Natural Resource Management System Plan May 2017

Dakota County Natural Resource Management System Plan May 2017

Dakota County Natural Resource Management System Plan

Table of Contents

Acknowledgments ...... v Executive Summary ...... 1 1. Introduction and Background ...... 7 1.1. Regional and County Parks ...... 9 1.2. Regional Greenways ...... 10 1.3. Conservation Easements ...... 10 2. Natural Resources and Their Importance ...... 13 2.1. Ecosystem Services ...... 14 3. Dakota County Context ...... 17 3.1. Geologic History ...... 17 3.2. Vegetation and Ecological Regions ...... 17 3.3. Water Resources ...... 19 3.4. Wildlife ...... 24 3.5. History and Heritage ...... 25 4. Purpose of a Natural Resource Management System Plan ...... 27 4.1. Natural Resource Management ...... 28 4.2. Management and Restoration Approaches ...... 30 4.3. Restoration and Short-Term Management ...... 30 4.4. Long-Term Management ...... 32 4.5. What Happens When Natural Resources Are Not Managed? ...... 32 4.6. Core Habitat, Edge Effects and Connections ...... 33 4.7. Climate Change Implications for the County’s Natural Resources ...... 35 5. Social Context ...... 37 5.1. Demographics ...... 37 5.2. Review of Survey and Polling Material ...... 40 5.3. Summary of Social Context and Implications for Natural Resources ...... 42

Dakota County | Natural Resource Management System Plan i 6. County Role and Responsibilities in Natural Resource Management ...... 43 6.1. Management in Dakota County Parks and Greenways ...... 43 6.2. Management of Dakota County Easements ...... 46 6.3. Natural Resource Management Plans ...... 46 6.4. Use of Volunteers for Management ...... 48 7. Natural Resources Inventory and Assessment ...... 53 7.1. Methods of Inventory and Assessment ...... 53 7.2. Vegetation and Rare Species Countywide...... 55 7.3. County Parks ...... 58 7.4. County Regional Greenways ...... 69 7.5. County Conservation Easements ...... 69 7.6. Water Resources on County Lands and Easements ...... 71 7.7. Key Findings ...... 82 8. Benchmarking ...... 87 9. Plan Input...... 89 9.1. Meeting Types and Schedule ...... 89 9.2. Other Sources of Plan Input ...... 90 10. Principles, Vision, Goals, and Approaches for Natural Resources Management ...... 91 10.1. Principles ...... 91 10.2. Vision ...... 92 10.3. Goals ...... 93 10.4. Approaches ...... 94 11. Implementing the Natural Resource Management System Plan ...... 95 11.1. County Government Capacity for Natural Resources ...... 95 11.2. County’s Preferred Approach to Natural Resources Management ...... 97 11.3. Implementing Tier 1 Management (2018-2022) ...... 100 11.4. Implementing Tier 2 Management (Years 6-20) ...... 113 11.5. Measuring Outcomes ...... 115 11.6. Other Considerations for Implementation ...... 117 12. References and Resources ...... 121

Dakota County | Natural Resource Management System Plan ii Appendices Appendix A. Glossary and Acronyms Appendix B. Invasive Species that May Warrant Control in Dakota County Appendix C. Effects of Not Managing Natural Resources Appendix D. NRMP Template for County Parks Appendix E. NRMP Template for Regional Greenways Appendix F. NRMP Template for Private Easements Appendix G. County Parks Land Cover Appendix H. County Parks Characteristics Appendix I. County Greenway Characteristics Appendix J. County Easements Appendix K. County Water Resources Appendix L. Species of Greatest Conservation Need (SGCN) in Dakota County Appendix M. Benchmarking Study Survey Appendix N. Technical Advisory Committee Meeting Summaries and Participants Appendix O. Public Meeting Summaries Appendix P. Quality Ranking Guidelines for Plant Communities and Ecosystems

Dakota County | Natural Resource Management System Plan iii Dakota County | Natural Resource Management System Plan iv ACKNOWLEDGMENTS

The Natural Resource Management System Plan for Dakota County Parks, Greenways and Conservation Easements is a product of efforts by Dakota County commissioners, staff and professional consultants. Key contributors include:

DAKOTA COUNTY BOARD OF Steve Mielke, Physical Development Div. CONSULTANTS Director COMMISSIONERS Applied Ecological Services, Inc. Mike Slavik, District 1 Kim Chapman, PhD Kathleen A. Gaylord, District 2 DAKOTA COUNTY STAFF Douglas Mensing, MS Thomas A. Egan, District 3 Brad Becker Fortin Consulting, Inc. Joe Atkins, current District 4 commissioner Connie Fortin, MS .XUW&KDWƓHOG Nancy Schouweiler, former District 4 com- Carolyn Dindorf, MA Scott Hagen missioner Taud Hoopingarner SRF Consulting, Inc. Liz Workman, District 5 Stewart Crosby, PLA, ASLA Mary Jackson Mary Liz Holberg, District 6 Beth Koch Chris Gerlach, District 7 Citation: Dakota County, Applied Ecological Michael Lynn Services, Fortin Consulting, and SRF Con- DAKOTA COUNTY PLANNING Meghan Manhatton sulting. 2017. Natural Resource Manage- COMMISSION Shannon Montante ment System Plan for Dakota County Parks, Michael Greco, District 1 Andre Morrell Greenways and Conservation Easements. Dakota County, MN. Lori Hansen, District 2 Joe Sapletal Jill Smith, District 3 Al Singer Greg Oxley, District 3 Steve Sullivan Amy Hunting, District 4 Travis Thiel Barry Graham, District 4 Terry Vikla Ram Singh, District 5 Joe Walton Nate Reitz, District 6 Jessica Wyatt James Guttmann, District 6 Anthony Nelson, District 7 TECHNICAL ADVISORY COMMITTEE DAKOTA COUNTY (See Appendix N) ADMINISTRATION Matt Smith, Dakota County Manager

Dakota County | Natural Resource Management System Plan v

EXECUTIVE SUMMARY

Schaar’s Bluff at the Spring Lake Park Reserve Trailhead

Dakota County continues to be shaped by its natural resources. For centuries its soils, plants, and animals sustained native peoples and European settlers, and these natural resources are still important to the County’s 410,000 residents, many of whom farm and work in the County. The County’s original plant communities are now scarce and most of the remaining natural areas and surface waters have been `>>}i`LÞ>`>ViÌ`iÛi«iÌ>`>}ÀVÕÌÕÀi]Û>ÃÛiÃ«iViÃ]>`ÃÕ««ÀiÃÃvÃÕÀv>ViwÀiÃp> natural disturbance that sustains many native ecosystems. The vast loss of natural areas and reduced quality of those that remain not only have environmental consequences, this also detracts from recreation, quality of life, and a sense of place.

Dakota County recognizes the importance of the natural resources represented by its vegetation, waters and wildlife. Over the decades WKH&RXQW\ƓUVWSURWHFWHGDQGWKHQEHJDQPDQDJLQJLWVQDWXUDOUHVRXUFHVWKURXJKRXWWKH&RXQW\7KLV1DWXUDO5HVRXUFH0DQDJHPHQW System Plan (NRMSP) represents a county-wide effort to increase the level of natural resource management in the County’s parks, regional greenways, and conservation easements. This NRMSP focuses on County-managed lands and waters (Figure ES-1), namely: Parks Regional Greenways

Lake Byllesby Regional Park (611 acres) Big Rivers (5.1 miles)

Lebanon Hills Regional Park (1,874 acres) Minnesota River (10.9 miles)

Miesville Ravine Park Reserve (1,847 acres) Mississippi River (36 miles)

Spring Lake Park Reserve (1,160 acres) River to River (8.4 miles)

Thompson County Park (58 acres) Lebanon to Mendota (approved)

Whitetail Woods Regional Park (456 acres) Lake Marion (approved)

Dakota Woods Dog Park (14 acres) Vermillion Highlands (approved)

Dakota County | Natural Resource Management System Plan 1 Conservation easements will produce a higher quality and more resilient environment than

Natural area easements (41, totaling 1,621 acres) today, more enjoyable recreation for County residents and visitors, and greater sustainability of the County’s valuable agricultural Agricultural easements (68, totaling 7,758 acres) lands. 7KHYHJHWDWLRQZDWHUDQGZLOGOLIHLQWKHVHDUHDVZLOOEHQHƓWIURP a strategic approach to natural resource management. This, in turn,

Figure ES-1. Dakota County parks, greenways and easements.

Dakota County | Natural Resource Management System Plan 2 'HYHORSLQJWKLV15063WRRNSODFHLQƓYHSKDVHVGHVFULEHGEHORZ From the vision emerged goals, which were organized as follows:

1. Scoping Vegetation management in parks, with a focus on natural areas

2. Research Water resources management in parks

3. Vision & Concepts Wildlife management in parks

4. Preferred Plan Natural resource management in regional greenways

5. Public Review and Plan Adoption Natural resource management in conservation easements The consulting team worked closely with a large contingent of Through an iterative process, a suite of approaches was developed County staff, who brought a broad range of expertise and perspec- to achieve NRMSP goals, leading ultimately to a Preferred Plan. The tives to the project. County contributions came from staff within 3UHIHUUHG3ODQKDVWZRWLHUV,QWKHƓUVWƓYH\HDUVRISODQLPSOH- Natural Resources, Parks, and Planning Departments, as well as the mentation (years 1-5), Tier 1 projects will address priority goals in County Planning Commission, Physical Development Committee, park vegetation, waters, and wildlife; greenways; and easements. DQG&RXQW\%RDUGRI&RPPLVVLRQHUV7KLVSODQDOVREHQHƓWHGIURP Tier 2 projects are also important but less critical to program suc- valuable input gathered from a Technical Advisory Panel of natural cess. These will be implemented over 15 years (years 6-20 of this resource experts from across the region, and also from contribu- plan) and will address all remaining goals. The Public Review and tions by the public via interactive open houses and a County-wide Plan Adoption phase of NRMSP development occurred in spring of VXUYH\GHVLJQHGVSHFLƓFDOO\IRUWKLVSODQ ZLWKƓQDOSODQDGRSWLRQE\WKH&RXQW\%RDUG In the Scoping SKDVH WKH FRQVXOWDQW&RXQW\ WHDP UHƓQHG WKH While the County already manages its natural resources, this NRM- approach used to develop this system plan. The Research phase SP is a substantial step up and expresses a high commitment to involved a compilation and review of existing natural resources natural resources. This is clearly illustrated in Figure ES-2. The data, such as land cover, water features, rare natural features; and amount of park land being actively managed will increase from 49 a synthesis of County demographic data, including the status and SHUFHQWWRGD\WRSHUFHQWDIWHUƓYH\HDUVRISODQLPSOHPHQWD- trends in age, ethnicity, and use of park resources by Dakota Coun- tion, and reach 98 percent of all lands managed at the end of the ty’s population. In addition, the County’s existing natural resource plan, twenty years from now. Similar advances in water and wildlife management and volunteer programs were inventoried and com- resources management will occur in parks, greenways, and ease- pared in a benchmarking study with comparable programs run by ments by implementing all Tier 1 and Tier 2 activities over the next other counties and regional systems. In the Vision & Concepts twenty years. phase, principles were described which contributed to a vision for the NRMSP:

The water, vegetation, and wildlife of Dakota County parks, greenways, and easements will be managed to conserve biodiversity, restore native >LÌ>ÌÃ]«ÀÛi«ÕLVLiiwÌÃ]>`>V iÛi resilience and regionally outstanding quality, now and for future generations.

O’Brien Lake in Lebanon Hills Regional Park. Photo by AES.

Dakota County | Natural Resource Management System Plan 3 Figure ES-2. Expansion of Dakota County park and greenway vegetation management, 2017 to 2037 Current Status (2017) Tier 1 Status (2022) Tier 2 Status (2037)

To implement this system-wide plan, the County recognizes it will need to continue to pursue and secure state and other grants, capitalize on partnerships, collaborate with municipalities and other entities in the County, and commit additional internal County resources for staff, volunteer coordination, equipment, and external contractor work. Executing this plan requires an increase in funding above current levels (Figure ES-3 ,QWKHƓUVW\HDURI7LHULPSOHPHQWDWLRQFRVWVDUH higher than in following years. Vegetation management costs decrease over time as invasive plants and declining vegetation quality are DGGUHVVHG&RVWVLQWKHRWKHUFDWHJRULHVUHPDLQJHQHUDOO\FRQVWDQWRYHUWKHƓYH\HDUV7KH&RXQW\ōVVKDUHRIWKHQHZIXQGLQJLVJUHDWHVWLQ WKHƓUVW\HDUDQGWKHQGHFOLQHVWRSHUFHQWRIWKHWRWDO7KH&RXQW\ōVFRQWULEXWLRQLVH[SHFWHGWROHYHUDJHRXWVLGHIXQGVRUHTXLYDOHQW labor contributions at a 3:1 ratio.

Figure ES-3. Estimated annual Tier 1 costs for years 1-5 (2018-2022). The area above the line is the estimated additional funding above current levels which the County must generate internally each year.

*Assumes same CIP funding at Year 5 (2022) as that of Year 4 (2021). 1RWH7KHVHHVWLPDWHGFRVWVPD\GLIIHUVRPHZKDWIURPRWKHUHVWLPDWHVLQWKH15063GXHWRPRUHUHƓQHGVXEDQDO\VHV

Dakota County | Natural Resource Management System Plan 4 %\WKHRXWFRPHVDQGEHQHƓWVRILPSOHPHQWLQJ7LHUDFWLY- Increase public awareness, understanding and appreciation ities will: of the County’s natural resources, the need for active natural

Leverage an estimated $6.5M of non-County resources, rep- resources management, and the management work that the resenting 78 percent of the estimated expenses in the 2017- County is doing. 2022 period. Expand a popular and constructive outlet for citizens to get in-

Demonstrate active and responsible stewardship, resulting in volved. 75 percent of the natural vegetation in County parks being re- Foster greater levels of collaboration and partnerships.

VWRUHGRUPDQDJHGZLWKLQƓYH\HDUV Provide greater proactive actions which minimize and avoid fu- Recognize and positively engage the public’s long-stated sup- ture problems and costs. port for natural resource management. Tier 2 costs—which begin in 2023—are much harder to estimate. 3RVLWLYHO\LQŴXHQFHFLWLHVDJHQFLHVDQGSULYDWHSURSHUW\RZQ- Assuming Tier 1 activities are completed by 2022, the combined ers in the County to increase natural resource management. FDSLWDODQGPDLQWHQDQFHFRVWVIRUWKHƓIWHHQ\HDUVRI7LHUDFWLYL-

Act consistent with County Board Goals. ties may range from $13.2M to $36M, or $880,000 to $2.4M per year (Table ES-1). Tier 2 activities include efforts outside of lands in Provide strategic protection of past natural resource invest- which the County has a legal interest. This means the County will ments, such as past acquisitions and restoration projects. EHHQJDJHGLQDFWLYLWLHVWKDWSRVLWLYHO\EHQHƓWVWKHODQGLWRZQV Integrate economic, social, ecological, and political values in and has acquired an easement, but which will be accomplished on the County’s parks, greenways and easements. lands owned or managed by others.

Table ES-1. Tier 2 activities and estimated costs (2023-2037). Outcomes & Costs Activity Total Cost Total Cost Estimated Acres/Sites Affected (Low) (High) Park Vegetation (capital) 4,000 ac. inside + 1,000 ac. outside parks $5M $15M Park Vegetation (maintenance) DFb $6M $12M Water in Parks (capital) 850 ac. + watersheds outside parks $300K $2M Water in Parks (maintenance) 350 ac $50K $1M Wildlife in Parks (capital) 600 ac. - 4,000 ac. $200K $900K Wildlife in Parks (maintenance) TBD $50K $300K Greenways (capital) TBD TBD TBD Greenways (maintenance) TBD TBD TBD Easements (capital) 1,200 ac. $1.2M $4M Easements (maintenance) 2,000 $100K $500K Subtotal, Capital (20 years) ~5,000 $7M $22M Subtotal, Maintenance (20 years) ~6,000 $6.2M $14M

Dakota County | Natural Resource Management System Plan 5 To hold itself accountable to the public and to document that im- Although this NRMSP was developed with the best available data plementing the NRMSP is achieving its goals, the County will mea- DQGGUDZVƓUPFRQFOXVLRQVDERXWSULRULWLHVIRUWKH&RXQW\ōVQDWXUDO sure outcomes related to vegetation, waters and wildlife in parks, resource management program, it should not be viewed as un- greenways, and easements. Monitoring progress will also enable changeable. Rather, it should be seen as establishing a foundation “adaptive management”: a cycle of implementation, monitoring, for a successful, system-wide natural resource management pro- evaluation, adjustment, and more implementation. Adaptive man- gram, enabling Dakota County to realize the many environmental, DJHPHQWZKLFKZLOOFRQWLQXHLQGHƓQLWHO\KDVEHHQVKRZQWRLP- VRFLDODQGHFRQRPLFEHQHƓWVRIKHDOWK\DQGUHVLOLHQWQDWXUDOUH- SURYHUHVXOWVDQGLQFUHDVHHIƓFLHQF\'DWDFROOHFWHGDVSDUWRIWKLV sources. NRMSP will be recorded and archived in cumulative spreadsheets, which will be used to complete multi-year analyses of conditions and trends.

Woodland burn at Lebanon Hills Regional Park. Photo by Dakota County staff. 3DVTXHŴRZHU0LHVYLOOH5DYLQH3DUN5HVHUYH3KRWRE\-RKQ6KLHU$SSOH9DOOH\

Painted turtles basking at Lebanon Hills Regional Park. Photo by Dakota County staff. 5HVWRUHGSUDLULHLQ/DNH%\OOHVE\5HJLRQDO3DUN(DVW3KRWRE\-DVRQ1DEHURI(25

Dakota County | Natural Resource Management System Plan 6 1. INTRODUCTION AND BACKGROUND

Star Pond Prairie in Lebanon Hills Regional Park. Photo by AES.

Nearly entirely bounded by three large rivers, with a diverse landscape of hills, plains and bluffs, Dakota County continues to be shaped by its natural resources. The wide variety of plants and animals living here sustained the native peoples and early settlers. The fertile soils gave birth to a thriving agricultural tradition. Small communities became towns and cities. Its history is like much of the Midwest.

Most of the County’s 410,000 residents live in the urbanized over 6,700 acres of natural habitat. The state also created Fort Snel- northern third of the County, a rolling landscape dotted with lakes, ling State Park (3,711 acres), various wildlife and aquatic manage- forests, and wetlands. The southern two-thirds are generally level, PHQWDUHDV DFUHV DQGVFLHQWLƓFDQGQDWXUDODUHDV open and dissected by many streams and tributaries. Although row acres) in and near the County. The federal government protected crop agriculture dominates land use here, this area harbors the 4,400 acres of the Minnesota River Valley in Dakota County as part County’s largest remnant natural areas. of one of the rare urban national wildlife refuges. The agriculturally rich soils and easy commuting to St. Paul and Min- The County has been protecting important natural areas for decades. neapolis attracted agriculture and suburban development, which 6LQFHLWVƓUVWSDUNDFTXLVLWLRQLQWKH&RXQW\KDVSUHVHUYHG has caused the loss of over ninety percent of the County’s original many quality natural areas and scenic vistas. The “land protection wetlands, prairies, savannas, and upland forests. The remaining HUDŐZDVDƓUVWVWHSLQEULQJLQJLPSRUWDQW&RXQW\ODQGVDQGZDWHUV natural areas are largely degraded and fragmented, meaning they into a natural resource management program – lands which other- do not function as healthy natural systems. Despite their rarity and wise would likely have been altered and/or developed. Although limited extent, some remnants support uncommon plants and ani- WKH&RXQW\FRQWLQXHVWRSURWHFWLPSRUWDQWODQGVZLWKVLJQLƓFDQW mals and unique ecological communities. natural resources, it has since moved into a new era management Fortunately, many natural areas, some of high quality, are protected with the completion of this Natural Resource Management System in the County. Federal and state government helped establish an Plan (NRMSP). This plan brings under a management umbrella early, large, protected area which became the Gores Pool #3 Wildlife Dakota County parks, greenways, and easements (Figure 1). (The Management Area (WMA) on the Mississippi River. Created in the technical terms in this plan are explained in Appendix A.) 1930s when the Red Wing lock and dam was built, the WMA has

Dakota County | Natural Resource Management System Plan 7 Figure 1. Dakota County parks, greenways, and easements.

Dakota County | Natural Resource Management System Plan 8 1.1. REGIONAL AND COUNTY PARKS The County has established six distinct parkland areas, which are diverse and varied in resources (Figures 2 through 4).

Lake Byllesby Regional Park (611 acres)

Lebanon Hills Regional Park (1,874 acres) (Figure 2)

Miesville Ravine Park Reserve (1,847 acres) (Figure 3)

Spring Lake Park Reserve (1,160 acres) (Figure 4)

Thompson County Park (58 acres)

Whitetail Woods Regional Park (456 acres) Figure 4. The “natured-based” theme of the County park system is accentuated by scenic views, like this one from the bluffs of Spring Lake Park Reserve.

Park Designation Status Parks within the system have been designated differently, according to usage, resource status, and development expectations. Us- ing a combination of criteria from LCCMR, Metropolitan Council, and Dakota County, there are three types of parks in the County Park System: 1) Park Reserve, 2) Regional Park, and 3) County Park.

Regional Parks According to Metropolitan Council, Regional parks (RP) “should contain diverse natural resources and the ability to provide for a wide Figure 2. A skier is traversing an area known as “Buck Pond” in Lebanon Hills range of natural resource related recreational opportunities. Access Regional Park that is the site of a wetland and savanna restoration. to water bodies suitable for recreation is particularly important. A regional park should be large enough to accommodate a variety of activities, preserve a pleasant natural aspect and buffer activity areas from each other. Regional parks are 200 to 500 acres. Occa- sionally, because of the quality of the resource an exception may be made and a RP may be as small as 100 acres.” Three Regional Parks exist in Dakota County: Lebanon Hills, Whitetail Woods, and Lake Byllesby Regional Parks.

Park Reserves Park Reserves “are expected to provide a diversity of outdoor recreational activities. A reserve is also intended to provide, protect and manage representative areas of the original major landscape types in the metro area. Optimal size exceeds 2,000 acres, while the min- Figure 3. View of the Trout Brook valley from atop the largest bluff prairie imum size is 1,000 acres.” Two Park Reserves exist in the County: remnant in Miesville Ravine Park Reserve. Spring Lake Park Reserve and Miesville Ravine Park Reserve

County Parks A County Park is designated as such if it does not meet the criteria of either a Regional Park or a Park Reserve, but the County still consid-

Dakota County | Natural Resource Management System Plan 9 HUVLWWRKDYHVLJQLƓFDQWORFDOYDOXHRUUHVRXUFHV2QH&RXQW\3DUN The main regional greenway framework and approved exists in the County: Thompson County Park in Mendota Heights. segments are:

Other park units include the 14-acre Dakota Woods Dog Park and Big Rivers (5.1 miles) a newly established park system unit called County Park Conserva- Minnesota River (10.9 miles) tion Areas. These new park units were established to protect natural Mississippi River (36 miles) resources and provide future greenway recreational opportunities and natural resource protection. River to River (8.4 miles) Vermillion River Unit in Empire Township (62 acres) Lebanon to Mendota (approved) Vermillion River South Creek Unit in the City of Farmington (24 Lake Marion (approved) acres) Vermillion Highlands (approved)

1.2. REGIONAL GREENWAYS 1.3. CONSERVATION EASEMENTS Four regional greenways provide the backbone of a 200-mile multi-purpose, regional greenway system. According to the Met Council, Regional Trails “are intended to provide recreational travel along linear pathways. They are selected to pass through, or provide access to, elements in the regional park system and to intersect with ORFDOWUDLOV\VWHPVŐ7KH&RXQW\FODVVLƓHVJUHHQZD\VDVXUEDQ feet wide), suburban (200 feet wide), and rural (300 feet wide). The greenway system includes many separated natural areas that could be connected and enhanced, depending on greenway width. Functioning like a linear park, greenways could be designed to improve water quality and wildlife habitat. Properly designed and managed, they can avoid problems like spread of invasive plants and small animal fatalities. However, greenway management is complex and requires close collaboration among many munici- One of the Natural Areas Conservation Easements along the Vermillion River. palities and landowners. Limited restoration and natural resource management has occurred within some greenways. A thriving agricultural economy maintains the open, rural character of the County. Suburban growth, by contrast, shrinks natural areas and removes productive farmland. County leaders and citizens concerned about these trends that accelerated in the 1990s created the 2002 Dakota County Farmland and Natural Area Protection Plan ŏ3URWHFWLRQ 3ODQŐ 7KLV SODQ LGHQWLƓHG QHDUO\ DFUHV GH- serving protection; 30,000 acres of high quality natural areas and 46,000 acres of farmland and nearby natural areas within a half mile of rivers and streams. In 2003, citizens led a successful cam- paign to pass a $20 million bond referendum to provide funding to begin implementing the Farmland and Natural Areas Program (FNAP) and subsequently the more comprehensive Land Conser- vation Program. Forty-one natural area easements, totaling 1,621 acres, have been acquired from willing landowners to protect forests, grasslands, Existing regional greenway. wetlands, and shoreland. Development is prohibited, and landown-

Dakota County | Natural Resource Management System Plan 10 ers must develop Natural Resource Management Plans (NRMPs) Through the FNAP and now the Land Conservation Program, the for these easement areas. Easements remain in private ownership, County has worked with several cities and the Minnesota Depart- and are inaccessible to the public without landowner permission. ment of Natural Resources (DNR) to protect more than 1,900 acres Sixty-eight agricultural easements, totaling 7,758 acres, have been of new public lands. Some of these are notable cultural places acquired in the southern portion of the County. These easements such as Pilot Knob in Mendota Heights, Caponi Art Park in Eagan, protect nearly 1,300 acres of associated natural areas, prevent 3LQH%HQG%OXIIV6FLHQWLƓFDQG1DWXUDO$UHD 61$ LQ,QYHU*URYH development, and allow cultivation and grazing. Voluntary Stew- Heights, Hampton Woods Wildlife Management Area (WMA) in ardship Plans are jointly developed and landowners must install Hampton and Castle Rock Townships, Vermillion River WMA, and vegetative buffers along all rivers, streams and wetlands. Aquatic Management Areas in Empire and Vermillion Townships. 1.3.1. Park and Buffer Easements Easements have also been secured to buffer sensitive areas of parks. 7KH&RXQW\KDVDFTXLUHGƓYHHDVHPHQWVSUHYHQWLQJGHYHORSPHQW and ensuring screening of new development from parks. Two are located within Spring Lake Park Reserve and three are adjacent to Lebanon Hills Regional Park.

Countywide Land Protection Cities, private institutions and corporations have also protected approximately 37,000 acres of natural areas in the County. Collec- tively, approximately 79,240 acres, or 21 percent of the 375,517 total acres of the County, is protected for open space and natural resource purposes. Restored prairie at a Natural Area Conservation Easement in Ravenna Township.

Dakota County | Natural Resource Management System Plan 11 Dakota County | Natural Resource Management System Plan 12 2. NATURAL RESOURCES AND THEIR IMPORTANCE

Sandstone cliffs across from Lake Byllesby Regional Park East. Photo by Dakota County Staff.

Natural resources exist spontaneously in nature. They are divided into non-living natural resources (sunlight, air, water, metals, and minerals) and those that are alive (soil, vegetation, and animals). Some are abundant, like sunlight and air, while others are distributed unevenly (e.g., fresh water, certain animal ««Õ>ÌÃ®]>`Ãi>ÀiV>pÌ >ÌÃ]À>Ài>`ÃV>ÌÌiÀi`]ÃÕV >Ã}`>`LÀÌÀÕÌ° ÃÌ>ÌÕÀ> resources are local. Although some such as air and solar radiation are thought to be inexhaustible, the vast majority is limited and can be lost if overused or poorly managed.

Industrial societies tend to value natural resources for their extrinsic A thing is right when it tends to preserve the value, or how useful they are to people. Timber, gravel, stone, soil integrity, stability, and beauty of the biotic for crops, groundwater for drinking and irrigation—all are important community. It is wrong when it tends otherwise. to and for people. An alternate attitude, however, is that natural resources also have intrinsic value unto themselves—that all species We abuse land because we regard it as a of animals, plants, and fungi have a basic right to exist. This attitude commodity belonging to us. When we see land is really no different than what is extended to society in general—to as a community to which we belong, we may ourselves, our pets and things we hold dear. There is a large and begin to use it with love and respect. growing body of ethical thought which grants humans and nature equal standing. For instance, Aldo Leopold, noted conservationist, So not only do people need to use nature and natural resources to philosopher, writer, hunter, and outdoorsman (and considered by survive, we also may need to strike a balance between our own in- many to be the father of wildlife ecology and the United States’ wil- terests and the interests of the ecological community at large. The derness system), promoted the idea of a “land ethic,” which calls “intrinsic value” attitude towards nature has been steadily gaining for an ethical, caring relationship between people and nature. In A support in modern times, as people seek experiences in natural ar- Sand County Almanac, written more than over 50 years ago, Leop- eas in parks, through travel, by visiting museums and zoo exhibits, old wrote: or simply while watching television programs about nature.

Dakota County | Natural Resource Management System Plan 13 Ethics aside, it is well known that most people want to live near environment healthy for decomposers to function properly should parks and open space. Homeowners and businesses across the be an important goal for society. country consistently rate proximity to a park as highly desirable, The ecosystem services generally at work in the County are: which typically generates higher demand for buildings near open Supporting (Natural Processes) space. Several studies measured the effect of parks on property values and found a value increase. For example, a study by Michigan • Photosynthesis to grow plants State University in Dallas, Texas, found that distance to and the size • Nutrient cycling (carbon, phosphorus, etc.) of a park resulted in a price premium of up to two to three percent. • Carbon sequestration in plants & soil Other researchers found that homes next to greenbelts in Austin, Texas saw an increase in value of six to twelve percent. Here in the • Soil formation Twin Cities, researchers summarized four property value studies • Erosion control by vegetation and soil biota and found that proximity to parks increased urban and suburban • $LUSXULƓFDWLRQDQGR[\JHQSURGXFWLRQ property values, except in suburbs where active recreational parks • decreased property values. :DWHUSXULƓFDWLRQ • Decomposition of waste 2.1. ECOSYSTEM SERVICES • 'HWR[LƓFDWLRQRIVRLO ZDWHU Natural resources generate many unseen and unappreciated ben- • Groundwater recharge HƓWVIRULQGLYLGXDOVDQGFRPPXQLWLHVWKDWFDQRIWHQEHTXDQWLƓHG • Disease and pest control and even assigned a monetary value for “services” they provide. For instance, relative to intensively developed urban and intensively • Pollination of crops and wild plants farmed landscapes, natural areas are better at maintaining clean • Seed dispersal for regeneration air and water and ecologically healthier plant and animal life. If • Local shading and cooling (microclimate) we were to place a monetary value on clean air and clean water, it ZRXOGUXQLQWRWKHELOOLRQVRIGROODUV6FLHQWLƓFVWXGLHVFRQWLQXDOO\ • Blocking of harmful ultraviolet radiation demonstrate other, less tangible services provided by natural sys- Provisioning (Goods) tems, such as a strong link between time spent in or near nature • Clean air and better physical and mental health. Even simply viewing nature • out a window can improve test scores in school children or raise Fresh, clean water SHRSOHōV GHSUHVVHG PRRGV 2I FRXUVH SHRSOH ORYH WR ƓVK KLNH • Fertile & productive soil bike, ski, picnic, camp, and celebrate with family. Sometimes simply • Food production sitting in stillness surrounded by nature can allow for the nourish- • Fiber production (paper pulp, etc.) ment of the spirit, for which monetary value cannot be assigned. • Fuel production (biomass for energy) The following are a few examples of hidden “ecosystem services.” An ecosystem service is a spontaneous output from nature that ben- • *DPH ƓVKSURGXFWLRQ HƓWVSHRSOH1DWXUDOUHVRXUFHVGHOLYHUIUHHRIFKDUJHPDQ\KHOSIXO • Biodiversity & wild genetic material JRRGV VXFKDVZLOGIRRG DQGVHUYLFHV VXFKDVSXULƓFDWLRQRIZD- Regulating ter), which support and enrich society and the economy. Imagine the cost of creating fertile soil from rock and manure; nature does it • Climate stabilization for free over vast areas. Without vegetation and soil to soak up rain- • :DWHUYROXPHDQGŴRZUHJXODWLRQ fall, there would be little groundwater because water would simply • Flood and drought regulation run off the land, and growing crops would be very challenging. An- • other example is decomposition. If we did not have functioning de- Disease and pest regulation composers, such as aerobic bacteria and most fungi, we would be • Hazard reduction wading through heaps of dead material and detritus. Keeping the

Dakota County | Natural Resource Management System Plan 14 1DWXUDO UHVRXUFHV FDQ GHƓQH KRZ D FRPPXQLW\ VHHV LWVHOI ZLWK far-reaching effects on culture and the economy. They add real value, both in mere existence and also for usefulness; this in turn creates a sense of place that attracts new residents and convinces current residents to stay. They can also be the reason that people visit parks. Well-managed natural resources improve the park visitors’ experience. Raising awareness of how natural resources positively affect the culture and economy of a community gives a rationale to protect and properly manage natural resources, and to treat this as a normal part of a community’s daily life.

Chimney Rock. Photo by Minnesota Seasons.com.

Sandstone cliffs across from Lake Byllesby Regional Park East. Photo by Dakota County Staff.

Dakota County | Natural Resource Management System Plan 15 Dakota County | Natural Resource Management System Plan 16 3. DAKOTA COUNTY CONTEXT

Pine Bend SNA from the Mississippi River Regional Trail. Photo by Dakota County Staff.

The County’s natural resources are described in the 2009 County Comprehensive Plan and other County reports. The following summarizes but also adds to that extensive information.

3.1. GEOLOGIC HISTORY JLRQVDQGWKHƓYHVXEVHFWLRQVGHVFULEHGEHORZPDNHVWKH&RXQW\ one of the most ecologically diverse in the state. Only Lake County, The Wisconsin glaciation ended about 10,000 years ago and creat- adjacent to Lake Superior, contains more subsections. ed the region’s major landforms. The glaciers left a rolling and hilly landscape with lakes and wetlands in depressions. Soils formed pri- 7KH&RXQW\ōVƓYHHFRORJLFDOVXEVHFWLRQVDUHGHVFULEHGEHORZDQG marily from sandy and gravelly glacial outwash on level plains and show in Figure 5. are well drained. Other deposits called moraines appear today as St. Paul-Baldwin Plains. Located in the northern portion of the mounds of mixed-up rock, gravel, sand and clay, with low spots—or County. Soils are clay loams, loams, sandy loams, and loamy “kettles”—and are common in the northern and western portions of sands and historically dominated by oak and aspen savanna the County. with tallgrass prairie. Maple-basswood forest was common in ƓUHVDIHDUHDV1HYHUWKHOHVVƓUHZDVDQLPSRUWDQWQDWXUDOGLV- 3.2. VEGETATION AND ECOLOGICAL REGIONS turbance. Today, the subsection mostly consists of urban and The County’s natural resources are shaped by their ecoregion con- suburban land uses. text—ecoregions being landscapes of similar characteristics. The Big Woods. Located in the western portion of the County. Soils '15GHƓQHGSURYLQFHVVHFWLRQVDQGVXEVHFWLRQVZLWKLQDQDWLRQDO are loam to clay loam, which are productive for farming. Lakes HFRUHJLRQFODVVLƓFDWLRQ7KH&RXQW\LVLQWKH(DVWHUQ%URDGOHDI)RU- are common and maple-basswood forest and oak woodland est and divided into two sections: Paleozoic Plateau and the Min- historically prevailed. Fire was infrequent. Today, over 75 per- nesota and Northeast Iowa Moraines. The presence of these ecore- cent is cropland and pasture.

Dakota County | Natural Resource Management System Plan 17 Oak Savanna. Located in the central portion of the County. A 7KH%OXIŴDQGV. A small area located in the eastern portion of variety of soil types exist, lakes are uncommon, but wetlands the County, mostly along the Mississippi River valley. Steep were once common. Historically, bur oak savanna dominated slopes are characteristic, and soils vary. There are no lakes, ex- ZLWKWDOOJUDVVSUDLULHDQGƓUHZDVDQLPSRUWDQWGLVWXUEDQFH7R- FHSWROGR[ERZVLQULYHUŴRRGSODLQV+LVWRULFDOO\WKHUHZHUHWDOO- day, almost all of the prairie and wetlands have been lost, and grass prairie and bur oak savanna on ridges and upper slopes, land use is dominated by farming, with suburban development and various forest types on moist slopes and in valleys. Fire was advancing from the north. important in upland prairie and savannas. Today, about half the

Rochester Plateau. Located in the southeastern portion of the subsection is farmed or pastured, and much of the woodland County where glacial deposition material becomes thin and and forest is interspersed with low-density housing. The former bedrock exposures are common. Sensitivity to groundwater 0LVVLVVLSSL5LYHUŴRRGSODLQKDVEHHQJUHDWO\DOWHUHGE\FKDQJ- pollution is high to very high. Soil types are variable and lakes es made to the River, which was transformed from a wild river to are uncommon. Historically, tallgrass prairie and bur oak savan- a series of lock and dam-created pools constructed during the QDFRYHUHGWKHDUHDDQGƓUHZDVDNH\GLVWXUEDQFH7RGD\LWLV 1930s and 1940s. mostly farmed.

Figure 5. Five ecological subsections of Dakota County.

Source: Dakota County

Dakota County | Natural Resource Management System Plan 18 3.3. WATER RESOURCES As previously described, most of the County was under glacial ice until about 10,000 years ago. This created dramatically different landscapes consisting of outwash plains, hilly, lake-studded moraines, rocky outcrops in the southeast, and deep river valleys. Gla- ciers also bequeathed an abundance of water resources, from the Minnesota and Mississippi Rivers and lakes in the north and east (Figure 6), to the Vermillion River that divides the County, and the many small trout streams to the south. In the north, the Mississippi River passes through a narrow gorge DQGWKHQEHFRPHVDZLGHŴRRGSODLQDQGEDFNZDWHUVIXUWKHUGRZQ- stream. The wide Minnesota River Valley joins the Mississippi River at Fort Snelling, the starting point of the state’s European settle- Figure 6. Portage Lake, in Lebanon Hills Regional Park, Eagan, MN. ment history. Together, these rivers form the largest, most contin- XRXVQDWXUDODUHDLQWKH7ZLQ&LWLHV7KHŴRRGSODLQVDQGEOXIIVDUH Many small lakes are located in the northern County. Notable lakes preserved by the Mississippi National River and Recreation Area with public access are Crystal Lake in Burnsville, Lake Marion and (MNRRA), the State Critical Areas Act, the Minnesota River Valley Orchard Lakes in Lakeville, and the nine lakes in Lebanon Hills Re- National Wildlife Refuge, Fort Snelling State Park, and Lilydale gional Park. Chub Lake in Eureka Township is located in the south- Regional Park. The Cannon River, with trout stream tributaries, has western portion of the County. Lake Byllesby at the County’s south- some strikingly steep and rocky valleys. The Vermillion River and ern boundary is a dammed reservoir on the Cannon River. Spring its tributaries meander through the central County, dropping over Lake at the County’s eastern border was a natural oxbow lake and Vermillion Falls in Hastings on its way to the Mississippi. marsh of the Mississippi River, but was submerged by the 1930 lock and dam at Hastings. Lake Byllesby and Spring Lake have public access. 3.3.1. Wetlands Most people think of wetlands as marshy areas with ducks and cattails (Figure 7). While those areas are wetlands, there are many different wetland types that may even be dry for most of the year. Some wetlands support trees and shrubs, and some may be farmed.

Figure 7. Many kinds of wetlands are found in the County, supporting diverse plant and animal life. Source: Dakota County Soil and Water Conservation District

Dakota County | Natural Resource Management System Plan 19 Historically, wetlands were considered wasted space and were sion of the groundwater table. Groundwater sometimes provides a GUDLQHGDQGƓOOHGIRUFURSVDQGGHYHORSPHQW,Q0LQQHVRWDDQHV- VWUHDPōVEDVHŴRZRIVWHDG\ŴRZLQJFROGZDWHUGHVSLWHVXPPHU timated 11 million wetland acres (60 percent) were lost during the heat and drought (Figure 8 7URXW VWUHDPV DQG RWKHU ƓVKHULHV past 150 years, leaving about 7.5 million acres. In Dakota County, need stable groundwater. In the County’s rare calcareous fens, the over 85 percent of the historical wetlands were drained, dredged or EXLOGXSRISHDWGRHVQRWRFFXUXQOHVVDFRQWLQXRXVŴRZRIFROG ƓOOHG7RGD\PRVWRIWKH&RXQW\ōVZHWODQGVDUHORFDWHGLQLWVQRUWK- QXWULHQWSRRUJURXQGZDWHUŴRZVWKURXJKWKHP7RJLYHMXVWRQHH[- western third with few existing elsewhere. ample, a tamarack swamp in Lebanon Hills Regional Park has likely The historic loss of wetlands has consequences for water resources. been degraded because runoff from roofs and streets is diverted Wetlands have the ability to maintain stable, clean water resources into storm drains leading to detention ponds, rather than pene- E\VWRULQJH[FHVVZDWHUGXULQJŴRRGVDQGE\ƓOWHULQJVHGLPHQWV trating the ground to become groundwater feeding the swamp. and nutrients before water enters lakes, rivers and streams. Wet- This loss of groundwater is due to a loss of groundwater “recharge.” lands also provide wildlife habitat and public recreation opportu- 5HFKDUJH LV GHWHUPLQHG E\ WKH DPRXQW RI SUHFLSLWDWLRQ ŴRZLQJ nities. through soil to the groundwater table. It is affected by the amount of rain and snowmelt, the soil type and the land use. Experts esti- 7RSUHVHUYHZHWODQGEHQHƓWVWKH0LQQHVRWD/HJLVODWXUHHQDFWHG mate that 3 to 13 inches of precipitation recharge the groundwater the Wetland Conservation Act (WCA) in 1991. The WCA gives au- in the County each year. thority to local governments to enforce the nation’s wetland laws and prevent further loss and damage. For example, the Dakota County Soil and Water Conservation District (SWCD) assists cities, townships and individual landowners to determine if an area is a wetland. SWCD staff also provides technical support and act as an information clearing-house for government and citizens who have questions about wetlands and water resources. Any project that would damage or destroy a wetland requires a permit from federal, state, and/or local agencies. Monitoring water quality to ensure that it meets the needs of Min- nesota’s citizens is an important function of state and local government. The County has been monitoring wetlands through the Minnesota Pollution Control Agency’s (MPCA) Wetland Health Eval- uation Program (WHEP). Since 1997, volunteers have monitored Figure 8. A Trout Brook tributary, a groundwater-fed stream. Note that the stream 181 wetlands, visiting many of them multiple times each year. As is being formed by emerging spring water. a result, the County has learned that wetland health varies greatly Groundwater comes from two main sources: surface groundwa- from wetland to wetland and in different areas of the County, with ter (or surface aquifers) in glacial material, and bedrock aquifers, the majority of wetlands having moderate health/functionality. of which there are several. People tap into these aquifers for their Some wetlands, monitored for many years, show improving wet- QHHGV DQG KDYH QRWLFHG WKDW JURXQGZDWHU OHYHO ŴXFWXDWHV QDWX- land health while others are declining. rally during the year and from year to year, especially in response 3.3.2. Groundwater to drought. Surface aquifers are affected most by drought, but re- About 95 percent of the County’s drinking water comes from spond quickly when rain returns. Deep aquifers fall slowly, but also groundwater, either from the 151 municipal wells or 8,000 private take more time to recharge. domestic wells. The rest of the drinking water is supplied by the St. In the Twin Cities Basin, groundwater use may be exceeding the Paul Regional Water Service. capacity of some aquifers to function as usual, creating a poten- In addition to its use by people, lakes, streams, wetlands, and fens tial issue for people and natural resources. The DNR reports that also depend on groundwater for their existence. Wetlands and sur- County residents and businesses use about 32.6 billion gallons face waters are the groundwater made visible—the surface expres- of groundwater every year. Municipal wells (49 percent) and crop

Dakota County | Natural Resource Management System Plan 20 irrigation (23 percent) are the two largest uses and generally draw DQGSULYDWHODQGƓOOVKLVWRULFDOO\FRQWDPLQDWHGJURXQGZDWHULQDYD- from the Jordan aquifer. Private domestic wells use the Jordan and riety of ways, but current industry standards have greatly reduced Prairie du Chien aquifers as well as surface aquifers. When ground- this type of contamination. Lastly, in the northern and western ZDWHUZLWKGUDZDOVFRPELQHZLWKQDWXUDOŴXFWXDWLRQVWKHGHFOLQH County the shallow aquifer in places can have higher than normal in groundwater supply is noticeable. Large drops in groundwater levels of manganese and arsenic. levels have been seen in some County aquifers due to withdraw- Groundwater is a critically important natural resource and subject als and the diverting of runoff in pipes directly to surface waters. to change due to natural and human factors. To the extent that natu- Recently, the Metropolitan Council used a model to predict that, if ral resource management on County lands and easements can safe- groundwater use trends continue over the next ten to thirty years, guard groundwater recharge, that will be done. However, natural the groundwater level in the surface aquifer and the Prairie due resource management carried out on County lands and easements, &KLHQ-RUGDQDTXLIHUZLOOIDOOVLJQLƓFDQWO\7KLVPD\UHTXLUHDVKLIW will have little impact on the overall quality of the County’s aqui- to other sources of water. Implications for natural resources are un- fers, because the County owns only a small portion of the total area clear, but there are strong indications that the current reliance on of the County and because the aquifers extend much further be- groundwater for irrigation and drinking water may be curtailed in yond the bounds of the County. It will take regional efforts to solve the future. groundwater issues. In addition to supply, the quality of groundwater is important. 3.3.3. Watersheds Drinking water supply is strictly regulated for people’s safety, Dakota County’s seven watersheds coincide generally with drainag- though private well owners are responsible for their own drinking es of rivers and streams (Figure 9) and are managed by the follow- water quality. Groundwater quality can be affected by agricultural ing six agencies: chemicals, industrial spills and natural contaminants. The City of Hastings, for example, is challenged by high nitrate levels in its Black Dog Watershed Management Organization (WMO) drinking water. One in four private wells exceed the 10 parts per Eagan-Inver Grove Heights WMO million (ppm) drinking water standard; above that level, infants Lower Mississippi WMO younger than six months are at risk of developing health issues. 7KHPDLQVRXUFHRIQLWUDWHLVFURSIHUWLOL]HUQLWUDWHHDVLO\ŴRZVZLWK Lower Minnesota Watershed District ZDWHULQWRWKHVRLODQGLVŴXVKHGLQWRWKHDTXLIHUE\VXEVHTXHQW North Cannon WMO irrigation and rainfall. High levels of breakdown products from cy- Vermillion River Watershed Joint Powers Organization (JPO) anazine, an herbicide that is no longer is use, have also been found in drinking water. Industrial spills, sand dumps, and commercial

Dakota County | Natural Resource Management System Plan 21 Figure 9. Watersheds and management organizations of Dakota County.

Source: Dakota County Comprehensive Plan (2009)

Dakota County | Natural Resource Management System Plan 22 Watershed organizations attend to the water resource needs and The County’s 2009 Comprehensive Plan set a high bar for surface LVVXHV VXFK DV ŴRRG FRQWURO PRQLWRULQJ ZDWHU UHVRXUFH SURWHF- waters, stating that: tion, and sometimes administering state laws (e.g., the Wetland Conservation Act) within their boundaries. The watershed organi- …lakes and rivers will be clean. Water quality zation may conduct monitoring or partner with cities, the County or ÜLiÃ}wV>ÌÞ«ÀÛi`]ÜÌ ÕÌÞ the SWCD. Each watershed organization has a management plan water bodies absent from the State impaired that determines how it will operate. The watershed organizations, waters list. Multipurpose green corridors and together with the SWCD, are very active in monitoring and assess- open spaces will be created to reinforce green ing water resources and in developing and implementing plans to infrastructure, provide habitat, and improve protect and improve them. Comparatively, the North Cannon River water quality. Watershed District operates on a far smaller budget than the other By using best management practices (BMPs), impacts can be re- districts, and its management efforts are considerably lower. duced. BMPs include the following: using an ecological approach 3.3.4. Land Use Effects on Water Resources to manage stormwater runoff; ensuring that rain and snowmelt in- Natural landscapes with intact native vegetation intercept and cap- ƓOWUDWHLQWRWKHJURXQGZDWHUDQGƓOWHULQJUXQRIIEHIRUHLWUHDFKHV ture precipitation which reduces stormwater runoff. Water resourc- surface waters. These practices can help reduce the effects of devel- es are generally stable and in good condition if the cumulative area opment and agriculture. Without BMPs in watersheds where im- of rooftops, pavement and cropland cover less than 10 percent of a pervious cover and cropland total over 25 percent, water resources watershed. When impervious cover and cropland are 10 to 25 per- are greatly altered, suffering from “urban stream syndrome.” They cent or more of a watershed, water resources begin to deteriorate. ƓOOZLWKVHGLPHQWKDYHHURGHGEDQNVDQGVKRUHOLQHVH[SHULHQFH Engineered curbs, gutters and sewers in urban areas, and drain tiles algae blooms, and have poor water clarity. At the present time, the and ditches in rural areas effectively direct and convey stormwater majority of the County’s watersheds exceed 25 percent impervious away, but often carry spilled oil, heavy metals, bacteria, deicing salt, cover and cropland. Consequently, many surfaces waters are not in detergents, and fertilizers. Pollutants of major concern are nitrate in the condition envisioned by the 2009 Comprehensive Plan. groundwater, phosphorus in surface water, bacteria, and suspend- 3.3.5. Water Quality Standards HGVHGLPHQWDQGPLFURVFRSLFŴRDWLQJDOJDH SK\WRSODQNWRQ Water quality standards in Minnesota are established by ecore- For the County’s designated trout streams, maintaining cold JLRQ $Q HFRUHJLRQōV FRQGLWLRQV LQŴXHQFH ZDWHU TXDOLW\ LQ ODNHV groundwater recharge is a major concern. A “temperature trading and streams. The U.S. Environmental Protection Agency’s national study,” completed by the Vermillion River Watershed Joint Powers ecoregion system includes the County in the North Central Hard- Organization (JPO) in 2009, demonstrated that the key to pre- wood Forest, the Driftless Area, and the majority of the County, the serving the necessary below-70°F temperature in trout waters is Western Corn Belt Plains. Lakes and streams in the Corn Belt typi- to percolate as much precipitation as possible into the soil so that cally have higher nutrients levels and suspended solids than those groundwater is fully charged and continuously supplies cold sur- in the Hardwood Forest or Driftless Area. Corn Belt streams tend to face water during critical times, such as hot summer months and have higher bacteria counts. These differences appear related to ex- drought conditions. tensive agricultural land use. Excess water is also a problem when it arrives in streams and lakes. The Minnesota Pollution Control Agency (MPCA) recognizes these It creates a quick “bounce” in water level with each small rainstorm, regional differences when setting pollutant standards for lakes damaging vegetation and exposing shoreland to the erosive force and streams. Lake standards use relatively undisturbed situations, of water. When there is too much water for rivers and streams to car- called reference lakes, for each ecoregion. Rivers and streams are ry, streambeds can also be scoured and banks can collapse, adding FODVVLƓHGDVQRUWKFHQWUDORUVRXWKDQGHYDOXDWHGE\WKRVHUHJLRQV to the sediment load already in streams. The Corn Belt and Driftless Area are in the south region and the Hardwood Forest in the central region. Water standards for each region determine whether a water body or watercourse meets the standard, or its “intended, designated use.”

Dakota County | Natural Resource Management System Plan 23 Most lakes and streams in or near the County’s protected lands are GHVLJQDWHGE\VWDWHVWDWXWHDVFRRODQGZDUPZDWHUƓVKHULHV E or having limited resource value (3C), which must be protected for aquatic life, recreation and industrial consumption. Some stream UHDFKHVDUHGHVLJQDWHGDVFROGZDWHUƓVKHU\ %$ ZKLFKDUHSUR- tected for household domestic uses and as trout streams. The MPCA also has standards for shallow and deep lakes. Shallow lakes are ecologically different than deep lakes and, in general, have higher nutrient concentrations and lower water clarity. When a number of water samples over a period of time falls short of the MPCA standard, a lake or stream is listed as “impaired” by the MPCA. Data to assess the County water resources have been collected for Eurasian watermilfoil photo: US Fish and Wildlife Service several years by various entities and have been included in other plans and on the MPCA and DNR web sites. These waters were monitored and assessed to determine if they met standards. Lake and stream testing has revealed that 23 of Dakota County’s lakes and 29 stream or river reaches have impairments. For impaired waters, DVWXG\PXVWEHFRPSOHWHGWKDWLGHQWLƓHVSROOXWDQWVRXUFHVDQG develops of a Total Maximum Daily Load (TMDL) plan for reducing the pollutant levels to state standards. Some impairment reduction projects are currently underway in the County. Trophic state indicates how much plant and animal life (or biological productivity) is occurring in a water body. Carlson’s Trophic State Index is an indicator that is calculated using phosphorus and Curly-leaf pondweed photo: Minnesota DNR chlorophyll-a (a measure of the green pigments found in algae) concentrations and Secchi disk transparency measurements, which 3.4. WILDLIFE LQGLFDWHZDWHUFODULW\7URSKLFVWDWHLVQRWFRPPRQO\XVHGLQŴRZLQJ waters, so trophic ratings are not included for rivers and streams. Historically, a wide variety of wildlife was found in the County due to its diverse landscape, associated plant communities and abun- 3.3.6. Aquatic Invasive Species dance of water. There were prairies, savannas and hardwood for- $TXDWLFLQYDVLYHVSHFLHV $,6 SRVHDVLJQLƓFDQWWKUHDWWRWKH&RXQW\ōV HVWVFUHDWLQJDQHQWLUHUDQJHRIWUHHFDQRS\FRQGLWLRQV5LYHUŴRRG- waters. These invasive plants and animals can cause environmental plains and abundant depressions supported extensive lakes and and economic harm including smothering other desirable aquatic wetlands. Most wildlife species have a preferred habitat, but many species, creating nuisance conditions for recreational boaters and use several different habitats and at different times of the day and swimmers, and damaging/clogging underwater equipment (e.g., year. The combination and proximity of habitats allowed animals water intakes). The most highly invasive AIS in waters associated of the deep forest, open prairie, and unusual wetland habitats to with County parks, greenways, and easements are Eurasian water- co-exist near each other, expanding the number of animal species milfoil and curly-leaf pondweed. Of twenty lakes sampled by Blue that historically lived in the County. Water Science in 2016, eight have light to moderate infestations of Big game species in the County once included bison and elk. Ex- curly-leaf pondweed and seven have infestations of Eurasian water- plorers and settlers in the 1800s saw bison grazing the prairie ter- PLOIRLO:KLOHWKHVHLQYDVLYHVSHFLHVSUHVHQWVLJQLƓFDQWFKDOOHQJHV races near Fort Snelling. Nearly all early explorers from Radisson there are control techniques that reduce their negative effects. AIS to Hennepin talked about their abundance. During the 1930s control techniques are discussed in Section 11.3.2.5. drought, numerous elk antlers were dug from shallow lakes in southern Minnesota. Hunting eliminated most large game, but ag-

Dakota County | Natural Resource Management System Plan 24 riculture also displaced bison and elk. White-tailed deer were also from spotting aquatic prey. Point source pollution—from industry nearly extirpated, but institution of hunting regulations have since and wastewater treatment plants—is largely under control thanks to allowed them to thrive in the fragmented, agricultural landscape. the federal Clean Water Act, and water quality has improved since Mountain lions were always rare, but black bears were very com- the early 1970s. Reducing non-point pollution caused by runoff mon in the 1800s. Occasionally bear and mountain lion are seen in from the land is more challenging, requiring shifts in land use and the Twin Cities region, including Dakota County. the application of stormwater BMPs. These efforts can, over time, Fur-bearers existed in good numbers in Dakota County. Fort Snel- JUHDWO\EHQHƓWZLOGOLIHWKDWGHSHQGRQFOHDQZDWHU ling was built, in part, to regulate the fur trade. Over-harvest deci- mated beaver populations in the 1800s, and land use changes fur- 3.5. HISTORY AND HERITAGE ther contributed to their decline. Fur traders’ records in the 1930s For centuries, the n Dakota (Sioux) people lived in what is now Da- show that beaver, muskrat, and mink were harvested, with St. Paul NRWD&RXQW\DQGWKHVXUURXQGLQJDUHD7KH\XVHGƓUHWRPDQDJH being a regional hub for buying and selling pelts. Recent conserva- the landscape: to clear brush and tangled vegetation, to stimulate tion efforts have allowed beaver numbers to rebound. Minnesota fresh grass growth that attracted game, and to open views through populations of opossum, striped skunk, and grey fox also have in- otherwise concealing vegetation. In the early to mid-1800s, New creased as trapping has decreased and habitat becomes more suit- (QJODQGHUVDQG(XURSHDQVDUULYHGLQODUJHQXPEHUVƓQGLQJWKH ed to generalist species—ones that can live in many kinds of places. gently rolling outwash landscape and rich soils very suitable for ,QDƓVKHUZKLFKZDVIRUPHUO\DUDUHQRUWKHUQFDUQLYRUHZDV agriculture. After World War II, the County developed rapidly form- spotted in the County. ing tiers of suburbs around the Twin Cities urban core. Today, the Currently, over 250 species of birds can be seen in the County, in- southeastern edge of the developing Twin Cities region includes FOXGLQJEDOGHDJOHVDQGSHUHJULQHIDOFRQV$WOHDVWƓIW\VSHFLHVRI the cities of Rosemount, Lakeville and Farmington. mammals and thirty species of reptiles and amphibians also make Fortunately, many public and private landowners and groups val- the County home. Animals that require special habitat or habitats XHQDWXUDOUHVRXUFHVDQGKDYHSURWHFWHGVLJQLƓFDQWSRUWLRQVWKH damaged by development, agriculture, and pollution have been &RXQW\ōVQDWXUDOKHULWDJH:KLOHWKH&RXQW\KDVDVLJQLƓFDQWUROH most affected by human activities—these include aquatic species in managing its own lands, these lands impact and are impacted by that need clean water. adjacent and nearby properties. The County has a keen interest in 3ROOXWLRQKDVDOWHUHGSRSXODWLRQVRIDPSKLELDQVƓVKDQGPROOXVNV how natural resources are managed on those other lands. As discussed above, agricultural and residential development upstream and adjacent to waterways has polluted and increased the amount of water in streams. Poor water clarity prevents predators

Dakota County | Natural Resource Management System Plan 25 Dakota County | Natural Resource Management System Plan 26 4. PURPOSE OF A NATURAL RESOURCE MANAGEMENT SYSTEM PLAN

Prescribed burn at Lebanon Hills Regional Park. Photo by Dakota County Staff.

A story of loss is also a story of hope. It begins with recognizing that the County’s natural resources >ÛiLiiÃÌ]vÀ>}iÌi`>``i}À>`i`ÛiÀÌ i«>ÃÌ£xäÞi>ÀÃ° >ÌÕÀ>«ÀViÃÃiÃÃÕV >ÃwÀi]Ü V shaped vegetation and wildlife for thousands of years, have been disrupted even in protected areas. Invasive species have further challenged the goal of maintaining and improving natural resources.

Nature has an amazing ability to recover from past injury and take Recognizing these factors and making a commitment to improve care of itself in the long term, but private and public landowners natural resource management on County-owned lands and ease- have long known that some management is needed to ensure that ments, the Dakota County Board of Commissioners approved the quality of natural resources is not unduly diminished now or the development of this comprehensive and integrated NRMSP irretrievably harmed for future generations. Natural resource man- covering all County parks, regional greenways, and conservation agement is inherently complex, involving ecological and hydrolog- easements in 2015. This NRMSP is a high-level plan that broadly ical systems and cycles, a changing climate, plants and animals, GHVFULEHVWKH&RXQW\DIƓOLDWHGQDWXUDOUHVRXUFHODQGVDQGZDWHUV and other factors. The dynamic and inter-related factors that need LGHQWLƓHVSULQFLSOHVDYLVLRQDQGJRDOVDQGVSHFLƓHVDSSURDFKHVWR to be considered in order to successfully manage natural resources prioritize and execute system-wide management and restoration. include: The NRMSP will also be the foundation for developing individual

Primary purposes for protecting and using the land Natural Resource Management Plans (NRMPs) for parks, greenways, and easements. NRMPs will use information from this sys- Current natural resource conditions tem plan as a framework to complete inventories and assessments, Issues and concerns develop detailed and prioritized management recommendations, Adjacent land use and estimate associated costs for restoring and managing Coun- W\DIƓOLDWHGRSHQVSDFH Governmental policies The County has adopted many documents related to the protection Demographic changes and management of natural resources. Its 2009 Comprehensive ([LVWLQJDQGIXWXUHƓQDQFLDOUHVRXUFHV Plan Vision for Natural Systems includes the following: s

Dakota County | Natural Resource Management System Plan 27 5HƓQHoperating structure and processes to build capacity Open space will be protected and and move forward. interconnected by green corridors to maximize healthy functioning of natural systems that Increase County investment to advance the Parks and Open LiiwÌ> ÕÌÞÀiÃ`iÌÃ°/ Ã}Àii Space System. infrastructure will be well organized to provide Protect and preserve unique and valuable state and regional enjoyment to the greatest number of people resources in the Mississippi River Critical Area corridor. >`Ã >«ivÕÌÕÀi}ÀÜÌ °w]Ài`iÛi«iÌ] Despite broad recognition that natural resource management is im- and increased density will be emphasized in portant and necessary, the County, like most other public landown- urban areas so as to protect large tracts of open ers, has only adequately managed a portion of its natural lands. space and agricultural lands. Recreation parks Increasing natural resource management has been challenging and trails will be easily accessible to residents. because the County has been, and continues to be, focused on land Interconnected greenways, trails, active parks, protection in parks and greenways and providing basic facilities and passive parks will promote healthful outdoor for recreational use. Moreover, the County’s ambitious private land activity with a variety of convenient recreation protection program outside parks and greenways has its own chal- choices for residents. lenges, most notably attempting to balance management responsibilities between private landowners and public entities. The Comprehensive Plan outlined natural system goals to help realize the vision: In 2014, the County began to greatly increase its dedicated natural resource staff and as of publication, it is actively managing about Preserve vital functions of natural systems by strategically 1,240 acres or 25 percent of its park acres. Greenways are currently and collaboratively improving the County’s green infrastruc- not being managed by the County. Approximately 50 percent of the ture: Protect, connect, and manage natural areas, wetlands, natural area easements have some level of management by private stream corridors, open space, agricultural working lands, parks, landowners. and greenways. Preserve agricultural land use in the County. 4.1. NATURAL RESOURCE MANAGEMENT (QVXUHVXIƓFLHQWDQGVXVWDLQDEOHhigh quality water resources. Natural resource management emphasizes land, water, soil, plants, Conserve and protect natural resources in the County, includ- and animals, with a particular focus on how management affects ing air quality, water, soil, productive farmland, minerals, vege- the quality of life for present and future human generations. Nat- tation, and wildlife. ural resources often are managed as ecosystems. An ecosystem is the living and the non-living parts of an environment, interacting Protect, restore, and connect the County’s urban natural areas DQGIXQFWLRQLQJWRJHWKHU(FRV\VWHPVDUHDOZD\VLQŴX[DOZD\VUH- and open space (green infrastructure) using recreational green- sponding to environmental change and evolving or “succeeding” ways as a building block. over time. Organisms and the environment become bound togeth- Create a Greenway Collaborative to achieve mutual objectives er. Natural and human-caused disturbances often reset ecosystems for greenways and trails. to earlier stages. The changing climate and the introduction of new Develop a comprehensive, strategic park natural resource plants and animals can create both subtle and dramatic changes. management approach to preserve the highest quality re- Energy and materials such as nutrients and carbon move in dif- sources, restore targeted areas that bring economic and ecolog- ferent cycles. Natural resource management and ecological resto- ical value, and enhance visitor experiences. ration strive to understand how to help ecosystems recover after Enter all parkland into appropriate and sustainable manage- damaging uses or lack of proper disturbances, and to understand ment regimes. the changes due to a changing environment. With that knowledge, natural resource managers apply various practices to improve the Identify system-wide operating needs to provide public ser- ecological health and long-term resilience of ecosystems. YLFHVDWWKHGHVLUHGOHYHOVVWDIƓQJUROHVVNLOOVEXGJHWDQG additional resources.

Dakota County | Natural Resource Management System Plan 28 VORZO\ULVLQJZDWHUVDIWHUVWRUPV,WLVXQFRPPRQWRƓQGVLWXDWLRQV where eutrophic conditions prevail; that is, where surfaces are algae-covered, water is murky, there are few aquatic plants, and nutrients are over-rich. 4.1.1. Invasive Species Managing invasive plant species is a priority challenge. These harmful species often establish and thrive in disturbed habitats, usually crowding out native plants and animals. They typically have the following characteristics:

Tolerant of a variety of habitat/environmental conditions

Grow and reproduce rapidly, with good seed dispersion

Compete aggressively for resources, such as nutrients, water, and (for plants) sunlight

Lack natural enemies or effective competitors Invasive plants can induce low plant diversity, poor wildlife habitat and lessened resilience in the face of disturbances and environmental change. Controlling invasive plants is often the foundation of most ecological restoration and management efforts. Invasive animals (e.g., non-native earthworms) also have adverse effects. Some invasive species cannot be removed or cost-effectively controlled. In these cases, it is advisable to manage the effects of an invasive species, rather than try to eradicate it. Invasive species war- A restored prairie in Miesville Ravine Park Reserve. ranting control during ecological restoration and management are included in Appendix B. The County is dedicated to being a good steward of its lands and waters. Natural resource stewardship means taking care of the land 4.1.2. Pests and Diseases and water despite past damage and future changes. Good steward- Natural resources, such as forests, can also be affected by a variety ship includes maintaining, enhancing and restoring ecosystems to of pests and diseases. Some of these occur as natural components be well-suited to local conditions to ensure that plants and animals of an ecosystem, but others have migrated into the region by acci- have the greatest chance of surviving. The County has been and dent or by intentional human transport. The main pests and diseas- will continue to promote ecological restoration to ensure natural es that may affect the County’s natural resources include: resources are managed well. Emerald ash borer (EAB). Present on County lands and antici- Ecological restoration is the art and science of improving the nat- pated to have a devastating effect on the many mature ash trees ural environment by deliberately making the diversity, resilience, growing throughout the region. Some Twin Cities communities DQG QDWXUDO IXQFWLRQV RI HFRV\VWHPV PRUH SHUPDQHQW 6FLHQWLƓF have initiated pre-emptive removal of ash trees. Removed ash UHVHDUFKKDVGHƓQHGZKDWWKHVHHFRV\VWHPVVKRXOGEHOLNHWREH trees warrant special handling to prevent spread of the borer. suited to local conditions and persist. Such ecosystems have a wide Oak wilt. Present in the County, warranting special manage- array and good abundance of native plant species; there are few, ment of oak trees especially red oak species. if any, aggressive non-native plants; wildlife is diverse and visible Gypsy moth. Present in the County, warranting special han- with important species reproducing; and abundant ecosystem ser- dling of cut wood and other surfaces where eggs may be found. vices are being generated. Restored aquatic ecosystems have high water in spring and summer, lower water in fall and winter, and

Dakota County | Natural Resource Management System Plan 29 4.2. MANAGEMENT AND RESTORATION cation, designation and management, the County can help assure APPROACHES that these special places will remain for future generations. Natural resource management is focused on approaches that promote and maintain healthy and long-lived ecosystems across large areas or “landscapes.” The composition, structure and function of these ecosystems may be similar to conditions of earlier ecosystems, but they often cannot be re-created because conditions have changed too much. Natural areas and vital habitats have been greatly reduced and largely fragmented. Key plant and animal species may be missing or not regionally viable. Natural processes VXFKDVƓUHDQGVHDVRQDOŴRRGLQJFDQQRWRFFXURUPD\EHOLPLWHG or suppressed. Rainfall patterns are different and changing. Exotic species have invaded (Figure 10). In the past, managers often based their goals on conditions existing before the dramatic ecological changes that began occurring during the 1800s and early 1900s. The thinking was that those ecosystems, primarily due to the fact that they were largely intact, were resilient despite environmental change, had many different plants and animals (high biodiversity), and produced a variety of ecosystem services. Recognizing that those historical conditions were a moment in time, and conditions have greatly changed, managers today use that information to provide insights into what is possible, but may not be feasible given other considerations. The large shifts WKDWKDYHRFFXUUHGWRJHWKHUZLWKFKDQJLQJVLWHVSHFLƓFFRQGLWLRQV often demote re-creation of historical ecosystems. Management Photos by Pleasant Valley Conservancy, Wisconsing State National Area and restoration goals and activities must be grounded in realistic Figure 10. Before and after photos of typical tallgrass oak restoration. Note the expectations for the restoration and improvement of vegetation, buckthorn in the woodland in the upper photo before restoration, versus the water and wildlife. more open recent savanna condition in the lower photo. 7KHƓUVWVWHSLQFRPSUHKHQVLYHQDWXUDOUHVRXUFHPDQDJHPHQWLV to develop a Natural Resource Management Plan (NRMP). As dis- 4.3. RESTORATION AND SHORT-TERM MANAGEMENT FXVVHGDERYH1503VIRFXVRQLQGLYLGXDOSDUNVDQGVSHFLƓFSODFHV Ecological restoration has short- and long-term management describing the ecological surroundings of lands and waters, their phases. The initial short-term, or “establishment” or “restoration” current conditions, and proposed conditions. When implemented, phase is the most time-consuming and costly (Figures 11 through the condition of land and water is shifted towards long-term eco- 14 8VXDOO\ODVWLQJWKUHHWRƓYH\HDUVDVLJQLƓFDQWHIIRUWLVQHHG- logical resilience or health, with a greater variety of native plants ed to prepare and begin establishing the proposed native plant and animals, and potentially greater enjoyment by people. NRMPs diversity types and ages for different management units. Tasks are discussed in detail in Section 6.3. often include selective woody plant removal, controlling invasive $QLPSRUWDQWRXWFRPHRIDQ1503LVWKHLGHQWLƓFDWLRQRIDVLWHōV species with herbicide, soil preparation, seeding and planting na- most important natural areas. Importance can be measured in tive species, re-establishing natural hydrological cycles in aquatic terms of an area’s quality, its rarity, its size and capacity to support V\VWHPV UHLQWURGXFLQJ ƓUH UHJLPHV LQ ƓUHGHSHQGHQW V\VWHPV specialist wildlife, and its value to people for unique experiences. and using bio-control techniques for invasive species management 7KH1503LGHQWLƓHVWKHVHSULRULW\QDWXUDODUHDVDQGSURYLGHVUHF- when available. The length of time before moving from short-term RPPHQGDWLRQVIRUSURWHFWLRQDQGLPSURYHPHQW7KURXJKLGHQWLƓ- to long-term management depends on many factors including the

Dakota County | Natural Resource Management System Plan 30 site’s initial quality and other issues, weather conditions, how the site responds, size, and other complexities of the area. “Enhancement” is a management term used to describe activities where minimal-to-moderate effort and cost is required to improve WKHUHVRXUFH$GGLQJPRUHQDWLYHŴRZHUVSHFLHVLQWRDUHFRQVWUXFW- ed prairie (Figure 15), or removing box elder from an oak forest, or planting native shrubs are examples of enhancements.

Figure 13. Volunteers controlling exotic herbaceous plants (hand-pulling garlic mustard) from woodlands at Lebanon Hills Regional Park.

Figure 11. Contractors cutting exotic brush (buckthorn) at a woodland at Whitetail Woods Regional Park.

Figure 14. Conducting a prescribed burn at a restored prairie in Miesville Ravine Park Reserve.

Figure 12. Before and after photo of a woodland at Lebanon Hills Region- Figure 15. Volunteers collecting seed from a remnant prairie at Lebanon al Park in which exotic buckthorn was removed. Hills Regional Park to add to a reconstructed one elsewhere in the park.

Dakota County | Natural Resource Management System Plan 31 Figure 16. Initial high cost per acre for restoration and short-term management.

Source: Dakota County

4.4. LONG-TERM MANAGEMENT grazing, can also be effective. The vast majority of the County 150 \HDUVDJRZDVIUHTXHQWHGE\ƓUHVDQGWKHSODQWVDQGDQLPDOVZHUH After short-term restoration and management goals are achieved in adapted to those conditions. a management unit, the process shifts to a lower-cost, but equally important, long-term (or perpetual) “maintenance regime” (Figure 16). Without a commitment to long-term management, it is likely 4.5. WHAT HAPPENS WHEN NATURAL RESOURCES that short-term restoration investments will be wasted. Scheduling ARE NOT MANAGED? and budgeting for long-term management each year will protect Philosophically, some people do not believe that natural resources the investment already made, and ensure that the plant commu- need to be managed. After all, nature has been around for a very nity and wildlife continue on a trajectory toward greater ecological long time and there is a perception that nature can fully take care health. Typical long-term management tasks include spot-herbicid- of itself. Others believe that there are more important issues and ing of invasive plants, re-seeding disturbed or poorly developing problems, and managing natural resources does not merit the use areas, re-planting woody plants that have died, and maintaining RIOLPLWHGVWDIIDQGƓQDQFLDOUHVRXUFHV:KLOHWKHVHDUHYDOLGSHU- appropriate ecosystem disturbances to perpetuate a diverse and spectives, they are not the whole story. resilient plant community. Most ecosystems need some type of Studies over the last half century clearly demonstrate that, without disturbance that removes dead plant material, regenerates many management, natural resources change in ways that are not always plant species, and opens up new habitats for plants and animals to EHQHƓFLDOWRSHRSOHRUVXSSRUWLYHRIHFRV\VWHPVHUYLFHV$FRP- perpetuate themselves or to maintain diversity. Controlled burns mon problem in many unmanaged woodlands and forests in the LQƓUHGHSHQGHQWFRPPXQLWLHV SUDLULHVVDYDQQDVZHWODQGVDQG County is invasion by exotic earthworms, common buckthorn and VRPH ZRRGODQGV ZKLFK PLPLF ZLOGƓUH DUH D FRPPRQ WRRO WR non-native honeysuckles. These non-native species invade natural achieve this objective. Harvesting hay from prairies, which mimics areas, initiating a cascade of negative effects. Oak regeneration is

Dakota County | Natural Resource Management System Plan 32 suppressed, native shrubs decline, ground vegetation is shaded will improve the likelihood that uncommon and declining animal which leads to the loss of soil-anchoring plants and increasing ero- species will persist. The DNR’s Wildlife Action Plan (revised in 2016) VLRQDQGŴRZHUUHVRXUFHVIRUSROOLQDWRUVDUHHOLPLQDWHGUHGXFLQJ LGHQWLƓHVPDQ\RIWKHVHDWULVNVSHFLHVZKLFKDUHFDOOHG6SHFLHVRI the amount and variety of food for other wildlife and depressing Greatest Conservation Need (SGCN) for the ecoregions of the Coun- wildlife populations. Although very large and ecologically complex ty (Figures 18 through 21). regions may resist this trend, natural resources generally decline in quality over time without proper management (Figure 17)., This is Photos by MnDNR especially true in small and scattered natural areas, which are common in Dakota County. With some level of management or with a greater level management, the situation can be stabilized and even improved. Details regarding the effects of not managing natural resources are provided in Appendix C.

Figure 17. Natural resource quality over time, as determined by management action. (Note: current status, that in 2016, contains a mix of all three major management actions.).

Figure 18. Blanding’s turtle; a threatened species of reptile found within County parks.

Source: Dakota County

4.6. CORE HABITAT, EDGE EFFECTS AND CONNECTIONS Generalist wildlife species (crows, starlings, raccoons, etc.) are animals that are common and can tolerate and even thrive in altered Figure 19. Ovenbird; a ground-nesting bird species found in and developed lands and waters. These species are typically not a woodlands, is a species of local conservation interest and monitored focus of conservation since their populations are usually stable or by the MN DNR. Source: http://animalia-life.com/data_images/ increasing. In contrast, specialist wildlife species are often rare or ovenbird/ovenbird1.jpg. have declining populations due to special habitat needs. Many specialist wildlife species require large, diverse and high quality habitat blocks to sustain their numbers. These areas are called interior or core habitats. Protecting and managing core habitats in the County

Dakota County | Natural Resource Management System Plan 33 Figure 22. Core (interior) habitats and edge habitats.

Source: Conservation Buffers (Bentrup 2008)

0RUH HGJH DQG OHVV LQWHULRU KDELWDW SRVH VLJQLƓFDQW WKUHDWV WR ZLOGOLIHWKDWQHHGLQWHULRUKDELWDW$YDULHW\RIVFLHQWLƓFSDSHUVDQG other sources have documented how edge effects penetrate into adjacent natural habitat. For instance, birds and other wildlife can EHŴXVKHGE\SHRSOHZDONLQJRQWUDLOVXSWRDGLVWDQFHRIIHHW away. Mid-sized predators (raccoon and feral house cats) will travel several hundred feet into forests and grasslands to prey on birds, Figure 20. Red-headed woodpecker; small mammals and other wildlife. Invasive plants move from edg- a threatened savanna bird species. HVZKHUHWKH\JURZLQWRLQWHULRUDUHDV7UDIƓFQRLVHZDUPDQGGU\ air, dust from gravel roads, pesticide drift, and many other damag- LQJLQŴXHQFHVHQWHUZLOGOLIHKDELWDWIURPWKHLUHGJHV Figure 23). Management can reduce edge effects. Enlarging existing habitats, eliminating encroachments, and installing and maintaining native vegetative screens and buffers all help.

Figure 23. Edge effects from development and disturbance.

Source: Conservation Buffers (Bentrup 2008) Figure 21./HRQDUGōVVNLSSHUDQHQGDQJHUHGJUDVVODQGEXWWHUŴ\ species. Many species of skippers were once very common in Minnesota, now they are mostly in decline. Connecting core habitats (Figure 24) allows wildlife to retreat to different, more favorable areas, without being exposed to the haz- The effect of converting natural areas to cropland and residential ards of travel. Generally speaking, only the largest parks and tracts developments, with its resulting habitat loss, has been well doc- of public lands will support the County’s most sensitive vertebrate umented. Less obvious are long-term effects from increasing the species. Some of these require corridors of several hundred to thou- amount of habitat edge. Smaller and narrower habitats have more sands of feet in width to move among large habitat cores. These edge than larger, rounder ones (Figure 22). ideal conditions are possible in only a few places like the Minnesota

Dakota County | Natural Resource Management System Plan 34 and Mississippi River Valleys. It is more practical to consider core by 2065. Despite more rainfall, one climate model suggests that habitats of 200 to 2,000 acres, with 200-foot to 2,000-foot wide higher air temperatures may increase the frequency of drought in corridors connecting the large cores. Larger habitat areas and con- the Midwest over the next century. These climate projections could QHFWLRQVDOVREHQHƓWPDQ\W\SHVRIVPDOOHUDQLPDOV2QWKHRWKHU alter the County’s natural resources and require adjustments in hand, small habitat areas can sustain many invertebrate species their management. ZKLFKKDYHVPDOOKRPHUDQJHV1DWLYHYHJHWDWLRQFDQDOVREHQHƓW The County’s forests will likely change in composition, productivity, from connectivity as seed dispersal can be facilitated; however, this diseases, and pest infestations. Many current forests are dominat- becomes a problem when invasive plants take advantage of these ed by oak, basswood, and black cherry species that are expected connections. Due to all of these variables, greenways (an important to thrive in the future climate scenario for Minnesota. Ranges of method of increasing connectivity) should be designed and man- shrubs like buttonbush, American bladdernut and eastern wahoo, DJHGWKRXJKWIXOO\WRPD[LPL]HHFRORJLFDOEHQHƓWVDQGPLQLPL]H and trees like Kentucky coffeetree, honey locust, swamp white oak, adverse effects. black oak, and chinquapin oak may expand northwards. On the other hand, species at the southern edge of their range (paper birch, Figure 24. Gradients of ecological connectivity. tamarack, black ash, white spruce, jack and red pines, nannyberry, and speckled alder) will diminish. Annual forest growth is expected to increase due to increases in carbon dioxide, precipitation and temperature. However, such conditions will also tend to favor exotic weeds, pests and diseases that thrive in warmer climates. Pests such as emerald ash borer and gypsy moth, and aggressive invasive plants such as kudzu and other honeysuckles, will most likely range northward. Drought episodes may become more frequent and severe, promoting a shift from Source: Conservation Buffers (Bentrup 2008) mesic and wet prairie species to those adapted to drier conditions. 3ODQWLQJ PRUH QDWLYH SUDLULH DQG VDYDQQD ZRXOG EH D EHQHƓFLDO strategy to capitalize on this trend. The concepts of core habitats, edge effects and connectivity can be Natural resource management will need to adapt to climate change used to help conserve the County’s full spectrum of biodiversity. in the following ways: Protecting, connecting and restoring large areas of natural vegetation to minimize fragmentation and edge effects are critical to &KDQJHWKHWLPLQJDQGIUHTXHQF\RISUHVFULEHGƓUHDQGLQYD- many SGCN surviving and thriving in the County. sive plant management; Increase efforts to respond to greater invasive species pressure; 4.7. CLIMATE CHANGE IMPLICATIONS FOR THE Change the timing of seeding and planting; COUNTY’S NATURAL RESOURCES Use species and genetic plant material from southern Minneso- People have seen the beginning effects of climate change in Minne- ta and Wisconsin, and northern Iowa and Illinois; sota. A recent study of Midwest climate trends showed that the av- Address the implications of changing community and species erage annual temperature has increased by over 1.5°F since 1900, ranges and composition; and and winter temperatures have risen twice as fast. Extreme weather such as heavy rainfall of three or more inches is occurring more of- Respond to the range of options related to persistence versus ten in Minnesota. Rising temperature and more precipitation has change. lengthened western Minnesota’s growing season by two weeks Surface waters also will be affected. The County’s water resources compared to a century ago. The Third National Climate Assessment already are exposed to excessive runoff and high nutrient loading. reports that, given current trends, spring and winter precipitation in Evidence of accelerating erosion is evident in ravines, especially in the Midwest is expected to increase 10 to 20 percent over the next areas of older glacial drift in the eastern and southern portions of century, while temperature will increase approximately 3.8 to 4.9°F the County. Precipitation trends are likely to accelerate this erosion

Dakota County | Natural Resource Management System Plan 35 and increase nutrient loading to lakes and rivers. This, in combination with warmer water temperatures, can stimulate potentially tox- ic blue-green algae blooms. Shoreline erosion is likely to increase as well. With added sediment comes reduction in lake storage volume, which already occurs in the County’s shallow lakes. Sediment can also bury or damage aquatic vegetation and gravel stream beds WKDWDUHLPSRUWDQWLQWKHOLIHF\FOHRIPDQ\ƓVKDQGPDFURLQYHUWH- brates. The County’s trout streams are at risk from warming air temperatures because young trout cannot long tolerate water temperatures higher than 65-70°F. More frequent droughts are also expected to ORZHUVWUHDPEDVHŴRZDQGODNHOHYHOV'LVFKDUJHRIFROGJURXQG- water (currently around 50°F) to trout streams may be reduced, raising stream temperature. To the extent that more rainfall is fall- ing in these intense storms, and it is directed away in ditches and storm sewers, groundwater recharge will decrease. This shrinks the buffering effect of cold groundwater on the County’s trout streams. Water management strategies that can compensate for climate change are:

Design stormwater best practices to reduce the erosive effect of intense precipitation events

Reduce runoff volume by spreading many strategies across the landscape (e.g., cisterns, rain barrels, rain gardens, bioswales, LQƓOWUDWLRQEDVLQV

,QƓOWUDWHDVPXFKFOHDQUXQRIIDVSRVVLEOHWRUHFKDUJHDTXLIHUV

Increase shading of stormwater basins and cold-water streams

Plan holistically at the watershed level.

Photos by Dakota County Staff

Dakota County | Natural Resource Management System Plan 36 5. SOCIAL CONTEXT

Camper cabins at Whitetail Woods Regional Park.

Most people like being in natural settings, but how and how often they use them depends on their age, race, ethnicity, and health. This means that connecting people to the natural world, fostering a spirit of ÃÌiÜ>À`Ã «]>`LÕ`}«ÌV>>`w>V>ÃÕ««ÀÌvÀ>ÌÕÀ>ÀiÃÕÀVi>>}iiÌÃ>vviVÌi`LÞ Ì iÃV>VÌiÝÌ°/ iÃV>VÌiÝÌvÌ i ÕÌÞÃV >}}Ü>ÞÃÌ >ÌÜÀi`iwiÌ iÜ>Þ«i«i use public spaces, parks and open space. These changes mirror those seen across the metropolitan region and state. These factors may draw more visitors to natural resource-based recreation areas, such as the ÕÌÞ½ÃÀi}>«>ÀÃ]Ü iÀiÕÃiÀÃÜw`ÌÀ>Ã]}ÀÕ«v>VÌiÃ>`«>ViÃvµÕiÌiÞiÌ°

5.1. DEMOGRAPHICS 5.1.2. Age Distribution 7KHDYHUDJHDJHRIWKH&RXQW\ōVSRSXODWLRQLVULVLQJDVLJQLƓFDQW 5.1.1. Population Size change that will affect how the County provides social services and The population of the County grew from 139,808 in 1970 to others such as transit, recreation, and parks and open space. The LQ7KLVSHULRGRIUDSLGJURZWKKDGVLJQLƓFDQWFRQVH- 0HWURSROLWDQ&RXQFLOSUHGLFWVWKDWE\RQHLQƓYHUHVLGHQWVLQ quences on natural resources in the County, increasing the spread the metro region will be 65 and older, compared to one in seven in of invasive plants, contributing to water pollution from runoff, and 2015. Citizens of an older demographic are interested in parks and shrinking wildlife habitat. By 2030, the population is anticipated to open spaces, but declining physical capabilities limit their opportu- grow to 475,000 (Figure 25; U.S. Census Bureau 2017). nities to experience the less accessible locations and habitats. More By 2040, the Twin Cities metropolitan region is projected to grow accessible elements of parks and open spaces such as trails and by 467,000 residents to almost 3.65 million people (Metropolitan nature centers will provide opportunities for older citizens to expe- Council 2017). The pressure of a growing population on public ser- rience and enjoy natural resources. Many older park users have a vices and open space will increase, making preservation of existing profound interest in natural resources and care that open space is open space and expanding the parks and trail system a high priori- SURWHFWHGDQGPDLQWDLQHG7KHLQWHUHVWDQGFDSDFLW\WRƓQDQFLDOO\ ty to accommodate the potentially greater use. support all levels of governmental services, including natural resource management may be strained.

Dakota County | Natural Resource Management System Plan 37 Figure 25. Dakota County - past and future population Based on surveys, populations of color have lower visitation rates (1970-2030). at natural resource-based parks. Outreach programs in parks, schools, and through nature centers can provide new opportunities for people of color to experience outdoor recreation in natural resource-based parks. 5.1.4. Health and Demographics Aging citizens, more sedentary lifestyles, and dependence on au- tomobiles due to separation of residences from shopping districts and work places is affecting the health of Dakota County’s population. These changes contribute to greater obesity rates among County residents. In 2006, about 60 percent of residents were either overweight or obese (Dakota County 2009 Comprehensive Plan), mirrored in the state’s population in a recent study by the In contrast, the Millennial Generation is less connected to nature, Minnesota Department of Health. Land use and transportation sys- in part because they have not embraced the traditions of camp- tems play a big role in rising obesity rates. Maintaining a variety of ing, boating, hunting or hiking as older generations did. However, parks, trails, and open space provides opportunities for County res- adrenaline sports such a trail running and newer forms of tradition- idents to be active and healthier. Well-managed open spaces and al activities such as fat-tire bicycling are becoming more enticing parks are often more visually attractive to the public, which could to millennial park users. Connectivity in parks and open space is motivate people to visit parks and improve health. also an important component of outdoor recreation for young park The County has several goals, policies, and strategies in its compre- users because they seek ways to share their experiences on social hensive plan to increase active living by changing how transpor- media. Incorporating hotspots or Wi-Fi networks in parks and across tation, green infrastructure, and land use are planned and carried open space areas is occurring as older parks are redeveloped and out. Examples exist in the County that point the way toward more new parks are created. non-motorized transportation. 5.1.3. Racial and Ethnic Diversity 5.1.5. Changes in Land Use in the Twin Cities Region The County is becoming more racially and ethnically diverse. In Communities in the seven-county metro area range from rural, 2015, almost 16 percent of the County’s residents were members agricultural townships to densely populated downtown neighbor- of racial or ethnic groups other than “white,” and this population hoods. The Metropolitan Council designates communities as either grew 92 percent from 2000-2010 (Table 1). The Minnesota Demo- in the Metropolitan Urban Service Area (MUSA) or the Rural Service graphic Center forecasts that populations of color in Dakota County Area (RSA). The northwest half of the County is in the MUSA, with will grow by nearly 176 percent between 2000 and 2030. By 2040, suburban and urban edge land uses, while the southeast half is in the Metropolitan Council estimates that the regional population of the RSA where agricultural land uses prevail (Figure 26). This pat- color will increase to 40 percent from 24 percent in 2010. tern of communities and land use generally means that the size Table 1. Dakota County population by race or ethnicity. and quality of natural areas tends to be lower within the MUSA compared with areas in the RSA. However, ecologically-designed stormwater management systems within the MUSA can actually improve water quality and aquatic habitats compared to RSA runoff, which is generally managed to a lesser degree.

Source: U.S. Census Bureau and American Community Survey

Dakota County | Natural Resource Management System Plan 38 Figure 26: Thrive MSP 2040 Community Designations.

Dakota County | Natural Resource Management System Plan 39 Development in the County will continue, with the greatest change knowledge, objections to the proximity of open space to residential occurring in the RSA. It is expected that rural centers and rural res- areas, and a general sense that parks and open space exist primar- idential communities in the RSA will expand as the population ily for recreation. However, the data suggest that respondents see and transportation network expands. The urban growth from the a strong correlation between the recreational experience and the MUSA outward will reduce the amount of land used for agriculture natural resources context. Many respondents stated an interest in EHFDXVH IDUPLQJ ZLOO EH PRUH GLIƓFXOW LQ WHUPV RI ORJLVWLFV DQG seeing active and passive recreation take place in parks and open neighbor acceptance. As the urban area expands, existing natural space, but this may be due to the context of the questions rather DUHDVFDQEHLGHQWLƓHGSURWHFWHGDQGPDQDJHGWRZLWKVWDQGWKH than a strong opinion about the natural resources themselves. impending changes due to development. In general, the County’s extensive network of parks, greenways and The Minnesota State Comprehensive Outdoor Recreation Plan open space was greatly appreciated by respondents. At the same 2014-2018 (SCORP) notes that with great population growth ar- time, respondents’ lack of a deeper understanding about manag- eas in the Twin Cities region comes greater demands for recreation ing landscapes is related to: a) actual or perceived limits on use and near where people live. Less densely settled regions and associated accessibility, b) limited knowledge of what and where the natural recreational facilities will see reduced growth, if not shrinkage in resources are, and c) limited understanding of how natural areas some areas of the state. This suggests that over the next few de- EHQHƓWFLWL]HQVRIWKH&RXQW\EH\RQGUHFUHDWLRQ cades there will be shifts in spending for recreational facilities to 5.2.2. Summary of Previous Natural Resource-Related where the growth is. Survey Responses The trove of information collected over the past thirteen years pro- 5.2. REVIEW OF SURVEY AND POLLING MATERIAL vides insight into what County residents say is important about nat- Since 2004, the County has conducted multiple surveys that direct- ural resources, how they use parks and open space, and what they ly address or reference natural resource management and outdoor would like natural resource management to be in the future. recreation. Survey material includes summary data and raw data from mail and telephone polling and on-line surveys for the NRM- How Did Respondents View Natural Resources? SP and older surveys. Most responses pertain to outdoor recreation Respondents largely viewed natural resources as important for ac- and not directly to natural resources or management due to the tive and passive recreation. The top three responses were: type of questionnaire used. 1. A place for recreation Previous surveys reviewed for this NRMSP include: 2. A place to view and experience nature

County Residential Survey (2016) 3. A place to relax and be peaceful

County Recycling, Parks and Transit Survey (2015) When asked how they interacted with natural resources, the major-

County Residential Survey (2013) ity of respondents said they spent a lot of leisure time outdoors. In one survey, half of respondents indicated that they look to County County Residential Survey (2011) parks to provide both solitude and a place for active recreation. County New Regional Park Survey (2010) What Did Respondents Feel was Important about Natural County Residential Survey (2008) Resources? County Comprehensive Plan Survey (2008) Respondents generally felt that both recreation and natural resource protection were important. Respondents stated that their County Household Survey (2006) top activities were hiking and walking on paved and non-paved County Parks Public Opinion Survey (2004) trails, bicycling on paved trails, and enjoying nature and scenery. 5.2.1. Public Awareness about Natural Resource $OVRQRWDEOHZHUHƓVKLQJFDQRHLQJDQGND\DNLQJVZLPPLQJELUG Management watching, and cross-country skiing. One survey directed at young Although data from public surveys provided insights from a sample people revealed mountain biking, geocaching, and disc golf as of residents, it is challenging to draw conclusions about the pub- important. Native habitats were mentioned several times as being lic’s awareness of natural resource management because of lack of important components of the County’s natural resources. Survey

Dakota County | Natural Resource Management System Plan 40 responses also rated as important: the protection from pollution of Highest importance to respondents was protecting lakes, lakes, streams, and wetlands; protection of open space, high-qual- streams, and wetlands from pollution (71), followed by trail ity, or remote natural areas resembling pre-settlement conditions; networks for hiking, biking or skiing (66) and restoration of native plant communities. Controlling invasive County Residential Survey (2011) species, improving habitat for native animals, and expanding and County-wide mail survey that provides residents with an opportu- connecting natural areas were also very important to respondents. nity to rate the quality of life in the County, service delivery and What Did Respondents Want to See in the Future? satisfaction with local government. The following are on a ranking Natural resources were important to respondents, who want the from 1-100: &RXQW\WRSURPRWHFRQVHUYDWLRQ7KH\VSHFLƓFDOO\ZRXOGOLNHWKH Highest importance to respondents was protecting lakes, County to protect lakes, streams, wetlands, farmland, and remain- streams, and wetlands from pollution (77 essential or very im- ing natural areas. Respondents also indicated that they would like portant), followed by protecting remaining natural areas (67), the County to work with cities to connect parks and key destinations and protecting farmland from future development (49) with greenways and trails. When asked if it was important for the County to help landowners manage natural resources on private County New Regional Park Survey (2010) conservation easements, the majority felt it was very important. Re- County-wide on-line questionnaire about Whitetail Woods Region- spondents also wanted to see paved trails, loop trails around lakes, al Park as part of master plan process. The following are on a rank- hiking trails, ski trails, boat rentals, swimming beaches, and group ing from 1-100: picnic shelters across the County park and open space system. Half said they look to a County park to provide both solitude Below are the salient responses to key questions from previous sur- and an active experience veys. Top reasons for visiting the new County regional park: outdoor County Residential Survey (2016) UHFUHDWLRQ DSSUHFLDWH QDWXUDO ZRUOG UHOD[ DQG ƓQG County-wide mail survey that provides residents with an opportu- serenity (47) nity to rate the quality of life in the County, service delivery, and Activities that would most entice residents to visit new park: satisfaction with local government. non-motorized recreation (59), nature appreciation (52)

Highest importance to respondents was protecting lakes, Amenities that attract young people: mountain biking trails, streams, and wetlands from pollution, followed by trail net- geocaching/GPS rental, disc golf course

works for hiking, biking or skiing. Top three things people want to see at the park: hiking/walking County Recycling, Parks and Transit Survey (2015) trails, bike trails, ski trails County-wide random mail survey asking about parks, transit and County Residential Survey (2008) recycling. The following are on a ranking from 1-100: County-wide telephone survey that provided residents with an op- Indicate how important these activities are: enjoying nature or portunity to rate the quality of life in the county, service delivery scenic views (essential 36, very important 33), hiking or run- and satisfaction with local government.

ning on non-paved trails (18 essential, 21 very important), hik- Nine in 10 respondents felt that it was at least “somewhat” ing or running on paved trails (18 essential, 26 very important), important for government to promote conservation, with more biking on paved trails (19 essential, 24 very important) than one-third reporting it as “essential” County Residential Survey (2013) County Comprehensive Plan Survey (2008) County-wide mail survey that provides residents with an oppor- County-wide telephone survey of residents that asked about a vari- tunity to rate the quality of life in the county, service delivery and ety of issues facing the County. satisfaction with local government. The following are on a ranking Protecting open space, historic places and water quality: 8.7 from 1-100: out of 10

Dakota County | Natural Resource Management System Plan 41 Should the County pursue an active role in protecting lakes, Protecting the highest quality and more remote natural areas streams, and wetlands: 9.0 out of 10 that are ecologically intact, resemble pre-settlement conditions

Work with cities to connect parks and destinations with green- and are relatively undisturbed: very important (62%) ways that include trails: 8.2 out of 10 Expanding and connecting natural areas: very important (39%)

Should pursue an active role in protecting farmland from development: 8.1 out of 10 5.3. SUMMARY OF SOCIAL CONTEXT AND IMPLICATIONS FOR NATURAL RESOURCES Pursue an active role in protecting remaining natural areas: 8.5 out of 10 The County’s population is growing, aging, and becoming more racially and ethnically diverse. Today, with a recovering economy, 5.2.3. County NRMSP Survey (2016) the growing population and demand for new homes and busi- As part of this NRMSP, the County developed a questionnaire for QHVVHVZLOOƓOOFXUUHQWO\XQGHYHORSHGXUEDQDQGVXEXUEDQVSDFHV on-line and intercept surveys to gather opinions about natural re- and expand existing towns and developments in the County’s rural sources and natural resource management. The questionnaire was southeastern half. The types of open space and the use residents placed at all nine County libraries (intercept method) and provided make of the County’s natural resources varies by location and the on-line at Dakota County’s website for three months. There were desires of the person using the open space. At the same time, peo- 362 responses, summarized below. SOHōVQDWXUDODIƓQLW\IRUWKHQDWXUDOZRUOGZLOODOZD\VGUDZWKHPWR Best describes how you interact with natural resources: I spend parks and greenways for recreation, but also simply to get away and a lot of my leisure time outdoors in parks and other settings renew their spirit. Public opinion surveys strongly support the idea (46%) that most County residents want large natural parks and connect-

How important do you think it is to protect natural resources ing greenways. They also value a high quality natural environment. within County parks and greenways?: very important (87%) Considering the weight of evidence from all surveys, it can be said that citizens of the County strongly support the conservation and How important is it for them to help landowners care for natural management of natural resources on County lands, along regional resources on their private property that is now legally protected greenways, and on the County’s privately-owned easements. by the County through a conservation easement?: very important (65%) 7KH &RXQW\ KDV VSHQW FRQVLGHUDEOH WLPH DQG ƓQDQFLDO UHVRXUF- es planning for and protecting important natural resources over What do you value most about natural resources?: Water that recent decades with the support and encouragement of County LVFOHDQHQRXJKIRUƓVKLQJDQGVZLPPLQJ VFHQLFYLHZV residents. Whether through direct purchase or conservation ease- and beauty (57%), natural places to be physically active (55%) ments, the public has supported the protection of natural resourc- Controlling invasive non-native plant and animal species: very es. Public opinion surveys also indicate that the public supports the important (64%) active management of the County’s natural resources to maintain Improving habitat size and quality for native animal species in or improve these resources as healthy habitat for animals, for rec- decline: very important (70%) reation opportunities, and to maintain the sense of character that these places provide. This support may continue in the future, al- Restoring native plant communities: very important (49%) though demographic changes may shift the attention toward more Improving the quality of water bodies: very important s (76%) visible areas until the public’s understanding catches up to the Maintaining and protecting natural scenic qualities: very im- VFLHQWLƓFEDVLVIRUQDWXUDOUHVRXUFHVPDQDJHPHQW0RUHRYHULWLV portant (48%) uncertain whether the broader public understands that to create and maintain a high quality natural environment requires a major Maintaining and protecting minimally developed areas that and perpetual investment in management. To achieve the current provide a sense of seclusion or wildness in the midst of an ur- ideal that residents hold out for natural resources, however, it will ban area: very important (66%) be necessary for the County to make a greater commitment and investment in natural resource management.

Dakota County | Natural Resource Management System Plan 42 6. COUNTY ROLE AND RESPONSIBILITIES IN NATURAL RESOURCE MANAGEMENT

Volunteer seed collection event at “Rattlebox Prairie”. Photo by Dakota County Staff.

The County wants to be a good steward of natural resources on lands and waters it owns or has a i}> ÌiÀiÃÌ °i°] VÃiÀÛ>Ì i>ÃiiÌÃ®° č``Ì>Þ] >Ã > Ã}wV>Ì >`ÜiÀ] Ài}Õ>ÌÀ] >` VÀ`>ÌÀ>}}ÛiÀiÌÃÌ i ÕÌÞ]Ì i ÕÌÞÃ>«ÃÌÌyÕiVi]i>`>`v>VÌ>Ìi better natural resource management across ownerships. This is a reasonable view because natural resources and greenway corridors cross political and ownership boundaries and problems of adjacent «À«iÀÌiÃÃ«ÛiÀÌÌ i ÕÌÞ½Ã«À«iÀÌiÃ°/ i ÕÌÞ½ÃivvÀÌÃÌÃÜ>`ÃVÕ`Li>}wi` through collaboration and coordination with other landowners. Implementation of the NRMSP will lead to consistency and continuity in the approach to natural resource management among governments and adjacent landowners.

For many years, the County has been engaged in natural resource agement. The County’s park system is relatively young by regional restoration and management in some of its parks, greenways, and VWDQGDUGV7KHƓUVWDFTXLVLWLRQRFFXUUHGLQIRU/HEDQRQ+LOOV easements (Figure 2). The state of the County’s natural resource Regional Park. Acquisition within established park boundaries is management activities is discussed below. on-going, with nearly 730 acres remaining to be acquired from willing sellers throughout the system, as of 2017. As parkland 6.1. MANAGEMENT IN DAKOTA COUNTY PARKS AND was acquired, development occurred to give the public access to GREENWAYS use these areas. Entrance roads, parking lots, restrooms, unpaved and paved trails, multi-purpose buildings and other facilities were $V GLVFXVVHG SURWHFWLRQ ZDV WKH ƓUVW VWHS LQ EULQJLQJ VRPH RI planned and built. the lands and waters of the County under natural resource man-

Dakota County | Natural Resource Management System Plan 43 Meanwhile, other parks and natural areas were protected across the severely slowed implementation of natural resource management County. The 2008 Dakota County Park System Plan states: on County lands, when providing other urgent County services became a higher priority. Municipalities across the County also cut Dakota County’s large regional parks already back on natural resource spending at this time. Despite setbacks, have preserved some of the best land in the the County increased investment in natural resource management County with high quality ecosystems and in 2013 by tripling the dedicated management staff. Between 2013 scenic vistas. Rapid development has yielded and 2016, the base operating budget increased, and the County parks dedication funds for cities, whose well- received $2.5 million of state grants to conduct natural resource developed park systems provide a strong management on 1,581 acres in four parks. complement to County parks. Adjacent regional In 2016, the County’s base annual budget for natural resources and state parks (Lilydale-Harriet Island, Fort staff and capital improvement projects totaled $944,000. This sup- Snelling State Park) serve northern Dakota SRUWHGƓYHIXOOWLPHVWDIIDQGWZRWHPSRUDU\VWDIIDQGDOVRƓHOGHG County where there are few County facilities. an Institution/Community Work Crew (ICWC) and a Sentence to Opportunities for large parks may still exist Serve (STS) crew. in rural Dakota County, where there has been relatively little large-lot rural residential By the end of 2016, ecological restoration and some sort of man- development. agement was occurring on nearly 2,300 acres of County Parks and Greenways. Much work was accomplished, such as prairie resto- With the passage of the 2008 Constitutional Legacy amendment, ration, prescribed burning, removal of common buckthorn and VLJQLƓFDQWIXQGLQJKDVDOORZHGWKH&RXQW\FLWLHVDQGWKHVWDWHWR other invasive species, and construction of rain gardens and other protect additional land. With more protected lands, natural re- stormwater BMPs. Dakota County also has brought over half of the source management needs have also increased. natural and semi-natural vegetation in its parks into a natural re- By contrast, the County’s greenways span various land ownerships source management regime, ranging from simply removing large that will shift over time. This complex ownership pattern raises chal- buckthorn at Lebanon Hills (to prevent seed dispersal), to planting lenges for maintenance and natural resource management. This is large acreages of Whitetail Woods. About 1,245 acres at multiple discussed in detail in the 2010 Dakota County Greenway Collabora- sites are being managed with dedicated funds. Another 1,052 acres tive’s Greenway Guidebook. are managed through a combination of County and state grant As of 2017, County parks and greenways contain approximately funds. All told, an estimated 2,297 park acres are currently under 4,700 acres of natural/undeveloped land (83% of total acreage). For management, which represents a little over half of the 4,486 acres years, the County has generally approached natural resource man- of natural and semi-natural parklands warranting natural resources agement on a project-by-project basis, depending on a very small management. Table 2 summarizes natural resource management dedicated staff, a limited amount of general operating funds, and a occurring currently in County parks at the end of 2016. few grants. Despite the inclusion of natural resource management as an important part of each park master plan, the 2008 recession

Dakota County | Natural Resource Management System Plan 44 Burn, mow, spot treat, 540 ac. of prairie; restored 540 ac. spot treat, mow, Burn, funds without grant by County much was restored In Phase 1 of (2014- restoration forest/woodland stems (>1.25 in cut large prison crews 2015), Cover and chipped wood. stumps, treated diameter), until park is completed in year each about 350 ac. seedlings and In Phase 2 (2016-2022), 2018-2019. on 700 acres. stumps will be controlled re-sprouting 39 ac. wetland and prairie around Buck Pond; 136 ac. 136 ac. Buck Pond; around wetland and prairie 39 ac. Jensen Lake around forest from 49 acres restoration; and forest/woodland Prairie money from excess paid from plus 50 acres grant, CPL River Flyway grant/project the Miss. wetlands, swamp and surrounding tamarack Restore Swamp is Southern Rich Conifer savanna. woodlands, and high priority rare regionally prairie woodland restoration; savanna, Bluff prairie, ofrestoration and enhance of cropland bluff bedrock prairie forb enhance- and savanna restoration, Woodland ment 41 2/5/2016 6/30/2018 and savanna restoration Prairie 51 75 12/19/2016 6/30/2021 Parks’ annual CIP budgetParks’ 540 2014 2016 Parks’ annual CIP budgetParks’ 700 2014 annual CIP budgetParks’ 5 ongoing 2014 ongoingOutdoor Heritage year. constructed each are Raingardens River) of Miss. (Friends Outdoor Heritage (CPL) 24 Outdoor Heritage (CPL) 2016 94 River LSOHC via Great 6/30/2019 Greening 2016 6/30/2019 bbbbbb County throughout Scattered buildings. and also around parks Spring Lake Park Reserve Park Spring Lake Outdoor Heritage (CPL) 88 4/1/2014 6/30/2017 and savanna restoration Prairie Lebanon Hills Lebanon Park Regional and around in parks Scattered buildings outside parks. Whitetail Woods Regional Park Regional Woods Whitetail Outdoor Heritage 325 11/1/2014 6/30/2019 wetland restoration forest, savanna, Prairie, Lebanon Hills Regional Park Park Hills Regional Lebanon (west ofJensen Lake) Reserve Park Miesville Ravine Brook) Trout side of(east (east Park Hills Regional Lebanon & south sides) Extent of natural resource management in County parks. Extent of management in County resource natural Project NameProject Projects Non-Grant maintenance prairie System-wide Location Source Grant/Funding Acres Begin Date End Date Description Archery Range Prairie Restoration Prairie Range Archery Reserve Park Spring Lake Non-Grant Funded Restored Acres Restored Funded Non-Grant Projects Grant River Flyway Resto- Mississippi ration 1,245 Buckthorn removal project project Buckthorn removal maintenance garden Rain gardens) 20 rain (currently Whitetail Woods Regional Park Park Regional Woods Whitetail and Enhancement Restoration Buck Pond RestorationBuck Pond Park Hills Regional Lebanon Outdoor Heritage (CPL) 175 7/1/2015 6/30/2018 Plateau Prairie Restoration Prairie Plateau Reserve Park Spring Lake Swamp Tamarack Outdoor Heritage (CPL) –Phase I Miesville Bluff Prairie 99 Restoration Pond Star 7/1/2015Acres Restored Grant-Funded 6/30/2018 Acres Restored Total Lands Park Natural Percent Managed 1,052 2,297 Table 2. Table

Dakota County | Natural Resource Management System Plan 45 The County monitors some wildlife species and water bodies. Mon- protect the ecological integrity of natural areas, improve native itoring is essential to understand whether a natural resource man- plant diversity, enhance wildlife habitat, address erosion, improve agement program is working or not. Information is used to identify stormwater management, enhance people’s enjoyment of the site, problems, track trends, and document achievement of manage- and control long-term management costs. Long-term costs are re- ment goals. Species such as Blanding’s turtle, snakes, native bees, duced because the site is set on an ecological trajectory that will song birds, and salamanders have all been monitored by the Coun- allow it to be self-healing and self-correcting in the future. ty. Motion-sensitive trail cameras were installed at some County NRMPs typically describe: Parks to detect wildlife, and small mammal monitoring is planned Goals for the site for 2017. In Lebanon Hills Regional Park, sediment sampling was conducted on Schulze Lake in November 2010, and water clarity Information and methods used to develop the plan monitoring has been conducted on Jensen Lake for many years. As Existing ecological conditions (inventory and assessment) mentioned above, aquatic invasive species surveys were conducted Desired outcomes (vision and goals) on 20 lakes in County parks in 2016. Other water quality monitoring is conducted on County water bodies by the DNR, Dakota Coun- Prioritized restoration and management actions ty SWCD, and the Vermillion River Watershed JPO. Management units

Some wildlife species cause problems, raising challenges for nat- Recommended schedule ural resource management and the larger community. Persistent Performance standards ZKLWHWDLOHG GHHU GHQVLWLHV JUHDWHU WKDQ ƓIWHHQ LQGLYLGXDOV SHU square mile can lead to excessive browsing and loss of native trees, Estimated costs shrubs, and herbs, and also damage to new restoration plantings. 7KHEHVW1503VDUHŴH[LEOH(FRV\VWHPVPD\QRWUHVSRQGDVH[- Deer populations in Lebanon Hills, Spring Lake, and Miesville Ra- pected. Weather is unpredictable. Funds may be delayed, reduced vine have been managed by using controlled hunts. or lost. Staff time may be reprioritized. New technology and scien- WLƓFXQGHUVWDQGLQJPD\EHJDLQHG)RUWKHVHDQGRWKHUUHDVRQV 6.2. MANAGEMENT OF DAKOTA COUNTY EASEMENTS 1503VPXVWDGDSWDQGVKRXOGEHXSGDWHGHYHU\ƓYHWRWHQ\HDUV All natural conservation easements have an NRMP, jointly devel- Successful natural resource management programs also regularly RSHGZLWKWKHODQGRZQHUDQGXSGDWHGHYHU\ƓYH\HDUV7KHDJUL- monitor and report on progress, and then change if necessary. This cultural easements, which often include natural and restored nat- feedback loop, called “adaptive management,” (Figure 27) gener- ural areas, require voluntary Stewardship Plans involving required ates new information that can improve management. It consists vegetative buffers along rivers, streams, wetlands and other BMPs. of a cycle of implementation, monitoring, evaluation, adjustment, Landowners are required to maintain the buffers. DQGPRUHLPSOHPHQWDWLRQDQGVKRXOGFRQWLQXHLQGHƓQLWHO\:LWK Initially, private landowners were not required to implement any expert guidance and supervision, County residents can help gather management practices; however, many chose to do so with addi- the data needed for adaptive management. School children, citi- WLRQDO&RXQW\ƓQDQFLDODVVLVWDQFH0RUHUHFHQWO\ODQGRZQHUVZLWK zens and college researchers can get involved which can increase a newly acquired County easement are required to begin imple- understanding of and support for natural resource management. PHQWLQJWKH1503ZLWK&RXQW\ƓQDQFLDODVVLVWDQFHDFFRUGLQJWRD In 2016, a preliminary NRMP was completed for Whitetail Woods ƓYH\HDU1DWXUDO5HVRXUFH0DQDJHPHQW$JUHHPHQW Regional Park and implementation is well underway. Critical elements of an NRMP are a description of the current vegetation, the 6.3. NATURAL RESOURCE MANAGEMENT PLANS proposed future vegetation, and the site’s management units. Natural Resource Management Plans (NRMPs) are a proven meth- Figure 28 presents these elements as developed for the Whitetail od to guide ecological restoration and management of a particu- Woods NRMP. lar site. Like periodically-updated comprehensive and park master plans, NRMPs establish a starting point in a process to restore and manage sites towards improved ecological health. These plans aim to restore healthy plant communities. Their implementation helps

Dakota County | Natural Resource Management System Plan 46 Figure 27. The concept of adaptive management sets up a cycle of constant learning and improvement.

Figure 28.:KLWHWDLO:RRGV5HJLRQDO3DUN1503ƓJXUHV Map 1 = Existing Landcover, Map 2 = Proposed Landcover, and Map 3 = Proposed Management Units.

Dakota County | Natural Resource Management System Plan 47 Different types of land warrant different NRMPs. County parks, with Leveraging in-kind volunteer match for grants some of the County’s most valued natural resources, require park Developing a more well-informed community master plans and updates to provide for park users. In the future, all Integrating education and natural resources park master plans and updates will be accompanied by a detailed NRMP, according to the following schedule (Table 3). Simultaneously, volunteers (including students, teachers and other FLWL]HQV ƓQGHPRWLRQDODQGLQWHOOHFWXDOUHZDUGVZKHQHQJDJLQJ Table 3. Schedule for Dakota County park NRMPs and related LQUHVWRUDWLRQDQGPDQDJHPHQWRIQDWXUDOUHVRXUFHV%HQHƓWVWR studies. volunteers include: Year of Park Name Learning about the value natural resources Completion Gaining a better understanding of the importance of steward- Lake Byllesby Master Plan Update 2017 ship Lake Byllesby NRMP 2017 Getting outdoor exercise Lebanon Hills Regional Park NRMP 2017 Lebanon Hills Ponds, Lake and Wetlands Study 2017 Building teamwork with their organization or family Whitetail Woods Regional Park NRMP 2018 Volunteer efforts may involve physical labor (e.g., planting trees, Thompson County Park Master Plan Update 2018 UHPRYLQJLQYDVLYHVSHFLHV RUPRQLWRULQJUHVHDUFK HJƓHOGRE- Thompson County Park NRMP 2018 servations, data collection, and data analysis). Many volunteer activ- Miesville Ravine Park Reserve Master Plan Update 2018 ities require oversight by trained volunteers, County staff or outside experts. Volunteer monitoring/research advances knowledge and Miesville Ravine Park Reserve NRMP 2018 builds public support for natural resource programs. One form of Spring Lake Park Reserve Master Plan Update 2019 FLWL]HQHQJDJHPHQWWKDWKDVEHQHƓWHGPDQ\FRPPXQLWLHVLVRUJD- Spring Lake Park Reserve NRMP 2019 nizing and conducting a “bioblitz.” A bioblitz is a 24-hour period Lebanon Hills Connector Trail Study 2019 when volunteers, supported by experts, document all living species in a given area (e.g., a park). Bioblitzes help gather baseline data on Due to complicated land ownership and shared management plants and animals, while letting people discover the natural world responsibilities, regional greenways require a different NRMP around them. It also gives participants an opportunity to participate template. Likewise, since private easements are not owned by LQVFLHQWLƓFUHVHDUFK%LREOLW]HVDOVREROVWHUPRUHV\VWHPDWLFPRQL- the County, natural resource restoration and management will be toring of vegetation, water and wildlife resources. different than that in parks and greenways. Templates for County Volunteer projects can typically be divided into two broad catego- NRMPs are found in Appendices D (parks), E (regional greenways), ries: one-time and ongoing. Table 4 describes the characteristics of and F (private easements). The County provides planning assis- these two categories. tance to private landowners with easements by collaborating on the preparation of NRMPs.

6.4. USE OF VOLUNTEERS FOR MANAGEMENT 6.4.1. Volunteer Program $VXFFHVVIXOYROXQWHHUSURJUDPFDQSURYLGHPXOWLSOHEHQHƓWVWRWKH County, including:

Increasing public interest and support for parks and open space

&ROOHFWLQJYDOXDEOHGDWDDERXWWKHŴRUDDQGIDXQD

Building community

Reducing labor costs

Dakota County | Natural Resource Management System Plan 48 Table 4. Categories and characteristics of volunteer projects. Project Category Characteristics One-time Ongoing Tasks Generally requiring a training period or learning curve Generally requiring a longer training period or All tasks and methods should be of ten minutes or less. learning curve. reasonable and safe, and all neces- Examples: hauling brush; planting plugs, trees, etc.; Examples: plant or wildlife inventory; invasive sary personal protection equipment pulling invasive species, focusing on a single species species mapping; supervising other volunteers; (work gloves, etc.) should be provid- ZLWKLQDGHƓQHGDUHD pulling invasive species, focusing on multiple ed by the County. species or working over a broad area Scope Narrow, simple and attainable Complex and progressive All volunteers should be aware of While the broader project scope can be very large, one- While these efforts may have a clear objective, it KRZWKHLUHIIRUWVƓWLQWRWKHELJJHU WLPHHYHQWVPXVWKDYHDGHƓQLWLYHJRDOERXQGDU\DQG may be impossible to attain an ‘end goal’ (e.g., picture volunteers must be able to accomplish the work within invasive species mapping). Volunteer expecta- the set time period of the event. tions must be managed so that they understand that their work is resulting in meaningful progress; the project will be ongoing. Volunteer Commitment Low – Volunteers commit to two to three hour time Medium to High – In exchange for additional blocks. They may not be interested in learning and training involved, volunteers are expected to applying multiple new skills within this time period (i.e. commit more time to these projects. They may ŏSXOOWKHSODQWZLWKWKHZKLWHŴRZHUVŐLQVWHDGRIŏSXOO also be more receptive to learning and assimilat- WKHSODQWVZLWKSLQNDQGVPDOOZKLWHŴRZHUVEXWQRW ing complex or nuanced information. WKHODUJHZKLWHSXUSOLVKSLQNŴRZHUVŐ Staff Commitment Moderate – Much of the staff effort is dedicated to High – In addition to recruitment and logistics volunteer recruitment and event logistics. (which may be more challenging for these higher-level tasks), staff must also put effort toward volunteer training, retention, and appreciation. Performance Metrics Successfully completed projects often result in very Due to the nature of these projects, results may tangible results, such as cubic feet of brush hauled, EHPRUHGLIƓFXOWWRTXDQWLI\+RZHYHUWKHVH number of plants installed, etc. Volunteers can get a lot volunteers are often required to perform their of work done in a short period of time. task at levels equivalent to County staff.

Volunteers can assist in a variety of tasks, and with additional training and oversight they can accomplish even more. Table 5 summarizes natural resource management tasks for which volunteers can provide assistance.

Dakota County | Natural Resource Management System Plan 49 Table 5. Use of volunteers for different management tasks. Volunteer Role Management Task Appropriate with Train- Generally Not Generally Appropriate ing & Oversight Appropriate Native seed collection & sowing X Installation of live trees, shrubs, herbaceous plugs X Hand-pulling invasive plants X Dragging buckthorn/brush X Cutting buckthorn/brush X Simple ecological monitoring X Mowing X Herbicide application X Prescribed burning X Slope stabilization X Construction of water projects and best practices X Technical ecological monitoring X

Although assistance by volunteers has no direct cost, the staff time and move towards high value, “steady” volunteer positions. Volun- for organizing, training, equipping, and supervising volunteer teers who have several high quality experiences are also more likely events is a cost, as are materials (e.g., tools, safety equipment, food to tell friends and family about the program. Word of mouth recruit- and beverage). For instance, Dakota County staff estimated that one ment can greatly increase the County’s overall volunteer pool. KRXURIVWDIIWLPHLVQHHGHGIRUHDFKƓYHWRWHQKRXUVRIYROXQWHHU Finally, when considering volunteer engagement goals, it is import- time expended. DQWWRUHFRJQL]HWKDWYROXQWHHUDYDLODELOLW\LVƓQLWHDQGWKDWWKHUH Likewise, it is important to recognize that a successful natural re- are multiple competitors in the local volunteer engagement mar- VRXUFHVSURJUDPHQJDJHVYROXQWHHUVRQO\ZKHQLWLVHIƓFLHQWDQG ket. Within this competitive market, a sustainable volunteer pro- effective, and when activities are of an appropriate type and scope. gram must be responsive to the interests of participants. Volunteers 0RVWYROXQWHHUVZLOOTXLFNO\UHFRJQL]HZKHQWKHLUHIIRUWVDUHLQHIƓ- may assist with a particularly monotonous activity on an occasional cient or ineffective, or when they’re faced with a seemingly impossi- basis, but they are less likely to remain engaged if that particular ble task. After such an experience, they are unlikely to return. activity is all that is offered. For example, while there appears to be an endless supply of buckthorn seedlings for volunteers to pull, it is 6.4.2. Volunteer Goals and Metrics unlikely that the County can engage a volunteer workforce capable While the number of volunteers engaged or number of hours con- of completing this entire task. To maintain volunteer morale and tributed are useful measures of program success, they should not engagement and to ensure that natural resource goals are met on be over-emphasized. Factors of weather, the availability of appro- such projects, it is essential that contractors or other labor sources SULDWHZRUNDQGVWDIIUHVRXUFHVIRUFRRUGLQDWLRQDOOLQŴXHQFHWKHVH are available to supplement volunteer efforts. metrics from year to year. Volunteer retention is another important metric in measuring pro- 6.4.3. County’s Volunteer Program gram success. High retention rates can indicate that the program The County’s volunteer program seeks to foster an engaged, invest- provides a consistently high quality volunteer experience. As one- HGDQGZHOOLQIRUPHGFRPPXQLW\ZKLOHHIƓFLHQWO\DQGHIIHFWLYHO\ time volunteers develop a relationship with the County, they may protecting and restoring the natural resources of the County. The become more interested in taking on additional responsibilities County’s Natural Resources program began to engage volunteers in earnest at Lebanon Hills Regional Park (LHRP) in late 2014. In

Dakota County | Natural Resource Management System Plan 50 FROODERUDWLQJZLWKORFDOQRQSURƓWRUJDQL]DWLRQŏ:LOGHUQHVVLQWKH ty’s location in a major metropolitan area provides a large pool of City,” the County was able to utilize highly engaged and motivated potential volunteers. Due to its popularity, the volunteer program at community members, which accelerated the growth of the volun- LHRP may also serve as an excellent testing ground for new volun- WHHU SURJUDP 9ROXQWHHUV DUH LGHQWLƓHG DQG LQIRUPHG RI HYHQWV WHHULQLWLDWLYHV$OVRZLWKWKHVLJQLƓFDQWJUDQWIXQGLQJDQG&RXQW\ through the County website and by monthly listserve e-mail. resources being directed towards Whitetail Woods Regional Park The County is well positioned to continue to develop a successful and Miesville Ravine Park Reserve, these investments could be lev- natural resource volunteer program. Minnesota ranks second in the eraged to develop volunteer initiatives in these parks. A greenways nation for volunteerism, with 35 percent of residents participating volunteer program could also be developed. Use of volunteers for in volunteer activities. Minnesotans also tend to have a high level implementing this NRMSP is discussed further in Section 11.1.2. of interest and engagement in natural resources issues. The Coun-

Volunteer wetland vegetation planting event at “Buck Pond” in Lebanon Hills Regional Park. Photo by Dakota County Staff.

Dakota County | Natural Resource Management System Plan 51 Dakota County | Natural Resource Management System Plan 52 7. NATURAL RESOURCES INVENTORY AND ASSESSMENT

Spangled fritillary at Whitetail Woods Regional Park. Photo by Dakota County Staff.

The important characteristics of natural resources in the County’s parks, greenways and easements were investigated in several ways. This information helped identify the important natural resource management topics to address in this NRMSP. The issues in turn shaped the principles and vision of the NRMSP and the contents of NRMP’s for individual parks, greenways, and easements.

7.1. METHODS OF INVENTORY AND ASSESSMENT Benchmarking Study – Revised Final Report 1/11/2012 (2011) 7.1.1. Review of Existing Data Vermillion Highlands Greenway Master Plan (2012) The consulting team, with assistance from County staff, compiled River to River Greenway Master Plan - Draft (2015) H[LVWLQJSODQVUHSRUWVDQGGDWDƓOHVDERXWWKH&RXQW\ōVKLVWRU\ demographics, natural resources, land holdings, and management Spatial Data Provided by the County activities. Documents and data reviewed include: Parks Plans and Reports Published by the County Regional Greenways Farmland and Natural Area Protection Plan (2002) Easements Lake Byllesby Regional Park Master Plan (2005) /DQG &RYHU 0LQQHVRWD /DQG &RYHU &ODVVLƓFDWLRQ 6\VWHP 2030 Park System Plan: Great Places – Connected Places – Pro- MLCCS)1 tected Places (2008) Aerial Photography (from Land Management Information Cen- Comprehensive Plan – DC2030 (2009) ter, LMIC) Greenway Guidebook (2010) Prairie Restoration Areas Vermillion River Corridor Plan (2010) Other Restoration Areas Comprehensive Land Conservation Vision (2011)

1 MLCCS data were used for most spatial analyses in this report; however, more current land cover acreages were provided by Dakota County and used in some tables and statistics.

Dakota County | Natural Resource Management System Plan 53 Data Acquired from Minnesota Department of Natural Re- Land cover for County parks, greenways and easements is always in sources ŴX[GXHWRWKHWLPLQJRIDFTXLVLWLRQVDQGPDQDJHPHQWLPSOHPHQ-

Public Waters (lakes, larger wetlands, rivers, and larger streams) tation. Final acreages for this Plan were developed using additional data that were unavailable at the time of the initial analysis, but 6LWHVRI%LRORJLFDO6LJQLƓFDQFH ZKLFKLQIRUPHGWKHƓQDODQDO\VLV0/&&6GDWDZLOOEHXSGDWHGLQ Native Plant Communities the future by the County so that future land cover analysis will be as Minnesota Trout Streams up-to-date as possible.

Natural Heritage Database (rare natural features) Parks were assessed not only in terms of land cover, but also in WHUPVRIRWKHUSDUNFKDUDFWHULVWLFV3DUNFODVVLƓFDWLRQVXUURXQGLQJ Data Acquired from Minnesota Pollution Control Agency land use character, public acres, unique attributes, rare natural fea- Impaired Waters 2012 tures (native plant communities and rare species), core habitats and 5HVRXUFH6SHFLƓF$QDO\VLV biodiversity areas, and major natural resource issues are summa- The consulting team completed a spatial analysis of the County’s rized in Appendix H. parks, greenways, and easements in a geographic information sys- Greenways were analyzed visually and with GIS. Greenway length tem (GIS). (including a breakdown of urban, suburban, and rural sections), Vegetation and land cover acres were calculated for County parks acres and percentages of greenway in different landscape settings and qualitatively assessed for County greenways and easements. (using conceptual greenway widths, which vary depending on set- /DQG FRYHU DFUHV XVLQJ WKH 0LQQHVRWD /DQG &RYHU &ODVVLƓFDWLRQ ting), and connected features (e.g., parks) are summarized in Ap- System (MLCCS) were summed for each County park (Appendix pendix I. G). To simplify reporting and decision-making, MLCCS land cover Easements were analyzed visually and with GIS. Analyses included classes were sometimes combined into “general” land cover classes tallying easements by type (e.g.., natural area, corridor, greenway, (Table 6). Original MLCCS data were developed in the late 1990’s and agriculture) and assessing relative size of easements (large, DQGHDUO\ōV&RXQW\VWDIIKDVXSGDWHGDQGUHƓQHGODQGFRYHU medium, or small). Easement acreages, sizes, and count by type are information for County parks which is incorporated in the analyses. summarized in $SSHQGL[-. Water resources in County park, greenway, and easement lands Table 6. General land cover categories and classes. were analyzed visually and with GIS. Appendix K summarizes the Land Cover Category General Land Cover Class geographic location of water resources associated with County parks, greenways and easements. The appendix also summarizes Natural and Semi-Natural Native Mesic Forest, non-Oak (ac) Vegetation the County land feature(s) intersected by the water resource, water Oak Forest (ac) UHVRXUFHQDPHDQGLGHQWLƓFDWLRQQXPEHUVFODVVLƓFDWLRQVL]HDQG Savanna and Shrubland (ac) depth of lakes and larger wetland basins, length of waterway over- Prairie (ac) lap with County lands, major watersheds, tributaries, trophic state, Non-Prairie Grassland (ac) impairments, known invasive species, management efforts, health of wetland basins, and additional notes. Altered Forest (ac) Lowland Forest (ac) Wildlife core habitat was analyzed by reviewing MLCCS land cover data. Relatively large tracts of natural and semi-natural land (>100 Wet Meadow and Shrub Swamp (ac) DFUHV ZHUHLGHQWLƓHG Figure 29). These are the portions of the Marsh/Pond (ac) County most likely to contain and sustain uncommon or declining Altered Wetland (ac) animal species, such as SGCN and specialist species. Most of the Aquatic Lake (ac) County’s smaller remaining natural and semi-natural lands provide River (ac) habitat for generalist species. Cultural Cultivated Land (ac) Developed Land (ac)

Dakota County | Natural Resource Management System Plan 54 Figure 29. Core habitats, connections and land ownership.

Wildlife connections between core habitats and other natural ar- 7.2. VEGETATION AND RARE SPECIES COUNTYWIDE eas were assessed by reviewing the DNR’s Metro Conservation Cor- The pattern of vegetation and land cover makes it clear that there ridors (DNR 2008). This metrowide study used land cover and other is no simple prescription for managing natural resources in the habitat-related data to broadly identify conceptual wildlife corridors County’s 5,053 park acres, 60 miles of greenways, and 9,379 acres between natural lands and waters. Figure 29 illustrates conserva- of easements. Each park unit, greenway and easement has a dif- WLRQFRUULGRUVLGHQWLƓHGLQWKH&RXQW\ ferent landscape setting, different internal conditions and different potential for restoring ecosystems and ecosystem services. At the

Dakota County | Natural Resource Management System Plan 55 same time, certain common issues emerged for all these lands— in the natural history of the County, its effects are large and span some more urgent than others. Given the lag between the historic over four generations engaged in more intensive land use than was damage done to the County’s natural resources and contemporary present for several thousand years prior. Each generation was aware conditions, it is not surprising that there is a lot of work to do. At RIFKDQJHVWKDWRFFXUUHGRQO\ZKLOHLWZDVDOLYH7KHƓUVWJHQHUDWLRQ the same time, the County’s recent expansion of natural resource saw the disappearance of bison, prairie chickens and passenger pi- management has brought almost half the parkland’s natural and geons. Subsequent generations were focused on building villages semi-natural vegetation and 30 percent of natural areas on ease- and cities and converting the prairie and wetlands to productive ments under some form of management. cropland, which decreased biodiversity and started the deteriora- The majority of Dakota County’s native vegetation (Figure 30) has tion of water quality. The current generation is experiencing more been lost to cultivation and development (Figure 31). About two changes due to development, with the complicating factor of cli- percent (9,400 acres) of the County still supports the historical mate change (discussed in Section 4.7). As a result, few areas of landscape from 150 years ago. While 150 years is a brief moment high-quality native vegetation remain in the County (Figures 32 and 33).

Figure 30. Pre-European settlement vegetation of Dakota County.

Source: Dakota County

Dakota County | Natural Resource Management System Plan 56 Figure 31. Existing land cover of Dakota County.

Source: Dakota County

Figure 32. Remaining high-quality natural areas in Dakota County.

Source: Dakota County Comprehensive Plan (2009)

Dakota County | Natural Resource Management System Plan 57 Figure 33.$UHDVRIELRGLYHUVLW\VLJQLƓFDQFHLQ'DNRWD&RXQW\

Source: Dakota County; DNR, MCBS data 1990-93

The County’s remnant high-quality ecosystems and some other are formerly common species driven to rarity by land use changes lands harbor the rarest plants and animals of the County: 29 plant during the past 150 years. VSHFLHVDQGELUGDPSKLELDQUHSWLOHLQVHFWƓVKDQGPROOXVN species which are endangered, threatened, or special concern at 7.3. COUNTY PARKS the state level. At the federal level, prairie bush clover is threat- Natural resource management will be tied directly to the types, ened, the northern long-eared bat is threatened, and the Higgins amount and quality of land cover in County parks. Land cover types eye pearlymussel is endangered. The rusty patched bumble bee have characteristic plant and animal life, soil and water relations, has been recently added to the endangered species list, and part and natural resource issues. Across the seven parks studied (Figure of its native range occurs in Dakota County (part of Lebanon Hills 2), 89 percent of the land is natural and semi-natural vegetation, Regional Park and surrounding areas including a piece of the Min- 2.4 percent is cultivated, and 5.7 percent developed (Appendix G). nesota Zoo). In its recent (2016) update of the State Wildlife Action Forests comprise 51 percent of all the combined County park land. 3ODQWKH'15LGHQWLƓHG6*&1 Appendix L). These include the About 37 percent of the forested land (or 1,720 acres) is oak for- 61 endangered, threatened and special concern species, but most est or native mesic forest and provides a good foundation for res-

Dakota County | Natural Resource Management System Plan 58 toration and management. The remaining forest (19 percent of greatly altered from historical conditions, savanna and shrubland park acres) is young or consists of lowland forest trees that have are important ecosystems, found on nearly 100 acres at Lebanon colonized abandoned cropland and pasture. These forests can be Hills, Miesville, and Spring Lake. improved by planting trees of the original upland forest such as The unique character of each park is summarized below. oaks, walnuts and hickories. Lake Byllesby Regional Park While grasslands constitute 22 percent of parkland acres, only 0.3 Located on the County’s southern border in Randolph Township, percent is original native prairie. Native prairie, once dominant the park has 436 land acres, with an additional 123 acres yet to in the County, is among the rarest of plant communities today. acquire. The primary natural features of the park are Lake Byllesby, Non-prairie grassland covers seven percent of the parks and con- the largest water body in the south metro region, and the Cannon sists of non-native species and has low plant diversity. Restored River. The reservoir has been used for recreation since 1910 when prairies make up the rest of the grassland acres, at about 13percent the dam, which continues to produce power, was built. The park of the total land cover, which speaks well of the County for restoring consists of an east and west unit, located at both ends of the lake. prairie. The east unit near Cannon Falls is more developed and more inten- Lakes, ponds, wetlands, and rivers total 11 percent of park area. VLYHO\XVHGIRUUHFUHDWLRQ7KLVSRUWLRQRIWKHSDUNLVŴDWH[FHSWIRU Only 3.2 percent of park acres are lakes and rivers; small streams the river gorge below the dam and small, irregular areas created by are not included as they would add little to this total. Furthermore, PLQLQJLQWKHHDUO\V,WFRQWDLQVZHWODQGVŴRRGSODLQIRUHVWV RQO\DERXWWKUHHSHUFHQWRIODQGFRYHULVZHWODQGVZKLFKWHVWLƓHV and small areas of native prairie. The west unit is south of the City to the fact that nearly all of the wetlands in the County have been of Randolph and is not developed. It contains mill ruins from the lost or altered. Keep in mind that the small area of surface waters 1800s where the proposed City of Cascade was platted, but never belies their large watersheds outside park boundaries, where much developed. The primary natural features include the Cannon River, of the water originates. For instance, Jensen Lake in Lebanon Hills DFKDQQHOL]HGSRUWLRQRI&KXE&UHHNDVLWŴRZVLQWRWKH&DQQRQ receives water from nearby roads and neighborhoods as far as two River, and the broad, expanding sediment delta formed as the river miles away. enters the reservoir. Although similar ecosystems and management issues are found Lake Byllesby has the second highest amount of impervious cov- county-wide, each park has a unique character. (Some of each park’s er among all parks, slightly less than the much larger Lebanon unique characteristics are presented in Appendix H.) All parks Hills Regional Park. At the same time, it has the least natural and except Lake Byllesby have 70 to 90 percent of the land in natural semi-natural vegetation of all parks. Very little of the park resem- and semi-natural vegetation. Lake Byllesby has less due to the east bles pre-settlement conditions. Although some areas to the south unit’s scant natural vegetation. Measured by natural vegetation, LQ*RRGKXH&RXQW\KDYHELRORJLFDOVLJQLƓFDQFHQRSDUWRI/DNH Miesville Ravine, Spring Lake, and Whitetail Woods are the most Byllesby park was mapped by the Minnesota County Biological Sur- natural parks in the system. A third to one-half of the vegetation YH\ 0&%6 DVKDYLQJELRGLYHUVLW\VLJQLƓFDQFH Figure 34). Most of LQWKRVHSDUNVLVRDNIRUHVWUHŴHFWLQJWKHUHJLRQōVSDVWKLVWRU\DVD the savanna and brushland are structural only. The vegetation is not ƓUHLQŴXHQFHGODQGVFDSH0RUHQDWLYHPHVLFIRUHVWLVLQ0LHVYLOOH characteristic of pre-settlement vegetation, but mostly consists of 5DYLQHWKDQDQ\ZKHUHHOVHGXHWRWKHƓUHSURWHFWLRQDIIRUGHGE\ agricultural weeds, highly-competitive native plants and invasive WKHVWHHSVORSHVVKDGHGUDYLQHDQGŴRRGSODLQVHWWLQJ)DUPLQJ plant species. a transitional land use, exists on three percent of park acres, but is absent at Thompson County Park and Lebanon Hills. Although

Dakota County | Natural Resource Management System Plan 59 Figure 34.1DWXUDODUHDVDQGDUHDVRIVLJQLƓFDQWELRGLYHUVLW\DW/DNH%\OOHVE\3DUN

Restoration: Byllesby West Knox Farm. Restored from a former apple orchard and gravel Previous and current restoration projects include: pit to a native prairie. 12 acres of woody brush was cleared and Byllesby East then burned; then the site was seeded with prairie seed that Felton Field. 20 acres restored to native prairie in 2009. was collected from other County park sites in 2004-2005. Cannon River downstream from the dam. Three acres of woody Byllesby Marsh. 15 acres was cleared of woody invasive species brush cleared around oaks during winters of 2010-2013. Three and replaced with bird-friendly shrubs and plants since this is a DFUHVRIUHODWLYHO\ŴDWDUHDRQWKHWRSRIWKHULYHUEDQNHDVWRI popular birding area. the dam, was reconstructed to native prairie. Old Mill in Cascades. 45 acres of woody brush was cleared to Red Cedar Area (38 acres) and Tree Plantation Area (14 acres). release young oak trees in 2010-2012. Twenty acres were cleared of cedar, buckthorn, and Siberian elm The Lake Byllesby Regional Park Master Plan, including a NRMP, from 2009 to 2011. The areas were never planted or seeded; is being updated in 2017 and will determine future restoration however, several prairie remnants occur in the Red Cedar Area. projects. Echo Point. 20 acres cleared of buckthorn.

Dakota County | Natural Resource Management System Plan 60 Recreation: Lebanon Hills Regional Park 116,400 visitors in 2015. Facilities and activities include: Located in Eagan and Apple Valley next to the Minnesota Zoo, this park consists of 1,785 acres with 90 additional acres yet to acquire. Boat launch The park is quite hilly because it was a terminal moraine at the melt- Cross-country skiing and ski skating ing edge of the last glacier. Ten lakes (primarily of shallow depth) )LVKLQJDQGLFHƓVKLQJ of over ten acres each and dozens of small ponds dot the park landscape. Many of the Park’s lakes receive runoff from the surrounding, Hiking and nature trails ODUJHO\ VXEXUEDQ ZDWHUVKHGV 7KLV VWRUPZDWHU H[HUWV VLJQLƓFDQW Picnic areas with water and bathrooms stress on the Park’s water resources, both in terms of the volume Playground RIZDWHUŴRZLQJWKURXJKWKHPDVZHOODVGHJUDGHGZDWHUTXDOLW\

Swimming beach and beach house Most of the park’s land was converted to agricultural uses during the last century and a half, prior to becoming park land. The park is Tent and RV campground. comprised predominantly of oak woodland, but also contains open 2005 Master Plan Theme and Future Facilities. SUDLULH VKUXEODQG ŴRRGSODLQ IRUHVW XSODQG KDUGZRRGV DQG D With the new Cannon River bridge connection between Lake Byl- tamarack bog. Wildlife, including sensitive species like barred owl, lesby Regional Park and the Goodhue County Park, and planned broad-winged hawk, and eastern towhee, are common in the park. connections between the State Mill Towns Trail and the Cannon Val- Lebanon Hills is the largest park in the system, has the greatest ley Trail, Lake Byllesby Park could become a recreational base for acreage of natural and semi-natural vegetation, and the highest the Cannon River Valley. The master plan emphasizes the east park, acreage of forest, dominated principally by white, bur, and red oak. with lake and lakeside activities, group recreation, and diverse ac- The large habitat cores attract and retain species that are uncom- tivities to appeal to overnight campers. Camping is popular in the mon in the region. The savanna, brushland and prairie expanses park, and it will remain a predominant and visible use. Activity cen- are the greatest in the park system and they harbor species that ters planned for the east park include an inland swimming lagoon are uncommon in the County. Nearly all the lake acreage and over and/or splash pad, more picnicking on Echo Point (pavilion, small half the acreage of marsh and pond in the County park system oc- shelters), boat launch area near the dam, campground, day activi- curs here, too. MCBS, conducted by the DNR starting in the 1980s, ties (disc golf, mini golf), and a future Visitor Center. The west park mapped large portions of land in the middle and eastern portions is the “quiet side,” with opportunities for nature immersion, explo- RIWKHSDUNDVKDYLQJŏPRGHUDWHELRORJLFDOGLYHUVLW\VLJQLƓFDQFHŐ ration, and interpretation. A Mill Towns trailhead, picnic grounds, (Figure 35). The park is surrounded by urban, residential devel- canoe takeout, and residential learning center are planned activity opment, and is bisected by two large roads (Pilot Knob Road and centers for the west park. Master Plan revision is due in 2017, along Johnny Cake Ridge Road), which offer challenges to managing nat- with a new NRMP. ural resources.

Dakota County | Natural Resource Management System Plan 61 Figure 35.1DWXUDODUHDVDQGDUHDVRIVLJQLƓFDQWELRGLYHUVLW\DW/HEDQRQ+LOOV5HJLRQDO3DUN

Restoration: Recreation: Recent and on-going restoration projects include: 576,400 visitors in 2015. Facilities and activities include:

Buck Pond Restoration. 175 total acres; 38.5 ac prairie and wet- Canoe trail and non-motorized boating

land, 136.5 ac woodland; project completion in 2018 Cross-country skiing and ski skating Tamarack Swamp and Adjacent Woodland Restoration. 24 Discovery interpretive trail acres; project completion in 2019 )LVKLQJDQGLFHƓVKLQJ Star Pond Savanna and Woodland Restoration. 75 ac; project Hiking and nature trails completion in 2021 Horseback trails Phase I Buckthorn Removal (stems >1.5”). 715 ac; completed Mountain biking trail Prairie restoration. 63 acres restored prior to 2015; now on a regular maintenance schedule (burn, spot spray, biannually; Picnic areas and playground inter- or over-seed as required) Retreat lodge with camping and ropes course

Sustainably designed Visitor Center

Swimming beach

Tent and RV campground

Dakota County | Natural Resource Management System Plan 62 Miesville Ravine Park Reserve bors a wide variety of natural communities, including oak forests, Located in Douglas Township in far southeastern corner of the Coun- JUDVVODQGVGU\URFN\KLOOVLGHVUDYLQHVŴRRGSODLQVVPDOOVSULQJ ty, this park reserve is named for a 200-foot deep ravine through fed creeks, and a navigable river, which contains a large number ZKLFK7URXW%URRNŴRZVWRWKH&DQQRQ5LYHU6HYHUDOEOXIIVVLGH of plant and animal species. A natural stand of white pine near the ravines, and Cannon River frontage are the park’s chief natural fea- park’s center adds a touch of the north woods, since pines are not tures that are found within the 1,405-acre park; 262 acres in several native to most of southern Minnesota. The Trout Brook watershed different areas are left to acquire. The park’s proximity to the rugged includes extensive agricultural areas outside of the park which Driftless Area means that glaciers did not fully cover the park during makes the brook highly susceptible to nitrate contamination and the last glacial period, making the park unique among those in the erosion/ sedimentation issues after large rainfall events. The lower metro region. Because of the diversity of landforms, this park har- portion of the brook supports a wild population of native, naturally reproducing brook trout.

Figure 36.1DWXUDODUHDVDQGDUHDVRIVLJQLƓFDQWELRGLYHUVLW\DW0LHVYLOOH5DYLQH3DUN5HVHUYH

Dakota County | Natural Resource Management System Plan 63 Miesville Ravine is the second largest park in the system, with the Restored 95 acres of prairie in 2006 north of the church on the greatest amount of cultivated land, about 66 acres. It has the sec- south end of the park ond greatest acreage of forest among the parks, and by far the most Restored 161 acres of prairie between 2008 and 2010 on the native mesic forest, a rich forest with moist soils and deep shade. former Banks property northeast of Trout Brook Nearly as many acres of savanna, shrubland and prairie occur here Restored 36 acres of prairie between 2008 and 2010 on the as at Lebanon Hills, but not quite as much non-prairie grassland. former Bauer property in the northwest end of the park The sun-demanding plant communities—prairies and savannas— VSHDN WR WKH KLVWRULFDO FRQGLWLRQV RI WKH SDUNŋSUDLULH RQ WKH ŴDW Restored 42 acres of prairie between 2008 and 2010 on the upland surrounding landscape with a transitional savanna zone to former Weber property in the northwest end of the park the oak and mesic forests on ravine slopes and bottoms. The MCBS Various streambank stabilization projects have taken place on mapped nearly the entire area of this park, excepting agricultural Trout Brook ƓHOGVDVKDYLQJŏKLJKELRGLYHUVLW\VLJQLƓFDQFHŐ Figure 36). Near- Recreation: by areas in Goodhue County were ranked as having “outstanding ELRGLYHUVLW\VLJQLƓFDQFHŏLQFOXGLQJD6WDWH6FLHQWLƓFDQG1DWXUDO 25,400 visitors in 2015. Facilities and activities include: Area there today. Picnic area with rustic shelters, bathrooms

Restoration: Canoe launch

Current restoration projects include: Hiking trails (unpaved) Bluff Prairies of Miesville Restoration (Phase I). This is a Conser- Fishing vation Partners Legacy (CPL) 2016 grant-funded project which LVEHLQJUHVWRUHGE\WUDGLWLRQDOPHWKRGVIRUWKHŴDWVXUIDFHVDQG Spring Lake Park Reserve by using goats on the steep slopes. The traditional restoration This 1,097-acre park reserve in Nininger Township, west of the City includes 34 acres of bluff prairie, savanna and woodland en- of Hastings, is located along Spring Lake which was formerly Missis- KDQFHPHQWDQGUHVWRULQJDFUHVRIROGƓHOGDQGFURSƓHOGWR VLSSL5LYHUŴRRGSODLQPDUVKDQGVORXJKZLWKVFDWWHUHGRDNVDYDQ- native prairie. The steep slopes include 39 acres of bluff prairie, na areas that were inundated when Lock and Dam No. 2 in Hastings savanna and woodland enhancement using goats to browse was built in the 1930s. The resulting shallow lake, which is outside the invasive woody vegetation. RIWKHRIƓFLDOSDUNUHVHUYHERXQGDU\LVWKHPRVWSURPLQHQWQDWX- UDOIHDWXUH$VLJQLƓFDQWSRUWLRQRIWKHSDUNUHVHUYHLQFOXGHVVWHHS Bluff Prairies of Miesville Restoration (Phase II). This is a CPL north-facing limestone bluffs, steep slopes, and ravines that sup- 2017 grant-funded project similar to Phase I. It includes restor- port ecosystems and species that are rare in the region. There are LQJDFUHVRIFURSƓHOGVWRQDWLYHSUDLULHDQGDFRIGHJUDG- also bottomland and upland terraces. Archaeological discoveries by ed mosaic to oak savanna and enhancing 20 acres of forest and the Science Museum of Minnesota during the 1950s demonstrated 15 acres of bluff prairie by removing invasive vegetation and that people have used the area for 8,000 years. expanding scattered remnant vegetation. This park reserve contains approximately 94 percent natural and Trout Brook Streambank Restoration. Trout Unlimited has se- semi-natural vegetation as a percent of total area with large areas cured funding for restoring and stabilizing 3,000 feet of Trout PDSSHGE\0&%6DVKDYLQJŏKLJKELRGLYHUVLW\VLJQLƓFDQFHŐ Figure Brook stream bank. 37). Oak forest is the dominant plant community and resembles Past restoration projects include: that of historical conditions. A large percentage of the park supports Restored 16 acres of prairie in 1998 east of the church on the savanna, shrubland, prairie, and non-prairie grassland, suggesting south end of the park the historical prairie and savanna which prevailed across the southern two-thirds of the County prior to 1850. Few water resources or Restored 16 acres of shortgrass prairie in 1999 north of 280th wetlands occur here. St on the south end of the park

Dakota County | Natural Resource Management System Plan 64 Figure 37.1DWXUDODUHDVDQGDUHDVRIVLJQLƓFDQWELRGLYHUVLW\DW6SULQJ/DNH3DUN5HVHUYH

Restoration: Archery Range Restoration. This is an Outdoor Heritage Current restoration projects include: grant-funded project being completed by Friends of the Mis- sissippi River, which includes restoring 33 acres of prairie, two Mississippi River Flyway Restoration. This is a 2014 CPL acres of woodland, and six acres of forest. grant-funded project, which includes restoring 63 acres of old ƓHOGWRQDWLYHSUDLULHDQGDFUHVRIGHJUDGHGPHVLFWRRDN Past restoration projects include: savanna, as well as enhancing 32 acres of mixed forest, 12 acres Restored 11 acres of prairie by the Youth Lodge in 1995

of oak forest, and 13 acres of a walnut grove by removing inva- Restored 20 acres of prairie east of the Youth Lodge off of Pine sive species and opening up some canopy gaps. Bend Trail in 2003 Plateau Prairie and Woodland Restoration. This is a 2015 CPL Restored four acres of prairie around the Gathering Center in grant-funded project which includes restoring a ten-acre crop 2009-2010 ƓHOGDQGHLJKWDFUHVRIROGƓHOGVLQWRQDWLYHSUDLULHDVZHOODV Restored eight acres of prairie south of the previously planted enhancing 31 acres of oak forest/woodland by removing inva- Youth Lodge prairie in 2010 sive species. Restored 24 acres of prairie close to the Maintenance Shop in 2012

Dakota County | Natural Resource Management System Plan 65 Recreation: Whitetail Woods Regional Park 119,500 visitors in 2015. Facilities (16 percent has been developed Whitetail Woods, a new 456-acre regional park, is located in Em- for facilities or trails) and activities include: pire Township in the central portion of the County. The park is part of the Vermillion Highlands, which is an open space collaboration Archery trail between the DNR, the University of Minnesota, Dakota County, and DNR boat launch Empire Township. It includes the park, the Vermillion Highlands Cross-country skiing and ski skating Wildlife Research and Recreation Area, the Vermillion River Wildlife Management Area (WMA) and Aquatic Management Area (AMA) on Cultural resource trail the Vermillion River, totaling nearly 5,000 acres of contiguous open Hiking and nature trails space. Picnic shelters and grounds The park contains the 29-acre Empire Lake, 50 acres of woodland, Playground savanna and brushland, 110 acres of formerly cultivated land being restored into native grasslands and 81 acres of wetlands. The MCBS Schaar’s Bluff Gathering Center mapped a large area of the center and western portions of the park Youth lodge and campground DVKDYLQJŏKLJKELRGLYHUVLW\VLJQLƓFDQFHŐ Figure 38). Newly completed Mississippi River Regional Trail

Figure 38.1DWXUDODUHDVDQGDUHDVRIVLJQLƓFDQWELRGLYHUVLW\DW:KLWHWDLO:RRGV5HJLRQDO3DUN

Dakota County | Natural Resource Management System Plan 66 Restoration: Picnic shelter

Recent and on-going restoration projects include: Outdoor amphitheater

Restoration and enhancement of 325 ac of woodland, savanna, Other wetland and prairie habitats; project completion in 2019. Thompson County Park Restoration of 27.5 acres of prairie prior to 2015. Now on a reg- Thompson County Park in West St. Paul is surrounded by residential ular maintenance schedule (burn, spot spray, biannually; inter- development and the campus of St. Croix Lutheran High School. or over-seed as required). The park is named for the ten-acre Thompson Lake which more ac- Recreation: curately is a deep, open water marsh. The 58-acre park consists of 51,900 visitors in 2015. Facilities and activities include: a hilly, urban retreat with mixed hardwood forest, oak woodland, cattail marsh, grassland, and grassy openings along the undevel- Trails for hiking for skiing oped lake shoreland. The River to River Regional Greenway con- Empire Lake nects Thompson County Park to Kaposia Park (in South St. Paul) via Outdoor creative play area a trail bridge over Trunk Highway 52 and then continues east to the Mississippi River Regional Trail.

Figure 39.1DWXUDODUHDVDQGDUHDVRIVLJQLƓFDQWELRGLYHUVLW\DW7KRPSVRQ&RXQW\3DUN

Dakota County | Natural Resource Management System Plan 67 Nearly 90 percent of the park is in natural and semi-natural vege- Vermillion River Conservation Area tation which is unusual for a park surrounded by urban develop- Located along the Vermillion River in Empire Township, this 62-acre ment. However, most of the park’s vegetation consists of non-prai- area is adjacent to the Vermillion rie grassland and altered forest with none of the area mapped by River WMA and part of the larger Vermillion Highlands complex. 0&%6DVKDYLQJELRGLYHUVLW\VLJQLƓFDQFH Figure 39). About 2.7 The property includes woodlands, grasslands, and nearly 1.5 miles acres of Thompson Park consist of degraded native mesic forest and of the northern shore of the Vermillion River. It was acquired in oak forest (including some large, mature oak trees) and 6.7 acres 2015, in part to provide a future segment of a planned regional of degraded marsh/pond. Together with non-prairie grassland and greenway between the cities of Farmington and Hastings. prairie plantings around the parking lot, visitors can experience a wide range of habitats found in the County in one small area. Restoration: Restoration: Recent and on-going restoration projects include: Recent and on-going restoration projects include: )RXUROGƓHOGVWRWDOLQJDFUHVZHUHVHHGHGWRXSODQGDQGZHW prairie in 2016 39 acres of buckthorn removal completed in 2016 Approximately 30 acres were cleared of woody invasive species 2,000 square feet of shoreline restoration installed in 2003; minimal maintenance occurs South Creek Conservation Area Located along the South Creek tributary to the Vermillion River in Recreation: the City of Farmington, this 24-acre area is adjacent to the Vermil- Facilities and activities include: lion includes woodlands, grasslands, 1,430 feet of South Creek, Dakota Lodge and Senior Center and 650 feet of a smaller tributary. This section of South Creek is Cross-country ski trails QRWHGIRULWVH[FHOOHQWWURXWƓVKLQJ,WZDVDFTXLUHGLQLQSDUW to provide a future segment of the approved Lake Marion Regional Hiking and bicycling trails Greenway between the cities of Farmington and Lakeville. Fishing dock Restoration: Picnic shelter Recent restoration projects include: Playground Approximately 20 acres were cleared of invasive woody brush Segment of the River to River Regional Greenway A geomorphic assessment of this reach was completed to as- Dakota Woods Dog Park sess conditions such as bank erosion, channel movement, bed Located in Empire Township, this 14-acre special park area was the degradation/aggradation, and riparian vegetation conditions. &RXQW\ōVƓUVWRIƓFLDORIIOHDVKGRJH[HUFLVHDUHDDQGLWKDVSURYHQ )URPWRƓVKDQGPDFURLQYHUWHEUDWHVZHUHFROOHFWHG to be immensely popular. Residents like the large size, woodland from this reach to assess abundance and species makeup, and trails, open play area, and lack of open water so dogs stay relative- in-stream habitat conditions were documented. ly clean. Canines And People Ensuring Running Space (CAPERS), Based on the results of these various activities, a grant and a volunteer group, assists with maintenance. Despite its primary watershed funding has been secured to install or construct function and use, 82 percent of the park is in natural and semi-nat- in-stream habitat features such as root wads, boulders veins, ural vegetation. stream cobble, tree pins, backwater pools, and removal of nui- Recreation: sance trees. These restoration activities will introduce and im- Facilities and activities include: prove habitats as well as clear and narrow the stream channel.

Open play area

Parking lot

Picnicking area

Walking trails

Dakota County | Natural Resource Management System Plan 68 7.4. COUNTY REGIONAL GREENWAYS 0LVVLVVLSSLDQG0LQQHVRWDULYHUVDQGWKHLUFRQŴXHQFHKLJKOLPH- VWRQHEOXIIVŴRRGSODLQZRRGODQGVDQGSUDLULH The County has several regional greenways with 60 miles of completed trails and more planned as part of a 200-mile system. The Minnesota River Regional Trail Unit. variety of settings and destinations is a signature accomplishment This 4.0-mile long segment closely follows the Minnesota River, and known throughout the metro region. For this NRMSP, four re- roughly following a former road on a dike between the river and gional trails were analyzed to represent the planned system. Figure Black Dog Lake. Located within the bottom of the broad river val- 2 shows the location of these regional greenways, and Appendix I OH\WKHSUHGRPLQDQWYHJHWDWLRQLVŴRRGSODLQIRUHVWZHWODQGVDQG summarizes their characteristics. grasslands. 7KH&RXQW\FODVVLƓHVUHJLRQDOJUHHQZD\VDVXUEDQ IRRWWDUJHW River to River Regional Greenway Trail (RTR) width), suburban (200 foot target width), and rural (300 foot target This eight-mile long greenway is located in northern Dakota County width). The constructed trail portions of existing greenways are 14 with a connection between the Minnesota and Mississippi Rivers percent urban, 57 percent suburban, and 29 percent rural. The four through the cities of Mendota Heights, West St. Paul and South St. representative greenways are described below. Paul. This urban and suburban corridor includes city parks, a high Minnesota River Regional Greenway (MRRG) school campus, Dodge Nature Center, and Thompson County Park. The 17-mile long Minnesota River Regional Greenway is located The natural resource features and corridor width vary greatly, rang- along the Minnesota River between the cities of Burnsville and Lily- ing from existing and planned bridges over busy transportation dale. On the north end, it connects to St. Paul’s Lilydale Regional thoroughfares, to a narrow turf grass corridor between two roads, to Park, which continues along the river to Harriet Island and down- extensive forested ravines. town St. Paul. On the south end, it will connect to future regional Mississippi River Regional Greenway (MRRG) corridors in Scott County. This corridor is part of the larger Minne- The 27-mile long Mississippi River Regional Greenway is located sota Valley State Trail corridor between Le Sueur and St. Paul being along the Mississippi River between South St. Paul and Hastings. planned by the DNR. On the north end, it connects to the east end of the River to Riv- 7KH055*LQFOXGHVVLJQLƓFDQWQDWXUDOIHDWXUHVZLWKVFHQLFYLHZVRI er Greenway and will connect to the planned corridor through the WKH0LQQHVRWD5LYHUWKHFRQŴXHQFHZLWKWKH0LVVLVVLSSL5LYHUDQG downtown St. Paul Airport to Harriet Island. On the south end, the the Mississippi River. The Greenway broadens to include portions corridor will connect with the planned Washington County corridor of the Minnesota Valley National Wildlife Refuge and Fort Snel- along the St. Croix River, a planned State trail between Hastings OLQJ6WDWH3DUNZKLFKSURYLGHKDELWDWIRUZDWHUIRZOƓVKDQGRWK- and Redwing and a planned regional greenway along the Vermil- er wildlife. The greenway offers numerous opportunities to watch lion River between Hastings and Farmington. birds and other wildlife. The riverine environment hosts large cot- The MRRG is very diverse, ranging from a narrow corridor along tonwood, silver maple, ash, and willow trees along the channels of URDGVDORQJDŴRRGOHYHHDQGDGMDFHQWWRODUJHLQGXVWULDOIDFLOLW\ the Minnesota River. Key facilities and activities include picnic sites, properties, to extensive natural areas including the state Pine Bend ƓVKLQJKXQWLQJKLNLQJELF\FOLQJDQGFURVVFRXQWU\VNLLQJ %OXIIV6FLHQWLƓFDQG1DWXUDO$UHDDQG6SULQJ/DNH3DUN5HVHUYH.H\ The County and partners have developed regional trail facilities and activities include: parking and trailhead areas, scenic component in two units: overlooks, and trail activities such as hiking, bicycling, and in-line Big Rivers Regional Trail Unit. skating. The 5.1-mile long section extends from Lilydale Road in Lilydale to I-494 in Eagan. The trail was constructed on the midbluff bed of 7.5. COUNTY CONSERVATION EASEMENTS one of the oldest railroads in Minnesota and possesses many his- A conservation easement is a set of restrictions a private landowner torical and cultural features. While the County has a 30-foot wide, voluntarily places on their property in order to perpetually preserve long-term lease for the trail, the wider greenway corridor includes its conservation values. Each conservation easement is unique, spe- VLJQLƓFDQWQDWXUDODQGKLVWRULFDOIHDWXUHVZLWKVFHQLFYLHZVRIWKH FLƓFDOO\WDLORUHGWRWKHFRQVHUYDWLRQYDOXHVRIWKHODQGDQGWRWKH particular situation of the landowner. Conservation easements can

Dakota County | Natural Resource Management System Plan 69 be used to protect a variety of lands: shorelines of lakes, rivers and the land. Since the land remains private and other property rights streams; wildlife habitat; productive agricultural or forestry lands; remain, an easement continues to generate economic activity, such scenic qualities; and public trails. Conservation easements must as work and property taxes. Typically, landowners retain the right to SURYLGHSXEOLFEHQHƓWVRILPSURYHGZDWHUTXDOLW\IDUPDQGUDQJH- restrict public access. Figure 2 shows the location of the County’s land preservation, scenic views, wildlife habitat, outdoor recreation, conservation easements, and $SSHQGL[- summarizes their char- educational opportunities, and/or historic preservation. acteristics. The conservation values of the property and the restrictions created Natural Area Easements to preserve those values, along with the rights reserved by the land- The County has acquired 37 natural area conservation easements owner, are detailed in a legal document known as a conservation encompassing 1,583 acres and nearly 30 miles of shoreland. The HDVHPHQW7KHFRQVHUYDWLRQYDOXHVRIWKHODQGDUHGHƓQHGDQGWKH average size is 43 acres, the smallest 4.6 acres and the largest 159 restrictions protect those values. Typically, easements prevent most DFUHV7ZHQW\ƓYHSHUFHQWRIWKHSURWHFWHGODQGVDUHIRUHVWHG development and land disturbance, and provide for management. percent is grassland, and 35 percent is wetland. Ownership is usu- The restrictions apply to the current and future landowners, grant- ally private, but also includes the Dakota County Agricultural So- ing permanent protection. ciety, Dodge Nature Center, the DNR, and the cities of Eagan and The landowner still owns the land and has the right to use it except Lakeville. The natural area easements represent some of the best as prohibited by the easement. They can sell, transfer, or bequest quality privately-owned natural communities left in the County— most of them were mapped by MCBS (Figure 40).

Figure 40.1DWXUDODUHDVDQGDUHDVRIVLJQLƓFDQWELRGLYHUVLW\DWVHYHUDOSULYDWHO\RZQHGQDWXUDODUHDHDVHPHQWV RXWOLQHGLQ\HOORZ clustered in Inver Grove Heights and Rosemount.

Dakota County | Natural Resource Management System Plan 70 All natural area conservation easements include an NRMP jointly Washington County; the agricultural easement program is na- developed by the County and landowner. Although NRMP imple- tionally unique due to its emphasis on water quality. mentation has been voluntary, 51 percent of landowners have un- The County’s NRMP requirement has established the standard dertaken some management. Almost all NRMPs are up-to-date or for other easement acquisition programs. being revised using the County’s new NRMP template. The County Having and implementing NRMPs is now required for ease- secures state grant funds and works with agency partners to give ments purchased with state funds. landowners technical assistance and share the costs of implementing NRMPs. For recently-acquired easements, landowners are re- Landowner interest and capacity to manage natural resources TXLUHGWRKDYHDQGH[HFXWHDQ1503ZLWKVLJQLƓFDQWDVVLVWDQFH YDU\ZLGHO\:LWKIHZH[FHSWLRQVƓQDQFLDOLQFHQWLYHVZHUHFULWL- from the County according to the terms of the state grant require- cal to spur landowner management. ments. The requirement that natural resources be managed has led Agricultural Easements some landowners to withdraw their land from the program. The County holds 68 agricultural conservation easements, protect- In a 2016 question posed to landowners whose easements con- ing 7,758 acres that includes 1,291 acres of forest, grasslands, and tain natural areas, 68 percent of respondents indicated interest wetlands and 49 miles of shoreland. The average size is 114 acres, in doing more natural resource management on their property. with the smallest 34 acres and the largest 379 acres. In Greenvale, ,QQRQVFLHQWLƓFVXUYH\VDQGSXEOLFPHHWLQJVWKHSXEOLFKDV Sciota, and Hampton Townships, clusters of several easements indicated strong support for using public funds for natural re- form continuous blocks of protected land, preventing landscape source management on private lands protected by conserva- fragmentation. The easements allow cultivation and agricultural tion easements. practices in existing cropland and farmland, but existing natural vegetation must be preserved. 7.6. WATER RESOURCES ON COUNTY LANDS AND All agricultural easements required voluntary Stewardship Plans. EASEMENTS These plans specify BMPs for agricultural activities, establish grass People are attracted to water, whether for recreation or the open waterways, and provide vegetative buffers along rivers, streams views. It is not a coincidence that most parks, greenways and ease- DQGZHWODQGVb7KH'DNRWD6:&'ZDVFRQWUDFWHGE\WKH&RXQW\WR ments include water resources or connect to water resources. The write these plans; the SWCD also provides technical help and cost water resources associated with County parks, greenways, and ease- share to install best practices. The County also shares the costs to ments are presented in Appendix K. The NRMSP focuses on water install buffers, fencing, and other conservation practices. More than resources on the DNR Public Waters Inventory (Figure 2). Public 50 percent of easements include former cultivated land restored water “basins” include lakes and certain wetlands (Types 3, 4 or 5) to native vegetation as part of permanent shoreland buffers. With of ten acres and larger in unincorporated areas, or larger than 2.5 a few exceptions, there are no NRMPs for the natural vegetation on acres in incorporated areas. Public water “watercourses” are natural agricultural easements. and altered rivers, streams and channels with a drainage area larger Other Easements. than two square miles; they can also be designated as trout streams The County also acquired two conservation easements (11.6 acres) by the DNR Commissioner. They do not need to be navigable. For on private property in Spring Lake Park Reserve; two regional the purposes of this assessment, water resources are divided into JUHHQZD\HDVHPHQWV DFUHV bDQGDŊIRRWZLGHODQGVFDSH these classes: deep lake, shallow lake, pond/open water wetland, buffer on a new residential development adjacent to Lebanon Hills river, and stream. Regional Park. 7.6.1. Lakes Conclusions about the County’s easement program draws from the Most of the lakes in or adjacent to County parks, greenways, or data and experiences of staff managing the program. easements are shallow. A shallow lake has standing fresh water The County’s natural area conservation easement program is to a maximum depth of 15 feet or has over 80 percent of its sur- unique in the Midwest, except for a very limited program in face shallow enough to support emergent and submerged rooted

Dakota County | Natural Resource Management System Plan 71 aquatic plants. In general, shallow lakes tend to be more nutrient wetlands. These are “kettle lakes” formed in depressions in the rich than deep lakes and often have lower water clarity. glacial material (Figure 41 3HRSOHHQMR\WKHVHODNHVIRUƓVKLQJ The majority of the lakes in County parks, greenways or easements swimming, paddling, and wildlife watching. A designated canoe are located in Lebanon Hills Regional Park, which contains ten lakes and portage route is maintained through several lakes at Lebanon over ten acres and many more, smaller open water or vegetated Hills.

Figure 41. Kettle lakes and steeply-sloped hills (kames) of northern Dakota County, including Lebanon Hills Regional Park and surrounding areas. Upper inset graphic shows formation of kettle lakes.

As would be expected, the local watershed that contains Lebanon “Wetland 121” (Figure 42 7KHV\VWHPŴRRGHGRQWR&OLII5RDGLQD Hills Park extends beyond the bounds of the park, into adjacent large rain event in 2,000 (Figure 43), which prompted a lake study subwatersheds from the cities of Eagan, Apple Valley, and Rose- (Barr Engineering, 2006) that called for large-scale native plant PRXQW6XUIDFHZDWHUŴRZVLQWRWKHSDUNIURPWKHDOOGLUHFWLRQVVR community restoration in the park and stormwater mitigation and the park acts as a basin or end-point for the local watershed area. control BMPs in the watershed at large. ,QWKHHDVWHQGRIWKHSDUNZDWHUJHQHUDOO\ŴRZVIURPWKHVRXWK- west to the northeast, and ultimately towards McDonough Lake and

Dakota County | Natural Resource Management System Plan 72 Figure 42. Subwatersheds of Lebanon Hills Regional Park. Green area = core subwatershed (McDonough subwatershed); %OXHDUHDV GUDLQVIURP&LW\RI(DJDQ3XUSOHRXWOLQHGDUHD &LW\RI(DJDQGUDLQVWRSLSHZKLFKSXPSVWR7KRPDV/DNHDQGRYHUŴRZ drains to Lebanon Hills Park; Brown area = drains from City of Rosemount; Yellow area = drains from City of Apple Valley (Valleywood Golf Course); Black-hatched areas = isolated basins not draining to Lebanon Hills Park. Source: Lebanon Hills Stormwater Management Plan, Barr Engineering Company, April, 2006.

7KHPRVWVLJQLƓFDQWODNHVLQ/+53DUH -HQVHQ/DNHis the park’s largest lake at 54 acres, but has maxi- Holland Lake is 36 acres in size and the deepest lake in the park mum depth of only 6 feet. The entire lake basin is therefore a littoral with a maximum depth of 65 feet. At the same time, 64 percent of zone, and lake depth has decreased steadily and relatively quickly the lake area consists of a large littoral zone (light able to penetrate over the past two decades. There are very dense stands of native WRERWWRPVHGLPHQWV 7KHUHLVDƓVKLQJSLHUZKHUHSDUNYLVLWRUVFDQ ZDWHUOLOLHV$OWKRXJKZDWHUOLOLHVSURYLGHKDELWDWIRUƓVKLQVHFWV ƓVKIRUSDQƓVKDQGQRUWKHUQSLNH+ROODQG/DNHLVDGHVLJQDWHG and other species and contribute to a healthy lake ecosystem, they trout lake. The DNR has stocked the lake with brown and rainbow can shade other submerged plants and plankton, reducing species trout since 2006. It is very clear for a Twin Cities metro region lake diversity and affecting the food chain. The canoe route through Jen- with moderate nutrient levels. Monitoring indicates it is mesotro- VHQLVGLIƓFXOWWRSDGGOHZLWKRXWWKHDSSOLFDWLRQRIDTXDWLFKHUEL- phic based on chlorophyll and transparency, but high phosphorus cides about once every other year. concentrations suggest it may be eutrophic. Eurasian watermilfoil McDonough Lake (Figure 44) is 16.5 acres in size with a maxi- and curly-leaf pondweed are present, and the good water clarity mum depth of 8-11 feet. It has an extensive littoral zone, fairly clear could allow these invasive plants to spread. water, and is considered mesotrophic to eutrophic. Eurasian water-

Dakota County | Natural Resource Management System Plan 73 milfoil and curly-leaf pondweed were found in the lake during a Other large lakes in Dakota County parks include: survey conducted in 2016. Empire Lake, located within Whitetail Woods Regional Park, is DFUHVLQVL]HDQGRQO\ƓYHIHHWGHHS7KLVZDWHUERG\LVEHVW described as a deep marsh, rather than a lake. It is located entirely inside the park and was created by a dike, designed by the Soil Conservation Service in 1965 and built by the previous landown- HUSUREDEO\WRZDWHUKLVFDWWOH$FRQWUROVWUXFWXUHUHJXODWHVŴRZ from the marsh to a tributary of the Vermillion River. Monitoring in 2009 to 2011 rated the marsh as eutrophic. Sometimes, however, the water clarity makes the bottom visible. In one year’s study, the invertebrate animal diversity and abundance was moderate, and vegetation diversity and native cover excellent. Although the deep marsh is surrounded by woodland and grassland, upstream agricultural areas send runoff into it via two small, unnamed tributaries, probably affecting its water quality. Extensive restoration work Figure 43.,QXQGDWLRQRI0F'RQRXJK/DNHDQG:HWODQGŴRRGHG&OLII5RDG is occurring throughout the park, which will improve ground cover and residential areas north of the park in 2000. DQGPRUHHIIHFWLYHO\ƓOWHUUXQRII7KHGLNHLVEHLQJHYDOXDWHGIRU trail improvements. Lake Byllesby forms the center of Lake Byllesby Regional Park, located in two units at its east and west ends. The lake is a 1,300-acre reservoir created in 1910 when a hydroelectric dam was constructed on the Cannon River. It has a maximum depth of 50 feet in a small area near the dam, but the average depth is eight feet. The lake is hyper-eutrophic with low water clarity and susceptible to algae blooms. Flowering rush, an aquatic invasive emergent plant, was found in the lake in 2016. Sediments from upstream agricultural ODQGVƓOOWKHZHVWHQGRIWKHUHVHUYRLUDQGZLQGVDQGZDWHUFXU- Figure 44. McDonough Lake. rents stir up the bottom sediments, re-circulating phosphorus and O’Brien Lake is 34 acres in size with a maximum depth of 10 feet other nutrients. Much of the upper lake consists of shallow sand and an extensive littoral zone. It has fairly clear water and is rated DQGPXGŴDWVDWQRUPDOODNHOHYHOV7KHULYHUFXWVDPHDQGHULQJ as mesotrophic to eutrophic. It is part of the park’s canoe route. Eur- channel through the expanding delta. A TMDL study was prepared asian watermilfoil was found in the lake during a survey conducted for the watershed as a way to reduce sediment and nutrient inputs, in 2016. Approximately 72 percent of the lake basin and the major- with the burden of implementation to be shared among those in ity of the shoreline is privately-owned by Camp Butwin. The County the watershed who contribute to the pollution. A threshold for pol- and the camp are discussing ownership and management issues. lution was set in the TMDL, which will be the basis for measuring Schulze Lake is 12 acres in size, with a maximum depth of 15.5 feet whether the plan is working. A master plan is being completed for and a fairly narrow, vegetated littoral zone. The lake is moderately Lake Byllesby Regional Park, which will include a NRMP addressing nutrient enriched, and transparency measurements indicate fairly WKHVSHFLƓFQDWXUDOUHVRXUFHPDQDJHPHQWQHHGVRIWKHSDUN clear water. Invasive Eurasian watermilfoil and curly-leaf pondweed 3HRSOHXVHWKHODNHIRUERDWLQJƓVKLQJDQGVZLPPLQJ)URPIDOO JURZKHUH'HVSLWHWKHVHLVVXHVDSXEOLFEHDFKDQGƓVKLQJSLHU through spring, the lake level is purposefully lowered. This expos- VXSSRUWƓVKLQJVZLPPLQJDQGERG\FRQWDFWUHFUHDWLRQ&DQRHV HVHYHQPRUHPXGŴDWVZKLFKDWWUDFWWZRGR]HQGLIIHUHQWVSHFLHV kayaks and paddleboards can be rented. A rain garden was installed of shorebirds and waterbirds. This, naturally, attracts many birders. to treat runoff from the parking lot before it runs into to the lake. The reservoir has a large carp population. This species of intro- GXFHGƓVKVWLUVXSERWWRPVHGLPHQWVDQGGHVWUR\VDTXDWLFYHJH-

Dakota County | Natural Resource Management System Plan 74 WDWLRQ6LQFHWKHFDUSDQGRWKHUXQGHVLUDEOHƓVKKDYHEHHQ recreation is enhanced, and the ecologic health of the lake is im- removed regularly in a commercial seining operation. Low water proved. The clean-up costs for the PAH-contaminated sediments at clarity and the algal blooms prevent aquatic vegetation from grow- the inlet and delta components of Thompson Lake are estimated at LQJDQGOLNHO\DIIHFWWKHTXDOLW\RIWKHƓVKHU\7KHƓVKFRPPXQLW\ $1,300,000. The majority of the costs are related to removal and re- is like that in many reservoirs; it is diverse and includes many river placement of 20,000 cubic yards of sediments and proper disposal species. Of preferred species, anglers seek black crappie and wall- in accordance with state regulatory requirements. The County and eye, especially in winter. City are working to secure funds to remove the PAH-contaminated Thompson Lake (Figure 45) is a central feature of Thompson Coun- sediments. ty Park in West St. Paul. It is about eight acres and is nine feet deep In conjunction with this project, Dakota County, Lower Mississippi at most. About two-thirds of the lake is surrounded by park, and the River Watershed Management Organization and City of West Saint western shore is owned by a private school. The biotic indices used Paul will be constructing stormwater water best management prac- to measure the quality of vegetation and aquatic invertebrates sug- tices at the inlet of the lake to prevent future phosphorus laden gest that the lake is of moderate quality, which is a good rating for sediments from entering the lake. A TMDL was placed on Thompson an urban lake. Fish species include black bullheads, crappies, blue- Lake in 2009 for phosphorus content. This proposed project will re- JLOOVVXQƓVKODUJHPRXWKEDVVJROGHQVKLQHUVDQGQRUWKHUQSLNH duce the amount of phosphorus on the lake, achieving the goals of Trails follow the shoreline, and there is a pier in the lake. Invasive the state required TMDL. A Watershed Restoration and Protection curly-leaf pondweed grows in the lake. Some shoreline restoration Strategy (WRAPS) report and restoration plan state that phosphorus was done, but it has fallen into disrepair. input needs to be reduced by 30 to 34 percent to rehabilitate the lake. 7KH7KRPSVRQ&RXQW\3DUN0DVWHU3ODQLGHQWLƓHV7KRPSVRQ/DNH as a critical resource for the park as it enhances recreational use and provides scenic views within the park. Thompson Lake water quality LPSURYHPHQWVDUHLGHQWLƓHGDVDFULWLFDOORQJWHUPSDUNJRDOZLWK WKHSRWHQWLDOWRSURYLGHIXUWKHUUHFUHDWLRQDOYDOXHDQGEHQHƓWWR the region. Spring Lake is a large, shallow expanse of water at a bend of the ULYHUXSVWUHDPIURP+DVWLQJV2QFHDQR[ERZPDUVKDQGŴRRGSODLQ forest, the construction of a mill in the 1850s and Lock and Dam No. 2 in 1930 submerged the area. This turbid 1,483-acre water body has an average depth of four feet and a maximum depth of 15 feet. $OJDHŴRDWLQJLQWKHZDWHUFROXPQUHVWULFWWKHJURZWKRIVXEPHUVHG Figure 45. Thompson Lake in late winter. View from the south shore looking northward. aquatic vegetation. The lake features permanent islands, temporary islands (Figure 46 VDQGEDUVDQGŴRDWLQJGHEULVLWLVFRQVWDQWO\ The County and Lower Mississippi River WMO conduct water changing and interesting to visit. In the past, there were extensive quality monitoring because the lake is on the MPCA’s impaired wild rice beds, but today there is a general lack of aquatic vegeta- waters list for nutrients/eutrophication, biological indicators and WLRQGXHWRWXUELGLW\DQGIDVWŴRZLQJGHHSZDWHUWKDWWHQGVWRNHHS chloride. High concentrations of polycyclic aromatic hydrocarbons lake sediments loose and easily moved. The long fetch distance (PAHs) also were found in the lake sediments. PAHs are produced on the lake makes this worse, with strong winds readily stirring by chemicals from now-banned asphalt driveway products. These XS VHGLPHQW &DUS DQG RWKHU ERWWRPIHHGLQJ ƓVK WRJHWKHU ZLWK contaminants have bound to the sediments located throughout the motor boat turbulence, compound the issue. The generally low wa- upland, delta, and lake bed portions of Thompson Lake. Removal of ter clarity prevents light from penetrating very far into the water, the PAH-contaminated sediments in Thompson Lake will improve making vegetation establishment spotty. In areas where currents water quality. This assures that the park recreational service qual- and turbulence are slowed (in protected bays, hugging shorelines), ity is maintained for current and future generations, water based ŴRDWLQJOHDYHGYHJHWDWLRQKDVEHFRPHHVWDEOLVKHGIRULQVWDQFH

Dakota County | Natural Resource Management System Plan 75 there are large lotus beds in certain areas (Figure 47). Scattered ,QVSLWHRIWKHYHJHWDWLRQLVVXHVWKHODNHKDVDJRRGƓVKSRSX- throughout the lake are numerous, barely-submerged tree stumps, ODWLRQEXWOLWWOHƓVKLQJWDNHVSODFHGXHWROLPLWHGDFFHVVVKDOORZ UHPQDQWVRIWKHŴRRGSODLQDQGPHVLFIRUHVWWKDWRQFHZHUHWKHVH water and the many snags. The submerged trees and scattered veg- “dead-heads” can surprise unwary boaters. People using the area etation make decent spawning areas, and carp, freshwater drum, say that sedimentation appears to be getting worse, with some ar- mooneye, goldeye, redhorse, bluegill, and black crappie are abun- HDVHVSHFLDOO\RQWKHZHVWHQGRIWKHODNHƓOOLQJLQZLWKVHGLPHQW GDQW&KDQQHOFDWƓVKLVWKHPRVWFRPPRQJDPHƓVKZKLOHVDXJHU walleye, and northern pike are sparse. The lake attracts a variety of uncommon birds—bald eagle, osprey, white pelican, and tundra swan; the latter two species form large rafts during migration. The lake is infested with Eurasian watermilfoil and zebra mussel. The 2011 Mississippi Makeover Implementation Plan provides implementation priorities for Spring Lake as well as chemical and biological targets to measure success of ecological restoration. The priority strategies included large-scale restoration efforts such as island building and water level management. This would require extensive planning, engineering, stakeholder involvement, and funding, with the U.S. Army Corps of Engineers being the lead agency and primary funding source.

Figure 46. View of Spring Lake, in background, behind the Schaar’s Bluff Visitor Miscellaneous Center. Note the many islands that abound in the lake. Many other smaller lakes abound in the park system; often they are ephemeral, forming in spring and drying up in summer. These lakes are important for the ecology of the parks, especially for breeding areas for invertebrates and amphibians like frogs and salamanders, VLQFHWKH\DUHQRWSUHGDWHGXSRQE\ƓVK 7.6.2. Rivers and Streams Rivers and streams are prominent features of the County’s parks, JUHHQZD\VDQGHDVHPHQWV7KH0LVVLVVLSSL5LYHUŴRZVQH[WWRWKH Mississippi River Regional Greenway and Spring Lake Park Reserve. The Minnesota River is adjacent to the Minnesota River Regional Greenway. The Cannon River is the main feature of Lake Byllesby Regional Park and lies adjacent to Miesville Ravine Park Reserve. 3RUWLRQV RI WKH 9HUPLOOLRQ 5LYHU DQG LWV YDULRXV WULEXWDULHV ŴRZ through the two County Park Conservation Areas and several natu- )LJXUH$SURWHFWHGED\LQ6SULQJ/DNH1RWHWKHŴRDWLQJOHDYHGYHJHWDWLRQ ral area and agricultural conservation easements. One Cannon Riv- in the distance, just fore of the shoreline in the photo. These are American lotus, er tributary, Trout Brook, bisects Miesville Ravine Park Reserve, and 1HOXPEROXWHDZKLFKLQVXPPHUSURGXFHODUJHPDJQLƓFHQWIUDJUDQWSDOH\HO- WKUHHRWKHUFUHHNV &KXE3LQHDQG6SULQJ&UHHNV ŴRZDPRQJDQG ORZŴRZHUVDQGUDWWOHOLNHIUXLWV7KHEXR\DQWVHHGSRGVDUHUHPDUNDEO\DGDSWHG for dispersing seeds in river environments and are eaten by a variety of animals. through a number of conservation easements. A map illustrating the watersheds of Dakota County is shown in Figure 48.

Dakota County | Natural Resource Management System Plan 76 Figure 48. Major watersheds and sub-watersheds of Dakota County.

Source: DNR

Dakota County | Natural Resource Management System Plan 77 The County system’s smaller rivers and creeks are: RI5HGZLQJ7KH6WUDLJKW5LYHUŴRZVPLOHVQRUWKZDUGWKURXJK Cannon River. The Cannon River watershed drains 880,973 acres Owatonna and Medford before reaching the Cannon River below (1,460 square miles) in southeastern Minnesota and contains the the dam at Faribault. The Cannon River watershed spans nine coun- Cannon River and the Straight River. The Cannon River travels 112 ties, nearly to the Iowa border, with Dakota County accounting for miles from Shields Lake in the west to the Mississippi River north only 0.3 percent of its watershed area (Figure 49).

Figure 49. Cannon River Watershed.

7KH ZDWHUVKHGōV VFHQLF ODQGVFDSHV UDQJH IURP SUDLULHV DQG ŴDW river banks and beds). Other problems involve managing animal ZRRGHGŴRRGSODLQVLQLWVXSSHUSRUWLRQVWRURFN\EOXIŴDQGVLQLWV waste and stormwater runoff, protecting groundwater, and address- lower reaches. Nearly all the land is privately owned (97 percent). ing the lack of wetlands in a watershed that formerly had extensive There are 3,172 farms in the watershed, with agricultural lands wetlands. predominant: row crops at 61 percent and grass/pasture/hay at )URPEHORZLWVFRQŴXHQFHZLWKWKH6WUDLJKW5LYHUWKH&DQQRQ5LY- 16 percent. Forest, wetland, and open water make up 14 percent er is designated a Wild and Scenic River. The Cannon and Straight of the watershed, and development the rest. Rivers and streams Rivers are managed by the DNR as state watercourses which are are impaired for turbidity, mercury and bacteria. The quality of the navigable by canoe and kayak. soil is a major concern because it affects surface water quality. The watershed is affected by too much erosion (often from stream and

Dakota County | Natural Resource Management System Plan 78 Chub Creek. The Chub Creek watershed covers 31,037 acres of LQDWHV ZLWK URZ FURSV DOIDOID ƓHOGV VRG IDUPV GDLU\ IDUPV DQG southwestern Dakota County (Figure 50). It extends into south- horse farms. Wetlands cover less than ten percent of the watershed. eastern Scott County and north-central Rice County. The main stem &KDQQHO PRGLƓFDWLRQV WKURXJKRXW WKH ZDWHUVKHG KDYH FKDQJHG is 22.7 miles long. It has tributaries—Dutch, Mud, and the North how the creek functions. For example, the creek was routed around Branch of Chub Creek—that are 7.0 to 9.3 miles long. Many smaller Highway 86 and now enters the Cannon River at a different location WULEXWDULHVDQGGLWFKHVDOVRŴRZLQWR&KXE&UHHN$OOWROGWKHUHDUH than before. 169 miles of stream channel in the watershed. Agriculture dom-

Figure 50. Chub Creek watershed.

Water quality in Chub Creek and its main tributaries are rated fair cies, northern pike, and many species of small minnows and dace, to good between storms, when most of the water is from ground- ZKLFKDUHVRPHWLPHVTXLWHFRORUIXOWKRXJKVHOGRPVHHQ0RVWƓVK water discharge and slowly-moving runoff. When snow melts and counted in surveys are tolerant or somewhat tolerant of polluted or storms occur, however, bacteria counts exceed recommended stan- degraded waters. Carp exist at numerous places. dards, and the creeks are considered impaired. On the other hand, Pine Creek. Pine Creek is a designated trout stream located in the the macroinvertebrate community that forms the base of the food North Cannon River Watershed. The Pine Creek watershed drains chain is rated good to excellent. The most sensitive macroinverte- 13,217 acres (20.7 square miles) in Hampton, Randolph and Doug- EUDWHVWKHPD\ŴLHVFDGGLVŴLHVDQGVWRQHŴLHVGRQRWƓQGPXFK las townships in Dakota County. Eighty-two percent of the land in JRRGKDELWDWKRZHYHUEHFDXVHULIŴHVRIJUDYHODQGFREEOHDUHUDUH the watershed is in agriculture, including row crops, sod farms, 5LIŴHVRIWHQRFFXURQO\QHDUEULGJHVGXHWRWKHURFNULSUDSXVHGLQ DOIDOIDƓHOGVDQGYHJHWDEOHFURSV3LQH&UHHNŴRZVLQWRWKH&DQ- road construction. The watershed supports typical warm water spe- non River near Cannon Falls (Goodhue County). Much of the creek

Dakota County | Natural Resource Management System Plan 79 above Highway 20 was ditched and straightened in 1960 to create of brown trout (which can tolerate warmer and more polluted water County ditch #1. Pine Creek travels about 5.8 miles within Dakota WKDQQDWLYHEURRNWURXW DVZHOODVZDUPZDWHUƓVKLQFOXGLQJVPDOO County and has an average gradient of 13.3 feet per mile. PLQQRZVGDFHDQGZKLWHVXFNHU7KHƓVK,%,VFRUHZDVLQWKHH[- Nitrate concentrations exceed the State standard, and Pine Creek cellent range. is impaired for nitrates for drinking water concern. Phosphorus Trout Brook. The 11,420-acre Trout Brook watershed (Figure 51) and turbidity are well below the State standards. Turbidity is high is largely cultivated. The land is gently rolling, becoming steep in in some parts of the creek during runoff events. Macroinvertebrate ravines. Many farmers irrigate their row crops because the sandy communities indicate fairly poor to good water quality. Since the soil loses moisture quickly. Livestock feedlots also occur. Very little FUHHNZDVGLWFKHGYHU\IHZULIŴHDUHDVH[LVWWKHVHKDELWDWVVXSSRUW ZDWHUŴRZVRYHUWKHODQGH[FHSWLQVSULQJVQRZPHOWDQGDIWHUYHU\ diverse and more sensitive macroinvertebrates. Bottom habitat is large, intense rainfall. The ravines are an abrupt change in topogra- mud, sand, and silt with tall grasses on the banks. A 2001 survey phy, containing the West and East Branches of Trout Brook. found that Pine Creek supports a naturally-reproducing population

Figure 51. Trout Brook watershed.

7KHEURRNPHDQGHUVRYHUDŴDWERWWRPHGYDOOH\ZLWKVWHHSUDYLQHV SHUFHQWRIEDVHŴRZ1LWURJHQIHUWLOL]HUDQGDQLPDOZDVWHDSSOLHG Eighteen springs and seeps and two sink holes fringe the brook upstream and interacting with groundwater makes nitrate the big- DQGLWVWULEXWDULHV*URXQGZDWHUGLVFKDUJHDQGVWUHDPŴRZPHD- gest water quality concern. The frequent intense storms in recent surements suggest that 30 to 40 percent of stream water comes \HDUVDUHFDXVLQJVLJQLƓFDQWHURVLRQDQGVHGLPHQWGHSRVLWLRQLQWR from springs. General groundwater discharge makes up 60 to 70 the stream.

Dakota County | Natural Resource Management System Plan 80 Despite higher than normal nitrate levels, Trout Brook has a natu- shed encompasses 335 square miles in Dakota and Scott Counties, rally reproducing population of brook trout, the only native trout in mostly in central Dakota. It is agricultural in the south and east and southern Minnesota. Brook trout streams were once common in the suburban and urban in the north and northwest. Its headwaters Twin Cities region, but have become rare due to land use change OHDYH6FRWW&RXQW\DQGZDWHUŴRZVHDVWQRUWKHDVWWR+DVWLQJVDQGD and other forces. 35-foot natural waterfall. From there, it meanders over bottomlands Vermillion River. The Vermillion River Watershed (Figure 52) is of the Mississippi River. The river’s waters come from four tributar- the largest by area in the seven county Twin Cities region. The water- ies, North Creek, Middle Creek, South Creek, and the South Branch.

Figure 52.9HUPLOOLRQ5LYHU:DWHUVKHG 01'15GHƓQLWLRQ

The Vermillion River is managed by the Vermillion River Water- DVLJQLƓFDQWWKUHDWEXWDWHPSHUDWXUHWUDGLQJVWXG\FRPSOHWHGLQ shed JPO. The JPO has monitored the river and tributaries for more GHWHUPLQHG WKDW WKLV WKUHDW ZDV VLWHVSHFLƓF DQG ORFDOL]HG than ten years. Parts of the river and some tributaries are impaired rather than a universal problem. The chief risk is now known to for turbidity, bacteria, dissolved oxygen, and aquatic life. At some be loss of groundwater recharge when runoff from rooftops and times in some reaches of the stream, a lack of shade and weak pavement is sent directly to storm sewers and surface waters. This groundwater discharge caused water temperatures needed to VKRUWFLUFXLWVWKHQDWXUDOŴRZRIZDWHULQWKHZDWHUVKHGDQGVWDUYHV maintain cold, trout-friendly waters to exceed the MPCA standard. the stream of its steady, cold, groundwater. The most stable reaches It had been believed that heated runoff from impervious cover was for brown trout, which though not native naturally reproduce here,

Dakota County | Natural Resource Management System Plan 81 are where temperatures are steady and coldest. These are also plac- southeast. Land use is primarily agricultural, with some areas of es where strong groundwater discharge permeates the streambed. sand-gravel mining. The City of Farmington is nearby. Whitetail As groundwater input is interrupted by expansion of impervious Woods Regional Park is located at the downstream or “down-water- cover and storm sewers, those reaches will experience less stable shed” end of the watershed. Dakota County owns about 12 percent and warmer temperatures. of the area of this watershed, so therefore does not have much con- Empire Lake Watershed. This subwatershed is 3,964 acres large trol of what impacts Whitetail Woods park. (Figure 53 :DWHU ŴRZV JHQHUDOO\ IURP WKH QRUWKZHVW WR WKH

Figure 53. Empire Lake watershed.

7.7. KEY FINDINGS 7.7.1. Vegetation A summary of vegetation types for all parks combined is in Figure The inventory and assessment of Dakota County lands and waters 54. Forests occupy the largest land cover type in the parks, at just DERYHLGHQWLƓHGQXPHURXVRSSRUWXQLWLHVWKDWVKRXOGEHFRQVLG- over half the land area. Next most abundant are grasslands and sa- ered for the County’s natural resource management program. vannas, then lakes and ponds, developed and cultivated land, and Lands and waters in the County’s system support some of the most lastly a small amount of wetlands. Streams comprise a very small important natural areas remaining. portion of the land surface. Most forests are oak, with some altered

Dakota County | Natural Resource Management System Plan 82 forest that is either recovering from over-harvesting or was formerly The largest and highest quality plant communities owned and cultivated and has been colonized by trees. A small amount of me- managed by Dakota County, which also provide core wildlife hab- sic forest and lowland forest also exists. itat, are:

The forests and prairies of Miesville Ravine Park Reserve Figure 54. Proportion of major vegetation type for all parks combined. The forests of Spring Lake Regional Park The forests, grasslands, and savanna-like areas at Lebanon Hills Regional Park These areas are the County’s best chance to retain the full spectrum of native plants and animals at a large scale, with a complexity and quality resembling historical conditions. These areas are also the most likely places where uncommon wildlife, such as SGCN, can persist in the long run.

Some of the rarer or more sensitive plant communities on County lands are:

Tamarack swamp (Lebanon Hills Regional Park) Seepage meadow (Spring Lake Park Reserve)

Native prairies (several locations) 7.7.2. Water Resources The primary issues facing vegetation management on Dakota Dakota County is fortunate to have such variety in its water resourc- County lands are summarized in Table 7. es, from major rivers to headwater streams, and from large deep lakes to small shallow ones. Based on a review of existing data and Table 7. Vegetation management issues. discussions with Dakota County staff, the highest quality surface ZDWHUVLQWKH&RXQW\ōVV\VWHPZHUHLGHQWLƓHG Table 8). Affected Plant Amount Issue Communities Affected Upland forest, woodland, Invasive plants savanna, grasslands, and Most wetlands

Woodland, savanna, /RVVRIƓUHIURPODQG- JUDVVODQGVDQGbZHW- Most scape lands

Reduced plant diversity All Most

Eroding ravines )RUHVWDQGZRRGODQGb Some

Overall deterioration All Most

Dakota County | Natural Resource Management System Plan 83 Table 8. Highest quality waters in County parks, greenways and easements. Watershed Waterbody/ Water- Primary Under Trophic Water shed Size Fishery Recreational Impairments Other County State Course (acres) Use Control (%) (FROLWXUELGLW\3&%LQƓVKWLVVXH 2016 draft list: fecal coliform, aquatic Fishing, pad- Cannon River 0.3 NA Diverse macroinvertebrate bioassessments, dling, tubing ƓVKHVELRDVVHVVPHQWVGLVVROYHG R[\JHQPHUFXU\LQƓVKWLVVXH Fecal coliform Chub Creek 0.01 NA Diverse Fishing 2016 draft list: aquatic macroin- (parts) YHUWHEUDWHELRDVVHVVPHQWVƓVKHV bioassessments Curly-leaf pond- Empire Lake 12.2 Eutrophic Paddling weed Eurasian water- Meso to Stocked Fishing, Holland Lake 1,953 46 milfoil, curly-leaf Eutrophic trout paddling pondweed Jensen Lake 1,953 46 Eutrophic Paddling Eurasian water- McDonough Meso to 1,953 46 Paddling milfoil, curly-leaf Lake Eutrophic pondweed Meso to Eurasian water- O’Brien Lake 1,953 46 Paddling Eutrophic milfoil Eurasian water- Meso to Swimming, Schulze Lake 1,953 46 milfoil, curly-leaf Eutrophic paddling pondweed Eurasian water- 3&%LQƓVKWLVVXHSHUŴXRURRFWDQH PLOIRLOŴRZHULQJ Hyper- Paddling, Spring Lake 6.0 VXOIRQDWHWXUELGLW\PHUFXU\LQƓVK rush, bighead eutrophic hunting tissue, mercury in water column carp, silver carp, zebra mussels Stocked Curly-leaf pond- Thompson Eutrophic SDQƓVK weed, Chinese Lake 0.9 bullheads Fishing mystery snail Nitrates, turbidity Brook Trout Brook 7.8 NA Fishing 2016 draft list: macroinvertebrate Trout stream Trout bioassessments 3&%LQƓVKWLVVXHDTXDWLFPDFUR- invertebrate bioassessments, fecal Brown Vermillion Fishing, FROLIRUPƓVKHVELRDVVHVVPHQWV 0.5 trout, River NA paddling dissolved oxygen, turbidity Diverse 2016 draft list: Escherichia coli, mer- FXU\LQƓVKWLVVXH

Dakota County | Natural Resource Management System Plan 84 The primary issues facing water resources on Dakota County lands The primary issues facing Dakota County’s wildlife are summarized are summarized in Table 9. in Table 10.

Table 9. Water management issues. Table 10. Wildlife management issues.

Affected Amount Affect- Affected Wildlife Issue Issue Affected Area Water Type ed Types Wetlands, lakes, Altered and lost hydrology All Habitat loss, fragmentation, and ponds, streams All All degradation; edge effects Sedimentation All Most Reduced diversity (e.g., loss of All All Impaired water quality All All pollinators) Species of Greatest Conserva- Untreated stormwater runoff All Some All All tion Need (SGCN) Aquatic invasive species Lakes Some Invasive species (e.g., eart Some Woodland Eroding shoreline All Most worms, emerald ash borer, etc.) $FFHOHUDWHGƓOOLQJLQ ŏDJLQJŐ Shallow lakes All Shifts in native species ranges Many Most Toxicity (pesticides and salt) Most All Overabundance (e.g., deer) Some Woodlands

7.7.3. Wildlife Excessive predation due to e Some Most The complex variety in Dakota County’s lands and waters creates tensive edge conditions Toxicity of pesticides and other suitable habitat for thousands of plant and animals species. How- Some Most chemicals ever, a large percentage of the County’s wildlife is uncommon and rare. The larger number of potential SGCN in the County (179 species highlighted in Appendix 1) illustrates the magnitude of uncommon and declining wildlife species in the County as a result of the ecological diversity and the landscape-level changes over the last 150 years. There are only limited wildlife survey data available. This has revealed some notable wildlife in the past decade, while other VSHFLHVKDYHEHHQNQRZQIRUVRPHWLPH%DGJHUDQGƓVKHUZHUH UHFHQWO\LGHQWLƓHGE\WUDLOFDPHUDVZKLOHORJJHUKHDGVKULNH%ODQ- ding’s turtle and brook trout have received attention for some time. Species that have been lost to the County, like the regal fritillary, a ODUJHSUDLULHEXWWHUŴ\ZKRVHODUYDHIHHGRQYLROHWVFRXOGVRPHGD\ return if enough habitat existed.

Dakota County | Natural Resource Management System Plan 85 Dakota County | Natural Resource Management System Plan 86 8. BENCHMARKING

Lebanon Hills Regional Park. Photo by AES.

Dakota County’s Óä£Ó iV >À} -ÌÕ`Þ `iwi` LiV >À} >Ã ºÌ i «ÀViÃÃ v «ÀÛ} products, services, and practices by measuring them against those organizations with similar characteristics (e.g., socio-demographic factors). Benchmarking provides a tool for public sector staff and administrators to address the changing needs of their constituencies.”

Benchmarking in this NRMSP compares the County’s current natu- The County and consulting team developed a list of questions to ral resource management practices and level of effort with compa- FRQƓUPVLPLODULWLHVLGHQWLI\GLIIHUHQFHVDQGHYDOXDWHQDWXUDOUH- rable agencies. Comparable agencies were selected because they: sources and management practices and outcomes among the enti-

Were used in previous County benchmarking studies ties. The County completed the same survey. Answers to questions were summarized and results tabulated. Since some responses Were of similar size and demographics were inconsistent, the results are best used to assess at a high lev- Represented a cross-section of agencies engaged in natural re- el what success in natural resource management might look like, source management and what resources would be needed to achieve that success. For Managed a large, diverse land base instance, comparisons with Anoka County need to consider the fact that since Anoka County consists of almost 50percent wetlands, Da- Had an established program and good reputation kota County is actually managing much more land. Comparisons Of the agencies considered, six were chosen for comparison with with Washington County need to consider that Washington has a Dakota County: very limited natural resource management program compared to Anoka County, MN the current program at Dakota County, and accomplishments will UHŴHFWWKDWUHDOLW\$FRS\RIWKHEHQFKPDUNLQJVXUYH\LVSURYLGHG Three Rivers Park District, MN in Appendix M. Washington County, MN $QLPSRUWDQWƓQGLQJZDVWKDWZKLOH'DNRWD&RXQW\LVQRW\HWPDQ- Dane County (Madison), WI aging as large a percent of its lands as Three Rivers, DuPage County, DuPage County (Chicago metro), IL Polk County, and Anoka County, it is well positioned to move into

Polk County (Des Moines), IA that league in the future. This is due to recent County Board com-

Dakota County | Natural Resource Management System Plan 87 PLWPHQWVWRLQFUHDVHG&RXQW\QDWXUDOUHVRXUFHVWDIIWRVLJQLƓFDQW successful Polk County program. Polk County reported that most of state grants from the Outdoor Heritage Fund and Environment and its “other” funds are grants. Natural Resource Trust Fund, and to available County Environmen- tal Legacy funds (Figure 55). This funding structure is similar to the

Figure 55. Sources of natural resource management budgets for the County and similar agencies.

Lessons learned from the benchmarking study are: 9ROXQWHHUV FDQ EHQHƓW WKH SURJUDP EXW WKHLU LQYROYHPHQW

Well-established natural resource management systems have should be strategic and will require County investment and LQYHVWHGVLJQLƓFDQWUHVRXUFHVDWDQLQLWLDOKLJKFRVWSHUDFUH County staff involvement. over decades to restore degraded areas. Success comes from The County’s regional greenway system is the most extensive FRQWLQXLQJWRLQYHVWVLJQLƓFDQWIXQGVWRPDLQWDLQWKHVHDUHDV among the benchmarked agencies.

7KH VLJQLƓFDQW LQFUHDVH LQ 'DNRWD &RXQW\ōV QDWXUDO UHVRXUFH The County’s conservation easements on private land is unique budget since 2013 allowed the County to match programs in scope and diversity among all of the benchmark agencies. in most benchmark counties and move towards the higher Results of the benchmarking study characterize the County’s natural achievements of the larger agencies. lands and management practices as comparable to earlier stages of Recent and expected grant funds (currently $2.5 million) sig- development for the most mature programs, but at a good stage QLƓFDQWO\LQFUHDVHGDYDLODEOH&RXQW\UHVRXUFHVDQGDFFHOHUDW- FRQVLGHULQJLWVUHODWLYHO\UHFHQWVWDUWDQGWKHƓQDQFLDOGLVUXSWLRQRI ed natural resource management. Adequate County resources the 2008 Great Recession. As in other programs, higher initial per are necessary to secure and administer grants and to direct the acre costs for restoration will be needed, but after a few to several restoration and maintenance of areas recently brought under \HDUVWKHSHUDFUHPDLQWHQDQFHFRVWVZLOOEHVLJQLƓFDQWO\OHVV management.

Dakota County | Natural Resource Management System Plan 88 9. PLAN INPUT

0RQDUFKEXWWHUŴ\IHHGLQJRQDVWHUŴRZHUV3KRWRE\'DNRWD&RXQW\6WDII

9.1. MEETING TYPES AND SCHEDULE

Input for this NRMSP was solicited and received in a series of meetings over the course of the project. Meetings were planned and executed to share and receive information from many stakeholders. Information from the meetings added to the information from surveys, discussed above. The meetings built sequentially from discussions with technical advisors, to public input, then the Planning Commission review, and lastly the County Board. There were three rounds of these sequential meetings.

Technical Advisory Committee (TAC). Dozens of the Twin Cities vide input to the plan’s development. A summary of the public most experienced and respected natural resources managers meetings is provided in Appendix O.

were invited to participate in these NRMSP meetings. Infor- Planning Commission. The County Planning Commission re- mation about the project was shared with the TAC, which in ceived regular updates throughout the project and provided turn served as a sounding board to critique and improve the an important internal review and critique of the project as it approach. A summary of TAC meetings and participants is pro- evolved. vided in Appendix N. County Board. As with the Planning Commission, the County Public Meetings. Using a variety of techniques (e.g., posters, Board (in the form of the Physical Development Committee) slide presentations, Audience Participation System), the public received project updates and participated in two workshops to was informed of project progress and had opportunities to pro- better understand the project and provide invaluable guidance, especially with regard to the preferred plan option.

Dakota County | Natural Resource Management System Plan 89 Table 11 summarizes the NRMSP meeting schedule throughout 9.2. OTHER SOURCES OF PLAN INPUT the project. As discussed in detail in section 5.2, the NRMSP project also gave County residents several opportunities to express their opinion and Table 11. Summary of NRMSP meetings and dates. make recommendations. These included: Project Phase Meeting Date 1. Scoping County Web Page. The County created a hot link on the website Kick-off Meeting (10/8/15) for news, events, and project products. 2. Research &RXQW\/LVWVHUYH7KH&RXQW\QRWLƓHGPXQLFLSDOLWLHVRUJDQL]D- TAC Meeting (2/24/16) tions, and individuals of news, upcoming events, and project Public Meeting (3/7/16 and 3/8/16) products. Planning Commission Meeting (3/24/16) County Public Opinion Survey. The County included natural re- County Board Meeting (4/12/16) source questions in its winter 2015 and 2016 public opinion surveys. 3. Vision & Concepts TAC Meeting (5/23/16) Survey Monkey. The County and consulting team created a questionnaire to ask the public questions about its opinions Public Meeting (6/13/16) of natural resources; the questionnaire was promoted on the Public Meeting 6/13/16 County web page and listserve. Planning Commission Meeting (6/23/16) Intercept Surveys. The County placed surveys at key locations County Board Workshop (9/13/16) around the County, primarily libraries, to give the question- County Board Workshop (11/29/16) naire to County residents. 4. Develop Preferred Plan Option b TAC Meeting (2/8/17) b Planning Commission Meeting (2/23/17) b County Board Meeting (3/14/17) 5. Public Review and Plan Adoption Public Meeting (mid-April/17) b Planning Commission Meeting (4/28/17) b County Board Meeting (5/9/17) b County Board Approval (5/23/17)

Dakota County | Natural Resource Management System Plan 90 10. PRINCIPLES, VISION, GOALS, AND APPROACHES FOR NATURAL RESOURCES MANAGEMENT

Miesville Ravine Park Reserve. Photo by AES.

This section presents principles, vision, goals and approaches for successfully managing natural resources. It also includes important considerations for implications of managing natural resources. Based on the current conditions of the resources and principles, the plan goals and approaches set a path for reaching the vision.

The principles, vision, goals, and approaches were presented to and ty—the variety of life, including all species, species interactions, and reviewed by the following groups: the public, the Technical Adviso- WKHXQGHUO\LQJJHQHWLFGLYHUVLW\)RUVHYHUDOGHFDGHVWKHVFLHQWLƓF ry Committee, the County Planning Commission, and the County community has considered the loss of species and genetic diversity Board of Commissioners. as one of the great challenges of our time. The main contributors to biodiversity loss are habitat loss and fragmentation, forest and 10.1. PRINCIPLES other habitat deterioration; invasion by non-local species, and A principle, according to the Webster Dictionary, is “a fundamental climate change. Addressing biodiversity loss in Dakota County, truth or proposition that serves as the foundation for a system of where considerable loss has already occurred, is helped by using belief or behavior or for a chain of reasoning.” Principles form the the precautionary principle. In the absence of information about foundation for managing the natural resources in Dakota County the damaging effects of development and management on natural parks, easements, and greenways. resources, developers and managers should exercise caution when implementing development and management plans. An assump- It is important to consider that one of the primary reasons to man- tion of no harm in the absence of data does not mean no harm will age natural resources is to preserve biological diversity—biodiversi- result. A thoughtful approach to development and management

Dakota County | Natural Resource Management System Plan 91 requires that unforeseen and unintended consequences be iden- keting. Since both plans have overlapping goals and outcomes that WLƓHGDQGFRQVLGHUHGZKHQH[HFXWLQJSODQV affect in the visitor’s experience, the NRMSP and the VSSOP were The principles for natural resource management, listed below were developed in conjunction with each other. LQŴXHQFHG DQG PRGLƓHG E\ WKH SXEOLF )RU LQVWDQFH VLQFH WKH The following are the shared NRMSP and the VSSOP principles: public places such a high value on the County’s natural resources, Balance: Nature-based parks should protect natural resources WKLVZDVUHŴHFWHGLQWKHSULQFLSOHV$WDKLJKOHYHOWKHVHSULQFLSOHV ZKLOHHQFRXUDJLQJUHFUHDWLRQDOXVHWRJDLQWKHEHQHƓWVRISHR- UHŴHFWZKDWLVFRQVLGHUHGWREHWKHZHOOHVWDEOLVKHGDQGDFFHSWHG ple experiencing the natural world. foundation for natural resource management by the profession. Build Appreciation: Nature-based parks and visitor services 10.1.1. Foundational Principles of Natural Resources build appreciation of the natural world through discovery, Management learning, and recreation in natural settings. Foundational natural resource management principles include: 6WHZDUGVKLS %HQHƓWV Natural resource management pro- Natural resources and natural communities exist as interrelat- vides cleaner air and water, biological diversity, native species ed, dynamic systems that have developed over thousands of habitat, improved visitor experience, community attractiveness, years. and public appreciation for natural resources.

1DWXUDOUHVRXUFHVKDYHYDOXHDSDUWIURPSXEOLFEHQHƓWV Synergy: Nature-based parks should build synergy between 1DWXUDO DUHDV DQG KDELWDW KDYH EHHQ VLJQLƓFDQWO\ ORVW IUDJ- visitor services and resource management through events, ed- mented and degraded. ucation, volunteerism, marketing and thoughtful design. Natural processes have been disrupted, resulting in degrada- Community Engagement: Natural resource management on WLRQ GLPLQLVKHGIXQFWLRQDQGUHGXFHGEHQHƓWV County land should recognize public values and preferences, and provide opportunities for public engagement, education Natural resource management is necessary to halt and reverse and volunteerism. the trends of degradation.

Biodiversity is an important measure of site quality, community 10.1.3. Working Principles of NRMSP resilience and biotic potential. The following principles will guide the short- and long-term implementation of this NRMSP: Larger, contiguous habitat areas provide more ecological success than many smaller or linear areas, and connectivity be- Natural resource management is necessary to halt and reverse tween habitat areas is important. degradation to natural systems, and requires long-term commitment. Restoration is a process, not a point in time and often there is no clear endpoint. Natural resource management should improve and sustain interrelated natural resource systems (especially for rare and Natural resources, natural communities and ecosystems are not declining native species). FRQƓQHGWRMXULVGLFWLRQDORUSURSHUW\ERXQGDULHV Natural resource management should address historic, current 1DWXUDOUHVRXUFHVSURYLGHPXOWLSOHSXEOLFEHQHƓWV and adjacent land uses.

10.1.2. Shared Principles between NRMSP and Visitor Natural resource management on protected private lands (ease- Services Strategic Operations Plan PHQWV LPSURYHVUHVRXUFHTXDOLW\DQGSURYLGHVSXEOLFEHQHƓWV At the same time the County was developing the NRMSP, the Coun- ty was also developing the Visitor Services Strategic Operations 10.2. VISION Plan (VSSOP). The purpose of the VSSOP is to improve and deliver A vision, according to the Webster Dictionary, is “an aspirational public services that enrich the overall County park and greenway description of what an organization would like to achieve or accom- experience, including recreation amenities (like food), events, out- plish in the mid-term or long-term future. It is intended to serve door education, volunteerism, rentals, customer service, and mar- as a clear guide for choosing current and future courses of action.”

Dakota County | Natural Resource Management System Plan 92 It is important to have an inspiring, but pragmatic vision for natu- 10.3.2. Water Resources Management Goals in Parks ral resource management on appropriate public and private lands Focus efforts to address listed surface water impairments based based on a number of integrated social, ecological and economic on lakes study and collected data principles and other considerations. After understanding the qual- )RFXV RQ WKH PRVW VLJQLƓFDQW DTXDWLF LQYDVLYH VSHFLHV $,6 ity of the County’s natural resources through inventory and assess- (Eurasian watermilfoil and curly leaf pondweed) and the most ment, and then applying planning principles, what emerged was VLJQLƓFDQWZHWODQGLQYDVLYHVSHFLHV as a realistic and compelling vision to take Dakota County’s natural resources from their current baseline conditions. Through internal Employ an early detection-rapid response approach to prevent- County/consultant discussions and consideration of public input, ing new AIS invasion the following vision statement was developed for this NRMSP: Work with partners outside park boundaries, in park watersheds to install stormwater best practices at priority locations to The water, vegetation, and wildlife of Dakota address listed impairments County parks, greenways, and easements will Monitor (by County and others) to track progress and facilitate be managed to conserve biodiversity, restore adaptive management >ÌÛi >LÌ>ÌÃ]«ÀÛi«ÕLVLiiwÌÃ]>` 5HƓQHPDQDJHPHQWSULRULWLHVDQGDFWLYLWLHVWKURXJKSDUNVSH- achieve resilience and regionally outstanding FLƓF1503VDQG0DVWHU3ODQV quality, now and for future generations. Water leaving parks should be as clean or cleaner than water 10.3. GOALS entering the parks A goal, according to the Webster Dictionary, is “the object of a per- 10.3.3. Wildlife Management Goals in Parks son’s ambition or effort; an aim or desired result. What you want to Surveys will be conducted for wildlife indicator species associat- DFFRPSOLVKŐ$ŏ60$57ŐJRDOLV6SHFLƓF0HDVXUDEOH$VVLJQDEOH ed with major plant communities Realistic, and Time-based. The following goals, organized by topic, Monitoring (both short- and long-term, by County and by oth- emerged from the principles and vision: ers) will track progress and be used to guide adaptive manage- 10.3.1. Vegetation Management Goals in Parks ment activities and priorities for selected resident and migratory species Focus initial invasive species control on the most invasive species in the highest quality areas 2QJRLQJ GHYHORSPHQW RI SDUNVSHFLƓF 1503V DQG 0DVWHU 3ODQVZLOOUHƓQHPDQDJHPHQWDFWLYLWLHVDQGSULRULWLHV 6XIƓFLHQWO\LQVWDOOQDWLYHVHHGSODQWVWROLPLWUHVSRQVHRILQYD- sive plants Include wildlife management in the development and updates of NRMPs; include wildlife as potential priority feature of each )ROORZEHVWPDQDJHPHQWSUDFWLFHVDQGODWHVWVFLHQWLƓFPHWK- park’s NRMP ods to achieve success

Monitor to track progress and facilitate adaptive management 10.3.4 Greenway Goals The most highly invasive species should be controlled since Maintain vegetation perpetually in restored areas greenways can contribute to the spread of invasive species. Designate higher quality natural areas, unique habitat value, Restoration and enhancement of high quality areas within or already restored areas) within the park system where the County-owned lands and easements will improve visitor expe- priority use and management will be to improve and maintain rience and can reduce long- term maintenance costs. natural resource integrity It will be important to work with a wide range of partners to 5HƓQHQDWXUDOUHVRXUFHPDQDJHPHQWSULRULWLHVDQGDFWLYLWLHV restores and enhance non-County-owned lands and easements WKURXJK SDUNVSHFLƓF 1DWXUDO 5HVRXUFH 0DQDJHPHQW 3ODQV within regional greenway corridors and to identify opportuni- (NRMPs) and Master Plans and updates WLHVIRUFROODERUDWLRQDQGLQFUHDVHGHIƓFLHQFLHV

Dakota County | Natural Resource Management System Plan 93 Wildlife surveys should be conducted for key indicator species approaches for the NRMSP were rooted in the principles, guided by

Monitoring will track progress and facilitate adaptive manage- the vision and informed by the goals. These approaches were devel- ment RSHGE\&RXQW\VWDIIDQGFRQVXOWDQWVDQGPRGLƓHGDQGUHƓQHGE\ the TAC, the Public, the Planning Commission, and ultimately, the NRMPs should be developed for each regional greenway County Board. What emerged was a two-tiered approach, described *UHHQZD\VSHFLƓF1503V0DVWHU3ODQVDQGXSGDWHVZLOOUHƓQH in Section 11 below. management activities and priorities This two-tiered approach attempted to balance a number of consid- 10.3.5 Conservation Easement Goals erations, primarily: Public investments should be based on a public-private cost– Tier 1 and Tier 2 restoration/improvement initiatives and out- share formula that will be differentiated based on potential im- FRPHVIRUWKHƓYHSULPDU\FRPSRQHQWV EHORZ pacts to impaired waters and high quality natural areas. Estimated Tier 1 restoration/improvement expenses and esti- Annual monitoring will ensure easement compliance and track mated revenue sources, including anticipated County costs progress and facilitate adaptive management Estimated Tier 1 maintenance expenses and estimated revenue NRMPs should be developed for important natural areas with- sources, including anticipated County costs LQDJULFXOWXUDOHDVHPHQWVDQGXSGDWHGHYHU\ƓYH\HDUVIRUDOO (VWLPDWHG7LHUVWDIƓQJUHTXLUHPHQWVDQGFRVWV easements Estimated Tier 1 component and cumulative costs Landowners are responsible for maintenance for three years beyond restoration project completion 7LHUDQG7LHUDFWLYLWLHVZHUHHDFKGLYLGHGLQWRWKHƓYHSODQFRP- ponents: vegetation, water, and wildlife in parks; greenways; and 10.4. APPROACHES easements. Implementation of the Tier 1 and Tier 2 approaches is discussed in detail starting in Section 11.2. An approach, according to the Webster Dictionary, is “a way of deal- ing with something.” It answers how something will be done. The

Dakota County | Natural Resource Management System Plan 94 11. IMPLEMENTING THE NATURAL RESOURCE MANAGEMENT SYSTEM PLAN

“Plateau Prairie” savanna and woodland restoration in Spring Lake Park Reserve. Photo by AES.

Successful implementation of this NRMSP will require strategic actions, phased over time, followed by perpetual management. In discussions with the Technical Advisory Committee, the public, the Dakota County Planning Commission, and the County Board of Directors, the tiered approach to implementation seemed most useful. Tier 1 represents the highest priority and most time-sensitive natural ÀiÃÕÀVi>VÌÛÌiÃÌ >ÌÃ Õ`Li«iiÌi`Ì iiÝÌwÛiÞi>ÀÃÓä£nÌÓäÓÓ®°/iÀÓÀi«ÀiÃiÌÃ important but less urgent actions that should be implemented over the following 15 years (2023 to 2037).

11.1. COUNTY GOVERNMENT CAPACITY FOR forts when needed. These intermittent needs of the County can be NATURAL RESOURCES more affordably met by utilizing contractors rather than by using County staff. The County’s existing capacity for natural resource management was described in Section 6. The County fully recognizes that an in- 11.1.2. Leveraging County Resources crease in capacity will be required to implement this NRMSP. This Grants. Several State of Minnesota grant programs provide sub- increased capacity will be realized through increased commitment stantial funds to natural resource projects. Dakota County has been of County resources as well as by leveraging County resources VXFFHVVIXOLQVHFXULQJVLJQLƓFDQWJUDQWIXQGVWRDGYDQFHWKH&RXQ- through grants, volunteers, and partnering arrangements. W\ōVQDWXUDOUHVRXUFHVSURJUDP6RPHRIWKHVHDUHLGHQWLƓHGLQTa- ble 2, Section 6.1, of this Plan. The County will continue to pursue 11.1.1. Increased Commitment of County Resources these grants, as they are a critical funding source for implementing 6WDIƓQJ Hiring additional County staff is a cost-effective way to this NRMSP. advance the goals of this NRMSP. Hiring and use of internal staff FDQSURYLGHJUHDWHUFRQVLVWHQF\FRQWURODQGŴH[LELOLW\DVRSSRVHG Collaboration for Improved Outcomes. Raising the capacity of to hiring contractors. the County to implement the NRMSP depends on partnerships. &ROODERUDWLRQ OHYHUDJHV &RXQW\ UHVRXUFHV LQFUHDVHV SURMHFW HIƓ- Contractors. While some natural resources restoration and man- ciencies, and extends high quality natural resource management agement activities can be done cost-effectively with internal County over more acres, and not just County lands. As a result, the integ- staff, volunteers, and partners, other tasks are best conducted by rity and health of ecosystems will be restored and brought under FRQWUDFWRUV4XDOLƓHGFRQVXOWLQJHFRORJLVWVDQGHFRORJLFDOFRQWUDF- regular management more quickly. Likewise, ecosystem services of tors can augment County staff by providing specialized services ZLOGOLIHSURGXFWLRQZDWHUUHJXODWLRQDQGDLUDQGZDWHUSXULƓFDWLRQ (sometimes requiring special equipment) and more intensive ef- will continue at a high level, despite land use and climate change.

Dakota County | Natural Resource Management System Plan 95 The County partnered with the following organizations: Partnering organizations can also provide staff to manage volun-

Dakota County Soil and Water Conservation District teers. Volunteers are discussed further below.

Vermillion River Watershed Joint Powers Organization The County may wish to establish a collaborative fund, into which the County contributes with the guarantee that those funds will be County Cities and Townships OHYHUDJHGE\SDUWQHUVZRUNLQJRQVSHFLƓFSURMHFWVDQGLQLWLDWLYHV Friends of the Mississippi River 7KDWOHYHUDJHPD\SOD\RXWLQWKHSDUWQHUōVJUHDWHUHIƓFLHQF\RUFORV- Great River Greening er proximity, for example. There are also opportunities to collaborate with private sector partnerships and to achieve mutual goals Trout Unlimited by pooling resources. Pheasants Forever Using Volunteers. 7KHFKDUDFWHULVWLFVDQGPDQ\EHQHƓWVRIYRO- Conservation Minnesota unteer programs were discussed in Section 6.4. As mentioned, Minnesota Department of Natural Resources volunteer programs require staff commitment for planning and execution. In 2016, Natural Resources volunteers contributed over Mississippi Park Connection 2,600 hours (1.25 FTEs) to the County. During that same year, Nat- Carpenter Nature Center ural Resources staff committed 548 hours to manage volunteer-re- Conservation Corps Minnesota ODWHG WDVNV 7KHVH KRXUV GR QRW LQFOXGH VLJQLƓFDQW ZRUN E\ WKH

Minnesota Zoo County’s Volunteer Coordinator (housed in Communications). Due to the County’s partnership with Wilderness in the City, volunteer Collaborating with other organizations to advance natural resource program development and growth at Lebanon Hills Regional Park restoration and management can take many forms. The following was accelerated. Without similar partnerships at other parks, the VWUDWHJLHV FDQ SURGXFH D YDULHW\ RI EHQHƓWV LQFOXGLQJ UHGXFHG program cannot be expected to grow as quickly. costs to the County, strengthened relationships with partners, and expanded public outreach and goodwill: A volunteer component is included in grant requests wherever practical. This makes requests more appealing to funders and bolsters Share staff expertise, equipment, and resources community support for these projects. While the volunteer target Share and technical knowledge and skill varies greatly by park and project scope, based on recent averages, Provide funds to leverage staff capacity, Dakota County should aim to engage 0.1 FTE (208 hours) in volunteer labor for every $240,000 in restoration project cost. This will Coordinate management of adjacent and nearby natural areas, require approximately 52 staff hours (0.025 FTE) in volunteer man- DQGLQFUHDVLQJHIƓFLHQF\RISURMHFWH[HFXWLRQ agement, which can be counted as in-kind match for these grants. Coordinate planning and execution of volunteer events County staff resources will be needed to maintain and expand ex- Partner on grant applications to increase chances of success isting volunteer initiatives. In 2016, 0.2 FTE were dedicated to man- 3DUWQHUVKLSVFDQVLJQLƓFDQWO\HQKDQFHRSSRUWXQLWLHVIRUYROXQWHHU aging volunteers on projects that were not funded by grant dollars. HQJDJHPHQW 7KH PHPEHUVKLS RI PDQ\ FRQVHUYDWLRQ QRQSURƓWV These programs were responsible for nearly 1,500 volunteer hours, KDVVSHFLƓFLQWHUHVWVDQGDSDUWLFXODUGHGLFDWLRQWRWKHRUJDQL]D- SULPDULO\DW/HEDQRQ+LOOV:KLOHWKLVVWDIƓQJOHYHOLVVXIƓFLHQWWR tion’s cause. While these members may not necessarily have an maintain existing initiatives at that one park, additional resources interest in volunteering for the County, they may be very interested would be needed to expand volunteer initiatives, particularly to in that same volunteer project if it were endorsed or hosted by a parks that do not have an existing volunteer base. IDYRULWHQRQSURƓW1RQSURƓWDQGFRPPXQLW\SDUWQHUVPD\DOVREH Capitalize on Potential Revenue Streams. Management of the better positioned to organize dynamic volunteer events, making County’s natural resources has the potential to generate revenue. them more attractive. This may include providing refreshments, Sustainable timber harvest on County lands to advance ecosystem t-shirts, and other giveaways. These partnerships can increase the KHDOWKFRXOGJHQHUDWHUHYHQXHWKURXJKWKHVDOHRIVDZORJVƓUH- County’s capacity to engage volunteers and relieve County staff of wood, wood chips, and biomass. Native seed could be harvested the burden of recruiting volunteers and managing event logistics. and sold sustainably from County-owned or -managed prairies; af-

Dakota County | Natural Resource Management System Plan 96 ter seed harvest, these prairies could be mowed, with the clippings for 2023 to 2037. The tiers are not, strictly speaking, phases, but VROGDVSUDLULHKD\ +D\LQJKDVVRPHRIWKHVDPHEHQHƓWVDVEXUQ- are generally approached as such in this plan. For example, in a ing a prairie.) phased approach, one phase follows another, sequentially. With tiers, they can be implemented simultaneously, or in sequence. 11.2. COUNTY’S PREFERRED APPROACH TO However, since many of the activities and initiatives in Tier 2 de- NATURAL RESOURCES MANAGEMENT pend on having completed Tier 1, phasing them is recommended. This also allows better assessment of success and adaptive manage- 11.2.1. Overview and Support for the Preferred PHQWDORQJWKHZD\:LWKWLHUVVRPHRIWKHELJJHVWEHQHƓWVDUH Approach reduced costs of maintenance in the long-term, and 2) increased The preferred approach for implementing this NRMSP was intro- level of resource quality in both the short and long terms. With veg- duced in Section 10.4. This consists of Tier 1 (most urgent) and Tier etation, for example, as more effort is inputted at each tier, the re- 2 (important, but less urgent) activities that will occur in each of the source quality will improve and the per-unit maintenance cost will ƓYHSODQFRPSRQHQWV7LHULVVODWHGIRUWRDQG7LHU fall to a lower level than at the previous tier (Figures 56 and 57).

Figure 56. Tier 1 Vegetation Restoration and Enhancement Model. The graph illustrates how resource quality increases steadily and maintenance costs drop with added management inputs. Restoration is considered the initial steps in the model, which involves the most GLIƓFXOWDQGH[SHQVLYHDFWLYLWLHVVXFKDVH[RWLFEUXVKUHPRYDODQGVHHGOLQJHVWDEOLVKPHQW(QKDQFHPHQWUHIHUVWRDGGHGLQSXWVVXFKDV LQFUHDVLQJGLYHUVLW\RIZLOGŴRZHUVLQDSUDLULH

Dakota County | Natural Resource Management System Plan 97 Figure 57. Tier 2 Vegetation Restoration and Enhancement Model. As with Tier 1, the graph illustrates how resource quality increases steadily and maintenance costs drop with added management inputs The rate of ecological quality increase will vary; this is a conceptualization. $VLVVKRZQLQWKHJUDSKPDQ\RIWKHJUHDWHVWEHQHƓWVRFFXULQWKHLQLWLDOVWDJHVDQGZKHQH[SDQVLRQ EHFDXVHRIKDELWDWUHFRQVWUXFWLRQ gains and connection of habitat, since larger core habitats result).

In Tier 1, outcomes are described for each activity, with the estimat- and the data gathered by monitoring the effects of implementing ed number of acres, projects, or species being considered. Individ- the Tier 1 activities. ual activities were characterized as either restoration/improvement For both Tier 1 and Tier 2, the quality of outcome in vegetation, wa- or maintenance. A range of unit costs was developed for each ac- ter and wildlife of parks, and in greenways and easements, will be tivity in the restoration/improvement and maintenance categories, rated using a four point scale. The rating scale for vegetation follows ZLWKDUDQJHRIWRWDOFRVWVHVWLPDWHGRYHUƓYH\HDUV(YHU\HIIRUWZDV that used by the Minnesota Department of Natural Resources: A = made to develop costs based on experience with past restoration excellent, B = good, C = fair, and D = poor. See Appendix P for a and management projects, or to use professional judgment to es- full explanation of this rating system. timate costs. Variation around the low and high costs could be as In general, the public indicated the strongest support for vegeta- much as 50 percent. tion and water management, and for conservation easement man- Tier 2 FRQVLVWV RI UHFRPPHQGHG DFWLYLWLHV ZLWKRXW VSHFLƓF RXW- agement, with slightly less support for wildlife management and comes or costs. These activities will be more fully developed in the natural resource management in greenways (see Appendix O for next few years based on County Board comments and direction, public meeting summaries). Planning Commission members indi-

Dakota County | Natural Resource Management System Plan 98 cated a strong support for the proposed implementation approach, Figure 58. Expansion of Dakota County park and greenway but felt that the draft plan was too ambitious and should be scaled vegetation management, 2017 to 2037 EDFN$VDUHVXOWRIWKLVLQSXWWKHDFWLYLWLHVZHUHQRWDOWHUHGVLJQLƓ- Current Status (2017) cantly, but the expectations for some outcomes were reduced. 11.2.2. Increasing County Capacity Earlier surveys and public meetings and those completed during this NRMSP process underscored how strongly County residents feel about improving natural resources. While the County’s natural resource management program has expanded recently, the Coun- ty’s capacity needs to be augmented to achieve the goals outlined in this plan. At the County’s current capacity, all of the lands infested ZLWKLQYDVLYHSODQWVDUHQRWEHLQJPDQDJHGROGƓHOGVSURSRVHGIRU conversion to prairie have not all been converted, many water quality issues have not been addressed, and some high quality natural areas have not been protected from future degradation. In implementing this NRMSP, lands not currently being actively managed Tier 1 Status (2022) under a formal plan will be brought into the intensive initial phase of restoration and management. About half of the County’s 4,700 acres of natural vegetation in parks and greenways are currently receiving some kind of natural resource management (Figure 58). Not all of this management is DVLQWHQVLYHDVUHVWRULQJDFRUQƓHOGWRSUDLULH6RPHPDQDJHPHQW involves simply removing the oldest buckthorn plants to prevent WKHPIURPVKHGGLQJVHHG$IWHULPSOHPHQWLQJWKLV15063IRUƓYH years, by 2022 the County anticipates that about three-quarters of its park and greenway vegetation will be under natural resource management. About one-third of the vegetation will have been fully restored and under long term management, at a lower per- acre cost than the per-acre cost of restoration. Furthermore, after 20 Tier 2 Status (2037) years of implementation, the County anticipates that 98 percent of its park and greenway vegetation will be under natural resource management, with nearly three-quarters of that restored.

Dakota County | Natural Resource Management System Plan 99 Using the strategies discussed in Section 11.1, Dakota County will 11.3.1. Vegetation Management in Parks implement Tier 1 activities and bridge the gap between existing The County’s native plant communities are most threatened by inva- capacity and needed capacity. The details of bridging the gap are sive plants, lack of management (especially in high quality natural discussed in detail in Section 11.3 below. DUHDV ODFNRIFRQVLVWHQWPRQLWRULQJDQGODFNRIVLWHVSHFLƓFSODQV for all major natural areas. The following actions have been identi- 11.3. IMPLEMENTING TIER 1 MANAGEMENT (2018- ƓHGDVWRSSULRULWLHVIRUYHJHWDWLRQPDQDJHPHQWLQWKH&RXQW\ 2022) 11.3.1.1. Control/Manage Most Highly Invasive Species on All Goals for management of vegetation, water resources, wildlife, gre- County Lands enways, and easements were discussed earlier in Section 10.3 of ,QYDVLYHSODQWVKDYHEHHQLGHQWLƓHGDVRQHRIWKHPRVWVLJQLƓFDQW this plan. The following sections lay out the County’s top priority natural resource concerns in the County. Invasive plant species Tier 1 activities for achieving these goals. As this plan is strategic, that pose the greatest threat to Dakota County lands and vegetat- not operational, the activities in Tier 1 provide guidance, rather than ed wetlands will be removed as described in Table 12. As a Tier 1 SUHVHQWWKHVSHFLƓFVRIZKDWVKRXOGKDSSHQ)RUWKDWOHYHORIGHWDLO priority, strategic management of these species will take place in all a Natural Resource Management Plan will be written (Section 6.3), uplands and wetlands on County lands. GHYHORSLQJDFWLYLWLHVWRƓWWKHSDUWLFXODUVRIHDFK&RXQW\SDUNJUH- enway, and easement.

Table 12. Invasive plants that pose the greatest threat to County lands and wetlands.

Common Name 6FLHQWLŵF1DPH Notes and General Control Strategy Uplands Common & glossy buckthorn Rhamnus cathartica & Frangula alnus Very common. Remove all, but begin with seed-bearing plants if total removal is not feasible. Non-native honeysuckles Lonicera tatarica, L. morrowii & L. x bella Very common. Remove all, but may begin with seed-bearing plants. Siberian elm Ulmus pumila Common. Selective removal where it can spread easily. Black locust Robinia pseudoacacia Common. Selective removal where it can spread easily. Amur maple Acer ginnala Uncommon. Selective removal where it can spread easily. Spotted knapweed Centaurea stoebe subsp. micranthos Common. Remove all. Bull & nodding thistles Cirsium vulgare & Carduus nutans Common. Remove all. Garlic mustard Alliaria petiolata Common. Remove all. Japanese hedge parsley Torilis japonica Uncommon early invader. Remove all. Wild parsnip Pastinaca sativa Common. Remove all. Smooth brome Bromus inermis Very common. Remove where it threatens active restoration/management areas. Wetlands Reed canary grass Phalaris arundinacea Very common. Remove where it threatens natural area. Invasive cattails Typha angustifolia and T. x glauca Very common. Remove where it threatens natural area. Purple loosestrife Lythrum salicaria Very common. Remove where it threatens natural area (biological control options) Canada thistle Cirsium arvense Very common. Remove all.

Dakota County | Natural Resource Management System Plan 100 Based on the presence and distribution of target invasive species, it Camp Sacajawea is estimated that approximately 400 acres of uplands and wetlands Wheaton Pond campground and lake loop trail ZLOOEHVSHFLƓFDOO\PDQDJHGIRUWKHPRVWKLJKO\LQYDVLYHVSHFLHV West trailhead LQWKHƓUVWƓYH\HDUVRIWKLVSODQ7KLVDFUHDJHLVLQDGGLWLRQWRWKH areas that are to be restored (Section 11.3.1.2). Miesville Ravine Park Reserve Management will include a variety of proven methods to kill, re- Trout Brook trail network move, and control these aggressive plants. Techniques include cut- Cannon River picnic area and water access ting, mowing, pulling, herbicide, prescribed burning, and biocon- trol. Techniques will be selected and applied based on individual Spring Lake Park Reserve site conditions and other factors. Schaar’s Bluff Gathering Center and nearby areas and trails 11.3.1.2. Restore/Enhance Important Natural Areas and High- Archery Trail use/Educational Areas Camp Spring Lake Retreat Center Lands included in this activity will be restored or enhanced in the ƓUVWƓYH\HDUVRIWKHSODQ$UHDVPHHWLQJWKHIROORZLQJFULWHULDWRWDO Whitetail Woods Regional Park approximately 820 acres: Camper cabins

1DWLYHSODQWFRPPXQLWLHVLGHQWLƓHGE\WKH'15&RXQW\%LRORJ- Picnic area

ical Survey Trail along south shore of Empire Lake 0LQQHVRWD /DQG &RYHU &ODVVLƓFDWLRQ 6\VWHP 0/&&6 QDWXUDO Thompson County Park FRPPXQLWLHVLGHQWLƓHGDV%&TXDOLW\RUEHWWHU VHHAppendix P IRUTXDOLW\UDQNGHƓQLWLRQV Dakota Lodge All wetlands warranting restoration or enhancement Entire trail network

Aquatic buffers (land within 100 feet of public waters) 5HVWRUDWLRQDQGHQKDQFHPHQWQHHGVDQGDFWLYLWLHVZLOOYDU\VLJQLƓ- cantly over these diverse areas. Actions may include the invasive High-use or educational areas in County Parks plant management techniques listed above as well as live native High-use and educational areas in the parks include the following: plantings, native seeding, and establishment or enhancement of aquatic buffers. Lake Byllesby Regional Park Boat launch Although all of the County parks in the system have high-use areas, the following maps (Figure 59 and Figure 60) show examples of RV campground high use areas from two parks: Lebanon Hills Regional Park, and East unit trail network Spring Lake Park Reserve.

Lebanon Hills Regional Park Install signage (permanent and/or temporary) or add information Around McDonough Lake to the existing kiosks, or new kiosks, at various locations throughout the park, but especially at the site of restoration activity, which North of Schulze Lake explains and showcases natural resource restoration efforts and the North of Portage Lake EHQHƓWVRIVXFKUHVWRUDWLRQWRKHOSHGXFDWHDQGLQIRUPSHRSOH North of Marsh Lake Continue to partner with experts to provide programing on natural resource management issues to the public (e.g., “Parks & Pints”). Area between Portage and Marsh Lakes

+ROODQG/DNHSLFQLFDUHDDQGƓVKLQJSLHU

Jensen Lake picnic area and lake loop trail

Dakota County | Natural Resource Management System Plan 101 Figure 59. High-use areas in Lebanon Hills Regional Park

Figure 60. High-use areas in Spring Lake Park Reserve

Dakota County | Natural Resource Management System Plan 102 11.3.1.3. Maintain All Existing and Newly Restored Areas Table 13. Techniques for vegetation monitoring. In order to protect natural resources investments already made, Monitoring Technique Description and Notes the County will provide perpetual management for all existing Reconnaissance Level (Basic Effort) and newly restored County natural areas. Table 2 in Section 6.1 represents a partial inventory and acreages of many of the Coun- Walkabout General site observations ty’s restored natural areas, which will total approximately 2,400 to Photo-documentation Fixed-photo reference points; plot and landscape photos DFUHVDWWKHFORVHRIWKHƓUVWƓYH\HDUVRIWKHLPSOHPHQWDWLRQ of this plan. The level of restoration will vary among these areas, Qualitative Level (Intermediate Effort) but all will be inspected and managed on a schedule. Perpetual Vegetation species lists General plant species observations management will consist primarily of monitoring, invasive plant Quantitative Level (Rigorous, Detailed Effort) FRQWURO DQG SUHVFULEHG EXUQLQJ RI ƓUHGHSHQGHQW HFRV\VWHPV Timed-meander search Semi-quantitative species list, with Performance standards will vary depending on the location and diversity estimation character of each restored natural areas. Regularly monitor prairie Vegetation plots (e.g., Size varies by plant community; gives restoration sites for forb diversity. If forb diversity is too low, take relevés) structure, composition and diversity steps to increase forb diversity. Vegetation transects Type varies by plant community; gives structure, composition and diversity 11.3.1.4. Stabilize Invasive Plant Species Control Areas Following initial invasive control (addressed under Section Tree cores Measures the age of trees 12.3.1.1), follow-up invasive plant species control will occur at least HYHU\ƓYH\HDUVEXWZLOOIRFXVRQVHHGSURGXFLQJZRRG\LQYDVLYH The County already conducts vegetation monitoring at select loca- VKUXEV JHQHUDOO\ŰŐGLDPHWHUDWEUHDVWKHLJKW 7KHVHVWDELOL]D- tions, including most planted prairies, some prairie remnants, most tion activities are estimated to cover a total of 1,100 acres. Stabili- grant-funded restoration areas, and in some woodlands. Woodland zation activities are like those for other invasive species discussed monitoring includes portions of Whitetail Woods, Miesville Ravine, in section 11.3.1.1. Lebanon Hills, and Spring Lake Park. The County inventories plants 11.3.1.5. Collect Baseline and Trend Data using relevés and transects. It also documents overall site condi- Ecological monitoring helps to assess if project goals are being tions with repeat photography. achieved and allows adjustments to be made to improve outcomes. County lands and wetlands will be monitored in the following way. Monitoring is a key component of adaptive management. Vegeta- 6SHFLƓFQDWXUDODUHDVPD\ZDUUDQWPRUHULJRURXVWHFKQLTXHV tion monitoring can be accomplished using a variety of techniques, Conduct a walkabout three times each year (May, July & Septem- ranging from basic to more rigorous methods. Several monitoring ber). Focus on high quality areas, areas of concern and areas that techniques are listed in Table 13. A more detailed approach to experienced recent restoration, enhancement and management monitoring is found in Section 11.5. attention. :KHUHZDUUDQWHGDVVHVVVSHFLƓFSHUIRUPDQFHVWDQGDUGVXVLQJDS- propriate monitoring methods, especially work by contractors and DUHDVRIKLJKSURƓOHRUFRQFHUQ Prepare brief year-end report summarizing observations and performance measurements.

11.3.1.6. Develop Individual NRMPs for Each Park The County has already made a commitment and begun to prepare Natural Resource Management Plans (NRMPs) for all of its parks 6HFWLRQ 7KHVH1503VZLOOSURYLGHSDUNVSHFLƓFUHVWRUDWLRQ enhancement and management recommendations, and include details regarding performance standards and monitoring tech-

Dakota County | Natural Resource Management System Plan 103 QLTXHVDSSURSULDWHIRUHDFKSDUN1503VZLOOEHXSGDWHGHYHU\ƓYH There are several cities, watersheds, and the SWCD that have estab- to ten years following adaptive management. For details on how lished private sector funding programs in place. Collaboration with the NRMPs will be coordinated with the Master Plans, that is, how other organizations could reduce the need to develop an indepen- natural resources objectives will be coordinated with visitor services dent policy, criteria and process for a funding program. objectives, see section 11.6.2. Coordination with existing and established programs has been em- 11.3.1.7. Develop a New Private Sector Funding Program phasized throughout the Technical Advisory Committee meetings Acknowledging that the primary responsibility for natural resource as a need to accomplish plan goals. Efforts should be coordinated management on public lands lies with public agencies and with to the extent possible. the owners of private lands on which the County holds easements, The various Tier 1 vegetation management activities to be imple- WKHUHLVDOVRVLJQLƓFDQWLQWHUHVWRQWKHSDUWRIFLWL]HQVRUJDQL]D- mented in parks, as well as estimated acreages and costs, are sum- tions and businesses to improve natural resources. The County will marized in Table 14. research other models from across the country and explore options to develop a private sector program to support the County’s efforts.

Table 14. Tier I vegetation management in parks.

Activity Acres Estimated Cost

1. Control/manage most highly invasive species on all County lands 403 $869K

2. Restore/enhance important natural areas and high-use/educational areas 763* $3.2M

3. Maintain all existing and newly restored areas (annually) 1,434 $2.9M

4. Stabilize invasive plant species control areas (every 5 years) 900 $728K

5. Collect baseline and trend data 4,000 $33K

6. Develop individual NRMPs for each park - $0 (in CIP)

7. Develop a new Private Sector Funding Program - $54K

4,700 TOTAL $7.8M (3,500 managed and 1,200 not managed

*Does not include the active restoration of an additional 355 acres that will carry over to year 6 (2023)

11.3.2. Water Management in Parks 11.3.2.1. Restore, Enhance, and Manage Highest Quality/ The County’s most important surface waters will be managed more Most-Used Park Waters in Parks aggressively to address surface water impairments. Protection and The County’s highest quality and most recreationally-used lakes restoration of priority County waters will necessitate working with and streams located within its parks are described in Table 8. Of partners in the watershed. The County will also increase its efforts WKHVHZDWHUVWKHIROORZLQJZHUHLGHQWLƓHGDV7LHUSULRULWLHVWREH WRSURDFWLYHO\GHWHFWDQGPDQDJHWKHPRVWVLJQLƓFDQWDTXDWLFLQYD- PDQDJHGZLWKLQ&RXQW\ODQGVLQWKHƓUVWƓYH\HDUVRIWKLVSODQ sive species (AIS) in County-owned/managed waters. It is an over- Schulze Lake – Mesotrophic lake; the only designated swim- arching County goal that water leaving parks should be as clean ming lake in Dakota County Parks or cleaner than water entering parks. The following actions were Jensen Lake – Eutrophic lake; popular for canoeing, but dense LGHQWLƓHGDVWRSSULRULWLHVIRUZDWHUUHVRXUFHVPDQDJHPHQWLQWKH with aquatic vegetation County:

Dakota County | Natural Resource Management System Plan 104 2WKHUODNHVLQ/HEDQRQ+LOOVWKDWZLOOEHLGHQWLƓHGE\WKH/DNH 11.3.2.3. Work with Partners to Protect and Manage Areas Study (2017) 2XWVLGHRI3DUNVWKDW%HQHƓW3DUN:DWHUV Informed by the watershed assessments discussed in Section Empire Lake – Eutrophic lake; quite shallow 12.3.2.1 above and similar studies throughout the County (includ- Thompson Lake – Shallow lake; eutrophic; contaminated with ing “One Watershed, One Plan” reports), the County will identify Polyromantic Hydrocarbons (PAHs) 15 water resources management projects to protect and enhance Trout Brook – Trout stream, valued highly by anglers, harboring County-owned or managed waters. Projects will be focused on rare native brook trout Trout Brook since it has been well-studied, and the SWCD has al-

Spring Lake Park Ravines – Stabilize and restore “blowouts” in UHDG\LGHQWLƓHGRYHUSRWHQWLDOSURMHFWVWRSURWHFWDQGHQKDQFH ravines this valued resource. Recent lake studies by BWS will guide future implementation of lake protection and improvement projects. The Using the County’s previous work, its consultants, and its partners, County will work with partners in each project subwatershed to watershed assessments will be completed for these water bodies. identify and pursue the most cost-effective solutions. Partners may Those assessments will identify the best opportunity on Coun- LQFOXGHFLWLHV6:&'FRQVHUYDWLRQQRQSURƓWV8QLYHUVLW\RI0LQQH- ty-owned land for addressing existing or anticipated future impair- sota, private corporations, and private landowners. ments. Projects to improve water quality and address impairments can include rain gardens, drain tile intercepts, treatment wetlands, Cities, watershed management organizations and the SWCD con- stormwater treatment trains, and other proven stormwater BMPs. tinue to conduct planning efforts, complete targeted sub-water- In-lake treatments, such as alum applications, may also be utilized. shed analyses, and implement natural resource projects in areas that encompass or contribute runoff to County properties. These 11.3.2.2. Control the Most Harmful Aquatic Invasive Species countywide efforts should be coordinated and incorporated with (AIS) appropriate adjustments through adaptive management. The most harmful AIS in waters of Dakota County parks, greenways, and easements are Eurasian watermilfoil and curly-leaf pondweed. 11.3.2.4. Collect Baseline and Trend Data Control of these species will entail mechanical removal and/or Baseline monitoring data and subsequent annual monitoring for chemical treatments. Recent lake studies by Blue Water Science detecting and characterizing trends will take place annually at the (BWS) will guide future implementation of AIS projects. Control following three parks: goals are listed below: Lebanon Hills Removal/treatment of known AIS populations shall occur on Miesville Ravine 200 acres of County waters Whitetail Woods Removal/treatment shall occur in target areas at least once ev- The following water bodies will also likely be monitored: ery three years Schulze Lake (Lebanon Hills) Each removal/treatment effort shall result in at least a 75 percent reduction of visible biomass Jensen Lake (Lebanon Hills) There is a risk of spreading these invasive aquatic plants when us- Holland Lake (Lebanon Hills) ing mechanical removal methods. Only highly regarded specialists McDonough Lake (Lebanon Hills) should be engaged in this work. Furthermore, unless there is a rea- Marsh Lake (Lebanon Hills) sonably robust local population of native plants, vegetation compe- O’Brien Lake (Lebanon Hills) tition against the invasives will be weak, allowing regrowth to occur more quickly. Controlling nutrient inputs with other Tier 1 activities Portage Lake (Lebanon Hills) will also help reduce competition by invasive species. Additional Wheaton Pond (Lebanon Hills) AIS control techniques are discussed in Section 11.3.2.5. Empire Lake (Whitetail Woods)

Trout Brook (Miesville Ravine)

Dakota County | Natural Resource Management System Plan 105 Thompson Lake is being monitored in a separate study. Lake Byl- 11.3.2.5. Prevent New AIS from Invading Surface Waters OHVE\ H[WHQVLYHO\ PRQLWRUHG E\ WKH 03&$ SUHVHQWV VLJQLƓFDQW The County’s surface waters are vulnerable to the introduction of management challenges given its location downstream of a large new AIS, including those already found in the state and newly dis- portion of the Cannon River watershed. covered species. A harsh reality of AIS is that they will never be elim- Monitoring techniques that will be used for baseline and trend inated, but their spread can be slowed using a variety of programs. monitoring in these waters include: The County will periodically monitor its lakes to search for AIS. Ear-

Water clarity sampling, using Secchi disk readings in lakes and ly detection and rapid response provides the best opportunity for 6HFFKLRUWUDQVSDUHQF\WXEHVLQŴRZLQJZDWHUV eradication or control. If AIS are found, the County will consult with the DNR to identify the best treatment options and will attempt Water quality analyses, especially of total phosphorus and chlo- to eradicate or control new infestations, as warranted. Quarantine rophyll-a, which together with water clarity, allow calculation programs (where boats are tagged as either infested or uninfested of a water quality index called the Carlson Trophic State Index. watercraft and their use limited accordingly) are another effective Other important data to collect include: conductivity/chloride, way to prevent new invasions and limit the spread of AIS. alkalinity, and total Calcium. Much of this data has been collected for Dakota County Lakes during a survey conducted by The lakes of Lebanon Hills Regional Park (LHRP) are the biggest BWS in 2016. AIS concern in the County, due to all the perimeter lakes being colonized to a light or moderate level by curly-leaf pondweed and Aquatic macroinvertebrate sampling in streams Eurasian watermilfoil. Watercraft access restrictions are very appro- The DNR’s Lake Finder and the MPCA’s Environmental Data Access priate to prevent the spread of these plants to the few remaining internet sites have data on individual lakes which will be reviewed uninfested lakes. The water route at LHRP may inadvertently spread when NRMPs are written. The County is using the Wetland Health AIS. Watercraft on Empire Lake (currently not open to the public) Evaluation Program (WHEP) as a structure for macroinvertebrate could be limited to County-rented watercraft. The ongoing BWS sampling and vegetation monitoring in wetlands. WHEP, River study of AIS distribution in lakes has the potential to identify loca- Watch, and the Stream Health Evaluation Program will be reviewed WLRQVZKHUH$,6DUHOLNHO\WRƓUVWEHFRPHHVWDEOLVKHG7KLVDQGRWKHU and adapted to monitor surface waters in County parks. information will enable the County to plan for early detection and Salt is commonly used to reduce the negative effects of icy condi- prevention of AIS spread in its waters, estimated at 300 acres. tions on roads, park lots, driveways, and sidewalks. Unfortunate- The County has recently undertaken a study to work with and edu- ly excessive use has led to increased salt levels in area lakes and cate garden centers/nurseries and pet stores to prevent the intro- ponds - especially those in watersheds that have high amounts of duction of AIS from these sources and their customers. Common impervious surfaces. Find ways to abstain, limit or reduce salt us- aquarium plants such as Brazilian waterweed, or water garden age on trails, board walks and paths, especially near (within 500 plants such as parrot feather, can become invasive if released to sur- feet) surface waters within parks and greenways and work with part- face waters intentionally or unintentionally. Fish such as koi or gold- ners to reduce salt in associated watersheds. ƓVKFDQLQIHVWDQGDGYHUVHO\DIIHFWODNHVVWUHDPVDQGZHWODQGV Coordination with entities within the county (cities, watershed The various Tier 1 water management activities to be implemented management organizations, SWCD) that implement existing moni- in parks, as well as metrics and estimated costs, are summarized in toring programs is highly encouraged to properly identify the mon- Table 15. itoring needs, maintain consistency in the type and quality of the data collected, and ensure that proper standards and protocol are used.

Dakota County | Natural Resource Management System Plan 106 Table 15. Tier I water management in parks. 11.3.3. Wildlife Management in Parks Wildlife species are important natural resources in and of them- Activity Metric Estimated Cost selves, but some species are also useful indicators of ecosystem Restore, enhance and manage health. Monitoring “umbrella species” (which, if protected, result highest quality/most-used park 4 projects $305K in the protection of many other species) are particularly useful for waters via park projects guiding natural resource management programs. This approach $0 (already can also be effective at protecting Species of Greatest Conservation Control the most harmful aquatic 200 acres underway via invasive species (AIS) Need. external funds) :LOGOLIHVSHFLHVYDU\VLJQLƓFDQWO\ZLWKUHJDUGWRWKHLUKDELWDWQHHGV Work with partners to protect and 15 proj- including the size and arrangement of habitat areas necessary for manage areas outside of parks $1.3M ects populations to persist long term. The County places wildlife in three WKDWEHQHƓWSDUNZDWHUV management groups related to how populations use the County’s Collect baseline and trend data parks (Table 16). 5 parks $145K (annually)

$0 (already Prevent new AIS from invading 300 acres underway via surface waters external funds)

TOTAL $1.7M

Table 16. Wildlife management groups. Wildlife Management 'HŵQLWLRQDQG,PSOLFDWLRQVIRU0DQDJHPHQW Group 3DUNVSHFLƓFRUYHU\ORFDOVSHFLHV3RSXODWLRQVRILQGLYLGXDOVSHFLHVZKRVHKDELWDWDQGUDQJHDUHDOPRVWHQWLUHO\ZLWKLQ Group I DSDUNDQGKHQFHFDQEHPDQDJHGDQGVXVWDLQHGLQVLGHDSDUN%XWWHUŴLHVGUDJRQŴLHVGDPVHOŴLHVVRPHVPDOOPDP- mals, and some reptiles and amphibians are in this group. Local to regional species. Populations of individual species that regularly use County parkland, but to persist long- WHUPPXVWDOVRXVHODQGVRXWVLGHSDUNV/DUJHPDPPDOVPDQ\ELUGVSHFLHVODUJHUHSWLOHVDQGDPSKLELDQVPDQ\ƓVK Group 2 species, many aquatic macroinvertebrates, and freshwater mussels are in this group. Managing species in this group requires partnerships with others, often at a regional level. Migratory. Populations of individual species that use County park habitat in the spring and fall migration, but do not Group 3 breed there. Managing these species can occur at a continental scale, with some bird migrants traveling from southern South America to the Arctic tundra each year.

11.3.3.1. Collect Baseline and Trend Data immediately should be multiple walkabouts each monitoring year, As with vegetation monitoring, collection of baseline and trend with monitoring conducted every other year in each park. Volun- data on wildlife will allow the County to track progress and allow for teers can assist with some types of surveys (e.g., frog and toad DGDSWLYHPDQDJHPHQW:LOGOLIHPRQLWRULQJZLOODOVRKHOSUHƓQHSUL- surveys), depending on their experience level, training, and super- orities for selected species. Trends are usually established only after vision. Trail cameras, already in use by the County, can also be an several years, so increased sightings of target species, offspring, or important component of wildlife monitoring programs. tracks may not be evident until 2021 or 2022. To establish a solid 11.3.3.2. Work with Partners Outside of Parks baseline against which future measurements can be compared, the The County, working with partners, will identify, design, and pro- ƓUVWPRQLWRULQJHIIRUWVKRXOGEHDWWKHVL[PDMRU&RXQW\SDUNVXV- FHHGZLWKƓYHKDELWDWLPSURYHPHQWSURMHFWVRXWVLGH&RXQW\SDUNV LQJTXDQWLWDWLYHPHWKRGVLQFOXGLQJELUGSRLQWFRXQWVGUDJRQŴ\ Ideal partners will own large parcels adjacent to or near County nat- GDPVHOŴ\WUDQVHFWVDQGIURJWRDGFDOOLQJVXUYH\V$OVREHJLQQLQJ

Dakota County | Natural Resource Management System Plan 107 ural areas. These habitat improvement projects will target the same plantings. Deer population control efforts also result in human safe- ƓYHVSHFLHVOLVWHGDERYHLQ6HFWLRQ%HFDXVHWKH&RXQW\ W\EHQHƓWVE\UHGXFLQJFROOLVLRQVZLWKFDUVDQGVOLJKWO\UHGXFLQJWKH has limited experience with managing wildlife, especially in part- incidence of Lyme disease. While Canada geese can be a problem, QHUVKLSVWKLVDFWLYLW\ZLOOSURFHHGVORZO\DWƓUVWLQRUGHUWROHDUQ especially in mowed turf areas next to water, they are not a major how to do these types of projects. concern of the County. However, the County may wish to engage, in managing predators such as raccoon and house cats which have a 11.3.3.3. Focus on Group 1 Rare and Endangered Wildlife Species devastating effect on small mammals, nesting songbirds, reptiles, The County has the greatest opportunity to protect and improve and amphibians. Many of the animals preyed on by these pred- populations of Group 1 wildlife since they can control most of the ators are SGCNs experiencing population declines in part due to habitat requirements of these species. In order to improve habitat excessive predation. Also, attention should be given to controlling for rare species, the concept of indicator species is used. When an problematic and nuisance pests such as emerald ash borer, oak wilt indicator species is present, it means that the size and quality of fungus, and gypsy moth. habitat is good overall, not just for that species, but for others, too. The various Tier 1 wildlife management activities to be implement- The County selected the following indicator species to represent ed in parks, as well as metrics and estimated costs, are summarized quality of major habitat types in its parks: in Table 17.

Forests: Ovenbird Table 17. Tier I wildlife management in parks. Shrublands/Woodlands: Brown thrasher and Eastern towhee Estimat- Activity Metric Grasslands: Regal fritillary ed Cost Wetlands: Blanding’s turtle, Spotted salamander, Virginia rail Collect baseline and trend data (every 6 parks $489K Streams: Brook trout other year) Habitat improvement projects for these species will be undertak- Work with partners outside of parks 5 sites $323K en on County lands. This will require a census to determine where Focus on rare and endangered wildlife 3 to 5 $107K they are in the parks, followed by evaluation of habitat suitability that are Group 1 species species Protect other important wildlife and for increasing their numbers, and related research. This effort could 10 sites $211K be greatly aided by partnerships with other land owners and man- improve populations agers (see Section 11.3.3.2 below). Control problem wildlife 6 parks $111K

11.3.3.4. Protect Other Important Wildlife TOTAL $1.1M The County will improve habitat for other wildlife species, focusing on animals that are important, interesting, or popular with the pub- 11.3.4. Management of Greenways OLF HJEDGJHUƓVKHUDQGRWWHU 7KHVHLPSURYHPHQWVZLOOFRQVLVW Due to the multiple-ownerships in greenways and the County’s RIWHQSURMHFWVVWUDWHJLFDOO\ORFDWHGDQGGHVLJQHGIRUVSHFLƓFZLOG- limited control, only priority investments should be made in gre- OLIHVSHFLHV([SDQGEXWWHUŴ\DQGRWKHUSROOLQDWRUDQGEHQHƓFLDO enways. The County, working with partners, should control the most insect habitat. Expand bat habitat and promote increases in bat highly invasive species, restore and enhance the most important populations. greenway lands and easements, monitor wildlife indicator species, and develop NRMPs for each greenway. 11.3.3.5. Control Problem Wildlife A variety of animal species can cause problems for natural areas 11.3.4.1. Control Highly Invasive Species on County-Owned and restoration and management efforts. The only nuisance wild- Greenway Land life species managed currently by the County is white-tailed deer. Highly invasive plant species (Table 12, Section 11.3.1.1) will be As mentioned previously, controlled deer hunts occur at three managed annually on approximately 180 acres of County-owned parks (Lebanon Hills, Spring Lake, and Miesville Ravine) and they greenway land. will continue in order to prevent high deer densities, which lead to over-browsing of native vegetation and damage to restoration

Dakota County | Natural Resource Management System Plan 108 11.3.4.2. Restore/Enhance, High Quality Natural Areas and owner and other partners would be based on updated NRMPs de- Areas within County-Owned Land veloped between the landowner and the County (and partners) and An estimated 60 acres of high quality natural areas on Coun- IRUPXODWHGLQWRDƓYH\HDUQDWXUDOUHVRXUFHPDQDJHPHQWDJUHH- ty-owned greenway land will be restored or enhanced in order to ment between the landowner and the County. improve water quality, wildlife habitat and recreational experiences. 11.3.5.1. Control Highly Invasive Species 11.3.4.3. Maintain Existing Restored Areas within County- Highly invasive plant species (Table 12) will be managed annually Owned Lands on approximately 800 acres at an estimated cost of $600,000. Existing restored greenway areas on County-owned greenway land (approximately 180 acres) will be maintained annually. 11.3.5.2. Restore/Enhance High Quality Areas and Shoreland Buffers 11.3.4.4. Develop NRMPs for each Regional Greenway Approximately 600 acres would be restored where invasive spe- NRMPs will be developed for each regional greenway and updates cies control has already been initiated at an estimated cost of ZLOOEHFRPSOHWHGHYHU\ƓYH\HDUV $1,000,000. Restoration activities are to be funded using the fol- The various Tier 1 greenway management activities, as well as esti- lowing cost-share ratio: mated acreages and costs, are summarized in Table 18. Shoreland (which comprises approximately 50% of the total management area) = County/Landowner: 90/10 Table 18. Tier I greenway management. Upland (which comprises approximately 50% of the total man- Estimated agement area) = County/Landowner: 75/25 Activity Acres Cost 11.3.5.3. Maintain High Quality Shoreland Buffers and Control highly invasive species on Coun- 180 $151K Restored Areas ty-owned greenway land Private landowners will be primarily responsible for long-term Restore/enhance, high quality natural areas 60 $140K maintenance of high quality shoreland buffers and restored areas and areas within County-owned land on their properties estimated to total 2,000 acres. This maintenance Maintain existing restored areas within 180 $25K would follow the respective NRMP or similar County guidance and County-owned lands be monitored annually by the County. Develop NRMPs for each regional greenway All $215K 11.3.5.4. Develop NRMPs for 20 Agricultural Easements TOTAL $531K NRMPs will be developed for twenty agricultural easements that contain high quality natural areas and shoreland. This is estimat- 11.3.5. Natural Resource Management On Private Property with County Easements ed to address 800 acres of priority lands at an estimated cost of 7KHVH1503VZRXOGEHXSGDWHGHYHU\ƓYH\HDUV Since easements are on privately owned property, public investment for natural resource management on these protected lands 11.3.5.5. Develop NRMPs for All New Conservation should focus on the highest quality natural resources, priority areas Easements WKDWEHQHƓWZDWHUUHVRXUFHV LQFOXGLQJVKRUHODQGDQGZHWODQGV NRMPs would be developed for all newly acquired or donated ease- lands adjacent to large protected natural habitats, and lands with PHQWVDQGXSGDWHGHYHU\ƓYH\HDUV&RVWVZRXOGEHGHWHUPLQHG committed landowners. Public investments would be leveraged us- based on number of acquisitions. ing cost-share agreements based on the following ratios: 11.3.5.6. Update existing NRMPs Shoreland Areas: Public (County plus external) provides up to 1503VVKRXOGEHXSGDWHGHYHU\ƓYH\HDUVDQGZRXOGLQFOXGHDS- 90 percent Landowner provides at least 10 percent proximately 1,600 acres with an estimated cost of $60,000. The var- Upland Areas: Public (County plus external) provides up to 75 ious Tier 1 easement management activities, as well as estimated percent Landowner provides at least 25 percent acreages and costs, are summarized in Table 19. Landowners would be required to conduct two to three years of management following publicly-funded restoration projects. The restoration and maintenance responsibilities of the County, land-

Dakota County | Natural Resource Management System Plan 109 Table 19. Tier I easement management. 5HŴHFWVSURSRVHGFRVWVKDUHUDWLRVXQGHU6HFWLRQ3.5.2. Estimated ** Invasive species control already occurring Activity Acres Cost 11.3.6. Summary of Tier 1 Expense and Revenue Control highly invasive species 800 $697K* Estimates Restore/enhance high quality areas and 600** $1.1M* 7LHUDFWLYLWLHVIRUDOOƓYHSODQFRPSRQHQWVDUHJURXSHGLQTable shoreland buffers 20 below with expense and revenue totaled for each component. Maintain high quality shoreland buffers 2,000 Landowner The expenses are the average of a range of expenses for each activ- and restored areas ity, as detailed in the previous sections. There is uncertainty around Develop NRMPs for 20 agricultural 800 $175K easements the averages, but they provide a working idea of the cost to expand Develop NRMPs for all new natural area natural resource management on County parks, greenways and TBD $190K easements easements as described in this NRMSP. Update existing NRMPs 1,600 $71K

TOTAL $2.2M

Table 20. Tier I estimated costs, revenues and FTEs. FTE* FTE* Service Area External Funds($) Additional County Cost ($) Total Expenses ($) Permanent Temporary Vegetation in Parks 0.4 0.8 3,250,370 -530,775 2,719,595 Water in Parks 0.3 0.4 1,117,500 660,564 1,778,064 Wildlife in Parks 0.2 0.4 540,000 551,458 1,091,458 Greenways 0.1 0.1 202,200 329,419 531,619 Easements 1.0 0.3 1,419,000 803,422 2,222,422 TOTALS 2.0 2.0 6,529,070 1,814,088 8,343,158

*NOTE: Permanent and temporary FTEs should be hired right away, starting in 2018.

Vegetation is the greatest expense for restoration and improve- with improvement projects, it can rely on the Dakota County SWCD PHQWDWPRUHWKDQPLOOLRQRISURMHFWH[SHQVHVRYHUƓYH\HDUV and Environmental Services department, with whom they will be However, since a considerable amount is anticipated to come from working closely during project implementation. Wildlife is also a H[WHUQDOVRXUFHVDQGVLQFHWKHUHLVDOUHDG\DVLJQLƓFDQWDPRXQW VLJQLƓFDQWH[SHQVHEXWLWVSURSRVHGDFWLYLWLHVZLOOEHUHƓQHGE\ allotted in the current CIP ($5.4 million), the County actually has completing initial survey work. Greenways receive much smaller more money than it needs for vegetation management, producing amounts, in large part due to the recent idea of managing them the negative number in Table 20. Work on vegetation manage- and the complexity of land ownership. Greenway vegetation man- ment has been occurring longer and the planning and budgeting DJHPHQWKRZHYHUVKRXOGQRWEHVLJQLƓFDQWO\GLIIHUHQWWKDQPDQ- is more mature than for other Plan components. Easements are the aging vegetation in parks. next biggest expense because they are similar to parks in their nat- In the cost-heavy restoration and improvement phase for Tier 1, ural resource management issues, but cover more acres. Water is about 80 percent of the revenue is anticipated to be leveraged from DOVRDVLJQLƓFDQWH[SHQVHDQGZDUUDQWHGJLYHQKRZPXFKLVNQRZQ grants and other sources external to the County (Figure 61). The about how to improve water quality. Poor water quality and aquatic County has had great success thus far in securing grants for this invasive species are also noticeable to users of lakes and streams, work, and expects that success to continue. By contrast, in the main- more than management issues such as garlic mustard in forests. Al- tenance phase for Tier 1 activities, the County must shoulder about though the Natural Resources Department has limited experience 90 percent of the expense. As each year unfolds, more land will be

Dakota County | Natural Resource Management System Plan 110 added to the maintenance phase, which means that proportionate- 2I WKH ƓYH SODQ FRPSRQHQWV YHJHWDWLRQ ZDWHU ZLOGOLIH JUHHQ- ly more money for vegetation will need to be provided each year by ways, and easements), the County has done the most natural re- the County. On the other hand, the per-acre cost of managing the sources management, has grants in place, and has the best tracking vegetation will decrease as the quality of the vegetation improves. data for vegetation (Figure 62). )RUWKHƓYH\HDUVWRH[HFXWHWKH7LHUDFWLYLWLHVWKH&RXQW\LVHV- Figure 62. Tier 1 estimated costs per service area at end of Year 5 timated to expend $8.3 million, or averaging about $1.7 million of the NRMSP (2022). each year. This cost includes both external costs and currently bud- JHWHG&,3IRUWKHƓYH\HDUSHULRGRI/DVWO\H[HFXWLQJ the Tier 1 activities will require that 2.0 new permanent and 2.0 temporary employees be hired. Hiring of these new employees should be done right away, starting in 2018.

Figure 61. Tier 1 estimated external funding versus additional County cost.

The information above, together with other data and assumptions, leads to the anticipated work that needs to be accomplished, and to WKHDVVRFLDWHGFRVWVRYHUWKH7LHUƓYH\HDULPSOHPHQWDWLRQSHULRG (Table 21, Figure 63). This is presented in the last two lines of Table 21 as external funds and County funds, and is illustrated visually as a proportion of total costs in Figure 63.

Dakota County | Natural Resource Management System Plan 111 Table 21.7LHUHVWLPDWHGFRVWVRYHUWKHƓUVWƓYH\HDUVRILPSOHPHQWDWLRQ Year 1 Year 2 Year 3 Year 4 Year 5 Service Area 2018 2019 2020 2021 2022 Vegetation in Parks 1,000,885 583,417 344,576 366,993 423,722 Water in Parks 378,220 308,140 389,001 379,469 323,234 Wildlife in Parks 250,636 207,511 207,511 212,901 212,901 Greenways 131,121 110,636 89,073 97,698 103,089 Easements 389,955 411,518 433,081 461,200 526,670 TOTALS 2,150,817 1,621,222 1,463,242 1,518,261 1,589,616

Annual External Funding 1,526,455 1,177,213 1,234,734 1,279,464 1,311,204 Annual County Funding 597,362 444,008 228,507 238,798 305,412

Figure 63. Estimated annual Tier 1 costs for years 1-5 (2018-2022). The area above the line is the estimated additional funding above current levels which the County must generate internally each year.

*Assumes same CIP funding at Year 5 (2022) as that of Year 4 (2021). 1RWH7KHVHHVWLPDWHGFRVWVPD\GLIIHUVRPHZKDWIURPRWKHUHVWLPDWHVLQWKLVSODQGXHWRPRUHUHƓQHGVXEDQDO\VHV

Dakota County | Natural Resource Management System Plan 112 11.4. IMPLEMENTING TIER 2 MANAGEMENT (YEARS Table 23. Tier 2 Water Management in Parks. 6-20) Activities While Tier 1 activities are the County’s top priorities for natural Control additional AIS in surface waters resource management (Section 11.3), Tier 2 represents other important activities that will help achieve the longer-term goals of this Collaborate and lead in major storm water management best practic- NRMSP. However, these activities are less detailed than those in Tier es and other activities in all watersheds that affect parks 1. Over this 15-year period (2023-2037), many Tier 1 initiatives will Continue water monitoring programs be expanded across more acres in the County system. Several Tier 2 activities repeat commitments made in Tier 1, such as perpetu- 11.4.3. Tier 2 Wildlife Management in Parks al management of restored natural areas and regular updates to Wildlife management will focus on collaboration with partners to NRMPs. protect and manage habitat outside County lands, expansion of The Tier 2 activities described below are intentionally general. Re- wildlife studies, beginning species re-introductions, and continued ƓQHPHQWRI7LHUSURJUDPVZLOORFFXUDVLQIRUPDWLRQIURPWKHLP- wildlife monitoring. plementation of Tier 1 activities becomes available, especially the results of Tier 1 monitoring. Holding off on detailed planning and Table 24. Tier 2 Wildlife Management in Parks. budgeting for Tier 2 has the added advantage of allowing the Coun- Activities ty to respond to unforeseen opportunities and issues that will cer- tainly arise before 2023 when the Tier 2 period begins. The County’s Work with partners and owners of adjacent or large nearby natural areas to protect and manage habitat outside of parks &,3DQGRWKHUEXGJHWLQJDWWKDWWLPHZLOOWKXVEHPRUHUHƓQHGDQG accurate. Expand wildlife studies to include other important species

11.4.1. Tier 2 Vegetation Management in Parks Re-introduce select wildlife species that are not currently living in Vegetation management in Tier 2 will expand the list of targeted parks but once did invasive species. In addition, restoration and enhancement will fo- Continue wildlife monitoring programs cus on habitat connections that enlarge and link wildlife habitats, not just inside parks but also to natural areas beyond County lands. 11.4.4. Tier 2 Management of Greenways Making habitats more physically connected will improve conditions Greenway management will also offer additional opportunities to for wildlife. Vegetation monitoring will continue. engage partners to improve natural resources in corridors outside of County lands. On County land, natural resource management Table 22. Tier 2 Vegetation Management in Parks. work will be expanded to improve plant diversity, manage stormwater runoff, and enhance wildlife habitat. Activities

Control additional invasive species Table 25. Tier 2 Greenway Management.

Restore, enhance, and connect key areas within parks Activities Work with partners to restore, enhance, and connect other areas outside of parks Work with partners to restore, enhance, and maintain high quality vegetation and surface waters within greenway corridors outside of Continue vegetation monitoring programs County-owned land. Various management activities will be increased on existing 11.4.2. Tier 2 Water Management in Parks County-owned lands and/or expanded to new areas or easements Water management will expand the list of targeted AIS. Collaborat- depending on: ing with partners will be expanded, in order to improve stormwater a) changes to existing natural resource conditions management in all watersheds that affect parks. Water monitoring b) changes to adjacent or nearby land ownership or management will continue. c) landowner interest d) availability of non-County resources

Dakota County | Natural Resource Management System Plan 113 11.4.5. Tier 2 Natural Resource Management on 11.4.6. Funding Summary for Tier 2 Management Easements Activities Easement management will expand efforts to control the most in- Tier 2 activities and estimated costs are presented in Table 27. vasive species on a larger amount of easement lands, improve key 7KHVHDUHEURDGHVWLPDWHVVRWKHƓJXUHVZLOOPRVWOLNHO\FKDQJH natural resource areas and buffers, and ensure perpetual manage- Many components are yet to be determined, so costs are specula- ment of restored areas. tive and a range is therefore provided.

Table 26. Tier 2 Easement Management.

Activities

Control highly invasive species on additional land

Restore/enhance key areas that expand and connect high quality areas and shoreland buffers

Maintain additional restored areas

Table 27. Tier 2 Activities and Estimated Costs

Outcomes & Costs Activity Total Cost Total Cost Estimated Acres/Sites Affected (Low) (High) Park Vegetation (capital) 4,000 ac. inside + 1,000 ac. outside parks $5M $15M Park Vegetation (maintenance) DFb $6M $12M Water in Parks (capital) 850 ac. + watersheds outside parks $300K $2M Water in Parks (maintenance) 350 ac $50K $1M Wildlife in Parks (capital) 600 ac. - 4,000 ac. $200K $900K Wildlife in Parks (maintenance) TBD $50K $300K Greenways (capital) TBD TBD TBD Greenways (maintenance) TBD TBD TBD Easements (capital) 1,200 ac. $1.2M $4M Easements (maintenance) 2,000 $100K $500K Subtotal, Capital (20 years) ~5,000 $7M $22M Subtotal, Maintenance (20 years) ~6,000 $6.2M $14M

Dakota County | Natural Resource Management System Plan 114 11.5. MEASURING OUTCOMES Judging the progress and success of natural resource management 11.5.1 Operations on the County’s lands and waters requires information. The Coun- Questions ty will collect information that answers the most important natural Do all parks and greenways have an NRMP? resource questions, in the simplest way possible, for the least cost, Do all easements requiring an NRMP have one? RYHUWKHORQJHVWWLPH4XHVWLRQVZLOOUHŴHFWWKH&RXQW\ōVYLVLRQDQG goals for natural resources, as expressed in its plans and policies, Are projected CIP funds enough to complete the Tier 1 work by and the contents of this NRMSP. Outcomes will be measured op- 2022? erationally and biologically, the latter in areas of vegetation, water ,V&RXQW\VWDIƓQJULJKWVL]HGDQGHIƓFLHQWIRUJUDQWDQGYROXQ- resources, and wildlife. The reality of monitoring is that people want teer administration needs? to measure more indicators than staff and budgets can afford. Rec- Does the County have the needed technical expertise to imple- ognizing this tendency, the most important questions are asked ment the program? ƓUVW DQG DV IHZ PHWULFV DV SRVVLEOH XVHG WR PHDVXUH RXWFRPHV Measuring outcomes has three steps; 1) establishing a baseline, 2) Are all easements regularly monitored? taking the same measurement on a regular schedule, and 3) com- paring several measurements to detect positive, neutral, or negative trends over time.

Table 28. Measurement of Operation Outcomes Question Metric Approach Parks & Greenways With Number of NRMPs in new format divided by number of parks and green- Percent completed NRMP ways NRMPs for Easements Number of NRMPs in new format divided by number of easement needing Percent completed Needing NRMP NRMPs CIP Funds Allocated Percent of needed funds allocated Allocated 2018-2022 CIP funds divided by 2018-2022 need *UDQW 9ROXQWHHU6WDIƓQJ Percent of needed FTEs Allocated 2018-2022 FTEs divided by 2018-2022 need Key functions assigned to staff with 'RFXPHQWIXOƓOOPHQWRINH\IXQFWLRQVKHUELFLGHDSSOLFDWLRQWUDLQLQJSODQW- Technical Expertise proper training and licenses LQJVHHGLQJH[SHULHQFHSUHVFULEHGEXUQFHUWLƓFDWLRQ

Percent of all easements monitored Number of easements monitored each year divided by number of ease- Easement Monitoring annually ments (3-year rotation)

11.5.2 Vegetation Questions How much of the target vegetation (natural, semi-natural) in Are uncommon plant communities persisting in parks?

parks is being managed? Is the ecological quality of park vegetation improving? How much of the target vegetation in greenways is being man- Are large core habitats in parks getting bigger or smaller? aged?

How much of the target vegetation on easements (if required) is being managed?

Dakota County | Natural Resource Management System Plan 115 Table 29. Measurement of Vegetation Outcomes Question Metric Approach Target Vegetation in Parks Percent managed Acres of managed target vegetation divided by total acres of target vegetation Target Vegetation in Greenways Percent managed Acres of managed target vegetation divided by total acres of target vegetation Target Vegetation in Easements Percent managed Acres of managed target vegetation divided by total acres of target vegetation (required) Uncommon Plant Communities Percent managed Acres of managed uncommon plant communities divided by total acres of same Percent good/fair quality Assign quality ranks to sample of MLCCS polygons and re-rank every three years; Ecological Quality (BC) or better Number of polygons of BC and above divided by all polygons in sample Current compared to Core Habitat Acres of core habitat in 2017 divided by acres of core habitat in future baseline acres

11.5.3 Water Resources Questions Are desired uses of water resources being maintained? Is water quality in the park’s high quality water resources stable

Is the number of impaired waters in parks decreasing? or getting better? Do all important park water resources have a watershed plan ZLWKSURMHFWVWRƓ[SUREOHPV"

Table 30. Measurement of Water Outcomes Question Metric Approach Count of impaired waters each year divided by count of impaired waters in Impaired Waters Percent impaired 2017 baseline High Quality Water Percent below trophic status index (TSI) of Number of high quality water resources with TSI below 50 (or equivalent Resources 50, or equivalent water clarity water clarity) divided by designated high quality water resources in parks Number of watersheds of important water resource with management plan, Watershed Plans Percent completed divided by all watershed of important water resources

11.5.4 Wildlife Questions Are uncommon animal species of forest, shrubland/woodland Is habitat generally improving for wildlife?

and grassland stable or increasing in parks? Are deer harming plant communities in parks? Are uncommon animal species in streams and lakes stable or increasing in parks?

Dakota County | Natural Resource Management System Plan 116 Table 31. Measurement of Wildlife Outcomes

Question Metric Approach Uncommon Upland Transect census in forest, shrublands/woodland, grassland for indicator Number of locations of indicator species Animals species Uncommon Aquatic Number of locations of indicator species Fish census in streams for brook trout Animals

General Wildlife Number of native bird species, of dragon- 3RLQWFRXQWELUGFHQVXVHVLQPDMRUKDELWDWVWUDQVHFWGUDJRQŴ\ GDPVHOŴ\ ŴLHV GDPVHOŴLHVDQGRIIURJV WRDGV censuses in suitable habitat, frog & toad calling surveys in suitable habitat

Meandering transect to estimate percent of trees and shrubs browsed in past Deer Damage Amount of browsing year

11.6. OTHER CONSIDERATIONS FOR IMPLEMENTATION 3URMHFW,GHQWLƓFDWLRQDQG3ULRULWL]DWLRQ It is important that potential projects are evaluated individually to S = Social ensure that they are soundly conceived and designed, and that they T = Technical are actually a high priority project. To this end, each potential proj- A = Administrative ect will be run through a set of criteria and scored. The criteria will be weighted according to their relative importance to achieving the P = Political goals of the NRMSP. Projects that receive a high score would receive L = Legal the highest priority for funding and execution. E = Environmental One method being considered is STAPLE-E, a typical bottom-up set E = Economic of criteria. STAPLE-E considers the following in its scoring:

Dakota County | Natural Resource Management System Plan 117 A bottom-up scoring system should be balanced by a top-down set PDWLRQSURGXFHGE\WKHGUDIW1503VDQGWKHQƓQDOL]HG1DWXUDO of criteria. For example, no one park should receive the majority of Resource Management Agreements, with other jurisdictional enti- IXQGLQJHYHQLIWKHQHHGVRIWKDWSDUNUHVXOWLQWKHLGHQWLƓFDWLRQ ties, will be developed for implementing natural resource activities of many important projects. This would help spread the restoration within the greenway corridor. and management work more evenly among parks. 11.6.3 Public Awareness for Improved Outcomes Other criteria, especially when pursuing grants, will be employed. It will be useful to measure public perception of activities during For example, the DNR uses criteria for selecting candidate projects the Tier 1 implementation phase of this NRMSP. Using surveys and for Legacy grants. The County should evaluate projects being sub- structuring public meetings similar to those used in developing mitted for this funding using the DNR’s criteria. this NRMSP would solicit comparable feedback during Tier 1 im- Lebanon Hills Regional Park is the County’s largest and most-used plementation. This will allow the County to make adjustments as park and should receive more consideration than other parks, such warranted. as ensuring that each year a project occurs there, even if it is a small The County would like to brand this NRMSP in a way that the pub- one. lic can quickly recognize its purpose, activities, and outcomes. 11.6.2 Coordination between Individual Park and Branding may take the form of a logo or brochure that conveys to Greenway NRMPs and Master Plans the public implementation activities. Further branding could be achieved by special solicitations of volunteers, tailored signage in Parks parks describing the restoration and management activities, as well Individual NRMPs will be developed in the beginning of the plan- as general interpretive and educational signage, and periodic but ning process for each County park to provide background informa- consistently-formatted updates on the County website pointing out tion, site inventory and assessment, and prioritization of important progress and milestones reached. In the County’s annual residen- natural resource areas. The draft NRMP will be coordinated with tial survey, questions could be posed to assess the public’s knowl- other planning activities such as visitor services, interpretation and edge of this plan, implementation activities, and their thoughts other stakeholder interests. The resulting draft Master Plan will at- regarding the County’s efforts to date. tempt to incorporate and balance these priorities, goals and objectives. The draft Park Master Plan, which will include alternatives for 11.6.4. Managing Data various concepts, will be released for public comment and review Implementing this NRMSP will entail the development of numer- ZLWKƓQDODSSURYDOE\WKH&RXQW\%RDUG2QFHWKH3DUN0DVWHU3ODQ ous work products and collection of considerable data in various LVDSSURYHGWKHGUDIW1503ZLOOEHƓQDOL]HGWRUHŴHFWWKHDSSURYHG formats. Work products and data will include: Master Plan. The NRMP will then be used to direct all natural re- Major reports and plans (NRMPs, monitoring plans and water- source management activities within the park. shed plans)

Greenways Annual monitoring reports (walkabout reports, summaries of Regional greenway master plans describe priority corridors, not spe- vegetation, water, and wildlife monitoring) FLƓFERXQGDULHVLQYROYHPDQ\SRWHQWLDOODQGRZQHUVDQGEHFRPH *,6VKDSHƓOHV*36ORFDWLRQVDQGRWKHUJHRVSDWLDOGDWD established in segments over many years. As a result, development of greenway NRMPs will also take place in phases. Natural resource Photographs assessments will be a critical component for reviewing and recom- Annual NRMSP progress reports to the County Board mending the preferred greenway corridor. Once the draft greenway All work products and collected data, including digital photographs master plan is developed, reviewed and approved, draft NRMPs should be archived on the County computer server, which should will be developed for publicly-owned segments and County-owned EHEDFNHGXSUHJXODUO\WRHQVXUHGDWDDUHQRWORVW$OOSDSHUƓHOG easements within the greenway corridor. Draft NRMPs will include maps, completed paper forms and other “hard-copy” data should recommendations and priorities for management and will guide EHVFDQQHGWRSGIƓOHVDQGDUFKLYHGRQWKH&RXQW\VHUYHUZLWKLQ implementation. The Master Plan will be updated with new infor- seven days of data acquisition. Original hard copy data forms and

Dakota County | Natural Resource Management System Plan 118 PDSVVKRXOGEHVWRUHGDWWKH&RXQW\RIƓFHVIRUDPLQLPXPRIƓYH Continued Development. While the residential housing years. boom of the early 2000s has not reached the same pace as :HOOGHVLJQHGGLJLWDOƓOHQDPLQJFRQYHQWLRQVFDQJUHDWO\IDFLOLWDWH before the 2008 Great Recession, development has continued data management. This enables data to be found faster and helps and will accelerate in the coming years as population contin- SUHYHQWORVVRIGDWD$UHFRPPHQGHGGLJLWDOƓOHQDPLQJFRQYHQ- ues to grow. This NRMSP will help the County to identify areas tion is described below. This should be reviewed by County staff, threatened by future development, and also areas where devel- PRGLƓHGLIQHFHVVDU\DGRSWHGDQGXVHGFRQVLVWHQWO\ opment puts adjacent to natural areas and surface waters at risk or destroys the chance for a strong ecological buffer or connec- 7KHGLJLWDOƓOHQDPLQJFRQYHQWLRQIRUDOOHOHFWURQLFSURMHFWGDWDZLOO tion. Ecological buffering and locating easements strategically, include the following information, separated by “_”s: site name will reduce the negative effect of future development on the (e.g., “Lebanon Hills”), data type (e.g., “2017 spring bird survey”) County’s natural resources. DQGGDWHVWDPS <<<<00''IRUPDWUHSUHVHQWLQJWKHGDWHWKHƓOH ZDVFUHDWHGRUODVWPRGLƓHG 7KLVGDWHFRGHZLOODXWRPDWLFDOO\VRUW Sand and Gravel Mining. A certain type of sand is needed for ƓOHVE\GDWHFUHDWHGPRGLƓHG,IPXOWLSOHSHRSOHZLOOEHDFFHVVLQJ hydraulic fracturing (or “fracking”), a drilling technique used RUPRGLI\LQJWKHƓOHLWLVUHFRPPHQGHGWKDWVWDIILQLWLDOVEHDS- to extract oil and gas from the Earth. Dakota County contains SHQGHGWRWKHHQGRIWKHƓOHQDPHUHSUHVHQWLQJWKHSHUVRQZKR deposits of these sand resources. While the fracking industry FUHDWHGRUODVWPRGLƓHGWKHƓOH7KHUHIRUHDQH[DPSOHƓOHQDPHIRU has in the last two years greatly shrunk with lower oil prices, the data described above might be: “Lebanon Hills_2017 spring it is possible that this sand resource will be in higher demand bird survey_2017-06-15_jw.xls”. For some datasets, it will be ad- in the future. The County should revisit its sand and gravel re- YDQWDJHRXV WR GHYHORS D FXPXODWLYH PDVWHU ƓOH RIWHQ D VSUHDG- VRXUFHVŋVRPHWLPHVLQFRQŴLFWZLWKSURWHFWLQJRWKHUQDWXUDOUH- VKHHW$GGLQJVXEVHTXHQWGDWDVHWVWRWKLVƓOHZLOOUHVXOWLQDVHULHV sources—to ensure that regulations and guidelines are in place RIFXPXODWLYHO\XSGDWHGPDVWHUƓOHVZKLFKVKRXOGIROORZWKHƓOH that protect the County’s natural resources. naming convention above. Creation of a “VOID” folder on the Coun- 11.6.6. Updates and Amendments ty server can be useful to archive (not delete) outdated versions of While this NRMSP was prepared by looking two decades into the ƓOHV future, it inevitably will need updates and amendments. The Coun- 11.6.5. Responding to Emerging Natural Resource ty will learn from implementing Tier 1 activities, monitoring, each Issues new NRMP that is written, and from analysis of trends seen in the It is certain that new natural resource issues will become apparent monitoring data. New opportunities for better ways to do natural LQ'DNRWD&RXQW\RYHUWKHQH[W\HDUV:KLOHWKHVSHFLƓFFKDQJHV resource management will present themselves, and new natural cannot be predicted, the general types of changes may include the resource challenges will need to be tackled. following: This NRMSP will undergo periodic review and be open for formal Climate Change. The importance of this issue is discussed in UHYLVLRQHYHU\ƓYH\HDUV7KHUHIRUHWKHƓUVWUHYLVLRQWRWKLVSODQZLOO Section 4.7. be done at the completion of the Tier 1 projects in 2022. Updates and amendments should be documented by County staff and with New Invasive Species. It is expected that species currently outside expertise as warranted. Updates and amendments to the absent from the County or not recognized today as concerns plan should be summarized for County Board review and discus- will emerge in the coming decades. The phenomenon of invasion and shared with the public on the County website and through sive species is expected to increase as a side-effect of climate RWKHUPHDQV0RUHVLJQLƓFDQWFKDQJHVWRWKLVSODQGHVHUYHDSXEOLF change, as more southern invasive plants and animals migrate meeting to convey those changes, to present the County’s rationale, north into Minnesota. The County would be well served by and solicit input on the recommended changes. Following these keeping abreast of new invasive threats and taking proactive steps, the County Board will vote to approve an update and amend- measures to identify, control, and when possible, eradicate new ments to this NRMSP, which will remain in effect for the following invasive species. ƓYH\HDUV

Dakota County | Natural Resource Management System Plan 119 Dakota County | Natural Resource Management System Plan 120 12. REFERENCES AND RESOURCES

Anton, P.A. 2005. The economic value of open space: implications a major journal to estimate the cash value of ecosystem for land use decisions. Wilder Research, Saint Paul MN. services for people.) Askins, R. 1995. Hostile landscapes and the decline of migratory Cunningham, W.P and M.A. Cunningham. 2015. Environmental songbirds. Science 267: 1956-1957. Science – Thirteenth Edition. McGraw-Hill Education. New Bentrup, G. 2008. Conservation buffers: design guidelines for York, NY. buffers, corridors, and greenways. Gen. Tech. Rep. SRS-109. Daily, G.C., S. Polasky, J. Goldstein, P.M. Kareiva, H.A. Mooney, Asheville, NC: Department of Agriculture, Forest Service, L. Pejchar, T.H. Ricketts, J. Salzman and R. Shallenberger. Southern Research Station. 110 p. 2009. Ecosystem in decision making: time to deliver. Blue Water Science. 2016. Aquatic Invasive Species Surveys and Frontiers in Ecology and the Environment 7:21-28. (A call Suitability Assessments for Selected Dakota County Park to action on ecosystem services.) Lakes – Status Report. Daily, G.C. (ed.). 1997. Nature’s services: societal dependence on Blue Water Science. 2016. Aquatic Invasive Species Surveys and natural ecosystems. Island Press, Washington DC. (Popu- Suitability Assessments for Selected Dakota County Park larized presentation of how ecosystem services work and Lakes – Water Quality Summary. EHQHƓWSHRSOH Botkin, D.B. 1992. Discordant harmonies: a new ecology for the Dakota County. 2015. River to River Greenway Master Plan (Draft). WZHQW\ƓUVWFHQWXU\2[IRUG8QLYHUVLW\3UHVV Prepared by Hoisington Koegler Group, Inc., Bolton and Menk, and The 106 Group. Buckmann, S.L. and G.P. Nabhan. 1997. The forgotten pollinators. Island Press, Washington DC. Dakota County. 2012a. 2011 Benchmarking Study – Revised Final 5HSRUW'DNRWD&RXQW\2IƓFHRI3ODQQLQJDQG &DUOVRQ5( $WURSKLFVWDWHLQGH[IRUODNHVb/LPQRORJ\DQG Analysis. Dakota County, Minnesota. Oceanography. 22:2 361—369. Dakota County. 2012b. Vermillion Highlands Greenway Master Ceballos, G. and P.R. Ehrlich. 2002. Mammal population losses Plan. Prepared by Hoisington Koegler Group, Inc., Bolton and the extinction crisis. Science 296:904-907. and Menk, and The 106 Group. Colgan, P. 2010. A Brief Geologic History of Ravines. Grand Valley Dakota County Greenway Collaborative. 2010. Greenway Guide- Review, v. 35, p. 11-21. book. Prepared by Hoisington Koegler Group, Inc., and Cooney, R. 2004. The precautionary principle in biodiversity Friends of the Mississippi River. conservation and natural resource management: an issues Dakota County. 2009. Dakota County, Minnesota Comprehensive paper for policy-makers, researchers and practitioners. Plan – DC2030. Dakota County, Minnesota. International Union of Concerned Naturalists, Gland, Swit- zerland and Cambridge, UK. Dakota County. 2008. Dakota County 2030 Park System Plan: Great Places – Connected Places – Protected Places. Adopt- Costanza, R., H. Daly, C. Folke, P. Hawken, C.S. Holling, A.J. McMi- ed April 2008, Dakota County Board of Commissioners. chael, D. Pimentel and D. Rapport. 2000. Managing our Dakota County, Minnesota. environmental portfolio. BioScience 50:149-155. (Guid- ance on how to protect and improve ecosystem services.) Dakota County. 2005. Lake Byllesby Regional Park Master Plan. Prepared by Hoisington Koegler Group, Inc. with Ingraham Costanza, R., R. d’Arge, R. de Groot, S. Farber, M. Grasso, B. Han- & Associates, Barr Engineering, and The 106 Group. non, K. Limburg, S. Naeem, R.V. O’Neill, J. Paruelo, R.G. Raskin, P. Sutton and M. van den Belt. 1997. The value of Dakota County. 2002. Dakota County Farmland and Natural Area the world’s ecosystem services and natural capital. Nature Protection Plan. Adopted by the Dakota County Board $EUHDNWKURXJKSDSHURQHRIWKHƓUVWLQ of Commissioners on January 29, 2002. Dakota County, Minnesota.

Dakota County | Natural Resource Management System Plan 121 Dakota County Soil & Water Conservation District. 2016. Subwater- assessment and synthesis: a report from the Northwoods shed Analysis for Trout Brook, Dakota County, MN. Climate Change Response Framework. General Technical Dakota County Soil & Water Conservation District. 2007. 2006 Pine Report NRS-XX. U.S. Department of Agriculture, Forest Creek and Trout Brook Water Quality Monitoring Report. Service, Northern Research Station, St. Paul MN. Prepared for North Cannon Watershed Management Henderson, C., C. Dindorf and F. Rozumaiski. 1999. Lakescaping Organization. for Wildlife and Water Quality. Minnesota Department of Eagan-Inver Grove Heights Watershed Management Organization Natural Resources, St. Paul, MN. 2015. Watershed Management Plan-December 2015 Final Kellert, S.R. and E.O. Wilson. 1993. The biophilia hypothesis. Island Review Draft, prepared by Wenck Associations, Inc. Press, Washington, DC. Environmental Law Institute. 2003. Conservation thresholds for Kovacs, K.F., D. Pennington, B. Keeler, D. Kessler, J.O. Fletcher, S. land use planners. Environmental Law Institute. Washing- Polasky, and S.J. Taff. 2011. Return on investment in con- ton, D.C. servation: an economic analysis of ecosystem services from Fernández-Juricic, E., Venier, M. P., Renison, D., & Blumstein, land acquisitions by the Minnesota Department of Natural D. T. (2005). Sensitivity of wildlife to spatial patterns of Resources. Presented at a Conference of the USDA and recreationist behavior: a critical assessment of minimum 6WDWH$JULFXOWXUDO([SHULPHQW6WDWLRQV:%HQHƓWV approaching distances and buffer areas for grassland birds. and Costs of Natural Resources Policies Affecting Public Biological Conservation, 125(2), 225-235. and Private Lands, Albuquerque, NM. Trust for Public Land, Minneapolis, MN. Fish and Wildlife Service. 2006. Estimating the effects of auditory and visual disturbance to Northern Spotted Owls and Lake Byllesby Improvement Association. 2016. Web site. https:// Marbled Murrelets in northwestern California. sites.google.com/site/lakebyllesbylbia/our-lake-region-history Fisher T. 2015 May 9. Streetscapes: Midtown Greenway spurs urban development, especially in Uptown. Star Tribune. Lower Mississippi River WMO. 2015. 3rd Generation Lower Missis- Section E. sippi River Watershed Management Plan. Prepared by WSB & Associates for the Lower Mississippi River WMO. 2011 Foster, J., A. Lowe and S. Winkelman. 2011. The value of green plan, amendment adopted August 2015. infrastructure for urban climate adaptation. Unpublished report, The Center for Clean Air Policy, Washington DC. Lower Mississippi River WMO. No date. Thompson Lake Fact 6KHHWb5HVXOWVRID:DWHU4XDOLW\6WXG\RQ7KRPSVRQ/DNH Garrison, N. and K. Hobbs. 2011. Rooftops to rivers II: green in West St. Paul, MN. strategies for controlling stormwater and combined sewer RYHUŴRZV1DWXUDO5HVRXUFHV'HIHQVH&RXQFLO/RV$QJHOHV Maller, C., M. Townsend, L. St. Leger, C. Henderson-Wilson, A. Pryor, CA; http://v3.mmsd.com/Greenseams.aspx. L. Prosser and M. Moore. 2008. Healthy parks, healthy SHRSOHWKHKHDOWKEHQHƓWVRIFRQWDFWZLWKQDWXUHLQDSDUN Groom, M.J, G.K. Meffe, C.R. Carroll. 2006. Principles of Conser- context. A review of relevant literature, 2nd edition. School vation Biology – Third Edition. Sinauer Associates, Inc. of Health and Social Development, Deakin University, Sunderland, Massachusetts. ISBN: 978-0-87893-597-0 Burwood, Melbourne, Australia. Handler, S., M.J. Duveneck, L. Iverson, E. Peters, R.M. Scheller, K.R. Maller, C., M. Townsend, A. Pryor, P. Brown and L. St. Leger. 2005. Wythers, L. Brandt, P. Butler, M. Janowiak, C. Swanston, K. Healthy nature, healthy people: ‘contact with nature’ as an Barrett, R. Kolka, C. McQuiston, B. Palik, P.B. Reich, C. Turn- upstream health promotion intervention for populations. er, M. White, C. Adams, A. D’Amato, S. Hagell, R. Johnson, P. Health Promotion International 21(1). Oxford University Johnson, M. Larson, S. Matthews, R. Montgomery, S. Olson, Press, Oxford, England. M. Peters, A. Prasad, J. Rajala, P.D. Shannon, J. Daley, M. Davenport, M.R. Emery, D. Fehringer, C.L. Hoving, G. John- Marschner, F.J. 1974. The Original Vegetation of Minnesota (map, son, L. Johnson, D. Neitzel, A. Rissman, C. Rittenhouse and scale 1:500,000). USDA Forest Service, North Central Forest R. Ziel. In Press. Minnesota forest ecosystem vulnerability

Dakota County | Natural Resource Management System Plan 122 Experiment Station, St. Paul, Minnesota (redraft of the state.mn.us/quick-links/eda-guide-typical-minnesota-wa- original 1930 edition). ter-quality-conditions Metropolitan Council. 2015. 2040 Regional Parks Policy Plan. Minnesota Pollution Control Agency. 2015. Cannon River Water- Miller, S.G., Knight, R.L., & Miller, C.K. 2001. Wildlife responses shed: Developing Watershed Restoration and Protection to pedestrians and dogs. Wildlife Society Bulletin, 29(1), Strategies (WRAPS) fact sheet, wq-ws3-0704002c. 124 – 132. Minnesota Pollution Control Agency. 2013. Lake Byllesby TMDL Minnesota Department of Health. 2013 data (accessed January Fact Sheet, wq-iw9-10i. 2016). https://apps.health.state.mn.us/mndata/obesi- Minnesota Pollution Control Agency. 2012. Final Impaired Waters ty_basic#byage List. https://www.pca.state.mn.us/water/minnesotas-im- Minnesota Department of Natural Resources. 2016. Minnesota’s paired-waters-list Wildlife Action Plan 2015-2025. Division of Ecological Minnesota Pollution Control Agency. Mississippi Makeover Imple- and Water Resources, Minnesota Department of Natural mentation Plan. 2011. Prepared by the Dakota County Soil Resources, St. Paul, MN. http://www.dnr.state.mn.us/mn- and Water Conservation District. wap/index.html Minnesota Rules 7050. 2014. Determination of Water Quality, Minnesota Department of Natural Resources. 2016. Where to Biological and Physical Conditions, and Compliance with Fish:Lakes. KWWSZZZGQUVWDWHPQXVDUHDVƓVKHULHV Standards. eastmetro/lakes/index.html Mishra, V, K. Cherkauer and S. Shukla. 2010. Assessment of 0LQQHVRWD'HSDUWPHQWRI1DWXUDO5HVRXUFHV/DNHƓQGHU drought due to historic climate variability and project KWWSZZZGQUVWDWHPQXVODNHƓQGLQGH[KWPO future climate change in the Midwestern United States. Minnesota Department of Natural Resources. 2015. Natural Heri- Journal of Hydrometeorology 11:46-68. tage Information System (NHIS) data. Moss, P., E. Anderson, P. Ciborowski, G. Gauthier, B. Grant, L. Hen- Minnesota Department of Natural Resources. 2014. Minnesota’s ning, A. Holdsworth, M. Jordahl-Larson, J. Kelly, K. Leuer, State Comprehensive Outdoor Recreation Plan 2014-2018. J. Manolis, K. McDonald, J. Nelson, K. Raab, A. Sherman, D. Thornton, and M. Westrick. 2013. Adapting to climate Minnesota Department of Natural Resources. 2006. Tomorrow’s change in Minnesota. 2013 Report of the Interagency Habitat for the Wild and Rare: An Action Plan for Minnesota Climate Adaptation Team, St. Paul MN. Wildlife, Comprehensive Wildlife Conservation Strategy. Division of Ecological Services, DNR, St. Paul, MN. National Academy of Sciences. 2004. Valuing ecosystem services: toward better environmental decision-making. Water Minnesota Department of Natural Resources. 2005. Field Guide to Sciences and Technology Board, National Academies Press, the Native Plant Communities of Minnesota: The Eastern Washington DC. %URDGOHDI)RUHVW3URYLQFH(FRORJLFDO/DQG&ODVVLƓFDWLRQ Program, Minnesota County Biological Survey, and Natural 1HUERQQH% .&KDSPDQ&ODVVLƓFDWLRQRIWURXWVWUHDP Heritage and Nongame Research Program. DNR St. Paul, reaches in the Vermillion River, Minnesota, USA. Vermillion MN. River Watershed Joint Powers Organization, Apple Valley, MN. Minnesota Department of Natural Resources. 2004. Minnesota /DQG&RYHU&ODVVLƓFDWLRQ6\VWHP8VHU0DQXDO9HUVLRQ Nicholls, S. 2004. Measuring the Impact of Parks on Property DNR Central Region, St. Paul, Minnesota. Values. Parks and Recreation, March, 24-32. Minnesota Pollution Control Agency. 2016. Draft Impaired Waters North Cannon River Watershed Management Organization. 2003. List. https://www.pca.state.mn.us/water/minnesotas-im- Watershed Management Plan. paired-waters-list Odefey,J., S. Detwiler, K. Rousseau, A. Trice, R. Blackwell, K. O’Hara, Minnesota Pollution Control Agency. 2016. EDA: Guide to Typical M. Buckley, T. Souhlas, S. Brown and P. Raviprakash. 2012. Minnesota Water Quality Conditions. https://www.pca. Banking on green: A look at how green infrastructure can

Dakota County | Natural Resource Management System Plan 123 VDYHPXQLFLSDOLWLHVPRQH\DQGSURYLGHHFRQRPLFEHQHƓWV 7UDYHUV6DQG16DWKHU$FHQWXU\RIVKLIWVLQŴRZHULQJ community-wide. A joint report by American Rivers, the phenology in the Red River Valley: Summary of research. Water Environment Federation, the American Society of Unpublished paper, North Dakota State University, Fargo ND. Landscape Architects and ECONorthwest. U.S. Department of Commerce. 2016. U.S. Census Bureau Pryor, S.C., D. Scavia, C. Downer, M. Gaden, L. Iverson, R. Nord- 2000 Census data. http://quickfacts.census.gov/qfd/ strom, J. Patz, and G. P. Robertson. 2014. Climate Change states/27/27037.html impacts in the United States: the third national climate U.S. Environmental Protection Agency. 2010. Green infrastructure assessment. In J.M. Melillo, T.C. Richmond and G.W. Yohe case studies: municipal policies for managing stormwater (eds.), Ch. 18 (Midwest), U.S. Global Change Research ZLWKJUHHQLQIUDVWUXFWXUH2IƓFHRI:HWODQGV2FHDQVDQG Program, pp. 418-440 Watersheds, Report No. EPA-841-F-10-004. Washington DC. Reijnen, R., R. Foppen, C. Ter Braak and J. Thissen. 1995. The Vermillion River Watershed Joint Powers Organization and Min- HIIHFWVRIFDUWUDIƓFRQEUHHGLQJELUGSRSXODWLRQVLQ nesota Pollution Control Agency. 2015. Vermillion River woodland. III. Reduction in the density in relation to the Watershed Restoration and Protection Strategy, Mississippi proximity of main roads. Journal of Applied Ecology 32: River to Lake Pepin. wq-ws4-14a. 187-202. Vermillion River Watershed Joint Powers Board. 2013. Impaired Reijnen, R., R. Foppen and H. Meeuwsen. 1996. The effects of car Waters and the Vermillion River Watershed Restoration and WUDIƓFRQWKHGHQVLW\RIEUHHGLQJELUGVLQ'XWFK$JULFXOWXU- Protection Plan (WRAPP) Phase 1. al Grasslands. Biological Conservation 75:255-260. Vitousek, P, H.A. Mooney, J. Lubchenco and J.M. Melillo. 1997. Hu- Ricklefs and Miller. 2016. Ecology. http://www.macmillanlearn- man domination of earth’s ecosystems. Science 277:494- ing.com/catalog/static/whf/ricklefsmiller/ (accessed April 499. 2016). Walsh, C.H., A.H. Roy, J.W. Feminella, P.D. Cottongham, P.M. Schmidt, K and P. Talmage. 2001. Fish Community Surveys of Twin Groffman and R.P.II, Morgan. 2005. The urban stream Cities Metropolitan Area Streams. Minnesota Department syndrome: current knowledge and the search for a cure. of Natural Resources. Special Publication 156, October Journal of the North American Bethnological Society 2001. 24:706-723. 6PLWK7KRPDV0DQG5REHUW/HR6PLWKb(OHPHQWVRI(FROR- Weiss, P.T., J.S. Gulliver and A.J. Erickson. 2007. Cost and pollutant J\b (LJKWKHG %RVWRQ%HQMDPLQ&XPPLQJVbISBNb978-0- removal of storm-water treatment practices. Journal of Wa- 321-73607-9. ter Resources Planning and Management 133:218-239. Snetsinger, S.D. and K. White. 2009. Recreation and Trail Impacts Wilson, E.O. 1985. The biological diversity crisis: a challenge to on Wildlife Species. science. Issues in Science and Technology 2:1-23. (Reprint- Soulé, M. 1991. Land use planning and wildlife maintenance: ed in E.O. Wilson, 2006, Nature revealed: selected writings, Guidelines for conserving wildlife in an urban landscape. Johns Hopkins University Press, Baltimore MD.) Journal of the American Planning Assoc. 57(3):313-323. Wilson, E.O. 1986. Biophilia. Harvard University Press, Cambridge Spahr, Robin. (1990) Factors Affecting The Distribution Of Bald MA. Eagles And Effects Of Human Activity On Bald Eagles Wise, S., J. Braden, D. Ghalayini, J. Grant, C. Kloss, E. MacMul- Wintering Along The Boise River. Boise State University lan, S. Morse, F. Montalto, D. Nees, D. Nowak, S. Peck, S. Theses and Dissertations. Paper 686. http://scholarworks. Shaikh and C. Yu. 2010. Integrating valuation methods boisestate.edu/td/686. WRUHFRJQL]HJUHHQLQIUDVWUXFWXUHōVPXOWLSOHEHQHƓWV,Q Tilman, D., R.M. May, C.L. Lehman & M.A. Nowak. 1994. Habitat proceedings of the 2010 International Low Impact Devel- destruction and the extinction debt. Nature 371:65-66. RSPHQW&RQIHUHQFH5HGHƓQLQJZDWHULQWKHFLW\$PHULFDQ Society of Civil Engineers, Reston VA. Access: http://dx.doi. org/10.1061/41099(367)98.

Dakota County | Natural Resource Management System Plan 124 DakotaCounty NaturalResourceManagementSystemPlan

APPENDICES AppendixA.GlossaryandAcronyms

Glossary

Adaptive Structureddecisionmakinginthefaceofuncertainty,withanaimtoreducing Management uncertaintyovertimebyacycleofimplementation,monitoring,evaluation,and adjustment.

Bioblitz Typicallya24Ͳhourperiodwhenprofessionalsandvolunteersdocumentall livingspecieswithinagivenarea,suchasapublicpark.

Biodiversity Thevarietyoflifeinaparticularhabitatorecosystem,includingplantsand animals.

ClimateModeration Lessextremefluctuationsintemperature.

EcologicalHealth AsdefinedbyAldoLeopold,“HealthisthecapacityofthelandforselfͲrenewal. Conservationisourefforttounderstandandpreservethiscapacity.” Ecological Improvingthenaturalenvironmentbystabilizingandenhancingbiodiversity, Restoration resilience,andecosystemservices.

Ecological Referstoresponsibleuseandprotectionofthenaturalenvironmentthrough Stewardship conservationandsustainablepractices.

Eutrophic Waterbodyconditionwherenutrientlevelsaremoderatelyhigh,withverylow waterclarityandsignificantalgalblooms. Eutrophication Processwherebynutrientlevelsincreaseinalakeorotherbodyofwater, frequentlyduetorunofffromtheland,whichcancausedensegrowthofplant lifeanddeathofanimallifefromlackofoxygen.

GeneralistSpecies Speciesthatcanliveintheunusedsmallspacesofcities,towns,andcropfields.

GreenInfrastructure Naturalvegetatedsystemsthatmimicnaturalprocesses,usuallyfocusedon surfacewatermanagement(e.g.,raingardens). Groundwater Hydrologicprocesswherewatermovesdownwardfromsurfacewater Recharge togroundwater.Rechargeistheprimarymethodthatwaterentersanaquifer.

Habitat Habitatfragmentationistheprocessbywhichhabitatlossresultsinthedivision Fragmentation oflarge,continuoushabitatsintosmaller,moreisolatedremnants.

HyperͲeutrophic Waterbodyconditionwherenutrientlevelsareexcessivelyhigh,withlowwater clarityandalgalblooms. Impairment Thresholdsthatmaybeusedtoassesswhetherbeneficialusesofsurfacewater Threshold orgroundwaterarelikelytobethreatened.

IndicatorSpecies Anorganismwhosepresence,absenceorabundancereflectsaspecific environmentalcondition.Indicatorspeciescansignalachangeinthebiological conditionofaparticularecosystem,andmaybeusedasaproxytodiagnosethe healthofanecosystem. InvasiveSpecies Aggressivespecieswhoseintroductiondoesorislikelytocauseeconomicor environmentalharmorharmtohumanhealth.

Mesotrophic Waterbodyconditionwherenutrientlevelsaremoderate.

NativePlants Plantsindigenoustoagivenareaingeologictime.Thisincludesplantsthathave developed,occurnaturally,orexistedformanyyearsinanarea.

NaturalArea Alandandwaterdesignationthatrecognizesthequality,size,anddiversityofa landscapeswherenaturalconditionslargelyprevail.

Natural/SemiͲ Plantcommunitiesrangingfromintactnativeplantcommunitiestodegraded NaturalVegetation remnantstounmanagedvegetatedlandscapes.

NonͲinvasiveSpecies Speciesthatarenotlikelytocauseeconomicorenvironmentalharm.

Oligotrophic Waterbodyconditionwithlownutrientlevels,excellentwaterclarity(oftento 20Ͳ25feet),andnoalgaeblooms.

Speciesthatneedsignificantlylargeareasorspecialhabitatresourcestocarry SpecialistSpecies outtheirlifecycle.Manyendangered,threatened,andspecialconcernspecies (includingSGCNs)arespecialists.

WaterQuality Measureoftheconditionofwaterrelativetotherequirementsofoneormore bioticspeciesand/ortoanyhumanneedorpurpose.

Wisconsinan MostrecentmajoradvanceoftheNorthAmericanicesheetcomplex. GlaciationPeriod

Acronyms

CIP CapitalImprovementProjects CRWD CapitalRegionWatershedDistrict DNR DepartmentofNaturalResources FEMA FederalEmergencyManagementAgency GIS GeographicInformationSystem MLCCS MinnesotaLandCoverClassificationSystem MPCA MinnesotaPollutionControlAgency NHIS NaturalHeritageInformationSystem NRCS NaturalResourcesConservationService SBS SiteofBiologicalSignificance SGCN SpeciesofGreatestConservationNeed USDA UnitedStatesDepartmentofAgriculture WRAPS WatershedRestorationandProtectionStrategies AppendixB.InvasiveSpeciesthatMayWarrantControlinDakotaCounty

TableB.1.InvasiveTerrestrialWoodySpecies

ScientificName CommonName RelativeThreat Action Acerginnala Amurmaple Low Removeall Acerplatanoides Norwaymaple LowtoMedium Removeall Acernegundo Boxelder LowtoMedium Selectiveremoval Berberisthunbergii Japanesebarberry Low Removeall Caraganaarborescens Siberianpeashrub Low Removeall Celastrusorbiculatus Orientalbittersweet MediumtoHigh Removeall Eleagnusangustifolia Russianolive Low Removeall Euonymusalatus Wingedeuonymus LowtoMedium Removeall Loniceraxbella Showyflyhoneysuckle High Removeall Loniceramorrowii Morrow’shoneysuckle High Removeall Loniceratatarica Tartarianhoneysuckle High Removeall Loniceraxylosteum Europeanflyhoneysuckle Low Removeall Morusalba Whitemulberry Low Removeall Populusalba WhiteorEuropeanpoplar Low Removeall Rhamnuscathartica Commonbuckthorn High Removeall Rhamnusfrangula Glossybuckthorn Moderate Removeall Robiniapseudoacacia Blacklocust Moderate Removeall Rosamultiflora Multiflorarose Moderate Removeall Ulmuspumila Siberianelm High Removeall Zanthoxylumamericanum Pricklyash LowtoModerate Selectiveremoval TableB.2.InvasiveTerrestrialHerbaceousSpecies

ScientificName CommonName ThreatLevel Action Alliariapetiolata Garlicmustard High Removeall Arctiumminus Commonburdock Low Removeall Bromusinermis Smoothbromegrass High Selectiveremoval Cardamineimpatiens NarrowͲleafbittercress Medium Removeall Centaureamaculosa Spottedknapweed LowtoMedium Removeall Cirsiumarvense Canadathistle MediumtoHigh Removeall Cirsiumvulgare Bullthistle Low Removeall Coniummaculatum Poisonhemlock Medium Removeall Coronillavaria Crownvetch Medium Removeall Dactylisglomerata Orchardgrass Low Removeall Daucuscarota QueenAnne’slace Low Removeall Echinochloamuricata Barnyardgrass Low Removeall Elytrigiarepens Quackgrass Low Removeall Euphorbiaesula Leafyspurge High Removeall Glechomahederacea CreepingCharlie LowtoMedium Removeall Hesperismatronalis Dame’srocket Low Removeall Lotuscorniculatus Birdsfoottrefoil Medium Removeall Lythrumsalicaria Purpleloosestrife High Removeall Medicagosativa Alfalfa Low Selectiveremoval Melilotusalba Whitesweetclover MediumtoHigh Removeall Melilotusofficinalis Yellowsweetclover MediumtoHigh Removeall Pastinacasativa Wildparsnip High Removeall Phalarisarundinacea Reedcanarygrass High Selectiveremoval Phleumpratense Timothy Low Removeall Phragmitesaustralis Giantreedgrass High Removeall Poapratensis Kentuckybluegrass LowtoMedium Selectiveremoval Rumexcrispus Curlydock LowtoMedium Removeall Setariaspp Foxtailgrasses LowtoMedium Removeall Solanumdulcamara Bittersweetnightshade Low Removeall Tanacetumvulgare Commontansy Medium Removeall Taraxacumofficinale Dandelion Low Removeall Torilisjaponica Japanesehedgeparsley Medium Removeall Trifoliumpratense Redclover LowtoMedium Removeall Trifoliumrepens Whiteclover Lowtomedium Removeall Typhaangustifolia NarrowͲleafcattail High Selectiveremoval Typhaxglauca Hybridcattail High Selectiveremoval Verbascumthapsus Mullein Low Removeall TableB.3.AquaticInvasiveSpecies(AIS)1

ScientificName CommonName ThreatLevel andNotes Plants ProhibitedinvasivespeciesinMN;actively Butomusumbellatus Floweringrush expanding Egeriadensa BrazilianElodea RegulatedinvasivespeciesinMN;reportedin fewlakesinstate Irispseudacorus Yellowiris Regulatedinvasivespecies Lythrumsalicaria,L.virgatum,and Purpleloosestrife ProhibitedNoxiousWeed hybrids MajorAISthreat;firstdiscoveredinMNin 1987,andasofendof2004,foundin106MN Myriophyllumspicatum Eurasianwatermilfoil lakes,rivers,andstreams;biologicalcontrol beingresearched Najasminor BrittleNaiad ProhibitedinvasivespeciesinMN;reportedin veryfewlakesinstate Nitellopsisobtusa StarryStonewort FirstconfirmedinMNin2015 Nymphaeaspp NonͲnativewaterlilies Regulatedexoticspecies MajorAISthreat;plantedthroughouttheU.S. Phalarisarundinacea Reedcanarygrass sincethe1800sforforageanderosioncontrol Phragmites CommonReed(nonͲ RestrictedNoxiousWeed australissubsp.australis nativesubspecies) ProhibitedinvasivespeciesinMN;majorAIS Potamogetoncrispus CurlyͲleafpondweed threat;reportedin>750lakesin70ofMN’s87 counties Animals Prohibitedinvasivespecies;noestablished Hypophthalmichthysnobilis&H. Bigheadandsilvercarp populationsknowninMN,butindividual molitrix invasivecarphavebeencaught ChineseandBanded Bellamy(Cipangopaludina) Regulatedinvasivespecies;CMSpresentin MysterySnails(CMS& chinensis&Vivaparusgeorgianus >80watersandBMSin~50waters BMS) Commoncarp,German Regulatedinvasivespecies;presentin Cyprinuscarpio carp,Europeancarp hundredsofMNwaters Bithyniatentaculata FaucetSnail Proposedasaprohibitedinvasivespecies Prohibitedinvasivespecies;nopopulations Ctenopharyngodonidella Grasscarp knowninMN,althoughindividualfishhave beencaught Prohibitedinvasivespecies;discoveredin Potamopyrgusantipodarum NewZealandMudsnail DuluthͲSuperiorharborin2005 Prohibitedinvasivespecies;presentinall Neogobiusmelanostomus Roundgoby GreatLakesbutnotknowninMN’sinland waters Prohibitedinvasivespecies;spreadfrom Gymnocephaluscernuus Ruffe Duluthharbortootherriversandbaysin GreatLakes Regulatedinvasivespecies;discoveredinMN Orconectesrusticus Rustycrayfish ~1960andconfirmedin~50MNwaters, mostlyincentralandnortherncounties Prohibitedinvasivespecies;present Petromyzonmarinus Sealamprey throughoutGreatLakesandmanytributaries Bythotrepheslongimanus Spinywaterflea Regulatedinvasivespecies;spreadthroughout GreatLakesandestablishedinsomeinland lakesandrivers Prohibitedinvasivespecies;foundinallGreat Moroneamericana Whiteperch Lakes,butnotknowninMN’sinlandwaters Prohibitedinvasivespecies;majorAISthreat; Dreissenapolymorpha Zebramussel foundthroughoutGreatLakes,partsofMiss. R.,andotherriversandinlandlakes 1AISinformationderivedfromDNRwebsite(http://www.dnr.state.mn.us/invasives/aquatic_id.html);seeAppendixKforknownAISin DakotaCountywaters. AppendixC.EffectsofNotManagingNaturalResources

EffectsonVegetationandSoils x Plantcommunitieshavefewerspecies.Changesinthetypeandnumberofinvasiveplantsandanimals, changesinwaterlevelsandthespeedofitsflow,changessoilstructureandorganiccontent,andlackof historical,rejuvenatingdisturbancessuchasfireornaturalwaterlevelfluctuationscanindividuallyor collectivelyhavenegativeeffects.Naturalplantcommunitiesmayhaveblockedorsuppressedabilityof toregeneratethemselves,asfewerspeciesareavailabletoadapttochangingenvironmentalconditions. Forexample,asmentionedabove,invasiveshrubscanpreventtheregenerationofoaktreesandother plantsandcrowdingoutnativeplantspecies.Thisinturnleadstoareductioninthediversityofplant lifeintheecosystem. x Nativeplantcommunitiesdisappear.Eliminatesuncommonplants(andanimals)thatmakeupaquarter toathirdofallnativespeciesintheCountywhichcanonlysurviveinnativeplantcommunities. x Erosionandsedimentationworsen.Vegetationisoftensparseonwoodlandslopesunderthedense shadeofexoticshrubs.Rainandsnowmeltgraduallystripsawaythetopsoilandtheseedbank(seeds thatnaturallyaccumulateinthesoil),reducingsoilfertilityandthegerminationandabundanceof nativetrees,shrubsandotherplants.

EffectsonWaterResources x Waterlevelsbecomeerratic.Inwatershedswithtenpercentormoreimpervious/nonͲporoussurfaces suchasrooftopsandpavement,streams,lakesandwetlandsbecomenoticeablydamaged.At20to25 percentimperviouscover,streamsbecomeafflictedwith“urbanstream(andlake)syndrome.”Asimilar issueusuallyoccurswithrowcropagriculture.Morewaterthancanbehandledflowsfromimpervious surfacesintowaterbodies.Waterarrivesquickly,inlargeamounts,afterevensmallstorms.These “flashy”hydrologicsystemscausewaterlevelstofluctuatetoofastformanyoftheplantsthatliveinthe wateroratitsedge.Overtime,theydisappear,exposingthebankswhichthenerode.Managementof vegetationandsoilinstreams,lakesandravinescanhelpstabilizethesituation,butmanagingupstream andupͲwatershedrunoff,usingbeststormwaterpractices,isalsorequiredinmostcases. x Waterbecomespolluted.Waterpollutioncantakeseveralforms,anditmayormaynotbereadily apparent.Toxinsmaybepresentinsurfacewatersthatappearclearandclean.However,more commonarewaterbodiesthatbecomemurkyduetopoorwaterquality.ErosioncontributessedimentͲ bornephosphorusintowaterbodies,stimulatingalgaegrowth.Inmostlakesaffectedbyrunofffrom developedareaswithhighimperviouscoverandagriculturallands,visibilityintothewaterduringmidͲ summermaybeonlyonetotwofeetcomparedto10Ͳ20feetofvisibilityinclearwaterbodies.Beyond waterclarity,thefinesedimentaccumulatinginwaterbodiescanbedetrimentaltospeciessuchas troutthatpreferspawningareasofexposedgravel,ormanystreaminvertebratesthatotherspecies dependonforfood.Lowwaterclarityalsolimitsthegrowthofaquaticvegetationthatservesashabitat forfishandwildlifeandhelpsstabilizethebottomsediments.Managingvegetationandsoilaroundthe waterbodycanimprovethesituation,butoftenmanagementprojectslocatedhigherupinthe watershedareneeded.Sometimesimprovementsarerequiredinthestreamorlakeitself,suchas structurestokeepthecurrentinthemiddleofthechannel,waterdrawdowninlakestohardenbottom sediment,ortreatmentwithalum,whichtemporarilylocksphosphorustoalakebottomandpreventsit fromproducingexcessivealgae. x Groundwatersuppliesdecrease.Imperviouscover,drainedagriculturallands,andalackofwetlandson thelandscapespeedtheflowofstormwaterrunoffintowaterbodies,shortͲcircuitingthenatural percolationofrainfalltogroundwater(infiltration).Overonetoseveralyears,shallowgroundwater levelsfall,andshallowwetlands,pondsandlakesmaydryup.Aregionalexampleisthesignificantly lowerwaterlevelsofWhiteBearLakethisproblemtosomeextent,worsenedbydryweather.Over manyyears,thiscanaffectdeepgroundwateraquiferswheredrinkingwater,commercialwater,and irrigationwateraredrawnfrom.Managingvegetationandsoiltomaximizeinfiltrationhelpsrecharge groundwateraquifers.OneofthegreatestthreatstotheVermillionRiveristhatoffallingaquiferssince groundwaterdischargekeepsthistroutstreamcold.

EffectsonWildlife x Generalistspeciesincrease.Speciesthatdonotrequirehighlyspecifichabitatrequirementstosurvive arecalledgeneralists.Wellrecognizedexamplesincludedeer,raccoons,graysquirrels,crows,starlings, andhousesparrows.Theirnumbersarehighbecausetheycanthriveinspiteofalteredhabitatsand withtheresourcesthatarecreatedbydevelopmentandagriculture. x Sensitivespeciesdecrease.Althoughnotwellknown,aquartertoathirdoftheseveralhundred vertebrateandlargeinsectspeciesintheCountyneedssignificantlylargeareasorspecialhabitat resourcestocarryouttheirlifecycle.Becausetheseneedsareoftennotmet,thesespeciesarein dangerofbecomingextinct.UncommonspeciescontributetotheCounty’sbiodiversityandserveas “backͲup”speciesforecosystems,makingthemmoreabletochangeasclimateandlandscapeschange. In2006,theDNRidentifiedthesespeciesandcalledthemSpeciesofGreatestConservationNeed (SGCN).

EffectsonCulturalandEconomicValues x Somepeopleworryaboutthestateoftheirpubliclands.Withoutseeingmanagementtakingplace, thereisatendencyforpeopletoperceivepubliclandsasunkemptlandscapes,possiblyevenunhealthy. Iftheyunderstandnaturalprocessesandhaveseenplantcommunitiesingoodecologicalhealth,they likelyjudgepubliclandsfromthatpositiveperspective. x Somepeopledon’trecognizeunhealthyecosystems.Somepeoplewillviewdegradedlandscapesas normal,orevenmistakethemforhealthynaturalsystems(iftheydon’tknowthedifference).This underminespublicunderstandingofandappreciationforhealthynaturalresourcesandsystems. x Peopleworryaboutsafety.Especiallyinwoodlandsandoaksavannaswithalayerofinvasiveshrubs, sightlinesarelimited.Mostpeoplefeelsaferwhentheycanseefartherahead. x GovernmentsspendmoreinthelongͲterm.Allowingecosystemstodeclinemeansthatgovernments mustspendmoreonbridges,roads,trails,andseweroutfallsduetoerosioncausedbyexcessiverunoff tocompensatefordamages.AlessobviousexampleisthewellͲknowndeclineofpollinatorsonthe landscape—amongothercauses,therearenotenoughfloweringplantstomeetpollinators’foodneeds. Ensuringacontinuous,abundantarrayoffloweringtrees,shrubs,andherbsfromAprilthroughOctober, whenpollinatorsareactive,requiresmanagementofnaturalresourcesonpublicandprivatelands.This needisbeingincreasinglyrecognizedbyagenciesandmunicipalities,andsomefederalandstategrant fundingisnowlinkedtoaproject’spollinatorbenefits.Otherecosystemservices(seeSection2.1of NRMSP)canbecompromisedbynotmanagingnaturalresources,oftennecessitatingincreasedpublic (andprivate)spending.Forexample,lossofwaterͲpurifyingwetlandsandforestedlandscapesincreases thedemandforwaterpurificationplants.AwellͲknowncaseisthedecisionbyNewYorkCitytoprotect forestlandintheCatskillsinordertoensurecleandrinkingwatersources,ratherthanbuildwater treatmentfacilities.Acquisitionoftheforestedlandscapecost$250million,whereasthecosttobuild andoperatethreetreatmentfacilitieswas$6to$8billion.PreservingwatershedsintheCatskillsnot onlyguaranteedasupplyofcleanwaterthatrequiredminimaltreatment,ityieldedotherbenefits,such assupportinglocaltourism.Investmentsinnaturalresourcemanagement,includingcreationand maintenanceofgreeninfrastructure,canproducesignificantcostͲsavingsoverthelongͲtermcompared toengineeredgrayinfrastructureandrelatedsolutions.Whilestudiesofreturnoninvestment(ROI)are few,thereareindicationsthat,whengoodsandservicesfromecosystemsaretallied,theROIisnearly doubletheinvestment,ormore.Forexample,in2010UniversityofMinnesota,usinganecosystem servicevaluationtoolcalledInvest,calculatedthatforeverydollarspenttopurchaseconservationland inMinnesota,$1.70to$4.40isreturnedintheformoftimberproduction,waterqualityimprovement, outdoorrecreation,habitatqualityandcarbonsequestration.ThisROIisinvisibletomanagersand landownersbecausethereisnoformalmarkettobuyandsellecosystemservices,andtheassetsand earningsdon’tappearincapitalandoperatingbudgets.Ecosystemservicesarenotapanacea,but ratheraframeofreference.Currently,ecosystemservicesarelargelyabsentfrompublicconsciousness. Thosethatdogetnoticedusuallyinvolvewater. !PPENDIX$

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EĂƚƵƌĂůĂŶĚ^ĞŵŝͲEĂƚƵƌĂůsĞŐĞƚĂƚŝŽŶ ƋƵĂƚŝĐ ƵůƚƵƌĂů >ĂŶĚŽǀĞƌ^ƚĂƚŝƐƚŝĐƐ Ϯ ϯ ϰ WƌĂŝƌŝĞ;ĂĐͿ EŽŶͲWƌĂŝƌŝĞ'ƌĂƐƐůĂŶĚ;ĂĐͿ ůƚĞƌĞĚ&ŽƌĞƐƚ;ĂĐͿ >ŽǁůĂŶĚ&ŽƌĞƐƚ;ĂĐͿ tĞƚDĞĂĚŽǁĂŶĚ^ŚƌƵď ^ǁĂŵƉ;ĂĐͿ DĂƌƐŚͬWŽŶĚ;ĂĐͿ ůƚĞƌĞĚtĞƚůĂŶĚ;ĂĐͿ >ĂŬĞ;ĂĐͿ ZŝǀĞƌ;ĂĐͿ ƵůƚŝǀĂƚĞĚ>ĂŶĚ;ĂĐͿ ĞǀĞůŽƉĞĚ>ĂŶĚ;ĂĐͿ dŽƚĂů;ĂĐͿ EĂƚƵƌĂůͬ^ĞŵŝͲŶĂƚƵƌĂů sĞŐĞƚĂƚŝŽŶ;ĂĐͿ EĂƚƵƌĂůͬ^ĞŵŝͲŶĂƚƵƌĂů sĞŐĞƚĂƚŝŽŶ;йͿ EŽŶͲWƌĂŝƌŝĞ'ƌĂƐƐůĂŶĚнůƚĞƌĞĚ &ŽƌĞƐƚ;йŽĨEĂƚƵƌĂůͬ^ĞŵŝͲ ŶĂƚƵƌĂůsĞŐĞƚĂƚŝŽŶͿ ƵůƚŝǀĂƚĞĚ>ĂŶĚ;йͿ ƐƚŝŵĂƚĞĚ/ŵƉĞƌǀŝŽƵƐŽǀĞƌ ;йͿ WĂƌŬEĂŵĞ EĂƚŝǀĞDĞƐŝĐ&ŽƌĞƐƚ;ĂĐͿ KĂŬ&ŽƌĞƐƚ;ĂĐͿ ^ĂǀĂŶŶĂĂŶĚ^ŚƌƵďůĂŶĚ;ĂĐͿ >ĞďĂŶŽŶ,ŝůůƐZĞŐŝŽŶĂůWĂƌŬ ϱϮ ϳϴϭ ϭϭϬ ϳϳ ϮϬϳ ϮϬϵ ϭϭ ϰ ϭϳϲ ϭϲ ϭϭϰ ϭϬϴ ϭϴϲϰ ϭϲϰϯ ϴϴй Ϯϱй Ϭй Ϯй DŝĞƐǀŝůůĞZĂǀŝŶĞWĂƌŬZĞƐĞƌǀĞ ϭϲϴ ϯϭϯ ϭϬϳ ϯϲϳ Ϯϲ ϭϮϵ ϳϱ ϭϮ Ϯ ϭϵ ϭ ϲϲ ϭϳ ϭϯϬϬ ϭϮϭϳ ϵϰй ϭϯй ϱй ϭй ^ƉƌŝŶŐ>ĂŬĞWĂƌŬZĞƐĞƌǀĞ ϰϬϰ ϵϳ ϭϲϭ ϱϬ ϮϬϯ ϭϲ Ϭ ϭ Ϭ ϱϴ ϵϵϬ ϵϯϭ ϵϰй Ϯϳй Ϭй Ϯй tŚŝƚĞƚĂŝůtŽŽĚƐZĞŐŝŽŶĂůWĂƌŬϭ ϰϴ ϭϬϰ ϭϱ ϵϭ ϭϳ ϱϬ ϲ Ϯϱ ϯϭ Ϭ ϯ ϯϵϭ ϯϱϳ ϵϭй ϯϬй Ϭй Ϭй >ĂŬĞǇůůĞƐďǇZĞŐŝŽŶĂůWĂƌŬ ϳϯ ϯϭ ϯϯ ϳϱ ϱ ϱϮ ϴ ϰ ϰ ϱϱ ϵϲ ϰϯϲ Ϯϳϴ ϲϰй Ϯϯй ϭϯй ϱй dŚŽŵƉƐŽŶŽƵŶƚǇWĂƌŬ ϭ Ϯ ϱ ϭϬ Ϯϲ ϭ ϳ ϲ ϱϴ ϰϱ ϳϳй ϴϭй Ϭй ϱй ĂŬŽƚĂtŽŽĚƐŽŐWĂƌŬ ϳ ϯ ϱ Ϭ Ϭ ϭϰ ϭϰ ϭϬϬй ϱϭй Ϭй Ϭй dŽƚĂů;ĂĐͿ ϮϮϭ ϭϱϬϬ ϰϰϴ ϳϬϵ ϯϰϮ ϲϵϳ ϭϵϲ ϳϬ Ϯϯϲ ϲϴ ϭϱϱ ϱ ϭϮϬ Ϯϴϳ ϱϬϱϯ ϰϰϴϲ Ͳ Ͳ Ͳ Ͳ WĞƌĐĞŶƚŽĨdŽƚĂů ϰ͘ϰй Ϯϵ͘ϳй ϴ͘ϵй ϭϰ͘Ϭй ϲ͘ϴй ϭϯ͘ϴй ϯ͘ϵй ϭ͘ϰй ϰ͘ϳй ϭ͘ϰй ϯ͘ϭй Ϭ͘ϭй Ϯ͘ϰй ϱ͘ϳй ϭϬϬ͘Ϭй ϴϴ͘ϴй Ͳ Ͳ Ͳ Ͳ ϭĂŬŽƚĂŽƵŶƚǇWĂƌŬ^ǇƐƚĞŵWůĂŶŶĂŵĞĚƚŚŝƐƉĂƌŬƉĂƌƚŽĨsĞƌŵŝůůŝŽŶ,ŝŐŚůĂŶĚƐ Ϯ/ŶĐůƵĚĞƐĚĞŐƌĂĚĞĚƐǇƐƚĞŵƐ ϯ/ŶĐůƵĚĞƐĨůŽŽĚƉůĂŝŶƐĂŶĚĨŽƌĞƐƚĞĚǁĞƚůĂŶĚƐ ϰ/ŶĐůƵĚĞƐĚĞŐƌĂĚĞĚƐǇƐƚĞŵƐ ^ŽƵƌĐĞƐ͗ĂŬŽƚĂŽƵŶƚǇ͕DŶEZDŝŶŶĞƐŽƚĂ>ĂŶĚŽǀĞƌůĂƐƐŝĨŝĐĂƚŝŽŶ^ǇƐƚĞŵ;D>^Ϳ͕^ŝƚĞƐŽĨŝŽůŽŐŝĐĂů^ŝŐŶŝĨŝĐĂŶĐĞ;^^Ϳ͕ĂŶĚEĂƚŝǀĞWůĂŶƚŽŵŵƵŶŝƚǇ;EWͿĚĂƚĂ͘ ĂŬŽƚĂŽƵŶƚǇEZD^W ƉƉĞŶĚŝǆ,͘ĂŬŽƚĂŽƵŶƚǇWĂƌŬƐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ

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ϭͿ/ŶǀĂƐŝǀĞƉůĂŶƚƐ͕ϮͿZŝƐŬŽĨŚĂďŝƚĂƚ KĂŬ&ŽƌĞƐƚ;^ŽƵƚŚĞĂƐƚͿ;Ϯϲ͘ϳϱĂĐͿ DŽĚĞƌĂƚĞYƵĂůŝƚǇ^^ ĨƌĂŐŵĞŶƚĂƚŝŽŶ͕ϯͿ^ŚĂůůŽǁůĂŬĞ dĂŵĂƌĂĐŬ^ǁĂŵƉ;ϱ͘ϯϵĂĐͿ >ĞďĂŶŽŶ,ŝůůƐZĞŐŝŽŶĂůWĂƌŬ ZĞŐŝŽŶĂů ĞǀĞůŽƉĞĚ ϭϴϲϰ <ĞƚƚůĞůĂŬĞƐĂŶĚŬĂŵĞƐ ^ŝƚĞ͖ŵŽƐƚůǇKĂŬ&ŽƌĞƐƚ ƐĞĚŝŵĞŶƚĂƚŝŽŶĂŶĚĞƵƚƌŽƉŚŝĐĂƚŝŽŶ͕ϰͿ ůĂŶĚŝŶŐΖƐdƵƌƚůĞ;ϮϬϬϴͿ ;ϯϰϬ͘ϲϬĂĐͿ ǆĐĞƐƐŝǀĞĂƋƵĂƚŝĐǀĞŐĞƚĂƚŝŽŶ͕ϱͿ ZĞĚͲƐŚŽƵůĚĞƌĞĚ,ĂǁŬ;ϭϵϴϴͿ ZƵŶŽĨĨĨƌŽŵŽĨĨƐŝƚĞ

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ZĞůĂƚŝǀĞ^ŝǌĞĂŶĚ ZĞůĂƚŝǀĞ^ŝǌĞĂŶĚ ĂƐĞŵĞŶƚdǇƉĞ ĂƐĞŵĞŶƚEĂŵĞ ĐƌĞƐ WƌŽƉŽƌƚŝŽŶŽĨůů ŽƵŶƚ ĂƐĞŵĞŶƚdǇƉĞ ĂƐĞŵĞŶƚEĂŵĞ ĐƌĞƐ WƌŽƉŽƌƚŝŽŶŽĨůů ŽƵŶƚ ĂƐĞŵĞŶƚƐ ĂƐĞŵĞŶƚƐ DŝůĞƐ ϰϳϴ͘Ϭ ůĂƌŐĞ ,ĂůůĐŽĐŬ ϯϳϵ͘ϱ ůĂƌŐĞ ƵƚůĞƌdƌƵƐƚ ϯϱϱ͘ϵ ůĂƌŐĞ ZŽǁĂŶ͕:ŽŚŶΘĞƌŶĂƌĚ Ϯϴϱ͘ϰ ůĂƌŐĞ &ƌĞŝƚĂŐ ϯϬϮ͘ϰ ůĂƌŐĞ <ůƵǀĞƌ Ϯϱϵ͘ϱ ůĂƌŐĞ ŽĚŐĞEĂƚƵƌĞĞŶƚĞƌ ϭϱϵ͘ϭ ůĂƌŐĞ 'ĞƌŐĞŶ͕WĂƵů^ƌ ϮϭϬ͘Ϯ ůĂƌŐĞ DĂĐĂůĞƐƚĞƌ ϭϰϵ͘ϱ ůĂƌŐĞ DƵůůŝŐĂŶ ϮϬϵ͘ϳ ůĂƌŐĞ :ĞŶŶŝŶŐƐ ϭϭϬ͘Ϭ ůĂƌŐĞ ŶĨŝŶƐŽŶ ϮϬϮ͘ϵ ůĂƌŐĞ >ŝŶĚďĞƌŐ ϭϬϯ͘ϭ ůĂƌŐĞ 'ĞƌŐĞŶ͕ŽůŽƌĞƐ ϭϵϵ͘Ϯ ůĂƌŐĞ DĂŚĞƌ ϳϲ͘ϳ ŵĞĚŝƵŵ ^ĐŚŽŶŶŝŶŐ͕DĞƌůǇŶ ϭϴϳ͘ϯ ůĂƌŐĞ ^ĐŚŽĞŶsŽĞůŬĞƌ;ŚŝŵŶĞǇZŽĐŬͿ ϳϲ͘Ϭ ŵĞĚŝƵŵ >ĞĞ ϭϴϰ͘ϴ ůĂƌŐĞ ƵƌƚŝƐ ϲϴ͘ϲ ŵĞĚŝƵŵ 'ĞƌŐĞŶ͕WĂƵů:ƌ ϭϲϴ͘ϳ ůĂƌŐĞ ZĞĐŚƚǌŝŐĞů ϲϱ͘ϴ ŵĞĚŝƵŵ KƚƚĞ͕:ĂǇΘ<ĞƌƌǇ ϭϲϲ͘ϴ ůĂƌŐĞ ůŵƋƵŝƐƚ ϱϵ͘Ϭ ŵĞĚŝƵŵ ^ǁĞŶƐŽŶ ϭϲϭ͘ϵ ůĂƌŐĞ ĂƉŽŶŝƌƚWĂƌŬ/ŝ ϰϱ͘ϴ ŵĞĚŝƵŵ >ĂĐĞdƌƵƐƚ͕ZŝĐŚĂƌĚŶĚůĚĂ ϭϱϴ͘ϴ ůĂƌŐĞ ĂŬŬĞŶ ϰϰ͘Ϯ ŵĞĚŝƵŵ DŝŶĂƌ ϭϰϵ͘ϰ ůĂƌŐĞ KƚƚŝŶŐ ϰϯ͘ϴ ŵĞĚŝƵŵ tŝƌƚǌĨĞůĚ ϭϰϳ͘ϭ ůĂƌŐĞ tŝůŵĂƌ ϰϮ͘ϯ ŵĞĚŝƵŵ dĂǇůŽƌĂƌƉĞŶƚĞƌ ϭϰϲ͘ϵ ůĂƌŐĞ KƚƚĞ͕:ĂŶĞƚΘDĂƌŬ ϰϬ͘ϭ ŵĞĚŝƵŵ KƚƚĞ͕:ĞƌŽůĚΘ<ĂƌĞŶ ϭϰϱ͘ϯ ůĂƌŐĞ EŝĞďƵƌ ϯϵ͘ϯ ŵĞĚŝƵŵ ŽǇƵŵ ϭϰϯ͘ϵ ůĂƌŐĞ 'ĞůŚĂƌͺŵƌŝĐŬ ϯϱ͘ϵ ŵĞĚŝƵŵ ,ĞŝŶƌŝĐŚ ϭϰϭ͘ϯ ůĂƌŐĞ tĞƌŐŝŶ͕&ƌĂŶĐŝƐŶĚZĞŶůƵŶĚ͕ƌŝĚŐĞƚ ϯϰ͘ϯ ŵĞĚŝƵŵ ƵĚŝŶ͕ĞƌŶĂƌĚŶĚĞďŽƌĂŚ ϭϯϳ͘ϵ ůĂƌŐĞ EĂƚƵƌĂůƌĞĂ DĐĐĂƌƚŚǇ ϯϮ͘Ϭ ŵĞĚŝƵŵ ZĞŐĞŶƐĐŚŝĞĚ ϭϯϳ͘Ϯ ůĂƌŐĞ WŽůŬŝŶŐŚŽƌŶĞ ϯϭ͘ϳ ŵĞĚŝƵŵ ,ƵŶƚĞƌ ϭϯϲ͘ϱ ůĂƌŐĞ KǌŵƵŶ ϯϬ͘ϳ ŵĞĚŝƵŵ <ŝĞĨĨĞƌ ϭϮϵ͘Ϯ ůĂƌŐĞ ŝƚǇKĨĂŐĂŶ ϮϬ͘ϯ ŵĞĚŝƵŵ &ƌĂŶĚƌƵƉ ϭϮϬ͘Ϭ ůĂƌŐĞ DĞůƐŽŶ͕ZŽďĞƌƚt͖ƌĞŝƚƐĐŚǁĞƌĚƚ ϮϬ͘ϭ ŵĞĚŝƵŵ sŽůŬĞƌƚ͕sĞƌŶŽŶŶĚZĞďĞĐĐĂ ϭϭϵ͘ϭ ůĂƌŐĞ ,ĂůůĐŽĐŬ;ϮͿ͕tĂǇŶĞΘĂŶĚĂĐĞ ϭϵ͘Ϭ ŵĞĚŝƵŵ ^ƚŽĨĨĞů͕ĂŶΘ'ƌĞŐ ϭϭϱ͘Ϯ ůĂƌŐĞ ĂƉŽŶŝƌƚWĂƌŬ ϭϳ͘ϵ ŵĞĚŝƵŵ >ĞŐǀŽůĚ͕ĂǀŝĚŶĚZƵƚŚ ϭϬϳ͘ϲ ůĂƌŐĞ 'ƌĂŶŶŝƐϭ ϭϲ͘ϴ ŵĞĚŝƵŵ ,ĂůůĐŽĐŬϯ ϭϬϳ͘ϲ ůĂƌŐĞ ^ŚŝƌůĞǇ͕WĞĂƌůZ ϭϱ͘Ϯ ŵĞĚŝƵŵ EŝĞƐĞŶ ϭϬϳ͘ϭ ůĂƌŐĞ WŝůŽƚ<ŶŽďϮ ϭϱ͘Ϭ ŵĞĚŝƵŵ KƚƚĞ͕tŝůůŝĂŵΘDĂƌǇ ϭϬϰ͘ϱ ůĂƌŐĞ tŝĐŬůƵŶĚ ϭϱ͘Ϭ ŵĞĚŝƵŵ ^ƚĞŝŶ͕EŝĐŚŽůĂƐΘ>Žƌŝ ϭϬϮ͘ϳ ůĂƌŐĞ ĂƐƚ>ĂŬĞWĂƌŬ ϭϮ͘Ϯ ŵĞĚŝƵŵ KǌŵĞŶƚ͕ZŝĐŚĂƌĚ ϭϬϮ͘ϳ ůĂƌŐĞ ŶĚĞƌƐŽŶ ϴ͘ϱ ƐŵĂůů 'ĂƌĚĞŶƐKĨĂŐĂŶ ϭϬϭ͘ϰ ůĂƌŐĞ &ĂƌŵůĂŶĚ ,ŝŶǌsĞƌĐŚ ϴ͘ϰ ƐŵĂůů <ŝŵŵĞƐ ϭϬϬ͘ϲ ůĂƌŐĞ WŝůŽƚ<ŶŽďϭ ϴ͘Ϯ ƐŵĂůů DĐŶĂŵĂƌĂ,ŽĨĨŵĂŶ ϵϵ͘ϴ ŵĞĚŝƵŵ DƵƌŶĂŶĞ ϲ͘ϴ ƐŵĂůů ^ƚŽĨĨĞů͕>ĞǁĞůůǇŶΘĞƌŶĂĚĞƚƚĞϭ ϵϳ͘ϵ ŵĞĚŝƵŵ 'ƵŝůĚŶĞƌ͕DĂƌůǇƐD ϱ͘ϭ ƐŵĂůů KƚƚĞ͕:ĂŶĞƚΘDĂƌŬϯ ϵϰ͘ϲ ŵĞĚŝƵŵ <ĂƌƉĞŶ ϰ͘ϲ ƐŵĂůů :ƵĞŶŬĞ͕:ŽŶŶĚĞďŽƌĂŚ ϵϰ͘Ϭ ŵĞĚŝƵŵ ĞƚǌůĞƌ͕ĂǀŝĚŶĚ^ƵƐĂŶ ϯ͘ϰ ƐŵĂůů KǌŵƵŶ ϵϮ͘Ϯ ŵĞĚŝƵŵ EĂƚƵƌĂůƌĞĂĂƐĞŵĞŶƚdŽƚĂůƐ ϮϲϮϬ͘ϯ Ϯϱ͘ϯй ϯϵ ĂƌƌĞƚƚ ϵϬ͘ϳ ŵĞĚŝƵŵ ĂŬŽƚĂŽƵŶƚǇŐ^ŽĐŝĞƚǇ͕/ŶĐ ϭϵϯ͘ϭ ůĂƌŐĞ dĂǇůŽƌϭ ϴϵ͘ϭ ŵĞĚŝƵŵ &ŝŶĚĞŶ͕^ƚĞƉŚĞŶŶĚ^ƵƐĂŶ Ϯϳ͘ϴ ŵĞĚŝƵŵ DĞƐƐŶĞƌ͕ŚƌŝƐƚŽƉŚĞƌŶĚĞƚƐǇ ϳϴ͘ϱ ŵĞĚŝƵŵ EŝĐŽůĂŝ͕ĂǀŝĚ: Ϯϳ͘ϰ ŵĞĚŝƵŵ tŽůůŵĞƌŝŶŐ͕:ĂŵĞƐΘ:ƵĚŝƚŚ ϳϴ͘ϯ ŵĞĚŝƵŵ ŽƌƌŝĚŽƌ 'ĞƌŐĞŶ͕^ƚĞƉŚĞŶŶĚsŝĐƚŽƌŝĂ Ϯϲ͘ϭ ŵĞĚŝƵŵ ^ƚŽĨĨĞů͕>ĞǁĞůůǇŶΘĞƌŶĂĚĞƚƚĞϮ ϳϲ͘ϲ ŵĞĚŝƵŵ ZŝŽƵ Ϯϱ͘ϴ ŵĞĚŝƵŵ zĂŶǌ ϳϲ͘ϯ ŵĞĚŝƵŵ ŽƵĐŚĞƌ͕ůĂŶΘZĂĐŚĞů ϭϭ͘ϯ ŵĞĚŝƵŵ ĚĞůŵĂŶŶ ϳϲ͘Ϯ ŵĞĚŝƵŵ ŽƌƌŝĚŽƌŽƌƌŝĚŽƌ ĂƐĞŵĞŶƚĂƐĞŵĞŶƚd dŽƚĂůƐŽƚĂůƐ ϯϭϭ͘ϱ ϯϬйϯ͘Ϭй ϲ ŝĨĨůĞǇŝĨĨůĞǇd dƌƵƐƚƌƵƐƚ͕ ƚŝŶĂƚŝŶĂ ŶĚŶĚD DĂƌƚŝŶĂƌƚŝŶ ϳϭ͘ϱ ŵĞĚŝƵŵŵĞĚŝƵŵ ZŝŽƵ ϯϳ͘ϭ ŵĞĚŝƵŵ ZƚŬĐ͕/ŶĐ͘ϭ ϲϴ͘ϵ ŵĞĚŝƵŵ 'ƌĞĞŶǁĂǇ &ŝŶĚĞŶ͕^ƚĞƉŚĞŶŶĚ^ƵƐĂŶ ϭ͘ϭ ƐŵĂůů 'ŝůŽŵĞŶ ϲϴ͘Ϯ ŵĞĚŝƵŵ 'ƌĞĞŶǁĂǇĂƐĞŵĞŶƚdŽƚĂůƐ ϯϴ͘Ϯ Ϭ͘ϰй Ϯ EŝĞďƵƌϮ ϲϴ͘Ϭ ŵĞĚŝƵŵ >ĞŝĨĞůĚ ϲϱ͘ϲ ŵĞĚŝƵŵ EĂƚƵƌĂůƌĞĂ͕ŽƌƌŝĚŽƌĂŶĚ'ƌĞĞŶǁĂǇĂƐĞŵĞŶƚƐdŽƚĂůƐ ϮϵϳϬ͘ϭ Ϯϴ͘ϲй ϰϳ dĂǇůŽƌ͕ĞĂŶΘ^ĂƌĂ ϲϯ͘Ϭ ŵĞĚŝƵŵ ^ŽƵƌĐĞ͗ĂŬŽƚĂŽƵŶƚǇ 'ĞƌŐĞŶ͕WĂƵů:ƌϮ ϱϳ͘ϵ ŵĞĚŝƵŵ ĞƚǌŽůĚ͕<ĞŶŶĞƚŚŶĚ<ĂƚŚůĞĞŶϮ ϱϰ͘ϲ ŵĞĚŝƵŵ dĂǇůŽƌ͕'ĞƌĂůĚΘDĂƌǇ ϱϯ͘ϳ ŵĞĚŝƵŵ ,ĂƌŵĞƌ͕ƵƐƚĂ ϰϵ͘ϳ ŵĞĚŝƵŵ ĂŬŬĞŶ ϰϵ͘ϱ ŵĞĚŝƵŵ ZƚŬĐ͕/ŶĐ͘Ϯ ϰϱ͘ϴ ŵĞĚŝƵŵ 'ĞƌŐĞŶ͕WĂƵů:ƌ͘Θ>Žƌƌŝϯ ϰϱ͘Ϭ ŵĞĚŝƵŵ DĞƐƐŶĞƌ͕^ƚĞǀĞŶŶĚůŝǌĂďĞƚŚ ϰϬ͘Ϭ ŵĞĚŝƵŵ ,ĂƌŵĞƌ&Ăƌŵ ϯϵ͘Ϯ ŵĞĚŝƵŵ dĂǇůŽƌϰ ϯϴ͘Ϯ ŵĞĚŝƵŵ 'ĞƌŐĞŶ͕WĂƵů^ƌ͘Θ^ŚŝƌůĞǇϮ ϯϲ͘Ϯ ŵĞĚŝƵŵ DŝƚĐŚĞůů͕ůůĂ ϯϰ͘ϯ ŵĞĚŝƵŵ ,ĂƌŵĞƌ͕ŚĂĚΘ:ĞƐƐŝĐĂ Ϯϴ͘ϯ ŵĞĚŝƵŵ &ĂƌŵůĂŶĚĂƐĞŵĞŶƚdŽƚĂůƐ ϳϯϵϵ͘ϵ ϳϭ͘ϰй ϲϱ

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ŝŵƉůĞŵĞŶƚĂƚŝŽŶƉůĂŶϮϬϬϳ &ĞĐĂůŽůŝĨŽƌŵ͕ƉƌŽƉŽƐĞĚ&ŝƐŚďŝŽĂƐƐĞƐƐŵĞŶƚ͕ĂŶĚƋƵĂƚŝĐ >ŽǁĞƌDŝƐƐŝƐƐŝƉƉŝZŝǀĞƌĂƐŝŶͲ&ĞĐĂůŽůŝĨŽƌŵ ŚƵďƌĞĞŬ KǌŵƵŶĂƐĞŵĞŶƚ Ϭ͘ϳϯ &ŝƐŚ//ǀĞƌǇƉŽŽƌϮϬϬϭ ŵĂĐƌŽŝŶǀĞƌƚĞďƌĂƚĞďŝŽĂƐƐĞƐƐŵĞŶƚƐ ŝŵƉůĞŵĞŶƚĂƚŝŽŶƉůĂŶϮϬϬϳ ŽůĚǁĂƚĞƌ&ŝƐŚ//ŐŽŽĚƚŽ WŝŶĞƌĞĞŬ ZĞŐĞŶƐĐŚŝĞĚĂƐĞŵĞŶƚ Ϭ͘ϬϮ EŝƚƌĂƚĞ ĂŶŶŽŶZŝǀĞƌtĂƚĞƌƐŚĞĚDĂŶĂŐĞŵĞŶƚ^ƚƌĂƚĞŐǇϮϬϭϭ dƌŽƵƚƐƚƌĞĂŵ ĞǆĐĞůůĞŶƚϮϬϬϭ ƵƚĐŚƌĞĞŬ ZŽǁĂŶ͕:ŽŚŶΘĞƌŶĂƌĚĂƐĞŵĞŶƚ Ϭ͘ϱϯ hŶŶĂŵĞĚƚŽƵƚĐŚƌĞĞŬ ZŽǁĂŶ͕:ŽŚŶΘĞƌŶĂƌĚĂƐĞŵĞŶƚ Ϭ͘ϯϮ ƵƚĐŚƌĞĞŬ ^ǁĞŶƐŽŶĂƐĞŵĞŶƚ Ϭ͘ϵϮ ^ƉƌŝŶŐƌĞĞŬ dĂǇůŽƌĂƌƉĞŶƚĞƌĂƐĞŵĞŶƚ Ϭ͘ϱϳ ĂŶŶŽŶZŝǀĞƌtĂƚĞƌƐŚĞĚDĂŶĂŐĞŵĞŶƚ^ƚƌĂƚĞŐǇϮϬϭϭ ĂŶŶŽŶZŝǀĞƌ dĂǇůŽƌĂƐĞŵĞŶƚ Ϭ͘ϴϮ dƵƌďŝĚŝƚǇ͕&ĞĐĂůŽůŝĨŽƌŵ͕DĞƌĐƵƌǇŝŶ&ŝƐŚdŝƐƐƵĞ ^ƚĂƚĞǁŝĚĞŵĞƌĐƵƌǇƌĞĚƵĐƚŝŽŶƉůĂŶ ĂŶŶŽŶZŝǀĞƌ dĂǇůŽƌ͕'ĞƌĂůĚĂŶĚDĂƌǇĂƐĞŵĞŶƚ Ϭ͘Ϭϴ dƵƌďŝĚŝƚǇ͕&ĞĐĂůŽůŝĨŽƌŵ͕DĞƌĐƵƌǇŝŶ&ŝƐŚdŝƐƐƵĞ ^ƚĂƚĞǁŝĚĞŵĞƌĐƵƌǇƌĞĚƵĐƚŝŽŶƉůĂŶ >ŽǁĞƌDŝƐƐŝƐƐŝƉƉŝZŝǀĞƌĂƐŝŶͲ&ĞĐĂůŽůŝĨŽƌŵ ŚƵďƌĞĞŬ tĞƌŐŝŶ͕&ƌĂŶĐŝƐĂŶĚZĞŶůƵŶĚ͕ƌŝĚŐĞƚĂƐĞŵĞŶƚ ϭ͘Ϭϲ &ŝƐŚ//ǀĞƌǇƉŽŽƌϮϬϬϭ &ĞĐĂůŽůŝĨŽƌŵ ŝŵƉůĞŵĞŶƚĂƚŝŽŶƉůĂŶϮϬϬϳ >ŽǁĞƌDŝƐƐŝƐƐŝƉƉŝZŝǀĞƌĂƐŝŶͲ&ĞĐĂůŽůŝĨŽƌŵ ŚƵďƌĞĞŬ >ĂŬĞǇůůĞƐďǇĞZĞŐŝŽŶĂůWĂƌŬ Ϭ͘ϭϬ &ŝƐŚ//ǀĞƌǇƉŽŽƌϮϬϬϭ 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DŶEZ͘ϮϬϬϴ͘WƵďůŝĐtĂƚĞƌƐĂƐŝŶĂŶĚtĂƚĞƌĐŽƵƌƐĞĞůŝŶĞĂƚŝŽŶƐ͘ŚƚƚƉ͗ͬͬŐŝƐĚĂƚĂ͘ŵŶ͘ŐŽǀͬĚĂƚĂƐĞƚͬǁĂƚĞƌͲŵŶͲƉƵďůŝĐͲǁĂƚĞƌƐ;ĂĐĐĞƐƐĞĚ:ĂŶƵĂƌǇϮϬϭϲͿ͘ ^ĐŚŵŝĚƚ͕<͘ĂŶĚW͘dĂůŵĂŐĞ͘ϮϬϭϭ͘&ŝƐŚŽŵŵƵŶŝƚǇ^ƵƌǀĞǇƐŽĨdǁŝŶŝƚŝĞƐDĞƚƌŽƉŽůŝƚĂŶƌĞĂ^ƚƌĞĂŵƐ͘DŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨEĂƚƵƌĂůZĞƐŽƵƌĐĞƐ^ƉĞĐŝĂůWƵďůŝĐĂƚŝŽŶϭϱϲ͕KĐƚŽďĞƌϮϬϬϭ͘ d><ϮͲ^/E^ DĂǆŝŵƵŵ tĞƚůĂŶĚ WĂƌŬ͕ĂƐĞŵĞŶƚŽƌ'ƌĞĞŶǁĂǇEĂŵĞ >ĂŬĞͬtĞƚůĂŶĚEĂŵĞ ůĂƐƐŝĨŝĐĂƚŝŽŶ EZ/ t,W/ >ŽĐĂůEĂŵĞ ĂƐŝŶƌĞĂ;ĂĐͿ dƌŽƉŚŝĐ^ƚĂƚĞ /ŵƉĂŝƌŵĞŶƚƐ <ŶŽǁŶƋƵĂƚŝĐ/ŶǀĂƐŝǀĞ^ƉĞĐŝĞƐ DĂŶĂŐĞŵĞŶƚĨĨŽƌƚƐƚŽĂƚĞ EŽƚĞƐ ĞƉƚŚ;ĨƚͿ ,ĞĂůƚŚ ĂŶŶŽŶZŝǀĞƌtZW^ϮϬϭϱ͕ƐŝƚĞƐƉĞĐŝĨŝĐ ϰϴ͘ϰϴĂĐŝŶƐŝĚĞƉĂƌŬ >ĂŬĞǇůůĞƐďǇZĞŐŝŽŶĂůWĂƌŬ ǇůůĞƐďǇ WƵďůŝĐtĂƚĞƌĂƐŝŶ ϭϵͲϲ dͲϭ ϳϳϱ͘ϱϮ ,ǇƉĞƌĞƵƚƌŽƉŚŝĐ EƵƚƌŝĞŶƚƐ͕DĞƌĐƵƌǇŝŶ&ŝƐŚdŝƐƐƵĞ &ůŽǁĞƌŝŶŐƌƵƐŚ ƐƚĚƐĚĞǀĞůŽƉĞĚ͕ƐƚĂƚĞǁŝĚĞŵĞƌĐƵƌǇ ϱϬ ďŽƵŶĚĂƌǇ ƌĞĚƵĐƚŝŽŶƉůĂŶ >ĞďĂŶŽŶ,ŝůůƐ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ ϭŵƚƌĂŶƐƉĂƌĞŶĐǇ;tDK DŽĚĞƌĂƚĞͲ >ĞďĂŶŽŶ,ŝůůƐZĞŐŝŽŶĂůWĂƌŬ 'ĞƌŚĂƌĚƚ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϲϵ Ͳϯϴ ϭϯ͘ϱϬ ƵƚƌŽƉŝĐƚŽ,ǇƉĞƌĞƵƚƌŽƉŝĐ ƵƌůǇͲůĞĂĨƉŽŶĚǁĞĞĚ ϭϳ WůĂŶ ƉůĂŶͿ ǆĐĞůůĞŶƚ ƵƌĂƐŝĂŶǁĂƚĞƌŵŝůĨŽŝů͕ĐƵƌůǇͲůĞĂĨ >ĞďĂŶŽŶ,ŝůůƐ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ ϳϱΖĚĞĞƉ;tDKƉůĂŶ͕ >ĞďĂŶŽŶ,ŝůůƐZĞŐŝŽŶĂůWĂƌŬ ,ŽůůĂŶĚ WƵďůŝĐtĂƚĞƌĂƐŝŶ ϭϵͲϲϱ ϯϲ͘Ϭϵ DĞƐŽƚŽƵƚƌŽƉŚŝĐ ϱϱ ƉŽŶĚǁĞĞĚ WůĂŶ ĂŐĂŶͿ >ĞďĂŶŽŶ,ŝůůƐ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ >ĞďĂŶŽŶ,ŝůůƐZĞŐŝŽŶĂůWĂƌŬ :ĞŶƐĞŶ WƵďůŝĐtĂƚĞƌĂƐŝŶ ϭϵͲϳϭ ϱϰ͘Ϭϴ ƵƚƌŽƉŚŝĐ EŽŶĞůŝƐƚĞĚ ϲ WůĂŶ ƵƌĂƐŝĂŶǁĂƚĞƌŵŝůĨŽŝů͕ĐƵƌůǇͲůĞĂĨ >ĞďĂŶŽŶ,ŝůůƐ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ >ĞďĂŶŽŶ,ŝůůƐZĞŐŝŽŶĂůWĂƌŬ DĐŽŶŽƵŐŚ WƵďůŝĐtĂƚĞƌĂƐŝŶ ϭϵͲϳϲ ϭϴ͘ϭϬ DĞƐŽƚŽƵƚƌŽƉŚŝĐ ϭϭΖĚĞĞƉ;tDKƉůĂŶͿ ϴ ƉŽŶĚǁĞĞĚ WůĂŶ ϵ͘ϴϰĂĐŝŶƐŝĚĞƉĂƌŬ >ĞďĂŶŽŶ,ŝůůƐ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ >ĞďĂŶŽŶ,ŝůůƐZĞŐŝŽŶĂůWĂƌŬ KΖƌŝĞŶ WƵďůŝĐtĂƚĞƌĂƐŝŶ ϭϵͲϳϮ ϯϳ͘Ϭϴ DĞƐŽƚŽƵƚƌŽƉŚŝĐ ƵƌĂƐŝĂŶǁĂƚĞƌŵŝůĨŽŝů ďŽƵŶĚĂƌǇ͕ϭϯΖĚĞĞƉ;tDK ϭϬ WůĂŶ ƉůĂŶͿ ƵƌĂƐŝĂŶǁĂƚĞƌŵŝůĨŽŝů͕ĐƵƌůǇͲůĞĂĨ >ĞďĂŶŽŶ,ŝůůƐ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ ϮŵƚƌĂŶƐƉĂƌĞŶĐǇ;tDK >ĞďĂŶŽŶ,ŝůůƐZĞŐŝŽŶĂůWĂƌŬ ^ĐŚƵůǌĞ;^ĐŚƵůƚǌͿ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϳϱ ϭϮ͘ϴϭ DĞƐŽƚŽƵƚƌŽƉŚŝĐ ϭϱ͘ϱ ƉŽŶĚǁĞĞĚ WůĂŶ ƉůĂŶͿ >ĞďĂŶŽŶ,ŝůůƐ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ ƐƚŝŵĂƚĞĚ >ĞďĂŶŽŶ,ŝůůƐZĞŐŝŽŶĂůWĂƌŬ hŶŶĂŵĞĚϭϲϰϵϵ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϳϰt WŽƌƚĂŐĞ>ĂŬĞ ϭϭ͘Ϭϲϵ ƵƌĂƐŝĂŶǁĂƚĞƌŵŝůĨŽŝů WůĂŶ ŐŽŽĚĐůĂƌŝƚǇ >ĞďĂŶŽŶ,ŝůůƐ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ >ĞďĂŶŽŶ,ŝůůƐZĞŐŝŽŶĂůWĂƌŬ hŶŶĂŵĞĚϮϱϮϯ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϮϬϬt tŚĞĂƚŽŶWŽŶĚ ϭϬ͘ϯ ƵƌůǇͲůĞĂĨƉŽŶĚǁĞĞĚ WůĂŶ >ĞďĂŶŽŶ ,ŝůůƐ^ƚŽƌŵǁĂƚĞƌ DĂŶĂŐĞŵĞŶƚ >ĞďĂŶŽŶ,ŝůůƐZĞŐŝŽŶĂůWĂƌŬ hŶŶĂŵĞĚϮϱϯϭ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϭϴϵt Ϯ͘ϲϲ WůĂŶ >ĞďĂŶŽŶ,ŝůůƐ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ ϱ͘ϳϮĂĐŝŶƐŝĚĞƉĂƌŬ ƐƚŝŵĂƚĞĚůŽǁ >ĞďĂŶŽŶ,ŝůůƐZĞŐŝŽŶĂůWĂƌŬ hŶŶĂŵĞĚϮϱϱϳ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϭϵϬt ƵŝůĚŝŶŐ>ĂŬĞ ϴ͘ϴϱ WůĂŶ ďŽƵŶĚĂƌǇ ĐůĂƌŝƚǇ >ĞďĂŶŽŶ,ŝůůƐ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ Ϭ͘ϵϲĂĐŝŶƐŝĚĞƉĂƌŬ >ĞďĂŶŽŶ,ŝůůƐZĞŐŝŽŶĂůWĂƌŬ hŶŶĂŵĞĚϮϱϱϴ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϭϴϱt ϭϲ͘ϲϯ WůĂŶ ďŽƵŶĚĂƌǇ >ĞďĂŶŽŶ,ŝůůƐ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ Ϭ͘ϳϳĂĐŝŶƐŝĚĞƉĂƌŬ >ĞďĂŶŽŶ,ŝůůƐZĞŐŝŽŶĂůWĂƌŬ hŶŶĂŵĞĚϮϱϲϴ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϭϴϰt ϱ͘ϳϭ WůĂŶ ďŽƵŶĚĂƌǇ >ĞďĂŶŽŶ,ŝůůƐ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ >ĞďĂŶŽŶ,ŝůůƐZĞŐŝŽŶĂůWĂƌŬ hŶŶĂŵĞĚϮϱϳϬ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϭϴϭt ^ƚĂƌWŽŶĚ Ϯ͘ϳϭ WůĂŶ >ĞďĂŶŽŶ,ŝůůƐ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ ƐƚŝŵĂƚĞĚ >ĞďĂŶŽŶ,ŝůůƐZĞŐŝŽŶĂůWĂƌŬ hŶŶĂŵĞĚϮϱϳϭ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϭϳϵt ƌŝĚŐĞWŽŶĚ ϰ͘ϵϲ ƵƌĂƐŝĂŶǁĂƚĞƌŵŝůĨŽŝů WůĂŶ ĐůĂƌŝƚǇŽŬ >ĞďĂŶŽŶ,ŝůůƐ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ ƐƚŝŵĂƚĞĚ >ĞďĂŶŽŶ,ŝůůƐZĞŐŝŽŶĂůWĂƌŬ hŶŶĂŵĞĚϮϱϳϮ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϭϳϴt ^ĞĚŐĞWŽŶĚͲĞĂǀĞƌWŽŶĚ ϭϭ͘ϱϯ WůĂŶ ĐůĂƌŝƚǇŽŬ >ĞďĂŶŽŶ,ŝůůƐ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ >ĞďĂŶŽŶ,ŝůůƐZĞŐŝŽŶĂůWĂƌŬ hŶŶĂŵĞĚϮϱϴϳ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϭϳϯt ŽŶŶĞĐƚĞĚǁŝƚŚ>,ϭ ĂŬŽƚĂ>ĂŬĞ ϲ͘ϭ WůĂŶ >ĞďĂŶŽŶ,ŝůůƐ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ ϮŵƚƌĂŶƐƉĂƌĞŶĐǇ;tDK >ĞďĂŶŽŶ,ŝůůƐZĞŐŝŽŶĂůWĂƌŬ hŶŶĂŵĞĚϮϲϬϮ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϯϬϴt DĂƌƐŚ>ĂŬĞ Ϯϵ͘ϳϱ ϳ WůĂŶ ƉůĂŶͿ >ĞďĂŶŽŶ,ŝůůƐ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ ϮϬϭϬWŽŽƌͲ >ĞďĂŶŽŶ,ŝůůƐZĞŐŝŽŶĂůWĂƌŬ hŶŶĂŵĞĚϮϲϭϰ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϭϴϬt ͲϮϵ >ŝůǇWŽŶĚ ϳ͘ϴϴ ƵƌĂƐŝĂŶǁĂƚĞƌŵŝůĨŽŝů WůĂŶ ǆĐĞůůĞŶƚ >ĞďĂŶŽŶ,ŝůůƐ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ >ĞďĂŶŽŶ,ŝůůƐZĞŐŝŽŶĂůWĂƌŬ hŶŶĂŵĞĚϮϳϴϭ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϳϯt ĂƚƚĂŝůWŽŶĚ ϭϯ͘Ϯϳ WůĂŶ DŝĞƐǀŝůůĞZĂǀŝŶĞWĂƌŬZĞƐĞƌǀĞ E E WŝŶ&ŝƐŚdŝƐƐƵĞ͕WĞƌĨůƵŽƌŽŽĐƚĂŶĞ^ƵůĨŽŶĂƚĞ͕ ƵƌĂƐŝĂŶǁĂƚĞƌŵŝůĨŽŝů͕ďŝŐŚĞĂĚĐĂƌƉ͕ƐŝůǀĞƌ DŝƐƐ͘DĂŬĞŽǀĞƌWůĂŶϮϬϭϭƚŽĂĚĚƌĞƐƐ Ϭ͘ϳϵĂĐŝŶƐŝĚĞƉĂƌŬ ^ŝ^ƉƌŝŶŐ >ŬZŝ>ĂŬĞZĞŐŝŽŶĂ ůWŬůWĂƌŬ ^ŝ^ƉƌŝŶŐ >Ŭ>ĂŬĞ WďůŝtƚWƵďůŝĐtĂƚĞƌ ĂƐ ŝŶ ϭϵͲϱ ϭϰϵϰ͘ϭϳ dƵƌ ďŝĚŝƚǇ͕ DĞƌĐƵƌǇ ŝŶ &ŝƐ Ś dŝƐƐƵĞ͕ DĞƌĐƵƌǇ ŝŶ ĐĂƌƉ͕ŐƌĂƐƐĐĂƌƉ͕ĨůŽǁĞƌ ŝŶŐƌƵƐ Ś͕ǌĞ ďƌĂ ƚƵƌ ďŝĚŝƚǇ ŝŵƉĂ ŝƌŵĞŶ ƚ͕ ^ƚĂ ƚĞǁ ŝĚĞŵĞƌĐƵƌǇ ϭϳ ďŽƵŶĚĂƌǇ tĂƚĞƌŽůƵŵŶ ŵƵƐƐĞů ƌĞĚƵĐƚŝŽŶƉůĂŶ ƵƌůǇͲůĞĂĨƉŽŶĚǁĞĞĚ͕ŚŝŶĞƐĞŵǇƐƚĞƌǇ ϱ͘ϲϳĂĐŝŶƐŝĚĞƉĂƌŬ dŚŽŵƉƐŽŶŽƵŶƚǇWĂƌŬ dŚŽŵƉƐŽŶ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϰϴt t^WͲϮ ϴ͘ϯϲ ƵƚƌŽƉŚŝĐ tZW^ϮϬϭϯ͕W,ƐƚƵĚǇ ϴDŽĚĞƌĂƚĞ ƐŶĂŝů ďŽƵŶĚĂƌǇ tŚŝƚĞƚĂŝůtŽŽĚƐZĞŐŝŽŶĂůWĂƌŬ ŵƉŝƌĞ>ĂŬĞ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϯϰϮt ϯϬ͘ϴϳ ƵƚƌŽƉŚŝĐ ƵƌůǇͲůĞĂĨƉŽŶĚǁĞĞĚ ĂŬŽƚĂtŽŽĚƐŽŐWĂƌŬ E E Ϭ͘ϮϱĂĐŝŶƐŝĚĞŐƌĞĞŶǁĂǇ͕ tZW^ϮϬϭϯ͕^ƚĂƚĞǁŝĚĞŵĞƌĐƵƌǇ WŽŽƌͲ ŝŐZŝǀĞƌZĞŐŝŽŶĂůdƌĂŝů'ƌĞĞŶǁĂǇ WŝĐŬĞƌĞů>ĂŬĞ WƵďůŝĐtĂƚĞƌĂƐŝŶ ϭϵͲϳϵ >Ͳϭ ϭϬϳ͘ϲ ƵƚƌŽƉŝĐƚŽ,ǇƉĞƌĞƵƚƌŽƉŝĐ DĞƌĐƵƌǇŝŶ&ŝƐŚdŝƐƐƵĞ EŽŶĞůŝƐƚĞĚ ƌĞĐĞŝǀĞĚŽǀĞƌĨůŽǁĨƌŽŵ ϭϭ ƌĞĚƵĐƚŝŽŶƉůĂŶ DŽĚĞƌĂƚĞ DŝƐƐ͘ZŝǀĞƌ DŝŶŶĞƐŽƚĂZŝǀĞƌ'ƌĞĞŶǁĂǇ ůĂĐŬŽŐ WƵďůŝĐtĂƚĞƌĂƐŝŶ ϭϵͲϴϯ ϰϳϵ͘ϴ EŽŶĞůŝƐƚĞĚ ϭ͘ϭϭĂĐŝŶƐŝĚĞŐƌĞĞŶǁĂǇ ϯ DŝŶŶĞƐŽƚĂZŝǀĞƌ'ƌĞĞŶǁĂǇ hŶŶĂŵĞĚϭ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϭϱϭt ϭ͘ϭϲĂĐŝŶƐŝĚĞŐƌĞĞŶǁĂǇ DŝŶŶĞƐŽƚĂZŝǀĞƌ'ƌĞĞŶǁĂǇ hŶŶĂŵĞĚϮ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϴϯ Ϭ͘ϭĂĐŝŶƐŝĚĞŐƌĞĞŶǁĂǇ DŝŶŶĞƐŽƚĂZŝǀĞƌ'ƌĞĞŶǁĂǇ hŶŶĂŵĞĚϯ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϴϯ EŝĐŽůƐ>ĂŬĞ ϵ͘ϬϮ Ϭ͘ϳϵĂĐŝŶƐŝĚĞŐƌĞĞŶǁĂǇ DŝŶŶĞƐŽƚĂZŝǀĞƌ'ƌĞĞŶǁĂǇ hŶŶĂŵĞĚϰ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϭϰϮt ϱ͘ϭϵĂĐŝŶƐŝĚĞŐƌĞĞŶǁĂǇ DŝƐƐŝƐƐŝƉƉŝZŝǀĞƌ'ƌĞĞŶǁĂǇ ZĞďĞĐĐĂ WƵďůŝĐtĂƚĞƌĂƐŝŶ ϭϵͲϯ ,Ͳϲ ϴϭ͘ϲ DĞƌĐƵƌǇŝŶ&ŝƐŚdŝƐƐƵĞ ĞďƌĂŵƵƐƐĞů ^ƚĂƚĞǁŝĚĞŵĞƌĐƵƌǇƌĞĚƵĐƚŝŽŶƉůĂŶƉůĂŶ Ϭ͘ϱϲĂĐŝŶƐŝĚĞŐƌĞĞŶǁĂǇ ϭϱ DŽĚĞƌĂƚĞ DŝƐƐŝƐƐŝƉƉŝZŝǀĞƌ'ƌĞĞŶǁĂǇ hŶŶĂŵĞĚϭ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ E Ϭ͘ϴϵĂĐŝŶƐŝĚĞŐƌĞĞŶǁĂǇ ƵƌĂƐŝĂŶǁĂƚĞƌŵŝůĨŽŝů͕ďŝŐŚĞĂĚĐĂƌƉ͕ŐƌĂƐƐ ϵ͘ϰϯĂĐŝŶƐŝĚĞŐƌĞĞŶǁĂǇ͕ DŝƐƐŝƐƐŝƉƉŝZŝǀĞƌ'ƌĞĞŶǁĂǇ h^>ŽĐŬΘĂŵϮ WƵďůŝĐtĂƚĞƌĂƐŝŶ ϭϵͲϱ ĐĂƌƉ͕ĨůŽǁĞƌŝŶŐƌƵƐŚ͕ǌĞďƌĂŵƵƐƐĞů͕ƐŝůǀĞƌ ƉŽŽƌĐůĂƌŝƚǇ;EZĨŝƐŚĞƌŝĞƐͿ ĐĂƌƉ ĞďƌĂŵƵƐƐĞů͕ƐŝůǀĞƌĐĂƌƉ͕ďŝŐŚĞĂĚĐĂƌƉ͕ DŝƐƐŝƐƐŝƉƉŝZŝǀĞƌ'ƌĞĞŶǁĂǇ h^>ŽĐŬΘĂŵϯ WƵďůŝĐtĂƚĞƌĂƐŝŶ ϮϱͲϭϳ Ϯ͘ϯϵĂĐŝŶƐŝĚĞŐƌĞĞŶǁĂǇ ϵ ƵƌĂƐŝĂŶǁĂƚĞƌŵŝůĨŽŝů͕ŐƌĂƐƐĐĂƌƉ ZŝǀĞƌƚŽZŝǀĞƌ'ƌĞĞŶǁĂǇ hŶŶĂŵĞĚϭ WƵďůŝĐtĂƚĞƌĂƐŝŶ ϭϵͲϰϴt t^WͲϮ Ϭ͘ϲϲĂĐŝŶƐŝĚĞŐƌĞĞŶǁĂǇ ŽǇƵŵĂƐĞŵĞŶƚ ƵƚĐŚƌĞĞŬDĂƌƐŚ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϰϮϴt Ϭ͘ϳϬ ĂƉŽŶŝƌƚWĂƌŬĂƐĞŵĞŶƚ ĂƌůƐŽŶ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϲϲ ϭϰ͘ϲϯ ƵƚƌŽƉŚŝĐ EŽŶĞůŝƐƚĞĚ ϭϵ ŝƚǇŽĨĂŐĂŶĂƐĞŵĞŶƚ YƵŝŐůĞǇ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϭϱϱt ƵƚƌŽƉŚŝĐ EŽŶĞůŝƐƚĞĚ ϲ ĂŬŽƚĂŽƵŶƚǇŐƵůƚƵƌĞ^ŽĐŝĞƚǇĂƐĞŵĞŶƚ hŶŶĂŵĞĚ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϰϮϬt ϭϵ͘ϲϱ ƐƚŝŵĂƚĞĚ ŽĚŐĞEĂƚƵƌĞĞŶƚĞƌĂƐĞŵĞŶƚ hŶŶĂŵĞĚ WƵďůŝĐtĂƚĞƌĂƐŝŶ ϭϵͲϭϬϯ &ƌŝĞŶĚůǇDĂƌƐŚWĂƌŬ ϴϵ͘Ϭϵ tĂƚĞƌƋƵĂůŝƚǇŝŵƉƌŽǀĞŵĞŶƚƐϮϬϭϰͲϭϱ ĐůĂƌŝƚǇƉŽŽƌ ŽĚŐĞEĂƚƵƌĞĞŶƚĞƌĂƐĞŵĞŶƚ hŶŶĂŵĞĚ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϭϬϮt ϴ͘Ϯϱ WŽŽƌͲ ĂƐƚ>ĂŬĞWĂƌŬĂƐĞŵĞŶƚ hŶŶĂŵĞĚ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϯϰϵt >ϭϬ Ϭ͘ϭϬEƵƚƌŝĞŶƚƐ DŽĚĞƌĂƚĞ &ƌĞŝƚĂŐĂƐĞŵĞŶƚ WĂƌƚŽĨDŝƐƐŝƐƐŝƉƉŝZŝǀĞƌ WƵďůŝĐtĂƚĞƌĂƐŝŶ ϭϵͲϯϯϭtŽƌϮϱͲϭϳ ϭϳϯ͘ϰϭ 'ƌĂŶŶŝƐϭĂƐĞŵĞŶƚ DĂƌĐŽƚƚϭ WƵďůŝĐtĂƚĞƌĂƐŝŶ ϭϵͲϰϮ ϯϮ͘Ϯϭ DĞƐŽƚŽƵƚƌŽƉŚŝĐ EŽŶĞůŝƐƚĞĚ ϯϯ ϱϵ͘ϮϵĂĐŝŶƐŝĚĞƉƌŽũĞĐƚ :ĞŶŶŝŶŐƐĂƐĞŵĞŶƚ ŚƵďƌĞĞŬDĂƌƐŚ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϰϮϮt Ϯϰϱ͘ϴϵ ďŽƵŶĚĂƌǇ >ŝŶĚďĞƌŐĂƐĞŵĞŶƚ DĂƌĐŽƚƚϭ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϰϬt ϭϮ͘ϯϯ >ŝŶĚďĞƌŐĂƐĞŵĞŶƚ DĂƌĐŽƚƚϮ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϯϵt ϳ͘Ϭϱ >ŝŶĚďĞƌŐĂƐĞŵĞŶƚ hŶŶĂŵĞĚ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϮϴϰ DĂƌĐŽƚƚ>ĂŬĞ ϯ͘ϵϴ ƵƌĂƐŝĂŶǁĂƚĞƌŵŝůĨŽŝů͕ďŝŐŚĞĂĚĐĂƌƉ͕ŐƌĂƐƐ DĂĐĂůĞƐƚĞƌĂƐĞŵĞŶƚ WĂƌƚŽĨDŝƐƐŝƐƐŝƉƉŝZŝǀĞƌ WƵďůŝĐtĂƚĞƌĂƐŝŶ ϭϵͲϱ ZŝǀĞƌ>ĂŬĞ ϭϳϯ͘ϰϭ ĐĂƌƉ͕ĨůŽǁĞƌŝŶŐƌƵƐŚ͕ǌĞďƌĂŵƵƐƐĞů͕ƐŝůǀĞƌ ϮϬ ĐĂƌƉ DĐĂƌƚŚǇĂƐĞŵĞŶƚ ,ƵƌůĞǇ WƵďůŝĐtĂƚĞƌtĞƚůĂŶĚ ϭϵͲϱϴt ,ƵƌůĞǇ>ĂŬĞ ϲ͘ϳϭ d><ϮͲ^/E^ DĂǆŝŵƵŵ tĞƚůĂŶĚ WĂƌŬ͕ĂƐĞŵĞŶƚŽƌ'ƌĞĞŶǁĂǇEĂŵĞ >ĂŬĞͬtĞƚůĂŶĚEĂŵĞ ůĂƐƐŝĨŝĐĂƚŝŽŶ EZ/ t,W/ >ŽĐĂůEĂŵĞ ĂƐŝŶƌĞĂ;ĂĐͿ dƌŽƉŚŝĐ^ƚĂƚĞ /ŵƉĂŝƌŵĞŶƚƐ 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dŚĞƉůĂŶ͕ŝŶĐůƵĚŝŶŐƚŚĞ^'EůŝƐƚĨŽƌϮϬϭϱ͕ǁŝůůŶŽƚďĞŝŶĞīĞĐƚƵŶƟůĂƉƉƌŽǀĂůďǇƚŚĞh^&ŝƐŚĂŶĚtŝůĚůŝĨĞ ^ĞƌǀŝĐĞŝŶůĂƚĞϮϬϭϱ͘ ŽŶƚĞŶƚƐ DĂŵŵĂůƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘WĂŐĞ Ϯ >ĞĂĬŽƉƉĞƌƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘WĂŐĞ ϭϭ ŝƌĚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ WĂŐĞϯ ƌĂŐŽŶŇŝĞƐĂŶĚĂŵƐĞůŇŝĞƐ͘͘͘͘͘͘͘͘͘͘͘͘WĂŐĞ ϭϭ ŵƉŚŝďŝĂŶƐĂŶĚZĞƉƟůĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘WĂŐĞ ϲ ƵƩĞƌŇŝĞƐĂŶĚDŽƚŚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘WĂŐĞ ϭϮ &ŝƐŚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ WĂŐĞ ϳ ĂĚĚŝƐŇŝĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘WĂŐĞ ϭϰ DƵƐƐĞůƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘WĂŐĞ ϵ dŝŐĞƌĞĞƚůĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘WĂŐĞ ϭϱ ^ŶĂŝůƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ WĂŐĞ ϭϬ ĞĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ WĂŐĞ ϭϲ :ƵŵƉŝŶŐ^ƉŝĚĞƌƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘WĂŐĞ ϭϭ ,ŝŐŚůŝŐŚƚĞĚƐƉĞĐŝĞƐĚŽŽƌŵĂǇ,ŝŐŚůŝŐŚƚĞĚƐƉĞĐŝĞƐ ^ƚĂƚƵƐ<ĞǇ ŽĐĐƵƌŝŶĂŬŽƚĂŽƵŶƚǇ ^ƚĂƚĞ^ƚĂƚƵƐ

x dŚĞƐƚĂƚĞͲůŝƐƚĞĚƐƚĂƚƵƐŝƐŶŽƚĞĚƚŽƚŚĞƌŝŐŚƚŽĨƚŚĞƐƉĞĐŝĞƐĐŽŵŵŽŶŶĂŵĞ͘

x EсƐƉĞĐŝĞƐŝƐĐŽŶƐŝĚĞƌĞĚĞŶĚĂŶŐĞƌĞĚ;EͿŝĨƚŚĞƐƉĞĐŝĞƐŝƐƚŚƌĞĂƚĞŶĞĚǁŝƚŚĞǆƟŶĐƟŽŶƚŚƌŽƵŐŚŽƵƚĂůůŽƌĂƐŝŐŶŝĮĐĂŶƚƉŽƌƟŽŶŽĨ ŝƚƐƌĂŶŐĞǁŝƚŚŝŶDŝŶŶĞƐŽƚĂ͘

x d,ZсƐƉĞĐŝĞƐŝƐĐŽŶƐŝĚĞƌĞĚƚŚƌĞĂƚĞŶĞĚ;d,ZͿŝĨƚŚĞƐƉĞĐŝĞƐŝƐůŝŬĞůǇƚŽďĞĐŽŵĞĞŶĚĂŶŐĞƌĞĚǁŝƚŚŝŶƚŚĞĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞ ƚŚƌŽƵŐŚŽƵƚĂůůŽƌĂƐŝŐŶŝĮĐĂŶƚƉŽƌƟŽŶŽĨŝƚƐƌĂŶŐĞǁŝƚŚŝŶDŝŶŶĞƐŽƚĂ͘

x ^WсƐƉĞĐŝĞƐŝƐĐŽŶƐŝĚĞƌĞĚĂƐƉĞĐŝĞƐŽĨƐƉĞĐŝĂůĐŽŶĐĞƌŶ;^WͿŝĨ͕ĂůƚŚŽƵŐŚƚŚĞƐƉĞĐŝĞƐŝƐŶŽƚĞŶĚĂŶŐĞƌĞĚŽƌƚŚƌĞĂƚĞŶĞĚ͕ŝƚŝƐ ĞǆƚƌĞŵĞůǇƵŶĐŽŵŵŽŶŝŶDŝŶŶĞƐŽƚĂ͕ŽƌŚĂƐƵŶŝƋƵĞŽƌŚŝŐŚůǇƐƉĞĐŝĮĐŚĂďŝƚĂƚƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚĚĞƐĞƌǀĞƐĐĂƌĞĨƵůŵŽŶŝƚŽƌŝŶŐŽĨŝƚƐ ƐƚĂƚƵƐ͘^ƉĞĐŝĞƐŽŶƚŚĞƉĞƌŝƉŚĞƌǇŽĨƚŚĞŝƌƌĂŶŐĞƚŚĂƚĂƌĞŶŽƚůŝƐƚĞĚĂƐƚŚƌĞĂƚĞŶĞĚŵĂǇďĞŝŶĐůƵĚĞĚŝŶƚŚŝƐĐĂƚĞŐŽƌǇĂůŽŶŐǁŝƚŚƚŚŽƐĞ ƐƉĞĐŝĞƐƚŚĂƚǁĞƌĞŽŶĐĞƚŚƌĞĂƚĞŶĞĚŽƌĞŶĚĂŶŐĞƌĞĚďƵƚŶŽǁŚĂǀĞŝŶĐƌĞĂƐŝŶŐŽƌƉƌŽƚĞĐƚĞĚ͕ƐƚĂďůĞƉŽƉƵůĂƟŽŶƐ͘

x E>сEŽŶůŝƐƚĞĚƐƉĞĐŝĞƐ;E>ͿĂƌĞƐƉĞĐŝĞƐƚŚĂƚĂƌĞŶŽƚŝŶĐůƵĚĞĚŽŶƚŚĞƐƚĂƚĞŽƌĨĞĚĞƌĂůůŝƐƚƐ͘ &ĞĚĞƌĂů^ƚĂƚƵƐ

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x сĞŶĚĂŶŐĞƌĞĚ͗ƐƉĞĐŝĞƐƚŚĂƚŝƐŝŶĚĂŶŐĞƌŽĨĞǆƟŶĐƟŽŶƚŚƌŽƵŐŚŽƵƚĂůůŽƌĂƐŝŐŶŝĮĐĂŶƚƉŽƌƟŽŶŽĨŝƚƐƌĂŶŐĞ͘

x dсƚŚƌĞĂƚĞŶĞĚ͗ƐƉĞĐŝĞƐƚŚĂƚŝƐůŝŬĞůǇƚŽďĞĐŽŵĞĞŶĚĂŶŐĞƌĞĚŝŶƚŚĞĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞƚŚƌŽƵŐŚŽƵƚĂůůŽƌĂƐŝŐŶŝĮĐĂŶƚƉŽƌƟŽŶŽĨŝƚƐ ƌĂŶŐĞ͘

x WсƉƌŽƉŽƐĞĚ͗ƐƉĞĐŝĞƐƚŚĂƚŝƐƉƌŽƉŽƐĞĚŝŶƚŚĞ&ĞĚĞƌĂůZĞŐŝƐƚĞƌƚŽďĞůŝƐƚĞĚƵŶĚĞƌ^ĞĐƟŽŶϰŽĨƚŚĞŶĚĂŶŐĞƌĞĚ^ƉĞĐŝĞƐĐƚ

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DŝŶŶĞƐŽƚĂ͛ƐtŝůĚůŝĨĞĐƟŽŶWůĂŶϮϬϭϱͲϮϬϮϱ ϭ DĂŵŵĂůƐ

^ƚĂƚĞ &ĞĚĞƌĂůƌŝƚĞƌŝĂ;ƐƚƌĞƐƐŽƌƐĂŶĚůŝĨĞͲŚŝƐƚŽƌǇƚƌĂŝƚƐͿ dĂǆĂ ^ĐŝĞŶƟĮĐŶĂŵĞ ŽŵŵŽŶŶĂŵĞ ƐƚĂƚƵƐ ƐƚĂƚƵƐ ŚĂďŝƚĂƚůŽƐƐ͖ĚŝƐĞĂƐĞ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ ϭ DĂŵŵĂůƐ ůĐĞƐĂŵĞƌŝĐĂŶƵƐ ŵŽŽƐĞ ^W ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ Ϯ DĂŵŵĂůƐ ĞƌǀƵƐĐĂŶĂĚĞŶƐŝƐ ĞůŬ ^W ƐƚĂƚĞůŝƐƚĞĚ͖ŶŽĂĚĚŝƟŽŶĂůĐƌŝƚĞƌŝĂŝĚĞŶƟĮĞĚ ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂůŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉ; ϯDĂ DĂŵŵĂůƐŵŵĂůƐ ƌǇƉƚŽƟƐƉĂƌǀĂƌǇƉƚŽƟƐƉĂƌǀĂ EŽƌƚŚŵĞƌŝĐĂŶůĞĂƐƚEŽƌƚŚŵĞƌŝĐĂŶůĞĂƐƚ ^W^W ƉƌĞĨĞƌĞŶĐĞƐͿ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚƉƌĞĨĞƌĞŶĐĞƐͿ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚƉ ƐŚƌĞǁƐŚƌĞǁ ĚŝƐƚƌŝďƵƟŽŶĚŝƐƚƌŝďƵƟŽŶ ĚŝƐĞĂƐĞ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂůĚŝƐĞĂƐĞ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂů͖Ɖ ; ϰDĂ DĂŵŵĂůƐŵŵĂůƐ ƉƚĞƐŝĐƵƐĨƵƐĐƵƐƉƚĞƐŝĐƵƐĨƵƐĐƵƐ ďŝŐďƌŽǁŶďĂƚďŝŐďƌŽǁŶďĂƚ ^W^W ƉƌĞĨĞƌĞŶĐĞƐͿ͖ůŝŵŝƚĞĚĂďŝůŝƚǇƚŽƌĞĐŽǀĞƌ;ůŽǁƉƉͿ͖ǇƌĞĨĞƌĞŶĐĞƐͿ͖ůŝŵŝƚĞĚĂďŝůŝƚǇƚŽƌĞĐŽǀĞƌ; ůŽǁ ƌĞƉƌŽĚƵĐƟǀĞƌĂƚĞͿ͖ĂŐŐƌĞŐĂƚĞƚŚĞŝƌƉŽƉƵůĂƟŽŶƐƌĞƉƌŽĚƵĐƟǀĞƌĂƚĞͿ͖ĂŐŐƌĞŐĂƚĞƚŚĞŝƌƉŽƉƵůĂƟŽŶƐ >ĂƐŝŽŶǇĐƚĞƌŝƐ>ĂƐŝŽŶǇĐƚĞƌŝƐ ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ůŝŵŝƚĞĚĂďŝůŝƚǇƚŽƌĞĐŽǀĞƌŐ͖ ϱDĂ DĂŵŵĂůƐŵŵĂůƐ E>E> ŶŽĐƟǀĂŐĂŶƐŽĐƟǀĂŐĂŶƐ ƐŝůǀĞƌͲŚĂŝƌĞĚďĂƚƐŝůǀĞƌͲŚĂŝƌĞĚďĂƚ ;ůŽǁƌĞƉƌŽĚƵĐƟǀĞƌĂƚĞͿ;ůŽǁƌĞƉƌŽĚƵĐƟǀĞƌĂƚĞͿ ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ůŝŵŝƚĞĚĂďŝůŝƚǇƚŽƌĞĐŽǀĞƌŐ͖ ϲ DĂDĂŵŵĂůƐŵŵĂůƐ >ĂƐ>ĂƐŝƵƌƵƐďŽƌĞĂůŝƐŝƵƌƵƐďŽƌĞĂůŝƐ ƌĞĚďĂƚƌĞĚďĂƚ E>E> ;ůŽǁƌĞƉƌŽĚƵĐƟǀĞƌĂƚĞͿ;ůŽǁƌĞƉƌŽĚƵĐƟǀĞƌĂƚĞͿ ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ůŝŵŝƚĞĚĂďŝůŝƚǇƚŽƌĞĐŽǀĞƌŐ͖ ϳDĂ DĂŵŵĂůƐŵŵĂůƐ >ĂƐ>ĂƐŝƵƌƵƐĐŝŶĞƌĞƵƐŝƵƌƵƐĐŝŶĞƌĞƵƐ ŚŽĂƌǇďĂƚŚŽĂƌǇďĂƚ E>E> ;ůŽǁƌĞƉƌŽĚƵĐƟǀĞƌĂƚĞͿ;ůŽǁƌĞƉƌŽĚƵĐƟǀĞƌĂƚĞͿ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ĞǆƚĞŶƐŝǀĞ ϴ DĂŵŵĂůƐ >ĞƉƵƐƚŽǁŶƐĞŶĚŝŝ ǁŚŝƚĞͲƚĂŝůĞĚũĂĐŬͲ E> ƌĂďďŝƚ ƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĐĂƵƐĞ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ ϵ DĂŵŵĂůƐ >ǇŶǆĐĂŶĂĚĞŶƐŝƐ ĂŶĂĚĂůǇŶǆ ^W d ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ͖ĚĞƉĞŶĚŽŶ ĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZs ŚĂďŝƚĂƚůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŝŶǀĂƐŝǀĞŚĂďŝƚĂƚůŽƐƐ͖͖Ő͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŝŶǀĂƐŝǀĞ ϭϬDĂ DĂŵŵĂůƐŵŵĂůƐ DDŝĐƌŽƚƵƐŽĐŚƌŽŐĂƐƚĞƌŝĐƌŽƚƵƐŽĐŚƌŽŐĂƐƚĞƌ ƉƉƌĂŝƌŝĞǀŽůĞƌĂŝƌŝĞǀŽůĞ ^^WW ƐƉĞĐŝĞƐ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶƐƉĞĐŝĞƐ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ϭϭDĂ DĂŵŵĂůƐŵŵĂůƐ DDŝĐƌŽƚƵƐƉŝŶĞƚŽƌƵŵŝĐƌŽƚƵƐƉŝŶĞƚŽƌƵŵ ǁǁŽŽĚůĂŶĚǀŽůĞŽŽĚůĂŶĚǀŽůĞ ^W^W ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ

ϭϮDĂ DĂŵŵĂůƐŵŵĂůƐ DƵƐDƵƐƚĞůĂŶŝǀĂůŝƐƚĞůĂŶŝǀĂůŝƐ ůĞĂƐůĞĂƐƚǁĞĂƐĞůƚǁĞĂƐĞů ^W^W ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ĚŝƐĞĂƐĞ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂůĚŝƐĞĂƐĞ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂů͖Ɖ ; ϭϯDĂ DĂŵŵĂůƐŵŵĂůƐ DDǇŽƟƐůƵĐŝĨƵŐƵƐǇŽƟƐůƵĐŝĨƵŐƵƐ ůůŝƩůĞďƌŽǁŶŵǇŽƟƐŝƩůĞďƌŽǁŶŵǇŽƟƐ ^W^W ƉƌĞĨĞƌĞŶĐĞƐͿ͖ůŝŵŝƚĞĚĂďŝůŝƚǇƚŽƌĞĐŽǀĞƌ;ůŽǁƉƉͿ͖ǇƌĞĨĞƌĞŶĐĞƐͿ͖ůŝŵŝƚĞĚĂďŝůŝƚǇƚŽƌĞĐŽǀĞƌ; ůŽǁ ƌĞƉƌŽĚƵĐƟǀĞƌĂƚĞͿ͖ĂŐŐƌĞŐĂƚĞƚŚĞŝƌƉŽƉƵůĂƟŽŶƐƌĞƉƌŽĚƵĐƟǀĞƌĂƚĞͿ͖ĂŐŐƌĞŐĂƚĞƚŚĞŝƌƉŽƉƵůĂƟŽŶƐ ĚŝƐĞĂƐĞ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂůĚŝƐĞĂƐĞ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂů͖Ɖ ; ϭϰDĂ DĂŵŵĂůƐŵŵĂůƐ DDǇŽƟƐƐĞƉƚĞŶƚƌŝŽŶĂůŝƐǇŽƟƐƐĞƉƚĞŶƚƌŝŽŶĂůŝƐ ŶŽƌƚŚĞƌŶůŽŶŐͲĞĂƌĞĚ ^W^W dd ƉƌĞĨĞƌĞŶĐĞƐͿ͖ůŝŵŝƚĞĚĂďŝůŝƚǇƚŽƌĞĐŽǀĞƌ;ůŽǁƉƉͿ͖ǇƌĞĨĞƌĞŶĐĞƐͿ͖ůŝŵŝƚĞĚĂďŝůŝƚǇƚŽƌĞĐŽǀĞƌ; ůŽǁ ďĂƚ ƌĞƉƌŽĚƵĐƟǀĞƌĂƚĞͿ͖ĂŐŐƌĞŐĂƚĞƚŚĞŝƌƉŽƉƵůĂƟŽŶƐƌĞƉƌŽĚƵĐƟǀĞƌĂƚĞͿ͖ĂŐŐƌĞŐĂƚĞƚŚĞŝƌƉŽƉƵůĂƟŽŶƐ ŶŽƌƚŚĞƌŶ KŶǇĐŚŽŵǇƐ ^W ƐƚĂƚĞůŝƐƚĞĚʹŶŽĂĚĚŝƟŽŶĂůĐƌŝƚĞƌŝĂŝĚĞŶƟĮĞĚ ϭϱ DĂŵŵĂůƐ ůĞƵĐŽŐĂƐƚĞƌ ŐƌĂƐƐŚŽƉƉĞƌŵŽƵƐĞ ĚŝƐĞĂƐĞ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂů ϭϲ DĂŵŵĂůƐ WĞƌŝŵǇŽƟƐƐƵďŇĂǀƵƐ ƚƌŝͲĐŽůŽƌĞĚďĂƚ ^W ƉƌĞĨĞƌĞŶĐĞƐͿ͖ůŝŵŝƚĞĚĂďŝůŝƚǇƚŽƌĞĐŽǀĞƌ;ůŽǁ ƌĞƉƌŽĚƵĐƟǀĞƌĂƚĞͿ͖ĂŐŐƌĞŐĂƚĞƚŚĞŝƌƉŽƉƵůĂƟŽŶƐ WĞƌŽŐŶĂƚŚƵƐ ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ϭϳ DĂŵŵĂůƐ ŇĂǀĞƐĐĞŶƐ ƉůĂŝŶƐƉŽĐŬĞƚŵŽƵƐĞ ^W ϭϴ DĂŵŵĂůƐ WŚĞŶĂĐŽŵǇƐƵŶŐĂǀĂ ĞĂƐƚĞƌŶŚĞĂƚŚĞƌǀŽůĞ ^W ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ƉŽƉƵůĂƟŽŶƐŝŶDŝŶŶĞƐŽƚĂƐƚĂďůĞ͕ďƵƚŚĂǀĞ ϭϵ DĂŵŵĂůƐ WŽůŝŽĐŝƚĞůůƵƐĨƌĂŶŬůŝŶŝŝ &ƌĂŶŬůŝŶ͛ƐŐƌŽƵŶĚ E> ĚĞĐůŝŶĞĚŽƌĂƌĞĚĞĐůŝŶŝŶŐŝŶĂƐƵďƐƚĂŶƟĂůƉĂƌƚŽĨ ƐƋƵŝƌƌĞů ƌĂŶŐĞ ϮϬ DĂŵŵĂůƐ WƵŵĂĐŽŶĐŽůŽƌ ŵŽƵŶƚĂŝŶůŝŽŶ ^W ƐƚĂƚĞůŝƐƚĞĚ͖ŶŽĂĚĚŝƟŽŶĂůĐƌŝƚĞƌŝĂŝĚĞŶƟĮĞĚ ǁǁĞƐƚĞƌŶŚĂƌǀĞƐƚĞƐƚĞƌŶŚĂƌǀĞƐƚ Ϯϭ DĂŵŵĂůƐ ZĞŝƚŚƌŽĚŽŶƚŽŵǇƐZĞŝƚŚƌŽĚŽŶ ^W ƐƚĂƚĞůŝƐƚĞĚ͖ŶŽĂĚĚŝƟŽŶĂůĐƌŝƚĞƌŝĂŝĚĞŶƟĮĞĚƐƚĂƚĞůŝƐƚĞĚ͖ŶŽĂĚĚŝƟŽŶĂůĐƌŝƚĞƌŝĂŝĚĞŶƟĮĞĚ DĂŵŵĂůƐ ŵŵĞŐĂůŽƟƐĞŐĂůŽƟƐ ŵŽƵƐĞ ^W ϮϮ DĂŵŵĂůƐ ^ŽƌĞǆĨƵŵĞƵƐ ƐŵŽŬǇƐŚƌĞǁ ^W ƐƚĂƚĞůŝƐƚĞĚ͖ŶŽĂĚĚŝƟŽŶĂůĐƌŝƚĞƌŝĂŝĚĞŶƟĮĞĚ ĞĂƐƚĞƌŶƐƉŽƩĞĚ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ĞǆƚĞŶƐŝǀĞǇ͖ ϮϯDĂ DĂŵŵĂůƐŵŵĂůƐ ^^ƉŝůŽŐĂůĞƉƵƚŽƌŝƵƐƉŝůŽŐĂůĞƉƵƚŽƌŝƵƐ ƐŬƵƐŬƵŶŬŶŬ dd,Z,Z ƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĐĂƵƐĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĐĂƵƐĞ Ϯϰ DĂŵŵĂůƐ ^ǇŶĂƉƚŽŵǇƐďŽƌĞĂůŝƐ ŶŽƌƚŚĞƌŶďŽŐ ^W ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ůĞŵŵŝŶŐ ϮϱDĂ DĂŵŵĂůƐŵŵĂůƐ dĂdĂǆŝĚĞĂƚĂǆƵƐǆŝĚĞĂƚĂǆƵƐ ŵĞƌŝĐĂŶďĂĚŐĞƌŵĞƌŝĐĂŶďĂĚŐĞƌ E>E> ŚĂďŝƚĂƚůŽƐƐ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶŚĂďŝƚĂƚůŽƐƐ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ ŶŽƌƚŚĞƌŶƉŽĐŬĞƚ ŚĂďŝƚĂƚůŽƐƐ͖ĚĞůŝďĞƌĂƚĞŬŝůůŝŶŐ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬ Ϯϲ DĂŵŵĂůƐ dŚŽŵŽŵǇƐƚĂůƉŽŝĚĞƐ ŐŽƉŚĞƌ d,Z ƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ZŝĐŚĂƌĚƐŽŶ͛ƐŐƌŽƵŶĚ hƌŽĐŝƚĞůůƵƐ ^W ŚĂďŝƚĂƚůŽƐƐ Ϯϳ DĂŵŵĂůƐ ƌŝĐŚĂƌĚƐŽŶŝŝ ƐƋƵŝƌƌĞů

DŝŶŶĞƐŽƚĂ͛ƐtŝůĚůŝĨĞĐƟŽŶWůĂŶϮϬϭϱͲϮϬϮϱ Ϯ ŝƌĚƐ

^ƚĂƚĞ &ĞĚĞƌĂů ƌŝƚĞƌŝĂ;ƐƚƌĞƐƐŽƌƐĂŶĚůŝĨĞͲŚŝƐƚŽƌǇƚƌĂŝƚƐͿ dĂǆĂ ^ĐŝĞŶƟĮĐŶĂŵĞ ŽŵŵŽŶŶĂŵĞ ƐƚĂƚƵƐ ƐƚĂƚƵƐ ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ƌĞƋƵŝƌĞƐůĂƌŐĞŚŽŵĞ ϭŝƌĚƐ ĐĐŝƉŝƚĞƌŐĞŶƟůŝƐ ŶŽƌƚŚĞƌŶŐŽƐŚĂǁŬ ^W ƌĂŶŐĞƐͬŵƵůƟƉůĞŚĂďŝƚĂƚƐ͖ĚĞƉĞŶĚŽŶůĂƌŐĞ ŚĂďŝƚĂƚ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ĂŐŐƌĞŐĂƚĞƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ĂŐŐƌĞŐĂƚĞ͕ͬ ŝƌĚƐ ĞĐŚŵŽƉŚŽƌƵƐĞĐŚŵŽƉŚŽƌƵƐĞĐŚŵŽƉŚŽƌ ǁĞƐƚĞƌŶŐƌĞďĞ E> ϮŝƌĚƐ ŽĐĐŝĚĞŶƚĂůŝƐŽĐĐŝĚĞŶƚĂůŝƐ ǁĞƐƚĞƌŶŐƌĞďĞ E> ƚŚĞŝƌƉŽƉƵůĂƟŽŶƐ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ƌĞƋƵŝƌĞƐůĂƌŐĞ ŚŽŵĞƌĂŶŐĞƐͬŵƵůƟƉůĞŚĂďŝƚĂƚƐ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬ ϯŝƌĚƐ ĞŐŽůŝƵƐĨƵŶĞƌĞƵƐ ďŽƌĞĂůŽǁů ^W ƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ͖ĞǆƚĞŶƐŝǀĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞ ĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĐĂƵƐĞ ϰŝƌĚƐ ŵŵŽĚƌĂŵƵƐďĂŝƌĚŝŝ ĂŝƌĚ͛ƐƐƉĂƌƌŽǁ E ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ

ŝƌĚƐ ŵŵŽĚƌĂŵƵƐŵŵŽĚƌĂ ,ĞŶƐůŽǁ͛ƐƐƉĂƌƌŽǁ E ƌƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ ϱŝƌĚƐ ŚĞŶƐůŽǁŝŝŚĞŶƐůŽǁŝŝ ,ĞŶƐůŽǁ͛ƐƐƉĂƌƌŽǁ E ŵŵŽĚƌĂŵƵƐ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ ϲ ŝƌĚƐ ůĞĐŽŶƚĞŝŝ >ĞŽŶƚĞ͛ƐƐƉĂƌƌŽǁ E> ϳŝƌĚƐ ŵŵŽĚƌĂŵƵƐŶĞůƐŽŶŝ EĞůƐŽŶ͛ƐƐƉĂƌƌŽǁ ^W ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ƌĂƌĞ͕Ǉ͖ ŵŵŽĚƌĂŵƵƐƐĂǀĂŶŵŵŽ Ͳ ϴ ŝƌĚƐŝƌĚƐ ŐƌĂƐƐŚŽƉƉĞƌƐƉĂƌƌŽǁŐƌĂƐƐŚŽƉƉĞƌƐƉĂƌƌŽǁ E> ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖ͬŐ ŶĂƌƵŵŶĂƌƵŵ ĚĞƉĞŶĚŽŶůĂƌŐĞŚĂďŝƚĂƚĚĞƉĞŶĚŽŶůĂƌŐĞŚĂďŝƚĂƚ ϵŝƌĚƐŝƌĚƐ ŶĂƐĂĐƵƚĂŶĂƐĂĐƵƚĂ ŶŶŽƌƚŚĞƌŶƉŝŶƚĂŝůŽƌƚŚĞƌŶƉŝŶƚĂŝů E> ƐƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ

ϭϬ ŝƌĚƐ ŶĂƐƌƵďƌŝƉĞƐ ŵĞƌŝĐĂŶďůĂĐŬĚƵĐŬ E> ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ĞǆƚĞŶƐŝǀĞ ϭϭ ŝƌĚƐ ŶƚŚƵƐƐƉƌĂŐƵĞŝŝ ^ƉƌĂŐƵĞ͛ƐƉŝƉŝƚ E ƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĐĂƵƐĞ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚĚĞŐƌĂͲ ĞĂƐƚĞƌŶǁŚŝƉͲƉŽŽƌͲ ĚĂƟŽŶ͖ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽůŽŶŐĞƌ ϭϮ ŝƌĚƐ ŶƚƌŽƐƚŽŵƵƐǀŽĐŝĨĞƌƵƐ ǁŝůů E> ǁŝƚŚŝŶEZs͖ĞǆƚĞŶƐŝǀĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞ ŽĨƵŶŬŶŽǁŶĐĂƵƐĞ ϭϯ ŝƌĚƐŝƌĚƐ ƐŝŽŇĂŵŵĞƵƐƐŝŽŇĂŵŵĞƵƐ ƐŚŽƐŚŽƌƚͲĞĂƌĞĚŽǁůƌƚͲĞĂƌĞĚŽǁů ^ ^WW ƌƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŶĞĞĚƐƉĞĐŝĂů ϭϰ ŝƌĚƐ ƚŚĞŶĞĐƵŶŝĐƵůĂƌŝĂ ďƵƌƌŽǁŝŶŐŽǁů E ƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ ϭϱ ŝƌĚƐ ǇƚŚǇĂĂĸŶŝƐ ůĞƐƐĞƌƐĐĂƵƉ E> ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ƌĂƌĞ͕Ǉ ϭϲ ŝƌĚƐŝƌĚƐ ĂƌƚƌĂŵŝĂůŽŶŐŝĐĂƵĚĂĂƌƚƌĂŵŝĂůŽŶŐŝĐĂƵĚĂ ƵƉƵƉůĂŶĚƐĂŶĚƉŝƉĞƌůĂŶĚƐĂŶĚƉŝƉĞƌ E> ǀǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ ϭϳ ŝƌĚƐŝƌĚƐ ŽƚĂƵƌƵƐůĞŶƟŐŝŶŽƐƵƐŽƚĂƵƌƵƐůĞŶƟŐŝŶŽƐƵƐ ŵĞƌŝĐĂŶďŝƩĞƌŶŵĞƌŝĐĂŶďŝƩĞƌŶ E> ƐƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ ŚŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ĂďŝƚĂƚĚĞŐŐ͖ƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐ ŵĞŶƚĂƟŽŶ͖ ϭϴ ŝƌĚƐŝƌĚƐ ƵƵƚĞŽůŝŶĞĂƚƵƐƚĞŽůŝŶĞĂƚƵƐ ƌĞĚƌĞĚͲƐŚŽƵůĚĞƌĞĚŚĂǁŬͲƐŚŽƵůĚĞƌĞĚŚĂǁŬ ^ ^WW ƌĞƋƵŝƌĞƐůĂƌŐĞŚŽŵĞƌĂŶŐĞƐͬŵƵůƟƉůĞŚĂďŝƚĂƚƐ ϭϵ ŝƌĚƐ ƵƵƚĞŽƐǁĂŝŶƐŽŶŝƚĞŽƐǁĂŝŶƐŽŶŝ ^^ǁĂŝŶƐŽŶ͛ƐŚĂǁŬǁĂŝŶƐŽŶ͛ƐŚĂǁŬ E> ƌƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ ĐŚĞƐƚŶƵƚͲĐŽůůĂƌĞĚ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚŝŐŚůǇ ϮϬ ŝƌĚƐ ĂůĐĂƌŝƵƐŽƌŶĂƚƵƐ ůŽŶŐƐƉƵƌ E ůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ Ϯϭ ŝƌĚƐŝƌĚƐ ĂůŝĚƌŝƐĐĂŶƵƚƵƐƌƵĂůŝĚƌŝƐĐĂŶƵƚƵƐƌƵĨĂĨĂ ƌƵƌƵĨĂƌĞĚŬŶŽƚĨĂƌĞĚŬŶŽƚ d ĨĞĚĞƌĂůůǇůŝƐƚĞĚ͕ŶŽĂĚĚŝƟŽŶĂůĐƌŝƚĞƌŝĂŝĚĞŶƟĮĞĚ ŵŝŐƌĂƟŶŐƉŽƉƵůĂƟŽŶƐĐŽŶŐƌĞŐĂƟŶŐŝŶDŝŶŶĞƐŽƚĂŐŐƉƉ ŐŐŐ ƐĞŵŝƉĂůŵĂƚĞĚƉ ϮϮ ŝƌĚƐŝƌĚƐ ĂĂůŝĚƌŝƐƉƵƐŝůůĂůŝĚƌŝƐƉƵƐŝůůĂ E> ƌĞƉƌĞƐĞŶƚĂƐŝŐŶŝĮĐĂŶƚƉŽƌƟŽŶŽĨƚŚĞEŽƌƚŚƉŐ ƐƐĂŶĚƉŝƉĞƌĂŶĚƉŝƉĞƌ ŵĞƌŝĐĂŶƉŽƉƵůĂƟŽŶ ƐƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ƚĂƟƐƟĐĂůůǇǇ͖ǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ DŝŶŶĞƐŽƚĂƉŽƉƵůĂƟŽŶƌĞƉƌĞƐĞŶƚƐƐŝŐŶŝĮĐĂŶƚƉƉ Ɖ Ő Ϯϯ ŝƌĚƐŝƌĚƐ ĂƚŚĂƌƵƐĂƚŚĂƌƵƐĨƵƐĐĞƐĐĞŶƐĨƵƐĐĞƐĐĞŶƐ ǀǀĞĞƌǇĞĞƌǇ E> ƉŽƌƟŽŶŽĨƚŚĞŝƌEŽƌƚŚŵĞƌŝĐĂŶďƌĞĞĚŝŶŐŽƌƉ ǁŝŶƚĞƌŝŶǁŝŶƚĞƌŝŶŐƉŽƉƵůĂƟŽŶŐƉŽƉƵůĂƟŽŶ Ϯϰ ŝƌĚƐŝƌĚƐ ŚĂĞƚƵƌĂƉĞůĂŐŝĐĂŚĂĞƚƵƌĂƉĞůĂŐŝĐĂ ĐĐŚŝŵŶĞǇƐǁŝŌŚŝŵŶĞǇƐǁŝŌ E> ƐƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖ Ϯϱ ŝƌĚƐ ŚĂƌĂĚƌŝƵƐŵĞůŽĚƵƐ ƉŝƉŝŶŐƉůŽǀĞƌ E ͬd ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ƌĂƌĞ͕Ǉ Ϯϲ ŝƌĚƐŝƌĚƐ ŚůŝĚŽŶŝĂƐŶŝŐĞƌŚůŝĚŽŶŝĂƐŶŝŐĞƌ ďůĂĐŬďůĂĐŬƚĞƌŶƚĞƌŶ E> ǀǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚ͕ Ϯϳ ŝƌĚƐ ŚŽŶĚĞƐƚĞƐŚŽŶĚĞƐƚĞƐ ůĂƌŬƐƉĂƌƌŽǁ ^W ŝƌĚƐ ŐŐƌĂŵŵĂĐƵƐƌĂŵŵĂĐƵƐ ůĂƌŬƐƉĂƌƌŽǁ ^W ĚĚĞŐƌĂĚĂƟŽŶĞŐƌĂĚĂƟŽŶ ĞǆƚĞŶƐŝǀĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶ Ϯϴ ŝƌĚƐŝƌĚƐ ŚŽƌĚĞŝůĞƐŵŝŶŽƌŚŽƌĚĞŝůĞƐŵŝŶŽƌ ĐĐŽŵŵŽŶŶŝŐŚƚŚĂǁŬŽŵŵŽŶŶŝŐŚƚŚĂǁŬ E> ĐĂƵƐĞĐĂƵƐĞ

DŝŶŶĞƐŽƚĂ͛ƐtŝůĚůŝĨĞĐƟŽŶWůĂŶϮϬϭϱͲϮϬϮϱ ϯ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖͕ͬ Ϯϵŝƌ ŝƌĚƐĚƐ ŝƌĐƵƐĐǇĂŶĞƵƐŝƌĐƵƐĐǇĂŶĞƵƐ ŶŽƌƚŚĞƌŶŚĂƌƌŝĞƌŶŽƌƚŚĞƌŶŚĂƌƌŝĞƌ E E>> ĚĞƉĞŶĚŽŶĚĞƉĞŶĚŽŶůĂƌŐĞŚĂďŝƚĂƚůĂƌŐĞŚĂďŝƚĂƚ DŝŶŶĞƐŽƚĂƉŽƉƵůĂƟŽŶƌĞƉƌĞƐĞŶƚƐƐŝŐŶŝĮĐĂŶƚƉƉ Ɖ Ő ϯϬ ŝƌĚƐŝƌĚƐ ŝƐƚŽƚŚŽƌƵƐƉůĂƚĞŶƐŝƐŝƐƚŽƚŚŽƌƵƐƉůĂƚĞŶƐŝƐ ƐĞĚŐĞǁƌĞŶƐĞĚŐĞǁƌĞŶ E E>> ƉŽƌƟŽŶŽĨƚŚĞŝƌEŽƌƚŚŵĞƌŝĐĂŶďƌĞĞĚŝŶŐŽƌƉŽƌƟŽŶŽĨƚŚĞŝƌEŽƌƚŚŵĞƌŝĐĂŶďƌĞĞĚŝŶŐŽƌƉ ǁŝŶƚĞƌŝŶŐƉŽƉƵůĂƟŽŶǁŝŶƚĞƌŝŶŐƉŽƉƵůĂƟŽŶ ĞǆƚĞŶƐŝǀĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĞǆƚĞŶƐŝǀĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶ ϯϭ ŝƌĚƐ ŽĐĐŽƚŚƌĂƵƐƚĞƐǀĞƐŽĐĐŽƚŚƌ Ͳ ĞǀĞŶŝŶŐŐƌŽƐďĞĂŬ E> ŝƌĚƐ ƉĞƌƟŶƵƐƉĞƌƟŶƵƐ ĞǀĞŶŝŶŐŐƌŽƐďĞĂŬ E> ĐĂƵƐĞĐĂƵƐĞ ϯϮ ŝƌĚƐŝƌĚƐ ŽĐĐǇǌƵƐĂŵĞƌŝĐĂŶƵƐ ǇĞůůŽǁͲďŝůůĞĚĐƵĐŬŽŽǇĞůůŽǁͲďŝůůĞĚĐƵĐŬŽŽ E>E> ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ĚĞƉĞŶĚǇ͖Ɖ ϯϯ ŝƌĚƐ ŽĐĐǇǌƵƐĞƌǇƚŚƌŽƉŽĐĐǇǌƵƐ Ͳ ďůĂĐŬͲďŝůůĞĚĐƵĐŬŽŽ E> ŝƌĚƐ ƚŚĂůŵƵƐƚŚĂůŵƵƐ ďůĂĐŬͲďŝůůĞĚĐƵĐŬŽŽ E> ŽŶĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZsŽŶĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZs ϯϰ ŝƌĚƐ ŽŶƚŽƉƵƐĐŽŽƉĞƌŝ ŽůŝǀĞͲƐŝĚĞĚŇǇĐĂƚĐŚĞƌ E> ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ

ŽƚƵƌŶŝĐŽƉƐ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ ϯϱ ŝƌĚƐ ŶŽǀĞďŽƌĂĐĞŶƐŝƐ ǇĞůůŽǁƌĂŝů ^W DŝŶŶĞƐŽƚĂƉŽƉƵůĂƟŽŶƌĞƉƌĞƐĞŶƚƐƐŝŐŶŝĮĐĂŶƚƉƉ Ɖ Ő ϯϲ ŝƌĚƐŝƌĚƐ ǇŐŶƵƐďƵĐĐŝŶĂƚŽƌǇŐŶƵƐďƵĐĐŝŶĂƚŽƌ ƚƌƵŵƉĞƚĞƌƐǁĂŶƚƌƵŵƉĞƚĞƌƐǁĂŶ ^ ^WW ƉŽƌƟŽŶŽĨƚŚĞŝƌEŽƌƚŚŵĞƌŝĐĂŶďƌĞĞĚŝŶŐŽƌƉŽƌƟŽŶŽĨƚŚĞŝƌEŽƌƚŚŵĞƌŝĐĂŶďƌĞĞĚŝŶŐŽƌƉ ǁŝŶƚĞƌŝŶŐƉŽƉƵůĂƟŽŶǁŝŶƚĞƌŝŶŐƉŽƉƵůĂƟŽŶ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ƌĂƌĞ͕ƐƚĂƟƐƟĐĂůůǇǇ͖͕ǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ƌĂƌĞ͕ ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖DŝŶͲǀƵůŶĞƌĂďůĞͬͬŐ͖ĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖ DŝŶͲ ϯϳ ŝƌĚƐŝƌĚƐ ŽůŝĐŚŽŶǇǆŽƌǇǌŝǀŽƌƵƐŽůŝĐŚŽŶǇǆŽƌǇǌŝǀŽƌƵƐ ďŽďŽůŝŶŬďŽďŽůŝŶŬ E>E> ŶĞƐŽƚĂƉŽƉƵůĂƟŽŶƌĞƉƌĞƐĞŶƚƐƐŝŐŶŝĮĐĂŶƚƉŽƌƟŽŶƉƉ Ɖ Ő Ɖ ŽĨƚŚĞŝƌEŽƌƚŚŵĞƌŝĐĂŶďƌĞĞĚŝŶŐŽƌǁŝŶƚĞƌŝŶŐ ƉŽƉƵůĂƟŽŶƉŽƉƵůĂƟŽŶ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚ͕ ϯϴ ŝƌĚƐŝƌĚƐ ŵƉŝĚŽŶĂǆǀŝƌĞƐĐĞŶƐŵƉŝĚŽŶĂǆǀŝƌĞƐĐĞŶƐ ĐĂĚŝĂŶŇǇĐĂƚĐŚĞƌĐĂĚŝĂŶŇǇĐĂƚĐŚĞƌ ^ ^WW ĚĞŐƌĂĚĂƟŽŶ ϯϵ ŝƌĚƐ &ĂůĐŝƉĞŶŶŝƐĐĂŶĂĚĞŶƐŝƐ ƐƉƌƵĐĞŐƌŽƵƐĞ E> ŚĂďŝƚĂƚůŽƐƐ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ůŝŵŝƚĞĚǇ͖ ϰϬ ŝƌĚƐŝƌĚƐ &ĂůĐŽƉĞƌĞŐƌŝŶƵƐ&ĂůĐŽƉĞƌĞŐƌŝŶƵƐ ƉĞƌĞŐƌŝŶĞĨĂůĐŽŶƉĞƌĞŐƌŝŶĞĨĂůĐŽŶ ^W^W ĂďŝůŝƚǇƚŽƌĞĐŽǀĞƌ;ůŽǁƌĞƉƌŽĚƵĐƟǀĞƌĂƚĞͿĂďŝůŝƚǇƚŽƌĞĐŽǀĞƌ;ůŽǁƌĞƉƌŽĚƵĐƟǀĞƌĂƚĞͿ ϰϭ ŝƌĚƐŝƌĚƐ &ĂůĐŽƐƉĂƌǀĞƌŝƵƐ&ĂůĐŽƐƉĂƌǀĞƌŝƵƐ ŵĞƌŝĐĂŶŬĞƐƚƌĞůŵĞƌŝĐĂŶŬĞƐƚƌĞů E E>> ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ

ϰϮ ŝƌĚƐ 'ĂůůŝŶƵůĂŐĂůĞĂƚĂ ĐŽŵŵŽŶŐĂůůŝŶƵůĞ ^W ŚĂďŝƚĂƚůŽƐƐ

ϰϯ ŝƌĚƐŝƌĚƐ 'ĂǀŝĂŝŵŵĞƌ'ĂǀŝĂŝŵŵĞƌ ĐŽŵŵŽŶůŽŽŶĐŽŵŵŽŶůŽŽŶ E>E> ĐŽŶƚĂŵŝŶĂŶƚƐĐŽŶƚĂŵŝŶĂŶƚƐ

ϰϰ ŝƌĚƐ ,ĂĞŵŽƌŚŽƵƐ,ĂĞŵŽƌŚŽƵƐ,ĂĞŵŽƌŚŽ ƉƵƌƉůĞĮŶĐŚ E> ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ ŝƌĚƐ ƉƵƌƉƵƌĞƵƐƉƵƌƉƵƌĞƵƐ ƉƵƌƉůĞĮŶĐŚ E> ϰϱ ŝƌĚƐŝƌĚƐ ,ǇůŽĐŝĐŚůĂŵƵƐƚĞůŝŶĂ,ǇůŽĐŝĐŚůĂŵƵƐƚĞůŝŶĂ ǁŽŽĚƚŚƌƵƐŚǁŽŽĚƚŚƌƵƐŚ E>E> ŚĂďŝƚĂƚůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶŚĂďŝƚĂƚůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖͕ͬ ϰϲ ŝƌĚƐŝƌĚƐ /ǆŽďƌǇĐŚƵƐĞǆŝůŝƐ/ǆŽďƌǇĐŚƵƐĞǆŝůŝƐ ůĞĂƐƚďŝƩĞƌŶůĞĂƐƚďŝƩĞƌŶ E>E> ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ ƌƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ĞǆƚĞŶƐŝǀĞĂƌĞ͕͕ͬŐ͖ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ĞǆƚĞŶƐŝǀĞ ϰϳ ŝƌĚƐŝƌĚƐ >ĂŶŝƵƐůƵĚŽǀŝĐŝĂŶƵƐ>ĂŶŝƵƐůƵĚŽǀŝĐŝĂŶƵƐ ůŽŐŐĞƌŚĞĂĚƐŚƌŝŬĞůŽŐŐĞƌŚĞĂĚƐŚƌŝŬĞ E E ƐƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĐĂƵƐĞƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĐĂƵƐĞ ϰϴ ŝƌĚƐ >ĞƵĐŽƉŚĂĞƵƐƉŝƉŝǆĐĂŶ &ƌĂŶŬůŝŶ͛ƐŐƵůů ^W ŚĂďŝƚĂƚůŽƐƐ͖ĂŐŐƌĞŐĂƚĞƚŚĞŝƌƉŽƉƵůĂƟŽŶƐ ŵŝŐƌĂƟŶŐƉŽƉƵůĂƟŽŶƐĐŽŶŐƌĞŐĂƟŶŐŝŶDŝŶŶĞƐŽƚĂŵŝŐƌĂƟŶŐƉŽƉƵůĂƟŽŶƐĐŽŶŐƌĞŐĂƟŶŐŝŶDŝŶŶĞƐŽƚĂŐŐƉƉ ŐŐŐ ƐŚŽƌƚͲďŝůůĞĚĚŽǁͲ ϰϵ ŝƌĚƐŝƌĚƐ >ŝŵŶŽĚƌŽŵƵƐŐƌŝƐĞƵƐ>ŝŵŶŽĚƌŽŵƵƐŐƌŝƐĞƵƐ ƐŚŽƌƚͲďŝůůĞĚĚŽǁͲ E>E> ƌĞƉƌĞƐĞŶƚĂƐŝŐŶŝĮĐĂŶƚƉŽƌƟŽŶŽĨƚŚĞEŽƌƚŚƌĞƉƌĞƐĞŶƚĂƐŝŐŶŝĮĐĂŶƚƉŽƌƟŽŶŽĨƚŚĞEŽƌƚŚƉŐ ŝƚĐŚĞƌŝƚĐŚĞƌ ŵĞƌŝĐĂŶƉŽƉƵůĂƟŽŶ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ĚĞƉĞŶĚŽŶ ϱϬ ŝƌĚƐ >ŝŵŽƐĂĨĞĚŽĂ ŵĂƌďůĞĚŐŽĚǁŝƚ ^W ůĂƌŐĞŚĂďŝƚĂƚ͖ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽ ůŽŶŐĞƌǁŝƚŚŝŶEZs ŵŝŐƌĂƟŶŐƉŽƉƵůĂƟŽŶƐĐŽŶŐƌĞŐĂƟŶŐŝŶDŝŶŶĞƐŽƚĂŵŝŐƌĂƟŶŐƉŽƉƵůĂƟŽŶƐĐŽŶŐƌĞŐĂƟŶŐŝŶDŝŶŶĞƐŽƚĂŐŐƉƉ ŐŐŐ ϱϭ ŝƌĚƐŝƌĚƐ >ŝŵŽƐĂŚĂĞŵĂƐƟĐĂ>ŝŵŽƐĂŚĂĞŵĂƐƟĐĂ ,ƵĚƐŽŶŝĂŶŐŽĚǁŝƚ,ƵĚƐŽŶŝĂŶŐŽĚǁŝƚ E>E> ƌĞƉƌĞƐĞŶƚĂƐŝŐŶŝĮĐĂŶƚƉŽƌƟŽŶŽĨƚŚĞEŽƌƚŚƌĞƉƌĞƐĞŶƚĂƐŝŐŶŝĮĐĂŶƚƉŽƌƟŽŶŽĨƚŚĞEŽƌƚŚƉŐ ŵĞƌŝĐĂŶƉŽƉƵůĂƟŽŶ ϱϮ ŝƌĚƐŝƌĚƐ DĞŐĂĐĞƌǇůĞĂůĐǇŽŶDĞŐĂĐĞƌǇůĞĂůĐǇŽŶ ďĞůƚĞĚŬŝŶŐĮƐŚĞƌďĞůƚĞĚŬŝŶŐĮƐŚĞƌ E E>> ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ

DĞůĂŶĞƌƉĞƐDĞůĂŶĞƌƉĞƐ ƌĞĚͲŚĞĂĚĞĚƌĞĚͲŚĞĂĚĞĚ ϱϯ ŝƌĚƐŝƌĚƐ ĞƌǇƚŚƌŽĐĞƉŚĂůƵƐĞƌǇƚŚƌŽĐĞƉŚĂůƵƐ ǁŽŽĚƉĞĐŬĞƌǁŽŽĚƉĞĐŬĞƌ E>E> ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ ŵŝŐƌĂƟŶŐƉŽƉƵůĂƟŽŶƐĐŽŶŐƌĞŐĂƟŶŐŝŶDŝŶŶĞƐŽƚĂŵŝŐƌĂƟŶŐƉŽƉƵůĂƟŽŶƐĐŽŶŐƌĞŐĂƟŶŐŝŶDŝŶŶĞƐŽƚĂŐŐƉƉ ŐŐŐ ϱϰ ŝƌĚƐŝƌĚƐ DĞƌŐƵƐŵĞƌŐĂŶƐĞƌDĞƌŐƵƐŵĞƌŐĂŶƐĞƌ ĐŽŵŵŽŶŵĞƌŐĂŶƐĞƌĐŽŵŵŽŶŵĞƌŐĂŶƐĞƌ E E>> ƌĞƉƌĞƐĞŶƚĂƐŝŐŶŝĮĐĂŶƚƉŽƌƟŽŶŽĨƚŚĞEŽƌƚŚƌĞƉƌĞƐĞŶƚĂƐŝŐŶŝĮĐĂŶƚƉŽƌƟŽŶŽĨƚŚĞEŽƌƚŚƉŐ ŵĞƌŝĐĂŶƉŽƉƵůĂƟŽŶ ďůĂĐŬͲĐƌŽǁŶĞĚďůĂĐŬͲĐƌŽǁŶĞĚ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ĂŐŐƌĞŐĂƚĞƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ĂŐŐƌĞŐĂƚĞ͕ͬ ϱϱ ŝƌĚƐŝƌĚƐ EǇĐƟĐŽƌĂǆŶǇĐƟĐŽƌĂǆEǇĐƟĐŽƌĂǆŶǇĐƟĐŽƌĂǆ ŶŝŐŚƚͲŚĞƌŽŶŶŝŐŚƚͲŚĞƌŽŶ E>E> ƚŚĞŝƌƉŽƉƵůĂƟŽŶƐƚŚĞŝƌƉŽƉƵůĂƟŽŶƐ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚ ϱϲ ŝƌĚƐ KƉŽƌŽƌŶŝƐĂŐŝůŝƐ ŽŶŶĞĐƟĐƵƚǁĂƌďůĞƌ E> ůŽƐƐ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚĚĞŐͲ ϱϳ ŝƌĚƐ WĂƌŬĞƐŝĂŵŽƚĂĐŝůůĂ >ŽƵŝƐŝĂŶĂǁĂƚĞƌͲ ^W ƌĂĚĂƟŽŶ͖ƌĞƋƵŝƌĞƐůĂƌŐĞŚŽŵĞƌĂŶŐĞƐͬŵƵůƟƉůĞ ƚŚƌƵƐŚ ŚĂďŝƚĂƚƐ

DŝŶŶĞƐŽƚĂ͛ƐtŝůĚůŝĨĞĐƟŽŶWůĂŶϮϬϭϱͲϮϬϮϱ ϰ DŝŶŶĞƐŽƚĂƉŽƉƵůĂƟŽŶƌĞƉƌĞƐĞŶƚƐƐŝŐŶŝĮĐĂŶƚƉƉ Ɖ Ő WĞůĞĐĂŶƵƐWĞůĞĐĂŶƵƐ ŵĞƌŝĐĂŶǁŚŝƚĞŵĞƌŝĐĂŶǁŚŝƚĞ ƉŽƌƟŽŶŽĨƚŚĞŝƌEŽƌƚŚŵĞƌŝĐĂŶďƌĞĞĚŝŶŐƉŐ ϱϴ ŝƌĚƐŝƌĚƐ ĞƌǇƚŚƌŽƌŚǇŶĐŚŽƐĞƌǇƚŚƌŽƌŚǇŶĐŚŽƐ ƉĞůŝĐĂŶƉĞůŝĐĂŶ ^W^W ŽƌǁŝŶƚĞƌŝŶŐƉŽƉƵůĂƟŽŶ͖ĂŐŐƌĞŐĂƚĞƚŚĞŝƌŐ ƉŽƉƵůĂƟŽŶƐƉŽƉƵůĂƟŽŶƐ ϱϵ ŝƌĚƐ WŚĂůĂƌŽƉƵƐƚƌŝĐŽůŽƌ tŝůƐŽŶ͛ƐƉŚĂůĂƌŽƉĞ d,Z ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ ďůĂĐŬͲďĂĐŬĞĚǁŽŽĚͲ ŚĂďŝƚĂƚůŽƐƐ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ĚĞƉĞŶĚŽŶ ϲϬ ŝƌĚƐ WŝĐŽŝĚĞƐĂƌĐƟĐƵƐ ƉĞĐŬĞƌ E> ĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZs ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ĚĞƉĞŶĚǇ͖Ɖ ŝƌĚƐ WŝƉŝůŽWŝƉŝůŽ ĞĂƐƚĞƌŶƚŽǁŚĞĞ E> ϲϭ ŝƌĚƐ ĞƌǇƚŚƌŽƉŚƚŚĂůŵƵƐĞƌǇƚŚƌŽƉŚƚŚĂůŵƵƐ ĞĂƐƚĞƌŶƚŽǁŚĞĞ E> ŽŶĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZsŽŶĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZs ϲϮ ŝƌĚƐ WŽĚŝĐĞƉƐĂƵƌŝƚƵƐ ŚŽƌŶĞĚŐƌĞďĞ E ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ

ϲϯ ŝƌĚƐŝƌĚƐ WWŽĚŝĐĞƉƐŐƌŝƐĞŐĞŶĂŽĚŝĐĞƉƐŐƌŝƐĞŐĞŶĂ ƌƌĞĚͲŶĞĐŬĞĚŐƌĞďĞĞĚͲŶĞĐŬĞĚŐƌĞďĞ E> ƌƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ĂŐŐƌĞŐĂƚĞƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ĂŐŐƌĞŐĂƚĞ͕ͬ ϲϰ ŝƌĚƐŝƌĚƐ WWŽĚŝĐĞƉƐŶŝŐƌŝĐŽůůŝƐŽĚŝĐĞƉƐŶŝŐƌŝĐŽůůŝƐ ĞĂƌĞĚĞĂƌĞĚŐƌĞďĞŐƌĞďĞ E> ƚƚŚĞŝƌƉŽƉƵůĂƟŽŶƐŚĞŝƌƉŽƉƵůĂƟŽŶƐ ŚĂďŝƚĂƚůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐͲ ϲϱ ŝƌĚƐ WŽĞĐŝůĞŚƵĚƐŽŶŝĐƵƐ ďŽƌĞĂůĐŚŝĐŬĂĚĞĞ E> ŵĞŶƚĂƟŽŶ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ĐŽŶƚĂŵŝƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ĐŽŶƚĂŵŝͲǇ Ͳ ϲϲ ŝƌĚƐŝƌĚƐ WWƌŽŐŶĞƐƵďŝƐƌŽŐŶĞƐƵďŝƐ ƉƉƵƌƉůĞŵĂƌƟŶƵƌƉůĞŵĂƌƟŶ ^W^W ŶŶĂŶƚƐ͖ĂŐŐƌĞŐĂƚĞƚŚĞŝƌƉŽƉƵůĂƟŽŶƐĂŶƚƐ͖ĂŐŐƌĞŐĂƚĞƚŚĞŝƌƉŽƉƵůĂƟŽŶƐ ƉƌŽƚŚŽŶŽƚĂƌǇƉ ŚĂďŝƚĂƚůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŝŶǀĂƐŝǀĞ ϲϳ ŝƌĚƐŝƌĚƐ WWƌŽƚŽŶŽƚĂƌŝĂĐŝƚƌĞĂƌŽƚŽŶŽƚĂƌŝĂĐŝƚƌĞĂ ǁǁĂƌďůĞƌĂƌďůĞƌ E> ƐƐƉĞĐŝĞƐƉĞĐŝĞƐ ϲϴ ŝƌĚƐŝƌĚƐ ZZĂůůƵƐĞůĞŐĂŶƐĂůůƵƐĞůĞŐĂŶƐ ŬŬŝŶŐƌĂŝůŝŶŐƌĂŝů E ƌƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ

ϲϵ ŝƌĚƐŝƌĚƐ ZĂůůƵƐZĂůůƵƐůŝŵŝĐŽůĂůŝŵŝĐŽůĂ sŝƌsŝƌŐŝŶŝĂƌĂŝůŐŝŶŝĂƌĂŝů E> ƌƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ

ϳϬ ŝƌĚƐŝƌĚƐ ^^ĐŽůŽƉĂǆŵŝŶŽƌĐŽůŽƉĂǆŵŝŶŽƌ ŵĞƌŝĐĂŶǁŽŽĚĐŽĐŬŵĞƌŝĐĂŶǁŽŽĚĐŽĐŬ E> ƐƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ ďůĂĐŬͲƚŚƌŽĂƚĞĚďůƵĞ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚ ϳϭ ŝƌĚƐ ^ĞƚŽƉŚĂŐĂ ĐĂĞƌƵůĞƐĐĞŶƐ ǁĂƌďůĞƌ E> ĨƌĂŐŵĞŶƚĂƟŽŶ ŚĂďŝƚĂƚůŽƐƐ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁ ϳϮ ŝƌĚƐ ^ĞƚŽƉŚĂŐĂĐĂƐƚĂŶĞĂ ďĂǇͲďƌĞĂƐƚĞĚǁĂƌďůĞƌ E> ƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚ ϳϯ ŝƌĚƐ ^ĞƚŽƉŚĂŐĂĐĞƌƵůĞĂ ĐĞƌƵůĞĂŶǁĂƌďůĞƌ ^W ĚĞŐƌĂĚĂƟŽŶ ŚĂďŝƚĂƚůŽƐƐ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚ ϳϰ ŝƌĚƐ ^ĞƚŽƉŚĂŐĂĐŝƚƌŝŶĂ ŚŽŽĚĞĚǁĂƌďůĞƌ ^W ĚŝƐƚƌŝďƵƟŽŶ ŚĂďŝƚĂƚůŽƐƐ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁ ϳϱ ŝƌĚƐ ^ĞƚŽƉŚĂŐĂƟŐƌŝŶĂ ĂƉĞDĂǇtĂƌďůĞƌ E> ƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ ϳϲ ŝƌĚƐŝƌĚƐ ^^ƉŝǌĂĂŵĞƌŝĐĂŶĂƉŝǌĂĂŵĞƌŝĐĂŶĂ ĚĚŝĐŬĐŝƐƐĞůŝĐŬĐŝƐƐĞů E> ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ƌĂƌĞ͕Ǉ ϳϳ ŝƌĚƐŝƌĚƐ ^^ƉŝǌĞůůĂƉƵƐŝůůĂƉŝǌĞůůĂƉƵƐŝůůĂ ĮĞůĚƐƉĂƌƌŽǁ E> ǀǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ ŝƌĚƐ ^ƚĞůŐŝĚŽƉƚĞƌǇǆ^ƚĞůŐŝĚŽƉƚĞ ŶŽƌƚŚĞƌŶƌŽƵŐŚͲŐ E> ƐƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ ϳϴ ŝƌĚƐ ƐĞƌƌŝƉĞŶŶŝƐĞƌƌŝƉĞŶŶŝƐƐ ǁŝŶǁŝŶŐĞĚƐǁĂůůŽǁŐĞĚƐǁĂůůŽǁ E> ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖͕ͬŐ ϳϵ ŝƌĚƐŝƌĚƐ ^^ƚĞƌŶĂĨŽƌƐƚĞƌŝƚĞƌŶĂĨŽƌƐƚĞƌŝ &Ž&ŽƌƐƚĞƌ͛ƐƚĞƌŶƌƐƚĞƌ͛ƐƚĞƌŶ ^ ^WW ĂŐŐĂŐŐƌĞŐĂƚĞƚŚĞŝƌƉŽƉƵůĂƟŽŶƐƌĞŐĂƚĞƚŚĞŝƌƉŽƉƵůĂƟŽŶƐ ϴϬ ŝƌĚƐŝƌĚƐ ^^ƚĞƌŶĂŚŝƌƵŶĚŽƚĞƌŶĂŚŝƌƵŶĚŽ ĐŽĐŽŵŵŽŶƚĞƌŶŵŵŽŶƚĞƌŶ d,Z ĂŐŐĂŐŐƌĞŐĂƚĞƚŚĞŝƌƉŽƉƵůĂƟŽŶƐƌĞŐĂƚĞƚŚĞŝƌƉŽƉƵůĂƟŽŶƐ

ϴϭ ŝƌĚƐ ^ƚƵƌŶĞůůĂŵĂŐŶĂ ĞĂƐƚĞƌŶŵĞĂĚŽǁůĂƌŬ E> ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ƌĂƌĞ͕Ǉ͖ ϴϮ ŝƌĚƐŝƌĚƐ ^^ƚƵƌŶĞůůĂŶĞŐůĞĐƚĂƚƵƌŶĞůůĂŶĞŐůĞĐƚĂ ǁǁĞƐƚĞƌŶŵĞĂĚŽǁůĂƌŬĞƐƚĞƌŶŵĞĂĚŽǁůĂƌŬ E> ǀǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ ϴϯ ŝƌĚƐŝƌĚƐ ddŽǆŽƐƚŽŵĂƌƵĨƵŵŽǆŽƐƚŽŵĂƌƵĨƵŵ ďďƌŽǁŶƚŚƌĂƐŚĞƌƌŽǁŶƚŚƌĂƐŚĞƌ E> ƐƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ ŵŝŐƌĂƟŶŐƉŽƉƵůĂƟŽŶƐĐŽŶŐƌĞŐĂƟŶŐŝŶDŝŶŶĞƐŽƚĂŐŐƉƉ ŐŐŐ ϴϰ ŝƌĚƐŝƌĚƐ ddƌŝŶŐĂŵĞůĂŶŽůĞƵĐĂƌŝŶŐĂŵĞůĂŶŽůĞƵĐĂ ŐŐƌĞĂƚĞƌǇĞůůŽǁůĞŐƐƌĞĂƚĞƌǇĞůůŽǁůĞŐƐ E> ƌĞƉƌĞƐĞŶƚĂƐŝŐŶŝĮĐĂŶƚƉŽƌƟŽŶŽĨƚŚĞEŽƌƚŚƉŐ ŵĞƌŝĐĂŶƉŽƉƵůĂƟŽŶ ϴϱ ŝƌĚƐ dƌŽŐůŽĚǇƚĞƐŚŝĞŵĂůŝƐ ǁŝŶƚĞƌǁƌĞŶ E> ŚĂďŝƚĂƚůŽƐƐ ŐƌĞĂƚĞƌƉƌĂŝƌŝĞͲ ϴϲ ŝƌĚƐ dǇŵƉĂŶƵĐŚƵƐĐƵƉŝĚŽ ĐŚŝĐŬĞŶ ^W ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ dǇŵƉĂŶƵĐŚƵƐ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ĂŐŐƌĞŐĂƚĞ ϴϳ ŝƌĚƐ ƉŚĂƐŝĂŶĞůůƵƐ ƐŚĂƌƉͲƚĂŝůĞĚŐƌŽƵƐĞ E> ƚŚĞŝƌƉŽƉƵůĂƟŽŶƐ ƐƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ƌĂƌĞ͕ƚĂƟƐƟĐĂůůǇǇ͖͕ǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ƌĂƌĞ͕ ϴϴ ŝƌĚƐŝƌĚƐ ddǇƌĂŶŶƵƐǀĞƌƟĐĂůŝƐǇƌĂŶŶƵƐǀĞƌƟĐĂůŝƐ ǁĞƐƚĞƌŶǁĞƐƚĞƌŶŬŝŶŐďŝƌĚŬŝŶŐďŝƌĚ E> ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ĚĞƉĞŶĚŽŶůĂƌŐĞ ŚĂďŝƚĂƚŚĂďŝƚĂƚ DŝŶŶĞƐŽƚĂƉŽƉƵůĂƟŽŶƌĞƉƌĞƐĞŶƚƐƐŝŐŶŝĮĐĂŶƚ ƉŽƌƟŽŶŽĨƚŚĞŝƌEŽƌƚŚŵĞƌŝĐĂŶďƌĞĞĚŝŶŐŽƌ ϴϵ ŝƌĚƐ sĞƌŵŝǀŽƌĂĐŚƌǇƐŽƉƚĞƌĂ ŐŽůĚĞŶͲǁŝŶŐĞĚ E> ǁŝŶƚĞƌŝŶŐƉŽƉƵůĂƟŽŶ͖ƉŽƉƵůĂƟŽŶƐŝŶDŝŶŶĞƐŽƚĂ ǁĂƌďůĞƌ ƐƚĂďůĞďƵƚŚĂǀĞĚĞĐůŝŶĞĚŽƌĂƌĞĚĞĐůŝŶŝŶŐŝŶĂ ƐƵďƐƚĂŶƟĂůƉĂƌƚŽĨƌĂŶŐĞ

DŝŶŶĞƐŽƚĂ͛ƐtŝůĚůŝĨĞĐƟŽŶWůĂŶϮϬϭϱͲϮϬϮϱ ϱ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ĞǆƚĞŶƐŝǀĞƌĂƌĞ͕͕ͬŐ͖ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ĞǆƚĞŶƐŝǀĞ ϵϬŝƌ ŝƌĚƐĚƐ sŝƌĞŽďĞůůŝŝsŝƌĞŽďĞůůŝŝ Ğůů͛ƐǀŝƌĞŽĞůů͛ƐǀŝƌĞŽ ^W^W ƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĐĂƵƐĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĐĂƵƐĞ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ĞǆƚĞŶƐŝǀĞƌĂƌĞ͕͕ͬŐ͖ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ĞǆƚĞŶƐŝǀĞ ϵϭ ŝƌĚƐŝƌĚƐ sŝƌĞŽƉŚŝůĂĚĞůƉŚŝĐƵƐsŝƌĞŽƉŚŝůĂĚĞůƉŚŝĐƵƐ WŚŝůĂĚĞůƉŚŝĂǀŝƌĞŽWŚŝůĂĚĞůƉŚŝĂǀŝƌĞŽ E>E> ƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĐĂƵƐĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĐĂƵƐĞ yĂŶƚŚŽĐĞƉŚĂůƵƐ ǇĞůůŽǁͲŚĞĂĚĞĚǇĞůůŽǁͲŚĞĂĚĞĚǇ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ƌĂƌĞ͕Ǉ ϵϮ ŝƌĚƐŝƌĚƐ ǆĂŶƚŚŽĐĞƉŚĂůƵƐǆĂŶƚŚŽĐĞƉŚĂůƵƐ ďůĂĐŬďŝƌĚďůĂĐŬďŝƌĚ E>E> ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ ŵƉŚŝďŝĂŶƐ

^ƚĂƚĞ &ĞĚĞƌĂů ƌŝƚĞƌŝĂ;ƐƚƌĞƐƐŽƌƐĂŶĚůŝĨĞͲŚŝƐƚŽƌǇƚƌĂŝƚƐͿ dĂǆĂ ^ĐŝĞŶƟĮĐŶĂŵĞ ŽŵŵŽŶŶĂŵĞ ƐƚĂƚƵƐ ƐƚĂƚƵƐ ŚĂďŝƚĂƚůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂů ϭ ŵƉŚŝďŝĂŶƐ ĐƌŝƐďůĂŶĐŚĂƌĚŝ ůĂŶĐŚĂƌĚ͛ƐĐƌŝĐŬĞƚ E ƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ͖ŚŝŐŚůǇ ĨƌŽŐ ůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ Ϯ ŵƉŚŝďŝĂŶƐ ŵďǇƐƚŽŵĂ ƐƉŽƩĞĚƐĂůĂŵĂŶĚĞƌ ^W ƌĞƋƵŝƌĞƐůĂƌŐĞŚŽŵĞƌĂŶŐĞƐͬŵƵůƟƉůĞŚĂďŝƚĂƚƐ͖ ŵĂĐƵůĂƚƵŵ ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ͖ĂŐŐƌĞŐĂƚĞ ƚŚĞŝƌƉŽƉƵůĂƟŽŶƐ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ ϯ ŵƉŚŝďŝĂŶƐ ŶĂǆǇƌƵƐĐŽŐŶĂƚƵƐ 'ƌĞĂƚWůĂŝŶƐƚŽĂĚ ^W ƌĞƋƵŝƌĞƐůĂƌŐĞŚŽŵĞƌĂŶŐĞƐͬŵƵůƟƉůĞŚĂďŝƚĂƚƐ͖ ĂŐŐƌĞŐĂƚĞƚŚĞŝƌƉŽƉƵůĂƟŽŶƐ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖͕ͬŐ͖ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ŚĂďŝƚĂƚĚĞŐŐ͖ƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐ ŵĞŶƚĂƟŽŶ͖ ϰ ŵƉŚŝďŝĂŶƐŵƉŚŝďŝĂŶƐ ,ĞŵŝĚĂĐƚǇůŝƵŵ,ĞŵŝĚĂĐƚǇůŝƵŵ,ĞŵŝĚĂĐƚǇ ĨŽƵƌͲƚŽĞĚĨŽƵƌͲƚŽĞĚ ^W^W ƌĞƋƵŝƌĞƐůĂƌŐĞŚŽŵĞƌĂŶŐĞƐͬŵƵůƟƉůĞŚĂďŝƚĂƚƐ͖ƌĞƋƋŐƵŝƌĞƐůĂƌŐĞŚŽŵĞƌĂŶ ŐͬƉ͖ŐĞƐͬŵƵůƟƉůĞŚĂďŝƚĂƚƐ͖ ƐĐƵƚĂƚƵŵ ƐĂůĂŵĂŶĚĞƌƐĂůĂŵĂŶĚĞƌ ůŝŵŝƚĞĚĂďŝůŝƚǇƚŽƌĞĐŽǀĞƌ;ůŽǁĚŝƐƉĞƌƐĂůĂďŝůŝƚǇͿ͖Ǉ;Ɖ ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ƌĞƋƵŝƌĞƐůĂƌŐĞŚŽŵĞƌĂŶŐͲ ϱ ŵƉŚŝďŝĂŶƐ >ŝƚŚŽďĂƚĞƐƉĂůƵƐƚƌŝƐ ƉŝĐŬĞƌĞůĨƌŽŐ E> ĞƐͬŵƵůƟƉůĞŚĂďŝƚĂƚƐ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚ ĚŝƐƚƌŝďƵƟŽŶ͖ĂŐŐƌĞŐĂƚĞƚŚĞŝƌƉŽƉƵůĂƟŽŶƐ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖Ő͖ ϲ ŵƉŚŝďŝĂŶƐŵƉŚŝďŝĂŶƐ EĞĐƚƵƌƵƐŵĂĐƵůŽƐƵƐEĞĐƚƵƌƵƐŵĂĐƵůŽƐƵƐ ŵƵĚƉƵƉƉǇŵƵĚƉƵƉƉǇ ^W^W ŽŽǀĞƌͲĞǆƉůŽŝƚĂƟŽŶ͖ĚŝƐĞĂƐĞǀĞƌͲĞǆƉůŽŝƚĂƟŽŶ͖ĚŝƐĞĂƐĞ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚƌĂƌĞ͕͕ͬŐ͖ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚ ϳ ŵƉŚŝďŝĂŶƐŵƉŚŝďŝĂŶƐ EŽƚŽƉŚƚŚĂůŵƵƐEŽƚŽƉŚƚŚĂů ĞĂƐƚĞƌŶŶĞǁƚĞĂƐƚĞƌŶŶĞǁƚ E E>> ĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ƌĞƋƵŝƌĞƐĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ƌĞƋƵŝƌĞƐŐ͖ Ő ͖ ǀŝƌŝĚĞƐĐĞŶƐǀŝƌŝĚĞƐĐĞŶƐ ůĂƌŐĞŚŽŵĞƌĂŶŐĞƐͬŵƵůƟƉůĞŚĂďŝƚĂƚƐůĂƌŐĞŚŽŵĞƌĂŶŐĞƐͬŵƵůƟƉůĞŚĂďŝƚĂƚƐ ĞĂƐƚĞƌŶƌĞĚͲďĂĐŬĞĚ ϴ ŵƉŚŝďŝĂŶƐ WůĞƚŚŽĚŽŶĐŝŶĞƌĞƵƐ ƐĂůĂŵĂŶĚĞƌ E> ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ ZĞƉƟůĞƐ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖͕ͬŐ͖͖ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ƉƌĞĚĂƟŽŶďĞǇŽŶĚŶŽƌŵĂůŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ƉƌĞĚĂƟŽŶďĞǇŽŶĚŶŽƌŵĂůŐ͖ƉǇ ϭ ZĞƉƟůĞƐZĞƉƟůĞƐ ƉĂůŽŶĞŵƵƟĐĂƉĂůŽŶĞŵƵƟĐĂ ƐŵŽŽƚŚƐŽŌƐŚĞůůƐŵŽŽƚŚƐŽŌƐŚĞůů ^W^W ůĞǀĞůƐ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ͖ůĞǀĞůƐ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ͖͖ŐǇ ͬ ĂŐŐƌĞŐĂƚĞƚŚĞŝƌƉŽƉƵůĂƟŽŶƐĂŐŐƌĞŐĂƚĞƚŚĞŝƌƉŽƉƵůĂƟŽŶƐ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚ Ϯ ZĞƉƟůĞƐ ƐƉŝĚŽƐĐĞůŝƐƐĞǆůŝŶĞĂƚĂ ƐŝǆͲůŝŶĞĚƌĂĐĞƌƵŶŶĞƌ E> ĚĞŐƌĂĚĂƟŽŶ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚ ĚŝƐƚƌŝďƵƟŽŶ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖ƌĂƌĞ͕͕ͬŐ͖͖ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖ ϯ ZĞƉƟůĞƐZĞƉƟůĞƐ ŽůƵďĞƌĐŽŶƐƚƌŝĐƚŽƌŽůƵďĞƌĐŽŶƐƚƌŝĐƚŽƌ EŽƌƚŚŵĞƌŝĐĂŶEŽƌƚŚŵĞƌŝĐĂŶ ^W^W ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ͖ĂŐŐƌĞŐĂƚĞŐǇ ͬ ƌĂĐĞƌ ƚŚĞŝƌƉŽƉƵůĂƟŽŶƐƚŚĞŝƌƉŽƉƵůĂƟŽŶƐ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖͕ͬŐ͖ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖Ő͖ Ő ͖ ŽǀĞƌĞǆƉůŽŝƚĂƟŽŶ͖ĚŝƐĞĂƐĞ͖ĚĞůŝďĞƌĂƚĞŬŝůůŝŶŐ͖ŽǀĞƌĞǆƉůƉ͖͖ŽŝƚĂƟŽŶ͖ĚŝƐĞĂƐĞ͖ĚĞůŝďĞƌĂƚĞŬŝůůŝŶŐ͖ ϰ ZĞƉƟůĞƐZĞƉƟůĞƐ ƌŽƚĂůƵƐŚŽƌƌŝĚƵƐƌŽƚĂůƵƐŚŽƌƌŝĚƵƐ ƟŵďĞƌƌĂƩůĞƐŶĂŬĞƟŵďĞƌƌĂƩůĞƐŶĂŬĞ d d,Z,Z ůŝŵŝƚĞĚĂďŝůŝƚǇƚŽƌĞĐŽǀĞƌ;ůŽǁƌĞƉƌŽĚƵĐƟǀĞƌĂƚĞͿ͖ůŝŵŝƚĞĚĂďŝůŝƚǇǇ;ƉͿ͖ƚŽƌĞĐŽǀĞƌ;ůŽǁƌĞƉƌŽĚƵĐƟǀĞƌĂƚĞͿ͖ ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ͖ĂŐŐƌĞŐĂƚĞŐǇ ͬ ƚŚĞŝƌƉŽƉƵůĂƟŽŶƐƚŚĞŝƌƉŽƉƵůĂƟŽŶƐ ŝĂĚŽƉŚŝƐƉƵŶĐƚĂƚƵƐŝĂĚŽƉŚŝƐƉƵŶĐƚĂƚƵƐ ϱ ZĞƉƟůĞƐZĞƉƟůĞƐ ĞĚǁĂƌĚƐŝŝ;ŶŽƌƚŚĞƌŶĞĚǁĂƌĚƐŝŝ;ŶŽƌƚŚĞƌŶĞĚǁĂƌĚƐŝŝ;Ŷ ŶŽƌƚŚĞƌŶƌŝŶŐͲŶĞĐŬĞĚŶŽƌƚŚĞƌŶƌŝŶŐͲŶĞĐŬĞĚ E>E> ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ƐƵďƐƉĞĐŝĞƐͿ ƐŶĂŬĞƐŶĂŬĞ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖͕ͬŐ͖ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ŚĂďŝƚĂƚĚĞŐŐ͖ƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐ ŵĞŶƚĂƟŽŶ͖ ϲ ZĞƉƟůĞƐZĞƉƟůĞƐ ŵǇĚŽŝĚĞĂďůĂŶĚŝŶŐŝŝŵǇĚŽŝĚĞĂďůĂŶĚŝŶŐŝŝ ůĂŶĚŝŶŐ͛ƐƚƵƌƚůĞůĂŶĚŝŶŐ͛ƐƚƵƌƚůĞ d,Zd,Z ƌĞƋƵŝƌĞƐůĂƌŐĞŚŽŵĞƌĂŶŐĞƐͬŵƵůƟƉůĞŚĂďŝƚĂƚƐ͖ƌĞƋƋŐƵŝƌĞƐůĂƌŐĞŚŽŵĞƌĂŶ ŐͬƉ͖ŐĞƐͬŵƵůƟƉůĞŚĂďŝƚĂƚƐ͖ ĚĞƉĞŶĚŽŶůĂƌŐĞŚĂďŝƚĂƚ͖ůŝŵŝƚĞĚĂďŝůŝƚǇƚŽƌĞĐŽǀͲĚĞƉĞŶĚŽŶůĂƌŐĞŚĂďŝƚĂƚ͖ůŝŵŝƚĞĚĂďŝůŝƚǇƚŽƌĞĐŽǀƉŐ͖ Ͳ Ğƌ;ůŽǁƌĞƉƌŽĚƵĐƟǀĞƌĂƚĞͿ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ƌĂƌĞ͕ǀƵůͲ ŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖ŚĂďŝƚĂƚ ĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ƌĞƋƵŝƌĞƐ ϳ ZĞƉƟůĞƐ 'ůǇƉƚĞŵǇƐŝŶƐĐƵůƉƚĂ ǁŽŽĚƚƵƌƚůĞ d,Z ůĂƌŐĞŚŽŵĞƌĂŶŐĞƐͬŵƵůƟƉůĞŚĂďŝƚĂƚƐ͖ĚĞƉĞŶĚ ŽŶůĂƌŐĞŚĂďŝƚĂƚ͖ůŝŵŝƚĞĚĂďŝůŝƚǇƚŽƌĞĐŽǀĞƌ;ůŽǁ ƌĞƉƌŽĚƵĐƟǀĞƌĂƚĞͿ͖ĂŐŐƌĞŐĂƚĞƚŚĞŝƌƉŽƉƵůĂƟŽŶƐ

DŝŶŶĞƐŽƚĂ͛ƐtŝůĚůŝĨĞĐƟŽŶWůĂŶϮϬϭϱͲϮϬϮϱ ϲ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖͕ͬŐ͖ ϴ ZĞƉƟůĞƐZĞƉƟůĞƐ ,ĞƚĞƌŽĚŽŶŶĂƐŝĐƵƐ,ĞƚĞƌŽĚŽŶŶĂƐŝĐƵƐ ƉůĂŝŶƐŚŽŐͲŶŽƐĞĚƉ ^W^W ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖Ő ƐŶĂŬĞƐŶĂŬĞ ŽǀĞƌĞǆƉůŽŝƚĂƟŽŶŽǀĞƌĞǆƉůŽŝƚĂƟŽŶ ĞĂƐƚĞƌŶŚŽŐͲŶŽƐĞĚ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖͕ͬŐ͖ ϵ ZĞƉƟůĞƐZĞƉƟůĞƐ ,ĞƚĞƌŽĚŽŶƉůĂƟƌŚŝŶŽƐ,ĞƚĞƌŽĚŽŶƉůĂƟƌŚŝŶŽƐ ƐŶĂŬĞƐŶĂŬĞ E> ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ ŚĂďŝƚĂƚůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚ ϭϬ ZĞƉƟůĞƐ KƉŚĞŽĚƌǇƐǀĞƌŶĂůŝƐ ƐŵŽŽƚŚŐƌĞĞŶƐŶĂŬĞ E> ĨƌĂŐŵĞŶƚĂƟŽŶ͖ĐŽŶƚĂŵŝŶĂŶƚƐ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ĚŝƐĞĂƐĞ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬ WĂŶƚŚĞƌŽƉŚŝƐ ϭϭ ZĞƉƟůĞƐ ǁĞƐƚĞƌŶƌĂƚƐŶĂŬĞ d,Z ƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ͖ĂŐŐƌĞŐĂƚĞƚŚĞŝƌ ŽďƐŽůĞƚƵƐ ƉŽƉƵůĂƟŽŶƐ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖͕ͬŐ͖ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ŚĂďŝƚĂƚĚĞŐŐ͖ƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐ ŵĞŶƚĂƟŽŶ͖ ϭϮ ZĞƉƟůĞƐZĞƉƟůĞƐ WŝƚƵŽƉŚŝƐĐĂƚĞŶŝĨĞƌWŝƚƵŽƉŚŝƐĐĂƚĞŶŝĨĞƌ ŐŽƉŚĞƌƐŶĂŬĞŐŽƉŚĞƌƐŶĂŬĞ ^ ^WW ŽǀĞƌĞǆƉůŽŝƚĂƟŽŶ͖ĚĞůŝďĞƌĂƚĞŬŝůůŝŶŐ͖ƌĞƋƵŝƌĞƐůĂƌŐĞƉ͖ Ő͖ƋŐ ŚŽŵĞƌĂŶŐĞƐͬŵƵůƟƉůĞŚĂďŝƚĂƚƐ͖ĚĞƉĞŶĚŽŶůĂƌŐĞ ŚĂďŝƚĂƚŚĂďŝƚĂƚ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚ ϭϯ ZĞƉƟůĞƐ WůĞƐƟŽĚŽŶĨĂƐĐŝĂƚƵƐ ĐŽŵŵŽŶĮǀĞͲůŝŶĞĚ ^W ĚĞŐƌĂĚĂƟŽŶ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚ ƐŬŝŶŬ ĚŝƐƚƌŝďƵƟŽŶ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖͕ͬŐ͖ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ŚĂďŝƚĂƚĚĞŐŐ͖ƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐ ŵĞŶƚĂƟŽŶ͖ ĚŝƐĞĂƐĞ͖ĚĞůŝďĞƌĂƚĞŬŝůůŝŶŐ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ͖Ő͖Ɖ ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ͖ĚĞƉĞŶĚŽŶ;;ƉͿ͖ƉŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ͖ĚĞƉĞŶĚŽŶ ϭϰ ZĞƉƟůĞƐZĞƉƟůĞƐ ^ŝƐƚƌƵƌƵƐĐĂƚĞŶĂƚƵƐ^ŝƐƚƌƵƌƵƐĐĂƚĞŶĂƚƵƐ ŵĂƐƐĂƐĂƵŐĂŵĂƐƐĂƐĂƵŐĂ E ĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZs͖ůŝŵŝƚĞĚŐƉ Ő ͖ ĂďŝůŝƚǇƚŽƌĞĐŽǀĞƌ;ůŽǁƌĞƉƌŽĚƵĐƟǀĞƌĂƚĞͿ͖ŚŝŐŚůǇǇ;ƉͿ͖ ůůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ͖ĞǆƚĞŶƐŝǀĞŽĐĂůŝǌĞĚ͖ͬͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ͖ĞǆƚĞŶƐŝǀĞ ƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĐĂƵƐĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĐĂƵƐĞ dƌŽƉŝĚŽĐůŽŶŝŽŶ ŚĂďŝƚĂƚůŽƐƐ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ŚŝŐŚůǇ ϭϱ ZĞƉƟůĞƐ ůŝŶĞĂƚƵŵ ůŝŶĞĚƐŶĂŬĞ ^W ůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ &ŝƐŚ

^ƚĂƚĞ &ĞĚĞƌĂů ƌŝƚĞƌŝĂ;ƐƚƌĞƐƐŽƌƐĂŶĚůŝĨĞͲŚŝƐƚŽƌǇƚƌĂŝƚƐͿ dĂǆĂ ^ĐŝĞŶƟĮĐŶĂŵĞ ŽŵŵŽŶŶĂŵĞ ƐƚĂƚƵƐ ƐƚĂƚƵƐ ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ƌĞƋƵŝƌĞƐůĂƌŐĞŚŽŵĞ ƌĂŶŐĞƐͬŵƵůƟƉůĞŚĂďŝƚĂƚƐ͖ĚĞƉĞŶĚŽŶůĂƌŐĞ ϭ &ŝƐŚ ĐŝƉĞŶƐĞƌĨƵůǀĞƐĐĞŶƐ ůĂŬĞƐƚƵƌŐĞŽŶ ^W ŚĂďŝƚĂƚƐ͖ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽůŽŶŐĞƌ ǁŝƚŚŝŶEZs ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂůŚĂďŝƚĂƚĨƌĂŐŐ͖ƉŐŵĞŶƚĂƟŽŶ͖ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂů Ϯ &ŝƐŚ&ŝƐŚ ůŽƐĂĐŚƌǇƐŽĐŚůŽƌŝƐůŽƐĂĐŚƌǇƐŽĐŚůŽƌŝƐ ƐŬŝƉũĂĐŬŚĞƌƌŝŶŐƐŬŝƉũĂĐŬŚĞƌƌŝŶŐ E ƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZs͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƉŐ ƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂůŐ͖Ɖ ϯ &ŝƐŚ&ŝƐŚ ŵŵŽĐƌǇƉƚĂĐůĂƌĂŵŵŽĐƌǇƉƚĂĐůĂƌĂ ǁĞƐƚĞƌŶƐĂŶĚĚĂƌƚĞƌǁĞƐƚĞƌŶƐĂŶĚĚĂƌƚĞƌ E> ƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZsƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZs ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂůŐ͖Ɖ ϰ &ŝƐŚ&ŝƐŚ ŶŐƵŝůůĂƌŽƐƚƌĂƚĂŶŐƵŝůůĂƌŽƐƚƌĂƚĂ ŵĞƌŝĐĂŶĞĞůŵĞƌŝĐĂŶĞĞů ^ ^WW ƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZsƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZs ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚŐ ϱ &ŝƐŚ&ŝƐŚ ƉŚƌĞĚŽĚĞƌƵƐƐĂǇĂŶƵƐƉŚƌĞĚŽĚĞƌƵƐƐĂǇĂŶƵƐ ƉŝƌĂƚĞƉĞƌĐŚƉŝƌĂƚĞƉĞƌĐŚ ^ ^WW ĚĚŝƐƚƌŝďƵƟŽŶŝƐƚƌŝďƵƟŽŶ ĂƚŽƐƚŽŵƵƐ ĞǆƚĞŶƐŝǀĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶ ϲ &ŝƐŚ ĐĂƚŽƐƚŽŵƵƐ ůŽŶŐŶŽƐĞƐƵĐŬĞƌ E> ĐĂƵƐĞ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ŶĞĞĚŚĂďŝƚĂƚĚĞŐŐ͖ƌĂĚĂƟŽŶ͖ŝŶǀĂƐŝǀĞƐƉ Ɖ͖ĞĐŝĞƐ͖ŶĞĞĚ ϳ &ŝƐŚ&ŝƐŚ ůŝŶŽƐƚŽŵƵƐĞůŽŶŐĂƚƵƐůŝŶŽƐƚŽŵƵƐĞůŽŶŐĂƚƵƐ ƌĞĚƐŝĚĞĚĂĐĞƌĞĚƐŝĚĞĚĂĐĞ ^ ^WW ƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ ŽǀĞƌĞǆƉůŽŝƚĂƟŽŶ͖ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐ ϴ &ŝƐŚ ŽƌĞŐŽŶƵƐŬŝǇŝ ŬŝǇŝ ^W ŶŽůŽŶŐĞƌǁŝƚŚŝŶEZs ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŶĞĞĚƐƉĞĐŝĂů ϵ &ŝƐŚ ŽƌĞŐŽŶƵƐŶŝƉŝŐŽŶ EŝƉŝŐŽŶĐŝƐĐŽ ^W ƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ͖ŚŝŐŚůǇ ůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ϭϬ &ŝƐŚ ŽƌĞŐŽŶƵƐǌĞŶŝƚŚŝĐƵƐ ƐŚŽƌƚũĂǁĐŝƐĐŽ ^W ŽǀĞƌĞǆƉůŽŝƚĂƟŽŶ

ϭϭ &ŝƐŚ ŽƩƵƐƌŝĐĞŝ ƐƉŽŽŶŚĞĂĚƐĐƵůƉŝŶ E> ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ

ϭϮ &ŝƐŚ ŽƵĞƐŝƵƐƉůƵŵďĞƵƐ ůĂŬĞĐŚƵď ^W ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂů ϭϯ &ŝƐŚ ƌǇƐƚĂůůĂƌŝĂĂƐƉƌĞůůĂ ĐƌǇƐƚĂůĚĂƌƚĞƌ E ƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZs ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ŚĂďŝƚĂƚĚĞŐŐ͖ƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐ ŵĞŶƚĂƟŽŶ͖ ϭϰ &ŝƐŚ&ŝƐŚ ǇĐůĞƉƚƵƐĞůŽŶŐĂƚƵƐǇĐůĞƉƚƵƐĞůŽŶŐĂƚƵƐ ďůƵĞƐƵĐŬĞƌďůƵĞƐƵĐŬĞƌ ^ ^WW ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶƉ EEZsZs ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂůŚĂďŝƚĂƚĚĞŐŐ͖ƉŐƌĂĚĂƟŽŶ͖ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂů ϭϱ &ŝƐŚ&ŝƐŚ ƌŝŵǇƐƚĂǆǆͲƉƵŶĐƚĂƚĂƌŝŵǇƐƚĂǆǆͲƉƵŶĐƚĂƚĂ ŐƌĂǀĞůĐŚƵďŐƌĂǀĞůĐŚƵď d,Z ƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZs͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƉŐ ƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ

DŝŶŶĞƐŽƚĂ͛ƐtŝůĚůŝĨĞĐƟŽŶWůĂŶϮϬϭϱͲϮϬϮϱ ϳ ƚŚĞŽƐƚŽŵĂƚŚĞŽƐƚŽŵĂ ϭϲ &ŝƐŚ&ŝƐŚ ĐŚůŽƌŽƐŽŵĂĐŚůŽƌŽƐŽŵĂ ďůƵŶƚŶŽƐĞĚĂƌƚĞƌďůƵŶƚŶŽƐĞĚĂƌƚĞƌ ^W^W ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ƚŚĞŽƐƚŽŵĂƚŚĞŽƐƚŽŵĂ ϭϳ &ŝƐŚ&ŝƐŚ ŵŵŝĐƌŽƉĞƌĐĂŝĐƌŽƉĞƌĐĂ ůĞĂƐƚĚĂƌƚĞƌůĞĂƐƚĚĂƌƚĞƌ ^ ^WW ƐƚĂƚĞůŝƐƚĞĚ͖ŶŽĂĚĚŝƟŽŶĂůĐƌŝƚĞƌŝĂŝĚĞŶƟĮĞĚƐƚĂƚĞůŝƐƚĞĚ͖ŶŽĂĚĚŝƟŽŶĂůĐƌŝƚĞƌŝĂŝĚĞŶƟĮĞĚ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚ ϭϴ &ŝƐŚ &ƵŶĚƵůƵƐƐĐŝĂĚŝĐƵƐ ƉůĂŝŶƐƚŽƉŵŝŶŶŽǁ d,Z ĚĞŐƌĂĚĂƟŽŶ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚ ĚŝƐƚƌŝďƵƟŽŶ ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂůŚĂďŝƚĂƚĨƌĂŐŐ͖ƉŐŵĞŶƚĂƟŽŶ͖ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂů ϭϵ &ŝƐŚ&ŝƐŚ ,ǇďŽŐŶĂƚŚƵƐŶƵĐŚĂůŝƐ,ǇďŽŐŶĂƚŚƵƐŶƵĐŚĂůŝƐ DŝƐƐŝƐƐŝƉƉŝƐŝůǀĞƌǇƉ ^W^W ƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZs͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƉŐ ŵŝŶŶŽǁŵŝŶŶŽǁ ƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ĞǆƚĞŶƐŝǀĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶ ϮϬ &ŝƐŚ ,ǇďŽƉƐŝƐĂŵŶŝƐ ƉĂůůŝĚƐŚŝŶĞƌ E ĐĂƵƐĞ ŶŽƌƚŚĞƌŶďƌŽŽŬ Ϯϭ &ŝƐŚ /ĐŚƚŚǇŽŵǇǌŽŶĨŽƐƐŽƌ ůĂŵƉƌĞǇ ^W ƐƚĂƚĞůŝƐƚĞĚ͖ŶŽĂĚĚŝƟŽŶĂůĐƌŝƚĞƌŝĂŝĚĞŶƟĮĞĚ ƐŽƵƚŚĞƌŶďƌŽŽŬƐŽƵƚŚĞƌŶďƌŽŽŬ ϮϮ &ŝƐŚ&ŝƐŚ /ĐŚƚŚǇŽŵǇǌŽŶŐĂŐĞŝ/ĐŚƚŚǇŽŵǇǌŽŶŐĂŐĞŝ ůĂŵƉƌĞǇůĂŵƉƌĞǇ ^W^W ƐƚĂƚĞůŝƐƚĞĚ͖ŶŽĂĚĚŝƟŽŶĂůĐƌŝƚĞƌŝĂŝĚĞŶƟĮĞĚƐƚĂƚĞůŝƐƚĞĚ͖ŶŽĂĚĚŝƟŽŶĂůĐƌŝƚĞƌŝĂŝĚĞŶƟĮĞĚ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ŚĂďŝƚĂƚĚĞŐŐ͖ƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐ ŵĞŶƚĂƟŽŶ͖ Ϯϯ &ŝƐŚ&ŝƐŚ /ĐƟŽďƵƐŶŝŐĞƌ/ĐƟŽďƵƐŶŝŐĞƌ ďůĂĐŬďƵīĂůŽďůĂĐŬďƵīĂůŽ d,Zd,Z ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶƉ EEZsZs ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚŐ Ϯϰ &ŝƐŚ&ŝƐŚ >ĞƉŽŵŝƐŐƵůŽƐƵƐ>ĞƉŽŵŝƐŐƵůŽƐƵƐ ǁĂƌŵŽƵƚŚǁĂƌŵŽƵƚŚ ^W^W ĚĚŝƐƚƌŝďƵƟŽŶŝƐƚƌŝďƵƟŽŶ ŶŽƌƚŚĞƌŶůŽŶŐĞĂƌ Ϯϱ &ŝƐŚ >ĞƉŽŵŝƐƉĞůƚĂƐƚĞƐ ƐƵŶĮƐŚ ^W ŚĂďŝƚĂƚůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ ĞǆƚĞŶƐŝǀĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĞǆƚĞŶƐŝǀĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶ Ϯϲ &ŝƐŚ&ŝƐŚ >ǇƚŚƌƵƌƵƐƵŵďƌĂƟůŝƐ>ǇƚŚƌƵƌƵƐƵŵďƌĂƟůŝƐ ƌĞĚĮŶƐŚŝŶĞƌƌĞĚĮŶƐŚŝŶĞƌ ^ ^WW ĐĂƵƐĞĐĂƵƐĞ DŽƌŽŶĞDŽƌŽŶĞ ƐƚĂƚĞůŝƐƚĞĚ͖ŶŽĂĚĚŝƟŽŶĂůĐƌŝƚĞƌŝĂŝĚĞŶƟĮĞĚƐƚĂƚĞůŝƐƚĞĚ͖ŶŽĂĚĚŝƟŽŶĂůĐƌŝƚĞƌŝĂŝĚĞŶƟĮĞĚ Ϯϳ &ŝƐŚ&ŝƐŚ ŵŝƐƐŝƐƐŝƉƉŝĞŶƐŝƐŵŝƐƐŝƐƐŝƉƉŝĞŶƐŝƐ ǇĞůůŽǁďĂƐƐǇĞůůŽǁďĂƐƐ ^W^W ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚŐ Ϯϴ &ŝƐŚ&ŝƐŚ DŽǆŽƐƚŽŵĂĚƵƋƵĞƐŶĞŝDŽǆŽƐƚŽŵĂĚƵƋƵĞƐŶĞŝ ďůĂĐŬƌĞĚŚŽƌƐĞďůĂĐŬƌĞĚŚŽƌƐĞ ^ ^WW ĚŝƐƚƌŝďƵƟŽŶĚŝƐƚƌŝďƵƟŽŶ DǇŽǆŽĐĞƉŚĂůƵƐ ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ Ϯϵ &ŝƐŚ ƚŚŽŵƉƐŽŶŝ ĚĞĞƉǁĂƚĞƌƐĐƵůƉŝŶ E> ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŽǀĞƌͲĞǆƉůŽŝƚĂƟŽŶ͖ĞǆƚĞŶƐŝǀĞŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŽǀĞƌͲĞǆƉůŽŝƚĂƟŽŶ͖ĞǆƚĞŶƐŝǀĞŐ͖Ɖ͖ ϯϬ &ŝƐŚ&ŝƐŚ EŽĐŽŵŝƐďŝŐƵƩĂƚƵƐEŽĐŽŵŝƐďŝŐƵƩĂƚƵƐ ŚŽƌŶǇŚĞĂĚĐŚƵďŚŽƌŶǇŚĞĂĚĐŚƵď E>E> ƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĐĂƵƐĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĐĂƵƐĞ ϯϭ &ŝƐŚ&ŝƐŚ EŽƚƌŽƉŝƐĂŶŽŐĞŶƵƐEŽƚƌŽƉŝƐĂŶŽŐĞŶƵƐ ƉƵŐŶŽƐĞƐŚŝŶĞƌƉƵŐŶŽƐĞƐŚŝŶĞƌ d,Zd,Z ŚĂďŝƚĂƚůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶŚĂďŝƚĂƚůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ

ϯϮ &ŝƐŚ&ŝƐŚ EŽƚƌŽƉŝƐŶƵďŝůƵƐEŽƚƌŽƉŝƐŶƵďŝůƵƐ KǌĂƌŬŵŝŶŶŽǁKǌĂƌŬŵŝŶŶŽǁ ^ ^WW ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ

ϯϯ &ŝƐŚ&ŝƐŚ EŽƚƌŽƉŝƐƚĞǆĂŶƵƐEŽƚƌŽƉŝƐƚĞǆĂŶƵƐ ǁĞĞĚƐŚŝŶĞƌǁĞĞĚƐŚŝŶĞƌ E E>> ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ DŝŶŶĞƐŽƚĂƉŽƉƵůĂƟŽŶƌĞƉƌĞƐĞŶƚƐƐŝŐŶŝĮĐĂŶƚ ϯϰ &ŝƐŚ EŽƚƌŽƉŝƐƚŽƉĞŬĂ dŽƉĞŬĂƐŚŝŶĞƌ ^W ƉŽƌƟŽŶŽĨƚŚĞŝƌEŽƌƚŚŵĞƌŝĐĂŶďƌĞĞĚŝŶŐŽƌ ǁŝŶƚĞƌŝŶŐƉŽƉƵůĂƟŽŶ ϯϱ &ŝƐŚ&ŝƐŚ EŽƚƵƌƵƐĞǆŝůŝƐEŽƚƵƌƵƐĞǆŝůŝƐ ƐůĞŶĚĞƌŵĂĚƚŽŵƐůĞŶĚĞƌŵĂĚƚŽŵ EE ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖Ő͖ Ő ƉƉƉƉŽƉƵůĂƟŽŶƐŝŶDŝŶŶĞƐŽƚĂƐƚĂďůĞďƵƚŚĂǀĞŽƉƵůĂƟŽŶƐŝŶDŝŶŶĞƐŽƚĂƐƚĂďůĞďƵƚŚĂǀĞ ϯϲ &ŝƐŚ&ŝƐŚ KƉƐŽƉŽĞŽĚƵƐĞŵŝůŝĂĞKƉƐŽƉŽĞŽĚƵƐĞŵŝůŝĂĞ ƉƵŐŶŽƐĞŵŝŶŶŽǁƉƵŐŶŽƐĞŵŝŶŶŽǁ E>E> ĚĞĐůŝŶĞĚŽƌĂƌĞĚĞĐůŝŶŝŶŐŝŶĂƐƵďƐƚĂŶƟĂůƉĂƌƚŽĨ ƌƌĂŶŐĞĂŶŐĞ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚŐ ϯϳ &ŝƐŚ&ŝƐŚ WĞƌĐŝŶĂĞǀŝĚĞƐWĞƌĐŝŶĂĞǀŝĚĞƐ ŐŝůƚĚĂƌƚĞƌŐŝůƚĚĂƌƚĞƌ ^ ^WW ĚŝƐƚƌŝďƵƟŽŶĚŝƐƚƌŝďƵƟŽŶ ƐƵĐŬĞƌŵŽƵƚŚƐƵĐŬĞƌŵŽƵƚŚ ĞǆƚĞŶƐŝǀĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĞǆƚĞŶƐŝǀĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶ ϯϴ &ŝƐŚ&ŝƐŚ WŚĞŶĂĐŽďŝƵƐŵŝƌĂďŝůŝƐWŚĞŶĂĐŽďŝƵƐŵŝƌĂďŝůŝƐ ŵŝŶŶŽǁŵŝŶŶŽǁ ^W^W ĐĂƵƐĞĐĂƵƐĞ ϯϵ &ŝƐŚ WůĂƚǇŐŽďŝŽŐƌĂĐŝůŝƐ ŇĂƚŚĞĂĚĐŚƵď ^W ƐƚĂƚĞůŝƐƚĞĚ͖ŶŽĂĚĚŝƟŽŶĂůĐƌŝƚĞƌŝĂŝĚĞŶƟĮĞĚ ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐƉ͖Ɖ ϰϬ &ŝƐŚ&ŝƐŚ WŽůǇŽĚŽŶƐƉĂƚŚƵůĂWŽůǇŽĚŽŶƐƉĂƚŚƵůĂ ƉĂĚĚůĞĮƐŚƉĂĚĚůĞĮƐŚ d,Z ŶŶŽůŽŶŐĞƌǁŝƚŚŝŶEZsŽůŽŶŐĞƌǁŝƚŚŝŶEZs ϰϭ &ŝƐŚ WƌŽƐŽƉŝƵŵĐŽƵůƚĞƌŝŝ ƉǇŐŵǇǁŚŝƚĞĮƐŚ ^W ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ

ϰϮ &ŝƐŚ&ŝƐŚ ^ĂůǀĞůŝŶƵƐĨŽŶƟŶĂůŝƐ^ĂůǀĞůŝŶƵƐĨŽŶƟŶĂůŝƐ ĐŽĂƐƚĞƌďƌŽŽŬƚƌŽƵƚĐŽĂƐƚĞƌďƌŽŽŬƚƌŽƵƚ E E>> ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ͖ ďƌŽŽŬƚƌŽƵƚ^ DŝŶŶĞƐŽƚĂƉŽƉƵůĂƟŽŶƌĞƉƌĞƐĞŶƚƐƐŝŐŶŝĮĐĂŶƚ ϰϯ &ŝƐŚ ^ĂůǀĞůŝŶƵƐĨŽŶƟŶĂůŝƐ DŝŶŶĞƐŽƚĂŚĞƌŝƚĂŐĞ E> ƉŽƌƟŽŶŽĨƚŚĞŝƌEŽƌƚŚŵĞƌŝĐĂŶďƌĞĞĚŝŶŐŽƌ ƐƚƌĂŝŶ ǁŝŶƚĞƌŝŶŐƉŽƉƵůĂƟŽŶ

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^ƚĂƚĞ &ĞĚĞƌĂů ƌŝƚĞƌŝĂ;ƐƚƌĞƐƐŽƌƐĂŶĚůŝĨĞͲŚŝƐƚŽƌǇƚƌĂŝƚƐͿ dĂǆĂ ^ĐŝĞŶƟĮĐŶĂŵĞ ŽŵŵŽŶŶĂŵĞ ƐƚĂƚƵƐ ƐƚĂƚƵƐ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚƐƚĂƟƐƟĐĂůůǇǇ͖ǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚ ϭ DƵƐƐĞůƐ ĐƟŶŽŶĂŝĂƐ ŵƵĐŬĞƚŵƵĐŬĞƚ d d,Z,Z ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖͖Ő͖ ůŝŐĂŵĞŶƟŶĂůŝŐĂŵĞŶƟŶĂ ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚƐƚĂƟƐƟĐĂůůǇǇ͖ǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚ ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖͖Ő͖Ő ůĂƐŵŝĚŽŶƚĂůĂƐŵŝĚŽŶ Ϯ DƵƐƐĞůƐ ůĂƐŵŝĚŽŶƚĂ ĞůŬƚŽĞĞůŬƚŽĞ d d,Z,Z ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ͖ŶĞĞĚƐƉĞĐŝĂůƉ͖ ͖ Ɖ ŵĂƌŐŝŶĂƚĂŵĂƌŐŝŶĂƚĂ ƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬ;Ɖ ƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ŶŽĚŽŶƚĂ ĐŽŶƚĂŵŝŶĂŶƚƐ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝͲ ϯ DƵƐƐĞůƐ ƐƵďŽƌďŝĐƵůĂƚĂ ŇĂƚŇŽĂƚĞƌ ^W ďƵƟŽŶ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚƐƚĂƟƐƟĐĂůůǇǇ͖ǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚ ϰ DƵƐƐĞůƐ ƌĐŝĚĞŶƐĐŽŶĨƌĂŐŽƐƵƐƌĐŝĚĞŶƐĐŽŶĨƌĂŐŽƐƵƐ ƌŽĐŬƉŽĐŬĞƚďŽŽŬƌŽĐŬƉŽĐŬĞƚďŽŽŬ E ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖͖Ő͖ ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚƐƚĂƟƐƟĐĂůůǇǇ͖ǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚ ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖͖Ő͖Ő ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ͖ůŝŵŝƚĞĚĂďŝůŝƚǇƉ͖ ͖ ƵŵďĞƌůĂŶĚŝĂŵŽŶŽƵŵďĞ Ͳ ƚŽƌĞĐŽǀĞƌƚŽƌĞĐŽǀĞƌ;ůŽǁĚŝƐƉĞƌƐĂůĂďŝůŝƚǇͿ͖ŚŝŐŚůǇ;;ƉůŽǁĚŝƐƉĞƌƐĂůĂďŝůŝƚ ǇͿ͖ŐǇǇͿ͖ŚŝŐŚůǇ ϱ DƵƐƐĞůƐ ĚŽŶƚĂĚŽŶƚĂ ƐƉĞĐƚĂĐůĞĐĂƐĞƐƉĞĐƚĂĐůĞĐĂƐĞ E ůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ͖ĂŐŐƌĞŐĂƚĞƚŚĞŝƌ͖ͬŐŐŐ ƉŽƉƵůĂƟŽŶƐ͖DŝŶŶĞƐŽƚĂƉŽƉƵůĂƟŽŶƌĞƉƌĞƐĞŶƚƐƉƉ ͖ ƉƉ Ɖ ƐŝŐŶŝĮĐĂŶƚƉŽƌƟŽŶŽĨƚŚĞŝƌEŽƌƚŚŵĞƌŝĐĂŶŐƉ ďďƌĞĞĚŝŶŐŽƌǁŝŶƚĞƌŝŶŐƉŽƉƵůĂƟŽŶƌĞĞĚŝŶŐŽƌǁŝŶƚĞƌŝŶŐƉŽƉƵůĂƟŽŶ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚƐƚĂƟƐƟĐĂůůǇǇ͖ǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚ ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖͖Ő͖Ő ϲ DƵƐƐĞůƐ ǇĐůŽŶĂŝĂƐƚƵďĞƌĐƵůĂƚĂǇĐůŽŶĂŝĂƐƚƵďĞƌĐƵůĂƚĂ ƉƵƌƉůĞǁĂƌƚǇďĂĐŬƉƵƌƉůĞǁĂƌƚǇďĂĐŬ E ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ͖ŶĞĞĚƐƉĞĐŝĂůƉ͖ ƌƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚƐƚĂƟƐƟĐĂůůǇǇ͖ǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚ ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖͖Ő͖Ő ϳ DƵƐƐĞůƐ ůůŝƉƐĂƌŝĂůŝŶĞŽůĂƚĂůůŝƉƐĂƌŝĂůŝŶĞŽůĂƚĂ ďƵƩĞƌŇǇďƵƩĞƌŇǇ d,Zd,Z ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ͖ŶĞĞĚƐƉĞĐŝĂůƉ͖ ƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚ ϴ DƵƐƐĞůƐ ůůŝƉƟŽĐŽŵƉůĂŶĂƚĂ ĞĂƐƚĞƌŶĞůůŝƉƟŽ ^W ĚŝƐƚƌŝďƵƟŽŶ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚƐƚĂƟƐƟĐĂůůǇǇ͖ǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚ ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖͖Ő͖Ő ϵ DƵƐƐĞůƐ ůůŝƉƟŽĐƌĂƐƐŝĚĞŶƐůůŝƉƟŽĐƌĂƐƐŝĚĞŶƐ ĞůĞƉŚĂŶƚͲĞĂƌĞůĞƉŚĂŶƚͲĞĂƌ E ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ͖ŶĞĞĚƐƉĞĐŝĂůƉ͖ ƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚƐƚĂƟƐƟĐĂůůǇǇ͖ǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚ ϭϬ DƵƐƐĞůƐ ůůŝƉƟŽĚŝůĂƚĂƚĂůůŝƉƟŽĚŝůĂƚĂƚĂ ƐƉŝŬĞƐƉŝŬĞ d,Z ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖͖Ő͖ ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚƐƚĂƟƐƟĐĂůůǇǇ͖ǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚ ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖͖Ő͖Ő ŝŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ͖ŶĞĞĚƐƉĞĐŝĂůŶǀĂƐŝǀĞƐƉƉ͖ĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ͖ ŶĞĞĚƐƉ ĞĐŝĂů ϭϭ DƵƐƐĞůƐ ƉŝŽďůĂƐŵĂƚƌŝƋƵĞƚƌĂƉŝŽďůĂƐŵĂƚƌŝƋƵĞƚƌĂ ƐŶƵĪŽǆƐŶƵĪŽǆ E ƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ͖DŝŶŶĞƐŽƚĂƉŽƉƵůĂƟŽŶ;ƉͿ͖ƉƉ ƌĞƉƌĞƐĞŶƚƐƐŝŐŶŝĮĐĂŶƚƉŽƌƟŽŶŽĨƚŚĞŝƌEŽƌƚŚƉŐƉ ŵĞƌŝĐĂŶďƌĞĞĚŝŶŐŽƌǁŝŶƚĞƌŝŶŐƉŽƉƵůĂƟŽŶŵĞƌŝĐĂŶďƌĞĞĚŝŶŐŽƌǁŝŶƚĞƌŝŶŐƉŽƉƵůĂƟŽŶ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚƐƚĂƟƐƟĐĂůůǇǇ͖ǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚ ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖͖Ő͖Ő ϭϮ DƵƐƐĞůƐ &ƵƐĐŽŶĂŝĂĞďĞŶĂ&ƵƐĐŽŶĂŝĂĞďĞŶĂ ĞďŽŶǇƐŚĞůůĞďŽŶǇƐŚĞůů E ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ͖ŶĞĞĚƐƉĞĐŝĂůƉ͖ ƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚƐƚĂƟƐƟĐĂůůǇǇ͖ǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚ ϭϯ DƵƐƐĞůƐ >ĂŵƉƐŝůŝƐŚŝŐŐŝŶƐŝŝ>ĂŵƉƐŝůŝƐŚŝŐŐŝŶƐŝŝ ,ŝŐŐŝŶƐĞǇĞ,ŝŐŐŝŶƐĞǇĞ E ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖͖Ő͖ ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŝŶǀĂƐŝǀĞǇ͖ ƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐƉ͖ ͖ Ɖ ϭϰ DƵƐƐĞůƐ >ĂŵƉƐŝůŝƐƚĞƌĞƐ>ĂŵƉƐŝůŝƐƚĞƌĞƐ ǇĞůůŽǁƐĂŶĚƐŚĞůůǇĞůůŽǁƐĂŶĚƐŚĞůů E ;ŚŽƐƚƐƉĞĐŝĞƐͿ͖ĞǆƚĞŶƐŝǀĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂ;ƉͿ͖ ĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĐĂƵƐĞĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĐĂƵƐĞ ϭϱ DƵƐƐĞůƐ >ĂƐŵŝŐŽŶĂĐŽŵƉƌĞƐƐĂ>ĂƐŵŝŐŽŶĂĐŽŵƉƌĞƐƐĂ ĐƌĞĞŬŚĞĞůƐƉůŝƩĞƌĐƌĞĞŬŚĞĞůƐƉůŝƩĞƌ ^ ^WW ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ĐŽŶƚĂŵŝŶĂŶƚƐŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ĐŽŶƚĂŵŝŶĂŶƚƐ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚƐƚĂƟƐƟĐĂůůǇǇ͖ǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚ ϭϲ DƵƐƐĞůƐ >ĂƐŵŝŐŽŶĂĐŽƐƚĂƚĂ>ĂƐŵŝŐŽŶĂĐŽƐƚĂƚĂ ŇƵƚĞĚͲƐŚĞůůŇƵƚĞĚͲƐŚĞůů d,Z ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖͖Ő͖ ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚƐƚĂƟƐƟĐĂůůǇǇ͖ǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚ ϭϳ DƵƐƐĞůƐ >ŝŐƵŵŝĂƌĞĐƚĂ>ŝŐƵŵŝĂƌĞĐƚĂ ďůĂĐŬƐĂŶĚƐŚĞůůďůĂĐŬƐĂŶĚƐŚĞůů ^W^W ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖͖Ő͖ ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚ ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂͲ ϭϴ DƵƐƐĞůƐ >ŝŐƵŵŝĂƐƵďƌŽƐƚƌĂƚĂ ƉŽŶĚŵƵƐƐĞů d,Z ƟŽŶ͖ĐŽŶƚĂŵŝŶĂŶƚƐ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚ ĚŝƐƚƌŝďƵƟŽŶ

DŝŶŶĞƐŽƚĂ͛ƐtŝůĚůŝĨĞĐƟŽŶWůĂŶϮϬϭϱͲϮϬϮϱ ϵ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚƐƚĂƟƐƟĐĂůůǇǇ͖ǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚ ϭϵ DƵƐƐĞůƐDƵƐƐĞůƐ DĞŐĂůŽŶĂŝĂƐŶĞƌǀŽƐĂDĞŐĂůŽŶĂŝĂƐŶĞƌǀŽƐĂ ǁĂƐŚďŽĂƌĚǁĂƐŚďŽĂƌĚ EE ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ůŽƐƐ͖͖Ő͖Ő͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ ŽǀĞƌͲĞǆƉůŽŝƚĂƟŽŶ͖ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐŽǀĞƌͲĞǆƉůŽŝƚĂƟŽŶ͖ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚǇ͖ ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶͲůŽƐƐ͖͖Ő͖ŐŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶͲ ϮϬ DƵƐƐĞůƐ KďŽǀĂƌŝĂŽůŝǀĂƌŝĂKďŽǀĂƌŝĂŽůŝǀĂƌŝĂ ŚŝĐŬŽƌǇŶƵƚŚŝĐŬŽƌǇŶƵƚ E>E> ƚĂƟŽŶ͖ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ͖ŶĞĞĚ͖Ɖ͖ ƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚƐƚĂƟƐƟĐĂůůǇǇ͖ǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚ Ϯϭ DƵƐƐĞůƐ WůĞƚŚŽďĂƐƵƐĐǇƉŚǇƵƐWůĞƚŚŽďĂƐƵƐĐǇƉŚǇƵƐ ƐŚĞĞƉŶŽƐĞƐŚĞĞƉŶŽƐĞ E E ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖͖Ő͖ ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚ ϮϮ DƵƐƐĞůƐ WůĞƵƌŽďĞŵĂƐŝŶƚŽǆŝĂ ƌŽƵŶĚƉŝŐƚŽĞ ^W ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚ ĨƌĂŐŵĞŶƚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŚŽƐƚ ƐƉĞĐŝĞƐͿ͖ĞǆƚĞŶƐŝǀĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞ Ϯϯ DƵƐƐĞůƐ WŽƚĂŵŝůƵƐĐĂƉĂǆ ĨĂƚƉŽĐŬĞƚďŽŽŬ E> ŽĨƵŶŬŶŽǁŶĐĂƵƐĞ͘ĐƵƌƌĞŶƚůǇĞǆƟƌƉĂƚĞĚŝŶ DŝŶŶĞƐŽƚĂ͕ƚŚĞƌĞŝƐĂƐƚƌŽŶŐůŝŬĞůŝŚŽŽĚƚŚĂƚƚŚŝƐ ƐƉĞĐŝĞƐǁŝůůďĞƌĞŝŶƚƌŽĚƵĐĞĚǁŝƚŚŝŶƚŚĞŶĞǆƚϭϬ ǇĞĂƌƐ ^ƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖,ĂďŝƚĂƚǇ͖ ůŽƐƐ͖,ĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖,ĂďŝƚĂƚĨƌĂŐŵĞŶͲůŽƐƐ͖͖Ő͖Ő,ĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖,ĂďŝƚĂƚĨƌĂŐŵĞŶͲ ƚĂƟŽŶ͖/ŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ŽŶƚĂŵŝŶĂŶƚƐ͖EĞĞĚƚĂƟŽŶ͖͖Ɖ͖͖/ŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ŽŶƚĂŵŝŶĂŶƚƐ͖EĞĞĚ Ϯϰ DƵƐƐĞůƐ YƵĂĚƌƵůĂĨƌĂŐŽƐĂYƵĂĚƌƵůĂĨƌĂŐŽƐĂ ǁŝŶŐĞĚŵĂƉůĞůĞĂĨǁŝŶŐĞĚŵĂƉůĞůĞĂĨ EE ƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ͖DEƉŽƉƵůĂƟŽŶƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ͖DEƉŽƉƵůĂƟŽŶƉ;ƉͿ͖ƉƉ ƌĞƉƌĞƐĞŶƚƐƐŝŐŶŝĮĐĂŶƚƉŽƌƟŽŶŽĨƚŚĞŝƌE͘ŵ͘ƉŐƉ ďďƌĞĞĚŝŶŐŽƌǁŝŶƚĞƌŝŶŐƉŽƉ͘ƌĞĞĚŝŶŐŽƌǁŝŶƚĞƌŝŶŐƉŽƉ͘ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚƐƚĂƟƐƟĐĂůůǇǇ͖ǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚ Ϯϱ DƵƐƐĞůƐDƵƐƐĞůƐ YƵĂĚƌƵůĂŵĞƚĂŶĞǀƌĂYƵĂĚƌƵůĂŵĞƚĂŶĞǀƌĂ ŵŽŶŬĞǇĨĂĐĞŵŽŶŬĞǇĨĂĐĞ d,Z ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖͖Ő͖ ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚƐƚĂƟƐƟĐĂůůǇǇ͖ǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚ ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖͖Ő͖Ő ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ͖DŝŶŶĞƐŽƚĂŝŶǀĂƐŝǀĞƐƉƉ͖ĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ ͖DŝŶŶĞƐŽƚĂ Ϯϲ DƵƐƐĞůƐ YYƵĂĚƌƵůĂŶŽĚƵůĂƚĂƵĂĚƌƵůĂŶŽĚƵůĂƚĂ ǁĂƌƚǇďĂĐŬǁĂƌƚǇďĂĐŬ d,Zd,Z ƉŽƉƵůĂƟŽŶƌĞƉƌĞƐĞŶƚƐƐŝŐŶŝĮĐĂŶƚƉŽƌƟŽŶŽĨƉƉƉŽƉƵůĂƟŽŶƌĞ ƉƌĞƐĞŶƚƐƐŝ ŐŶŝĮĐĂŶƚ ƉŽƌƟŽŶŽĨ ƚŚĞŝƌEŽƌƚŚŵĞƌŝĐĂŶďƌĞĞĚŝŶŐŽƌǁŝŶƚĞƌŝŶŐ ƉŽƉƵůĂƟŽŶƉŽƉƵůĂƟŽŶ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚƐƚĂƟƐƟĐĂůůǇǇ͖ǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚ ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖͖Ő͖Ő ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ͖ŶĞĞĚƐƉĞĐŝĂůƉ͖ ͖ Ɖ Ϯϳ DƵƐƐĞůƐ ^ŝŵƉƐŽŶĂŝĂƐĂŵďŝŐƵĂ^ŝŵƉƐŽŶĂŝĂƐĂŵďŝŐƵĂ ƐĂůĂŵĂŶĚĞƌŵƵƐƐĞůƐĂůĂŵĂŶĚĞƌŵƵƐƐĞů EE ƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ͖ůŝŵŝƚĞĚĂďŝůŝƚǇƚŽƌĞƐŽƵƌĐĞƐ;;ƉͿ͖ŚŽƐƚƐƉĞĐŝĞƐͿ͖ůŝŵŝƚĞĚĂďŝůŝƚ ǇƚŽ ƌĞĐŽǀĞƌ;ůŽǁĚŝƐƉĞƌƐĂůĂďŝůŝƚǇͿ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞĐŽǀĞƌ;;ƉůŽǁĚŝƐƉĞƌƐĂůĂďŝůŝƚ ǇͿ͖ŐǇͬǇͿ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬ ƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚ͖ŐǇ ͬ ĚŝƐƚƌŝďƵƟŽŶ͖ĂŐŐƌĞŐĂƚĞƚŚĞŝƌƉŽƉƵůĂƟŽŶƐ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚƐƚĂƟƐƟĐĂůůǇǇ͖ǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚ ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖͖Ő͖Ő Ϯϴ DƵƐƐĞůƐ dƌŝƚŽŐŽŶŝĂǀĞƌƌƵĐŽƐĂdƌŝƚŽŐŽŶŝĂǀĞƌƌƵĐŽƐĂ ƉŝƐƚŽůŐƌŝƉƉŝƐƚŽůŐƌŝƉ EE ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ͖ŶĞĞĚƐƉĞĐŝĂůƉ͖ ƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚƐƚĂƟƐƟĐĂůůǇǇ͖ǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚ ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖͖Ő͖Ő Ϯϵ DƵƐƐĞůƐ dƌƵŶĐŝůůĂĚŽŶĂĐŝĨŽƌŵŝƐdƌƵŶĐŝůůĂĚŽŶĂĐŝĨŽƌŵŝƐ ĨĂǁŶƐĨŽŽƚĨĂǁŶƐĨŽŽƚ d,Z ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ͖ŶĞĞĚƐƉĞĐŝĂůƉ͖ ͖ Ɖ ƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ͖ĞǆƚĞŶƐŝǀĞƐƵƌǀĞǇƐƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ͖ĞǆƚĞŶƐŝǀĞƐƵƌǀĞǇƐ;ƉͿ͖ ŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĐĂƵƐĞ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚƐƚĂƟƐƟĐĂůůǇǇ͖ǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚĂďŝƚĂƚ sĞŶƵƐƚĂĐŽŶĐŚĂsĞŶƵƐƚĂĐŽŶĐ ůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ůŽƐƐ͖͖Ő͖Ő͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ ϯϬ DƵƐƐĞůƐ ĞůůŝƉƐŝĨŽƌŵŝƐĞůůŝƉƐŝĨŽƌŵŝƐ ĞůůŝƉƐĞĞůůŝƉƐĞ d,Zd,Z ŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐ͖ĐŽŶƚĂŵŝŶĂŶƚƐ͖ůŝŵŝƚĞĚĂďŝůŝƚǇƚŽƉ͖ ƌĞĐŽǀĞƌ;ůŽǁĚŝƐƉĞƌƐĂůĂďŝůŝƚǇͿƌĞĐŽǀĞƌ;ůŽǁĚŝƐƉĞƌƐĂůĂďŝůŝƚǇͿ ^ŶĂŝůƐ

^ƚĂƚĞ &ĞĚĞƌĂů ƌŝƚĞƌŝĂ;ƐƚƌĞƐƐŽƌƐĂŶĚůŝĨĞͲŚŝƐƚŽƌǇƚƌĂŝƚƐͿ dĂǆĂ ^ĐŝĞŶƟĮĐŶĂŵĞ ŽŵŵŽŶŶĂŵĞ ƐƚĂƚƵƐ ƐƚĂƚƵƐ

'ĂƐƚƌŽĐŽƉƚĂ ZŽŐĞƌƐ͛ƐŶĂŐŐůĞƚŽŽƚŚ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ŚŝŐŚůǇ ϭ ^ŶĂŝůƐ ƌŽŐĞƌƐĞŶƐŝƐ ƐŶĂŝů ^W ůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ĞĂƐƚĞƌŶŇĂƚͲǁŚŽƌů ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚŝŐŚůǇ Ϯ ^ŶĂŝůƐ WůĂŶŽŐǇƌĂĂƐƚĞƌŝƐĐƵƐ ƐŶĂŝů ^W ůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ϯ ^ŶĂŝůƐ ^ƚƌŝĂƚƵƌĂĨĞƌƌĞĂ ďůĂĐŬƐƚƌŝĂƚĞƐŶĂŝů ^W ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ

ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚŝŐŚůǇ ϰ ^ŶĂŝůƐ sĞƌƟŐŽŵĞƌĂŵĞĐĞŶƐŝƐ ďůƵīǀĞƌƟŐŽ d,Z ůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ϱ ^ŶĂŝůƐ ŽŶŝƚŽŝĚĞƐůŝŵĂƚƵůƵƐ ĚƵůůŐůŽƐƐ ^W ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ

DŝŶŶĞƐŽƚĂ͛ƐtŝůĚůŝĨĞĐƟŽŶWůĂŶϮϬϭϱͲϮϬϮϱ ϭϬ :ƵŵƉŝŶŐ^ƉŝĚĞƌƐ

^ƚĂƚĞ &ĞĚĞƌĂů ƌŝƚĞƌŝĂ;ƐƚƌĞƐƐŽƌƐĂŶĚůŝĨĞͲŚŝƐƚŽƌǇƚƌĂŝƚƐͿ dĂǆĂ ^ĐŝĞŶƟĮĐŶĂŵĞ ŽŵŵŽŶŶĂŵĞ ƐƚĂƚƵƐ ƐƚĂƚƵƐ

,ĂďƌŽŶĂƩƵƐĐĂůĐĂƌĂͲ ƐƉĞĐŝĞƐŽĨũƵŵƉŝŶŐ ϭ :ƵŵƉŝŶŐƐƉŝĚĞƌƐ ƚƵƐŵĂĚĚŝƐŽŶŝ ƐƉŝĚĞƌ ^W ƐƚĂƚĞůŝƐƚĞĚ͖ŶŽĂĚĚŝƟŽŶĂůĐƌŝƚĞƌŝĂŝĚĞŶƟĮĞĚ ƐƉĞĐŝĞƐŽĨũƵŵƉŝŶŐƉ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚŝŐŚůǇ͕ͬŐ Ϯ :ƵŵƉŝŶŐƐƉŝĚĞƌƐ:ƵŵƉŝŶŐƐƉŝĚĞƌƐ ,ĂďƌŽŶĂƩƵƐƚĞǆĂŶƵƐ,ĂďƌŽŶĂƩƵƐƚĞǆĂŶƵƐ ƐƉŝĚĞƌƐƉŝĚĞƌ ^W^W ůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ƐƉĞĐŝĞƐŽĨũƵŵƉŝŶŐ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚŝŐŚůǇ ϯ :ƵŵƉŝŶŐƐƉŝĚĞƌƐ ,ĂďƌŽŶĂƩƵƐǀŝƌŝĚŝƉĞƐ ƐƉŝĚĞƌ ^W ůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ƐƉĞĐŝĞƐŽĨũƵŵƉŝŶŐ ϰ :ƵŵƉŝŶŐƐƉŝĚĞƌƐ DĂƌƉŝƐƐĂĨŽƌŵŽƐĂ ƐƉŝĚĞƌ ^W ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ƐƉĞĐŝĞƐŽĨũƵŵƉŝŶŐƉ ŚĂďŝƚĂƚůŽƐƐ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚ͖ WĂƌĂĚĂŵŽĞƚĂƐWĂƌĂĚĂŵŽĞƚĂƐWĂƌĂĚĂŵ ^W ϱ :ƵŵƉŝŶŐƐƉŝĚĞƌƐ:ƵŵƉŝŶŐƐƉŝĚĞƌƐ ĨŽŶƚĂŶĂ ƐƉŝĚĞƌƐƉŝĚĞƌ ^W ĚŝƐƚƌŝďƵƟŽŶĚŝƐƚƌŝďƵƟŽŶ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŶĞĞĚƐƉĞĐŝĂů ƐƉĞĐŝĞƐŽĨũƵŵƉŝŶŐ ƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ͖ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂů ϲ :ƵŵƉŝŶŐƐƉŝĚĞƌƐ WĞůĞŐƌŝŶĂĂƌŝǌŽŶĞŶƐŝƐ ƐƉŝĚĞƌ ^W ƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZs͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬ ƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖͕ͬŐ͖͖ ϳ :ƵŵƉŝŶŐƐƉŝĚĞƌƐ:ƵŵƉŝŶŐƐƉŝĚĞƌƐ WŚŝĚŝƉƉƵƐĂƉĂĐŚĞĂŶƵƐWŚŝĚŝƉƉƵƐĂƉĂĐŚĞĂŶƵƐ ƐƉĞĐŝĞƐŽĨũƵŵƉŝŶŐƉ ^W^W ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚŐ ƐƉŝĚĞƌƐƉŝĚĞƌ ĚŝƐƚƌŝďƵƟŽŶĚŝƐƚƌŝďƵƟŽŶ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖͕ͬŐ͖͖ ϴ :ƵŵƉŝŶŐƐƉŝĚĞƌƐ:ƵŵƉŝŶŐƐƉŝĚĞƌƐ WŚŝĚŝƉƉƵƐƉŝƵƐWŚŝĚŝƉƉƵƐƉŝƵƐ ƐƉĞĐŝĞƐŽĨũƵŵƉŝŶŐƉ ^W^W ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚŐ ƐƉŝĚĞƌƐƉŝĚĞƌ ĚŝƐƚƌŝďƵƟŽŶĚŝƐƚƌŝďƵƟŽŶ ƐƉĞĐŝĞƐŽĨũƵŵƉŝŶŐƉ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚŝŐŚůǇ͕ͬŐ ϵ :ƵŵƉŝŶŐƐƉŝĚĞƌƐ:ƵŵƉŝŶŐƐƉŝĚĞƌƐ ^ĂƐƐĂĐƵƐƉĂƉĞŶŚŽĞŝ^ĂƐƐĂĐƵƐƉĂƉĞŶŚŽĞŝ ƐƉŝĚĞƌƐƉŝĚĞƌ ^W^W ůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŶĞĞĚƐƉĞĐŝĂů ϭϬ :ƵŵƉŝŶŐƐƉŝĚĞƌƐ dƵƚĞůŝŶĂĨŽƌŵŝĐĂƌŝĂ ƐƉĞĐŝĞƐŽĨũƵŵƉŝŶŐ d,Z ƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬ ƐƉŝĚĞƌ ƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ

>ĞĂĬŽƉƉĞƌƐ

^ƚĂƚĞ &ĞĚĞƌĂů ƌŝƚĞƌŝĂ;ƐƚƌĞƐƐŽƌƐĂŶĚůŝĨĞͲŚŝƐƚŽƌǇƚƌĂŝƚƐͿ dĂǆĂ ^ĐŝĞŶƟĮĐŶĂŵĞ ŽŵŵŽŶŶĂŵĞ ƐƚĂƚƵƐ ƐƚĂƚƵƐ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŶĞĞĚƐƉĞĐŝĂů͕ͬ ͳ >>ĞĂĬŽƉƉĞƌƐĞĂĬŽƉƉĞƌƐ ŇĞǆŝĂƌƵďƌĂŶƵƌĂŇĞǆŝĂƌƵďƌĂŶƵƌĂ ƌĞĚͲƚĂŝůĞĚůĞĂĬŽƉƉĞƌƌĞĚͲƚĂŝůĞĚůĞĂĬŽƉƉĞƌ ^ ^WW ƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ ŚŝůůƉƌĂŝƌŝĞ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚŝŐŚůǇ ʹ >ĞĂĬŽƉƉĞƌƐ ƩĞŶƵŝƉǇŐĂǀĂŶĚƵǌĞĞŝ ƐŚŽǀĞůŚĞĂĚ ^W ůĞĂĬŽƉƉĞƌ ůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚŝŐŚůǇ ͵ >ĞĂĬŽƉƉĞƌƐ DĂĐƌŽƐƚĞůĞƐĐůĂǀĂƚƵƐ ĐĂƉĞĚůĞĂĬŽƉƉĞƌ ^W ůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ

ƌĂŐŽŶŇŝĞƐΘĂŵƐĞůŇŝĞƐ

^ƚĂƚĞ &ĞĚĞƌĂů ƌŝƚĞƌŝĂ;ƐƚƌĞƐƐŽƌƐĂŶĚůŝĨĞͲŚŝƐƚŽƌǇƚƌĂŝƚƐͿ dĂǆĂ ^ĐŝĞŶƟĮĐŶĂŵĞ ŽŵŵŽŶŶĂŵĞ ƐƚĂƚƵƐ ƐƚĂƚƵƐ

ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŶĞĞĚƐƉĞĐŝĂů ϭ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ĞƐŚŶĂƐŝƚĐŚĞŶƐŝƐ ǌŝŐǌĂŐĚĂƌŶĞƌ ^W ƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŶĞĞĚƐƉĞĐŝĂů Ϯ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ĞƐŚŶĂƐƵďĂƌĐƟĐĂ ƐƵďĂƌĐƟĐĚĂƌŶĞƌ ^W ƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖ ϯ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ŵƉŚŝĂŐƌŝŽŶ ǁĞƐƚĞƌŶƌĞĚĚĂŵƐĞů E> ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ ĂďďƌĞǀŝĂƚƵŵ ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ ϰ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ƌŐŝĂƉůĂŶĂ ƐƉƌŝŶŐǁĂƚĞƌĚĂŶĐĞƌ E> ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ

ϱ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ŽǇĞƌŝĂŐƌĂĮĂŶĂŽǇĞƌŝĂŐƌĂĮĂŶĂ ŽĐĞůůĂƚĞĚĚĂƌŶĞƌŽĐĞůůĂƚĞĚĚĂƌŶĞƌ ^W^W ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ

ŽĞŶĂŐƌŝŽŶ ϲ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ĂŶŐƵůĂƚƵŵ ƉƌĂŝƌŝĞďůƵĞƚ E> ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ ŽĞŶĂŐƌŝŽŶ ŚĂďŝƚĂƚůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ ϳ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ŝŶƚĞƌƌŽŐĂƚƵŵ ƐƵďĂƌƟĐďůƵĞƚ E> ϴ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ŽƌĚƵůĞŐĂƐƚĞƌŽďůŝƋƵĂŽƌĚƵůĞŐĂƐƚĞƌŽďůŝƋƵĂ ĂƌƌŽǁŚĞĂĚƐƉŝŬĞƚĂŝůĂƌƌŽǁŚĞĂĚƐƉŝŬĞƚĂŝů E>E> ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ

ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐŐ͖Ɖ ϵ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ 'ŽŵƉŚƵƐĂĚĞůƉŚƵƐ'ŽŵƉŚƵƐĂĚĞůƉŚƵƐ ŵƵƐƚĂĐŚĞĚĐůƵďƚĂŝůŵƵƐƚĂĐŚĞĚĐůƵďƚĂŝů E>E> ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐŐ͖Ɖ ϭϬ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ 'ŽŵƉŚƵƐůŝŶĞĂƟĨƌŽŶƐ'ŽŵƉŚƵƐůŝŶĞĂƟĨƌŽŶƐ ƐƉůĞŶĚŝĚĐůƵďƚĂŝůƐƉůĞŶĚŝĚĐůƵďƚĂŝů E>E> ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ

DŝŶŶĞƐŽƚĂ͛ƐtŝůĚůŝĨĞĐƟŽŶWůĂŶϮϬϭϱͲϮϬϮϱ ϭϭ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐŐ͖Ɖ ϭϭ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ 'ŽŵƉŚƵƐƋƵĂĚƌŝĐŽůŽƌ'ŽŵƉŚƵƐƋƵĂĚƌŝĐŽůŽƌ ƌĂƉŝĚƐĐůƵďƚĂŝůƌĂƉŝĚƐĐůƵďƚĂŝů E>E> ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐŐ͖Ɖ ϭϮ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ 'ŽŵƉŚƵƐǀĞŶƚƌŝĐŽƐƵƐ'ŽŵƉŚƵƐǀĞŶƚƌŝĐŽƐƵƐ ƐŬŝůůĞƚĐůƵďƚĂŝůƐŬŝůůĞƚĐůƵďƚĂŝů E>E> ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐŐ͖Ɖ ϭϯ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ 'ŽŵƉŚƵƐǀŝƌŝĚŝĨƌŽŶƐ'ŽŵƉŚƵƐǀŝƌŝĚŝĨƌŽŶƐ ŐƌĞĞŶͲĨĂĐĞĚĐůƵďƚĂŝůŐƌĞĞŶͲĨĂĐĞĚĐůƵďƚĂŝů E>E> ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ ϭϰ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ /ƐĐŚŶƵƌĂƉŽƐŝƚĂ/ƐĐŚŶƵƌĂƉŽƐŝƚĂ ĨƌĂŐŝůĞĨŽƌŬƚĂŝůĨƌĂŐŝůĞĨŽƌŬƚĂŝů E>E> ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ

ĐƌŝŵƐŽŶͲƌŝŶŐĞĚĐƌŝŵƐŽŶͲƌŝŶŐĞĚ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ ϭϱ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ >ĞƵĐŽƌƌŚŝŶŝĂŐůĂĐŝĂůŝƐ>ĞƵĐŽƌƌŚŝŶŝĂŐůĂĐŝĂůŝƐ ǁŚŝƚĞĨĂĐĞǁŚŝƚĞĨĂĐĞ E>E> ϭϲ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ EĂŶŶŽƚŚĞŵŝƐďĞůůĂ ĞůĮŶƐŬŝŵŵĞƌ E> ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ

ƐŵŽŬǇƐŚĂĚŽǁͲƐŵŽŬǇƐŚĂĚŽǁǇ Ͳ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ ϭϳ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ EĞƵƌŽĐŽƌĚƵůŝĂŵŽůĞƐƚĂEĞƵƌŽĐŽƌĚƵůŝĂŵŽůĞƐƚĂ ĚƌĂŐŽŶĚƌĂŐŽŶ E> KƉŚŝŽŐŽŵƉŚƵƐ ĞǆƚƌĂͲƐƚƌŝƉĞĚ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ ϭϴ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ĂŶŽŵĂůƵƐ ƐŶĂŬĞƚĂŝů ^W ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ ϭϵ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ KƉŚŝŽŐŽŵƉŚƵƐ ƌŝŋĞƐŶĂŬĞƚĂŝů E> ĐĂƌŽůƵƐ ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ KƉŚŝŽŐŽŵƉŚƵƐKƉŚŝŽŐŽŵƉŚƵƐKƉŚŝŽŐŽŵƉ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐŐ͖Ɖ ϮϬ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ĐŽůƵďƌŝŶƵƐĐŽůƵďƌŝŶƵƐ ďŽƌĞĂůƐŶĂŬĞƚĂŝůďŽƌĞĂůƐŶĂŬĞƚĂŝů E>E> ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ Ϯϭ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ KƉŚŝŽŐŽŵƉŚƵƐŚŽǁĞŝ ƉǇŐŵǇƐŶĂŬĞƚĂŝů ^W ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐŐ͖Ɖ ϮϮ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ KƉŚŝŽŐŽŵƉŚƵƐƐŵŝƚŚŝKƉŚŝŽŐŽŵƉŚƵƐƐŵŝƚŚŝ ^ŝŽƵǆƐŶĂŬĞƚĂŝů^ŝŽƵǆƐŶĂŬĞƚĂŝů E>E> ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ KƉŚŝŽŐŽŵƉŚƵƐKƉŚŝŽŐŽŵƉŚƵƐKƉŚŝŽŐŽŵƉ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐŐ͖Ɖ Ϯϯ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ƐƵƐďĞŚĐŚĂ ^ƚ͘ƌŽŝǆƐŶĂŬĞƚĂŝů^ƚ͘ƌŽŝǆƐŶĂŬĞƚĂŝů d,Zd,Z ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ ZŚŝŽŶĂĞƐĐŚŶĂ Ϯϰ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ŵƵůƟĐŽůŽƌ ďůƵĞͲĞǇĞĚĚĂƌŶĞƌ E> ŚĂďŝƚĂƚůŽƐƐ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚ ůŽƐƐ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂů Ϯϱ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ZŚŝŽŶĂĞƐĐŚŶĂŵƵƚĂƚĂ ƐƉĂƩĞƌĚŽĐŬĚĂƌŶĞƌ E> ƉƌĞĨĞƌĞŶĐĞƐͿ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚ ĚŝƐƚƌŝďƵƟŽŶ ^ŽŵĂƚŽĐŚůŽƌĂ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŶĞĞĚƐƉĞĐŝĂů Ϯϲ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ďƌĞǀŝĐŝŶĐƚĂ YƵĞďĞĐĞŵĞƌĂůĚ ^W ƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ ^ŽŵĂƚŽĐŚůŽƌĂ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŶĞĞĚƐƉĞĐŝĂů Ϯϳ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ĐŝŶŐƵůĂƚĂ ůĂŬĞĞŵĞƌĂůĚ E> ƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ ^ŽŵĂƚŽĐŚůŽƌĂ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŶĞĞĚƐƉĞĐŝĂů Ϯϴ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ĞůŽŶŐĂƚĂ ƐŬŝͲƟƉƉĞĚĞŵĞƌĂůĚ E> ƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ ^ŽŵĂƚŽĐŚůŽƌĂ Ϯϵ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ĞŶƐŝŐĞƌĂ ƉůĂŝŶƐĞŵĞƌĂůĚ E> ŚĂďŝƚĂƚůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ ^ŽŵĂƚŽĐŚůŽƌĂ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŶĞĞĚƐƉĞĐŝĂů ϯϬ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ĨŽƌĐŝƉĂƚĂ ĨŽƌĐŝƉĂƚĞĞŵĞƌĂůĚ ^W ƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŶĞĞĚƐƉĞĐŝĂů͕ͬŐ͖ ϯϭ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ^ŽŵĂƚŽĐŚůŽƌĂĨƌĂŶŬůŝŶŝ^ŽŵĂƚŽĐŚůŽƌĂĨƌĂŶŬůŝŶŝ ĚĞůŝĐĂƚĞĞŵĞƌĂůĚ E>E> ƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ ^ŽŵĂƚŽĐŚůŽƌĂ^ŽŵĂƚŽĐŚůŽƌĂ^ŽŵĂƚŽĐŚ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŶĞĞĚƐƉĞĐŝĂů͕ͬŐ͖ ϯϮ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ŬĞŶŶĞĚǇŝŬĞŶŶĞĚǇŝ <ĞŶŶĞĚǇ͛ƐĞŵĞƌĂůĚ<ĞŶŶĞĚǇ͛ƐĞŵĞƌĂůĚ E E>> ƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŶĞĞĚƐƉĞĐŝĂů ϯϯ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ^ŽŵĂƚŽĐŚůŽƌĂŵŝŶŽƌ ŽĐĞůůĂƚĞĚĞŵĞƌĂůĚ E> ƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ ďƌƵƐŚͲƟƉƉĞĚĞŵͲďƌƵƐŚͲƟƉƉĞĚĞŵͲ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŶĞĞĚƐƉĞĐŝĂů͕ͬŐ͖ ϯϰ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ^ŽŵĂƚŽĐŚůŽƌĂǁĂůƐŚŝŝ^ŽŵĂƚŽĐŚůŽƌĂǁĂůƐŚŝŝ ĞƌĂůĚĞƌĂůĚ E>E> ƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ ^ƚǇůŽŐŽŵƉŚƵƐ ϯϱ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ĂůďŝƐƚǇůƵƐ ĞĂƐƚĞƌŶůĞĂƐƚĐůƵďƚĂŝů E> ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ ϯϲ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ^ƚǇůƵƌƵƐĂŵŶŝĐŽůĂ^ƚǇůƵƌƵƐĂŵŶŝĐŽůĂ ƌŝǀĞƌŝŶĞĐůƵďƚĂŝůƌŝǀĞƌŝŶĞĐůƵďƚĂŝů E>E> ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ

ϯϳ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ^ƚǇůƵƌƵƐƉůĂŐŝĂƚƵƐ^ƚǇůƵƌƵƐƉůĂŐŝĂƚƵƐ ƌƵƐƐĞƚͲƟƉƉĞĚĐůƵďƚĂŝůƌƵƐƐĞƚͲƟƉƉĞĚĐůƵďƚĂŝů E>E> ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ

ϯϴ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ^ƚǇůƵƌƵƐƐĐƵĚĚĞƌŝ^ƚǇůƵƌƵƐƐĐƵĚĚĞƌŝ ǌĞďƌĂĐůƵďƚĂŝůǌĞďƌĂĐůƵďƚĂŝů E>E> ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ

ƌĞĚͲǀĞŝŶĞĚŵĞĂĚŽǁͲ ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ϯϵ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ ^ǇŵƉĞƚƌƵŵŵĂĚŝĚƵŵ ŚĂǁŬ E> ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŶĞĞĚƐƉĞĐŝĂů ϰϬ ƌĂŐŽŶŇŝĞƐΘĚĂŵƐĞůŇŝĞƐ tŝůůŝĂŵƐŽŶŝĂŇĞƚĐŚĞƌŝ ĞďŽŶǇďŽŐŚƵŶƚĞƌ E> ƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ

ƵƩĞƌŇŝĞƐΘDŽƚŚƐ

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DŝŶŶĞƐŽƚĂ͛ƐtŝůĚůŝĨĞĐƟŽŶWůĂŶϮϬϭϱͲϮϬϮϱ ϭϮ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖͕ͬŐ͖ Ϯ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐƵƩĞƌŇŝĞƐΘŵŽƚŚƐ ƚƌǇƚŽŶĞĂƌŽŐŽƐŝŽǁĂƚƌǇƚŽŶĞĂƌŽŐŽƐŝŽǁĂ ƌŽŐŽƐƐŬŝƉƉĞƌƌŽŐŽƐƐŬŝƉƉĞƌ ^ ^WW ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖͕ͬŐ͖ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ŚĂďŝƚĂƚĚĞŐŐ͖ƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐ ŵĞŶƚĂƟŽŶ͖ ϯ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐƵƩĞƌŇŝĞƐΘŵŽƚŚƐ ƚƌǇƚŽŶŽƉƐŝƐŚŝĂŶŶĂƚƌǇƚŽŶŽƉƐŝƐŚŝĂŶŶĂ ĚƵƐƚĞĚƐŬŝƉƉĞƌĚƵƐƚĞĚƐŬŝƉƉĞƌ E> ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ͖ĚĞƉĞŶĚŽŶƉ;ƉͿ͖Ɖ ĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZs͖ŚŝŐŚůǇŐƉ Ő ůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ŚĂďŝƚĂƚůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂů ϰ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐ ŽůŽƌŝĂĐŚĂƌŝĐůĞĂ ĂƌĐƟĐĨƌŝƟůůĂƌǇ E> ƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖ ĂƌŵĞŶƚĂ ďůĂǌŝŶŐƐƚĂƌĐůĞĂƌͲ ϱ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐ E> ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ ĂŶƚŚƌĂĐŝƉĞŶŶŝƐ ǁŝŶŐŵŽƚŚ ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ ƌƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚĂƌĞ͕͕ͬŐ͖ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚ ϲ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐƵƩĞƌŇŝĞƐΘŵŽƚŚƐ ĂƚŽĐĂůĂĂďďƌĞǀŝĂƚĞůůĂĂƚŽĐĂůĂĂďďƌĞǀŝĂƚĞůůĂ ĂďďƌĞǀŝĂƚĞĚĂďďƌĞǀŝĂƚĞĚ ^W^W ĨƌĂŐŵĞŶƚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŚŽƐƚŐ ƵŶĚĞƌǁŝŶŐƵŶĚĞƌǁŝŶŐ ƐƐƉĞĐŝĞƐͿƉĞĐŝĞƐͿ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŶĞĞĚƐƉĞĐŝĂů͕ͬ ϳ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐƵƩĞƌŇŝĞƐΘŵŽƚŚƐ ĂƚŽĐĂůĂǁŚŝƚŶĞǇŝĂƚŽĐĂůĂǁŚŝƚŶĞǇŝ tŚŝƚŶĞǇ͛ƐƵŶĚĞƌǁŝŶŐtŚŝƚŶĞǇ͛ƐƵŶĚĞƌǁŝŶŐ ^W^W ƌƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ƌĂƌĞ͕ǀƵůͲƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ƌĂƌĞ͕ǀƵůǇ͖͕Ͳ ŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖ŚĂďŝƚĂƚŶĞƌĂďůĞͬͬŐ͖ĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖ ŚĂďŝƚĂƚ ĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůŐ͖ Ő ͖Ɖ ϴ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐƵƩĞƌŇŝĞƐΘŵŽƚŚƐ ĂŶĂƵƐƉůĞǆŝƉƉƵƐĂŶĂƵƐƉůĞǆŝƉƉƵƐ ŵŽŶĂƌĐŚŵŽŶĂƌĐŚ E> ƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ͖DŝŶŶĞƐŽƚĂƉŽƉƵůĂƟŽŶ;ƉͿ͖ƉƉ ƌĞƉƌĞƐĞŶƚƐƐŝŐŶŝĮĐĂŶƚƉŽƌƟŽŶŽĨƚŚĞŝƌEŽƌƚŚƉŐƉ ŵĞƌŝĐĂŶďƌĞĞĚŝŶŐŽƌǁŝŶƚĞƌŝŶŐƉŽƉƵůĂƟŽŶŵĞƌŝĐĂŶ ďƌĞĞĚŝŶŐŽƌǁŝŶƚĞƌŝŶŐƉŽƉƵůĂƟŽŶ ŚĂďŝƚĂƚůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂů ϵ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐ ƌĞďŝĂŵĂŶĐŝŶƵƐ ŝƐĂĂůƉŝŶĞ ^W ƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ͖ŚŝŐŚůǇ ůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖͕ͬŐ͖ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ŚĂďŝƚĂƚĚĞŐŐ͖ƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐ ŵĞŶƚĂƟŽŶ͖ ϭϬ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐƵƩĞƌŇŝĞƐΘŵŽƚŚƐ ƌǇŶŶŝƐŵĂƌƟĂůŝƐƌǇŶŶŝƐŵĂƌƟĂůŝƐ ŵŽƩůĞĚĚƵƐŬǇǁŝŶŐŵŽƩůĞĚĚƵƐŬǇǁŝŶŐ E> ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ͖ĚĞƉĞŶĚŽŶƉ;ƉͿ͖ ĞĐŽĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZsůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZs ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖͕ͬŐ͖ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ŚĂďŝƚĂƚĚĞŐŐ͖ƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐ ŵĞŶƚĂƟŽŶ͖ ϭϭ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐƵƩĞƌŇŝĞƐΘŵŽƚŚƐ ƌǇŶŶŝƐƉĞƌƐŝƵƐƉĞƌƐŝƵƐƌǇŶŶŝƐƉĞƌƐŝƵƐƉĞƌƐŝƵƐ WĞƌƐŝƵƐĚƵƐŬǇǁŝŶŐWĞƌƐŝƵƐĚƵƐŬǇǁŝŶŐ E ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ͖ĚĞƉĞŶĚŽŶƉ;ƉͿ͖ ĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZsĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZs ĚĞƉĞŶĚŽŶůĂƌŐĞŚĂďŝƚĂƚ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ ;ŚŽƐƚƐƉĞĐŝĞƐ͕ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ͖ ϭϮ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐ ƵĐŚůŽĞĂƵƐŽŶŝĚĞƐ ůĂƌŐĞŵĂƌďůĞ E> ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶ EZs͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖͕ͬŐ͖ ƵƉŚǇĞƐďŝŶĂĐƵůĂƵƉŚǇĞ ŚŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐĂďŝƚĂƚĚĞŐŐ͖ƉƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ ϭϯ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐƵƩĞƌŇŝĞƐΘŵŽƚŚƐ ŝůůŝŶŽŝƐŝůůŝŶŽŝƐ ƚǁŽͲƐƉŽƩĞĚƐŬŝƉƉĞƌƚǁŽͲƐƉŽƩĞĚƐŬŝƉƉĞƌ E>E> ;ŚŽƐƚƐƉĞĐŝĞƐͿ͖ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽ;ƉͿ͖Ɖ ůůŽŶŐĞƌǁŝƚŚŝŶEZsŽŶŐĞƌǁŝƚŚŝŶEZs ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ ϭϰ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐ ,ĞƐƉĞƌŝĂĂƐƐŝŶŝďŽŝĂ ƐƐŝŶŝďŽŝĂƐŬŝƉƉĞƌ E ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ͖ĚĞƉĞŶĚ ŽŶĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZs ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶ ϭϱ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐ ,ĞƐƉĞƌŝĂĚĂĐŽƚĂĞ ĂŬŽƚĂƐŬŝƉƉĞƌ E d EZs͖ĞǆƚĞŶƐŝǀĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞ ŽĨƵŶŬŶŽǁŶĐĂƵƐĞ͖DŝŶŶĞƐŽƚĂƉŽƉƵůĂƟŽŶ ƌĞƉƌĞƐĞŶƚƐƐŝŐŶŝĮĐĂŶƚƉŽƌƟŽŶŽĨƚŚĞŝƌEŽƌƚŚ ŵĞƌŝĐĂŶďƌĞĞĚŝŶŐŽƌǁŝŶƚĞƌŝŶŐƉŽƉƵůĂƟŽŶ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖͕ͬŐ͖ ϭϲ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐƵƩĞƌŇŝĞƐΘŵŽƚŚƐ ,ĞƐƉĞƌŝĂůĞŽŶĂƌĚƵƐ,ĞƐƉĞƌŝĂůĞŽŶĂƌĚƵƐ >ĞŽŶĂƌĚ͛ƐƐŬŝƉƉĞƌ>ĞŽŶĂƌĚ͛ƐƐŬŝƉƉĞƌ ^W^W ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖͕ͬŐ͖ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖Ő͖ Ő ͖ ϭϳ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐƵƩĞƌŇŝĞƐΘŵŽƚŚƐ ,ĞƐƉĞƌŝĂŽƩŽĞ,ĞƐƉĞƌŝĂŽƩŽĞ KƩŽĞƐŬŝƉƉĞƌKƩŽĞƐŬŝƉƉĞƌ E ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶƉŐƉŐ EZs͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶEZs͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ ϭϴ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐ ,ĞƐƉĞƌŝĂƵŶĐĂƐ hŶĐĂƐƐŬŝƉƉĞƌ E ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ͖ĚĞƉĞŶĚ ŽŶĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZs ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂů ĂƐƉĞĐŝĞƐŽĨŽǁůĞƚ ϭϵ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐ >ĂƐŝŽŶǇĐƚĂƐĞĐĞĚĞŶƐ E> ƉƌĞĨĞƌĞŶĐĞƐͿ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚ ŵŽƚŚ ĚŝƐƚƌŝďƵƟŽŶ ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂů ĂƐƉĞĐŝĞƐŽĨŽǁůĞƚ ϮϬ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐ >ĂƐŝŽŶǇĐƚĂƚĂŝŐĂƚĂ E> ƉƌĞĨĞƌĞŶĐĞƐͿ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚ ŵŽƚŚ ĚŝƐƚƌŝďƵƟŽŶ

DŝŶŶĞƐŽƚĂ͛ƐtŝůĚůŝĨĞĐƟŽŶWůĂŶϮϬϭϱͲϮϬϮϱ ϭϯ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚ ĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŚŽƐƚ Ϯϭ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐ WůĞďĞũƵƐŝĚĂƐŶĂďŽŬŽǀŝ EĂďŽŬŽǀ͛ƐďůƵĞ ^W ƐƉĞĐŝĞƐͿ͖ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽ ůŽŶŐĞƌǁŝƚŚŝŶEZs͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚ ĚŝƐƚƌŝďƵƟŽŶ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖ WůĞďĞũƵƐŵĞůŝƐƐĂ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ ϮϮ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐ ƐĂŵƵĞůŝƐ <ĂƌŶĞƌďůƵĞ E ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ͖ĚĞƉĞŶĚ ŽŶĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZs ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚ ĚĞŐƌĂĚĂƟŽŶ͖ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽ Ϯϯ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐ KĂƌŝƐŵĂŐĂƌŝƚĂ 'ĂƌŝƚĂƐŬŝƉƉĞƌ d,Z ůŽŶŐĞƌǁŝƚŚŝŶEZs͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚ ĚŝƐƚƌŝďƵƟŽŶ ƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ƌĂƌĞ͕ǀƵůͲƐƚĂƟƐƟĐĂůůǇǀĂůŝĚĚĞĐůŝŶĞĚŽĐƵŵĞŶƚĞĚ͖ƌĂƌĞ͕ǀƵůǇ͖͕Ͳ ŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖ŚĂďŝƚĂƚŶĞƌĂďůĞͬͬŐ͖ĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖ ŚĂďŝƚĂƚ Ϯϰ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐƵƩĞƌŇŝĞƐΘŵŽƚŚƐ KĂƌŝƐŵĂƉŽǁĞƐŚŝĞŬKĂƌŝƐŵĂƉŽǁĞƐŚŝĞŬ WŽǁĞƐŚŝĞŬƐŬŝƉƉĞƌWŽǁĞƐŚŝĞŬƐŬŝƉƉĞƌ E ĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ĚĞƉĞŶĚŽŶŐ͖ Ő ͖Ɖ ĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZs͖ĞǆƚĞŶͲĞĐŽůŽŐŐƉŝĐĂůƉƌŽĐĞƐƐŶŽůŽŶ ŐĞƌǁŝƚŚŝŶEZs͖ ĞǆƚĞŶͲ ƐŝǀĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĐĂƵƐĞƐŝǀĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĐĂƵƐĞ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖ Ϯϱ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐ KĞŶĞŝƐƵŚůĞƌŝǀĂƌƵŶĂ hŚůĞƌ͛ƐĂƌĐƟĐ E ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͕ ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ Ϯϲ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐ WŽůǇŐŽŶŝĂŐƌĂĐŝůŝƐ ŚŽĂƌǇĐŽŵŵĂ E> ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ĚĞƉĞŶĚŽŶůĂƌŐĞŚĂďŝƚĂƚ͖ Ϯϳ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐ WƌŽƐĞƌƉŝŶĂũƵĂŶŝƚĂ :ƵĂŶŝƚĂƐƉŚŝŶǆŵŽƚŚ E> ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ ;ŚŽƐƚƐƉĞĐŝĞƐͿ͖ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽ ůŽŶŐĞƌǁŝƚŚŝŶEZs WǇƌŐƵƐĐĞŶƚĂƵƌĞĂĞ ƐƚĂƚĞůŝƐƚĞĚ͖ŶŽĂĚĚŝƟŽŶĂůĐƌŝƚĞƌŝĂŝĚĞŶƟĮĞĚ Ϯϴ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐ ĨƌĞŝũĂ ŐƌŝǌǌůĞĚƐŬŝƉƉĞƌ ^W ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖͕ͬŐ͖ Ϯϵ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐƵƩĞƌŇŝĞƐΘŵŽƚŚƐ ^ĐŚŝŶŝĂŝŶĚŝĂŶĂ^ĐŚŝŶŝĂŝŶĚŝĂŶĂ ƉŚůŽǆŵŽƚŚƉŚůŽǆŵŽƚŚ ^W^W ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖Ő͖ Ő ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖ ϯϬ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐ ^ĐŚŝŶŝĂůƵĐĞŶƐ >ĞĂĚƉůĂŶƚ&ůŽǁĞƌ ^W ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ DŽƚŚ ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖ ďůĂǌŝŶŐƐƚĂƌŇŽǁĞƌ ϯϭ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐ ^ĐŚŝŶŝĂƐĂŶŐƵŝŶĞĂ E> ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ ŵŽƚŚ ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ͖͕ͬŐ͖ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐŵĞŶƚĂƟŽŶ͖ŚĂďŝƚĂƚĚĞŐŐ͖ƌĂĚĂƟŽŶ͖ŚĂďŝƚĂƚĨƌĂŐ ŵĞŶƚĂƟŽŶ͖ ϯϮ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐƵƩĞƌŇŝĞƐΘŵŽƚŚƐ ^ƉĞǇĞƌŝĂŝĚĂůŝĂ^ƉĞǇĞƌŝĂŝĚĂůŝĂ ƌĞŐĂůĨƌŝƟůůĂƌǇƌĞŐĂůĨƌŝƟůůĂƌǇ ^ ^WW ĚĞĚĞƉĞŶĚŽŶůĂƌŐĞŚĂďŝƚĂƚ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐƉƉŐ͖ƉĞŶĚŽŶůĂƌŐĞŚĂďŝƚĂƚ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ ;ŚŽƐƚƐƉĞĐŝĞƐͿ͖ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽ;ƉͿ͖Ɖ ůůŽŶŐĞƌǁŝƚŚŝŶEZsŽŶŐĞƌǁŝƚŚŝŶEZs ĂƐƉĞĐŝĞƐŽĨŽǁůĞƚ ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ͖ĚĞƉĞŶĚ ϯϯ ƵƩĞƌŇŝĞƐΘŵŽƚŚƐ yĞƐƟĂŵŝǆƚĂ ŵŽƚŚ E> ŽŶĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽůŽŶŐĞƌǁŝƚŚŝŶEZs

ĂĚĚŝƐŇŝĞƐ

^ƚĂƚĞ &ĞĚĞƌĂů ƌŝƚĞƌŝĂ;ƐƚƌĞƐƐŽƌƐĂŶĚůŝĨĞͲŚŝƐƚŽƌǇƚƌĂŝƚƐͿ dĂǆĂ ^ĐŝĞŶƟĮĐŶĂŵĞ ŽŵŵŽŶŶĂŵĞ ƐƚĂƚƵƐ ƐƚĂƚƵƐ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ ϭ ĂĚĚŝƐŇŝĞƐ ŐĂƉĞƚƵƐƚŽŵƵƐ ƐƉĞĐŝĞƐŽĨĐĂĚĚŝƐŇǇ ^W ;ŶĂƌƌŽǁƚŚĞƌŵĂůƉƌĞĨĞƌĞŶĐĞƐͿ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬ ƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ƐƉĞĐŝĞƐŽĨŶŽƌƚŚĞƌŶ ŚĂďŝƚĂƚůŽƐƐ͖ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ĞǆƚĞŶƐŝǀĞƐƵƌͲ Ϯ ĂĚĚŝƐŇŝĞƐ ŶĂďŽůŝĂŽǌďƵƌŶŝ ĐĂĚĚŝƐŇǇ ^W ǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĐĂƵƐĞ ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ͖ ŚĞĂĚǁĂƚĞƌƐ DŝŶŶĞƐŽƚĂƉŽƉƵůĂƟŽŶƌĞƉƌĞƐĞŶƚƐƐŝŐŶŝĮĐĂŶƚ ϯ ĂĚĚŝƐŇŝĞƐ ŚŝůŽƐƟŐŵĂŝƚĂƐĐĂĞ ŚŝůŽƐƟŐŵĂŶ d,Z ƉŽƌƟŽŶŽĨƚŚĞŝƌEŽƌƚŚŵĞƌŝĐĂŶďƌĞĞĚŝŶŐŽƌ ĐĂĚĚŝƐŇǇ ǁŝŶƚĞƌŝŶŐƉŽƉƵůĂƟŽŶ ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŶĂƌƌŽǁƚŚĞƌŵĂů ϰ ĂĚĚŝƐŇŝĞƐ 'ŽĞƌĂƐƚǇůĂƚĂ ƐƉĞĐŝĞƐŽĨĐĂĚĚŝƐŇǇ d,Z ƉƌĞĨĞƌĞŶĐĞƐͿ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚ ĚŝƐƚƌŝďƵƟŽŶ ƐƉĞĐŝĞƐŽĨƉƵƌƐĞ ϱ ĂĚĚŝƐŇŝĞƐ ,ǇĚƌŽƉƟůĂŵĞƚŽĞĐĂ ĐĂƐĞŵĂŬĞƌĐĂĚĚŝƐŇǇ ^W ƐƚĂƚĞůŝƐƚĞĚ͖ŶŽĂĚĚŝƟŽŶĂůĐƌŝƚĞƌŝĂŝĚĞŶƟĮĞĚ ƐƉĞĐŝĞƐŽĨƉƵƌƐĞ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚ ϲ ĂĚĚŝƐŇŝĞƐ ,ǇĚƌŽƉƟůĂƋƵŝŶŽůĂ ĐĂƐĞŵĂŬĞƌĐĂĚĚŝƐŇǇ ^W ĚŝƐƚƌŝďƵƟŽŶ ƐƉĞĐŝĞƐŽĨƉƵƌƐĞ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚ ϳ ĂĚĚŝƐŇŝĞƐ ,ǇĚƌŽƉƟůĂƌŽŶŽ ĐĂƐĞŵĂŬĞƌĐĂĚĚŝƐŇǇ d,Z ĚŝƐƚƌŝďƵƟŽŶ ƐƉĞĐŝĞƐŽĨƉƵƌƐĞ ϴ ĂĚĚŝƐŇŝĞƐ ,ǇĚƌŽƉƟůĂƚŽƌƚŽƐĂ ĐĂƐĞŵĂŬĞƌĐĂĚĚŝƐŇǇ ^W ƐƚĂƚĞůŝƐƚĞĚ͖ŶŽĂĚĚŝƟŽŶĂůĐƌŝƚĞƌŝĂŝĚĞŶƟĮĞĚ

DŝŶŶĞƐŽƚĂ͛ƐtŝůĚůŝĨĞĐƟŽŶWůĂŶϮϬϭϱͲϮϬϮϱ ϭϰ ƐƉĞĐŝĞƐŽĨƉƵƌƐĞ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚ ϵ ĂĚĚŝƐŇŝĞƐ ,ǇĚƌŽƉƟůĂǁĂƐŬĞƐŝĂ ĐĂƐĞŵĂŬĞƌĐĂĚĚŝƐŇǇ E ĚŝƐƚƌŝďƵƟŽŶ /ƌŽŶŽƋƵŝĂƉƵŶĐƚĂƟƐ/ƌŽŶŽ Ͳ ƐƉĞĐŝĞƐŽĨŶŽƌƚŚĞƌŶƉ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚŝŐŚůǇůŽĐĂůͲƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚŝŐŚůǇůŽĐĂů͕ͬŐ Ͳ ϭϬ ĂĚĚŝƐŇŝĞƐĂĚĚŝƐŇŝĞƐ ƐŝŵĂƐŝŵĂ ĐĂĚĚŝƐŇǇĐĂĚĚŝƐŇǇ d,Zd,Z ŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚ ϭϭ ĂĚĚŝƐŇŝĞƐ >ĞƉŝĚŽƐƚŽŵĂůŝďƵŵ ƐƉĞĐŝĞƐŽĨĐĂĚĚŝƐŇǇ d,Z ĚŝƐƚƌŝďƵƟŽŶ ƐƉĞĐŝĞƐŽĨŶŽƌƚŚĞƌŶ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚ ϭϮ ĂĚĚŝƐŇŝĞƐ >ŝŵŶĞƉŚŝůƵƐũĂŶƵƐ ĐĂĚĚŝƐŇǇ E ĚŝƐƚƌŝďƵƟŽŶ ƐƉĞĐŝĞƐŽĨŶŽƌƚŚĞƌŶ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚ ϭϯ ĂĚĚŝƐŇŝĞƐ >ŝŵŶĞƉŚŝůƵƐƌŽƐƐŝ ĐĂĚĚŝƐŇǇ d,Z ĚŝƐƚƌŝďƵƟŽŶ ƐƉĞĐŝĞƐŽĨŶŽƌƚŚĞƌŶ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ ϭϰ ĂĚĚŝƐŇŝĞƐ >ŝŵŶĞƉŚŝůƵƐƐĞĐůƵĚĞŶƐ ĐĂĚĚŝƐŇǇ E ƐƉĞĐŝĞƐŽĨƉƵƌƐĞƐƉƉƉĞĐŝĞƐŽĨƉƵƌƐĞ ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ͖ĞǆƚĞŶƐŝǀĞŐǇ ͬ ͖ ϭϱ ĂĚĚŝƐŇŝĞƐĂĚĚŝƐŇŝĞƐ KĐŚƌŽƚƌŝĐŚŝĂƐƉŝŶŽƐĂKĐŚƌŽƚƌŝĐŚŝĂƐƉŝŶŽƐĂ ĐĂƐĞŵĂŬĞƌĐĂĚĚŝƐŇǇĐĂƐĞŵĂŬĞƌĐĂĚĚŝƐŇǇ E ƐƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĐĂƵƐĞƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĐĂƵƐĞ ƐƉĞĐŝĞƐŽĨůŽŶŐͲ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚ ϭϲ ĂĚĚŝƐŇŝĞƐ KĞĐĞƟƐĚŝƟƐƐĂ ŚŽƌŶĞĚĐĂĚĚŝƐŇǇ d,Z ĚŝƐƚƌŝďƵƟŽŶ ƐƉĞĐŝĞƐŽĨƉƵƌƐĞ ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ϭϳ ĂĚĚŝƐŇŝĞƐ KǆǇĞƚŚŝƌĂĞĐŽƌŶƵƚĂ ĐĂƐĞŵĂŬĞƌĐĂĚĚŝƐŇǇ d,Z ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ͖ ƐƉĞĐŝĞƐŽĨƉƵƌƐĞ DŝŶŶĞƐŽƚĂƉŽƉƵůĂƟŽŶƌĞƉƌĞƐĞŶƚƐƐŝŐŶŝĮĐĂŶƚ ϭϴ ĂĚĚŝƐŇŝĞƐ KǆǇĞƚŚŝƌĂŝƚĂƐĐĂĞ ĐĂƐĞŵĂŬĞƌĐĂĚĚŝƐŇǇ ^W ƉŽƌƟŽŶŽĨƚŚĞŝƌEŽƌƚŚŵĞƌŝĐĂŶďƌĞĞĚŝŶŐŽƌ ǁŝŶƚĞƌŝŶŐƉŽƉƵůĂƟŽŶ ƐƉĞĐŝĞƐŽĨŶĞƚƐƉŝŶͲ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚ ϭϵ ĂĚĚŝƐŇŝĞƐ WĂƌĂƉƐǇĐŚĞĂƉŝĐĂůŝƐ ŶŝŶŐĐĂĚĚŝƐŇǇ d,Z ĚŝƐƚƌŝďƵƟŽŶ ƐƉĞĐŝĞƐŽĨƚƵďĞ ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ϮϬ ĂĚĚŝƐŇŝĞƐ WŽůǇĐĞŶƚƌŽƉƵƐŐůĂĐŝĂůŝƐ ĐĂƐĞŵĂŬĞƌĐĂĚĚŝƐŇǇ d,Z ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ͖ ƐƉĞĐŝĞƐŽĨƚƵďĞ DŝŶŶĞƐŽƚĂƉŽƉƵůĂƟŽŶƌĞƉƌĞƐĞŶƚƐƐŝŐŶŝĮĐĂŶƚ Ϯϭ ĂĚĚŝƐŇŝĞƐ WŽůǇĐĞŶƚƌŽƉƵƐŵŝůĂĐĂ ĐĂƐĞŵĂŬĞƌĐĂĚĚŝƐŇǇ E ƉŽƌƟŽŶŽĨƚŚĞŝƌEŽƌƚŚŵĞƌŝĐĂŶďƌĞĞĚŝŶŐŽƌ ǁŝŶƚĞƌŝŶŐƉŽƉƵůĂƟŽŶ ƐƉĞĐŝĞƐŽĨƐĂĚĚůĞ ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ϮϮ ĂĚĚŝƐŇŝĞƐ WƌŽƚŽƉƟůĂĞƌŽƟĐĂ ĐĂƐĞŵĂŬĞƌĐĂĚĚŝƐŇǇ ^W ƐƉĞĐŝĞƐŽĨůŽŶŐͲ ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ Ϯϯ ĂĚĚŝƐŇŝĞƐ dƌŝĂĞŶŽĚĞƐŇĂǀĞƐĐĞŶƐ ŚŽƌŶĞĚĐĂĚĚŝƐŇǇ ^W ƐƉĞĐŝĞƐŽĨůŽŶŐͲ ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ Ϯϰ ĂĚĚŝƐŇŝĞƐ zůŽĚĞƐĨƌŽŶƚĂůŝƐ ŚŽƌŶĞĚĐĂĚĚŝƐŇǇ d,Z dŝŐĞƌĞĞƚůĞƐ

^ƚĂƚĞ &ĞĚĞƌĂů ƌŝƚĞƌŝĂ;ƐƚƌĞƐƐŽƌƐĂŶĚůŝĨĞͲŚŝƐƚŽƌǇƚƌĂŝƚƐͿ dĂǆĂ ^ĐŝĞŶƟĮĐŶĂŵĞ ŽŵŵŽŶŶĂŵĞ ƐƚĂƚƵƐ ƐƚĂƚƵƐ

ϭ dŝŐĞƌĞĞƚůĞƐ ŝĐŝŶĚĞůĂĐƵƌƐŝƚĂŶƐ ĂŶƚͲůŝŬĞƟŐĞƌďĞĞƚůĞ E> ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ

>ĂƵƌĞŶƟĂŶƟŐĞƌ ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ Ϯ dŝŐĞƌĞĞƚůĞƐ ŝĐŝŶĚĞůĂĚĞŶŝŬĞŝ ďĞĞƚůĞ ^W ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŶĞĞĚ ŝĐŝŶĚĞůĂĨƵůŐŝĚĂ ĐƌŝŵƐŽŶƐĂůƞůĂƚƟŐĞƌ ƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚ ϯ dŝŐĞƌĞĞƚůĞƐ ĨƵůŐŝĚĂ ďĞĞƚůĞ͕ĨƵůŐŝĚĂƐƐƉ͘ E ĚŝƐƚƌŝďƵƟŽŶ͖ĚĞƉĞŶĚŽŶĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐŶŽ ůŽŶŐĞƌǁŝƚŚŝŶEZs ŝĐŝŶĚĞůĂĨƵůŐŝĚĂ ĐƌŝŵƐŽŶƐĂůƞůĂƚƟŐĞƌ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŶĞĞĚƐƉĞĐŝĂů ϰ dŝŐĞƌĞĞƚůĞƐ ǁĞƐƚďŽƵƌŶĞŝ ďĞĞƚůĞ͕ǁĞƐƚď͘ƐƐƉ͘ d,Z ƌĞƐŽƵƌĐĞƐ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ŝĐŝŶĚĞůĂŚŝƌƟĐŽůůŝƐ ŚĂŝƌǇͲŶĞĐŬĞĚƟŐĞƌ ϱ dŝŐĞƌĞĞƚůĞƐ ŚŝƌƟĐŽůůŝƐƐƐƉ͘ ďĞĞƚůĞ E> ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ ŝĐŝŶĚĞůĂŚŝƌƟĐŽůůŝƐ ŚĂŝƌǇͲŶĞĐŬĞĚƟŐĞƌ ŚĂďŝƚĂƚĚĞŐƌĂĚĂƟŽŶ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚ ϲ dŝŐĞƌĞĞƚůĞƐ ƌŚŽĚĞŶƐŝƐƐƐƉ͘ ďĞĞƚůĞ E ĚŝƐƚƌŝďƵƟŽŶ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚŝŐŚůǇ ϳ dŝŐĞƌĞĞƚůĞƐ ŝĐŝŶĚĞůĂůĞƉŝĚĂ ŐŚŽƐƚƟŐĞƌďĞĞƚůĞ d,Z ůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ŝĐŝŶĚĞůĂůŝŵďĂƚĂ ƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚŝŐŚůǇ ϴ dŝŐĞƌĞĞƚůĞƐ ŶǇŵƉŚĂ ƐĂŶĚǇƟŐĞƌďĞĞƚůĞ E ůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ŝĐŝŶĚĞůĂŵĂĐƌĂŝĐŝŶĚĞ ƐĂŶĚǇƐƚƌĞĂŵƟŐĞƌƐĂŶĚǇƐƚƌĞĂŵƟŐĞƌǇ ϵ dŝŐĞƌĞĞƚůĞƐdŝŐĞƌĞĞƚůĞƐ ŵĂĐƌĂŵĂĐƌĂ ďĞĞƚůĞďĞĞƚůĞ ^W^W ŚŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶŝŐŚůǇůŽĐĂůŝǌĞĚͬƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ ŝĐŝŶĚĞůĂƉĂƚƌƵĞůĂŝĐŝŶĚĞůĂ ŶŽƌƚŚĞƌŶďĂƌƌĞŶƐŶŽƌƚŚĞƌŶďĂƌƌĞŶƐ ϭϬ dŝŐĞƌĞĞƚůĞƐdŝŐĞƌĞĞƚůĞƐ ƉĂƚƌƵĞůĂƉĂƚƌƵĞůĂ ƟŐĞƌďĞĞƚůĞƟŐĞƌďĞĞƚůĞ ^W^W ƌƌĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐĂƌĞ͕ǀƵůŶĞƌĂďůĞͬĚĞĐůŝŶŝŶŐŚĂďŝƚĂƚ͖ŚĂďŝƚĂƚůŽƐƐ ŝĐŝŶĚĞůĂƐƉůĞŶĚŝĚĂŝĐŝŶĚĞůĂƐƉůĞŶĚŝ ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ͖ŚŝŐŚůǇůŽĐĂůŝǌĞĚͬƉ ϭϭ dŝŐĞƌĞĞƚůĞƐdŝŐĞƌĞĞƚůĞƐ ĐǇĂŶŽĐĞƉŚĂůĂƚĂĐǇĂŶŽĐĞƉŚĂůĂƚĂ ƐƉůĞŶĚŝĚƟŐĞƌďĞĞƚůĞƐƉůĞŶĚŝĚƟŐĞƌďĞĞƚůĞ ^ ^WW ƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶƌĞƐƚƌŝĐƚĞĚĚŝƐƚƌŝďƵƟŽŶ

DŝŶŶĞƐŽƚĂ͛ƐtŝůĚůŝĨĞĐƟŽŶWůĂŶϮϬϭϱͲϮϬϮϱ ϭϱ ĞĞƐ

^ƚĂƚĞ &ĞĚĞƌĂů ƌŝƚĞƌŝĂ;ƐƚƌĞƐƐŽƌƐĂŶĚůŝĨĞͲŚŝƐƚŽƌǇƚƌĂŝƚƐͿ dĂǆĂ ^ĐŝĞŶƟĮĐŶĂŵĞ ŽŵŵŽŶŶĂŵĞ ƐƚĂƚƵƐ ƐƚĂƚƵƐ

ƌƵƐƚǇƉĂƚĐŚĞĚǇƉ ĞǆƚĞŶƐŝǀĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĞǆƚĞŶƐŝǀĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶ ϭ ĞĞƐĞĞƐ ŽŵďƵƐĂĸŶŝƐŽŵďƵƐĂĸŶŝƐ ďƵŵďůĞďĞĞďƵŵďůĞďĞĞ E>E> ĐĂƵƐĞĐĂƵƐĞ ƐŚƚŽŶĐƵĐŬŽŽ Ϯ ĞĞƐ ŽŵďƵƐďŽŚĞŵŝĐƵƐ ďƵŵďůĞďĞĞ E> ŶĞĞĚƐƉĞĐŝĂůƌĞƐŽƵƌĐĞƐ;ŚŽƐƚƐƉĞĐŝĞƐͿ ǇĞůůŽǁďĂŶĚĞĚǇ ĞǆƚĞŶƐŝǀĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĞǆƚĞŶƐŝǀĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶ ϯ ĞĞƐ ŽŵďƵƐƚĞƌƌŝĐŽůĂŽŵďƵƐƚĞƌƌŝĐŽůĂ ďƵŵďůĞďĞĞďƵŵďůĞďĞĞ E>E> ĐĂƵƐĞĐĂƵƐĞ ŐŽůĚĞŶŶŽƌƚŚĞƌŶŐŽůĚĞŶŶŽƌƚŚĞƌŶŐ ĞǆƚĞŶƐŝǀĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶĞǆƚĞŶƐŝǀĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶ ϰ ĞĞƐ ŽŵďƵƐĨĞƌǀŝĚƵƐŽŵďƵƐĨĞƌǀŝĚƵƐ ďƵŵďůĞďĞĞŽƌďƵŵďůĞďĞĞŽƌ E>E> ĐĂƵƐĞĐĂƵƐĞ ǇĞůůŽǁďƵŵďůĞďĞĞǇĞůůŽǁďƵŵďůĞďĞĞ ŵĞƌŝĐĂŶďƵŵďůĞ ĞǆƚĞŶƐŝǀĞƐƵƌǀĞǇƐŝŶĚŝĐĂƚĞĂĚĞĐůŝŶĞŽĨƵŶŬŶŽǁŶ ϱ ĞĞƐ ŽŵďƵƐƉĞŶƐǇůǀĂŶŝĐƵƐ ďĞĞ E> ĐĂƵƐĞ

DŝŶŶĞƐŽƚĂ͛ƐtŝůĚůŝĨĞĐƟŽŶWůĂŶϮϬϭϱͲϮϬϮϱ ϭϲ AppendixM.BenchmarkingStudySurvey

DakotaCountyNRMSPBenchmarking–SurveyQuestions

1. Whatarethetotalacresofparksandprotectedlandsinyouragency?

2. Whatarethenumbersofparks(andprotectedlands)?

3. Whataretheacresofundevelopedandnaturalland?(Percentage/estimateisokay.Alternatively, providetheacresofcampgroundsanddevelopedfacilitiessowecanextractthenumber.)

4. Howmanyacresofundeveloped/naturalacresaremanagedfornaturalresourcequality(e.g., monitoring,controllinginvasives,prescribedburns)?(Percentage/estimateisokay).

5. Howmanyacresofthefollowinglandcovertypesarenatural/undeveloped? (Ifotherlandcoverclassificationsareavailable,pleaseprovidethesewiththeacressoAEScanconvert totheclassificationsbelow.) a. WoodedLands: b. NonͲnativeGrassland: c. NativeorPlantedPrairie: d. LakesandPonds: e. NonͲforestedWetlands:

6. Whatwastheagency’stotalbudgetfornaturalresourcesmanagementefforts(including restoration)? a. 2015: b. 2014: c. 2013:

7. Whatarethepercentageswithinnaturalresourcesmanagementbudgetforthefollowingcategories? (Ifthistakestimetoextract,AEScanextractnumberiflink/filetoapubliclyavailablenaturalresource budgetisprovided.) a. FTEstaff%: b. Contracts%: c. Temporarystaff%: d. Equipment%: e. Other%:

8. Whataretheresourcemanagementbudgetsources2014? a. Levy%: b. Grants%: c. Earnedrevenues%: d. Other%:

9. Staffing:HowmanyFulltimeEquivalentStaffisemployedinresourcemanagementefforts?(This includesallstaffpermanentlyhiredbytheagencytoworkwithnaturalresourcesintheofficeandfield.) 10. Volunteers(fillintablebelow): a. Doestheagencyhaveanactivevolunteerprogram?(Y/N): b. Howmanyvolunteerhoursandvolunteershastheagencyusedinthethreemostrecentyears? c. Howmanystaffhourswereusedtocoordinatevolunteers(2013,2014,2015)?

2013 2014 2015 Volunteerhours Numberofvolunteers Staffhours

11. Doesyouragencyhavenaturalresourcesmanagementplans(Y/N)? a. Ifyes,pleaseattachthefileorprovidelinktothisreport(ifavailableforthepublic).

12. Doesyouragencyusepartnershipstomanagenaturalresources(Y/N)?(Ifthisisprojectspecific, pleaselistthemostcommonpartnership)

Partner: TypeofPartnership:

13. PrivatelyOwnedLands a. Doesyouragencyhaveaconservationprogramtoprotectnaturalresourcesonprivatelyowned lands?(Y/N): b. Doesyouragencyprovidetechnicalassistanceand/orfinancialsupportfornaturalresources managementefforts?(Y/N): c. Pleasedescribebriefly:

Thankyou! Ifyouhaveanyquestionsaboutthesurvey,pleasecalloremail:

IngridPaulsen DougMensing ScienceIntern ProjectManager,SeniorEcologist 952Ͳ447Ͳ1919Ext.8# (952) 447Ͳ1919Ext.2# [email protected] [email protected] AppendixN.TechnicalAdvisoryCommitteeMeetingSummariesandParticipants

TACMEETING#1

NRMSPTechnicalAdvisoryCommittee(TAC) MeetingSummaryandComments February24,2016

Participants: DakotaCountystaff:AlSinger,KurtChatfield,MikeLynn,ScottHagen,TerryVikla, MeghanManhatton,andRachelCrownhart Consultants:DougMensing(AES),StewartCrosby(SRF),CarolynDindorf(FCI)and NancyMulhern(FCI) TechnicalAdvisoryCommittee:JoeBeattie,SueBetzler,WendyCaldwell,Mae Davenport,BobFashingbauer,LeeFrelich,Larry Gillette,MarkHenry,AveryHilebrand,RonMeador, TomLewanski,BeccaNash,AdamRobbins,Wayne Sames,DanShaw,NancySchumacher,Steve Thomforde,JenniferVieth,BradBecker

I. WelcomeandIntroductions DakotaCounty(DC)staffͲͲJoeWalton(JW)andAlSinger(AS)ͲͲopenedthemeeting.Consultant staffandDCstaffintroducedthemselves,andthenmembersofthetechnicaladvisory committee(TAC)didthesame.

II. NRMSPPurposeandGoals JWandDougMensing(DM)ofAppliedEcologicalServices(AES)reviewedthepurposeandgoals oftheproject.

III. FindingstoDate APowerPointpresentationwasshownduringthemeetingthatincludedthefollowing: DMdiscussedthepreliminaryresultsoftheresourceinventoryandassessment.Theinventory andassessmentofCountylandsiscompleted.Theidentificationofnaturalresourceneedsand prioritiesisunderway.Slideswithspreadsheetsshowinglandcoverclassificationsandpark characteristicsweresharedwiththeTAC. DMstatedthat52%ofpubliclandisbeingmanaged,and29%ofprivatelandisbeingmanaged. Thesearehighvalues.SomeexamplesoftheCounty’smanagementprogramsthatwere mentioned:buckthornremoval,creationofbufferzone,restorationworkintheTamarack swamp,andrestorationofprairieareas. DMrespondedtoaquestionbyaffirmingthatmostofthisworkwasdonebyrelyingonexisting data.ATACmembersuggestedusingimportantbirddatabasesaswell. TheCommunicationsPlanincludesaNRMSPFactSheet,WebPageontheDCsite,alistserv with3,500membersand3openhouseevents.EachphaseoftheNRMSPwillincludereviewbythePlanning CommissionandCountyBoard. DMnotedthattherewouldbeafiveͲyearimplementationplananda20Ͳyearplan.TheCounty planstodevelopnaturalresourcemanagementplansforeachoftheCounty’sparksbasedontemplates preparedaspartoftheNRMSPprocess.DMalsopresentedthepreliminaryresultsofthe benchmarking.Theagenciesusedtobenchmarkare:ThreeRiversParkDistrict,AnokaCounty, WashingtonCounty,DuPageCounty(Illinois),PolkCounty(IA),andDaneCounty(WI). CarolynDindorf(CD)ofFortinConsulting(FCI)reportedonthewaterresourceinformation compiledsofar.TherearesevenwatershedsintheCounty.Mostofthelakesandwetlandsarein thenorthwestpartofDakotaCounty.Theinventoryincludespublicwaters,56lakes,andlarger wetlandbasinsand55streamreaches.ASreportedthatmorethan90%ofthewetlandsinthe Countyhavebeenlostduetodraininganddevelopment. CDnotedthatwaterqualitydatawasobtainedfromvarioussourcessuchastheCounty, MinnesotaPollutionControlAgency,DepartmentofNaturalResources,citiesandwatershed organizations.MajorissuesfacingtheCounty’swaterresourcesareatthewatershedlevel,such asmercury,andmoresitespecific,suchasaquaticinvasivespecies,excessivevegetation, nutrientpollution,andsedimentationinshallowlakes.WarmingtemperaturesincoldͲwater troutstreams,groundwaterquantityandqualityissueswerealsomentioned. StewartCrosby(SC)ofSRFreviewedthesurveyresults,highlightingthedemographicchanges expected,e.g.agingpopulations,greaterdiversity.MultiplesurveysdonebyDChavebeen reviewedsothatinformationcanbecombinedforthisproject.SCreportedthatresidentswant accesstoparksandopenspace,includingnaturallandscapes.SCmentionedthatproperty valuesincreasenearopenspaceandparks.Controlofaquaticinvasivespeciesandrestoration ofnativehabitatswerealsohighlyfavoredbysurveyrespondents.

IV. InputonIssuesandPriorities FourgroupswereformedtoreviewanddiscussthefivequestionspreparedbyDCandtheconsultants. Thegroupsthengatheredtogetheraftermeetingasindividualgroupsandhighlightsoftheir Commentswerepresented.Belowarethehighlightssharedbyeachgroupduringthemeeting:

1. WhatwouldyouemphasizeasimportantnaturalresourcerestorationandmanagementneedsinCounty parks,greenwaysandeasements? Responsesincluded:importanceofconnectivity,fundingandstaffingconcerns,moresupport fromtheCountythroughtheeasementprogram,communicationofCountyactivities, sustainability/climatechange,respectforthenaturalevolutionoflandscapes,andseekingout therootcausesofAISindifferentlocales.

2. HowcouldtheCountyestablishanddevelopprioritiesforworkingonnaturalresourcerestorationand managementinCountyparks,greenwaysandeasements? Responsesincluded:resourceͲbasedpriorities,recognitionthatprioritieswillbedifferentfor differentCountylands,evaluatingthevalueofactivitiessuchasbuckthornremoval,possibility ofcreatinga“model”exampletoextendtootherparks,makesuretogetbiggestbangforthe buck,importanceofcompletingaproject/havinglongͲtermgoalswithactivities,creationofcorridorsas steppingstonesforwildlifeprotection,lookforopportunitiesthataccruemultiplepublicbenefits.

3. Doesthecurrentsystemplanapproachmakesense?Anygaps? Responsesincluded:makesureallcommunitiesarereachedtogiveinput,usefocusgroups, reachthosewithoutanaturalresourcebackgroundandeducate,lookforgrantfunding,use additionaldatasets(suchasthoseforbirds),lookforhighqualitylandwiththepotentialfor acquisition,don’tforgetaboutthevalueofvisualresources(viewsheds).

4. AnysuggestionsontheCommunicationPlan? Responsesincluded:targetcommunicationtowardolderresidentsandmulticulturalgroups, placingbothpermanentandtemporaryinterpretivesignage,presenttocommunitygroups, presentatCountyandStateFairandtoorganizationssuchastheMasterGardenerprogram, explainthatnaturalareasstillneedtobemanaged,usespecificspeciessuchasMonarch butterfliestogenerateinterest,getlegislatorsandtownshipofficialsinvolved 5.Identifynewideas,techniques,results,research,successesandfailures,etc.regarding managementandrestoration Responsesincluded:notethattransitioningecosystemscanhavedownsidessuchasthe exampleoflosinggrasslandspecieswhenrestoringBigWoodsecosystemandnotgainingan equivalentnumberofreplacementspeciesordiversity,whatcanbeusedasafirebreakforAIS, useofgrazinganimalsformanagement,emphasizepartnershipssuchaswithvolunteersand nonͲgovernmentgroups,biomassharvestingtodropnitrogenlevelslowenoughtominimize invasivessuchasbuckthorn 6.“WhatmessageaboutnaturalresourcerestorationandmanagementdoyouwanttheCountytohear today?” AttendeesnotedthatKudostoCountytobringtogethereveryone Longtermfinancialcommitmentandhowtoachieve? ASreportedonnewCountyLegacyfund,setasidemoneyfromlandfilloperations, Minimumstandardvs.goldstandard—wewillneedtoselectoptionsfor5Ͳyearplan Ifthere’sagapininfo/data,gogetitifitisvital Education,websiteorflyer,goodsignage–shouldstatewhatisecologicallysignificantabout thearea.“Themoredeeplyyouunderstandit,themoreyouappreciateit.” Getout“prideofplace”attitude,thisiswhattheCountyisdoing Otherteachers(science)asaresource V.NextSteps A.CommunicatingAdditionalInformation B.UpcomingpublicmeetingswillbeheldonMarch7and8 C.SummaryofNextProjectPhasesͲaquicksummaryofthenextstepswasprovided.Principles,Vision andconceptoptionswillbeunderwayduringtheApriltoAugusttimeframe.Thepreferred planoptionswillbeunderwayfromAugusttoDecember. D.NextTACmeetingisexpectedtooccurinMay NotesfromSmallGroupDiscussions Question1:Whatwouldyouemphasizeasimportantnaturalresourcerestorationandmanagementneedsin Countyparks,greenwaysandeasements? x Collectingdataonvegetationandwildlife x Connectivity x Don’tconcentrateononlyonespecies.Takeamorecomprehensiveapproach x Buffernaturalareastoreducefragmentation x Invasivespeciescontrol/removalonlandandinwater x Staffinganddedicatedfunding x Volunteerandoutreach x Maintainingandcreatingnewpartnerships x Connectiontosurfaceandgroundwaterresources x Makesureweareconnectingyouthtonature x Don’tbiteoffmorethatwecanchew x Findgapsinourrecords.Datashouldbereconciledwithexistingdatasets(e.g.BirdAtlas) x Easements 9 Bestpracticesforrestorationusingcurrentscience 9 Examplesofsuccess 9 “Perpetualenhancement”philosophy 9 Connectlandownerstoresources 9 Thefirststepisoverwhelming–fearofnothavingasuccessfulprojectkeepslandownersfrom beginningrestoration x EnsurelongͲtermfunding–Maintenanceisthemostimportantpart. x CommunicationsaboutRestoration 9 Letthepublicknowwhywe’reremovingtrees,etc. 9 Engageparkusersintherestoration x HabitatFragmentationisabigissue:Weneedtoconnectparcelsandcreatelargertracts x Question:Towhatleveldowerestore?Answer:Toa“sustainable”level x InvasiveSpecies:determiningwhythesespeciesbecameinvasiveoriginally:shadetolerant,nitrogen reliant,pastlanduse,etc. x Isaprojecttechnicallyfeasible?Affordable?Scientificallyprobable?Sustainable? x Needtoconsidertheeffectsofclimatechangeinthelongterm:20,30,40+yearsinthefuture x Questions:“Shouldtheselandsevenberestored?”Aretheythesameastheywere200yearsagoorare theychanging/changedtoomuch? x Alternatively,weshouldworkonestablishingfunctionalecosystemsevenifitdoesnotrepresentthe historicnativeplantcommunity. x Needtomakepeopleawareoftheserestorationprojectsandencourageparticipationinnatural resources x Establishingpartnershipswithallagenciesinvolved

Question2:HowcouldtheCountyestablishanddevelopprioritiesforworkingonnaturalresourcerestoration andmanagementinCountyparks,greenwaysandeasements?Whatarethemostimportantfactorsthat shouldbeconsidered? x Startwithintactareasandexpandoutward x MakesuretherearespecificlongͲtermmanagementgoals x Completingrestorationsinareasbeforemovingontothenext x Sizeofthesite x Focusonprotectedlandsfirst x Valueasrelatedtowaterresources x Rarefeaturesandtheircorridors x Haveenoughsteppingstones 9 Ifyoucan’trestoreorprotectavastcorridor,makesuretherearepocketsofprotectedareas between x Costeffectiveness/abilitytoapplyforandreceivegrantfunding x Prioritizeinventory x Intrinsic,nonͲutilitarianvalue x Rarespecies #1Globallyimperiled #2Locallyimperiled x Haveaplanandfollowit x Getthegreatestbangforourbuck x What’stoocriticaltoignore?Whatissueswill“blowup”iftheyaren’tmanagedinatimelymanner x Managingfordiversityvs.asingleimportantspecies(wedon’tknowthebestapproach) x Theprioritiesofeachparkwillvarydependingontheamenitiestheparkoffersthepublic x Knowingwhatthepublicwantswithineachpark x WherewillyoureachthemostpeopleandhowdoweestablishmorebuyͲinfromthecommunities aroundthepark. x Arewegoingtoloseanativelandscapeforever?Ifso,thatshouldbethefocus x Canwereallycontrolbuckthorn?Isitworththemoneyandtimeinvolved? x Wherecanourmoneybethemostbeneficial? x Let’s“showcase”placesintheCountyandpromotethesehighqualityareaswiththemessagethatthe restofourparkscanlookthisgoodandbethishealthy. x Connectwithpeoplewhonormallydonotfamiliarizethemselveswithnaturalresourcesbycreating moreopportunitiesfor“ownership”andengagement.Willthenextgenerationbeas“into”Natural Resourcesasthecurrentone?Weneedtomakesuretheyare. Question3:DoesthecurrentPlanapproachmakesense?Anygaps? x Lookformultiplebenefits/waterquality x Strivefordiversityinplantcommunitytocreatefoundationforwildlifediversity x Providingwildlifecorridorsalongroads x Makesureall(native)communitiesareaddressed x Establishfocusgroups x MakesurethereissecuredfundingforNRmanagement x Grantapproaches x Privatelandsandneighboringlands(easements) 9 Moreresources/supportneeded 9 Easementownerswanttoseemodelsofsuccessonothereasements 9 RestorationcostͲsharing x Prioritizelandsthataren’teasementsthatarehighpriority 9 IDtheseparcels 9 Movetoprotectthem x Existingdatasetsneedtobeincorporated(IBA,BreedingBirdAtlas) x ServicelevelacrosstheCounty 9 AreallpartsoftheCountybeingserved(forexamplethereisnotalotofparklandinthe southwestpartofCounty) x Morediscussionastotheimplicationsofclimatechange,not5yearsbut20yearsandmore. x Arethereanyagency“turfwars”takingplaceforthisplan? x Peopleneedtobeabletotranslatewhattheyareseeing/experiencingintheCounty’snaturalareasand realizethesepracticescanbeappliedtoandrelatedtothelandtheyownandcarefor. x Cantheseparksservethepublicbesidesprovidinghiking/walkingtrails?(e.g.cattlegrazingandusing milktomakecheese,growingfood,etc.) x Don’tforgetprotectingthevisualattributesattheCountyparks(oftenunderappreciated)Cantrailsbe builttohelpsharetheseviews(Miesville)?(butdosoinanenvironmentallyfriendlyway) x Keepcoordinatingwithotheragenciesbothhorizontallyandverticallyandalsowithsurrounding counties. Question4:AnysuggestionsontheCommunicationPlan? x TakeadvantageofwellͲlikedspecies(i.e.monarchs)togainpublicsupport x Usedemonstrationsites x Letpeopleknowwhattheycandoontheirownland

x Letpeopleknowthatnaturallandsneedtobemanaged,notonlyrestored x Setexpectations x MakesuretoreachouttononͲparkusers 9 Findoutwhythey’renotusingthepark x Moreoutreachinthecommunities 9 Gotocommunitygroupsandgivepresentations 9 Usepartnershipsinordertocompletethistask x UseCountyFairforoutreach x Usecitizenambassadorsandlakeassociationstocommunicatewiththepublic x Use“Master”NaturalistsandGardenersPrograms x Surveyparkuserswhentheyareinthepark x Recognizethattherearedifferentlandethicsfromdifferentculturalperspectives x FaceͲtoͲfacecommunicationiseffective(e.g.,festivals) x MarketingthegoodworkthatCountydoesisalmostasimportantasdoingthework x Schoolsandmultilingualcommunications x Avenuesforcommunicating: 9 Online(butpeoplewithoutcomputersareputoffbythat) 9 OnͲsiteinterpretivesignage o Morethanjust“Prairierestorationinprogress.”MoreinͲdepth.Angledinterpretive panelswhentheprojectiscompleted. 9 ListserviswellͲdone 9 Citynewslettersmightbeagoodwaytocommunicateaboutprojects x Reachouttoschoolsandpeopleinthecommunityand: 9 Educatepeopleon“whatamIseeinginthispark”. 9 Whyisthisworknecessary? 9 Howdoesitaffectmeandwhydoesitmatter. x Locallegislatureneedstobeinvolvedalongwithtownshipofficials.GetthesepeopletobuyͲintothis projectandgainfundingsupport

Question5:Identifynewideas,techniques,results,research,successesandfailures,etc.regarding managementandrestoration. x Workingtogetherwithotherorganizationstoidentifymorevendorsforgrazing x Largerpartnerships x Afterinvasiveremovalhastakenplace,haveaplanfortheestablishmentofnativevegetation 9 Knowwhatnativespeciescompetewiththeinvasivesyouaretryingtocontrol x Neverstopimprovingdiversity 9 Duringarestoration,don’tjustseedinthebeginningoftheproject.Makesurethatyou continuetotakestepstocreateahighlydiversehabitat x Partnerships!Theyaren’tjustagoodthing,they’reneedediftheworkisgoingtogetdone 9 Volunteers 9 Professionals(WashingtonConservationDistrict,etc.) x Identifynewideas,techniques,results,research,successesandfailures,etc.regardingmanagementand restoration. x Receivethelatestresearchcomingoutonecosystems x Researchtheimpactsofhayingonnitrogenreplacementandnitrogendecreaseinsoils.Herbivoresand plantsaredirectlyrelatedandevolvedtogether. x Getgoats/cows/bison/cattle….let’smakecheese! x FromtheBenchmarkingcities;pickthebestpracticesofwhattheyaredoingandwhatdothey recommendweshouldbedoinginourowncounty?

TACMEETING#2 Participants: x LeeFrelich x SueBetzler x TravisThiel x JoeWalton x WayneSames x MeghanManhatton x ConnieFortin x BeccaNash x AveryHildebrand x KitElstadͲHaveles x DougMensing x SarahFoltzJordan x JenniferVieth x JoeBeattie x ScottHagen x KarenSchik x NancyDuncan x LarryGillette x TerryVikla x MacCafferty x DanShaw x NancySchumacher x KurtChatfield x SteveThomforde x CarolynDindorf Principles T&MAl&RM&MC&S Responses 1 2 3 4 Score Comments Redundant x x 2 Combine12&13.Combine16&8. Toomanyandsome Group1madearecommendationforretainingordeletingeachof needtobedeleted x 1 theprinciples(seenotes). Theyareright,buttoo Group2thought"overall,thesesaretherightprinciples,buttoo many x 1 manyͲͲcutto10orless". Couldcondense x x 2 Theyarejustright x 1 Onepersonsaidthisingroup1. #13clarifyconnectivityforwhom?Wildlifenothumans.Change NeedtobereͲworded x x x 3 to"habitatconnectivity". Itdoesn'talwaysworktohavean"umbrella"planforallparksand Somethingwrong x 1 habitatsConsiderͲͲifflexibilityitsnecessaryisimportanttore introducewhendealingspecieswithinareasrarespecies.of extirpation.PlasticityneedstobepartofitͲͲcanadapttochange inecosystem.Shouldbeusefultomakedecisionsalltheway downtoprojectlevel.Shouddrivemanagementdecisions. Vegetation,water,andwildlifearemissing.Evenifprinciplesare good,wemustseekcommitmentfromelectedofficials;investin longtermmaintenance;communicationandeducation(actionand Youaremissingsome x x x x 4 outcome). ShouldbereͲ Startwithfourmaincategoriesandhavesubpointsundereath organized x 1 these; gy g y responsibletopreserve,protect,andconserve.Adjacentlands arenotproperlymanagedforwildlifecorridorsͲͲcreates"islands" butstillneedtoprotect.ShouldsaypreͲsettlement"conditions" Other x x 2 not"veg". Vision Responses 1 2 3 4 Score Comments ThisversionimpliesthattheCountyisalreadygreat,whereas#2 LikedVision1best x 1 stateswhattheCoutnyistryingtoachieve. Good,butsurprisedbytheword"cost".Isthework"all"theright word?Says"willmanage"butnotwhatwillhappen.Missing "longͲterm"commitment.Regionallyoutstandingdoesnotmean much.Delete"eyeoncost"."All"isanimpossibletask.Change "willlead"tosay:"strivestoleadbyexample"(bothpresentand LikedVision2best x x x 3 future). Didn'tlikeeither vision 0 "Initsstewardshipofnaturalresources,DakotaCountywilllead byexampleandmanageitsparks,greenways,andeasements, despiteenvironmentalchange,sothatwater,vegetation,and Likedahybridofthe wildlifearehealthy,diverse,andresilient,anditseffortare visions x 1 understoodandsupportedbyresidents,andarealegacyfor Likedadifferent Differentwording:"DakCostrivestobe…";resourcesinthe vision x 1 Countyshouldbe….." Howwillwemanage:e.g.,"wewillmanagebyanecological Missingsomething x x 2 basis…"

Approaches Responses 1 2 3 4 Score Comments Justright 0 Makessense x 1 Whatdoes"bufferallshoreland"specificallymean?Thegoal shouldbethehighestlevel,buthastheabilityto"fallback"onthe Fundamentallevelataminimum.Include"waterquality"aspect Needtobereworked underFundamental.Useimprovementsaspublicedopps.Better orreworded x x x 3 natresinterp. Needtobescrapped andstartover 0 MakesurebasicsarecoveredwithFundamentalmodel.Includein Fundamentaltheresourcemostpeopleuse.Consideradding someoftheoverarchinggoalsintothegrid.Breakdownintomgt Needminor levelsthroughoutallofthemanagedland(mightbemorecost adjustments x x x 3 effectivethan"secondlevel"systemwide). Thiswillworkatasitespecificlevel,notsystemwide.Onesize Somethingwrong x 1 doesnotfitall. WhatdatadowehaveonvegetationfornonͲnaturalsystems? Triage,andmakesureyou"treat"higherlevelsystems.What fundinglevelsareattachedtoeachmodel?Mentionfunctioning ecosystemandfoodchainsinthegrid."Keystone"ecosystems. ConservationeasementsͲͲmakesuretheyareaccountedfor.Tech supportonprivateproperty.Putinvestmentintoeasedareas. Missingsomething x x x 3 Needsexamplestobeunderstoodcompletely(mapping?). WhatareweaddingwitheachstepupfromFundamentalthrough HighestQuality?Willthethreemodelsbeselectivelyappliedto parks,greenways,andeasements,sothatthebestfitoccursas Didn'tunderstand x 1 betweenmodelandnaturalresource? IstheredifferentlevelofbuyͲin?MakecleartotheCB:sitebased applicationofthesefundinglevels;atabareminimum,apply Comments x x 2 fundamentalleveltoallparks.

Goals Responses 1 2 3 4 Score Comments Righton 0 Missingsomethingin IDprioritiesofprotectionineachparkͲͲrecreationvsscenicviews general x x 2 vsrareplants,etc.Haveaspecificgoalinvolvingscenary. Missingsomething: Fundamental x 1 Missingearlydetectionofinvasivespecies. Missingsomething: Add"floodplain"hydrologyandmovetoFundamental. MissingImportantsomething: x x 2 Parthnershipswillbeimportantwhenworkingoutorour HQ x x 2 Betterdefinethresholdlevel. Themorepeopleequalsmorestressonnaturalresources.Saythis Needsclarification, better:"haying"asanaturalprocess.Removetheword"all"from reworking x x x x 4 allofthegoals. Needstobescrapped 0 Sometimesyoumaywanttojustleaveanareaaloneeventhough Newapproachto isisfullofimpactfulinvasivespeciesbecauseitsnotworththe consider x 1 fight,itmightbebettertofocusmoreintentlyonanotherarea. TACMEETING#3 Participants: AveryHilebrand ConservationMinnesota WayneSames DNR,retired JenVeith CarpenterNatureCenter MarkHenry DCAS JoeBeattie HastingsHighSchool LarryGillette TRPD,retired LeeFrelich UofMN TravisThiel VermillionRiverJPOandDakotaCounty TomLewanski FMR NancyDuncan NPS KurtChatfield DakotaCounty MaryJackson DakotaCounty JohnStelzner DakCoSWCD BobFashingbauer MNDNR BradBecker DakotaCounty CurtCoudron DakCoSWCD SteveHobbs TheConservationFund PaulBockenstedt Stantec AnnMesserschmidt CityofLakeville WileyBuck GreatRiverGreening BeccaNash MinnesotaAquaticInvasiveSpeciesResearchCenter NaturalResourceManagementSystemPlan(NRMSP) TACMeetingMinutes February8,20172:00–4:00p.m. MeetingLocation:14955GalaxieAvenue,AppleValleyMN MeetingAttendees: x DakotaCountystaffͲAlSinger,MikeLynn,JoeWalton,MaryJackson,MeghanManhatton,ScottHagen, KurtChatfield,BradBecker,TravisThiel,andJessicaWyatt(intern) x ConsultantsͲDougMensing(AES),CarolynDindorfandConnieFortin(FCI) x TACMembersͲ17inattendance(seesigninsheet) WelcomeandIntroductions2:00p.m. AlSingerwelcomedeveryonetothemeetingandeveryonebrieflyintroducedthemselves. ProjectUpdate JoeWaltonprovidedanupdateontheplan. Walton–wearenowinthepreferredoptionsphaseoftheNRMSP.Hewentthroughpresettlementconditions vs.present.Theplancoversthreeareas:parks,greenwaysandeasements. Waltonsummarizedgeneralconditionsofparks. VegetationFindings:46%predominantlynonͲnative,6%native,26%mixofnativeandnonͲnativeand22% openwaterorother.Landcovermajorityisforest,mostlyoakwhichhaveahighrestorationpotential. WaterResourceFindings:atableidentifyinganumberofdifferentproblems(e.g.AIS,sedimentation,water

quality),affectedwildliferesourcesandamountaffectedwerediscussedandfoundinsomeormostsurface watersintheparks WildlifeFindings:atableidentifyingmanagementissues(e.g.fragmentation,lossofpollinators),affected wildliferesourcesandamountaffectedwasshown. EasementFindings:109easements(AgandNaturalareas)on9,302acresͲeasementsarevaluedand landownersareinterestedinmanagement.~30%ofnatural/openareasaremanagedbylandownersnow GreenwayFindings:threetypes:Urban,suburban,rural.Currentlyhave64milesofgreenway.Minimal maintenanceisconducted ParksFindings:4700natural/openspace.27%ismanagednow;~75%willbemanagedinnearfuturethrough 2022

BenchmarkingͲWaltonpresentedasummaryofthefindingsfromthebenchmarkingstudy.WellͲestablished programsareaheadoftheCounty’s.DakotaCountyprogramisyoungbutcatchinguptootherprograms.Grant fundshaveincreasedavailableresources.TheCounty’sgreenwaysystemisthemostextensiveofalltheother peeragencies.Easementsonprivatelandsareunique.

Waltonhandedmeetingovertotheprojectconsultant,DougMensingfromAppliedEcologicalServices

MensingdiscussedPhaseIII:Principles,Vision,GoalsandApproaches PhaseIIIincludesvettingtheprinciples,visionandgoalsformanagingnaturalresources.Theplangoalswere establishedtosetapathforreachingthevision.

TheNRMSPprojectwasintegratedwiththeVSSOP(VisitorServices….)whichwasbeingconductedatthesame timeasthisproject.Thereare5sharedprinciplesbetweenthetwoprograms:1.Balance,2.Buildappreciation, 3. Stewardshipbenefits,4.Synergy,5.Communityengagement

NRMSPPrinciples TheNRMSPVisionwentthroughseveraliterations.Thefinalversionwasreadtothegroup. Managementwasbrokendowninto5categories:1.ParksVegetation,2.Parkswater,3.Parkswildlife,4. ConservationEasementsand5.Greenways.

Fourprinciplesfornaturalresourcemanagementwereidentified.

TheVisionis:Thewater,vegetation,andwildlifeofDakotaCountyparks,greenways,andeasementswillbe managedtoconservebiodiversity,restorenativehabitats,improvepublicbenefits,andachieveregionally outstandingquality,nowandforfuturegenerations.

Goalswereestablishedforeachofthe5categories.Thegoalsalsoincludemonitoringtodeterminecurrent conditionandtomeasureprogress,whichcanbeusedforadaptivemanagement.

PotentialFunding Alistofpotentialfundingsourceswaspresented.Itincludedvarioussourcessuchasgrantsandotheragency partnerships.DakotaCountyhasalargeEnvironmentalLegacyFund(fromlandfillfees).Lastyearpartofitwas dedicatedforenvironmentalpurposes. ReviewofPreferredApproachandImplementationPlan Foreach5categories,tableswithtieredactivitieswerecreated.Theseweredevelopedbasedongoals (consideringinputfromTAC)anddiscussionwiththeCountyBoard.Mensingbrieflysummarizedthese activitieswithinthetwotiers. Tier1–1st5yearsofactivities,areaandroughcost.A5yearperiodwaschosenasitwillbethebasisfortheir5 yearCIP. Tier2–years6Ͳ20 Piechartsofaprojectedvegetationmanagementconceptwerepresentedforeachtier.Underthisconcept,at theendof20years,about74%ofthelandwillberestored,23%stabilizedandonly2%notmanagedinthe parks. Tablespresentingprograms/activities,acresandcostswerebrieflyshownbytierforeacharea:Vegetation, Waterresources,andWildlifemanagementintheparks;ConservationeasementandGreenwaymanagement. MensingbrieflypresentedthebigNRMSPfiveyearsummarytableoftheplancomponents,revenueestimates forrestoration/improvementsandmaintenance.Theestimatedfiveyeartotalroughcostwas$12.8million(32% willbeprovidedbyCounty).Annualized,itwouldbe2.6millionperyear. OncetheygettheNaturalResourceManagementPlans(NRMPs)foreacharea,theycanbemorestrategicin theirwork.AcurrentlakestudyonLebanonHillsRegionalParkwillhelpclarifywaterresourceprojects. Mensingaskediftherewerequestions: Therewereacoupleofquestions. Question1:WhywaslessdedicatedtoMesicforestsconsideringclimatechange(moremaybemesicinthe future).LeeF.statedtheyshouldplantasmanynativespeciesastheycan.LaterthisyearLeewillhavesome moreinformationthatmaybehelpfulbasedonastudyheisdoing. Question2:Willtherebearankedlistofprojects(prioritized)sothatiftheCountydoesn’tgetallthemoney needed,theycanusethelisttopickpriorityprojects? Singerresponded.ThefundinggapisexpectedtobefilledbyCountyfunds.They’vecategorizedprojectssothey dothe“nobrainer”projectsfirst,whereaNaturalResourceManagementPlan(NRMP)isnotneeded.After theydeveloptheindividualNRMPsthoseplanswillincludeprioritizedlists. SmallGroupDiscussions Mensingintroducedexpectationsforthesmallgroupdiscussions Waltondiscussedsomemonitoringtheyaredoing:VegetationͲPhotomonitoring,releve’,transectstousefor baselineconditions. WildlifeͲtargetingcertainspeciestheyknowareintheparksͲturtlesinWhitetailwoodsandLebanonHills, nativebeesinallbutThompsonPark,coverboardsforreptilesandamphibians,smallmammaltraps,trail cameras.

CommunicationsandEngagementͲtheywillbeworkingwiththeCountyCommunicationDepartment.They meetmonthlywiththemandcoordinatevolunteerevents.Waltonthinkstheyneedtodoabetterjobof communicationaboutthenewplans.

VolunteersͲMeghanManhattondoesmostofthevolunteerorganizingworkfornaturalresourcemanagement. Shesummarizedherworkwithvolunteers.In2016theyhad2600volunteerhours.Theyprovidetwohour training.Approximately70%oftheworkwasdoneatLebanonHillsRegionalPark. EasementsͲaremonitoredannuallyeitherbysitevisitoraerial Greenways–novolunteerworkormonitoringisdone

TheTACbrokeintothreegroupsfordiscussionofpreparedquestions.Eachgroupmetanddiscussedeachofthe threesetsofquestions.Thethreegroupswere: 1. MeasuringOutcomes/SuccessͲfacilitatedbyDougMensing,AES 2. VolunteersͲfacilitatedbyCarolynDindorf,FCI 3. Communications/EngagementͲFacilitatedbyConnieFortin,FCI

CountystafftooknotesoftheTACinput.Thesesummarizesareattached. Followingthebreakoutsessions,eachfacilitatorreportedbacktothegrouponsomehighlights.TACmembers werethankedfortheirinput.Summariesoftheinputforeachtopicwillbetypedupandincludedasan attachmenttotheminutes.

Discussion Mensingaskedforanyfinalquestions. Singeraskedthegroupacoupleofquestions: 1. HowcantheworkthattheCountydidincreatingthissystemplanbeofbenefittoyou? 2. Howwouldyoujudgethattheplanisbeingimplementedsuccessfullyinthreeyears?Whatwouldthat looklike? SeveralTACmembersofferedresponsestoquestion2.Whatwouldsuccesslooklike? x GettheCountyBoardtoprovidetheresourcesneeded(politicalwilltomoveforward).Singer commentedthathebelievedtheBoardiscommittedtothisproject. x GettinggrantfundsͲindicatesthatthefundersbelievethisisworthinvestingin x OtherorganizationscomingtotheCountyforadvice x Gettingbuyinfromthepublic x Volunteerhoursincreasedramatically

TheCountywillsharethetemplateswiththecities.Maybethecitiescanshareequipment,staff,etc.Thecities couldincludethetemplatesintheircompplan.Thecommentwasmadethattheywouldneedthemverysoon todothis.

SingerthankedtheTACfortheirparticipationandinput.

WrapUpandNextSteps Waltonsummarizedthenextsteps TheplanwillbecompletedandwillgobeforethePlanningCommissioninFebruary TheplanwillgobeforetheCountyBoardinMarch PublicreviewwilltakeplaceinMarch/April

PlanningCommissionagainthesecondquarterof2017 TheyhopeforBoardadoptioninMay2017 ThequestionwasaskediftheTACshouldcommentontheplanduringthereview.Theanswerwasthatany commentsfromtheirorganizationswouldhelp. Themeetingendedatabout4:00p.m. MinutespreparedbyCarolynDindorf,FortinConsulting,Inc. SmallGroupSummaries

MeasuringOutcomes/Success Group1 Whatdoyoumeasure? x Generalvegetationcover(%cover) x Acresofrestoredareas x Acresburned x Birdspecies/wildlife x Waterclarity x Chemicalandbiologicalwaterquality x Relativequalityofnaturalresources

Howdoyoudefine/measuresuccess? x Lookatpresence/absence x Lookatwhatshouldbesomewherebutisn’t x Lookatsurveysovermanyyearsinsamelocation x Visitorsatisfaction(toapoint) x Lookataerialphotography

Methodsforrecordingdata x Consistency–recorddatathesamewayovermanyyearsinordertocompare x Photoplots x Consistentmethodology x UseSWCDcoding x Ebird

Group2 Whatdoyoumeasure? x Grantdemands x Acresofinvasiveremoval x Remnantinventories x Consistentbirdsurveys x Quantifyeffortandtrackit x Acresundermanagement x Dollarsspent/acre x Numberofplantsinstalled x LegacyandLCCMRmonitoringprotocols(Thesearebeingdeveloped) x Goodbaselinedata x Prioritizingprojectsandgoals x Phosphorus,Nitrates,etc. x Loadingvs.concentration x Permanentvegetationplots x Moresmallerplotsinwoodlandsandforests x Payspecialattentiontospecificspecies

Howdoyoudefine/measuresuccess? x Qualityandlongevity x Lookatcommonindicatorspecies

Methodsforrecordingdata x Makesureyouaredescribingwhatyoudid x Havedetailedmetadata x Keeppaperrecordsoratleastscanthemintothecomputer x Projectmanagementsoftware

Group3 Whatdoyoumeasure? x Keyindicatorwildlifespecies x Consistentmonitoring x PreͲtreatmentsurveys x Baldeaglecontaminantsurveys x Frogandtoadsurveys x Informationsharing o Findoutwhatotherrelevantsurveyshavebeenalreadyconductedinthearea x Richness/Diversity/Abundance x Surveyfornaturalregeneration

Howdoyoudefine/measuresuccess? x Diversityovertime x Progressionfrombaselinedata x Lookatcoverclasscodesovermultipleyears x Meandersearch

Methodsforrecordingdata x Datasharing x Datarepositories

Volunteers

#1.Whousesvolunteers? 4of7Group1 4of8Group2 4of4Group3 #2.Whohasvolunteercoordinators?Anyonecontractoutvolunteercoordinationtopartners? 3of7,allFT,nopartners 2.5of8,DNRFT,othersasͲneededinadditiontootherroles VermillionJPOcontractswithFMR GRG=2FTEs,3Rivers=3FTEs Activities Invsppmgmt. Planting Monitoring: ͲFMR–protocolfororchidsandmonarchs ͲAIS–monitoring/reporting(EDDMapS) Ͳwetlands–WHEPatColdwater ͲAIS–monitorsuccessoftreatments,somehandpulling ͲBreedingbirds Trailmonitoring Seedcollection,trashcleanup,burning,allkinds,planting,phonecallingforevents,communityconservation teams Restoration–“deepengagement”(GRG)–planting,seeding.Endresultshouldlookgood,accomplishments shouldbevisible Researchprojects RemoteParks(howtogetvolunteersouttoremoteparks) Publicizewhat’sspecial/unique FMRhastroublegettingDCresidentsouttoremoteparks(WWRP).TheygetalotofpeoplefromtheCitieswho are?seekingamorerural/unique/remoteexperience? Consideramenities/facilities PaulBockensted–CityofRosevilleͲVolunteerStewardshipNetwork: Decentralized VolunteersinformdecisionͲmaking Vegmgmt.andCitSci(frogsandtoads,bluebirds) Getthewordout–whyisitamazingandwhyshouldvolscare? Providetransportation?Lunch/water–sponsors? GiveͲaways–tͲshirts ProvideaprogramatLHRPtotellpeoplethatweneedhelpÆbuildexcitement Keepthemengagedthroughouttheprocess Workthroughothernonprofitpartnerstoreach–MRPR=birders,biketrailusers LinkeventstoanallͲdaytriptomakeit‘worththetrip’–SheldonTheater? RecruitinGoodhueCounty–peopledon’tcarewhichcountyaneventisin Uniqueexperience–bigͲpicture/tieͲin/coolplants Findalocalleadertohelprecruitrestofcommunity Socialaspect–peoplewillcometoseetheirfriends Localizedrecognition–buildcommunityaroundspecificparks Differentdemographicswantdifferentthings–seniors=lunch,families=shorttimeframe WorkedWell Educationalcomponent PeoplewanttoseeandbepartoftheBigPicture

Wildlifesurveysareabigdraw Onlineandclassroomtraining(AIS) Certifications Accesstoresearchers Empowercoregroups–givethemdecisionͲmakingpower,leadstoincreasedbuyͲinandengagement TͲshirtsandotherincentives WatershedCleanupDay(Lakeville) Ͳannualevents ͲkidͲfriendly Ͳfun,withgiveaways Halfdayisbetterthanalldayevents Learnfromsuccesses Plantingevents Volunteersliketoseetheirresultsin5years Professionalvolunteers–jobdescriptions,etc MasterWaterSteward–higherlevelsofrecognition Volunteerappreciation–dinner,passesforrecreation,friendlycompetition Peoplelike“stuff”ͲSeedgiveaway? Geocaching–leveragethiscommunity Saythankyouoftenandinmultipleways Provideenrichmentopportunities Buildcommunity Don’toverlookpeoplewholivenexttoaparkoruseagreenwaydaily–engagethemopportunisticallytohelp getyourworkdone GRG–offerdifferentlevelsofengagement,don’tburnoutyoursupervols,Beclearwithgoals,measuring outcomesisdifficultandanecdotal Rewardwithalectureonatopicofinterest–valueadded,“insider”knowledge

Didn’twork Toomuchrepetitionintasks AdoptͲaPond–toomuchneighborhoodturnover NonͲglamorousjobs/thingsthey’vedonealotof Don’ttakeontoomuch–projectshouldbemanageableforvolunteers,leadtolongtermresults

VolunteerSupervisors NPSͲCrewLeaders FMRͲSuperVolunteers Yes.Givethemresponsibility Basedonabilities/age Vetted–i.e.Passatesttodoabirdsurvey GRGhas4tiers:Generalvolunteer,Supervisor,Sitemonitor,Sitesteward

Communication CommunicationMethodstoInformthePublicaboutNaturalResources OverallcommentfromfacilitatorͲForpubliccommunicationtheyallseemedtoagreethemorethebetter;you cannotoverdoyourcommunicationefforts.

Group1

OrganizationName Works Doesn’tWork CNCDon’tgetupset Postcards Weather–residentialyardsigns Sitevisits Quotes/advicefromexperts ThreeͲRiversParkDistrict SemiͲAnnualnewsletter(mail) FollowͲupwithlocalized GRGEmailnewsletter Socialmedia(Facebook,Twitter,etc) Nohardcopynewsletter Pressreleases Fliers Preparedstatements DakotaSWCD Electronicnewsletter(1/4),factsheets Nohardcopy Individualmeetings Focusedmailings(snailmail) UMN,FLP,CLP(LoringPark) Website,socialmedia SemiͲannualnewletter(paper,withgreatarticles) Group2 OrganizationName WorksDoesn’tWork NPSSocialMediaWebsite Newsletterviaemail News/pressreleases DakotaSWCD Facebook Cities*newsletters MASRCVideosandpictures Funnyquizzes Socialmedia(FB,Twitter) EͲnewsletter Lakeassociations=multiͲgeneration (articles,newsletter–electronic) Openhouseatlocations FMRSocialMedia* StantecSocialMedia Newsletterviaemail Videosandpictures Funnyquizzes Lakeassociations Openhouseatlocations Nextdoor,Citywebsitesandblogs

DoorͲknocking,leavingfliers

HastingsHighSchool Socialmedia(Vine,Snapchat,InstagramIMAGES,Facebook,Twitter)

Group3 OrganizationName Works Doesn’tWork P. Easement Humaninterest Email Pictures Papernewsletters LocalNewspaper Phonecalls Website(easilyaccessible)

LegacyP&TAdvisory Brochure(4pgs)includesfundingsummary (DNR,MC,G.MNP) ͲOfferedatparks,frontdesk,etc ͲNomailings Littlefactcard(towebsite,etc)

CMN Positivemessaging–whatdoyoucareabout?! Targetedmarketing–Twitter,Facebook,email(leasteffective)

DNR Website

Lakeville Videosorpictures Twitter,Facebook Newsletters Emailthosewhohavecomebefore Wordofmouth Handoutsatevents

TCF Makeitpersonal(Website,blog,socialmedia) Letters(email,paper)

PublicEngagement PublicEngagementMethodstoEngagethePublicinNaturalResourceActivity OverallcommentfromfacilitatorͲFromapublicengagementperspectiveIheardmuchagreementonmakethe eventsuccessful,donotcancelit,makeaplanBincaseofweatherandmakeplanBsuccessful.Successful oftenmeanttheyaccomplishedsomethingmeaningfulandthattheywerethanked/feltappreciated.

Group1 OrganizationName Action Methodsthatwork: LP Volunteergardeningdays Postcard

CNC Buckthorn OneͲonͲoneask Food Champion*(universitystudents) Volunteerswag(ex.tͲshirt) Justposting

DakotaSWCD Champion* Registration GRGPostcard OneͲonͲoneask Food Champion*(universitystudents) Volunteerswag(ex.tͲshirt) Justposting Registration Celebrationelement (Ex.sameday,thankyoulater, “BeersforBuckthorn”) Visualsatisfaction Meaningful Ag.Society InvasiveManagement Levelsofengagement onEasements Grouppartners(SWCD,4H,Pheasants4ever) Fairoutreach ThreeͲRiversParkDistrictVolunteeroffice Recognition Group2 PublicEngagementMethodstoEngagethePublicinNaturalResourceActivity OrganizationName ActionMethodsthatWork: HastingsHighSchool Restoration(prairie,wetland) Extracredit Education* Alumni WordͲofͲmouth Connectiontoindustry Stantec Restoration, Wildlifemonitoring Info/educational Food/swag(freeappreciated) MARSC LakeAssociationMonitoring Education Ownership PlayonselfͲmotivations NES AdoptͲaͲsite Coregroupofvolunteers Hours=levelofreward/prize Rangeroutwiththem(connectiontoindustry) NEWIDEAS: Facebook,buildastory Calltoaction–communicatealternative Group3 PublicEngagementMethodstoEngagethePublicinNaturalResourceActivity

OrganizationName Action MethodsthatWork: ConservationMN LHRP Beingconsistent Engagelocally Geteventfeedback

CF Familyevent,BatDay Bigevents,expectfun Don’tcancel–havePlanB

Lakeville EarthDayCleanͲup Fun,bugevents,celebration Rewards(tͲshirts)

Buckthorn Showphotos(before&afterproject) Email,poster(Visual)

Pnv.Easement GirlScoutEvents/H4H School=kids=parents Repeatingcalendarschedule (sopeoplecometoexpect) HaveaPlanB(nodisappointment,don’tlet weatherruinevent) !PPENDIX/

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RE: Dakota County Draft NRMSP Report

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11.3.1.7. Implementing the Natural Resource Management System Plan - Develop a New Private Sector Funding Program

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11.3.2.3.Implementing the Natural Resource Management System Plan - Work with Partners to Protect and Manage Areas Outside of Parks that Benefit Park Waters.

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4100 220th Street West, Suite 102 | Farmington, MN 55024 | (651) 480-7777 | www.dakotacountyswcd.org

PARTNERS IN LAND AND WATER CONSERVATION

11.3.2.4.Implementing the Natural Resource Management System Plan - Water Management - Collect Baseline and Trend Data

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www.mda.state.mn.us >4 *'&)2%%'&*8$"-")*',)*2 &42#$2 Good Morning Joe, I really enjoyed reading the draft NRMSP document. There is a lot of great information and guidance that will help shape the future NRMPs and land stewardship actions. I know you put a lot of effort into this and should be commended for it. I had a few suggestions to offer. I thought the draft was bland and dated from a style and format perspective. The figures were hard to read in many instances. I suspect this will be improved with the conversion to InDesign. Some of the statements in the document seemed like they would have a reference. The list of references was extensive but for some of the interesting points made in the document I was looking to find out where they came from. Again, in a good way, I am interested in finding out more info on the topic. Take care, Jason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Rank(General GuidelinesforAssigningRanks Quality) Noevidenceofecologicallydisruptivedisturbanceorevidenceofappropriate disturbance(e.g.,singletreedeath,fireinfireͲrequiringecosystem).Species richnessishighforthetypeofecosystemandspeciesofmaturevegetation A(Excellent) conditionsarepresent(e.g.,uncommonspecies).Wetlandsystemsexperience littleincreaseordropinwaterlevelregardlessofrainfallamount;generallythe watershedhaslessthantenpercentagriculturalplusdevelopedlands,orrunoff iscontrolledtopreͲdevelopmentlevels. Someevidenceofecologicallydisruptivedisturbanceorsomeindicationof appropriatedisturbance.Speciesrichnessmaybehighforthetypeof ecosystem,butsomeweedyandinvasivespeciesarepresentandexpected B(Good) uncommonspeciesareabsent.Wetlandsystemsexperiencesomeincreasein waterlevelswithlessthan1inchofrainfall;generallythewatershedhas10Ͳ20 percentagriculturalplusdevelopedlands,orrunoffismostlycontrolledtopreͲ developmentlevels. Evidenceofecologicallydisruptivedisturbanceisobvious,orlittleevidenceof appropriatedisturbanceisseen.Speciesrichnessismoderatetolowforthe type,fewuncommonspeciesarepresent.Weedyandinvasiveplantsare C(Fair) evident,butdonotdominateanyvegetationlayer.Wetlandsystems experienceanoticeableincreaseinwaterlevelsafterlessthan1inchofrainfall; generallythewatershedhasmorethan20percentagriculturalplusdeveloped lands,orrunoffispartiallycontrolledtopreͲdevelopmentlevels. Severelyalteredbyecologicallydisruptivedisturbanceornoevidenceof appropriatedisturbance.Speciesrichnessislowforthetypeofecosystemand uncommonspeciesareabsent.Weedyandinvasivespeciesarealargepartof thebiomassinoneormorevegetationlayers(e.g.,completebuckthorn D(Poor) coverageintheshrublayer).Wetlandsystemsexperiencelargerisesandfalls inwaterlevelswithlessthanoneinchofrainfall;thewatershedhasmorethan 25percentagriculturalplusdevelopedlandsandrunoffnotcontrolledtopreͲ developmentlevels. Norankisneededbecausethelandcoveriscultural(agriculturalland,coolͲ NR(NotRanked) seasonhaymeadowand/ordeveloped) Note:Intermediaterankscanbeassignedforarangeofquality,e.g.,A/B,C/D.