dig Please play it safe by using our cable location services to check what’s underground before you dig. Call 0800 B4UDIG (0800 248 344) or visit www.beforeudig.co.nz We’ve taken a look and determined your planned work is in close proximity to our network. Excavation work near any buried network is risky. Create a safer working environment and avoid potential repair costs by using the Before you Dig cable location service. We recommend requesting a cable location and ground mark-out. The mark-out will show you where our network is buried so you know which areas to work cautiously in before you break ground. You can also reduce the chance of damaging our network by using modern pot-holing and hydro-excavation methods. When your work is close to our high capacity network, a free stand-over service is available once the location fee has been paid. We will work with you onsite to further minimise any risk of damage to the Chorus network and our customers’ services. Thanks for helping us make sure everyone stays connected. If you need any further advice please contact Chorus on 0800 822 003 or by email on [email protected] If you think you may have accidentally damaged a cable or feel that any part of our network is at risk, please call us on 0800 4 NETWORK (0800 463 896) and select option 2 for assistance. Chorus Property Development Team PO Box 9405 Waikato Mail Centre Hamilton 3200 Telephone: 0800 782 386 Email: [email protected] 24 January 2020 Chorus Ref #: KC56055 Your Ref #: Neil Construction Limited Attention: Deanne Rogers Dear Sir / Madam Property Development – KC: Kapiro Road, Kerikeri. Stages 3,4,5,6. Lots 133 (Lots 60 -192) Simple Estimate Thank you for your enquiry regarding the above subdivision. Chorus is pleased to advise that, as at the date of this letter, we would be able to provide ABF telephone reticulation for this property development. In order to complete this reticulation, we require a contribution from you to Chorus' total costs of reticulating the development. Chorus' costs include the cost of network design, supply of telecommunications specific materials and supervising installation. At the date of this letter, our estimate of the contribution we would require from you is $244,720.00 (including GST). We note that (i) the contribution required from you towards reticulation of the development, and (ii) our ability to connect the subdivision to the Chorus network, may (in each case) change over time depending on the availability of Chorus network in the relevant area and other matters. If you decide that you wish to undertake reticulation of this property development, you will need to contact Chorus (see the contact details for Chorus Property Development Team above). We would recommend that you contact us at least 3 months prior to the commencement of construction at the subdivision. At that stage, we will provide you with the following: - confirmation of the amount of the contribution required from you, which may change from the estimate as set out above; - a copy of the Contract for the Supply and Installation of Telecommunications Infrastructure, which will govern our relationship with you in relation to reticulation of this property development; and - a number of other documents which have important information regarding reticulation of the property development, including - for example - Chorus' standard subdivision lay specification. 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eport prepared for Neil Construction Ltd By Barry Baquié (MA Hons) Sarah Macready (MA) Rod Clough (PhD) November 2007 Clough & Associates Ltd [email protected] 321 Forest Hill Rd, Waiatarua, Waitakere City AUCKLAND 0612 Telephone: (09) 814 1946 Mobile 0274 850 059 www.clough.co.nz INTRODUCTION Project Subdivision of Tubbs Farm on the Kerikeri Inlet, Bay of Islands, is currently Background being planned (Figure 1, Figure 2). The property comprises 125.1658 hectares and is bounded by the Rangitane River to the north, the Kerikeri Inlet to the southeast, Redcliffs Road to the west, and Kapiro Road to the south. The farm area is contained within Pt Sec. 3, Blk VII Kerikeri Survey District (SO 11330). The intention is to subdivide the land into lots averaging 5000m2 in size. No subdivision plan has yet been developed. An archaeological assessment of the property was requested by David Page of Neil Construction Ltd to establish whether future subdivision is likely to impact on archaeological values. This report will form part of the required assessment of effects accompanying a resource consent application for the proposed subdivision. Recommendations are made in accordance with statutory requirements. Methodology The New Zealand Archaeological Association (NZAA) site record file was searched to establish whether any archaeological sites had been recorded on or in the immediate vicinity of the property (Figure 2). Relevant literature was reviewed. A visual inspection of the property was carried out on 10 October 2007. The survey focussed particularly on the main ridge lines and spur lines leading to the Inlet and Rangitane River, and the shoreline around the Inlet and along the river bank. The ground surface was examined for evidence of former occupation (in the form of shell midden, depressions, terracing or other unusual formations within the landscape, or indications of 19th century European settlement remains). Subsurface testing with a probe and spade was carried out to determine whether buried archaeological deposits could be identified. Exposed and disturbed soils were examined where encountered for evidence of earlier settlement and an understanding of the local stratigraphy. Sites were photographed, field notes made and GPS readings taken. Alan Tubbs, the previous owner who is currently farming the property, was consulted for any information he might have indicating archaeological remains on the farm. He did not know of any artefacts having been found and had never observed any terraces, pits, or midden deposits, apart from some shell along the foreshore near where the Rangitane River entered the Inlet. Continued on next page Clough & Associates Ltd. Page 2 Bay of Islands Kerikeri Tubbs Farm INTRODUCTION, CONTINUED Figure 1. Location of property in Kerikeri Inlet (source: The Neil Group) Continued on next page Clough & Associates Ltd. Page 3 Bay of Islands Kerikeri Tubbs Farm INTRODUCTION, CONTINUED Figure 2. Location of the property and archaeological sites recorded in the vicinity. Note that locations shown are only accurate to within c.100m (source: CINZAS) Clough & Associates Ltd. Page 4 Bay of Islands Kerikeri Tubbs Farm RESULTS Historical The Bay of Islands has the highest density of recorded archaeological sites in Background New Zealand, reflecting the important role it played in the history of Maori settlement. Not only was there intensive Maori settlement before the arrival of Europeans, but it was also the location of the some of the earliest contacts between Maori and Europeans, and the focus of early European settlement in New Zealand. The first mission station and the earliest permanent European settlement in the country was established in 1814 on the adjacent Purerua Peninsula at Oihi, near Rangihoua Pa. Even before this period, there had been several years of trading contact between Europeans and Maori in the Bay of Islands, which was known as the rest and provisioning centre of New Zealand for whaling and other ships. Rangihoua pa was the main settlement of Ngati Rehia in the early years of the 19th century. It was controlled by the local chief Te Pahi until his murder in 1810 following the Boyd Affair. Te Pahi had initiated contact with Europeans to advance trading opportunities by travelling to Norfolk Island and Port Jackson in 1805. His nephew Ruatara had travelled with him and subsequently joined ships’ crews to visit many other places, including England. He returned from England to New South Wales with the missionary Samuel Marsden in 1809-10. He stayed on for 18 months at Parramatta, acquiring knowledge of European agriculture, and returned to Rangihoua in early 1813, where he successfully introduced the cultivation of wheat to the Bay of Islands. Marsden’s connection with Ruatara made it possible for him to establish the mission settlement at Oihi, under the promised protection of Ruatara and his close relative Hongi Hika. Other mission stations soon followed. The second mission was established at Kerikeri in 1819, and became the centre of most of the Church Missionary Society’s trade operations. Kemp House, the mission house built in 1821-2, is the oldest surviving European building in New Zealand, while the Kerikeri Stone Store (1832-36) is the oldest stone building. (Middleton 2006; Clough & Best 2003; Salmond 1997: 405-48). Recorded No archaeological sites had previously been recorded within the project area Archaeological (see Figure 2), although there are numerous recorded sites in the vicinity, in Sites the coastal areas, along river banks and on islands within the Kerikeri Inlet. To the east of the property on the other side of the Rangitane River is Rangitane Pa, recorded as a terrace and midden site (P05/18), and to the west, further up the river, a possible pa site has been recorded (P05/17). Most of the other sites in the vicinity (e.g. P05/453-55 on the south side of the Waipapa Stream) are midden, but pits, terraces and stone walls are also recorded. Continued on next page Clough & Associates Ltd. Page 5 Bay of Islands Kerikeri Tubbs Farm RESULTS, CONTINUED Physical The farm has been worked for over four or five generations of the Tubbs Description Family and is currently being run as a dairy farm. All of the property is in grazing pasture and has been for some time, except for an area to the north where extensive localised quarrying (Figure 8) has been carried out, apparently for farm use. Cattle races allow stock access to the grazing paddocks along the races and down to the Rangitane River. The property has five radiating ridge or spur lines running from a central high area where the farming machine sheds, dairy milking shed, out-buildings, and farmhouse are located (see the aerial photograph overlaid with 5m contour lines, Figure 4). The spurs are intercut with gullies containing streams generated from spring water. Several gullies as well as much of the river margin have light manuka (Leptospermum scoparium), harakeke (Phormium tenax) and some totara (Podocarpus totara) growth (Figure 9). Farm track cuttings (Figure 10) reveal the subsurface stony nature of the property, as do surface rock piles (Figure 11) resulting from the clearance of areas for pasture. Field Survey Two shell midden sites (middens 1 & 2 recorded respectively P05/944 and 970) were identified outside of the property, both of them within the unformed legal road and on the western bank of the Rangitane River (Figure 3). No other middens or shell deposits were located, nor any terracing, pits, or other indicators of Maori or early European habitation. The low lying flatter areas along the banks of the Rangitane River seemed obvious natural locations for temporary camp sites, or areas for processing shellfish and other seafood, particularly within the wider and deeper estuary, easily accessible by waka. These locations were paid special attention and probed for sub-surface midden deposits, but none was found except for the two midden sites noted in Figure 3. The shell midden sites are described below, and site record forms are appended. Continued on next page Clough & Associates Ltd. Page 6 Bay of Islands Kerikeri Tubbs Farm RESULTS, CONTINUED Figure 3. Locations of two shell middens on Rangitane River estuary Continued on next page Clough & Associates Ltd. Page 7 Bay of Islands Kerikeri Tubbs Farm RESULTS, CONTINUED Figure 4. aerial photograph of Tubbs Farm showing locations of Middens 1 & 2 and Quarry [aerial after Far North District Council] Continued on next page Clough & Associates Ltd. Page 8 Bay of Islands Kerikeri Tubbs Farm RESULTS, CONTINUED Midden 1 GPS location E2600571 N6666519 +/- 4m. P05/944 This midden was located on a flat area by the Rangitane River with shell exposed along the low bank by the water’s edge (Figure 5). Probing showed that the deposit was reasonably extensive, measuring some 18m x 12m. A test pit measuring 200mm x 300mm x 500mm deep (Figure 6) revealed that the deposit was over 500mm thick below a very thin turf/topsoil. The midden consisted of some crushed, but mostly broken and whole cockle (Austrovenus stutchburyi), mostly of a medium to large size, contained within a black soil and charcoal matrix. Some small stone was also present, but in the test pit did not appear to be hangi stone, although it may have been used as such at some time or other. Larger rock/stone was struck at c.0.5m in the test pit probably at the natural base depth. The area is under clover and rye pasture grass with some totara (Podocarpus totara) and whiteywood (Melicytus ramiflorus), with mangrove (Avicennia marina) along the water’s edge in the lower estuary. Figure 5. Location of Midden 1 Continued on next page Clough & Associates Ltd. Page 9 Bay of Islands Kerikeri Tubbs Farm RESULTS, CONTINUED Figure 6. Test pit, Midden 1 P05/970 GPS location E2600528 N6666759 +/-5m. Midden 2 This sparse and scattered cockle (Austrovenus stutchburyi) shell midden is located along the southern side of a narrow low spur (Figure 7) running down to the Rangitane River. The deposit has slumped and consequently scattered down the 2m high bank of the spur over approximately 2m. The spur is currently used as a farm track, and the midden would probably have been more substantial in the past. Continued on next page Clough & Associates Ltd. Page 10 Bay of Islands Kerikeri Tubbs Farm RESULTS, CONTINUED Figure 7. Midden located down the side of the spur side, to the right (at spade and probe) Figure 8. Tubbs Quarry Continued on next page Clough & Associates Ltd. Page 11 Bay of Islands Kerikeri Tubbs Farm RESULTS, CONTINUED Figure 9. River margins Figure 10. Farm track cutting showing rocky substrata Continued on next page Clough & Associates Ltd. Page 12 Bay of Islands Kerikeri Tubbs Farm RESULTS, CONTINUED Figure 11. Stone pile, clearing pasture area Clough & Associates Ltd. Page 13 Bay of Islands Kerikeri Tubbs Farm DISCUSSION AND CONCLUSIONS Summary of No archaeological sites had previously been recorded on the survey property. Two Results midden sites were identified during the survey, both located adjacent to the property boundaries and within the Crown Grant road situated between the property and the Rangitane River. Archaeological The Bay of Islands area is of considerable archaeological significance, having a high Significance density of recorded sites relating to both Maori and early European settlement. The archaeological sites reflect the intensive nature of settlement by Maori before and after the arrival of Europeans, and include sites relating to the earliest European settlements in New Zealand. Tubbs Farm itself, however, does not appear to have been a significant location of settlement in either pre- or early European times, with only two midden sites identified in the unformed legal road, between the property and the Rangitane River. Locally the main focus of settlement appears to have been on the north side of the Rangitane River, where Rangitane Pa (P05/18) and the possible pa P05/17 are located. Midden are the most common type of archaeological site in New Zealand, and result from food processing and consumption. They vary considerably in size and may represent a range of activities from a single meal, to short term occupation, to extensive occupation over a long period of time. Midden 1 (P05/944) was reasonably substantial, up to 0.5m in depth and extending over an area c.18x12m. It contained cockle, a shellfish species available locally from the estuary. It is located on a coastal flat and is associated with dark soil, charcoal and possibly hangi stone. It probably represents a short term living area or encampment for a small group of people, possibly while fishing and shellfish gathering in the estuary. The site has the potential to provide information relating to the history of the area, and is considered to be of moderate significance archaeologically. Midden 2 (P05/970) was a sparse remnant midden. It may represent a similar encampment site, but few conclusions can be drawn as the site is small and in poor condition. Its potential to provide information is limited, and it is considered to be of low archaeological significance. Continued on next page Clough & Associates Ltd. Page 14 Bay of Islands Kerikeri Tubbs Farm General This is an assessment of archaeological values and does not include an assessment of Considerations Maori values. Such assessments can only be made by the tangata whenua. It should be noted that archaeological survey techniques (based on visual inspection and minor sub-surface testing) cannot necessarily identify all sub-surface archaeological features, or detect wahi tapu and other sites of traditional significance to Maori, especially where these have no physical remains. Effects No subdivision plans have been provided, and an assessment of effects on archaeological values can only be made at a general level. Both midden sites are located outside the boundary of the property within the Crown Grant Road adjacent to the Rangitane River. As these sites will be avoided by the proposed subdivision, there will be no effects on known archaeological sites. However, in any area where archaeological sites have been recorded in the general vicinity it is possible that unrecorded subsurface remains may be exposed during development. While it is considered less likely in this situation in view of the good visibility for archaeological survey, the possibility can be provided for by putting procedures in place ensuring that the project archaeologist and NZ Historic Places Trust are contacted should this occur. Historic Places In addition to any requirements under the RMA 1991, the HPA 1993 protects Act all archaeological sites whether recorded or not, and they may not be damaged or destroyed unless an Authority to modify an archaeological site has been issued by the New Zealand Historic Places Trust. An archaeological site is defined by the HPA 2(a)(i) and 2(b) as: ‘any place in New Zealand that was associated with human activity that occurred before 1900, and is or may be able through investigation by archaeological methods to provide evidence relating to the history of New Zealand’. Authorities to modify archaeological sites can be applied for either under Section 11, in respect to a particular site or sites, or under Section 12, for all sites that may be present within a specified area. Applications made under S12 require approval by the Maori Heritage Council of the Historic Places Trust. The tangata whenua should be consulted regarding applications to modify or destroy archaeological sites which have Maori cultural associations. Note that about 4 months should be allowed for the processing of authorities, which includes a statutory stand down period of 15 working days before an authority can be exercised. Clough & Associates Ltd. Page 15 Bay of Islands Kerikeri Tubbs Farm RECOMMENDATIONS It is x That the development of the property is undertaken so that neither of the Recommended: midden sites are impacted on. x That otherwise there should be no constraints on the proposed subdivision on archaeological grounds, as no other sites were identified on the property and it is considered unlikely that any will be exposed during development. x That if sub-surface archaeological evidence should be unearthed during construction (e.g. intact shell midden, hangi, storage pits relating to Maori occupation, or cobbled floors, brick or stone foundation, and rubbish pits relating to 19th century European occupation), work should cease in the immediate vicinity of the remains and the project archaeologist and/or Historic Places Trust should be contacted. x That if modification of an archaeological site does become necessary, an Authority to modify an archaeological site must be applied for under Section 11 of the Historic Places Act 1993 and granted prior to any further work being carried out that will affect the site. (Note that this is a legal requirement). x That in the event of koiwi (human remains) being uncovered, work should cease in the immediate vicinity and the tangata whenua, Historic Places Trust and NZ Police should be contacted so that appropriate arrangements can be made. x That since archaeological survey cannot always detect sites of traditional significance to Maori, such as wahi tapu, the tangata whenua should be consulted regarding the possible existence of such sites on the property. Clough & Associates Ltd. Page 16 Bay of Islands Kerikeri Tubbs Farm BIBLIOGRAPHY CINZAS. Central Index of New Zealand Archaeological Sites. Department of Conservation, Wellington. Clough, R. and S. Best. April 2003. Archaeological Assessment of Proposed Development at Mountain Landing Property, Te Puna, Purerua Peninsula, Bay of Islands. Clough & Associates report prepared for Mountain Landing Ltd. Middleton, A. 2006. Mission Station as trading post: the economy of the Church Missionary Society in the Bay of Islands, New Zealand. New Zealand Journal of Archaeology, vol. 28: 51-81. New Zealand Archaeological Association Site Record File. Salmond, A. 1997. Between Worlds: Early Exchanges Between Maori and Europeans 1773-1815. Auckland: Penguin Books. Clough & Associates Ltd. Page 17 Bay of Islands Kerikeri Tubbs Farm APPENDIX: SITE RECORD FORMS NEW ZEALAND ARCHAEOLOGICAL ASSOCIATION NZAA METRIC SITE NUMBER: P05/944 SITE RECORD FORM (METRIC) DATE VISITED: 10 October 2007 Metric map number: P05 SITE TYPE: MIDDEN (SHELL) Metric map name: KAIKOHE SITE NAME: MAORI: Metric map edition: 1998 OTHER: GPS: GARMIN Summit e-Trex: + 4m Easting 2 6 0 0 5 7 1 Northing 6 6 6 6 5 1 9 1. Aids to relocation of site (attach a sketch map): Western bank of the Rangitane River estuary; approximately 175m from the southern headland of the Rangitane River; Kerikeri Inlet; Kapiro Road; Kerikeri 2. State of site and possible future damage: Located along estuary foreshore; maybe subject to future sub-development; some stock damage 3. Description of site (Supply full details, history, local environment, references, sketches, etc. If extra sheets are attached, Include a summary here): Probing showed that the deposit was reasonably extensive measuring some 18m x 12m. A test pit measuring 200mm x 300mm x 500mm deep then revealed that the deposit was over 500mm thick below a very thin turf/topsoil. The midden consisted of some crushed, but mostly broken and whole cockle (Austrovenus stutchburyi), and most of a medium to large size, and contained within a black soil and charcoal matrix. Some small stone was also present, but did not in the test pit suggest that it was hangistone, although it may have been used as such at some time or other. Below the half metre dug in the test pit larger rock/stone was struck and further examination was not possible. This may have been the natural base depth. The area is under pasture clover and rye grass with some totara (Podocarpus totara) and whiteywood (Melicytus ramiflorus) with mangrove (Avicennia marina) along the lower estuary waters edge 4. Owner: Tubbs Farms Ltd Tenant/Manager: Alan Tubbs Address: Kapiro Rd, Kerikeri Address: Kapiro Road Kerikeri 5. Nature of information (hearsay, brief or extended visit, etc.): Brief Survey Photographs (reference numbers): With reporter Aerial photographs (reference numbers and clarity of site): 6. Reported by: Barry Baquié Filekeeper: Address: 41 Blake Road Mangere Ak. Date: 7. New Zealand Historic Places Trust (for office use) Type of site Present condition and future danger of destruction Local environment today Local Body Land classification Clough & Associates Ltd. Page 18 Bay of Islands Kerikeri Tubbs Farm Location of Tubbs Farm (after Neil Group Ltd) Location of Midden P05/(Midden 1) on Rangitane River bank estuary Clough & Associates Ltd. Page 19 Bay of Islands Kerikeri Tubbs Farm SHELLMIDDEN P05/ (MIDDEN 1) (Contoured aerial after Far North District Council) Clough & Associates Ltd. Page 20 Bay of Islands Kerikeri Tubbs Farm NEW ZEALAND ARCHAEOLOGICAL ASSOCIATION NZAA METRIC SITE NUMBER: P05/970 SITE RECORD FORM (METRIC) DATE VISITED: 10 October 2007 Metric map number: P05 SITE TYPE: MIDDEN (SHELL) Metric map name: KAIKOHE SITE NAME: MAORI: Metric map edition: 1998 OTHER: GPS: GARMIN Summit e-Trex: + 5m Easting 2 6 0 0 5 2 8 Northing 6 6 6 6 7 5 9 1. Aids to relocation of site (attach a sketch map): Southern bank of a low spur on the western side of the Rangitane River estuary; approximately 500m from the southern headland of the Rangitane River: Kerikeri Inlet; Kapiro Road; Kerikeri 2. State of site and possible future damage: Located in eroded slumped southern bank of spur; maybe subject to future sub-development; some stock damage 3. Description of site (Supply full details, history, local environment, references, sketches, etc. If extra sheets are attached, Include a summary here): This sparse and scattered cockle (Austrovenus stutchburyi) shell midden is located along the southern side of a narrow low spur running down to the Rangitane River. The deposit has slumped and consequently scattered down the 2m high bank of the spur over approximately 2m. The spur is currently used as a farm track, and it would appear the midden at some past time was more substantial. 4. Owner: Tubbs Farms Ltd Tenant/Manager: Alan Tubbs Address: Kapiro Rd, Kerikeri Address: Kapiro Road Kerikeri 5. Nature of information (hearsay, brief or extended visit, etc.): Brief survey Photographs (reference numbers): With reporter Aerial photographs (reference numbers and clarity of site): 6. Reported by: Barry Baquié Filekeeper: Address: 41 Blake Road Mangere Ak. Date: 7. New Zealand Historic Places Trust (for office use) Type of site Present condition and future danger of destruction Local environment today Local Body Land classification Clough & Associates Ltd. Page 21 Bay of Islands Kerikeri Tubbs Farm Location of Tubbs Farm (after Neil Group Ltd) Midden P05/ (Midden2) located down spur side to right (at spade & probe) Clough & Associates Ltd. Page 22 Bay of Islands Kerikeri Tubbs Farm SHELLMIDDEN P05/(MIDDEN 2) (Contoured aerial after Far North District Council) Clough & Associates Ltd. Page 23 Bay of Islands Kerikeri Tubbs Farm 5$1*,7$1(5,9(53$5. 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Sample taken on oil stain approximately 3x0.5m. Wood chips were scrapped away 3B before sampling 35°11.795' 173°58.591' Sample taken on grassy area near shed which had alrge amounts of farm refuse i.e. calf powder bags, old tyres, 3C unmarked chemical conatiners 35°11.793' 173°58.586' Sample taken behind shed in area where run-off would 3D likely accumulate 35°11.799' 173°58.596' Sample taken at the bottom of the stockyard where water 4A would accumulate 35°11.797' 173°58.619' 4B Sample taken at the entrance to the stockyard 35°11.795' 173°58.616' 4C Sample taken down-gradient mid way along the stockyard 35°11.793' 173°58.614' Sample taken at the top of the stockyard where run-off 4D would accumulate 35°11.788' 173°58.608' 5A Sample taken at the bottom of the stairs into the shed 35°11.780' 173°58.586' Sample taken in a drain where run-off would accumulate. 5B Also farm refuse present 35°11.768' 173°58.587' 5C Sample taken in a grassy area near the milking shed 35°11.786' 173°58.599' Sample taken at the eastern edge where run-off would 5D accumulate 35°11.783' 173°58.604' 6A Sample taken near entrance to fertiliser hard stand 35°11.767' 173°58.581' Sample taken where ground starts to slope and run-off 6B would flow 35°11.766' 173°58.579' 6C Sample taken where fertiliser would be loaded 35°11.759' 173°58.569' 6D Sample taken in a drain leading away from the hard stand 35°11.757' 173°58.574' Sample taken in an area where the two drains leading to 7A the oxidation pond meet 35°11.764' 173°58.609' 7B Sample taken half way down a surface drain 35°11.756' 173°58.600' 7C Sample taken at the entrance to the pond 35°11.751' 173°58.613' 7D Sample taken where pond discharge would accumulate 35°11.741' 173°58.608' 10A 35°11.705' 173°58.901' 10B All samples were taken below the dump site in areas 35°11.703' 173°58.901' 10C where run-off would flow 35°11.706' 173°58.907' 10D 35°11.713' 173°58.907' 1=(QYLURQPHQWDO/WG 3DJH 5DQJLWDQH5LYHU3DUN 'HWDLOHG6LWH,QYHVWLJDWLRQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB )ROORZXSVDPSOLQJVLWHLQIRUPDWLRQ GPS Co-ordinates Site Description South East 1 Sample taken on edge of drain down gradient of shed 35°11.849' 173°58.572' 2 Sample taken behind old garage down gardient of the shed 35°11.854' 173°58.553' 3 Sample taken up gradient of the shed 35°11.831' 173°58.547' 4 Sample taken where run-off from second shed would accumulate 35°11.792' 173°58.604' Sample taken approximately 10 metres below the bottom of the 5 stockyard 35°11.793' 173°58.628' Sample taken approximately 10 metres below the top of the 6 stockyard 35°11.781' 173°58.617' 7 Samples taken in area where run-off from oxidaton pond discharge 35°11.738' 173°58.626' 8 would accumulate 35°11.723' 173°58.623' 9 35°11.784' 173°58.568' Samples taken up-gradient from the sheds etc 10 35°11.799' 173°58.565' F1A Samples taken in drain across the road from the hard stand 35°11.804' 173°58.578' F1B 35°11.819' 173°58.584' F1C Samples taken in paddock below the hard stand 35°11.815' 173°58.588' F1D 35°11.808' 173°58.592' F2A Samples taken either side of the hard stand where run-off would 35°11.767' 173°58.582' F2B flow 35°11.763' 173°58.567' F2C Samples taken down gradient of hard stand where run-off would 35°11.750' 173°58.575' F2D flow/accumulate 35°11.748' 173°58.569' Oil Spill Located behind the milking shed near concrete steps 35°11.777' 173°58.589' 1=(QYLURQPHQWDO/WG 3DJH 5DQJLWDQH5LYHU3DUN 'HWDLOHG6LWH,QYHVWLJDWLRQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $33(1',;' &HUWLILFDWHRI7LWOH 1=(QYLURQPHQWDO/WG 3DJH 5DQJLWDQH5LYHU3DUN 'HWDLOHG6LWH,QYHVWLJDWLRQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1=(QYLURQPHQWDO/WG 3DJH 5DQJLWDQH5LYHU3DUN 'HWDLOHG6LWH,QYHVWLJDWLRQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $33(1',;( /DERUDWRU\$QDO\WLFDO5HVXOWV 1=(QYLURQPHQWDO/WG 3DJH 5DQJLWDQH5LYHU3DUN 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