///Ͳϰ EĂƚŝŽŶĂůĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚdƌĂǀĞůĞŵĂŶĚ &ŽƌĞĐĂƐƚŝŶŐ YƵĞƐƚŝŽŶŶĂŝƌĞ
ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϮϮ
///Ͳϰ EĂƚŝŽŶĂůĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚdƌĂǀĞůĞŵĂŶĚ &ŽƌĞĐĂƐƚŝŶŐ džĂŵƉůĞŽĨĞƐƚŝŵĂƚŝŽŶƌĞƐƵůƚƐ ƐƚŝŵĂƚŝŽŶŽĨŵŽĚĂůƐƉůŝƚŵŽĚĞů;ƚŽƵƌŝƐƚ͕ďƵƐŝŶĞƐƐƚƌŝƉͿ
ƐƚŝŵĂƚŝŽŶƌĞƐƵůƚŽĨƌŽƵƚĞĂƐƐŝŐŶŵĞŶƚŵŽĚĞů;ƚŽƵƌŝƐƚ͕ďƵƐŝŶĞƐƐƚƌŝƉͿ
ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ Ϯϯ ///Ͳϰ EĂƚŝŽŶĂůĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚdƌĂǀĞůĞŵĂŶĚ &ŽƌĞĐĂƐƚŝŶŐ &ƌŽŵŵŽĚĞůƚŽƉƌŽũĞĐƚĨĞĂƐŝďŝůŝƚLJƐƚƵĚLJ ӑ dŚĞƐƚƵĚLJŽŶƚŚĞƉƌŽŵŽƚŝŽŶŽĨƌĂŝůǁĂLJĂŝƌƉŽƌƚĂĐĐĞƐƐ ;D>/d͕ϮϬϬϰͲϮϬϬϱͿ ƐĨŽƌƌĂŝůǁĂLJĂĐĐĞƐƐƚŽ,ĂŶĞĚĂ ŝƌƉŽƌƚ ŽŶƐŝĚĞƌĂƚŝŽŶŽĨĐƵƌƌĞŶƚƉƌŽďůĞŵƐĂŶĚŝƐƐƵĞƐ ŽŶƐŝĚĞƌĂƚŝŽŶŽĨƐĞƌǀŝĐĞůĞǀĞůŝŵƉƌŽǀĞŵĞŶƚƉŽůŝĐLJʤhƐĂďŝůŝƚLJ͕dƌĂŶƐĨĞƌĂďŝůŝƚLJ͕/ŶͲƚƌĂŝŶĂŵĞŶŝƚLJŝŵƉƌŽǀĞŵĞŶƚ͕ĂĐĐĞƐƐŝďŝůŝƚLJ ŝŵƉƌŽǀĞŵĞŶƚ͕ĞƚĐ͘Ϳ &ƵƚƵƌĞƉůĂŶŽĨƌĂŝůǁĂLJĂĐĐĞƐƐ /ŶƚŚŝƐƐƚƵĚLJ͕ƚƌĂǀĞůĚĞŵĂŶĚĞƐƚŝŵĂƚŝŽŶĂŶĚďĞŶĞĨŝƚĞƐƚŝŵĂƚŝŽŶĂŶĂůLJƐĞƐĂƌĞĐŽŶĚƵĐƚĞĚŽŶƚŚĞƉůĂŶŶĞĚƌŽƵƚĞƐŚŽǁŶďĞůŽǁ
ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ Ϯϰ
///Ͳϰ EĂƚŝŽŶĂůĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚdƌĂǀĞůĞŵĂŶĚ &ŽƌĞĐĂƐƚŝŶŐ dŚĞƌĞƐƵůƚŽĨĞĂĐŚĞǀĂůƵĂƚŝŽŶŽŶƚŚĞƉůĂŶŶĞĚůŝŶĞƐ
ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ Ϯϱ ///Ͳϱ ŽŶĐĞƌŶŝŶŐĂďŽƵƚWŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚŝŶŐ
WŽƉƵůĂƚŝŽŶĂƚĂͲ WŽƉƵůĂƚŝŽŶ ƐƚŝŵĂƚŝŽŶĨƌŽŵ/W^^ /ŶdD͕ĚĂƚĂŽĨŶŝŐŚƚƚŝŵĞƉŽƉƵůĂƚŝŽŶďLJĂŐĞŐƌŽƵƉ;ŝŶƚŚĞƐĐĂůĞŽĨůĂƌŐĞnjŽŶĞͿĂƌĞŽďƚĂŝŶĞĚĨƌŽŵƚŚĞ ĞƐƚŝŵĂƚŝŽŶĨƌŽŵ/W^^Ύ͘dŚĞĞƐƚŝŵĂƚŝŽŶŽĨƚŽƚĂůƉŽƉƵůĂƚŝŽŶĂŐĞĚϱLJĞĂƌƐŽůĚĂŶĚĂďŽǀĞǁĂƐĐŽŶĚƵĐƚĞĚŝŶDĂƌĐŚ͕ ϮϬϭϯ͘&ƌŽŵƚŚŝƐĞƐƚŝŵĂƚŝŽŶ͕ƉƌŽũĞĐƚŝŽŶƵŶƚŝůϮϬϯϬŝƐƵƚŝůŝnjĞĚŝŶƉƌŽũĞĐƚĞĚƵŶƚŝůLJĞĂƌϮϬϯϬǁŚŝĐŚŝƐƚŚĞƚĂƌŐĞƚLJĞĂƌ ŝŶdŚĞdƌĂŶƐƉŽƌƚWŽůŝĐLJWůĂŶEŽ͘ϭϵϴ
ƐƚŝŵĂƚĞĚLJĞĂƌ
ĐƚƵĂů
ƐƚŝŵĂƚĞĚĂŶĚĂĐƚƵĂůƉŽƉƵůĂƚŝŽŶ;dŽŬLJŽƉƌĞĨ͘Ϳ ƐƚŝŵĂƚĞĚĂŶĚĂĐƚƵĂůƉŽƉƵůĂƚŝŽŶ;<ĂŶĂŐĂǁĂƉƌĞĨ͘Ϳ
ƐƚŝŵĂƚĞĚĂŶĚĂĐƚƵĂůƉŽƉƵůĂƚŝŽŶ;^ĂŝƚĂŵĂƉƌĞĨ͘Ϳ ƐƚŝŵĂƚĞĚĂŶĚĂĐƚƵĂůƉŽƉƵůĂƚŝŽŶ;ŚŝďĂƉƌĞĨ͘Ϳ
Ύ/W^^͗EĂƚŝŽŶĂů/ŶƐƚŝƚƵƚĞŽĨWŽƉƵůĂƚŝŽŶĂŶĚ^ŽĐŝĂů^ĞĐƵƌŝƚLJZĞƐĞĂƌĐŚ
Ϯϲ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϫͲϭ WŽƉƵůĂƚŝŽŶ &ŽƌĞĐĂƐƚDŽĚĞůůŝŶŐ dDƉŽƉƵůĂƚŝŽŶĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞů ĂƐĞĚŽŶĨŽůůŽǁŝŶŐZĂŝůǁĂLJDĂƐƚĞƌWůĂŶ ŽƵŶĐŝůŽĨdƌĂŶƐƉŽƌƚWŽůŝĐLJWůĂŶ;dWWͿEŽ͘ϭϴ;ϮϬϬϬͿ ŽƵŶĐŝůŽĨdƌĂŶƐƉŽƌƚWŽůŝĐLJWůĂŶEŽ͘ϭϵϴ;ϮϬϭϲͿ
WŽƉƵůĂƚŝŽŶ &ŽƌĞĐĂƐƚ ŝŶ dWWEŽ͘ϭϴ WŽƉƵůĂƚŝŽŶ &ŽƌĞĐĂƐƚ ŝŶ dWWEŽ͘ϭϵϴ dDƌĂŝůǁĂLJǁŽƌŬŝŶŐŐƌŽƵƉ
/sͲϭWŽƉƵůĂƚŝŽŶ &ŽƌĞĐĂƐƚ ŝŶ dWWEŽ͘ϭϴͲ ĞĨŝŶŝƚŝŽŶ
DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ
ĞĨŝŶŝƚŝŽŶŽĨƚLJƉĞƐŽĨƉŽƉƵůĂƚŝŽŶ ůĂƐƐŝĨŝĐĂƚŝŽŶďĂƐĞĚŽŶϭϵϵϱEĂƚŝŽŶĂůĞŶƐƵƐ EŝŐŚƚƚŝŵĞƉŽƉƵůĂƚŝŽŶ;ŚŽŵĞͲďĂƐĞĚƉŽƉƵůĂƚŝŽŶͿ ZĞƐŝĚĞŶĐĞďĂƐĞĚǁŽƌŬĞƌ;ŚŽŵĞͲďĂƐĞĚǁŽƌŬŝŶŐͲĐŽŵŵƵƚĞƌͿ tŽƌŬƉůĂĐĞďĂƐĞĚǁŽƌŬĞƌ;ǁŽƌŬƉůĂĐĞͲďĂƐĞĚǁŽƌŬŝŶŐͲĐŽŵŵƵƚĞƌͿ ZĞƐŝĚĞŶĐĞďĂƐĞĚƐƚƵĚĞŶƚ;ŚŽŵĞͲďĂƐĞĚƐĐŚŽŽůŝŶŐͲĐŽŵŵƵƚĞƌͿ ^ĐŚŽŽůďĂƐĞĚƐƚƵĚĞŶƚ;ǁŽƌŬƉůĂĐĞͲďĂƐĞĚƐĐŚŽŽůŝŶŐͲĐŽŵŵƵƚĞƌͿ ĂLJƚŝŵĞƉŽƉƵůĂƚŝŽŶсŶŝŐŚƚƚŝŵĞƉŽƉƵůĂƚŝŽŶʹ ;ƌĞƐŝĚĞŶĐĞďĂƐĞĚǁŽƌŬĞƌн ƐƚƵĚĞŶƚͿн;ǁŽƌŬƉůĂĐĞďĂƐĞĚǁŽƌŬĞƌнƐĐŚŽŽůďĂƐĞĚƐƚƵĚĞŶƚͿ
Ϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϭWŽƉƵůĂƚŝŽŶ &ŽƌĞĐĂƐƚ ŝŶ dWWEŽ͘ϭϴ Ͳ &ůŽǁƐ
&ůŽǁƐŽĨƉŽƉƵůĂƚŝŽŶĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞů &ƌŽŵ ϲ ƚLJƉĞƐ͕ ĨŝƌƐƚ͕ ͞ŶŝŐŚƚƚŝŵĞ ƉŽƉƵůĂƚŝŽŶ͟ ŝƐ ĞƐƚŝŵĂƚĞĚ͘ &ƌŽŵ ŶŝŐŚƚƚŝŵĞ ƉŽƉƵůĂƚŝŽŶ͕ ͞ƌĞƐŝĚĞŶĐĞ ďĂƐĞĚ ǁŽƌŬĞƌ͟ ĂŶĚ ͞ƌĞƐŝĚĞŶĐĞ ďĂƐĞĚ ƐƚƵĚĞŶƚ͟ ĂƌĞ ĞƐƚŝŵĂƚĞĚ͘ ^ŝŵŝůĂƌůLJ͕ ĨƌŽŵ ƌĞƐŝĚĞŶĐĞ ďĂƐĞĚ͕ ͞ǁŽƌŬƉůĂĐĞ ďĂƐĞĚ ǁŽƌŬĞƌ͟ ĂŶĚ ͞ƐĐŚŽŽů ďĂƐĞĚ ƐƚƵĚĞŶƚ͟ ĂƌĞ ĞƐƚŝŵĂƚĞĚ͘ &ŝŶĂůůLJ͕ ͞ĚĂLJƚŝŵĞ ƉŽƉƵůĂƚŝŽŶ͟ ǁŝůů ďĞ ĞƐƚŝŵĂƚĞĚ ďLJ ƵƐŝŶŐ Ăůů ŽĨ ƚŚĞ ϱ ƚLJƉĞƐ ŽĨ ƉŽƉƵůĂƚŝŽŶ͘ ƌĞƐŝĚĞŶĐĞďĂƐĞĚǁŽƌŬĞƌ ǁŽƌŬƉůĂĐĞďĂƐĞĚǁŽƌŬĞƌ ŶŝŐŚƚƚŝŵĞƉŽƉƵůĂƚŝŽŶ ĚĂLJƚŝŵĞƉŽƉƵůĂƚŝŽŶ ƌĞƐŝĚĞŶĐĞďĂƐĞĚƐƚƵĚĞŶƚ ƐĐŚŽŽůďĂƐĞĚƐƚƵĚĞŶƚ
&ŽƌĞĐĂƐƚĞĚŶƵŵďĞƌŽĨƌĞƐŝĚĞŶĐĞ ZĞƐŝĚĞŶĐĞǁŚŽůŝǀĞŚĞƌĞďƵƚǁŽƌŬĂŶLJǁŚĞƌĞ tŽƌŬĞƌǁŚŽǁŽƌŬŚĞƌĞ WŽƉƵůĂƚŝŽŶǁŚŽƐƚĂLJŚĞƌĞĚƵƌŝŶŐĚĂLJƚŝŵĞ ZĞƐŝĚĞŶĐĞǁŚŽůŝǀĞŚĞƌĞďƵƚƐƚƵĚLJĂŶLJǁŚĞƌĞ ^ƚƵĚĞŶƚǁŚŽƐƚƵĚLJŚĞƌĞ ;ŶŝŐŚƚƚŝŵĞƉŽƉ͘ʹ ƉŽƉ͘KƵƚнƉŽƉ͘/ŶͿ
ŝƐƚƌŝďƵƚŝŽŶŽĨƉŽƉƵůĂƚŝŽŶŝŶĞĂĐŚnjŽŶĞƐŝnjĞ EƵŵďĞƌ ŽĨ ƉŽƉƵůĂƚŝŽŶ ǁŝůů ďĞ ŝŶŝƚŝĂůůLJ ĚŝƐƚƌŝďƵƚĞĚ ĨƌŽŵ ƚŚĞ ůĂƌŐĞƐƚ njŽŶĞ͘ &ƌŽŵ ƐƵĐŚ ůĂƌŐĞ njŽŶĞ͕ ŶƵŵďĞƌ ŽĨ ƉŽƉƵůĂƚŝŽŶ ǁŝůů ďĞ ĨƵƌƚŚĞƌ ĚŝƐƚƌŝďƵƚĞĚ ŝŶƚŽ ƐŵĂůůĞƌ njŽŶĞƐ
ůŽĐŬ tŚŽůĞ ŝƚLJͬWƌĞĨĞĐƚƵƌĞ DƵŶŝĐŝƉĂůŝƚLJ ^ >ĞǀĞů ;>njŽŶĞͿ njŽŶĞ dD >ĞǀĞů
ŽŶƐŝĚĞƌĂƚŝŽŶŽĨůĂŶĚ ĚĞǀĞůŽƉŵĞŶƚŝŶƚŚŝƐůĞǀĞů ϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ
;ZĞĨĞƌĞŶĐĞͿWƌĞĨĞĐƚƵƌĞ>ĞǀĞůĂŶĚDƵŶŝĐŝƉĂůŝƚLJ>ĞǀĞů
/ďĂƌĂŬŝ
^ĂŝƚĂŵĂ
dŽŬLJŽ
<ĂŶĂŐĂǁĂ
ŚŝďĂ
ϰ ;ZĞĨĞƌĞŶĐĞͿůŽĐŬ>ĞǀĞů
EŽƌƚŚƉĂƌƚŽĨ^ĂŝƚĂŵĂ ^ŽƵƚŚƉĂƌƚŽĨ/ďĂƌĂŬŝ WƌĞĨĞĐƚƵƌĞ ^ŽƵƚŚƉĂƌƚŽĨ^ĂŝƚĂŵĂ WƌĞĨĞĐƚƵƌĞ
EŽƌƚŚͲǁĞƐƚƉĂƌƚŽĨŚŝďĂ ^ĂŝƚĂŵĂŝƚLJ
dĂŵĂĂƌĞĂ͕dŽŬLJŽ ĂƐƚ ƉĂƌƚŽĨŚŝďĂ
dŽŬLJŽ ŚŝďĂŝƚLJ
<ĂŶĂŐĂǁĂWƌĞĨĞĐƚƵƌĞ ^ŽƵƚŚͲǁĞƐƚƉĂƌƚ ŽĨŚŝďĂ
zŽŬŽŚĂŵĂ ŝƚLJ <ĂǁĂƐĂŬŝ ŝƚLJ
ϱ
/sͲϭWŽƉƵůĂƚŝŽŶ &ŽƌĞĐĂƐƚ ŝŶ dWWEŽ͘ϭϴ Ͳ EŝŐŚƚƚŝŵĞWŽƉ͘
tŚŽůĞdDƉŽƉƵůĂƚŝŽŶ ĂƐĞĚŽŶƚŚĞĨŽƌĞĐĂƐƚĞĚǀĂůƵĞĨƌŽŵ͞dDDĂƐƚĞƌWůĂŶEŽ͘ϱ͟;EĂƚŝŽŶĂů>ĂŶĚŐĞŶĐLJ͕ϭϵϵϵͿ
dDDĂƐƚĞƌWůĂŶEŽ͘ϱс'ĞŶĞƌĂůůĂŶĚĚĞǀĞůŽƉŵĞŶƚƉůĂŶŝŶdD dŽĐŽƉĞǁŝƚŚƚŚĞƉƌŽďůĞŵƌĞůĂƚĞĚƚŽŽǀĞƌĐƌŽǁĚĞĚƉŽƉƵůĂƚŝŽŶĂŶĚŵŽŶŽĐĞŶƚƌŝĐĚĞǀĞůŽƉŵĞŶƚŝŶ dŽŬLJŽ dŽŝŵƉƌŽǀĞƚŚĞƋƵĂůŝƚLJŽĨůŝǀŝŶŐŝŶdD
ŝƚLJͬWƌĞĨĞĐƚƵƌĞůĞǀĞůƉŽƉƵůĂƚŝŽŶ ĂƐĞĚŽŶƚŚĞŶĂƚƵƌĂůƉŽƉƵůĂƚŝŽŶŐƌŽǁƚŚ ĂŶĚŵŝŐƌĂƚŝŽŶ EĂƚƵƌĂůƉŽƉƵůĂƚŝŽŶŐƌŽǁƚŚƌĂƚĞ;ďŝƌƚŚ͕ĚĞĂƚŚͿ͗ ďĂƐĞĚŽŶƚŚĞĨŽƌĞĐĂƐƚĞĚǀĂůƵĞĨƌŽŵdŚĞEĂƚŝŽŶĂů/ŶƐƚŝƚƵƚĞŽĨWŽƉƵůĂƚŝŽŶĂŶĚ^ĞĐƵƌŝƚLJZĞƐĞĂƌĐŚ ;/W^^ͿŝŶϭϵϵϳ DŝŐƌĂƚŝŽŶƌĂƚĞ;ŵŽǀŝŶŐŝŶ͕ŽƵƚͿ͗ ďĂƐĞĚŽŶƚŚĞŵŝŐƌĂƚŝŽŶƌĂƚĞďĞƚǁĞĞŶϭϵϵϯͲϵϴĨƌŽŵƚŚĞ,ĂŶĚŬŽĨEĂƚŝŽŶĂůZĞŐŝƐƚƌĂƚŝŽŶ ;DŝŶŝƐƚƌLJŽĨ/ŶƚĞƌŶĂůĨĨĂŝƌƐĂŶĚŽŵŵƵŶŝĐĂƚŝŽŶƐͿ
ϲ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϭWŽƉƵůĂƚŝŽŶ &ŽƌĞĐĂƐƚ ŝŶ dWWEŽ͘ϭϴ Ͳ EŝŐŚƚƚŝŵĞWŽƉ͘
ůŽĐŬůĞǀĞůƉŽƉƵůĂƚŝŽŶ ĂƐĞĚŽŶƚŚĞŶĂƚƵƌĂůƉŽƉƵůĂƚŝŽŶŐƌŽǁƚŚĂŶĚŵŝŐƌĂƚŝŽŶ ŽŶƐŝĚĞƌĂƚŝŽŶŽĨůĂŶĚĚĞǀĞůŽƉŵĞŶƚ
EĂƚƵƌĂů ƉŽƉƵůĂƚŝŽŶ ŐƌŽǁƚŚ ƌĂƚĞ ;ďŝƌƚŚ͕ ĚĞĂƚŚͿ͗ ĚŝƐƚƌŝďƵƚŝŽŶ ĂĐƌŽƐƐ ĞĂĐŚ ďůŽĐŬ ŝƐ ĨŝdžĞĚ͕ ŐƌŽǁƚŚ ƌĂƚĞ ŝƐ ďĂƐĞĚ ŽŶ ŝƚLJͬWƌĞĨ͘ůĞǀĞůĚĂƚĂ DŝŐƌĂƚŝŽŶ ƌĂƚĞ ;ŵŽǀŝŶŐ ŝŶ͕ ŽƵƚͿ͗ ďĂƐĞĚ ŽŶ ƚŚĞ ŵŝŐƌĂƚŝŽŶ ƌĂƚĞ ďĞƚǁĞĞŶ ϭϵϵϯͲϵϴ ĨƌŽŵ ƚŚĞ ,ĂŶĚŬ ŽĨ EĂƚŝŽŶĂů ZĞŐŝƐƚƌĂƚŝŽŶ ;DŝŶŝƐƚƌLJ ŽĨ /ŶƚĞƌŶĂů ĨĨĂŝƌƐ ĂŶĚ ŽŵŵƵŶŝĐĂƚŝŽŶƐ;D/ͿͿ
ϳ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ
/sͲϭWŽƉƵůĂƚŝŽŶ &ŽƌĞĐĂƐƚ ŝŶ dWWEŽ͘ϭϴ Ͳ ZĞƐŝĚĞŶĐĞĂƐĞĚWŽƉ͘
ZĞƐŝĚĞŶĐĞďĂƐĞĚǁŽƌŬĞƌ ƐƚŝŵĂƚĞĚďLJEŝŐŚƚƚŝŵĞƉŽƉƵůĂƚŝŽŶŵƵůƚŝƉůLJďLJĞŵƉůŽLJŵĞŶƚƌĂƚĞďLJŐĞŶĚĞƌĂŶĚ ĂŐĞŐƌŽƵƉ
ZĞƐŝĚĞŶĐĞĂƐĞĚtŽƌŬĞƌс EŝŐŚƚƚŝŵĞWŽƉƵůĂƚŝŽŶΎ ŵƉůŽLJŵĞŶƚZĂƚĞ;ďLJ'ĞŶĚĞƌĂŶĚŐĞ'ƌŽƵƉͿ
ŵƉůŽLJŵĞŶƚZĂƚĞ;ďLJ'ĞŶĚĞƌĂŶĚŐĞ'ƌŽƵƉͿ ĂƐĞĚŽŶEĂƚŝŽŶĂůĞŶƐƵƐĚĂƚĂ;^ƚĂƚŝƐƚŝĐƐƵƌĞĂƵ͕D/ͿďĞƚǁĞĞŶϭϵϳϱͲϭϵϵϬ
ϴ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϭWŽƉƵůĂƚŝŽŶ &ŽƌĞĐĂƐƚ ŝŶ dWWEŽ͘ϭϴ Ͳ tŽƌŬƉůĂĐĞĂƐĞĚWŽƉ͘
tŽƌŬƉůĂĐĞ ďĂƐĞĚ ǁŽƌŬĞƌ tŚŽůĞ dD с ZĞƐŝĚĞŶĐĞ ďĂƐĞĚ ǁŽƌŬĞƌΎɲ ɲсƉĂƐƚ ǀĂůƵĞ ŽĨ ƌĂƚŝŽ ďĞƚǁĞĞŶ ͞ǁŽƌŬƉůĂĐĞ ďĂƐĞĚͬƌĞƐŝĚĞŶĐĞ ďĂƐĞĚ͟ ͗ ĂǀĞƌĂŐĞ ǀĂůƵĞ ĨƌŽŵ ϭϵϳϱͲϭϵϵϱсϭ͘ϬϬϰ ;ďĂƐĞĚ ŽŶ EĂƚŝŽŶĂů ĞŶƐƵƐͿ ŝƚLJͬWƌĞĨĞĐƚƵƌĞ ůĞǀĞů 'ƌŽǁƚŚ ƌĂƚĞ ŝƐ ĨŝdžĞĚ ďĂƐĞĚ ŽŶ ƚŚĞ ǀĂůƵĞ ďĞƚǁĞĞŶ ϭϵϳϱͲϭϵϵϱ ůŽĐŬ ůĞǀĞů hƐĞ ƚŚĞ ĂĐƚƵĂů ŐƌŽǁƚŚ ǀĂůƵĞ ďĞƚǁĞĞŶ ϭϵϳϱͲϭϵϵϱ ĂƐ Ă ĐŽŶƚƌŽů ǀĂůƵĞ ƐƚĞƉϭ͗ hƐĞ ƚŚĞ ŐƌŽǁƚŚ ƌĂƚĞ ďĞƚǁĞĞŶ ϭϵϳϱͲϭϵϵϱ ƚŽ ƐĞƚ ƚŚĞ ŐƌŽǁƚŚ ŝŶ ĞĂĐŚ LJĞĂƌ ƐƚĞƉϮ͗ &ŽƌĞĐĂƐƚĞĚ ǀĂůƵĞ ĐĂŶ ďĞ ĐĂůĐƵůĂƚĞĚ ďLJ ĂĚĚŝŶŐ ƚŚĞ ŐƌŽǁƚŚ ƌĂƚĞ ƚŽ ƚŚĞ ϭϵϵϱ ǀĂůƵĞ EŽƚĞ͗ /Ŷ ďůŽĐŬ ůĞǀĞů͕ ǁĞ ĨŽĐƵƐ ŽŶ ƚŚĞ ĂŶĂůLJƐŝƐ ŝŶ dŽŬLJŽ Ϯϯ ǁĂƌĚƐ ĂƌĞĂ ĂŶĚ dŽŬLJŽdĂŵĂĂƌĞĂ ĂƐ ƚŚĞƐĞ ƚǁŽ ĂƌĞĂƐ ĂƌĞ ƌĂƉŝĚůLJ ĚĞǀĞůŽƉĞĚ
ϵ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ
/sͲϭWŽƉƵůĂƚŝŽŶ &ŽƌĞĐĂƐƚ ŝŶ dWWEŽ͘ϭϴ Ͳ ĚĚŝƚŝŽŶĂůƉŽƉƵůĂƚŝŽŶĨƌŽŵůĂŶĚĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚ
ϭ͘ >ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ƉůĂŶ ĂŶĚ ŵŽĚĞůůŝŶŐ ĂƐĞĚ ŽŶ ƚŚĞ ĚĂƚĂ ĨƌŽŵ ƚŚĞ ůŽĐĂů ŐŽǀĞƌŶŵĞŶƚ͕ ƚŚĞ ŵŽĚĞů ǁŝůů ŝŶĐůƵĚĞ ƚŚĞ ƉƌŽũĞĐƚ ǁŝƚŚ ƚŚĞ ĞdžƉĞĐƚĞĚ ƌĞƐŝĚĞŶƚ ŽǀĞƌ ϭϬ͕ϬϬϬ ƉĞƌƐŽŶ͕ Žƌ ƚŚĞ ďƵƐŝŶĞƐƐ ĚĞǀĞůŽƉŵĞŶƚ ǁŝƚŚ ƚŚĞ ĞdžƉĞĐƚĞĚ ǁŽƌŬĞƌ ŽǀĞƌ ϱ͕ϬϬϬ ƉĞƌƐŽŶ Ϯ͘WƌŽŐƌĞƐƐĐƵƌǀĞ;ďƵŝůĚͲƵƉĐƵƌǀĞͿƐĞƚƚŝŶŐ
WƌŽŐƌĞƐƐƌĂƚĞ 㐍ᤖ⋡ ƵƐŝŶĞƐƐƌĞůĂƚĞĚŐĞŶĞƌĂƚŝŽŶ
y ᥎ィ᭤⥺ H[S bat
ᴗົ⣔㛤Ⓨ㐺⏝᭤⥺ y ͗ ƉƌŽŐƌĞƐƐ Db ͗ ƉĂƌĂŵĞƚĞƌt ͗ LJĞĂƌƐĂĨƚĞƌĐŽŶƐƚƌƵĐƚŝŽŶ ƌĂƚĞ LJĞĂƌƐĂĨƚĞƌĐŽŶƐƚƌƵĐƚŝŽŶ ╔ᕤᖺḟࡽࡢ⤒㐣ᖺ >ĂƌŐĞͲƐĐĂůĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚ DĞĚŝƵŵͲƐĐĂůĞŚŽƵƐŝŶŐ ^ŵĂůůͲƐĐĂůĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚ 㐍ᤖ⋡ ĚĞǀĞůŽƉŵĞŶƚ;ϱϬϬͲϭϬϬŚĂͿ 㐍ᤖ⋡ 㐍ᤖ⋡ ;хϱϬϬŚĂͿ ;фϭϬϬŚĂͿ 㺤㺋㺎㺞㺑㺻
༓ⴥ㺤㺋㺎㺞㺑㺻 ❳ࣨᓮ㺤㺋㺎㺞㺑㺻 ᑠつᶍ㛤Ⓨ
ከᦶ㺤㺋㺎㺞㺑㺻 ❳ྎᆅ༊
╔ᕤᖺḟࡽࡢ⤒㐣ᖺ ╔ᕤᖺḟࡽࡢ⤒㐣ᖺ ╔ᕤᖺḟࡽࡢ⤒㐣ᖺ
ϭϬ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϭWŽƉƵůĂƚŝŽŶ &ŽƌĞĐĂƐƚ ŝŶ dWWEŽ͘ϭϴͲ ĚĚŝƚŝŽŶĂůƉŽƉƵůĂƚŝŽŶĨƌŽŵůĂŶĚ ĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚ
EŝŐŚƚƚŝŵĞ ƉŽƉƵůĂƚŝŽŶ tŽƌŬƉůĂĐĞ ďĂƐĞĚǁŽƌŬĞƌ ^ŚĂƌĞ 'ƌŽǁƚŚ ;ϭ͕ϬϬϬƉĞƌƐŽŶͿ ŝŶĐƌĞĂƐĞ;ϭ͕ϬϬϬƉĞƌƐŽŶͿ ƌĂƚĞ ϭϵϴϬ ϭϵϴϱ ϭϵϵϬ ϭϵϵϱ ϮϬϭϱ ϭϵϳϱͲ ϭϵϴϬͲ ϭϵϴϱͲ ϭϵϵϬͲ ϭϵϵϱͲ ϮϬϭϱͬ ϭϵϴϬ ϭϵϴϱ ϭϵϵϬ ϭϵϵϱ ϮϬϭϱ ϭϵϵϱ ;ϱLJĂǀĞͿ dD Ϯϴ͕ϬϳϮ Ϯϵ͕ϴϳϴ ϯϭ͕ϱϳϬ ϯϯ͕ϭϵϯ ϯϰ͕Ϭϲϴ ϯϱ͕ϯϰϱ ϭ͕ϴϬϲ ϭ͕ϲϵϭ ϭ͕ϲϮϯ ϴϳϱ ϭ͕Ϯϳϳ ϭ͘Ϭϰ dŽŬLJŽ ƉƌĞĨ͘ ϭϭ͕ϲϰϬ ϭϭ͕ϱϴϱ ϭϭ͕ϳϵϱ ϭϭ͕ϴϮϰ ϭϭ͕ϳϰϮ ϭϭ͕Ϯϱϴ Ͳϱϱ ϮϭϬ Ϯϵ ͲϴϮ Ͳϰϴϰ Ϭ͘ϵϲ ĞĐƌĞĂƐŝŶŐ ϴ͕ϲϰϳ ϴ͕ϯϱϮ ϴ͕ϯϱϰ ϴ͕ϭϲϰ ϳ͕ϵϲϴ ϳ͕ϯϭϲ ͲϮϵϱ Ϯ ͲϭϵϬ Ͳϭϵϲ ͲϲϱϮ Ϭ͘ϵϮ ϮϯtĂƌĚƐ ŝŶ dĂŵĂƌĞĂ Ϯ͕ϵϵϯ ϯ͕Ϯϯϯ ϯ͕ϰϰϭ ϯ͕ϲϲϬ ϯ͕ϳϳϰ ϯ͕ϵϰϮ ϮϰϬ ϮϬϴ Ϯϭϵ ϭϭϰ ϭϲϴ ϭ͘Ϭϰ <ĂŶĂŐĂǁĂ ƉƌĞĨ͘ ϲ͕ϯϵϴ ϲ͕ϵϮϰ ϳ͕ϰϯϮ ϳ͕ϵϴϬ ϴ͕Ϯϰϲ ϴ͕ϲϳϳ ϱϮϲ ϱϬϴ ϱϰϴ Ϯϲϲ ϰϯϭ ϭ͘Ϭϱ zŽŬŽŚĂŵĂ Ϯ͕ϲϮϮ Ϯ͕ϳϳϰ Ϯ͕ϵϵϯ ϯ͕ϮϮϬ ϯ͕ϯϬϳ ϯ͕ϰϰϭ ϭϱϮ Ϯϭϵ ϮϮϳ ϴϳ ϭϯϰ ϭ͘Ϭϰ <ĂǁĂƐĂŬŝ ϭ͕Ϭϭϱ ϭ͕Ϭϰϭ ϭ͕Ϭϴϵ ϭ͕ϭϳϰ ϭ͕ϮϬϯ ϭ͕Ϯϲϯ Ϯϲ ϰϴ ϴϱ Ϯϵ ϲϬ ϭ͘Ϭϱ KƚŚĞƌƐ Ϯ͕ϳϲϭ ϯ͕ϭϬϵ ϯ͕ϯϱϬ ϯ͕ϱϴϲ ϯ͕ϳϯϲ ϯ͕ϵϳϯ ϯϰϴ Ϯϰϭ Ϯϯϲ ϭϱϬ Ϯϯϳ ϭ͘Ϭϲ ^ĂŝƚĂŵĂ ƉƌĞĨ͘ ϰ͕ϴϮϭ ϱ͕ϰϮϬ ϱ͕ϴϲϰ ϲ͕ϰϬϱ ϲ͕ϳϲϬ ϳ͕ϱϱϮ ϱϵϵ ϰϰϰ ϱϰϭ ϯϱϱ ϳϵϮ ϭ͘ϭϮ ^ŽƵƚŚ ϯ͕ϮϵϮ ϯ͕ϳϬϯ ϯ͕ϵϵϵ ϰ͕ϯϳϭ ϰ͕ϱϵϱ ϱ͕ϭϵϱ ϰϭϭ Ϯϵϲ ϯϳϮ ϮϮϰ ϲϬϬ ϭ͘ϭϯ EŽƌƚŚ ϭ͕ϱϮϵ ϭ͕ϳϭϳ ϭ͕ϴϲϱ Ϯ͕Ϭϯϰ Ϯ͕ϭϲϱ Ϯ͕ϯϱϳ ϭϴϴ ϭϰϴ ϭϲϵ ϭϯϭ ϭϵϮ ϭ͘Ϭϵ ŚŝďĂ ƉƌĞĨ͘ ϰ͕ϭϰϴ ϰ͕ϳϯϱ ϱ͕ϭϰϴ ϱ͕ϱϱϱ ϱ͕ϳϵϴ ϲ͕ϭϴϭ ϱϴϳ ϰϭϮ ϰϬϳ Ϯϰϯ ϯϴϯ ϭ͘Ϭϳ ŚŝďĂ ĐŝƚLJ ϲϱϵ ϳϰϲ ϳϴϵ ϴϮϵ ϴϱϳ ϴϵϮ ϴϳ ϰϯ ϰϬ Ϯϴ ϯϱ ϭ͘Ϭϰ EŽƌƚŚǁĞƐƚ Ϯ͕ϭϲϭ Ϯ͕ϲϬϬ Ϯ͕ϵϬϰ ϯ͕ϮϮϬ ϯ͕ϯϳϮ ϯ͕ϲϴϭ ϰϯϵ ϯϬϰ ϯϭϲ ϭϱϮ ϯϬϵ ϭ͘Ϭϵ ^ŽƵƚŚǁĞƐƚ ϰϱϱ ϰϵϵ ϱϰϱ ϱϳϴ ϲϬϲ ϲϭϵ ϰϰ ϰϲ ϯϯ Ϯϴ ϭϯ ϭ͘ϬϮ ĂƐƚ ϴϳϯ ϴϵϬ ϵϬϵ ϵϮϴ ϵϲϯ ϵϴϵ ϭϳ ϭϵ ϭϴ ϯϲ Ϯϲ ϭ͘Ϭϯ /ďĂƌĂŬŝ ƉƌĞĨ͘ ^ŽƵƚŚ ϭ͕Ϭϲϱ ϭ͕Ϯϭϰ ϭ͕ϯϯϭ ϭ͕ϰϮϵ ϭ͕ϱϮϮ ϭ͕ϲϳϳ ϭϰϵ ϭϭϳ ϵϴ ϵϯ ϭϱϱ ϭ͘ϭϬ
ϭϭ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ
/sͲϭWŽƉƵůĂƚŝŽŶ &ŽƌĞĐĂƐƚ ŝŶ dWWEŽ͘ϭϴ Ͳ ĚĚŝƚŝŽŶĂůƉŽƉƵůĂƚŝŽŶĨƌŽŵůĂŶĚ ĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚ
tŽƌŬƉůĂĐĞ ďĂƐĞĚǁŽƌŬĞƌ tŽƌŬƉůĂĐĞ ďĂƐĞĚǁŽƌŬĞƌ ^ŚĂƌĞ 'ƌŽǁƚŚ ;ϭ͕ϬϬϬƉĞƌƐŽŶͿ ŝŶĐƌĞĂƐĞ;ϭ͕ϬϬϬƉĞƌƐŽŶͿ ƌĂƚĞ ϭϵϳϱ ϭϵϴϬ ϭϵϴϱ ϭϵϵϬ ϭϵϵϱ ϮϬϭϱ ϭϵϳϱͲ ϭϵϴϬͲ ϭϵϴϱͲ ϭϵϵϬͲ ϭϵϵϱͲ ϮϬϭϱͬ ϭϵϴϬ ϭϵϴϱ ϭϵϵϬ ϭϵϵϱ ϮϬϭϱ ϭϵϵϱ ;ϱLJĂǀĞͿ dD ϭϯ͕ϭϮϭ ϭϰ͕Ϭϰϰ ϭϱ͕ϰϯϮ ϭϳ͕ϬϴϮ ϭϳ͕ϵϬϬ ϭϴ͕Ϭϳϱ ϵϮϰ ϭ͕ϯϴϴ ϭ͕ϲϰϵ ϴϭϵ ϭϳϰ ϭ͘Ϭϭ dŽŬLJŽ ƉƌĞĨ͘ ϳ͕Ϭϰϵ ϳ͕ϯϬϬ ϳ͕ϴϴϲ ϴ͕ϲϭϭ ϴ͕ϳϱϮ ϴ͕ϴϬϲ Ϯϱϭ ϱϴϲ ϳϮϱ ϭϰϭ ϱϰ ϭ͘Ϭϭ ϮϯtĂƌĚƐ ϲ͕ϭϭϴ ϲ͕Ϯϯϰ ϲ͕ϲϴϭ ϳ͕Ϯϰϵ ϳ͕Ϯϲϴ ϳ͕ϯϬϭ ϭϭϲ ϰϰϳ ϱϲϴ ϭϵ ϯϯ ϭ͘ϬϬ EŽĐŚĂŶŐĞŝŶ dĂŵĂƌĞĂ ϵϯϭ ϭ͕Ϭϲϲ ϭ͕ϮϬϱ ϭ͕ϯϲϮ ϭ͕ϰϴϰ ϭ͕ϱϬϱ ϭϯϱ ϭϯϵ ϭϱϳ ϭϮϮ Ϯϭ ϭ͘Ϭϭ <ĂŶĂŐĂǁĂ ƉƌĞĨ͘ Ϯ͕ϰϰϵ Ϯ͕ϲϯϵ Ϯ͕ϵϳϯ ϯ͕ϯϭϲ ϯ͕ϱϮϰ ϯ͕ϱϲϰ ϭϵϬ ϯϯϰ ϯϰϯ ϮϬϴ ϰϬ ϭ͘Ϭϭ zŽŬŽŚĂŵĂ ϵϲϲ ϭ͕Ϭϯϭ ϭ͕ϭϱϭ ϭ͕ϮϵϮ ϭ͕ϯϵϯ ϭ͕ϰϬϴ ϲϱ ϭϮϬ ϭϰϭ ϭϬϭ ϭϱ ϭ͘Ϭϭ <ĂǁĂƐĂŬŝ ϰϲϭ ϰϲϱ ϰϵϱ ϱϯϴ ϱϰϴ ϱϱϭ ϰ ϯϬ ϰϯ ϭϬ ϯ ϭ͘ϬϬ KƚŚĞƌƐ ϭ͕ϬϮϮ ϭ͕ϭϰϯ ϭ͕ϯϮϳ ϭ͕ϰϴϲ ϭ͕ϱϴϯ ϭ͕ϲϬϱ ϭϮϭ ϭϴϰ ϭϱϵ ϵϳ ϮϮ ϭ͘Ϭϭ ^ĂŝƚĂŵĂ ƉƌĞĨ͘ ϭ͕ϲϰϳ ϭ͕ϴϴϳ Ϯ͕ϭϯϱ Ϯ͕ϰϭϳ Ϯ͕ϲϮϳ Ϯ͕ϲϲϳ ϮϰϬ Ϯϰϴ ϮϴϮ ϮϭϬ ϰϬ ϭ͘ϬϮ ^ŽƵƚŚ ϭ͕Ϭϱϳ ϭ͕Ϯϰϭ ϭ͕ϰϮϴ ϭ͕ϲϯϯ ϭ͕ϳϴϭ ϭ͕ϴϭϮ ϭϴϰ ϭϴϳ ϮϬϱ ϭϰϴ ϯϭ ϭ͘ϬϮ EŽƌƚŚ ϱϵϬ ϲϰϲ ϳϬϳ ϳϴϰ ϴϰϲ ϴϱϱ ϱϲ ϲϭ ϳϳ ϲϮ ϵ ϭ͘Ϭϭ ŚŝďĂ ƉƌĞĨ͘ ϭ͕ϰϳϲ ϭ͕ϲϳϬ ϭ͕ϴϰϯ Ϯ͕Ϭϴϭ Ϯ͕ϮϴϮ Ϯ͕ϯϭϰ ϭϵϱ ϭϳϯ Ϯϯϳ ϮϬϮ ϯϮ ϭ͘Ϭϭ ŚŝďĂ ĐŝƚLJ ϮϱϮ Ϯϴϰ ϯϭϰ ϯϲϭ ϰϭϰ ϰϮϬ ϯϮ ϯϬ ϰϳ ϱϯ ϲ ϭ͘Ϭϭ EŽƌƚŚǁĞƐƚ ϲϭϱ ϳϱϲ ϴϳϵ ϭ͕ϬϰϬ ϭ͕ϭϱϴ ϭ͕ϭϴϭ ϭϰϭ ϭϮϯ ϭϲϭ ϭϭϴ Ϯϯ ϭ͘ϬϮ ^ŽƵƚŚǁĞƐƚ Ϯϭϰ ϮϮϲ Ϯϰϯ Ϯϲϯ Ϯϴϯ Ϯϴϱ ϭϭ ϭϳ ϮϬ ϮϬ Ϯ ϭ͘Ϭϭ ĂƐƚ ϯϵϰ ϰϬϱ ϰϬϳ ϰϭϳ ϰϮϴ ϰϮϵ ϭϭ ϯ ϭϬ ϭϭ ϭ ϭ͘ϬϬ /ďĂƌĂŬŝ ƉƌĞĨ͘ ^ŽƵƚŚ ϱϬϬ ϱϰϴ ϱϵϱ ϲϱϳ ϳϭϱ ϳϮϯ ϰϴ ϰϳ ϲϮ ϱϴ ϴ ϭ͘Ϭϭ
ϭϮ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϭWŽƉƵůĂƚŝŽŶ &ŽƌĞĐĂƐƚ ŝŶ dWWEŽ͘ϭϵϴͲ /ŵƉƌŽǀĞŵĞŶƚƐĨƌŽŵdWWEŽ͘ϭϴ
LJĐŽŵƉĂƌŝŶŐƚŚĞƌĞƐƵůƚŽĨƚŚĞĨŽƌĞĐĂƐƚĞĚǀĂůƵĞĨƌŽŵϰƐƚĞƉŵŽĚĞů /ŵƉƌŽǀĞŵĞŶƚƐ ǁŝƚŚƚŚĞĂĐƚƵĂůǀĂůƵĞ͕ƐŽŵĞĞƌƌŽƌŚĂƐďĞĞŶĨŽƵŶĚ͘WŽƉƵůĂƚŝŽŶĨŽƌĞĐĂƐƚ͕ǁŚŝĐŚŝƐ ƚŚĞnjĞƌŽƐƚĞƉŝŶϰƐƚĞƉŵŽĚĞů͕ĐŽƵůĚďĞŽŶĞŽĨƚŚĞŵĂŝŶĐĂƵƐĞŽĨĞƌƌŽƌ͘
ӑ WƌĞĨĞĐƚƵƌĞ͕ďůŽĐŬůĞǀĞůŶŝŐŚƚƚŝŵĞƉŽƉƵůĂƚŝŽŶ ӑ dD ŶŝŐŚƚƚŝŵĞ ƉŽƉƵůĂƚŝŽŶ ĂƐĞĚŽŶƚŚĞŵŝŐƌĂƚŝŽŶƌĂƚĞĨƌŽŵϱLJĞĂƌƐ;ďĞĨŽƌĞͿĂǀĞƌĂŐĞ &ŽƌĞĐĂƐƚĞĚ ƉŽƉƵůĂƚŝŽŶ ĨƌŽŵ dWW EŽ͘ϭϴ ;ǁŚŝĐŚ ŝƐ ϮϯǁĂƌĚĂƌĞĂ͕dĂŵĂĂƌĞĂ͕zŽŬŽŚĂŵĂ͕<ĂǁĂƐĂŬŝ͕ŚŝďĂ͕ĞƚĐ͘ ďĂƐĞĚ ŽŶ ƚŚĞ ϱƚŚ dD ŵĂƐƚĞƌ ƉůĂŶͿ ŝƐ ƵŶĚĞƌĞƐƚŝŵĂƚĞĚ ĂƌĞƵŶĚĞƌĞƐƚŝŵĂƚĞĚ ^ĂŝƚĂŵĂŶŽƌƚŚďůŽĐŬŝƐŽǀĞƌĞƐƚŝŵĂƚĞĚ ;ϭϬϬϬͿ ϭϮϬ͕ϬϬϬ ϯϴ͕ϬϬϬ
ϯϳ͕ϮϰϬ ϭϬϬ͕ϬϬϬ ϯϳ͕ϬϬϬ ϴϬ͕ϬϬϬ
ϯϲ͕Ϭϴϰ ZĞŐŝŽŶĂůŵŝŐƌĂƚŝŽŶ ϯϲ͕ϬϬϬ ϲϬ͕ϬϬϬ ϯϱ͕ϯϰϱ
ϯϱ͕ϬϬϬ ϯϰ͕ϵϰϲ ϰϬ͕ϬϬϬ ϮϬ͕ϬϬϬ ϯϰ͕ϬϬϬ ϯϰ͕Ϭϲϴ Ϭ ϯϯ͕ϭϵϯ ϮϬϬϴ ϯϯ͕ϬϬϬ ϭϵϴϮ ^ϱϴ ^ϲϬ ^ϲϮ ,ඖ ,ϯ ,ϱ ,ϳ ,ϵ ,ϭϭ ,ϭϯ ,ϭϱ ,ϭϳ ,ϭϵ ˛dDĂĐƚƵĂů ờͲϮϬ͕ϬϬϬ ϯϮ͕ϬϬϬ ˝ dDdWWŶŽ͘ϭϴĨŽƌĞĐĂƐƚ ƉĞƌƐŽŶ ͲϰϬ͕ϬϬϬ ϯϭ͕ϱϳϬ ᮾி㒔dŽŬLJŽǁŚŽůĞƉƌĞĨ͘ ͲϲϬ͕ϬϬϬ ϯϭ͕ϬϬϬ ᮾி༊㒊dŽŬLJŽϮϯ ^ϲϬ ,Ϯ ,ϳ ,ϭϮ ,ϭϳ ,ϮϮ ,Ϯϳ Ở ǁĂƌĚƐ ͲϴϬ͕ϬϬϬ ᮾிከᦶdŽŬLJŽdĂŵĂ ŽŵƉĂƌŝƐŽŶďĞƚǁĞĞŶĨŽƌĞĐĂƐƚĞĚĂŶĚĂĐƚƵĂůŶŝŐŚƚƚŝŵĞƉŽƉƵůĂƚŝŽŶ ͲϭϬϬ͕ϬϬϬ dƌĂŶƐŝƚŝŽŶŝŶŵŝŐƌĂƚŝŽŶŝŶdŽŬLJŽ
ϭϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ
/sͲϭWŽƉƵůĂƚŝŽŶ &ŽƌĞĐĂƐƚ ŝŶ dWWEŽ͘ϭϵϴͲ /ŵƉƌŽǀĞŵĞŶƚƐĨƌŽŵdWW EŽ͘ϭϴ
/ŵƉƌŽǀĞŵĞŶƚƐ
ӑ WƌĞĨĞĐƚƵƌĞ͕ďůŽĐŬůĞǀĞůŚŽŵĞďĂƐĞĚǁŽƌŬĞƌ &ĞŵĂůĞĞŵƉůŽLJŵĞŶƚƌĂƚĞŝƐŝŶĐƌĞĂƐŝŶŐ͘ dWWŶŽ͘ϭϴĞƐƚŝŵĂƚŝŽŶŝƐďĂƐĞĚŽŶƚŚĞƚƌĞŶĚĨƌŽŵEĂƚŝŽŶĂůĞŶƐƵƐďĞƚǁĞĞŶϭϵϳϱͲϭϵϵϬ
ϭ͘ϬϬϬ
Ϭ͘ϵϬϬ
Ϭ͘ϴϬϬ
Ϭ͘ϳϬϬ
ĐƚƵĂůƌĂƚĞ Ϭ͘ϲϬϬ
Ϭ͘ϱϬϬ
Ϭ͘ϰϬϬ
Ϭ͘ϯϬϬ ዪᛶͺϭϱ䡚ϭϵṓ ዪᛶͺϮϬ䡚Ϯϰṓ Ϭ͘ϮϬϬ ዪᛶͺϮϱ䡚Ϯϵṓ ዪᛶͺϯϬ䡚ϯϰṓ ዪᛶͺϯϱ䡚ϰϰṓ ዪᛶͺϰϱ䡚ϱϰṓ Ϭ͘ϭϬϬ ዪᛶͺϱϱ䡚ϲϰṓ ዪᛶͺϲϱ䡚ϳϰṓ ዪᛶͺϳϱṓ௨ୖ Ϭ͘ϬϬϬ dWWϭϴ^ĞƚƚŝŶŐƌĂƚĞ Ϭ͘ϬϬϬ Ϭ͘ϭϬϬ Ϭ͘ϮϬϬ Ϭ͘ϯϬϬ Ϭ͘ϰϬϬ Ϭ͘ϱϬϬ Ϭ͘ϲϬϬ Ϭ͘ϳϬϬ Ϭ͘ϴϬϬ Ϭ͘ϵϬϬ ϭ͘ϬϬϬ ŽŵƉĂƌŝƐŽŶŽĨĂĐƚƵĂůĂŶĚƐĞƚƚŝŶŐĨĞŵĂůĞĞŵƉůŽLJŵĞŶƚƌĂƚĞďLJĂŐĞŐƌŽƵƉ
ϭϰ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϭWŽƉƵůĂƚŝŽŶ &ŽƌĞĐĂƐƚ ŝŶ dWWEŽ͘ϭϵϴ Ͳ EŝŐŚƚƚŝŵĞWŽƉ͘
ƌĞƐŝĚĞŶĐĞďĂƐĞĚǁŽƌŬĞƌ ǁŽƌŬƉůĂĐĞďĂƐĞĚǁŽƌŬĞƌ ŶŝŐŚƚƚŝŵĞƉŽƉƵůĂƚŝŽŶ ĚĂLJƚŝŵĞƉŽƉƵůĂƚŝŽŶ ƌĞƐŝĚĞŶĐĞďĂƐĞĚƐƚƵĚĞŶƚ ƐĐŚŽŽůďĂƐĞĚƐƚƵĚĞŶƚ hƚŝůŝnjĞƚŚĞĨŽƌĞĐĂƐƚĞĚĚĂƚĂĨƌŽŵ/W^^ &ƌŽŵ ƚŚĞ ǁŚŽůĞ dD ůĞǀĞů ƚŽ > njŽŶĞ ůĞǀĞů͕ ŶŝŐŚƚƚŝŵĞ ƉŽƉƵůĂƚŝŽŶ ĚĂƚĂ ďLJ ŐĞŶĚĞƌ ĂŶĚ ĂŐĞ ŐƌŽƵƉ ŝƐ ďĂƐĞĚ ŽŶ ƚŚĞ ĚĂƚĂ ƉƵďůŝƐŚĞĚ ďLJ dŚĞ EĂƚŝŽŶĂů /ŶƐƚŝƚƵƚĞ ŽĨ WŽƉƵůĂƚŝŽŶ ĂŶĚ ^ĞĐƵƌŝƚLJ ZĞƐĞĂƌĐŚ ;/W^^Ϳ͘ ĂƚĂ ƵŶƚŝů ϮϬϯϬ ŝƐ ƵƐĞĚ ;ƚĂƌŐĞƚ LJĞĂƌ ŽĨ dWW EŽ͘ ϭϵϴͿ
ƐƚŝŵĂƚĞĚ ǀĂůƵĞĨƌŽŵ ĞĂĐŚLJĞĂƌ
ĐƚƵĂůǀĂůƵĞ
ĐƚƵĂůĂŶĚĞƐƚŝŵĂƚĞĚǀĂůƵĞ ;dŽŬLJŽͿ ĐƚƵĂůĂŶĚĞƐƚŝŵĂƚĞĚǀĂůƵĞ ;<ĂŶĂŐĂǁĂͿ
ĐƚƵĂůĂŶĚĞƐƚŝŵĂƚĞĚǀĂůƵĞ ;^ĂŝƚĂŵĂͿ ĐƚƵĂůĂŶĚĞƐƚŝŵĂƚĞĚǀĂůƵĞ ;ŚŝďĂͿ
ϭϱ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ
/sͲϭWŽƉƵůĂƚŝŽŶ &ŽƌĞĐĂƐƚ ŝŶ dWWEŽ͘ϭϵϴͲ EŝŐŚƚƚŝŵĞWŽƉ͘ ;DŝŐƌĂƚŝŽŶƌĂƚĞͿ
ƌĞƐŝĚĞŶĐĞďĂƐĞĚǁŽƌŬĞƌ ǁŽƌŬƉůĂĐĞďĂƐĞĚǁŽƌŬĞƌ ŶŝŐŚƚƚŝŵĞƉŽƉƵůĂƚŝŽŶ ĚĂLJƚŝŵĞƉŽƉƵůĂƚŝŽŶ ƌĞƐŝĚĞŶĐĞďĂƐĞĚƐƚƵĚĞŶƚ ƐĐŚŽŽůďĂƐĞĚƐƚƵĚĞŶƚ ŚĂŶŐĞŽĨŵŝŐƌĂƚŝŽŶƌĂƚĞďLJĚŝƐƚĂŶĐĞƚŽ;dŽŬLJŽ^ƚĂ͘ͿĂŶĚďLJĂŐĞŐƌŽƵƉ /Ŷ^njŽŶĞůĞǀĞů͕ĚŝƐƚĂŶĐĞƚŽĐŝƚLJĐĞŶƚĞƌ͕ĚŝƐƚĂŶĐĞƚŽƚŚĞŶĞĂƌĞƐƚƚƌĂŝŶƐƚĂƚŝŽŶ͕ĂŶĚůĂŶĚĚĞǀĞůŽƉŵĞŶƚĂƌĞĐŽŶƐŝĚĞƌĞĚ ŝŶƚŚĞƉƌŽĐĞƐƐƚŽĞƐƚŝŵĂƚĞŶŝŐŚƚƚŝŵĞƉŽƉƵůĂƚŝŽŶďLJŐĞŶĚĞƌĂŶĚĂŐĞŐƌŽƵƉ
ĐŚĂŶŐĞĨƌŽŵϮϬϬϱͲхϮϬϭϬ DŝŐƌĂƚŝŽŶZĂƚĞ DŝŐƌĂƚŝŽŶZĂƚĞ DŝŐƌĂƚŝŽŶZĂƚĞ DŝŐƌĂƚŝŽŶZĂƚĞ DŝŐƌĂƚŝŽŶZĂƚĞ ͲϬ͘ϮϬϬϬ Ϭ͘ϬϬϬϬ Ϭ͘ϮϬϬϬ Ϭ͘ϰϬϬϬ Ϭ͘ϲϬϬϬ Ϭ͘ϴϬϬϬ ͲϬ͘ϮϬϬϬͲϬ͘ϮϬϬϬ Ϭ͘ϬϬϬϬϬ͘ϬϬϬϬ Ϭ͘ϮϬϬϬ Ϭ͘ϮϬϬϬ Ϭ͘ϰϬϬϬ Ϭ͘ϰϬϬϬ Ϭ͘ϲϬϬϬ Ϭ͘ϲϬϬϬ Ϭ͘ϴϬϬϬ ͲϬ͘ϮϬϬϬ Ϭ͘ϬϬϬϬ Ϭ͘ϮϬϬϬ Ϭ͘ϰϬϬϬ Ϭ͘ϲϬϬϬ Ϭ͘ϴϬϬϬ ͲϬ͘ϮϬϬϬ Ϭ͘ϬϬϬϬ Ϭ͘ϮϬϬϬ Ϭ͘ϰϬϬϬ Ϭ͘ϲϬϬϬ Ϭ͘ϴϬϬϬ ͲϬ͘ϮϬϬϬ Ϭ͘ϬϬϬϬ Ϭ͘ϮϬϬϬ Ϭ͘ϰϬϬϬ Ϭ͘ϲϬϬϬ Ϭ͘ϴϬϬϬ
ϱ䡚ϵṓ ϱ䡚ϱ䡚ϵṓϵṓ ϱ䡚ϵṓ ϱ䡚ϵṓ ϱ䡚ϵṓ
ϭϬ䡚ϭϰṓ ϭϬ䡚ϭϬ䡚ϭϰϭϰṓṓ ϭϬ䡚ϭϰṓ ϭϬ䡚ϭϰṓ ϭϬ䡚ϭϰṓ ^ƚƵĚĞŶƚŵŽǀŝŶŐŝŶ ^ƚƵĚĞŶƚŵŽǀŝŶŐŝŶ ϭϱ䡚ϭϵṓ ^ƚƵĚĞŶƚŵŽǀŝŶŐŝŶ ϭϱ䡚ϭϱ䡚ϭϵϭϵṓṓ ϭϱ䡚ϭϵṓ ϭϱ䡚ϭϵṓ ^ƚƵĚĞŶƚŵŽǀŝŶŐŝŶ ϭϱ䡚ϭϵṓ ^ƚƵĚĞŶƚŵŽǀŝŶŐŝŶ
ϮϬ䡚Ϯϰṓ ϮϬ䡚ϮϬ䡚ϮϰϮϰṓṓ ϮϬ䡚Ϯϰṓ ϮϬ䡚Ϯϰṓ ϮϬ䡚Ϯϰṓ
Ϯϱ䡚Ϯϵṓ tŽƌŬĞƌŵŽǀŝŶŐŝŶ Ϯϱ䡚Ϯϱ䡚ϮϵϮϵṓṓ tŽƌŬĞƌŵŽǀŝŶŐŝŶ Ϯϱ䡚Ϯϵṓ tŽƌŬĞƌŵŽǀŝŶŐŽƵƚ Ϯϱ䡚Ϯϵṓ tŽƌŬĞƌŵŽǀŝŶŐŽƵƚ Ϯϱ䡚Ϯϵṓ tŽƌŬĞƌŵŽǀŝŶŐŽƵƚ
ϯϬ䡚ϯϰṓ ϯϬ䡚ϯϬ䡚ϯϰϯϰṓṓ ϯϬ䡚ϯϰṓ ϯϬ䡚ϯϰṓ ϯϬ䡚ϯϰṓ
ϯϱ䡚ϯϵṓ ϯϱ䡚ϯϵṓ ϯϱ䡚ϯϱ䡚ϯϵϯϵṓṓ Ϭ䡚ϭŬŵ ϯϱ䡚ϯϵṓ Ϭ䡚ϭŬŵ ϯϱ䡚ϯϵṓ Ϭ䡚ϭŬŵ Ϭ䡚ϭŬŵ Ϭ䡚ϭŬŵ ϭ䡚ϮŬŵ ϭ䡚ϮŬŵ ϭ䡚ϮŬŵ ϭ䡚ϮŬŵ ϰϬ䡚ϰϰṓ ϰϬ䡚ϰϬ䡚ϰϰϰϰṓṓ ϰϬ䡚ϰϰṓ ϰϬ䡚ϰϰṓ ϰϬ䡚ϰϰṓ ϭ䡚ϮŬŵ Ϯ䡚ϯŬŵ Ϯ䡚ϯŬŵ Ϯ䡚ϯŬŵ Ϯ䡚ϯŬŵ ϰϱ䡚ϰϵṓ ϰϱ䡚ϰϱ䡚ϰϵϰϵṓṓ ϰϱ䡚ϰϵṓ ϰϱ䡚ϰϵṓ ϰϱ䡚ϰϵṓ ŝƐƚ͘ƚŽ ϯŬŵ௨ୖ ϯŬŵ௨ୖ ϯŬŵ௨ୖ ϯŬŵ௨ୖ ϱϬ䡚ϱϰṓ ŶĞĂƌĞƐƚ ϱϬ䡚ϱϬ䡚ϱϰϱϰṓṓ ŝƐƚ͘ƚŽ ϱϬ䡚ϱϰṓ ŝƐƚ͘ƚŽ ϱϬ䡚ϱϰṓ ŝƐƚ͘ƚŽ ϱϬ䡚ϱϰṓ ŝƐƚ͘ƚŽ ƚƌĂŝŶƐƚĂ͘ ŶĞĂƌĞƐƚ ŶĞĂƌĞƐƚ ŶĞĂƌĞƐƚ 䡚 ṓ ϱϱ䡚ϱϵṓ ϱϱ䡚ϱϱ䡚ϱϵϱϵṓṓ ϱϱ䡚ϱϵṓ ϱϱ䡚ϱϵṓ ϱϱ ϱϵ ŶĞĂƌĞƐƚ ƚƌĂŝŶƐƚĂ͘ ƚƌĂŝŶƐƚĂ͘ ƚƌĂŝŶƐƚĂ͘ ƚƌĂŝŶƐƚĂ͘ 䡚 ṓ ϲϬ䡚ϲϰṓ ϲϬ䡚ϲϬ䡚ϲϰϲϰṓṓ ϲϬ䡚ϲϰṓ ϲϬ䡚ϲϰṓ ϲϬ ϲϰ
䡚 ṓ ϲϱ䡚ϲϵṓ ϲϱ䡚ϲϱ䡚ϲϵϲϵṓṓ ϲϱ䡚ϲϵṓ ϲϱ䡚ϲϵṓ ϲϱ ϲϵ ůĚĞƌůLJŵŽǀŝŶŐŽƵƚ ůĚĞƌůLJŵŽǀŝŶŐŝŶ ůĚĞƌůLJŵŽǀŝŶŐŝŶ ůĚĞƌůLJŵŽǀŝŶŐŝŶ 䡚 ṓ ϳϬ䡚ϳϰṓ ϳϬ䡚ϳϬ䡚ϳϰϳϰṓṓ ϳϬ䡚ϳϰṓ ϳϬ䡚ϳϰṓ ϳϬ ϳϰ
䡚 ṓ ϳϱ䡚ϳϵṓ ůĞƐƐƚŚĂŶϭϬŬŵ ϳϱ䡚ϳϱ䡚ϳϵϳϵṓṓ ϭϬͲϮϬŬŵ ϳϱ䡚ϳϵṓ ϮϬͲϯϬŬŵϳϱ䡚ϳϵṓ ϯϬͲϰϬŬŵ ϳϱ ϳϵ ϰϬͲϱϬŬŵ 䡚 ṓ 䡚 ṓ ϴϬ䡚ϴϰṓ ϴϬ ϴϰ &ƌŽŵdŽŬLJŽ^ƚĂ͘ ϴϬ䡚ϴϬ䡚ϴϰϴϰṓṓ &ƌŽŵdŽŬLJŽ^ƚĂ͘ ϴϬ ϴϰ &ƌŽŵdŽŬLJŽ^ƚĂ͘ ϴϬ䡚ϴϰṓ &ƌŽŵdŽŬLJŽ^ƚĂ͘ &ƌŽŵdŽŬLJŽ^ƚĂ͘ ˛ zŽƵŶŐƉĞŽƉůĞ͗ŵŽǀĞĐůŽƐĞƌƚŽ͕ĐůŽƐĞƌƚŽƚƌĂŝŶƐƚĂƚŝŽŶ ˛ ůĚĞƌƉĞŽƉůĞ͗ŵŽǀŝŶŐŽƵƚĨƌŽŵ͕ƚŽƐƵďƵƌďĂŶĂƌĞĂ
ϭϲ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϭWŽƉƵůĂƚŝŽŶ &ŽƌĞĐĂƐƚ ŝŶ dWWEŽ͘ϭϵϴ Ͳ ZĞƐŝĚĞŶĐĞďĂƐĞĚǁŽƌŬĞƌ ĂŶĚƐĐĞŶĂƌŝŽƐĞƚƚŝŶŐ
ƌĞƐŝĚĞŶĐĞďĂƐĞĚǁŽƌŬĞƌ ǁŽƌŬƉůĂĐĞďĂƐĞĚǁŽƌŬĞƌ ŶŝŐŚƚƚŝŵĞƉŽƉƵůĂƚŝŽŶ ĚĂLJƚŝŵĞƉŽƉƵůĂƚŝŽŶ ƌĞƐŝĚĞŶĐĞďĂƐĞĚƐƚƵĚĞŶƚ ƐĐŚŽŽůďĂƐĞĚƐƚƵĚĞŶƚ DƵůƚŝƉůĞƐĐĞŶĂƌŝŽƐĞƚƚŝŶŐ ZĞĐĞŶƚĞŵƉůŽLJŵĞŶƚƚƌĞŶĚ͕ĞƐƉĞĐŝĂůůLJƉĂƌƚŝĐŝƉĂŶƚƌĂƚĞŽĨǁŽŵĞŶĂŶĚĞůĚĞƌůLJ͕ĂƐǁĞůůĂƐŐŽǀĞƌŶŵĞŶƚƉŽůŝĐŝĞƐĂƌĞ ƚĂŬĞŶŝŶƚŽĂĐĐŽƵŶƚŝŶƐĐĞŶĂƌŝŽĚĞǀĞůŽƉŵĞŶƚ ^ĐĞŶĂƌŝŽŽǀĞƌǀŝĞǁĂŶĚĞŵƉůŽLJŵĞŶƚƌĂƚĞ ^ĐĞŶĂƌŝŽ ,LJƉŽƚŚĞƐŝƐ DĂůĞ͕ &ĞŵĂůĞ;фϮϱͿ DĂůĞ;ϮϱͲϱϵͿ &ĞŵĂůĞ;ϮϱͲϱϵͿ DĂůĞ͕&ĞŵĂůĞ;ϲϬͲϲϰͿ DĂůĞ͕&ĞŵĂůĞ;хϲϱͿ ĂƐĞ^ĐĞŶĂƌŝŽ ŽŶƚŝŶƵĞŽĨƚŚĞĐƵƌƌĞŶƚĞŵƉůŽLJŵĞŶƚ ƐĂŵĞ ĞĐůŝŶŝŶŐ ƚƌĞŶĚƐƚŽƉ /ŶĐƌĞĂƐĞĂƐĐƵƌƌĞŶƚ /ŶĐƌĞĂƐĞ ĂƐĐƵƌƌĞŶƚ ƐĂŵĞ ƚƌĞŶĚ ƌĂƚĞ ƌĂƚĞ
'ƌŽǁƚŚ ^ĐĞŶĂƌŝŽϭ KƌŝŐŝŶĂů ƐĐĞŶĂƌŝŽ ƐĂŵĞ /ŶĐƌĞĂƐĞƵŶƚŝůƚŚĞ /ŶĐƌĞĂƐĞ ŵŽƌĞƚŚĂŶ /ŶĐƌĞĂƐĞ ŵŽƌĞƚŚĂŶ ƐĂŵĞ ƉĂƐƚƉĞĂŬ ĐƵƌƌĞŶƚƌĂƚĞ ĐƵƌƌĞŶƚƌĂƚĞ 'ƌŽǁƚŚ ^ĐĞŶĂƌŝŽϮ ĂƐĞĚŽŶŶĂƚŝŽŶĂůĂƐƐƵŵƉƚŝŽŶ ĨƌŽŵ /ŶĐƌĞĂƐŝŶŐ ^ƚĞĂĚŝůLJŝŶĐƌĞĂƐĞ /ŶĐƌĞĂƐĞ ŵŽƌĞƚŚĂŶ ^ŚĂƌƉůLJŝŶĐƌĞĂƐĞ ^ŚĂƌƉůLJŝŶĐƌĞĂƐĞ /W^^ ĐƵƌƌĞŶƚƌĂƚĞ
ŵƉůŽLJŵĞŶƚƌĂƚĞ;йͿ ŵƉůŽLJŵĞŶƚƌĂƚĞ;йͿ ϭϬϬй ᐇ⦼ ϭϬϬй DĂůĞ ,ϮϮ &ĞŵĂůĞ ,ϮϮϮϬϭϬEĞƚŚĞƌůĂŶĚ䜸䝷䞁䝎 ϵϬй ϵϬй 䜸䝷䞁䝎 ,ϰϮ㊅ໃ ,ϮϮ,ϮϮϮϬϭϬ^ǁĞĚĞŶ䝇䜴䜵䞊䝕䞁 ϴϬй ϴϬй 䝇䜴䜵䞊䝕 ,ϰϮᡂ㛗䐟 ,ϮϮ,ϮϮϮϬϭϬ:ĂƉĂŶĐƚƵĂůᐇ⦼ ϳϬй ϳϬй ,ϮϮᐇ⦼ ,ϰϮᡂ㛗䐠 ,ϰϮϮϬϯϬĂƐĞĚ^ĐĞ͘㊅ໃ ϲϬй ϲϬй ,ϰϮ㊅ໃ ,ϰϮϮϬϯϬ'ƌŽǁƚŚ^ĐĞ͘ϭᡂ㛗䐟 ϱϬй ϱϬй ,ϰϮᡂ㛗䐟 ,ϰϮϮϬϯϬ'ƌŽǁƚŚ^ĐĞ͘Ϯᡂ㛗䐠 ϰϬй ϰϬй ,ϰϮᡂ㛗䐠 ϯϬй ϯϬй ͤDͲĐƵƌǀĞŝŶ&ĞŵĂůĞ'ƌŽǁƚŚ^ĐĞŶĂƌŝŽŝƐ ϮϬй ϮϬй ďĂƐĞĚŽŶƚŚĞĂǀĞƌĂŐĞǀĂůƵĞĨƌŽŵdŚĞ EĞƚŚĞƌůĂŶĚƐĂŶĚ^ǁĞĚĞŶ ϭϬй ϭϬй Ϭй Ϭй ŐĞŐƌŽƵƉ ŐĞŐƌŽƵƉ ௨ୖ ϭϱͲϭϵ ϮϬͲϮϰ ϮϱͲϮϵ ϯϬͲϯϰ ϯϱͲϯϵ ϰϬͲϰϰ ϰϱͲϰϵ ϱϬͲϱϰ ϱϱͲϱϵ ϲϬͲϲϰ ϲϱͲϲϵ ϳϬͲϳϰ ϳϱͲϳϵ ϴϬͲϴϰ ௨ୖ ϴϱ ẘЈχẙ ,ϮϮѬᛦ௹ẆଐஜϐᐻဦẆ,Ϯϲіᄂਖ਼ᚘửờểỆਖ਼ᚘ ϭϱͲϭϵ ϮϬͲϮϰ ϮϱͲϮϵ ϯϬͲϯϰ ϯϱͲϯϵ ϰϬͲϰϰ ϰϱͲϰϵ ϱϬͲϱϰ ϱϱͲϱϵ ϲϬͲϲϰ ϲϱͲϲϵ ϳϬͲϳϰ ϳϱͲϳϵ ϴϬͲϴϰ ϴϱ ŵƉůŽLJŵĞŶƚƌĂƚĞďLJĂŐĞŐƌŽƵƉŝŶDĂůĞĂŶĚ&ĞŵĂůĞ ϭϳ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ
/sͲϭWŽƉƵůĂƚŝŽŶ &ŽƌĞĐĂƐƚ ŝŶ dWWEŽ͘ϭϵϴ Ͳ ZĞƐŝĚĞŶĐĞďĂƐĞĚƉŽƉ͘ĂŶĚ ŝŶĚƵƐƚƌŝĂůƐĞĐƚŽƌ
ƌĞƐŝĚĞŶĐĞďĂƐĞĚǁŽƌŬĞƌ ǁŽƌŬƉůĂĐĞďĂƐĞĚǁŽƌŬĞƌ ŶŝŐŚƚƚŝŵĞƉŽƉƵůĂƚŝŽŶ ĚĂLJƚŝŵĞƉŽƉƵůĂƚŝŽŶ ƌĞƐŝĚĞŶĐĞďĂƐĞĚƐƚƵĚĞŶƚ ƐĐŚŽŽůďĂƐĞĚƐƚƵĚĞŶƚ
ƐƚŝŵĂƚŝŽŶŽĨǁŽƌŬƉůĂĐĞďĂƐĞĚǁŽƌŬĞƌ͗ŝŶĚƵƐƚƌŝĂůƐĞĐƚŽƌĐůĂƐƐŝĨŝĐĂƚŝŽŶďĂƐĞĚŽŶǁŽƌŬĞƌ͛ƐŵŽǀĞŵĞŶƚ ƐƚŝŵĂƚŝŽŶ ŝƐ ďĂƐĞĚ ŽŶ ĚĂLJƚŝŵĞ ƉŽƉƵůĂƚŝŽŶ ĂŶĚ ƚŚĞ ĐŽĞĨĨŝĐŝĞŶƚ͘ ŽĞĨĨŝĐŝĞŶƚ ĞƐƚŝŵĂƚŝŽŶ ŝƐ ďĂƐĞĚ ŽŶ ƚŚĞ ƚLJƉĞ ŽĨ ŝŶĚƵƐƚƌLJ͘ dǁŽ ƚLJƉĞƐ ŽĨ ŝŶĚƵƐƚƌLJ ĂƌĞ ĐůĂƐƐŝĨŝĞĚ͖ ĨŝƌƐƚ͕ ŝŶƚĞƌĂĐƚŝŽŶ ƚLJƉĞ͕ ƐĞĐŽŶĚ͕ ŶŽŶͲŝŶƚĞƌĂĐƚŝŽŶ ƚLJƉĞ͘
с ĨŽƌĞĐĂƐƚĞĚŶŝŐŚƚƚŝŵĞ tŽƌŬƉůĂĐĞďĂƐĞĚ tŚŽůĞdD ŵƉůŽLJŵĞŶƚƌĂƚĞŝƐďĂƐĞĚŽŶƚŚĞϮϬϭϬĚĂƚĂ ƉŽƉƵůĂƚŝŽŶΎĞŵƉůŽLJŵĞŶƚƌĂƚĞ ǁŽƌŬĞƌ
^ŵĂůůĞƌnjŽŶĞ /ŶƚĞƌĂĐƚŝŽŶƚLJƉĞΎΎ ǁŽƌŬƉůĂĐĞďĂƐĞĚǁŽƌŬĞƌ с ĨŽƌĞĐĂƐƚĞĚŶŝŐŚƚƚŝŵĞƉŽƉƵůĂƚŝŽŶΎƐŚĂƌĞŽĨŝŶƚĞƌĂĐƚŝŽŶ ƚLJƉĞǁŽƌŬƉůĂĐĞďĂƐĞĚǁŽƌŬĞƌ н EŽŶͲŝŶƚĞƌĂĐƚŝŽŶƚLJƉĞΎΎ с ƵƌƌĞŶƚŶŽŶͲŝŶƚĞƌĂĐƚŝŽŶƚLJƉĞ ǁŽƌŬƉůĂĐĞďĂƐĞĚǁŽƌŬĞƌ ǁŽƌŬƉůĂĐĞďĂƐĞĚǁŽƌŬĞƌΎĐŚĂŶŐĞƌĂƚĞŝŶƚŚĞƉĂƐƚ
ΎΎůĂƐƐŝĨŝĞĚďĂƐĞĚŽŶƚŚĞĐŽƌƌĞůĂƚŝŽŶďĞƚǁĞĞŶŶŝŐŚƚƚŝŵĞƉŽƉƵůĂƚŝŽŶĂŶĚǁŽƌŬƉůĂĐĞďĂƐĞĚǁŽƌŬĞƌŝŶĞĂĐŚƐĞĐƚŽƌ
ϭϴ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϭWŽƉƵůĂƚŝŽŶ &ŽƌĞĐĂƐƚ ŝŶ dWWEŽ͘ϭϵϴ Ͳ WŽƉƵůĂƚŝŽŶŐƌŽǁƚŚďĂƐĞĚ ŽŶůĂŶĚĚĞǀĞůŽƉŵĞŶƚ
ƌĞƐŝĚĞŶĐĞďĂƐĞĚǁŽƌŬĞƌ ǁŽƌŬƉůĂĐĞďĂƐĞĚǁŽƌŬĞƌ ŶŝŐŚƚƚŝŵĞƉŽƉƵůĂƚŝŽŶ ĚĂLJƚŝŵĞƉŽƉƵůĂƚŝŽŶ ƌĞƐŝĚĞŶĐĞďĂƐĞĚƐƚƵĚĞŶƚ ƐĐŚŽŽůďĂƐĞĚƐƚƵĚĞŶƚ >ĂŶĚĚĞǀĞůŽƉŵĞŶƚ hŶĚĞƌƚŚĞƐĞĐƌŝƚĞƌŝĂ͕ĂĚĚŝƚŝŽŶĂůĞƐƚŝŵĂƚŝŽŶŽĨůĂŶĚĚĞǀĞůŽƉŵĞŶƚŝƐĐŽŶĚƵĐƚĞĚ͘>ĂŶĚĚĞǀĞůŽƉŵĞŶƚĚĂƚĂŝƐŐŝǀĞŶďLJ ƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚ
WůĂŶǁŝƚŚĞdžƉĞĐƚĞĚŶŝŐŚƚƚŝŵĞƉŽƉƵůĂƚŝŽŶŽǀĞƌϮ͕ϬϬϬƉĞŽƉůĞ;ŽƌŽǀĞƌϭ͕ϬϬϬƵŶŝƚͿ͕ ^ĞƉĂƌĂƚĞ ͞ďƵŝůĚŝŶŐ͟ĚĞǀĞůŽƉŵĞŶƚ WůĂŶǁŝƚŚĞdžƉĞĐƚĞĚǁŽƌŬƉůĂĐĞďĂƐĞĚǁŽƌŬĞƌŽǀĞƌϮ͕ϬϬϬƉĞŽƉůĞ;ŽƌŽǀĞƌϱϬ͕ϬϬϬŵϮͿ ĞƐƚŝŵĂƚŝŽŶďLJϮ ≋ďƵŝůĚŝŶŐƐƚƌƵĐƚƵƌĞŝƐĐůĞĂƌůLJĚĞĨŝŶĞĚ≌ ƚLJƉĞƐŽĨ ĚĞǀĞůŽƉŵĞŶƚ ͞ůĂŶĚ͟ ĚĞǀĞůŽƉŵĞŶƚ ≋ďƵŝůĚŝŶŐƐƚƌƵĐƚƵƌĞŝƐŶŽƚĚĞĨŝŶĞĚ≌
WƌŽŐƌĞƐƐƌĂƚĞ ƌĞĨĞƌĞŶĐĞƵŝůĚͲƵƉĐƵƌǀĞ 㐍ᤖ⋡ ϭ͘ϬϬϬ ĨƚĞƌƚŚĞŽƉĞŶŝŶŐŽĨƚŚĞƉƌŽũĞĐƚ͕ŝƚŵŝŐŚƚƚĂŬĞƐŽŵĞƚŝŵĞĨŽƌƚŚĞƉĞŽƉůĞƚŽ ୰つᶍ㛤Ⓨ䠄DĞĚŝƵŵͲƐĐĂůĞĚĞǀĞůŽƉŵĞŶƚϭϬϬ䡚ϯϬϬŚĂ䠅 Ϭ͘ϵϬϬ ŵŽǀĞŝŶ͘/ŶdWWŶŽ͘ϭϵϴ͕ǁĞƚƌŝĞĚƚŽĞdžƉůĂŝŶƚŚĞƌĞůĂƚŝŽŶƐŚŝƉďĞƚǁĞĞŶƚŚĞ ϭϴྕ⟅⏦;ϭϬϬͲϯϬϬŚĂ͕ϮϬϭϲͿ Ϭ͘ϴϬϬ ƉƌŽŐƌĞƐƐ;ĂĐƚƵĂůͬƚĂƌŐĞƚͿĂŶĚLJĞĂƌƐƚĂŬĞŶďLJĂďƵŝůĚͲƵƉĐƵƌǀĞĨƌŽŵůŽŐŝƐƚŝĐĨƵŶĐƚŝŽŶ 䝡䝹䝖䜰䝑䝥᭤⥺ƵŝůĚͲƵƉĐƵƌǀĞ Ϭ͘ϳϬϬ Ϭ͘ϲϬϬ ᐇ⦼ᐃ╔⋡ĐƚƵĂůƌĂƚĞ Ϭ͘ϱϬϬ y Ϭ͘ϰϬϬ H[S bat Ϭ͘ϯϬϬ Ϭ͘ϮϬϬ Ϭ͘ϭϬϬ y ͗ ƉƌŽŐƌĞƐƐƌĂƚĞ Db ͗ ƉĂƌĂŵĞƚĞƌ t ͗ zĞĂƌƐĨƌŽŵĐŽŶƐƚƌƵĐƚŝŽŶ Ϭ͘ϬϬϬ ƐƚĂƌƚŝŶŐ Ϭ ϱ ϭϬ ϭϱ ϮϬ Ϯϱ ϯϬ ϯϱ ϰϬ zĞĂƌƐĨƌŽŵĐŽŶƐƚƌƵĐƚŝŽŶƐƚĂƌƚŝŶŐ╔ᕤᖺḟ䛛䜙䛾⤒㐣ᖺ䠄ᖺ䠅 ŽŵƉĂƌŝƐŽŶďĞƚǁĞĞŶĐƵƌǀĞƵƐĞĚŝŶdWWEŽ͘ϭϵϴĂŶĚĂĐƚƵĂůŐƌŽǁƚŚĨƌŽŵ <ŽƐŚŝŐĂLJĂ>ĂŬĞdŽǁŶĚĞǀĞůŽƉŵĞŶƚ
ϭϵ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ
/sͲϭWŽƉƵůĂƚŝŽŶ &ŽƌĞĐĂƐƚ ŝŶ dWWEŽ͘ϭϵϴͲ /ŵƉƌŽǀĞŵĞŶƚƐĨƌŽŵdWW EŽ͘ϭϴ
ŽŵƉĂƌŝƐŽŶŽĨƉŽƉƵůĂƚŝŽŶĨŽƌĞĐĂƐƚŵĞƚŚŽĚďĞƚǁĞĞŶdWWŶŽ͘ϭϴĂŶĚŶŽ͘ϭϵϴ ŶŝŐŚƚƚŝŵĞ ƌĞƐŝĚĞŶĐĞďĂƐĞĚ ǁŽƌŬƉůĂĐĞďĂƐĞĚ ĚĂLJƚŝŵĞ ƉŽƉƵůĂƚŝŽŶ ǁŽƌŬĞƌ ǁŽƌŬĞƌ ƉŽƉƵůĂƚŝŽŶ ŶŝŐŚƚƉŽƉ͘ʹ ;ƌĞƐŝĚĞŶĐĞďĂƐĞĚ ĨƌŽŵdDDĂƐƚĞƌ ŵƉůŽLJŵĞŶƚƌĂƚĞĨƌŽŵϭϵϵϱ ĂLJͬŶŝŐŚƚƚŝŵĞǁŽƌŬĞƌƌĂƚŝŽ͕ ǁŽƌŬĞƌнƐƚƵĚĞŶƚͿн;ǁŽƌŬƉůĂĐĞ ĂƚĂ WůĂŶEŽ͘ϱ EĂƚŝŽŶĂůĞŶƐƵƐ ĂŶĚŐƌŽǁƚŚƌĂƚĞĨƌŽŵϭϵϵϱ EŽ͘ϭϴ EĂƚŝŽŶĂůĞŶƐƵƐ ďĂƐĞĚǁŽƌŬĞƌнƐĐŚŽŽůďĂƐĞĚ ƐƚƵĚĞŶƚͿ ƌĞƐŝĚĞŶĐĞďĂƐĞĚǁŽƌŬĞΎ EŝŐŚƚƚŝŵĞƉŽƉΎ ŵƉůŽLJŵĞŶƚ DĂŝŶ ĚĂLJͬŶŝŐŚƚƚŝŵĞǁŽƌŬĞƌƌĂƚŝŽ ĚĂƚĂ ŝŶ ^ njŽŶĞ ůĞǀĞů ŝƐ ƌĂƚĞ ƐƚŝŵĂƚŝŽŶ ƐƚŝŵĂƚŝŽŶĨŽƌĐŝƚLJͬƉƌĞĨ͘ůĞǀĞůŽƌƐŵĂůůĞƌůĞǀĞů͗ ďĂƐĞĚ ŽŶ ƚŚĞ ƐƚĂƚŝƐƚŝĐƐ ĨƌŽŵ tŽƌŬƉůĂĐĞďĂƐĞĚǁŽƌŬĞƌΎŐƌŽǁƚŚƌĂƚĞ͕ ƚŚĞ ůŽĐĂů ŐŽǀĞƌŶŵĞŶƚ hƐĞůĂƌŐĞƌůĞǀĞůǀĂůƵĞĂƐĂĐŽŶƚƌŽůƚŽƚĂůǀĂůƵĞ ŶŝŐŚƚƉŽƉ͘ʹ ;ƌĞƐŝĚĞŶĐĞďĂƐĞĚ ĂƚĂ ĨƌŽŵ/W^^;ϮϬϭϯĚĂƚĂͿ ŵƉůŽLJŵĞŶƚƌĂƚĞ ĂLJͬŶŝŐŚƚƚŝŵĞǁŽƌŬĞƌ EŽ͘ϭϵϴ Ͳх ĞƐƚŝŵĂƚĞĚĨƌŽŵƐĐĞŶĂƌŝŽƐ ƌĂƚŝŽ͕ĂŶĚŐƌŽǁƚŚƌĂƚĞĨƌŽŵ ǁŽƌŬĞƌнƐƚƵĚĞŶƚͿн;ǁŽƌŬƉůĂĐĞ ϮϬϭϬEĂƚŝŽŶĂůĞŶƐƵƐ ďĂƐĞĚǁŽƌŬĞƌнƐĐŚŽŽůďĂƐĞĚ ƐƚƵĚĞŶƚͿ ƌĞƐŝĚĞŶĐĞďĂƐĞĚǁŽƌŬĞƌΎ DĂŝŶ EŝŐŚƚƚŝŵĞƉŽƉΎ ŵƉůŽLJŵĞŶƚ ĚĂLJͬŶŝŐŚƚƚŝŵĞǁŽƌŬĞƌƌĂƚŝŽ ƐƚŝŵĂƚŝŽŶ ĚĂƚĂŝŶ^njŽŶĞůĞǀĞůŝƐďĂƐĞĚŽŶƚŚĞ ƌĂƚĞ ǀĂůƵĞĨƌŽŵEĂƚŝŽŶĂůĞŶƐƵƐ͘ůƐŽ͕ƚŚĞ ƐƚŝŵĂƚŝŽŶĨŽƌĐŝƚLJͬƉƌĞĨ͘ůĞǀĞůŽƌƐŵĂůůĞƌůĞǀĞů͗ ĚŝƐƚĂŶĐĞĨƌŽŵŚŽŵĞƚŽƚŚĞŶĞĂƌĞƐƚ ;ŽŵŵƵƚŝŶŐƚLJƉĞͿŶŝŐŚƚƉŽƉ͘ΎƐŚĂƌĞŽĨĐŽŵŵƵƚŝŶŐƚLJƉĞ ƐƚĂƚŝŽŶŝƐĐŽŶƐŝĚĞƌĞĚ ;EŽŶͲĐŽŵŵƵƚŝŶŐƚLJƉĞͿĐƵƌƌĞŶƚŶŽŶͲĐŽŵ͘ΎŐƌŽǁƚŚƌĂƚĞ hƐĞůĂƌŐĞƌůĞǀĞůǀĂůƵĞĂƐĂĐŽŶƚƌŽůƚŽƚĂůǀĂůƵĞ ƌĞƐŝĚĞŶĐĞďĂƐĞĚ ƐĐŚŽŽůďĂƐĞĚƐƚƵĚĞŶƚ ƐƚƵĚĞŶƚ
ĂƚĂ ^ĐŚŽŽůĞŶƌŽůůŵĞŶƚƌĂƚĞ ĂLJͬŶŝŐŚƚƚŝŵĞƐƚƵĚĞŶƚ EŽ͘ϭϴ ĨƌŽŵϭϵϵϱEĂƚŝŽŶĂůĞŶƐƵƐ ƌĂƚŝŽĨƌŽŵϭϵϵϱEĂƚŝŽŶĂů ĞŶƐƵƐ
DĂŝŶ EŝŐŚƚƚŝŵĞƉŽƉΎ^ĐŚŽŽů ƌĞƐŝĚĞŶĐĞďĂƐĞĚƐƚƵĚĞŶƚ ƐƚŝŵĂƚŝŽŶ ĞŶƌŽůůŵĞŶƚƌĂƚĞ ΎĂLJͬŶŝŐŚƚƚŝŵĞƐƚƵĚĞŶƚƌĂƚŝŽ
EŽ͘ϭϵϴ ĂƚĂ ^ĐŚŽŽůĞŶƌŽůůŵĞŶƚƌĂƚĞ ĂLJͬŶŝŐŚƚƚŝŵĞƐƚƵĚĞŶƚƌĂƚŝŽ ĨƌŽŵϮϬϭϬEĂƚŝŽŶĂůĞŶƐƵƐ ĨƌŽŵϮϬϭϬEĂƚŝŽŶĂůĞŶƐƵƐ /ŵƉƌŽǀĞŵĞŶƚƐĨƌŽŵ ƌĞƐŝĚĞŶĐĞďĂƐĞĚ dWWŶŽ͘ϭϴĂƌĞŝŶƌĞĚ DĂŝŶ EŝŐŚƚƚŝŵĞƉŽƉΎ^ĐŚŽŽů ƐƚŝŵĂƚŝŽŶ ĞŶƌŽůůŵĞŶƚƌĂƚĞ ƐƚƵĚĞŶƚΎĂLJͬŶŝŐŚƚƚŝŵĞ ƐƚƵĚĞŶƚƌĂƚŝŽ
ϮϬ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϭdDƌĂŝůǁĂLJǁŽƌŬŝŶŐŐƌŽƵƉ
ӑ &ŽƌƚŚĞĨƵƚƵƌĞƌĂŝůǁĂLJĚĞǀĞůŽƉŵĞŶƚ͕ƌĂŝůǁĂLJĐŽŵƉĂŶŝĞƐŝŶdDĂƌĞĂĐƚŝǀĞůLJƉĂƌƚŝĐŝƉĂƚĞ ŝŶƚŚĞǁŽƌŬŝŶŐŐƌŽƵƉ͘&ŽůůŽǁŝŶŐŝƐƐƵĞƐĂƌĞƵƐƵĂůůLJĚŝƐĐƵƐƐĞĚ͖ ĞǀĞůŽƉŵĞŶƚŽĨĂŶŽƌŝŐŝŶĂůĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞůĨŽƌdD ZĞůĂƚŝŽŶƐŚŝƉďĞƚǁĞĞŶƌĞƐŝĚĞŶƚĂůŽŶŐƚŚĞůŝŶĞĂŶĚƌĂŝůǁĂLJĚĞŵĂŶĚ ƚƚƌĂĐƚŝǀĞŶĞƐƐŝŵƉƌŽǀĞŵĞŶƚ /ŶƚĞƌŶĂƚŝŽŶĂůĐŽŵƉĞƚŝƚŝǀĞŶĞƐƐ ӑ KƌŐĂŶŝnjĂƚŝŽŶƐƚƌƵĐƚƵƌĞ ŚĂŝƌŵĂŶ͗ WƌŽĨ͘DŽƌŝĐŚŝ ^ŚŝŐĞƌƵ ZĂŝůǁĂLJŽŵƉĂŶLJ͗ dŽŬLJŽDĞƚƌŽ͕ :Z ĂƐƚ͕dŽŬLJƵ ŽƌƉ͕͘KĚĂŬLJƵ'ƌŽƵƉ͕dŽďƵZĂŝůǁĂLJ͕ ^ĞŝďƵ,ŽůĚŝŶŐƐ ^ĞĐƌĞƚĂƌŝĂƚ͗ :ĂƉĂŶdƌĂŶƐƉŽƌƚZĞƐĞĂƌĐŚ/ŶƐƚŝƚƵƚĞ ŽŶƐƵůƚĂŶƚ͗ ZW;ƐƚĂĨĨŝŶĐŚĂƌŐĞ͗Dƌ͘^ĂŬĂƐŚŝƚĂ͕Dƌ͘dƐƵĐŚŝLJĂ͕Dƌ͘ /ŬĞĚĂͿ
/ŶŽƌĚĞƌƚŽĐŚĞĐŬƚŚĞƐƚĂƚŝƐƚŝĐƐƉƵďůŝƐŚĞĚďLJƚŚĞŐŽǀĞƌŶŵĞŶƚ͕/ƚŝƐĂůƐŽŝŵƉŽƌƚĂŶƚĨŽƌƉƌŝǀĂƚĞ ĂŐĞŶĐŝĞƐƚŽĐŽŶĚƵĐƚƚŚĞŝƌŽǁŶĞƐƚŝŵĂƚŝŽŶ
Ϯϭ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ
/sͲϭdDƌĂŝůǁĂLJǁŽƌŬŝŶŐŐƌŽƵƉ͗KƌŝŐŝŶĂůĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ŵŽĚĞůĨŽƌdD
ŽŵƉĂƌŝƐŽŶďĞƚǁĞĞŶĨŽƌĞĐĂƐƚĞĚƉŽƉƵůĂƚŝŽŶĨƌŽŵ/W^^ĂŶĚĂĐƚƵĂůƉŽƉƵůĂƚŝŽŶ
dŽŬLJŽWƌĞĨ͘ dD ϲͬϮϬϭϴ ŽŶůLJ ϭϯ͕ϴϯϭ͕ϬϬϬ
ϰϬ͕ϬϬϬ ϭϰ͕ϬϬϬ 䠄༢䠖༓ே䠅 ϲͬϮϬϭϴ 䠄༢䠖༓ே䠅 ϮϬϭϴ ϯϵ͕ϬϬϬ ĂĐƚƵĂů ϯϲ͕ϲϬϬ͕ϬϬϬ ϯϴ͕ϬϬϬ ϭϯ͕ϬϬϬ ϮϬϬϳ ϭϵϵϮ ϯϳ͕ϬϬϬ ϮϬϭϯ ĂĐƚƵĂů ϯϲ͕ϬϬϬ ϭϮ͕ϬϬϬ ϮϬϬϮ
ϯϱ͕ϬϬϬ ϭϵϵϮ ϯϰ͕ϬϬϬ ϭϭ͕ϬϬϬ ϮϬϬϮ ϮϬϭϴ ϯϯ͕ϬϬϬ ϮϬϬϳ ϯϮ͕ϬϬϬ ϭϵϵϳ ϮϬϭϯ ϭϬ͕ϬϬϬ
ϯϭ͕ϬϬϬ ϭϵϵϳ
ϯϬ͕ϬϬϬ
ϭϵϵϬ ϭϵϵϱ ϮϬϬϬ ϮϬϬϱ ϮϬϭϬ ϮϬϭϱ ϮϬϮϬ ϮϬϮϱ ϮϬϯϬ ϮϬϯϱ ϮϬϰϬ ϮϬϰϱ ϵ͕ϬϬϬ ϭϵϵϬ ϭϵϵϱ ϮϬϬϬ ϮϬϬϱ ϮϬϭϬ ϮϬϭϱ ϮϬϮϬ ϮϬϮϱ ϮϬϯϬ ϮϬϯϱ ϮϬϰϬ ϮϬϰϱ
ᖺ ᖺ ᖺ ᖺ ᖺ ᖺ ᖺ ᖺ ᖺ ᖺ ᖺ ᖺ ᖺ ᖺ ᖺ ᖺ ᖺ ᖺ ᖺ ᖺ ᖺ ᖺ ᖺ ᖺ
ĂƐĞĚŽŶƚŚĞĨŽƌĞĐĂƐƚĞĚƉŽƉƵůĂƚŝŽŶĨƌŽŵEĂƚŝŽŶĂůĞŶƐƵƐĂŶĚZĞƐŝĚĞŶƚZĞŐŝƐƚƌĂƚŝŽŶ͕ĐƵƌƌĞŶƚƉŽƉƵůĂƚŝŽŶ;:ƵŶĞ ϮϬϭϴͿŝŶdDŝƐĂůƌĞĂĚLJŽǀĞƌƚŚĞĨŽƌĞĐĂƐƚĞĚƉŽƉƵůĂƚŝŽŶŝŶϮϬϮϬďLJ/W^^;ϮϬϭϴĞƐƚŝŵĂƚŝŽŶǀĞƌƐŝŽŶͿ
ϮϮ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϭdDƌĂŝůǁĂLJǁŽƌŬŝŶŐŐƌŽƵƉ͗KƌŝŐŝŶĂůĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ŵŽĚĞůĨŽƌdD ƉĞƌƐŽŶ ϭϬ͕ϬϬϬ ϯ͕ϴϬϬ ϭϱ͕ϬϬϬ ϯ͕ϲϲϮ EĂƚŝŽŶǁŝĚĞ ;ϭϬ͕ϬϬϬͿ ϯ͕ϳϬϬ ϯ͕ϲϬϵ ϭϯ͕ϬϬϬ ϯ͕ϱϵϬ ϭϮ͕ϴϬϲ ϭϭ͕ϬϬϬ ϮϬϭϬƉŽƉ ϯ͕ϲϬϬ ϯ͕ϱϲϮ 'ƌŽǁƚŚ ϵ͕ϬϬϬ ϭϬ͕ϮϮϭ ƐĐĞŶĂƌŝŽ ϯ͕ϱϬϬ ϳ͕ϬϬϬ ϯ͕ϰϴϴ ϱ͕ϬϬϬ dD ϯ͕ϰϬϬ ϯ͕ϬϬϬ ϯ͕Ϯϵϲ ΖϵϱΖϬϬΖϬϱΖϭϬΖϭϱΖϮϬΖϮϱΖϯϬΖϯϱΖϰϬΖϰϱ ϯ͕ϯϬϬ ϯ͕Ϯϱϴ ^ůƵŵƉ ƐĐĞŶĂƌŝŽ ϯ͕ϮϬϬ ĐƚƵĂů ϯ͕ϭϭϭ ϯ͕ϭϬϬ /W^^ǀĂůƵĞ /W^^͗ǁĞŽƌŝŐŝŶĂůůLJĞdžƚƌĂƉŽůĂƚĞϮϬϰϱǀĂůƵĞĨƌŽŵϮϬϯϱĂŶĚϮϬϰϬͤேཱྀ◊ϮϬϰϱᖺ್䛿䚸ϮϬϯϱ䛸ϮϬϰϬᖺ್䛛䜙᥎ィ ϯ͕ϬϬϬ ΖϵϱΖϬϬΖϬϱΖϭϬΖϭϱΖϮϬΖϮϱΖϯϬΖϯϱΖϰϬΖϰϱ ^hDDZz ^ĐĞŶĂƌŝŽĨŽƌĞĐĂƐƚĞĚƉŽƉƵůĂƚŝŽŶŝƐŚŝŐŚĞƌƚŚĂƚĨƌŽŵ/W^^ĐŽŵƉĂƌĞƚŽ ĂĐƚƵĂůƉŽƉƵůĂƚŝŽŶŝŶϮϬϭϬ͗ĚĞĐƌĞĂƐŝŶŐĂƚͲϮй ;ϮϬϰϱŐƌŽǁƚŚƐĐĞ͘Ϳ͕Ͳϳй ;ϮϬϰϱďĂƐĞƐĐĞ͘Ϳ WŽƉƵůĂƚŝŽŶƌĞĂĐŚŝƚƐƉĞĂŬŝŶϮϬϮϱ;ŐƌŽǁƚŚƐĐĞ͘Ϳ͕ĂŶĚŝŶϮϬϮϬ;ďĂƐĞƐĐĞ͘Ϳ
Ϯϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ
/sͲϭdDƌĂŝůǁĂLJǁŽƌŬŝŶŐŐƌŽƵƉ͗KƌŝŐŝŶĂůĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ŵŽĚĞůĨŽƌdD
WŽƉƵůĂƚŝŽŶŝŶdDŝƐĚĞĐƌĞĂƐŝŶŐŝŶŽǀĞƌĂůů͕ďƵƚĂůŽŶŐƚŚĞƌĂŝůǁĂLJůŝŶĞƐ͕ƉŽƉƵůĂƚŝŽŶŝƐŝŶĐƌĞĂƐŝŶŐ͊
EŝŐŚƚƉŽƉ͘ĐŚĂŶŐĞ;ϮϬϯϬͲϮϬϭϬͿ
ͶࡠخΝܯϰϮϮϬϯϬǀĂůƵĞŝƐďĂƐĞĚŽŶ/W^^ਕͺਕݜਬ,ͤ ĨŽƌĞĐĂƐƚĞĚǀĂůƵĞ
Ϯϰ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϫͲϮ ĞŵĂŶĚ&ŽƌĞĐĂƐƚDŽĚĞůůŝŶŐ dDƵƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞů ĂƐĞĚŽŶĨŽůůŽǁŝŶŐZĂŝůǁĂLJDĂƐƚĞƌWůĂŶ ŽƵŶĐŝůŽĨdƌĂŶƐƉŽƌƚWŽůŝĐLJWůĂŶ;dWWͿEŽ͘ϭϴ;ϮϬϬϬͿ ŽƵŶĐŝůŽĨdƌĂŶƐƉŽƌƚWŽůŝĐLJWůĂŶEŽ͘ϭϵϴ;ϮϬϭϲͿ
ϭ͘ /ŶŝƚŝĂůĐŽŶĚŝƚŝŽŶƐ
Ϯ͘ hƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ dWWEŽ͘ϭϴ ϯ͘ ŝƌƉŽƌƚͬ,^ZƐƚĂƚŝŽŶĂĐĐĞƐƐĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϰ͘ /ŵƉƌŽǀĞŵĞŶƚƐŝŶdWWEŽ͘ϭϵϴ dWWEŽ͘ϭϵϴ
/sͲϮ;ϭͿ/ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ
DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ
ϭ͘ hƌďĂŶŶĞƚǁŽƌŬƐƚƌƵĐƚƵƌĞ ZĂŝůǁĂLJŶĞƚǁŽƌŬƐƚƌƵĐƚƵƌĞ 9 /ŶŝƚŝĂůĐŽŶĚŝƚŝŽŶƐĨŽƌŶĞƚǁŽƌŬƐƚƌƵĐƚƵƌĞ ¾ ƵƌƌĞŶƚƌĂŝůǁĂLJŶĞƚǁŽƌŬ ¾ &ƵƚƵƌĞƌĂŝůǁĂLJŶĞƚǁŽƌŬ 9 EĞƚǁŽƌŬƐĞƚƚŝŶŐ ¾ EŽĚĞƐĞƚƚŝŶŐ ¾ ZĂŝůǁĂLJůŝŶŬƐĞƚƚŝŶŐ ¾ ZĂŝůǁĂLJƚƌĂŶƐĨĞƌƐƚĂƚŝŽŶƐĞƚƚŝŶŐ ¾ ZĂŝůǁĂLJƐƚĂƚŝŽŶĂĐĐĞƐƐͲĞŐƌĞƐƐƐĞƚƚŝŶŐ
Ϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϭͿ/ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ
DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ZĂŝůǁĂLJƐƚĂƚŝŽŶĂĐĐĞƐƐͲĞŐƌĞƐƐƐĞƚƚŝŶŐ
ϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ
/sͲϮ;ϭͿ/ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ
DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭ͘ hƌďĂŶŶĞƚǁŽƌŬƐƚƌƵĐƚƵƌĞ ,ŝŐŚǁĂLJŶĞƚǁŽƌŬƐƚƌƵĐƚƵƌĞ 9 /ŶŝƚŝĂůĐŽŶĚŝƚŝŽŶƐĨŽƌŶĞƚǁŽƌŬƐƚƌƵĐƚƵƌĞ ¾ ƵƌƌĞŶƚƌĂŝůǁĂLJŶĞƚǁŽƌŬ ¾ &ƵƚƵƌĞƌĂŝůǁĂLJŶĞƚǁŽƌŬ ¾ ĐĐĞƐƐͲĐŽŶƚƌŽůůĞĚŚŝŐŚǁĂLJŶĞƚǁŽƌŬ;ĞdžƉƌĞƐƐǁĂLJͿ ¾ >ŽĐĂůŚŝŐŚǁĂLJͬƌŽĂĚŶĞƚǁŽƌŬ 9 EĞƚǁŽƌŬƐĞƚƚŝŶŐ ¾ EŽĚĞƐĞƚƚŝŶŐ ¾ ,ŝŐŚǁĂLJůŝŶŬƐĞƚƚŝŶŐ ¾ džƉƌĞƐƐǁĂLJĞŶƚƌLJͬĞdžŝƚůŝŶŬƐĞƚƚŝŶŐ
ϰ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϭͿ/ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ
DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ dD&ƵƚƵƌĞ džƉƌĞƐƐǁĂLJŶĞƚǁŽƌŬ
ᮾ ᖖ ☬ ᪂ 㤳㒔ᅪ୰ኸ㐃⤡⮬ື㌴㐨 ⦪ ⮬ ື ᐑ ㈏ ⮬ ㌴ ୖ 㐨 ᑿ ື 㛵 㐨 ㌴ ᅵᾆᕷ ㉺ ㊰ 㐨 ⮬ ື ᐑᕷ ᰾㒔ᕷᗈᇦᖿ⥺㐨㊰ ㌴ 㐨 ᮾ ᾆᕷ ᇸ 㟷ᱵᕷ ᮾிእ䛛䛟⎔≧㐨㊰ ⋢ 㐨 ㊰ ᯽ᕷ
㻝 ᮾ㛵ᮾ⮬ື㌴㐨Ỉᡞ⥺ 㻜ྕ ⥺ ༓ⴥ㐨㊰
ඵ⋤Ꮚᕷ ᡂ⏣ᕷ ୰ኸ⮬ື㌴㐨㊰ ୰ ிⴥ㐨㊰ ኸ ⎔ ≧ ⥺ 㐨㊰ ➨ ᓊ ி‴ ୕ ᕝ ᮾ ி ᓮ ➨ ㊰ ⦪ 㐨 ㈏ ㏿ 㐨 㧗 ㊰ ྡ ㊰ ᮾ 㐨 ཌᮌᕷ ≧ ᮾி‴ ⎔ 䜰䜽䜰䝷䜲䞁 ➨ᮾྡ㧗㏿㐨㊰ ᶓ ༓ ᕝᓮᕷ ⴥ ᮾி‴ᓊ㐨㊰ ⎔ ≧ ᶓᕷ 㐨 ㊰ 㐨 ㌴ ື ᮌ᭦ὠᕷ ⮬ ᮾ 㛵 ⥺ ᶓ ᮾ ᒣ 㤋 ᶓ 㡲 ㈡ 㐨 ㊰ 㐨㊰ ‴ཱྀ ᮾி ซ䚷䚷䚷䚷䚷䚷 ŝŶƚŚĞƉůĂŶŶŝŶŐƐƚĂŐĞィ䚷䚷⏬䚷䚷୰ ᐩὠᕷ ƵŶĚĞƌĐŽŶƐƚƌƵĐƚŝŽŶ䚷䚷ᴗ䚷䚷୰ ౪䚷䚷⏝䚷䚷୰ŝŶƐĞƌǀŝĐĞ ᪂ィෆ౪⏝ணᐃƚŽďĞŝŶƐĞƌǀŝĐĞ ^ŽƵƌĐĞ͗ϱͲzĞĂƌƐ,ŝŐŚǁĂLJ/ŶǀĞƐƚŵĞŶƚDĂƐƚĞƌWůĂŶ;DŝŶŝƐƚƌLJŽĨ 䠄ᖹᡂ䠕ᖺᗘᮎ⌧ᅾ䠅 㧗㏿⮬ື㌴ᅜ㐨䛾ᴗ୰༊㛫䛻䛿 ŽŶƐƚƌƵĐƚŝŽŶ͕ϭϵϵϴͿ ᩚഛィ⏬༊㛫䜢ྵ䜐
㤋ᒣᕷ
ϱ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ
/sͲϮ;ϭͿ/ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ
DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ,ŝŐŚǁĂLJůŝŶŬƐĞƚƚŝŶŐ
ϲ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϭͿ/ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ
DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ
Ϯ͘ dƌĂŶƐƉŽƌƚƐĞƌǀŝĐĞĐŽŶĚŝƚŝŽŶ ZĂŝůǁĂLJƐĞƌǀŝĐĞĐŽŶĚŝƚŝŽŶ ,ŝŐŚǁĂLJƐĞƌǀŝĐĞĐŽŶĚŝƚŝŽŶ 9 dŝŵĞͲƌĞůĂƚĞĚƐĞƌǀŝĐĞĚĂƚĂƐĞƚƚŝŶŐ ¾ YͲ s DŽĚĞů 9 ŽƐƚͲƌĞůĂƚĞĚƐĞƌǀŝĐĞĚĂƚĂƐĞƚƚŝŶŐ ¾ dŽůů ¾ sĞŚŝĐůĞKƉĞƌĂƚŝŶŐŽƐƚ;sKͿ ƵƐƐĞƌǀŝĐĞĐŽŶĚŝƚŝŽŶ
ϳ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ
/sͲϮ;ϭͿ/ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ
DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ YͲ s DŽĚĞů 㹔 VSHHG NPK sŵĂdž͗ ŵĂdžŝŵƵŵ ǀĞůŽĐŝƚLJ 9PD[ sŵŝŶ͗ ŵŝŶŝŵƵŵ ǀĞůŽĐŝƚLJ sĐ ͗ ǀĞůŽĐŝƚLJ Ăƚ ƚƌĂĨĨŝĐ ĐŽŶŐĞƐƚŝŽŶ 9PLQ
9F 㹏 YROXPH YHKGD\ 4PLQ 4PD[ 4F sKĨŽƌďLJĞĂĐŚƚƌŝƉƉƵƌƉŽƐĞ
$YHUDJH 92&YHK 92&SDV SDVVHQJHU 7ULS \HQYHKNP \HQSDVNP (TXLYDOHQWRIWULSSXUSRVH SXUSRVH SDVYHK IURPWKH+LJKZD\&HQVXV $ % $ʙ% &RPPXWLQJ *RWRZRUN ZRUN &RPPXWLQJ *RWRVFKRRO VFKRRO 3ULYDWH )DPLO\ UHODWHG ʀ VKRSSLQJ ʀ /HLVXUH VRFLDOʀUHFUHDWLRQʤZLWKLQ70$ʥ %XVLQHVV %XVLQHVV$ QRW KDXOLQJ ZRUN JR UHODWHG EDFNWRRIILFHLVH[FOXGHGʥ
ϴ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϭͿ/ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ
DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ
ϯ͘ KƚŚĞƌĐŽŶĚŝƚŝŽŶƐ ƐƚŝŵĂƚŝŽŶŽĨŵŽĚĂůƐƉůŝƚƉĂƌĂŵĞƚĞƌ &ŽƌĞĐĂƐƚĞĚŵŽĚĂůƐƉůŝƚ 9 ĐƚƵĂůǀĞŚŝĐůĞŽǁŶĞƌƐŚŝƉŝŶŵƵŶŝĐŝƉĂůŝƚLJůĞǀĞů 9 sĞŚŝĐůĞŽǁŶĞƌƐŚŝƉŐƌŽǁƚŚƌĂƚĞ ĚĂƚĂƐĞƚƚŝŶŐ 9 WĂƌŬŝŶŐůŽƚ 9 dƌĂĨĨŝĐĐŽŶŐĞƐƚŝŽŶ
ϵ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ
/sͲϮ;ϭͿ/ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ
DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ sĞŚŝĐůĞŽǁŶĞƌƐŚŝƉŐƌŽǁƚŚƌĂƚĞĞƐƚŝŵĂƚŝŽŶ͗ZĞŐƌĞƐƐŝŽŶŶĂůLJƐŝƐ
Zŝ;ƚͿсɲŝΎůŶ;ƚͲϭϵϲϵͿнɴŝ tŚĞƌĞ͕ d͗LJĞĂƌ ɲ͕ ɴ͗ ƉĂƌĂŵĞƚĞƌ ŽĨ ƉƌĞĨĞĐƚƵƌĞ ŝ
Zŝ;ƚͿ͗ ǀĞŚŝĐůĞ ŽǁŶĞƌƐŚŝƉ ƉĞƌ ŚŽƵƐĞŚŽůĚ ŝŶ ƉƌĞĨĞĐƚƵƌĞ ŝ͕ LJĞĂƌ ƚ
sĞŚŝĐůĞŽǁŶĞƌƐŚŝƉŐƌŽǁƚŚƌĂƚĞĞƐƚŝŵĂƚŝŽŶ ƌĞƐƵůƚ
3DUDPHWHU *URZWKUDWLR SUHIHFWXUH Ѝ Ў ʤ ʥ 7RN\R .DQDJDZD 6DLWDPD &KLED ,EDUDNL
ϭϬ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ
DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ
ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ
ϰͲƐƚĞƉŵŽĚĞů ϭͿ'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿŝƐƚƌŝďƵƚŝŽŶ ϯͿDŽĚĂů^Ɖůŝƚ ϰͿ;ZĂŝůǁĂLJ>ŝŶĞƐͿZŽƵƚĞƐƐŝŐŶŵĞŶƚ
ϭϭ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ
/sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ
DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ
ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ dǁŽŵĞƚŚŽĚƐŝŶ'ĞŶĞƌĂƚŝŽŶĂŶĚƚƚƌĂĐƚŝŽŶ
dƌŝƉ ZĂƚĞ ZĞŐƌĞƐƐŝŽŶ ŶĂůLJƐŝƐ &ŝƌƐƚ͕ ĐĂůĐƵůĂƚĞ ƚƌŝƉ ;ŐĞŶĞƌĂƚŝŽŶ͕ ĂƚƚƌĂĐƚŝŽŶͿ ƉĞƌ ƉĞƌƐŽŶ͕ Žƌ 'ĞŶĞƌĂƚŝŽŶ ĂŶĚ ƚƚƌĂĐƚŝŽŶ ǀŽůƵŵĞ ǁŝůů ďĞ ĞƐƚŝŵĂƚĞĚ ďLJ ƉĞƌ ϭŵϮ ĨůŽŽƌ ĂƌĞĂ͘ dŚĞŶ ĂƉƉůLJ ƚŚŝƐ ƌĂƚŝŽ ƚŽ ƚŚĞ ĨŽƌĞĐĂƐƚĞĚ ǀĂƌŝŽƵƐ ĞdžƉůĂŶĂƚŽƌLJ ǀĂƌŝĂďůĞƐ͘ WĂƌĂŵĞƚĞƌ ǁŝůů ďĞ ĞƐƚŝŵĂƚĞĚ ďĂƐĞĚ ŽŶ ƉŽƉƵůĂƚŝŽŶ ŝŶ ƚŚĞ ĨƵƚƵƌĞ ƚŽ ĐĂůĐƵůĂƚĞ ƚŚĞ ĨŽƌĞĐĂƐƚĞĚ ƚƌŝƉ ůĞĂƐƚ ƐƋƵĂƌĞ ŵĞƚŚŽĚ͘
;dƌŝƉƌĂƚĞͿ G ;&ƵƚƵƌĞŐĞŶĞƌĂƚŝŽŶ;ŽƌĂƚƚƌĂĐƚŝŽŶͿǀŽůƵŵĞͿ D current Gfuture D E u Xcurrent X current ;&ƵƚƵƌĞŐĞŶĞƌĂƚŝŽŶ;ŽƌĂƚƚƌĂĐƚŝŽŶͿǀŽůƵŵĞͿ D ͕ E ͗ƉĂƌĂŵĞƚĞƌ G ͗ǀŽůƵŵĞ;ƚƌŝƉͿ X͗ƉŽƉƵůĂƚŝŽŶŝŶĞĂĐŚnjŽŶĞ;ƉĞƌƐŽŶͿ future XG future u D
D ͗dƌŝƉƌĂƚĞ;ƚƌŝƉͬƉĞƌƐŽŶͿ G ͗ǀŽůƵŵĞ;ƚƌŝƉͿ X͗ƉŽƉƵůĂƚŝŽŶŝŶĞĂĐŚnjŽŶĞ;ƉĞƌƐŽŶͿ
ĂůĐƵůĂƚŝŽŶ ďĂƐĞĚ ŽŶ ƚŚĞ ĐƵƌƌĞŶƚ ƚƌŝƉ ƌĂƚĞ͕ ƐŽ ŝƚ ŝƐ ĞĂƐLJ ƚŽ ƌĞƐĞŵďůĞ LJ ƚŚŝƐ ŵĞƚŚŽĚ͕ ŝƚ ŝƐ ƉŽƐƐŝďůĞ ƚŽ ŝŶĐŽƌƉŽƌĂƚĞ ǀĂƌŝŽƵƐ ŝŶĚŝĐĞƐ ŝŶ ƚŚĞ ŵŽĚĞů͘ ƚŚĞ ĐƵƌƌĞŶƚ ƌĂƚĞ ƐŝƚƵĂƚŝŽŶ͘ ,ŽǁĞǀĞƌ͕ ŝƚ ŝƐ ĚŝĨĨŝĐƵůƚ ƚŽ ƌĞƐĞŵďůĞ ƚŚĞ ƌĞƐƵůƚ ǁŝƚŚ ƚŚĞ ĐƵƌƌĞŶƚ ƐŝƚƵĂƚŝŽŶ͘ dƌŝƉ ƌĂƚĞ ďĂƐĞĚ ŽŶ ϮϬϬϴ ƉĞƌƐŽŶͲƚƌŝƉ ƐƵƌǀĞLJ͘ tŚĞŶ ĂŶĂůLJnjĞ ǁŝƚŚ ƌĞŐƌĞƐƐŝŽŶ ŵŽĚĞů͕ ŝĨ ŵŽĚĞů ƌ ƐƋƵĂƌĞ ŝƐ ůŽǁ͕ ŵŽĚĞů ĐĂƉĂďŝůŝƚLJ ƚŽ ƐŝŵƵůĂƚĞ ƚŚĞ ĐƵƌƌĞŶƚ ƐŝƚƵĂƚŝŽŶ ǁŝůů ďĞ ƌĞĚƵĐĞ ƚŽŽ͘ LJĐŽŶƐŝĚĞƌŝŶŐƚŚĞƐƚĂďŝůŝƚLJŽĨƚŚĞƌĞƐƵůƚ͕ƚŚŝƐŵĂƐƚĞƌƉůĂŶƵƐĞdƌŝƉZĂƚĞŵĞƚŚŽĚ
ϭϮ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ
DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ
ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ
DĞƚŚŽĚŽůŽŐLJ;ƚƌŝƉƌĂƚĞͿ 'ĞŶĞƌĂƚŝŽŶ;ŽƌĂƚƚƌĂĐƚŝŽŶͿǀŽůƵŵĞ сEƵŵďĞƌŽĨĨŽƌĞĐĂƐƚĞĚƉŽƉƵůĂƚŝŽŶ;ďLJĞĂĐŚƉŽƉƵůĂƚŝŽŶĐĂƚĞŐŽƌŝnjĂƚŝŽŶͿΎdƌŝƉƌĂƚĞ dƌŝƉƉƵƌƉŽƐĞ ŽŵŵƵƚŝŶŐ;ǁŽƌŬͿ ŽŵŵƵƚŝŶŐ;ƐĐŚŽŽůͿ WƌŝǀĂƚĞ ƵƐŝŶĞƐƐƌĞůĂƚĞĚ ĂĐŬŚŽŵĞ
ϭϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ
/sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ
સҮগཔਕ༩ݏښϔϫρέพগཔਕ༩ ౨ 㸦ᑵᴗ࣭ᚑᴗ࣭ᑵᏛ࣭ 㸦ᚑᴗேཱྀࠊ ॊָʀؔਕʥ ঃ೧ྺพؔਕʥ ࿓ಉྙࠬ ϭϵϳϱŌϭϵϵϱ೧ࠅࠬ
ࣈࣟࢵࢡู ⮬Ꮿෆᑵᴗ⪅ᩘࡢタᐃ
ࣈࣟࢵࢡู ⮬Ꮿෆᑵᴗ⪅ᩘ
સҮࢴࣆదݏښ౨ ਫ਼ʀॄϠυϩ 㸦⏨ዪᖺ㱋㝵ᒙู ਫ਼ʀॄݬୱҒʥ
ݟʀϔϫρέพࢴࣆద ਫ਼ʀॄϠυϩ ʤਫ਼ʀॄݬୱҒʥ
સҮɼݟʀϔϫρݏښ౨ ແదۂέพ ਫ਼ʀॄϠυϩ ʤਫ਼ʀॄݬୱҒʥ
ϔϫρέพਫ਼ʀॄྖ গཔ༩ ϭϰ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ
DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ
ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ ŽŵŵƵƚŝŶŐ;ǁŽƌŬͿƚƌŝƉ DĞƚŚŽĚŽůŽŐLJ
'ĞŶĞƌĂƚĞĚsŽůƵŵĞс,ŽŵĞďĂƐĞĚǁŽƌŬĞƌʹ WĞŽƉůĞǁŚŽǁŽƌŬĂŶĚƐƚĂLJŝŶƚŚĞƐĂŵĞnjŽŶĞ ƚƚƌĂĐƚĞĚsŽůƵŵĞсtŽƌŬƉůĂĐĞďĂƐĞĚǁŽƌŬĞƌʹ WĞŽƉůĞǁŚŽǁŽƌŬĂŶĚƐƚĂLJŝŶƚŚĞƐĂŵĞnjŽŶĞ
WĞŽƉůĞǁŚŽǁŽƌŬĂŶĚƐƚĂLJŝŶƚŚĞƐĂŵĞnjŽŶĞ &ŝƌƐƚ͕ƐĞƚƚŚĞƚŽƚĂůŶƵŵďĞƌŽĨƉĞŽƉůĞǁŚŽǁŽƌŬĂŶĚƐƚĂLJŝŶƚŚĞƐĂŵĞnjŽŶĞŝŶ ǁŚŽůĞdDĂƐĂĐŽŶƚƌŽůƚŽƚĂůǀĂůƵĞ dŚĞŶ͕ĐŽŶĚƵĐƚĂŶŝƚĞƌĂƚŝŽŶǁŝƚŚƵŶƚŝůƚŚĞĞƋƵŝůŝďƌŝƵŵŝƐƌĞĂĐŚĞĚ
ϭϱ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ
/sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ
DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ
ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ dƌĂŶƐŝƚŝŽŶŽĨƐŚĂƌĞŽĨƐĞůĨͲĞŵƉůŽLJĞĚͬŚŽŵĞŽĨĨŝĐĞǁŽƌŬĞƌ 㸦㸣㸧
^ŽƵƌĐĞ͗ >ĂďŽƌ ĨŽƌĐĞ ƐƵƌǀĞLJ ;DĂŶĂŐĞŵĞŶƚ ĂŶĚ ŽŽƌĚŝŶĂƚŝŽŶ ŐĞŶĐLJ;DͿͿ ᖺ dƌĂŶƐŝƚŝŽŶŽĨƐŚĂƌĞŽĨĞŵƉůŽLJŵĞŶƚŝŶĞĂĐŚƐĞĐƚŽƌ
➨୕ḟ⏘ᴗ
➨ḟ⏘ᴗ ➨୍ḟ⏘ᴗ 㸦ᖺ㸧
ϭϲ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ
DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ
ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ ŽŵŵƵƚŝŶŐ;ƐĐŚŽŽůͿƚƌŝƉ DĞƚŚŽĚŽůŽŐLJ
'ĞŶĞƌĂƚĞĚsŽůƵŵĞс,ŽŵĞďĂƐĞĚƐƚƵĚĞŶƚ ƚƚƌĂĐƚĞĚsŽůƵŵĞсtŽƌŬƉůĂĐĞďĂƐĞĚƐƚƵĚĞŶƚ
ϭϳ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ
/sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ
DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ
ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ WƌŝǀĂƚĞƚƌŝƉ DĞƚŚŽĚŽůŽŐLJ
dDůĞǀĞů͕ďLJŐĞŶĚĞƌĂŶĚĂŐĞƌĂŶŐĞ sŽůƵŵĞсĂLJƚŝŵĞƉŽƉƵůĂƚŝŽŶΎ'ĞŶĞƌĂƚŝŽŶ;ŽƌĂƚƚƌĂĐƚŝŽŶͿƚƌŝƉƌĂƚĞ
WƌĞĨĞĐƚƵƌĞ>ĞǀĞů /ƚĞƌĂƚŝŽŶǁŝƚŚdDůĞǀĞůǀŽůƵŵĞĂƐĂĐŽŶƚƌŽůƚŽƚĂůǀĂůƵĞ
ůŽĐŬ>ĞǀĞů /ƚĞƌĂƚŝŽŶǁŝƚŚƉƌĞĨĞĐƚƵƌĞůĞǀĞůǀŽůƵŵĞĂƐĂĐŽŶƚƌŽůƚŽƚĂůǀĂůƵĞ
ϭϴ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ
DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ
ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ
'ĞŶĞƌĂƚŝŽŶĂŶĚƚƚƌĂĐƚŝŽŶƚƌŝƉƌĂƚĞŝŶdDďLJŐĞŶĚĞƌĂŶĚĂŐĞŐƌŽƵƉ
'D\WLPHSRS *HQHUDWHG$WWUDFWHG LQ YROXPH YROXPH *HQHUDWLRQ$WWUDFWLRQ *HQGHU $JHJURXS WULSUDWH WULSUDWH SHUVRQ SHUVRQ SHUVRQ $ % & %ʙ$ &ʙ$
&KLOGUHQ
0DOH :RUNIRUFH ʛ
(OGHUO\ !
&KLOGUHQ )H :RUNIRUFH PDOH ʛ (OGHUO\ !
ΎEŽƚĞ͗'ĞŶĞƌĂƚĞĚĂŶĚƚƚƌĂĐƚĞĚǀŽůƵŵĞŝƐďĂƐĞĚŽŶƚŚĞƌĞƐƵůƚĨƌŽŵWĞƌƐŽŶͲdƌŝƉ^ƵƌǀĞLJ
ϭϵ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ
/sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ
DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ
ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ 'ĞŶĞƌĂƚŝŽŶĂŶĚƚƚƌĂĐƚŝŽŶƚƌŝƉƌĂƚĞŝŶƉƌĞĨĞĐƚƵƌĞĂŶĚďůŽĐŬůĞǀĞůďLJŐĞŶĚĞƌĂŶĚĂŐĞŐƌŽƵƉ
'D\WLPHSRS *HQHUDWHG $WWUDFWHG *HQHUDWLRQ $WWUDFWLRQ LQ YROXPH YROXPH WULSUDWH WULSUDWH
3UHIHFWXUH SHUVRQ SHUVRQ SHUVRQ
%ORFN $ % & %ʙ$ &ʙ$ 7RN\R ZDUGV 7DPDDUHD .DQDJDZD ϮϬ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ ƵƐŝŶĞƐƐƌĞůĂƚĞĚƚƌŝƉ DĞƚŚŽĚŽůŽŐLJ dDůĞǀĞů sŽůƵŵĞсtŽƌŬƉůĂĐĞďĂƐĞĚǁŽƌŬĞƌΎ'ĞŶĞƌĂƚŝŽŶ;ŽƌĂƚƚƌĂĐƚŝŽŶͿƚƌŝƉƌĂƚĞ WƌĞĨĞĐƚƵƌĞ>ĞǀĞů /ƚĞƌĂƚŝŽŶǁŝƚŚdDůĞǀĞůǀŽůƵŵĞĂƐĂĐŽŶƚƌŽůƚŽƚĂůǀĂůƵĞ ůŽĐŬ>ĞǀĞů /ƚĞƌĂƚŝŽŶǁŝƚŚƉƌĞĨĞĐƚƵƌĞůĞǀĞůǀŽůƵŵĞĂƐĂĐŽŶƚƌŽůƚŽƚĂůǀĂůƵĞ Ϯϭ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ 'ĞŶĞƌĂƚŝŽŶĂŶĚƚƚƌĂĐƚŝŽŶƚƌŝƉƌĂƚĞŝŶdD͕ƉƌĞĨĞĐƚƵƌĞĂŶĚďůŽĐŬůĞǀĞůďLJŐĞŶĚĞƌĂŶĚĂŐĞ 'D\WLPHSRS *HQHUDWHG $WWUDFWHG *HQHUDWLRQ $WWUDFWLRQ LQ YROXPH YROXPH WULSUDWH WULSUDWH SHUVRQ SHUVRQ SHUVRQ $%&%ʙ$ &ʙ$ 7RN\R0HWUR$UHD 7RN\R ZDUGV 7DPDDUHD .DQDJDZD ϮϮ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ ĂĐŬŚŽŵĞƚƌŝƉ DĞƚŚŽĚŽůŽŐLJ 'ĞŶĞƌĂƚĞĚǀŽůƵŵĞсƚƚƌĂĐƚĞĚǀŽůƵŵĞĨƌŽŵŽŵŵƵƚŝŶŐ;tŽƌŬн^ĐŚŽŽůͿнWƌŝǀĂƚĞ ƚƚƌĂĐƚĞĚǀŽůƵŵĞс'ĞŶĞƌĂƚĞĚǀŽůƵŵĞĨƌŽŵŽŵŵƵƚŝŶŐ;tŽƌŬн^ĐŚŽŽůͿнWƌŝǀĂƚĞ dŽƚĂůƚƌŝƉ DĞƚŚŽĚŽůŽŐLJ dŽƚĂůŐĞŶĞƌĂƚĞĚǀŽůƵŵĞс'ĞŶĞƌĂƚĞĚǀŽůƵŵĞĨƌŽŵ ŽŵŵƵƚŝŶŐ;tŽƌŬн^ĐŚŽŽůͿнWƌŝǀĂƚĞнƵƐŝŶĞƐƐнĂĐŬ,ŽŵĞ dŽƚĂůĂƚƚƌĂĐƚĞĚǀŽůƵŵĞсƚƚƌĂĐƚĞĚǀŽůƵŵĞĨƌŽŵ ŽŵŵƵƚŝŶŐ;tŽƌŬн^ĐŚŽŽůͿнWƌŝǀĂƚĞнƵƐŝŶĞƐƐнĂĐŬ,ŽŵĞ Ϯϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶǀŽůƵŵĞďLJƉƌĞĨĞĐƚƵƌĞ ϰϮйŽĨǁŽƌŬĞƌƐĂŐŐůŽŵĞƌĂƚĞĚŝŶdŽŬLJŽ ŽŵŵƵƚŝŶŐ;ǁŽƌŬͿƚƌŝƉ ϭ͕ϬϬϬƉĞƌƐŽŶͬĚĂLJ ϭϵϵϱ &ŽƌĞĐĂƐƚĞĚϮϬϭϱ ϮϬϭϱͬϭϵϵϱ 'ĞŶ͘ sŽůƵŵĞ ƚƚ͘ sŽůƵŵĞ 'ĞŶ͘ sŽůƵŵĞ ƚƚ͘ sŽůƵŵĞ 'ĞŶ͘ ƚƚ͘ dD ϭϱ͕ϴϴϱ ϭϱ͕ϵϯϳ ϭϲ͕ϱϱϮ ϭϲ͕ϲϭϲ ϭ͘ϬϰϮ ϭ͘Ϭϰϯ dŽŬLJŽ ƉƌĞĨ͘ ϱ͕ϱϳϮ ϴ͕ϬϯϮ ϱ͕ϰϯϴ ϴ͕Ϯϴϱ Ϭ͘ϵϳϲ ϭ͘Ϭϯϭ ϮϯtĂƌĚƐ ϯ͕ϴϭϱ ϲ͕ϳϭϭ ϯ͕ϱϴϯ ϲ͕ϵϬϵ Ϭ͘ϵϯϵ ϭ͘ϬϮϵ dĂŵĂƌĞĂ ϭ͕ϳϱϲ ϭ͕ϯϮϬ ϭ͕ϴϱϰ ϭ͕ϯϳϲ ϭ͘Ϭϱϲ ϭ͘ϬϰϮ <ĂŶĂŐĂǁĂ ƉƌĞĨ͘ ϯ͕ϵϯϯ ϯ͕ϭϴϰ ϰ͕Ϭϲϴ ϯ͕ϯϬϰ ϭ͘Ϭϯϰ ϭ͘Ϭϯϴ zŽŬŽŚĂŵĂ ϭ͕ϱϴϮ ϭ͕Ϯϳϰ ϭ͕ϲϭϮ ϭ͕ϯϭϳ ϭ͘Ϭϭϵ ϭ͘Ϭϯϰ <ĂǁĂƐĂŬŝ ϲϬϭ ϰϵϴ ϲϮϬ ϱϭϮ ϭ͘ϬϯϮ ϭ͘ϬϮϴ KƚŚĞƌƐ ϭ͕ϳϱϭ ϭ͕ϰϭϯ ϭ͕ϴϯϲ ϭ͕ϰϳϱ ϭ͘Ϭϰϵ ϭ͘Ϭϰϰ ^ĂŝƚĂŵĂ ƉƌĞĨ͘ ϯ͕ϭϬϳ Ϯ͕ϮϮϬ ϯ͕ϰϴϰ Ϯ͕ϯϱϱ ϭ͘ϭϮϮ ϭ͘Ϭϲϭ ^ŽƵƚŚ Ϯ͕ϭϳϲ ϭ͕ϱϰϬ Ϯ͕ϰϱϯ ϭ͕ϲϮϮ ϭ͘ϭϮϳ ϭ͘Ϭϱϯ EŽƌƚŚ ϵϯϬ ϲϴϬ ϭ͕Ϭϯϭ ϳϯϰ ϭ͘ϭϬϵ ϭ͘Ϭϳϵ ŚŝďĂ ƉƌĞĨ͘ Ϯ͕ϲϯϳ ϭ͕ϵϮϳ Ϯ͕ϴϯϯ Ϯ͕ϬϱϮ ϭ͘Ϭϳϰ ϭ͘Ϭϲϱ ŚŝďĂ ĐŝƚLJ ϰϭϬ ϯϴϰ ϰϮϮ ϯϵϴ ϭ͘ϬϯϬ ϭ͘Ϭϯϳ EŽƌƚŚǁĞƐƚ ϭ͕ϱϵϯ ϭ͕ϬϬϮ ϭ͕ϳϯϱ ϭ͕Ϭϲϯ ϭ͘Ϭϴϵ ϭ͘Ϭϲϭ ^ŽƵƚŚǁĞƐƚ Ϯϳϯ Ϯϰϲ ϮϴϮ Ϯϱϵ ϭ͘ϬϯϮ ϭ͘ϬϱϮ ĂƐƚ ϯϲϭ Ϯϵϲ ϯϵϱ ϯϯϯ ϭ͘Ϭϵϯ ϭ͘ϭϮϰ /ďĂƌĂŬŝ ƉƌĞĨ͘ ^ŽƵƚŚ ϲϯϳ ϱϳϱ ϳϮϵ ϲϮϬ ϭ͘ϭϰϰ ϭ͘Ϭϳϵ Ϯϰ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶǀŽůƵŵĞďLJƉƌĞĨĞĐƚƵƌĞ ĞĐƌĞĂƐŝŶŐĚƵĞƚŽůŽǁďŝƌƚŚ ŽŵŵƵƚŝŶŐ;ƐĐŚŽŽůͿƚƌŝƉ ϭ͕ϬϬϬƉĞƌƐŽŶͬĚĂLJ ϭϵϵϱ &ŽƌĞĐĂƐƚĞĚϮϬϭϱ ϮϬϭϱͬϭϵϵϱ 'ĞŶ͘ sŽůƵŵĞ ƚƚ͘ sŽůƵŵĞ 'ĞŶ͘ sŽůƵŵĞ ƚƚ͘ sŽůƵŵĞ 'ĞŶ͘ ƚƚ͘ dD ϱ͕ϲϬϭ ϱ͕ϲϭϰ ϰ͕ϰϰϲ ϰ͕ϰϱϰ Ϭ͘ϳϵϰ Ϭ͘ϳϵϯ dŽŬLJŽ ƉƌĞĨ͘ ϭ͕ϴϬϮ Ϯ͕ϭϳϵ ϭ͕Ϯϵϳ ϭ͕ϱϰϵ Ϭ͘ϳϭϵ Ϭ͘ϳϭϭ ϮϯtĂƌĚƐ ϭ͕ϭϰϮ ϭ͕ϱϬϭ ϳϳϬ ϭ͕Ϭϭϲ Ϭ͘ϲϳϰ Ϭ͘ϲϳϳ dĂŵĂƌĞĂ ϲϲϬ ϲϳϴ ϱϮϳ ϱϯϯ Ϭ͘ϳϵϴ Ϭ͘ϳϴϲ <ĂŶĂŐĂǁĂ ƉƌĞĨ͘ ϭ͕ϯϰϵ ϭ͕ϮϮϰ ϭ͕ϭϬϰ ϭ͕ϬϮϯ Ϭ͘ϴϭϴ Ϭ͘ϴϯϲ zŽŬŽŚĂŵĂ ϱϯϮ ϰϵϵ ϰϮϳ ϰϬϵ Ϭ͘ϴϬϮ Ϭ͘ϴϮϬ <ĂǁĂƐĂŬŝ ϭϴϯ ϭϱϭ ϭϰϵ ϭϮϲ Ϭ͘ϴϭϯ Ϭ͘ϴϯϭ KƚŚĞƌƐ ϲϯϰ ϱϳϰ ϱϮϴ ϰϴϵ Ϭ͘ϴϯϯ Ϭ͘ϴϱϭ ^ĂŝƚĂŵĂ ƉƌĞĨ͘ ϭ͕ϭϳϬ ϭ͕Ϭϯϱ ϭ͕Ϭϭϱ ϵϭϵ Ϭ͘ϴϲϳ Ϭ͘ϴϴϴ ^ŽƵƚŚ ϳϲϳ ϲϳϲ ϲϳϭ ϲϬϭ Ϭ͘ϴϳϱ Ϭ͘ϴϴϵ EŽƌƚŚ ϰϬϯ ϯϱϵ ϯϰϯ ϯϭϴ Ϭ͘ϴϱϮ Ϭ͘ϴϴϲ ŚŝďĂ ƉƌĞĨ͘ ϭ͕ϬϬϰ ϵϭϴ ϳϵϲ ϳϰϲ Ϭ͘ϳϵϯ Ϭ͘ϴϭϮ ŚŝďĂ ĐŝƚLJ ϭϰϳ ϭϰϳ ϭϭϯ ϭϭϯ Ϭ͘ϳϳϭ Ϭ͘ϳϲϲ EŽƌƚŚǁĞƐƚ ϲϬϮ ϱϯϰ ϰϵϬ ϰϰϮ Ϭ͘ϴϭϰ Ϭ͘ϴϮϴ ^ŽƵƚŚǁĞƐƚ ϭϬϰ ϵϲ ϴϬ ϳϳ Ϭ͘ϳϳϬ Ϭ͘ϴϬϰ ĂƐƚ ϭϱϭ ϭϰϭ ϭϭϮ ϭϭϰ Ϭ͘ϳϰϮ Ϭ͘ϴϬϳ /ďĂƌĂŬŝ ƉƌĞĨ͘ ^ŽƵƚŚ Ϯϳϲ Ϯϱϴ Ϯϯϱ Ϯϭϳ Ϭ͘ϴϱϮ Ϭ͘ϴϰϭ Ϯϱ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶǀŽůƵŵĞďLJƉƌĞĨĞĐƚƵƌĞ WƌŝǀĂƚĞƚƌŝƉ ϭ͕ϬϬϬƉĞƌƐŽŶͬĚĂLJ ϭϵϵϱ &ŽƌĞĐĂƐƚĞĚϮϬϭϱ ϮϬϭϱͬϭϵϵϱ 'ĞŶ͘ sŽůƵŵĞ ƚƚ͘ sŽůƵŵĞ 'ĞŶ͘ sŽůƵŵĞ ƚƚ͘ sŽůƵŵĞ 'ĞŶ͘ ƚƚ͘ dD ϭϴ͕ϱϱϵ ϭϴ͕ϰϴϬ ϭϵ͕ϮϬϲ ϭϵ͕ϭϮϰ ϭ͘Ϭϯϱ ϭ͘Ϭϯϱ dŽŬLJŽ ƉƌĞĨ͘ ϳ͕ϰϴϬ ϳ͕ϱϯϲ ϳ͕ϯϯϭ ϳ͕ϯϴϵ Ϭ͘ϵϴϬ Ϭ͘ϵϴϭ ϮϯtĂƌĚƐ ϱ͕ϰϱϭ ϱ͕ϱϮϰ ϱ͕Ϯϰϵ ϱ͕ϯϮϯ Ϭ͘ϵϲϯ Ϭ͘ϵϲϰ dĂŵĂƌĞĂ Ϯ͕ϬϮϵ Ϯ͕ϬϭϮ Ϯ͕ϬϴϮ Ϯ͕Ϭϲϲ ϭ͘ϬϮϲ ϭ͘ϬϮϳ <ĂŶĂŐĂǁĂ ƉƌĞĨ͘ ϰ͕Ϯϭϲ ϰ͕ϭϲϯ ϰ͕ϰϱϳ ϰ͕ϰϬϰ ϭ͘Ϭϱϳ ϭ͘Ϭϱϴ zŽŬŽŚĂŵĂ ϭ͕ϲϵϭ ϭ͕ϲϴϰ ϭ͕ϳϳϱ ϭ͕ϳϲϴ ϭ͘ϬϱϬ ϭ͘ϬϱϬ <ĂǁĂƐĂŬŝ ϱϴϵ ϱϲϱ ϲϮϭ ϱϵϲ ϭ͘Ϭϱϰ ϭ͘Ϭϱϰ KƚŚĞƌƐ ϭ͕ϵϯϲ ϭ͕ϵϭϱ Ϯ͕Ϭϲϭ Ϯ͕ϬϰϬ ϭ͘Ϭϲϱ ϭ͘Ϭϲϱ ^ĂŝƚĂŵĂ ƉƌĞĨ͘ ϯ͕ϯϯϮ ϯ͕Ϯϱϯ ϯ͕ϲϱϳ ϯ͕ϱϳϭ ϭ͘Ϭϵϳ ϭ͘Ϭϵϴ ^ŽƵƚŚ Ϯ͕Ϯϳϱ Ϯ͕ϮϯϮ Ϯ͕ϱϭϯ Ϯ͕ϰϲϳ ϭ͘ϭϬϰ ϭ͘ϭϬϱ EŽƌƚŚ ϭ͕Ϭϱϳ ϭ͕ϬϮϭ ϭ͕ϭϰϰ ϭ͕ϭϬϱ ϭ͘ϬϴϮ ϭ͘ϬϴϮ ŚŝďĂ ƉƌĞĨ͘ Ϯ͕ϴϮϴ Ϯ͕ϴϯϴ ϯ͕ϬϬϵ ϯ͕ϬϮϭ ϭ͘Ϭϲϰ ϭ͘Ϭϲϱ ŚŝďĂ ĐŝƚLJ ϰϮϴ ϰϯϱ ϰϰϰ ϰϱϭ ϭ͘Ϭϯϳ ϭ͘Ϭϯϳ EŽƌƚŚǁĞƐƚ ϭ͕ϲϮϮ ϭ͕ϲϯϮ ϭ͕ϳϱϵ ϭ͕ϳϳϬ ϭ͘Ϭϴϰ ϭ͘Ϭϴϱ ^ŽƵƚŚǁĞƐƚ Ϯϳϰ ϮϳϬ Ϯϴϯ ϮϴϬ ϭ͘Ϭϯϰ ϭ͘Ϭϯϰ ĂƐƚ ϱϬϰ ϱϬϭ ϱϮϯ ϱϮϬ ϭ͘Ϭϯϴ ϭ͘Ϭϯϴ /ďĂƌĂŬŝ ƉƌĞĨ͘ ^ŽƵƚŚ ϳϬϯ ϲϵϬ ϳϱϮ ϳϯϵ ϭ͘Ϭϳϭ ϭ͘Ϭϳϭ Ϯϲ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶǀŽůƵŵĞďLJƉƌĞĨĞĐƚƵƌĞ ƵƐŝŶĞƐƐƌĞůĂƚĞĚƚƌŝƉ ϭ͕ϬϬϬƉĞƌƐŽŶͬĚĂLJ ϭϵϵϱ &ŽƌĞĐĂƐƚĞĚϮϬϭϱ ϮϬϭϱͬϭϵϵϱ 'ĞŶ͘ sŽůƵŵĞ ƚƚ͘ sŽůƵŵĞ 'ĞŶ͘ sŽůƵŵĞ ƚƚ͘ sŽůƵŵĞ 'ĞŶ͘ ƚƚ͘ ϱϰйŽĨǁŽƌŬĞƌƐŝŶ dD ϴ͕ϴϳϬ ϴ͕ϳϴϰ ϴ͕ϵϱϲ ϴ͕ϴϳϬ ϭ͘ϬϭϬ ϭ͘ϬϭϬ dDŚĂǀĞĂƚƌŝƉ dŽŬLJŽ ƉƌĞĨ͘ ϰ͕ϭϬϵ ϰ͕ϭϳϮ ϰ͕ϭϯϰ ϰ͕ϭϵϴ ϭ͘ϬϬϲ ϭ͘ϬϬϲ ϮϯtĂƌĚƐ ϯ͕ϯϵϱ ϯ͕ϰϴϵ ϯ͕ϰϬϵ ϯ͕ϱϬϱ ϭ͘ϬϬϰ ϭ͘ϬϬϰ ŽƵƚƐŝĚĞŽĨĨŝĐĞ dĂŵĂƌĞĂ ϳϭϱ ϲϴϯ ϳϮϱ ϲϵϯ ϭ͘Ϭϭϰ ϭ͘Ϭϭϰ <ĂŶĂŐĂǁĂ ƉƌĞĨ͘ ϭ͕ϲϰϰ ϭ͕ϲϬϮ ϭ͕ϲϲϮ ϭ͕ϲϮϬ ϭ͘Ϭϭϭ ϭ͘Ϭϭϭ ŽŵŵƵƚŝŶŐ;ǁŽƌŬͿƚƌŝƉǀŽůƵŵĞ;ϭ͕ϬϬϬƉĞƌͬĚĂLJͿ zŽŬŽŚĂŵĂ ϲϴϴ ϲϳϬ ϲϵϱ ϲϳϳ ϭ͘Ϭϭϭ ϭ͘Ϭϭϭ ϭϵϵϱ &ŽƌĞĐĂƐƚĞĚϮϬϭϱ ϮϬϭϱʙϭϵϵϱ <ĂǁĂƐĂŬŝ Ϯϱϭ Ϯϰϵ Ϯϱϯ ϮϱϬ'ĞŶ͘ ϭ͘ϬϬϱ sŽůƵŵĞ ƚƚ͘ ϭ͘ϬϬϱ sŽůƵŵĞ 'ĞŶ͘ sŽůƵŵĞ ƚƚ͘ sŽůƵŵĞ 'ĞŶ͘ ƚƚ͘ KƚŚĞƌƐ ϳϬϱ ϲϴϯ ϳϭϱdD ϲϵϯ ϭ͘Ϭϭϰϭϱ͕ϴϴϱ ϭ͘Ϭϭϰ ϭϱ͕ϵϯϳ ϭϲ͕ϱϱϮ ϭϲ͕ϲϭϲ ϭ͘ϬϰϮ ϭ͘Ϭϰϯ ^ĂŝƚĂŵĂ ƉƌĞĨ͘ ϭ͕ϱϬϯ ϭ͕ϰϯϬ ϭ͕ϱϮϱdŽŬLJŽ ƉƌĞĨ͘ ϭ͕ϰϱϮ ϭ͘Ϭϭϱϱ͕ϱϳϮ ϭ͘Ϭϭϱ ϴ͕ϬϯϮ ϱ͕ϰϯϴ ϴ͕Ϯϴϱ Ϭ͘ϵϳϲ ϭ͘Ϭϯϭ ^ŽƵƚŚ ϵϴϳ ϵϮϳ ϭ͕ϬϬϰϮϯtĂƌĚƐ ϵϰϯ ϭ͘Ϭϭϳ ϯ͕ϴϭϱ ϭ͘Ϭϭϳ ϲ͕ϳϭϭ ϯ͕ϱϴϯ ϲ͕ϵϬϵ Ϭ͘ϵϯϵ ϭ͘ϬϮϵ dĂŵĂƌĞĂ ϭ͕ϳϱϲ ϭ͕ϯϮϬ ϭ͕ϴϱϰ ϭ͕ϯϳϲ ϭ͘Ϭϱϲ ϭ͘ϬϰϮ EŽƌƚŚ ϱϭϲ ϱϬϯ ϱϮϭ<ĂŶĂŐĂǁĂ ƉƌĞĨ͘ ϱϬϵ ϭ͘Ϭϭϭϯ͕ϵϯϯ ϭ͘Ϭϭϭ ϯ͕ϭϴϰ ϰ͕Ϭϲϴ ϯ͕ϯϬϰ ϭ͘Ϭϯϰ ϭ͘Ϭϯϴ ŚŝďĂ ƉƌĞĨ͘ ϭ͕ϭϴϭ ϭ͕ϭϱϯ ϭ͕ϭϵϳzŽŬŽŚĂŵĂ ϭ͕ϭϲϵ ϭ͘Ϭϭϰ ϭ͕ϱϴϮ ϭ͘Ϭϭϰ ϭ͕Ϯϳϰ ϭ͕ϲϭϮ ϭ͕ϯϭϳ ϭ͘Ϭϭϵ ϭ͘Ϭϯϰ ŚŝďĂ ĐŝƚLJ ϭϳϱ ϭϳϴ ϭϳϴ<ĂǁĂƐĂŬŝ ϭϴϭ ϭ͘Ϭϭϲ ϲϬϭ ϭ͘Ϭϭϲ ϰϵϴ ϲϮϬ ϱϭϮ ϭ͘ϬϯϮ ϭ͘ϬϮϴ KƚŚĞƌƐ ϭ͕ϳϱϭ ϭ͕ϰϭϯ ϭ͕ϴϯϲ ϭ͕ϰϳϱ ϭ͘Ϭϰϵ ϭ͘Ϭϰϰ EŽƌƚŚǁĞƐƚ ϱϰϭ ϱϭϵ ϱϱϯ^ĂŝƚĂŵĂ ƉƌĞĨ͘ ϱϯϬ ϭ͘ϬϮϮϯ͕ϭϬϳ ϭ͘ϬϮϮ Ϯ͕ϮϮϬ ϯ͕ϰϴϰ Ϯ͕ϯϱϱ ϭ͘ϭϮϮ ϭ͘Ϭϲϭ ^ŽƵƚŚǁĞƐƚ ϭϯϬ ϭϮϵ ϭϯϭ ϭϯϬ^ŽƵƚŚ ϭ͘ϬϬϳ Ϯ͕ϭϳϲ ϭ͘ϬϬϳ ϭ͕ϱϰϬ Ϯ͕ϰϱϯ ϭ͕ϲϮϮ ϭ͘ϭϮϳ ϭ͘Ϭϱϯ ĂƐƚ ϯϯϱ ϯϮϳ ϯϯϲ ϯϮϴEŽƌƚŚ ϭ͘ϬϬϯ ϵϯϬ ϭ͘ϬϬϯ ϲϴϬ ϭ͕Ϭϯϭ ϳϯϰ ϭ͘ϭϬϵ ϭ͘Ϭϳϵ /ďĂƌĂŬŝƉƌĞĨ͘ ŚŝďĂ ƉƌĞĨ͘ Ϯ͕ϲϯϳ ϭ͕ϵϮϳ Ϯ͕ϴϯϯ Ϯ͕ϬϱϮ ϭ͘Ϭϳϰ ϭ͘Ϭϲϱ ^ŽƵƚŚ ϰϯϯ ϰϮϳ ϰϯϴŚŝďĂ ϰϯϮ ĐŝƚLJ ϭ͘Ϭϭϭ ϰϭϬ ϭ͘Ϭϭϭ ϯϴϰ ϰϮϮ ϯϵϴ ϭ͘ϬϯϬ ϭ͘Ϭϯϳ EŽƌƚŚǁĞƐƚ ϭ͕ϱϵϯ ϭ͕ϬϬϮ ϭ͕ϳϯϱ ϭ͕Ϭϲϯ ϭ͘Ϭϴϵ ϭ͘Ϭϲϭ ^ŽƵƚŚǁĞƐƚ Ϯϳϯ Ϯϰϲ ϮϴϮ Ϯϱϵ ϭ͘ϬϯϮ ϭ͘ϬϱϮ ĂƐƚ ϯϲϭ Ϯϵϲ ϯϵϱ ϯϯϯ ϭ͘Ϭϵϯ ϭ͘ϭϮϰ /ďĂƌĂŬŝƉƌĞĨ͘ ^ŽƵƚŚ ϲϯϳ ϱϳϱ ϳϮϵ ϲϮϬ ϭ͘ϭϰϰ ϭ͘Ϭϳϵ Ϯϳ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶǀŽůƵŵĞďLJƉƌĞĨĞĐƚƵƌĞ dŽƚĂůƚƌŝƉ ϭ͕ϬϬϬƉĞƌƐŽŶͬĚĂLJ ϭϵϵϱ &ŽƌĞĐĂƐƚĞĚϮϬϭϱ ϮϬϭϱͬϭϵϵϱ 'ĞŶ͘ sŽůƵŵĞ ƚƚ͘ sŽůƵŵĞ 'ĞŶ͘ sŽůƵŵĞ ƚƚ͘ sŽůƵŵĞ 'ĞŶ͘ ƚƚ͘ dD ϴϴ͕ϵϰϲ ϴϴ͕ϴϲϬ ϴϵ͕ϯϱϱ ϴϵ͕Ϯϲϴ ϭ͘ϬϬϱ ϭ͘ϬϬϱ dŽŬLJŽ ƉƌĞĨ͘ ϯϲ͕ϳϬϵ ϯϲ͕ϳϳϮ ϯϱ͕ϰϮϭ ϯϱ͕ϰϴϱ Ϭ͘ϵϲϱ Ϭ͘ϵϲϱ ϮϯtĂƌĚƐ Ϯϳ͕ϱϯϵ Ϯϳ͕ϲϯϰ Ϯϲ͕Ϯϱϵ Ϯϲ͕ϯϱϰ Ϭ͘ϵϱϰ Ϭ͘ϵϱϰ dĂŵĂƌĞĂ ϵ͕ϭϳϬ ϵ͕ϭϯϵ ϵ͕ϭϲϯ ϵ͕ϭϯϭ Ϭ͘ϵϵϵ Ϭ͘ϵϵϵ <ĂŶĂŐĂǁĂ ƉƌĞĨ͘ ϭϵ͕ϳϭϯ ϭϵ͕ϲϳϭ ϮϬ͕ϬϮϮ ϭϵ͕ϵϴϬ ϭ͘Ϭϭϲ ϭ͘Ϭϭϲ zŽŬŽŚĂŵĂ ϳ͕ϵϰϵ ϳ͕ϵϯϭ ϴ͕ϬϬϯ ϳ͕ϵϴϰ ϭ͘ϬϬϳ ϭ͘ϬϬϳ <ĂǁĂƐĂŬŝ Ϯ͕ϴϯϴ Ϯ͕ϴϯϱ Ϯ͕ϴϳϱ Ϯ͕ϴϳϯ ϭ͘Ϭϭϯ ϭ͘Ϭϭϯ KƚŚĞƌƐ ϴ͕ϵϮϳ ϴ͕ϵϬϱ ϵ͕ϭϰϱ ϵ͕ϭϮϯ ϭ͘ϬϮϰ ϭ͘ϬϮϰ ^ĂŝƚĂŵĂ ƉƌĞĨ͘ ϭϱ͕ϲϮϬ ϭϱ͕ϱϰϳ ϭϲ͕ϱϮϳ ϭϲ͕ϰϱϯ ϭ͘Ϭϱϴ ϭ͘Ϭϱϴ ^ŽƵƚŚ ϭϬ͕ϲϱϰ ϭϬ͕ϱϵϰ ϭϭ͕ϯϯϬ ϭϭ͕ϮϳϬ ϭ͘Ϭϲϰ ϭ͘Ϭϲϰ EŽƌƚŚ ϰ͕ϵϲϱ ϰ͕ϵϱϮ ϱ͕ϭϵϲ ϱ͕ϭϴϯ ϭ͘Ϭϰϳ ϭ͘Ϭϰϳ ŚŝďĂ ƉƌĞĨ͘ ϭϯ͕ϯϯϮ ϭϯ͕ϯϬϰ ϭϯ͕ϲϱϰ ϭϯ͕ϲϮϲ ϭ͘ϬϮϰ ϭ͘ϬϮϰ ŚŝďĂ ĐŝƚLJ Ϯ͕ϭϮϲ Ϯ͕ϭϮϵ Ϯ͕ϭϭϵ Ϯ͕ϭϮϮ Ϭ͘ϵϵϳ Ϭ͘ϵϵϳ EŽƌƚŚǁĞƐƚ ϳ͕ϱϮϲ ϳ͕ϱϬϯ ϳ͕ϴϭϮ ϳ͕ϳϴϵ ϭ͘Ϭϯϴ ϭ͘Ϭϯϴ ^ŽƵƚŚǁĞƐƚ ϭ͕ϯϵϯ ϭ͕ϯϵϮ ϭ͕ϯϵϮ ϭ͕ϯϵϭ Ϭ͘ϵϵϵ Ϭ͘ϵϵϵ ĂƐƚ Ϯ͕Ϯϴϴ Ϯ͕Ϯϴϭ Ϯ͕ϯϯϮ Ϯ͕ϯϮϰ ϭ͘Ϭϭϵ ϭ͘Ϭϭϵ /ďĂƌĂŬŝƉƌĞĨ͘ ^ŽƵƚŚ ϯ͕ϱϳϭ ϯ͕ϱϲϱ ϯ͕ϳϯϬ ϯ͕ϳϮϰ ϭ͘Ϭϰϰ ϭ͘Ϭϰϰ Ϯϴ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ dŚƌĞĞŵĞƚŚŽĚƐŝŶŝƐƚƌŝďƵƚŝŽŶ ƵƌƌĞŶƚWĂƚƚĞƌŶDĞƚŚŽĚ &ƵŶĐƚŝŽŶDŽĚĞůDĞƚŚŽĚ ^ŝŵŝůĂƌ WĂƚƚĞƌŶ DĞƚŚŽĚ /ŶĐŽƌƉŽƌĂƚĞ ƚŚĞ ŐƌŽǁƚŚ ƌĂƚĞ ĂŶĚ ĚŝƐƚƌŝďƵƚĞ 'ƌĂǀŝƚLJ DŽĚĞů /Ŷ ƚŚĞ ĂƌĞĂ ǁŝƚŚ ƚŚĞ ůĂƌŐĞ ĞĂĐŚ KͲ ďLJ &ƌĂƚĞƌ DĞƚŚŽĚ hƚŝůŝnjŝŶŐ ƚŚĞ EĞǁƚŽŶ͛Ɛ ůĂǁ ŽĨ ŐƌĂǀŝƚLJ ĚĞǀĞůŽƉŵĞŶƚ ŝƐ ĞdžƉĞĐƚĞĚ͕ ƚŚĞ ƚƌĂŶƐƉŽƌƚ ŝŶƚŽ ƚŚĞ ĚĞŵĂŶĚ ĨŽƌĞĐĂƐƚŝŶŐ ŵŽĚĞů ďLJ ƉĂƚƚĞƌŶ ǁŝůů ďĞ ĐŽŵƉůĞƚĞůLJ ĐŚĂŶŐĞĚ͘ § · dŚĞƌĞĨŽƌĞ͕ ƚŚŝƐ ŵĞƚŚŽĚ ĐŽŶƐŝĚĞƌ ƚŚŝƐ ĐŚĂŶŐĞ ¨ ¸ ĐŽŶƐŝĚĞƌŝŶŐ ĂƚƚƌĂĐƚŝŽŶͲĚŝƐƚƌŝďƵƚŝŽŶ ĂƐ Ă ŵĂƐƐ͕ Gi Aj gi a j tT ijij ¨ ¸ ĂŶĚ ƚŚĞ njŽŶĞ ƚƌĂǀĞů ƚŝŵĞ ĂƐ Ă ĚĞĐĂLJ ďĂƐĞĚ ŽŶ ƚŚĞ ǀĂůƵĞ ĨƌŽŵ ƚŚĞ ŶĞĂƌďLJ gi a j ¨ ij aAt jj ¦¦ ij gGt ii ¸ © j i ¹ ƉĂƌĂŵĞƚĞƌ͘ ĚĞǀĞůŽƉŵĞŶƚ͘ JED ij N ji dAGT ij ŽŶƐŝĚĞƌƚŚĞƚƌĂǀĞůƉĂƚƚĞƌŶĨƌŽŵ ͗&ŽƌĞĐĂƐƚĞĚǀŽůƵŵĞďĞƚǁĞĞŶnjŽŶĞŝ͕ũ ͗&ŽƌĞĐĂƐƚĞĚŐĞŶĞƌĂƚĞĚǀŽůƵŵĞŝŶnjŽŶĞࢰ࣮ࣥ ࡢᑗ᮶Ⓨ⏕㔞 ij ࢰ࣮ࣥ jiT 㛫ࡢᑗ᮶㏻㔞ࠉ G i i ƚŚĞŶĞĂƌďLJĚĞǀĞůŽƉŵĞŶƚƐ ࢰ࣮ࣥ͗&ŽƌĞĐĂƐƚĞĚŐĞŶĞƌĂƚĞĚǀŽůƵŵĞŝŶnjŽŶĞiG ࡢᑗ᮶Ⓨ⏕㔞 ũ ͗&ŽƌĞĐĂƐƚĞĚĂƚƚƌĂĐƚĞĚǀŽůƵŵĞŝŶnjŽŶĞ i j ࢰ࣮ࣥjA ࡢᑗ᮶㞟୰㔞ࠉࠉ g i ũࢰ࣮ࣥ iࡢ⌧ἣⓎ⏕㔞 ij ࢰ࣮ࣥ͗dƌĂǀĞůƚŝŵĞďĞƚǁĞĞŶnjŽŶĞ jid 㛫ࡢ㏻ᢠŝ͕ũ ij ࢰ࣮ࣥũ jit 㛫ࡢ⌧ἣ㏻㔞ࠉ ͗ƵƌƌĞŶƚŐĞŶĞƌĂƚĞĚǀŽůƵŵĞŝŶnjŽŶĞ ũ ͗&ŽƌĞĐĂƐƚĞĚǀŽůƵŵĞďĞƚǁĞĞŶnjŽŶĞŝ͕ũ j ࢰ࣮ࣥ͗ƵƌƌĞŶƚǀŽůƵŵĞďĞƚǁĞĞŶnjŽŶĞja ࡢ⌧ἣ㞟୰㔞ࠉࠉŝ͕ũ Tij ࢰ࣮ࣥ ji 㛫ࡢᑗ᮶㏻㔞ࠉ DĂƚĐŚƚŚĞƐŝŵŝůĂƌĚĞǀĞůŽƉŵĞŶƚ ͗ƵƌƌĞŶƚĂƚƚƌĂĐƚĞĚǀŽůƵŵĞŝŶnjŽŶĞ ũ A j ࢰ࣮ࣥ͗&ŽƌĞĐĂƐƚĞĚĂƚƚƌĂĐƚĞĚǀŽůƵŵĞŝŶnjŽŶĞjࡢᑗ᮶㞟୰㔞ࠉࠉ ũ ĂŶĚĂƉƉůLJƚŚĞĨůŽǁĚĂƚĂ͘dŚĞŶĚŽ NJED ࣃ࣓࣮ࣛࢱ͗WĂƌĂŵĞƚĞƌ ŝƚĞƌĂƚŝŽŶďĂƐĞĚŽŶƐƵĐŚĨůŽǁĚĂƚĂ͘ ^ƵŝƚĂďůĞĨŽƌƚŚĞĂƌĞĂǁŝƚŚůĞƐƐĚĞǀĞůŽƉŵĞŶƚ͕ ^ƵŝƚĂďůĞ ĨŽƌ ƚŚĞ ĂƌĞĂ ǁŝƚŚ Ă ůĂƌŐĞ ^ƵŝƚĂďůĞ ĨŽƌ ƚŚĞ ĂƌĞĂ ǁŝƚŚ Ă ůĂƌŐĞ ƐĐĂůĞ ŽƌǁŝƚŚĂĨĞǁĞdžƉĞĐƚĞĚĐŚĂŶŐĞŝŶƚŚĞĨƵƚƵƌĞ ƌĞĚĞǀĞůŽƉŵĞŶƚ ƉůĂŶ ůĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ͘ EŽƚƌĞĐŽŵŵĞŶĚĞĚĨŽƌƚŚĞĂƌĞĂǁŝƚŚĂůĂƌŐĞ ĞĐĂƵƐĞ ƚŚĞ ƉĂƚƚĞƌŶ ĨƌŽŵ ŶĞĂƌďLJ ĐŚĂŶŐĞŝŶƚŚĞĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ ŝƐ ĞŵƵůĂƚĞĚ͕ ƐŽ ƚŚĞƌĞ ŵŝŐŚƚ Ă ƐŽŵĞ ĚŝƐƚŽƌƚŝŽŶ ŝŶ ƚƌŝƉ ďĞƚǁĞĞŶ ƚŚŽƐĞ ĂƌĞĂ ĂŶĚ ĂƌĞĂ ŶĞĂƌďLJ Ϯϵ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ ϭ͘ ƵƌƌĞŶƚWĂƚƚĞƌŶDĞƚŚŽĚ Æ ĂƐĞĚDĞƚŚŽĚ /ŶdD͕ŵŽƐƚŽĨƚŚĞƵƌďĂŶĂƌĞĂƐĂƌĞĂůƌĞĂĚLJĚĞǀĞůŽƉĞĚ &ŝdžƚŚĞŶƵŵďĞƌŽĨĐŽŵŵƵƚĞƌƐďĞƚǁĞĞŶƐƵďƵƌďĂŶĂŶĚ ƐƐƵŵŝŶŐŶŽůĂƌŐĞƐĐĂůĞĚĞǀĞůŽƉŵĞŶƚ Ϯ͘^ŝŵŝůĂƌWĂƚƚĞƌŶDĞƚŚŽĚ ĂƐĞĚŽŶƚŚĞĂƐƐƵŵƉƚŝŽŶƚŚĂƚƚŚĞƌĞŝƐĂůĂŶĚĚĞǀĞůŽƉŵĞŶƚĂůŽŶŐƚŚĞŶĞǁ ƌĂŝůǁĂLJůŝŶĞ ƐƐƵŵŝŶŐŵŽƌĞƉĞŽƉůĞǁŝƚŚůŽŶŐĐŽŵŵƵƚŝŶŐĚŝƐƚĂŶĐĞƚŽ /ŵŝƚĂƚĞƚŚĞƚƌĂǀĞůƉĂƚƚĞƌŶŝŶƚŚĞŶĞĂƌďLJĚĞǀĞůŽƉŵĞŶƚ ϯ͘'ƌĂǀŝƚLJDŽĚĞů ƌĞĂǁŝƚŚĞdžƉĞĐƚĞĚůĂŶĚĚĞǀĞůŽƉŵĞŶƚ͕ďƵƚŶŽƉĂƐƚĚĞǀĞůŽƉŵĞŶƚ ŶĞĂƌďLJƚŽŵŝŵŝĐ EĞǁƚƌĂǀĞůƉĂƚƚĞƌŶŝƐĂƐƐƵŵĞĚ ϯϬ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿDŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ ƉƉůŝĞĚƚŽ͗dƐƵŬƵďĂ džƉƌĞƐƐ;ŶĞǁͿ ƉƉůŝĐĂƚŝŽŶŽĨ^ŝŵŝůĂƌWĂƚƚĞƌŶDĞƚŚŽĚ ;/ŶǀĞƐƚĞĚƚŽƌĞůŝĞǀĞƚŚĞĐŽŶŐĞƐƚŝŽŶƚŽŝŶ:ŽďĂŶ>ŝŶĞͿ ▼ୗ ᮾ 㛵 Ṋ ᮾ 䛴䛟䜀dƐƵŬƵďĂ ఀ 㕲 ᅵᾆ ໃ 㐨 咛 ᓮ ᖖ 咣 ⥺ Ỉᾏ㐨 ⥲ ᖖ ⥺ ☬ ᪥㒊 ⥺ 䜂䛯䛱㔝䛖䛧䛟 ᮾṊ㔝⏣⥺ ∵ஂ 㔝⏣ᕷ Ᏺ㇂ ὶᒣ ༡㉺㇂ 䛚䛚䛯䛛䛾᳃ ᡃᏞᏊ ྲྀᡭ ⥺ ⶶ㔝 䠦䠮Ṋ ᯽ ༡ὶᒣ <ĂƐŚŝǁĂ ⲡຍ ᮾ Ṋ ĂƐĞĚĨƌŽŵ͗:Z :ŽďĂŶ>ŝŶĞ;ĞdžŝƐƚŝŶŐͿ 㔝 ᯇᡞ ⏣ ;,ĞĂǀLJĐŽŶŐĞƐƚĞĚƐƵďƵƌďĂŶĐŽŵŵƵƚŝŶŐůŝŶĞͿ ⥺ ༓ఫ<ŝƚĂͲ^ĞŶũƵ 䠦䠮 ⥲Ṋ ⯪ᶫ ᪂ᐟ ⥺ ⛅ⴥཎŬŝŚĂďĂƌĂ ᮾிdŽŬLJŽ^ƚĂ͘ ϯϭ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ DĞƚŚŽĚŽůŽŐLJ ŶĂůLJnjĞĂƚDnjŽŶĞůĞǀĞů;dDсϲϰϭnjŽŶĞƐͿ /ŶƚƌĂnjŽŶĞ ĨŽƌĞĐĂƐƚǀŽůƵŵĞÆ hƐĞƚŚĞĐƵƌƌĞŶƚƐŚĂƌĞŽĨƚŚĞŝŶƚƌĂnjŽŶĞ ƚƌŝƉ /ŶƚĞƌnjŽŶĞĨŽƌĞĐĂƐƚǀŽůƵŵĞÆ 'ƌĂǀŝƚLJDŽĚĞů ŶĂůLJƐŝƐ&ůŽǁ ƐƚŝŵĂƚĞƚŚĞĐƵƌƌĞŶƚKͲƚĂďůĞ ^ƚƌƵĐƚƵƌĞƚŚĞŐƌĂǀŝƚLJŵŽĚĞůĂŶĚĂƉƉůLJ &ŽƌĞĐĂƐƚƚŚĞĨƵƚƵƌĞKͲƚĂďůĞ ϯϮ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ ŝƐƚƌŝďƵƚŝŽŶŶĂůLJƐŝƐ͗&ůŽǁĐŚĂƌƚ ᖹᡂ㸵ᖺᅜໃㄪᰝ ᖹᡂ㸳ᖺ㹎㹒 ㏻ࢧ࣮ࣅࢫ᮲௳ Ⓨ⏕࣭㞟୰㏻㔞 ϲϯᖺ㹎㹒 ᑗ᮶ண ್ ⌧ἣࡢࢰ࣮ࣥ㛫 ⌧ἣ㹍㹂⾲ࡢసᡂ ᖹᆒ㏻㛫 ⌧ἣ㹍㹂⾲ 㔜ຊ ᑗ᮶㹍㹂⾲ࡢసᡂ ࣔࢹࣝࡢᵓ⠏ ⌧ἣࢰ࣮ࣥ ෆࠎ⋡ ࢰ࣮ࣥෆࠎࡢண ᙜヱᆅᇦ ࣇ࣮ࣞࢱ࣮ἲ㸦⌧ᅾࣃࢱ࣮ ࡢศᕸ ࣥἲ㸧ࡼࡿண 㢮ఝᆅᇦ 㢮ఝࣃࢱ࣮ࣥἲࡼࡿண ࡢศᕸ 㔜ຊࣔࢹࣝἲࡼࡿண 㔜ຊࣔࢹࣝ ᑗ᮶ࡢࢰ࣮ࣥ㛫 ᖹᆒ㏻㛫 ᑗ᮶ᑠࢰู࣮ࣥேཱྀ ᑠࢰ࣮ࣥ ᑗ᮶ᑠࢰ࣮ࣥ㹍㹂⾲ ᑗ᮶୰ࢰ࣮ࣥ㹍㹂⾲ ༢ศ 㸦ศᕸ㏻㔞ᑗ᮶ண ್㸧 ϯϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ ƵƌƌĞŶƚKͲƚĂďůĞĞƐƚŝŵĂƚŝŽŶ͗&ůŽǁĐŚĂƌƚ ᖹᡂ㸵ᖺᅜໃㄪᰝ ᖹᡂ㸳ᖺ㹎㹒 ㏻࣭㏻Ꮫ┠ⓗ ⚾࣭ᴗົ┠ⓗ ࢰ࣮ࣥ㹍㹂⾲ ࣈࣟࢵࢡ㹍㹂⾲ࡢ ࡢసᡂ సᡂ ㏻࣭㏻Ꮫ┠ⓗ ⚾࣭ᴗົ┠ⓗ ⌧ἣࢰ࣮ࣥ ⌧ἣࣈࣟࢵࢡ 㸦ᕷ༊⏫ᮧ㸧㹍㹂⾲ 㸦ϭϯࣈࣟࢵࢡ㸧㹍㹂⾲ ϲϯᖺ㹎㹒 ୰ࢰ࣮ࣥ㛫㏻࣭㏻Ꮫ࣭⚾࣭ᴗ ィ⏬ᇶᮏࢰ࣮ࣥ ົ㹍㹂⾲ࡢసᡂ 㸦୰ࢰ࣮ࣥ㸧㛫㹍㹂⾲ ⌧ἣ୰ࢰ࣮ࣥ㛫 ㏻࣭㏻Ꮫ࣭⚾࣭ᴗ ົ㹍㹂⾲ ϯϰ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ 'ƌĂǀŝƚLJDŽĚĞů JE DG jj DA ij ij GT i JE ¦ DG jj DA ij j tŚĞƌĞ͕ Tij ͗ ŝƐƚƌŝďƵƚĞĚǀŽůƵŵĞďĞƚǁĞĞŶnjŽŶĞŝ͕ũ;ƉĞƌƐŽŶͬĚĂLJͿ Gi ͗KƵƚĨůŽǁǀŽůƵŵĞĨƌŽŵŝ ;ƉĞƌƐŽŶͬĚĂLJ͕KƵƚĨůŽǁǀŽůƵŵĞс'ĞŶĞƌĂƚĞĚǀŽůƵŵĞͲ /ŶƚƌĂnjŽŶĞ ǀŽůƵŵĞͿ Aj ͗/ŶĨůŽǁǀŽůƵŵĞƚŽũ ;ƉĞƌƐŽŶͬĚĂLJ͕/ŶĨůŽǁǀŽůƵŵĞсƚƚƌĂĐƚĞĚǀŽůƵŵĞͲ /ŶƚƌĂnjŽŶĞ ǀŽůƵŵĞͿ Dij ͗dƌĂǀĞůƚŝŵĞďĞƚǁĞĞŶnjŽŶĞŝ͕ũ;ŵŝŶƵƚĞƐͿ G j ͗ĚƵŵŵLJ;сϭ͕ŽƚŚĞƌĂƌĞĂсϬͿ N D E J H ͗DŽĚĞůƉĂƌĂŵĞƚĞƌ ϯϱ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ ƐƚŝŵĂƚĞĚƉĂƌĂŵĞƚĞƌĨƌŽŵ'ƌĂǀŝƚLJDŽĚĞů 3XUSRVH Ѝ Ў Џ Б Ж U )VWDW ZRUN GLV WUL VFKRRO ʷ EXW SULYDWH ʷ LRQ EXVLQHVV ʷ ZRUN ʷ $WW UDF VFKRRO ʷ WLR SULYDWH ʷ Q EXVLQHVV ʷ ϯϲ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ ୰ࢰ࣮ࣥⓎ⏕࣭㞟୰㏻㔞 ⌧ἣ୰ࢰ࣮ࣥ㹍㹂⾲ ᑗ᮶ண ್ ⾲ &ŽƌĞĐĂƐƚKͲƚĂďůĞĞƐƚŝŵĂƚŝŽŶ͗ ୰ࢰ࣮ࣥෆࠎ㏻㔞ࡢண ⌧ἣࢰ࣮ࣥ ෆࠎ⋡ &ůŽǁĐŚĂƌƚ ୰ࢰ࣮ࣥ ୰ࢰ࣮ࣥ ෆࠎ㏻㔞 ὶฟ࣭ὶධ㏻㔞 ᑗ᮶ண ್ ᑗ᮶ண ್ ࢰ࣮ࣥ㛫㏻㔞ࡢண ࢰู࣮ࣥ㐺⏝ࡍࡿ ᑗ᮶ࡢ㕲㐨ཬࡧ ண ᪉ἲࡢỴᐃ 㐨㊰ࡢᖹᆒ㛫 㢮ఝࣃࢱ࣮ࣥ 㢮ఝᆅᇦ 㔜ຊࣔࢹࣝ 㐺⏝ࢰ࣮ࣥࡢ ࡢศᕸ 㐺⏝ࢰ࣮ࣥࡢ 㔜ຊ ὶฟ࣭ὶධ㏻㔞 ࣃࢱ࣮ࣥ ὶฟ࣭ὶධ㏻㔞 ࣔࢹࣝ 㢮ఝࣃࢱ࣮ࣥἲ 㔜ຊࣔࢹࣝἲࡼ ࡼࡿண ࡿண ⌧ᅾࣃࢱ࣮ࣥ㐺⏝ࢰ࣮ ࣥࡢὶฟ࣭ὶධ㏻㔞 ᙜヱᆅᇦࡢ ศᕸࣃࢱ࣮ࣥ ⌧ᅾࣃࢱ࣮ࣥἲࡼ ࡿண ᑗ᮶୰ࢰ࣮ࣥ㹍㹂⾲ ϯϳ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ŝƐƚƌŝďƵƚŝŽŶǀŽůƵŵĞďLJƉƌĞĨĞĐƚƵƌĞ dƌŝƉĨƌŽŵ^ĂŝƚĂŵĂƚŽdŽŬLJŽ;ϮϯǁĂƌĚƐͿŝŶĐƌĞĂƐĞďLJϮϬй ŽŵŵƵƚŝŶŐ;ǁŽƌŬͿƚƌŝƉ ;ϭ͕ϬϬϬƉĞƌƐŽŶͬĚĂLJͿ ƚƚƌĂĐƚŝŽŶ ;ƚŽͿ dŽŬLJŽ <ĂŶĂŐĂ ^ĂŝƚĂŵĂ ŚŝďĂ /ďĂƌĂŬŝ KƵƚĨůŽǁ ^Ƶŵ 'ĞŶĞƌĂƚŝŽŶ ;ĨƌŽŵͿ ϮϯǁĂƌĚ dĂŵĂ ǁĂ ƐŽƵƚŚ ^Ƶŵ ϱ͕ϭϱϳ ϰ͕ϬϮϵ ϭ͕ϭϮϴ ϭϴϵ ϭϮϲ ϳϰ ϰ ϱ͕ϱϱϬ ϯϵϯ dŽŬLJŽ ϱ͕ϬϮϱ ϯ͕ϴϲϱ ϭ͕ϭϲϬ ϭϵϯ ϭϭϰ ϳϬ Ϯ ϱ͕ϰϬϯ ϯϳϴ ϯ͕ϱϰϯ ϯ͕ϰϲϯ ϳϵ ϵϴ ϴϴ ϲϴ ϰ ϯ͕ϴϬϭ ϰϯϯ ϮϯǁĂƌĚ ϯ͕ϯϮϯ ϯ͕Ϯϱϯ ϳϬ ϵϮ ϳϵ ϲϱ Ϯ ϯ͕ϱϲϭ ϰϰϯ ϭ͕ϲϭϰ ϱϲϱ ϭ͕Ϭϰϴ ϵϭ ϯϴ ϲ ϭ ϭ͕ϳϰϵ ϮϮϯ dĂŵĂ ϭ͕ϳϬϮ ϲϭϯ ϭ͕ϬϵϬ ϭϬϭ ϯϰ ϰ Ϭ ϭ͕ϴϰϮ ϮϯϮ ϵϱϭ ϴϱϰ ϵϲ Ϯ͕ϵϰϯ ϴ ϭϭ ϭ ϯ͕ϵϭϯ ϵϳϬ <ĂŶĂŐĂǁĂ ϵϵϵ ϴϵϱ ϭϬϱ ϯ͕Ϭϯϵ ϰ ϴ Ϭ ϰ͕ϬϱϬ ϭ͕Ϭϭϭ ϭ͕ϬϬϬ ϵϮϰ ϳϲ ϭϱ Ϯ͕Ϭϭϲ ϯϭ ϭϬ ϯ͕Ϭϳϭ ϭ͕Ϭϱϲ ^ĂŝƚĂŵĂ ϭ͕ϮϬϯ ϭ͕ϭϭϲ ϴϳ ϭϲ Ϯ͕ϭϲϬ ϯϲ ϵ ϯ͕ϰϮϰ ϭ͕Ϯϲϰ ϳϴϱ ϳϳϳ ϴ ϭϳ Ϯϴ ϭ͕ϳϳϮ Ϯϳ Ϯ͕ϲϮϵ ϴϱϳ ŚŝďĂ ϴϳϳ ϴϳϬ ϳ ϭϲ Ϯϴ ϭ͕ϴϳϳ Ϯϯ Ϯ͕ϴϮϭ ϵϰϱ ϲϴ ϲϳ ϭ Ϯ ϭϭ ϯϰ ϰϵϳ ϲϭϮ ϭϭϱ /ďĂƌĂŬŝƐŽƵƚŚ ϭϬϲ ϭϬϱ ϭ Ϯ ϭϲ ϱϬ ϱϭϱ ϲϴϴ ϭϳϯ ϳ͕ϵϲϭ ϲ͕ϲϱϭ ϭ͕ϯϭϬ ϯ͕ϭϲϱ Ϯ͕ϭϴϵ ϭ͕ϵϮϮ ϱϰϬ ϭϱ͕ϳϳϲ ^Ƶŵ ϴ͕ϮϭϬ ϲ͕ϴϱϭ ϭ͕ϯϱϵ ϯ͕Ϯϲϲ Ϯ͕ϯϮϭ Ϯ͕ϬϰϬ ϱϰϵ ϭϲ͕ϯϴϲ Ϯ͕ϴϬϰ ϯ͕ϭϴϴ Ϯϲϭ ϮϮϮ ϭϳϯ ϭϱϬ ϰϯ /ŶĨůŽǁ ^Ƶŵ ϯ͕ϭϴϱ ϯ͕ϱϵϴ ϮϳϬ ϮϮϳ ϭϲϮ ϭϲϯ ϯϰ ;ƵƉƉĞƌ͗ϭϵϵϱ͕ůŽǁĞƌ͗ϮϬϭϱͿ ϯϴ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ŝƐƚƌŝďƵƚŝŽŶǀŽůƵŵĞďLJƉƌĞĨĞĐƚƵƌĞ dƌŝƉĨƌŽŵ^ĂŝƚĂŵĂƚŽdŽŬLJŽ;ϮϯǁĂƌĚƐͿŝŶĐƌĞĂƐĞďLJϵй dŽƚĂůƚƌŝƉ ;ϭ͕ϬϬϬƉĞƌƐŽŶͬĚĂLJͿ ƚƚƌĂĐƚŝŽŶ ;ƚŽͿ dŽŬLJŽ <ĂŶĂŐĂ ^ĂŝƚĂŵĂ ŚŝďĂ /ďĂƌĂŬŝ KƵƚĨůŽǁ ^Ƶŵ 'ĞŶĞƌĂƚŝŽŶ ;ĨƌŽŵͿ ϮϯǁĂƌĚ dĂŵĂ ǁĂ ƐŽƵƚŚ ^Ƶŵ ϯϭ͕ϯϲϮ ϮϮ͕ϵϴϲ ϴ͕ϯϳϳ ϭ͕ϵϮϰ ϭ͕ϳϰϵ ϭ͕Ϯϳϱ ϭϭϳ ϯϲ͕ϰϮϴ ϱ͕Ϭϲϱ dŽŬLJŽ Ϯϵ͕ϳϴϴ Ϯϭ͕ϰϲϲ ϴ͕ϯϮϮ ϭ͕ϵϯϵ ϭ͕ϴϵϵ ϭ͕ϯϮϴ ϭϱϭ ϯϱ͕ϭϬϰ ϱ͕ϯϭϲ ϮϮ͕ϵϲϭ Ϯϭ͕ϴϯϳ ϭ͕ϭϮϰ ϭ͕ϰϵϳ ϭ͕ϱϭϭ ϭ͕Ϯϯϰ ϭϭϮ Ϯϳ͕ϯϭϱ ϱ͕ϰϳϵ ϮϯǁĂƌĚ Ϯϭ͕ϰϯϴ ϮϬ͕ϯϮϬ ϭ͕ϭϭϴ ϭ͕ϰϵϭ ϭ͕ϲϱϰ ϭ͕ϮϵϮ ϭϰϲ Ϯϲ͕ϬϮϮ ϱ͕ϳϬϮ dĂŵĂ ϴ͕ϰϬϮ ϭ͕ϭϰϵ ϳ͕Ϯϱϯ ϰϮϲ Ϯϯϴ ϰϭ ϱ ϵ͕ϭϭϯ ϭ͕ϴϲϬ ϴ͕ϯϱϬ ϭ͕ϭϰϲ ϳ͕ϮϬϯ ϰϰϴ Ϯϰϱ ϯϲ ϰ ϵ͕ϬϴϮ ϭ͕ϴϳϵ ϭ͕ϵϱϰ ϭ͕ϱϮϴ ϰϮϲ ϭϳ͕ϰϳϭ ϲϱ ϴϮ ϵ ϭϵ͕ϱϴϭ Ϯ͕ϭϭϬ <ĂŶĂŐĂǁĂ ϭ͕ϵϲϴ ϭ͕ϱϭϴ ϰϱϬ ϭϳ͕ϳϰϮ ϲϭ ϳϳ ϴ ϭϵ͕ϴϱϳ Ϯ͕ϭϭϰ ϭ͕ϳϵϮ ϭ͕ϱϱϭ ϮϰϬ ϲϵ ϭϯ͕ϰϮϰ ϭϯϲ ϰϳ ϭϱ͕ϰϲϵ Ϯ͕Ϭϰϱ ^ĂŝƚĂŵĂ ϭ͕ϵϰϭ ϭ͕ϲϵϯ Ϯϰϴ ϲϱ ϭϰ͕ϭϭϱ ϭϰϯ ϱϯ ϭϲ͕ϯϭϳ Ϯ͕ϮϬϮ ϭ͕ϯϬϲ ϭ͕Ϯϲϱ ϰϭ ϴϯ ϭϯϬ ϭϭ͕ϲϱϮ ϭϯϲ ϭϯ͕ϯϬϲ ϭ͕ϲϱϱ ŚŝďĂ ϭ͕ϯϱϰ ϭ͕ϯϮϬ ϯϱ ϳϳ ϭϯϳ ϭϭ͕ϴϵϮ ϭϰϵ ϭϯ͕ϲϬϵ ϭ͕ϳϭϳ ϭϭϴ ϭϭϰ ϱ ϴ ϰϴ ϭϯϰ ϯ͕ϭϰϭ ϯ͕ϰϰϵ ϯϬϴ /ďĂƌĂŬŝƐŽƵƚŚ ϭϱϭ ϭϰϳ ϰ ϳ ϱϮ ϭϰϳ ϯ͕ϭϵϭ ϯ͕ϱϰϵ ϯϱϴ ϯϲ͕ϱϯϮ Ϯϳ͕ϰϰϯ ϵ͕Ϭϴϵ ϭϵ͕ϱϱϱ ϭϱ͕ϰϭϲ ϭϯ͕ϮϴϬ ϯ͕ϰϰϵ ϴϴ͕Ϯϯϯ ^Ƶŵ ϯϱ͕ϮϬϯ Ϯϲ͕ϭϰϰ ϵ͕Ϭϱϴ ϭϵ͕ϴϯϬ ϭϲ͕Ϯϲϰ ϭϯ͕ϱϴϳ ϯ͕ϱϱϭ ϴϴ͕ϰϯϱ ϱ͕ϭϲϵ ϱ͕ϲϬϲ ϭ͕ϴϯϲ Ϯ͕Ϭϴϰ ϭ͕ϵϵϮ ϭ͕ϲϮϴ ϯϬϵ /ŶĨůŽǁ ^Ƶŵ ϱ͕ϰϭϰ ϱ͕ϴϮϰ ϭ͕ϴϱϱ Ϯ͕Ϭϴϴ Ϯ͕ϭϰϵ ϭ͕ϲϵϲ ϯϲϭ ;ƵƉƉĞƌ͗ϭϵϵϱ͕ůŽǁĞƌ͗ϮϬϭϱͿ ϯϵ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϯͿ DŽĚĂů^Ɖůŝƚ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿDŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ DĞƚŚŽĚŽůŽŐLJ ƐƚŝŵĂƚĞƚǁŽƐĞƉĂƌĂƚĞŵŽĚĞů͗͞tĂůŬŝŶŐΘdǁŽtŚĞĞůĞƌDŽĚĞů͟ĂŶĚ͞sĞŚŝĐůĞ ^ƉůŝƚDŽĚĞů͟ ŶĂůLJƐŝƐ&ůŽǁ /ŶƚĞƌnjŽŶĞ KͲƚĂďůĞĨƌŽŵĚŝƐƚƌŝďƵƚŝŽŶͲх ĚŝǀŝĚĞŝŶƚŽ͞tĂůŬŝŶŐΘdǁŽtŚĞĞůĞƌKͲƚĂďůĞ͟ ĂŶĚ͞sĞŚŝĐůĞ^ƉůŝƚKͲƚĂďůĞ͟ &ƌŽŵ͞sĞŚŝĐůĞ^ƉůŝƚKͲƚĂďůĞ͟ͲхĚŝǀŝĚĞŝŶƚŽ͞ZĂŝůǁĂLJKͲƚĂďůĞ͕͟͞ƵƐKͲƚĂďůĞ͟ ĂŶĚ͞ĂƌKͲƚĂďůĞ͟ /ŶƚƌĂnjŽŶĞ ĂƐĞĚŽŶƚŚĞĐƵƌƌĞŶƚŵŽĚĂůƐƉůŝƚ ϰϬ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϯͿ DŽĚĂů^Ɖůŝƚ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ dǁŽƐƚĞƉŝŶDŽĚĂů^ƉůŝƚĞƐƚŝŵĂƚŝŽŶƉƌŽĐĞƐƐ ^d Wϭ͗&ŽƌĞĐĂƐƚ͞tĂůŬŝŶŐΘdǁŽtŚĞĞůĞƌǀŽůƵŵĞ͟ĂŶĚ͞sĞŚŝĐůĞ^ƉůŝƚǀŽůƵŵĞ͟ tĂůŬŝŶŐΘdǁŽǁŚĞĞůĞƌĐƵƌǀĞ ƐŚĂƌĞ ;ŽŵŵƵƚŝŶŐͲǁŽƌŬƉƵƌƉŽƐĞͿ ^d WϮ͗&ƌŽŵ͞sĞŚŝĐůĞ^ƉůŝƚǀŽůƵŵĞ͕͟ĨŽƌĞĐĂƐƚƚŚĞǀŽůƵŵĞďLJ͞ZĂŝů͕͟͞ƵƐ͟ĂŶĚ͞Ăƌ͟ ϭ͘Ϭ EŽŶͲĞůĚĞƌůLJ ^d W ;ϭͿ ůůŵŽĚĞǀŽůƵŵĞ Ϭ͘ϴ ůĚĞƌůLJ ;ƌĞƐƵůƚĨƌŽŵĚŝƐƚƌŝďƵƚŝŽŶͿ ƐƚŝŵĂƚĞĨƌŽŵ Ϭ͘ϲ ͞tĂůŬŝŶŐΘ dǁŽǁŚĞĞůĞƌ ƌĂƚĞĐƵƌǀĞ͟ Ϭ͘ϰ tĂůŬŝŶŐΘ sĞŚŝĐůĞƐƉůŝƚǀŽůƵŵĞ Ϭ͘Ϯ ^d W ;ϮͿ dǁŽǁŚĞĞůĞƌ ǀŽůƵŵĞ ƐƚŝŵĂƚĞ Ϭ͘Ϭ ƌĂŝůǁĂLJ ϬϯϲϵϭϮϭϱ ĚĞŵĂŶĚĨƌŽŵ ƵƐƵƐĞƌ ĂƌƵƐĞƌ ZĂŝůƵƐĞƌ ;ƐŽƵƌĐĞͿϮϬϬϴWĞƌƐŽŶͲdƌŝƉ^ƵƌǀĞLJ ĚŝƐƚĂŶĐĞ ͞ǀĞŚŝĐůĞƐƉůŝƚ ;ŬŵͿ ŵŽĚĞů͟ ǀŽůƵŵĞ ǀŽůƵŵĞ ǀŽůƵŵĞ ϰϭ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϯͿ DŽĚĂů^Ɖůŝƚ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ ƐĨŽƌǀĞŚŝĐůĞƐƉůŝƚŵŽĚĞů͕ƚǁŽŵŽĚĞůƐŶĂŵĞůLJ͕ĂŐŐƌĞŐĂƚĞŵŽĚĞůĂŶĚ ŝƐĂŐŐƌĞŐĂƚĞŵŽĚĞůŝƐďĂƐĞĚŽŶƚŚĞZĂŶĚŽŵhƚŝůŝƚLJ ĚŝƐĂŐŐƌĞŐĂƚĞŵŽĚĞůĂƌĞƵƐƵĂůůLJĂƉƉůŝĞĚ dŚĞŽƌLJ͕ǁŚĞƌĞŝŶĚŝǀŝĚƵĂůƐĞůĞĐƚŝŽŶŝƐďĂƐĞĚŽŶƚŚĞŝƌƵƚŝůŝƚLJ ŽŵƉĂƌŝƐŽŶďĞƚǁĞĞŶĂŐŐƌĞŐĂƚĞŵŽĚĞůĂŶĚĚŝƐĂŐŐƌĞŐĂƚĞŵŽĚĞů ŵĂdžŝŵŝnjĂƚŝŽŶ͘ŝƐƚƌŝďƵƚŝŽŶŽĨƵƚŝůŝƚLJǀĂƌŝĞƐŽŶƚŚĞĨƵŶĐƚŝŽŶ ŚĂƌĂĐƚĞƌŝƐƚŝĐƐ ŐŐƌĞŐĂƚĞDŽĚĞů ŝƐĂŐŐƌĞŐĂƚĞ DŽĚĞů ĂƐƐƵŵƉƚŝŽŶ͘'ĞŶĞƌĂůŵŽĚĞůŝƐƐŚŽǁŶďĞůŽǁ͘ džƉůĂŶĂƚŽƌLJ ŽŶĞͲĂŐŐƌĞŐĂƚĞ /ŶĚŝǀŝĚƵĂů ƐĞůĞĐƚŝŽŶ sĂƌŝĂďůĞ ƐĞůĞĐƚŝŽŶƉƌŽďĂďŝůŝƚLJ ƉƌŽďĂďŝůŝƚLJ >ŽŐŝƚDŽĚĞů /ŶƚŚŝƐŵŽĚĞů͕ƵƚŝůŝƚLJƉƌŽďĂďŝůŝƚLJĚŝƐƚƌŝďƵƚŝŽŶŝƐ dŚĞŽƌĞƚŝĐĂů ;DŽƐƚůLJͿ ŵƉŝƌŝĐĂů ZĂŶĚŽŵhƚŝůŝƚLJ ďĂƐĞĚŽŶ'ƵŵďĞůŝƐƚƌŝďƵƚŝŽŶ͘ ĂĐŬŐƌŽƵŶĚ ĂƐĞĚ H 9L 3L 95 9% 9& WƌŽƐΘŽŶƐ ^ŝŵƉůŝĐŝƚLJ ŝŶŵŽĚĞů ůĞĂƌĞdžƉůĂŶĂƚŝŽŶŝŶ HHH ĐŽŶƐƚƌƵĐƚŝŽŶ ƚĞƌŵƐ ŽĨƚŚĞŽƌLJ 9L Į 7L 'ĮL&Į ŝ͗DŽĚĞ;ŝсZ͗ ƌĂŝů͕͗ďƵƐ͕͗ĐĂƌͿ Wŝ͗WƌŽďĂďŝůŝƚLJŽĨƐĞůĞĐƚŝŶŐŵŽĚĞŝ ĞсϮ͘ϳϭϴϮϴ sŝ͗hƚŝůŝƚLJǁŚĞŶƐĞůĞĐƚŝŶŐŵŽĚĞŝ ϭ njŽŶĞсϭƐĂŵƉůĞ͕ ^ŝŵƉůĞ ƚŽƚĞƐƚŵĂŶLJ dŝ͕ŝ͕͗ĞdžƉůĂŶĂƚŽƌLJǀĂƌŝĂďůĞŽĨƵƚŝůŝƚLJǁŚĞŶƐĞůĞĐƚŝŶŐŵŽĚĞŝ ƚŚĞƌĞĨŽƌĞ͕ŚƵŐĞ ƉŽůŝĐLJǀĂƌŝĂďůĞƐ Ȱ͗hƚŝůŝƚLJĞƐƚŝŵĂƚŝŽŶƉĂƌĂŵĞƚĞƌ ĂŵŽƵŶƚŽĨƐƵƌǀĞLJŝƐ ŶĞĞĚĞĚ >ĞƐƐ ŶŽ͘ŽĨƐĂŵƉůĞс WƌŽƐ͗ƐŝŵƉůĞƚŽĞƐƚŝŵĂƚĞƚŚĞƉĂƌĂŵĞƚĞƌ;ƚŚĂŶWƌŽďŝƚ ŵŽĚĞůͿ K< ŽŶƐ͗ŽŶĐĞƌŶĂďŽƵƚƚŚĞǀŝŽůĂƚŝŽŶŽĨ// ĂƐƐƵŵƉƚŝŽŶŝŶƚŚĞĂƌĞĂǁŝƚŚ ŚŝŐŚĚĞŶƐŝƚLJƌĂŝůǁĂLJŶĞƚǁŽƌŬ ϰϮ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϯͿ DŽĚĂů^Ɖůŝƚ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ tĂůŬŝŶŐΘdǁŽtŚĞĞůĞƌDŽĚĞů walk walk walk walk ij ij IJ pPpP IJ tŚĞƌĞ͕ walk P ij ͗ŽƌƌĞĐƚĞĚƐŚĂƌĞŽĨǁĂůŬΘϮǁŚĞĞůďĞƚǁĞĞŶnjŽŶĞŝ͕ũŝŶ^njŽŶĞůĞǀĞů walk p ij ͗ ƐƚŝŵĂƚĞĚƐŚĂƌĞŽĨǁĂůŬΘϮǁŚĞĞůďĞƚǁĞĞŶnjŽŶĞŝ͕ũŝŶ^njŽŶĞůĞǀĞů walk P IJ ͗ džƉĞĐƚĞĚƐŚĂƌĞŽĨǁĂůŬΘϮǁŚĞĞůďĞƚǁĞĞŶnjŽŶĞ/͕:ŝŶ>njŽŶĞůĞǀĞů ; JjIi Ϳ walk p IJ ͗ƵƌƌĞŶƚƐŚĂƌĞŽĨǁĂůŬΘϮǁŚĞĞůďĞƚǁĞĞŶnjŽŶĞ/͕:ŝŶ>njŽŶĞůĞǀĞů ; JjIi Ϳ tŚĞƌĞ͕ walk ¦¦ ij u Qp ij walk iJI j p IJ QIJ walk p ij ͗ƵƌƌĞŶƚƐŚĂƌĞŽĨǁĂůŬΘϮǁŚĞĞůďĞƚǁĞĞŶnjŽŶĞŝ͕ũŝŶ^njŽŶĞůĞǀĞů Qij ͗ƵƌƌĞŶƚĂůůŵŽĚĞǀŽůƵŵĞďĞƚǁĞĞŶnjŽŶĞŝ͕ũŝŶ^njŽŶĞůĞǀĞů QIJ ͗ ƵƌƌĞŶƚĂůůŵŽĚĞǀŽůƵŵĞďĞƚǁĞĞŶnjŽŶĞ/͕:ŝŶ>njŽŶĞůĞǀĞů ; JjIi Ϳ ϰϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϯͿ DŽĚĂů^Ɖůŝƚ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ tĂůŬŝŶŐΘdǁŽtŚĞĞůĞƌDŽĚĞůĐƵƌǀĞ ƐŚĂƌĞ ŽŵŵƵƚŝŶŐ;ǁŽƌŬͿ㏻┠ⓗ ŽŵŵƵƚŝŶŐ;ƐĐŚŽŽůͿ㏻Ꮫ┠ⓗ 㻝㻜㻜㻑 㻝㻜㻜㻑 ᚐ ŽƚůŝŶĞсdWWEŽ͘ϳ Ṍ 㻤㻜㻑 ᚐ 㻤㻜㻑 ᮏㄪᰝ &ƵůůůŝŶĞсdWW Ṍ 䠓ྕ⟅⏦ 䞉 EŽ͘ϭϴ 䞉 㻢㻜㻑 㻢㻜㻑 ㍯ 䠓ྕ⟅⏦ ㍯ 㑅 㻠㻜㻑 㑅 㻠㻜㻑 ᮏㄪᰝ ᢥ ᢥ ☜ ☜ 㻞㻜㻑 㻞㻜㻑 ⋡ ⋡ 㻜㻑 㻜㻑 㻜 㻡 㻝㻜 㻝㻡 㻞㻜 㻞㻡 㻜 㻡 㻝㻜 㻝㻡 㻞㻜 㻞㻡 䝌䞊䞁㛫㊥㞳ĚŝƐƚĂŶĐĞ 㻔㼗㼙㻕 䝌䞊䞁㛫㊥㞳ĚŝƐƚĂŶĐĞ 㻔㼗㼙㻕 ⚾┠ⓗWƌŝǀĂƚĞ ƵƐŝŶĞƐƐZĞůĂƚĞĚᴗົ┠ⓗ 㻝㻜㻜㻑 㻝㻜㻜㻑 ᚐ 㻤㻜㻑 ᚐ 㻤㻜㻑 Ṍ Ṍ 䞉 䞉 㻢㻜㻑 㻢㻜㻑 ㍯ ᮏㄪᰝ ㍯ 㑅 㻠㻜㻑 㑅 㻠㻜㻑 ᢥ ᢥ ᮏㄪᰝ ☜ ☜ ⋡ 㻞㻜㻑 ⋡ 㻞㻜㻑 㻜㻑 㻜㻑 㻜 㻡 㻝㻜 㻝㻡 㻞㻜 㻞㻡 㻜 㻡 㻝㻜 㻝㻡 㻞㻜 㻞㻡 䝌䞊䞁㛫㊥㞳ĚŝƐƚĂŶĐĞ 㻔㼗㼙㻕 䝌䞊䞁㛫㊥㞳ĚŝƐƚĂŶĐĞ 㻔㼗㼙㻕 ϰϰ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϯͿ DŽĚĂů^Ɖůŝƚ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ sĞŚŝĐůĞ ^ƉůŝƚDŽĚĞů tŚĞƌĞ͕ H[S Vijm Pijm ¦H[S Vijmc mc Pijm ͗WƌŽďĂďŝůŝƚLJŽĨƐĞůĞĐƚŝŶŐŵŽĚĞŵ ǁŚĞŶƚƌĂǀĞůďĞƚǁĞĞŶnjŽŶĞ ŝ͕ũ Vijm ͗hƚŝůŝƚLJǁŚĞŶŵŽĚĞŵ ŝƐƵƐĞĚǁŚĞŶƚƌĂǀĞůďĞƚǁĞĞŶnjŽŶĞ ŝ͕ũ tŚĞƌĞ͕ ij m XV ij m Xij m n Xij nm TTT Tn ͗hƚŝůŝƚLJĞƐƚŝŵĂƚŝŽŶƉĂƌĂŵĞƚĞƌ Xij nm ͗ĞdžƉůĂŶĂƚŽƌLJǀĂƌŝĂďůĞŽĨƵƚŝůŝƚLJǁŚĞŶŵŽĚĞŵ ŝƐƵƐĞĚǁŚĞŶƚƌĂǀĞůďĞƚǁĞĞŶnjŽŶĞŝ͕ũ ϰϱ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϯͿ DŽĚĂů^Ɖůŝƚ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ sĞŚŝĐůĞ ^ƉůŝƚDŽĚĞůƉĂƌĂŵĞƚĞƌ ŽŵŵƵƚŝŶŐͲǁŽƌŬ ŽŵŵƵƚŝŶŐͲƐĐŚŽŽů WƌŝǀĂƚĞ ƵƐŝŶĞƐƐ dŝŵĞ DŝŶƵƚĞƐ ͲϬ͘ϬϮϲϯ ;Ͳϳ͘ϵͿ ͲϬ͘ϬϮϱϰ ;Ͳϰ͘ϮͿ ͲϬ͘Ϭϭϲϵ ;Ͳϲ͘ϴͿ ͲϬ͘ϬϮϱϮ ;Ͳϳ͘ϭͿ ŽƐƚ zĞŶ ͲϬ͘ϬϬϬϱϴϰ;ͲϮ͘ϬͿ ͲϬ͘ϬϬϭϱϬ ;ͲϮ͘ϭͿ ͲϬ͘ϬϬϬϳϵϮ ;Ͳϯ͘ϬͿ ͲϬ͘ϬϬϬϱϱϱ ;Ͳϭ͘ϳͿ EŽ͘ŽĨĐĂƌŽǁŶ Ăƌ Ϭ͘ϲϬϭ ; ϴ͘ϰͿ Ϭ͘ϲϰϱ ; ϱ͘ϯͿ ϭ͘ϭϰ ;ϭϱ͘ϬͿ Ϭ͘Ϯϴϲ ; ϯ͘ϰͿ ƵŵŵLJ ZĂŝů Ϭ͘ϯϬϳ ; Ϯ͘ϲͿ Ϭ͘ϳϭϭ ; ϯ͘ϱͿ Ϭ͘ϱϵϲ ; ϱ͘ϳͿ Ϭ͘ϮϮϬ ; Ϯ͘ϬͿ Ăƌ ͲϬ͘Ϯϳϰ ;ͲϮ͘ϬͿ Ͳϭ͘Ϯϯ ;Ͳϱ͘ϯͿ ͲϬ͘ϴϴϲ ;Ͳϳ͘ϵͿ ͲϬ͘Ϯϲϰ ;ͲϮ͘ϯͿ ŽŶƐƚĂŶƚ ƵƐ Ͳϭ͘ϯϭ ;Ͳϳ͘ϱͿ ͲϬ͘ϳϮϬ ;ͲϮ͘ϳͿ ͲϬ͘ϱϭϵ ;Ͳϰ͘ϰͿ Ͳϯ͘ϭϴ ;ͲϭϬ͘ϰͿ ĐĐƵƌĂĐLJZĂƚĞ ϳϬ͘Ϭй ϴϯ͘ϴй ϲϲ͘ϭй ϲϵ͘Ϭй UϮ Ϭ͘ϮϮϲ Ϭ͘Ϯϴϰ Ϭ͘ϭϵϲ Ϭ͘ϭϴϬ ^ĂŵƉůĞ^ŝnjĞ Ϯ͕Ϭϯϯ ϵϮϱ Ϯ͕Ϯϲϯ ϭ͕ϴϰϳ ;ƌĞĨ͘ͿsĂůƵĞŽĨdŝŵĞ ϰϱ;LJĞŶͬŵŝŶͿ ϭϳ;LJĞŶͬŵŝŶͿ Ϯϭ;LJĞŶͬŵŝŶͿ ϰϱ;LJĞŶͬŵŝŶͿ ӑ sĂůƵĞŽĨƚŝŵĞсdŝŵĞƉĂƌĂŵĞƚĞƌͬŽƐƚƉĂƌĂŵĞƚĞƌ ӑ ŵŽŶĞLJĞĂƌŶĨƌŽŵϭŵŝŶƵƚĞŽĨƚƌĂǀĞůƚŝŵĞƐŚŽƌƚĞŶҸŵŽŶĞLJĞĂƌŶĨƌŽŵϭŵŝŶƵƚĞŽĨǁŽƌŬŝŶŐƚŝŵĞ ϰϲ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ DĞƚŚŽĚŽůŽŐLJ ZĂŝůǁĂLJ ƌŽƵƚĞĂƐƐŝŐŶŵĞŶƚŵŽĚĞůůŝŶŐ WĂƌĂŵĞƚĞƌĞƐƚŝŵĂƚŝŽŶĂŶĚĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ZĂŝůǁĂLJƌŽƵƚĞĂƐƐŝŐŶŵĞŶƚ ŽŶƐŝĚĞƌĂƚŝŽŶŽĨŝŶͲƚƌĂŝŶĐŽŶŐĞƐƚŝŽŶƌĞůŝĞǀĞ >ŝŶŬĐŽŶŐĞƐƚŝŽŶŝŶĚĞdžс>ŝŶŬƚƌĂǀĞůƚŝŵĞΎ>ŝŶŬĐŽŶŐĞƐƚŝŽŶƌĂƚĞϮ ŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƌŽƵƚĞƐŝŵŝůĂƌůLJ ŝƐĂŐŐƌĞŐĂƚĞWƌŽďŝƚ DŽĚĞů ϰϳ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ;ZĞĨĞƌĞŶĐĞͿŽŶŐĞƐƚŝŶŐZĂƚĞĨƌŽŵĂŶŐŬŽŬ ƵƌƌĞŶƚ/ƐƐƵĞƐ ¾ ^ĞƌŝŽƵƐĐŽŶŐĞƐƚŝŽŶŝŶƐŝĚĞƚƌĂŝŶĐĂƌĂŶĚƐƚĂƚŝŽŶ ŝŶƚŚĞƉĞĂŬŚŽƵƌ͕ŽŶƚŚĞĞdžŝƐƚŝŶŐŵĂƐƐƚƌĂŶƐŝƚ ůŝŶĞƐ͘ dŽŬLJŽ͛ƐdĂƌŐĞƚ ŽŶŐĞƐƚŝŽŶƌĂƚŝŽ хϭϴϬй ZĂŵŬŚĂŵŚĂĞŶŐ ^ƚ͘ хϭϱϬй͕ϭϴϬйф ϭ͘ ϭϵͬϭϮͬϭϳ͕Ϭϳ͗ϰϴͲ >Ăƚ WŚƌĂŽ ^ƚ͘ фϭϱϬй ϵ͗Ϭϴ ϭ͘ ϭϴͬϭϮͬϭϳ͕Ϭϳ͗ϯϬͲ Ϯ͘ ϲͲϮϴŵŝŶƵƚĞƐ ϴ͗Ϯϯ ϯ͘ ϭͲϮƚƌĂŝŶƐ Ϯ͘ ϯͲϰŵŝŶƵƚĞƐ ϰ͘ ϭϵϬͲϮϬϬй ϯ͘ ϬͲϭƚƌĂŝŶ ϰ͘ ϵϬͲϮϬϬй ^ĂƉŚĂŶ dĂŬƐŝŶ ^ƚ͘ KŶEƵƚ^ƚ͘ ϭ͘ ϮϮͬϭϮͬϭϳ͕Ϭϳ͗ϮϴͲ ϭ͘ ϮϭͬϭϮͬϭϳ͕Ϭϳ͗ϮϬͲ ϴ͗ϯϭ ϴ͗ϭϬ Ϯ͘ ϯͲϲŵŝŶƵƚĞƐ Ϯ͘ ϮͲϰŵŝŶƵƚĞƐ ϯ͘ ϬͲϭƚƌĂŝŶ ϯ͘ ϬͲϮƚƌĂŝŶƐ ϰ͘ ϭϴϬͲϮϬϬй ϰ͘ ϭϳϬͲϮϬϬй ϭϬŬŵĨƌŽŵ^ŝĂŵ^ƚĂƚŝŽŶ Ύϭ͘^ƵƌǀĞLJĚĂƚĞ͕ƚŝŵĞ͕Ϯ͘,ĞĂĚďĞƚǁĞĞŶƚƌĂŝŶƐ;ŵŝŶͿ͕ϯ͘EƵŵďĞƌŽĨƚƌĂŝŶƐƉĂƐƐĞŶŐĞƌƐŵŝƐƐĚƵĞƚŽĐŽŶŐĞƐƚŝŽŶϰ͘ŽŶŐĞƐƚŝŽŶZĂƚŝŽ;:ĂƉĂŶĞƐĞ ƐƚĂŶĚĂƌĚ͕ƐĞĞĂďŽǀĞͿ ϰϴ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ ƐĨŽƌŵŽĚĂůƐƉůŝƚŵŽĚĞů͕ƚǁŽŵŽĚĞůƐŶĂŵĞůLJ͕ĂŐŐƌĞŐĂƚĞŵŽĚĞůĂŶĚ ŝƐĂŐŐƌĞŐĂƚĞ ŵŽĚĞů ŝƐ ďĂƐĞĚ ŽŶ ƚŚĞ ZĂŶĚŽŵ hƚŝůŝƚLJ ĚŝƐĂŐŐƌĞŐĂƚĞŵŽĚĞůĂƌĞƵƐƵĂůůLJĂƉƉůŝĞĚ dŚĞŽƌLJ͕ ǁŚĞƌĞ ŝŶĚŝǀŝĚƵĂů ƐĞůĞĐƚŝŽŶ ŝƐ ďĂƐĞĚ ŽŶ ƚŚĞŝƌ ƵƚŝůŝƚLJ ŽŵƉĂƌŝƐŽŶďĞƚǁĞĞŶĂŐŐƌĞŐĂƚĞŵŽĚĞůĂŶĚĚŝƐĂŐŐƌĞŐĂƚĞŵŽĚĞů ŵĂdžŝŵŝnjĂƚŝŽŶ͘ ŝƐƚƌŝďƵƚŝŽŶ ŽĨ ƵƚŝůŝƚLJ ǀĂƌŝĞƐ ŽŶ ƚŚĞ ĨƵŶĐƚŝŽŶ ŚĂƌĂĐƚĞƌŝƐƚŝĐƐ ŐŐƌĞŐĂƚĞDŽĚĞů ŝƐĂŐŐƌĞŐĂƚĞ DŽĚĞů ĂƐƐƵŵƉƚŝŽŶ͘ 'ĞŶĞƌĂů ŵŽĚĞů ŝƐ ƐŚŽǁŶ ďĞůŽǁ͘ džƉůĂŶĂƚŽƌLJ ŽŶĞͲĂŐŐƌĞŐĂƚĞ /ŶĚŝǀŝĚƵĂů ƐĞůĞĐƚŝŽŶ sĂƌŝĂďůĞ ƐĞůĞĐƚŝŽŶƉƌŽďĂďŝůŝƚLJ ƉƌŽďĂďŝůŝƚLJ WƌŽďŝƚ DŽĚĞů /Ŷ ƚŚŝƐ ŵŽĚĞů͕ ƵƚŝůŝƚLJ ƉƌŽďĂďŝůŝƚLJ ĚŝƐƚƌŝďƵƚŝŽŶ ŝƐ dŚĞŽƌĞƚŝĐĂů ;DŽƐƚůLJͿ ŵƉŝƌŝĐĂů ZĂŶĚŽŵhƚŝůŝƚLJ ĂĐŬŐƌŽƵŶĚ ĂƐĞĚ ďĂƐĞĚ ŽŶ EŽƌŵĂů ŝƐƚƌŝďƵƚŝŽŶ͘ WƌŽƐΘŽŶƐ ^ŝŵƉůŝĐŝƚLJ ŝŶŵŽĚĞů ůĞĂƌĞdžƉůĂŶĂƚŝŽŶŝŶ /Ŷ dWW ŶŽ͘ϭϴ͕ ǁĞ ƚƌLJ ƚŽ ŵĂŝŶƚĂŝŶ ƚŚĞ // ĐŽŶƐƚƌƵĐƚŝŽŶ ƚĞƌŵƐ ŽĨƚŚĞŽƌLJ ĂƐƐƵŵƉƚŝŽŶ ďLJ ĂǀŽŝĚŝŶŐ ůŽŐŝƚ ŵŽĚĞů ĂŶĚ ĂƉƉůLJŝŶŐ ƉƌŽďŝƚ ŵŽĚĞů͘ ϭ njŽŶĞсϭƐĂŵƉůĞ͕ ^ŝŵƉůĞ ƚŽƚĞƐƚŵĂŶLJ ƚŚĞƌĞĨŽƌĞ͕ŚƵŐĞ ƉŽůŝĐLJǀĂƌŝĂďůĞƐ ĂŵŽƵŶƚŽĨƐƵƌǀĞLJŝƐ tŝƚŚ ŵŽƌĞ ƌŽƵƚĞ ĐŚŽŝĐĞ͕ ŵŽƌĞ ŵƵůƚŝƉůĞ ŝŶƚĞŐƌĂů ŝƐ ŶĞĞĚĞĚ >ĞƐƐ ŶŽ͘ŽĨƐĂŵƉůĞс ŶĞĞĚĞĚ͘ ^Ž ŝƚ ŝƐ ƋƵŝƚĞ ĚŝĨĨŝĐƵůƚ ƚŽ ĐůĞĂƌůLJ ĞdžƉůĂŝŶ ƚŚĞ K< ŵĞĂŶŝŶŐ ŽĨ ƉĂƌĂŵĞƚĞƌƐ͘ ZĂŝůǁĂLJ ůŝŶĞ ŝŶĚĞƉĞŶĚĞŶĐLJ ŝƐ ŶŽƚ ĂƐƐƵŵĞĚ ;EŽ͘ //Ϳ ĂƐĞĚŽŶƚŚĞƚŚĞŽƌĞƚŝĐĂůďĂĐŬŐƌŽƵŶĚ͕ŝƐĂŐŐƌĞŐĂƚĞŵŽĚĞů ŝƐƵƐĞĚ /ŶŽƌĚĞƌƚŽĚĞĂůǁŝƚŚƌĂŝůǁĂLJƌŽƵƚĞƐĞůĞĐƚŝŽŶƉƌŽďůĞŵ͕WƌŽďŝƚ ŵŽĚĞůŝƐƵƐĞĚ ϰϵ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚƉĂƌĂŵĞƚĞƌĞƐƚŝŵĂƚŝŽŶƌĞƐƵůƚ &ƌŽŵĚŝƐĂŐŐƌĞŐĂƚĞƉƌŽďŝƚ ŵŽĚĞů 3DUDPHWHU 9DULDEOHV 8QLW :RUN 6FKRRO 3ULYDWH %XVLQHVV 2QERDUGWLPH 0LQ $FFHVVHJUHVV 0LQ 7L $FFHVV 0LQ PH (JUHVV 0LQ 7UDQVIHUZDL 0LQ WLQJWLPH &R 7RWDOXVHUFRVW ϱϬ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚǀŽůƵŵĞĨŽƌĞĐĂƐƚŝŶŐƌĞƐƵůƚ 'ƌŽǁƚ 'ƌŽǁƚ ϭϵϵϱϮϬϬϱ Ś ŚƌĂƚĞ &ƌŽŵĚŝƐĂŐŐƌĞŐĂƚĞƉƌŽďŝƚ ŵŽĚĞů ůůŵŽĚĞ;ϭϬ͕ϬϬϬƉĞƌƐŽŶͿ ǀŽůƵŵ ŽŵŵƵƚŝŶŐ;ǁŽƌŬͿ Ğ ŽŵŵƵƚŝŶŐ;ƐĐŚŽŽůͿ WƌŝǀĂƚĞ ƵƐŝŶĞƐƐ ŝƌƉŽƌƚͬ,^Z ^Ƶŵ;ĞdžĐůƵĚĞďĂĐŬŚŽŵĞͿ ZĂŝůǁĂLJ;ϭϬ͕ϬϬϬƉĞƌƐŽŶͿ ZĂŝůǁĂLJ^ŚĂƌĞ /ŶĨůŽǁƚŽϮϯǁĂƌĚƐĂƌĞĂ;dŽŬLJŽ͕ϭϬ͕ϬϬϬƉĞƌƐŽŶͿ ůůƉƵƌƉŽƐĞůůŵŽĚĞ ůůƉƵƌƉŽƐĞƌĂŝůǁĂLJŽŶůLJ ŽŵŵƵƚŝŶŐǁŽƌŬƌĂŝůǁĂLJŽŶůLJ ŽŵŵƵƚŝŶŐƐĐŚŽŽůƌĂŝůǁĂLJŽŶůLJ ϱϭ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ ŽŶŐĞƐƚŝŽŶŝŶĚĞdžĐŽƐƚƐĞƚƚŝŶŐ ㈌ᖯ⟬䛧䛯ΰ㞧ຠ⏝䠄㻕ŝƐƵƚŝůŝƚLJĨƌŽŵĐŽŶŐĞƐƚŝŽŶ;LJĞŶͿ 㻞㻘㻡㻜㻜 /ŶͲƚƌĂŝŶƚƌĂǀĞůƚŝŵĞ͗ϲϬŵŝŶ㌴㛫㻢㻜ศ 㻞㻘㻜㻜㻜 㻝㻘㻡㻜㻜 ϯϬŵŝŶ㻟㻜ศ 㻝㻘㻜㻜㻜 ϭϬŵŝŶ 㻡㻜㻜 㻝㻜 㻜 㻝㻜㻜 㻝㻞㻜 㻝㻠㻜 㻝㻢㻜 㻝㻤㻜 㻞㻜㻜 㻞㻞㻜 㻞㻠㻜 㻞㻢㻜 㻞㻤㻜 㻟㻜㻜 ŽŶŐĞƐƚŝŽŶƌĂƚĞΰ㞧⋡䠄䠂䠅 ϱϮ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ 䕺 ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ WƌŽďŝƚ ŵŽĚĞůƐƚĂƌƚ ㏻ ᨻ ⟇ >ŽŐŝƚŵŽĚĞůƐƚĂƌƚ ᑂ ƚĂƌŐĞƚLJĞĂƌ ㆟ ϮϬϯϬ ⟅ ⏦ ➨ ϭϵϴ ྕ ƉƌŝůϮϬϭϲĚĂƚĂ EĞƚǁŽƌŬůĞŶŐƚŚ͗Ϯ͕ϲϱϯŬŵ EŽ͘ŽĨƐƚĂƚŝŽŶ͗ϭ͕ϱϭϵƐƚĂƚŝŽŶ ΎdDĂƌĞĂсĂƌŽƵŶĚϱϬŬŵƌĂĚŝƵƐĨƌŽŵ dŽŬLJŽ^ƚĂƚŝŽŶ ϱϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ WƌŽďůĞŵŝŶůŽŐŝƚŵŽĚĞů ůƵĞ>ŝŶĞ͗ŽŶͲďŽĂƌĚƚŝŵĞϮϬŵŝŶ /ƐƚĂƚŝŽŶ ĨĂƌĞĐŽƐƚϯϬϬLJĞŶ :ƐƚĂƚŝŽŶ ǁĂŝƚŝŶŐƚŝŵĞϱŵŝŶ ϮŬŵ ϭŬŵ ŽŶĞ ŽŶĞ y z ϭ͘ϱŬŵ ƐƚĂƚŝŽŶ ƐƚĂƚŝŽŶ Ϭ͘ϱŬŵ ZĞĚ>ŝŶĞ͗ŽŶͲďŽĂƌĚƚŝŵĞϮϱŵŝŶ ĨĂƌĞĐŽƐƚϮϴϬLJĞŶ ǁĂŝƚŝŶŐƚŝŵĞϲŵŝŶ ƐƐƵŵŝŶŐ ϭϬ͕ϬϬϬ ƉĞŽƉůĞ ƚƌĂǀĞů ĨƌŽŵ ŽŶĞ Æ ŽŶĞ ĂŶĚ ƚŚĞƌĞ ĂƌĞ ƚǁŽ ŽƉƚŝŽŶƐ͕ ůƵĞ ůŝŶĞ ĂŶĚ ZĞĚ ůŝŶĞ ϱϰ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ WƌŽďůĞŵŝŶůŽŐŝƚŵŽĚĞů ƐƚŝŵĂƚŝŽŶƌĞƐƵůƚĨƌŽŵ>ŽŐŝƚŵŽĚĞů sĂƌŝĂďůĞ WĂƌĂŵĞƚĞƌ ƚͲǀĂůƵĞ KŶͲďŽĂƌĚƚŝŵĞ;ŵŝŶͿ ͲϬ͘ϭϲϰ Ͳϵ͘ϴϬ &ĂƌĞĐŽƐƚ;LJĞŶͿ ͲϬ͘ϬϬϯϮϯ Ͳϯ͘ϲϵ ĐĐĞƐƐĚŝƐƚĂŶĐĞ;ŬŵͿ Ͳϭ͘ϳϰϲ Ͳϭϳ͘ϲ ŐƌĞƐƐĚŝƐƚĂŶĐĞ;ŬŵͿ Ͳϭ͘Ϯϯϴ Ͳϭϰ͘ϲ ^ĂŵĞůĞǀĞůƚƌĂŶƐĨĞƌƚŝŵĞ;ŵŝŶͿ ͲϬ͘ϭϵϯ Ͳϱ͘ϲϱ ŝĨĨĞƌĞŶƚůĞǀĞůƚƌĂŶƐĨĞƌƚŝŵĞ;ŵŝŶͿ ͲϬ͘Ϯϵϵ Ͳϰ͘ϱϲ tĂŝƚŝŶŐƚŝŵĞ ;ŵŝŶͿ ͲϬ͘ϭϴϴ Ͳϱ͘ϰϴ UϮ Ϭ͘ϯϬϮ ĐĐƵƌĂĐLJƌĂƚĞ ϴϬ͘Ϭй ^ĂŵƉůĞƐŝnjĞ ϵϬϬ ϱϱ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ WƌŽďůĞŵŝŶůŽŐŝƚŵŽĚĞů dƌĂŶƐĨĞƌƚŝŵĞĨƌŽŵďůƵĞůŝŶĞƚŽŐƌĞĞŶůŝŶĞĂƚɲ ůƵĞ>ŝŶĞ䠖 ;/ Ͳх :Ϳ ŽŶͲďŽĂƌĚƚŝŵĞϮϬŵŝŶ͕ĨĂƌĞĐŽƐƚϯϬϬLJĞŶ͕ǁĂŝƚŝŶŐƚŝŵĞϱŵŝŶ ƐƚĂƚŝŽŶ͗ƐĂŵĞůĞǀĞůсϮŵŝŶнĚŝĨĨĞƌĞŶƚůĞǀĞůс ;/Ͳх ɲͿ ŽŶͲďŽĂƌĚƚŝŵĞϭϬŵŝŶ͕ĨĂƌĞĐŽƐƚϭϱϬLJĞŶ͕ǁĂŝƚŝŶŐƚŝŵĞϱŵŝŶ ϭŵŝŶ /ƐƚĂ :ƐƚĂ ϮŬŵ ĂƐƚĂ ϭŬŵ 'ƌĞĞŶ>ŝŶĞ䠖;ɲїɴͿ ďƐƚĂ ŽŶĞ ŽŶͲďŽĂƌĚƚŝŵĞϳŵŝŶ ϭŬŵ ŽŶĞ ĨĂƌĞĐŽƐƚϭϱϬLJĞŶ ǁĂŝƚŝŶŐƚŝŵĞϯŵŝŶ ϭ͘ϱŬŵ yƐƚĂ zƐƚĂ Ϭ͘ϱŬŵ ZĞĚ>ŝŶĞ͗ŽŶͲďŽĂƌĚƚŝŵĞϮϱŵŝŶ ĨĂƌĞĐŽƐƚϮϴϬLJĞŶ ǁĂŝƚŝŶŐƚŝŵĞϲŵŝŶ ƐƐƵŵŝŶŐϭϬ͕ϬϬϬƉĞŽƉůĞƚƌĂǀĞůĨƌŽŵŽŶĞ Æ ŽŶĞĂŶĚƚŚĞƌĞĂƌĞƚŚƌĞĞŽƉƚŝŽŶƐ͕ ůƵĞůŝŶĞ͕ZĞĚůŝŶĞĂŶĚ'ƌĞĞŶůŝŶĞ ϱϲ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ WƌŽďůĞŵŝŶůŽŐŝƚŵŽĚĞů ďĞĨŽƌĞ ĂĨƚĞƌ /ŶƚƌŽĚƵĐƚŝŽŶŽĨ ZŽƵƚĞ WĂƐƐĞŶŐĞƌ ŐƌĞĞŶůŝŶĞ ZŽƵƚĞ WĂƐƐĞŶŐĞƌ >h ϯ͕ϲϲϮ >h ŽŶůLJ ϯ͕ϭϮϱ Z ϲ͕ϯϯϴ Z ϱ͕ϰϬϵ >h Ͳх'Z E ϭ͕ϰϲϲ ;ĂͿƐƚĂƚŝŽŶ ;ďͿƐƚĂƚŝŽŶ ;ĂͿƐƚĂƚŝŽŶ ;ďͿƐƚĂƚŝŽŶ ϯϲϲϮ ϰϱϵϭ ϯϭϮϱ ɲƐƚĂƚŝŽŶ ɴƐƚĂƚŝŽŶ ŽŶĞ ŽŶĞ ŽŶĞ ϭϰϲϲ ŽŶĞ yƐƚĂƚŝŽŶ zƐƚĂƚŝŽŶ yƐƚĂƚŝŽŶ zƐƚĂƚŝŽŶ ϲϯϯϴ ϱϰϬϵ WĂƐƐĞŶŐĞƌŝŶ'ƌĞĞŶ>ŝŶĞÆ Ks Z ^d/Dd ͍͍ ϱϳ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ WƌŽďůĞŵŝŶůŽŐŝƚŵŽĚĞů dŚĞĂƐƐƵŵƉƚŝŽŶǁŚĞŶƚŚĞƵƚŝůŝƚLJŽĨĨƌŽŵĞĂĐŚĐŚŽŝĐĞƐĂƌĞŶŽƚĂĨĨĞĐƚŝŶŐƚŚĞ ƐĞůĞĐƚŝŽŶƉƌŽďĂďŝůŝƚLJŽĨĞĂĐŚŽƚŚĞƌƐ tŝƚŚƚŚŝƐĂƐƐƵŵƉƚŝŽŶ͕ƉƌŽďĂďŝůŝƚLJŽĨƐĞůĞĐƚŝŶŐĐŚŽŝĐĞƐǁŝƚŚŚŝŐŚ ƐŝŵŝůĂƌŝƚLJĐŽƵůĚďĞŽǀĞƌĞƐƚŝŵĂƚĞĚ͕ǁŚŝůĞŽƚŚĞƌĐŚŽŝĐĞƐĐŽƵůĚďĞ ƵŶĚĞƌĞƐƚŝŵĂƚĞĚ // /ŶĚĞƉĞŶĚĞŶĐĞĨƌŽŵŝƌƌĞůĞǀĂŶƚĂůƚĞƌŶĂƚŝǀĞƐ ƐƉĞĐŝĂůůLJŝŶdDǁŚĞƌĞǀĂƌŝŽƵƐƌŽƵƚĞƐĐĂŶďĞƐĞůĞĐƚĞĚǁŝƚŚŝŶŽŶĞKͲ dŚŝƐŝƐƚŚĞŵĂŝŶůŝŵŝƚĂƚŝŽŶŽĨ>ŽŐŝƚDŽĚĞůǁŚĞŶĂƉƉůLJŝŶŐƚŽdDĚĞŵĂŶĚ ĨŽƌĞĐĂƐƚŝŶŐ ϱϴ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ WƌŽďŝƚ DŽĚĞů WĂƌĂŵĞƚĞƌ ƐƚŝŵĂƚŝŽŶĨƌŽŵWƌŽďŝƚ ŵŽĚĞů ;ŽŵŵƵƚŝŶŐͲǁŽƌŬƉƵƌƉŽƐĞͿ sĂƌŝĂďůĞƐ ƐƚŝŵĂƚĞĚ ƚͲ ǀĂůƵĞ KŶͲďŽĂƌĚƚŝŵĞ ;ŵŝŶͿ ͲϬ͘Ϭϵϰϯ Ͳϴ͘Ϭϵ dŽƚĂů ĐŽƐƚ ;LJĞŶͿ ͲϬ͘ϬϬϮϬϬ Ͳϯ͘ϵϴ dƌĂŶƐĨĞƌнǁĂŝƚŝŶŐ ƚŝŵĞ ;ŵŝŶͿ ͲϬ͘ϭϭϮ ͲϭϬ͘ϳ ĐĐĞƐƐ͕ ĞŐƌĞƐƐ ƚŝŵĞ ;ŵŝŶͿ ͲϬ͘ϭϮϳ Ͳϭϭ͘ϳ ŽŶŐĞƐƚŝŽŶŝŶĚĞdž ͲϬ͘ϬϬϴϲϵ Ͳϯ͘ϯϰ ZŽƵƚĞƐŝŵŝůĂƌŝƚLJƉĂƌĂŵĞƚĞƌ Ϭ͘ϰϯϲ Ϯ͘ϳϭ UϮ Ϭ͘ϯϵϬ ZĂŝůǁĂLJŽŶͲďŽĂƌĚsKdсϰϳ͘ϮίͬŵŝŶ ϱϵ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϮͿhƌďĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞƐƐŝŐŶŵĞŶƚ WƌŽďŝƚ DŽĚĞů ĐƚƵĂů džĂŵƉůĞ͗ĨƌŽŵKŵŝLJĂͲх ƚŽ<ĂŶĚĂ Ă͘KŵŝLJĂ;ǀŝĂdŽŚŽŬƵͲdĂŬĂƐĂŬŝůŝŶĞͿ ʹ hĞŶŽ Ͳ ;ǀŝĂzĂŵĂŶŽƚĞ ůŝŶĞͿ Ͳ <ĂŶĚĂ DƵůƚŝƉůĞĐŚŽŝĐĞďĞƚǁĞĞŶ KŵŝLJĂĂŶĚhĞŶŽ ď͘KŵŝLJĂ;ǀŝĂdŽŚŽŬƵͲdĂŬĂƐĂŬŝůŝŶĞͿ ʹ hĞŶŽ Ͳ ;ǀŝĂ<ĞŝŚŝŶͲdŽŚŽŬƵůŝŶĞͿ Ͳ <ĂŶĚĂ Đ͘KŵŝLJĂ;ǀŝĂ<ĞŝŚŝŶͲdŽŚŽŬƵůŝŶĞͿ ʹ <ĂŶĚĂ ϭϵϵϱDĞƚƌŽƉŽůŝƚĂŶ tŝƚŚŽƵƚƌŽƵƚĞ tŝƚŚƌŽƵƚĞ dƌĂŶƐƉŽƌƚ ĞŶƐƵƐ ƐŝŵŝůĂƌŝƚLJ ƐŝŵŝůĂƌŝƚLJ ;ĂĐƚƵĂůͿ ƉĂƌĂŵĞƚĞƌ ƉĂƌĂŵĞƚĞƌ Ă͘dŽŚŽŬƵͲdĂŬĂƐĂŬŝͲхzĂŵĂŶŽƚĞ ϯϯй Ϯϴй Ϯϳй ϰϴй ϱϮй ϰϳй ď͘dŽŚŽŬƵͲdĂŬĂƐĂŬŝͲх<ĞŝŚŝŶͲdŽŚŽŬƵ ϭϱй Ϯϰй ϮϬй Đ͘<ĞŝŚŝŶͲdŽŚŽŬƵŽŶůLJ ϱϯй ϰϳй ϱϮй ƐƵŵ ϭϬϬй ϭϬϬй ϭϬϬй ϲϬ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϯͿŝƌƉŽƌƚͬ,^ZƐƚĂƚŝŽŶĂĐĐĞƐƐĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ ϰͲƐƚĞƉŵŽĚĞů ϭͿ'ĞŶĞƌĂƚŝŽŶ Θ ƚƚƌĂĐƚŝŽŶ ϮͿŝƐƚƌŝďƵƚŝŽŶ ϯͿDŽĚĂů^Ɖůŝƚ ϰͿ;ZĂŝůǁĂLJ>ŝŶĞƐͿZŽƵƚĞƐƐŝŐŶŵĞŶƚ ϲϭ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϯͿŝƌƉŽƌƚͬ,^ZƐƚĂƚŝŽŶĂĐĐĞƐƐĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ WĂƌĂŵĞƚĞƌĞƐƚŝŵĂƚŝŽŶ;ŵŽĚĂůƐƉůŝƚĂŝƌƉŽƌƚĂĐĐĞƐƐͿ ƵƐŝŶĞƐƐ ƚŝŵĞ dŽƚĂů ƚŝŵĞ;ŵŝŶͿ ͲϬ͘Ϭϲϱϳ ;Ͳϭϳ͘ϲͿ ŽƐƚ dŽƚĂů ĐŽƐƚ;ίͿ ͲϬ͘ϬϬϭϯϵ ;ͲϭϬ͘ϱͿ Ăƌ Ϯ͘ϱϱϲ ;ϭϮ͘ϮͿ ŽŶƐƚĂŶƚ ƵƐ ͲϬ͘Ϯϴϱ ;Ͳ ϯ͘ϭͿ ĐĐƵƌĂĐLJƌĂƚĞ ϳϯ͘ϵй UϮ Ϭ͘ϭϳϴϱ ^ĂŵƉůĞƐŝnjĞ ϭ͕ϯϱϭ ;ƌĞĨ͘ͿsĂůƵĞŽĨƚŝŵĞ ϰϳ;ίͬŵŝŶͿ ;Ϳ͗ƚͲǀĂůƵĞ ϲϮ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϯͿŝƌƉŽƌƚͬ,^ZƐƚĂƚŝŽŶĂĐĐĞƐƐĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ WĂƌĂŵĞƚĞƌĞƐƚŝŵĂƚŝŽŶ;,ĂŶĞĚĂ ĂŝƌƉŽƌƚĂĐĐĞƐƐƌŽƵƚĞĂƐƐŝŐŶŵĞŶƚͿ Parameter Variable Unit Private Business On-board time Min 㻌 㻙㻜㻚㻜㻠㻥㻠㻌 㻌 㻙㻜㻚㻜㻠㻥㻥㻌 Time Access/Egress time Min 㻌 㻙㻜㻚㻜㻡㻤㻟㻌 㻌 㻙㻜㻚㻜㻡㻥㻥㻌 Transfer + Waiting time Min 㻙㻜㻚㻜㻣㻞㻞㻌 㻙㻜㻚㻜㻢㻤㻣㻌 Cost Total cost Yen 㻙㻜㻚㻜㻜㻞㻟㻟㻌 㻙㻜㻚㻜㻜㻝㻜㻟㻌 ϲϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϯͿŝƌƉŽƌƚͬ,^ZƐƚĂƚŝŽŶĂĐĐĞƐƐĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ WĂƌĂŵĞƚĞƌĞƐƚŝŵĂƚŝŽŶ;EĂƌŝƚĂĂŝƌƉŽƌƚĂĐĐĞƐƐƌŽƵƚĞĂƐƐŝŐŶŵĞŶƚͿ Variable Unit Estimates Total travel time Min 㻙㻜㻚㻜㻥㻠㻟㻌㻌㻌㻌㻌㻌㻌㻌㻌㸦㻙㻤㻚㻝㸧㻌 Total travel cost ¥ 㻙㻜㻚㻜㻜㻞㻜㻜㻌㻌㻌㻌㻌㻌㻌㻌㸦㻙㻠㻚㻜㸧㻌 No. of Transfers time 㻙㻜㻚㻜㻜㻤㻢㻥㻌㻌㻌㻌㻌㻌㻌㻌㸦㻙㻟㻚㻟㸧㻌 Express dummy 㻌㻜㻚㻠㻟㻢㻌㻌㻌㻌㻌㻌㻌㻌㻌㸦㻌㻞㻚㻣㸧㻌 U2 㻜㻚㻡㻢㻤㻌 Accuracy rate 㻤㻤㻚㻜㻌㻑㻌 Sample size 㻝㻘㻜㻟㻟㻌 EŽƚĞ ϭͿ ;ͿƚͲǀĂůƵĞ EŽƚĞ ϮͿ džƉƌĞƐƐĚƵŵŵLJсϭŝĨEĂƌŝƚĂ džƉƌĞƐƐŽƌ^ŬLJůŝŶĞƌ ŝƐƵƐĞĚ͕ϬŽƚŚĞƌǁŝƐĞ ϲϰ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϯͿŝƌƉŽƌƚͬ,^ZƐƚĂƚŝŽŶĂĐĐĞƐƐĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ DŽĚĞů^ƚƌƵĐƚƵƌĞ WŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚ /ŶŝƚŝĂůŽŶĚŝƚŝŽŶƐ hƌďĂŶdƌĂŶƐƉŽƌƚ&ŽƌĞĐĂƐƚ ŝƌƉŽƌƚͬ,^Z&ŽƌĞĐĂƐƚ WĂƌĂŵĞƚĞƌĞƐƚŝŵĂƚŝŽŶ;,^ZƐƚĂƚŝŽŶĂĐĐĞƐƐŵŽĚĂůƐƉůŝƚͿ %XVLQHVV /HLVXUH 7LPH 7RWDOWLPH PLQ 㸦 㸦㸧 &RVW 7RWDOFRVW ? 㸦 㸦㸧 &DU 㸦 㸦㸧 &RQVWDQW %XV 㸦 㸦㸧 $FFXUDF\5DWH U2 6DPSOHVL]H 㸦UHI㸧9DOXHRI7LPH 㸦?㸭PLQ 㸦?㸭PLQ ;Ϳ͗ƚͲǀĂůƵĞ ϲϱ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϰͿ/ŵƉƌŽǀĞŵĞŶƚƐŝŶdWWEŽ͘ϭϵϴ ϭͿ WƌŽďůĞŵƐŝŶdWWEŽ͘ϭϴ ϮͿ džƉĞĐƚĞĚĐŚĂŶŐĞƐŝŶƚŚĞĨƵƚƵƌĞ ϯͿ /ŵƉƌŽǀĞŵĞŶƚƐŝŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞů ϲϲ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϰͿ/ŵƉƌŽǀĞŵĞŶƚƐŝŶdWWEŽ͘ϭϵϴ ϭͿ WƌŽďůĞŵƐŝŶdWWEŽ͘ϭϴ ŽŵƉĂƌŝƐŽŶŽĨĂĐƚƵĂůĂŶĚĞƐƚŝŵĂƚĞĚǀŽůƵŵĞ;ϮϬϬϱͿ ĂLJǀŽůƵŵĞ;ƉĞƌƐŽŶͬĚĂLJͿ ƐƚŝŵĂƚŝŽŶĂĐĐƵƌĂĐLJŝŶdWWEŽ͘ϭϴ ┠ⓗ ┠ⓗ ┠ⓗ ┠ⓗ ĚŝƌĞĐƚŝŽŶ᪉㠃EĂŵĞŽĨůŝŶĞƐ ㊰⥺ྡ 㥐㛫ƐĞĐƚŝŽŶ ĂĐƚƵĂů ĨŽƌĞĐĂƐƚĞĚ ᐇ⦼ ண ண 㻙ᐇ⦼ĨŽƌĞͲĂĐƚ ண 㻛ᐇ⦼ĨŽƌĞͬĂĐƚ ከᦶ᪉㠃 ୰ኸ⦆⾜⥺ ᪂ᐟ ஂಖ 㻞㻢㻣㻘㻥㻥㻠 㻟㻜㻜㻘㻜㻟㻡 㻟㻞㻘㻜㻠㻝 㻝㻚㻝㻞 /ŶdWWEŽ͘ϭϴ͕ƚĂƌŐĞƚŝŶŐĞƐƚŝŵĂƚŝŽŶ ୰ኸᛌ㏿⥺ ᪂ᐟ ୰㔝 㻣㻡㻜㻘㻥㻞㻣 㻢㻝㻜㻘㻥㻤㻤 㻙㻝㻟㻥㻘㻥㻠㻜 㻜㻚㻤㻝 ᮾす⥺ ⴠྜ 㧗⏣㤿ሙ 㻝㻞㻢㻘㻣㻠㻝 㻝㻞㻡㻘㻣㻠㻜 㻙㻝㻘㻜㻜㻝 㻜㻚㻥㻥 ĂĐĐƵƌĂĐLJŝƐĞdžƉĞĐƚĞĚǁŝƚŚŝŶʸϭϬй ி⋤⥺ ᪂ᐟ ึྎ 㻣㻜㻠㻘㻣㻞㻡 㻢㻥㻞㻘㻡㻠㻡 㻙㻝㻞㻘㻝㻤㻜 㻜㻚㻥㻤 すṊ᪂ᐟ⥺ すṊ᪂ᐟ 㧗⏣㤿ሙ 㻝㻥㻡㻘㻣㻜㻥 㻝㻤㻢㻘㻜㻥㻜 㻙㻥㻘㻢㻞㻜 㻜㻚㻥㻡 ,ŽǁĞǀĞƌ͕ǁŚĞŶĐŽŵƉĂƌĞƚŚĞĂĐƚƵĂů ィ 㻞㻘㻜㻠㻢㻘㻜㻥㻢 㻝㻘㻥㻝㻡㻘㻟㻥㻣 㻙㻝㻟㻜㻘㻢㻥㻥 㻜㻚㻥㻠 ⚄ዉᕝ᪉㠃 ிᮾ⥺ ရᕝ ⏫ 㻡㻥㻟㻘㻥㻝㻠 㻠㻡㻣㻘㻠㻞㻠 㻙㻝㻟㻢㻘㻠㻥㻜 㻜㻚㻣㻣 ǀĂůƵĞǁŝƚŚƚŚĞĞƐƚŝŵĂƚĞĚǀĂůƵĞĨƌŽŵ ᮾᾏ㐨ᮏ⥺ ရᕝ ᕝᓮ 㻠㻝㻥㻘㻝㻤㻢 㻟㻣㻤㻘㻠㻡㻝 㻙㻠㻜㻘㻣㻟㻢 㻜㻚㻥㻜 ᶓ㡲㈡⥺ ရᕝ す 㻞㻣㻥㻘㻢㻤㻝 㻞㻜㻢㻘㻥㻠㻥 㻙㻣㻞㻘㻣㻟㻟 㻜㻚㻣㻠 dWWEŽ͘ϭϴ͕ŝŶLJĞĂƌϮϬϬϱǀĂůƵĞ͕ƐĞǀĞƌĂů ிᛴᮏ⥺ ရᕝ ရᕝ 㻟㻡㻟㻘㻤㻝㻤 㻟㻟㻝㻘㻢㻜㻣 㻙㻞㻞㻘㻞㻝㻞 㻜㻚㻥㻠 ᑠ⏣ᛴᑠ⏣ཎ⥺ ᪂ᐟ ༡᪂ᐟ 㻠㻤㻢㻘㻝㻞㻜 㻠㻥㻜㻘㻡㻡㻝 㻠㻘㻠㻟㻝 㻝㻚㻜㻝 ĞƐƚŝŵĂƚŝŽŶƐŽƵƚƐŝĚĞƚŚĞĂĐĐƵƌĂĐLJƌĂŶŐĞ ᮾᛴᮾᶓ⥺ ㇂ ௦ᐁᒣ 㻠㻟㻟㻘㻟㻝㻜 㻟㻝㻢㻘㻣㻠㻝 㻙㻝㻝㻢㻘㻡㻣㻜 㻜㻚㻣㻟 ᮾᛴ⏣ᅬ㒔ᕷ⥺ ㇂ ụᑼᶫ 㻢㻟㻞㻘㻤㻠㻝 㻡㻤㻜㻘㻞㻥㻜 㻙㻡㻞㻘㻡㻡㻝 㻜㻚㻥㻞 ŽĨϭϬйŚĂǀĞďĞĞŶĨŽƵŶĚ ィ 㻟㻘㻝㻥㻤㻘㻤㻣㻜 㻞㻘㻣㻢㻞㻘㻜㻝㻝 㻙㻠㻟㻢㻘㻤㻡㻥 㻜㻚㻤㻢 ᇸ⋢᪉㠃 ᮾᮏ⥺ ୖ㔝 ᑿஂ 㻟㻡㻡㻘㻤㻟㻠 㻟㻥㻞㻘㻡㻤㻠 㻟㻢㻘㻣㻡㻜 㻝㻚㻝㻜 ிᮾ⥺ ⏣➃ ୖ୰㔛 㻠㻞㻜㻘㻤㻟㻜 㻟㻜㻣㻘㻝㻥㻢 㻙㻝㻝㻟㻘㻢㻟㻡 㻜㻚㻣㻟 ᇸி⥺ ụ⿄ ᯈᶫ 㻢㻤㻟㻘㻟㻡㻝 㻢㻣㻠㻘㻥㻞㻣 㻙㻤㻘㻠㻞㻡 㻜㻚㻥㻥 㒔Ⴀ୕⏣⥺ ᕢ㬞 すᕢ㬞 㻝㻥㻟㻘㻤㻢㻥 㻝㻥㻣㻘㻟㻞㻞 㻟㻘㻠㻡㻟 㻝㻚㻜㻞 ᪥ẚ㇂⥺ ධ㇂ ୖ㔝 㻟㻣㻠㻘㻢㻡㻢 㻠㻜㻞㻘㻥㻝㻝 㻞㻤㻘㻞㻡㻡 㻝㻚㻜㻤 ᭷ᴦ⏫⥺ せ⏫ ụ⿄ 㻟㻝㻤㻘㻝㻞㻠 㻞㻡㻟㻘㻤㻜㻣 㻙㻢㻠㻘㻟㻝㻣 㻜㻚㻤㻜 すṊụ⿄⥺ ụ⿄ ᳝ྡ⏫ 㻡㻜㻣㻘㻢㻡㻢 㻡㻥㻝㻘㻢㻠㻝 㻤㻟㻘㻥㻤㻡 㻝㻚㻝㻣 ᮾṊᮾୖ⥺ ụ⿄ ụ⿄ 㻡㻝㻣㻘㻝㻣㻠 㻢㻜㻤㻘㻥㻥㻤 㻥㻝㻘㻤㻞㻠 㻝㻚㻝㻤 ィ 㻟㻘㻟㻣㻝㻘㻠㻥㻠 㻟㻘㻠㻞㻥㻘㻟㻤㻟 㻡㻣㻘㻤㻤㻥 㻝㻚㻜㻞 ༓ⴥ᪉㠃 ⥲Ṋ⦆⾜⥺ ⛅ⴥཎ ὸⲡᶫ 㻢㻥㻥㻘㻤㻤㻝 㻡㻥㻣㻘㻣㻜㻣 㻙㻝㻜㻞㻘㻝㻣㻠 㻜㻚㻤㻡 ⥲Ṋᛌ㏿⥺ ᮾி ᪂᪥ᮏᶫ 㻟㻢㻜㻘㻡㻡㻞 㻟㻥㻜㻘㻠㻝㻟 㻞㻥㻘㻤㻢㻝 㻝㻚㻜㻤 ிⴥ⥺ ᮾி ඵᇼ 㻝㻣㻤㻘㻠㻥㻟 㻝㻞㻤㻘㻣㻟㻠 㻙㻠㻥㻘㻣㻡㻥 㻜㻚㻣㻞 㒔Ⴀὸⲡ⥺ ᪂ᶫ ᮾ㖟ᗙ 㻞㻟㻤㻘㻞㻢㻥 㻞㻜㻢㻘㻢㻝㻤 㻙㻟㻝㻘㻢㻡㻞 㻜㻚㻤㻣 㒔Ⴀ᪂ᐟ⥺ ᒾᮏ⏫ ᑠᕝ⏫ 㻞㻞㻠㻘㻢㻞㻥 㻝㻤㻤㻘㻞㻝㻡 㻙㻟㻢㻘㻠㻝㻠 㻜㻚㻤㻠 ிᡂᮏ⥺ ᪥ᬽ㔛 ᪂୕Ἑᓥ 㻝㻟㻜㻘㻥㻣㻣 㻝㻠㻥㻘㻜㻞㻠 㻝㻤㻘㻜㻠㻣 㻝㻚㻝㻠 ᮾす⥺ ᡭ⏫ ᪥ᮏᶫ 㻠㻤㻞㻘㻝㻜㻞 㻠㻢㻞㻘㻞㻥㻣 㻙㻝㻥㻘㻤㻜㻡 㻜㻚㻥㻢 ィ 㻞㻘㻟㻝㻠㻘㻥㻜㻟 㻞㻘㻝㻞㻟㻘㻜㻜㻣 㻙㻝㻥㻝㻘㻤㻥㻣 㻜㻚㻥㻞 ᖖ☬᪉㠃 ᖖ☬ᛌ㏿⥺ ᪥ᬽ㔛 ୕Ἑᓥ 㻠㻥㻣㻘㻣㻤㻣 㻟㻥㻡㻘㻟㻝㻢 㻙㻝㻜㻞㻘㻠㻣㻝 㻜㻚㻣㻥 ༓௦⏣⥺ ⏫ᒇ す᪥ᬽ㔛 㻠㻟㻞㻘㻣㻠㻠 㻠㻜㻝㻘㻤㻢㻢 㻙㻟㻜㻘㻤㻣㻤 㻜㻚㻥㻟 ィ 㻥㻟㻜㻘㻡㻟㻝 㻣㻥㻣㻘㻝㻤㻞 㻙㻝㻟㻟㻘㻟㻠㻥 㻜㻚㻤㻢 ϲϳ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϰͿ/ŵƉƌŽǀĞŵĞŶƚƐŝŶdWWEŽ͘ϭϵϴ ϮͿ džƉĞĐƚĞĚĐŚĂŶŐĞƐŝŶƚŚĞĨƵƚƵƌĞ /ŶĐƌĞĂƐŝŶŐŝŶdŽƵƌŝƐŵ >ĂƌŐĞͲƐĐĂůĞĚŝƐĂƐƚĞƌĂŶĚĂŐŝŶŐŝŶĨƌĂ͘ &ŽƌĞŝŐŶƚŽƵƌŝƐƚÆ ^ĞƚƚŝŶŐƚŚĞŶĞǁƚĂƌŐĞƚ ŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞĚŝƐĂƐƚĞƌƌŝƐŬ ϮϬDŝůůŝŽŶ ƚĂƌŐĞƚĞĚ ϭϬDŝůůŝŽŶн sŝƐŝƚ:ĂƉĂŶ ĐĂŵƉĂŝŐŶ ϲϴ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϰͿ/ŵƉƌŽǀĞŵĞŶƚƐŝŶdWWEŽ͘ϭϵϴ ϯͿ /ŵƉƌŽǀĞŵĞŶƚƐŝŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞů ^ĂŵƉůĞ ϭͿ 'ĞŶĞƌĂƚŝŽŶΘƚƚƌĂĐƚŝŽŶ ϮͿ ŝƐƚƌŝďƵƚŝŽŶ ϯͿ DŽĚĂů^Ɖůŝƚ ϰͿ ZĂŝůǁĂLJZŽƵƚĞ^ĞůĞĐƚŝŽŶ ĐĂƚĞŐŽƌŝnjĂƚŝŽŶ WƵƌƉŽƐĞ 'ĞŶĚĞƌ ŐĞ ŐƌŽƵƉ దۢ พ ೧ྺۢ దۢ พ ೧ྺۢ దۢ พ ೧ྺۢ ঃ ۊঃ ௪ ۊঃ ௪ ۊŽŵŵƵƚŝŶŐ;ǁŽƌŬͿ DĂůĞ ϱLJ͘ ƌĂŶŐĞ ௪ ௪ڠ ௪ڠ ௪ڠ ĞŵĂůĞ ϱLJ͘ ƌĂŶŐĞ& ŽŵŵƵƚŝŶŐ;ƐĐŚŽŽůͿ DĂůĞ ௪ָ ঃ ௪ָ ঃ ௪ָ ঃ EŽ͘ϭϴ ϮŐƌŽƵƉƐ ௪ڠ ௪ڠ ௪ڠ ĞŵĂůĞ& સ೧ྺ સ೧ྺ સ೧ྺ WƌŝǀĂƚĞ DĂůĞ ࢴࣆ ঃ ࢴࣆ ঃ ࢴࣆ ঃ ϯŐƌŽƵƉƐ ౹ ౹ ౹ ௪ڠ ௪ڠ ௪ڠ ĞŵĂůĞ& ແ ঃۂ ແ ঃۂ ແ ঃۂ ƵƐŝŶĞƐƐ ZĞůĂƚĞĚ DĂůĞ Eͬ ௪ڠ ௪ڠ ௪ڠ ĞŵĂůĞ& ĂĐŬŚŽŵĞ DĂůĞ ؾ ঃ ؾ ঃ ؾ ঃ ௪ڠ ௪ڠ Eͬ ௪ڠ ĞŵĂůĞ& WƵƌƉŽƐĞ 'ĞŶĚĞƌ ŐĞ ŐƌŽƵƉ దۢ พ ೧ྺۢ దۢ พ ೧ྺۢ దۢ พ ೧ྺۢ ঃ Ϯۢ ۊঃ Ϯۢ ௪ ۊ ϯۢ ௪ ۊEŽ͘ϭϵϴ ŽŵŵƵƚŝŶŐ;ǁŽƌŬͿ DĂůĞ ϱLJ͘ƌĂŶŐĞ ௪ ௪ڠ ௪ڠ ĞŵĂůĞ ϱLJ͘ƌĂŶŐĞ ঃ ϰۢ& ŽŵŵƵƚŝŶŐ;ƐĐŚŽŽůͿ DĂůĞ ϱLJ͘ƌĂŶŐĞ ௪ָ Ϯۢ ௪ָ ঃ સ೧ྺ ௪ָ ঃ સ೧ྺ ௪ ౹ڠ ௪ ౹ڠ ĞŵĂůĞ ϱLJ͘ƌĂŶŐĞ ঃ Ϯۢ& WƌŝǀĂƚĞ &ƌŽŵŚŽŵĞ DĂůĞ ϰŐƌŽƵƉƐ ࢴࣆ ࣙ ϰۢ ࢴࣆ ࣙ ঃ ϯۢ ࢴࣆ ࣙ ঃ Ϯۢ ௪ڠ ௪ڠ ĞŵĂůĞ ϱŐƌŽƵƉƐ ঃ ϱۢ& ŽƚŚĞƌƐ DĂůĞ ϰŐƌŽƵƉƐ ͨଠ ϰۢ ͨଠ ঃ ϯۢ ͨଠ ঃ Ϯۢ ௪ڠ ௪ڠ ĞŵĂůĞ ϱŐƌŽƵƉƐ ঃ ϱۢ& ແ ࣙ ঃ Ϯۢۂ ແ ࣙ ঃ Ϯۢۂ ແ ࣙ ϯۢۂ ƵƐŝŶĞƐ &ƌŽŵŚŽŵĞ DĂůĞ ϯŐƌŽƵƉƐ ௪ڠ ௪ڠ Ɛ &ĞŵĂůĞ ϯŐƌŽƵƉƐ ঃ ϯۢ ZĞůĂƚĞĚ ແ ঃ Ϯۢۊ ແ ঃ Ϯۢۊ ແ ϯۢۊ ƌŽŵ DĂůĞ ϯŐƌŽƵƉƐ& ௪ڠ ௪ڠ ǁŽƌŬƉůĂĐĞ &ĞŵĂůĞ ϯŐƌŽƵƉƐ ঃ ϯۢ ແ ঃ Ϯۢۊ ແ ঃ Ϯۢ ؾۊ ແ ϯۢ ؾۊ ĂĐŬ &ƌŽŵ DĂůĞ ϯŐƌŽƵƉƐ ؾ ௪ڠ ௪ڠ ŚŽŵĞ ǁŽƌŬƉůĂĐĞ &ĞŵĂůĞ ϰŐƌŽƵƉƐ ঃ ϰۢ ƌŽŵ DĂůĞ ϮŐƌŽƵƉƐ ௪ָ Ϯۢ ௪ָ ঃ સ೧ྺ ௪ָ ঃ સ೧ྺ& ௪ ౹ڠ ௪ ౹ڠ ƐĐŚŽŽů &ĞŵĂůĞ ϮŐƌŽƵƉƐ ঃ Ϯۢ ƌŽŵ DĂůĞ ϰŐƌŽƵƉƐ ࢴࣆ ϰۢ ࢴࣆ ঃ ϯۢ ࢴࣆ ঃ Ϯۢ& ௪ڠ ௪ڠ ƉƌŝǀĂƚĞ &ĞŵĂůĞ ϱŐƌŽƵƉƐ ঃ ϱۢ ແ ঃ Ϯۢۂ ແ ঃ Ϯۢۂ ແ ϯۢۂ ƌŽŵ DĂůĞ ϯŐƌŽƵƉƐ& ௪ڠ ௪ڠ ďƵƐŝŶĞƐƐ &ĞŵĂůĞ ϯŐƌŽƵƉƐ ঃ ϯۢ ৯ʁϭϴߺਅ͖࣎Δրྒྷ఼ϲϵ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϰͿ/ŵƉƌŽǀĞŵĞŶƚƐŝŶdWWEŽ͘ϭϵϴ ϯͿ /ŵƉƌŽǀĞŵĞŶƚƐŝŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞů /ŵƉůĞŵĞŶƚŝŶŐƚŚĞƐƚĂƚŝŽŶĂĐĐĞƐƐŝďŝůŝƚLJŝŶƚŽƚŚĞŵŽĚĞů 'ĞŶĞƌĂƚŝŽŶͲƚƚƌĂĐƚŝŽŶ ŝƐƚƌŝďƵƚŝŽŶ DŽĚĂů^Ɖůŝƚ ZĂŝůǁĂLJ^ƚĂƚŝŽŶĐĐĞƐƐ DŽĚĂů^ƉůŝƚDŽĚĞů ĂůĐƵůĂƚŝŽŶĨůŽǁ ĐĐĞƐƐŝďŝůŝƚLJ /ŶĚĞdž DŽĚĞŝŶĐůƵĚĞĚ͗ tĂůŬ͕ϮǁŚĞĞů͕Ăƌ͕ƵƐ ZĂŝůǁĂLJƌŽƵƚĞĂƐƐŝŐŶŵĞŶƚ ϳϬ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϰͿ/ŵƉƌŽǀĞŵĞŶƚƐŝŶdWWEŽ͘ϭϵϴ ϯͿ /ŵƉƌŽǀĞŵĞŶƚƐŝŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞů ^ƚĂƚŝŽŶĐĐĞƐƐDŽĚĞůŝŶDͲDWϮ ϳϭ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϰͿ/ŵƉƌŽǀĞŵĞŶƚƐŝŶdWWEŽ͘ϭϵϴ ϯͿ /ŵƉƌŽǀĞŵĞŶƚƐŝŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞů ^ƚĂƚŝŽŶĐĐĞƐƐDŽĚĞůŝŶDͲDWϮ ϳϮ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϰͿ/ŵƉƌŽǀĞŵĞŶƚƐŝŶdWWEŽ͘ϭϵϴ ϯͿ /ŵƉƌŽǀĞŵĞŶƚƐŝŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞů ZĂŝůǁĂLJ^ƚĂƚŝŽŶĐĐĞƐƐDŽĚĂů^ƉůŝƚƉĂƌĂŵĞƚĞƌĞƐƚŝŵĂƚŝŽŶ;ĐŽŵŵƵƚŝŶŐͿ ĞǀĂůƵĂƚĞƚŚĞƐƚĂƚŝŽŶĂĐĐĞƐƐŝďŝůŝƚLJŝŵƉƌŽǀĞŵĞŶƚƉŽůŝĐLJ ĂĐĐĞƐƐƉŽŝŶƚĐůŽƐĞƌƚŽƐƚĂƚŝŽŶ ĞůĞǀĂƚĞĚͬƵŶĚĞƌŐƌŽƵŶĚÆ ĂƚŐƌĂĚĞƚƌĂŶƐĨĞƌ ůĞƐƐĐŽƐƚƚŽĂĐĐĞƐƐ ŵŽƌĞďƵƐĨƌĞƋƵĞŶĐLJ ĚŝĨĨĞƌĞŶƚůĞǀĞůÆ ĞĨĨĞĐƚƚŽĞůĚĞƌůLJ tŽƌŬ ^ĐŚŽŽů EŽŶͲĞůĚĞƌůLJ ůĚĞƌůLJ ůůͲĂŐĞ ƉĂƌĂŵĞƚĞƌ ƚͲǀĂůƵĞ ƉĂƌĂŵĞƚĞƌ ƚͲǀĂůƵĞ ƉĂƌĂŵĞƚĞƌ ƚͲǀĂůƵĞ tĂůŬͬϮǁŚĞĞůƚƌĂǀĞůƚŝŵĞ;ŵŝŶͿ tĂůŬ͕ϮǁŚĞĞů ͲϬ͘ϮϮϬ ͲϮϲ͘ϳ ͲϬ͘ϭϮϳ ͲϭϮ͘ϲ ͲϬ͘ϭϱϵ ͲϭϮ͘ϳ ƵƐͬĐĂƌƚƌĂǀĞůƚŝŵĞ;ŵŝŶͿ ƵƐ͕Ăƌ ͲϬ͘Ϭϵϭϭ Ͳϳ͘ϰϱ ͲϬ͘Ϭϰϰϵ ͲϮ͘ϲϳ ͲϬ͘ϬϳϮϭ Ͳϰ͘ϵϯ dŽƚĂů ĐŽƐƚ;ίͿ ůů ͲϬ͘ϬϬϲϬϯ Ͳϵ͘ϲϮ ͲϬ͘ϬϬϯϲϴ Ͳϰ͘ϭϱ ͲϬ͘ϬϬϳϯϴ Ͳϱ͘ϯϭ >ĞǀĞůĚŝĨĨĞƌĞŶĐĞΎ;̾Ϳ tĂůŬ͕ϮǁŚĞĞů ͲϬ͘ϬϭϬϳ Ͳϰ͘ϭϯ ͲϬ͘ϬϬϴϴϱ ͲϮ͘ϲϭ ͲϬ͘Ϭϭϯϭ Ͳϯ͘ϰϱ >Ŷ;ďƵƐĨƌĞƋƵĞŶĐLJƉĞƌŚŽƵƌͿ ƵƐ Ϭ͘Ϯϴϳ ϲ͘ϮϮ Ϭ͘Ϯϯϲ ϯ͘ϱϯ Ϭ͘ϭϵϬ Ϯ͘ϰϬ ĨŽƌƉƌŝǀĂƚĞ ĂŶĚďƵƐŝŶĞƐƐ͕ƉĞƌĚĂLJ ϮǁŚĞĞů Ͳϯ͘ϬϮ ͲϯϮ͘ϵ ͲϮ͘Ϯϰ Ͳϭϲ͘ϲ Ͳϭ͘ϵϭ Ͳϭϰ͘ϲ ŽŶƐƚĂŶƚ Ăƌ Ͳϲ͘ϳϴ Ͳϯϯ͘ϲ Ͳϱ͘ϭϲ Ͳϭϳ͘ϳ Ͳϰ͘ϵϴ Ͳϭϳ͘ϱ ƵƐ Ͳϰ͘ϱϴ Ͳϭϳ͘ϵ Ͳϯ͘ϰϰ Ͳϵ͘ϭϳ Ͳϯ͘ϮϮ Ͳϵ͘ϯϮ UϮ Ϭ͘ϯϳϲ Ϭ͘Ϯϲϳ Ϭ͘Ϯϲϴ ĐĐƵƌĂĐLJ ƌĂƚĞ;йͿ ϲϱ͘Ϯ ϲϭ͘ϰ ϱϴ͘ϳ sKd ŝŶǁĂůŬΘϮǁŚĞĞů;ίͬŵŝŶͿ ϯϲ͘ϱ ϯϰ͘ϱ Ϯϭ͘ϱ ΎƐƚĂƚŝŽŶůĞǀĞů sKd ŝŶĐĂƌΘďƵƐ;ίͬŵŝŶͿ ϭϱ͘ϭ ϭϮ͘Ϯ ϵ͘ϴ ĂŶĚnjŽŶĞ ĐĞŶƚƌŽŝĚůĞǀĞů ŽƐƚͲůĞǀĞůĞůĂƐƚŝĐŝƚLJ;ίͬŵͿ ϭ͘ϳϳ Ϯ͘ϰϬ ϭ͘ϳϴ ĚŝĨĨĞƌĞŶĐĞ ^ĂŵƉůĞƐŝnjĞ ϯ͕ϬϬϬ ϭ͕ϬϬϬ ϭ͕ϬϬϬ ϳϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϰͿ/ŵƉƌŽǀĞŵĞŶƚƐŝŶdWWEŽ͘ϭϵϴ ϯͿ /ŵƉƌŽǀĞŵĞŶƚƐŝŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞů ZĂŝůǁĂLJZŽƵƚĞĂƐƐŝŐŶŵĞŶƚƉĂƌĂŵĞƚĞƌĞƐƚŝŵĂƚŝŽŶ DŽĚĂů^ƉůŝƚƉĂƌĂŵĞƚĞƌĞƐƚŝŵĂƚŝŽŶ;ĐŽŵŵƵƚŝŶŐͿ ;ĐŽŵŵƵƚŝŶŐͿ tŽƌŬ ^ĐŚŽŽů tŽƌŬ ^ĐŚŽŽů EŽŶͲĞůĚĞƌůLJ ůĚĞƌůLJ ůůͲĂŐĞ EŽŶͲĞůĚĞƌůLJ ůĚĞƌůLJ ůůͲĂŐĞ ƉĂƌĂŵĞƚ ƉĂƌĂŵĞƚ ƉĂƌĂŵĞ ƚͲǀĂůƵĞ ƚͲǀĂůƵĞ ƚͲǀĂůƵĞ Ğƌ Ğƌ ƚĞƌ ƉĂƌĂŵĞƚ ƚͲ ƉĂƌĂŵĞƚ ƚͲ ƉĂƌĂŵĞƚ ƚͲ Ğƌ ǀĂůƵĞ Ğƌ ǀĂůƵĞ Ğƌ ǀĂůƵĞ ŽƐƚ;LJĞŶͿ ůů ͲϬ͘ϬϬϭϮϯ ͲϭϬ͘ϰ ͲϬ͘ϬϬϬϵϰϬ Ͳϳ͘ϯϰ ͲϬ͘ϬϬϱϲϭ Ͳϭϯ͘ϭ KŶͲďŽĂƌĚ ƚŝŵĞ;ŵŝŶͿ ůů ͲϬ͘ϬϰϴϮ Ͳϭϴ͘Ϯ ͲϬ͘Ϭϯϴϵ Ͳϭϯ͘ϴ ͲϬ͘ϬϭϬϮ ͲϮ͘ϭϯ &ĂƌĞĐŽƐƚ;ίͿ ͲϬ͘ϬϬϯϱϱ Ͳϯ͘ϴϵ ͲϬ͘ϬϬϯϮϱ Ͳϯ͘Ϭϵ ͲϬ͘ϬϬϰϭϱ Ͳϯ͘ϵϰ Ăƌ ŽǁŶĞƌƐŚŝƉ;ǀĞŚͬƉĞƌͿ Ăƌ ϭ͘ϭϯ ϳ͘Ϯϯ Ϯ͘ϰϱ ϭϮ͘ϵ Ϭ͘ϵϳϮ ϯ͘ϯϱ ZĂŝůǁĂLJŽŶͲďŽĂƌĚ ͲϬ͘ϭϱϭ Ͳϳ͘ϯϱ ͲϬ͘Ϭϵϳϰ Ͳϱ͘ϲϮ ͲϬ͘ϬϴϬϬ Ͳϱ͘ϰϬ ĚƵŵŵLJ Ăƌ Ͳϭ͘ϳϮ ͲϮϭ͘ϯ ͲϬ͘ϴϰϳ Ͳϴ͘ϱϳ ͲϬ͘ϱϳϭ ͲϮ͘Ϭϱ ƚŝŵĞ;ŵŝŶͿ ^ƚĂƚŝŽŶĐĐĞƐƐŝďŝůŝƚLJ ZĂŝů Ϭ͘ϰϰϲ ϯϯ͘ϲ Ϭ͘ϱϬϰ Ϯϰ͘Ϭ Ϭ͘ϭϰϴ ϰ͘ϵϯ ^ĂŵĞ ůĞǀĞůƚƌĂŶƐĨĞƌ ͲϬ͘ϮϰϮ Ͳϲ͘ϱϰ ͲϬ͘ϭϯϵ Ͳϰ͘ϮϮ ͲϬ͘ϭϯϯ Ͳϯ͘ϱϭ ^ŚŽƌƚ ĚŝƐƚĂŶĐĞĚƵŵŵLJ Ăƌ Ϭ͘ϲϲϱ ϲ͘ϭϯ Ϭ͘ϱϯϬ ϰ͘ϯϯ Ϯ͘ϭϴ ϲ͘ϴϳ ƚŝŵĞ;ŵŝŶͿ ŽŶƐƚĂŶƚ ƵƐ ͲϬ͘ϳϳϯ Ͳϳ͘ϲϱ Ϭ͘Ϯϰϴ ϭ͘ϵϴ ϰ͘Ϯϴ ϭϰ͘Ϭ ŝĨĨĞƌĞŶƚ ůĞǀĞů ͲϬ͘ϯϭϯ Ͳϰ͘ϳϳ ͲϬ͘ϯϮϵ Ͳϰ͘ϵϭ ͲϬ͘ϭϯϳ ͲϮ͘ϬϮ ZĂŝů Ϯ͘ϴϮ Ϯϭ͘ϴ Ϯ͘ϳϯ ϭϳ͘Ϭ ϰ͘ϴϬ ϭϰ͘ϴ ƚƌĂŶƐĨĞƌƚŝŵĞ;ŵŝŶͿ UϮ Ϭ͘ϳϰϬ Ϭ͘ϱϰϱ Ϭ͘ϵϳϱ tĂŝƚŝŶŐ ƚŝŵĞ;ŵŝŶͿ ͲϬ͘ϭϰϱ Ͳϰ͘Ϯϰ ͲϬ͘ϭϭϮ Ͳϯ͘ϲϯ ͲϬ͘Ϭϳϴϰ Ͳϯ͘ϯϳ ĐĐƵƌĂĐLJƌĂƚĞ;йͿ ϵϬ͘ϯ ϳϵ͘ϵ ϵϯ͘ϴ ŽŶŐĞƐƚŝŽŶ ͲϬ͘ϬϭϮϮ ͲϮ͘ϱϬ ͲϬ͘Ϭϯϯϱ Ͳϱ͘ϰϮ ͲϬ͘ϬϭϬϭ Ͳϭ͘ϴϴ KŶͲďŽĂƌĚsKd;ίͬŵŝŶͿ ϯϵ͘ϯ ϰϭ͘ϯ ϭ͘ϴϭ ^ĂŵƉůĞ ƐŝnjĞ ϵ͕ϳϲϯ ϯ͕ϲϴϵ Ϯ͕ϳϴϲ ^ƚĂƚŝŽŶĐĐĞƐƐŝďŝůŝƚLJ Ϭ͘ϴϴϯ ϭϮ͘ϳ Ϭ͘ϵϵϭ ϭϬ͘ϲ Ϭ͘ϵϬϴ ϭϮ͘ϲ UϮ Ϭ͘ϭϮϴ Ϯ͘ϴϴ Ϭ͘ϬϮϮ ϭ͘ϭϲ Ϭ͘Ϭϭϵ ϭ͘Ϭϴ ĐĐƵƌĂĐLJƌĂƚĞ;йͿ Ϭ͘ϰϰϬ Ϭ͘ϯϴϵ Ϭ͘ϰϯϯ ZĂŝůǁĂLJŽŶͲďŽĂƌĚ ϰϮ͘ϲ ϯϬ͘Ϭ ϭϵ͘ϯ sKd ^ĂŵĞ ůĞǀĞůƚƌĂŶƐĨĞƌ ϲϴ͘ϯ ϰϮ͘ϳ ϯϮ͘Ϭ sKd ŝĨĨĞƌĞŶƚ ůĞǀĞů ϴϴ͘ϭ ϭϬϭ ϯϯ͘ϭ ƚƌĂŶƐĨĞƌsKd tĂŝƚŝŶŐ sKd ϰϬ͘ϳ ϯϰ͘ϯ ϭϴ͘ϵ ^ĂŵƉůĞƐŝnjĞ ϭ͕ϬϬϬ ϱϬϬ ϱϬϬ ϳϰ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϰͿ/ŵƉƌŽǀĞŵĞŶƚƐŝŶdWWEŽ͘ϭϵϴ ϯͿ /ŵƉƌŽǀĞŵĞŶƚƐŝŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞů ZĂŝůǁĂLJƌŽƵƚĞƐĞůĞĐƚŝŽŶ ^KDEz,K/ ^ʄ tŚĂƚŝƐĂƉƌŽďĂďŝůŝƚLJŽĨƐĞůĞĐƚŝŶŐĞĂĐŚůŝŶĞ ͍ ϳϱ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϰͿ/ŵƉƌŽǀĞŵĞŶƚƐŝŶdWWEŽ͘ϭϵϴ ϯͿ /ŵƉƌŽǀĞŵĞŶƚƐŝŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞů ӑ hƚŝůŝnjŝŶŐƚŚĞĂĐƚƵĂůĚĂƚĂĨƌŽŵDĞƚƌŽƉŽůŝƚĂŶdƌĂŶƐƉŽƌƚĂƚŝŽŶĞŶƐƵƐ;DdͿ ӑ sŝƐƵĂůŝnjŝŶŐƚŚĞƌĞƐƵůƚǁŝƚŚ'/^ĚĂƚĂĨŽƌďĞƚƚĞƌƵŶĚĞƌƐƚĂŶĚŝŶŐ dWWEŽ͘ϳ͕EŽ͘ϭϴ dWWEŽ͘ ϭϵϴ WĂƌĂŵĞƚĞƌ ŽŶĞ ĐĞŶƚƌŽŝĚ ŽŶĞ ĐĞŶƚƌŽŝĚ ďĂƐĞĚ ŽŶĞƐƚŝŵĂƚŽƌ͛ƐũƵĚŐŵĞŶƚ tĞŝŐŚƚĞĚ ĐĂůĐƵůĂƚĞ ĨƌŽŵ ƉŽƉƵůĂƚŝŽŶ ŝŶ ŵĞƐŚ ůĞǀĞů ƐƚŝŵĂƚŝŽŶ ŽŶĞͲŶĞĂƌĞƐƚƐƚĂƚŝŽŶƐĞƚƚŝŶŐ ^ƚĂƚŝŽŶ ĂŶĚ ƌŽƵƚĞ ƐĞƚƚŝŶŐ ďĂƐĞĚ ŽŶ Dd ďĂƐĞĚŽŶƚŚĞďƵƐƌŽƵƚĞ͕ŵƵůƚŝƉůĞƐƚĂƚŝŽŶ ĂͿ ^ƚĂƚŝŽŶ >ŝƐƚ͗ ďĂƐĞĚ ŽŶ ƚŚĞ ĂĐĐĞƐƐͲĞŐƌĞƐƐ ĚĂƚĂ ĨƌŽŵ Dd ĐŽƵůĚďĞƐĞƚ ďͿ ZŽƵƚĞ >ŝƐƚ͗ ďĂƐĞĚ ŽŶ ƚŚĞ ƌŽƵƚĞ KͲ ůŝƐƚ ĨƌŽŵ Dd ZŽƵƚĞƐĞƚƚŝŶŐ ĐͿ ĂŶĚŝĚĂƚĞ ƌŽƵƚĞ ƐĞůĞĐƚŝŽŶ͗ ĞdžƚƌĂĐƚĞĚ ĨƌŽŵ ĂĐĐĞƐƐͲĞŐƌĞƐƐ ĚĂƚĂ͕ ƐƚĂƚŝŽŶ ůŝƐƚ͕ ĂͿ ďĂƐĞĚŽŶƐŚŽƌƚĞƐƚƚƌĂǀĞů ƚŝŵĞ ƌŽƵƚĞ ůŝƐƚ ďͿ ďĂƐĞĚ ŽŶĞƐƚŝŵĂƚŽƌ͛ƐũƵĚŐŵĞŶƚ ĚͿ dŽƉ ϰ ĐĂŶĚŝĚĂƚĞ ƌŽƵƚĞ͗ ĨƌŽŵ Ăůů ĐĂŶĚŝĚĂƚĞ ƌŽƵƚĞƐ͕ ƌĂŶŬ ƚŚĞ ƌŽƵƚĞ ďĂƐĞĚ ŽŶ ŶŽ͘ŽĨ ƉĂƐƐĞŶŐĞƌ ƚŚĞŶ ƐĞůĞĐƚ ƚŚĞ ĐĂŶĚŝĚĂƚĞ ďLJ ĐŽŶƐŝĚĞƌŝŶŐ ƚŚĞ ƌŽƵƚĞ ΎΎƉĂƌĂŵĞƚĞƌĞƐƚŝŵĂƚŝŽŶŝƐĐŽŶĚƵĐƚĞĚĨƌŽŵ ŽǀĞƌůĂƉ ƌĂƚĞ ĂŶĚ ƚLJƉĞƐ ŽĨ ƚƌĂŝŶ ƌĂŶĚŽŵůLJƐĞůĞĐƚĞĚ ƌŽƵƚĞƐ ^ŝŵƵůĂƚĞƚŚĞ Ă㸧/Ŷ ĞĂĐŚ KͲ͕ ƐĞůĞĐƚ ƚŚĞ ƐŚŽƌƚĞƐƚ ƚƌĂǀĞů ƚŝŵĞ ƌŽƵƚĞ ď㸧^ĞůĞĐƚ ƚŚĞ ƐŚŽƌƚĞƐƚ ƚƌĂǀĞů ƚŝŵĞ ƌŽƵƚĞ ĨŽƌ ĂĐĐĞƐƐ ĂŶĚ ĞŐƌĞƐƐ ƚŽ ƐƚĂƚŝŽŶ ĐƵƌƌĞŶƚ Đ㸧^ĞůĞĐƚ ƚŚĞ ŵŝŶŝŵƵŵ ĐŽƐƚ ƌŽƵƚĞ ĨŽƌ ĂĐĐĞƐƐ ĂŶĚ ĞŐƌĞƐƐ ƚŽ ƐƚĂƚŝŽŶ ĐŽŶĚŝƚŝŽŶΘ Ě㸧^ĞůĞĐƚ ƚŚĞ ƌĂŝůǁĂLJ ƌŽƵƚĞ ƚŽ ĐŽŶŶĞĐƚ ĞĂĐŚ ĂĐĐĞƐƐ ƐƚĂƚŝŽŶƐ͘ dŚĞƌĞ ŝƐ ĂůƐŽ ĨƵƚƵƌĞĨŽƌĞĐĂƐƚ ƚŚĞ ĐĂƐĞ ǁĞƌĞ ƐƚĂƚŝŽŶ ĂŶĚ ƌĂŝůǁĂLJ ƌŽƵƚĞ ĂƌĞ ĐŽŵďŝŶĞĚ ĂƐ Ă ƐĞƚ Ğ㸧ĚĚ ƚŚĞ ƌĂŝůǁĂLJ ƌŽƵƚĞ ďĂƐĞĚ ŽŶ Dd ŝŶ ƚŚĞ ŵŽĚĞů ϳϲ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ /sͲϮ;ϰͿ/ŵƉƌŽǀĞŵĞŶƚƐŝŶdWWEŽ͘ϭϵϴ ϯͿ /ŵƉƌŽǀĞŵĞŶƚƐŝŶĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐŵŽĚĞů ZĞƐƵůƚĨƌŽŵƚŚĞŵŽĚĞůǁŝůůďĞĐĂůŝďƌĂƚĞĚǁŝƚŚƚŚĞƉĂƐƐĞŶŐĞƌƌĞƐƵůƚĨƌŽŵDd͘ϭϬй ĚŝĨĨĞƌĞŶĐĞŝƐƚĂƌŐĞƚĞĚ͘ ;ŵŽĚĞůͬĂĐƚƵĂůͿ Ϯ͘Ϭ Ε ϭ͘Ϯ Ε Ϯ͘Ϭ ϭ͘ϭ Ε ϭ͘Ϯ ϭ͘Ϭ Ε ϭ͘ϭ dZ' d Ϭ͘ϵ Ε ϭ͘Ϭ Ϭ͘ϴ Ε Ϭ͘ϵ Ϭ͘ϱ Ε Ϭ͘ϴ ΕϬ͘ϱ hƐĞƌ ;ŵŝůůŝŽŶͬLJĞĂƌͿ ϭϬϬ Ε ϱϬ Ε ϭϬϬ ΕϱϬ ϳϳ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ^hDDZz /ƐƐƵĞƚŽďĞĐŽŶƐŝĚĞƌĞĚŝŶDĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ tŚĂƚǁĞǁĂŶƚƚŽĞdžƉƌĞƐƐ͗ dŽĂŶƐǁĞƌƚŚĞŐŝǀĞŶƉŽůŝĐLJ͕ŝŶĐůƵĚŝŶŐ ϭ͘ DŽĚĂůƐŚŝĨƚĨƌŽŵĐĂƌ tŚĂƚǁŝůůďĞƚŚĞŵŽĚĂůƐŚĂƌĞŝŶƚŚĞĨƵƚƵƌĞ͍ Ϯ͘ dƌĂŝŶƐƚĂƚŝŽŶĂĐĐĞƐƐ ŚĂŶŐŝŶŐŝŶƐƚĂƚŝŽŶĂĐĐĞƐƐƉĂƚƚĞƌŶ ;ƵƐ͕sĂŶÆ tĂůŬ͍͕ŝŬĞ͍Ϳ ϯ͘ ZĂŝůǁĂLJŝŶǀĞƐƚŵĞŶƚƉƌŝŽƌŝƚLJƐĞůĞĐƚŝŽŶ ZĂŝůǁĂLJƌŽƵƚĞƐĞůĞĐƚŝŽŶŵŽĚĞůůŝŶŐ ϭ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ^hDDZz;ϮͿ /ƐƐƵĞƚŽďĞĐŽŶƐŝĚĞƌĞĚŝŶDĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐ tŚĂƚǁĞǁĂŶƚƚŽĞdžƉƌĞƐƐ͗ dŽĂŶƐǁĞƌƚŚĞŐŝǀĞŶƉŽůŝĐLJ͕ŝŶĐůƵĚŝŶŐ;ĐŽŶƚŝŶƵĞͿ ϰ͘ dŚĞĞĨĨĞĐƚŽĨŶĞǁƌĂŝůǁĂLJĚĞǀĞůŽƉŵĞŶƚ ŽŶŐĞƐƚŝŽŶƌĞůŝĞǀĞ ZĞĚƵĐƚŝŽŶŝŶŶƵŵďĞƌŽĨƚƌĂŶƐĨĞƌ ϱ͘ ŽŶƐŝĚĞƌĂƚŝŽŶŽĨŝƌƉŽƌƚ͕,^ZĂŶĚƚŽƵƌŝƐƚĚĞŵĂŶĚ ϲ͘ ŚĞĐŬƚŚĞ>K^ƐĞƚƚŝŶŐ;ŚŽǁŝƚŝƐƐĞƚŝŶƚŚĞŵŽĚĞůͿ ϳ͘ ŚĞĐŬƚŚĞƉĂƌĂŵĞƚĞƌĞƐƚŝŵĂƚŝŽŶ EĞŐĂƚŝǀĞ͍WŽƐŝƚŝǀĞ͍ WůĞĂƐĞĐŽŶƐŝĚĞƌƚŚĞƐĞƉŽůŝĐŝĞƐĂůŽŶŐǁŝƚŚĚĞŵĂŶĚĨŽƌĞĐĂƐƚŵŽĚĞů Ϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ dŚĂŶŬLJŽƵĨŽƌLJŽƵƌĂƚƚĞŶƚŝŽŶ ͟ੜ͍Ε͗ͳ͑͟͡͏Ήͪ͢ ϯ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ Appendix 5 Traffic Survey Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Appendix 5: Traffic Survey Table of Contents 1. Railway Congestion Survey ...... A5-1 1.1 Background ...... A5-1 1.2 Objectives (Survey Items) ...... A5-1 1.3 Survey Method ...... A5-1 1.4 Survey Results ...... A5-5 1.5 Discussions ...... A5-10 2. Transfer Time Survey ...... A5-13 2.1 Background ...... A5-13 2.2 Objectives (Survey Items) ...... A5-13 2.3 Survey Method ...... A5-13 2.4 Survey Results ...... A5-15 2.5 Discussions ...... A5-17 3. Train Waiting Time Survey ...... A5-36 3.1 Background ...... A5-36 3.2 Objectives (Survey Items) ...... A5-36 3.3 Survey Method ...... A5-36 3.4 Survey Results ...... A5-38 3.5 Discussions ...... A5-39 4. People’s Perception Survey ...... A5-40 4.1 Background ...... A5-40 4.2 Objectives (Survey Items) ...... A5-40 4.3 Survey Method ...... A5-40 4.4 Survey Results ...... A5-42 4.5 Discussions ...... A5-45 A5-i Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Railway Congestion Survey Background The most serious transport issue in the BMR is the heavy traffic congestion in the city center where BTS, MRT and ARL run across. Congestion inside of mass rapid transit train car in BMR is also serious, especially in morning and evening peak hours. Passengers may miss trains and have to wait for the next train, or even passengers can take a train, the inside will be very crowded. Seen from the results of 4 People’s Perception Survey, congestion inside a train car seems crucial for BMR citizen to decide whether they take mass transit for committing or not. Though every section in peak hours is not very congested, some of them have serious congestion. Stations on the same line have different peak hours and congested situation, which becomes worse to the city center. However, the information of congestion ratio regarding the BMR mass transit does not exist or is not open for public by the operators. Railway Congestion Survey aimed to identify present operating situation in BMR, and raw data regarding how congested inside of a train car is and which sections have serious problems of congestion in peak hours are measured. Objectives (Survey Items) Following items were observed at each designated survey station: x Congestion ratio of every train set in peak morning hours (7am to 9am) *1 At one station from each line, the survey was conducted from 7am to 9pm. *2 The standard is prepared based on the Japanese one, which is explained in detail later. x Arrival time of each train Survey Method 1) Preparation of the Survey In order to implement the survey, JICA Study Team and PSK Consults Co., Ltd, hereafter called the Consultant, got permission from the mass transit operators with cooperation from OTP. Prior to implementation of the survey, the Consultant visited each station and survey location including location of train car and door was considered and decided. The Consultant also translated the survey form from English into Thai according to necessity. Then, the Consultant trained the surveyors to let them understand the standard of congestion ratio since the standard is not very clear. The surveyors were to measure the average congestion ration of 3 designated doors. After the trail measurement, JICA Study Team and the Consultant confirmed that the surveyors became able to measure the congestion ratio almost uniformly. A5-1 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey 2) Field Survey Trained surveyors measured the congestion ratio for all trains during the survey hours just before a train has departed. The surveyors also measured the arrival time of train in order to measure head of each train. 3) Definition of Congestion Ratio Definition of congestion ratio in a train, which is used in Japan, is shown in Table 1.1. The congestion ratio has been measured by each railway operator in Japan and reported to Ministry of Land, Infrastructure, Transport and Tourism (MLIT). Table 1.1 Definition of Congestion Ratio Congestion 35% 70% 100% 150% 180% 200% Ratio All the seat All the seat Capacity of a Passengers’ Passengers’ Passengers’ are are train car shoulders are bodies are hit bodies are hit occupied occupied (All seats are hit together but they can with pressure and no and occupied and but they can read but they can Description standing standing standing read newspaper. read a passengers passengers passengers newspaper magazine with holding a without somehow. bar in front of problems. a seat). Image No Image No Image Source: Japan Private Railway Association In Tokyo Metropolitan Area, target average congestion ratio during peak hours at 32 sections is set at 150%, and congestion ratio of each line during peak hours is aimed to be lower than 180%. However, according to article by MLIT on 17th July 2018, 11 lines have sections whose congestion ratio is more than 180%. 4) Survey Area JICA Study Team selected survey stations and duration of the survey based on the site visit before the actual survey. Survey locations are shown as follows. A5-2 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Prepared by JICA Study Team Figure 1.1 Route Map of each Line in BMR 5) Survey Schedule The survey was conducted from 18th to 22nd December 2017 at 64 stations. The survey was conducted for peak hours and peak direction of each line on normal week days. For Sukhumvit station and Siam station of Si Lom line and Sukhumvit line, the survey was conducted for 14 hours from 7:30 to 21:30 in order to grasp congested situation by time. Table 1.2 Survey Schedule No. Date Station Name Line Name Duration Bound to 1 Tao Poon 2 Bang Sue 3 Kamphaeng Phet 4 Chatuchak Park 5 Phanon Yothin 6 Lat Phrao 7:30-9:30 Hua 7 18/12/2017 Rachadaphisek Blue Line Lamphong 8 Sutthisan 9 Huai Khwang 10 Thailand Cultural Center 11 Phra Ram 9 12 Phetchaburi 13 Sukhumvit 7:30-21:30 14 Hua Mak 15 Ramkhamhaeng ARL 7:30-9:30 Phaya Thai 16 Makkasan 19/12/2017 17 Ratchaprarop 18 Nonthaburi Civic Center Purple Line 7:30-9:30 Tao Poon 19 Ministry of Public Health A5-3 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey No. Date Station Name Line Name Duration Bound to 20 Yeak Tiwanon 21 Wong Sawang 22 Bang Son 23 Mo Chit 24 Saphan Khwai 25 Ari 26 Sanam Pao 7:30-9:30 27 Victory Monument 28 Phaya Thai Sukhumvit 20/12/2017 Samrong 29 Ratchathewi Line 30 Siam 7:30-21:30 31 Chit Lom 32 Phloen Chit 7:30-9:30 33 Nana 34 Asok 35 Bang Na 36 Udom Suk 37 Punnawithi 38 Bang Chak 39 On Nut 40 Phra Khanong 41 Ekkamai 7:30-9:30 42 Thong Lo Sukhumvit 43 21/12/17 Phrom Phong Mo Chit Line 44 Asok 45 Nana 46 Phloen Chit 47 Chit Lom 48 Siam 7:30-21:30 49 Ratchathewi 50 Phaya Thai 7:30-21:30 51 Victory Monument 52 Siam 7:30-21:30 53 Ratchadamuri Bang Wa 54 Sala Deang 7:30-9:30 55 Chong Nonsi 56 Talat Phlu 57 Pho Nimit 22/12/2017 Silom Line 58 Wongwain Yai 59 Krung Thonburi National 7:30-9:30 60 Saphan Taksin Stadium 61 Surasak 62 Ching Nonsi 63 Sala Deang A5-4 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey No. Date Station Name Line Name Duration Bound to 64 Ratchadamuri Survey Results 1) Sukhumvit Line to North Bound (Bang Na Station to Victory Monument Station) Average congestion ratio between Bang Na station and Victory Monument station during the most congested hour, 7:44-8:43 at Victory Monument station, is shown in Figure 1.2. As seen here, most congestion sections were from Punnawithi station to Thong Lo station. At Bang Chak station, the congestion ratio is lower than other surrounding stations because additional trains departed from the station. Congestion ratio at On Nut Station, Phra Khanong Station and Ekkamai Station was more than 180% in the peak hour, which are above the red line and all stations between Udom Suk station and Asok station had more than 150% congestion ratio. The number of train sets during 7:44-8:43 at Victory Monument Station was 21, which means average interval between trains is 2 minutes 51 seconds. 200 180 160 140 120 100 80 60 40 Congestion Ration (%) 20 0 Station Name Note: Survey time was 7:44-8:43 at Victory Monument station Source: JICA Study Team Figure 1.2 Average Congestion Ratio from Bang Na to Victory Monument 2) Suhkumvit Line to South Bound (Mo Chit station to Asok station) Average congestion ratio between Mo Chit station and Asok station during the most congested hour, 7:59-8:58 at Asok station, is shown in Figure 1.3. As seen here, the section from Saphan Kwai station to Siam station was congested and more than 150% congestion ratio without 2 stations. At Ari station, the congestion ratio is lower than other surrounding A5-5 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey stations since there are a lot of office buildings and ministry buildings around the station so many passengers take off a train. Then, there is a huge bus terminal near Victory Monument station and there are many commuters who transfer from train to bus or from bus to train. No station exceeds congestion ratio, 180 % during the peak hour at this section. The number of trains from 7:59 to 8:58 at Asok station was 19 trains, which means the trains interval is 3 minutes 9 seconds during this time. 200 180 160 140 120 100 80 60 40 20 Congestion Ration (%) 0 Station Name Note: Survey time was 7:59-8:58 at Asok station Source JICA Study Team Figure 1.3 Average Congestion Ratio from Mo Chit to Asok station 3) Silom Line to North Bound (Talat Phlu station to Ratchadamri station) Average congestion ratio between Talat Phlu station and Ratchadamri station during the most congested hour, 7:45-8:44 at Ratchadamri station, is shown in Figure 1.4. As seen here, the section from Krung Thonburi to Surasak was congested. At Wongwain Yai station, the congestion ratio is lower than other the former station because a lot of students took off there according to the surveyors. Congestion ratio at Khrung Thon Buri Station and Saphan Taksin Station exceeds 180% during the peak hour. The number of trains from 7:45 to 8:44 at Ratchadamri Station was 16 trains, which means the train interval between trains was 3 minutes 45 seconds. A5-6 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey 200 180 160 140 120 100 80 60 40 Congestion Ratio (%) 20 0 Station Name Note: Survey time was 7:45-8:44 at Ratchadamri station Source: JICA Study Team Figure 1.4 Average Congestion Ratio from Talat Phlu to Ratchamuri station 4) Silom Line to South Bound (Siam station to Chong Nonsi station) Average congestion ratio between Siam station and Chong Nonsi station during the most congested hour, 7:58-8:57 at Chong Nonsi station, is shown in Figure 1.5. As seen here, this section is not very crowded since the direction from Siam to Chong Nosi is from the BMR center to BMR sub urban area. There are lots of office buildings around Chong Nonsi station so the congestion ratio dropped off rapidly there. The number of trains from 7:58 to 8;57 at Chong Nonsi Station was 16 trains, which means the time interval between trains is 3 minutes 45 seconds. 200 180 160 140 120 100 80 60 40 Congestion Ratio (%) 20 0 Siam Ratchadamri Sala Deang Chong Nonsi Station Name Note: Survey Time was 7:58-8:57 at Chong Nonsi station Source: JICA Study Team Figure 1.5 Average Congestion Ratio from Siam to Chong Nonsi station A5-7 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey 5) Blue Line to Hua Lum Phong Station (Tao Poon to Sukhumvit station) Average congestion ratio between Tao Poon station and Sukhumvit station during the most congested hour, 7:37-8:36 at Sukhumvit station, is shown in Figure 1.6. Without Phahon Yothin station, the congestion ratio is more than 150% and congestion ratio at Bang Sue Station, Chatuchak Park Station, Suthisan Station, Huai Khwang Station, Thailand Cultural Station, Phra Ram 9 Station, Phetchaburi Station and Sukhumvit Station, total 9 stations, exceeds 180 %. The number of trains from 7:34 to 8:33 at Sukhumvit station was 18 trains, which mean the time interval between trains during a peak hour is 3 minutes 20 seconds. 200 180 160 140 120 100 80 60 40 Congestion Ratio (%) 20 0 Station Name Note: Survey Time was 7:37-8:36 at Sukhumvit station. Source: JICA Study Team Figure 1.6 Average Cngestion Ration form Tao Poon to Sukhumvit Station 6) Purple Line to Tao Poon Station Average congestion ratio between Nontaburi station and Bang Son station during the most congested hour, 7:31-8:30 at Bang Son station, is shown in Figure 1.7. As seen here, this section is not very crowded since Purple line is a new and the most congested hour seems earlier than 7:30 am based on the result of congestion ratio at Tao Poon station of Blue line. No station exceeds 140% congestion ration during the peak hour. The number of trains from 7:31 to 8:30 at Bang Son Station is 11, which means the time interval between trains is 5 minutes 27 seconds. A5-8 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey 200 180 160 140 120 100 80 60 40 Congestion Ratio (%) 20 0 Nonthaburi Ministry of Public Yeak Tiwanon Wong Sawang Bang Son Health Station Name Note: Survey Time was 7:31-8:30 at Bang Son station Source: JICA Study Team Figure 1.7 Average Congestion Ratio from Nonthaburi to Bang Son station 7) Airport Rail Link to Phaya Thai (Hua Mak to Rachaprarop) Average congestion ratio between Hua Mak station and Rachaprarop station during the most congested hour, 8:00-8:59 at Rachaprarop station, is shown in Figure 1.8. The time table on the survey day was disordered and the train did not come with the same interval. Therefore, the congestion can be more serious than usual. Congestion ratio at Hua Mak Station and Ram Khamhaeng Station exceeds 180% during the peak hour. The number of trains from 7:57 to 8:56 at Ratchaprarop Station was 5 trains, which means the time interval between trains was 12 minutes. 200 180 160 140 120 100 80 60 40 Congestion Ratio (%) 20 0 Hua Mak Ram Khamhaeng Makkasan Ratchaprarop Station Name Note: Survey Time was 8:00-8:59 at Ratchaprarop station Source: JICA Study Team Figure 1.8 Average Congestion Ratio from Hua Mak to Ratchaprarop station A5-9 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Discussions As seen from the results, lines connected toward the city center directory were very crowded during the commuting hours. Though the survey was planned to be conducted from 7:00 to 9:00 originally to catch the situation exactly at peak hours, operators did not allow surveyors to enter inside of stations before 7:00. Then, the peak hour of blue line and purple line seems earlier than 7:30 so this survey may not be able to get the exact peak hour information. Though this survey was conducted based on the Japanese standard of congestion ratio, the concept of congestion ratio itself is not common in Thailand. From this aspect, the congestion ratio can be a little different from the Japanese one. Seen from the actual situation, Thai people do not go inside of a train very much and they gather tend to stay near the entrance. As a result, congestion ratio inside a train seems not homogenous and the congestion ratio near the door is relatively high. Then, from the results, Blue line had the most serious congestion in BMR and there are some possible causes of this congestion; 1) the ridership has increased after the connection with Blue line at Tao Poon station on August 11th 2017, 2) one train set of Blue line consists of 3 cars while that of BTS trains consists of 4 cars, 3) there are a lot of connecting points with buses for commuting from north and 4) at some stations, parking space is adjacent to the station in order to promote park and ride method. Some countermeasures should be taken for the sections whose congestion ratio is more than 180 %. Discussed in the main report, one of the solutions is to increase the number of cars for each train set. Each line was designed to accommodate 6 cars per train set while currently one train set is consisted of 3 or 4 cars. The reason why the number of cars cannot be increased seems not only because of the cost, but also because of the condition of the original contract with the maker. Table 1.3 Capacity Expansion of Existing Mass Transit Lines Prepared by JICA Study Team The sections whose congestion ratio is more than 150% should be considered and continued effort should be made. In particular, Blue Line and Silom line has many sections A5-10 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey whose congestion ratio is between 150% and 180%. If the number of passengers near the starting station increases, the congestion ratio after the station is also correlatively increased. These results have been reflected on M-MAP2 and some solutions such as to increase of the number of train set or to shorten the head of trains are discussed in M-MAP2. The congestion ratio is directly connected with the comfortableness of trains. Less congestion ratio can lead car captive users to use Mass Transit, so that discussion with the operators regarding this matter is crucial. At the same time, since these results are not open for public, this can be a pilot survey and hopefully will be conducted continuously by Thai government A5-11 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Survey Form for Train Congestion Ratio Survey Survey Station: 㻌 Direction to: Date: Surveyor’s Name: Start Time: Finish Time: Weather: Location at the Platform: 4 3 2 1 Remark: Congestion Ratio shall be measured by 10% (10%, 20%, 30%,…, 180%,190%, 200%). No. Train Train Arrival time Congestion Ratio Number Hr : Min : Sec Departure (%) 1 : : 2 : : 3 : : 4 : : 5 : : 6 : : 7 : : 8 : : 9 : : 10 : : Table Definition of Congestion Ratio 40% 70% 100% 150% 180% 200% All the seat are All the seat are Baby car can be Passengers can Passengers can Passengers occupied and no occupied and on a train without use smart phone use smart phone cannot use smart standing standing problems without problems. somehow phone and passengers passengers (About 8 standing (About 15 (About 18 standing (Less than 2 (About 4 persons persons) standing persons) standing persons) passengers persons standing) standing) outside. (More than 20 standing persons) Door Door Door Door Door Door A5-12 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Transfer Time Survey Background There are 5 existing MRT lines in BMR; Sukhumvit Line, Si Lom Line, Blue Line, Purple Line and Airport Rail Link. Owner and Operator of MRT lines are different; Sukhumvit Line and Si Lom Line are owned by BMR and operated by BTSC, Blue Line and Purple Line are owned by MRTA and operated by BEM, and Airport Rail Line are owned by SRT and operated by SRTET. Hence, when the line was planned and designed, the connecting point of lines seems not to be considered very well since the owner and the operator is different and they may focus only on their own benefit. As a result, stations for transfer are located far and passengers have to walk for long distance. When you go to a mass transit station in rush hours, a long que in front of ticketing machine can be seen especially in rash hours. Though there is a smart card for mass transit lines which can be issued by an operator, the cards were different by operator by operator (now, the Manmoon card, stored value card, was issued in June 2018 but the card is not still compatible with Airport Rail Link). In order to shorten commuting time in BMR, current commuting time from their home to office should be acknowledged and considered. Therefore, this transferring time survey was planned and conducted by JICA Study Team. Objectives (Survey Items) Following items were observed at target stations: x Distance between one platform to another platform measured by the number of steps x Drawing between platform and platform x Transfer time between one plat form to another Survey Method 1) Preparation of the Survey In order to implement the survey, JICA Study Team and PSK Consults Co., Ltd, hereafter called the Consultant, JICA Study Team and the Consultant confirmed the route between platform and platform at 8 stations. Prior to implementation of the survey, the Consultant visited a station with surveyors in order to explain how to measure. The number of steps, time and drawing between platform and platform was recorded by a surveyor. The Consultant also translated the survey form from English according to necessity. 2) Field Survey Trained surveyors conducted survey 5 times for 1 station; 1 time for measuring distance from one platform to another platform, 2 times for measuring with a smart card during 7 am and 2 times for measuring without a smart card and dropping by ticket machine during A5-13 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey 7am to 9 am. The image of survey is shown in Figure 2.1. Prepared by JICA Study Team Figure 2.1 Image of Transfer Time Survey Seen from the time sheet below, flat way and steps are distinguished when time and distance were measured separately. Then, longest way which includes ticket machine or ticket counter was measured for this survey. 3) Survey Area There are 8 transferring points of trains and the locations are seen below. Stations No. 1, and No. 2, there is no ticketing gate since the operators for both lines are same. Table 2.1 List of Transferring Stations No. Transferring Stations 1 Siam я Siam 2 Tao Poon я Tao Poon 3 Asok я Sukhumvit 4 Phaya Thai я Phaya Thai 5 Chatuchak Park я Mo Chit 6 Phetchaburi я Makkasan 7 Chong Nonsi я Sathorn 8 Si Lom я Sala Deang Note: 1) In the cases of No.1 and No.3, there are no gates’ transfer for passengers because both lines are operated by the same company (Tao Poon Station: both are operated by BEM, Siam Station: both are operated by BTSC). A5-14 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Source: Wikipedia Figure 2.2 Location of Transfer Time Survey (8 Stations) 4) Survey Schedule The survey was conducted from 7am to 9am on 28th, 29th and 30th November 2017 at 8 stations on normal weekdays. Survey Results 1) Distance between Platform Results regarding distance between platform and platform are measured and recorded on the survey sheet and the results are shown after the discussion part. Seen from the results, the measurement was conducted for round ways between platforms. When there are short flat floors between stairs and stairs, the number of steps was recorded at the cell which is above the number of steps of stairs. The results of how to measure distance between platform and platform is shown later with the survey sheets and the distance circulated by number of steps is summarized as follows. Table 2.2 Distance between Platforms at 8 Transfer Points Distance between No. Transferring Stations Platforms (m) 1.1 Siam (Upper) 䋻 Siam (Lower) 115 1.2 Siam (Lower) 䋻 Siam (Upper) 114 2.1 Tao Poon (Blue) 䋻 Tao Poon (Purple) 112 2.2 Tao Poon (Purple) 䋻 Tao Poon (Blue) 114 3.1 Asok 䋻 Sukhumvit 208 3.2 Sukhumvit 䋻 Asok 197 A5-15 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Distance between No. Transferring Stations Platforms (m) 4.1 Phaya Thai (BTS) 䋻 Phaya Thai (ARL) 259 4.2 Phaya Thai (ARL) 䋻 Phaya Thai (BTS) 249 5.1 Chatuchak Park 䋻 Mo Chit 225 5.2 Mo Chit 䋻 Chatuchak Park 249 6.1 Phetchaburi 䋻 Makkasan 414 6.2 Makkasan 䋻 Phetchaburi 382 7.1 Chong Nonsi 䋻 Sathorn 329 7.2 Sathorn 䋻 Chong Nonsi 329 8.1 Si Lom 䋻 Sala Deang 419 8.2 Sala Deang 䋻 Si Lom 417 Note: 1. These distances does not include distances of stairs. 2.Numbers below decimal point are cleared. Source: JICA Study Team 2) Transfer Time between Platforms The results of transfer time between platforms are shown later with the sheets and the summery is shown in Table 2.3. The time was measure in two cases; one is the situation that a passenger buys a ticket at ticket machine and another is that a passenger has a smart card so he/she can transfer directly. Table 2.3 Transfer Time between Platforms (average of 2 times9 Transfer time Differences between No. Transferring Stations Ticket between with and without a platforms (min) ticket (min) Siam Siam - 1:46 1.1 䋻 - (Upper) (Lower) 䚽 - Siam Siam - 1:42 1.2 䋻 - (Lower) (Upper) 䚽 - Tao Poon Tao Poon - 3:12 2.1 䋻 - (Blue) (Purple) 䚽 - Tao Poon Tao Poon - 3:02 2.2 䋻 - (Purple) (Blue) 䚽 - - 7:17 3.1 Asok 䋻 Sukhumvit 0:59 䚽 6:18 - 5:13 3.2 Sukhumvit 䋻 Asok 0:46 䚽 4:27 Phaya Thai Phaya Thai - 6:50 4.1 䋻 2:29 (BTS) (ARL) 䚽 4:21 Phaya Thai Phaya Thai - 6:12 4.2 䋻 0:43 (ARL) (BTS) 䚽 5:29 Chatuchak - 7:15 5.1 䋻 Mo Chit 0:48 Park 䚽 6:27 A5-16 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Transfer time Differences between No. Transferring Stations Ticket between with and without a platforms (min) ticket (min) Chatuchak - 6:27 5.2 Mo Chit 䋻 0:38 Park 䚽 5:49 - 10:18 6.1 Phetchaburi 䋻 Makkasan 1:36 䚽 8:42 - 9:46 6.2 Makkasan 䋻 Phetchaburi 0:40 䚽 9:06 Chong - 5:39 7.1 䋻 Sathorn 0:20 Nonsi 䚽 5:19 Chong - 4:37 7.2 Sathorn 䋻 0:22 Nonsi 䚽 4:15 - 10:34 8.1 Si Lom 䋻 Sala Deang 1:01 䚽 9:33 - 12:17 8.2 Sala Deang 䋻 Si Lom 1:37 䚽 10:40 *The Survey was conducted twice for the same route from 7:00 to 9:00. The information is written in time sheets. Source: JICA Study Team Discussions There are several findings through this survey. One is that transfer points which are owned by the same owner have closer distance and shorter transfer time than the ones which are owned by the different owners. In particular, the distance between Makkasan station and Phetchaburi station and between Sala Deang station and Si Lom station is quite long because of this reason. In the MMAP2, discussion on connectivity between stations is crucial because this directly affects transfer time of passengers and willingness of taking mass transit. From these aspects, when new lines are planned and designed, the transfer points to other lines or other modes should be considered very well. If so, it is more convenient for passengers to use the line for commuting and the value of the line itself will be higher. Another thing is that the time difference with ticket or without ticket is from 30 seconds to 60 seconds basically. When the surveyor transferred from one line to ARL, the difference was larger than other cases (more than 1:30 differences in both of cases). The possible reason is that the number of ticket machine and ticket counter of ARL is fewer than other lines’ ones. Therefore, congestion for buying a ticket during peak hours was more serious than other lines. Seen from the results, transfer from one line to another line takes more than 5 minutes when operators of the lines are different. Though this situation can be seen in Japan also, we usually consider this transfer time by the application or web site which searches the time including the transfer time. In the future, when the mass transit network in BMR is more developed, the transfer time can be crucial to be selected by a passenger as their first choice. A5-17 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Figure 2.3 Number of Steps from Siam (Sukhumvit) to Siam (Silom) Figure 2.4 Number of Steps from Siam (Silom) to Siam (Sukhumvit) A5-18 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Figure 2.5 Transfer Time from Siam (Sukhumvit) to Siam (Silom) Figure 2.6 Transfer Time from Siam (Silom) to Siam (Sukhumvit) A5-19 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Figure 2.7 Number of Steps from Tao Poon (Blue Line) to Tao Poon (Purple Line) Figure 2.8 Number of Steps from Tao Poon (Purple Line) to Tao Poon (Blue Line) A5-20 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Figure 2.9 Transfer Time from Tao Poon (Blue) to Tao Poon (Purple) A5-21 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Figure 2.10 Transfer Time from Tao Poon (Purple) to Tao Poon (Blue) Figure 2.11 Number of Steps from Asok to Sukhumvit A5-22 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Figure 2.12 Number of Steps from Sukhumvit to Asok Figure 2.13 Transfer Time from Asok to Sukhumvit A5-23 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Figure 2.14 Transfer Time from Sukhumvit to Asok Figure 2.15 Number of Steps from Phaya Thai (Sukhumvit) to Phaya Thai (ARL) A5-24 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Figure 2.16 Number of Steps from Phaya Thai (ARL) to Phaya Thai (Sukhumvit) A5-25 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Figure 2.17 Transfer Time from Phaya Thai (Sukhumvit) to Phaya Thai (ARL) A5-26 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Figure 2.18 Transfer Time from Phaya Thai (ARL) to Phaya Thai (Sukhumvit) Figure 2.19 Number of Steps from Mo Chit to Chatuchak A5-27 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Figure 2.20 Number of Steps from Chatuchak to Mo Chit Figure 2.21 Transfer Time from Mo Chit to Chatuchak A5-28 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Figure 2.22 Transfer Time from Chatuchak to Mo Chit Figure 2.23 Number of Steps from Makkasan to Phetchaburi A5-29 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Figure 2.24 Number of Steps from Phetchaburi to Makkasan Figure 2.25 Transfer Time from Makkasan to Phetchaburi A5-30 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Figure 2.26 Transfer Time from Phetchaburi to Makkasan Figure 2.27 Number of Steps from Chong Nonsi to Sathorn A5-31 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Figure 2.28 Number of Steps from Sathorn to Chong Nonsi Figure 2.29 Transfer Time from Chong Nonsi to Sathorn A5-32 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Figure 2.30 Transfer Time from Sathorn to Chong Nonsi Figure 2.31 Number of Steps from Saladeang to Silom A5-33 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Figure 2.32 Number of Steps from Silom to Saladeang Figure 2.33 Transfer Time from Sala Daeng to Silom A5-34 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Figure 2.34 Transfer Time from Silom to Sala Daeng A5-35 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Train Waiting Time Survey Background The most serious transport issue in the BMR is the heavy traffic congestion in the city center where BST, MRT and ARL run across. Congestion inside of mass rapid transit train car in BMR is also serious, especially in morning peak hours. Congestion at platform has been also serious, and a lot of passengers have to miss trains in order to get inside a train which has been already full when the train arrives at the station. In destination based survey, time from home to office was measured in order to know how people in BMR commute to their office at the city center and how long it takes for their commuting. If the waiting time will be shorter, total commuting time will be also shorter and satisfaction of passengers to mass transit can be higher (this can be seen from the results of People’s Perception Survey). Through this waiting time survey, actual waiting time and number of missed trains was measured at major 10 congested stations in BMR. Objectives (Survey Items) Following items were observed at each designated survey station: x Actual waiting time at platform (start time and end time), x Number of missed train before getting on a train because of congestion. Survey Method 1) Preparation of the Survey In order to implement the survey, JICA Study Team and PSK Consults Co., Ltd, hereafter called the Consultant, got permission from the mass transit operators with cooperation from OTP. Prior to implementation of the survey, the Consultant visited each station and survey location including location of train car and door was considered and decided. This information was recorded by a surveyor. The Consultant also translated the survey form from English into Thai according to necessity. Then, the Consultant trained the surveyors in order to let them understand how to measure waiting time with the figure as follows. A5-36 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Passenger gets on a train Passenger starts to wait Waiting Time Source: JICA Study Team Figure 3.1 Image of the Train Waiting Time Survey at Platform 2) Field Survey Trained surveyors measured waiting time for target passengers during the survey hours. The surveyors also measure number of missed trains since interval of trains is not same and the information is useful to grasp how serious the congestion is. 3) Survey Area JICA Study Team selected survey stations and duration of the survey based on the site visit before the actual survey. Survey locations are show 4) Survey Schedule The survey was conducted from 7:00 to 9:00, 18th to 22nd December 2017 at 10 major congested stations selected by JICA Study Team and the Consultant. The survey was conducted for peak hours and peak direction of each line on normal week days. Table 3.1 Survey Schedule No. Date Station Name Line Name Duration Bound to 1 Lat Phrao Hua Lam 2 18/12/2017 Huai Khwang Blue Line Phong 3 Phra Ram 9 4 19/12/2017 Ramkhamhaeng Airport Rail Link Phaya Thai 5 20/12/2017 Victory Monument Samrong 7:30-9:30 6 On Nut Sukhumvit Line 21/12/2017 Mo Chit 7 Udom Suk 8 Saphan Taksin 9 22/12/2017 Krung Thonburi Si Lom Line Siam 10 Wongwian Yai 㻌㻌 A5-37 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Survey Results The survey results are summarized and shown in Table 3.2. As seen in the table, surveyors basically count waiting time for trains by 3 surveyors during 7:30 to 9:30 on weekdays, on the same day with Railway Congestion Survey. There are 3 surveyors at each station and they were allocated at 3 spots differently. Table 3.2 Results of Waiting Time at 10 Stations Platform Average Average No. of Measured No. Station Name Location Waiting Time missed trains Time 1 1 0:17 0.14 7:43-8:42 Saphan Taksin 2 2,3 0:16 0.14 7:35-8:34 (To Siam) 3 4 0:37 0.33 7:50-8:49 4 1 1:58 0.7 7:41-8:40 Krung Thonburi 5 3 3:27 1.25 7:14-8:13 (To Siam) 6 4 2:03 0.7 7:32-8:31 7 1 2:10 1 7:30-8:29 Wangwian Yai 8 2,3 1:58 0.78 7:38-8:37 (To Siam) 9 4 0:34 0.23 7:37-8:36 10 Lat Phrao 1 2:52 0.73 7:30-8:29 11 (To Hua 2,3 1:23 0.38 7:44-8:43 12 Lumphong) 4 2:45 0.8 7:41-8:40 13 Huai Kwang 1 5:30 1.18 7:33-8:32 14 (To Hua 3 7:11 2 7:33-8:32 15 Lumphong) 4 2:03 0.6 7:36-8:35 16 Phra Ram 9 1 2:02 0.5 7:37-8:36 17 (To Hua 2,3 4:30 1.11 7:30-8:29 18 Lumphong) 4 3:18 0.9 7:30-8:29 19 Victory 1 0:49 0.25 7:51-8:50 20 Monument 2,3 1:59 0.61 7:46-8:45 21 (To Samrong) 4 1:37 0.357 7:46-8:45 22 1 22:57 1.5 7:48-8:47 Ramkhamhaeng 23 2,3 15:32 1.5 7:48-8:47 To Phaya Thai 24 4 36:54 2 7:48:8:47 25 1 4:03 1.33 7:21-8:20 On Nut 26 2,3 0:51 0.29 7:28-8:27 (To Mo Chit) 27 4 2:07 0.69 7:28-8:27 28 1 0:58 0.31 7:30-8:29 Udom Suk 29 2,3 0:32 0.235 7:30-8:29 (To Mo Chit) 30 4 0:10 0.053 7:30-8:29 Source: JICA Study Team A5-38 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Discussions The survey results show several findings to be discussed. One is that without Airport Rail Link line, the que for waiting trains seems not very serious so the waiting time and average number of missed trains is also not serious. Regarding the Airport Rail Link line, trains did not come on time because of disorder of time table so the result is a little irregular. However, a surveyor who uses ARL line for commuting said that she has to wait for 20 or 30 minutes to take a train in morning peak hours since the frequency of trains are not very often, and the inside of a train is already congested since the train has accommodated passengers at former stations. As seen from the results, waiting time and number of trains are different depending on the location of platform. The congested locations are generally close to an elevator. In Japan, station staff guides train passengers to less busy platforms in peak hours. These types of attempts can be helpful to reduce the length of waiting lines and equalize the number of passengers at each platform for the same line. Another thing is that serious traffic congestion can be seen especially at Blue Line and ARL line since the train set is consisted of 3 cars and on the other hand, that of Si Lom and Sukhumvit Line is consisted of 4 cars. Seen from results of the Train Congestion Survey, the interval of trains of blue line in a peak hour is 3 minutes 20 seconds so this can be shorter somehow (interval between trains of Marunouchi Line in Tokyo during the peak hour is 1 minutes 50 seconds according to the Nikkei article on 21 December 2018). This means that it is technically possible to increase the number of train sets. On the other hand, it can be a solution for mitigating the congestion to increase the number of cars for 1 car set from 3 cars to 4 or 6 cars in the future. Also, regarding the Silom Line, the train interval cannot be shorter anymore because of technical reason; the section between Krung Thon Buri station and Saphan Taksin station is only one-way operation. Hence, a train at one side has to wait for a train of another side. As a result, train interval cannot be shorter anymore and this cause congestion inside of a train around this section in peak hours. In conclusion, through the survey, not only we could grasp current situation, but also could figure out several issues caused by long waiting time. If the waiting time is shorter, total travel time will be shorter and congestion at a platform will be improved. Furthermore, satisfaction with the mass transit will be improved. A5-39 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey People’s Perception Survey Background Traffic congestion is one of the most serious problems in BMR and tremendous economic loss is caused by the congestion. Thailand is categorized into middle developed countries and therefore, a lot of people in Bangkok can afford a car so the number of cars in Bangkok has increased year by year. Willingness to use public transportation is crucial when passengers decide the transportation mode. Through the discussions with OTP, they concerned very much on car captive users, who may not change their mode choice from by their own car to by mass transit. If so, even though there is enough population along the line and new lines are constructed in the future, the number of passengers cannot be expanded. One of the goals of M-MAP2 is that how to increase the ridership of public transportation and how to shift the car users to public transport. This survey seeks people’s perception to the current mass transit and future mass transit in BMR. The survey also seeks what types of factors are important for passengers to decide their mode or which points should be improved in the current public transportation. Objectives (Survey Items) Items as follows were surveyed through this survey. The target is visitors and tourists at 10 touristic spots and 20 commercial facilities in BMR. x Transportation mode x Satisfaction with the current mass transit x Commuting situation from home to office (time, fare and etc.) x Negative points of mass transit x Recognition on future development plan of mass transit systems in BMR Survey Method 1) Preparation of the Survey In order to implement the survey, JICA Study Team and PSK Consults Co., Ltd, hereafter called the Consultant, got permission from BMA by way of OTP in order to conduct survey at 30 survey spots. 2) Field Survey Prior to implementing the survey, the Consultant visited the survey spots. At each survey spot, 30 persons were interviewed randomly. The survey sheet was prepared by JICA Study Team at first in English and the survey sheet was translated into Thai by the Consultant. The survey sheet was confirmed as understandable by several Thai staff. A5-40 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey 3) Survey Area and Survey Schedule The 30 spots, 20 commercial spots and 10 touristic places, are listed as follows. These locations are widely selected in BMR in order to get variety of samples. The variety can be helpful to see the difference area by area but we could not analyze to that extent in this survey. Table 4.1 List of Locations of Tourism Spot Location Duration Target Period Authority Taling Chan Floating Market Khao San Road Wat Pho Asiatique Central World 9-17 25th- 31st Nov. BMA Baiyoke Tower 2 Chatchak Market Jim Thompson House Ferry Station of Saphan Taksin China Town Table 4.2 List of Locations of Commercial Facility Location Duration Target Period Authority Future Park Rangsit Mega Bang Na Centralplaza Bang Na Central Latphrao Rama II CentralPlaza Pinklao The Old Siam Central Plaza Rama Ϫ Seacon Square The mall Tha Phra 9-17 25th- 31st Nov. BMA The Street Ratchada Central Plaza Grand Rama 9 Terminal 21 The EmQuartier Platinam Fashion Mall MBK Center Victory Mall Silom Complex CentralPlaza Rattanathibet Central Plaza A5-41 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Survey Results 1) Basic Information of Samples Total number of the samples was 954; 277 samples at tourism site, 585 samples at commercial site and 92 samples at office. Attribute of the samples are shown below. Age of interviewees are widely spread seen from the figure below and 646 samples, 72 % of the total, do not own their own car. 1. Age 2. Worker / Student 3. Car Ownershipe Figure 4.1 Attribute of Samples (n=954) Then, information on average on-board travel time, access time to railway station and egress time from railway station is shown below. About 75% of the samples took less than 20 minutes for their access and egress time from railway station. Then, seen here, more than half of samples took less than 20 minutes on board time. 1, On-board Travel Time Access Time to Railway 3. Egress Time from (min) Station (min) Railway Station (min) Figure 4.2 Figures regarding Travel Time 2) Satisfaction to the Current Mass Transit Services 12 items are inquired based on the interview sheet. According to the results below, the A5-42 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey interviewees are basically satisfied with the mass transit since most of them answered “satisfied” or “so so” for questions. On the other hand, there seems 3 points that the satisfaction of samples is relatively lower than other topics; 1) fare for Mass Transit, 2) congestion of inside of a car, and 3) coverage area of mass transit network in BMR. In particular, more than half of samples are unsatisfied with the coverage area of mass transit network in BMR. Source: JICA Study Team Figure 4.3 Satisfaction to the Current MRT in BMR (n=469) 3) Reason why the Users Not Use Mass Transit There are several reasons why people do not use mass transit as follows. The reasons why they do not use are same as the lower satisfactions on the current mass transit. According to the result, the coverage of the mass transit network is one of the main reasons why the people in BMR will not take the current mass transit. Current coverage area (800m from a station) by mass transit as of 2017 is shown in Figure 4.5 and the coverage area is much less than the one planned in M-MAP. Seen from the results, fare of the mass transit is also a bottleneck for some users when they consider taking the mass transit. Then, when a mass transit user takes two lines of mass transit, they have to pay fare twice if operators of two lines are different such as the transfer from Chatchak station of Blue line to Mo Chit station of Sukhumvit line. A5-43 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Source: JICA Study Team Figure 4.4 Reasons Not to Use the MRT in BMR (n=561) Source: JICA Study Team Figure 4.5 Station Coverage (800m) in the central area (2017, Left) and Future Station Coverage (800m, M-MAP Plan, Right) 4) Important Actions for Future Mass Transit Development The results of important actions for future mass transit development are shown in Figure 4.6. More than half of participants agreed “to strengthen mass transit network in central area” and “to extend mass transit network to sub-centers”. Both of answers include the necessity of improvement of mass transit network in BMR and this opinion can be seen in the former questions. In addition, improvement of accessibility at a station or to other A5-44 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey transportation mode seems important for the interviewees. Source: JICA Study Team Figure 4.6 Important Actions for Future Development of MRT in Bangkok (n=953) Discussions From the results of this people’s perception survey, 3 main desires by the interviewees to the current and future mass transit in BMR can be recognized. One is that the current mass transit network in BMR is very weak and this situation can be seen in Figure 4.5. The current network covers only limited area in BMR so limited people can commute to office or go to the city center merely by the mass transit. This is directly connected with one of five major policy directions in M-MAP2 shown in Figure 4.7. At the same time, connectivity between line and line should be considered and strengthened. This connectivity has 2 meaning; one is the distance between station should be shorter and another is the fare since under the current situation, passengers have to pay double for some transfer. Second is that accessibility to a station has some problems when the people in BMR take the mass transit. One of the problems is that there is poor access from their home to the station. At mass transit station near city center, the station can be easily accessed by buses or by other lines. Whereas, some of mass transit station has difficulty to access the station such as Ban Thap Chang station of ARL, which is usually accessed by a motor bike or by a private car since the bus stop is little far from the station. When a new mass transit station is considered, connectivity with other transportation modes should be carefully assessed. Some stations of Purple line and Blue line accommodate parking area adjacent to the station and this promotes park and ride system for the commuters. Third is that the fare price is high or the total cost for commuting by mass transit is high. A5-45 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Basically, the fare of mass transit is 2 or 3 times more than that of air con bus along the same route. Thai staff in office said that they may take a bus longer distance even though transfer point from bus and mass transit since taking mass transit for a long time is more costly. Then, another point is already explained that if the operator of mass transit is different line by line, a passenger has to pay for both of rides. This seems very large barrier for the local people since the fare for the mass transit is not very cheap for them. In the future, the network will be expanded so a passenger may have to pay 3 times or 4 times to commute to their workplace under the current system. Manmoon card has been recently introduced in Bangkok and this card is compatible between Blue line, Purple line and BTS lines so far. This approach will be connected to the basic fare sharing between operators in the future. Figure 4.7 Five Major Policy Directions of Urban Railway Development in M-MAP2 Also, many of participants of the survey cared about the congested situation inside of a train. As seen from the results of railway congestion survey and train waiting time survey, a train and the platform during peak hours are very congested and this is unsatisfied by large portion of passengers. High demand for the mass transit itself is good news but on the other hand, capacity of mass transit should be considered and improved at that time. This People’s Perception Survey is a trial to grasp what is required by people for the mass transit in BMR. The survey was conducted at variety of areas in BMR but the size is still not enough. However, several trends mentioned above were acknowledged through this pilot survey. The results of this survey hopefully lead the future policy direction on the mass transit in BMR or connects to the improvement of the service in the future. A5-46 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Figure 4.8 Interview Sheet of People’s Perception Survey 1 A5-47 Data Collection Survey on the Development of Blueprint for the Second Mass Rapid Transit Master Plan (M-MAP2) Final Report Appendix 5: Traffic Survey Figure 4.9 Interview Sheet of People’s Perception Survey 2 A5-48 $SSHQGL[ :RUNVKRS RQ 6DIHW\ IRU 5DLOZD\ 2SHUDWLRQ Pursuit of safety in Japan 䠎䠌䠍䠕䠊䠌䠎䠊䠌䠔 ϭ dŚĞŚŝƐƚŽƌLJŽĨƌĂŝůƌŽĂĚĞǀŽůǀĞĚďLJΗůĞĂƌŶŝŶŐĨƌŽŵĂĐĐŝĚĞŶƚƐΗ͘ ƐƚĂďůŝƐŚŵĞŶƚŽĨƌĞŐƵůĂƚŝŽŶƐĂŶĚŝŶƐƚĂůůĂƚŝŽŶŽĨƐĞĐƵƌŝƚLJĞƋƵŝƉŵĞŶƚ͘ ϭϴϲϵ ϭϵϮϳ ϭϵϲϰ ϮϬϭϵ ŚƵŵĂŶĞƌƌŽƌ ŚƵŵĂŶĞƌƌŽƌ ĨŝƌĞ ƐƚƌŽŶŐǁŝŶĚ &ůŽŽĚĚĂŵĂŐĞ ϭ^ĞĐƵƌŝŶŐƐĂĨĞƚLJŝƐƚŚĞůŝĨĞŽĨƚƌĂŶƐƉŽƌƚ͘ ϮŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƌĞŐƵůĂƚŝŽŶƐŝƐƚŚĞĨŽƵŶĚĂƚŝŽŶŽĨƐĂĨĞƚLJ͘ ϯ^ƚƌŝĐƚŶĞƐƐŽĨŽĨĨŝĐĞŝƐĂƌĞƋƵŝƌĞŵĞŶƚŽĨƐĂĨĞƚLJ͘ DŝƐŽƉĞƌĂƚŝŽŶ ĞĂƌƚŚƋƵĂŬĞ ŚƚƚƉ͗ͬͬŝĐŽŽŽŶͲŵŽŶŽ͘ĐŽŵͬϭϭϵϱϰͲƐů Ϯ ^ƚŽƉƚƌĂŝŶŝĨLJŽƵƚŚŝŶŬŝƚŝƐĚĂŶŐĞƌŽƵƐ͊ ŚƵŵĂŶĞƌƌŽƌ ϯ ǀŽůƵƚŝŽŶŽĨƚƌĂŝŶƐŝŐŶĂůƐ͘ 㻵㼚㻙㼏㼍㼞㻌㼟㼕㼓㼚㼍㼘 㻯㼕㼞㼏㼡㼕㼠㻌㼐㼕㼟㼜㼘㼍㼥㻌㼒㼛㼞㼙㼡㼘㼍 㻔㻾㼛㼡㼠㼑㻌㼟㼕㼓㼚㼍㼘㻕 㻿㼜㼑㼑㼐㻌㼕㼚㼐㼕㼏㼍㼠㼕㼛㼚㻌㼒㼛㼞㼙㼡㼘㼍 㻔㻿㼜㼑㼑㼐㻌㼟㼕㼓㼚㼍㼘㻕 ϰ dŚĞƐƵďǁĂLJŝƐŚŝŐŚͲĚĞŶƐŝƚLJĚƌŝǀŝŶŐĨƌŽŵƚŚĞďĞŐŝŶŶŝŶŐŽĨŽƉĞƌĂƚŝŽŶ͘ ǀĞŶŝĨƚŚĞĚƌŝǀĞƌŽǀĞƌůŽŽŬƐƚŚĞƐŝŐŶĂů͕ŝƚĐĂŶƐƚŽƉǁŝƚŚƚŚĞΗĂƵƚŽŵĂƚŝĐƚƌĂŝŶƐƚŽƉĚĞǀŝĐĞΗ ϭϴϲϵ ϭϵϮϳ ϮϬϭϵ ϱ $FFLGHQWVEXUQLQJ WUDLQVWKDWVKRXOGQRWEXUQRFFXU $WUDLQWKDWLVUXQQLQJLVFDXJKWLQDWRUQDGR 7KHUHDUWKUHHRIWKHFDUWUDLQDUHGHUDLOHG RIWKHPUROOHGRYHU 7KHKHDY\UDLQFDXVHGE\WKHW\SKRRQ IORRGVWKHVWDWLRQSUHPLVHVDQGLVFDQFHOHG ϲ WƵƌƐƵŝŶŐƚŚĞĐĂƵƐĞŽĨΗĂĐĐŝĚĞŶƚΗďLJƚŚĞdƌĂŶƐƉŽƌƚĂƚŝŽŶ^ĂĨĞƚLJŽŵŵŝƐƐŝŽŶĂŶĚΗ^ĂĨĞƚLJ ŵĂŶĂŐĞŵĞŶƚƌĞŐƵůĂƚŝŽŶƐΗ MLIT Ministry of Land, Infrastructure, Transport and Tourism Railway Bureau Railway Business Ac /ŶǀĞƐƚŝŐĂƚĞƚŚĞĐĂƵƐĞŽĨƚŚĞĂĐĐŝĚĞŶƚ Railway Operation Act ĂŶĚŝŶǀĞƐƚŝŐĂƚĞƚŚĞĐĂƵƐĞŽĨƚŚĞ ĚĂŵĂŐĞĐĂƵƐĞĚďLJƚŚĞĂĐĐŝĚĞŶƚ͘ ZĂŝůǁĂLJŽƉĞƌĂƚŽƌ d 䠞䠝䠯䠡 ƚĐ͘ 5DLOZD\7HFKQLFDO -DSDQ3ULYDWH5DLOZD\ -DSDQ7UDLQ2SHUDWLRQ 5HVHDUFK,QVWLWXWH $VVRFLDWLRQ $VVRFLDWLRQ ŚƚƚƉƐ͗ͬͬŵĂŝŶŝĐŚŝ͘ũƉͬĂƌƚŝĐůĞƐͬϮϬϭϲϬϰϭϰͬŬϬϬͬϬϬŵͬϬϰϬͬϭϭϲϬϬϬĐ ϳ -72$ -DSDQ7UDLQ2SHUDWLRQ$VVRFLDWLRQ ϴ ^ĂĨĞƚLJŵĂŶĂŐĞŵĞŶƚƉƌŽǀŝƐŝŽŶ͘ ŽĚĞŽĨĐŽŶĚƵĐƚŽĨĞdžĞĐƵƚŝǀĞƐĂŶĚĞŵƉůŽLJĞĞƐƌĞůĂƚĞĚ ƚŽƐĂĨĞƚLJŽĨƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͍;ƌƚŝĐůĞϯ͕ƉĂƌĂŐƌĂƉŚϮ ŽĨƚŚĞ^ĂĨĞƚLJDĂŶĂŐĞŵĞŶƚZĞŐƵůĂƚŝŽŶƐͿ ;ϭͿ^ĞĐƵƌĞƐĂĨĞƚLJƐŚĂůůďĞŐŝǀĞŶƚŽƉƉƌŝŽƌŝƚLJĂŶĚĞĨĨŽƌƚƐ ǁŝůůďĞŵĂĚĞƚŽĂĐŚŝĞǀĞƚŚĞŵŝƐƐŝŽŶŽĨƚƌĂŶƐƉŽƌƚďLJ ǀĂůƵĂƚŝŽŶďLJD>/d ĐŽŽƉĞƌĂƚŝŶŐĐŽŽƉĞƌĂƚŝǀĞůLJ͘ ;ϮͿtĞƵŶĚĞƌƐƚĂŶĚƚŚĞůĂǁƐĐŽŶĐĞƌŶŝŶŐƚŚĞƐĂĨĞƚLJŽĨ ZĞĐĞŝǀĞĚƉĞƌŝŽĚŝĐƚƌĂŶƐƉŽƌƚƐĂĨĞƚLJŵĂŶĂŐĞŵĞŶƚĞǀĂůƵĂƚŝŽŶďLJƚŚĞ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶĂŶĚƌĞŐƵůĂƚŝŽŶƐƌĞůĂƚĞĚƚŚĞƌĞƚŽ DŝŶŝƐƚƌLJŽĨ>ĂŶĚ͕/ŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚdƌĂŶƐƉŽƌƚ͕ĂŶĚƌĞĨůĞĐƚĞĚŝŶ ƌĞǀŝĞǁŝŶŐƚŚĞƐĂĨĞƚLJŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵ͘ ;ŚĞƌĞŝŶĂĨƚĞƌƌĞĨĞƌƌĞĚƚŽĂƐΗƌĞůĂƚĞĚůĂǁƐĂŶĚ dƌĂŶƐƉŽƌƚƐĂĨĞƚLJŵĂŶĂŐĞŵĞŶƚĞǀĂůƵĂƚŝŽŶĐŽŶƚĞŶƚƐ ƌĞŐƵůĂƚŝŽŶƐ͕ĞƚĐ͘ΗͿǁĞůů͕ĂŶĚĐŽŵƉůLJǁŝƚŚŝƚĂŶĚ 䛆/ŵƉůĞŵĞŶƚĂƚŝŽŶƉĞƌŝŽĚ䛇 ĐĂƌƌLJŽƵƚĚƵƚŝĞƐƐƚƌŝĐƚůLJĂŶĚĨĂŝƚŚĨƵůůLJ͘ KĐƚŽďĞƌϯϭ͕ϮϬϭϳͲ EŽǀĞŵďĞƌϭ ;ϯͿtĞĂůǁĂLJƐƚƌLJƚŽƵŶĚĞƌƐƚĂŶĚƚŚĞƐŝƚƵĂƚŝŽŶŽŶ 䛆 ǀĂůƵĂƚĞĚĞĨĨŽƌƚƐ;ĞdžĐĞƌƉƚͿ䛇 ƚƌĂŶƐƉŽƌƚƐĂĨĞƚLJ͘ 䖂 dŚĞƚŽƉŵĂŶĂŐĞŵĞŶƚƐŚŽƵůĚŐƌĂƐƉƚŚĞƉƌŽďůĞŵƐĂĐĐŽŵƉĂŶLJŝŶŐ ;ϰͿƐǁĞƉĞƌĨŽƌŵŽƵƌĚƵƚŝĞƐ͕ǁĞƐƚƌŝǀĞƚŽĞŶĨŽƌĐĞ ƚŚĞĐŚĂŶŐĞŝŶƚŚĞĞŶǀŝƌŽŶŵĞŶƚƐƵƌƌŽƵŶĚŝŶŐƚŚĞĐŽŵƉĂŶLJ͕ĂŝŵƚŽ ƌĞƐƉŽŶĚďLJĐŽŵďŝŶŝŶŐŝŵƉƌŽǀĞŵĞŶƚƐŝŶƚŚĞĐŽŵƉĞƚĞŶĐĞŽĨƚŚĞ ĐŽŶĨŝƌŵĂƚŝŽŶƌĞŐĂƌĚůĞƐƐŽĨƐƉĞĐƵůĂƚŝŽŶ͕ĂŶĚŝĨƚŚĞƌĞ ƚĞĂĐŚŝŶŐƐŝĚĞĂŶĚƚŚĞƐLJƐƚĞŵƚŽĂƌƌĂŶŐĞ͕ƚƌĂŶƐĨĞƌĂŶĚƚƌĂŶƐĨĞƌƚŚĞ ŝƐĚŽƵďƚ͕ǁĞǁŝůůƚƌĞĂƚŝƚĂƐƐĂĨĞƐƚ͘ ƚĞĐŚŶŽůŽŐLJƚŽďĞŚĂŶĚĞĚŽǀĞƌ͘ ;ϱͿ/ŶƚŚĞĞǀĞŶƚŽĨĂƐŝƚƵĂƚŝŽŶǁŚĞƌĞƚŚĞƌĞŝƐĂƌŝƐŬŽĨ 䖂 dŚĞĨĂĐƚƚŚĂƚĐŽůůĞĐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶŝƐĂůƐŽĐŽůůĞĐƚĞĚĨƌŽŵŐƌŽƵƉ ĂĐĐŝĚĞŶƚƐ͕ĂĐĐŝĚĞŶƚƐ͕ĚŝƐĂƐƚĞƌƐŽƌŽƚŚĞƌƐŝƚƵĂƚŝŽŶƐ ĐŽŵƉĂŶŝĞƐŝŶĂĚĚŝƚŝŽŶƚŽŽƵƌŽǁŶĐŽŵƉĂŶLJ͕ĂŶĚĨƵƌƚŚĞƌŵŽƌĞ͕ƚŚĞ ƚŚĂƚŵĂLJŝŶƚĞƌĨĞƌĞǁŝƚŚƐĞĐƵƌŝŶŐƚŚĞƐĂĨĞƚLJŽĨ ĐŽůůĞĐƚŝŽŶƉƌŽŵŽƚŝŽŶĞĨĨŽƌƚƐƐŚŽǁƚŚĂƚƚŚĞĐŽůůĞĐƚŝŽŶŶƵŵďĞƌŝƐ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ;ŚĞƌĞŝŶĂĨƚĞƌƌĞĨĞƌƌĞĚƚŽĂƐ ŝŶĐƌĞĂƐŝŶŐ͘ 䖂 tŝƚŚƌĞŐĂƌĚƚŽΗĐƌŽƐƐͲĚŝǀŝƐŝŽŶƚƌĂŝŶŝŶŐΗǁŚĞƌĞŝŶĚŝǀŝĚƵĂů ΗĂĐĐŝĚĞŶƚƐ͕ĚŝƐĂƐƚĞƌƐ͕ĞƚĐ͘ΗͿ͕ŽŽƉĞƌĂƚĞŵƵƚƵĂůůLJƚŽ ĞŵƉůŽLJĞĞƐƚŚŝŶŬĂŶĚĂĐƚĂĐƚŝǀĞůLJ͕ƚŚĞLJĂƌĞŝŵƉůĞŵĞŶƚŝŶŐŵĞĂƐƵƌĞƐ ƉƌŽŵƉƚůLJƚĂŬĞƐĂĨĞĂŶĚĂƉƉƌŽƉƌŝĂƚĞŵĞĂƐƵƌĞƐ͘ ƚŚĂƚĐĂŶůŝŶŬƐĂĨĞƚLJĂǁĂƌĞŶĞƐƐƚŽƉƌĂĐƚŝĐĞĂŶĚĐĂŶĞdžƉĞĐƚƚŽ ;ϲͿ dƌĂŶƐĨĞƌŝŶĨŽƌŵĂƚŝŽŶƌĞůĂƚĞĚƚŽƐĂĨĞƚLJƋƵŝĐŬůLJĂŶĚ ĐŽŶƚƌŝďƵƚĞƚŽƉƌĞǀĞŶƚŝǀĞŵĂŝŶƚĞŶĂŶĐĞŽĨĂĐĐŝĚĞŶƚƐ͘ ĂĐĐƵƌĂƚĞůLJƚŽƌĞůĞǀĂŶƚƉůĂĐĞƐĂŶĚƚƌLJƚŽƐŚĂƌĞƚŚĞŵ͘ 䖂 tĞĂƌĞƚƌLJŝŶŐƚŽŵĂŬĞĞĨĨŽƌƚƐƚŽƌĞǀŝƚĂůŝnjĞŝŶƚĞƌŶĂůĂƵĚŝƚƐ͘ ;ϳͿůǁĂLJƐĂĐƚǁŝƚŚƉƌŽďůĞŵĐŽŶƐĐŝŽƵƐŶĞƐƐĂŶĚ 䛆/ƚĞŵƐƚŽĞdžƉĞĐƚĨƵƌƚŚĞƌĞĨĨŽƌƚƐ䛇 䖂 ĂĐƚŝǀĞůLJĚĞĂůǁŝƚŚǁŚĞŶŝƚŝƐŶĞĐĞƐƐĂƌLJƚŽƌĞǀŝĞǁ ĚǀĂŶĐĞŵĞĂƐƵƌĞƐƚŽƉƌĞǀĞŶƚĨƵƌƚŚĞƌƉĞŶĞƚƌĂƚŝŽŶĂŶĚ ĚŝƐƐĞŵŝŶĂƚŝŽŶĂďŽƵƚƉƌĞĐĂƵƚŝŽŶĂƌLJƉƌĞƐĞƌǀĂƚŝŽŶƚŚŝŶŬŝŶŐ͘ ǁŽƌŬ͘ ϵ dŽŬLJŽDĞƚƌŽŽƉĞƌĂƚĞϵƐƵďǁĂLJůŝŶĞƐǁŝƚŚϭϵϱŬŵŽĨƚƌĂĐŬ͘DŝŶŝŵƵŵŽƉĞƌĂƚŝŽŶŝŶƚĞƌǀĂůŝƐϮ ŵŝŶƵƚĞƐ͘dŽŬLJŽDĞƚƌŽŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌĂĐŽƌĞƉĂƌƚŽĨƚŚĞƌĂŝůǁĂLJŶĞƚǁŽƌŬŝŶdŽŬLJŽ͘ Ŭŵ 䠍䠐䠊䠏 䠎䠓䠊䠐 䠎䠌䠊䠏 䠏䠌䠊䠔 䠎䠐䠊䠌 䠎䠔䠊䠏 䠍䠍䠊䠕 䠍䠒䠊䠔 䠎䠍䠊䠏 䠍䠕䠑䠊䠍 ƐƚĂƚŝŽŶƐ 䠍䠕 䠎䠔 䠎䠍 䠎䠏 䠎䠌 䠎䠐 䠍䠍 䠍䠐 䠍䠕 䠍䠓䠕 EŽŽĨĐĂƌ ͬƚƌĂŝŶ 䠒 䠒 ϳΘϴ 䠍䠌 䠍䠌 䠍䠌 䠔䠃䠍䠌 䠍䠌 䠒 EŽŽĨĐĂƌ ϮϰϬ ϯϯϲ Ϯϵϲ ϱϮϬ ϰϬϴϱϰϬ ϮϱϬ ϭϯϴ ϮϳϮϴ EŽƚƌŝƉͬĚĂLJ ϯϳϰ ϯϬϬ Ϯϴϰ ϮϵϬ Ϯϱϱ Ϯϰϵ Ϯϰϲ Ϯϴϵ ϭϴϳ dƌĂŝŶ ŽƉĞƌĂƚŽƌ 䚽 䚽 䚽 䚽 䚽 䚽 䚽 䚽 䚽 ŽŶĚƵĐƚŽƌ 䚽 㽢 䚽 䚽 䚽 䕧 䚽 㽢 䚽 tŝƚŚϮ͕ϳϬϬĚƌŝǀĞƌƐ͕ĐŽŶĚƵĐƚŽƌ tĞŽĨĨĞƌŽƉĞƌĂƚŝŽŶƐĞƌǀŝĐĞ͘ ƵƐƚŽŵĞƌƐϳ͘ϮϰŵŝůůŝŽŶƉĞƌĚĂLJ ϭϬ ,ƵŵĂŶƌĞƐŽƵƌĐĞĚĞǀĞůŽƉŵĞŶƚĐŽŶƚŝŶƵĞƐĞǀĞŶĂĨƚĞƌƚƌĂŝŶŝŶŐƚƌĂŝŶŽƉĞƌĂƚŽƌ͘; džƉĞƌŝĞŶĐĞĚĚƌŝǀĞƌ ĂŶĚƚƌĂŶƐĨĞƌƌĞĚƚŽŚĞĂĚƋƵĂƌƚĞƌƐĚĞƉĂƌƚŵĞŶƚĂŶĚĚĞǀĞůŽƉŵĞŶƚŽĨŶĞǁŵŽĚĞůƌŽůůŝŶŐƐƚŽĐŬ͘Ϳ ,ĞĂĚKĨĨŝĐĞ ^ĂĨĞƚLJ &ŝĞůĚKĨĨŝĐĞƐ ĨĨĂŝƌƐĞƉƚ͘ ŝƐƚƌŝĐƚ ŵĂŶĂŐĞƌ ZĂŝůǁĂLJ KƉĞƌĂƚŝŽŶ ,ĞĂĚƋƵĂƌƚĞƌƐ ĞƉƚ͘ ƐƐŝƐƚĂŶƚ dƌĂŝŶKƉĞƌĂƚŽƌ ^ƚĂƚŝŽŶ ĐŽŶĚƵ dƌĂŝŶKƉĞƌĂƚŽƌ ƐƚĂĨĨ ĐƚŽƌ ƌƚƌĂŝŶŝŶŐ ϭϭ 3ROLFLHVDQG,QLWLDWLYHVRI7RN\R0HWUR &RPSUHKHQVLYH/HDUQLQJDQG7UDLQLQJ&HQWHU 7RN\R0HWURbV3ROLF\ 7RN\RPHWURbV7UDLQLQJ3URJUDP .H\SRLQWVRIUDLOZD\2SHUDWLRQ 7KHNH\SRLQWVRIUDLOZD\PDQDJHPHQWDUHn2SHUDWLRQIUDPHZRUNn6HFXULQJEXGJHWDQGn7UDLQLQJ 7UDLQLQJLVWKHWKHPHRIWRGD\ 2SHUDWLRQ IUDPHZRUN 0DQDJHPHQWRIXUEDQUDLOZD\ UHDOL]LQJ|$QVKLQ| 6HFXULQJEXGJHW 7UDLQLQJ 7KHPHRIWRGD\ عPSRUWDQWLGHDOLQVXEZD\RSHUDWLRQ,ع \7RN\R0HWURbV3ROLF 2XUNH\FRQFHSWLVn$16+,1| :HEHOLHYHWKDWWKHNH\WRSURYLGLQJFXVWRPHUVZLWK$16+,1LVWKHFRPELQDWLRQRIVDIHW\DQG TXDOLW\VHUYLFH ٙ 6DIHW\ 6HUYLFH 1,$16+ 3URYLVLRQRI+LJK4XDOLW\ 8QUHPLWWLQJ3XUVXLWRI &XVWRPHU2ULHQWHG6HUYLFHV 6DIHW\ 4XDOLW\6HUYLFH ̺ ̺ $16+,1 DQG*(1%$5<2.8 *(1%$5<2.8LVLPSRUWDQWWRUHDOL]Hn$16+,1n ٙ 6DIHW\ 6HUYLFH 1,$16+ 4XDOLW\ 6DIHW\ 6HUYLFH *(1%$5<2.8 ̺ ̺ *(1%$5<2.8 ءKDWbV *(1%$5<2.8: ̺ ̺ عHYHORSLQJ3HUVRQQHOWR3URYLGH$16+,1'ع \7RN\R0HWURbV7UDLQLQJ3ROLF 7KURXJKWKH&RPSUHKHQVLYH/HDUQLQJDQG7UDLQLQJFHQWHUZHHQVXUHWKHVHLGHDOVWRSXWLQWR SUDFWLFH 'HYHORSLQJ3HUVRQQHOWR3URYLGH$16+,1 &RPSUHKHQVLYH/HDUQLQJDQG 7UDLQLQJ&HQWHU +XPDQ5HVRXUFHV )DFLOLWLHV z 3URYLGLQJ6WDIIZLWK z ,QWHJUDWHG7UDLQLQJ H[WHQVLYHWUDLQLQJ )DFLOLWLHV z 3URPRWLQJFURVV z 7UDLQLQJOLQHWKDW GHSDUWPHQWDO VLPXODWHVDUHDO &RRUGLQDWLRQ RSHUDWLRQDOVXEZD\OLQH ̺ ̺ 2YHUYLHZRI&RPSUHKHQVLYH/HDUQLQJDQG7UDLQLQJ&HQWHU $SULO VWDEOLVKPHQW)ٳ $SSUR[VL]HRIVRFFHUILHOGV $SSUR[LPDWHO\⋻ 2YHUDOO6LWH$UHDٳ ⋳ \$SSUR[LPDWHO VWRULHV7RWDO)ORRU$UHD XLOGLQJ%ٳ 7RWDO7UDFN/HQJWK$SSUR[LPDWHO\P 7UDLQLQJ/LQHVٳ ̺ ̺ 7RN\R0HWURbV3ROLF\ 7RN\RPHWURbV7UDLQLQJ3URJUDP ̺ ̺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̺ ̺ )HDWXUHVRI&RPSUHKHQVLYH/HDUQLQJDQG7UDLQLQJ&HQWHU :LWKDYDULHW\RIIDFLOLWLHVDQGWUDLQLQJSURJUDPVWKDWHQDEOHFRPSUHKHQVLYHOHDUQLQJWKH &HQWHUSOD\VDQLPSRUWDQWUROHLQHQKDQFLQJVWDIIb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̺ ̺ 岧6DIHW\ 7UDLQLQJ岨 &URVVGHSDUWPHQWDO7UDLQLQJ3URJUDP 7KLVSURJUDPDOORZVVWDIIVIURPGLIIHUHQWGHSDUWPHQWVZRUNWRJHWKHUXVLQJWKHLURZQH[SHUWLVH 9 &RQGXFWLQJDVLPXODWLRQWUDLQLQJWRUHFRYHUDQDFFLGHQWRUWURXEOHWKDWKDVRFFXUUHGLQWKH SDVW 9 (DFKGHSDUWPHQWFROODERUDWHWRPLQLPL]HUHFRYHU\WLPH &URVVGHSDUWPHQW&ROODERUDWLRQ 2YHUYLHZ 6WDWLRQ %XVLQHVV 2SHUDWLRQ 5ROOLQJ6WRFN 0DLQWHQDQFH ,QIUD &RQVWUXFWLRQ 5HQRYDWLRQ )DFLOLWLHV (OHFWULFDO z 2EMHFWLYH 5HLQIRUFHPHQWRIFROODERUDWLRQUROHVLQ GLIIHUHQWGHSDUWPHQWV ([SHULHQFHQHFHVVLW\IRUVSHHG\UHVSRQVH PHDVXUHV 0XWXDOGLVFXVVLRQVDPRQJSDUWLFLSDQWV z 7UDLQLQJ&RQWHQWV 6HUYLFHGLVUXSWLRQGXHWRVLJQDOIDLOXUH 5DLOIDLOXUH 6LJQDOIDLOXUHQHDUDSRLQW 3RLQWIDLOXUH 'DPDJHRUVPRNHVSRWWHGIURPDSDQWRJUDSK 7UDLQLQJLVFRQGXFWHGZLWKVWDIIV IURPGLIIHUHQWGHSDUWPHQWV 6PRNHVSRWWHGIURPXQGHUDWUDLQFDU 0DQDJHPHQWRILQMXU\DFFLGHQW ̺ ̺ 岧6DIHW\ 7UDLQLQJ岨 7UDLQLQJLQFRRSHUDWLRQ &RXQWHUPHDVXUH+HDGTXDUWHUV(VWDEOLVKPHQW ZLWKWKHDGPLQLVWUDWLRQHWF DQG2SHUDWLRQ7UDLQLQJ $FFLGHQWDVVXPSWLRQWUDLQLQJ $FFLGHQWDVVXPSWLRQWUDLQLQJ ̺ ̺ 7UDLQLQJ 3URJUDPIRU'ULYHU 3UHVHQWO\ZHDUHHGXFDWLQJWRWDORIGULYHUVDQG FRQGXFWRUV $W-XQH :HKDYHSURJUDPWRHGXFDWHQHZGULYHUVDQGFRQGXFWRUVHYHU\\HDU (GXFDWLRQ3URJUDP 'ULYHU ,QDGGLWLRQWRLQLWLDOWUDLQLQJSURJUDPRIIHUVIROORZXS WUDLQLQJHPHUJHQF\WUDLQLQJDFFUHGLWDWLRQV\VWHPWR HQKDQFHGULYHUbVFDSDELOLW\ $FDGHPLF6WXGLHV 6NLOOV 5HJLVWUDWLRQ &RPSOHWLRQ &RPSOHWLRQ ([DPLQDWLRQ ([DPLQDWLRQ ([DPLQDWLRQ ,QLWLDO 7UDLQLQJ $FDGHPLF 6NLOOV 6WXGLHV 7UDLQLQJ PRQWKV PRQWKV PRQWKVIRU PRQWKVIRU &RQGXFWRU &RQGXFWRU &RQWL ⺴ )ROORZXS7UDLQLQJ ̺ ̺ &RQWLQXRXV7UDLQLQJ 'ULYHU 8VLQJ6LPXODWRU 8VLQJ7UDLQLQJ/LQH 'ULYLQJZLWKRXWVLJQDOLQGLFDWLRQGXH z 1DWXUDOGLVDVWHU HDUWKTXDNHIORRG WRFDUIDLOXUH z ,QMXU\DFFLGHQW &RQWUROOLQJDQGGULYLQJIURPUHDUFDU z /DVWPLQXWHUXVKRQERDUG GXHWRIDLOXUHRIIURQWGULYLQJFDE z 6PRNHGHWHFWLRQIURPFDU 6WRSSLQJLQEHWZHHQVWDWLRQVDQG z 9DULRXVWUDLQFDUWURXEOH GULYLQJEDFNZDUGVWRWKHRULJLQDOVWDWLRQ z 6LJQDOIDLOXUH 'ULYLQJXQGHUVLWXDWLRQZKHQWKHGRRU z 2WKHUW\SHVRIWURXEOH FORVHLQGLFDWRULVPDOIXQFWLRQLQJ $GMXVWLQJWKHWUDLQSRVLWLRQZKHQ 0RUHWKDQWUDLQLQJFDVHVLQWRWDO RYHUGULYLQJ ̺ ̺ )DFLOLWLHVRI&RPSUHKHQVLYH/HDUQLQJDQG7UDLQLQJ&HQWHU )RU7UDLQ&UHZ )RU7UDIILF&RQWURO 7UDLQ6LPXODWRU5RRP 6LJQDOLQJ7UDLQLQJ5RRP ̺ ̺ 7UDLQLQJ3URJUDPV8VLQJ0RFNXS6WUXFWXUHV 8VLQJPRFNXSVWUXFWXUHVLQWKH&HQWHUDOORZVWUDLQHHVWRH[SHULHQFHDQGOHDUQSUDFWLFDOO\ DSSO\LQJZKDWWKH\OHDUQHGLQDFDGHPLFVWXGLHV &DQDSSO\DFDGHPLF VWXGLHVLQSUDFWLFH 5HIOHFWDQGOHDUQ DIWHUSUDFWLFH ̺ ̺