Coaldale, County of

Water. Water Everywhere Coaldale, County of Lethbridge WƌĞƉĂƌĞĚLJ͗

ůǀŝŶZĞŝŶŚĂƌĚ&ƌŝƚnjƌĐŚŝƚĞĐƚ/ŶĐ͘ ϱϴϬϭϭƐƚǀĞŶƵĞ^ŽƵƚŚ >ĞƚŚďƌŝĚŐĞ͕ůďĞƌƚĂ dϭ:ϰWϰ

ƌŽǁŶŝŶŐ,ŽƌƌŽĐŬƐ'ŽůĨĞƐŝŐŶ/ŶĐ͘ ^ƵŝƚĞϭϬϯ͕ϵϬϮͲϵǀĞŶƵĞ^ ĂůŐĂƌLJ͕ůďĞƌƚĂ dϮ'Ϭ^ϰ

ĂŶĂĚŝĂŶůĞĂŶtĂƚĞƌdĞĐŚŶŽůŽŐŝĞƐ/ŶĐ͘ ϭϴ͕ϭϭϰϭϬͲϮϳ^ƚ͘^ ĂůŐĂƌLJ͕ůďĞƌƚĂ dϮϯZϲ

ĂǀŝĚŵŽƐΘƐƐŽĐŝĂƚĞƐ>ƚĚ͘ ϱϳtŝůůŽǁĚĂůĞƌĞƐĞŶƚ WŽƌƚŽǀĞƌ͕KŶƚĂƌŝŽ EϬϭEϱ

͘͘tĂƚƚŽŶƐƵůƚŝŶŐ'ƌŽƵƉ>ƚĚ͘ ηϯϭϬ͕ϯϬϭϲͲϱƚŚǀĞŶƵĞE͘͘    ĂůŐĂƌLJ͕ůďĞƌƚĂ dϮϲ<ϰ

WůĂĐĞDĂŬĞƌƐ ϭϭϯϲϴƚŚǀĞ^t ĂůŐĂƌLJ͕ůďĞƌƚĂ dϮWϭ:ϱ

tĞƐƚŚŽĨĨŶŐŝŶĞĞƌŝŶŐZĞƐŽƵƌĐĞƐ/ŶĐ͘ ^ƵŝƚĞϲϬϭ͕ϭϬϰϬͲϳǀĞ͘^t ĂůŐĂƌLJ͕ůďĞƌƚĂ dϮWϯ'ϵ /Ed'Zds>KWDEd^dZd'z | III

džĞĐƵƟǀĞ^ƵŵŵĂƌLJ

>Eh^yhd/s^hDDZz ĂĐŬŐƌŽƵŶĚ dŚĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞ>ĞƚŚďƌŝĚŐĞΘŽĂůĚĂůĞƌĞŐŝŽŶĂůĂƌĞĂŚĂƐďĞĞŶĐŽŶƐƚƌŝĐƚĞĚďLJƚŚĞĂƌĞĂ͛ƐĨƌĞƋƵĞŶƚ ŇŽŽĚŝŶŐƉƌŽďůĞŵƐ͘dŚĞƉƌŝŵĂƌLJĨŽĐƵƐĂŶĚŵŽƟǀĂƟŽŶĨŽƌƚŚĞ/ŶƚĞŐƌĂƚĞĚĞǀĞůŽƉŵĞŶƚ^ƚƌĂƚĞŐLJŝƐĮƌƐƚƚŽƐŽůǀĞƚŚĞ ĂƌĞĂ͛ƐŇŽŽĚŝŶŐŝƐƐƵĞƐ͕ƚƵƌŶŝŶŐĂƐƚŽƌŵǁĂƚĞƌƉƌŽďůĞŵŝŶƚŽĂǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĂƐƐĞƚ͘dŚĞƌĞƐƵůƚŽĨƚŚŝƐǁŝůůŶŽƚ ŽŶůLJƉƌŽǀŝĚĞĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽƵƟůŝnjĞĂŶĚŵĂŶĂŐĞǁĂƚĞƌƚŽƚŚĞĂĚǀĂŶƚĂŐĞŽĨůŽĐĂůŝŶĚƵƐƚƌLJĂŶĚƌĞƐŝĚĞŶƚƐ͕ŝƚĂůƐŽƌĞͲ ůĞĂƐĞƐƉĞŶƚͲƵƉĚĞǀĞůŽƉŵĞŶƚƉƌĞƐƐƵƌĞƐ͕ƉĂƌƟĐƵůĂƌůLJŝŶĂŶƟĐŝƉĂƟŽŶŽĨƚŚĞĨƵƚƵƌĞĂŶĂŵĞdžĐŽƌƌŝĚŽƌ͘ƵƌƌĞŶƚůLJƚŚĞƌĞ ŝƐŶŽĐůĞĂƌƉůĂŶĨŽƌŚŽǁƚŚŝƐŐƌŽǁƚŚƐŚŽƵůĚƚĂŬĞƉůĂĐĞ͘ dŚĞ>ĂŶĚhƐĞĐŽŵƉŽŶĞŶƚŽĨƚŚĞ/^ƐĞĞŬƐƚŽƉƌŽǀŝĚĞĂŶŝŶŶŽǀĂƟǀĞ͕ŽǀĞƌĂƌĐŚŝŶŐƉůĂŶĨŽƌƚŚĞŽĂůĚĂůĞͬ>ĞƚŚďƌŝĚŐĞ ĐŽƌƌŝĚŽƌƚŽŵĂdžŝŵŝnjĞƐĞƌǀŝĐŝŶŐĞĸĐŝĞŶĐŝĞƐ͕ƉƌŽƚĞĐƚƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͕ƉƵƌƐƵĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŽƉƉŽƌƚƵŶͲ ŝƟĞƐ͕ĂŶĚŐƵŝĚĞƚŚĞƐƵƐƚĂŝŶĂďůĞŐƌŽǁƚŚŽĨƚŚĞƌĞŐŝŽŶ͘ WƌŽĐĞƐƐƚŽĂůĂŶĐĞ/ŶƚĞƌĞƐƚƐ dŽƐƚƌŝŬĞĂďĂůĂŶĐĞďĞƚǁĞĞŶƚŚĞŵĂŶLJĐŽŵƉĞƟŶŐƌĞŐŝŽŶĂůŝŶƚĞƌĞƐƚƐĂůŽŶŐƚŚĞ,ŝŐŚǁĂLJϯĐŽƌƌŝĚŽƌ͕ĂŵƵůƟͲĚĂLJƉƵďůŝĐ ǁŽƌŬƐŚŽƉ;ĐŚĂƌƌĞƩĞͿǁĂƐĐŽŶĚƵĐƚĞĚ͘'ƵŝĚĞĚďLJƚŚĞ^ŵĂƌƚ'ƌŽǁƚŚĂŶĚ^ƵƐƚĂŝŶĂďŝůŝƚLJWŽůŝĐŝĞƐĨŽƌƚŚĞŽƵŶƚLJĂŶĚ ƚŚĞdŽǁŶ͕ƚŚĞǁŽƌŬƐŚŽƉƉƌŽǀŝĚĞĚĂǀĞŶƵĞƚŽďƌŝŶŐŬĞLJƐƚĂŬĞŚŽůĚĞƌƐƚŽƚŚĞƚĂďůĞŝŶŽƌĚĞƌƚŽŚĞůƉƐŚĂƉĞĂŶŝŶƚĞŐƌĂƚͲ ĞĚƉůĂŶĂŝŵĞĚĂƚƚŚĞďƌŽĂĚĞƌŐŽĂůŽĨƌĞŐŝŽŶĂůĞĐŽŶŽŵŝĐŐƌŽǁƚŚ͘/ƐƐƵĞƐƚŚĂƚǁĞƌĞĂĚĚƌĞƐƐĞĚŝŶĐůƵĚĞ͗ ම dŚĞŝƐƚƌŝďƵƟŽŶŽĨ>ĂŶĚhƐĞƐ ම ŽŶƟŐƵŽƵƐŽƌƌŝĚŽƌ'ƌŽǁƚŚ ම DŽďŝůŝƚLJůŽŶŐ,ŝŐŚǁĂLJϯ ම dŚĞ&ƵƚƵƌĞKůĚ,ŝŐŚǁĂLJϯ ම ZĞƉŽƐŝƟŽŶŝŶŐƚŚĞƌŽdžďƵƌŶƵƐŝŶĞƐƐWĂƌŬ ම >ŽǁĞŶƐŝƚLJZĞƐŝĚĞŶƟĂůŝŶƚŚĞŽƵŶƚLJ ම dŚĞĂŶĂĚŝĂŶWĂĐŝĮĐZĂŝůŽƌƌŝĚŽƌ ම dŽǁŶ'ƌŽǁƚŚ dŚĞ^ƵďͲZĞŐŝŽŶĂůWůĂŶ dŚĞůĂŶĚƵƐĞƉůĂŶĂĚĚƌĞƐƐĞƐĚĞǀĞůŽƉŵĞŶƚĂƚĂŶƵŵďĞƌŽĨƐĐĂůĞƐ͘ƚƚŚĞ^ƵďͲZĞŐŝŽŶĂůƐĐĂůĞ͕ĂƌĂƟŽŶĂůĞƉƌŽǀŝĚĞƐĨŽƌ ĂŵŽƌĞƉƌĞĚŝĐƚĂďůĞ͕LJĞƚŇĞdžŝďůĞŽƵƚĐŽŵĞĨŽƌƚŚĞƐƵďƌĞŐŝŽŶĞŶĐŽŵƉĂƐƐŝŶŐƚŚĞ,ŝŐŚǁĂLJϯĐŽƌƌŝĚŽƌĞĂƐƚŽĨ>ĞƚŚďƌŝĚŐĞ ĂŶĚĂůůƚŚĞŇŽŽĚͲĂīĞĐƚĞĚĂƌĞĂƐŝŶĐůƵĚŝŶŐĂŶĚƐƵƌƌŽƵŶĚŝŶŐƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͘<ĞLJƚŽƚŚĞƉƌŽƉŽƐĞĚĐŽŶĐĞƉƚŝƐ ƚŚĞĐŽŶĐĞŶƚƌĂƟŽŶŽĨŐƌŽǁƚŚŝŶƚŽĚĞǀĞůŽƉŵĞŶƚĐůƵƐƚĞƌƐƐĞƚǁŝƚŚŝŶĂĐůĞĂƌƌĞŐŝŽŶĂůƐƚƌƵĐƚƵƌĞŽĨĐŽƌƌŝĚŽƌƐĂŶĚƉƌĞͲ ƐĞƌǀĞĚĂŐƌŝĐƵůƚƵƌĂůĐŽƵŶƚƌLJƐŝĚĞ͘ ^ƵďƌĞŐŝŽŶĂů^ƚƌƵĐƚƵƌĞ͗ŽƌƌŝĚŽƌƐ 1. ,ŝŐŚǁĂLJϯ͗dŚĞƉƌŝŵĂƌLJƐƚƌƵĐƚƵƌŝŶŐĞůĞŵĞŶƚŽĨƚŚĞƐƵďͲƌĞŐŝŽŶ͘ 2. ĂŶĂĚŝĂŶWĂĐŝĮĐZĂŝůǁĂLJŽƌƌŝĚŽƌ͗dŚĞĞdžŝƐƟŶŐƌĂŝůǁĂLJĐŽƌƌŝĚŽƌĐƌĞĂƚĞƐďŽƚŚĂǀĞŚŝĐƵůĂƌĐŽŶƐƚƌĂŝŶƚƚŽƚŚĞ ŶŽƌƚŚ͕ĂŶĚĂŶŽƉƉŽƌƚƵŶŝƚLJĨŽƌĂďƵƫŶŐŝŶĚƵƐƚƌŝĂůƵƐĞƐĂƐƌĂŝůƚƌĂŶƐƉŽƌƚďĞĐŽŵĞƐŝŶĐƌĞĂƐŝŶŐůLJĚĞŵĂŶĚĞĚ͘ 3. ĂŶĂŵĞdžΘ,ŝŐŚǁĂLJϯ͗ƐƚŚĞĂŶĂŵĞdžŝƐďƵŝůƚ͕ŝƚǁŝůůĐƌĞĂƚĞĂƐŝŐŶŝĮĐĂŶƚĐƌŽƐƐƌŽĂĚƐĂƚƚŚĞŝŶƚĞƌƐĞĐƟŽŶŽĨ ,ŝŐŚǁĂLJϯ͘tŚŝůĞƚŚĞƌĞƐƵůƚŽĨƚŚŝƐǁŝůůĂůůŽǁŵƵŶŝĐŝƉĂůĐŽŶƚƌŽůŽĨ,ŝŐŚǁĂLJϯ͕ŝƚĂůƐŽĚĞĮŶĞƐĂƚƌĂĸĐďLJƉĂƐƐ ĂƌŽƵŶĚďŽƚŚŽĂůĚĂůĞĂŶĚ>ĞƚŚďƌŝĚŐĞ͘ 4. dŚĞŽĂůĚĂůĞƌŽƐƐƌŽĂĚƐ͗ŬĞLJĐŽŶĐĞƉƚĨŽƌƚŚĞdŽǁŶ͛ƐŐƌŽǁƚŚƐƚƌĂƚĞŐLJ͕ƚŚĞŝŶƚĞƌĐŚĂŶŐĞƐǁŝƚŚƚŚĞ ĂŶĂŵĞdžĂŶĚ,ŝŐŚǁĂLJϯƌĞĂůŝŐŶŵĞŶƚǁŝůůĞŵƉŚĂƐŝnjĞƚŚĞŝŶƚĞƌƐĞĐƟŽŶŽĨŽůĚ,ŝŐŚǁĂLJϯĂŶĚ,ŝŐŚǁĂLJϴϰϱ;ϮϬƚŚ ^ƚƌĞĞƚͿĂƐĂŶŝŶĐƌĞĂƐŝŶŐůLJŝŵƉŽƌƚĂŶƚĐƌŽƐƐƌŽĂĚƐǁŝƚŚŝŶƚŚĞdŽǁŶ͘ ŝǀ ͮപ/Ed'Zds>KWDEd^dZd'z

5. ZĞŐŝŽŶĂůWĂƚŚǁĂLJ͗dŚĞƉƌŽƉŽƐĞĚƌĞŐŝŽŶĂůƉĂƚŚǁĂLJǁŝůůĐƌĞĂƚĞĂŶŝŵƉŽƌƚĂŶƚůŝŶŬďĞƚǁĞĞŶƚŚĞdŽǁŶŽĨ ŽĂůĚĂůĞĂŶĚƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͘ ^ƵďƌĞŐŝŽŶĂů^ƚƌƵĐƚƵƌĞ͗ůƵƐƚĞƌƐΘŽƵŶƚƌLJƐŝĚĞ ƐĂǁŝĚĞƐƉƌĞĂĚŚƵŵĂŶƉĂƩĞƌŶ͕ƚŽǁŶƐĂŶĚĐŝƟĞƐĞdžŚŝďŝƚĂŶŝŶŶĂƚĞǁŝƐĚŽŵŽĨ͞ĐůƵƐƚĞƌŝŶŐ͟ĚĞǀĞůŽƉŵĞŶƚĨŽƌĐŽůͲ ůĞĐƟǀĞďĞŶĞĮƚŽĨƐŽĐŝĂůŝŶƚĞƌĂĐƟŽŶ͕ĐŽŵŵĞƌĐĞ͕ĞĸĐŝĞŶƚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ŝĚĞŶƟƚLJ͕ĂŶĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ͘Ƶŝůƚ ŽŶƚŚĞĨƌĂŵĞǁŽƌŬŽĨƚŚĞƌĞŐŝŽŶĂůĐŽƌƌŝĚŽƌƐ͕ƚŚƌĞĞĚŝƐƟŶĐƚĚĞǀĞůŽƉŵĞŶƚĐůƵƐƚĞƌƐĂƌĞŝĚĞŶƟĮĞĚĂůŽŶŐƚŚĞŚŝŐŚǁĂLJϯ ĐŽƌƌŝĚŽƌ͘dŚĞƐĞŝŶĐůƵĚĞƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚĐŽŶƟŐƵŽƵƐŽƵŶƚLJĚĞǀĞůŽƉŵĞŶƚ;ŶŽƌĞĐŽŵŵĞŶĚĂƟŽŶƐĂƌĞƉƌŽͲ ƉŽƐĞĚͿ͕dŚĞdŽǁŶŽĨŽĂůĚĂůĞƚŽƚŚĞĞĂƐƚ͕ĂŶĚďĞƚǁĞĞŶƚŚĞƚǁŽĂƚƚŚĞŝŶƚĞƌƐĞĐƟŽŶŽĨƚŚĞĨƵƚƵƌĞĂŶĂŵĞdžĐŽƌƌŝĚŽƌ͕ ĂƉƌŽƉŽƐĞĚ͞ŽƵŶƚƌLJŐƌŝĐƵůƚƵƌĂůͲ/ŶĚƵƐƚƌŝĂůĞŶƚƌĞ͘͟ DĂŝŶƚĂŝŶŝŶŐŽƵŶƚƌLJƐŝĚĞ <ĞLJƚŽƚŚĞĐůƵƐƚĞƌŝŶŐĐŽŶĐĞƉƚ͕ĂƌĂƟŽŶĂůĞŝƐĞƐƚĂďůŝƐŚĞĚƚŽŵĂŝŶƚĂŝŶƚŚĞĐĞŶƚƌĂůŽƵŶƚƌLJŐƌŝĐƵůƚƵƌĂůͲ/ŶĚƵƐƚƌŝĂůĞŶͲ ƚƌĞĂƐĂĨƌĞĞƐƚĂŶĚŝŶŐĐůƵƐƚĞƌƐĞƉĂƌĂƚĞĚďLJŝƚLJĂŶĚdŽǁŶďLJĂŶĂƚƵƌĂůͬĂŐƌŝĐƵůƚƵƌĂůŐƌĞĞŶďĞůƚ͘tŚŝůĞĐŽƵŶƚLJƌĞƐŝĚĞŶͲ ƟĂůŐƌŽǁƚŚŽƵƚƐŝĚĞŽĨƚŚĞĐůƵƐƚĞƌƐŝƐĚŝƐĐŽƵƌĂŐĞĚ͕ĂƐƚƌĂƚĞŐLJĨŽƌƐŵĂůůĞƌƌĞƐŝĚĞŶƟĂůĐůƵƐƚĞƌƐŝƐƉƌŽƉŽƐĞĚƚŽŵŝƟŐĂƚĞ ƚŚĞĞīĞĐƚƐŽĨůŽǁͲĚĞŶƐŝƚLJƌĞƐŝĚĞŶƟĂů͘ ŽƵŶƚLJŐƌŝĐƵůƚƵƌĂůͲ/ŶĚƵƐƚƌŝĂůĞŶƚƌĞWůĂŶ >ŽĐĂƚĞĚŵŝĚǁĂLJĂůŽŶŐƚŚĞ,ŝŐŚǁĂLJϯĐŽƌƌŝĚŽƌĂƚƚŚĞĐŽŶǀĞƌŐĞŶĐĞŽĨƚŚĞĂŶĂŵĞdžĂŶĚĂŶĂĚŝĂŶWĂĐŝĮĐZĂŝůǁĂLJ͕ ƚŚŝƐĐůƵƐƚĞƌƉƌŽŵŝƐĞƐƚŽďĞĐŽŵĞĂŶŝŵƉŽƌƚĂŶƚŝŶƚĞƌŵŽĚĂůŚƵďĨŽƌĂŐƌŝĐƵůƚƵƌĂůďƵƐŝŶĞƐƐĂŶĚŝŶĚƵƐƚƌŝĂůŽƉĞƌĂƟŽŶƐ͘ ƐĂŶŝĚĞŶƟĮĂďůĞĐůƵƐƚĞƌ͕ƚŚĞĂƌĞĂĐĂŶďĞŵĂƌŬĞƚĞĚĂŶĚĚĞǀĞůŽƉĞĚƚŽƚŚĞďĞŶĞĮƚŽĨƚŚĞŐƌĞĂƚĞƌƌĞŐŝŽŶ͘dŚŝƐĐůƵƐƚĞƌ ǁŽƵůĚŝŶĐůƵĚĞƌŽdžďƵƌŶƐĞƌǀŝŶŐĂƐĂŶŝŶƚĞŶƐĞďƵƐŝŶĞƐƐĐĞŶƚƌĞƚŽƚŚĞĐŽŵƉůĞŵĞŶƚĂƌLJƌƵƌĂůŝŶĚƵƐƚƌŝĂůƵƐĞƐƚŽƚŚĞ ŶŽƌƚŚĂŶĚƐŽƵƚŚ͘,ŝŐŚǁĂLJ^ĞƌǀŝĐĞĂƌĞĂƚŽƚŚĞŶŽƌƚŚĞĂƐƚŽĨƚŚĞƉůĂŶŶĞĚŝŶƚĞƌĐŚĂŶŐĞǁŽƵůĚƉƌŽǀŝĚĞĂǀĂƌŝĞƚLJŽĨ ŚŝŐŚǁĂLJĐŽŵŵĞƌĐŝĂůĂŶĚŽƚŚĞƌƵƐĞƐƚŽƚŚĞƚƌĂǀĞůŝŶŐƉƵďůŝĐ͘ ŽĂůĚĂůĞdŽǁŶWůĂŶ ZĞƐƉŽŶĚŝŶŐƚŽƚŚĞƚŽǁŶ͛ƐŐƵŝĚŝŶŐ^ŵĂƌƚ'ƌŽǁƚŚƉŽůŝĐLJ͕ƚŚĞ͞EĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚ͟ƉĂƩĞƌŶŝƐƉƌŽƉŽƐĞĚƚŽƐŚĂƉĞ ĂŶĚŐƵŝĚĞĨƵƚƵƌĞŐƌŽǁƚŚ͘DĞĂƐƵƌĞĚĂƐĂϱͲŵŝŶƵƚĞǁĂůŬĨƌŽŵĐĞŶƚĞƌƚŽĞĚŐĞ͕;ĂďŽƵƚĂƋƵĂƌƚĞƌƐĞĐƟŽŶŝŶƐŝnjĞͿ͕ ƚŚĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚĞƐƚĂďůŝƐŚĞƐĂŇĞdžŝďůĞ͕LJĞƚƉƌĞĚŝĐƚĂďůĞƉĂƩĞƌŶƚŽŐƵŝĚĞƐƵƐƚĂŝŶĂďůĞĨƵƚƵƌĞŐƌŽǁƚŚƵŶĚĞƌĂ ŶƵŵďĞƌŽĨŵĂƌŬĞƚĐŽŶĚŝƟŽŶƐ͕ĂŶĚŝƐƌĞƐƉŽŶƐŝǀĞƚŽĐŚĂŶŐŝŶŐĐŝƌĐƵŵƐƚĂŶĐĞƐ͘tŝƚŚƚŚĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚĂƐƚŚĞ ƉƌŝŵĂƌLJŝŶĐƌĞŵĞŶƚŽĨŐƌŽǁƚŚ͕ĂdŽǁŶŐƌŽǁƚŚƐƚƌĂƚĞŐLJƉƌŝŽƌŝƟnjĞƐĨƵƚƵƌĞŐƌŽǁƚŚĂƌĞĂƐĂŶĚƚŚĞůĞǀĞůŽĨĂĚŚĞƌĞŶĐĞƚŽ ƚŚĞŝĚĞĂů͞EĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚ͟ƉĂƩĞƌŶ͘ ŚĂƌĂĐƚĞƌŝƐƟĐƐŽĨƚŚĞ/ĚĞĂůEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚ͗ ම ŽŵƉĂĐƚ͗/ƚĚŽĞƐŶ͛ƚǁĂƐƚĞƐƉĂĐĞĂŶĚŝƐĂƚĂŶĂƉƉƌŽƉƌŝĂƚĞĚĞŶƐŝƚLJĨŽƌƐŽĐŝĂů͕ĞĐŽŶŽŵŝĐ͕ĂŶĚĞŶǀŝƌŽŶͲ ŵĞŶƚĂůƐƵƐƚĂŝŶŵĞŶƚ͖ ම tĂůŬĂďůĞ͗^ƚƌĞĞƚƐĂƌĞĐŽŶŶĞĐƚĞĚ͕ƚŚĞƌĞŝƐĂĚĞƐƟŶĂƟŽŶĨŽƌƉĞĚĞƐƚƌŝĂŶƐ͕ĂŶĚǀĞŚŝĐůĞƐĂƌĞďĂůĂŶĐĞĚǁŝƚŚ ƉĞĚĞƐƚƌŝĂŶŵŽďŝůŝƚLJ͖ĂŶĚ ම ŽŵƉůĞƚĞ͗dŚĞŶĞŝŐŚďŽƵƌŚŽŽĚŚĂƐĂƌĂŶŐĞŽĨ͕ůĂŶĚƵƐĞƐ͕ŽƉĞŶƐƉĂĐĞƚLJƉĞƐ͕ĂŶĚŚŽƵƐŝŶŐƚLJƉĞƐĂĐĐŽŵͲ ŵŽĚĂƟŶŐĂƌĂŶŐĞŽĨŝŶĐŽŵĞƐĂŶĚĂŐĞƐ͘ 'ƵŝĚŝŶŐdŽǁŶ'ƌŽǁƚŚǁŝƚŚƚŚĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚ͗ ම dŝĞƌϭ͗dƌĂĚŝƟŽŶĂůdŽǁŶĞŶƚƌĞ͗tŝƚŚĞdžŝƐƟŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝŶƉůĂĐĞ͕ƚŚĞƚƌĂĚŝƟŽŶĂůƚŽǁŶĐĞŶƚƌĞŚĂƐ ƚŚĞƚŽƉƉƌŝŽƌŝƚLJĨŽƌĨƵƚƵƌĞŐƌŽǁƚŚĂŶĚŝƐǁĞůůƐŝƚƵĂƚĞĚƚŽĂĐŚŝĞǀĞĂŶŝĚĞĂůŶĞŝŐŚďŽƵƌŚŽŽĚƵŶŝƚƉĂƩĞƌŶ͘ ම dŝĞƌϮ͗ƵƌƌĞŶƚůLJƉƉƌŽǀĞĚ^WƐDŽƌĞƌĞĐĞŶƚůLJĂƉƉƌŽǀĞĚĂƵƚŽŵŽďŝůĞͲŽƌŝĞŶƚĞĚƐƵďĚŝǀŝƐŝŽŶƐƐŚŽƵůĚďĞ ĐŽŵƉůĞƚĞĚ͕ďƵƚƐŚŽƵůĚďĞŝŶĐĞŶƟǀŝnjĞĚĨŽƌ^WĂŵĞŶĚŵĞŶƚƐƚŚĂƚĂůŝŐŶƚŚĞŵŵŽƌĞĐůŽƐĞůLJƚŽƚŚĞƉĂƩĞƌŶŽĨ ƚŚĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚ͘ ම dŝĞƌϯ͗/ŵŵĞĚŝĂƚĞhƌďĂŶdžƉĂŶƐŝŽŶ͗>ŽŐŝĐĂůĞdžƉĂŶƐŝŽŶďLJƚŚĞŝŶĐƌĞŵĞŶƚŽĨƚŚĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚ ďĂƐĞĚŽŶƚŚĞdŽǁŶ͛ƐŵĂũŽƌĐŽƌƌŝĚŽƌƐͲŝŶĐůƵĚŝŶŐƚŚĞdŽǁŶ͛ƐĐƌŽƐƐƌŽĂĚƐƉƌŽƉŽƐĞĚŝŶƚŚĞ^ƵďͲZĞŐŝŽŶĂůWůĂŶ͕ ƉƌŽdžŝŵŝƚLJƚŽĞdžŝƐƟŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚƐĞƌǀŝĐĞƐ͕ĂŶĚŽƚŚĞƌĨĂĐƚŽƌƐ͘ ම dŝĞƌϰ͗&ƵƚƵƌĞhƌďĂŶdžƉĂŶƐŝŽŶ&ƵƚƵƌĞĞdžƉĂŶƐŝŽŶďLJƚŚĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚLJĨŽůůŽǁŝŶŐƐƵďƐƚĂŶƟĂů ďƵŝůĚͲŽƵƚŽĨdŝĞƌϯ͕ŚĞůĚƚŽƚŚĞĨƵůůƐƚĂŶĚĂƌĚƐŽĨƚŚĞŵŽĚĞůEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚ͘ /Ed'Zds>KWDEd^dZd'z | V

ĚĚŝƟŽŶĂůdŽǁŶĞǀĞůŽƉŵĞŶƚ ම EŽƌƚŚĞĂƐƚ/ŶĚƵƐƚƌŝĂů͗dŚĞdŽǁŶ͛ƐŝŶĚƵƐƚƌŝĂůĚĞǀĞůŽƉŵĞŶƚƚŽƚŚĞŶŽƌƚŚĞĂƐƚŵĂLJĞdžƉĂŶĚĨƵƌƚŚĞƌƚŽƚŚĞ ŶŽƌƚŚ͕ĂŶĚƐŚŽƵůĚƉƌŽƚĞĐƚƌĂŝůĂĐĐĞƐƐ͘ ම EŽƌƚŚǁĞƐƚtĂƚĞƌDĂŶĂŐĞŵĞŶƚĞŶƚƌĞ͗ƵŝůĚŝŶŐĨƌŽŵƚŚĞĞdžŝƐƟŶŐŝƌĚƐŽĨWƌĞLJǁĞƚůĂŶĚƐĂƌĞĂ͕ƚŚĞ ŶŽƌƚŚǁĞƐƚƐĞĐƚŽƌǁŝůůďĞĂƐƵďͲƌĞŐŝŽŶĂůĐĞŶƚĞƌĨŽƌƚŚĞĂƌĞĂƐ͛ƉƌŽŐƌĞƐƐŝǀĞǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵ͘ dƌĂŶƐƉŽƌƚĂƟŽŶ džŝƟŶŐdƌĂŶƐƉŽƌƚĂƟŽŶEĞƚǁŽƌŬͲŽƌƌŝĚŽƌĂŶĚ^ƚƵĚLJƌĞĂ dŚĞĞdžŝƐƟŶŐƌŽĂĚŶĞƚǁŽƌŬŝŶĐůƵĚĞƐ͖ ම WƌŽǀŝŶĐŝĂů,ŝŐŚǁĂLJƐ͖,ŝŐŚǁĂLJϯ͕,ŝŐŚǁĂLJϰ͕,ŝŐŚǁĂLJϱϭϮĂŶĚ,ŝŐŚǁĂLJϴϰϱ͕ ම /ƚƐŚŽƵůĚďĞŶŽƚĞĚƚŚĂƚďŽƚŚ,ŝŐŚǁĂLJϯĂŶĚ,ŝŐŚǁĂLJϰǁŝƚŚŝŶƚŚĞ^ƚƵĚLJƌĞĂĨŽƌŵƉĂƌƚŽĨƚŚĞ EDydƌĂĚĞŽƌƌŝĚŽƌ͕ƚŚĞdƌĂŶƐƉŽƌƚĂƟŽŶŽƌƌŝĚŽƌĐŽŶŶĞĐƟŶŐĂŶĂĚĂ͕ƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͕ĂŶĚDĞdžͲ ŝĐŽ͘ ම >ŽĐĂů'ƌŝĚZŽĂĚ^LJƐƚĞŵ͖/ƚƐŚŽƵůĚďĞŶŽƚĞĚƚŚĂƚƚŚĞůŽĐĂůŐƌŝĚƌŽĂĚƐLJƐƚĞŵŝƐŶŽƚĐŽŶƟŶƵŽƵƐƚŚƌŽƵŐŚͲ ŽƵƚƚŚĞ^ƚƵĚLJƌĞĂ͘ ŶƵŵďĞƌŽĨƚƌĂŶƐƉŽƌƚĂƟŽŶŶĞƚǁŽƌŬƐƚƵĚŝĞƐŚĂǀĞďĞĞŶĐŽŵƉůĞƚĞĚĨŽƌƚŚŝƐĂƌĞĂŝŶĐůƵĚŝŶŐ͗ ම &ƵŶĐƟŽŶĂůWůĂŶŶŝŶŐ^ƚƵĚLJʹ&ƵƚƵƌĞ,ŝŐŚǁĂLJϰ/ŶƚĞƌĐŚĂŶŐĞǁŝƚŚdžŝƐƟŶŐ,ŝŐŚǁĂLJϯ͗ϭϬʹ&ŽĐƵƐƉƌŝů ϮϬϬϴ͕ ම ,ŝŐŚǁĂLJϯ͗ϭϬKƉĞƌĂƟŽŶĂůZĞǀŝĞǁͬ^ĐŽƉĞ^ƚƵĚLJͲ>ĞƚŚďƌŝĚŐĞƚŽŽĂůĚĂůĞͲDĐůŚĂŶŶĞLJŽŶƐƵůƟŶŐ^ĞƌǀŝͲ ĐĞƐ>ƚĚ͕͘DĂLJϮϬϬϰ͕ ම ,ŝŐŚǁĂLJEĞƚǁŽƌŬ^ƚƵĚLJ>ĞƚŚďƌŝĚŐĞƚŽŽĂůĚĂůĞʹ/>ŝŵŝƚĞĚ͕EŽǀĞŵďĞƌϮϬϬϵ͕ ම ,ŝŐŚǁĂLJϯ͗ϭϬʹ>ĞƚŚďƌŝĚŐĞƚŽŽĂůĚĂůĞ^ĞƌǀŝĐĞZŽĂĚEĞƚǁŽƌŬ^ƚƵĚLJʹ/^>ŶŐŝŶĞĞƌŝŶŐDĂƌĐŚϮϬϬϵ͘ /ŶĂĚĚŝƟŽŶ͕ůďĞƌƚĂdƌĂŶƐƉŽƌƚĂƟŽŶ;dͿŚĂƐĐĂƌƌŝĞĚŽƵƚĂ&ƵŶĐƟŽŶĂůWůĂŶŶŝŶŐ^ƚƵĚLJĨŽƌƚŚĞƌĞĂůŝŐŶŵĞŶƚŽĨ,ŝŐŚǁĂLJ ϰĞĂƐƚŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚĂ&ƵŶĐƟŽŶĂůWůĂŶŶŝŶŐ^ƚƵĚLJĨŽƌƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞEŽƌƚŚZŝŶŐZŽĂĚ͘ ZĞƐƵůƚƐŽĨĂŶĚƌĞĐŽŵŵĞŶĚĂƟŽŶƐŵĂĚĞŝŶƚŚĞĂďŽǀĞƐƚƵĚŝĞƐǁĞƌĞƵƐĞĚŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƉƌĞůŝŵŝŶĂƌLJƐŬĞůͲ ĞƚĂůƚƌĂŶƐƉŽƌƚĂƟŽŶŶĞƚǁŽƌŬĐŽŶĐĞƉƚĨŽƌƚŚĞ^ƚƵĚLJƌĞĂ͘ ĂƐĞĚŽŶƚŚĞƌĞƐƵůƚƐŽĨƚŚĞdƌĂŶƐƉŽƌƚĂƟŽŶ^ƚƵĚŝĞƐĂŶĚƌĞǀŝĞǁŽĨƚŚĞůŽŶŐƚĞƌŵƉůĂŶƐĨŽƌƚŚĞĂƌĞĂ͕ƚŚĞĨƵƚƵƌĞůŽŶŐ ƚĞƌŵƐŬĞůĞƚĂůŶĞƚǁŽƌŬǁĂƐŝĚĞŶƟĮĞĚĨŽƌƚŚĞĂƌĞĂĂŶĚŝƚŝŶĐůƵĚĞƐ͖ƚŚĞĞdžŝƐƟŶŐƚƌĂŶƐƉŽƌƚĂƟŽŶŶĞƚǁŽƌŬ͕ƚŚĞƉƌŽƉŽƐĞĚ ƌĞĂůŝŐŶŵĞŶƚŽĨ,ŝŐŚǁĂLJϰĞĂƐƚŽĨƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͕EŽƌƚŚZŝŶŐZŽĂĚĂŶĚƚŚĞƉƌŽƉŽƐĞĚĂĐĐĞƐƐƐĐŚĞŵĞƐĨŽƌ ,ŝŐŚǁĂLJϯ͕,ŝŐŚǁĂLJϰĂŶĚEŽƌƚŚZŝŶŐZŽĂĚǁŝƚŚŝŶƚŚĞĐŽŶĮŶĞƐŽĨƚŚĞ^ƚƵĚLJƌĞĂ͘ ĐĐĞƐƐDĂŶĂŐĞŵĞŶƚ dŚĞƚƌĂŶƐƉŽƌƚĂƟŽŶŶĞƚǁŽƌŬŝŶƚŚĞ^ƚƵĚLJƌĞĂŝƐƵŶĚĞƌƚŚĞũƵƌŝƐĚŝĐƟŽŶ͕ŵĂŶĂŐĞŵĞŶƚĂŶĚĐŽŶƚƌŽůŽĨƚŚƌĞĞZŽĂĚƵͲ ƚŚŽƌŝƟĞƐ͖ůďĞƌƚĂdƌĂŶƐƉŽƌƚĂƟŽŶŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞŶƵŵďĞƌĞĚŚŝŐŚǁĂLJƐ͕ƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞŝƐƌĞƐƉŽŶƐŝďůĞ ĨŽƌƚŚĞůŽĐĂůŶĞƚǁŽƌŬĂŶĚƚŚĞdŽǁŶŽĨŽĂůĚĂůĞŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞƐƚƌĞĞƚƐLJƐƚĞŵǁŝƚŚŝŶƚŚĞdŽǁŶ͛ƐďŽƵŶĚĂƌŝĞƐ͘ dŚĞƌĞĨŽƌĞƚŚĞĞdžŝƐƟŶŐĂĐĐĞƐƐŵĂŶĂŐĞŵĞŶƚƐĐŚĞŵĞŝŶƚŚĞĐĂƐĞŽĨWƌŽǀŝŶĐŝĂů,ŝŐŚǁĂLJƐŝƐĚĞĮŶĞĚďLJƚŚĞůďĞƌƚĂ dƌĂŶƐƉŽƌƚĂƟŽŶĐĐĞƐƐDĂŶĂŐĞŵĞŶƚ'ƵŝĚĞůŝŶĞƐ͕ƚŚĞůŽĐĂůƌŽĂĚƐLJƐƚĞŵŝƐƵŶĚĞƌƚŚĞũƵƌŝƐĚŝĐƟŽŶŽĨƚŚĞŽƵŶƚLJŽĨ >ĞƚŚďƌŝĚŐĞǁŚŝůĞƚŚĞdŽǁŶŽĨŽĂůĚĂůĞŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐĞƐƐĐŽŶƚƌŽůĂƐƌĞůĂƚĞĚƚŽƚŚĞdŽǁŶ͛ƐƐƚƌĞĞƚƐLJƐƚĞŵ͘ dŚĞĨƵƚƵƌĞĂĐĐĞƐƐŵĂŶĂŐĞŵĞŶƚƐĐŚĞŵĞŝŶƚŚĞĐĂƐĞŽĨƚŚĞƐŬĞůĞƚĂůŶĞƚǁŽƌŬǁĂƐŝĚĞŶƟĮĞĚĨŽůůŽǁŝŶŐƚŚĞĂŶĂůLJƐŝƐŽĨ ƚŚĞƌĞƐƵůƚƐŽĨƚŚĞƚƌĂŶƐƉŽƌƚĂƟŽŶƐƚƵĚŝĞƐĂŶĚƌĞǀŝĞǁŽĨƚŚĞĨƵƚƵƌĞĨƵŶĐƟŽŶĂůĚĞƐŝŐŶĂƟŽŶŽĨƚŚĞŶĞƚǁŽƌŬůŝŶŬƐ͖ ම ĐĐĞƐƐƚŽ,ŝŐŚǁĂLJϰĂŶĚEŽƌƚŚZŝŶŐZŽĂĚǁŝůůďĞƉƌŽǀŝĚĞĚĂƚƚŚĞŝĚĞŶƟĮĞĚŝŶƚĞƌĐŚĂŶŐĞůŽĐĂƟŽŶƐ͘ ම ĐĐĞƐƐƚŽƚŚĞĞdžŝƐƟŶŐ,ŝŐŚǁĂLJϯĂůŝŐŶŵĞŶƚǁŝůůďĞůŝŵŝƚĞĚĂŶĚǁŝůůďĞƉƌŽǀŝĚĞĚĂƚƐŝŐŶĂůĐŽŶƚƌŽůůĞĚ ŝŶƚĞƌƐĞĐƟŽŶƐ͘ ම ĐĐĞƐƐƚŽƚŚĞůĂŶĚƐŶŽƌƚŚĂŶĚƐŽƵƚŚŽĨ,ŝŐŚǁĂLJϯůŽĐĂƚĞĚĂůŽŶŐƚŚĞĞdžŝƐƟŶŐ,ŝŐŚǁĂLJϯǁŝůůďĞƉƌŽǀŝĚĞĚ ďLJƚŚĞůŽĐĂůƌŽĂĚƐLJƐƚĞŵ͘ ම ^ƉĂĐŝŶŐŽĨƚŚĞŝŶƚĞƌƐĞĐƟŽŶƐůŽĐĂƚĞĚŶŽƌƚŚĂŶĚƐŽƵƚŚŽĨƚŚĞ,ŝŐŚǁĂLJϯƐŚŽƵůĚďĞĂĚĞƋƵĂƚĞƚŽƉƌŽǀŝĚĞ ǀŝ ͮപ/Ed'Zds>KWDEd^dZd'z

ĨŽƌĂĐĐŽŵŵŽĚĂƟŽŶŽĨƋƵĞƵĞƐĂŶĚƉƌŽƉĞƌŽƉĞƌĂƟŽŶŽĨƚŚĞWůŝŶĞĐƌŽƐƐŝŶŐƐ͘ ම ĐĐĞƐƐƚŽůĂŶĚƐĂďĂƟŶŐ,ŝŐŚǁĂLJϯƐŚŽƵůĚďĞƉƌŽǀŝĚĞĚǀŝĂƚŚĞƐĞƌǀŝĐĞƌŽĂĚƐLJƐƚĞŵĐŽŶŶĞĐƟŶŐƚŽEͬ^ ,ŝŐŚǁĂLJϯĐŽŶŶĞĐƚŽƌƐ͘ ම DŽĚĞƌŶƌŽƵŶĚĂďŽƵƚŝŶƚĞƌƐĞĐƟŽŶůĂLJŽƵƚƐƐŚŽƵůĚďĞƉƵƌƐƵĞĚĂƐƚŚĞĮƌƐƚĐŽŶĮŐƵƌĂƟŽŶŽƉƟŽŶďĞĨŽƌĞƚŚĞ ƚƌĂĸĐƐŝŐŶĂůĐŽŶƚƌŽůŝƐĐŽŶƐŝĚĞƌĞĚ͘ ම ůůŬĞLJƐƚĂŶĚĂƌĚĨŽƵƌůĞŐŐĞĚĂŶĚ͞d͟ƚLJƉĞŝŶƚĞƌƐĞĐƟŽŶƐƐŚŽƵůĚďĞŇĂƌĞĚĂŶĚŝŶĐůƵĚĞĂďLJƉĂƐƐůĂŶĞ;ƐͿŝŶ ƚŚĞŝƌĐŽŶĮŐƵƌĂƟŽŶ͘ EĞƚǁŽƌŬŽŶĐĞƉƚĨŽƌƚŚĞWƌŽƉŽƐĞĚĞǀĞůŽƉŵĞŶƚ dŚĞƌĞƐƵůƚƐŽĨƚŚĞĂŶĂůLJƐŝƐŽĨƚŚĞĨƵƚƵƌĞƚƌĂŶƐƉŽƌƚĂƟŽŶŶĞƚǁŽƌŬƐƵƉƉŽƌƚĞĚůŽĐĂƟŽŶŽĨƚŚĞŶŽĚĂůĚĞǀĞůŽƉŵĞŶƚĂůŽŶŐ ƚŚĞĞdžŝƐƟŶŐ,ŝŐŚǁĂLJϯĂůŝŐŶŵĞŶƚ͘dŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŶŽĚĞĂŶĚƉƌŽǀŝĚĞĨŽƌĞĸĐŝĞŶƚǀĞͲ ŚŝĐƵůĂƌƚƌĂĸĐĐŝƌĐƵůĂƟŽŶ͕ŝŶƚĞŶƐŝĮĐĂƟŽŶŽĨƚŚĞĨƵƚƵƌĞŶĞƚǁŽƌŬŝŶƚŚĞĂƌĞĂǁŝůůďĞƌĞƋƵŝƌĞĚ͘dŚĞƉƌŽƉŽƐĞĚŵŽĚŝĮĐĂͲ ƟŽŶŽĨƚŚĞŶĞƚǁŽƌŬĨŽůůŽǁŝŶŐĐŽŵƉůĞƟŽŶŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚŶŽĚĞŝŶĐůƵĚĞƐŝŶƚƌŽĚƵĐƟŽŶŽĨƚŚĞĐŽůůĞĐƚŽƌƌŽĂĚƐLJƐͲ ƚĞŵƚŽƚŚĞĞĂƐƚĂŶĚǁĞƐƚŽĨƚŚĞĨƵƚƵƌĞ,ŝŐŚǁĂLJϰĂůŝŐŶŵĞŶƚ͕ĐŽŶŶĞĐƟŶŐĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚƚŽƚŚĞŽƌŝŐŝŶĂůƐŬĞůĞƚĂů ƌŽĂĚƐLJƐƚĞŵ͘dŚĞƉƌŽƉŽƐĞĚĐŽůůĞĐƚŽƌƌŽĂĚƐLJƐƚĞŵƐƵƉƉŽƌƚƐŝĚĞŶƟĮĞĚůŽŶŐƚĞƌŵĂĐĐĞƐƐŵĂŶĂŐĞŵĞŶƚƐĐŚĞŵĞ͘ WĞĚĞƐƚƌŝĂŶĂŶĚŝĐLJĐůĞĐĐŽŵŵŽĚĂƟŽŶ dŽĂĐĐŽŵŵŽĚĂƚĞŽƚŚĞƌŵŽĚĞƐŽĨƚƌĂŶƐƉŽƌƚĂƟŽŶƐƵĐŚĂƐďŝĐLJĐůĞƐĂŶĚƉĞĚĞƐƚƌŝĂŶĂƉĞĚĞƐƚƌŝĂŶďŝĐLJĐůĞƚƌĂŝůƐLJƐƚĞŵ ǁĂƐĚĞǀĞůŽƉĞĚ͘/ƚǁŝůůƉƌŽǀŝĚĞĂƉĞĚĞƐƚƌŝĂŶͬďŝĐLJĐůĞĐŽŶŶĞĐƟŽŶďĞƚǁĞĞŶƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚƚŚĞdŽǁŶŽĨ ŽĂůĚĂůĞĂůŽŶŐƚŚĞƉƌŝǀĂƚĞůĂŶĚƐĂŶĚ^DZ/ĐĂŶĂů͕ǁŝƚŚĚŝƌĞĐƚĐŽŶŶĞĐƟŽŶƐƚŽƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŶŽĚĞĂŶĚ ƚŚĞůďĞƌƚĂŝƌĚƐŽĨWƌĞLJĞŶƚƌĞ͘dŚĞĐƌŽƐƐŝŶŐŽĨƚŚĞĨƵƚƵƌĞ,ŝŐŚǁĂLJϰĂůŝŐŶŵĞŶƚǁŝůůďĞĂĐĐŽŵŵŽĚĂƚĞĚĂƐƉĂƌƚŽĨ ƚŚĞ^DZ/ĐĂŶĂůĐƌŽƐƐŝŶŐ͘ŶĂĚĚŝƟŽŶĂůĐƌŽƐƐŝŶŐŽĨƚŚĞ,ŝŐŚǁĂLJϰůŝŐŶŵĞŶƚŝƐƉƌŽƉŽƐĞĚĂƚƚŚĞĨƵƚƵƌĞ,ŝŐŚǁĂLJϯ ŝŶƚĞƌĐŚĂŶŐĞ͘

^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ ZĂƚŚĞƌƚŚĂŶǀŝĞǁŝŶŐƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĂƐĂůŝĂďŝůŝƚLJĂŶĚĂŶƵŝƐĂŶĐĞ͕ŝƚĐĂŶďĞƚƌĂŶƐĨŽƌŵĞĚƚŽďĞĐŽŵĞĂ ĐĂƚĂůLJƐƚƚŚĂƚǁŝůůĂƩƌĂĐƚŝŶǀĞƐƚŵĞŶƚ͕ďĞĂƵƟĨLJĂĐŽŵŵƵŶŝƚLJ͕ŝŶĐƌĞĂƐĞƚŽƵƌŝƐŵ͕ƉƌŽƚĞĐƚƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͕ĂŶĚĐƌĞĂƚĞ ƌĞĐƌĞĂƟŽŶĂůĂŶĚŽƚŚĞƌŽƉƉŽƌƚƵŶŝƟĞƐ͘dŚĞdŽǁŶŽĨŽĂůĚĂůĞĂŶĚƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂƌĞĨĂĐŝŶŐƚŚĞŶĞĞĚƚŽ ƚŚŝŶŬĐƌĞĂƟǀĞůLJĂďŽƵƚŚŽǁƚŚĞLJĂƉƉƌŽĂĐŚƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĂƐŇŽŽĚŝŶŐĞǀĞŶƚƐƐƵĐŚĂƐƚŚŽƐĞƐĞĞŶŝŶϭϵϳϴ͕ ϭϵϵϱ͕ϮϬϬϮ͕ϮϬϬϱĂŶĚϮϬϭϬŚĂǀĞďĞĐŽŵĞĂŶŝŶĐƌĞĂƐŝŶŐƚŚƌĞĂƚƚŽƚŚĞƌĞŐŝŽŶĂŶĚĐƵƌƌĞŶƚŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝƐŝŶƐƵĸĐŝĞŶƚ ƚŽŵĂŶĂŐĞůĂƌŐĞƐƚŽƌŵĞǀĞŶƚƐ͘/ŶĂĚĚŝƟŽŶ͕ĂŶŝŶĐƌĞĂƐŝŶŐƉŽƉƵůĂƟŽŶĂŶĚƉƌĞƐƐƵƌĞƚŽĚĞǀĞůŽƉůĂŶĚƐŝŶƚŚĞƌĞŐŝŽŶ ŚĂǀĞŚĞůƉĞĚƚŽĐƌĞĂƚĞƚŚĞŝŵƉĞƚƵƐƚŽƐƵĐĐĞƐƐĨƵůůLJŵĂŶĂŐĞƐƚŽƌŵǁĂƚĞƌŽŶĂīĞĐƚĞĚůĂŶĚƐ͘ ZĞĐŽŐŶŝnjŝŶŐŝŶϮϬϬϵƚŚĂƚƚŚĞƐŽůƵƟŽŶƚŽƚŚĞƌĞŐŝŽŶ͛ƐŇŽŽĚŝŶŐƉƌŽďůĞŵǁĂƐŶŽƚƐŽŵĞƚŚŝŶŐǁŚŝĐŚĐŽƵůĚďĞŚĂŶĚůĞĚ ŝŶŝƐŽůĂƟŽŶ͕ƚŚĞdŽǁŶŽĨŽĂůĚĂůĞĂŶĚƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞŝŶŝƟĂƚĞĚƚŚĞ/ŶƚĞŐƌĂƚĞĚĞǀĞůŽƉŵĞŶƚ^ƚƌĂƚĞŐLJ;/^Ϳ͘ KŶĞŽĨƚŚĞŵĂŝŶŐŽĂůƐŽĨƚŚĞ/^ŝƐƚŽĚĞǀĞůŽƉĂĐŽŶĐĞƉƚƉůĂŶĨŽƌƚŚĞƌĞŐŝŽŶ͛ƐƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚŝŶĐŽŶũƵŶĐͲ ƟŽŶǁŝƚŚƉůĂŶƐĨŽƌĨƵƚƵƌĞǁĂƚĞƌƐƵƉƉůLJ͕ǁĂƐƚĞǁĂƚĞƌƚƌĞĂƚŵĞŶƚ͕ůĂŶĚƵƐĞƉůĂŶŶŝŶŐĂŶĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŐŽĂůƐ͘ sĂƌŝŽƵƐŽƉƉŽƌƚƵŶŝƟĞƐŚĂǀĞďĞĞŶŝĚĞŶƟĮĞĚĨŽƌŝŶƚĞŐƌĂƟŶŐǁĂƚĞƌƌĞƵƐĞ͕ĞĚƵĐĂƟŽŶĂŶĚƌĞĐƌĞĂƟŽŶŝŶƚŽƚŚĞƐƚŽƌŵͲ ǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĨĂĐŝůŝƟĞƐ͕ǁŝƚŚƚŚĞƉƌŝŵĂƌLJŐŽĂůďĞŝŶŐƐƚŽƌĂŐĞĨŽƌƐĞǀĞƌĞŇŽŽĚĞǀĞŶƚƐĂŶĚĚƌŽƵŐŚƚĐŽŶĚŝƟŽŶƐ͘ dŽŐĞƚŚĞƌ͕ƚŚĞdŽǁŶĂŶĚŽƵŶƚLJƌĞĐŽŐŶŝnjĞƚŚĂƚŝĨĚŽŶĞƌŝŐŚƚĂŶĚŝŶĂĐŽŵƉƌĞŚĞŶƐŝǀĞĨĂƐŚŝŽŶ͕ƚŚĞLJĐĂŶďĞĐŽŵĞƌĞĐͲ ŽŐŶŝnjĞĚůĞĂĚĞƌƐŝŶǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ͕Ă͞ĞƐƚWƌĂĐƟĐĞ͟ĨŽƌŽƚŚĞƌƐƚŽĨŽůůŽǁ͘ dŚĞƉƌŽũĞĐƚƚĞĂŵďĞŐĂŶďLJĞdžŚĂƵƐƟŶŐĂůůƐŽƵƌĐĞƐĨŽƌƌĞůĞǀĂŶƚŝŶĨŽƌŵĂƟŽŶ͕ŝŶĐůƵĚŝŶŐƌĞƉŽƌƚƐ͕ƚŽƉŽŐƌĂƉŚŝĐŵĂƉͲ ƉŝŶŐ͕ŝŶƚĞƌǀŝĞǁƐǁŝƚŚůŽĐĂůĂƵƚŚŽƌŝƟĞƐ͕ĂŐĞŶĐŝĞƐ͕ƌĞƐŝĚĞŶƚƐĂŶĚŽƚŚĞƌƐƚĂŬĞŚŽůĚĞƌƐ͘&ŝĞůĚǀŝƐŝƚƐǁĞƌĞƵŶĚĞƌƚĂŬĞŶ ŝŶŽƌĚĞƌƚŽĐŽŶĮƌŵĚƌĂŝŶĂŐĞďŽƵŶĚĂƌLJĐŽŶĚŝƟŽŶƐ͕ƉƌŽďůĞŵĂƌĞĂƐǁŝƚŚŝŶƚŚĞĐĂƚĐŚŵĞŶƚĂŶĚƉŽƚĞŶƟĂůƐƚŽƌŵǁĂƚĞƌ ŵĂŶĂŐĞŵĞŶƚĞŶŚĂŶĐĞŵĞŶƚĂƌĞĂƐ͘DĞĞƟŶŐƐǁĞƌĞŚĞůĚǁŝƚŚŵĞŵďĞƌƐŽĨƚŚĞĐŽŶƐƵůƚĂŶƚƚĞĂŵƚŽĐŽŽƌĚŝŶĂƚĞĞīŽƌƚƐ ĂŶĚĞŶĐŽƵƌĂŐĞǁŽƌŬŝŶŐĂƐƉĞĐƚƐŽĨŽǀĞƌůĂƉƉŝŶŐƐĐŽƉĞƐŝŶƚŽƚŚĞƌĞƉŽƌƚƐƵĐŚĂƐůĂŶĚƵƐĞƉůĂŶŶŝŶŐ͕ƚƌĂŶƐƉŽƌƚĂƟŽŶ ƉůĂŶŶŝŶŐĂŶĚŽƚŚĞƌƐ͘ĂƐĞƐƚƵĚŝĞƐǁĞƌĞĞdžƉůŽƌĞĚƚŽĚĞŵŽŶƐƚƌĂƚĞǁĂƚĞƌƌĞƵƐĞŽƉƟŽŶƐ͕ǁĂƚĞƌƋƵĂůŝƚLJŝŵƉĂĐƚƐŽŶ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚƐƵĐĐĞƐƐĨƵůƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƉƌĂĐƟĐĞƐŝŶƚŚĞƌĞŐŝŽŶ͘ ĂƐĞĚƵƉŽŶƚŚĞĚĂƚĂĐŽůůĞĐƚĞĚ͕ĂůŽŶŐͲƚĞƌŵĐŽŶĐĞƉƚƵĂůƐƚƌĂƚĞŐLJǁĂƐĚĞǀĞůŽƉĞĚǁŚŝĐŚĐĂŶďĞƉŚĂƐĞĚŝŶƚŽƚŚĞƌĞͲ ŐŝŽŶŝŶƐƚĂŐĞƐ͘dŚĞĐŽŶĐĞƉƚĐŽŶƐŝƐƚƐŽĨ͗ ම &ŽƌĐĞŵĂŝŶƚŽƚŚĞKůĚŵĂŶZŝǀĞƌĨƌŽŵĂƌĞƐĞƌǀŽŝƌůŽĐĂƚĞĚĂƚƚŚĞŝƌĚƐŽĨWƌĞLJ&ĂĐŝůŝƚLJ;hůƟŵĂƚĞƌĞƐĞƌǀŽŝƌ ǁŝůůďĞϯ͘ϮŵŝůůŝŽŶŵϯ͘ /Ed'Zds>KWDEd^dZd'z | VII

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ŝŶĚŝǀŝĚƵĂůƐĂŶĚŽƌŐĂŶŝnjĂƟŽŶƐŶŽƚůŝŵŝƚĞĚƚŽƚŚĞŐĞŽŐƌĂƉŚŝĐĂƌĞĂŽĨƚŚĞƐƚƵĚLJ͘/ƐƐƵĞƐĞīĞĐƟŶŐŝŶĚƵƐƚƌLJĂŶĚƚŽƵƌŝƐŵ ŝŶǀŽůǀĞŶĞŝŐŚďŽƵƌŝŶŐŵƵŶŝĐŝƉĂůŝƟĞƐĂŶĚĐƌŽƐƐͲďŽƵŶĚĂƌLJĐŽŽƉĞƌĂƟŽŶǁŝůůďĞŶĞĐĞƐƐĂƌLJƚŽƐƵĐĐĞĞĚ͘ ŽƚŚƚŚĞŽƵŶƚLJĂŶĚƚŚĞdŽǁŶŚĂǀĞŵĂŶLJĂƐƐĞƚƐĂŶĚĚĞƐƉŝƚĞĨĂĐŝŶŐƐŽŵĞƐŝŐŶŝĮĐĂŶƚĐŚĂůůĞŶŐĞƐ͕ƚŚĞƌĞĂƌĞŶƵŵĞƌͲ ŽƵƐŽƉƉŽƌƚƵŶŝƟĞƐĨŽƌĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƐƵĐĐĞƐƐ͘/ŶŐĞŶĞƌĂůƚŚĞƌĞŐŝŽŶŝƐĂŶĂƩƌĂĐƟǀĞĂƌĞĂĨŽƌĚĞǀĞůŽƉŵĞŶƚƐ ŝŶĂŐƌŝĐƵůƚƵƌĞ͕ƚŽƵƌŝƐŵ͕ĂŶĚƐŵĂůůƚŽŵĞĚŝƵŵƐŝnjĞĚŝŶĚƵƐƚƌLJ͘^ƵĐĐĞƐƐĨƵůĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞƐĞƐĞĐƚŽƌƐǁŝůůĐŽŶƚƌŝďƵƚĞ ƚŽƚŚĞĨƵƚƵƌĞŐƌŽǁƚŚŽĨŽƚŚĞƌĐŽŵŵĞƌĐŝĂůƐĞƌǀŝĐĞĂŶĚƌĞƐŝĚĞŶƟĂůĚĞǀĞůŽƉŵĞŶƚƐ͘KīĞƌŝŶŐĞdžĐĞůůĞŶƚŚŽŵĞƉƵƌĐŚĂƐĞ ǀĂůƵĞ͕ŵŽƌĞƌĞƐŝĚĞŶƚƐǁŝůůďĞĂƩƌĂĐƚĞĚďLJƐƚƌĞƐƐŝŶŐĂĨƌŝĞŶĚůLJƐĂĨĞĐŽŵŵƵŶŝƚLJĂƚŵŽƐƉŚĞƌĞǁŝƚŚůŽĐĂůďƵƐŝŶĞƐƐŽƉͲ ƉŽƌƚƵŶŝƟĞƐĂŶĚƉƌŽdžŝŵŝƚLJƚŽďŝŐĐŝƚLJĂŵĞŶŝƟĞƐ͘ tŚŝůĞƚŚĞŝŶƚƌŽĚƵĐƟŽŶŽĨƚŚĞĂŶĂŵĞdžŚŝŐŚǁĂLJŝƐƵŶůŝŬĞůLJƚŽďĞĞŝƚŚĞƌƚŚĞƐĂǀŝŽƵƌŶŽƌĚĞƐƚƌŽLJĞƌŽĨƚŚĞĂƌĞĂ͕ŝƚƐ ĨƵƚƵƌĞĐŽŶƐƚƌƵĐƟŽŶĂŶĚĂůŝŐŶŵĞŶƚĐĂŶŶŽƚďĞŝŐŶŽƌĞĚ͘^ƚĞƉƐƚŽŵŝƟŐĂƚĞƉŽƚĞŶƟĂůŶĞŐĂƟǀĞŝŵƉĂĐƚƐŶĞĞĚƚŽďĞ ƵŶĚĞƌƚĂŬĞŶǁŚŝůĞĂŶƟĐŝƉĂƚĞĚƉŽƐŝƟǀĞƐƉŝŶͲŽīƐƐŚŽƵůĚďĞĞŶĂĐƚĞĚƵƉŽŶ͘ ƐŝŶĂŶLJƐƚƌĂƚĞŐLJ͕ĮŶĂůŝŵƉůĞŵĞŶƚĂƟŽŶǁŝůůďĞŝŶŇƵĞŶĐĞĚďLJĐŚĂŶŐŝŶŐŽƉƉŽƌƚƵŶŝƟĞƐ͕ĐŚĂůůĞŶŐĞĂŶĚŽƌŐĂŶŝnjĂƟŽŶĂů ƉƌŝŽƌŝƟĞƐƚŚĂƚĞŵĞƌŐĞ͘dŚĞŬĞLJƚŽƐƵĐĐĞƐƐŽĨƚŚĞ^ŝƐŝŶƚĞƌͲŵƵŶŝĐŝƉĂůĐŽŽƉĞƌĂƟŽŶĂŶĚƚŚĞƉƌŽǀŝƐŝŽŶŽĨĂĚĞƋƵĂƚĞ ĮŶĂŶĐŝĂůͬƐƚĂīƌĞƐŽƵƌĐĞƐ͘ dŚĞƌĞĂƌĞĨŽƵƌƐƚƌĂƚĞŐŝĐƉƌŝŽƌŝƟĞƐƚŚĂƚǁŝůůĚƌŝǀĞƚŚĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƐƚƌĂƚĞŐLJĂĐĐŽŵƉĂŶŝĞĚďLJĨŽƵƌƚĞĞŶŬĞLJ ƌĞƐƵůƚƐ͘dŚĞŬĞLJƌĞƐƵůƚƐĂƌĞƐƉĞĐŝĮĐŽƵƚĐŽŵĞƐƚŚĞŵƵŶŝĐŝƉĂůŝƟĞƐǁŝůůĂĐĐŽŵƉůŝƐŚƚŽƌĞĂůŝnjĞƚŚĞƉƌŝŽƌŝƟĞƐ͘ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚLJηϭ͗ƐƚĂďůŝƐŚĂĐŽƐƚĞīĞĐƟǀĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƉƌŽŐƌĂŵĂŶĚŐŽǀĞƌŶĂŶĐĞƐƚƌƵĐƚƵƌĞƚŚĂƚŝƐ ƌĞƐƉŽŶƐŝǀĞƚŽƚŚĞŶĞĞĚƐŽĨďŽƚŚƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚdŽǁŶŽĨŽĂůĚĂůĞ͘ <ĞLJZĞƐƵůƚƐηϭ͗ŶĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĚĞůŝǀĞƌLJŵŽĚĞůŝƐĂŐƌĞĞĚƚŽĂŶĚĞŶĂĐƚĞĚƵƉŽŶďLJƚŚĞŽƵŶƚLJĂŶĚƚŚĞ dŽǁŶ <ĞLJZĞƐƵůƚƐηϮ͗ĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŝƐĂŶŝŶĐůƵƐŝǀĞĂĐƟǀŝƚLJƚŚĂƚĂǀŽŝĚƐĚƵƉůŝĐĂƟŽŶĂŶĚŵĂdžŝŵŝnjĞƐƚŚĞƵƐĞŽĨ ƌĞƐŽƵƌĐĞƐ͘ <ĞLJZĞƐƵůƚƐηϯ͗ZĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌ͞ĐƌĂĚůĞƚŽŐƌĂǀĞ͟ƐŝƚĞƐĞůĞĐƟŽŶĂŶĚŝŶǀĞƐƚŽƌĞŶƋƵŝƌŝĞƐŝƐĐůĞĂƌůLJĚĞĮŶĞĚĂŶĚ ĂŐƌĞĞĚƚŽ͘ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚLJηϮ͗ƐƚĂďůŝƐŚĂĐƟǀŝƚLJĂŶĚƉĞƌĨŽƌŵĂŶĐĞŵŽŶŝƚŽƌŝŶŐƚŚĂƚĞīĞĐƟǀĞůLJĂĚǀĂŶĐĞƐĞĐŽŶŽŵŝĐĚĞǀĞůŽƉͲ ŵĞŶƚŝŶƚŚĞŽƵŶƚLJĐŽƌƌŝĚŽƌĂŶĚdŽǁŶŽĨŽĂůĚĂůĞ͘ <ĞLJZĞƐƵůƚηϰ͗ŶĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĂĐƟǀŝƚLJǁŽƌŬƉůĂŶƚŚĂƚĐĂŶŐƌŽǁĂƐƐƵĐĐĞƐƐŽĐĐƵƌƐĂŶĚŝƐǁŝƚŚŝŶƚŚĞ ĮŶĂŶĐŝĂůŵĞĂŶƐŽĨƚŚĞdŽǁŶͬŽƵŶƚLJŝƐĂĚŽƉƚĞĚ͘ <ĞLJZĞƐƵůƚηϱ͗WĞƌĨŽƌŵĂŶĐĞŵĞĂƐƵƌĞƐƚŽŵŽŶŝƚŽƌĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƉƌŽŐƌĞƐƐŝƐĞƐƚĂďůŝƐŚĞĚŐĂƌŶĞƌŝŶŐĐŽŶĮͲ ĚĞŶĐĞĂŶĚƐƵƉƉŽƌƚĨŽƌƚŚĞƉƌŽŐƌĂŵ <ĞLJZĞƐƵůƚηϲ͗YƵĂůŝĮĞĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƉƌŽĨĞƐƐŝŽŶĂů;ƐͿĂƌĞŚŝƌĞĚƚŽůĞĂĚĂŶĚĞdžĞĐƵƚĞƚŚĞĞĐŽŶŽŵŝĐĚĞͲ ǀĞůŽƉŵĞŶƚƐƚƌĂƚĞŐLJ͘ <ĞLJZĞƐƵůƚηϳ͗ŚŝŐŚƉƌŽĮůĞĐŽŶƐŝƐƚĞŶƚůLJĚĞůŝǀĞƌĞĚƵƐŝŶĞƐƐZĞƚĞŶƟŽŶΘdžƉĂŶƐŝŽŶWƌŽŐƌĂŵŝƐĚĞůŝǀĞƌĞĚǁŝƚŚŝŶƚŚĞ ĂƌĞĂ͘ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚLJηϯ͗DĂdžŝŵŝnjŝŶŐĂŶĂŵĞdžĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƐƉŝŶŽīƐ͕ĂŶĚŵŝŶŝŵŝnjŝŶŐŝƚƐƉŽƐƐŝďůĞŶĞŐĂƟǀĞ ŝŵƉĂĐƚƐ /Ed'Zds>KWDEd^dZd'z | XI

<ĞLJZĞƐƵůƚηϴ͗hƟůŝnjŝŶŐƚŚĞƐĞƌǀŝĐĞƐŽĨKůĚŵĂŶZŝǀĞƌDƵŶŝĐŝƉĂů^ĞƌǀŝĐĞƐ͕ƚŚĞĚĞƐŝƌĞĚůĂŶĚƵƐĞĂŶĚŝŶƚĞŶƐŝƚLJŽĨĚĞͲ ǀĞůŽƉŵĞŶƚŝƐƉƌĞĚĞƚĞƌŵŝŶĞĚĨŽƌƚŚĞĂŶĂŵĞdžŝŶƚĞƌĐŚĂŶŐĞƐ͘ <ĞLJZĞƐƵůƚηϵ͗ŶĂƩƌĂĐƟǀĞƌĞŐŝŽŶĂůďĂƐĞĚƚŽƵƌŝƐƚŝŶĨŽƌŵĂƟŽŶĐĞŶƚƌĞŝƐůŽĐĂƚĞĚĂƚƚŚĞŚŝŐŚǁĂLJηϯͬĂŶĂŵĞdžŝŶƚĞƌͲ ĐŚĂŶŐĞ͘ <ĞLJZĞƐƵůƚηϭϬ͗DŝƟŐĂƟŶŐŵĞĂƐƵƌĞƐĂƌĞƵŶĚĞƌƚĂŬĞŶďLJŽĂůĚĂůĞŝŶĂĚĚƌĞƐƐŝŶŐƚŚĞŝŶƚƌŽĚƵĐƟŽŶŽĨĂŶĂŵĞdž͘ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚLJηϰ͗dŚƌŽƵŐŚĞīĞĐƟǀĞĐŽŵŵƵŶŝĐĂƟŽŶĂŶĚƉůĂĐĞƌĞĐŽŐŶŝƟŽŶ͕ĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚǁŝůůďĞ ĂĚǀĂŶĐĞĚŝŶƚŚĞdŽǁŶŽĨŽĂůĚĂůĞĂŶĚƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͘ <ĞLJZĞƐƵůƚηϭϭ͗dŚĞƚĞƌŵ͞'ƌĞĞŶǁĂLJ͟ŝƐƵƐĞĚƚŽĚĞƐĐƌŝďĞƚŚĞ/^ĂƌĞĂĂŶĚƌĞŝŶĨŽƌĐĞŝƚƐŐƵŝĚŝŶŐƉƌŝŶĐŝƉůĞƐ͘'ƌĞĞŶͲ ǁĂLJŝƐĚĞĮŶĞĚĂƐĂƌĞŐŝŽŶǁŝƚŚƚŚĞŐŽĂůŽĨƐĞůĨͲƐƵĸĐŝĞŶĐLJ͕ŐĂŝŶĞĚďLJƐƵĐĐĞƐƐĨƵůůLJŝŶƚĞŐƌĂƟŶŐŝŶŶŽǀĂƟǀĞƉƌĂĐƟĐĞƐ ŝŶƚŚĞĮĞůĚƐŽĨƉůĂŶŶŝŶŐ͕ƚƌĂŶƐƉŽƌƚĂƟŽŶ͕ƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĂŶĚƌĞƵƐĞ͕ůŽĐĂůŝnjĞĚǁĂƚĞƌƚƌĞĂƚŵĞŶƚĂŶĚǁĂƚĞƌ ƐƵƉƉůLJ͕ĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ͕ĂŶĚƌĞĐƌĞĂƟŽŶĂůŽƉƉŽƌƚƵŶŝƟĞƐ͘ZĞƐŝĚĞŶƚƐĂƌĞĂďůĞƚŽůŝǀĞ͕ǁŽƌŬ͕ĂŶĚƉůĂLJŝŶƵƌďĂŶ ƉŽĐŬĞƚƐƐĞƉĂƌĂƚĞĚďLJůŝŶĞĂƌĐŽƌƌŝĚŽƌƐŽĨŽƉĞŶĐŽƵŶƚƌLJƐŝĚĞ͘dŚĞƐĞůŝŶĞĂƌĐŽƌƌŝĚŽƌƐŵĂLJďĞƵƟůŝnjĞĚĨŽƌƐƚŽƌŵǁĂƚĞƌ ŵĂŶĂŐĞŵĞŶƚĂƌĞĂƐĂŶĚďŽƚŚůŽǁŝŶƚĞŶƐŝƚLJĂŐƌŝĐƵůƚƵƌĂůƵƐĞƐƐƵĐŚĂƐƉĂƐƚƵƌĞůĂŶĚƐĂŶĚĐƵůƟǀĂƚĞĚĮĞůĚƐ͕ĂŶĚƌĞĐƌĞĂͲ ƟŽŶĂůƵƐĞƐŝŶĐůƵĚŝŶŐŶĂƚƵƌĂůĂƌĞĂƐ͕ƉĂƌŬƐ͕ĂŶĚƉĂƚŚǁĂLJƐ͘ <ĞLJZĞƐƵůƚηϭϮ͗dŚĞdŽǁŶĂŶĚŽƵŶƚLJďĞĐŽŵĞƌĞĐŽŐŶŝnjĞĚĂƐůĞĂĚĞƌƐŝŶĂĚǀŽĐĂƟŶŐĂŶĚƐƵƉƉŽƌƟŶŐƉĂƌƚŶĞƌƐŚŝƉƐ͘ <ĞLJZĞƐƵůƚƐηϭϯ͗ĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚďĞĐŽŵĞƐĂĐŽŵŵƵŶŝƚLJǁŝĚĞ͕ƚƌŝʹůĞǀĞůŐŽǀĞƌŶŵĞŶƚƐƵƉƉŽƌƚĞĚŝŶŝƟĂƟǀĞ͘ <ĞLJZĞƐƵůƚƐηϭϰ͗dŚĞĂƌĞĂďĞĐŽŵĞƐŬŶŽǁŶĂƐ͞ůďĞƌƚĂ͛Ɛ'ĂƚĞǁĂLJƚŽ/ŶƚĞƌŶĂƟŽŶĂůdƌĂĚĞĂŶĚŽŵŵĞƌĐĞ͘͟

ZĞŐŝŽŶĂůWĂƚŚǁĂLJ^LJƐƚĞŵ ůŽĐĂƟŽŶĨŽƌƌĞŐŝŽŶĂůƉĂƚŚǁĂLJƐLJƐƚĞŵĨŽƌďŝĐLJĐůŝŶŐĂŶĚƉĞĚĞƐƚƌŝĂŶĐŽŶŶĞĐƟǀŝƚLJďĞƚǁĞĞŶ>ĞƚŚďƌŝĚŐĞhƌďĂŶ&ƌŝŶŐĞ ĂŶĚŽĂůĚĂůĞŚĂƐďĞĞŶŝĚĞŶƟĮĞĚ͘dŚĞƌĞƐƉĞĐƟǀĞůĂŶĚŽǁŶĞƌƐŚĂǀĞďĞĞŶĂƉƉƌŽĂĐŚĞĚŝŶƚŽƚŚĞŐƌĞĂƚĞƐƚĞdžƚĞŶƚŝŶĚŝͲ ĐĂƚĞĚĂŶĚŽƉĞŶŶĞƐƐƚŽƐĞĞƚŚĞƉĂƚŚǁĂLJĂĐĐŽŵŵŽĚĂƚĞĚ͘dŚĞƵƐĞŽĨƚŚĞ^DZ/ƌĂŝŶĂŐĞ^ǁĂůĞŝƐƚŚĞƉƌŝŵĂƌLJůŽĐĂͲ ƟŽŶ͘WƌŝǀĂƚĞůĂŶĚŽǁŶĞƌƐǁĞƌĞĂůƐŽĂƉƉƌŽĂĐŚĞĚƚŽĐŽŶĮƌŵĂŶĂďŝůŝƚLJƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞƌĞŐŝŽŶĂůƉĂƚŚǁĂLJǁŚĞƌĞ ĂŵŽƌĞĚŝƌĞĐƚĐŽŶŶĞĐƟŽŶǁĂƐĚĞƐŝƌĞĚ͘

KƉĞŶ^ƉĂĐĞWůĂŶŶŝŶŐ dŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚdŽǁŶŽĨŽĂůĚĂůĞ/ŶƚĞŐƌĂƚĞĚĞǀĞůŽƉŵĞŶƚ^ƚƌĂƚĞŐLJƉƌŽǀŝĚĞƐĨŽƌĂŶŝŶƚĞƌͲŵƵŶŝĐŝƉĂů ƉƌŽŐƌĞƐƐŝǀĞƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƐƚƌĂƚĞŐLJƚŚĂƚǁŝůůĂƐƐŝƐƚŝŶďŽƚŚƚŚĞŝŵŵĞĚŝĂƚĞĂŶĚůŽŶŐƚĞƌŵƐŽůƵƟŽŶƚŽ ŇŽŽĚŝŶŐǁŝƚŚŝŶƚŚĞƌĞŐŝŽŶ͘ƐĞĐŽŶĚĂƌLJďĞŶĞĮƚƚŽƚŚĞƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƉůĂŶǁŝůůďĞƚŚĞŝŶĐŽƌƉŽƌĂƟŽŶŽĨ ĂŶŽƉĞŶƐƉĂĐĞƉůĂŶŶŝŶŐĐŽŵƉŽŶĞŶƚƚŚĂƚƉƌŽǀŝĚĞƐĨŽƌĞŶŚĂŶĐĞĚůŝŶĞĂƌǁĞƚůĂŶĚĚĞǀĞůŽƉŵĞŶƚĂŶĚƚŚĞƉƌŽǀŝƐŝŽŶŽĨ ĂŶŝŵƉŽƌƚĂŶƚƉĞĚĞƐƚƌŝĂŶůŝŶŬďĞƚǁĞĞŶƚŚĞĐŽŵŵƵŶŝƟĞƐŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚŽĂůĚĂůĞ͘dŚĞŽƉĞŶƐƉĂĐĞƚƌĂŝůŶĞƚǁŽƌŬ ǁŝůůƵůƟŵĂƚĞůLJďĞĂƉĂƌƚŽĨĂůĂƌŐĞƌƉƌŽƉŽƐĞĚůĂŶĚƐĐĂƉĞĞŶŚĂŶĐĞŵĞŶƚƉƌŽŐƌĂŵŝŶĐůƵĚŝŶŐƌĞͲŐƌĂĚŝŶŐĂŶĚĚƌĂŝŶͲ ĂŐĞŝŵƉƌŽǀĞŵĞŶƚƐ;ƐŽƵƚŚŽĂůĚĂůĞůĂƚĞƌĂůͿ͕ĞƌŽƐŝŽŶƉƌŽƚĞĐƟŽŶ;ƌŽĐŬͬƌŝƉͲƌĂƉͿ͕ůĂŶĚƐĐĂƉĞŝŵƉƌŽǀĞŵĞŶƚƐĂŶĚůŝŶĞĂƌ ǁĞƚůĂŶĚĚĞǀĞůŽƉŵĞŶƚ;ƉůĂŶƟŶŐͬŶĂƟǀĞŐƌĂƐƐĞƐͿ͕ƌĞƐƚĂƌĞĂƐ;ƐŝƚĞĨƵƌŶŝƐŚŝŶŐƐͬĮdžƚƵƌĞƐͿ͕ŵĂŝŶƚĞŶĂŶĐĞĂĐĐĞƐƐŝŵƉƌŽǀĞͲ ŵĞŶƚƐĂŶĚŚĂƌĚƐƵƌĨĂĐĞƉĂƚŚǁĂLJĚĞǀĞůŽƉŵĞŶƚ͘

ƌĐŚŝƚĞĐƚƵƌĂů&ŽƌŵĂŶĚŚĂƌĂĐƚĞƌ ƌŽďƵƐƚWƌĂŝƌŝĞƌĐŚŝƚĞĐƚƵƌĞǁŝƚŚŚĞĂǀLJƟŵďĞƌ͕ůŽǁͲƉŝƚĐŚĞĚƌŽŽĨƐĂŶĚůĂƌŐĞŽǀĞƌŚĂŶŐƐŝƐƐĞůĞĐƚĞĚĂƐĂŶĂƉƉƌŽƉƌŝͲ ĂƚĞĞƐƚŚĞƟĐĨŽƌƚŚĞƌĞŐŝŽŶŝŶŽƌĚĞƌƚŽĐƌĞĂƚĞĂŶĂƌĐŚŝƚĞĐƚƵƌĂůŝĚĞŶƟƚLJ͘ džŝŝ ͮപ/Ed'Zds>KWDEd^dZd'z /Ed'Zds>KWDEd^dZd'z | XIII ,ŝƐƚŽƌLJ dŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞŝƐůŽĐĂƚĞĚŝŶƚŚĞŚĞĂƌƚŽĨ^ŽƵƚŚĞƌŶůďĞƌƚĂĂƉƉƌŽdžŝŵĂƚĞůLJϴϬŬŵ;ϱϬŵŝůĞƐͿĨƌŽŵƚŚĞh^ ďŽƌĚĞƌ͘/ƚŽĐĐƵƉŝĞƐϮϰϬϬŬŵϸ;ϭ͕ϭϬϬŵŝ͘ϸͿĂŶĚŝƐŚŽŵĞƚŽũƵƐƚƵŶĚĞƌϭϭ͕ϬϬϬƌĞƐŝĚĞŶƚƐ͘ DĂũŽƌĐĞŶƚƌĞƐŝŶĐůƵĚĞĂƌŽŶƐ͕EŽďůĞĨŽƌĚ͕ƐĞǀĞŶƵŶŝŶĐŽƌƉŽƌĂƚĞĚŚĂŵůĞƚƐ͕ŽĂůŚƵƌƐƚ͕WŝĐƚƵƌĞƵƩĞĂŶĚƚŚĞůĂƌŐĞƐƚ ĐŽŵŵƵŶŝƚLJ͕ƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͘ ůĞƐƐĞĚǁŝƚŚŶƵŵĞƌŽƵƐůŽĐĂƟŽŶĂůĂĚǀĂŶƚĂŐĞƐŝŶĐůƵĚŝŶŐƐŽŵĞŽĨůďĞƌƚĂ͛ƐďĞƐƚŝƌƌŝŐĂƚĞĚĂŐƌŝĐƵůƚƵƌĂůůĂŶĚƐ͕ƌĞĂĚLJ ĂĐĐĞƐƐƚŽĂŶĞƚǁŽƌŬŽĨŚŝŐŚǁĂLJƐ͕ĐůŽƐĞƉƌŽdžŝŵŝƚLJƚŽƚŚĞh^ŵĂƌŬĞƚ͕ƚŚĞƉƌĞƐĞŶĐĞŽĨƚŚĞWŵĂŝŶůŝŶĞƌĂŝůƐĞƌǀŝĐĞ͕Ă ƌĞŐŝŽŶĂůĂŝƌƉŽƌƚ͕ŶĞĂƌďLJďŝŐͲĐŝƚLJĂŵĞŶŝƟĞƐ͕ĂŶĚƉŽƐƚͲƐĞĐŽŶĚĂƌLJĞĚƵĐĂƟŽŶĂůĨĂĐŝůŝƟĞƐĂŶĚŐŽǀĞƌŶŵĞŶƚƌĞƐĞĂƌĐŚĨĂͲ ĐŝůŝƟĞƐ͕ŐƌŽǁƚŚŝŶŽĂůĚĂůĞĂŶĚƚŚĞŽƵŶƚLJŚĂƐďĞĞŶƐƚĞĂĚLJĂŶĚĐŽŶƐŝƐƚĞŶƚ͘,ŽǁĞǀĞƌĐŽŶƟŶƵĞĚŐƌŽǁƚŚ͕ĂŶĚŝŶĚĞĞĚ ƚŚĞǀŝĂďŝůŝƚLJŽĨƚŚĞƌĞŐŝŽŶ͕ŝƐŶŽǁŝŶũĞŽƉĂƌĚLJĨŽƌƚŚĞƚƌĂŶƐŝƟŽŶĂůƌĞĂƐŽŶƐǁŚŝĐŚĨŽůůŽǁďĞůŽǁ͘ dŚĞdŽǁŶŽĨŽĂůĚĂůĞůŝĞƐŝŶƚŚĞĐĞŶƚĞƌŽĨĂůĂƌŐĞĚƌĂŝŶĂŐĞĂƌĞĂŬŶŽǁŶĂƐƚŚĞDĂůůŽLJĂƐŝŶ͘dŚŝƐĂƐŝŶŝƐŝŶĞīĞĐƚĂ ƐŝŶŬŚŽůĞ͕ŽƌůŽǁƉŽŝŶƚ͕ƚŚĂƚƐƉƌĞĂĚƐŽǀĞƌĂŶĂƌĞĂŽĨϮϭ͕ϲϲϮŚĂ;ϱϯ͕ϱϬϱĂĐƌĞƐͿĂůŽŶŐƚŚĞ,ŝŐŚǁĂLJηϯĐŽƌƌŝĚŽƌǁŝƚŚŝŶ ƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͘ĞƐƉŝƚĞĞīŽƌƚƐĂƚĚƌĂŝŶŝŶŐƐƚŽƌŵƌƵŶͲŽīƚŚƌŽƵŐŚĂŶĞƚǁŽƌŬŽĨŶĂƚƵƌĂůĂŶĚĐŽŶƐƚƌƵĐƚĞĚ ĐĂŶĂůƐ͕ǁŝƚŚƚŚĞŵĂũŽƌŝƚLJŽĨǁĂƚĞƌĚŝƐĐŚĂƌŐŝŶŐŝŶƚŽƚŚĞ^ƚĂīŽƌĚZĞƐĞƌǀŽŝƌ͕ƌĞĐƵƌƌĞŶƚŇŽŽĚŝŶŐĚƵƌŝŶŐŚĞĂǀLJƌĂŝŶĨĂůů ĂŶĚƐŶŽǁŵĞůƚĐŽŶƟŶƵĞƐƚŽďĞƉƌŽďůĞŵĂƟĐ͘ DŽƐƚƌĞĐĞŶƚůLJ͕ŵĂũŽƌŇŽŽĚŝŶŐŝŶƚŚĞLJĞĂƌƐϮϬϬϮ͕ϮϬϬϱ͕ĂŶĚϮϬϭϬŚĂƐŽĐĐƵƌƌĞĚ͘ŝƐĂƐƚĞƌƌĞĐŽǀĞƌLJĨƵŶĚŝŶŐƚŚƌŽƵŐŚ ƚŚĞƉƌŽǀŝŶĐĞ͛ƐŵĞƌŐĞŶĐLJDĂŶĂŐĞŵĞŶƚŐĞŶĐLJƚŽƚĂůůĞĚŽǀĞƌΨϭŵŝůůŝŽŶĨŽƌƚŚĞϮϬϬϱŇŽŽĚĂůŽŶĞ͘ dŚĞĐƵƌƌĞŶƚƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚŝƐƐƵĞƐĂīĞĐƚďŽƚŚƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͕ĂŶĚ ƉŽƐĞĂŵĂũŽƌƌŽĂĚďůŽĐŬƚŽĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞƌĞŐŝŽŶ͘ dŚĞdŽǁŶŽĨŽĂůĚĂůĞŚĂƐŝŶǀĞƐƚĞĚŽǀĞƌΨϭϯŵŝůůŝŽŶƐŝŶĐĞϭϵϴϰŝŶƐƚŽƌŵǁĂƚĞƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞǁŝƚŚŐŽĂůƐŽĨƌĞĚƵĐŝŶŐ ŇŽŽĚŝŶŐďŽƚŚǁŝƚŚŝŶŽĂůĚĂůĞĂŶĚŽŶĚŽǁŶƐƚƌĞĂŵŶĞŝŐŚďŽƵƌŝŶŐůĂŶĚƐ͘ ĐƟŶŐĂƐĂƐƵƉƉůLJŽĨǁĂƚĞƌĨŽƌĐƵůƚƵƌĂů͕ƌĞĐƌĞĂƟŽŶĂů͕ŵƵŶŝĐŝƉĂů͕ĂŶĚĚŽŵĞƐƟĐǁĂƚĞƌƵƐĞ͕ƚŚĞŝƌƌŝŐĂƟŽŶƐLJƐƚĞŵǁĂƐ ŶŽƚĚĞƐŝŐŶĞĚƚŽĐŽŶǀĞLJƐƚŽƌŵǁĂƚĞƌƌƵŶŽīƌĞƐƵůƟŶŐĨƌŽŵƐĞǀĞƌĞƐƚŽƌŵĞǀĞŶƚƐ͘ ŽŵƉŽƵŶĚŝŶŐƚŚĞƐŝƚƵĂƟŽŶĂƌĞƚŚĞƉƌĞƐĞŶĐĞŽĨƐĞǀĞƌĂůŵĂũŽƌŚŝŐŚǁĂLJƐĂŶĚƚŚĞĂŶĂĚŝĂŶWĂĐŝĮĐŵĂŝŶůŝŶĞǁŚŝĐŚ ƚƌĂǀĞƌƐĞƚŚĞĂƌĞĂƚŚĞƌĞďLJĨƵƌƚŚĞƌĂīĞĐƟŶŐĚƌĂŝŶĂŐĞŇŽǁƐ͘ dŚĞEDyŽƌƌŝĚŽƌ͕ǁŚŝĐŚŚĂƐƚŚĞƉŽƚĞŶƟĂůŽĨƌĞĚƵĐŝŶŐƚŚĞĞīĞĐƟǀĞŶĞƐƐŽĨŇŽŽĚƉƌŽƚĞĐƟŽŶĂůƌĞĂĚLJƵŶĚĞƌͲ ƚĂŬĞŶ͕ŝƐŽŶƚŚĞŚŽƌŝnjŽŶĂŶĚŶĞĂƌŝŶŐŝŶĐĞƉƟŽŶ͘ ĞƐƉŝƚĞĐŽŶƟŶƵŝŶŐƌĞŵĞĚŝĂƟŽŶĞīŽƌƚƐ͕ŇŽŽĚŝŶŐĐŽŶƟŶƵĞƐƚŽŽĐĐƵƌŝŶƚŚĞƌĞŐŝŽŶƌĞƐƵůƟŶŐŝŶƉƌŽƉĞƌƚLJĚĂŵĂŐĞĂŶĚ ůŽƐƚƉƌŽĚƵĐƟǀŝƚLJŽĨĂŐƌŝĐƵůƚƵƌĂůůĂŶĚƐ͘ĚĚŝƟŽŶĂůƉƌĞƐƐƵƌĞŝƐƉůĂĐĞĚŽŶĞdžŝƐƟŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞƚŽŚĂŶĚůĞŚŝŐŚĞƌǀŽůͲ ƵŵĞƐŽĨƐƚŽƌŵǁĂƚĞƌĂƐĚĞǀĞůŽƉŵĞŶƚŝŶĐƌĞĂƐĞƐƚŚĞĂŵŽƵŶƚŽĨŝŵƉĞƌǀŝŽƵƐĐŽǀĞƌŽŶƚŚĞůĂŶĚ͘dŚĞdŽǁŶŽĨŽĂůĚĂůĞ ŝƐǁŽƌŬŝŶŐŽŶĚƌĂŝŶĂŐĞŝŵƉƌŽǀĞŵĞŶƚƐĂŶĚŝƐŵĂŬŝŶŐƐŝŐŶŝĮĐĂŶƚƐƚƌŝĚĞƐŝŶŵĂŶĂŐŝŶŐŚŝƐƚŽƌŝĐƌƵŶŽīǁŝƚŚŝŶƚŚĞdŽǁŶ ĂŶĚƚŚĂƚŇŽǁŝŶŐŝŶƚŽƚŚĞdŽǁŶ͘ džŝǀ ͮപ/Ed'Zds>KWDEd^dZd'z Table of Contents

džĞĐƵƟǀĞ^ƵŵŵĂƌLJථ ŝŝŝ >Eh^yhd/s^hDDZz ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ŝŝŝ dƌĂŶƐƉŽƌƚĂƟŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ǀ ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ͘͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ǀŝ tdZ^hWW>zEt^dtdZdZdDEd ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ǀŝŝ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ^ƚƌĂƚĞŐLJ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ dž ZĞŐŝŽŶĂůWĂƚŚǁĂLJ^LJƐƚĞŵ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ džŝ KƉĞŶ^ƉĂĐĞWůĂŶŶŝŶŐ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ džŝ ƌĐŚŝƚĞĐƚƵƌĂů&ŽƌŵĂŶĚŚĂƌĂĐƚĞƌ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ džŝ

,ŝƐƚŽƌLJථ džŝŝŝ

ϭ͘Ϭ /ŶƚƌŽĚƵĐƟŽŶථ ϭ ϭ͘ϭWƵƌƉŽƐĞ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϭ ϭ͘ϮDĞƚŚŽĚŽůŽŐLJ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭ ϭ͘ϯ^ĐŽƉĞŽĨZĞƉŽƌƚ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ

Ϯ͘Ϭ ĂĐŬŐƌŽƵŶĚථ ϯ Ϯ͘ϭĂĐŬŐƌŽƵŶĚ^ƚƵĚŝĞƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϯ Ϯ͘ϭ͘ϭDĂůůŽLJƌĂŝŶDĂƐƚĞƌƌĂŝŶĂŐĞWůĂŶ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϯ Ϯ͘ϭ͘ϮŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞͬdŽǁŶŽĨŽĂůĚĂůĞ/ŶƚĞƌͲDƵŶŝĐŝƉĂůĞǀĞůŽƉŵĞŶƚWůĂŶ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϯ Ϯ͘ϭ͘ϯŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞDƵŶŝĐŝƉĂůĞǀĞůŽƉŵĞŶƚWůĂŶ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϯ Ϯ͘ϭ͘ϰdŽǁŶŽĨŽĂůĚĂůĞ͕/ŶƚĞŐƌĂƚĞĚŽŵŵƵŶŝƚLJ^ƵƐƚĂŝŶĂďŝůŝƚLJWůĂŶ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϯ Ϯ͘ϭ͘ϱdŽǁŶŽĨŽĂůĚĂůĞ͕EŽƌƚŚŽĂůĚĂůĞͲ^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϰ Ϯ͘ϭ͘ϲdŚĞEDyŽƌƌŝĚŽƌdƌĂĚĞŽƌƌŝĚŽƌ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϰ Ϯ͘ϭ͘ϳŝƌĚƐŽĨWƌĞLJĞŶƚƌĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ

ϯ͘ϬŽŽƌĚŝŶĂƟŽŶdĞĂŵථ ϳ

ϰ͘Ϭ >ĂŶĚhƐĞථ ϵ ϰ͘ϭĂĐŬŐƌŽƵŶĚ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϵ ϰ͘ϭ͘ϭ>ĂŶĚhƐĞĂŶĚƚŚĞ/^͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϵ ϰ͘ϭ͘ϮWŽƐŝƟŽŶŝŶŐƚŚĞŽƌƌŝĚŽƌ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ ϰ͘ϭ͘ϯWŽůŝĐLJ'ƵŝĚĂŶĐĞ͗^ŵĂƌƚ'ƌŽǁƚŚΘ^ƵƐƚĂŝŶĂďŝůŝƚLJ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϭϭ ϰ͘ϭ͘ϰdŚĞ>ŝŶŬĞƚǁĞĞŶ^ƵƐƚĂŝŶĂďŝůŝƚLJ͕^ŵĂƌƚ'ƌŽǁƚŚ͕Θ^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚ ͘ ͘ ͘ ͘ ͘ϭϭ ϰ͘ϭ͘ϱdŚĞŚĂƌƌĞƩĞWƌŽĐĞƐƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϭϮ ϰ͘ϭ͘ϲ^ŵĂƌƚ'ƌŽǁƚŚĂƐĂ^ƚĂƌƟŶŐWŽŝŶƚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϯ /Ed'Zds>KWDEd^dZd'z | XV

ϰ͘ϭ͘ϳ'ƵŝĚŝŶŐWŽůŝĐŝĞƐ͗tĂůŬĂďůĞŽŵŵƵŶŝƟĞƐ͕ĂůĂŶĐĞĚZĞŐŝŽŶƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϭϯ ϰ͘Ϯ^ƵďͲZĞŐŝŽŶĂůWůĂŶ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϭϱ ϰ͘Ϯ͘ϭKǀĞƌǀŝĞǁ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϭϱ ϰ͘Ϯ͘Ϯ^ƵďͲƌĞŐŝŽŶĂů^ƚƌƵĐƚƵƌĞ͗ŽƌƌŝĚŽƌƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱ ϰ͘Ϯ͘ϯ^ƵďƌĞŐŝŽŶĂů^ƚƌƵĐƚƵƌĞ͗ĞǀĞůŽƉŵĞŶƚůƵƐƚĞƌƐΘŽƵŶƚƌLJƐŝĚĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϭϴ ϰ͘Ϯ͘ϰWŽůŝĐŝĞƐĂŶĚZĞĐŽŵŵĞŶĚĂƟŽŶƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϭϵ ϰ͘ϯŽƵŶƚLJŐƌŝĐƵůƚƵƌĂůͲ/ŶĚƵƐƚƌŝĂůĞŶƚƌĞWůĂŶ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϮϬ ϰ͘ϯ͘ϭKǀĞƌǀŝĞǁ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϮϬ ϰ͘ϯ͘ϮƌŽdžďƵƌŶĂƐĞŶƚƌĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϬ ϰ͘ϯ͘ϯZƵƌĂů/ŶĚƵƐƚƌŝĂů>ĂŶĚhƐĞ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϮϬ ϰ͘ϯ͘ϰZƵƌĂů/ŶĚƵƐƚƌŝĂůŝƐƚƌŝĐƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϭ ϰ͘ϯ͘ϱ,ŝŐŚǁĂLJ^ĞƌǀŝĐĞƌĞĂ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘Ϯϭ ϰ͘ϯ͘ϲtĂƚĞƌ^LJƐƚĞŵ/ŶƚĞŐƌĂƟŽŶ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘Ϯϭ ϰ͘ϯ͘ϳWŽůŝĐŝĞƐĂŶĚZĞĐŽŵŵĞŶĚĂƟŽŶƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϮϮ ϰ͘ϰdŽǁŶWůĂŶ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘Ϯϯ ϰ͘ϰ͘ϭKǀĞƌǀŝĞǁ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘Ϯϯ ϰ͘ϰ͘ϮŽŶƐŝĚĞƌĂƟŽŶƐĨŽƌŝƌĞĐƟŶŐ&ƵƚƵƌĞ'ƌŽǁƚŚ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘Ϯϯ ϰ͘ϰ͘ϮWƌŽũĞĐƟŶŐ&ƵƚƵƌĞ'ƌŽǁƚŚ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘Ϯϱ ϰ͘ϰ͘ϯdŚĞYƵĞƐƟŽŶŽĨĞŶƐŝƚLJ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘Ϯϲ ϰ͘ϰ͘ϰƵƌƌĞŶƚĞǀĞůŽƉŵĞŶƚWĂƩĞƌŶƐ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘Ϯϳ ϰ͘ϰ͘ϱdŚĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚWĂƩĞƌŶ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϴ ϰ͘ϰ͘ϲŽĂůĚĂůĞ͛ƐEĞŝŐŚďŽƵƌŚŽŽĚ^ƚƌƵĐƚƵƌĞ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘Ϯϵ ϰ͘ϰ͘ϳEŽƌƚŚĞĂƐƚ/ŶĚƵƐƚƌŝĂů ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϯϬ ϰ͘ϰ͘ϴEŽƌƚŚǁĞƐƚtĂƚĞƌDĂŶĂŐĞŵĞŶƚĞŶƚƌĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϯϭ ϰ͘ϰ͘ϵ>ĂŶĚhƐĞZĞŐƵůĂƟŽŶƐ͗ŝƐĐƵƐƐŝŽŶ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϯϭ ϰ͘ϰ͘ϭϬŽĂůĚĂůĞ͛Ɛ&ŽƌŵͲĂƐĞĚ>ĂŶĚhƐĞŝƐƚƌŝĐƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϮ ϰ͘ϰ͘ϭϭtĂƚĞƌ/ŶƚĞŐƌĂƟŽŶ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϮ ϰ͘ϰ͘ϭϮ^ƉĞĐŝĮĐEĞŝŐŚďŽƵƌŚŽŽĚĞƐŝŐŶZĞĐŽŵŵĞŶĚĂƟŽŶƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϯϮ ϰ͘ϰ͘ϭϯWŽůŝĐŝĞƐĂŶĚZĞĐŽŵŵĞŶĚĂƟŽŶƐ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϯϲ ϰ͘ϱŽƵŶƚLJZĞƐŝĚĞŶƟĂů'ƌŽǁƚŚ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϯϴ ϰ͘ϱ͘ϭKǀĞƌǀŝĞǁ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϯϴ ϰ͘ϱ͘Ϯ&ŝƌƐƚŝƌĞĐƚ'ƌŽǁƚŚƚŽdžŝƐƟŶŐĞŶƚƌĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϯϵ ϰ͘ϱ͘ϯĞLJŽŶĚ'ƌŽƵƉĞĚŽƵŶƚƌLJZĞƐŝĚĞŶƟĂů͗dŚĞ,ĂŵůĞƚůƵƐƚĞƌ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϯϵ ϰ͘ϱ͘ϰWŽůŝĐŝĞƐĂŶĚZĞĐŽŵŵĞŶĚĂƟŽŶƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϯϵ

ϱ͘Ϭ dƌĂŶƐƉŽƌƚĂƟŽŶථ ϰϭ ϱ͘ϭdžŝƐƟŶŐdƌĂŶƐƉŽƌƚĂƟŽŶEĞƚǁŽƌŬͲŽƌƌŝĚŽƌ^ƚƵĚLJƌĞĂ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϰϭ ϱ͘ϮdƌĂŶƐƉŽƌƚĂƟŽŶ^ƚƵĚŝĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϰϭ džǀŝ ͮപ/Ed'Zds>KWDEd^dZd'z

ϱ͘ϯ&ƵƚƵƌĞEĞƚǁŽƌŬŽŶĐĞƉƚĨŽƌƚŚĞWƌŽƉŽƐĞĚŽƌƌŝĚŽƌĞǀĞůŽƉŵĞŶƚ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϰϮ ϱ͘ϰĐĐĞƐƐDĂŶĂŐĞŵĞŶƚ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϰϮ ϱ͘ϰ͘ϭdŚĞdžŝƐƟŶŐĐĐĞƐƐDĂŶĂŐĞŵĞŶƚ^ĐŚĞŵĞ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϰϮ ϱ͘ϰ͘ϮdŚĞ&ƵƚƵƌĞĐĐĞƐƐDĂŶĂŐĞŵĞŶƚŽŶĐĞƉƚ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϰϮ ϱ͘ϲEĞƚǁŽƌŬŽŶĐĞƉƚĨŽƌƚŚĞWƌŽƉŽƐĞĚĞǀĞůŽƉŵĞŶƚ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϰϯ ϱ͘ϳWĞĚĞƐƚƌŝĂŶĂŶĚŝĐLJĐůĞĐĐŽŵŵŽĚĂƟŽŶ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϰϯ

ϲ͘Ϭ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚථ ϰϱ ϲ͘ϭ/EdZKhd/KE ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϰϱ ϲ͘ϮWƌŽũĞĐƚĂĐŬŐƌŽƵŶĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϱ ϲ͘ϯ,ŝƐƚŽƌLJŽĨ&ůŽŽĚŝŶŐŝŶƚŚĞDĂůůŽLJƌĂŝŶĂŐĞĂƐŝŶ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϰϴ ϲ͘ϰtĂƚĞƌYƵĂůŝƚLJŽŶĐĞƌŶƐŝŶƚŚĞDĂůůŽLJƌĂŝŶĂŐĞĂƐŝŶ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϱϬ ϲ͘ϰ͘ϭĂƐĞ^ƚƵĚLJ͗sŝƐƚĂDĞĂĚŽǁƐ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϱϬ ϲ͘ϰ͘ϮĂƐĞ^ƚƵĚLJ͗tĞƐƚĞƌŶ/ƌƌŝŐĂƟŽŶŝƐƚƌŝĐƚ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϱϭ ϲ͘ϱZĞŐŝŽŶĂů^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ^LJƐƚĞŵ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϱϭ ϲ͘ϱ͘ϭ&ŽƌĐĞDĂŝŶƚŽƚŚĞKůĚŵĂŶZŝǀĞƌĂŶĚ/ŶĐƌĞĂƐĞĚ ^ƚŽƌĂŐĞĂƉĂĐŝƚLJĂƚƚŚĞŝƌĚƐŽĨWƌĞLJtĞƚůĂŶĚƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϮ ϲ͘ϱ͘ϮŽŶŶĞĐƟŶŐƚŚĞdŽǁŶŽĨŽĂůĚĂůĞƚŽƚŚĞƐĐĂƉĞZŽƵƚĞ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϱϰ ϲ͘ϱ͘ϯ^ŽƵƚŚŽĂůĚĂůĞŽŶŶĞĐƟŽŶ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϱϱ ϲ͘ϲ/ŶƚĞŐƌĂƚĞĚtĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϱϳ ϲ͘ϳ&ƵƚƵƌĞĞǀĞůŽƉŵĞŶƚ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϱϴ ϲ͘ϳ͘ϭ&ƵƚƵƌĞĞǀĞůŽƉŵĞŶƚŽŶƚŚĞ^ŽƵƚŚĚŐĞŽĨƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϱϴ ϲ͘ϳ͘ϮdŚĞ/ŵƉŽƌƚĂŶĐĞŽĨ>Žǁ/ŵƉĂĐƚĞǀĞůŽƉŵĞŶƚ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϱϵ ϲ͘ϳ͘ϯ&ƵƚƵƌĞĞǀĞůŽƉŵĞŶƚĂƚƚŚĞĂŶĂŵĞdžĂŶĚ,ŝŐŚǁĂLJϯ/ŶƚĞƌĐŚĂŶŐĞ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϲϬ ϲ͘ϳ͘ϰtĂƚĞƌZĞͲhƐĞdžĂŵƉůĞĂƚƌŽdžďƵƌŶƵƐŝŶĞƐƐWĂƌŬ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϲϬ ϲ͘ϳ͘ϱ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚĂƚEDy,ŝŐŚǁĂLJ/ŶƚĞƌĐŚĂŶŐĞƐ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϲϯ ϲ͘ϴtĂƚĞƌ^ŚŽƌƚĂŐĞZĞƐƉŽŶƐĞWůĂŶ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϲϯ ϲ͘ϵŽƐƚWƌŽũĞĐƟŽŶƐĂŶĚ&ƵŶĚŝŶŐKƉƉŽƌƚƵŶŝƟĞƐ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϲϰ ϲ͘ϭϬZĞĐŽŵŵĞŶĚĂƟŽŶƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϲϲ ϲ͘ϭϭWŚĂƐŝŶŐ^ƚƌĂƚĞŐLJ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϲϲ

ZĞĨĞƌĞŶĐĞƐථ ϲϳ

ĐŬŶŽǁůĞĚŐĞŵĞŶƚƐථ ϲϳ

ϳ͘ϬtdZ^hWW>zEt^dtdZථdZdDEd ϲϵ ϳ͘ϭ/EdZKhd/KE ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϲϵ ϳ͘ϮtdZ^hWW>z͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϲϵ ϳ͘Ϯ͘ϭtdZ^KhZ^͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϲϵ /Ed'Zds>KWDEd^dZd'z | XVII

ϳ͘Ϯ͘ϭtdZ^KhZ^͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϲϵ ϳ͘Ϯ͘ϮtdZKE^Zsd/KE͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϳϬ ϳ͘Ϯ͘ϯKhEdzK&>d,Z/'tdZ^hWW>z͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϳϮ ϳ͘Ϯ͘ϰdKtEK&K>>tdZ^hWW>z͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϳϯ ϳ͘Ϯ͘ϱ^hDDZz ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϳϰ ϳ͘ϯt^dtdZdZdDEd^dZd'z͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϳϰ ϳ͘ϯ͘ϭKhEdzK&>d,Z/'͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϳϰ ϳ͘ϯ͘ϮdKtEK&K>>͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϳϱ

ϴ͘ϬĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ^ƚƌĂƚĞŐLJථ ϳϵ džĞĐƵƟǀĞ^ƵŵŵĂƌLJ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϳϵ ϴ͘ϭ͘ϭĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ^ƚƌĂƚĞŐLJ͗WƌĞƉĂƌĂƟŽŶWƌŽĐĞƐƐ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϴϬ ϴ͘ϭ͘ϮZĞŐŝŽŶĂůKǀĞƌǀŝĞǁ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϴϭ ϴ͘Ϯ^ŝƚƵĂƟŽŶƐƐĞƐƐŵĞŶƚ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϴϭ ϴ͘Ϯ͘ϭĂĐŬŐƌŽƵŶĚ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϴϭ ϴ͘Ϯ͘Ϯ<ĞLJ&ŝŶĚŝŶŐƐƌŝǀŝŶŐƚŚĞ^ƚƌĂƚĞŐLJ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϴϮ ϴ͘ϯZĞƐŝĚĞŶƚKƉŝŶŝŽŶ^ƵƌǀĞLJ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϵ ϴ͘ϰ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƟĞƐĂŶĚ<ĞLJZĞƐƵůƚƐ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϵϬ ϴ͘ϰ͘ϭ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƟĞƐ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϵϬ ϴ͘ϱ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚLJηϭ͗'ŽǀĞƌŶĂŶĐĞĂŶĚĞůŝǀĞƌLJ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϵϬ ϴ͘ϱ͘ϭĂĐŬŐƌŽƵŶĚ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϵϬ ϴ͘ϱ͘Ϯ>ŽĐĂůĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚĞůŝǀĞƌLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϭ ϴ͘ϱ͘ϯdƌĂŝƚƐŽĨĂ^ƵĐĐĞƐƐĨƵůKƌŐĂŶŝnjĂƟŽŶ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϵϮ ϴ͘ϱ͘ϰŽĂůĚĂůĞͬŽƌƌŝĚŽƌ'ŽǀĞƌŶĂŶĐĞůƚĞƌŶĂƟǀĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϵϯ ϴ͘ϲ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚLJηϮ͗ĐƟǀŝƚLJĂŶĚtŽƌŬWĞƌĨŽƌŵĂŶĐĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϲ ϴ͘ϲ͘ϭĐƟǀŝƚLJ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϵϲ ϴ͘ϲ͘ϮWĞƌĨŽƌŵĂŶĐĞDĞĂƐƵƌĞƐ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϵϵ ϴ͘ϳ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚLJηϯ͗ĂŶĂŵĞdž,ŝŐŚǁĂLJ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϬϮ ϴ͘ϳ͘ϭĂŶĂŵĞdždƌĂĚĞŽƌƌŝĚŽƌ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϭϬϮ ϴ͘ϴ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚLJηϰ͗ŽŵŵƵŶŝĐĂƟŽŶĂŶĚWůĂĐĞZĞĐŽŐŶŝƟŽŶ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϭϬϱ ϴ͘ϴ͘ϭŽŵŵƵŶŝĐĂƟŽŶ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϭϬϱ ϴ͘ϴ͘ϮWůĂĐĞZĞĐŽŐŶŝƟŽŶ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϬϳ ϴ͘ϵŽŶĐůƵƐŝŽŶ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϭϭ

ϵ͘ϬZĞŐŝŽŶĂůWĂƚŚǁĂLJ^LJƐƚĞŵථ ϭϭϯ ϵ͘ϭZĞŐŝŽŶĂůWĂƚŚǁĂLJ^LJƐƚĞŵ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϭϯ ϵ͘ϮWĂƚŚǁĂLJĞƐƟŶĂƟŽŶƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϭϭϯ ϵ͘Ϯ͘ϭ,ĞŶĚĞƌƐŽŶWĂƌŬ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϭϯ ϵ͘Ϯ͘ϮůďĞƌƚĂŝƌĚƐŽĨWƌĞLJĞŶƚƌĞ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϭϱ džǀŝŝŝͮപ/Ed'Zds>KWDEd^dZd'z

ϵ͘ϯWĂƚŚ>ŽĐĂƟŽŶ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϭϭϲ ϵ͘ϯ͘ϭWƌŝǀĂƚĞůLJ,ĞůĚ>ĂŶĚƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϭϲ ϵ͘ϯ͘ϮdŚĞ^DZ/ZŝŐŚƚͲŽĨͲtĂLJʹĂŶĂů^LJƐƚĞŵ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϭϳ ϵ͘ϯ͘ϯdŚĞ^DZ/ZŝŐŚƚͲŽĨͲtĂLJͲ^ŽƵƚŚ>ĂƚĞƌĂů ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϭϴ ϵ͘ϯ͘ϰŽŵƉŽƐŝƚĞƐĨŽƌĂƐĞ^ƚƵĚŝĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϵ ϵ͘ϯ͘ϱZĞĚƵĐŝŶŐƚŚĞĂƌďŽŶ&ŽŽƚƉƌŝŶƚ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϭϮϱ ϵ͘ϯ͘ϲƋƵĞƐƚƌŝĂŶKƉƉŽƌƚƵŶŝƟĞƐ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϮϱ ϵ͘ϯ͘ϳĞĚŝĐĂƚĞĚWĞĚĞƐƚƌŝĂŶWĂƚŚǁĂLJ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϭϮϱ ϵ͘ϯ͘ϴ>ŝĂďŝůŝƚLJ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϭϮϱ ϵ͘ϯ͘ϵ^ŽůŝĚtĂƐƚĞDĂŶĂŐĞŵĞŶƚ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϭϮϱ ϵ͘ϯ͘ϭϬ^ƚƌĞĞƚ&ƵƌŶŝƚƵƌĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϮϱ ϵ͘ϰWƌĞĐĞĚĞŶƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮϲ ϵ͘ϱŶƟĐŝƉĂƚĞĚWƌŽũĞĐƚŽƐƚƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϮϲ

ϭϬ͘ϬKƉĞŶ^ƉĂĐĞWůĂŶŶŝŶŐථ ϭϮϳ ϭϬ͘ϭ/ŶƚƌŽĚƵĐƟŽŶ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϮϳ ϭϬ͘ϮĞƐŝŐŶWƌŝŶĐŝƉůĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϯϬ ϭϬ͘Ϯ͘ϭ>ŝŶĞĂƌtĞƚůĂŶĚƐĐƌĞĂƟŽŶĂŶĚĞŶŚĂŶĐĞŵĞŶƚ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϯϭ ϭϬ͘ϯ/ŵƉůĞŵĞŶƚĂƟŽŶĂŶĚDĂŝŶƚĞŶĂŶĐĞ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϭϯϮ

ϭϭ͘ϬƌĐŚŝƚĞĐƚƵƌĂů&ŽƌŵĂŶĚŚĂƌĂĐƚĞƌථ ϭϯϯ ϭϭ͘ϭWƌĂŝƌŝĞƌĐŚŝƚĞĐƚƵƌĞ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϯϯ ϭϭ͘ϮZĞŐŝŽŶĂůŝƐƟŶĐƟŽŶ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϭϯϯ ϭϭ͘ϯĂŶĂĚŝĂŶĂƌĐŚŝƚĞĐƚƵƌĞ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϯϯ ϭϭ͘ϰ'ĂƚĞǁĂLJKƉƉŽƌƚƵŶŝƚLJ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϯϯ ϭϭ͘ϱ'ĂƚĞǁĂLJƌĐŚŝƚĞĐƚƵƌĞ^ƵŵŵĂƌŝnjĞĚ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϯϯ

ϭϮ͘Ϭ ŝŽƉŚLJƐŝĐĂůKǀĞƌǀŝĞǁĂŶĚථĂƚĂ^ƵŵŵĂƌLJ ϭϯϱ džĞĐƵƟǀĞ^ƵŵŵĂƌLJ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϯϱ ϭϮ͘ϭ/ŶƚƌŽĚƵĐƟŽŶ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϯϱ ϭϮ͘ϮDĞƚŚŽĚƐ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϭϯϲ ϭϮ͘ϯZĞƐƵůƚƐ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϭϯϳ ϭϮ͘ϯ͘ϭEĂƚƵƌĂůZĞŐŝŽŶƐĂŶĚ^ƵďƌĞŐŝŽŶƐ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϭϯϳ ϭϮ͘ϯ͘ϮĂƐĞDĂƉ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϯϳ ϭϮ͘ϯ͘ϯ^ŽŝůDĂƉ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϭϯϳ ϭϮ͘ϯ͘ϰ>ĂŶĚŽǀĞƌDĂƉ͘͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϭϯϳ ϭϮ͘ϯ͘ϱWŽƚĞŶƟĂů^ƉĞĐŝĂů^ƚĂƚƵƐWůĂŶƚƐ͕ĂŶĚZĂƌĞĐŽůŽŐŝĐĂůŽŵŵƵŶŝƟĞƐ ͘͘͘͘͘͘͘͘͘͘ϭϯϴ ϭϮ͘ϯ͘ϲWŽƚĞŶƟĂůtŝůĚůŝĨĞĂŶĚ&ŝƐŚ^ƉĞĐŝĞƐ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ϭϯϴ ϭϮ͘ϯ͘ϳKďƐĞƌǀĞĚ&ĞĚĞƌĂůůLJͲůŝƐƚĞĚĂŶĚWƌŽǀŝŶĐŝĂůůLJͲŝĚĞŶƟĮĞĚtŝůĚůŝĨĞĂŶĚ&ŝƐŚ^ƉĞĐŝĞƐ͘ ͘ ͘ ͘ ϭϯϴ /Ed'Zds>KWDEd^dZd'z | XIX

ϭϮ͘ϯ͘ϴtĞƚůĂŶĚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϯϵ ϭϮ͘ϰEĞdžƚ^ƚĞƉƐ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϰϬ

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ϭ͘ϮDĞƚŚŽĚŽůŽŐLJ dŚĞŽŶƐƵůƚĂŶƚdĞĂŵĨŽƌƚŚĞ/ŶƚĞŐƌĂƚĞĚĞǀĞůŽƉŵĞŶƚ^ƚƌĂƚĞŐLJ;/^ͿŝŶŝƟĂƚĞĚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƐƚƵĚLJĐŽŶƚĞŶƚ ƚŚƌŽƵŐŚŵƵůƟƉůĞŵĞĞƟŶŐƐǁŝƚŚƚŚĞ/^^ƚĞĞƌŝŶŐŽŵŵŝƩĞĞǁŚŝĐŚĐůĂƌŝĮĞĚƚŚĞŵĂŶĚĂƚĞĂŶĚĞƐƚĂďůŝƐŚƚŚĞŵĞƚŚŽĚͲ ŽůŽŐLJŽĨŝŶĨŽƌŵĂƟŽŶŐĂƚŚĞƌŝŶŐĂŶĚĐŽůůĂďŽƌĂƟŽŶ͘ /ŶŽƌĚĞƌƚŽĞŶƐƵƌĞƚŚĂƚĂůůĂƐƉĞĐƚƐŽĨƚŚĞ/ŶƚĞŐƌĂƚĞĚĞǀĞůŽƉŵĞŶƚ^ƚƌĂƚĞŐLJǁĞƌĞŝŶĐŽŶĐĞƌƚǁŝƚŚĞĂĐŚŽƚŚĞƌĞĂĐŚŽĨ ƚŚĞƌĞƐƉĞĐƟǀĞĐŽŶƐƵůƚĂŶƚƐĐŽůůĂďŽƌĂƚĞĚǁŝƚŚƚŚĞ/^^ƚĞĞƌŝŶŐŽŵŵŝƩĞĞĂŶĚŽƚŚĞƌƚĞĂŵŵĞŵďĞƌƐŽŶĂŶŽŶŐŽŝŶŐ ďĂƐŝƐ͘/ŶĂĚĚŝƟŽŶƌĞŐƵůĂƌŵĞĞƟŶŐƐǁĞƌĞŚĞůĚǁŝƚŚƚŚĞĞŶƟƌĞĐŽŶƐƵůƚĂŶƚƚĞĂŵƚŽĐŽůůĞĐƟǀĞůLJĞǀĂůƵĂƚĞƚŚĞĮŶĚŝŶŐƐ ĂŶĚŝŶŶŽǀĂƟŽŶƐƉƌŽƉŽƐĞĚďLJĞĂĐŚƌĞƐƉĞĐƟǀĞĐŽŶƐƵůƚĂŶƚ͘ ŶŝŶŝƟĂůŽŵŵƵŶŝƚLJŽŶƐƵůƚĂƟŽŶƉƌŽĐĞƐƐǁĂƐƵŶĚĞƌƚĂŬĞŶǁŝƚŚŝŶƚĞƌĞƐƚĞĚĂŶĚĂīĞĐƚĞĚŐĞŶĞƌĂůƉƵďůŝĐĂŶĚĐŝǀŝĐ ůĞĂĚĞƌƐŝŶǀŝƚĞĚƚŽƉƌŽǀŝĚĞĚŝƌĞĐƟŽŶĂŶĚŝŶƉƵƚ͘dŚĞƉƵďůŝĐŝŶƚĞƌĂĐƟŽŶƉƌŽĐĞƐƐǁĂƐĚŝƌĞĐƚĞĚďLJWůĂĐĞDĂŬĞƌƐǁŝƚŚ 'ĞŽīLJĞƌƚĂŬŝŶŐĂůĞĂĚƌŽůĞŝŶƚŚĞŝŶƚĞƌĂĐƟŽŶ͘dŚŝƐŝŶŝƟĂůŝŶĨŽƌŵĂƟŽŶǁĂƐĂŶĂůLJnjĞĚďLJĞĂĐŚƌĞƐƉĞĐƟǀĞŵĞŵďĞƌŽĨ ƚŚĞĐŽŶƐƵůƚĂŶƚƚĞĂŵĂŶĚďĞĐĂŵĞƚŚĞƐƚƌƵĐƚƵƌĂůďĂƐŝƐĂƌŽƵŶĚǁŚŝĐŚƚŚĞĚĞƚĂŝůĞĚŝŶĨŽƌŵĂƟŽŶǁĂƐĚĞǀĞůŽƉĞĚ͘ ƚƚŚĞĞŶĚŽĨƐƵŵŵĞƌϮϬϭϭĂĚƌĂŌĐŽƉLJŽĨƚŚĞĮŶĚŝŶŐƐǁĂƐĐŝƌĐƵůĂƚĞĚĨŽƌƌĞǀŝĞǁďLJƚŚĞ/^^ƚĞĞƌŝŶŐŽŵŵŝƩĞĞ ĂŶĚĂĚŵŝŶŝƐƚƌĂƟŽŶǁŝƚŚĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐƚŚĂƚĂĚĚŝƟŽŶĂůĐŽŵŵƵŶŝƚLJĐŽŶƐƵůƚĂƟŽŶǁŽƵůĚƚĂŬĞƉůĂĐĞŝŶƚŚĞĨĂůůŽĨ ϮϬϭϭ͘&ŝŶĂůĂĚũƵƐƚŵĞŶƚƐďĂƐĞĚŽŶƚŚŝƐĂĚĚŝƟŽŶĂůŝŶƉƵƚǁĞƌĞŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞƐƚƵĚLJƐƵĐŚƚŚĂƚŝƚĐŽƵůĚďĞĐŝƌĐƵͲ ůĂƚĞĚƚŽƚŚĞZWĚŵŝŶŝƐƚƌĂƟŽŶƚŽŵĞĞƚƚŚĞĚĞĂĚůŝŶĞĨŽƌƚŚĞĞŶĚŽĨϮϬϭϭ͘ Ϯ ͮപ/Ed'Zds>KWDEd^dZd'z ϭ͘ϯ^ĐŽƉĞŽĨZĞƉŽƌƚ dŚĞƐĐŽƉĞŽĨƚŚĞƌĞƉŽƌƚĐŽǀĞƌƐƚŚĞĨŽůůŽǁŝŶŐĚŝƐĐŝƉůŝŶĞƐŝŶƚŚĞĚĞĮŶĞĚƐƚƵĚLJĂƌĞĂ͗ tĂƚĞƌƐƵƉƉůLJĂŶĚǁĂƐƚĞǁĂƚĞƌ͕ƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ͕ďŝŽƉŚLJƐŝĐĂůĐŽŶƐŝĚĞƌĂƟŽŶƐ͕ůĂŶĚͲƵƐĞ͕ƚƌĂŶƐƉŽƌƚĂƟŽŶ͕ ĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƐƚƌĂƚĞŐLJ͕ĂƌĞŐŝŽŶĂůƉĂƚŚǁĂLJƐLJƐƚĞŵ͕ŽƉĞŶƐƉĂĐĞƉůĂŶŶŝŶŐ͕ĂŶĚĂƌĐŚŝƚĞĐƚƵƌĂůĨŽƌŵĂŶĚĐŚĂƌͲ ĂĐƚĞƌ͘ĂĐŚŽĨƚŚĞƐĞĚŝƐĐŝƉůŝŶĞƐǁĂƐƐƚƵĚŝĞĚŝŶĐŽůůĂďŽƌĂƟŽŶǁŝƚŚĂůůŽĨƚŚĞŽƚŚĞƌƐƚƵĚLJĂƌĞĂƐŽŶĂŶŝŶĚŝǀŝĚƵĂůďĂƐŝƐ ĂŶĚĂůƐŽŽŶĂŐůŽďĂůďĂƐŝƐŝŶŽƌĚĞƌƚŽĚĞƚĞƌŵŝŶĞƚŚĞŝŵƉĂĐƚƚŚĂƚĞĂĐŚĚŝƐĐŝƉůŝŶĞŚĂĚŽŶĂŶŽƚŚĞƌĂŶĚŽŶƚŚĞǁŚŽůĞ͘ dŚĞƐƚƵĚLJĂƌĞĂĞŶĐŽŵƉĂƐƐĞƐƚŚĞĞŶƟƌĞŐĞŽŐƌĂƉŚŝĐƌĞŐŝŽŶĞĂƐƚŽĨ>ĞƚŚďƌŝĚŐĞďĞŐŝŶŶŝŶŐĂƚƚŚĞƵƌďĂŶĨƌŝŶŐĞƚŽĂ ƉŽŝŶƚũƵƐƚĂƐƚŽĨŽĂůĚĂůĞ͘dŚĞƐŽƵƚŚĞƌŶĞĚŐĞŽĨƚŚĞƌĞŐŝŽŶǁĞŶƚĂƐĨĂƌƐŽƵƚŚĂƐƚŚĞƉƌŽƉŽƐĞĚŶĞǁŝŶƚĞƌĐŚĂŶŐĞĨŽƌ ƚŚĞĂŶĂŵĞdžĐŽƌƌŝĚŽƌǁŚĞƌĞŝƚǁŽƵůĚŝŶƚĞƌĨĂĐĞǁŝƚŚ,ŝŐŚǁĂLJϰĂŶĚEŽƌƚŚƚŽƚŚĞƉŽŝŶƚĂƚǁŚŝĐŚƚŚĞĂŶĂŵĞdžĐŽƌͲ ƌŝĚŽƌƚĂŬĞƐĂƚƵƌŶƚŽƚŚĞǁĞƐƚŶŽƌƚŚŽĨ>ĞƚŚďƌŝĚŐĞ͘KŶŽĐĐĂƐŝŽŶĂƌĞƐƉĞĐƟǀĞĚŝƐĐŝƉůŝŶĞƌĞƋƵŝƌĞĚƚŚĞƐƚƵĚLJĂƌĞĂƚŽďĞ ĞdžƉĂŶĚĞĚŝŶŝƐŽůĂƚĞĚĂƌĞĂƐŝŶŽƌĚĞƌƚŽĞŶƐƵƌĞĐŽŵƉƌĞŚĞŶƐŝǀĞĂŶĚĞdžŚĂƵƐƟǀĞƌĞƉŽƌƚ͘dŚĞƐĞĂŶŽŵĂůŝĞƐĂƌĞĚĞĮŶĞĚ ŝŶĞĂĐŚŽĨƚŚĞƌĞƐƉĞĐƟǀĞƐĞĐƟŽŶƐŽĨƚŚĞƌĞƉŽƌƚ͘ /Ed'Zds>KWDEd^dZd'z | 3 Ϯ͘ϬĂĐŬŐƌŽƵŶĚ

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Ϯ͘ϭ͘ϱdŽǁŶŽĨŽĂůĚĂůĞ͕EŽƌƚŚŽĂůĚĂůĞͲ^ƚŽƌŵtĂƚĞƌDĂŶͲ ĂŐĞŵĞŶƚWůĂŶ dŚĞdŽǁŶŽĨŽĂůĚĂůĞĚĞǀĞůŽƉĞĚƚŚĞ^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶƚŚƌŽƵŐŚƌĞƚĂŝŶŝŶŐDWŶŐŝŶĞĞƌŝŶŐ>ƚĚ͘ŝŶ ϭϵϵϵ͘dŚĞƉƵƌƉŽƐĞŽĨƚŚĞƉůĂŶǁĂƐƚŽĂĚĚƌĞƐƐƚŚĞƐƵƌĨĂĐĞĚƌĂŝŶĂŐĞǁŝƚŚŝŶƚŚĞƚŽǁŶŽĨŽĂůĚĂůĞůŝŵŝƚƐEŽƌƚŚŽĨ ,ŝŐŚǁĂLJϯĂŶĚƚŽĂŶĂůLJnjĞƚŚĞƐƵƌĨĂĐĞĚƌĂŝŶĂŐĞƐLJƐƚĞŵǁŚŝĐŚŇŽǁƐŝŶƚŽƚŚĞĐŚĞĞƐĞĨĂĐƚŽƌLJĚƌĂŝŶ͕ƚŚĞDĂůůŽLJĚƌĂŝŶ͕ ƚŚĞĂƐƚůĂƚĞƌĂůĂŶĚŽŶƚŽƚŚĞ^ƚĂīŽƌĚƌĞƐĞƌǀŽŝƌ͘ dŚĞĐŽŶƐŝĚĞƌĂƟŽŶƐĂŶĚ ƌĞĐŽŵŵĞŶĚĂƟŽŶƐŽĨƚŚĞ^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶŚĂǀĞŝŶŇƵĞŶĐĞĚƚŚĞDĂůůŽLJĂƐŝŶ ƌĂŝŶĂŐĞ^ƚƵĚŝĞƐŽǀĞƌƚŚĞLJĞĂƌƐĂŶĚǁĞƌĞĐĂƌĞĨƵůůLJĐŽŶƐŝĚĞƌĞĚŝŶƚŚĞĐŽŶƚĞdžƚŽĨƚŚĞ/^͘ Ϯ͘ϭ͘ϲdŚĞEDyŽƌƌŝĚŽƌdƌĂĚĞŽƌƌŝĚŽƌ dŚĞEDyŽƌƌŝĚŽƌůŝŶŬƐĂŶĂĚĂ͕hŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂ͕ĂŶĚDĞdžŝĐŽ͕ƚŚĞƚŚƌĞĞE&dĐŽƵŶƚƌŝĞƐ͕ĂŶĚ ƐƚƌĞƚĐŚĞƐϯ͕ϴϬϬŵŝůĞƐŽƌϲ͕ϬϬϬŬŵĨƌŽŵŶĐŚŽƌĂŐĞůĂƐŬĂƚŽDĞdžŝĐŽŝƚLJ͕͘&͕͘ůŝŶŬŝŶŐĂůůŽĨǁĞƐƚĞƌŶEŽƌƚŚŵĞƌŝĐĂ͘ dŚĞŐŽĂůƐŽĨƚŚĞEDydƌĂĚĞŽƌƌŝĚŽƌĂƌĞƚŽ͗ ͻ ŝŵƉƌŽǀĞĂĐĐĞƐƐĨŽƌƚŚĞŶŽƌƚŚͲƐŽƵƚŚŇŽǁŽĨŐŽŽĚƐ͕ƉĞŽƉůĞĂŶĚŝŶĨŽƌŵĂƟŽŶ͖ ͻ ŝŶĐƌĞĂƐĞƚƌĂŶƐƉŽƌƚƉƌŽĚƵĐƟǀŝƚLJĂŶĚƌĞĚƵĐĞƚƌĂŶƐƉŽƌƚĂƟŽŶĐŽƐƚƐ͖ ͻ ƉƌŽŵŽƚĞĂƐĞĂŵůĞƐƐĂŶĚĞĸĐŝĞŶƚŝŶƚĞƌŵŽĚĂůƚƌĂŶƐƉŽƌƚƐLJƐƚĞŵ͖ĂŶĚ ͻ ƌĞĚƵĐĞĂĚŵŝŶŝƐƚƌĂƟŽŶĂŶĚĞŶĨŽƌĐĞŵĞŶƚĐŽƐƚƐƚŚƌŽƵŐŚŚĂƌŵŽŶŝnjĞĚƌĞŐƵůĂƟŽŶƐ͘ dŚĞEDydƌĂĚĞŽƌƌŝĚŽƌǁŝůůĨĂĐŝůŝƚĂƚĞƚŚĞŐƌŽǁƚŚŽĨƚƌĂĚĞĂŶĚƉƌŽŵŽƚĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŝŶĂůůƚŚĞ ĐŽŵŵƵŶŝƟĞƐĂůŽŶŐƚŚĞŽƌƌŝĚŽƌ͘

2OGPDQ5LYHU9DOOH\

&/'hZϭͲĞŵŽŶƐƚƌĂƚĞƐƚŚĞĂůŝŐŶŵĞŶƚŽĨƚŚĞEDydƌĂĚĞŽƌƌŝĚŽƌǁŝƚŚŝŶƚŚĞĂƌĞĂŽĨƐƚƵĚLJ͘ dŚĞEDydƌĂĚĞŽƌƌŝĚŽƌǁŝůůƉƌŽǀŝĚĞŝŶĐƌĞĂƐĞĚƚƌĂŶƐƉŽƌƚĂƟŽŶĂĐĐĞƐƐĨŽƌďƵƐŝŶĞƐƐĞƐ͘dŚŝƐƐŚŽƵůĚŐĞŶĞƌĂƚĞ ĞĐŽŶŽŵŝĐŐƌŽǁƚŚǁŝƚŚŝŶƚŚĞƌĞŐŝŽŶ͘ĂƌĞĨƵůĐŽŶƐŝĚĞƌĂƟŽŶ ŽĨƚŚĞƚƌĂĸĐĐŽƌƌŝĚŽƌƐĐĂŶŽīĞƌƚŚĞŽƉƉŽƌƚƵŶŝƚLJĨŽƌƐĞƌͲ /Ed'Zds>KWDEd^dZd'z | 5

ǀŝĐĞƌŽĂĚƐǁŚŝĐŚǁŝůůĚŽƵďůĞƚŚĞĨƌŽŶƚĂŐĞŽĨƚŚĞŚŝŐŚǁĂLJĐŽƌƌŝĚŽƌŵĂdžŝŵŝnjŝŶŐƚŚĞŐƌŽǁƚŚƉŽƚĞŶƟĂůĂŶĚǁŚŝůĞƐŽŵĞ ŽĨƚŚĞƚƌĂŶƐƉŽƌƚĂƟŽŶƌŽĂĚƐŵĂLJŶŽƚďĞƉĂƌƚŽĨƚŚĞŝŵŵĞĚŝĂƚĞƉŚĂƐĞŽĨĚĞǀĞůŽƉŵĞŶƚƚŚĞŵĂƐƚĞƌƉůĂŶĐĂŶĐŽŶƚĞŵͲ ƉůĂƚĞƚŚĞĨƵƚƵƌĞŐƌŽǁƚŚŝŶƚŚĞƌĞŐŝŽŶ͘ dŚĞŝŶĐƌĞĂƐĞŽĨĞĐŽŶŽŵŝĐĂůůLJǀŝĂďůĞƉĂƌĐĞůƐŝŶƚŚĞĐŽƌƌŝĚŽƌǁŝůůĂůƐŽƌĞƋƵŝƌĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞďLJǁĂLJŽĨƚĞůĞĐŽŵͲ ŵƵŶŝĐĂƟŽŶƐĂŶĚŽƚŚĞƌƐŝŵŝůĂƌƐĞƌǀŝĐĞƐƚŽďĞĐŽŶƐŝĚĞƌĞĚĨŽƌŽƉƟŵŝnjĞĚŐƌŽǁƚŚ͘ŶŽƚŚĞƌĐŽŶƐŝĚĞƌĂƟŽŶǁŝůůďĞƚŚĞ ĞĐŽŶŽŵŝĐďLJƉĂƐƐŽĨƐŵĂůůĞƌƚŽǁŶƐ͕ĂŶĚŐŝǀĞŶƚŚŝƐĐŽŶƐŝĚĞƌĂƟŽŶŝƚŝƐŝŵƉŽƌƚĂŶƚƚŽĐŽŶƚĞŵƉůĂƚĞŚŽǁƚŚŝƐĐŽƵůĚďĞ ŵŝƟŐĂƚĞĚ͘dŚĞŝŶƚĞƌĐŚĂŶŐĞƐĐŽƵůĚďĞƐƵŝƚĂďůLJůŽĐĂƚĞĚĂŶĚƚŚĞƉƌŽƉĞƌĂƩƌĂĐƟŽŶƐďĞŵĂĚĞĂǀĂŝůĂďůĞƐŽƚŚĂƚƚŚĞ ƐŵĂůůĞƌĐŽŵŵƵŶŝƟĞƐĐĂŶƐƟůůďĞŶĞĮƚĨƌŽŵƚŚĞŶĞǁĞĐŽŶŽŵŝĐĞŶĞƌŐLJ͘dŚĞĞĐŽŶŽŵŝĐĂƐƉĞĐƚƐŽĨƚŚŝƐƐƚƵĚLJƐŚŽƵůĚ ĐŽŶƐŝĚĞƌƚŚŝƐŵĂƩĞƌĂƐǁĞůů͘ Ϯ͘ϭ͘ϳŝƌĚƐŽĨWƌĞLJĞŶƚƌĞ /ŶϭϵϴϮǁŝůĚůŝĨĞƌĞƐĐƵĞĂĐƟǀŝƚLJŝŶtĞƐƚĞƌŶĂŶĂĚĂǁĂƐĂůŵŽƐƚŶŽŶͲĞdžŝƐƚĞŶƚ͘ĞŶƚƌĞĨŽƵŶĚĞƌƐtĞŶĚLJ^ůĂLJƚŽƌĂŶĚ ŽůŝŶtĞŝƌĂƉƉƌŽĂĐŚĞĚƚŚĞWƌŽǀŝŶĐĞŽĨůďĞƌƚĂ&ŝƐŚΘtŝůĚůŝĨĞŝǀŝƐŝŽŶǁŝƚŚĂŶŽīĞƌƚŽƐƚĂƌƚůďĞƌƚĂ͛ƐĮƌƐƚǀŽůƵŶƚĞĞƌ ǁŝůĚůŝĨĞƌĞƐĐƵĞĨĂĐŝůŝƚLJ͘tŝƚŚƚŚĞŚĞůƉŽĨD>ŽďŽŐůĞĂŶĚƚŚĞŶ&ŝƐŚΘtŝůĚůŝĨĞDŝŶŝƐƚĞƌŽŶ^ƉĂƌƌŽǁŐƌĂŶƟŶŐ ƐƉĞĐŝĂůŵŝŶŝƐƚĞƌŝĂůƉĞƌŵŝƐƐŝŽŶƚŽƐƚĂƌƚƚŚĞŝƌǀŽůƵŶƚĞĞƌǁŝůĚůŝĨĞƌĞƐĐƵĞǁŽƌŬ͕ƚŚĞLJƐƚĂƌƚĞĚƌĞŚĂďŝůŝƚĂƟŶŐǁŚĂƚǁŽƵůĚ ŐƌŽǁƚŽďĞƚŚŽƵƐĂŶĚƐŽĨŝŶũƵƌĞĚďŝƌĚƐĨƌŽŵĂĐƌŽƐƐ^ŽƵƚŚĞƌŶůďĞƌƚĂ͘dŚĞLJĂůƐŽďĞŐĂŶƵƐŝŶŐŝŶũƵƌĞĚĂŶĚŶŽŶͲ ƌĞůĞĂƐĂďůĞďŝƌĚƐĨŽƌƉƵďůŝĐĞŶǀŝƌŽŶŵĞŶƚĂůĞĚƵĐĂƟŽŶƉƌŽŐƌĂŵƐŝŶƐĐŚŽŽůƐĂŶĚƉƌŽǀŝŶĐŝĂůĂŶĚŶĂƟŽŶĂůƉĂƌŬƐ͘/Ŷϭϵϴϵ ĐŽŶƐƚƌƵĐƟŽŶƐƚĂƌƚĞĚŽŶƚŚĞůďĞƌƚĂŝƌĚƐŽĨWƌĞLJĞŶƚƌĞĂƚĂŶĞǁƐŝƚĞƚŚĂƚǁŽƵůĚďĞŽƉĞŶƚŽƚŚĞƉƵďůŝĐ͘ dŚĞŝƌĚƐŽĨWƌĞLJĞŶƚƌĞƵƐĞƐĂƐƚŽƌŵǁĂƚĞƌƉŽŶĚƚŽƉƌŽǀŝĚĞĂƌĞĐƌĞĂƟŽŶĂů͕ĞĚƵĐĂƟŽŶĂůĂŶĚŚĞƌŝƚĂŐĞĂƩƌĂĐƟŽŶ ƚŚĂƚƉƌĞƐĞƌǀĞƐǁŝůĚůŝĨĞ͕ƉƌŽŵŽƚĞƐƚŽƵƌŝƐŵĂŶĚĚŝƐƉůĂLJƐŚŽǁĂƉŽƚĞŶƟĂůƉƌŽďůĞŵĐĂŶďĞďĞŶĞĮĐŝĂůƚŽƚŚĞĐŽŵŵƵŶͲ ŝƚLJ͘ ϲ ͮപ/Ed'Zds>KWDEd^dZd'z /Ed'Zds>KWDEd^dZd'z | 7 ϯ͘ϬŽŽƌĚŝŶĂƟŽŶdĞĂŵ

A team of consulting professional has been assembled to develop an Integrated Development Strategy between the County of Lethbridge and the Town of Coaldale. dŚĞ/^ƚĞĂŵǁŝůůĂĚĚƌĞƐƐƐƚŽƌŵǁĂƚĞƌ͕ǁĂƚĞƌ͕ǁĂƐƚĞǁĂƚĞƌ͕ƚƌĂŶƐƉŽƌƚĂƟŽŶ͕ĞĐŽŶŽŵŝĐĚĞͲ ǀĞůŽƉŵĞŶƚǁŝƚŚŝŶƚŚĞƌĞŐŝŽŶ͘  /ŶƚĞŐƌĂƚĞĚĞǀĞůŽƉŵĞŶƚ^ƚƌĂƚĞŐLJŽŶƐƵůƟŶŐdĞĂŵ͗  ůǀŝŶZĞŝŶŚĂƌĚ&ƌŝƚnjƌĐŚŝƚĞĐƚ/ŶĐ͘  ĂǀŝĚŵŽƐΘƐƐŽĐŝĂƚĞƐ  ƌŽǁŶŝŶŐ,ŽƌƌŽĐŬƐĞƐŝŐŶ/ŶĐ͘  ͘͘tĂƩŽŶƐƵůƟŶŐ  tĞƐƚŚŽīŶŐŝŶĞĞƌŝŶŐZĞƐŽƵƌĐĞƐ/ŶĐ͘  ĂŶĂĚŝĂŶůĞĂŶtĂƚĞƌdĞĐŚŶŽůŽŐŝĞƐ/ŶĐ͘  WůĂĐĞŵĂŬĞƌƐ  ŶŐŝŶĞĞƌŝŶŐŽŶƐƵůƟŶŐ>ƚĚ͘ ϴ ͮപ/Ed'Zds>KWDEd^dZd'z /Ed'Zds>KWDEd^dZd'z | 9 ϰ͘Ϭ >ĂŶĚhƐĞ

ϰ͘ϭĂĐŬŐƌŽƵŶĚ ϰ͘ϭ͘ϭ>ĂŶĚhƐĞĂŶĚƚŚĞ/^ dŚĞ ĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƚŚĞ >ĞƚŚďƌŝĚŐĞ Θ ŽĂůĚĂůĞ ƌĞŐŝŽŶĂů ĂƌĞĂ ŚĂƐ ďĞĞŶ ĐŽŶƐƚƌŝĐƚĞĚ ďLJ ƚŚĞ ĂƌĞĂ͛Ɛ ĨƌĞƋƵĞŶƚ ŇŽŽĚŝŶŐ ƉƌŽďůĞŵƐ͘ dŚĞ ƉƌŝŵĂƌLJ ĨŽĐƵƐ ĂŶĚ ŵŽƟǀĂƟŽŶ ĨŽƌ ƚŚĞ /ŶƚĞŐƌĂƚĞĚ ĞǀĞůŽƉŵĞŶƚ ^ƚƌĂƚĞŐLJ ŝƐ ĮƌƐƚ ƚŽ ƐŽůǀĞ ƚŚĞ ĂƌĞĂ͛Ɛ ŇŽŽĚŝŶŐ ŝƐƐƵĞƐ͕ ƚƵƌŶŝŶŐ Ă ƐƚŽƌŵ ǁĂƚĞƌ ƉƌŽďůĞŵ ŝŶƚŽ Ă ǁĂƚĞƌ ŵĂŶĂŐĞŵĞŶƚ ĂƐƐĞƚ͘ dŚĞ ƌĞƐƵůƚ ŽĨ ƚŚŝƐ ǁŝůů ŶŽƚ ŽŶůLJ ƉƌŽǀŝĚĞ ĂŶ ŽƉƉŽƌƚƵŶŝƚLJ ƚŽ ƵƟůŝnjĞ ĂŶĚ ŵĂŶĂŐĞ ǁĂƚĞƌ ƚŽ ƚŚĞ ĂĚǀĂŶƚĂŐĞ ŽĨ ůŽĐĂů ŝŶĚƵƐƚƌLJ ĂŶĚ ƌĞƐŝĚĞŶƚƐ͕ ŝƚ ĂůƐŽ ƌĞͲ ůĞĂƐĞƐ ƉĞŶƚͲƵƉ ĚĞǀĞůŽƉŵĞŶƚ ƉƌĞƐƐƵƌĞƐ͕ ƉĂƌƟĐƵůĂƌůLJ ŝŶ ĂŶƟĐŝƉĂƟŽŶ ŽĨ ƚŚĞ ĨƵƚƵƌĞ ĂŶĂŵĞdž ĐŽƌƌŝĚŽƌ͘ ƵƌƌĞŶƚůLJ ƚŚĞƌĞ ŝƐ ŶŽ ĐůĞĂƌ ƉůĂŶ ĨŽƌ ŚŽǁ ƚŚŝƐ ŐƌŽǁƚŚ ƐŚŽƵůĚ ƚĂŬĞ ƉůĂĐĞ͘ dŚĞ >ĂŶĚ hƐĞ ĐŽŵƉŽŶĞŶƚ ŽĨ ƚŚĞ /^ ƐĞĞŬƐ ƚŽ ƉƌŽǀŝĚĞ ĂŶ ŝŶŶŽǀĂƟǀĞ͕ ŽǀĞƌĂƌĐŚŝŶŐ ƉůĂŶ ĨŽƌ ƚŚĞ ŽĂůĚĂůĞͬ>ĞƚŚďƌŝĚŐĞ ĐŽƌƌŝĚŽƌ ƚŽ ŵĂdžŝŵŝnjĞ ƐĞƌǀŝĐŝŶŐ ĞĸĐŝĞŶĐŝĞƐ͕ ƉƌŽƚĞĐƚ ƚŚĞ ĞŶǀŝƌŽŶŵĞŶƚ͕ ƉƵƌƐƵĞ ĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚ ŽƉƉŽƌƚƵŶŝƟĞƐ͕ ĂŶĚ ŐƵŝĚĞ ƚŚĞ ƐƵƐƚĂŝŶĂďůĞ ŐƌŽǁƚŚ ŽĨ ƚŚĞ ƌĞŐŝŽŶ͘ dŚŝƐ ŝƐ ŶĞĐĞƐƐĂƌŝůLJ ĂĚĚƌĞƐƐĞĚ ŽŶ Ă ŶƵŵďĞƌ ŽĨ ƐĐĂůĞƐ͗ ĨƌŽŵ ƚŚĞ ƌĞŐŝŽŶ ƚŽ ƚŚĞ ŝŶĚŝǀŝĚƵĂů ďƵŝůĚŝŶŐ ƐŝƚĞ͖ ĨƌŽŵ ƐŚŽƌƚ ƚĞƌŵ ƚŽ ůŽŶŐ ƚĞƌŵ ƐŽůƵƟŽŶƐ͖ ĂŶĚ͕ ĨƌŽŵ ƚŚĞ ƌƵƌĂů ƚŽ ƚŚĞ ƵƌďĂŶ͘ Ɛ ĚĞǀĞůŽƉĞĚ ƚŚƌŽƵŐŚ ĂŶ ŝŶƚĞŐƌĂƟǀĞ ƉƌŽĐĞƐƐ͕ ƚŚĞ ƌĞĐŽŵŵĞŶĚĂƟŽŶƐ ŽĨ ƚŚŝƐ ƐƚƵĚLJ ĂƌĞ ŝŶƚĞŶĚĞĚ ƚŽ ĂĚǀŝƐĞ ƐƵďƐĞƋƵĞŶƚ ƌĞǀŝĞǁƐ ĂŶĚ ĂŵĞŶĚŵĞŶƚƐ ƚŽ ƚŚĞ ŐƵŝĚŝŶŐ ƉŽůŝĐLJ ĂŶĚ ƌĞŐƵůĂƟŽŶƐ ĨŽƌ ƚŚĞ dŽǁŶ ŽĨ ŽĂůĚĂůĞ ĂŶĚ ƚŚĞ ŽƵŶƚLJ ŽĨ >ĞƚŚͲ ďƌŝĚŐĞ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞŝƌ ƌĞƐƉĞĐƟǀĞ DƵŶŝĐŝƉĂů ĞǀĞůŽƉŵĞŶƚ WůĂŶƐ ĂŶĚ >ĂŶĚ hƐĞ LJůĂǁƐ͘

>ĂŶĚƵƐĞĐŽŶƐŝĚĞƌĂƟŽŶƐŵƵƐƚďĞĐŽŶƐŝĚĞƌĞĚŽŶŵĂŶLJƐĐĂůĞƐ͘

ϰ͘ϭ͘ϮWŽƐŝƟŽŶŝŶŐƚŚĞŽƌƌŝĚŽƌ dŚĞ >ĞƚŚďƌŝĚŐĞ ŽƵŶƚLJͲŽĂůĚĂůĞ ƐƵďͲƌĞŐŝŽŶ ŝƐ ƌĞŐƵůĂƚĞĚ ƚŚƌŽƵŐŚ Ă ĐŽŵƉůĞdžŝƚLJ ŽĨ ƉŽůŝĐLJ ĚŽĐƵŵĞŶƚƐ͘ dŚĞ >ĞƚŚͲ ďƌŝĚŐĞͲŽĂůĚĂůĞ ĐŽƌƌŝĚŽƌ ŝŶ ƉĂƌƟĐƵůĂƌ ŚĂƐ ůŽŶŐ ďĞĞŶ ŝĚĞŶƟĮĞĚ ĂƐ ĂŶ ŝŵƉŽƌƚĂŶƚ ĂƌĞĂ ĨŽƌ ĨƵƚƵƌĞ ĐŽŵŵĞƌĐŝĂů ŐƌŽǁƚŚ͘ ƵƌƌĞŶƚůLJ ƚŚŝƐ Ɛŝdž ŵŝůĞ ƐƚƌĞƚĐŚ ŽĨ ,ŝŐŚǁĂLJ ϯ͕ ǁŝƚŚŝŶ ƚŚĞ ŽƵŶƚLJ͕ ŝƐ ĐĂƵŐŚƚ ďĞƚǁĞĞŶ ƚŚĞ ŝŶƚĞƌĞƐƚƐ ŽĨ ƚŚƌĞĞ ŵƵŶŝĐŝƉĂůͲ ŝƟĞƐ͕ ĞĂĐŚ ǁŝƚŚ Ă ĐŽŵƉĞƟŶŐ ƐƚĂŬĞ ŝŶ ƚŚĞ ĨƵƚƵƌĞ ŽĨ ƚŚĞ ĐŽƌƌŝĚŽƌ͘ /Ŷ ĐŽŶƐŝĚĞƌĂƟŽŶ ŽĨ Ă ůĂŶĚ ƵƐĞ ƉůĂŶ ĨŽƌ ƚŚĞ ƐƵďͲ ƌĞŐŝŽŶ͕ ŝƚ ŝƐ ŝŵƉŽƌƚĂŶƚ ƚŽ ƐƚƌŝŬĞ Ă ďĂůĂŶĐĞ ďĞƚǁĞĞŶ ƚŚĞ ŵĂŶLJ ĐŽŵƉĞƟŶŐ ŝŶƚĞƌĞƐƚƐ͘ dŚŝƐ ǁŝůů ŽŶůLJ ďĞ ƉŽƐƐŝďůĞ ŝĨ ĞĂĐŚ ϭϬ ͮപ/Ed'Zds>KWDEd^dZd'z

ŵƵŶŝĐŝƉĂůŝƚLJƵŶĚĞƌƐƚĂŶĚƐƚŚĂƚƚŚĞLJŵĂLJŶŽƚŐĞƚĞǀĞƌLJƚŚŝŶŐƚŚĞLJǁĂŶƚ͕ďƵƚŝĨƚŚĞLJǁŽƌŬƚŽŐĞƚŚĞƌǁŝƚŚƌĞĂƐŽŶĂďůĞ ĐŽŵƉƌŽŵŝƐĞƚŚĞLJĐĂŶďĞŵƵƚƵĂůůLJƐƵƉƉŽƌƟǀĞƚŽǁĂƌĚƚŚĞďƌŽĂĚĞƌŐŽĂůŽĨƌĞŐŝŽŶĂůĞĐŽŶŽŵŝĐŐƌŽǁƚŚƚŽƚŚĞďĞŶĞĮƚ ŽĨĞĂĐŚŵƵŶŝĐŝƉĂůŝƚLJ͘Ɛ ƚŚĞLJƌĞůĂƚĞƚŽůĂŶĚƵƐĞ͕ƐƉĞĐŝĮĐŝƐƐƵĞƐƚŚĂƚŶĞĞĚƚŽďĞĂĚĚƌĞƐƐĞĚĂŶĚĐŽŽƌĚŝŶĂƚĞĚŝŶĐůƵĚĞ͗

ͻ dŚĞŝƐƚƌŝďƵƟŽŶŽĨ>ĂŶĚhƐĞƐ͗>ŽŶŐĂĐŚĂůůĞŶŐĞďĞƚǁĞĞŶƵƌďĂŶĂŶĚƌƵƌĂůŵƵŶŝĐŝƉĂůŝƟĞƐ͕ŝƚǁŝůůďĞŝŵƉŽƌƚĂŶƚƚŽ ĐůĞĂƌůLJĚĞĮŶĞƚŚĞůĂŶĚƵƐĞƐĂŶĚƚŚĞŝƌĚŝƐƚƌŝďƵƟŽŶ͘/ƚǁŝůůĂůƐŽďĞŝŵƉŽƌƚĂŶƚƚŽƵŶĚĞƌƐƚĂŶĚƟŵŝŶŐŽĨůĂŶĚƵƐĞƐĂƐ ŝƚƌĞůĂƚĞƐƚŽƚŚĞĨƵƚƵƌĞĂŶĂŵĞdž͘

ͻ ŽŶƟŐƵŽƵƐŽƌƌŝĚŽƌ'ƌŽǁƚŚ͗dŚĞƋƵĞƐƟŽŶŽĨǁŚĞƚŚĞƌĐŽŵŵĞƌĐŝĂůĂŶĚƵƌďĂŶŐƌŽǁƚŚƐŚŽƵůĚďĞĐŽŶƟŐƵŽƵƐ ĂůŽŶŐƚŚĞĞŶƟƌĞůĞŶŐƚŚŽĨ,ŝŐŚǁĂLJϯƌĂŝƐĞƐŵĂŶLJƋƵĞƐƟŽŶƐĂŶĚĞīĞĐƚƐŵĂŶLJŽĨƚŚĞƐƵďƌĞŐŝŽŶĂůŝƐƐƵĞƐ͘dŚĞ ĂůƚĞƌŶĂƟǀĞŝƐƚŽĚĞĮŶĞŐƌŽǁƚŚĂƚĚŝƐƟŶĐƚŶŽĚĞƐ͘

ͻ DŽďŝůŝƚLJůŽŶŐ,ŝŐŚǁĂLJϯ͗tŚŝůĞƚŽǁŶƌĞƐŝĚĞŶƚƐǀĂůƵĞƚŚĞŚŝŐŚƐƉĞĞĚŵŽďŝůŝƚLJďĞƚǁĞĞŶŽĂůĚĂůĞĂŶĚ>ĞƚŚͲ ďƌŝĚŐĞ͕ĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚǁŝůůůŝŬĞůLJƌĞƋƵŝƌĞƚƌĂĸĐĐŽŶƚƌŽůƐ͘ĞƌƚĂŝŶůLJĐŽŶƟŐƵŽƵƐŐƌŽǁƚŚĂůŽŶŐƚŚĞĐŽƌƌŝĚŽƌ ǁŝůůŵĂdžŝŵŝnjĞƚŚĞŶĞĞĚĨŽƌƚƌĂĸĐĐŽŶƚƌŽůƐŽŶ,ŝŐŚǁĂLJϯ͕ƌĞĚƵĐŝŶŐŵŽďŝůŝƚLJ͘

ͻ dŚĞĂŶĂŵĞdžĂƐĂLJƉĂƐƐ͗dŚĞĂŶĂŵĞdžǁŝůůƉŽƐĞƚŚĞǁĞůůŬŶŽǁŶĐŚĂůůĞŶŐĞŽĨŶĞǁĨƌĞĞǁĂLJƐďLJƉĂƐƐŝŶŐŵƵŶŝͲ ĐŝƉĂůŝƟĞƐ͘dŚĞǀĂůƵĂďůĞĚƌŝǀĞͲďLJƚƌĂĸĐŽŶĐĞĚŝƌĞĐƚĞĚƚŚƌŽƵŐŚĐŝƚLJĂŶĚƚŽǁŶƐƚƌĞĞƚƐƚŽƚŚĞŝƌŝŵŵĞĚŝĂƚĞĐŽŵͲ ŵĞƌĐŝĂůďĞŶĞĮƚ͕ŵĂLJŶŽǁďLJƉĂƐƐŽŶƚŚĞŶĞǁĨƌĞĞǁĂLJƐLJƐƚĞŵ͘WŽƐŝƟŽŶŝŶŐƚŚĞ,ŝŐŚǁĂLJϯͬĂŶĂŵĞdžŝŶƚĞƌĐŚĂŶŐĞ ǁŝůůďĞŝŵƉŽƌƚĂŶƚĂƐŝƚƌĞůĂƚĞƐƚŽŐĂƚĞǁĂLJƐĂŶĚƚŚĞĚŝƌĞĐƟŽŶŽĨƚƌĂĸĐŝŶƚŽƚŚĞdŽǁŶĂŶĚŝƚLJ͘KŶĐĞĂŐĂŝŶ͕ǁŝůů ŽĂůĚĂůĞďĞǀŝĞǁĞĚĂƐĂƚŽǁŶŝŶƚŚĞĚŝƐƚĂŶĐĞ͕ŽƌǁŝůůŝƚďĞůŽƐƚĂŵŽŶŐƐƚĐŽŶƟŐƵŽƵƐĐŽƌƌŝĚŽƌĚĞǀĞůŽƉŵĞŶƚ͍

ͻ dŚĞ&ƵƚƵƌĞKůĚ,ŝŐŚǁĂLJϯ͗ƐƚŚĞĂŶĂŵĞdžŝƐĚĞǀĞůŽƉĞĚ͕,ŝŐŚǁĂLJϯǁŝůůďĞĂǀĂŝůĂďůĞĨŽƌƌĞĐŽŶƐŝĚĞƌĂƟŽŶ͘^Ɵůů ĂĐŽŶĚƵŝƚĨŽƌǀĞŚŝĐƵůĂƌŵŽďŝůŝƚLJ͕ŝƚĐŽƵůĚĂůƐŽďĞĐŽŶƐŝĚĞƌĞĚĨŽƌďŝŬĞǁĂLJƐ͕ƚƌĂŝůƐ͕ĂŶĚĂŵŽƌĞŚŽƐƉŝƚĂďůĞƌĞůĂƟŽŶͲ ƐŚŝƉǁŝƚŚƚŚĞdŽǁŶ͘

ͻ ZĞƉŽƐŝƟŽŶŝŶŐƌŽdžďƵƌŶ͗ƌŽdžďƵƌŶŝƐĐƵƌƌĞŶƚůLJĂŶƵŶĚĞƌĚĞǀĞůŽƉĞĚďƵƐŝŶĞƐƐƉĂƌŬǁŝƚŚĨƵůůLJĚĞǀĞůŽƉĞĚŝŶĨƌĂͲ ƐƚƌƵĐƚƵƌĞŝŶƉůĂĐĞ͘ƐƚŚĞĐŽƌƌŝĚŽƌŝƐŽƉĞŶĞĚƵƉƚŽĚĞǀĞůŽƉŵĞŶƚ͕ƚŚŝƐŝŵŵĞĚŝĂƚĞŽƉƉŽƌƚƵŶŝƚLJĐŽƵůĚďĞƌĞƉŽƐͲ ŝƟŽŶĞĚĂƐĂŶŝŵƉŽƌƚĂŶƚĐĞŶƚƌĞĨŽƌĨƵƚƵƌĞĐŽƌƌŝĚŽƌĚĞǀĞůŽƉŵĞŶƚ͘

ͻ >ŽǁĞŶƐŝƚLJZĞƐŝĚĞŶƟĂů͗tŚŝůĞŝƚŚĂƐŐĞŶĞƌĂůůLJĨĂůůĞŶŽƵƚŽĨĨĂǀŽƵƌĚƵĞƚŽŝƚƐůĂŶĚĐŽŶƐƵŵƉƟŽŶĂŶĚŚŝŐŚƌĞůŝͲ ĂŶĐĞŽŶƚŚĞĂƵƚŽŵŽďŝůĞ͕ƚŚĞƌĞǁŝůůůŝŬĞůLJďĞĨƵƚƵƌĞĚĞŵĂŶĚĨŽƌĐŽƵŶƚƌLJƌĞƐŝĚĞŶƟĂůŝŶƚŚĞŽƵŶƚLJ͘dŚŝƐŐƌŽǁƚŚ ƐŚŽƵůĚďĞůŝŵŝƚĞĚ͕ĂŶĚĚŝƌĞĐƚĞĚƚŽǁĂƌĚŵŽƌĞƐƵƐƚĂŝŶĂďůĞĚĞǀĞůŽƉŵĞŶƚ ƉĂƩĞƌŶƐ͘

ͻ dŚĞZĂŝůŽƌƌŝĚŽƌ͗dŚĞĂŶĂĚŝĂŶWĂĐŝĮĐƌĂŝůĐŽƌƌŝĚŽƌŽŶƚŚĞŶŽƌƚŚƐŝĚĞŽĨ,ŝŐŚǁĂLJϯƉŽƐĞƐďŽƚŚĂďĂƌƌŝĞƌĐŚĂůͲ ůĞŶŐĞƚŽǀĞŚŝĐƵůĂƌŵŽďŝůŝƚLJ͕ďƵƚĂůƐŽĂŶŽƉƉŽƌƚƵŶŝƚLJĨŽƌĂďƵƫŶŐƉĂƌĐĞůƐŽŶƚŚĞŶŽƌƚŚƚŚĂƚĐĂŶƚĂŬĞĂĚǀĂŶƚĂŐĞŽĨ ƌĂŝůƚƌĂŶƐƉŽƌƚ͘

ͻ dŽǁŶ'ƌŽǁƚŚ͗ƵƌƌĞŶƚƚŽǁŶŐƌŽǁƚŚƉĂƩĞƌŶƐĨŽůůŽǁƚŚĞĐŽŶǀĞŶƟŽŶĂůǀĞŚŝĐƵůĂƌĨŽĐƵƐĞĚ͕ƐĞƉĂƌĂƚĞĚƵƐĞĚĞͲ ǀĞůŽƉŵĞŶƚƉĂƩĞƌŶƐŽĨƚŚĞůĂƐƚĐĞŶƚƵƌLJ͘&ƵƚƵƌĞŐƌŽǁƚŚƐŚŽƵůĚĐŽŶƐŝĚĞƌĐƵƌƌĞŶƚďĞƐƚƉƌĂĐƟĐĞƐŝŶ^ŵĂƌƚ'ƌŽǁƚŚ ĂŶĚĂƐŽƵŶĚƌĂƟŽŶĂůĞĨŽƌĚŝƌĞĐƟŶŐŶĞǁŐƌŽǁƚŚ͘

/ŶƚĞƌĞƐƚŝŶƚŚĞƐŝdžŵŝůĞƐƚƌĞƚĐŚŽĨƚŚĞ,ŝŐŚǁĂLJϯĐŽƌƌŝĚŽƌďĞƚǁĞĞŶŽĂůĚĂůĞĂŶĚ>ĞƚŚďƌŝĚŐĞŝƐƐŚĂƌĞĚĂŵŽŶŐƚŚƌĞĞ ŵƵŶŝĐŝƉĂůŝƟĞƐ͘ /Ed'Zds>KWDEd^dZd'z | 11

ϰ͘ϭ͘ϯWŽůŝĐLJ'ƵŝĚĂŶĐĞ͗^ŵĂƌƚ'ƌŽǁƚŚΘ^ƵƐƚĂŝŶĂďŝůŝƚLJ

&ŽƌƚƵŶĂƚĞůLJ͕ĐƵƌƌĞŶƚďƌŽĂĚƉŽůŝĐLJŝŶƚŚĞŽƵŶƚLJĂŶĚƚŚĞdŽǁŶƉƌŽǀŝĚĞŐƵŝĚĂŶĐĞƚŽǁĂƌĚŵŽƌĞƉƌŽŐƌĞƐƐŝǀĞďĞƐƚƉƌĂĐͲ ƟĐĞƐĨŽƌĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚƉĂƩĞƌŶƐ͘dŚĞƐĞĨŽĐƵƐƉĂƌƟĐƵůĂƌůLJŽŶƚŚĞŝĚĞĂƐŽĨ^ŵĂƌƚ'ƌŽǁƚŚĂŶĚƚƌŝƉůĞͲďŽƩŽŵ ůŝŶĞ^ƵƐƚĂŝŶĂďŝůŝƚLJ͘ dŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞϮϬϬϵ/ŶƚĞŐƌĂƚĞĚŽŵŵƵŶŝƚLJ^ƵƐƚĂŝŶĂďŝůŝƚLJWůĂŶ;/^WͿĞƐƚĂďůŝƐŚĞƐĚŝƌĞĐƟŽŶƚŽ͞ŶĐŽƵƌĂŐĞ ^ŵĂƌƚͲŐƌŽǁƚŚĂŶĚĐůƵƐƚĞƌĚĞǀĞůŽƉŵĞŶƚƉƌĂĐƟĐĞƐĨŽƌŶĞǁĚĞǀĞůŽƉŵĞŶƚƐ͟ŝŶŶĞǁƌĞƐŝĚĞŶƟĂůĚĞǀĞůŽƉŵĞŶƚ͘tŚŝůĞ ƐƉĞĐŝĮĐƐƚƌĂƚĞŐŝĞƐĂŶĚƉƌŝŶĐŝƉůĞƐŚĂǀĞďĞĞŶƌĞůĞŐĂƚĞĚƚŽƐƵďƐĞƋƵĞŶƚƉŽůŝĐLJĚŽĐƵŵĞŶƚƐ͕ďŽƚŚƚŚĞ/^WĂŶĚƚŚĞϮϬϭϬ ŽƵŶƚLJDWĞŵƉŚĂƐŝnjĞƚƌŝƉůĞďŽƩŽŵůŝŶĞƐƵƐƚĂŝŶĂďŝůŝƚLJ͘ ƐŝŵŝůĂƌƐŝƚƵĂƟŽŶŝƐƉƌĞƐĞŶƚĞĚŝŶŽĂůĚĂůĞƉŽůŝĐLJ͘dŚĞϮϬϬϵŽĂůĚĂůĞ/ŶƚĞŐƌĂƚĞĚ^ƵƐƚĂŝŶĂďŝůŝƚLJWůĂŶĞƐƚĂďůŝƐŚĞƐ ƚŚĞĚŝƌĞĐƟŽŶƚŽ͞WƌŽŵŽƚĞƵƌďĂŶĚĞŶƐŝĮĐĂƟŽŶ;ŐƌŽǁƵƉŶŽƚŽƵƚͿĂŶĚŵŝdžĞĚƵƐĞĚĞǀĞůŽƉŵĞŶƚƐ͕WůĂŶĨŽƌŵŝdžĞĚƵƐĞ ĚĞǀĞůŽƉŵĞŶƚŽŶŵĂŝŶƐƚƌĞĞƚ͕ĂŶĚĂƩƌĂĐƚĚĞǀĞůŽƉĞƌƐǁŚŽǁŝůůĚĞǀĞůŽƉŚŝŐŚƋƵĂůŝƚLJŵŝdžĞĚƵƐĞĚĞǀĞůŽƉŵĞŶƚƐ͘͟KŶĐĞ ĂŐĂŝŶ͕ĚĞƚĂŝůĞĚƐƚƌĂƚĞŐŝĞƐĂƌĞƌĞůĞŐĂƚĞĚƚŽƐƵďƐĞƋƵĞŶƚƉŽůŝĐLJ͘ŶĚǁŚŝůĞƚŚĞŽƵƚĚĂƚĞĚϮϬϬϬŽĂůĚĂůĞDWĂŶĚ>ĂŶĚ hƐĞLJůĂǁĚŽŶŽƚĂĚĞƋƵĂƚĞůLJŝŵƉůĞŵĞŶƚƚŚŝƐǀŝƐŝŽŶ͕ƚŚĞƌĞŝƐĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽƵƉĚĂƚĞďŽƚŚŽĨƚŚĞƐĞĚŽĐƵŵĞŶƚƐƚŽ ĚŽƐŽ͘

ϰ͘ϭ͘ϰdŚĞ>ŝŶŬĞƚǁĞĞŶ^ƵƐƚĂŝŶĂďŝůŝƚLJ͕^ŵĂƌƚ'ƌŽǁƚŚ͕Θ^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚ

KŶĐĞĂŐĂŝŶ͕ǁŚŝůĞƚŚĞŽƌŝŐŝŶĂƟŶŐĚƌŝǀĞŽĨƚŚĞ/^ŝƐƚŽĂĚĚƌĞƐƐƚŚĞƌĞŐŝŽŶ͛ƐŇŽŽĚŝŶŐŝƐƐƵĞƐ͕ƚŚĞŽƉƉŽƌƚƵŶŝƚLJŽĨ ƚŚĞ/^ŝƐƚŽĂĐŚŝĞǀĞŝŶŶŽǀĂƟŽŶƚŽǁĂƌĚƌĞĂůŝnjŝŶŐƚŚĞƐƵƐƚĂŝŶĂďŝůŝƚLJĂŶĚ^ŵĂƌƚ'ƌŽǁƚŚĂƐƉŝƌĂƟŽŶƐŽĨƚŚĞdŽǁŶĂŶĚ ŽƵŶƚLJͲĂŶĚƵůƟŵĂƚĞůLJƚŚĞůŽŶŐƚĞƌŵĞĐŽŶŽŵŝĐŚĞĂůƚŚŽĨƚŚĞƌĞŐŝŽŶ͘dŚĞƉƌŽƉŽƐĞĚǁĂƚĞƌƐLJƐƚĞŵŝƐĐŽŵƉƌĞŚĞŶͲ ƐŝǀĞůLJďĂƐĞĚŽŶƚƌŝƉůĞďŽƩŽŵůŝŶĞƐƵƐƚĂŝŶĂďŝůŝƚLJ͕ŝŶƚĞŐƌĂƟŶŐŚƵŵĂŶĂŶĚŶĂƚƵƌĂůǁĂƚĞƌƐLJƐƚĞŵƐŝŶŝŶŶŽǀĂƟǀĞǁĂLJƐ͘ ƵƚƐƵƐƚĂŝŶĂďŝůŝƚLJŝƐŶŽƚĂďŽƵƚĚŝƐĐŽŶŶĞĐƚĞĚŝŶĚŝǀŝĚƵĂůŝƐƐƵĞƐ͕ŝƚŝƐĂďŽƵƚĂďŝŐŐĞƌƉŝĐƚƵƌĞŽĨŝŶƚĞŐƌĂƚĞĚŝƐƐƵĞƐ͘dŚĞ ǀĂůƵĞŽĨŝŵƉůĞŵĞŶƟŶŐĂƉƌŽŐƌĞƐƐŝǀĞǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵŝƐĚŝŵŝŶŝƐŚĞĚŝĨƚŚĞďƌŽĂĚĞƌƐƵƐƚĂŝŶĂďŝůŝƚLJŵĂŶĚĂƚĞ ĚŽĞƐŶŽƚĂĚĚƌĞƐƐƚŚĞŶĞĞĚƚŽďƵŝůĚǁĂůŬĂďůĞĐŽŵŵƵŶŝƟĞƐ͕ďĂůĂŶĐĞĚƌĞŐŝŽŶƐ͕ƉƌŽŵŽƚĞůŽĐĂůĂŐƌŝĐƵůƚƵƌĞĂŶĚƉƌŽĚƵĐͲ ƟŽŶ͕ĂŶĚƌĞĚƵĐŝŶŐƌĞůŝĂŶĐĞŽŶĨŽƐƐŝůĨƵĞůƐ͘DŽƌĞŝŵƉŽƌƚĂŶƚůLJ͕ƐƚŽƌŵǁĂƚĞƌŝƐĚŝƌĞĐƚůLJƟĞĚƚŽĚĞǀĞůŽƉŵĞŶƚƉĂƩĞƌŶƐ͘ ƌĞĐĞŶƚƐƚƵĚLJĨƌŽŵƚŚĞh^ŶǀŝƌŽŶŵĞŶƚĂůWƌŽƚĞĐƟŽŶŐĞŶĐLJĞdžƉůŽƌĞĚƚŚŝƐŝŵƉŽƌƚĂŶƚƌĞůĂƟŽŶƐŚŝƉ͘ŶŝŵƉŽƌƚĂŶƚ ĮŶĚŝŶŐŝƐƚŚĂƚǁŚŝůĞƚŚĞƌĞŝƐĂƚĞŶĚĞŶĐLJƚŽĂĚĚƌĞƐƐƐƵƐƚĂŝŶĂďůĞƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚŽŶĂƐŝƚĞͲďLJͲƐŝƚĞďĂƐŝƐ͕ ƚŚŝƐĂƉƉƌŽĂĐŚŝƐĂŶƟƚŚĞƟĐĂůƚŽƚŚĞďƌŽĂĚĞƌĞŶǀŝƌŽŶŵĞŶƚĂůŶĞĞĚƚŽďƵŝůĚŵŽƌĞĐŽŵƉĂĐƚ͕ƉĞĚĞƐƚƌŝĂŶĨƌŝĞŶĚůLJŶĞŝŐŚͲ ďŽƵƌŚŽŽĚƐ͘dŽƌĞĨƌĂŵĞƚŚĞƋƵĞƐƟŽŶ͕ĐƵƌƌĞŶƚďĞƐƚƉƌĂĐƟĐĞƐƐƵŐŐĞƐƚƚŚĂƚ^ƚŽƌŵtĂƚĞƌŵƵƐƚďĞĐŽŶƐŝĚĞƌĞĚŽŶĂƉĞƌͲ ĐĂƉŝƚĂďĂƐŝƐƐƵƉƉŽƌƟŶŐŝŶĐƌĞĂƐĞĚĚĞŶƐŝƚLJ͕ƌĂƚŚĞƌƚŚĂŶĂƐŝƚĞͲďLJƐŝƚĞďĂƐŝƐƚŚĂƚĨĂǀŽƵƌƐůŽǁĞƌĚĞŶƐŝƚLJĚĞǀĞůŽƉŵĞŶƚ͘ dŚĞŐƌĂƉŚŝĐƐŚŽǁŶďĞůŽǁĚĞŵŽŶƐƚƌĂƚĞƐƚŚŝƐƉƌŝŶĐŝƉůĞ͕ƐƵƉƉŽƌƟŶŐƚŚĞŶĞĞĚĨŽƌďƵŝůĚŝŶŐŵŽƌĞĐŽŵƉĂĐƚ͕ǁĂůŬĂďůĞ ĐŽŵŵƵŶŝƟĞƐ͘/ƚŝƐƚŚŝƐŝŶƚĞŐƌĂƚĞĚǀŝĞǁŽĨƐƵƐƚĂŝŶĂďŝůŝƚLJƚŚĂƚŝƐĂƚƚŚĞĐŽƌĞŽĨƚŚĞ/^ůĂŶĚƵƐĞĂƉƉƌŽĂĐŚ͘

ƐƚƵĚLJĨƌŽŵƚŚĞh͘^͘WĚĞƐĐƌŝďĞƐƚŚĞŝŵƉŽƌƚĂŶĐĞŽĨŝŶĐƌĞĂƐŝŶŐĚĞŶƐŝƚLJƚŽƌĞĚƵĐĞƐƚŽƌŵǁĂƚĞƌƌƵŶŽī͘ ϭϮ ͮപ/Ed'Zds>KWDEd^dZd'z

ϰ͘ϭ͘ϱdŚĞŚĂƌƌĞƩĞWƌŽĐĞƐƐ

ĞĐĂƵƐĞŽĨƚŚĞŵĂŶLJĐŽŵƉĞƟŶŐŝŶƚĞƌĞƐƚƐǁŝƚŚŝŶƚŚĞ>ĞƚŚďƌŝĚŐĞͲŽĂůĚĂůĞƐƵďƌĞŐŝŽŶ͕ƚŚĞ>ĂŶĚhƐĞĐŽŵƉŽŶĞŶƚŽĨ ƚŚĞ/^ǁĂƐĚĞǀĞůŽƉĞĚƚŚƌŽƵŐŚĂƵŶŝƋƵĞŚĂƌƌĞƩĞĚĞƐŝŐŶƉƌŽĐĞƐƐ͘dŚĞŚĂƌƌĞƩĞŝƐĂŵƵůƟͲĚĂLJŽŶͲƐŝƚĞĚĞƐŝŐŶ ƉƌŽĐĞƐƐǁŚĞƌĞƐƚĂŬĞŚŽůĚĞƌƐĂƌĞƉůƵŐŐĞĚŝŶƚŽĂƉƵďůŝĐĚĞƐŝŐŶƉƌŽĐĞƐƐ͘ZĂƚŚĞƌƚŚĂŶĐŽŶƐƵůƚĂŶƚƐĚĞǀĞůŽƉŝŶŐƉůĂŶƐŝŶ ŝƐŽůĂƟŽŶ͕ƚŽďĞƉƌĞƐĞŶƚĞĚďĂĐŬƚŽƐƚĂŬĞŚŽůĚĞƌƐŝŶĂƌĞĂĐƟŽŶĂƌLJƉƌŽĐĞƐƐ͕ƚŚĞŚĂƌƌĞƩĞĂůůŽǁƐĨŽƌƚŚĞĚĞƐŝŐŶƉƌŽĐĞƐƐ ƚŽďĞĐŽŶĚƵĐƚĞĚŝŶĂƚƌĂŶƐƉĂƌĞŶƚƉƵďůŝĐǀĞŶƵĞ͘ dŚĞ/^ĐŚĂƌƌĞƩĞǁĂƐĐŽŶĚƵĐƚĞĚĂƚƚŚĞŽĂůĚĂůĞWƵďůŝĐ>ŝďƌĂƌLJĂƐĂĨŽƵƌĚĂLJƉƌŽĐĞƐƐĨƌŽŵ&ĞďƌƵĂƌLJϴͲϭϭ͕ϮϬϭϭ͘ dŚĞĨŽƵƌĚĂLJƐǁĞƌĞŽƌŐĂŶŝnjĞĚĂƐĨŽůůŽǁƐ͗

ͻ ĂLJϭ͗/ŶĨŽƌŵĂůƐƚĂŬĞŚŽůĚĞƌŵĞĞƟŶŐƐ͕/^ƚĞĂŵĚĞƐŝŐŶĐŽŶĐĞƉƚƐ͕ĂŶĚĂŶĞǀĞŶŝŶŐŽƉĞŶŝŶŐƉƌĞƐĞŶƚĂƟŽŶƚŽ ƉƌĞƐĞŶƚƚŚĞƉƌŽũĞĐƚďĂĐŬŐƌŽƵŶĚĂŶĚĂƉƉƌŽĂĐŚƚŽƐƚĂŬĞŚŽůĚĞƌƐĂŶĚŝŶƚĞƌĞƐƚĞĚƉƵďůŝĐ͘

ͻ ĂLJϮ͗dĂƌŐĞƚĞĚƚŽƉŝĐŵĞĞƟŶŐƐĨŽƌŬĞLJƐƚĂŬĞŚŽůĚĞƌƐĂŶĚŝŶƚĞƌĞƐƚĞĚƉƵďůŝĐ͘ĞǀĞůŽƉŝŶŐŽŶĐĞƉƚƐǁĞƌĞĨŽƌŵĂůůLJ ƉƌĞƐĞŶƚĞĚŝŶĂŶĞǀĞŶŝŶŐŽƉĞŶŚŽƵƐĞ͘ŽŵŵĞŶƚƐĨƌŽŵƚŚŝƐƐĞƐƐŝŽŶǁĞƌĞĨĞĚŝŶƚŽƐƵďƐĞƋƵĞŶƚĚĞƐŝŐŶĐŽŶĐĞƉƚƐ͘

ͻ ĂLJϯ͗ĞƐŝŐŶƚĞĂŵĐŽŶĐĞƉƚƌĞĮŶĞŵĞŶƚĂŶĚƉƌŽĚƵĐƟŽŶ͕ĐŽŶƟŶƵĞĚƐƚĂŬĞŚŽůĚĞƌŵĞĞƟŶŐƐ͕ĂŶĚĂŶĞǀĞŶŝŶŐƚĞĂŵ ƉŝŶͲƵƉƚŽǀĞƌŝĨLJĚŝƌĞĐƟŽŶŵŽǀŝŶŐĨŽƌǁĂƌĚ͘

ͻ ĂLJϰ͗ĞƐŝŐŶƚĞĂŵƉƌŽĚƵĐƟŽŶĂŶĚƉƌĞƉĂƌĂƟŽŶĨŽƌĞǀĞŶŝŶŐƉƌĞƐĞŶƚĂƟŽŶ͘ŶĞǀĞŶŝŶŐƉƌĞƐĞŶƚĂƟŽŶŽŶƚŚĞ ŚĂƌƌĞƩĞŽƵƚĐŽŵĞĂŶĚůĂŶĚƵƐĞĚĞƐŝŐŶĐŽŶĐĞƉƚǁĂƐĐŽŶĚƵĐƚĞĚĂƚƚŚĞŽĂůĚĂůĞŽŵŵƵŶŝƚLJĞŶƚĞƌ͘ dŚĞŚĂƌƌĞƩĞǁĂƐĂĚǀĞƌƟƐĞĚƚŽƚŚĞƉƵďůŝĐƚŚƌŽƵŐŚƉŽƐƚĞƌƐĂƚůŽĐĂůďƵƐŝŶĞƐƐĞƐĂŶĚƉƵďůŝĐďƵŝůĚŝŶŐƐ͕ĂŶĚĂĚƐƉƌŝŶƚĞĚ ŝŶƚǁŽĐŽŶƐĞĐƵƟǀĞǁĞĞŬƐŽĨƚŚĞ^ƵŶŶLJ^ŽƵƚŚEĞǁƐǁŚŝĐŚǁĞƌĞĚĞůŝǀĞƌĞĚƚŽĂůůĂƌĞĂƌĞƐŝĚĞŶƚƐ͘ůůĂīĞĐƚĞĚůĂŶĚ ŽǁŶĞƌƐǁŝƚŚŝŶƚŚĞŽƌƌŝĚŽƌǁĞƌĞŝŶĚŝǀŝĚƵĂůůLJĐŽŶƚĂĐƚĞĚ͘ tŝƚŚĂĨĂŝƌůLJŶĂƌƌŽǁůLJĚĞĮŶĞĚ͕LJĞƚƌĞŐŝŽŶĂůůLJƐĐĂůĞĚƉƌŽũĞĐƚƐƵĐŚĂƐƚŚĞ/^͕ŝƚĐĂŶďĞĚŝĸĐƵůƚƚŽĂƩƌĂĐƚƚŚĞŐĞŶĞƌĂů ƉƵďůŝĐǁŚŽ͛ƐĐŽŶĐĞƌŶƐĂƌĞĨŽĐƵƐĞĚŵĂŝŶůLJŽŶŝŵŵĞĚŝĂƚĞŝŵƉĂĐƚƐƚŽƚŚĞŝƌůĂŶĚ͘ĚĚŝƟŽŶĂůůLJ͕ƚŚĞƉƵďůŝĐŝŶďŽƚŚƚŚĞ ŽƵŶƚLJĂŶĚŽĂůĚĂůĞŚĂĚƵŶĚĞƌŐŽŶĞƐŝŐŶŝĮĐĂŶƚƌĞĐĞŶƚƉƵďůŝĐĞŶŐĂŐĞŵĞŶƚǁŝƚŚƚŚĞŝƌ/ŶƚĞŐƌĂƚĞĚ^ƵƐƚĂŝŶĂďŝůŝƚLJWůĂŶƐ ĂŶĚŽƚŚĞƌƉŽůŝĐŝĞƐǁŚŝĐŚŝŶƚƵƌŶĨŽƌŵĞĚƚŚĞďĂƐŝƐĨŽƌƚŚĞ/^ĐŚĂƌƌĞƩĞ͘tŚŝůĞƉƵďůŝĐĂƩĞŶĚĂŶĐĞƐƚĂƌƚĞĚƐůŽǁ͕ƚŚĞ ĮŶĂůƉƌĞƐĞŶƚĂƟŽŶǁĂƐǁĞůůĂƩĞŶĚĞĚďLJŬĞLJƐƚĂŬĞŚŽůĚĞƌƐĂŶĚƐŽŵĞŵĞŵďĞƌƐŽĨƚŚĞƉƵďůŝĐ͘DŽƐƚŝŵƉŽƌƚĂŶƚůLJ͕ƚŚĞ ŚĂƌƌĞƩĞƉƌŽǀŝĚĞĚĂǀĞŶƵĞĨŽƌŬĞLJůĂŶĚŽǁŶĞƌƐ͕ĞůĞĐƚĞĚŽĸĐŝĂůƐ͕ŵƵŶŝĐŝƉĂůŽĸĐŝĂůƐ͕ĂŶĚŽƚŚĞƌƐƚĂŬĞŚŽůĚĞƌƐƚŽ ǁŽƌŬƚŽŐĞƚŚĞƌƚŽǁĂƌĚƚŚĞůĂŶĚƵƐĞĐŽŶĐĞƉƚŝŶĂƉƵďůŝĐůLJĂĐĐĞƐƐŝďůĞĂŶĚƚƌĂŶƐƉĂƌĞŶƚƉƌŽĐĞƐƐ͘

dŚĞĐŚĂƌƌĞƩĞƉƌŽĐĞƐƐǁĂƐĂĚǀĞƌƟƐĞĚƚŚƌŽƵŐŚĂǀĂƌŝĞƚLJŽĨŵĞƚŚŽĚƐ͕ĂŶĚƚŚĞŽƉĞŶƐĐŚĞĚƵůĞĂůůŽǁĞĚŇĞdžŝďůĞĂƩĞŶĚͲ ĂŶĐĞƟŵĞƐ͘ /Ed'Zds>KWDEd^dZd'z | 13

ϰ͘ϭ͘ϲ^ŵĂƌƚ'ƌŽǁƚŚĂƐĂ^ƚĂƌƟŶŐWŽŝŶƚ dŚĞ>ĂŶĚhƐĞƚĞĂŵĨŽƌƚŚĞ/^ǁĂƐƐĞůĞĐƚĞĚƐƉĞĐŝĮĐĂůůLJĨŽƌƚŚĞŝƌĐŽƌĞĐŽŵƉĞƚĞŶĐLJŝŶŝŵƉůĞŵĞŶƟŶŐ^ŵĂƌƚ'ƌŽǁƚŚ ĂŶĚƐƵƐƚĂŝŶĂďůĞĚĞǀĞůŽƉŵĞŶƚƉƌĂĐƟĐĞƐ͘dŚĞ/^ƉƌŽǀŝĚĞƐĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽŵĂŬĞŵŽƌĞƐƉĞĐŝĮĐƌĞĐŽŵŵĞŶĚĂƟŽŶƐ ĨŽƌĂĐŚŝĞǀŝŶŐďƌŽĂĚƉŽůŝĐLJŐŽĂůƐĂŶĚǀŝƐŝŽŶƐ͘ĞĐĂƵƐĞ^ŵĂƌƚ'ƌŽǁƚŚŝƚƐĞůĨŝƐĂďƌŽĂĚƐĞƚŽĨƉƌŝŶĐŝƉůĞƐ͕ŐƵŝĚŝŶŐƉƌŝŶĐŝͲ ƉĂůƐĂŶĚĚĞƐŝŐŶĐŽŶĐĞƉƚƐǁŝůůŵŽǀĞďĞLJŽŶĚďƌŽĂĚƉƌŝŶĐŝƉůĞƐƚŽǁĂƌĚƐƉĞĐŝĮĐŝŵƉůĞŵĞŶƚĂƟŽŶ͘ ƐĂƐƚĂƌƟŶŐƉŽŝŶƚ͕^ŵĂƌƚ'ƌŽǁƚŚŝƐĨŽƵŶĚĞĚŽŶƚŚĞĨŽůůŽǁŝŶŐĐŽƌĞƉƌŝŶĐŝƉůĞƐ͗ 1. DŝdžůĂŶĚƵƐĞƐ͘ 2. ƵŝůĚǁĞůůͲĚĞƐŝŐŶĞĚĐŽŵƉĂĐƚŶĞŝŐŚďŽƵƌŚŽŽĚƐ͘ 3. WƌŽǀŝĚĞĂǀĂƌŝĞƚLJŽĨƚƌĂŶƐƉŽƌƚĂƟŽŶĐŚŽŝĐĞƐ͘ 4. ƌĞĂƚĞĚŝǀĞƌƐĞŚŽƵƐŝŶŐŽƉƉŽƌƚƵŶŝƟĞƐ͘ 5. ŶĐŽƵƌĂŐĞŐƌŽǁƚŚŝŶĞdžŝƐƟŶŐĐŽŵŵƵŶŝƟĞƐ͘ 6. WƌĞƐĞƌǀĞŽƉĞŶƐƉĂĐĞƐ͕ŶĂƚƵƌĂůďĞĂƵƚLJ͕ĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůůLJƐĞŶƐŝƟǀĞĂƌĞĂƐ͘ 7. WƌŽƚĞĐƚĂŶĚĞŶŚĂŶĐĞĂŐƌŝĐƵůƚƵƌĂůůĂŶĚƐ͘ 8. hƟůŝnjĞƐŵĂƌƚĞƌ͕ĂŶĚĐŚĞĂƉĞƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚŐƌĞĞŶďƵŝůĚŝŶŐƐ͘ 9. &ŽƐƚĞƌĂƵŶŝƋƵĞŶĞŝŐŚďŽƵƌŚŽŽĚŝĚĞŶƟƚLJ͘ 10. EƵƌƚƵƌĞĞŶŐĂŐĞĚĐŝƟnjĞŶƐ͘

ϰ͘ϭ͘ϳ'ƵŝĚŝŶŐWŽůŝĐŝĞƐ͗tĂůŬĂďůĞŽŵŵƵŶŝƟĞƐ͕ĂůĂŶĐĞĚZĞŐŝŽŶƐ tŝƚŚƚŚĞĂĚŽƉƚĞĚďƌŽĂĚƉŽůŝĐLJŽĨƚŚĞdŽǁŶŽĨŽĂůĚĂůĞĂŶĚ>ĞƚŚďƌŝĚŐĞƐƵƉƉŽƌƟŶŐƚŚĞŐĞŶĞƌĂůŐŽĂůƐŽĨ^ŵĂƌƚ 'ƌŽǁƚŚĂŶĚƚƌŝƉůĞďŽƩŽŵůŝŶĞƐƵƐƚĂŝŶĂďŝůŝƚLJ͕ƚŚĞĨŽůůŽǁŝŶŐƉƌŝŶĐŝƉůĞƐĨŽƌŵƚŚĞŐƵŝĚŝŶŐƉŽůŝĐŝĞƐĨŽƌƚŚĞ/^>ĂŶĚhƐĞ ĐŽŶĐĞƉƚƐ͘ĂĐŚƐŚŽƵůĚďĞĐŽŶƐŝĚĞƌĞĚĨŽƌŝŶĐŽƌƉŽƌĂƟŽŶĂƐƉŽůŝĐŝĞƐǁŝƚŚŝŶƚŚĞďƌŽĂĚƉŽůŝĐLJŽĨĞĂĐŚŵƵŶŝĐŝƉĂůŝƚLJ͘

4.1.7.1 The Region

ͻ dŚĞƌĞŐŝŽŶƐŚŽƵůĚƌĞƚĂŝŶŝƚƐŶĂƚƵƌĂůŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚǀŝƐƵĂůĐŚĂƌĂĐƚĞƌĚĞƌŝǀĞĚĨƌŽŵƚŽƉŽŐƌĂƉŚLJ͕ǁŽŽĚůĂŶĚƐ͕ ĨĂƌŵůĂŶĚƐ͕ƌŝƉĂƌŝĂŶĐŽƌƌŝĚŽƌƐĂŶĚůĂŬĞƐŚŽƌĞƐ͘

ͻ 'ƌŽǁƚŚƐƚƌĂƚĞŐŝĞƐƐŚŽƵůĚĞŶĐŽƵƌĂŐĞŝŶĮůůĂŶĚƌĞĚĞǀĞůŽƉŵĞŶƚŝŶƉĂƌŝƚLJǁŝƚŚŶĞǁĚĞǀĞůŽƉŵĞŶƚ͘

ͻ ĞǀĞůŽƉŵĞŶƚĐŽŶƟŐƵŽƵƐƚŽƵƌďĂŶĂƌĞĂƐƐŚŽƵůĚďĞƐƚƌƵĐƚƵƌĞĚĂƐ^ƵƐƚĂŝŶĂďůĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚƐĂŶĚďĞŝŶƚĞͲ ŐƌĂƚĞĚǁŝƚŚƚŚĞĞdžŝƐƟŶŐƵƌďĂŶƉĂƩĞƌŶ͘

ͻ ĞǀĞůŽƉŵĞŶƚŝŶŶŽŶͲĐŽŶƟŐƵŽƵƐƚŽƵƌďĂŶĂƌĞĂƐƐŚŽƵůĚĂůƐŽďĞŽƌŐĂŶŝnjĞĚŝŶƚŚĞƉĂƩĞƌŶŽĨ^ƵƐƚĂŝŶĂďůĞEĞŝŐŚͲ ďŽƵƌŚŽŽĚhŶŝƚƐ͘

ͻ īŽƌĚĂďůĞ,ŽƵƐŝŶŐƐŚŽƵůĚďĞĚŝƐƚƌŝďƵƚĞĚƚŚƌŽƵŐŚŽƵƚƚŚĞƌĞŐŝŽŶƚŽŵĂƚĐŚũŽďŽƉƉŽƌƚƵŶŝƟĞƐĂŶĚƚŽĂǀŽŝĚĐŽŶͲ ĐĞŶƚƌĂƟŽŶƐŽĨƉŽǀĞƌƚLJ͘

ͻ dƌĂŶƐƉŽƌƚĂƟŽŶŽƌƌŝĚŽƌƐƐŚŽƵůĚďĞƉůĂŶŶĞĚĂŶĚƌĞƐĞƌǀĞĚŝŶĐŽŽƌĚŝŶĂƟŽŶǁŝƚŚůĂŶĚƵƐĞ͘

ͻ 'ƌĞĞŶŽƌƌŝĚŽƌƐƐŚŽƵůĚďĞƵƐĞĚƚŽĚĞĮŶĞĂŶĚĐŽŶŶĞĐƚƚŚĞƵƌďĂŶŝnjĞĚĂƌĞĂƐ͘

ͻ dŚĞƌĞŐŝŽŶƐŚŽƵůĚŝŶĐůƵĚĞĂĨƌĂŵĞǁŽƌŬŽĨƚƌĂŶƐŝƚ͕ƉĞĚĞƐƚƌŝĂŶ͕ĂŶĚďŝĐLJĐůĞƐLJƐƚĞŵƐƚŚĂƚƉƌŽǀŝĚĞĂůƚĞƌŶĂƟǀĞƐƚŽ ƚŚĞĂƵƚŽŵŽďŝůĞ͘ 4.1.7.2 The Community

ͻ EĞǁĂŶĚŝŶĮůů^ƵƐƚĂŝŶĂďůĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚƐƐŚŽƵůĚďĞĐŽŵƉůĞƚĞ͕ĐŽŵƉĂĐƚ͕ĂŶĚǁĂůŬĂďůĞ͕ĂŶĚƐŚŽƵůĚĞŶͲ ĐŽƵƌĂŐĞŐƌĞĞŶďƵŝůĚŝŶŐƐƚĂŶĚĂƌĚƐĂŶĚŚŝŐŚƉĞƌĨŽƌŵĂŶĐĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘

ͻ EĞǁĂŶĚŝŶĮůů^ƵƐƚĂŝŶĂďůĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚƐƐŚŽƵůĚďĞƚŚĞƉƌĞĨĞƌƌĞĚƉĂƩĞƌŶŽĨĚĞǀĞůŽƉŵĞŶƚĂŶĚŝƐƚƌŝĐƚƐ ƐƉĞĐŝĂůŝnjŝŶŐŝŶĂƐŝŶŐůĞƵƐĞƐŚŽƵůĚďĞƚŚĞĞdžĐĞƉƟŽŶ͘ ϭϰ ͮപ/Ed'Zds>KWDEd^dZd'z

ͻ KƌĚŝŶĂƌLJĂĐƟǀŝƟĞƐŽĨĚĂŝůLJůŝǀŝŶŐƐŚŽƵůĚŽĐĐƵƌǁŝƚŚŝŶǁĂůŬŝŶŐĚŝƐƚĂŶĐĞŽĨŵŽƐƚĚǁĞůůŝŶŐƐ͕ĂůůŽǁŝŶŐŝŶĚĞƉĞŶĚĞŶĐĞ ƚŽƚŚŽƐĞǁŚŽĚŽŶŽƚĚƌŝǀĞ͘

ͻ /ŶƚĞƌĐŽŶŶĞĐƚĞĚŶĞƚǁŽƌŬƐŽĨƚŚŽƌŽƵŐŚĨĂƌĞƐƐŚŽƵůĚďĞĚĞƐŝŐŶĞĚƚŽĚŝƐƉĞƌƐĞĂŶĚƌĞĚƵĐĞƚŚĞůĞŶŐƚŚŽĨĂƵƚŽŵŽďŝůĞ ƚƌŝƉƐ͘

ͻ tŝƚŚŝŶŶĞŝŐŚďŽƵƌŚŽŽĚƐ͕ĂƌĂŶŐĞŽĨŚŽƵƐŝŶŐƚLJƉĞƐĂŶĚƉƌŝĐĞůĞǀĞůƐƐŚŽƵůĚďĞƉƌŽǀŝĚĞĚƚŽĂĐĐŽŵŵŽĚĂƚĞĚŝǀĞƌƐĞ ĂŐĞƐĂŶĚŝŶĐŽŵĞƐ͘

ͻ ƉƉƌŽƉƌŝĂƚĞďƵŝůĚŝŶŐĚĞŶƐŝƟĞƐĂŶĚůĂŶĚƵƐĞƐƐŚŽƵůĚďĞƉƌŽǀŝĚĞĚǁŝƚŚŝŶǁĂůŬŝŶŐĚŝƐƚĂŶĐĞŽĨƚƌĂŶƐŝƚƐƚŽƉƐ͘

ͻ ŝǀŝĐ͕ŝŶƐƟƚƵƟŽŶĂů͕ĂŶĚĐŽŵŵĞƌĐŝĂůĂĐƟǀŝƚLJƐŚŽƵůĚďĞĞŵďĞĚĚĞĚŝŶƚŽǁŶĐĞŶƚƌĞƐ͕ŶŽƚŝƐŽůĂƚĞĚŝŶƌĞŵŽƚĞƐŝŶŐůĞͲ ƵƐĞĐŽŵƉůĞdžĞƐ͘

ͻ ^ĐŚŽŽůƐƐŚŽƵůĚďĞƐŝnjĞĚĂŶĚůŽĐĂƚĞĚƚŽĞŶĂďůĞĐŚŝůĚƌĞŶƚŽǁĂůŬŽƌďŝĐLJĐůĞƚŽƚŚĞŵ͘

ͻ ƌĂŶŐĞŽĨKƉĞŶ^ƉĂĐĞŝŶĐůƵĚŝŶŐWĂƌŬƐ͕^ƋƵĂƌĞƐ͕ĂŶĚƉůĂLJŐƌŽƵŶĚƐƐŚŽƵůĚďĞĚŝƐƚƌŝďƵƚĞĚǁŝƚŚŝŶŶĞŝŐŚďŽƵƌŚŽŽĚƐ ĂŶĚƚŽǁŶĐĞŶƚƌĞƐ͘ 4.1.7.3 The Block and the Building

ͻ ƵŝůĚŝŶŐƐĂŶĚůĂŶĚƐĐĂƉŝŶŐƐŚŽƵůĚĐŽŶƚƌŝďƵƚĞƚŽƚŚĞƉŚLJƐŝĐĂůĚĞĮŶŝƟŽŶŽĨƚŚŽƌŽƵŐŚĨĂƌĞƐĂƐĐŝǀŝĐƉůĂĐĞƐ͘

ͻ ĞǀĞůŽƉŵĞŶƚƐŚŽƵůĚĂĚĞƋƵĂƚĞůLJĂĐĐŽŵŵŽĚĂƚĞĂƵƚŽŵŽďŝůĞƐǁŚŝůĞƌĞƐƉĞĐƟŶŐƚŚĞƉĞĚĞƐƚƌŝĂŶĂŶĚƚŚĞƐƉĂƟĂů ĨŽƌŵŽĨƉƵďůŝĐĂƌĞĂƐ͘

ͻ dŚĞĚĞƐŝŐŶŽĨƐƚƌĞĞƚƐĂŶĚďƵŝůĚŝŶŐƐƐŚŽƵůĚƌĞŝŶĨŽƌĐĞƐĂĨĞĞŶǀŝƌŽŶŵĞŶƚƐ͕ďƵƚŶŽƚĂƚƚŚĞĞdžƉĞŶƐĞŽĨĂĐĐĞƐƐŝďŝůŝƚLJ͘

ͻ ƌĐŚŝƚĞĐƚƵƌĞĂŶĚůĂŶĚƐĐĂƉĞĚĞƐŝŐŶƐŚŽƵůĚŐƌŽǁĨƌŽŵůŽĐĂůĐůŝŵĂƚĞ͕ƚŽƉŽŐƌĂƉŚLJ͕ŚŝƐƚŽƌLJ͕ĂŶĚďƵŝůĚŝŶŐƉƌĂĐƟĐĞ͘

ͻ ƵŝůĚŝŶŐƐƐŚŽƵůĚƉƌŽǀŝĚĞƚŚĞŝƌŝŶŚĂďŝƚĂŶƚƐǁŝƚŚĂĐůĞĂƌƐĞŶƐĞŽĨŐĞŽŐƌĂƉŚLJĂŶĚĐůŝŵĂƚĞƚŚƌŽƵŐŚĞŶĞƌŐLJĞĸĐŝĞŶƚ ŵĞƚŚŽĚƐ͘

ͻ ŝǀŝĐƵŝůĚŝŶŐƐĂŶĚƉƵďůŝĐŐĂƚŚĞƌŝŶŐƉůĂĐĞƐƐŚŽƵůĚďĞƉƌŽǀŝĚĞĚĂƐůŽĐĂƟŽŶƐƚŚĂƚƌĞŝŶĨŽƌĐĞĐŽŵŵƵŶŝƚLJŝĚĞŶƟƚLJ ĂŶĚƐƵƉƉŽƌƚƐĞůĨͲŐŽǀĞƌŶŵĞŶƚ͘

ͻ ŝǀŝĐƵŝůĚŝŶŐƐƐŚŽƵůĚďĞĚŝƐƟŶĐƟǀĞĂŶĚĂƉƉƌŽƉƌŝĂƚĞƚŽĂƌŽůĞŵŽƌĞŝŵƉŽƌƚĂŶƚƚŚĂŶƚŚĞŽƚŚĞƌďƵŝůĚŝŶŐƐƚŚĂƚ ĐŽŶƐƟƚƵƚĞƚŚĞĨĂďƌŝĐŽĨƚŚĞĐŝƚLJ͘

ͻ dŚĞƉƌĞƐĞƌǀĂƟŽŶĂŶĚƌĞŶĞǁĂůŽĨŚŝƐƚŽƌŝĐďƵŝůĚŝŶŐƐƐŚŽƵůĚďĞĨĂĐŝůŝƚĂƚĞĚ͕ƚŽĂĸƌŵƚŚĞĐŽŶƟŶƵŝƚLJĂŶĚĞǀŽůƵƟŽŶŽĨ ƐŽĐŝĞƚLJ͘

ͻ dŚĞŚĂƌŵŽŶŝŽƵƐĂŶĚŽƌĚĞƌůLJĞǀŽůƵƟŽŶŽĨƵƌďĂŶĂƌĞĂƐƐŚŽƵůĚďĞƐĞĐƵƌĞĚƚŚƌŽƵŐŚĨŽƌŵͲďĂƐĞĚůĂŶĚƵƐĞƌĞŐƵůĂͲ ƟŽŶƐƚŚĂƚĞŶĂďůĞŵŝdžĞĚͲƵƐĞĂŶĚǁĂůŬĂďŝůŝƚLJ͘ /Ed'Zds>KWDEd^dZd'z | 15

ϰ͘Ϯ^ƵďͲZĞŐŝŽŶĂůWůĂŶ ϰ͘Ϯ͘ϭKǀĞƌǀŝĞǁ

dŚĞ ŽƵƚĞƌ ďŽƵŶĚĂƌŝĞƐ ŽĨ ƚŚĞ /^ ƉůĂŶŶŝŶŐ ĂƌĞĂ ĐĂŶ ďĞ ŐĞŶĞƌĂůůLJ ĚĞĮŶĞĚ ĂƐ Ă ƐƵďͲƌĞŐŝŽŶ ĞŶĐŽŵƉĂƐƐŝŶŐ ƚŚĞ ,ŝŐŚǁĂLJ ϯ ĐŽƌƌŝĚŽƌ ĞĂƐƚ ŽĨ >ĞƚŚͲ ďƌŝĚŐĞ ĂŶĚ Ăůů ƚŚĞ ĂīĞĐƚĞĚ ĂƌĞĂƐ ŝŶĐůƵĚŝŶŐ ĂŶĚ ƐƵƌƌŽƵŶĚŝŶŐ ƚŚĞ dŽǁŶ ŽĨ ŽĂůĚĂůĞ͘ /Ŷ ƚĞƌŵƐ ŽĨ ǁĂƚĞƌ ŵĂŶĂŐĞŵĞŶƚ͕ ƚŚĞ ƐƵďͲƌĞŐŝŽŶĂů ƉůĂŶŶŝŶŐ ĂƌĞĂ ĨŽĐƵƐĞƐ ŽŶ Ăůů ĨƌĞƋƵĞŶƚůLJ ŇŽŽĚĞĚ ůĂŶĚƐ ĂŶĚ ƚŚĞ ďƌŽĂĚĞƌ ǁĂƚĞƌͲ ƐŚĞĚ͘ /Ŷ ƚĞƌŵƐ ŽĨ ůĂŶĚ ƵƐĞ͕ ƚŚĞ /^ ĚĞĮŶĞƐ Ă ƐƵďͲƌĞŐŝŽŶĂů ƉůĂŶŶŝŶŐ ĂƌĞĂ ĂŝŵŝŶŐ ƚŽ ͞ƉƌŽǀŝĚĞ ĂŶ ŽǀĞƌĂƌĐŚŝŶŐ ǀŝƐŝŽŶ ĨŽƌ ƚŚĞ ůĂŶĚ ƵƐĞ ǁŝƚŚŝŶ ƚŚĞ ŽĂůĚĂůĞͬ>ĞƚŚďƌŝĚŐĞ ŽƌƌŝĚŽƌ͘͟ ĂƐ ĚĞĮŶĞĚ ďLJ ƚŚĞ ZW ĂƉƉůŝĐĂƟŽŶ͘ >ĞŌ ĂůŽŶĞ ƚŽ ŵĂƌŬĞƚ ƉƌĞƐƐƵƌĞƐ͕ ƚŚĞ ƐƵďƌĞŐŝŽŶĂů ĂƌĞĂ ǁŽƵůĚ ĞdžƉĞƌŝĞŶĐĞ ǁŝĚĞƐƉƌĞĂĚ ŐƌŽǁƚŚ ƚŚĂƚ ǁŽƵůĚ ƐŽŽŶ ƐĞĞ ƚŚĞ ĐŽŶƟŐƵŽƵƐ ŐƌŽǁƚŚ ŽĨ ĚŝƐͲ ĐŽŶŶĞĐƚĞĚ ĐŽŵŵĞƌĐŝĂů ĂŶĚ ŝŶĚƵƐƚƌŝĂůƐ ƐŝƚĞƐ ĂůŽŶŐ ƚŚĞ ĞŶƟƌĞ ,ŝŐŚǁĂLJ ϯ ŽƌƌŝĚŽƌ ĨƌŽŵ >ĞƚŚďƌŝĚŐĞ ƚŽ ŽĂůĚĂůĞ͘ dŚĞ ^ƵďͲZĞŐŝŽŶĂů ƉůĂŶ ƉƌŽǀŝĚĞƐ Ă ƌĂƟŽŶĂůĞ ĨŽƌ Ă ŵŽƌĞ ƉƌĞĚŝĐƚĂďůĞ͕ LJĞƚ ŇĞdžŝďůĞ ŽƵƚĐŽŵĞ ƚŚĂƚ ĐĂŶ ďĂůͲ ĂŶĐĞ ƚŚĞ ĚĞƐŝƌĞƐ ŽĨ ǀĂƌŝŽƵƐ ƌĞŐŝŽŶĂů ƐƚĂŬĞŚŽůĚĞƌƐ͘ <ĞLJ ƚŽ ƚŚĞ ƉƌŽƉŽƐĞĚ ĐŽŶĐĞƉƚ ŝƐ ƚŚĞ ĐŽŶĐĞŶƚƌĂƟŽŶ ŽĨ ŐƌŽǁƚŚ ŝŶƚŽ ŬĞLJ ĚĞǀĞůŽƉŵĞŶƚ ĐůƵƐƚĞƌƐ ƐĞƚ ǁŝƚŚŝŶ Ă ĐůĞĂƌ ƌĞŐŝŽŶĂů ƐƚƌƵĐƚƵƌĞ ŽĨ ĐŽƌƌŝĚŽƌƐ ĂŶĚ ƉƌĞƐĞƌǀĞĚ ĂŐƌŝĐƵůͲ ƚƵƌĂů ĐŽƵŶƚƌLJƐŝĚĞ͘ ^ƵďƌĞŐŝŽŶĂůƉůĂŶŶŝŶŐǁŝůůŐƵŝĚĞŚŽǁƚŚĞĐŽƌƌŝĚŽƌǁŝůůŐƌŽǁŝŶƚŽƚŚĞĨƵƚƵƌĞ͗tŝůůŝƚďĞĐŽŶƟŐƵŽƵƐ͕ƐĐĂƩĞƌĞĚĚĞǀĞůŽƉͲ ŵĞŶƚŽƌǁŝůůŝƚďĞĐůƵƐƚĞƌĞĚ͍;'ƌĂƉŚŝĐďLJWΘŽ͘Ϳ

ϰ͘Ϯ͘Ϯ^ƵďͲƌĞŐŝŽŶĂů^ƚƌƵĐƚƵƌĞ͗ŽƌƌŝĚŽƌƐ dŚĞ ^ƵďƌĞŐŝŽŶĂů ƉůĂŶ ŝƐ ďƵŝůƚ ŽŶ Ă ĐůĞĂƌ ƌĞŐŝŽŶĂů ƐƚƌƵĐƚƵƌĞ ŽĨ ĐŽƌƌŝĚŽƌƐ ƚŚĂƚ ƉƌŽǀŝĚĞ Ă ƌĂƟŽŶĂů ĨŽƌ ůŽĐĂƟŶŐ ĚĞǀĞůŽƉͲ ŵĞŶƚ ĐůƵƐƚĞƌƐ Θ ĐŽƵŶƚƌLJƐŝĚĞ͘ dŚŝƐ ĂůƐŽ ĂůůŽǁƐ ĨŽƌ Ă ĐůĞĂƌ ůŝŶŬ ďĞƚǁĞĞŶ ƚƌĂŶƐƉŽƌƚĂƟŽŶ ĂŶĚ ůĂŶĚ ƵƐĞ͘ dŚĞ ŶĂƚƵƌĞ ŽĨ ŵĂŶLJ ŽĨ ƚŚĞƐĞ ĐŽƌƌŝĚŽƌƐ ĂƌĞ ĂĚĚƌĞƐƐĞĚ ŝŶ ŽƚŚĞƌ ƐĞĐƟŽŶƐ ŽĨ ƚŚĞ /^͘ 1. ,ŝŐŚǁĂLJϯ͗ dŚĞ ƉƌŝŵĂƌLJ ƐƚƌƵĐƚƵƌŝŶŐ ĞůĞŵĞŶƚ ŽĨ ƚŚĞ ƐƵďͲƌĞŐŝŽŶ ŝƐ͕ ĂŶĚ ǁŝůů ĐŽŶƟŶƵĞ ƚŽ ďĞ ,ŝŐŚǁĂLJ ϯ ŝƚƐĞůĨ͘ Ɛ Ă ƉƌŽǀŝŶĐŝĂů ƌŽĂĚ͕ ƚŚĞƌĞ ŝƐ ůŝƩůĞ ŇĞdžŝďŝůŝƚLJ ŝŶ ŝƚƐ ĐƵƌƌĞŶƚ ĚĞƐŝŐŶ ĂŶĚ ŝŶƚĞƌĨĂĐĞ͘ Ɛ ƚŚĞ ĂŶĂŵĞdž ŝƐ ĐŽŵƉůĞƚĞĚ͕ ,ŝŐŚǁĂLJ ϯ ǁŝůů ďĞ ĂǀĂŝůĂďůĞ ĨŽƌ ŵƵŶŝĐŝƉĂů ĐŽŶƚƌŽů ĂůůŽǁŝŶŐ ĨŽƌ ŵŽƌĞ ŇĞdžŝďŝůŝƚLJ ŝŶ ŝƚƐ ƵƐĞ ĂŶĚ ŝŶƚĞƌĨĂĐĞ͘ ϭϲ ͮപ/Ed'Zds>KWDEd^dZd'z

2. ĂŶĂĚŝĂŶWĂĐŝĮĐZĂŝůǁĂLJŽƌƌŝĚŽƌ͗ƵŝůƚŽŶƚŚĞŶŽƌƚŚƐŝĚĞŽĨ,ŝŐŚǁĂLJϯ͕ƚŚĞĞdžŝƐƟŶŐĂŶĂĚŝĂŶWĂĐŝĮĐZĂŝůͲ ǁĂLJŽƌƌŝĚŽƌĐƌĞĂƚĞƐďŽƚŚĂǀĞŚŝĐƵůĂƌĐŽŶƐƚƌĂŝŶƚƚŽƚŚĞŶŽƌƚŚ͕ĂŶĚĂŶŽƉƉŽƌƚƵŶŝƚLJĨŽƌĂďƵƫŶŐŝŶĚƵƐƚƌŝĂůƵƐĞƐ ĂƐƌĂŝůƚƌĂŶƐƉŽƌƚďĞĐŽŵĞƐŝŶĐƌĞĂƐŝŶŐůLJĚĞŵĂŶĚĞĚ͘

3. ĂŶĂŵĞdžΘ,ŝŐŚǁĂLJϯ͗ƐƚŚĞĂŶĂŵĞdžŝƐďƵŝůƚ͕ŝƚǁŝůůĐƌĞĂƚĞĂƐŝŐŶŝĮĐĂŶƚĐƌŽƐƐƌŽĂĚƐĂƚƚŚĞŝŶƚĞƌƐĞĐƟŽŶ ŽĨ,ŝŐŚǁĂLJϯ͘tŚŝůĞƚŚĞƌĞƐƵůƚŽĨƚŚŝƐǁŝůůĂůůŽǁŵƵŶŝĐŝƉĂůĐŽŶƚƌŽůŽĨ,ŝŐŚǁĂLJϯ͕ŝƚĂůƐŽĚĞĮŶĞƐĂƚƌĂĸĐďLJƉĂƐƐ ĂƌŽƵŶĚďŽƚŚŽĂůĚĂůĞĂŶĚ>ĞƚŚďƌŝĚŐĞ͘ /Ed'Zds>KWDEd^dZd'z | 17

4. dŚĞŽĂůĚĂůĞƌŽƐƐƌŽĂĚƐ͗ƐĂƌĞƐƵůƚŽĨƚŚĞĂŶĂŵĞdžďLJƉĂƐƐ͕ĂŶĚ,ŝŐŚǁĂLJϯƌĞĂůŝŐŶŵĞŶƚ͕ƚŚĞŝŶƚĞƌƐĞĐƟŽŶ ŽĨŽůĚ,ŝŐŚǁĂLJϯĂŶĚ,ŝŐŚǁĂLJϴϰϱ;ϮϬƚŚ^ƚƌĞĞƚͿǁŝůůďĞĐŽŵĞĂŶŝŶĐƌĞĂƐŝŶŐůLJŝŵƉŽƌƚĂŶƚĐƌŽƐƐƌŽĂĚƐǁŝƚŚŝŶƚŚĞ dŽǁŶ͘ŽƚŚŽĨƚŚĞƐĞƌŽĂĚƐůŝŶŬŝŶƚŽŬĞLJŝŶƚĞƌĐŚĂŶŐĞƐƚŽƚŚĞŶĞǁŚŝŐŚǁĂLJƐĂƚĞŝƚŚĞƌĞŶĚ͘&ƵƚƵƌĞƚŽǁŶĞdžƉĂŶͲ ƐŝŽŶ͕ƐƚƌĞĞƚƐĐĂƉĞŝŵƉƌŽǀĞŵĞŶƚƐ͕ĂŶĚƌĞĚĞǀĞůŽƉŵĞŶƚƐŚŽƵůĚƌĞƐƉŽŶĚ ƚŽƚŚĞƐĞĐŽƌƌŝĚŽƌƐĂdžŝƐĂƐ͞ĨƌŽŶƚĚŽŽƌƐ͟ƚŽ ƚŚĞƚŽǁŶ͘

5. ZĞŐŝŽŶĂůWĂƚŚǁĂLJ͗dŚĞƉƌŽƉŽƐĞĚƌĞŐŝŽŶĂůƉĂƚŚǁĂLJǁŝůůĐƌĞĂƚĞĂŶŝŵƉŽƌƚĂŶƚůŝŶŬďĞƚǁĞĞŶƚŚĞdŽǁŶŽĨ ŽĂůĚĂůĞĂŶĚƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͘&ƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚƐŚŽƵůĚƉƌŽǀŝĚĞĂƉƉƌŽƉƌŝĂƚĞ͕ĨƌĞƋƵĞŶƚůŝŶŬĂŐĞƐĂŶĚ ƉĞĚĞƐƚƌŝĂŶŝŶƚĞƌĨĂĐĞƐƚŽƚŚŝƐƉĂƚŚǁĂLJƐLJƐƚĞŵ͘ ϭϴ ͮപ/Ed'Zds>KWDEd^dZd'z

dŚŝƐŐƌĂƉŚŝĐŝůůƵƐƚƌĂƚĞƐĂďĂƐŝĐĐŽŶĐĞƉƚĨŽƌƐƵďͲƌĞŐŝŽŶĂůŝŶƚĞŐƌĂƟŽŶŽĨƚŚĞǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵǁŝƚŚƚŚĞůĂŶĚ ƵƐĞĐŽŶĐĞƉƚ͘dŚŝƐŐƌĂƉŚŝĐŝƐŝůůƵƐƚƌĂƟǀĞŽŶůLJ͘dŚĞtĂƚĞƌDĂŶĂŐĞŵĞŶƚƐĞĐƟŽŶŽĨƚŚĞ/^ƉƌŽǀŝĚĞƐĂŵŽƌĞƌĞĮŶĞĚ ĐŽŶĐĞƉƚ͘ 6. tĂƚĞƌDĂŶĂŐĞŵĞŶƚ͗dŚĞƉƌŽƉŽƐĞĚǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƐƚƌĂƚĞŐLJǁŝůůƉƌŽǀŝĚĞĂŶƵŵďĞƌŽĨŽƉƉŽƌƚƵŶŝƟĞƐ ĨŽƌĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚŝŶĐůƵĚŝŶŐƉĂƐƐŝǀĞƌĞĐƌĞĂƟŽŶĂůĂƌĞĂƐ͕ŐƌĞĞŶƐƉĂĐĞ͕ĂĐĐĞƐƐƚŽǁĂƚĞƌ͕ĂŶĚǁĂƚĞƌƌƵŶŽī ŵĂŶĂŐĞŵĞŶƚ͘dŚĞƉŚĂƐŝŶŐĂŶĚůŽĐĂƟŽŶŽĨĨƵƚƵƌĞŐƌŽǁƚŚƐŚŽƵůĚƌĞƐƉŽŶĚĂŶĚŝŶƚĞŐƌĂƚĞǁŝƚŚƚŚŝƐǁĂƚĞƌƐLJƐƚĞŵ͘

ϰ͘Ϯ͘ϯ^ƵďƌĞŐŝŽŶĂů^ƚƌƵĐƚƵƌĞ͗ĞǀĞůŽƉŵĞŶƚůƵƐƚĞƌƐΘŽƵŶƚƌLJƐŝĚĞ

ƐĂǁŝĚĞƐƉƌĞĂĚŚƵŵĂŶƉĂƩĞƌŶ͕ƚŽǁŶƐĂŶĚĐŝƟĞƐĞdžŚŝďŝƚĂŶŝŶŶĂƚĞ ǁŝƐĚŽŵŽĨ͞ĐůƵƐƚĞƌŝŶŐ͟ĚĞǀĞůŽƉŵĞŶƚĨŽƌĐŽůůĞĐƟǀĞďĞŶĞĮƚŽĨƐŽĐŝĂů ŝŶƚĞƌĂĐƟŽŶ͕ĐŽŵŵĞƌĐĞ͕ĞĸĐŝĞŶƚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ŝĚĞŶƟƚLJ͕ĂŶĚĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚ͘dŚĞƐĂŵĞǁŝƐĚŽŵŚŽůĚƐƚƌƵĞĨŽƌŝŶĚƵƐƚƌŝĂůĂŶĚ ĐŽŵŵĞƌĐŝĂůĚĞǀĞůŽƉŵĞŶƚĂůŽŶŐƚŚĞŚŝŐŚǁĂLJϯĐŽƌƌŝĚŽƌ͘ŽůůĞĐƚĞĚ ƚŽŐĞƚŚĞƌĂƐĂŶŝĚĞŶƟĮĞĚĐůƵƐƚĞƌĂƚƚŚĞĨƵƚƵƌĞĂŶĂŵĞdžŝŶƚĞƌĐŚĂŶŐĞ͕ ƚŚĞƐĞĐŽůůĞĐƟǀĞďĞŶĞĮƚƐĐĂŶďĞƌĞĂůŝnjĞĚŚĞƌĞĂƐǁĞůů͘ƵŝůƚŽŶƚŚĞ ĨƌĂŵĞǁŽƌŬŽĨƌĞŐŝŽŶĂůĐŽƌƌŝĚŽƌƐ͕ƚŚƌĞĞĚŝƐƟŶĐƚĚĞǀĞůŽƉŵĞŶƚĐůƵƐƚĞƌƐ ĂƌĞŝĚĞŶƟĮĞĚĂůŽŶŐƚŚĞĐŽƌƌŝĚŽƌ͘

dŚĞďĂůĂŶĐĞĚƌĞŐŝŽŶǀƐ͘ƐƉƌĂǁů͘;'ƌĂƉŚŝĐďLJWΘŽ͘Ϳ dǁŽŽĨƚŚĞŝĚĞŶƟĮĞĚĐůƵƐƚĞƌƐŝŶĐůƵĚĞƚŚĞĐŽŶƟŐƵŽƵƐƵƌďĂŶŝƐŵŽĨ>ĞƚŚďƌŝĚŐĞƚŽƚŚĞǁĞƐƚ͕ĂŶĚƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ ƚŽƚŚĞĞĂƐƚ͘dŚĞƚŚŝƌĚŝƐĂƉƌŽƉŽƐĞĚŽƵŶƚLJŐƌŝĐƵůƚƵƌĂůͲ/ŶĚƵƐƚƌŝĂůĐůƵƐƚĞƌĂƚƚŚĞĨƵƚƵƌĞĂŶĂŵĞdžŝŶƚĞƌĐŚĂŶŐĞǁŝƚŚ ƚŚĞƌŽdžďƵƌŶďƵƐŝŶĞƐƐƉĂƌŬĂƚŝƚƐĐĞŶƚƌĞ͘ƐƚŚĞĐĞŶƚƌĂůĐůƵƐƚĞƌ͕ƚŚĞƉƌŽƉŽƐĞĚŐƌŝĐƵůƚƵƌĂůͲ/ŶĚƵƐƚƌŝĂůĞŶƚƌĞŝƐƉŽƐͲ ŝƟŽŶĞĚĂƐĂĨƌĞĞƐƚĂŶĚŝŶŐĞŶƟƚLJƐĞƉĂƌĂƚĞĚĨƌŽŵďŽƚŚƚŚĞdŽǁŶĂŶĚƚŚĞŝƚLJďLJĂƉƌĞƐĞƌǀĞĚĂŐƌŝĐƵůƚƵƌĂůŐƌĞĞŶďĞůƚ͘ /Ed'Zds>KWDEd^dZd'z | 19 dŚŝƐĂƌƌĂŶŐĞŵĞŶƚĂĚĚƌĞƐƐĞƐĂŶƵŵďĞƌŽĨůĂŶĚƵƐĞĐŚĂůůĞŶŐĞƐĨŽƌƚŚĞ/^͗

ͻ >ŝŬĞĂŶŝŶĐŽƌƉŽƌĂƚĞĚŵƵŶŝĐŝƉĂůŝƚLJ͕ŝƚƉƌŽǀŝĚĞƐĂƚĂŶŐŝďůĞĞŶƟƚLJƚŚĂƚĐĂŶďĞĐŽůůĞĐƟǀĞůLJŵĂƌŬĞƚĞĚĨŽƌĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚ͕ƐŚĂƌĞĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĂŶĚƐLJŶĞƌŐŝĞƐďĞƚǁĞĞŶĐŽŵƉĂƟďůĞŝŶĚƵƐƚƌLJĐůƵƐƚĞƌƐ͘

ͻ /ƚĐĞŶƚƌĂůŝnjĞƐŝŶĚƵƐƚƌŝĂůĚĞǀĞůŽƉŵĞŶƚƚŽůŝŵŝƚƚŚĞŶƵŵďĞƌŽĨƚƌĂĸĐĐŽŶƚƌŽůůŝŐŚƚƐĂůŽŶŐƚŚĞŽƌƌŝĚŽƌͲĂďĂůĂŶĐĞ ŶĞĐĞƐƐĂƌLJďĞƚǁĞĞŶƚŚĞŵŽďŝůŝƚLJŶĞĞĚƐŽĨƚŚĞƚŽǁŶĂŶĚƚŚĞĚĞǀĞůŽƉŵĞŶƚŶĞĞĚƐŽĨƚŚĞŽƵŶƚLJ͘

ͻ /ƚĂůůŽǁƐĨŽƌŽĂůĚĂůĞƚŽƌĞƚĂŝŶƚŚĞǀŝƐƵĂůŝŵƉƌĞƐƐŝŽŶŽĨĂĚŝƐƟŶĐƚƚŽǁŶŝŶƚŚĞĚŝƐƚĂŶĐĞƌĂƚŚĞƌƚŚĂŶďůĞŶĚŝŶŐŝŶƚŽ ƚŚĞďĂĐŬŐƌŽƵŶĚŽĨĐŽŶƟŐƵŽƵƐŝŶĚƵƐƚƌŝĂůŐƌŽǁƚŚ͘

ͻ /ƚƉŽƐŝƟŽŶƐƚŚĞƌŽdžďƵƌŶƵƐŝŶĞƐƐƉĂƌŬĂƐĂůŽŐŝĐĂůĐĞŶƚƌĂůĮƌƐƚƉŚĂƐĞǁŚŝůĞĂůůŽǁŝŶŐŇĞdžŝďůĞĨƵƚƵƌĞĞdžƉĂŶƐŝŽŶŝŶ ƚŚĞĐŽŶƚĞdžƚŽĨƚŚĞĂŶĂŵĞdž͘

ͻ /ƚƉƌŽǀŝĚĞƐĂŶŝĚĞŶƟĮĂďůĞĐĞŶƚƌĞƚŚĂƚĐĂŶƐĞƌǀĞĂƐĂƚƌĂŶƐŝƚŚƵď͕ĂĐĞŶƚƌĂůŵĞĞƟŶŐƉůĂĐĞ͕ĂŶĚĂǀŝƐŝƚŽƌŝŶƚĞƌĨĂĐĞ͘

ͻ /ƚƉƌŽǀŝĚĞƐĂǀŝƐƵĂů͕ĂĞƐƚŚĞƟĐ͕ĂŶĚĨƵŶĐƟŽŶĂůůŝŶŬƚŽƚŚĞĂŐƌŝĐƵůƚƵƌĂůĐŽƵŶƚƌLJƐŝĚĞƚŚĂƚŝƐƚŚĞďĂĐŬďŽŶĞŽĨƚŚĞůŽĐĂů ĞĐŽŶŽŵLJ͘

ͻ /ƚĐĂŶĂĚĚƌĞƐƐƚŚĞĨƵƚƵƌĞĂŶĂŵĞdžďLJĐĂƉŝƚĂůŝnjŝŶŐŽŶĚƌŝǀĞͲƚŚƌŽƵŐŚƚƌĂĸĐ͕ƉƌŽǀŝĚĞĂŐĂƚĞǁĂLJƚŽ>ĞƚŚďƌŝĚŐĞĂŶĚ ƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͕ĂŶĚƉƌŽǀŝĚĞƐĞƌǀŝĐĞƐƚŽĂŶĂŵĞdžƵƐĞƌƐ͘

ϰ͘Ϯ͘ϰWŽůŝĐŝĞƐĂŶĚZĞĐŽŵŵĞŶĚĂƟŽŶƐ dŽŝŵƉůĞŵĞŶƚƚŚĞƐƵďͲƌĞŐŝŽŶĂůƉůĂŶ͕ƚŚĞĨŽůůŽǁŝŶŐƉŽůŝĐŝĞƐƐŚŽƵůĚďĞĐŽŶƐŝĚĞƌĞĚ͗ 4.2.4.1 Corridors

ͻ hƉƵŶƟůƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞĂŶĂŵĞdž͕ŶĞǁĚĞǀĞůŽƉŵĞŶƚƐŚŽƵůĚƌĞƐƉĞĐƚƚŚĞƉůĂŶŶĞĚŝŶƚĞƌƐĞĐƟŽŶĂůŝŐŶͲ ŵĞŶƚĂŶĚƉůĂŶŶĞĚĐŽŶƚƌŽůůĞĚŝŶƚĞƌƐĞĐƟŽŶƐ͘

ͻ ůƚŚŽƵŐŚĐŽŶƟŐƵŽƵƐĐŽƌƌŝĚŽƌĚĞǀĞůŽƉŵĞŶƚǁŽƵůĚƌĞƋƵŝƌĞƚƌĂĸĐůŝŐŚƚƐĂƚƌĞŐƵůĂƌŝŶƚĞƌǀĂůƐ͕ƚŚĞƉƌŽƉŽƐĞĚŐƌŝͲ ĐƵůƚƵƌĂůͬ/ŶĚƵƐƚƌŝĂůĐůƵƐƚĞƌƐŚŽƵůĚďĞĚĞƐŝŐŶĞĚƚŽƌĞƋƵŝƌĞŶŽŵŽƌĞƚƌĂĸĐůŝŐŚƚƐƚŚĂŶŶĞĐĞƐƐĂƌŝůLJ͕ŝĚĞĂůůLJĂŝŵŝŶŐĂƚ ŶŽŵŽƌĞƚŚĂŶƚǁŽĂĚĚŝƟŽŶĂůůŝŐŚƚƐ͘

ͻ Ɛ,ŝŐŚǁĂLJϯĞŶƚĞƌƐŝŶƚŽƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͕ƉĂƌƟĐƵůĂƌůLJĂƚƚŚĞƉƌŽƉŽƐĞĚǁĞƐƚĞƌŶĞdžƉĂŶƐŝŽŶ͕ĂŵŽƌĞƉĞĚĞƐͲ ƚƌŝĂŶĨƌŝĞŶĚůLJŝŶƚĞƌĨĂĐĞƐŚŽƵůĚďĞĞƐƚĂďůŝƐŚĞĚƚŚƌŽƵŐŚƚŚĞƵƐĞŽĨĂŵƵůƟͲǁĂLJďŽƵůĞǀĂƌĚ͘

ͻ &ŽůůŽǁŝŶŐƚŚĞĂŶĂŵĞdžĐŽŵƉůĞƟŽŶ͕,ŝŐŚǁĂLJϯƐŚŽƵůĚďĞƌĞĐŽŶƐŝĚĞƌĞĚĨŽƌŝŶĐŽƌƉŽƌĂƟŽŶŽĨďŝĐLJĐůĞƐ͕ƉĞĚĞƐƚƌŝĂŶ ƉĂƚŚƐ͕ĂŶĚƚƌĂŶƐŝƚ͘

ͻ dŚĞĐŽŶƐƚƌĂŝŶƚƐƉŽƐĞĚďLJƚŚĞWZĂŝůǁĂLJƐŚŽƵůĚďĞĐŽŶƐŝĚĞƌĞĚĂƐƉĂƌƚŽĨdŽǁŶĞdžƉĂŶƐŝŽŶĂŶĚĨƵƚƵƌĞĐŽŵŵĞƌͲ ĐŝĂůͬŝŶĚƵƐƚƌŝĂůĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞŽƵŶƚLJ͘

ͻ EĞǁĂŶĚĞdžŝƐƟŶŐŝŶĚƵƐƚƌŝĂůĂƌĞĂƐĚŝƌĞĐƚůLJĂďƵƫŶŐƚŚĞƌĂŝůǁĂLJƐŚŽƵůĚďĞĚĞƐŝŐŶĞĚƚŽĂůůŽǁĨŽƌĨƵƚƵƌĞƌĂŝůƐƉƵƌƐ ƚŽƚŚĞŶŽƌƚŚƚŚƌŽƵŐŚĂƌĂŝůƐƉƵƌƌŝŐŚƚŽĨǁĂLJ͘/ŶĚƵƐƚƌŝĂůƉĂƌĐĞůƐĐůŽƐĞƌƚŽƚŚĞƌĂŝůǁĂLJƐŚŽƵůĚŶŽƚƉƌĞǀĞŶƚƉĂƌĐĞůƐ ƚŽƚŚĞŶŽƌƚŚĨƌŽŵƵƟůŝnjŝŶŐĂƉůĂŶŶĞĚƐƉƵƌůŝŶĞ͘

ͻ /ŶĂŶƟĐŝƉĂƟŽŶŽĨƚŚĞŝŵƉĂĐƚƐŽĨƚŚĞĨƵƚƵƌĞĂŶĂŵĞdžĂŶĚƌĞĂůŝŐŶŵĞŶƚŽĨ,ŝŐŚǁĂLJϯ͕ƚŚĞĐƌŽƐƐƌŽĂĚƐĨŽƌŵĞĚďLJ ŽůĚ,ŝŐŚǁĂLJϯĂŶĚ,ŝŐŚǁĂLJϴϰϱ;ϮϬƚŚ^ƚƌĞĞƚͿǁŝƚŚŝŶƚŚĞdŽǁŶŽĨŽĂůĚĂůĞǁŝůůďĞŝŶĐƌĞĂƐŝŶŐůLJŝŵƉŽƌƚĂŶƚĂŶĚ ƐŚŽƵůĚďĞĞŵƉŚĂƐŝnjĞĚĂƐĂ͞ĨƌŽŶƚĚŽŽƌ͟ƚŽƚŚĞĐŽŵŵƵŶŝƚLJ͕ĂĚĚƌĞƐƐĞĚŝŶďŽƚŚĐŚĂƌĂĐƚĞƌĂŶĚĨƵŶĐƟŽŶ͘

ͻ dŚĞĐƌŽƐƐƌŽĂĚƐĨŽƌŵĞĚďLJŽůĚ,ŝŐŚǁĂLJϯĂŶĚ,ŝŐŚǁĂLJϴϰϱ;ϮϬƚŚ^ƚƌĞĞƚͿǁŝƚŚŝŶƚŚĞdŽǁŶŽĨŽĂůĚĂůĞƐŚŽƵůĚďĞ ƌĞĐŽŐŶŝnjĞĚĂƐĂƐƉŝŶĞƚŽĚŝƌĞĐƚĨƵƚƵƌĞŐƌŽǁƚŚ͘

ͻ &ƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚƐŚŽƵůĚƉƌŽǀŝĚĞĂƉƉƌŽƉƌŝĂƚĞ͕ĨƌĞƋƵĞŶƚůŝŶŬĂŐĞƐĂŶĚƉĞĚĞƐƚƌŝĂŶŝŶƚĞƌĨĂĐĞƐƚŽƚŚĞƉƌŽƉŽƐĞĚ ƌĞŐŝŽŶĂůƉĂƚŚǁĂLJƐLJƐƚĞŵ͘

ͻ dŚĞƉŚĂƐŝŶŐĂŶĚůŽĐĂƟŽŶŽĨĨƵƚƵƌĞŐƌŽǁƚŚƐŚŽƵůĚƌĞƐƉŽŶĚĂŶĚŝŶƚĞŐƌĂƚĞǁŝƚŚƚŚĞƉƌŽƉŽƐĞĚǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ ƐLJƐƚĞŵ͘ ϮϬ ͮപ/Ed'Zds>KWDEd^dZd'z

4.2.4.2 Development Clusters and Countryside

ͻ /ĚĞŶƟĮĞĚĂƐĚŝƐƟŶĐƚĐůƵƐƚĞƌƐŽĨĚĞǀĞůŽƉŵĞŶƚ͕ĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚŽŶƚŚĞĞĂƐƚĞƌŶĂŶĚǁĞƐƚĞƌŶĞĚŐĞƐŽĨƚŚĞ >ĞƚŚďƌŝĚŐĞͲŽĂůĚĂůĞĐŽƌƌŝĚŽƌƐŚŽƵůĚďĞĐŽŶƟŐƵŽƵƐƚŽĞdžŝƐƟŶŐdŽǁŶĂŶĚŝƚLJĚĞǀĞůŽƉŵĞŶƚ͘

ͻ ŶŐƌŝĐƵůƚƵƌĂůͲ/ŶĚƵƐƚƌŝĂůĞŶƚƌĞƐŚŽƵůĚĐŽŶƐŽůŝĚĂƚĞĂůůĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚĂůŽŶŐƚŚĞĐŽƌƌŝĚŽƌĂƚĂĐĞŶƚƌĂůĐůƵƐͲ ƚĞƌĂƚƚŚĞĨƵƚƵƌĞĂŶĂŵĞdž/ŶƚĞƌĐŚĂŶŐĞ͘

ͻ dŚĞƌŽdžďƵƌŶƵƐŝŶĞƐƐWĂƌŬƐŚŽƵůĚďĞĞƐƚĂďůŝƐŚĞĚĂƐĂŶŝĚĞŶƟĮĂďůĞĐĞŶƚƌĞĨŽƌƚŚĞĐůƵƐƚĞƌ͘

ͻ ƉƌĞƐĞƌǀĞĚĂŐƌŝĐƵůƚƵƌĂůŐƌĞĞŶďĞůƚƐŚŽƵůĚďĞĞƐƚĂďůŝƐŚĞĚďĞƚǁĞĞŶƚŚĞŐƌŝĐƵůƚƵƌĂůͲ/ŶĚƵƐƚƌŝĂůĞŶƚƌĞĂŶĚďŽƚŚ ƚŚĞdŽǁŶŽĨŽĂůĚĂůĞĂŶĚ>ĞƚŚďƌŝĚŐĞ͘

ϰ͘ϯŽƵŶƚLJŐƌŝĐƵůƚƵƌĂůͲ/ŶĚƵƐƚƌŝĂůĞŶƚƌĞWůĂŶ ϰ͘ϯ͘ϭKǀĞƌǀŝĞǁ

ĞŶƚƌĞĚŽŶƚŚĞƌŽdžďƵƌŶƵƐŝŶĞƐƐWĂƌŬ͕ĂĨƌĞĞƐƚĂŶĚŝŶŐĐĞŶƚƌĂůĐůƵƐƚĞƌŽĨŐƌŝĐƵůƚƵƌĂůͲ/ŶĚƵƐƚƌŝĂůůĂŶĚƵƐĞƐĂůŽŶŐƚŚĞ ,ŝŐŚǁĂLJϯĐŽƌƌŝĚŽƌĂŶĚĨƵƚƵƌĞĂŶĂŵĞdžŝŶƚĞƌĐŚĂŶŐĞƉƌŽǀŝĚĞƐĂŬĞLJƐƚƌƵĐƚƵƌŝŶŐĞůĞŵĞŶƚĨŽƌĨƵƚƵƌĞůĂŶĚƵƐĞŝŶƚŚĞ ƐƵďͲƌĞŐŝŽŶ͘/ĚĞĂůůLJůŽĐĂƚĞĚŵŝĚǁĂLJĂůŽŶŐƚŚĞ,ŝŐŚǁĂLJϯĐŽƌƌŝĚŽƌĂƚƚŚĞĐŽŶǀĞƌŐĞŶĐĞŽĨƚŚĞĂŶĂŵĞdžĂŶĚĂŶĂĚŝĂŶ WĂĐŝĮĐZĂŝůǁĂLJ͕ƚŚŝƐĐůƵƐƚĞƌƉƌŽŵŝƐĞƐƚŽďĞĐŽŵĞĂŶŝŵƉŽƌƚĂŶƚŝŶƚĞƌŵŽĚĂůŚƵďĨŽƌĂŐƌŝĐƵůƚƵƌĂůďƵƐŝŶĞƐƐĂŶĚŝŶĚƵƐͲ ƚƌŝĂůŽƉĞƌĂƟŽŶƐĂƚƚŚĞǀĞƌLJŚĞĂƌƚŽĨƚŚĞƌŝĐŚĂŐƌŝĐƵůƚƵƌĂůƌĞŐŝŽŶĞĂƐƚŽĨ>ĞƚŚďƌŝĚŐĞ͘ ƐĂŶŝĚĞŶƟĮĂďůĞĐůƵƐƚĞƌ͕ƚŚĞĂƌĞĂĐĂŶďĞŵĂƌŬĞƚĞĚĂŶĚĚĞǀĞůŽƉĞĚƚŽƚŚĞďĞŶĞĮƚŽĨƚŚĞŐƌĞĂƚĞƌƌĞŐŝŽŶ͘dŚŝƐĐůƵƐƚĞƌ ǁŽƵůĚŝŶĐůƵĚĞƌŽdžďƵƌŶƐĞƌǀŝŶŐĂƐĂďƵƐŝŶĞƐƐĐĞŶƚƌĞƚŽƚŚĞĐŽŵƉůĞŵĞŶƚĂƌLJƌƵƌĂůŝŶĚƵƐƚƌŝĂůƵƐĞƐƚŽƚŚĞŶŽƌƚŚĂŶĚ ƐŽƵƚŚ͘,ŝŐŚǁĂLJ^ĞƌǀŝĐĞĂƌĞĂƚŽƚŚĞŶŽƌƚŚĞĂƐƚŽĨƚŚĞƉůĂŶŶĞĚŝŶƚĞƌĐŚĂŶŐĞǁŽƵůĚƉƌŽǀŝĚĞĂǀĂƌŝĞƚLJŽĨŚŝŐŚǁĂLJ ĐŽŵŵĞƌĐŝĂůĂŶĚŽƚŚĞƌƵƐĞƐƚŽƚŚĞƚƌĂǀĞůŝŶŐƉƵďůŝĐ͘

ϰ͘ϯ͘ϮƌŽdžďƵƌŶĂƐĞŶƚƌĞ tŝƚŚŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝŶƉůĂĐĞ͕ƚŚĞƵŶĚĞƌĚĞǀĞůŽƉĞĚƌŽdžďƵƌŶƵƐŝŶĞƐƐWĂƌŬƉƌŽǀŝĚĞƐƚŚĞŝĚĞĂůŚƵď͕ĂŶŝĚĞŶƟĮĂďůĞ ĐĞŶƚƌĞ͕ĂŶĚƚŚĞůŽŐŝĐĂůĮƌƐƚƉŚĂƐĞĨŽƌƚŚĞůĂƌŐĞƌŐƌŝĐƵůƚƵƌĂůͲ/ŶĚƵƐƚƌŝĂůĞŶƚƌĞ͘dŚĞĐĞŶƚƌĞƐŚŽƵůĚďĞĂƉĞĚĞƐƚƌŝĂŶ ĨƌŝĞŶĚůLJƉůĂĐĞƚŚĂƚĂůůŽǁƐĨŽƌƚŚĞŵŽƐƚŝŶƚĞŶƐĞĐŽŶĐĞŶƚƌĂƟŽŶŽĨĐŽŵŵĞƌĐŝĂůĂĐƟǀŝƟĞƐ͕ĞŵƉůŽLJĞĞƐ͕ĂŶĚŽƚŚĞƌ ĐŽŵƉůĞŵĞŶƚĂƌLJůĂŶĚƵƐĞƐ͘dŽĂĐŚŝĞǀĞƚŚŝƐ͕ĂŶĞǁ͞ZƵƌĂů/ŶĚƵƐƚƌŝĂůĞŶƚƌĞ͟ůĂŶĚƵƐĞĐĂƚĞŐŽƌLJƟĞĚƚŽĂĐůĞĂƌŵĂƐƚĞƌ ƉůĂŶǁŽƵůĚ͗

ͻ ZĞƋƵŝƌĞďƵŝůĚŝŶŐƐƚŽďĞďƵŝůƚƚŽƚŚĞƐŝĚĞǁĂůŬǁŝƚŚŵĂŝŶĞŶƚƌŝĞƐĨĂĐŝŶŐŽŶƚŽǁŝĚĞƉĞĚĞƐƚƌŝĂŶĨƌŝĞŶĚůLJƐŝĚĞǁĂůŬƐ ĂŶĚƐƚƌĞĞƚƐƌĞĐŽŶĮŐƵƌĞĚƚŽĂůůŽǁĨŽƌŽŶͲƐƚƌĞĞƚǀŝƐŝƚŽƌƉĂƌŬŝŶŐ͘

ͻ ZĞͲĐŽŶĐĞƉƚƵĂůŝnjĞƚŚĞǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƉĂƌĐĞůŽŶƚŚĞŶŽƌƚŚĞĂƐƚĂƐĂƵƐĞĂďůĞƉƵďůŝĐƐƉĂĐĞĨŽƌŵŝŶŐĂĐĞŶƚƌĂů ƉƵďůŝĐƐƉĂĐĞĨŽƌƚŚĞŽǀĞƌĂůůĐůƵƐƚĞƌ͘

ͻ ůůŽǁĨŽƌůŝŵŝƚĞĚƌĞƐƚĂƵƌĂŶƚĂŶĚůŽĐĂůĐŽŵŵĞƌĐŝĂůƵƐĞƐĂƚĐŽƌŶĞƌƐĂŶĚĂƌŽƵŶĚƚŚĞĐĞŶƚƌĂůƉƵďůŝĐƐƉĂĐĞĂƚƚŚĞ ĐĞŶƚƌĞ͛ƐŵĂŝŶĞŶƚƌLJƚŽƐĞƌǀĞĚĂLJƟŵĞŐƵĞƐƚƐĂŶĚĞŵƉůŽLJĞĞƐ͘

ͻ džƉĂŶĚƚŽƚŚĞĞĂƐƚƚŽƐƚƌĂĚĚůĞďŽƚŚƐŝĚĞƐŽĨZĂŶŐĞZŽĂĚϮϭϬĂŶĚŝŶƚĞŐƌĂƚĞĚŝƌĞĐƚůLJǁŝƚŚƚŚĞǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ ĂƌĞĂƐƚŽƚŚĞĞĂƐƚ͘

ͻ ĞĮŶĞZĂŶŐĞZŽĂĚϮϭϬĂƐŝŶŝŵƉŽƌƚĂŶƚ͞ĨƌŽŶƚĚŽŽƌ͟ĂŶĚŐĂƚĞǁĂLJƚŽƚŚĞŐƌŝĐƵůƚƵƌĂůͲ/ŶĚƵƐƚƌŝĂůĞŶƚƌĞ͘

ͻ WƌŽǀŝĚĞĂƉƵďůŝĐďƵŝůĚŝŶŐĚĞƐŝŐŶĞĚǁŝƚŚĂŶŝĚĞŶƟĮĂďůĞǀĞƌƟĐĂůĞůĞŵĞŶƚĂŶĚůŽĐĂƚĞĚĂůŽŶŐƚŚĞĐĞŶƚƌĂůƉƵďůŝĐ ƐƉĂĐĞƐĞƌǀŝŶŐĂƐĂǀŝƐŝƚŽƌƐĐĞŶƚƌĞĂŶĚůĂŶĚŽǁŶĞƌƐĂƐƐŽĐŝĂƟŽŶ͘

ͻ ƐƚĂďůŝƐŚŝŶŶŽǀĂƟǀĞŽŶͲƐŝƚĞǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƐƚĂŶĚĂƌĚƐĨŽƌƚŚĞƐŝƚĞĂŶĚďƵŝůĚŝŶŐ͘

ϰ͘ϯ͘ϯZƵƌĂů/ŶĚƵƐƚƌŝĂů>ĂŶĚhƐĞ

ƐŝůůƵƐƚƌĂƚĞĚďLJƚŚĞĞdžŝƐƟŶŐůĂŶĚƵƐĞŵĂƉŝŶ&ŝŐƵƌĞϰ͘ϭ͕ƚŚĞĐŽƌƌŝĚŽƌŵŝŐŚƚĂƉƉĞĂƌĂƐĂďůĂŶŬĐĂŶǀĂƐĚĞĮŶĞĚŽŶůLJ ďLJĂŐƌŝĐƵůƚƵƌĂůĐŽƵŶƚƌLJƐŝĚĞ͘,ŽǁĞǀĞƌ͕ƚŚĞŐƌĞĞŶĐŽůŽƵƌĞĚZƵƌĂůŐƌŝĐƵůƚƵƌĞ;ZͿĚĞƐŝŐŶĂƟŽŶĂĐƚƵĂůůLJĂůůŽǁƐĂƌĂŶŐĞ ŽĨĂŐƌŝĐƵůƚƵƌĂůŝŶƚĞŶƐŝƟĞƐĨƌŽŵĐƵůƟǀĂƚĞĚĂŶĚƉĂƐƚƵƌĞůĂŶĚƐ͕ƚŽŝƐŽůĂƚĞĚŚĞĂǀLJĂŐƌŝĐƵůƚƵƌĂůŝŶĚƵƐƚƌŝĂůƵƐĞƐƚŚĂƚĂƌĞ /Ed'Zds>KWDEd^dZd'z | 21

ŝŶĚŝƐƟŶŐƵŝƐŚĂďůĞĨƌŽŵŚĞĂǀLJŝŶĚƵƐƚƌŝĂů͘ůƌĞĂĚLJ͕ƚŚĞĐŽƌƌŝĚŽƌŝƐĞdžƉĞƌŝĞŶĐŝŶŐƐĐĂƩĞƌĞĚŝŶĚƵƐƚƌŝĂůĚĞǀĞůŽƉŵĞŶƚƚŚĂƚ ĚĞƚƌĂĐƚƐĨƌŽŵƚŚĞŵĂŶLJďĞŶĞĮƚƐŽĨĂĐůƵƐƚĞƌĞĚŝŶĚƵƐƚƌŝĂůĐĞŶƚƌĞ͘ ĚĚƌĞƐƐŝŶŐƚŚĞŽƉĞŶŶĂƚƵƌĞŽĨƚŚĞZůĂŶĚƵƐĞĚĞƐŝŐŶĂƟŽŶŝƐĐĞŶƚƌĂůƚŽƚŚĞŐƌŝĐƵůƚƵƌĂůͲ/ŶĚƵƐƚƌŝĂůĞŶƚƌĞWůĂŶ ĐŽŶĐĞƉƚ͘/ŶŽƌĚĞƌƚŽĞīĞĐƟǀĞůLJŝŵƉůĞŵĞŶƚƚŚĞĨƌĞĞƐƚĂŶĚŝŶŐĐůƵƐƚĞƌƐĞƚĂƉĂƌƚďLJĂŐƌŝĐƵůƚƵƌĂůŐƌĞĞŶďĞůƚƐ͕ŝƚǁŝůůďĞ ŶĞĐĞƐƐĂƌLJƚŽŵŽƌĞŶĂƌƌŽǁůLJĚĞĮŶĞƚŚĞůĂŶĚƵƐĞĚŝƐƚƌŝĐƚƚŽƐĞƉĂƌĂƚĞůŽǁŝŶƚĞŶƐŝƚLJĂŐƌŝĐƵůƚƵƌĂůůĂŶĚƐĨƌŽŵŝƐŽůĂƚĞĚ ŝŶĚƵƐƚƌŝĂůƵƐĞƐ͘ dŽĂĐŚŝĞǀĞƚŚŝƐ͕ŝƚŝƐƉƌŽƉŽƐĞĚƚŚĂƚƚŚĞZůĂŶĚƵƐĞĚĞƐŝŐŶĂƟŽŶŵŽƌĞŶĂƌƌŽǁůLJĚĞĮŶĞůŽǁŝŶƚĞŶƐŝƚLJĂŐƌŝĐƵůƚƵƌĞůĂŶĚƐ ƐƵĐŚĂƐĐƵůƟǀĂƚĞĚůĂŶĚƐ͕ƉĂƐƚƵƌĞůĂŶĚƐ͕ĂŶĚŶĂƚƵƌĂůĂƌĞĂƐ͘tŝƚŚƚŚŝƐŝŶƉůĂĐĞ͕ĂŶĂŐƌŝĐƵůƚƵƌĂůŐƌĞĞŶďĞůƚǁŽƵůĚďĞ ĐůĞĂƌůLJĞƐƚĂďůŝƐŚĞĚďLJƚŚĞZůĂŶĚƵƐĞĚŝƐƚƌŝĐƚ͘dŚƌŽƵŐŚŽƵƚƚŚĞŽƵŶƚLJ͕ĞdžŝƐƟŶŐŝƐŽůĂƚĞĚŝŶĚƵƐƚƌŝĂůĂŶĚŵĂŶLJĞdžƚĞŶͲ ƐŝǀĞĂŐƌŝĐƵůƚƵƌĂůƵƐĞƐƐŚŽƵůĚďĞƌĞĚĞƐŝŐŶĂƚĞĚǁŝƚŚĂƉƌŽƉŽƐĞĚŶĞǁůĂŶĚƵƐĞĚŝƐƚƌŝĐƚ͕ZƵƌĂů/ŶĚƵƐƚƌŝĂů͘ dŚĞƉƌŽƉŽƐĞĚ͞ZƵƌĂů/ŶĚƵƐƚƌŝĂů͟ůĂŶĚƵƐĞĚĞƐŝŐŶĂƟŽŶǁŽƵůĚƉƌŽǀŝĚĞĂŵĞĐŚĂŶŝƐŵĨŽƌƚŚĞŽƵŶƚLJƚŽĐŽŶƚƌŽůĂŶĚ ůŝŵŝƚŝƐŽůĂƚĞĚŝŶĚƵƐƚƌŝĂůƵƐĞƐ͘dŚĞĚĞƐŝŐŶĂƟŽŶǁŽƵůĚĂůƐŽĂůůŽǁĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƵƐĞͲƐƉĞĐŝĮĐƐŝƚĞĚĞƐŝŐŶ ƐƚĂŶĚĂƌĚƐŝŶĐůƵĚŝŶŐƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƐƚĂŶĚĂƌĚƐ͘tŚŝůĞƚŚĞĚĞƐŝŐŶĂƟŽŶǁŽƵůĚďĞƐŝŵŝůĂƌƚŽZƵƌĂů'ƌŽƵƉĞĚ /ŶĚƵƐƚƌŝĂů͕ŝƚǁŽƵůĚĂĚĚŝƟŽŶĂůůLJĂůůŽǁĨŽƌĞdžƚĞŶƐŝǀĞĂŐƌŝĐƵůƚƵƌĞƚŽƚĂŬĞƉůĂĐĞ͘/ƚŝƐƉƌŽƉŽƐĞĚƚŚĂƚƚŚĞŶĞǁZƵƌĂů /ŶĚƵƐƚƌŝĂůůĂŶĚƵƐĞĂůƐŽďĞƵƟůŝnjĞĚĨŽƌƚŚĞƉƌŽƉŽƐĞĚƌƵƌĂůŝŶĚƵƐƚƌŝĂůĐůƵƐƚĞƌƐƚŽƚŚĞŶŽƌƚŚĂŶĚƐŽƵƚŚŽĨƌŽdžďƵƌŶƚŽ ĂůůŽǁĨŽƌĂŵŝdžƚƵƌĞŽĨĞdžƚĞŶƐŝǀĞĂŐƌŝĐƵůƚƵƌĞĂŶĚŝŶĚƵƐƚƌŝĂůƵƐĞƐͲďŽƚŚŽĨǁŚŝĐŚĐŽƵůĚďĞŶĞĮƚĨƌŽŵůŽĐĂƟŶŐǁŝƚŚŝŶ ƚŚĞĐůƵƐƚĞƌ͘

ϰ͘ϯ͘ϰZƵƌĂů/ŶĚƵƐƚƌŝĂůŝƐƚƌŝĐƚƐ tŝƚŚƌŽdžďƵƌŶĂƐĂĐĞŶƚƌĞ͕ƚǁŽZƵƌĂů/ŶĚƵƐƚƌŝĂůĚŝƐƚƌŝĐƚƐĂƌĞƉƌŽƉŽƐĞĚŝŵŵĞĚŝĂƚĞůLJƚŽƚŚĞŶŽƌƚŚĂŶĚƐŽƵƚŚ͘dŚĞƐĞ ĂƌĞĂƐǁŽƵůĚĂůůŽǁĨŽƌĚĞǀĞůŽƉŵĞŶƚƐŝŵŝůĂƌƚŽŐƌŽƵƉĞĚŝŶĚƵƐƚƌŝĂůĚĞǀĞůŽƉŵĞŶƚ͕ďƵƚǁŽƵůĚĂůƐŽĂůůŽǁĨŽƌĐŽŝŶĐŝĚŝŶŐ ĞdžƚĞŶƐŝǀĞĂŐƌŝĐƵůƚƵƌĂůƵƐĞƐ͘ĂĐŚĐůƵƐƚĞƌŚĂƐĂƵŶŝƋƵĞŵĂƌŬĞƚĂƉƉĞĂů͕ĂŶĚƌĞĚĞƐŝŐŶĂƟŽŶǁŽƵůĚƌĞƋƵŝƌĞĐĂƌĞĨƵůƟŵͲ ŝŶŐƟĞĚƚŽďŽƚŚƚŚĞĂŶĂŵĞdž͕ĂŶĚƚŚĞŚĞĂůƚŚLJďƵŝůĚͲŽƵƚŽĨƌŽdžďƵƌŶ͘ ĞĐĂƵƐĞŽĨƚŚĞƉƌŽdžŝŵŝƚLJƚŽƚŚĞWZĂŝůǁĂLJ͕ƚŚĞĐůƵƐƚĞƌƚŽƚŚĞŶŽƌƚŚƐŚŽƵůĚƉƌŽƚĞĐƚĂƉŽƚĞŶƟĂůƌĂŝůƐƉƵƌƌŝŐŚƚŽĨǁĂLJ͘ /ŶĂĚĚŝƟŽŶƚŽƐĞƌǀŝŶŐĂŶĂŵĞdžƚƌƵĐŬƚƌĂĸĐ͕ƚŚĞƚƌĂŝŶŵĂLJƉƌŽǀŝĚĞĂŶŝŵƉŽƌƚĂŶƚŝŶƚĞƌŵŽĚĂůůŝŶŬ͘dŚĞĐůƵƐƚĞƌƚŽƚŚĞ ^ŽƵƚŚƐŚŽƵůĚďĞƌĞƐĞƌǀĞĚĨŽƌƚƌƵĐŬŽƌŝĞŶƚĞĚƐĞƌǀŝĐĞƐĂŶĚƚŚŽƐĞƵƐĞƐƚŚĂƚǁŽƵůĚďĞŶĞĮƚĨƌŽŵĐůŽƐĞƉƌŽdžŝŵŝƚLJƚŽƚŚĞ ƌŽdžďƵƌŶĞŶƚƌĞ͘

ϰ͘ϯ͘ϱ,ŝŐŚǁĂLJ^ĞƌǀŝĐĞƌĞĂ

,ŝŐŚǁĂLJ^ĞƌǀŝĐĞƌĞĂŝƐƉƌŽƉŽƐĞĚŽŶƚŚĞŶŽƌƚŚǁĞƐƚƋƵĂĚƌĂŶƚƌĞůĂƟǀĞƚŽƚŚĞĨƵƚƵƌĞĂŶĂŵĞdžĐŽƌƌŝĚŽƌ͘ĚĞƉĂƌͲ ƚƵƌĞĨƌŽŵƚŚĞŝŶĚƵƐƚƌŝĂůĨŽĐƵƐŽĨƚŚĞŵĂŝŶĐůƵƐƚĞƌ͕ƚŚĞ,ŝŐŚǁĂLJ^ĞƌǀŝĐĞĂƌĞĂǁŽƵůĚďĞĨŽĐƵƐĞĚŵĂŝŶůLJŽŶƐĞƌǀŝĐĞƐĨŽƌ ƚŚĞƚƌĂǀĞůŝŶŐƉƵďůŝĐ͘ƉƌĞĚŝĐƚĂďůĞ͕LJĞƚŇĞdžŝďůĞŵĂƐƚĞƌƉůĂŶĚŝƐƚƌŝďƵƟŶŐůĂŶĚƵƐĞƐĂŶĚƉŚĂƐŝŶŐǁŝƚŚƚŚĞŽŶƐĞƚŽĨƚŚĞ ĂŶĂŵĞdžǁŝůůďĞŝŵƉŽƌƚĂŶƚ͘ ůƚŚŽƵŐŚĨŽĐƵƐĞĚƉƌŝŵĂƌŝůLJŽŶŚŝŐŚǁĂLJĐŽŵŵĞƌĐŝĂů͕ŽƚŚĞƌƵƐĞƐƐŚŽƵůĚďĞĐŽŶƐŝĚĞƌĞĚŝŶĐůƵĚŝŶŐĂǁĞůĐŽŵĞĐĞŶƚƌĞ ĂŶĚƐŚŽƌƚƚĞƌŵŽǀĞƌŶŝŐŚƚĐĂŵƉŝŶŐĨŽƌƚĞŶƚƐĂŶĚƌĞĐƌĞĂƟŽŶĂůǀĞŚŝĐůĞƐ͘DƵĐŚŽĨƚŚĞĂƌĞĂŝƐĂůƌĞĂĚLJĚĞƐŝŐŶĂƚĞĚĂƐ 'ƌŽƵƉĞĚZƵƌĂů/ŶĚƵƐƚƌŝĂůĂŶĚƐŚŽƵůĚďĞĂůůŽǁĞĚƚŽƌĞƚĂŝŶƚŚŝƐĞŶƟƚůĞŵĞŶƚ͘tŝƚŚƚŚĞĂĚĚŝƟŽŶŽĨŽǀĞƌŶŝŐŚƚĐĂŵƉŝŶŐ ƵƐĞƐ͕ƚŚĞŽĂůĚĂůĞ>ĞƚŚďƌŝĚŐĞŽƌƌŝĚŽƌ;>ͿůĂŶĚƵƐĞĚĞƐŝŐŶĂƟŽŶŝƐĂƉƉƌŽƉƌŝĂƚĞ͘,ŽǁĞǀĞƌĂĐŽŚĞƐŝǀĞŵĂƐƚĞƌƉůĂŶ ĨŽƌƚŚĞĂƌĞĂǁŝůůĂůůŽǁĂƉƉƌŽƉƌŝĂƚĞƉŚĂƐŝŶŐĂŶĚĚĞƐŝŐŶ͘ /ƚŝƐƉƌŽƉŽƐĞĚƚŚĂƚƚŚĞĂƌĞĂďĞĚĞƐŝŐŶĞĚĨŽƌǁĂůŬĂďŝůŝƚLJĂŶĚƚŽŝŶĐŽƌƉŽƌĂƚĞƚŚĞƉƌŽƉŽƐĞĚĂƌĐŚŝƚĞĐƚƵƌĂůĚĞƐŝŐŶŐƵŝĚĞͲ ůŝŶĞƐ͘/ƚŝƐƌĞĐŽŵŵĞŶĚĞĚƚŚĂƚƚŚĞŵĂƐƚĞƌƉůĂŶůŝŵŝƚĂŶĚĚĞĮŶĞƚŚĞƵƐĞƐƚŽŝŶĐůƵĚĞŶŽŵŽƌĞƚŚĂŶŽŶĞϭϬϬͲϮϬϬƌŽŽŵ ĐŽŶǀĞŶŝĞŶĐĞŚŽƚĞů͕ƚǁŽƌĞƐƚĂƵƌĂŶƚƐ͕ŽŶĞŐĂƐƐƚĂƟŽŶ͕ĂŶĚĂǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƉŽŶĚǁŝƚŚƉĂƐƐŝǀĞƌĞĐƌĞĂƟŽŶĂůĨĂĐŝůŝͲ ƟĞƐ;ƉŝĐŶŝĐƚĂďůĞƐĂŶĚďĞŶĐŚĞƐͿͲĂůůĐŽŶŶĞĐƚĞĚďLJƐŝĚĞǁĂůŬƐ͘

ϰ͘ϯ͘ϲtĂƚĞƌ^LJƐƚĞŵ/ŶƚĞŐƌĂƟŽŶ

KŶĞŽĨƚŚĞŐƌĞĂƚŝŶŶŽǀĂƟŽŶƐŽĨƚŚĞ/^ǁŝůůďĞƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞ͕ŝŶƚĞŐƌĂƚĞĚǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵ͘dŚĞ ŐƌŝĐƵůƚƵƌĂůͲ/ŶĚƵƐƚƌŝĂůĞŶƚƌĞƉƌŽǀŝĚĞƐĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽƐŚŽǁĐĂƐĞƚŚŝƐƐLJƐƚĞŵ͘^ŝƚĞĚĞǀĞůŽƉŵĞŶƚƐƚĂŶĚĂƌĚƐƐŚŽƵůĚ ĚĞĮŶĞǁĂƚĞƌƵƐĂŐĞƐƚĂŶĚĂƌĚƐ͕ƌĂŝŶǁĂƚĞƌĐŽůůĞĐƟŽŶĂŶĚƵƐĞƐƚĂŶĚĂƌĚƐ͕ĂŶĚŝŶƚĞŐƌĂƟŽŶŝŶƚŽƚŚĞƐƵďͲƌĞŐŝŽŶ͛ƐƉƌŽͲ ƉŽƐĞĚǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵ͘ ǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƉŽŶĚĐŽŵƉůĞdžŝƐƉƌŽƉŽƐĞĚŽŶƚŚĞĞĂƐƚĞƌŶĞĚŐĞŽĨƚŚĞŝŶĚƵƐƚƌŝĂůĐůƵƐƚĞƌĂƐŝƚƌƵŶƐƵƉĂŐĂŝŶƐƚ ƚŚĞĨƵƚƵƌĞĂŶĂŵĞdž͘dŚŝƐĐŽŵƉůĞdžŝƐŝŶƚĞŶĚĞĚƚŽƐĞƌǀĞĂƐĐŽŶƐŽůŝĚĂƚĞĚǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĨŽƌƚŚĞĐůƵƐƚĞƌ͕ĂůůŽǁĨŽƌ ϮϮ ͮപ/Ed'Zds>KWDEd^dZd'z

ƉĂƐƐŝǀĞƌĞĐƌĞĂƟŽŶĂůŐƌĞĞŶƐƉĂĐĞĂŶĚƉĂƚŚǁĂLJƐ͕ĂŶĚĐŽŶƚƌŝďƵƚĞƚŽƚŚĞƐƵďƌĞŐŝŽŶĂůĐŚĂŶŶĞůŝŶŐ͕ƐƚŽƌĂŐĞ͕ĂŶĚƚƌĞĂƚͲ ŵĞŶƚŽĨƌĂŝŶǁĂƚĞƌ͘^ƉĞĐŝĮĐƉŽŶĚƌĞƋƵŝƌĞŵĞŶƚƐĂƌĞĚŝƐĐƵƐƐĞĚŝŶŵŽƌĞĚĞƚĂŝůĂƐƉĂƌƚŽĨƚŚĞ/^ǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ ƉƌŽƉŽƐĂůĂŶĚĂƌĞƐŚŽǁŶŚĞƌĞŽŶůLJĂƐĂŶŝůůƵƐƚƌĂƟŽŶ͘

ϰ͘ϯ͘ϳWŽůŝĐŝĞƐĂŶĚZĞĐŽŵŵĞŶĚĂƟŽŶƐ

4.3.7.1 Broxburn:

ͻ dŚĞĞdžŝƐƟŶŐƌŽdžďƵƌŶƵƐŝŶĞƐƐWĂƌŬƐŚŽƵůĚďĞŝĚĞŶƟĮĞĚĂƐƚŚĞĐĞŶƚƌĞĨŽƌĂĨƵƚƵƌĞŐƌŝĐƵůƚƵƌĂůͲ/ŶĚƵƐƚƌŝĂůĐůƵƐƚĞƌ͘ &ŽƌŵĂƌŬĞƟŶŐĂŶĚŝĚĞŶƟƚLJƉƵƌƉŽƐĞƐ͕ƚŚĞĞŶƟƌĞĂƌĞĂƐŚŽƵůĚďĞĐŽŶƐŝĚĞƌĞĚĂƐ͞ƌŽdžďƵƌŶŐƌŝĐƵůƚƵƌĂůͲ/ŶĚƵƐƚƌŝĂů ĞŶƚƌĞ͟

ͻ ƐĂĐĞŶƚƌĞ͕ƌŽdžďƵƌŶƐŚŽƵůĚďĞĞƐƚĂďůŝƐŚĞĚĂƐĂĨŽĐĂůƉŽŝŶƚĨŽƌŚŝŐŚĞƌĞŵƉůŽLJĞĞĐŽŶĐĞŶƚƌĂƟŽŶ͕ĂůůŽǁĨŽƌĂƚƌĂŶͲ ƐŝƚŚƵď͕ďĞĚĞƐŝŐŶĞĚĂƐĂƉĞĚĞƐƚƌŝĂŶĨƌŝĞŶĚůLJƵƌďĂŶĞŶǀŝƌŽŶŵĞŶƚ͕ƉƌŽǀŝĚĞďŝĐLJĐůĞĨĂĐŝůŝƟĞƐ͕ĂŶĚďĞĞƋƵŝƉƉĞĚǁŝƚŚ ĂŶŝĚĞŶƟĮĂďůĞĐĞŶƚƌĂůƉƵďůŝĐƐƉĂĐĞ͘

ͻ ŶĞǁ͞'ƌŽƵƉĞĚ/ŶĚƵƐƚƌŝĂůĞŶƚƌĞ͟;'/ͿůĂŶĚƵƐĞĚĞƐŝŐŶĂƟŽŶƐŚŽƵůĚďĞĞƐƚĂďůŝƐŚĞĚƚŽŝŵƉůĞŵĞŶƚƌŽdžďƵƌŶĂƐ ĂĐĞŶƚƌĞ͕ĞdžƉĂŶĚŝŶŐŽŶƚŚĞ'ƌŽƵƉĞĚZƵƌĂů/ŶĚƵƐƚƌŝĂůĞƐŝŐŶĂƟŽŶ͘

ͻ dŚĞ'/ĚĞƐŝŐŶĂƟŽŶƐŚŽƵůĚĞŶĨŽƌĐĞƵƌďĂŶĚĞƐŝŐŶƐƚĂŶĚĂƌĚƐŝŶĐůƵĚŝŶŐƚŚĞƌĞĐŽŶĮŐƵƌĂƟŽŶŽĨƐƚƌĞĞƚƐƚŽĂůůŽǁĨŽƌ ŽŶͲƐƚƌĞĞƚƉĂƌŬŝŶŐĐŽƵŶƟŶŐƚŽǁĂƌĚƚŚĞŐƵĞƐƚƉĂƌŬŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞĂďƵƫŶŐƵƐĞĂŶĚƚŚĞƌĞƋƵŝƌĞŵĞŶƚĨŽƌ ďƵŝůĚŝŶŐƐƚŽďĞƐƚƌĞĞƚŽƌŝĞŶƚĞĚǁŝƚŚŵŝŶŝŵĂůƐĞƚďĂĐŬƐĂŶĚƚŚĞŝƌŵĂŝŶĞŶƚƌLJĨĂĐŝŶŐƉĞĚĞƐƚƌŝĂŶĨƌŝĞŶĚůLJƐŝĚĞǁĂůŬƐ͘

ͻ dŚĞ'/ƐŚŽƵůĚĂůůŽǁĨŽƌůŝŵŝƚĞĚůŽĐĂůĐŽŵŵĞƌĐŝĂůŽŶĐŽƌŶĞƌƐĂŶĚĂƌŽƵŶĚƚŚĞĐĞŶƚƌĂůƉƵďůŝĐƐƉĂĐĞ͘

ͻ ŵĂƐƚĞƌƉůĂŶƐŚŽƵůĚďĞĞƐƚĂďůŝƐŚĞĚƚŽĨƵƌƚŚĞƌŐƵŝĚĞƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚĂůůŽǁĨŽƌĞīĞĐƟǀĞŵĂƌŬĞƟŶŐŽĨƚŚĞ ƌŽdžďƵƌŶĞŶƚƌĞ͘

ͻ ƌŽdžďƵƌŶĞŶƚƌĞƐŚŽƵůĚŚĂǀĞĂŚŝŐŚůLJǀŝƐŝďůĞĐŽŶŶĞĐƟŽŶŝŶƚŽƚŚĞƌĞŐŝŽŶĂůƉĂƚŚǁĂLJƐLJƐƚĞŵ͘ 4.3.7.2 Industrial Land Use

ͻ dŚĞZƵƌĂůŐƌŝĐƵůƚƵƌĂůůĂŶĚƵƐĞƐŚŽƵůĚďĞŶĂƌƌŽǁůLJĚĞĮŶĞĚƚŽůŽǁŝŶƚĞŶƐŝƚLJĂŐƌŝĐƵůƚƵƌĂůƵƐĞƐƐƵĐŚĂƐĐƵůƟǀĂƚĞĚ ůĂŶĚƐ͕ƉĂƐƚƵƌĞůĂŶĚƐ͕ĂŶĚŽƉĞŶŶĂƚƵƌĂůƐƉĂĐĞ͘

ͻ ZƵƌĂů/ŶĚƵƐƚƌŝĂů;Z/ͿůĂŶĚƵƐĞƐŚŽƵůĚďĞĞƐƚĂďůŝƐŚĞĚƚŽĐŽŶƚƌŽůŝƐŽůĂƚĞĚŝŶĚƵƐƚƌŝĂůĂĐƟǀŝƟĞƐĂŶĚĂůůŽǁĂŶĂƉƉƌŽͲ ƉƌŝĂƚĞůĂŶĚƵƐĞƚŽĚŝƌĞĐƚĞdžƚĞŶƐŝǀĞĂŐƌŝĐƵůƚƵƌĞĂŶĚƌƵƌĂůŝŶĚƵƐƚƌŝĂůŝŶƚŽƚŚĞŐƌŝĐƵůƚƵƌĂůͲ/ŶĚƵƐƚƌŝĂůĐĞŶƚƌĞ͘

ͻ dŚĞZ/ĚĞƐŝŐŶĂƟŽŶƐŚŽƵůĚĂůůŽǁĨŽƌĞdžƚĞŶƐŝǀĞĂŐƌŝĐƵůƚƵƌĞŝŶĂĚĚŝƟŽŶƚŽƚŚŽƐĞƵƐĞƐĞƐƚĂďůŝƐŚĞĚŝŶ'ƌŽƵƉĞĚZƵƌĂů /ŶĚƵƐƚƌŝĂů͘

ͻ ůůŝƐŽůĂƚĞĚŝŶĚƵƐƚƌŝĂůƵƐĞƐƐŚŽƵůĚďĞƌĞĚĞƐŝŐŶĂƚĞĚƚŽZ/͘

ͻ dŚĞĚĞƐŝŐŶĂƟŽŶƚŽZ/ĨŽƌŶĞǁĚĞǀĞůŽƉŵĞŶƚƐƐŚŽƵůĚďĞƌĞƐƚƌŝĐƚĞĚƚŚƌŽƵŐŚƚŚĞDW͕ĂŶĚĚŝƌĞĐƚĞĚƚŽƚŚĞŐƌŝĐƵůͲ ƚƵƌĂůͲ/ŶĚƵƐƚƌŝĂůĞŶƚƌĞǁŚĞŶĞǀĞƌƉŽƐƐŝďůĞ͘

ͻ ůůŝŶĚƵƐƚƌŝĂůůĂŶĚƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϰ͘ϮƐŚŽƵůĚďĞĂǀĂŝůĂďůĞĨŽƌƌĞĚĞƐŝŐŶĂƟŽŶƚŽĞŝƚŚĞƌZƵƌĂů'ƌŽƵƉĞĚ/ŶĚƵƐƚƌŝĂů ŽƌZƵƌĂů/ŶĚƵƐƚƌŝĂů͘WĂƌĐĞůƐĐƵƌƌĞŶƚůLJŝŶƵƐĞĂƐŝƐŽůĂƚĞĚŝŶĚƵƐƚƌŝĂůŽƌŽƚŚĞƌĐŽŵƉůĞŵĞŶƚĂƌLJƵƐĞƐƐŚŽƵůĚďĞŝŵͲ ŵĞĚŝĂƚĞůLJƌĞĚĞƐŝŐŶĂƚĞĚƚŽZƵƌĂů/ŶĚƵƐƚƌŝĂů͘

ͻ džĐĞƉƚĨŽƌƚŚŽƐĞƉĂƌĐĞůƐĂůƌĞĂĚLJŽƉĞƌĂƟŶŐĂƐŝƐŽůĂƚĞĚŝŶĚƵƐƚƌŝĂůƵƐĞƐ͕ŽƌƚŚŽƐĞƉĂƌĐĞůƐǁŝƐŚŝŶŐƚŽŽƉĞƌĂƚĞĞdžƚĞŶͲ ƐŝǀĞĂŐƌŝĐƵůƚƵƌĂůƵƐĞƐ͕ƚŚĞƌĞĚĞƐŝŐŶĂƟŽŶŽĨůĂŶĚƐƚŽƚŚĞƐŽƵƚŚŽĨƌŽdžďƵƌŶƐŚŽƵůĚďĞƌĞƐƚƌŝĐƚĞĚƵŶƟůƐƵĐŚƟŵĞĂƐ ƚŚĞĂŶĂŵĞdžŝƐĐŽŶƐƚƌƵĐƚĞĚ͘

ͻ džĐĞƉƚĨŽƌƚŚŽƐĞƉĂƌĐĞůƐĂůƌĞĂĚLJŽƉĞƌĂƟŶŐĂƐŝƐŽůĂƚĞĚŝŶĚƵƐƚƌŝĂůƵƐĞƐ͕ŽƌƚŚŽƐĞƉĂƌĐĞůƐǁŝƐŚŝŶŐƚŽůŝŶŬƚŽĂƌĂŝů ƐƉƵƌ͕ƚŚĞƌĞĚĞƐŝŐŶĂƟŽŶŽĨůĂŶĚƐƚŽƚŚĞŶŽƌƚŚŽĨƌŽdžďƵƌŶƐŚŽƵůĚďĞƌĞƐƚƌŝĐƚĞĚƵŶƟůƐƵĐŚƟŵĞĂƐƚŚĞĂŶĂŵĞdžŝƐ ĐŽŶƐƚƌƵĐƚĞĚ͕ŽƌĂƐƵŝƚĂďůĞƐŝƚĞǁŝƚŚŝŶƌŽdžďƵƌŶŝƐŶŽƚĂǀĂŝůĂďůĞ͘

ͻ dŚĞƉƌŽƉŽƐĞĚŝŶĚƵƐƚƌŝĂůůĂŶĚƐƚŽƚŚĞŶŽƌƚŚŽĨƌŽdžďƵƌŶƐŚŽƵůĚƌĞƐĞƌǀĞĂƚůĞĂƐƚŽŶĞƐƵŝƚĂďůĞƌŝŐŚƚͲŽĨͲǁĂLJĨŽƌĂ ƌĂŝůƐƉƵƌƉĞƌƋƵĂƌƚĞƌƐĞĐƟŽŶ͘

ͻ ůůŝŶĚƵƐƚƌŝĂůůĂŶĚƵƐĞĚĞƐŝŐŶĂƟŽŶƐƐŚŽƵůĚďĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐŝƚĞĂŶĚďƵŝůĚŝŶŐĚĞƐŝŐŶƐƚĂŶĚĂƌĚƐƚŚĂƚĂĚĚƌĞƐƐ ĂĞƐƚŚĞƟĐƐ͕ƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐ͕ĂŶĚǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚŝŶĐŽŶũƵŶĐƟŽŶǁŝƚŚƚŚĞƉƌŽƉŽƐĞĚ/^ǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ ƐƚƌĂƚĞŐLJ͘ /Ed'Zds>KWDEd^dZd'z | 23

ͻ ůůƌŽĂĚƐǁŝƚŚŝŶŝŶĚƵƐƚƌŝĂůůĂŶĚƐƐŚŽƵůĚĐŽŶŶĞĐƚƚŽŽƚŚĞƌƌŽĂĚƐ͕ĨŽƌŵŝŶŐĂŶĞƚǁŽƌŬ͘

ͻ ůůƌŽĂĚƐǁŝƚŚŝŶŝŶĚƵƐƚƌŝĂůůĂŶĚƐƐŚŽƵůĚďĞĞƋƵŝƉƉĞĚǁŝƚŚŽŶͲƐƚƌĞĞƚƉĂƌŬŝŶŐĂŶĚƐŝĚĞǁĂůŬƐ͕ǁŝƚŚŽĸĐĞƐĂŶĚ ƐŚŽǁƌŽŽŵƐŽƌŝĞŶƚĞĚƚŽƚŚĞƐƚƌĞĞƚ͘

ͻ dŚĞƐƚƌĞĞƚŶĞƚǁŽƌŬƐŚŽƵůĚƉƌŽǀŝĚĞĐůĞĂƌůŝŶŬƐƚŽƚŚĞĞdžŝƐƟŶŐĞĂƐƚͲǁĞƐƚƌŽĂĚǁĂLJŶĞƚǁŽƌŬƚŚĂƚĞdžŝƐƚĐŽůůĂƚĞƌĂů ƚŽ,ŝŐŚǁĂLJϯ͘ĚĚŝƟŽŶĂůĞĂƐƚͲǁĞƐƚƌŽĂĚǁĂLJƐƐŚŽƵůĚďĞĐŽŶŶĞĐƚĞĚƚŚƌŽƵŐŚŝŶĚƵƐƚƌŝĂůĚĞǀĞůŽƉŵĞŶƚƐƚŽĂůůŽǁ ŵƵůƟƉůĞŝŶƚĞƌŶĂůƌŽƵƚĞƐƚŽĚĞƐƟŶĂƟŽŶƐǁŝƚŚŽƵƚƌĞƋƵŝƌŝŶŐĂĐĐĞƐƐƚŽ,ŝŐŚǁĂLJϯ͘ 4.3.7.3 Highway Service Area

ͻ dŚĞůĂŶĚƐŝĚĞŶƟĮĞĚŽŶ&ŝŐƵƌĞϰ͘ϯĂƐ,ŝŐŚǁĂLJ^ĞƌǀŝĐĞƐŚŽƵůĚďĞƌĞĚĞƐŝŐŶĂƚĞĚƚŽŽĂůĚĂůĞͲ>ĞƚŚďƌŝĚŐĞŽƌƌŝĚŽƌ

ͻ ŵĂƐƚĞƌƉůĂŶƐŚŽƵůĚďĞĞƐƚĂďůŝƐŚĞĚĨŽƌƚŚĞĞŶƟƌĞ,ŝŐŚǁĂLJ^ĞƌǀŝĐĞĂƌĞĂƌĞŇĞĐƟŶŐƟŵŝŶŐĂŶĚĚĞƐŝŐŶĐŽŶƐƚƌĂŝŶƚƐ ĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞĂŶĂŵĞdž͕ƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐ͕ŝŶĐŽƌƉŽƌĂƟŽŶŽĨƚŚĞǁĂƚĞƌƐLJƐƚĞŵ͕ĂŶĚƚŚĞůŝŵŝƟŶŐĂŶĚďĂůĂŶͲ ĐŝŶŐŽĨůĂŶĚƵƐĞƐ͘

ͻ >ĂŶĚƵƐĞƐǁŝƚŚŝŶƚŚĞ,ŝŐŚǁĂLJ^ĞƌǀŝĐĞĂƌĞĂƐŚŽƵůĚĂůůŽǁƐŽŵĞŇĞdžŝďŝůŝƚLJďƵƚůŝŵŝƚŚŝŐŚǁĂLJĐŽŵŵĞƌĐŝĂůƵƐĞƐĂƐ ĨŽůůŽǁƐ͗ŽŶĞϭϬϬͲϮϬϬƌŽŽŵŚŽƚĞů͕ŽŶĞŐĂƐƐƚĂƟŽŶ͕ĂŶĚƚǁŽƌĞƐƚĂƵƌĂŶƚƐ͘

ͻ dŚĞŽĂůĚĂůĞͲ>ĞƚŚďƌŝĚŐĞŽƌƌŝĚŽƌƐŚŽƵůĚĂĚĚĂƉƌŽǀŝƐŝŽŶĂůůĂŶĚƵƐĞĂůůŽǁŝŶŐƐŚŽƌƚƚĞƌŵŽǀĞƌŶŝŐŚƚƚĞŶƚĂŶĚ ƌĞĐƌĞĂƟŽŶĂůǀĞŚŝĐůĞĐĂŵƉŝŶŐ

ͻ dŚĞ,ŝŐŚǁĂLJ^ĞƌǀŝĐĞĂƌĞĂƐŚŽƵůĚďĞƉƌŽǀŝĚĞĚǁŝƚŚĂŶŝŶƚĞƌůŝŶŬĞĚƐLJƐƚĞŵŽĨƐŝĚĞǁĂůŬƐƚŚĂƚƉƌŽǀŝĚĞŝŶƚĞƌŶĂůƉĞĚͲ ĞƐƚƌŝĂŶůŝŶŬƐƚŽĂůůƵƐĞƐĂŶĚĞdžƚĞƌŶĂůůŝŶŬƐƚŽĂŶLJƐƵďͲƌĞŐŝŽŶĂůƉĂƚŚǁĂLJƐĂŶĚƚŚĞƌŽdžďƵƌŶĞŶƚƌĞ͘

ͻ dŝŵŝŶŐŽĨƚŚĞ,ŝŐŚǁĂLJ^ĞƌǀŝĐĞƌĞĂĂŶĚƌĞĚĞƐŝŐŶĂƟŽŶƚŽŽĂůĚĂůĞ>ĞƚŚďƌŝĚŐĞŽƌƌŝĚŽƌƐŚŽƵůĚďĞůŝŶŬĞĚƚŽƚŚĞ ĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞĂŶĂŵĞdž͘hŶƟůƐƵĐŚƟŵĞ͕ĞdžŝƐƟŶŐZƵƌĂů'ƌŽƵƉĞĚ/ŶĚƵƐƚƌŝĂůůĂŶĚƵƐĞƐĐĂŶďĞĚĞǀĞůŽƉĞĚ ƉƌŽǀŝĚĞĚƚŚĞLJƌĞƐƉŽŶĚƚŽƚŚĞĨƵƚƵƌĞĂŶĂŵĞdžĂůŝŐŶŵĞŶƚ͘ 4.3.7.4 Water Integration

ͻ tĂƚĞƌŵĂŶĂŐĞŵĞŶƚƉŽŶĚƐƐŚŽƵůĚďĞĚĞƐŝŐŶĞĚĂƐĂĐƟǀĞƉƵďůŝĐƐƉĂĐĞƐǁŝƚŚƚƌĂŝůƐ͕ƐŝƫŶŐĂƌĞĂƐ͕ĂŶĚƉŝĐŶŝĐĂƌĞĂƐ͘

ͻ ůůůĂŶĚƵƐĞĚĞƐŝŐŶĂƟŽŶƐƐŚŽƵůĚŝŶĐŽƌƉŽƌĂƚĞƉƌŽŐƌĞƐƐŝǀĞǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƐƚĂŶĚĂƌĚƐŝŶƌĞƐƉŽŶƐĞƚŽƚŚĞ/^ ǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƐƚƌĂƚĞŐLJ͘

ϰ͘ϰdŽǁŶWůĂŶ ϰ͘ϰ͘ϭKǀĞƌǀŝĞǁ dŚĞƌĞĂƌĞŵĂŶLJĨĂĐƚŽƌƐƚŚĂƚǁŝůůŝŵƉĂĐƚǁŚĞƌĞŽĂůĚĂůĞǁŝůůŐƌŽǁŝŶƚŚĞĨƵƚƵƌĞ͘ƵƚƚŚĞƋƵĞƐƟŽŶƐŽĨ͞ǁŚĂƚ͟ĂŶĚ ͞ŚŽǁŵƵĐŚ͟ŵĂLJƉƌŽǀĞƚŽďĞƚŚĞŵŽƌĞĐŚĂůůĞŶŐŝŶŐƋƵĞƐƟŽŶƐĨŽƌĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚ͘&ŽƌƚƵŶĂƚĞůLJ͕ĐƵƌƌĞŶƚďƌŽĂĚ ƉŽůŝĐLJĨƌŽŵŽĂůĚĂůĞ͛Ɛ/ŶƚĞŐƌĂƚĞĚ^ƵƐƚĂŝŶĂďŝůŝƚLJWůĂŶƉƌŽǀŝĚĞƐŐƵŝĚĂŶĐĞƚŽǁĂƌĚƐ^ŵĂƌƚ'ƌŽǁƚŚ͕ŵŝdžĞĚƵƐĞĚĞǀĞůŽƉͲ ŵĞŶƚ͕ĂŶĚƚƌŝƉůĞďŽƩŽŵůŝŶĞƐƵƐƚĂŝŶĂďŝůŝƚLJ͘dŚĞdŽǁŶWůĂŶƉƌŽǀŝĚĞĚĂƐƉĂƌƚŽĨƚŚĞ/^ƉƌŽĐĞƐƐŝƐŝŶƚĞŶĚĞĚƚŽďƵŝůĚ ĨƌŽŵƚŚŝƐƉŽůŝĐLJ͕ƉƌŽǀŝĚŝŶŐƐƉĞĐŝĮĐƌĞĐŽŵŵĞŶĚĂƟŽŶƐĨŽƌƵƉĚĂƟŶŐƚŚĞŽƵƚĚĂƚĞĚϮϬϬϬŽĂůĚĂůĞDWĂŶĚĞdžƉĂŶĚŝŶŐ ƚŚĞŽĂůĚĂůĞ>ĂŶĚhƐĞLJůĂǁƚŽĞīĞĐƟǀĞůLJŝŵƉůĞŵĞŶƚƚŚĞdŽǁŶ͛ƐsŝƐŝŽŶ͘

ϰ͘ϰ͘ϮŽŶƐŝĚĞƌĂƟŽŶƐĨŽƌŝƌĞĐƟŶŐ&ƵƚƵƌĞ'ƌŽǁƚŚ

/ŶƚĞƌŵƐŽĨŐƵŝĚŝŶŐĨƵƚƵƌĞƵƌďĂŶĞdžƉĂŶƐŝŽŶ͕ƚŚĞƌĞĂƌĞŵĂŶLJĨĂĐƚŽƌƐƚŽĐŽŶƐŝĚĞƌ͘^ƚĂƌƟŶŐĨƌŽŵŚŝŐŚĞƌƉƌŝŽƌŝƚLJĐŽŶͲ ƐŝĚĞƌĂƟŽŶƐ͕ƚŽůŽǁƉƌŝŽƌŝƟĞƐ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽŶƐŝĚĞƌĂƟŽŶƐŐƵŝĚĞƚŚĞ/^dŽǁŶWůĂŶƵƌďĂŶĞdžƉĂŶƐŝŽŶĐŽŶĐĞƉƚ͘ƐĂ ƐƚĂƌƟŶŐƉŽŝŶƚ͕^ŵĂƌƚ'ƌŽǁƚŚƉƌŝŶĐŝƉůĞƐĞŵƉŚĂƐŝnjĞ͖

ͻ ĚŝƌĞĐƟŶŐŐƌŽǁƚŚĮƌƐƚƚŽǁĂƌĚŝŶƚĞŶƐŝĨLJŝŶŐĂŶĚŝŶĮůůŝŶŐĞdžŝƐƟŶŐƵƌďĂŶĂƌĞĂƐ͖

ͻ ĚĞĮŶŝŶŐŐƌŽǁƚŚĂƌĞĂƐůŽĐĂƚĞĚŝŶĐůŽƐĞƉƌŽdžŝŵŝƚLJƚŽĞdžŝƐƟŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚƐĞƌǀŝĐŝŶŐ͕ƉƵďůŝĐƐĞƌǀŝĐĞƐƐƵĐŚĂƐ ƐĐŚŽŽůƐĂŶĚƌĞĐƌĞĂƟŽŶĂƌĞĂƐ͕ĂŶĚŵĂũŽƌƚŚŽƌŽƵŐŚĨĂƌĞƐƚŚĂƚĐĂŶďĞƚƌĂŶƐŝƚƐĞƌǀŝĐĞĚ͖

ͻ ƉƌĞƐĞƌǀŝŶŐǀĂůƵĂďůĞĨĂƌŵůĂŶĚǁŚŝůĞĂǀŽŝĚŝŶŐƵŶŵŝƟŐĂƚĞĚĂƌĞĂƐŽĨĨƌĞƋƵĞŶƚŇŽŽĚŝŶŐ͘ KƚŚĞƌĐŽŶƐŝĚĞƌĂƟŽŶƐŝŶĐůƵĚĞ͗ Ϯϰ ͮപ/Ed'Zds>KWDEd^dZd'z

ͻ ŽǁŶĞƌƐŚŝƉƉĂƩĞƌŶƐĂŶĚƉĂƌĐĞůĨƌĂŐŵĞŶƚĂƟŽŶ͖

ͻ ƚŚĞŝŶŝƟĂƟǀĞŽĨůĂŶĚŽǁŶĞƌƐƚŽĚĞǀĞůŽƉƚŚĞŝƌůĂŶĚƐ͖

ͻ ƚŚĞĚĞƐŝƌĂďŝůŝƚLJŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚĂƌĞĂŝŶƚĞƌŵƐŽĨůĂŶĚĨŽƌŵ͕ǀŝĞǁƐ͕ĂŶĚůŽĐĂƟŽŶ͖

ͻ ĂŶĚůĂƐƚůLJ͕ŵĂƌŬĞƚĂŶĚŐƌŽǁƚŚƐƚƵĚLJƉƌŽũĞĐƟŽŶƐ͘ tŚŝůĞƚĂŬŝŶŐŝŶƚŽĐŽŶƐŝĚĞƌĂƟŽŶĚŝƌĞĐƟŽŶƉƌŽǀŝĚĞĚƚŚƌŽƵŐŚŽĂůĚĂůĞ͛ƐDW͕ĂŶĚŵŽƌĞƌĞĐĞŶƚůLJ͕ƚŚĞϮϬϭϬŽƵŶƚLJ ŽĨ>ĞƚŚďƌŝĚŐĞͲdŽǁŶŽĨŽĂůĚĂůĞ/ŶƚĞƌͲŵƵŶŝĐŝƉĂůĞǀĞůŽƉŵĞŶƚWůĂŶ͕ƚŚĞ/^ƉƌŽǀŝĚĞƐĂƉƌĞƐĐƌŝƉƟǀĞ͕LJĞƚŇĞdžŝďůĞ ƌĂƟŽŶĂůĨŽƌƉƌŝŽƌŝƟnjŝŶŐĂŶĚŐƵŝĚŝŶŐĨƵƚƵƌĞĞdžƉĂŶƐŝŽŶ͘

dŚŝƐŐƌĂƉŚŝĐĨƌŽŵƚŚĞ>ĞƚŚďƌŝĚŐĞŽƵŶƚLJͲdŽǁŶŽĨŽĂůĚĂůĞ/DWƉƌŽǀŝĚĞƐŐĞŶĞƌĂůŐƵŝĚĂŶĐĞĨŽƌĨƵƚƵƌĞŐƌŽǁƚŚ͘ /Ed'Zds>KWDEd^dZd'z | 25

ϰ͘ϰ͘ϮWƌŽũĞĐƟŶŐ&ƵƚƵƌĞ'ƌŽǁƚŚ tŚŝůĞŵĂƌŬĞƚŐƌŽǁƚŚĂŶĚƉƌĞĨĞƌĞŶĐĞƐĂƌĞĐĞƌƚĂŝŶůLJĂŶŝŵƉŽƌƚĂŶƚĐŽŶƐŝĚĞƌĂƟŽŶĨŽƌĞŶƐƵƌŝŶŐĂŚĞĂůƚŚLJƚĂdžďĂƐĞĂŶĚ ƚŚĞŝŵŵĞĚŝĂƚĞǀŝĂďŝůŝƚLJĂŶĚƐƵĐĐĞƐƐŽĨĚĞǀĞůŽƉŵĞŶƚĞŶƚĞƌƉƌŝƐĞƐ͕ƚŚĞLJĂƌĞŶŽƚƚŽƉƉƌŝŽƌŝƟĞƐĨŽƌůŽŶŐƚĞƌŵƉůĂŶŶŝŶŐ͘ dŽǁŶƉůĂŶŶŝŶŐŵƵƐƚĞŶĐŽŵƉĂƐƐĂǁŝĚĞƌ͕ŵŽƌĞĐŽŵƉůĞdžƐĞƚŽĨĐŽŶƐŝĚĞƌĂƟŽŶƐƚŽĞŶƐƵƌĞƚŚĞďŝŐŐĞƌƉŝĐƚƵƌĞŽĨƐŽĐŝĂů͕ ĞŶǀŝƌŽŶŵĞŶƚĂů͕ĞĐŽŶŽŵŝĐ͕ĂŶĚĮƐĐĂůƐƵƐƚĂŝŶĂďŝůŝƚLJͲďĂůĂŶĐŝŶŐƚŚĞŶĞĞĚƐŽĨĂůůƐƚĂŬĞŚŽůĚĞƌƐ͘ dŚĞƉƌŽƉŽƐĞĚdŽǁŶWůĂŶĂůůŽǁƐĨŽƌĂŇĞdžŝďůĞ͕LJĞƚƉƌĞƐĐƌŝƉƟǀĞƉůĂŶĨŽƌŐƵŝĚŝŶŐĨƵƚƵƌĞŐƌŽǁƚŚƌĞŐĂƌĚůĞƐƐŽĨƚŚĞƉĂĐĞ ŽĨĚĞǀĞůŽƉŵĞŶƚĂŶĚŵĂƌŬĞƚƉƌĞĨĞƌĞŶĐĞƐ͘dŚĞƉĂƩĞƌŶŽĨƚŚĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚ;ĚŝƐĐƵƐƐĞĚůĂƚĞƌͿƉƌŽǀŝĚĞƐĂŶŝŵͲ ƉŽƌƚĂŶƚƚŽŽůƚŽŐƵŝĚĞƵƌďĂŶŐƌŽǁƚŚĂƚƚŚĞƐĞƚŝŶĐƌĞŵĞŶƚŽĨĂĐŽŵƉůĞƚĞǁĂůŬĂďůĞŶĞŝŐŚďŽƵƌŚŽŽĚ͕ǁŚŝůĞŇĞdžŝďůĞůĂŶĚ ƵƐĞƐĂůůŽǁĨŽƌĂǀĂƌŝĞƚLJŽĨŵĂƌŬĞƚƉƌĞĨĞƌĞŶĐĞƐǁŝƚŚŝŶĞĂĐŚŶĞŝŐŚďŽƵƌŚŽŽĚ͘ƐĂƌĞƐƵůƚ͕ƚŚĞ/^dŽǁŶWůĂŶŶŽƚŽŶůLJ ĚĞƐĐƌŝďĞƐǁŚĞƌĞĨƵƚƵƌĞůĂŶĚƵƐĞƐƐŚŽƵůĚďĞĞƐƚĂďůŝƐŚĞĚƚŚƌŽƵŐŚƵƌďĂŶĞdžƉĂŶƐŝŽŶ͕ďƵƚĂůƐŽĞŵƉŚĂƐŝnjĞƐƚŚĞƉĂƩĞƌŶ ƚŚĂƚƚŚŽƐĞůĂŶĚƵƐĞƐƐŚŽƵůĚƚĂŬĞ͘ &ŽůůŽǁŝŶŐƚŚĞϮϬϬϴEŽƌƚŚŵĞƌŝĐĂŶŚŽƵƐŝŶŐŵĂƌŬĞƚĐƌĂƐŚĂŶĚŝŶƌĞƐƉŽŶƐĞƚŽƋƵŝĐŬůLJĐŚĂŶŐĞŵĂƌŬĞƚƉƌĞĨĞƌĞŶĐĞƐ͕ ŝƚŚĂƐďĞĐŽŵĞŝŶĐƌĞĂƐŝŶŐůLJĚŝĸĐƵůƚƚŽƉƌĞĚŝĐƚƚŚĞĨƵƚƵƌĞŵĂƌŬĞƚ͘ƐĂŶŝůůƵƐƚƌĂƟŽŶŽĨŚŽǁĨƵƚƵƌĞŐƌŽǁƚŚŵŝŐŚƚ ƉƌŽĐĞĞĚ͕ƚŚĞdŽǁŶWůĂŶƵƟůŝnjĞƐƌĞƐƵůƚƐĂŶĚĂƐƐƵŵƉƟŽŶƐŽĨƌĞĐĞŶƚƚŚŝƌĚƉĂƌƚLJŐƌŽǁƚŚƉƌŽũĞĐƟŽŶƐƉƌĞƉĂƌĞĚĨŽƌ ƚŚĞdŽǁŶŽĨŽĂůĚĂůĞďĂƐĞĚŽŶƚŚĞ͞ĂŶŶƵĂůƉĞƌĐĞŶƚĂŐĞĐŽŵƉŽƵŶĚŐƌŽǁƚŚŵĞƚŚŽĚŽĨƉŽƉƵůĂƟŽŶ͘͟hƟůŝnjŝŶŐƚŚƌĞĞ ŐƌŽǁƚŚƌĂƚĞĂƐƐƵŵƉƟŽŶƐĨŽƌĚŝīĞƌĞŶƚŵĂƌŬĞƚĐŽŶĚŝƟŽŶƐ͕ƚŚĞƐƚƵĚLJĞƐƚĂďůŝƐŚĞƐƚŚĞĨŽůůŽǁŝŶŐƉƌŽũĞĐƟŽŶƐ͗

&ƌŽŵĂƐƚƵĚLJĐƵƌƌĞŶƚůLJƵŶĚĞƌǁĂLJŽŶďĞŚĂůĨŽĨƚŚĞƚŽǁŶŽĨŽĂůĚĂůĞ͕ƚŚŝƐĐŚĂƌƚĚĞŵŽŶƐƚƌĂƚĞƐƉŽƚĞŶƟĂůŐƌŽǁƚŚƉƌŽͲ ũĞĐƟŽŶƐŽǀĞƌƚŚĞŶĞdžƚƚǁĞŶƚLJLJĞĂƌƐ͘ Ϯϲ ͮപ/Ed'Zds>KWDEd^dZd'z

ϰ͘ϰ͘ϯdŚĞYƵĞƐƟŽŶŽĨĞŶƐŝƚLJ

ŽŵďŝŶŝŶŐƚŚĞƐĞŶƵŵďĞƌƐǁŝƚŚĂŶĂƐƐƵŵĞĚϱ͘ϭĚǁĞůůŝŶŐƵŶŝƚƐͬĂĐƌĞĂŶĚϮ͘ϱͲϮ͘ϵƉĞƌƐŽŶƐƉĞƌĚǁĞůůŝŶŐ͕ĨƵƚƵƌĞůĂŶĚ ŶĞĞĚƐĐĂŶďĞƉƌŽũĞĐƚĞĚ͘dŚĞƐĞĐĂŶďĞƐƵŵŵĂƌŝnjĞĚĂƐĨŽůůŽǁƐ͗

&ƌŽŵƐƚƵĚLJĐƵƌƌĞŶƚůLJƵŶĚĞƌǁĂLJŽŶďĞŚĂůĨŽĨƚŚĞƚŽǁŶŽĨŽĂůĚĂůĞ͕ƚŚŝƐĐŚĂƌƚĚĞŵŽŶƐƚƌĂƚĞƐƉŽƚĞŶƟĂůĚǁĞůůŝŶŐƵŶŝƚ ĂŶĚůĂŶĚĂĐƌĞĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐďĂƐĞĚŽŶƉŽƉƵůĂƟŽŶƉƌŽũĞĐƟŽŶƐ͘

/ƚƐŚŽƵůĚďĞŶŽƚĞĚƚŚĂƚƚŚĞƋƵĞƐƟŽŶŽĨĚĞŶƐŝƚLJŝƐǁŝĚĞůLJĐŽŶƚĞƐƚĞĚ͘^ŵĂƌƚ'ƌŽǁƚŚŽŌĞŶƐĞĞŬƐĂďĂƐĞϴ͘ϬͲϭϬ͘Ϭ ĚǁĞůůŝŶŐƵŶŝƚͬĂĐƌĞ͕ĂŶĚŽǀĞƌϭϰĚǁĞůůŝŶŐƵŶŝƚƐͬĂĐƌĞĨŽƌƚƌĂŶƐŝƚǀŝĂďŝůŝƚLJ͘ŶĚǁŚŝůĞƚŚĞƐĞŶƵŵďĞƌƐĂƌĞŽŌĞŶĂƉƉƌŽͲ ƉƌŝĂƚĞĂŶĚŶĞĐĞƐƐĂƌLJŝŶůĂƌŐĞƌƵƌďĂŶĐŽŶƚĞdžƚƐ͕ƚŚĞLJĂƌĞŶŽƚǀŝĂďůĞŽƌĂƉƉƌŽƉƌŝĂƚĞŝŶƐŵĂůůĞƌ͕ƌƵƌĂůƚŽǁŶĐŽŶƚĞdžƚƐ͘ &ƵƌƚŚĞƌ͕ƚŚĞƐĞƋƵĂŶƟƚĂƟǀĞǀĂůƵĞƐĚŽŶŽƚĂĚĚƌĞƐƐƚŚĞŵŽƌĞŝŵƉŽƌƚĂŶƚƋƵĞƐƟŽŶƐŽĨƉĂƩĞƌŶ͕ƵƌďĂŶĨŽƌŵ͕ŽƌĐŚĂƌĂĐͲ ƚĞƌ͘ ƐƵƌďĂŶŵƵŶŝĐŝƉĂůŝƟĞƐĂƌĞĮŶĚŝŶŐƚŚĂƚƚŚĞLJĐĂŶŶŽƚƐƵƐƚĂŝŶůŽǁĞƌĚĞŶƐŝƟĞƐͲĂůĞƐƐŽŶĞǀŝĚĞŶƚŝŶůĂƌŐĞƌŵƵŶŝĐŝͲ ƉĂůŝƟĞƐƚŚƌŽƵŐŚŽƵƚƚŚĞǁŽƌůĚ͕ƚŚĞƐƵƐƚĂŝŶĂďŝůŝƚLJĨŽƌƚŚĞƌĞůĂƟǀĞůŽǁĞƌĚĞŶƐŝƚLJŽĨƐŵĂůůĞƌƚŽǁŶƐŚĂƐĂůŽŶŐŚŝƐƚŽƌLJ͘ tŚĂƚŝƐŝŵƉŽƌƚĂŶƚŝƐŶŽƚƚŚĞĚĞŶƐŝƚLJŶƵŵďĞƌ͕ďƵƚƌĂƚŚĞƌƚŚĞƉĂƩĞƌŶƚŚĂƚƚŚĞĚĞŶƐŝƚLJǁŝůůƚĂŬĞ͕ĂŶĚƚŚĞĂǀĂŝůĂďŝůŝƚLJŽĨ ŇĞdžŝďŝůŝƚLJĨŽƌĨƵƚƵƌĞŵĂƌŬĞƚĐŽŶĚŝƟŽŶƐ͘&ŽƌƚŚŝƐƌĞĂƐŽŶ͕ĂĚĞŶƐŝƚLJƚĂƌŐĞƚŽĨϱ͘ϬͲϭϬ͘ϬƵŶŝƚƐͬĂĐƌĞŝƐŵŽƌĞĂƉƉƌŽƉƌŝĂƚĞ͕ ƉƌŽǀŝĚĞĚĂŶĂƉƉƌŽƉƌŝĂƚĞĚĞǀĞůŽƉŵĞŶƚƉĂƩĞƌŶ͘ /Ed'Zds>KWDEd^dZd'z | 27

ϰ͘ϰ͘ϰƵƌƌĞŶƚĞǀĞůŽƉŵĞŶƚWĂƩĞƌŶƐ

ŌĞƌĐĞŶƚƵƌŝĞƐŽĨƵƌďĂŶŝƐŵ͕ƚŚĞƚƌĂĚŝƟŽŶĂůƉĂƩĞƌŶŽĨǁĂůŬĂďůĞ͕ŵŝdžĞĚƵƐĞƚŽǁŶƐĂŶĚĐŝƟĞƐǁĂƐǁĞůůĞƐƚĂďůŝƐŚĞĚĂƐ ǁĞďĞŐĂŶĞdžƉĂŶĚŝŶŐƚŚƌŽƵŐŚtĞƐƚĞƌŶĂŶĂĚĂŝŶƚŚĞůĂƚĞϭϴϬϬ͛ƐĂŶĚƚŚĞĞĂƌůLJƉĂƌƚŽĨƚŚĞůĂƐƚĐĞŶƚƵƌLJ͘dŚŝƐƉĂƩĞƌŶ ŝƐĞǀŝĚĞŶƚŝŶŽĂůĚĂůĞ͛ƐĐĞŶƚƌĂůƚŽǁŶŐƌŝĚĂŶĚŵĂŝŶƐƚƌĞĞƚƐƉŝŶĞƚŚĂƚǁĂƐůĂŝĚŽƵƚďLJƚŚĞĂŶĂĚŝĂŶWĂĐŝĮĐZĂŝůǁĂLJĂƚ ƚŚĂƚƟŵĞ͘,ŽǁĞǀĞƌ͕ĨŽůůŽǁŝŶŐŵĂƌŬĞƚƚƵƌŵŽŝů͕ƚǁŽǁŽƌůĚǁĂƌƐ͕ĂŶĚŵĂũŽƌƚĞĐŚŶŽůŽŐŝĐĂůĂĚǀĂŶĐĞƐŝŶĐůƵĚŝŶŐŵĂƐƐ ƉƌŽĚƵĐƟŽŶŽĨƚŚĞƉƌŝǀĂƚĞĂƵƚŽŵŽďŝůĞ͕ǁĞĐŚŽƐĞĂŶĞǁ͕ŵŽƌĞĞdžƉĞƌŝŵĞŶƚĂůĨŽƌŵŽĨĚĞǀĞůŽƉŵĞŶƚŵŝĚǁĂLJƚŚƌŽƵŐŚ ůĂƐƚĐĞŶƚƵƌLJ͘

dŚĞƚƌĂĚŝƟŽŶĂůǁĂůŬĂďůĞƉĂƩĞƌŶŽĨƵƌďĂŶŝƐŵƐŚŽǁŶŽŶƚŽƉǁĂƐƐƵƉƉůĂŶƚĞĚďLJƚŚĞĂƵƚŽŵŽďŝůĞĨŽĐƵƐĞĚƉĂƩĞƌŶ ƐŚŽǁŶŽŶƚŚĞďŽƩŽŵ͘;'ƌĂƉŚŝĐďLJWΘŽ͘Ϳ /ŶƐƚĞĂĚŽĨǁĂůŬĂďŝůŝƚLJĂŶĚƚŚĞŝŶƚĞŐƌĂƟŽŶŽĨůĂŶĚƵƐĞƐ͕ƚŚŝƐƉĂƩĞƌŶǁĂƐďĂƐĞĚŽŶƚŚĞƉƌŝǀĂƚĞĂƵƚŽŵŽďŝůĞĂŶĚĂ ƐƚƌŝĐƚƐĞƉĂƌĂƟŽŶŽĨůĂŶĚƵƐĞƐ͘dŽŝŵƉůĞŵĞŶƚƚŚŝƐǀŝƐŝŽŶǁĞĞƐƚĂďůŝƐŚĞĚnjŽŶŝŶŐďLJůĂǁƐĂŶĚĂƵƚŽŵŽďŝůĞͲĨŽĐƵƐĞĚ ƐƚƌĞĞƚƐƚĂŶĚĂƌĚƐ͘ƐĂƌĞƐƵůƚ͕ƚŚĞƌƵůĞƐƚŚĂƚǁĞŚĂǀĞŝŶƉůĂĐĞƚŽĚĂLJĚŽŶŽƚŽŶůLJĚĞĮŶĞƚŚŝƐǀŝƐŝŽŶ͕ƚŚĞLJĂƌĞŝŶƚƌŝŶͲ ƐŝĐĂůůLJďŽƌŶŽƵƚŽĨƚŚŝƐǀŝƐŝŽŶ͘ƵƚĂƐǁĞĞŵĞƌŐĞŝŶƚŽƚŚĞŶĞǁĞĐŽŶŽŵLJŽĨĂŶĞǁĐĞŶƚƵƌLJ͕ƚŚĞƌĞĂƌĞŵĂŶLJĨŽƌĐĞƐ ĐŚĂŶŐŝŶŐƚŚĞǀŝƐŝŽŶĨŽƌƵƌďĂŶĚĞǀĞůŽƉŵĞŶƚ͗

ͻ ŐƌŽǁŝŶŐƐƵƐƚĂŝŶĂďŝůŝƚLJͲĚƌŝǀĞŶĞŶǀŝƌŽŶŵĞŶƚĂůĞƚŚŝĐďŽƚŚŝŶƐĐŝĞŶĐĞĂŶĚŵŽƌĞŝŵƉŽƌƚĂŶƚůLJŝŶƚŚĞĐŽŶƐƵŵĞƌŵĂƌͲ ŬĞƚĐŚĂůůĞŶŐĞƐǁĂƐƚĞĨƵůůĂŶĚĐŽŶƐƵŵƉƟŽŶĂŶĚƚŚĞŶĞŐĂƟǀĞĞŶǀŝƌŽŶŵĞŶƚĂůĞīĞĐƚƐŽĨĂƵƚŽŵŽďŝůĞƐ͘

ͻ ^ŽĂƌŝŶŐŐĂƐƉƌŝĐĞƐŝŶĐƌĞĂƐŝŶŐůLJĞīĞĐƚŽƵƌƚƌĂŶƐƉŽƌƚĂƟŽŶĐŚŽŝĐĞƐ͘dŚĞƐĞƉƌŝĐĞƐĂƌĞŽŶůLJƉƌŽũĞĐƚĞĚƚŽŝŶĐƌĞĂƐĞ͕ ĂŶĚƚŽĚĂƚĞƚŚĞƌĞŝƐŶŽĂůƚĞƌŶĂƟǀĞĨƵĞůƐŽƵƌĐĞƚŽƌĞƉůĂĐĞĨŽƐƐŝůĨƵĞůƐ͘ Ϯϴ ͮപ/Ed'Zds>KWDEd^dZd'z

ͻ dŚĞŶĞŐĂƟǀĞĞīĞĐƚƐŽĨĐŽŵƉƵůƐŽƌLJĚƌŝǀŝŶŐŽŶƉƵďůŝĐŚĞĂůƚŚĂŶĚƐĂĨĞƚLJͲŝŶĐůƵĚŝŶŐŽďĞƐŝƚLJ͕ǀĞŚŝĐƵůĂƌĚĞĂƚŚƐ͕ĂŶĚ ŽƚŚĞƌǀĂƌŝĂďůĞƐ͕ĂƐǁĞůůĂƐĨŽƌƚŚĞŵŽƌĞƚŚĂŶϭͬϯŽĨŽƵƌƉŽƉƵůĂƟŽŶǁŚŽĂƌĞƵŶĂďůĞƚŽĚƌŝǀĞͲŝƐŶŽǁǁĞůůĚŽĐƵͲ ŵĞŶƚĞĚĂŶĚǁŝĚĞůLJŚĞůĚ͘

ͻ ŽƚŚĂŶĞŵĞƌŐŝŶŐLJŽƵŶŐĞƌŵĂƌŬĞƚĂŶĚŽƵƌĂŐŝŶŐƉŽƉƵůĂƟŽŶƐĂƌĞƐĞĞŬŝŶŐŵŽƌĞǁĂůŬĂďůĞƵƌďĂŶĐŽŵŵƵŶŝƟĞƐĨŽƌ ĂīŽƌĚĂďŝůŝƚLJ͕ĨƵŶĐƟŽŶĂůŝƚLJ͕ĂŶĚƋƵĂůŝƚLJŽĨůŝĨĞ͘

ͻ DĞĂƐƵƌĞĚŽŶƚŚĞďŽƩŽŵůŝŶĞŽĨƐƵƐƚĂŝŶĂďŝůŝƚLJ͕ĂŶĚƚŚƌŽƵŐŚŵŽƌĞŚŽůŝƐƟĐĂĐĐŽƵŶƟŶŐŵĞƚŚŽĚƐͲͲŵƵŶŝĐŝƉĂůŝƟĞƐ ĂƌĞƌĞĂůŝnjŝŶŐƚŚĂƚƚŚĞLJĐĂŶŶŽƚƉĂLJĨŽƌƚŚĞŝƚLJƚŚĞLJŚĂǀĞďƵŝůƚͲĂŶĚƚŚĂƚƚŚĞĂĐƚƵĂůĐŽƐƚƚŽďƵŝůĚĂŶĚŵĂŝŶƚĂŝŶ ƐĞŐƌĞŐĂƚĞĚͲƵƐĞĂƵƚŽŵŽďŝůĞͲĚĞƉĞŶĚĞŶƚĚĞǀĞůŽƉŵĞŶƚŝƐƚŽŽŵƵĐŚĨŽƌƚŚĞŵĂƌŬĞƚƚŽũƵƐƟĨLJ͘

ͻ dŚĞƌĞĐĞŶƚĮŶĂŶĐŝĂůŵĞůƚĚŽǁŶƐĂǁůĂƌŐĞƐŝŶŐůĞͲƵƐĞĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐͲďŽƚŚůŽǁĚĞŶƐŝƚLJƐƵďĚŝǀŝƐŝŽŶƐĂŶĚ ƚŽǁĞƌŵĞŐĂͲƉƌŽũĞĐƚƐͲƐƵīĞƌŝƌƌĞĐŽǀĞƌĂďůĞůŽƐƐĞƐǁŚŝůĞŵŝdžĞĚͲƵƐĞ͕ĐŽŵƉĂĐƚ͕ǁĂůŬĂďůĞĐŽŵŵƵŶŝƟĞƐƉƌŽǀĞĚƌĞƐŝůŝͲ ĞŶĐLJĂŶĚĂĚĂƉƚĂďŝůŝƚLJ͘

ϰ͘ϰ͘ϱdŚĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚWĂƩĞƌŶ

>ĂƐƚĐĞŶƚƵƌLJ͛ƐƉĂƩĞƌŶŽĨƐĞŐƌĞŐĂƚĞĚƉŽĚƐŽĨŚŽŵŽŐĞŶŽƵƐůĂŶĚƵƐĞƐƐĞƉĂƌĂƚĞĚďLJĂŶĂƵƚŽŵŽďŝůĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂƌĞ ŽƵƚĚĂƚĞĚ͘tŝƚŚĂŶĞǁǀŝƐŝŽŶďĂƐĞĚŽŶ^ŵĂƌƚ'ƌŽǁƚŚĂŶĚdƌŝƉůĞͲŽƩŽŵ>ŝŶĞ^ƵƐƚĂŝŶĂďŝůŝƚLJ͕ŝƚǁŝůůďĞŶĞĐĞƐƐĂƌLJƚŽ ǁƌŝƚĞŶĞǁƌƵůĞƐƚŽŵĂƚĐŚŽƵƌŶĞǁǀŝƐŝŽŶ͘ƐĂƐƚĂƌƟŶŐƉŽŝŶƚ͕ĐƵƌƌĞŶƚďĞƐƚƉƌĂĐƟĐĞƐĞƐƚĂďůŝƐŚƚŚĞĐŽŵƉĂĐƚ͕ǁĂůŬͲ ĂďůĞ͕ŵŝdžĞĚƵƐĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚĂƐƚŚĞƉƌŝŵĂƌLJďƵŝůĚŝŶŐďůŽĐŬĨŽƌĂƐƵƐƚĂŝŶĂďůĞƌĞŐŝŽŶ͘dŚĞEĞŝŐŚďŽƵƌŚŽŽĚ ƵŶŝƚŝƐĂǁĞůůĞƐƚĂďůŝƐŚĞĚŚƵŵĂŶƉĂƩĞƌŶĞǀŝĚĞŶƚŝŶƚƌĂĚŝƟŽŶĂůŚƵŵĂŶƐĞƩůĞŵĞŶƚƐƚŚƌŽƵŐŚŽƵƚƚŚĞǁŽƌůĚ͘ tŚŝůĞĂĚũƵƐƚĞĚĨŽƌƚŽƉŽŐƌĂƉŚLJĂŶĚŽƚŚĞƌƉŚLJƐŝĐĂůĐŽŶƐƚƌĂŝŶƚƐ͕ƚŚĞLJĂƌĞŐĞŶĞƌĂůůLJƐŚĂƉĞĚ ďLJĂĮǀĞŵŝŶƵƚĞ ǁĂůŬĐĞŶƚĞƌƚŽĞĚŐĞ;ĂƉƉƌŽdžŝŵĂƚĞůLJĂƋƵĂƌƚĞƌŵŝůĞ͕ŽƌϰϬϬŵĨƌŽŵĐĞŶƚĞƌ ƚŽĞĚŐĞͿ͕ĂŶĚĂƌĞďĞƚǁĞĞŶϴϬͲϮϬϬĂĐƌĞƐ͘tŚĞŶĚĞƐŝŐŶĞĚŝŶĂǁĂůŬĂďůĞŵĂŶŶĞƌ͕ƚŚŝƐŝƐ ƚŚĞƐŝnjĞĂƚǁŚŝĐŚŶĞŝŐŚďŽƌƐǁŝůůƐƚĂƌƚƚŽŬŶŽǁŽŶĞĂŶŽƚŚĞƌĂŶĚŝĚĞŶƟĨLJƚŚĞŵƐĞůǀĞƐĂƐĂ ŶĞŝŐŚďŽƵƌŚŽŽĚ͘ĂƐĞĚŽŶƚŚĞƐĐĂůĞŽĨĂƉĞĚĞƐƚƌŝĂŶ͕ŝƚŝƐĂůƐŽƚŚĞŝŶĐƌĞŵĞŶƚǁŚĞƌĞ ƌĞƐŝĚĞŶƚƐĐĂŶďĞǁŝƚŚŝŶǁĂůŬŝŶŐĚŝƐƚĂŶĐĞƚŽƚƌĂŶƐŝƚĂŶĚƚŚĞŝƌĚĂŝůLJŶĞĞĚƐ͘dŚŝƐĂůůŽǁƐĨŽƌ ƚŚĞĐŚŽŝĐĞƚŽƌĞĐƌĞĂƚĞ͕ƐŚŽƉ͕ĂŶĚĞǀĞŶǁŽƌŬǁŝƚŚŝŶǁĂůŬŝŶŐĚŝƐƚĂŶĐĞŽĨƚŚĞŝƌŚŽŵĞ͘ dŚĞŶĞŝŐŚďŽƵƌŚŽŽĚƉƌŽǀŝĚĞƐƚŚĞďĂƐŝĐƐƚƌƵĐƚƵƌŝŶŐĞůĞŵĞŶƚŐƵŝĚŝŶŐĨƵƚƵƌĞŝŶƚĞŶƐŝĮĐĂƟŽŶĂŶĚƵƌďĂŶĞdžƉĂŶƐŝŽŶĨŽƌ ƚŚĞƚŽǁŶƉůĂŶ͘ƵƚƚŚĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚŝƐŵŽƌĞƚŚĂŶƐŝŵƉůLJĂϰϬϬŵƌĂĚŝƵƐ͘dŚĞŝĚĞĂůEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚ ĂůƐŽŚĂƐĂƐƉĞĐŝĮĐƵƌďĂŶƉĂƩĞƌŶ͕ĐŚĂƌĂĐƚĞƌ͕ĂŶĚŵŝdžŽĨůĂŶĚƵƐĞƐ͘/ŶĂĚĚŝƟŽŶ ƚŽƵƟůŝnjŝŶŐƚŚĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚ ƚŽƉƌŝŽƌŝƟnjĞĂŶĚŐƵŝĚĞĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚ͕ƚŚĞŶĞŝŐŚďŽƵƌŚŽŽĚĂůƐŽƐĞƌǀĞƐĂƐĂŶŝĚĞĂůŵŽĚĞů͕ĨƌŽŵǁŚŝĐŚƌĞŐƵůĂͲ ƟŽŶƐ ĐĂŶďĞŝŵƉůĞŵĞŶƚĞĚĂŶĚĞŶĨŽƌĐĞĚŝŶƌĞƐƉŽŶƐĞƚŽƚŚĞƵŶŝƋƵĞĐŝƌĐƵŵƐƚĂŶĐĞƐŽĨĞĂĐŚŶĞŝŐŚďŽƵƌŚŽŽĚ͘&ƵƌƚŚĞƌ͕ ƌĞŐƵůĂƟŽŶƐƐŚŽƵůĚƐĞĞŬƚŽďŽƚŚĞŶĨŽƌĐĞŵŝŶŝŵƵŵƐƚĂŶĚĂƌĚƐ͕ǁŚŝůĞĂůůŽǁŝŶŐŇĞdžŝďůĞĞŶƟƚůĞŵĞŶƚƐ͘&ŽƌŝŶƐƚĂŶĐĞ͕ ďƵŝůĚŝŶŐƐŽŶĂŵĂŝŶƐƚƌĞĞƚƐŚŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽďĞƐƚƌĞĞƚŽƌŝĞŶƚĞĚǁŝƚŚƌĞƚĂŝůŐƌŽƵŶĚƐƚŽƌĞLJƐ͕ďƵƚƵƉƉĞƌƐƚŽƌLJ ŵŝdžĞĚƵƐĞƐƐƵĐŚĂƐŽĸĐĞĂŶĚƌĞƐŝĚĞŶƟĂůƐŚŽƵůĚďĞĂůůŽǁĞĚďLJƌŝŐŚƚ͕ďƵƚŶŽƚƌĞƋƵŝƌĞĚ͘ dŚĞŵŽĚĞůEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚŚĂƐƚŚĞĨŽůůŽǁŝŶŐĐŚĂƌĂĐƚĞƌŝƐƟĐƐ͗ ŽŵƉĂĐƚ͗

ͻEĞŝŐŚďŽƵƌŚŽŽĚƐ ŚĂǀĞ ĂŶ ĂƉƉƌŽƉƌŝĂƚĞ ďĂƐĞ ĚĞŶƐŝƚLJ ƚŽ ĨŽƐƚĞƌ ĐŽŵŵƵŶŝƚLJ ĂĐƟǀŝƚLJ͕ ƐƵƉƉŽƌƚ ůŽĐĂů ƌĞƚĂŝů͕ ĂŶĚ ĂůůŽǁ ĨŽƌ ĨƵƚƵƌĞ ƚƌĂŶƐŝƚĐŽŶŶĞĐƟǀŝƚLJ͘

ͻĐůĞĂƌĚĞůŝŶĞĂƟŽŶďĞƚǁĞĞŶƉƵďůŝĐĂŶĚƉƌŝǀĂƚĞƐƉĂĐĞĞůŝŵŝŶͲ ĂƚĞƐǁĂƐƚĞĚƐƉĂĐĞ͘

ͻEĞŝŐŚďŽƵƌŚŽŽĚƐŚĂǀĞĂĚĞĮŶĞĚĐĞŶƚƌĞĂŶĚĞĚŐĞĂƐŐĞŶĞƌĂůůLJ ŐƵŝĚĞĚďLJƚŚĞϰϬϬŵƉĞĚĞƐƚƌŝĂŶƐŚĞĚ;ĂĮǀĞŵŝŶƵƚĞǁĂůŬĐĞŶƚƌĞ ƚŽĞĚŐĞͿ͘

ͻEĞŝŐŚďŽƵƌŚŽŽĚƐƐŝnjĞŝƐĚĞĮŶŝƚĞ͕ƌĂŶŐŝŶŐĨƌŽŵϴϬͲϮϬϬĂĐƌĞƐ͘

ͻEĞŝŐŚďŽƵƌŚŽŽĚƐ ƐŚŽƵůĚ ĞŶƟƚůĞ Ă ƌĂŶŐĞ ŽĨ ƉŽƐƐŝďůĞ ĚĞŶƐŝƟĞƐ ĨŽƌϱ͘ϬͲϭϬ͘ϬƵŶŝƚƐƉĞƌĂĐƌĞ͕ǁŝƚŚĂƚĂƌŐĞƚŽĨϱϬϬͲϭϮϬϬĚǁĞůůŝŶŐ ƵŶŝƚƐ ƉĞƌ ŶĞŝŐŚďŽƵƌŚŽŽĚ͘  dŚŝƐ ǁŝůů ĂůůŽǁ ĨŽƌ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϭϯϱϬͲϯϮϰϬƌĞƐŝĚĞŶƚƐƉĞƌŶĞŝŐŚďŽƵƌŚŽŽĚ͘ /Ed'Zds>KWDEd^dZd'z | 29

ͻ ŽŶƟŐƵŽƵƐĐŽƵŶƚƌLJƐŝĚĞĂŶĚŐƌĞĞŶǁĂLJƐĂƌĞƉƌĞƐĞƌǀĞĚďĞƚǁĞĞŶŶĞŝŐŚďŽƵƌŚŽŽĚƐ͕ƌĂƚŚĞƌƚŚĂŶĂƐĨƌĂŐŵĞŶƚĞĚ ůŝŵͲ ŝƚĞĚͲƵƐĞƉĂƚŚǁĂLJƌŝŐŚƚƐͲŽĨͲǁĂLJƐƚŚĂƚĨƵƌƚŚĞƌĚŝƐƉĞƌƐĞĚĞǀĞůŽƉŵĞŶƚ͘ tĂůŬĂďůĞ͗

ͻ ĐŽŶŶĞĐƚĞĚŶĞƚǁŽƌŬŽĨƐƚƌĞĞƚƐĂŶĚƉĂƚŚǁĂLJƐĨŽƌŵĂƉŽƌŽƵƐ ďůŽĐŬƐƚƌƵĐƚƵƌĞĂůůŽǁŝŶŐĚŝƌĞĐƚĂŶĚŵƵůƟƉůĞƌŽƵƚĞƐƚŽĚĞƐƟŶĂͲ ƟŽŶƐĨŽƌǀĞŚŝĐůĞƐĂŶĚƉĞĚĞƐƚƌŝĂŶƐ͘

ͻ ƵŝůĚŝŶŐƐĂƌĞƐƚƌĞĞƚŽƌŝĞŶƚĞĚƚŽĞŶŐĂŐĞƉĞĚĞƐƚƌŝĂŶŝŶƚĞƌĞƐƚ ĂŶĚĂůůŽǁĨŽƌƚŚĞŶĂƚƵƌĂůƐƵƌǀĞŝůůĂŶĐĞŽĨƉƵďůŝĐƐƉĂĐĞ͘

ͻ ^ƚƌĞĞƚƐĂŶĚ ƉƵďůŝĐƐƉĂĐĞƐĂƌĞƉŚLJƐŝĐĂůůLJƐŚĂƉĞĚďLJďƵŝůĚŝŶŐƐƚŽ ĐƌĞĂƚĞĂƐĞŶƐĞŽĨĂŶ͞ŽƵƚĚŽŽƌƌŽŽŵ͘͟

ͻ ^ƚƌĞĞƚƐĂƌĞĚĞƐŝŐŶĞĚƚŽďĂůĂŶĐĞĐŚĂƌĂĐƚĞƌĂŶĚĐĂƉĂĐŝƚLJ͘ WĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƟĞƐ;ƐƵĐŚĂƐ ƐŝĚĞǁĂůŬǁŝĚƚŚĂŶĚůŝŐŚƟŶŐͿĂƌĞĂƉͲ ƉƌŽƉƌŝĂƚĞůLJŵĂƚĐŚĞĚƚŽƚŚĞŝƌĐŽŶƚĞdžƚ͘

ͻ ƌĂŶŐĞŽĨƵƐĞƐƉƌŽǀŝĚĞƐƉĞĚĞƐƚƌŝĂŶĚĞƐƟŶĂƟŽŶƐĂŶĚĂůůŽǁƐ ƚŚĞĐŚŽŝĐĞƚŽǁĂůŬ͘

ŽŵƉůĞƚĞ͗ ͻ ĚŝǀĞƌƐŝƚLJŽĨƵƐĞƐŝŶĐůƵĚŝŶŐĞŵƉůŽLJŵĞŶƚ͕ƐŚŽƉƉŝŶŐ͕ĂŶĚƌĞƐŝͲ ĚĞŶĐĞƐ͕ĂŶĚƉƵďůŝĐƐƉĂĐĞƐĂƌĞǁŝƚŚŝŶǁĂůŬĂďůĞƉƌŽdžŝŵŝƚLJŽĨŽŶĞ ĂŶŽƚŚĞƌ͘ ͻ hƐĞƐĂƌĞŵŝdžĞĚǀĞƌƟĐĂůůLJ;ƌĞƐŝĚĞŶĐĞƐŽǀĞƌƐŚŽƉƐͿĂŶĚŚŽƌŝnjŽŶͲ ƚĂůůLJ;ĂƌŽƵŶĚƚŚĞĐŽƌŶĞƌͿ ͻ ZĞƐŝĚĞŶƟĂůƵƐĞƐĂƌĞŝŶƚĞŐƌĂůĂŶĚŝŶĐůƵĚĞĂĚŝǀĞƌƐŝƚLJŽĨŚŽƵƐŝŶŐ ƚLJƉĞƐ͕ůŝĨĞƐƚLJůĞĐŚŽŝĐĞƐ͕ĂŶĚŝŶĐŽŵĞƌĂŶŐĞƐ͘ ͻ dŚĞŚŽƵƐŝŶŐĚŝǀĞƌƐŝƚLJĂůƐŽĂůůŽǁƐĨŽƌĂĐŽŵƉůĞƚĞůŝĨĞĐLJĐůĞ ǁŚĞƌĞĂůůĂŐĞƐĂƌĞƌĞƉƌĞƐĞŶƚĞĚ͘ ͻ ƌĂŶŐĞŽĨƉƵďůŝĐďƵŝůĚŝŶŐƐĂŶĚƉƵďůŝĐƐƉĂĐĞƐĂƌĞĚŝƐƉĞƌƐĞĚ ƚŚƌŽƵŐŚŽƵƚƚŚĞƉůĂŶ͘

ϰ͘ϰ͘ϲŽĂůĚĂůĞ͛ƐEĞŝŐŚďŽƵƌŚŽŽĚ^ƚƌƵĐƚƵƌĞ dŚĞƉƌŽƉŽƐĞĚŶĞŝŐŚďŽƵƌŚŽŽĚƐƚƌƵĐƚƵƌĞŝƐŝůůƵƐƚƌĂƚĞĚŝŶ&ŝŐƵƌĞϰ͘ϰ͘LJƵƟůŝnjŝŶŐƚŚĞŵŽĚĞůEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚĂƐ ƚŚĞƉƌŝŵĂƌLJďƵŝůĚŝŶŐďůŽĐŬ͕ƚŚĞƉƌŽƉŽƐĞĚŶĞŝŐŚďŽƵƌŚŽŽĚƐƚƌƵĐƚƵƌĞĞƐƚĂďůŝƐŚĞƐďŽƚŚƚŚĞƉƌŝŽƌŝƟnjĂƟŽŶŽĨĨƵƚƵƌĞ ƵƌďĂŶĞdžƉĂŶƐŝŽŶĂŶĚŝŶƚĞŶƐŝĮĐĂƟŽŶ͕ĂŶĚƚŚĞůĞǀĞůŽĨƌĞŐƵůĂƟŽŶƚŽďĞĞŶĨŽƌĐĞĚĂƐŝƚƌĞůĂƚĞƐƚŽĂĐŚŝĞǀŝŶŐƚŚĞŵŽĚĞů ŶĞŝŐŚďŽƵƌŚŽŽĚƵŶŝƚ͘ ƐƉƌĞǀŝŽƵƐůLJĚŝƐĐƵƐƐĞĚ͕ƚŚĞƌĞĂƌĞŵĂŶLJĨĂĐƚŽƌƐƚŽĐŽŶƐŝĚĞƌƌĞůĂƟŶŐƚŽŐƵŝĚŝŶŐĨƵƚƵƌĞĞdžƉĂŶƐŝŽŶ͘dŚĞƉƌŽƉŽƐĞĚ ĐŽŶĐĞƉƚƌĞŇĞĐƚƐĐŽŶƐŝĚĞƌĂƟŽŶŽĨĞdžŝƐƟŶŐƉŽůŝĐLJĚŽĐƵŵĞŶƚƐ͕ƉƌŝŶĐŝƉůĞƐŽĨ^ŵĂƌƚ'ƌŽǁƚŚ͕ĂŶĚƚŚĞƉƌŽƉŽƐĞĚ^ƵďͲ ZĞŐŝŽŶĂůƉůĂŶ͘dŚĞŶƵŵďĞƌƐŝŶĚŝĐĂƚĞĚŽŶĞĂĐŚŶĞŝŐŚďŽƵƌŚŽŽĚƵŶŝƚƌĞůĂƚĞƚŽďŽƚŚƚŚĞůĞǀĞůŽĨƉƌŝŽƌŝƚLJĂŶĚƌĞŐƵůĂͲ ƟŽŶ͘ĂĐŚŝƐĚĞƐĐƌŝďĞĚĂƐĨŽůůŽǁƐ 4.4.6.1 Tier 1: Traditional Town Centre

ͻ KƌŝŐŝŶĂůůLJĚĞƐŝŐŶĞĚĂƚĂƟŵĞǁŚĞƌĞƚŚĞŵŽĚĞůŽĨƚŚĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚǁĂƐĂƐƐƵŵĞĚ͕ƚŚŝƐĂƌĞĂĂůƌĞĂĚLJŚĂƐ ƚŚĞĂƉƉƌŽƉƌŝĂƚĞƐƚƌƵĐƚƵƌĞ͕ ďƵƚƐƵīĞƌƐĨƌŽŵƚŚĞŝŵƉŽƐŝƟŽŶŽĨĂƵƚŽŵŽďŝůĞͲĨŽĐƵƐĞĚĚĞƐŝŐŶƐƚĂŶĚĂƌĚƐĂŶĚƚŚĞ ƐLJƐƚĞŵŽĨƐĞŐƌĞŐĂƚĞĚƵƐĞͲďĂƐĞĚůĂŶĚƵƐĞƌĞŐƵůĂƟŽŶƐ͘

ͻ dŚĞŝŶĮůůŝŶŐ͕ŝŶƚĞŶƐŝĮĐĂƟŽŶ͕ŵĂŝŶƚĞŶĂŶĐĞŽĨŽĂůĚĂůĞ͛ƐƚƌĂĚŝƟŽŶĂůƚŽǁŶŐƌŝĚƐŚŽƵůĚďĞƚŚĞĮƌƐƚƉƌŝŽƌŝƚLJ͘

ͻ dŚĞƌĞŐƵůĂƟŽŶƐĨŽƌdŝĞƌKŶĞƐŚŽƵůĚƐƵƉƉŽƌƚ͕ĞŶĨŽƌĐĞ͕ĂŶĚĞŶƟƚůĞƚŚĞƚƌĂĚŝƟŽŶĂůŐƌŝĚŽĨŽĂůĚĂůĞƚŽĨƵůůLJƌĞĂůŝnjĞ ϯϬ ͮപ/Ed'Zds>KWDEd^dZd'z

ĂŶĚŝŶƚĞŶƐŝĨLJĂůŽŶŐƚŚĞƉƌŝŶĐŝƉĂůƐŽĨŝƚƐŝŶŶĂƚĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚƐƚƌƵĐƚƵƌĞ͘ 4.4.6.2 Tier 2: Currently Approved ASPs

ͻ dŚĞƐĞĐŽŶĚƟĞƌŝƐĚĞĮŶĞĚďLJŵŽƌĞƌĞĐĞŶƚůLJĂƉƉƌŽǀĞĚƐƵďĚŝǀŝƐŝŽŶƐďĂƐĞĚĨƵůůLJŽŶƚŚĞĂƵƚŽŵŽďŝůĞŽƌŝĞŶƚĞĚƌĞŐƵůĂͲ ƟŽŶƐŽĨƚŚĞůĂƐƚĐĞŶƚƵƌLJ͘

ͻ dŚĞƉůĂŶƐĨŽƌƚŚĞƐĞĂƌĞĂƐĂƌĞĞƐƚĂďůŝƐŚĞĚƚŚƌŽƵŐŚƌĞĂ^ƚƌƵĐƚƵƌĞWůĂŶƐĂŶĚĂƌĞĞŶƟƚůĞĚƚŽďƵŝůĚŽƵƚĂĐĐŽƌĚŝŶŐƚŽ ƚŚĞƐĞƉůĂŶƐ͘

ͻ tŚŝůĞŵĂŶLJŽĨƚŚĞƐĞƐƵďĚŝǀŝƐŝŽŶƐĂƌĞƉĂƌƟĂůůLJŽƌƐƵďƐƚĂŶƟĂůůLJĐŽŵƉůĞƚĞ͕ƚŚĞƌĞĂƌĞŵĂŶLJƵŶďƵŝůƚĂƌĞĂƐƚŚĂƚ ŵŝŐŚƚďĞŶĞĮƚĨƌŽŵ^WĂŵĞŶĚŵĞŶƚƐƚŚĂƚĂůŝŐŶƚŚĞŵŵŽƌĞĐůŽƐĞůLJƚŽƚŚĞƉĂƩĞƌŶŽĨƚŚĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚ͘

ͻ /ŶƚŚĞĞǀĞŶƚƚŚĂƚƚŚĞƌĞŝƐĂĚĞƐŝƌĞŽƌĚŝƌĞĐƚƌĞĐŽŵŵĞŶĚĂƟŽŶĨŽƌĂĚĞǀĞůŽƉŵĞŶƚƚŽĐŚĂŶŐĞŝŶƌĞƐƉŽŶƐĞƚŽƚŚĞ EĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚŵŽĚĞů͕ŝƚƐŚŽƵůĚďĞĂůůŽǁĞĚĂŶĚĞǀĞŶĞŶĐŽƵƌĂŐĞĚƚŽĚŽƐŽďLJƌŝŐŚƚ͕ǁŚĞŶĂƉƉƌŽƉƌŝĂƚĞ͘

ͻ ĞĐĂƵƐĞŽĨƚŚĞŝƌƉƌŽdžŝŵŝƚLJƚŽĞdžŝƐƟŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚĞŶƟƚůĞŵĞŶƚƐĐƵƌƌĞŶƚůLJŝŶƉůĂĐĞ͕ƚŚĞƐĞĂƌĞĂƐƐŚŽƵůĚŚĂǀĞ ĂŚŝŐŚƉƌŝŽƌŝƚLJĨŽƌƵƌďĂŶĞdžƉĂŶƐŝŽŶƌĞŐĂƌĚůĞƐƐŽĨƚŚĞƵƌďĂŶƉĂƩĞƌŶ͘ 4.4.6.3 Tier 3: Immediate Urban Expansion

ͻ dŚĞ ƚŽǁŶ ƐŚŽƵůĚ ĞdžƉĂŶĚ ŝŶƚŽ ŶĞǁ ĂƌĞĂƐ ďĂƐĞĚ ŽŶ ƚŚĞ /ŶĐƌĞŵĞŶƚ ŽĨ ƚŚĞ EĞŝŐŚďŽƵƌŚŽŽĚ hŶŝƚ ĂƐ ĞƐƚĂďůŝƐŚĞĚ ƚŚƌŽƵŐŚĂŶĂƉƉƌŽǀĞĚ^WŽĨŽŶĞŽƌŵŽƌĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚƐ͘

ͻ dŚĞƚŚŝƌĚdŝĞƌƌĞŇĞĐƚƐůŽŐŝĐĂůŝŵŵĞĚŝĂƚĞĞdžƉĂŶƐŝŽŶďĂƐĞĚŽŶƚŚĞdŽǁŶ͛ƐŵĂũŽƌĐŽƌƌŝĚŽƌƐͲŝŶĐůƵĚŝŶŐƚŚĞdŽǁŶ͛Ɛ ĐƌŽƐƐƌŽĂĚƐƉƌŽƉŽƐĞĚŝŶƚŚĞ^ƵďͲZĞŐŝŽŶĂůWůĂŶ͕ƉƌŽdžŝŵŝƚLJƚŽĞdžŝƐƟŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚƐĞƌǀŝĐĞƐ͕ĂŶĚŽƚŚĞƌĨĂĐͲ ƚŽƌƐ͘

ͻ dŚĞŶĞŝŐŚďŽƵƌŚŽŽĚĞdžƉĂŶƐŝŽŶƚŽƚŚĞǁĞƐƚƌĞŇĞĐƚƐůĂŶĚŽǁŶĞƌŝŶŝƟĂƟǀĞĐŽŝŶĐŝĚŝŶŐǁŝƚŚĞdžƉĂŶƐŝŽŶĂůŽŶŐĂŵĂũŽƌ ĐŽƌƌŝĚŽƌĂŶĚŝŶƉƌŽdžŝŵŝƚLJƚŽĞdžŝƐƟŶŐƐĞƌǀŝĐĞƐ͘dŚŝƐŶĞŝŐŚďŽƵƌŚŽŽĚƐŚŽƵůĚĨŽƌŵĂǁĞƐƚĞƌŶƚŽǁŶŐĂƚĞǁĂLJĂŶĚ ĂƵŶŝƋƵĞƵƌďĂŶͲĂŐƌŝĐƵůƚƵƌĂůŝŶƚĞƌĨĂĐĞǁŝƚŚƚŚĞƉƌŽƉŽƐĞĚƌƵƌĂůŐƌĞĞŶǁĂLJƉƌŽƉŽƐĞĚďĞƚǁĞĞŶƚŚĞƚŽǁŶĂŶĚƚŚĞ ŐƌŝĐƵůƚƵƌĂůͲ/ŶĚƵƐƚƌŝĂůĞŶƚƌĞ͘tŝƚŚƐĞŶƐŝƟǀĞƉůĂŶŶŝŶŐ͕ƚŚŝƐŶĞŝŐŚďŽƵƌŚŽŽĚĂůƐŽ͞ĐŽŵƉůĞƚĞƐ͟ƚŚĞĚŝƐĐŽŶŶĞĐƚĞĚ ůŽǁĚĞŶƐŝƚLJƌĞƐŝĚĞŶƟĂůƉĂƌĐĞůƐŽŶƚŚĞǁĞƐƚĞƌŶĞĚŐĞŽĨƚŽǁŶ͘

ͻ dŚĞŶĞŝŐŚďŽƵƌŚŽŽĚĞdžƉĂŶƐŝŽŶƚŽƚŚĞƐŽƵƚŚƌĞƐƉŽŶĚƐƚŽƐƚƌĞŶŐƚŚĞŶŝŶŐƚŚĞŶŽƌƚŚͲƐŽƵƚŚĂdžŝƐŽĨƚŚĞƚŽǁŶĂůŽŶŐƚŚĞ ƉƌŽƉŽƐĞĚĐƌŽƐƐƌŽĂĚƐ͘dŚŝƐĞdžƉĂŶƐŝŽŶƉƌŽƉŽƐĞƐĂŶĚĂůƚĞƌŶĂƟǀĞƚŽƚŚĞĐƵƌƌĞŶƚůLJƉƌŽƉŽƐĞĚƵƌďĂŶĞdžƉĂŶƐŝŽŶƚŽƚŚĞ ŶŽƌƚŚǁĞƐƚƚŚĂƚŝƐĞŶĐƵŵďĞƌĞĚďLJƚŚĞZĂŝůĐƌŽƐƐŝŶŐ͕ĂŶĚŝƐƉƌŽƉŽƐĞĚĂƐĂǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĂƌĞĂĂƐƉĂƌƚŽĨƚŚĞ /^ǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƐƚƌĂƚĞŐLJ͘

ͻ ŶĞŝŐŚďŽƵƌŚŽŽĚƚŽƚŚĞĞĂƐƚƐŚŽƵůĚĂůƐŽďĞĐŽŶƐŝĚĞƌĞĚĂůŽŶŐƚŚĞĞĂƐƚͲǁĞƐƚĂdžŝƐŽĨƚŚĞƚŽǁŶĐƌŽƐƐƌŽĂĚƐ͘

ͻ dŚĞƚŚŝƌĚdŝĞƌƐŚŽƵůĚďĞŚĞůĚƚŽƚŚĞĨƵůůƐƚĂŶĚĂƌĚƐŽĨƚŚĞŵŽĚĞůEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚ͘ 4.4.6.4 Tier 4: Future Urban Expansion

ͻ dŚĞĨŽƵƌƚŚdŝĞƌŝƐƚŚĞŵŽƐƚŇĞdžŝďůĞ͕ďƵƚŝůůƵƐƚƌĂƚĞƐůŽŐŝĐĂůĨƵƚƵƌĞĞdžƉĂŶƐŝŽŶĨŽůůŽǁŝŶŐƐƵďƐƚĂŶƟĂůďƵŝůĚͲŽƵƚŽĨƟĞƌ ϯ͘

ͻ dŚĞĨŽƵƌƚŚdŝĞƌƐŚŽƵůĚďĞƌĞĐŽŶƐŝĚĞƌĞĚĂŶĚĐŽŶĮƌŵĞĚĂƐƉĂƌƚŽĨĂĨƵƚƵƌĞƉůĂŶŶŝŶŐƉƌŽĐĞƐƐ͘

ͻ dŚĞĨŽƵƌƚŚdŝĞƌƐŚŽƵůĚďĞŚĞůĚƚŽƚŚĞĨƵůůƐƚĂŶĚĂƌĚƐŽĨƚŚĞŵŽĚĞůEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚ͘ƚƚŚŝƐƟŵĞ͕ŝƚŝƐůŝŬĞůLJƚŚĂƚ ƚŚĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚƐƚĂŶĚĂƌĚƐƐŚŽƵůĚĂůƐŽďĞƌĞǀŝĞǁĞĚƚŽƌĞŇĞĐƚĨƵƚƵƌĞĐŽŶĚŝƟŽŶƐ͘

ϰ͘ϰ͘ϳEŽƌƚŚĞĂƐƚ/ŶĚƵƐƚƌŝĂů

ĞĐĂƵƐĞŽĨƚŚĞĞdžŝƐƟŶŐƚƌĂŝŶŝŶƚĞƌĨĂĐĞĂŶĚŝŵŵĞĚŝĂƚĞĂĐĐĞƐƐƚŽƚŚĞĨƵƚƵƌĞ,ŝŐŚǁĂLJϯͬĂŶĂŵĞdžĚĞǀĞůŽƉŵĞŶƚĂůŽŶŐ ƚŚĞĂdžŝƐŽĨƚŚĞƚŽǁŶĐƌŽƐƐƌŽĂĚƐ͘>ŝŬĞƚŚĞŐƌŝĐƵůƚƵƌĂůͲ/ŶĚƵƐƚƌŝĂůĞŶƚƌĞ͕ƚŚĞEŽƌƚŚĞĂƐƚ/ŶĚƵƐƚƌŝĂůĂƌĞĂĐŽƵůĚďĞŶĞĮƚ ĨƌŽŵĂƌĂŝůƐƉƵƌƌŝŐŚƚŽĨǁĂLJ͘/ƚǁŽƵůĚĂůƐŽďĞŶĞĮƚĨƌŽŵĂƌĞĨƌĞƐŚĞĚŵĂƌŬĞƚƉŽƐŝƟŽŶŝŶŐĂƐĂĨƵůůLJƐĞƌǀŝĐĞĚŝŶĚƵƐƚƌŝĂů ŶĞŝŐŚďŽƵƌŚŽŽĚ͘>ĂƐƚůLJ͕ŝŶƚĞƌŵƐŽĨĚĞƐŝŐŶƐƚĂŶĚĂƌĚƐ͕ƚŚĞdŽǁŶƐŚŽƵůĚĐŽŶƐŝĚĞƌĂƐƉĞĐƚƐŽĨƚŚĞƉƌŽƉŽƐĞĚƌŽdžďƵƌŶ ĞŶƚƌĞ͕ŝŶĐůƵĚŝŶŐĂŵŽƌĞǁĂůŬĂďůĞƐƚƌĞĞƚŽƌŝĞŶƚĞĚŝŶƚĞƌĨĂĐĞǁŝƚŚ,ŝŐŚǁĂLJϯĂŶĚƐĞůĞĐƚŝŶƚĞƌŶĂůƐƚƌĞĞƚƐ͕ĂŶĚŝĚĞŶƟĮͲ ĐĂƟŽŶŽĨĂĐĞŶƚƌĂůƉƵďůŝĐƐƉĂĐĞǁŝƚŚĐŽŵƉůŝŵĞŶƚĂƌLJƵƐĞƐ͘ /Ed'Zds>KWDEd^dZd'z | 31

ϰ͘ϰ͘ϴEŽƌƚŚǁĞƐƚtĂƚĞƌDĂŶĂŐĞŵĞŶƚĞŶƚƌĞ

Ɛ ƉƌŽƉŽƐĞĚ ďLJ ƚŚĞ /^ ƐƚƵĚLJ͕ ƚŚĞ ŶŽƌƚŚǁĞƐƚ ƋƵĂĚƌĂŶƚ ŽĨ ŽĂůĚĂůĞ ŝƐ ŝĚĞŶƟĮĞĚ ĂƐ Ă ŬĞLJ ĐŽŵƉŽŶĞŶƚ ŽĨ ƚŚĞ ŽǀĞƌĂůů ǁĂƚĞƌ ŵĂŶĂŐĞŵĞŶƚ ƐƚƌĂƚĞŐLJ ĨŽƌ ƚŚĞ ƐƵďͲƌĞŐŝŽŶ͘ hƐŝŶŐ ƚŚĞ ŝƌĚƐ ŽĨ WƌĞLJ ǁĞƚůĂŶĚ ĐŽŵƉůĞdž ĂƐ Ă ƐƵĐĐĞƐƐĨƵů ŵŽĚĞů ĨŽƌ ĞŵƵůĂƟŽŶ͕ ƚŚĞ ĂƌĞĂ ŝƐ ƉƌŽƉŽƐĞĚ ƚŽ ĞdžƉĂŶĚ ƚŚĞ ǁĞƚůĂŶĚ ĐŽŵƉůĞdž ĨŽƌ ƌĞŐŝŽŶĂů ƚƌĞĂƚŵĞŶƚ ĂŶĚ ƐƚŽƌĂŐĞ͘  ǁĂƚĞƌ ƌĞƐĞƌͲ ǀŽŝƌ ĂŶĚ ŽƚŚĞƌ ŵĂŶĂŐĞŵĞŶƚ ĨĂĐŝůŝƟĞƐ ĂƌĞ ĂůƐŽ ĐŽŶƚĞŵƉůĂƚĞĚ͘

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KƌŝŐŝŶĂůůLJĚĞƌŝǀĞĚĨƌŽŵƚŚĞƐƚƵĚLJŽĨĞĐŽůŽŐLJ͕ƚŚĞdƌĂŶƐĞĐƚŝƐĂĐŽŶƟŶƵƵŵŽĨƐĞƩůĞŵĞŶƚŝŶƚĞŶƐŝƚLJĨƌŽŵƚŚĞŵŽƐƚ ŶĂƚƵƌĂůͬƌƵƌĂůƚŽƚŚĞŵŽƐƚƵƌďĂŶ;ƐŚŽǁŶŝŶĮŐƵƌĞdždždžͿ͘tŚĞŶƚŚŝƐĐŽŶƟŶƵƵŵŝƐĚŝǀŝĚĞĚŝŶƚŽnjŽŶĞƐ͕ƚŚĞdƌĂŶƐĞĐƚďĞͲ ĐŽŵĞƐĂƉŽǁĞƌĨƵůƌĞŐƵůĂƚŽƌLJůĂŶĚƵƐĞŝŶƐƚƌƵŵĞŶƚ͘dŚĞƐŝdžďĂƐŝĐƚƌĂŶƐĞĐƚnjŽŶĞƐƌĞƉƌĞƐĞŶƚƐŝdžĚŝƐƟŶĐƚĞŶǀŝƌŽŶŵĞŶƚƐ͕ ĨŽƌǁŚŝĐŚĞĂĐŚƵƌďĂŶĞůĞŵĞŶƚĐĂŶďĞĐŽĚĞĚƚŽŝƚƐĂƉƉƌŽƉƌŝĂƚĞĐŽŶƚĞdžƚ͘dŚŝƐŝŶĐůƵĚĞƐŶŽƚŽŶůLJƐĞƚďĂĐŬƐĂŶĚďƵŝůĚŝŶŐ ϯϮ ͮപ/Ed'Zds>KWDEd^dZd'z

ŚĞŝŐŚƚƐ͕ďƵƚĞůĞŵĞŶƚƐƐƵĐŚĂƐůŝŐŚƟŶŐ͕ůĂŶĚƐĐĂƉĞ͕ƐŝŐŶĂŐĞ͕ĂŶĚƐƚƌĞĞƚƚLJƉĞƐ͘ŶĚĂůƚŚŽƵŐŚƚŚĞƌĞĂƌĞŵĂŶLJĐŽŵŵŽŶ ƉĂƩĞƌŶƐĨŽƵŶĚƚŚƌŽƵŐŚŽƵƚĐŽƵŶƚƌŝĞƐ͕ƉƌŽǀŝŶĐĞƐ͕ĂŶĚƌĞŐŝŽŶƐ͕ĞĂĐŚƉůĂĐĞŚĂƐƵŶŝƋƵĞĐůŝŵĂĐƟĐ͕ĐƵůƚƵƌĂů͕ŚŝƐƚŽƌŝĐĂů͕ ĂŶĚůŽĐĂůŝŶĚƵƐƚƌLJĚŝīĞƌĞŶĐĞƐƚŚĂƚƌĞƋƵŝƌĞƚŚĞƚƌĂŶƐĞĐƚƚŽďĞĐƵƐƚŽŵŝnjĞĚ͕ŽƌůŽĐĂůůLJ͞ĐĂůŝďƌĂƚĞĚ͘͟dŚĞƚƌĂŶƐĞĐƚ ĚĞƐĐƌŝďĞĚŝŶƚŚĞƐƵďƐĞƋƵĞŶƚƐĞĐƟŽŶŚĂƐďĞĞŶĐƵƐƚŽŵŝnjĞĚĨŽƌƚŚĞƌƵƌĂůůďĞƌƚĂĐŽŶƚĞdžƚĂŶĚĨŽƌŵƐƚŚĞĨƵŶĚĂŵĞŶƚĂů ŽƌŐĂŶŝnjŝŶŐŵĞĐŚĂŶŝƐŵĨŽƌƚŚĞĚĞƐŝŐŶŽĨƚŚĞ,ĂŵůĞƚWůĂŶ͕ƚŚĞ>ĂŶĚhƐĞŚĂƌĂĐƚĞƌĂŶĚ^ƚĂŶĚĂƌĚƐǁŝƚŚŝŶƚŚĞ,ĂŵůĞƚ WůĂŶ͕ĂŶĚƚŚĞĂƐƐŽĐŝĂƚĞĚ,ĂŵůĞƚ>ĂŶĚhƐĞŝƐƚƌŝĐƚƐ͘ dŚĞ^ŵĂƌƚŽĚĞ͗ĂƐŝƐĨŽƌ&ŽƌŵͲĂƐĞĚZĞŐƵůĂƟŽŶ dŚĞƉƌŽƉŽƐĞĚĨŽƌŵͲďĂƐĞĚůĂŶĚƵƐĞƌĞŐƵůĂƟŽŶƐĨŽƌĂŵŽĚĞůůďĞƌƚĂĐŽĚĞƵƟůŝnjĞĐŽŵƉŽŶĞŶƚƐŽĨĂŶĂĚǀĂŶĐĞĚŵŽĚĞů ^ŵĂƌƚ'ƌŽǁƚŚƌĞŐƵůĂƟŽŶĐĂůůĞĚƚŚĞ^ŵĂƌƚŽĚĞ͘dŚĞ^ŵĂƌƚŽĚĞŝƐĂĐŽŵƉƌĞŚĞŶƐŝǀĞƚƌĂŶƐĞĐƚͲďĂƐĞĚĐŽĚĞƌĞƉƌĞͲ ƐĞŶƟŶŐƚŚĞƐƵŵǁŝƐĚŽŵŽĨŽǀĞƌƚǁŽĚĞĐĂĚĞƐŽĨƌĞƐĞĂƌĐŚĂŶĚĚĞǀĞůŽƉŵĞŶƚĨŽĐƵƐĞĚŽŶĐƌĞĂƟŶŐƐƵƐƚĂŝŶĂďůĞĂůƚĞƌŶĂͲ ƟǀĞƐƚŽĐŽŶǀĞŶƟŽŶĂůůĂŶĚͲƵƐĞƉĂƩĞƌŶƐ͕ĂŶĚŝƐƚŚĞŵŽƐƚĐŽŵƉƌĞŚĞŶƐŝǀĞĂŶĚǁĞůůĚĞǀĞůŽƉĞĚŵŽĚĞůĐŽĚĞŽĨŝƚƐŬŝŶĚ͘ dŚĞ^ŵĂƌƚŽĚĞǁĂƐŽƌŝŐŝŶĂůůLJŽƌŐĂŶŝnjĞĚĂŶĚĚĞǀĞůŽƉĞĚƚŚƌŽƵŐŚƚŚĞĞīŽƌƚƐŽĨƵĂŶLJWůĂƚĞƌͲLJďĞƌŬΘŽŵƉĂŶLJ͕ǁŚŽ ĂŌĞƌƌĞĮŶŝŶŐƚŚĞĐŽĚĞƚŚƌŽƵŐŚƐĞǀĞƌĂůƉĂƌƚŶĞƌĚŝƐĐŝƉůŝŶĞƐĂŶĚƉƌŽĨĞƐƐŝŽŶĂůƐ͕ƌĞůĞĂƐĞĚƚŚĞĐŽĚĞĨƌĞĞůLJƚŽƚŚĞƉƵďůŝĐ ƌĞĂůŵ͘

ϰ͘ϰ͘ϭϬŽĂůĚĂůĞ͛Ɛ&ŽƌŵͲĂƐĞĚ>ĂŶĚhƐĞŝƐƚƌŝĐƚƐ dŽŝŵƉůĞŵĞŶƚƚŚĞŵŽĚĞůEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚ͕ŝƚƐƌĞĐŽŵŵĞŶĚĞĚƚŚĂƚƚŚĞdŽǁŶĞdžƉůŽƌĞĂĐŽŵƉƌĞŚĞŶƐŝǀĞĨŽƌŵ ďĂƐĞĚůĂŶĚƵƐĞƌĞŐƵůĂƟŽŶƚŚĂƚŝŶƚĞŐƌĂƚĞƐŶĞŝŐŚďŽƵƌŚŽŽĚĚĞƐŝŐŶ͕ĂƉƉƌŽƉƌŝĂƚĞƐƚƌĞĞƚƐƚĂŶĚĂƌĚƐ͕ĂŶĚǁĂƚĞƌŵĂŶĂŐĞͲ ŵĞŶƚƐƚĂŶĚĂƌĚƐ͘/ŶƚŚĞĨƵƚƵƌĞ͕ƚŚĞƐĞƌĞŐƵůĂƟŽŶƐĐĂŶĂůƐŽŝŶƚĞŐƌĂƚĞƐƚĂŶĚĂƌĚƐĨŽƌůĂŶĚƐĐĂƉĞĚĞƐŝŐŶ͕ŐƌĞĞŶŝŶĨƌĂͲ ƐƚƌƵĐƚƵƌĞ͕ĂƌĐŚŝƚĞĐƚƵƌĞ͕ĂŶĚŶƵŵĞƌŽƵƐŽƚŚĞƌĚŝƐĐŝƉůŝŶĞƐ͘ dŽĂĐŚŝĞǀĞƚŚŝƐ͕ƚŚƌĞĞĨŽƌŵͲďĂƐĞĚĚŝƐƚƌŝĐƚƐĂƌĞƉƌŽƉŽƐĞĚ͘/ŶƚĞŐƌĂƚĞĚŝŶƚŽŶĞŝŐŚďŽƵƌŚŽŽĚĚĞƐŝŐŶŐƵŝĚĞůŝŶĞƐ͕ƌĞƋƵŝƌͲ ŝŶŐĂŵŝŶŝŵƵŵƉĞƌĐĞŶƚĂŐĞŽĨĞĂĐŚĚŝƐƚƌŝĐƚǁŝƚŚŝŶĂŶĞŝŐŚďŽƵƌŚŽŽĚĞŶƐƵƌĞƐƚŚĂƚƚŚĞŶĞŝŐŚďŽƵƌŚŽŽĚǁŝůůďĞ͞ĐŽŵͲ ƉůĞƚĞ͟ǁŝƚŚĂƌĂŶŐĞŽĨƵƐĞƐĂŶĚŚŽƵƐŝŶŐƚLJƉĞƐ͘ĂĐŚĚŝƐƚƌŝĐƚƌĞƉƌĞƐĞŶƚƐĂĚŝīĞƌĞŶƚŝŶƚĞŶƐŝƚLJĂŶĚĐŚĂƌĂĐƚĞƌĂůŽŶŐ ƚŚĞƌƵƌĂůͲƵƌďĂŶƚƌĂŶƐĞĐƚĂŶĚŚĂƐƐƚĂŶĚĂƌĚƐĂƉƉƌŽƉƌŝĂƚĞƚŽĞĂĐŚ͘ƐŝůůƵƐƚƌĂƚĞĚǁŝƚŚŝŶƚŚĞdŽǁŶƉůĂŶ͕ƚŚĞƉƌŽƉŽƐĞĚ ĨŽƌŵͲďĂƐĞĚůĂŶĚƵƐĞĚŝƐƚƌŝĐƚƐĂƌĞƉƌŽƉŽƐĞĚĂƐĨŽůůŽǁƐ͗

ͻ dϯ^ƵďͲhƌďĂŶ͗dŚĞ^ƵďͲhƌďĂŶŝƐƚƌŝĐƚŝƐƚŚĞůĞĂƐƚŝŶƚĞŶƐĞĚŝƐƚƌŝĐƚǁŝƚŚŝŶƚŚĞ,ĂŵůĞƚEĞŝŐŚďŽƵƌŚŽŽĚ͕ƉƌŝŵĂƌŝůLJ ĐŚĂƌĂĐƚĞƌŝnjĞĚďLJƐŝŶŐůĞĨĂŵŝůLJƌĞƐŝĚĞŶƟĂůǁŝƚŚĨƌŽŶƚLJĂƌĚƐĂŶĚĂƩĂĐŚĞĚŽƌƌĞĂƌŐĂƌĂŐĞƐ͘,ŽŵĞŽĐĐƵƉĂƟŽŶƐ͕ĐŝǀŝĐ ƌĞůŝŐŝŽƵƐďƵŝůĚŝŶŐƐ͕ĂŶĚŵŝŶŽƌůŽĚŐŝŶŐƵƉƚŽĮǀĞƌŽŽŵƐŝƐĂůƐŽĂůůŽǁĞĚ͘ŶĐŽŵƉĂƐƐĞƐZͲϭĂŶĚZͲϭ͘

ͻ dϰ'ĞŶĞƌĂůhƌďĂŶ͗ŵŝdžĞĚƌĞƐŝĚĞŶƟĂůĚŝƐƚƌŝĐƚƚŚĂƚŝƐƚŚĞƉƌĞĚŽŵŝŶĂŶƚĚŝƐƚƌŝĐƚǁŝƚŚŝŶƚŚĞEĞŝŐŚďŽƵƌŚŽŽĚƵŶŝƚ͘ ^ƚƌĞĞƚͲŽƌŝĞŶƚĞĚďƵŝůĚŝŶŐƚLJƉĞƐŝŶĐůƵĚĞƐŝŶŐůĞĨĂŵŝůLJƌĞƐŝĚĞŶƟĂů͕ƐĞŵŝͲĚĞƚĂĐŚĞĚŚŽƵƐĞ͕ƌŽǁŚŽƵƐĞƐ͕ΘƐŵĂůů ŵƵůƟͲƵŶŝƚďƵŝůĚŝŶŐƐ͕ĂůůǁŝƚŚŶĂƌƌŽǁĨƌŽŶƚƐĞƚďĂĐŬƐĂŶĚƉĂƌŬŝŶŐŝŶƚŚĞƌĞĂƌ͘KƚŚĞƌƵƐĞƐŝŶĐůƵĚĞĐŽƌŶĞƌƐƚŽƌĞƐ͕ ŝŶƐƟƚƵƟŽŶĂů͕ĂŶĚŝŶŶƐ͘

ͻ dϱhƌďĂŶĞŶƚƌĞ͗hƌďĂŶĞŶƚƌĞŝƐƚŚĞŵŽƐƚƵƌďĂŶĚŝƐƚƌŝĐƚ͕ĐŚĂƌĂĐƚĞƌŝnjĞĚƉƌŝŵĂƌŝůLJďLJĮƌƐƚŇŽŽƌ͕ƐƚƌĞĞƚŽƌŝĞŶƚĞĚ ĐŽŵŵĞƌĐŝĂůǁŝƚŚƉŽƐƐŝďůĞĐŽŵŵĞƌĐŝĂůĂŶĚƌĞƐŝĚĞŶƟĂůƵƉƉĞƌƐƚŽƌŝĞƐ͘KƚŚĞƌƵƐĞƐŝŶĐůƵĚĞƐŵĂůůŵƵůƟͲƵŶŝƚďƵŝůĚͲ ŝŶŐƐ͕ŝŶƐƟƚƵƟŽŶĂů͕ŽĸĐĞďƵŝůĚŝŶŐƐ͕ĂŶĚůŽĚŐŝŶŐ͘dŚŝƐĚŝƐƚƌŝĐƚǁŽƵůĚďĞĂƉƉůŝĐĂďůĞƚŽƚŚĞŽǁŶƚŽǁŶ͕ĂŶĚƚŽĂĐͲ ĐŽŵŵŽĚĂƚĞůŽĐĂůĐŽŵŵĞƌĐŝĂůŝŶĞĂĐŚŶĞŝŐŚďŽƵƌŚŽŽĚ͘/ŶďŽƚŚĂĐŽŵŵĞƌĐŝĂůĂŶĚƌĞƐŝĚĞŶƟĂůĐŽŶĮŐƵƌĂƟŽŶ͕ŝƚŝƐ ĂůƐŽŝĚĞĂůĨŽƌĨƌŽŶƟŶŐŽŶƚŽŵĂũŽƌƐƚƌĞĞƚƐ͕ƉĂƌƟĐƵůĂƌůLJƚŚĞĐƌŽƐƐƌŽĂĚƐĂdžŝƐŽĨ,ŝŐŚǁĂLJϯĂŶĚϮϬƚŚ^ƚƌĞĞƚ͘

ϰ͘ϰ͘ϭϭtĂƚĞƌ/ŶƚĞŐƌĂƟŽŶ dŚĞƉƌŽƉŽƐĞĚ/^ǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵŝƐŝŶƚĞŐƌĂƚĞĚǁŝƚŚŝŶƚŚĞ/^ĂƚƚǁŽƉƌŝŵĂƌLJƐĐĂůĞƐ͗

ͻ EĞŝŐŚďŽƌŚŽŽĚ^ĐĂůĞ͗ƚƚŚĞŶĞŝŐŚďŽƵƌŚŽŽĚƐĐĂůĞ͕ƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚŝƐĮƌƐƚĂĚĚƌĞƐƐĞĚďLJĚĞĐƌĞĂƐŝŶŐ ŽǀĞƌĂůůƐƚŽƌŵǁĂƚĞƌŐĞŶĞƌĂƟŽŶƉĞƌĐĂƉŝƚĂƚŚƌŽƵŐŚŚŝŐŚĞƌĚĞŶƐŝƟĞƐĂŶĚĂƌĞĚƵĐƟŽŶŽĨĂƵƚŽŵŽďŝůĞŝŶĨƌĂƐƚƌƵĐͲ ƚƵƌĞ͘KŶĐĞĂŐĂŝŶĞŵƵůĂƟŶŐƚŚĞƐƵĐĐĞƐƐŽĨƚŚĞŝƌĚƐŽĨWƌĞLJǁĞƚůĂŶĚĐŽŵƉůĞdž͕ŝŶƚĞƌĐŽŶŶĞĐƚĞĚŽǀĞƌůĂŶĚĚƌĂŝŶĂŐĞ ĨĂĐŝůŝƟĞƐĂŶĚǁĞƚůĂŶĚƐƉƌŽǀŝĚĞŶĂƚƵƌĂůŐƌĞĞŶǁĂLJƐLJƐƚĞŵƐďĞƚǁĞĞŶĂŶĚƐŽŵĞƟŵĞƐǁŝƚŚŝŶEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚƐ͘ tĂƚĞƌŵĂŶĂŐĞŵĞŶƚĂƌĞĂƐǁŝƚŚŝŶŶĞŝŐŚďŽƌŚŽŽĚƐƐŚŽƵůĚďĞŝŶƚĞŐƌĂƚĞĚĂƐŐƌĞĞŶƐƉĂĐĞĂŵĞŶŝƟĞƐ͘

ͻ >ŽĐĂů^ĐĂůĞ͗ƚƚŚĞůŽĐĂůƐĐĂůĞŽĨƚŚĞďůŽĐŬĂŶĚďƵŝůĚŝŶŐ͕ǁĂƚĞƌƐƚĂŶĚĂƌĚƐĨŽƌƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚƉƌŝǀĂƚĞ ůŽƚƐĐĂŶďĞĂƉƉůŝĞĚƚŽĨŽƌŵͲďĂƐĞĚůĂŶĚƵƐĞĚŝƐƚƌŝĐƚƐĂƉƉƌŽƉƌŝĂƚĞƚŽƚŚĞŝƌůĞǀĞůŽĨƵƌďĂŶŝƐŵĂůŽŶŐƚŚĞƚƌĂŶƐĞĐƚ͘ >ŽǁĞƌĚĞŶƐŝƟĞƐƐŚŽƵůĚŚĂǀĞŵŽƌĞƐƚƌŝŶŐĞŶƚŽŶͲƐŝƚĞƐƚĂŶĚĂƌĚƐ͕ǁŚĞƌĞŚŝŐŚĞƌŝŶƚĞŶƐŝƟĞƐŵĂLJŝŶĐŽƌƉŽƌĂƚĞĐŽͲ ŽƌĚŝŶĂƚĞĚĚŝƐƚƌŝĐƚͲǁŝĚĞƐŽůƵƟŽŶƐ͘tĂƚĞƌƐƚŽƌĂŐĞ͕ƵƐĂŐĞ͕ĂŶĚĐŽŶƐĞƌǀĂƟŽŶƐƚĂŶĚĂƌĚƐƐŚŽƵůĚĂůƐŽďĞĞƐƚĂďůŝƐŚĞĚ͘

ϰ͘ϰ͘ϭϮ^ƉĞĐŝĮĐEĞŝŐŚďŽƵƌŚŽŽĚĞƐŝŐŶZĞĐŽŵŵĞŶĚĂƟŽŶƐ /Ed'Zds>KWDEd^dZd'z | 33

ĂƐĞĚŽŶƚŚĞŵŽĚĞůEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚ͕ĂŶĚŝŵŵĞĚŝĂƚĞĚĞǀĞůŽƉŵĞŶƚŽƉƉŽƌƚƵŶŝƟĞƐ͕ƚŚĞĨŽůůŽǁŝŶŐƐƉĞĐŝĮĐĚĞƐŝŐŶ ƌĞĐŽŵŵĞŶĚĂƟŽŶƐĂƌĞƉƌŽƉŽƐĞĚ͗

ͻ ,ŝŐŚǁĂLJϯ/ŶƚĞƌĨĂĐĞtĞƐƚ͗dŚĞtĞƐƚŽĂůĚĂůĞ^WĚĞĮŶĞƐĂůĂƌŐĞůLJĂƵƚŽŵŽďŝůĞͲŽƌŝĞŶƚĞĚĚĞǀĞůŽƉŵĞŶƚǁŝƚŚ ƐƚƌŝĐƚůLJƐĞƉĂƌĂƚĞĚůĂŶĚƵƐĞƐ͘dŚŝƐĂƌĞĂƉƌŽǀŝĚĞƐĂƐŝŐŶŝĮĐĂŶƚ,ŝŐŚǁĂLJŽŵŵĞƌĐŝĂůĂƌĞĂƚŚĂƚǁŝůůĂůůŽǁĨŽƌ ĐŽŶǀĞŶƟŽŶĂůŶĂƟŽŶĂůƌĞƚĂŝůĞƌƐĂŶĚŽƚŚĞƌĐŽŵŵĞƌĐŝĂůƵƐĞƌƐƚŽĚĞǀĞůŽƉƐŝƚĞƐŽŶƚŚĞŝƌŵŽĚĞůƐƚƌŝƉͲĐŽŵŵĞƌĐŝĂů ĨŽƌŵĂƚ͘ƐĂŶĂůƚĞƌŶĂƟǀĞ͕ĂŵŽƌĞĂĞƐƚŚĞƟĐĂůůLJƉůĞĂƐŝŶŐĂŶĚƉĞĚĞƐƚƌŝĂŶĨƌŝĞŶĚůLJŝŶƚĞƌĨĂĐĞŝƐƉƌŽƉŽƐĞĚŽŶƚŚĞ ǁĞƐƚĞƌŶŶĞŝŐŚďŽƵƌŚŽŽĚƵŶŝƚĞdžƉĂŶƐŝŽŶƚŚƌŽƵŐŚƚŚĞƵƐĞŽĨĂŵƵůƟͲǁĂLJďŽƵůĞǀĂƌĚƐƚƌĞĞƚƐĞĐƟŽŶ͘dŚĞŵƵůƟͲǁĂLJ ďŽƵůĞǀĂƌĚĂůůŽǁƐĨŽƌŚŝŐŚĞƌƐƉĞĞĚƚƌĂĸĐƚŽĐŽŶƟŶƵĞŝŶĂĐĞŶƚĞƌůĂŶĞ͕ǁŝƚŚĂƐĞĐŽŶĚĂƌLJƉĂƌĂůůĞůƌŽĂĚƚŚĂƚĂůůŽǁƐ ĨŽƌŽŶͲƐƚƌĞĞƚƉĂƌŬŝŶŐ͕ĂĐŽŵŵĞƌĐŝĂůƐŝĚĞǁĂůŬ͕ĂŶĚĐŽŵŵĞƌĐŝĂůďƵŝůĚŝŶŐƐƚŽĨƌŽŶƚĚŝƌĞĐƚůLJŽŶƚŽƚŚĞƐŝĚĞǁĂůŬ͘

ƵŝůĚŝŶŐƐƐƵƌƌŽƵŶĚĞĚďLJƉĂƌŬŝŶŐůŽƚƐĂƌĞŚŽƐƟůĞƚŽƉĞĚĞƐƚƌŝĂŶƐ͘tŝƚŚĂƐŝĚĞĂĐĐĞƐƐůĂŶĞ͕ŵŝdžĞĚƵƐĞĂŶĚĐŽŵŵĞƌĐŝĂů ďƵŝůĚŝŶŐƐĐĂŶďĞƐƚƌĞĞƚŽƌŝĞŶƚĞĚǁŝƚŚĂĚĚŝƟŽŶĂůƉĂƌŬŝŶŐĂŶĚĚƌŝǀĞͲƚŚƌŽƵŐŚƐŝŶƚŚĞƌĞĂƌ͘;ŝŵĂŐĞďLJWΘŽ͘Ϳ

ŵƵůƟǁĂLJďŽƵůĞǀĂƌĚĂůůŽǁƐĨĂƐƚĞƌŵŽǀŝŶŐƚŚƌŽƵŐŚƚƌĂĸĐŝŶƚŚĞĐĞŶƚƌĞůĂŶĞƐ͕ǁŝƚŚĂƐůŽǁĞƌŵŽǀŝŶŐƐŝĚĞƐƚƌĞĞƚĨŽƌ ůŽĐĂůĂĐĐĞƐƐĂŶĚĐŽŵŵĞƌĐŝĂůƉĂƌŬŝŶŐ͘;/ŵĂŐĞŽƵƌƚĞƐLJhƌďĂŶĚǀĂŶƚĂŐĞͿ ϯϰ ͮപ/Ed'Zds>KWDEd^dZd'z

ͻ tĞƐƚŽĂůĚĂůĞ^W͗dŚĞtĞƐƚŽĂůĚĂůĞ^WƐŚŽƵůĚďĞƌĞĚĞƐŝŐŶĞĚƚŽĂĚŚĞƌĞŵŽƌĞĐůŽƐĞůLJƚŽƚŚĞŵŽĚĞůEĞŝŐŚͲ ďŽƵƌŚŽŽĚhŶŝƚĨŽƌƚŚŽƐĞĂƌĞĂƐŶŽƚĐƵƌƌĞŶƚůLJŝĚĞŶƟĮĞĚĂƐ͞,ŝŐŚǁĂLJŽŵŵĞƌĐŝĂů͘͟ŚĂŶŐĞƐǁŽƵůĚŝŶĐůƵĚĞďĞƩĞƌ ŝŶƚĞŐƌĂƟŽŶŽĨůĂŶĚƵƐĞƐ͕ĚĞĮŶŝƟŽŶŽĨƚŚĞĐĞŶƚƌĂůĚĞƚĞŶƟŽŶƉŽŶĚĂƐĂƐƋƵĂƌĞĨƌŽŶƚĞĚŽŶƚŽďLJƌŽǁŚŽƵƐĞƐ͕ĐŽŶͲ ŶĞĐƚĞĚƌŽĂĚǁĂLJƐďŽƚŚŝŶƚĞƌŶĂůůLJĂŶĚĞdžƚĞƌŶĂůůLJ͕ƵƟůŝnjĂƟŽŶŽĨĐŝǀŝĐƐŝƚĞƐƐƵĐŚĂƐƚŚĞƐĐŚŽŽůĂŶĚĐŚƵƌĐŚƚŽǀŝƐƵĂůůLJ ƚĞƌŵŝŶĂƚĞƐƚƌĞĞƚƐĂŶĚĂŶĐŚŽƌƚŚĞĐĞŶƚƌĂůƐƋƵĂƌĞ͕ĂŶĚƵƐĞŽĨĨŽƌŵͲďĂƐĞĚĚŝƐƚƌŝĐƚƐ͘

'ĂƌƌŝƐŽŶtŽŽĚƐ;/ŵĂŐĞĐŽƵƌƚĞƐLJŽĨĂŶĂĚĂ>ĂŶĚƐŽƌƉ͘Ϳ /Ed'Zds>KWDEd^dZd'z | 35

ͻ tĞƐƚŽĂůĚĂůĞŐƌŝĐƵůƚƵƌĂů/ŶƚĞƌĨĂĐĞ͗dŚĞĐŽŶĐĞƉƚŽĨƵƌďĂŶͲĂŐƌŝĐƵůƚƵƌĂůŝŶƚĞŐƌĂƟŽŶŚĂƐŐĂŝŶĞĚŝŶĐƌĞĂƐŝŶŐŝŶƚĞƌͲ ĞƐƚĂŶĚĂƉƉůŝĐĂƟŽŶ͘dŚĞŝĚĞĂŽĨ͞ŐƌŝĐƵůƚƵƌĂůhƌďĂŶŝƐŵ͟ƉƌŽǀŝĚĞƐĂƵŶŝƋƵĞŶĞŝŐŚďŽƵƌŚŽŽĚůŝĨĞƐƚLJůĞĂŶĚĂŵĞŶͲ ŝƚLJǁŚĞƌĞĐŽŵŵƵŶŝƚLJŐĂƌĚĞŶŝŶŐ͕ĂŐƌŝĐƵůƚƵƌĂůĐŽƩĂŐĞͲŝŶĚƵƐƚƌLJƉƌŽĚƵĐƟŽŶ͕ĂŶĚŵĂƌŬĞƚƐĂƌĞŝŶƚĞŐƌĂƚĞĚŝŶƚŽƚŚĞ ŶĞŝŐŚďŽƵƌŚŽŽĚ͘

ŐƌŝĐƵůƚƵƌĂů/ŶƚĞƌĨĂĐĞ;/ŵĂŐĞŽƵƌƚĞƐLJŽĨWΘŽ͘Ϳ

ͻ ^ŽƵƚŚŽĂůĚĂůĞ^W͗KŶĞŽĨƚŚĞŵŽƐƚŝŵƉŽƌƚĂŶƚ͕ŝŵŵĞĚŝĂƚĞƌĞĐŽŵŵĞŶĚĂƟŽŶƐĨŽƌƚŚĞ^ŽƵƚŚŽĂůĚĂůĞ^WŝƐƚŽ ĂǀŽŝĚďĂĐŬŝŶŐůĂŶĚƵƐĞƐŽŶƚŽϮϬƚŚ^ƚƌĞĞƚ͘ƐƉĂƌƚŽĨƚŚĞƉƌŽƉŽƐĞĚdŽǁŶĐƌŽƐƐƌŽĂĚƐĂdžŝƐ͕ƚŚŝƐƐƚƌĞĞƚƐŚŽƵůĚďĞĂ ƉĞĚĞƐƚƌŝĂŶĨƌŝĞŶĚůLJ͞ĨƌŽŶƚĚŽŽƌ͟ƚŽƚŚĞĐŽŵŵƵŶŝƚLJ͘dŚĞĐƵƌƌĞŶƚĐŽŶĮŐƵƌĂƟŽŶŚĂƐƐŝŶŐůĞĨĂŵŝůLJŚŽƵƐĞƐďĂĐŬŝŶŐ ŽŶƚŽϮϬƚŚ^ƚƌĞĞƚ͕ǁŝƚŚĂ͞ĐŚĂƌĂĐƚĞƌǁĂůů͟ŝŶƚĞƌĨĂĐŝŶŐƚŚĞƌĞĂƌůŽƚůŝŶĞĂŶĚƐƚƌĞĞƚ͘dŚŝƐĨĂĐĞƐƚŚĞďĂĐŬĞŶĚŽĨďƵŝůĚͲ ŝŶŐƐŽŶƚŽϮϬƚŚƐƚƌĞĞƚ͕ĂŶĚĐƌĞĂƚĞƐĂƐƚƌĞĞƚƚŚĂƚŝƐŶŽƚŝŶǀŝƟŶŐƚŽƉĞĚĞƐƚƌŝĂŶƐ͘/ƚĂůƐŽŝŶĐƌĞĂƐĞƐƉĞƌǀŝŽƵƐƐƚƌĞĞƚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚƌĞĚƵĐĞƐĚĞǀĞůŽƉŵĞŶƚǀŝĂďŝůŝƚLJĂƐƚŚĞƐĞůŽƚƐĂƌĞĚŽƵďůĞĨƌŽŶƚĞĚďLJĨƵůůƐƚƌĞĞƚƐŽŶďŽƚŚƚŚĞ ĨƌŽŶƚĂŶĚďĂĐŬ͘ƐĂŶĂůƚĞƌŶĂƟǀĞ͕ƚŚĞƐƚƌĞĞƚƐŚŽƵůĚďĞĚĞƐŝŐŶĞĚĂƐĂŶƵƌďĂŶĂǀĞŶƵĞǁŝƚŚƌŽǁŚŽƵƐĞƐĂŶĚŽƚŚĞƌ ŚŝŐŚĞƌĚĞŶƐŝƚLJďƵŝůĚŝŶŐƐďƵŝůƚĨĂĐŝŶŐƚŚĞƐƚƌĞĞƚǁŝƚŚĂůůĞLJĂĐĐĞƐƐĨŽƌƉĂƌŬŝŶŐ͘ĞLJŽŶĚƚŚŝƐ͕ƚŚĞ^ŽƵƚŚŽĂůĚĂůĞ ^WƐŚŽƵůĚďĞĞŶĐŽƵƌĂŐĞĚƚŽďĞƌĞĚĞƐŝŐŶĞĚƚŽŵĂƚĐŚƚŚĞŵŽĚĞůEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚ^ƚĂŶĚĂƌĚƐĂŶĚĨŽƌŵͲ ďĂƐĞĚůĂŶĚƵƐĞĚŝƐƚƌŝĐƚƐ͘

dŚŝƐƐŝŵƵůĂƟŽŶƐŚŽǁƐƚŚĞĞīĞĐƚƐŽĨďĂĐŬŝŶŐďƵŝůĚŝŶŐƐŽŶƚŽĂƐƚƌĞĞƚƌĂƚŚĞƌƚŚĂŶĨƌŽŶƟŶŐŽŶƚŽŝƚ͘;'ƌĂƉŚŝĐďLJhƌďĂŶ ĚǀĂŶƚĂŐĞͿ͘

ͻ ^ŽƵƚŚŽĂůĚĂůĞdžƉĂŶƐŝŽŶ͗dŚĞ^ŽƵƚŚŽĂůĚĂůĞƟĞƌϯƵƌďĂŶĞdžƉĂŶƐŝŽŶƉƌŽǀŝĚĞƐĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽĐƌĞĂƚĞĂŐĂƚĞͲ ǁĂLJĂŶĚĨƌŽŶƚĚŽŽƌƚŽƚŚĞdŽǁŶĨƌŽŵƚŚĞ^ŽƵƚŚĂƐƉĂƌƚŽĨƚŚĞƉƌŽƉŽƐĞĚdŽǁŶĐƌŽƐƐƌŽĂĚƐĂdžŝƐ͘^ŝŵŝůĂƌƚŽƚŚĞ ϯϲ ͮപ/Ed'Zds>KWDEd^dZd'z

ƌĞĐŽŵŵĞŶĚĂƟŽŶƐŽĨƚŚĞ^ŽƵƚŚŽĂůĚĂůĞ^W͕ƚŚŝƐƐƚƌĞĞƚƐŚŽƵůĚďĞĚĞƐŝŐŶĞĚĂƐĂŶĂǀĞŶƵĞƉƌŽǀŝĚŝŶŐĂƵŶŝƋƵĞ ĂĚĚƌĞƐƐǁŽƌƚŚLJŽĨĨƌŽŶƟŶŐŽŶƚŽ͘&ŽƌŵŝŶŐƚŚĞũƵŶĐƟŽŶďĞƚǁĞĞŶƚǁŽŶĞŝŐŚďŽƵƌŚŽŽĚƐ͕ϮϬƚŚƐƚƌĞĞƚĐŽƵůĚĂůůŽǁ ĨŽƌĂƐŵĂůůŵĂŝŶƐƚƌĞĞƚǁŝƚŚůŽĐĂůĐŽŵŵĞƌĐŝĂůĂŶĚƉŽƐƐŝďůĞŵŝdžĞĚƵƐĞƐƵƉƉŽƌƚĞĚďLJŽŶͲƐƚƌĞĞƚƉĂƌŬŝŶŐ͘KƚŚĞƌ ƵƐĞƐĂůŽŶŐƚŚĞĂǀĞŶƵĞĐŽƵůĚŝŶĐůƵĚĞŵƵůƟͲƵŶŝƚ͞ďŝŐŚŽƵƐĞƐ͟ƚŚĂƚĂƉƉĞĂƌĂƐůĂƌŐĞƐŝŶŐůĞĨĂŵŝůLJŚŽŵĞƐĂŶĚŽƚŚĞƌ ŵƵůƟͲƵŶŝƚďƵŝůĚŝŶŐƐƐƵŝƚĂďůĞĨŽƌĨƌŽŶƟŶŐŽŶƚŽƚŚĞĂǀĞŶƵĞ͘

tŚĞƌĞƚŚĞƚǁŽŶĞǁŶĞŝŐŚďŽƵƌŚŽŽĚƐƚŽƚŚĞƐŽƵƚŚŵĞĞƚ͕ϮϬƚŚƐƚƌĞĞƚƐŚŽƵůĚŚĂǀĞĂďůŽĐŬŽĨŵŝdžĞĚͲƵƐĞǁŝƚŚůŽĐĂů ŶĞŝŐŚďŽƵƌŚŽŽĚƌĞƚĂŝů͘

ϰ͘ϰ͘ϭϯWŽůŝĐŝĞƐĂŶĚZĞĐŽŵŵĞŶĚĂƟŽŶƐ

4.4.13.1 Town Scale

ͻ dŚĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚƐŚŽƵůĚďĞĞƐƚĂďůŝƐŚĞĚĂƐƚŚĞƉƌŝŵĂƌLJŝŶĐƌĞŵĞŶƚŽĨƚŽǁŶŐƌŽǁƚŚ͘dŚĞƚŽǁŶƐŚŽƵůĚďĞ ƐƚƌƵĐƚƵƌĞĚŝŶƚŽŶĞŝŐŚďŽƵƌŚŽŽĚƵŶŝƚƐ͘

ͻ ^ŵĂƌƚͲ'ƌŽǁƚŚƐƚĂŶĚĂƌĚƐƐŚŽƵůĚďĞĞƐƚĂďůŝƐŚĞĚĨŽƌƚŚĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚ͕ĚĞĮŶŝŶŐƚŚĞŵŽĚĞůĐƌŝƚĞƌŝĂĨŽƌŶĞŝŐŚͲ ďŽƵƌŚŽŽĚĚĞƐŝŐŶ͘

ͻ hƐŝŶŐƚŚĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚĂƐĂƚŽŽů͕ĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚƐŚŽƵůĚƉƌŝŽƌŝƟnjĞŝŶĮůůĂŶĚŝŶƚĞŶƐŝĮĐĂƟŽŶŽĨƚŚĞƚƌĂĚͲ ŝƟŽŶĂůƚŽǁŶŐƌŝĚĂůůŽǁŝŶŐŐƌĂĚƵĂůƌĞĂůŝnjĂƟŽŶŽĨƚŚĞ EĞŝŐŚďŽƵƌŚŽŽĚĞƐŝŐŶ^ƚĂŶĚĂƌĚƐ͘

ͻ dŚĞƐĞĐŽŶĚƉƌŝŽƌŝƚLJĨŽƌƵƌďĂŶŐƌŽǁƚŚƐŚŽƵůĚďĞƚŚĞĐŽŵƉůĞƟŽŶŽĨĚĞǀĞůŽƉŵĞŶƚƐǁŝƚŚĂƉƉƌŽǀĞĚ^W͛Ɛ͘ZĞĐŽŶĮŐͲ ƵƌĂƟŽŶƚŽĂĚŚĞƌĞƚŽƚŚĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚƐŚŽƵůĚďĞĞŶĐŽƵƌĂŐĞĚ͘&ƵƚƵƌĞƌĞƋƵĞƐƚĞĚĂŵĞŶĚŵĞŶƚƐƚŽĞƐƚĂďͲ ůŝƐŚĞĚ^W͛ƐƐŚŽƵůĚƵƟůŝnjĞƚŚĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚƐƚĂŶĚĂƌĚƐĂƐĚĞƐŝŐŶĐƌŝƚĞƌŝĂ͘

ͻ dŚĞĨƵƚƵƌĞĞdžƉĂŶƐŝŽŶŽĨƚŚĞƚŽǁŶƐŚŽƵůĚƵƟůŝnjĞƚŚĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚǁŝƚŚĨƵůůĂĚŚĞƌĞŶĐĞƚŽƚŚĞEĞŝŐŚďŽƵƌͲ ŚŽŽĚhŶŝƚ^ƚĂŶĚĂƌĚƐ͘

ͻ &ƵƚƵƌĞƵƌďĂŶĞdžƉĂŶƐŝŽŶƐŚŽƵůĚĚŝƌĞĐƚŐƌŽǁƚŚĮƌƐƚĂůŽŶŐŵĂũŽƌƚŚŽƌŽƵŐŚĨĂƌĞƐĂŶĚƉƌŽdžŝŵŝƚLJƚŽĞdžŝƐƟŶŐƐĞƌǀŝĐĞƐ ĂŶĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ƉĂƌƟĐƵůĂƌůLJĂůŽŶŐƚŚĞĐƌŽƐƐƌŽĂĚƐĂdžŝƐĨŽƌŵĞĚďLJ,ŝŐŚǁĂLJϯĂŶĚϮϬƚŚ^ƚƌĞĞƚ

ͻ ĨŽƌŵďĂƐĞĚĐŽĚĞƐŚŽƵůĚďĞĂĚŽƉƚĞĚƚŽŝŵƉůĞŵĞŶƚůĂŶĚƵƐĞƐǁŝƚŚŝŶƚŚĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚ͘>ĂŶĚƵƐĞĚŝƐƚƌŝĐƚƐ ƐŚŽƵůĚĞŵƉŚĂƐŝnjĞǁĂůŬĂďůĞƐƚƌĞĞƚƐ͕ǁŝƚŚďƵŝůĚŝŶŐƐďƵŝůƚĐůŽƐĞƚŽƚŚĞƐŝĚĞǁĂůŬĂŶĚƉĂƌŬŝŶŐƌĞůĞŐĂƚĞĚƚŽƚŚĞƌĞĂƌ /Ed'Zds>KWDEd^dZd'z | 37

ŽĨƚŚĞůŽƚ͘ 4.4.13.2 Sample Neighbourhood Unit Standards

EĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚĞƐŝŐŶ^ƚĂŶĚĂƌĚƐƐŚŽƵůĚďĞĞdžƉůŽƌĞĚ͕ĚĞǀĞůŽƉĞĚ͕ĂŶĚĂĚŽƉƚĞĚƚŽŐƵŝĚĞƚŚĞĚĞƐŝŐŶŽĨEĞŝŐŚͲ ďŽƵƌŚŽŽĚhŶŝƚƐ͘dŚĞĨŽůůŽǁŝŶŐƉƌŽǀŝĚĞƐĂƐĂŵƉůĞŽĨŬĞLJƐƚĂŶĚĂƌĚƐƚŽďĞŝŶĐŽƌƉŽƌĂƚĞĚ͗

ͻ ƐƚĂďůŝƐŚEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚ͗ĞĮŶĞĚďLJĂϰϬϬŵƌĂĚŝƵƐ͕ĂϱͲŵŝŶƵƚĞǁĂůŬWĞĚĞƐƚƌŝĂŶ^ŚĞĚƐĞƌǀĞƐĂƐĂŐĞŶĞƌĂů ŐƵŝĚĞĨŽƌƚŚĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚ͘dŚĞƚŽǁŶƐŚŽƵůĚďĞƌŽƵŐŚůLJƐƚƌƵĐƚƵƌĞĚŝŶƚŽŶĞŝŐŚďŽƵƌŚŽŽĚƐĂƐŝŶĚŝĐĂƚĞĚŝŶ &ŝŐƵƌĞϰ͘ϰ͘

ͻ EĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚŽƵŶĚĂƌLJ͗hƐŝŶŐƚŚĞWĞĚĞƐƚƌŝĂŶ^ŚĞĚĂƐĂŐƵŝĚĞ͕ŶĞŝŐŚďŽƵƌŚŽŽĚďŽƵŶĚĂƌŝĞƐƐŚĂůůďĞĞƐͲ ƚĂďůŝƐŚĞĚ͕ĚĞĮŶŝŶŐŶĞŝŐŚďŽƵƌŚŽŽĚƐďĞƚǁĞĞŶϯϱͲϴϬŚĂ͘;ϴϲͲϮϬϬĂĐƌĞƐͿ͘tŚĞƌĞǀĞƌƉŽƐƐŝďůĞ͕ďŽƵŶĚĂƌŝĞƐƐŚŽƵůĚ ƌĞŇĞĐƚůŽŐŝĐĂůƉƌŽƉĞƌƚLJůŝŶĞƐ͕ŶĂƚƵƌĂůĨĞĂƚƵƌĞƐ͕ǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĨĂĐŝůŝƟĞƐ͕ĂŶĚŵĂũŽƌƐƚƌĞĞƚƐ͘

ͻ džŝƐƟŶŐŽŶĚŝƟŽŶƐ͗^ŝƚĞĚĞƐŝŐŶƐŚĂůůƌĞƐƉĞĐƚĂŶĚƌĞƐƉŽŶĚƚŽĞdžŝƐƟŶŐƐŝƚĞĐŽŶĚŝƟŽŶƐ͘ŶĞdžŝƐƟŶŐƐŝƚĞĐŽŶĚŝͲ ƟŽŶƐŵĂƉƐŚŽƵůĚŝŶĚŝĐĂƚĞĞdžŝƐƟŶŐŶĂƚƵƌĂůĂƌĞĂƐ͕ƚƌĞĞƐƚĂŶĚƐ͕ƚŽƉŽŐƌĂƉŚŝĐĐŽŶĚŝƟŽŶƐ͕ƉĂƚŚƐ͕ƌŽĂĚƐ͕ǁĂƚĞƌĐŽƵƌƐĞƐ͕ ǁĂůůƐ͕ĂŶĚŽƚŚĞƌƐŝƚĞĨĞĂƚƵƌĞƐ͘džŝƐƟŶŐĐŽŶĚŝƟŽŶƐƐŚŽƵůĚĂůƐŽƚĂŬĞŝŶƚŽĐŽŶƐŝĚĞƌĂƟŽŶĞĚŐĞĂŶĚƐƵƌƌŽƵŶĚŝŶŐĐŽŶĚŝͲ ƟŽŶƐŝŶĐůƵĚŝŶŐǀŝĞǁƐŚĞĚƐĂŶĚĂĚũĂĐĞŶƚůĂŶĚƵƐĞƐ͘

ͻ EĞŝŐŚďŽƵƌŚŽŽĚĞŶƚƌĞĂŶĚDĂŝŶWƵďůŝĐ^ƉĂĐĞ͗ƐŐƵŝĚĞĚďLJƚŚĞWĞĚĞƐƚƌŝĂŶ^ŚĞĚ͕ĂĐŚŶĞŝŐŚďŽƵƌŚŽŽĚƐŚĂůůĚĞͲ ĮŶĞƚŚĞŶĞŝŐŚďŽƵƌŚŽŽĚĐĞŶƚƌĞďLJĂƚůĞĂƐƚŽŶĞDĂŝŶWƵďůŝĐ^ƉĂĐĞůŽĐĂƚĞĚǁŝƚŚŝŶϮϱϬŵŽĨƚŚĞŐĞŽŐƌĂƉŚŝĐĐĞŶƚĞƌ ŽĨƚŚĞWĞĚĞƐƚƌŝĂŶ^ŚĞĚ͕ƵŶůĞƐƐĞdžŝƐƟŶŐĐŝƌĐƵŵƐƚĂŶĐĞƐƉƌĞǀĞŶƚƐƵĐŚůŽĐĂƟŽŶ͕ĂŶĚƐŚŽƵůĚĐŽŶĨŽƌŵƚŽĂ^ƋƵĂƌĞŽƌ 'ƌĞĞŶEĞŝŐŚďŽƵƌŚŽŽĚWĂƌŬƚLJƉĞ͕ĂŶĚƐŚĂůůĐŽƵŶƚƚŽǁĂƌĚƚŚĞƌĞƋƵŝƌĞĚϭϬйDƵŶŝĐŝƉĂůZĞƐĞƌǀĞ͘

ͻ DĂŝŶWƵďůŝĐ^ƉĂĐĞZĞƋƵŝƌĞŵĞŶƚƐ͗dŚĞDĂŝŶWƵďůŝĐ^ƉĂĐĞƐŚĂůůďĞĞƋƵŝƉƉĞĚǁŝƚŚĂƐŝƚĞƐƵŝƚĂďůĞĨŽƌĂĚĂLJĐĂƌĞ͕ ƉƌŽǀŝƐŝŽŶƐĨŽƌĂĨƵƚƵƌĞďƵƐƐƚŽƉ͕ĂŶĚĂƚŚŝƌĚƉůĂĐĞƐƵĐŚĂƐƉƵďůŝĐďƵŝůĚŝŶŐ͕ŝŶƐƟƚƵƟŽŶĂůƵƐĞ͕ŽƌĂĐŽƌŶĞƌƐƚŽƌĞ͘

ͻ ůŽĐŬ^ƚƌƵĐƚƵƌĞ͗EĞŝŐŚďŽƵƌŚŽŽĚƐƐŚĂůůďĞĚĞƐŝŐŶĞĚĂƐĂĐŽŶŶĞĐƚĞĚƚŚŽƌŽƵŐŚĨĂƌĞŶĞƚǁŽƌŬĚĞĮŶŝŶŐĚĞǀĞůŽƉŵĞŶƚ ůŽĐŬƐŶŽƚĞdžĐĞĞĚŝŶŐƚŚĞƐŝnjĞƐŝŶĚŝĐĂƚĞĚďĞůŽǁ͘dŚĞƉĞƌŝŵĞƚĞƌƐŚĂůůďĞŵĞĂƐƵƌĞĚĂƐƚŚĞƐƵŵŽĨ>Žƚ&ƌŽŶƚĂŐĞ>ŝŶĞƐ͘ ůŽĐŬƉĞƌŝŵĞƚĞƌĂƚƚŚĞĞĚŐĞŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚƉĂƌĐĞůƐŚĂůůďĞƐƵďũĞĐƚƚŽĂƉƉƌŽǀĂůďLJĚŝƐĐƌĞƟŽŶ͘&ŽƌďůŽĐŬƐǁŝƚŚ ŵƵůƟƉůĞ,ĂŵůĞƚŝƐƚƌŝĐƚƐ͕ƚŚĞďůŽĐŬŵĂdžŝŵƵŵĨŽƌƚŚĞŵŽƐƚŝŶƚĞŶƐĞĚŝƐƚƌŝĐƚƐŚĂůůƉƌĞǀĂŝů͘  dϯ^ƵďͲhƌďĂŶ͗ϭϬϬϬŵ  dϰ'ĞŶĞƌĂůhƌďĂŶ͗ϴϬϬŵ  dϱhƌďĂŶĞŶƚƌĞ͗ϲϬϬŵ

ͻ &ƵƚƵƌĞŽŶŶĞĐƟǀŝƚLJ͗&ƵƚƵƌĞĐŽŶŶĞĐƟǀŝƚLJƐŚŽƵůĚďĞƐĞĐƵƌĞĚĂƚƚŚĞƚŽǁŶĞĚŐĞ͘

ͻ EĞŝŐŚďŽƵƌŚŽŽĚŽŶŶĞĐƚŽƌƐ͗EĞŝŐŚďŽƵƌŚŽŽĚĐĞŶƚƌĞƐƐŚŽƵůĚďĞĐŽŶŶĞĐƚĞĚƚŽŽŶĞĂŶŽƚŚĞƌ͕ĂŶĚƚŽƚŚĞƉƌŝŵĂƌLJ ƚŚŽƌŽƵŐŚĨĂƌĞŶĞƚǁŽƌŬǁŝƚŚĂƐƚƌĞĞƚƚLJƉĞŽŶĂŚŝŐŚĞƌŽƌĚĞƌƚŚĂŶĂůŽĐĂůƌĞƐŝĚĞŶƟĂůƚLJƉĞ͘

ͻ WƵďůŝĐ^ƉĂĐĞƐ͗ĂĐŚŶĞŝŐŚďŽƵƌŚŽŽĚƐŚŽƵůĚƉƌŽǀŝĚĞĂǀĂƌŝĞƚLJŽĨWƵďůŝĐ^ƉĂĐĞƐ͘

ͻ WƵďůŝĐ^ƉĂĐĞůůŽĐĂƟŽŶ͗WƵďůŝĐ^ƉĂĐĞƐĂƌĞƉƵďůŝĐƐŝƚĞƐƉĞƌŵĂŶĞŶƚůLJĚĞĚŝĐĂƚĞĚƚŽŽƉĞŶƐƉĂĐĞĂŶĚƉƵďůŝĐďƵŝůĚŝŶŐ ƌĞƐĞƌǀĞƐ͘ĂĐŚŶĞŝŐŚďŽƵƌŚŽŽĚƐŚĂůůĚĞĚŝĐĂƚĞĂŵŝŶŝŵƵŵŽĨϱйŽĨŝƚƐƚŽƚĂůĂĐƌĞĂŐĞƚŽƉƵďůŝĐƐƉĂĐĞƐĂƐĂƉŽƌƟŽŶ ŽĨƚŚĞŽǀĞƌĂůůƌĞƋƵŝƌĞĚϭϬйDƵŶŝĐŝƉĂůZĞƐĞƌǀĞZĞƋƵŝƌĞŵĞŶƚ͕ŝŶĚŝĐĂƚĞĚŽŶƚŚĞZĞŐƵůĂƟŶŐWůĂŶĂƐWƵďůŝĐ^ƉĂĐĞ;W^Ϳ ĂŶĚWƵďůŝĐƵŝůĚŝŶŐ;WͿĂŶĚĚĞƐŝŐŶĂƚĞĚĂƐDƵŶŝĐŝƉĂůZĞƐĞƌǀĞ͘

ͻ WƵďůŝĐ^ƉĂĐĞĞƐŝŐŶ͗hƌďĂŶƉƵďůŝĐƐƉĂĐĞƐƚĂŶĚĂƌĚƐƐŚĂůůďĞĞƐƚĂďůŝƐŚĞĚĨŽƌWůĂnjĂƐ͕^ƋƵĂƌĞƐ͕'ƌĞĞŶƐ͕ĂŶĚWůĂLJͲ ŐƌŽƵŶĚƐ͘ĂĐŚWƵďůŝĐ^ƉĂĐĞƐŚĂůůŚĂǀĞĂŵŝŶŝŵƵŵŽĨϱϬйŽĨŝƚƐƉĞƌŝŵĞƚĞƌŝŶͲĨƌŽŶƟŶŐĂdŚŽƌŽƵŐŚĨĂƌĞ͕ĞdžĐĞƉƚĨŽƌ ƉůĂLJŐƌŽƵŶĚƐ͘

ͻ WƵďůŝĐ ƵŝůĚŝŶŐƐ͗ ĂƌĞ ƐŝƚĞƐ ĚĞĚŝĐĂƚĞĚ ĨŽƌ ƉƵďůŝĐůLJ ŚĞůĚ ďƵŝůĚŝŶŐƐ ĚĞĚŝĐĂƚĞĚ ƚŽ ŐŽǀĞƌŶŵĞŶƚ͕ ƚƌĂŶƐŝƚ͕ ĐŽŵŵƵŶŝƚLJ ŐĂƚŚĞƌŝŶŐ͕ƌĞĐƌĞĂƟŽŶ͕ĂŶĚĐƵůƚƵƌĞ͕ĂŶĚƐŚŽƵůĚďĞůŽĐĂƚĞĚǁŝƚŚŝŶŽƌĂĚũĂĐĞŶƚƚŽĂWƵďůŝĐ^ƉĂĐĞ͕ŽƌĂƚƚŚĞĂdžŝĂůƚĞƌͲ ŵŝŶĂƟŽŶŽĨĂƐŝŐŶŝĮĐĂŶƚdŚŽƌŽƵŐŚĨĂƌĞ͘WƵďůŝĐƵŝůĚŝŶŐƐŝƚĞƐƐŚĂůůŶŽƚŽĐĐƵƉLJŵŽƌĞƚŚĂŶϮϬйŽĨƚŚĞĂƌĞĂŽĨĞĂĐŚ EĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚ͘KŶůLJƉƵďůŝĐůLJŚĞůĚƉƵďůŝĐďƵŝůĚŝŶŐƐŵĂLJŽĐĐƵƉLJĂƉƵďůŝĐ^ƉĂĐĞ͘

ͻ /ŶƐƟƚƵƟŽŶĂůƵŝůĚŝŶŐƐ͗WĂƌĐĞůƐůŽĐĂƚĞĚĂƚŝŵƉŽƌƚĂŶƚůŽĐĂƟŽŶƐƐƵĐŚĂƐĂdžŝĂůƚĞƌŵŝŶĂƟŽŶƐŽĨƚŚŽƌŽƵŐŚĨĂƌĞƐĂŶĚ ĂůŽŶŐƉƵďůŝĐƐƉĂĐĞƐƐŚŽƵůĚďĞƌĞƐĞƌǀĞĚĨŽƌďƵŝůĚŝŶŐƐŽƉĞƌĂƚĞĚďLJŶŽƚͲĨŽƌͲƉƌŽĮƚŽƌŐĂŶŝnjĂƟŽŶƐĚĞĚŝĐĂƚĞĚƚŽĐƵůͲ ƚƵƌĞ͕ĞĚƵĐĂƟŽŶĂŶĚƌĞůŝŐŝŽŶ͘dŚĞƐŝƚĞƐĂƌĞƚŽďĞƐŽůĚŽŶƚŚĞƉƌŝǀĂƚĞŵĂƌŬĞƚĂŶĚĚŽŶŽƚĐŽŶƐƟƚƵƚĞDƵŶŝĐŝƉĂů ZĞƐĞƌǀĞ͘ ϯϴ ͮപ/Ed'Zds>KWDEd^dZd'z

ͻ WůĂLJŐƌŽƵŶĚƐ͗tŝƚŚŝŶϮϱϬŵŽĨĞǀĞƌLJ>ŽƚŝŶZĞƐŝĚĞŶƟĂůƵƐĞ͕ĂWƵďůŝĐ^ƉĂĐĞĚĞƐŝŐŶĞĚĂŶĚĞƋƵŝƉƉĞĚĂƐĂƉůĂLJŐƌŽƵŶĚ ƐŚĂůůďĞƉƌŽǀŝĚĞĚ͘

ͻ ,ĂŵůĞƚŝƐƚƌŝĐƚƐ͗dŚƌĞĞĨŽƌŵͲďĂƐĞĚ,ĂŵůĞƚ>ĂŶĚhƐĞŝƐƚƌŝĐƚƐŝŵƉůĞŵĞŶƚƚŚĞEĞŝŐŚďŽƵƌŚŽŽĚƐhŶŝƚ͘&ƌŽŵůŽǁĞƐƚ ĚĞŶƐŝƚLJ͕ůŽǁĞƐƚŵŝdžĞĚƵƐĞƚŽŚŝŐŚĞƐƚĚĞŶƐŝƚLJ͕ŵŽƐƚŵŝdžĞĚƵƐĞ͕ƚŚĞLJĂƌĞ͗dϯ^ƵďͲhƌďĂŶ͕dϰ'ĞŶĞƌĂůhƌďĂŶ͕ĂŶĚdϱ hƌďĂŶĞŶƚƌĞ͘

ͻ ,ĂŵůĞƚŝƐƚƌŝĐƚůůŽĐĂƟŽŶ͗dŚĞĨŽůůŽǁŝŶŐŝƐƚƌŝĐƚƐĂƌĞĂǀĂŝůĂďůĞǁŝƚŚŝŶEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚƐ͘dŚĞƌĞƋƵŝƌĞĚƉĞƌͲ ĐĞŶƚĂŐĞŽĨĞĂĐŚŝƐƚƌŝĐƚ͕ŵĞĂƐƵƌĞĂƐĂƉĞƌĐĞŶƚĂŐĞŽĨƚŚĞŐƌŽƐƐŶĞŝŐŚďŽƵƌŚŽŽĚƵŶŝƚĂƌĞĂ͕ƐŚĂůůďĞĂůůŽĐĂƚĞĚĂƐ ĨŽůůŽǁƐ͗  dϯ^ƵďͲhƌďĂŶĚŐĞ͗ϭϬͲϯϬй͕  dϰ'ĞŶĞƌĂůhƌďĂŶ͗ϮϱͲϲϬй  dϱ,ĂŵůĞƚĞŶƚƌĞ͗ϱͲϮϬй͕džĐĞƉƚĨŽƌŽǁŶƚŽǁŶ͗ƐŶĞĞĚĞĚ͘  WƵďůŝĐ^ƉĂĐĞĂŶĚKƚŚĞƌDƵŶŝĐŝƉĂůZĞƐĞƌǀĞ͗ϭϬй  ŐƌŝĐƵůƚƵƌĂůĂŶĚEĂƚƵƌĂů>ĂŶĚ;ŶǀŝƌŽŶŵĞŶƚĂůZĞƐĞƌǀĞͿ͗EŽ>ŝŵŝƚ

ͻ DŝŶŝŵƵŵĞŶƐŝƟĞƐ͗/ŶĚŝǀŝĚƵĂů>ĂŶĚhƐĞŝƐƚƌŝĐƚƐĞƐƚĂďůŝƐŚƉĂƌĐĞůͲďĂƐĞĚĚĞŶƐŝƚLJŵĂdžŝŵƵŵƐ͘dŽĞŶƐƵƌĞĂďĂƐĞ ĚĞŶƐŝƚLJĂƉƉƌŽƉƌŝĂƚĞĨŽƌĨƵƚƵƌĞƚƌĂŶƐŝƚƐƵƉƉŽƌƚĂŶĚĐŽŵŵƵŶŝƚLJǀŝďƌĂŶĐLJ͕ƚŚĞĨŽůůŽǁŝŶŐŵŝŶŝŵƵŵĚĞŶƐŝƟĞƐƐŚŽƵůĚ ďĞŵĞƚĨŽƌĞĂĐŚŝƐƚƌŝĐƚůůŽĐĂƟŽŶ͗  dϯ,ĂŵůĞƚĚŐĞ͗ϭϬƵŶŝƚƐͬŚĂ;ϰƵŶŝƚƐͬĂĐƌĞͿ  dϰ,ĂŵůĞƚ'ĞŶĞƌĂů͗ϭϱƵŶŝƚƐͬŚĂ;ϲƵŶŝƚƐͬĂĐƌĞͿ  dϱ,ĂŵůĞƚĞŶƚƌĞ͗ϭϱƵŶŝƚƐͬŚĂ;ϲƵŶŝƚƐͬĂĐƌĞͿ

ͻ DŝŶŝŵƵŵKƚŚĞƌhƐĞƐ͗dŽĞŶƐƵƌĞĂŵŝdžŽĨƵƐĞƐ͕ŶŽŶͲƌĞƐŝĚĞŶƟĂůƵƐĞƐĂƌĞƌĞƋƵŝƌĞĚǁŝƚŚŝŶĞĂĐŚ,ĂŵůĞƚŝƐƚƌŝĐƚůͲ ůŽĐĂƟŽŶ͕ŵĞĂƐƵƌĞĚĂƐĂƉĞƌĐĞŶƚĂŐĞŽĨŐƌŽƐƐďƵŝůĚŝŶŐƐƋƵĂƌĞĨŽŽƚĂŐĞŽƌŐƌŽƐƐƉĂƌĐĞůƐƋƵĂƌĞĨŽŽƚĂŐĞ͘KƚŚĞƌƵƐĞƐ ŝŶĐůƵĚĞƉƵďůŝĐĂŶĚŝŶƐƟƚƵƟŽŶĂůďƵŝůĚŝŶŐƐ͕ƌĞƚĂŝů͕ŽĸĐĞ͕ĂŶĚůŽĚŐŝŶŐ͘  dϯ,ĂŵůĞƚĚŐĞ͗ϱй  dϰ,ĂŵůĞƚ'ĞŶĞƌĂů͗ϱй  dϱ,ĂŵůĞƚĞŶƚƌĞ͗ϮϬй

ͻ EĞŝŐŚďŽƵƌŚŽŽĚĞŶƐŝƚLJKǀĞƌůĂLJ͗EĞŝŐŚďŽƵƌŚŽŽĚWůĂŶƐŵĂLJŝŶƐƟƚƵƚĞĂŵĂdžŝŵƵŵĚĞŶƐŝƚLJŽǀĞƌůĂLJŝŶƌĞƐƉŽŶƐĞƚŽ ƐĞƌǀŝĐŝŶŐĐŽŶƐƚƌĂŝŶƚƐ͕ďƵƚƐŚŽƵůĚŵĞĞƚŵŝŶŝŵƵŵĚĞŶƐŝƟĞƐ͘

ͻ ŝƐƚƌŝĐƚůůŽĐĂƟŽŶĂŶĚĞŶƐŝƚLJDĞĂƐƵƌĞŵĞŶƚ͗ůůŝƐƚƌŝĐƚƐĂƌĞŵĞĂƐƵƌĞĚƚŽƚŚĞĐĞŶƚĞƌůŝŶĞŽĨƉƵďůŝĐƚŚŽƌŽƵŐŚͲ ĨĂƌĞƐ͘

ͻ ĞƐŝŐŶĂƟŽŶƐĨŽƌDĂŶĚĂƚŽƌLJĂŶĚͬŽƌZĞĐŽŵŵĞŶĚĞĚZĞƚĂŝů&ƌŽŶƚĂŐĞ͗ƐƉĞĐŝĂů͕ŶŽŶͲƌĞƋƵŝƌĞĚĚĞƐŝŐŶĂƟŽŶƌĞƋƵŝƌŝŶŐ ŽƌĂĚǀŝƐŝŶŐƚŚĂƚĂďƵŝůĚŝŶŐƉƌŽǀŝĚĞĂ^ŚŽƉĨƌŽŶƚĂƚ^ŝĚĞǁĂůŬůĞǀĞůĂůŽŶŐƚŚĞĞŶƟƌĞůĞŶŐƚŚŽĨŝƚƐWƌŝǀĂƚĞ&ƌŽŶƚĂŐĞ͘ DĂŶĚĂƚŽƌLJƌĞƚĂŝůĨƌŽŶƚĂŐĞƐĂůƐŽĂůůŽǁƐĨŽƌƐŝŶŐůĞͲƐƚŽƌLJďƵŝůĚŝŶŐƐ͕ƉƌŽǀŝĚĞĚƚŚĂƚƚŚĞŵĂŶĚĂƚŽƌLJĨƌŽŶƚĂŐĞĚŽĞƐŶŽƚ ĞdžĐĞĞĚϰϬйŽĨƚŚĞƚŽƚĂůĨƌŽŶƚĂŐĞƐŽĨƚŚĞ,ĂŵůĞƚĞŶƚƌĞůůŽĐĂƟŽŶ͘ 4.4.13.3 North Industrial

ͻ ƌĂŝůƐƉƵƌƌŝŐŚƚͲŽĨͲǁĂLJƐŚŽƵůĚďĞĞƐƚĂďůŝƐŚĞĚĨŽƌƚŚĞĞdžŝƐƟŶŐEŽƌƚŚĞĂƐƚŝŶĚƵƐƚƌŝĂůĂƌĞĂƚŽƉƌŽƚĞĐƚĨƵƚƵƌĞƌĂŝů ŝŶƚĞŐƌĂƟŽŶĂŶĚĞdžƉĂŶĚƚŚĞƚĂƌŐĞƚŵĂƌŬĞƚ͘

ͻ &ŽůůŽǁŝŶŐƐƵďƐƚĂŶƟĂůĐŽŵƉůĞƟŽŶŽĨĞdžŝƐƟŶŐŝŶĚƵƐƚƌŝĂů͕ĂĚĚŝƟŽŶĂůĞdžƉĂŶƐŝŽŶƐŚŽƵůĚĐŽŶƟŶƵĞƚŽƚŚĞŶŽƌƚŚ͘

ͻ dŚĞĚĞƐŝŐŶƌĞĐŽŵŵĞŶĚĂƟŽŶƐĨŽƌƚŚĞƌŽdžďƵƌŶĞŶƚƌĞƐŚŽƵůĚďĞĐŽŶƐŝĚĞƌĞĚĨŽƌƚŚĞƚŽǁŶ͛ƐŝŶĚƵƐƚƌŝĂůŐƌŽǁƚŚ͘

ϰ͘ϱŽƵŶƚLJZĞƐŝĚĞŶƟĂů'ƌŽǁƚŚ ϰ͘ϱ͘ϭKǀĞƌǀŝĞǁ dŚĞƉĂƐƚƐĞǀĞƌĂůĚĞĐĂĚĞƐŚĂǀĞƐĞĞŶƚŚĞĞŵĞƌŐĞŶĐĞŽĨůŽǁĚĞŶƐŝƚLJŶŽŶͲĂŐƌŝĐƵůƚƵƌĂůƌĞƐŝĚĞŶƟĂůĂĐƌĞĂŐĞƐŝŶƌƵƌĂů /Ed'Zds>KWDEd^dZd'z | 39

ĐŽƵŶƟĞƐƚŚƌŽƵŐŚŽƵƚEŽƌƚŚŵĞƌŝĐĂ͘KŌĞŶƐĞƌǀŝŶŐĂƐĂƵƚŽŵŽďŝůĞͲĚĞƉĞŶĚĞŶƚďĞĚƌŽŽŵĐŽŵŵƵŶŝƟĞƐ͕ƚŚĞƉƌŽůŝĨĞƌĂͲ ƟŽŶŽĨƚŚŝƐůŽǁĚĞŶƐŝƚLJ͞ŽƵŶƚƌLJZĞƐŝĚĞŶƟĂů͟ƉĂƩĞƌŶůĞĂĚƐƚŽŵĂŶLJĞŶǀŝƌŽŶŵĞŶƚĂů͕ƐŽĐŝĂů͕ĂŶĚĞĐŽŶŽŵŝĐĐŽŶƐĞͲ ƋƵĞŶĐĞƐ͘ dŽŽīƐĞƚƚŚĞƐĞŝŵƉĂĐƚƐ͕ĐůƵƐƚĞƌĚĞǀĞůŽƉŵĞŶƚƉƌĂĐƟĐĞƐĂŶĚ^ŵĂƌƚ'ƌŽǁƚŚƉƌĂĐƟĐĞƐĂƌĞƐƚƌĂƚĞŐŝĞƐƚŚĂƚŚĂǀĞďĞĞŶ ŝĚĞŶƟĮĞĚďLJƚŚĞŽƵŶƚLJ͛Ɛ/ŶƚĞŐƌĂƚĞĚ^ƵƐƚĂŝŶĂďŝůŝƚLJWůĂŶ͘&ƵƌƚŚĞƌ͕ƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞDƵŶŝĐŝƉĂůĞǀĞůŽƉŵĞŶƚ WůĂŶƉƌŽǀŝĚĞƐŐƵŝĚĂŶĐĞĨŽƌůŽĐĂƟŶŐĨƵƚƵƌĞŽƵŶƚƌLJZĞƐŝĚĞŶƟĂůĚĞǀĞůŽƉŵĞŶƚƚŽĐŽŶƐĞƌǀĞĂŐƌŝĐƵůƚƵƌĂůůĂŶĚĂŶĚŝŶͲ ĐƌĞĂƐĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞĞĸĐŝĞŶĐLJ͘ƵŝůĚŝŶŐĨƌŽŵƚŚŝƐƉŽůŝĐLJ͕ƚŚĞ/^ƉƌŽǀŝĚĞƐŵŽƌĞĚĞƚĂŝůĞĚƐƚƌĂƚĞŐŝĞƐĨŽƌƚŚĞƉĂƩĞƌŶ ŽĨŽƵŶƚLJZĞƐŝĚĞŶƟĂů'ƌŽǁƚŚ͘

ϰ͘ϱ͘Ϯ&ŝƌƐƚŝƌĞĐƚ'ƌŽǁƚŚƚŽdžŝƐƟŶŐĞŶƚƌĞƐ

ZĞƐƉĞĐƟŶŐƚŚĞůŽĐĂƟŽŶĂůĐƌŝƚĞƌŝĂŽĨƚŚĞŽƵŶƚLJDƵŶŝĐŝƉĂůĞǀĞůŽƉŵĞŶƚƉůĂŶĨŽƌĐŽƵŶƚƌLJƌĞƐŝĚĞŶƟĂů͕ƚŚĞĮƌƐƚƉŽƐͲ ŝƟŽŶŽĨƚŚĞ/^ŝƐƚŽĚŝƐĐŽƵƌĂŐĞĨƵƌƚŚĞƌůŽǁͲĚĞŶƐŝƚLJĐŽƵŶƚƌLJƌĞƐŝĚĞŶƟĂůƐƵďĚŝǀŝƐŝŽŶĂŶĚŝŶƐƚĞĂĚĚŝƌĞĐƚƚŚŝƐŐƌŽǁƚŚ ƚŽĞdžŝƐƟŶŐĐůƵƐƚĞƌƐ͘dŚŝƐĂůƐŽƐƵƉƉŽƌƚƐƚŚĞŝĚĞĂŽĨƚŚĞŶĂƚƵƌĂůͬĂŐƌŝĐƵůƚƵƌĂůŐƌĞĞŶďĞůƚƐƵƌƌŽƵŶĚŝŶŐƚŚĞŐƌŝĐƵůƚƵƌĂůͲ /ŶĚƵƐƚƌŝĂůĞŶƚƌĞƚŚĂƚǁŽƵůĚďĞĐŽŵƉƌŽŵŝƐĞĚďLJĚŝƐĐŽŶŶĞĐƚĞĚŝŶĚƵƐƚƌŝĂů͕ĐŽŵŵĞƌĐŝĂů͕ĂŶĚƌĞƐŝĚĞŶƟĂůƵƐĞƐĂůŝŬĞ͘

ϰ͘ϱ͘ϯĞLJŽŶĚ'ƌŽƵƉĞĚŽƵŶƚƌLJZĞƐŝĚĞŶƟĂů͗dŚĞ,ĂŵůĞƚůƵƐƚĞƌ tŚĞƌĞŶĞǁƌĞƐŝĚĞŶƟĂůĐůƵƐƚĞƌƐŚĂǀĞďĞĞŶĚĞĞŵĞĚĂƉƉƌŽƉƌŝĂƚĞ͕ƚŚĞ,ĂŵůĞƚůƵƐƚĞƌƐĞƩůĞŵĞŶƚƉĂƩĞƌŶŝƐĞŶĐŽƵƌͲ ĂŐĞĚ͘dŚĞ,ĂŵůĞƚůƵƐƚĞƌŝƐĂŵŽĚĞƌŶŝŶƚĞƌƉƌĞƚĂƟŽŶŽĨƚŚĞƚƌĂĚŝƟŽŶĂůƌƵƌĂů,ĂŵůĞƚ͕ƚĂŬŝŶŐŽŶŵĂŶLJŽĨƚŚĞĐŚĂƌĂĐͲ ƚĞƌŝƐƟĐƐŽĨƚŚĞŝĚĞĂůEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚ;ƐĞĞƐĞĐƟŽŶϰ͘ϰ͘ϱͿ͘<ĞLJƚŽƚŚŝƐĐŽŶĐĞƉƚŝƐƚŚĞŝĚĞĂƚŚĂƚƚŚĞ,ĂŵůĞƚůƵƐƚĞƌ ĐĂŶŝŶƚĞŶƐŝĨLJĂŶĚŐƌŽǁŝŶƚŽĂĨƵůůŶĞŝŐŚďŽƵƌŚŽŽĚͬǀŝůůĂŐĞŽǀĞƌƟŵĞƐŚŽƵůĚƚŚĂƚďĞĚĞƐŝƌĞĚ͘dŚĞ,ĂŵůĞƚůƵƐƚĞƌŚĂƐ ƚŚĞĨŽůůŽǁŝŶŐĐŚĂƌĂĐƚĞƌŝƐƟĐƐ͗

ͻ ĐĞŶƚƌĂůĐŽŵŵŽŶƐƉĂĐĞŝŶƚŚĞĨŽƌŵŽĨĂůĂƌŐĞŐƌĞĞŶŽƌƚŚĞƐŵĂůůĞƌ͕ŵŽƌĞĨŽƌŵĂůƐƋƵĂƌĞƉƌŽǀŝĚĞƐĂĐĞŶƚƌĞƚŽ ƚŚĞĐůƵƐƚĞƌ͘dŚŝƐĐŽŵŵŽŶƐƉĂĐĞĐĂŶĂĐĐŽŵŵŽĚĂƚĞƉĂƐƐŝǀĞƌĞĐƌĞĂƟŽŶ͕ĐŽŵŵƵŶŝƚLJŐĂƌĚĞŶŝŶŐ͕ĐŽŵŵƵŶŝƚLJŐĂƚŚͲ ĞƌŝŶŐ͕ĂŵƵůƟͲƉƵƌƉŽƐĞĐŽŵŵƵŶŝƚLJďƵŝůĚŝŶŐ͕ĐŚƵƌĐŚĞƐ͕ĂŶĚƉůĂLJŐƌŽƵŶĚƐ͘

ͻ ĚŝǀĞƌƐŝƚLJŽĨůŽƚƐŝnjĞƐĨƌŽŵůĂƌŐĞƌĂŐƌŝĐƵůƚƵƌĂůƉĂƌĐĞůƐƚŽƐŵĂůůĞƌ͞ǀŝůůĂŐĞůŽƚ͟ĂƐƐŵĂůůĂƐϭͬϰĂĐƌĞĂƚƚŚĞ,ĂŵůĞƚ͛Ɛ ĐĞŶƚƌĞ͘dŽǁŶŚŽƵƐĞƐĂŶĚŵƵůƟͲƵŶŝƚ͞ŵĂŶƐŝŽŶƵŶŝƚƐ͟ŵĂLJĂůƐŽďĞĐŽŶƐŝĚĞƌĞĚĂƌŽƵŶĚƚŚĞĐĞŶƚƌĂůŐƌĞĞŶ͘

ͻ dŚĞŚŽƵƐĞŝƐǀĞƌƟĐĂůůLJƉƌŽƉŽƌƟŽŶĞĚ͕ƚLJƉŝĐĂůůLJƚǁŽƐƚŽƌŝĞƐǁŝƚŚĂĨƌŽŶƚƉŽƌĐŚŽƌƐƚŽŽƉ͕ĂŶĚƉůĂĐĞĚĐůŽƐĞƚŽƚŚĞ ƐƚƌĞĞƚƚŽŽīĞƌĂ͚ƉƵďůŝĐĨĂĐĞ͛ƚŚĂƚĨƌĂŵĞƐŝŶƚŚĞƐƚƌĞĞƚĂƐĂƉƵďůŝĐƐƉĂĐĞ͘

ͻ ůƚŚŽƵŐŚďƵŝůĚŝŶŐƐĂƌĞĐůŽƐĞƌƚŽŐĞƚŚĞƌŝŶƚŚĞŚĂŵůĞƚƉĂƩĞƌŶ͕ƚŚĞĂďŝůŝƚLJƚŽŚĂǀĞĐůĞĂƌĐŽƵŶƚƌLJǀŝĞǁƐĂŶĚƉƌŝǀĂĐLJ ƚŽƚŚĞƌĞĂƌĐĂŶďĞĂĐŚŝĞǀĞĚĨŽƌŵĂŶLJŽĨƚŚĞůŽƚƐ͕ǁŚĞƌĞƚŚĞĨƌŽŶƚƉŽƌĐŚŚĂƐĂŶ͞ĂĚĚƌĞƐƐ͟ŽŶƚŚĞƐƚƌĞĞƚ͘

ͻ 'ĂƌĂŐĞƐŵĂLJďĞĂƩĂĐŚĞĚďƵƚĂƌĞƐĞƚďĂĐŬĨƌŽŵƚŚĞƐƚƌĞĞƚŽƌĂĐĐĞƐƐĞĚĨƌŽŵĂƌĞĂƌůĂŶĞ͘

ͻ ŶĂĚĚŝƟŽŶĂůƐƵŝƚĞŽƌǁŽƌŬƐŚŽƉŵĂLJďĞƉƌŽǀŝĚĞĚĂďŽǀĞĂĚĞƚĂĐŚĞĚŐĂƌĂŐĞŽƌƐĞƉĂƌĂƚĞŽƵƚďƵŝůĚŝŶŐ͘

ͻ >ĂƌŐĞƌƉĂƌĐĞůƐĂŶĚĂŐƌŝĐƵůƚƵƌĂůƵƐĞƐĂƌĞůŽĐĂƚĞĚĂƚƚŚĞĞĚŐĞŽĨƚŚĞĐůƵƐƚĞƌ͘KŶƚŚĞƐĞƉĂƌĐĞůƐ͕ƚŚĞŚŽƵƐĞŵĂLJďĞ ůĂƌŐĞƌ͕ŚĂǀĞĂĚĚŝƟŽŶĂůŽƵƚďƵŝůĚŝŶŐƐ͕ĂŶĚĂƌĞĨƌĞĞĨƌŽŵƐĞƚďĂĐŬĐŽŶƐƚƌĂŝŶƚƐ͘

ͻ ͞ĐƌŽƐƐƌŽĂĚƐ͟ĨŽƌŵĞĚďLJƚǁŽŵĂũŽƌƌŽĂĚƐƚŚƌŽƵŐŚƚŚĞĐŽŵŵƵŶŝƚLJĐĂŶĂůůŽǁĨŽƌƐŵĂůůůŽĐĂůĂŶĚƌƵƌĂůĐŽŵŵĞƌͲ ĐŝĂůƵƐĞƐ͘

ͻ ^ƚƌĞĞƚƐĐŽŶŶĞĐƚŝŶƚĞƌŶĂůůLJƚŽĨŽƌŵĂŶĞƚǁŽƌŬĂŶĚĂůůŽǁĨŽƌĨƵƚƵƌĞĞdžƉĂŶƐŝŽŶ͘

ϰ͘ϱ͘ϰWŽůŝĐŝĞƐĂŶĚZĞĐŽŵŵĞŶĚĂƟŽŶƐ

ͻ >ŽǁĞƌĚĞŶƐŝƚLJƌĞƐŝĚĞŶƟĂůƵƐĞƐƐŚŽƵůĚďĞĚŝƌĞĐƚĞĚƚŽĞdžŝƐƟŶŐƐĞƩůĞŵĞŶƚƐǁŚĞƌĞƚŚĞLJĐĂŶĨŽƌŵƚŚĞĞĚŐĞƐŽĨĂ EĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚ͘

ͻ ,ĂŵůĞƚůƵƐƚĞƌƐƐŚĂůůďĞďĂƐĞĚŽŶƚŚĞEĞŝŐŚďŽƵƌŚŽŽĚhŶŝƚǁŚĞƌĞǀĞƌƉŽƐƐŝďůĞ͘

ͻ ĐĞŶƚƌĂůĐŽŵŵŽŶƐƉĂĐĞŝŶƚŚĞĨŽƌŵŽĨĂƉƵďůŝĐŐƌĞĞŶŽƌƐƋƵĂƌĞ͕ĂŶĚƐĞĐƵƌĞĚĂƐDƵŶŝĐŝƉĂůZĞƐĞƌǀĞ͕ƐŚĂůůďĞƐƵƌͲ ƌŽƵŶĚĞĚďLJĂƌŽĂĚĂŶĚĨƌŽŶƚĞĚďLJƚŚĞŚŝŐŚĞƐƚĚĞŶƐŝƚLJƉĂƌĐĞůƐŝŶƚŚĞĐůƵƐƚĞƌƐ͘

ͻ dŚĞĐĞŶƚƌĂůĐŽŵŵŽŶƐƉĂĐĞĐĂŶĂĐĐŽŵŵŽĚĂƚĞĐŽŵŵƵŶŝƚLJďƵŝůĚŝŶŐƐ͕ĐŽŵŵƵŶŝƚLJŐĂƌĚĞŶŝŶŐĨĂĐŝůŝƟĞƐ͕ƉůĂLJͲ ŐƌŽƵŶĚƐ͕ƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĨĂĐŝůŝƟĞƐ͕ĂŶĚďŽƚŚĂĐƟǀĞĂŶĚƉĂƐƐŝǀĞƌĞĐƌĞĂƟŽŶĂůĨĂĐŝůŝƟĞƐ͘

ͻ ZĂŶŐĞŽĨ>ŽƚƐŝnjĞƐƐŚĂůůďĞƉƌŽǀŝĚĞĚǁŝƚŚƉĂƌĐĞůƐƌĂŶŐŝŶŐĨƌŽŵĂƚůĞĂƐƚϭͬϯŽĨĂŶĂĐƌĞƚŽϰ͘ϬĂĐƌĞƐ͘ ϰϬ ͮപ/Ed'Zds>KWDEd^dZd'z

ͻ tŚĞƌĞĂƉƉƌŽƉƌŝĂƚĞ͕ƉĂƌĐĞůƐĂƌŽƵŶĚƚŚĞĐŽŵŵŽŶƐƉĂĐĞƐŚĂůůĐŽŶƐŝĚĞƌƐŵĂůůĞƌƐŝŶŐůĞĨĂŵŝůLJƉĂƌĐĞůƐ͕ƚŽǁŶŚŽƵƐĞƐ͕ ƐŵĂůůŵƵůƟͲƵŶŝƚďƵŝůĚŝŶŐƐ;ŵĂŶƐŝŽŶŇĂƚƐĂƉƉĞĂƌŝŶŐĂƐĂůĂƌŐĞƐŝŶŐůĞĨĂŵŝůLJŚŽƵƐĞͿ͕ŝŶƐƟƚƵƟŽŶĂůƵƐĞƐ͕ĂŶĚůŝŵͲ ŝƚĞĚůŽĐĂůĐŽŵŵĞƌĐŝĂů͘

ͻ ƵŝůĚŝŶŐƐŽŶƉĂƌĐĞůƐůĞƐƐƚŚĂŶϭͬϯĂĐƌĞƐŚĂůůŚĂǀĞĂŵĂdžŝŵƵŵĨƌŽŶƚƐĞƚďĂĐŬŽĨϲ͘ϬŵĂŶĚĂŵŝŶŝŵƵŵŽĨϯ͘Ϭŵ͘ WĂƌĐĞůƐƐƵƌƌŽƵŶĚŝŶŐƚŚĞĐŽŵŵŽŶƐƉĂĐĞƐŚĂůůŚĂǀĞĂŵĂdžŝŵƵŵĨƌŽŶƚƐĞƚďĂĐŬŽĨϯ͘ϬŵĂŶĚĂŵŝŶŝŵƵŵŽĨϭ͘ϱŵ͘

ͻ WŽƌĐŚĞƐĂŶĚ ƐƚŽŽƉƐŵĂLJĞŶĐƌŽĂĐŚϱϬйŝŶƚŽĂĨƌŽŶƚƐĞƚďĂĐŬ͕ĞdžĐĞƉƚǁŚĞƌĞůŽĐĂƚĞĚĂƌŽƵŶĚĂĐŽŵŵŽŶŐƌĞĞŶ ǁŚĞƌĞƚŚĞLJŵĂLJĞŶĐƌŽĂĐŚϭϬϬй͘

ͻ ůůƉĂƌĐĞůƐƐŚĂůůďĞĂůůŽǁĞĚŽŶĞƐĞĐŽŶĚĂƌLJƵŶŝƚĂďŽǀĞĂĚĞƚĂĐŚĞĚŐĂƌĂŐĞǁŚĞƌĞĂǀĂŝůĂďůĞ͕ŽƌĂŶŽƵƚďƵŝůĚŝŶŐ ǁŚĞƌĞƚŚĞŐĂƌĂŐĞŝƐĂƩĂĐŚĞĚƚŽƚŚĞŚŽƵƐĞ͘

ͻ &ƌŽŶƚĂĐĐĞƐƐĞĚŐĂƌĂŐĞĚŽŽƌƐƐŚĂůůŶŽƚĞdžƚĞŶĚĨŽƌǁĂƌĚŽĨƚŚĞĨƌŽŶƚĨĂĐĂĚĞĂŶĚƐŚĂůůŶŽƚĞdžĐĞĞĚϮϱйŽĨƚŚĞĨƌŽŶƚ ĨĂĐĂĚĞĂƌĞĂ͘

ͻ tŚĞƌĞůŽĐĂƚĞĚĂƌŽƵŶĚƚŚĞĐŽŵŵŽŶƐƉĂĐĞ͕ĨƌŽŶƚĂĐĐĞƐƐĞĚŐĂƌĂŐĞƐƐŚĂůůďĞƐĞƚďĂĐŬϲ͘ϬŵĨƌŽŵƚŚĞĨƌŽŶƚĨĂĐĂĚĞ ŽƌĂĐĐĞƐƐĞĚĨƌŽŵĂƌĞĂƌůĂŶĞ͘&ƌŽŶƚĂĐĐĞƐƐĞĚŐĂƌĂŐĞƐĂƌĞŶŽƚƉĞƌŵŝƩĞĚŽŶƉĂƌĐĞůƐůĞƐƐƚŚĂŶϭϮ͘Ϭŵ͘

ͻ ůůƐƚƌĞĞƚƐƐŚĂůůďĞĐŽŶŶĞĐƚĞĚƚŽĨŽƌŵĂŶĞƚǁŽƌŬǁŝƚŚďůŽĐŬƉĞƌŝŵĞƚĞƌƐŶŽůĂƌŐĞƌƚŚĂŶϵϬϬŵŵĞĂƐƵƌĞĚĂƚƚŚĞ ĨƌŽŶƚƉƌŽƉĞƌƚLJůŝŶĞ͘

ͻ ,ĂŵůĞƚůƵƐƚĞƌƐƐŚĂůůďĞĚĞƐŝŐŶĞĚƚŽĂůůŽǁĨŽƌĨƵƚƵƌĞŝŶƚĞŶƐŝĮĐĂƟŽŶǁŚĞƌĞĂƉƉƌŽƉƌŝĂƚĞ͘

ͻ ^ƚƌĞĞƚƐĂƚƚŚĞĞĚŐĞƐŚĂůůĂůůŽǁĨŽƌĨƵƚƵƌĞƐƚƌĞĞƚĐŽŶŶĞĐƟŽŶƐŶŽůĞƐƐƚŚĂŶĞǀĞƌLJϮϮϬŵ͘

ͻ džŝƐƟŶŐŽƵŶƚƌLJZĞƐŝĚĞŶƟĂůƐƵďĚŝǀŝƐŝŽŶƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚĨŽƌŝŶƚĞŶƐŝĮĐĂƟŽŶŝŶƚŽĂ,ĂŵůĞƚůƵƐƚĞƌƐŝŶĞdžͲ ĐŚĂŶŐĞĨŽƌĐŽŵŵŽŶƐƉĂĐĞ͘

ͻ ,ĂŵůĞƚůƵƐƚĞƌƐƐŚĂůůŝŶĐŽƌƉŽƌĂƚĞĂŐŐƌĞƐƐŝǀĞƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƚĞĐŚŶŝƋƵĞƐŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ ƌĂŝŶǁĂƚĞƌĐŽůůĞĐƟŽŶ͕ƉĞƌŵĞĂďůĞƐƚƌĞĞƚƐĂŶĚĚƌŝǀĞǁĂLJƐ͕ƌĂŝŶŐĂƌĚĞŶƐ͕ŽǀĞƌůĂŶĚĐŚĂŶŶĞůŝŶŐ͕ĂŶĚŽŶͲƐŝƚĞƌĞƚĞŶƟŽŶ ĂŶĚƚƌĞĂƚŵĞŶƚ͘

,ĂŵůĞƚůƵƐƚĞƌƉƌŽǀŝĚĞƐĨŽƌĐŽŵŵŽŶƐƉĂĐĞĂŶĚĂƌĂŶŐĞŽĨůŽƚƐƐŝnjĞƐŝŶĐůƵĚŝŶŐĂŐƌŝĐƵůƚƵƌĂůƉĂƌĐĞůƐ͘ /Ed'Zds>KWDEd^dZd'z | 41 ϱ͘ϬdƌĂŶƐƉŽƌƚĂƟŽŶ

ϱ͘ϭdžŝƐƟŶŐdƌĂŶƐƉŽƌƚĂƟŽŶEĞƚǁŽƌŬͲŽƌƌŝĚŽƌ^ƚƵĚLJƌĞĂ dŚĞĂŶĂůLJnjĞĚƚƌĂŶƐƉŽƌƚĂƟŽŶŶĞƚǁŽƌŬĐĞŶƚĞƌƐŽŶĂŶĚŝƐďŝƐĞĐƚĞĚďLJƚŚĞĞdžŝƐƟŶŐĂůŝŐŶŵĞŶƚŽĨ,ŝŐŚǁĂLJϯ͘dŚĞ^ƚƵĚLJ ƌĞĂĞdžƚĞŶĚƐĨƌŽŵƚŚĞĞĂƐƚĞƌŶďŽƵŶĚĂƌLJŽĨƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞƚŽƚŚĞĞĂƐƚŽĨƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͘/ƚƐƐŽƵƚŚ ďŽƵŶĚĂƌLJĐŽŝŶĐŝĚĞƐǁŝƚŚƚŚĞdǁƉ͘ZĚ͘ϳǁŚŝůĞƚŚĞŶŽƌƚŚďŽƵŶĚĂƌLJĨŽůůŽǁƐdǁƉ͘ZĚ͘ϭϬ͘ dŚĞĞdžŝƐƟŶŐƌŽĂĚŶĞƚǁŽƌŬŝƐƐŚŽǁŶŽŶƚŚĞĂƩĂĐŚĞĚ&ŝŐƵƌĞϱ͘ϭ͘ϭ͘ĂŶĚŝŶĐůƵĚĞƐ͖

ͻ WƌŽǀŝŶĐŝĂů,ŝŐŚǁĂLJƐ͖ ම ,ŝŐŚǁĂLJϯďŝƐĞĐƟŶŐ^ƚƵĚLJƌĞĂĨƌŽŵƐŽƵƚŚǁĞƐƚ;^tͿƚŽŶŽƌƚŚĞĂƐƚ;EͿ͕ ම ,ŝŐŚǁĂLJϰĂůŝŐŶŵĞŶƚǁŚŝĐŚĐƌŽƐƐĞƐƚŚƌŽƵŐŚƚŚĞƐŽƵƚŚǁĞƐƚĐŽƌŶĞƌŽĨƚŚĞƐƚƵĚLJĂƌĞĂďĞƚǁĞĞŶƚŚĞŝƚLJ  ŽĨ>ĞƚŚďƌŝĚŐĞďŽƵŶĚĂƌLJĂŶĚdǁƉ͘ZĚ͘ϳ͕  /ƚƐŚŽƵůĚďĞŶŽƚĞĚƚŚĂƚďŽƚŚ,ŝŐŚǁĂLJϯĂŶĚ,ŝŐŚǁĂLJϰǁŝƚŚŝŶƚŚĞ^ƚƵĚLJƌĞĂĨŽƌŵƉĂƌƚŽĨƚŚĞE  DydƌĂĚĞŽƌƌŝĚŽƌ͕ƚŚĞdƌĂŶƐƉŽƌƚĂƟŽŶŽƌƌŝĚŽƌĐŽŶŶĞĐƟŶŐĂŶĂĚĂ͕ƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͕ĂŶĚDĞdžŝĐŽ͘ ම ,ŝŐŚǁĂLJϱϭϮĂůŝŐŶŵĞŶƚǁŚŝĐŚĨŽůůŽǁƐĞĂƐƚŽĨƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞďŽƵŶĚĂƌLJƵƉƚŽdǁƉ͘ϵϬĂŶĚƚŚĞŶ  ŶŽƌƚŚŝŶƚĞƌƐĞĐƟŶŐ,ŝŐŚǁĂLJϯĂƉƉƌŽdžŝŵĂƚĞůLJϴŬŵ;ĮǀĞŵŝůĞƐͿĞĂƐƚŽĨƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͕ ම ,ŝŐŚǁĂLJϴϰϱǁŚŝĐŚĨŽůůŽǁƐƚŚĞŶŽƌƚŚʹƐŽƵƚŚƌŽĂĚĂůŝŐŶŵĞŶƚĐŽŶŶĞĐƟŶŐ,ŝŐŚǁĂLJϰƚŽ,ŝŐŚǁĂLJϯ͘/ƚ  ŝŶƚĞƌƐĞĐƚƐǁŝƚŚ,ŝŐŚǁĂLJϯŝŶŽĂůĚĂůĞĂŶĚƚŚĞŶŚĞĂĚƐŶŽƌƚŚƚŽǁĂƌĚƐ>ŽŵŽŶĚ͘

ͻ >ŽĐĂůZŽĂĚ^LJƐƚĞŵ͖ ම dŚĞWƌŽǀŝŶĐŝĂů,ŝŐŚǁĂLJ^LJƐƚĞŵŝƐĐŽŵƉůĞŵĞŶƚĞĚďLJƚŚĞůŽĐĂůŐƌŝĚƌŽĂĚƐLJƐƚĞŵǁŝƚŚƌŽĂĚƐƐƉĂĐĞĚ  ϭŵŝůĞ;ϭ͘ϲŬŵͿŝŶƚŚĞĞĂƐƚͲǁĞƐƚĚŝƌĞĐƟŽŶĂŶĚϮŵŝůĞƐ;ϯ͘ϮŬŵͿŝŶƚŚĞŶŽƌƚŚͲƐŽƵƚŚĚŝƌĞĐƟŽŶ͘  /ƚƐŚŽƵůĚďĞŶŽƚĞĚƚŚĂƚƚŚĞůŽĐĂůŐƌŝĚƌŽĂĚƐLJƐƚĞŵŝƐŶŽƚĐŽŶƟŶƵŽƵƐƚŚƌŽƵŐŚŽƵƚƚŚĞ^ƚƵĚLJƌĞĂ͘

ϱ͘ϮdƌĂŶƐƉŽƌƚĂƟŽŶ^ƚƵĚŝĞƐ ŶƵŵďĞƌŽĨƚƌĂŶƐƉŽƌƚĂƟŽŶŶĞƚǁŽƌŬƐƚƵĚŝĞƐŚĂǀĞďĞĞŶĐŽŵƉůĞƚĞĚĨŽƌƚŚŝƐĂƌĞĂ͘dŚĞŵŽƐƚƌĞĐĞŶƚƐƚƵĚŝĞƐŝŶĐůƵĚĞ͗

ͻ &ƵŶĐƟŽŶĂůWůĂŶŶŝŶŐ^ƚƵĚLJʹ&ƵƚƵƌĞ,ŝŐŚǁĂLJϰ/ŶƚĞƌĐŚĂŶŐĞǁŝƚŚdžŝƐƟŶŐ,ŝŐŚǁĂLJϯ͗ϭϬʹ&ŽĐƵƐƉƌŝůϮϬϬϴ͕

ͻ ,ŝŐŚǁĂLJϯ͗ϭϬKƉĞƌĂƟŽŶĂůZĞǀŝĞǁͬ^ĐŽƉĞ^ƚƵĚLJͲ>ĞƚŚďƌŝĚŐĞƚŽŽĂůĚĂůĞͲDĐůŚĂŶŶĞLJŽŶƐƵůƟŶŐ^ĞƌǀŝĐĞƐ>ƚĚ͕͘ DĂLJϮϬϬϰ͕

ͻ ,ŝŐŚǁĂLJEĞƚǁŽƌŬ^ƚƵĚLJ>ĞƚŚďƌŝĚŐĞƚŽŽĂůĚĂůĞʹ/>ŝŵŝƚĞĚ͕EŽǀĞŵďĞƌϮϬϬϵ͕

ͻ ,ŝŐŚǁĂLJϯ͗ϭϬʹ>ĞƚŚďƌŝĚŐĞƚŽŽĂůĚĂůĞ^ĞƌǀŝĐĞZŽĂĚEĞƚǁŽƌŬ^ƚƵĚLJʹ/^>ŶŐŝŶĞĞƌŝŶŐDĂƌĐŚϮϬϬϵ͘ /ŶĂĚĚŝƟŽŶ͕ůďĞƌƚĂdƌĂŶƐƉŽƌƚĂƟŽŶ;dͿŚĂƐĐĂƌƌŝĞĚŽƵƚĂ&ƵŶĐƟŽŶĂůWůĂŶŶŝŶŐ^ƚƵĚLJĨŽƌƚŚĞƌĞĂůŝŐŶŵĞŶƚŽĨ,ŝŐŚǁĂLJ ϰĞĂƐƚŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚĂ&ƵŶĐƟŽŶĂůWůĂŶŶŝŶŐ^ƚƵĚLJĨŽƌƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞEŽƌƚŚZŝŶŐZŽĂĚ͘ ZĞƐƵůƚƐŽĨĂŶĚƌĞĐŽŵŵĞŶĚĂƟŽŶƐŵĂĚĞŝŶƚŚĞĂďŽǀĞƐƚƵĚŝĞƐǁĞƌĞĂŶĂůLJƐĞĚĂŶĚƵƐĞĚŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞ ƉƌĞůŝŵŝŶĂƌLJƐŬĞůĞƚĂůƚƌĂŶƐƉŽƌƚĂƟŽŶŶĞƚǁŽƌŬĐŽŶĐĞƉƚĨŽƌƚŚĞ^ƚƵĚLJƌĞĂĂƐĚŝƐĐƵƐƐĞĚŝŶƚŚĞƐƵďƐĞƋƵĞŶƚƐĞĐƟŽŶƐ͘ ϰϮ ͮപ/Ed'Zds>KWDEd^dZd'z ϱ͘ϯ&ƵƚƵƌĞEĞƚǁŽƌŬŽŶĐĞƉƚĨŽƌƚŚĞWƌŽƉŽƐĞĚŽƌƌŝĚŽƌĞǀĞůŽƉŵĞŶƚ ĂƐĞĚŽŶƚŚĞƌĞƐƵůƚƐŽĨƚŚĞdƌĂŶƐƉŽƌƚĂƟŽŶ^ƚƵĚŝĞƐĂŶĚƌĞǀŝĞǁŽĨƚŚĞůŽŶŐƚĞƌŵƉůĂŶƐĨŽƌƚŚĞĂƌĞĂ͕ƚŚĞĨƵƚƵƌĞůŽŶŐ ƚĞƌŵƐŬĞůĞƚĂůŶĞƚǁŽƌŬǁĂƐŝĚĞŶƟĮĞĚĨŽƌƚŚĞĂƌĞĂĂŶĚŝƐƐŚŽǁŶŽŶ&ŝŐƵƌĞϱ͘ϯ͘ϭ͘ /ƚŝŶĐůƵĚĞƐ͖

ͻ ƚŚĞĞdžŝƐƟŶŐƚƌĂŶƐƉŽƌƚĂƟŽŶŶĞƚǁŽƌŬ͕

ͻ ƚŚĞƉƌŽƉŽƐĞĚƌĞĂůŝŐŶŵĞŶƚŽĨ,ŝŐŚǁĂLJϰĞĂƐƚŽĨƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͕

ͻ EŽƌƚŚZŝŶŐZŽĂĚĂŶĚƚŚĞƉƌŽƉŽƐĞĚĂĐĐĞƐƐƐĐŚĞŵĞƐĨŽƌ,ŝŐŚǁĂLJϯ͕

ͻ ,ŝŐŚǁĂLJϰĂŶĚEŽƌƚŚZŝŶŐZŽĂĚǁŝƚŚŝŶƚŚĞĐŽŶĮŶĞƐŽĨƚŚĞ^ƚƵĚLJƌĞĂ͘

ϱ͘ϰĐĐĞƐƐDĂŶĂŐĞŵĞŶƚ ϱ͘ϰ͘ϭdŚĞdžŝƐƟŶŐĐĐĞƐƐDĂŶĂŐĞŵĞŶƚ^ĐŚĞŵĞ dŚĞƚƌĂŶƐƉŽƌƚĂƟŽŶŶĞƚǁŽƌŬŝŶƚŚĞ^ƚƵĚLJƌĞĂŝƐƵŶĚĞƌƚŚĞũƵƌŝƐĚŝĐƟŽŶ͕ŵĂŶĂŐĞŵĞŶƚĂŶĚĐŽŶƚƌŽůŽĨƚŚƌĞĞZŽĂĚ ƵƚŚŽƌŝƟĞƐ͖ ůďĞƌƚĂdƌĂŶƐƉŽƌƚĂƟŽŶŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞŶƵŵďĞƌĞĚŚŝŐŚǁĂLJƐ͕ dŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞůŽĐĂůŶĞƚǁŽƌŬĂŶĚ dŚĞdŽǁŶŽĨŽĂůĚĂůĞŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞƐƚƌĞĞƚƐLJƐƚĞŵǁŝƚŚŝŶƚŚĞdŽǁŶ͛ƐďŽƵŶĚĂƌŝĞƐ͘ ŽŶƐĞƋƵĞŶƚůLJ͖

ͻ dŚĞĞdžŝƐƟŶŐĂĐĐĞƐƐŵĂŶĂŐĞŵĞŶƚƐĐŚĞŵĞŝŶƚŚĞĐĂƐĞŽĨWƌŽǀŝŶĐŝĂů,ŝŐŚǁĂLJƐŝƐĚĞĮŶĞĚďLJƚŚĞůďĞƌƚĂdƌĂŶƐƉŽƌͲ ƚĂƟŽŶĐĐĞƐƐDĂŶĂŐĞŵĞŶƚ'ƵŝĚĞůŝŶĞƐĂŶĚŝŶĐůƵĚĞĚĂƐĂƐĞƉĂƌĂƚĞ^ĞĐƟŽŶŝŶƚŚĞůďĞƌƚĂdƌĂŶƐƉŽƌƚĂƟŽŶ,ŝŐŚǁĂLJ 'ĞŽŵĞƚƌŝĐĞƐŝŐŶ'ƵŝĚĞĚĞĮŶŝŶŐĂĐĐĞƐƐĐŽŶƚƌŽůŵĞĂƐƵƌĞƐĨŽƌŚŝŐŚǁĂLJƐƵŶĚĞƌũƵƌŝƐĚŝĐƟŽŶĂŶĚĐŽŶƚƌŽůŽĨƚŚĞ DŝŶŝƐƚĞƌŽĨdƌĂŶƐƉŽƌƚĂƟŽŶ͘

ͻ dŚĞůŽĐĂůƌŽĂĚƐLJƐƚĞŵŝƐƵŶĚĞƌƚŚĞũƵƌŝƐĚŝĐƟŽŶŽĨƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚƚŚĞŽƵŶƚLJŚĂƐĐŽŶƚƌŽůŽĨĂĐĐĞƐƐ ŽŶƚŚŝƐƉĂƌƚŽĨƚŚĞƐLJƐƚĞŵǁŚŝůĞ

ͻ dŚĞdŽǁŶŽĨŽĂůĚĂůĞŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐĞƐƐĐŽŶƚƌŽůĂƐƌĞůĂƚĞĚƚŽƚŚĞdŽǁŶ͛ƐƐƚƌĞĞƚƐLJƐƚĞŵ͘

ϱ͘ϰ͘Ϯ dŚĞ&ƵƚƵƌĞĐĐĞƐƐDĂŶĂŐĞŵĞŶƚŽŶĐĞƉƚ dŚĞĨƵƚƵƌĞĂĐĐĞƐƐŵĂŶĂŐĞŵĞŶƚƐĐŚĞŵĞŝŶƚŚĞĐĂƐĞŽĨƚŚĞƐŬĞůĞƚĂůŶĞƚǁŽƌŬǁĂƐŝĚĞŶƟĮĞĚĨŽůůŽǁŝŶŐƚŚĞĂŶĂůLJƐŝƐŽĨ ƚŚĞƌĞƐƵůƚƐŽĨƚŚĞƚƌĂŶƐƉŽƌƚĂƟŽŶƐƚƵĚŝĞƐĂŶĚƌĞǀŝĞǁŽĨƚŚĞĨƵƚƵƌĞĨƵŶĐƟŽŶĂůĚĞƐŝŐŶĂƟŽŶŽĨƚŚĞŶĞƚǁŽƌŬůŝŶŬƐ͘dŚĞ ƌĞƐƵůƚƐŽĨƚŚŝƐƌĞǀŝĞǁŝŶĚŝĐĂƚĞƚŚĂƚ

ͻ ĐĐĞƐƐƚŽ,ŝŐŚǁĂLJϰĂŶĚEŽƌƚŚZŝŶŐZŽĂĚǁŝůůďĞůŝŵŝƚĞĚĂŶĚƉƌŽǀŝĚĞĚĂƚƚŚĞŝĚĞŶƟĮĞĚŝŶƚĞƌĐŚĂŶŐĞůŽĐĂƟŽŶƐ͘

ͻ ĐĐĞƐƐƚŽƚŚĞĞdžŝƐƟŶŐ,ŝŐŚǁĂLJϯĂůŝŐŶŵĞŶƚǁŝůůďĞůŝŵŝƚĞĚƚŽϭŵŝůĞ;ϭ͘ϲŬŵͿƐƉĂĐŝŶŐĂŶĚǁŝůůďĞƉƌŽǀŝĚĞĚĂƚ ƐŝŐŶĂůĐŽŶƚƌŽůůĞĚŝŶƚĞƌƐĞĐƟŽŶƐ͘

ͻ ĐĐĞƐƐƚŽƚŚĞůĂŶĚƐŶŽƌƚŚĂŶĚƐŽƵƚŚŽĨ,ŝŐŚǁĂLJϯůŽĐĂƚĞĚĂůŽŶŐƚŚĞĞdžŝƐƟŶŐ,ŝŐŚǁĂLJϯǁŝůůďĞƉƌŽǀŝĚĞĚďLJƚŚĞ ůŽĐĂůƌŽĂĚƐLJƐƚĞŵĐŽŵƉůĞŵĞŶƚĞĚďLJƚŚĞƉŽƐƐŝďůĞƐĞƌǀŝĐĞƌŽĂĚƐLJƐƚĞŵ͘

ͻ ^ƉĂĐŝŶŐŽĨƚŚĞŝŶƚĞƌƐĞĐƟŽŶƐůŽĐĂƚĞĚŶŽƌƚŚĂŶĚƐŽƵƚŚŽĨƚŚĞ,ŝŐŚǁĂLJϯƐŚŽƵůĚďĞĂĚĞƋƵĂƚĞƚŽƉƌŽǀŝĚĞĨŽƌĂĐĐŽŵͲ ŵŽĚĂƟŽŶŽĨƋƵĞƵĞƐĂŶĚƉƌŽƉĞƌŽƉĞƌĂƟŽŶŽĨƚŚĞWůŝŶĞĐƌŽƐƐŝŶŐƐ͘/ƚŝƐĂƐƐƵŵĞĚƚŚĂƚĂϰϬϬŵĞƚĞƌĚĞƐŝƌĂďůĞ;ϯϬϬ ŵĞƚĞƌƐŵŝŶŝŵƵŵͿƐƉĂĐŝŶŐǁŝůůďĞŵĂŝŶƚĂŝŶĞĚďĞƚǁĞĞŶƚŚĞĮƌƐƚŝŶƚĞƌƐĞĐƟŽŶƐŽŶƚŚĞŶŽƌƚŚƐŽƵƚŚƌŽĂĚƐ͕ŶŽƌƚŚ ĂŶĚƐŽƵƚŚŽĨƚŚĞĞdžŝƐƟŶŐ,ŝŐŚǁĂLJϯĂŶĚƚŚĞ,ŝŐŚǁĂLJϯĂůŝŐŶŵĞŶƚ͘

ͻ ĐĐĞƐƐƚŽůĂŶĚƐĂďĂƟŶŐ,ŝŐŚǁĂLJϯƐŚŽƵůĚďĞƉƌŽǀŝĚĞĚǀŝĂƚŚĞďĂĐŬƌŽĂĚƐLJƐƚĞŵŽƌĨƌŽŶƚĂŐĞƌŽĂĚƐLJƐƚĞŵĐŽŶͲ ŶĞĐƟŶŐƚŽEͬ^,ŝŐŚǁĂLJϯĐŽŶŶĞĐƚŽƌƐŶŽƚĐůŽƐĞƌƚŚĂŶϰϬϬŵŽīŽĨ,ŝŐŚǁĂLJϯŽƌEEŽƌƚŚƌŝŐŚƚͲŽĨͲǁĂLJďŽƵŶĚĂƌLJ͘

ͻ DŽĚĞƌŶƌŽƵŶĚĂďŽƵƚŝŶƚĞƌƐĞĐƟŽŶůĂLJŽƵƚƐƐŚŽƵůĚďĞƉƵƌƐƵĞĚĂƐƚŚĞĮƌƐƚĐŽŶĮŐƵƌĂƟŽŶŽƉƟŽŶďĞĨŽƌĞƚŚĞƚƌĂĸĐ /Ed'Zds>KWDEd^dZd'z | 43

ƐŝŐŶĂůĐŽŶƚƌŽůŝƐĐŽŶƐŝĚĞƌĞĚ͘

ͻ ůůŬĞLJƐƚĂŶĚĂƌĚĨŽƵƌůĞŐŐĞĚĂŶĚ͞d͟ƚLJƉĞŝŶƚĞƌƐĞĐƟŽŶƐƐŚŽƵůĚďĞŇĂƌĞĚĂŶĚŝŶĐůƵĚĞĂďLJƉĂƐƐůĂŶĞ;ƐͿŝŶƚŚĞŝƌ ĐŽŶĮŐƵƌĂƟŽŶ͘

ϱ͘ϲEĞƚǁŽƌŬŽŶĐĞƉƚĨŽƌƚŚĞWƌŽƉŽƐĞĚĞǀĞůŽƉŵĞŶƚ dŚĞƌĞƐƵůƚƐŽĨƚŚĞĂŶĂůLJƐŝƐŽĨƚŚĞĨƵƚƵƌĞƚƌĂŶƐƉŽƌƚĂƟŽŶŶĞƚǁŽƌŬƐƵƉƉŽƌƚĞĚůŽĐĂƟŽŶŽĨƚŚĞŶŽĚĂůĚĞǀĞůŽƉŵĞŶƚĂůŽŶŐ ƚŚĞĞdžŝƐƟŶŐ,ŝŐŚǁĂLJϯĂůŝŐŶŵĞŶƚ͘&ŽůůŽǁŝŶŐĨƵƌƚŚĞƌĂŶĂůLJƐŝƐƚŚĞƉƌŽƉŽƐĞĚůŽĐĂƟŽŶĨŽƌƚŚĞĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚ ŶŽĚĞǁĂƐƐĞůĞĐƚĞĚŝŶƚŚĞǀŝĐŝŶŝƚLJŽĨƚŚĞĨƵƚƵƌĞ,ŝŐŚǁĂLJϰͬĐƵƌƌĞŶƚ,ŝŐŚǁĂLJϯŝŶƚĞƌĐŚĂŶŐĞĂƐƐŚŽǁŶŽŶ&ŝŐƵƌĞϱ͘ϭ͘ϯ͘ dŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŶŽĚĞĂŶĚƉƌŽǀŝĚĞĨŽƌĞĸĐŝĞŶƚǀĞŚŝĐƵůĂƌƚƌĂĸĐĐŝƌĐƵůĂƟŽŶ͕ŝŶƚĞŶƐŝͲ ĮĐĂƟŽŶŽĨƚŚĞĨƵƚƵƌĞŶĞƚǁŽƌŬŝŶƚŚĞĂƌĞĂǁŝůůďĞƌĞƋƵŝƌĞĚ͘dŚĞƉƌŽƉŽƐĞĚŵŽĚŝĮĐĂƟŽŶŽĨƚŚĞŶĞƚǁŽƌŬĨŽůůŽǁŝŶŐ ĐŽŵƉůĞƟŽŶŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚŶŽĚĞŝƐƐŚŽǁŶŽŶ&ŝŐƵƌĞϱ͘ϳ͘ϭ͘/ƚŝŶĐůƵĚĞƐŝŶƚƌŽĚƵĐƟŽŶŽĨƚŚĞĐŽůůĞĐƚŽƌƌŽĂĚƐLJƐƚĞŵ ƚŽƚŚĞĞĂƐƚĂŶĚǁĞƐƚŽĨƚŚĞĨƵƚƵƌĞ,ŝŐŚǁĂLJϰĂůŝŐŶŵĞŶƚ͕ĐŽŶŶĞĐƟŶŐĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚƚŽƚŚĞŽƌŝŐŝŶĂůƐŬĞůĞƚĂů ƌŽĂĚƐLJƐƚĞŵ͘dŚĞƉƌŽƉŽƐĞĚĐŽůůĞĐƚŽƌƌŽĂĚƐLJƐƚĞŵĂĐĐŽŵŵŽĚĂƚĞƐƚŚĞĞdžŝƐƟŶŐĚĞǀĞůŽƉŵĞŶƚƉůĂŶƐĂƐǁĞůůĂƐƚŚĞ ĨƵƚƵƌĞůĂŶĚƵƐĞƐĂƐƐƵŵĞĚĨŽƌƚŚĞĂƌĞĂ͘/ƚĂůƐŽƐƵƉƉŽƌƚƐŝĚĞŶƟĮĞĚůŽŶŐƚĞƌŵĂĐĐĞƐƐŵĂŶĂŐĞŵĞŶƚƐĐŚĞŵĞ͘

ϱ͘ϳWĞĚĞƐƚƌŝĂŶĂŶĚŝĐLJĐůĞĐĐŽŵŵŽĚĂƟŽŶ ĐĐŽŵŵŽĚĂƟŽŶŽĨŽƚŚĞƌŵŽĚĞƐŽĨƚƌĂŶƐƉŽƌƚĂƟŽŶƐƵĐŚĂƐďŝĐLJĐůĞƐĂŶĚƉĞĚĞƐƚƌŝĂŶǁŝƚŚŝŶƚŚĞĐŽŶĮŶĞƐŽĨƚŚĞ ƚƌĂŶƐƉŽƌƚĂƟŽŶƌŝŐŚƚƐͲŽĨǁĂLJƉĂƌĂůůĞůƚŽƚŚĞĨĂƐƚŇŽǁŝŶŐǀĞŚŝĐƵůĂƌƚƌĂĸĐǁĂƐŶŽƚĐŽŶƐŝĚĞƌĞĚƚŚĞŵŽƐƚĚĞƐŝƌĂďůĞ ƐŽůƵƟŽŶ͘ŽŶƐĞƋƵĞŶƚůLJĂƉĞĚĞƐƚƌŝĂŶďŝĐLJĐůĞƚƌĂŝůƐLJƐƚĞŵǁĂƐĚĞǀĞůŽƉĞĚĂƐƐŚŽǁŶŽŶ&ŝŐƵƌĞϱ͘ϭ͘ϱ͘/ƚǁŝůůƉƌŽǀŝĚĞĂ ƉĞĚĞƐƚƌŝĂŶͬďŝĐLJĐůĞĐŽŶŶĞĐƟŽŶďĞƚǁĞĞŶƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚƚŚĞdŽǁŶŽĨŽĂůĚĂůĞĂůŽŶŐƚŚĞƉƌŝǀĂƚĞůĂŶĚƐĂŶĚ ^DZ/ĐĂŶĂů͕ǁŝƚŚĚŝƌĞĐƚĐŽŶŶĞĐƟŽŶƐƚŽƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŶŽĚĞĂŶĚƚŚĞůďĞƌƚĂŝƌĚƐŽĨWƌĞLJĞŶƚƌĞ͘dŚĞ ĐƌŽƐƐŝŶŐŽĨƚŚĞĨƵƚƵƌĞ,ŝŐŚǁĂLJϰĂůŝŐŶŵĞŶƚǁŝůůďĞĂĐĐŽŵŵŽĚĂƚĞĚĂƐƉĂƌƚŽĨƚŚĞ^DZ/ĐĂŶĂůĐƌŽƐƐŝŶŐ͘ŶĂĚĚŝͲ ƟŽŶĂůĐƌŽƐƐŝŶŐŽĨƚŚĞ,ŝŐŚǁĂLJϰůŝŐŶŵĞŶƚŝƐƉƌŽƉŽƐĞĚĂƚƚŚĞĨƵƚƵƌĞ,ŝŐŚǁĂLJϯŝŶƚĞƌĐŚĂŶŐĞ͘ ϰϰ ͮപ/Ed'Zds>KWDEd^dZd'z /Ed'Zds>KWDEd^dZd'z | 45 ϲ͘Ϭ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ

ϲ͘ϭ/EdZKhd/KE

ZĂƚŚĞƌƚŚĂŶǀŝĞǁŝŶŐƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĂƐĂůŝĂďŝůŝƚLJĂŶĚĂŶƵŝƐĂŶĐĞ͕ŝƚĐĂŶďĞƚƌĂŶƐĨŽƌŵĞĚƚŽďĞĐŽŵĞĂ ĐĂƚĂůLJƐƚƚŚĂƚǁŝůůĂƩƌĂĐƚŝŶǀĞƐƚŵĞŶƚ͕ďĞĂƵƟĨLJĂĐŽŵŵƵŶŝƚLJ͕ŝŶĐƌĞĂƐĞƚŽƵƌŝƐŵ͕ƉƌŽƚĞĐƚƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͕ĂŶĚĐƌĞĂƚĞ ƌĞĐƌĞĂƟŽŶĂůĂŶĚŽƚŚĞƌŽƉƉŽƌƚƵŶŝƟĞƐ͘dŚĞdŽǁŶŽĨŽĂůĚĂůĞĂŶĚƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂƌĞĨĂĐŝŶŐ ƚŚĞŶĞĞĚƚŽ ƚŚŝŶŬĐƌĞĂƟǀĞůLJ ĂďŽƵƚŚŽǁƚŚĞLJĂƉƉƌŽĂĐŚƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĂƐŇŽŽĚŝŶŐĞǀĞŶƚƐƐƵĐŚĂƐƚŚŽƐĞƐĞĞŶŝŶϭϵϳϴ͕ ϭϵϵϱ͕ϮϬϬϮ͕ϮϬϬϱĂŶĚϮϬϭϬŚĂǀĞďĞĐŽŵĞĂŶŝŶĐƌĞĂƐŝŶŐƚŚƌĞĂƚƚŽƚŚĞƌĞŐŝŽŶĂŶĚĐƵƌƌĞŶƚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ŝƐŝŶƐƵĸĐŝĞŶƚ ƚŽŵĂŶĂŐĞůĂƌŐĞƐƚŽƌŵĞǀĞŶƚƐ͘/ŶĂĚĚŝƟŽŶ͕ĂŶŝŶĐƌĞĂƐŝŶŐƉŽƉƵůĂƟŽŶĂŶĚƉƌĞƐƐƵƌĞƚŽĚĞǀĞůŽƉůĂŶĚƐŝŶƚŚĞƌĞŐŝŽŶ ŚĂǀĞŚĞůƉĞĚƚŽĐƌĞĂƚĞƚŚĞŝŵƉĞƚƵƐƚŽƐƵĐĐĞƐƐĨƵůůLJŵĂŶĂŐĞƐƚŽƌŵǁĂƚĞƌŽŶĂīĞĐƚĞĚůĂŶĚƐ͘ ZĞĐŽŐŶŝnjŝŶŐŝŶϮϬϬϵƚŚĂƚƚŚĞƐŽůƵƟŽŶƚŽƚŚĞƌĞŐŝŽŶ͛ƐŇŽŽĚŝŶŐƉƌŽďůĞŵǁĂƐŶŽƚƐŽŵĞƚŚŝŶŐǁŚŝĐŚĐŽƵůĚďĞŚĂŶĚůĞĚ ŝŶŝƐŽůĂƟŽŶ͕ƚŚĞdŽǁŶŽĨŽĂůĚĂůĞĂŶĚƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞŝŶŝƟĂƚĞĚƚŚĞ/ŶƚĞŐƌĂƚĞĚĞǀĞůŽƉŵĞŶƚ^ƚƌĂƚĞŐLJ;/^Ϳ͘ dŚĞŵĂŝŶŐŽĂůŽĨƚŚĞ/^ŝƐƚŽĚĞǀĞůŽƉĂĐŽŶĐĞƉƚƉůĂŶĨŽƌƚŚĞƌĞŐŝŽŶ͛ƐƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚŝŶĐŽŶũƵŶĐƟŽŶǁŝƚŚ ƉůĂŶƐĨŽƌĨƵƚƵƌĞǁĂƚĞƌƐƵƉƉůLJ͕ǁĂƐƚĞǁĂƚĞƌƚƌĞĂƚŵĞŶƚ͕ůĂŶĚƵƐĞƉůĂŶŶŝŶŐĂŶĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŐŽĂůƐ͘sĂƌŝŽƵƐ ŽƉƉŽƌƚƵŶŝƟĞƐŚĂǀĞďĞĞŶŝĚĞŶƟĮĞĚĨŽƌŝŶƚĞŐƌĂƟŶŐǁĂƚĞƌƌĞƵƐĞ͕ĞĚƵĐĂƟŽŶĂŶĚƌĞĐƌĞĂƟŽŶŝŶƚŽƚŚĞƐƚŽƌŵǁĂƚĞƌŵĂŶͲ ĂŐĞŵĞŶƚĨĂĐŝůŝƟĞƐ͕ǁŝƚŚƚŚĞƉƌŝŵĂƌLJŐŽĂůďĞŝŶŐƐƚŽƌĂŐĞĨŽƌƐĞǀĞƌĞŇŽŽĚĞǀĞŶƚƐĂŶĚĚƌŽƵŐŚƚĐŽŶĚŝƟŽŶƐ͘ dŽŐĞƚŚĞƌ͕ƚŚĞdŽǁŶĂŶĚŽƵŶƚLJƌĞĐŽŐŶŝnjĞƚŚĂƚŝĨĚŽŶĞƌŝŐŚƚĂŶĚŝŶĂĐŽŵƉƌĞŚĞŶƐŝǀĞĨĂƐŚŝŽŶ͕ƚŚĞLJĐĂŶďĞĐŽŵĞƌĞĐͲ ŽŐŶŝnjĞĚůĞĂĚĞƌƐŝŶǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ͕Ă͞ĞƐƚWƌĂĐƟĐĞ͟ĨŽƌŽƚŚĞƌƐƚŽĨŽůůŽǁ͘ /ƚŝƐƌĞĐŽŐŶŝnjĞĚƚŚĂƚŵĂŶLJĞīŽƌƚƐĂƌĞƵŶĚĞƌǁĂLJĂƚƚŚĞůŽĐĂůƐĐĂůĞƚŽŝŵƉƌŽǀĞƚŚĞĚƌĂŝŶĂŐĞƉƌŽďůĞŵƐŝŶƚŚĞdŽǁŶŽĨ ŽĂůĚĂůĞĂŶĚƚŚĂƚƚŚĞĐƵƌƌĞŶƚ͕ĞdžŝƐƟŶŐƐƚĂƚĞƌĞůĂƚĞĚƚŽƉĞƌŝŵĞƚĞƌĚƌĂŝŶƐŝŶƚŚĞŽůĚĞƌŶĞŝŐŚďŽƵƌŚŽŽĚŝƐǁĞůůƵŶĚĞƌͲ ƐƚŽŽĚƚŽƌĞƋƵŝƌĞƐŝŐŶŝĮĐĂŶƚĨƵŶĚŝŶŐƚŽŝŵƉƌŽǀĞƚŚĞƐŝƚƵĂƟŽŶ͘'ŝǀĞŶƚŚĞŽŶͲŐŽŝŶŐĞīŽƌƚƐ͕ƚŚĞ/^ƐƚƵĚLJĞdžĐůƵĚĞƐ ĚŝƐĐƵƐƐŝŽŶƐŽŶƚŚĞƐĞĚƌĂŝŶĂŐĞƌĞůŝĞĨĂĐƟǀŝƟĞƐ͘

&ŝŐƵƌĞϭ&ůŽŽĚŝŶŐĂƚƚŚĞŽŶŇƵĞŶĐĞŽĨƚŚĞDĂůůŽLJƌĂŝŶĂƐƚŽĨƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͕:ƵŶĞϮϭ͕ϮϬϭϬ

ϲ͘ϮWƌŽũĞĐƚĂĐŬŐƌŽƵŶĚ dŚĞ/^^ƚƵĚLJƌĞĂŝŶĐůƵĚĞƐƚŚĞDĂůůŽLJƌĂŝŶĂŐĞĂƐŝŶǁŚŝĐŚĞŶĐŽŵƉĂƐƐĞƐĂŶĂƌĞĂŽĨĂƉƉƌŽdžŝŵĂƚĞůLJϮϭ͕ϲϲϮ ŚĞĐƚĂƌĞƐǁŝƚŚŝŶƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚŝƐĐĞŶƚĞƌĞĚŽŶƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͘/ƚŝƐƌŽƵŐŚůLJďŽƵŶĚĞĚƚŽƚŚĞ ŶŽƌƚŚďLJdŽǁŶƐŚŝƉZŽĂĚϵͲϰ͕ƚŽƚŚĞĞĂƐƚďLJ^ƚĂīŽƌĚZĞƐĞƌǀŽŝƌĂƚZĂŶŐĞZŽĂĚϭϴϮ͕ƚŽƚŚĞƐŽƵƚŚďLJƚŚĞ^DZ/ŵĂŝŶ ĂŶĂůĂƚdŽǁŶƐŚŝƉZŽĂĚϴϮĂŶĚƚŽƚŚĞǁĞƐƚďLJƚŚĞEŽƌƚŚĂƐƚ >ĂƚĞƌĂůĂƚĂƉƉƌŽdžŝŵĂƚĞůLJZĂŶŐĞZŽĂĚϮϭϬĂƐƐŚŽǁŶŽŶ &ŝŐƵƌĞϯ^ƚƵĚLJƌĞĂ͘ ƚŚŽƌŽƵŐŚƌĞǀŝĞǁŽĨĞdžŝƐƟŶŐƌĞƉŽƌƚƐĂŶĚƐƚƵĚŝĞƐŽŶƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚŝŶƚŚĞƌĞŐŝŽŶǁĂƐĐŽůůĞĐƚĞĚĂŶĚŝƐ ƉƌĞƐĞŶƚĞĚŝŶƉƉĞŶĚŝdžĂƐƚŚĞ^ƚŽƌŵǁĂƚĞƌ^ƵŵŵĂƌLJĨŽƌƚŚĞ/ŶƚĞŐƌĂƚĞĚĞǀĞůŽƉŵĞŶƚ^ƚƌĂƚĞŐLJ͘ĚĚŝƟŽŶĂůŝŶĨŽƌͲ ŵĂƟŽŶǁĂƐĐŽůůĞĐƚĞĚĨƌŽŵůŽĐĂůƐƚĂŬĞŚŽůĚĞƌƐ͕ƌĞƐŝĚĞŶƚƐ͕ďƵƐŝŶĞƐƐŽǁŶĞƌƐĂŶĚŚŝƐƚŽƌŝĐĂůƌĞĐŽƌĚƐ͕ĂŶĚĂĨŽƵƌͲĚĂLJ ŚĂƌƌĞƩĞǁĂƐŚĞůĚďLJWůĂĐĞŵĂŬĞƌƐ/ŶĐ͘ŝŶ&ĞďƌƵĂƌLJϮϬϭϭƚŽĚĞƚĞƌŵŝŶĞƚŚĞůŽĐĂƟŽŶĂŶĚĞdžƚĞŶƚƐŽĨĨƵƚƵƌĞĚĞǀĞůŽƉͲ ϰϲ ͮപ/Ed'Zds>KWDEd^dZd'z

ŵĞŶƚŝŶƚŚĞƌĞŐŝŽŶ͘ŵĂƉƐŚŽǁŝŶŐƚŚĞƌĞƐƵůƚƐŽĨƚŚĞŚĂƌƌĞƩĞŝƐƐŚŽǁŶĂƐ&ŝŐƵƌĞϰ͘ dŚĞ/^^ƚƵĚLJƌĞĂŝƐŚŽŵĞƚŽƐŽŵĞŽĨƚŚĞďĞƐƚĨĂƌŵůĂŶĚŝŶůďĞƌƚĂĚƵĞŝŶƉĂƌƚƚŽƚŚĞƉƌĞƐĞŶĐĞŽĨƚŚĞĞdžƚĞŶƐŝǀĞŝƌͲ ƌŝŐĂƟŽŶŶĞƚǁŽƌŬŽǁŶĞĚĂŶĚŽƉĞƌĂƚĞĚďLJƚŚĞ^ƚDĂƌLJZŝǀĞƌ/ƌƌŝŐĂƟŽŶŝƐƚƌŝĐƚ;^DZ/Ϳ͘^DZ/ŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝŶƚŚĞ ƌĞŐŝŽŶŝŶĐůƵĚĞƐĂŵŝdžŽĨƐƵƉƉůLJĐĂŶĂůƐ͕ĚƌĂŝŶƐ͕ƵŶĚĞƌŐƌŽƵŶĚƉƌĞƐƐƵƌĞĚůŝŶĞƐĂŶĚƌĞƐĞƌǀŽŝƌƐ͘hŶĨŽƌƚƵŶĂƚĞůLJ͕ƚŚĞƉƌĂĐͲ ƟĐĂůƵƐĞĨŽƌĞǀĂĐƵĂƟŽŶŽĨĞdžĐĞƐƐƐƵƌĮĐŝĂůƌƵŶŽīŝƐĐŽŶƚƌĂƌLJƚŽƚŚĞĚĞƐŝŐŶŽĨƚŚĞƐƵƉƉůLJƐLJƐƚĞŵĂƐƚŚĞĐĂŶĂůƐŝŶƚŚĞ ĚŽǁŶƐƚƌĞĂŵĚŝƌĞĐƟŽŶƐŚƌŝŶŬŝŶƐŝnjĞĂŶĚĐĂƉĂĐŝƚLJĂƐŝƌƌŝŐĂƟŽŶǁĂƚĞƌŝƐǁŝƚŚĚƌĂǁŶǁŚĞƌĞĂƐƚŚĞŶĞĞĚĨŽƌĐĂƉĂĐŝƚLJ ĨŽƌƐƚŽƌŵǁĂƚĞƌŇŽǁŝŶĐƌĞĂƐĞƐĂůŽŶŐĂƐLJƐƚĞŵ͘^DZ/ŚĂƐƐƚĂƚĞĚƉƌĞǀŝŽƵƐůLJƚŚĂƚƚŚĞLJ͞ĂƌĞŶŽƚĂĚƌĂŝŶĂŐĞĂƵƚŚŽƌŝƚLJ ĂŶĚĂƌĞŶŽƚƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞ͘͘͘ƌƵŶŽīƚŚĂƚƚŚĞDĂůůŽLJ^LJƐƚĞŵŚĂƐƌĞĐĞŝǀĞĚ͟;DW͕ϮϬϭϬͿ͘ dŚĞĞĂƌůŝĞƐƚŝƌƌŝŐĂƟŽŶĐĂŶĂůƐĨŽůůŽǁĞĚƚŚĞŶĂƚƵƌĂůƚĞƌƌĂŝŶǁŚĞƌĞƚŚĞĚƌĂŝŶĂŐĞĐŽƵƌƐĞǁĂƐƐƚƌƵĐƚƵƌĂůůLJ ĞŶŚĂŶĐĞĚƚŽĂĐŚĂŶŶĞůͲůŝŬĞƐƚƌƵĐƚƵƌĞƚŽĂƐƐŝƐƚǁŝƚŚŝƌƌŝŐĂƟŽŶĚĞůŝǀĞƌLJĂŶĚŝƌƌŝŐĂƟŽŶĚƌĂŝŶĂŐĞŽƵƞůŽǁ͘  dŚĞƐĞŝŶŝƟĂůĐĂŶĂůƐĨŽůůŽǁĞĚƚŚĞŶĂƚƵƌĂůĚƌĂŝŶĂŐĞƉĂƩĞƌŶƐĂƐƚŚŝƐǁĂƐƚŚĞĞĂƐŝĞƐƚĂŶĚůĞĂƐƚĞdžƉĞŶƐŝǀĞ ŵĞƚŚŽĚŽĨĚĞůŝǀĞƌŝŶŐǁĂƚĞƌ͘ dŚĞĞǀŽůƵƟŽŶĂŶĚĚĞǀĞůŽƉŵĞŶƚŽĨŝƌƌŝŐĂƟŽŶǁĂƐƉƌŝŵĂƌŝůLJĚƌŝǀĞŶďLJƚŚĞůĂŶĚŽǁŶĞƌƐǁŚŽǁĂŶƚĞĚŐƌĞĂƚĞƌ  ĐŽŶƚƌŽůŽĨǁĂƚĞƌĂŶĚĂĐĐĞƐƐƚŽůĂŶĚƐŝƚƵĂƚĞĚŝŶŶĂƚƵƌĂůůŽǁƐĂŶĚĚƌĂŝŶĂŐĞĐŽƵƌƐĞƐ͘tŝƚŚĐŽŶƟŶƵĞĚ  ĂĚǀĂŶĐĞƐŝŶĨĂƌŵŝŶŐĂŶĚŝƌƌŝŐĂƟŽŶƚĞĐŚŶŝƋƵĞƐ͕ƉƌĞƐĞŶƚĚĂLJĨĂƌŵĞƌƐĞdžƉĞĐƚĂŶĚĂƐƉŝƌĞƚŽŵĂŝŶƚĂŝŶƚŽƚĂů  ĐŽŶƚƌŽůŽǀĞƌƚŚĞĂƉƉůŝĐĂƟŽŶŽĨŝƌƌŝŐĂƟŽŶǁĂƚĞƌ͘KǀĞƌƟŵĞ͕ƐŵĂůůĞƌĐĂŶĂůƐƐƚƌƵĐƚƵƌĞƐǁĞƌĞƌĞŵŽǀĞĚĨƌŽŵ ƚŚĞŶĂƚƵƌĂůĚƌĂŝŶĂŐĞĐŽƵƌƐĞƐĂŶĚƌĞůŽĐĂƚĞĚƚŽƚŚĞƉĞƌŝŵĞƚĞƌŽĨůĂŶĚƉĂƌĐĞůƐ͘,ĞƌĞ͕ƚŚĞĐĂŶĂůƐƚƌƵĐƚƵƌĞƐŵĞƚ ĂŶĚũŽŝŶĞĚǁŝƚŚƌŽĂĚĚƌĂŝŶĂŐĞƐLJƐƚĞŵƐ͕ĐƌĞĂƟŶŐĂŶŝŶƚĞŶƐŝĮĞĚĚƌĂŝŶĂŐĞƐLJƐƚĞŵŶĞƚǁŽƌŬ͘ tŝƚŚĂĚǀĂŶĐĞƐŝŶƉŝƉĞůŝŶĞƚĞĐŚŶŽůŽŐLJ͕ƚŚĞ^DZ/ŚĂƐĐŽŶƐƚƌƵĐƚĞĚďƵƌŝĞĚƉŝƉĞůŝŶĞƐƚŽŵŽƌĞĞĸĐŝĞŶƚůLJĚĞůŝǀͲ ĞƌƐŝŐŶŝĮĐĂŶƚŝƌƌŝŐĂƟŽŶŇŽǁƐĐƵƌƌĞŶƚůLJƐĞƌǀĞĚďLJƐŵĂůůĞƌĐĂŶĂůƐ͘dŚĞƌĞŵŽǀĂůŽĨƚŚĞƐĞƐŵĂůůĞƌĐĂŶĂůƐĨƌŽŵ  ƚŚĞůĂŶĚďĂƐĞŚĂƐĂŶŝŵŵĞĚŝĂƚĞĂŶĚƐŝŐŶŝĮĐĂŶƚĞīĞĐƚŽŶƚŚĞůĂŶĚ͛ƐĚƌĂŝŶĂŐĞĐŚĂƌĂĐƚĞƌŝƐƟĐƐ͘>ĂŶĚŽǁŶĞƌ͛Ɛ  ƐĞĞŬƚŽ͞ƌĞĐůĂŝŵ͟ƚŚĞůĂŶĚŽĐĐƵƉŝĞĚďLJƚŚĞĨŽƌŵĞƌĐĂŶĂůƐƚƌƵĐƚƵƌĞĂůůŽǁŝŶŐĨĞǁĞƌƌĞƐƚƌŝĐƟŽŶƐƚŽĐƵůƟǀĂƟŽŶ ĂŶĚƚŚĞŝŵƉůĞŵĞŶƚĂƟŽŶŽĨƉŝǀŽƚŝƌƌŝŐĂƟŽŶƐLJƐƚĞŵƐ͘ƵƌŝŶŐƐƚŽƌŵĞǀĞŶƚƐ͕ĂƌĞĐůĂŝŵĞĚĂƌĞĂĚŽĞƐŶŽƚŚĂǀĞ  ƚŚĞƉƌĞǀŝŽƵƐĐĂƉĂĐŝƚLJ͕ŽƌĐŽŶƚƌŽů͕ƌĞƐƵůƟŶŐŝŶĂůƚĞƌĞĚŇŽǁƐƚŽŽƚŚĞƌĚƌĂŝŶĂŐĞƐLJƐƚĞŵƐŽƌƌŽĂĚĚŝƚĐŚ ŶĞƚǁŽƌŬƐ͘;DĂůůŽLJƌĂŝŶDĂƐƚĞƌƌĂŝŶĂŐĞWůĂŶͿ dŚĞƉŝŽŶĞĞƌŝŶŐĞīŽƌƚƐƚŽƵƐĞŶĂƚƵƌĂůĚƌĂŝŶĂŐĞƐLJƐƚĞŵƐƚŽĞŶŚĂŶĐĞƚŚĞĚĞůŝǀĞƌLJŽĨǁĂƚĞƌĂŶĚďƌŝŶŐŝŶŐƚŚĞƐĞůĂŶĚƐƚŽ ĂŵŽƐƚƉƌŽĚƵĐƟǀĞĂŐƌŝĐƵůƚƵƌĂůƐƚĂƚƵƐŶŽǁĂĚĂLJƐŝƐƉƌĞĐŝƐĞůLJƚŚĞĐŚĂůůĞŶŐĞǁŚĞŶĚƌĂŝŶĂŐĞĨƌŽŵĂĚũĂĐĞŶƚůĂŶĚƐĂƌĞŶŽ ůŽŶŐĞƌ͞ǁĞůĐŽŵĞ͟ƚŽďĞĐŽŶǀĞLJĞĚďLJƚŚĂƚƐĂŵĞƐLJƐƚĞŵ͘,ĞŶĐĞƚŚĞƐƚƌĂƚĞŐLJƉƌĞƐĞŶƚĞĚŝŶƚŚŝƐƐƚƵĚLJ͖ŝ͘Ğ͕͘ƐĞƉĂƌĂƚĞ ƚŚĞĚƌĂŝŶĂŐĞƐLJƐƚĞŵĨŽƌĞdžĐĞƐƐŽĨǁĂƚĞƌĨƌŽŵƚŚĞŝƌƌŝŐĂƟŽŶƐLJƐƚĞŵƚŚĂƚŚĂƐĐŽŶǀĞƌƚĞĚƐŽŵĞŽĨƚŚĞŶĂƚƵƌĂůĚƌĂŝŶĂŐĞ ƐLJƐƚĞŵƐƚŽĨƵŶĐƟŽŶĂƐĂ ĚĞůŝǀĞƌLJƐLJƐƚĞŵĂŶĚĂĚĚƌĞƐƐƚŚĞƐŚŽƌƚĂŐĞ;ĚĞŵĂŶĚͿŽĨǁĂƚĞƌ͘

&ŝŐƵƌĞϮdŚĞ^ŽƵƚŚŽĂůĚĂůĞ>ĂƚĞƌĂů /Ed'Zds>KWDEd^dZd'z | 47

&ŝŐƵƌĞϯ^ƚƵĚLJƌĞĂ;ďĂƐĞƉůĂŶĐŽƵƌƚĞƐLJŽĨƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞͿ

&ŝŐƵƌĞϰ&ƵƚƵƌĞ>ĂŶĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞ>ĞƚŚďƌŝĚŐĞͲŽĂůĚĂůĞŽƌƌŝĚŽƌ;ĐŽƵƌƚĞƐLJŽĨWůĂĐĞŵĂŬĞƌƐͿ ϰϴ ͮപ/Ed'Zds>KWDEd^dZd'z

ϲ͘ϯ,ŝƐƚŽƌLJŽĨ&ůŽŽĚŝŶŐŝŶƚŚĞDĂůůŽLJƌĂŝŶĂŐĞĂƐŝŶ ZƵŶŽīĨƌŽŵƚŚĞdŽǁŶĂŶĚŽƵŶƚLJŝƐƉƌŝŵĂƌŝůLJĐŽůůĞĐƚĞĚĞŝƚŚĞƌǁŝƚŚŝŶƚŚĞ^DZ/ĐĂŶĂůƐĂŶĚĚƌĂŝŶƐ͕ƚŚĞŝƌĚƐŽĨWƌĞLJ ǁĞƚůĂŶĚƐŽƌƚŚĞDĂŝŶĂƐƚ^ƚŽƌŵWŽŶĚǁŝƚŚŝŶƚŚĞdŽǁŶ͘dŚĞƌĞĂƌĞĮǀĞŵĂŝŶůŽĐĂƟŽŶƐǁŚĞƌĞƐĞǀĞƌĞƐƚŽƌŵĞǀĞŶƚƐ ĐĂƵƐĞŝŶƵŶĚĂƟŽŶǁŚŝĐŚďĞĐŽŵĞƐĂƐĂĨĞƚLJĐŽŶĐĞƌŶĂŶĚŽŌĞŶĐĂƵƐĞƐƉƌŽƉĞƌƚLJĚĂŵĂŐĞ;ƌĂŶŬĞĚŝŶŽƌĚĞƌŽĨƐĞǀĞƌŝƚLJͿ͗ 1. ^ŽƵƚŚDĂůůŽLJ>ĂŬĞĂƚƚŚĞĐŽŶŇƵĞŶĐĞŽĨƚŚĞDĂůůŽLJƌĂŝŶĂŶĚƚŚĞ^ŽƵƚŚŽĂůĚĂůĞ>ĂƚĞƌĂů 2. /ŶƚŚĞĂŐƌŝĐƵůƚƵƌĂůůĂŶĚƐŶŽƌƚŚĂŶĚǁĞƐƚŽĨƚŚĞŝƌĚƐŽĨWƌĞLJĞŶƚƌĞ 3. ůŽŶŐƚŚĞŚĞĞƐĞ&ĂĐƚŽƌLJƌĂŝŶĂŶĚŝŶƚŽƚŚĞŝŶĚƵƐƚƌŝĂůƉĂƌŬŝŶƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ 4. tĞƐƚŽĨƚŚĞdŽǁŶŽĨŽĂůĚĂůĞĂŶĚƐŽƵƚŚŽĨ,ŝŐŚǁĂLJϯĂƚƚŚĞǁĞƐƚdŽǁŶůŝŵŝƚƐ 5. ,ŝŐŚǁĂLJϴϰϱďĞƚǁĞĞŶ,ŝŐŚǁĂLJϱϭϮ͕ƚŚĞƐŽƵƚŚĞƌŶdŽǁŶůŝŵŝƚƐĂŶĚƐŽƵƚŚŽĂůĚĂůĞ͘ >ŽĐĂůŝnjĞĚŇŽŽĚŝŶŐĂůƐŽŽĐĐƵƌƐĂƚƚŚĞDĂŝŶĂƐƚ^ƚŽƌŵWŽŶĚǁŝƚŚŝŶƚŚĞdŽǁŶŽĨŽĂůĚĂůĞĂƐƌĞůĞĂƐĞĨƌŽŵƚŚĞƉŽŶĚŝƐ ƌĞƐƚƌŝĐƚĞĚďLJƚŚĞ^DZ/ƚŽŽŶůLJďĞƌĞůĞĂƐĞĚĂŌĞƌƚŚĞƉĞĂŬŽĨƚŚĞƐƚŽƌŵ͘dŚŝƐŝƐŝŶŽƌĚĞƌƚŽƌĞĚƵĐĞŇŽŽĚŝŶŐĚŽǁŶͲ ƐƚƌĞĂŵĂŶĚƚŽƉƌĞǀĞŶƚ^ƚĂīŽƌĚZĞƐĞƌǀŽŝƌĨƌŽŵĞdžĐĞĞĚŝŶŐĐĂƉĂĐŝƚLJ͘dŚŝƐŽƉĞƌĂƟŽŶĂůůŝŵŝƚĂƟŽŶĐĂƵƐĞƐďĂĐŬǁĂƚĞƌ ĞīĞĐƚƐĨƵƌƚŚĞƌƵƉƐƚƌĞĂŵǁŝƚŚŝŶƚŚĞdŽǁŶ͛ƐƵŶĚĞƌŐƌŽƵŶĚĂŶĚƐƵƌĨĂĐĞƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ /ŶƉƉĞŶĚŝĐĞƐĂŶĚ͕ĂƌĞĂƐƐƵďũĞĐƚƚŽĨƌĞƋƵĞŶƚŝŶƵŶĚĂƟŽŶŝŶƚŚĞŽƵŶƚLJĂŶĚdŽǁŶƌĞƐƉĞĐƟǀĞůLJŚĂǀĞďĞĞŶŝĚĞŶƟͲ ĮĞĚďĂƐĞĚƵƉŽŶǀŝƐƵĂůŽďƐĞƌǀĂƟŽŶƐŝŶ:ƵŶĞŽĨϮϬϭϬĂŶĚƐĞǀĞƌĂůƐƚƵĚŝĞƐŽĨƚŚĞƌĞŐŝŽŶ͕ƐƵĐŚĂƐƚŚĞDĂůůŽLJƌĂŝŶ DĂƐƚĞƌƌĂŝŶĂŐĞWůĂŶĚŽŶĞďLJDWŶŐŝŶĞĞƌŝŶŐŝŶϮϬϭϬ͘dŽŚŝŐŚůŝŐŚƚƉƌĞĐŝƉŝƚĂƟŽŶĚĞƉƚŚƐĨƌŽŵƐĞǀĞƌĞƐƚŽƌŵƐŽƌ ůŽŶŐĚƵƌĂƟŽŶǁĞƚǁĞĂƚŚĞƌĐŽŶĚŝƟŽŶƐƌĞĐŽƌĚĞĚĚĂƚĂƐƵŵŵĂƌŝĞƐǁĞƌĞĐŽůůĞĐƚĞĚ͘dĂďůĞƐϭĂŶĚϮďĞůŽǁĐŽŵƉĂƌĞƚŚĞ ŵĞĚŝĂŶĂŶŶƵĂůƉƌĞĐŝƉŝƚĂƟŽŶĨŽƌƚŚĞƌĞŐŝŽŶƚŽŚŝƐƚŽƌŝĐĂůƐƚŽƌŵĞǀĞŶƚƐ͘

dĂďůĞϭǀĞƌĂŐĞDŽŶƚŚůLJWƌĞĐŝƉŝƚĂƟŽŶ;ŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞͿ

:ĂŶ &Ğď DĂƌ Ɖƌŝů DĂLJ :ƵŶĞ :ƵůLJ ƵŐƵƐƚ ^ĞƉƚ KĐƚ EŽǀ ĞĐ dŽƚĂů ǀĞƌĂŐĞWƌĞͲ ϭϳ͘ϲ ϭϭ͘ϲ Ϯϰ͘Ϭ ϯϭ͘ϯ ϱϯ͘ϱ ϲϯ͘Ϭ ϰϳ͘ϱ ϰϱ͘ϴ ϯϵ͘ϲ ϭϴ͘ϵ ϭϲ͘ϵ ϭϲ͘ϳ ϯϴϲ͘ϯ ĐŝƉŝƚĂƟŽŶ;ŵŵͿ dĂďůĞϮDĂũŽƌ^ƚŽƌŵǀĞŶƚƐŝŶƚŚĞ^ƚƵĚLJƌĞĂ;^ŽƵƌĐĞ͗ŶǀŝƌŽŶŵĞŶƚĂŶĂĚĂĨŽƌƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞͿ

ĂƚĞ WƌĞĐŝƉŝƚĂƟŽŶ;ŵŵͿ ^ƚŽƌŵƵƌĂƟŽŶ ϭϵϳϴ ƵŐƵƐƚϭϵϳϴ ϭϰϬ͘ϱ ϯϬĚĂLJƐ ϭϵϵϱ :ƵŶĞϲ͕ϭϵϵϱ ϱϱ͘Ϭ ϮϰŚŽƵƌƐ :ƵŶĞϭͲϯϬ͕ϭϵϵϱ ϭϬϮ͘ϰ ϯϬĚĂLJƐ ϮϬϬϮ :ƵŶĞϴͲϭϬ͕ϮϬϬϮ ϭϳϰ͘ϴ ϳϮŚŽƵƌƐ :ƵŶĞϭͲϯϬ͕ϮϬϬϮ Ϯϱϭ͘Ϯ ϯϬĚĂLJƐ ϮϬϬϱ :ƵŶĞϭͲϯϬ͕ϮϬϬϱ ϮϳϮ͘Ϭ ϯϬĚĂLJƐ ϮϬϭϬ ƉƌŝůϭͲϯϬ͕ϮϬϭϬ ϴϱ͘ϱ ϯϬĚĂLJƐ DĂLJϭͲϯϭ͕ϮϬϭϬ ϭϮϯ͘Ϭ ϯϭĚĂLJƐ :ƵŶĞϭͲϯϬ͕ϮϬϭϬ ϭϮϳ͘ϱ ϯϬĚĂLJƐ ƉƌŝůƚŽ:ƵŶĞϮϬϭϬ ϯϯϲ͘Ϭ ϯŵŽŶƚŚƐ /Ed'Zds>KWDEd^dZd'z | 49

ƐĐĂŶďĞƐĞĞŶĨƌŽŵƚŚĞƌĞĐŽƌĚ͕ƚŚĞƐĞǀĞƌĞŇŽŽĚŝŶŐǁŚŝĐŚŚĂƐďĞĞŶŽďƐĞƌǀĞĚŝŶƚŚĞƐƚƵĚLJĂƌĞĂŝƐŵŽƐƚŽŌĞŶĚƵĞ ƚŽƉƌŽůŽŶŐĞĚƉĞƌŝŽĚƐŽĨƉƌĞĐŝƉŝƚĂƟŽŶ͕ŶŽƚŶĞĐĞƐƐĂƌŝůLJĂƐŝŶŐůĞĞǀĞŶƚ͘dŚŝƐŝƐĚƵĞƚŽƚŚĞĞdžƚƌĞŵĞůLJŇĂƚƐůŽƉĞŽĨƚŚĞ ůĂŶĚ͕ƚŚĞƵƐĞŽĨŝƌƌŝŐĂƟŽŶǁĂƚĞƌǁŚŝĐŚŬĞĞƉƐƚŚĞƐŽŝůŵŽŝƐƚ͕ĂŶĚŝŶƐƵĸĐŝĞŶƚĐĂƉĂĐŝƚLJŽĨƚŚĞĚƌĂŝŶĂŐĞƐLJƐƚĞŵ;ǁŚĞƚŚͲ ĞƌĚĞƐŝŐŶĞĚĂŶĚĐŽŶƐƚƌƵĐƚĞĚĨŽƌŽƌŶŽƚͿƚŽĐŽŶǀĞLJƚŚĞƌƵŶŽīĨƌŽŵƚŚĞůĂŶĚ͘ dŚĞŝŵƉĂĐƚŽĨƐƵƐƚĂŝŶĞĚƉĞƌŝŽĚƐŽĨǁĞƚ͕ĐŽŽůǁĞĂƚŚĞƌƉŽƐĞĂƐĞƌŝŽƵƐĐŽŶĐĞƌŶĨŽƌĂŐƌŝĐƵůƚƵƌĞŝŶƚŚĞƌĞŐŝŽŶ͘dŚĞ ƉŚŽƚŽƐďĞůŽǁƐŚŽǁƚŚĞĞdžƚĞŶƚŽĨƚŚĞŇŽŽĚƐŝŶ:ƵŶĞŽĨϮϬϭϬĂŶĚƚŚĞŝƌŝŵƉĂĐƚŽŶůŽĐĂůĐƌŽƉƐǁŚĞƌĞŵĂŶLJĨĂŝůĞĚƚŽ ŵĂƚƵƌĞĚƵĞƚŽƚŚĞĐŽŽů͕ǁĞƚƐƵŵŵĞƌ͘

&ŝŐƵƌĞϱ&ůŽŽĚŝŶŐĂƚƚŚĞĂƐƚWŽƌƟŽŶŽĨƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͕:ƵŶĞϮϭ͕ϮϬϭϬ

ϭϮϰŚ͕ϭ͗ϭϬϬLJĞĂƌƐŝŶŐůĞĞǀĞŶƚƵƐŝŶŐƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞ/ŶƚĞŶƐŝƚLJƵƌĂƟŽŶ&ƌĞƋƵĞŶĐLJ;/&ͿĐƵƌǀĞŝƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚϭϬϵ͘ϴϲŵŵƉƌĞĐŝƉŝƚĂƟŽŶ

ĚĞƉƚŚ͘

&ŝŐƵƌĞϲ&ůŽŽĚĞĚ&ĂƌŵůĂŶĚŝŶƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͕:ƵŶĞϮϭ͕ϮϬϭϬ ϱϬ ͮപ/Ed'Zds>KWDEd^dZd'z

&ŝŐƵƌĞϳ^ĞǀĞƌĞƐƚŽƌŵĞǀĞŶƚƐŝŶƚŚĞƐƉƌŝŶŐŽĨϮϬϭϬůĞĚƚŽůĂƚĞŚĂƌǀĞƐƚƐ͖ƐŽŵĞĐƌŽƉƐĨĂŝůĞĚƚŽŐĞƌŵŝŶĂƚĞĂŶĚͬŽƌ ŵĂƚƵƌĞ;ƉŚŽƚŽƚĂŬĞŶKĐƚŽďĞƌϮϬϭϬͿ͟

ϲ͘ϰtĂƚĞƌYƵĂůŝƚLJŽŶĐĞƌŶƐŝŶƚŚĞDĂůůŽLJƌĂŝŶĂŐĞĂƐŝŶ dǁŽŵĂŝŶĂƐƉĞĐƚƐŽĨǁĂƚĞƌƋƵĂůŝƚLJǁŝƚŚŝŶƚŚĞDĂůůŽLJƌĂŝŶĂŐĞĂƐŝŶĂƌĞŽĨĂĐŽŶĐĞƌŶƚŽƚŚĞƌĞŐŝŽŶĐƵƌƌĞŶƚůLJ͘dŚĞ ĮƌƐƚŝƐƚŚĞŝŵƉĂĐƚŽĨƌƵŶŽīĨƌŽŵĂŐƌŝĐƵůƚƵƌĂůůĂŶĚƐ͕ĂŶĚƚŚĞ ƐĞĐŽŶĚŝƐƚŚĞŝŵƉĂĐƚŽĨƌƵŶŽīĨƌŽŵŶĞǁƵƌďĂŶĚĞǀĞůŽƉͲ ŵĞŶƚƐ͘ dŚĞĐŽŶĐĞƌŶǁŝƚŚƚŚĞŝŵƉĂĐƚŽĨƌƵŶŽīƋƵĂůŝƚLJŽŶ ŝƌƌŝŐĂƟŽŶĐĂŶĂůƐŝƐŐƌŽǁŝŶŐǁŝƚŚŝŶůďĞƌƚĂ͘ŐƌŝĐƵůƚƵƌĂůƌƵŶŽīŝƐ ŽŌĞŶĂƐƐŽĐŝĂƚĞĚǁŝƚŚĐŚĞŵŝĐĂůƐĂƉƉůŝĞĚƚŽ ƚŚĞůĂŶĚ;ŝŶƐĞĐƟĐŝĚĞƐ͕ĐŚĞŵŝĐĂůĨĞƌƟůŝnjĞƌƐ͕ĞƚĐ͘ͿĂŶĚĂŶŝŵĂůǁĂƐƚĞ͕ĞƐƉĞͲ ĐŝĂůůLJĨƌŽŵĐŽŶĮŶĞĚĨĞĞĚŝŶŐŽƉĞƌĂƟŽŶƐ͘,ŝŐŚŝŶŶƵƚƌŝĞŶƚƐƐƵĐŚĂƐŶŝƚƌŽŐĞŶĂŶĚƉŚŽƐƉŚŽƌƵƐ͕ƚŚĞŝŶŇŽǁŽĨƌƵŶŽī ĞŶĐŽƵƌĂŐĞƐŐƌŽǁƚŚŽĨĂůŐĂĞ ĂŶĚǀĞŐĞƚĂƟŽŶǁŝƚŚŝŶƚŚĞƌĞĐĞŝǀŝŶŐǁĂƚĞƌƐĂŶĚĐĂŶĂůƐĂŶĚŝƐĐŽŶƐŝĚĞƌĞĚƵŶĚĞƐŝƌĂďůĞ ĨƌŽŵƚŚĞƉŽŝŶƚŽĨǀŝĞǁŽĨŵĂŶLJŝƌƌŝŐĂƟŽŶĚŝƐƚƌŝĐƚƐ͘ dǁŽĐĂƐĞƐƚƵĚŝĞƐĂƌĞƉƌĞƐĞŶƚĞĚďĞůŽǁŝůůƵƐƚƌĂƟŶŐƚŚĞƋƵĂůŝƚLJŽĨĂŐƌŝĐƵůƚƵƌĂůƌƵŶŽīĂŶĚƚŚĞŵĞĂƐƵƌĞƐŽƚŚĞƌŝƌƌŝŐĂͲ ƟŽŶĚŝƐƚƌŝĐƚƐŚĂǀĞƚĂŬĞŶƚŽƉƌĞǀĞŶƚĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚĨƌŽŵĨƵƌƚŚĞƌŝŵƉĂĐƟŶŐƚŚĞǁĂƚĞƌƐƵƉƉůLJ͘

ϲ͘ϰ͘ϭĂƐĞ^ƚƵĚLJ͗sŝƐƚĂDĞĂĚŽǁƐ

>ŽĐĂƚĞĚƐŽƵƚŚŽĨ,ŝŐŚǁĂLJϱϭϮ ĂůŽŶŐZĂŶŐĞZŽĂĚϮϬϱ͕sŝƐƚĂDĞĂĚŽǁƐŝƐĂĐůƵƐƚĞƌŽĨƐŵĂůůĂĐƌĞĂŐĞƐǁŝƚŚŝŶEЬ^ĞĐ ϯϭͲϴͲϮϬͲtϰDĂŶĚĂĚũĂĐĞŶƚƚŽƚŚĞŽĂůĚĂůĞ>ĂƚĞƌĂů͘tŚĞŶŝŶĚĞǀĞůŽƉŵĞŶƚ͕ŝƚǁĂƐĂŐƌĞĞĚďLJhDŶŐŝŶĞĞƌŝŶŐ>ƚĚ ŽŶďĞŚĂůĨŽĨ'ŝďƌĂůƚĂƌDŽƌƚŐĂŐĞ>ƚĚ;DĂLJϭϵ͕ϭϵϵϵͿƚŚĂƚ͗ 1. ͞ƌĂŝŶĂŐĞǁĂƚĞƌŝƐƚŽďĞĚŝƌĞĐƚĞĚƚŽĂƌĞƚĞŶƟŽŶĨĂĐŝůŝƚLJƉƌŝŽƌƚŽƌĞůĞĂƐĞŝŶƚŽƚŚĞ^DZ/ĐĂŶĂů͘dŚĞƌĞƚĞŶͲ ƟŽŶĨĂĐŝůŝƚLJŝƐƚŽďĞŽĨƐƵĸĐŝĞŶƚƐŝnjĞƚŽƌĞƚĂŝŶƚŚĞϭ͗ϱLJĞĂƌƌĂŝŶĨĂůůĞǀĞŶƚ͘ 2. tĂƚĞƌƋƵĂůŝƚLJŝŶƚŚĞƌĞƚĞŶƟŽŶĨĂĐŝůŝƚLJŝƐƚŽďĞƚĞƐƚĞĚƉĞƌŝŽĚŝĐĂůůLJƚŽĞŶƐƵƌĞƚŚĂƚŝƚŵĞĞƚƐŝƌƌŝŐĂƟŽŶǁĂƚĞƌ ƋƵĂůŝƚLJŐƵŝĚĞůŝŶĞƐĐŽƐƚƐƚŽďĞďŽƌŶĞďLJƐƵďĚŝǀŝƐŝŽŶŽǁŶĞƌƐ͘ 3. dŚĞ^DZ/ŝƐƚŽďĞĂĚǀŝƐĞĚƉƌŝŽƌƚŽƌĞůĞĂƐĞƐďĞŝŶŐŵĂĚĞĨƌŽŵƚŚĞƌĞƚĞŶƟŽŶĨĂĐŝůŝƚLJ͘͟ tĞƐƚŚŽī ǁĂƐĐŽŶƚĂĐƚĞĚŝŶϮϬϬϵ͕ƚŽƵŶĚĞƌƚĂŬĞĂĚƌĂŝŶĂŐĞĂŶĂůLJƐŝƐƚŽĞdžƉůŽƌĞŽƉƟŽŶƐƚŽĐŽŵƉůLJǁŝƚŚƚŚĞĂŐƌĞĞŵĞŶƚ ǁŝƚŚƚŚĞ^DZ/ĂŶĚůŝŌƚŚĞĐŽŶĐĞƌŶƐƌĞůĂƚĞĚƚŽƌƵŶŽīĨƌŽŵƚŚĞsŝƐƚĂDĞĂĚŽǁƐƌĞƐŝĚĞŶƟĂůĚĞǀĞůŽƉŵĞŶƚƌĞĂĐŚŝŶŐ ƚŚĞ^DZ/ĐĂŶĂů͘ƵƌŝŶŐƚŚĞƉƌŽũĞĐƚĞǀĂůƵĂƟŽŶ͕tĞƐƚŚŽīĐŽůůĞĐƚĞĚǁĂƚĞƌƐĂŵƉůĞƐĚƵƌŝŶŐƌĂŝŶĨĂůůĞǀĞŶƚƐƚŽƚĞƐƚƚŚĞ ƋƵĂůŝƚLJĞŶƚĞƌŝŶŐƚŚĞƐŝƚĞĨƌŽŵƚŚĞŶĞŝŐŚďŽƵƌŝŶŐĂŐƌŝĐƵůƚƵƌĂůůĂŶĚƐĨŽƌĐŽŵƉĂƌŝƐŽŶƚŽƌƵŶŽīƋƵĂůŝƚLJĨƌŽŵƚŚĞsŝƐƚĂ DĞĂĚŽǁƐƉŽŶĚ͘tĂƚĞƌƋƵĂůŝƚLJƚĞƐƟŶŐƌĞƐƵůƚƐŝŶĚŝĐĂƚĞĚƚŚĂƚƚŚĞĂŐƌŝĐƵůƚƵƌĂůƌƵŶŽīǁĂƐƚŚĞŽǀĞƌǁŚĞůŵŝŶŐƐŽƵƌĐĞ ŽĨƚŚĞƉŽůůƵƚĂŶƚƐĞŶƚĞƌŝŶŐƚŚĞ^DZ/ĐĂŶĂů͕ĂŶĚƚŚĂƚŝŶĨĂĐƚƚŚĞǁĂƚĞƌƋƵĂůŝƚLJĐŽŵŝŶŐŽƵƚŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚǁĂƐ ŽĨďĞƩĞƌƋƵĂůŝƚLJƚŚĂŶǁŚĂƚǁĂƐƌƵŶŶŝŶŐŽīĨƌŽŵƚŚĞŝƌƌŝŐĂƚĞĚĮĞůĚƐ͘ /Ed'Zds>KWDEd^dZd'z | 51

ϲ͘ϰ͘ϮĂƐĞ^ƚƵĚLJ͗tĞƐƚĞƌŶ/ƌƌŝŐĂƟŽŶŝƐƚƌŝĐƚ dŚĞtĞƐƚĞƌŶ/ƌƌŝŐĂƟŽŶŝƐƚƌŝĐƚ;t/ͿŝƐůŽĐĂƚĞĚĞĂƐƚŽĨƚŚĞŝƚLJŽĨĂůŐĂƌLJǁŝƚŚŝŶƚŚĞZŽĐŬLJsŝĞǁŽƵŶƚLJĂŶĚtŚĞĂƚͲ ůĂŶĚŽƵŶƚLJ͘/ƚŚĂƐďĞĞŶŚĞĂǀŝůLJŝŵƉĂĐƚĞĚďLJĚĞǀĞůŽƉŵĞŶƚƉƌĞƐƐƵƌĞƐĨƌŽŵƚŚĞŝƚLJŽĨĂůŐĂƌLJ͕ƚŚĞdŽǁŶŽĨŚĞƐͲ ƚĞƌŵĞƌĞĂŶĚƚŚĞdŽǁŶŽĨ^ƚƌĂƚŚŵŽƌĞǁŚĞƌĞŵĂŶLJĚĞǀĞůŽƉŵĞŶƚƐĚƌĂŝŶŝŶƚŽƚŚĞŝƌƌŝŐĂƟŽŶĐĂŶĂůƐ͘ƐƉĞƌƚŚĞt/ ^ƚŽƌŵtĂƚĞƌYƵĂůŝƚLJ'ƵŝĚĞůŝŶĞƐ;DW͕ϮϬϬϳͿ͗ ͟dŚĞƐĞŐƵŝĚĞůŝŶĞƐĂƌĞƌŽŽƚĞĚŝŶƚŚĞĨĂĐƚƚŚĂƚƚŚĞĐĂŶĂůƐLJƐƚĞŵŝƐƵŶŝƋƵĞůLJƐĞŶƐŝƟǀĞ͘/ƚŝƐŶŽƚĚĞƐŝŐŶĞĚĂƐĂƚƌĂĚͲ ŝƟŽŶĂůĚƌĂŝŶĂŐĞƐLJƐƚĞŵ͘ŚĂŶŶĞůƐĚĞĐƌĞĂƐĞŝŶƐŝnjĞŵŽǀŝŶŐĚŽǁŶƐƚƌĞĂŵ͘^ƉŝůůƐĂŶĚĚƌĂŝŶƐĂƚƚŚĞďŽƩŽŵĞŶĚŽĨƚŚĞ ƐLJƐƚĞŵŚĂǀĞůŝŵŝƚĞĚĐĂƉĂĐŝƚLJ͘^ŽŵĞƉĂƌƚƐŽĨƚŚĞƐLJƐƚĞŵŝŶĐůƵĚĞŶĂƚƵƌĂůĐŚĂŶŶĞůƐ͘DŽƐƚŝŵƉŽƌƚĂŶƚůLJ͕ĐĂŶĂůƐĂƌĞ ŵŽƌĞǀƵůŶĞƌĂďůĞƚŚĂŶŶĂƚƵƌĂůƌĞĐĞŝǀŝŶŐƐƚƌĞĂŵƐ͗

ͻ ĂŶĂůƐĂƌĞƐĞƚĨŽƌĮdžĞĚŝƌƌŝŐĂƟŽŶŇŽǁƐ͕ŶŽƚĨŽƌƵŶƉƌĞĚŝĐƚĂďůĞƌƵŶŽīƐƵƌŐĞƐĨƌŽŵƵƌďĂŶĂƌĞĂƐ͘

ͻ >ŝƩůĞŶĂƚƵƌĂůďƵīĞƌŝŶŐĐĂƉĂĐŝƚLJƚŽĐŽƉĞǁŝƚŚĞdžĐĞƐƐŝǀĞŶƵƚƌŝĞŶƚĂŶĚƉŽůůƵƚĂŶƚůŽĂĚƐ͘

ͻ ,ŝŐŚŶƵƚƌŝĞŶƚůŽĂĚƐůĞĂĚƚŽƌĂƉŝĚĂŶĚĞdžĐĞƐƐŝǀĞǁĞĞĚŐƌŽǁƚŚƚŚĂƚĐŚŽŬĞĐŚĂŶŶĞůĐĂƉĂĐŝƚLJĞĂĐŚLJĞĂƌ͘

ͻ ,LJĚƌĂƵůŝĐĚĞƐŝŐŶĐĂƉĂĐŝƚLJĚƌŽƉƐĚŽǁŶƐƚƌĞĂŵ͕ŽƉƉŽƐŝƚĞŶĂƚƵƌĂůƐƚƌĞĂŵƐĂŶĚĚƌĂŝŶĂŐĞĐŚĂŶŶĞůƐ͘

ͻ DŽƌĞƉŽůůƵƚĂŶƚƐĂŶĚŶƵƚƌŝĞŶƚƐĞŶƚĞƌƚŚĞĐĂŶĂůƐŵŽǀŝŶŐĚŽǁŶƐƚƌĞĂŵ͕ŝŶĐƌĞĂƐŝŶŐĐŽŶĐĞŶƚƌĂƟŽŶƐ͘

ͻ ƵŵƵůĂƟǀĞĞīĞĐƚƐůĞĂĚƚŽŚŝŐŚĞƐƚĂŶĚŵŽƐƚŚĂƌŵĨƵůĐŽŶĐĞŶƚƌĂƟŽŶƐŶĞĂƌƚŚĞĞŶĚŽĨƚŚĞƐLJƐƚĞŵ͘͟ dŽƉƌŽƚĞĐƚƚŚĞĐĂŶĂůƐĂŶĚƌĞĐĞŝǀŝŶŐďŽĚŝĞƐ͕ŝŶĐůƵĚŝŶŐƚŚĞŽǁZŝǀĞƌ͕ĂŶĚĞŶƐƵƌĞƚŚĞĐŽŶƚƌŽůĂŶĚƌĞůŝĂďŝůŝƚLJŽĨƚŚĞ ƐLJƐƚĞŵƚŚĞt/ŚĂƐŝŵƉůĞŵĞŶƚĞĚƚŚĞĨŽůůŽǁŝŶŐǁĂƚĞƌƋƵĂůŝƚLJƚĂƌŐĞƚƐ͗ dĂďůĞϯt/tĂƚĞƌYƵĂůŝƚLJdĂƌŐĞƚƐ

WĂƌĂŵĞƚĞƌ ŝƐƚƌŝĐƚͲtŝĚĞdĂƌŐĞƚ dŽƚĂůWŚŽƐƉŚŽƌƵƐ;dWͿ Ϭ͘ϬϯŵŐͬ> dŽƚĂů^ƵƐƉĞŶĚĞĚ^ŽůŝĚƐ;d^^Ϳ ϭϬŵŐͬ> ĂĐƚĞƌŝĂ ϭϬϬƉĞƌϭϬϬŵ>&ĞĐĂůŽůŝĨŽƌŵƐ ^ĂůŝŶŝƚLJ Ϭ͘ϲŵ^ͬĐŵůĞĐƚƌŝĐĂůŽŶĚƵĐƟǀŝƚLJ;Ϳ /ƚŝƐŶŽƚĞĚƚŚĂƚƚŚĞƐĞƚĂƌŐĞƚƐĂƌĞŵŽƌĞƐƚƌŝŶŐĞŶƚƚŚĂŶƚŚĞĐƵƌƌĞŶƚůďĞƌƚĂŶǀŝƌŽŶŵĞŶƚƐƚĂŶĚĂƌĚƐĨŽƌƐƵƌĨĂĐĞǁĂƚĞƌ ƋƵĂůŝƚLJ͕ǁŚŝůĞŶŽƟŶŐƚŚĂƚƉĂƌĂŵĞƚĞƌƐĨŽƌƵƌďĂŶƌƵŶŽīŚĂǀĞƚLJƉŝĐĂůůLJŽŶůLJĨŽĐƵƐĞĚŽŶƚŚĞƌĞĚƵĐƟŽŶŽĨdŽƚĂů^ƵƐͲ ƉĞŶĚĞĚ^ŽůŝĚƐ;d^^Ϳ͘ 6.4.2.1 Water Quality Enhancement dŚĞƉƌŽƉŽƐĞĚƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĐŽŶĐĞƉƚƉƌĞƐĞŶƚĞĚŝŶƚŚŝƐƌĞƉŽƌƚǁŝůůŝŶŚĞƌĞŶƚůLJŝŵƉƌŽǀĞƚŚĞƋƵĂůŝƚLJŽĨƚŚĞ ǁĂƚĞƌǁŚŝĐŚůĞĂǀĞƐƚŚĞƌĞŐŝŽŶ͘dŚĂƚŝƐ͕ƐƚŽƌŵǁĂƚĞƌǁŝůůďĞƌŽƵƚĞĚƚŽĂǁĞƚůĂŶĚͲƚLJƉĞƐƚŽƌĂŐĞĂŶĚƚƌĞĂƚŵĞŶƚĨĂĐŝůŝƚLJ ǁŚŝĐŚǁŝůůƌĞŵŽǀĞƐĞĚŝŵĞŶƚƐ͕ƌĞĚƵĐĞŶƵƚƌŝĞŶƚůŽĂĚŝŶŐĂŶĚĚŝƐĐŽŶŶĞĐƚƚŚĞĚƌĂŝŶĂŐĞƐLJƐƚĞŵĨƌŽŵƚŚĞ^DZ/ŝƌƌŝŐĂͲ ƟŽŶƐLJƐƚĞŵ͘

ϲ͘ϱZĞŐŝŽŶĂů^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ^LJƐƚĞŵ /ŶŽƌĚĞƌƚŽƌĞĚƵĐĞŝŶƵŶĚĂƟŽŶĚƵƌŝŶŐƐƚŽƌŵĞǀĞŶƚƐĂŶĚƐƵƐƚĂŝŶĞĚǁĞƚƉĞƌŝŽĚƐ͕ĂƐƚŽƌŵǁĂƚĞƌĞƐĐĂƉĞƌŽƵƚĞĨƌŽŵƚŚĞ ƌĞŐŝŽŶŝƐƌĞƋƵŝƌĞĚ͘dŚĞKůĚŵĂŶZŝǀĞƌŝƐƚŚĞŵŽƐƚǀŝĂďůĞƌĞĐĞŝǀŝŶŐǁĂƚĞƌďŽĚLJŝŶƚŚĞƌĞŐŝŽŶĂƐ^ƚĂīŽƌĚZĞƐĞƌǀŽŝƌŝƐ ƵŶĚĞƐŝƌĂďůĞĨƌŽŵďŽƚŚƚŚĞƋƵĂŶƟƚLJĂŶĚƋƵĂůŝƚLJƐƚĂŶĚƉŽŝŶƚ͘/ƚŚĂƐŶĞŝƚŚĞƌƚŚĞĐĂƉĂĐŝƚLJƚŽĐĂƉƚƵƌĞŶŽƌƚŽƚƌĞĂƚůĂƌŐĞ ƐƚŽƌŵǁĂƚĞƌƌƵŶŽīǀŽůƵŵĞƐ͕ŶŽƌĚŽĞƐƚŚĞ^DZ/ŚĂǀĞƚŚĞĚĞƐŝƌĞƚŽĚŽƐŽ͘dŽƌĞƐŽůǀĞƚŚŝƐĐŽŶŇŝĐƚĂŶŝŶƚĞŐƌĂƚĞĚ ƌĞŐŝŽŶĂůƐƚŽƌĂŐĞĂŶĚǁĞƚůĂŶĚƐLJƐƚĞŵǁŝƚŚĂĨŽƌĐĞŵĂŝŶƚŽƚŚĞKůĚŵĂŶZŝǀĞƌŝƐƉƌŽƉŽƐĞĚ͘ dŚĞĨŽƌĐĞŵĂŝŶƚŽƚŚĞKůĚŵĂŶZŝǀĞƌǁŝůůƉƌŽǀŝĚĞĂŵĞĂŶƐŽĨĞǀĂĐƵĂƟŶŐĞdžĐĞƐƐƐƚŽƌŵǁĂƚĞƌĨƌŽŵƚŚĞƌĞŐŝŽŶƌĞƐƵůƟŶŐ ĨƌŽŵƐĞǀĞƌĞƐƚŽƌŵĞǀĞŶƚƐ͘dŚĞĂƐƐŽĐŝĂƚĞĚǀŽůƵŵĞŽĨƌƵŶŽīĨƌŽŵƚŚĞƌĂƚŚĞƌůĂƌŐĞĐĂƚĐŚŵĞŶƚŝƐƚŽŽŵƵĐŚƚŽďĞ ƐŝŵƉůLJĐĂƉƚƵƌĞĚĂŶĚƐƚŽƌĞĚĂƚƚŚĞƐĞƟŵĞƐ͘/ƚŝƐĞŵƉŚĂƐŝnjĞĚƚŚĂƚƚŚĞĨŽƌĐĞŵĂŝŶŵĂLJŶŽƚŽŶůLJďĞƵƐĞĚŝŶƐŝƚƵĂƟŽŶƐ ŽĨĞdžƚƌĞŵĞƌƵŶŽīŐĞŶĞƌĂƟŽŶ͖ŝƚǁŝůůďĞŽƉĞƌĂƚĞĚƚŽŽƉƟŵŝnjĞĂŶĚďĂůĂŶĐĞƚŚĞŚLJĚƌŽůŽŐŝĐƐŝŐŶĂƚƵƌĞĨŽƌǁĞƚůĂŶĚ ĨƵŶĐƟŽŶ͕ĞŶƐƵƌĞĐĂƉĂĐŝƚLJŽĨƚŚĞĨĂĐŝůŝƚLJĂƐĂƐƚŽƌĂŐĞĨĂĐŝůŝƚLJ͕ĂǁĂƚĞƌƐƵƉƉůLJƐŽƵƌĐĞĨŽƌŝŶĚƵƐƚƌŝĂůƵƐĞƐ͕ĂŶĚĂŶĞĚƵĐĂͲ ƟŽŶĂůͬƌĞĐƌĞĂƟŽŶĂůƐŝƚĞ͘ >ŝŶŬĂŐĞƐƚŽƚŚĞĞdžŝƐƟŶŐdŽǁŶŽĨŽĂůĚĂůĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂƌĞƉƌŽƉŽƐĞĚŝŶŽƌĚĞƌƚŽĐŽŵƉůĞƚĞůLJĚŝƐĐŽŶŶĞĐƚƚŚĞƐLJƐƚĞŵ ϱϮ ͮപ/Ed'Zds>KWDEd^dZd'z

ĨƌŽŵƚŚĞŝƌƌŝŐĂƟŽŶĐĂŶĂůƐĂŶĚŵĂŝŶƚĂŝŶƚŚĞĐĂƉĂďŝůŝƚLJƚŽƌĞƵƐĞƚŚĞǁĂƚĞƌ͘ŶĚďLJĐĂƉƚƵƌŝŶŐƚŚĞŽǀĞƌǁŚĞůŵŝŶŐ ŵĂũŽƌŝƚLJŽĨƚŚĞƐƚŽƌŵǁĂƚĞƌƌƵŶŽīĨƌŽŵƚŚĞůĂŶĚ͕ƉƌĞƐƐƵƌĞƐĚŽǁŶƐƚƌĞĂŵĂŶĚƚŚƌŽƵŐŚŽƵƚƚŚĞŝƌƌŝŐĂƟŽŶƐLJƐƚĞŵǁŝůů ďĞƌĞĚƵĐĞĚ͘

ϲ͘ϱ͘ϭ&ŽƌĐĞDĂŝŶƚŽƚŚĞKůĚŵĂŶZŝǀĞƌĂŶĚ/ŶĐƌĞĂƐĞĚ^ƚŽƌĂŐĞĂƉĂĐŝƚLJĂƚƚŚĞŝƌĚƐŽĨWƌĞLJ tĞƚůĂŶĚƐ

KŶĞŽĨƚŚĞĨƵŶĚĂŵĞŶƚĂůĐŽŵƉŽŶĞŶƚƐŽĨƚŚĞƉƌŽƉŽƐĞĚZĞŐŝŽŶĂů^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ^LJƐƚĞŵĨŽƌƚŚĞŽƵŶƚLJŽĨ >ĞƚŚďƌŝĚŐĞĂŶĚƚŚĞdŽǁŶŽĨŽĂůĚĂůĞŝƐƚŚĞĚŝǀĞƌƐŝŽŶƐLJƐƚĞŵƚŽƚŚĞKůĚŵĂŶZŝǀĞƌ͘/ƚĐŽŶƐŝƐƚƐŽĨƚŚĞĨŽƌĐĞŵĂŝŶƚŽ ƚŚĞKůĚŵĂŶZŝǀĞƌĨƌŽŵĂŶĞdžƉĂŶĚĞĚǁĞƚůĂŶĚƐƐƚŽƌĂŐĞĨĂĐŝůŝƚLJĂƚƚŚĞŝƌĚƐŽĨWƌĞLJ ĞŶƚƌĞŽŶƚŚĞŶŽƌƚŚǁĞƐƚĞĚŐĞŽĨ ƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͘dŚŝƐĚƌĂŝŶĂŐĞƌĞůŝĞĨƐLJƐƚĞŵŝƐƐŚŽǁŶŽŶƌĂǁŝŶŐ^tDϬϯĂŶĚ^tDϬϰ͘

&ŝŐƵƌĞϴdžŝƐƟŶŐŝƌĚƐŽĨWƌĞLJ^ƚŽƌŵǁĂƚĞƌdƌĞĂƚŵĞŶƚtĞƚůĂŶĚƐ dŚĞǁĞƚůĂŶĚĞdžƉĂŶƐŝŽŶĂƚƚŚĞŝƌĚƐŽĨWƌĞLJǁŝůůŶŽƚŽŶůLJďĞĂůŽĐĂƟŽŶĨŽƌƚŚĞƐƚŽƌĂŐĞĂŶĚƚƌĞĂƚŵĞŶƚŽĨƐƚŽƌŵǁĂƚĞƌ͕ ďƵƚĂůƐŽĂǀŝĂďůĞĞĚƵĐĂƟŽŶĂůĂŶĚƌĞĐƌĞĂƟŽŶĂůƌĞƐŽƵƌĐĞ͘ƵŝůĚŝŶŐƵƉŽŶĂŶĂůƌĞĂĚLJƉƌŽǀĞŶƐLJƐƚĞŵůŽĐĂƚĞĚĂƚƚŚĞ ĐŽůůĞĐƟŽŶƉŽŝŶƚĨŽƌƚŚĞƌĞŐŝŽŶ͛ƐƌƵŶŽī͕ŝ͘Ğ͕͘ůŽǁƉŽŝŶƚ͕ƚŚĞŝƌĚƐŽĨWƌĞLJĞŶƚƌĞŝƐŽŶůLJůŽŐŝĐĂůĨŽƌĞdžƉĂŶƐŝŽŶĂŶĚƚŽ ƉƌŽǀŝĚĞĨŽƌĂĚĚŝƟŽŶĂůƐƚŽƌĂŐĞ ĐĂƉĂĐŝƚLJ͘ ŶƵŵďĞƌŽĨŽƉƟŽŶƐĂƌĞĂǀĂŝůĂďůĞĨŽƌŝŶƚĞŐƌĂƟŽŶŝŶƚŽƚŚĞĂďŽǀĞŶŽƚĞĚƉƌŽƉŽƐĞĚƐƚŽƌĂŐĞĂŶĚĚŝƐĐŚĂƌŐĞƐLJƐƚĞŵ͗ KƉƟŽŶ͗ dŚĞ^ƚ͘DĂƌLJZŝǀĞƌ/ƌƌŝŐĂƟŽŶŝƐƚƌŝĐƚ;^DZ/ͿŚĂƐŝĚĞŶƟĮĞĚƚŚĞŶĞĞĚĨŽƌĂŶĞƐĐĂƉĞƌŽƵƚĞĨƌŽŵ  ƚŚĞŝƌƐƵƉƉůLJƐLJƐƚĞŵĚƵƌŝŶŐƉĞƌŝŽĚƐŽĨƐĞǀĞƌĞƌĂŝŶĨĂůů͘dŚĞĨŽƌĐĞŵĂŝŶǁŚŝĐŚŝƐƉƌŽƉŽƐĞĚĨŽƌƚŚĞZĞŐŝŽŶĂů ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ^LJƐƚĞŵǁŝůůƌƵŶĂƉƉƌŽdžŝŵĂƚĞůLJϴϬϬŵǁĞƐƚŽĨƚŚĞ^DZ/͛ƐEŽƌƚŚĂƐƚZĞƐĞƌǀŽŝƌĂůŽŶŐ ,ŝŐŚǁĂLJϴϰϱ͘dŚĞƌĞŝƐƉŽƚĞŶƟĂůĨŽƌĂƐŚĂƌĞĚŽƵƞĂůůŝŶƚŽƚŚĞKůĚŵĂŶZŝǀĞƌĨƌŽŵƚŚŝƐƉŽŝŶƚŶŽƌƚŚ͘ /Ed'Zds>KWDEd^dZd'z | 53

&ŝŐƵƌĞϵ^DZ/EŽƌƚŚĂƐƚZĞƐĞƌǀŽŝƌ KƉƟŽŶ͗ ƐĂŶĞdžƉĂŶƐŝŽŶŽĨKƉƟŽŶ͕ŝŶƉĞƌŝŽĚƐŽĨĚƌŽƵŐŚƚ͕ǁĂƚĞƌĐŽƵůĚďĞƉƵŵƉĞĚĨƌŽŵƚŚĞEŽƌƚŚĂƐƚ ZĞƐĞƌǀŽŝƌƚŽƚŚĞĞdžƉĂŶĚĞĚǁĞƚůĂŶĚƐŝŶŽƌĚĞƌƚŽŬĞĞƉƚŚĞŝƌĂĞƐƚŚĞƟĐƐĂŶĚƚƌĞĂƚŵĞŶƚƋƵĂůŝƟĞƐ;ƉƌŽǀŝĚĞĚĂŶĂŐƌĞĞͲ ŵĞŶƚǁŝƚŚƚŚĞ^DZ/ĐŽƵůĚďĞƌĞĂĐŚĞĚͿ͘ KƉƟŽŶ͗ WƌŽǀŝĚĞĐŽŶŶĞĐƟŽŶƐƚŽƚŚĞĨŽƌĐĞŵĂŝŶĨŽƌůŽĐĂůƵƐĞƌƐ;ƐŝŵŝůĂƌƚŽŝƌƌŝŐĂƟŽŶƐƵƉƉůLJͿ KƉƟŽŶ͗ ƵŐŵĞŶƚƚŚĞ^DZ/ǁĂƚĞƌƐƵƉƉůLJǀŝĂƚŚĞŚĞĞƐĞ&ĂĐƚŽƌLJƌĂŝŶ͘džĐĞƐƐƌƵŶŽīĐĂƉƚƵƌĞĚďLJƚŚĞĞdžͲ ƉĂŶƐŝŽŶŽĨƚŚĞŝƌĚƐŽĨWƌĞLJĐĂŶƐƟůůďĞƌĞůĞĂƐĞĚŝŶƚŽƚŚĞŚĞĞƐĞ&ĂĐƚŽƌLJƌĂŝŶĂƐŝƐĚŽŶĞŶŽǁĂŶĚĂĚĚƌĞƐƐƉĞƌŝŽĚƐ ŽĨůŽǁƐƚŽƌĂŐĞǀŽůƵŵĞƐŝŶ^ƚĂīŽƌĚ ZĞƐĞƌǀŽŝƌ͘ KƉƟŽŶ͗ WƵƌĐŚĂƐĞĂƉŽƌƟŽŶŽĨƚŚĞŚĞĞƐĞ&ĂĐƚŽƌLJƌĂŝŶǁŚŝĐŚŝƐǁŝƚŚŝŶdŽǁŶůŝŵŝƚƐĂŶĚƚƵƌŶŝƚŝŶƚŽĂ ůŝŶĞĂƌƉŽŶĚ͕ĐŽŶŶĞĐƚĞĚƚŽƚŚĞŝƌĚƐŽĨWƌĞLJĞdžƉĂŶĚĞĚǁĞƚůĂŶĚƐĨĂĐŝůŝƚLJ͘dŚĞĐŽŶǀĞƌƐŝŽŶŽĨƚŚĞŚĞĞƐĞ&ĂĐƚŽƌLJƌĂŝŶ ŝŶƚŽĂůŝŶĞĂƌƉŽŶĚƐŝŵƉůLJĂĚĚƐŵŽƌĞƐƚŽƌĂŐĞĐĂƉĂĐŝƚLJĨŽƌĞdžĐĞƐƐƌƵŶŽīĚƵƌŝŶŐǁĞƚƉĞƌŝŽĚƐŽƌŚĞĂǀLJƌĂŝŶĨĂůůĞǀĞŶƚƐ͘ 'ŝǀĞŶƚŚĞůŽĐĂƟŽŶŽĨƚŚŝƐĞdžŝƐƟŶŐƐLJƐƚĞŵ͕ŝŶƚĞŐƌĂƟŶŐͬĞdžƉĂŶĚŝŶŐƚŚĞƌĞŐŝŽŶĂůƉĂƚŚǁĂLJƌŽƵƚĞƚŽƚŚĞŶŽƌƚŚƐŚŽƵůĚ ĂůƐŽďĞƌĞŐĂƌĚĞĚĂƐĂďĞŶĞĮƚ͕ĂůďĞŝƚƐĞĐŽŶĚĂƌLJ͘ KƉƟŽŶ&͗ ĞĐƌĞĂƐĞƚŚĞůĂŶĚƐƌĞƋƵŝƌĞĚĨŽƌƚŚĞĞdžƉĂŶĚĞĚǁĞƚůĂŶĚƐďLJŝŶĐƌĞĂƐŝŶŐƉƵŵƉĐĂƉĂĐŝƚLJŽƌƉŝƉĞƐŝnjĞ͘ dŚŝƐǁŽƵůĚŚĂǀĞĂŶĞīĞĐƚŽŶƚŚĞĂǀĂŝůĂďŝůŝƚLJŽĨǁĂƚĞƌĨŽƌƌĞƵƐĞ KƉƟŽŶ'͗ /ĨƚŚĞůĂŶĚƐŝŵŵĞĚŝĂƚĞůLJǁĞƐƚĂŶĚŶŽƌƚŚŽĨƚŚĞĞdžŝƐƟŶŐŝƌĚƐŽĨWƌĞLJǁĞƚůĂŶĚƐĐĂŶŶŽƚďĞƐĞĐƵƌĞĚ ĨŽƌƉƌŽƉŽƐĞĚĞdžƉĂŶƐŝŽŶ͕ƚŚĞůŽĐĂƟŽŶŽĨƚŚĞƐƚŽƌĂŐĞĨĂĐŝůŝƚLJĐŽƵůĚďĞŝŶƚŚĞůĂŶĚƐĨĂƌƚŚĞƌƚŽƚŚĞŶŽƌƚŚĂŶĚǁĞƐƚ ǁŚŝĐŚŚĂǀĞďĞĞŶŝĚĞŶƟĮĞĚĂƐ͞ĨƌĞƋƵĞŶƚůLJŝŶƵŶĚĂƚĞĚ͟ ďLJ ƚŚĞDĂůůŽLJDĂƐƚĞƌƌĂŝŶĂŐĞWůĂŶ;DW͕ϮϬϭϬͿ͘/ƚŝƐŶŽƚĞĚ ƚŚĂƚŝŶƚĞŐƌĂƟŽŶŝŶƚŽƚŚĞŝƌĚƐŽĨWƌĞLJĨĂĐŝůŝƚLJŵĂLJŶĞĞĚƚŽďĞƉƌŽǀŝĚĞĚďLJĂĚĚŝƟŽŶĂůƉĂƚŚǁĂLJƐĨŽƌ ƉƵďůŝĐĂĐĐĞƐƐ ƚĞŶƚĂƟǀĞƐŝƚĞůĂLJŽƵƚĐŽŶĐĞƉƚŚĂƐďĞĞŶĚĞǀĞůŽƉĞĚďLJƌŽǁŶŝŶŐ,ŽƌƌŽĐŬƐĨŽƌƚŚĞƌĞŐŝŽŶĂůƐƚŽƌŵǁĂƚĞƌƐƚŽƌĂŐĞĨĂĐŝůͲ ŝƚLJ͗ ϱϰ ͮപ/Ed'Zds>KWDEd^dZd'z

&ŝŐƵƌĞϭϬŽŶĐĞƉƚƵĂůDĂƐƚĞƌƉůĂŶĨŽƌƚŚĞdžƉĂŶĚĞĚůďĞƌƚĂŝƌĚƐŽĨWƌĞLJEĂƚƵƌĞĞŶƚƌĞ

ϲ͘ϱ͘ϮŽŶŶĞĐƟŶŐƚŚĞdŽǁŶŽĨŽĂůĚĂůĞƚŽƚŚĞƐĐĂƉĞZŽƵƚĞ tŝƚŚƚŚĞĚŝǀĞƌƐŝŽŶƐLJƐƚĞŵƚŽƚŚĞKůĚŵĂŶZŝǀĞƌŝŶƉůĂĐĞ͕ŝƚŝƐƚŚĞŶƉŽƐƐŝďůĞƚŽĐƌĞĂƚĞĂĐŽŶŶĞĐƟŽŶĨŽƌƚŚĞƐƚŽƌŵͲ ǁĂƚĞƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞǁŝƚŚŝŶƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͘dŚĞDĂŝŶĂƐƚ^ƚŽƌŵWŽŶĚŝƐůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞWĂƌŬƐŝĚĞƐƵďͲ ĚŝǀŝƐŝŽŶŽŶƚŚĞĞĂƐƚĞĚŐĞŽĨdŽǁŶ͕ƐŽƵƚŚŽĨ,ŝŐŚǁĂLJϯ͘/ƚƐĞƌǀĞƐĂƐƚŚĞĮŶĂůƐƚŽƌĂŐĞĨĂĐŝůŝƚLJĨŽƌƚŚĞŵĂũŽƌŝƚLJŽĨƚŚĞ dŽǁŶŽĨŽĂůĚĂůĞƐŽƵƚŚŽĨ,ŝŐŚǁĂLJϯĂŶĚŶŽƌƚŚŽĨƚŚĞŽĂůĚĂůĞ>ĂƚĞƌĂůĂŶĚƌĂŝŶ͘ dŚĞƉƌŽƉŽƐĞĚĂůŝŐŶŵĞŶƚĨŽƌƚŚŝƐƌĞůŝĞĨĚƌĂŝŶǁŽƵůĚĐƌŽƐƐ,ŝŐŚǁĂLJϯŶŽƌƚŚŽĨƚŚĞƉŽŶĚĂŶĚƚƌĂǀĞůŶŽƌƚŚĂůŽŶŐϴƚŚ ^ƚƌĞĞƚ͘/ƚǁŽƵůĚƚŚĞŶƚƌĂǀĞůǁĞƐƚĂůŽŶŐϭϰƚŚǀĞŶƵĞƚŽϭϯƚŚ^ƚƌĞĞƚǁŚĞƌĞŝƚǁŽƵůĚďĞǁŝƚŚŝŶƚŚĞŚĞĞƐĞ&ĂĐƚŽƌLJ ƌĂŝŶŚĂůĨĂďůŽĐŬƚŽƚŚĞƐŽƵƚŚďĞĨŽƌĞĐŽŶŶĞĐƟŶŐƚŽƚŚĞŵĂŝŶƐƚŽƌĂŐĞĨĂĐŝůŝƚLJĂƚƚŚĞŝƌĚƐŽĨWƌĞLJĞŶƚƌĞ͘ KƉƟŽŶ,͗ ZĞƚƌŽĮƚĞdžŝƐƟŶŐƉƵŵƉƐƚĂƟŽŶĂƚƚŚĞDĂŝŶĂƐƚ^ƚŽƌŵWŽŶĚŝŶƐƚĞĂĚŽĨĐŽŶƐƚƌƵĐƟŶŐĂŶĞǁƉƵŵƉ ƐƚĂƟŽŶ;ĚĞƉĞŶĚĞŶƚƵƉŽŶĐĂƉĂĐŝƚLJŽĨƚŚĞĞdžŝƐƟŶŐƉƵŵƉƐƚĂƟŽŶͿ KƉƟŽŶ/͗ /ŶƚĞŐƌĂƚĞƚŚĞĞdžŝƐƟŶŐŝŶĚƵƐƚƌŝĂůƉĂƌŬƐƚŽƌŵƉŽŶĚƐŝŶƚŽƚŚĞƐLJƐƚĞŵďLJĐŽŶŶĞĐƟŶŐƚŚĞŵƚŽƚŚĞ ĨŽƌĐĞŵĂŝŶ /Ed'Zds>KWDEd^dZd'z | 55

&ŝŐƵƌĞϭϭDĂŝŶĂƐƚ^ƚŽƌŵWŽŶĚǁŝƚŚŝŶƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͕DĂLJϱ͕ϮϬϭϭ

ϲ͘ϱ͘ϯ^ŽƵƚŚŽĂůĚĂůĞŽŶŶĞĐƟŽŶ dŚĞ^ŽƵƚŚŽĂůĚĂůĞ>ĂƚĞƌĂůŝƐĂŶĞůĞǀĂƚĞĚĐĂŶĂůǁŚŝĐŚƌƵŶƐĂůŽŶŐƚŚĞƐŽƵƚŚĞĚŐĞŽĨƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͘dŽƚŚĞ ŶŽƌƚŚŝƐĂŶĞƐƚĂďůŝƐŚĞĚƌĞƐŝĚĞŶƟĂůŶĞŝŐŚďŽƌŚŽŽĚĂŶĚƚŽƚŚĞƐŽƵƚŚĞĂƐƚŝƐƚŚĞdŽǁŶ͛ƐďĂƐĞďĂůůĚŝĂŵŽŶĚƐĂŶĚĂďĂŶͲ ĚŽŶĞĚ ƌĂǁǁĂƚĞƌƌĞƐĞƌǀŽŝƌƐ͘/ŵŵĞĚŝĂƚĞůLJĂĚũĂĐĞŶƚƚŽƚŚĞĐĂŶĂůŽŶƚŚĞƐŽƵƚŚŝƐƚŚĞ^ŽƵƚŚŽĂůĚĂůĞƌĂŝŶǁŚŝĐŚ ŝƐƐĞǀĞƌĂůŵĞƚĞƌƐůŽǁĞƌ ƚŚĂŶƚŚĞĐĂŶĂů͘dŚĞĚƌĂŝŶĐĂƉƚƵƌĞƐƐƚŽƌŵǁĂƚĞƌƌƵŶŽīĨƌŽŵƚŚĞůĂŶĚƐƐŽƵƚŚŽĨƚŚĞdŽǁŶ ďĞĨŽƌĞĐŽŶŶĞĐƟŶŐƚŽƚŚĞŵĂŝŶŝƌƌŝŐĂƟŽŶĐĂŶĂůĞĂƐƚŽĨƚŚĞdŽǁŶ͘

&ŝŐƵƌĞϭϮ^ŽƵƚŚŽĂůĚĂůĞ>ĂƚĞƌĂů;ƌŝŐŚƚͿ͕ƌĂŝŶ;ĐĞŶƚƌĞͿĂŶĚďĂŶĚŽŶĞĚZĂǁtĂƚĞƌZĞƐĞƌǀŽŝƌƐ;ůĞŌͿ͕DĂLJϱ͕ϮϬϭϭ ƵƌŝŶŐƐƚŽƌŵĞǀĞŶƚƐ͕ƚŚĞ^ŽƵƚŚŽĂůĚĂůĞƌĂŝŶĞdžĐĞĞĚƐŝƚƐĐĂƉĂĐŝƚLJĨƵƌƚŚĞƌĚŽǁŶƐƚƌĞĂŵĂƚƚŚĞŝŶƚĞƌƐĞĐƟŽŶŽĨƚŚĞ ĐĂŶĂůƐĂƚDĂůůŽLJƌĂŝŶĂŶĚ ^ŽƵƚŚŽĂůĚĂůĞƌĂŝŶĂƚDĂůůŽLJ>ĂŬĞ͘dŚŽƵŐŚŵƵĐŚŽĨƚŚŝƐƉƌĞƐƐƵƌĞǁŝůůďĞƌĞůŝĞǀĞĚďLJ ĚŝƐĐŽŶŶĞĐƟŶŐƚŚĞdŽǁŶĨƌŽŵƚŚĞŝƌƌŝŐĂƟŽŶƐLJƐƚĞŵ͕ƚŚĞ^ŽƵƚŚŽĂůĚĂůĞ>ĂƚĞƌĂůĂůƐŽ ŚĂƐĂƌŽůĞƚŽƉůĂLJ͘LJƌĞůŝĞǀŝŶŐ ƚŚĞƉƌĞƐƐƵƌĞŽŶƚŚĞĐĂŶĂů͕ĨƵƌƚŚĞƌŇŽŽĚŝŶŐĚŽǁŶƐƚƌĞĂŵĐĂŶďĞƌĞĚƵĐĞĚ͘ DWŶŐŝŶĞĞƌŝŶŐŚĂƐĚĞǀĞůŽƉĞĚĂĐŽŶĐĞƉƚĨŽƌƚŚĞdŽǁŶŽĨŽĂůĚĂůĞŝŶǁŚŝĐŚƚŚĞƌĂǁǁĂƚĞƌƌĞƐĞƌǀŽŝƌƐĐĂŶďĞ ƵƉŐƌĂĚĞĚƚŽĚŝǀĞƌƚĞdžĐĞƐƐƐƚŽƌŵǁĂƚĞƌĨƌŽŵƚŚĞ DĂůůŽLJƌĂŝŶĂŶĚ^ŽƵƚŚŽĂůĚĂůĞƌĂŝŶĚƵƌŝŶŐŵĂũŽƌƐƚŽƌŵĞǀĞŶƚƐ͘ ŌĞƌƚŚĞĞǀĞŶƚŝƐŽǀĞƌĂŶĚƚŚĞĐĂŶĂůƐŚĂǀĞƚŚĞĐĂƉĂĐŝƚLJƚŽƌĞĐĞŝǀĞ͕ƚŚĞĞdžĐĞƐƐǁĂƚĞƌĐĂŶŐƌĂĚƵĂůůLJďĞƌĞŝŶƚƌŽĚƵĐĞĚ ƚŽƚŚĞƐLJƐƚĞŵ͘ /ŶƚŚĞůŽŶŐƚĞƌŵ͕ĂŶĚŝŶŽƌĚĞƌƚŽŵĂdžŝŵŝnjĞƚŚĞƵƐĂŐĞŽĨƚŚĞƌĞƐĞƌǀŽŝƌƐĂŶĚƉƌŽǀŝĚĞƚŚĞŵƵĐŚŶĞĞĚĞĚĚŝƐĐŽŶŶĞĐƚ ĨƌŽŵƚŚĞŝƌƌŝŐĂƟŽŶƐLJƐƚĞŵ͕tĞƐƚŚŽīƉƌŽƉŽƐĞƐƚŚĂƚƚŚĞǁĂƚĞƌĨƌŽŵƚŚĞƌĞƐĞƌǀŽŝƌƐďĞƉƵŵƉĞĚƚŽƚŚĞŵĂŝŶĞĂƐƚ ϱϲ ͮപ/Ed'Zds>KWDEd^dZd'z

ƐƚŽƌŵƉŽŶĚǁŝƚŚŝŶƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͘dŚŝƐǁŝůůĞůŝŵŝŶĂƚĞƚŚĞĐĂƉƚƵƌĞĚǁĂƚĞƌĨƌŽŵŝŵƉĂĐƟŶŐƉƌŽƉĞƌƟĞƐĚŽǁŶͲ ƐƚƌĞĂŵĂŶĚƉƌŽǀŝĚĞĂŶĞƐĐĂƉĞƌŽƵƚĞĨŽƌƚŚĞǁĂƚĞƌŝŶƚŚĞƐĞǀĞƌĞĞǀĞŶƚƐ͘ KƉƟŽŶ:͗ ŽŶŶĞĐƚƚŚĞůĂŶĚƐƐŽƵƚŚŽĨƚŚĞdŽǁŶŽĨŽĂůĚĂůĞĂůŽŶŐ,ŝŐŚǁĂLJϴϰϱƚŽƚŚĞĞdžŝƐƟŶŐ^ŽƵƚŚŽĂůͲ ĚĂůĞƌĂŝŶƚŽĂůůĞǀŝĂƚĞŇŽŽĚŝŶŐĂƚƚŚĞŝŶƚĞƌƐĞĐƟŽŶǁŝƚŚ,ŝŐŚǁĂLJϱϭϮ͘/ƚŝƐĞŵƉŚĂƐŝnjĞĚƚŚĂƚƚŚŝƐŝƐĂŶŝŶƚĞƌŝŵŵĞĂƐͲ ƵƌĞĂŶĚĨŽƌĞŵĞƌŐĞŶĐLJƐŝƚƵĂƟŽŶƐŽŶůLJ͕ĂŶĚƵŶƟůĚĞǀĞůŽƉŵĞŶƚŽĐĐƵƌƐĂŶĚĂƉƌŽƉĞƌƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĨĂĐŝůŝƚLJ ĐĂŶďĞďƵŝůƚ͘/ƚŝƐƌĞĐŽŐŶŝnjĞĚƚŚĂƚƚŚŝƐŽƉƟŽŶŝƐƚŽďĞĨƵƌƚŚĞƌŝŶǀĞƐƟŐĂƚĞĚĂŶĚĂŐƌĞĞĚƵƉŽŶǁŝƚŚƚŚĞ^DZ/ĂŶĚƚŚĞ dŽǁŶŽĨŽĂůĚĂůĞ͘ 6.5.3.1 Sizing of the Main Reservoir dŚĞƉƌŽƉŽƐĞĚŵĂŝŶƌĞƐĞƌǀŽŝƌĂƚƚŚĞĞdžƉĂŶĚĞĚŝƌĚƐŽĨWƌĞLJĞŶƚƌĞǁŝůůƐĞƌǀĞĂƐƚŚĞŵĂŝŶƐƚŽƌŵǁĂƚĞƌƐƚŽƌĂŐĞ ĨĂĐŝůŝƚLJĨŽƌƚŚĞŵĂũŽƌŝƚLJŽĨƚŚĞůĂŶĚƐŝŶƚŚĞDĂůůŽLJƌĂŝŶĂŐĞĂƐŝŶǁĞƐƚŽĨŽĂůĚĂůĞĂŶĚƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͘dŚĞ ƌĞŐŝŽŶŶĂƚƵƌĂůůLJƚƌŝďƵƚĂƌLJƚŽƚŚĞƉƌŽƉŽƐĞĚƌĞŐŝŽŶĂůƐƚŽƌŵǁĂƚĞƌĨĂĐŝůŝƚLJǁĂƐĂŶĂůLJnjĞĚǁŝƚŚĂƉƌĞůŝŵŝŶĂƌLJƐŝŶŐůĞĞǀĞŶƚ ĂŶĂůLJƐŝƐƵƐŝŶŐ^tD,zDK;^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚ,zĚƌŽůŽŐŝĐDKĚĞůͿ͘dŚŝƐĂŶĂůLJƐŝƐƌĞƐƵůƚĞĚŝŶĂŶĂƉƉƌŽdžŝŵĂƚĞ ǀŽůƵŵĞŽĨϮ͘ϮŵŝůůŝŽŶĐƵďŝĐŵĞƚĞƌƐ͘ ƐƐƵŵŝŶŐĂƐŝƚĞĨŽŽƚƉƌŝŶƚŽĨϭϲϬŚĂ;ϰϬϬĂĐƌĞƐͿ͕ƚŚŝƐǀŽůƵŵĞǁŽƵůĚLJŝĞůĚĂĚĞƉƚŚŽĨϭ͘ϰŵ͘/ŶŽƌĚĞƌƚŽĨĂĐŝůŝƚĂƚĞƚŚĞ ĂĚĚŝƟŽŶĂůŝŶƉƵƚĨƌŽŵƚŚĞĐŽŶŶĞĐƚĞĚƉŽŶĚƐƐƵĐŚĂƐƚŚĞDĂŝŶĂƐƚ^ƚŽƌŵWŽŶĚ͕ŽĂůĚĂůĞ/ŶĚƵƐƚƌŝĂůWŽŶĚĂŶĚƚŚĞ ĮŶĂůĞŋƵĞŶƚĨƌŽŵƚŚĞŽĂůĚĂůĞtĂƐƚĞǁĂƚĞƌdƌĞĂƚŵĞŶƚ>ĂŐŽŽŶ͕ƚŚĞĮŶĂůƉŽŶĚĚĞƉƚŚǁĂƐŝŶĐƌĞĂƐĞĚƚŽϮ͘ϬŵĨŽƌĂ ĮŶĂůǀŽůƵŵĞŽĨϯ͘ϮŵŝůůŝŽŶĐƵďŝĐŵĞƚĞƌƐ͘ dŚĞƉŽŶĚǁĂƐƐƵďƐĞƋƵĞŶƚůLJĂŶĂůLJnjĞĚĨŽƌŝƚƐŚŝƐƚŽƌŝĐĂůƌĞƐƉŽŶƐĞƚŽƉƌĞĐŝƉŝƚĂƟŽŶďĂƐĞĚƵƉŽŶĂƌĞůĞĂƐĞƌĂƚĞŽĨϮ͘ϱ ŵϯͬƐ͘dŚĞtĞƐƚŚŽītĂƚĞƌĂůĂŶĐĞŵŽĚĞůǁĂƐĐƵƐƚŽŵŝnjĞĚďĂƐĞĚƵƉŽŶƉƌĞĐŝƉŝƚĂƟŽŶ͕ƚĞŵƉĞƌĂƚƵƌĞĂŶĚĞǀĂƉŽƌĂƟŽŶ ĚĂƚĂĨƌŽŵϭϵϲϬƚŽϮϬϬϵŝŶĐůƵƐŝǀĞ͘WƌĞůŝŵŝŶĂƌLJĂŶĂůLJƐŝƐƌĞƐƵůƚĞĚŝŶƚŚĞĨŽůůŽǁŝŶŐƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞƐƚŽƌĂŐĞĨĂĐŝůŝƚLJ͗

&ŝŐƵƌĞϭϯWƌĞůŝŵŝŶĂƌLJŶĂůLJƐŝƐZĞƐƵůƚƐ /Ed'Zds>KWDEd^dZd'z | 57 dŽĞŶŚĂŶĐĞƚŚĞƐƚŽƌĂŐĞĨĂĐŝůŝƚLJ͛ƐĂďŝůŝƚLJƚŽĂƩĞŶƵĂƚĞƐĞǀĞƌĞƐƚŽƌŵĞǀĞŶƚƐ͕tĞƐƚŚŽīŚĂƐĚĞǀĞůŽƉĞĚĂŶĂůŐŽƌŝƚŚŵ ǁŚŝĐŚĂůůŽǁƐƚŚĞŵŽĚĞůƚŽƉƵŵƉǀŽůƵŵĞƐŽĨǁĂƚĞƌŝŶĂĚǀĂŶĐĞŽĨƐƚŽƌŵĞǀĞŶƚƐ͘dŚĞƐLJƐƚĞŵǁŝůů͕ďĂƐĞĚƵƉŽŶƚŚĞ ǁĞĂƚŚĞƌĨŽƌĞĐĂƐƚĨŽƌƚŚĞƐƵďƐĞƋƵĞŶƚƚŚƌĞĞĚĂLJƐ͕ƉƵŵƉǁĂƚĞƌĨƌŽŵƚŚĞƉŽŶĚƚŽƉƌŽǀŝĚĞĞdžƚƌĂƐƚŽƌĂŐĞĐĂƉĂĐŝƚLJ͘

&ŝŐƵƌĞϭϰWƌĞůŝŵŝŶĂƌLJŶĂůLJƐŝƐZĞƐƵůƚƐǁŝƚŚWƌĞĚŝĐƟǀĞWƵŵƉŝŶŐ WƌĞĚŝĐƟǀĞƉƵŵƉŝŶŐĂůůŽǁƐƚŚĞƐLJƐƚĞŵƚŽďĞƩĞƌŽƉƟŵŝnjĞŝƚƐƐƚŽƌĂŐĞĐĂƉĂĐŝƚLJĨŽƌƚŚĞƌĞŐŝŽŶ͘dŚŝƐĞŶĂďůĞƐƚŚĞƐLJƐͲ ƚĞŵƚŽƌĞƐƉŽŶĚĂĐƟǀĞůLJĚƵƌŝŶŐďŽƚŚƐĞǀĞƌĞƐƚŽƌŵĞǀĞŶƚƐĂŶĚĚƌŽƵŐŚƚĐŽŶĚŝƟŽŶƐ͘ /ƚŝƐŶŽƚĞĚƚŚĂƚƚŚĞŵŽĚĞůĚŽĞƐŶŽƚƚĂŬĞŝŶƚŽĂĐĐŽƵŶƚĂŶLJƟŵĞĚĞůĂLJƐĂƐƚŚĞƐƚŽƌŵǁĂƚĞƌƚƌĂǀĞůƐƚŚƌŽƵŐŚƚŚĞƐLJƐƚĞŵ͕ ŶŽƌĚŽĞƐŝƚĂĐĐŽƵŶƚĨŽƌǀŽůƵŵĞƐŽĨǁĂƚĞƌĂǀĂŝůĂďůĞŝŶĞdžŝƐƟŶŐĐŽŶƐƚƌƵĐƚĞĚƐƚŽƌĂŐĞĨĂĐŝůŝƟĞƐŽƌŶĂƚƵƌĂůĚĞƉƌĞƐƐŝŽŶ ĂƌĞĂƐ͘dŚĞƐĞǁŝůůŶĂƚƵƌĂůůLJĂƩĞŶƵĂƚĞƚŚĞƐƚŽƌŵǁĂƚĞƌ͕ĂůůŽǁŝŶŐƚŚĞƉƵŵƉƐƚŽĞǀĂĐƵĂƚĞĂĚĚŝƟŽŶĂůǁĂƚĞƌĨƌŽŵƚŚĞ ŵĂŝŶĨĂĐŝůŝƚLJ͘

ϲ͘ϲ/ŶƚĞŐƌĂƚĞĚtĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶ tĂƚĞƌ͕ƐƚŽƌŵǁĂƚĞƌĂŶĚǁĂƐƚĞǁĂƚĞƌƐLJƐƚĞŵƐĂƌĞƚŚĞĐƌŝƟĐĂůĐŽŵƉŽŶĞŶƚƐŽĨƚŚĞǁĂƚĞƌĐLJĐůĞ͘dƌĂĚŝƟŽŶĂůůLJ͕ƚŚĞƐĞ ŚLJĚƌŽůŽŐŝĐĂůĐŽŵƉŽŶĞŶƚƐŚĂǀĞďĞĞŶĐŽŶƐŝĚĞƌĞĚŽŶĂŶŝŶĚŝǀŝĚƵĂůďĂƐŝƐ͖ŚŽǁĞǀĞƌŝƚŝƐƵŶĚĞƌƐƚŽŽĚƚŚĂƚŐƌĞĂƚĞƌ ŽƉƉŽƌƚƵŶŝƟĞƐĞdžŝƐƚďLJŝŶƚĞŐƌĂƟŶŐƚŚĞĂĨŽƌĞŵĞŶƟŽŶĞĚƐLJƐƚĞŵƐĂŶĚƉůĂŶŶŝŶŐƚŚĞŵŝŶĐŽŶĐĞƌƚ͘dŚŝƐƌĞƉƌĞƐĞŶƚƐĂ ƐŝŐŶŝĮĐĂŶƚƐŚŝŌŝŶƚŚĞǁĂLJǁĂƚĞƌ͕ǁĂƚĞƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚƌĞůĂƚĞĚĞŶǀŝƌŽŶŵĞŶƚĂůƌĞƐŽƵƌĐĞƐĂƌĞĐŽŶƐŝĚĞƌĞĚŝŶƚŚĞ ƉůĂŶŶŝŶŐĂŶĚĚĞƐŝŐŶŽĨŶĞǁĚĞǀĞůŽƉŵĞŶƚƐ͘dŚĞ/ŶƚĞŐƌĂƚĞĚĞǀĞůŽƉŵĞŶƚ^ƚƵĚLJĨŽƌĞƐĞĞƐĂŶ/ŶƚĞŐƌĂƚĞĚtĂƚĞƌDĂŶͲ ĂŐĞŵĞŶƚ^LJƐƚĞŵ;/tD^ͿǁŚĞƌĞƚŚĞŶĞƚďĞŶĞĮƚŝƐŐƌĞĂƚĞƌƚŚĂŶƚŚĞƐƵŵŽĨŝƚƐƉĂƌƚƐ͖ƵůƟŵĂƚĞůLJůĞĂĚŝŶŐƚŽƐƵƉĞƌŝŽƌ ǁĂƚĞƌĚĞŵĂŶĚŵĂŶĂŐĞŵĞŶƚƚŚĂƚŵŝŶŝŵŝnjĞƐƐƚƌĞƐƐŽŶƚŚĞǁĂƚĞƌƐƵƉƉůLJĂŶĚƉƌŽƚĞĐƚƐƚŚĞĞĐŽůŽŐŝĐĂůŝŶƚĞŐƌŝƚLJŽĨƚŚĞ ĂƋƵĂƟĐĂŶĚƌŝƉĂƌŝĂŶŚĂďŝƚĂƚƐ͘ dŚĞ/tD^ƉƌŽŵŽƚĞƐŵŝŶŝŵŝnjŝŶŐƚŚĞƐƚƌĞƐƐŽŶƚŚĞǁĂƚĞƌƐƵƉƉůLJďLJĐƌĞĂƟŶŐŽƉƉŽƌƚƵŶŝƟĞƐƚŽƌĞĚƵĐĞƉŽƚĂďůĞǁĂƚĞƌ ĚĞŵĂŶĚ͘ ϱϴ ͮപ/Ed'Zds>KWDEd^dZd'z

&ŝŐƵƌĞϭϱWŽƚĞŶƟĂů/ŶƚĞƌͲLJĐůĞĞŵĂŶĚDĂŶĂŐĞŵĞŶƚKƉƉŽƌƚƵŶŝƟĞƐ dŚĞĂďŽǀĞĮŐƵƌĞŝůůƵƐƚƌĂƚĞĚĂƉƌŽĐĞƐƐŇŽǁĚŝĂŐƌĂŵŽĨƉŽƚĞŶƟĂůŝŶƚĞƌͲĐLJĐůĞĚĞŵĂŶĚŵĂŶĂŐĞŵĞŶƚŽƉƉŽƌƚƵŶŝƟĞƐ͘ dŚŝƐƐĐŚĞŵĂƟĐĂůƐŽƉƌŽǀŝĚĞƐŝŶƐŝŐŚƚĂƐƚŽŚŽǁƚŚĞĐŽŶƟŶƵŽƵƐĞǀĞŶƚǁĂƚĞƌďĂůĂŶĐĞŵŽĚĞůŵĂLJďĞƐƚƌƵĐƚƵƌĞĚĨŽƌ ŽƉƟŵŝnjŝŶŐƐƵƉƉůLJĂŶĚĚĞŵĂŶĚĨŽƌǁĂƚĞƌ͘ /ŶŶŽǀĂƟǀĞƐƵƉƉůLJĂŶĚĚĞŵĂŶĚŵĂŶĂŐĞŵĞŶƚŝƐŐƌĞĂƚůLJŝŵƉŽƌƚĂŶƚƚŽƚŚĞDĂůůŽLJƌĂŝŶĂŐĞĂƐŝŶĂƌĞĂǁŚĞƌĞƉŽƚĂďůĞ ǁĂƚĞƌƐƵƉƉůŝĞĚďLJƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞŝƐƌĞƐƚƌŝĐƚĞĚĨƌŽŵďĞŝŶŐƵƐĞĚĨŽƌŝŶĚƵƐƚƌŝĂůƵƐĞƐ͘/tD^ƐƚƌŝǀĞƐƚŽƌĞĚƵĐĞ͕ ƌĞĚŝƌĞĐƚ͕ĂǀŽŝĚŽƌŽƉƟŵŝnjĞƚŚĞĚĞŵĂŶĚĨŽƌǁĂƚĞƌǁŚĞƌĞƵŶŵĂŶĂŐĞĚĚĞŵĂŶĚǁŽƵůĚĞdžĐĞĞĚĞŶǀŝƌŽŶŵĞŶƚůŝŵŝƚƐĂŶĚ ĐĂƵƐĞĚĞŐƌĂĚĂƟŽŶŽĨŶĂƚƵƌĂůƌĞƐŽƵƌĐĞƐ͘ dŚĞƐĞ/tD^ŝŶŝƟĂƟǀĞƐǁŝůůŚĞůƉŵĞĞƚůďĞƌƚĂ͛ƐtĂƚĞƌĨŽƌ>ŝĨĞ^ƚƌĂƚĞŐLJ͕ǁŚŝĐŚĐŽŵŵŝƚƐƚŚĞƉƌŽǀŝŶĐĞƚŽŝŵƉƌŽǀŝŶŐ ƚŚĞŽǀĞƌĂůůĞĸĐŝĞŶĐLJĂŶĚƉƌŽĚƵĐƟǀŝƚLJŽĨǁĂƚĞƌƵƐĞďLJϯϬƉĞƌĐĞŶƚĨƌŽŵϮϬϬϱůĞǀĞůƐďLJϮϬϭϱ͘

ϲ͘ϳ&ƵƚƵƌĞĞǀĞůŽƉŵĞŶƚ ϲ͘ϳ͘ϭ&ƵƚƵƌĞĞǀĞůŽƉŵĞŶƚŽŶƚŚĞ^ŽƵƚŚĚŐĞŽĨƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ dŚĞdŽǁŶŽĨŽĂůĚĂůĞŝƐŝĚĞĂůůLJůŽĐĂƚĞĚƚŽĐĂƉŝƚĂůŝnjĞŽŶŝƚƐƉƌŽdžŝŵŝƚLJƚŽƚŚĞEDyŽƌƌŝĚŽƌ͕ƚŚĞŝƚLJŽĨ>ĞƚŚͲ ďƌŝĚŐĞĂŶĚƚŚĞĂďƵŶĚĂŶƚĂŐƌŝĐƵůƚƵƌĂůůĂŶĚƐƐƵƌƌŽƵŶĚŝŶŐŝƚ͘/ŶŽƌĚĞƌƚŽƉƌĞƉĂƌĞĨŽƌƚŚĞŝŵƉĂĐƚƐŽĨŐƌŽǁƚŚǁŚŝĐŚǁŝůů ĂĐƚƵƉŽŶƚŚĞdŽǁŶ͕ŝƚŶĞĞĚƐƚŽĐŽŶƐŝĚĞƌƚŚĞŝŵƉĂĐƚŽĨŝŶĐƌĞĂƐĞĚƌĞƐŝĚĞŶƟĂů͕ĐŽŵŵĞƌĐŝĂůĂŶĚŝŶĚƵƐƚƌŝĂůůĂŶĚƵƐĞƐŽŶ ŝƚƐĂůƌĞĂĚLJƐƚƌĂŝŶĞĚƐƚŽƌŵǁĂƚĞƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ ƐƉƌĞƐĞŶƚĞĚŝŶ^ĞĐƟŽŶϰ͕WůĂĐĞŵĂŬĞƌƐ/ŶĐ͘ŚĂƐĞdžƉůŽƌĞĚǁŝƚŚƚŚĞdŽǁŶŽĨŽĂůĚĂůĞǁŚĞƌĞĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚŝƐ ŵŽƐƚůŝŬĞůLJƚŽŽĐĐƵƌĂƐƚŚĞƉŽƉƵůĂƟŽŶĞdžƉĂŶĚƐ͘dŽƐƵŵŵĂƌŝnjĞ͕ƚŚĞŶŽƌƚŚĞĂƐƚƋƵĂĚƌĂŶƚŽĨƚŚĞdŽǁŶŝƐƉƌĞƉĂƌĞĚĨŽƌ ĨƵƚƵƌĞŝŶĚƵƐƚƌŝĂůŐƌŽǁƚŚĂŶĚƚŚĞŶŽƌƚŚǁĞƐƚƋƵĂĚƌĂŶƚǁŝůůďĞƉƌĞĚŽŵŝŶĂŶƚůLJŬĞƉƚŶĂƚƵƌĂůďLJƚŚĞƉƌĞƐĞŶĐĞŽĨƚŚĞ ĞdžƉĂŶĚĞĚŝƌĚƐŽĨWƌĞLJǁĞƚůĂŶĚƐĂŶĚƐƚŽƌŵǁĂƚĞƌƌĞƐĞƌǀŽŝƌ͘ZĞƐŝĚĞŶƟĂůĚĞǀĞůŽƉŵĞŶƚŶŽƌƚŚŽĨ,ŝŐŚǁĂLJϯŝƐƵŶĚĞƐŝƌͲ ĂďůĞĚƵĞƚŽƚŚĞƉƌĞƐĞŶĐĞŽĨƚŚĞƌĂŝůǁĂLJƚƌĂĐŬƐǁŚŝĐŚĂƌĞŽŶƚŚĞŶŽƌƚŚƐŝĚĞŽĨƚŚĞŚŝŐŚǁĂLJ͘ZĞƐŝĚĞŶƟĂůĚĞǀĞůŽƉŵĞŶƚ /Ed'Zds>KWDEd^dZd'z | 59

ŝƐŽĐĐƵƌƌŝŶŐĂŶĚďĞƐƚƐƵŝƚĞĚƚŽƚŚĞĂƌĞĂƐŽĨdŽǁŶƐŽƵƚŚŽĨ,ŝŐŚǁĂLJϯ͘WůĞĂƐĞƐĞĞƚŚĞƌĞƉŽƌƚĨƌŽŵWůĂĐĞŵĂŬĞƌƐĨŽƌ ĂĚĚŝƟŽŶĂůĚĞƚĂŝůĞĚŝŶĨŽƌŵĂƟŽŶ͘ dŚĞŵĂŝŶŝŵƉĂĐƚŽĨŐƌŽǁƚŚŝŶƚŚĞdŽǁŶŽĨŽĂůĚĂůĞǁŚŝĐŚǁŝůůŚĂǀĞĂŶĞīĞĐƚŽŶƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚŝƐĨƵƚƵƌĞ ƌĞƐŝĚĞŶƟĂůŐƌŽǁƚŚŽŶƚŚĞƐŽƵƚŚĞĚŐĞŽĨƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͘dŽŵŝŶŝŵŝnjĞƚŚŝƐŝŵƉĂĐƚ͕>Žǁ/ŵƉĂĐƚĞǀĞůŽƉŵĞŶƚ ;>/ͿŵĞĂƐƵƌĞƐĂƌĞƐƚƌŽŶŐůLJƌĞĐŽŵŵĞŶĚĞĚĨŽƌĂůůƌĞƐŝĚĞŶƟĂůĚĞǀĞůŽƉŵĞŶƚƐ͘

ϲ͘ϳ͘ϮdŚĞ/ŵƉŽƌƚĂŶĐĞŽĨ>Žǁ/ŵƉĂĐƚĞǀĞůŽƉŵĞŶƚ dƌĂĚŝƟŽŶĂůŵĞƚŚŽĚƐŽĨƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚŝŶĐůƵĚĞǁĞƚƉŽŶĚƐ͕ĚƌLJƉŽŶĚƐ͕ǁĞƚůĂŶĚƐĂŶĚƵŶĚĞƌŐƌŽƵŶĚƉŝƉĞ ŶĞƚǁŽƌŬƐƚŽĐŽŶǀĞLJƐƚŽƌŵǁĂƚĞƌĂǁĂLJĨƌŽŵĚĞǀĞůŽƉĞĚĂƌĞĂƐ͘tŚŝůĞƚŚĞƐĞŵĞƚŚŽĚƐƐĞƌǀĞƚŽƉƌŽǀŝĚĞƐƵĸĐŝĞŶƚƐĞĚŝͲ ŵĞŶƚƌĞŵŽǀĂůĂƐƉĞƌĐƵƌƌĞŶƚŐƵŝĚĞůŝŶĞƐ͕ƚŚĞLJĚŽůŝƩůĞƚŽƌĞŵŽǀĞƚŚĞĮŶĞƌƐĞĚŝŵĞŶƚƐĂŶĚ ŶƵƚƌŝĞŶƚƐ͘>/ĐŽŶƐŝƐƚƐŽĨ ĂƐĞƚŽĨďĞƐƚŵĂŶĂŐĞŵĞŶƚƉƌĂĐƟĐĞƐ;DW͛ƐͿǁŚŝĐŚƐĞĞŬƚŽƌĞĚƵĐĞƐƚŽƌŵǁĂƚĞƌƋƵĂŶƟƚLJĂŶĚŝŵƉƌŽǀĞƐƚŽƌŵǁĂƚĞƌ ƋƵĂůŝƚLJĂƚŝƚƐƐŽƵƌĐĞ͘dŚĞƐĞƉƌĂĐƟĐĞƐŝŶĐůƵĚĞďƵƚĂƌĞŶŽƚůŝŵŝƚĞĚƚŽ͗

ͻ 'ƌĞĞŶƌŽŽĨƐ͖

ͻ ŝŽƌĞƚĞŶƟŽŶĂƌĞĂƐ;Ğ͘Ő͘ƌĂŝŶŚĂƌǀĞƐƟŶŐƐLJƐƚĞŵĂƐŝŵƉůĞŵĞŶƚĞĚ ĂƚƚŚĞhŶŝǀĞƌƐŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞĨŽƌƚŽŝůĞƚŇƵƐŚͲ ŝŶŐ͕ůĂďŽƌĂƚŽƌLJƵƐĂŐĞĂŶĚŝƌƌŝŐĂƟŽŶͿ͖

ͻ WŽƌŽƵƐWĂǀĞŵĞŶƚ͖

ͻ tĂƚĞƌZĞͲƵƐĞ͖ĂŶĚ

ͻ ŝŽƐǁĂůĞƐ͘ >/ŵĞĂƐƵƌĞƐƐƵĐŚĂƐƚŚŽƐĞĂďŽǀĞĐĂŶďĞŝŵƉůĞŵĞŶƚĞĚďLJƚŚĞdŽǁŶŽŶŶĞǁƉƌŽũĞĐƚƐŽƌƌĞŶŽǀĂƟŽŶƐƚŽŝƚƐĞdžŝƐƟŶŐ ďƵŝůĚŝŶŐƐ͕ĚĞǀĞůŽƉĞƌƐĂŶĚŝŶĚŝǀŝĚƵĂůůĂŶĚŽǁŶĞƌƐ͘dŚĞƐĞŵĞĂƐƵƌĞƐĐĂŶďĞŵĂŶĚĂƚŽƌLJĂŶĚĂĚĚĞĚƚŽĞdžŝƐƟŶŐďLJůĂǁƐ ĨŽƌůĂŶĚĚĞǀĞůŽƉŵĞŶƚ͘&ŽƌĞdžĂŵƉůĞ͕ƚŚĞŝƚLJŽĨĂůŐĂƌLJŚĂƐŵĂŶĚĂƚĞĚƚŚĂƚĂůůŽĨŝƚƐŶĞǁďƵŝůĚŝŶŐƐĨŽƌŝƚLJĞŵƉůŽLJͲ ĞĞƐŵƵƐƚŵĞĞƚŽƌĞdžĐĞĞĚƚŚĞƐŝůǀĞƌƌĂƟŶŐĨŽƌ>ĞĂĚĞƌƐŚŝƉŝŶŶĞƌŐLJĂŶĚŶǀŝƌŽŶŵĞŶƚĂůĞƐŝŐŶŽƌ>Π͘>ŝƐ ĂŶŝŶĚĞƉĞŶĚĞŶƚĐĞƌƟĮĐĂƟŽŶƉƌŽĐĞƐƐǁŚŝĐŚƉƌŽŵŽƚĞƐƚŚĞ ĚĞƐŝŐŶĂŶĚĐŽŶƐƚƌƵĐƟŽŶŽĨĞŶǀŝƌŽŶŵĞŶƚĂůůLJƐƵƐƚĂŝŶĂďůĞ ďƵŝůĚŝŶŐƐ͘^ŝŵŝůĂƌƉƌŽŐƌĂŵƐĞdžŝƐƚĨŽƌƌĞƐŝĚĞŶƟĂůĚĞǀĞůŽƉŵĞŶƚƐ͕ƐƵĐŚĂƐƚŚĞƵŝůƚ'ƌĞĞŶΡƉƌŽŐƌĂŵĂŶĚŽƚŚĞƌƐ͘

&ŝŐƵƌĞϭϲ'ƌĞĞŶZŽŽĨŽŶƚŚĞƵĐŬƐhŶůŝŵŝƚĞĚ,ĞĂĚƋƵĂƌƚĞƌƐŝŶtŝŶŶŝƉĞŐ͕DĂŶŝƚŽďĂ dŚĞĨŽůůŽǁŝŶŐĂƉƉƌŽĂĐŚĞƐƐŚĂůůďĞĞdžƉůŽƌĞĚƚŽƌĞĚƵĐĞĚĞŵĂŶĚ ŽŶƚŚĞƉŽƚĂďůĞǁĂƚĞƌƐƵƉƉůLJ͘

ͻ >ŽǁŇŽǁĮdžƚƵƌĞƐǁŝůůďĞƐƚĂŶĚĂƌĚŝŶĨƵƚƵƌĞŝŶĚƵƐƚƌŝĂů͕ĐŽŵŵĞƌĐŝĂůĂŶĚƌĞƐŝĚĞŶƟĂůĚĞǀĞůŽƉŵĞŶƚƐ͘dŚĞƐĞĮdžƚƵƌĞƐ͕ ƐƵĐŚĂƐĚƵĂůŇƵƐŚƚŽŝůĞƚƐ͕ůŽǁŇŽǁƐŚŽǁĞƌƐ͕ĂƉƉůŝĂŶĐĞƐĂŶĚĨĂƵĐĞƚƐĐĂŶƌĞĚƵĐĞƉŽƚĂďůĞǁĂƚĞƌĚĞŵĂŶĚďLJĂƚ ůĞĂƐƚϯϭйǁŚĞŶĐŽŵƉĂƌĞĚƚŽĂďĂƐĞůŝŶĞĚĞŵĂŶĚĐĂƐĞ͘

ͻ ,ĂƌǀĞƐƚĞĚƌĂŝŶǁĂƚĞƌĨƌŽŵƌŽŽŌŽƉƐŵĂLJďĞƵƐĞĚƚŽŇƵƐŚƚŽŝůĞƚƐ͕ĐůĞĂŶůĂƵŶĚƌLJ͕ǁĂƐŚǀĞŚŝĐůĞƐĂŶĚŝƌƌŝŐĂƚĞƚŚĞ ƐƵƌƌŽƵŶĚŝŶŐƉƌŝǀĂƚĞŐƌĞĞŶƐƉĂĐĞ͘

ͻ ƐƉĂƌƚŽĨĂƐƵƐƚĂŝŶĂďůĞŶĞŝŐŚďŽƵƌŚŽŽĚĚĞƐŝŐŶ͕ůĂŶĚƐĐĂƉŝŶŐŵĂLJƵƟůŝnjĞŶĂƟǀĞǀĞŐĞƚĂƟŽŶǁŚĞƌĞǀĞƌƉŽƐƐŝďůĞƚŽ ϲϬ ͮപ/Ed'Zds>KWDEd^dZd'z

ƌĞĚƵĐĞƚŚĞŝƌƌŝŐĂƟŽŶĚĞŵĂŶĚ;džĞƌŝƐĐĂƉŝŶŐͿ͘/ƌƌŝŐĂƟŽŶŽĨƉƵďůŝĐĂƌĞĂƐǁŝƚŚƌĞĐůĂŝŵĞĚǁĂƚĞƌĂŶĚƐƚŽƌŵǁĂƚĞƌĨƌŽŵ ĐĞŶƚƌĂůŝnjĞĚƐƚŽƌŵƉŽŶĚƐŝƐĂŶŽƉƟŽŶƚŽĨƵƌƚŚĞƌƌĞĚƵĐĞƉŽƚĂďůĞǁĂƚĞƌĚĞŵĂŶĚƐ͘

ͻ /ŶĂĚĚŝƟŽŶƚŽŝƌƌŝŐĂƟŽŶ͕ƌĞĐůĂŝŵĞĚǁĂƚĞƌŵĂLJďĞƵƐĞĚĨŽƌƚŽŝůĞƚŇƵƐŚŝŶŐ ŝŶďŽƚŚƉƌŝǀĂƚĞĂŶĚƉƵďůŝĐĂƌĞĂƐǁŚĞƌĞ ĐĂƉŝƚĂůŝŶĨƌĂƐƚƌƵĐƚƵƌĞĐŽƐƚƐĚĞĞŵŝƚǀŝĂďůĞƚŽĚŽƐŽ͘

ϲ͘ϳ͘ϯ&ƵƚƵƌĞĞǀĞůŽƉŵĞŶƚĂƚƚŚĞĂŶĂŵĞdžĂŶĚ,ŝŐŚǁĂLJϯ/ŶƚĞƌĐŚĂŶŐĞ

,ŝŐŚǁĂLJĐŽƌƌŝĚŽƌƐĂƌĞĂƩƌĂĐƟǀĞĂƌĞĂƐĨŽƌĐŽŵŵĞƌĐŝĂůĂŶĚŝŶĚƵƐƚƌŝĂůĚĞǀĞůŽƉŵĞŶƚƐĂŶĚƌĞĐĞŶƚLJĞĂƌƐŚĂǀĞƐŚŽǁŶĂŶ ŝŶĐƌĞĂƐĞŝŶƚŚŝƐŵĂƌŬĞƚƐĞĐƚŽƌ͘dŚĞEDyǁŝůůďĞŶŽĞdžĐĞƉƟŽŶƚŽƚŚŝƐĂŶĚĂůďĞŝƚƚŚĞƐĞŵŝͲĂƌŝĚĐŚĂƌĂĐƚĞƌŝƐƟĐƐŽĨ ƚŚĞƐƚƵĚLJƌĞŐŝŽŶǁŝƚŚŝŶĂĐůŽƐĞĚďĂƐŝŶŵŽƐƚƵŶŝƋƵĞŽƉƉŽƌƚƵŶŝƟĞƐĂƌĞĐƌĞĂƚĞĚƚŚƌŽƵŐŚĞŵďƌĂĐŝŶŐŝŶƚĞŐƌĂƚĞĚǁĂƚĞƌ ŵĂŶĂŐĞŵĞŶƚƐƚƌĂƚĞŐŝĞƐƐŚŽǁĐĂƐŝŶŐŐŽŽĚŵĂŶĂŐĞŵĞŶƚŽĨĂƉƌĞĐŝŽƵƐƌĞƐŽƵƌĐĞ͕ǁĂƚĞƌ͘ dŽĚĞŵŽŶƐƚƌĂƚĞƐƵĐŚŽƉƉŽƌƚƵŶŝƟĞƐ͕ĂŶĞdžĂŵƉůĞŝƐƉƌĞƐĞŶƚĞĚƵƐŝŶŐƚŚĞĞdžŝƐƟŶŐĚĞǀĞůŽƉŵĞŶƚ͖ƌŽdžďƵƌŶ͘

ϲ͘ϳ͘ϰtĂƚĞƌZĞͲhƐĞdžĂŵƉůĞĂƚƌŽdžďƵƌŶƵƐŝŶĞƐƐWĂƌŬ

ƌŽdžďƵƌŶƵƐŝŶĞƐƐ;ͿWĂƌŬŝƐĂŶŝŶĚƵƐƚƌŝĂůͬĐŽŵŵĞƌĐŝĂůďƵƐŝŶĞƐƐƉĂƌŬůŽĐĂƚĞĚŽŶƚŚĞƐŽƵƚŚǁĞƐƚĐŽƌŶĞƌŽĨ ƚŚĞ ĨƵƚƵƌĞ,ŝŐŚǁĂLJϯĂŶĚĂŶĂŵĞdž,ŝŐŚǁĂLJ/ŶƚĞƌĐŚĂŶŐĞ͘dŚĞƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƉŽŶĚ͕ƌŽĂĚƐ͕ĞůĞĐƚƌŝĐĂůƐƵƉƉůLJ ĂŶĚĮƌĞƐƵƉƉƌĞƐƐŝŽŶƉŽŶĚŚĂǀĞĂůůďĞĞŶĐŽŶƐƚƌƵĐƚĞĚ͕ŚŽǁĞǀĞƌ͕ƐĞǀĞƌĂůŽďƐƚĂĐůĞƐƌĞŵĂŝŶďĞĨŽƌĞĚĞǀĞůŽƉŵĞŶƚŵĂLJ ďĞĂůůŽǁĞĚƚŽƉƌŽĐĞĞĚ͘dŚĞƐŝƚĞŝƐĂƉƌŝŵĞĐĂŶĚŝĚĂƚĞƚŽƐŚŽǁĐĂƐĞƚŚĞƌĞƵƐĞŽĨƐƚŽƌŵǁĂƚĞƌŝŶĂŶŝŶĚƵƐƚƌŝĂůͬĐŽŵͲ ŵĞƌĐŝĂůƐĞƫŶŐ͘^ƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚŝƐƚŚĞŵĂũŽƌĐŽŶĐĞƌŶ͘

&ŝŐƵƌĞϭϳ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚWŽŶĚĂƚƌŽdžďƵƌŶƵƐŝŶĞƐƐWĂƌŬ;DĂLJϱ͕ϮϬϭϭͿ tĞƐƚŚŽī ĂŶĂůLJnjĞĚƚŚĞƌŽdžďƵƌŶƐŝƚĞ ƵƐŝŶŐŽƵƌĐƵƐƚŽŵŝnjĞĚtĂƚĞƌĂůĂŶĐĞDŽĚĞů͘dŚĞtĂƚĞƌĂůĂŶĐĞDŽĚĞůŝƐĂŶ ĞŶŚĂŶĐĞŵĞŶƚŽĨƚŚĞYh>,zDKĐŽŶƟŶƵŽƵƐƐŝŵƵůĂƟŽŶĂŶĂůLJƐŝƐ͕ƵƉŐƌĂĚĞĚƚŽƌĞŇĞĐƚƚŚĞǀĂƌŝĂƟŽŶŝŶƌƵŶŽīĐŽŶĚŝͲ ƟŽŶƐ ďĞƚǁĞĞŶĐŽůĚǁĞĂƚŚĞƌĂŶĚǁĂƌŵǁĞĂƚŚĞƌƉĞƌŝŽĚƐ͘dŚĞŵŽĚĞůŝŶĐŽƌƉŽƌĂƚĞƐƉƌĞĐŝƉŝƚĂƟŽŶ;ŝ͘Ğ͘ƌĂŝŶĂŶĚƐŶŽǁͿ ĂŶĚĚĞƚĞƌŵŝŶĞƐƚŚĞĞīĞĐƟǀĞƌƵŶŽīƌĞƐƵůƟŶŐĨƌŽŵƚŚĞƉƌŽƉŽƐĞĚůĂŶĚƵƐĞ;ŝ͘Ğ͘ĐŽŵŵĞƌĐŝĂůŝŶƚŚŝƐĐĂƐĞͿ͘/ƚƐŝŵƵůĂƚĞƐ ƚŚĞƋƵĂŶƟƟĞƐŽĨǁĂƚĞƌĐŽůůĞĐƚĞĚďLJƚŚĞƉŽŶĚ͕ŝƚƐůŽƐƐĞƐĂŶĚĐŽŶƐƵŵƉƟǀĞƵƐĞƐƐƵĐŚĂƐŝƌƌŝŐĂƟŽŶĂƐƌĞƋƵŝƌĞĚďLJƚŚĞ ƵƐĞƌ͘/ŶƚŚŝƐĐĂƐĞ͕ŝƌƌŝŐĂƟŽŶĚĞŵĂŶĚ ŝƐƐŝŵƵůĂƚĞĚĨŽƌƚŚĞƐƵŵŵĞƌŵŽŶƚŚƐďĞƚǁĞĞŶDĂLJϭƐƚĂŶĚ^ĞƉƚĞŵďĞƌϯϬƚŚĂƚ ĂƌĂƚĞŽĨŽŶĞŝŶĐŚƉĞƌǁĞĞŬ͘dŚĞŵŽĚĞůŝƐĂƉƉůŝĞĚĨŽƌƚŚĞLJĞĂƌƐϭϵϲϬͲϮϬϬϵ͕ŝŶĐůƵƐŝǀĞ͕ďĂƐĞĚƵƉŽŶƌĞĐŽƌĚĞĚƉƌĞĐŝƉŝͲ ƚĂƟŽŶĂŶĚƚĞŵƉĞƌĂƚƵƌĞĚĂƚĂƌĞĐŽƌĚĞĚĂƚƚŚĞ>ĞƚŚďƌŝĚŐĞŝƌƉŽƌƚ͘ dŚĞǁĂƚĞƌďĂůĂŶĐĞĂŶĂůLJƐŝƐǁĂƐĐŽŶĚƵĐƚĞĚĨŽƌƚŚƌĞĞƐĐĞŶĂƌŝŽƐ͖ ϭ͘ ZƵŶŽīĐĂƉƚƵƌĞĚďLJƚŚĞƐƚŽƌĂŐĞƉŽŶĚ ŝƐƵƐĞĚĨŽƌ ŝƌƌŝŐĂƟŽŶŽĨŐƌĞĞŶƐƉĂĐĞŽŶůLJ͖ Ϯ͘ ^ĂŵĞĂƐϭ͕ƉůƵƐĐŽŶƟŶƵŽƵƐǁĂƚĞƌƐƵƉƉůLJƚŽǁĂƚĞƌƵƐĞƌƐŝŶƚŚĞWĂƌŬ͖ĂŶĚ͕ ϯ͘ ^ĂŵĞĂƐϮ͕ƉůƵƐǁĂƚĞƌƐŚŽƌƚĂŐĞŝƐƉƌŽǀŝĚĞĚďLJĚŝǀĞƌƐŝŽŶĨƌŽŵŝƌĚƐŽĨWƌĞLJĨĂĐŝůŝƚLJ͘ dŚĞƌĞƐƵůƚƐŽĨƚŚĞĂŶĂůLJƐŝƐĂƌĞƐŚŽǁŶďĞůŽǁĂŶĚǀĂƌŝŽƵƐŝůůƵƐƚƌĂƟŽŶƐƌĞůĂƚĞĚƚŽ>/ĂŶĚDWƐĂƌĞƉƌĞƐĞŶƚĞĚŝŶƚŚĞ ĞdžŚŝďŝƚĨŽůůŽǁŝŶŐƚŚŝƐƉĂŐĞ͘ /Ed'Zds>KWDEd^dZd'z | 61

&ŝŐƵƌĞϭϴWƌĞůŝŵŝŶĂƌLJtĂƚĞƌZĞƵƐĞZĞƐƵůƚƐĨŽƌƌŽdžďƵƌŶƵƐŝŶĞƐƐWĂƌŬ dŚĞĂďŽǀĞŐƌĂƉŚŝĐŝůůƵƐƚƌĂƚĞƐƚŚĂƚĨŽƌůŽǁƌĂƚĞƐŽĨŝŶĚƵƐƚƌŝĂůǁĂƚĞƌƵƐĂŐĞ͕ƐƚŽƌŵǁĂƚĞƌĐĂŶƐƵƉƉůLJĂůŵŽƐƚϭϬϬйŽĨ ĂůůǁĂƚĞƌƌĞƋƵŝƌĞŵĞŶƚƐ͘ƐƚŚĞƌĂƚĞƐŽĨƵƐĂŐĞŝŶĐƌĞĂƐĞ͕ƐƚŽƌŵǁĂƚĞƌǀŽůƵŵĞƐǁŝůůďĞŝŶƐƵĸĐŝĞŶƚĨŽƌƐƵƉƉůLJĂŶĚĂŶ ĂĚĚŝƟŽŶĂůƐŽƵƌĐĞŽĨǁĂƚĞƌ;ŵĂŬĞͲƵƉǁĂƚĞƌͿǁŝůůďĞƌĞƋƵŝƌĞĚ͘KŶĞŽƉƟŽŶĨŽƌƐƵƉƉůLJǁŽƵůĚďĞƚŚĞŵĂŝŶƌĞƐĞƌǀŽŝƌĂƚ ƚŚĞĞdžƉĂŶĚĞĚŝƌĚƐŽĨWƌĞLJǁĞƚůĂŶĚƐ͘ /ƚŝƐĞŵƉŚĂƐŝnjĞĚƚŚĂƚƐƚŽƌŵǁĂƚĞƌĐĂŶďĞƚƌĞĂƚĞĚƚŽƉŽƚĂďůĞƋƵĂůŝƚLJŽƌďĞŽĨůĞƐƐĞƌƋƵĂůŝƚLJĨŽƌŝŶĚƵƐƚƌŝĂůƵƐĞƐ͘dŚŝƐ ĂƐƉĞĐƚŽĨĐĂƉƚƵƌĞ͕ƚƌĞĂƚŵĞŶƚ͕ĂŶĚƌĞƵƐĞŝƐĂůƌĞĂĚLJŝŵƉůĞŵĞŶƚĞĚŝŶǀĂƌŝŽƵƐĚĞǀĞůŽƉŵĞŶƚƐŝŶƚŚĞĂůŐĂƌLJƌĞŐŝŽŶ͕ ŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽϮϭ͗

ͻ tĞƐĐŽǁĂƌĞŚŽƵƐĞƐŝƚĞǁŝƚŚnjĞƌŽƌĞůĞĂƐĞĂŶĚƵƐĞŽĨƐƚŽƌŵǁĂƚĞƌĂƐǁĂƚĞƌƐƵƉƉůLJĨŽƌƌĞĨƌŝŐĞƌĂƟŽŶƐLJƐƚĞŵ͖

ͻ ,ŝŐŚWůĂŝŶƐ/ŶĚƵƐƚƌŝĂůWĂƌŬ͕ĂϭϬϬϬĂĐƌĞƐĞůĨƐƵƐƚĂŝŶŝŶŐŝŶĚƵƐƚƌŝĂůͬĐŽŵŵĞƌĐŝĂůĚĞǀĞůŽƉŵĞŶƚƐŝƚƵĂƚĞĚŝŶƐĞůĨĐŽŶͲ ƚĂŝŶĞĚĚƌĂŝŶĂŐĞďĂƐŝŶǁŝůůŚĂǀĞŝƚƐŽǁŶǁĂƚĞƌƐLJƐƚĞŵƚŚĂƚŝŶĐůƵĚĞƐƐƚŽƌŵǁĂƚĞƌĐĂƉƚƵƌĞ͕ƚƌĞĂƚĂŶĚƌĞƵƐĞ͘

ͻ &ƌŽŶƟĞƌ/ŶĚƵƐƚƌŝĂůWĂƌŬǁŝƚŚnjĞƌŽƌĞůĞĂƐĞƌĂƚĞƉŽůŝĐŝĞƐǁŚĞƌĞŽŶͲƐŝƚĞ;ĞĂĐŚůŽƚͿǁĂƚĞƌďĂůĂŶĐŝŶŐŝƐĂĐŚŝĞǀĞĚďLJ ŝƌƌŝŐĂƟŽŶĂŶĚĞŶŚĂŶĐĞĚĞǀĂƉŽƌĂƟŽŶ͖ĂŶĚ͕

ͻ EŽƐĞƌĞĞŬ/ŶĚƵƐƚƌŝĂůWĂƌŬǁŝƚŚǀŽůƵŵĞĐŽŶƚƌŽůĂŶĚƌĞůĞĂƐĞƌĂƚĞƉŽůŝĐLJŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞEŽƐĞƌĞĞŬ tĂƚĞƌƐŚĞĚtĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶ͘

ϭ dŚĞƐĞĞīŽƌƚƐǁĞƌĞƐƵĐĐĞƐƐĨƵůůLJŝŵƉůĞŵĞŶƚĞĚǁŝƚŚĐŽŶƐƵůƚĂƟŽŶŽĨůďĞƌƚĂŶǀŝƌŽŶŵĞŶƚĂŶĚůŽĐĂůũƵƌŝƐĚŝĐƟŽŶĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚ ĚĞƚĂŝůĞĚĂŶĂůLJƐŝƐĂŶĚƉƌŽũĞĐƚĚĞƐĐƌŝƉƟŽŶĚŽĐƵŵĞŶƚƐŝŶĚŝĐĂƟŶŐƚŚĂƚƌƵŶŽīƐƟůůƌĞĂĐŚĞƐƚŚĞƌĞĐĞŝǀŝŶŐƐƚƌĞĂŵƐ͕ďƵƚƚŚĂƚĂ͞ůŽŶŐĞƌƌŽƵƚĞ͟ŝƐƚĂŬĞŶ͘ ůďĞƌƚĂŶǀŝƌŽŶŵĞŶƚŚĂƐĨĂĐŝůŝƚĂƚĞĚƚŚĞƐĞƉƌŽũĞĐƚƐŽŶĂĐĂƐĞďLJĐĂƐĞďĂƐŝƐ͘ ϲϮ ͮപ/Ed'Zds>KWDEd^dZd'z

Ϯ/ŶƚĞŐƌĂƚĞĚǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƐŝƚĞƐĂƐĚĞƐŝŐŶĞĚďLJtĞƐƚŚŽīŶŐŝŶĞĞƌŝŶŐZĞƐŽƵƌĐĞƐ͕/ŶĐ͘

WƌŽƉŽƐĞĚůĂŶĚƐĐĂƉŝŶŐƉůĂŶĨŽƌƚŚĞǁĂƚĞƌͲƌĞƵƐĞƉŽŶĚǁŚŝĐŚǁŝůůƐĞƌǀĞĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚĂƚƚŚĞŝŶƚĞƌƐĞĐƟŽŶŽĨ ,ŝŐŚǁĂLJϯĂŶĚƚŚĞEDy,ŝŐŚǁĂLJ͘ /Ed'Zds>KWDEd^dZd'z | 63

ϲ͘ϳ͘ϱ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚĂƚEDy,ŝŐŚǁĂLJ/ŶƚĞƌĐŚĂŶŐĞƐ

Ŷ ĞdžĂŵƉůĞ ŽĨ ĂŶ ŝŶƚĞŐƌĂƚĞĚ ŵĂŶĂŐĞŵĞŶƚ ƐLJƐƚĞŵ ĨŽƌ ƐƚŽƌŵǁĂƚĞƌ Ăƚ ŚŝŐŚǁĂLJ ŝŶƚĞƌĐŚĂŶŐĞƐ ŝƐ ŝůůƵƐƚƌĂƚĞĚ ŝŶ ƚŚĞ ƉŚŽƚŽŐƌĂƉŚ ďĞůŽǁ͘

&ŝŐƵƌĞϭϵdŚĞ/ŶƚĞƌĐŚĂŶŐĞŽĨĞĚĚŝŶŐƚŽŶdƌĂŝůĂŶĚŽƵŶƚƌLJ,ŝůůƐŽƵůĞǀĂƌĚEt͕ĂůŐĂƌLJ;ϮϬϭϬͿ

ϯ/ŶƚĞŐƌĂƚĞĚƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĂƐĚĞƐŝŐŶĞĚďLJtĞƐƚŚŽīŶŐŝŶĞĞƌŝŶŐZĞƐŽƵƌĐĞƐ͕/ŶĐ͘ dŚĞ ƐƚŽƌŵǁĂƚĞƌ ŵĂŶĂŐĞŵĞŶƚ ƐLJƐƚĞŵ ĐŽŵƉŽŶĞŶƚƐ ŝŶƚĞŐƌĂƚĞĚ Ăƚ ƚŚĞ ŝŶƚĞƌĐŚĂŶŐĞ ŝŶĐůƵĚĞ͗

ͻ dƌĂƉ ůŽǁƐ Ăƚ ƚƵƌŶŝŶŐ ƌĂŵƉƐ͖

ͻ ^ƚŽƌĂŐĞ ǁŝƚŚŝŶ ůŽŽƉ ƐLJƐƚĞŵƐ͖

ͻ DƵůƟͲĐĞůů ĐŽŶƐƚƌƵĐƚĞĚ ǁĞƚůĂŶĚƐ ƚŽ ĂĚĚƌĞƐƐ ǁĂƚĞƌ ƋƵĂůŝƚLJ ĂŶĚ ƋƵĂŶƟƚLJ͖ ĂŶĚ͕

ͻ Kŝů Θ Őƌŝƚ ƐĞƉĂƌĂƚŽƌ ŝŶͲůŝŶĞ ŽĨ ŽƵƚůĞƚ ƐLJƐƚĞŵ ĂŶĚ ƉƌŝŽƌ ƚŽ ŽƵƞĂůů Ăƚ tĞƐƚ EŽƐĞ ƌĞĞŬ

ϲ͘ϴtĂƚĞƌ^ŚŽƌƚĂŐĞZĞƐƉŽŶƐĞWůĂŶ DĂŶĂŐŝŶŐ ƌƵŶŽī ĨƌŽŵ ƚŚĞ ƐƚƵĚLJ ĂƌĞĂ ĂŶĚ ƌĞĐŽŐŶŝnjŝŶŐ ƚŚĞ ƐŚĞĞƌ ƐŝnjĞ ŽĨ ƚŚŝƐ ƌĞŐŝŽŶ ĂŶĚ ŐŝǀĞŶ ƚŚĞ ƉƌŽƉŽƐĞĚ ůĂƌŐĞ ĞdžƉĂŶƐŝŽŶ ŽĨ ƚŚĞ ŝƌĚƐ ŽĨ WƌĞLJ ďƌŝŶŐƐ ĞŶŽƌŵŽƵƐ ŽƉƉŽƌƚƵŶŝƟĞƐ͕ ŝĨ ƉůĂŶŶĞĚ ĂŶĚ ĞdžĞĐƵƚĞĚ ƌŝŐŚƚ͘ ,ŽǁĞǀĞƌ͕ ƚŽ ŚĂƌǀĞƐƚ ƚŚĞƐĞ ŽƉƉŽƌƚƵŶŝƟĞƐ͕ ĂŶ ŽƉĞƌĂďůĞ ĂŶĚ ĚLJŶĂŵŝĐ ƐLJƐƚĞŵ ŝƐ ƚŽ ďĞ ŝŵƉůĞŵĞŶƚĞĚ͘ &Žƌ ƚŚĞ /^ ƐƚƵĚLJ ĂƌĞĂ ƚŚĞ ĨŽůůŽǁŝŶŐ ŶŽƚĂƟŽŶƐ ĂƌĞ ŵĂĚĞ͗ hůƟŵĂƚĞ ƐƚŽƌĂŐĞ ĐĂƉĂĐŝƚLJ ŽĨ ƚŚĞ ĞdžƉĂŶĚĞĚ ĨĂĐŝůŝƟĞƐ Ăƚ ƚŚĞ ŝƌĚƐ ŽĨ WƌĞLJ ŝƐ ŝŶ ƚŚĞ ŽƌĚĞƌ ŽĨ ƚŚƌĞĞ ŵŝůůŝŽŶ ĐƵďŝĐ ŵĞͲ ƚĞƌƐ͘ /Ŷ ĂĚĚŝƟŽŶ͕ ĚŝǀĞƌƐŝŽŶ ŽĨ ĞdžĐĞƐƐ ƌƵŶŽī ĂŶĚ ƐƚŽƌĂŐĞ Ăƚ ƚŚĞ ^DZ/ EŽƌƚŚ ĂƐƚ ZĞƐĞƌǀŽŝƌ ĐĂŶ ĂĚĚ ƚŽ ƐŝŐŶŝĮĐĂŶƚ ǁĂƚĞƌ ƋƵĂŶƟƟĞƐ ƚŚĂƚ ŵĂLJ ďĞ ƌĞƐĞƌǀĞĚ ĨŽƌ ĚƌLJ ƐƉĞůůƐ͘ dŚĞ ĂǀĂŝůĂďŝůŝƚLJ ŽĨ ƚŚŝƐ ǁĂƚĞƌ ŝƐ ŵĂĚĞ ƉŽƐƐŝďůĞ ŝĨ ƚŚĞ ƉƌŽƉŽƐĞĚ ĚƌĂŝŶĂŐĞ ƐLJƐƚĞŵ ĚĞƐĐƌŝďĞĚ ŝŶ ƚŚĞ ĂĨŽƌĞŵĞŶƟŽŶĞĚ ƐĞĐƟŽŶƐ ŝƐ ĞƋƵŝƉƉĞĚ ǁŝƚŚ ƉƵŵƉ ƐLJƐƚĞŵƐ Ăƚ Ăůů ĚŝƐĐŚĂƌŐĞ ƉŽŝŶƚƐ͘ ZĞĐŽŐŶŝnjŝŶŐ ƚŚĞ ĨĂĐƚ ƚŚĂƚ Ăůů ĨŽƌĐĞ ŵĂŝŶƐ ǁŝůů ďĞ ĨŽůůŽǁŝŶŐ Ă ŇĂƚ ƉƌŽĮůĞ ŝĨ ŶŽƚ ŚŽƌŝnjŽŶƚĂů͕ ǁĂƚĞƌ ĐŽƵůĚ ďĞ ƌĞƚƵƌŶĞĚ ǀŝĂ ƚŚĞ ĨŽƌĐĞ ŵĂŝŶ ƐLJƐƚĞŵ ůŝŶŬŝŶŐ Ăůů ƐƚŽƌĂŐĞ ŶŽĚĞƐ͘ ůů ƚŚĞƐĞ ŶŽĚĞƐ ĐŽƵůĚ ďĞ Ă ƌĞƐĞƌǀŽŝƌ ĨŽƌ ůŽĐĂůŝnjĞĚ ŶĞĞĚƐ ŽĨ ǁĂƚĞƌ ŝŶĐůƵĚŝŶŐ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͗

ͻ /ƌƌŝŐĂƟŽŶ ŽĨ ŐƌĞĞŶ ƐƉĂĐĞƐ͖

ͻ /ƌƌŝŐĂƚĞĚ ĂŐƌŝĐƵůƚƵƌĞ͖

ͻ ůƚĞƌŶĂƟǀĞ ƐƵƉƉůLJ ĨŽƌ ŝŶĚƵƐƚƌŝĂů ǁĂƚĞƌ͕ ĞƚĐ͘ /ƚ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ƚŚĂƚ ƚŚĞ ĐŽƐƚ ŽĨ ƚŚĞ ƉƵŵƉ ƐƚĂƟŽŶƐ ĨŽƌ Ă ͞ƌĞƚƵƌŶ ŇŽǁ͟ ƐLJƐƚĞŵ ĂƌĞ ŶŽƚ ŝŶĞdžƉĞŶƐŝǀĞ͘ ,ŽǁĞǀĞƌ͕ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ƉůĂŶŶŝŶŐ ĂŶĚ ĞdžĞĐƵƟŽŶ ƐŚĂůů ŝŶĐůƵĚĞ ƐƚƌĂƚĞŐŝĐ ŵĞĂƐƵƌĞƐ ƚŽ ĂƩƌĂĐƚ ŚŝŐŚ ǁĂƚĞƌ ƵƐĞƌƐ ĨŽƌ ƚŚŝƐ ƌĞŐŝŽŶ͘ ϲϰ ͮപ/Ed'Zds>KWDEd^dZd'z dŚĞƵŶŬŶŽǁŶǀĂƌŝĂďůĞƐŽĨƚŚĞĞŶĚƵƐĞƌǁĂƚĞƌŶĞĞĚƐĂŶĚƚŚĞŝŵƉŽƌƚĂŶĐĞƚŽƐƵĐŚĞŶƟƚLJĨŽƌǁŚŝĐŚǁĂƚĞƌŝƐĐƌƵĐŝĂůƚŽ ƚŚĞďƵƐŝŶĞƐƐŽƌŽƉĞƌĂƟŽŶ;Ğ͘Ő͕͘ƐƉĞĐŝĂůƚLJĐƌŽƉ͕ŝŶĚƵƐƚƌŝĂůƵƐĞƌǁŝƚŚŚŝŐŚǁĂƚĞƌĚĞŵĂŶĚͿŝƐƚŽďĞĞƐƚĂďůŝƐŚĞĚ͘dŚĞĞdžͲ ĂŵƉůĞŽĨƚŚĞƌŽdžďƵƌŶƵƐŝŶĞƐƐWĂƌŬ;ƐĐĞŶĂƌŝŽϯͿŝƐĂůƌĞĂĚLJĂŐŽŽĚŵŽĚĞůƚŽĨŽůůŽǁĂƐƚŚĞƐĞƚLJƉĞƐŽĨĚĞǀĞůŽƉŵĞŶƚƐ

ŽĐĐƵƌĂŶĚĂƌĞĞŶĐŽƵƌĂŐĞĚĂůŽŶŐƚŚĞEDyĐŽƌƌŝĚŽƌ͘

ϲ͘ϵŽƐƚWƌŽũĞĐƟŽŶƐĂŶĚ&ƵŶĚŝŶŐKƉƉŽƌƚƵŶŝƟĞƐ ĞůŽǁŝƐƚŚĞƉƌĞůŝŵŝŶĂƌLJŽƌĚĞƌͲŽĨͲŵĂŐŶŝƚƵĚĞĐŽƐƚĞƐƟŵĂƚĞĨŽƌƚŚĞZĞŐŝŽŶĂů^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚ^LJƐƚĞŵ͗ dĂďůĞϰŽƐƚƐƟŵĂƚĞĨŽƌƚŚĞZĞŐŝŽŶĂů^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚ^LJƐƚĞŵ

ŽƐƚ/ƚĞŵ hŶŝƚ YƵĂŶƟƚLJ hŶŝƚŽƐƚ ŽƐƚ &ŽƌĐĞDĂŝŶƚŽKůĚŵĂŶZŝǀĞƌ ϭϮϬϬŵŵŝĂŵĞƚĞƌ&ŽƌĐĞDĂŝŶ ŵ ϭϯϲϬϬ ϭ͕Ϭϴϰ ϭϰ͕ϰϳϮ͕ϰϬϬ ZŝǀĞƌKƵƞĂůů^ƚƌƵĐƚƵƌĞ ĞĂ ϭ ϳϴϱ͕ϬϬϬ ϳϴϱ͕ϬϬϬ ĂŶĂůƌŽƐƐŝŶŐƐ ĞĂ ϰ Ϯϱ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ŽŶŶĞĐƟŽŶƚŽƚŚĞ^DZ/EŽƌƚŚĂƐƚZĞƐĞƌǀŽŝƌ ĞĂ ϭ Ͳ Ͳ ŝƌĚƐŽĨWƌĞLJZĞƐĞƌǀŽŝƌĂŶĚWƵŵƉ^ƚĂƟŽŶ WƵŵƉƐ;ϰdžϰϳϬŚƉͿ͕sĂƵůƚĂŶĚŽŶƚƌŽůƐ ĞĂ ϭ Ϯ͕ϱϬϬ͕ϬϬϬ Ϯ͕ϱϬϬ͕ϬϬϬ džĐĂǀĂƟŽŶŽĨZĞƐĞƌǀŽŝƌ ŵϯ ϯ͕ϮϬϬ͕ϬϬϬ ϯ͘ϰ ϭϬ͕ϴϴϬ͕ϬϬϬ ďĂŶĚŽŶĞĚZĂǁtĂƚĞƌZĞƐĞƌǀŽŝƌ^ƚŽƌĂŐĞ&ĂĐŝůŝƚLJ ^ŽƵƚŚŽĂůĚĂůĞ>ĂƚĞƌĂůŽŶŶĞĐƟŽŶ WƵŵƉ^ƚĂƟŽŶhƉŐƌĂĚĞ ĞĂ ϭ ϲϱϬ͕ϬϬϬ ϲϱϬ͕ϬϬϬ ^DZ/>ĂƚĞƌĂůŝǀĞƌƐŝŽŶ^ƚƌƵĐƚƵƌĞ ĞĂ ϭ ϯϱϬ͕ϬϬϬ ϯϱϬ͕ϬϬϬ /ŶƚĞƌͲĐĞůůdƌĂŶƐĨĞƌ^ƚƌƵĐƚƵƌĞ ĞĂ ϭ ϭϲϱ͕ϬϬϬ ϭϲϱ͕ϬϬϬ DĂŝŶĂƐƚ^ƚŽƌŵWŽŶĚŽŶŶĞĐƟŽŶ WƵŵƉ͕sĂƵůƚĂŶĚŽŶƚƌŽůƐ ĞĂ ϭ ϱϬϬ͕ϬϬϬ ϱϬϬ͕ϬϬϬ &ŽƌĐĞDĂŝŶ ŵ ϭϵϬϬ ϲϬϱ ϭ͕ϰϭϵ͕ϱϬϬ DĂŝŶĂƐƚ^ƚŽƌŵWŽŶĚhƉŐƌĂĚĞƐ hƉŐƌĂĚĞƐƚŽWƵŵƉηϭ ĞĂ ϭ ϰϬϬ͕ϬϬϬ ϰϬϬ͕ϬϬϬ &ŽƌĐĞDĂŝŶ ŵ ϮϱϬϬ ϲϬϱ ϭ͕ϱϭϮ͕ϱϬϬ ,ŝŐŚǁĂLJϯĂŶĚWZZĂŝůǁĂLJdƌĂĐŬƐƌŽƐƐŝŶŐ ŵ ϭϭϱ ϭϬϬϬ ϭϭϱ͕ϬϬϬ ,ŝŐŚǁĂLJϴϰϱƌŽƐƐŝŶŐ ŵ ϰϬ ϭϬϬϬ ϰϬ͕ϬϬϬ /ŶĚƵƐƚƌŝĂů^ƚŽƌŵWŽŶĚŽŶŶĞĐƟŽŶƚŽ&ŽƌĐĞDĂŝŶ WƵŵƉ͕sĂƵůƚĂŶĚŽŶƚƌŽůƐ ĞĂ ϭ ϮϱϬ͕ϬϬϬ ϮϱϬ͕ϬϬϬ &ŽƌĐĞDĂŝŶ ĞĂ ϭϯϬ ϲϬϱ ϳϴ͕ϲϱϬ ƌĂŝŶĂŐĞZĞůŝĞĨĨŽƌǁĞƐƚƐŝĚĞŽĨdŽǁŶ ŝƚĐŚhƉŐƌĂĚĞƐ ŵ ϮϰϬϬ ϭϬϬ ϮϰϬ͕ϬϬϬ /ŶůĞƚ^ƚƌƵĐƚƵƌĞƚŽ^ŽƵƚŚŽĂůĚĂůĞ>ĂƚĞƌĂů ĞĂ Ϯ ϮϬ͕ϬϬϬ ϰϬ͕ϬϬϬ >ŽĐĂůŝnjĞĚ/ŵƉƌŽǀĞŵĞŶƚƐůŽŶŐƚŚĞŚĞĞƐĞ&ĂĐƚŽƌLJƌĂŝŶ ĞĂ ϭ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ

^ƵďƚŽƚĂů͗ ϯϰ͕ϱϵϴ͕ϬϱϬ ŽŶƟŶŐĞŶĐLJŽĨϭϱй͗ ϱ͕ϭϴϵ͕ϳϬϴ ƐƟŵĂƚĞĚdŽƚĂůŽƐƚ͗ ϯϵ͕ϳϴϳ͕ϳϱϴ /Ed'Zds>KWDEd^dZd'z | 65

/ƚŝƐŶŽƚĞĚƚŚĂƚƚŚĞĂďŽǀĞĐŽƐƚĞƐƟŵĂƚĞŝƐŽƌĚĞƌͲŽĨͲŵĂŐŶŝƚƵĚĞŝŶƐĐŽƉĞĂŶĚƚŚĂƚĐŽƐƚƐĨŽƌůĂŶĚƐĐĂƉŝŶŐ͕ƉĂƚŚǁĂLJƐŽƌ ŽƚŚĞƌĂĞƐƚŚĞƟĐŝŵƉƌŽǀĞŵĞŶƚƐƚŽĞŝƚŚĞƌƚŚĞŵĂŝŶƐƚŽƌĂŐĞƌĞƐĞƌǀŽŝƌŽƌƚŚĞĂďĂŶĚŽŶĞĚƌĂǁǁĂƚĞƌƌĞƐĞƌǀŽŝƌƐǁĞƌĞ ŶŽƚŝŶĐůƵĚĞĚ͘dŚĞƐĞĐŽƐƚƐĂƌĞƚŽďĞŶĞĮƚƚŚĞĞŶƟƌĞƌĞŐŝŽŶ;Ϯϭ͕ϲϲϮŚĂŽƌĂƉƉƌŽdžŝŵĂƚĞůLJϱϯ͕ϱϯϬĂĐƌĞƐͿ͕ŶŽƚũƵƐƚƚŚĞ ůĂŶĚǁŚŝĐŚǁŝůůďĞĚĞǀĞůŽƉĞĚ͘dŚŝƐƐƚƌĂƚĞŐLJǁŝůůĞŶŚĂŶĐĞƚŚĞůŽŶŐͲƚĞƌŵƉƌŽƐƉĞƌŝƚLJŽĨƚŚĞĂŐƌŝĐƵůƚƵƌĂůůĂŶĚƐďLJŵŝƟͲ ŐĂƟŶŐĐƵƌƌĞŶƚĐŚĂůůĞŶŐĞƐĚƵƌŝŶŐǁĞƚLJĞĂƌƐǁŝƚŚǁĂƚĞƌůŽŐŐĞĚƐŽŝůƐŶŽƚĂůůŽǁŝŶŐŐĞƌŵŝŶĂƟŽŶŽĨƐĞĞĚƐŽƌƚŚĞŵĂƚƵƌͲ ŝŶŐŽĨĐƌŽƉƐ͘/ŶƚŚŝƐŵĂŶŶĞƌ͕ŝƚĂůƐŽŽƉĞŶƐƵƉĂǀĂƌŝĞƚLJŽĨĨƵŶĚŝŶŐŽƉƉŽƌƚƵŶŝƟĞƐĂďŽǀĞĂŶĚďĞLJŽŶĚŐŽǀĞƌŶŵĞŶƚ ŐƌĂŶƚƐ;Ğ͘Ő͕͘ƌĞĚƵĐĞĚŝŶƐƵƌĂŶĐĞƉƌĞŵŝƵŵƐͿĂŶĚŽīͲƐŝƚĞůĞǀŝĞƐ͘ dŚĞƐƵďƐĞƋƵĞŶƚƚĂďůĞŝůůƵƐƚƌĂƚĞƐƚŚĞĞƐƟŵĂƚĞĚĐŽƐƚƐĨŽƌĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞĨŽƵƌƋƵĂƌƚĞƌƐĞĐƟŽŶƐƐŽƵƚŚŽĨ ƚŚĞdŽǁŶŽĨŽĂůĚĂůĞĂŶĚƚŚĞƐƵƉƉůLJŽĨǁĂƚĞƌĨƌŽŵƚŚĞƌĞƐĞƌǀŽŝƌƚŽƌŽdžďƵƌŶƵƐŝŶĞƐƐWĂƌŬ͘ dĂďůĞϱŽƐƚƐƟŵĂƚĞĨŽƌ&ƵƚƵƌĞĞǀĞůŽƉŵĞŶƚEŽĚĞƐ

ŽƐƚ/ƚĞŵ hŶŝƚ YƵĂŶƟƚLJ hŶŝƚŽƐƚ ŽƐƚ ^ƚŽƌŵtĂƚĞƌZĞƵƐĞKƉƉŽƌƚƵŶŝƟĞƐ WƵŵƉ^ƚĂƟŽŶ ĞĂ ϭ ϮϱϬ͕ϬϬϬ ϮϱϬ͕ϬϬϬ &ŽƌĐĞŵĂŝŶƚŽEDyͬƌŽdžďƵƌŶĞǀĞůŽƉŵĞŶƚEŽĚĞ dŽƚĂů>ĞŶŐƚŚ ŵ ϲϯϬϬ ϲϬϱ ϯ͕ϴϭϭ͕ϱϬϬ ZĂŝůǁĂLJΘ,ŝŐŚǁĂLJƌŽƐƐŝŶŐ ĞĂ ϭ ϭϭϱ͕ϬϬϬ ϭϭϱ͕ϬϬϬ ZĞƐŝĚĞŶƟĂůĞǀĞůŽƉŵĞŶƚEŽĚĞƐ ^ƚŽƌŵǁĂƚĞƌWŽŶĚĂƚĂĐŚĞǀĞůŽƉŵĞŶƚEŽĚĞ ĞĂ ϰ ϳϱϬ͕ϬϬϬ ϯ͕ϬϬϬ͕ϬϬϬ &ŽƌĐĞDĂŝŶ dŽƚĂů>ĞŶŐƚŚ ŵ ϯϮϱϬ ϲϬϱ ϭ͕ϵϲϲ͕ϮϱϬ WƵŵƉ^ƚĂƟŽŶ ĞĂ ϭ ϮϱϬ͕ϬϬϬ ϮϱϬ͕ϬϬϬ ZĞƐŝĚĞŶƟĂůĞǀĞůŽƉŵĞŶƚEŽĚĞŝŶEϵͲϵͲϮϬͲtϰD ^ƚŽƌŵǁĂƚĞƌWŽŶĚ ĞĂ ϭ ϳϱϬ͕ϬϬϬ ϳϱϬ͕ϬϬϬ &ŽƌĐĞDĂŝŶ dŽƚĂů>ĞŶŐƚŚ ŵ ϰϬϬ ϲϬϱ ϮϰϮ͕ϬϬϬ WƵŵƉ^ƚĂƟŽŶ ĞĂ ϭ ϮϱϬ͕ϬϬϬ ϮϱϬ͕ϬϬϬ

^ƵďƚŽƚĂů͗ ϭϬ͕ϲϯϰ͕ϳϱϬ ŽŶƟŶŐĞŶĐLJŽĨϭϱй͗ ϭ͕ϱϵϱ͕Ϯϭϯ ƐƟŵĂƚĞĚdŽƚĂůŽƐƚ͗ ϭϮ͕ϮϮϵ͕ϵϲϯ  ƐƐƵŵƉƟŽŶƐ͗ ZŽĂĚƌŽƐƐŝŶŐƐ Ϯϱŵ ĂŶĂůƌŽƐƐŝŶŐƐ Ϯϱŵ ŽƐƚ ϭϬϬϬůŝŶŵĞƚĞƌ ,ŝŐŚǁĂLJϯΘZĂŝůǁĂLJƌŽƐƐŝŶŐ ϭϭϱŵZKt ,ŝŐŚǁĂLJϴϰϱƌŽƐƐŝŶŐ ϰϬŵZKt

DWWƌŝĐŝŶŐdžƚƌĂƉŽůĂƟŽŶ /ŶƉƵƚZĞƋƵŝƌĞĚ ϲϲ ͮപ/Ed'Zds>KWDEd^dZd'z

/ƚŝƐĂŶƟĐŝƉĂƚĞĚƚŚĂƚŵƵĐŚŽĨƚŚĞĂďŽǀĞĐŽƐƚƐǁŝůůďĞďŽƌŶĞďLJĨƵƚƵƌĞĚĞǀĞůŽƉĞƌƐ͘ dŚĞĨƵŶĚŝŶŐŽƉƉŽƌƚƵŶŝƟĞƐĨŽƌĐĂƉŝƚĂůŝŵƉƌŽǀĞŵĞŶƚƐŵĂLJďĞŐĞŶĞƌĂƚĞĚĨƌŽŵ͗

ͻ &ĞĚĞƌĂůĂŶĚͬŽƌƉƌŽǀŝŶĐŝĂůŐƌĂŶƚƐ

ͻ ĞǀĞůŽƉŵĞŶƚůĞǀŝĞƐ

ͻ dĂdžĞƐĨƌŽŵŶĞǁĚĞǀĞůŽƉŵĞŶƚƐ

ͻ ĞďĞŶƚƵƌĞƐ

ͻ ƌĞĂƟŽŶŽĨĂǁĂƚĞƌƵƟůŝƚLJǁŚŝĐŚǁŝůůďĞĂďůĞƚŽ͗ ම ƚƌĞĂƚƐƚŽƌŵǁĂƚĞƌĂŶĚƐĞůůŝƚ ම ƚƌĞĂƚǁĂƐƚĞǁĂƚĞƌĂŶĚƐĞůůŝƚ

ϲ͘ϭϬZĞĐŽŵŵĞŶĚĂƟŽŶƐ ͻ >ĂŶĚƐĨŽƌƚŚĞĞdžƉĂŶƐŝŽŶŽĨƚŚĞŝƌĚƐŽĨWƌĞLJŽƌĨƌĞƋƵĞŶƚŝŶƵŶĚĂƚĞĚĂƌĞĂƐĂƌĞĂĐƋƵŝƌĞĚƚŽƐĞĐƵƌĞůŽĐĂƟŽŶĨŽƌ ƐƚŽƌĂŐĞŽĨƌƵŶŽī

ͻ &ŽƌĐĞŵĂŝŶĂůŝŐŶŵĞŶƚƐŶŽƚĞĚŝŶƚŚĞƌĞƉŽƌƚĂƌĞĐŽŶĮƌŵĞĚĂŶĚƉƌŽƚĞĐƚĞĚďLJĞĂƐĞŵĞŶƚƐ

ͻ &ƵŶĚŝŶŐƐƚƌĂƚĞŐŝĞƐĂƌĞŝŶŝƟĂƚĞĚƐŝŵƵůƚĂŶĞŽƵƐǁŝƚŚŝŵƉůĞŵĞŶƚĂƟŽŶƐƚƵĚŝĞƐ

ͻ ƌŽdžďƵƌŶƵƐŝŶĞƐƐWĂƌŬŝƐĂůůŽǁĞĚƚŽƉƌŽĐĞĞĚǁŝƚŚŝŶƚĞŐƌĂƚĞĚǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵƚŽĚĞŵŽŶƐƚƌĂƚĞůŽĐĂůůLJ ƚŚĂƚƐĞůĨƐƵƐƚĂŝŶŝŶŐĚĞǀĞůŽƉŵĞŶƚƐĨŽƌŝŶĚƵƐƚƌŝĂůƉĂƌŬƐĐĂŶďĞŵĂĚĞƉŽƐƐŝďůĞ

ͻ >ŽĐĂůƐƚĂŶĚĂƌĚƐĨŽƌƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚdŽǁŶŽĨŽĂůĚĂůĞďĞĂŵĞŶĚĞĚƚŽĞŶĐŽƵƌĂŐĞĂŶĚĂůůŽǁƐƚŽƌŵͲ ǁĂƚĞƌŚĂƌǀĞƐƟŶŐĂŶĚƌĞƵƐĞ͕ŶŽƟŶŐƚŚĂƚĐƵƌƌĞŶƚůĞŐŝƐůĂƟŽŶŵĂLJŶŽƚďĞĐŽŵƉƌĞŚĞŶƐŝǀĞůLJƐƵƉƉŽƌƟǀĞŽĨƚŚĞƐĞ ŝŶŝƟĂƟǀĞƐ

ͻ ŽŶƟŶƵĞĐŽŵŵƵŶŝĐĂƟŽŶƐǁŝƚŚůďĞƌƚĂdƌĂŶƐƉŽƌƚĂƟŽŶƌĞůĂƚĞĚƚŽĨŽƌĐĞŵĂŝŶĂůŝŐŶŵĞŶƚƐĐƌŽƐƐŝŶŐͬƌƵŶŶŝŶŐƉĂƌĂůͲ ůĞůǁŝƚŚĞdžŝƐƟŶŐĂŶĚĨƵƚƵƌĞƚƌĂŶƐƉŽƌƚĂƟŽŶŶĞƚǁŽƌŬƐ

ͻ ZƵŶŽīĂƚĨƵƚƵƌĞŝŶƚĞƌĐŚĂŶŐĞƐĂŶĚŝŶƚĞƌƐĞĐƟŽŶƐĂƚŵĂũŽƌƚƌĂĸĐƌŽĂĚǁĂLJƐďĞŝŶƚĞŐƌĂƚĞĚǁŝƚŚƉŽƚĞŶƟĂůŶĞĂƌďLJ ŚŝŐŚǁĂLJĐŽŵŵĞƌĐŝĂůĚĞǀĞůŽƉŵĞŶƚƐ

ͻ dŚĞdŽǁŶŽĨŽĂůĚĂůĞĂŶĚŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĨŽƌŵĂŶŝŶƚĞƌͲŵƵŶŝĐŝƉĂůĚƌĂŝŶĂŐĞĐŽŵŵŝƩĞĞƚŚĂƚƐĂĨĞŐƵĂƌĚƐƚŚĞ ĐŽůůĂďŽƌĂƟǀĞŶĂƚƵƌĞĂŶĚŝŶƚĞŶƚŽĨƚŚĞƉƌŽƉŽƐĞĚƌĞŐŝŽŶĂůŵĂŶĂŐĞŵĞŶƚŽĨƐƚŽƌŵǁĂƚĞƌĨŽƌƚŚĞ/^ƐƚƵĚLJĂƌĞĂ͘

ϲ͘ϭϭWŚĂƐŝŶŐ^ƚƌĂƚĞŐLJ dŚĞŝƌĚƐŽĨWƌĞLJĞdžƉĂŶƐŝŽŶĂŶĚĨŽƌĐĞŵĂŝŶƚŽƚŚĞKůĚŵĂŶZŝǀĞƌĂƌĞƉƌŝŵĂƌLJĞůĞŵĞŶƚƐĨŽƌĂĚĚƌĞƐƐŝŶŐƌĞŐŝŽŶĂů ŇŽŽĚŝŶŐŝƐƐƵĞƐ͘,ŽǁĞǀĞƌ͕ŝƚŝƐƌĞĐŽŐŶŝnjĞĚƚŚĂƚĞǀĞŶƚŚĞƐĞǁŽƌŬƐŵĂLJďĞƉŚĂƐĞĚ͘dŚĂƚŝƐ͕ďƵŝůĚŝŶŐƚŚĞĞdžƉĂŶƐŝŽŶ ĐŽƵůĚďĞƉŚĂƐĞĚǁŝƚŚůĞĂǀŝŶŐƚŚĞŚĞĞƐĞ&ĂĐƚŽƌLJƌĂŝŶŽƉĞƌĂƟŽŶĂůŝŶƚŚĞŶĞĂƌƚĞƌŵĂŶĚƵŶƟůƚŚĞƉƵŵƉƐƚĂƟŽŶĂŶĚ ĨŽƌĐĞŵĂŝŶĐĂŶďĞďƵŝůƚ͘/ƚŝƐĂŶƟĐŝƉĂƚĞĚƚŚĂƚĂůŝŐŶŵĞŶƚĂŐƌĞĞŵĞŶƚƐ͕ƵƟůŝƚLJĞĂƐĞŵĞŶƚƐĂŶĚĐƌŽƐƐŝŶŐĂŐƌĞĞŵĞŶƚƐ ĨŽƌƚŚĞĨŽƌĐĞŵĂŝŶǁŝůůĐŽŶƐƵŵĞƟŵĞƚŽŐĞƚŝŶƉůĂĐĞǁŚŝůĞƐŽŵĞŽĨƚŚĞĞdžƉĂŶƐŝŽŶĞīŽƌƚƐĂƚƚŚĞŝƌĚƐŽĨWƌĞLJĂƌĞ ĂůƌĞĂĚLJďĞŝŶŐƉůĂŶŶĞĚĨŽƌ͘ ^ƵďƐĞƋƵĞŶƚůLJ͕ƚŚĞŵŽƐƚƵƌŐĞŶƚĨƌĞƋƵĞŶƚůLJŇŽŽĚĞĚĂƌĞĂƐĂƌĞƚŽďĞƉƌŽŐƌĂŵŵĞĚĨŽƌĚƌĂŝŶĂŐĞƌĞůŝĞĨǁŽƌŬƐĂŶĚƟĞͲŝŶ ƚŽƚŚĞŝƌĚƐŽĨWƌĞLJĞdžƉĂŶƐŝŽŶ͘dŚŝƐŝŶĐůƵĚĞƐĨƌĞƋƵĞŶƚůLJŇŽŽĚĞĚĂƌĞĂƐŝŶƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂƐǁĞůůĂƐƚŚĞ ƟĞͲŝŶŽĨŝŶĨƌĂƐƚƌƵĐƚƵƌĞƵƉŐƌĂĚĞƐƚŽƌĞůŝĞĨĚƌĂŝŶĂŐĞŝƐƐƵĞƐŝŶƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͘WƌŝŽƌŝƚLJƌĂŶŬŝŶŐƐŚĂůůƚĂŬĞŝŶƚŽ ĐŽŶƐŝĚĞƌĂƟŽŶƌŝƐŬŽĨŇŽŽĚŝŶŐ͕ĚĂŵĂŐĞƚŽƉƌŝǀĂƚĞĂŶĚƉƵďůŝĐƉƌŽƉĞƌƚLJ͕ŶƵŝƐĂŶĐĞĂŶĚĞĐŽŶŽŵŝĐŝŵƉĂĐƚƐ͘ /Ed'Zds>KWDEd^dZd'z | 67 ZĞĨĞƌĞŶĐĞƐ ŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞĞƐŝŐŶ^ƚĂŶĚĂƌĚƐϮϬϬϵ͕ŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ĞƌǀŝĐĞƐ͕ϮϬϬϵ ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞ/ŶƚĞƌͲŵƵŶŝĐŝƉĂůĞǀĞůŽƉŵĞŶƚWůĂŶ^ĐŚĞĚƵůĞ͕KůĚŵĂŶZŝǀĞƌZĞŐŝŽŶĂů ^ĞƌǀŝĐĞƐŽŵŵŝƐƐŝŽŶ͕ŽƵŶƚLJLJůĂǁEŽ͘ϭϮϱϰĂŶĚŝƚLJLJůĂǁEŽ͘ϱϮϰϮŝŶƵŐƵƐƚϮϬϬϰ ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞŶŐŝŶĞĞƌŝŶŐ'ƵŝĚĞůŝŶĞƐĂŶĚDŝŶŝŵƵŵ^ĞƌǀŝĐŝŶŐ^ƚĂŶĚĂƌĚƐ͕'ĞŶŝǀĂƌ͕DĂLJϮϬϬϵ ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ/ŶƚĞŐƌĂƚĞĚŽŵŵƵŶŝƚLJ^ƵƐƚĂŝŶĂďŝůŝƚLJWůĂŶ͕KůĚŵĂŶZŝǀĞƌZĞŐŝŽŶĂů^ĞƌǀŝĐĞƐŽŵŵŝƐƐŝŽŶ͕KĐƚŽͲ ďĞƌϮϬϬϵ ,ŝŐŚǁĂLJƐϯΘϰ>ĞƚŚďƌŝĚŐĞĂŶĚƌĞĂE,^ΘE^d&ƵŶĐƟŽŶĂůWůĂŶŶŝŶŐ^ƚƵĚLJ;džĞĐƵƟǀĞ^ƵŵŵĂƌLJŽŶůLJͿ͕^ƚĂŶƚĞĐ ŽŶƐƵůƟŶŐ>ƚĚ͕͘&ĞďƌƵĂƌLJϮϬϬϲ /ŶƚĞŐƌĂƚĞĚŽŵŵƵŶŝƚLJ^ƵƐƚĂŝŶĂďŝůŝƚLJWůĂŶ͕dŽǁŶŽĨŽĂůĚĂůĞ͕KD͕&ĞďƌƵĂƌLJϮϬϬϵ /ŶƚĞƌͲŵƵŶŝĐŝƉĂůĞǀĞůŽƉŵĞŶƚWůĂŶ͕ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞΘdŽǁŶŽĨŽĂůĚĂůĞ͕KůĚŵĂŶZŝǀĞƌZĞŐŝŽŶĂů^ĞƌǀŝĐĞƐŽŵͲ ŵŝƐƐŝŽŶ͕LJůĂǁEŽ͘ϭϯϯϳΘLJůĂǁEŽ͘ϲϯϭͲWͲϬϮͲϭϬŝŶƉƌŝůϮϬϭϬ >ĂŶĚhƐĞLJůĂǁEŽ͘ϭϮϭϭ͕ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͕KůĚŵĂŶZŝǀĞƌ/ŶƚĞƌͲŵƵŶŝĐŝƉĂů^ĞƌǀŝĐĞŐĞŶĐLJ͕^ĞƉƚĞŵďĞƌϮϬϬϭ ;ǁŝƚŚĂŵĞŶĚŵĞŶƚƐƚŽLJůĂǁEŽ͘ϭϮϯϮ:ƵŶĞϮϬ͕ϮϬϬϮͿ DĂůůŽLJƌĂŝŶDĂƐƚĞƌƌĂŝŶĂŐĞWůĂŶ&ŝŶĂůZĞƉŽƌƚĨŽƌƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͕ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚ^ƚDĂƌLJZŝǀĞƌ /ƌƌŝŐĂƟŽŶŝƐƚƌŝĐƚ͕DWŶŐŝŶĞĞƌŝŶŐ>ƚĚ͕͘DĂƌĐŚϮϬϭϬͲϭϭͲϮϰ DƵŶŝĐŝƉĂůĞǀĞůŽƉŵĞŶƚWůĂŶ͕ƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͕LJůĂǁηϭϯϯϭŝŶ:ĂŶƵĂƌLJϮϬϭϬͲϭϭͲϮϰ ^ƚĂŶĚĂƌĚƐΘ'ƵŝĚĞůŝŶĞƐĨŽƌDƵŶŝĐŝƉĂůtĂƚĞƌǁŽƌŬƐ͕tĂƐƚĞǁĂƚĞƌ͕ĂŶĚ^ƚŽƌŵƌĂŝŶĂŐĞ^LJƐƚĞŵƐ͕ůďĞƌƚĂŶǀŝƌŽŶŵĞŶƚ͕ ϮϬϬϲ͘ ^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚ'ƵŝĚĞůŝŶĞƐĨŽƌƚŚĞWƌŽǀŝŶĐĞŽĨůďĞƌƚĂ͕ϭϵϵϵ͕ůďĞƌƚĂŶǀŝƌŽŶŵĞŶƚ͘ hƉĚĂƚĞ͗^ŽƵƚŚĞƌŶůďĞƌƚĂĂŶĚ^ƉƌŝŶŐ^ŽƵƚŚĂƐƚĞƌŶůďĞƌƚĂŝƐĂƐƚĞƌZĞĐŽǀĞƌLJWƌŽŐƌĂŵƐ&ĂĐƚƐŚĞĞƚ͕'ŽǀĞƌŶŵĞŶƚŽĨ ůďĞƌƚĂDƵŶŝĐŝƉĂůīĂŝƌƐ͕&ĞďƌƵĂƌLJϭϲ͕ϮϬϭϭ tĞƐƚĞƌŶ/ƌƌŝŐĂƟŽŶŝƐƚƌŝĐƚ^ƚŽƌŵtĂƚĞƌYƵĂůŝƚLJ'ƵŝĚĞůŝŶĞƐ͕ƌĂŌ͕DWŶŐŝŶĞĞƌŝŶŐ>ƚĚ͕ĞĐĞŵďĞƌϮϬϬϳ ĐŬŶŽǁůĞĚŐĞŵĞŶƚƐ dŚĞĂƵƚŚŽƌƐǁŽƵůĚůŝŬĞƚŽĂĐŬŶŽǁůĞĚŐĞƚŚĞĂƐƐŝƐƚĂŶĐĞĂŶĚƐƵƉƉŽƌƚŽĨƚŚĞĨŽůůŽǁŝŶŐƉĞŽƉůĞ͗ dŽǁŶŽĨŽĂůĚĂůĞ <ŝŵƌĂŝŐ͕DĂLJŽƌ ZŽLJƌŵƚĞƌ͕ŝƌĞĐƚŽƌŽĨKƉĞƌĂƟŽŶƐ ŽŶŶŝĞ&ĂƌƌŝĞƐ͕ŚŝĞĨĚŵŝŶŝƐƚƌĂƟǀĞKĸĐĞƌ ŶũĂ>ĂŶŐƐƚƌĂĂƚ͕ŽƵŶĐŝůůŽƌ ŽŶtĞŶƚnj͕ŽƵŶĐŝůŽƌ

ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ ,ĞŶƌLJŽĞǀĞ͕ĞƉƵƚLJZĞĞǀĞ ůďĞƌƚ&ůŽŽƚŵĂŶ͕ŝƌĞĐƚŽƌŽĨŽŵŵƵŶŝƚLJΘ>ĞŐŝƐůĂƟǀĞ^ĞƌǀŝĐĞƐ >ŽƌŶĞ,ŝĐŬĞLJ͕ZĞĞǀĞ ^ŚŽŶĂtĂƚƐŽŶ͕'/^ŽŽƌĚŝŶĂƚŽƌ :ŽŚŶtŝůůŵƐ͕ŽƵŶĐŝůůŽƌ ϲϴ ͮപ/Ed'Zds>KWDEd^dZd'z

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ϳ͘Ϯ͘ϮtdZKE^Zsd/KE tĂƚĞƌĐŽŶƐĞƌǀĂƟŽŶŝƐĂǀĞƌLJŝŵƉŽƌƚĂŶƚĂƐƉĞĐƚŽĨƚŚĞ/ŶƚĞŐƌĂƚĞĚtĂƚĞƌDĂŶĂŐĞŵĞŶƚ^ƚƌĂƚĞŐLJŝŶŽƌĚĞƌƚŽďĞĐĞƌƚĂŝŶ ƚŚĂƚƚŚĞƌĞŝƐƐƵĸĐŝĞŶƚǁĂƚĞƌĨŽƌĨƵƚƵƌĞŐĞŶĞƌĂƟŽŶƐ͘KŶĞŽĨƚŚĞŵĂŝŶŽďũĞĐƟǀĞƐƐŚŽƵůĚďĞƚŽƵƟůŝnjĞĂƐŵĂŶLJǁĂƚĞƌ ƐĂǀŝŶŐƚĞĐŚŶŝƋƵĞƐĂŶĚƚĞĐŚŶŽůŽŐŝĞƐĂƐƚĞĐŚŶŝĐĂůůLJĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůůLJĨĞĂƐŝďůĞ͘ŶĂŐŐƌĞƐƐŝǀĞǁĂƚĞƌĐŽŶƐĞƌǀĂƟŽŶ ƐƚƌĂƚĞŐLJƐŚŽƵůĚďĞĂŶŝŶƚĞŐƌĂůĐŽŵƉŽŶĞŶƚŽĨĂůůĨƵƚƵƌĞŐƌŽǁƚŚŝŶƚŚĞdŽǁŶŽĨŽĂůĚĂůĞĂŶĚƚŚĞŽƵŶƚLJŽĨ>ĞƚŚͲ ďƌŝĚŐĞ͘/ĨĂůůŽƌĞǀĞŶƐŽŵĞǁĂƚĞƌĐŽŶƐĞƌǀĂƟŽŶŵĞƚŚŽĚƐĂƌĞĞŵďƌĂĐĞĚďLJƚŚĞĐƵƌƌĞŶƚǁĂƚĞƌƵƐĞƌƐĂŶĚƚŚĞĨƵƚƵƌĞ ƌĞƐŝĚĞŶƟĂů͕ĐŽŵŵĞƌĐŝĂůĂŶĚŝŶĚƵƐƚƌŝĂůĚĞǀĞůŽƉŵĞŶƚƐ͕ƚŚĞƌĞǁŝůůďĞƐƵĸĐŝĞŶƚǁĂƚĞƌĨŽƌĂůůĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚ͘ hƐŝŶŐǁĂƚĞƌƐĂǀŝŶŐƚĞĐŚŶŝƋƵĞƐ͕ƚŚĞĐƵƌƌĞŶƚǁĂƚĞƌĐŽŶƐƵŵƉƟŽŶĐŽƵůĚďĞƌĞĚƵĐĞĚďLJĂƐŵƵĐŚĂƐƚǁŽƚŚŝƌĚƐ͘dŚĞ ǁĂƚĞƌƵƐĂŐĞŝŶƚŚĞdŽǁŶŽĨŽĂůĚĂůĞŝƐĐƵƌƌĞŶƚůLJĂƉƉƌŽdžŝŵĂƚĞůLJϯϬϬůŝƚƌĞƐƉĞƌĐĂƉŝƚĂĚĂLJ;ůƉĐĚͿ͘ŶŝŶǀĞƐƟŐĂƟŽŶ ĐŽŶĚƵĐƚĞĚďLJƚŚĞƐƚƵĚLJƚĞĂŵƵƐĞĚĂǁĂƚĞƌƵƐĞĐĂůĐƵůĂƚŽƌƚŽĚĞƚĞƌŵŝŶĞƚŚĂƚǁŝƚŚĂŐŐƌĞƐƐŝǀĞǁĂƚĞƌĐŽŶƐĞƌǀĂƟŽŶ͕ ĐŽŶƐƵŵƉƟŽŶĨŽƌƌĞƐŝĚĞŶƟĂůƵŶŝƚƐĐĂŶďĞůŽǁĞƌĞĚƚŽĂŶĞƐƟŵĂƚĞĚϭϬϬůƉĐĚŽƌϴϬůƉĐĚŝĨŐƌĞLJǁĂƚĞƌƌĞƵƐĞŝƐƵƟůŝnjĞĚ͘ EƵŵĞƌŽƵƐĂŶĂĚŝĂŶĂŶĚ/ŶƚĞƌŶĂƟŽŶĂůǁĞďƐŝƚĞƐǁĞƌĞĂĐĐĞƐƐĞĚĂŶĚĂǁĂƚĞƌƵƐĞĐĂůĐƵůĂƚŽƌǁĂƐůŽĐĂƚĞĚǁŚŝĐŚǁĂƐ /Ed'Zds>KWDEd^dZd'z | 71

ĐĂƉĂďůĞŽĨƉƌĞĚŝĐƟŶŐǁĂƚĞƌĐŽŶƐƵŵƉƟŽŶĨŽƌĂŶĂŐŐƌĞƐƐŝǀĞǁĂƚĞƌĐŽŶƐĞƌǀĂƟŽŶƉƌŽŐƌĂŵ͘ƐƚƵĚLJĐŽŶĚƵĐƚĞĚďLJƚŚĞ ŝƚLJŽĨĂůŐĂƌLJƉƌŽǀŝĚĞĚƚŚĞŝŵƉŽƌƚĂŶƚĚĂƚĂďĂƐĞǁŚŝĐŚǁĂƐƵƐĞĚƚŽĐĂůŝďƌĂƚĞƚŚĞǁĂƚĞƌĐĂůĐƵůĂƚŽƌ͘dŚŝƐŝŶĨŽƌŵĂƟŽŶ ǁĂƐƐƵƉƉůĞŵĞŶƚĞĚďLJĂĐĐĞƐƐŝŶŐĚĂƚĂďĂƐĞƐĨƌŽŵĂƉƉůŝĂŶĐĞŽǁŶĞƌŵĂŶƵĂůƐ͘dŚĞǁĂƚĞƌƵƐĞĐĂůĐƵůĂƚŽƌĞƐƟŵĂƚĞĚƚŚĞ ǁĂƚĞƌƵƐĂŐĞďLJƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƵƐĂŐĞĨƌŽŵƚŚĞĂǀĞƌĂŐĞƐŚŽǁĞƌƟŵĞ͕ƚŚĞŶƵŵďĞƌŽĨƚŽŝůĞƚŇƵƐŚĞƐƉĞƌĚĂLJ͕ƚŚĞ ůĞŶŐƚŚŽĨƟŵĞƚŚĂƚĞĂĐŚƉĞƌƐŽŶƌƵŶƐƚŚĞĨĂƵĐĞƚ͕ƚŚĞŶƵŵďĞƌŽĨĚŝƐŚǁĂƐŚĞƌƌƵŶƐƉĞƌǁĞĞŬ͕ƚŚĞŶƵŵďĞƌŽĨƟŵĞƐƉĞƌ ǁĞĞŬǁĂƐŚŝŶŐŵĂĐŚŝŶĞƐĂƌĞƵƐĞĚ͕ĂŶĚƚŚĞŶƵŵďĞƌŽĨƟŵĞƐĚŝƐŚĞƐĂƌĞĚŽŶĞďLJŚĂŶĚ͘dŚŝƐŝŵƉŽƌƚĂŶƚŝŶĨŽƌŵĂƟŽŶ ǁĂƐƉƌŽǀŝĚĞĚĨƌŽŵƚŚĞƐƚƵĚLJƐƉŽŶƐŽƌĞĚďLJƚŚĞŝƚLJŽĨĂůŐĂƌLJ͘ dŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƟŽŶǁĂƐƵƐĞĚĂƐŝŶƉƵƚƐƚŽƚŚĞǁĂƚĞƌƵƐĞĐĂůĐƵůĂƚŽƌ͘

ͻ dŚĞĂǀĞƌĂŐĞƐŚŽǁĞƌůĞŶŐƚŚǁĂƐϱ͘ϯŵŝŶƵƚĞƐƉĞƌƉĞƌƐŽŶƉĞƌĚĂLJ͘LJƵƐŝŶŐǁĂƚĞƌĞĸĐŝĞŶƚĂĞƌĂƚĞĚƐŚŽǁĞƌŚĞĂĚƐ ƚŚĞǁĂƚĞƌŇŽǁƌĂƚĞĐĂŶďĞůŽǁĞƌĞĚƚŽϯ͘ϳϵůŝƚƌĞƐƉĞƌŵŝŶƵƚĞĂŶĚƚŚƵƐ͕ƚŚĞĂǀĞƌĂŐĞƉĞƌƐŽŶƐŚŽƵůĚďĞĂďůĞƚŽ ƌĞĚƵĐĞĂǀĞƌĂŐĞƵƐĂŐĞŝŶƐŚŽǁĞƌƐƚŽϮϬ͘ϭůƉĐĚ͘

ͻ dŚĞĂǀĞƌĂŐĞƉĞƌƐŽŶŇƵƐŚĞƐƚŚĞƚŽŝůĞƚϱ͘ϭƟŵĞƐƉĞƌĚĂLJ͘LJƵƐŝŶŐĂŶƵůƚƌĂͲůŽǁŇƵƐŚƚŽŝůĞƚƚŚĞǁĂƚĞƌƵƐĞĚƉĞƌ ŇƵƐŚĐĂŶďĞƌĞĚƵĐĞĚƚŽϯ͘ϳϵůŝƚƌĞƐ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞǁĂƚĞƌƵƐĞĨƌŽŵƚŚĞƚŽŝůĞƚǁĂƐĞƐƟŵĂƚĞĚƚŽďĞϭϵ͘ϯůƉĐĚ͘

ͻ dŚĞĂǀĞƌĂŐĞƉĞƌƐŽŶƌƵŶƐƚŚĞĨĂƵĐĞƚĨŽƌϴ͘ϭŵŝŶƵƚĞƐƉĞƌĚĂLJ͘hƐŝŶŐĂŶĞĸĐŝĞŶƚĨĂƵĐĞƚĂĞƌĂƚŽƌƚŚĞǁĂƚĞƌŇŽǁ ƌĂƚĞĐĂŶďĞƌĞĚƵĐĞĚƚŽϭ͘ϴϵůŝƚƌĞƐƉĞƌŵŝŶƵƚĞ͘LJƵƐŝŶŐƚŚŝƐƚĞĐŚŶŽůŽŐLJƚŚĞǁĂƚĞƌƵƐĞĚƵĞƚŽƌƵŶŶŝŶŐƚŚĞĨĂƵĐĞƚ ĐĂŶďĞƌĞĚƵĐĞĚƚŽϭϱ͘ϯůƉĐĚ͘

ͻ dŚĞĂǀĞƌĂŐĞƉĞƌƐŽŶĚŽĞƐϬ͘ϯϳǁĂƐŚĞƐƉĞƌĚĂLJĂŶĚďLJƵƐŝŶŐŶĞǁǁĂƚĞƌĞĸĐŝĞŶƚĨƌŽŶƚůŽĂĚǁĂƐŚĞƌƐ͕ƚŚĞǁĂƚĞƌ ƵƐĞĚƉĞƌǁĂƐŚĐĂŶďĞƌĞĚƵĐĞĚƚŽůĞƐƐƚŚĂŶϳϱ͘ϳϭůŝƚƌĞƐƉĞƌǁĂƐŚ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞǁĂƚĞƌƵƐĂŐĞĐĂŶďĞƌĞĚƵĐĞĚƚŽ ůĞƐƐƚŚĂŶϮϴ͘ϬůƉĐĚ͘

ͻ tĂƚĞƌƵƐĂŐĞĨƌŽŵǁĂƐŚŝŶŐĚŝƐŚĞƐǁĂƐŵŽƌĞĐŽŵƉůŝĐĂƚĞĚďĞĐĂƵƐĞƉĞŽƉůĞƵƐĞĚŝƐŚǁĂƐŚĞƌƐĂŶĚĂůƐŽǁĂƐŚ ĚŝƐŚĞƐďLJŚĂŶĚ͘dŚĞĂǀĞƌĂŐĞƉĞƌƐŽŶĚŽĞƐϬ͘ϯϱϯůŽĂĚƐŽĨĚŝƐŚĞƐƉĞƌƉĞƌƐŽŶƉĞƌĚĂLJĂŶĚďLJƵƐŝŶŐĂŶĞĐŽͲĨƌŝĞŶĚůLJ ĚŝƐŚǁĂƐŚĞƌƵƐĞƐŶŽŵŽƌĞƚŚĂŶϭϳ͘ϴůŝƚƌĞƐŽĨǁĂƚĞƌƉĞƌǁĂƐŚŽŶĂŶŽƌŵĂůǁĂƐŚ͕ƚŚĞǁĂƚĞƌĐŽŶƐƵŵƉƟŽŶĨƌŽŵ ƚŚĞĚŝƐŚǁĂƐŚĞƌĐĂŶďĞŵŝŶŝŵŝnjĞĚƚŽϲ͘ϯůƉĐĚ͘dŽĞƐƟŵĂƚĞƚŚĞǁĂƚĞƌƵƐĞĚĨŽƌǁĂƐŚŝŶŐĚŝƐŚĞƐďLJŚĂŶĚ͕ŵĂŶLJĂƐͲ ƐƵŵƉƟŽŶƐǁĞƌĞŵĂĚĞ͖ŚŽǁĞǀĞƌ͕ƚŚĞǁĂƚĞƌƵƐĞĚĐĂŶďĞĂƉƉƌŽdžŝŵĂƚĞĚĂƚϵ͘ϭůƉĐĚ͘ŽŵďŝŶŝŶŐƚŚĞƚǁŽǀĂůƵĞƐĨŽƌ ǁĂƐŚŝŶŐĚŝƐŚĞƐ͕ƚŚĞƚŽƚĂůǁĂƚĞƌĐŽŶƐƵŵƉƟŽŶŝƐϭϱ͘ϰůƉĐĚ͘ dĂďůĞϳ͘ϮtĂƚĞƌhƐĂŐĞdĂďůĞ >ĞŶŐƚŚͬEƵŵďĞƌŽĨ dŽƚĂůtĂƚĞƌhƐĞ;ůƉĐĚͿ &ůŽǁZĂƚĞͬtĂƚĞƌ ƵƐĞƐƉĞƌƉĞƌƐŽŶƉĞƌ tŝƚŚŽŶƐĞƌͲ tŝƚŚŽƵƚŽŶͲ tĂƚĞƌ^ĂǀĞĚ dLJƉĞŽĨhƐĞ ƵƐĞĚƉĞƌĐLJĐůĞ ĚĂLJ ǀĂƟŽŶ ƐĞƌǀĂƟŽŶ ^ŚŽǁĞƌ ϯ͘ϳϵ>ͬŵŝŶ ϱ͘ϯŵŝŶ ϮϬ͘ϭ ϳϵ͘ϱ ϱϵ͘ϰ dŽŝůĞƚ ϯ͘ϳϵ>ͬŇƵƐŚ ϱ͘ϭŇƵƐŚĞƐ ϭϵ͘ϯ ϴϰ͘ϭ ϲϰ͘ϴ &ĂƵĐĞƚ ϭ͘ϴϵ>ͬŵŝŶ ϴ͘ϭŵŝŶ ϭϱ͘ϯ ϭϬϭ͘Ϯ ϴϱ͘ϵ ůŽƚŚĞƐtĂƐŚŝŶŐ ϳϱ͘ϳϭ>ͬǁĂƐŚ Ϭ͘ϯϳǁĂƐŚĞƐ Ϯϴ͘Ϭ ϲϮ͘ϵ ϯϰ͘ϵ ŝƐŚǁĂƐŚĞƌ ϭϳ͘ϳϵ>ͬǁĂƐŚ Ϭ͘ϯϱϯǁĂƐŚĞƐ ϲ͘ϯ ϭϰ͘ϭ ϳ͘ϴ ,ĂŶĚǁĂƐŚŝŶŐŝƐŚĞƐ Ϯϯ͘ϴϮ>ͬǁĂƐŚ Ϭ͘ϯϴϱǁĂƐŚĞƐ ϵ͘ϭ ϵ͘ϭ Ͳ dŽƚĂů ϵϴ͘ϭ ϯϱϬ͘ϵ ϮϱϮ͘ϴ tŚĞŶƚŚĞǁĂƚĞƌĐŽŶƐƵŵƉƟŽŶŝƐƌĞĚƵĐĞĚƚŽϵϴůƉĐĚƚŚĞƌĞǁŝůůďĞĂĐŽƌƌĞƐƉŽŶĚŝŶŐƌĞĚƵĐƟŽŶŝŶƚŚĞǀŽůƵŵĞŽĨǁĂƐƚĞͲ ǁĂƚĞƌŐĞŶĞƌĂƚĞĚ͘ƚƚŚĞƐĞůŽǁŇŽǁƐ͕ƐƉĞĐŝĂůĂƩĞŶƟŽŶŵƵƐƚďĞƉĂŝĚƚŽƚŚĞĚĞƐŝŐŶĂŶĚŝŶƐƚĂůůĂƟŽŶŽĨƚŚĞƐĞǁĞƌůŝŶĞ ĨƌŽŵƚŚĞďƵŝůĚŝŶŐƚŽƚŚĞŵĂŝŶƐĞǁĞƌ͘dŚĞƐĞĐŽŶŶĞĐƟŶŐƐĞǁĞƌůŝŶĞƐĂƌĞƚLJƉŝĐĂůůLJϮϬϬŵŵĂƚĂŐƌĂĚĞŽĨϬ͘ϱй͖ŚŽǁͲ ĞǀĞƌ͕ƚŚŝƐŐƌĂĚĞŵĂLJŶŽƚďĞĂĚĞƋƵĂƚĞĂƐƚŚĞƌĞŵĂLJŶŽƚďĞƐƵĸĐŝĞŶƚŇŽǁǀĞůŽĐŝƚLJĨŽƌƚŚĞĐŽŶǀĞLJĂŶĐĞŽĨƚŚĞƐŽůŝĚƐ ƚŚƌŽƵŐŚƚŚŝƐůŝŶĞ͘WƌŝŽƌƚŽŝŶƐƚĂůůŝŶŐƚŚĞĐŽŶŶĞĐƟŶŐƐĞǁĞƌƐĂƚƚŚĞƐĞůŽǁŇŽǁƐ͕ƚŚĞŐƌĂĚĞƐƉĞĐŝĮĐĂƟŽŶƐĨŽƌƐŝŵŝůĂƌ ŝŶƐƚĂůůĂƟŽŶƐŶĞĞĚƚŽďĞĐŚĞĐŬĞĚ͘ dŚĞϵϴůƉĐĚĚŽĞƐŶŽƚŝŶĐůƵĚĞĂŶLJǁĂƚĞƌƵƐĞŽƵƚƐŝĚĞŽĨƚŚĞŚŽƵƐĞĨŽƌǁĂƚĞƌŝŶŐŐƌĂƐƐĂŶĚŐĂƌĚĞŶƐ͘/ƚŝƐƉƌŽƉŽƐĞĚ ƚŚĂƚĨŽƌĂůůŶĞǁƐƵďĚŝǀŝƐŝŽŶƐǁŝƚŚŝŶƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͕ĂƐĞƉĂƌĂƚĞƵƟůŝƚLJǁĂƚĞƌƐƵƉƉůLJďĞƉƌŽǀŝĚĞĚĨŽƌǁĂƚĞƌŝŶŐ ůĂǁŶƐĂŶĚŐĂƌĚĞŶƐ͘dŽŵĂŬĞƚŚŝƐŚĂƉƉĞŶƚŚĞƌĞŵƵƐƚďĞĂƐĞƉĂƌĂƚĞĚŝƐƚƌŝďƵƟŽŶƐLJƐƚĞŵŽƌĂƉƵƌƉůĞƉŝƉĞƐLJƐƚĞŵ ƐƵƉƉůŝĞĚĨƌŽŵŽŶĞŽĨƚŚĞƐƚŽƌŵǁĂƚĞƌƉŽŶĚƐƚŚĂƚǁŝůůƉƌŽǀŝĚĞƵŶƚƌĞĂƚĞĚƐƚŽƌŵǁĂƚĞƌƚŽďĞƵƐĞĚŽŶůLJĨŽƌŽƵƚĚŽŽƌ ǁĂƚĞƌŝŶŐ͘tŝƚŚƚŚĞĚĞĐƌĞĂƐĞŝŶǁĂƚĞƌĐŽŶƐƵŵƉƟŽŶĨƌŽŵĂƉƉƌŽdžŝŵĂƚĞůLJϯϬϬůƉĐĚƚŽϭϬϬůƉĐĚĨŽƌĂůůŶĞǁƐƵďĚŝǀͲ ŝƐŝŽŶƐ͕ƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͛ƐĞdžŝƐƟŶŐǁĂƚĞƌƐƵƉƉůLJĂůůŽĐĂƟŽŶŽĨϵ͕ϵϵϬŵϯͬĚĨƌŽŵƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞƐŚŽƵůĚ ďĞĂĚĞƋƵĂƚĞĨŽƌƚŚĞŶĞdžƚϱϬLJĞĂƌƐ͘dŚŝƐĂƉƉƌŽĂĐŚƚŽǁĂƚĞƌĐŽŶƐĞƌǀĂƟŽŶǁŝůůĂůƐŽĚŝƌĞĐƚůLJĚĞĐƌĞĂƐĞƚŚĞĂŵŽƵŶƚ ŽĨǁĂƐƚĞǁĂƚĞƌŐĞŶĞƌĂƚĞĚƉĞƌĐĂƉŝƚĂƉĞƌĚĂLJĂŶĚƚŚƵƐŚĂǀĞĂƉŽƐŝƟǀĞŝŵƉĂĐƚŽŶƚŚĞĨƵƚƵƌĞĚĞƐŝŐŶĐĂƉĂĐŝƚLJŽĨƚŚĞ ϳϮ ͮപ/Ed'Zds>KWDEd^dZd'z

ǁĂƐƚĞǁĂƚĞƌƚƌĞĂƚŵĞŶƚƉůĂŶƚ͘

ϳ͘Ϯ͘ϯKhEdzK&>d,Z/'tdZ^hWW>z

7.2.3.1 RESIDENTIAL

ZĞƐŝĚĞŶƚƐƚŚĂƚĂƌĞůŝǀŝŶŐŝŶƚŚĞƌƵƌĂůĂƌĞĂƐŽĨƚŚĞŽƵŶƚLJŚĂǀĞƚǁŽŽƉƟŽŶƐĨŽƌƌĞĐĞŝǀŝŶŐǁĂƚĞƌƐƵƉƉůLJ͘dŚĞLJĐĂŶ ĞŝƚŚĞƌƉƵƌĐŚĂƐĞĂƐŚĂƌĞĂŶĚƉĂLJƚŚĞŝŶŝƟĂůƐĞƚƵƉĨĞĞƚŽƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞZƵƌĂůtĂƚĞƌhƐĞƌƐƐƐŽĐŝĂƟŽŶĨŽƌ ĂǁĂƚĞƌůŝŶĞĞdžƚĞŶƐŝŽŶƚŽƚŚĞŝƌƉƌŽƉĞƌƚLJƉůƵƐƚŚĞŵŽŶƚŚůLJǁĂƚĞƌĐŽŶƐƵŵƉƟŽŶĐŽƐƚŽƌƚŚĞLJǁŝůůŚĂǀĞƚŽĚƌŝůůƚŚĞŝƌ ŽǁŶǁĞůů͘ŽƚŚĂƌĞǀŝĂďůĞŽƉƟŽŶƐ͖ŚŽǁĞǀĞƌ͕ŝĨƚŚĞŶĞǁŚŽƵƐĞŝƐŶŽƚƌĞůĂƟǀĞůLJĐůŽƐĞƚŽƚŚĞĞdžŝƐƟŶŐĚŝƐƚƌŝďƵƟŽŶ ƐLJƐƚĞŵ͕ƚŚĞŶƚŚĞĐŽƐƚŽĨƚŚĞĐŽŶŶĞĐƟŽŶŵĂLJďĞƉƌŽŚŝďŝƟǀĞ͘/ƚǁŝůůďĞƵƉƚŽƚŚĞŽǁŶĞƌƚŽĚĞĐŝĚĞŽŶǁŚŝĐŚŽĨƚŚĞ ŽƉƟŽŶƐĂƌĞƐĞůĞĐƚĞĚ͘ĞĐĂƵƐĞŽĨƚŚĞƵŶĐĞƌƚĂŝŶƚLJĂŶĚĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞĚƌŝůůŝŶŐŽĨĂǁĞůůŽŶƉƌŝǀĂƚĞƉƌŽƉĞƌƚLJ͕ ƚŚŝƐŵĂLJĂůƐŽďĞĂŶĞdžƉĞŶƐŝǀĞĂůƚĞƌŶĂƟǀĞ͘ 7.2.3.2 INDUSTRIAL

/ƚŝƐƉƌŽƉŽƐĞĚƚŚĂƚĂůůŶĞǁŝŶĚƵƐƚƌŝĞƐŝŶƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞďĞůŽĐĂƚĞĚŝŶŝŶĚƵƐƚƌŝĂůƉĂƌŬƐŚĂǀŝŶŐƚŚĞŝƌŽǁŶ ǁĂƚĞƌƐƵƉƉůLJĂŶĚǁĂƐƚĞǁĂƚĞƌƚƌĞĂƚŵĞŶƚĨĂĐŝůŝƟĞƐ͘dŚĞƌĂǁǁĂƚĞƌƐƵƉƉůLJƐŚŽƵůĚĐŽŵĞĨƌŽŵĂƐƚŽƌŵǁĂƚĞƌƉŽŶĚ ǁŝƚŚƚŚĞƐƵƉƉůLJůŝŶŬĞĚƚŽƚŚĞ/ŶƚĞŐƌĂƚĞĚtĂƚĞƌDĂŶĂŐĞŵĞŶƚ^ƚƌĂƚĞŐLJŵĂũŽƌǁĂƚĞƌƐƚŽƌĂŐĞĨĂĐŝůŝƚLJ͘ dŚĞƵƐĞŽĨĂƐƚŽƌŵǁĂƚĞƌƉŽŶĚŽƌƉŽŶĚƐǁŚŝĐŚĐĂŶďĞĮůůĞĚďLJŽƌĚƌĂŝŶĞĚƚŽĂŵĂũŽƌƐƚŽƌŵǁĂƚĞƌŚŽůĚŝŶŐĂƌĞĂ ǁŝůůŐƵĂƌĂŶƚĞĞƚŚĞǁĂƚĞƌƐƵƉƉůLJĨŽƌŝŶĚƵƐƚƌŝĂůƵƐĞĂŶĚĮƌĞƉƌŽƚĞĐƟŽŶ͘dŚĞƐƚŽƌŵǁĂƚĞƌƉŽŶĚǁŝůůĂůƐŽƉƌŽǀŝĚĞƚŚĞ ƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚŝŶĨƌĂƐƚƌƵĐƚƵƌĞĨŽƌƚŚĞŝŶĚƵƐƚƌŝĂůƉĂƌŬ͘dŚĞŝŶŝƟĂůƉůĂŶŶŝŶŐƉƌŽĐĞƐƐĨŽƌƚŚĞŝŶĚƵƐƚƌŝĂůƉĂƌŬ ĚĞǀĞůŽƉĞƌǁŝůůďĞĚŝĸĐƵůƚĂƐƚŚĞŝŶĚƵƐƚƌŝĂůƉĂƌŬƚĞŶĂŶƚƐĐŽƵůĚƉŽƚĞŶƟĂůůLJŚĂǀĞĂǁŝĚĞƌĂŶŐĞŽĨǁĂƚĞƌĚĞŵĂŶĚƐĨŽƌ ƚŚĞŝƌƉƌŽĐĞƐƐŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͘EĞŝƚŚĞƌƚŚĞĚĞǀĞůŽƉĞƌŶŽƌƚŚĞƵƟůŝƚLJƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌĐĂŶƉƌĞĚŝĐƚƚŚĞǁĂƚĞƌĚĞͲ ŵĂŶĚĂŶĚǁĂƚĞƌƋƵĂůŝƚLJƌĞƋƵŝƌĞĚĨŽƌƚŚĞŝŶĚƵƐƚƌŝĂůƉĂƌŬƵŶƟůƚŚĞĐůŝĞŶƚďĂƐĞŚĂƐďĞĞŶŝĚĞŶƟĮĞĚ͘dŚƵƐ͕ƚŚĞƉƌŽĐĞƐƐ ĐŽŶĮŐƵƌĂƟŽŶĂŶĚĐĂƉĂĐŝƚLJŽĨƚŚĞƚƌĞĂƚŵĞŶƚƉƌŽĐĞƐƐĐĂŶŶŽƚďĞĚĞƚĞƌŵŝŶĞĚƵŶƟůĂůůŽĨƚŚĞŝŶĚƵƐƚƌŝĂůĐůŝĞŶƚƐŚĂǀĞ ďĞĞŶŝĚĞŶƟĮĞĚ͘ EŽƌŵĂůůLJĂƐƚƵĚLJǁŽƵůĚďĞƵŶĚĞƌƚĂŬĞŶƚŽĂƐƐĞƐƐƚŚĞŝŶĚƵƐƚƌŝĂůƉĂƌŬůŽĐĂƟŽŶƚŽĚĞƚĞƌŵŝŶĞŝĨƚŚĞƌĞǁŽƵůĚďĞƐƵĨͲ ĮĐŝĞŶƚǁĂƚĞƌƉƌŽĚƵĐĞĚďLJƌƵŶŽīƚŽĮůůƚŚĞƐƚŽƌŵǁĂƚĞƌƉŽŶĚƐĂŶĚĚĞƚĞƌŵŝŶĞƚŚĞƉŽŶĚƐŝnjĞŶĞĞĚĞĚƚŽƐƵƉƉůLJƚŚĞ ůŽŶŐƚĞƌŵǁĂƚĞƌĚĞŵĂŶĚ͘dŚŝƐƐƚƵĚLJǁŽƵůĚŚĂǀĞƚŽƚĂŬĞŝŶƚŽĂĐĐŽƵŶƚƚŚĞĂƌĞĂŽĨƚŚĞŝŶĚƵƐƚƌŝĂůƉĂƌŬ͕ƚŚĞŶƵŵďĞƌ ŽĨĐŽŵŵĞƌĐŝĂůĐůŝĞŶƚƐ͕ĂŶĚĞĂĐŚĐůŝĞŶƚ͛ƐǁĂƚĞƌŶĞĞĚƐ͘dŚĞĚĞǀĞůŽƉĞƌǁŽƵůĚŚĂǀĞƚŽƌĞƐĞĂƌĐŚĂůůŽĨƚŚĞƐĞĂƐƉĞĐƚƐ ĨŽƌĞĂĐŚŽĨƚŚĞŝƌĐůŝĞŶƚƐƉƌŝŽƌƚŽĐŽŶƐƚƌƵĐƟŽŶŽĨĂƐƚŽƌŵǁĂƚĞƌƉŽŶĚƐĂŶĚƚƌĞĂƚŵĞŶƚĨĂĐŝůŝƚLJ͘^ŝŶĐĞƚŚĞĚĞǀĞůŽƉĞƌ ĂŶĚƚŚĞƵƟůŝƚLJƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌƐŚŽƵůĚƉƌŽǀŝĚĞĂůůŝŶĚƵƐƚƌŝĂůĐůŝĞŶƚƐǁŝƚŚǁĂƚĞƌƚŽŵĞĞƚƐƉĞĐŝĮĐƋƵĂůŝƚLJĂŶĚƋƵĂŶƟƚLJ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ŝƚǁŝůůďĞĚŝĸĐƵůƚƚŽƉƌŽǀŝĚĞƚŚĞƐƵƉƉůLJĂŶĚƚƌĞĂƚŵĞŶƚĚĞƐŝŐŶďĞĨŽƌĞƚŚĞŝŶĚƵƐƚƌŝĂůƉĂƌŬĐůŝĞŶƚƐĂƌĞ ŬŶŽǁŶ͘ dŚĞƵƐĞŽĨĂƐŵĂůůĞƌƐƚŽƌĂŐĞƉŽŶĚůŝŶŬĞĚƚŽƚŚĞ/ŶƚĞŐƌĂƚĞĚtĂƚĞƌDĂŶĂŐĞŵĞŶƚ^ƚƌĂƚĞŐLJŵĂũŽƌǁĂƚĞƌƐƚŽƌĂŐĞĨĂĐŝůͲ ŝƚLJǁŝůůĞůŝŵŝŶĂƚĞƚŚĞƵŶĐĞƌƚĂŝŶƚLJĚƵƌŝŶŐƚŚĞĚĞƐŝŐŶƉŚĂƐĞĂŶĚƚŽƚŚĞĞdžƚĞŶƚƉŽƐƐŝďůĞ͕ƚŚĞǁĂƚĞƌƚƌĞĂƚŵĞŶƚĐĂŶďĞ ƉƌŽǀŝĚĞĚŽŶĂũƵƐƚͲŝŶͲƟŵĞƐĞƌǀŝĐĞĚĞůŝǀĞƌLJ͘dŚŝƐǁŝůůƌĞƋƵŝƌĞƚŚĞĚĞǀĞůŽƉĞƌĂŶĚƚŚĞƵƟůŝƚLJƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌƚŽƉĂLJĨŽƌ ĂŶĚĐŽŶƐƚƌƵĐƚĂŶŽŶƐŝƚĞǁĂƚĞƌƚƌĞĂƚŵĞŶƚƉůĂŶƚƉƌŽǀŝĚŝŶŐǁĂƚĞƌŽĨƚŚĞƉƌĞĚĞƚĞƌŵŝŶĞĚƋƵĂůŝƚLJ͘dŚĞƉƌŽĐĞƐƐƚƌĞĂƚͲ ŵĞŶƚƚƌĂŝŶĐŽƵůĚďĞĂƐĨŽůůŽǁƐ͗

ͻ ƵĂů^ĐƌĞĞŶĞĚ/ŶƚĂŬĞƐĨƌŽŵƚŚĞďŽƩŽŵŽĨƚŚĞƐƚŽƌŵǁĂƚĞƌƉŽŶĚʹƚŽďĞĞƋƵŝƉƉĞĚǁŝƚŚĂďĂĐŬǁĂƐŚƐLJƐƚĞŵĨŽƌ ƐĐƌĞĞŶĐůĞĂŶŝŶŐ͘

ͻ ^ƟůůŝŶŐtĞůůʹĞƋƵŝƉƉĞĚǁŝƚŚƉƵŵƉŝŶŐƐƚĂƟŽŶĨƌŽŵƚŚĞƉŽŶĚƚŽƚŚĞƚƌĞĂƚŵĞŶƚƉůĂŶƚ͘

ͻ DĞĐŚĂŶŝĐĂů^ĐƌĞĞŶʹĞƋƵŝƉƉĞĚǁŝƚŚĂƐĞůĨĐůĞĂŶŝŶŐĚĞǀŝĐĞ͘

ͻ ŝƐƐŽůǀĞĚŝƌ&ůŽƚĂƟŽŶʹǁŝƚŚĐŚĞŵŝĐĂůĂĚĚŝƟŽŶĂƐƌĞƋƵŝƌĞĚ͘

ͻ WŽǁĚĞƌĐƟǀĂƚĞĚĂƌďŽŶĂĚĚŝƟŽŶʹƚŽƌĞŵŽǀĞĂŶLJƚƌĂĐĞŽƌŐĂŶŝĐƐĂŶĚĂŶLJƚĂƐƚĞŽƌŽĚŽƵƌ͘

ͻ ƵĂůDĞĚŝĂ&ŝůƚƌĂƟŽŶ

ͻ ŚůŽƌŝŶĂƟŽŶʹĂĚĚŝŶŐƚŚĞĐŚůŽƌŝŶĞŝŶƚŽĂŚŽůĚŝŶŐƚĂŶŬǁŝƚŚďĂŋŝŶŐƚŽĂůůŽǁĨŽƌƐƵĸĐŝĞŶƚĐŽŶƚĂĐƚƟŵĞďĞĨŽƌĞ ďĞŝŶŐƉƵŵƉĞĚƚŽƚŚĞƵŶŝƚƐ͘

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ϳ͘Ϯ͘ϰdKtEK&K>>tdZ^hWW>z

ƵƌƌĞŶƚůLJƉŽƚĂďůĞǁĂƚĞƌĨŽƌƚŚĞdŽǁŶŽĨŽĂůĚĂůĞŝƐƐƵƉƉůŝĞĚĚŝƌĞĐƚůLJďLJƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͘dŚĞĞdžŝƐƟŶŐǁĂƚĞƌ ĚĞůŝǀĞƌLJƐLJƐƚĞŵĨƌŽŵƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞŝƐĂϱϬϬŵŵůŝŶĞĚĞůŝǀĞƌŝŶŐǁĂƚĞƌĂƚĂƉƌĞƐƐƵƌĞŽĨϴϲϵŬWĂ;ϭϮϲƉƐŝͿ͘ ƉƌĞƐƐƵƌĞƌĞĚƵĐŝŶŐǀĂůǀĞĚƌŽƉƐƚŚĞƉƌĞƐƐƵƌĞƚŽϯϵϯŬWĂĂŶĚƚŚĞǁĂƚĞƌŝƐĚĞůŝǀĞƌĞĚĚŝƌĞĐƚůLJƚŚƌŽƵŐŚƚŚĞdŽǁŶ͛Ɛ ĚŝƐƚƌŝďƵƟŽŶƐLJƐƚĞŵ͘^ƚŽƌĂŐĞŝƐĂǀĂŝůĂďůĞ͕ĂŶĚŝƐĂŶĞƐƐĞŶƟĂůĐŽŵƉŽŶĞŶƚŽĨƚŚĞǁĂƚĞƌĚŝƐƚƌŝďƵƟŽŶƐLJƐƚĞŵƚŽĞŶƐƵƌĞ ĐŽŶƟŶƵĞĚǁĂƚĞƌĚĞůŝǀĞƌLJŝŶƚŚĞĞǀĞŶƚŽĨĚŝƐƌƵƉƟŽŶŽĨƐĞƌǀŝĐĞĨƌŽŵƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞŽƌĨĂŝůƵƌĞŽĨƚŚĞƉŝƉĞůŝŶĞ ĨƌŽŵ>ĞƚŚďƌŝĚŐĞ͘dŚĞĞdžŝƐƟŶŐdŽǁŶ͛ƐĐŚůŽƌŝŶĂƟŽŶƐLJƐƚĞŵŝƐŶŽƚĐŽŵƉĂƟďůĞǁŝƚŚƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͛ƐĐŚůŽƌŝŶĂͲ ƟŽŶƐLJƐƚĞŵ͖ŚŽǁĞǀĞƌ͕ƚŚĞƌĞŝƐĂůǁĂLJƐĂĐŚůŽƌŝŶĞƌĞƐŝĚƵĂůŝŶƚŚĞǁĂƚĞƌƐƵƉƉůLJĚĞůŝǀĞƌĞĚƚŽƚŚĞdŽǁŶĂŶĚƚŚƵƐ͕ƚŚĞƌĞ ŝƐƉƌĞƐĞŶƚůLJŶŽƌĞƋƵŝƌĞŵĞŶƚĨŽƌĂĚĚŝƟŽŶĂůĐŚůŽƌŝŶĞĂĚĚŝƟŽŶ͘ ůƚŚŽƵŐŚĂĚĞƚĂŝůĞĚĂŶĂůLJƐŝƐǁĂƐŶŽƚĐŽŶĚƵĐƚĞĚĂƐƉĂƌƚŽĨƚŚŝƐŝŶǀĞƐƟŐĂƟŽŶ͕ƉƌĞǀŝŽƵƐƐƚƵĚŝĞƐŚĂǀĞƌĞƉŽƌƚĞĚƚŚĂƚ ĂƚƚŚĞƉƌĞƐĞŶƚǁĂƚĞƌƵƐĂŐĞ͕ƚŚĞĐŽƌĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞŽĨƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͛ƐĞdžŝƐƟŶŐǁĂƚĞƌĚĞůŝǀĞƌLJƐLJƐƚĞŵǁŽƵůĚ ƐƵƉƉŽƌƚĂƉŽƉƵůĂƟŽŶŽĨĂƉƉƌŽdžŝŵĂƚĞůLJϭϮ͕ϬϬϬ͘ƚƚŚĞĐƵƌƌĞŶƚĐŽŶƐƵŵƉƟŽŶƌĂƚĞŽĨĂƉƉƌŽdžŝŵĂƚĞůLJϯϬϬůƉĐĚ͕ŝƚǁĂƐ ƌĞƉŽƌƚĞĚƚŚĂƚƚŚŝƐƐƵƉƉůLJǁŝůůƉƌŽǀŝĚĞĞŶŽƵŐŚǁĂƚĞƌƚŽƚŚĞdŽǁŶŽĨŽĂůĚĂůĞĨŽƌĂƉƉƌŽdžŝŵĂƚĞůLJϮϬLJĞĂƌƐ͘WŽƉƵůĂͲ ƟŽŶƉƌŽũĞĐƟŽŶƐĨŽƌŽĂůĚĂůĞďLJϮϬϯϭĂƌĞĞƐƟŵĂƚĞĚďĞƚǁĞĞŶϭϬ͕ϭϯϰ;LJĞĂƌůLJƚǁŽƉĞƌĐĞŶƚŐƌŽǁƚŚƌĂƚĞͿĂŶĚϭϲ͕ϰϲϳ ;LJĞĂƌůLJĨŽƵƌƉĞƌĐĞŶƚŐƌŽǁƚŚƌĂƚĞͿ͘dŚĞƌĞĨŽƌĞ͕ĂƚĂĨŽƵƌƉĞƌĐĞŶƚŐƌŽǁƚŚƌĂƚĞƚŚĞǁĂƚĞƌƐƵƉƉůLJǁŝůůďĞŵŽƌĞƚŚĂŶ ĞŶŽƵŐŚƉƌŽǀŝĚĞĚƚŚĂƚƚŚĞƐƵŐŐĞƐƚĞĚǁĂƚĞƌĐŽŶƐĞƌǀĂƟŽŶƚĞĐŚŶŝƋƵĞƐĂŶĚƚĞĐŚŶŽůŽŐŝĞƐĂƌĞŝŵƉůĞŵĞŶƚĞĚĂŶĚĞŶͲ ĨŽƌĐĞĚ͘^ŝŶĐĞƚŚĞĂǀĞƌĂŐĞĂŶŶƵĂůŐƌŽǁƚŚŝŶƚŚĞůĂƐƚϱϬLJĞĂƌƐǁĂƐϭ͘ϵй;ϮϬϬϲĐĂůĐƵůĂƟŽŶͿŝƚŝƐƵŶůŝŬĞůLJƚŚĂƚƚŚĞƌĞǁŝůů ďĞĂŐƌŽǁƚŚƌĂƚĞŽĨϰйĨŽƌĂŶĞdžƚĞŶĚĞĚƉĞƌŝŽĚŽĨƟŵĞŝŶƚŚĞŶĞĂƌĨƵƚƵƌĞ͘ tĂƚĞƌĐŽŶƐƵŵƉƟŽŶďLJĨƵƚƵƌĞŝŶĚƵƐƚƌŝĂůĐůŝĞŶƚƐŚĂƐŶŽƚďĞĞŶĨĂĐƚŽƌĞĚŝŶƚŽƚŚĞƐĞĞƐƟŵĂƚĞƐĂƐŝƚŝƐĚŝĸĐƵůƚƚŽƉƌĞĚŝĐƚ ǁŝƚŚŽƵƚŬŶŽǁŝŶŐƚŚĞƚLJƉĞŽĨŝŶĚƵƐƚƌLJĂŶĚƚŚƵƐƚŚĞǁĂƚĞƌĐŽŶƐƵŵƉƟŽŶ͘ƐůŽŶŐĂƐƚŚĞĐŽŶƐƵŵƉƟŽŶƌĂƚĞƐĨŽƌƚŚĞ ŶĞǁŝŶĚƵƐƚƌŝĞƐĂƌĞůŽǁ͕ǁŚŝĐŚŝƐƚLJƉŝĐĂůŽĨƚŚĞƉƌĞƐĞŶƚŝŶĚƵƐƚƌŝĂůĐŽŶƐƵŵĞƌƐǁŝƚŚŝŶƚŚĞdŽǁŶ͕ƚŚĞŶƚŚĞƉƌĞƐĞŶƚ ǁĂƚĞƌƐƵƉƉůLJĨƌŽŵƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞǁŝůůďĞĂĚĞƋƵĂƚĞ͘/ĨĂĨŽŽĚƉƌŽĐĞƐƐŝŶŐƉůĂŶƚƐŝŵŝůĂƌƚŽƚŚĞDĐĂŝŶ&ŽŽĚƐ ƉůĂŶƚǁŝƚŚĂŚŝŐŚǁĂƚĞƌĚĞŵĂŶĚǁĂƐƚŽůŽĐĂƚĞǁŝƚŚŝŶƚŚĞdŽǁŶ͛ƐďŽƵŶĚĂƌŝĞƐƚŚĞŶƚŚĞǁĂƚĞƌƐƵƉƉůLJĂŶĚƚŚĞǁĂƐƚĞͲ ǁĂƚĞƌƚƌĞĂƚŵĞŶƚƌĞƋƵŝƌĞŵĞŶƚƐǁŽƵůĚŚĂǀĞƚŽďĞƌĞĂƐƐĞƐƐĞĚ͘&ŽƌƚŚŽƐĞŝŶĚƵƐƚƌŝĞƐƌĞƋƵŝƌŝŶŐŽŶůLJƵƟůŝƚLJŐƌĂĚĞǁĂƚĞƌ ƐƵƉƉůŝĞƐ͕ƉƌŽǀŝƐŝŽŶƐĐŽƵůĚďĞŵĂĚĞƚŽƐƵƉƉůLJǁĂƚĞƌĨƌŽŵƚŚĞ/ŶƚĞŐƌĂƚĞĚtĂƚĞƌDĂŶĂŐĞŵĞŶƚ^ƚƌĂƚĞŐLJŵĂũŽƌǁĂƚĞƌ ƐƚŽƌĂŐĞĨĂĐŝůŝƚLJ͕ǁŚŝĐŚĐŽƵůĚŚĂǀĞĂƐŝŐŶŝĮĐĂŶƚŝŵƉĂĐƚŽŶƚŚĞƚŽƚĂůǀŽůƵŵĞŽĨǁĂƚĞƌĐŽŶƐƵŵĞĚĨƌŽŵƚŚĞdŽǁŶ͛ƐƉŽƚͲ ĂďůĞǁĂƚĞƌƐƵƉƉůLJƐLJƐƚĞŵ͘ ϳϰ ͮപ/Ed'Zds>KWDEd^dZd'z

ϳ͘Ϯ͘ϱ ^hDDZz tŝƚŚĂŐŐƌĞƐƐŝǀĞǁĂƚĞƌĐŽŶƐĞƌǀĂƟŽŶĨŽƌĂůůŶĞǁƌĞƐŝĚĞŶƟĂů͕ĐŽŵŵĞƌĐŝĂů͕ĂŶĚŝŶĚƵƐƚƌŝĂůŐƌŽǁƚŚ͕ƚŚĞdŽǁŶŽĨŽĂůͲ ĚĂůĞ͛ƐǁĂƚĞƌƐƵƉƉůLJĨƌŽŵƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞƐŚŽƵůĚďĞĂĚĞƋƵĂƚĞĨŽƌŝŶĞdžĐĞƐƐŽĨϮϬͲLJĞĂƌƐĞǀĞŶŝĨƚŚĞdŽǁŶ͛Ɛ ĂŶŶƵĂůŐƌŽǁƚŚƌĂƚĞǁĂƐϰй͘dŚĞŝŶƚƌŽĚƵĐƟŽŶŽĨĂǁĂƚĞƌĐŽŶƐĞƌǀĂƟŽŶƐƚƌĂƚĞŐLJĨŽƌĂůůĞdžŝƐƟŶŐƌĞƐŝĚĞŶƟĂůƵŶŝƚƐĐŽƵůĚ ĨƵƌƚŚĞƌƌĞĚƵĐĞƚŚĞǁĂƚĞƌĐŽŶƐƵŵƉƟŽŶĂŶĚƚŚƵƐ͕ĞdžƚĞŶĚƚŚĞůŝĨĞŽĨƚŚĞĞdžŝƐƟŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ &ŽƌƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞŝƚŝƐĂŶƟĐŝƉĂƚĞĚƚŚĂƚƚŚĞŵĂũŽƌŝƚLJŽĨƚŚĞƌĞƐŝĚĞŶƟĂůǁĂƚĞƌĚĞŵĂŶĚǁŝůůďĞƐƵƉƉůŝĞĚďLJ ƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞĨƌŽŵƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞZƵƌĂůtĂƚĞƌhƐĞƌ͛ƐƐƐŽĐŝĂƟŽŶ͛ƐĞdžŝƐƟŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘dŚĞ ƌĞŵĂŝŶŝŶŐƌĞƐŝĚĞŶƟĂůǁĂƚĞƌƐƵƉƉůLJǁŝůůŚĂǀĞƚŽďĞƉƌŽǀŝĚĞĚĨƌŽŵǁĞůůƐůŽĐĂƚĞĚŽŶƚŚĞŝŶĚŝǀŝĚƵĂůƉƌŽƉĞƌƟĞƐ͘/ƚŝƐ ƌĞĐŽŵŵĞŶĚĞĚƚŚĂƚƚŚĞŝŶĚƵƐƚƌŝĂůŐƌŽǁƚŚǁŝƚŚŝŶƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞďĞƌĞƐƚƌŝĐƚĞĚƚŽŝŶĚƵƐƚƌŝĂůƉĂƌŬƐƐŝŵŝůĂƌ ƚŽƚŚĞƌŽdžďƵƌŶ/ŶĚƵƐƚƌŝĂůWĂƌŬ͘&ŽƌƚŚĞƐĞŝŶĚƵƐƚƌŝĂůƉĂƌŬƐƚŚĞǁĂƚĞƌƐƵƉƉůLJƐŚŽƵůĚďĞƉƌŽǀŝĚĞĚĨƌŽŵƐƚŽƌŵǁĂƚĞƌ ƉŽŶĚƐŽŶƚŚĞƉƌŽƉĞƌƚLJǁŚŝĐŚĐŽƵůĚĚŝƐĐŚĂƌŐĞĞdžĐĞƐƐǁĂƚĞƌŽƌƌĞĐĞŝǀĞǁĂƚĞƌĨƌŽŵƚŚĞ/ŶƚĞŐƌĂƚĞĚtĂƚĞƌDĂŶĂŐĞͲ ŵĞŶƚ^ƚƌĂƚĞŐLJŵĂũŽƌǁĂƚĞƌƐƚŽƌĂŐĞĨĂĐŝůŝƚLJ͘dŚĞƉƵƌĐŚĂƐĞŽĨǁĂƚĞƌĨƌŽŵ^DZ/ƚŽŵĂŝŶƚĂŝŶƚŚĞƌĞƋƵŝƌĞĚǁĂƚĞƌ ƐƵƉƉůLJĂŶĚƐƚŽƌŵǁĂƚĞƌƐƚŽƌĂŐĞĐĂƉĂĐŝƚLJƐŚŽƵůĚĂůƐŽďĞĐŽŶƐŝĚĞƌĞĚĂƐĂŶŽƉƟŽŶ͘

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7.3.1.1 RESIDENTIAL

^ŝŶĐĞŵŽƐƚƌƵƌĂůŚŽƵƐŝŶŐŝƐĚŝƐƉĞƌƐĞĚƚŚƌŽƵŐŚŽƵƚƚŚĞŽƵŶƚLJ͕ĞĂĐŚƌĞƐŝĚĞŶĐĞǁŝůůŶĞĞĚƚŽďĞĞƋƵŝƉƉĞĚǁŝƚŚĂƐĞƉƟĐ ƚĂŶŬŽƌŵĞĐŚĂŶŝĐĂůƚƌĞĂƚŵĞŶƚƉůĂŶƚĂŶĚĂŶĞŋƵĞŶƚĚŝƐƉŽƐĂůĮĞůĚ͘dŚĞĚĞƐŝŐŶĂŶĚƚŚĞƉĞƌŵŝƚĨŽƌĞĂĐŚŽĨƚŚĞƐĞ ƉƌŝǀĂƚĞƐĞǁĂŐĞƐLJƐƚĞŵƐŵƵƐƚĨŽůůŽǁůďĞƌƚĂDƵŶŝĐŝƉĂůīĂŝƌƐ͕WƌŝǀĂƚĞ^ĞǁĂŐĞŽĚĞƐĂŶĚ^ƚĂŶĚĂƌĚƐͲϮϬϬϵ͘ĂĐŚ ƐLJƐƚĞŵŵƵƐƚŝŶŝƟĂůůLJĂĐŚŝĞǀĞƚŚĞĚĞƐŝŐŶƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚďĞŝŶƐƉĞĐƚĞĚďLJĂŶĂƵƚŚŽƌŝnjĞĚŝŶƐƉĞĐƚŽƌ͘dŚĞLJǁŝůůŶĞĞĚ ŽŶŐŽŝŶŐĂƐƐĞƐƐŵĞŶƚƐƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞŵŝŶŝŵƵŵƌĞƋƵŝƌĞŵĞŶƚƐĐŽŶƟŶƵĞƚŽďĞŵĞƚ͘ dŚĞƉƌŝǀĂƚĞƐĞǁĂŐĞƐLJƐƚĞŵƐĨŽƌŝŶĚŝǀŝĚƵĂůŚŽŵĞƐĂƌĞĨƵŶĚĞĚďLJƚŚĞůĂŶĚŽǁŶĞƌ͘/ĨƚŚĞƌĞŝƐĂĐŽŵŵƵŶĂůŝŶƐƚĂůůĂƟŽŶ ƐƵĐŚĂƐƚŚĞsŝƐƚĂDĞĂĚŽǁƐƐƵďĚŝǀŝƐŝŽŶ͕ƚŚĞƉƌŝǀĂƚĞƐĞǁĂŐĞƐLJƐƚĞŵŝƐƐƟůůƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨƚŚĞůĂŶĚĚĞǀĞůŽƉĞƌ ĂŶĚƵůƟŵĂƚĞůLJƚŚĞŚŽŵĞŽǁŶĞƌƐĂƐƐŽĐŝĂƟŽŶ͘ƐĂƌĞƐƵůƚ͕ƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞŚĂƐŶŽƌĞƐƉŽŶƐŝďŝůŝƟĞƐĨŽƌƚŚĞ ŵĂŶĂŐĞŵĞŶƚŽĨǁĂƐƚĞǁĂƚĞƌƚƌĞĂƚŵĞŶƚĂŶĚĞŋƵĞŶƚĚŝƐƉŽƐĂů͘ 7.3.1.2 INDUSTRIAL dŚĞƐƚƵĚLJƚĞĂŵƐƵŐŐĞƐƚƐƚŚĂƚĞĂĐŚŽĨƚŚĞŝŶĚƵƐƚƌŝĂůƉĂƌŬƐĞƐƚĂďůŝƐŚĞĚŝŶƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞŚĂǀĞƚŚĞŝƌŽǁŶ ǁĂƐƚĞǁĂƚĞƌƚƌĞĂƚŵĞŶƚĂŶĚĞŋƵĞŶƚŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵ͘dŚĞǁĂƐƚĞǁĂƚĞƌƚƌĞĂƚŵĞŶƚƉůĂŶƚĂŶĚĞŋƵĞŶƚĚŝƐƉŽƐĂů ƐLJƐƚĞŵŵƵƐƚďĞƉůĂŶŶĞĚ͕ĚĞƐŝŐŶĞĚ͕ĂƉƉƌŽǀĞĚ͕ĐŽŶƐƚƌƵĐƚĞĚĂŶĚŽƉĞƌĂƚĞĚďLJƚŚĞŽǁŶĞƌŽĨƚŚĞŝŶĚƵƐƚƌŝĂůƉĂƌŬ͘dŚĞ ǁĂƐƚĞǁĂƚĞƌƚƌĞĂƚŵĞŶƚƉůĂŶƚŵƵƐƚďĞĚĞƐŝŐŶĞĚƚŽŵĞĞƚĂůůŽĨƚŚĞŵŝŶŝŵƵŵĞŋƵĞŶƚƐƚĂŶĚĂƌĚƐĞƐƚĂďůŝƐŚĞĚďLJůͲ ďĞƌƚĂŶǀŝƌŽŶŵĞŶƚĂŶĚƚŚĞĚĞƐŝŐŶĂƉƉƌŽǀĞĚďLJůďĞƌƚĂŶǀŝƌŽŶŵĞŶƚƉƌŝŽƌƚŽŝŶŝƟĂƟŽŶŽĨĐŽŶƐƚƌƵĐƟŽŶĂŶĚŽƉĞƌͲ ĂƟŽŶ͘ dŚĞƚĞĐŚŶŽůŽŐLJĞdžŝƐƚƐƚŽƉƌŽǀŝĚĞǁĂƐƚĞǁĂƚĞƌƚƌĞĂƚŵĞŶƚĨĂĐŝůŝƟĞƐƚŚĂƚŐĞŶĞƌĂƚĞĂƉƌŽĚƵĐƚǁĂƚĞƌŽĨĂƋƵĂůŝƚLJƚŚĂƚĂƉͲ ƉƌŽĂĐŚĞƐŽƌƐƵƌƉĂƐƐĞƐĚƌŝŶŬŝŶŐǁĂƚĞƌƋƵĂůŝƚLJƐƚĂŶĚĂƌĚƐ͘dŚĞǁĂƚĞƌƉƌŽĚƵĐĞĚďLJƚŚĞƚƌĞĂƚŵĞŶƚƉůĂŶƚĐĂŶďĞƌĞƵƐĞĚ ďLJŝŶĚƵƐƚƌŝĂůƵƐĞƌƐǁŝƚŚŝŶƚŚĞƉĂƌŬ͕ĚŝƐƉŽƐĞĚŽĨŝŶĞŶŐŝŶĞĞƌĞĚǁĞƚůĂŶĚƐ͕ŽƌƵƐĞĚĨŽƌĂƋƵŝĨĞƌƌĞĐŚĂƌŐĞŽƌĂƋƵŝĨĞƌ ƐƚŽƌĂŐĞĂŶĚƌĞĐŽǀĞƌLJ͘ ƌŽdžďƵƌŶ/ŶĚƵƐƚƌŝĂůWĂƌŬƐŚŽƵůĚďĞƵƐĞĚĂƐƚŚĞĞdžĂŵƉůĞŽĨǁŚĂƚĞĂĐŚŽĨƚŚĞŝŶĚƵƐƚƌŝĂůƉĂƌŬŽǁŶĞƌƐŵƵƐƚƉƌŽͲ ǀŝĚĞ͘tŝƚŚƚŚĞĞdžĐĞƉƟŽŶŽĨĂǁĂƚĞƌƚƌĞĂƚŵĞŶƚƐLJƐƚĞŵ͕ĂŶĚƚŚĞǁĂƐƚĞǁĂƚĞƌƚƌĞĂƚŵĞŶƚĂŶĚĞŋƵĞŶƚĚŝƐƉŽƐĂůͬƌĞƵƐĞ ƐLJƐƚĞŵ͕ƚŚĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞĨŽƌƚŚĞŝŶĚƵƐƚƌŝĂůƉĂƌŬŝƐŝŶƉůĂĐĞ͘tŝƚŚƚŚĞƐƚŽƌŵǁĂƚĞƌƉŽŶĚŝŶƚĞƌĐŽŶŶĞĐƚĞĚǁŝƚŚƚŚĞ /ŶƚĞŐƌĂƚĞĚtĂƚĞƌDĂŶĂŐĞŵĞŶƚ^ƚƌĂƚĞŐLJ͛ƐŵĂũŽƌǁĂƚĞƌƐƚŽƌĂŐĞĨĂĐŝůŝƚLJ͕ƚŚĞƐƚŽƌĂŐĞƉŽŶĚŽŶƚŚĞƌŽdžďƵƌŶƉƌŽƉĞƌƚLJ ŝƐůŝŬĞůLJůĂƌŐĞƌƚŚĂŶŝƚǁŽƵůĚŚĂǀĞƚŽďĞ͘tĂƚĞƌĂŶĚǁĂƐƚĞǁĂƚĞƌƚƌĞĂƚŵĞŶƚĂƌĞŶŽƚĂŶŝƐƐƵĞ͖ŚŽǁĞǀĞƌƚŚĞĚĞƐŝŐŶĂŶĚ ĂƉƉƌŽǀĂůŽĨƚŚĞĚŝƐƉŽƐĂůͬƌĞƵƐĞƐLJƐƚĞŵŝƐŶĞǁƚŽůďĞƌƚĂŶǀŝƌŽŶŵĞŶƚĂŶĚĂƉƉƌŽǀĂůǁŝůůďĞĂĐŚĂůůĞŶŐĞ͘ ůůŽĨƚŚĞĐĂƉŝƚĂůĂŶĚƚŚĞŽƉĞƌĂƟŶŐĐŽƐƚƐĨŽƌƚŚĞŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞǁĂƐƚĞǁĂƚĞƌĂŶĚŽƚŚĞƌǁĂƐƚĞƐŐĞŶĞƌĂƚĞĚǁŝƚŚͲ ŝŶƚŚĞŝŶĚƵƐƚƌŝĂůƉĂƌŬƐǁŝůůďĞƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨƚŚĞŝŶĚƵƐƚƌŝĂůƉĂƌŬŽǁŶĞƌŽƌƚŚĞŝƌĚĞƐŝŐŶĂƚĞĚƵƟůŝƚLJƐĞƌǀŝĐĞƐƉƌŽͲ ǀŝĚĞƌ͘dŚĞŽƵŶƚLJ͛ƐƌĞƐƉŽŶƐŝďŝůŝƚLJǁŝƚŚƌĞƐƉĞĐƚƚŽǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĨŽƌĂŶĞƚǁŽƌŬŽĨŝŶĚƵƐƚƌŝĂůƉĂƌŬƐǁŝůůďĞƚŚĞŝƌ ƌŽůĞŝŶƚŚĞĐŽŶƐƚƌƵĐƟŽŶĂŶĚŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞ/ŶƚĞŐƌĂƚĞĚtĂƚĞƌDĂŶĂŐĞŵĞŶƚ^ƚƌĂƚĞŐLJ͛ƐŵĂũŽƌǁĂƚĞƌƐƚŽƌĂŐĞ /Ed'Zds>KWDEd^dZd'z | 75

ĨĂĐŝůŝƚLJ͘dŚŝƐĨĂĐŝůŝƚLJǁŝůůƉƌŽǀŝĚĞƚŚĞŝŶĚƵƐƚƌŝĂůƉĂƌŬƐǁŝƚŚǁĂƚĞƌƐƚŽƌĂŐĞĐĂƉĂĐŝƚLJĨŽƌĚŝƐƉŽƐĂůŽĨĞdžĐĞƐƐǁĂƚĞƌĚƵƌŝŶŐ ĞdžƚĞŶĚĞĚǁĞƚƉĞƌŝŽĚƐĂŶĚƚŚĞƉƌŽǀŝƐŝŽŶŽĨĂǁĂƚĞƌƐƵƉƉůLJĚƵƌŝŶŐĞdžƚĞŶĚĞĚĚƌLJƉĞƌŝŽĚƐ͘dŚĞƌĞǁŝůůďĞĂŶĂĚĚŝƟŽŶĂů ĐŽƐƚĨŽƌŝŶƚĞƌĐŽŶŶĞĐƟŶŐƉŝƉŝŶŐĂŶĚƉƵŵƉŝŶŐƵŶŝƚƐ͖ŚŽǁĞǀĞƌ͕ƚŚĞƐĞƐŚŽƵůĚďĞŽīƐĞƚďLJƌĞĚƵĐĞĚƐƚŽƌŵǁĂƚĞƌƉŽŶĚ ĐĂƉĂĐŝƚLJĐŽŶƐƚƌƵĐƟŽŶĐŽƐƚƐĂŶĚƚŚƵƐ͕ƚŚĞƐĂůĞŽĨĂĚĚŝƟŽŶĂůůĂŶĚĨŽƌŝŶĚƵƐƚƌŝĂůƵƐĞ͘dŚĞƐĞƐĂǀŝŶŐƐƚŽƚŚĞŝŶĚƵƐƚƌŝĂů ƉĂƌŬŽǁŶĞƌǁŝůůŚĂǀĞƚŽďĞƵƐĞĚƚŽŽīƐĞƚƚŚĞĂĚĚŝƟŽŶĂůĐŽƐƚĨŽƌŝŶƚĞƌĐŽŶŶĞĐƟŶŐƉŝƉŝŶŐĂŶĚƉƵŵƉŝŶŐƵŶŝƚƐ͘

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7.3.2.1 WASTEWATER CHARACTERISITICS tĂƐƚĞǁĂƚĞƌĐŚĂƌĂĐƚĞƌŝƐƟĐƐĂƌĞĚĞƚĞƌŵŝŶĞĚďLJŵĞĂƐƵƌŝŶŐƚŚĞƋƵĂŶƟƚLJĂŶĚƚŚĞƋƵĂůŝƚLJŽĨƚŚĞƐĞǁĂŐĞŐĞŶĞƌĂƚĞĚ͘ dŚĞdŽǁŶŽĨŽĂůĚĂůĞ͛ƐǁĂƐƚĞǁĂƚĞƌƐƚƌĞŶŐƚŚŽƌƋƵĂůŝƚLJĂƉƉĞĂƌƐƚŽďĞƚŚĂƚŽĨĂƚLJƉŝĐĂůĚŽŵĞƐƟĐǁĂƐƚĞǁĂƚĞƌǁŝƚŚ ƚŚĞƚŽƚĂůƐƵƐƉĞŶĚĞĚƐŽůŝĚƐĐŽŶƐŝƐƚĞŶƚůLJŚŝŐŚĞƌƚŚĂŶƚŚĞKϱ;ϱͲĚĂLJŝŽĐŚĞŵŝĐĂůKdžLJŐĞŶĞŵĂŶĚͿ͘tŚĞŶƚŚĞƌĞŝƐ ĞdžĐĞƐƐŝǀĞĚŝůƵƟŽŶďŽƚŚŽĨƚŚĞƐĞƉĂƌĂŵĞƚĞƌƐĂƌĞƌĞĚƵĐĞĚĂĐĐŽƌĚŝŶŐůLJ͘dŚĞƌĞŝƐůŝŵŝƚĞĚŽƌŶŽĚĂƚĂƌĞƉŽƌƚĞĚŽŶŶƵƚƌŝͲ ĞŶƚƐŽƌďĂĐƚĞƌŝĂůĐŽŶƚĞŶƚĂƐƚŚĞƌĞŝƐŶŽƌĞŐƵůĂƚŽƌLJůŝŵŝƚƐŽŶƚŚĞƐĞƉĂƌĂŵĞƚĞƌƐ͘ ůďĞƌƚĂŶǀŝƌŽŶŵĞŶƚ͛ƐŵŽƐƚƌĞĐĞŶƚĂƉƉƌŽǀĂůƚŽŽƉĞƌĂƚĞ͕ƉƉƌŽǀĂůEŽ͘ϱϰϬͲϬϮͲϬϬ͕ǁĂƐŝƐƐƵĞĚŽŶKĐƚŽďĞƌϭϯ͕ϮϬϬϲ ĂŶĚĞdžƉŝƌĞƐŽŶKĐƚŽďĞƌϭ͕ϮϬϭϲ͘tŚĞŶƚŚĞƚƌĞĂƚĞĚǁĂƐƚĞǁĂƚĞƌĞŋƵĞŶƚŝƐĚŝƐĐŚĂƌŐĞĚƚŽƚŚĞKůĚŵĂŶZŝǀĞƌ͕ƚŚĞŽŶůLJ ƉĂƌĂŵĞƚĞƌǁŚŝĐŚŵƵƐƚďĞŵĞĂƐƵƌĞĚŝƐĐKϱ;ĐĂƌďŽŶĂĐĞŽƵƐϱͲĚĂLJŝŽĐŚĞŵŝĐĂůKdžLJŐĞŶĞŵĂŶĚͿǁŚŝĐŚŵƵƐƚďĞ чϮϱŵŐͬůĂƐĂŵŽŶƚŚůLJĂƌŝƚŚŵĞƟĐŵĞĂŶŽĨǁĞĞŬůLJŐƌĂďƐĂŵƉůĞƐ͘ŽŵƉŽƐŝƚĞƐĂŵƉůĞƐŽĨƚŚĞĞŋƵĞŶƚƉƵŵƉĞĚƚŽ ƚŚĞKůĚŵĂŶZŝǀĞƌŵƵƐƚďĞĂŶĂůLJnjĞĚĨŽƌd^^;ƚŽƚĂůƐƵƐƉĞŶĚĞĚƐŽůŝĚƐͿĂŶĚKϱ͖ŚŽǁĞǀĞƌ͕ƚŚĞƌĞŝƐŶ͛ƚĂĐŽŵƉůŝĂŶĐĞ ƌĞƋƵŝƌĞŵĞŶƚĨŽƌƚŚĞƐĞŵĞĂƐƵƌĞŵĞŶƚƐ͘&ŽƌƚŚĞƉĞƌŝŽĚ:ĂŶƵĂƌLJϮϬϬϴƚŽĞĐĞŵďĞƌϮϬϭϬ͕ƚŚĞĐKϱůŝŵŝƚǁĂƐŽŶůLJ ĞdžĐĞĞĚĞĚŽŶĐĞ͕ǁŚŝĐŚǁĂƐƚŚĞƌĞƐƵůƚŽĨĂŚŝŐŚƌĞĂĚŝŶŐŽŶ:ƵŶĞϭϮ͕ϮϬϬϴ͘ƐƐŽŽŶĂƐƚŚĞŶŽŶͲĐŽŵƉůŝĂŶƚƌĞƐƵůƚǁĂƐ ƌĞƉŽƌƚĞĚƚŚĞƚŽƚĂůǀŽůƵŵĞŽĨƚŚĞƉůĂŶƚĞŋƵĞŶƚǁĂƐĚŝǀĞƌƚĞĚƚŽĐĞůůηϱĨŽƌƐƚŽƌĂŐĞĂŶĚŝƌƌŝŐĂƟŽŶƵŶƟů:ƵůLJϭϮ͕ϮϬϬϴ ĨŽůůŽǁŝŶŐĐŽŶĮƌŵĂƟŽŶƚŚĂƚƚŚĞƉůĂŶƚǁĂƐĂŐĂŝŶŝŶĐŽŵƉůŝĂŶĐĞ͘ dŚĞǁĂƐƚĞǁĂƚĞƌƋƵĂŶƟƚLJŝƐĂŵĂũŽƌƉƌŽďůĞŵĂƐĚƵƌŝŶŐĞdžƚĞŶĚĞĚǁĞƚǁĞĂƚŚĞƌĞǀĞŶƚƐƚŚĞĚĂŝůLJŇŽǁƐƚŽƚŚĞƉůĂŶƚ ĐĂŶďĞƐŝŐŶŝĮĐĂŶƚůLJŚŝŐŚĞƌƚŚĂŶƚŚĞƚƌĞĂƚŵĞŶƚƉůĂŶƚĚĞƐŝŐŶŇŽǁ͘KŶ:ƵŶĞϭϳ͕ϮϬϭϬ͕ƚŚĞĚĂŝůLJŇŽǁƚŽƚŚĞƉůĂŶƚǁĂƐ ŵĞĂƐƵƌĞĚĂƚϮϱ͕ϴϵϰŵϯͬĚ͕ǁŚŝĐŚǁĂƐŝŶĞdžĐĞƐƐŽĨϭϬƟŵĞƐƚŚĞĂǀĞƌĂŐĞĚĂŝůLJŇŽǁĨŽƌƚŚĞLJĞĂƌ͘īŽƌƚƐŚĂǀĞďĞĞŶ ŵĂĚĞƚŽƌĞĚƵĐĞƚŚĞŝŶŇŽǁĂŶĚŝŶĮůƚƌĂƟŽŶ;/Θ/ͿƚŽƚŚĞƐĂŶŝƚĂƌLJƐĞǁĞƌƐ͖ŚŽǁĞǀĞƌ͕ŝŶƚŚĞŽůĚĞƌĂƌĞĂƐŽĨƚŚĞdŽǁŶ ƚŚĞ/Θ/ĐŽŶƟŶƵĞƐƚŽďĞĂŵĂũŽƌƉƌŽďůĞŵ͘/ƚŝƐĂŶƟĐŝƉĂƚĞĚƚŚĂƚƚŚĞŵĂũŽƌĐŽŶƚƌŝďƵƚŽƌŝƐƐƵŵƉƉƵŵƉƐŝŶƉĞƌŝŵĞƚĞƌ ĚƌĂŝŶƐĂŶĚǁŝƚŚŽƵƚƐƚŽƌŵƐĞǁĞƌƐ͕ƚŚĞƌĞŝƐŶŽƉůĂĐĞŽƚŚĞƌƚŚĂŶƚŚĞƐĂŶŝƚĂƌLJƐĞǁĞƌƚŽĚŝƐƉŽƐĞŽĨƚŚŝƐǁĂƚĞƌ͘ dŚĞŵŽŶƚŚůLJĂǀĞƌĂŐĞƐŽĨƚŚĞĚĂŝůLJŇŽǁƐĂƌĞƉƌĞƐĞŶƚĞĚŝŶdĂďůĞϳ͘ϯ͘ĐŽŵƉĂƌŝƐŽŶŽĨƚŚĞĚĂƚĂĨŽƌϮϬϬϴĂŶĚϮϬϬϵ ǁŝƚŚĂϭϱLJĞĂƌĂǀĞƌĂŐĞĨŽƌƚŚĞƉĞƌŝŽĚϭϵϵϬƚŽϮϬϬϱ͕ǀĞƌŝĨLJƚŚĂƚƚŚĞƌĞŚĂǀĞďĞĞŶŇŽǁƌĞĚƵĐƟŽŶƐ͘,ŽǁĞǀĞƌ͕ƚŚĞ ƐŝdžŵŽŶƚŚƉĞƌŝŽĚĨƌŽŵƉƌŝůƚŽ^ĞƉƚĞŵďĞƌŽĨϮϬϭϬĂŶĚƉĂƌƟĐƵůĂƌůLJƉƌŝů͕DĂLJĂŶĚ:ƵŶĞŽĨϮϬϭϬ͕ƐŚŽǁƚŚĞŝŵƉĂĐƚ ŽĨƚŚĞǁĞƚǁĞĂƚŚĞƌƉĞƌŝŽĚŽŶƚŚĞŐĞŶĞƌĂƟŽŶŽĨƚŚĞƋƵĂŶƟƚLJŽĨƐĞǁĂŐĞĂƐĂƌĞƐƵůƚŽĨĂŐŐƌĞƐƐŝǀĞŵĞĂƐƵƌĞƐďLJƚŚĞ dŽǁŶ͘ dĂďůĞϳ͘ϯDŽŶƚŚůLJǀĞƌĂŐĞŽĨĂŝůLJ&ůŽǁƐϭϵϵϬƚŽϮϬϭϬ ϭϵϵϬƚŽϮϬϬϱDŽŶƚŚůLJ ϮϬϬϴDŽŶƚŚůLJ ϮϬϬϵDŽŶƚŚůLJ ϮϬϭϬDŽŶƚŚůLJ ϮϬϭϬDĂdžŝŵƵŵ DKEd, ǀŐĨŽƌϭϱLJƌƐ;ŵϯͬĚͿ ǀŐ;ŵϯͬĚͿ ǀŐ;ŵϯͬĚͿ ǀŐ;ŵϯͬĚͿ ĚĂŝůLJŇŽǁ;ŵϯͬĚͿ :ĂŶƵĂƌLJ ϭ͕ϴϬϬ ϭ͕ϲϰϮ ϭ͕ϲϵϲ Ϯ͕Ϭϲϭ Ϯ͕ϱϯϵ &ĞďƌƵĂƌLJ ϭ͕ϵϬϬ ϭ͕ϲϳϲ ϭ͕ϲϯϵ Ϯ͕Ϭϲϴ Ϯ͕ϮϵϮ DĂƌĐŚ Ϯ͕ϬϬϬ ϭ͕ϲϰϬ ϭ͕ϳϳϮ Ϯ͕ϭϰϳ Ϯ͕ϯϴϲ Ɖƌŝů Ϯ͕ϬϬϬ ϭ͕ϳϯϬ ϭ͕ϴϴϲ ϯ͕ϯϵϳ ϭϯ͕ϱϲϬ DĂLJ Ϯ͕ϮϬϬ Ϯ͕Ϯϰϲ Ϯ͕ϭϮϬ ϯ͕ϵϯϲ ϭϬ͕ϱϳϰ :ƵŶĞ Ϯ͕ϳϬϬ Ϯ͕ϳϬϴ Ϯ͕Ϯϯϴ ϱ͕ϱϱϴ Ϯϱ͕ϴϵϰ :ƵůLJ Ϯ͕ϯϬϬ Ϯ͕ϭϬϳ Ϯ͕ϮϰϬ Ϯ͕ϯϳϵ ϯ͕ϮϲϬ ƵŐƵƐƚ Ϯ͕ϯϱϬ ϭ͕ϴϰϭ Ϯ͕ϱϵϬ Ϯ͕ϯϰϴ ϯ͕ϭϵϲ ^ĞƉƚĞŵďĞƌ Ϯ͕ϭϬϬ Ϯ͕ϭϭϴ ϭ͕ϵϬϰ Ϯ͕ϯϬϯ ϯ͕Ϭϴϰ KĐƚŽďĞƌ Ϯ͕ϬϱϬ ϭ͕ϳϴϳ Ϯ͕ϬϮϬ ϭ͕ϵϴϲ Ϯ͕ϯϮϳ EŽǀĞŵďĞƌ ϭ͕ϵϱϬ ϭ͕ϳϴϴ ϭ͕ϵϬϯ ϭ͕ϴϴϰ Ϯ͕ϮϲϮ ĞĐĞŵďĞƌ ϭ͕ϴϱϬ ϭ͕ϳϴϬ ϭ͕ϴϱϮ Eͬ Eͬ

EͬͲŶŽƚĂǀĂŝůĂďůĞ ϳϲ ͮപ/Ed'Zds>KWDEd^dZd'z 7.3.2.2 THE EXISTING WASTEWATER TREATMENT SYSTEM dŚĞƐĞǁĂŐĞĨƌŽŵƚŚĞdŽǁŶŽĨŽĂůĚĂůĞŇŽǁƐďLJŐƌĂǀŝƚLJƐĞǁĞƌƐƚŽĂůŝŌƐƚĂƟŽŶůŽĐĂƚĞĚŝŶƚŚĞŶŽƌƚŚĞĂƐƚƋƵĂĚƌĂŶƚŽĨ ƚŚĞdŽǁŶ͘dŚĞůŝŌƐƚĂƟŽŶŚĂƐϰͲϲϬ,WƉƵŵƉƐĐĂƉĂďůĞŽĨƉƵŵƉŝŶŐĂƚŽƚĂůŇŽǁŽĨϯϬ͘ϯŵϯͬŵŝŶŽƌϰϯ͕ϲϬϬŵϯͬĚƚŽ ƚŚĞŚĞĂĚǁŽƌŬƐŽĨƚŚĞttdWǁŚŝĐŚŝƐĂϰĐĞůůĂĞƌĂƚĞĚůĂŐŽŽŶƐLJƐƚĞŵǁŝƚŚĂĮŌŚĐĞůůĨŽƌĞŋƵĞŶƚƐƚŽƌĂŐĞ͘dŚĞƚƌĞĂƚͲ ĞĚĞŋƵĞŶƚŝƐƉƵŵƉĞĚƚŚƌŽƵŐŚĂϭϮŬŵϯϬϬŵŵĚŝĂŵĞƚĞƌĨŽƌĐĞŵĂŝŶƚŽƚŚĞKůĚŵĂŶZŝǀĞƌ͘dŚĞĐƵƌƌĞŶƚŵĂdžŝŵƵŵ ĐĂƉĂĐŝƚLJŽĨƚŚĞƌŝǀĞƌŽƵƞĂůůŝƐϮ͕ϯϵϬŵϯͬĚǁŝƚŚŽŶĞƉƵŵƉŽƉĞƌĂƟŶŐĂŶĚϯ͕ϭϭϬŵϯͬĚǁŝƚŚďŽƚŚƉƵŵƉƐŽƉĞƌĂƟŶŐ͘ dŚĞttdWƉůĂŶƚŝƐĚĞƐĐƌŝďĞĚŝŶĂƉůĂŶƚƵƉŐƌĂĚĞƐƚƵĚLJƌĞƉŽƌƚĞŶƟƚůĞĚ͞dŽǁŶŽĨŽĂůĚĂůĞtĂƐƚĞǁĂƚĞƌdƌĞĂƚŵĞŶƚ ĂŶĚŝƐƉŽƐĂů^ƚƵĚLJ͟ƉƌĞƉĂƌĞĚďLJDWŶŐŝŶĞĞƌŝŶŐ>ƚĚ͘ĂŶĚƐƵďŵŝƩĞĚĂƐĂƌĂŌƌĞƉŽƌƚŽŶĞĐĞŵďĞƌϭϱ͕ϮϬϬϱ͘Ɛ ƚŚŝƐƌĞƉŽƌƚƉƌŽǀŝĚĞƐĂĚĞƚĂŝůĞĚĚĞƐĐƌŝƉƟŽŶŽĨƚŚĞƉůĂŶƚĂŶĚƚŚĞƉůĂŶƚ͛ƐĚĞĮĐŝĞŶĐŝĞƐ͕ƚŚĞƉůĂŶƚĚĞƐĐƌŝƉƟŽŶǁŝůůŶŽƚďĞ ƌĞƉĞĂƚĞĚŝŶƚŚŝƐƌĞƉŽƌƚ͘ dŚĞƌĞŝƐĐƵƌƌĞŶƚůLJŶŽƌĞŐƵůĂƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚĨŽƌŶƵƚƌŝĞŶƚĐŽŶƚƌŽůŽƌĞŋƵĞŶƚĚŝƐŝŶĨĞĐƟŽŶĨŽƌƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͘ dŚĞdžĞĐƵƟǀĞ^ƵŵŵĂƌLJŽĨƚŚĞƵƉŐƌĂĚĞƐƚƵĚLJƐƚĂƚĞƐƚŚĂƚ͞^ƚƵĚLJĮŶĚŝŶŐƐŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞƉƌŽũĞĐƚĞĚĚĞŵĂŶĚƐĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚĂůƌĞŐƵůĂƟŽŶƐĂƌĞƐƵĐŚƚŚĂƚĐƵƌƌĞŶƚŵƵŶŝĐŝƉĂůǁĂƐƚĞǁĂƚĞƌƚƌĞĂƚŵĞŶƚĂŶĚĚŝƐƉŽƐĂůĨĂĐŝůŝƟĞƐǁŝƚŚŵŽĚͲ ĞƐƚƵƉŐƌĂĚĞƐǁŝůůďĞĂĚĞƋƵĂƚĞ͘͟ƐƚŚĞƐƚƵĚLJƉĞƌŝŽĚǁĂƐϮϬLJĞĂƌƐ͕ŝĨƚŚŝƐƐƚĂƚĞŵĞŶƚŝƐĐŽƌƌĞĐƚƚŚĞŶƚŚĞƌĞǁŝůůďĞŶŽ ƌĞƋƵŝƌĞŵĞŶƚƚŽƵƉŐƌĂĚĞƚŚĞƉůĂŶƚƚŽĂĐŚŝĞǀĞŶƵƚƌŝĞŶƚĐŽŶƚƌŽůĂŶĚĞŋƵĞŶƚĚŝƐŝŶĨĞĐƟŽŶǁŚĞŶƚŚĞƉůĂŶƚ͛ƐĂƉƉƌŽǀĂůƚŽ ŽƉĞƌĂƚĞŝƐƌĞŶĞǁĞĚŝŶKĐƚŽďĞƌϮϬϭϲ͘/ĨƚŚĞƌĞŐƵůĂƚŽƌLJƌĞŐŝŵĞĨŽƌŽĂůĚĂůĞĐŚĂŶŐĞƐǁŝƚŚƚŚĞϮϬϭϲĂƉƉƌŽǀĂůƌĞŶĞǁͲ Ăů͕ƚŚĞŶƚŚĞƵƉŐƌĂĚĞƐǁŝůůŶŽƚďĞĂĚĞƋƵĂƚĞ͘ dŚĞƵƉŐƌĂĚĞƐƌĞĐŽŵŵĞŶĚĞĚŝŶƚŚĞƐƚƵĚLJŝŶĐůƵĚĞ͗

ͻ ZĞƉůĂĐĞŵĞŶƚĂŶĚƌĞůŽĐĂƟŽŶŽĨƚŚĞĚĂƚĂĂĐƋƵŝƐŝƟŽŶĂŶĚĐŽŶƚƌŽůƐLJƐƚĞŵ͖

ͻ >ŝŌƐƚĂƟŽŶŝŵƉƌŽǀĞŵĞŶƚƐĂŶĚŝŶĐƌĞĂƐĞĚǁĂƐƚĞǁĂƚĞƌƉƵŵƉŝŶŐĐĂƉĂĐŝƚLJ͖

ͻ ŽŶƐƚƌƵĐƟŽŶŽĨĂŇŽǁĐŽŶƚƌŽůƐƚƌƵĐƚƵƌĞƚŽĚŝǀĞƌƚƐƚŽƌŵƐƵƌŐĞǁĂƐƚĞǁĂƚĞƌƚŽƚŚĞŝƌƌŝŐĂƟŽŶĐĞůůĨŽƌƐƚŽƌĂŐĞĂŶĚ ƐƵďƐĞƋƵĞŶƚƚƌĞĂƚŵĞŶƚ͖

ͻ džƉĂŶĚĞĚĐĂƉĂĐŝƚLJŽĨƚŚĞĂĞƌĂƟŽŶƐLJƐƚĞŵƚŚƌŽƵŐŚƚŚĞŝŶƐƚĂůůĂƟŽŶŽĨŵŽƌĞĞĸĐŝĞŶƚďůŽǁĞƌƐ͕ŚŝŐŚĐĂƉĂĐŝƚLJĂĞƌĂͲ ƟŽŶŚĞĂĚĞƌƐĂŶĚĂĚĚŝƟŽŶĂůĂĞƌĂƚŽƌƐ͖

ͻ /ŶĐƌĞĂƐĞĚŽƉĞƌĂƟŶŐĚĞƉƚŚŽĨƚŚĞƚƌĞĂƚŵĞŶƚĐĞůůƐĂůŽŶŐǁŝƚŚŝŵƉƌŽǀĞĚďŝŽƐŽůŝĚƐƐĞƩůŝŶŐĂŶĚƌĞƚĞŶƟŽŶ͖

ͻ /ŵƉƌŽǀĞĚŝŶƚĞƌĐŽŶŶĞĐƟŽŶďĞƚǁĞĞŶƚƌĞĂƚŵĞŶƚĐĞůůƐƚŽŝŵƉƌŽǀĞŵĂŝŶƚĞŶĂŶĐĞĂŶĚŽƉĞƌĂƟŶŐŇĞdžŝďŝůŝƚLJ͖

ͻ WƌŽǀŝƐŝŽŶƐĨŽƌĞůĞĐƚƌŝĐĂůƉŽǁĞƌĚĞŵĂŶĚŵĂŶĂŐĞŵĞŶƚƐƚƌĂƚĞŐŝĞƐ͖

ͻ /ŶĐƌĞĂƐĞĚĐĂƉĂĐŝƚLJŽĨƚƌĂŶƐĨĞƌĂŶĚƌŝǀĞƌŽƵƞĂůůƉƵŵƉƐ͖ĂŶĚ

ͻ ZĞƉůĂĐĞŵĞŶƚŽĨĂŝƌƌĞůĞĂƐĞĐŚĂŵďĞƌƐŽŶƌŝǀĞƌŽƵƞĂůůĨŽƌĐĞŵĂŝŶ͘ /ŶϮϬϬϳ͕ĂŶĂƉƉůŝĐĂƟŽŶǁĂƐƐƵďŵŝƩĞĚĨŽƌŐƌĂŶƚĨƵŶĚŝŶŐƵŶĚĞƌƚŚĞ&ĞĚĞƌĂůͬWƌŽǀŝŶĐŝĂůDZ/&ƉƌŽŐƌĂŵĨŽƌĂΨϳ͘ϲ ŵŝůůŝŽŶ^ĂŶŝƚĂƌLJ^ĞǁĞƌĂĐŬƵƉĂŶĚ&ůŽŽĚDŝƟŐĂƟŽŶWƌŽũĞĐƚǁŚŝĐŚǁŽƵůĚŚĂǀĞĂĚĚƌĞƐƐĞĚƐĞǀĞƌĂůŽĨƚŚĞĂďŽǀĞƌĞĐͲ ŽŵŵĞŶĚĂƟŽŶƐ͖ƚŚĞĂƉƉůŝĐĂƟŽŶǁĂƐƵŶĨŽƌƚƵŶĂƚĞůLJƵŶƐƵĐĐĞƐƐĨƵů͘ dŚĞŵŽĚŝĮĐĂƟŽŶƐƉƌŽƉŽƐĞĚĂƌĞĞdžƚĞŶƐŝǀĞĂŶĚǁŝůůŽŶůLJƉƌŽǀŝĚĞĂŶĞŋƵĞŶƚǁŚŝĐŚǁŝůůĐŽŶƟŶƵĞƚŽĂĐŚŝĞǀĞƚŚĞ ĐKϱůŝŵŝƚǁŚĞŶŝƚŝƐĂŬŶŽǁŶĨĂĐƚƚŚĂƚŶƵƚƌŝĞŶƚƌĞŵŽǀĂůĂŶĚĚŝƐŝŶĨĞĐƟŽŶŽĨĞŋƵĞŶƚƐŝƐďĞĐŽŵŝŶŐƚŚĞĂĐĐĞƉƚĞĚ ƐƚĂŶĚĂƌĚĞƐƉĞĐŝĂůůLJĨŽƌƚŚĞĚŝƐĐŚĂƌŐĞŽĨĞŋƵĞŶƚƐƚŽƌŝǀĞƌƐƚŚĂƚĂƌĞďĞŝŶŐƵƐĞĚĂƐĚƌŝŶŬŝŶŐǁĂƚĞƌƐƵƉƉůŝĞƐ͘/ŶĨĂĐƚ͕ ƚŚĞĚƌĂŌϮϬϭϬŶǀŝƌŽŶŵĞŶƚĂŶĂĚĂttdWĞŋƵĞŶƚŐƵŝĚĞůŝŶĞƐŝŶĐůƵĚĞĐŚĞŵŝĐĂůƐŽĨĞŵĞƌŐŝŶŐĐŽŶĐĞƌŶŝŶƚŚĞƉƌŽͲ ƉŽƐĞĚŵŽŶŝƚŽƌŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͘ dŚĞƌĞǁĞƌĞŶŽĐĂƉŝƚĂůĐŽƐƚƐƉƌŽǀŝĚĞĚŝŶƚŚĞĚƌĂŌƌĞƉŽƌƚǁŚŝĐŚǁŽƵůĚŚĂǀĞďĞĞŶƌĞƋƵŝƌĞĚŝŶŽƌĚĞƌƚŽĂƐƐĞƐƐƚŚĞ ƚŚƌĞĞĂůƚĞƌŶĂƟǀĞƐƉƌĞƐĞŶƚĞĚ͘dŚĞĐĂƉŝƚĂůĐŽƐƚƐĨŽƌƚŚĞƵƉŐƌĂĚĞƐŶĞĞĚƚŽďĞŝŶĐůƵĚĞĚĨŽƌĐŽŵƉĂƌŝƐŽŶǁŝƚŚĂůƚĞƌŶĂͲ ƟǀĞŽƉƟŽŶƐĂƐƚŚĞƌĞƉůĂĐĞŵĞŶƚŽĨƚŚĞĞdžŝƐƟŶŐĂĞƌĂƚĞĚůĂŐŽŽŶƐLJƐƚĞŵǁŝƚŚĂďŝŽůŽŐŝĐĂůŶƵƚƌŝĞŶƚƌĞŵŽǀĂů;EZͿ ƐLJƐƚĞŵĐĂƉĂďůĞŽĨƌĞŵŽǀŝŶŐƚŚĞŶƵƚƌŝĞŶƚƐĂŶĚƉƌŽǀŝĚŝŶŐĂĚŝƐŝŶĨĞĐƚĞĚĞŋƵĞŶƚǁŽƵůĚďĞĂƉƉƌŽdžŝŵĂƚĞůLJΨϭϱŵŝůůŝŽŶ͘ hŶĨŽƌƚƵŶĂƚĞůLJ͕ƚŚĞEZƚĞĐŚŶŽůŽŐLJǁŽƵůĚŶŽƚďĞĂďůĞƚŽŚĂŶĚůĞƚŚĞŇŽǁǀĂƌŝĂƟŽŶƐǁŚŝĐŚĂƌĞďĞŝŶŐĞŶĐŽƵŶƚĞƌĞĚ ĂŶĚƚŚƵƐ͕ĂƐŽůƵƟŽŶƚŽƚŚĞ/Θ/ƉƌŽďůĞŵǁŽƵůĚŚĂǀĞƚŽďĞŝŵƉůĞŵĞŶƚĞĚƉƌŝŽƌƚŽŝŶƚƌŽĚƵĐŝŶŐƚŚŝƐŚŝŐŚƌĂƚĞƚĞĐŚŶŽůͲ ŽŐLJ͘ /Ed'Zds>KWDEd^dZd'z | 77

7.3.2.3 PROPOSED WASTEWATER TREATMENT PLANT UPGRADES dŚĞƉƌŽŐƌĂŵŽƵƚůŝŶĞĚĨŽƌƚŚĞƉƌŝǀĂƚĞƐĞĐƚŽƌŝŶĚƵƐƚƌŝĂůƉĂƌŬƐŝŶƚŚĞŽƵŶƚLJƉƌŽŵŽƚĞƐƚŚĞƚƌĞĂƚŵĞŶƚĂŶĚƌĞƵƐĞŽĨ ǁĂƐƚĞǁĂƚĞƌ͘/ƚŝƐƐƵŐŐĞƐƚĞĚƚŚĂƚĚƵƌŝŶŐƚŚĞĮǀĞLJĞĂƌƐƉƌŝŽƌƚŽƚŚĞƌĞŶĞǁĂůŽĨƚŚĞĂƉƉƌŽǀĂůƚŽŽƉĞƌĂƚĞĨŽƌƚŚĞdŽǁŶ͛Ɛ ttdW͕ƚŚĂƚƚǁŽƐƚƵĚŝĞƐďĞƵŶĚĞƌƚĂŬĞŶ͘ dŚĞĮƌƐƚƐƚƵĚLJƐŚŽƵůĚŝŶǀŽůǀĞƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚŝŵƉůĞŵĞŶƚĂƟŽŶŽĨĂƉƌŽŐƌĂŵƚŽĂĚĚƌĞƐƐƚŚĞƐĞƌŝŽƵƐ/Θ/ ŝƐƐƵĞǁŚŝĐŚĞdžŝƐƚƐŝŶŚŽŵĞƐĐŽŶƐƚƌƵĐƚĞĚďĞĨŽƌĞƚŚĞLJĞĂƌϮϬϬϬ͘dŚĞĨŽĐƵƐƐŚŽƵůĚďĞŽŶƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚĞĐŚͲ ŶŝƋƵĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐǁŚŝĐŚǁŽƵůĚƉƌŽǀŝĚĞŽƉƟŽŶƐƚŽĐŽůůĞĐƚƚŚŝƐĐůĞĂŶǁĂƚĞƌĂŶĚĚŝƐƉŽƐĞŽĨŝƚŝŶƚŚĞĞdžƉĂŶĚĞĚ ƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵ͘dŚĞƐĞƐŽůƵƟŽŶƐǁŝůůĂůůďĞĞdžƉĞŶƐŝǀĞĂƐŝƚǁŽƵůĚƌĞƋƵŝƌĞƚŚĞĐŽŶƐƚƌƵĐƟŽŶŽĨĂŶ ĞdžƚĞŶƐŝǀĞƵŶĚĞƌŐƌŽƵŶĚƐƚŽƌŵƐĞǁĞƌĐŽůůĞĐƟŽŶƐLJƐƚĞŵƚŚƌŽƵŐŚŽƵƚƚŚĞŽůĚĞƌĂƌĞĂƐŽĨƚŽǁŶĂůŽŶŐǁŝƚŚƐƚŽƌĂŐĞĨĂĐŝůŝͲ ƟĞƐ͘dŚĞŵŽƐƚĂƉƉƌŽƉƌŝĂƚĞƐŽůƵƟŽŶƐƐŚŽƵůĚďĞĚĞŵŽŶƐƚƌĂƚĞĚĂƚĂƐĐĂůĞǁŚŝĐŚǁŝůůŚĂǀĞĂƐŝŐŶŝĮĐĂŶƚŝŵƉĂĐƚŽŶƚŚĞ ƉƌĞƐĞŶƚƉƌŽďůĞŵ͘dŚĞƌĞƐŚŽƵůĚďĞŐƌĂŶƚŵŽŶĞLJĂǀĂŝůĂďůĞĨŽƌƚŚŝƐŝŶŝƟĂƟǀĞĂƐŝƚŝƐĂƉƌŽďůĞŵǁŚŝĐŚĞdžŝƐƚƐĂĐƌŽƐƐ ĂŶĂĚĂ͘ dŚĞƐĞĐŽŶĚƐƚƵĚLJǁŽƵůĚŝŶǀŽůǀĞĂŶĞǀĂůƵĂƟŽŶŽĨŽƉƟŽŶƐƚŽƵƉŐƌĂĚĞƚŚĞƉƌĞƐĞŶƚĞŋƵĞŶƚƉƌŽĚƵĐĞĚďLJƚŚĞĂĞƌĂƚĞĚ ůĂŐŽŽŶƐLJƐƚĞŵ͘ŚĂƌĂĐƚĞƌŝnjĂƟŽŶƐƚƵĚŝĞƐĨŽůůŽǁĞĚďLJĂƉŝůŽƚƐĐĂůĞĚĞŵŽŶƐƚƌĂƟŽŶƉƌŽũĞĐƚƉƌŽĐĞƐƐŝŶŐĂƚĞƐƚƐƚƌĞĂŵŽĨ ϭϬϬŵϯͬĚĂLJŽĨĞŋƵĞŶƚĨƌŽŵĐĞůůηϰǁŽƵůĚďĞĂŶĂĐĐĞƉƚĂďůĞƐĐĂůĞĨŽƌĂĨĞĂƐŝďŝůŝƚLJƐƚƵĚLJ͘ŶĞŋƵĞŶƚƉŽůŝƐŚŝŶŐƐƚĞƉ ĨŽůůŽǁĞĚďLJĚŝƐĐŚĂƌŐĞƚŽĂŶĞŶŐŝŶĞĞƌĞĚǁĞƚůĂŶĚĐĂƉĂďůĞŽĨƌĞŵŽǀŝŶŐƚŚĞŶƵƚƌŝĞŶƚƐĂŶĚƉƌŽǀŝĚŝŶŐĚŝƐŝŶĨĞĐƟŽŶƉƌŝŽƌ ƚŽĚŝƐĐŚĂƌŐĞŝŶƚŽƚŚĞ/ŶƚĞŐƌĂƚĞĚtĂƚĞƌDĂŶĂŐĞŵĞŶƚ^ƚƌĂƚĞŐLJŵĂũŽƌǁĂƚĞƌƐƚŽƌĂŐĞĨĂĐŝůŝƚLJǁŽƵůĚďĞĂŶŝĚĞĂůƐŽůƵͲ ƟŽŶ͘&ƵŶĚŝŶŐŝƐĂǀĂŝůĂďůĞĨŽƌƚŚĞĐƌĞĂƟŽŶŽĨƚŚĞǁĞƚůĂŶĚŽƌƚŚĞƉƌŽũĞĐƚĐŽƵůĚďĞŝŵƉůĞŵĞŶƚĞĚƚŚƌŽƵŐŚĂƐĞƉĂƌĂƚĞ ƉŚĂƐĞŽĨƚŚĞ/ŶƚĞŐƌĂƚĞĚtĂƚĞƌDĂŶĂŐĞŵĞŶƚ^ƚƌĂƚĞŐLJŵĂũŽƌǁĂƚĞƌƐƚŽƌĂŐĞĨĂĐŝůŝƚLJŝŵƉůĞŵĞŶƚĂƟŽŶƉƌŽŐƌĂŵ͘ ϳϴ ͮപ/Ed'Zds>KWDEd^dZd'z /Ed'Zds>KWDEd^dZd'z | 79 ϴ͘ϬĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ^ƚƌĂƚĞŐLJ

džĞĐƵƟǀĞ^ƵŵŵĂƌLJ ĐŽŶƐŽƌƟƵŵŽĨĐŽŶƐƵůƚĂŶƚƐǁĞƌĞƌĞƚĂŝŶĞĚďLJƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚƚŚĞdŽǁŶŽĨŽĂůĚĂůĞƚŽƉƌĞƉĂƌĞĂŶ /ŶƚĞŐƌĂƚĞĚĞǀĞůŽƉŵĞŶƚ^ƚƌĂƚĞŐLJ;/^Ϳ͘ĂǀŝĚŵŽƐΘƐƐŽĐŝĂƚĞƐ>ƚĚ͘ǁĂƐƚŚĞůĞĂĚĮƌŵƚŽƉƌĞƉĂƌĞƚŚĞĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚƐƚƌĂƚĞŐLJĐŽŵƉŽŶĞŶƚ͘ dŚĞĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ^ƚƌĂƚĞŐLJƌĞŇĞĐƚƐƚŚĞŝŶƉƵƚŽĨŬĞLJƐƚĂŬĞŚŽůĚĞƌƐ͕ŝŶĚƵƐƚƌLJ͕ƌĞƐŝĚĞŶƚƐ͕ĂŶĚŵƵŶŝĐŝƉĂůƌĞƉͲ ƌĞƐĞŶƚĂƟǀĞƐ͘/ƚŝƐƚŽďĞǀŝĞǁĞĚĂƐĂ͞ůŝǀŝŶŐĚŽĐƵŵĞŶƚ͟ƐƵďũĞĐƚƚŽŵŽŶŝƚŽƌŝŶŐĂŶĚƌĞĮŶĞŵĞŶƚ͘ dŚĞƌĞĂƌĞĨŽƵƌƐƚƌĂƚĞŐŝĐƉƌŝŽƌŝƟĞƐƚŚĂƚǁŝůůĚƌŝǀĞƚŚĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƐƚƌĂƚĞŐLJĂĐĐŽŵƉĂŶŝĞĚďLJĨŽƵƌƚĞĞŶŬĞLJ ƌĞƐƵůƚƐ͘dŚĞŬĞLJƌĞƐƵůƚƐĂƌĞƐƉĞĐŝĮĐŽƵƚĐŽŵĞƐƚŚĞŵƵŶŝĐŝƉĂůŝƟĞƐǁŝůůĂĐĐŽŵƉůŝƐŚƚŽƌĞĂůŝnjĞƚŚĞƉƌŝŽƌŝƟĞƐ͘ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚLJηϭ͗ƐƚĂďůŝƐŚĂĐŽƐƚĞīĞĐƟǀĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƉƌŽŐƌĂŵĂŶĚŐŽǀĞƌŶĂŶĐĞƐƚƌƵĐƚƵƌĞƚŚĂƚŝƐ ƌĞƐƉŽŶƐŝǀĞƚŽƚŚĞŶĞĞĚƐŽĨďŽƚŚƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚdŽǁŶŽĨŽĂůĚĂůĞ͘ <ĞLJZĞƐƵůƚƐηϭ͗ŶĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĚĞůŝǀĞƌLJŵŽĚĞůŝƐĂŐƌĞĞĚƚŽĂŶĚĞŶĂĐƚĞĚƵƉŽŶďLJƚŚĞŽƵŶƚLJĂŶĚƚŚĞ dŽǁŶ <ĞLJZĞƐƵůƚƐηϮ͗ĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŝƐĂŶŝŶĐůƵƐŝǀĞĂĐƟǀŝƚLJƚŚĂƚĂǀŽŝĚƐĚƵƉůŝĐĂƟŽŶĂŶĚŵĂdžŝŵŝnjĞƐƚŚĞƵƐĞŽĨ ƌĞƐŽƵƌĐĞƐ͘ <ĞLJZĞƐƵůƚƐηϯ͗ZĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌ͞ĐƌĂĚůĞƚŽŐƌĂǀĞ͟ƐŝƚĞƐĞůĞĐƟŽŶĂŶĚŝŶǀĞƐƚŽƌĞŶƋƵŝƌŝĞƐŝƐĐůĞĂƌůLJĚĞĮŶĞĚĂŶĚ ĂŐƌĞĞĚƚŽ͘ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚLJηϮ͗ƐƚĂďůŝƐŚĂĐƟǀŝƚLJĂŶĚƉĞƌĨŽƌŵĂŶĐĞŵŽŶŝƚŽƌŝŶŐƚŚĂƚĞīĞĐƟǀĞůLJĂĚǀĂŶĐĞƐĞĐŽŶŽŵŝĐĚĞǀĞůŽƉͲ ŵĞŶƚŝŶƚŚĞŽƵŶƚLJĐŽƌƌŝĚŽƌĂŶĚdŽǁŶŽĨŽĂůĚĂůĞ͘ <ĞLJZĞƐƵůƚηϰ͗ŶĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĂĐƟǀŝƚLJǁŽƌŬƉůĂŶƚŚĂƚĐĂŶŐƌŽǁĂƐƐƵĐĐĞƐƐŽĐĐƵƌƐĂŶĚŝƐǁŝƚŚŝŶƚŚĞ ĮŶĂŶĐŝĂůŵĞĂŶƐŽĨƚŚĞdŽǁŶͬŽƵŶƚLJŝƐĂĚŽƉƚĞĚ͘ <ĞLJZĞƐƵůƚηϱ͗WĞƌĨŽƌŵĂŶĐĞŵĞĂƐƵƌĞƐƚŽŵŽŶŝƚŽƌĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƉƌŽŐƌĞƐƐŝƐĞƐƚĂďůŝƐŚĞĚŐĂƌŶĞƌŝŶŐĐŽŶĮͲ ĚĞŶĐĞĂŶĚƐƵƉƉŽƌƚĨŽƌƚŚĞƉƌŽŐƌĂŵ <ĞLJZĞƐƵůƚηϲ͗YƵĂůŝĮĞĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƉƌŽĨĞƐƐŝŽŶĂů;ƐͿĂƌĞŚŝƌĞĚƚŽůĞĂĚĂŶĚĞdžĞĐƵƚĞƚŚĞĞĐŽŶŽŵŝĐĚĞͲ ǀĞůŽƉŵĞŶƚƐƚƌĂƚĞŐLJ͘ <ĞLJZĞƐƵůƚηϳ͗ŚŝŐŚƉƌŽĮůĞĐŽŶƐŝƐƚĞŶƚůLJĚĞůŝǀĞƌĞĚƵƐŝŶĞƐƐZĞƚĞŶƟŽŶΘdžƉĂŶƐŝŽŶWƌŽŐƌĂŵŝƐĚĞůŝǀĞƌĞĚǁŝƚŚŝŶƚŚĞ ĂƌĞĂ͘ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚLJηϯ͗DĂdžŝŵŝnjŝŶŐĂŶĂŵĞdžĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƐƉŝŶŽīƐ͕ĂŶĚŵŝŶŝŵŝnjŝŶŐŝƚƐƉŽƐƐŝďůĞŶĞŐĂƟǀĞ ŝŵƉĂĐƚƐ <ĞLJZĞƐƵůƚηϴ͗hƟůŝnjŝŶŐƚŚĞƐĞƌǀŝĐĞƐŽĨKůĚŵĂŶZŝǀĞƌZĞŐŝŽŶĂů^ĞƌǀŝĐĞƐŽŵŵŝƐƐŝŽŶ͕ƚŚĞĚĞƐŝƌĞĚůĂŶĚƵƐĞĂŶĚŝŶƚĞŶͲ ƐŝƚLJŽĨĚĞǀĞůŽƉŵĞŶƚŝƐƉƌĞĚĞƚĞƌŵŝŶĞĚĨŽƌƚŚĞĂŶĂŵĞdžŝŶƚĞƌĐŚĂŶŐĞƐ͘ <ĞLJZĞƐƵůƚηϵ͗ŶĂƩƌĂĐƟǀĞƌĞŐŝŽŶĂůďĂƐĞĚƚŽƵƌŝƐƚŝŶĨŽƌŵĂƟŽŶĐĞŶƚƌĞŝƐůŽĐĂƚĞĚĂƚƚŚĞŚŝŐŚǁĂLJηϯͬĂŶĂŵĞdžŝŶƚĞƌͲ ĐŚĂŶŐĞ͘ <ĞLJZĞƐƵůƚηϭϬ͗DŝƟŐĂƟŶŐŵĞĂƐƵƌĞƐĂƌĞƵŶĚĞƌƚĂŬĞŶďLJŽĂůĚĂůĞŝŶĂĚĚƌĞƐƐŝŶŐƚŚĞŝŶƚƌŽĚƵĐƟŽŶŽĨĂŶĂŵĞdž͘ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚLJηϰ͗dŚƌŽƵŐŚĞīĞĐƟǀĞĐŽŵŵƵŶŝĐĂƟŽŶĂŶĚƉůĂĐĞƌĞĐŽŐŶŝƟŽŶ͕ĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚǁŝůůďĞ ĂĚǀĂŶĐĞĚŝŶƚŚĞdŽǁŶŽĨŽĂůĚĂůĞĂŶĚƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͘ <ĞLJZĞƐƵůƚηϭϭ͗dŚĞƚĞƌŵ͞'ƌĞĞŶǁĂLJ͟ŝƐƵƐĞĚƚŽĚĞƐĐƌŝďĞƚŚĞ/^ĂƌĞĂĂŶĚƌĞŝŶĨŽƌĐĞŝƚƐŐƵŝĚŝŶŐƉƌŝŶĐŝƉůĞƐ͘ <ĞLJZĞƐƵůƚηϭϮ͗dŚĞdŽǁŶĂŶĚŽƵŶƚLJďĞĐŽŵĞƌĞĐŽŐŶŝnjĞĚĂƐůĞĂĚĞƌƐŝŶĂĚǀŽĐĂƟŶŐĂŶĚƐƵƉƉŽƌƟŶŐƉĂƌƚŶĞƌƐŚŝƉƐ͘ <ĞLJZĞƐƵůƚƐηϭϯ͗ĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚďĞĐŽŵĞƐĂĐŽŵŵƵŶŝƚLJǁŝĚĞ͕ƚƌŝʹůĞǀĞůŐŽǀĞƌŶŵĞŶƚƐƵƉƉŽƌƚĞĚŝŶŝƟĂƟǀĞ͘ <ĞLJZĞƐƵůƚƐηϭϰ͗dŚĞĂƌĞĂďĞĐŽŵĞƐŬŶŽǁŶĂƐ͞ůďĞƌƚĂ͛Ɛ'ĂƚĞǁĂLJƚŽ/ŶƚĞƌŶĂƟŽŶĂůdƌĂĚĞĂŶĚŽŵŵĞƌĐĞ͘͟ ϴϬ ͮപ/Ed'Zds>KWDEd^dZd'z

ϴ͘ϭ͘ϭĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ^ƚƌĂƚĞŐLJ͗WƌĞƉĂƌĂƟŽŶWƌŽĐĞƐƐ

The Hourglass planning model, best depicts the approach used in preparing the Strategy ^ƚƌĂƚĞŐLJĞǀĞůŽƉŵĞŶƚ

dŚĞ^ƉƌŽĐĞƐƐǁĂƐĚĞƐŝŐŶĞĚƚŽĨŽĐƵƐŵƵŶŝĐŝƉĂůƌĞƐŽƵƌĐĞƐŽŶƚŚĞĐƌŝƟĐĂůĂƐƉĞĐƚƐŽĨĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƚŚĂƚ ǁŝůůĞŶĂďůĞƐƵĐĐĞƐƐŽǀĞƌƟŵĞ͘/ƚŝŶǀŽůǀĞĚ͗

ͻ hŶĚĞƌƐƚĂŶĚŝŶŐĐƵƌƌĞŶƚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĚĞůŝǀĞƌLJƉƌĂĐƟĐĞƐŝŶƚŚĞĂƌĞĂ

ͻ ƐƚĂďůŝƐŚŝŶŐƚŚĞĞĐŽŶŽŵŝĐďĂƐĞŽĨƚŚĞƌĞŐŝŽŶŝŶĐůƵĚŝŶŐŝĚĞŶƟĮĐĂƟŽŶŽĨƐƚƌĞŶŐƚŚƐĂŶĚǀƵůŶĞƌĂďŝůŝƟĞƐ

ͻ ĞƚĞƌŵŝŶŝŶŐƚŚĞĨĞǁƚŚŝŶŐƐǁŚŝĐŚ͕ ŝĨĚŽŶĞǁĞůůĂŶĚĂƚƚŚĞƌŝŐŚƚƟŵĞ͕ǁŝůůůĞĂĚƚŽƐƵĐĐĞƐƐ͖ƚŚĞƐĞĂƌĞĐĂůůĞĚƐƚƌĂͲ ƚĞŐŝĐƉƌŝŽƌŝƟĞƐ /Ed'Zds>KWDEd^dZd'z | 81

ͻ /ĚĞŶƟĮĐĂƟŽŶŽĨǁŚĂƚŶĞĞĚƐƚŽďĞĚŽŶĞƚŽĂĐŚŝĞǀĞĞŶĚƌĞƐƵůƚƐ͖ƚŚĞƐĞĂƌĞĐĂůůĞĚŬĞLJƌĞƐƵůƚƐ

ͻ ^ƉĞĐŝĮĐĂƟŽŶŽĨƐƚƌĂƚĞŐŝĞƐƚŽĂĐŚŝĞǀĞĚĞƐŝƌĞĚƌĞƐƵůƚƐ /ŶƉƌŽĚƵĐŝŶŐƚŚĞ^͕ƚŚĞƉƌĂĐƟĐĞŽĨĚĞĮŶŝŶŐĂĨŽƌŵĂůŵŝƐƐŝŽŶƐƚĂƚĞŵĞŶƚǁĂƐĚŝƐƉĞŶƐĞĚǁŝƚŚ͘/ƚǁĂƐĨĞůƚƚŚĂƚƵƉŽŶ ĂĚŽƉƟŽŶŽĨƚŚĞŝŶƚĞƌͲŵƵŶŝĐŝƉĂůƐƚƌĂƚĞŐLJ͕ŝƚƐĐƌĞĂƟŽŶǁŽƵůĚďĞƐƚďĞĐŽŵĞƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨƚŚĞLJĞƚƚŽďĞĚĞƚĞƌͲ ŵŝŶĞĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŐŽǀĞƌŶŝŶŐďŽĚLJ͘

ϴ͘ϭ͘ϮZĞŐŝŽŶĂůKǀĞƌǀŝĞǁ dŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞŝƐůŽĐĂƚĞĚŝŶƚŚĞŚĞĂƌƚŽĨƐŽƵƚŚĞƌŶůďĞƌƚĂĂƉƉƌŽdžŝŵĂƚĞůLJϴϬĞƚŚďƌŝĚŐĞĂŶĚ ƚŚĞdŽǁŶŽĨŽĂůĚĂůĞŚĂǀĞǁŽƌŬĞĚŝŶŝƐŽůĂƟŽŶ͘WŽůŝƟĐĂůďŽƵŶĚĂƌŝĞƐĚŝǀŝĚŝŶŐƚŚĞƌƵƌĂůĂŶĚƵƌďĂŶĂƌĞĂƐŚĂǀĞƐĞƌǀĞĚ ƚŽŵĂŐŶŝĨLJĐŚĂůůĞŶŐĞƐůĞĂĚŝŶŐƚŽŝŶĐƌĞĂƐĞĚĞĐŽŶŽŵŝĐďĂƌƌŝĞƌƐ͕ŚĂƌĚƐŚŝƉĂŶĚůŽƐƚŝŶǀĞƐƚŵĞŶƚ͘DŽƌĞƌĞĐĞŶƚůLJ͕ƚŚĞ ŐƌĂǀŝƚLJŽĨƚŚĞůŽĐĂůƐŝƚƵĂƟŽŶŚĂƐĐŽŵƉĞůůĞĚĂĚŵŝŶŝƐƚƌĂƟŽŶĂŶĚƉŽůŝƟĐŝĂŶƐƚŽĐƌŝƟĐĂůůLJƌĞĂƐƐĞƐƐƚŚĞǀĂůƵĞŽĨĐŽŽƉĞƌͲ ĂƟŽŶĂŶĚŵŽƌĞƉƌŽĨĞƐƐŝŽŶĂůƉĞƌƐŽŶĂůĂŶĚƉŽůŝƟĐĂůƌĞůĂƟŽŶƐŚŝƉƐ͕ůĞĂĚŝŶŐƚŽŝŶĐƌĞĂƐŝŶŐĞīŽƌƚƐƚŽǁĂƌĚƐƌĞŐŝŽŶĂů ďĂƐĞĚĚĞĐŝƐŝŽŶŵĂŬŝŶŐ͘ŐƌŽǁŝŶŐůĞǀĞůŽĨƚƌƵƐƚŝŶŝŶƚĞƌͲŵƵŶŝĐŝƉĂůƌĞůĂƟŽŶƐŚŝƉƐďŽĚĞƐǁĞůůĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨ ƐŽůƵƟŽŶƐǁŚŝĐŚĂƌĞĐƌŝƟĐĂůĨŽƌĞīĞĐƟǀĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ͘ƚĂƟŵĞǁŚĞŶĂŶĞǁƐĞŶƐĞŽĨŽƉƟŵŝƐŵŝƐĞŶǀĞůͲ ŽƉŝŶŐƚŚĞ,ŝŐŚǁĂLJηϯĐŽƌƌŝĚŽƌĂŶĚŝƐƉƌĞƐĞŶƟŶŐĂŶŽƉƉŽƌƚƵŶŝƚLJĨŽƌƉŽƉƵůĂƟŽŶŐƌŽǁƚŚĂŶĚƚĂdžďĂƐĞĚŝǀĞƌƐŝĮĐĂƟŽŶ͕ ƚŚĞŶĞĞĚĨŽƌŶĞǁĂƉƉƌŽĂĐŚĞƐĂŶĚƚŚĞƐŚĂƌŝŶŐŽĨďĞŶĞĮƚƐĂƌĞďĞŝŶŐƌĞĐŽŐŶŝnjĞĚ͘

ϴ͘Ϯ^ŝƚƵĂƟŽŶƐƐĞƐƐŵĞŶƚ dŚĞ^ŝƚƵĂƟŽŶƐƐĞƐƐŵĞŶƚƌĞǀŝĞǁƐƚŚĞĞĐŽŶŽŵŝĐďĂƐĞŽĨƚŚĞƌĞŐŝŽŶ͕ŬĞLJĨĂĐƚŽƌƐĚƌŝǀŝŶŐƚŚĞĞĐŽŶŽŵLJ͕ĂŶĚƌĞůĞǀĂŶƚ ƚƌĞŶĚƐƚŚĂƚŵĂLJŝŵƉĂĐƚƚŚĞĂƌĞĂŝŶƚŚĞƐŚŽƌƚƚŽůŽŶŐƚĞƌŵ͘/ƚĐŽŶƐŝĚĞƌƐƚŚĞĞĐŽŶŽŵŝĐĂĚǀĂŶƚĂŐĞƐŽĨƚŚĞƌĞŐŝŽŶĂŶĚ ĂĚĚƌĞƐƐĞƐŝƚƐĞĐŽŶŽŵŝĐƉŽƐŝƟŽŶŝŶŐ͘/ƚŝƐƚŚĞďĂƐŝƐĨŽƌƚŚĞĨŽƌŵƵůĂƟŽŶŽĨƉƌŝŽƌŝƟĞƐƌĞůĂƚĞĚƚŽƚŚĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉͲ ŵĞŶƚƐƚƌĂƚĞŐLJ͘ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚŝƐĂŶ ͞ŝŶǀĞƐƚŵĞŶƚ͟ŶŽƚĂĐŽƐƚ͘/ƚǁŝůů ŐĞŶĞƌĂƚĞƉƌŽƐƉĞƌŝƚLJĂŶĚĂŶ ŝŵƉƌŽǀĞĚƋƵĂůŝƚLJŽĨůŝĨĞĨŽƌƚŚĞ ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚ dŽǁŶŽĨŽĂůĚĂůĞƌĞƐŝĚĞŶƚƐ ϴ͘Ϯ͘ϭĂĐŬŐƌŽƵŶĚ

WƌĞƉĂƌĂƟŽŶŽĨƚŚĞ^ǁĂƐƐƵƉƉŽƌƚĞĚďLJĂĐŽŵďŝŶĂƟŽŶŽĨ͗

ͻ >ŝƚĞƌĂƚƵƌĞZĞǀŝĞǁ ϴϮ ͮപ/Ed'Zds>KWDEd^dZd'z

ͻ ĞƐŬZĞƐĞĂƌĐŚ

ͻ KŶĞͲŽŶͲKŶĞŝŶƚĞƌǀŝĞǁƐǁŝƚŚŬĞLJƉůĂLJĞƌƐĨƌŽŵŐŽǀĞƌŶŵĞŶƚ͕ĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƐƵƉƉŽƌƚŐƌŽƵƉƐ;^ŽƵƚŚŐƌŽǁ͕ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ>ĞƚŚďƌŝĚŐĞ͕dŽǁŶŽĨŽĂůĚĂůĞ͕ŚĂŵďĞƌŽĨŽŵŵĞƌĐĞ͕ŽŵŵƵŶŝƚLJ&ƵƚƵƌĞƐͿ͕ŝŶĚƵƐƚƌLJ ƌĞƉƌĞƐĞŶƚĂƟǀĞƐ͕ƚŽƵƌŝƐŵŽƉĞƌĂƚŽƌƐ͕ĚĞǀĞůŽƉĞƌƐ͕ĮŶĂŶĐĞ͕ƌĞĂůĞƐƚĂƚĞ͕ĂŶĚƉŽƐƚͲƐĞĐŽŶĚĂƌLJŝŶƐƟƚƵƟŽŶƐ

ͻ >ĂŶĚhƐĞWůĂŶŶŝŶŐŚĂƌƌĞƩĞ

ͻ ^ƚƌĂƚĞŐŝĐƉůĂŶŶŝŶŐƐĞƐƐŝŽŶǁŝƚŚƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͛ƐĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚĂŶĚdŽƵƌŝƐŵŽŵŵŝƩĞĞ

ͻ /ŶƚĞƌǀŝĞǁƐǁŝƚŚŵĂũŽƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉƌŽǀŝĚĞƌƐŝŶĐůƵĚŝŶŐĂŶĂĚŝĂŶWĂĐŝĮĐZĂŝůǁĂLJ͕^ƚ͘DĂƌLJ͛ƐZŝǀĞƌ/ƌƌŝŐĂƟŽŶ ŝƐƚƌŝĐƚ͕ĂŶĚ>ĞƚŚďƌŝĚŐĞDƵŶŝĐŝƉĂůŝƌƉŽƌƚ

ͻ ĐŽŵďŝŶĞĚƐƚƌĂƚĞŐŝĐƉůĂŶŶŝŶŐƐĞƐƐŝŽŶǁŝƚŚďŽƚŚŵƵŶŝĐŝƉĂůŝƟĞƐ

ͻ KŶͲůŝŶĞĂŶĚĂǀĂŝůĂďůĞŚĂƌĚĐŽƉLJZĞƐŝĚĞŶƚƐKƉŝŶŝŽŶ^ƵƌǀĞLJ dŚĞŬĞLJĮŶĚŝŶŐƐĨƌŽŵƚŚŝƐƌĞƐĞĂƌĐŚĂƌĞƉƌĞƐĞŶƚĞĚŝŶƚŚĞƐĞĐƟŽŶƐĨŽůůŽǁŝŶŐ͗

ϴ͘Ϯ͘Ϯ<ĞLJ&ŝŶĚŝŶŐƐƌŝǀŝŶŐƚŚĞ^ƚƌĂƚĞŐLJ

8.2.2.1 Statistical Comparison

LJĐŽŵƉĂƌŝŶŐƐƚĂƟƐƟĐĂůĚĂƚĂƉƌŽĚƵĐĞĚďLJƚŚĞ&ŝŶĂŶĐŝĂůWŽƐƚ^ƵƌǀĞLJŽĨDĂƌŬĞƚƐ͛Ϭϵ͕ďĞƚǁĞĞŶƚŚĞŽƵŶƚLJŽĨ >ĞƚŚďƌŝĚŐĞͬdŽǁŶŽĨŽĂůĚĂůĞƌĞŐŝŽŶǁŝƚŚƚŚĂƚŽĨƚŚĞWƌŽǀŝŶĐĞŽĨůďĞƌƚĂĂƐĂǁŚŽůĞ͕ĂŶĚƚŚĞĂƌĞĂƐŽĨƚŚĞŝƚLJŽĨ DĞĚŝĐŝŶĞ,Ăƚ͕^ƚƌĂƚŚŵŽƌĞ͕ĂŶĚZĞĚĞĞƌ͕ŝƚďĞĐĂŵĞĂƉƉĂƌĞŶƚƚŚĂƚ>ĞƚŚďƌŝĚŐĞͬŽĂůĚĂůĞŵĂLJŶŽƚďĞĐĂƉƚƵƌŝŶŐŝƚƐĨĂŝƌ ƐŚĂƌĞŽĨĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ͘ ŝͿ ƐƐĞĞŶŝŶdĂďůĞϭDƵŶŝĐŝƉĂů&ĂĐƚŽƌŽŵƉĂƌŝƐŽŶƐ͕ƚŚĞŽƵŶƚLJͬdŽǁŶ͛ƐƉŽƐŝƟǀĞŐƌŽǁƚŚƌĂƚĞŽĨϲ͘ϯϲйďĞͲ ƚǁĞĞŶƚŚĞLJĞĂƌƐŽĨϮϬϬϲĂŶĚϮϬϬϵǁĂƐƐƵďƐƚĂŶƟĂůůLJůĞƐƐƚŚĂŶƚŚĂƚǁŚŝĐŚŽĐĐƵƌƌĞĚŝŶŽƚŚĞƌĐŽŵƉĂƌĂďůĞĂƌĞĂƐ͘/ƚƐ ŐƌŽǁƚŚƌĂƚĞǁĂƐƚŚĞƐůŽǁĞƐƚ͕ĂŶĚǁĂƐŽŶůLJϳϱйŽĨƚŚĂƚĨŽƵŶĚƚŚƌŽƵŐŚŽƵƚƚŚĞWƌŽǀŝŶĐĞŽĨůďĞƌƚĂĂƐĂǁŚŽůĞ͘ /Ed'Zds>KWDEd^dZd'z | 83

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͞ŽŵŵƵŶŝƚLJŚĂƐĂŶ KƉƉŽƌƚƵŶŝƚLJǁŽƌƚŚƉƵƌƐƵŝŶŐ ǁŚĞƌĞĂƐƐĞƚƐͬƐƚƌĞŶŐƚŚƐĂůŝŐŶ ǁŝƚŚĐŽŶŽŵŝĐĞŵĂŶĚƐ͟  ϴϰ ͮപ/Ed'Zds>KWDEd^dZd'z ^ƚƌĞŶŐƚŚƐ ŽŵŵŽŶ dŽǁŶŽĨŽĂůĚĂůĞ ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ

sĂƌŝĞƚLJŽĨƚƌƵĐŬŝŶŐĮƌŵƐ ǀĂŝůĂďŝůŝƚLJŽĨĐŽŵƉĞƟƟǀĞůLJ ZĂŝů ʹ ƵƌůŝŶŐƚŽŶ EŽƌƚŚĞƌŶ ŝŶ ^ŚĞůďLJ͕ ƉƌŝĐĞĚůĂŶĚ DŽŶƚĂŶĂ ^ƚƌŽŶŐƵƐŝŶĞƐƐƐƵƉƉŽƌƚ ƐĞƌǀŝĐĞƐ ,ŽƵƐŝŶŐĐŽƐƚƐΨϭϱʹϮϬ͕ϬϬϬůĞƐƐ ŽƌĚĞƌĐƌŽƐƐŝŶŐŽŶůLJŽŶĞŚŽƵƌĂǁĂLJ ƚŚĂŶ>ĞƚŚďƌŝĚŐĞ ZƵƌĂůǁŽƌŬĞƚŚŝĐ /ƌƌŝŐĂƚĞĚ>ĂŶĚƐ /ŶĚƵƐƚƌŝĂůƐƉĂĐĞϭϱͲϮϬйůĞƐƐƚŚĂŶ ZĂŝů ƚŚĞŝƚLJ ^ŽŵĞ ďƵƐŝŶĞƐƐ ĐůƵƐƚĞƌŝŶŐ͕ ƉĂƌƟĐƵůĂƌůLJ ĂŐƌŝĐƵůƚƵƌĞ WƌĞƐĞŶĐĞŽĨŽůůĞŐĞĂƐĂ ĞǀĞůŽƉĞƌĂĚǀĂŶƚĂŐĞͲƌĂǁůĂŶĚ ƐŽƵƌĐĞŽĨĞŵƉůŽLJĞĞƐ ĐŽƐƚƐ͕ůŽǁĚĞǀĞůŽƉŵĞŶƚĐŚĂƌŐĞƐ ZƵƌĂůŽƉĞŶƐƉĂĐĞƐ

WƌŽdžŝŵŝƚLJƚŽ>ĞƚŚďƌŝĚŐĞ ^ƵƉƉŽƌƟǀĞƉĞƌŵŝƫŶŐĂŶĚ 'ŽŽĚƐŽŝůƐ ŝŶƐƉĞĐƟŽŶƐƚĂī ^ƚĂďůĞĞĐŽŶŽŵLJ WƌŽdžŝŵŝƚLJŽĨŐƌŝĐƵůƚƵƌĞZĞƐĞĂƌĐŚĞŶƚƌĞ ^ŵĂůůƚŽǁŶĂƚŵŽƐƉŚĞƌĞ KůĚŵĂŶZŝǀĞƌZĞŐŝŽŶĂů ^ŚŽǀĞůƌĞĂĚLJůĂŶĚ ^ĞƌǀŝĐĞƐŽŵŵŝƐƐŝŽŶ DĂLJŽƌŐŽŽĚĂŵďĂƐƐĂĚŽƌ͕ƉƌŽͲ ĚĞǀĞůŽƉŵĞŶƚ YƵĂůŝƚLJŽĨ>ŝĨĞ 'ŽŽĚǀŝƐŝďŝůŝƚLJ͕ĞĂƐLJĂĐĐĞƐƐͬ ĞŐƌĞƐƐ ǀĂŝůĂďŝůŝƚLJŽĨĨƵůůƐĞƌǀŝĐĞƐ

>ŝĨĞƐƚLJůĞͬ>ŝǀŝŶŐĐŽƐƚƐĂůůŽǁƐ >ŽĐĂůǁŽƌŬĞƌƐĂǀĂŝůĂďůĞ ĨŽƌůŽǁĞƌǁĂŐĞƐ ŝŐĮƐŚŝŶůŝƩůĞƉŽŶĚ WƌŽdžŝŵŝƚLJƚŽďŽƌĚĞƌ 'ŽŽĚ^ĐŚŽŽůƐ ĐĐĞƐƐƚŽŚŝŐŚĞƌĞĚƵĐĂƚĞĚ ďĂƐĞ >ĂďŽƵƌǀĂŝůĂďŝůŝƚLJ

ŝƌĚƐŽĨWƌĞLJ ^ŚŽǀĞůƌĞĂĚLJƐŝƚĞƐ

,ŝŐŚǁĂLJηϯ ,ŽĐŬĞLJ^ĐŚŽŽů ^ƉŽƌƚĐĂĚĞŵŝĞƐ sŝďƌĂŶƚƌƚƐΘƵůƚƵƌĞ ^ƉĞĐŝĂůǀĞŶƚƐ hŶŝǀĞƌƐŝƚLJ 'ĞŵŽĨƚŚĞtĞƐƚDƵƐĞƵŵ ŝƌĚŝŶŐͬƉŚŽƚŽŐƌĂƉŚLJ /Ed'Zds>KWDEd^dZd'z | 85 tĞĂŬŶĞƐƐĞƐ ŽŵŵŽŶ dŽǁŶŽĨŽĂůĚĂůĞ ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ ŝƌƉŽƌƚͲƟŵĞĐŽŶƐƵŵŝŶŐ WĞƌŵŝƫŶŐŇĞdžŝďŝůŝƚLJƐŽŵĞƟŵĞƐ ƉƉĞĂƌĂŶĐĞŽĨĂŐƌŝͲďƵƐŝŶĞƐƐ ĐŽŶŶĞĐƟŽŶƐ͕ĞdžƉĞŶƐŝǀĞ ĐƌĞĂƚĞƐĐŽŶĨƵƐŝŽŶ ŵĞƚĂůƐƚƌƵĐƚƵƌĞƐ  'ĞŶĞƌĂůůLJďĞLJŽŶĚũƵƐƚͲŝŶ ,ŝŐŚǁĂLJηϯƌĂŝůĐŽŶŐĞƐƟŽŶĂƚ >ĂĐŬŽĨĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ ƟŵĞĚĞůŝǀĞƌLJƌĞƋƵŝƌĞŵĞŶƚƐƚŽ ĐƌŽƐƐŽǀĞƌ͕ƐĂĨĞƚLJĐŽŶĐĞƌŶƐ ƉƌŽĮůĞ ůĂƌŐĞŝŶĚƵƐƚƌLJ  >ĂĐŬŽĨĐŽŶŽŵŝĐĞǀ͘&ƵůůƟŵĞ ŝƚLJĐŽŶƚƌŽůƐƉŽƚĂďůĞǁĂƚĞƌ >ĂĐŬŽĨůŽĐĂůŝŶƚĞƌŵŽĚĂůƌĂŝů ƐƚĂīͬŽĸĐĞ ƐĞƌǀŝĐĞ EĞǁƐƚĂƌƚͲƵƉĨĂƌŵŝŶŐĐŽƐƚƐ ZĞůŝĂŶĐĞŽŶǀŽůƵŶƚĞĞƌ͛ƐĨŽƌ ƉƌŽŚŝďŝƟǀĞ DŝŶŝƐƚƌLJŽĨŶǀŝƌŽŶŵĞŶƚʹ ƚŽƵƌŝƐŵ͕ĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ƉĞƌŵŝƫŶŐĚĞůĂLJƐ͕ĐŚĂŶŐŝŶŐ WƌŝŵĂƌLJŝŶĚƵƐƚƌLJŚĂƐďĞĞŶŽŶ ƌĞƋƵŝƌĞŵĞŶƚƐ ƉƉĞĂƌĂŶĐĞŽĨŝŶĚƵƐƚƌŝĂůƉĂƌŬ ĚĞĐůŝŶĞ ;ǁĞĞĚƐ͕ŐĂƌďĂŐĞ͕ &ůŽŽĚŝŶŐ >ŝŐŚƟŶŐ͕ďƵŝůĚŝŶŐƐ͕ĞƚĐ͘Ϳ WŽŽƌŝŶǀĞƐƚŵĞŶƚƌĞƚƵƌŶƐ;ŝŶƚĞƌĞƐƚ ƌĂƚĞͿ hŶďĂůĂŶĐĞĚƚĂdžďĂƐĞ WƌŽdžŝŵŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞĨŽƌƌĞƚĂŝů ĐŽŵƉĞƟƟŽŶ͕ h^ƚƌƵĐŬŝŶŐƉĞƌŵŝƚƌĞƋƵŝƌĞŵĞŶƚƐ͕ /ŶĐŽŶƐŝƐƚĞŶƚǁŽƌŬŝŶŐŚŝƐƚŽƌLJ ;ĚŝƐĐŽƵƌĂŐĞƐŚŽƚĞůŝŶǀĞƐƚŵĞŶƚͿ ƌĞƐƚƌŝĐƟŽŶƐ ŽĨĐŽŽƉĞƌĂƟŽŶ >ĂĐŬŽĨŝŐƵƐŝŶĞƐƐĐŽƌƉŽƌĂƚĞ &ĞĞĚůŽƚŽĚŽƵƌ WĞƌĐĞƉƟŽŶ/ƌƌŝŐĂƟŽŶŝƐƚƌŝĐƚ ƐƉŽŶƐŽƌƐŚŝƉŽƉƉŽƌƚƵŶŝƟĞƐ ĚŝĸĐƵůƚƚŽǁŽƌŬǁŝƚŚ tŚŝůĞĂŐƌŝĐƵůƚƵƌĞĐŽƌĞƚŽ ĞĐůŝŶĞŽĨŚĞĂůƚŚĐĂƌĞƐĞƌǀŝĐĞƐ ĂƩƌĂĐƟǀĞůŝĨĞƐƚLJůĞ͕ŝƚƐƚĂdžďĂƐĞǁŝůů ͞EŽǁĂƚĞƌ͟ŝŵĂŐĞ ŶŽƚƐƵƉƉŽƌƚƐƚƌĂƚĞŐŝĐŐƌŽǁƚŚ ,ŝŐŚƚĂdžƉĞƌĐĞƉƟŽŶ ZĞŐŝŽŶǀŝĞǁĞĚĂƐďƌĂŶĐŚŽĸĐĞ ůŽĐĂƟŽŶ >ĂĐŬƐĐĞŶƚƌĂůŐĂƚŚĞƌŝŶŐƉůĂĐĞ  ŽƉƉŽƌƚƵŶŝƚLJ ŐŝŶŐĨĂƌŵŽƉĞƌĂƚŽƌ WĞƌĐĞƉƟŽŶŽĨĚĞǀĞůŽƉŵĞŶƚ ƉŽƉƵůĂƟŽŶĐŽŵďŝŶĞĚ ĨƌĞĞnjĞ >ĂĐŬŽĨďƵƐƐĞƌǀŝĐĞ ǁŝƚŚŝŶĐƌĞĂƐŝŶŐůĂŶĚǀĂůƵĞƐ ĂŶĚŝŶƉƵƚĐŽƐƚƐƉŽƐĞ͘ ŝƐƚĂŶĐĞƚŽŵĂƌŬĞƚ;ƐŽƵƌĐŝŶŐŽĨ WĞƌĐĞƉƟŽŶdŽǁŶͬŚĂŵďĞƌŽŶůLJ ƵŶĐĞƌƚĂŝŶƚLJƚŽĨƵƚƵƌĞƐŚĂƉĞŽĨ ƐƵƉƉůŝĞƐ͕ƉƌŽĚƵĐƚͿ ĐĂƌĞĂďŽƵƚĚŽǁŶƚŽǁŶ ĂŐƌŝĐƵůƚƵƌĞ

KŝůΘ'ĂƐǁĂŐĞĐŽŵƉĞƟƟŽŶ

EŽƌĞĐŽŐŶŝnjĂďůĞĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚƉŽŝŶƚŽĨĐŽŶƚĂĐƚ

EĞĞĚĨŽƌĐƌĂĚůĞƚŽŐƌĂǀĞ ĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ϴϲ ͮപ/Ed'Zds>KWDEd^dZd'z

KƉƉŽƌƚƵŶŝƟĞƐ ŽŵŵŽŶ dŽǁŶŽĨŽĂůĚĂůĞ ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ ^ŽƵƚŚĞƌŶůďĞƌƚĂůƚĞƌŶĂƟǀĞ DĞŶŶŽŶŝƚĞƵĐƟŽŶƐ WŽƌƚŽĨ>ĞƚŚďƌŝĚŐĞŝŶůĂŶĚ ĞŶĞƌŐLJWĂƌƚŶĞƌƐŚŝƉ;ƐŽůĂƌ͕ďŝŽͲĨƵĞů͕ ĐŽŶƚĂŝŶĞƌĨĂĐŝůŝƚLJ ǁŝŶĚ͕ŐĞŽͲƚŚĞƌŵĂůͿ WŽƌƚŽĨ>ĞƚŚďƌŝĚŐĞŝŶůĂŶĚ ĐŽŶƚĂŝŶĞƌĨĂĐŝůŝƚLJ ŐƌŝͲďƵƐŝŶĞƐƐĐĂŵƉƵƐ;ĐůƵƐƚĞƌ ǀĂŝůĂďŝůŝƚLJŽĨǁĂƚĞƌ;/ƌƌŝŐĂƟŽŶ ĂŐƐƉĞĐŝĂůƚLJƉƌŽĚƵĐƚƐͿ ŝƐƚƌŝĐƚ͕ƐƚŽƌŵǁĂƚĞƌĐĂƉƚƵƌĞ͕ ^ĂƵƐĂŐĞĐŽŵƉĞƟƟŽŶ dŽǁŶƐƵƉƉůLJ͕ŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞͿ ŽŵƉƌĞƐƐŝŽŶWůĂŶƚƐ &ŽŽĚƉƌŽĐĞƐƐŝŶŐ;ďƵŝůĚŝŶŐ ƵƉŽŶƐƵĐĐĞƐƐĨƵůĞdžƉĞƌŝĞŶĐĞ DĂdžŝŵŝnjĞƵƐĞŽĨWZĂŝů ƌƚƐΘƌĂŌƐŽůŽŶLJ ŽĨDĐĂŝŶ͛Ɛ͕ZŽŐĞƌƐ͕ďĞĂŶ ƉƌŽĐĞƐƐŝŶŐ͕ĞƚĐ͘ /ŶƚĞƌůŝŶŬŝŶŐŽĨƌĞŐŝŽŶĂůƚƌĂŝů ƐLJƐƚĞŵ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ /ŶƚĞƌŵŽĚĂůƐĞƌǀŝĐĞ KĸĐĞ ĂŶĂŵĞdžͬ,ŝŐŚǁĂLJηϯ 'ƌĞĞŶǁĂLJŶŝĐŚĞ  ŝŶƚĞƌĐŚĂŶŐĞ &ŽŽĚƉƌŽĐĞƐƐŝŶŐ;ďƵŝůĚŝŶŐ EŽŶƉŽƚĂďůĞǁĂƚĞƌƵƐĂŐĞ ƵƉŽŶ /ŵŵŝŐƌĂŶƚĞŶƚƌĞƉƌĞŶĞƵƌƐ͕ ƐŝĂŶ͕ƵƚĐŚ͕'ĞƌŵĂŶ;&ŝƌƐƚ džƉŽƐƵƌĞƚŽZĞƐĞĂƌĐŚĞŶƚƌĞ ŝƌĚƐŽĨWƌĞLJ ĐŚŽŝĐĞ͕ƐĞĐŽŶĚĂůŐĂƌLJͿ ƐƚƵĚĞŶƚƐ;ϮϱĨƌŽŵŚŝŶĂ͕ǀŝƐŝƟŶŐ ^ĐŝĞŶƟƐƚƐ͕ƐĂďďĂƟĐĂůƐͿ ^ƉĞĐŝĂůƚLJƌĞƚĂŝůͬďƵƐŝŶĞƐƐ &ĞĞĚůŽƚďŝŽͲĞŶĞƌŐLJ͕ƉŚŽƐƉŚŽƌƵƐ ƌŝĐŚ;ŵŽƐƚƐŽŝůƐĚĞĮĐŝĞŶƚŝŶ ŽůůĞŐĞ͛ƐƌĞƐĞĂƌĐŚΘƚƌĂŝŶŝŶŐ 'ĞŵŽĨƚŚĞtĞƐƚĂĐŽƵƐƟĐƐ ^ŽƵƚŚĞƌŶůďĞƌƚĂͿ ĞdžƉĞƌƟƐĞŝŶǁŝŶĚĞŶĞƌŐLJ &ĞĞĚůŽƚďŝŽͲĞŶĞƌŐLJ͕  dŽƵƌŝƐŵ;ĂŶĂĚŝĂŶĂĚůĂŶĚ͛Ɛ͕ ƉŚŽƐƉŚŽƌƵƐƌŝĐŚ tĂƌĞŚŽƵƐŝŶŐ;ĐŚĞĂƉ͕ůŝŵŝƚĞĚ ŚŝŶŽŽŬŽƵŶƚƌLJͿ ƐĞƌǀŝĐĞĚůĂŶĚƐ͕ůĂƌŐĞƉĂƌĐĞůƐͿ dŽƵƌŝƐŵ ŝƌĚƐŽĨWƌĞLJ KƌŐĂŶŝĐ&ĂƌŵŝŶŐ WƌŽǀŝƐŝŽŶŽĨĂīŽƌĚĂďůĞ <ĞLJWƌŽǀŝŶĐŝĂů/ŶĚƵƐƚƌLJ^ĞĐƚŽƌƐ ŚŽƵƐŝŶŐĂŶĚĂŐŽŽĚůŝĨĞƐƚLJůĞ ϭϬϬŵŝůĞĚŝĞƚ x WƌŝŵĂƌLJŶĞƌŐLJ;KŝůΘ ĨŽƌĨĂŵŝůŝĞƐĂƚϳϬйĐŽƐƚŽĨ 'ĂƐ͕Kŝů^ĂŶĚƐͿ ŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞ EŝĐŚĞŝŵŵŝŐƌĂŶƚŵĂƌŬĞƚ x ŶĞƌŐLJ^ĞƌǀŝĐĞ/ŶĚƵƐƚƌŝĞƐ x sĂůƵĞĚĚĞĚŶĞƌŐLJ ,ŽƵƐŝŶŐĨŽƌƌƵƌĂůƌĞƟƌĞĞƐĂŶĚ ZĞĐƌĞĂƟŽŶ;dŽƵƌŝƐŵͿ ;ƌĞĮŶĞĚƉĞƚƌŽůĞƵŵĂŶĚ ƐĞŶŝŽƌƐ  ĐŚĞŵŝĐĂůƐͿ KīƐŚŽƌĞŵĂƌŬĞƚƐ x WƌŝŵĂƌLJŐƌŝĐƵůƚƵƌĞ ϭϬϬŵŝůĞĚŝĞƚ  x ŐƌĂͲ&ŽŽĚ;ƉƌŽĐĞƐƐĞĚ 'ƵĂƌĂŶƚĞĞtĂƚĞƌWƌŽŐƌĂŵ ĨŽŽĚĂŶĚďĞǀĞƌĂŐĞƐͿ hƐĞŽĨĐƌĞĂƟǀĞŵĞƚŚŽĚƐƚŽ  x ŶŐŝŶĞĞƌŝŶŐĂŶĚ ĚĞǀĞůŽƉƵƌďĂŶůĂŶĚƐ tĂƚĞƌ ĐŽŶƐƚƌƵĐƟŽŶ ǁŝƚŚŽƵƚĂŶŶĞdžĂƟŽŶ  x /ŶĨŽƌŵĂƟŽŶ͕ ZƵƌĂů>ŝǀŝŶŐ ŽŵŵƵŶŝĐĂƟŽŶ &ŽŽĚƉƌŽĐĞƐƐŝŶŐƉƌĞƐĞŶĐĞ dĞĐŚŶŽůŽŐLJ DƵƌĂůƐ x dƌĂŶƐƉŽƌƚĂƟŽŶĂŶĚ >ŽŐŝƐƟĐƐ x &ŝŶĂŶĐŝĂů^ĞƌǀŝĐĞƐ x dŽƵƌŝƐŵ /Ed'Zds>KWDEd^dZd'z | 87

ŽŵŵŽŶ dŽǁŶŽĨŽĂůĚĂůĞ ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ džƚĞŶĚĞĚŚĞĂǀLJůŽĂĚƌŽƵƚĞƐŵĂLJ ĂƩƌĂĐƚŶĞǁŝŶĚƵƐƚƌLJĂŶĚĂƐƐŝƐƚ ĞdžŝƐƟŶŐ

,ĂŶĚůŝŶŐŽĨǁĂƚĞƌŝƐƐƵĞĐĂŶďĞ ĂĐĐŽŵƉůŝƐŚĞĚĐŽůůĞĐƟǀĞůLJ

WƌĞƐĞŶĐĞŽĨ/ƌƌŝŐĂƟŽŶŝƐƚƌŝĐƚ

ĐŽͲ/ŶĚƵƐƚƌŝĂůĚĞǀĞůŽƉŵĞŶƚ;ďLJͲ ƉƌŽĚƵĐƚŽĨŽŶĞŝŶĚƵƐƚƌLJŵĂLJďĞ ĨĞĞĚƐƚŽĐŬĨŽƌĂŶŽƚŚĞƌͿ

WŽƉƵůĂƟŽŶŐƌŽǁƚŚĂŶĚƚĂdžďĂƐĞ ĚŝǀĞƌƐŝĮĐĂƟŽŶ

ŝƌĚŝŶŐ

WŚŽƚŽŐƌĂƉŚLJ

'ŽůĨƉĂĐŬĂŐĞƐ

ĂLJdƌŝƉƐ

ŝŬŝŶŐ;ďŽƚŚŵŽƚŽƌŝnjĞĚ͕ŵĂŶƵĂůͿ

&ĂŵŝůLJďŽŶĚŝŶŐƟŵĞ ϴϴ ͮപ/Ed'Zds>KWDEd^dZd'z

ŚĂůůĞŶŐĞƐ ŽŵŵŽŶ dŽǁŶŽĨŽĂůĚĂůĞ ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ ,ŽǁƚŽďƵŝůĚƵƉŽŶ'ƌĞĞŶǁĂLJ >ĂĐŬŽĨdŽǁŶ^ƋƵĂƌĞ ŐƵƐŝŶĞƐƐŽŵƉĞƟƟŽŶ ĐŽŶĐĞƉƚLJĞƚƌĞŵĂŝŶĐŽŵƉĞƟƟǀĞ ͻ ĂŶĂĚŝĂŶŽůůĂƌ x ĐŽŶƐƵŵĞƌƐŐĞŶĞƌĂůůLJ >ŽĐĂůũŽďƐĐƌĞĂƟŽŶͲ>ŝǀĞ͕tŽƌŬ͕ ͻ ŝƐƚĂŶĐĞƚŽŵĂƌŬĞƚƐ͕ ƐƵƉƉŽƌƚƉŚŝůŽƐŽƉŚŝĐĂůůLJ WůĂLJ ďƵƚŶŽƚǁŝƚŚǁĂůůĞƚ ͕ ͻ ƵƚŽŵĂƟŽŶĐŽŶƐŽůŝĚĂƟŽŶ x ĞǀĞŶŚŝŐŚĞŶĚĞdžĐůƵƐŝǀĞ ŽƌĞĂƌĞĂĚĞǀĞůŽƉŵĞŶƚ ͻ ZŝƐŝŶŐŝŶƉƵƚĐŽƐƚƐ ŵĂƌŬĞƚƐŽĨĂůŐĂƌLJĂŶĚ sĂŶĐŽƵǀĞƌŚĂǀĞƉŽŽƌ /ŶĐƌĞĂƐĞĚĐŽŵƉĞƟƟŽŶ WƌŽǀŝŶĐŝĂůĨĞĞĚůŽƚƚĂdžƉŽůŝĐŝĞƐ ƚƌĂĐŬƌĞĐŽƌĚƐŽĨƐƵĐĐĞƐƐ ^ƚĂŶĚŽƵƚŝĚĞŶƟƚLJ /ŶĐƌĞĂƐĞƚŽƚĂdžďĂƐĞ /ŵƉĂĐƚƐŽĨĂŶĂŵĞdž x ,ŝŐŚǁĂLJηϯůŝŐŚƚƐ ĞĂƵƟĮĐĂƟŽŶ;ŝŶĚƵƐƚƌŝĂůĂƌĞĂͿ ĂůĂŶĐŝŶŐĚĞǀĞůŽƉŵĞŶƚ x LJƉĂƐƐ ƉƌĞƐƐƵƌĞǀƐ͘ƉƌŽƚĞĐƟŽŶŽĨ x WĞƌĐĞƉƟŽŶƚŽŽĚŝƐƚĂŶƚ ŝǀĞƌƐŝĮĐĂƟŽŶŽĨƚĂdžďĂƐĞ ĂŐƌŝĐƵůƚƵƌĂůůĂŶĚƐ ƚŽƚŚŝŶŬĂďŽƵƚ /ŶĐƌĞĂƐĞƚŽƚĂdžďĂƐĞ  ŝƌƉŽƌƚƵƐĂŐĞĂŶĚŽƉĞƌĂƟŽŶƐ KŶĞĚŐĞŽĨKŝůΘ'ĂƐŵ WƌŽŵŽƟŶŐŐƌĞĂƚĞƌƵƐĞŽĨ ;WĂƐƐĞŶŐĞƌĂŶĚĂŝƌĐƌĂŌ ĐŽŵŵƵŶŝƚLJĨĂĐŝůŝƟĞƐ ŵŽǀĞŵĞŶƚƌĞŵĂŝŶďĞůŽǁ tĂƚĞƌŵĂŶĂŐĞŵĞŶƚΘ ;ĞdžƉŽƐƵƌĞƚŽƵƐĞƌƐͿ ϮϬϬϴΘϮϬϬϵ ĂƐƐŽĐŝĂƚĞĚĐŽƐƚƐ ƐLJŽƵƌĞƐƉŽŶĚƚŽƚŚĞ WƌŽƚĞĐƟŽŶŽĨ͞ŝƐŽůĂƚĞĚĂƌĞĂƐ͟ DĂdžŝŵŝnjĂƟŽŶŽĨƌĞƚƵƌŶŽŶ ƉƌĞƐƐƵƌĞƐŽĨĚĞǀĞůŽƉŵĞŶƚ͕ ĨŽƌĂŐƌŝĐƵůƚƵƌĂůƐĞĞĚΘĐƌŽƉ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƌĞƚĞŶƟŽŶŽĨƐŵĂůůƚŽǁŶĨĞĞů ƌĞƐĞĂƌĐŚ x WĂƐƚ͕WƌĞƐĞŶƚ͕&ƵƚƵƌĞ ĂŶĂŵĞdžŝŶƚĞƌĐŚĂŶŐĞƐ  ƩƌĂĐƟŽŶĨŽƌĨĞĞĚůŽƚƐǀƐ ,ŽǁƚŽŵĂdžŝŵŝnjĞƚŚĞƉƌĞƐĞŶĐĞ ĂŶĂŵĞdžƐŝŐŶĂŐĞ͕ƌĞĐŽŐŶŝƟŽŶ KďũĞĐƟŽŶƐ͕;ĚƌLJ͕ŚŝŶŽŽŬ ŽĨƉŽƐƚͲƐĞĐŽŶĚĂƌLJŝŶƐƟƚƵƟŽŶƐ͕ ƉƌŽŐƌĂŵ ƐĞƌǀĞĂƐŚĞĂƚƐŽƵƌĐĞ͕ĂĐĐĞƐƐ ĂŐƌŝĐƵůƚƵƌĂůZĞƐĞĂƌĐŚĞŶƚƌĞ͕ ƚŽĨĞĞĚĞƌƐΘŵĂƌŬĞƚƐ͕ ƉƌŝƐŽŶ ƚƌĂŶƐƉŽƌƚĂƟŽŶͿ ,ŽǁƚŽĐƌĞĂƚĞĂŶĂůƚĞƌŶĂƟǀĞ ,ŽǁďĞƐƚƚŽĚĞǀĞůŽƉŝŶĚƵƐƚƌŝĂů ĞŶĞƌŐLJĐůƵƐƚĞƌǁŝƚŚŽƵƚĂ ůĂŶĚƐ ĨŽƌŵĂůŝnjĞĚƉƌŽǀŝŶĐŝĂůŝŶĐĞŶƟǀĞ  ƉƌŽŐƌĂŵ &ĂƌŵͬĐŽƵŶƚƌLJƌĞƐŝĚĞŶƟĂů ĐŽŶŇŝĐƚ ŽƌĞĂƌĞĂĚĞǀĞůŽƉŵĞŶƚ

ƩƌĂĐƟŶŐďƵƐŝŶĞƐƐĞƐǁŝƚŚŽƵƚ ŝŶĐĞŶƟǀĞƐ /Ed'Zds>KWDEd^dZd'z | 89

ŽŵŵŽŶ dŽǁŶŽĨŽĂůĚĂůĞ ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ

ZŝƐŝŶŐĂŶĂĚŝĂŶĚŽůůĂƌ

ŽŵŵƵŶŝĐĂƟŽŶǁŝƚŚƌĞƐŝĚĞŶƚƐ x ^ƵŶŶLJƐŝĚĞEĞǁƐ ĐŝƌĐƵůĂƟŽŶŶŽůŽŶŐĞƌ ƐƵďƐŝĚŝnjĞĚƚŽĂůůŚŽŵĞƐ x ZĞŶƚĞƌƐĚŽŶŽƚƐĞĞ ǁĂƚĞƌďŝůůƐ

/ŶĐƌĞĂƐŝŶŐŝŶƚĞƌŶĂƟŽŶĂů ĐŽŵƉĞƟƟŽŶ

ŝƐƚĂŶĐĞƚŽŵĂƌŬĞƚƐ

WĞƌĐĞƉƟŽŶ͞ĐůŽƐĞĚĨŽƌďƵƐŝŶĞƐƐ͟

ŽŵƉůĞƟŽŶŽĨWŽƌƚƐƚŽWůĂŝŶƐ ŝŶŝƟĂƟǀĞ

ĂƉŝƚĂůŝnjŝŶŐŽŶƌĂŝůƐĞƌǀŝĐĞ

tĂLJĮŶĚŝŶŐƐŝŐŶĂŐĞƉƌŽŐƌĂŵ

ŽŵƉĞƟƟǀĞWƌĞƉĂƌĞĚŶĞƐƐ

ϴ͘ϯZĞƐŝĚĞŶƚKƉŝŶŝŽŶ^ƵƌǀĞLJ

ƐƉĂƌƚŽĨƚŚĞĐŽŵŵƵŶŝƚLJĐŽŶƐƵůƚĂƟŽŶƉƌŽĐĞƐƐ͕ĂƌĞƐŝĚĞŶƚŽƉŝŶŝŽŶƐƵƌǀĞLJǁĂƐƉƌĞƉĂƌĞĚĂŶĚŵĂĚĞĂǀĂŝůĂďůĞĨŽƌ ĐŽŵƉůĞƟŽŶŽŶůŝŶĞǁŝƚŚŚĂƌĚĐŽƉŝĞƐĂƚƐĞǀĞƌĂůďŽdžͲĚƌŽƉůŽĐĂƟŽŶƐ͘ZĞƐŝĚĞŶƚƐĂŶĚďƵƐŝŶĞƐƐŽǁŶĞƌƐǁĞƌĞĞŶĐŽƵƌĂŐĞĚ ƚŽĐŽŵƉůĞƚĞƚŚĞƐƵƌǀĞLJƚŚƌŽƵŐŚŵĂŝůŶŽƟĮĐĂƟŽŶďLJƚŚĞdŽǁŶ͕ĂĚǀĞƌƟƐŝŶŐŝŶƚŚĞ>ĞƚŚďƌŝĚŐĞ,ĞƌĂůĚĂŶĚ^ƵŶŶLJƐŝĚĞ EĞǁƐ͕ƚǁŝƩĞƌ͕ƚŚĞ/^ǁĞďƐŝƚĞ͕ĂŶĚƚŚĞŽĂůĚĂůĞĂŶĚZĞŐŝŽŶŚĂŵďĞƌŽĨŽŵŵĞƌĐĞ͘ KǀĞƌϭϮϱƉĂƌƟĐŝƉĂŶƚƐƉƌŽǀŝĚĞĚĨĞĞĚďĂĐŬŽĨƚŚĞϯϬƋƵĞƐƟŽŶƐƵƌǀĞLJ͘ǀĂƌŝĞƚLJŽĨĐŽŵŵƵŶŝƚLJǀĂůƵĞƐ͕ƐƚƌĂƚĞŐŝĐĚŝƌĞĐͲ ƟŽŶĂůƉƌĞĨĞƌĞŶĐĞƐĂŶĚŽƚŚĞƌŐƵŝĚĂŶĐĞǁĂƐŐĞŶĞƌĂƚĞĚĂŶĚŵĂLJďĞƐƵŵŵĂƌŝnjĞĚĂƐ͗

ͻ ZĞƐŝĚĞŶƚƐŚĂǀĞĂƐĞŶƐĞŽĨƉƌŝĚĞŝŶƚŚĞŝƌĐŽŵŵƵŶŝƚLJ

ͻ >ŝĨĞƐƚLJůĞĨĂĐƚŽƌƐƐƵĐŚĂƐĂƐŵĂůůƚŽǁŶůŝǀŝŶŐ͕ƉĞĂĐĞĨƵů͕ĨƌŝĞŶĚůLJĂŶĚĨĂŵŝůLJŽƌŝĞŶƚĂƟŽŶƌĂƚĞĚŚŝŐŚ

ͻ dŚĞƉƌŽǀŝƐŝŽŶŽĨƐĞƌǀŝĐĞƐƐƵĐŚĂƐĮƌĞƉƌĞǀĞŶƟŽŶ͕ůŝďƌĂƌLJĂŶĚƐĐŚŽŽůŝŶŐƌĞĐĞŝǀĞĚŚŝŐŚƌĂƟŶŐƐǁŚŝůĞƉĂƌŬƐ͕ƌŽĂĚ ŵĂŝŶƚĞŶĂŶĐĞ͕ĂŶĚƌĞĐƌĞĂƟŽŶĨĂĐŝůŝƟĞƐǁĞƌĞƉŽŽƌůLJƌĂƚĞĚ

ͻ KǀĞƌϵϬƉĞƌĐĞŶƚŽĨƌĞƐƉŽŶĚĞŶƚƐƌĂƚĞĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĂƐĂƉŽŽƌůLJƌĂƚĞĚƐĞƌǀŝĐĞƌĞƋƵŝƌŝŶŐŝŵƉƌŽǀĞĚĐŽŵͲ ŵƵŶŝĐĂƟŽŶĂŶĚŐƌĞĂƚĞƌĨŽĐƵƐ

ͻ dŚĞĂƌĞĂŚĂƐĂƐƚƌĞŶŐƚŚŝŶŚŽƐƟŶŐĨĞƐƟǀĂůƐĂŶĚĞǀĞŶƚƐ

ͻ ĞƐŝƌĞƚŽŝŶĐƌĞĂƐĞůŽĐĂůǁĞůůͲƉĂLJŝŶŐũŽďƐŽƉƉŽƌƚƵŶŝƟĞƐƚŚĂƚǁŝůůĞŶĐŽƵƌĂŐĞLJŽƵŶŐĨĂŵŝůŝĞƐƚŽůŽĐĂƚĞĂŶĚƌĞŵĂŝŶ

ͻ ŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞŚĂƐĂĚŽŵŝŶĂƟŶŐŝŶŇƵĞŶĐĞŝŶƚŚĞĂƌĞĂŵĞĞƟŶŐŵŽƐƚƌĞƐŝĚĞŶƚƐ͛ƉĞƌƐŽŶĂůĂŶĚƌĞƚĂŝůͬƐĞƌǀŝĐĞ ϵϬ ͮപ/Ed'Zds>KWDEd^dZd'z

ŶĞĞĚƐ͘

ͻ ƉƉĞĂƌƐƚŽďĞďĂƐĞƐƵƉƉŽƌƚĨŽƌƉƵďůŝĐƚƌĂŶƐƉŽƌƚĂƟŽŶ

ͻ ZĞƐƉĞĐƚĨŽƌĞdžŝƐƟŶŐĐŚĂƌĂĐƚĞƌĂŶĚŚŽƵƐŝŶŐƚLJƉĞƐǁŚŝĐŚƐŚŽƵůĚďĞĞŶŚĂŶĐĞĚƌĂƚŚĞƌƚŚĂŶƌĂĚŝĐĂůůLJĐŚĂŶŐĞĚ

ͻ ĞƐŝƌĞƚŽƉƌĞƐĞƌǀĞLJĞƚďƵŝůĚƵƉŽŶƚŚĞĂŐƌŝĐƵůƚƵƌĂůƐƚƌĞŶŐƚŚŽĨƚŚĞĂƌĞĂ

ͻ ^ƵƉƉŽƌƚĨŽƌĂŵƵůƟͲĨĂĐĞƩĞĚĂƉƉƌŽĂĐŚƚŽĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŝŶĐůƵĚŝŶŐƚŽƵƌŝƐŵ͕ŝŶĚƵƐƚƌŝĂůĚĞǀĞůŽƉŵĞŶƚ͕ ĚŽǁŶƚŽǁŶƌĞǀŝƚĂůŝnjĂƟŽŶ͕ĂŶĚďƵƐŝŶĞƐƐƌĞƚĞŶƟŽŶ

ͻ /ŶƐŝƐƚĞŶĐĞĚĞǀĞůŽƉŵĞŶƚďĞĂƉƉƌŽƉƌŝĂƚĞĨŽƌŝƚƐƉƌŽƉŽƐĞĚůŽĐĂƟŽŶĂŶĚƚŚĂƚƚŚĞĞŶǀŝƌŽŶŵĞŶƚďĞƌĞƐƉĞĐƚĞĚ

ϴ͘ϰ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƟĞƐĂŶĚ<ĞLJZĞƐƵůƚƐ ϴ͘ϰ͘ϭ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƟĞƐ

ƐĂĐƵŵƵůĂƟǀĞƌĞƐƵůƚŽĨƚŚĞĂĨŽƌĞŵĞŶƟŽŶĞĚůŝƚĞƌĂƚƵƌĞƌĞǀŝĞǁ͕ƌĞƐĞĂƌĐŚ͕ƌĞƐŝĚĞŶƚƐƵƌǀĞLJ͕^tKdĂŶĂůLJƐŝƐ͕ŝŶƚĞƌͲ ǀŝĞǁƐ͕ĂŶĚǁŽƌŬƐĞƐƐŝŽŶƐ͕^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƟĞƐŚĂǀĞďĞĞŶŝĚĞŶƟĮĞĚƚŽĚƌŝǀĞƚŚĞĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ^ƚƌĂƚĞŐLJ͘ dŚĞLJĂƌĞ͗

ͻ 'ŽǀĞƌŶĂŶĐĞ͗ƐƚĂďůŝƐŚĂĐŽƐƚĞīĞĐƟǀĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƉƌŽŐƌĂŵĂŶĚŐŽǀĞƌŶĂŶĐĞƐƚƌƵĐƚƵƌĞƚŚĂƚŝƐƌĞƐƉŽŶͲ ƐŝǀĞƚŽƚŚĞŶĞĞĚƐŽĨďŽƚŚƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚdŽǁŶŽĨŽĂůĚĂůĞ

ͻ ĐƟǀŝƚLJĞdžƉĞĐƚĂƟŽŶƐĂŶĚƉĞƌĨŽƌŵĂŶĐĞŵŽŶŝƚŽƌŝŶŐ͗ƐƚĂďůŝƐŚĂĐƟǀŝƚLJĂŶĚƉĞƌĨŽƌŵĂŶĐĞŵŽŶŝƚŽƌŝŶŐƚŚĂƚĞīĞĐƚͲ ŝǀĞůLJĂĚǀĂŶĐĞƐĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞŽƵŶƚLJĐŽƌƌŝĚŽƌĂŶĚdŽǁŶŽĨŽĂůĚĂůĞ

ͻ ĂŶĂŵĞdž,ŝŐŚǁĂLJ͗DĂdžŝŵŝnjĞĂŶĂŵĞdžŚŝŐŚǁĂLJĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƐƉŝŶͲŽīƐ

ͻ ŽŵŵƵŶŝĐĂƟŽŶƐĂŶĚWůĂĐĞZĞĐŽŐŶŝƟŽŶ͗dŚƌŽƵŐŚĞīĞĐƟǀĞĐŽŵŵƵŶŝĐĂƟŽŶĂŶĚƉůĂĐĞƌĞĐŽŐŶŝƟŽŶ͕ĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚǁŝůůďĞĂĚǀĂŶĐĞĚŝŶƚŚĞdŽǁŶŽĨŽĂůĚĂůĞĂŶĚƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͘ hŶĚĞƌĞĂĐŚŽĨƚŚĞĨŽƵƌƐƚƌĂƚĞŐŝĐĚƌŝǀĞƌƐĂŶƵŵďĞƌŽĨ<ĞLJZĞƐƵůƚƐǁŝƚŚƚŚĞŝƌƐƚƌĂƚĞŐŝĞƐŚĂǀĞďĞĞŶůŝƐƚĞĚ͘

ϴ͘ϱ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚLJηϭ͗'ŽǀĞƌŶĂŶĐĞĂŶĚĞůŝǀĞƌLJ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚLJηϭ'ŽǀĞƌŶĂŶĐĞ͗ƐƚĂďůŝƐŚĂĐŽƐƚĞīĞĐƟǀĞŵĞĂŶƐƚŽŝŵƉůĞŵĞŶƚƚŚĞĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ^ƚƌĂƚͲ ĞŐLJƚŚĂƚŝƐƌĞƐƉŽŶƐŝǀĞƚŽƚŚĞŶĞĞĚƐŽĨďŽƚŚƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͘

ϴ͘ϱ͘ϭĂĐŬŐƌŽƵŶĚ tŝƚŚŽǀĞƌϴ͕ϬϬϬĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŽƌŐĂŶŝnjĂƟŽŶƐŝŶEŽƌƚŚŵĞƌŝĐĂĂůŽŶĞ͕ĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŝƐĂǀĞƌLJ ĐŽŵƉĞƟƟǀĞďƵƐŝŶĞƐƐ͘ dŚĞĚĞůŝǀĞƌLJŽĨĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŝŶĂŶĂĚĂƌĂŶŐĞƐĨƌŽŵ&ĞĚĞƌĂů'ŽǀĞƌŶŵĞŶƚĞƉĂƌƚŵĞŶƚƐƚŽWƌŽǀŝŶĐŝĂů DŝŶŝƐƚƌŝĞƐ͕ƚŽƌĞŐŝŽŶĂůĂůůŝĂŶĐĞƐ͕ƚŽŵƵŶŝĐŝƉĂůĚĞƉĂƌƚŵĞŶƚƐ͕ƚŽďƵƐŝŶĞƐƐƌĞĚĞǀĞůŽƉŵĞŶƚĂƌĞĂƐ͕ƚŽŶĞŝŐŚďŽƵƌŚŽŽĚ ĂƌĞĂƉƌŽũĞĐƚƐ͘dŚĞĨƵƌƚŚĞƌƌĞŵŽǀĞĚƚŚĞŽƌŐĂŶŝnjĂƟŽŶŝƐ͕ƚŚĞůĞƐƐĐŽŶƚƌŽůĂŶĚĨŽĐƵƐŽŶůŽĐĂůŝƐƐƵĞƐĂŶĚŽƉƉŽƌƚƵŶŝƟĞƐ ŽĐĐƵƌ͘ tŝƚŚŝŶƚŚĞĐŽŶƚĞdžƚŽĨƚŚĞďƌŽĂĚĞƌ^ŽƵƚŚĞƌŶůďĞƌƚĂƌĞŐŝŽŶ͕ƚŚĞƌĞĂƌĞĂŶƵŵďĞƌŽĨĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƌĞůĂƚĞĚ ƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌƐĂƐƐĞĞŶďĞůŽǁ͗

ͻ ŽŵŵƵŶŝƚLJ&ƵƚƵƌĞƐ>ĞƚŚďƌŝĚŐĞZĞŐŝŽŶ &ŽĐƵƐĞĚ ŽŶďƵƐŝŶĞƐƐůŽĂŶƐ͕ĞŶƚƌĞƉƌĞŶĞƵƌƚƌĂŝŶŝŶŐ͕ĂŶĚĐŽŵŵƵŶŝƚLJĚĞǀĞůŽƉŵĞŶƚĂƐƐŝƐƚĂŶĐĞ

ͻ ^ŽƵƚŚŐƌŽǁĐŽŶŽŵŝĐůůŝĂŶĐĞ &ŽĐƵƐĞĚŽŶƐƚƵĚŝĞƐ͕ƉƌŽǀͲ ŝŶĐŝĂůĐŽŶŶĞĐƟŽŶƐ͘&ƵƚƵƌĞƐƚĂƚƵƐŝŶƋƵĞƐƟŽŶ ͻ ĂŶĂĚŝĂŶĂĚůĂŶĚƐ>ƚĚ͘&ŽĐƵƐĞĚŽŶƚŽƵƌŝƐŵƉƌŽĚƵĐƚĚĞǀĞůŽƉŵĞŶƚ

ͻ ŚŝŶŽŽŬŽƵŶƚƌLJdŽƵƌŝƐƚƐƐŽĐŝĂƟŽŶ &ŽĐƵƐĞĚŽŶƚŽƵƌŝƐŵŵĂƌͲ ŬĞƟŶŐ

ͻ ŽĂůĚĂůĞĂŶĚŝƐƚƌŝĐƚŚĂŵďĞƌŽĨŽŵŵĞƌĐĞ &ŽĐƵƐĞĚŽŶƐƉĞĐŝĂůĞǀĞŶƚƐ /Ed'Zds>KWDEd^dZd'z | 91

ĂƐƐŝƐƚĂŶĐĞĂŶĚďƵƐŝŶĞƐƐŶĞƚǁŽƌŬŝŶŐ

ͻ ĂŶĂĚŝĂŶĂĚůĂŶĚƐ&ŽƵŶĚĂƟŽŶ &ŽĐƵƐĞĚŽŶ ŝŶǀĞƐƚŵĞŶƚĂƩƌĂĐƟŽŶĂŶĚďƌŽĂĚĞƌƌĞŐŝŽŶĂůĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ

ϴ͘ϱ͘Ϯ>ŽĐĂůĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚĞůŝǀĞƌLJ dŚĞdŽǁŶŽĨŽĂůĚĂůĞŚĂƐĂƩĞŵƉƚĞĚƚŽĨƵůĮůůƚŚĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĨƵŶĐƟŽŶƚŚƌŽƵŐŚƚŚĞƵƐĞŽĨƉĂƌƚͲƟŵĞ ƐƚĂīĂŶĚǀŽůƵŶƚĞĞƌƐ͕ǁŚŝůĞƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞŚĂƐŽƵƚƐŽƵƌĐĞĚƚŚĞŵĂŶĚĂƚĞƚŽĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ>ĞƚŚͲ ďƌŝĚŐĞǁŝƚŚŽƵƚĐůĞĂƌůLJƐƟƉƵůĂƟŶŐĞdžƉĞĐƚĂƟŽŶƐŶŽƌŵŽŶŝƚŽƌŝŶŐŝƚƐƉĞƌĨŽƌŵĂŶĐĞ͘ dĂďůĞϭϭĞŶƟƚůĞĚƵƌƌĞŶƚĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚĞůŝǀĞƌLJŶĂůLJƐŝƐ͕ƉƌŽǀŝĚĞƐĂŶĂƐƐĞƐƐŵĞŶƚŽĨůŽĐĂůĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚĚĞůŝǀĞƌLJ͘ůĞĂƌůLJƚŚĞƌĞŝƐŶŽĐƌĂĚůĞƚŽŐƌĂǀĞƌĞƐƉŽŶƐŝďŝůŝƚLJŝŶŚĂŶĚůŝŶŐŝŶǀĞƐƚŵĞŶƚůĞĂĚƐŶŽƌďƵƐŝŶĞƐƐ ƌĞƚĞŶƟŽŶŝƐƐƵĞƐ͘ /ŶƵŶĚĞƌƚĂŬŝŶŐƚŚĞĐŽŶƐƵůƚĂƟŽŶƐĂŶĚƉƌĞƉĂƌĂƟŽŶŽĨƚŚŝƐƐƚƌĂƚĞŐLJ͕ŝƚďĞĐĂŵĞĂƉƉĂƌĞŶƚƚŚĞƌĞŝƐůŝŵŝƚĞĚĂǁĂƌĞŶĞƐƐŽĨ ǁŚĂƚůŽĐĂůĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĞīŽƌƚƐƉƌĞƐĞŶƚůLJŽĐĐƵƌ͘ ƵƌŝŶŐƚŚĞŝŶƚĞƌǀŝĞǁƐ͕ŝŶĚƵƐƚƌLJƌĞƉƌĞƐĞŶƚĂƟǀĞƐŝŶĚŝĐĂƚĞĚĐŽŶƚĂĐƚďLJĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƌĞƉƌĞƐĞŶƚĂƟǀĞƐǁĂƐ ǀŝƌƚƵĂůůLJŶŽŶͲĞdžŝƐƚĞŶƚ͘ZĞƐƵůƚƐŽĨƚŚĞĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚZĞƐŝĚĞŶƚKƉŝŶŝŽŶ^ƵƌǀĞLJ͕ƌĞŇĞĐƚĞĚĂŶĂďŶŽƌŵĂůůLJůŽǁ ϵϬйƉŽŽƌƚŽĨĂŝƌƌĂƟŶŐǁŝƚŚŽŶůLJϮйƌĂƟŶŐƚŚĞƐĞƌǀŝĐĞĂƐĞdžĐĞůůĞŶƚ͘ ϵϮ ͮപ/Ed'Zds>KWDEd^dZd'z dĂďůĞ// hZZEdKEKD/s>KWDEd>/sZzE>z^/^ KƌŐĂŶŝnjĂƟŽŶ dŽǁŶŽĨŽĂůĚĂůĞ ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ ĞƐĐƌŝƉƟŽŶ sŽůƵŶƚĞĞƌŽĂƌĚ EŽƚͲ&ŽƌͲWƌŽĮƚŽƌƉŽƌĂƟŽŶ͕ ŽƵƚƐŽƵƌĐĞĚƚŽ> ƐƐŝŐŶĞĚƐƵƉƉŽƌƚƐƚĂī DŝdžŽĨŚƵŵĂŶƌĞƐŽƵƌĐĞƐ͕ ŵĂƌŬĞƟŶŐ͕ƐƚƵĚLJĨŽĐƵƐĞĚ >ŝŵŝƚĞĚĂĐƟǀŝƚLJ ZĂŶŐĞŽĨƌĞƐƉŽŶƐŝďŝůŝƟĞƐ WĂƌƚŶĞƌƐŚŝƉǁŝƚŚŝƚLJ WƌŽƐ DŝŶŽƌĐŽƐƚ ŽƐƚƐŚĂƌĞĚ WƌŽǀŝĚĞƐĨŽƌĐŽŵŵƵŶŝƚLJ WĞƌĐĞƉƟŽŶŽĨďĞŝŶŐ ƉĂƌƟĐŝƉĂƟŽŶ ĞŶƚƌĞƉƌĞŶĞƵƌŝĂů /ŶĚĞƉĞŶĚĞŶƚƐƚĂƚƵƐ ůŝŵŝŶĂƚĞƐƉŽůŝƟĐĂůďŽƵŶĚĂƌŝĞƐ ŽƵůĚůĞĂĚƚŽŽƚŚĞƌƉĂƌƚŶĞƌŝŶŐ ĞīŽƌƚ

ŽŶƐ hŶĚĞƌďƵĚŐĞƚĞĚ ^ƚĂďŝůŝƚLJ >ŝŵŝƚĞĚƌĞƐŽƵƌĐĞƐ >ŽƐƐŽĨŵŝĐƌŽŝƐƐƵĞƐ ĞƉĞŶĚĞŶƚƵƉŽŶǀŽůƵŶƚĞĞƌƐ >ĂĐŬŽĨƐĂůĞƐƌĞƐƉŽŶƐŝďŝůŝƚLJ ĐŽŵŵŝƚŵĞŶƚ ^ƚĂďŝůŝƚLJ &ƵŶĚĞƌĐŽŶƚƌŽů >ĞƐƐůŝŬĞůLJƚŽŝŶŇƵĞŶĐĞĂŶĚ >ŝŵŝƚĞĚĂďŝůŝƚLJƚŽƐƉĞĂŬŽŶďĞŚĂůĨ ƉĞƌƐƵĂĚĞ ŽĨŵƵŶŝĐŝƉĂůŝƚLJ DĞĞƟŶŐĨƌĞƋƵĞŶĐLJ dƵƌĨŝƐƐƵĞƐ KǀĞƌŚĞĂĚŝŶĐůƵĚĞƐƐƉĂĐĞ WƌŽĚƵĐƚĚĞǀĞůŽƉŵĞŶƚͬŽǁŶĞƌƐŚŝƉ ƌĞĚŝďŝůŝƚLJ WĞƌĨŽƌŵĂŶĐĞŵĞĂƐƵƌĞŵĞŶƚƐ ůĂĐŬŝŶŐ ŽƩŽŵůŝŶĞƌĞƐƉŽŶƐŝďŝůŝƚLJ

ϴ͘ϱ͘ϯdƌĂŝƚƐŽĨĂ^ƵĐĐĞƐƐĨƵůKƌŐĂŶŝnjĂƟŽŶ

͞ĞƐƚWƌĂĐƟĐĞ͟ƌĞǀŝĞǁŽĨĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŽƌŐĂŶŝnjĂƟŽŶƐƌĞǀĞĂůĞĚƚŚĂƚƚŚĞ͞ŽŶĞƐŚŽĞĮƚƐĂůů͟ĂƉƉƌŽĂĐŚŝƐ ŶŽƚĂƉƉůŝĐĂďůĞ͘KŌĞŶ͕ŐŽǀĞƌŶĂŶĐĞĞǀŽůǀĞƐŽǀĞƌƟŵĞĂĐĐŽƌĚŝŶŐƚŽĐŚĂŶŐŝŶŐŵĂŶĚĂƚĞƐ͕ŽďũĞĐƟǀĞƐ͕ƌĞƐŽƵƌĐĞƐ͕ƐƚĂƚĞ ŽĨƚŚĞĞĐŽŶŽŵLJ͕ĂŶĚƉŽůŝƟĐĂůƉƌĞƐƐƵƌĞ͘,ŽǁĞǀĞƌƚŚĞƌĞĂƌĞĐŽŵŵŽŶƚƌĂŝƚƐƌĞŇĞĐƚĞĚďLJůĞĂĚŝŶŐĞĐŽŶŽŵŝĐĚĞǀĞůŽƉͲ ŵĞŶƚĚĞůŝǀĞƌLJĂŐĞŶĐŝĞƐ͘dŚĞƐĞĂƌĞ͗

ͻ ƵƉůŝĐĂƟŽŶŽĨĞīŽƌƚŝƐĂǀŽŝĚĞĚ ම ƌĞĂƟŽŶŽĨƐŝŵŝůĂƌƐƉůŝŶƚĞƌŐƌŽƵƉƐĚŽĞƐŶŽƚŽĐĐƵƌ ම ŽŵƉĞƟƟŽŶĨŽƌŵŽŶĞƚĂƌLJĂŶĚǀŽůƵŶƚĞĞƌƐƵƉƉŽƌƚŝƐƉƌĞǀĞŶƚĞĚ ම ^ŝŵŝůĂƌĂĚŵŝŶŝƐƚƌĂƟŽŶĐŽƐƚƐĚŽŶŽƚŽĐĐƵƌ

ͻ ,ĂƐĂƵƚŽŶŽŵLJ /Ed'Zds>KWDEd^dZd'z | 93

ම ďŝůŝƚLJƚŽƐƉĞĂŬǁŝƚŚĂƵƚŚŽƌŝƚLJ

ම WŽǁĞƌƚŽŵĂŬĞƚŚŝŶŐƐŚĂƉƉĞŶ

ͻ /ŶĐůƵƐŝǀĞǀĞƌƐƵƐĞdžĐůƵƐŝǀĞ ම /ŶĐůƵĚĞƐĐŽŵŵƵŶŝƚLJŵŽǀĞƌƐĂŶĚƐŚĂŬĞƌƐ

ම DĂŬĞƐĞīĞĐƟǀĞƵƐĞŽĨǀŽůƵŶƚĞĞƌƐ

ͻ ,ĂƐĂĚĞƋƵĂƚĞĨƵŶĚŝŶŐ ම DƵůƟͲLJĞĂƌĐŽŵŵŝƚŵĞŶƚ ම DƵƐƚŵĂƚĐŚ^ƚƌĂƚĞŐŝĐWůĂŶĂĐƟŽŶƌĞƋƵŝƌĞŵĞŶƚƐ ම ĚĞƋƵĂƚĞůLJƐƚĂīĞĚ

ම >ŝƩůĞŽƌŶŽĨƵŶĚƌĂŝƐŝŶŐƌĞƋƵŝƌĞĚ

ͻ ,ĂƐĨƌĞƋƵĞŶƚĐŽŵŵƵŶŝĐĂƟŽŶǁŝƚŚƐƵƉƉŽƌƚŐƌŽƵƉƐ ම ŽͲŽƌĚŝŶĂƚĞĚĞīŽƌƚƐ ම ZĞĐŽŐŶŝnjĞĚĂƐĂĐŽŵŵƵŶŝƚLJĞīŽƌƚ ම ůůŽǁƐĨŽƌŝŶŶŽǀĂƟŽŶ͕ƌŝƐŬƚĂŬŝŶŐ ම ĐƟǀĞŝŶĂƐƐŽĐŝĂƟŽŶƐ͕ŶĞƚǁŽƌŬŝŶŐ ම DĂdžŝŵŝnjĞĞdžƉĞŶĚŝƚƵƌĞƐͬĞīŽƌƚƚŚĂƚĚĞŵŽŶƐƚƌĂƚĞƐďĞŶĞĮƚƐͬƌĞƚƵƌŶƐ

ම EŽŶƐƉĞĐŝĮĐƉƌŽũĞĐƚƐĐŽƐƚƐŬĞƉƚƚŽĂŵŝŶŝŵƵŵ DŽƐƚĨƌĞƋƵĞŶƚ͞ĐŽŵŵĞŶƚƐŚĞĂƌĚ͟ǁŝƚŚĐŽŵŵƵŶŝƚLJƌĞƉƌĞƐĞŶƚĂƟǀĞƐ͕ŽƵŶĐŝůŵĞŵďĞƌƐ͕ƐĞŶŝŽƌĂĚŵŝŶŝƐƚƌĂƟŽŶ͕ĂŶĚ ďƵƐŝŶĞƐƐƌĞůĂƚĞĚƚŽŐŽǀĞƌŶĂŶĐĞǁĞƌĞ͖

ͻ hŶƐƵƌĞǁŚĂƚŝƐďĞŝŶŐĚŽŶĞ

ͻ ŽƵŶĐŝůŶĞĞĚƐƚŽƐŚŽǁŵŽƌĞůĞĂĚĞƌƐŚŝƉ

ͻ dŚĞďƵƐŝŶĞƐƐĐŽŵŵƵŶŝƚLJǁĂŶƚƐƚŽŚĞůƉ

ͻ ĂŶ͛ƚŐŽĂůŽŶĞ

ͻ EĞĞĚƚŽƐƉĞŶĚŵŽŶĞLJƚŽŵĂŬĞŵŽŶĞLJ

ͻ ĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŵŽƌĞƚŚĂŶďĞĂƵƟĮĐĂƟŽŶĂŶĚƐƉĞĐŝĂůĞǀĞŶƚƐ

ͻ ĂŶ͛ƚĞdžƉĞĐƚǀŽůƵŶƚĞĞƌƐƚŽĚŽŝƚĂůů

ͻ EĞĞĚƐƚŽďĞƌĞĐĞƉƟǀĞƚŽďƵƐŝŶĞƐƐ

ͻ EĞĞĚƚŽĐŚĂŶŐĞĐƵƌƌĞŶƚĂƉƉƌŽĂĐŚ

ϴ͘ϱ͘ϰŽĂůĚĂůĞͬŽƌƌŝĚŽƌ'ŽǀĞƌŶĂŶĐĞůƚĞƌŶĂƟǀĞƐ dŚĞĐŚĂůůĞŶŐĞŽĨĐƌĞĂƟŶŐĂŶŽƌŐĂŶŝnjĂƟŽŶŵŽĚĞůƚŽĚĞůŝǀĞƌĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚǁŝƚŚŝŶƚŚĞdŽǁŶŽĨŽĂůĚĂůĞĂŶĚ ĐŽƌƌŝĚŽƌǁĂƐƌĞǀŝĞǁĞĚĚƵƌŝŶŐǁŽƌŬƐŚŽƉƐĂŶĚŽƚŚĞƌĚŝƐĐƵƐƐŝŽŶƐ͘,ŽǁĞǀĞƌŶŽĐůĞĂƌŽƌŐĂŶŝnjĂƟŽŶƉƌĞĨĞƌĞŶĐĞĞǀŽůǀĞĚ͘ ƐƐƵĐŚŝƚŝƐƌĞĐŽŵŵĞŶĚĞĚƚŚĂƚƵƉŽŶĂĚŽƉƟŽŶŽĨƚŚĞ/ŶƚĞŐƌĂƚĞĚĞǀĞůŽƉŵĞŶƚ^ƚƌĂƚĞŐLJ͕ĨƵƌƚŚĞƌƌĞǀŝĞǁŽĐĐƵƌ͘ dŚĞĚĞůŝǀĞƌLJŵŽĚĞůƐƐƵŐŐĞƐƚĞĚďĞůŽǁŚĂǀĞďĞĞŶƉƌŽǀŝĚĞĚƚŽĂƐƐŝƐƚŝŶĨŽĐƵƐƐŝŶŐƚŚĞƐĞůĞĐƟŽŶƉƌŽĐĞƐƐ͘,ŽǁĞǀĞƌ ŐŽǀĞƌŶĂŶĐĞĐŽŶƐŝĚĞƌĂƟŽŶƐŚŽƵůĚŶŽƚŶĞĐĞƐƐĂƌŝůLJďĞƌĞƐƚƌŝĐƚĞĚƚŽƚŚŽƐĞůŝƐƚĞĚ͘&ƵƌƚŚĞƌĚĞƚĂŝůƐŚĂǀĞďĞĞŶĚĞƉŝĐƚĞĚŝŶ dĂďůĞ///͘

ͻ ^ƚĂƚƵƐƋƵŽǁŝƚŚŵŽĚŝĮĐĂƟŽŶƐ

ͻ ŽŶƚƌĂĐƚƐĞƌǀŝĐĞƐƚŽĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ>ĞƚŚďƌŝĚŐĞ

ͻ ŽŶƚƌĂĐƚƐĞƌǀŝĐĞƐƚŽŽŵŵƵŶŝƚLJ&ƵƚƵƌĞƐ ϵϰ ͮപ/Ed'Zds>KWDEd^dZd'z

ͻ ŽŶƚƌĂĐƚƐĞƌǀŝĐĞƐƚŽKůĚŵĂŶZŝǀĞƌZĞŐŝŽŶĂů^ĞƌǀŝĐĞƐŽŵŵŝƐƐŝŽŶ

ͻ ƌĞĂƚĞĂŶĞǁŽƌŐĂŶŝnjĂƟŽŶ

dĂďůĞ/// KƌŐĂŶŝnjĂƟŽŶůƚĞƌŶĂƟǀĞƐ

KƌŐĂŶŝnjĂƟŽŶDŽĚĞů ĞƐĐƌŝƉƟŽŶ ŽŵŵĞŶƚƐ ^ƚĂƚƵƐYƵŽǁŝƚŚ͞ŵŽĚŝĮĐĂƟŽŶƐ͟ ŽƵŶƚLJͬdŽǁŶǁŽƵůĚĐŽŶƟŶƵĞƚŽ ŽƵŶƚLJƐŚŽƵůĚƐƟƉƵůĂƚĞ ƉƌŽǀŝĚĞƐĞƌǀŝĐĞŝŶĚĞƉĞŶĚĞŶƚůLJ͘ ĞdžƉĞĐƚĂƟŽŶƐŽĨ>ĂŶĚŝŶƐƚĂůů tŽƵůĚĂŐƌĞĞƚŽĐŽŽƉĞƌĂƚĞŝŶ ƉĞƌĨŽƌŵĂŶĐĞŵŽŶŝƚŽƌŝŶŐĐƌŝƚĞƌŝĂ ĂƌĞĂƐŽĨĐŽŵŵŽŶŝŶƚĞƌĞƐƚĂŶĚ ŵƵƚƵĂůďĞŶĞĮƚ >ƐŚŽƵůĚďĞƌĞƋƵĞƐƚĞĚƚŽƉƌŽǀŝĚĞ ŽƵŶƚLJƐĞƌǀŝĐĞƉƌŽǀŝĚĞĚďLJ> ĂĚĞĚŝĐĂƚĞĚŽƵŶƚLJĞĐŽŶŽŵŝĐ ǁŝƚŚĂƐƟƉƵůĂƟŽŶƚŽĨŽĐƵƐŽŶ ĚĞǀĞůŽƉŵĞŶƚŽĸĐĞƌǁŝƚŚĞdžƉĞƌƟƐĞ ĐŽƌƌŝĚŽƌĂƌĞĂ͘/ŶĐƌĞĂƐĞĨĞĞĨŽƌ ŝŶĂŐƌŝĐƵůƚƵƌĞ ƐĞƌǀŝĐĞŵĂLJďĞƌĞƋƵŝƌĞĚ

dŽǁŶƐŚŽƵůĚĐŽŶƐŝĚĞƌĨŽƌŵĂůŝnjŝŶŐ EĞĞĚƚŽƉƌŽǀŝĚĞĨŽƌǀŽůƵŶƚĞĞƌ ĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĂƐĂ ƐƵƉƉŽƌƚĂŶĚďƵƐŝŶĞƐƐŝŶƉƵƚ ĚĞƉĂƌƚŵĞŶƚĂůĨƵŶĐƟŽŶǁŝƚŚ ĨƵůůƟŵĞƐƚĂĸŶŐĂŶĚĂůůŽĐĂƚĞĚ YƵŝĐŬĞƐƚĂŶĚƉĞƌŚĂƉƐĐŚĞĂƉĞƐƚƚŽ ďƵĚŐĞƚ ŐĞƚƵŶĚĞƌǁĂLJ

/^ŽŵŵŝƩĞĞǁŝƚŚĂŶĞdžƉĂŶĚĞĚ ,/ŐŚůLJĚĞƉĞŶĚĞŶƚƵƉŽŶƐĂƟƐĨĂĐƟŽŶ ŵĂŶĚĂƚĞĐŽƵůĚƐĞƌǀĞĂƐƚŚĞŝŶƚĞƌͲ ůĞǀĞůǁŝƚŚ> ŵƵŶŝĐŝƉĂůŽǀĞƌƐĞĞƌ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ>ĞƚŚďƌŝĚŐĞ >ǁŽƵůĚďĞĐŽŶƚƌĂĐƚĞĚƚŽ ^ĞĞdĂďůĞ//͕ƵƌƌĞŶƚĐŽŶŽŵŝĐ ƉƌŽǀŝĚĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ĞǀĞůŽƉŵĞŶƚŶĂůLJƐŝƐ͕ĨŽƌƉƌŽƐͬĐŽŶƐ ƐĞƌǀŝĐĞƐĨŽƌƚŚĞĞŶƟƌĞƌĞŐŝŽŶ ŝŶĐůƵĚŝŶŐŽĂůĚĂůĞ KƌŐĂŶŝnjĂƟŽŶŶĂŵĞŽĨĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ>ĞƚŚďƌŝĚŐĞŵĂLJ ŽĂůĚĂůĞƚŽƉƌŽǀŝĚĞĨĞĞĨŽƌ ƌĞƋƵŝƌĞĐŚĂŶŐĞƚŽƌĞŇĞĐƚŝŶĐůƵƐŝŽŶŽĨ ƐĞƌǀŝĐĞŽŶƐŝŵŝůĂƌďĂƐŝƐĂƐŽƵŶƚLJ ŽĂůĚĂůĞ

DĂLJůŽƐĞŝŶƉƵƚͬĞdžƉĞƌƟƐĞŽĨ ŵƵŶŝĐŝƉĂůƐƚĂī

>ŝŵƉůĞŵĞŶƟŶŐĚŽĐƵŵĞŶƚƐŵĂLJ ŶĞĞĚĂŵĞŶĚŵĞŶƚ

ŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞƐƵƉƉŽƌƚŶĞĐĞƐƐĂƌLJ ŽŵŵƵŶŝƚLJ&ƵƚƵƌĞƐ>ĞƚŚďƌŝĚŐĞ tŽƵůĚďĞĐŽŶƚƌĂĐƚĞĚƚŽƉƌŽǀŝĚĞ &ĂƐƐŝƐƚĂŶĐĞƉƌĞƐĞŶƚůLJĂĨƌĞĞ ƚŚĞƐĞƌǀŝĐĞ ƐĞƌǀŝĐĞ

DĂLJŽǀĞƌůĂƉǁŝƚŚ>͛ƐĞdžŝƐƟŶŐ ŽƵŶƚLJƐĞƌǀŝĐĞƉƌŽǀŝƐŝŽŶƐ ůĞĂƌůLJĚĞĮŶĞĚŵĂŶĚĂƚĞ͕ ĞdžƉĞĐƚĂƟŽŶƐ͕ƌĞƉŽƌƟŶŐ͕ĂŶĚ tŽƵůĚƌĞƋƵŝƌĞĂĚĚŝƟŽŶĂů& ƉĞƌĨŽƌŵĂŶĐĞŵŽŶŝƚŽƌŝŶŐŶĞĞĚĞĚ ƐƚĂĸŶŐƐƵƉƉŽƌƚ /Ed'Zds>KWDEd^dZd'z | 95

KůĚŵĂŶZŝǀĞƌZĞŐŝŽŶĂů^ĞƌǀŝĐĞƐ tŽƵůĚďĞĐŽŶƚƌĂĐƚĞĚƚŽƉƌŽǀŝĚĞ KĸĐĞůŽĐĂƟŽŶŵĂLJďĞĂŶŝƐƐƵĞŝŶ ŽŵŵŝƐƐŝŽŶ ƐĞƌǀŝĐĞ ƌĞƐƉŽŶĚŝŶŐƚŽĐůŝĞŶƚƐ͘

ƵƌƌĞŶƚĨĞĞƐĐŚĞĚƵůĞǁŽƵůĚ tŽƵůĚďƵŝůĚƵƉŽŶĂƉŽƐŝƟǀĞǁŽƌŬŝŶŐ ƌĞƋƵŝƌĞĂŵĞŶĚŵĞŶƚ ƌĞůĂƟŽŶƐŚŝƉ

ĚĚĞĚƐƚĂĸŶŐƐƵƉƉŽƌƚǁŽƵůĚďĞ ŝƌĞĐƚůŝŶŬƚŽƉůĂŶŶŝŶŐƐƵƉƉŽƌƚĐŽƵůĚ ŶĞĐĞƐƐĂƌLJ ůĞĂĚƚŽŽŶĞͲƐƚŽƉƐŚŽƉƉŝŶŐ

ůĞĂƌůLJĚĞĮŶĞĚŵĂŶĚĂƚĞ͕ ĞdžƉĞĐƚĂƟŽŶƐ͕ƌĞƉŽƌƟŶŐƉƌŽĐĞĚƵƌĞƐ͕ ĂŶĚƉĞƌĨŽƌŵĂŶĐĞŵŽŶŝƚŽƌŝŶŐ ŶĞĞĚĞĚ

tŚĂƚǁŽƵůĚďĞƚŚĞĞdžƉĞĐƚĂƟŽŶƐ ŽĨŽƚŚĞƌĞdžŝƐƟŶŐŵĞŵďĞƌ ŵƵŶŝĐŝƉůĂŝƟĞƐ͍ EĞǁKƌŐĂŶŝnjĂƟŽŶ EĞǁĨŽƌŵĂů͕ĐŽůůĂďŽƌĂƟǀĞ ^ƚĂƌƚƵƉĨƵŶĚŝŶŐŽīƐĞƚƐƐŚŽƵůĚďĞ ƉĂƌƚŶĞƌƐŚŝƉ ĞdžƉůŽƌĞĚ

WŽƐƐŝďůĞĐƌĞĂƟŽŶƵŶĚĞƌƚŚĞ ůůŽǁƐĞdžĐĞůůĞŶƚĐŽŶƚƌŽůŽĨĞĐŽŶŽŵŝĐ ^ŽĐŝĞƟĞƐĐƚ ĚĞǀĞůŽƉŵĞŶƚƐƚƌĂƚĞŐLJ

&ƵŶĚŝŶŐĂŐƌĞĞŵĞŶƚŶĞĐĞƐƐĂƌLJ džƉůŽƌĞŝŶĐůƵƐŝŽŶŽĨ/^ ŝŵƉůĞŵĞŶƚĂƟŽŶƌĞƐƉŽŶƐŝďŝůŝƚLJ ŐƌĞĞŵĞŶƚƚŽƐŚĂƌĞŝŶĐƌĞŵĞŶƚĂů ŝŶĚƵƐƚƌŝĂů͕ĐŽŵŵĞƌĐŝĂů͕ KĸĐĞůŽĐĂƟŽŶŵĂLJďĞĂŶŝƐƐƵĞ ĂŐƌŝĐƵůƚƵƌĂůƚĂdžƌĞǀĞŶƵĞ ŽƵŶƚLJ͛ƐĂŐƌĞĞŵĞŶƚǁŝƚŚ>ǁŽƵůĚ EĞĞĚƚŽƉƌŽǀŝĚĞĨŽƌďƵƐŝŶĞƐƐ ƌĞƋƵŝƌĞƌĞǀŝĞǁ ƌĞƉƌĞƐĞŶƚĂƟŽŶĂŶĚǀŽƟŶŐƌŝŐŚƚƐ ůĞĂƌǀŝƐŝŽŶ͕ŵĂŶĚĂƚĞ͕ŽƉĞƌĂƟŶŐ EĞĞĚĂƐƵŶƐĞƚĐůĂƵƐĞŽĨĮǀĞƚŽ ŐƵŝĚĞůŝŶĞƐ͕ƉĞƌĨŽƌŵĂŶĐĞŵŽŶŝƚŽƌŝŶŐ ƐĞǀĞŶLJĞĂƌƐĨŽƌǁĂƌĚƚŽĂůůŽǁ ŶĞĞĚĞĚ͘ ĂĚĞƋƵĂƚĞǁŽƌŬŝŶŐƟŵĞLJĞƚĂŶ ĞdžŝƚĐůĂƵƐĞ

ƉƉƌŽƉƌŝĂƚĞďLJůĂǁƐƚŽďĞƉĂƐƐĞĚ

^ƚĂĸŶŐƐƵƉƉŽƌƚǁŝůůŶĞĞĚƚŽďĞ ŚŝƌĞĚ ϵϲ ͮപ/Ed'Zds>KWDEd^dZd'z

ϲ͘ϱ͘ϱ<ĞLJZĞƐƵůƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚLJηϭ͗dŽĞƐƚĂďůŝƐŚĂĐŽƐƚĞīĞĐƟǀĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ƉƌŽŐƌĂŵĂŶĚŐŽǀĞƌŶĂŶĐĞƐƚƌƵĐƚƵƌĞƚŚĂƚŝƐƌĞƐƉŽŶƐŝǀĞƚŽƚŚĞŶĞĞĚƐŽĨďŽƚŚƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚdŽǁŶŽĨ ŽĂůĚĂůĞĂƌĞ͗

<ĞLJZĞƐƵůƚƐ ZĞƐƉŽŶƐŝďŝůŝƚLJ WĂƌƚŶĞƌƐ WĞƌĨŽƌŵĂŶĐĞDĞĂƐƵƌĞƐ ŶĞĐŽŶŽŵŝĐ ŽƵŶĐŝů dŽǁŶŽĨŽĂůĚĂůĞ͛Ɛ KƌŐĂŶŝnjĂƟŽŶŵŽĚĞůĂĚŽƉƚĞĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ ĚĞůŝǀĞƌLJŵŽĚĞůŝƐ ^ĞŶŝŽƌ^ƚĂī ΘdŽƵƌŝƐŵŽŵŵŝƩĞĞ &ƵŶĚŝŶŐĨŽƌŵƵůĂĂŐƌĞĞĚƚŽĂŶĚ ĂŐƌĞĞĚƵƉŽŶďLJƚŚĞ ŝŵƉůĞŵĞŶƟŶŐďLJůĂǁƐƉĂƐƐĞĚǁŝƚŚŝŶ ŽƵŶƚLJĂŶĚdŽǁŶ /^^ƚĞĞƌŝŶŐ ŚĂŵďĞƌŽĨŽŵŵĞƌĐĞ ϲŵŽŶƚŚƐŽĨ/^ĂĚŽƉƟŽŶ ŽŵŵŝƩĞĞ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ ŐƌĞĞŵĞŶƚƌĞŇĞĐƚƐŵƵůƟͲLJĞĂƌ ƐƵƉƉŽƌƚ'ƌŽƵƉƐ ĐŽŵŵŝƚŵĞŶƚǁŝƚŚĞdžŝƚĐůĂƵƐĞ

DĂŶĚĂƚĞǁŝůůŵĂƚĐŚĚĞƐŝƌĞĚ ĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚǀŝƐŝŽŶĂŶĚ ŐŽĂůƐͬŽďũĞĐƟǀĞƐ

ĐŽŶŽŵŝĐ ŽƵŶĐŝů WƌŝǀĂƚĞ^ĞĐƚŽƌ dŚĞƌĞĂƌĞŶŽĞĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚŝƐĂŶ ĚĞǀĞůŽƉŵĞŶƚĚĞůŝǀĞƌLJƐĞƌǀŝĐĞŐĂƉƐ ŝŶĐůƵƐŝǀĞĂĐƟǀŝƚLJƚŚĂƚ ^ĞŶŝŽƌ^ƚĂī ŚŝŶŽŽŬŽƵŶƚƌLJdŽƵƌŝƐƚ ŝŶƚŚĞĂƌĞĂ ĂǀŽŝĚƐĚƵƉůŝĐĂƟŽŶ ƐƐĐ ĂŶĚŵĂdžŝŵŝnjĞƐƚŚĞ ĐŽŶŽŵŝĐ ^ƚƌŽŶŐƉĂƌƚŶĞƌƐŚŝƉƐ ƵƐĞŽĨƌĞƐŽƵƌĐĞƐ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĂĚŝĂŶĂĚůĂŶĚƐ>ƚĚ͘ ŐƌŽƵƉƐ >ŝŵŝƚĞĚĚƵƉůŝĐĂƟŽŶŽĨĞīŽƌƚ ŽŵŵƵŶŝƚLJ&ƵƚƵƌĞƐ >ĞƚŚďƌŝĚŐĞ ĸĐŝĞŶƚƵƐĞŽĨƌĞƐŽƵƌĐĞƐĂŶĚ ĨƵŶĚŝŶŐ KůĚŵĂŶZŝǀĞƌZĞŐŝŽŶĂů ^ĞƌǀŝĐĞƐŽŵŵŝƐƐŝŽŶ ŽƐƚƐŚĂƌŝŶŐŝŶŝƟĂƟǀĞƐƵŶĚĞƌǁĂLJ

ĸĐŝĞŶƚƵƐĞŽĨǀŽůƵŶƚĞĞƌ ƉĂƌƟĐŝƉĂƟŽŶ ZĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌ 'ŽǀĞƌŶĂŶĐĞŽĚLJ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ ZĞĐĞŝǀĞŚŝŐŚĞĐŽŶŽŵŝĐĚĞůŝǀĞƌLJ ͞ĐƌĂĚůĞƚŽŐƌĂǀĞ͟ ^ƵƉƉŽƌƚ'ƌŽƵƉƐ ĐƵƐƚŽŵĞƌƐĞƌǀŝĐĞƌĂƟŶŐƐ ƐŝƚĞƐĞůĞĐƟŽŶĂŶĚ ŽƵŶĐŝů ŝŶǀĞƐƚŽƌĞŶƋƵŝƌLJŝƐ ^ŝƚĞƐĞůĞĐƟŽŶĂŶĚŝŶǀĞƐƚŵĞŶƚ ĐůĞĂƌůLJĚĞĮŶĞĚĂŶĚ ^ĞŶŝŽƌ^ƚĂī ƉƌŽĐĞƐƐƚƌĂŶƐƉĂƌĞŶƚ ĂŐƌĞĞĚƚŽ ĐƐƵƉƉŽƌƚ ĞĮŶĞĚůŝŶĞƐŽĨƌĞƐƉŽŶƐŝďŝůŝƚLJ ŐƌŽƵƉƐ ƵŶĚĞƌƐƚŽŽĚĂŶĚĂĚŽƉƚĞĚ

ϴ͘ϲ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚLJηϮ͗ĐƟǀŝƚLJĂŶĚtŽƌŬWĞƌĨŽƌŵĂŶĐĞ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚLJηϮ͗ƐƚĂďůŝƐŚĂĐƟǀŝƚLJĂŶĚƉĞƌĨŽƌŵĂŶĐĞŵŽŶŝƚŽƌŝŶŐƚŚĂƚĞīĞĐƟǀĞůLJĂĚǀĂŶĐĞƐĞĐŽŶŽŵŝĐĚĞǀĞůŽƉͲ ŵĞŶƚŝŶƚŚĞŽƵŶƚLJĐŽƌƌŝĚŽƌĂŶĚdŽǁŶŽĨŽĂůĚĂůĞ

ϴ͘ϲ͘ϭĐƟǀŝƚLJ dŚĞŽƉĞƌĂƟŽŶƐŽĨĂŶĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŽƌŐĂŶŝnjĂƟŽŶĂƌĞŐĞŶĞƌĂůůLJŝŶŇƵĞŶĐĞĚďLJĨŽƵƌŵĂũŽƌŝŶƚĞƌͲƌĞůĂƚĞĚĂĐͲ ƟŽŶƐƚŚĂƚĂƌĞƐƵƉƉŽƌƚĞĚďLJĂŶƵŵďĞƌŽĨĂĐƟǀŝƟĞƐ͘ /Ed'Zds>KWDEd^dZd'z | 97

1. ZĞƐŽƵƌĐĞƐĂŶĚĂĐƟŽŶƐǁŚŝĐŚǁŝůůĂƐƐŝƐƚŝŶƚŚĞƌĞƚĞŶƟŽŶŽĨĞdžŝƟŶŐďƵƐŝŶĞƐƐĂŶĚ͕ 2. ZĞƐŽƵƌĐĞƐĂŶĚĂĐƟŽŶƐǁŚŝĐŚǁŝůůůĞĂĚƚŽƚŚĞĞdžƉĂŶƐŝŽŶŽĨĞdžŝƐƟŶŐďƵƐŝŶĞƐƐĂŶĚ͕ 3. ZĞƐŽƵƌĐĞƐĂŶĚĂĐƟŽŶƐǁŚŝĐŚǁŝůůĂƩƌĂĐƚŶĞǁďƵƐŝŶĞƐƐĂŶĚŝŶǀĞƐƚŵĞŶƚĂŶĚ͕ 4. ZĞƐŽƵƌĐĞƐĂŶĚĂĐƟŽŶƐǁŚŝĐŚǁŝůůĞŶĐŽƵƌĂŐĞĞŶƚƌĞƉƌĞŶĞƵƌƐŚŝƉ͘ dŚĞƐĞĂĐƟŽŶƐĂƌĞƐƵƉƉŽƌƚĞĚďLJĂŶƵŵďĞƌŽĨĂĐƟǀŝƟĞƐ͘ dŽďĞƩĞƌĂƉƉƌĞĐŝĂƚĞƚŚĞƐĐŽƉĞŽĨǁŽƌŬƵŶĚĞƌƚĂŬĞŶďLJďĞƐƚƉƌĂĐƟĐĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŽƉĞƌĂƟŽŶƐ͕ĂŶĐƟǀͲ ŝƚLJŚĞĐŬůŝƐƚ;ƐĞĞdĂďůĞ/sͿǁĂƐƉƌĞƉĂƌĞĚĂŶĚƌĞǀŝĞǁĞĚǁŝƚŚŽƵŶĐŝů͛ƐĂŶĚƚŚĞŝƌƐƚĂīĂƚƚŚĞŵƵŶŝĐŝƉĂůǁŽƌŬƐŚŽƉ͘ dŚĞĐŚĞĐŬůŝƐƚĂƐĐŽŵƉůĞƚĞĚďLJƚŚĞƉĂƌƟĐŝƉĂŶƚƐ͕ŝŶĚŝĐĂƚĞƐƚŚĂƚŵĂŶLJĨƵŶĐƟŽŶƐƵŶĚĞƌƚĂŬĞŶďLJƉƌŽŐƌĞƐƐŝǀĞĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚŽƉĞƌĂƟŽŶƐǁĞƌĞůĂĐŬŝŶŐŝŶƚŚĞĂƌĞĂ͘/ŶƐŽŵĞĐĂƐĞƐ͕ƚŚĞĂĐƟǀŝƚLJŵĂLJǀĞƌLJǁĞůůŽĐĐƵƌ͕ďƵƚƚŚĞƌĞǁĂƐŶŽ ƐƵĐŚĂǁĂƌĞŶĞƐƐďLJƚŚĞƉĂƌƟĐŝƉĂŶƚƐ͘ dŚĞĂĐƟǀŝƚLJĐŚĞĐŬůŝƐƚĐĂŶƐĞƌǀĞĂƐĂƚŽŽůƚŽŝĚĞŶƟĨLJƐĞƌǀŝĐĞŐĂƉƐĂŶĚƚŽƉƌŝŽƌŝƟnjĞĂĐƟǀŝƟĞƐŽĨƚŚĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉͲ ŵĞŶƚĨƵŶĐƟŽŶ͘dŚĞůĞǀĞůƚŽǁŚŝĐŚƚŚĞĐŚĞĐŬůŝƐƚŝƐĞdžƉĞĐƚĞĚƚŽďĞƵŶĚĞƌƚĂŬĞŶǁŝůůĚŝĐƚĂƚĞƐƚĂĸŶŐŶƵŵďĞƌƐ͕ŶĞĞĚĞĚ ĞdžƉĞƌƟƐĞ͕ĂŶĚďƵĚŐĞƚƌĞƋƵŝƌĞŵĞŶƚƐ͘

dĂďůĞ/s KEKD/s>KWDEdd/s/dz,<>/^d

d/s/dzW/>>Z^ d/s/dz dKtE KhEdz /Es^dDEdWZKhZDEd ŶŶƵĂůĐŽŵƉĞƟƟǀĞĂŶĂůLJƐŝƐ dž y ŶŶƵĂůtĂŐĞ^ƵƌǀĞLJ y dž ŽŵŵƵŶŝƚLJWƌŽĮůĞ 99 /ŶǀĞƐƚŽƌWĂĐŬĂŐĞ dž 9 tĞďƐŝƚĞ^ƵƉƉŽƌƚ 99 ŵďĂƐƐĂĚŽƌWƌŽŐƌĂŵ dž y >ƵƌĞͬDĂƌŬĞƟŶŐDĂƚĞƌŝĂů 99 ƵƐŝŶĞƐƐŝƌĞĐƚŽƌLJ 9 y ĞĚŝĐĂƚĞĚWƌŽĐĞƐƐŽƌ y dž ^ŝƚĞΘƵŝůĚŝŶŐĂƚĂďĂƐĞ dž y WĞƌƐŽŶĂůŽŶƚĂĐƚ y dž ^ŝƚĞsŝƐŝƚƐ dž dž EĞƚǁŽƌŬŝŶŐ 99 >ŽĐĂůƵƐŝŶĞƐƐ^ƵƉƉŽƌƚ 99 dƌĂĚĞƐŚŽǁƐ dž y /ŶĐĞŶƟǀĞWƌŽŐƌĂŵ^ƵƉƉŽƌƚ dž dž WƌŽǀŝŶĐŝĂůͬZĞŐŝŽŶĂůŽŽƉĞƌĂƟŽŶ 99 /ŶƚĞƌͲĂŐĞŶĐLJŽŽƉĞƌĂƟŽŶ 99 WZKhds>KWDEd WƵďůŝĐͬWƌŝǀĂƚĞWĂƌƚŶĞƌƐŚŝƉ dž y ĂƚĂďĂƐĞ y dž /ŶĐƵďĂƚŽƌ dž 9 /ŶǀĞŶƚŽƌLJŽĨƐŚŽǀĞůƌĞĂĚLJƐŝƚĞƐ 9 dž /ŶĨƌĂƐƚƌƵĐƚƵƌĞŶŚĂŶĐĞŵĞŶƚWƌŽŐƌĂŵ dž dž ŐŐƌĞƐƐŝǀĞŐƌĂŶƚůĞǀĞƌĂŐĞƉƌŽŐƌĂŵ dž 9 ϵϴ ͮപ/Ed'Zds>KWDEd^dZd'z

ZΘ ^ƵƉƉŽƌƚŚĂŵďĞƌĂŶĚŽƚŚĞƌďƵƐŝŶĞƐƐŐƌŽƵƉƐ 99 ^ƉĂĐĞŶĞĞĚƐĂƐƐŝƐƚĂŶĐĞ dž y ^ĞĐƚŽƌƐƉĞĐŝĂůŝƐƚ y dž ƵƐŝŶĞƐƐĐĂůůŝŶŐƉƌŽŐƌĂŵ dž y ƵƐŝŶĞƐƐ^ƵƌǀĞLJƐ y dž ĚƵĐĂƟŽŶͬdƌĂŝŶŝŶŐ dž dž ZĞĐŽŐŶŝƟŽŶWƌŽŐƌĂŵƐ 9 y >ŽĐĂůƐŽƵƌĐŝŶŐĂƐƐŝƐƚĂŶĐĞ y dž ƵƐŝŶĞƐƐƚŽƵƐŝŶĞƐƐƉƌŽŐƌĂŵƐ dž y tŽƌŬĨŽƌĐĞĚĞǀĞůŽƉŵĞŶƚ 9 dž DĂƌŬĞƚĞǀĞůŽƉŵĞŶƚƐƐŝƐƚĂŶĐĞ dž y ZĞĚ&ůĂŐZĞƐƉŽŶƐĞdĞĂŵ y dž ŵƉůŽLJĞĞEĞĞĚƐƐƐĞƐƐŵĞŶƚ dž y ƵƐŝŶĞƐƐdžŝƚ^ƵƌǀĞLJ dž dž EdZWZEhZ^,/W DĞŶƚŽƌŝŶŐWƌŽŐƌĂŵƐ 99 ĐĐĞƐƐƚŽĮŶĂŶĐŝŶŐ 99 EĞƚǁŽƌŬŝŶŐ^ƵƉƉŽƌƚ 99 EdZWZEhZ^,/W DĂƌŬĞƚĚĞǀĞůŽƉŵĞŶƚĂƐƐŝƐƚĂŶĐĞ 99 dƌĂŝŶŝŶŐ 99 'ŽǀĞƌŶŵĞŶƚƉƌŽŐƌĂŵͬƐƵƉƉŽƌƚĚŝƐƐĞŵŝŶĂƟŽŶ y dž KZZ ^ƚƌĂƚĞŐLJ dž ŶͬĂ &ŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞƉƌŽŐƌĂŵ;ƐͿ dž ŶͬĂ ƵŝůĚŝŶŐ^ƉĂĐĞƐƐĞƐƐŵĞŶƚ y ŶͬĂ 'ĂƉĂŶĂůLJƐŝƐ dž ŶͬĂ ĂƚĂďĂƐĞ y ŶͬĂ ^ƵƉƉŽƌƟǀĞďLJůĂǁƐͬƉĞƌŵŝƫŶŐ dž ŶͬĂ dKhZ/^D 99 ^ƉĞĐŝĂůǀĞŶƚƐƐƐŝƐƚĂŶĐĞ 99 WƌŽĚƵĐƚĞǀĞůŽƉŵĞŶƚͬŶŚĂŶĐĞŵĞŶƚ dž y ZĞŐŝŽŶĂůDĂƌŬĞƟŶŐ 99 ZĞĐŽŐŶŝƟŽŶWƌŽŐƌĂŵ dž y /ŶĨŽƌŵĂƟŽŶĞŶƚƌĞͬŝƐƚƌŝďƵƟŽŶ 9 dž WĂĐŬĂŐŝŶŐWƌŽŐƌĂŵ dž y /ŶǀĞŶƚŽƌLJŽĨĐĐŽŵŵŽĚĂƟŽŶƐ y dž ǀĞŶƚƐĂůĞŶĚĂƌ 99 tĞďƐŝƚĞ^ƵƉƉŽƌƚ 99 ƌƚƐΘƵůƚƵƌĞ/ŶǀĞŶƚŽƌLJ 9 y ĚǀŽĐĂĐLJ 9 dž ŽŵŵƵŶŝƚLJ^ƵƉƉŽƌƚ dž y dƌĂŝŶŝŶŐͬĚƵĐĂƟŽŶ y dž WĂƌƚŶĞƌƐŚŝƉǁŝƚŚƐƵƉƉŽƌƚĂŐĞŶĐŝĞƐ 99 WĂƌƟĐŝƉĂƚĞŝŶZĞŐŝŽŶĂů/ŶŝƟĂƟǀĞƐ 99 EKd͗y/ĚĞŶƟĮĞĚĂƐŶŽƚĐƵƌƌĞŶƚůLJƵŶĚĞƌƚĂŬĞŶ 9/ĚĞŶƟĮĞĚĂƐƵŶĚĞƌƚĂŬĞŶ /Ed'Zds>KWDEd^dZd'z | 99

8.6.1.1 Business Retention & Expansion (BR+E)

ŝƐĐƵƐƐŝŽŶǁŝƚŚůŽĐĂůĞŵƉůŽLJĞƌƐƌĞǀĞĂůĞĚƚŚĞƌĞǁĂƐĂůĂĐŬŽĨĐŽŶƐŝƐƚĞŶƚƌĂƉƉŽƌƚĂŶĚĐŽŶƚĂĐƚďĞƚǁĞĞŶŵƵŶŝĐŝƉĂů ƌĞƉƌĞƐĞŶƚĂƟǀĞƐĂŶĚďƵƐŝŶĞƐƐ͘zĞƚĨŽƌŵŽƐƚĐŽŵŵƵŶŝƟĞƐ͕ƚŚĞŵĂũŽƌŝƚLJŽĨŶĞǁũŽďĐƌĞĂƟŽŶĐŽŵĞƐĨƌŽŵĮƌŵƐĂůƌĞĂĚLJ ŝŶƚŚĞĂƌĞĂ͘ƐƐƵĐŚ͕ŝƚŝƐŝŵƉĞƌĂƟǀĞĂďƵƐŝŶĞƐƐƌĞƚĞŶƟŽŶĂŶĚĞdžƉĂŶƐŝŽŶƉƌŽŐƌĂŵďĞŝŶŝƟĂƚĞĚ͘ tŽƌŬŝŶŐǁŝƚŚůŽĐĂůďƵƐŝŶĞƐƐŝƐŽŌĞŶƐĞĞŶĂƐĂůĞƐƐĂƩƌĂĐƟǀĞĂĐƟǀŝƚLJƚŽƵŶĚĞƌƚĂŬĞĂƐǁŽƌŬŽĐĐƵƌƐďĞŚŝŶĚƚŚĞƐĐĞŶĞƐ ĂŶĚĚŽĞƐŶ͛ƚĐƌĞĂƚĞƚŚĞĞdžĐŝƚĞŵĞŶƚŽĨĂŶŶŽƵŶĐŝŶŐĂŶĞǁďƵƐŝŶĞƐƐ͘,ŽǁĞǀĞƌZн͕ƐŚŽƵůĚďĞǀŝĞǁĞĚĂƐĐƌƵĐŝĂů ƐƵƉƉŽƌƚƚŽŝŶǀĞƐƚŵĞŶƚĂƩƌĂĐƟŽŶĞīŽƌƚƐ͘&ŝƌŵƐĚŽŶŽƚůŽĐĂƚĞƚŽĂŶĂƌĞĂďĞĐĂƵƐĞŽĨĨĂŶĐLJŵĂƌŬĞƟŶŐŵĂƚĞƌŝĂůƐ͘ dŚĞLJŽŌĞŶĨŽůůŽǁŽƚŚĞƌƐǁŚĞƌĞƐƵĐĐĞƐƐŚĂƐďĞĞŶƉƌŽǀĞŶĂŶĚǁŚĞƌĞƚŚĞLJŬŶŽǁĂƌĞƐƉŽŶƐŝǀĞƐƵƉƉŽƌƟǀĞĐŽŵŵƵŶͲ ŝƚLJĞdžŝƐƚƐ͘ƐƉĂƌƚŽĨƚŚĞƐŝƚĞƐĞůĞĐƟŽŶƉƌŽĐĞƐƐ͕ĮƌŵƐǁŝůůŽŌĞŶĂƉƉƌŽĂĐŚĐŽŵƉĂŶŝĞƐĂůƌĞĂĚLJŝŶƚŚĞĐŽŵŵƵŶŝƚLJƚŽ ŐĂƌŶĞƌƚŚĞŝƌƌĂƟŶŐŽĨƚŚĞĂƌĞĂĂƐĂďƵƐŝŶĞƐƐůŽĐĂƟŽŶ͘ ďƵƐŝŶĞƐƐĂŶĚĞdžƉĂŶƐŝŽŶŝŶŝƟĂƟǀĞǁŽƌŬƐƚŽŝŵƉƌŽǀĞƚŚĞĐŽŵƉĞƟƟǀĞŶĞƐƐŽĨůŽĐĂůďƵƐŝŶĞƐƐĞƐ͕ďƵŝůĚƐƵƉŽŶĚĞǀĞůŽƉͲ ŵĞŶƚŽƉƉŽƌƚƵŶŝƟĞƐ͕ĂŶĚŝŶĐƌĞĂƐĞƐƚŚĞĐĂƉĂĐŝƚLJŽĨĂĐŽŵŵƵŶŝƚLJƚŚƌŽƵŐŚƚŚĞƉƌŽǀŝƐŝŽŶŽĨƚƌĂŝŶŝŶŐĂŶĚŶĞƚǁŽƌŬŝŶŐ͘

 ƵƐŝŶĞƐƐĨŽůůŽǁƐŽƚŚĞƌ ƐƵĐĐĞƐƐĨƵůƵƐŝŶĞƐƐ

ZнĂůƐŽƉƌŽǀŝĚĞƐ͗

ͻ ŶĂǀĞŶƵĞŽĨĐŽŵŵƵŶŝĐĂƟŽŶďĞƚǁĞĞŶďƵƐŝŶĞƐƐĂŶĚůŽĐĂůŐŽǀĞƌŶŵĞŶƚ

ͻ /ĚĞŶƟĮĞƐďƵƐŝŶĞƐƐŽƉĞƌĂƟŽŶĂůŝƐƐƵĞƐĂŶĚďĂƌƌŝĞƌƐ

ͻ WƌŽǀŝĚĞƐĮƌŵƐǁŝƚŚĂŶĂǁĂƌĞŶĞƐƐŽĨĂǀĂŝůĂďůĞƌĞƐŽƵƌĐĞƐƚŽĂƐƐŝƐƚƚŚĞŵĂŶĚĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽĚĞƉůŽLJƚŚŝƐĂƐƐŝƐƚͲ ĂŶĐĞ

ͻ >ĞŶĚƐĐƌĞĚŝďŝůŝƚLJƚŽĂŶĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƉƌŽŐƌĂŵ

ͻ ƌĞĂƚĞƐĂŵďĂƐƐĂĚŽƌƐĂŶĚŐŽŽĚĐƵƐƚŽŵĞƌƌĞůĂƟŽŶƐ

ϴ͘ϲ͘ϮWĞƌĨŽƌŵĂŶĐĞDĞĂƐƵƌĞƐ

,ŝƐƚŽƌŝĐĂůĚŽĐƵŵĞŶƚĂƟŽŶƌĞŇĞĐƟŶŐƚŚĞƌĞƐƵůƚƐŽĨƉĂƐƚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĂĐƟǀŝƟĞƐŝƐĂďƐĞŶƚǁŝƚŚŝŶƚŚĞĐŽƌͲ ƌŝĚŽƌĂƌĞĂĂŶĚdŽǁŶ͘tŚĂƚĞǀĞƌĨƵƚƵƌĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĚĞůŝǀĞƌLJƐƚƌƵĐƚƵƌĞŝƐƐĞůĞĐƚĞĚ͕ŝƚǁŝůůƐĞƌǀĞŵĂŶLJ ĂƵĚŝĞŶĐĞƐƚŚĂƚǁŝůůŶĞĞĚƚŽďĞĂďůĞƚŽĞǀĂůƵĂƚĞŝƚƐƉĞƌĨŽƌŵĂŶĐĞ͘/ŶĚŝĐĂƚŽƌƐŽĨĂƐƵĐĐĞƐƐĨƵůĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ƉƌŽŐƌĂŵǁŝůůƌĂŝƐĞƚŚĞĐŽŶĮĚĞŶĐĞŽĨƚŚĞƉƌŝǀĂƚĞƐĞĐƚŽƌĂŶĚĞŶĐŽƵƌĂŐĞĐŽŶƟŶƵĞĚĐŽŶƚƌŝďƵƟŽŶŝŶůĞĂĚĞƌƐŚŝƉĂŶĚ ĞdžƉĞƌƟƐĞ͘ƐƵĐĐĞƐƐĨƵůƉƌŽŐƌĂŵǁŝůůĂůƐŽĐŽŶƟŶƵĞƚŽĂƩƌĂĐƚƉŽůŝƟĐĂůƐƵƉƉŽƌƚĂŶĚĚŝƌĞĐƚĮŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞ͘ WĞƌĨŽƌŵĂŶĐĞŵĞĂƐƵƌĞƐƐŚŽƵůĚďĞĚĞǀĞůŽƉĞĚĐŽŽƉĞƌĂƟǀĞůLJďĞƚǁĞĞŶƐƚĂī͕ĐŽƵŶĐŝůĂŶĚƚŚĞĚĞůŝǀĞƌLJŽƌŐĂŶŝnjĂƟŽŶ͘ dŚĞƐĞŵĞĂƐƵƌĞƐƐŚŽƵůĚďĞ^DZd

ͻ ^ƉĞĐŝĮĐ

ͻ DĞĂƐƵƌĂďůĞ

ͻ ZĞůĞǀĂŶƚ

ͻ dŝŵĞďĂƐĞĚ ^ƵŐŐĞƐƚĞĚƋƵĂŶƟƚĂƟǀĞŵĞĂƐƵƌĞƐŝŶĐůƵĚĞ͗

ͻ ůŝĞŶƚƐŐĞŶĞƌĂƚĞĚ

ͻ EƵŵďĞƌďƵƐŝŶĞƐƐĞƐĂƐƐŝƐƚĞĚ

ͻ :ŽďƐĐƌĞĂƚĞĚ

ͻ ZĞƚĂŝůƐƉĂĐĞĂďƐŽƌďĞĚ ϭϬϬ ͮപ/Ed'Zds>KWDEd^dZd'z

ͻ ƵŝůĚŝŶŐƐƉĂĐĞŽĐĐƵƉŝĞĚ

ͻ /ŶƋƵŝƌĞƐŐĞŶĞƌĂƚĞĚ

ͻ dĂdžĚŽůůĂƌƐŐĞŶĞƌĂƚĞĚ

ͻ /ŶĚƵƐƚƌŝĂůͬĐŽŵŵĞƌĐŝĂůůĂŶĚƐƐŽůĚ

ͻ ƵŝůĚŝŶŐƉĞƌŵŝƚǀĂůƵĞƐ

ͻ EƵŵďĞƌŽĨŶĞǁĐŽŵƉĂŶŝĞƐ

ͻ KĐĐƵƉĂŶĐLJƌĂƚĞƐ

ͻ ^ƉĞĐŝĂůĞǀĞŶƚƐĂƐƐŝƐƚĞĚ

ͻ dŽƵƌŝƐŵƐƚĂƟƐƟĐƐ dŚĞĞƐƚĂďůŝƐŚŵĞŶƚŽĨĚĂƚĂĐŽůůĞĐƟŽŶƉƌŽĐĞĚƵƌĞƐƚŽĞŶƐƵƌĞĚĂƚĂĂǀĂŝůĂďŝůŝƚLJĂŶĚĐŽŶƐŝƐƚĞŶĐLJŵƵƐƚďĞĂŐƌĞĞĚƵƉŽŶ͘ >ŽŶŐĞƌƚĞƌŵŐŽĂůƐƐƵĐŚĂƐŝŵƉƌŽǀŝŶŐŵĞĚŝƵŵŝŶĐŽŵĞƐĂŶĚůŽĐĂůƌĞƚĂŝůĮŐƵƌĞƐƐŚŽƵůĚďĞƐƉůŝƚŝŶƚŽƐŝŶŐůĞLJĞĂƌŽďũĞĐƚͲ ŝǀĞƐ͘ &ŽƌŵĂůƌĞĐŽƌĚŝŶŐŽĨŵĞĂƐƵƌĞŵĞŶƚƐŵĂLJŽĐĐƵƌďLJƵƐŝŶŐƚŚĞĨŽƌŵĂƩĞĚƚĂďůĞďĞůŽǁ͗ dĂďůĞs

DĞĂƐƵƌŝŶŐ^ƵĐĐĞƐƐ

KďũĞĐƟǀĞ ĞƐĐƌŝƉƟŽŶ

ĂƚĂZĞƋƵŝƌĞĚ

^ŽƵƌĐĞ

/ŵƉĂĐƚŽĨƩĂŝŶŵĞŶƚ

ĐŽŵƉĂƌŝƐŽŶƚŽŚŝƐƚŽƌŝĐĂůďĞŶĐŚŵĂƌŬƐĂŶĚͬŽƌĐŽŵƉĂƌŝƐŽŶƚŽŽƚŚĞƌƐŝŵŝůĂƌũƵƌŝƐĚŝĐƟŽŶƐŝƐĞŶĐŽƵƌĂŐĞĚ͘dŚĞƐĞŵĂLJ ďĞďƌŽŬĞŶĚŽǁŶĨƵƌƚŚĞƌŝŶƚŽůĞǀĞůƐŽĨĂĐƟǀŝƟĞƐ;ŝĞͿŶƵŵďĞƌƐŽĨĐůŝĞŶƚƐŐĞŶĞƌĂƚĞĚ͕ŶƵŵďĞƌŽĨƐƚĂƌƚͲƵƉƐ͕ĂŶĚƐƵĐŚ͘/Ŷ ĂůůĐĂƐĞƐŝƚŝƐŶĞĐĞƐƐĂƌLJƚŽĚĞŵŽŶƐƚƌĂƚĞǀĂůƵĞ͘ ϲ͘ϯ<ĞLJƌĞƐƵůƚƐƐƵƉƉŽƌƟŶŐ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚLJηϮ͗ƐƚĂďůŝƐŚĂĐƟǀŝƚLJĂŶĚƉĞƌĨŽƌŵĂŶĐĞŵŽŶŝƚŽƌŝŶŐƚŚĂƚĞīĞĐƟǀĞůLJ ĂĚǀĂŶĐĞƐĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞŽƵŶƚLJĐŽƌƌŝĚŽƌĂŶĚdŽǁŶŽĨŽĂůĚĂůĞĂƌĞ͗ /Ed'Zds>KWDEd^dZd'z | 101

<ĞLJZĞƐƵůƚ ZĞƐƉŽŶƐŝďŝůŝƚLJ WĂƌƚŶĞƌƐ WĞƌĨŽƌŵĂŶĐĞDĞĂƐƵƌĞƐ ŶĞĐŽŶŽŵŝĐĚĞǀĞůͲ ŽƵŶĐŝů ĐŽŶŽŵŝĐĞǀĞůŽƉͲ tŽƌŬƉůĂŶŝƐƐƵĐĐĞƐƐĨƵůůLJƵŶĚĞƌƚĂŬĞŶ ŽƉŵĞŶƚĂĐƟǀŝƚLJǁŽƌŬ ŵĞŶƚ'ƌŽƵƉƐ ƉůĂŶƚŚĂƚĐĂŶŐƌŽǁĂƐ ƐƵĐĐĞƐƐŽĐĐƵƌƐĂŶĚŝƐ ǁŝƚŚŝŶƚŚĞĮŶĂŶĐŝĂů K ŶĞƋƵŝƚĂďůĞĚŝƐƚƌŝďƵƟŽŶŽĨĞĐŽŶŽŵͲ ŵĞĂŶƐŽĨƚŚĞdŽǁŶͬ KƚŚĞƌ ŝĐĚĞǀĞůŽƉŵĞŶƚĂĐƟǀŝƚLJŽĐĐƵƌƐǁŝƚŚŝŶ ŽƵŶƚLJŝƐĂĚŽƉƚĞĚ ƚŚĞŽƵŶƚLJĂŶĚƚŚĞdŽǁŶ

^ĞŶŝŽƌ^ƚĂī

'ŽǀĞƌŶŝŶŐďŽĚLJ WĞƌĨŽƌŵĂŶĐĞŵĞĂͲ ŽƵŶĐŝů ƐƌĞƋƵŝƌĞĚ WĞƌĨŽƌŵĂŶĐĞŵŽŶŝƚŽƌŝŶŐŽĐĐƵƌƐŽŶĂ ƐƵƌĞƐƚŽŵŽŶŝƚŽƌ ƌĞŐƵůĂƌďĂƐŝƐ ĞĐŽŶŽŵŝĐĚĞǀĞůŽƉͲ ŵĞŶƚƉƌŽŐƌĞƐƐĂƌĞ ĞƐƚĂďůŝƐŚĞĚŐĂƌŶĞƌŝŶŐ K ĐŽŶĮĚĞŶĐĞƐĂŶĚƐƵƉͲ ĐƟǀŝƚLJǁŽƌŬƉůĂŶŵĂLJďĞĂŵĞŶĚĞĚ ƉŽƌƚĨŽƌƚŚĞƉƌŽŐƌĂŵ ĂƐƌĞƋƵŝƌĞĚ

^ĞŶŝŽƌ^ƚĂī

'ŽǀĞƌŶŝŶŐďŽĚLJ YƵĂůŝĮĞĚĞĐŽͲ 'ŽǀĞƌŶŝŶŐďŽĚLJ ƐƌĞƋƵŝƌĞĚ YƵĂůŝĮĞĚƉƌŽĨĞƐƐŝŽŶĂůƐƚĂīĂƌĞŚŝƌĞĚ ŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ƉƌŽĨĞƐƐŝŽŶĂů;ƐͿĂƌĞ ŚŝƌĞĚƚŽůĞĂĚĂŶĚ ĞdžĞĐƵƚĞƚŚĞ^ KŐĂƌŶĞƌƐƚŚĞƌĞƐƉĞĐƚĂŶĚĐŽŽƉͲ ĞƌĂƟŽŶŽĨďƵƐŝŶĞƐƐ͕ƉŽůŝƟĐŝĂŶƐ͕ƉĂƌƚͲ ŶĞƌŝŶŐĂŐĞŶĐŝĞƐ͕ĂŶĚŽƚŚĞƌƐƚĂī ŚŝŐŚƉƌŽĮůĞ͕ĐŽŶͲ K ƐƌĞƋƵŝƌĞĚ ŵŝŶŝŵƵŵŽĨϮϰďƵƐŝŶĞƐƐĞƐĂƌĞ ƐŝƐƚĞŶƚůLJĚĞůŝǀĞƌĞĚ ĐĂůůĞĚƵƉŽŶĂŶŶƵĂůůLJ ƵƐŝŶĞƐƐZĞƚĞŶƟŽŶΘ džƉĂŶƐŝŽŶƉƌŽŐƌĂŵŝƐ ĚĞůŝǀĞƌĞĚǁŝƚŚŝŶƚŚĞ DĂLJŽƌͬZĞĞǀĞ ĂƌĞĂ ŽƵŶĐŝůĂŶĚƐĞŶŝŽƌƐƚĂīĂƌĞƌĞĐŽŐͲ ŶŝnjĞĚĂƐůĞĂĚĞƌƐĂŶĚĂĚǀŽĐĂƚĞƐŽĨ ĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ^ĞŶŝŽƌ^ƚĂī

^ƵƌǀĞLJƐƌĞŇĞĐƚĂƉŽƐŝƟǀĞĞĐŽŶŽŵŝĐ ^ƵƉƉŽƌƚŐĞŶĐŝĞƐͬWĞƌͲ ĚĞǀĞůŽƉŵĞŶƚƐĞƌǀŝĐĞƌĂƟŶŐ ƐŽŶŶĞů

ŽŶƐŝƐƚĞŶƚƌĂƉƉŽƌƚĂŶĚĐŽŶƚĂĐƚŝƐ ŵĂŝŶƚĂŝŶĞĚǁŝƚŚůŽĐĂůďƵƐŝŶĞƐƐ ϭϬϮ ͮപ/Ed'Zds>KWDEd^dZd'z ϴ͘ϳ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚLJηϯ͗ĂŶĂŵĞdž,ŝŐŚǁĂLJ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚLJηϯ͗DĂdžŝŵŝnjŝŶŐĂŶĂŵĞdž,ŝŐŚǁĂLJĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƐƉŝŶƐŽīƐĂŶĚŵŝŶŝŵŝnjŝŶŐŝƚƐƉŽƐƐŝďůĞ ŶĞŐĂƟǀĞŝŵƉĂĐƚƐ dƌĂŶƐƉŽƌƚĂƟŽŶĂŶĚƚŚĞĂďŝůŝƚLJƚŽĞīĞĐƟǀĞůLJŵŽǀĞƉĞŽƉůĞĂŶĚƚŽƌĞĐĞŝǀĞͬƐŚŝƉŐŽŽĚƐĂŶĚŵĂƚĞƌŝĂůƐ͕ŝƐĐŽŶƐŝƐƚĞŶƚůLJ ŝĚĞŶƟĮĞĚĂƐŽŶĞŽĨƚŚĞƉƌŝŵĂƌLJĨĂĐƚŽƌƐĂīĞĐƟŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨďƵƐŝŶĞƐƐ͘dŚĞŽƵŶƚLJĂŶĚŽĂůĚĂůĞĂƌĞĨŽƌƚƵŶͲ ĂƚĞŝŶƚŚŝƐƌĞŐĂƌĚŚĂǀŝŶŐĂŶĞdžĐĞůůĞŶƚŶĞƚǁŽƌŬŽĨƌŽĂĚƐ͕ŚŝŐŚůŝŐŚƚĞĚďLJŚŝŐŚǁĂLJ͚ƐηϯĂŶĚηϰƚŚĂƚƚƌĂǀĞƌƐĞƚŚĞĂƌĞĂ͘ dŚŝƐƐƚƌĂƚĞŐŝĐĂĚǀĂŶƚĂŐĞŝƐĞdžƉĞĐƚĞĚƚŽďĞĨƵƌƚŚĞƌĞŶŚĂŶĐĞĚǁŝƚŚƚŚĞĐŽŵƉůĞƟŽŶŽĨƚŚĞĂŶĂŵĞdžŚŝŐŚǁĂLJ͕ůĞĂĚŝŶŐ ƚŽďŽƚŚŽƉƉŽƌƚƵŶŝƟĞƐĂŶĚĐŚĂůůĞŶŐĞƐĨŽƌƚŚĞƌĞŐŝŽŶ͘

ϴ͘ϳ͘ϭĂŶĂŵĞdždƌĂĚĞŽƌƌŝĚŽƌ dŚĞĂŶĂŵĞdžŝƐĂƉƌŽƉŽƐĞĚϲ͕ϬϬϬŬŵŚŝŐŚǁĂLJďĂƐĞĚƚƌĂĚĞĐŽƌƌŝĚŽƌƐƚƌĞƚĐŚŝŶŐĨƌŽŵŶĐŚŽƌĂŐĞ͕ůĂƐŬĂ͕ƚŽDĞdžŝĐŽ͘ hƉŽŶŝƚƐĐƌŽƐƐŝŶŐĂƚƚŚĞĂŶĂĚĂͬh^ďŽƌĚĞƌĂƚŽƵƩ͛Ɛ͕ƚŚĞƌŽƵƚĞǁŝůůƉĂƌĂůůĞůŝŶƚĞƌƐƚĂƚĞZŽƵƚĞϭϱĂŶĚƌƵŶƚŚƌŽƵŐŚ ƚŚĞ^ƚĂƚĞƐŽĨDŽŶƚĂŶĂ͕/ĚĂŚŽ͕hƚĂŚ͕EĞǀĂĚĂ͕ĂŶĚƌŝnjŽŶĂ͕ƉůƵƐƚŚĞǁĞƐƚĞƌŶDĞdžŝĐĂŶƐƚĂƚĞƐ͘ /ŶŝƟĂƚĞĚďLJƚŚĞWƌŽǀŝŶĐĞŽĨůďĞƌƚĂ͕ƚŚĞƉƌŝŵĂƌLJƉƵƌƉŽƐĞŽĨƚŚĞŽƌƌŝĚŽƌŝƐƚŽŝŵƉƌŽǀĞĞĸĐŝĞŶĐŝĞƐŽĨŵŽǀŝŶŐŐŽŽĚƐ ĂŶĚƉĞŽƉůĞďĞƚǁĞĞŶDĞdžŝĐŽ͕h^ĂŶĚĂŶĂĚĂ͘ dŚĞƐƚĂƚĞĚŐŽĂůƐŽĨƚŚĞĂŶĂŵĞdždƌĂĚĞŽƌƌŝĚŽƌĂƌĞ͖

ͻ /ŵƉƌŽǀĞĂĐĐĞƐƐĨŽƌƚŚĞŶŽƌƚŚͲƐŽƵƚŚŇŽǁŽĨŐŽŽĚƐ͕ƉĞŽƉůĞ͕ĂŶĚŝŶĨŽƌŵĂƟŽŶ͖

ͻ /ŶĐƌĞĂƐĞƚƌĂŶƐƉŽƌƚƉƌŽĚƵĐƟǀŝƚLJĂŶĚƌĞĚƵĐĞƚƌĂŶƐƉŽƌƚĂƟŽŶĐŽƐƚƐ͖

ͻ WƌŽŵŽƚĞĂƐĞĂŵůĞƐƐĂŶĚĞĸĐŝĞŶƚŝŶƚĞƌŵŽĚĂůƚƌĂŶƐƉŽƌƚƐLJƐƚĞŵ͖

ͻ ZĞĚƵĐĞĂĚŵŝŶŝƐƚƌĂƟŽŶĂŶĚĞŶĨŽƌĐĞŵĞŶƚĐŽƐƚƐƚŚƌŽƵŐŚŚĂƌŵŽŶŝnjĞĚƌĞŐƵůĂƟŽŶƐ /ƚŝƐďĞůŝĞǀĞĚƚŚĞƐĞŐŽĂůƐǁŝůůĨĂĐŝůŝƚĂƚĞƚŚĞŐƌŽǁƚŚŽĨƚƌĂĚĞĂŶĚƐƵďƐĞƋƵĞŶƚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŽĨĐŽŵŵƵŶŝƟĞƐ ĂůŽŶŐŝƚƐĐŽƌƌŝĚŽƌ͘ tŚŝůĞĐŽŶƐƚƌƵĐƟŽŶŽĨƚŚĞĂŶĂŵĞdžŝƐƉĞƌĐĞŝǀĞĚďLJƐŽŵĞƚŽďĞĚŝƐƚĂŶƚĂŶĚŶŽƚƌĞůĞǀĂŶƚĨŽƌƚŽĚĂLJ͛ƐďƵƐŝŶĞƐƐƉůĂŶͲ ŶŝŶŐ͕ŽƚŚĞƌƐĞdžƉƌĞƐƐĞĚĐŽŶĐĞƌŶŽǀĞƌƚŚĞƉŽƚĞŶƟĂůĞĐŽŶŽŵŝĐŝŵƉĂĐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚĐƌĞĂƟŶŐĂďLJƉĂƐƐĂƌŽƵŶĚ ŽĂůĚĂůĞ͘/ƚŝƐĞdžƉĞĐƚĞĚƚŚĞĐŽŶĐĞƌŶƐǁŝůůŝŶĐƌĞĂƐĞĂƐĐŽŶƐƚƌƵĐƟŽŶŶĞĂƌƐ͘ 8.7.1.1 Assessment dŚĞďĂƐŝƐĨŽƌĂŶĂůLJƐŝŶŐƉŽƚĞŶƟĂůĂŶĂŵĞdžŝŵƉĂĐƚƐǁĂƐƚŽĐŽŶƐŝĚĞƌƚŚĞĞdžƉĞƌŝĞŶĐĞŽĨŽƚŚĞƌĐŽŵŵƵŶŝƟĞƐƚŚĂƚŚĂĚ ŵĂũŽƌŚŝŐŚǁĂLJƐĐŽŶƐƚƌƵĐƚĞĚŝŶƚŚĞŝƌĂƌĞĂƐ͘hŶĨŽƌƚƵŶĂƚĞůLJĂĐƚƵĂůŝŵƉĂĐƚƐƚŚĂƚŚĂǀĞŽĐĐƵƌƌĞĚŝŶůďĞƌƚĂĐĞŶƚƌĞƐ ƐƵďƐĞƋƵĞŶƚƚŽďĞŝŶŐďLJƉĂƐƐĞĚĂƌĞŶŽƚĂǀĂŝůĂďůĞ͘>ĂĐŬŝŶŐůďĞƌƚĂƉƌŽǀŝŶĐŝĂůƌĞƉŽƌƚƐ͕ƌĞƐĞĂƌĐŚǁĂƐĚĞƉĞŶĚĞŶƚƵƉŽŶ ǁŽƌŬƵŶĚĞƌƚĂŬĞŶŝŶĞŝŐŚƚ^ƚĂƚĞŽĨ<ĞŶƚƵĐŬLJĐŽƵŶƟĞƐ͕ϮϯĐŽŵŵƵŶŝƟĞƐŝŶdĞdžĂƐ͕ϭϳĐŽŵŵƵŶŝƟĞƐŝŶtŝƐĐŽŶƐŝŶ͕ĮŶĚͲ ŝŶŐƐŽĨϭϬϬŽƚŚĞƌh^dŽǁŶƐ͕ĂŶĚƚǁŽƐƚƵĚŝĞƐŝŶƚŚĞDĂƌŝƟŵĞƉƌŽǀŝŶĐĞƐ͘ŽŵŵƵŶŝƟĞƐƚŚĂƚǁĞƌĞƐƚƵĚŝĞĚƌĂŶŐĞĚŝŶ ƐŝnjĞĨƌŽŵĂƉŽƉƵůĂƟŽŶŽĨϯϭϬƚŽŽǀĞƌϮϴ͕ϬϬϬ͘ dŚĞĐĂƐĞƐƚƵĚŝĞƐƐƵŐŐĞƐƚĞĚƚŚĂƚŶĞǁďLJƉĂƐƐĞƐĂƌĞƐĞůĚŽŵƚŚĞĚĞƐƚƌŽLJĞƌŽƌƐĂǀŝŽƵƌŽĨĂŶĂƌĞĂ͘dŚĞƐŝnjĞĂŶĚŽǀĞƌͲ ĂůůƐƚƌĞŶŐƚŚŽĨĂƚŽǁŶŝƐƚŚĞƉƌŝŶĐŝƉĂůĨĂĐƚŽƌŝŶǁŚĞƚŚĞƌĂĐŽŵŵƵŶŝƚLJƐƵīĞƌƐĞĐŽŶŽŵŝĐĂůůLJĂƐĂƌĞƐƵůƚŽĨĂďLJƉĂƐƐ͘ dŚŽƐĞĐŽŵŵƵŶŝƟĞƐǁŝƚŚĂĚĞǀĞůŽƉĞĚĚŽǁŶƚŽǁŶĐƵƐƚŽŵĞƌďĂƐĞĂŶĚŚŝƐƚŽƌLJĂƐĂƚƌĂĚĞĐĞŶƚƌĞĞdžƉĞƌŝĞŶĐĞĚůĞƐƐ ŶĞŐĂƟǀĞŝŵƉĂĐƚƐ͘dŚĞƐŵĂůůĞƌƚŚĞdŽǁŶ;ƚLJƉŝĐĂůůLJƵŶĚĞƌϮ͕ϱϬϬƉŽƉƵůĂƟŽŶͿƚŚĞŵŽƌĞŶĞŐĂƟǀĞƚŚĞŝŵƉĂĐƚ͘ /ŵƉĂĐƚƐǀĂƌŝĞĚĂĐĐŽƌĚŝŶŐƚŽƚŚĞŶĂƚƵƌĞŽĨďƵƐŝŶĞƐƐŝŶƋƵĞƐƟŽŶ͘dƌĂĸĐĚĞƉĞŶĚĞŶƚďƵƐŝŶĞƐƐĞƐƐƵĐŚĂƐƌĞƐƚĂƵƌĂŶƚƐ ĂŶĚŐĂƐƐƚĂƟŽŶƐǁĞƌĞŵŽƐƚůŝŬĞůLJƚŽďĞĂīĞĐƚĞĚďƵƚƚŽĂůĞƐƐĚĞŐƌĞĞƚŚĂŶĂŶƟĐŝƉĂƚĞĚ͕ƐŝŶĐĞĚƌŝǀĞͲƚŚƌŽƵŐŚƚƌĂĸĐ ĂĐƚƵĂůůLJŵĂĚĞƵƉĂƐŵĂůůĞƌƉƌŽƉŽƌƟŽŶŽĨƐĂůĞƐƚŚĂŶƉĞƌĐĞŝǀĞĚďLJƌĞƐŝĚĞŶƚƐ͘ƵƐŝŶĞƐƐůŽĐĂƚĞĚŽŶDĂŝŶ^ƚƌĞĞƚŝŶƉĂƌͲ ƟĐƵůĂƌůŽƐƚƐĂůĞƐƚŚĂƚŽƌŝŐŝŶĂƚĞĚǁŝƚŚƵŶƐĐŚĞĚƵůĞĚƐƚŽƉŽǀĞƌƐĨƌŽŵŚŝŐŚǁĂLJƚƌĂǀĞůůĞƌƐ͘/ƚǁĂƐĂůƐŽĨŽƵŶĚƚŚĂƚƌĞƚĂŝů ĂŶĚĞŵƉůŽLJŵĞŶƚŐƌŽǁƚŚƌĂƚĞƐŽĨďLJƉĂƐƐĞĚĐŽŵŵƵŶŝƟĞƐǁĞƌĞŐĞŶĞƌĂůůLJůĞƐƐƚŚĂŶŶŽŶďLJƉĂƐƐĞĚ͘ 8.7.1.2 Implications for the County of Lethbridge dŚĞŝŶƚƌŽĚƵĐƟŽŶŽĨƚŚĞĂŶĂŵĞdžŝƐĞdžƉĞĐƚĞĚƚŽŝŵƉƌŽǀĞƚŚĞĂĐĐĞƐƐŝďŝůŝƚLJƚŽƐƵƉƉůŝĞƌƐĂŶĚŵĂƌŬĞƚƐĨŽƌĞdžŝƐƟŶŐďƵƐŝͲ ŶĞƐƐ͘/ƚǁŝůůĂůƐŽĨƵƌƚŚĞƌĞŶŚĂŶĐĞƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͛ƐĐŽŵƉĞƟƟǀĞƉŽƐŝƟŽŶĨŽƌƚĂdžƉƌŽĚƵĐŝŶŐƌĞƚĂŝů͕ĐŽŵŵĞƌͲ ĐŝĂů͕ĂŶĚŝŶĚƵƐƚƌŝĂůĚĞǀĞůŽƉŵĞŶƚ͘ /Ed'Zds>KWDEd^dZd'z | 103

KĨƉĂƌƟĐƵůĂƌŝŶƚĞƌĞƐƚǁŝůůďĞƚŚĞŚŝŐŚǁĂLJηϯŝŶƚĞƌĐŚĂŶŐĞĨŽƌŝŶĚƵƐƚƌŝĂůĂĐƟǀŝƚLJĂŶĚƉŽǁĞƌĐĞŶƚƌĞƐĂŶĐŚŽƌĞĚďLJŵĂƐƐ ŵĞƌĐŚĂŶĚŝƐĞƌƐĂŶĚĐĂƚĞŐŽƌLJŬŝůůĞƌďŝŐďŽdžƐƚŽƌĞƐ͘ƐĞƌǀŝĐĞŶŽĚĞƚŽƐƵƉƉŽƌƚŚŝŐŚͲǁŝĚĞͲĂŶĚŚĞĂǀLJƚƌƵĐŬƐĂŶĚŽƚŚĞƌ ƉĂƐƐŝŶŐƚƌĂĚĞǁŝůůďĞŶĞĞĚĞĚ͘dŚĞŶŽĚĞǁŝůůďĞĞdžƉĞĐƚĞĚƚŽƉƌŽǀŝĚĞĨĂƐƚĨŽŽĚ͕ĨƵĞů͕ŽƚŚĞƌĐŽŶǀĞŶŝĞŶĐĞƌĞƚĂŝů͕ĂŶĚ ĂĐĐŽŵŽĚĂƟŽŶƐ͘ĚĚŝƟŽŶĂůĚĞƚĂůƐĂƌĞĨŽƵŶĚŝŶƚŚĞ>ĂŶĚhƐĞƐĞŐŵĞŶƚŽĨƚŚĞ/^͘ ƌĞĂŝŶƚĞƌĐŚĂŶŐĞƐǁŝůůďĞƐĞĞŶĂƐĞdžĐĞůůĞŶƚũƵŵƉͲŽīƉŽŝŶƚƐƚŽƉŽƐƐŝďůĞŶĞǁƌĞƐŝĚĞŶƟĂůƐƵďĚŝǀŝƐŝŽŶƐ͘ĐĞŶƚƌĞĂĐͲ ĐŽŵŵŽĚĂƟŶŐĂŶĂŵĞdžZsƵƐĞƌƐĂŶĚĐĂŵƉĞƌƐǁŽƵůĚďĞŝĚĞĂůůLJůŽĐĂƚĞĚĂƚƚŚĞŚŝŐŚǁĂLJηϯũƵŶĐƟŽŶ͘&ƌŽŵƚŚŝƐƐŝƚĞ ĂŶĚƚŚĞƐĞƌǀŝĐĞĐĞŶƚƌĞ͕ƚŽƵƌŝƐƚƐĂŶĚŽƚŚĞƌƐĐŽƵůĚďĞĞŶƟĐĞĚƚŽĨƵƌƚŚĞƌĞdžƉůŽƌĞŽƉƉŽƌƚƵŶŝƟĞƐĂŶĚƉŽŝŶƚƐͲŽĨͲŝŶƚĞƌĞƐƚƐ ĞůƐĞǁŚĞƌĞŝŶƚŚĞŽƵŶƚLJĂŶĚdŽǁŶŽĨŽĂůĚĂůĞ͘ dŚĞŝŶƚĞŶƐŝƚLJŽĨĚĞǀĞůŽƉŵĞŶƚĂůŽŶŐƚŚĞĂŶĂŵĞdžǁŝůůďĞƐƵďũĞĐƚƚŽƚŚĞůĞǀĞůŽĨĂǀĂŝůĂďůĞƐĞƌǀŝĐŝŶŐ͘/ŶƚŚĞĂďƐĞŶĐĞ ŽĨǁĂƚĞƌĂŶĚƐĞǁĞƌƐĞƌǀŝĐĞƐ͕ŵĂũŽƌĚĞǀĞůŽƉŵĞŶƚŝƐŶŽƚĞdžƉĞĐƚĞĚƚŽŽĐĐƵƌ͘ƐƉĞƌƚŚĞ/ŶƚĞŐƌĂƚĞĚĞǀĞůŽƉŵĞŶƚ ^ƚƌĂƚĞŐLJ͕ƵƟůŝnjĂƟŽŶŽĨƐƚŽƌŵǁĂƚĞƌĂƐĂŶĞīĞĐƟǀĞŵĞĂŶƐŽĨŵĞĞƟŶŐƚŚĞŝƌǁĂƚĞƌŶĞĞĚƐƐŚŽƵůĚďĞĞdžƉůŽƌĞĚǁŝƚŚ ďƵƐŝŶĞƐƐĂŶĚĚĞǀĞůŽƉĞƌƐ͘ /ŶƉƌĞƉĂƌĂƟŽŶŽĨƚŚĞĂŶĂŵĞdž͕ƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞƐŚĂůů͕

ͻ ĞƉƌŽĂĐƟǀĞŝŶŝƚƐƉůĂŶŶŝŶŐƚŽĐŽŶƚƌŽůƵŶĚĞƐŝƌĂďůĞƐƉƌĂǁůĂŶĚŽǀĞƌĚĞǀĞůŽƉŵĞŶƚŽĨƌĞƚĂŝůƐƉĂĐĞ͘

ͻ ĞƉƌŽĂĐƟǀĞŝŶĂĚũƵƐƟŶŐƚŽŝƚƐŶĞǁĐůŝĞŶƚďĂƐĞĂŶĚƚƌĂĸĐŇŽǁƐ

ͻ 'ŝǀĞĐŽŶƐŝĚĞƌĂƟŽŶƚŽĞƐƚĂďůŝƐŚŝŶŐĂƚŽƵƌŝƐƚŝŶĨŽƌŵĂƟŽŶƐĞƌǀŝĐĞƐĐĞŶƚƌĞĂƚ,ŝŐŚǁĂLJηϯͬĂŶĂŵĞdžĐŽƌƌŝĚŽƌŝŶƚĞƌͲ ĐŚĂŶŐĞŝŶĐŽŽƉĞƌĂƟŽŶǁŝƚŚƚŚĞdŽǁŶŽĨŽĂĚĂůĞ͘ 8.7.1.3 Implications for Coaldale

ŽŶƐƚƌƵĐƟŽŶŽĨĂŶĂŵĞdžŝƐŶŽƚĞdžƉĞĐƚĞĚƚŽĐĂƵƐĞŝŵŵĞĚŝĂƚĞƌĞƉĞƌĐƵƐƐŝŽŶƐƚŽŽĂůĚĂůĞ͖ŚŽǁĞǀĞƌ͕ŝŶƚŚĞůŽŶŐƚĞƌŵ͕ ƚŚĞĚĞǀĞůŽƉŵĞŶƚĞīĞĐƚƐĐŽƵůĚďĞƉƌŽĨŽƵŶĚ͘ tŝƚŚƚŚĞŽƵŶƚLJ͛ƐŝŶĐƌĞĂƐĞĚĂƩƌĂĐƟǀĞŶĞƐƐƚŽŝŶĚƵƐƚƌLJĂŶĚŝƚƐĂďŝůŝƚLJƚŽŽīĞƌĐŚĞĂƉĞƌůĂƌŐĞƐĐĂůĞŐƌĞĞŶĮĞůĚƐŝƚĞƐ͕ ŝƚǁŝůůďĞŝŵƉĞƌĂƟǀĞĨŽƌŽĂůĚĂůĞƚŽĚŝīĞƌĞŶƟĂƚĞŝƚƐĞůĨŝŶĞīŽƌƚƐƚŽĂƩƌĂĐƚďƵƐŝŶĞƐƐ͘,ŝŐŚĞƌŝŶĚƵƐƚƌŝĂůƉĂƌŬŽŶƐŝƚĞ ƐƚĂŶĚĂƌĚƐ͕ĂƌĐŚŝƚĞĐƚƵƌĂůĐŽŶƚƌŽůƐ͕ĂŶĚŐƌĞĂƚĞƌůĞǀĞůƐŽĨƐĞƌǀŝĐŝŶŐƐŚŽƵůĚďĞŵĂŝŶƚĂŝŶĞĚ͘ ůƌĞĂĚLJĨĂĐĞĚǁŝƚŚƐƵďƐƚĂŶƟĂůƌĞƚĂŝůͬƐĞƌǀŝĐĞůĞĂŬĂŐĞƚŽƚŚĞŵƵĐŚůĂƌŐĞƌŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͕ĞǀĞŶŐƌĞĂƚĞƌƌĞǀĞŶƵĞ ůŽƐƐĐŽƵůĚŽĐĐƵƌĚĞƉĞŶĚĞŶƚƵƉŽŶƚŚĞƐĐĂůĞĂŶĚŵŝdžŽĨďƵƐŝŶĞƐƐĂůůŽǁĞĚƚŽďĞƵŶĚĞƌƚĂŬĞŶĂƚĂŶĂŵĞdžŝŶƚĞƌĐŚĂŶŐĞƐ͘ ƐƚŚĞďLJƉĂƐƐŝƐďƵŝůƚ͕ŝŶĐƌĞĂƐĞĚďƵƐŝŶĞƐƐǀĂĐĂŶĐŝĞƐŝŶƚŚĞĐŽƌĞŵĂLJďĞĞdžƉĞĐƚĞĚ͘^ŽŵĞďƵƐŝŶĞƐƐĞƐŵĂLJĐŚŽŽƐĞƚŽ ƌĞůŽĐĂƚĞƚŽĂŶĂŵĞdžŽƌŝĞŶƚĞĚǀĞŶƵĞƐ͕ǁŚŝůĞŽƚŚĞƌƐŵĂLJĐŚŽŽƐĞƚŽĐŽŶƟŶƵĞŽŶǁŝƚŚƌĞĚƵĐĞĚƐĂůĞƐ͕ŽƌŐŽŽƵƚŽĨ ďƵƐŝŶĞƐƐƌĂƚŚĞƌƚŚĂŶĂĚũƵƐƚƚŽĐŚĂŶŐĞĚĐŝƌĐƵŵƐƚĂŶĐĞƐĐĂƵƐĞĚďLJƚŚĞďLJƉĂƐƐĂŶĚŽƚŚĞƌĨĂĐƚŽƌƐ͘ dŚĞůŽĐĂƟŽŶĂůƐŚŝŌŝŶƚƌĂĸĐƌĞƐƵůƟŶŐĨƌŽŵĂŶĂŵĞdžƐŚŽƵůĚďĞǀŝĞǁĞĚĂƐĂĐĂƚĂůLJƐƚƚŽĐŚĂŶŐĞƚŚĞŽƌŝĞŶƚĂƟŽŶŽĨ ƚŚĞĚŽǁŶƚŽǁŶƚŽĂĐĞŶƚƌĞŽĨƐƉĞĐŝĂůŝnjĞĚĂĐƟǀŝƚLJ͘dŽƌĞĨŽĐƵƐƚŚĞĐŽƌĞĨƌŽŵĚƌŝǀĞƚŚƌŽƵŐŚƚƌĂĸĐďƵƐŝŶĞƐƐƚŽŵŽƌĞ ĚĞƐƟŶĂƟŽŶŽƌŝĞŶƚĞĚŽƉĞƌĂƟŽŶƐƐƵĐŚĂƐŽĸĐĞƐ͕ĮŶĂŶĐŝĂů͕ĞŶƚĞƌƚĂŝŶŵĞŶƚ͕ĂŶĚĨŽŽĚƐĞƌǀŝĐĞƐ͘ tŝƚŚƚŚĞĐŝƌĐƵŵǀĞŶƟŽŶŽĨŚĞĂǀLJƚƌƵĐŬƚƌĂĸĐ͕ĂŵŽƌĞƉůĞĂƐĂŶƚĂŶĚůĞƐƐĐŽŶŐĞƐƚĞĚĂƚŵŽƐƉŚĞƌĞŽŶDĂŝŶ^ƚƌĞĞƚǁŝůů ƌĞƐƵůƚ͘LJĐĂƉŝƚĂůŝnjŝŶŐŽŶƚŚĞĐŚĂƌĂĐƚĞƌŽĨƚŚĞĐŽŵŵƵŶŝƚLJ͕ƚŚĞƌĞǁŝůůďĞŐƌĞĂƚĞƌŽƉƉŽƌƚƵŶŝƟĞƐƚŽĂƩƌĂĐƚĚĂLJƚƌŝƉƉĞƌƐ ĂŶĚƉĞĚĞƐƚƌŝĂŶŇŽǁƐ͘ĞƐƟŶĂƟŽŶďĂƐĞĚƚŽƵƌŝƐƚĂƩƌĂĐƟŽŶƐĐŽƵůĚĂůƐŽďĞĚĞǀĞůŽƉĞĚďLJďƵŝůĚŝŶŐƵƉŽŶŽƉĞƌĂƟŽŶƐ ĂůƌĞĂĚLJŝŶĞdžŝƐƚĞŶĐĞƐƵĐŚĂƐƚŚĞŝƌĚƐŽĨWƌĞLJ͘ /ŶƉƌĞƉĂƌĂƟŽŶŽĨƚŚĞĂŶĂŵĞdž͕ƚŚĞdŽǁŶŽĨŽĂůĚĂůĞƐŚĂůů͕

ͻ ĞƉƌŽĂĐƟǀĞŝŶƵŶĚĞƌƚĂŬŝŶŐŵŝƟŐĂƟŶŐŵĞĂƐƵƌĞƐŝŶĐůƵĚŝŶŐƉƌŽǀŝĚŝŶŐƚŽƵƌŝƐƚŝŶĨŽƌŵĂƟŽŶƐĞƌǀŝĐĞƐĂƚƚŚĞŚŝŐŚǁĂLJ

ͻ ĞǀĞůŽƉǀŝƐƵĂůůLJĂƩƌĂĐƟǀĞ͞ŐĂƚĞǁĂLJƐ͟ŝŶĐůƵĚŝŶŐŝŶƚĞƌĐŚĂŶŐĞůŝŐŚƟŶŐĂŶĚůĂŶĚƐĐĂƉŝŶŐ

ͻ hŶĚĞƌƚĂŬĞĂŽƌĞƌĞĂDĂƐƚĞƌWůĂŶƚŚĂƚƉƌŽǀŝĚĞƐDĂŝŶ^ƚƌĞĞƚƌĞǀŝƚĂůŝnjĂƟŽŶŐƵŝĚĂŶĐĞ͘

ͻ ŽŶƐŝĚĞƌƚŚĞĐƌĞĂƟŽŶŽĨĂŽǁŶƚŽǁŶDĂƌŬĞƟŶŐŽŶĞ;DͿ

ͻ ŶĐŽƵƌĂŐĞǀŝƐƵĂůůLJĂƉƉĞĂůŝŶŐƵƉŐƌĂĚĞƐƚŽŝŶĚƵƐƚƌŝĂůƉĂƌŬĂƌĞĂƐ͕ƉĞƌŚĂƉƐƚŚƌŽƵŐŚŝŵƉůĞŵĞŶƚĂƟŽŶŽĨĂŶĂĞƐƚŚĞƚͲ ŝĐƐĂǁĂƌĚƐƉƌŽŐƌĂŵ

ͻ ƌĞĂƚĞĂŶĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĂƌŵǁŝƚŚĂĨƵůůͲƟŵĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŽĸĐĞƌƚŽĂĚũƵƐƚƚŽĐŚĂŶŐĞƐĂŶĚ ƚĂŬĞĂĚǀĂŶƚĂŐĞŽĨĚĞǀĞůŽƉŵĞŶƚŽƉƉŽƌƚƵŶŝƟĞƐ

ͻ >ŝŶŬƚŚĞƌĞŐŝŽŶĂůƉĂƚŚǁĂLJƐLJƐƚĞŵǁŝƚŚƚŚĞĐŽƌĞĂƌĞĂĂŶĚŵĂũŽƌĂƩƌĂĐƟŽŶƐ;ƐĞĞ/^ĨŽƌĚĞƚĂŝůƐͿ ϭϬϰ ͮപ/Ed'Zds>KWDEd^dZd'z

ϴ͘ϳ͘Ϯ<ĞLJZĞƐƵůƚƐƚŽĚƌŝǀĞ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚLJηϯ͗DĂdžŝŵŝnjŝŶŐĂŶĂŵĞdžŚŝŐŚǁĂLJĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƐƉŝŶŽīƐĂŶĚ ŵŝŶŝŵŝnjŝŶŐŝƚƐƉŽƐƐŝďůĞŶĞŐĂƟǀĞŝŵƉĂĐƚƐ

<ĞLJZĞƐƵůƚƐ ZĞƐƉŽŶƐŝďŝůŝƚLJ WĂƌƚŶĞƌƐ WĞƌĨŽƌŵĂŶĐĞDĞĂƐƵƌĞƐ hƟůŝnjŝŶŐƚŚĞƐĞƌǀŝĐĞƐŽĨ K KůĚŵĂŶZŝǀĞƌZĞŐŝŽŶĂů WůĂŶŶŝŶŐƚŽŽůƐĂŶĚůĞŐŝƐůĂƚĞĚ KůĚŵĂŶZŝǀĞƌZĞŐŝŽŶĂů ^ĞƌǀŝĐĞƐŽŵŵŝƐƐŝŽŶ ĚŽĐƵŵĞŶƚƐŝŶƉůĂĐĞƚŽĂĐĐŽŵͲ ^ĞƌǀŝĐĞƐŽŵŵŝƐƐŝŽŶ͕ ŵŽĚĂƚĞĂƉƉƌŽƉƌŝĂƚĞŝŶƚĞƌͲ ƚŚĞĚĞƐŝƌĞĚůĂŶĚƵƐĞĂŶĚ ĐŚĂŶŐĞĚĞǀĞůŽƉŵĞŶƚ ŝŶƚĞŶƐŝƚLJŽĨĚĞǀĞůŽƉŵĞŶƚ ŽƵŶĐŝů ŝƐƉƌĞĚĞƚĞƌŵŝŶĞĚĨŽƌƚŚĞ >ĂŶĚKǁŶĞƌƐ ĂŶĂŵĞdžŝŶƚĞƌĐŚĂŶŐĞƐ dŚĞŽƵŶƚLJŝƐƐĞĞŶĂƐďĞŝŶŐ WůĂŶŶŝŶŐKĸĐĞƌ ƉƌŽĂĐƟǀĞŝŶĂĚũƵƐƟŶŐƚŽŝƚƐ WƌŽǀŝŶĐĞ ŶĞǁĐůŝĞŶƚďĂƐĞĂŶĚƚƌĂĸĐ ŇŽǁ ŶĂƩƌĂĐƟǀĞƌĞŐŝŽŶĂů K WƌŽǀŝŶĐĞ dƌĂĸĐƵƟůŝnjŝŶŐƚŚĞĂŶĂŵĞdž ďĂƐĞĚƚŽƵƌŝƐƚŝŶĨŽƌŵĂͲ ŝƐĚƌĂǁŶƚŽƚŚĞŽƵŶƚLJĂŶĚ ƟŽŶĐĞŶƚƌĞŝƐůŽĐĂƚĞĚĂƚ dŽǁŶ ƚŚĞŚŝŐŚǁĂLJηϯͬĂŶĂŵĞdž ŝŶƚĞƌĐŚĂŶŐĞ ŚŝŶŽŽŬŽƵŶƚƌLJ

sŝƐƵĂůůLJĂƩƌĂĐƟǀĞŝŶƚĞƌĐŚĂŶŐĞ ůŝŐŚƟŶŐĂŶĚůĂŶĚƐĐĂƉŝŶŐƐƵƉͲ ŚĂŵďĞƌŽĨŽŵŵĞƌĐĞ ƉŽƌƚƐƚŚĞĞīŽƌƚ

ĂŶĂĚŝĂŶĂĚůĂŶĚƐ>ƚĚ DĞƌŝƚƐĂŶĚĨĞĂƐŝďŝůŝƚLJŽĨĂ ĐĂŵƉĞƌͬZsƉĂƌŬĐŽŶƐŝĚĞƌĞĚ

dŽƵƌŝƐŵΘ^ƉĞĐŝĂůǀĞŶƚƐ ŽƉĞƌĂƚŽƌƐ

ĐĐŽŵŵŽĚĂƟŽŶƐ /Ed'Zds>KWDEd^dZd'z | 105

DŝƟŐĂƟŶŐŵĞĂƐƵƌĞƐĂƌĞ K ŚĂŵďĞƌ ŶĂŐŐƌĞƐƐŝǀĞǁĂLJĮŶĚŝŶŐ ƵŶĚĞƌƚĂŬĞŶďLJŽĂůĚĂůĞŝŶ ƉƌŽŐƌĂŵƚŽƐƚĞĞƌĂŶĂŵĞdž ĂĚĚƌĞƐƐŝŶŐƚŚĞŝŶƚƌŽĚƵĐͲ ƚƌĂĸĐƚŽĂƌĞĂĂƩƌĂĐƟŽŶƐ͕ ƟŽŶŽĨƚŚĞĂŶĂŵĞdž ĂĐĐŽŵŵŽĚĂƟŽŶƐ͕ƐĞƌǀŝĐĞƐ ŽƵŶĐŝů ƵƐŝŶĞƐƐ ĂŶĚƌĞƚĂŝůŽƉƉŽƌƚƵŶŝƟĞƐŝƐ ŝŵƉůĞŵĞŶƚĞĚ

^ĞŶŝŽƌ^ƚĂī ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ ŽŵŵŝƩĞĞ ĐŽƌĞĂƌĞĂŵĂƐƚĞƌƉůĂŶƚŚĂƚ ĂĚĚƌĞƐƐĞƐďĞĂƵƟĮĐĂƟŽŶ͕ŐĂƉ ĂŶĂůLJƐŝƐ͕ĂŶĚĐŽŶƐŝĚĞƌĂƟŽŶŽĨ ĂĚŽǁŶƚŽǁŶŵĂƌŬĞƟŶŐnjŽŶĞ ŝƐƉƌĞƉĂƌĞĚĨŽƌŵĂŝŶƐƚƌĞĞƚ dŽƵƌŝƐŵ ƌĞũƵǀĞŶĂƟŽŶ

ĨƵůůƟŵĞƋƵĂůŝĮĞĚKŚŝƌĞĚ ƚŽĂƐƐŝƐƚƚŚĞĐŽŵŵƵŶŝƚLJŝŶ ŽƚŚĞƌ ĂĚũƵƐƟŶŐƚŽĐŚĂŶŐĞĂŶĚƚĂŬĞ ĂĚǀĂŶƚĂŐĞŽĨĚĞǀĞůŽƉŵĞŶƚ ŽƉƉŽƌƚƵŶŝƟĞƐ

ϴ͘ϴ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚLJηϰ͗ŽŵŵƵŶŝĐĂƟŽŶĂŶĚWůĂĐĞZĞĐŽŐŶŝƟŽŶ

^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚLJηϰ͗dŚƌŽƵŐŚĞīĞĐƟǀĞĐŽŵŵƵŶŝĐĂƟŽŶĂŶĚƉůĂĐĞƌĞĐŽŐŶŝƟŽŶ͕ĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚǁŝůůďĞĂĚͲ ǀĂŶĐĞĚŝŶƚŚĞdŽǁŶŽĨŽĂůĚĂůĞĂŶĚƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͘ dŚĞƌĞƐŝĚĞŶƚ͛ƐŽƉŝŶŝŽŶƐƵƌǀĞLJĂŶĚďƵƐŝŶĞƐƐŝŶƚĞƌǀŝĞǁƐƌĞǀĞĂůĞĚĂĚŝƐƟŶĐƚůĂĐŬŽĨĐŽŵŵƵŶŝƚLJĂǁĂƌĞŶĞƐƐƌĞŐĂƌĚŝŶŐ ĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĞīŽƌƚƐŝŶƚŚĞĂƌĞĂ͘tŚŝůĞƚŚĞƌĞĂƌĞƐĞǀĞƌĂůĂŐĞŶĐŝĞƐĂĐƟǀĞůLJĞŶŐĂŐĞĚŝŶĞĐŽŶŽŵŝĐĚĞǀĞůŽƉͲ ŵĞŶƚƌĞůĂƚĞĚĂĐƟǀŝƚLJ͕ƚŚĞƌĞŝƐĂŐĞŶĞƌĂůƉĞƌĐĞƉƟŽŶƚŚĂƚůŝƩůĞŽĨĐŽŶƐĞƋƵĞŶĐĞŝƐďĞŝŶŐĚŽŶĞ͘ dŚĞƌĞŝƐĂĚĞƐŝƌĞďLJůŽĐĂůďƵƐŝŶĞƐƐĂŶĚŽƚŚĞƌƐƚŽďĞĞŶŐĂŐĞĚďĞLJŽŶĚƐƉĞĐŝĂůĞǀĞŶƚƐ͕ďƵƚǁŚŽƚŽĐŽŶƚĂĐƚĂŶĚŚŽǁƚŽ ƉƌŽĐĞĞĚŝƐŶŽƚŬŶŽǁŶ͘tŝƚŚŽƵƚŬŶŽǁůĞĚŐĞŽĨŝŶŝƟĂƟǀĞƐƵŶĚĞƌǁĂLJ͕ƚŚĞĐŽŵŵƵŶŝƚLJĂƚůĂƌŐĞŝƐƵŶĂďůĞƚŽůĞŶĚƐƵƉͲ ƉŽƌƚĂŶĚĂƐƐƵŵĞĂƉŽƐƐŝďůĞƌŽůĞĂƐĂŵďĂƐƐĂĚŽƌƐ͘ dŚĞƌĞŝƐĂůƐŽƚŚĞŶĞĞĚƚŽŽǀĞƌĐŽŵĞŶĞŐĂƟǀĞƉĞƌĐĞƉƟŽŶƐƌĞůĂƚĞĚƚŽƉĞƌŵŝƫŶŐĚĞůĂLJƐ͕ŇŽŽĚŝŶŐŝƐƐƵĞƐ͕ĞdžƚƌĂŽƌĚŝŶĂƌLJ ĞŶǀŝƌŽŶŵĞŶƚĂůƌĞƐƚƌŝĐƟŽŶƐ͕ĂŶĚůĂĐŬŽĨŝŶƚĞƌͲŵƵŶŝĐŝƉĂůĐŽŽƉĞƌĂƟŽŶ͘

WĞƌĐĞƉƚŝŽŶŝƐŽĨƚĞŶƐĞĞŶĂƐƌĞĂůŝƚLJ

ϴ͘ϴ͘ϭŽŵŵƵŶŝĐĂƟŽŶ

ŽŵŵƵŶŝĐĂƟŽŶƟŵŝŶŐĂŶĚƚĂĐƟĐƐŵƵƐƚŝŶƚĞŐƌĂƚĞǁŝƚŚƚŚĞǀĂƌŝŽƵƐĐŽŵƉŽŶĞŶƚƐŽĨƚŚĞ^ĂŶĚ/^ĂƐŝŵƉůĞŵĞŶƚĂͲ ƟŽŶŽĐĐƵƌƐ͘/ƚƐŚŽƵůĚďĞĂƚǁŽƉƌŽŶŐĞĚĂƉƉƌŽĂĐŚƚŚĂƚƐŝŵƵůƚĂŶĞŽƵƐůLJĐŽŶŶĞĐƚƐǁŝƚŚďŽƚŚŝŶƚĞƌŶĂůĂŶĚĞdžƚĞƌŶĂů ĂƵĚŝĞŶĐĞƐ͘ /ŶƚĞƌŶĂůĂƵĚŝĞŶĐĞƐŝŶĐůƵĚĞ͗

ͻ DƵŶŝĐŝƉĂůĐŽƵŶĐŝůƐ

ͻ ^ƚĂī

ͻ ZĞƐŝĚĞŶƚƐ ϭϬϲ ͮപ/Ed'Zds>KWDEd^dZd'z

ͻ džŝƐƟŶŐďƵƐŝŶĞƐƐĂŶĚĞŶƚƌĞƉƌĞŶĞƵƌƐ

ͻ >ŽĐĂůŵĞĚŝĂ

ͻ ĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƐƵƉƉŽƌƚŐƌŽƵƉƐ

ͻ /ŶǀĞƐƚŽƌƐ džƚĞƌŶĂůĂƵĚŝĞŶĐĞƐŝŶĐůƵĚĞ͗

ͻ WƌŽƐƉĞĐƟǀĞďƵƐŝŶĞƐƐ

ͻ ĞǀĞůŽƉĞƌƐĂŶĚŝŶǀĞƐƚŽƌƐ

ͻ ŶƚƌĞƉƌĞŶĞƵƌƐ

ͻ dŽƵƌŝƐƚƐ

ͻ WŽƚĞŶƟĂůƌĞƐŝĚĞŶƚƐ

ͻ ^ĞŶŝŽƌůĞǀĞůƐŽĨŐŽǀĞƌŶŵĞŶƚ ƵĞƚŽƚŚĞĞdžƚĞŶƐŝǀĞŝŶƚĞƌĐŽŵŵƵŶŝĐĂƟŽŶǁŚŝĐŚŽĐĐƵƌƐĂŵŽŶŐƐƚƚŚĞĚŝīĞƌĞŶƚĂƵĚŝĞŶĐĞƐ͕ĂĐŽŶƐŝƐƚĞŶƚƵŶŝĮĞĚŵĞƚŚͲ ŽĚŽůŽŐLJŝƐƌĞƋƵŝƌĞĚ͘ dŚĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĞīŽƌƚŶĞĞĚƐƚŽƉƌŽũĞĐƚŝƚƐĞůĨĂƐďĞŝŶŐƉƌŽĂĐƟǀĞĂŶĚƉƌŝŵĂƌŝůLJĐŽŶĐĞƌŶĞĚǁŝƚŚŐĞƫŶŐ ƚĂŶŐŝďůĞ͕ƉƌĂŐŵĂƟĐĂŶĚǀŝƐŝďůĞƉƌŽũĞĐƚƐƵŶĚĞƌǁĂLJ͘/ƚƐŚŽƵůĚďĞĚĞƐŝŐŶĞĚƚŽďƌŝŶŐƚŽŐĞƚŚĞƌŬĞLJƐƚĂŬĞŚŽůĚĞƌƐĂŶĚƚŚĞ ƉƵďůŝĐĂƚůĂƌŐĞƚŽǁŽƌŬĐŽůůĂďŽƌĂƟǀĞůLJƚŽǁĂƌĚƐĞĐŽŶŽŵŝĐŐĂŝŶ͘dŽƐŝŵƉůLJĂĚǀĞƌƟƐĞƚŚĂƚƚŚĞƌĞŝƐĂŶĞĐŽŶŽŵŝĐƉůĂŶ ŝƐŶŽƚĞŶŽƵŐŚĂŶĚǁŝůůŶŽƚŐĞŶĞƌĂƚĞƉŽƐŝƟǀĞƌĞƐƵůƚƐʹŝƚŵƵƐƚďĞĐŽŵĞĂƉŚŝůŽƐŽƉŚLJĨŽƌĂůůŝŶƚĞƌŶĂůƐƚĂŬĞŚŽůĚĞƌƐƚŽ ĞŶƐƵƌĞĞdžƚĞƌŶĂůĂƵĚŝĞŶĐĞƐďĞůŝĞǀĞĂŶĚďƵLJŝŶƚŽƚŚĞĂƌĞĂ͘ŽŵŵƵŶŝĐĂƟŽŶŵƵƐƚƉŽƐŝƟǀĞůLJĞŶŐĂŐĞƐƚĂŬĞŚŽůĚĞƌƐĂŶĚ ŵŽďŝůŝnjĞƚŚĞŵƚŽďĞĐŽŵĞĐŚĂŵƉŝŽŶƐŽĨĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ͘ ŽŵŵƵŶŝĐĂƟŽŶƐŚŽƵůĚĨŽĐƵƐŽŶďĂƐŝĐƚĂĐƟĐƐ͗

ͻ ĐŽŶǀĞLJĂŶĞǁĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĨŽĐƵƐŽŶƚŚĞĐŽƌƌŝĚŽƌĂŶĚĂƌĞĂ

ͻ ƉƵďůŝĐŝnjĞƉƌŽŐƌĞƐƐƚŽŝŶƚĞƌŶĂůĂŶĚĞdžƚĞƌŶĂůĂƵĚŝĞŶĐĞƐ

ͻ ĐƌĞĂƚĞĐŽŶĮĚĞŶĐĞŝŶƚŚĞĞīŽƌƚ ŽƵŶĐŝů͛ƐĨŽƌƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚdŽǁŶŽĨŽĂůĚĂůĞŵƵƐƚĞŶƐƵƌĞƚŚĂƚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĐŽŵŵƵŶŝͲ ĐĂƟŽŶŝƐƉŽƐŝƟǀĞĂŶĚƉƌŽũĞĐƚĞĚĂƐĂ͞ƚĞĂŵ͘͟ĞĐĂƵƐĞĂŶĂĐƟǀĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƉƌŽŐƌĂŵǁŝůůŐĞŶĞƌĂƚĞƚŚĞ ŝŶǀŽůǀĞŵĞŶƚŽĨǀĂƌŝŽƵƐŵƵŶŝĐŝƉĂůĚĞƉĂƌƚŵĞŶƚƐĨŽƌƚŚĞŝƌĂƐƐŝƐƚĂŶĐĞĂŶĚĞdžƉĞƌƟƐĞ͕ŝƚŝƐŝŵƉŽƌƚĂŶƚƚŚĂƚƐĞŶŝŽƌƐƚĂī ďƵLJŝŶƚŽƚŚĞŝŶŝƟĂƟǀĞ͘dŚĂƚƚŚĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĞīŽƌƚŶŽƚďĞƐĞĞŶĂƐĐƌĞĂƟŶŐ͞ŵŽƌĞǁŽƌŬ͟ďƵƚƌĂƚŚĞƌĂƐĂŶ ŽƉƉŽƌƚƵŶŝƚLJƚŽďĞŝŶǀŽůǀĞĚŝŶĐƌĞĂƟŶŐĂďĞƩĞƌĐŽŵŵƵŶŝƚLJŝŶǁŚŝĐŚƚŽůŝǀĞ͕ǁŽƌŬ͕ĂŶĚƉůĂLJ͘ /ƚŚĂƐďĞĞŶƐŚŽǁŶƚŚĂƚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƐƚƌĂƚĞŐŝĞƐĂƌĞŽŶůLJĞīĞĐƟǀĞůLJĂĐŚŝĞǀĞĚŝĨƚŚŽƐĞŵŽƐƚĚŝƌĞĐƚůLJĂĨͲ ĨĞĐƚĞĚďLJƚŚĞŝƌŽƵƚĐŽŵĞĂƌĞŝŶǀŽůǀĞĚŝŶƚŚĞŝƌĐƌĞĂƟŽŶĂŶĚĚĞůŝǀĞƌLJ͘ƐƐƵĐŚ͕ƚŚĞƉƌŝǀĂƚĞƐĞĐƚŽƌŚĂƐĂǀŝƚĂůƌŽůĞƚŽ ƉůĂLJŝŶĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ͘ ^ƉĞĐŝĮĐĂůůLJ͕ƚŚĞƉƌŝǀĂƚĞƐĞĐƚŽƌŵĂLJ͗

ͻ ^ĞƌǀĞĂƐĂŵďĂƐƐĂĚŽƌƐƚŚƌŽƵŐŚďƵƐŝŶĞƐƐĂĚǀŝĐĞ͕ǁĞůĐŽŵŝŶŐĐŽŵŵŝƩĞĞƐ͕ĂŶĚĐŽŽƉĞƌĂƟǀĞŵĂƌŬĞƟŶŐĞīŽƌƚƐ

ͻ 'ĞŶĞƌĂƚĞůĞĂĚƐĂŶĚƌĞĨĞƌƌĂůƐƚŚƌŽƵŐŚƚŚĞŝƌĐŽŶƚĂĐƚƐ͕ĂŶĚƉƵƌĐŚĂƐŝŶŐͬƐĂůĞƐĂĐƟǀŝƟĞƐ

ͻ WƌŽǀŝĚĞǀĂůƵĂďůĞƐĂůĞƐĂŶĚŵĂƌŬĞƟŶŐĂƐƐŝƐƚĂŶĐĞ

ͻ >ĞŶĚĐƌĞĚŝďŝůŝƚLJƚŽƚŚĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĞīŽƌƚ

ͻ /ĚĞŶƟĨLJďƵƐŝŶĞƐƐĂŶĚƐĞĐƚŽƌŽƉƉŽƌƚƵŶŝƟĞƐ

ͻ ^ĞƌǀĞĂƐĞLJĞƐͬĞĂƌƐŝŶƚŽƚŚĞďƵƐŝŶĞƐƐĐŽŵŵƵŶŝƚLJ

ͻ WƌŽǀŝĚĞůŽďďLJŝŶŐĂƐƐŝƐƚĂŶĐĞ

ͻ /ĚĞŶƟĨLJďƵƐŝŶĞƐƐŶĞĞĚƐĂŶĚĐŽŶĐĞƌŶƐ

ͻ >ĞŶĚƐƚĂīĞdžƉĞƌƟƐĞ

ͻ ĞĞīĞĐƟǀĞƚĂƐŬĨŽƌĐĞƉĂƌƟĐŝƉĂŶƚƐ /Ed'Zds>KWDEd^dZd'z | 107

ĐŽŶƐŝƐƚĞŶƚďƵƐŝŶĞƐƐĐĂůůŝŶŐƉƌŽŐƌĂŵĂƐƉĂƌƚŽĨĂƌĞƚĞŶƟŽŶŝŶŝƟĂƟǀĞŝƐĂŶĞdžĐĞůůĞŶƚǁĂLJƚŽŵĂŝŶƚĂŝŶĐŽŵŵƵŶŝĐĂͲ ƟŽŶǁŝƚŚůŽĐĂůďƵƐŝŶĞƐƐ͘dŚŝƐŵĂLJďĞĂƵŐŵĞŶƚĞĚƚŚƌŽƵŐŚƚŚĞƵƐĞŽĨƚĂƐŬĨŽƌĐĞƐ͘ ZĞŐƵůĂƌďƌĞĂŬĨĂƐƚƐĞƐƐŝŽŶƐŚŽƐƚĞĚďLJƚŚĞDĂLJŽƌͬZĞĞǀĞĐĂŶĞīĞĐƟǀĞůLJďƌŽĂĚĞŶƚŚĞĂƵĚŝĞŶĐĞďĂƐĞƚŽŝŶĐůƵĚĞŵĞĚŝĂ ĂŶĚǀŽůƵŶƚĞĞƌƐ͘dŚĞƐĞƐĞƐƐŝŽŶƐƐŚŽƵůĚďĞĨŽĐƵƐƐĞĚƵƉŽŶĞĐŽŶŽŵŝĐƵƉĚĂƚĞƐĂŶĚĚŝƐƐĞŵŝŶĂƟŽŶŽĨŵĂƌŬĞƚŝŶƚĞůůŝͲ ŐĞŶĐĞ͘ hƐĞŽĨŵƵŶŝĐŝƉĂůǁĞďƐŝƚĞƐƉƌŽǀŝĚĞƐĨŽƌŝŶƚĞƌĂĐƟǀĞĚŝĂůŽŐƵĞǁŝƚŚƚŚĞĐŽŵŵƵŶŝƚLJĂƚůĂƌŐĞ͘ŝƌĞĐƚŵĂŝůŝŶŐƐ͕ƉƌĞƐƐ ƌĞůĞĂƐĞƐ͕ŶĞǁƐŝŶƐĞƌƚƐ͕ŵĞĚŝĂŝŶƚĞƌǀŝĞǁƐ͕ƐƉĞĂŬŝŶŐĞŶŐĂŐĞŵĞŶƚƐ͕ŶĞǁƐůĞƩĞƌƐĂŶĚƉƌŽĚƵĐƟŽŶŽĨĂŶĂŶŶƵĂůƵƐŝŶĞƐƐ dƌĞŶĚƐĂŶĚĞǀĞůŽƉŵĞŶƚZĞƉŽƌƚ͕ĂƌĞĂůƐŽĐŽŵŵƵŶŝĐĂƟŽŶƚŽŽůƐǁŚŝĐŚŵĂLJďĞƵƐĞĚ͘ īĞĐƟǀĞƚǁŽǁĂLJĐŽŵŵƵŶŝĐĂƟŽŶǁŝƚŚƐĞŶŝŽƌůĞǀĞůƐŽĨŐŽǀĞƌŶŵĞŶƚĂŶĚĂƌĞĂĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƐƵƉƉŽƌƚĂŐĞŶͲ ĐŝĞƐĐĂŶůĞĂĚƚŽƐƚƌŽŶŐƉĂƌƚŶĞƌƐŚŝƉƐĂŶĚĂƵŶŝĮĞĚĂƉƉƌŽĂĐŚƚŽĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ͘ &ĞĚĞƌĂůĂŶĚWƌŽǀŝŶĐŝĂůƉŽůŝƟĐĂůƌĞƉƌĞƐĞŶƚĂƟǀĞƐƐŚŽƵůĚ͗

ͻ ZĞĐĞŝǀĞĐŽƉŝĞƐŽĨƉƌĞƐƐƌĞůĞĂƐĞƐĂŶĚŐŽŽĚŶĞǁƐƐƚŽƌŝĞƐ

ͻ ĞĨŽƌĞǁĂƌŶĞĚŽĨĂŶLJŵĂũŽƌĐŽŵƉĂŶLJĐůŽƐŝŶŐƐŽƌůĂLJŽīƐ

ͻ ĞƉƌŽǀŝĚĞĚǁŝƚŚƉƌĞͲĂŶŶŽƵŶĐĞŵĞŶƚŶŽƟĐĞƐŽĨďƵƐŝŶĞƐƐĞdžƉĂŶƐŝŽŶƐŽƌŵĂũŽƌŝŶǀĞƐƚŵĞŶƚƐ

ͻ ĞŝŶǀŝƚĞĚƚŽƌŝďďŽŶĐƵƫŶŐƐĂŶĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƌĞůĂƚĞĚĨƵŶĐƟŽŶƐ

ͻ ĞŝŶǀŝƚĞĚƚŽƐƉĞĂŬƚŽŽƵŶĐŝů͛ƐŽŶƌĞůĞǀĂŶƚƉƌŽǀŝŶĐŝĂůŽƌŶĂƟŽŶĂůŝƐƐƵĞƐ

ͻ ĞĞŶĐŽƵƌĂŐĞĚƚŽŵŽŶŝƚŽƌƚŚĞĂǀĂŝůĂďŝůŝƚLJŽĨŐƌĂŶƚƉƌŽŐƌĂŵƐ

ͻ ƐƐŝƐƚŝŶŽďƚĂŝŶŝŶŐŵĞĞƟŶŐƐǁŝƚŚDŝŶŝƐƚĞƌƐ͕ĞƉƵƚLJDŝŶŝƐƚĞƌƐ͕ŽƌŽƚŚĞƌŬĞLJŐŽǀĞƌŶŵĞŶƚŽĸĐŝĂůƐĂƐŶĞĞĚĞĚ

ͻ DĞĞƚƉĞƌŝŽĚŝĐĂůůLJǁŝƚŚDĂLJŽƌͬZĞĞǀĞ 'ŽǀĞƌŶŵĞŶƚĞƉĂƌƚŵĞŶƚƐ

ͻ KƚŽŵĞĞƚƌĞŐƵůĂƌůLJǁŝƚŚŬĞLJŐŽǀĞƌŶŵĞŶƚƉĞƌƐŽŶŶĞůŝŶƉĞƌƟŶĞŶƚƉŽƐŝƟŽŶƐ

ͻ ZĞůĞǀĂŶƚƉĞƌƐŽŶŶĞůƚŽďĞŵĂĚĞĂǁĂƌĞŽĨŝƐƐƵĞƐĚŝƐĐƵƐƐĞĚǁŝƚŚD>͕DW͕ĂŶĚDŝŶŝƐƚĞƌƐ ^ƵƉƉŽƌƚŐĞŶĐŝĞƐ

ͻ KŶŐŽŝŶŐƌĂƉƉŽƌƚƚŽďĞĞƐƚĂďůŝƐŚĞĚ

ͻ ZĞůĞǀĂŶƚďŽĂƌĚĂƉƉŽŝŶƚŵĞŶƚƐĂŶĚƌĞƉƌĞƐĞŶƚĂƟŽŶ

ͻ ƐƐŝƐƚĂŶĐĞƚŽďĞƐŽůŝĐŝƚĞĚ

ͻ ^ŚŽƵůĚďĞĞŶĐŽƵƌĂŐĞĚƚŽƌĞƉŽƌƚĂĐƟǀŝƟĞƐĚŝƌĞĐƚůLJƚŽŽƵŶĐŝů

ϴ͘ϴ͘ϮWůĂĐĞZĞĐŽŐŶŝƟŽŶ

ZĂŝƐŝŶŐĂǁĂƌĞŶĞƐƐŽĨƚŚĞĂƌĞĂ͛ƐƵŶŝƋƵĞĨŽĐƵƐŽŶĞŶǀŝƌŽŶŵĞŶƚĂůͬĐŽŶƐĞƌǀĂƟŽŶďĞƐƚƉƌĂĐƟĐĞƐĂŶĚŝƚƐĚĞǀĞůŽƉŵĞŶƚĂƚͲ ƚƌŝďƵƚĞƐŝƐǀŝƚĂůƚŽĐĂƉƚƵƌŝŶŐŝƚƐĨƵůůĞĐŽŶŽŵŝĐƉŽƚĞŶƟĂů͘ƵƚƵŶƟůƐƵĐŚƟŵĞƐƚŚĂƚƚŚĞŽƚŚĞƌƐƚƌĂƚĞŐŝĐƉƌŝŽƌŝƟĞƐǁŝƚŚŝŶ ƚŚĞ^ŚĂǀĞďĞĞŶĞŶĂĐƚĞĚƵƉŽŶ͕ŝƚŝƐƉƌĞŵĂƚƵƌĞƚŽĞŶƚĞƌŝŶƚŽĂĨŽƌŵĂůďƌĂŶĚŝŶŐƉƌŽŐƌĂŵ͘,ŽǁĞǀĞƌƉůĂĐĞƌĞĐŽŐͲ ŶŝƟŽŶŵĂLJďĞƐƚŽĐĐƵƌĨŽƌƚŚĞĐŽƌƌŝĚŽƌůĂŶĚƐƚŚƌŽƵŐŚƚŚĞƵƐĞŽĨƚŚĞƚĞƌŵ͞'ƌĞĞŶǁĂLJ͟ǁŝƚŚŝŶƚŚĞŽǀĞƌĂůůƌĞŐŝŽŶĂů ĐŽŶƚĞdžƚĂƐ͞ůďĞƌƚĂ͛Ɛ'ĂƚĞǁĂLJƚŽ/ŶƚĞƌŶĂƟŽŶĂůdƌĂĚĞĂŶĚŽŵŵĞƌĐĞ͘͟ 8.8.2.1 ’s Gateway to International Trade and Commerce dŚĞƌĞŐŝŽŶŝƐŝĚĞĂůůLJƉŽƐŝƟŽŶĞĚƚŽƉƌŽŵŽƚĞŝƚƐĞůĨĂƐůďĞƌƚĂ͛Ɛ'ĂƚĞǁĂLJƚŽ/ŶƚĞƌŶĂƟŽŶĂůdƌĂĚĞĂŶĚŽŵŵĞƌĐĞ͘/ƚŝƐ ŶŽƚŝŶƚĞŶĚĞĚĨŽƌƚŚĞƌĞĨĞƌĞŶĐĞƚŽĚĞƚƌĂĐƚĨƌŽŵƚŚĞƚŽǁŶŽĨŽĂůĚĂůĞ͛ƐĂĸůŝĂƟŽŶǁŝƚŚŝƌĚƐŽĨWƌĞLJ͘dŚĞƵƐĞŽĨŐĂƚĞͲ ǁĂLJǁŝůůŝŶĚŝĐĂƚĞŝŶƚĞƌĞƐƚŝŶĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĂĐƟǀŝƚLJďĞLJŽŶĚĂƚŽƵƌŝƐŵĨŽĐƵƐ͘ ůďĞƌƚĂŝƐƚŚĞŽŶůLJƉƌŽǀŝŶĐĞŝŶĂŶĂĚĂďŽƌĚĞƌŝŶŐƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐƚŽŚĂǀĞŽŶůLJĂƐŝŶŐůĞϮϰŚŽƵƌďŽƌĚĞƌĐƌŽƐƐŝŶŐ͘ dŚŝƐĐƌŽƐƐŝŶŐŝƐůŽĐĂƚĞĚĂƚ^ǁĞĞƚ'ƌĂƐƐͬŽƵƩ͛ƐĂƉƉƌŽdžŝŵĂƚĞůLJϱϬŵŝůĞƐ;ϴϬŬŵͿƐŽƵƚŚŽĨƚŚĞĐŽƌƌŝĚŽƌůĂŶĚƐ͘ƐƐƵĐŚ͕ ƚŚĞŽƵŶƚLJĂŶĚdŽǁŶĂƌĞƚŚĞĮƌƐƚĂƌĞĂŽĨĐŽŶƐĞƋƵĞŶĐĞǁŝƚŚĂŵĂũŽƌĐŽůůĞĐƟŽŶŽĨďƵƐŝŶĞƐƐĞƐĂŶĚƵƌďĂŶĂŵĞŶŝƟĞƐ͘ ĂŶĂĚĂŝƐƚŚĞƐƚĂƚĞŽĨDŽŶƚĂŶĂ͛ƐŵŽƐƚŝŵƉŽƌƚĂŶƚŵĂƌŬĞƚ͕ƉƵƌĐŚĂƐŝŶŐŵŽƌĞĨƌŽŵƚŚĞƐƚĂƚĞƚŚĂŶĂůůŽƚŚĞƌĐŽƵŶƚƌŝĞƐ ϭϬϴ ͮപ/Ed'Zds>KWDEd^dZd'z

ĐŽŵďŝŶĞĚ͘ĐĐŽƌĚŝŶŐƚŽƚƌĂŶƐďŽƌĚĞƌĚĂƚĂ͕ďŝůĂƚĞƌĂůƚƌĂĚĞŇŽǁŝƐŽǀĞƌΨϲ͘ϱďŝůůŝŽŶǁŝƚŚƚŚĞůĂƌŐĞƐƚƉƌŽƉŽƌƟŽŶŽĨ ƚƌĂĚĞŝŶĞŶĞƌŐLJ͕ĐŚĞŵŝĐĂůƐ͕ŵĞƚĂůƐĂŶĚĨĂďƌŝĐĂƚĞĚŵĞƚĂůƐ͘dŚĞŵĂũŽƌŝƚLJŽĨDŽŶƚĂŶĂ͛ƐĞdžƉŽƌƚƐŽĐĐƵƌƚŚƌŽƵŐŚƚŚĞ ŽƵƩƐ͛ƐĐƌŽƐƐŝŶŐ͘ dŽƉĞdžƉŽƌƚƐŝŶĐůƵĚĞ͗

ͻ WĂƉĞƌĂŶĚƉĂƉĞƌďŽĂƌĚ;ΨϱϭŵŝůůŝŽŶͿ

ͻ ƵƚŽŵŽƟǀĞ;ΨϮϬŵŝůůŝŽŶͿ

ͻ ůĞĐƚƌŝĐŐĞŶĞƌĂƚŽƌƐ;ΨϮϯŵŝůůŝŽŶͿ

ͻ ƌƵĚĞƉĞƚƌŽůĞƵŵ;ΨϯϵŵŝůůŝŽŶͿ

ͻ WůLJǁŽŽĚ;ΨϭϬŵŝůůŝŽŶͿ ,ŝƐƚŽƌŝĐĂůůLJĂŶĂĚĂĂŶĚƚŚĞh^ĨĂǀŽƵƌĞĚĞĂƐƚƚŽǁĞƐƚƚƌĂĚĞƌŽƵƚĞƐďĞĨŽƌĞƌĞĂĐŚŝŶŐŶŽƌƚŚͲƐŽƵƚŚŵĂƌŬĞƚƐ͘WƌĞƐŝĚĞŶƚ KďĂŵĂĂŶĚŚŝƐĂĚŵŝŶŝƐƚƌĂƟŽŶƐĞƚĂŐŽĂůŝŶϮϬϭϬŽĨĚŽƵďůŝŶŐŚŝƐĐŽƵŶƚƌLJ͛ƐĞdžƉŽƌƚƐ͘'ŝǀĞŶƚŚĂƚĂŶĂĚĂŝƐŵĞƌŝĐĂƐ ůĂƌŐĞƐƚƚƌĂĚŝŶŐƉĂƌƚŶĞƌ͕ŵƵĐŚŽĨƚŚŝƐŝŶĐƌĞĂƐĞŝŶĐŽŵŵĞƌĐŝĂůĂĐƟǀŝƚLJǁŝůůďĞĨƵĞůůĞĚďLJĚĞǀĞůŽƉŵĞŶƚƐƐƵĐŚĂƐƚŚĞ ĂŶĂŵĞdž͘ KǀĞƌϭ͘ϯŵŝůůŝŽŶƚƌĂǀĞůůĞƌ͛ƐƉĂƐƐƚŚƌŽƵŐŚŽƵƩ͛ƐĞǀĞƌLJLJĞĂƌ͘dŚŝƐŝƐƐƵƉƉůĞŵĞŶƚĞĚďLJŶĞĂƌůLJϱϬϬ͕ϬϬϬƚƌƵĐŬƐǁŚŽƐĞ ǀŽůƵŵĞŚĂƐŝŶĐƌĞĂƐĞĚĂŶĂǀĞƌĂŐĞŽĨϵ͘ϭƉĞƌĐĞŶƚƉĞƌĂŶŶƵŵŽǀĞƌƚŚĞůĂƐƚĚĞĐĂĚĞ͘ ĂƐĞĚƵƉŽŶƉƌŽũĞĐƚĞĚƌĞƐŽƵƌĐĞĚĞǀĞůŽƉŵĞŶƚƐĂŶĚĂĐƟǀŝƚLJĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞĂŬŬĞŶĂŶĚŽƚŚĞƌƐŚĂůĞŐĂƐƉůĂLJƐ͕ŝƚ ŝƐĞƐƟŵĂƚĞĚƚŚĂƚĂŶĂĚĚŝƟŽŶĂůΨϰďŝůůŝŽŶŽĨŵĂĐŚŝŶĞƌLJĂŶĚĞƋƵŝƉŵĞŶƚǁŝůůŶĞĞĚƚŽďĞŝŵƉŽƌƚĞĚŝŶƚŽůďĞƌƚĂĞǀĞƌLJ LJĞĂƌďLJƚƌƵĐŬ͕ƌĞƉƌĞƐĞŶƟŶŐϰϬ͕ϬϬϬƚƌƵĐŬůŽĂĚƐƉĞƌLJĞĂƌŽǀĞƌĐƵƌƌĞŶƚǀŽůƵŵĞƐ͘/ŶϭϬLJĞĂƌƐƚŚŝƐŝƐƚƌĂŶƐůĂƚĞĚƚŽŽǀĞƌ ϰϬϬ͕ϬϬϬƚƌƵĐŬůŽĂĚƐŝŶďŽƵŶĚĨƌŽŵƚŚĞh^ĞĂĐŚLJĞĂƌ͕ƌĞƐƵůƟŶŐŝŶŚĂǀŝŶŐĂŶŝŶďŽƵŶĚƚƌƵĐŬĞǀĞƌLJƚŚƌĞĞŵŝŶƵƚĞƐ͕Ϯϰ ŚŽƵƌƐĂĚĂLJ͕ƐĞǀĞŶĚĂLJƐĂǁĞĞŬ͕ϯϲϱĚĂLJƐĂLJĞĂƌ͘ 8.8.2.2 Greenway

/ŶŵŽǀŝŶŐĨŽƌǁĂƌĚƚŚĞǁŽƌŬĂŶĚƌĞĐŽŵŵĞŶĚĂƟŽŶƐŽĨƚŚĞ/^ĂůŽŶŐƚŚĞŚŝŐŚǁĂLJηϯĐŽƌƌŝĚŽƌ͕ŝƚŝƐŝŵƉŽƌƚĂŶƚƚŚĂƚƚŚĞ ĂƌĞĂďĞĞĂƐŝůLJƌĞĐŽŐŶŝnjĞĚďŽƚŚĐŽŶĐĞƉƚƵĂůůLJĂŶĚŐĞŽŐƌĂƉŚŝĐĂůůLJ͘dŚĞĚĞƐĐƌŝƉƟŽŶ͞'ƌĞĞŶǁĂLJ͟ĞŵďƌĂĐĞƐƚŚĞĐŽŶĐĞƉƚ ŽĨƐƵƐƚĂŝŶĂďŝůŝƚLJĂŶĚĐŽŶƐĞƌǀĂƟŽŶŽŶĂůŝŶĞĂƌďĂƐŝƐ͕ĂŶĚĐĂƉƚƵƌĞƐƚŚĞĐŽŵŵƵŶŝƚLJ͛ƐŝŵĂŐŝŶĂƟŽŶ͘ dŚĞƚĞƌŵ͞'ƌĞĞŶǁĂLJ͟ŝƐĚĞĮŶĞĚĂƐĂƌĞŐŝŽŶǁŝƚŚƚŚĞŐŽĂůŽĨƐĞůĨͲƐƵĸĐŝĞŶĐLJ͕ŐĂŝŶĞĚďLJƐƵĐĐĞƐƐĨƵůůLJŝŶƚĞŐƌĂƟŶŐ ŝŶŶŽǀĂƟǀĞƉƌĂĐƟĐĞƐŝŶƚŚĞĮĞůĚƐŽĨƉůĂŶŶŝŶŐ͕ƚƌĂŶƐƉŽƌƚĂƟŽŶ͕ƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĂŶĚƌĞƵƐĞ͕ůŽĐĂůŝnjĞĚǁĂƚĞƌ ƚƌĞĂƚŵĞŶƚĂŶĚǁĂƚĞƌƐƵƉƉůLJ͕ĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ͕ĂŶĚƌĞĐƌĞĂƟŽŶĂůŽƉƉŽƌƚƵŶŝƟĞƐ͘ZĞƐŝĚĞŶƚƐĂƌĞĂďůĞƚŽůŝǀĞ͕ ǁŽƌŬ͕ĂŶĚƉůĂLJŝŶƵƌďĂŶƉŽĐŬĞƚƐƐĞƉĂƌĂƚĞĚďLJůŝŶĞĂƌĐŽƌƌŝĚŽƌƐŽĨŽƉĞŶĐŽƵŶƚƌLJƐŝĚĞ͘dŚĞƐĞůŝŶĞĂƌĐŽƌƌŝĚŽƌƐŵĂLJďĞ ƵƟůŝnjĞĚĨŽƌƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĂƌĞĂƐĂŶĚďŽƚŚůŽǁŝŶƚĞŶƐŝƚLJĂŐƌŝĐƵůƚƵƌĂůƵƐĞƐƐƵĐŚĂƐƉĂƐƚƵƌĞůĂŶĚƐĂŶĚĐƵůƟͲ ǀĂƚĞĚĮĞůĚƐ͕ĂŶĚƌĞĐƌĞĂƟŽŶĂůƵƐĞƐŝŶĐůƵĚŝŶŐŶĂƚƵƌĂůĂƌĞĂƐ͕ƉĂƌŬƐ͕ĂŶĚƉĂƚŚǁĂLJƐ͘ dŚĞĚĞŐƌĞĞƚŽǁŚŝĐŚƚŚĞŵƵŶŝĐŝƉĂůĐŽƵŶĐŝůƐĂŶĚĚĞǀĞůŽƉŵĞŶƚŝŶĚƵƐƚƌLJĞŵďƌĂĐĞƚŚĞ/^ĐŽŶĐĞƉƚƐĂŶĚƉƌŝŶĐŝƉůĞƐ ŽǀĞƌƚŚĞůŽŶŐƚĞƌŵŝƐƵŶŬŶŽǁŶ͘ƵƚďLJŝŶƚĞŐƌĂƟŶŐŽƉĞƌĂƟŽŶƐͬĞdžƉĞŶĚŝƚƵƌĞƐƚŚƌŽƵŐŚĂǀĂƌŝĞƚLJŽĨƉĂƌƚŶĞƌƐŚŝƉƐĂŶĚ ĐŽƐƚƐŚĂƌŝŶŐŝŶŝƟĂƟǀĞƐƚŽĂĚĚƌĞƐƐ͖

ͻ ŽŶƐĞƌǀĂƟŽŶƉƌĂĐƟĐĞƐ

ͻ WĂƌŬƐĂŶĚŽƉĞŶƐƉĂĐĞ

ͻ WůĂŶŶŝŶŐ

ͻ >ĂŶĚĚĞǀĞůŽƉŵĞŶƚ

ͻ ĚƵĐĂƟŽŶΘƚƌĂŝŶŝŶŐŽƉƉŽƌƚƵŶŝƟĞƐ

ͻ dŽƵƌŝƐŵ dŚĞ'ƌĞĞŶǁĂLJĐĂŶďĞĐŽŵĞĂďĞƐƚƉƌĂĐƟĐĞŵŽĚĞůŽĨƐƚĞǁĂƌĚƐŚŝƉĂŶĚŵƵŶŝĐŝƉĂůĐŽůůĂďŽƌĂƟŽŶĨŽƌƉƵƌƉŽƐĞƐŽĨĞĐŽͲ ŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ͕ĂŶĚůŝĨĞƐƚLJůĞĞŶŚĂŶĐĞŵĞŶƚ͘ ϴ͘ϴ͘ϯ<ĞLJƌĞƐƵůƚƐƚŽƐƵƉƉŽƌƚ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚLJηϰ͗dŚƌŽƵŐŚĞīĞĐƟǀĞĐŽŵŵƵŶŝĐĂƟŽŶĂŶĚƉůĂĐĞƌĞĐŽŐŶŝƟŽŶ͕ĞĐŽŶŽŵͲ ŝĐĚĞǀĞůŽƉŵĞŶƚǁŝůůďĞĂĚǀĂŶĐĞĚŝŶƚŚĞdŽǁŶŽĨŽĂůĚĂůĞĂŶĚƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͘ /Ed'Zds>KWDEd^dZd'z | 109

<ĞLJZĞƐƵůƚƐ ZĞƐƉŽŶƐŝďŝůŝƚLJ WĂƌƚŶĞƌƐ WĞƌĨŽƌŵĂŶĐĞ DĞĂƐƵƌĞƐ dŚĞƚĞƌŵ͞'ƌĞĞŶǁĂLJ͟ŝƐ K DW͕D> ^ƵƌǀĞLJŝŶĚŝĐĂƚĞƐƐƚƌŽŶŐ ƵƐĞĚƚŽĚĞĮŶĞƚŚĞ/^ ͞'ƌĞĞŶǁĂLJ͟ĂǁĂƌĞŶĞƐƐ ĂƌĞĂĂŶĚƌĞŝŶĨŽƌĐĞŝƚƐŐƵŝĚͲ ŝŶŐƉƌŝŶĐŝƉůĞƐ ŽƵŶĐŝů ^ƵƉƉŽƌƚĂŐĞŶĐŝĞƐ ^ŝŐŶĂŐĞĂŶĚ/^ŝŵƉůĞͲ ŵĞŶƚĂƟŽŶƐƵƉƉŽƌƚƐƚŚĞ ƚĞƌŵŝŶŽůŽŐLJ ^ƚĂī ^ĞŶŝŽƌůĞǀĞůƐŽĨŐŽǀĞƌŶͲ ŵĞŶƚ

ƌĞĂďĞĐŽŵĞƐŬŶŽǁŶĂƐĂ DĂLJŽƌͬZĞĞǀĞ ͞ĞƐƚWƌĂĐƟĐĞ͟

'ƌĞĞŶǁĂLJƚĞƌŵŝŶŽůŽŐLJŝƐ ƵƟůŝnjĞĚďLJƚŚĞŵĞĚŝĂĂŶĚ ŽƚŚĞƌĂƵĚŝĞŶĐĞƐ

ZĞĨĞƌĞŶĐĞŝŶŵĂƚĞƌŝĂůƐ͕ ǁĞďƐŝƚĞ͕ĂŶĚĚŝƐĐƵƐƐŝŽŶ dŚĞdŽǁŶĂŶĚŽƵŶƚLJ ^ĞĞĂďŽǀĞ ^ĞĞĂďŽǀĞ EƵŵďĞƌŽĨĞīĞĐƟǀĞ ďĞĐŽŵĞƌĞĐŽŐŶŝnjĞĚĂƐ ƉĂƌƚŶĞƌƐŚŝƉƐĂŶĚũŽŝŶƚ ůĞĂĚĞƌƐŝŶĂĚǀŽĐĂƟŶŐĂŶĚ ŝŶŝƟĂƟǀĞƐ ƐƵƉƉŽƌƟŶŐƉĂƌƚŶĞƌƐŚŝƉ

ŽƐƚƐĂǀŝŶŐƐ͕ďƌĞĂĚƚŚŽĨ ĂĚĚŝƟŽŶĂůŽƉƉŽƌƚƵŶŝƟĞƐ ŐĞŶĞƌĂƚĞĚ

WĂƌƟĐŝƉĂƟŽŶŽŶĂƐƐŽĐŝͲ ĂƚĞĚďŽĂƌĚƐ͕ĐŽŵŵŝƩĞĞƐ ĂŶĚƐƵĐŚ

ĐŬŶŽǁůĞĚŐŵĞŶƚďLJ ŽƚŚĞƌƐ ϭϭϬ ͮപ/Ed'Zds>KWDEd^dZd'z

ĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ^ĞĞĂďŽǀĞ ^ĞĞĂďŽǀĞƉůƵƐ ĞŐƌĞĞŽĨƉƌŝǀĂƚĞƐĞĐƚŽƌ ďĞĐŽŵĞƐĂĐŽŵŵƵŶŝƚLJ ƉĂƌƟĐŝƉĂƟŽŶĂƐĂŵďĂƐͲ ǁŝĚĞ͕ƚƌŝŐŽǀĞƌŶŵĞŶƚůĞǀĞů sŽůƵŶƚĞĞƌƐ ƐĂĚŽƌƐĂŶĚƚĂƐŬĨŽƌĐĞ ƐƵƉƉŽƌƚĞĚŝŶŝƟĂƟǀĞ ŵĞŵďĞƌƐ WƌŝǀĂƚĞ^ĞĐƚŽƌ

sŽůƵŶƚĞĞƌƉĂƌƟĐŝƉĂƟŽŶ

ŶŐĂŐĞŵĞŶƚŽĨƐĞŶŝŽƌ ŐŽǀĞƌŶŵĞŶƚŽĸĐŝĂůƐĂŶĚ ƉŽůŝƟĐĂůƌĞƉƌĞƐĞŶƚĂƟǀĞƐ

>ĞǀĞůŽĨŵĞĚŝĂĐŽǀĞƌĂŐĞ

ŶŶƵĂůĞĐŽŶŽŵŝĐĚĞǀĞůͲ ŽƉŵĞŶƚƵƉĚĂƚĞƉƌŽĚƵĐĞĚ ĂŶĚǁŝĚĞůLJĚŝƐƚƌŝďƵƚĞĚǀŝĂ ǁĞďĂŶĚŚĂƌĚĐŽƉLJ

dƌĂŶƐƉĂƌĞŶĐLJŽĨƚŚĞĞĐŽͲ ŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĞīŽƌƚ

ƵƐŝŶĞƐƐĐĂůůŝŶŐƉƌŽŐƌĂŵ ŝƐŝŶŝƟĂƚĞĚ

DĂLJŽƌͬZĞĞǀĞŚŽƐƚƌĞŐƵůĂƌ ĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ƵƉĚĂƚĞƐ

'ĞŶĞƌĂƟŽŶŽĨŐƌĂŶƚƐƵƉͲ ƉŽƌƚĂŶĚŽƚŚĞƌŽīƐĞƚƐ /Ed'Zds>KWDEd^dZd'z | 111

dŚĞĂƌĞĂďĞĐŽŵĞƐŬŶŽǁŶ ^ĞĞĂďŽǀĞ ^ĞĞĂďŽǀĞ /ŶǀĞƐƚŵĞŶƚƉƌŽĐƵƌĞŵĞŶƚ Ă͞ůďĞƌƚĂ͛Ɛ'ĂƚĞǁĂLJƚŽ ƐƵĐĐĞƐƐ /ŶƚĞƌŶĂƟŽŶĂůdƌĂĚĞĂŶĚ ŽŵŵĞƌĐĞ͟ ZĞĐŽŐŶŝƟŽŶůĞǀĞůďLJŵĞͲ ĚŝĂĂŶĚŽƚŚĞƌĂƵĚŝĞŶĐĞƐ

ŶĚŽƌƐĞŵĞŶƚĂŶĚƐƵƉƉŽƌƚ ŽĨƚŚĞƉƌŽǀŝŶĐĞ

ůƵƐƚĞƌŝŶŐĂĐƟǀŝƚLJ

ZĞĨĞƌĞŶĐĞŝŶŵĂƚĞƌŝĂůƐ͕ ǁĞďƐŝƚĞ

ϴ͘ϵŽŶĐůƵƐŝŽŶ EŽĂŵŽƵŶƚŽĨŵĂƌŬĞƟŶŐǁŝůůĐŽŶǀŝŶĐĞƉĞŽƉůĞĂŶĚďƵƐŝŶĞƐƐƚŽŵĂŬĞĮŶĂŶĐŝĂůĚĞĐŝƐŝŽŶƐŝĨĂĐŽŵŵƵŶŝƚLJĚŽĞƐŶ͛ƚŽīĞƌ ǁŚĂƚƚŚĞLJǁĂŶƚŽƌŶĞĞĚƚŽďĞƐƵĐĐĞƐƐĨƵů͘ dŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚdŽǁŶŽĨŽĂůĚĂůĞĨĂĐĞŵĂŶLJŽĨƚŚĞĐŚĂůůĞŶŐĞƐƚLJƉŝĐĂůůLJĨŽƵŶĚŝŶƌƵƌĂůůďĞƌƚĂ͘/ƚŝƐ ŝŶŇƵĞŶĐĞĚďŽƚŚƉŽƐŝƟǀĞůLJĂŶĚŶĞŐĂƟǀĞůLJďLJŐůŽďĂů͕ŶĂƟŽŶĂůĂŶĚƌĞŐŝŽŶĂůĞĐŽŶŽŵŝĐƚƌĞŶĚƐ͕ĐŽŵƉĞƟƟǀĞĂĐƟǀŝƟĞƐŽĨ ŽƚŚĞƌƌĞŐŝŽŶƐ͕ĂŶĚĞĐŽŶŽŵŝĐĐLJĐůĞƐŽĨƚŚĞŝŶĚƵƐƚƌŝĞƐƚŚĂƚĚƌŝǀĞƚŚĞĂƌĞĂ͛ƐĞĐŽŶŽŵLJ͘ŽƚŚŵƵŶŝĐŝƉĂůĐŽƵŶĐŝů͛ƐǁŝƐŚƚŽ ĞdžƉĞƌŝĞŶĐĞƚŚĞďĞŶĞĮƚƐŽĨŐƌŽǁƚŚĂŶĚĚĞǀĞůŽƉŵĞŶƚďLJŵŽǀŝŶŐƐƚƌĂƚĞŐŝĐĂůůLJĨŽƌǁĂƌĚ͘ dŚĞǁĂLJĨŽƌǁĂƌĚŝŶĐůƵĚĞƐ͗

ͻ ĐƚŝŶĐůƵƐŝǀĞůLJ͕ƵƐŝŶŐƚŚĞĐƌĞĂƟǀŝƚLJĂŶĚĞŶĞƌŐLJŽĨďƵƐŝŶĞƐƐĂŶĚĐŝƟnjĞŶƐ

ͻ ĞƉƌŽĂĐƟǀĞ

ͻ DĂŝŶƚĂŝŶďƌŽĂĚĂǁĂƌĞŶĞƐƐŽĨƚŚĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĞīŽƌƚ

ͻ WƌĞƉĂƌĞLJŽƵƌƐĞůĨĂŶĚƵŶĚĞƌƚĂŬĞĂŶĂŐƌĞĞĚƵƉŽŶĚĞůŝǀĞƌLJŵĞƚŚŽĚŽůŽŐLJĨŽƌƚŚĞĂƌĞĂ dŚĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƐƚƌĂƚĞŐLJƐƉĞĂŬƐŽĨƚŚĞĂďŽǀĞĂƉƉƌŽĂĐŚŝŶƚŚĞĨŽƌŵŽĨƐƚƌĂƚĞŐŝĐƉƌŝŽƌŝƟĞƐĂŶĚŬĞLJƌĞͲ ƐƵůƚƐ͘dŚĞƉůĂŶƐŚŽƵůĚďĞƌĞǀŝĞǁĞĚĂŶĚƌĞǀŝƐĞĚĂŶŶƵĂůůLJ͕ƉƌŽǀŝĚŝŶŐƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽĐĞůĞďƌĂƚĞƐƵĐĐĞƐƐĂŶĚƌĞǀŝƐĞ ĚŝƌĞĐƟŽŶ͘ ϭϭϮ ͮപ/Ed'Zds>KWDEd^dZd'z /Ed'Zds>KWDEd^dZd'z | 113 ϵ͘ϬZĞŐŝŽŶĂůWĂƚŚǁĂLJ^LJƐƚĞŵ

ϵ͘ϭZĞŐŝŽŶĂůWĂƚŚǁĂLJ^LJƐƚĞŵ Ŷ ŝŵƉŽƌƚĂŶƚ ĂƐƉĞĐƚ ŽĨ /ŶƚĞŐƌĂƚĞĚ ĞǀĞůŽƉŵĞŶƚ ^ƚƌĂƚĞŐLJ ŝƐ ƚŽ ŝŶĐŽƌƉŽƌĂƚĞ Ă ZĞŐŝŽŶĂů WĂƚŚǁĂLJ ^LJƐƚĞŵ ƚŽ ƉƌŽǀŝĚĞ ĨŽƌ ĂůƚĞƌŶĂƟǀĞ ŵŽĚĞƐ ŽĨ ƚƌĂŶƐƉŽƌƚĂƟŽŶ ǁŚŝůĞ Ăƚ ƚŚĞ ƐĂŵĞ ƟŵĞ ƌĞƐƉŽŶĚŝŶŐ ƚŽ ƌĞĐƌĞĂƟŽŶĂů ŶĞĞĚƐ ǁŝƚŚŝŶ ƚŚĞ ĂƌĞĂ͘ ^ŝŶĐĞ ƚŚĞ /ŶƚĞŐƌĂƚĞĚ ĞǀĞůŽƉŵĞŶƚ ^ƚƌĂƚĞŐLJ ;/^Ϳ ŝŶĐůƵĚĞĚ Ă ŵĂũŽƌ ƌĞǀŝĞǁ ŽĨ ŽǀĞƌůĂŶĚ ĚƌĂŝŶĂŐĞ ƚŚĞ ĐŽŶĐĞƉƚ ŽĨ ŝŶĐŽƌƉŽƌĂƟŶŐ Ă ZĞŐŝŽŶĂů WĂƚŚǁĂLJ ŝŶƚŽ ƚŚĞ ƐĂŵĞ ZŝŐŚƚͲKĨͲtĂLJ ĂƐ ƉŽƌƟŽŶƐ ŽĨ ƚŚĞ ŽǀĞƌůĂŶĚ ĚƌĂŝŶĂŐĞ ǁĂƐ ĚĞǀĞůŽƉĞĚ͘ dŚĞ ^ƚ͘ DĂƌLJ͛Ɛ ZĞŐŝŽŶĂů /ƌƌŝŐĂƟŽŶ ŝƐƚƌŝĐƚ ŚĂĚ ďĞĞŶ ŚŽůĚŝŶŐ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ƚŚĞ ĚƌĂŝŶĂŐĞ ZŝŐŚƚ ŽĨ tĂLJƐ ŝŶ ĂďĞLJͲ ĂŶĐĞ ĂŶĚ ƚŚĞ ƟŵŝŶŐ ŝŶ ƚŚŝƐ ƌĞŐĂƌĚ ĐŽƵůĚ ŶŽƚ ŚĂǀĞ ďĞĞŶ ŵŽƌĞ ĨŽƌƚƵŝƚŽƵƐ͘ dŚĞ ^DZ/ ŚĂƐ ĂůƐŽ ƌĞĐŽŐŶŝnjĞĚ ƚŚĞ ŶĞĞĚ ƚŽ ĞdžƉĂŶĚ ƚŚĞ ZŝŐŚƚͲKĨͲtĂLJ ŝŶ ŽƌĚĞƌ ƚŽ ŵĂŶĂŐĞ ĚƌĂŝŶĂŐĞ ƐǁĂůĞƐ͕ ƐƵĐŚ ĂƐ ƚŚĞ ^ŽƵƚŚ ŽĂůĚĂůĞ ůĂƚĞƌĂů͕ ĞīĞĐƟǀĞůLJ͘ džƉĂŶͲ ƐŝŽŶ ŽĨ ƚŚĞ ƌŝŐŚƚͲŽĨͲǁĂLJ͛Ɛ ǁŝůů ĂĐĐŽŵŵŽĚĂƚĞ ĂŶĚ ĨĂĐŝůŝƚĂƚĞ ƚŚŝƐ ŵĂŶĂŐĞŵĞŶƚ͘

ŽŵŵĞŵŽƌĂƟǀĞƉůĂƋƵĞĐůĂƌŝĨLJŝŶŐƚŚĞ^ƚ͘DĂƌLJ͛ƐZŝǀĞƌ/ƌƌŝŐĂƟŽŶŝƐƚƌŝĐƚŝŶǀŽůǀĞŵĞŶƚĂƚ,ĞŶĚĞƌƐŽŶ>ĂŬĞ

ϵ͘ϮWĂƚŚǁĂLJĞƐƟŶĂƟŽŶƐ /Ŷ ŽƌĚĞƌ ĨŽƌ ƚŚĞ ƌĞŐŝŽŶĂů ƉĂƚŚǁĂLJ ƐLJƐƚĞŵ ƚŽ ďĞ ǀŝĂďůĞ ĂŶĚ ƚŽ ĂƩƌĂĐƚ ĂĐƟǀŝƚLJ ƚŽ ƚŚĞ ƉĂƚŚ ĨƌŽŵ Ă ƌĞĐƌĞĂƟŽŶĂů ƉĞƌͲ ƐƉĞĐƟǀĞ ŝƚ ŝƐ ŝŵƉŽƌƚĂŶƚ ƚŽ ŝĚĞŶƟĨLJ ĂƩƌĂĐƟǀĞ ĚĞƐƟŶĂƟŽŶƐ ŽŶ ĞĂĐŚ ĞŶĚ ŽĨ ƚŚĞ ƐLJƐƚĞŵ͘ dǁŽ ĂŶĐŚŽƌ ƉŽŝŶƚƐ ƚŚĂƚ ŚĂǀĞ ƚŚĞ ƉŽƚĞŶƟĂů ŽĨ ĚƌĂǁŝŶŐ ŝŶƚĞƌŶĂƟŽŶĂů ĂĐĐůĂŝŵ ĂŶĚ ĂƩĞŶƟŽŶ ĂƌĞ ƌĞĂĚŝůLJ ĂǀĂŝůĂďůĞ ǁŝƚŚŝŶ ƚŚĞ ƐƚƵĚLJ ĂƌĞĂ͘

ϵ͘Ϯ͘ϭ,ĞŶĚĞƌƐŽŶWĂƌŬ

KŶ ƚŚĞ ĞĂƐƚ ĞĚŐĞ ŽĨ >ĞƚŚďƌŝĚŐĞ ŽŶ ƚŚĞ ǁĞƐƚĞƌŶ ĞĚŐĞ ŽĨ ƚŚĞ /^ ƐƚƵĚLJ ĂƌĞĂ ƚŚĞ ƌĞĐƌĞĂƟŽŶĂů ĂƌĞĂ ŬŶŽǁŶ ĂƐ ,ĞŶĚĞƌͲ ƐŽŶ WĂƌŬ ƉƌŽǀŝĚĞƐ ĂŶ ŽƉƟŵŝnjĞĚ ĚĞƐƟŶĂƟŽŶ ĨŽƌ ƚŚĞ ƌĞŐŝŽŶĂů ƉĂƚŚǁĂLJ͘ dŚĞ ,ĞŶĚĞƌƐŽŶ WĂƌŬ ŝƐ Ă ϰϳ ŚĂ ;ŚƵŶĚƌĞĚ ĂŶĚ ϭϳ ĂĐƌĞͿ ƉĂƌŬ ĨĞĂƚƵƌŝŶŐ Ă Ϯϰ ŚĂ ;ϲϬ ĂĐƌĞͿ ŵĂŶͲŵĂĚĞ ůĂŬĞ ƚŚĞ ůĂƌŐĞƐƚ ůĂŬĞ ŝŶ ƚŚĞ ĐŝƚLJ ŽĨ >ĞƚŚďƌŝĚŐĞ ĂƌĞĂ ĂŶĚ ĨĞĂƚƵƌĞƐ ŶƵŵĞƌŽƵƐ ĂŵĞŶŝƟĞƐ ĂŶĚ ĂƩƌĂĐƟŽŶƐ͘ ϭϭϰ ͮപ/Ed'Zds>KWDEd^dZd'z

EŝŬŬĂzƵŬŽ:ĂƉĂŶĞƐĞ'ĂƌĚĞŶ KŶĞŽĨƚŚĞŵŽƐƚĨĂŵŽƵƐŝƐƚŚĞEŝŬŬĂzƵŬŽ:ĂƉĂŶĞƐĞ'ĂƌĚĞŶ͖ƚŚĞ:ĂƉĂŶĞƐĞ'ĂƌĚĞŶĚƌĂǁƐǀŝƐŝƚŽƌƐĨƌŽŵŝŶƚĞƌŶĂƟŽŶĂů ĚĞƐƟŶĂƟŽŶƐ͘EŝŬŬĂzƵŬŽĞdžƉƌĞƐƐĞƐƚŚĞŵĞƌŐŝŶŐŽĨ:ĂƉĂŶĞƐĞĂŶĚĂŶĂĚŝĂŶĐƵůƚƵƌĞŝŶĂŐĂƌĚĞŶƌŝĐŚŝŶƐLJŵďŽůŝƐŵ ĚĞƐŝŐŶĞĚďLJ:ĂƉĂŶĞƐĞŐĂƌĚĞŶĚĞƐŝŐŶĞƌůĂŶĚƐĐĂƉĞĂƌĐŚŝƚĞĐƚdĂĚĂƐŚŝ͘

,ĞŶĚĞƌƐŽŶ^ǁŝŵŵŝŶŐWŽŽů KŶĞŽĨ>ĞƚŚďƌŝĚŐĞ͛ƐĮŶĞƐƚĂƋƵĂƟĐĨĂĐŝůŝƟĞƐŝŶƚŚĞĨŽƌŵŽĨƚŚĞ,ĞŶĚĞƌƐŽŶ>ĂŬĞWŽŽůƉƌŽǀŝĚĞƐĂŶŽƚŚĞƌŶĂƚƵƌĂůĚĞƐͲ ƟŶĂƟŽŶ͘,ĞŶĚĞƌƐŽŶƉŽŽůŝƐ͕ŝŶďŽƚŚǁĂƚĞƌǀŽůƵŵĞĂŶĚƐƵƌĨĂĐĞĂƌĞĂ͕ƚŚĞůĂƌŐĞƐƚƐǁŝŵŵŝŶŐĨĂĐŝůŝƚLJŝŶ>ĞƚŚďƌŝĚŐĞĂŶĚ ĂƌĞĂ͘dŚĞƉŽŽůŝƐƐƵƌƌŽƵŶĚĞĚďLJĂůĂƌŐĞŐƌĂƐƐĞĚĂƌĞĂŝĚĞĂůůLJƐƵŝƚĞĚƚŽƐƵŶďĂƚŚŝŶŐĂŶĚƐŽĐŝĂůŝnjŝŶŐĂŶĚŝƚƐĐůŽǀĞƌůĞĂĨ ĚĞƐŝŐŶŵĂŬĞƐŝƚƉĂƌƟĐƵůĂƌůLJĂĞƐƚŚĞƟĐĂůůLJĂƉƉĞĂůŝŶŐ͘dŚĞĨĂĐŝůŝƚLJĂůƐŽĨĞĂƚƵƌĞƐĂŶŽƵƚĚŽŽƌĐŽŶĐĞƐƐŝŽŶĂŶĚĂƐĂŶĚǀŽůͲ ůĞLJďĂůůĐŽƵƌƚ͘ƵƌŝŶŐƚŚĞƐƵŵŵĞƌŵŽŶƚŚƐ,ĞŶĚĞƌƐŽŶWŽŽůŚĂƐŚŝŐŚĞƐƚďĂƚŚĞƌůŽĂĚƐŝŶƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͘ dŚĞ,ĞŶĚĞƌƐŽŶ>ĂŬĞ'ŽůĨŽƵƌƐĞŝƐůŽĐĂƚĞĚŽŶ,ĞŶĚĞƌƐŽŶ>ĂŬĞƚĂŬŝŶŐƵƉƚŚĞĨƵůůǁŝĚƚŚŽĨƚŚĞůĂŬĞĨƌŽŶƚĂŐĞŽŶƚŚĞ ^ŽƵƚŚƐŝĚĞ͘,ĞŶĚĞƌƐŽŶ>ĂŬĞŐŽůĨĐŽƵƌƐĞŝƐĂĐŚĂŵƉŝŽŶƐŚŝƉůĞŶŐƚŚϭϴͲŚŽůĞĐŽƵƌƐĞůLJŝŶŐŽŶŵĂƚƵƌĞƉƌŝŵĞƌĞĂůĞƐƚĂƚĞ ŝŶƚŚĞŚĞĂƌƚŽĨ>ĞƚŚďƌŝĚŐĞ͘/ƚŚĂƐĞdžĐĞůůĞŶƚŵĂŝŶƚĂŝŶĞĚĨĂŝƌǁĂLJƐƌĞůĂƟǀĞůLJůĞǀĞůĂŶĚŽĨĂǀĞƌĂŐĞǁŝĚƚŚǁŝƚŚŵĂŶŝĐƵƌĞĚ /Ed'Zds>KWDEd^dZd'z | 115

ŐƌĞĞŶƐ͘ŚĂůůĞŶŐĞŝƐƉƌŽǀŝĚĞĚďLJƚŚĞůĂƌŐĞĂŵŽƵŶƚƐŽĨǁĂƚĞƌĂŶĚƐĂŶĚŝŶƉůĂLJƚŚƌŽƵŐŚŽƵƚƚŚĞĐŽƵƌƐĞ͘ dŚĞ,ĞŶĚĞƌƐŽŶĂŵƉŐƌŽƵŶĚŝƐĂ LJĞĂƌͲƌŽƵŶĚĐĂŵƉŐƌŽƵŶĚůŽĐĂƚĞĚũƵƐƚĞĂƐƚŽĨƚŚĞƉĂƌŬŽŶWĂƌŬƐŝĚĞƌŝǀĞĨĞĂƚƵƌŝŶŐ ĨƵůůĂŶĚƉĂƌƟĂůŚŽŽŬƵƉƐŝƚĞƐ͕ǁĂƐŚƌŽŽŵƐ͕ůĂƵŶĚƌŽŵĂƚ͕ƐƚŽƌĞ͕ĂŶĚƉůĂLJŐƌŽƵŶĚĞƋƵŝƉŵĞŶƚ͘ dŚĞ,ĞŶĚĞƌƐŽŶƚĞŶŶŝƐĐŽƵƌƚƐĂƌĞŽƉĞƌĂƚĞĚďLJƚŚĞ>ĞƚŚďƌŝĚŐĞdĞŶŶŝƐůƵďĨĞĂƚƵƌŝŶŐĂĐůƵƵƐĞĂŶĚƐŝdžůŝƚWůĞdžLJʹ WĂǀĞƚĞŶŶŝƐĐŽƵƌƚƐ͘ dŚĞ,ĞŶĚĞƌƐŽŶWĂƌŬ/ĐĞĞŶƚĞƌůŽĐĂƚĞĚŽŶƚŚĞŶŽƌƚŚƐŝĚĞŽĨ,ĞŶĚĞƌƐŽŶWĂƌŬŚĂƐĂĨƵůůͲƐŝnjĞĂŶĚŵŝŶŝƐŝnjĞƌŝŶŬĂǀĂŝůͲ ĂďůĞĨŽƌƉƌŝǀĂƚĞƌĞŶƚĂůƐĨƌŽŵ^ĞƉƚĞŵďĞƌƚŽĞĂƌůLJƉƌŝůƚŚĞĐĞŶƚĞƌƐĞĂƚϳϬϬĂŶĚŚŽƐƚƐƚŽƵƌŶĂŵĞŶƚƐ͘ ,ĞŶĚĞƌƐŽŶWĂƌŬĂůƐŽ ĨĞĂƚƵƌĞƐƚŚĞ^Ɖŝƚnj^ƚĂĚŝƵŵǁŚŝĐŚŝƐĂůŝŐŚƚĞĚďĂƐĞďĂůůƐƚĂĚŝƵŵŚŽŵĞƚŽƚŚĞ >ĞƚŚďƌŝĚŐĞƵůůƐ ĂŶĚƐĞĂƚƐŵŽƌĞƚŚĂŶϯϬϬϬƉĞŽƉůĞ͘ ,ĞŶĚĞƌƐŽŶWĂƌŬĂůƐŽ ĨĞĂƚƵƌĞƐĂZŽƐĞ'ĂƌĚĞŶǁŚŝĐŚŝƐƐŝƚƵĂƚĞĚŝŶƚŚĞŶŽƌƚŚǁĞƐƚĐŽƌŶĞƌŽĨƚŚĞƉĂƌŬ͘dŚĞZŽƐĞ'ĂƌͲ ĚĞŶǁĂƐŽƌŝŐŝŶĂůůLJĚĞǀĞůŽƉĞĚŝŶĐŽŶũƵŶĐƟŽŶǁŝƚŚƚŚĞ'ŝƌů'ƵŝĚĞƐĂŶĚŝƐĂƉŽƉƵůĂƌĂƌĞĂĨŽƌǁĞĚĚŝŶŐƉŚŽƚŽƐ͘

WĂƚŚǁĂLJŶĞƚǁŽƌŬĂƌŽƵŶĚ,ĞŶĚĞƌƐŽŶ>ĂŬĞ ,ĞŶĚĞƌƐŽŶWĂƌŬĨĂĐŝůŝƟĞƐĂƌĞĐŽŶŶĞĐƚĞĚďLJĐŽŵƉƌĞŚĞŶƐŝǀĞƚƌĂŝůŝŶĨƌĂƐƚƌƵĐƚƵƌĞŽĨƉĂǀĞĚƚƌĂŝůƐĂǀĂŝůĂďůĞĨŽƌǁĂůŬŝŶŐ͕ ũŽŐŐŝŶŐ͕ĐLJĐůŝŶŐĂŶĚŝŶͲůŝŶĞƐŬĂƟŶŐ͘dŚĞƚǁŽůĂƌŐĞƐƚƚƌĂŝůƐĐŝƌĐƵŵǀĞŶƚƚŚĞůĂŬĞǁŝƚŚĂϮ͘ϴŬŵƐLJƐƚĞŵĂŶĚƚŚĞƉĂƌŬƐ ƉĞƌŝŵĞƚĞƌǁŝƚŚĂϰ͘ϯŬŵƐLJƐƚĞŵ͘dŚŝƐƚƌĂŝůƐLJƐƚĞŵŝƐĨƵƌƚŚĞƌĂƵŐŵĞŶƚĞĚďLJǀŝƌƚƵĞŽĨƚŚĞŽĂůĂŶŬƐdƌĂŝůǁŚŝĐŚƌƵŶƐ ƚŚƌŽƵŐŚƚŚĞWĂƌŬ͘

ϵ͘Ϯ͘ϮůďĞƌƚĂŝƌĚƐŽĨWƌĞLJĞŶƚƌĞ dŚĞůďĞƌƚĂŝƌĚƐŽĨWƌĞLJĞŶƚƌĞǁĂƐĨŽƵŶĚĞĚďLJƚŚĞůďĞƌƚĂŝƌĚƐŽĨWƌĞLJ&ŽƵŶĚĂƟŽŶ͕ůďĞƌƚĂ͛ƐŽůĚĞƐƚƉƌŝǀĂƚĞůLJ ůŝĐĞŶƐĞĚƌĂƉƚŽƌƌĞƐĐƵĞĂŶĚĐŽŶƐĞƌǀĂƟŽŶŽƌŐĂŶŝnjĂƟŽŶ͘dŚĞĨĂĐŝůŝƚLJƌĞƐƉŽŶĚƐƚŽƚŚĞŶĞĞĚĨŽƌĂǀŝĂƟŽŶƌĞŚĂďŝůŝƚĂƟŽŶŝŶ ^ŽƵƚŚĞƌŶůďĞƌƚĂǁŽƌŬŝŶŐƚŽƌĞŚĂďŝůŝƚĂƚĞĂŶĚƌĞůĞĂƐĞŝŶũƵƌĞĚďŝƌĚƐŽĨƉƌĞLJ͕ďƌĞĞĚĐĂƉƟǀĞďŝƌĚƐƚŚĂƚĂƌĞĞŶĚĂŶŐĞƌĞĚ͕ ĂŶĚƌĞůĞĂƐĞƚŚĞŽīƐƉƌŝŶŐŝŶƚŽƚŚĞǁŝůĚ͘ƐǁĞůů͕ƚŚĞĞŶƚƌĞĞĚƵĐĂƚĞƐƚŚĞƉƵďůŝĐĂďŽƵƚƚŚĞďŝƌĚƐŽĨƉƌĞLJĂŶĚďŝƌĚ ĐŽŶƐĞƌǀĂƟŽŶ͘

ůďĞƌƚĂŝƌĚƐŽĨWƌĞLJĞŶƚƌĞ ϭϭϲ ͮപ/Ed'Zds>KWDEd^dZd'z dŚĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞƚŚĞůďĞƌƚĂŝƌĚƐŽĨWƌĞLJĞŶƚƌĞǁĂƐŽƌŝŐŝŶĂůůLJĐŽŶƐƚƌƵĐƚĞĚƚŽƉƌŽǀŝĚĞĨŽƌƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞͲ ŵĞŶƚ͘dŚĞ/^ƌĞĐŽŐŶŝnjĞƐĂŶŽƉƉŽƌƚƵŶŝƚLJĨŽƌĞdžƉĂŶƐŝŽŶŽĨƚŚĞůďĞƌƚĂŝƌĚƐŽĨWƌĞLJĞŶƚƌĞĂŶĚŝŶĐŽƌƉŽƌĂƚĞƐŝƚĂƐĂŶ ĂƵŐŵĞŶƚĞĚŽƉƉŽƌƚƵŶŝƚLJƚŽĐĂƉƚƵƌĞĂŶĚŚŽůĚƌĞŐŝŽŶĂůƐƚŽƌŵǁĂƚĞƌ͘>ĂŶĚŽǁŶĞƌƐŝŶƚŚĞǀŝĐŝŶŝƚLJŽĨƚŚĞůďĞƌƚĂŝƌĚƐŽĨ WƌĞLJĞŶƚƌĞŚĂǀĞďĞĞŶĂƉƉƌŽĂĐŚĞĚƌĞŐĂƌĚŝŶŐĂĐĐŽŵŵŽĚĂƟŶŐƚŚŝƐĞdžƉĂŶƐŝŽŶŽŶƚŚĞŝƌůĂŶĚĂŶĚƚŚĞLJŚĂǀĞŝŶĚŝĐĂƚĞĚ ƚŚĂƚƚŚĞLJĂƌĞŽƉĞŶƚŽĞdžƉůŽƌŝŶŐƚŚŝƐƉŽƚĞŶƟĂů͘

ϵ͘ϯWĂƚŚ>ŽĐĂƟŽŶ dŚĞƉƌŽƉŽƐĞĚƉĂƚŚǁĂLJůŽĐĂƟŽŶĂŶĚĂůŝŐŶŵĞŶƚŚĂƐďĞĞŶŝĚĞŶƟĮĞĚŝŶƚŚĞĐŽƵƌƐĞŽĨƚŚĞĞǀĂůƵĂƟŽŶĨŽƌƚŚĞ/^͘ dŚĞƉĂƚŚǁĂLJǁŽƵůĚƐƚĂƌƚĂƚ,ĞŶĚĞƌƐŽŶWĂƌŬǁŝƚŚƚŚĞƉŽŝŶƚŽĨĐŽŶŶĞĐƟǀŝƚLJƚŽƚŚĞƉĂƌŬƉĂƚŚǁĂLJŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂƚƚŚĞ ^ŽƵƚŚĂƐƚĐŽƌŶĞƌŶĞĂƌĞƐƚƚŽƚŚĞŐƌĂŶĚƐƚĂŶĚŝŶƚŚĞĞdžŚŝďŝƟŽŶŐƌŽƵŶĚƐ͘&ƌŽŵƚŚĞƌĞƚŚĞƉĂƚŚǁĂLJǁŽƵůĚŚĞĂĚƐŽƵƚŚ ƚŽ^ŽƵƚŚWĂƌŬƐŝĚĞƌŝǀĞĂƚǁŚŝĐŚƉŽŝŶƚŝƚǁŽƵůĚƚƵƌŶĞĂƐƚĂůŽŶŐƚŚĞŶŽƌƚŚƐŝĚĞŽĨ^ŽƵƚŚWĂƌŬƐŝĚĞƌŝǀĞǁŚĞƌĞĂ ŶĞǁƉĂƚŚǁĂLJǁŽƵůĚďĞĐŽŶƐƚƌƵĐƚĞĚ͘tŚĞƌĞ^ŽƵƚŚWĂƌŬƐŝĚĞƌŝǀĞŵĞĞƚƐϰϯƌĚ^ƚƌĞĞƚƚŚĞƌĞŝƐĂŶĞdžŝƐƟŶŐƚƌĂĸĐůŝŐŚƚ ǁŚŝĐŚǁŽƵůĚďĞĂƵŐŵĞŶƚĞĚƚŽĂĐĐŽŵŵŽĚĂƚĞƉĞĚĞƐƚƌŝĂŶĂŶĚďŝĐLJĐůĞĂĐƟǀŝƚLJĂůůŽǁŝŶŐĨŽƌƐĂĨĞĂĐĐĞƐƐƚŽƉŽŝŶƚƐĞĂƐƚ ŽĨϰϯƌĚ͘ĐŽŵƉŽƐŝƚĞŝƐƉƌŽǀŝĚĞĚĨŽƌƚŚĞŝŶƚĞƌƐĞĐƟŽŶĂƚϰϯƌĚ^ƚƌĞĞƚĂŶĚ^ŽƵƚŚWĂƌŬƐŝĚĞƌŝǀĞĚĞŵŽŶƐƚƌĂƟŶŐƚŚĞ ƉƌŽƉŽƐĞĚůŽĐĂƟŽŶŽĨƚŚĞďŝŬĞƉĂƚŚĂŶĚĂƵŐŵĞŶƚĞĚƚƌĂĸĐƐŝŐŶĂů͘ KŶĐĞƉĂƐƚƚŚĞĐƌŽƐƐǁĂůŬƚŚĞƉĂƚŚǁĂLJǁŽƵůĚƚƵƌŶŶŽƌƚŚƚŽďLJƉĂƐƐƚŚĞƉƌŽƉĞƌƚLJĂƚƚŚĂƚůŽĐĂƟŽŶĂŶĚƚŚĞŶŚĞĂĚĞĂƐƚ ƚŚƌŽƵŐŚƉƌŝǀĂƚĞůĂŶĚƐ͘

ϵ͘ϯ͘ϭWƌŝǀĂƚĞůLJ,ĞůĚ>ĂŶĚƐ dŚĞĮƌƐƚƉƌŝǀĂƚĞůĂŶĚŝƐĂƉŽƌƟŽŶŽĨƚŚĞ>ĞƚŚďƌŝĚŐĞZĞƐĞĂƌĐŚ^ƚĂƟŽŶůĂŶĚƐ͘ĂƐƚŽĨƚŚŝƐĮƌƐƚŝŶƚĞƌǀĞŶŝŶŐƉĂƌĐĞůŝƐĂ ƐŝƚĞŚĞůĚďLJĂůƚŽŶĂŶĚĂǀŝĚ,ŽǁĞ͘&ƌŽŵƚŚĞƌĞŝƚǁŽƵůĚĐƌŽƐƐƚŽƚŚĞŶŽƌƚŚƐŝĚĞŽĨƚŚĞƌŽĂĚĂŶĚƉŽƚĞŶƟĂůůLJĐŽŶͲ ƟŶƵĞĚĞĂƐƚĂůŽŶŐƚŚĞŽƐ^ŽĚĨĂƌŵůĂŶĚƵŶƟůŝƚĐŽŵĞƐƚŽƚŚĞ^DZ/ĐĂŶĂů͘ >ŽĐĂůůĂŶĚŽǁŶĞƌƐŽĨƚŚĞƉƌŝǀĂƚĞůĂŶĚƐƌĞƋƵŝƌĞĚĨŽƌZĞŐŝŽŶĂůWĂƚŚǁĂLJEĞƚǁŽƌŬĐŽŶƟŶƵŝƚLJŚĂǀĞďĞĞŶĂƉƉƌŽĂĐŚĞĚŝŶ ĂĐŽŵŵƵŶŝƚLJĐŽŶƐƵůƚĂƟŽŶƉƌŽĐĞƐƐŝŶŽƌĚĞƌƚŽƐĞĐƵƌĞƚŚĞŝŶƚĞƌĞƐƚĂŶĚĞŶƐƵƌĞƚŚĂƚĂƚĂĐŽŶĐĞƉƚƵĂůůĞǀĞůƚŚĞƌĞŝƐŶŽ ŽƉƉŽƐŝƟŽŶŽƌŶĞŐĂƟǀĞƐĞŶƟŵĞŶƚƚŽǁĂƌĚƚŚĞƉĂƚŚǁĂLJ͘ /ŵŵĞĚŝĂƚĞůLJǁĞƐƚŽĨƚŚĞ^ƚ͘DĂƌLJ͛ƐZŝǀĞƌ/ƌƌŝŐĂƟŽŶŝƐƚƌŝĐƚĐĂŶĂůƐLJƐƚĞŵǁŚĞƌĞƚŚĞƉĂƚŚǁĂLJůĞĂǀĞƐƚŚĞĞdžŝƐƟŶŐ ^DZ/ƌŝŐŚƚͲŽĨͲǁĂLJƐŝŶŽƌĚĞƌƚŽĮŶĚĂŵŽƌĞĚŝƌĞĐƚƌŽƵƚĞƚŽǁĂƌĚƐ,ĞŶĚĞƌƐŽŶWĂƌŬƚŚĞůĂŶĚĂďƵƚƐdĞƌƌLJ,ĂŵŝůƚŽŶ͛Ɛ ƉƌŽƉĞƌƚLJ͘dĞƌƌLJŚĂƐŝŶĚŝĐĂƚĞĚŚĞŝƐŝŶĨĂǀŽƌŽĨƚŚĞďŝŬĞƉĂƚŚƚŚĂƚŝƚŝƐŶŽƚƉŽƐƐŝďůĞĨŽƌƚŽďĞĂĐĐŽŵŵŽĚĂƚĞĚŽŶŚŝƐ ůĂŶĚ͘/ŶůŝŐŚƚŽĨƚŚŝƐĐŽŶƐŝĚĞƌĂƟŽŶ͕ŽƐ^ŽĚŚĂƐďĞĞŶĂƉƉƌŽĂĐŚĞĚƚŽĐŽŶĮƌŵƚŚĂƚĂƌŝŐŚƚͲŽĨͲǁĂLJŽŶƚŚĞƐŽƵƚŚĞĚŐĞ ŽĨƚŚĞŽƐ^ŽĚƉƌŽƉĞƌƚLJǁŽƵůĚďĞĨĞĂƐŝďůĞ͘ /Ed'Zds>KWDEd^dZd'z | 117

WŽŝŶƚĂƚǁŚŝĐŚƚŚĞZĞŐŝŽŶĂůWĂƚŚǁĂLJǁŽƵůĚƚƵƌŶtĞƐƚĨƌŽŵƚŚĞĂŶĂůƚŽ&ŽůůŽǁWƌŝǀĂƚĞ>ĂŶĚƐ

ϵ͘ϯ͘ϮdŚĞ^DZ/ZŝŐŚƚͲŽĨͲtĂLJʹĂŶĂů^LJƐƚĞŵ dŚĞ ZĞŐŝŽŶĂů WĂƚŚǁĂLJ ǁŽƵůĚ ƚŚĞŶ ĨŽůůŽǁ ƚŚĞ ĐĂŶĂů ŶŽƌƚŚ ƵŶƟů ŝƚ ŵĞĞƚƐ ƚŚĞ ƐŽƵƚŚ ůĂƚĞƌĂů ĚƌĂŝŶ ŽĨ ƚŚĞ ^DZ/ ƐLJƐƚĞŵ͘ hƉŐƌĂĚŝŶŐ ƚŚĂƚ ŝƐ ĂŶƟĐŝƉĂƚĞĚ ĨŽƌ ƚŚĞ ĂŶĂů ǁŽƵůĚ ŝŶĐůƵĚĞ ĂƌŵŽƌŝŶŐ ƚŚĞ ĐĂŶĂů ĂŶĚ ƵƉŐƌĂĚŝŶŐ ƚŚĞ ^DZ/ ƐĞƌǀŝĐĞ ƌŽĂĚ͘ dŚĞ ƐĞƌǀŝĐĞ ƌŽĂĚ ǁŽƵůĚ ŶŽƚ ďĞ ƵƟůŝnjĞĚ ĂƐ ƉĂƌƚ ŽĨ ƚŚĞ ƉĂƚŚǁĂLJ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĂŶĚ ǁŽƵůĚ ďĞ ŬĞƉƚ ŽŶ ƚŚĞ ŽƉͲ ƉŽƐŝƚĞ ďĂŶŬ ŽĨ ƚŚĞ ĐĂŶĂů ĨƌŽŵ ƚŚĞ ƉĂƚŚǁĂLJ͘ >ĂŶĚƐĐĂƉŝŶŐ ǁŽƵůĚ ďĞ ƉƌŽǀŝĚĞĚ ĂůŽŶŐ ƚŚĞ ƉĂƚŚǁĂLJ ƚŽ ĂƵŐŵĞŶƚ ƚŚĞ ĂĞƐƚŚĞƟĐ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ƚŽ ĂƐƐŝƐƚ ǁŝƚŚ ĂďƐŽƌďŝŶŐ ĞdžĐĞƐƐ ǁĂƚĞƌ ǁŚŝĐŚ ǁŽƵůĚ ďĞ ƉƵůůĞĚ ĨƌŽŵ ƚŚĞ ƐLJƐƚĞŵ ŝŶ ĞdžĐĞƐƐŝǀĞͲ ůLJ ǁĞƚ LJĞĂƌƐ ǁŚĞŶ Ă ƌĞĚƵĐƟŽŶ ŝŶ ǁĂƚĞƌ ǀŽůƵŵĞƐ ǁŽƵůĚ ďĞ ŚĞůƉĨƵů͘ dŚĞ ŵŝŶŝŵƵŵ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ ƌĞƐƉĞĐƟǀĞ ƉůĂŶƟŶŐ ǁŽƵůĚ ďĞ ƉƌŽǀŝĚĞĚ ǀŝĂ ƚŚĞ ŶĂƚƵƌĂů ƌƵŶ Žī ĚƵƌŝŶŐ ƚŚĞ ĚƌLJ ĂŶĚ ŶŽƌŵĂů LJĞĂƌƐ͘ ϭϭϴ ͮപ/Ed'Zds>KWDEd^dZd'z

ϵ͘ϯ͘ϯdŚĞ^DZ/ZŝŐŚƚͲŽĨͲtĂLJͲ^ŽƵƚŚ>ĂƚĞƌĂů dŚĞ ^ŽƵƚŚ >ĂƚĞƌĂů ĚƌĂŝŶ ĞŶƚĞƌƐ ƚŚĞ ƐŽƵƚŚ ǁĞƐƚ ĐŽƌŶĞƌ ŽĨ ŽĂůĚĂůĞ ĂŶĚ ǁŽƵůĚ ĐŽŶŶĞĐƚ ƚŽ ƚŚĞ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ŽĨ ƚŚĞ >ĂŶĚ K >ĂŬĞƐ 'ŽůĨ ŽƵƌƐĞ͘ tŚĞƌĞ ƚŚĞ ^ŽƵƚŚ >ĂƚĞƌĂů ŝŶƚĞƌƐĞĐƚƐ ǁŝƚŚ ,ŝŐŚǁĂLJ ϱϭϮ Ă ͞ŚĂůĨͲƐŝŐŶĂů͟ ǁŽƵůĚ ďĞ ƉƌŽǀŝĚĞĚ ƚŽ ĂůůŽǁ ĨŽƌ ƐĂĨĞ ĐƌŽƐƐŝŶŐ ĂŶĚ ƚŽ ĞŶƐƵƌĞ ƚŚĞ ƐĂĨĞƚLJ ŽĨ ƚŚĞ ƉĂƚŚǁĂLJ ƵƐĞƌƐ͘

,ĂůĨͲƐŝŐŶĂů tŚĞƌĞ ƚŚĞ ƉƌŽƉŽƐĞĚ ƉĂƚŚǁĂLJ ƐLJƐƚĞŵ ǁŽƵůĚ ŝŶƚĞƌƐĞĐƚ ǁŝƚŚ ƚŚĞ ŶĞǁ ĂůŝŐŶŵĞŶƚ ŽĨ ƚŚĞ ĂŶĂŵĞdž ĐŽƌƌŝĚŽƌ ĂŶĚ ĂĚĚŝͲ ƟŽŶĂů ƉĂƚŚǁĂLJ ǁŽƵůĚ ŚĞĂĚ ĚƵĞ ŶŽƌƚŚ ƵŶƟů ŝƚ ƌĞĂĐŚĞƐ ,ŝŐŚǁĂLJ ϯ͘ ƚ ƚŚŝƐ ƉŽŝŶƚ ƚŚĞ ŶĞǁ ŽǀĞƌƉĂƐƐ ǁŽƵůĚ ĂĐĐŽŵŵŽͲ ĚĂƚĞ ĂŶ ĂďŝůŝƚLJ ĨŽƌ ƚŚĞ ƉĂƚŚǁĂLJ ƚŽ ĐŽŶƟŶƵĞ ŽŶǁĂƌĚ ŝŶ Ă ŶŽƌƚŚ ĞĂƐƚĞƌůLJ ĚŝƌĞĐƟŽŶ ĂŐĂŝŶ ĂůŽŶŐ ĂŶĚ ^DZ/ ĚƌĂŝŶ͘ dŚŝƐ ƉĂƚŚǁĂLJ ǁŽƵůĚ ĂƌƌŝǀĞ Ăƚ ƚŚĞ ůďĞƌƚĂ ŝƌĚƐ ŽĨ WƌĞLJ ĞŶƚƌĞ ŝŶ ŽĂůĚĂůĞ͘ /Ed'Zds>KWDEd^dZd'z | 119

ϵ͘ϯ͘ϰŽŵƉŽƐŝƚĞƐĨŽƌĂƐĞ^ƚƵĚŝĞƐ

ŽŵƉŽƐŝƚĞƐǁĞƌĞĐƌĞĂƚĞĚƚŽĚĞŵŽŶƐƚƌĂƚĞƚŚĞƉŽƚĞŶƟĂůĨŽƌƚŚĞƉƌŽƉŽƐĞĚƉĂƚŚǁĂLJĂůŝŐŶŵĞŶƚĂƚĞĂĐŚŽĨƚŚĞƌĞƐƉĞĐƚͲ ŝǀĞĐŽŶĚŝƟŽŶƐĂůŽŶŐƚŚĞƉĂƚŚ͘ ŽŵƉŽƐŝƚĞĚĞŵŽŶƐƚƌĂƚĞƐƚŚĞƉŽƚĞŶƟĂůĨŽƌƚŚĞƉĂƚŚǁĂLJĂůŽŶŐ^ŽƵƚŚWĂƌŬƐŝĚĞƌŝǀĞĂŶĚƚŚĞŶĞǁĐƌŽƐƐǁĂůŬĂƚϰϯƌĚ ^ƚ͘ ŽŵƉŽƐŝƚĞĚĞŵŽŶƐƚƌĂƚĞƐƚŚĞƉŽƚĞŶƟĂůĨŽƌƚŚĞƉĂƚŚǁĂLJƐLJƐƚĞŵĂůŽŶŐƚŚĞƉƌŝǀĂƚĞůĂŶĚƐďĞƚǁĞĞŶϰϯƌĚ^ƚƌĞĞƚĂŶĚ ƚŚĞ^DZ/ĐĂŶĂů͘ ŽŵƉŽƐŝƚĞƐĂŶĚĚĞŵŽŶƐƚƌĂƚĞƚŚĞƉŽƚĞŶƟĂůĨŽƌƚŚĞƉĂƚŚǁĂLJĂůŽŶŐƚŚĞ^DZ/ĐĂŶĂůƐLJƐƚĞŵ͘ ŽŵƉŽƐŝƚĞĚĞŵŽŶƐƚƌĂƚĞƐƚŚĞƉŽƚĞŶƟĂůĨŽƌƚŚĞƉĂƚŚǁĂLJĂůŽŶŐƚŚĞ^ŽƵƚŚ>ĂƚĞƌĂůƌĂŝŶŽĨƚŚĞ^DZ/͘ ϭϮϬ ͮപ/Ed'Zds>KWDEd^dZd'z

&ŝŐƵƌĞϭ͗ŽŵƉŽƐŝƚĞͲ^ŽƵƚŚWĂƌŬƐŝĚĞƌŝǀĞĂŶĚƚŚĞŶĞǁĐƌŽƐƐǁĂůŬĂƚϰϯƌĚ^ƚƌĞĞƚ /Ed'Zds>KWDEd^dZd'z | 121

&ŝŐƵƌĞϮ͗ŽŵƉŽƐŝƚĞͲWĂƚŚǁĂLJƐLJƐƚĞŵĂůŽŶŐƉƌŝǀĂƚĞůĂŶĚƐ ϭϮϮ ͮപ/Ed'Zds>KWDEd^dZd'z

&ŝŐƵƌĞϯ͗ŽŵƉŽƐŝƚĞͲWĂƚŚǁĂLJƐLJƐƚĞŵĂůŽŶŐ^DZ/ĐĂŶĂů /Ed'Zds>KWDEd^dZd'z | 123

&ŝŐƵƌĞϰ͗ŽŵƉŽƐŝƚĞͲWĂƚŚǁĂLJƐLJƐƚĞŵĂůŽŶŐ^DZ/ĐĂŶĂů ϭϮϰ ͮപ/Ed'Zds>KWDEd^dZd'z

&ŝŐƵƌĞϱ͗ŽŵƉŽƐŝƚĞͲWĂƚŚǁĂLJƐLJƐƚĞŵĂůŽŶŐ^ŽƵƚŚ>ĂƚĞƌĂů^DZ/ƌĂŝŶ /Ed'Zds>KWDEd^dZd'z | 125

ϵ͘ϯ͘ϱZĞĚƵĐŝŶŐƚŚĞĂƌďŽŶ&ŽŽƚƉƌŝŶƚ

KŶĞŽĨƚŚĞƉƌŝŵĂƌLJďĞŶĞĮƚƐŽĨƉƌŽǀŝĚŝŶŐĂƌĞŐŝŽŶĂůƉĂƚŚǁĂLJŶĞƚǁŽƌŬƚŚĂƚƌĞƐƉŽŶĚƐƚŽĂůƚĞƌŶĂƟǀĞŵŽĚĞƐŽĨƚƌĂŶƐͲ ƉŽƌƚĂƟŽŶŝƐƌĞĚƵĐƟŽŶŝŶƚŚĞĐĂƌďŽŶĨŽŽƚƉƌŝŶƚ͘tŚŝůĞĐŽŶƐŝĚĞƌĂďůĞŝŶƌŽĂĚƐĂƌĞďĞŝŶŐŵĂĚĞĨŽƌĂůƚĞƌŶĂƟǀĞĨƵĞůƐƚŚĞ ŐƌĞĂƚŵĂũŽƌŝƚLJŽĨǀĞŚŝĐůĞƐďĞŝŶŐƵƟůŝnjĞĚďLJĐŽŵŵƵƚĞƌƐĂƌĞĨŽƐƐŝůĨƵĞůƐ͘&ŽƐƐŝůĨƵĞůƐĂƌĞďLJĚĞĮŶŝƟŽŶŶŽŶͲƌĞŶĞǁĂďůĞ ĨƵĞůƌĞƐŽƵƌĐĞƐĞdžƚƌĂĐƚĞĚĨƌŽŵƚŚĞŐƌŽƵŶĚĂŶĚŶĞĞĚƚŽďĞĐŽŶƐĞƌǀĞĚĨŽƌĨƵƚƵƌĞŐĞŶĞƌĂƟŽŶƐ͘&ŽƐƐŝůĨƵĞůƐǁŚĞŶďƵƌŶƚ ĐƌĞĂƚĞĐĂƌďŽŶĚŝŽdžŝĚĞĐŽŶƚƌŝďƵƟŶŐƚŽƚŚĞŐƌĞĞŶŚŽƵƐĞĞīĞĐƚĂŶĚƐŽŵĞĨƵĞůƐǁŚĞŶďƵƌŶƚĐƌĞĂƚĞƐƵůĨƵƌĚŝŽdžŝĚĞǁŚŝĐŚ ŝŶƚƵƌŶĐĂƵƐĞƐĂĐŝĚƌĂŝŶ͘ hƟůŝnjŝŶŐďŝĐLJĐůĞƐĂƐĂŵŽĚĞŽĨƚƌĂŶƐƉŽƌƚĂƟŽŶĞůŝŵŝŶĂƚĞƐƚŚĞĐŽŶĐĞƌŶƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚǀĞŚŝĐƵůĂƌƚƌĂĸĐŝŶƚŚĞĐŽŶͲ ƚĞdžƚŽĨĂŝƌƉŽůůƵƟŽŶďŽƚŚďLJŶŽƚĐŽŶƚƌŝďƵƟŶŐƚŽƚŚĞĂŝƌƉŽůůƵƟŽŶĂŶĚďĞĐĂƵƐĞƚŚĞĐŽŵŵƵƟŶŐĐLJĐůŝƐƚŝƐůĞƐƐĞdžƉŽƐĞĚ ƚŽĂŝƌƉŽůůƵƟŽŶĂŶĚĐŽŵŵƵƟŶŐŵŽƚŽƌŝƐƚ͘ŝĐLJĐůŝŶŐĂůƐŽĐŽŶƚƌŝďƵƚĞƐƚŽŽǀĞƌĂůůŚĞĂůƚŚĂŶĚǁĞůůͲďĞŝŶŐďLJƌĞĚƵĐŝŶŐ ĐŚŽůĞƐƚĞƌŽůůĞǀĞůƐŝŶƚŚĞďůŽŽĚ͕ĂŶĚŝŶĐƌĞĂƐŝŶŐƚŚĞŚŝŐŚĚĞŶƐŝƚLJůŝƉŽƉƌŽƚĞŝŶʹƉƌŽƚĞŝŶͬĐŚŽůĞƐƚĞƌŽůƌĂƟŽŝŶƚŚĞďůŽŽĚ͘ ŝŬĞƌŝĚŝŶŐƌĞĚƵĐĞƐƚŚĞĐŚĂŶĐĞƐŽĨƐƚƌŽŬĞƐ͕ŚĞĂƌƚĂƩĂĐŬƐĂŶĚŝůůŶĞƐƐĐĂƵƐĞĚďLJŚŝŐŚďůŽŽĚƉƌĞƐƐƵƌĞ͕ĂƐǁĞůůĂƐĐŽŶͲ ƚƌŝďƵƟŶŐƚŽŵĂŶLJŽƚŚĞƌŚĞĂůƚŚďĞŶĞĮƚƐ͘dŚĞďĞŶĞĮƚƐŽĨǁĂůŬŝŶŐĂŶĚĞƋƵĞƐƚƌŝĂŶƚƌĂǀĞůĂƌĞƐŝŵŝůĂƌŝŶĂůůƌĞƐƉĞĐƚƐ͘

ϵ͘ϯ͘ϲƋƵĞƐƚƌŝĂŶKƉƉŽƌƚƵŶŝƟĞƐ dŚƌŽƵŐŚŽƵƚƚŚĞĐŽƵƌƐĞŽĨƚŚĞŽŵŵƵŶŝƚLJŽŶƐƵůƚĂƟŽŶƉƌŽĐĞƐƐĂĚĞƐŝƌĞĨŽƌĂŶĞƋƵĞƐƚƌŝĂŶƉĂƚŚǁĂLJŶĞƚǁŽƌŬǁĂƐ ƌĞƋƵĞƐƚĞĚďLJŶƵŵĞƌŽƵƐƐƚĂŬĞŚŽůĚĞƌƐĂŶĚƌĞƐŝĚĞŶƚƐ͘dŚĞƐƚƵĚLJĂƌĞĂŚĂƐĂƐƵďƐƚĂŶƟĂůŶƵŵďĞƌŽĨĞƋƵĞƐƚƌŝĂŶĨĂĐŝůŝͲ ƟĞƐƐƵĐŚĂƐƚŚĞZĂŝŶďŽǁZŝĚŝŶŐĞŶƚƌĞ͕ŽŶdŽŶĞLJ͛ƐƌĞƐƐĂŐĞƌĞŶĂ͕^ŽƵƚŚϰϯƌĚ^ƚƌĞĞƚŽĂƌĚŝŶŐ^ƚĂďůĞƐĂŶĚƌĞŶĂ ĂŶĚŵĂŶLJŵŽƌĞ͘/ŶĂĚĚŝƟŽŶŵĂŶLJƉƌŝǀĂƚĞůĂŶĚŽǁŶĞƌƐŚĂǀĞŚŽƌƐĞƐĂŶĚĐŽƵůĚďĞŶĞĮƚĨƌŽŵĂŶĞƋƵĞƐƚƌŝĂŶƉĂƚŚǁĂLJ ŶĞƚǁŽƌŬ͘ ƋƵĞƐƚƌŝĂŶƉĂƚŚǁĂLJƐĂŶĚƉĞĚĞƐƚƌŝĂŶͬďŝĐLJĐůĞƉĂƚŚǁĂLJƐĚŽŶŽƚƉĞƌĨŽƌŵĞīĞĐƟǀĞůLJǁŚĞŶƐŚĂƌŝŶŐƚŚĞƐĂŵĞƚƌĂǀĞů ƉĂƚŚŶĞƚǁŽƌŬĂŶĚĂƐƐƵĐŚĂĚĞĚŝĐĂƚĞĚĂŶĚĐŽŵƉůĞŵĞŶƚĂƌLJĞƋƵĞƐƚƌŝĂŶƉĂƚŚƐŚŽƵůĚďĞĚĞĮŶĞĚ͘dŚŝƐĞŶĚĞĂǀŽƌ ƐŚŽƵůĚďĞƉůĂŶŶĞĚĂƚƐƚĂŬĞŚŽůĚĞƌŵĞĞƟŶŐƐŚĞůĚƚŽƐƚƌĂƚĞŐŝnjĞĂŶĚĚĞƚĞƌŵŝŶĞŽƉƟŵŝnjĞĚůŽĐĂƟŽŶĂŶĚĐŽŵŵŝƚŵĞŶƚ͘

ϵ͘ϯ͘ϳĞĚŝĐĂƚĞĚWĞĚĞƐƚƌŝĂŶWĂƚŚǁĂLJ

ƐƚŚĞĂĐƟǀŝƚLJĂŶĚƚƌĂĸĐŽŶƚŚĞƉĂƚŚǁĂLJŶĞƚǁŽƌŬŝŶĐƌĞĂƐĞƐĂĚĞĚŝĐĂƚĞĚƉĞĚĞƐƚƌŝĂŶƉĂƚŚ͕ĚŝƌĞĐƚůLJĂĚũĂĐĞŶƚĂŶĚ ŵĞĂŶĚĞƌŝŶŐĂůŽŶŐƐŝĚĞƚŚĞĂƐƉŚĂůƚďŝĐLJĐůĞƉĂƚŚ͕ƐŚŽƵůĚďĞƉƌŽǀŝĚĞĚ͘dŚŝƐƉĂƚŚǁĂLJĐŽƵůĚďĞĮŶŝƐŚĞĚŝŶůŝŵĞƐƚŽŶĞ ĂŐŐƌĞŐĂƚĞ͕ŽƌĐĞĚĂƌŵƵůĐŚ͕ďŽƚŚŽĨǁŚŝĐŚƉĂĐŬĞīĞĐƟǀĞůLJǁŚŝůĞƐƟůůƉƌŽǀŝĚŝŶŐĂŵĞĂƐƵƌĞŽĨĐƵƐŚŝŽŶĨŽƌǁĂůŬŝŶŐĂŶĚ ũŽŐŐŝŶŐ͘/ƚŝƐĂŶƟĐŝƉĂƚĞĚƚŚĂƚƚŚŝƐŶĂƌƌŽǁǁĂůŬŝŶŐƚƌĂŝůǁŽƵůĚĂƵŐŵĞŶƚƚŚĞĂƐƉŚĂůƚƉĂƚŚƉƌŽǀŝĚŝŶŐĂŶĂůƚĞƌŶĂƟǀĞŽƉͲ ƉŽƌƚƵŶŝƚLJŝŶĂƌĞĂƐǁŚĞƌĞƚŚĞďŝĐLJĐůĞƚƌĂĸĐĚŽŵŝŶĂƚĞƐƚŚĞƉĂƚŚ͘

ϵ͘ϯ͘ϴ>ŝĂďŝůŝƚLJ dŚĞŽƉƟŵŝnjĞĚŵĞĂŶƐŽĨŵĂŶĂŐŝŶŐƚŚĞůŝĂďŝůŝƚLJŝƐƚŽĂƉƉůLJƚŚĞƐĂŵĞƉƌŝŶĐŝƉůĞƐƚŚĂƚƉƌĞƐĞŶƚůLJŵĂŶĂŐĞŽƵƌƚƌĂŶƐƉŽƌͲ ƚĂƟŽŶŶĞƚǁŽƌŬƐŝŶƚŚĞƉƵďůŝĐƌĞĂůŵ͘/ŶŽƌĚĞƌƚŽĂĐĐŽŵƉůŝƐŚƚŚŝƐŵĂŶĚĂƚĞƚŚĞůĂŶĚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞƉĂƚŚǁĂLJ ŶĞƚǁŽƌŬƐŚŽƵůĚďĞĚĞĮŶĞĚŝŶƚŚĞĐŽŶƚĞdžƚŽĨĂZŝŐŚƚͲKĨͲtĂLJ͕ǁŚĞƚŚĞƌƚŚĞLJďĞĂĐƌŽƐƐƉƌŝǀĂƚĞůLJŚĞůĚůĂŶĚƐ͕/ƌƌŝŐĂƟŽŶ ŝƐƚƌŝĐƚůĂŶĚƐ͕ŽƌĨĞĚĞƌĂůůĂŶĚƐ͘dŚŝƐZŝŐŚƚͲKĨͲtĂLJǁŽƵůĚŚĂǀĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚŝƚĐůĂƌŝĮĐĂƟŽŶŽĨƚŚĞůĞŐĂůĂƐƉĞĐƚƐ ĂƐƐŽĐŝĂƚĞĚǁŝƚŚůŝĂďŝůŝƚLJ͘

ϵ͘ϯ͘ϵ^ŽůŝĚtĂƐƚĞDĂŶĂŐĞŵĞŶƚ

^ŽůŝĚǁĂƐƚĞŐĞŶĞƌĂƚĞĚĞŶƌŽƵƚĞďĞƚǁĞĞŶĚĞƐƟŶĂƟŽŶƐďLJĐŽŵŵƵƚĞƌƐĂŶĚƌĞĐƌĞĂƟŽŶĂůƵƐĞƌƐǁŝůůďĞĐŽůůĞĐƚĞĚŝŶƉƵďͲ ůŝĐƌĞĐĞƉƚĂĐůĞƐƚŚĂƚǁŝůůďĞŵĂŶĂŐĞĚƐŝŵŝůĂƌƚŽƐŽůŝĚǁĂƐƚĞĂƚƌĞƐƚƐƚŽƉƐĂůŽŶŐŵĂũŽƌĐŽƌƌŝĚŽƌƐŚŝŐŚǁĂLJƐĂŶĚƌŽĂĚͲ ǁĂLJƐ͘/ƚŝƐĂŶƟĐŝƉĂƚĞĚƚŚĂƚƚŚĞĞdžŝƐƟŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞĐĂŶďĞĞdžƉĂŶĚĞĚƚŽŵĂŶĂŐĞĂŶĚĂĚĚƌĞƐƐƚŚĞŶĞĞĚƐĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚƚŚĞZĞŐŝŽŶĂůWĂƚŚǁĂLJ^LJƐƚĞŵ͘

ϵ͘ϯ͘ϭϬ^ƚƌĞĞƚ&ƵƌŶŝƚƵƌĞ dŚĞ^ƚƌĞĞƚĨƵƌŶŝƚƵƌĞĂůŽŶŐƚŚĞZĞŐŝŽŶĂůWĂƚŚǁĂLJ^LJƐƚĞŵƐŚŽƵůĚŝŶĐůƵĚĞďĞŶĐŚĞƐĂƚƌĞƐƚĂƌĞĂƐĂůŽŶŐƚŚĞǁĂLJĂƐ ǁĞůůĂƐŐĂnjĞďŽƐƚŽƉƌŽǀŝĚĞĂŶŽƉƉŽƌƚƵŶŝƚLJĨŽƌƌĞƉŽƐĞĂƐǁĞůůĂƐŝŶƚĞƌƉƌĞƟŶŐƉŽŝŶƚƐŽĨŝŶƚĞƌĞƐƚǁŝƚŚŝŶĨŽƌŵĂƟŽŶĂů ƉůĂƋƵĞƐĚĞƐĐƌŝďŝŶŐƵŶŝƋƵĞĨĞĂƚƵƌĞƐĂůŽŶŐƚŚĞǁĂLJ͘dŚĞŐĂnjĞďŽƐĂŶĚƐƚƌĞĞƚĨƵƌŶŝƚƵƌĞƐŚŽƵůĚďĞĚĞƐŝŐŶĞĚǁŝƚŚĂ ƌŽďƵƐƚƉƌĂŝƌŝĞĂƌĐŚŝƚĞĐƚƵƌĞƚŚĂƚŝƐƵŶŝƋƵĞƚŽƚŚĞĂƌĞĂĐŽŶƚƌŝďƵƚĞƚŽƌĞŐŝŽŶĂůƐŝŐŶĂƚƵƌĞƐƚLJůĞƚŚĂƚǁŝůůďĞŝĚĞŶƟĮĞĚ ǁŝƚŚƚŚĞƌĞŐŝŽŶ͘KŶĞŽĨƚŚĞŬĞLJĞůĞŵĞŶƚƐƚŚĂƚƚŚĞƌĞŐŝŽŶŝƐďĞĐŽŵŝŶŐŬŶŽǁŶĨŽƌŝƐƚŚĞůďĞƌƚĂŝƌĚƐŽĨWƌĞLJĞŶƚƌĞ ϭϮϲ ͮപ/Ed'Zds>KWDEd^dZd'z

/ŶůŝŐŚƚŽĨƚŚŝƐĐŽŶƐŝĚĞƌĂƟŽŶ͕ĂďŝƌĚƚŚĞŵĞǁŽƵůĚĞīĞĐƟǀĞůLJĐŽŶƚƌŝďƵƚĞƚŽƚŚĞƵŶŝƋƵĞŶĞƐƐŽĨƚŚĞƌĞŐŝŽŶ͘

ϵ͘ϰWƌĞĐĞĚĞŶƚ dŚĞƚŽǁŶŽĨŚĞƐƚĞƌŵĞƌĞ͕ĞĂƐƚŽĨĂůŐĂƌLJ͕ŚĂƐĂƐŝƚƐƉƌŝŵĂƌLJĂƩƌĂĐƟŽŶĂϳϱϬĂĐƌĞůĂŬĞŽīĞƌŝŶŐƌĞĐƌĞĂƟŽŶĂůƉƌŽͲ ŐƌĂŵƐĂŶĚĂĐƟǀŝƟĞƐ͘ŚĞƐƚĞƌŵĞƌĞŝƐĐŽŶŶĞĐƚĞĚƚŽƚŚĞĂůŐĂƌLJďŝŬĞƉĂƚŚƐLJƐƚĞŵǁŚŝĐŚĐĂŶďĞĂĐĐĞƐƐĞĚĂƚƚŚĞƐŽƵƚŚ ĞŶĚŽĨtĞƐƚŚĞƐƚĞƌŵĞƌĞƌŝǀĞ͘dŚĞƉĂƚŚǁĂLJŝƐĐŽŶƐƚƌƵĐƚĞĚĂůŽŶŐƚŚĞt/ŝƌƌŝŐĂƟŽŶĐĂŶĂůŶĞƚǁŽƌŬĂŶĚƉƌŽǀŝĚĞƐ ĂŶŽƉƉŽƌƚƵŶŝƚLJĨŽƌĐŽŵŵƵƟŶŐĂŶĚƌĞĐƌĞĂƟŽŶĂůĂĐƟǀŝƚLJ͘ ĐŚŽĂůĞZĞŐŝŽŶĂůWĂƌŬŝƐůŽĐĂƚĞĚǁĞƐƚŽĨDĞĚŝĐŝŶĞ,ĂƚĂŶĚĨĞĂƚƵƌĞƐƚǁŽďĞĂƵƟĨƵůŵĂŶͲŵĂĚĞůĂŬĞƐŝŶĂƉĞĂĐĞĨƵů ƌŝǀĞƌǀĂůůĞLJƐĞƫŶŐǁŝƚŚŽǀĞƌϳŬŵŽĨǁĂůŬŝŶŐƚƌĂŝůƐ͘KŶĞůĂŬĞŝƐĐŚůŽƌŝŶĂƚĞĚĂŶĚƚƌĞĂƚĞĚůŝŬĞĂƐǁŝŵŵŝŶŐƉŽŽů͘KƚŚĞƌ ǁĂƚĞƌĞůĞŵĞŶƚƐƉƌŽǀŝĚĞĂŶŽƉƉŽƌƚƵŶŝƚLJĨŽƌĮƐŚŝŶŐĂŶĚƉĂĚĚůŝŶŐ͘dŚĞƉĂƌŬĨĞĂƚƵƌĞƐĂŚŝƐƚŽƌŝĐĨĂƌŵĂŶĚƚŚĞĨƵůůLJ ƌĞƐƚŽƌĞĚtŽŽůĨƌĞLJŚŽƵƐĞǁŚŝĐŚŽīĞƌƐĂŐůŝŵƉƐĞŽĨǁŚĂƚůŝĨĞǁĂƐůŝŬĞŝŶƚŚĞĞĂƌůLJƐĞƩůĞƌĚĂLJƐ͘DĞĚŝĐŝŶĞ,ĂƚŚĂƐĂ ŶĞƚǁŽƌŬŽĨϵϮŬŵŽĨƚƌĂŝůƐǁŝŶĚŝŶŐƚŚƌŽƵŐŚƚŚĞĐŝƚLJĂŶĚĐŽŶŶĞĐƟŶŐŵĂŶLJƉĂƌŬƐǁŝƚŚĂďƵŶĚĂŶƚŶĂƚƵƌĂůĞŶǀŝƌŽŶŵĞŶƚ ĂůŽŶŐĐƌĞĞŬƐĂŶĚƌŝǀĞƌƐƚŽƚŚĞŝƚLJDĞĚŝĐŝŶĞ,Ăƚ͘dŚĞƉĂƚŚǁĂLJǁŚĞŶŝƚǁĂƐĐŽŶƐƚƌƵĐƚĞĚǁŝƚŚƐƵƌŐŝĐĂůůLJŝŶƚƌŽĚƵĐĞĚ ŝŶƚŽŝƚƐĐƌĞƐƚĞĚǁŚĞĂƚŐƌĂƐƐƐĞƫŶŐǁŝƚŚŽƵƚĚĂŵĂŐŝŶŐƚŚĞŝŵŵĞĚŝĂƚĞůLJƐƵƌƌŽƵŶĚŝŶŐƚĞƌƌĂŝŶ͘

ϵ͘ϱŶƟĐŝƉĂƚĞĚWƌŽũĞĐƚŽƐƚƐ ĂƉŝƚĂůĐŽƐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞZĞŐŝŽŶĂůWĂƚŚǁĂLJ^LJƐƚĞŵĂƌĞŝŶƚŚĞŽƌĚĞƌŽĨΨϳϲ͕ϬϬϬ͘ϬϬƉĞƌŬŝůŽŵĞƚƌĞĨŽƌĂŶϴ͛ ǁŝĚĞƉĂƚŚǁĂLJĐŽŶƐŝƐƟŶŐŽĨϮ͟ŽĨĂƐƉŚĂůƚƉĂǀŝŶŐŽŶĂϲ͟ĂŐŐƌĞŐĂƚĞďĂƐĞ͘;ŽƐƚƐĂƌĞďĂƐĞĚŽŶZ^DĞĂŶƐƐƐĞŵďůLJ͛Ɛ ŽƐƚĂƚĂϮϬϭϮͿ^ƚƌĞĞƚĨƵƌŶŝƚƵƌĞĐĂƉŝƚĂůĐŽƐƚƐǁŽƵůĚďĞŝŶƚŚĞŽƌĚĞƌŽĨΨϱ͕ϬϬϬ͘ϬϬƉĞƌŬŝůŽŵĞƚƌĞ͕ƐŚĞůƚĞƌƐǁŽƵůĚďĞ ŝŶƚŚĞŽƌĚĞƌŽĨΨϮϱ͕ϬϬϬ͘ϬϬƉĞƌŬŝůŽŵĞƚƌĞ͕ĂŶĚůĂŶĚƐĐĂƉŝŶŐŝŶƚŚĞŽƌĚĞƌŽĨΨϮϬ͕ϬϬϬ͘ϬϬƉĞƌŬŝůŽŵĞƚƌĞ͕ĂůůĐŽŶƟŶŐĞŶƚ ŽŶǀŽůƵŵĞ͘ dŚĞƚŽƚĂůůĞŶŐƚŚŽĨƚŚĞƌĞŐŝŽŶĂůƉĂƚŚǁĂLJƐLJƐƚĞŵŚĂƐďĞĞŶĚŝǀŝĚĞĚŝŶƚŽϮƐĞĐƟŽŶƐ͗ ^ŽƵƚŚdƌĂŝů;ĨƌŽŵ>ĞƚŚďƌŝĚŐĞƚŽŽĂůĚĂůĞͿсϭϭ͘ϭϰŬŵ EŽƌƚŚdƌĂŝů;ďƌĂŶĐŚĞƐŽīƚŚĞƐŽƵƚŚƚƌĂŝůƚŽƚŚĞŝƌĚƐŽĨWƌĞLJĞŶƚƌĞͿсϭϬ͘ϯϮŬŵ /ƚŝƐĂŶƟĐŝƉĂƚĞĚƚŚĂƚĂŵĂŝŶƚĞŶĂŶĐĞĂŶĚůŝĨĞĐLJĐůĞƉƌŽŐƌĂŵĂŶĚƉƌŽƚŽĐŽůǁŽƵůĚďĞĚĞǀĞůŽƉĞĚŝŶĂĐŽŶƚĞdžƚŽĨƚŚĞ ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚdŽǁŶŽĨŽĂůĚĂůĞŵĂŝŶƚĞŶĂŶĐĞƉƌŽŐƌĂŵƐĂƐƚŚĞ^DZ/ŚĂƐŝŶĚŝĐĂƚĞĚƚŚĂƚƚŚĞLJǁŝůůŶŽƚďĞ ĂďůĞƚŽĐŽŶƚƌŝďƵƚĞŽŶƚŚĞĂĐƚƵĂůƉĂƚŚǁĂLJĂŶĚƐŽůŝĚǁĂƐƚĞŵĂŶĂŐĞŵĞŶƚĂƐƉĞĐƚƐŽĨƚŚĞƉƌŽũĞĐƚ͘ /Ed'Zds>KWDEd^dZd'z | 127 ϭϬ͘ϬKƉĞŶ^ƉĂĐĞWůĂŶŶŝŶŐ

ϭϬ͘ϭ/ŶƚƌŽĚƵĐƟŽŶ dŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚdŽǁŶŽĨŽĂůĚĂůĞ/ŶƚĞŐƌĂƚĞĚĞǀĞůŽƉŵĞŶƚ^ƚƌĂƚĞŐLJƉƌŽǀŝĚĞƐĨŽƌĂŶŝŶƚĞƌͲŵƵŶŝĐŝƉĂů ƉƌŽŐƌĞƐƐŝǀĞƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƐƚƌĂƚĞŐLJƚŚĂƚǁŝůůĂƐƐŝƐƚŝŶďŽƚŚƚŚĞŝŵŵĞĚŝĂƚĞĂŶĚůŽŶŐƚĞƌŵƐŽůƵƟŽŶƚŽ ŇŽŽĚŝŶŐǁŝƚŚŝŶƚŚĞƌĞŐŝŽŶ͘ƐĞĐŽŶĚĂƌLJďĞŶĞĮƚƚŽƚŚĞƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƉůĂŶǁŝůůďĞƚŚĞŝŶĐŽƌƉŽƌĂƟŽŶŽĨ ĂŶŽƉĞŶƐƉĂĐĞƉůĂŶŶŝŶŐĐŽŵƉŽŶĞŶƚƚŚĂƚƉƌŽǀŝĚĞƐĨŽƌĞŶŚĂŶĐĞĚůŝŶĞĂƌǁĞƚůĂŶĚĚĞǀĞůŽƉŵĞŶƚĂŶĚƚŚĞƉƌŽǀŝƐŝŽŶŽĨ ĂŶŝŵƉŽƌƚĂŶƚƉĞĚĞƐƚƌŝĂŶůŝŶŬďĞƚǁĞĞŶƚŚĞĐŽŵŵƵŶŝƟĞƐŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚŽĂůĚĂůĞ͘ dŚĞƉƌŝŵĂƌLJƌĞŐŝŽŶĂůƉĂƚŚǁĂLJĂůŝŐŶŵĞŶƚ;ĞĂƐƚͬǁĞƐƚůŝŶŬͿŝƐƉƌŽƉŽƐĞĚĂĚũĂĐĞŶƚƚŽƚŚĞ^DZ/^ŽƵƚŚŽĂůĚĂůĞůĂƚĞƌĂů ĚƌĂŝŶĂŐĞƐǁĂůĞ͕ƚŽůĞĂĚĨƌŽŵĂƉŽŝŶƚŽĨĐŽŶŶĞĐƟŽŶƚŽƚŚĞ,ĞŶĚĞƌƐŽŶ>ĂŬĞĚĞƐƟŶĂƟŽŶƉŽŝŶƚŝŶ>ĞƚŚďƌŝĚŐĞƚŽƚŚĞ >ĂŶĚK͛>ĂŬĞƐĚĞƐƟŶĂƟŽŶƉŽŝŶƚŝŶƐŽƵƚŚŽĂůĚĂůĞ;ƐĞĞĮŐƵƌĞďĞůŽǁͿ͘ƉƌŽƉŽƐĞĚŶŽƌƚŚůĞŐŽĨƚŚĞĂůŝŐŶŵĞŶƚƚĂŬĞƐ ƚŚĞƉĂƚŚǁĂLJƚŚƌŽƵŐŚƚŚĞƌŽdžďƵƌŶ/ŶĚƵƐƚƌŝĂůĂƌĞĂĂŶĚĂŶĂŵĞdžŽƌƌŝĚŽƌͬ,ŝŐŚǁĂLJϯŝŶƚĞƌĨĂĐĞĂŶĚĐŽŶŶĞĐƚƐǁŝƚŚ ƚŚĞŝƌĚƐŽĨWƌĞLJĞŶƚƌĞĚĞƐƟŶĂƟŽŶƉŽŝŶƚŝŶŶŽƌƚŚŽĂůĚĂůĞ͘WĂƚŚǁĂLJĐŽŶŶĞĐƟŽŶƐǁŝƚŚŝŶƚŚĞdŽǁŶŽĨŽĂůĚĂůĞǁŝůů ƌĞƐƉĞĐƚƚŚĞϮϬϭϭŽĂůĚĂůĞWĂƌŬƐΘdƌĂŝůWůĂŶ͘

dŚŝƐŐƌĂƉŚŝĐŝůůƵƐƚƌĂƚĞƐƚŚĞĐŽŶĐĞƉƚƵĂůƉĂƚŚǁĂLJĐŽŶŶĞĐƟŽŶďĞƚǁĞĞŶ>ĞƚŚďƌŝĚŐĞĂŶĚŽĂůĚĂůĞ͘ĂĐŚŽĨƚŚĞŐƌĂƉŚŝĐ ƉĂƚŚǁĂLJƐĞĐƟŽŶͲůŽĐĂƟŽŶƐĂƌĞŝĚĞŶƟĮĞĚĨŽƌƌĞĨĞƌĞŶĐĞ͘ ϭϮϴ ͮപ/Ed'Zds>KWDEd^dZd'z

&ƵƌƚŚĞƌ͕ƚŚĞŽƉĞŶƐƉĂĐĞƚƌĂŝůŶĞƚǁŽƌŬǁŝůůƵůƟŵĂƚĞůLJďĞĂƉĂƌƚŽĨĂůĂƌŐĞƌƉƌŽƉŽƐĞĚůĂŶĚƐĐĂƉĞĞŶŚĂŶĐĞŵĞŶƚƉƌŽͲ ŐƌĂŵŝŶĐůƵĚŝŶŐƌĞŐƌĂĚŝŶŐĂŶĚĚƌĂŝŶĂŐĞŝŵƉƌŽǀĞŵĞŶƚƐ;ƐŽƵƚŚŽĂůĚĂůĞůĂƚĞƌĂůͿ͕ĞƌŽƐŝŽŶƉƌŽƚĞĐƟŽŶ;ƌŽĐŬͬƌŝƉͲƌĂƉͿ͕ ůĂŶĚƐĐĂƉĞŝŵƉƌŽǀĞŵĞŶƚƐĂŶĚůŝŶĞĂƌǁĞƚůĂŶĚĚĞǀĞůŽƉŵĞŶƚ;ƉůĂŶƟŶŐͬŶĂƟǀĞŐƌĂƐƐĞƐͿ͕ƌĞƐƚĂƌĞĂƐ;ƐŝƚĞĨƵƌŶŝƐŚŝŶŐƐͬĮdžͲ ƚƵƌĞƐͿ͕ŵĂŝŶƚĞŶĂŶĐĞĂĐĐĞƐƐŝŵƉƌŽǀĞŵĞŶƚƐĂŶĚŚĂƌĚƐƵƌĨĂĐĞƉĂƚŚǁĂLJĚĞǀĞůŽƉŵĞŶƚ͘;^ĞĞƐĞĐƟŽŶƐ͕͕͕ΘͿ /Ed'Zds>KWDEd^dZd'z | 129 ϭϯϬ ͮപ/Ed'Zds>KWDEd^dZd'z ϭϬ͘ϮĞƐŝŐŶWƌŝŶĐŝƉůĞƐ dŚĞĚĞƐŝŐŶƉƌŝŶĐŝƉůĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŽƉĞŶƐƉĂĐĞͬƉĂƚŚŶĞƚǁŽƌŬŝŶĐůƵĚĞ͗ WƌŝŶĐŝƉůĞηϭ

ͻ  dŽƉƌŽǀŝĚĞĂƌĞŐŝŽŶĂůƉĂƚŚͬƉĞĚĞƐƚƌŝĂŶĐŽŶŶĞĐƟŽŶďĞƚǁĞĞŶƚŚĞĐŽŵŵƵŶŝƟĞƐŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚŽĂůĚĂůĞĨŽƌ ǁĂůŬŝŶŐ͕ďŝŬŝŶŐĂŶĚũŽŐŐŝŶŐ͘ WƌŝŶĐŝƉůĞηϮ

ͻ dŽƉƌŽǀŝĚĞĂ͚ĐŽŵŵƵƚĞƌƚLJƉĞ͛ƌĞŐŝŽŶĂůƉĂƚŚǁĂLJƐLJƐƚĞŵƚŚĂƚǁŽƵůĚĞŶĐŽƵƌĂŐĞƉŽƚĞŶƟĂůĐŽŵŵƵƚĞƌĂĐƟǀŝƚLJ ďĞƚǁĞĞŶƚŚĞƚǁŽƵƌďĂŶĐĞŶƚƌĞƐĂŶĚƌĞĚƵĐĞƉĞĚĞƐƚƌŝĂŶͬǀĞŚŝĐůĞĐŽŶŇŝĐƚƐ͘dŚŝƐƌĞŐŝŽŶĂůƉĂƚŚĐŽŶŶĞĐƚŽƌǁŝůůďĞ ĐŽŶƐƚƌƵĐƚĞĚĂƐĂŚĂƌĚƐƵƌĨĂĐĞƐƵŝƚĂďůĞĨŽƌĐLJĐůŝŶŐĂŶĚƉĞĚĞƐƚƌŝĂŶƵƐĞ͘dŚĞƉĂƚŚǁĂLJǁŝůůďĞůŽĐĂƚĞĚĂŶĚƉƌŽǀŝĚĞ ƉƵďůŝĐĂĐĐĞƐƐĂůŽŶŐƚŚĞ^DZ/ĐĂŶĂůŶĞƚǁŽƌŬĨƌŽŵ>ĞƚŚďƌŝĚŐĞƚŽŽĂůĚĂůĞ͘ WƌŝŶĐŝƉůĞηϯ

ͻ dŽƉƌŽǀŝĚĞƉƵďůŝĐĂĐĐĞƐƐĂŶĚĐŽŶŶĞĐƟŽŶďĞƚǁĞĞŶƚŚĞƚǁŽƵƌďĂŶĐĞŶƚƌĞƐĂŶĚŝŶƚĞƌŵĞĚŝĂƚĞĂĐĐĞƐƐƚŽƚŚĞŝŶĚƵƐͲ ƚƌŝĂůͬĐŽŵŵĞƌĐŝĂůĚĞǀĞůŽƉŵĞŶƚĂƌĞĂƐ;ĞŐ͗ƌŽdžďƵƌŶ/ŶĚƵƐƚƌŝĂůWĂƌŬͿ͘dŚĞƐĞĐŽŶŶĞĐƟŽŶƐǁŝůůĨƵƌƚŚĞƌĞŶĐŽƵƌĂŐĞ ĐŽŵŵƵƚĞƌĂĐƟǀŝƚLJĂƐĐŝƚĞĚĂďŽǀĞ͘ WƌŝŶĐŝƉůĞηϰ

ͻ dŽĞŶƐƵƌĞĂĐŽŵƉĂƟďůĞŝŶƚĞƌĨĂĐĞďĞƚǁĞĞŶƚŚĞƌĞŐŝŽŶĂůƉĂƚŚǁĂLJŶĞƚǁŽƌŬĂŶĚƚŚĞ^DZ/ĐĂŶĂůƐLJƐƚĞŵĂŶĚƚŚĞ ƐƵƌƌŽƵŶĚŝŶŐƌƵƌĂůͬĂŐƌŝĐƵůƚƵƌĂůůĂŶĚƐ͘ĞƚĂŝůƐƐƵƌƌŽƵŶĚŝŶŐĞdžĂĐƚƉĂƚŚǁĂLJĂůŝŐŶŵĞŶƚ͕ƐƵƌĨĂĐŝŶŐ͕ŐĂƌďĂŐĞĐŽŶƚĂŝŶͲ ŵĞŶƚĂŶĚĐŽůůĞĐƟŽŶ͕ůŝĂďŝůŝƚLJ͕ĐĂŶĂůĐƌŽƐƐŝŶŐƐ͕ƐŝŐŶĂŐĞĂŶĚĨĞŶĐŝŶŐĞƚĐ͘ǁŽƵůĚďĞƐƵďũĞĐƚƚŽŵƵĐŚĨƵƌƚŚĞƌƌĞǀŝĞǁ ĂŶĚƌĞĮŶĞŵĞŶƚǁŝƚŚƚŚĞƉƌŽƉĞƌĂƵƚŚŽƌŝƟĞƐĂƚƚŚĞŵƵŶŝĐŝƉĂůŝƚLJ͕ƚŽǁŶĂŶĚƚŚĞ^DZ/͘ WƌŝŶĐŝƉůĞηϱ

ͻ dŽŝŵƉƌŽǀĞƵƐĞƌƐĂĨĞƚLJďLJƌĞĚƵĐŝŶŐƉĞĚĞƐƚƌŝĂŶŽƌĐLJĐůŝƐƚĂŶĚǀĞŚŝĐůĞĐŽŶŇŝĐƚƐƉĂƌƟĐƵůĂƌůLJĂůŽŶŐ,ŝŐŚǁĂLJϯĂŶĚ ŽƚŚĞƌƐĞĐŽŶĚĂƌLJŚŝŐŚǁĂLJĂƌƚĞƌŝĞƐƚŚĂƚƉĞĚĞƐƚƌŝĂŶͬĐLJĐůŝƐƚƐŚĂǀĞŚĂĚƚŽƵƐĞŝŶƚŚĞĂďƐĞŶĐĞŽĨĂŶLJƌĞŐŝŽŶĂůƉĂƚŚ ƐLJƐƚĞŵ͘^ĂĨĞƚLJǁŝůůĂůƐŽďĞŝŵƉƌŽǀĞĚƚŚƌŽƵŐŚƚŚĞƉƌŽƉŽƐĞĚŝŶƐƚĂůůĂƟŽŶŽĨĂƉĞĚĞƐƚƌŝĂŶŽǀĞƌƉĂƐƐĐƌŽƐƐŝŶŐ;,ŝŐŚͲ ǁĂLJϯͬĂŶĂŵĞdžĐŽƌƌŝĚŽƌŝŶƚĞƌĐŚĂŶŐĞͿĂŶĚƚŚĞƉƌŽƉŽƐĞĚ͚ŚĂůĨͲƐŝŐŶĂů͛ƉĞĚĞƐƚƌŝĂŶĐƌŽƐƐŝŶŐǁŚĞƌĞƚŚĞƌĞŐŝŽŶĂů ƉĂƚŚǁĂLJĐƌŽƐƐĞƐϰϯƌĚƐƚƌĞĞƚŝŶ>ĞƚŚďƌŝĚŐĞůĞĂĚŝŶŐƚŽƚŚĞ,ĞŶĚĞƌƐŽŶ>ĂŬĞĚĞƐƟŶĂƟŽŶ͘ /Ed'Zds>KWDEd^dZd'z | 131

ϭϬ͘Ϯ͘ϭ>ŝŶĞĂƌtĞƚůĂŶĚƐĐƌĞĂƟŽŶĂŶĚĞŶŚĂŶĐĞŵĞŶƚ dŚĞŽƉĞŶƐƉĂĐĞƐLJƐƚĞŵŝŶĐůƵĚŝŶŐƉĂƚŚǁĂLJŶĞƚǁŽƌŬĂŶĚůŝŶĞĂƌǁĞƚůĂŶĚƐĚĞǀĞůŽƉŵĞŶƚ͕ǁŝƚŚŝŶƚŚĞƐƚƵĚLJĂƌĞĂ͕ǁŝůů ŚŝŐŚůŝŐŚƚĂŶĚĞŶŚĂŶĐĞƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂůĐŚĂƌĂĐƚĞƌŝƐƟĐƐŽĨƚŚĞƐŝƚĞ͘ ŶǀŝƌŽŶŵĞŶƚĂůƌĞƐƚŽƌĂƟŽŶĂŶĚĞŶŚĂŶĐĞŵĞŶƚĂƌĞƚŚĞŐƵŝĚŝŶŐƉƌŝŶĐŝƉůĞƐŽĨƚŚĞĚĞƐŝŐŶŽĨƚŚĞŽƉĞŶƐƉĂĐĞͬƌĞŐŝŽŶͲ ĂůƉĂƚŚǁĂLJƐLJƐƚĞŵĂŶĚƚŚĞƉŽƚĞŶƟĂůůŽĐĂƟŽŶĂŶĚĂůŝŐŶŵĞŶƚĨŽƌůŝŶĞĂƌǁĞƚůĂŶĚƐĂŶĚƐƚŽƌŵǁĂƚĞƌƌĞƚĞŶƟŽŶ ĨĂĐŝůŝƟĞƐ;ƐĞĞ&ŝŐƵƌĞďĞůŽǁͿ͘

dŚĞŐƌĂƉŚŝĐŝůůƵƐƚƌĂƚĞƐĂĐŽŶĐĞƉƚƵĂůƐƚŽƌŵǁĂƚĞƌƌĞƚĞŶƟŽŶĂŶĚǁĞƚůĂŶĚĞŶŚĂŶĐĞŵĞŶƚĂƌĞĂǁŝƚŚƉĞĚĞƐƚƌŝĂŶĂŶĚ ďŝĐLJĐůĞĂĐĐĞƐƐ͘ ŶǀŝƌŽŶŵĞŶƚĂůĐŚĂƌĂĐƚĞƌŝƐƟĐƐĂŶĚĐŽŵƉŽŶĞŶƚƐŽĨƚŚĞĚĞƐŝŐŶǁŝůůŝŶĐůƵĚĞƌĞŚĂďŝůŝƚĂƟŽŶŽĨĞdžŝƐƟŶŐĚƌĂŝŶĂŐĞĐŽƵƌƐĞƐ ƚŚƌŽƵŐŚƚŚĞůĂŶĚƐŚŝƐƚŽƌŝĐĂůůLJƵƐĞĚĨŽƌŐƌĂnjŝŶŐĂŶĚĂŐƌŝĐƵůƚƵƌĞ;ƐŽƵƚŚŽĂůĚĂůĞůĂƚĞƌĂůͿ͕ƉƌĞƐĞƌǀĂƟŽŶĂŶĚƌĞͲĞƐƚĂďͲ ůŝƐŚŵĞŶƚŽĨƐŝŐŶŝĮĐĂŶƚƉůĂŶƚƐƉĞĐŝĞƐ;ĞŐ͗ƉƌĂŝƌŝĞŐƌĂƐƐĞƐ͕ǁŝůůŽǁƐͿ͕ůĂŶĚƐĐĂƉĞĞŶŚĂŶĐĞŵĞŶƚƵƐŝŶŐŶĂƟǀĞǀĞŐĞƚĂƟŽŶ ĂŶĚƌĞĚƵĐĞĚŝƌƌŝŐĂƟŽŶ͕ĂŶĚƌĞƐƚŽƌĂƟŽŶĂŶĚĐƌĞĂƟŽŶŽĨůŝŶĞĂƌǁĞƚůĂŶĚĨĂĐŝůŝƟĞƐŝŶĐŽŶũƵŶĐƟŽŶǁŝƚŚƐŽƵŶĚƉůĂŶŶŝŶŐ ƚŽĞŶƐƵƌĞĐŽŵƉĂƟďŝůŝƚLJǁŝƚŚƐƵƌƌŽƵŶĚŝŶŐƌƵƌĂůͬĂŐƌŝĐƵůƚƵƌĂůůĂŶĚƵƐĞƐ͘ ^ƵŐŐĞƐƚĞĚƐĞĞĚͬƉůĂŶƟŶŐŵŝdžĞƐĂŶĚƐƉĞĐŝĞƐĨŽƌƚŚĞƐĞĐƌĞĂƚĞĚnjŽŶĞƐĂƌĞƉƌŽƉŽƐĞĚĂƐĨŽůůŽǁƐ͗ hƉůĂŶĚŽŶĞʹƌŝůůƐĞĞĚΛϳͲϴůďͬϭϬϬϬƐƋ͘Ō͘

ͻ ϯϬйŚĞǁŝŶŐƐ&ĞƐĐƵĞ

ͻ ϯϬй^ŚĞĞƉ&ĞƐĐƵĞ

ͻ ϯϬйƌĞĞƉŝŶŐZĞĚ&ĞƐĐƵĞ

ͻ ϭϬйdƵŌĞĚ,ĂŝƌŐƌĂƐƐ tĞƚDĞĂĚŽǁʹƌŽĂĚĐĂƐƚƐĞĞĚΛϲϬůďͬĂĐ

ͻ ϯϬйdƵŌĞĚ,ĂŝƌŐƌĂƐƐ

ͻ ϭϱй^ůŽƵŐŚ'ƌĂƐƐ ϭϯϮ ͮപ/Ed'Zds>KWDEd^dZd'z

ͻ ϬϱйdĂůůDĂŶŶĂŐƌĂƐƐ

ͻ Ϭϱй&ŽǁůDĂŶŶĂŐƌĂƐƐ

ͻ ϭϱйEƵƩĂůů͛ƐůŬĂůŝ'ƌĂƐƐ

ͻ Ϯϭй&ŽǁůůƵĞŐƌĂƐƐ

ͻ ϬϱйĂŶĂĚĂZĞĞĚŐƌĂƐƐ

ͻ ϬϮйZƵƐŚ

ͻ ϬϮй^ĞĚŐĞ ^ŚĂůůŽǁDĂƌƐŚDŝdžʹƌŽĂĚĐĂƐƚƐĞĞĚΛϱϬůďͬĂĐ

ͻ ϭϬй^ƉŝŬĞZƵƐŚ

ͻ ϭϬйĂůƟĐZƵƐŚ

ͻ ϭϬйĞĂŬĞĚ^ĞĚŐĞ

ͻ ϭϬйtĂƚĞƌ^ĞĚŐĞ

ͻ ϬϱйĂƩĂŝůƐ

ͻ Ϯϱй&ŽǁůůƵĞŐƌĂƐƐ

ͻ ϯϬйdƵŌĞĚ,ĂŝƌŐƌĂƐƐ ĞĞƉDĂƌƐŚͬKƉĞŶtĂƚĞƌʹƌŽĂĚĐĂƐƚƐĞĞĚΛϯϬůďͬĂĐ

ͻ ϯϬйĂƩĂŝů

ͻ ϯϬйtĂƚĞƌ^ĞĚŐĞ

ͻ ϭϬйZƵƐŚ

ͻ ϭϱйƵůƌƵƐŚ

ͻ ϭϱйůŬĂůŝƵůƌƵƐŚ

ϭϬ͘ϯ/ŵƉůĞŵĞŶƚĂƟŽŶĂŶĚDĂŝŶƚĞŶĂŶĐĞ KƉĞŶƐƉĂĐĞĞůĞŵĞŶƚƐ;ŝĞ͗ůŝŶĞĂƌǁĞƚůĂŶĚƐ͕ƉĂƚŚǁĂLJƐ͕ůĂŶĚƐĐĂƉĞĞŶŚĂŶĐĞŵĞŶƚƐĞƚĐ͘ͿǁŝůůďĞŝŶĐŽƌƉŽƌĂƚĞĚǁŝƚŚĞĂĐŚ ƐƚĂŐĞŽĨƚŚĞƐƚŽƌŵǁĂƚĞƌĚĞǀĞůŽƉŵĞŶƚƉůĂŶƉƌŽĐĞƐƐŝŶĂŵĂŶŶĞƌǁŚŝĐŚŵŝŶŝŵŝnjĞƐĐĂƉŝƚĂůĐŽƐƚĞdžƉĞŶĚŝƚƵƌĞƐĂŶĚ ŽŶŐŽŝŶŐŵĂŝŶƚĞŶĂŶĐĞĐŽƐƚƐƚŽƚŚĞŵƵŶŝĐŝƉĂůŝƚLJĂŶĚƚŽǁŶ͘ dŚĞŽƉĞŶƐƉĂĐĞƐLJƐƚĞŵĂŶĚŝƚƐĚĞǀĞůŽƉŵĞŶƚĂŶĚŵĂŶĂŐĞŵĞŶƚƐƚƌƵĐƚƵƌĞĂůůŚĂǀĞƚŽďĞĚĞƐŝŐŶĞĚƚŽďĞƐƵƉƉŽƌƚĂďůĞ ŽǀĞƌƟŵĞ͘dŚŝƐǁŝůůďĞĂĐĐŽŵƉůŝƐŚĞĚƚŚƌŽƵŐŚƵƟůŝnjĂƟŽŶĂŶĚŝŶĐŽƌƉŽƌĂƟŽŶŽĨŶĂƟǀĞƉůĂŶƚͬŐƌĂƐƐƐƉĞĐŝĞƐ͕ĚƌŽƵŐŚƚ ƌĞƐŝƐƚĂŶƚƉůĂŶƟŶŐƐ͕ƵƐĞŽĨĚƵƌĂďůĞ͕ƌĞĐLJĐůĞĚŵĂƚĞƌŝĂůƐ;ĞŐ͗ƌĞĐLJĐůĞĚĂƐƉŚĂůƚͿĂŶĚŝŵƉƌŽǀĞĚŵĂŝŶƚĞŶĂŶĐĞĚĞƐŝŐŶ ƉƌĂĐƟĐĞƐ͘ /ƚŝƐĂŶƟĐŝƉĂƚĞĚƚŚĂƚƚŚĞŽƉĞŶƐƉĂĐĞƐLJƐƚĞŵǁŝůůďĞĐŽŵƉƌŝƐĞĚŽĨĂĐŽŵďŝŶĂƟŽŶŽĨůĂŶĚƐĞŝƚŚĞƌĚĞĚŝĐĂƚĞĚƚŽƚŚĞ ŵƵŶŝĐŝƉĂůŝƚLJŽƌƉƵƌĐŚĂƐĞĚĂŶĚůĂŶĚƐƌĞƚĂŝŶĞĚďLJƚŚĞ^DZ/ďƵƚƉƌŽǀŝĚĞĚĨŽƌĂƐƉƵďůŝĐĂĐĐĞƐƐ͘ /Ed'Zds>KWDEd^dZd'z | 133 ϭϭ͘ϬƌĐŚŝƚĞĐƚƵƌĂů&ŽƌŵĂŶĚŚĂƌĂĐƚĞƌ

ϭϭ͘ϭWƌĂŝƌŝĞƌĐŚŝƚĞĐƚƵƌĞ ͞WƌĂŝƌŝĞƌĐŚŝƚĞĐƚƵƌĞ͟ŚĂƐĚĞǀĞůŽƉĞĚŝŶƚŽĂƌĞĐŽŐŶŝnjĞĚƐƚLJůĞŝŶEŽƌƚŚŵĞƌŝĐĂ͘dŚĞƌŽŽƚƐŽĨƚŚĞWƌĂŝƌŝĞ^ƚLJůĞĂƌĞ ŝŶƚŚĞDŝĚǁĞƐƚĞƌŶhŶŝƚĞĚ^ƚĂƚĞƐŝŶƚŚĞůĂƚĞϭϵƚŚĂŶĚĞĂƌůLJϮϬƚŚĐĞŶƚƵƌŝĞƐ͘dŚĞWƌĂŝƌŝĞƐĐŚŽŽůĚĞǀĞůŽƉĞĚŝŶƐLJŵͲ ƉĂƚŚLJǁŝƚŚƚŚĞŝĚĞĂůƐĂŶĚĚĞƐŝŐŶĂĞƐƚŚĞƟĐƐŽĨƚŚĞƌƚƐĂŶĚƌĂŌƐŵŽǀĞŵĞŶƚďĞŐƵŶŝŶƚŚĞůĂƚĞϭϵƚŚĐĞŶƚƵƌLJŝŶ ŶŐůĂŶĚƌĐŚŝƚĞĐƚƐƐƵĐŚĂƐ:ŽŶZƵƐŬŝŶĂŶĚtŝůůŝĂŵDŽƌƌŝƐ͘dŚĞŝĚĞĂƐǁĞƌĞĨƵƌƚŚĞƌĚĞǀĞůŽƉĞĚďLJƚŚĞŚŝĐĂŐŽŐƌŽƵƉ ďLJĂƌĐŚŝƚĞĐƚƐƐƵĐŚĂƐDĂƌŝĂŶDĂŚŽŶĞLJĂŶĚƚŚĞƚĞƌŵǁĂƐĮƌƐƚĐŽŝŶĞĚďLJůůĞŶƌŽŽŬƐĂŶĂƌĐŚŝƚĞĐƚƵƌĂůŚŝƐƚŽƌŝĂŶ͘ &ƌĂŶŬ>ůŽLJĚtƌŝŐŚƚŝƐƚŚĞŵŽƐƚĨĂŵŽƵƐƉƌŽƉŽŶĞŶƚǁŝƚŚƚŚĞŐƌĞĂƚĞƐƚŝŶŇƵĞŶĐĞŽŶƚŚĞƐƚLJůĞ͘,ĞƉƌŽŵŽƚĞĚĂŶŝĚĞĂŽĨ ŽƌŐĂŶŝĐĂƌĐŚŝƚĞĐƚƵƌĞǁŚĞƌĞƚŚĞƉƌŝŵĂƌLJƚĞŶĂŶƚǁĂƐƚŚĂƚƚŚĞƐƚƌƵĐƚƵƌĞƐŚŽƵůĚůŽŽŬĂƐŝĨŝƚŐƌĞǁŶĂƚƵƌĂůůLJĨƌŽŵƚŚĞ ƐŝƚĞ͘tƌŝŐŚƚĨĞůƚƚŚĂƚĂŚŽƌŝnjŽŶƚĂůŽƌŝĞŶƚĂƟŽŶǁĂƐĂĚŝƐƟŶĐƚůLJEŽƌƚŚŵĞƌŝĐĂŶĚĞƐŝŐŶŵŽƟĨĂŶĚĂŶĞǁŝĚĞĂĨŽƌĂŶĞǁ ĐŽŶƟŶĞŶƚ͘

ϭϭ͘ϮZĞŐŝŽŶĂůŝƐƟŶĐƟŽŶ KǀĞƌƚŚĞLJĞĂƌƐƌĞŐŝŽŶĂůĚŝƐƟŶĐƟŽŶƐŚĂǀĞĚĞǀĞůŽƉĞĚŝŶƚŚĞƐƚLJůĞĂŶĚĂƚƚŚŝƐƉŽŝŶƚǁĞĂƌĞƉƌŽŵŽƟŶŐĂƵŶŝƋƵĞĂŶĚ ŝŶĚŝǀŝĚƵĂůŝnjĞĚĐŽŶƚĞdžƚŽĨWƌĂŝƌŝĞƌĐŚŝƚĞĐƚƵƌĞĨŽƌƚŚĞĂƌĞĂŽĨƚŚĞ/^͘dŚĞďĂƐŝƐŽĨ^ŽƵƚŚĞƌŶůďĞƌƚĂWƌĂŝƌŝĞƌĐŚŝƚĞĐͲ ƚƵƌĞƐŚŽƵůĚďĞďŽƌŶŽƵƚŽĨŝƚƐĂƌĐŚŝƚĞĐƚƵƌĂůŚŝƐƚŽƌLJǁŚŝĐŚďĞŐĂŶǁŝƚŚǁŽŽĚĞŶƉĂůŝƐĂĚĞĂƌĐŚŝƚĞĐƚƵƌĞƉƌĞĐĞĚĞŶƚƐƵĐŚ ĂƐ&ŽƌƚDĂĐ>ĞŽĚĂŶĚ&ŽƌƚtŚŽŽƉͲƵƉ͘/ŶƚŚĞůĂƚĞϭϴϬϬƐĂŶĚĞĂƌůLJϭϵϬϬƐŵĂƐŽŶƌLJƐƚƌƵĐƚƵƌĞƐďĞŐĂŶƚŽĂƉƉĞĂƌĂŶĚŝƚ ŝƐĂŶĂŵĂůŐĂŵĂƟŽŶŽĨƚŚĞůŽǁƌŽŽĨƉŝƚĐŚĂŶĚƚŚĞŚŽƌŝnjŽŶƚĂůĞůĞŵĞŶƚƐŽĨƚŚĞWƌĂŝƌŝĞƐƚLJůĞǁŝƚŚĂŵŽƌĞŵĂƐƐŝǀĞĂŶĚ ƌŽďƵƐƚďĞĂŵĐŽŶĮŐƵƌĂƟŽŶƚŚĂƚŝƐĂƉƉƌŽƉƌŝĂƚĞĨŽƌƚŚĞ'ĂƚĞǁĂLJƚŽĂŶĂĚĂ͘

ϭϭ͘ϯĂŶĂĚŝĂŶĂƌĐŚŝƚĞĐƚƵƌĞ ĂŶĂĚŝĂŶĂƌĐŚŝƚĞĐƚƵƌĞŝƐĂůƐŽĂŶŝĚĞŶƟĮĂďůĞƐƚLJůĞŝŶEŽƌƚŚŵĞƌŝĐĂ͘dLJƉŝĐĂůůLJĞdžƉƌĞƐƐĞĚŝŶĂŵŽƵŶƚĂŝŶƌŽĐŬďĂƐĞ ǁŝƚŚůŽŐĚĞƚĂŝůŝŶŐĂŶĚůŽŐŐĂďůĞƐ͘dŚĞƐƚLJůĞŚĂƐďĞĞŶƌĞŝŶƚĞƌƉƌĞƚĞĚŝŶĂŵŽĚĞƌŶĐŽŶƚĞdžƚĂƚƚŚĞůďĞƌƚĂdŽƵƌŝƐƚ/ŶĨŽƌͲ ŵĂƟŽŶĞŶƚĞƌŝŶtĞƐƚ'ůĂĐŝĞƌ͕DŽŶƚĂŶĂ͘dŚĞƉƌŽũĞĐƚŚĂƐĂǀĞƌLJƌŽďƵƐƚŵŽƵŶƚĂŝŶƌŽĐŬďĂƐĞǁŝƚŚůŽŐĚĞƚĂŝůŝŶŐĂƚƚŚĞ ĞŶƚƌLJĐĂŶŽƉLJĂŶĚƉƌŽǀŝĚĞƐĂŚŽƌŝnjŽŶƚĂůǁŝŶĚŽǁĞůĞŵĞŶƚďĞůŽǁƚŚĞĞĂǀĞĐƌĞĂƟŶŐĂǀĞƌLJĚŝƐƟŶĐƟǀĞĂŶĂĚŝĂŶƐƚLJůĞ͘

ϭϭ͘ϰ'ĂƚĞǁĂLJKƉƉŽƌƚƵŶŝƚLJ ^ŝŶĐĞƚŚĞ/^ƐƚƵĚLJĂƌĞĂŝƐĮƌƐƚŵĂũŽƌƐƚŽƉĂĐƌŽƐƐƚŚĞďŽƌĚĞƌŽŶƚŚĞĂŶĂŵĞdžĐŽƌƌŝĚŽƌŝƚǁŽƵůĚďĞĂƉƉƌŽƉƌŝĂƚĞƚŽ ƵƟůŝnjĞĂƌĞŝŶƚĞƌƉƌĞƚĞĚWƌĂŝƌŝĞ^ƚLJůĞƌĐŚŝƚĞĐƚƵƌĞƚŚĂƚŚĂƐĂĚŝƐƟŶĐƟǀĞĂŶĂĚŝĂŶĂĐŽŶƚĞdžƚŝŶĂŶŝĚĞŶƟĮĂďůĞƐƚLJůĞƚŽ ƉƌŽǀŝĚĞĂĐŽŚĞƐŝǀĞĂƌĐŚŝƚĞĐƚƵƌĂůĐĂŶǀĂƐĨŽƌĂƵŶŝƋƵĞƌĞŐŝŽŶ͘dŚŝƐĂƌĐŚŝƚĞĐƚƵƌĂůƐƚLJůĞǁŽƵůĚďĞŵĂƌŬĞƚĂďůĞĐƌĞĂƟŶŐ ĂŶĂƩƌĂĐƟŽŶĨŽƌƚƌĂǀĞůĞƌƐĨƌŽŵŝŶƚĞƌŶĂƟŽŶĂůĚĞƐƟŶĂƟŽŶƐ͘

ϭϭ͘ϱ'ĂƚĞǁĂLJƌĐŚŝƚĞĐƚƵƌĞ^ƵŵŵĂƌŝnjĞĚ dŽƐƵŵŵĂƌŝnjĞƚŚĞƌĐŚŝƚĞĐƚƵƌĂů&ŽƌŵĂŶĚŚĂƌĂĐƚĞƌƚŚĞĨŽůůŽǁŝŶŐĂƌĞŬĞLJĐƌŝƚĞƌŝĂ͗dŚĞĚĞƐŝŐŶƐŚŽƵůĚďĞŵĂƌŬĞĚďLJ ŚŽƌŝnjŽŶƚĂůůŝŶĞƐǁŝƚŚŇĂƚŽƌůŽǁƉŝƚĐŚĞĚŚŝƉƉĞĚƌŽŽĨƐǁŝƚŚďƌŽĂĚŽǀĞƌŚĂŶŐŝŶŐĞĂǀĞƐ͘tŝŶĚŽǁƐƐŚŽƵůĚďĞŐƌŽƵƉĞĚ ŝŶŚŽƌŝnjŽŶƚĂůďĂŶĚƐĂŶĚƚŚĞůŝŶĞƐŽĨŽƚŚĞƌŵĂƚĞƌŝĂůƐŽŶƚŚĞďƵŝůĚŝŶŐƐƐŚŽƵůĚĂůƐŽĂƵŐŵĞŶƚƚŚĞƐĞŚŽƌŝnjŽŶƚĂůůŝŶĞƐ͘ ƐŽůŝĚƌŽĐŬďĂƐĞŽĨƌĂŶĚŽŵĐŽƵƌƐĞĚĂƐŚůĂƌŵĂƐŽŶƌLJǁŝƚŚĂůŝŶĞĂƌƚƌĂŶƐŝƟŽŶƚŽǁŝŶĚŽǁĂŶĚƌŽŽĨĂƌĞĞƐƐĞŶƟĂůĞůĞͲ ŵĞŶƚƐƚŚĂƚƐŚŽƵůĚďĞƌĞĂĚŝůLJŝĚĞŶƟĮĂďůĞĞůĞŵĞŶƚƐĨŽƌƚŚĞƐƚLJůĞŽĨĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞƌĞŐŝŽŶ͘ dŚĞĚĞƐŝŐŶƐŚŽƵůĚďĞĚŝƐƟŶĐƚĨƌŽŵWƌĂŝƌŝĞƌĐŚŝƚĞĐƚƵƌĞŝŶƐŽĨĂƌĂƐŝƚŚĂƌŬĞŶƐďĂĐŬƚŽƚŚĞůŽĐĂůůďĞƌƚĂŚŝƐƚŽƌŝĐĂů ĂƌĐŚŝƚĞĐƚƵƌĞŚŽǁĞǀĞƌƌĞŝŶƚĞƌƉƌĞƚĞĚŝŶĂWƌĂŝƌŝĞƚƌĂĚŝƟŽŶ͘/ƚƐŚŽƵůĚďĞĚŝƐƟŶĐƚĨƌŽŵĂŶĂĚŝĂŶĂŝŶƚŚĂƚƌĂƚŚĞƌƚŚĂŶ ƵƟůŝnjŝŶŐƉĞĞůĞĚůŽŐƐ͕ǁŚŝĐŚǁŽƵůĚďĞƚŚĞŶŽƌŵ͕ĚƌĞƐƐĞĚŚĞĂǀLJƟŵďĞƌďĞĂŵƐƐŚŽƵůĚďĞƉƌŽǀŝĚĞĚƚŽĐƌĞĂƚĞƚŚŝƐ ƵŶŝƋƵĞƐƚLJůĞ͘ĂŶĂĚŝĂŶĂĂůƐŽƚLJƉŝĐĂůůLJŚĂƐĂƐƚĞĞƉƌŽŽĨƉŝƚĐŚǁŚŝĐŚŚĂƐďĞĐŽŵĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚůƉŝŶĞƌĐŚŝƚĞĐƚƵƌĞ͕ ŝŶůŝĞƵŽĨƚŚĞƐƚĞĞƉƉŝƚĐŚĞƐŝƚŝƐƌĞĐŽŵŵĞŶĚĞĚƚŚĂƚƚŚĞůŽǁƉŝƚĐŚĞdžƉĂŶƐŝǀĞƌŽŽĨƐĂŐĂŝŶƉƌŽǀŝĚĞĂĚŝƐƟŶĐƟŽŶĨƌŽŵ ĂŶĂĚŝĂŶĂƚŽƚŚĞĚĞĚŝĐĂƚĞĚĚĞƐŝŐŶƐƚLJůĞĨŽƌƚŚŝƐƌĞŐŝŽŶ͘ ϭϯϰ ͮപ/Ed'Zds>KWDEd^dZd'z /Ed'Zds>KWDEd^dZd'z | 135 ϭϮ͘Ϭ ŝŽƉŚLJƐŝĐĂůKǀĞƌǀŝĞǁĂŶĚ   ĂƚĂ^ƵŵŵĂƌLJ

džĞĐƵƟǀĞ^ƵŵŵĂƌLJ tĞƐƚŚŽīŶŐŝŶĞĞƌŝŶŐZĞƐŽƵƌĐĞƐ͕/ŶĐ͘;tĞƐƚŚŽīͿǁĂƐƌĞƚĂŝŶĞĚĂƐĂŵĞŵďĞƌŽĨƚŚĞ/ŶƚĞŐƌĂƚĞĚĞǀĞůŽƉŵĞŶƚ^ƚƌĂƚĞŐLJ ;/^ͿĐŽŶƐƵůƟŶŐƚĞĂŵƚŽĐŽŵƉŝůĞďŝŽƉŚLJƐŝĐĂůŝŶĨŽƌŵĂƟŽŶǁŝƚŚĐŽŶƐŝĚĞƌĂƟŽŶĨŽƌĨƵƚƵƌĞůĂŶĚƵƐĞĂŶĚĚĞǀĞůŽƉŵĞŶƚ ǁŝƚŚŝŶƚŚĞ>ĞƚŚďƌŝĚŐĞͬŽĂůĚĂůĞĐŽƌƌŝĚŽƌ͘KĨƉĂƌƟĐƵůĂƌŝŶƚĞƌĞƐƚĂƌĞďŝŽƉŚLJƐŝĐĂůĨĞĂƚƵƌĞƐĂŶĚͬŽƌůĂŶĚƐĐĂƉĞƐƚŚĂƚŵĂLJ ďĞĐŽŶƐŝĚĞƌĞĚĞŶǀŝƌŽŶŵĞŶƚĂůůLJƐĞŶƐŝƟǀĞŽƌƐŝŐŶŝĮĐĂŶƚ͘dŚĞƌĞŐƵůĂƚŽƌLJĨƌĂŵĞǁŽƌŬĂƉƉůŝĐĂďůĞƚŽĨƵƚƵƌĞůĂŶĚƵƐĞĂŶĚ ĚĞǀĞůŽƉŵĞŶƚǁŝƚŚŝŶƚŚĞ>ĞƚŚďƌŝĚŐĞͬŽĂůĚĂůĞĐŽƌƌŝĚŽƌŝŶĐůƵĚĞƐŵƵŶŝĐŝƉĂů͕ƉƌŽǀŝŶĐŝĂůĂŶĚĨĞĚĞƌĂůůĞŐŝƐůĂƟŽŶƚŚĂƚ ƉƌŽƚĞĐƚƐƚŚĞƐĞďŝŽƉŚLJƐŝĐĂůĨĞĂƚƵƌĞƐ͘tĞƉƌŽǀŝĚĞĂďƌŝĞĨĚĞƐĐƌŝƉƟŽŶŽĨƚŚŝƐƌĞŐƵůĂƚŽƌLJĨƌĂŵĞǁŽƌŬ͘ tĞƉĞƌĨŽƌŵĞĚĂŚŝŐŚͲůĞǀĞůƐĞĂƌĐŚŽĨĞdžŝƐƟŶŐŝŶĨŽƌŵĂƟŽŶƚŽĚĞƐĐƌŝďĞƚŚĞďŝŽƉŚLJƐŝĐĂůĨĞĂƚƵƌĞƐŽĨĂŶŝĚĞŶƟĮĞĚ ŶǀŝƌŽŶŵĞŶƚĂů^ƚƵĚLJƌĞĂƚŚĂƚĞŶĐŽŵƉĂƐƐĞƐƚŚĞ>ĞƚŚďƌŝĚŐĞͬŽĂůĚĂůĞĐŽƌƌŝĚŽƌ͘dŚŝƐŚŝŐŚͲůĞǀĞůďŝŽƉŚLJƐŝĐĂůŽǀĞƌǀŝĞǁ ƉƌŽǀŝĚĞƐĂŐĞŶĞƌĂůŝŶĚŝĐĂƟŽŶŽĨĞdžŝƐƟŶŐďŝŽƉŚLJƐŝĐĂůĐŽŶĚŝƟŽŶƐ͕ƐƉĞĐŝĮĐĂůůLJ͗ 1. ƚŚĞŐĞŶĞƌĂůƚLJƉĞƐŽĨůĂŶĚƵƐĞĂŶĚĚĞǀĞůŽƉŵĞŶƚ͖ 2. ƚŚĞƚLJƉĞƐŽĨƐŽŝůƐ͕ƚĞƌƌĂŝŶĂŶĚƉůĂŶƚĐŽŵŵƵŶŝƟĞƐ͖ 3. ƚŚĞůŝŵŝƚĞĚĂǀĂŝůĂďŝůŝƚLJŽĨŶĂƚƵƌĂůŚĂďŝƚĂƚĂƌĞĂƐ͖ 4. ƚŚĞĚŝǀĞƌƐŝƚLJŽĨŬŶŽǁŶĂŶĚƉŽƚĞŶƟĂůƉůĂŶƚĂŶĚǁŝůĚůŝĨĞƐƉĞĐŝĞƐ͖ĂŶĚ͕ 5. ƚŚĞŶƵŵďĞƌŽĨƉŽƚĞŶƟĂůƌĂƌĞĂŶĚͬŽƌƐĞŶƐŝƟǀĞƐƉĞĐŝĞƐĂŶĚĐŽŵŵƵŶŝƟĞƐ͘ tĞƌĞĐŽŵŵĞŶĚĨƵƌƚŚĞƌďŝŽƉŚLJƐŝĐĂůĂƐƐĞƐƐŵĞŶƚĞīŽƌƚƐƚŽĐŽŶĮƌŵƚŚĞƉƌĞƐĞŶĐĞŽĨĞŶǀŝƌŽŶŵĞŶƚĂůůLJƐĞŶƐŝƟǀĞĂŶĚͬ ŽƌƐŝŐŶŝĮĐĂŶƚĨĞĂƚƵƌĞƐǁŝƚŚŝŶƚŚĞ^ƚƵĚLJƌĞĂƚŚĂƚŝŶĐůƵĚĞĨƵƌƚŚĞƌĚĂƚĂƌĞǀŝĞǁ͕ĚĞƚĂŝůĞĚǀĞŐĞƚĂƟŽŶͬĞĐŽůŽŐŝĐĂůĐŽŵͲ ŵƵŶŝƚLJŵĂƉƉŝŶŐ͕ĂƐƐĞƐƐŵĞŶƚŽĨŝŵƉĂĐƚƐĂŶĚŝĚĞŶƟĮĐĂƟŽŶŽĨŵŝƟŐĂƟŽŶŵĞĂƐƵƌĞƐ͘dŚĞƐĞĨƵƌƚŚĞƌĞīŽƌƚƐŵĂLJďĞ ĂƉƉůŝĞĚŝŶĂƉŚĂƐĞĚĂƉƉƌŽĂĐŚ͕ĂŶĚŽŶĂƐŝƚĞͲƐƉĞĐŝĮĐďĂƐŝƐƚŽƐƵƉƉŽƌƚŽĨĨƵƚƵƌĞůĂŶĚƵƐĞƉůĂŶŶŝŶŐŝŶŝƟĂƟǀĞƐ͘

ϭϮ͘ϭ/ŶƚƌŽĚƵĐƟŽŶ /ŶƌĞƐƉŽŶƐĞƚŽƚŚĞŝƐƐƵĞŽĨƌĞĐƵƌƌĞŶƚŇŽŽĚŝŶŐŝŶƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚdŽǁŶŽĨŽĂůĚĂůĞ͕ĂŶĚƚŚĞƌĞƐƵůƟŶŐ ŝŵƉĂĐƚƐƚŽůĂŶĚĚĞǀĞůŽƉŵĞŶƚ͕ƚŚĞŽƵŶƚLJĂŶĚƚŚĞdŽǁŶĂƌĞĚĞǀĞůŽƉŝŶŐĂĐŽŵƉƌĞŚĞŶƐŝǀĞ/ŶƚĞŐƌĂƚĞĚĞǀĞůŽƉŵĞŶƚ ^ƚƌĂƚĞŐLJ;/^Ϳ͘dŚĞ/^ǁŝůůƉƌŽǀŝĚĞĂůŽŶŐͲƚĞƌŵ͕ŽǀĞƌĂƌĐŚŝŶŐǀŝƐŝŽŶĨŽƌůĂŶĚƵƐĞǁŝƚŚŝŶƚŚĞ>ĞƚŚďƌŝĚŐĞͬŽĂůĚĂůĞ ĐŽƌƌŝĚŽƌĂŶĚƐĞƚƐƚƌĂƚĞŐŝĞƐĂŝŵĞĚĂƚŵĂdžŝŵŝnjŝŶŐƐĞƌǀŝĐŝŶŐĞĸĐŝĞŶĐŝĞƐ͕ƉƌŽƚĞĐƟŶŐƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͕ĂŶĚƉƵƌƐƵŝŶŐ ĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŽƉƉŽƌƚƵŶŝƟĞƐ͘ tĞƐƚŚŽīŶŐŝŶĞĞƌŝŶŐZĞƐŽƵƌĐĞƐ͕/ŶĐ͘;tĞƐƚŚŽīͿǁĂƐƌĞƚĂŝŶĞĚĂƐĂŵĞŵďĞƌŽĨƚŚĞ/^ĐŽŶƐƵůƟŶŐƚĞĂŵƚŽĐŽŵƉŝůĞ ďŝŽƉŚLJƐŝĐĂůŝŶĨŽƌŵĂƟŽŶǁŝƚŚĐŽŶƐŝĚĞƌĂƟŽŶĨŽƌĨƵƚƵƌĞůĂŶĚƵƐĞĂŶĚĚĞǀĞůŽƉŵĞŶƚǁŝƚŚŝŶƚŚĞŶǀŝƌŽŶŵĞŶƚĂů^ƚƵĚLJ ƌĞĂ͘KĨƉĂƌƟĐƵůĂƌŝŶƚĞƌĞƐƚĂƌĞďŝŽƉŚLJƐŝĐĂůĨĞĂƚƵƌĞƐĂŶĚͬŽƌůĂŶĚƐĐĂƉĞƐƚŚĂƚŵĂLJďĞĐŽŶƐŝĚĞƌĞĚĞŶǀŝƌŽŶŵĞŶƚĂůůLJ ƐĞŶƐŝƟǀĞŽƌƐŝŐŶŝĮĐĂŶƚ͘^ƵĐŚĨĞĂƚƵƌĞƐŵĂLJŝŶĐůƵĚĞƵŶŝƋƵĞůĂŶĚĨŽƌŵƐ͕ĂƌĞĂƐŽĨŝŵƉŽƌƚĂŶƚǁŝůĚůŝĨĞŚĂďŝƚĂƚ͕ůĂƌŐĞŶĂƚͲ ƵƌĂůĂƌĞĂƐ͕ƌŝƉĂƌŝĂŶůĂŶĚƐ͕ŽƌŬŶŽǁŶůŽĐĂƟŽŶƐŽĨĞůĞŵĞŶƚƐŽĨĐŽŶƐĞƌǀĂƟŽŶĐŽŶĐĞƌŶ͕ƐƵĐŚĂƐƉůĂŶƚŽƌǁŝůĚůŝĨĞƐƉĞĐŝĞƐ ǁŝƚŚĨĞĚĞƌĂůĂŶĚͬŽƌƉƌŽǀŝŶĐŝĂůĐŽŶƐĞƌǀĂƟŽŶƐƚĂƚƵƐ͘ dŚĞƌĞĂƌĞƐĞǀĞƌĂůŬĞLJŵƵŶŝĐŝƉĂů͕ƉƌŽǀŝŶĐŝĂůĂŶĚĨĞĚĞƌĂůĐƚƐĂŶĚĂƐƐŽĐŝĂƚĞĚƌĞŐƵůĂƟŽŶƐƚŚĂƚƉƌŽǀŝĚĞůĞŐĂůƉƌŽƚĞĐƟŽŶ ĂŶĚŵĂŶĂŐĞŵĞŶƚĚŝƌĞĐƟŽŶĨŽƌďŝŽƉŚLJƐŝĐĂůĨĞĂƚƵƌĞƐƚŚĂƚŵĂLJďĞĐŽŶƐŝĚĞƌĞĚƐĞŶƐŝƟǀĞŽƌƐŝŐŶŝĮĐĂŶƚ͘ ĞƌƚĂŝŶƌĞůĞǀĂŶƚĨĞĚĞƌĂůƌĞŐƵůĂƚŽƌLJƐƚĂƚƵƚĞƐŝŶĐůƵĚĞ͗ ͻ ƚŚĞ&ŝƐŚĞƌŝĞƐĐƚ͕ǁŚŝĐŚƌĞŐƵůĂƚĞƐŝŵƉĂĐƚƐŽŶĮƐŚĂŶĚĮƐŚŚĂďŝƚĂƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚǁŽƌŬƐ͕ƵŶĚĞƌƚĂŬŝŶŐƐ͕ŽƉĞƌͲ ĂƟŽŶƐĂŶĚĂĐƟǀŝƟĞƐŽĐĐƵƌƌŝŶŐŝŶŽƌĂƌŽƵŶĚĨƌĞƐŚǁĂƚĞƌ͖ ͻ ƚŚĞDŝŐƌĂƚŽƌLJŝƌĚƐŽŶǀĞŶƟŽŶĐƚ͕ǁŚŝĐŚƉƌŽƚĞĐƚƐŵŽƐƚŵŝŐƌĂƟŶŐďŝƌĚƐĨŽƵŶĚŝŶĂŶĂĚĂĂŶĚƉƌŽŚŝďŝƚƐĂŶLJŽŶĞ ĨƌŽŵŬŝůůŝŶŐ͕ŚĂƌŵŝŶŐŽƌŚĂƌĂƐƐŝŶŐŵŝŐƌĂƚŽƌLJďŝƌĚƐ͕ƚŚĞŝƌŶĞƐƚƐŽƌŶĞŐĂƟǀĞůLJĂīĞĐƟŶŐƚŚĞǁĂƚĞƌƋƵĂůŝƚLJŽĨŚĂďŝͲ ϭϯϲ ͮപ/Ed'Zds>KWDEd^dZd'z

ƚĂƚĨƌĞƋƵĞŶƚĞĚďLJŵŝŐƌĂƚŽƌLJďŝƌĚƐ͖ĂŶĚ͕ ͻ ƚŚĞ^ƉĞĐŝĞƐĂƚZŝƐŬĐƚ͕ǁŚŝĐŚƉƌŽǀŝĚĞƐƉƌŽƚĞĐƟŽŶƚŽƉƌĞǀĞŶƚĂŶĂĚŝĂŶŝŶĚŝŐĞŶŽƵƐƐƉĞĐŝĞƐ͕ƐƵďƐƉĞĐŝĞƐĂŶĚ ĚŝƐƟŶĐƚƉŽƉƵůĂƟŽŶƐĨƌŽŵďĞĐŽŵŝŶŐĞdžƟƌƉĂƚĞĚŽƌĞdžƟŶĐƚ͕ĂŶĚƉƌŽǀŝĚĞƐĨŽƌƚŚĞƌĞĐŽǀĞƌLJŽĨĞŶĚĂŶŐĞƌĞĚŽƌ ƚŚƌĞĂƚĞŶĞĚƐƉĞĐŝĞƐďLJƉƌŽŚŝďŝƟŶŐƚŚĞŬŝůůŝŶŐ͕ŚĂƌŵŝŶŐŽƌŚĂƌĂƐƐŝŶŐŽĨĞŶĚĂŶŐĞƌĞĚͬƚŚƌĞĂƚĞŶĞĚƐƉĞĐŝĞƐĂŶĚ ĚĂŵĂŐĞƚŽƚŚĞŝƌƌĞƐŝĚĞŶĐĞ͘ ZĞůĞǀĂŶƚƉƌŽǀŝŶĐŝĂůůĞŐŝƐůĂƟŽŶŝŶĐůƵĚĞƐ͗ ͻ ƚŚĞtĂƚĞƌĐƚ͕ǁŚŝĐŚĂƐƐĞƌƚƐƚŚĞƉƌŽǀŝŶĐŝĂůƌŽǁŶ͛ƐŽǁŶĞƌƐŚŝƉŽĨĂůůǁĂƚĞƌŝŶƚŚĞƉƌŽǀŝŶĐĞ͕ŝŶĐůƵĚŝŶŐǁĞƚůĂŶĚƐ͘ dŚĞƌŽǁŶƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽĚŝǀĞƌƚŽƌŐĞŶĞƌĂůůLJĚŝƐƚƵƌďǁĂƚĞƌ͕ĞdžĐĞƉƚƚŚƌŽƵŐŚƐƚĂƚƵƚŽƌLJĂƵƚŚŽƌŝnjĂƟŽŶ͖ ͻ ƚŚĞWƵďůŝĐ>ĂŶĚƐĐƚ͕ǁŚŝĐŚƐƵƉƉŽƌƚƐƚŚĞŽƌĚĞƌůLJĚĞǀĞůŽƉŵĞŶƚĂŶĚƵƐĞŽĨƉƵďůŝĐůĂŶĚ͕ĂƐǁĞůůĂƐƉƌŽŚŝďŝƟŶŐƚŚĞ ĚĞůŝďĞƌĂƚĞĚĂŵĂŐĞƚŽƉƵďůŝĐůĂŶĚ͖ĂŶĚ͕ ͻ ƚŚĞtŝůĚůŝĨĞĐƚ͕ǁŚŝĐŚƉƌŽŚŝďŝƚƐĂŶLJĂĐƟǀŝƚLJŽŶĞŝƚŚĞƌƉƵďůŝĐŽƌƉƌŝǀĂƚĞůĂŶĚƚŚĂƚĐŽƵůĚŚĂƌŵĂŶĞƐƚŽƌĚĞŶŽĨ ƉƌĞƐĐƌŝďĞĚǁŝůĚůŝĨĞ;ŝŶĐůƵĚŝŶŐĞŶĚĂŶŐĞƌĞĚǁŝůĚůŝĨĞ͕ŵŝŐƌĂƚŽƌLJďŝƌĚƐ͕ƐŶĂŬĞƐĂŶĚďĂƚƐͿ͘ dŚĞDƵŶŝĐŝƉĂů'ŽǀĞƌŶŵĞŶƚĐƚŝƐƚŚĞŵĂŝŶůďĞƌƚĂƐƚĂƚƵƚĞƚŚĂƚŐŽǀĞƌŶƐŚŽǁŵƵŶŝĐŝƉĂůŝƟĞƐĞŶŐĂŐĞŝŶůĂŶĚƵƐĞ ŵĂŶĂŐĞŵĞŶƚ͕ŝŶĐůƵĚŝŶŐƚŚĞĐŽŶƐĞƌǀĂƟŽŶĂŶĚͬŽƌƉƌŽƚĞĐƟŽŶŽĨŝĚĞŶƟĮĞĚĞŶǀŝƌŽŶŵĞŶƚĂůůLJƐĞŶƐŝƟǀĞŽĨƐŝŐŶŝĮĐĂŶƚ ĨĞĂƚƵƌĞƐ͘

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ϭϮ͘ϯZĞƐƵůƚƐ dĂďůĞϭƉƌĞƐĞŶƚƐĂƐƵŵŵĂƌLJŽĨƚŚĞĂǀĂŝůĂďůĞďŝŽƉŚLJƐŝĐĂůĚĂƚĂĐŽŵƉŝůĞĚĨŽƌƚŚĞ^ƚƵĚLJƌĞĂ;ƉƉĞŶĚŝdžͿ͘/ŶĐůƵĚĞĚ ĂƌĞƚŚĞƐŽƵƌĐĞƐĨŽƌƚŚĞĂǀĂŝůĂďůĞĚĂƚĂĂƐǁĞůůĂƐƚŚĞƉŽƚĞŶƟĂůĂƉƉůŝĐĂƟŽŶƐ͕ůŝŵŝƚĂƟŽŶƐĂŶĚƉŽƐƐŝďůĞĨŽůůŽǁͲƵƉƌĞͲ ƋƵŝƌĞŵĞŶƚƐŶĞĞĚĞĚƚŽĂĚĞƋƵĂƚĞůLJĂƐƐĞƐƐƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂůƐĞŶƐŝƟǀŝƟĞƐŽĨƚŚĞ^ƚƵĚLJƌĞĂŝŶƌĞƐƉŽŶƐĞƚŽƉƌŽƉŽƐĞĚ ůĂŶĚƵƐĞ͘ďƌŝĞĨĚĞƐĐƌŝƉƟŽŶŽĨƚŚŝƐĚĂƚĂŝƐƐƵŵŵĂƌŝnjĞĚďĞůŽǁ͘

ϭϮ͘ϯ͘ϭEĂƚƵƌĂůZĞŐŝŽŶƐĂŶĚ^ƵďƌĞŐŝŽŶƐ

ŵĂƉŽĨƚŚĞEĂƚƵƌĂůZĞŐŝŽŶƐĂŶĚ^ƵďƌĞŐŝŽŶƐŽĨůďĞƌƚĂŝƐƉƌŽǀŝĚĞĚŝŶƉƉĞŶĚŝdž͘WƌĞƉĂƌĞĚďLJƚŚĞEĂƚƵƌĂů ZĞŐŝŽŶƐŽŵŵŝƩĞĞ;ϮϬϬϲͿ͕ƚŚŝƐŵĂƉĂŶĚĂƐƐŽĐŝĂƚĞĚƌĞƉŽƌƟŶŐƉƌŽǀŝĚĞƐĂĚĞƐĐƌŝƉƟŽŶŽĨƚŚĞŶĂƚƵƌĂůďŝŽƉŚLJƐŝĐĂů ĐŽŶĚŝƟŽŶƐƌĞƉƌĞƐĞŶƚĞĚǁŝƚŚŝŶƚŚĞůĂŶĚƐĐĂƉĞďĂƐĞĚŽŶĐůŝŵĂƚĞ͕ƚŽƉŽŐƌĂƉŚLJ͕ƉĂƌĞŶƚŵĂƚĞƌŝĂůƐĂŶĚďŝŽƟĐĞůĞŵĞŶƚƐ͕ ĞdžĐůƵƐŝǀĞŽĨĐŚĂŶŐĞƐƌĞƐƵůƟŶŐĨƌŽŵƌĞĐĞŶƚůĂŶĚƵƐĞĂŶĚĚĞǀĞůŽƉŵĞŶƚ͘ dŚĞ^ƚƵĚLJƌĞĂĨĂůůƐƉƌŝŵĂƌŝůLJǁŝƚŚŝŶƚŚĞ'ƌĂƐƐůĂŶĚZĞŐŝŽŶĂŶĚƐƉĞĐŝĮĐĂůůLJ͕ƚŚĞDŝdžĞĚŐƌĂƐƐEĂƚƵƌĂů^ƵďƌĞŐŝŽŶ͘dŚĞ ^ƵďƌĞŐŝŽŶŝƐĐŚĂƌĂĐƚĞƌŝnjĞĚďLJƵŶĚƵůĂƟŶŐĂŶĚŚƵŵŵŽĐŬLJƟůůƉůĂŝŶƐ͕ůĞǀĞůůĂŬĞĂƌĞĂƐ͕ĂŶĚƵŶĚƵůĂƟŶŐƚŽŚƵŵŵŽĐŬLJ ƐĂŶĚͬĐůĂLJĚĞƉŽƐŝƚƐ͘EĞĞĚůĞͲĂŶĚͲƚŚƌĞĂĚŐƌĂƐƐ;,ĞƐƉĞƌŽƐƟƉĂĐŽŵĂƚĞͿ͕ƉŽƌĐƵƉŝŶĞŐƌĂƐƐ;,ĞƐƉĞƌŽƐƟƉĂƐƉĂƌƚĞĂͿ͕ĂŶĚ ŶŽƌƚŚĞƌŶĂŶĚǁĞƐƚĞƌŶǁŚĞĂƚŐƌĂƐƐĞƐ;ůLJŵƵƐůĂŶĐĞŽůĂƚƵƐĂŶĚWĂƐĐŽƉLJƌƵŵƐŵŝƚŚŝŝͿĨŽƌŵĐŽŵŵƵŶŝƟĞƐŽŶĂǀĞƌĂŐĞ ƐŝƚĞƐŝŶƌĞŵŶĂŶƚƉƌĂŝƌŝĞĂƌĞĂƐ͘DŽŝƐƚĞƌĐŽŶĚŝƟŽŶƐŽŶŚŝŐŚĞƌĂƌĞĂƐǁŝƚŚŝŶƚŚĞ^ƵďƌĞŐŝŽŶĂůůŽǁƉůĂŝŶƐƌŽƵŐŚĨĞƐĐƵĞ ;&ĞƐƚƵĐĂŚĂůůŝŝͿŽƌďůƵĞďƵŶĐŚĨĞƐĐƵĞ;&ĞƐƚƵĐĂŝĚĂŚŽĞŶƐŝƐͿƚŽďĞĐŽŵĞĚŽŵŝŶĂŶƚ͘KǀĞƌĂůů͕ƚŚŝƐŵĂƉƉƌŽǀŝĚĞƐĂŶŝŶĚŝͲ ĐĂƟŽŶŽĨƚŚĞƚLJƉŝĐĂůĞŶǀŝƌŽŶŵĞŶƚĐŽŶĚŝƟŽŶƐĞdžƉĞĐƚĞĚǁŝƚŚŝŶƉŽƌƟŽŶƐŽĨƚŚĞ^ƚƵĚLJƌĞĂƚŚĂƚƌĞŵĂŝŶƵŶĚĞƌŶĂƚƵƌĂů ĐŽŶĚŝƟŽŶƐ͘

ϭϮ͘ϯ͘ϮĂƐĞDĂƉ tĞĚĞǀĞůŽƉĞĚĂďĂƐĞŵĂƉǁŝƚŚƐƉĂƟĂůĚĂƚĂƉƌŽǀŝĚĞĚďLJƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͕ǁŚŝĐŚŝŶĐůƵĚĞƐŽƌƚŚŽƉŚŽƚŽƐ͕ ĐŽŶƚŽƵƌĚĂƚĂ͕ůĂŶĚƵƐĞŝŶĨŽƌŵĂƟŽŶ;ƌŽĂĚƐ͕ĚĞǀĞůŽƉŵĞŶƚƐ͕ŽƚŚĞƌĞdžŝƐƟŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞͿ͕ĂŶĚŚLJĚƌŽůŽŐLJ;ƌŝǀĞƌƐ͕ ůĂŬĞƐ͕ǁĞƚůĂŶĚ͕ĂŶĚŝƌƌŝŐĂƟŽŶͿ;ƉƉĞŶĚŝdžͿ͘ŐƌŝĐƵůƚƵƌĞƌĞŵĂŝŶƐƚŚĞŵĂŝŶŝŶĚƵƐƚƌLJŝŶƚŚĞĂƌĞĂĂŶĚĐŽŶƐŝƐƚƐŽĨ ĂŵŝdžƚƵƌĞŽĨĐƌŽƉĂŶĚůŝǀĞƐƚŽĐŬƉƌŽĚƵĐƟŽŶ͘DƵĐŚŽĨƚŚĞůĂŶĚďĂƐĞŝŶƚŚĞŽƵŶƚLJŝƐďĞŝŶŐƵƐĞĚĨŽƌƚŚŝƐƉƵƌƉŽƐĞ͘ KƚŚĞƌŝŶĚƵƐƚƌŝĞƐŝŶĐůƵĚĞƚƌĂŶƐƉŽƌƚĂƟŽŶ͕ĐŽŶƐƚƌƵĐƟŽŶ͕ŵĂŶƵĨĂĐƚƵƌŝŶŐĂŶĚĨŽŽĚƉƌŽĐĞƐƐŝŶŐ;ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͕ ϮϬϬϵͿ͘dŚĞĂĞƌŝĂůƉŚŽƚŽŐƌĂƉŚƐ;ŽƌƚŚŽƉŚŽƚŽƐͿĂůƐŽƌĞǀĞĂůƚŚĂƚĂĐŽŶƐŝĚĞƌĂďůĞƉŽƌƟŽŶŽĨƚŚĞ^ƚƵĚLJƌĞĂŚĂƐďĞĞŶ ŵŽĚŝĮĞĚƚŚƌŽƵŐŚůŽŶŐͲƚĞƌŵĂŐƌŝĐƵůƚƵƌĂůƉƌĂĐƟĐĞƐ͕ŝŶƉĂƌƟĐƵůĂƌĐƵůƟǀĂƟŽŶ͘ dŚĞďĂƐĞŵĂƉƌĞǀĞĂůƐƚŚĞůŽĐĂƟŽŶŽĨƚŚĞ^ƚƵĚLJƌĞĂŝŶƌĞůĂƟŽŶƚŽŚLJĚƌŽůŽŐŝĐĂůůĂŶĚƐĐĂƉĞĨĞĂƚƵƌĞƐ͘/ŶŐĞŶĞƌĂů͕ƚŚĞ /^ĞŶĐŽŵƉĂƐƐĞƐƚŚĞĚƌĂŝŶĂŐĞĂƌĞĂŬŶŽǁŶĂƐƚŚĞDĂůůŽLJƌĂŝŶ͕ůŽĐĂƚĞĚĞĂƐƚŽĨƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͕ŝŶ>ĞƚŚďƌŝĚŐĞ ŽƵŶƚLJ͕ĂŶĚŝƐĐĞŶƚĞƌĞĚŽŶƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͘dŚĞĂƌĞĂ͕ĂƉƉƌŽdžŝŵĂƚĞůLJϮϭϳŬŵϮ͕ŝƐďŽƵŶĚĞĚƚŽƚŚĞŶŽƌƚŚďLJ dŽǁŶƐŚŝƉZŽĂĚϵͲϰ͕ƚŽƚŚĞĞĂƐƚďLJ^ƚĂīŽƌĚZĞƐĞƌǀŽŝƌĂƚZĂŶŐĞZŽĂĚϭϴϮ͕ƚŽƚŚĞƐŽƵƚŚďLJƚŚĞ^DZ/ŵĂŝŶĂŶĂůĂƚ dŽǁŶƐŚŝƉZŽĂĚϴϮĂŶĚƚŽƚŚĞǁĞƐƚďLJƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞĐŝƚLJůŝŵŝƚƐĂƚĂƉƉƌŽdžŝŵĂƚĞůLJϰϯƌĚ^ƚƌĞĞƚE;,ŝŐŚǁĂLJ ϴϰϯͿ͘ZƵŶŽīĨƌŽŵƐŶŽǁŵĞůƚĂŶĚƌĂŝŶĨĂůůĞǀĞŶƚƐĚƌĂŝŶƐƉƌŝŵĂƌŝůLJƚŚƌŽƵŐŚĂƐĞƌŝĞƐŽĨŶĂƚƵƌĂůĂŶĚĐŽŶƐƚƌƵĐƚĞĚĐŚĂŶͲ ŶĞůƐƚŚĂƚĨŽƌŵƚŚĞďĂĐŬďŽŶĞŽĨƚŚĞ^ĂŝŶƚDĂƌLJZŝǀĞƌ/ƌƌŝŐĂƟŽŶŝƐƚƌŝĐƚ;^DZ/ͿŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝŶƚŚĞƌĞŐŝŽŶ͘ƵĞƚŽ ŝƚƐůŽǁͲůLJŝŶŐůŽĐĂƟŽŶ͕ŇŽǁŝƐĐŽŶĐĞŶƚƌĂƚĞĚŝŶƚŚĞŽĂůĚĂůĞƌĞŐŝŽŶďĞĨŽƌĞĚƌĂŝŶŝŶŐƚŽDĂůůŽLJ>ĂŬĞƚŚĞŶƚŽ^ƚĂīŽƌĚ ZĞƐĞƌǀŽŝƌƚŽƚŚĞĞĂƐƚƚŚƌŽƵŐŚ^DZ/ĐĂŶĂůƐĂŶĚƌŽĂĚƐŝĚĞĚŝƚĐŚĞƐ͘ ǀĂŝůĂďůĞĐŽŶƚŽƵƌĚĂƚĂ͕ĂƐƉƌĞƐĞŶƚĞĚŽŶƚŚĞďĂƐĞŵĂƉ͕ƐŚŽǁƐƚŚĂƚƚŚĞƚĞƌƌĂŝŶŽĨƚŚĞ^ƚƵĚLJƌĞĂŐĞŶĞƌĂůůLJĐŽŶƐŝƐƚƐ ŽĨƵŶĚƵůĂƟŶŐƉůĂŝŶƐǁŝƚŚƐŽŵĞƌŽůůŝŶŐƚŽŚƵŵŵŽĐŬLJĂƌĞĂƐ͘>ĞƚŚďƌŝĚŐĞŝƐĂƚƚŚĞŚŝŐŚĞƐƚƉŽŝŶƚŽĨůĂŶĚ͕ǁŚŝĐŚƚŚĞŶ ŐƌĂĚƵĂůůLJƐůŽƉĞƐĚŽǁŶƚŽǁĂƌĚƐŽĂůĚĂůĞ͘dŚĞƐƚĞĞƉƐůŽƉĞƐŽĨƚŚĞKůĚŵĂŶZŝǀĞƌǀĂůůĞLJĂƌĞƚŚĞŵŽƐƚƉƌŽŵŝŶĞŶƚƚĞƌͲ ƌĂŝŶĨĞĂƚƵƌĞŝŶƚŚĞĂƌĞĂ͘

ϭϮ͘ϯ͘ϯ^ŽŝůDĂƉ

ƐŽŝůƐŵĂƉŝƐĂůƐŽĂǀĂŝůĂďůĞĨƌŽŵƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ;ƉƉĞŶĚŝdžͿ͘dŚĞŵĂƉƌĞǀĞĂůƐƚŚĂƚƚŚĞŵĂũŽƌŝƚLJŽĨƚŚĞ ^ƚƵĚLJƌĞĂĐŽŶƐŝƐƚƐŽĨKƌƚŚŝĐĂƌŬƌŽǁŶŚĞƌŶŽnjĞŵŝĐƐŽŝůƐ͕ǁŝƚŚĂƉŽƌƟŽŶŽĨƚŚĞ^ƚƵĚLJƌĞĂƐŽƵƚŚǁĞƐƚŽĨŽĂůͲ ĚĂůĞƌĞƉƌĞƐĞŶƚĞĚďLJKƌƚŚŝĐ,ƵŵŝĐ'ůĞLJƐŽů͘

ϭϮ͘ϯ͘ϰ>ĂŶĚŽǀĞƌDĂƉ ϭϯϴ ͮപ/Ed'Zds>KWDEd^dZd'z dŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂůƐŽƉƌŽǀŝĚĞĚĂůĂŶĚĐŽǀĞƌŵĂƉ;ƉƉĞŶĚŝdžͿ͕ǁŚŝĐŚƉƌĞƐĞŶƚƐŝŶĨŽƌŵĂƟŽŶŽŶǀĞŐĞƚĂƟŽŶ ĐŽŵŵƵŶŝƟĞƐĂŶĚĂůƐŽƌĞǀĞĂůƐƚŚĞĞdžƚĞŶƚŽĨĐƵůƟǀĂƟŽŶǁŝƚŚŝŶƚŚĞ^ƚƵĚLJƌĞĂ͘ZĞŵŶĂŶƚŶĂƟǀĞŐƌĂƐƐůĂŶĚƐĂƉƉĞĂƌ ƚŽĞdžŝƐƚƉƌŝŵĂƌŝůLJĂĚũĂĐĞŶƚƚŽƚŚĞ^ƚĂīŽƌĚZĞƐĞƌǀŽŝƌĂŶĚĂůŽŶŐƚŚĞKůĚŵĂŶZŝǀĞƌsĂůůĞLJ͕ǁŝƚŚŽŶůLJƐŵĂůůƐĐĂƩĞƌĞĚ ƉĂƚĐŚĞƐŽĐĐƵƌƌŝŶŐǁŝƚŚŝŶƚŚĞĐĞŶƚƌĂůƉŽƌƟŽŶŽĨƚŚĞ^ƚƵĚLJƌĞĂ͘ŶƵŵďĞƌŽĨǁĞƚůĂŶĚƐĂƌĞĂůƐŽŝĚĞŶƟĮĞĚ͘

ϭϮ͘ϯ͘ϱWŽƚĞŶƟĂů^ƉĞĐŝĂů^ƚĂƚƵƐWůĂŶƚƐ͕ĂŶĚZĂƌĞĐŽůŽŐŝĐĂůŽŵŵƵŶŝƟĞƐ dŽŐĂŝŶĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞƉŽƚĞŶƟĂůĨŽƌƐƉĞĐŝĂůƐƚĂƚƵƐƉůĂŶƚƐŽƌƌĂƌĞĞĐŽůŽŐŝĐĂůĐŽŵŵƵŶŝƟĞƐ͕ǁĞƉƌĞƉĂƌĞĚůŝƐƚƐ ŽĨƚŚĞƐĞĞůĞŵĞŶƚƐŽĨĐŽŶƐĞƌǀĂƟŽŶĐŽŶĐĞƌŶǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽĂǀĂŝůĂďůĞĚĂƚĂĨƌŽŵ/D^͘tĞĐŽŶĚƵĐƚĞĚĂŶ/D^ ĚĂƚĂďĂƐĞƐĞĂƌĐŚƚŽŝĚĞŶƟĨLJĂŶLJƐƉĞĐŝĂůƐƚĂƚƵƐƉůĂŶƚƐŽƌƌĂƌĞĞĐŽůŽŐŝĐĂůĐŽŵŵƵŶŝƟĞƐƚŚĂƚŚĂǀĞƚŚĞƉŽƚĞŶƟĂůƚŽďĞ ĞŶĐŽƵŶƚĞƌĞĚǁŝƚŚŝŶƚŚĞ^ƚƵĚLJƌĞĂ͘dŚĞƐĞĚĂƚĂďĂƐĞƐĞĂƌĐŚĞƐƉƌŽǀŝĚĞůŝƐƚƐŽĨƐƉĞĐŝĂůƐƚĂƚƵƐƉůĂŶƚƐƉĞĐŝĞƐďLJEĂƚƵƌĂů ^ƵďƌĞŐŝŽŶĂŶĚůŝƐƚƐŽĨƌĂƌĞĞĐŽůŽŐŝĐĂůĐŽŵŵƵŶŝƟĞƐďLJEĂƚƵƌĂůZĞŐŝŽŶ͘dŚĞƐĞůŝƐƚƐĂƌĞŶŽƚƐƉĞĐŝĮĐƚŽƚŚĞ^ƚƵĚLJ ƌĞĂďƵƚƉƌŽǀŝĚĞĂŶŝŶĚŝĐĂƟŽŶŽĨƚŚĞŶƵŵďĞƌŽĨƐƉĞĐŝĂůƐƚĂƚƵƐƉůĂŶƚƐĂŶĚƌĂƌĞĞĐŽůŽŐŝĐĂůĐŽŵŵƵŶŝƟĞƐƚŚĂƚŵĂLJďĞ ƉƌĞƐĞŶƚŝŶƚŚĞƐĂŵĞŐĞŽŐƌĂƉŚŝĐƌĞŐŝŽŶ͘dŚĞƌĞƐƵůƚƐŽĨƚŚĞ/D^ĚĂƚĂďĂƐĞƐĞĂƌĐŚĞƐĂƌĞƉƌĞƐĞŶƚĞĚŝŶƉƉĞŶĚŝdž&͕ ŝŶĐůƵĚŝŶŐƐĐŝĞŶƟĮĐŶĂŵĞƐ͘ &ŽƌƐƉĞĐŝĂůƐƚĂƚƵƐƉůĂŶƚƐ͕ǁĞĐŽŵƉŝůĞĚĂůŝƐƚŽĨƵƉƚŽϲϲǁŝƚŚƚŚĞƉŽƚĞŶƟĂůƚŽŽĐĐƵƌŝŶƚŚĞ^ƚƵĚLJƌĞĂ͕ŽĨǁŚŝĐŚϱĂƌĞ ĨĞĚĞƌĂůůLJůŝƐƚĞĚƐƉĞĐŝĞƐ͗

ͻ ǁĂƌĨtŽŽůůLJŚĞĂĚƐ

ͻ ,ĂƌĞͲĨŽŽƚĞĚ>ŽĐŽǁĞĞĚ

ͻ ^ŵŽŽƚŚEĂƌƌŽǁͲůĞĂǀĞĚ'ŽŽƐĞĨŽŽƚ

ͻ ^ŽĂƉǁĞĞĚ

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ϭϮ͘ϯ͘ϳKďƐĞƌǀĞĚ&ĞĚĞƌĂůůLJͲůŝƐƚĞĚĂŶĚWƌŽǀŝŶĐŝĂůůLJͲŝĚĞŶƟĮĞĚtŝůĚůŝĨĞĂŶĚ&ŝƐŚ^ƉĞĐŝĞƐ

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ŽĨƚŚĞƐĞŽďƐĞƌǀĂƟŽŶƐĂƌĞƌĞůĂƟǀĞůLJŽůĚĂŶĚǁŚĞƚŚĞƌƚŚĞƐĞƐƉĞĐŝĞƐƐƟůůĞdžŝƐƚĂƚƚŚĞƐĞůŽĐĂƟŽŶƐŝƐƵŶŬŶŽǁŶ͘EƵŵĞƌͲ ŽƵƐŽƚŚĞƌŽďƐĞƌǀĂƟŽŶƐŽĨƐƉĞĐŝĂůƐƚĂƚƵƐƉůĂŶƚƐĂŶĚͬŽƌƌĂƌĞĞĐŽůŽŐŝĐĂůĐŽŵŵƵŶŝƟĞƐĂƌĞƌĞĐŽƌĚĞĚĂƚƐŝƚĞƐũƵƐƚŽƵƚƐŝĚĞ ƚŚĞďŽƵŶĚĂƌLJŽĨƚŚĞ^ƚƵĚLJƌĞĂ͕ƉƌŝŵĂƌŝůLJĂůŽŶŐƚŚĞKůĚŵĂŶZŝǀĞƌsĂůůĞLJ͘ dŚĞƌĞĂƌĞϮ^ƐŽĨŶĂƟŽŶĂůƐŝŐŶŝĮĐĂŶĐĞ͗ηϮϵϭĂŶĚηϮϵϰ͕ůŽĐĂƚĞĚŽŶƚŚĞǁĞƐƚĞƌŶĂŶĚŶŽƌƚŚĞƌŶďŽƵŶĚĂƌŝĞƐŽĨƚŚĞ ^ƚƵĚLJƌĞĂ;ƉƉĞŶĚŝdž/Ϳ͘ŽƚŚ^ƐĞŶĐŽŵƉĂƐƐƉŽƌƟŽŶƐŽĨƚŚĞKůĚŵĂŶZŝǀĞƌsĂůůĞLJĂŶĚŝŶĐůƵĚĞŶĂƚƵƌĂůĂƌĞĂƐ ƌĞƉƌĞƐĞŶƚĂƟǀĞŽĨƚŚĞEĂƚƵƌĂů^ƵďƌĞŐŝŽŶ͘KďƐĞƌǀĂƟŽŶƐŚĂǀĞďĞĞŶƌĞĐŽƌĚĞĚŝŶƚŚĞƐĞϮ^ƐŽĨĂƉƉƌŽdžŝŵĂƚĞůLJϰϮ ĞůĞŵĞŶƚƐŽĨĐŽŶƐĞƌǀĂƟŽŶĐŽŶĐĞƌŶŝŶĐůƵĚŝŶŐĂŵƉŚŝďŝĂŶƐ͕ďŝƌĚƐ͕ĮƐŚ͕ŝŶƐĞĐƚƐ͕ŵĂŵŵĂůƐ͕ǀĂƐĐƵůĂƌƉůĂŶƚƐ͕ĂŶĚƌĂƌĞ ĞĐŽůŽŐŝĐĂůĐŽŵŵƵŶŝƟĞƐ͘dŚĞLJďŽƚŚƉƌŽǀŝĚĞŝŵƉŽƌƚĂŶƚǁŝůĚůŝĨĞŚĂďŝƚĂƚŝŶĐůƵĚŝŶŐŚĂďŝƚĂƚĨŽƌĨŽĐĂůƐƉĞĐŝĞƐ;ŝŶƚŚŝƐ ĐĂƐĞ&ĞƌƌƵŐŝŶŽƵƐ,ĂǁŬ;ƵƚĞŽƌĞŐĂůŝƐͿ͕ĂŶĚtĞƐƚĞƌŶďƵƌƌŽǁŝŶŐŽǁů;ƚŚĞŶĞĐƵŶŝĐƵůĂƌŝĂŚLJƉƵŐĂĞĂͿ͘ &t/D^ĚĂƚĂďĂƐĞƌĞƐƵůƚƐǁĞƌĞŶŽƚƌĞĂĚŝůLJĂǀĂŝůĂďůĞŝŶƐŚĂƉĞĮůĞĨŽƌŵĂƚĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨƉƌĞƐĞŶƟŶŐŝŶĨŽƌŵĂƟŽŶŝŶ ƚŚŝƐƌĞƉŽƌƚ͘KƵƌ&t/D^ĚĂƚĂďĂƐĞƐĞĂƌĐŚĐŽŶĮƌŵĞĚŬŶŽǁŶŽĐĐƵƌƌĞŶĐĞƐŽĨϮϰǁŝůĚůŝĨĞƐƉĞĐŝĞƐŽĨƐƉĞĐŝĂůĐŽŶƐĞƌǀĂͲ ƟŽŶĐŽŶĐĞƌŶǁŝƚŚŝŶƚŚĞ^ƚƵĚLJƌĞĂ͕ŝŶĐůƵĚŝŶŐϳƐƉĞĐŝĞƐŝĚĞŶƟĮĞĚƵŶĚĞƌƚŚĞ'ĞŶĞƌĂů^ƚĂƚƵƐŽĨůďĞƌƚĂtŝůĚ^ƉĞĐŝĞƐ ;^Z͕ϮϬϬϱͿĂƐ;ƉƉĞŶĚŝdž'Ϳ͗

ͻ ƚZŝƐŬ͗EŽƌƚŚĞƌŶ>ĞŽƉĂƌĚ&ƌŽŐ͕&ĞƌƌƵŐŝŶŽƵƐ,ĂǁŬĂŶĚƵƌƌŽǁŝŶŐKǁů͖ĂŶĚ͕

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ͻ ƵůůƚƌŽƵƚ

ͻ ƵƩŚƌŽĂƚƚƌŽƵƚ

ͻ >ĂŬĞƐƚƵƌŐĞŽŶ

ͻ >ĂŬĞƚƌŽƵƚ

ͻ ZĂŝŶďŽǁƚƌŽƵƚ

ͻ ^ĂƵŐĞƌ

ͻ ^ƉŽŽŶŚĞĂĚƐŬƵƉůŝŶ dŚĞƐĞĮƐŚƐƉĞĐŝĞƐǁĞƌĞŽďƐĞƌǀĞĚŝŶƚŚĞKůĚŵĂŶZŝǀĞƌ͕WZ>ĂŬĞ͕^ƚĂīŽƌĚZĞƐĞƌǀŽŝƌ͕DĐYƵŝůůĂŶZĞƐĞƌǀŽŝƌ͕ĂŶĚ,ĞŶͲ ĚĞƌƐŽŶ>ĂŬĞ͖ŚŽǁĞǀĞƌ͕ƚŚĞŐƌĞĂƚĞƌĚŝǀĞƌƐŝƚLJŽĨƐƉĞĐŝĞƐǁĂƐĨŽƵŶĚŝŶƚŚĞKůĚŵĂŶZŝǀĞƌ͘ KǀĞƌĂůů͕ƚŚĞ/D^ĂŶĚ&t/D^ĚĂƚĂďĂƐĞƐŽĨŽďƐĞƌǀĂƟŽŶƐƐŚŽƵůĚŶŽƚďĞŝŶƚĞƌƉƌĞƚĞĚĂƐĞǀŝĚĞŶĐĞƚŽƐƵŐŐĞƐƚƚŚĞĂďͲ ƐĞŶĐĞŽĨƐƉĞĐŝĞƐĂŶĚͬŽƌĐŽŵŵƵŶŝƟĞƐŽĨĐŽŶƐĞƌǀĂƟŽŶĐŽŶĐĞƌŶ͘DĂŶLJĂƌĞĂƐŝŶůďĞƌƚĂŚĂǀĞŶĞǀĞƌďĞĞŶĐŽŵƉƌĞŚĞŶͲ ƐŝǀĞůLJƐƵƌǀĞLJĞĚ͕ĂŶĚĂŶD/^Žƌ&t/D^ĚĂƚĂƐĞĂƌĐŚŝƐŶŽƚŝŶƚĞŶĚĞĚĂƐĂĮŶĂůƐƚĂƚĞŵĞŶƚŽŶƚŚĞƉƌĞƐĞŶĐĞ͕ĂďƐĞŶĐĞ͕ ŽƌĐŽŶĚŝƟŽŶŽĨƐƵĐŚĞůĞŵĞŶƚƐŽĨĐŽŶƐĞƌǀĂƟŽŶĐŽŶĐĞƌŶŝŶĂŐŝǀĞŶĂƌĞĂ͘&ƵƌƚŚĞƌĮĞůĚŝŶǀĞŶƚŽƌŝĞƐǁŽƵůĚďĞƌĞƋƵŝƌĞĚ ƚŽŵŽƌĞĂĐĐƵƌĂƚĞůLJĚĞƚĞĐƚƐƵĐŚĞůĞŵĞŶƚƐǁŝƚŚŝŶƚŚĞ^ƚƵĚLJƌĞĂ͘ 'ŝǀĞŶƚŚĞƐĞůŝŵŝƚĂƟŽŶƐ͕ŚŽǁĞǀĞƌ͕ǁĞĂŶƟĐŝƉĂƚĞƚŚĞŵĂũŽƌŝƚLJŽĨƐƉĞĐŝĞƐŽĨƐƉĞĐŝĂůĐŽŶƐĞƌǀĂƟŽŶĐŽŶĐĞƌŶĂƌĞůŝŬĞůLJƚŽ ďĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚƌĞůĂƟǀĞůLJŵŽƌĞŶĂƚƵƌĂůĞŶǀŝƌŽŶŵĞŶƚƐ͕ƐŝƚĞƐǁŚŝĐŚ͕ďĂƐĞĚŽŶĐƵƌƌĞŶƚ>ĂŶĚŽǀĞƌŵĂƉƉŝŶŐ͕ĂƌĞŝŶ ůŝŵŝƚĞĚƐƵƉƉůLJǁŝƚŚŝŶƚŚĞ^ƚƵĚLJƌĞĂ͘tĞĞdžƉĞĐƚƚŚĂƚŵŽƐƚƐƉĞĐŝĞƐŽĨƐƉĞĐŝĂůĐŽŶƐĞƌǀĂƟŽŶĐŽŶĐĞƌŶĂƌĞŵŽƌĞůŝŬĞůLJ ƚŽŽĐĐƵƌŝŶƚŚĞKůĚŵĂŶZŝǀĞƌsĂůůĞLJ͕ŽƵƚƐŝĚĞƚŚĞƉƌŝŵĂƌLJ^ƚƵĚLJƌĞĂ͘

ϭϮ͘ϯ͘ϴtĞƚůĂŶĚƐ

ƐŝŶĚŝĐĂƚĞĚĂďŽǀĞ͕ǁĞƚůĂŶĚƐŵĂLJĂůƐŽďĞĐŽŶƐŝĚĞƌĞĚƐŝŐŶŝĮĐĂŶƚůĂŶĚƐĐĂƉĞĨĞĂƚƵƌĞƐ͘tĞŝŶƋƵŝƌĞĚŽĨhĂƐƚŽ ƚŚĞĂǀĂŝůĂďŝůŝƚLJŽĨǁĞƚůĂŶĚŝŶǀĞŶƚŽƌLJĚĂƚĂĨŽƌƚŚĞ^ƚƵĚLJƌĞĂ͘EŽhŝŶǀĞŶƚŽƌLJĚĂƚĂŝƐĂǀĂŝůĂďůĞĨŽƌƚŚĞ^ƚƵĚLJ ƌĞĂ͘dŚĞ>ĂŶĚŽǀĞƌŵĂƉƉƌŽǀŝĚĞĚďLJ>ĞƚŚďƌŝĚŐĞŽƵŶƚLJƐŚŽǁƐĂŶƵŵďĞƌŽĨŝĚĞŶƟĮĞĚǁĞƚůĂŶĚƐ͘/ŶůďĞƌƚĂ͕ĂŶLJ ŝŵƉĂĐƚƐƚŽǁĞƚůĂŶĚƐƌĞƐƵůƟŶŐĨƌŽŵƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚƌĞƋƵŝƌĞĂŶĂƉƉƌŽǀĂůƵŶĚĞƌƚŚĞtĂƚĞƌĐƚ͘^ŝƚĞͲƐƉĞĐŝĮĐ ĮĞůĚŝŶǀĞŶƚŽƌŝĞƐŽĨƚŚĞ^ƚƵĚLJƌĞĂǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽĐŽŶĮƌŵǁŚĞƚŚĞƌĂŶLJƉƌŽƉŽƐĞĚĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚŽǀĞƌͲ ůĂƉƐǁŝƚŚĞdžŝƐƟŶŐǁĞƚůĂŶĚƐĂŶĚǁŽƵůĚƚƌŝŐŐĞƌƚŚĞtĂƚĞƌĐƚ͘ ϭϰϬ ͮപ/Ed'Zds>KWDEd^dZd'z ϭϮ͘ϰEĞdžƚ^ƚĞƉƐ dŚŝƐŚŝŐŚͲůĞǀĞůďŝŽƉŚLJƐŝĐĂůŽǀĞƌǀŝĞǁƉƌŽǀŝĚĞƐĂŐĞŶĞƌĂůŝŶĚŝĐĂƟŽŶŽĨĞdžŝƐƟŶŐďŝŽƉŚLJƐŝĐĂůĐŽŶĚŝƟŽŶƐǁŝƚŚŝŶƚŚĞŽĂůͲ ĚĂůĞͬ>ĞƚŚďƌŝĚŐĞĐŽƌƌŝĚŽƌĂŶĚƐƵƌƌŽƵŶĚŝŶŐĂƌĞĂ͕ƐƉĞĐŝĮĐĂůůLJ͗ 1. ƚŚĞŐĞŶĞƌĂůƚLJƉĞƐŽĨůĂŶĚƵƐĞĂŶĚĚĞǀĞůŽƉŵĞŶƚ͖ 2. ƚŚĞƚLJƉĞƐŽĨƐŽŝůƐ͕ƚĞƌƌĂŝŶĂŶĚƉůĂŶƚĐŽŵŵƵŶŝƟĞƐ͖ 3. ƚŚĞůŝŵŝƚĞĚĂǀĂŝůĂďŝůŝƚLJŽĨŶĂƚƵƌĂůŚĂďŝƚĂƚĂƌĞĂƐ͖ 4. ƚŚĞĚŝǀĞƌƐŝƚLJŽĨŬŶŽǁŶĂŶĚƉŽƚĞŶƟĂůƉůĂŶƚĂŶĚǁŝůĚůŝĨĞƐƉĞĐŝĞƐ͖ĂŶĚ͕ 5. ƚŚĞŶƵŵďĞƌŽĨƉŽƚĞŶƟĂůƌĂƌĞĂŶĚͬŽƌƐĞŶƐŝƟǀĞƐƉĞĐŝĞƐĂŶĚĐŽŵŵƵŶŝƟĞƐ͘ &ƵƌƚŚĞƌĞīŽƌƚƐĂƌĞƌĞƋƵŝƌĞĚƚŽĐŽŶĮƌŵƚŚĞƉƌĞƐĞŶĐĞŽĨĞŶǀŝƌŽŶŵĞŶƚĂůůLJƐĞŶƐŝƟǀĞĂŶĚͬŽƌƐŝŐŶŝĮĐĂŶƚĨĞĂƚƵƌĞƐǁŝƚŚŝŶ ^ƚƵĚLJƌĞĂ͕ƐƵĐŚĂƐƐƉĞĐŝĂůƐƚĂƚƵƐƉůĂŶƚƐĂŶĚƐĞŶƐŝƟǀĞǁŝůĚůŝĨĞ͕ĂŶĚͬŽƌƐƵŝƚĂďůĞŚĂďŝƚĂƚƐƚŽƐƵƉƉŽƌƚƚŚĞƐĞƐƉĞĐŝĞƐ͘ dŚĞĨŽůůŽǁŝŶŐĂĚĚŝƟŽŶĂůĞīŽƌƚƐĂƌĞƌĞĐŽŵŵĞŶĚĞĚƚŽĐŽŶĮƌŵƚŚĞƉƌĞƐĞŶĐĞŽĨƚŚĞƐĞĨĞĂƚƵƌĞƐĂŶĚƚŽƉƌŽǀŝĚĞĚĂƚĂ ŝŶƐƵƉƉŽƌƚŽĨĨƵƚƵƌĞůĂŶĚƵƐĞƉůĂŶŶŝŶŐŝŶŝƟĂƟǀĞƐ͘ƉŚĂƐĞĚĂƉƉƌŽĂĐŚŵĂLJďĞĂƉƉůŝĞĚƚŚĂƚŝƐƐĞŶƐŝƟǀĞƚŽƉŚĂƐĞƐŝŶ ĐƌĞĂƟŽŶŽĨƚŚĞ/ŶƚĞŐƌĂƚĞĚĞǀĞůŽƉŵĞŶƚ^ƚƌĂƚĞŐLJĨŽƌƚŚĞ>ĞƚŚďƌŝĚŐĞͬŽĂůĚĂůĞĐŽƌƌŝĚŽƌ͘

ͻ &ƵƌƚŚĞƌĂƚĂZĞǀŝĞǁ͘tĞƌĞĐŽŵŵĞŶĚĂŵŽƌĞŝŶͲĚĞƉƚŚƌĞǀŝĞǁĂŶĚĞǀĂůƵĂƟŽŶŽĨƚŚĞĂǀĂŝůĂďůĞĚĂƚĂƉƌĞƐĞŶƚĞĚ ŝŶƚŚŝƐ>ĞƩĞƌƚŽƉƌŽǀŝĚĞĨƵƌƚŚĞƌĐŽŶĮƌŵĂƟŽŶŽĨƚŚĞƉƌŽďĂďŝůŝƚLJŽĨŽĐĐƵƌƌĞŶĐĞŽĨŝĚĞŶƟĮĞĚƐƉĞĐŝĞƐĂŶĚĐŽŵŵƵŶͲ ŝƟĞƐŽĨĐŽŶƐĞƌǀĂƟŽŶĐŽŶĐĞƌŶ͘

ͻ sĞŐĞƚĂƟŽŶͬĐŽůŽŐŝĐĂůŽŵŵƵŶŝƚLJDĂƉƉŝŶŐ͘ƚƚŚŝƐƐƚĂŐĞ͕ǁĞƉƌĞƐĞŶƚƚŚĞůĂŶĚĐŽǀĞƌŵĂƉƐĞƉĂƌĂƚĞůLJĂŶĚŚĂǀĞ ŶŽƚŝŶƚĞŐƌĂƚĞĚƚŚŝƐŝŶĨŽƌŵĂƟŽŶŝŶƚŽƚŚĞďĂƐĞŵĂƉ͘dŚĞƌĂƟŽŶĂůĞĨŽƌĚŽŝŶŐƐŽŝƐƚŚĂƚǁĞĂƌĞƵŶĐĞƌƚĂŝŶǁŚĞƚŚĞƌ ƚŚŝƐůĂŶĚĐŽǀĞƌŵĂƉĂĐĐƵƌĂƚĞůLJƌĞŇĞĐƚƐĐƵƌƌĞŶƚĐŽŶĚŝƟŽŶƐǁŝƚŚŝŶƚŚĞ^ƚƵĚLJƌĞĂ͘ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶƚĞƌƉƌĞƚĂͲ ƟŽŶŽĨĂĞƌŝĂůƉŚŽƚŽŐƌĂƉŚƐĂŶĚͬŽƌŐƌŽƵŶĚͲƚƌƵƚŚŝŶŐŽĨŵĂƉƉŽůLJŐŽŶƐŝƐƌĞĐŽŵŵĞŶĚĞĚƚŽĐŽŶĮƌŵƚŚĞĂĐĐƵƌĂĐLJŽĨ ƚŚĞůĂŶĚĐŽǀĞƌŵĂƉ͘KŶĐĞĐŽŶĮƌŵĞĚ͕ƚŚĞůĂŶĚĐŽǀĞƌŵĂƉŵĂLJďĞĂƉƉůŝĞĚŝŶůĂŶĚƵƐĞƉůĂŶŶŝŶŐŝŶŝƟĂƟǀĞƐ͕ƐƵĐŚ ĂƐƚŚĞŝĚĞŶƟĮĐĂƟŽŶŽĨĂǀĂŝůĂďůĞŚĂďŝƚĂƚƐĨŽƌƐƉĞĐŝĂůƐƚĂƚƵƐƉůĂŶƚƐŽƌǁŝůĚůŝĨĞǁŝƚŚĐŽŶƐĞƌǀĂƟŽŶƐƚĂƚƵƐ͕ƉŽƐƐŝďůLJ ƚŚŽƵŐŚƚŚĞĂƉƉůŝĐĂƟŽŶŽĨ,ĂďŝƚĂƚ^ƵŝƚĂďŝůŝƚLJ/ŶĚĞdž;,^/ͿDŽĚĞůƐ͘dŚŝƐĨƵƌƚŚĞƌĞǀĂůƵĂƟŽŶŽĨĂǀĂŝůĂďůĞŵĂƉƉŝŶŐ ǁŝůůĂůƐŽĨĂĐŝůŝƚĂƚĞƚŚĞŝĚĞŶƟĮĐĂƟŽŶŽĨĂŶLJĂĚĚŝƟŽŶĂůǁĞƚůĂŶĚƐŽƌŽƚŚĞƌǁĂƚĞƌďŽĚŝĞƐƐƵďũĞĐƚƚŽƉƌŽŚŝďŝƟŽŶƐ ƵŶĚĞƌƚŚĞtĂƚĞƌĐƚ͘

ͻ ƐƐĞƐƐŵĞŶƚŽĨ/ŵƉĂĐƚƐ͗KŶĐĞǀĞŐĞƚĂƟŽŶĐŽŵŵƵŶŝƚLJĂŶĚĂƐƐŽĐŝĂƚĞĚŚĂďŝƚĂƚƐƵŝƚĂďŝůŝƚLJŵĂƉƉŝŶŐŝƐĐŽŵƉůĞƚĞĚ͕ ǁĞƌĞĐŽŵŵĞŶĚĂŶĂƐƐĞƐƐŵĞŶƚŽĨŝŵƉĂĐƚƐŽĨƉƌŽƉŽƐĞĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚĚĞǀĞůŽƉŵĞŶƚŽŶĂŶLJŝĚĞŶƟĮĞĚĞŶͲ ǀŝƌŽŶŵĞŶƚĂůůLJƐĞŶƐŝƟǀĞĂŶĚͬŽƌƐŝŐŶŝĮĐĂŶƚĨĞĂƚƵƌĞƐǁŝƚŚŝŶƚŚĞĐŽƌĞ^ƚƵĚLJƌĞĂ͘

ͻ /ĚĞŶƟĮĐĂƟŽŶŽĨDŝƟŐĂƟŽŶDĞĂƐƵƌĞƐ͗DŝƟŐĂƟŽŶŵĞĂƐƵƌĞƐĂƌĞŵĞĂƐƵƌĞƐĂƉƉůŝĞĚƚŽĞůŝŵŝŶĂƚĞ͕ƌĞĚƵĐĞ͕ŽƌĐŽŶͲ ƚƌŽůƚŚĞƉƌĞĚŝĐƚĞĚŶĞŐĂƟǀĞŝŵƉĂĐƚƐŽĨĂƉĂƌƟĐƵůĂƌƉƌŽũĞĐƚŽƌĚĞǀĞůŽƉŵĞŶƚ͘tĞƌĞĐŽŵŵĞŶĚƚŚĞŝĚĞŶƟĮĐĂƟŽŶ ŽĨŵŝƟŐĂƟŽŶŵĞĂƐƵƌĞƐƚŚĂƚĐŽƵůĚĞůŝŵŝŶĂƚĞ͕ƌĞĚƵĐĞŽƌĐŽŶƚƌŽůĂŶLJƉƌĞĚŝĐƚĞĚŶĞŐĂƟǀĞŝŵƉĂĐƚƐŽĨŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĂŶĚĚĞǀĞůŽƉŵĞŶƚŽŶĞŶǀŝƌŽŶŵĞŶƚĂůůLJƐĞŶƐŝƟǀĞĂŶĚͬŽƌƐŝŐŶŝĮĐĂŶƚĨĞĂƚƵƌĞƐǁŝƚŚŝŶƚŚĞĐŽƌĞ^ƚƵĚLJƌĞĂ͕ĨĂĐŝůŝƚĂƚͲ ŝŶŐĐŽŵƉůŝĂŶĐĞǁŝƚŚƌĞůĞǀĂŶƚĨĞĚĞƌĂů͕ƉƌŽǀŝŶĐŝĂůĂŶĚŵƵŶŝĐŝƉĂůĞŶǀŝƌŽŶŵĞŶƚĂůƌĞŐƵůĂƟŽŶƐ͘ /Ed'Zds>KWDEd^dZd'z | 141 ƉƉĞŶĚŝĐĞƐ

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E'/EZ/E' DƵŶŝĐŝƉĂů͗ƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ͖ĐŽŶƐƚƌƵĐƚĞĚǁĞƚůĂŶĚƐ͖ĞƐƚDĂŶĂŐĞŵĞŶƚ WƌĂĐƟĐĞƐ;DWƐͿĂŶĚ>Žǁ/ŵƉĂĐƚĞǀĞůŽƉŵĞŶƚ;>/ͿƐƚƌĂƚĞŐŝĞƐ͖ǁĂƐƚĞǁĂƚĞƌĐŽůͲ ůĞĐƟŽŶĂŶĚƚƌĞĂƚŵĞŶƚƐLJƐƚĞŵƐ͖ǁĂƚĞƌƐƵƉƉůLJ͕ƚƌĞĂƚŵĞŶƚĂŶĚĚŝƐƚƌŝďƵƟŽŶ ZŝǀĞƌƐĂŶĚƌĞĞŬƐ͗ŝŶͲƐƚƌĞĂŵŇŽǁƐƚƵĚŝĞƐ͖ŇŽŽĚƉůĂŝŶŵĂƉƉŝŶŐ͖ŚLJĚƌĂƵůŝĐĂŶĚ ŚLJĚƌŽůŽŐŝĐĂŶĂůLJƐŝƐ͖ĚĞƐŝŐŶĂŶĚĐŽŶƐƚƌƵĐƟŽŶŽĨďĂŶŬƐƚĂďŝůŝnjĂƟŽŶƚĞĐŚŶŝƋƵĞƐ͖ ďŝŽĞŶŐŝŶĞĞƌŝŶŐ ,LJĚƌĂƵůŝĐ^ƚƌƵĐƚƵƌĞƐ͗ĚĞƐŝŐŶŽĨƉƵŵƉƐƚĂƟŽŶƐ͕ĚĂŵƐĂŶĚĐƵůǀĞƌƚƐ ^ƵƐƚĂŝŶĂďŝůŝƚLJΘ/ŶŶŽǀĂƟŽŶ͗ĚĞƐŝŐŶŽĨŐƌĞĞŶƌŽŽĨƐ͖ƌĂŝŶǁĂƚĞƌŚĂƌǀĞƐƟŶŐ͖ďŝŽͲ ƐǁĂůĞƐĂŶĚďŝŽͲƌĞƚĞŶƟŽŶĂƌĞĂƐ ŽŵƉƵƚĞƌDŽĚĞůůŝŶŐ͗ĨŽƌƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĂŶĚƌŝǀĞƌĞŶŐŝŶĞĞƌŝŶŐ

Es/ZKEDEd>W>EE/E' ŝŽƉŚLJƐŝĐĂů/ŵƉĂĐƚƐƐĞƐƐŵĞŶƚƐ͗ƉůĂŶŶŝŶŐ͕ĮĞůĚƐƚƵĚŝĞƐ͕ĂŶĂůLJƐŝƐ͕ƌĞƉŽƌƟŶŐ Θ^^^^DEd tĞƚůĂŶĚ/ŵƉĂĐƚĂŶĚ&ƵŶĐƟŽŶĂůƐƐĞƐƐŵĞŶƚƐ͗ƉůĂŶŶŝŶŐ͕ĮĞůĚƐƚƵĚŝĞƐ͕ĂŶĂůLJƐŝƐ͕ ƌĞƉŽƌƟŶŐ DŽŶŝƚŽƌŝŶŐ͗ĐƌĞĂƟŽŶŽĨŵŽŶŝƚŽƌŝŶŐƉĂƌĂŵĞƚĞƌƐ͕ĮĞůĚŵŽŶŝƚŽƌŝŶŐ͕ƌĞƉŽƌƟŶŐ ŶǀŝƌŽŶŵĞŶƚĂůWůĂŶŶŝŶŐ͗ǁĂƚĞƌƐŚĞĚŵĂŶĂŐĞŵĞŶƚ͕ĞĐŽůŽŐŝĐĂůƉůĂŶŶŝŶŐĂƉͲ ƉƌŽĂĐŚĞƐ͕ĞŶǀŝƌŽŶŵĞŶƚĂůĐŽŶƐƚƌĂŝŶƚƐŵĂƉƉŝŶŐ KE^dZhd/KEDE'Ͳ ŶǀŝƌŽŶŵĞŶƚĂůΘŽŶƐƚƌƵĐƟŽŶKƉĞƌĂƟŽŶƐ;KͿWůĂŶƐ DEdΘ&/>^Zs/^ ƌŽƐŝŽŶĂŶĚ^ĞĚŝŵĞŶƚŽŶƚƌŽů;^ͿWůĂŶƐ

ŽŶƚƌĂĐƚŽĐƵŵĞŶƚƐ͗ƚĞŶĚĞƌĂŶĚĂǁĂƌĚ ŽŶƐƚƌƵĐƟŽŶ^ƵƉĞƌǀŝƐŝŽŶĂŶĚĚŵŝŶŝƐƚƌĂƟŽŶ &ŝĞůĚ/ŶƐƉĞĐƟŽŶƐ͗ĐŽŶĚƵĐƚĞĚďLJůŝĐĞŶƐĞĚƉƌŽĨĞƐƐŝŽŶĂůƐ

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ĂǀŝĚŵŽƐΘƐƐŽĐŝĂƚĞƐ ĂǀŝĚŵŽƐďƌŝŶŐƐǁŝƚŚŚŝŵŽǀĞƌϯϬLJĞĂƌƐŽĨĚŝǀĞƌƐĞĞdžƉĞƌŝĞŶĐĞŝŶĐŽŽƌĚŝŶĂƟŶŐĂŶĚĚĞůŝǀĞƌŝŶŐĂǀĂƐƚĂƌƌĂLJŽĨ ĐŽŵŵƵŶŝƚLJƉůĂŶŶŝŶŐĂŶĚƌĞŐŝŽŶĂůǁŽƌŬƐ͕ůĂŶĚĚĞǀĞůŽƉŵĞŶƚŝŶŝƟĂƟǀĞƐ͕ĞŶƚƌĞƉƌĞŶĞƵƌƐŚŝƉĂŶĚĞŶĚĞĂǀŽƌ͕ƐƚƌĂƚĞŐŝĐ ƉůĂŶŶŝŶŐ͕ƚŽƵƌŝƐŵĚĞǀĞůŽƉŵĞŶƚ͕ĚŽǁŶƚŽǁŶĐŽƌĞĂƌĞĂƌĞǀŝƚĂůŝnjĂƟŽŶ͕ĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ͕DƵŶŝĐŝƉĂůŐŽǀĞƌŶĂŶĐĞ ĂŶĚŐƌĂŶƚƉƌŽĐƵƌĞŵĞŶƚ͘/ŶĂĚĚŝƟŽŶ͕ĂǀĞŚĂƐĂƐƐŝƐƚĞĚŶƵŵĞƌŽƵƐĐůŝĞŶƚƐŝŶƚŚĞƐŝƚĞƐĞůĞĐƟŽŶƉƌŽĐĞƐƐ͘dŚĞƐĞĐůŝĞŶƚƐ ŚĂǀĞƌĂŶŐĞĚĨƌŽŵ͞DŽŵĂŶĚWŽƉ͟ďƵƐŝŶĞƐƐĞƐƚŽŵĂũŽƌŝŶƚĞƌŶĂƟŽŶĂůůLJƌĞĐŽŐŶŝnjĞĚĮƌŵƐŝŶĐůƵĚŝŶŐ͖ĚŝĚĂƐ͕dŽLJŽƚĂ ĂŶĂĚĂ͕,ŽŵĞ,ĂƌĚǁĂƌĞ͕ŽĨĂƐĐŽ͕DĂƉůĞ>ĞĂĨ&ŽŽĚƐ͕ZƵƐƐĞůDĞƚĂůƐĂŶĚ'ĂƚĞƐĂŶĂĚĂ͘dŽƚĂůĨƵůĮůůŵĞŶƚŚĂƐďĞĞŶ ŽǀĞƌƚŚƌĞĞŵŝůůŝŽŶƐƋƵĂƌĞĨĞĞƚƌĞƋƵŝƌŝŶŐŽǀĞƌϭ͕ϬϬϬĂĐƌĞƐ͘ ĐĞƌƟĮĞĚĨĂĐŝůŝƚĂƚŽƌ͕ĂǀĞŚĂƐĂĐŚŝĞǀĞĚŚŝƐƐƵĐĐĞƐƐƚŚƌŽƵŐŚĐĂƌĞĨƵůĨĂĐŝůŝƚĂƟŽŶŽĨŵƵůƟƉůĞƐƚĂŬĞŚŽůĚĞƌƐǁŚŽŶĞĞĚ ƚŽĮŶĚƚŚĞŝƌǁĂLJƚŽƚŚĞŝƌĐŽŵŵŽŶĂƐƉŝƌĂƟŽŶƐ͘ĂǀŝĚŚĂƐďŽƚŚĂDĂƐƚĞƌ͛ƐĚĞŐƌĞĞĂŶĚĂŶ,ŽŶŽƌƐĚĞŐƌĞĞĨƌŽŵƚŚĞ hŶŝǀĞƌƐŝƚLJŽĨtĂƚĞƌůŽŽƐƉĞĐŝĂůŝnjŝŶŐŝŶůĂŶĚĚĞǀĞůŽƉŵĞŶƚĂŶĚƉůĂŶŶŝŶŐ͘,ĞŝƐƉƌŽƵĚƚŽŚĂǀĞďĞĞŶƚŚĞŽŶůLJƉĞƌƐŽŶ ƚŽďĞWƌĞƐŝĚĞŶƚŽĨďŽƚŚƚŚĞĐŽŶŽŵŝĐĞǀĞůŽƉĞƌƐƐƐŽĐŝĂƟŽŶŽĨĂŶĂĚĂĂŶĚƚŚĞĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚŽƵŶĐŝůŽĨ KŶƚĂƌŝŽ͘ ,ĞŝƐĂĨŽƵŶĚŝŶŐŵĞŵďĞƌŽĨƚŚĞKŶƚĂƌŝŽ/ŶǀĞƐƚŵĞŶƚĞŶƚƌĞĂŶĚŚĂƐďĞĞŶĂƚĞĂŵŵĞŵďĞƌŽĨ/ŶǀĞƐƚĂŶĂĚĂdƌĂĚĞ ŵŝƐƐŝŽŶƐ͘ĂǀŝĚŚĂƐďĞĞŶĂŶĂĐƟǀĞƉĂƌƟĐŝƉĂŶƚŽŶŶƵŵĞƌŽƵƐĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĨŽĐƵƐĞĚƐĞŶŝŽƌŐŽǀĞƌŶŵĞŶƚ ƚĂƐŬĨŽƌĐĞƐͬĐŽŵŵŝƩĞĞƐŝŶĐůƵĚŝŶŐƚŚĞWƌĞŵŝĞƌ͛ƐŽƵŶĐŝůŽŶĐŽŶŽŵŝĐZĞŶĞǁĂůĂŶĚƚŚĞŶĂƟŽŶĂůƌĞǀŝĞǁĐŽŵŵŝƩĞĞ ĨŽƌƚŚĞƉƌŽŐƌĂŵĨŽƌdžƉŽƌƚDĂƌŬĞƟŶŐĞǀĞůŽƉŵĞŶƚ͘

ůǀŝŶZĞŝŶŚĂƌĚ&ƌŝƚnjƌĐŚŝƚĞĐƚ/ŶĐ͘ ůǀŝŶZĞŝŶŚĂƌĚ&ƌŝƚnjƌĐŚŝƚĞĐƚ/ŶĐ͘;Z&/ͿǁĂƐŝŶĐŽƌƉŽƌĂƚĞĚŝŶϭϵϴϵĂŶĚŝƐƌĞŐŝƐƚĞƌĞĚŝŶĂůůŽĨƚŚĞtĞƐƚĞƌŶƉƌŽǀŝŶĐĞƐ ĨƌŽŵƌŝƟƐŚŽůƵŵďŝĂƚŽKŶƚĂƌŝŽĂŶĚŚĂƐĞŶŐĂŐĞĚǁŝƚŚŵƵůƟƉůĞũƵƌŝƐĚŝĐƟŽŶƐŝŶĞĂĐŚŽĨƚŚĞƐĞƉƌŽǀŝŶĐĞƐƉƌŽǀŝĚŝŶŐĂ ďƌŽĂĚďĂĐŬŐƌŽƵŶĚŽĨĞdžƉĞƌŝĞŶĐĞ͘/ŶĂĚĚŝƟŽŶƚŽďĞŝŶŐĞŶŐĂŐĞĚĨŽƌĐŽŶǀĞŶƟŽŶĂůĂƌĐŚŝƚĞĐƚƵƌĂůƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐ Z&/ŚĂƐĂůƐŽƉƌŽǀŝĚĞĚƉůĂŶŶŝŶŐ͕ůĂŶĚĚĞǀĞůŽƉŵĞŶƚĂŶĚƌĞůĂƚĞĚƐĞƌǀŝĐĞƐŽŶĂǁŝĚĞƌĂŶŐĞŽĨƉƌŽũĞĐƚƚLJƉĞƐĂŶĚ ĚĞǀĞůŽƉŵĞŶƚƐ͘/ƚŝƐŝŶƚŚŝƐĐŽŶƚĞdžƚƚŚĂƚZ&/ƉƌŽǀŝĚĞƐĐŽŶƐƵůƟŶŐƐĞƌǀŝĐĞƐŝŶƚŚĞĐŽŶƚĞdžƚŽĨƚŚĞ/ŶƚĞŐƌĂƚĞĚĞǀĞůŽƉͲ ŵĞŶƚ^ƚƵĚLJ;/^Ϳ͘ Z&/ĂůƐŽŚĂƐĂƐƚƌŽŶŐĐŽŵŵŝƚŵĞŶƚƚŽƐƵƐƚĂŝŶĂďŝůŝƚLJĂƐƚŚĞƚǁŽĂƌĐŚŝƚĞĐƚƐŝŶƚŚŝƐĮƌŵ͕ůǀŝŶ&ƌŝƚnjĂŶĚ/ĂŶDŽdžŽŶ͕ ĂƌĞ>ĂĐĐƌĞĚŝƚĞĚ͘^ƵƐƚĂŝŶĂďŝůŝƚLJŝƐĂŬĞLJĨŽĐƵƐŽĨƚŚĞ/^ĂŶĚŚĂƐďĞĞŶƵƉŚĞůĚĂƐĂĐƌŝƚĞƌŝŽŶŽĨƌĞƐĞĂƌĐŚĂŶĚĚĞͲ ǀĞůŽƉŵĞŶƚŽĨĞĂĐŚƌĞƐƉĞĐƟǀĞĚŝƐĐŝƉůŝŶĞƚŚƌŽƵŐŚŽƵƚƚŚĞƉƌŽĐĞƐƐŽĨĚĞǀĞůŽƉŝŶŐƚŚĞ^ƚƵĚLJ͘ ϭϰϲ ͮപ/Ed'Zds>KWDEd^dZd'z ƌŽǁŶŝŶŐ,ŽƌƌŽĐŬƐĞƐŝŐŶ/ŶĐ͘ ƌŽǁŶŝŶŐ,ŽƌƌŽĐŬƐĞƐŝŐŶŚĂƐďĞĞŶƉƌŽǀŝĚŝŶŐůĂŶĚƐĐĂƉĞĂƌĐŚŝƚĞĐƚƵƌĂůĂŶĚůĂŶĚƉůĂŶŶŝŶŐĐŽŶƐƵůƟŶŐƐĞƌǀŝĐĞƐƚŽƚŚĞ ůĂŶĚĚĞǀĞůŽƉŵĞŶƚŝŶĚƵƐƚƌLJŝŶtĞƐƚĞƌŶĂŶĂĚĂĨŽƌŽǀĞƌƚŚŝƌƚLJLJĞĂƌƐ͘ƐĚĞƐŝŐŶƉƌŽĨĞƐƐŝŽŶĂůƐ͕ƚŚĞŝƌďĂĐŬŐƌŽƵŶĚƐĂƌĞ ĚŝǀĞƌƐĞĐŽǀĞƌŝŶŐůĂŶĚƐĐĂƉĞĂƌĐŚŝƚĞĐƚƵƌĞ͕ƵƌďĂŶƉůĂŶŶŝŶŐ͕ĞŶǀŝƌŽŶŵĞŶƚĂůĚĞƐŝŐŶĂŶĚƌĞĐƌĞĂƟŽŶĂůΘƌĞƐŽƌƚƉůĂŶŶŝŶŐ͘ ƌŽǁŶŝŶŐ,ŽƌƌŽĐŬƐǁŝůůďĞƚŚĞƉĂƌƟĐŝƉĂƟŶŐůĂŶĚƐĐĂƉĞĂƌĐŚŝƚĞĐƚƐŽŶƚŚĞŝŶƚĞƌĚŝƐĐŝƉůŝŶĂƌLJƐƚƵĚLJƚĞĂŵĞƐƚĂďůŝƐŚĞĚĨŽƌ ͞ƚŚĞŵƵŶŝĐŝƉĂůŝƟĞƐ͟/Ed'Zds>KWDEd^dZd'z͘dŚĞŝƌƌŽůĞǁŝůůĐĞŶƚƌĞŽŶůŝĂŝƐŝŶŐǁŝƚŚƚŚĞĐŽŶƐƵůƟŶŐ ƚĞĂŵƚŽƉƌŽǀŝĚĞůĂŶĚƐĐĂƉĞĂƌĐŚŝƚĞĐƚƵƌĂůĂŶĚůĂŶĚƵƐĞƉůĂŶŶŝŶŐĞdžƉĞƌƟƐĞŶĞĐĞƐƐĂƌLJŝŶƚŚĞĐŽŵƉůĞƟŽŶŽĨĂ͚ĨŽƌǁĂƌĚͲ ůŽŽŬŝŶŐ͛ŵĂƐƚĞƌĚĞǀĞůŽƉŵĞŶƚƉůĂŶĨŽƌƚŚĞŽĂůĚĂůĞͬ>ĞƚŚďƌŝĚŐĞ,ŝŐŚǁĂLJϯĐŽƌƌŝĚŽƌ͘

ŶŐŝŶĞĞƌŝŶŐŽŶƐƵůƚĂŶƚƐ>ƚĚ͘ ŶŐŝŶĞĞƌŝŶŐŽŶƐƵůƚĂŶƚƐ>ƚĚ͘;ͿŝƐĂǀĂůƵĞƐͲďĂƐĞĚĐŽŶƐƵůƟŶŐĞŶŐŝŶĞĞƌŝŶŐĂŶĚƐĐŝĞŶĐĞƐĐŽŵƉĂŶLJĨŽĐƵƐŝŶŐŽŶ ƚŚĞƚƌĂŶƐƉŽƌƚĂƟŽŶ͕ŵŝŶŝŶŐ͕ĞŶĞƌŐLJĂŶĚĚĞǀĞůŽƉŵĞŶƚƐĞĐƚŽƌƐ͘dŚĞLJĂƌĞƉƌŽƵĚŽĨƚŚĞŝƌĂďŝůŝƚLJƚŽĐƌĞĂƚĞĂŶĚĚĞůŝǀĞƌ ďĞƩĞƌƐŽůƵƟŽŶƐƚŽƚŚĞŝƌƉƵďůŝĐĂŶĚƉƌŝǀĂƚĞƐĞĐƚŽƌĐůŝĞŶƚƐ͘KǀĞƌƚŚĞůĂƐƚĨŽƌƚLJLJĞĂƌƐ͕ƚŚĞLJŚĂǀĞŐƌŽǁŶƚŽƉƌŽǀŝĚĞĂ ĚŝǀĞƌƐĞƌĂŶŐĞŽĨĐŽŶƐƵůƟŶŐƐĞƌǀŝĐĞƐŝŶǁĞƐƚĞƌŶĂŶĚŶŽƌƚŚĞƌŶĂŶĂĚĂ͘dŚŝƐĐŽŵƉĂŶLJŝƐĨŽƵŶĚĞĚŽŶĂƐƚƌŽŶŐďĞůŝĞĨ ŝŶƚŚĞŝƌĐŽƌĞǀĂůƵĞƐ͕ǁŚŝĐŚĚƌŝǀĞƚŚĞŵƚŽďĞĂǁŽƌůĚͲĐůĂƐƐƚĞĂŵŝŶĞǀĞƌLJƚŚŝŶŐƚŚĞLJĚŽ͕ĂŶĚƚŽƐƵƉƉŽƌƚƚŚĞĚĞǀĞůŽƉͲ ŵĞŶƚĂŶĚĐĂƌĞĞƌƐŽĨƚŚĞŝƌĞŵƉůŽLJĞĞƐǁŚŝůĞŝŵƉƌŽǀŝŶŐƚŚĞĐŽŵŵƵŶŝƟĞƐŝŶǁŚŝĐŚƚŚĞLJǁŽƌŬ͘ ŚĂƐŽĸĐĞƐůŽĐĂƚĞĚƚŚƌŽƵŐŚŽƵƚtĞƐƚĞƌŶĂŶĂĚĂ͕ǁŝƚŚůŽĐĂƟŽŶƐŝŶůďĞƌƚĂƐŝƚƵĂƚĞĚŝŶĚŵŽŶƚŽŶ͕ĂůŐĂƌLJ͕ĂŶĚ >ĞƚŚďƌŝĚŐĞ͘tŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞ/ŶƚĞŐƌĂƚĞĚĞǀĞůŽƉŵĞŶƚ^ƚƌĂƚĞŐLJƉƌŽũĞĐƚ͕ǁŽƵůĚďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƉƌŽǀŝĚŝŶŐ ŐĞŽƚĞĐŚŶŝĐĂůĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůĞŶŐŝŶĞĞƌŝŶŐƐĞƌǀŝĐĞƐĂƐƌĞƋƵŝƌĞĚĚƵƌŝŶŐƚŚĞZWĂƉƉůŝĐĂƟŽŶ͕ĂƐǁĞůůĂƐĚƵƌŝŶŐ ĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞ/ŶƚĞŐƌĂƚĞĚĞǀĞůŽƉŵĞŶƚ^ƚƌĂƚĞŐLJ͘ŚĂƐƉƌŽǀŝĚĞĚĞŶŐŝŶĞĞƌŝŶŐƐĞƌǀŝĐĞƐůŽĐĂůůLJƐŝŶĐĞƚŚĞ ŵŝĚϭϵϴϬƐĂŶĚƚŚĞŝƌĚŝǀĞƌƐĞĞŶŐŝŶĞĞƌŝŶŐĂŶĚƐĐŝĞŶĐĞƐƚĂīŝƐǁĞůůƐƵŝƚĞĚƚŽŵĞĞƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚŝƐƉƌŽũĞĐƚ͘ tŚĞƌĞƐƉĞĐŝĮĐĞdžƉĞƌƟƐĞŝƐƌĞƋƵŝƌĞĚĨƌŽŵŽŶĞŽĨ͛ƐŽƚŚĞƌĐĞŶƚƌĞƐ͕ƚŚŽƐĞƐƉĞĐŝĂůŝƐƚƐǁŽƵůĚďĞďŽƵŐŚƚŝŶĂƐƌĞͲ ƋƵŝƌĞĚ͘ ƉƉĞŶĚŝdžͲ>ĂŶĚhƐĞ I ntegrated Boundary City ofLethbridge D e v e l o pm ent S trategy Boundary Coaldale Town Lethbridge CountyLandUse Sc

0m a l e Rural GroupedIndustrial DirectControl Rural Agriculture Grouped CountryResidential Coaldale LethbridgeCorridor 1:50

1000m , 000

2000m

Existing Land Use Plan www.idsalberta.ca Figure 4.1 I ntegrated Boundary City ofLethbridge D e v e l o pm ent S trategy Interface Commercial Boundary Coaldale Town Sc

0m a l e 1:50 Grouped Industrial Rural Industrialor Industrial Neighborhood Unit Signalized Intersection Possible Future Intersection Proposed Signalized Rural Industrial Possible UrbanInterface Rural Boundary Hamlet Crown Lands Green Space Interface Agriculture -Urban Neighbourhoods Rural Residentialand Commercial

1000m , 000

2000m

Conceptual Land Use Plan www.idsalberta.ca Figure 4.2 I ntegrated D e v e l o pm ent S trategy Sc

0m a l e 1:25 Grouped Industrial Rural Industrialor Grouped IndustrialCentre Neighborhood Unit Signalized Intersection Possible Future Intersection Proposed Signalized Rural Industrial Possible UrbanInterface Rural Boundary Hamlet Crown Lands Green Space Interface Agriculture -Urban Neighbourhoods Rural Residentialand Highway Commercial

500m , 000

1000m

Canamex & Highway 3 Interface www.idsalberta.ca Figure 4.3 I ntegrated D e v e l o pm ent S trategy Sc

0m a l e 1:25 Town Industrial Neighborhood Unit Signalized Intersection Possible Future Intersection Proposed Signalized Rural Industrial Possible UrbanInterface Rural Boundary Hamlet Crown Lands Green Space Interface Agriculture -Urban Neighbourhood Commercial

500m , 000

1000m

Town of Coaldale www.idsalberta.ca Figure 4.4 ƉƉĞŶĚŝdžͲdƌĂŶƐƉŽƌƚĂƟŽŶ Township Road 10-0

845 512

Home Road Home

30th Street 30th

Broxburn Road Broxburn

Sunnyside Road Sunnyside

43 Street North Street 43

(Range Road 21-1) Road (Range

(Range Road 19-3) Road (Range (Range Road 19-5) Road (Range

(Range Road 20-1) Road (Range (Range Road 21-0) Road (Range

(Range Road 19-4) Road (Range

(Range Road 21-2) Road (Range

(Range Road 20-0) Road (Range

(Range Road 20-5) Road (Range (Range Road 20-4) Road (Range (Range Road 20-3) Road (Range 3

S t af Township Road 9-2 fo rd Town of R e s Coaldale e r v o ay i ailw r fic R Paci dian Cana

512

24 Avenue S. Brown Road Township Road 8-4 Highway 4

City of Lethbridge

LEGEND Expressway

4 (Range Road 18-4) Road (Range Township Road 7-0 19-0) Road (Range Collector Road

Local Road

Study Boundary

Integrated Development Strategy

Existing Transportation Network

Figure 5.1.1

ALVIN REINHARD FRITZ ARCHITECT INC. 845 512 Highway 3 By-pass (North Ring Road)

Township Road 94 3

Home Road Home S 30th Street 30th t

Broxburn Road Broxburn a

Sunnyside Road Sunnyside f 43 Street North Street 43

(Range Road 21-1) Road (Range f

(Range Road 21-0) Road (Range (Range Road 21-2) Road (Range

(Range Road 20-5) Road (Range (Range Road 20-3) Road (Range (Range Road 20-4) Road (Range o rd Township Road 92 Town of R e Coaldale se r v o ay i ailw r fic R Paci dian

Cana

(Range Road 20-1) Road (Range

(Range Road 19-4) Road (Range

(Range Road 19-5) Road (Range (Range Road 19-3) Road (Range 512 20-0) Road (Range

LEGEND

Freeway

Highway 4 By-pass 4 Highway Township Road 84 24 Avenue S. Brown Road Expressway Highway 4 Collector Road

4 Local Road City of Lethbridge Study Boundary Potential Signals past 20-Year Horizon

Potential Signals by 20-Year Horizon

Ultimate Horizon

4

(Range Road 19-1) Road (Range

(Range Road 18-5) Road (Range (Range Road 18-4) Road (Range (Range Road 19-0) Road (Range Potential Interchange

System Interchange

Potential Flyover

Integrated Development Strategy

Future Long Term Network

Figure 5.3.1

ALVIN REINHARD FRITZ ARCHITECT INC. iue5.6.1 Figure rpsdDvlpetConcept Development Proposed

Schematic - Not To Scale

Integrated Development Strategy

ALVIN REINHARD FRITZ ARCHITECT INC. Township road 92

3

Range Road 20-5

Range Road 20-4 4 iue5.7.1 Figure uueTasotto Network Transportation Future

Range Road 21-1

Range Road 21-0 512

Legend Provincial Highway Arterial Road Collector Street Schematic - Not To Scale

Integrated Development Strategy

ALVIN REINHARD FRITZ ARCHITECT INC. ƉƉĞŶĚŝdžͲ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ  ͮപ/Ed'Zds>KWDEd^dZd'z ƉƉĞŶĚŝdžͲ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ ^ƵŵŵĂƌLJ

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KďũĞĐƟǀĞ dŚĞŽďũĞĐƟǀĞŽĨƚŚŝƐƌĞƉŽƌƚŝƐƚŽĐŽŵƉŝůĞĂŶĚƌĞǀŝĞǁĞdžŝƐƟŶŐƐƚŽƌŵǁĂƚĞƌƐƚƵĚŝĞƐ͕ŵƵŶŝĐŝƉĂůƌĞƉŽƌƚƐ͕ĂĞƌŝĂůƉŚŽƚŽͲ ŐƌĂƉŚƐ͕ĂŶĚƚŽƉŽŐƌĂƉŚŝĐŝŶĨŽƌŵĂƟŽŶĨŽƌƚŚĞĂƌĞĂ͘ďĂƐĞŵĂƉŚĂƐďĞĞŶĚĞǀĞůŽƉĞĚ;ƐĞĞƉƉĞŶĚŝdžͿǁŚŝĐŚ ŝŶĐůƵĚĞƐƚŽƉŽŐƌĂƉŚŝĐŝŶĨŽƌŵĂƟŽŶĂŶĚƚŚĞDĂůůŽLJƌĂŝŶůĂLJŽƵƚĨŽƌƚŚĞƐƚƵĚLJĂƌĞĂ͘&ŽůůŽǁŝŶŐƚŚŝƐƌĞƉŽƌƚ͕ĨƵƌƚŚĞƌ ĂŶĂůLJƐŝƐǁŝůůďĞƉĞƌĨŽƌŵĞĚďĂƐĞĚƵƉŽŶƚŚĞĞdžŝƐƟŶŐƚŽƉŽŐƌĂƉŚLJŽĨƚŚĞĂƌĞĂ͕ĞdžŝƐƟŶŐĂŶĚƉƌŽƉŽƐĞĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƐƵĐŚĂƐƚŚĞEDyŚŝŐŚǁĂLJĚĞǀĞůŽƉŵĞŶƚ͘

ĂƚĂŽůůĞĐƟŽŶ dŚĞĨŽůůŽǁŝŶŐƌĞůĞǀĂŶƚƌĞƉŽƌƚƐŚĂǀĞďĞĞŶƌĞǀŝĞǁĞĚ͗

ͻ ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ/ŶƚĞƌŵƵŶŝĐŝƉĂůĞǀĞůŽƉŵĞŶƚWůĂŶ͕KůĚŵĂŶZŝǀĞƌZĞŐŝŽŶĂů^ĞƌǀŝͲ ĐĞƐŽŵŵŝƐƐŝŽŶ͕LJůĂǁηϭϯϯϳĂŶĚLJůĂǁηϲϯϭͲWͲϬϮͲϭϬĂĐĐĞƉƚĞĚƉƌŝůϮϬϭϬ

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ͻ dŽǁŶŽĨŽĂůĚĂůĞ/ŶƚĞŐƌĂƚĞĚŽŵŵƵŶŝƚLJ^ƵƐƚĂŝŶĂďŝůŝƚLJWůĂŶ͕KDĂŶĂĚĂ>ƚĚ͕͘&ĞďƌƵĂƌLJϮϬϬϵ

ͻ ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ/ŶƚĞŐƌĂƚĞĚŽŵŵƵŶŝƚLJ^ƵƐƚĂŝŶĂďŝůŝƚLJWůĂŶ͕KůĚŵĂŶZŝǀĞƌZĞŐŝŽŶĂů^ĞƌǀŝĐĞƐŽŵŵŝƐƐŝŽŶ͕ ϮϬϬϵ /Ed'Zds>KWDEd^dZd'z |

ͻ ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞDƵŶŝĐŝƉĂůĞǀĞůŽƉŵĞŶƚWůĂŶ͕ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͕LJůĂǁηϭϯϯϭĂĐĐĞƉƚĞĚ:ĂŶƵĂƌLJϮϬϭϬ

ͻ ŶǀŝƌŽŶŵĞŶƚĂůůLJ^ŝŐŶŝĮĐĂŶƚƌĞĂƐŝŶƚŚĞKůĚŵĂŶZŝǀĞƌZĞŐŝŽŶ͕ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͕ŽƩŽŶǁŽŽĚŽŶƐƵůƚĂŶƚƐ >ƚĚ͕͘&ĞďƌƵĂƌLJϭϵϴϳ

ͻ DĂůůŽLJƌĂŝŶDĂƐƚĞƌƌĂŝŶĂŐĞWůĂŶ͕DWŶŐŝŶĞĞƌŝŶŐ>ƚĚ͕͘DĂƌĐŚϭϴ͕ϮϬϭϬ

ͻ ,ŝŐŚǁĂLJϯΘϰ>ĞƚŚďƌŝĚŐĞĂŶĚƌĞĂE,^ΘE^d;EDyͿ&ƵŶĐƟŽŶĂůWůĂŶŶŝŶŐ^ƚƵĚLJ͕^ƚĂŶƚĞĐ͕DĂLJϮϬϬϲ ;džĞĐƵƟǀĞ^ƵŵŵĂƌLJKŶůLJͿ /ŶĂĚĚŝƟŽŶ͕ĂƌĞǀŝĞǁŽĨƚŚĞĐƵƌƌĞŶƚĚĞƐŝŐŶƐƚĂŶĚĂƌĚƐĨŽƌƚŚĞƌĞŐŝŽŶǁĂƐƉĞƌĨŽƌŵĞĚ͘dŚĞƐĞŝŶĐůƵĚĞƚŚĞŝƚLJŽĨ>ĞƚŚͲ ďƌŝĚŐĞĞƐŝŐŶ^ƚĂŶĚĂƌĚƐĂŶĚƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞŶŐŝŶĞĞƌŝŶŐ'ƵŝĚĞůŝŶĞƐĂŶĚDŝŶŝŵƵŵ^ĞƌǀŝĐŝŶŐ^ƚĂŶĚĂƌĚƐ͘ /ŶƚĞƌǀŝĞǁƐǁĞƌĞŚĞůĚǁŝƚŚĂŶƵŵďĞƌŽĨƐƚĂŬĞŚŽůĚĞƌƐ͕ŝŶĐůƵĚŝŶŐ&ŝƌŽnj<ĂƌĂĂŶĚ:ŽŚŶdŚŽŵĂƐŽĨůďĞƌƚĂdƌĂŶƐƉŽƌƚĂͲ ƟŽŶ͕<ĂƚŚůĞĞŶDƵƌƉŚLJŽĨůďĞƌƚĂŶǀŝƌŽŶŵĞŶƚ͕ZŽLJƌŵƚĞƌŽĨƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͕ĂŶĚŽƚŚĞƌƉĞƌƐŽŶŶĞůƚŚƌŽƵŐŚ ƚŚĞŚĂƌĞƩĞƉƌŽĐĞƐƐĂŶĚĂƚ^ƚĞĞƌŝŶŐŽŵŵŝƩĞĞŵĞĞƟŶŐƐ͘

WƌĞǀŝŽƵƐZĞƉŽƌƚƐ

ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ/ŶƚĞƌŵƵŶŝĐŝƉĂůĞǀĞůŽƉŵĞŶƚWůĂŶ͕KůĚŵĂŶZŝǀĞƌZĞŐŝŽŶĂů^ĞƌǀŝĐĞ ŽŵŵŝƐƐŝŽŶ͕LJůĂǁηϭϯϯϳĂŶĚLJůĂǁηϲϯϭͲWͲϬϮͲϭϬĂĐĐĞƉƚĞĚƉƌŝůϮϬϭϬ

ͻ 'ƌŽǁƚŚǁŝƚŚŝŶƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚŝƚƐůĂƌŐĞƐƚƚŽǁŶ͕ŽĂůĚĂůĞ͕ůĞĚƚŽƚŚĞŶĞĞĚĨŽƌƚŚĞWůĂŶƐŽĂƐƚŽ ͞ĞŶĂďůĞŽƌĚĞƌůLJĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞĂƌĞĂƐĂƌŽƵŶĚŽĂůĚĂůĞŚĂǀŝŶŐƌĞŐĂƌĚĨŽƌƚŚĞŶĞĞĚƐŽĨďŽƚŚŵƵŶŝĐŝƉĂůŝƟĞƐďLJ ŵĞĂŶƐŽĨĂŵƵƚƵĂůůLJĂŐƌĞĞĚƵƉŽŶƉƌŽĐĞƐƐ͘͟

ͻ ůƐŽ͕ƚŽĂĐƚĂƐĂ͞ƌĞĨĞƌƌĂůŵĞĐŚĂŶŝƐŵƚŽĞŶƐƵƌĞĚŝĂůŽŐƵĞĂŶĚŝŶĨŽƌŵĂƟŽŶŝƐƐŚĂƌĞĚďĞƚǁĞĞŶƚŚĞƚǁŽŵƵŶŝĐŝƉĂůͲ ŝƟĞƐƌĞŐĂƌĚŝŶŐĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞĨƌŝŶŐĞĂƌĞĂ͘͟

ͻ ůůĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚ͕ĞdžƉĂŶƐŝŽŶŽƌŝŶƚĞŶƐŝĮĐĂƟŽŶŵƵƐƚĂĚŚĞƌĞƚŽƚŚĞWůĂŶ͘

ͻ >ĂŶĚŝŶĨƌŝŶŐĞĂƌĞĂŝƐŵĂŝŶůLJĂŐƌŝĐƵůƚƵƌĂů͕ǁŝƚŚĂŶƵŵďĞƌŽĨĐŽŶĮŶĞĚĨĞĞĚŝŶŐŽƉĞƌĂƟŽŶƐ͘

ͻ &ŽƵƌĂƌĞĂƐŽĨĞdžƉĂŶƐŝŽŶĨŽƌƚŚĞƚŽǁŶ͗,ĂƌƌŝƐŽŶ͕ǀĞƌŐƌĞĞŶƐƚĂƚĞƐ͕^ƉƌƵĐĞtŽŽĚƐŽƵŶƚƌLJƐƚĂƚĞƐĂŶĚĞĂƐƚŽĨ ƚŽǁŶďĞƚǁĞĞŶϮϬƚŚǀĞĂŶĚƚŚĞ^DZ/ŝƌƌŝŐĂƟŽŶĐĂŶĂů͘KĨƚŚĞƐĞ͕ŽŶůLJǀĞƌŐƌĞĞŶƐƚĂƚĞƐŚĂƐĂŶƌĞĂ^ƚƌƵĐƚƵƌĞ WůĂŶ;^WͿ͘ŽƚŚƚŚĞdŽǁŶĂŶĚƚŚĞŽƵŶƚLJŚĂǀĞĞdžƉƌĞƐƐĞĚƚŚĂƚ^WƐŵƵƐƚďĞŝŶƉůĂĐĞƉƌŝŽƌƚŽĂŶLJĞdžƉĂŶƐŝŽŶŝŶ ĂŶLJŽĨƚŚĞŽƚŚĞƌƐƵďĚŝǀŝƐŝŽŶƐ͘

ͻ ϮϬϬϲ^ƚĂƟƐƟĐƐĂŶĂĚĂƉŽƉƵůĂƟŽŶĨŽƌŽĂůĚĂůĞǁĂƐϲ͕ϭϳϳĂŶĚƚŚĞŽƵŶƚLJǁĂƐϭϬ͕ϯϬϮ͘/ŶϮϬϬϵ͕ƚŚĞdŽǁŶŽĨ ŽĂůĚĂůĞĐŽŶĚƵĐƚĞĚƚŚĞŝƌŽǁŶŵƵŶŝĐŝƉĂůĐĞŶƐƵƐ͕ĂŶĚƚŚĞƉŽƉƵůĂƟŽŶǁĂƐϲ͕ϵϰϯ͘

ͻ ŽŵŵĞƌĐŝĂůĚĞǀĞůŽƉŵĞŶƚŝƐŽĐĐƵƌƌŝŶŐƉƌŝŵĂƌŝůLJĂůŽŶŐ,ŝŐŚǁĂLJϯ͕ǁŝƚŚĂĚĚŝƟŽŶĂůĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚƚŽŽĐĐƵƌ ĂĚũĂĐĞŶƚƚŽƚŚĞEDy,ŝŐŚǁĂLJŽŶĐĞŝƚŝƐĐŽŶƐƚƌƵĐƚĞĚ͘

ͻ ZĞůĞǀĂŶƚŝƐƐƵĞƐŝĚĞŶƟĮĞĚŝŶƚŚĞWůĂŶŝŶĐůƵĚĞ͗ůĂŶĚƵƐĞĂŶĚĚĞǀĞůŽƉŵĞŶƚƐƚĂŶĚĂƌĚƐ;ĞƐƉĞĐŝĂůůLJƐƚŽƌŵǁĂƚĞƌ ŵĂŶĂŐĞŵĞŶƚͿ͕ĂŶĚĂƌĞĂƐŽĨƐƉĞĐŝĂůĐŽŶĐĞƌŶ͕ŝŶĐůƵĚŝŶŐƚŚĞDĂůůŽLJƌĂŝŶ͕EDyĐŽƌƌŝĚŽƌ͕ŝƌĚƐŽĨWƌĞLJĐĞŶƚƌĞ ĂŶĚŚŝŐŚǁĂLJĞŶƚƌĂŶĐĞƐ͘

ͻ ϰ͘ϯ͘ϰ͗͞ůŝŐŝďůĞĨƌĂŐŵĞŶƚĞĚƉĂƌĐĞůƐŽĨϮϬĂĐƌĞƐŽƌůĞƐƐ͘͘͘ŵĂLJďĞĐŽŶƐŝĚĞƌĞĚĨŽƌĨƵƌƚŚĞƌƐƵďĚŝǀŝƐŝŽŶďƵƚŽŶůLJŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂŶĂƉƉƌŽǀĞĚĐŽŶĐĞƉƚƵĂůĚĞƐŝŐŶƐĐŚĞŵĞŽƌ^W͘͘͘ŝŶĐůƵĚŝŶŐĂŶĞŶŐŝŶĞĞƌĞĚƐƚŽƌŵǁĂƚĞƌŵĂŶͲ ĂŐĞŵĞŶƚƉůĂŶ͘͘͘͘͞

ͻ ůůĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞŽƵŶƚLJŵƵƐƚŵĞĞƚƚŚĞŝƌŶŐŝŶĞĞƌŝŶŐ'ƵŝĚĞůŝŶĞƐĂŶĚDŝŶŝŵƵŵ^ĞƌǀŝĐŝŶŐ^ƚĂŶĚĂƌĚƐ ŵĂŶƵĂů͘

ͻ ϰ͘ϴ͘ϮĂŶĚϰ͘ϴ͘ϯ͗͞ŶLJĚĞǀĞůŽƉŵĞŶƚƉƌŽƉŽƐĂůǁŝƚŚŝŶƚŚĞdŽǁŶŽĨŽĂůĚĂůĞͬŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ/ŶƚĞƌŵƵŶŝĐŝƉĂů ĞǀĞůŽƉŵĞŶƚWůĂŶ;/DWͿďŽƵŶĚĂƌLJŵƵƐƚĂĚĚƌĞƐƐƐƚŽƌŵǁĂƚĞƌĚƌĂŝŶĂŐĞĂŶĚŝŶĐůƵĚĞĐŽŶƐŝĚĞƌĂƟŽŶƐĨŽƌŚŽǁŝƚ ŵĂLJŝŵƉĂĐƚƚŚĞDĂůůŽLJƌĂŝŶĂŶĚƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞͬdŽǁŶŽĨŽĂůĚĂůĞ͘͟

ͻ ϰ͘ϴ͘ϰ͗͞ŽƚŚŵƵŶŝĐŝƉĂůŝƟĞƐƐƵƉƉŽƌƚĐŽŵŵŝƚŵĞŶƚƚŽĂDĂůůŽLJƌĂŝŶďĂƐŝŶƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƉůĂŶ͕ĂŶĚ ŵĂLJĞŶƚĞƌŝŶƚŽƐĞƉĂƌĂƚĞĚŝƐĐƵƐƐŝŽŶƐŽƌĂŐƌĞĞŵĞŶƚƐƌĞŐĂƌĚŝŶŐĂŶLJĂƐƉĞĐƚƐƌĞƐƵůƟŶŐĨƌŽŵƚŚĞĮŶĂůĚƌĂŝŶĂŐĞ ƐƚƵĚLJ͘͟

ͻ ϰ͘ϴ͘ϱ͗͞ŽƚŚŵƵŶŝĐŝƉĂůŝƟĞƐƌĞĐŽŐŶŝnjĞƚŚĞƌĞŐŝŽŶĂůŝŵƉŽƌƚĂŶĐĞŽĨƚŚĞŝƌĚƐŽĨWƌĞLJĐĞŶƚƌĞĂŶĚĂŐƌĞĞƚŽƚĂŬĞŝŶƚŽ ĐŽŶƐŝĚĞƌĂƟŽŶƚŚĞŝƌĚƐŽĨWƌĞLJĞdžŝƐƟŶŐŽƉĞƌĂƟŽŶƐĂŶĚĞdžƉĂŶƐŝŽŶƉůĂŶƐ;ǁŚŝĐŚŵĂLJĚĞƉĞŶĚŽŶŽƵƚĐŽŵĞƐŽĨ DĂůůŽLJďĂƐŝŶĚƌĂŝŶĂŐĞƐƚƵĚLJͿǁŚĞŶŵĂŬŝŶŐůŽŶŐͲƚĞƌŵůĂŶĚƵƐĞĚĞĐŝƐŝŽŶƐŝŶƉƌŽdžŝŵŝƚLJƚŽƚŚĞŝƌĚƐŽĨWƌĞLJĐĞŶͲ  ͮപ/Ed'Zds>KWDEd^dZd'z

ƚƌĞ͘͟

ͻ ĞǀĞůŽƉĞƌƐŝŶƚŚĞWůĂŶĂƌĞĂŵƵƐƚƐƵďŵŝƚƚŚĞŝƌƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƉůĂŶƐƚŽďŽƚŚƚŚĞŽƵŶƚLJĂŶĚƚŚĞdŽǁŶ ĨŽƌƌĞǀŝĞǁĂŵŝŶŝŵƵŵŽĨϮϭĚĂLJƐƉƌŝŽƌƚŽƐƵďŵŝƐƐŝŽŶƚŽůďĞƌƚĂŶǀŝƌŽŶŵĞŶƚ͘ ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞ/ŶƚĞƌŵƵŶŝĐŝƉĂůĞǀĞůŽƉŵĞŶƚWůĂŶ͕KůĚŵĂŶZŝǀĞƌZĞŐŝŽŶĂů^ĞƌǀŝĐĞ ŽŵŵŝƐƐŝŽŶ͕LJůĂǁηϭϮϱϰĂŶĚLJůĂǁηϱϮϰϮĂĐĐĞƉƚĞĚƵŐƵƐƚϮϬϬϰ

ͻ dŚĞWůĂŶŝƐƚŚĞ͞ŶĞdžƚƐƚĞƉŝŶĂĐŽŶƟŶƵŝŶŐƉƌŽĐĞƐƐŽĨĐŽŽƉĞƌĂƟǀĞůĂŶĚƵƐĞƉůĂŶŶŝŶŐďĞƚǁĞĞŶƚŚĞŝƚLJĂŶĚƚŚĞ ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͘

ͻ >ŝƩůĞŵĞŶƟŽŶŽĨƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ͕ǁŝƚŚƚŚĞĞdžĐĞƉƟŽŶŽĨƐĞĐƟŽŶϱ͘Ϯ͘ϱ͗͞^ƚŽƌŵǁĂƚĞƌĐŽŶƚƌŽůŵĂLJ ƌĞƋƵŝƌĞũŽŝŶƚĐŽŽƉĞƌĂƟŽŶŝŶĐĞƌƚĂŝŶĂƌĞĂƐŽĨƚŚĞ/ŶƚĞƌŵƵŶŝĐŝƉĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶĂƌĞĂ͘͘͘ƐƉĞĐŝĮĐĂŐƌĞĞŵĞŶƚƐ ƐŚŽƵůĚďĞĐŽŶƐŝĚĞƌĞĚǁŚĞŶƚŚĞĂƌĞĂƐĂƌĞŝĚĞŶƟĮĞĚ͘͟ dŽǁŶŽĨŽĂůĚĂůĞ/ŶƚĞŐƌĂƚĞĚŽŵŵƵŶŝƚLJ^ƵƐƚĂŝŶĂďŝůŝƚLJWůĂŶ͕KDĂŶĂĚĂ>ƚĚ͕͘&ĞďƌƵĂƌLJϮϬϬϵ

ͻ ǁĂLJƚŽ͞ƉƌŽĂĐƟǀĞůLJĂĚĚƌĞƐƐĐŚĂůůĞŶŐĞƐĂŶĚŵŽǀĞƚŽǁĂƌĚƐĂƐƵƐƚĂŝŶĂďůĞĨƵƚƵƌĞ͘͟

ͻ sŝƐŝŽŶƐƚĂƚĞŵĞŶƚŝƐ͞ŽĂůĚĂůĞ͗ƉƌĞĨĞƌƌĞĚĐŽŵŵƵŶŝƚLJƚŽůŝǀĞ͕ǁŽƌŬĂŶĚƉůĂLJ͘͟

ͻ dŚĞWůĂŶŝƐ͞ĂŶŽƉƉŽƌƚƵŶŝƚLJĨŽƌĐŽŵŵƵŶŝƟĞƐƚŽůŽŽŬůŽŶŐͲƚĞƌŵĂƚƚŚĞĐŽŵŵƵŶŝƚLJƚŚĞLJǁĂŶƚĂŶĚƚĂŬĞƚŚĞƉƌŽͲ ĂĐƟǀĞƐƚĞƉƐƚŽŵŽǀĞƚŚĞƌĞ͘͟

ͻ WůĂŶŝĚĞŶƟĮĞƐƐƚŽƌŵǁĂƚĞƌĂƐĂƉŽƚĞŶƟĂůƌĞƐŽƵƌĐĞ͕ĂŶĚĂůƐŽƚŚĞĚĞĐŽŵŵŝƐƐŝŽŶĞĚǁĂƚĞƌƌĞƐĞƌǀŽŝƌĂƐĂƉƌŽƐƉĞĐƚͲ ŝǀĞĚĞǀĞůŽƉŵĞŶƚ͘

ͻ dŚĞWůĂŶĂůƐŽŶŽƚĞƐƚŚĂƚŝƚƐŚŽƵůĚĐŽŶƟŶƵĞĞīŽƌƚƐƚŽĞŶĐŽƵƌĂŐĞĐŽůůĂďŽƌĂƟŽŶďĞƚǁĞĞŶŽĂůĚĂůĞĂŶĚƌĞŐŝŽŶĂů ĂĐƚŽƌƐƌĞŐĂƌĚŝŶŐƚŚĞƌĞůĞĂƐĞŽĨƐƚŽƌŵǁĂƚĞƌ͘

ͻ ZĞƐƵůƚƐĨƌŽŵKƉĞŶ,ŽƵƐĞĂŶĚ&ŽĐƵƐ'ƌŽƵƉŝŶĐůƵĚĞ͗ ම ƚŚĞƌĞĐŽŵŵĞŶĚĂƟŽŶƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞ͞ƐƚŽƌŵǁĂƚĞƌĐŚĂůůĞŶŐĞƐĂƌĞƚƵƌŶĞĚŝŶƚŽĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽ ĞdžƉĂŶĚĐŽŵŵƵŶŝƚLJĂŵĞŶŝƚLJĨĞĂƚƵƌĞƐ͖͟ ම ͞ĞdžƉĂŶĚƚŚĞǁŽƌůĚĨĂŵŽƵƐĂŶĚĂǁĂƌĚǁŝŶŶŝŶŐŝƌĚƐŽĨWƌĞLJEĂƚƵƌĞĞŶƚƌĞ͖͟ĂŶĚ ම ͞ĞŶƐƵƌĞƚŚĞĐŽŵŵƵŶŝƚLJďĞĐŽŵĞƐǁĂůŬͲĂďůĞǁŝƚŚĂƉƉƌŽƉƌŝĂƚĞĐŽŶŶĞĐƟŽŶƐƚŚƌŽƵŐŚƉĂƌŬƐĂŶĚĐĞŶƚƌĞƐ ĂŶĚĂĐƌŽƐƐĞdžŝƐƟŶŐĐĂŶĂůƐĂŶĚƌŽĂĚǁĂLJƐ͘͟

ͻ /ŶĐůƵĚĞĚĂŵŽŶŐƚŚĞƉƌŽũĞĐƚƐƚŽƌĞƐƵůƚĨƌŽŵƚŚŝƐWůĂŶŝƐĂŶ/ŶĨƌĂƐƚƌƵĐƚƵƌĞDĂƐƚĞƌWůĂŶ͘ ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ/ŶƚĞŐƌĂƚĞĚŽŵŵƵŶŝƚLJ^ƵƐƚĂŝŶĂďŝůŝƚLJWůĂŶ͕KůĚŵĂŶZŝǀĞƌZĞŐŝŽŶĂů^ĞƌǀŝĐĞƐŽŵŵŝƐƐŝŽŶ͕ϮϬϬϵ

ͻ ͞sŝƐŝŽŶŝŶŐĚŽĐƵŵĞŶƚŝŶƚĞŶĚĞĚƚŽƉƌŽǀŝĚĞĂďůƵĞƉƌŝŶƚĨŽƌƐƵƐƚĂŝŶĂďŝůŝƚLJĨŽƌƚŚĞŽƵŶƚLJĂŶĚŝƚƐƌĞƐŝĚĞŶƚƐ͘͟

ͻ /ƚŝƐŶŽƚĞĚŝŶƚŚĞƉůĂŶƚŚĂƚ͞ĂƐŝŐŶŝĮĐĂŶƚƉƌŽƉŽƌƟŽŶŽĨǁĞƚůĂŶĚƐŝŶƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞŚĂǀĞďĞĞŶĐŽŶͲ ǀĞƌƚĞĚŽƌƌĞŵŽǀĞĚĨƌŽŵƚŚĞŝƌŶĂƚƵƌĂůƐƚĂƚĞĨŽƌŽƚŚĞƌůĂŶĚƵƐĞƐ͘͟

ͻ ^ƚĞƉƐƚŽĐŽŶƐĞƌǀĂƟŽŶŝŶĐůƵĚĞ͗ĐŽŶƐŝĚĞƌŝŶŐƚŚĞĐŽŶƐĞƌǀĂƟŽŶŽĨǁĞƚůĂŶĚƐĂŶĚƚŚĞƌĞƚƵƌŶŽĨǁĞƚůĂŶĚƐƚŽƚŚĞŝƌ ŶĂƚƵƌĂůƐƚĂƚĞƚŚƌŽƵŐŚƚŚĞĐƌĞĂƟŽŶŽĨƉŽůŝĐŝĞƐŝŶŽĸĐŝĂůƉůĂŶƐ͖ǁŽƌŬǁŝƚŚŝŶƚĞƌŵƵŶŝĐŝƉĂůŶĞŝŐŚďŽƵƌƐƚŽĂĚĚƌĞƐƐ ƐƚŽƌŵǁĂƚĞƌŝƐƐƵĞƐ͕ƐƵĐŚĂƐƚŚĞDĂůůŽLJƌĂŝŶ͖ĂŶĚĞŶĐŽƵƌĂŐĞŶĂƚƵƌĂůǁĞƚůĂŶĚĚĞƐŝŐŶŝŶŶĞǁƐƵďĚŝǀŝƐŝŽŶƐ͘

ͻ EĞĞĚĨŽƌŶĞǁƐŽƵƌĐĞƐŽĨĐůĞĂŶǁĂƚĞƌĨŽƌƌĞƐŝĚĞŶƚƐʹĐŚĂůůĞŶŐĞƐŝŶĐůƵĚĞŚŝŐŚĞƌŝŶƚĞŶƐŝƚLJůĂŶĚƵƐĞĂŶĚƐƵƌĨĂĐĞĂŶĚ ŐƌŽƵŶĚǁĂƚĞƌĐŽŶƚĂŵŝŶĂƟŽŶ͘

ͻ &ƵƚƵƌĞƌĞƉŽƌƚƐƚŽďĞĐŽŵƉůĞƚĞĚĨŽƌƚŚĞŽƵŶƚLJŝŶĐůƵĚĞĂŶ/ŶĨƌĂƐƚƌƵĐƚƵƌĞDĂƐƚĞƌWůĂŶ͕dƌĂŶƐƉŽƌƚĂƟŽŶDĂŶĂŐĞͲ ŵĞŶƚWůĂŶ͕ĂŶĚƚŚĞŶŐŝŶĞĞƌŝŶŐ'ƵŝĚĞůŝŶĞƐĂŶĚDŝŶŝŵƵŵ^ĞƌǀŝĐŝŶŐ^ƚĂŶĚĂƌĚƐĚŽĐƵŵĞŶƚ͘KĨƚŚĞƐĞ͕ƚŚĞůĂƩĞƌ ǁĂƐƉƵďůŝƐŚĞĚŝŶDĂLJϮϬϬϵ͘ ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞDƵŶŝĐŝƉĂůĞǀĞůŽƉŵĞŶƚWůĂŶ͕ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͕LJůĂǁηϭϯϯϭĂĐĐĞƉƚĞĚ:ĂŶƵĂƌLJϮϬϭϬ

ͻ WƵƌƉŽƐĞŝƐƚŽ͞ƉƌŽǀŝĚĞ;ƚŚĞŽƵŶƚLJͿǁŝƚŚĂĨƌĂŵĞǁŽƌŬƚŚĂƚǁŝůůŐƵŝĚĞĚĞǀĞůŽƉŵĞŶƚŽƌŝĞŶƚĞĚĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐ ƉƌŽĐĞƐƐĞƐŝŶŽƌĚĞƌƚŽĂĐŚŝĞǀĞƚŚĞŽƵŶƚLJ͛ƐǀŝƐŝŽŶ͘͟

ͻ >ŽŶŐƚĞƌŵƉůĂŶŶŝŶŐŽĨϮϬLJĞĂƌŚŽƌŝnjŽŶ͕ǁŝƚŚĐŽŶƚĞŶƚƐƌĞǀŝƐŝƚĞĚĞǀĞƌLJϱLJĞĂƌƐ͘

ͻ tŝŶƚĞƌƐĂƌĞŐĞŶĞƌĂůůLJŵŝůĚ͕ǁŝƚŚŽĐĐĂƐŝŽŶĂůŚŝŶŽŽŬƐ͘

ͻ ŽƵŶƚLJƉŽƉƵůĂƟŽŶŝŶϮϬϬϲǁĂƐϭϬ͕ϯϬϮƉĞƌƐŽŶƐ͕ǁŝƚŚϮϬϯϭƉƌŽũĞĐƟŽŶƐŽĨϭϮ͕ϬϬϬƚŽϭϰ͕ϬϬϬƉĞƌƐŽŶƐ͘ /Ed'Zds>KWDEd^dZd'z |

ͻ ŽƵŶƚƌLJƌĞƐŝĚĞŶƟĂůĂĐĐŽƵŶƚƐĨŽƌŽǀĞƌŚĂůĨŽĨĂůůƐƵďĚŝǀŝƐŝŽŶĂĐƟǀŝƚLJŝŶƚŚĞŽƵŶƚLJ͘

ͻ KŶĞŽĨƚŚĞŐŽĂůƐŽĨƚŚĞWůĂŶŝƐƚŽ͞ƉƌŽƚĞĐƚƚŚĞĨƵƚƵƌĞEDyƚƌĂĚĞĐŽƌƌŝĚŽƌĨƌŽŵŽǀĞƌĚĞǀĞůŽƉŵĞŶƚƉƌŝŽƌƚŽ ŝƚƐĐŽŶƐƚƌƵĐƟŽŶ͘͟

ͻ WŽůŝĐLJϲ͘ϭ͘ϯ;ĂͿ͗dŚĞŽƵŶƚLJƐŚĂůůƌĞƐƚƌŝĐƚĚĞǀĞůŽƉŵĞŶƚǁŝƚŚŝŶϯϬŵŽĨƚŚĞďŽƵŶĚĂƌLJŽĨĂŶŝƌƌŝŐĂƟŽŶĐĂŶĂů͘

ͻ WŽůŝĐLJϲ͘ϭ͘ϯ;ĚͿ͗ůĂŶĚŝŶƚŚĞŽĂůĚĂůĞ>ĞƚŚďƌŝĚŐĞŽƌƌŝĚŽƌǁŝůů͞ďĞƌĞƐĞƌǀĞĚĨŽƌĐŽŵŵĞƌĐŝĂůĂŶĚŝŶĚƵƐƚƌŝĂůƵƐĞ͟ ƵŶůĞƐƐƚŚĞLJĂƌĞĐƵƌƌĞŶƚůLJnjŽŶĞĚŽƚŚĞƌǁŝƐĞ͘

ͻ &ŽƌĨƵƚƵƌĞ^WƐ͕ĚĞǀĞůŽƉĞƌŵƵƐƚƉƌŽǀŝĚĞĐŽŶƚŽƵƌĂŶĚƐƵƌĨĂĐĞĚƌĂŝŶĂŐĞĐŽŶƚƌŽů͞ƚŽƉƌŽƚĞĐƚǁĂƚĞƌďŽĚŝĞƐĂŶĚ ĂĚũĂĐĞŶƚƉĂƌĐĞůƐ͟;ŶŽŵĞŶƟŽŶŽĨƌĞůĞĂƐĞƌĂƚĞ͕ƋƵĂŶƟƚLJŽƌƋƵĂůŝƚLJͿ͘

ͻ ůůŶĞǁƌĞƐŝĚĞŶƟĂůĚĞǀĞůŽƉŵĞŶƚƐŵƵƐƚŵĞĞƚƚŚĞŶŐŝŶĞĞƌŝŶŐ'ƵŝĚĞůŝŶĞƐĂŶĚDŝŶŝŵƵŵ^ĞƌǀŝĐŝŶŐ^ƚĂŶĚĂƌĚƐ͘

ͻ ŽŵŵĞƌĐŝĂůĚĞǀĞůŽƉŵĞŶƚƐŵƵƐƚƉƌŽǀŝĚĞ͞ƐƵŝƚĂďůĞƐƚŽƌŵĚƌĂŝŶĂŐĞĂŶĚ͕ŝĨƌĞƋƵŝƌĞĚ͕ĂƉŽƐƐŝďůĞƐƚŽƌŵŵĂŶĂŐĞͲ ŵĞŶƚƉůĂŶǁŚŝĐŚŵĞĞƚƐůďĞƌƚĂŶǀŝƌŽŶŵĞŶƚƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƚŚĞŽƵŶƚLJDƵŶŝĐŝƉĂůŶŐŝŶĞĞƌŝŶŐ^ƚĂŶĚĂƌĚƐ͘͟

ͻ EDyƚƌĂĚĞĐŽƌƌŝĚŽƌŝƐƚŽďĞƉƌŽƚĞĐƚĞĚĨƌŽŵĚĞǀĞůŽƉŵĞŶƚƵŶƟů^WƐŵĞĞƚůďĞƌƚĂdƌĂŶƐƉŽƌƚĂƟŽŶ͛ƐĂƉͲ ƉƌŽǀĂů͘

ͻ WůĂŶƐƚĂƚĞƐƚŚĂƚ͞ŽƵŶƚLJŽƵŶĐŝůŵĂLJƌĞƋƵŝƌĞ͕ĂƐĂĐŽŶĚŝƟŽŶŽĨƐƵďĚŝǀŝƐŝŽŶ͕ĂƉƌŽĨĞƐƐŝŽŶĂůůLJƉƌĞƉĂƌĞĚƐƚŽƌŵ ǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƉůĂŶƚŚĂƚĚĞŵŽŶƐƚƌĂƚĞƐƚŚĞďĞƐƚƉŽƐƐŝďůĞƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƉƌĂĐƟĐĞƐƚŚĂƚǁŝůůŵŝƟͲ ŐĂƚĞƉŽƐƚͲĚĞǀĞůŽƉŵĞŶƚƌƵŶŽīƌĂƚĞƐƚŽƚŚĞƐƚĂŶĚĂƌĚƐƐĞƚĨŽƌƚŚŝŶƚŚĞŽƵŶƚLJ͛ƐDƵŶŝĐŝƉĂůŶŐŝŶĞĞƌŝŶŐ'ƵŝĚĞůŝŶĞƐ ĂŶĚDŝŶŝŵƵŵ^ĞƌǀŝĐŝŶŐ^ƚĂŶĚĂƌĚƐ͘ ŶǀŝƌŽŶŵĞŶƚĂůůLJ^ŝŐŶŝĮĐĂŶƚƌĞĂƐ;^ƐͿŝŶƚŚĞKůĚŵĂŶZŝǀĞƌZĞŐŝŽŶ͕ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͕ŽƩŽŶǁŽŽĚŽŶƐƵůƚͲ ĂŶƚƐ>ƚĚ͕͘&ĞďƌƵĂƌLJϭϵϴϳ͘

ͻ tŝƚŚŝŶƚŚĞǀŝĐŝŶŝƚLJŽĨƚŚĞ/^ƐƚƵĚLJĂƌĞĂ͕ĂŶĚƉŽƚĞŶƟĂůĂƌĞĂƐŽĨƵƐĞ͕ƚŚĞƌĞĂƌĞĂŶƵŵďĞƌŽĨ^Ɛ͕ŝŶĐůƵĚŝŶŐ͗ ම ŝŐŚƚDŝůĞ>ĂŬĞ͕ŶŽƌƚŚǁĞƐƚŽĨŽĂůĚĂůĞ͕ŝƐĂƌĞŐŝŽŶĂůůLJƐŝŐŶŝĮĐĂŶƚƐŝƚĞǁŝƚŚĂƉĞƌŵĂŶĞŶƚŵĂƌƐŚ͘,ĂďŝƚĂƚ ĨŽƌ͞ƉƵĚĚůĞ͟ĚƵĐŬƐĂŶĚŵĂƌƐŚďŝƌĚƐ͖ ම ŽĂůĚĂůĞZĞƐĞƌǀŽŝƌ͕ŶŽƌƚŚĞĂƐƚŽĨŽĂůĚĂůĞ͕ŝƐĂƌĞŐŝŽŶĂůůLJƐŝŐŶŝĮĐĂŶƚƐŝƚĞǁŝƚŚƉĞƌŵĂŶĞŶƚǁĞƚůĂŶĚƐ͕ ǁŚŝĐŚƐƵƉƉŽƌƚ͞ĚŝǀŝŶŐ͟ĚƵĐŬƐ;ƌĂƌĞŝŶƚŚŝƐĂƌĞĂͿ͘ĞĞƉŵĂƌƐŚĚĞǀĞůŽƉŝŶŐĂůŽŶŐƚŚĞƐŚŽƌĞ͕ĞŶĐŽƵƌĂŐĞĚďLJ ƚŚĞƌĞůĂƟǀĞůLJƐƚĂďůĞǁĂƚĞƌůĞǀĞůƐ͖ ම dŚĞKůĚŵĂŶZŝǀĞƌĂŶĚǀĂůůĞLJƐůŽƉĞƐŝƐĂƉƌŽǀŝŶĐŝĂůůLJƐŝŐŶŝĮĐĂŶƚƐŝƚĞǁŝƚŚĞdžƚĞŶƐŝǀĞŶĞƐƟŶŐĂƌĞĂƐĨŽƌ ďŝƌĚƐŽĨƉƌĞLJ͕'ƌĞĂƚůƵĞ,ĞƌŽŶƐ͕WĞůŝĐĂŶƐĂŶĚŽƚŚĞƌƐ͕ĂŶƵŵďĞƌŽĨǁŚŝĐŚĂƌĞǀĞƌLJƐĞŶƐŝƟǀĞƚŽƚŚĞƉƌĞƐĞŶĐĞ ŽĨŚƵŵĂŶĂĐƟǀŝƚLJ͘ŶƵŵďĞƌŽĨƉƌĞŚŝƐƚŽƌŝĐƐŝƚĞƐĂŶĚƉĂůĞŽŶƚŽůŽŐŝĐĂůƐĞŶƐŝƟǀŝƚLJnjŽŶĞƐĂƌĞĂůƐŽůŽĐĂƚĞĚ ĂůŽŶŐƚŚĞKůĚŵĂŶZŝǀĞƌŶŽƌƚŚŽĨŽĂůĚĂůĞ͖ ම ŚŝŶŽƵůĞĞ͕ƐŽƵƚŚĞĂƐƚŽĨŽĂůĚĂůĞĂŶĚƐƵƌƌŽƵŶĚŝŶŐŚŝŶZĞƐĞƌǀŽŝƌ͕ŝƐĂƌĞŐŝŽŶĂůůLJƐŝŐŶŝĮĐĂŶƚƐŝƚĞǁŝƚŚ ƉĞƌŵĂŶĞŶƚǁĞƚůĂŶĚƐ͘/ƚŝƐĂŬĞLJDƵůĞĞĞƌŚĂďŝƚĂƚĂŶĚǁĂƚĞƌĨŽǁůƐƚĂŐŝŶŐĂƌĞĂ͖ĂŶĚ ම ^ŽƵƚŚŽĨŽĂůĚĂůĞ͕ǁŚĞƌĞ,ŝŐŚǁĂLJϴϰϱũŽŐƐƚŽƚŚĞĞĂƐƚŝƐĂŶĂƌĞĂǁŝƚŚĞŽůŝĂŶƐĂŶĚƐ͘ DĂůůŽLJƌĂŝŶDĂƐƚĞƌƌĂŝŶĂŐĞWůĂŶ͕DWŶŐŝŶĞĞƌŝŶŐ>ƚĚ͕͘DĂƌĐŚϭϴ͕ϮϬϭϬ

ͻ WůĂŶŝŶŝƟĂƚĞĚďLJƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͕ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚƚŚĞ^DZ/͘

ͻ DĂůůŽLJĚƌĂŝŶĂŐĞďĂƐŝŶŝƐĐĞŶƚƌĞĚŽŶƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͕ĐŽǀĞƌŝŶŐĂƉƉƌŽdžŝŵĂƚĞůLJϮϭ͕ϲϲϮŚĂ;ϮϭϳŬŵϮͿ͘dŚĞ ƐLJƐƚĞŵĐŽŶƐŝƐƚƐŽĨŶĂƚƵƌĂůĂŶĚĐŽŶƐƚƌƵĐƚĞĚĐĂŶĂůƐĐŽŶŶĞĐƚĞĚƚŽĂŶƵŶĚĞƌŐƌŽƵŶĚŶĞƚǁŽƌŬŽĨƐƵƉƉůLJƉŝƉĞůŝŶĞƐ͘ dŚĞƐLJƐƚĞŵĚŝƐĐŚĂƌŐĞƐƚŽ^ƚĂīŽƌĚZĞƐĞƌǀŽŝƌ͕ǁŚŽƐĞůĞǀĞůƐĂƌĞĐŽŶƚƌŽůůĞĚďLJŇŽǁƐŝŶƚŽĂŶĚŽƵƚŽĨŚŝŶZĞƐĞƌǀŽŝƌ͕ ƐŽƵƚŚŽĨ^ƚĂīŽƌĚZĞƐĞƌǀŽŝƌ͘

ͻ dŚĞdŽǁŶŝƐƌĞƋƵŝƌĞĚƚŽĚĞƚĂŝŶĂůůƐƚŽƌŵǁĂƚĞƌĚƵƌŝŶŐĂƐƚŽƌŵĞǀĞŶƚĨŽƌůĂƚĞƌƌĞůĞĂƐĞĂƐƉĞƌƚŚĞŝƌĐŽŶǀĞLJĂŶĐĞ ĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞ^DZ/͘

ͻ ^DZ/ĚŽĞƐŶŽƚǁĂŶƚƚŽŚĂŶĚůĞƐƚŽƌŵǁĂƚĞƌŇŽǁĚƵĞƚŽŶƵƚƌŝĞŶƚůŽĂĚŝŶŐĂŶĚƚŚĞĐĂŶĂůƐǁĞƌĞŶŽƚĚĞƐŝŐŶĞĚǁŝƚŚ ƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚŝŶŵŝŶĚ͘,ŽǁĞǀĞƌ͕ŝĨŝƚŵƵƐƚƚŚĞŶŝƚǁŽƵůĚƉƌĞĨĞƌƚŚĞǁĂƚĞƌďĞŚĞůĚĂŶĚƌĞůĞĂƐĞĚƉŽƐƚͲ ƉĞĂŬĞǀĞŶƚ͘

ͻ ŽŶǀĞƌƐĂƟŽŶƐǁŝƚŚůĂŶĚŽǁŶĞƌƐĐŽŶĮƌŵƚŚĂƚƚŚĞĂƌĞĂŝƐƌĞĐĞŝǀŝŶŐŵŽƌĞƉƌĞĐŝƉŝƚĂƟŽŶŝŶƚŚĞůĂƐƚĚĞĐĂĚĞƚŚĂŶ ŝƚŚĂƐŚŝƐƚŽƌŝĐĂůůLJ͘dŚĞϮϬϬϮƐƚŽƌŵ;ϭϰϯŵŵͿǁĂƐŐƌĞĂƚĞƌƚŚĂŶƚŚĞĐĂůĐƵůĂƚĞĚϭ͗ϭϬϬLJĞĂƌĞǀĞŶƚĨŽƌƚŚĞĂƌĞĂŽĨ ϭϬϵ͘ϵŵŵ͘  ͮപ/Ed'Zds>KWDEd^dZd'z

ͻ ĂƉĂĐŝƚLJŽĨƚŚĞDĂůůŽLJƌĂŝŶŝƐůŝŵŝƚĞĚƚŽϭϱŵϯͬƐĂƚƐŽŵĞƐĞĐƟŽŶƐ͕ǁŚŝůĞŵŽĚĞůŝŶŐƐŚŽǁƐƚŚĞϭ͗ϭϬϬLJĞĂƌƐƚŽƌŵ ĐŽƵůĚŐĞŶĞƌĂƚĞƉĞĂŬŇŽǁƐŽĨϱϬŵϯͬƐ͘

ͻ /ŶŐĞŶĞƌĂů͕ĐŚĂŶŶĞůƐĂƌĞƐŝnjĞĚƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞϭ͗ϮϬƚŽϭ͗ϱϬLJĞĂƌƐƚŽƌŵĞǀĞŶƚƐ͕ƚŚŽƵŐŚƐŽŵĞŽĨƚŚĞ>ŽǁĞƌ DĂůůŽLJĐŚĂŶŶĞůŚĂƐŽŶůLJĂϭ͗ϱLJĞĂƌƐƚŽƌŵĞǀĞŶƚĐĂƉĂĐŝƚLJ͘

ͻ dŚĞůĞǀĞůƐŝŶ^ƚĂīŽƌĚ>ĂŬĞĂƌĞŚĞůĚĐŽŶƐƚĂŶƚďLJĐŽŶƚƌŽůůŝŶŐƚŚĞŇŽǁŝŶƚŽĂŶĚŽƵƚŽĨŚŝŶZĞƐĞƌǀŽŝƌƚŽƚŚĞƐŽƵƚŚ ĂŶĚƚŚĞDĂŝŶĂŶĂůƚŽƚŚĞŶŽƌƚŚ͘

ͻ dŚĞdŽǁŶŽǁŶƐϭϮƐƚŽƌŵƉŽŶĚƐĂŶĚŚĂƐƚŚƌĞĞƉƌŝǀĂƚĞůLJŽǁŶĞĚƉŽŶĚƐĨŽƌĚĞǀĞůŽƉŵĞŶƚƐǁŝƚŚŝŶƚŚĞƚŽǁŶĨŽƌĂ ƚŽƚĂůƐƚŽƌĂŐĞŽĨĂƉƉƌŽdžŝŵĂƚĞůLJϱϰϰ͕ϱϬϬŵϯǁŝƚŚĨƵƚƵƌĞĞdžƉĂŶƐŝŽŶĞƐƟŵĂƚĞĚĂƚĂƉƉƌŽdžŝŵĂƚĞůLJϭϬϱ͕ϯϭϬŵϯ͘

ͻ dŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞŚĂƐŝĚĞŶƟĮĞĚϮϱ͕ϲϯϳŵϯŝŶĐŽŶƐƚƌƵĐƚĞĚƐƚŽƌĂŐĞĂŶĚϮ͕ϴϮϭ͕ϱϲϰŵϯŽĨƐƚŽƌĂŐĞŝŶŶĂƚƵƌͲ ĂůůLJĂŶĚŇŽŽĚĂƌĞĂƐ;ĞƐƟŵĂƚĞĚĨƌŽŵĐŽŶƚŽƵƌŵĂƉ͕ĨŽƌŵŽĚĞůŝŶŐƉƵƌƉŽƐĞƐŽŶůLJͿ͘

ͻ DĂũŽƌƐLJƐƚĞŵďŽƩůĞŶĞĐŬƐŝĚĞŶƟĮĞĚĂƐ͗ ම >ŽǁĞƌDĂůůŽLJƌĂŝŶ;ĞƐƉĞĐŝĂůůLJƵƉƐƚƌĞĂŵŽĨ,tzϱϭϮͿ ම ƵůǀĞƌƚƐĂůŽŶŐ>ŽǁĞƌDĂůůŽLJƌĂŝŶĂŶĚ^ŽƵƚŚŽĂůĚĂůĞƌĂŝŶ ම ŽĂůĚĂůĞ>ĂƚĞƌĂůĞƐƉĞĐŝĂůůLJǁĞƐƚŽĨĂŶĚŝŶƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ

ͻ /ĨĂƌĞĂƐůŝƐƚĞĚĂƐ͞ƚŽďĞĚĞǀĞůŽƉĞĚ͟ĂƌĞĨƵůůLJĐŽŶƐƚƌƵĐƚĞĚ͕ƚŚĞƌĞǁŝůůďĞĂƐŚŽƌƚĂŐĞŽĨϮ͘ϲŵŝůůŝŽŶŵϯŽĨƐƚŽƌĂŐĞ͘

ͻ WŽƐƐŝďůĞĨƵƚƵƌĞ͞ƉŽŶĚ͟ĂƌĞĂƐŝĚĞŶƟĮĞĚŝŶĐůƵĚĞƚŚĞĂďĂŶĚŽŶĞĚƌĂǁǁĂƚĞƌƌĞƐĞƌǀŽŝƌŽƌƚŚĞƐĞǁĂŐĞůĂŐŽŽŶƐ͕ŝĨ ƚŚĞLJĂƌĞƚŽďĞƌĞƉůĂĐĞĚŝŶƚŚĞĨƵƚƵƌĞďLJĂtĂƐƚĞtĂƚĞƌdƌĞĂƚŵĞŶƚWůĂŶƚ͘

ͻ EĞĞĚŝĚĞŶƟĮĞĚĨŽƌĂƉŽŶĚŝŶŽƩŽŶǁŽŽĚĚĞǀĞůŽƉŵĞŶƚƐŽƵƚŚǁĞƐƚŽĨdŽǁŶ͘

ͻ &ŽƌĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚ͕ƌĞĐŽŵŵĞŶĚĞĚƌĞůĞĂƐĞƌĂƚĞŽĨϬ͘ϰ>ͬƐŽŶůLJĂŌĞƌƐƚŽƌŵĞǀĞŶƚƐ;ŶŽƌĞůĞĂƐĞĚƵƌŝŶŐ ĞǀĞŶƚƐͿ͘/ĨƚŚĞƐLJƐƚĞŵŝƐƵƉŐƌĂĚĞĚ͕ŽŶĐĞĐŽŵƉůĞƚĞ͕ƌĞůĞĂƐĞƌĂƚĞƐŽĨϮ>ͬƐǁŽƵůĚďĞƉĞƌŵŝƩĞĚ͘

ͻ ŶƵŵďĞƌŽĨĂůƚĞƌŶĂƟǀĞƐǁĞƌĞĚĞǀĞůŽƉĞĚĂŶĚĞdžƉůŽƌĞĚŝŶĚĞƚĂŝů͗

ůƚĞƌŶĂƟǀĞ ĞƐĐƌŝƉƟŽŶ ƉƉƌŽdžŝŵĂƚĞŽƐƚ ϭ ^ƚĂƚƵƐYƵŽ ŇŽŽĚĚĂŵĂŐĞƐĂŶĚŝŶƚĂŶŐŝďůĞƐ Ϯ ƵLJŽƵƚĨƌĞƋƵĞŶƚůLJĂīĞĐƚĞĚůĂŶĚƐ Ψϳ͕ϮϬϴ͕ϬϬϬ Ϯ KďƚĂŝŶŇŽŽĚĞĂƐĞŵĞŶƚƐŽŶĨƌĞƋƵĞŶƚůLJĂīĞĐƚĞĚůĂŶĚƐ Ψϭ͕ϰϱϬ͕ϬϬϬ ϯ ŽŵďŝŶĂƟŽŶŽĨƐƚŽƌŵĚĞƚĞŶƟŽŶƉŽŶĚƐĂŶĚĞŶůĂƌŐĞŵĞŶƚŽĨ ΨϮϳ͕ϮϱϬ͕ϬϬϬ ĞdžŝƐƟŶŐĚƌĂŝŶĂŐĞǁŽƌŬƐ ϯ WƵƌĐŚĂƐŝŶŐůĂŶĚĨŽƌŶĂƚƵƌĂůƉŽŶĚŝŶŐƐŝƚĞƐƚŽƌĞƉůĂĐĞĂƉŽƌͲ ΨϮϬ͕ϳϬϬ͕ϬϬϬ ƟŽŶŽĨƚŚĞĐŽŶƐƚƌƵĐƚĞĚƐƚŽƌĂŐĞǁŽƌŬƐŝĚĞŶƟĮĞĚŝŶůƚĞƌŶĂͲ ƟǀĞϯ ϯ ĐƋƵŝƌŝŶŐŇŽŽĚĞĂƐĞŵĞŶƚƐĨŽƌŶĂƚƵƌĂůƉŽŶĚŝŶŐƐŝƚĞƐƚŽ Ψϭϱ͕ϮϬϬ͕ϬϬϬ ƌĞƉůĂĐĞĂƉŽƌƟŽŶŽĨƚŚĞĐŽŶƐƚƌƵĐƚĞĚƐƚŽƌĂŐĞǁŽƌŬƐŝĚĞŶƟĮĞĚ ŝŶůƚĞƌŶĂƟǀĞϯ ϰ &ƵůůLJĞdžƉĂŶĚƚŚĞDĂůůŽLJƌĂŝŶ ΨϯϬ͕ϱϬϬ͕ϬϬϬ ,ŝŐŚǁĂLJϯΘϰ>ĞƚŚďƌŝĚŐĞĂŶĚƌĞĂE,^ΘE^d;EDyͿ&ƵŶĐƟŽŶĂůWůĂŶŶŝŶŐ^ƚƵĚLJ͕^ƚĂŶƚĞĐ͕DĂLJϮϬϬϲ;džĞĐƵͲ ƟǀĞ^ƵŵŵĂƌLJKŶůLJͿ

ͻ dŚĞƐƚƵĚLJƉƌŽǀŝĚĞƐƉůĂŶŶŝŶŐͲůĞǀĞůŝŶĨŽƌŵĂƟŽŶĨŽƌƚŚĞĨƵƚƵƌĞůŽĐĂƟŽŶĂŶĚƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞEDyŚŝŐŚͲ ǁĂLJĐŽƌƌŝĚŽƌ͘

ͻ WŽƚĞŶƟĂůĞŶǀŝƌŽŶŵĞŶƚĂůĐŽŶŇŝĐƚƐŝŶĐůƵĚĞƌĂƩůĞƐŶĂŬĞŚŝďĞƌŶĂĐƵůĂ͘

ͻ dŚĞƉƌŽƉŽƐĞĚƌŽƵƚĞǁŝůůĐƌŽƐƐƐĞǀĞƌĂůŚŝƐƚŽƌŝĐĂůůLJƐŝŐŶŝĮĐĂŶƚƐŝƚĞƐ͘

ͻ EŽŵĞŶƟŽŶŽĨƐƚŽƌŵǁĂƚĞƌŝŵƉĂĐƚƐŽƌŵŝƟŐĂƟŽŶŵĞĂƐƵƌĞƐ͘

ĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ

ƵƌƌĞŶƚůLJ͕ŝƚŝƐƵŶĚĞƌƐƚŽŽĚƚŚĂƚƚŚĞdŽǁŶŽĨŽĂůĚĂůĞŝƐƵƐŝŶŐƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞĞƐŝŐŶ^ƚĂŶĚĂƌĚƐ͘dŽƐƵŵŵĂƌͲ /Ed'Zds>KWDEd^dZd'z |

ŝnjĞ͕ƚŚĞƐĞŐƵŝĚĞůŝŶĞƐƌĞĐŽŵŵĞŶĚ͗

ͻ DŝŶŽƌƐLJƐƚĞŵ>ĞǀĞůŽĨ^ĞƌǀŝĐĞ͗ϭŝŶϱLJĞĂƌĞǀĞŶƚ͘

ͻ DĂũŽƌ^LJƐƚĞŵ>ĞǀĞůŽĨ^ĞƌǀŝĐĞ͗ϭŝŶϭϬϬLJĞĂƌĞǀĞŶƚ͘

ͻ dƌĂƉůŽǁƐƚŽĂŵĂdžŝŵƵŵĚĞƉƚŚŽĨϯϬϬŵŵ͘

ͻ WĞĂŬƉŽƐƚĚĞǀĞůŽƉŵĞŶƚŇŽǁƌĂƚĞƐƐŚĂůůŶŽƚĞdžĐĞĞĚƉƌĞͲĚĞǀĞůŽƉŵĞŶƚŇŽǁƐƌĞƐƵůƟŶŐĨƌŽŵĂϭŝŶϱLJĞĂƌĞǀĞŶƚ͘

ͻ EĞǁĚĞǀĞůŽƉŵĞŶƚƐƚŽƚƌĞĂƚƐƚŽƌŵǁĂƚĞƌƋƵĂůŝƚLJƚŽϴϱйƌĞŵŽǀĂůŽĨƐĞĚŝŵĞŶƚƐŽĨƉĂƌƟĐůĞƐϳϱŵŝĐƌŽŶƐŽƌŐƌĞĂƚĞƌ ĂƐƉĞƌůďĞƌƚĂŶǀŝƌŽŶŵĞŶƚŐƵŝĚĞůŝŶĞƐ͘

ͻ >ĞƚŚďƌŝĚŐĞĞƌŽƐŝŽŶĐŽŶƚƌŽůŵĞĂƐƵƌĞƐŝŶƉůĂĐĞŝŶĐůƵĚĞ͞ĂƐƚƌĞĞƚĐůĞĂŶŝŶŐƉƌŽŐƌĂŵ͕ƉůĂĐŝŶŐůŝŵŝƚĂƟŽŶƐŽŶƉĞƐƟĐŝĚĞ ƵƐĞ͕ŝŶƐƟƚƵƟŶŐĂĚŽŐŐŝĞďĂŐƉƌŽŐƌĂŵĂŶĚƌĞƋƵŝƌŝŶŐĐĂƚĐŚďĂƐŝŶƐƵŵƉƐ͘͟

ͻ ŽŶĐĞŶƚƌĂƚĞĚŇŽǁƐŽǀĞƌƌŝǀĞƌďĂŶŬƐŽƌĚŽǁŶƵŶƉƌŽƚĞĐƚĞĚƐůŽƉĞƐĂƌĞŶŽƚĂůůŽǁĞĚ͘^ŚĞĞƚŇŽǁĂůůŽǁĞĚŝĨĞƌŽƐŝŽŶ ĐŽŶƚƌŽůŵĞĂƐƵƌĞƐŚĂǀĞďĞĞŶŝŵƉůĞŵĞŶƚĞĚ͘

ͻ ĞƐƚDĂŶĂŐĞŵĞŶƚWƌĂĐƟĐĞƐĞŶĐŽƵƌĂŐĞĚ͘

ͻ ůůĨŽƵŶĚĂƟŽŶĚƌĂŝŶƐ;ǁĞĞƉŝŶŐƟůĞͿĂƌĞƚŽĚƌĂŝŶƚŽƐƚŽƌŵǁĂƚĞƌůŝŶĞƐ;ŶĞǀĞƌƚŽƐĂŶŝƚĂƌLJͿ͘

ͻ ^ƵŵƉƉƵŵƉŽƵƚůĞƚƐĂŶĚƌŽŽĨůĞĂĚĞƌƐƚŽĚŝƐĐŚĂƌŐĞŇŽǁƐŶŽĐůŽƐĞƌƚŚĂŶϭŵĨƌŽŵƚŚĞƉƌŽƉĞƌƚLJůŝŶĞ͘

ͻ EŽŶͲƌĞƐŝĚĞŶƟĂůŽƌŵƵůƟͲĨĂŵŝůLJƌĞƐŝĚĞŶƟĂůŵƵƐƚƌĞƚĂŝŶĂůůƐƚŽƌŵǁĂƚĞƌŽǀĞƌƚŚĞϭŝŶϱLJĞĂƌĂŶĚƵƉƚŽƚŚĞϭŝŶϭϬϬ LJĞĂƌĞǀĞŶƚ͘

ͻ ĞƐŝŐŶƐƚŽƌŵƐƚŽďĞƵƐĞĚŝŶĐůƵĚĞ͗ ම KŶĞŝŶϱLJĞĂƌϰŚŽƵƌĚƵƌĂƟŽŶŚŝĐĂŐŽƐƚŽƌŵŵŽĚŝĮĞĚĨŽƌ>ĞƚŚďƌŝĚŐĞ͖ ම KŶĞŝŶϭϬϬLJĞĂƌϰŚŽƵƌĚƵƌĂƟŽŶŚŝĐĂŐŽƐƚŽƌŵŵŽĚŝĮĞĚĨŽƌ>ĞƚŚďƌŝĚŐĞ͖ĂŶĚ ම KŶĞŝŶϭϬϬLJĞĂƌϮϰŚŽƵƌĚƵƌĂƟŽŶŚŝĐĂŐŽƐƚŽƌŵŵŽĚŝĮĞĚĨŽƌ>ĞƚŚďƌŝĚŐĞ͘

ͻ ,ŝƐƚŽƌŝĐĂůŵŽĚĞůŝŶŐĂůƐŽƐƵŐŐĞƐƚĞĚ͕ƚŚŽƵŐŚŶŽƚŵĂŶĚĂƚŽƌLJ͘

ͻ dĂďůĞϯ͘ϯ͘ϭ͘ϯWĞƌĐĞŶƚ/ŵƉĞƌǀŝŽƵƐƌĞĂ;ƌĞĐŽŵŵĞŶĚĞĚǀĂůƵĞƐͿ͘

ͻ ZĂƟŽŶĂůŵĞƚŚŽĚĐĂŶďĞƵƐĞĚĨŽƌŝŶŝƟĂůƐŝnjŝŶŐŽĨƉŝƉĞƐLJƐƚĞŵƐ͘

ͻ ůƐŽĂƉƉůŝĐĂďůĞĂƌĞƚŚĞůďĞƌƚĂŶǀŝƌŽŶŵĞŶƚŐƵŝĚĞůŝŶĞƐǁŝƚŚƌĞƐƉĞĐƚƚŽ͗ ම &ůŽǁǀĞůŽĐŝƟĞƐĂŶĚŵŝŶŝŵƵŵƐůŽƉĞ͖ƐĞǁĞƌŚLJĚƌĂƵůŝĐƐ͖ƐŝnjĞ͕ŵĂƚĞƌŝĂů͕ĂŶĚĐŽǀĞƌ͖ŵĂŝŶƚĞŶĂŶĐĞ͖ ම DWƐ͕ŝŶĐůƵĚŝŶŐƐŽƵƌĐĞĐŽŶƚƌŽů͕ůŽƚůĞǀĞů͕ĐŽŶǀĞLJĂŶĐĞƐLJƐƚĞŵĂŶĚĞŶĚͲŽĨͲƉŝƉĞDWƐ͖ĂŶĚ ම YƵĂůŝƚLJĐŽŶƚƌŽů͘ dŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞŚĂƐƌĞĐĞŶƚůLJĮŶĂůŝnjĞĚŝƚƐŽǁŶƐĞƚŽĨŐƵŝĚĞůŝŶĞƐ͕ƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞŶŐŝŶĞĞƌŝŶŐ 'ƵŝĚĞůŝŶĞƐΘDŝŶŝŵƵŵ^ĞƌǀŝĐŝŶŐ^ƚĂŶĚĂƌĚƐ͘dŚĞƐĞĐĂŶďĞƐƵŵŵĂƌŝnjĞĚĂƐĨŽůůŽǁƐ͗ ͻ dŚĞƐĞƐƚĂŶĚĂƌĚƐĂƌĞƚŽĂĐƚĂƐĂŶĂƉƉĞŶĚŝdžƚŽƚŚĞŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚ͘ ͻ ͞&ŽƌďŽƚŚƌƵƌĂůĂŶĚƵƌďĂŶĚĞǀĞůŽƉŵĞŶƚ͕ƚŚĞƐƚŽƌŵǁĂƚĞƌƐLJƐƚĞŵǁŝůůĞŝƚŚĞƌďĞĚĞƐŝŐŶĞĚďĂƐĞĚƵƉŽŶĂ ͞ŶĞƚͲnjĞƌŽ͟ŝŵƉĂĐƚ;ƌƵŶŽīƌĂƚĞƐĨŽƌĂϮϰŚŽƵƌĚƵƌĂƟŽŶ͕ϭ͗ϭϬϬLJĞĂƌƉŽƐƚĚĞǀĞůŽƉŵĞŶƚĚĞƐŝŐŶƐƚŽƌŵǁŝůůŶŽƚĞdžĐĞĞĚ ƌĂƚĞƐĨŽƌƚŚĞƐĂŵĞĚĞƐŝŐŶƐƚŽƌŵƵŶĚĞƌƉƌĞͲĚĞǀĞůŽƉŵĞŶƚĐŽŶĚŝƟŽŶƐͿŽƌŽŶƚŚĞĂǀĂŝůĂďůĞĐĂƉĂĐŝƚLJŽĨƚŚĞƌĞĐĞŝǀŝŶŐ ƐƚƌĞĂŵĂŶĚĂƉƉƌŽƉƌŝĂƚĞĂƌĞĂĐŽŶƚƌŝďƵƟŽŶƐ͘͟

ͻ DŝŶŽƌƐLJƐƚĞŵĚĞƐŝŐŶĞĚĨŽƌƚŚĞϭͲŝŶͲϱLJĞĂƌĞǀĞŶƚ͕ƚŚĞŵĂũŽƌƐLJƐƚĞŵĂϭͲŝŶͲϭϬϬLJĞĂƌĞǀĞŶƚ͘

ͻ ZĂƟŽŶĂůŵĞƚŚŽĚŵĂLJďĞƵƐĞĚĨŽƌŵŝŶŽƌƐLJƐƚĞŵĚĞƐŝŐŶ͘

ͻ ͞dŚĞƌĂƟŽŽĨůĂŶĚĂƌĞĂĨŽƌŽƉĞŶƐƉĂĐĞƵƐĞĂƌŽƵŶĚƚŚĞ;ƐƚŽƌŵǁĂƚĞƌͿƉŽŶĚǁŝůůďĞƚǁŝĐĞƚŚĞĂƌĞĂŽĨƚŚĞǁĂƚĞƌ ƐƵƌĨĂĐĞĨŽƌƚŚĞϭͲŝŶͲϭϬϬLJĞĂƌƌƵŶŽīĞǀĞŶƚ͕ƵŶůĞƐƐĂƉƉƌŽǀĞĚŽƚŚĞƌǁŝƐĞ͘͟

ͻ ĞƐŝŐŶƐƚĂŶĚĂƌĚƐĨŽƌǁĂƐƚĞǁĂƚĞƌĂŶĚǁĂƚĞƌĚŝƐƚƌŝďƵƟŽŶĂƌĞĂƐƉĞƌŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚůďĞƌƚĂŶǀŝƌŽŶŵĞŶƚ ĚĞƐŝŐŶŐƵŝĚĞůŝŶĞƐ͘ ŝƐĐƵƐƐŝŽŶǁŝƚŚZŽLJƌŵƚĞƌ͕dŽǁŶŽĨŽĂůĚĂůĞŝƌĞĐƚŽƌŽĨKƉĞƌĂƟŽŶƐ͕ĞĐĞŵďĞƌϵ͕ϮϬϭϬ  ͮപ/Ed'Zds>KWDEd^dZd'z

ͻ ůůďƵŝůĚŝŶŐƐĐŽŶƐƚƌƵĐƚĞĚŝŶƚŚĞdŽǁŶƉƌŝŽƌƚŽƚŚĞLJĞĂƌϮϬϬϬŚĂǀĞƚŚĞŝƌǁĞĞƉŝŶŐƟůĞĐŽŶŶĞĐƚĞĚƚŽƚŚĞƐĂŶŝƚĂƌLJ ƐLJƐƚĞŵ͕ŚŽǁĞǀĞƌƐŝŶĐĞƚǁŝŶŶŝŶŐƚŚĞƐĂŶŝƚĂƌLJůŝŶĞƐĂůŽŶŐϭϯƚŚ^ƚƌĞĞƚŝŶϮϬϬϵ͕ƚŚĞŶƵŵďĞƌŽĨƐĞǁĞƌďĂĐŬƵƉƐŚĂǀĞ ďĞĐŽŵĞĂůŵŽƐƚŶŽŶͲĞdžŝƐƚĞŶƚ͕ĞǀĞŶĚƵƌŝŶŐƚŚĞϮϬϭϬŇŽŽĚŝŶŐ͘/ƚǁĂƐŶŽƚĞĚƚŚĂƚƉƌŝŽƌƚŽƚŚĞůŝŶĞƐďĞŝŶŐƚǁŝŶŶĞĚ͕ ƚŚĞďĂĐŬƵƉƐǁĞƌĞŵŽƐƚůLJĐůĞĂŶǁĂƚĞƌ͕ůŝŬĞůLJĨƌŽŵƚŚĞƉĞƌŝŵĞƚĞƌĚƌĂŝŶƐŶŽƚŚĂǀŝŶŐĐĂƉĂĐŝƚLJƚŽĚĞĂůǁŝƚŚƚŚĞ ƐƚŽƌŵǁĂƚĞƌ͘

ͻ dŚĞƌĞŝƐĂŶĞdžŝƐƟŶŐϯϬϬŵŵĨŽƌĐĞŵĂŝŶĨŽƌƚŚĞƐĂŶŝƚĂƌLJƐLJƐƚĞŵǁŚŝĐŚƚĂŬĞƐǁĂƐƚĞĨƌŽŵƚŚĞůĂŐŽŽŶƐƚŽƚŚĞKůĚͲ ŵĂŶZŝǀĞƌ͘EŽĞdžĐĞƐƐĐĂƉĂĐŝƚLJĞdžŝƐƚƐĨŽƌƐƚŽƌŵǁĂƚĞƌŇŽǁƐ͘

ͻ /ŶĐůƵĚĞĚŝŶƉƉĞŶĚŝdžĂƌĞƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ^ƚŽƌŵ^LJƐƚĞŵDĂƉ͕^ƚŽƌŵWŽŶĚDĂƉĂŶĚƚĂďůĞǁŝƚŚ^ƚŽƌŵ ƌĂŝŶĂŐĞ^LJƐƚĞŵĚĂƚĂ͘

ͻ ^ƚŽƌŵǁĂƚĞƌĨƌŽŵƚŚĞdŽǁŶŝƐŚĞůĚƵŶƟůƚŚĞƉĞĂŬŽĨƚŚĞƐƚŽƌŵŝƐŽǀĞƌĂŶĚĐĂƉĂĐŝƚLJŝƐĂǀĂŝůĂďůĞŝŶƚŚĞ^DZ/ ĚƌĂŝŶƐ͘/ƚŝƐƚŚĞŶƌĞůĞĂƐĞĚŝŶƚŽƚŚĞ^DZ/ĐĂŶĂůƐďLJƉƵŵƉŝŶŐĨƌŽŵƚŚĞĂƐƚWŽŶĚŝŶƚŽƚŚĞĚŝƚĐŚĂůŽŶŐ,tzϯ͕ďLJ ƉƵŵƉŝŶŐĨƌŽŵϭϭƚŚ^ƚƌĞĞƚWƵŵƉ^ƚĂƟŽŶŝŶƚŽ^ŽƵƚŚŽĂůĚĂůĞƌĂŝŶ͕ĂŶĚďLJƌĞůĞĂƐŝŶŐĨƌŽŵƚŚĞŚĞĞƐĞ&ĂĐƚŽƌLJ ƌĂŝŶŝŶƚŽƚŚĞDĂůůŽLJƌĂŝŶ͘͘dŚŝƐǁĂƚĞƌŇŽǁƐĞĂƐƚŝŶƚŽƚŚĞDĂůůŽLJƌĂŝŶ͕ĂŶĚƚŚĞŶƚŽ^ƚĂīŽƌĚZĞƐĞƌǀŽŝƌ͘

ͻ ƵƌŝŶŐƚŚĞϮϬϭϬƐƚŽƌŵ͕^ƚĂīŽƌĚZĞƐĞƌǀŽŝƌĐĂŵĞĐůŽƐĞƚŽŽǀĞƌŇŽǁŝŶŐ͘

ͻ ƵƌƌĞŶƚůLJ͕ƚŚĞƉŽŶĚƐŝŶƚŚĞ>ĂŶĚK͛>ĂŬĞƐ'ŽůĨŽƵƌƐĞĂƌĞĐŽŶŶĞĐƚĞĚƚŽƚŚĞ^DZ/ĐĂŶĂů͖ĂƐƚŚĞǁĂƚĞƌůĞǀĞůƌŝƐĞƐ ŝŶƚŚĞĐĂŶĂů͕ƐŽĚŽĞƐƚŚĞǁĂƚĞƌůĞǀĞůŝŶƚŚĞƉŽŶĚƐ͘dŚĞ^DZ/ŝƐƌĞƋƵĞƐƟŶŐƚŚĂƚƚŚĞƉŽŶĚƐďĞĚŝƐĐŽŶŶĞĐƚĞĚ ĨƌŽŵƚŚĞĐĂŶĂůƐ͘

ͻ &ƵƌƚŚĞƌŝŶĚƵƐƚƌŝĂůĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞŶŽƌƚŚĞĂƐƚ;ŝŶƚŚĞĂƌĞĂŽĨϭϯƚŚ^ƚƌĞĞƚĂŶĚϭϰƚŚǀĞŶƵĞͿŝƐƉůĂŶŶĞĚ͕ǁŝƚŚĂ ƐƚŽƌŵƉŽŶĚďĞŝŶŐĐŽŶƐƚƌƵĐƚĞĚĂƐĚĞǀĞůŽƉĞƌƐƌĞƋƵŝƌĞĮůůĨŽƌƚŚĞŝƌƐŝƚĞƐ͘

ͻ /ƚǁĂƐŽďƐĞƌǀĞĚƚŚĂƚŵŽƐƚŵĂũŽƌƐƚŽƌŵƐŝŶƚŚĞƌĞŐŝŽŶŽĐĐƵƌŝŶ:ƵŶĞ͕ĂŶĚƚŚŽƵŐŚƚŚĞŽĸĐŝĂůĐůŝŵĂƚĞƌĞĐŽƌĚƐĂƌĞ ƚĂŬĞŶŝŶ>ĞƚŚďƌŝĚŐĞ͕ƚŚĞdŽǁŶŚĂƐŽďƐĞƌǀĞĚŚŝŐŚĞƌĂŵŽƵŶƚĂŶĚŝŶƚĞŶƐŝƚLJƌĂŝŶĨĂůůƚŚĂŶƚŚĞŝƚLJ͘

ͻ KŶƚŚĞƐŽƵƚŚĞĚŐĞŽĨdŽǁŶ͕ƚŚĞŽĂůĚĂůĞ>ĂƚĞƌĂůŝƌƌŝŐĂƟŽŶĐĂŶĂůŝƐĞůĞǀĂƚĞĚĂďŽǀĞďŽƚŚƚŚĞĂĚũĂĐĞŶƚƌĞƐŝĚĞŶƟĂů ĂƌĞĂƚŽƚŚĞŶŽƌƚŚĂŶĚƚŚĞ^ŽƵƚŚŽĂůĚĂůĞƌĂŝŶƚŽƚŚĞƐŽƵƚŚ͘

^ŝƚĞsŝƐŝƚKďƐĞƌǀĂƟŽŶƐ

KŶ:ƵŶĞϮϭ͕ϮϬϭϬƐĞǀĞƌĂůŵĞŵďĞƌƐŽĨƚŚĞĐŽŶƐƵůƚĂŶƚƚĞĂŵŚĂĚƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽŽďƐĞƌǀĞƚŚĞ/^ƉƌŽũĞĐƚƐŝƚĞǀŝĂĂ ŚĞůŝĐŽƉƚĞƌƚŽƵƌĚƵƌŝŶŐƐĞǀĞƌĞŇŽŽĚŝŶŐĐŽŶĚŝƟŽŶƐ͘KďƐĞƌǀĂƟŽŶƐƐƵƉƉŽƌƚĞĚƚŚĞĂƌĞĂƐŝĚĞŶƟĮĞĚŝŶƚŚĞDĂůůŽLJƌĂŝŶ DĂƐƚĞƌƌĂŝŶĂŐĞWůĂŶĂƐĂƌĞĂƐŽĨƌĞĐƵƌƌĞŶƚŇŽŽĚŝŶŐ͘

ŚĂƌĞƩĞWƌŽĐĞƐƐ

ƵƌŝŶŐƚŚĞǁĞĞŬŽĨ&ĞďƌƵĂƌLJϳƚŚ͕ϮϬϭϭ͕ƌĞƉƌĞƐĞŶƚĂƟǀĞƐĨƌŽŵƚŚĞ/^ĐŽŶƐƵůƟŶŐƚĞĂŵŽƌŐĂŶŝnjĞĚĂƉƵďůŝĐŚĂƌĞƩĞ ƚŽŐĂŝŶĨĞĞĚďĂĐŬĨƌŽŵůŽĐĂůƐƚĂŬĞŚŽůĚĞƌƐ͘WĂƌƟĐŝƉĂŶƚƐŝŶĐůƵĚĞĚƌĞƉƌĞƐĞŶƚĂƟǀĞƐĨƌŽŵƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͕ƚŚĞ ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͕ƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞ͕^DZ/͕KůĚŵĂŶZŝǀĞƌZĞŐŝŽŶĂů^ĞƌǀŝĐĞƐŽŵŵŝƐƐŝŽŶ;KZZ^Ϳ͕ůŽĐĂů ůĂŶĚŽǁŶĞƌƐ͕ďƵƐŝŶĞƐƐŽǁŶĞƌƐĂŶĚƌĞƐŝĚĞŶƚƐ͘ dŚĞWůĂĐĞŵĂŬĞƌƐƚĞĂŵŐƵŝĚĞĚƚŚĞĚŝƐĐƵƐƐŝŽŶŽŶĨƵƚƵƌĞůĂŶĚƵƐĞƐĂŶĚĚĞǀĞůŽƉŵĞŶƚĚŝƌĞĐƟŽŶŐŝǀĞŶƚŚĞůŽĐĂůĐŽŶͲ ƐƚƌĂŝŶƚƐĂŶĚŽƉƉŽƌƚƵŶŝƟĞƐ͘LJƚŚĞĞŶĚŽĨƚŚĞŚĂƌĞƩĞ͕ŝŶĐŽŽƉĞƌĂƟŽŶǁŝƚŚĂůůƐƚĂŬĞŚŽůĚĞƌƐ͕ĂĚƌĂŌ>ĂŶĚhƐĞWůĂŶ ǁĂƐĚĞǀĞůŽƉĞĚĨŽƌƚŚĞƌĞŐŝŽŶ͕ĂĐŽƉLJŽĨǁŚŝĐŚĐĂŶďĞƐĞĞŶŝŶ&ŝŐƵƌĞϮŽŶƚŚĞƐƵďƐĞƋƵĞŶƚƉĂŐĞ͘ƐƚŚĞƉůĂŶǁĂƐ ĚĞǀĞůŽƉĞĚ͕ƚŚĞtĞƐƚŚŽīƚĞĂŵŚĂĚƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽŝŶƚĞŐƌĂƚĞƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƉůĂŶŶŝŶŐŝŶƚŽƚŚĞƐƚƵĚLJ͕ ƐƵĐŚƚŚĂƚƚŚĞƌĞŐŝŽŶĂůƐŽůƵƟŽŶ͕ǁŚĞŶƉƵƚŝŶƚŽƉůĂĐĞ͕ǁŝůůďĞĂďůĞƚŽƉƌŽǀŝĚĞƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĨŽƌŶĞǁĚĞͲ ǀĞůŽƉŵĞŶƚĂƐǁĞůůĂƐƐŽůǀŝŶŐƚŚĞĐƵƌƌĞŶƚŝƐƐƵĞƐ͘dŚĞƐƚŽƌŵǁĂƚĞƌƐƚŽƌĂŐĞĨĂĐŝůŝƟĞƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϮĂƌĞĨŽƌůŽĐĂƟŽŶ ƉƵƌƉŽƐĞƐŽŶůLJ͖ƐŝnjĞƐĂƌĞĂƉƉƌŽdžŝŵĂƚĞĂŶĚƐƵďũĞĐƚƚŽĐŚĂŶŐĞ͘ /Ed'Zds>KWDEd^dZd'z |

&ŝŐƵƌĞϭƌĂŌ>ĂŶĚhƐĞWůĂŶWƌĞƐĞŶƚĞĚ&ĞďƌƵĂƌLJϭϭ͕ϮϬϭϭ

ŶǀŝƌŽŶŵĞŶƚĂŶĂĚĂ,ŝƐƚŽƌŝĐĂůWƌĞĐŝƉŝƚĂƟŽŶĂƚĂ

ůŝŵĂƚĞĚĂƚĂŝƐĐƵƌƌĞŶƚůLJĐŽůůĞĐƚĞĚďLJŶǀŝƌŽŶŵĞŶƚĂŶĂĚĂŝŶƚǁŽůŽĐĂƟŽŶƐŝŶƚŚĞǀŝĐŝŶŝƚLJŽĨƚŚĞWƌŽũĞĐƚ^ŝƚĞ͕ƚŚĞ >ĞƚŚďƌŝĚŐĞŽƵŶƚLJŝƌƉŽƌƚĂŶĚƚŚĞ>ĞƚŚďƌŝĚŐĞZĞƐĞĂƌĐŚ^ƚĂƟŽŶ͕ƌĞĨĞƌƌĞĚƚŽďLJŶǀŝƌŽŶŵĞŶƚĂŶĂĚĂĂƐ͘͟͞ dŚĞ>ĞƚŚďƌŝĚŐĞŽƵŶƚLJŝƌƉŽƌƚŝƐůŽĐĂƚĞĚƐŽƵƚŚĞĂƐƚŽĨƚŚĞŝƚLJŽĨ>ĞƚŚďƌŝĚŐĞĂŶĚĂƉƉƌŽdžŝŵĂƚĞůLJϭϲŬŵƐŽƵƚŚǁĞƐƚ ŽĨƚŚĞdŽǁŶŽĨŽĂůĚĂůĞ͘,ŝƐƚŽƌŝĐĂůĚĂƚĂĞdžŝƐƚƐĨŽƌƚŚŝƐƐƚĂƟŽŶďĞƚǁĞĞŶƚŚĞĚĂƚĞƐ:ĂŶƵĂƌLJϭ͕ϭϵϯϴĂŶĚ:ƵůLJϯϭ͕ϮϬϬϴ ǁŝƚŚĚĂƚĂŐĂƉƐďĞƚǁĞĞŶ͘ ŚĂƐĚĂƚĂĨƌŽŵ&ĞďƌƵĂƌLJ ϭ͕ϭϵϬϴƚŚƌŽƵŐŚƚŽƚŚĞƉƌĞƐĞŶƚĚĂƚĞ͘ ƵƌƌĞŶƚůLJ͕ŶǀŝƌŽŶŵĞŶƚĂŶĂĚĂŚĂƐŽŶůLJƉƌŽĐĞƐƐĞĚƉŽƌƟŽŶƐŽĨĞĂĐŚŽĨƚŚĞĚĂƚĂƐĞƚƚŚƌŽƵŐŚŝƚƐƋƵĂůŝƚLJĐŽŶƚƌŽůƉƌŽͲ ŐƌĂŵ͕ǁŚŝĐŚĐŚĞĐŬƐĨŽƌĞƌƌŽŶĞŽƵƐǀĂůƵĞƐ͘ĂƚĂǁĂƐĞdžƚƌĂĐƚĞĚǁŝƚŚƚŚĞƉƌĞĨĞƌĞŶĐĞĨŽƌ͗ŝƌƉŽƌƚƉƌŽĐĞƐƐĞĚĚĂƚĂ͕ ƉƌŽĐĞƐƐĞĚĚĂƚĂ͕ŝƌƉŽƌƚƵŶƉƌŽĐĞƐƐĞĚĚĂƚĂ͕ĂŶĚĮŶĂůůLJƵŶƉƌŽĐĞƐƐĞĚĚĂƚĂ͘  ͮപ/Ed'Zds>KWDEd^dZd'z

&ƌŽŵ dŽ ^ŽƵƌĐĞ ϮͬϭͬϭϵϬϴ ϭϮͬϯϭͬϭϵϯϳ hŶƉƌŽĐĞƐƐĞĚ ϭͬϭͬϭϵϯϴ ϭϭͬϯϬͬϭϵϵϮ ŝƌƉŽƌƚhŶƉƌŽĐĞƐƐĞĚ ϭϮͬϭͬϭϵϵϮ ϯͬϯϭͬϭϵϵϰ ŝƌƉŽƌƚWƌŽĐĞƐƐĞĚ ϰͬϭͬϭϵϵϰ ϭϮͬϯϭͬϭϵϵϰ ŝƌƉŽƌƚhŶƉƌŽĐĞƐƐĞĚ ϭͬϭͬϭϵϵϱ ϭͬϯϭͬϭϵϵϱ WƌŽĐĞƐƐĞĚ Ϯͬϭͬϭϵϵϱ ϰͬϯϬͬϭϵϵϱ ŝƌƉŽƌƚWƌŽĐĞƐƐĞĚ ϱͬϭͬϭϵϵϱ ϴͬϯϭͬϭϵϵϱ WƌŽĐĞƐƐĞĚ ϵͬϭͬϭϵϵϱ ϯͬϯϭͬϮϬϬϲ ŝƌƉŽƌƚWƌŽĐĞƐƐĞĚ ϰͬϭͬϮϬϬϲ ϲͬϯϬͬϮϬϬϴ WƌŽĐĞƐƐĞĚ ϳͬϭͬϮϬϬϴ ϳͬϯϭͬϮϬϬϴ ŝƌƉŽƌƚWƌŽĐĞƐƐĞĚ ϴͬϭͬϮϬϬϴ ƵƌƌĞŶƚ WƌŽĐĞƐƐĞĚ KĐĐĂƐŝŽŶĂůůLJ͕ƚŚĞƐƚĂƟŽŶŵŝƐƐĞĚŽŶĞŽƌƚǁŽĚĂLJƐŽĨĚĂƚĂ͖ƚŚĞƐĞǁĞƌĞƌĞƉůĂĐĞĚǁŝƚŚnjĞƌŽĨŽƌƉƌĞĐŝƉŝƚĂƟŽŶǀĂůƵĞƐĂŶĚ ƚŚĞŵŽŶƚŚůLJĐůŝŵĂƚĞŶŽƌŵĂůĨŽƌƚĞŵƉĞƌĂƚƵƌĞ͕ĂƐůŝƐƚĞĚďĞůŽǁ͘

hŶŝƚ :ĂŶ &Ğď DĂƌ Ɖƌŝů DĂLJ :ƵŶĞ :ƵůLJ ƵŐ ^ĞƉƚ KĐƚ EŽǀ ĞĐ ĂŝůLJǀĞƌĂŐĞdĞŵƉ͘ Ǒ Ͳϳ͘ϴ Ͳϰ͘ϲ ͲϬ͘Ϯ ϲ͘Ϭ ϭϭ͘ϯ ϭϱ͘ϱ ϭϴ͘Ϭ ϭϳ͘ϳ ϭϮ͘ϲ ϳ͘Ϭ Ͳϭ͘ϱ Ͳϲ͘ϭ ZĂŝŶĨĂůů ŵŵ Ϭ͘ϭ Ϭ͘ϰ ϭ͘ϰ ϭϲ͘ϭ ϰϵ͘ϰ ϲϯ͘Ϭ ϰϳ͘ϱ ϰϱ͘ϭ ϯϳ͘ϲ ϴ͘ϴ ϭ͘Ϯ Ϭ͘ϱ dŽƚĂůWƌĞĐŝƉŝƚĂƟŽŶ ŵŵ ϭϳ͘ϲ ϭϭ͘ϲ Ϯϰ͘Ϭ ϯϭ͘ϭ ϱϯ͘ϱ ϲϯ͘Ϭ ϰϳ͘ϱ ϰϱ͘ϴ ϯϵ͘ϲ ϭϴ͘ϵ ϭϲ͘ϵ ϭϲ͘ϳ

ŝŐŝƚĂůĂƚĂŽůůĞĐƟŽŶ

ŝŐŝƚĂůĚĂƚĂĨŽƌƚŚĞƉƌŽĚƵĐƟŽŶŽĨŵĂƉƉŝŶŐĂŶĚĮŐƵƌĞƐǁĂƐƉƌŽǀŝĚĞĚďLJƚŚĞĨŽůůŽǁŝŶŐĂŐĞŶĐŝĞƐ͗

^ŽƵƌĐĞ ĂƚĂdLJƉĞ ůƚĂ>/^ ŽƵŶƚLJ>ĞŐĂůĂƐĞ ŽƵŶƚLJdŽƉŽŐƌĂƉŚLJ ŽƵŶƚLJŽĨ>ĞƚŚďƌŝĚŐĞ'/^ĞƉĂƌƚŵĞŶƚ hƟůŝƚLJ>ŽĐĂƟŽŶƐ ^DZ/>ĂƚĞƌĂůĂŶĚƌĂŝŶEĞƚǁŽƌŬ ϮϬϬϵŽƵŶƚLJŝƌWŚŽƚŽ dŽǁŶŽĨŽĂůĚĂůĞKƉĞƌĂƟŽŶƐ^ƚĂī ŽĂůĚĂůĞ^ƚŽƌŵWŝƉĞEĞƚǁŽƌŬ ŽĂůĚĂůĞ^ƚŽƌŵWŽŶĚƐ ŽĂůĚĂůĞ^ĂŶŝƚĂƌLJ>ĂŐŽŽŶƐĂŶĚ&ŽƌĐĞŵĂŝŶ ŽĂůĚĂůĞ^ĂŶŝƚĂƌLJWŝƉĞEĞƚǁŽƌŬ ŽĂůĚĂůĞtĂƚĞƌ^ƵƉƉůLJEĞƚǁŽƌŬ ŽĂůĚĂůĞ>ĞŐĂů ^ƚ͘DĂƌLJ͛ƐZŝǀĞƌ/ƌƌŝŐĂƟŽŶŝƐƚƌŝĐƚ;^DZ/Ϳ >ĂƚĞƌĂůĂŶĚƌĂŝŶEĞƚǁŽƌŬĞƚĂŝůƐĂŶĚ^ĞĐƟŽŶƐ ůďĞƌƚĂdƌĂŶƐƉŽƌƚĂƟŽŶ ,ŝŐŚǁĂLJϴϰϱWůĂŶĂŶĚWƌŽĮůĞƌĂǁŝŶŐƐ ƵƌƌĞŶƚůLJ͕ƚŚĞƚŽƉŽŐƌĂƉŚŝĐŝŶĨŽƌŵĂƟŽŶƉƌŽǀŝĚĞĚďLJůƚĂ>/^ŝƐďĂƐĞĚƵƉŽŶƉŽŝŶƚƐƚĂŬĞŶĂƚϭϬϬŵŝŶƚĞƌǀĂůƐ͘ĚĚŝͲ ƟŽŶĂůĚĂƚĂǁŝůůďĞƌĞƋƵŝƌĞĚŝŶŽƌĚĞƌƚŽƉĞƌĨŽƌŵĚĞƚĂŝůĞĚĂŶĂůLJƐŝƐŽŶƚŚĞĐĂƚĐŚŵĞŶƚƐŝŶĨƵƌƚŚĞƌƐƚƵĚŝĞƐĨŽƌŝŶĚŝǀŝĚƵĂů ĐŽŵƉŽŶĞŶƚƐŽĨƚŚĞZĞŐŝŽŶĂů^ƚŽƌŵǁĂƚĞƌŽŶĐĞƉƚ͘>ŝZ;͚>ŝŐŚƚĞƚĞĐƟŽŶĂŶĚZĂŶŐŝŶŐ͛Žƌ͚>ĂƐĞƌ/ŵĂŐŝŶŐĞƚĞĐͲ ƟŽŶĂŶĚZĂŶŐŝŶŐͿŝƐĂŶĞīĞĐƟǀĞŵĞƚŚŽĚŽĨŽďƚĂŝŶŝŶŐĚĞƚĂŝůĞĚƚŽƉŽŐƌĂƉŚŝĐŝŶĨŽƌŵĂƟŽŶŽŶĂƌĞŐŝŽŶ͘ƵƌƌĞŶƚůLJ͕ƚŚĞ ŵŽƐƚƌĞĐĞŶƚƉƵďůŝĐůLJĂǀĂŝůĂďůĞ>ŝZĂĐƋƵŝƐŝƟŽŶĨŽƌƚŚĞƌĞŐŝŽŶǁĂƐŽďƚĂŝŶĞĚŝŶϮϬϬϳĂŶĚŝƐĂǀĂŝůĂďůĞĨƌŽŵĂŶŽŶůŝŶĞ ƉƌŽǀŝĚĞƌďLJƚŚĞŶĂŵĞŽĨsĂůƚƵƐ/ŵĂŐĞƌLJ^ĞƌǀŝĐĞƐ͘sĂůƚƵƐŝƐĂĚŝǀŝƐŝŽŶŽĨEŽƌƚŚtĞƐƚ'ĞŽŵĂƟĐƐ>ƚĚĂŶĚ͕ŝŶƉĂƌƚŶĞƌͲ ƐŚŝƉǁŝƚŚĂŶƵŵďĞƌŽĨůŽĐĂůĂŶĚŝŶƚĞƌŶĂƟŽŶĂůƉĂƌƚŶĞƌƐƉƌŽǀŝĚĞƐĂĐĐĞƐƐƚŽŵƵůƟƉůĞƌĞƐŽůƵƟŽŶŝŵĂŐĞƌLJůĂLJĞƌƐĨŽƌ /Ed'Zds>KWDEd^dZd'z |

ůĂƌŐĞĂƌĞĂĂŶĂůLJƐŝƐ͘dŚĞŝƌĐŽƐƚƐĂƌĞĂƐĨŽůůŽǁƐ͗

dŽƚĂůKƌĚĞƌ^ŝnjĞ WƌŝĐĞ WƌŝĐĞ VTNP VTNP 7LOH±VTNP                            ZĞƉƌŽĚƵĐĞĚĐŽƵƌƚĞƐLJŽĨsĂůƚƵƐ/ŵĂŐĞƌLJ^ĞƌǀŝĐĞƐ͕ǁǁǁ͘ǀĂůƚƵƐ͘ĐŽŵ͕ƉƌŝůϮϬϭϭ ůƚĞƌŶĂƟǀĞůLJ͕>ŝZĚĂƚĂĐŽƵůĚďĞĐŽůůĞĐƚĞĚƐƉĞĐŝĮĐĂůůLJĨŽƌƚŚŝƐƉƌŽũĞĐƚďLJŇLJŝŶŐƚŚĞƉƌŽũĞĐƚĂƌĞĂ͘ŶƵŵďĞƌŽĨůŽĐĂů ƉƌŽǀŝĚĞƌƐŝŶƚŚĞĂƌĞĂĂƌĞĂǀĂŝůĂďůĞĨŽƌƚŚĞƐĞƐĞƌǀŝĐĞƐ͘

ƉƉĞŶĚŝdžͲtĂƚĞƌ^ƵƉƉůLJĂŶĚtĂƐƚĞǁĂƚĞƌ ƉƉĞŶĚŝdž&ͲĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ^ƚƌĂƚĞŐLJ ƉƉĞŶĚŝdž'ͲZĞŐŝŽŶĂůWĂƚŚǁĂLJ^LJƐƚĞŵ

ƉƉĞŶĚŝdž,ͲKƉĞŶ^ƉĂĐĞWůĂŶŶŝŶŐ

ƉƉĞŶĚŝdž:ͲƌĐŚŝƚĞĐƚƵƌĂů&ŽƌŵĂŶĚŚĂƌĂĐƚĞƌ ƉƉĞŶĚŝdž<ͲŝŽƉŚLJƐŝĐĂůKǀĞƌǀŝĞǁĂŶĚĂƚĂ^ƵŵŵĂƌLJ Appendix K_1

Summary Table of Biophysical Information County of Lethbridge and Town of Coaldale Page A-1 Biophysical Overview and Data Summary for the WER 110-11 Lethbridge/Coaldale Corridor Integrated Development Strategy March, 2011

Table 1: Summary Table of Biophysical Information

Biophysical Component Deliverable Attached Source of Available Data Applications/Limitations/Follow-up

General Land Cover x Map of Land Cover x Provided by the County of x Provides a general indication of the distribution and Lethbridge on October 13, 2010. extent of existing vegetation communities and habitats. x Original spatial data from x May require ground-truthing to confirm accuracy for Agriculture and Agri-Food . further land use planning applications. x Map created in 2009. x Data inputs included Landsat-5 TM or Landsat-7 ETM+ satellite imagery, airphotos, databases, soils information etc. from 1998 to 2003. x Small features (less than 0.4ha) may have been omitted from classification. x Overall accuracy was determined to be 82% based on analysis completed with independent ground reference information. x Map of Soils x Provided by the County of x May require ground-truthing to confirm accuracy for Lethbridge. further land use planning applications. x Map created in 2009. x Developed using AGRASID (Version 3.0). x Contour Data x AutoCAD file x May require ground-truthing to confirm accuracy for further land use planning applications.

Westhoff Engineering Resources, Inc. County of Lethbridge and Town of Coaldale Page A-2 Biophysical Overview and Data Summary for the WER 110-11 Lethbridge/Coaldale Corridor Integrated Development Strategy March, 2011

Biophysical Component Deliverable Attached Source of Available Data Applications/Limitations/Follow-up

Land Cover x Photo mosaic x Provided by the County of x May be applied to develop vegetation community and/or Lethbridge on Oct. 13, 2010. habitat maps x Orthorectified imagery, flown in x May be applied in evaluating impacts to habitat available June 2009. for species and communities of special management x Scale 1:30,000 ʹ 0.5m pixel with 1 concern to 1.4m accuracy. x May be applied in the development of a wetland and riparian land inventory of the Study Area

Plants Potential Special Status x List of species with x Alberta Conservation Information x The standard search of the ACIMS database is very broad Plants the potential to Management System (ACMIS) as it is completed with reference to the Natural occur in the Study (http://www.tpr.alberta.ca/parks/h ^ƵďƌĞŐŝŽŶ;͞DŝdžĞĚŐƌĂƐƐ͟Ϳ Area based on eritageinfocentre/datarequests/def x Further evaluation of the potential for rare plants may be Natural Subregion ault.aspx) completed based on available suitable habitat, GIS-based x Excel file modeling, or with field surveys for rare plants Potential Rare ecological x List of communities x ACMIS Tracked Elements Listed by x The standard search of the ACIMS database is very broad communities with the potential to Natural Subregions as it is completed with reference to the Natural occur in the Study (http://www.tpr.alberta.ca/parks/h ZĞŐŝŽŶ;͞'ƌĂƐƐůĂŶĚ͟Ϳ Area based on eritageinfocentre/datarequests/def x Further evaluation of the potential for rare ecological Natural Region ault.aspx) communities may be completed based on available x Excel file suitable habitat, GIS-based modeling, or with field surveys for rare ecological communities

Westhoff Engineering Resources, Inc. County of Lethbridge and Town of Coaldale Page A-3 Biophysical Overview and Data Summary for the WER 110-11 Lethbridge/Coaldale Corridor Integrated Development Strategy March, 2011

Biophysical Component Deliverable Attached Source of Available Data Applications/Limitations/Follow-up

Observed special status x Map of current x ACMIS data request x Data gaps are expected as many areas in Alberta have plants and rare records (http://www.tpr.alberta.ca/parks/h never been comprehensively surveyed and an ACMIS ecological communities eritageinfocentre/datarequests/def data search is not intended as a final statement on the ault.aspx) presence, absence, or condition of such elements in a x ACMIS ESRI shapefile given area. x Further evaluation of the potential for rare plants or rare ecological communities may be completed based on available suitable habitat, GIS-based modeling, or with field surveys Wildlife Potential Wildlife species x List of wildlife x ACMIS Tracked Elements Listed by x Provides a general indication of the abundance and species, including Natural Subregions diversity of wildlife in the Study Area their federal and (http://www.tpr.alberta.ca/parks/h x Provides information on wildlife federally or provincially provincial status eritageinfocentre/datarequests/def listed as species of special management concern with the potential to ault.aspx) x Further evaluation may be completed to confirm species occur and whether x Western Reptiles and Amphibians, presence based on available habitat, GIS-based they have been 3rd edition (Stebbins, 2003). modeling, or field survey. observed within or x Mammals of Alberta (Pattie and in the vicinity of the Fisher, 1999). Study Area x The Amphibians and Reptiles of Alberta (Russell and Bauer, 2000). x The Atlas of Breeding Birds in Alberta (1992). x The Federation of Alberta Naturalists Field Guide to Alberta Birds (McGillivray and Semenchuk, 1998).

Westhoff Engineering Resources, Inc. County of Lethbridge and Town of Coaldale Page A-4 Biophysical Overview and Data Summary for the WER 110-11 Lethbridge/Coaldale Corridor Integrated Development Strategy March, 2011

Biophysical Component Deliverable Attached Source of Available Data Applications/Limitations/Follow-up

Observed special status x List of wildlife x Fisheries and Wildlife Management x Data gaps are expected as FWMIS does not contain a wildlife species species, including System (FWMIS) complete record of fish and wildlife observations their federal and (http://www.srd.alberta.ca/Managi available. Information accessible through FWMIS is not provincial status ngPrograms/FishWildlifeManageme intended to be a definitive statement on the presence, with the potential to nt/FisheriesWildlifeManagementInf absence, or status of a species within a given area, nor is occur and whether ormationSystem/Default.aspx) it a substitute for on-site surveys. they have been x Interactive Mapping Framework x Further evaluation may be completed to confirm species observed within or Query presence based on available habitat, GIS-based in the vicinity of the modeling, or field surveys. Study Area Observed special status x List of fish species x Fisheries and Wildlife Management fish species that have been System (FWMIS) observed in the (http://www.srd.alberta.ca/Managi Study Area including ngPrograms/FishWildlifeManageme their federal and nt/FisheriesWildlifeManagementInf provincial status ormationSystem/Default.aspx) x Interactive Mapping Framework Query Species at Risk Habitat x no deliverable x MULTISAR (Multiple Species at Risk) x 17 species are included in the HSI Model, which have Suitability Indices attached x Reports available by Section or been selected because: (1) they are a representative of a quarter section group of similar species, (2) they possess narrow ecological or habitat requirements, (3) they have a high sensitivity to change, or (4) they are valued as a ͞ŬĞLJƐƚŽŶĞƐƉĞĐŝĞƐ͘͟ x Models have not been field truthed, and as such, should be treated as preliminary. x Models have limitations due to the coarse resolution of the available databases used in the modeling and/or the limited data available (i.e. key data regarding available habitat features may not exist).

Westhoff Engineering Resources, Inc. County of Lethbridge and Town of Coaldale Page A-5 Biophysical Overview and Data Summary for the WER 110-11 Lethbridge/Coaldale Corridor Integrated Development Strategy March, 2011

Biophysical Component Deliverable Attached Source of Available Data Applications/Limitations/Follow-up

Environmental Significant Areas (ESA) ESA x Map of ESAs in the x Environmentally Significant Areas, x Data gaps are expected as the identification of ESAs Study Area Provincial Update 2009 occurred at a very large scale and should be considered a x Description of ESAs (http://tpr.alberta.ca/parks/heritag coarse-scale assessment of environmental values in the within or adjacent einfocentre/environsigareas/default Province and the Study Area respectfully. to the Study Area .aspx) x Follow-up evaluation is needed to confirm the absence x ESRI shapefile of ESAs from the Study Area based on available data on x Environmentally Significant Areas, sensitive biophysical features of the area. Provincial Update PDF report and map (Fiera Biological Consulting. 2009)

Westhoff Engineering Resources, Inc. Appendix K_2

Natural Regions and Subregions of Alberta Appendix K_3

Base Map Appendix K_4

Soils Map Appendix K_5

Land Cover Map Appendix K_6

Potential and Observed Special Status Plants, and Rare Ecological Communities, Within or Adjacent to the Study Area County of Lethbridge and Town of Coaldale Page F-1 Biophysical Overview and Data Summary for the WER 110-11 Lethbridge/Coaldale Corridor Integrated Development Strategy March, 2011

Potential and Observed Special Status Plants Within and Adjacent the Study Area.

Status Common Name Scientific Name Observed Location AB COSEWIC SARA S Rank Acadian Hairstreak Satyrium acadicum UN S2 2007 N of Study Area Annual Skeletonweed Shinnersoseris rostrata MBAR Biscuit-root Lomatium cous MBAR

Blunt-leaved Yellow Cress Rorippa curvipes var. truncata

Broad-leaved Arrowhead Sagittaria latifolia MBAR Buff Fleabane Erigeron ochroleucus var. scribneri

Californian Amaranth Amaranthus californicus MBAR

Chaffweed Anagallis minima MBAR Clammy hedge-hyssop Gratiola neglecta SEN

Clammyweed Polanisia dodecandra MBAR S2 1987 and 1997 N and W of Study Area

Corymbose everlasting Antennaria corymbosa MBAR desert firedot lichen Caloplaca trachyphylla S2 1980 W of Study Area Dowingia Dowingia laeta S2 1978 SW of Study Area Downingia Downingia laeta MBAR Psilocarphus brevissimus var. Dwarf Woollyheads EN EN brevissimus

Early Buttercup Ranunculus glaberrimus MBAR Flowering-quillwort Lilaea scilloides MBAR Goosefoot Chenopodium incanum MBAR

Westhoff Engineering Resources, Inc. County of Lethbridge and Town of Coaldale Page F-2 Biophysical Overview and Data Summary for the WER 110-11 Lethbridge/Coaldale Corridor Integrated Development Strategy March, 2011

Status Common Name Scientific Name Observed Location AB COSEWIC SARA S Rank Thelesperma subnudum var. Greenthread marginatum Hairy Pepperwort Marsilea vestita MBAR S2 1967 SW of Study Area Hare-footed Locoweed Oxytropis lagopus var. conjugans SC SC Hawk's-beard Crepis atribarba MBAR Lance-leaved Lungwort Mertensia lanceolata MBAR Leafy Pondweed Potamogeton foliosus S Linear-leaved Scorpionweed Phacelia linearis MBAR Low Cinquefoil Potentilla plattensis MBAR low Townsendia Townsendia exscapa MBAR Low Yellow Evening-primrose Oenothera flava MBAR Moquin's Sea-blite Suaeda moquinii Nebraska Sedge Carex nebrascensis MBAR NAR Nevada Bluegrass Poa nevadensis Nevada Rush Juncus nevadensis MBAR Northern Bladderpod Lesquerella arctica var. purshii

Pale Blue-eyed Grass Sisyrinchium septentrionale SEN 1940, 1969 and Centre of Study Area, Picradeniopsis Picradeniopsis oppositifolia MBAR S1 1978 W of Study Area Pinesap Monotropa hypopithys MBAR SE, E and S of Study Poison Suckleya Suckleya suckleyana MBAR S1S2 1950 and 1964 Area WŽǁĞůů͛Ɛ^ĂůďƵƐŚ Atriplex powellii SEN S1 2004 E of Study Area Prairie Cord Grass Spartina pectinata MBAR Prairie False Dandelion Nothocalais cuspidata MBAR

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Status Common Name Scientific Name Observed Location AB COSEWIC SARA S Rank Prairie Wedge Grass Sphenopholis obtusata MBAR Astragalus kentrophyta var. Prickly Milk Vetch kentrophyta

Red three-awn Aristida purpurea var. longiseta S2 1978 and 1997 W of Study Area Rockstar Lithophragma glabrum MBAR Saltbush Atriplex canescens S Salt-marsh Sand Spurry Spergularia salina MBAR S2S3 2008 SE of Study Area Shrubby Evening-primrose Calylophus serrulatus MBAR S2 1997 W of Study Area Side-oats Grama Bouteloua curtipendula S1 1955 W of Study Area Slender Cress Rorippa tenerrima MBAR Slender Spikerush Eleocharis elliptica UN Small Baby-blue-eyes Nemophila breviflora MBAR

Small-flowered Hawk's-beard Crepis occidentalis MBAR S2 Unknown W of Study Area

Smooth Boisduvalia Boisduvalia glabella MBAR N and NE of Study Smooth Narrow-leaved Chenopodium subglabrum MBAR TH TH S1 1988 Area along Oldman Goosefoot River Smooth Sweet Cicely Osmorhiza longistylis MBAR Soapweed Yucca glauca AR TH TH S1 2000 W of Study Area Spatulate-leaved Heliotrope Heliotropium curassavicum SEN Spreading Yellow Cress Rorippa sinuata MBAR S1 1964 SW of Study Area Tufted Hymenopappus Hymenopappus filifolius MBAR Two-leaved Waterweed Elodea bifoliata MBAR Two-leaved Waterweed Elodea biofoliata MBAR S2 2004 S of Study Area

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Status Common Name Scientific Name Observed Location AB COSEWIC SARA S Rank Upland Evening-primrose Camissonia andina MBAR Water Speedwell Veronica catenata MBAR Waterpod Ellisia nyctelea MBAR S2 2004 S of Study Area Waterwort Elatine triandra MBAR Western Blue Flag Iris missouriensis AR SC TH S2 1979 and 2007 NW of Study Area Western False Gromwell Onosmodium molle MBAR Whitlow-grass Draba reptans MBAR S1S2 1986 and 1987 N and W of Study Area Widgeon-grass Ruppia cirrhosa SEN S1 1976 S of Study Area Yellow Cress Rorippa curvipes MBAR SU 2004 S of Study Area Yellow Monkeyflower Mimulus guttatus S

Status: AB, COSEWIC and SARA Ranking: S = Secure; SEN = Sensitive; SC = Special Concern; MBAR = May Be At Risk; AR = At Risk; EN = Endangered; TH = Threatened; UN = Undetermined; EX = Exotic/Alien; EP = Extirpated.

S Ranking: S = provincial; 1 = five or fewer occurrences (i.e. hectares); 2 = 6 to 20 occurrences; 3 = vulnerable because it is very rare and local throughout its range, is found only within a restricted range, or is threatened by some factor of its biology or environment; 4 = apparently secure, generally common and widespread, but may be rare in parts of its range; 5 = demonstrably secure because of it is widespread and abundant, may be rare in parts of its range but in general, is common throughout; ? = denotes uncertainty in the ranking

Source: ACMIS Tracked Elements Listed by Natural Subregions (http://www.tpr.alberta.ca/parks/heritageinfocentre/datarequests/default.aspx); ACIMS data search (http://www.tpr.alberta.ca/parks/heritageinfocentre/datarequests/searchdata.aspx).

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Potential Rare Ecological Communities Associated with the Mixed Grassland Natural Subregion.

Status Element Scientific Name Element Common Name Alberta National Global Occurrence Details Rank Rank Rank Schizachyrium scoparium little bluestem - mountain S1? NNR On sub-irrigated channel deposits in the Mixedgrass and Foothills - Festuca campestris rough fescue Fescue Natural Subregions.

Juniperus horizontalis / creeping juniper / sun-loving S1S2 NNR In badlands that are made up of bedrock exposures of marine Carex pensylvanica - sedge - yellow umbrella- shales of the Bearpaw formation; occurs on badland pediments Eriogonum flavum plant that have formed mid-slope, below the crest of slope and above benches and valley bottems; slopes are prone to erosion due to soft materials and lack of vegetation.

Crataegus chrysocarpa / round-leaved hawthorn / S1S2 NNR Found on slopes immediately below a spring or seep; may also Heracleum lanatum - cow parsnip - common occur on alluvial terraces along streams and rivers; stands on Urtica dioica - Viola nettle - western Canada slopes tend to be in a concave spot, mid slope and have been canadensis violet documented various aspects, but primarily on south-facing slopes; water table is close to the surface

Artemisia longifolia - long-leaved sagewort - S1 NNR Found on badland slopes; vegetation is scattered on Chrysothamnus rabbitbrush unconsolidated bedrock, usually sandstone or shale. nauseosus Pascopyrum smithii - western wheat grass - S1 NNR Found on badland formations, on moderate northeast facing Atriplex nuttallii atriplex coulee slopes; characterized by having 75 - 80% bare ground; appears to be significant habitat for short horned lizard.

Artemisia cana / Festuca silver sagebrush / mountain S1? NNR Found on moderately steep, west facing slope. campestris - Stipa rough fescue - western curtiseta porcupine grass

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Status Element Scientific Name Element Common Name Alberta National Global Occurrence Details Rank Rank Rank Aristida purpurea red three-awn grassland S1 NNR A small patch community, found on sleep south-facing slopes, mid- grassland slope although also noted along ridge tops; associated substrate is light, sandy and stony.

Status: S = provincial; N = national; G = global; 1 = five or fewer occurrences (i.e. hectares); 2 = 6 to 20 occurrences; 3 = vulnerable because it is very rare and local throughout its range, is found only within a restricted range, or is threatened by some factor of its biology or environment; 4 = apparently secure, generally common and widespread, but may be rare in parts of its range; 5 = demonstrably secure because of it is widespread and abundant, may be rare in parts of its range but in general, is common throughout; ? = denotes uncertainty in the ranking

Source: ACMIS Tracked Elements Listed by Natural Subregions (http://www.tpr.alberta.ca/parks/heritageinfocentre/datarequests/default.aspx); ACMIS Community Tracking List Report 2010 (http://www.tpr.alberta.ca/parks/heritageinfocentre/ecocommunities/docs/ctl2010.pdf.

Westhoff Engineering Resources, Inc. Appendix K_7

Potential and Observed Wildlife and Fish Species Within or Adjacent to the Study Area County of Lethbridge and Town of Coaldale Page G-1 Biophysical Overview and Data Summary for the WER 110-11 Lethbridge/Coaldale Corridor Integrated Development Strategy March, 2011

Potential and Observed wildlife species within and adjacent to the Study Area.

AMPHIBIANS AND REPTILES Status FWMIS Common Name Scientific Name AB COSEWIC SARA Observations Tiger Salamander Ambystoma tigrinum S Northern Leopard Rana pipiens AR SC SC Frog 3 Great Plains Toad Bufo cognatus MBAR SC SC  Plains Spadefoot Spea bombifrons MBAR 3 Canadian Toad Bufo hemiophrys MBAR Boreal Chorus Frog Pseudacris maculata S

Red-sided Garter Thamnophis sirtalis SEN Snake Wandering Garter Thamnophis elegans SEN Snake 3 Bullsnake Pituophis catenifer SEN 3 Plains Garter Snake Thamnophis radix SEN  Prairie Rattlesnake Crotalus viridis MBAR 3 Western Painted Chrysemys picta SEN Turtle 3

MAMMALS Status FWMIS Common Name Scientific Name AB COSEWIC SARA Observations White-tailed Deer Odocoileus virginianus S Pronghorn Antilocapra americana SEN Mule Deer Odocoileus hemionus S

Long-tailed Weasel Mustela frenata MBAR 3 Mink Mustela vison S Least Weasel Mustela nivalis S American Badger Taxidea taxus SEN Striped Skunk Mephitis mephitis S

Common Raccoon Procyon lotor S

Coyote Canis latrans S Swift Fox Vulpes velox AR EN EN

Common Porcupine Erethizon dorsatum S

Westhoff Engineering Resources, Inc. County of Lethbridge and Town of Coaldale Page G-2 Biophysical Overview and Data Summary for the WER 110-11 Lethbridge/Coaldale Corridor Integrated Development Strategy March, 2011

Status FWMIS Common Name Scientific Name AB COSEWIC SARA Observations Western Jumping Zapus princeps S Mouse

Prairie Vole Microtus ochrogaster S Sagebrush Vole Lemmiscus curtatus S Long-tailed Vole Microtus longicaudus S House Mouse Mus musculus EX Deer Mouse Peromyscus maniculatus S Muskrat Ondatra zibethicus S Western Harvest Reithrodontomys UN EN EN Mouse megalotis Meadow Vole Microtis pennsylvanicus S Bushy-tailed Neotoma cinerea S Woodrat Northern Onychomys leucogaster S Grasshopper Mouse

Beaver Castor canadensis S

Olive-backed Pocket Perognathus fasciatus SEN Mouse Ord's Kangaroo Rat Dipodomys ordii AR EN EN

Northern Pocket Thomomys talpoides S Gopher

Yellow-bellied Marmota flaviventris S Marmot Thirteen-lined Ground Spermophilus UN Squirrel tridecemlineatus Richardson's Ground Spermophilus richardsonii S Squirrel

White-tailed Jack Lepus townsendii S Rabbit Nuttall's Cottontail Sylvilagus nuttallii S SC Snowshoe Hare Lepus americanus S

Hoary Bat Lasiurus cinereus SEN 3 Red Bat Lasiurus borealis SEN Long-legged Bat Myotis volans UN

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Status FWMIS Common Name Scientific Name AB COSEWIC SARA Observations Long-eared Bat Myotis evotis S 3 Western Small-footed Myotis ciliolabrum SEN Bat 3 Little Brown Bat Myotis lucifugus S Big Brown Bat Eptesicus fuscus S Silver-haired Bat Lasionycteris noctivagans SEN

Dusky Shrew Sorex monticolus S Prairie Shrew Sorex haydeni S

BIRDS Status FWMIS Common Name Scientific Name AB COSEWIC SARA Observations Eared Grebe Podiceps nigricollis S Pied-billed Grebe Podilymbus podiceps SEN Clark's Grebe Aechmophorus clarkii MBAR Western Grebe Aechmophorus SEN occidentalis Red-necked Grebe Podiceps grisegena S Horned Grebe Podiceps auritus SEN SC

American White Pelecanus erythrorhynchos SEN Pelican 3

Double-crested Phalacrocorax auritus S Cormorant

American Bittern Botaurus lentiginosus SEN Great Blue Heron Ardea herodias SEN Black-crowned Night- Nycticorax nycticorax SEN heron

White-faced Ibis Plegadis chihi SEN

Mallard Anas platyrhynchos S American Green- Anas crecca SEN winged Teal Redhead Aythya americana S American Wigeon Anas americana S

Westhoff Engineering Resources, Inc. County of Lethbridge and Town of Coaldale Page G-4 Biophysical Overview and Data Summary for the WER 110-11 Lethbridge/Coaldale Corridor Integrated Development Strategy March, 2011

Status FWMIS Common Name Scientific Name AB COSEWIC SARA Observations Blue-winged Teal Anas discors S Bufflehead Bucephala albeola S Northern Shoveler Anas clypeata S Common Merganser Mergus merganser S Mallard Anas platyrhynchos S Common Goldeneye Bucephala clangula S Lesser Scaup Aythya affinis SEN Canada Goose Branta canadensis S Hooded Merganser Lophodytes cucullatus S Canvasback Aythya valisineria S Gadwall Anas strepera S Ruddy Duck Oxyura jamaicensis S Cinnamon Teal Anas cyanoptera S Northern Pintail Anas acuta SEN Wood Duck Aix sponsa S Trumpeter Swan Cygnus buccinator AR White-winged Scoter Melanitta fusca SEN

Bald Eagle Haliaeetus leucocephalus SEN 3 Ferruginous Hawk Buteo regalis AR 3 Sharp-shinned Hawk Accipiter striatus S  Swainson's Hawk Buteo swainsoni SEN 3 Golden Eagle Aquila chrysaetos SEN 3 Northern Harrier Circus cyaneus SEN 3 Cooper's Hawk Accipiter cooperii S  Red-tailed Hawk Buteo jamaicensis S

Peregrine Falcon Falco peregrinus AR SC TH 3 Prairie Falcon Falco mexicanus SEN Merlin Falco columbarius S American Kestrel Falco sparverius S

Sharp-tailed Grouse Tympanuchus phasianellus SEN 3 Greater Sage-grouse Centrocercus AR EN EN urophasianus Ring-necked Phasianus colchicus EX Pheasant Gray Partridge Perdix perdix EX

Sora Porzana carolina SEN American Coot Fulica americana S

Westhoff Engineering Resources, Inc. County of Lethbridge and Town of Coaldale Page G-5 Biophysical Overview and Data Summary for the WER 110-11 Lethbridge/Coaldale Corridor Integrated Development Strategy March, 2011

Status FWMIS Common Name Scientific Name AB COSEWIC SARA Observations Virginia Rail Rallus limicola UN

American Golden- Pluvialis dominica S plover Mountain Plover Charadrius montanus AR EN EN Killdeer Charadrius vociferus S Semipalmated Plover Charadrius semipalmatus S Black-bellied Plover Pluvialis squatarola S

American Avocet Recurvirostra americana S Black-necked Stilt Himantopus mexicanus SEN

Willet Catoptrophorus S semipalmatus Wilson's Phalarope Phalaropus tricolor S Spotted Sandpiper Actitis macularia S Marbled Godwit Limosa fedoa S Long-billed Curlew Numenius americanus SEN SC SC 3 Upland Sandpiper Bartramia longicauda SEN

Caspian Tern Sterna caspia SEN Franklin's Gull Larus pipixcan S Forster's Tern Sterna forsteri SEN California Gull Larus californicus S Common Tern Sterna hirundo S Black Tern Chlidonias niger SEN Ring-billed Gull Larus delawarensis S

Mourning Dove Zenaida macroura S Rock Pigeon Columba livia EX

Black-billed Cuckoo Coccyzus erythropthalmus UN

Burrowing Owl Athene cunicularia AR EN EN 3 Long-eared Owl Asio otus S  Short-eared Owl Asio flammeus MBAR SC SC 3 Great Horned Owl Bubo virginianus S

Common Poorwill Phalaenoptilus nuttallii UN Common Nighthawk Chordeiles minor SEN TH

Westhoff Engineering Resources, Inc. County of Lethbridge and Town of Coaldale Page G-6 Biophysical Overview and Data Summary for the WER 110-11 Lethbridge/Coaldale Corridor Integrated Development Strategy March, 2011

Status FWMIS Common Name Scientific Name AB COSEWIC SARA Observations Ruby-throated Archilochus colubris S Hummingbird

Belted Kingfisher Ceryle alcyon S

Downy Woodpecker Picoides pubescens S Hairy Woodpecker Picoides villosus S Northern Flicker Colaptes auratus S

Alder Flycatcher Empidonax alnorum S Eastern Kingbird Tyrannus tyrannus S Eastern Phoebe Sayornis phoebe SEN Say's Phoebe Sayornis saya S Least Flycatcher Empidonax minimus SEN Western Wood- Contopus sordidulus S pewee Western Kingbird Tyrannus verticalis S

Northern Shrike Lanius excubitor S Loggerhead Shrike Lanius ludovicianus SEN TH TH

Warbling Vireo Vireo gilvus S

Black-billed Magpie Pica pica S American Crow Corvus brachyrhynchos S

Horned Lark Eremophila alpestris S

Northern Rough- Stelgidopteryx serripennis S winged Swallow Barn Swallow Hirundo rustica SEN 3 Tree Swallow Tachycineta bicolor S Violet-green Swallow Tachycineta thalassina S Cliff Swallow Petrochelidon pyrrhonota S Bank Swallow Riparia riparia S

Mountain Chickadee Poecile gambeli S Black-capped Poecile atricapilla S Chickadee

Marsh Wren Cistothorus palustris S

Westhoff Engineering Resources, Inc. County of Lethbridge and Town of Coaldale Page G-7 Biophysical Overview and Data Summary for the WER 110-11 Lethbridge/Coaldale Corridor Integrated Development Strategy March, 2011

Status FWMIS Common Name Scientific Name AB COSEWIC SARA Observations House Wren Troglodytes aedon S Rock Wren Salpinctes obsoletus S

American Robin Turdus migratorius S Mountain Bluebird Sialia currucoides S

Brown Thrasher Toxostoma rufum S Gray Catbird Dumetella carolinensis S Northern Mimus polyglottos S Mockingbird

European Starling Sturnus vulgaris EX

Sprague's Pipit Anthus spragueii SEN TH TH 3

Cedar Waxwing Bombycilla cedrorum S

Yellow-breasted Chat Icteria virens S Yellow Warbler Dendroica petechia S Common Geothlypis trichas SEN Yellowthroat

Lark Bunting Calamospiza melanocorys S 3 Song Sparrow Melospiza melodia S Grasshopper Sparrow Ammodramus SEN savannarum McCown's Longspur Calcarius mccownii SSC SC Spotted Towhee Pipilo maculatus S Baird's Sparrow Ammodramus bairdii MBAR Brewer's Sparrow Spizella breweri SEN Snow Bunting Plectrophenax nivalis S Chestnut-collared Calcarius ornatus S Longspur Clay-colored Sparrow Spizella pallida S Chipping Sparrow Spizella passerina S Savannah Sparrow Passerculus sandwichensis S Vesper Sparrow Pooecetes gramineus S Lark Sparrow Chondestes grammacus S

Baltimore Oriole Icterus galbula SEN Western Meadowlark Sturnella neglecta S

Westhoff Engineering Resources, Inc. County of Lethbridge and Town of Coaldale Page G-8 Biophysical Overview and Data Summary for the WER 110-11 Lethbridge/Coaldale Corridor Integrated Development Strategy March, 2011

Status FWMIS Common Name Scientific Name AB COSEWIC SARA Observations Bullock's Oriole Icterus bullockii S Yellow-headed Xanthocephalus S Blackbird xanthocephalus Brown-headed Molothrus ater S Cowbird Common Grackle Quiscalus quiscula S Red-winged Blackbird Agelaius phoeniceus S Brewer's Blackbird Euphagus cyanocephalus S Bobolink Dolichonyx oryzivorus SEN

Pine Grosbeak Pinicola enucleator S Pine Siskin Carduelis pinus S Common Redpoll Carduelis flammea S Evening Grosbeak Coccothraustes S vespertinus Purple Finch Carpodacus purpureus S American Goldfinch Carduelis tristis S

House Sparrow Passer domesticus EX

Status: S = Secure; SEN = Sensitive; SC = Special Concern; MBAR = May Be At Risk; AR = At Risk; EN = Endangered; TH = Threatened; UN = Undetermined; EX = Exotic/Alien; EP = Extirpated.

Sources: ACMIS Tracked Elements by Natural Subregions (http://www.tpr.alberta.ca/parks/heritageinfocentre/datarequests/default.aspx; Russell and Bauer (2000); Stebbins (2003); McGillivray and Semenchuk (1998); Pattie and Fisher (1999); FWMIS fish and wildlife report (http://xnet.env.gov.ab.ca/imf/imf.jsp?site=fw_mis_pub); Leo Dune, Alberta Environment, personal communication (2010)

Westhoff Engineering Resources, Inc. County of Lethbridge and Town of Coaldale Page G-9 Biophysical Overview and Data Summary for the WER 110-11 Lethbridge/Coaldale Corridor Integrated Development Strategy March, 2011

Fish Species Observed Within and in the Vicinity of the Study Area

Status Common Name Scientific Name AB COSEWIC SARA Brook Stickleback Culaea inconstans S Brook Trout Salvelinus fontinalis EX Brown Trout Salmo trutta EX Bull Trout Salvelinus confluentus SEN Burbot Lota lota S Cutthroat Trout Oncorhynchus clarki AR TH Cutthroat Trout X Oncorhynchus clarki X Rainbow Trout Oncorhynchus mykiss EX Emerald Shiner Notropis atherinoides S Fathead Minnow Pimephales promelas S Flathead Chub Platygobio gracilis S Goldeye Hiodon alosoides S Grass Carp Lake Chub Couesius plumbeus S Lake Sturgeon Acipenser fulvescens AR EN No Status Lake Trout Salvelinus namaycush SEN Lake Whitefish Coregonus clupeaformis S Longnose Dace Rhinichthys cataractae S Longnose Sucker Catostomus catostomus S Mooneye Hiodon tergisus S Mountain Sucker Catostomus platyrhynchus SNAR Mountain Whitefish Prosopium williamsoni S Northern Pike Esox lucius S Pearl Dace Margariscus margarita UN Quillback Carpiodes cyprinus UN Rainbow Trout Oncorhynchus mykiss MBAR River Shiner Notropis blennius UN Sauger Sander canadensis SEN Moxostoma Shorthead Redhorse macrolepidotum S Silver Redhorse Moxostoma anisurum UN Spoonhead Sculpin Cottus ricei MBAR NAT Spottail Shiner Notropis hudsonius S Trout-Perch Percopsis omiscomaycus S Tullibee (Cisco) Coregonus artedi S Walleye Stizostedion vitreum S White Sucker Catostomus commersoni S Yellow Perch Perca flavescens S

Status: S = Secure; SEN = Sensitive; SC = Special Concern; MBAR = May Be At Risk; AR = At Risk; EN = Endangered; TH = Threatened; UN = Undetermined; EX = Exotic/Alien; EP = Extirpated

Westhoff Engineering Resources, Inc. County of Lethbridge and Town of Coaldale Page G-10 Biophysical Overview and Data Summary for the WER 110-11 Lethbridge/Coaldale Corridor Integrated Development Strategy March, 2011

Source: Fisheries & Wildlife Information System (http://www.srd.alberta.ca/ManagingPrograms/FishWildlifeManagement/FisheriesWildlifeManagementInformati onSystem/Default.aspx)

Westhoff Engineering Resources, Inc. Appendix K_8

Environmentally Significant Areas in the Study Area County of Lethbridge and Town of Coaldale Page H-1 Biophysical Overview and Data Summary for the WER 110-11 Lethbridge/Coaldale Corridor Integrated Development Strategy March, 2011

Environmentally Significant Areas in the Study Area

Significance ESA Description Criteria Species Found Level 291 Mixed Grassland, National x Contains 31 elements of Ferruginous Hawk, Western Foothills Fescue, conservation concern; Burrowing Owl, Peregrine Montane x Contains rare or unique landforms Falcon, Lake Sturgeon, River x Contains habitat for focal species; Shiner, Silver Redhorse, x Contains important wildlife Yellow-bellied Marmot, habitat; American Pellitory, x Contains intact riparian areas and Clammyweed, Common riparian areas along the six major Tickseed, Greenthread, Hairy rivers; Pepperwort, Linear-leaved x Contains large natural areas Scorpionweed, Low Townsendia, Pale Blue-eyed Grass, Picradeniopsis, Prairie Wedge Grass, Red Three-awn, Shrubby Evening-primrose, Small Baby-blue-eyes, Small- ĨůŽǁĞƌĞĚ,ĂǁŬ͛Ɛ-bread, Soapweed, Spatulate-leaved Helitrope, Spreading Yellow Cress, Water Speedwell, Waterpod, Western False Gromwell, Western Ribgrass 294 Dry Mixed Grassland, National x Contains 14 elements of Great Plains Toad, Leopard Mixed Grassland conservation concern; Frog, Ferruginous Hawk, x Contains habitat for focal species; Western Burrowing Owl, Lake x Contains important wildlife Sturgeon, River Shiner, Sliver habitat; Redhorse, Acadian Hairstreak, x Contains intact riparian areas and Oslar's Roadside-skipper, riparian areas along the six major Rocky Mountain Dottled Blue, rivers; Ruddy Copper, Woodland x Contains large natural areas Skipper, Hoary Bat, Clammyweed, Draba reptans, Smooth Narrow-leaved Goosefoot Source: Environmentally Significant Areas, Provincial Update 2009 (http://tpr.alberta.ca/parks/heritageinfocentre/environsigareas/default.aspx)

Westhoff Engineering Resources, Inc. Appendix K_9

Rare Plant, Rare Community and Environmentally Significant Areas Map