2021 12-06 biib-mc-sample-valuation-reduced
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Biogen Inc. Monte Carlo Equity Valuation (Draft)
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2021 12-06 biib-mc-sample-valuation-reduced
- 1. Equity Valuation 2021‐12‐05_BIIB‐MC‐Valuation Draft Valuation Beharry, Lyndon Martin W. Beharry Page: Contents Biogen Inc. Draft Materials of Financial Analysis Note: The analyst must use Oracle Crystal Ball to run the Monte Carlo simulation. Income Statement Review with Statistical Metrics 1. Income Statement Worksheet (for complex D&A and Byzantine calculations) 2. Balance Sheet Review (includes a restatement of equity adjusting per share values to par $1 adjusting Capital Paid‐In to simplify per share allocation calculations) 3. Capital Expenditures Worksheet 4. Complex Debt Valuation and KB Costing (Tax Shield) and multi‐Currency Converter 5. Weighted Average Cost of Capital Calculator Workbook 6. Discounted Cash Flow worksheet (static model) 7. DCF Valuation Sensitivity Analysis Graphics (WACC and Growth Rate) 8. Variables Tabulation Worksheet for Monte Carlo with Summary 9. Monte Carlo Model (No Iteration Shown) 10. Monte Carlo Model (Iteration 1) 11. Monte Carlo Model (Iteration 2) 12. Monte Carlo Model (Iteration 3) 13. Monte Carlo Model (Iteration 4) 14. Monte Carlo Model Summary of Results: Distribution Records; Sensitivity to Variables; Tornado Chart 15. Monte Carlo Model Summary of Results Tornado Chart Metrics 16. Beneish Test for Fraud: 5 Years 17. Benford Test for Fraud: Balance Sheet Data 18.
- 2. ƋƵŝƚLJsĂůƵĂƚŝŽŶ ϮϬϮϭͲϭϮͲϬϰͺ//ͲDͲsĂůƵĂƚŝŽŶ ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚZĞǀŝĞǁ //͗ŝŽŐĞŶ/ŶĐ͘ ϭ͕ϬϬϬ͕ϬϬϬΨh^ $JJUHJDWH 1RWHV' $LQFOXGHV$PRUWL]DWLRQRIDFTXLUHG,QWHOOHFWXDO3URSHUWLHVLH3DWHQWVHWF
- 3. DQG' $RQ33( ϭ͕ϬϬϬ͕ϬϬϬ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵ ϮϬϮϬ ϮϬϮϭ 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 23(5$7,1*5(9(18( ZĞǀĞŶƵĞƌŽŵ/ŶĐŽŵĞͲdžƉĞŶƐĞtŽƌŬƐŚĞĞƚ ϰ͕ϳϭϲ ϱ͕Ϭϰϵ ϱ͕ϱϭϲ ϲ͕ϵϯϮ ϵ͕ϳϬϯ ϭϬ͕ϳϲϰ ϭϭ͕ϰϰϵ ϭϮ͕Ϯϳϰ ϭϯ͕ϰϱϯ ϭϰ͕ϯϳϴ ϭϯ͕ϰϰϱ Ϭ 727$/5(9(18( ϰ͕ϯϳϳ ϰ͕ϳϭϲ ϱ͕Ϭϰϵ ϱ͕ϱϭϲ ϲ͕ϵϯϮ ϵ͕ϳϬϯ ϭϬ͕ϳϲϰ ϭϭ͕ϰϰϵ ϭϮ͕Ϯϳϰ ϭϯ͕ϰϱϯ ϭϰ͕ϯϳϴ ϭϯ͕ϰϰϱ Ϭ ǀĞƌĂŐĞWĞƌĞŶƚŚĂŶŐĞ Ϯ͘Ϭϭϱй ϳ͘ϳϰϲй ϳ͘Ϭϰϰй ϵ͘Ϯϲϲй Ϯϱ͘ϲϲϰй ϯϵ͘ϵϳϱй ϭϬ͘ϵϮϵй ϲ͘ϯϲϰй ϳ͘ϮϬϳй ϵ͘ϲϬϲй ϲ͘ϴϳϲй Ͳϲ͘ϰϵϭй ͲϭϬϬ͘ϬϬϬй ZĞǀĞŶƵĞϭϮͲzƌ'ZĂƐĞͲƚŽͲdĞƌŵŝŶĂů 10.740% ϰ͘ϱϰϴй ϱͲzƌ'Z WZKhd/KEK^d^͗ Ž'^/ŶĐŽŵĞ^ƚĂƚĞŵĞŶƚ ϭϮ͘ϮϳϬй Ž'^ĨƌŽŵ/ŶĐŽŵĞͲdžƉĞŶƐĞtŽƌŬƐŚĞĞƚ;/ĨƉƉůŝĐĂďůĞͿ ϯϴϮ ϰϬϬ ϰϲϳ ϱϰϱ ϴϱϴ ϭ͕ϭϳϭ ϭ͕ϮϰϬ ϭ͕ϰϳϵ ϭ͕ϲϯϬ ϭ͕ϴϭϲ ϭ͕ϵϱϱ ϭ͕ϴϬϱ Ϭ ΘĨƌŽŵ/ŶĐŽŵĞͲdžƉĞŶƐĞtŽƌŬƐŚĞĞƚ;/ĨƉƉůŝĐĂďůĞͿ ϰϮϴ ϯϱϲ ϯϱϵ ϯϲϲ ϭϴϵ ϲϴϴ ϲϬϬ ϲϴϯ ϭ͕Ϭϴϭ ϳϰϳ ϰϵϬ ϰϲϱ Ϭ ΘĂƐŚůŽǁƐ zĞƐ ĞĚƵĐƚΘĂƐŚůŽǁƐĨƌŽŵŽ'^/ŶĐŽŵĞ^ƚĂƚĞŵĞŶƚ ŵŽƌƚŝnjĂƚŝŽŶWĂƚĞŶƚƐ/ŶƚĂŶŐŝďůĞƐ ΘWW Ž'^ĚũĨŽƌΘ͕ĂŶĚĞƉůĞƚŝŽŶ Ͳϰϲ ϰϱ ϭϬϴ ϭϴϬ ϲϲϵ ϰϴϯ ϲϰϬ ϳϵϲ ϱϰϵ ϭ͕Ϭϲϵ ϭ͕ϰϲϲ ϭ͕ϯϰϬ Ϭ 2672)6$/(6,QFO' $
- 4. ϯϴϮ ϰϬϬ ϰϲϳ ϱϰϱ ϴϱϴ ϭ͕ϭϳϭ ϭ͕ϮϰϬ ϭ͕ϰϳϵ ϭ͕ϲϯϬ ϭ͕ϴϭϲ ϭ͕ϵϱϱ ϭ͕ϴϬϱ Ϭ Ž'Ɛ;ĚũĨŽƌΘͿWĞƌĞŶƚŽĨZĞǀĞŶƵĞ Ͳϭ͘Ϭϰϴй Ϭ͘ϵϰϰй Ϯ͘ϭϯϲй ϯ͘ϮϲϬй ϵ͘ϲϱϬй ϰ͘ϵϳϳй ϱ͘ϵϰϲй ϲ͘ϵϱϯй ϰ͘ϰϳϯй ϳ͘ϵϰϲй ϭϬ͘ϭϵϯй ϵ͘ϵϳϬй *52660$5*,1 ϯ͕ϵϵϱ ϰ͕ϯϭϲ ϰ͕ϱϴϮ ϰ͕ϵϳϭ ϲ͕Ϭϳϰ ϴ͕ϱϯϮ ϵ͕ϱϮϯ ϵ͕ϵϳϬ ϭϬ͕ϲϰϰ ϭϭ͕ϲϯϳ ϭϮ͕ϰϮϯ ϭϭ͕ϲϯϵ Ϭ ϴϴ͘ϰϭϯй WĞƌĞŶƚŽĨZĞǀĞŶƵĞ ϵϭ͘Ϯϳϭй ϵϭ͘ϱϭϯй ϵϬ͘ϳϱϰй ϵϬ͘ϭϭϮй ϴϳ͘ϲϮϳй ϴϳ͘ϵϯϮй ϴϴ͘ϰϳϲй ϴϳ͘Ϭϴϰй ϴϲ͘ϳϮϬй ϴϲ͘ϰϵϵй ϴϲ͘ϰϬϬй ϴϲ͘ϱϳϯй ^ĞĞ/ŶĐŽŵĞdžƉĞŶƐĞtŽƌŬƐŚĞĞƚZŽǁϰϲ D/E/^dZd/sK^d^͗ ^'/ŶĐŽŵĞ^ƚĂƚĞŵĞŶƚ ^'tŽƌŬƐŚĞĞƚ;/ĨƉƉůŝĐĂďůĞͿ ϭ͕ϭϮϳ ϭ͕ϲϭϬ ϭ͕ϰϮϵ ϭ͕ϲϮϱ ϭ͕ϳϵϳ Ϯ͕ϭϳϳ Ϯ͕Ϯϯϳ Ϯ͕ϰϲϭ Ϯ͕Ϯϯϭ Ϯ͕ϰϬϰ Ϯ͕ϲϬϵ Ϯ͕ϲϯϰ Ϭ ΘĨƌŽŵ/ŶĐŽŵĞͲdžƉĞŶƐĞtŽƌŬƐŚĞĞƚ;/ĨƉƉůŝĐĂďůĞͿ ϮϵϬ ϮϬϵ ϮϬϵ ϮϬϮ ϯϰϯ ϰϵϬ ϯϴϯ ϯϴϲ ϴϭϱ ϳϰϳ ϰϵϬ ϰϲϱ Ϭ ΘĂƐŚůŽǁƐ EŽ ĞĚƵĐƚΘĂƐŚůŽǁƐĨƌŽŵ^'/ŶĐŽŵĞ^ƚĂƚĞŵĞŶƚ ^'ĚũĨŽƌΘ ϭ͕ϭϮϳ ϭ͕ϲϭϬ ϭ͕ϰϮϵ ϭ͕ϲϮϱ ϭ͕ϳϵϳ Ϯ͕ϭϳϳ Ϯ͕Ϯϯϳ Ϯ͕ϰϲϭ Ϯ͕Ϯϯϭ Ϯ͕ϰϬϰ Ϯ͕ϲϬϵ Ϯ͕ϲϯϰ Ϭ ZΘ ϭ͕Ϯϴϯ ϭ͕Ϯϰϵ ϭ͕ϮϮϬ ϭ͕ϯϯϱ ϭ͕ϰϰϰ ϭ͕ϴϵϯ Ϯ͕Ϭϭϯ ϭ͕ϵϳϯ Ϯ͕Ϯϱϰ Ϯ͕ϱϵϳ Ϯ͕Ϯϴϭ ϯ͕ϵϵϭ ŵŽƌƚŝnjĂƚŝŽŶWĂƚĞŶƚƐ/ŶƚĂŶŐŝďůĞƐ Θ^' ϮϵϬ ϮϬϵ ϮϬϵ ϮϬϮ ϯϰϯ ϰϵϬ ϯϴϯ ϯϴϲ ϴϭϱ ϳϰϳ ϰϵϬ ϰϲϱ Ϭ 5HVWUXFWXULQJ2WKHU 727$/23(5$7,1*29(5+($'(;3(16( Ϯ͕ϳϬϬ ϯ͕Ϭϲϳ Ϯ͕ϴϱϳ ϯ͕ϭϲϮ ϯ͕ϱϴϰ ϰ͕ϱϲϬ ϰ͕ϲϯϮ ϰ͕ϴϮϬ ϱ͕ϯϬϬ ϱ͕ϳϰϴ ϱ͕ϯϴϬ ϳ͕Ϭϴϵ Ϭ ǀĞƌĂŐĞWĞƌĞŶƚŽĨZĞǀĞŶƵĞ WĞƌĞŶƚŚĂŶŐĞ 9.766% ϭϯ͘ϲϭϬй Ͳϲ͘ϴϱϬй ϭϬ͘ϲϲϲй ϭϯ͘ϯϰϱй Ϯϳ͘Ϯϯϰй ϭ͘ϱϵϭй ϰ͘Ϭϰϯй ϵ͘ϵϱϵй ϴ͘ϰϱϵй Ͳϲ͘ϰϬϰй ϯϭ͘ϳϳϰй ͲϭϬϬ͘ϬϬϬй ($51,1*6%()25((;75$25',1$5,7(06 ϭ͕Ϯϵϱ ϭ͕Ϯϰϵ ϭ͕ϳϮϱ ϭ͕ϴϬϵ Ϯ͕ϰϵϭ ϯ͕ϵϳϮ ϰ͕ϴϵϭ ϱ͕ϭϱϬ ϱ͕ϯϰϰ ϱ͕ϴϴϵ ϳ͕Ϭϰϯ ϰ͕ϱϱϬ Ϭ 2WKHU,WHPVIURP,QFRPH([SHQVH:RUNVKHHW Ͳϳϯ Ͳϭϳ Ͳϲ Ͳϳϲ ͲϮϮ Ͳϰ Ϯϴ Ͳϰϯ Ͳϯϱ ͲϮϭϮ ͲϮϳϭ ͲϳϮϬ Ϭ $JJȝ 2WKHU([SHQVH_,QFRPH
- 5. _5RDOWRU([WUDRUGLQDU,WHPV ȝ Ͳϭ͘ϲϲϵй ͲϬ͘ϯϲϯй ͲϬ͘ϭϭϯй Ͳϭ͘ϯϳϬй ͲϬ͘ϯϭϱй ͲϬ͘Ϭϯϴй Ϭ͘ϮϲϮй ͲϬ͘ϯϳϮй ͲϬ͘Ϯϴϴй Ͳϭ͘ϱϳϯй Ͳϭ͘ϴϴϯй Ͳϱ͘ϯϱϱй (%,7 ϭ͕ϯϲϴ ϭ͕Ϯϲϲ ϭ͕ϳϯϬ ϭ͕ϴϴϱ Ϯ͕ϱϭϮ ϯ͕ϵϳϲ ϰ͕ϴϲϯ ϱ͕ϭϵϯ ϱ͕ϯϴϬ ϲ͕ϭϬϬ ϳ͕ϯϭϯ ϱ͕ϮϳϬ Ϭ ǀĞƌĂŐĞйZĞǀ 40.207% WĞƌĞŶƚŚĂŶŐĞ 5.642% Ͳϳ͘ϰϴϴй ϯϲ͘ϲϴϯй ϴ͘ϵϭϭй ϯϯ͘ϯϭϲй ϱϴ͘Ϯϱϱй ϮϮ͘ϯϬϬй ϲ͘ϳϵϬй ϯ͘ϱϵϯй ϭϯ͘ϯϵϱй ϭϵ͘ϴϴϲй ͲϮϳ͘ϵϰϬй ͲϭϬϬ͘ϬϬϬй ,17(5(673$0(176 /ŶƚĞƌĞƐƚĐĐŽƵŶƚŝŶŐĨƌŽŵ/ŶĐŽŵĞͲdžƉĞŶƐĞtŽƌŬƐŚĞĞƚ ϯϲ ϯϲ ϭϵ ϯϬ ϯϮ ϯϬ ϵϲ ϮϲϬ Ϯϱϭ ϮϬϭ ϭϴϳ ϮϮϯ Ϭ $JJȝ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ ȝ ƐƚŝŵĂƚĞĚŽƐƚŽĨĞďƚ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ 727$/,17(5(67 ϯϲ ϯϲ ϭϵ ϯϬ ϯϮ ϯϬ ϵϲ ϮϲϬ Ϯϱϭ ϮϬϭ ϭϴϳ ϮϮϯ Ϭ WĞƌĞŶƚŚĂŶŐĞ 35.714% Ϭ͘ϴϯϴй Ͳϰϲ͘ϴϭϰй ϱϯ͘ϲϰϲй ϴ͘ϭϯϲй Ͳϳ͘ϱϮϰй ϮϮϯ͘ϳϮϵй ϭϳϮ͘Ϯϱϭй Ͳϯ͘ϱϯϴй ͲϮϬ͘Ϭϭϲй Ͳϲ͘ϱϴϬй ϭϴ͘ϳϯϬй ͲϭϬϬ͘ϬϬϬй ($51,1*6%()25(7$;(6 ϭ͕ϯϯϯ ϭ͕ϮϯϬ ϭ͕ϳϭϭ ϭ͕ϴϱϱ Ϯ͕ϰϴϭ ϯ͕ϵϰϳ ϰ͕ϳϲϳ ϰ͕ϵϯϯ ϱ͕ϭϮϵ ϱ͕ϵϬϬ ϳ͕ϭϮϲ ϱ͕Ϭϰϴ Ϭ 3529,6,21)257$;(6 ϯϱϲ ϯϯϭ ϰϰϱ ϰϳϭ ϲϬϭ ϵϵϬ ϭ͕ϭϲϮ ϭ͕Ϯϯϳ Ϯ͕ϰϱϵ ϭ͕ϰϮϲ ϭ͕ϭϱϴ ϵϵϮ WĞƌĞŶƚŚĂŶŐĞ 15.736% Ͳϲ͘ϴϮϵй ϯϰ͘ϭϲϰй ϱ͘ϴϱϱй Ϯϳ͘ϳϮϱй ϲϰ͘ϳϭϮй ϭϳ͘ϯϰϬй ϲ͘ϱϭϳй ϵϴ͘ϳϭϱй ͲϰϮ͘Ϭϭϴй Ͳϭϴ͘ϳϳϭй Ͳϭϰ͘ϯϬϵй ͲϭϬϬ͘ϬϬϬй WĞƌĞŶƚŽĨd Ϯϲ͘ϲϴϰй Ϯϲ͘ϵϰϬй Ϯϱ͘ϵϳϳй Ϯϱ͘ϯϲϱй Ϯϰ͘ϮϮϵй Ϯϱ͘Ϭϴϯй Ϯϰ͘ϯϲϲй Ϯϱ͘ϬϴϮй ϰϳ͘ϵϯϵй Ϯϰ͘ϭϲϰй ϭϲ͘Ϯϱϭй ϭϵ͘ϲϱϵй 'LYLGHQGVRQ3UHIHUUHG6WRFN ([WUDQHRXV3URYLVLRQV ϳ ͲϭϬϳ Ϭ ϱ ϭϳ ϮϮ ϱϵ Ͳϳ ϭϯϭ ϳϵ Ͳϱ Ϭ͘ϭϱϴй ͲϮ͘ϮϲϮй Ϭ͘ϬϬϬй Ϭ͘ϬϴϮй Ϭ͘Ϯϰϴй Ϭ͘ϮϮϱй Ϭ͘ϱϰϱй ͲϬ͘ϬϲϮй ϭ͘Ϭϲϳй Ϭ͘ϬϬϬй Ϭ͘ϱϱϮй ͲϬ͘Ϭϯϵй 1(7($51,1*6 ϵϳϬ ϭ͕ϬϬϱ ϭ͕Ϯϲϳ ϭ͕ϯϴϬ ϭ͕ϴϲϮ Ϯ͕ϵϯϱ ϯ͕ϱϰϳ ϯ͕ϳϬϯ Ϯ͕ϱϯϵ ϰ͕ϰϳϰ ϱ͕ϴϴϵ ϰ͕Ϭϲϭ Ϭ WĞƌĞŶƚŚĂŶŐĞ ϯ͘ϲϮϮй Ϯϲ͘ϬϬϰй ϴ͘ϵϰϴй ϯϰ͘ϵϰϵй ϱϳ͘ϱϴϳй ϮϬ͘ϴϲϬй ϰ͘ϯϵϮй Ͳϯϭ͘ϰϮϴй ϳϲ͘ϮϬϰй ϯϭ͘ϲϭϲй Ͳϯϭ͘Ϭϰϰй ͲϭϬϬ͘ϬϬϬй EĞƚĂƌŶŝŶŐƐ'ZŽƌ/ZZ 13.90% hƐĞƌŽǁϵϲĂŶĚϵϳƚŽĨŽƌĐĞĂĚũƵƐƚŵĞŶƚƐŝŶtŽƌŬƐŚĞĞƚ ^ĞĞ/ŶĐŽŵĞͲdžƉĞŶƐĞtŽƌŬƐŚĞĞƚZŽǁϴϲ ϵϳϬ ϭ͕ϬϬϱ ϭ͕Ϯϲϳ ϭ͕ϯϴϬ ϭ͕ϴϲϮ Ϯ͕ϵϯϱ ϯ͕ϱϰϳ ϯ͕ϳϬϯ Ϯ͕ϱϯϵ ϰ͕ϰϳϰ ϱ͕ϴϴϵ ϰ͕Ϭϲϭ Ϭ ' $$GG%DFN ϳϭϴ ϱϲϱ ϱϲϳ ϱϲϴ ϱϯϮ ϭ͕ϭϳϴ ϵϴϯ ϭ͕Ϭϲϴ ϭ͕ϴϵϲ ϭ͕ϰϵϱ ϵϴϬ ϵϯϬ Ϭ ' $5HY ϭϲ͘ϯϵϳй ϭϭ͘ϵϳϮй ϭϭ͘Ϯϰϭй ϭϬ͘Ϯϵϰй ϳ͘ϲϳϭй ϭϮ͘ϭϯϵй ϵ͘ϭϯϮй ϵ͘ϯϯϭй ϭϱ͘ϰϰϱй ϭϭ͘ϭϭϬй ϲ͘ϴϭϱй ϲ͘ϵϭϰй 1HWDVK)ORZWR)LUP ϭ͕ϲϴϴ ϭ͕ϱϳϬ ϭ͕ϴϯϰ ϭ͕ϵϰϴ Ϯ͕ϯϵϰ ϰ͕ϭϭϯ ϰ͕ϱϯϬ ϰ͕ϳϳϭ ϰ͕ϰϯϱ ϱ͕ϵϲϵ ϲ͕ϴϲϴ ϰ͕ϵϵϬ Ϭ 1HW)))LUP5HYHQXH ϯϴ͘ϱϲϬй ϯϯ͘Ϯϴϳй ϯϲ͘ϯϯϬй ϯϱ͘ϯϭϬй ϯϰ͘ϱϯϲй ϰϮ͘ϯϴϱй ϰϮ͘Ϭϴϲй ϰϭ͘ϲϳϯй ϯϲ͘ϭϯϮй ϰϰ͘ϯϲϳй ϰϳ͘ϳϳϬй ϯϳ͘ϭϭϲй (VWLPDWHGDSLWDO([SHQGLWXUH ϰϵϬ ϱϮϴ ϱϲϱ ϲϭϳ ϳϳϱ ϭ͕Ϭϴϱ ϭ͕ϮϬϰ ϭ͕Ϯϴϭ ϭ͕ϯϳϯ ϭ͕ϱϬϱ ϭ͕ϲϬϴ ϭ͕ϱϬϰ Ϭ (VWLPDWHG1HW(DUQLQJV_))/ŶǀĞƐƚŽƌƐ ϭ͕ϭϵϴ ϭ͕ϬϰϮ ϭ͕Ϯϲϵ ϭ͕ϯϯϭ ϭ͕ϲϭϵ ϯ͕ϬϮϳ ϯ͕ϯϮϲ ϯ͕ϰϵϬ ϯ͕ϬϲϮ ϰ͕ϰϲϰ ϱ͕ϮϲϬ ϯ͕ϰϴϲ Ϭ 1HW)),QYHVWRUV5HYHQXH Ϯϳ͘ϯϳϰй ϮϮ͘ϭϬϬй Ϯϱ͘ϭϰϰй Ϯϰ͘ϭϮϰй Ϯϯ͘ϯϰϵй ϯϭ͘ϭϵϴй ϯϬ͘ϴϵϵй ϯϬ͘ϰϴϳй Ϯϰ͘ϵϰϲй ϯϯ͘ϭϴϬй ϯϲ͘ϱϴϯй Ϯϱ͘ϵϯϬй $*5RU,55(VWLPDWHG1HW(DUQLQJV_))/ŶǀĞƐƚŽƌƐ 10.20% ĞŚĂƌƌLJ͕LJŶĚŽŶDĂƌƚŝŶt͘ϮϬϮϭͲϭϮͲϬϰͺ//ͲDͲsĂůƵĂƚŝŽŶͮ/ŶĐ^ƚŵŶƚZĞǀŝĞǁ ϭϮͬϲͬϮϬϮϭϬϲ͗ϱϵ WĂŐĞϭŽĨϭ Draft
- 6. ƋƵŝƚLJsĂůƵĂƚŝŽŶ ϮϬϮϭͲϭϮͲϬϰͺ//ͲDͲsĂůƵĂƚŝŽŶ ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚZĞǀŝĞǁ /ŶĐŽŵĞͲdžƉĞŶƐĞtŽƌŬƐŚĞĞƚ //͗ŝŽŐĞŶ/ŶĐ͘ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵ ϮϬϮϬ ϮϬϮϭ ϭ͕ϬϬϬ͕ϬϬϬΨh^ ZĞǀĞŶƵĞtŽƌŬƐŚĞĞƚ WƌŽĚƵĐƚƐ ϯ͕ϭϱϯ ϯ͕ϰϳϬ ϯ͕ϴϯϲ ϰ͕ϭϲϲ ϱ͕ϱϰϮ ϴ͕ϮϬϯ ϵ͕ϭϴϵ ϵ͕ϴϭϴ ϭϬ͕ϯϱϱ ϭϬ͕ϴϴϳ ϭϭ͕ϯϴϬ ϭϬ͕ϲϵϮ hŶĐŽŶƐŽůŝĚĂƚĞĚũŽŝŶƚďƵƐŝŶĞƐƐ ϭ͕Ϭϵϱ ϭ͕Ϭϳϳ ϵϵϳ ϭ͕ϭϯϴ ϭ͕ϭϮϲ ϭ͕ϭϵϱ Ϭ Ϭ Ϭ KƚŚĞƌ ϭϯϬ ϭϲϵ Ϯϭϲ ϮϭϮ Ϯϲϰ ϯϬϱ Ϯϯϲ ϯϭϲ ϯϲϬ ϱϴϲ ϳϬϴ ϳϳϱ ZŽLJĂůƚLJ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ ZĞǀĞŶƵĞƐĨƌŽŵĂŶƚŝͲϮϬƚŚĞƌĂƉĞƵƚŝĐƉƌŽŐƌĂŵƐ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ ϭ͕ϯϯϵ ϭ͕ϯϭϱ ϭ͕ϱϱϵ ϭ͕ϵϴϬ Ϯ͕ϮϵϬ ϭ͕ϵϳϴ 5(9(18($/8/$7,21 ϰ͕ϯϳϳ ϰ͕ϳϭϲ ϱ͕Ϭϰϵ ϱ͕ϱϭϲ ϲ͕ϵϯϮ ϵ͕ϳϬϯ ϭϬ͕ϳϲϰ ϭϭ͕ϰϰϵ ϭϮ͕Ϯϳϰ ϭϯ͕ϰϱϯ ϭϰ͕ϯϳϴ ϭϯ͕ϰϰϱ Ϭ Ž'^tŽƌŬƐŚĞĞƚ ŝŶĞtŽƌŬĞƌtĂŐĞ;/ĨƉƉůŝĐĂďůĞͿ ŽƐƚŽĨWƌŽĚƵĐƚƌĞǀĞŶƵĞƐ͕ĞdžĐůƵĚŝŶŐĂŵŽƌƚŝnjĂƚŝŽŶ͙ ϯϴϮ ϰϬϬ ϰϲϳ ϱϰϱ ϴϱϴ ϭ͕ϭϳϭ ϭ͕ϮϰϬ ϭ͕ϰϳϵ ϭ͕ϲϯϬ ϭ͕ϴϭϲ ϭ͕ϵϱϱ ϭ͕ϴϬϱ ŽƐƚŽĨƌŽLJĂůƚLJƌĞǀĞŶƵĞ R*6$/8/$7,21 ϯϴϮ ϰϬϬ ϰϲϳ ϱϰϱ ϴϱϴ ϭ͕ϭϳϭ ϭ͕ϮϰϬ ϭ͕ϰϳϵ ϭ͕ϲϯϬ ϭ͕ϴϭϲ ϭ͕ϵϱϱ ϭ͕ϴϬϱ Ϭ ϯ͕ϵϵϱ ϰ͕ϯϭϲ ϰ͕ϱϴϮ ϰ͕ϵϳϭ ϲ͕Ϭϳϰ ϴ͕ϱϯϮ ϵ͕ϱϮϯ ϵ͕ϵϳϬ ϭϬ͕ϲϰϰ ϭϭ͕ϲϯϳ ϭϮ͕ϰϮϯ ϭϭ͕ϲϯϵ Ϭ KDWyΘŽ'^;WƌŽĚƵĐƚŝŽŶĂƉŝƚĂůͿ ϰϮϴ ϯϱϲ ϯϱϵ ϯϲϲ ϭϴϵ ϲϴϴ ϲϬϬ ϲϴϯ ϭ͕Ϭϴϭ ϳϰϳ ϰϵϬ ϰϲϱ 727$/203/(;' $3RVWVWRR*6
- 7. ϰϮϴ ϯϱϲ ϯϱϵ ϯϲϲ ϭϴϵ ϲϴϴ ϲϬϬ ϲϴϯ ϭ͕Ϭϴϭ ϳϰϳ ϰϵϬ ϰϲϱ Ϭ KDWy^';ĚŵŝŶŝƐƚƌĂƚŝǀĞdžƉĞŶƐĞͿ ϵϭϭ ϭ͕ϬϯϮ ϭ͕Ϭϱϲ ϭ͕Ϯϳϳ ϭ͕ϳϭϮ Ϯ͕ϮϯϮ Ϯ͕ϭϭϯ ϭ͕ϵϰϴ ϭ͕ϵϯϲ Ϯ͕ϭϬϲ Ϯ͕ϯϳϱ Ϯ͕ϱϬϱ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ ŽůůĂďŽƌĂƚŝŽŶƉƌŽĨŝƚƐŚĂƌŝŶŐ Ϯϭϲ Ϯϱϴ ϯϭϴ ϯϭϴ ϴϱ Ϭ Ϭ ϭϬ ϭϭϮ ϭϴϱ ϮϰϮ Ϯϯϯ ;'ĂŝŶͿŽƐƐŽŶĨĂŝƌǀĂůƵĞƌĞŵĞĂƐƵƌĞŵĞŶƚ Ϭ Ϭ ϯϲ Ϯϳ Ͳϭ Ͳϯϵ ϯϭ ϭϱ ϲϯ ͲϭϮ Ͳϲϰ Ͳϴϲ ĐƋƵŝƌĞĚŝŶͲƉƌŽĐĞƐƐZĞƐĞĂƌĐŚĂŶĚĞǀĞůŽƉŵĞŶƚ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ ϭϮϬ ϭϭϯ Ϭ ϳϱ 'ĂŝŶŽŶŝƐƉŽƐŝƚŝŽŶƐ͕ŶĞƚ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ ϱϱ Ͳϵϯ ZĞƐƚƌƵĐƚƵƌŝŶŐͬKƚŚĞƌ Ϭ ϯϮϬ ϭϵ Ϯ Ϭ Ͳϭϳ ϵϯ ϰϴϴ ϭ ϭϮ Ϯ Ϭ ĂĐŝůŝƚLJ/ŵƉĂŝƌŵĞŶƚƐĂŶĚůŽƐƐŽŶƐĂůĞ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ 727$/203/(;6*$3RVWVWR$GPLQLVWUDWLYH([SHQVH
- 8. ϭ͕ϭϮϳ ϭ͕ϲϭϬ ϭ͕ϰϮϵ ϭ͕ϲϮϱ ϭ͕ϳϵϳ Ϯ͕ϭϳϳ Ϯ͕Ϯϯϳ Ϯ͕ϰϲϭ Ϯ͕Ϯϯϭ Ϯ͕ϰϬϰ Ϯ͕ϲϬϵ Ϯ͕ϲϯϰ Ϭ ϵϳϬ ϭ͕ϬϬϱ ϭ͕Ϯϲϳ ϭ͕ϯϴϬ ϭ͕ϴϲϮ Ϯ͕ϵϯϱ ϯ͕ϱϰϳ ϯ͕ϳϬϯ Ϯ͕ϱϯϵ ϰ͕ϰϳϰ ϱ͕ϴϴϵ ϰ͕Ϭϲϭ Ϭ KDWyΘ^';ĚŵŝŶŝƐƚƌĂƚŝǀĞĂƉŝƚĂůͿ ŵŽƌƚŝnjĂƚŝŽŶŽĨĐƋƵŝƌĞĚ/ŶƚĂŶŐŝďůĞƐ ϮϵϬ ϮϬϵ ϮϬϵ ϮϬϮ ϯϰϯ ϰϵϬ ϯϴϯ ϯϴϲ ϴϭϱ ϳϰϳ ϰϵϬ ϰϲϱ 727$/27+(5203/(;' $6*$ ϮϵϬ ϮϬϵ ϮϬϵ ϮϬϮ ϯϰϯ ϰϵϬ ϯϴϯ ϯϴϲ ϴϭϱ ϳϰϳ ϰϵϬ ϰϲϱ Ϭ Kd,Z/EKDͬ;K^^Ϳ 'ĂŝŶͬ;ŽƐƐͿŽŶ^ĂůĞŽĨWƌŽƉĞƌƚLJĂŶĚͬŽƌĂĐŝůŝƚLJ;/ĨƉƉůŝĐĂďůĞ Ϳ Ϯϯ ϭϲ ϭϵ ϭϭ ϮϮ ϭϮ Ͳϰ ϲ Ͳϯϲ /ŶƚĞƌĞƐƚZĞĐĞŝǀĂďůĞ;/ĨƉƉůŝĐĂďůĞ Ϳ ϰϴ ϮϮ ϭϵ ϯϬ ϯϯ ϭϮ ϮϮ ϲϯ ϳϵ ϭϭϯ ϭϮϬ ϰϮ /ŵƉĂŝƌŵĞŶƚƐŽŶ/ŶǀĞƐƚŵĞŶƚƐ Ͳϭϭ ͲϮϭ ͲϭϬ Ͳϲ Ͳϯ Ϭ Ϭ Ϭ Ϭ ŽƌĞŝŐŶĞdžĐŚĂŶŐĞŐĂŝŶƐ;ůŽƐƐĞƐͿ͕ŶĞƚ ϭϭ Ͳϰ Ͳϲ Ͳϯ Ͳϭϱ ͲϭϮ Ͳϯϯ ͲϭϬ ϲ ͲϭϬ Ͳϳ Ͳϭϭ 'ĂŝŶŽŶƚŚĞƐĂůĞŽĨƉƌŽƉĞƌƚLJ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ KƚŚĞƌ͕ŶĞƚ ϭ ϯ ͲϮ ϰ Ͳϭϱ Ͳϵ Ͳϭϰ Ͳϭϳ Ͳϭϯ Ͳϭϭ Ͳϰϳ ϯ ŽƐƐŽŶƐĂůĞŽĨŵĂƌŬĞƚĂďůĞƐĞĐƵƌŝƚŝĞƐŚĞůĚĨŽƌƐĂůĞ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ 'ĂŝŶŽŶŝŶǀĞƐƚŵĞŶƚƐŝŶĞdžĞĐƵƚŝǀĞĚĞĨĞƌƌĞĚĐŽŵƉĞŶƐĂƚŝŽŶ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ 'ĂŝŶ;ůŽƐƐͿŽŶŚĞĚŐĞŝŶĞĨĨĞĐƚŝǀĞŶĞƐƐĂŶĚĚŝƐĐŽŶƚŝŶƵĂŶĐĞ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ ZĞƉĂLJŵĞŶƚŽĨůŽĂŶƉƌĞǀŝŽƵƐůLJǁƌŝƚƚĞŶͲŽĨĨ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ ^ĞƚƚůĞŵĞŶƚŽĨůŝƚŝŐĂƚŝŽŶ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ ŽĂŶŝŵƉĂŝƌŵĞŶƚ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ DŝƐĐĞůůĂŶĞŽƵƐ Ϭ Ϭ Ͳϭϰ ϰϬ Ϭ Ϭ Ϭ Ϭ Ϭ 'ĂŝŶ;ůŽƐƐͿŽŶŝŶǀĞƐƚŵĞŶƚƐ͕ŶĞƚ ϭϮϬ ϮϬϱ ϲϴϲ 727$/27+(5,120(/266
- 9. ϳϯ ϭϳ ϲ ϳϲ ϮϮ ϰ ͲϮϴ ϰϯ ϯϱ ϮϭϮ Ϯϳϭ ϳϮϬ Ϭ /EdZ^dyWE^ ϯϲ ϯϲ ϭϵ ϯϬ ϯϮ ϯϬ ϵϲ ϮϲϬ Ϯϱϭ ϮϬϭ ϭϴϳ ϮϮϯ 727$/,17(5(67(;3(16( ϯϲ ϯϲ ϭϵ ϯϬ ϯϮ ϯϬ ϵϲ ϮϲϬ Ϯϱϭ ϮϬϭ ϭϴϳ ϮϮϯ Ϭ ĞŚĂƌƌLJ͕LJŶĚŽŶDĂƌƚŝŶt͘ϮϬϮϭͲϭϮͲϬϰͺ//ͲDͲsĂůƵĂƚŝŽŶͮ/ŶĐŽŵĞͲdžƉĞŶƐĞtŽƌŬƐŚĞĞƚ ϭϮͬϲͬϮϬϮϭϬϲ͗ϱϵ WĂŐĞϭŽĨϭ Draft
- 10. ƋƵŝƚLJsĂůƵĂƚŝŽŶ ϮϬϮϭͲϭϮͲϬϰͺ//ͲDͲsĂůƵĂƚŝŽŶ ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚZĞǀŝĞǁ //͗ŝŽŐĞŶ/ŶĐ͘ Ăů^ŚƚZĞǀŝĞǁ ϭ͕ϬϬϬ͕ϬϬϬΨh^ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵ ϮϬϮϬ ϮϬϮϭ 855(17$66(76 ĂƐŚ ϱϴϮ ϳϲϬ ϱϭϱ ϱϳϭ ϲϬϯ ϭ͕ϮϬϱ ϭ͕ϯϬϴ Ϯ͕ϯϮϳ ϭ͕ϱϳϰ ϭ͕ϮϮϱ Ϯ͕ϵϭϰ ϭ͕ϯϯϭ dƌĂĚĞĐĐŽƵŶƚƐZĞĐĞŝǀĂďůĞ ϱϱϭ ϲϬϱ ϱϴϱ ϲϴϳ ϴϮϰ ϭ͕ϮϵϮ ϭ͕ϮϮϳ ϭ͕ϰϰϮ ϭ͕ϳϴϳ ϭ͕ϵϱϵ ϭ͕ϴϴϭ ϭ͕ϵϭϰ ^ŚŽƌƚdĞƌŵĂĐƚŽƌŝŶĂŶĐŝŶŐZĞĐĞŝǀĂďůĞ ĐĐŽƵŶƚƐZĞĐĞŝǀĂďůĞ ϱϱϭ ϲϬϱ ϱϴϱ ϲϴϳ ϴϮϰ ϭ͕ϮϵϮ ϭ͕ϮϮϳ ϭ͕ϰϰϮ ϭ͕ϳϴϳ ϭ͕ϵϱϵ ϭ͕ϴϴϭ ϭ͕ϵϭϰ Ϭ /ŶǀĞŶƚŽƌŝĞƐ Ϯϵϰ Ϯϴϵ ϯϮϳ ϰϰϳ ϲϱϵ ϴϬϰ ϴϵϯ ϭ͕ϬϬϮ ϵϬϯ ϵϯϬ ϴϬϰ ϭ͕Ϭϲϵ /ŶǀĞƐƚŵĞŶƚƐŝŶ^ĞĐƵƌŝƚŝĞƐͬ^ŚŽƌƚͲƚĞƌŵ^ĞĐƵƌŝƚŝĞƐ ϲϴϮ ϰϰϴ ϭ͕ϭϳϲ ϭ͕ϭϯϱ ϲϮϬ ϲϰϬ Ϯ͕ϭϮϭ Ϯ͕ϱϲϵ Ϯ͕ϭϭϱ Ϯ͕ϯϭϯ ϭ͕ϱϲϮ ϭ͕Ϯϳϵ ĞĨĞƌƌĞĚdĂdž Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ KƚŚĞƌZĞĐĞŝǀĂďůĞ Ϭ Ϭ ϮϮϵ Ϯϲϴ Ϭ Ϭ Ϭ Ϭ Ϭ KƚŚĞƌƵƌƌĞŶƚƐƐĞƚƐ ϯϳϮ ϰϯϴ ϭϰϱ ϭϯϲ ϰϳϵ ϳϯϭ ϴϯϳ ϭ͕Ϭϵϯ ϵϲϮ ϲϴϴ ϲϯϭ ϴϴϭ ƵĞĨƌŽŵĂŶƚŝͲϮϬƚŚĞƌĂƉĞƵƚŝĐƉƌŽŐƌĂŵƐ͕ŶĞƚ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ ϯϭϱ ϯϬϭ ϱϯϯ ϱϮϳ ϱϵϬ ϰϭϰ 727$/855(17$66(76 Ϯ͕ϰϴϭ Ϯ͕ϱϰϬ Ϯ͕ϵϳϱ ϯ͕Ϯϰϰ ϯ͕ϭϴϱ ϰ͕ϲϳϯ ϲ͕ϳϬϬ ϴ͕ϳϯϮ ϳ͕ϴϳϯ ϳ͕ϲϰϭ ϴ͕ϯϴϮ ϲ͕ϴϴϳ Ϭ 121855(17$66(76LH/21*7(50$66(76
- 11. WƌŽƉĞƌƚLJWůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ;ĐƋƵŝƐŝƚŝŽŶĂƐŝƐͿ ϱ͕ϯϵϵ ϰ͕ϴϯϴ ϱ͕ϭϵϰ ĐĐƵŵƵůĂƚĞĚĞƉƌĞĐŝĂƚŝŽŶ ϭ͕ϳϵϳ ϭ͕ϱϵϭ ϭ͕ϳϴϮ WƌŽƉĞƌƚLJWůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ;EĞƚŽĨĞƉƌĞĐŝĂƚŝŽŶͿ ϭ͕ϲϯϳ ϭ͕ϲϰϮ ϭ͕ϱϳϭ ϭ͕ϳϰϮ ϭ͕ϳϱϭ ϭ͕ϳϲϲ Ϯ͕ϭϴϴ Ϯ͕ϱϬϮ ϯ͕ϭϴϮ WW;EĞƚͿ ϭ͕ϲϯϳ ϭ͕ϲϰϮ ϭ͕ϱϳϭ ϭ͕ϳϰϮ ϭ͕ϳϱϭ ϭ͕ϳϲϲ Ϯ͕ϭϴϴ Ϯ͕ϱϬϮ ϯ͕ϭϴϮ ϯ͕ϲϬϭ ϯ͕Ϯϰϳ ϯ͕ϰϭϮ Ϭ 'ŽŽĚǁŝůů ϭ͕ϭϯϵ ϭ͕ϭϰϲ ϭ͕ϭϰϲ ϭ͕ϮϬϭ ϭ͕Ϯϯϯ ϭ͕ϳϲϬ Ϯ͕ϲϲϰ ϯ͕ϲϲϵ ϰ͕ϲϯϯ ϱ͕ϳϬϲ ϱ͕ϳϱϴ ϱ͕ϳϲϮ /ŶƚĂŶŐŝďůĞ;KƚŚĞƌ/ŶƚĂŶŐŝďůĞͿ Ϭ Ϭ ϯϯϮ Ϯϳϰ Ϭ Ϭ ϰ͕Ϭϴϱ ϯ͕ϴϬϴ ϯ͕ϴϴϬ ϯ͕ϭϮϬ ϯ͕ϱϮϳ ϯ͕Ϭϴϰ dKd'KKt/E/EdE'/Kd,Z ϭ͕ϭϯϵ ϭ͕ϭϰϲ ϭ͕ϰϳϴ ϭ͕ϰϳϱ ϭ͕Ϯϯϯ ϭ͕ϳϲϬ ϲ͕ϳϰϵ ϳ͕ϰϳϴ ϴ͕ϱϭϮ ϴ͕ϴϮϲ ϵ͕Ϯϴϱ ϴ͕ϴϰϲ Ϭ ŽŶŐͲƚĞƌŵDĂƌŬĞƚĂďůĞ^ĞĐƵƌŝƚŝĞƐ ϭ͕ϭϵϰ ϳϰϯ ϭ͕ϰϭϳ Ϯ͕Ϭϯϳ ϲϮϲ ϰ͕ϬϮϵ Ϯ͕ϳϲϬ Ϯ͕ϴϮϵ ϯ͕Ϭϱϳ ϭ͕ϯϳϲ ϭ͕ϰϬϴ ϳϳϮ KƚŚĞƌĞƌŝǀĂƚŝǀĞŽŶƚƌĂĐƚƐ Ϭ Ϭ Ϭ Ϭ ϰ͕ϰϳϱ ϲϭϵ Ϭ Ϭ Ϭ KƚŚĞƌƐƐĞƚƐ Ϯ͕ϭϬϭ Ϯ͕ϬϮϭ ϭ͕ϲϬϴ ϭ͕ϲϯϮ ϱϵϰ Ϭ Ϭ Ϭ Ϭ EŽŶĐƵƌƌĞŶƚƐƐĞƚƐŽĨŝƐĐŽŶƚŝŶƵĞĚKƉĞƌĂƚŝŽŶƐ Ϭ Ϭ Ϭ Ϭ Ϭ ϭ͕ϰϳϭ Ϭ Ϭ Ϭ /ŶǀĞƐƚŵĞŶƚƐŝŶKƚŚĞƌƐƐĞƚƐ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ ϭ͕ϭϬϴ ϭ͕ϯϯϲ ϭ͕ϬϮϴ ϭ͕ϲϵϭ ϭ͕Ϯϱϯ Ϯ͕ϴϵϵ KƉĞƌĂƚŝŶŐĞĂƐĞƐƐĞƚƐ ϰϮϳ ϰϯϯ ĞĨĞƌƌĞĚdĂdžƐƐĞƚ Ϯ͕ϭϱϰ ϯ͕ϮϯϮ ϭ͕ϯϳϬ 727$/121855(17$66(76 ϲ͕Ϭϳϭ ϱ͕ϱϱϮ ϲ͕Ϭϳϰ ϲ͕ϴϴϲ ϴ͕ϲϳϴ ϵ͕ϲϰϰ ϭϮ͕ϴϬϱ ϭϰ͕ϭϰϱ ϭϱ͕ϳϳϵ ϭϳ͕ϲϰϴ ϭϴ͕ϴϱϯ ϭϳ͕ϳϯϮ Ϭ 727$/$66(76 855(17/,$%,/,7,(6 ĐĐŽƵŶƚƐWĂLJĂďůĞ ϭϭϵ ϭϲϯ ϭϴϲ ϮϬϰ ϮϮϬ ϮϮϵ Ϯϲϳ ϮϴϬ ϯϵϲ ϯϳϭ ϱϯϭ ϰϱϱ ƵƌƌĞŶƚWŽƌƚŝŽŶŽĨĞďƚ ϮϬ ϭϯϳ ϯ ϰϱϯ ϯ ϯ ϱ ϱ ϯ ϭ͕ϰϵϲ ĐĐƌƵĞĚdžƉĞŶƐĞƐ ϱϬϭ ϲϲϲ ϲϳϳ ϵϴϬ Ϭ ϭ͕ϴϭϵ Ϯ͕Ϭϵϳ Ϯ͕ϵϬϰ Ϯ͕ϵϬϭ Ϯ͕ϴϲϭ Ϯ͕ϳϲϲ ϯ͕ϭϰϱ ĐĐƌƵĞĚdĂdžĞƐWĂLJĂďůĞ ϳϲ ϴϱ ϰϲ ϮϬ ϭϴϬ ϭϲϴ ϮϬϵ ϮϯϮ ϲϴ ϲϰ ϳϭ ϭϰϮ KƚŚĞƌƵƌƌĞŶƚŝĂďŝůŝƚŝĞƐ͗ĞĂƐĞĞƚĐ͘ Ϭ Ϭ Ϭ Ϭ ϭ͕ϯϱϱ Ϭ Ϭ Ϭ Ϭ ŝǀŝĚĞŶĚWĂLJĂďůĞ 727$/855(17/,$%,/,7,(6 ϳϭϱ ϭ͕ϬϱϬ ϵϭϯ ϭ͕ϲϱϳ ϭ͕ϳϱϴ Ϯ͕ϮϮϬ Ϯ͕ϱϳϴ ϯ͕ϰϮϬ ϯ͕ϯϲϴ ϯ͕Ϯϵϱ ϰ͕ϴϲϰ ϯ͕ϳϰϮ Ϭ /21*7(50/,$%,/,7,(6 EŽƚĞƐƉĂLJĂďůĞͬŽŶŐͲƚĞƌŵĞďƚ ϭ͕ϬϴϬ ϭ͕Ϭϲϲ ϭ͕Ϭϲϭ ϲϴϳ ϱϵϮ ϱϴϮ ϲ͕ϱϮϮ ϲ͕ϱϭϯ ϱ͕ϵϯϱ ϱ͕ϵϯϳ ϰ͕ϰϱϵ ϳ͕ϰϮϲ ŽŶŐͲƚĞƌŵdĂdžŝĂďŝůŝƚŝĞƐ Ϯϰϭ ϮϬϭ Ϯϰϵ Ϯϭϳ Ϯϯϯ ϱϭ ϭϮϱ ϵϯ ϭϮϯ ϭ͕ϲϯϲ Ϯ͕ϴϭϭ ϭ͕Ϭϯϯ KƚŚĞƌŽŶŐͲƚĞƌŵ Ϯϱϰ ϯϮϲ ϰϬϬ ϲϬϰ ϲϱϵ ϲϱϬ ϵϬϲ ϳϮϯ ϭ͕ϲϮϵ ϭ͕ϯϴϵ ϭ͕ϯϰϵ ϭ͕ϯϯϬ ŽŶŐͲƚĞƌŵKƉĞƌĂƚŝŶŐĞĂƐĞ ϰϭϯ ϰϬϮ 727$//21*7(50/,$%,/,7,(6 ϭ͕ϱϳϱ ϭ͕ϱϵϯ ϭ͕ϳϭϬ ϭ͕ϱϬϵ ϭ͕ϰϴϰ ϭ͕Ϯϴϯ ϳ͕ϱϱϮ ϳ͕ϯϮϴ ϳ͕ϲϴϲ ϴ͕ϵϲϮ ϵ͕Ϭϯϭ ϭϬ͕ϭϵϭ Ϭ 727$//,$%,/,7,(6 Ϯ͕ϮϵϬ Ϯ͕ϲϰϯ Ϯ͕ϲϮϯ ϯ͕ϭϲϲ ϯ͕ϮϰϮ ϯ͕ϱϬϯ ϭϬ͕ϭϯϬ ϭϬ͕ϳϰϴ ϭϭ͕Ϭϱϱ ϭϮ͕Ϯϱϳ ϭϯ͕ϴϵϱ ϭϯ͕ϵϯϯ Ϭ 6+$5(+2/'(56(48,7 'ŽĂůͲ^ĞĞŬĚũƵƐƚĂƉŝƚĂůWĂŝĚͲ/ŶĂŶĚ^ŚĂƌĞĐŽƵŶƚƚŽƚĂůƚŽWĂƌΨh^ϭ͘ϬϬ WƌĞĨĞƌƌĞĚ^ƚŽĐŬ͗ΛƉĂƌΨh^ϭ͘ϬϬ WƌĞĨĞƌƌĞĚ^ƚŽĐŬ͗ΛƉĂƌΨh^ϭ͘ϬϬ WƌĞĨĞƌƌĞĚ^ƚŽĐŬ͗ΛƉĂƌΨh^ϭ͘ϬϬ WƌĞĨĞƌƌĞĚ^ƚŽĐŬ͗ΛƉĂƌΨh^ϭ͘ϬϬ ŽŵŵŽŶ^ƚŽĐŬΛƉĂƌΨh^ϭ͘ϬϬ Ϯϴϴ Ϯϰϴ Ϯϯϰ Ϯϯϲ Ϯϱϲ Ϯϱϴ Ϯϰϭ Ϯϯϵ ϮϬϬ ϭϵϳ ϭϴϳ ϭϲϭ dƌĞĂƐƵƌLJ^ƚŽĐŬΛƉĂƌΨh^ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϯϯ Ϯϯ Ϯϰ Ϯϰ Ϯϰ Ϯϰ ĚĚŝƚŝŽŶĂůĂƉŝƚĂůWĂŝĚͲ/Ŷ ϱ͕ϳϴϮ ϯ͕ϴϵϱ Ϭ Ϭ Ϭ ϰ͕ϭϵϲ Ϭ Ϭ ϭϮ͕ϳϬϳ Ͳϯ͕ϭϵϴ Ͳϯ͕ϭϴϴ Ͳϯ͕ϭϲϮ ĞĨĞƌƌĞĚŽŵƉĞŶƐĂƚŝŽŶ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ ĐĐƵŵƵůĂƚĞĚŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞͬ;ŽƐƐͿ ϱϬ ͲϮϮ ͲϮϳ Ͳϱϱ ͲϮϴ Ͳϱϵ ͲϮϮϰ ͲϯϮϬ Ϭ ͲϮϰϬ Ͳϭϯϱ ͲϮϵϵ ZĞƚĂŝŶĞĚĂƌŶŝŶŐƐͬĐĐƵŵƵůĂƚĞĚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ ϭϰϭ ϭ͕ϯϮϴ ϲ͕Ϯϭϵ ϲ͕ϳϴϯ ϴ͕ϯϵϯ ϲ͕ϰϭϰ ϵ͕ϯϯϯ ϭϮ͕ϭϵϵ Ͳϯϭϴ ϭϲ͕Ϯϱϳ ϭϲ͕ϰϱϱ ϭϯ͕ϵϳϲ KƚŚĞƌƋƵŝƚLJ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ EŽŶŽŶƚƌŽůůŝŶŐ/ŶƚĞƌĞƐƚƐ Ϭ Ϭ Ϭ Ϭ Ϭ ϱ Ϯ ͲϭϮ Ͳϭϱ Ͳϴ Ͳϰ Ͳϭϰ 727$/6+$5(+2/'(56(48,7 ϲ͕ϮϲϮ ϱ͕ϰϰϵ ϲ͕ϰϮϳ ϲ͕ϵϲϰ ϴ͕ϲϮϭ ϭϬ͕ϴϭϰ ϵ͕ϯϳϱ ϭϮ͕ϭϮϵ ϭϮ͕ϱϵϴ ϭϯ͕ϬϯϮ ϭϯ͕ϯϯϵ ϭϬ͕ϲϴϲ Ϭ 727$//,$%,/,7,(6$1'6( ĞŚĂƌƌLJ͕LJŶĚŽŶDĂƌƚŝŶt͘ϮϬϮϭͲϭϮͲϬϰͺ//ͲDͲsĂůƵĂƚŝŽŶͮĂů^ŚƚZĞǀŝĞǁ ϭϮͬϲͬϮϬϮϭϬϳ͗ϬϬ WĂŐĞϭŽĨϭ Draft
- 13. ƋƵŝƚLJsĂůƵĂƚŝŽŶ ϮϬϮϭͲϭϮͲϬϰͺ//ͲDͲsĂůƵĂƚŝŽŶ ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚZĞǀŝĞǁ ŽŵƉůĞdžĞďƚ Žƌdž ĂƌƌLJŝŶŐ ŽŶǀĞƌƐŝŽŶ ϭ͕ϬϬϬ͕ϬϬϬΨh^ ƵƌƌĞŶĐLJ sĂůƵĞ ZĂƚĞ /RQJ7HUP'HEW ƵƐƚƌĂůŝĂŶŽůůĂƌ h Ϭ͘ϳϬϬϭϵ 0DW'DWH RXSRQ sĂůƵĞ ŶŶƵĂů ĂŶĂĚŝĂŶŽůůĂƌ E Ϭ͘ϳϳϳϴϳ h^ ϵϵϴ ϭ͘ϬϬϬϬϬ ϮϬϮϮͲϭϮͲϭϱ ϯ͘ϲϮϱй ϵϵϳ͘ϵϬϬ ϯϲ ŚŝŶĞƐĞzƵĂŶ Ez Ϭ͘ϭϱϲϴϯ h^ ϭ͕ϳϰϭ ϭ͘ϬϬϬϬϬ ϮϬϮϱͲϭϮͲϭϱ ϰ͘ϬϱϬй ϭ͕ϳϰϭ͘ϬϬϬ ϳϭ ƵƌŽƉĞĂŶhŶŝŽŶ hZ ϭ͘ϭϯϭϯϯ h^ ϭ͕ϰϵϭ ϭ͘ϬϬϬϬϬ ϮϬϮϬͲϬϱͲϬϭ Ϯ͘ϮϱϬй ϭ͕ϰϵϭ͘ϭϬϬ ϯϰ ŽƌĞĂŶtŽŶ Zt Ϭ͘ϬϬϬϴϱ h^ ϭ͕ϳϮϯ ϭ͘ϬϬϬϬϬ ϮϬϰϱͲϬϵͲϭϱ ϱ͘ϮϬϬй ϭ͕ϳϮϯ͘ϰϬϬ ϵϬ ^ŽƵƚŚĨƌŝĐĂZĂŶĚ Z Ϭ͘ϬϲϮϭϯ h^ ϭ͕ϰϳϯ ϭ͘ϬϬϬϬϬ ϮϬϱϬͲϬϱͲϬϭ ϯ͘ϭϱϬй ϭ͕ϰϳϮ͘ϲϬϬ ϰϲ ^ǁŝƐƐ , ϭ͘Ϭϴϵϴϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ŽůůĂƌ h^ ϭ͘ϬϬϬϬϬ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ hZ ϭ͘ϭϯϭϯϯ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ hZ ϭ͘ϭϯϭϯϯ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ E Ϭ͘ϳϳϳϴϳ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ h^ ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ Ϭ͘ϬϬϬϬϬ Ϭ͘ϬϬϬ Ϭ ͙ ϳ͕ϰϮϲ Ϯϳϲ ϯ͘ϳϮϬй ĞŚĂƌƌLJ͕LJŶĚŽŶDĂƌƚŝŶt͘ϮϬϮϭͲϭϮͲϬϰͺ//ͲDͲsĂůƵĂƚŝŽŶͮŽŵƉůĞdžĞďƚ ϭϮͬϲͬϮϬϮϭϬϳ͗Ϭϭ WĂŐĞϭŽĨϭ Draft
- 17. U I E(U P
- 20. ƋƵŝƚLJsĂůƵĂƚŝŽŶ ϮϬϮϭͲϭϮͲϬϰͺ//ͲDͲsĂůƵĂƚŝŽŶ ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚZĞǀŝĞǁ ϮϬϮϭ ϮϬϮϮ ϮϬϮϯ ϮϬϮϰ ϮϬϮϱ ϮϬϮϲ ϮϬϮϳ ϮϬϮϴ ϮϬϮϵ ϮϬϯϬ Ϭ ϭ Ϯ ϯ ϰ ϱ ϲ ϳ ϴ ϵ ϭϬ ͲϭϬ͘ϬϬй Ͳϭ͘ϯϬй ϲ͘ϬϬй ϯ͘ϬϬй ϯ͘ϬϬй ϯ͘ϬϬй ϯ͘ϬϬй ϭ͘ϬϬй ϭ͘ϬϬй ϭ͘ϬϬй ϭ͘ϬϬй 3(53(78,7 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW ^dd/͗WZK:dZsEh ϭϮ͕ϭϬϬ ϭϭ͕ϵϰϯ ϭϮ͕ϲϱϵ ϭϯ͕Ϭϯϵ ϭϯ͕ϰϯϬ ϭϯ͕ϴϯϯ ϭϰ͕Ϯϰϴ ϭϰ͕ϯϵϭ ϭϰ͕ϱϯϱ ϭϰ͕ϲϴϬ ϭϰ͕ϴϮϳ Ž'^͗ϲ͘ϱϭй Ͳϳϴϴ Ͳϳϳϴ ͲϴϮϰ Ͳϴϰϵ Ͳϴϳϱ ͲϵϬϭ ͲϵϮϴ Ͳϵϯϳ Ͳϵϰϳ Ͳϵϱϲ Ͳϵϲϲ Θ;WƌŽĚƵĐƚŝŽŶͿ͗ϱ͘ϳϲй Ͳϲϵϳ Ͳϲϴϴ ͲϳϮϵ Ͳϳϱϭ Ͳϳϳϯ Ͳϳϵϲ ͲϴϮϬ ͲϴϮϵ Ͳϴϯϳ Ͳϴϰϱ Ͳϴϱϰ 'ZK^^DZ'/E͗ϴϳ͘ϳϯй ϭϬ͕ϲϭϱ ϭϬ͕ϰϳϳ ϭϭ͕ϭϬϲ ϭϭ͕ϰϯϵ ϭϭ͕ϳϴϮ ϭϮ͕ϭϯϲ ϭϮ͕ϱϬϬ ϭϮ͕ϲϮϱ ϭϮ͕ϳϱϭ ϭϮ͕ϴϳϵ ϭϯ͕ϬϬϴ ĚŵŝŶŝƐƚƌĂƚŝǀĞŽƐƚƐ͗ ^'͗Ϯϭ͘ϳϮй ͲϮ͕ϲϮϴ ͲϮ͕ϱϵϰ ͲϮ͕ϳϱϬ ͲϮ͕ϴϯϮ ͲϮ͕ϵϭϳ Ͳϯ͕ϬϬϱ Ͳϯ͕Ϭϵϱ Ͳϯ͕ϭϮϲ Ͳϯ͕ϭϱϳ Ͳϯ͕ϭϴϵ Ͳϯ͕ϮϮϭ ZΘ͗Ϯϭ͘ϬϬй ͲϮ͕ϱϰϭ ͲϮ͕ϱϬϴ ͲϮ͕ϲϱϵ ͲϮ͕ϳϯϴ ͲϮ͕ϴϮϬ ͲϮ͕ϵϬϱ ͲϮ͕ϵϵϮ Ͳϯ͕ϬϮϮ Ͳϯ͕ϬϱϮ Ͳϯ͕Ϭϴϯ Ͳϯ͕ϭϭϰ Θ;^'Ϳ͗ϰ͘ϰϵй Ͳϱϰϯ Ͳϱϯϲ Ͳϱϲϴ Ͳϱϴϱ ͲϲϬϯ ͲϲϮϭ Ͳϲϯϵ Ͳϲϰϲ ͲϲϱϮ Ͳϲϱϵ Ͳϲϲϱ ĚŵŝŶdžƉĞŶƐĞƐ͗ϰϳ͘Ϯϭй Ͳϱ͕ϳϭϮ Ͳϱ͕ϲϯϴ Ͳϱ͕ϵϳϲ Ͳϲ͕ϭϱϱ Ͳϲ͕ϯϰϬ Ͳϲ͕ϱϯϬ Ͳϲ͕ϳϮϲ Ͳϲ͕ϳϵϰ Ͳϲ͕ϴϲϭ Ͳϲ͕ϵϯϬ Ͳϲ͕ϵϵϵ Kd,Z͗Ͳϭ͘Ϯϵй ϭϱϲ ϭϱϰ ϭϲϰ ϭϲϵ ϭϳϰ ϭϳϵ ϭϴϰ ϭϴϲ ϭϴϴ ϭϵϬ ϭϵϮ /d͗ϰϭ͘ϴϮй ϱ͕ϬϲϬ ϰ͕ϵϵϰ ϱ͕Ϯϵϰ ϱ͕ϰϱϮ ϱ͕ϲϭϲ ϱ͕ϳϴϰ ϱ͕ϵϱϴ ϲ͕Ϭϭϴ ϲ͕Ϭϳϴ ϲ͕ϭϯϵ ϲ͕ϮϬϬ /ŶƚĞƌĞƐƚ/ŶĐͬ͘;džƉ͘Ϳ͗ϭ͘Ϯϱй Ͳϭϱϭ Ͳϭϰϵ Ͳϭϱϴ Ͳϭϲϯ Ͳϭϲϴ Ͳϭϳϯ Ͳϭϳϴ ͲϭϴϬ ͲϭϴϮ Ͳϭϴϰ Ͳϭϴϱ d͗ϰϬ͘ϱϳй ϰ͕ϵϬϴ ϰ͕ϴϰϱ ϱ͕ϭϯϱ ϱ͕Ϯϴϵ ϱ͕ϰϰϴ ϱ͕ϲϭϮ ϱ͕ϳϴϬ ϱ͕ϴϯϴ ϱ͕ϴϵϲ ϱ͕ϵϱϱ ϲ͕Ϭϭϱ 7D[HV Ͳϭ͕ϬϴϬ Ͳϭ͕Ϭϲϲ Ͳϭ͕ϭϯϬ Ͳϭ͕ϭϲϰ Ͳϭ͕ϭϵϵ Ͳϭ͕Ϯϯϱ Ͳϭ͕ϮϳϮ Ͳϭ͕Ϯϴϰ Ͳϭ͕Ϯϵϳ Ͳϭ͕ϯϭϬ Ͳϭ͕ϯϮϯ 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH EdZE/E'^͗ϯϭ͘ϲϰй ϯ͕ϴϮϵ ϯ͕ϳϳϵ ϰ͕ϬϬϲ ϰ͕ϭϮϲ ϰ͕ϮϱϬ ϰ͕ϯϳϳ ϰ͕ϱϬϴ ϰ͕ϱϱϯ ϰ͕ϱϵϵ ϰ͕ϲϰϱ ϰ͕ϲϵϭ ' $$GG%DFN ϭ͕Ϯϯϵ ϭ͕ϮϮϯ ϭ͕Ϯϵϳ ϭ͕ϯϯϲ ϭ͕ϯϳϲ ϭ͕ϰϭϳ ϭ͕ϰϲϬ ϭ͕ϰϳϰ ϭ͕ϰϴϵ ϭ͕ϱϬϰ ϭ͕ϱϭϵ DSLWDO([SHQGLWXUHV Ͳϭ͕ϯϱϰ Ͳϭ͕ϯϯϲ Ͳϭ͕ϰϭϲ Ͳϭ͕ϰϱϵ Ͳϭ͕ϱϬϮ Ͳϭ͕ϱϰϳ Ͳϭ͕ϱϵϰ Ͳϭ͕ϲϭϬ Ͳϭ͕ϲϮϲ Ͳϭ͕ϲϰϮ Ͳϭ͕ϲϱϵ ǻ:RUNLQJDSLWDO ͲϴϮ Ͳϴϭ Ͳϴϲ Ͳϴϵ Ͳϵϭ Ͳϵϰ Ͳϵϳ Ͳϵϴ Ͳϵϵ ͲϭϬϬ ͲϭϬϭ (DUQLQJV'XH$IILOLDWHV ͲϮϮ ͲϮϭ ͲϮϯ ͲϮϯ ͲϮϰ ͲϮϱ ͲϮϱ ͲϮϲ ͲϮϲ ͲϮϲ ͲϮϳ dŽĂƐƐĞƐƐůŝƋƵŝĚŝƚLJĂƚdЅ͕ĂŶĂůLJƐŝƐǁŝůůĚĞĚƵĐƚĂůĂŶĐĞ^ŚĞĞƚŝĂďŝůŝƚŝĞƐĨƌŽŵĂƐŚн^ŚŽƌƚͲƚĞƌŵƐĞĐƵƌŝƚŝĞƐ͘ Ͳϭϰ͕ϯϯϳ /(66855(17'(%7$1'27+(5/21*7(50/,$%,/,7,(67 Ϭ /(6635()(55('$73$57 Ϯ͕ϲϭϬ (;(66$6+ 6+2577(506(85,7,(67 'ZKtd, ĂŶĂůLJƐŝƐǁŝůůĚĞĚƵĐƚƚŚĞƚŽƚĂůǀĂůƵĞŽĨůŝĂďŝůŝƚŝĞƐĨƌŽŵƚŚĞĨŝƌŵΖƐĐĂƐŚƉŽƐŝƚŝŽŶ͘ 3(53(78,79$/8( ϯ͕ϲϭϭ ϯ͕ϱϲϰ ϯ͕ϳϳϳ ϯ͕ϴϵϭ ϰ͕ϬϬϳ ϰ͕ϭϮϴ ϰ͕ϮϱϮ ϰ͕Ϯϵϰ ϰ͕ϯϯϳ ϰ͕ϯϴϬ ϱϯ͕ϱϭϴ dŽĂƐƐĞƐƐůŝƋƵŝĚŝƚLJĂƚdЅ͕ĂŶĂůLJƐŝƐǁŝůůĚĞĚƵĐƚĂůĂŶĐĞ^ŚĞĞƚŝĂďŝůŝƚŝĞƐĨƌŽŵĂƐŚн^ŚŽƌƚͲƚĞƌŵƐĞĐƵƌŝƚŝĞƐ͘ 6WDWLF0RGHO ') ĂŶĂůLJƐŝƐǁŝůůĚĞĚƵĐƚƚŚĞƚŽƚĂůǀĂůƵĞŽĨůŝĂďŝůŝƚŝĞƐĨƌŽŵƚŚĞĨŝƌŵΖƐĐĂƐŚƉŽƐŝƚŝŽŶ͘ 3(56+$5( t ϭϬ͘ϯϰϵй /ŶĐƌĞŵĞŶƚĂůŚĂŶŐĞ Ϯ͘ϱϬϬй t Ϭ͘ϬϬϬй Ϯ͘ϱϬϬй ϱ͘ϬϬϬй ϳ͘ϱϬϬй ϭϬ͘ϬϬϬй ϭϮ͘ϱϬϬй ϭϱ͘ϬϬϬй ϭϳ͘ϱϬϬй ϮϬ͘ϬϬϬй ^ƚĂŶĚĂƌĚ' ͗ Ϯ͘ϱϬϬй ůƚĞƌŶĂƚĞt ϴ͘Ϯϳϵй ϴ͘ϳϵϳй ϵ͘ϯϭϰй ϵ͘ϴϯϮй ϭϬ͘ϯϰϵй ϭϬ͘ϴϲϲй ϭϭ͘ϯϴϰй ϭϭ͘ϵϬϭй ϭϮ͘ϰϭϵй ůƚĞƌŶĂƚĞ͗ zĞƐ //͗ŝŽŐĞŶ/ŶĐ͘EWsϭ͕ϬϬϬ͕ϬϬϬΨh^ ϯϲ͕ϴϮϮ͘ϰϬϳ ϯϱ͕ϬϲϬ͘ϰϭϱ ϯϯ͕ϯϴϯ͘ϳϵϱ ϯϭ͕ϳϴϳ͘ϳϵϰ ϯϬ͕Ϯϲϳ͘ϵϱϬ Ϯϴ͕ϴϮϬ͘Ϭϳϱ Ϯϳ͕ϰϰϬ͘Ϯϯϯ Ϯϲ͕ϭϮϰ͘ϳϮϴ Ϯϰ͕ϴϳϬ͘Ϭϴϯ ůƚ' Ĩ;tͿ͗ ϱ͘ϬϬϬй ^ŚĂƌĞƐKƵƚ;/ŶĐdƌĞĂƐƵƌLJͿ ϭϲϱ͘ϵϵϱ ϭϲϱ͘ϵϵϱ ϭϲϱ͘ϵϵϱ ϭϲϱ͘ϵϵϱ ϭϲϱ͘ϵϵϱ ϭϲϱ͘ϵϵϱ ϭϲϱ͘ϵϵϱ ϭϲϱ͘ϵϵϱ ϭϲϱ͘ϵϵϱ ϮϮϭ͘ϴϯ Ϯϭϭ͘Ϯϭ ϮϬϭ͘ϭϭ ϭϵϭ͘ϱϬ ϭϴϮ͘ϯϰ ϭϳϯ͘ϲϮ ϭϲϱ͘ϯϭ ϭϱϳ͘ϯϴ ϭϰϵ͘ϴϮ ϭ͕ϬϬϬ͕ϬϬϬ Ϭ͘ϱϬй 'ƌŽǁƚŚ/ŶĐƌĞŵĞŶƚ^ĞŶƐŝƚŝǀŝƚLJ //͗ŝŽŐĞŶ/ŶĐ͘EWsϭ͕ϬϬϬ͕ϬϬϬΨh^sĂƌLJŝŶŐt͗^ƚĂƚŝĐDŽĚĞů //͗ŝŽŐĞŶ/ŶĐ͘EWsϭ͕ϬϬϬ͕ϬϬϬΨh^sĂƌLJŝŶŐ'ƌŽǁƚŚ͗^ƚĂƚŝĐDŽĚĞů t //͗ŝŽŐĞ Ψh^WĞƌ^ŚĂƌĞ͖ϭ͕ϬϬϬ͕ϬϬϬhŶŝƚƐͮϭϰϳ^ŚĂƌĞƐ 'ƌŽǁƚŚZĂƚ//͗ŝŽŐĞ Ψh^WĞƌ^ŚĂƌĞ͖ϭ͕ϬϬϬ͕ϬϬϬhŶŝƚƐͮϭϰϳ^ŚĂƌĞƐ ϴ͘Ϯϳϵй ϯϲ͕ϴϮϮ͘ϰϬϳ ϮϮϭ͘ϴϮϴ ϭ ͲϭϮ͘ϱϬй ϲ͕ϰϵϭ ϯϵ͘ϭϬϱ ϴ͘ϳϵϳй ϯϱ͕ϬϲϬ͘ϰϭϱ Ϯϭϭ͘Ϯϭϰ Ϯ ͲϭϮ͘ϬϬй ϳ͕Ϭϰϳ ϰϮ͘ϰϱϯ ϵ͘ϯϭϰй ϯϯ͕ϯϴϯ͘ϳϵϱ ϮϬϭ͘ϭϭϯ ϯ Ͳϭϭ͘ϱϬй ϳ͕ϲϮϰ ϰϱ͘ϵϮϵ ϵ͘ϴϯϮй ϯϭ͕ϳϴϳ͘ϳϵϰ ϭϵϭ͘ϰϵϵ ϰ Ͳϭϭ͘ϬϬй ϴ͕ϮϮϯ ϰϵ͘ϱϯϴ ϭϬ͘ϯϰϵй ϯϬ͕Ϯϲϳ͘ϵϱϬ ϭϴϮ͘ϯϰϯ ϱ ͲϭϬ͘ϱϬй ϴ͕ϴϰϱ ϱϯ͘Ϯϴϰ ϭϬ͘ϴϲϲй Ϯϴ͕ϴϮϬ͘Ϭϳϱ ϭϳϯ͘ϲϮϬ ϲ ͲϭϬ͘ϬϬй ϵ͕ϰϵϭ ϱϳ͘ϭϳϰ ϭϭ͘ϯϴϰй Ϯϳ͕ϰϰϬ͘Ϯϯϯ ϭϲϱ͘ϯϬϴ ϳ Ͳϵ͘ϱϬй ϭϬ͕ϭϲϭ ϲϭ͘Ϯϭϯ ϭϭ͘ϵϬϭй Ϯϲ͕ϭϮϰ͘ϳϮϴ ϭϱϳ͘ϯϴϯ ϴ Ͳϵ͘ϬϬй ϭϬ͕ϴϱϳ ϲϱ͘ϰϬϴ ϭϮ͘ϰϭϵй Ϯϰ͕ϴϳϬ͘Ϭϴϯ ϭϰϵ͘ϴϮϰ ϵ Ͳϴ͘ϱϬй ϭϭ͕ϱϴϬ ϲϵ͘ϳϲϯ ϭϬ Ͳϴ͘ϬϬй ϭϮ͕ϯϯϭ ϳϰ͘Ϯϴϲ ϭϭ Ͳϳ͘ϱϬй ϭϯ͕ϭϭϭ ϳϴ͘ϵϴϰ ϮϬϮϭ ϮϬϮϮ ϮϬϮϯ ϮϬϮϰ ϮϬϮϱ ϮϬϮϲ ϮϬϮϳ ϮϬϮϴ ϮϬϮϵ ϮϬϯϬ WĞƌƉĞƚƵŝƚLJ Ϭ ϭ Ϯ ϯ ϰ ϱ ϲ ϳ ϴ ϵ ϭϬ 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW ͲϭϮ͘ϱϬй ĞŚĂƌƌLJ͕LJŶĚŽŶDĂƌƚŝŶt͘ϮϬϮϭͲϭϮͲϬϰͺ//ͲDͲsĂůƵĂƚŝŽŶͮůůsĂƌŝĂďůĞͺD ϭϮͬϲͬϮϬϮϭϬϲ͗ϱϳ WĂŐĞϮŽĨϯ Draft
- 21. ƋƵŝƚLJsĂůƵĂƚŝŽŶ ϮϬϮϭͲϭϮͲϬϰͺ//ͲDͲsĂůƵĂƚŝŽŶ ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚZĞǀŝĞǁ ϯϲ͕ϴϮϮ ϯϱ͕ϬϲϬ ϯϯ͕ϯϴϰ ϯϭ͕ϳϴϴ ϯϬ͕Ϯϲϴ Ϯϴ͕ϴϮϬ Ϯϳ͕ϰϰϬ Ϯϲ͕ϭϮϱ Ϯϰ͕ϴϳϬ ϮϮϭ͘ϴϯ Ϯϭϭ͘Ϯϭ ϮϬϭ͘ϭϭ ϭϵϭ͘ϱϬ ϭϴϮ͘ϯϰ ϭϳϯ͘ϲϮ ϭϲϱ͘ϯϭ ϭϱϳ͘ϯϴ ϭϰϵ͘ϴϮ Ϭ͘ϬϬ ϱϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϱϬ͘ϬϬ ϮϬϬ͘ϬϬ ϮϱϬ͘ϬϬ Ϭ ϱ͕ϬϬϬ ϭϬ͕ϬϬϬ ϭϱ͕ϬϬϬ ϮϬ͕ϬϬϬ Ϯϱ͕ϬϬϬ ϯϬ͕ϬϬϬ ϯϱ͕ϬϬϬ ϰϬ͕ϬϬϬ ϴ͘Ϯϴй ϴ͘ϴϬй ϵ͘ϯϭй ϵ͘ϴϯй ϭϬ͘ϯϱй ϭϬ͘ϴϳй ϭϭ͘ϯϴй ϭϭ͘ϵϬй ϭϮ͘ϰϮй Ψh^WĞƌ^ŚĂƌĞ͖ϭ͕ϬϬϬ͕ϬϬϬhŶŝƚƐͮϭϰϳ^ŚĂƌĞƐ //͗ŝŽŐĞŶ/ŶĐ͘EWsϭ͕ϬϬϬ͕ϬϬϬΨh^ t //͗ŝŽŐĞŶ/ŶĐ͘EWsϭ͕ϬϬϬ͕ϬϬϬΨh^sĂƌLJŝŶŐ t͗^ƚĂƚŝĐDŽĚĞů ϲ͕ϰϵϭ ϳ͕Ϭϰϳ ϳ͕ϲϮϰ ϴ͕ϮϮϯ ϴ͕ϴϰϱ ϵ͕ϰϵϭ ϭϬ͕ϭϲϭ ϭϬ͕ϴϱϳ ϭϭ͕ϱϴϬ ϭϮ͕ϯϯϭ ϭϯ͕ϭϭϭ ϯϵ͘ϭϭ ϰϮ͘ϰϱ ϰϱ͘ϵϯ ϰϵ͘ϱϰ ϱϯ͘Ϯϴ ϱϳ͘ϭϳ ϲϭ͘Ϯϭ ϲϱ͘ϰϭ ϲϵ͘ϳϲ ϳϰ͘Ϯϵ ϳϴ͘ϵϴ Ϭ͘ϬϬ ϭϬ͘ϬϬ ϮϬ͘ϬϬ ϯϬ͘ϬϬ ϰϬ͘ϬϬ ϱϬ͘ϬϬ ϲϬ͘ϬϬ ϳϬ͘ϬϬ ϴϬ͘ϬϬ ϵϬ͘ϬϬ Ϭ Ϯ͕ϬϬϬ ϰ͕ϬϬϬ ϲ͕ϬϬϬ ϴ͕ϬϬϬ ϭϬ͕ϬϬϬ ϭϮ͕ϬϬϬ ϭϰ͕ϬϬϬ ͲϭϮ͘ϱϬйͲϭϮ͘ϬϬйͲϭϭ͘ϱϬйͲϭϭ͘ϬϬйͲϭϬ͘ϱϬйͲϭϬ͘ϬϬй Ͳϵ͘ϱϬй Ͳϵ͘ϬϬй Ͳϴ͘ϱϬй Ͳϴ͘ϬϬй Ͳϳ͘ϱϬй Ψh^WĞƌ^ŚĂƌĞ͖ϭ͕ϬϬϬ͕ϬϬϬhŶŝƚƐͮϭϰϳ^ŚĂƌĞƐ //͗ŝŽŐĞŶ/ŶĐ͘EWsϭ͕ϬϬϬ͕ϬϬϬΨh^ 'ƌŽǁƚŚZĂƚĞ //͗ŝŽŐĞŶ/ŶĐ͘EWsϭ͕ϬϬϬ͕ϬϬϬΨh^sĂƌLJŝŶŐ 'ƌŽǁƚŚ͗^ƚĂƚŝĐDŽĚĞů ĞŚĂƌƌLJ͕LJŶĚŽŶDĂƌƚŝŶt͘ϮϬϮϭͲϭϮͲϬϰͺ//ͲDͲsĂůƵĂƚŝŽŶͮ'ƌĂƉŚŝĐƐ ϭϮͬϲͬϮϬϮϭϬϲ͗ϱϳ WĂŐĞϭŽĨϭ Draft
- 22. ƋƵŝƚLJsĂůƵĂƚŝŽŶ ϮϬϮϭͲϭϮͲϬϰͺ//ͲDͲsĂůƵĂƚŝŽŶ ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚZĞǀŝĞǁ sĂƌŝĂďůĞƐ DŽŶĞƚĂƌLJsĂůƵĞƐ/Ŷϭ͕ϬϬϬ͕ϬϬϬΨh^;džĐĞƉƚWĞƌ^ŚĂƌĞsĂůƵĞƐͿ͘ //͗ŝŽŐĞŶ/ŶĐ͘ ƵƌƌĞŶĐLJ Ψh^ EŽƚĞ͗dŚŝƐƐŚĞĞƚĐĂƌƌŝĞƐĚĞĐŝŵĂůƐƚŽϯƉůĂĐĞƐ͗Ϭ͘ϬϬϬ͘ ŝŽŐĞŶŝƐĂŐůŽďĂůďŝŽƉŚĂƌŵĂĐĞƵƚŝĐĂůĐŽŵƉĂŶLJĨŽĐƵƐĞĚŽŶĚŝƐĐŽǀĞƌŝŶŐ͕ĚĞǀĞůŽƉŝŶŐĂŶĚĚĞůŝǀĞƌŝŶŐǁŽƌůĚǁŝĚĞŝŶŶŽǀĂƚŝǀĞƚŚĞƌĂƉŝĞƐĨŽƌƉĞŽƉůĞůŝǀŝŶŐǁŝƚŚƐĞƌŝŽƵƐŶĞƵƌŽůŽŐŝĐĂůĂŶĚŶĞƵƌŽĚĞŐĞŶĞƌĂƚŝǀĞĚŝƐĞĂƐĞƐĂƐǁĞůůĂƐ ƌĞůĂƚĞĚƚŚĞƌĂƉĞƵƚŝĐĂĚũĂĐĞŶĐŝĞƐ͘KƵƌĐŽƌĞŐƌŽǁƚŚĂƌĞĂƐŝŶĐůƵĚĞŵƵůƚŝƉůĞƐĐůĞƌŽƐŝƐ;D^ͿĂŶĚŶĞƵƌŽŝŵŵƵŶŽůŽŐLJ͖ůnjŚĞŝŵĞƌ͛ƐĚŝƐĞĂƐĞĂŶĚĚĞŵĞŶƚŝĂ͖ŶĞƵƌŽŵƵƐĐƵůĂƌĚŝƐŽƌĚĞƌƐ͕ŝŶĐůƵĚŝŶŐƐƉŝŶĂůŵƵƐĐƵůĂƌĂƚƌŽƉŚLJ;^DͿĂŶĚ ĂŵLJŽƚƌŽƉŚŝĐůĂƚĞƌĂůƐĐůĞƌŽƐŝƐ;^Ϳ͖ŵŽǀĞŵĞŶƚĚŝƐŽƌĚĞƌƐ͕ŝŶĐůƵĚŝŶŐWĂƌŬŝŶƐŽŶΖƐĚŝƐĞĂƐĞ͖ŽƉŚƚŚĂůŵŽůŽŐLJ͖ĂŶĚŶĞƵƌŽƉƐLJĐŚŝĂƚƌLJ͘tĞĂƌĞĂůƐŽĨŽĐƵƐĞĚŽŶĚŝƐĐŽǀĞƌŝŶŐ͕ĚĞǀĞůŽƉŝŶŐĂŶĚĚĞůŝǀĞƌŝŶŐǁŽƌůĚǁŝĚĞŝŶŶŽǀĂƚŝǀĞ ƚŚĞƌĂƉŝĞƐŝŶŽƵƌĞŵĞƌŐŝŶŐŐƌŽǁƚŚĂƌĞĂƐŽĨŝŵŵƵŶŽůŽŐLJ͖ĂĐƵƚĞŶĞƵƌŽůŽŐLJ͖ĂŶĚŶĞƵƌŽƉĂƚŚŝĐƉĂŝŶ͘͘͘;z͗ϮϬϮϬͲϭϮͲϯϭͿ hƐĞƌŵĂLJǀĂƌLJŝŶƉƵƚŝŶƚŽƐŚĂĚĞĚĐĞůůƐ͘ ŽŵƉůĞƚĞƚŚĞ/ŶĐ^ƚŵŶƚZĞǀŝĞǁĂŶĚĂů^ŚƚZĞǀŝĞǁǁŽƌŬƐŚĞĞƚƐ͘ŽŵƉůĞƚĞƚŚŝƐƉĂŐĞ͖ƚŚĞŶƌƵŶLJŽƵƌƐŝŵƵůĂƚŝŽŶŚĞƌĞ͘ dŚĞŵŽƐƚƌĞĐĞŶƚzĞŶĚ;ƚLJƉĞLJĞĂƌͿ͗ ϮϬϮϭ ĚũƵƐƚĂƐĞzĞĂƌĨŽƌddDƐƚŝŵĂƚĞ zĞƐ ĂůĐƵůĂƚĞ^ƚĂƚŝƐƚŝĐƐƚŚƌŽƵŐŚz͗ ϮϬϮϬ 0HDQ ,ŝƐƚŽƌŝĐĂů $OWHUQDWH ϭϬ͘ϬϬϬй RHIILFLHQWRI9DULDWLRQ7DUJHWXWRII 9DULDEOHV (VWLPDWH ^ds 5DWH 5HYHQXH*URZWK5DWH ϭϬ͘ϳϰϬй +LJKGHYLDWLRQRHIILFLHQWRI9DULDWLRQ 8VHDQDOWHUQDWHUDWH $OWHUQDWLYH5HYHQXH*URZWK5DWH') + Increase - Reduce *URZWK DŽŶƚĞĂƌůŽ͗Ψh^ %,,%%LRJHQ,QF 3URMHFWHG*URZWK5DWHϭ hƐĞůƚĞƌŶĂƚĞZĂƚĞƐ͗ zĞƐ ϭϭ͘ϮϵϬй $**5 R*6I5HYHQXH
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- 46. 3ULFH0XOWLSOH%9 ϯ͘Ϭϳϴ )RUHFDVW6KDUH3ULFH)URP0XOWLSOH;%9 6WDWLF0RGHO')9DOXDWLRQ3HU6KDUH ϭϴϮ͘ϯϱϬ *URZWK5DWH9DULHV6HH:N6KW')$OO9DULDEOHB05RZ Ψh^ϭϴϮ͘ϯϱϬ sZ/^KZthd/KE^ DĂƌŬĞƚĂŶĚWDDŽĚĞůůŝŶŐ Ϭ͘ϮϲϬй ZŝƐŬͲƌĞĞZĂƚĞ;dͲŝůůͬŽŶĚͬEŽƚĞ͕/KZŽƌŽƚŚĞƌŝŵƉƵƚĞĚƌĂƚĞͿ ϴ͘ϵϬϬй KǀĞƌĂůůŚŝƐƚŽƌŝĐDĂƌŬĞƚZĞƚƵƌŶ ƋƵŝƚLJ^ŚĂƌĞsĂƌŝĂďůĞƐ ϮϮϯ͘ϵϮϬ ƵƌƌĞŶƚDĂƌŬĞƚWƌŝĐĞŽĨŽŵŵŽŶ^ƚŽĐŬ ŝǀŝĚĞŶĚ͕ŝĨĂƉƉůŝĐĂďůĞ Ϭ͘ϰϬϬ EĞƚĂ ϯϴ͘ϬϬϬй ZĞƚƵƌŶŽŶƋƵŝƚLJddD ϯϱ͘ϬϬϬй džƉĞĐƚĞĚZĞƚƵƌŶŽŶƋƵŝƚLJ ϭϰϳ ƵƌƌĞŶƚ^ŚĂƌĞƐKƵƚƐƚĂŶĚŝŶŐ;ĚŝůƵƚĞĚͿ/ŶĐůƵĚŝŶŐdƌĞĂƐƵƌLJ,ŽůĚŝŶŐƐŝŶϭ͕ϬϬϬ͕ϬϬϬΖƐ WƌĞĨĞƌƌĞĚ^ŚĂƌĞsĂƌŝĂďůĞƐ ƵƌƌĞŶƚDĂƌŬĞƚWƌŝĐĞŽĨWƌĞĨĞƌƌĞĚ^ƚŽĐŬ͕͗ŝĨĂƉƉůŝĐĂďůĞ Ϭ ƵƌƌĞŶƚƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐϭ͕ϬϬϬ͕ϬϬϬ WƌĞĨĞƌƌĞĚ͗ƐƚŽĐŬĐŽƵƉŽŶ ƵƌƌĞŶƚDĂƌŬĞƚWƌŝĐĞŽĨWƌĞĨĞƌƌĞĚ^ƚŽĐŬ͕͗ŝĨĂƉƉůŝĐĂďůĞ Ϭ ƵƌƌĞŶƚƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐϭ͕ϬϬϬ͕ϬϬϬ WƌĞĨĞƌƌĞĚ͗ƐƚŽĐŬĐŽƵƉŽŶ ƵƌƌĞŶƚDĂƌŬĞƚWƌŝĐĞŽĨWƌĞĨĞƌƌĞĚ^ƚŽĐŬ͕͗ŝĨĂƉƉůŝĐĂďůĞ Ϭ ƵƌƌĞŶƚƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐϭ͕ϬϬϬ͕ϬϬϬ WƌĞĨĞƌƌĞĚ͗ƐƚŽĐŬĐŽƵƉŽŶ ƵƌƌĞŶƚDĂƌŬĞƚWƌŝĐĞŽĨWƌĞĨĞƌƌĞĚ^ƚŽĐŬ͕͗ŝĨĂƉƉůŝĐĂďůĞ Ϭ ƵƌƌĞŶƚƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐϭ͕ϬϬϬ͕ϬϬϬ WƌĞĨĞƌƌĞĚ͗ƐƚŽĐŬĐŽƵƉŽŶ Ϭ tĞŝŐŚƚĞĚEƵŵďĞƌŽĨWƌĞĨĞƌƌĞĚ^ŚĂƌĞƐKƵƚƐƚĂŶĚŝŶŐ Ϭ͘ϬϬϬй tĞŝŐŚƚĞĚŽƐƚ;ŽƵƉŽŶͿŽĨWƌĞĨĞƌƌĞĚ^ŚĂƌĞƐKƵƚƐƚĂŶĚŝŶŐ Ϭ͘ϬϬϬ tĞŝŐŚƚĞĚDĂƌŬĞƚWƌŝĐĞŽĨWƌĞĨĞƌƌĞĚ WĞƌƉĞƚƵŝƚLJ'ƌŽǁƚŚZĂƚĞ /ŶĨůĂƚŝŽŶ ŽŶŐͲƚĞƌŵ'ƌŽǁƚŚZĂƚĞ;ĨŽƌƉĞƌƉĞƚƵŝƚLJŵŽĚĞůͿ Ϯ͘ϬϬϬй ŽŶŐͲdĞƌŵ/ŶĨůĂƚŝŽŶZĂƚĞ ϯ͘ϱϴϬй ǀĞƌĂŐĞŽŶŐͲdĞƌŵ/ŶĨůĂƚŝŽŶZĂƚĞ͗h͘^͘͘ ϯ͘ϳϭϲй WD ĂƐŝƐŽĨtĂůĐƵůĂƚŝŽŶ t 'ŽƌĚŽŶZŽ hd/^KhEdZdsZz/E'Yh/dzt/',d/E'͗ t͕WD͕'KZKEZŽ͕sZ'KWDE'KZKEZŽ͍ zĞƐ sZztZKhE/d^DE͍ Ϯ͘ϬϬϬй dd,/^K//EdKsZ/d/KE;V WZEdKd,DEͿ͘ ϭϬ͘ϯϰϵй tKZ^/Dhd/KE $/7(51$7(3/8*)25:$',62817)$725 ŽƌĞĐĂƐƚZĞƐƵůƚƐ^ƵŵŵĂƌLJWĞƌ^ŚĂƌĞ Ϯϳϲ͘ϰϯϭ WͬsĂůƵĂƚŝŽŶ ϭϬ͘ϬϬϬ WŽƌǁĂƌĚ ϮϯϮ͘Ϯϰϭ WDsĂůƵĂƚŝŽŶ EŽZĞǀĞŶƵĞ'ƌŽǁƚŚ ϮϮϯ͘ϵϮϬ sϬDƵůƚŝƉůĞsĂůƵĂƚŝŽŶ ϭϴϮ͘ϯϱϬ ^ƚĂƚŝĐsĂůƵĂƚŝŽŶ ϭϴϮ͘ϭϴϴ DŽŶƚĞĂƌůŽP sĂůƵĂƚŝŽŶ Ϯϭϵ͘ϰϮϲ PŽĨůůDŽĚĞůƐsĂůƵĂƚŝŽŶ DŽŶƚĞĂƌůŽŶĂůLJƐŝƐ͗ ϭϴϮ͘ϭϴϴ DŽŶƚĞĂƌůŽV Ϯ͘ϱϬϬ V ϯϯϬ͘ϭϬϮ DŽŶƚĞĂƌůŽhƉƉĞƌ ϯϯϬ͘ϭϬϮ ϰϭ͘ϴϬϮ DŽŶƚĞĂƌůŽŽǁĞƌ ϰϭ͘ϴϬϮ Ϯϴϴ͘ϯϬϬ DŽŶƚĞĂƌůŽZĂŶŐĞ ϭϱϴ͘Ϯϰϯй ZĂŶŐĞ͗DĞĂŶ EŽƌŵĂů ŝƐƚƌŝďƵƚŝŽŶ dŚĞŚĞĂĚĞƌ;ƚŽƉͿŝƐŚŝŐŚĞƌͮůŽǁĞƌƚŚĂŶƚŚĞĐŽŵƉůĞŵĞŶƚ;ůĞĨƚͿ͘ ZĂƚŝŽŽŵƉĂƌŝƐŽŶŽĨƚŚĞDŽĚĞůƐ Wͬ WD 'ŽƌĚŽŶsϬ ^ƚĂƚŝĐ 0') P0RGHOV Wͬ Ϭ͘ϬϬϬй Ͳϭϱ͘ϵϴϲй Ͳϭϴ͘ϵϵϲй Ͳϯϰ͘Ϭϯϰй Ͳϯϰ͘Ϭϵϯй ͲϮϬ͘ϲϮϮй WD ϭϵ͘ϬϮϴй Ϭ͘ϬϬϬй Ͳϯ͘ϱϴϯй ͲϮϭ͘ϰϴϮй ͲϮϭ͘ϱϱϮй Ͳϱ͘ϱϭϴй 'ŽƌĚŽŶsϬ Ϯϯ͘ϰϱϭй ϯ͘ϳϭϲй Ϭ͘ϬϬϬй Ͳϭϴ͘ϱϲϱй Ͳϭϴ͘ϲϯϳй ͲϮ͘ϬϬϳй ^ƚĂƚŝĐ ϱϭ͘ϱϵϰй Ϯϳ͘ϯϲϬй ϮϮ͘ϳϵϳй Ϭ͘ϬϬϬй ͲϬ͘Ϭϴϵй ϮϬ͘ϯϯϮй 0') ϱϭ͘ϳϮϴй Ϯϳ͘ϰϳϯй ϮϮ͘ϵϬϲй Ϭ͘Ϭϴϵй Ϭ͘ϬϬϬй ϮϬ͘ϰϯϵй P0RGHOV Ϯϱ͘ϵϳϵй ϱ͘ϴϰϬй Ϯ͘Ϭϰϴй Ͳϭϲ͘ϴϵϳй Ͳϭϲ͘ϵϳϬй Ϭ͘ϬϬϬй ĞŚĂƌƌLJ͕LJŶĚŽŶDĂƌƚŝŶt͘ϮϬϮϭͲϭϮͲϬϰͺ//ͲDͲsĂůƵĂƚŝŽŶͮsĂƌŝĂďůĞƐ ϭϮͬϲͬϮϬϮϭϬϲ͗ϱϵ WĂŐĞϭŽĨϭ Draft
- 47. ƋƵŝƚLJsĂůƵĂƚŝŽŶ ϮϬϮϭͲϭϮͲϬϰͺ//ͲDͲsĂůƵĂƚŝŽŶ ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚZĞǀŝĞǁ //͗ŝŽŐĞŶ/ŶĐ͗͘DŽŶƚĞĂƌůŽ͗sĂůƵĂƚŝŽŶWĞƌ^ŚĂƌĞͮΨh^ DĂƐŬ DŽŶĞƚĂƌLJsĂůƵĞƐ/Ŷϭ͕ϬϬϬ͕ϬϬϬΨh^;džĐĞƉƚWĞƌ^ŚĂƌĞsĂůƵĞƐͿ͘ ϭ͕ϬϬϬ͕ϬϬϬΨh^ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϭ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϮ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϯ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϰ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϱ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϲ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϳ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϴ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϵ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϯϬ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϯϭ WƌŽũĞĐƚŝŽŶĂƐĞzzĞĂƌdϬ ϮϬϮϭ ϮϬϮϭ ϮϬϮϭ ϮϬϮϮ ϮϬϮϯ ϮϬϮϰ ϮϬϮϱ ϮϬϮϲ ϮϬϮϳ ϮϬϮϴ ϮϬϮϵ ϮϬϯϬ ϮϬϯϭ DĞĂŶ ^ds Ϭ ϭ Ϯ ϯ ϰ ϱ ϲ ϳ ϴ ϵ ϭϬ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϭͲϭϬ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϮͲϬϭ͘ϯϬй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϯϬϲ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϰϬϯ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϱϬϯ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϲϬϯ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϳϬϯ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϴϬϭ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϵϬϭ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϯϬϬϭ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϯϭϬϭ͘Ϭй ZĂŶĚŽŵ'ƌŽǁƚŚZĂƚĞ Ϭ͘ϬϬй Ϭ͘ϬϬй Ϭ͘ϬϬй Ϭ͘ϬϬй Ϭ͘ϬϬй Ϭ͘ϬϬй Ϭ͘ϬϬй Ϭ͘ϬϬй Ϭ͘ϬϬй Ϭ͘ϬϬй Ϭ͘ϬϬй ^ĞƋƵĞŶƚŝĂůZĞĚƵĐƚŝŽŶ ůƚĞƌŶĂƚĞŽĞĨĨŝĐŝĞŶƚŽĨsĂƌŝĂďŝůŝƚLJ ϭϬ͘ϬϬй ͲϭϬ͘ϬϬй Ͳϭ͘ϯϬй ϲ͘ϬϬй ϯ͘ϬϬй ϯ͘ϬϬй ϯ͘ϬϬй ϯ͘ϬϬй ϭ͘ϬϬй ϭ͘ϬϬй ϭ͘ϬϬй ϭ͘ϬϬй 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW WƌŽũĞĐƚŝŽŶdŝŵĞdϭ ϭϮ͕ϭϬϬ DKEdZKZsEh ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ž'^͗Ϭ͘ϬϬй Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Θ;WƌŽĚƵĐƚŝŽŶͿ͗Ϭ͘ϬϬй Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ 'ZK^^DZ'/E͗ϭϬϬ͘ϬϬй ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ ĚŵŝŶŝƐƚƌĂƚŝǀĞŽƐƚƐ͗ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй ^'͗Ϭ͘ϬϬй Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй ZΘ͗Ϭ͘ϬϬй Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Θ^'͗Ϭ͘ϬϬй Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ ĚŵŝŶdžƉĞŶƐĞƐ͗Ϭ͘ϬϬй Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй KƚŚĞƌ͗Ϭ͘ϬϬй Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ /d͗ϭϬϬ͘ϬϬй ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй /ŶƚĞƌĞƐƚdžƉĞŶƐĞ͗Ϭ͘ϬϬй Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ d͗ϭϬϬ͘ϬϬй ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϭ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϮ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϯ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϰ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϱ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϲ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϳ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϴ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϵ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϯϬ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϯϭ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй dĂdžĞƐ͗Ϭ͘ϬϬй Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH EdZE/E'^͗ϭϬϬ͘ϬϬй ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ΘĚĚͲĂĐŬ͗Ϭ͘ϬϬй Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Wy͗Ϭ͘ϬϬй Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй ȴtZW͗Ϭ͘ϬϬй Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй ZE͗Ϭ͘ϬϬй Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ͳϭϰ͕ϯϯϳ /(66855(17'(%7$1'27+(5/21*7(50/,$%,/,7,(67Adjusted for Carrying Costs
- 48. Ϭ /(6635()(55('$73$57 Ϯ͕ϲϭϬ (;(66$6+ 6+2577(506(85,7,(67 'ZKtd, ĂŶĂůLJƐŝƐǁŝůůĚĞĚƵĐƚƚŚĞƚŽƚĂůǀĂůƵĞŽĨůŝĂďŝůŝƚŝĞƐĨƌŽŵƚŚĞĨŝƌŵΖƐĐĂƐŚƉŽƐŝƚŝŽŶ͘ 3(53(78,79$/8( ƚŽƋƵŝƚLJ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϯ͕ϰϰϱ ϭϲϰ͕ϮϲϮ tKZ^/Dhd/KE ϭϬ͘ϯϰϵй Ϭ͘ϮϬϳй dŽĂƐƐĞƐƐůŝƋƵŝĚŝƚLJĂƚdЅ͕ĂŶĂůLJƐŝƐǁŝůůĚĞĚƵĐƚĂůĂŶĐĞ^ŚĞĞƚŝĂďŝůŝƚŝĞƐĨƌŽŵĂƐŚн^ŚŽƌƚͲƚĞƌŵƐĞĐƵƌŝƚŝĞƐ͘ ϭϱ͘ϵϭϵй ')WRWKH,QYHVWRUV ĂŶĂůLJƐŝƐǁŝůůĚĞĚƵĐƚƚŚĞƚŽƚĂůǀĂůƵĞŽĨůŝĂďŝůŝƚŝĞƐĨƌŽŵƚŚĞĨŝƌŵΖƐĐĂƐŚƉŽƐŝƚŝŽŶ͘ %,,%%LRJHQ,QF0RQWHDUOR9DOXDWLRQ3HU6KDUH_86' 3(56+$5( ĞŚĂƌƌLJ͕LJŶĚŽŶDĂƌƚŝŶt͘ϮϬϮϭͲϭϮͲϬϰͺ//ͲDͲsĂůƵĂƚŝŽŶͮůůsĂƌŝĂďůĞͺD ϭϮͬϲͬϮϬϮϭϬϲ͗ϰϵ WĂŐĞϭŽĨϯ Draft
- 49. ƋƵŝƚLJsĂůƵĂƚŝŽŶ ϮϬϮϭͲϭϮͲϬϰͺ//ͲDͲsĂůƵĂƚŝŽŶ ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚZĞǀŝĞǁ //͗ŝŽŐĞŶ/ŶĐ͗͘DŽŶƚĞĂƌůŽ͗sĂůƵĂƚŝŽŶWĞƌ^ŚĂƌĞͮΨh^ DĂƐŬ DŽŶĞƚĂƌLJsĂůƵĞƐ/Ŷϭ͕ϬϬϬ͕ϬϬϬΨh^;džĐĞƉƚWĞƌ^ŚĂƌĞsĂůƵĞƐͿ͘ ϭ͕ϬϬϬ͕ϬϬϬΨh^ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϭ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϮ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϯ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϰ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϱ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϲ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϳ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϴ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϵ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϯϬ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϯϭ WƌŽũĞĐƚŝŽŶĂƐĞzzĞĂƌdϬ ϮϬϮϭ ϮϬϮϭ ϮϬϮϭ ϮϬϮϮ ϮϬϮϯ ϮϬϮϰ ϮϬϮϱ ϮϬϮϲ ϮϬϮϳ ϮϬϮϴ ϮϬϮϵ ϮϬϯϬ ϮϬϯϭ DĞĂŶ ^ds Ϭ ϭ Ϯ ϯ ϰ ϱ ϲ ϳ ϴ ϵ ϭϬ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϭͲϭϬ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϮͲϬϭ͘ϯϬй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϯϬϲ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϰϬϯ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϱϬϯ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϲϬϯ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϳϬϯ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϴϬϭ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϵϬϭ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϯϬϬϭ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϯϭϬϭ͘Ϭй ZĂŶĚŽŵ'ƌŽǁƚŚZĂƚĞ ͲϭϬ͘Ϯϳй Ͳϭ͘ϰϴй ϱ͘ϳϱй ϯ͘Ϭϰй ϯ͘ϭϴй Ϯ͘ϴϴй Ϯ͘ϵϱй Ϭ͘ϵϮй ϭ͘ϭϰй ϭ͘Ϭϯй ϭ͘ϬϬй ^ĞƋƵĞŶƚŝĂůZĞĚƵĐƚŝŽŶ ůƚĞƌŶĂƚĞŽĞĨĨŝĐŝĞŶƚŽĨsĂƌŝĂďŝůŝƚLJ ϭϬ͘ϬϬй ͲϭϬ͘ϬϬй Ͳϭ͘ϯϬй ϲ͘ϬϬй ϯ͘ϬϬй ϯ͘ϬϬй ϯ͘ϬϬй ϯ͘ϬϬй ϭ͘ϬϬй ϭ͘ϬϬй ϭ͘ϬϬй ϭ͘ϬϬй 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW WƌŽũĞĐƚŝŽŶdŝŵĞdϭ ϭϮ͕ϭϬϬ DKEdZKZsEh ϭϮ͕Ϭϲϰ ϭϭ͕ϴϴϱ ϭϮ͕ϱϲϴ ϭϮ͕ϵϱϬ ϭϯ͕ϯϲϮ ϭϯ͕ϳϰϲ ϭϰ͕ϭϱϮ ϭϰ͕ϮϴϮ ϭϰ͕ϰϰϱ ϭϰ͕ϱϵϯ ϭϰ͕ϳϯϵ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ ϲ͘ϵϳϬй ϱ͘ϱϭϲй ϲ͘Ϯϳϱй ϲ͘Ϯϭϭй ϱ͘ϰϯϳй ϲ͘ϰϵϲй ϲ͘ϰϵϵй ϱ͘Ϭϲϰй ϲ͘ϯϱϯй ϲ͘ϭϯϯй ϲ͘ϴϯϴй Ž'^͗ϲ͘ϭϲй Ͳϴϰϭ Ͳϲϱϲ Ͳϳϴϵ ͲϴϬϰ ͲϳϮϲ Ͳϴϵϯ ͲϵϮϬ ͲϳϮϯ Ͳϵϭϴ Ͳϴϵϱ Ͳϭ͕ϬϬϴ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ ϱ͘ϯϴϱй ϱ͘ϯϮϮй ϲ͘ϱϰϰй ϲ͘ϳϭϭй ϲ͘ϬϮϯй ϲ͘ϱϳϲй ϱ͘ϳϯϵй ϱ͘ϴϰϰй ϱ͘Ϭϵϱй ϱ͘ϰϴϱй ϱ͘ϯϱϬй Θ;WƌŽĚƵĐƚŝŽŶͿ͗ϱ͘ϴϮй ͲϲϱϬ ͲϲϯϮ ͲϴϮϮ Ͳϴϲϵ ͲϴϬϱ ͲϵϬϰ ͲϴϭϮ Ͳϴϯϱ Ͳϳϯϲ ͲϴϬϬ Ͳϳϴϵ 'ZK^^DZ'/E͗ϴϴ͘ϬϮй ϭϬ͕ϱϳϰ ϭϬ͕ϱϵϳ ϭϬ͕ϵϱϳ ϭϭ͕Ϯϳϲ ϭϭ͕ϴϯϭ ϭϭ͕ϵϰϵ ϭϮ͕ϰϮϬ ϭϮ͕ϳϮϰ ϭϮ͕ϳϵϭ ϭϮ͕ϴϵϴ ϭϮ͕ϵϰϯ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ ĚŵŝŶŝƐƚƌĂƚŝǀĞŽƐƚƐ͗ ϮϬ͘ϴϳϰй ϮϬ͘ϳϮϯй ϮϬ͘ϯϵϱй ϭϵ͘ϲϴϰй Ϯϯ͘ϳϳϴй Ϯϭ͘ϰϴϬй Ϯϰ͘Ϭϰϳй Ϯϭ͘ϬϬϱй Ϯϯ͘ϴϯϬй ϮϮ͘ϲϱϭй Ϯϭ͘ϯϵϱй ^'͗ϮϬ͘ϴϳй ͲϮ͕ϱϭϴ ͲϮ͕ϰϴϭ ͲϮ͕ϲϮϰ ͲϮ͕ϳϬϯ ͲϮ͕ϳϴϵ ͲϮ͕ϴϲϵ ͲϮ͕ϵϱϰ ͲϮ͕ϵϴϭ Ͳϯ͕Ϭϭϱ Ͳϯ͕Ϭϰϲ Ͳϯ͕Ϭϳϳ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ Ϯϯ͘ϭϳϴй Ϯϭ͘ϬϮϰй ϭϱ͘ϴϵϯй ϮϮ͘ϵϬϱй Ϯϭ͘ϲϭϲй ϭϵ͘ϰϱϯй Ϯϭ͘ϱϱϲй ϮϬ͘ϬϭϬй Ϯϭ͘ϰϴϭй Ϯϭ͘ϱϭϱй ϮϮ͘ϯϴϲй ZΘ͗Ϯϭ͘ϬϮй ͲϮ͕ϳϵϲ ͲϮ͕ϰϵϵ Ͳϭ͕ϵϵϴ ͲϮ͕ϵϲϲ ͲϮ͕ϴϴϴ ͲϮ͕ϲϳϰ Ͳϯ͕Ϭϱϭ ͲϮ͕ϴϱϴ Ͳϯ͕ϭϬϯ Ͳϯ͕ϭϰϬ Ͳϯ͕ϯϬϬ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ ϰ͘Ϭϴϱй ϰ͘ϳϭϲй ϰ͘ϰϳϲй ϰ͘ϭϱϵй ϰ͘ϯϰϴй ϰ͘ϲϴϳй ϰ͘ϱϵϵй ϰ͘ϴϱϭй ϯ͘ϵϵϵй ϰ͘ϯϬϰй ϱ͘ϭϮϱй Θ^'͗ϰ͘ϰϵй Ͳϰϵϯ Ͳϱϲϭ Ͳϱϲϯ Ͳϱϯϵ Ͳϱϴϭ Ͳϲϰϰ Ͳϲϱϭ Ͳϲϵϯ Ͳϱϳϴ ͲϲϮϴ Ͳϳϱϱ ĚŵŝŶdžƉĞŶƐĞƐ͗ϰϲ͘ϯϴй Ͳϱ͕ϴϬϳ Ͳϱ͕ϱϰϬ Ͳϱ͕ϭϴϰ Ͳϲ͕ϮϬϴ Ͳϲ͕Ϯϱϴ Ͳϲ͕ϭϴϴ Ͳϲ͕ϲϱϲ Ͳϲ͕ϱϯϮ Ͳϲ͕ϲϵϲ Ͳϲ͕ϴϭϰ Ͳϳ͕ϭϯϮ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ Ͳϭ͘Ϯϵϯй Ͳϭ͘Ϯϰϴй Ͳϭ͘Ϯϯϳй Ͳϭ͘ϮϴϬй Ͳϭ͘ϭϲϭй Ͳϭ͘ϮϵϬй Ͳϭ͘Ϭϰϴй Ͳϭ͘ϲϮϰй Ͳϭ͘ϯϲϵй Ͳϭ͘ϰϮϵй Ͳϭ͘Ϯϱϵй KƚŚĞƌ͗Ͳϭ͘ϯϬй ϭϱϲ ϭϰϴ ϭϱϱ ϭϲϲ ϭϱϱ ϭϳϳ ϭϰϴ ϮϯϮ ϭϵϴ ϮϬϴ ϭϴϲ /d͗ϰϮ͘ϵϯй ϰ͕ϵϮϮ ϱ͕ϮϬϱ ϱ͕ϵϮϵ ϱ͕Ϯϯϰ ϱ͕ϳϮϳ ϱ͕ϵϯϵ ϱ͕ϵϭϯ ϲ͕ϰϮϰ ϲ͕Ϯϵϯ ϲ͕ϮϵϮ ϱ͕ϵϵϳ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ ϭ͘ϭϴϭй ϭ͘ϮϬϴй ϭ͘Ϭϰϯй ϭ͘ϰϬϴй ϭ͘ϭϳϰй ϭ͘ϮϯϬй ϭ͘ϯϯϲй ϭ͘ϯϭϴй ϭ͘Ϯϰϵй ϭ͘ϯϰϲй ϭ͘ϭϳϱй /ŶƚĞƌĞƐƚdžƉĞŶƐĞ͗ϭ͘Ϯϱй ͲϭϰϮ Ͳϭϰϰ Ͳϭϯϭ ͲϭϴϮ Ͳϭϱϳ Ͳϭϲϵ Ͳϭϴϵ Ͳϭϴϴ ͲϭϴϬ Ͳϭϵϲ Ͳϭϳϯ d͗ϰϭ͘ϲϵй ϰ͕ϳϴϬ ϱ͕ϬϲϮ ϱ͕ϳϵϴ ϱ͕ϬϱϮ ϱ͕ϱϳϬ ϱ͕ϳϳϬ ϱ͕ϳϮϰ ϲ͕Ϯϯϲ ϲ͕ϭϭϯ ϲ͕Ϭϵϲ ϱ͕ϴϮϰ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϭ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϮ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϯ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϰ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϱ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϲ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϳ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϴ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϵ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϯϬ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϯϭ ϮϬ͘ϮϬϯй Ϯϲ͘ϭϱϳй Ϯϯ͘ϭϮϱй ϮϮ͘Ϯϰϰй ϮϬ͘Ϯϰϲй Ϯϱ͘Ϭϲϯй ϮϮ͘ϴϬϴй ϮϬ͘Ϯϵϵй Ϯϭ͘ϳϱϯй ϮϮ͘ϱϳϱй dĂdžĞƐ͗ϮϮ͘Ϯϭй ͲϵϮϮ Ͳϭ͕ϬϮϯ Ͳϭ͕ϱϭϳ Ͳϭ͕ϭϲϴ Ͳϭ͕Ϯϯϵ Ͳϭ͕ϭϲϴ Ͳϭ͕ϰϯϱ Ͳϭ͕ϰϮϮ Ͳϭ͕Ϯϰϭ Ͳϭ͕ϯϮϲ Ͳϭ͕ϯϭϱ 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH EdZE/E'^͗ϯϮ͘ϰϯй ϯ͕ϴϱϴ ϰ͕Ϭϯϵ ϰ͕ϮϴϮ ϯ͕ϴϴϰ ϰ͕ϯϯϭ ϰ͕ϲϬϮ ϰ͕Ϯϴϵ ϰ͕ϴϭϰ ϰ͕ϴϳϮ ϰ͕ϳϳϬ ϰ͕ϱϬϵ ΘĚĚͲĂĐŬ͗ϭϬ͘ϯϭй ϭ͕ϭϰϮ ϭ͕ϭϵϯ ϭ͕ϯϴϱ ϭ͕ϰϬϴ ϭ͕ϯϴϲ ϭ͕ϱϰϴ ϭ͕ϰϲϯ ϭ͕ϱϮϴ ϭ͕ϯϭϰ ϭ͕ϰϮϴ ϭ͕ϱϰϰ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ ϴ͘ϴϰϱй ϵ͘ϳϳϰй ϭϮ͘ϯϯϴй ϭϬ͘ϵϰϳй ϭϬ͘ϱϵϵй ϭϬ͘ϲϱϲй ϵ͘ϰϲϱй ϭϮ͘ϮϮϵй ϭϬ͘ϴϴϵй ϭϭ͘ϴϰϭй ϭϬ͘ϭϬϰй Wy͗ϭϬ͘ϳϮй Ͳϭ͕Ϭϲϳ Ͳϭ͕ϭϲϮ Ͳϭ͕ϱϱϭ Ͳϭ͕ϰϭϴ Ͳϭ͕ϰϭϲ Ͳϭ͕ϰϲϱ Ͳϭ͕ϯϯϵ Ͳϭ͕ϳϰϳ Ͳϭ͕ϱϳϯ Ͳϭ͕ϳϮϴ Ͳϭ͕ϰϴϵ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ Ͳϰ͘ϰϱϬй Ͳϭ͘ϳϭϵй ϭ͘ϱϬϴй ͲϬ͘ϭϵϰй ϯ͘ϬϰϮй ͲϮϮ͘ϲϮϱй Ϯ͘Ϯϳϯй ϭϬ͘ϴϴϱй ϭ͘ϯϲϲй ϰ͘ϴϮϴй ͲϬ͘ϰϵϬй ȴtZW͗ͲϬ͘ϯϵй Ͳϱϯϳ ͲϮϬϰ ϭϵϬ ͲϮϱ ϰϬϲ Ͳϯ͕ϭϭϬ ϯϮϮ ϭ͕ϱϱϱ ϭϵϳ ϳϬϱ ͲϳϮ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ ͲϬ͘ϭϴϴй ͲϬ͘ϭϳϰй ͲϬ͘Ϯϭϭй ͲϬ͘ϭϲϮй ͲϬ͘ϭϰϴй ͲϬ͘ϭϲϬй ͲϬ͘ϭϲϴй ͲϬ͘ϭϵϯй ͲϬ͘ϭϲϰй ͲϬ͘ϭϲϮй ͲϬ͘ϭϵϴй ZE͗ͲϬ͘ϭϴй ͲϮϯ ͲϮϭ ͲϮϳ ͲϮϭ ͲϮϬ ͲϮϮ ͲϮϰ ͲϮϴ ͲϮϰ ͲϮϰ ͲϮϵ Ͳϭϰ͕ϯϯϳ /(66855(17'(%7$1'27+(5/21*7(50/,$%,/,7,(67Adjusted for Carrying Costs
- 50. Ϭ /(6635()(55('$73$57 Ϯ͕ϲϭϬ (;(66$6+ 6+2577(506(85,7,(67 'ZKtd, ĂŶĂůLJƐŝƐǁŝůůĚĞĚƵĐƚƚŚĞƚŽƚĂůǀĂůƵĞŽĨůŝĂďŝůŝƚŝĞƐĨƌŽŵƚŚĞĨŝƌŵΖƐĐĂƐŚƉŽƐŝƚŝŽŶ͘ 3(53(78,79$/8( ƚŽƋƵŝƚLJ ϯ͕ϯϳϰ ϯ͕ϴϰϱ ϰ͕Ϯϳϵ ϯ͕ϴϮϴ ϰ͕ϲϴϳ ϭ͕ϱϱϯ ϰ͕ϳϭϭ ϲ͕ϭϮϮ ϰ͕ϳϴϲ ϱ͕ϭϱϭ ϰ͕ϰϲϮ ϱϰ͕ϱϭϴ tKZ^/Dhd/KE ϭϬ͘ϯϰϵй Ϭ͘ϮϬϳй dŽĂƐƐĞƐƐůŝƋƵŝĚŝƚLJĂƚdЅ͕ĂŶĂůLJƐŝƐǁŝůůĚĞĚƵĐƚĂůĂŶĐĞ^ŚĞĞƚŝĂďŝůŝƚŝĞƐĨƌŽŵĂƐŚн^ŚŽƌƚͲƚĞƌŵƐĞĐƵƌŝƚŝĞƐ͘ ϭϬ͘Ϭϯϯй ')WRWKH,QYHVWRUV ĂŶĂůLJƐŝƐǁŝůůĚĞĚƵĐƚƚŚĞƚŽƚĂůǀĂůƵĞŽĨůŝĂďŝůŝƚŝĞƐĨƌŽŵƚŚĞĨŝƌŵΖƐĐĂƐŚƉŽƐŝƚŝŽŶ͘ %,,%%LRJHQ,QF0RQWHDUOR9DOXDWLRQ3HU6KDUH_86' 3(56+$5( ĞŚĂƌƌLJ͕LJŶĚŽŶDĂƌƚŝŶt͘ϮϬϮϭͲϭϮͲϬϰͺ//ͲDͲsĂůƵĂƚŝŽŶͮůůsĂƌŝĂďůĞͺD ϭϮͬϲͬϮϬϮϭϬϲ͗ϱϬ WĂŐĞϭŽĨϯ Draft
- 51. ƋƵŝƚLJsĂůƵĂƚŝŽŶ ϮϬϮϭͲϭϮͲϬϰͺ//ͲDͲsĂůƵĂƚŝŽŶ ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚZĞǀŝĞǁ //͗ŝŽŐĞŶ/ŶĐ͗͘DŽŶƚĞĂƌůŽ͗sĂůƵĂƚŝŽŶWĞƌ^ŚĂƌĞͮΨh^ DĂƐŬ DŽŶĞƚĂƌLJsĂůƵĞƐ/Ŷϭ͕ϬϬϬ͕ϬϬϬΨh^;džĐĞƉƚWĞƌ^ŚĂƌĞsĂůƵĞƐͿ͘ ϭ͕ϬϬϬ͕ϬϬϬΨh^ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϭ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϮ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϯ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϰ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϱ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϲ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϳ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϴ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϵ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϯϬ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϯϭ WƌŽũĞĐƚŝŽŶĂƐĞzzĞĂƌdϬ ϮϬϮϭ ϮϬϮϭ ϮϬϮϭ ϮϬϮϮ ϮϬϮϯ ϮϬϮϰ ϮϬϮϱ ϮϬϮϲ ϮϬϮϳ ϮϬϮϴ ϮϬϮϵ ϮϬϯϬ ϮϬϯϭ DĞĂŶ ^ds Ϭ ϭ Ϯ ϯ ϰ ϱ ϲ ϳ ϴ ϵ ϭϬ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϭͲϭϬ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϮͲϬϭ͘ϯϬй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϯϬϲ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϰϬϯ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϱϬϯ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϲϬϯ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϳϬϯ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϴϬϭ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϵϬϭ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϯϬϬϭ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϯϭϬϭ͘Ϭй ZĂŶĚŽŵ'ƌŽǁƚŚZĂƚĞ Ͳϵ͘ϰϭй Ͳϭ͘ϰϱй ϱ͘ϳϴй Ϯ͘ϵϵй Ϯ͘ϵϲй Ϯ͘ϴϱй ϯ͘ϯϲй Ϭ͘ϵϯй Ϭ͘ϵϬй ϭ͘ϬϮй Ϭ͘ϵϴй ^ĞƋƵĞŶƚŝĂůZĞĚƵĐƚŝŽŶ ůƚĞƌŶĂƚĞŽĞĨĨŝĐŝĞŶƚŽĨsĂƌŝĂďŝůŝƚLJ ϭϬ͘ϬϬй ͲϭϬ͘ϬϬй Ͳϭ͘ϯϬй ϲ͘ϬϬй ϯ͘ϬϬй ϯ͘ϬϬй ϯ͘ϬϬй ϯ͘ϬϬй ϭ͘ϬϬй ϭ͘ϬϬй ϭ͘ϬϬй ϭ͘ϬϬй 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW WƌŽũĞĐƚŝŽŶdŝŵĞdϭ ϭϮ͕ϭϬϬ DKEdZKZsEh ϭϮ͕ϭϴϬ ϭϮ͕ϬϬϰ ϭϮ͕ϲϵϳ ϭϯ͕Ϭϳϳ ϭϯ͕ϰϲϰ ϭϯ͕ϴϰϴ ϭϰ͕ϯϭϯ ϭϰ͕ϰϰϲ ϭϰ͕ϱϳϲ ϭϰ͕ϳϮϰ ϭϰ͕ϴϲϳ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ ϲ͘Ϯϰϰй ϲ͘ϳϴϯй ϱ͘ϱϱϲй ϱ͘ϲϵϮй ϱ͘ϵϱϰй ϲ͘ϱϭϱй ϱ͘ϵϰϮй ϱ͘ϴϱϮй ϲ͘ϴϯϳй ϴ͘Ϭϭϲй ϲ͘ϲϮϮй Ž'^͗ϲ͘ϯϴй Ͳϳϲϭ Ͳϴϭϰ ͲϳϬϱ Ͳϳϰϰ ͲϴϬϮ ͲϵϬϮ Ͳϴϱϭ Ͳϴϰϱ Ͳϵϵϳ Ͳϭ͕ϭϴϬ Ͳϵϴϰ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶK'Ɛ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ ϱ͘ϯϱϯй ϲ͘ϴϬϭй ϰ͘ϲϭϵй ϱ͘ϳϱϳй ϱ͘ϴϴϭй ϲ͘Ϯϲϵй ϱ͘ϳϭϴй ϰ͘ϲϴϳй ϱ͘ϴϵϲй ϱ͘ϲϬϲй ϲ͘Ϭϭϵй Θ;WƌŽĚƵĐƚŝŽŶͿ͗ϱ͘ϲϵй ͲϲϱϮ Ͳϴϭϲ Ͳϱϴϲ Ͳϳϱϯ ͲϳϵϮ Ͳϴϲϴ Ͳϴϭϴ Ͳϲϳϳ Ͳϴϱϵ ͲϴϮϱ Ͳϴϵϱ 'ZK^^DZ'/E͗ϴϳ͘ϵϯй ϭϬ͕ϳϲϳ ϭϬ͕ϯϳϯ ϭϭ͕ϰϬϱ ϭϭ͕ϱϴϬ ϭϭ͕ϴϳϭ ϭϮ͕Ϭϳϳ ϭϮ͕ϲϰϰ ϭϮ͕ϵϮϰ ϭϮ͕ϳϮϬ ϭϮ͕ϳϭϴ ϭϮ͕ϵϴϴ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ^';KŶůLJͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ ĚŵŝŶŝƐƚƌĂƚŝǀĞŽƐƚƐ͗ ϮϬ͘ϮϱϬй Ϯϭ͘ϳϱϳй ϮϮ͘ϱϲϲй ϮϮ͘Ϯϳϭй Ϯϲ͘Ϯϲϵй Ϯϯ͘ϵϭϵй Ϯϯ͘ϴϵϭй Ϯϭ͘ϱϰϰй Ϯϰ͘ϰϳϱй Ϯϰ͘ϲϴϳй Ϯϭ͘ϬϬϳй ^'͗ϮϬ͘Ϯϱй ͲϮ͕ϰϲϲ ͲϮ͕ϰϯϭ ͲϮ͕ϱϳϭ ͲϮ͕ϲϰϴ ͲϮ͕ϳϮϳ ͲϮ͕ϴϬϰ ͲϮ͕ϴϵϴ ͲϮ͕ϵϮϱ ͲϮ͕ϵϱϮ ͲϮ͕ϵϴϮ Ͳϯ͕Ϭϭϭ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ Ϯϰ͘ϱϯϴй Ϯϭ͘ϯϵϭй ϮϮ͘ϱϱϭй Ϯϯ͘Ϭϴϴй ϭϵ͘ϯϵϭй ϮϬ͘Ϭϯϵй ϭϲ͘ϲϲϯй ϮϮ͘ϳϮϵй ϮϬ͘ϲϰϭй ϭϵ͘ϱϲϵй Ϯϱ͘ϱϲϭй ZΘ͗Ϯϭ͘ϰϯй ͲϮ͕ϵϴϵ ͲϮ͕ϱϲϴ ͲϮ͕ϴϲϯ Ͳϯ͕Ϭϭϵ ͲϮ͕ϲϭϭ ͲϮ͕ϳϳϱ ͲϮ͕ϯϴϱ Ͳϯ͕Ϯϴϯ Ͳϯ͕ϬϬϵ ͲϮ͕ϴϴϭ Ͳϯ͕ϴϬϬ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝnjĂƚŝŽŶ^'͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ ϰ͘ϲϱϱй ϰ͘ϳϱϬй ϰ͘Ϯϵϲй ϰ͘ϳϮϱй ϰ͘ϳϱϮй ϰ͘ϯϳϴй ϰ͘ϰϯϱй ϰ͘ϬϬϵй ϰ͘ϵϬϭй ϰ͘ϴϳϵй ϱ͘ϭϱϴй Θ^'͗ϰ͘ϲϯй Ͳϱϲϳ ͲϱϳϬ Ͳϱϰϱ Ͳϲϭϴ ͲϲϰϬ ͲϲϬϲ Ͳϲϯϱ Ͳϱϳϵ Ͳϳϭϰ Ͳϳϭϴ Ͳϳϲϳ ĚŵŝŶdžƉĞŶƐĞƐ͗ϰϲ͘ϯϭй Ͳϲ͕ϬϮϮ Ͳϱ͕ϱϲϵ Ͳϱ͕ϵϴϬ Ͳϲ͕Ϯϴϱ Ͳϱ͕ϵϳϳ Ͳϲ͕ϭϴϱ Ͳϱ͕ϵϭϴ Ͳϲ͕ϳϴϴ Ͳϲ͕ϲϳϰ Ͳϲ͕ϱϴϭ Ͳϳ͕ϱϳϴ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ KƚŚĞƌdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ Ͳϭ͘ϮϮϱй Ͳϭ͘ϭϴϬй Ͳϭ͘Ϯϲϲй Ͳϭ͘ϰϬϯй Ͳϭ͘ϮϮϱй Ͳϭ͘ϰϮϳй Ͳϭ͘ϮϵϮй Ͳϭ͘ϮϬϭй Ͳϭ͘ϱϰϴй Ͳϭ͘ϯϲϱй Ͳϭ͘Ϯϰϯй KƚŚĞƌ͗Ͳϭ͘ϯϭй ϭϰϵ ϭϰϮ ϭϲϭ ϭϴϯ ϭϲϱ ϭϵϴ ϭϴϱ ϭϳϯ ϮϮϲ ϮϬϭ ϭϴϱ /d͗ϰϮ͘ϵϯй ϰ͕ϴϵϰ ϰ͕ϵϰϲ ϱ͕ϱϴϲ ϱ͕ϰϳϴ ϲ͕Ϭϱϴ ϲ͕ϬϵϬ ϲ͕ϵϭϭ ϲ͕ϯϬϵ ϲ͕Ϯϳϭ ϲ͕ϯϯϴ ϱ͕ϱϵϱ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ ϭ͘ϭϴϱй Ϭ͘ϵϳϭй ϭ͘ϬϴϮй ϭ͘Ϯϱϴй ϭ͘ϮϬϭй ϭ͘ϭϰϴй ϭ͘Ϭϵϳй ϭ͘ϰϯϳй ϭ͘ϯϬϵй ϭ͘ϬϯϬй ϭ͘Ϯϭϰй /ŶƚĞƌĞƐƚdžƉĞŶƐĞ͗ϭ͘ϭϴй Ͳϭϰϰ Ͳϭϭϳ Ͳϭϯϳ Ͳϭϲϱ ͲϭϲϮ Ͳϭϱϵ Ͳϭϱϳ ͲϮϬϴ Ͳϭϵϭ ͲϭϱϮ ͲϭϴϬ d͗ϰϭ͘ϳϱй ϰ͕ϳϱϬ ϰ͕ϴϮϵ ϱ͕ϰϰϵ ϱ͕ϯϭϰ ϱ͕ϴϵϳ ϱ͕ϵϯϭ ϲ͕ϳϱϰ ϲ͕ϭϬϮ ϲ͕ϬϴϬ ϲ͕ϭϴϲ ϱ͕ϰϭϰ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϭ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϮ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϯ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϰ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϱ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϲ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϳ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϴ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϮϵ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϯϬ dĂdžZĂƚĞ͗Ĩ;dͿϮϬϯϭ Ϯϭ͘ϵϵϲй ϮϬ͘ϲϰϴй ϮϬ͘ϴϵϴй Ϯϯ͘ϱϯϰй ϮϮ͘ϵϵϳй Ϯϰ͘ϱϬϴй Ϯϯ͘ϵϲϴй Ϯϭ͘ϯϴϭй ϭϴ͘ϳϯϱй Ϯϯ͘Ϭϰϴй dĂdžĞƐ͗ϮϮ͘ϰϲй Ͳϭ͕Ϯϭϭ Ͳϭ͕ϬϲϮ Ͳϭ͕ϭϮϱ Ͳϭ͕ϭϭϬ Ͳϭ͕ϯϴϴ Ͳϭ͕ϯϲϰ Ͳϭ͕ϲϱϱ Ͳϭ͕ϰϲϮ Ͳϭ͕ϯϬϬ Ͳϭ͕ϭϱϵ Ͳϭ͕Ϯϰϴ 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH EdZE/E'^͗ϯϮ͘ϯϳй ϯ͕ϱϯϵ ϯ͕ϳϲϳ ϰ͕ϯϮϰ ϰ͕ϮϬϯ ϰ͕ϱϬϵ ϰ͕ϱϲϳ ϱ͕Ϭϵϵ ϰ͕ϲϯϵ ϰ͕ϳϴϬ ϱ͕ϬϮϳ ϰ͕ϭϲϳ ΘĚĚͲĂĐŬ͗ϭϬ͘ϯϮй ϭ͕Ϯϭϵ ϭ͕ϯϴϳ ϭ͕ϭϯϮ ϭ͕ϯϳϭ ϭ͕ϰϯϮ ϭ͕ϰϳϰ ϭ͕ϰϱϯ ϭ͕Ϯϱϲ ϭ͕ϱϳϰ ϭ͕ϱϰϰ ϭ͕ϲϲϮ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ ϭϬ͘ϴϱϱй ϭϮ͘ϲϰϳй ϵ͘Ϯϵϲй ϭϮ͘ϰϳϯй ϭϯ͘ϰϳϬй ϵ͘ϵϵϵй ϭϭ͘ϲϵϯй ϭϬ͘ϲϮϭй ϭϮ͘ϬϮϬй ϭϬ͘ϳϴϬй ϭϬ͘ϮϴϬй Wy͗ϭϭ͘Ϯϳй Ͳϭ͕ϯϮϮ Ͳϭ͕ϱϭϴ Ͳϭ͕ϭϴϬ Ͳϭ͕ϲϯϭ Ͳϭ͕ϴϭϰ Ͳϭ͕ϯϴϱ Ͳϭ͕ϲϳϰ Ͳϭ͕ϱϯϰ Ͳϭ͕ϳϱϮ Ͳϭ͕ϱϴϳ Ͳϭ͕ϱϮϴ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ ϴ͘ϱϵϴй ͲϬ͘ϳϬϵй Ͳϰ͘ϰϳϯй Ͳϭ͘ϯϯϬй ϭϬ͘ϰϵϰй Ͳϭϭ͘ϭϯϰй ϭϮ͘ϲϯϳй Ͳϯ͘ϴϬϵй Ͳϲ͘ϬϲϬй Ͳϭ͘ϰϰϭй Ͳϳ͘ϴϰϲй ȴtZW͗ͲϬ͘ϲϭй ϭ͕Ϭϰϳ Ͳϴϱ Ͳϱϲϴ Ͳϭϳϰ ϭ͕ϰϭϯ Ͳϭ͕ϱϰϮ ϭ͕ϴϬϵ ͲϱϱϬ Ͳϴϴϯ ͲϮϭϮ Ͳϭ͕ϭϲϲ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϭ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ƋƵŝƚLJDŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ ͲϬ͘ϭϲϭй ͲϬ͘ϭϴϮй ͲϬ͘ϭϵϬй ͲϬ͘ϮϬϱй ͲϬ͘ϭϳϱй ͲϬ͘ϭϵϳй ͲϬ͘ϭϵϬй ͲϬ͘ϭϴϴй ͲϬ͘ϭϲϱй ͲϬ͘ϭϳϱй ͲϬ͘ϭϵϰй ZE͗ͲϬ͘ϭϴй ͲϮϬ ͲϮϮ ͲϮϰ ͲϮϳ ͲϮϰ ͲϮϳ ͲϮϳ ͲϮϳ ͲϮϰ ͲϮϲ ͲϮϵ Ͳϭϰ͕ϯϯϳ /(66855(17'(%7$1'27+(5/21*7(50/,$%,/,7,(67Adjusted for Carrying Costs