Stormwater Utility Feasibility Study Phase II (2011)

Exactly as extracted, unformatted — for checking against the original. The readable version is easier to read.






October 2011




Prepared by
Financial assistance provided by the Coastal Zone Management Act of
1972, as amended, administered by the Office of Ocean and Coastal
Resource Management, National Oceanic and Atmospheric
Administration. Municipal & Financial Services Group

This report was prepared by the Municipal & Financial Services Group under award number
NA10NOS4190204 from the Office of Ocean and Coastal Resources Management (ORCM),
National Oceanic and Atmospheric Administration (NOAA), through the Maryland
Department of Natural Resources Chesapeake and Coastal Program. The statements,
findings, conclusions and recommendations are those of the author and do not necessarily
reflect the views of NOAA or the U.S. Department of Commerce.



October 2011
Eva Kerchner
Zoning Administrator / Watershed Manager
Town of Centreville
101 Lawyers Row
Centreville, MD 21617
Dear Ms. Kerchner:
The Municipal & Financial Service Group is pleased to submit to the Town of Centreville, the
attached Stormwater Utility Phase II Report. The document represents the results of our analysis of
the cost of providing stormwater service within the Town and our recommendations for how the
Town should recover these costs. The study presents several of the key policy issues related to how
stormwater costs are recovery and how a stormwater utility should be administered.
It has been our distinct pleasure to work with and for the Town. The assistance provided by the
Town staff was essential in the completion of the study. The dedication you and other Town staff
provided during the study process should be acknowledged and was vital to the completion and
success of the study. Thank you for the opportunity to work with and for the Town of Centreville on
this study.
Very truly yours,
David Hyder
Vice President
The Municipal & Financial Services Group
♦
♦♦

TABLE OF CONTENTS
1. EXECUTIVE SUMMARY ............................................................................................................ 1
2. BASIS FOR THE STUDY ............................................................................................................. 3
2.1 Background ................................................................................................................................. 3
2.2 Scope of Work ............................................................................................................................ 4
3. POLICY CONSIDERATIONS AND STORMWATER ADVISORY COUNCIL .................. 5
3.1 Stormwater as a Utility ............................................................................................................... 5
3.2 Benefits of Stormwater as a Utility............................................................................................. 5
3.3 Stormwater Advisory Council .................................................................................................... 6
4. LEVEL OF SERVICE .................................................................................................................. 7
4.1 Assumptions Used in the Study .................................................................................................. 7
4.2 Operating and Maintenance Costs .............................................................................................. 8
4.2.1 - O&M Costs - Existing Level of Service............................................................................ 8
4.2.2 - O&M Costs - Recommended Level of Service ................................................................. 9
4.3 Capital Costs ............................................................................................................................. 10
4.3.1 - Capital Costs - Current Level of Service ......................................................................... 10
4.3.2 - Capital Costs - Recommended Level of Service ............................................................. 10
4.3.2.1- Capital Improvement Projects ....................................................................................... 11
4.3.2.2 - Repair and Replacement ............................................................................................... 11
4.4 -Total Current and Recommended Level of Service ................................................................ 11
5. CURRENT REVENUES AND FUNDING GAP ....................................................................... 13
5.1 Current Revenues and Funding Gap Analysis .......................................................................... 13
6. STORMWATER FEE ANALYSIS ............................................................................................ 14
6.1 Rate Base .................................................................................................................................. 14
6.2 Fee Structure ............................................................................................................................. 15
7. CREDITS ...................................................................................................................................... 17
7.1 Credits ....................................................................................................................................... 17
7.1.1 Eligibility ........................................................................................................................... 17
7.1.2 Stormwater Management Control Activities ..................................................................... 18
7.1.3 Level of Credits ................................................................................................................. 18
8. ADMINISTRATION ................................................................................................................... 19
8.1 Billing Methodology ................................................................................................................. 19
8.2 Appeals ..................................................................................................................................... 19
8.3 Maintenance of Billing Database .............................................................................................. 19
9. STORMWATER FEES, IMPACTS AND BENCHMARKING ............................................. 21
9.1 Stormwater Fees ....................................................................................................................... 21
9.2 Sample Stormwater Bills .......................................................................................................... 21
9.3 Utility Comparison ................................................................................................................... 22
10. RECOMMENDATIONS ........................................................................................................... 22
10.1 Recommendations ................................................................................................................... 22

APPENDIX
Stormwater Utility Financial Plan Model consisting of the following schedules:
Schedule 1 – Control Panel - Assumptions
Schedule 2 – Operating & Maintenance Expenses
Schedule 3 – Capital Improvement Projects
Schedule 4 – Projected Debt Service
Schedule 5 – Stormwater Utility – Repair and Replacement
Schedule 6 – Revenue Requirements
Schedule 7 – ERU Calculations
Schedule 8 – Rate Analysis
Schedule 9 – Credit Analysis
Schedule 10 – Rate Summary
Schedule 11 – Monthly Sample Bills

1. EXECUTIVE SUMMARY
This document was prepared to summarize the work performed by the Municipal & Financial
Services Group (MFSG) during the Stormwater Utility Phase II Study authorized by the Town of
Centreville (“the Town”). The Town received funding for the Phase II study from the Maryland
Department of Natural Resources (DNR) through the Chesapeake & Coastal Program (CCP),
Coastal Communities Initiative (CCI). The objective of the study was to build upon the work
completed in the Stormwater Phase I Feasibility Study by developing a specific business plan for the
implementation of a stormwater utility for the Town and to facilitate public discussion and
education.
Implementing a utility has many benefits, including providing the Town with a dedicated funding
source to provide funding for maintenance, replacement, improvement and administration of the
Town’s stormwater collection, treatment and storage system. The stormwater system serves a vital
role in protecting the local waterways including the Corsica River which is a valuable community
resource. Specific needs that have been identified related to the stormwater system include:
• Maintenance/Deteriorating Assets - Many stormwater drains have damage to headwalls and
other important structures that need to be addressed within the short-term.
• Flood Control - The Town has several throughways and intersections that experience
flooding during rain events.
• Regulatory Requirements - The US EPA’s Chesapeake Bay Initiative and the resulting
Watershed Implementation Plan (WIP) Phase II will require specific actions to meet the
reductions in stormwater loadings specified in WIP Phase II.
To assist with the development of a business plan for the stormwater utility, a stormwater advisory
council (SWAC) was formed with the goal of providing public education and to solicit feedback
from the SWAC related to the development of a stormwater utility. The SWAC was briefed on three
separate occasions during the course of the study and provided valuable input that assisted in
directing the study.
As part of the Phase I Stormwater Study three levels of service were developed to demonstrate the
range of necessary expenditures for the Town’s stormwater system. The levels ranged from the
essential level of service to an optimal level of service. These levels of service were further
examined and refined to provide a more detailed analysis of potential expenditures. Specifically, the
expenditures were split into those related to on going maintenance of the system and those related to
capital investments. Based on the review of the existing level of service it was noted that the Town
has been able to historically provide a high level of service due to its ability to secure grant funding.
However grant funding is not a reliable revenue stream and therefore it was necessary to evaluate the
level of service that can reasonably be provided by the Town. Based on our review of the level of
service we recommend that the Town fund the stormwater system at an essential level of service.
This level of service includes existing expenditures plus additional funding for public outreach,
increased contract services and maintenance, eventual replacement of existing equipment, funding
MFSG 1 Town of Centreville

for completion of low impact stormwater management facilities and increased funding for
replacement of existing stormwater mains.
In addition to grants, the Town currently funds the stormwater system from the General Fund. We
recommend that the Town continue to provide funding from the General Fund as the stormwater
utility is implemented. As a result, the incremental costs associated with providing the
recommended level of service is projected to be approximately $70,000 in 2012. Over time the
incremental costs associated with providing the recommended level of service are projected to
increase to about $240,000 by 2016.
To generate incremental revenues required to provide the recommended level of service a
stormwater fee was developed. Two key factors were considered in the development of the
stormwater fee including the rate base (the unit of measure for the fee) and the structure of the fee.
The use of impervious area as a rate base is the industry best practice. As part of the Phase I study,
the impervious area for the five major land uses in the Town was estimated. Given that this data was
available and that impervious area relates directly to runoff and the impact on the stormwater system
it was selected as the preferred rate base. The structure of the fee (how it should be imposed) was
developed to allow for the equitable allocation of costs but also to create a structure that could be
easily administered by the Town. A fee structure was developed that provides an average
impervious area for all single family residential properties (at 3,200 square feet of impervious)
which equates to on equivalent residential unit (ERU). For non-single family properties the ERU
concept would be applied based on the “multiples” of ERUs located on the property. For example, a
commercial property with 41,600 square feet of impervious area would be divided by the ERU value
of 3,200 square feet resulting in 13 ERU’s which would billed to the property. Based on the
recommended level of service and the fee structure, the stormwater fee in 2012 would be $2.50 per
month or $7.50 per quarter per ERU. In subsequent years the Town will need to increase the fee
depending on factors such as the availability of grants and regulatory requirements.
As part of the business plan for the implementation of the stormwater utility and fee it was necessary
to address the administration of the utility. Specifically, the Town must decide whether or not it will
provide credits in the form of reductions in the stormwater fee for onsite stormwater mitigation. We
recommend that the Town implement a credit program to encourage on-site stormwater
management. The credit program should be designed such that it provides a reduction in the fee for
those properties that provide a significant amount of stormwater management on their property in
the form of volume control and/or water quality. A maximum credit ceiling should be established at
50% to recognize that all properties benefit from the management of stormwater in Town. Lastly we
recommend that the Town impose the stormwater fee on a quarterly basis on the utility bill and that
all properties within the Town be charged the stormwater fee with the exception of public roads and
right-of-ways.
MFSG 2 Town of Centreville

2. BASIS FOR THE STUDY
2.1 Background
The Town of Centreville (the Town) provides stormwater management for all residents and
businesses throughout the Town. It has invested significant capital to develop the stormwater
system, which consists of approximately 700 inlets, extensive stormwater pipe and 43 stormwater
best management practices (BMPs) consisting of ponds and basins. The Town currently manages
the stormwater assets through the General Fund.
The Town has been exploring the opportunity to create a utility since early 2010. In February of
2010, the Town hired URS Corporation to complete a Stormwater Utility Phase I Study. The study
was funded with a grant provided by the National Oceanic and Atmospheric Administration
(NOAA), through the Maryland Department of Natural Resources Chesapeake and Coastal Program.
The study was facilitated by conducting field investigations, interviews with Town staff and GIS
analysis of impervious area. Specifically, the study scope of services included:
 Evaluation of the current stormwater infrastructure and operations and a high-level forecast
of future stormwater needs (defining level of service).
 Evaluation of the potential issues associated with creating a stormwater utility for the Town.
After the study was completed, URS communicated its findings and conclusions to the Town. Table
1 illustrates the findings associated with the Phase 1 review of the stormwater assets.
Table 1 - Phase-I Stormwater Asset Findings
Performance of
Town Stormwater Town Stormwater
Stormwater Assets Current Stormwater
Practices Expenses
System
Approximately 700
Maintenance of inlets 3 Full time equivalent Inlets in good shape
inlets
Town experiences
Extensive stormwater Mowing of open Current annual expenses
ponding during rain
pipe channels estimated at $195,000
events
43 Stormwater Ponds Daily / weekly street System may be
and Basins* sweeping undersized
Vac-Tron and Sweeper Construction on as Age and condition of
Truck** needed basis lines unknown
*Represents Best Management Practices (BMP’s) – 41 are privately owned and maintained
** 10 years old
URS concluded that it was appropriate for the Town to move forward with exploring the idea of
implementing a stormwater utility. To continue in the process, three specific recommendations were
provided by URS:
 The Town needs to create a Stormwater Citizens Advisory Committee (SWAC) – to help
define any program that is implemented by the Town.
MFSG 3 Town of Centreville

 The Town should prepare a business plan to provide a solid foundation for the
implementation of a utility.
 The Town needs to research and decide on the level of service the utility will provide.
2.2 Scope of Work
In the spring of 2011, the Town received another grant from the National Oceanic and Atmospheric
Administration (NOAA), through the Maryland Department of Natural Resources Chesapeake and
Coastal Program to hire a consultant to address the recommendations provided by URS in the form
of a Phase II Stormwater Study. As part of a competitive procurement the Town selected and
engaged the Municipal & Financial Services Group to complete the study. The scope of services set
forth in the contract between the Town of Centreville and the Municipal and Financial Services
Group (“MFSG”) specifies two major tasks:
• Public Outreach and Education
 Formation of and workshops with a stormwater advisory council (SWAC) with a goal
of education and soliciting feedback related to the development of a stormwater
utility.
 Workshops with Town Council and other government agencies to educate and solicit
input.
 Public outreach and education via mailers, website material, FAQ’s, articles in local
media and public forums.
• Development of Business Plan
 Assess the existing stormwater management program by reviewing Phase I and refine
the levels of service by developing a financial model.
 Evaluate the basis for a fee along with alternative billing methodologies.
 Evaluate policies and procedures associated with a stormwater management fee and
the implementation of an ordinance.
The following sections of the report provide the completed scope of work for the Phase II
Stormwater Utility Study for the Town.
MFSG 4 Town of Centreville

3. POLICY CONSIDERATIONS AND STORMWATER ADVISORY COUNCIL
There are currently approximately 6 stormwater utilities in the State of Maryland and well over 600
utilities around the country. Stormwater utilities are becoming more common around the United
States and industry experts agree that the number of utilities will grow exponentially over the next
decade as Federal and State regulatory requirements force localities to address issues with their
stormwater systems. Prior to the development of a stormwater utility it is important to ask some
basic questions which frame some policy considerations. The following section of the report
examines a number of these key considerations.
3.1 Stormwater as a Utility
The most basic question surrounding the formation of a stormwater utility is why it should be
considered as a separate utility. The simple answer is that the community is accustomed to
managing its infrastructure through utilities, including the water system and the wastewater system.
In its most basic form a utility is comprised of the delivery of a measurable service and the
management of the assets required to deliver the service. The stormwater system meets both of
these characteristics in that the system provides the service of managing stormwater impacts from
each property owner via an extensive system of assets that must be maintained by the Town to
ensure that the system continues to operate properly and meet regulatory requirements. As a result
the stormwater system is a logical candidate for a separate utility.
3.2 Benefits of Stormwater as a Utility
There are a number of benefits to managing stormwater as a utility and reasons why the Town is
currently managing other services such as water service as a utility. These benefits include the
following:
• Fiscal Accountability - The formation of a stormwater utility and collection of a stormwater
fee provides increased fiscal accountability. The fees collected would be accounted for in an
enterprise fund and would be exclusively used for stormwater needs. When stormwater
management is addressed through the general fund, needs are more easily ignored and put off
for other projects. Additionally, the level of the fees would be driven by a defined level of
service addressing maintenance needs and regulatory requirements.
• Dependable Revenue Stream - The formation of a stormwater utility and collection of a
stormwater fee provides a dependable revenue stream. A stormwater fee would allow the
Town to better manage the stormwater system. Specifically, a dependable revenue stream
would allow the Town to proactively manage the system, which would result in lower life-
cycle costs.
• Improved Equity - A stormwater utility provides improved equity among property owners
within the Town as costs associated with operating and maintaining the system would be
allocated to property owners based on their stormwater impact. Under the current approach
property owners fund the stormwater system based on the value of their property which has
very little correlation with their stormwater impact. Additionally, tax-exempt properties
MFSG 5 Town of Centreville

currently do not assist in funding the stormwater operations but do generate stormwater and
impact the system.
• Pubic Awareness - The formation of a stormwater utility assists in increased public awareness
of stormwater issues. Due to the fact that the current revenues for stormwater are unseen and
included in taxes the public is often not aware of the service they are receiving as well as the
cost the Town incurs while providing stormwater service. Increased public awareness allows
for public education and may result in property owners taking action to manage stormwater on
their property.
In summary there are a number of benefits associated with the formation of stormwater as a utility
and why at this time it makes sense for the Town to consider implementation of a utility. However
there are a number of considerations that must addressed (as outlined in the scope of work) prior to
the implementation of a utility. The remainder of the report addresses each of these considerations
and provides the suggested business plan for the implementation of a stormwater utility.
3.3 Stormwater Advisory Council
As mentioned in the scope of work, one of the tasks for the study was to form a stormwater advisory
council (SWAC) with the goal of providing public education and to solicit feedback from the SWAC
related to the development of a stormwater utility. To facilitate the formation of the SWAC, the
Town recommended that members of the Environmental Advisory Committee serve on the SWAC
as the Committee members include a wide range of individuals with diverse backgrounds. Once the
SWAC was formed, MFSG met with the SWAC on three separate occasions to conduct workshops.
The workshops were used to brief the SWAC on the progress of the study but to primarily solicit
input on the key decisions related to the formation of a stormwater utility for the Town. The
feedback provided by the SWAC was vital for the completion of the study.
MFSG 6 Town of Centreville

4. LEVEL OF SERVICE
The first step in the formation of a stormwater utility is to address different levels of service that can
be provided by the Town. URS completed an initial analysis which identified three levels of service
associated with a stormwater utility above the existing funding from the General Fund (which is
termed the existing level of service). With the help of Town staff, MFSG was able to identify the
major building blocks of revenue requirements for each level of service including: operating and
maintenance, capital and replacement costs. The levels of service were developed by utilizing the
expenditures in each level of service identified in the Phase I study and further refining each of the
components (operating and capital) to arrive at realistic expenditures for each level of service. A
summary breakdown of the major cost components associated with all three levels of service is
shown below.
 Existing
 Includes basic salaries, supplies, and contract services
 Capital improvements for which grant funding has been secured
 No repair and replacement of existing stormwater assets
 Essential
• Includes funding for Existing Level of Service
• Additional O&M for public outreach, increased contract services and maintenance
• Replacement of Vac-tron and Street Sweeper
• Low Impact Development (LID) restoration projects to control 1 inch storm event (19
Acres)
• Repair and replacement of stormwater collection system over 100 year period
 Enhanced
• Includes funding for Essential Level of Service
• Additional O&M for increased staffing and increased maintenance
• LID restoration projects to control 1 inch storm event (155 Acres)
• Repair and replacement of stormwater collection system over 70 year period
 Optimal
• Includes funding for Enhanced Level of Service
• Additional O&M for further increased staffing and increased maintenance
• LID restoration projects to control 2.7 inch storm event
• Repair and replacement of stormwater collection system over 50 year period
The costs associated with each level of service for the first year of an operational stormwater utility
are shown in Table 2.
MFSG 7 Town of Centreville

Table 2 - Level of Service Expenditures Year 1
Existing Essential Enhanced Optimal
Operating & Maintenance Expenses $146,480 $170,980 $198,480 $343,480
Cash/Grant Funded Capital Projects $300,000 $300,000 $300,000 $377,000
Repair and Rehabilitation $ - $20,000 $28,571 $40,000
Total Revenue Requirements $446,480 $490,980 $527,051 $760,480
One of the major finding in the study was that the Town has been able to provide a high level of
service in recent years primarily due to grant funding. The Town has received numerous grants that
have allowed for significant capital investments in the stormwater system. However, grants cannot
and will not continue indefinitely and therefore are not a reliable source of revenue in the future.
4.1 Assumptions Used in the Study
In order to project the current and recommended level of service for the stormwater system, it is
necessary to make several assumptions regarding future economic conditions and growth within the
Town (which can be varied as needed from year to year) made regarding various items are shown on
the following page:
Element Assumption
Inflation Rate - O&M Expenses 3.0% per year
Salaries 4.0% per year
Energy (Fuel) 3.0% per year
Supplies 3.0% per year
Maintenance 3.5% per year
Interest Rate on Borrowing 5.0%
Debt Maturity 10 - 30 years
Administration Costs on Financing 1.5% of principal
The study was conducted using the adopted budget for Year 1 of when the utility would be
implemented. MFSG recommends the utility use FY 12 (the Town functions on a fiscal year of July
1 to June 30) as the base year upon which forecasted figures were developed. The level of service
analysis considers a ten-year planning period (2012 - 2021). Each building block included in the
total cost of providing the level of service will be addressed in the proceeding sections, but it may be
helpful to see the overall financial picture of the incremental costs associated with each level of
service before the section breakdowns.
MFSG 7 Town of Centreville

Current funding through grants and the General Fund along with the incremental costs of each level
of service for a 5-year period are shown in Table 3. For purposes of the forecast it is assumed that
the level of grant funding does not continue at the current levels and is no longer available by year 3
of the projection period.
Table 3 - Level of Service Forecast
2012 2013 2014 2015 2016
Current and Future Grant Funding $300,000 $200,000 $ - $ - $ -
Current Funding from the General Fund $122,193 $122,193 $122,193 $122,193 $122,193
Total Current Funding $422,193 $222,193 $122,193 $122,193 $122,193
Existing Incremental Costs above Current $24,287 $28,703 $33,253 $37,940 $42,768
Essential Incremental Costs above Current $44,500 $45,585 $153,711 $157,548 $194,510
Enhanced Incremental Costs above Current $80,571 $82,824 $192,156 $197,240 $235,488
Optimal Incremental Costs above Current $314,000 $323,370 $440,037 $452,681 $498,721
As shown in Table 3, depending on the level of service the incremental costs vary significantly.
After a detailed analysis of each level of service options and discussion with Town staff, the
Essential level of service was selected and is the recommended level of service to pursue for the
stormwater utility. Funding the essential level of service is recommended for a number of reasons.
• Allow for augmenting the existing level of service to allow for management and maintenance
of the stormwater system at a sustainable level.
• Minimize the initial stormwater fee impact on the Town residents and business.
• Allow for the initial establishment of a fee that can be adjusted in future years as funding
requirements become more defined as a result of new regulatory requirements.
The following section of the report provides details for each of the building blocks discussed above
for the existing and recommended essential level of service.
4.2 Operating and Maintenance Costs
The following section of the report provides an analysis of the operating and maintenance costs of
the stormwater system under the existing and recommended level of service.
4.2.1 - O&M Costs - Existing Level of Service
The day-to-day operating and maintenance (O&M) expenses for the stormwater system are budgeted
in four major categories including salaries, supplies, contract services and maintenance. The actual
O&M expenses for FY 2012 were used as a base year for O&M costs. Inflation factors previously
identified were used to project the future O&M expenses for the planning period. Table 4 presents
the O&M expenses forecasted through FY 16 under the existing level of service.
MFSG 8 Town of Centreville

Table 4 - Stormwater O&M Expenses – Existing Level of Service
FY 12 FY 13 FY 14 FY 15 FY 16
Salaries $110,541 $113,857 $117,273 $120,791 $124,414
Supplies $35,939 $37,039 $38,173 $39,342 $40,547
Contract Services $ - $ - $ - $ - $ -
Maintenance $ - $ - $ - $ - $ -
Total O&M Expenses $146,480 $150,896 $155,446 $160,133 $164,961
Annual % Increase 3.01% 3.02% 3.02% 3.02%
Table 4 demonstrates that overall operating expenses are anticipated to increase at around 3.0% per
year over the projection period. The next section provides an assessment of the necessary increased
O&M activities to meet the recommended level of service.
4.2.2 - O&M Costs - Recommended Level of Service
The Phase I Stormwater Utility Study completed by URS for the Town provided specific
recommendations for additional operating and maintenance activities necessary to properly maintain
the stormwater system including maintenance of previously completed retrofit projects and
preparation of drainage inventory. MFSG has also included recommendations associated with
administrative costs and contract services associated with implementation of the utility. Table 5
presents the incremental recommended level of service O&M expenses and the resulting total O&M
expenses through FY 16.
Table 5 - Incremental O&M Expenses - Recommended Level of Service
FY 12 FY 13 FY 14 FY 15 FY 16
Salaries $4,500 $4,635 $4,774 $4,917 $5,065
Supplies $ - $ - $ - $ - $ -
Contract Services $15,000 $15,000 $0 $0 $0
Maintenance $5,000 $5,150 $5,305 $5,464 $5,628
Total Incremental O&M Costs $24,500 $24,785 $10,079 $10,381 $10,692
Existing O&M Costs $146,480 $150,896 $155,446 $160,133 $164,961
Total Recommend LOS O&M Costs $170,980 $175,682 $165,526 $170,517 $175,657
It has been assumed that in the first two year of operation the stormwater utility would require
additional support with utility set-up costs associated with contract services but that this would
diminish within the first two years of the utility implementation. Exhibit 1 presents the total
recommended O&M expenditures over the projection period.
MFSG 9 Town of Centreville

Exhibit 1 - Operating and Maintenance Expense Forecast - Recommended Level of Service
$250,000
$200,000
$150,000
$100,000
$50,000
$0
FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21
Salaries Supplies Contract Services Maintenance
Exhibit 1 shows that the recommended level of service includes O&M expenses that total slightly
over $200k by the end of the planning period in FY 21.
4.3 Capital Costs
The ownership of a stormwater system is inherently capital intensive. While capital investments
have a pronounced impact on the cost of providing stormwater service, the projects are vitally
important to ensure the continued operation of the stormwater system and to meet regulatory
requirements.
The following section of the report presents the capital costs for the stormwater system.
4.3.1 - Capital Costs - Current Level of Service
Currently the Town only has capital projects associated with current and future grant funding. The
budgeted grant funding totals $200k in FY 12 and $300k in FY 13. As previously stated, future grant
funding will not continue indefinitely and therefore future capital projects need to be identified and
budgeted for appropriately.
4.3.2 - Capital Costs - Recommended Level of Service
The increased investments in capital spending recommended to bring the current level of service up
to the recommended level include additional capital projects and increased repair and replacement of
the stormwater system.
MFSG 10 Town of Centreville

4.3.2.1- Capital Improvement Projects
The recommended level of service includes three capital projects totaling $0.6 million for the
planning period. Currently all projects are budgeted to be cash funded. A list of the capital projects
and associated costs are shown through FY 16 in Table 6.
Table 6 - Capital Improvement Projects - Recommended Level of Service
FY 12 FY 13 FY 14 FY 15 FY 16
Replacement of Vac-tron $ - $ - $ - $ - $33,000
Replacement of Street Sweeper $ - $ - $33,000 $33,000 $33,000
LID Restoration Projects* $ - $ - $89,000 $91,670 $94,420
Total CIP Projects $ - $ - $122,000 $124,670 $160,420
*(Control of 1 inch storm event) - 19 Acres
As mentioned above, there is current grant funding to support capital projects in FY 12 and FY 13,
therefore additional projects aren’t necessary until FY 14.
4.3.2.2 - Repair and Replacement
To assist the Town in managing its capital assets, MFSG completed a high-level review of the
stormwater systems buried infrastructure (stormwater mains). Assumed reinvestment rates were
considered on a 50 to 100 year replacement cycle basis with the goal of the review to provide the
Town with an estimate of the annual investment required in the system’s buried assets to properly
maintain the system and to maximize the system’s useful life. To meet the essential recommended
level of service, it was determined that the Town should invest in the system at a level that would
allow for a 100 year replacement cycle. A 4% inflation rate for replacement costs was assumed for
annual replacement costs of the system. Table 7 shows the estimated replacement costs through FY
16 for the stormwater system.
Table 7 - Stormwater Repair and Replacement Costs
FY 12 FY 13 FY 14 FY 15 FY 16
Recommended Level of Service $20,000 $20,800 $21,632 $22,497 $23,397
4.4 -Total Current and Recommended Level of Service
The summation of all of the components of the existing and recommended level of service provides
an estimate of the total level of service. Table 8 presents the total existing level of service.
MFSG 11 Town of Centreville

Table 8 - Total Revenue Requirements - Existing Level of Service
FY 12 FY 13 FY 14 FY 15 FY 16
Salaries $110,541 $113,857 $117,273 $120,791 $124,414
Supplies $35,939 $37,039 $38,173 $39,342 $40,547
Contract Services $ - $ - $ - $ - $ -
Maintenance $ - $ - $ - $ - $ -
Total O&M Expenses $146,480 $150,896 $155,446 $160,133 $164,961
Cash/Grant Funded Capital Project $300,000 $200,000 $ - $ - $ -
Repair and Replacement $ - $ - $ - $ - $ -
Total Capital Expenses $300,000 $200,000 $ - $ - $ -
Total Current Level of Service $446,480 $350,896 $155,446 $160,133 $164,961
Net Revenue Requirements less
$146,480 $150,896 $155,446 $160,133 $164,961
Grant Funding
Table 8 demonstrates the current level of service expenditures in FY 12 less grant funding will be
approximately $146k increasing to approximately $165k by FY 16. Table 9 builds on Table 8 by
adding in the additional recommended O&M and capital expenditures to reach the recommended
level of service.
Table 9 - Total Revenue Requirements - Recommended Level of Service (LOS)
FY 12 FY 13 FY 14 FY 15 FY 16
Current LOS O&M Expenses $146,480 $150,896 $155,446 $160,133 $164,961
Incremental O&M Expenses $24,500 $24,785 $10,079 $10,381 $10,692
Total O&M Expenses $170,980 $175,681 $165,524 $170,514 $175,653
Current LOS Capital Costs $300,000 $200,000 $ - $ - $ -
Incremental Capital Costs $20,000 $20,800 $143,632 $147,167 $183,817
Total Capital Expenses $320,000 $220,800 $143,632 $147,167 $183,817
Total Recommended LOS $490,980 $396,481 $309,156 $317,681 $359,471
Net Revenue Requirements less
$190,980 $196,481 $309,156 $317,681 $359,471
Grant Funding
MFSG 12 Town of Centreville

5. CURRENT REVENUES AND FUNDING GAP
The development of the existing and recommended level of service in the previous section of the
report, demonstrates that annual amount of revenue that needs to be generated to fund the operation
and maintenance of the stormwater system under each level of service. The following section of the
report reviews the current funding sources and examines whether the funding is sufficient to meet
the current and recommended level of service.
5.1 Current Revenues and Funding Gap Analysis
The Town has historically funded stormwater operations from the General Fund. The comparison of
the current revenues available for stormwater funding and existing and recommended level of
service allows for determination of the potential funding gap. Table 10 presents a forecast of
available revenues and the defined levels of service.
Table 10 - Funding Gap Analysis
FY 12 FY 13 FY 14 FY 15 FY 16
Total General Fund funding $122,193 $122,193 $122,193 $122,193 $122,193
Existing Level of Service
$146,480 $150,896 $155,446 $160,133 $164,961
less grant funding
Funding Gap $24,287 $28,703 $33,253 $37,940 $42,768
Recommended Level of
$190,980 $196,481 $309,156 $317,681 $359,471
Service less grant funding
Funding Gap $68,787 $74,288 $186,963 $195,488 $237,278
Table 10 demonstrates that the current revenues available for stormwater will not be sufficient to
meet either the existing or recommended level of service. It is important to note that since the
revenues currently available are not sufficient to meet the existing level of service should additional
revenues not be identified the Town will be required to reduce its level of service. As demonstrated
in Table 10, to meet the recommended level of service substantial addition funding will be required
in the outer years of the forecast.
MFSG 13 Town of Centreville

6. STORMWATER FEE ANALYSIS
Prior to developing the stormwater fee it is important to evaluate the primary objective for the fee.
As identified the fee would be used to generate revenues but the primary objective for the
stormwater fee is to equitably assess the cost of providing stormwater service to property owners
based on their impact to the stormwater system. In order to meet this objective two key items need
to be addressed which include the unit of measure for the fee, often termed the rate base and how the
fee would be structured. Each of these items is discussed below.
6.1 Rate Base
The rate base used to develop the stormwater fee defines the unit of measure for the fee. A variety
of rate bases are used by localities that have implemented stormwater fees. Some examples include
property type, total area of property, intensity of development (tied to zoning), impervious area and
water usage. The industry best practice rate base is the use of impervious area, as it directly
correlates with stormwater runoff and impact on the system. Impervious area has been determined
to be the single most important factor influencing the rate of peak runoff, the total runoff quantity
and transporter of pollutant loadings found in stormwater.
Impervious area is defined as any surface that does not allow for the penetration of water such as
driveways, roofs and sidewalks. Often times when an alternative rate base is selected it is due to the
fact that the impervious data is not readily available. URS provided total impervious area in Phase I
of the study, based on information provided by the County. Exhibit 2 presents the total amount of
impervious area within each of the main property classes within the Town.
Exhibit 2 - Impervious Area by Property Class (square feet)
Public/Institutional
1,400,018
16.43%
Single Family
4,267,138
Commercial/Industrial 50.08%
2,691,137
31.58%
Multi-Family
162,043
1.90%
Exhibit 2 demonstrates that approximately half of the impervious area within the Town is within the
single family residential property class. The public / institutional property class includes Town-
MFSG 14 Town of Centreville

owned properties. Based on discussions with the Town and the SWAC it was determined that all
properties within the Town be considered for the stormwater fee including Town-owned properties
since all properties contribute stormwater.
6.2 Fee Structure
The design of the structure for the stormwater fee needs to include several key considerations.
These considerations include the following items:
• Equity - The fee structure should provide an equitable allocation between the fees collected
and the costs of providing the service.
• Ease of Understanding - The fee structure should be easy to understand, particular in the case
of the initial adoption of the new fee to assist in gaining public acceptance.
• Administrative Simplicity - The fee structure should require a minimal amount of staff time
for administration and implementation.
Review of the key considerations reveals that the fee structure requires the need to strike a balance
between the need for equity within the fee structure and the need for property owners to be able to
understand the fee and the Town to administer it. To strike this balance the most common approach
taken in fee structure design and the recommended structure for the Town is to develop a standard
unit of the rate base often termed an equivalent runoff unit (ERU). The ERU is set based on the
average impervious area for single family residential properties. In the Town the average
impervious square footage for single family residential properties is 3,200 square feet. MFSG
recommends taking the ERU value and applying it to all single family residential property owners
resulting in all property owners in this class to paying the same stormwater fee regardless of
impervious area on their property. This approach results in meeting the objective of being easy to
understand and administer.
Due to the large variation of impervious among non-single family properties it is not equitable to
develop average ERU that would be charged to all non-single family properties. As a result for
non-single family properties the ERU concept would be applied based on the “multiples” of ERUs
located on the property. For example, a commercial property with 41,600 square feet of impervious
area would be divided by the ERU value of 3,200 square feet resulting in 13 ERU’s which would
billed to the property. Using the average residential impervious area of 3,200 sq. ft., total equivalent
residential units in each customer class was possible to be extracted. A breakdown of ERUs by
customer class is shown in Exhibit 3.
MFSG 15 Town of Centreville

Exhibit 3 - Number of ERUs by Property Class
(based on 3,200 sq. ft. average SFR)
Public/Institutional
438
16.43%
Single Family
1,333
Commercial/Industrial 50.08%
841
31.58%
Multi-Family
51
1.90%
MFSG 16 Town of Centreville

7. CREDITS
The establishment of a stormwater fee recognizes that the stormwater runoff from individual
properties results in a cost. The Town must manage all above ground and buried assets associated
with the stormwater system. Property owners who mitigate the stormwater runoff on their property
reduce the cost of operating and maintaining the stormwater system and therefore it is common for a
stormwater utility to offer credits in the form of a reduction in stormwater fees. Credits are typically
offered to qualifying properties in return for implementing qualifying on-site stormwater
management controls. This section of the report provides an overview of typical credits. This
section does not substitute for a credit manual which should be developed if the Town decides to
implement a stormwater utility and a credit program.
7.1 Credits
A stormwater fee credit program implemented by stormwater utilities vary significantly across the
Country. Some utilities maintain very simple programs to limit the administrative burden in
managing a credit program and others maintain extremely complex programs that provide very
specific credits. Simple credit programs are employed most often because the costs associated with
administering complex credits tend to out-weigh the amount of the associated credit. However in
any credit program several key considerations must be addressed. The key considerations include:
• Who is eligible to receive a stormwater fee credit, all property owners or just non-
residential?
• What stormwater management control activities qualify for credits?
• How much of a fee reduction is offered with each control activity and is there a maximum
credit that is offered?
The way in which each of these considerations is addressed is largely dependent on the policies of
the governing body of the utility. As there is no one-size fits all credit program, each program is
going to reflect unique nature of each utility.
7.1.1 Eligibility
The majority of credit programs around the Country focus on non-residential customers only. The
primary reason for this focus is the intent of the stormwater fee credit is to offer a reduction in the
fee to property owners that have on-site stormwater management controls that truly have a
measurable impact on the reduction of stormwater runoff. In general the amount of impervious area
on a residential property and the available on-site control activities are both limited. For example,
installing rain barrels, while a good thing to do, has a very limited ability to significantly reduce
stormwater runoff. A 1-inch rainfall event running off 1,000 square feet of roof will generate
approximately 600 gallons of water and a typical rain barrel can capture 55 gallons of water.
Therefore a property owner would need at least 10 rain barrels to capture all of the runoff from a 1-
inch event. Most property owners have nowhere near this many rain barrels. The other primary
reason why residential customers are typically not eligible for credits is to limit the administrative
MFSG 17 Town of Centreville

burden of managing the credit program. However there are utilities that offer credits to residential
properties to ensure that all properties are treated the same. Most often the available credit is very
limited to match the limited control activities available to residential properties.
7.1.2 Stormwater Management Control Activities
The key factors that influence the cost of management of a stormwater system include the quantity
of runoff (both total volume and peak volume) and the quality of the runoff (what the stormwater
runoff is carrying to local waterways). Therefore on-site stormwater manage control activities that
qualify for a credit must address one or both of these factors. Examples of quality and quantity
control and be seen in Table 11.
Table 11 - Stormwater Management Control Activities
Control Activity Examples
Volume Control Private Detention/Retention Basins, Rain Harvesting, Green Roofs
Water Quality Control Rain Gardens, Permeable Pavement, Best Management Practices
7.1.3 Level of Credits
Once the control activities are defined it is necessary to determine the appropriate level of the fee
reduction or credit for each activity. It is important to set the level of the credit to be consistent with
the actual ability of the control activity to reduce the runoff and or improve the quality of the runoff.
In other words the level of the credit should not be arbitrary but rather represent the effectiveness of
handling the stormwater quantity and/or quality. Based on industry practice most volume control
activities provide credits in the range of 5% to 30%, water quality controls similarly provide 5% to
30% and direct discharge credits range between 20% to 50%. Typically a maximum credit is set to
ensure that all properties contribute to funding the stormwater system due to the shared benefit
provided to the entire locality. Additionally, each property owner should share in the cost due to the
fact that system is available and ready to receive stormwater runoff even if runoff is mitigated on-
site. We recommend that the Town limit the maximum available credit to 50%. Table 12 illustrates
the credit program and estimated number of residents qualifying for each credit.
Table 12 - Stormwater Credit Plan
Credit Description Maximum Credit # of Property Owners
Stormwater Basin 25.00% 660
Rain Barrels, Cisterns 10.00% 50
Rain Gardens, Pervious Pavement 15.00% 20
Commercial On-Site Stormwater Management Facility 50.00% 100
In conclusion, we recommend that the Town implement a stormwater fee credit program to
encourage on-site stormwater mitigation similar to the program shown in Table 12. However, it also
is important to note that any reduction in revenues via a stormwater fee credit will result in less
revenue generated for the management of the utility and/or an increase in the necessary stormwater
fee. Ultimately, the credit program needs to be set based on policy of the utility’s governing body.
MFSG 18 Town of Centreville

8. ADMINISTRATION
In order to implement a stormwater utility the Town will need to address several administrative
considerations. While this section of the report does not provide an exhaustive discussion of the
potential administrative considerations, its addresses those that are most common and provide a
framework that will allow for a smooth implementation of a stormwater utility. Some of the
considerations will require direction from the Town Staff and/or the Town Council prior to
implementation. Each key consideration is discussed below.
8.1 Billing Methodology
To implement a stormwater fee the Town will need to decide on how to bill the property owners.
The options available to the Town would be to impose the fee on the property tax bill, on the utility
bill or to generate a separate stormwater bill. There are pluses and minuses to using each of these
methods of billing the stormwater fee and all three approaches are used by utilities around the
United States. Collecting the stormwater fee on the utility bill is the most common approach for a
number of reasons. The fee is generating revenues for the operation of a utility and therefore it
makes sense that it would be collected with other utility related fees. Conversely, placing the fee on
the property tax bill implies that the fee is some form of a tax which is in direct contrast to the goal
of the fee. Additionally, placing the fee on the utility bill provides greater transparency since
property owners will actually see the fee as compared to the property tax bill which is often included
in an escrow funded in monthly mortgage payments. As a result we recommend that the Town
place the stormwater fee on the utility bill.
8.2 Appeals
The implementation of a stormwater utility and stormwater fee will require the Town to be prepared
to handle challenges from property owners. As a result the Town will need to establish an appeals
process. The process does not need to be complicated but should address how appeals are handled
and a process for a timely resolution. The appeals process could be modeled after other utility
appeals such as leaks related to the water system. After reviewing several appeals processes MFSG
recommends that property owners be able to appeal their stormwater utility fee by providing data
demonstrating that the actual storm water runoff be substantially different from the calculations for
the customer class fee calculated. Appeals should be made to the administrator of the utility who
may make individual adjustments based on available information. Fee alterations should only be
made valid moving forward in billings and under no circumstances shall a credit be issued for past
fees.
Should the proposed adjustment affect the charge and the calculation for all or majority of parcels in
one customer class, the administrator will propose any and all adjustments to the Town Council who
will consider modifying the fee. If a property owner is still unsatisfied, they may personally appeal
the utility administrator’s decision to the Town Council.
8.3 Maintenance of Billing Database
The billing database for the stormwater fee will be a fairly static set of data. Significant changes to
the amount of impervious area on a year to year basis are not expected. However, the Town should
MFSG 19 Town of Centreville

implement a process that captures changes made at individual properties to ensure that the
appropriate stormwater fee is imposed. To aide in the accuracy of the ERUs associated with each
non-residential property, Town should consider a community wide review of impervious area every
five to seven years to ensure continued integrity of the billing database.
MFSG 20 Town of Centreville

9. STORMWATER FEES, IMPACTS AND BENCHMARKING
9.1 Stormwater Fees
The establishment of the rate base and the fee structure allows for the determination of the actual
stormwater fees. Applying the potential credits based on approximate affected ERU’s provided by
URS in Phase I also needs to be applied to the collected revenues needed per year. Table 12 presents
the stormwater fee calculation.
Table 12 - Stormwater Fee Calculation - Quarterly Fee
FY 12 FY 13 FY 14 FY 15 FY 16
Total Incremental Costs :
$68,787 $74,288 $186,963 $195,488 $237,278
Essential Level of Service
Total ERU’s 2,663 2,663 2,663 2,663 2,663
Recommended Quarterly Fee per ERU* $7.50 $10.50 $13.50 $16.50 $19.50
*The fee has been rounded up to the nearest $0.50 as to relieve some of the administrative burden
on the proposed stormwater fee.
Table 12 presents what the stormwater fees would need to be in through FY 16 to fund the
recommended essential level of service. It should be noted however that the fees show in Table 12
assume that grant funding is no longer available in future years, should grants be secured by the
Town the fees would not need to be increased at the level shown in the table.
9.2 Sample Stormwater Bills
The following charts present sample bills for various customers with the stormwater fee associated
with a recommended level of service. The table is intended to provide insight into how the
alternative would impact various types of customers served by the Town.
Table 13 – Sample Bills
Impervious Area Equivalent FY 12 Recommended
Customer Class
(sq. ft.) ERU’s Quarterly Bill
Residential 3,200 1.0 $7.50
Residential 4,800 1.0 $7.50
Multi-Family 32,000 10.0 $75.00
Commercial/Industrial 16,000 5.0 $37.50
Commercial/Industrial 22,400 7.0 $52.50
Public/Institutional 6,400 2.0 $15.00
Public/Institutional 16,000 5.0 $37.50
While the sample bills provided in Table 13 provide some insight into how customers will be
impacted, it is important to note that these are just samples.
MFSG 21 Town of Centreville

9.3 Utility Comparison
It may be useful for the Town to compare sample bills of various local utilities with a bill calculated
using proposed rates for the Town. The following Table represents a comparison of a quarterly bill
for 1 ERU (equivalent residential unit), along with some other benchmarking statistics. The most
current rates were used in the comparison; the bills may not reflect unknown rate increases within
the comparison utilities.
Table 14 - Benchmarking Comparison
Municipality Population Quarterly Billing Rate Per ERU Annual Revenue Generated
Virginia Beach, VA 433,746 $21.69 $21,058,267
Takoma Park, MD 18,027 $12.00 $350,000
Rockville, MD 60,734 $12.30 $1,927,928
Suffolk, VA 83,659 $15.72 $4,056,979
Fayetteville, NC 121,015 $9.00 $4,800,000
Chesapeake, VA 220,111 $22.05 $14,431,471
Norfolk, VA 234,220 $24.99 $3,500,000
Lewes, DE 2,932 $15.00 $200,000
Washington, DC 599,657 $8.01 $13,000,000
Centreville 3,533 $7.50 $73,188*
*Revenues include credit reductions
MFSG 22 Town of Centreville

10. RECOMMENDATIONS
Treating stormwater as a utility is appropriate as it is how the Town treats other utilities it provides
to residents (i.e. water and wastewater) and stormwater is comprised of the basic elements of any
utility including asset management and service delivery. The stormwater system must be managed
and provides a vital service to all residents and businesses in the Town.
10.1 Recommendations
The following recommendations were developed during the course of the stormwater utility study.
The recommendations are presented to the Town’s staff and Council for consideration and adoption.
 We recommend that the Town formally implement a stormwater utility for the Town as it
provides many benefits to the Town including:
 Fiscal Accountability – fees are driven by level of service and needs
 Dependable Revenue Streams – allows for pro-active management of the system
resulting in lower life-cycle costs
 System Equity – users would contribute based on stormwater impact rather than
property value and currently all tax-exempt properties pay nothing
 We recommend that the Town provide an essential level of service to allow for management
and maintenance of the stormwater system. The essential level of service will provide a
comparable level of service that property owners have already been receiving due to significant
grant funding which will not continue indefinitely and therefore cannot be considered a reliable
source of revenue.
 We recommend the Town use impervious area as the rate base for a stormwater fee for the
following reasons:
 It is the industry best practice and most common approach for a rate base.
 Impervious area relates directly to runoff and demand on the stormwater system and
is easily measured and verified.
 The use of impervious area has been upheld in court cases regarding rate base.
 We recommend the Town implement the a stormwater fee associated with providing an
essential level of service to residents of the Town.
Table 15 – Recommended Quarterly Fee per ERU
FY 12
Quarterly Fee per ERU (Equivalent Residential Unit)* $7.50
*1 ERU equates to 3,200 square feet of impervious area
MFSG 22 Town of Centreville

 We recommend that the Town implement a credit program to encourage on-site stormwater
management and to assist in the differentiation of a fee from a tax as property owners can
reduce their fee.
 We recommend that the Town impose the stormwater fee on a quarterly basis and be
represented on the utility bill, similar to water and sewer charges.
 We recommend the Town exempt public roads from the stormwater fee.
MFSG 23 Town of Centreville

!"#$%&'"($)*"+,+"-)./'0()12
3$('"(4)5-6)789+:+;',)<)=+9'9:+',)!($>+:(0)?$#8;

!"#$%"&%'($)*(+,--(
.)"*/#0)(*%1),-,)2%.)342%5607(%88
.96(43-(
.':;<1=;%>%?%@..1A5!8BC.
.':;<1=;%D%?%B5;E@!8CF%G%A@8C!;C@C';%;H5;C.;.
.':;<1=;%I%?%'@58!@=%8A5EBJ;A;C!%5EBK;'!.
.':;<1=;%L%?%5EBK;'!;<%<;M!%.;EJ8';
.':;<1=;%N%?%.!BEAO@!;E%1!8=8!P%?%E;5@8E%@C<%E;5=@';A;C!
.':;<1=;%Q%?%E;J;C1;%E;R18E;A;C!.
.':;<1=;%S%?%;E1%'@='1=@!8BC.
.':;<1=;%T%?%E@!;%@C@=P.8.
.':;<1=;%U%?%'E;<8!%@C@=P.8.
.':;<1=;%>V%?%E@!;%.1AA@EP
.':;<1=;%>>%?%ABC!:=P%.@A5=;%M8==.%?%P;@E%>
'*(0)(4%W2X%A3$,9,Y0-%0$4%Z,$0$9,0-%.(*+,9(7%F*"3Y

!"#$%"&%'($)*(+,--(
.)"*/#0)(*%1),-,)2%.)342%5607(%88
90:;%)"%8$4(<
!"#$%&'$()(*(+!!&,-./01!
/23456782(95:68;<
=>5;() =>5;(? =>5;(@ =>5;(A =>5;(B =>5;(C =>5;(D =>5;(E =>5;(F =>5;()G
.0-0*,(7 =>??@ =>??@ =>??@ =>??@ =>??@ =>??@ =>??@ =>??@ =>??@ =>??@
A$(*B2%CD3(-E F>??@ F>??@ F>??@ F>??@ F>??@ F>??@ F>??@ F>??@ F>??@ F>??@
.3GG-,(7 =>??@ =>??@ =>??@ =>??@ =>??@ =>??@ =>??@ =>??@ =>??@ =>??@
H0,$)($0$:( =>??@ =>??@ =>??@ =>??@ =>??@ =>??@ =>??@ =>??@ =>??@ =>??@
I"#%8/G0:)%J(+(-"G/($)%5*"K(:)%H0,$)($0$:( =>??@ =>??@ =>??@ =>??@ =>??@ =>??@ =>??@ =>??@ =>??@ =>??@
!545;K(52L(
9H44(.7I>($IJ48K>>
M>2>376<
D,(-4%A/G-"2(( N%%%%%%%L?M???
53O-,:%P"*;7%.3G(*,$)($4($) N%%%%%%%Q?M???
P0)(*76(4%H0$0B(* N%%%%%R??M???
/IJ>;N78H<(+;>5(O;8P6Q
=>5;() =>5;(? =>5;(@ =>5;(A =>5;(B =>5;(C =>5;(D =>5;(E =>5;(F =>5;()G
.,$B-(%D0/,-2 ?>??@ ?>??@ ?>??@ ?>??@ ?>??@ ?>??@ ?>??@ ?>??@ ?>??@ ?>??@
H3-),SD0/,-2 ?>??@ ?>??@ ?>??@ ?>??@ ?>??@ ?>??@ ?>??@ ?>??@ ?>??@ ?>??@
'"//(*:,0-T8$437)*,0- ?>??@ ?>??@ ?>??@ ?>??@ ?>??@ ?>??@ ?>??@ ?>??@ ?>??@ ?>??@
53O-,:T8$7),)3),"$0- ?>??@ ?>??@ ?>??@ ?>??@ ?>??@ ?>??@ ?>??@ ?>??@ ?>??@ ?>??@
U"047 ?>??@ ?>??@ ?>??@ ?>??@ ?>??@ ?>??@ ?>??@ ?>??@ ?>??@ ?>??@
-;8R>:6>L(%>S6(+<<HIJ6782<
%>S6(/<<H52:><
M82L() M82L(? M82L(@ M82L(A M82L(B
9H2L("/-(M>T72272T(=>5; ? C )) )? )@
9H2L("/-($2L72T(=>5; L R? RR RV R=
=>5;(83(/<<H>( R V = F L
/26>;><6(U56>(82(M8;;8P72T< L>??@ L>??@ L>??@ L>??@ L>??@
%>S6(,56H;76K R? =? =? =? =?
%>S6(+LI727<6;567N>($VJ>2<>(WX(83(-;72:7J54Y R>L?@ R>L?@ R>L?@ R>L?@ R>L?@
'*(0)(4%O2W%H3$,:,G0-%0$4%D,$0$:,0-%.(*+,:(7%X*"3G

!"#$%"&%'($)*(+,--(
.)"*/#0)(*%1),-,)2%.)342%5607(%88
90:;%)"%8$4(<
!"#$%&'$()(*(+,$-./012(3(4.01/$1.1"$($5,$1!$!
6/$( 'A:A>(?B(
$<=>?@AA(/@=A FAGH(I FAGH(J FAGH() FAGH(K FAGH(L FAGH(M FAGH(N FAGH(O FAGH(P FAGH(Q FAGH(JI
=<,7),$> $789:; 68CD9CE
?(+(-%8!G>GH9AR
?(+(-%88 @ABACAAAA%.0-0*,(7%C%D)6(* $S9RT9CE EFFGAHI EFJGA@F E@AGBBJ E@KGKKK E@LGIJJ E@FGFKA E@JGHBJ EJBGKJF EJIG@KM EJFGKIF EJJGJKI
?(+(-%888 @BBACAAAA%5($7,"$%=<N($7( $S9RT9CE EIGAMH EIGBMB EIGKLM EIGILI EIGLLI EIGMLF EIGFMI EIG@FK EIGJ@M EIGHHB ELGBBB
@BKACAAAA%O"*;/0$P7%'"/N%8$73*0$:( $S9RT9CE EBGBAA EBGBII EBGBF@ EBGKAK EBGKIJ EBGK@M EBGIBI EBGIMI EBGIHI EBGLIM EBGL@J
Q,(-4%=/N-"@2B(I(ACAAAA%R(0-)6%S%?,&(%8$73*0$:( $S9RT9CE EBKGABI EBKGI@I EBKG@LM EBIGBK@ EBIGMKB EBIGHKF EBLGILL EBLG@@L EBMGKBJ EBMGF@L EBFGBLL
53T-,:%O"*;@7B%L.A3CNA(A*A,$A)%(=$443(:$0)),"$G%!*0,$,$>UV4+(*),7( $S9RT9CE EKAGAAA EKAGFAA EKBGKBJ EKBGJMM EKKGMBA EKIGBJM EKIGJJB EKLGMH@ EKMGIIM EKFGAHM EKFGJ@J
53T-,:%O"*;@7K%B.A3CNA(A*A,$A)%(5$042(*$")--%!0<(7%C%Q8'V $S9RT9CE EMGAMF EMGKAJ EMGIFL EMGMKM EMGFHB EMGJFB EFGAI@ EFGKBJ EFGLAM EFGMH@ EFG@HM
V4/,$,7)*0),"$%U%'37)"/(*%.(*+,:( AWAM Q,(-4%=/N-"2(( 'A:A>(0 EKGMAA EKGM@M EKGFMK EKG@IK EKGJBL EKGJHJ EKGHJM EIGA@M EIGBF@ EIGKFK
53T-,:%D3)*(0:6 % 'A:A>(0 EKGAAA EKGAFA EKGBKK EKGBJM EKGKMB EKGIBH EKGIJJ EKGLFA EKGMIL EKGFBA
?(+(-%88%V44,),"$0-%.)0&&%)"%X0$0>(%5*"Y(:)7 AWBA Q,(-4%=/N-"2(( 'A:A>(00 EMGAAA EMGBMA EMGIAM EMGLFL EMGFKJ EMG@HF EMGH@A EFGBLH EFGIIL EFGMKL
?(+(-%888%V44,),"$0-%.)0&&%)"%X0$0>(%5*"Y(:)7 AWKA Q,(-4%=/N-"2(( 'A:A>(000 EBAGAAA EBAGIAA EBAGFAH EBAGHK@ EBBGKMM EBBGMHI EBBGHLB EBKGKHH EBKGFFJ EBIGALJ
!8==>9AR
O0)(*76(4%XJB0B$A0C>A(A*AA%Z(N0,*7%0$4%X0,$)($0$:( $S9RT9CE EBAGAAA EBAGIAA EBAGFAH EBAGHK@ EBBGKMM EBBGMHI EBBGHLB EBKGKHH EBKGFFJ EBIGALJ EBIGLIH
JBHBCAAAA%[07G%D,-G%\(6,:-(7 $S9RT9CE EBGBAA EBGBLL EBGBHA EBGKI@ EBGKJ@ EBGIIJ EBGIHK EBGLLJ EBGMAM EBGMFF EBGFKJ
FKBACAAAA%DN(*0),$>%.3NN-,(7 $S9RT9CE E@GAAA E@GKBA E@GLKF E@GFLH E@GJ@H EJGBBM EJGIMJ EJGFAH EJGJF@ EHGBII EHGLA@
@LMMCAAAA%'"*7,:0%Z,+(*%O0)(*76(4%Z(7)"*0),"$ $S9RT9CE EA EA EA EA EA EA EA EA EA EA EA
@MIACAAAA%?(>0- $S9RT9CE EBGAAA EBGAIA EBGAFB EBGAHI EBGBKF EBGBMH EBGBHL EBGKIA EBGKF@ EBGIAM EBGILL
@JBACAAAA%!(-(N6"$( $S9RT9CE EBGAAA EBGAIA EBGAFB EBGAHI EBGBKF EBGBMH EBGBHL EBGKIA EBGKF@ EBGIAM EBGILL
JABACAAAA%Z($) $S9RT9CE EBAGAAA EBAGIAA EBAGFAH EBAGHK@ EBBGKMM EBBGMHI EBBGHLB EBKGKHH EBKGFFJ EBIGALJ EBIGLIH
JAKACAAAA%=-(:)*,:,)2 $S9RT9CE EBGAAA EBGALA EBGAJK EBGBKM EBGB@A EBGKB@ EBGKFM EBGIBF EBGIFH EBGLKI EBGLJA
JKBACAAAA%5*,$),$>%S%]3N-,:0),"$ $S9RT9CE EBGHH@ EKGAM@ EKGBBH EKGBJK EKGKLJ EKGIBM EKGIJM EKGLMF EKGMIA EKGFAF EKGFJL
JMKACAAAA%?"4>,$>G%Q""4%S%!*0+(- $S9RT9CE EBGLKM EBGLFJ EBGMBK EBGMM@ EBGFAL EBGFMK EBG@AK EBG@MI EBGJAM EBGJMH EBGHBM
J@MACAAAA%?,0T,-,)2%8$73*0$:( $S9RT9CE EIMA EIFB EI@B EIJK EIHL ELAF ELBJ ELIA ELLI ELM@ EL@A
"?CTHGUT(!AH:9UAR
@LLAC'.O1%'"$)*0:)%.(*+,:(7%C%'"*7,:0%.)"*/#0)(*%1),-,)2 $S9RT9CE EBMGAAA
1),-,)2%.()%1N%'"7)7 % 'A:A>(0 EBMGAAA EMGAAA
5*(N0*0),"$%"&%]*0,$0>(%8$+($)"*2 % 'A:A>(0 EBAGAAA
4G9CTACGCUA
X0,$)($0$:(%"&%5*(+,"37-2%:"/N-()(4%Z()*"&,)%5*"Y(:)7 % 'A:A>(0 EMGAAA EMGBMA EMGIAM EMGLFL EMGFKJ EMG@HF EMGH@A EFGBLH EFGIIL EFGMKL
?8]%5*"Y(:)7%X0,$)($0$:(%^.6"*)%)(*/%C%BH%0:*(7_ % 'A:A>(00 EBKGMAA EBKGJ@M EBIGKFB EBIGFMH EBLGAFH EBLGLHB EBLGHKF EBMGI@I EBMGJIM EBFGIBA
?8]%5*"Y(:)7%X0,$)($0$:(%^?"$>%)(*/%C%BMM%0:*(7_ % 'A:A>(000 EBAAGAAB EBAIGAAB EBAFGAHB EBAHGK@L EBBKGMMK
`"$N",$)%."3*:(%Z(43:),"$%5*">*0/7%^!X]?._ % 'A:A>(00 EBAGAAA EBAGIAA EBAGFAH EBAGHK@ EBBGKMM EBBGMHI EBBGHLB EBKGKHH EBKGFFJ EBIGALJ
.)"*/#0)(*%X0$0>(/($)%907,$%X0,$)($0$:( % 'A:A>(000 EBAAGAAA EBAIGAAA EBAFGAHA EBAHGK@I EBBKGMMB EBBMGHK@ EBBHGLAM EBKKGHJ@ EBKFGF@@ EBIAGL@@
5(*/,)),$>%'"/N-,0$:(%^`5]=._ % 'A:A>(000 EIMGAAA EIFGAMA EI@GBIK EIJGKLM EIHGIHI ELAGM@M ELBG@HK ELIGALF ELLGII@ ELMGFF@
/?TG>(+=AHGT9CE(3(4G9CTACGCUA($S=ACRAR(*($S9RT9CE VJMOWJQK VJLNWLPI VJMIWPQN VJMMWLLN VJNIWJKK VJNLWQNJ VJNQWQKN VJOMWINI VJPIWKLI VJPMWOOQ VJQJWKP)
/?TG>(+=AHGT9CE(3(4G9CTACGCUA($S=ACRAR(*('A:A>(J VJMOWJQK VJOIWQPI VJOMWNPJ VJNMWM)L VJOIWMJL VJOMWNMK VJPIWQLQ VJPNWLIL VJQ)WI)K VJQOWPJK V)IKWOOO
/?TG>(+=AHGT9CE(3(4G9CTACGCUA($S=ACRAR(*('A:A>(00 VJMOWJQK VJQPWLPI V)ILWIIN VJQLWNQQ V)IIWMNL V)INWNIM V)J)WP)Q V)JQW)LI V))MWPLM V)K)WNLQ V)KQWNMP
/?TG>(+=AHGT9CE(3(4G9CTACGCUA($S=ACRAR(*('A:A>(000 VJMOWJQK VKLKWLPI VKMKWKMN VKLPWM)Q VKMQWIIQ VKNQWPIL VLPIWQ)L VLQMWKOQ VMJIW)NP VM)MWNIM VMLJWLIK
?(+(-%8%C%8$:*(/($)0-%'"7)7 EKLGMAA EKLG@JM EBAGA@H EBAGIJB EBAGFHK EBBGABI EBBGILI EBBGFJL EBKGAIL EBKGIHM
?(+(-%88%C%8$:*(/($)0-%'"7)7 EMKGAAA EMIGBBA EIHGKMI ELAGLIB ELBGFLL ELKGJHI ELLGBJA ELMGMAM ELFGJ@A ELJGK@@
?(+(-%888%C%8$:*(/($)0-%'"7)7 EBH@GAAA EKAKGLFA EBHIGAJL EBHJGJ@F EKALGJLI EIBAGHJH EIKAGIBH EIKHGHKJ EIIHGJKF EIMAGAKB
'*(0)(4%T2a%X3$,:,N0-%0$4%Q,$0$:,0-%.(*+,:(7%[*"3N

!"#$%"&%'($)*(+,--(
.)"*/#0)(*%1),-,)2%.)342%5607(%88
90:;%)"%8$4(<
!"#$%&'$()(*("+,-.+'(-/,012$/$3.(,014$".!
VW@AN@O(!6W598
'8P8<(6U(VW@AN@O
,56789: .6:;<("6=: ";=> ?6@A B5;@:= C8;5(D C8;5(E C8;5(F C8;5() C8;5(G C8;5(H C8;5(I C8;5(J C8;5(K C8;5(L C8;5(ED
=>>?@????%'"$)*0:)%.(*+,:(7 ?A ?A B??A $MN=:N@O E%%%B==CBD?
=>>?@5FGH%'"$)*0:)%.(*+,:(7%@%5*"I*0//0),: ?A ?A B??A $MN=:N@O E%%%%%J?C???
K3)3*(%H*0$)%K3$4(4%'"$)*0:)%.(*+,:(7 ?A ?A B??A $MN=:N@O E%%%L??C??? E%%%J??C???
M<,7),$I F(N-0:(/($)%"&%O0:@)*"$ B??A ?A ?A '8P8<(- ELLC???
P(+(-%8 F(N-0:(/($)%"&%.)*(()%.#((N(* B??A ?A ?A '8P8<(- ELLC??? ELLC??? ELLC???
P(+(-%88 P8Q%F(7)"*0),"$%5*"R(:)7%S'"$)*"-%"&%B%,$:6%7)"*/%(+($)T%@%BU%V:*(7 E%%%%%>>WC??? B??A ?A ?A '8P8<(- EXUC??? EUBCD=? EU>C>J? EU=CJWL EB??CB=?
P(+(-%888 P8Q%F(7)"*0),"$%5*"R(:)7%S'"$)*"-%"&%B%,$:6%7)"*/%(+($)T%@%BWW%V:*(7 E%%LCDL?CJW> B??A ?A ?A '8P8<(-- E%%%B%XBCWBL E%%%%BXDCUWX E%%%BUJCWD= E%%%BUXCL>> E%%%J?>CJU>
P8Q%F(7)"*0),"$%5*"R(:)7%S'"$)*"-%"&%JY=%,$:6%7)"*/%(+($)TZ%@%BU%V:*(7 E%%%%%LXWC??? B??A ?A ?A '8P8<(--- E%%%%%==C??? E%%%%%=UCLB? E%%%%%X%BCDXU E%%%%%X%>CB>? E%%%%%X%DCDD>
P8Q%F(7)"*0),"$%5*"R(:)7%S'"$)*"-%"&%JY=%,$:6%7)"*/%(+($)TZ%@%BWW%V:*(7 E%%LCB>?C=UX B??A ?A ?A '8P8<(--- E%%%B%W=C?>? E%%%%BDBC=WB E%%%BDDCD?> E%%%B=BCD?J E%%%B=DC=W?
.6:;<(";QN:;<(-RQ56P8R8@:(,56789:=(*('8P8<(E M<,7),$I T(((ELJSEID T((()DDSDDD T(((FDDSDDD T(((((((((((* T(((((((((((* T(((((((((((* T(((((((((((* T(((((((((((*( T(((((((((((* T(((((((((((* T(((((((((((*
!")0-%'076%K3$4(4%'85 E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@% E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@
!")0-%Q([)%K3$4(4%'85 E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@% E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@
!")0-%H*0$)%K3$4(4%'85 E%%%BU=CBD? E%%%L??C??? E%%%J??C??? E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@% E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@
.6:;<(";QN:;<(-RQ56P8R8@:(,56789:=(*('8P8<(E P(+(-%8 T(((((((((((* T(((((((((((* T(((((((((((* T((((EFFSDDD T((((EFGSIJD T((((EIDSGFD T(((((L(JSFH) T((((EDDSEJD T(((((((((((* T(((((((((((* T(((((((((((*
!")0-%'076%K3$4(4%'85 E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%BJJC??? E%%%%BJ>CD=? E%%%%BD?C>J? E%%%%%U%=CJWL E%%%%B??CB=? E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@
!")0-%Q([)%K3$4(4%'85 E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@% E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@
!")0-%H*0$)%K3$4(4%'85 E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@% E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@
.6:;<(";QN:;<(-RQ56P8R8@:(,56789:=(*('8P8<(-- '8P8<(-- T(((((((((((* T(((((((((((* T(((((((((((* T(((((((((((* T(((((((((((* T(((((((((((* T((((EKESHE) T((((EKISLHK T(((ELFSHIJ T(((ELKS)GG T(((FDGSFLG
!")0-%'076%K3$4(4%'85 E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%BXBCWBL E%%%%BXDCUWX E%%%BUJCWD= E%%%BUXCL>> E%%%J?>CJU>
!")0-%Q([)%K3$4(4%'85 E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@% E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@
!")0-%H*0$)%K3$4(4%'85 E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@% E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@
.6:;<(";QN:;<(-RQ56P8R8@:(,56789:=(*('8P8<(--- '8P8<(--- T(((((((((((* T(((((JJSDDD T(((((JLS)ED T(((((K(ESIKL T(((((K(GSEGD T(((((K(ISIIG T((((EHJSDGD T((((EIESJHE T(((EIISIDG T(((EJESIDF T(((EJISJHD
!")0-%'076%K3$4(4%'85 E%%%%%%%%%%%@ E%%%%%==C??? E%%%%%=UCLB? E%%%%%X%BCDXU E%%%%%X%>CB>? E%%%%%X%DCDD> E%%%%BW=C?>? E%%%%BDBC=WB E%%%BDDCD?> E%%%B=BCD?J E%%%B=DC=W?
!")0-%Q([)%K3$4(4%'85 E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@% E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@
!")0-%H*0$)%K3$4(4%'85 E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@% E%%%%%%%%%%%@ E%%%%%%%%%%%@ E%%%%%%%%%%%@
ZV773/(7%:"/N-(),"$%"&%:"$)*"-%"&%B%,$:6%7)"*/%(+($)
'*(0)(4%[2\%]3$,:,N0-%0$4%K,$0$:,0-%.(*+,:(7%H*"3N

!"#$%"&%'($)*(+,--(
.)"*/#0)(*%1),-,)2%.)342%5607(%88
90:;%)"%8$4(<
!"#$%&'$()(*(+,-.$"/$%(%$0/(!$,12"$
'3435(2(*($663789:5
/;8:5 O3:>
<=8=>3(%3?8(0@(<=8=>3(!3>936(0;7A 0;7A(BC;=78 D E F ) G H I J K DL
0;7A(D M(((((((((((((((*( >%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%=
0;7A(E M(((((((((((((((*( >%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%=
0;7A(F M(((((((((((((((*( >%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%=
0;7A() M(((((((((((((((*( >%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%=
0;7A(G M(((((((((((((((*( >%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%=
/;8:5(+:@C378(N3>(O3:> M(((((((* M(((((((((((* M(((((((((((* M(((((((((((* M(((((((((((* M(((((((((((* M(((((((((((* M(((((((((((* M(((((((((((* M(((((((((((*
'3435(22(*($7P:7Q3A
/;8:5 O3:>
<=8=>3(%3?8(0@(<=8=>3(!3>936(0;7A 0;7A(BC;=78 D E F ) G H I J K DL
0;7A(D M(((((((((((((((*( >%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%=
0;7A(E M(((((((((((((((*( >%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%=
0;7A(F M(((((((((((((((*( >%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%=
0;7A() M(((((((((((((((*( >%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%=
0;7A(G M(((((((((((((((*( >%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%=
/;8:5(+:@C378(N3>(O3:> M(((((((* M(((((((((((* M(((((((((((* M(((((((((((* M(((((((((((* M(((((((((((* M(((((((((((* M(((((((((((* M(((((((((((* M(((((((((((*
'3435(222(*(-N89C:5
/;8:5 O3:>
<=8=>3(%3?8(0@(<=8=>3(!3>936(0;7A 0;7A(BC;=78 D E F ) G H I J K DL
0;7A(D M(((((((((((((((*( >%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%=
0;7A(E M(((((((((((((((*( >%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%=
0;7A(F M(((((((((((((((*( >%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%=
0;7A() M(((((((((((((((*( >%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%=
0;7A(G M(((((((((((((((*( >%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%= >%%%%%%%%%%%=
/;8:5(+:@C378(N3>(O3:> M(((((((* M(((((((((((* M(((((((((((* M(((((((((((* M(((((((((((* M(((((((((((* M(((((((((((* M(((((((((((* M(((((((((((* M(((((((((((*
'*(0)(4%?2@%A3$,:,B0-%0$4%C,$0$:,0-%.(*+,:(7%D*"3B

!"#$%"&%'($)*(+,--(
.)"*/#0)(*%1),-,)2%.)342%5607(%88
90:;%)"%8$4(<
!"#$%&'$()(*(!+,-./0+$-(&+1'1+2(*(-$301-(04%(-$3'0"$.$4+
!56789:5;7(!<=5;8(
=773/(4%>0-3(%"&%.)"*/#0)(*%.27)(/ B%%%?@AAA@AAA
=773/(4%C(,$+(7)/($)%C0)(%D%E(+(-%8 FAA G(0*7
=773/(4%C(,$+(7)/($)%C0)(%D%E(+(-%88 HA G(0*7
=773/(4%C(,$+(7)/($)%C0)(%D%E(+(-%888 IA G(0*7
=77()%C(J-0:(/($)%8$&-0),"$ KLAAM
2;:7(> 2;:7(? 2;:7(@ 2;:7(A 2;:7() 2;:7(B 2;:7(C 2;:7(D 2;:7(E 2;:7(>F
C(J0,*@%C(J-0:(/($)%0$4%C(60N,-,)0),"$%D%E(+(-%8 B?A@AAA B?A@OAA B?F@PQ? B??@KRH B?Q@QRH B%%%?K@QQQ B%%%?I@QAP B%%%?P@QFR B%%%?H@QHF B%%%?O@KPP
C(J0,*@%C(J-0:(/($)%0$4%C(60N,-,)0),"$%D%E(+(-%88 B%%%%%%%%?O@IHF B%%?R@HFK B%%%QA@RAQ B%%%Q?@FQR B%%%QQ@K?I B%%%QK@HP? B%%%QP@FI? B%%%QH@IRO B%%%QR@FA? B%%%KA@PPP
C(J0,*@%C(J-0:(/($)%0$4%C(60N,-,)0),"$%D%E(+(-%888 B%%%%%%%%KA@AAA B%%KF@PAA B%%%KQ@?PK B%%%KK@RRI B%%%KP@HRK B%%%KO@PPP B%%%IA@PFQ B%%%I?@PQH B%%%IK@HKQ B%%%IP@RQ?
'*(0)(4%N2S%T3$,:,J0-%0$4%U,$0$:,0-%.(*+,:(7%V*"3J

!"#$%"&%'($)*(+,--(
.)"*/#0)(*%1),-,)2%.)342%5607(%88
90:;%)"%8$4(<
!"#$%&'$()(*(+$,$-&$(+$.&/+$0$-1!
=<,7),$>%?(+(-%"&%.(*+,:(
2345(6 2345(7 2345(8 2345(9 2345(: 2345(; 2345() 2345(< 2345(= 2345(> 2345(76
@A(*0),$>%B%C0,$)($0$:(%=<A($7(7 DEFFGEHI DEJKGJLM DENMGLHK DENNGJJK DEKMGEII DEKJGHKE DEKHGHIK DEONGMKM DELMGIJM DELNGOOH DEHEGILF
P*0$)%Q3$4(4%@A(*0),$>%0$4%'0A,)0-%5*"R(:)7 DFIFGEKM DIMMGMMM DFMMGMMM DM DM DM DM DM DM DM DM
'076%Q3$4(4%'0A,)0-%5*"R(:)7 DM DM DM DM DM DM DM DM DM DM DM
5*"R(:)(4%S(T)%.(*+,:(%502/($) DM DM DM DM DM DM DM DM DM DM DM
U(A0,*%B%U(60T,-,)0),"$ DM DM DM DM DM DM DM DM DM DM DM
1?@4A(+3B3CD3(+3EDF53G3C@H I9;:J9;9 I::)J:=6 I9;6J=>) I7;;J::) I7)6J799 I7):J>)7 I7)>J>9) I7<;J6)6 I7=6J9:6 I7=;J<<> I7>7J9=8
V()%U(+($3(%U(W3,*(/($)7%-(77%P*0$)%Q3$4,$> DEFFGEHI DEJKGJLM DENMGLHK DENNGJJK DEKMGEII DEKJGHKE DEKHGHIK DEONGMKM DELMGIJM DELNGOOH DEHEGILF
/CK53G3C@4A("?H@H I8:J8=< I8=J<69 I99J8;9 I9<J>:6 I:8J<)= I:<J<:9 I;8J=)< I;=J7:< I)9J;=) I)>J7=>
?(+(-%8%X%=77($),0-
2345(6 2345(7 2345(8 2345(9 2345(: 2345(; 2345() 2345(< 2345(= 2345(> 2345(76
@A(*0),$>%B%C0,$)($0$:(%=<A($7(7 DEFFGEHI DEOMGHLM DEONGKLE DEKNGNFJ DEOMGNEJ DEONGKNI DELMGHJH DELKGJMJ DEHFGMFI DEHOGLEI DFMIGOOO
P*0$)%Q3$4(4%'0A,)0-%5*"R(:)7 DFIFGEKM DIMMGMMM DFMMGMMM DM DM DM DM DM DM DM DM
'076%Q3$4(4%'0A,)0-%5*"R(:)7 DM DM DM DEFFGMMM DEFJGKOM DEKMGJFM DHOGFNI DEMMGEOM DM DM DM
5*"R(:)(4%S(T)%.(*+,:(%502/($) DM DM DM DM DM DM DM DM DM DM DM
U(A0,*%B%U(60T,-,)0),"$ DM DFMGMMM DFMGLMM DFEGKIF DFFGJHO DFIGIHO DFJGIII DFNGIMK DFKGIEH DFOGIOE DFLGJKK
1?@4A(+3B3CD3(+3EDF53G3C@H I9;:J9;9 I:>6J>=6 I9>)J:=7 I96>J7;) I97<J)=7 I9;>J:<7 I968J;9: I977J==6 I87=J9:8 I88;J7=: I898J8:9
V()%U(+($3(%U(W3,*(/($)7%-(77%P*0$)%Q3$4,$> DEFFGEHI DEHMGHLM DEHKGJLE DIMHGENK DIEOGKLE DINHGJOE DIMFGNIJ DIEEGLLM DFELGIJF DFFNGELJ DFIFGFJI
/CK53G3C@4A("?H@H I)=J<=< I<:J8== I7=)J>)9 I7>;J:== I89<J8<= I7=6J9:7 I7=>J)=< I>)J7:> I768J>>7 I776J6;6
'*(0)(4%T2Y%C3$,:,A0-%0$4%Q,$0$:,0-%.(*+,:(7%P*"3A

!"#$%"&%'($)*(+,--(
.)"*/#0)(*%1),-,)2%.)342%5607(%88
!"#$%&'$()(*(+$,$-&$(+$.&/+$0$-1!
9(+(-%88%:%;$60$<(4
2345(6 2345(7 2345(8 2345(9 2345(: 2345(; 2345() 2345(< 2345(= 2345(> 2345(76
=>(*0),$?%@%A0,$)($0$<(%;B>($7(7 CDEEFDGH CDGIFJIK CEKJFKKL CDGJFLGG CEKKFMLJ CEKLFLKM CEDEFIEG CEDGFEJK CEEMFIJM CEHEFLJG CEHGFLMI
N*0$)%O3$4(4%'0>,)0-%5*"P(<)7 CEHEFDLK CHKKFKKK CEKKFKKK CK CK CK CK CK CK CK CK
'076%O3$4(4%'0>,)0-%5*"P(<)7 CK CK CK CDEEFKKK CDEJFLQK CDLKFJEK CEQIFQLM CEIQFDEI CDGEFMLQ CDGIFHJJ CEKJFEGJ
5*"P(<)(4%R(S)%.(*+,<(%502/($) CK CK CK CK CK CK CK CK CK CK CK
T(>0,*%@%T(60S,-,)0),"$ CK CEIFMQD CEGFQDJ CHKFGKH CHEFDHG CHHFJEM CHJFQLE CHLFDME CHQFMGI CHGFDKE CJKFLLL
1?@4A(+3B3CD3(+3EDF53G3C@H I9;:J9;9 I;8<J6;7 I:99J<86 I9:<J)68 I9;<J9<8 I:66J:;6 I;8)J9;) I;:8J;86 I:;)J676 I:<6J6>; I:=:J)7>
U()%T(+($3(%T(V3,*(/($)7%-(77%N*0$)%O3$4,$? CDEEFDGH CEEQFKMD CEHHFQEK CHJQFLKE CHMQFHQE CJKKFJMK CMELFHML CMJEFMEK CJMLFKDK CJQKFKGM CJIJFLDG
/CK53G3C@4A("?H@H I76:J=;= I777J;8< I88;J:6> I89;J7<> I8<=J8;< I:6:J7)9 I:86J98< I999J=7< I9:<J>68 I9)8J:8)
9(+(-%888%:%=>),/0-
2345(6 2345(7 2345(8 2345(9 2345(: 2345(; 2345() 2345(< 2345(= 2345(> 2345(76
=>(*0),$?%@%A0,$)($0$<(%;B>($7(7 CDEEFDGH CHJHFJIK CHMHFHML CHJIFMEG CHMGFKKG CHLGFIKJ CJIKFGEJ CJGMFHQG CMDKFELI CMEMFLKM CMJDFJKH
N*0$)%O3$4(4%'0>,)0-%5*"P(<)7 CEHEFDLK CHKKFKKK CEKKFKKK CK CK CK CK CK CK CK CK
'076%O3$4(4%'0>,)0-%5*"P(<)7 CK CQQFKKK CQGFHDK CEKHFLIG CEKIFIDK CEJQFKIJ CJHMFIKM CJJIFIQG CHMGFDQK CHLGFGJL CHIDFKJJ
5*"P(<)(4%R(S)%.(*+,<(%502/($) CK CK CK CK CK CK CK CK CK CK CK
T(>0,*%@%T(60S,-,)0),"$ CK CJKFKKK CJDFLKK CJHFELJ CJJFGGM CJLFQGJ CJIFLLL CMKFLDH CMEFLHQ CMJFQJH CMLFGHE
1?@4A(+3B3CD3(+3EDF53G3C@H I9;:J9;9 I<)6J:=6 I)<:J8)) I;>;J:=9 I)78J=79 I))9J)=8 I>);J9>) I>>:J=<7 I>88J6<) I>;6J8>9 I><>J9<>
U()%T(+($3(%T(V3,*(/($)7%-(77%N*0$)%O3$4,$? CDEEFDGH CJLKFJIK CJQJFELL CMGMFJIH CLDEFIDH CLLHFLIE CGLMFHGL CGGJFIQD CGEEFKQL CGMKFEGH CGQGFHQG
/CK53G3C@4A("?H@H I99=J8=< I9;8J6<9 I:<9J8>6 I:>6J)86 I;:7J:=> I=:9J869 I=<8J)<= I<>>J==9 I=8=J766 I=;<J7=)
'*(0)(4%S2W%A3$,<,>0-%0$4%O,$0$<,0-%.(*+,<(7%N*"3>

!"#$%"&%'($)*(+,--(
.)"*/#0)(*%1),-,)2%.)342%5607(%88
90:;%)"%8$4(<
!"#$%&'$()(*($+&(",'"&',-./0!
=>1%7,?( %%%%%%%%%%@ABCC .D30*(%&(()
.123456789(,43:(;9<=(>?@ A3:4(B A3:4(C A3:4(D A3:4(E A3:4(F A3:4(G A3:4() A3:4(H A3:4(I A3:4(BJ
.,$E-(%F0/,-2 GABHIAJ@K GABHIAJ@K GABHIAJ@K GABHIAJ@K GABHIAJ@K GABHIAJ@K GABHIAJ@K GABHIAJ@K GABHIAJ@K GABHIAJ@K
L3-),MF0/,-2 JHBACG@ JHBACG@ JHBACG@ JHBACG@ JHBACG@ JHBACG@ JHBACG@ JHBACG@ JHBACG@ JHBACG@
'"//(*:,0-N8$437)*,0- BAHOJAJ@I BAHOJAJ@I BAHOJAJ@I BAHOJAJ@I BAHOJAJ@I BAHOJAJ@I BAHOJAJ@I BAHOJAJ@I BAHOJAJ@I BAHOJAJ@I
53P-,:N8$7),)3),"$0- JAGCCACJK JAGCCACJK JAGCCACJK JAGCCACJK JAGCCACJK JAGCCACJK JAGCCACJK JAGCCACJK JAGCCACJK JAGCCACJK
>"047 @AOQIAGBH @AOQIAGBH @AOQIAGBH @AOQIAGBH @AOQIAGBH @AOQIAGBH @AOQIAGBH @AOQIAGBH @AOQIAGBH @AOQIAGBH
-7?:K BCLE))L)GC BCLE))L)GC BCLE))L)GC BCLE))L)GC BCLE))L)GC BCLE))L)GC BCLE))L)GC BCLE))L)GC BCLE))L)GC BCLE))L)GC
$+&M9
.,$E-(%F0/,-2 JA@@@ JA@@@ JA@@@ JA@@@ JA@@@ JA@@@ JA@@@ JA@@@ JA@@@ JA@@@
L3-),MF0/,-2 QJ QJ QJ QJ QJ QJ QJ QJ QJ QJ
'"//(*:,0-N8$437)*,0- KGJ KGJ KGJ KGJ KGJ KGJ KGJ KGJ KGJ KGJ
53P-,:N8$7),)3),"$0- G@K G@K G@K G@K G@K G@K G@K G@K G@K G@K
>"047 JAB@I JAB@I JAB@I JAB@I JAB@I JAB@I JAB@I JAB@I JAB@I JAB@I
-7?:K DLHII DLHII DLHII DLHII DLHII DLHII DLHII DLHII DLHII DLHII
'*(0)(4%P2R%L3$,:,S0-%0$4%F,$0$:,0-%.(*+,:(7%T*"3S

!"#$%"&%'($)*(+,--(
.)"*/#0)(*%1),-,)2%.)342%5607(%88
90:;%)"%8$4(<
!"#$%&'$()(*(+,-$(,.,'/!0!
=> "1234567("8922 $:65;3(</$!=.>?
?(7 .,$@-(%A0/,-2 =>
B3-),CA0/,-2 =>
'"//(*:,0-D8$437)*,0- =>
53E-,:D8$7),)3),"$0- =>
F"047 ?G.
!")0-%GF1H7 /697(@ /697(A /697(B /697(C /697(D /697(E /697(F /697() /697(G /697(@H
.,$@-(%A0/,-2 IJKKK IJKKK IJKKK IJKKK IJKKK IJKKK IJKKK IJKKK IJKKK IJKKK
B3-),CA0/,-2 LI LI LI LI LI LI LI LI LI LI
'"//(*:,0-D8$437)*,0- MNI MNI MNI MNI MNI MNI MNI MNI MNI MNI
53E-,:D8$7),)3),"$0- NKM NKM NKM NKM NKM NKM NKM NKM NKM NKM
F"047 O O O O O O O O O O
!")0- AIEEB AIEEB AIEEB AIEEB AIEEB AIEEB AIEEB AIEEB AIEEB AIEEB
,8367J93KL6(@(*(M893(+936
N4J3O8P(+936(;67($+& /697(@ /697(A /697(B /697(C /697(D /697(E /697(F /697() /697(G /697(@H
.,$@-(%A0/,-2 PLQOO PLQLO PRQOL PRQRR PSQKT PMQOL PMQMR PUQSN PIOQST PIIQSU
B3-),CA0/,-2 PLQOO PLQLO PRQOL PRQRR PSQKT PMQOL PMQMR PUQSN PIOQST PIIQSU
'"//(*:,0-D8$437)*,0- PLQOO PLQLO PRQOL PRQRR PSQKT PMQOL PMQMR PUQSN PIOQST PIIQSU
53E-,:D8$7),)3),"$0- PLQOO PLQLO PRQOL PRQRR PSQKT PMQOL PMQMR PUQSN PIOQST PIIQSU
F"047 PLQOO PLQLO PRQOL PRQRR PSQKT PMQOL PMQMR PUQSN PIOQST PIIQSU
,JJ198(+6L6J162("4886Q36R
.,$@-(%A0/,-2 PMOJOOU PMMJOIO PURJMII PIORJNUT PIISJINI PITMJMLL PINIJSNI PILLJUIL PISIJLOR PIMMJRLS
B3-),CA0/,-2 PKJOKM PKJKNT PKJRSR PNJONN PNJNNM PNJMUK PLJKMK PLJUTI PRJLIK PSJIRN
'"//(*:,0-D8$437)*,0- PLOJNLU PLLJLOL PRIJOLL PRSJIRI PSKJMSS PMIJTRN PMUJKUI PUMJKKO PIOMJIRK PIIMJUSU
53E-,:D8$7),)3),"$0- PTRJTLO PTMJMSL PKIJSRK PKNJUKU PKMJNKK PNTJTSR PNRJLON PLIJILN PLRJTSO PRIJMUS
F"047 PO PO PO PO PO PO PO PO PO PO
S436J3K98(+6L6J16("4886Q36R(T=(.4("76RK32 U@DGIFDE U@FDIFBA U@GBIBHD UA@AIEBE UABBI)GG U((((((((A(DFIA)G U((((((((A)BIH@) U((((((((B(@@IBAH U((((((((B(CAICDA U((((((((B(FEIEGF
<"76RK32? <U@BIB)H? <U@CIF@)? <U@EI@GH? <U@FI)HG? <U@GIDGH? U(((((((((<A@IDCG? U((((((((<ABIFHB? U(((((((((<AEIHFC? U(((((((((<A)IE)@? U(((((((((<B@IDCG?
.63(+6L6J16("4886Q36R U@CEIBFE U@E@IH@C U@FFI@@D U@GCI)AF UA@CIB@H U((((((((A(BDIFCH U((((((((ADGIB@D U((((((((A()DIACE U((((((((B(@BIFF@ U((((((((B(CDI@C)
,8367J93KL6(A(*(V769W*6L6J(M893(+936
/697(@ /697(A /697(B /697(C /697(D /697(E /697(F /697() /697(G /697(@H
G<,7),$@%V(+(-%"&%.(*+,:(
!")0-%8$:*(/($)0-%'"7)7 PTNJTMS PTMJSOK PKKJTLK PKSJUNO PNTJSRM PNSJSNK PLTJMRS PLMJINS PRKJLMR PRUJIMU
N4J3O8P(+936(;67($+& U@XHH U@XHH U@XDH U@XDH U@XDH U@XDH UAXHH UAXHH UAXHH UAXDH
S436J3K98(+6L6J162("4886Q36R
.,$@-(%A0/,-2 PIRJOOT PIRJOOT PTNJOOK PTNJOOK PTNJOOK PTNJOOK PKTJOON PKTJOON PKTJOON PNOJOON
B3-),CA0/,-2 PROM PROM PUII PUII PUII PUII PIJTIL PIJTIL PIJTIL PIJLIU
'"//(*:,0-D8$437)*,0- PIOJOUT PIOJOUT PILJIKM PILJIKM PILJIKM PILJIKM PTOJIMN PTOJIMN PTOJIMN PTLJTTU
53E-,:D8$7),)3),"$0- PLJTLO PLJTLO PSJMSL PSJMSL PSJMSL PSJMSL PIOJLOO PIOJLOO PIOJLOO PIKJITL
F"047 PO PO PO PO PO PO PO PO PO PO
S436J3K98(+6L6J16("4886Q36R(T=(.4("76RK32 UB@IGD@ UB@IGD@ UCFIGAF UCFIGAF UCFIGAF UCFIGAF UEBIGHB UEBIGHB UEBIGHB UFGI)F)
<"76RK32? <UAIEFE? <UAIEFE? <UCIH@C? <UCIH@C? <UCIH@C? <UCIH@C? <UDIBDA? <UDIBDA? <UDIBDA? <UEIEGH?
.63(+6L6J16("4886Q36R UAGIAFD UAGIAFD UCBIG@B UCBIG@B UCBIG@B UCBIG@B UD)IDD@ UD)IDD@ UD)IDD@ UFBI@))
'*(0)(4%E2W%B3$,:,X0-%0$4%A,$0$:,0-%.(*+,:(7%Y*"3X

!"#$%"&%'($)*(+,--(
.)"*/#0)(*%1),-,)2%.)342%5607(%88
!"#$%&'$()(*(+,-$(,.,'/!0!
9(+(-%8%:%;77($),0-
9(+(-%8%:%17(*%<(&,$(4
1234567(+849(:9;($+& <=>?@ <A>?@ <B>?@ <?>?@ <C>?@ <D>@@ <D>@@ <D>@@ <D>@@ <D>@@
E24934F86(+9G93H9I("2669J49K
.,$=-(%>0/,-2 ?@ABAA@ ?CDBAAD ?EFBAAG ?GGBAHA ?HA@BAHH ?HHFBAHF ?HHFBAHF ?HHFBAHF ?HHFBAHF ?HHFBAHF
I3-),:>0/,-2 ?HBCHJ ?FBHFE ?FBEK@ ?KBK@F ?KBJCA ?@BFC@ ?@BFC@ ?@BFC@ ?@BFC@ ?@BFC@
'"//(*L,0-M8$437)*,0- ?FCBFFJ ?KCBKFH ?@CB@HK ?CCBCAC ?DCBCJD ?EABD@F ?EABD@F ?EABD@F ?EABD@F ?EABD@F
53N-,LM8$7),)3),"$0- ?HKBHFC ?HGBKEC ?FKBDFC ?FGBGEC ?K@BHFC ?KDBECA ?KDBECA ?KDBECA ?KDBECA ?KDBECA
O"047 ?A ?A ?A ?A ?A ?A ?A ?A ?A ?A
E24934F86(+9G93H9("2669J49K(LM(.2(";9KF4I <DNO)D) <PPPO)=N <PBAOD)P <PD?ODA= <=@DOC)A <==AOC?N <==AOC?N <==AOC?N <==AOC?N <==AOC?N
Q";9KF4IR Q<COCN@R Q<NOACCR Q<P=O@B=R Q<PBODP)R Q<PDOANBR Q<P)ODA=R Q<P)ODA=R Q<P)ODA=R Q<P)ODA=R Q<P)ODA=R
.94(+9G93H9("2669J49K <DAOP)) <P@=OBCA <PAPODAN <PCPO@PB <PN@O=)N <=@BON=D <=@BON=D <=@BON=D <=@BON=D <=@BON=D
9(+(-%88%:%;$60$L(4
!")0-%8$L*(/($)0-%'"7)7 ?HA@BGCG ?HHHBCFE ?FFCB@AJ ?FKCBHEJ ?FEGBFCE ?@A@BHDK ?@FABKFE ?KKKBGHE ?K@EBJAF ?KDFB@FD
1234567(+849(:9;($+& <A>?@ <A>?@ <D>?@ <D>?@ <N>@@ <PA>@@ <PA>?@ <PA>?@ <PA>?@ <PA>?@
,33H86(+9G93H9I("2669J49K
.,$=-(%>0/,-2 ?CDBAAD ?CDBAAD ?HFABAHK ?HFABAHK ?H@@BAHD ?FAGBAFK ?FHDBAF@ ?FHDBAF@ ?FHDBAF@ ?FHDBAF@
I3-),:>0/,-2 ?FBHFE ?FBHFE ?@BCCE ?@BCCE ?CB@DJ ?EBJAA ?GBFAK ?GBFAK ?GBFAK ?GBFAK
'"//(*L,0-M8$437)*,0- ?KCBKFH ?KCBKFH ?ECBDGG ?ECBDGG ?JABGFD ?HKHBHJK ?HKDBFKJ ?HKDBFKJ ?HKDBFKJ ?HKDBFKJ
53N-,LM8$7),)3),"$0- ?HGBKEC ?HGBKEC ?KJBKED ?KJBKED ?@EBFCH ?DGBFCH ?EABGED ?EABGED ?EABGED ?EABGED
O"047 ?A ?A ?A ?A ?A ?A ?A ?A ?A ?A
E24934F86(+9G93H9("2669J49K(LM(.2(";9KF4I <PPPO)=N <PPPO)=N <=ANOCAB <=ANOCAB <=)DO?CP <BP?OACC <BAPOAB= <BAPOAB= <BAPOAB= <BAPOAB=
Q";9KF4IR Q<NOACCR Q<NOACCR Q<=@O@D@R Q<=@O@D@R Q<=BO@)BR Q<ABOD))R Q<ACOP=CR Q<ACOP=CR Q<ACOP=CR Q<ACOP=CR
.94(+9G93H9("2669J49K <P@=OBCA <P@=OBCA <=PNO?CB <=PNO?CB <=CAOBDD <A)@O?D) <AN?O=PC <AN?O=PC <AN?O=PC <AN?O=PC
9(+(-%888%:%PQ),/0-
!")0-%8$L*(/($)0-%'"7)7 ?KKGBFGE ?KCFBAEK ?@EKBFJA ?@JABDFA ?C@HB@GJ ?G@KBFAK ?GEFBDEG ?EJJBGGK ?GFGBHAA ?GCEBHGD
1234567(+849(:9;($+& <PP>@@ <PP>?@ <P?>@@ <P?>?@ <PD>@@ <=C>?@ <=D>?@ <=D>?@ <=D>?@ <=D>?@
,33H86(+9G93H9I("2669J49K
.,$=-(%>0/,-2 ?HEDBAHJ ?HG@BAFA ?F@ABAFE ?F@GBAFE ?FEFBAKA ?@F@BA@E ?@@ABA@J ?@@ABA@J ?@@ABA@J ?@@ABA@J
I3-),:>0/,-2 ?DBDG@ ?DBJGG ?JBHHC ?JB@HJ ?HABKKA ?HDBHAK ?HDBEHH ?HDBEHH ?HDBEHH ?HDBEHH
'"//(*L,0-M8$437)*,0- ?HHHBAAJ ?HHDBACC ?HCHBKED ?HCDB@FF ?HEHBCDA ?FDEB@KF ?FEEBCF@ ?FEEBCF@ ?FEEBCF@ ?FEEBCF@
53N-,LM8$7),)3),"$0- ?CEBECH ?DABKED ?EGBECH ?GHBKED ?GJBFCH ?HKJBHFE ?H@@BKEE ?H@@BKEE ?H@@BKEE ?H@@BKEE
O"047 ?A ?A ?A ?A ?A ?A ?A ?A ?A ?A
E24934F86(+9G93H9("2669J49K(LM(.2(";9KF4I <A?POBCB <ACDOBAN <BDNO=CN <BN?O=B? <?BAOPDP <)BCOD@) <)D)OCC@ <)D)OCC@ <)D)OCC@ <)D)OCC@
Q";9KF4IR Q<=NOBACR Q<A@ODDBR Q<B@OPB@R Q<BPOBD)R Q<B?OBN=R Q<D@ONPBR Q<DAO?N@R Q<DAO?N@R Q<DAO?N@R Q<DAO?N@R
.94(+9G93H9("2669J49K <A==O@=) <AACOCC? <BANOP=N <B?AODCD <BNDOCDN <DD?ODNB <)@?O@D@ <)@?O@D@ <)@?O@D@ <)@?O@D@
'*(0)(4%N2R%I3$,L,Q0-%0$4%>,$0$L,0-%.(*+,L(7%S*"3Q

!"#$%"&%'($)*(+,--(
.)"*/#0)(*%1),-,)2%.)342%5607(%88
90:;%)"%8$4(<
!"#$%&'$()(*("+$%,-(./.'0!,!
.BBCD1E(F23>@G@H2>@I?(J$+&BK
"31E@>(%1BG3@H>@I? "31E@>(.==IL1E
0123(4 0123(5 0123(6 0123(7 0123(8 0123(9 0123(: 0123(; 0123() 0123(4<
.)"*/#0)(*%907,$ =>?@@A BB@ BB@ BB@ BB@ BB@ BB@ BB@ BB@ BB@ BB@
C0,$%90**(-7D%',7)(*$7 E@?@@A >@ >@ >@ >@ >@ >@ >@ >@ >@ >@
C0,$%F0*4($7D%5(*+,"37%50+(/($) E>?@@A =@ =@ =@ =@ =@ =@ =@ =@ =@ =@
'"//(*:,0-%G$H.,)(%.)"*/#0)(*%I0$0J(/($)%K0:,-,)2 >@?@@A E@@ E@@ E@@ E@@ E@@ E@@ E@@ E@@ E@@ E@@
.=>13?2>@A1(4 0123(4 0123(5 0123(6 0123(7 0123(8 0123(9 0123(: 0123(; 0123() 0123(4<
K-0)%C0)(%L(*%MC1 N%%%%%%%%%%%>%?@@ N%%%%%%%%%%%>%?>@ N%%%%%%%%%%%B%?@> N%%%%%%%%%%%B%?BB N%%%%%%%%%%%O%?P= N%%%%%%%%%%%Q%?@> N%%%%%%%%%%%Q%?QB N%%%%%%%%%%%R%?OS N%%%%%%%%%E@?O= N%%%%%%%%%EE?OR
!"#$%&'(#$)*&%+, 2'''''''-./.01 2'''''''-3/4-0 2'''''''-5/-61 2'''''''-4/016 2'''''''-6/761 2'''''''8-/736 2'''''''8./41. 2'''''''85/143 2'''''''80/50- 2'''''''.-/736
.=>13?2>@A1(5
M<,7),$J%T(+(-%"&%.(*+,:(%H%1$,)%C0)(%L(*%MC1 N%%%%%%%%%%%E%?@@ N%%%%%%%%%%%E%?@@ N%%%%%%%%%%%E%?>@ N%%%%%%%%%%%E%?>@ N%%%%%%%%%%%E%?>@ N%%%%%%%%%%%E%?>@ N%%%%%%%%%%%=%?@@ N%%%%%%%%%%%=%?@@ N%%%%%%%%%%%=%?@@ N%%%%%%%%%%%=%?>@
!"#$%&'(#$)*&%+, 2'''''''''8/545 2'''''''''8/545 2'''''''''3/1-3 2'''''''''3/1-3 2'''''''''3/1-3 2'''''''''3/1-3 2'''''''''7/.78 2'''''''''7/.78 2'''''''''7/.78 2'''''''''5/561
T(+(-%8%H%M77($),0-%H%1$,)%C0)(%L(*%MC1 N%%%%%%%%%%%=%?>@ N%%%%%%%%%%%=%?>@ N%%%%%%%%%%%B%?@@ N%%%%%%%%%%%B%?>@ N%%%%%%%%%%%O%?>@ N%%%%%%%%%%%O%?>@ N%%%%%%%%%%%O%?>@ N%%%%%%%%%%%O%?>@ N%%%%%%%%%%%O%?>@ N%%%%%%%%%%%O%?>@
!"#$%&'(#$)*&%+, 25/561 25/561 2-5/175 2-4/.63 281/141 2'''''''81/141 2'''''''81/141 2'''''''81/141 2'''''''81/141 2'''''''81/141
T(+(-%8%H%M77($),0-%H%1$,)%C0)(%L(*%MC1%H%17(*%U(&,$(4 N%%%%%%%%%%%=%?>@ N%%%%%%%%%%%P%?>@ N%%%%%%%%%%%S%?>@ N%%%%%%%%%%%>%?>@ N%%%%%%%%%%%B%?>@ N%%%%%%%%%%%O%?@@ N%%%%%%%%%%%O%?@@ N%%%%%%%%%%%O%?@@ N%%%%%%%%%%%O%?@@ N%%%%%%%%%%%O%?@@
!"#$%&'(#$)*&%+, 25/561 26/.55 2-8/138 2-3/4-0 2-4/.63 2-0/4.8 2-0/4.8 2-0/4.8 2-0/4.8 2-0/4.8
T(+(-%88%H%M$60$:(4%H%1$,)%C0)(%L(*%MC1 N%%%%%%%%%%%P%?>@ N%%%%%%%%%%%P%?>@ N%%%%%%%%%%%O%?>@ N%%%%%%%%%%%O%?>@ N%%%%%%%%%%%R%?@@ N%%%%%%%%%EP?@@ N%%%%%%%%%EP?>@ N%%%%%%%%%EP?>@ N%%%%%%%%%EP?>@ N%%%%%%%%%EP?>@
!"#$%&'(#$)*&%+, 2'''''''''6/.55 2'''''''''6/.55 2'''''''81/141 2'''''''81/141 2'''''''83/103 2'''''''.3/400 2'''''''.5/-85 2'''''''.5/-85 2'''''''.5/-85 2'''''''.5/-85
T(+(-%888%H%GL),/0-%H%1$,)%C0)(%L(*%MC1 N%%%%%%%%%EE?@@ N%%%%%%%%%EE?>@ N%%%%%%%%%E>?@@ N%%%%%%%%%E>?>@ N%%%%%%%%%EO?@@ N%%%%%%%%%=B?>@ N%%%%%%%%%=O?>@ N%%%%%%%%%=O?>@ N%%%%%%%%%=O?>@ N%%%%%%%%%=O?>@
!"#$%&'(#$)*&%+, 2'''''''86/3.5 2'''''''.1/443 2'''''''31/-31 2'''''''3-/340 2'''''''37/368 2'''''''41/6-3 2'''''''4./761 2'''''''4./761 2'''''''4./761 2'''''''4./761
'*(0)(4%V2W%I3$,:,L0-%0$4%K,$0$:,0-%.(*+,:(7%F*"3L

!"#$%"&%'($)*(+,--(
90:;%)"%8$4(< .)"*/#0)(*%1),-,)2%.)342%5607(%88
!"#$%&'$()*(+(,-.$(!&//-,0
0123() 0123(4 0123(5 0123(6 0123(7 0123(8 0123(9 0123(: 0123(; 0123()*
=-)(*$0),+(%>
/<=>?@A(B@2>(,2>1 C7D** C7D7* C8D*7 C8D88 C9D54 C:D*7 C:D:8 C;D96 C)*D94 C))D9;
=-)(*$0),+(%?
"E331=>('1F1@
/<=>?@A("?23G1(H13($,& C)D** C)D** C)D7* C)D7* C)D7* C)D7* C4D** C4D** C4D** C4D7*
'1F1@(I(+($JJ1=>K2@
/<=>?@A("?23G1(H13($,& C4D7* C4D7* C8D** C8D7* C9D7* C9D7* C9D7* C9D7* C9D7* C9D7*
'1F1@(I(+($JJ1=>K2@(+(&J13(%1LK=1M
/<=>?@A("?23G1(H13($,& C4D7* C5D7* C6D7* C7D7* C8D7* C9D** C9D** C9D** C9D** C9D**
'1F1@(II(+($=?2=N1M
/<=>?@A("?23G1(H13($,& C5D7* C5D7* C9D7* C9D7* C;D** C)5D** C)5D7* C)5D7* C)5D7* C)5D7*
'1F1@(III(+(OH>KP2@
/<=>?@A("?23G1(H13($,& C))D** C))D7* C)7D** C)7D7* C)9D** C48D7* C49D7* C49D7* C49D7* C49D7*
'*(0)(4%@2A%B3$,:,C0-%0$4%D,$0$:,0-%.(*+,:(7%E*"3C

!"#$%"&%'($)*(+,--(
90:;%)"%8$4(< .)"*/#0)(*%1),-,)2%.)342%5607(%88
.'=>?1@>%AA%B%CDE!=@F%.GC5@>%98@@.%B%F>GH%A
(cid:6) (cid:20) (cid:27) (cid:16) (cid:25) (cid:22) (cid:13) (cid:27) (cid:19) (cid:29) (cid:16) (cid:1) (cid:5)
(cid:9) (cid:26) (cid:26) (cid:16) (cid:22) (cid:27) (cid:19) (cid:13) (cid:20) (cid:1) (cid:1) (cid:12) (cid:26) (cid:16) (cid:25) (cid:3)
(cid:7) (cid:6) (cid:8) (cid:9) (cid:28) (cid:20) (cid:26) (cid:27) (cid:27) (cid:16) (cid:16) (cid:22) (cid:23) (cid:25) (cid:21) (cid:22) (cid:16) (cid:13) (cid:17) (cid:18) (cid:25) (cid:27) (cid:1) (cid:19) (cid:7) (cid:29) (cid:20) (cid:16) (cid:19) (cid:13) (cid:13) (cid:1) (cid:26) (cid:4) (cid:26) (cid:22) (cid:22) (cid:9) (cid:11) (cid:12) (cid:16) (cid:14) (cid:2) (cid:26) (cid:9) (cid:26) (cid:15) (cid:16) (cid:26) (cid:16) (cid:22) (cid:15) (cid:27) (cid:19) (cid:13) (cid:10) (cid:20) (cid:24) (cid:27) (cid:19) (cid:21) (cid:13) (cid:20)
H(7,4($),0- AIJ L%%%%%%%%%%%%%%%%KIJJ L%%%%%%%%%%%%%%%%MIKJ L%%%%%%%%%%%%%%%%MIKJ L%%%%%%%%%%%%%%%%NIKJ L%%%%%%%%%%%%%%AAIJJ
H(7,4($),0- AIK L%%%%%%%%%%%%%%%%OIKJ L%%%%%%%%%%%%%%%%NIOK L%%%%%%%%%%%%%%%%NIOK L%%%%%%%%%%%%%%%%KIMK L%%%%%%%%%%%%%%APIKJ
C3-),BQ0/,-2 JIR L%%%%%%%%%%%%%%%%NIOK L%%%%%%%%%%%%%%%%AIRR L%%%%%%%%%%%%%%%%AIRR L%%%%%%%%%%%%%%%%MIPN L%%%%%%%%%%%%%%%%RIMK
C3-),BQ0/,-2 AJIJ L%%%%%%%%%%%%%%KJIJJ L%%%%%%%%%%%%%%MKIJJ L%%%%%%%%%%%%%%MKIJJ L%%%%%%%%%%%%%%NKIJJ L%%%%%%%%%%%%AAJIJJ
'"//(*:,0-S8$437)*,0- KIJ L%%%%%%%%%%%%%%MKIJJ L%%%%%%%%%%%%%%AMIKJ L%%%%%%%%%%%%%%AMIKJ L%%%%%%%%%%%%%%AOIKJ L%%%%%%%%%%%%%%KKIJJ
'"//(*:,0-S8$437)*,0- OIJ L%%%%%%%%%%%%%%NKIJJ L%%%%%%%%%%%%%%AOIKJ L%%%%%%%%%%%%%%AOIKJ L%%%%%%%%%%%%%%MTIKJ L%%%%%%%%%%%%%%OOIJJ
53U-,:S8$7),)3),"$0- MIJ L%%%%%%%%%%%%%%AJIJJ L%%%%%%%%%%%%%%%%KIJJ L%%%%%%%%%%%%%%%%KIJJ L%%%%%%%%%%%%%%%%OIJJ L%%%%%%%%%%%%%%MMIJJ
53U-,:S8$7),)3),"$0- KIJ L%%%%%%%%%%%%%%MKIJJ L%%%%%%%%%%%%%%AMIKJ L%%%%%%%%%%%%%%AMIKJ L%%%%%%%%%%%%%%AOIKJ L%%%%%%%%%%%%%%KKIJJ
'*(0)(4%U2V%C3$,:,W0-%0$4%Q,$0$:,0-%.(*+,:(7%X*"3W