National Policy on Climate Change (2023)

1.3 D e v e l o p and periodically update GHG inventories for all sectors in NDCs identified to MoE reduced GHG emissions.

1.4 Empower relevant officers in all sectors across all levels to enable decision-making MoE based on potential climate impacts, including pathways of GHG emission reductions in deciding on development projects.

1.5 Improve measurement, reporting, and verification (MRV) systems for climate MoE actions in compliance with national and international mechanisms.

1.6 Evaluate and report performance of climate action periodically to enhance MoE confidence and promote timely action of all the stakeholders including citizens in the country.

1.7 Provide adequate funds from internal and external sources for climate action and MoF resilience building among institutions and communities.

1.8 R e s p e c t and protect the rights of all people including specifically vulnerable groups MoWCSD, MoE in climate actions. 2. Legal and regulatory 2.1. Strengthen legal and regulatory mechanisms to take adequate measures to implement MoE, MOF, frameworks to tackle climate actions at national and provincial levels. MoPAHA &LG 12 climate and 2.2. Strengthen national institutional capacity at all levels to work in harmony with the MoE, CEA, environment environment- related rules and regulations of the country. NPD, sustainability are MoPAHA&LG, MoF constituted 2.3. Extend the advocacy programmes for active citizen engagement in identifying, MoE, assessing, and reporting climate/environmental crimes as per the existing National CEA Environmental Act.

2.4. Strengthen institutional and regulatory frameworks and infrastructure with legal MoE, MoP&E , NPD enforcement and sound monitoring mechanisms for low-emission development planning and implementation.

2.5. Develop statutory mechanisms to enforce the Provincial Adaptation Plans ideally with PC, LAs, MoE, vested statutory power in the provincial governments and standard by-laws at local MoPAHA&LG governments. 3. Climate sensitivity of 3.1. Promote appropriate climate-sensitive behavioral changes with proactive and MoE, MoEd the nation is enhanced responsible participation of all relevant stakeholders for environment-friendly lifestyles through developing and practices in sustainable development. resilience and adaptive 3.2. Strengthen and promote eco-friendly practices, including public procurement, in MoF, capacity accordance with national policies and climate-smart priorities among public and private MoE, CoC sectors.

3.3. Enhance climate communication and facilitate the availability, accessibility, and sharing ICTA, MoA, MoE of innovative and reliable climate-smart technologies and best practices across all levels.

3.4. Build positive attitudes of different stakeholders at all levels to address multifaceted, MoE, DMC, current, and emerging climate change issues. Academia

3.5. Promote community-based coping mechanisms and development approaches MoA, LA, MoE, emphasizing collective action to enhance the adaptive capacity of communities. DoA, DoF, DAP&H, MoWCSD, MoH, DoSS, NBRO

3.6. Strengthen outreach of climate change awareness in non-formal education to ensure MoEd, MoWCSD that vulnerable communities are not left behind.

3.7. Develop sector-specific information and communication strategies to enhance climate MOE, MoD, MoA, adaptation, reduce GHG emissions and address loss & damage due to climate change in MoFish, MoP&E, Sri Lanka. MoPAHA&LG, 13 MoUD&H,MoT, MoI, MoIrr, MoH, MoTR, MoWS,NBRO

3.8. Build awareness of climate change and its impacts, and climate actions across all strata MoE, Academia of society through appropriate delivery mechanisms.

3.9. Strengthen dialogue, coordination, coherence and synergies among relevant stakeholders MoE on climate change, climate risks and impacts, and coping mechanisms.

3.10 Formalize stakeholder engagement mechanisms for timely implementation of climate MoE actions.

3.11 Develop and inclusive and accountable governance mechanism for climate action, including MoE, an appropriate institutional mechanism, linking all stakeholders at all levels. MoF,NPD,NPP,SDC, MoPAHA&LG CLIMATE VULNERABILITY 4. Climate-induced risks 4.1. Develop and adopt guidelines and mechanisms to reduce climate-induced risks and MoDM, DMC, DoM, are reduced disasters to protect the communities, livelihoods, ecosystems, ecosystem services & NBRO their economic values, and natural and built environments across all levels.

4.2. Develop and adopt emergency response and preparedness (ERP) plans with significant MoDM, DMC, DoM, analysis of climate change forecast models to ensure preparedness against the MoE challenges of extreme weather events.

4.3. Develop guidelines on displacement averting, minimizing and addressing non-economic MoDM,DMC, , losses due to climate change in the context of human mobility and livelihoods to MoPAHA&LG, increase the coping capacity by reducing national and regional climate-induced risks. MoUD&H

4.4. Improve coping capacity through reduction of national and regional climate-induced MoDM, DMC, NBRO risks.

4.5. Enhance knowledge and understanding of comprehensive risk management approaches MoWCSD, DMC, among communities, particularly among children, youth and women, with necessary MoE, Academia skills development mechanisms to address climate-induced risks. 14 5. National-level 5.1. Forge partnerships with relevant government agencies, research institutions, and local MoFA, collaboration, Co- community organizations to leverage resources, expertise, and knowledge sharing in MoSTR, NSF, MoE operation, relation to climate change and climate action while ensuring accountability. coordination, and 5.2. Strengthen national and local level climate adaptation planning and implementation MoUD&H, partnerships in climate capacity while ensuring future investments and economic plans are climate resilient. MoPAHA&LG action is assured 5.3. Facilitate a robust consultative framework to underpin the periodic updating of the MoE, NPD sectoral policy recommendations.

5.4. Promote strategic partnerships and share data, information, and knowledge among MoE, Academia stakeholders to address the multifaceted issues of climate change.

5.5. Enhance inter-agency collaboration and emergency responses to protect and reduce DMC, MoE risks to infrastructure from climate-induced hazards.

5.6. Strengthen regional and international partnerships to enable financial and technical MoF, MoFA, MoE support for climate action.

5.7. Encourage synergy across various laws, regulations, programs, and thematic issues to MoJ, RSC efficiently use available resources for combating climate change.

5.8. Build partnerships between public, private, NGOs and CSOs to deliver the most effective MoJ, MoE, CoC and efficient climate change awareness campaigns at all levels. REDUCING GREENHOUSE GAS EMISSIONS 6. Greenhouse gas 6.1. strength the capacity of industries and services to adapt to extreme weather events and MoE, MoI, BOI emissions reduced and encourage low carbon development at all levels at all levels. Net Zero Economy ensured 6.2. Enhance the usage of green, renewable and sustainable energy sources for all sectors MoP&E, MoE and increase their generation, accessibility and affordability targeting carbon neutrality and adapting to climate change as identified in the Nationally-Determined Contributions of Sri Lanka.

6.3. Develop and introduce economic incentives for less carbon-intensive fuels and energy- MoF, MoI efficient technologies while imposing appropriate fiscal policies to discourage detrimental practices. 15

6.4. Promote integrated low-emission mass transportation systems to improve fuel MoT, MoUD&H, efficiency and air quality. UDA, RDA

6.5. Promote non-motorized public transport modes and e-mobility. MoT, RDA

6.6. Encourage the use of appropriate, innovative, smart and energy conserving MoSTR, MoI, technologies or measures across all sectors. MoPE, SLSEA

6.7. Promote proactive behavioral changes by self-evaluation through green reporting MoE, SLSDC , CEA systems to reduce GHG emissions at all sectors in all levels.

6.8. Promote integrated waste management systems. MoE, MoPAHA&LG, NSWMA, NSWMSC

6.9. Promote the circular economy concept to minimize waste generation, emissions, and MoE, MoI wastage of resources, and improve resource efficiency both in production and consumption. 7. Market and non- 7.1. Promote market and non-market-based instruments appropriate to national conditions CCS, MoF market- based to reduce GHG emissions and improve adaptation measures. instruments for 7.2. Introduce a carbon tax on any entity contributing to GHG emissions incurring an MoF, IRD climate actions are additional cost based on the amount of emissions. adopted 7.3. Impose obligations through non-monetary incentives for reducing or eliminating MoE, MoI negative environmental externalities by polluters contributing to climate change.

7.4. Develop and introduce an efficient emission trading system. MoE,CCS, MoF CLIMATE ADAPTATION 8. Sustainable 8.1. Develop and disseminate environment-friendly products, processes, and techniques to MoE, MoI, MoSTR, management of promote sustainable utilization of natural resources and biodiversity to minimize MoA, (NCPC), EPA natural resources, adverse impacts of climate change. biological diversity and 8.2. Improve carbon storage capacity/carbon sequestration in forest management, while MoE, MoWL&FC ecosystem services is minimizing deforestation, considering the ecosystem services and their economic values FD, DWC, DAD ensured provided by forests.

8.3. Develop a national accounting mechanism for valuing natural capital and ecosystem MoE, MoF,CEA services in Sri Lanka. SEPC 16

8.4. Ensure environmental and ecological stability through conservation of biodiversity, MoE, MoWL&FC, including wildlife and genetic resources, rehabilitation and restoration of degraded FD, DWC, BDS, terrestrial and marine eco-systems and habitats. MoFish, DFAR

8.5. Promote nature-based/ecosystem-based solutions to empower the livelihoods, MoE, MoRD, especially focusing on the poor, women, youth, and persons with disabilities. MoWCSD, MoS&YA,Do SS

8.6. Improve watershed-, river basin- and groundwater management to reduce pollution and MoIrri, DAD,MASL, conserve natural resources. MoWL&FC, MoWS

8.7. Minimize the adverse impacts of climate change through variable seasonal rainfall, MoIrri, NWSDB, increasing ambient temperature and sea level rise on natural and manmade water bodies. WRB, MoWS

8.8. Strengthen the integrated water resources management, efficient water use, and MoWS, NWSDB, water- sharing through climate-smart adaptive technologies and behavioral changes MoIrr with the engagement of the community and coordination among relevant stakeholders.

8.9. Enhance climate resilience of the natural ecosystems and their diversity, ecosystem MoE, services and their economic values. MoWL&FC,CEA, NBRO

8.10. Incorporate measures to protect wetlands, coastal ecosystems, and urban biodiversity MoE, MoUD&H rich areas into infrastructure planning. , MSS, CC&CRMD, MoWL&FC, SLLDC, NBRO

8.11 Ensure Climate impact assessment is incorporated in to all environment related MoE, MoUD&H assessments. , MSS, CC&CRMD, MoWL&FC, SLLDC, CEA 9. Food security and 9.1. Enhance food availability, accessibility, affordability, stability and safety by using MoA, DAPH poverty alleviation are appropriate climate-smart technologies and timely dissemination of climate addressed information.

9.2. Promote Climate-Smart Good Agricultural Practices (CS-GAP) and Climate Smart Good MoA, DAPH, DoA Animal Husbandry Practices (CS-GAHP) within the framework of sustainable development to enhance productivity. 17

9.3. Promote employing low carbon technologies in crop and animal production and value MoA, DoA, DAPH chain.

9.4. Return the benefits of carbon tax to support alleviation of poverty among the most MoF vulnerable.

9.5. Enhance resilience of actors across the value chain in the food system to extreme events MoA, DMC, MoRD to improve livelihoods and alleviation of poverty.

9.6. Promote Climate Smart Good Manufacturing Practices (CS-GMP) for crop and animal – MoI, MoH, based industries in the food system. MoF,MoA

9.7 Promote climate resilient livestock farming and agricultural practices and increase the MoA use of resources efficiently and effectively.

9.8 Promote the involvement of women in livestock and agriculture sector to ensure food MoA, DoA, DAPH security and alleviate poverty. 10.Human and 10.1. Recognize and take appropriate actions to safeguard health, biodiversity, humanity and MoH, MoE, environmental health the environment. are improved 10.2. Promote monitoring of climate-induced occurrence and spread of diseases, and share MoE, MoH related information between health agencies and other relevant sectors.

10.3. Ensure integration and investment in climate-proofing in the design, development and MoI maintenance of infrastructure and industry development.

10.4. Develop measures to assess and retrofit the existing built Infrastructure for climate MoI, MoUD&H hazards to reduce health impacts arising due to climate change.

10.5. Ensure protection of health and environment from climate hazards. MoH, MoE

10.6 Climate related outbreaks of pests and invasive species monitored. MoA, MoWL&FC,

10.7. Support innovations for more climate-resilient construction techniques, building MoUD&H, MoI, materials and services while ensuring resource optimization. NBRO

10.8. Enhance access to information by the public regarding the impacts of climate change on MoH, MoC human health for all ages, especially for children and elderly through real time data.

10.9 Building a climate resilient low carbon health sector. MoH, MoC 18 CLIMATE INVESTMENT AND FINANCING 11. Investments in 11.1. Promote interdisciplinary, multidisciplinary, and trans-disciplinary research and MoSTR, MoE, NBRO research and development and commercialization of research outputs aimed at assessing and development in addressing climate change issues and climate-smart technologies. climate actions are 11.2. Encourage and support regional and international cooperation and networking to MoFA secured promote climate change research and green investments.

11.3. Facilitate dissemination of climate-related research findings among all stakeholders at MoEd, MoE national and local levels, in a transparent manner, through cooperation and networking.

11.4. Provide a conducive environment for innovations through research and development MoSTR, MoI, NBRO related to climate change, including the use of traditional and local knowledge.

11.5. Enhance the science-policy interface for evidence-based public policy decision-making MoSTR, MoI and programme development. 12. Financing and 12.1 Explore the possibility of structuring results-based payment instruments such as MoF, SEPC, CBSL resource mobilization Development Impact Bonds for greater involvement of private, non-profit and financial for climate action are sector actors on sustainability initiatives including climate and nature and education and assured health.

12.2 Promote domestic resource mobilization for the implementation of climate actions MoF identified under the NDCs.

12.3. Develop, update and implement tools/mechanisms, including national climate action MoF, SEOC, MoE, priorities, NDC and NAP implementation plans at national and provincial levels, 2050 Carbon Net Zero Roadmap and Strategic Plan, Climate Prosperity Plan, to encourage external donors and investors for programmatic approaches that build long-term capacity and resilience.

12.4. Develop and strengthen close collaboration with global climate financing facilities such MoFA,ERD.MOE as the Green Climate Fund (GCF), Adaptation Fund (AF), Loss and Damage Fund (LDF), Global Environment Facility (GEF), multilateral donor agencies, and other development partners to support climate actions in Sri Lanka. 19

12.5. Develop mechanisms to establish, enhance, and improve skilled human resources and MoEd, MoHE,MoF modern technological resources, especially to access and manage climate finances at all levels.

12.6. Encourage the adoption of appropriate and innovative financial instruments to support MoF,CBSL,FRA climate action on adaptation, reducing GHG emissions, and addressing loss and damage due to climate change.

12.7. Engage and explore potential of creating a country-level blended finance facility for greater MoF, MoE participation of stakeholders in resource mobilization (including international development finance and international and domestic private capital). 13. Develop mechanisms to 13.1 Support mapping of key international climate /green finance instruments MoF, MoE access international climate finance 13.2 Develop technical proposals to access finance for critical sector MoF, MoE

13.3 Support capacity development of selected agencies on Green Project evaluation and MoF, MoE selection, fund allocation, progress reporting and impact reporting etc

13.4 Constitute a Green Project Preparatory Fund under the General Treasury and develop MoF guideline on utilization and replenishment of the fund. TECHNOLOGY DEVELOPMENT AND TRANSFER, AND CLIMATE INFORMATION MANAGEMENT 14. Development of 14.1. Develop a mechanism/mechanism to identify technology needs periodically, and effective climate mobilize effective partnerships to fulfil the needs. MoE, MoI, technology, transfer, 14.2. Develop and enhance skilled human resource base at all levels to absorb and MoEd,MoSTR, and adoption are adopt new technologies effectively and promote innovations locally. ensured 14.3. Facilitate technology transfer from other countries to support climate action in Sri MoFA,MoSTR,NRC, Lanka. MoE

14.4. Create an enabling environment to promote local innovators and develop climate MoSTR, MoI, NSF smart technologies to reduce GHGs, adapt to climate change and minimize loss and damage due to climate change.

14.5. Harness and patronize local technologies and traditional knowledge related to climate MoC,MoSTR,MoIM action, including early warning systems, ensuring vigilance against misappropriation. 20

14.6. Promote mechanisms to recognize and transfer, appropriate and gender-responsive MoWCSD, MoCE, climate technologies to vulnerable communities.

14.7. Mobilize social capital to invest in and facilitate participation of women, children and MoWCSD,MoY&S, youth as agents of change to lead technological innovation and transformation MoEd required for climate actions. 15. Effective 15.1. Support transition to a modern nationwide climate observation, network its database MoE management, sharing, system and maintain sound and robust data management operations to improve data and use of climate data accessibility, use and support forecasting and early warning systems. and information are 15.2. Promote the use of existing platforms such as the online portal on National Climate MoE, ICTA ensured Change Data Sharing Network (NCC DSN) of Sri Lanka as an effective climate information collection and dissemination system to ensure informed decision-making and knowledge management.

15.3. Develop sector-specific data portals to support data sharing at all levels linked to NCC MoA, MoP&E DSN for easy access and use.

15.4. Develop sectoral strategic action plans to collect, disseminate and use the required MoEd, MoP&D knowledge among all stakeholders through formal/ non-formal education/ learning systems, institutes and platforms.

15.5. Facilitate the management of climate-induced disaster risk reduction at all levels with a DMC, DoM, NBRO strong institutional commitment for data and information sharing. CROSS-CUTTING 16. Sustainable 16.1. Strengthen ecosystem management and restoration programmes in all sectors across MoE, DWC, Development the country with community participation. MoWL&FC, MoA achieved through climate change 16.2. Develop and implement a comprehensive climate risk management framework in the MoDM, DMC, adaptation and development agenda of Sri Lanka to manage impacts of climate change along the entire MoP&D, NBRO mitigation spectrum of hazards.

16.3. Promote Ecosystem-based adaptation (EbA) while ensuring conservation and MoE,MoF, sustainable use of natural resources and improve lives and livelihoods of people along MoWL&FC the development path. 21

16.4. Develop and adopt innovative mechanisms such as debt for climate swaps, to MoF, CoC overcome debt distress and issues related to climate change in the path for sustainable development.

16.5. Design and implement climate smart (CS) programmes such as CS cities, CR villages, and MoE,MoUD&H, CS schools, to support sustainable development. MoEd, NBRO

16.6. Design and adapt protective measures for important biogeochemical zones and critical MoE, MoDM, habitats affected by the changing climate. MoWL&FC

16.7. Integrate climate-induced disaster risk reduction in infrastructure development plans DMC, MoUD&H, across all sectors. MoT, NBRO 17. International 17.1. Adopt measures to honor international obligations/commitments at all levels with the MoFA collaboration and support of the international community. cooperation for climate 17.2. Develop partnership between institutions in Sri Lanka with internationally renowned MoEd, MoFA action are assured Universities, development partners including UN agencies, and other capacity building and financing entities to support implementation of climate actions in Sri Lanka.

17.3. Strengthen international cooperation to design and implement mechanisms for MoFA, sustainability in climate action at all levels. MOE

17.4. Support demonstration and periodic review of the government commitments for MoF, climate action in collaboration with the international Universities, development MoE partners including UN agencies, and climate financing institutions such as green climate fund (GCF).

17.5. Develop and adopt mechanisms to educate the international communities of the Sri NAICC, MoFA Lankan best practices, achievements and lessons learned with the expertise from of the Universities, other educational entities and development partners in Sri Lanka.

17.6. Improve coordination and collaboration with countries in the region to minimize the MoFA, MoE impact of climate change on all ecosystems, ecosystem services and their economic values.

17.7. Promote capacity building and technological innovations at national and international MoE, MoEd levels through the establishment of an International Climate Change University. 18. Just transition is 18.1. Strengthen knowledge and skill development of the existing workforce to secure their MoEd, ILO, MoL adopted as an employment and enhance employability in the new and emerging areas of finding climate solutions. 22 approach to reach a 18.2. Develop and adopt an inclusive and transparent planning process targeting a MoP&D,MoSEW carbon-neutral transformational system change for climate action while ensuring job security and economy adequate social protection for all.

18.3. Promote identification and creation of decent, green jobs by increasing green MoL, MoEd, NAITA investment ensuring social protection and green education from primary to tertiary levels.

18.4. Enhance investments in sustainable and resilient public infrastructure and MoI, MoTrad, CoC development of markets for goods and services relevant for green works.

18.5. Respect the human rights of potentially affected groups in implementing Climate Action MoJ,NHRC through appropriate due diligence procedures.

18.6. Respect and recognize the polluter-pays principle and life cycle approach at all levels in MoE,CoC, MoI climate change-related matters.

18.7. Ensure equitable and inclusive climate actions to overcome social, economic, and MoSW,MoGA political inequities, language barriers, and the needs of those impacted by climate change.

18.8. Integrate climate adaptation and mitigation into national poverty reduction policies SW, NPD through improving existing social protection systems to cope with climate change consequences and shocks for the most vulnerable people in the society. 19. Loss and damage 19.1. Develop and adopt mechanisms to estimate loss and damages caused by climate MoE, DMC, MoF, impacts due to climate change- induced disasters. NPD, MoDM change are addressed 19.2 Introduce an online sector-wise loss and damage (L&D) reporting system. MoE, ICTA

19.3. Develop and adopt measures to avert, minimize and address loss and damage MoE, DMC attributable to climate change.

19.4. Strengthen forecasting and early warning systems of extreme and slow-onset climate DoM, DoI, NBRO, events. DMC

19.5. Introduce mechanisms through international cooperation to achieve the fiscal flexibility MoF to allocate resources to addressing loss and damage.

19.6. Develop and adopt a post-disaster needs assessments for climate-induced disasters. DMC, MoE, MoDM

19.7. Support mobilization and allocation of funding through international climate financing MoF, MoE mechanisms including the Loss & Damage Fund (LDF). 'ůŽƐƐĂƌLJ   ĂƌďŽŶ ƐĞƋƵĞƐƚƌĂƚŝŽŶ͗ dŚĞ ƉƌŽĐĞƐƐ ŽĨ ĐĂƉƚƵƌŝŶŐ ĂŶĚ ƐƚŽƌŝŶŐ ĂƚŵŽƐƉŚĞƌŝĐ ĐĂƌďŽŶĚŝŽdžŝĚĞ͘  ŚŝůĚƌĞŶ͗ zŽƵŶŐƉĞƌƐŽŶƐďĞƚǁĞĞŶŝŶĨĂŶĐLJĂŶĚƉƵďĞƌƚLJ͘  ůŝŵĂƚĞ ĐƚŝŽŶ͗ dŚĞ ĂĐƚ ƚŽ ƌĞĚƵĐĞ Žƌ ƐƚŽƉ ĐůŝŵĂƚĞ ĐŚĂŶŐĞ ĂŶĚ ƉƌĞǀĞŶƚ ƉĞƌŵĂŶĞŶƚĞŶǀŝƌŽŶŵĞŶƚĂůĚĂŵĂŐĞ͘  ůŝŵĂƚĞ ĚĂƉƚĂƚŝŽŶ͗ ZĞĚƵĐŝŶŐ ǀƵůŶĞƌĂďŝůŝƚLJ ƚŽ ƚŚĞ ŝŵŵĞĚŝĂƚĞ ĂŶĚ ƉƌĞĚŝĐƚĞĚ ŝŵƉĂĐƚƐ ŽĨ ĐůŝŵĂƚĞ ĐŚĂŶŐĞ ĂŶĚ ŝŶĐƌĞĂƐŝŶŐ ƚŚĞ ĐĂƉĂĐŝƚLJ ŽĨ ĐŽƵŶƚƌŝĞƐ ĂŶĚ ĐŽŵŵƵŶŝƚŝĞƐƚŽďĞŵŽƌĞƌĞƐŝůŝĞŶƚĂŶĚƚŽĐŽƉĞďĞƚƚĞƌ͕ǁŚŝĐŚŵĞĂŶƐĞǀĞƌLJƚŚŝŶŐ ĨƌŽŵďĞƚƚĞƌƐŬŝůůƐƚŽŵŽƌĞĂĐĐĞƐƐƚŽƐƵŝƚĂďůĞĨŝŶĂŶĐĞƚŽŶĞǁĞƌƚĞĐŚŶŽůŽŐLJ͘  ůŝŵĂƚĞ ŚĂŶŐĞ͗ dŚĞ ĐůŝŵĂƚĞ ĐŚĂŶŐĞ ĂƚƚƌŝďƵƚĞĚ ĚŝƌĞĐƚůLJ Žƌ ŝŶĚŝƌĞĐƚůLJ ƚŽ ŚƵŵĂŶĂĐƚŝǀŝƚLJƚŚĂƚĂůƚĞƌƐƚŚĞĐŽŵƉŽƐŝƚŝŽŶŽĨƚŚĞŐůŽďĂůĂƚŵŽƐƉŚĞƌĞĂŶĚŝƐŝŶ ĂĚĚŝƚŝŽŶ ƚŽ ŶĂƚƵƌĂů ĐůŝŵĂƚĞ ǀĂƌŝĂďŝůŝƚLJ ŽďƐĞƌǀĞĚ ŽǀĞƌ ĐŽŵƉĂƌĂďůĞ ƉĞƌŝŽĚƐ͘ &ŽůůŽǁŝŶŐ ŬĞLJ ǁŽƌĚƐ ǁĞƌĞ ĂůƐŽ ĐŽŶƐŝĚĞƌĞĚ ŝŶĚŝǀŝĚƵĂůůLJ ďƵƚ ĐŽůůĞĐƚŝǀĞůLJ ĐŽŶƐŝĚĞƌĞĚƵŶĚĞƌ͞ĐůŝŵĂƚĞĐŚĂŶŐĞ͘͟  ůŝŵĂƚĞ ŽŵŵƵŶŝĐĂƚŝŽŶ͗ ĚƵĐĂƚŝŶŐ͕ ŝŶĨŽƌŵŝŶŐ͕ ǁĂƌŶŝŶŐ͕ ƉĞƌƐƵĂĚŝŶŐ͕ ŵŽďŝůŝnjŝŶŐĂŶĚƐŽůǀŝŶŐĐůŝŵĂƚĞĐŚĂŶŐĞƌĞůĂƚĞĚŝƐƐƵĞƐ͘  ůŝŵĂƚĞ ĂƚĂ DĂŶĂŐĞŵĞŶƚ͗ dŚĞ ůŽŶŐͲƚĞƌŵ͕ ŚŝŐŚͲƋƵĂůŝƚLJ ĂŶĚ ƌĞůŝĂďůĞ ĐůŝŵĂƚĞ ŝŶƐƚƌƵŵĞŶƚĂů ƚŝŵĞ ƐĞƌŝĞƐ ƚŚĂƚ ĂƌĞ ŬĞLJ ŝŶĨŽƌŵĂƚŝŽŶ ƌĞƋƵŝƌĞĚ ŝŶ ƵŶĚĞƌƚĂŬŝŶŐ ƌŽďƵƐƚ ĂŶĚ ĐŽŶƐŝƐƚĞŶƚ ĂƐƐĞƐƐŵĞŶƚƐ ŝŶ ŽƌĚĞƌ ƚŽ ďĞƚƚĞƌ ƵŶĚĞƌƐƚĂŶĚ͕ ĚĞƚĞĐƚ͕ ƉƌĞĚŝĐƚ ĂŶĚ ƌĞƐƉŽŶĚ ƚŽ ŐůŽďĂů ĐůŝŵĂƚĞǀĂƌŝĂďŝůŝƚLJ ĂŶĚ ĐŚĂŶŐĞ͘  ůŝŵĂƚĞ &ŝŶĂŶĐĞ͗ >ŽĐĂů͕ ŶĂƚŝŽŶĂů Žƌ ƚƌĂŶƐŶĂƚŝŽŶĂů ĨŝŶĂŶĐŝŶŐ ƚŚĂƚ ƐĞĞŬƐ ƚŽ ƐƵƉƉŽƌƚŵŝƚŝŐĂƚŝŽŶĂŶĚĂĚĂƉƚĂƚŝŽŶĂĐƚŝŽŶƐƚŚĂƚǁŝůůĂĚĚƌĞƐƐĐůŝŵĂƚĞĐŚĂŶŐĞ͘  ůŝŵĂƚĞDŝƚŝŐĂƚŝŽŶĂŶĚZĞĚƵĐŝŶŐ','ĞŵŝƐƐŝŽŶƐ͗,ƵŵĂŶŝŶƚĞƌǀĞŶƚŝŽŶƐƚŽ ƌĞĚƵĐĞƚŚĞĞŵŝƐƐŝŽŶƐŽĨŐƌĞĞŶŚŽƵƐĞŐĂƐĞƐ;','ƐͿďLJƐŽƵƌĐĞƐŽƌĞŶŚĂŶĐĞƚŚĞŝƌ ƌĞŵŽǀĂů ĨƌŽŵ ƚŚĞ ĂƚŵŽƐƉŚĞƌĞ ďLJ ͞ƐŝŶŬƐ͘͟  ͞ƐŝŶŬ͟ ƌĞĨĞƌƐ ƚŽ ĨŽƌĞƐƚƐ͕ ǀĞŐĞƚĂƚŝŽŶ Žƌ ƐŽŝůƐ ƚŚĂƚ ĐĂŶ ƌĞĂďƐŽƌď KϮ͘ ĂƌďŽŶ ĚŝŽdžŝĚĞ ŝƐ ƚŚĞ ŵŽƐƚ ƐŝŐŶŝĨŝĐĂŶƚ ĐŽŶƚƌŝďƵƚŝŶŐ ŐĂƐ ƚŽ ƚŚĞ ŐƌĞĞŶŚŽƵƐĞ ĞĨĨĞĐƚ͘ ^ŝŶĐĞ ůĞǀĞůƐ ŽĨ ŐƌĞĞŶŚŽƵƐĞŐĂƐĞƐĂƌĞĐƵƌƌĞŶƚůLJƌŝƐŝŶŐƐƚĞĞƉůLJ͕ůĞĂĚŝŶŐƚŽƚŚĞŵŽƐƚĚƌĂŵĂƚŝĐ ĐŚĂŶŐĞŝŶƚŚĞĂƚŵŽƐƉŚĞƌĞΖƐĐŽŵƉŽƐŝƚŝŽŶ͕ŝŶƚĞƌŶĂƚŝŽŶĂůĂĐƚŝŽŶŽŶŵŝƚŝŐĂƚŝŽŶŝƐ ƵƌŐĞŶƚůLJƌĞƋƵŝƌĞĚ͘  Ϯϰ  ůŝŵĂƚĞZĞƐĞĂƌĐŚ͗dŚĞƐLJƐƚĞŵĂƚŝĐŝŶǀĞƐƚŝŐĂƚŝŽŶŝŶƚŽĂŶĚƐƚƵĚLJŽĨŵĂƚĞƌŝĂůƐ ĂŶĚ ƐŽƵƌĐĞƐ ŝŶ ŽƌĚĞƌ ƚŽ ĞƐƚĂďůŝƐŚ ĨĂĐƚƐ ĂŶĚ ƌĞĂĐŚ ŶĞǁ ĐŽŶĐůƵƐŝŽŶƐ ŝŶ ƌĞůĂƚŝŽŶƚŽĐůŝŵĂƚĞĐŚĂŶŐĞ͘  ůŝŵĂƚĞ ZĞƐŝůŝĞŶĐĞ͗ DĂŬŝŶŐ Ăůů ƌĞŐŝŽŶƐ͕ ĐŽƵŶƚƌŝĞƐ͕ ĐŝƚŝĞƐ͕ ďƵƐŝŶĞƐƐĞƐ͕ ĐŽŵŵƵŶŝƚŝĞƐ͕ĂŶĚŝŶĚŝǀŝĚƵĂůƐƚŚƌŝǀĞŝŶƚŚĞĨĂĐĞŽĨŵƵůƚŝƉůĞƌŝƐŬƐ͕ƵŶĐĞƌƚĂŝŶƚLJ ĂŶĚƚŚƌĞĂƚƐƉŽƐĞĚďLJĐůŝŵĂƚĞĐŚĂŶŐĞ͘  ůŝŵĂƚĞsƵůŶĞƌĂďŝůŝƚLJ͗dŚĞĚĞŐƌĞĞƚŽǁŚŝĐŚĂƐLJƐƚĞŵŝƐƐƵƐĐĞƉƚŝďůĞƚŽĂŶĚƵŶĂďůĞ ƚŽĐŽƉĞǁŝƚŚĂĚǀĞƌƐĞĞĨĨĞĐƚƐŽĨĐůŝŵĂƚĞĐŚĂŶŐĞ͕ŝŶĐůƵĚŝŶŐĐůŝŵĂƚĞǀĂƌŝĂďŝůŝƚLJĂŶĚ ĞdžƚƌĞŵĞƐ͘sƵůŶĞƌĂďŝůŝƚLJŝƐĂĨƵŶĐƚŝŽŶŽĨƚŚĞĐŚĂƌĂĐƚĞƌ͕ŵĂŐŶŝƚƵĚĞ͕ĂŶĚƌĂƚĞŽĨ ĐůŝŵĂƚĞĐŚĂŶŐĞĂŶĚƚŚĞǀĂƌŝĂƚŝŽŶƚŽǁŚŝĐŚĂƐLJƐƚĞŵŝƐĞdžƉŽƐĞĚ͕ŝƚƐƐĞŶƐŝƚŝǀŝƚLJ͕ ĂŶĚĂĚĂƉƚŝǀĞĐĂƉĂĐŝƚLJ͘  ůŝŵĂƚĞͲŝŶĚƵĐĞĚ ,ƵŵĂŶ ,ĞĂůƚŚ͗ dŚĞ ĐŽŵƉůĞƚĞ ƐƚĂƚĞ ŽĨ ƉŚLJƐŝĐĂů͕ ƐŽĐŝĂů͕ ĂŶĚ ŵĞŶƚĂůǁĞůůͲďĞŝŶŐ ĂƐ ŝŶĨůƵĞŶĐĞĚ ďLJ ĐůŝŵĂƚĞ ĐŚĂŶŐĞ͕ ĂŶĚ ŶŽƚ ůŝŵŝƚŝŶŐ ƚŽ ƚŚĞ ĂďƐĞŶĐĞŽĨŝůůŶĞƐƐ͕ĚŝƐĞĂƐĞ͕ŽƌŝŶĨŝƌŵŝƚLJ͕ŝƐĂƐǀŝƚĂůĂƌĞƐŽƵƌĐĞĂƐǁĂƚĞƌ͕ĨŽŽĚ͕Žƌ ĞŶĞƌŐLJ͘  ůŝŵĂƚĞͲŝŶĚƵĐĞĚ ŵŝŐƌĂƚŝŽŶ͗ dŚĞ ĨŽƌĐĞĚ ŵŽǀĞŵĞŶƚ ŽĨ ƉĞŽƉůĞ Žƌ ŐƌŽƵƉƐ ŽĨ ƉĞŽƉůĞǁŚŽ͕ĚƵĞƚŽĂƐƵĚĚĞŶŽƌƉƌŽŐƌĞƐƐŝǀĞĐŚĂŶŐĞŝŶƚŚĞĞŶǀŝƌŽŶŵĞŶƚƚŚĂƚ ĂĚǀĞƌƐĞůLJĂĨĨĞĐƚƐƚŚĞŝƌůŝǀĞƐ͕ůĞĂǀĞƚŚĞŝƌŚĂďŝƚƵĂůŚŽŵĞƐ͕ĞŝƚŚĞƌƚĞŵƉŽƌĂƌŝůLJ ŽƌƉĞƌŵĂŶĞŶƚůLJ͕ĂŶĚǁŚŽŵŽǀĞĞŝƚŚĞƌǁŝƚŚŝŶƚŚĞŝƌĐŽƵŶƚƌLJŽƌĂďƌŽĂĚ͘  ůŝŵĂƚĞͲƐĞŶƐŝƚŝǀĞ͗dŚĞŐůŽďĂůƚĞŵƉĞƌĂƚƵƌĞƌŝƐĞĨŽůůŽǁŝŶŐĂĚŽƵďůŝŶŐŽĨKϮ ĐŽŶĐĞŶƚƌĂƚŝŽŶŝŶƚŚĞĂƚŵŽƐƉŚĞƌĞĐŽŵƉĂƌĞĚƚŽƉƌĞͲŝŶĚƵƐƚƌŝĂůůĞǀĞůƐ͘  ůŝŵĂƚĞͲƐŵĂƌƚ͗ Ŷ ĂƉƉƌŽĂĐŚ ƚŽ ŚĞůƉ ƚŚĞ ƉĞŽƉůĞ ŵĂŶĂŐŝŶŐ ĚŝĨĨĞƌĞŶƚ ĞĐŽŶŽŵŝĐƐLJƐƚĞŵƐƌĞƐƉŽŶĚĞĨĨĞĐƚŝǀĞůLJƚŽĐůŝŵĂƚĞĐŚĂŶŐĞ͘  ŝƐĂƐƚĞƌ ZŝƐŬƐ͗ ŝƐĂƐƚĞƌƐ͕ ďŽƚŚ ƐƵĚĚĞŶ ĂŶĚ ƐůŽǁͲŽŶƐĞƚ͕ ĂƌĞ ĐĂƵƐĞĚ ďLJ ŚLJĚƌŽͲ ŵĞƚĞŽƌŽůŽŐŝĐĂůŚĂnjĂƌĚƐĂƌĞƚŚĞŵŽƐƚǀŝƐŝďůĞŵĂŶŝĨĞƐƚĂƚŝŽŶŽĨĐůŝŵĂƚĞ ĐŚĂŶŐĞ͕ĐĂƵƐŝŶŐŵŽƌĞƐŝŐŶŝĨŝĐĂŶƚůŽƐƐĞƐĂŶĚͬŽƌĚĂŵĂŐĞƐ͘ŝƐĂƐƚĞƌƌŝƐŬƌĞĨĞƌƐ ƚŽ ƚŚĞ ƉŽƚĞŶƚŝĂů ůŽƐƐ ŽĨ ůŝĨĞ͕ ŝŶũƵƌLJ͕ Žƌ ĚĞƐƚƌŽLJĞĚ Žƌ ĚĂŵĂŐĞĚ ĂƐƐĞƚƐ ƚŚĂƚ ĐŽƵůĚ ŽĐĐƵƌ ƚŽ Ă ƐLJƐƚĞŵ͕ ƐŽĐŝĞƚLJ ŽƌĂ ĐŽŵŵƵŶŝƚLJ ŝŶ Ă ƐƉĞĐŝĨŝĐ ƉĞƌŝŽĚ͕ ĚĞƚĞƌŵŝŶĞĚƉƌŽďĂďŝůŝƐƚŝĐĂůůLJĂƐĂĨƵŶĐƚŝŽŶŽĨŚĂnjĂƌĚ͕ĞdžƉŽƐƵƌĞ͕ǀƵůŶĞƌĂďŝůŝƚLJ ĂŶĚ ĐĂƉĂĐŝƚLJ͘ ŚĂŶŐŝŶŐ ǁĞĂƚŚĞƌ ƉĂƚƚĞƌŶƐŚĂǀĞ ůĞĚƚŽĚƌŽƵŐŚƚ ĐŽŶĚŝƚŝŽŶƐ͕ ĨůĂƐŚ ĨůŽŽĚƐ͕ ůĂŶĚƐůŝĚĞƐ͕ ĐLJĐůŽŶĞƐ ƚŚĂƚ ĨĂůů ƵŶĚĞƌ ͚ŚLJĚƌŽͲ ŵĞƚĞŽƌŽůŽŐŝĐĂů ĚŝƐĂƐƚĞƌƐ͕͛ ŽĐĐƵƌƌŝŶŐ ǁŝƚŚ ŵŽƌĞ ĨƌĞƋƵĞŶĐLJ ĂŶĚ ŚŝŐŚĞƌ ŝŶƚĞŶƐŝƚLJ͕ ƉůĂĐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚŐĂŝŶƐĂƚŚŝŐŚĞƌƌŝƐŬĚƵĞƚŽƚŚĞĂƐƐŽĐŝĂƚĞĚůŽƐƐĞƐĂŶĚĚĂŵĂŐĞƐ͘  Ϯϱ ^ƌŝ >ĂŶŬĂ ƐŚŽƵůĚ ĐŽŶĨƌŽŶƚ ŚĂnjĂƌĚƐ ƐƵĐŚ ĂƐ ƐĞĂͲůĞǀĞů ƌŝƐĞ͕ ƐĂůŝŶŝnjĂƚŝŽŶ͕ ĚĞƐĞƌƚŝĨŝĐĂƚŝŽŶǁŚŝĐŚƉƌŽŐƌĞƐƐŽǀĞƌŵŽƌĞĞdžƚĞŶĚĞĚƉĞƌŝŽĚƐůĞĂĚŝŶŐƚŽƐĞǀĞƌĞ ĐŽŶƐĞƋƵĞŶĐĞƐ ƐƵĐŚĂƐ ĚƌŽƉͲŝŶ ƉŽƚĂďůĞ ǁĂƚĞƌ͕ ůŽƐƐ ŽĨ ĂŐƌŝĐƵůƚƵƌĞ ĂŶĚ ĨŽŽĚ ƉƌŽĚƵĐƚŝŽŶ͕ůŽƐƐŽĨďŝŽĚŝǀĞƌƐŝƚLJĂŶĚŚĂďŝƚĂƚ͘  ŝƐƉůĂĐĞŵĞŶƚ͗ ůŝŵĂƚĞͲŝŶĚƵĐĞĚ ĚŝƐƉůĂĐĞŵĞŶƚ ŝƐ ŽŶĞ ŽĨ ƚŚĞ ŵŽƐƚ ĚĞǀĂƐƚĂƚŝŶŐ ĐŽŶƐĞƋƵĞŶĐĞƐ ŽĨ ĐůŝŵĂƚĞ ĐŚĂŶŐĞ͘ ƵĞ ƚŽ ĐůŝŵĂƚĞ ĐŚĂŶŐĞ͕ ƌĞĨƵŐĞĞƐĂŶĚŝŶƚĞƌŶĂůůLJĚŝƐƉůĂĐĞĚƉĞŽƉůĞ;/WƐͿĂƌĞĂĐůŝŵĂƚĞĞŵĞƌŐĞŶĐLJ͘ DĂŶLJ ƉĞŽƉůĞ ůŝǀĞ ŝŶ ĐůŝŵĂƚĞ ΗŚŽƚƐƉŽƚƐΗ͕ ǁŚĞƌĞ ƚŚĞLJ ƚLJƉŝĐĂůůLJ ůĂĐŬ ƚŚĞ ƌĞƐŽƵƌĐĞƐƚŽĂĚĂƉƚƚŽĂŶŝŶĐƌĞĂƐŝŶŐůLJŚŽƐƚŝůĞĞŶǀŝƌŽŶŵĞŶƚ͘,ĞŶĐĞ͕ƚŚĞƌĞŝƐĂ ŶĞĐĞƐƐŝƚLJ ƚŽ ƐƵƉƉŽƌƚ ĂŶĚ ƌĞƐŝƐƚ ƚŚĞ ŝŶĐƌĞĂƐŝŶŐ ĐŚĂŶĐĞƐ ŽĨ ĚŝƐƉůĂĐĞŵĞŶƚ ŽĨ ƉĞŽƉůĞĚƵĞƚŽƚŚĞĐůŝŵĂƚĞĐƌŝƐŝƐ͘  ƌŽƵŐŚƚ͗ĂĚĞĨŝĐŝĞŶĐLJŽĨƉƌĞĐŝƉŝƚĂƚŝŽŶŽǀĞƌĂŶĞdžƚĞŶĚĞĚƉĞƌŝŽĚ;ƵƐƵĂůůLJĂ ƐĞĂƐŽŶ ŽƌŵŽƌĞͿ͕ ƌĞƐƵůƚŝŶŐ ŝŶ Ă ǁĂƚĞƌ ƐŚŽƌƚĂŐĞ͕ ůĞĂĚŝŶŐ ƚŽ Ă ǁŝĚĞ ƌĂŶŐĞ ŽĨ ĞŶǀŝƌŽŶŵĞŶƚĂů͕ƐŽĐŝĂů͕ĂŶĚĞĐŽŶŽŵŝĐŝŵƉĂĐƚƐ͘  ƋƵŝƚĂďůĞ ĐĐĞƐƐ͗ ZĞĨĞƌƐ ƚŽ ƚŚĂƚ ĞǀĞƌLJ ƉĞƌƐŽŶ ŝŶ ƚŚĞ ƐŽĐŝĞƚLJ ŚĂǀŝŶŐ ƚŚĞ ƐĂŵĞŽƉƉŽƌƚƵŶŝƚLJĨŽƌďĞŝŶŐďĞŶĞĨŝƚƚĞĚĨƌŽŵƚŚĞĞĨĨŽƌƚƐƚŽĂĚĚƌĞƐƐĐůŝŵĂƚĞ ĐŚĂŶŐĞ͘  džƚƌĞŵĞĞǀĞŶƚ͗ƚŝŵĞĂŶĚƉůĂĐĞŝŶǁŚŝĐŚǁĞĂƚŚĞƌ͕ĐůŝŵĂƚĞ͕ŽƌĞŶǀŝƌŽŶŵĞŶƚĂů ĐŽŶĚŝƚŝŽŶƐ͕ ƐƵĐŚ ĂƐ ƚĞŵƉĞƌĂƚƵƌĞ͕ ƉƌĞĐŝƉŝƚĂƚŝŽŶ͕ ĚƌŽƵŐŚƚ͕ Žƌ ĨůŽŽĚŝŶŐ͕ ƌĂŶŬ ĂďŽǀĞ Ă ƚŚƌĞƐŚŽůĚ ǀĂůƵĞ ŶĞĂƌ ƚŚĞ ƵƉƉĞƌ Žƌ ůŽǁĞƌ ĞŶĚƐ ŽĨ ƚŚĞ ƌĂŶŐĞ ŽĨ ŚŝƐƚŽƌŝĐĂůŵĞĂƐƵƌĞŵĞŶƚƐ͘  &ůŽŽĚƐ͗dŚĞŵŽƐƚĨƌĞƋƵĞŶƚŶĂƚƵƌĂůĚŝƐĂƐƚĞƌŽĐĐƵƌƐǁŚĞŶĂŶŽǀĞƌĨůŽǁŽĨǁĂƚĞƌ ƵƐƵĂůůLJ ƐƵďŵĞƌŐĞƐ ůĂŶĚ͘ &ůŽŽĚƐ ĂƌĞ ŽĨƚĞŶ ĐĂƵƐĞĚ ďLJ ŚĞĂǀLJ ƌĂŝŶĨĂůů͕ ƌĂƉŝĚ ƐŶŽǁŵĞůƚ Žƌ Ă ƐƚŽƌŵƐƵƌŐĞ ĨƌŽŵ Ă ƚƌŽƉŝĐĂů ĐLJĐůŽŶĞ Žƌ ƚƐƵŶĂŵŝ ŝŶ ĐŽĂƐƚĂů ĂƌĞĂƐ͘  &ŽƌĞƐƚĞŐƌĂĚĂƚŝŽŶ͗dŚĞƌĞĚƵĐƚŝŽŶŝŶƚŚĞĐĂƉĂĐŝƚLJ ŽĨĂĨŽƌĞƐƚƚŽƉƌŽĚƵĐĞ ĞĐŽƐLJƐƚĞŵƐĞƌǀŝĐĞƐƐƵĐŚĂƐĐĂƌďŽŶƐƚŽƌĂŐĞĂŶĚǁŽŽĚƉƌŽĚƵĐƚƐĂƐĂƌĞƐƵůƚŽĨ ĂŶƚŚƌŽƉŽŐĞŶŝĐĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůĐŚĂŶŐĞƐ͘  'ĞŶĚĞƌ͗dŚĞĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨǁŽŵĞŶ͕ŵĞŶ͕ŐŝƌůƐĂŶĚďŽLJƐƚŚĂƚĂƌĞƐŽĐŝĂůůLJ ĐŽŶƐƚƌƵĐƚĞĚ͕ŝŶĐůƵĚŝŶŐŶŽƌŵƐ͕ďĞŚĂǀŝŽƌƐĂŶĚƌŽůĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚďĞŝŶŐĂ ǁŽŵĂŶ͕ ŵĂŶ͕ Őŝƌů Žƌ ďŽLJ͕ ĂŶĚ ƌĞůĂƚŝŽŶƐŚŝƉƐ ǁŝƚŚ ĞĂĐŚ ŽƚŚĞƌ͘ 'ĞŶĚĞƌ ĚŝŵĞŶƐŝŽŶƐŽĨǀƵůŶĞƌĂďŝůŝƚLJƚŽĐůŝŵĂƚĞĐŚĂŶŐĞƌĞƐƵůƚĨƌŽŵĚŝĨĨĞƌĞŶƚŝĂůĂĐĐĞƐƐ ŽĨ ŵĞŶ ĂŶĚ ǁŽŵĞŶ ƚŽƚŚĞ ƐŽĐŝĂů͕ ĨŝŶĂŶĐŝĂů͕ ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚĂů ƌĞƐŽƵƌĐĞƐ ƌĞƋƵŝƌĞĚĨŽƌĂĚĂƉƚĂƚŝŽŶ͘  Ϯϲ  'ƌĞĞŶŚŽƵƐĞ 'ĂƐ ŵŝƐƐŝŽŶ͗ dŚĞ ĂƚŵŽƐƉŚĞƌŝĐ ŐĂƐĞƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĐĂƵƐŝŶŐ ŐůŽďĂůǁĂƌŵŝŶŐĂŶĚĐůŝŵĂƚĞĐŚĂŶŐĞĂƌĞĐĂůůĞĚŐƌĞĞŶŚŽƵƐĞŐĂƐĞƐ;','ƐͿ͘dŚĞ ŵĂũŽƌ','ƐĂƌĞĐĂƌďŽŶĚŝŽdžŝĚĞ;KϮͿ͕ŵĞƚŚĂŶĞ;,ϰͿĂŶĚŶŝƚƌŽƵƐŽdžŝĚĞ;EϮϬͿ͘ >ĞƐƐ ƉƌĞǀĂůĞŶƚ ďƵƚ ǀĞƌLJ ƉŽǁĞƌĨƵů͕ ','Ɛ ĂƌĞ ŚLJĚƌŽĨůƵŽƌŽĐĂƌďŽŶƐ ;,&ƐͿ͕ ƉĞƌĨůƵŽƌŽĐĂƌďŽŶƐ ;W&ƐͿ ĂŶĚ ^ƵůƉŚƵƌ ŚĞdžĂĨůƵŽƌŝĚĞ ;^&ϲͿ͘ dŚĞ ƵůƚŝŵĂƚĞ ŽďũĞĐƚŝǀĞ ŽĨ ƚŚĞ ŝŶƚĞƌŶĂƚŝŽŶĂů ĐŽŵŵŝƚŵĞŶƚƐ͕ ŝŶĐůƵĚŝŶŐ hE&͕ ŝƐ ƚŽ ƐƚĂďŝůŝnjĞ ĂƚŵŽƐƉŚĞƌŝĐ ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ ŽĨ ŐƌĞĞŶŚŽƵƐĞ ŐĂƐĞƐ Ăƚ Ă ůĞǀĞů ƚŚĂƚ ǁŝůůƉƌĞǀĞŶƚĚĂŶŐĞƌŽƵƐŝŶƚĞƌĨĞƌĞŶĐĞǁŝƚŚƚŚĞĐůŝŵĂƚĞƐLJƐƚĞŵ͘  /ŶĚƵƐƚƌLJ͗ Ŷ ĞĐŽŶŽŵŝĐ ĂĐƚŝǀŝƚLJ ĐŽŶĐĞƌŶĞĚ ǁŝƚŚ ƚŚĞ ƉƌŽĐĞƐƐŝŶŐ ŽĨ ƌĂǁ ŵĂƚĞƌŝĂůƐĂŶĚŵĂŶƵĨĂĐƚƵƌĞŽĨŐŽŽĚƐ͘  :ƵƐƚ dƌĂŶƐŝƚŝŽŶ͗ dŚĞ ŐƌĞĞŶŝŶŐ ƚŚĞ ĞĐŽŶŽŵLJ ĂƐ ĨĂŝƌ ĂŶĚ ŝŶĐůƵƐŝǀĞ ƚŽ ĞǀĞƌLJŽŶĞĐŽŶĐĞƌŶĞĚ͕ ĐƌĞĂƚŝŶŐ ĚĞĐĞŶƚ ǁŽƌŬ ŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ ĂŶĚ ůĞĂǀŝŶŐ ŶŽ ŽŶĞďĞŚŝŶĚ͘  >ŝǀĞůŝŚŽŽĚ͗dŚĞŵĞĂŶƐŽĨƐĞĐƵƌŝŶŐŶĞĐĞƐƐŝƚŝĞƐŽĨůŝĨĞ͘  >ŽƐƐ ĂŶĚ ĂŵĂŐĞ͗ dŚĞ ŚĂƌŵƐ ĐĂƵƐĞĚ ďLJ ĂŶƚŚƌŽƉŽŐĞŶŝĐ ĐůŝŵĂƚĞ ĐŚĂŶŐĞ͘ >ŽƐƐƌĞĨĞƌƐƚŽƚŚŽƐĞůŽƐƚĨŽƌĞǀĞƌĂŶĚĐĂŶŶŽƚďĞďƌŽƵŐŚƚďĂĐŬ͕ƐƵĐŚĂƐŚƵŵĂŶ ůŝǀĞƐ Žƌ ƐƉĞĐŝĞƐ ůŽƐƐ͕ ǁŚŝůĞ ĚĂŵĂŐĞƐ ƌĞĨĞƌ ƚŽ ƚŚŽƐĞ ĚĂŵĂŐĞĚ ďƵƚ ĐĂŶ ďĞ ƌĞƉĂŝƌĞĚŽƌƌĞƐƚŽƌĞĚ͕ƐƵĐŚĂƐƌŽĂĚƐŽƌĞŵďĂŶŬŵĞŶƚƐ͘  ZŝŐŚƚƐͲďĂƐĞĚƉƉƌŽĂĐŚ͗ŶĂďůŝŶŐƵƐĞƌƐƚŽŝĚĞŶƚŝĨLJĂŶĚŵŽŶŝƚŽƌƚŚĞĞĨĨŽƌƚƐ ĂŶĚ ŝŶŝƚŝĂƚŝǀĞƐ ŽŶ ƚĂĐŬůŝŶŐ ĐůŝŵĂƚĞ ĐŚĂŶŐĞ ŵĞĂŶƚ ƚŽ ĐŽŶƚƌŝďƵƚĞ ƚŽ ƚŚĞ ĂĐŚŝĞǀĞŵĞŶƚŽĨŚƵŵĂŶĚĞǀĞůŽƉŵĞŶƚ͘  ^ĞĂůĞǀĞůƌŝƐĞ͗ŶŝŶĐƌĞĂƐĞŝŶƚŚĞůĞǀĞůŽĨƚŚĞǁŽƌůĚΖƐƐĞĂƐĂŶĚŽĐĞĂŶƐĚƵĞ ƚŽƚŚĞĞĨĨĞĐƚƐŽĨŐůŽďĂůǁĂƌŵŝŶŐ͕ĂŶĚŝƚƐŝŵƉĂĐƚƐŝŶĐůƵĚĞĞƌŽƐŝŽŶŽĨďĞĂĐŚĞƐ͕ ŝŶƵŶĚĂƚŝŽŶŽĨůĂŐŽŽŶƐĂŶĚĚĞůƚĂƐ͕ĂŶĚ ĨůŽŽĚŝŶŐ ĂŶĚ ůŽƐƐ ŽĨ ŵĂŶLJ ŵĂƌƐŚĞƐ ĂŶĚǁĞƚůĂŶĚƐ͘  dƌĂĚŝƚŝŽŶĂů <ŶŽǁůĞĚŐĞ͗ ZĞĨĞƌƐ ƚŽ ƚŚĞ ŬŶŽǁůĞĚŐĞ͕ ŬŶŽǁͲŚŽǁ͕ ƐŬŝůůƐ ĂŶĚ ƉƌĂĐƚŝĐĞƐ ŝŶ ĂĚĚƌĞƐƐŝŶŐ ĐůŝŵĂƚĞ ĐŚĂŶŐĞ ƚŚĂƚ ĂƌĞ ĚĞǀĞůŽƉĞĚ͕ ƐƵƐƚĂŝŶĞĚ ĂŶĚ ƉĂƐƐĞĚŽŶĨƌŽŵŐĞŶĞƌĂƚŝŽŶƚŽŐĞŶĞƌĂƚŝŽŶǁŝƚŚŝŶĂĐŽŵŵƵŶŝƚLJ͕ŽĨƚĞŶĨŽƌŵŝŶŐ ƉĂƌƚŽĨŝƚƐĐƵůƚƵƌĂůŽƌƐƉŝƌŝƚƵĂůŝĚĞŶƚŝƚLJ͘  tŽŵĞŶ͗ZĞĨĞƌƐƚŽĨĞŵĂůĞŚƵŵĂŶďĞŝŶŐƐǁŚŽ͕ŝŶŐĞŶĞƌĂů͕ĞdžƉĞƌŝĞŶĐĞŐƌĞĂƚĞƌ ƌŝƐŬƐ͕ ďƵƌĚĞŶƐ͕ ĂŶĚ ŝŵƉĂĐƚƐ ŽĨ ĐůŝŵĂƚĞ ĐŚĂŶŐĞ ƚŚĂŶ ŵĂůĞ ŚƵŵĂŶ ďĞŝŶŐƐ͘ /Ŷ ŵĂŶLJĐŽŶƚĞdžƚƐ͕ŐĞŶĚĞƌŝŶĞƋƵĂůŝƚŝĞƐůŝŵŝƚƚŚĞĐŽŶƚƌŽůƚŚĂƚǁŽŵĞŶĂŶĚŐŝƌůƐŚĂǀĞ ŽǀĞƌĚĞĐŝƐŝŽŶƐŐŽǀĞƌŶŝŶŐƚŚĞŝƌůŝǀĞƐ͕ĂƐǁĞůůĂƐƚŚĞŝƌĂĐĐĞƐƐƚŽƌĞƐŽƵƌĐĞƐƐƵĐŚĂƐ  Ϯϳ ĨŽŽĚ͕ ǁĂƚĞƌ͕ ĂŐƌŝĐƵůƚƵƌĂů ŝŶƉƵƚ͕ ůĂŶĚ͕ ĐƌĞĚŝƚ͕ ĞŶĞƌŐLJ͕ ƚĞĐŚŶŽůŽŐLJ͕ ĞĚƵĐĂƚŝŽŶ͕ ŚĞĂůƚŚ ƐĞƌǀŝĐĞƐ͕ ĂĚĞƋƵĂƚĞ ŚŽƵƐŝŶŐ͕ ƐŽĐŝĂů ƉƌŽƚĞĐƚŝŽŶ ĂŶĚ ĞŵƉůŽLJŵĞŶƚ͘ Ɛ Ă ƌĞƐƵůƚŽĨƚŚŽƐĞŝŶĞƋƵĂůŝƚŝĞƐ͕ǁŽŵĞŶĂŶĚŐŝƌůƐĂƌĞŵŽƌĞůŝŬĞůLJƚŽďĞĞdžƉŽƐĞĚƚŽ ĚŝƐĂƐƚĞƌͲŝŶĚƵĐĞĚƌŝƐŬƐĂŶĚůŽƐƐĞƐƌĞůĂƚŝŶŐƚŽƚŚĞŝƌůŝǀĞůŝŚŽŽĚƐ͕ĂŶĚƚŚĞLJĂƌĞůĞƐƐ ĂďůĞƚŽĂĚĂƉƚƚŽĐŚĂŶŐĞƐŝŶĐůŝŵĂƚŝĐĐŽŶĚŝƚŝŽŶƐ͘  zŽƵƚŚ͗ZĞĨĞƌƐƚŽƚŚĞǁŽƌůĚƉŽƉƵůĂƚŝŽŶďĞƚǁĞĞŶƚŚĞĂŐĞƐŽĨϭϬƚŽϮϰ͘zŽƵŶŐ ƉĞŽƉůĞ ĂƌĞ ǀŝĐƚŝŵƐ ŽĨ ĐůŝŵĂƚĞ ĐŚĂŶŐĞ ĂŶĚ ǀĂůƵĂďůĞ ĐŽŶƚƌŝďƵƚŽƌƐ ƚŽ ĐůŝŵĂƚĞ ĂĐƚŝŽŶďLJďĞŝŶŐĂŐĞŶƚƐŽĨĐŚĂŶŐĞ͕ĞŶƚƌĞƉƌĞŶĞƵƌƐĂŶĚŝŶŶŽǀĂƚŽƌƐĂŶĚŚĞůƉŝŶŐ ƐĐĂůĞƵƉĂŶĚĂĐĐĞůĞƌĂƚĞĐůŝŵĂƚĞĂĐƚŝŽŶ͘  Ϯϴ ŶŶĞdžϭ͗ZĞůĂƚĞĚWŽůŝĐŝĞƐ͕ĐƚƐ͕^ƚƌĂƚĞŐŝĐͬĐƚŝŽŶWůĂŶƐ  EĂƚŝŽŶĂůWŽůŝĐŝĞƐ͕ĐƚƐ͕ĂŶĚ^ƚƌĂƚĞŐŝĐͬĐƚŝŽŶWůĂŶƐĐŽŶƐŝĚĞƌĞĚŝŶ ĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞhƉĚĂƚĞĚEĂƚŝŽŶĂůWŽůŝĐLJŽŶůŝŵĂƚĞŚĂŶŐĞ;ŝŶ ĂůƉŚĂďĞƚŝĐĂůŽƌĚĞƌͿ  ϭ͘ ŐƌĂƌŝĂŶĞǀĞůŽƉŵĞŶƚŵĞŶĚŵĞŶƚĐƚ͕EŽ͘ϰϲŽĨϮϬϭϭ Ϯ͘ ŐƌŝĐƵůƚƵƌĂů/ŶƐƵƌĂŶĐĞ>ĂǁEŽ͘ϮϳŽĨϭϵϳϯ ϯ͘ 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ϰϲ͘EĂƚŝŽŶĂůWůĂŶƚĂƚŝŽŶ/ŶĚƵƐƚƌLJWŽůŝĐLJ&ƌĂŵĞǁŽƌŬ;ϮϬϬϲͿ ϰϳ͘EĂƚŝŽŶĂůWŽůŝĐLJĂŶĚ^ƚƌĂƚĞŐLJĨŽƌůĞĂŶĞƌWƌŽĚƵĐƚŝŽŶ;ϮϬϬϱͿ ϰϴ͘EĂƚŝŽŶĂůWŽůŝĐLJĂŶĚ^ƚƌĂƚĞŐLJŽŶůĞĂŶĞƌWƌŽĚƵĐƚŝŽŶĨŽƌŐƌŝĐƵůƚƵƌĞ ^ĞĐƚŽƌ;ϮϬϭϮͿ ϰϵ͘EĂƚŝŽŶĂůWŽůŝĐLJĨŽƌŝƐĂƐƚĞƌDĂŶĂŐĞŵĞŶƚ ϱϬ͘EĂƚŝŽŶĂůWŽůŝĐLJŽŶŽŶƐĞƌǀĂƚŝŽŶĂŶĚ^ƵƐƚĂŝŶĂďůĞhƚŝůŝnjĂƚŝŽŶŽĨ DĂŶŐƌŽǀĞĐŽƐLJƐƚĞŵƐŝŶ^ƌŝ>ĂŶŬĂ ϱϭ͘EĂƚŝŽŶĂůWŽůŝĐLJŽŶWƌŽƚĞĐƚŝŽŶĂŶĚŽŶƐĞƌǀĂƚŝŽŶŽĨtĂƚĞƌ^ŽƵƌĐĞƐ͕  ϯϬ ƚŚĞŝƌĂƚĐŚŵĞŶƚƐĂŶĚZĞƐĞƌǀĂƚŝŽŶƐŝŶ^ƌŝ>ĂŶŬĂ;ϮϬϭϰͿ ϱϮ͘EĂƚŝŽŶĂůWŽůŝĐLJ͕^ƚƌĂƚĞŐŝĞƐĂŶĚ/ŶƐƚŝƚƵƚŝŽŶĂů&ƌĂŵĞǁŽƌŬĨŽƌtĂƚĞƌ ZĞƐŽƵƌĐĞƐĞǀĞůŽƉŵĞŶƚ͕ŽŶƐĞƌǀĂƚŝŽŶĂŶĚDĂŶĂŐĞŵĞŶƚ;ϮϬϭϵͿ ϱϯ͘EĂƚŝŽŶĂůWŽůŝĐLJ͕^ƚƌĂƚĞŐLJĂŶĚĐƚŝŽŶWůĂŶĨŽƌ/ŶǀĂƐŝǀĞůŝĞŶ^ƉĞĐŝĞƐ ŽŶƚƌŽůŝŶ^ƌŝ>ĂŶŬĂ;ϮϬϭϲͿ ϱϰ͘EĂƚŝŽŶĂůWŽůŝĐLJŽŶ^ƵƐƚĂŝŶĂďůĞŽŶƐƵŵƉƚŝŽŶĂŶĚWƌŽĚƵĐƚŝŽŶĨŽƌ^ƌŝ >ĂŶŬĂ;ϮϬϭϵͿ ϱϱ͘EĂƚŝŽŶĂůWŽůŝĐLJŽŶtĂƐƚĞDĂŶĂŐĞŵĞŶƚ;ϮϬϮϬͿ ϱϲ͘EĂƚŝŽŶĂůZн/ŶǀĞƐƚŵĞŶƚ&ƌĂŵĞǁŽƌŬĂŶĚĐƚŝŽŶWůĂŶ;ϮϬϭϱͿ ϱϳ͘EĂƚŝŽŶĂůtĂƚĞƌ^ƵƉƉůLJĂŶĚƌĂŝŶĂŐĞŽĂƌĚŵĞŶĚŵĞŶƚĐƚŶŽϭϯŽĨ ϭϵϵϮ ϱϴ͘EĂƚŝŽŶĂůtĂƚĞƌƐŚĞĚDĂŶĂŐĞŵĞŶƚWŽůŝĐLJ;ϮϬϬϰͿ ϱϵ͘EĂƚŝŽŶĂůtĞƚůĂŶĚWŽůŝĐLJĂŶĚ^ƚƌĂƚĞŐLJ;ϮϬϬϲͿ ϲϬ͘EĂƚŝŽŶĂůtŝůĚůŝĨĞWŽůŝĐLJ;ϮϬϬϬͿ ϲϭ͘WůĂŶƚWƌŽƚĞĐƚŝŽŶĐƚEŽ͘ϯϱŽĨϭϵϵϵ 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ƵƐŝŶĞƐƐͲƐͲhƐƵĂů ^  ŝŽĚŝǀĞƌƐŝƚLJ^ĞĐƌĞƚĂƌŝĂƚ K/  ŽĂƌĚŽĨ/ŶǀĞƐƚŵĞŶƚ Θ,^Ɛ  ŝƚŝĞƐĂŶĚ,ƵŵĂŶ^ĞƚƚůĞŵĞŶƚƐ ^>  ĞŶƚƌĂůĂŶŬŽĨ^ƌŝ>ĂŶŬĂ Ž  ŚĂŵďĞƌŽĨŽŵŵĞƌĐĞ ΘZD  ŽĂƐƚŽŶƐĞƌǀĂƚŝŽŶĂŶĚŽĂƐƚĂůZĞƐŽƵƌĐĞƐ   DĂŶĂŐĞŵĞŶƚĞƉĂƌƚŵĞŶƚ   ĞLJůŽŶŚĂŵďĞƌŽĨŽŵŵĞƌĐĞ ^  ůŝŵĂƚĞŚĂŶŐĞ^ĞĐƌĞƚĂƌŝĂƚ   ĞŶƚƌĂůŶǀŝƌŽŶŵĞŶƚƵƚŚŽƌŝƚLJ   ĞLJůŽŶůĞĐƚƌŝĐŝƚLJŽĂƌĚ KW  ŽŶĨĞƌĞŶĐĞŽĨWĂƌƚŝĞƐ W  ĞLJůŽŶWĞƚƌŽůĞƵŵŽŽƉĞƌĂƚŝŽŶ ^  ůŝŵĂƚĞ^ŵĂƌƚŐƌŝĐƵůƚƵƌĞ   ĞƉĂƌƚŵĞŶƚŽĨŐƌĂƌŝĂŶĞǀĞůŽƉŵĞŶƚ W,  ĞƉĂƌƚŵĞŶƚŽĨŶŝŵĂůWƌŽĚƵĐƚŝŽŶĂŶĚ,ĞĂůƚŚ ^  ĞƉĂƌƚŵĞŶƚŽĨĞŶƐƵƐĂŶĚ^ƚĂƚŝƐƚŝĐƐ &Z  ĞƉĂƌƚŵĞŶƚŽĨ&ŝƐŚĞƌŝĞƐĂŶĚƋƵĂƚŝĐZĞƐŽƵƌĐĞƐ D  ŝƐĂƐƚĞƌDĂŶĂŐĞŵĞŶƚĞŶƚƌĞ Ž  ĞƉĂƌƚŵĞŶƚŽĨŐƌŝĐƵůƚƵƌĞ Ž/Θ  ĞƉĂƌƚŵĞŶƚŽĨ/ŵƉŽƌƚƐĂŶĚdžƉŽƌƚƐŽŶƚƌŽů ŽD  ĞƉĂƌƚŵĞŶƚŽĨDĞƚĞŽƌŽůŽŐLJ ZZ  ŝƐĂƐƚĞƌZŝƐŬZĞĚƵĐƚŝŽŶ ^  ŝǀŝƐŝŽŶĂůͬŝƐƚƌŝĐƚ^ĞĐƌĞƚĂƌŝĂƚ ^D  ĞŵĂŶĚ^ŝĚĞDĂŶĂŐĞŵĞŶƚ t  ĞƉĂƌƚŵĞŶƚŽĨtŝůĚůŝĨĞŽŶƐĞƌǀĂƚŝŽŶ   džƉŽƌƚĞǀĞůŽƉŵĞŶƚŽĂƌĚ   ŶĞƌŐLJĨĨŝĐŝĞŶĐLJ Z  ĞƉĂƌƚŵĞŶƚŽĨdžƚĞƌŶĂůZĞƐŽƵƌĐĞƐ  ϯϯ sƐ  ůĞĐƚƌŝĐsĞŚŝĐůĞƐ &  &ŽƌĞƐƚĞƉĂƌƚŵĞŶƚ 'W  'ŽŽĚŐƌŝĐƵůƚƵƌĞWƌĂĐƚŝĐĞƐ '^>  'ƌĞĞŶƵŝůĚŝŶŐŽƵŶĐŝůŽĨ^ƌŝ>ĂŶŬĂ '&  'ƌĞĞŶůŝŵĂƚĞ&ƵŶĚ ','  'ƌĞĞŶŚŽƵƐĞ'ĂƐ 'Ž^>  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DŝŶŝƐƚƌLJŽĨWůĂŶƚĂƚŝŽŶ DŽZZΘ,Z  DŝŶŝƐƚƌLJŽĨZĞŚĂďŝůŝƚĂƚŝŽŶ͕ZĞƐĞƚƚůĞŵĞŶƚΘ,ŝŶĚƵ   ZĞůŝŐŝŽƵƐĨĨĂŝƌƐ DŽ^Θsd  DŝŶŝƐƚƌLJŽĨ^ŬŝůůƐĞǀĞůŽƉŵĞŶƚĂŶĚsŽĐĂƚŝŽŶĂů   dƌĂŝŶŝŶŐ DŽ^Θz  DŝŶŝƐƚƌLJŽĨ^ƉŽƌƚƐΘzŽƵƚŚĨĨĂŝƌƐ DŽ^t  DŝŶŝƐƚƌLJŽĨ^ŽĐŝĂůŵƉŽǁĞƌŵĞŶƚĂŶĚtĞůĨĂƌĞ DŽdZ  DŝŶŝƐƚƌLJŽĨdŽƵƌŝƐŵ Ž^^  ĞƉĂƌƚŵĞŶƚŽĨ^ŽĐŝĂů^ĞƌǀŝĐĞƐ DŽ^dZ  DŝŶŝƐƚƌLJŽĨ^ĐŝĞŶĐĞdĞĐŚŶŽůŽŐLJĂŶĚZĞƐĞĂƌĐŚ DŽd  DŝŶŝƐƚƌLJŽĨdƌĂŶƐƉŽƌƚ DŽdƌĂĚ  DŝŶŝƐƚƌLJŽĨdƌĂĚĞ DŽW,Θ>'  DŝŶŝƐƚƌLJŽĨWƵďůŝĐĚŵŝŶŝƐƚƌĂƚŝŽŶ͕,ŽŵĞĨĨĂŝƌƐ͕Θ   >ŽĐĂů'ŽǀĞƌŶŵĞŶƚ DŽhΘ,  DŝŶŝƐƚƌLJŽĨhƌďĂŶĞǀĞůŽƉŵĞŶƚĂŶĚ,ŽƵƐŝŶŐ DŽt>Θ&  DŝŶŝƐƚƌLJŽĨtŝůĚůŝĨĞĂŶĚ&ŽƌĞƐƚZĞƐŽƵƌĐĞƐ   ŽŶƐĞƌǀĂƚŝŽŶ DŽt^  DŝŶŝƐƚƌLJŽĨtĂƚĞƌ^ƵƉƉůLJ DŽt^  DŝŶŝƐƚƌLJŽĨtŽŵĞŶ͕ŚŝůĚĨĨĂŝƌƐĂŶĚ^ŽĐŝĂů   ĞǀĞůŽƉŵĞŶƚ DZs  DĞĂƐƵƌĞŵĞŶƚZĞƉŽƌƚŝŶŐĂŶĚsĞƌŝĨŝĐĂƚŝŽŶ D^DƐ  DŝĐƌŽ͕^ŵĂůůĂŶĚDĞĚŝƵŵŶƚĞƌƉƌŝƐĞƐ D^^  DĞƌĐŚĂŶƚ^ŚŝƉƉŝŶŐ^ĞĐƌĞƚĂƌŝĂƚ D^t  DƵŶŝĐŝƉĂů^ŽůŝĚtĂƐƚĞ E/  EĂƚŝŽŶĂůŐƌŝĐƵůƚƵƌĞ/ŶĨŽƌŵĂƚŝŽŶĂŶĚŽŵŵƵŶŝĐĂƚŝŽŶ  ϯϱ   ĞŶƚƌĞ EY  EĂƚŝŽŶĂůƋƵĂĐƵůƚƵƌĞĞǀĞůŽƉŵĞŶƚƵƚŚŽƌŝƚLJ EĂW/  EĂƚŝŽŶĂůWŽůŝĐLJĨŽƌ/ŶĚƵƐƚƌŝĂůĞǀĞůŽƉŵĞŶƚ EZ  EĂƚŝŽŶĂůƋƵĂƚŝĐZĞƐŽƵƌĐĞƐZĞƐĞĂƌĐŚĂŶĚ   ĞǀĞůŽƉŵĞŶƚŐĞŶĐLJ E  ĞƉĂƌƚŵĞŶƚŽĨEĂƚŝŽŶĂůƵĚŐĞƚ EZK  EĂƚŝŽŶĂůƵŝůĚŝŶŐƐZĞƐĞĂƌĐŚKƌŐĂŶŝnjĂƚŝŽŶ EW  EĂƚŝŽŶĂůůĞĂŶĞƌWƌŽĚƵĐƚŝŽŶĞŶƚƌĞ EƐ  EĂƚŝŽŶĂůůLJĞƚĞƌŵŝŶĞĚŽŶƚƌŝďƵƚŝŽŶƐ EW  EĂƚŝŽŶĂůŶǀŝƌŽŶŵĞŶƚĂůĐƚŝŽŶWůĂŶ E  EĂƚŝŽŶĂůdžƉĞƌƚŽŵŵŝƚƚĞĞŽŶůŝŵĂƚĞŚĂŶŐĞ E'K  EŽŶͲ'ŽǀĞƌŶŵĞŶƚĂůKƌŐĂŶŝnjĂƚŝŽŶ EW  EĂƚŝŽŶĂůWŽůŝĐLJŽŶůŝŵĂƚĞŚĂŶŐĞ EW  ĞƉĂƌƚŵĞŶƚŽĨEĂƚŝŽŶĂůWůĂŶŶŝŶŐ EWW  EĂƚŝŽŶĂůWŚLJƐŝĐĂůWůĂŶ E^  EĂƚŝŽŶĂů^ƚĞĞƌŝŶŐŽŵŵŝƚƚĞĞ E^&  EĂƚŝŽŶĂů^ĐŝĞŶĐĞ&ŽƵŶĚĂƚŝŽŶ E^tD^  EĂƚŝŽŶĂů^ŽůŝĚtĂƐƚĞDĂŶĂŐĞŵĞŶƚ^ƵƉƉŽƌƚĞŶƚĞƌ E^tD  EĂƚŝŽŶĂů^ŽůŝĚtĂƐƚĞDĂŶĂŐĞŵĞŶƚƵƚŚŽƌŝƚLJ;tWͿ Et^  EĂƚŝŽŶĂůtĂƚĞƌ^ƵƉƉůLJĂŶĚƌĂŝŶĂŐĞŽĂƌĚ KΘD  KƉĞƌĂƚŝŽŶĂŶĚDĂŝŶƚĞŶĂŶĐĞ WĂƐ  WƌŽƚĞĐƚĞĚƌĞĂƐ WE  WŽƐƚŝƐĂƐƚĞƌEĞĞĚƐƐƐĞƐƐŵĞŶƚ WD  WůĂŶŶŝŶŐĂŶĚDŽŶŝƚŽƌŝŶŐŽŵŵŝƚƚĞĞ Z  ZŽĂĚĞǀĞůŽƉŵĞŶƚƵƚŚŽƌŝƚLJ Z  ZĞŶĞǁĂďůĞŶĞƌŐLJ ^Θ  ^ƚĂƚĞĞǀĞůŽƉŵĞŶƚĂŶĚŽŶƐƚƌƵĐƚŝŽŶŽƌƉŽƌĂƚŝŽŶ ^'Ɛ  ^ƵƐƚĂŝŶĂďůĞĞǀĞůŽƉŵĞŶƚ'ŽĂůƐ ^  ^ĞĐƵƌŝƚŝĞƐΘdžĐŚĂŶŐĞŽŵŵŝƐƐŝŽŶ ^W  ^ŽĐŝŽĐŽŶŽŵŝĐƐĂŶĚWůĂŶŶŝŶŐĞŶƚƌĞ ^>'W  ^ƌŝ>ĂŶŬĂ'ŽŽĚŐƌŝĐƵůƚƵƌĞWƌĂĐƚŝĐĞƐ ^>>  ^ƌŝ>ĂŶŬĂ>ĂŶĚĞǀĞůŽƉŵĞŶƚŽƌƉŽƌĂƚŝŽŶ  ϯϲ ^>^  ^ƌŝ>ĂŶŬĂ^ƵƐƚĂŝŶĂďůĞĞǀĞůŽƉŵĞŶƚŽƵŶĐŝů ^>^  ^ƌŝ>ĂŶŬĂ^ƵƐƚĂŝŶĂďůĞŶĞƌŐLJƵƚŚŽƌŝƚLJ ^>d  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