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Reso 12-2012
RESOLUTION NO. 12 -2012 CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA A RESOLUTION MAKING FINDINGS AND RECOMMENDING THAT THE CITY COUNCIL ADOPT THE INITIAL STUDY AND MITIGATED NEGATIVE DECLARATION FOR A MIXED -USE DEVELOPMENT AT 418 LINDEN AVENUE WHEREAS, the City of South San Francisco ( "Owner ") and Brookwood Group ( "Applicant ") have proposed construction of a four -story mixed -use residential and commercial development, consisting of 25 residential condominiums above approximately 6,200 square feet of ground -floor commercial space and 27 below grade parking spaces ( "Project ") on an approximately 14,000 square foot site, which is currently a temporary public parking lot, located at 418 Linden Avenue, between Lux Avenue and Linden Lane ( "Project Site ") in the City of South San Francisco ( "City "); and, WHEREAS, Applicant seeks approval of General Plan Amendment, Zoning Map Amendment, Use Permit, Tentative Subdivision Map and Design Review for the Project; and, WHEREAS, approval of the Applicant's proposal is considered a "project" for purposes of the California Environmental Quality Act, Pub. Resources Code, §§ 21000, et seq. ( " CEQA "); and, WHEREAS, in accordance with CEQA, an initial study was performed, the result of which was preparation and circulation of a mitigated negative declaration ( "IS /MND ") analyzing the proposed Project and concluding that approval of the Project could not have a significant effect on the environment because the impacts of the Project could all be mitigated to levels below established CEQA thresholds of significance with the adoption of mitigation measures; and, WHEREAS, the IS /MND was circulated for a 20 -day public review period, beginning on June 20, 2011, during which time no comments were received; and, WHEREAS, the Planning Commission held a duly noticed public hearing on January 19, 2012, to consider the IS /MND, the proposed General Plan Amendment, Zoning Map Amendment, Use Permit, Tentative Subdivision Map and Design Review for the Project and take public testimony, at the conclusion of which, the Planning Commission recommended that the City Council adopt the IS /MND and approve the Project; and, WHEREAS, the City Council held a duly noticed public hearing on February 22, 2012, to consider the IS /MND, the General Plan Amendment, Zoning Map Amendment, Use Permit, Tentative Subdivision Map and Design Review and take public testimony; and, WHEREAS, the City Council has reviewed and carefully considered the information in the IS /MND, and makes the findings contained in this Resolution, and adopts the IS /MND, as an objective and accurate document that reflects the independent judgment and analysis of the City in the discussion of the Project's environmental impacts. NOW, THEREFORE, BE IT RESOLVED that based on the entirety of the record before it, which includes without limitation, the California Environmental Quality Act, Public Resources Code §§ 21000, et seq. ( "CEQA ") and the CEQA Guidelines, 14 California Code of Regulations § 15000, et seq.; the South San Francisco 1999 General Plan and General Plan Environmental Impact Report, including the 2001 updates to the General Plan and 2001 Supplemental Environmental Impact Report; the South San Francisco Municipal Code; the Initial Study and Mitigated Negative Declaration prepared for the Project; all reports, minutes, and public testimony submitted as part of the Design Review Board meeting held on September 21, 2010; all reports, minutes, and public testimony submitted as part of the Parking Place Commission meeting held on August 9, 2011; all reports, minutes, and public testimony submitted as part of the Planning Commission's meeting held on January 19, 2012; all reports, minutes, and public testimony submitted as part of the City Council's duly noticed public hearing on February 22, 2012; and any other evidence (within the meaning of Public Resources Code § 21080(e) and § 21082.2), the City Council of the City of South San Francisco hereby finds as follows: 1. The foregoing recitals are true and correct and made a part of this Resolution. 2. The IS /MND for the Project, attached as Exhibit A to this Resolution, is incorporated by reference as part of this Resolution, as if it were set forth fully herein. 3. The documents and other material constituting the record for these proceedings are located at the Planning Division for the City of South San Francisco, 315 Maple Avenue, South San Francisco, CA 94080, and in the custody of Chief Planner, Susy Kalkin. 4. The proposed Project is consistent with the City of South San Francisco General Plan (as proposed for amendment) because the land uses, development standards, densities and intensities, buildings and structures proposed are compatible with the goals, policies, and land use designations established in the General Plan (see Gov't Code, § 65860), and none of the land uses, development standards, densities and intensities, buildings and structures will operate to conflict with or impede achievement of the any of the goals, policies, or land use designations established in the General Plan. 5. In accordance with CEQA, the City Council has considered the Initial Study and Mitigated Negative Declaration for the Project, and based on the entirety of the record, as described above, the City Council, exercising its independent judgment and analysis, makes the following findings regarding the environmental analysis of the Project: a. In October 1999, the City Council certified an Environmental Impact Report for the General Plan; in 2001 the City Council certified a Supplemental Environmental Impact Report for updates to the General Plan. CEQA allows for streamlined approval of actions that are consistent with adopted General Plans for which an EIR was certified. (Pub. Resources Code, § 21083; CEQA Guidelines, §§ 15152, 15183.) An initial study was prepared for the proposed Project and a mitigated negative declaration analyzed the potential for impacts that were peculiar to the Project or not analyzed as significant impacts in the General Plan EIR, or Supplemental EIR. The IS /MND, which expressly considers the City's previous EIRs, concludes that approval of the Project will not result in any significant environmental impacts. b. Design features of the Project, as well as the mitigation measures proposed in the IS /MND, will operate to ensure the impacts of the proposed Project will not exceed established CEQA thresholds of significance. Therefore, and as further documented in the IS /MND for the Project, additional mitigation measures beyond those established in the IS /MND are not required for the Project. c. For the reasons stated in this Resolution, the City Council finds that there is no substantial evidence in the record supporting a fair argument that approval of the Project will result in a significant environmental effect. BE IT FURTHER RESOLVED that the City Council of the City of South San Francisco hereby adopts the IS /MND for the Project (P10- 0055). BE IT FURTHER RESOLVED that this Resolution shall become effective immediately upon its passage and adoption. I hereby certify that the foregoing Resolution was regularly introduced and adopted by the City Council of the City of South San Francisco at a regular meeting held on the 22 day of February, 2012 by the following vote: AYES: Councilmembers Mark Addiego, Karyl Matsumoto, and Kevin Mullin, Vice Mayor Pedro Gonzalez and Mayor Richard A. Garbarino NOES: None ABSTAIN: None ABSENT: None ATT I ST: 4 00 y Clerk Exhibit A Initial Study and Mitigated Negative Declaration -74 2-8-%089(=%2(63437)( 12( -8-+%8)()+%8-:))'0%6%8-32 '77* -8=3*398,%26%2'-7'3 0%19 -2()2:)29)-<)(7) ( ):)0341)28 4'77* 6)4%6)(&=-8=3*398,%26%2'-7'3 1% %40):)29) 77*'% 398,%26%2'-7'3 . 92) 8' %&0)3*328)287 -2863(9'8-32 -RMXMEP7XYH]1MXMKEXIH2IKEXMZI(IGPEVEXMSR 4VSNIGX-RJSVQEXMSR 'MX]SJ7SYXL7ER*VERGMWGS7XERHEVH'SRHMXMSRWSJ%TTVSZEP )RZMVSRQIRXEP*EGXSVW4SXIRXMEPP]%JJIGXIH 0IEH%KIRG]eW(IXIVQMREXMSR 463.)'8()7'6-48-32 4VSNIGX0SGEXMSRERH7IXXMRK 4VSNIGX'SRXI\XERH(IWGVMTXMSR )2:-6321)28%0',)'/0-78 %IWXLIXMGW %KVMGYPXYVEP6IWSYVGIW %MV5YEPMX] &MSPSKMGEP6IWSYVGIW 'YPXYVEP6IWSYVGIW +ISPSK]ERH7SMPW +VIIRLSYWI+EW)QMWWMSRW ,E^EVHWERH,E^EVHSYW1EXIVMEPW ,]HVSPSK]ERH;EXIV5YEPMX] 0ERH9WIERH4PERRMRK 1MRIVEP6IWSYVGIW 2SMWI 4STYPEXMSRERH,SYWMRK 4YFPMG7IVZMGIW 6IGVIEXMSR 8VERWTSVXEXMSRERH8VEJJMG 9XMPMXMIWERH7IVZMGI7]WXIQW 1ERHEXSV]*MRHMRKWSJ7MKRMJMGERGI 6)*)6)2')7 %44)2(-')7 -712( 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7MXI*EGMPMX]8]TI%HHVIWW'ERGIV'LVSRMG%GYXI41 6MWO-QTEGX-QTEGX'SRGIRXVEXMSR +EW(MWTIRWMRK%MVTSVX&PZH 'PIERIVW+VERH%ZI %YXS&SH]0MRHIR%ZI 'PIERIVW +VERH%ZI +EW(MWTIRWMRK0MRHIR%ZI %YXS&SH]']TVIWW%ZI 2%(YFYUYI%ZI 4IVQMXXIH7SYVGIW 8SXEP 6SYXI 6SEH[E]W8SXEP 4VSNIGX +VERH8SXEP &%%51('YQYPEXMZI7MKRMJMGERGI'VMXIVME 2S2S2S2SE 7MKRMJMGERX'YQYPEXMZI-QTEGX# E8LIVSEH[E]XSXEPF]MXWIPJMWEFSZIXLIGYQYPEXMZIWMKRMJMGERGIGVMXIVME8LITVSNIGX[SYPHGSRXVMFYXISRP] ~KQXSXLIXSXEPEREQSYRX JEVFIPS[XLIGYQYPEXMZIWMKRMJMGERGIGVMXIVME XLEX[SYPHRSXFIGYQYPEXMZIP]GSRWMHIVEFPI WSXLITVSNIGXMQTEGX[SYPHFIPIWWXLERWMKRMJMGERX *SVXLIQE\MQYQI\TSWIHVIWMHIRXMEPVIGITXSVWXLIGYQYPEXMZIGERGIVVMWOGLVSRMGERHEGYXI PIWWXLERWMKRMJMGERX LE^EVHWERH41GSRGIRXVEXMSRW[SYPHFI*SVXLIQE\MQYQI\TSWIH SJJWMXI[SVOIVXLIGYQYPEXMZI41GSRGIRXVEXMSRW[SYPHFITSXIRXMEPP]WMKRMJMGERXEWXLIXSXEP 41GSRGIRXVEXMSRW[SYPHFI~KQGSQTEVIHXSXLIXLVIWLSPHSJ ~KQ,S[IZIV XLI41GSRGIRXVEXMSRHYIXSXLITVSNIGXEPSRI[SYPHFIPIWWXLERWMKRMJMGERXERH[SYPHRSXFI 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eWFYMPHMRKTIVQMXTVSGIHYVIGETXYVIWXLI&%%51(TIVQMXXMRK VIKYPEXMSRWEW[IPPEW&%%51(eWFEWMGGSRXVSPQIEWYVIW-REHHMXMSRXSXLIQMXMKEXMSR QIEWYVIWVIUYMVIHF]XLI'MX]EWEQEXXIVSJPE[XLITVSNIGX[SYPHEPWSRIIHXSMQTPIQIRX 1MXMKEXMSR1IEWYVIW%5EERH%5FXSVIHYGITVSNIGXMQTEGXXSPIWWXLERWMKRMJMGERX -712( 0%1( 2-8-%089(=-8-+%8)()+%8-:))'0%6%8-32-2()2:)29)-<)(97)):)0341)28 h4 %+) 'LETXIV )RZMVSRQIRXEP'LIGOPMWX CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC & -303+-'%06)7396')7 4SXIRXMEPP]0IWW8LER0IWW8LER )RZMVSRQIRXEP*EGXSVWERH*SGYWIH5YIWXMSRW 7MKRMJMGERX7MKRMJMGERX7MKRMJMGERX2S JSV [MXL -QTEGX-QTEGX-QTEGX (IXIVQMREXMSRSJ)RZMVSRQIRXEP-QTEGX 1MXMKEXMSR -:&-303+-'%06)7396')7j;SYPHXLI 4VSNIGX E ,EZIEWYFWXERXMEPEHZIVWIIJJIGXIMXLIV HMVIGXP]SVXLVSYKLLEFMXEXQSHMJMGEXMSRW SRER]WTIGMIWMHIRXMJMIHEWEGERHMHEXI WIRWMXMZISVWTIGMEPWXEXYWWTIGMIWMRPSGEP SVVIKMSREPTPERWTSPMGMIWSVVIKYPEXMSRW SVF]XLI'EPMJSVRME(ITEVXQIRXSJ*MWL ERH+EQISV97*MWLERH;MPHPMJI 7IVZMGI# F ,EZIEWYFWXERXMEPEHZIVWIIJJIGXSRER] VMTEVMERLEFMXEXSVSXLIVWIRWMXMZIREXYVEP GSQQYRMX]MHIRXMJMIHMRPSGEPSVVIKMSREP TPERWTSPMGMIWVIKYPEXMSRWSVF]XLI 'EPMJSVRME(ITEVXQIRXSJ*MWLERH+EQI SV97*MWLERH;MPHPMJI7IVZMGI# G ,EZIEWYFWXERXMEPEHZIVWIIJJIGXSR JIHIVEPP]TVSXIGXIH[IXPERHWEWHIJMRIHF] 7IGXMSRSJXLI'PIER;EXIV%GX MRGPYHMRKFYXRSXPMQMXIHXSQEVWL ZIVREPTSSPGSEWXEPIXG XLVSYKLHMVIGX VIQSZEPJMPPMRKL]HVSPSKMGEPMRXIVVYTXMSR SVSXLIVQIERW# H -RXIVJIVIWYFWXERXMEPP][MXLXLIQSZIQIRX SJER]REXMZIVIWMHIRXSVQMKVEXSV]JMWLSV [MPHPMJIWTIGMIWSV[MXLIWXEFPMWLIHREXMZI VIWMHIRXSVQMKVEXSV][MPHPMJIGSVVMHSVWSV MQTIHIXLIYWISJREXMZI[MPHPMJIRYVWIV] WMXIW# I 'SRJPMGX[MXLER]PSGEPTSPMGMIWSV SVHMRERGIWTVSXIGXMRKFMSPSKMGEPVIWSYVGIW WYGLEWEXVIITVIWIVZEXMSRTSPMG]SV SVHMRERGI# J 'SRJPMGX[MXLXLITVSZMWMSRWSJEREHSTXIH ,EFMXEX'SRWIVZEXMSR4PER2EXYVEP 'SQQYRMX]'SRWIVZEXMSR4PERSVSXLIV ETTVSZIHPSGEPVIKMSREPSVWXEXILEFMXEX GSRWIVZEXMSRTPER# EH &MSPSKMGEP6IWSYVGIW 8LI4VSNIGXWMXIMWPSGEXIHMRERYVFERM^IHEVIESREWMXIXLEXLEWFIIRHIZIPSTIHERHYXMPM^IHEW EJEWXJSSHVIWXEYVERXJVSQ YRXMP [LIRXLIFYMPHMRK[EWVE^IHERHGSRZIVXIHXSE XIQTSVEV]WYVJEGITEVOMRKPSX2SGERHMHEXIWIRWMXMZISVWTIGMEPWXEXYWWTIGMIWEVIORS[RXS -712( 0%1( 2-8-%089(=-8-+%8)()+%8-:))'0%6%8-32-2()2:)29)-<)(97)):)0341)28 h4 %+) 'LETXIV )RZMVSRQIRXEP'LIGOPMWX CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC RSMQTEGXW I\MWXEXXLIWMXI8LIVIJSVIXLIVIEVISRFMSPSKMGEPVIWSYVGIWERHRSJYVXLIVEREP]WMW MWRIIHIH IJ 0SGEP4SPMGMIWERH3VHMRERGIWERH4PERW 8LIVIEVITVIWIRXP]RSXVIIWSVPERHWGETMRKSRXLI4VSNIGXWMXI%HHMXMSREPP]XLI4VSNIGX7MXIMW RSMQTEGX RSXMREREVIEWYFNIGXXSXLI7ER&VYRS1SYRXEMR,EFMXEX'SRWIVZEXMSR4PER8LIVIMW [MXLVIKEVHXSPSGEPTSPMGMIWERHSVHMRERGIWERH,EFMXEX'SRWIVZEXMSR4PERW -712( 0%1( 2-8-%089(=-8-+%8)()+%8-:))'0%6%8-32-2()2:)29)-<)(97)):)0341)28 h4 %+) 'LETXIV )RZMVSRQIRXEP'LIGOPMWX CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC '6 90896%0)7396')7 )RZMVSRQIRXEP*EGXSVWERH*SGYWIH4SXIRXMEPP]0IWW8LER0IWW8LER 5YIWXMSRWJSV 7MKRMJMGERX7MKRMJMGERX7MKRMJMGERX2S (IXIVQMREXMSRSJ)RZMVSRQIRXEP-QTEGX[MXL -QTEGX-QTEGX-QTEGX 1MXMKEXMSR :'90896%06)7396')7j;SYPHXLI 4VSNIGX E 'EYWIEWYFWXERXMEPEHZIVWIGLERKIMRXLI WMKRMJMGERGISJELMWXSVMGEPVIWSYVGIEW HIJMRIHMRq# F 'EYWIEWYFWXERXMEPEHZIVWIGLERKIMRXLI WMKRMJMGERGISJEREVGLEISPSKMGEPVIWSYVGI TYVWYERXXSq# G (MVIGXP]SVMRHMVIGXP]HIWXVS]EYRMUYI TEPISRXSPSKMGEPVIWSYVGISVWMXISVYRMUYI KISPSKMGJIEXYVI# H (MWXYVFER]LYQERVIQEMRWMRGPYHMRKXLSWI MRXIVVIHSYXWMHISJJSVQEPGIQIXIVMIW# 7IXXMRK 8LI4VSNIGXWMXIMWGSQTVMWIHSJEWMRKPI'MX]S[RIHTEVGIPSRXLIIEWXWMHISJ0MRHIR%ZIRYI 8LIWMXIMWGYVVIRXP]YWIHEWEXIQTSVEV]TYFPMGWYVJEGITEVOMRKPSXERHGSRXEMRWRSTL]WMGEP WXVYGXYVIW 8LI4VSNIGX[SYPHLEZIEWMKRMJMGERXIRZMVSRQIRXEPMQTEGXMJMX[IVIXSGEYWIEWYFWXERXMEP EHZIVWIGLERKIMRXLIWMKRMJMGERGISJELMWXSVMGEPVIWSYVGIEWHIJMRIHMRqSJXLI')5% +YMHIPMRIW 8LI+YMHIPMRIWWXEXIXLEXfLMWXSVMGEPVIWSYVGIWg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h4 %+) 'LETXIV )RZMVSRQIRXEP'LIGOPMWX CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC F %VGLEISPSKMGEP6IWSYVGIW 8LI4VSNIGXWMXIMWETVIZMSYWP]HMWXYVFIHHIZIPSTIHWMXI[LIVIRSORS[REVGLEISPSKMGEP EVXMJEGXWEVIPSGEXIH;LMPIMXQE]FITSWWMFPIXLEXFYVMIHTVILMWXSVMGVIWSYVGIWGSYPHFIPSGEXIH EXXLIWMXIGYVVIRXP]XLIVIMWMRWYJJMGMIRXHEXEXSTVIHMGXXLEXXLI]GSYPHFIJSYRHEXXLITVSNIGX WMXITEVXMGYPEVP]FIGEYWIXLIWMXILEWFIIRTVIZMSYWP]HMWXYVFIH-JEVGLEISPSKMGEPVIWSYVGIWEVI HMWGSZIVIHSRWMXIXLIWIVIWSYVGIWWLEPPFILERHPIHEGGSVHMRKXS')5%7IGXMSR G [LMGLGEPPWSRPIEHEKIRGMIWXSVIJIVXSXLI7IGXMSR SJXLI4YFPMG6IWSYVGIW'SHISV 7IGXMSR MJXLIEVGLEISPSKMGEPWMXIMWHIXIVQMRIHXSFIELMWXSVMGEPVIWSYVGI8LMWMWE RSMQTEGX WXERHEVHTVEGXMGIJSVER]'MX]TVSNIGXXLIVIJSVIMWERXMGMTEXIHEXXLMWXMQI G 4EPISRXSPSKMGEP6IWSYVGIW9RMUYI+ISPSKMG*IEXYVIW 2SYRMUYITEPISRXSPSKMGEPSVKISPSKMGJIEXYVIWLEZIFIIRRSVEVII\TIGXIHXSFIMHIRXMJMIHEXXLI RSMQTEGX 4VSNIGXWMXI8LIVIJSVIXLI4VSNIGX[SYPHFII\TIGXIHXSLEZISRTEPISRXSPSKMGEP VIWSYVGIWERHYRMUYIKISPSKMGJIEXYVIW H (MWXYVFERGISJ,YQER6IQEMRW 2SLYQERVIQEMRWLEZIFIIRMHIRXMJMIHEXXLI4VSNIGXWMXI,S[IZIVMJWYGLVIQEMRWEVI IRGSYRXIVIHHYVMRKWMXITVITEVEXMSREWWSGMEXIH[MXLXLIGSRWXVYGXMSREXXLI4VSNIGXWMXIEPP[SVO WLEPPFILEPXIHMRXLIZMGMRMX]ERHXLI7ER1EXIS'SYRX]'SVSRIVWLEPPFIMRJSVQIHXSHIXIVQMRI MJERMRZIWXMKEXMSRSJXLIGEYWISJHIEXLMWVIUYMVIHERHXSHIXIVQMRIMJXLIVIQEMRWEVISJ2EXMZI %QIVMGERSVMKMR-JWYGLVIQEMRWEVISJ2EXMZI%QIVMGERSVMKMRXLIRIEVIWXXVMFEPVIPEXMZIWEW HIXIVQMRIHF]XLIWXEXI2EXMZI%QIVMGER,IVMXEKI'SQQMWWMSRWLEPPFIGSRXEGXIHXSSFXEMR VIGSQQIRHEXMSRWJSVXVIEXMRKSVVIQSZEPSJWYGLVIQEMRWMRGPYHMRKKVEZIKSSHW[MXL ETTVSTVMEXIHMKRMX]EWVIUYMVIHYRHIV4YFPMG6IWSYVGIW'SHI7IGXMSR 8LMW[SYPH VIHYGIXLITSXIRXMEPMQTEGXEWWSGMEXIH[MXLXLIHMWGSZIV]SJLYQERVIQEMRWEXXLI4VSNIGXWMXIXS RSMQTEGX EPIZIPSJPIWWXLERWMKRMJMGERX-XMWI\TIGXIHXLEXXLIVI[SYPHFIJVSQXLI4VSNIGX VIPEXIHXSXLIHMWXYVFERGISJLYQERVIQEMRW -712( 0%1( 2-8-%089(=-8-+%8)()+%8-:))'0%6%8-32-2()2:)29)-<)(97)):)0341)28 h4 %+) 'LETXIV )RZMVSRQIRXEP'LIGOPMWX CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC +7 )303+=%2(3-07 4SXIRXMEPP]0IWW8LER0IWW8LER )RZMVSRQIRXEP*EGXSVWERH*SGYWIH5YIWXMSRW 7MKRMJMGERX7MKRMJMGERX7MKRMJMGERX2S JSV [MXL -QTEGX-QTEGX-QTEGX (IXIVQMREXMSRSJ)RZMVSRQIRXEP-QTEGX 1MXMKEXMSR :-+)303+=%2(73-07j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h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2-8-%089(=-8-+%8)()+%8-:))'0%6%8-32-2()2:)29)-<)(97)):)0341)28 h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rial]]XSVW;EVQC*SVQLXQP [[3293,4883,3747,4975][10][,,][Arial]]1E] 7SYVGI (]IXX 'MX]SJ7SYXL7ER*VERGMWGS-'0)- -712( 0%1( 2-8-%089(=-8-+%8)()+%8-:))'0%6%8-32-2()2:)29)-<)(97)):)0341)28 h4 %+) 'LETXIV )RZMVSRQIRXEP'LIGOPMWX CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC 6)+90%836=*6%1);36/ *IHIVEP6IKYPEXMSRW +PSFEP'LERKI6IWIEVGL%GX 9RMXIH7XEXIW'SHI7IGXMSRW IXWIU -R 'SRKVIWWTEWWIHERHXLI4VIWMHIRXWMKRIH4YFPMG0E[XLI+PSFEP'LERKI 6IWIEVGL%GX8LITYVTSWISJXLIPIKMWPEXMSR[EW fcXSVIUYMVIXLIIWXEFPMWLQIRXSJE9RMXIH 7XEXIW+PSFEP'LERKI6IWIEVGL4VSKVEQEMQIHEXYRHIVWXERHMRKERHVIWTSRHMRKXSKPSFEP GLERKIMRGPYHMRKXLIGYQYPEXMZIIJJIGXWSJLYQEREGXMZMXMIWERHREXYVEPTVSGIWWIWSRXLI IRZMVSRQIRXXSTVSQSXIHMWGYWWMSRWXS[EVHWMRXIVREXMSREPTVSXSGSPWMRKPSFEPGLERKIVIWIEVGL ERHJSVSXLIVTYVTSWIWg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h4 %+) 'LETXIV )RZMVSRQIRXEP'LIGOPMWX CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC ,,1 %>%6(7%2(%>%6(397%8)6-%07 4SXIRXMEPP]0IWW8LER0IWW8LER )RZMVSRQIRXEP*EGXSVWERH*SGYWIH5YIWXMSRW 7MKRMJMGERX7MKRMJMGERX7MKRMJMGERX2S JSV [MXL -QTEGX-QTEGX-QTEGX (IXIVQMREXMSRSJ)RZMVSRQIRXEP-QTEGX 1MXMKEXMSR :--,%>%6(7%2(,%>%6(397 1%8)6-%07j;SYPHXLI4VSNIGX E 'VIEXIEWMKRMJMGERXLE^EVHXSXLITYFPMGSV XLIIRZMVSRQIRXXLVSYKLXLIVSYXMRI XVERWTSVXYWISVHMWTSWEPSJLE^EVHSYW QEXIVMEPW# F 'VIEXIEWMKRMJMGERXLE^EVHXSXLITYFPMGSV XLIIRZMVSRQIRXXLVSYKLVIEWSREFP] JSVIWIIEFPIYTWIXERHEGGMHIRXGSRHMXMSRW MRZSPZMRKXLIVIPIEWISJLE^EVHSYW QEXIVMEPWMRXSXLIIRZMVSRQIRX# G )QMXLE^EVHSYWIQMWWMSRWSVLERHPI LE^EVHSYWSVEGYXIP]LE^EVHSYWQEXIVMEPW WYFWXERGIWSV[EWXI[MXLMRSRIUYEVXIV QMPISJERI\MWXMRKSVTVSTSWIHWGLSSP# H &IPSGEXIHSREWMXI[LMGLMWMRGPYHIHSRE PMWXSJLE^EVHSYWQEXIVMEPWWMXIWGSQTMPIH TYVWYERXXS+SZIVRQIRX'SHI7IGXMSR ERHEWEVIWYPX[SYPHMXGVIEXIE WMKRMJMGERXLE^EVHXSXLITYFPMGSVXLI IRZMVSRQIRX# I *SVE4VSNIGXPSGEXIH[MXLMREREMVTSVXPERH YWITPERSV[LIVIWYGLETPERLEWRSXFIIR EHSTXIH[MXLMRX[SQMPIWSJETYFPMG EMVTSVXSVTYFPMGYWIEMVTSVX[SYPHXLI 4VSNIGXVIWYPXMREWEJIX]LE^EVHJSVTISTPI VIWMHMRKSV[SVOMRKMRXLI4VSNIGXEVIE# J *SVE4VSNIGX[MXLMRXLIZMGMRMX]SJE TVMZEXIEMVWXVMT[SYPHXLI4VSNIGXVIWYPXMR EWEJIX]LE^EVHJSVTISTPIVIWMHMRKSV [SVOMRKMRXLI4VSNIGXEVIE# K -QTEMVMQTPIQIRXEXMSRSJSVTL]WMGEPP] MRXIVJIVI[MXLEREHSTXIHIQIVKIRG] VIWTSRWITPERSVIQIVKIRG]IZEGYEXMSR TPER# L )\TSWITISTPISVWXVYGXYVIWXSEWMKRMJMGERX VMWOSJPSWWMRNYV]SVHIEXLMRZSPZMRK [MPHPERHJMVIWMRGPYHMRK[LIVI[MPHPERHW EVIEHNEGIRXXSYVFERM^IHEVIEWSV[LIVI VIWMHIRGIWEVIMRXIVQM\IH[MXL[MPHPERHW# -712( 0%1( 2-8-%089(=-8-+%8)()+%8-:))'0%6%8-32-2()2:)29)-<)(97)):)0341)28 h4 %+) 'LETXIV )RZMVSRQIRXEP'LIGOPMWX CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC EH ,E^EVHSYW1EXIVMEPW -XMWRSXI\TIGXIHXLEXXLITVSNIGX[SYPHYXMPM^IER]WMKRMJMGERXUYERXMX]SJLE^EVHSYWQEXIVMEPW ;LMPIFYWMRIWWIWXLEXYXMPM^ILE^EVHSYWQEXIVMEPWGSYPHTSXIRXMEPP]FIIWXEFPMWLIHMRXLIKVSYRH JPSSVGSQQIVGMEPWTEGIWYGLFYWMRIWWIW[SYPHFIWYFNIGXXSXLI>SRMRK3VHMRERGIe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eWTPERMWMRGSQTPMERGI[MXLI\MWXMRKPE[ RSMQTEGX 8LIVI[MPPFIMRVIKEVHWXSIQIVKIRG]VIWTSRWI L *MVI RSMQTEGX 8LI4VSNIGXWMXIMWRSXEHNEGIRXXS[MPHPERHW XLIVIJSVIXLIVI[MPPFIMRVIKEVHWXS [MPHPERHJMVIW -712( 0%1( 2-8-%089(=-8-+%8)()+%8-:))'0%6%8-32-2()2:)29)-<)(97)):)0341)28 h4 %+) 'LETXIV )RZMVSRQIRXEP'LIGOPMWX CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC ,; =(6303+=%2(%8)659%0-8= 4SXIRXMEPP]0IWW8LER0IWW8LER )RZMVSRQIRXEP*EGXSVWERH*SGYWIH5YIWXMSRW 7MKRMJMGERX7MKRMJMGERX7MKRMJMGERX2S JSV [MXL -QTEGX-QTEGX-QTEGX (IXIVQMREXMSRSJ)RZMVSRQIRXEP-QTEGX 1MXMKEXMSR :---,=(6303+=%2(;%8)659%0-8=j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h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h4 %+) 'LETXIV )RZMVSRQIRXEP'LIGOPMWX CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC TSWIERMQTEGXXSJPSSHJPS[WFIGEYWIXLIWMXIMWRSXPSGEXIHMREHIWMKREXIH]IEVJPSSH RSMQTEGX LE^EVHEVIE8LIVI[MPPFIMRVIKEVHWXSJPSSHLE^EVHW N 8WYREQM,E^EVHW 8LI'MX]e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h4 %+) 'LETXIV )RZMVSRQIRXEP'LIGOPMWX CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC 094 %2(7)%2(0%22-2+ 4SXIRXMEPP]0IWW8LER0IWW8LER )RZMVSRQIRXEP*EGXSVWERH*SGYWIH5YIWXMSRW 7MKRMJMGERX7MKRMJMGERX7MKRMJMGERX2S JSV [MXL -QTEGX-QTEGX-QTEGX (IXIVQMREXMSRSJ)RZMVSRQIRXEP-QTEGX 1MXMKEXMSR -<0%2(97)%2(40%22-2+j;SYPHXLI 4VSNIGX E 4L]WMGEPP]HMZMHIERIWXEFPMWLIH GSQQYRMX]# F 'SRJPMGX[MXLER]ETTPMGEFPIPERHYWITPER TSPMG]SVVIKYPEXMSRSJEREKIRG][MXL NYVMWHMGXMSRSZIVXLI4VSNIGX MRGPYHMRKFYX RSXPMQMXIHXSXLIKIRIVEPTPERWTIGMJMG TPERPSGEPGSEWXEPTVSKVEQSV^SRMRK SVHMRERGI EHSTXIHJSVXLITYVTSWISJ EZSMHMRKSVQMXMKEXMRKERIRZMVSRQIRXEP IJJIGX# G 'SRJPMGX[MXLER]ETTPMGEFPILEFMXEX GSRWIVZEXMSRTPERSVREXYVEPGSQQYRMX] GSRWIVZEXMSRTPER# 7IXXMRK 8LITVSNIGXWMXIMWERMRJMPPWMXIPSGEXIHMREJYPP]HIZIPSTIHYVFERRIMKLFSVLSSHMRXLI (S[RXS[REVIE8LIWMXI[EWLMWXSVMGEPP]SGGYTMIHF]EJEWXJSSHVIWXEYVERXERHMWGYVVIRXP] YWIHEWEXIQTSVEV]WYVJEGITEVOMRKPSX E (MZMHMRKER)WXEFPMWLIH'SQQYRMX] 8LITVSTSWIH4VSNIGXMWGSQTEXMFPI[MXLI\MWXMRKHIZIPSTQIRXERHPERHYWITEXXIVRWWYVVSYRHMRK XLIWMXI8LITVSNIGXWMXIMWSRP]WUYEVIJIIXERHGYVVIRXP]YWIHEWEWYVJEGITEVOMRKPSX RSMQTEGX ERHXLIVIJSVI[MPPLEZIVIPEXIHXSXLITL]WMGEPHMZMWMSRSJERIWXEFPMWLIHGSQQYRMX] FG 'SRJPMGXW[MXL4PERW &EWIHSRXLITVSTSWIH+IRIVEP4PER%QIRHQIRXERH6I^SRIXLI4VSNIGX[MPPFIGSRWMWXIRX[MXL XLI+IRIVEP4PERERH>SRMRK3VHMRERGI8LI4VSNIGXWMXIMWRSXMREREVIEWYFNIGXXSER]LEFMXEX GSRWIVZEXMSRSVREXYVEPGSQQYRMX]GSRWIVZEXMSRTPERW8LITVSTSWIH4VSNIGX[SYPHRSXI\GIIH XLILIMKLXPMQMXWIWXEFPMWLIHF]XLIQSWXVIGIRXP]EHSTXIH7ER1EXIS'SYRX]'SQTVILIRWMZI %MVTSVX0ERH9WI4PERRSVMWMXPSGEXIHMRER%MVTSVX6YR[E]%TTVSEGL>SRI8LIVIJSVIXLIVI RSMQTEGX [MPPFI[MXLVIKEVHXSPSGEPTSPMGMIWERHSVHMRERGIWERHLEFMXEXGSRWIVZEXMSRTPERW -712( 0%1( 2-8-%089(=-8-+%8)()+%8-:))'0%6%8-32-2()2:)29)-<)(97)):)0341)28 h4 %+) 'LETXIV )RZMVSRQIRXEP'LIGOPMWX CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC 16 -2)6%0)7396')7 4SXIRXMEPP]0IWW8LER0IWW8LER )RZMVSRQIRXEP*EGXSVWERH*SGYWIH5YIWXMSRW 7MKRMJMGERX7MKRMJMGERX7MKRMJMGERX2S JSV [MXL -QTEGX-QTEGX-QTEGX (IXIVQMREXMSRSJ)RZMVSRQIRXEP-QTEGX 1MXMKEXMSR <1-2)6%06)7396')7j;SYPHXLI 4VSNIGX E 6IWYPXMRXLIPSWWSJEZEMPEFMPMX]SJEORS[R QMRIVEPVIWSYVGIXLEX[SYPHFISJZEPYIXS XLIVIKMSRERHXLIVIWMHIRXWSJXLIWXEXI# F 6IWYPXMRXLIPSWWSJEZEMPEFMPMX]SJE PSGEPP]MQTSVXERXQMRIVEPVIWSYVGI VIGSZIV]WMXIHIPMRIEXIHSREPSGEPKIRIVEP TPERWTIGMJMGTPERSVSXLIVPERHYWITPER# 7IXXMRK 8LITVSNIGXWMXIMWERMRJMPPWMXIPSGEXIHMREJYPP]HIZIPSTIHYVFERRIMKLFSVLSSHMRXLI (S[RXS[REVIE8LIWMXI[EWLMWXSVMGEPP]SGGYTMIHF]EJEWXJSSHVIWXEYVERXERHMWGYVVIRXP] YWIHEWEXIQTSVEV]WYVJEGITEVOMRKPSX4VMSVXSXLIHIZIPSTQIRXSJXLIJEWXJSSHVIWXEYVERXMR XLI eWXLIWMXI[EWYRHIZIPSTIH EdF 1MRIVEP6IWSYVGIW RSMQTEGX 8LIVIEVIRSQMRIVEPVIWSYVGIWPSGEXIHSRXLI4VSNIGXWMXI8LIVIJSVIXLIVIMWSR QMRIVEPVIWSYVGIW -712( 0%1( 2-8-%089(=-8-+%8)()+%8-:))'0%6%8-32-2()2:)29)-<)(97)):)0341)28 h4 %+) 'LETXIV )RZMVSRQIRXEP'LIGOPMWX CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC 2 3-7) 4SXIRXMEPP]0IWW8LER0IWW8LER )RZMVSRQIRXEP*EGXSVWERH*SGYWIH5YIWXMSRW 7MKRMJMGERX7MKRMJMGERX7MKRMJMGERX2S JSV [MXL -QTEGX-QTEGX-QTEGX (IXIVQMREXMSRSJ)RZMVSRQIRXEP-QTEGX 1MXMKEXMSR <-23-7)j;SYPHXLI4VSNIGX E )\TSWYVISJTIVWSRWXSSVKIRIVEXMSRSJ RSMWIPIZIPWMRI\GIWWSJWXERHEVHW IWXEFPMWLIHMRXLIPSGEPKIRIVEPTPERSV RSMWISVHMRERGISVETTPMGEFPIWXERHEVHWSJ SXLIVEKIRGMIW# F )\TSWYVISJTIVWSRWXSSVKIRIVEXMSRSJ I\GIWWMZIKVSYRHFSVRIZMFVEXMSRSV KVSYRHFSVRIRSMWIPIZIPW# G %WYFWXERXMEPTIVQERIRXMRGVIEWIMR EQFMIRXRSMWIPIZIPWMRXLI4VSNIGXZMGMRMX] EFSZIPIZIPWI\MWXMRK[MXLSYXXLI4VSNIGX# H %WYFWXERXMEPXIQTSVEV]SVTIVMSHMG MRGVIEWIMREQFMIRXRSMWIPIZIPWMRXLI 4VSNIGXZMGMRMX]EFSZIPIZIPWI\MWXMRK [MXLSYXXLI4VSNIGX# I *SVE4VSNIGXPSGEXIH[MXLMREREMVTSVXPERH YWITPERSV[LIVIWYGLETPERLEWRSXFIIR EHSTXIH[MXLMRX[SQMPIWSJETYFPMG EMVTSVXSVTYFPMGYWIEMVTSVX[SYPHXLI 4VSNIGXI\TSWITISTPIVIWMHMRKSV[SVOMRK MRXLI4VSNIGXEVIEXSI\GIWWMZIRSMWI PIZIPW# J *SVE4VSNIGX[MXLMRXLIZMGMRMX]SJE TVMZEXIEMVWXVMT[SYPHXLI4VSNIGXI\TSWI TISTPIVIWMHMRKSV[SVOMRKMRXLI4VSNIGX EVIEXSI\GIWWMZIRSMWIPIZIPW# E )\TSWYVISJ4IVWSRWXSSV+IRIVEXMSRSJ2SMWI0IZIPWMR)\GIWWSJ7XERHEVHW (IZIPSTQIRXSJXLIGSQQIVGMEPVIWMHIRXMEPQM\IHYWIWXVYGXYVIEXXLI4VSNIGXWMXIGSYPHQEVKMREPP] MRGVIEWIXVEJJMGRSMWIPIZIPWEPSRKXLIPSGEPWXVIIXWHYIXSMRGVIEWIHEGXMZMX]MRXLITVSTSWIHKVSYRH JPSSVGSQQIVGMEPWTEGI&EWIHSRX[SRSMWIEREP]WMWGSRHYGXIHJSVX[SYRVIPEXIHTVSNIGXWMR *IFVYEV]EXERH 0MRHIR%ZIRYIXLII\MWXMRKHSQMRERXRSMWIWSYVGIWEPSRK0MRHIR %ZIRYI[IVIHYIXSZILMGYPEVXVEJJMGERHSGGEWMSREPEMVGVEJXJP]SZIVWJVSQ7ER*VERGMWGS -RXIVREXMSREP%MVTSVX[MXLE'2)0VERKMRKJVSQH&%XSH&%7MRGIXLITVSNIGXWMXIMWPSGEXIH MRERQM\IHYWIGSQQIVGMEPHMWXVMGX[MXLYVFERJIEXYVIWERHMWPSGEXIH[MXLMRXLIH&%'2)0 -712( 0%1( 2-8-%089(=-8-+%8)()+%8-:))'0%6%8-32-2()2:)29)-<)(97)):)0341)28 h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eWPERHYWIGVMXIVMEXLITVSTSWIH4VSNIGXMWRSXERSMWI WIRWMXMZIYWIERH[SYPHXLIVIJSVIFIGSQTEXMFPI[MXLJYXYVIRSMWIPIZIPTVSNIGXMSRWMRXLI4VSNIGX RSMQTEGX ZMGMRMX]VITVIWIRXMRK 7SYXL7ER*VERGMWGS+IRIVEP4PER)\MWXMRK'SRHMXMSRWERH4PERRMRK-WWYIW (]IXX T 7ITXIQFIV -712( 0%1( 2-8-%089(=-8-+%8)()+%8-:))'0%6%8-32-2()2:)29)-<)(97)):)0341)28 h4 %+) 'LETXIV )RZMVSRQIRXEP'LIGOPMWX CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC 4, 3490%8-32%2(397-2+ 4SXIRXMEPP]0IWW8LER0IWW8LER )RZMVSRQIRXEP*EGXSVWERH*SGYWIH5YIWXMSRW 7MKRMJMGERX7MKRMJMGERX7MKRMJMGERX2S JSV [MXL -QTEGX-QTEGX-QTEGX (IXIVQMREXMSRSJ)RZMVSRQIRXEP-QTEGX 1MXMKEXMSR <--43490%8-32%2(,397-2+j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eW(S[RXS[R7XVEXIK]ERHVIGIRXP]EHSTXIH,SYWMRK )PIQIRX[LMGLMHIRXMJMIWXLI4VSNIGXWMXIEWE,SYWMRK3TTSVXYRMX]WMXIMR(S[RXS[R ,SYWMRK3TTSVXYRMX]WMXIWEVIZEGERXSVYRHIVYXMPM^IHWMXIWMHIRXMJMIHJSVTSXIRXMEPJYXYVILSYWMRK WMXIW*YVXLIVQSVIXLI4VSNIGXMWGSRWMWXIRX[MXLXLI'MX]e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h4 %+) 'LETXIV )RZMVSRQIRXEP'LIGOPMWX CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC 47 9&0-')6:-')7 4SXIRXMEPP]0IWW8LER0IWW8LER )RZMVSRQIRXEP*EGXSVWERH*SGYWIH5YIWXMSRW 7MKRMJMGERX7MKRMJMGERX7MKRMJMGERX2S JSV [MXL -QTEGX-QTEGX-QTEGX (IXIVQMREXMSRSJ)RZMVSRQIRXEP-QTEGX 1MXMKEXMSR <---49&0-'7)6:-')7j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eW1YRMGMTEP'SHI+MZIRXLMWXSJMVIWIVZMGIWEVIERXMGMTEXIH MM 4SPMGI 8LI4VSNIGX7MXI[MPPFIWIVZIHF]XLI4SPMGI7XEXMSRPSGEXIHEX%VVS]S(VMZI QMPIW WSYXL[IWXSJXLI4VSNIGX7MXI8LI(ITEVXQIRXMWKIRIVEPP]EFPIXSVIWTSRHXSLMKLTVMSVMX]GEPPW -712( 0%1( 2-8-%089(=-8-+%8)()+%8-:))'0%6%8-32-2()2:)29)-<)(97)):)0341)28 h4 %+) 'LETXIV )RZMVSRQIRXEP'LIGOPMWX CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC [MXLMRXLI(ITEVXQIRXe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e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h4 %+) 'LETXIV )RZMVSRQIRXEP'LIGOPMWX CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC 6 )'6)%8-32 4SXIRXMEPP]0IWW8LER0IWW8LER )RZMVSRQIRXEP*EGXSVWERH*SGYWIH5YIWXMSRW 7MKRMJMGERX7MKRMJMGERX7MKRMJMGERX2S JSV [MXL -QTEGX-QTEGX-QTEGX (IXIVQMREXMSRSJ)RZMVSRQIRXEP-QTEGX 1MXMKEXMSR <-:6)'6)%8-32j E ;SYPHXLI4VSNIGXMRGVIEWIXLIYWISJ I\MWXMRKRIMKLFSVLSSHERHVIKMSREPTEVOW SVSXLIVVIGVIEXMSREPJEGMPMXMIWWYGLXLEX WYFWXERXMEPTL]WMGEPHIXIVMSVEXMSRSJXLI JEGMPMX][SYPHSGGYVSVFIEGGIPIVEXIH# F (SIWXLI4VSNIGXMRGPYHIVIGVIEXMSREP JEGMPMXMIWSVVIUYMVIXLIGSRWXVYGXMSRSV I\TERWMSRSJVIGVIEXMSREPJEGMPMXMIW[LMGL QMKLXLEZIEREHZIVWITL]WMGEPIJJIGXSR XLIIRZMVSRQIRX# EF 6IGVIEXMSR 8LI4VSNIGXMWRSXI\TIGXIHXSMRGVIEWIXLIYWISJI\MWXMRKTEVOWSVSXLIVVIGVIEXMSREPJEGMPMXMIW ERHXLITVSNIGXHSIWRSXMRGPYHIVIGVIEXMSREPJEGMPMXMIWRSVVIUYMVIXLIGSRWXVYGXMSRSVI\TERWMSR SJRI[JEGMPMXMIW LS[IZIVXLI4VSNIGX[MPPGSQTP][MXLXLI'MX]eWVIUYMVIHSRWMXIEQIRMX]EVIE VIUYMVIQIRXWJSVIEGLVIWMHIRXMEPYRMXERH[MPPFITVSZMHMRKEVSSJXSTTEXMSEVIEJSVXLI RSMQTEGX GSRHSQMRMYQS[RIVW8LIVIJSVIMWI\TIGXIHSRI\MWXMRKRIMKLFSVLSSHVIKMSREP TEVOWSVSXLIVVIGVIEXMSRJMIPHWJVSQXLITVSTSWIHYRMXQM\IHYWIMRJMPPHIZIPSTQIRX4VSNIGX -712( 0%1( 2-8-%089(=-8-+%8)()+%8-:))'0%6%8-32-2()2:)29)-<)(97)):)0341)28 h4 %+) 'LETXIV )RZMVSRQIRXEP'LIGOPMWX CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC 88 6%274368%8-32%2(6%**-' 4SXIRXMEPP]0IWW8LER0IWW8LER )RZMVSRQIRXEP*EGXSVWERH*SGYWIH5YIWXMSRWJSV 7MKRMJMGERX7MKRMJMGERX7MKRMJMGERX2S (IXIVQMREXMSRSJ)RZMVSRQIRXEP-QTEGX [MXL -QTEGX-QTEGX-QTEGX 1MXMKEXMSR <:86%274368%8-32%2(86%**-'j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h4 %+) 'LETXIV )RZMVSRQIRXEP'LIGOPMWX CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC JSVXLIGSQQIVGMEPWTEGI8LI4VSNIGXTVSTSWIWEWTEGIWYFXIVVERIERVIWMHIRXTEVOMRKKEVEKI VIWYPXMRKMRETEVOMRKVEXMSSJ WTEGIWTIVYRMX[LMGLVIWYPXWMREHIJMGMXSJTEVOMRKWTEGIW EWVIUYMVIHF]XLI'MX]eW>SRMRK3VHMRERGI%HHMXMSREPP]WMRGIXLIWMXIMWPSGEXIHMRXLI (S[RXS[R4EVOMRK(MWXVMGXMRGPSWITVS\MQMX]XSWIZIVEPTYFPMGTEVOMRKPSXWMRGPYHMRKXLIRI[ 1MPPIV7XVIIX4EVOMRK+EVEKIRSSRWMXIKYIWXTEVOMRKSVGSQQIVGMEPVIXEMPTEVOMRKMWTVSTSWIH ERHETEVOMRKI\GITXMSR[MPPFIVIUYIWXIHJSVXLISZIVEPPTEVOMRKVIHYGXMSRSRWMXI7MRGIXLI GYWXSQIVWXVEZIPMRKXSXLIWMXIJSVXLIGSQQIVGMEPYWIW[MPPYXMPM^II\MWXMRKTYFPMGTEVOMRKMRXLI PIWWXLERWMKRMJMGERX ZMGMRMX]MXMWERXMGMTEXIHXLEXXLIVI[MPPFIEMQTEGXXSXLII\MWXMRKZSPYQIW &EWIHSRXLI1E]XVEJJMGGSYRXHEXEJSVXLI0MRHIR%ZIRYIGSVVMHSV %MVTSVX&SYPIZEVHXS 6EMPVSEH%ZIRYI XLII\MWXMRKZSPYQIXSVSEHGETEGMX] ZG MW8LIMRGVIEWIMR%(8XVMTW PIWW I\TIGXIHXSFIKIRIVEXIHMW XVMTWTIVHE]VIWYPXMRKMREZG[LMGL[SYPHVITVIWIRXE XLERWMKRMJMGERX MQTEGXXSI\MWXMRKXVEJJMGZSPYQIW(S[RXS[R G %MV8VEJJMG4EXXIVRW 8LITVSTSWIH4VSNIGX[SYPHRSXGLERKIER]EMVXVEJJMGTEXXIVRWRSV[SYPHMXGLERKIXLIPSGEXMSR RSMQTEGX SJXLI7ER*VERGMWGS-RXIVREXMSREP%MVTSVX8LIVIJSVIXLIVI[MPPFISREMVXVEJJMG H -RGSQTEXMFPI(IWMKR*IEXYVIWSV-RGSQTEXMFPI9WIW 8LITVSTSWIH4VSNIGX[SYPHRSXRIKEXMZIP]EPXIVXLITYFPMGVMKLXSJ[E]%R]MQTVSZIQIRXW QEHIXSXLITYFPMGVMKLXSJ[E][SYPHFIMRGSQTPMERGI[MXLEPP'MX]WTIGMJMGEXMSRWERH WXERHEVHW8LITVSTSWIH4VSNIGX[SYPHSRP]WIVZIXSGSQTPIQIRXXLISTTSVXYRMXMIWMHIRXMJMIHF] RSMQTEGX XLI+IRIVEP4PERERH(S[RXS[R7XVEXIK]8LIVIJSVIXLIVI[MPPFIMRVIKEVHWXS LE^EVHW I )QIVKIRG]%GGIWW 8LITVSTSWIH4VSNIGXWMXILEWXLVIIWXVIIXJVSRXEKIWERHLEWFIIRHIWMKRIHXSTVSZMHIEGGIWWXS RSMQTEGX QIIXJMVIWEJIX]WXERHEVHW8LIVIJSVIXLIVI[MPPFIMRVIKEVHXSIQIVKIRG]EGGIWW J 4YFPMG8VERWMX&MG]GPIERH4IHIWXVMER*EGMPMXMIW 8LI(S[RXS[REVIEMWWIVZIHF]JSYVFYWVSYXIWSTIVEXIHF]7EQ8VERWERH'EPXVEMRGSQQYXIV XVEMRWIVZMGIMWPSGEXIH[MXLMRQMPISJXLITVSNIGXWMXI8LITVSTSWIHQM\IHYWI GSQQIVGMEPVIWMHIRXMEPWXVYGXYVI[MPPTVSZMHISTTSVXYRMXMIWJSVJYXYVIMRJMPPHIZIPSTQIRXMRXLI (S[RXS[RGSRWMWXIRX[MXL+IRIVEP4PER4SPMGMIWWYTTSVXMRKMRXIRWMJMGEXMSRSJYWIWMRXLI (S[RXS[R-RXIRWMZIHIZIPSTQIRXMRXLI(S[RXS[REVIEMWWYTTSVXMZISJXVERWMXWMRGI (S[RXS[RMWGYVVIRXP][IPPWIVZIHF]FYWERHGSQQYXIVVEMPWIVZMGIW%HHMXMSREPP]XLITVSNIGX [MPPTVSZMHIPSRKXIVQFMG]GPITEVOMRKJSVXLIVIWMHIRXMEPYRMXWEWVIUYMVIHF]XLI'MX]eW>SRMRK 3VHMRERGI7XVIIXTIHIWXVMERIRLERGIQIRXW[MPPMRGPYHIRI[WXVIIXXVIIWTPERXMRKEVIEWERH 'MX]SJ7SYXL7ER*VERGMWGS8VEJJMG:SPYQIW 0MRHIR%ZIRYIJVSQ%MVTSVX&PZHXS6EMPVSEH%ZI1E] 4VITEVIHF]2(7%8( -712( 0%1( 2-8-%089(=-8-+%8)()+%8-:))'0%6%8-32-2()2:)29)-<)(97)):)0341)28 h4 %+) 'LETXIV )RZMVSRQIRXEP'LIGOPMWX CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC IRLERGIHTEZMRKEXXLIFYMPHMRKIRXVERGIW8LIVIJSVIXLITVSTSWIH4VSNIGX[SYPHRSXGSRJPMGX RSMQTEGX [MXLER]TSPMGMIWTPERWSVTVSKVEQWWYTTSVXMRKEPXIVREXMZIXVERWTSVXEXMSRVIWYPXMRKMR -712( 0%1( 2-8-%089(=-8-+%8)()+%8-:))'0%6%8-32-2()2:)29)-<)(97)):)0341)28 h4 %+) 'LETXIV )RZMVSRQIRXEP'LIGOPMWX CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC 977 8-0-8-)7%2()6:-')=78)17 )RZMVSRQIRXEP*EGXSVWERH*SGYWIH4SXIRXMEPP]0IWW8LER0IWW8LER 5YIWXMSRWJSV 7MKRMJMGERX7MKRMJMGERX7MKRMJMGERX2S [MXL (IXIVQMREXMSRSJ)RZMVSRQIRXEP-QTEGX -QTEGX-QTEGX-QTEGX 1MXMKEXMSR <:-98-0-8-)7%2(7)6:-')7=78)17j ;SYPHXLI4VSNIGX E )\GIIH[EWXI[EXIVXVIEXQIRXVIUYMVIQIRXW SJXLIETTPMGEFPI6IKMSREP;EXIV5YEPMX] 'SRXVSP&SEVH# F 6IUYMVISVVIWYPXMRXLIGSRWXVYGXMSRSJRI[ [EXIVSV[EWXI[EXIVXVIEXQIRXJEGMPMXMIWSV I\TERWMSRSJI\MWXMRKJEGMPMXMIWXLI GSRWXVYGXMSRSJ[LMGLGSYPHGEYWI WMKRMJMGERXIRZMVSRQIRXEPIJJIGXW# G 6IUYMVISVVIWYPXMRXLIGSRWXVYGXMSRSJRI[ WXSVQ[EXIVHVEMREKIJEGMPMXMIWSVI\TERWMSR SJI\MWXMRKJEGMPMXMIWXLIGSRWXVYGXMSRSJ [LMGLGSYPHGEYWIWMKRMJMGERXIRZMVSRQIRXEP IJJIGXW# H ,EZIWYJJMGMIRX[EXIVWYTTPMIWEZEMPEFPIXS WIVZIXLI4VSNIGXJVSQI\MWXMRKIRXMXPIQIRXW ERHVIWSYVGIWSVEVIRI[SVI\TERHIH IRXMXPIQIRXWRIIHIH# I 6IWYPXMREHIXIVQMREXMSRF]XLI[EWXI[EXIV XVIEXQIRXTVSZMHIV[LMGLWIVZIWSVQE] WIVZIXLI4VSNIGXXLEXMXLEWEHIUYEXI GETEGMX]XSWIVZIXLI4VSNIGXeWTVSNIGXIH HIQERHMREHHMXMSRXSXLITVSZMHIVeWI\MWXMRK GSQQMXQIRXW# J &IWIVZIHF]EPERHJMPP[MXLWYJJMGMIRX TIVQMXXIHGETEGMX]XSEGGSQQSHEXIXLI 4VSNIGXe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h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h4 %+) 'LETXIV )RZMVSRQIRXEP'LIGOPMWX CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC 1*7 %2(%836=-2(-2+73*-+2-*-'%2') 4SXIRXMEPP]0IWW8LER0IWW8LER )RZMVSRQIRXEP*EGXSVWERH*SGYWIH5YIWXMSRW 7MKRMJMGERX7MKRMJMGERX7MKRMJMGERX2S JSV [MXL -QTEGX-QTEGX-QTEGX (IXIVQMREXMSRSJ)RZMVSRQIRXEP-QTEGX 1MXMKEXMSR <:--1%2(%836=*-2(-2+73* 7-+2-*-'%2')j E (SIWXLI4VSNIGXLEZIXLITSXIRXMEPXS HIKVEHIXLIUYEPMX]SJXLIIRZMVSRQIRX WYFWXERXMEPP]VIHYGIXLILEFMXEXSJEJMWL SV[MPHPMJIWTIGMIWGEYWIEJMWLSV[MPHPMJI TSTYPEXMSRXSHVSTFIPS[WIPJWYWXEMRMRK PIZIPWXLVIEXIRXSIPMQMREXIETPERXSV ERMQEPGSQQYRMX]VIHYGIXLIRYQFIVSV VIWXVMGXXLIVERKISJEVEVISVIRHERKIVIH TPERXSVERMQEPSVIPMQMREXIMQTSVXERX I\EQTPIWSJXLIQENSVTIVMSHWSJ 'EPMJSVRMELMWXSV]SVTVILMWXSV]# F (SIWXLI4VSNIGXLEZIMQTEGXWXLEXEVI MRHMZMHYEPP]PMQMXIHFYXGYQYPEXMZIP] GSRWMHIVEFPI# f'YQYPEXMZIP] GSRWMHIVEFPIg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h4 %+) 'LETXIV )RZMVSRQIRXEP'LIGOPMWX CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC F 'YQYPEXMZI-QTEGXW 8LITVSTSWIH4VSNIGXMWGSRWMWXIRX[MXLXLI+IRIVEP4PERFEWIHSRXLITVSTSWIHEQIRHQIRXWXLI RS 'MX]eW>SRMRK3VHMRERGIEWEQIRHIHERHXLI'MX]eW(S[RXS[R7XVEXIK]ERH[MPPVIWYPXMR GYQYPEXMZIMQTEGXW -712( 0%1( 2-8-%089(=-8-+%8)()+%8-:))'0%6%8-32-2()2:)29)-<)(97)):)0341)28 h4 %+) 'LETXIV )RZMVSRQIRXEP'LIGOPMWX CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC 114 -8-+%8-3232-836-2+63+6%1 0)778,%27-+2-*-'%28-14%'8;-8,1-8-+%8-32%440-)( %MV5YEPMX] %-659%0-8=-14%'8 'SRWXVYGXMSR6IPEXIH-QTEGXW (MWTIVWMSRQSHIPMRKYWIHXSHYVMRKXLIEMVUYEPMX]EREP]WMWTVIHMGXIHI\TSWYVISJWIRWMXMZI VIGITXSVWXSTVSNIGXVIPEXIHGSRGIRXVEXMSRWSJ41&IGEYWIIQMWWMSRWSJ41EVI EWWSGMEXIH[MXLLIEPXLVMWOWXLI&%%51(LEWIWXEFPMWLIHEWITEVEXIWMKRMJMGERGIXLVIWLSPHXS TVSXIGXTYFPMGLIEPXL8LI&%%51(KYMHERGIWYKKIWXWMRGPYWMSRSJ41I\LEYWXIQMWWMSRW SRP]MRXLMWEREP]WMW MIJYKMXMZIHYWXIQMWWMSRWEVIEHHVIWWIHYRHIV&%%51(HYWXGSRXVSP QIEWYVIWXLEX[SYPHFIMQTPIQIRXIHEWTEVXSJXLITVSNIGX 8LIQE\MQYQERRYEP41 GSRGIRXVEXMSREWEVIWYPXSJTVSNIGXGSRWXVYGXMSR[SYPHFI~KQ[LMGL[SYPHKIRIVEPP]FIE VIWYPXSJXLIGPSWITVS\MQMX]SJRIEVF]VIWMHIRXMEPVIGITXSVW8LIERRYEP41GSRGIRXVEXMSR HYIXSMQTPIQIRXEXMSRSJXLITVSNIGX[SYPHFITSXIRXMEPP]EFSZIXLI&%%51(XLVIWLSPHSJ ~KQERHLIRGI[SYPHFIGSRWMHIVIHTSXIRXMEPP]WMKRMJMGERX8LIVIJSVI1MXMKEXMSR1IEWYVIW 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EHSTXIH3GXSFIV (]IXX &LEXME 7SYXL7ER*VERGMWGS+IRIVEP4PER )\MWXMRK'SRHMXMSRWERH4PERRMRK-WWYIW 7ITXIQFIV *IHIVEP)QIVKIRG]1EREKIQIRX%KIRG] *PSSH-RWYVERGI6EXI1ET 7SYXL7ER*VERGMWGS 7ER1EXIS'SYRX]'%4ERIPSJ 7ITXIQFIV 97+7 LXXT KISQETW[VYWKWKSZWJKISPMUYIJEGXMSRWYWGITXMFMPMX]LXQP%GGIWWIH%YKYWX 97+7;SVOMRK+VSYTSR'EPMJSVRMEIEVXLUYEOI4VSFEFMPMXMIW )EVXLUYEOI4VSFEFMPMXMIWMR XLI7ER*VERGMWGS&E]6IKMSR 3TIRJMPIVITSVX :ER1IXIV;MPPMEQW4SPPEGO 'MX]SJ7SYXL7ER*VERGMWGS(S[RXS[R7XVEXIK] *IFVYEV] 6% )436898,36 0MRHE%NIPPS%-'4%WWSGMEXI4PERRIV -712( 0%1( 2-8-%089(=-8-+%8)()+%8-:))'0%6%8-32-2()2:)29)-<)(97)):)0341)28 h4 %+) 'LETXIV )RZMVSRQIRXEP'LIGOPMWX CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC -712( 0%1( 2-8-%089(=-8-+%8)()+%8-:))'0%6%8-32-2()2:)29)-<)(97)):)0341)28 h4 %+)