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TB Agenda May 9, 2019
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ŶĨŽƌĐĞŵĞŶƚKĨĨŝĐĞƌ͛ƐZĞƉŽƌƚ ŽĚĞKĨĨŝĐĞƌΖƐZĞƉŽƌƚϬϰͲϭϵ ͲϴŽƵŶƚLJ>ĞŐŝƐůĂƚŽƌ͛ƐZĞƉŽƌƚ >ĞŐŝƐůĂƚŽƌΖƐZĞƉŽƌƚDĂLJϮϬϭϵ ͲϵsŝƌŐŝůzŽƵƚŚŽŵŵŝƐƐŝŽŶZĞƉŽƌƚ szŐĞŶĚĂĨŽƌDĂLJϳŵĞĞƚŝŶŐ ͲϭϬ,ŽƉĞ>ĂŬĞKƉĞƌĂƚŝŽŶƐZĞƉŽƌƚ Ͳϭϭ,ŝŐŚǁĂLJ^ƵƉĞƌŝŶƚĞŶĚĞŶƚZĞƉŽƌƚ ͘K>h^/E ^^ ͲϭdƌĂŶƐĨĞƌ^ƚĂƚŝŽŶZƵůĞƐ ͲϮ^ĐŚŽŽů/ŶĨŽƌŵĂƚŝŽŶ^ŚĞĞƚ ͘E th^/E ^^ ͲϭƉƉƌŽǀĞ&ŝĞůĚ/ŶƐƉĞĐƚŝŽŶŚĞĐŬůŝƐƚĨŽƌ^ŽůĂƌWƌŽũĞĐƚƐ 6RODU)LOHG,QVSHFWLRQ&KHFN/LVW 8QGHUVWDQGLQJ6RODU393HUPLWWLQJ,QVSHFWLQJ ͲϮƉƉŽŝŶƚ&ƌĞĚĂƌĚĞŶƚŽƚŚĞŽĂƌĚŽĨƐƐĞƐƐŵĞŶƚZĞǀŝĞǁ Z>ĞƚƚĞƌŽĨ/ŶƚĞƌĞƐƚͲĂƌĚĞŶ Ͳϯ>ĞƚƚĞƌĨƌŽŵ^ĞŶĂƚŽƌ^ĞǁĂƌĚ >ĞƚƚĞƌĨƌŽŵ^ĞŶĂƚŽƌ^ĞǁĂƌĚ Ͳϰ&ŝƌƐƚYƵĂƌƚĞƌ^ĂůĞƐZĞƉŽƌƚ ϭƐƚYƵĂƌƚĞƌ^ĂůĞƐdĂdžZĞƉŽƌƚ '͘:KhZEZ 'h>ZdKtEKZD d/E' sŝƌŐŝůdŽǁŶŽĂƌĚDĞĞƚŝŶŐƉƌŝů ϭϭƚŚ͕ϮϬϭϵ ϭ ͮW Ă Ő Ğ dKtEK&s/Z'/>Z 'h>ZD d/E' EWh>/, Z/E' Ɖƌŝů ϭϭƚŚ͕ϮϬϭϵ WZ ^ Ed͗^ƵƉĞƌǀŝƐŽƌ:ŽŚŶ<ĂŵŝŶƐŬŝ͕ŽĂƌĚDĞŵďĞƌƐ :ĞƌĞŵĞ^ƚŝůĞƐ͕ ƌŝĐ^ŶŽǁ͕DĂƚƚĞŶŶŝƐƚŽŶ͕'ĂƌLJWĞůƚŽŶ͕ƚƚŽƌŶĞLJĨŽƌƚŚĞdŽǁŶ WĂƚ^ŶLJĚĞƌ͕dŽǁŶůĞƌŬͬŽůůĞĐƚŽƌůĂŶĞsĂŶŽŶƐĞů͕<ĞŶ^ĐŚĞƌƌŝďůĞΘĂǀŝĚŽŝƐŚ ĂŵĚĞŶ'ƌŽƵƉ͕,ŝŐŚǁĂLJ^ƵƉĞƌŝŶƚĞŶĚĞŶƚƌŝƚƚ DŽƌƐĞ͕ŽƌĞŶĂDŽƌƐĞ 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ďƵƚƚŚĂƚĚĂƚĞŝƐŶŽƚĨŝŶĂůŝnjĞĚ͘DĂƌƐŚƐĂŝĚƚŚĂƚƐŚĞĚŽĞƐŶŽƚǁĂŶƚƚŚĞƚŽǁŶƚŽƚĂŬĞŽǀĞƌƚŚĞďƵŝůĚŝŶŐ͕ƐŚĞĚŽĞƐŶŽƚĨĞĞůƚ ŚĂƚǁŽƵůĚŶŽƚ ŬĞĞƉŽƵƌƚĂdžĞƐůŽǁ͘^ŚĞŵĞŶƚŝŽŶĞĚƚŚĂƚŽƌƚůĂŶĚŽƵŶƚLJŝƐŽŶĞŽĨƚŚĞƉŽŽƌĞƐƚĐŽƵŶƚŝĞƐ͘ d Z/W >dKEͲ dĞƌŝWĞůƚŽŶǁĂƐ ǁŽŶĚĞƌŝŶŐǁŚLJƚŚĞƌƵƐŚ ƚŽǀŽƚĞŽŶƚŚŝƐ͍^ŚĞǁĂƐǁŽŶĚĞƌŝŶŐŝĨƚŚĞƚŽǁŶĐĂŶ ǁĂŝƚĂLJĞĂƌŽĨƚǁŽ͘<ĂŵŝŶƐŬŝ ƐĂŝĚ ƚŚĞƐĐŚŽŽůǁŽƵůĚůŝŬĞƚŽŐĞƚŽƵƚĨƌŽŵƵŶĚĞƌƚŚĞďƵŝůĚŝŶŐ͘WĞůƚŽŶĨĞůƚŝƚǁŽƵůĚďĞĂŐŽŽĚŝĚĞĂƚŽůĞƚƉĞŽƉůĞŐĞƚƵƐĞĚƚŽƚŚĞďƵŝůĚŝŶŐ ŶŽƚďĞŝŶŐĂƐĐŚŽŽů͕ĂƐŽƉƉŽƐĞĚ ƚŽǀŽƚŝŶŐ ƌŝŐŚƚĂǁĂLJ͘<ĂŵŝŶƐŬŝŚĂƐƉƌŽƉŽƐĞĚĂĚĂƚĞƚŽǀŽƚĞĂůůŽǁŝŶŐƚŚĞ ĐŽŵŵƵŶŝƚLJƚŽŵĂŬĞƚŚĞ ĚĞĐŝƐŝŽŶ͘ ^EzWZ/ Ͳ ^ĂŶĚLJWƌŝĐĞƐĂŝĚƚŚĂƚ /ĨLJŽƵĚŽŶ͛ƚĚĞůĂLJƚŚĞǀŽƚĞ͕ƐŚĞĨĞĞůƐ ƚŚĂƚƚŚĞƚŽǁŶǁŝůůďĞĂďůĞƚŽŵĂŬĞƚŚĞ ĚĞĐŝƐŝŽŶĂƐƚŽǁŚĂƚ ŚĂƉƉĞŶƐƚŽƚŚĞďƵŝůĚŝŶŐ͘^ŚĞƌĞĂĐŚĞĚŽƵƚƚŽ^ĞŶĂƚŽƌ^ĞǁĂƌĚ ƚŽƐĞĞŝĨƚŚĞƐƚĂƚĞŚĂĚĂŶLJĨƵŶĚƐƚŽŚĞůƉǁŝƚŚƚŚĞĐŽƐƚƐĨŽƌƚŚƌĞĞLJĞĂƌƐ͘ ,ĞŶĞĞĚĞĚĂůĞƚƚĞƌĨƌŽŵƚŚĞďŽĂƌĚĞdžƉƌĞƐƐŝŶŐĂŶŝŶƚĞƌĞƐƚŝŶƚŚĞĨƵŶĚƐ͘dŚĞďŽĂƌĚŚĂƐŶŽƚŵĂĚĞĂĚĞĐŝƐŝŽŶŽŶǁƌŝƚŝŶŐ ƚŚĞůĞƚƚĞƌ͘WƌŝĐĞ ƐĂŝĚƚŚĞĐŽŵŵŝƚƚĞĞĐĂŵĞƵƉǁŝƚŚϯϯŝĚĞĂƐƚŚĂƚƚŚĞďƵŝůĚŝŶŐĐŽƵůĚďĞƵƐĞĚĨŽƌ͘^ŚĞƐĂŝĚƚŚĂƚŽŶĞĚĞǀĞůŽƉĞƌǁĂƐǀĞƌLJŝŶƚĞƌĞƐƚĞĚ͘WƌŝĐĞ ƐĂŝĚƚŚĂƚƚŚĞĚĞǀĞůŽƉĞƌƐ ĐŽƵůĚŶ͛ƚŐŝǀĞƵƐĂĨŝƌŵĐŽŵŵŝƚŵĞŶƚ ďĞĐĂƵƐĞƚŚĞĐŽŵŵŝƚƚĞĞĐŽƵůĚŶ͛ƚŐŝǀĞƵƐĂĨŝƌŵ ĂŶƐǁĞƌĂƐƚŽŝĨƚŚĞƚŽǁŶ ǁŝůůƚĂŬĞŽǀĞƌƚŚĞďƵŝůĚŝŶŐ͘^ŚĞƐĂŝĚĂŐĂŝŶ ƚŚĂƚƚŚĞŽŵŵŝƚƚĞĞĐĂŵĞƵƉǁŝƚŚ ϯϯŝĚĞĂƐ͘ĐŽƵƉůĞĂƌĞĂ ďƵƐŝŶĞƐƐĐĞŶƚĞƌ ŽƌƚŚĞƚŽǁŶŚĂůů͘ ^ŚĞƐĂŝĚƚŚĞďƵŝůĚŝŶŐĚŽĞƐŚĂǀĞĂŐĞŶĞƌĂƚŽƌ͕ǁŚŝĐŚǁŽƵůĚďĞŐŽŽĚŝŶĐĂƐĞŽĨĂŶĞŵĞƌŐĞŶĐLJ͘^ŚĞƐĂŝĚƌŝŐŚƚŶŽǁƚŚĞƚŽǁŶŚĂůůŚĂƐ ƐĞĐƵƌŝƚLJŝƐƐƵĞƐ͘^ŚĞƐĂŝĚƚŚĞũƵĚŐĞŽƌďŽĂƌĚŝƐŶŽƚƐĂĨĞǁŚĞƌĞƚŚĞLJĂƌĞ͘ ^d s d Zt/>>/' ZͲ dĞƌǁŝůůŝŐĞƌǁĂŶƚĞĚƚŽŬŶŽǁŝĨƚŚĞƌĞ ǁĂƐŐŽŝŶŐƚŽďĞĂdŽǁŶŽĂƌĚ ǀŽƚĞŽƌŝĨŝƚǁĂƐŐŽŝŶŐƚŽĂƉƵďůŝĐƌĞĨĞƌĞŶĚƵŵ͘ <ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚƚŚĞƉƵďůŝĐǁŝůůǀŽƚĞŽŶŝƚĂŶĚĂŶ ŝŶĨŽƌŵĂƚŝŽŶǁŝůůďĞƐĞŶƚŽƵƚ͘<ĂŵŝŶƐŬŝƐĂŝĚŝƚǁŝůůĐŽƐƚĂƉƉƌŽdžŝŵĂƚĞůLJΨϱϰ͕ϬϬϬƚŽ ŵĂŝŶƚĂŝŶƚŚĞďƵŝůĚŝŶŐ͘dĞƌǁŝůůŝŐĞƌƐĂŝĚƚŚĂƚĞǀĞŶŝĨƚŚĞLJŐĞƚŵŽŶĞLJĨƌŽŵƚŚĞƐƚĂƚĞƵůƚŝŵĂƚĞůLJ͕ŝƚ͛Ɛ ĂůůƚĂdžƉĂLJĞƌƐŵŽŶĞLJ͘dĞƌǁŝůůŝŐĞƌƐĂŝĚ ƚŚĂƚƚŚĞƚĂdžƉĂLJĞƌƐǁŝůůƉĂLJ͘<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚƚŚĞƚŽǁŶŚĂƐĐŽŶƚƌŽůŽǀĞƌǁŚĂƚĞǀĞƌŐŽĞƐŝŶƚŚĞďƵŝůĚŝŶŐƚŚƌŽƵŐŚ ƚŚĞƚŽǁŶƐnjŽŶŝŶŐ ůĂǁ͘ <ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚŝĨ ƚŚĞLJĚŽŶ͛ƚƚĂŬĞƚŚĞďƵŝůĚŝŶŐ͕ƚŚĞLJǁŽƵůĚƐƚŝůůůŝŬĞƚŽŐĞƚƚŚĞŐƌŽƵŶĚƐ 'z> <Zz' ZͲ 'ĂLJůĞ <ƌLJŐĞƌ ƐĂŝĚƚŚĂƚƚŚĞƐĐŚŽŽůĂĚĚĞĚ ǀĂůƵĞƚŽƚŽǁŶ͘^ŚĞƐĂŝĚƐŚĞůŽǀĞĚƚŚĞƐĐŚŽŽů͖ŚĞƌĐŚŝůĚƌĞŶĂŶĚŐƌĂŶĚĐŚŝůĚƌĞŶ ǁĞŶƚƚŽƚŚĞƐĐŚŽŽůĂŶĚƚŚĞLJŐŽƚ ĂŐŽŽĚƐƚĂƌƚ ƚŚĞƌĞ͘^ŚĞƐĂŝĚƚŚĂƚŝĨƐŽŵĞŽŶĞĞůƐĞƚĂŬĞƐŽǀĞƌƚŚĞďƵŝůĚŝŶŐŽƵƌƚĂdžĂƐƐĞƐƐŵĞŶƚƐǁŽŶ͛ƚ ŐŽƵƉ͘<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚƚŚĞĂƐƐĞƐƐŽƌĞƐƚŝŵĂƚĞĚƚŚĞƉƌŽƉĞƌƚLJƚŽďĞǁŽƌƚŚďĞƚǁĞĞŶΨϱϬϬ͕ϬϬϬͲΨϳϱϬ͕ϬϬϬ͕ƚŚĂƚŝƐŚŽǁŵƵĐŚǁŽƵůĚŐŽ ďĂĐŬŽŶƚŚĞƚĂdžƌŽůů͘<ƌLJŐĞƌƐĂŝĚƚŚĂƚƚŚŝƐŝƐŚĂƉƉĞŶŝŶŐĂůůŽǀĞƌƚŚĞƐƚĂƚĞ͘ĚĞǀĞůŽƉĞƌƚŚĂƚůŝǀĞƐĂƚ'ƌĞĞŬWĞĂŬŝƐŝŶƚĞƌĞƐƚĞĚŝŶƚƵƌŶŝŶŐ ƚŚĞďƵŝůĚŝŶŐŝŶƚŽƐĞŶŝŽƌĐŝƚŝnjĞŶŚŽƵƐŝŶŐĂŶĚ ƚŚŝƐŝƐŶŽƚƚŚĞŝƌĨŝƌƐƚǀĞŶƚƵƌĞ͘dŚĞLJǁĂŶƚƚŽĚŽ ƐŽŵĞƚŚŝŶŐŶŝĐĞ ǁŝƚŚ ƚŚĞƉƌŽƉĞƌƚLJ͘^ŚĞƐĂŝĚ ƚŚĂƚƚŚĞLJǁŽƵůĚďĞǁŝůůŝŶŐƚŽĂůůŽǁƚŚĞĐŽŵŵƵŶŝƚLJƚŽƵƐĞ ƚŚĞďƵŝůĚŝŶŐŽŶƐŽŵĞŶŝŐŚƚƐ͘ :K,E/EKddͲ :ŽŚŶŝŶĐŽƚƚĂ ǁĂƐǀĞƌLJǁŽƌƌŝĞĚĂďŽƵƚƚŚĞĐŽƐƚƐƚŽƚŚĞƚŽǁŶ͘,ĞƐĂŝĚƚŚĂƚƚŚĞďƵŝůĚŝŶŐǁŽƵůĚŶĞĞĚĂďŝŐŐĞƌƐĞǁĞƌ͍ ŶĚŚĞǁĂƐǁŽŶĚĞƌŝŶŐŝĨƚŚĞLJǁĞƌĞŐŽŝŶŐƚŽƚĂŬĞĐĂƌĞŽĨƚŚĂƚŽƌǁŽƵůĚƚŚĞƚŽǁŶŚĂǀĞƚŽĚŽƚŚĂƚ͘<ĂŵŝŶƐŬŝ ƐĂŝĚƚŚĂƚƚŚĞďƵŝůĚŝŶŐŚĂƐ ďĞĞŶŵĂŝŶƚĂŝŶŝŶŐϭϱϬƐƚƵĚĞŶƚƐŽŶĂĚĂŝůLJďĂƐŝƐ͕ŚĞƐĂŝĚƚŚĞLJĂƌĞŶŽƚŐŽŝŶŐƚŽĨůŽŽĚƚŚĞƉůĂĐĞ͘ŝŶĐŽƚƚĂƐĂŝĚƚŚĂƚǁŚĞŶŐƌŽƵƉƐĐŽŵĞŝŶ ƚŚĞLJůŝŬĞƚŽŐĞƚW/>KdĂŐƌĞĞŵĞŶƚƐĂŶĚƚŚĞŝƌƚĂdžĞƐĂƌĞĚĞĨĞƌƌĞĚĨŽƌƚĞŶLJĞĂƌƐ͘ ^EzWZ/ ͗WƌŝĐĞƐĂŝĚƚŚĂƚƚŚĞ ^ WW 'ƌŽƵƉƚŚĂƚŵĂŶĂŐĞƐƌĞĂŵĞƌLJ,ŝůůƐŝŶ,ĂƌĨŽƌĚŽŶůLJĚŝĚĂW/>Kd ǁŝƚŚƚŚĞ ƚŽǁŶďŽĂƌĚ͘dŚĞLJ ǁŽƵůĚŶ͛ƚďĞĚŽŝŶŐĂŽƵŶƚLJW/>Kd͘ Z/&/d, dd ͗&ŝƚĐŚĞƚƚĞƋƵĞƐƚŝŽŶĞĚƚŚĞΨϱϰ͕ϬϬϬĐŽƐƚ ƚŽŵĂŝŶƚĂŝŶƚŚĞďƵŝůĚŝŶŐ͘,ĞǁŽŶĚĞƌĞĚŝĨƚŚĂƚǁĂƐĂŶƚŝĐŝƉĂƚĞĚ ŵĂŝŶƚĞŶĂŶĐĞ ĐŽƐƚƐĨŽƌ ϯͲϱLJĞĂƌƐ͍<ĂŵŝŶƐŬŝ ƐĂŝĚƚŚĂƚƚŚĞLJŐŽƚƚŚĞĐŽƐƚƐĨƌŽŵƚŚĞƐĐŚŽŽů ĂŶĚŝƚ͛ƐĨŽƌĂLJĞĂƌ͘dŚĞůŝƐƚ ŽĨĐŽƐƚƐŝŶĐůƵĚĞƐ ĞůĞĐƚƌŝĐŝƚLJ͕ ŵĂŝŶƚĞŶĂŶĐĞ͕ĨƵĞůĂŶĚŝŶƐƵƌĂŶĐĞĂŶĚŚĞ ƉĂĚĚĞĚŝƚ Ψϵ͕ϬϬϬ͘<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚƚŚĞďƵŝůĚŝŶŐŝƐŝŶŐŽŽĚƐŚĂƉĞǁŝƚŚ ďƌĂŶĚŶĞǁǁŝŶĚŽǁƐ ĂŶĚĂ ďƌĂŶĚͲŶĞǁ ďŽŝůĞƌ͘&ŝƚĐŚĞƚƚĞ ǁĂŶƚĞĚƚŽŬŶŽǁŝĨƚŚĞƚŽǁŶǁĂƐŐŽŝŶŐƚŽƉƵƌƐƵĞƚŚĞƉůĂLJŐƌŽƵŶĚĂŶĚƚŚĞǁĂůŬŝŶŐƚƌĂŝů͘,ĞƐĂŝĚƚŚĂƚ ŚĞŬŶŽǁƐƚŚĂƚƚŚĞďƵŝůĚŝŶŐŝƐĂŶĞŵŽƚŝŽŶĂůůLJ ĐŚĂƌŐĞĚ ƚŽƉŝĐ͘,ĞǁŽƵůĚůŝŬĞƚŽƐĞĞŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶŐĂƚŚĞƌĞĚ ĨƌŽŵƚŚĞĐŽŵŵƵŶŝƚLJ ďĞĨŽƌĞŝƚŐŽĞƐƚŽĂǀŽƚĞ͘<ĂŵŝŶƐŬŝ ƐĂŝĚƚŚĞLJĐĂŶƉƵƐŚŽĨĨƚŚĞŵŝƐƐŝŽŶƐƚĂƚĞŵĞŶƚ͘DĂƚƚŚĞǁĞŶŶŝƐƚŽŶƐĂŝĚƚŚĂƚŚĞŝƐŶŽƚƐƵƌĞƚŚĞƐĐŚŽŽů ŝƐŶŽƚ ŝŶĐůŝŶĞĚ ƚŽƐĞƉĂƌĂƚĞƚŚĞůĂŶĚ͘ Z/ >> ZKtEͲ ƌŽǁŶǁĂŶƚĞĚƚŽŵĂŬĞƐƵƌĞƚŚĂƚƚŚĞďŽĂƌĚĂƐŬĞĚĨŽƌƚŚĞƉůĂLJŐƌŽƵŶĚ ĂŶĚǁĂůŬŝŶŐƉĂƚŚ͘<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚƚŚĞLJ ĂƐŬĞĚĨŽƌŝƚ͕ďƵƚƉůĂLJŐƌŽƵŶĚǁŽƵůĚŚĂǀĞ ƚŽďĞŵŽǀĞĚ͘,ĞǁŽƵůĚůŝŬĞƚŽƐĞůůƚŚĞƉĂƌŬŝŶŐůŽƚƐǁŝƚŚƚŚĞďƵŝůĚŝŶŐ͕ĂůŽŶŐǁŝƚŚƚŚĞƐŝĚĞƌŽĂĚ͘ ,ĞƐĂŝĚƚŚĂƚŚĞǁŽƵůĚůŝŬĞƚŽŬĞĞƉƚŚĞƉůĂLJŐƌŽƵŶĚĂŶĚƚŚĞǁĂůŬŝŶŐƚƌĂŝů ĨŽƌƚŚĞƚŽǁŶ͘<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚĂ ůŽƚŽĨƉĞŽƉůĞƵƐĞŝƚ͘ƌŽǁŶ ǁĂŶƚĞĚƚŽŬŶŽǁŚŽǁ ŵƵĐŚŝƚǁŽƵůĚĐŽƐƚƚŚĞƚŽǁŶŝĨƚŚĞLJŽŶůLJƚŽŽŬ ĐĂƌĞ ŽĨƚŚĞƉůĂLJŐƌŽƵŶĚ ĂŶĚǁĂůŬŝŶŐƚƌĂŝů͕<ĂŵŝŶƐŬŝƐĂŝĚ ĂďŽƵƚ ΨϴϴϬϬ͘ĂLJĞĂƌ͘ƌŽǁŶĂƐŬĞĚŝĨƚŚĞŐŽĂůŽĨƚŚĞƚŽǁŶŝƐƚŽŬĞĞƉƚŚĞůĂŶĚĂŶĚƐĞůůƚŚĞďƵŝůĚŝŶŐ ĂŶĚŝĨƐŽ͕ǁŽƵůĚƚŚĞƚŽǁŶ ŬĞĞƉƚŚĞ sŝƌŐŝůdŽǁŶŽĂƌĚDĞĞƚŝŶŐƉƌŝů ϭϭƚŚ͕ϮϬϭϵ ϯ ͮW Ă Ő Ğ ƉůĂLJŐƌŽƵŶĚ͘tŝůů ƚŚĞǀŽƚĞďĞũƵƐƚĨŽƌƚŚĞ ďƵŝůĚŝŶŐ͍^ŚĞǁĂŶƚƐƚŽŵĂŬĞƐƵƌĞƚŚĂƚŝƐĐƵƚĂŶĚĚƌLJ͘<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚŝĨƚŚĞLJŬĞĞƉƚŚĞůĂŶĚ ƚŚĞƉůĂLJŐƌŽƵŶĚǁŝůůŚĂǀĞƚŽďĞ ŵŽǀĞĚ͕ďĞĐĂƵƐĞŝƚ͛ƐŽŶƚŚĞďƵŝůĚŝŶŐƐƐĞƉƚŝĐƚĂŶŬ͘:ŽŚŶŝŶĐŽƚƚĂĂƐŬĞĚǁŚLJƚŚĞƚŽǁŶƐŚŽƵůĚŬĞĞƉƚŚĞ ůĂŶĚ͍ƌŽǁŶƐĂŝĚƚŚĂƚŽƵƌĐŚŝůĚƌĞŶƐŚŽƵůĚŚĂǀĞĂƉůĂĐĞƚŽŐŽ ĂƉůĂĐĞƚŽƉůĂLJ͘dŚĞLJĂƌĞ ůŽƐŝŶŐƚŚĞŝƌƐĐŚŽŽů ƚŚĞLJƐŚŽƵůĚƐƚŝůůŚĂǀĞĂƉůĂĐĞ ƚŽŐŽĂŶĚƉůĂLJ͘dĞƌǁŝůůŝŐĞƌƐĂŝĚƚŚĂƚEĞǁzŽƌŬ^ƚĂƚĞ>ĂǁĚŝĐƚĂƚĞƐƚŚĂƚŝĨĂƉůĂLJŐƌŽƵŶĚŝƐĞůŝŵŝŶĂƚĞĚ͕ŝƚ ŶĞĞĚƐ ƚŽďĞƌĞƉůĂĐĞĚ ĂŶĚƚŚĞ ŵƵŶŝĐŝƉĂůŝƚLJ ŶĞĞĚƐƚŽƌĞƉůĂĐĞŝƚ͘,ŝŐŚǁĂLJ^ƵƉĞƌŝŶƚĞŶĚĞŶƚDŽƌƐĞƐĂŝĚƚŚĂƚŝƐŽŶůLJŝĨƚŚĞƉůĂLJŐƌŽƵŶĚǁĂƐŽǁŶĞĚďLJƚŚĞŵƵŶŝĐŝƉĂůŝƚLJŝŶ ƚŚĞĨŝƌƐƚƉůĂĐĞ͘,ĞǁĂƐŶ͛ƚ ƐƵƌĞŝĨ ƚŚĞƐĐŚŽŽůŽǁŶĞĚ ŝƚ͘ W ''z/s/ Ͳ /ǀŝĞǁĂŶƚĞĚƚŽŬŶŽǁŝĨĂŶLJŽŶĞŚĂĚĐŽŶƚĂĐƚĞĚ ŽƌŶĞůůŽƌ^LJƌĂĐƵƐĞ hŶŝǀĞƌƐŝƚLJƚŽĚŽĂƐƚƵĚLJ͘ů<ƌLJŐĞƌƐĂŝĚƚŚĂƚƚŚĞLJĂƌĞ ǁŝůůŝŶŐ ƚŽůŽŽŬĂƚŝƚ ŶĞdžƚĨĂůů͕ďƵƚƚŚĞLJĂƌĞĂůůŬĞĚƵƉƌŝŐŚƚŶŽǁ͘dŚĞLJǁŝůůĚŽŝƚĂƐƉĂƌƚŽĨƚŚĞŝƌ ĐƵƌƌŝĐƵůƵŵ͕ďƵƚďĞĨŽƌĞƚŚĞLJĐĂŶĐŽŵŵŝƚ ƚŚĞLJ ŶĞĞĚƚŽŬŶŽǁǁŚŽŽǁŶƐƚŚĞƐĐŚŽŽů͘dŚĞLJĂƌĞǁĂŝƚŝŶŐ ƚŽƐĞĞǁŚĂƚƚŚĞďŽĂƌĚ ǁŝůůĚŽ͘dŚĞLJǁĞƌĞŽƌŝŐŝŶĂůůLJƚŽůĚƚŚĂƚŝƚǁŽƵůĚďĞϮͲ ϯLJĞĂƌƐ ďĞĨŽƌĞĂŶLJƚŚŝŶŐǁŽƵůĚŚĂƉƉĞŶ͘<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚƚŚĞLJǁĞƌĞŽƌŝŐŝŶĂůůLJ ƚŽůĚƚŚĂƚƚŚĞďƵŝůĚŝŶŐ ŚĂĚƚŽƐŝƚĨŽƌŽŶĞLJĞĂƌ͕ďƵƚŶŽǁ ƚŚĞƐĐŚŽŽůƐĂLJƐƚŚĂƚ͛ƐŶŽƚƚƌƵĞ͘<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚŽƌŶĞůů ŝƐĚŽŝŶŐĂƐƚƵĚLJŝŶŝŶŐŚĂŵƚŽŶ͘ dZ/^,: ^^ dͲ :ĞƐƐĞƚ ǁĂŶƚĞĚƚŽŬŶŽǁŝĨƚŚĞƌĞǁĂƐĂŶLJĚŝƐĂĚǀĂŶƚĂŐĞ ƚŽƉƵƐŚŝŶŐŽĨĨ ƚŚĞǀŽƚĞ͍^ŚĞĨĞůƚƚŚĞŽŶůLJĂĚǀĂŶƚĂŐĞ ƚŽŵŽǀŝŶŐ ƋƵŝĐŬůLJǁĂƐĨŽƌƚŚĞƐĐŚŽŽů͘<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚŝƚ ďĞŶĞĨŝƚƐƚŚĞĚŝƐƚƌŝĐƚƚŽƐĞůůƚŚĞƉƌŽƉĞƌƚLJƚŽ ƚŚĞƚŽǁŶĨŽƌĂĚŽůůĂƌ͘LJĚŽŝŶŐƐŽƚŚĞLJǁŝůů ůŽƐĞ ŽŶĞĚŽůůĂƌŝŶ ƐƚĂƚĞĂŝĚ͕ŝƚďĞŶĞĨŝƚƐƚŚĞŵĨŽƌƵƐƚŽƚĂŬĞŝƚ͘:ĞƐƐĞƚǁĂŶƚĞĚƚŽŬŶŽǁŝĨ ƚŚĞƌĞĂƌĞĂŶLJĂĚǀĂŶƚĂŐĞƐŚĂǀŝŶŐƚŚĞ ƐĐŚŽŽů ĂƵĐƚŝŽŶŽĨĨƚŚĞƉƌŽƉĞƌƚLJ ŽƌĐŽƵůĚƚŚĞƚŽǁŶƚĂŬĞƚŚĞƉƌŽƉĞƌƚLJ ĂŶĚĂƵĐƚŝŽŶŝƚ͍^ŚĞǁĂŶƚĞĚƚŽŬŶŽǁŝĨƚŚĞƌĞǁĞƌĞĂŶLJŶĞŐĂƚŝǀĞƐƚŽ ƚŚĞ ƚŽǁŶƚĂŬŝŶŐƚŚĞƉƌŽƉĞƌƚLJĂŶĚĂƵĐƚŝŽŶŝŶŐ ŝƚŽĨĨ͘^ŚĞǁŽŶĚĞƌĞĚŝĨƚŚĞƚŽǁŶĐŽƵůĚŐĞƚƐƚƵĐŬǁŝƚŚŝƚ͘ ^d s d Zt/>>/' ZͲ tŚĂƚǁŝůůƚŚĞƐĐŚŽŽůĚŽ ŝĨƚŚĞƚŽǁŶĚŽĞƐŶ͛ƚƚĂŬĞŝƚŽǀĞƌ͍^ƚŝůĞƐƐĂŝĚƚŚĞLJǁŝůů ƐĞůůŝƚƚŽƚŚĞŚŝŐŚĞƐƚďŝĚĚĞƌ͕ďƵƚ ĂŶLJŽŶĞǁŚŽďƵLJƐŝƚǁŝůů ŚĂǀĞƚŽĨŽůůŽǁƚŚĞŐƵŝĚĞůŝŶĞƐŽĨƚŚĞnjŽŶŝŶŐ͘ŽŶĞĚƌĞƐŝĚĞŶƚŝĂů͘dĞƌǁŝůůŝŐĞƌǁĂŶƚĞĚĨĞĞĚďĂĐŬ ĨƌŽŵƚŚĞďŽĂƌĚ͘ :K,E<D/E^</͗<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚŝƚŚĂƐƚŽďĞůŽŽŬĞĚ ĂƚĂƐĂďƵƐŝŶĞƐƐ ĚĞĐŝƐŝŽŶ͘,ĞƐĂŝĚƚŚĂƚǁĞŚĂǀĞƚŽůŽŽŬ ĂƚƚŚĞƚĂdžƉĂLJĞƌƐ͛ĚŽůůĂƌƐ͘ ŽǁĞƚĂŬĞŝƚĂŶĚƐĞůů͍ŽǁĞƵƐĞŝƚ ĨŽƌƐƚŽƌĂŐĞ͍ŽǁĞŶĞĞĚŝƚ͍,ĞƐĂŝĚǁĞ ďƵŝůƚŽŶĂŶĂĚĚŝƚŝŽŶ ĂƚƚŚĞƚŽǁŶŚĂůů͕ŶŽǁ ƚŚŝƐŚĂƉƉĞŶƐ͘ : Z D ^d/> ^͗^ƚŝůĞƐƐĂŝĚƚŚĂƚƚŚĞLJĂůů ŚĂǀĞƚŚĞŝƌŽǁŶǀŝĞǁƐ͘,ĞůŝŬĞƐ ƚŚĞsŝƌŐŝů^ĐŚŽŽů͖ŚĞǁŝƐŚĞƐ ŝƚǁĂƐƐƚŝůůƚŚĞƌĞ͘,ĞĨĞĞůƐůŝŬĞƚŚĞ ƐĐŚŽŽůŝƐƉƵƐŚŝŶŐ ŝƚŽŶƚŽƚŚĞƚŽǁŶ͘,ĞǁŽŶĚĞƌƐǁŚŽ ŝƐŐŽŝŶŐƚŽƚĂŬĞŝƚŽŶ͍tŚŽ͛Ɛ ŐŽŝŶŐƚŽƚĂŬĞĐĂƌĞŽĨŝƚ͍ƌĞƚŚĞƚĂdžƉĂLJĞƌƐŐŽŝŶŐƚŽ ĞdžĐĞĞĚƚŚĞƚĂdžĐĂƉ͍,ĞƐĂŝĚŚĞŝƐůŽŽŬŝŶŐĂƚƚŚĞǁŚŽůĞƉŝĐƚƵƌĞ͘,ĞƐĂŝĚƚŚĂƚĂŶŽƚŚĞƌŝƐƐƵĞ ŝƐƚŚĂƚƚŽǁŶ ůĂǁĨŽƌďŝĚƐ ƚŽǁŶƐ ĨƌŽŵƚĂŬŝŶŐ ŽǀĞƌĂďƵŝůĚŝŶŐǁŝƚŚŽƵƚĂĐůĞĂƌƉƵƌƉŽƐĞ͘ Ddd EE/^dKEͲ ĞŶŶŝƐƚŽŶƐĂŝĚƚŚĂƚƚŚĞ ĐŽŵŵŝƚƚĞĞ͕ĐĂŵĞƵƉǁŝƚŚĂůŽƚŽĨŝĚĞĂƐ͘,ĞƐĂŝĚƚŚĂƚƚŚĞďŽĂƌĚĚŽĞƐŶ͛ƚǁĂŶƚƚŽďĞ ůĂŶĚůŽƌĚƐ͘,ĞŝƐĐŽŶĐĞƌŶĞĚƚŚĂƚƚŚĂƚƚŽǁŶǁŽŶ͛ƚďĞĂďůĞƚŽƚĂŬĞĐĂƌĞŽĨƚŚĞďƵŝůĚŝŶŐĂŶĚŶŽƚĞdžĐĞĞĚƚŚĞƚĂdž ĐĂƉ͘ Z/^EKtͲ ^ŶŽǁƐĂŝĚƚŚĂƚƚŚĞƌĞǁĞƌĞĂůŽƚŽĨŐŽŽĚŝĚĞĂƐ ŐĞŶĞƌĂƚĞĚ͕ŚŽǁĞǀĞƌƉĞŽƉůĞ ŶĞĞĚƚŽĨŽůůŽǁƚŚƌŽƵŐŚǁŝƚŚŝĚĞĂƐ͘,ĞĚŽĞƐŶ͛ƚ ĨĞĞůƚŚĞ ŶĞĞĚƚŽƌƵƐŚŝŶƚŽƚŚĞǀŽƚĞ͘/ƚŚŝŶŬǁĞŚĂǀĞĞŶŽƵŐŚƚŝŵĞƚŽƚŚŝŶŬŝƚƚŚƌŽƵŐŚ͘,ĞĚŽĞƐŶ͛ƚǁĂŶƚƚŽƉƵƐŚƚŚĞƌĞĨĞƌĞŶĚƵŵƚŚĂƚ ƐŽŽŶ͘ 'ZzW >dKEͲ WĞůƚŽŶƐĂŝĚƚŚĞƚŽǁŶŶĞĞĚƐĂĐůĞĂƌƉůĂŶĂŶĚĂĐŽŶƐŽůŝĚĂƚŝŽŶŽĨŝĚĞĂƐ͘,ĞƐĂŝĚŚĞƚŽŽŬĂƚŽƵƌŽĨƚŚĞďƵŝůĚŝŶŐ ĂŶĚŚĞĐĂŶ ƐĞĞǁŚLJƉĞŽƉůĞŚĂǀĞĂŶĂƚƚĂĐŚŵĞŶƚƚŽƚŚĞƐĐŚŽŽů͘,ĞƐĂŝĚƚŚĂƚŝƐŐŽŝŶŐ ƚŽŐĞƚůŽƐƚǁŚĞŶƚŚĞ ĐŚŝůĚƌĞŶ ŐŽƚŽŽƌƚůĂŶĚ͘WĞůƚŽŶƐĂŝĚƚŚĂƚ ǁŚĞŶŚĞ ůŽŽŬƐ ĂƚƚŚĞďƵŝůĚŝŶŐ͕ŚĞƐĞĞƐ ĂƐĐŚŽŽů͘,ĞƐĂŝĚǁŚĂƚĞǀĞƌŚĂƉƉĞŶƐŝƚƐŐŽŝŶŐƚŽƚĂŬĞĐŽŵŵŝƚŵĞŶƚ ĨƌŽŵƚŚĞƌĞƐŝĚĞŶƚƐ͘WĞůƚŽŶ ƐĂŝĚƚŚĞĚĞĐŝƐŝŽŶŝƐŐŽŝŶŐƚŽŚĂǀĞƚŽĐŽŵĞĨƌŽŵƚŚĞĐŽŵŵƵŶŝƚLJ͘ ^d s d Zt/>>/' ZͲ dĞƌǁŝůůŝŐĞƌǁĂŶƚĞĚƚŚĞƌŽƵŐŚĐŽƐƚƚŽĚĞŵŽůŝƐŚƚŚĞďƵŝůĚŝŶŐ͘<ĂŵŝŶƐŬŝƐĂŝĚƚŚĞLJŐŽĂƉƌŝĐĞŽĨΨϭϱϬ͕ϬϬϬͲϭϴϬ͕ϬϬϬ ĨŽƌĚĞŵŽůŝƚŝŽŶ͘dĞƌǁŝůůŝŐĞƌĂƐŬĞĚŝĨƚŚĂƚĐŽƵůĚďĞĂƉĂƌƚŽĨĂĚĞĂůŝĨƚŚĞƚŽǁŶ ĂƐŬĞĚ ƚŚĞŵƚŽĚĞŵŽůŝƐŚŝƚ͘<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚ ǁĂƐĂŶ ŽƉƚŝŽŶ͘dĞƌǁŝůůŝŐĞƌ ƐĂŝĚƚŚĂƚŝĨƚŽǁŶƌĞƐŝĚĞŶƚƐĂƌĞŐŽŝŶŐƚŽǀŽƚĞŽŶƚŚŝƐ͕ƚŚĞLJŶĞĞĚĂŶŝŶĨŽƌŵĂƚŝŽŶƐŚĞĞƚǁŝƚŚƚŚĞĨĂĐƚƐ͘<ĂŵŝŶƐŬŝǁŽƵůĚ ůŝŬĞĨŽƌŝƚƚŽŐŽƚŽĂǀŽƚĞƐŽƚŚĞĐŽŵŵƵŶŝƚLJ ǁŝůůĚŝĐƚĂƚĞ ŽŶŚŽǁƚŽƉƌŽĐĞĞĚ͘^ƚŝůĞƐƐĂŝĚƚŚĂƚŝĨƚŚĞĚĞĐŝƐŝŽŶŝƐƚŽ ŐŽƚŽĂǀŽƚĞ ƚŚĞƌĞ ŶĞĞĚƐ ƚŽďĞ ĂĐůĞĂƌƉƵƌƉŽƐĞ͘<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚĂŐŽǀ͛ƚĂŐĞŶĐLJŽĨĨĞƌĞĚ ƵƐƚŚĞďƵŝůĚŝŶŐ͕ƚŚĂƚĐĂŶďĞƚŚĞƉƵƌƉŽƐĞ͘^ƚŝůĞƐƐĂŝĚƚŚĂƚ͛ƐŶŽƚƚŚĞ ƉƵƌƉŽƐĞ͘ ZK> Z <h'>ZͲ ZĞŬƵŐůĞƌǁĂŶƚĞĚƚŽŬŶŽǁŝĨ ƚŚĞƚŽǁŶ ƚĂŬĞƐ ŽǀĞƌ ƚŚĞƉƌŽƉĞƌƚLJ͕ĚŽ ǁĞŶĞĞĚƚŽŚŝƌĞĂƉƌŽƉĞƌƚLJŵĂŶĂŐĞŵĞŶƚ ĐŽŵƉĂŶLJ ĂŶĚǁŚĂƚ ǁŽƵůĚďĞƚŚĞ ĐŽƐƚ ŽĨŚŝƌŝŶŐĂĐŽŵƉĂŶLJ ĐŽŵƉĂƌĞĚƚŽĚĞŵŽůŝƐŚŝŶŐƚŚĞďƵŝůĚŝŶŐ͘<ĂŵŝŶƐŬŝƐĂŝĚƚŚĞLJǁŽƵůĚŚĂǀĞƚŽ ĚŽĂĐŽƐƚĂŶĂůLJƐŝƐ͘ZĞŬƵŐůĞƌǁĂŶƚĞĚƚŽŬŶŽǁŝĨƚŚĞƌĞǁŝůůďĞĂŶŝŶĨŽƌŵĂƚŝŽŶƐŚĞĞƚǁŝƚŚƚŚĞĐŽƐƚƐĂŶĚĂŶLJŶĞŐŽƚŝĂƚŝŽŶƐ ĐůĞĂƌůLJƐƚĂƚĞĚ͘ ^ŚĞƐĂŝĚƚŚĂƚƚŚĞƉƵďůŝĐĐĂŶ͛ƚŵĂŬĞĂŶŝŶĨŽƌŵĞĚǀŽƚĞǁŝƚŚŽƵƚ ĂƉůĂŶ͘^ŚĞƐĂŝĚƚŚĂƚƚŚĞLJĐĂŶ͛ƚƉƵƚŝƚŽƵƚĂƐĂƌĞĨĞƌĞŶĚƵŵǁŝƚŚŽƵƚĂƐĞƚ ƉůĂŶ͘<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚƚŚĞƌĞŝƐ ŶŽƐĞƚĚĂƚĞ ŽƌŶŽƐĞƚƉůĂŶ LJĞƚ͘,ĞƐĂŝĚƉĞŽƉůĞĚŽŶ͛ƚǁĂŶƚƚŚĞƚĂdžĞƐƚŽŐŽƵƉ Ψϱϰ͕ϬϬϬĂLJĞĂƌŝƐĂůŽƚŽĨ ŵŽŶĞLJ͘,ĞƐĂŝĚƚŚĂƚ ƚŚĞLJŶĞĞĚƚŽůŽŽŬĂƚƚŚŽƐĞƚŚŝŶŐƐ͕ďƵƚŚĞƐĂŝĚƚŚĂƚ ŽŶĐĞƚŚĞďƵŝůĚŝŶŐŝƐŐŽŶĞ͕ŝƚƐŐŽŶĞ͘ZĞŬƵŐůĞƌĂƐŬĞĚŝĨƚŚĞLJŶĞĞĚ ƚŽƐĞƚƵƉĂ ĐŽŵŵƵŶŝƚLJĂƐƐŽĐŝĂƚŝŽŶ ƚŚĂƚĐĂŶĐŽŵĞŝŶƚŽƚŚĞƉŝĐƚƵƌĞĂŶĚĐŽůůĞĐƚĂůůƚŚĞĚĂƚĂĂŶĚŐĞƚĂůůƚŚĞŝŶĨŽƌŵĂƚŝŽŶ ƚŽŐĞƚŚĞƌ͘ Ddd,K>> E <Ͳ ,ŽůůĞŶďĞĐŬƐĂŝĚŚĞŐƌĞǁƵƉŝŶŚŝƚƚĞŶĂŶŐŽ&ŽƌŬƐĂŶĚŚŝƐ ůĞŵĞŶƚĂƌLJ^ĐŚŽŽů ƐŽůĚŝƚĂƚĂǀĞƌLJůŽǁƉƌŝĐĞ͘,ĞƐĂŝĚ ƚŚĂƚƚŚĞŝŶǀĞƐƚŽƌǁĂƐŐŽŝŶŐƚŽ ƚƵƌŶ ŝƚŝŶƚŽĂƐĞŶŝŽƌŚŽƵƐŝŶŐ͕ďƵƚŚĞĨŽƵŶĚŝƚǁĂƐƚŽŽĐŽƐƚůLJĂŶĚŝƚǁĂƐƚŽŽĞdžƉĞŶƐŝǀĞƚŽ ĚĞŵŽůŝƐŚŝƚ͘^Ž ŝƚƐŝƚƐƚŚĞƌĞĞŵƉƚLJĂŶĚŝŶĚŝƐƌĞƉĂŝƌ͕ĂŶLJŽŶĞĚƌŝǀŝŶŐŽŶZƚĞ͘ϭϳǁŽƵůĚƐĞĞŝƚ͘/ƚůŽŽŬƐ ůŝŬĞ ƐŽŵĞƚŚŝŶŐŽƵƚŽĨĂŐŚŽƐƚƐƚŽƌLJ͘dŚĞLJƵƐĞĚƚŽ ŚĂǀĞĂĨŽƵƌǁĂLJƐƚŽƉůŝŐŚƚ͕ŶŽǁ ŝƚ͛ƐĂƐƚŽƉƐŝŐŶ ĂLJŝĞůĚƐŝŐŶ͘ :K,E<D/E<^/͗<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚŚĞ ůŝǀĞƐĂĐƌŽƐƐƚŚĞƐƚƌĞĞƚ ŚĞĚŽĞƐŶ͛ƚǁĂŶƚƚŽƐĞĞƚŚĞďƵŝůĚŝŶŐĨĂůůŝŶƚŽĚŝƐƌĞƉĂŝƌ͘,ĞƐĂŝĚŚĞ͛ƐŬŝŶĚ ŽĨůŽƐƚĂůŝƚƚůĞďŝƚŽŶǁŚŝĐŚǁĂLJƚŽŐŽ͕ŬŶŽǁƐƚŚĞŶƵŵďĞƌƐĂŶĚƉĞŽƉůĞĨĞĞůŝŶŐƐ ĨŽƌĂŶĚĂŐĂŝŶƐƚ 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