HomeMy WebLinkAbout07.I.1
City Council Action Request
7.I.
Meeting Date 1/17/2024
Department Public Works
Agenda Category Action Item
Title 2024 Pavement Management – Approve Feasibility Report, Call for
Public Improvement Hearing, and Authorize Preparation of Plans
and Specifications
Staff Recommendation Adopt Resolution 2024-008 approving the Feasibility Report,
establishing a February 7, 2024, Public Hearing Date, and
authorizing the preparation of Plans and Specifications for the 2024
Pavement Management Project.
Budget Implication $1,170,018.26 - Assessments, Utility Funds, Street Reconstruction & Overlay Program, General
Levy
Attachments 1. 2024 Pavement Management CC Memo
2. 2024 Pavement Management Resolution
3. 2024 Pavement Management Feasibility Report
To: Honorable Mayor and City Council
Jennifer Levitt, City Administrator
From: Crystal Raleigh, PE, Assistant City Engineer
Date: January 10, 2024
Re: 2024 Pavement Management – Approve Feasibility Report, Call for Public
Improvement Hearing, and Authorize Preparation of Plans and Specifications
Background
On May 17, 2023, the City Council authorized a feasibility report for the 2024 Pavement
Management Project as outlined in the Capital Improvement Plan, which was discussed at a
Council Workshop on August 16, 2023. Feasibility Reports allow staff to review areas in further
detail to better understand the current state, needs, and economic feasibility of the proposed
areas. As noted during the Council workshop, staff understood that with the addition of Jamaica
Avenue from 80th Street to 90th Street, that there would not be sufficient funding to complete all
of the roadways that were identified as part of authorizing the feasibility report.
On January 3, 2024, a workshop was held with Council to discuss findings of the field review of
the proposed project areas. After taking cores and evaluating the areas further, it was deter-
mined that the roadways in the Thompson Grove Estates neighborhood had enough structural
stability to last another three to five years. Staff walked through three possible project area
scenarios with Council and were provided direction to move forward with the following areas to
be included in the 2024 Pavement Management project:
x Prestige Estates Neighborhood (1st & 2nd Additions and Prestige Estates on
the Park): Streets include Jenner Avenue from 80th Street to Jocelyn Avenue;
Jocelyn Avenue from 80th Street to Jenner Avenue; and 79th Street from Jocelyn
Avenue to Jocelyn Avenue.
x Jamaica Avenue: Jamaica Avenue from 80th Street to 90th Street.
The Prestige Estates roadways listed above are 29 to 34 years old. Jamaica Avenue was
originally constructed 52 years ago but underwent a reclamation, widening, and repaving project
31 years ago. They were recently examined in a variety of ways to determine their condition as
part of the Feasibility Report process. Pavement cores were drilled and extracted in selected
areas to analyze bituminous and aggregate thickness and the structural condition of the
pavement section, and Ground Penetrating Radar (GPR) testing was performed.
In a 2023 visual inspection of Prestige Estate, the roadways showed extensive cracking, ravel-
ing, and continuous patching. The pavement cores showed asphalt stripping and severe degra-
dation. The GPR provided more thorough data on the pavement thickness profile throughout the
neighborhood. Excessive cracking was noted on road surfaces that would typically reflect
through within a year if a mill and overlay project were completed at this time. The curb and gut-
ter are in poor condition with approximately 40 percent of curb requiring replacement.
Honorable Mayor, City Council, and Jennifer Levitt
2024 Pavement Management – Approve of Feasibility Report and Call for Public Improvement Hearing
January 10, 2024
Page 2 of 3
Evaluation of Jamaica Avenue shows severe rutting is present in the wheel paths. The condition
is believed to be limited to the pavement surface and not extending into the subgrade. The rut-
ting creates a safety concern by interfering with snow removal. All pavement cores showed
asphalt stripping and degradation to varying degrees, affecting the strength and durability of the
pavement. The curb and gutter on Jamaica Avenue are generally in good condition.
As with previous pavement management projects, utilities within the project limits were exam-
ined for necessary maintenance. Overall, the utilities were found to be in good condition, but
some maintenance work is required. The top sections of sanitary and storm manhole structures
will be upgraded to meet current City standards, corroded valves will be replaced as necessary,
hydrants will be reconditioned and repainted as necessary, and concrete hydrant pads will be
installed. Additionally, the condition of street light infrastructure was evaluated, and some
improvements are proposed.
A special benefit appraisal was completed in accordance with the City’s policy for those proper-
ties with direct access to the streets included in the project area. A neighborhood meeting will be
held in late-January 2024 to discuss the various improvements proposed, the findings of the
special benefit appraisal, and the proposed assessments.
Discussion
Due to the age and poor condition of the pavement in Prestige Estates, along with good sub-
grade soils, a full pavement and curb replacement is recommended for the Prestige Estates
project area as outlined above. Minor utility maintenance is also recommended including sani-
tary and storm sewer structure upgrades, and miscellaneous repairs and valve reviews for op-
erability and corrosion. Additionally, the existing street light wire, located immediately adjacent
to existing curb, is recommended to be replaced within a conduit.
Several pavement rehabilitation methods were evaluated for Jamaica Avenue including a stabi-
lized full depth reclamation (SFDR), full pavement replacement, and a mill and overlay. While
SFDR is warranted, budgetary constraints and future reconstruction of Jamaica Avenue make a
2-inch mill and overlay a better financial decision, while extending the life of the roadway until
such time that the roadway is reconstructed. Curb replacement is not proposed except in areas
where pedestrian ramps will be replaced to meet current ADA standards. Minor utility mainte-
nance is also recommended including sanitary and storm sewer structure upgrades, and miscel-
laneous repairs and valve reviews for operability and corrosion. Additionally, the existing street
light wire within a portion of the project is in poor condition and recommended for replacement.
Feasibility Report: Based on the Council’s previous action, a feasibility report has been
prepared. Upon this analysis, the project is felt to be physically and financially feasible. The fea-
sibility report is enclosed for the Council’s review.
Call for Public Improvement Hearing: The public improvements associated with the 2024
Pavement Management Project will benefit properties in the project area. Therefore, for the
costs to be assessed to all benefited properties, it will be necessary to hold a public hearing for
the project. A hearing date of February 7, 2024, will afford the necessary time to hold a neigh-
borhood meeting, publish legal notices, and send out letters to the affected property owners.
Honorable Mayor, City Council, and Jennifer Levitt
2024 Pavement Management – Approve of Feasibility Report and Call for Public Improvement Hearing
January 10, 2024
Page 3 of 3
Summary of Road and Infrastructure Improvements: The rehabilitation method proposed for
the residential roadways in the Prestige Estates 1st, 2nd, and Prestige Estates on the Park Ad-
ditions is to remove the existing asphalt surface and replace it with a new surface. This new sur-
face will consist of two lifts of bituminous totaling 3.5 inches of pavement. Full curb replacement
throughout the area will also be completed. Finally, minor utility improvements for sanitary
sewer, water, stormwater, and lighting systems will also be included. The total estimated project
cost for the neighborhood is $1,170,018.26.
As noted above, the rehabilitation method proposed for Jamaica Avenue from 80th Street to
90th Street is to mill the top 2 inches of asphalt pavement and repave 2 inches. Generally, the
curb will remain in place. Minor utility improvements for sanitary sewer, water, stormwater, and
lighting systems will be included in the project. The total estimated project cost for Jamaica
Avenue is $2,033,802.51, and this portion of the project will be designed and bid separately
from the Prestige Estates neighborhood.
Assessments for this project will be based on the “Infrastructure Maintenance Task Force Spe-
cial Assessment Policy for Public Improvements,” dated September 30, 2005, revised October
31, 2023. The assessment policy states that mill and overlay projects are considered minor
maintenance and are therefore not assessable. The feasibility report recommends that all prop-
erties adjacent to the Prestige Estates project be assessed. The policy allows 45 percent of
adjacent costs to be assessed to residential properties.
The potential assessment for the Prestige Estates improvements listed above is estimated at
$6,647.65 per residential building lot equivalent (RBLE). Single-family residential is assessed at
a rate of 1.0 of the RBLE. The special benefit appraisal that was completed showed a benefit of
$7,500 per residential unit, which supports the proposed assessment.
Project Funding Analysis: As noted above, the total estimated project cost for the street and
utility work in the Prestige Estates neighborhood is $1,170,018.26. According to the City’s
policy, 45 percent of the total project cost for road work and utilities is assessed against the
benefiting residential properties. As such, the improvements in the Prestige Estates 1st, 2nd,
and Prestige Estates on the Park Additions would be assessed following this policy. The total
project value that is assessed is $525,164.19. The remainder of the project costs are proposed
to be funded through utility funds and the general levy.
The total estimated project cost for the mill and overlay along Jamaica Avenue is $2,033,802.51.
This project will be funded through the City’s Street Reconstruction and Overlay Bond program.
This maintenance project will not be funded with assessments.
The improvements to be completed as part of the 2024 Pavement Management project are
estimated to total $1,170,018.26. The Cost Estimate Summary can be viewed in Appendix B of
the Feasibility Report.
Recommendation
It is recommended the City Council adopt Resolution 2024-008 approving the feasibility report,
establishing a February 7, 2024, public hearing date, and authorizing the preparation of Plans
and Specifications for the 2024 Pavement Management Project.
CITY OF COTTAGE GROVE, MINNESOTA
CITY COUNCIL
RESOLUTION 2024-008
RESOLUTION APPROVING THE FEASIBILITY REPORT, CALLING FOR
A PUBLIC HEARING, AND AUTHORIZING THE PREPARATION OF PLANS AND
SPECIFICATIONS FOR THE 2024 PAVEMENT MANAGEMENT PROJECT
WHEREAS, pursuant to the resolution adopted by the City Council on May 17, 2023, a
feasibility report was authorized to be prepared by Bolton & Menk, Inc. for the 2024 Pavement
Management Project; and
WHEREAS, the feasibility report has been prepared and does find the construction of said
improvements to be necessary, cost-effective, and feasible; and
WHEREAS, the City desires to assess the cost of said improvements to all benefited
properties.
NOW, THEREFORE BE IT RESOLVED, the City Council of the City of Cottage Grove,
Washington County, Minnesota,
1. The feasibility report, which was prepared pursuant to Resolution No. 2023-071 for
the 2024 Pavement Management Project, finds the improvements to be necessary,
cost effective, and feasible and is hereby approved.
2. The City Council will consider the improvement of such streets, curb replacement,
sanitary sewer, water main, storm sewer and lighting, in accordance with the
feasibility report and the assessment of benefitting property for all or a portion of the
cost of the improvement pursuant to Minnesota Statutes, Chapter 429, at an
estimated total cost of the improvements of $1,170,018.26.
3. A public hearing shall be held on such proposed improvements on the 7th day of
February 2024 at 7:00 p.m. and the Clerk shall give mailed and published notice of
such hearing and improvement as required by law.
4. Bolton & Menk, Inc. is hereby designated as the engineer for this improvement. The
engineer shall prepare plans and specifications for the making of such
improvement.
Passed this 17th day of January 2024.
Myron Bailey, Mayor
Attest:
Tamara Anderson, City Clerk
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tĂƚĞƌŵĂŝŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯ
^ƚŽƌŵ^ĞǁĞƌ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯ
///͘džŝƐƚŝŶŐŽŶĚŝƚŝŽŶƐʹ:ĂŵĂŝĐĂǀĞŶƵĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯ
^ƚƌĞĞƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯ
^ĂŶŝƚĂƌLJ^ĞǁĞƌ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰ
tĂƚĞƌŵĂŝŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰ
^ƚŽƌŵ^ĞǁĞƌ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ
/s͘WƌŽƉŽƐĞĚŝŵƉƌŽǀĞŵĞŶƚƐʹWƌĞƐƚŝŐĞƐƚĂƚĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ
^ƚƌĞĞƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ
^ƚƌĞĞƚ>ŝŐŚƚŝŶŐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ
^ĂŶŝƚĂƌLJ^ĞǁĞƌ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲ
tĂƚĞƌDĂŝŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲ
^ƚŽƌŵ^ĞǁĞƌ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲ
^ƚŽƌŵtĂƚĞƌYƵĂůŝƚLJĂŶĚYƵĂŶƚŝƚLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲ
s͘WƌŽƉŽƐĞĚ/ŵƉƌŽǀĞŵĞŶƚƐʹ:ĂŵĂŝĐĂǀĞŶƵĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲ
^ƚƌĞĞƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲ
tĂůŬǁĂLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳ
^ƚƌĞĞƚůŝŐŚƚŝŶŐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳ
^ĂŶŝƚĂƌLJ^ĞǁĞƌ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳ
tĂƚĞƌDĂŝŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳ
^ƚŽƌŵ^ĞǁĞƌ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴ
^ƚŽƌŵtĂƚĞƌYƵĂůŝƚLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴ
s/͘WĞƌŵŝƚƐĂŶĚĂƐĞŵĞŶƚZĞƋƵŝƌĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴ
s//͘ƐƚŝŵĂƚĞĚŽƐƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴ
ŽƐƚůůŽĐĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ
s///͘&ŝŶĂŶĐŝŶŐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬ
/y͘WƵďůŝĐ,ĞĂƌŝŶŐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭ
y͘WƌŽũĞĐƚ^ĐŚĞĚƵůĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭ
y/͘ŽŶĐůƵƐŝŽŶĂŶĚZĞĐŽŵŵĞŶĚĂƚŝŽŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭ
dĂďůĞƐ
dĂďůĞϮ͘ϭʹWƌĞƐƚŝŐĞƐƚĂƚĞƐdžŝƐƚŝŶŐ^ƚƌĞĞƚ^ĞĐƚŝŽŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯ
dĂďůĞϯ͘ϭʹ:ĂŵĂŝĐĂǀĞŶƵĞdžŝƐƚŝŶŐ^ƚƌĞĞƚ^ĞĐƚŝŽŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰ
dĂďůĞϳ͘ϭʹƐƚŝŵĂƚĞĚŽƐƚ^ƵŵŵĂƌLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴ
dĂďůĞϳ͘ϮʹŝƚLJWƌŽƉĞƌƚLJƐƐĞƐƐŵĞŶƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ
dĂďůĞϳ͘ϯʹĞĚƵĐƚŝŽŶƐƚŽZĞƐŝĚĞŶƚŝĂůWƌŽƉĞƌƚLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ
dĂďůĞϳ͘ϰʹƐƚŝŵĂƚĞĚŽƐƚůůŽĐĂƚŝŽŶWĞƌWŽůŝĐLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬ
dĂďůĞϳ͘ϱʹƐƚŝŵĂƚĞĚŽƐƚWĞƌZĞƐŝĚĞŶƚŝĂůhŶŝƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬ
dĂďůĞϳ͘ϲʹ/Dd&ŽƐƚ^ƵŵŵĂƌLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬ
dĂďůĞϭϭ͘ϭʹŽƐƚWĞƌhŶŝƚŽŵƉĂƌŝƐŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮ
ϮϬϮϰWĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚۣϬEϭ͘ϭϯϬϴϱϴ dĂďůĞŽĨŽŶƚĞŶƚƐ
ƉƉĞŶĚŝdž
ƉƉĞŶĚŝdž͗džŝƐƚŝŶŐWĂǀĞŵĞŶƚŽŶĚŝƚŝŽŶWŚŽƚŽƐ
ƉƉĞŶĚŝdž͗ŽƐƚƐƚŝŵĂƚĞ^ƵŵŵĂƌLJ
ƉƉĞŶĚŝdž͗WƌĞůŝŵŝŶĂƌLJƐƐĞƐƐŵĞŶƚZŽůů
ƉƉĞŶĚŝdž͗WƌĞƐƚŝŐĞƐƚĂƚĞƐ'ĞŽƚĞĐŚZĞƉŽƌƚ
ƉƉĞŶĚŝdž͗:ĂŵĂŝĐĂǀĞŶƵĞ'ĞŽƚĞĐŚZĞƉŽƌƚ
&ŝŐƵƌĞƐ
&ŝŐƵƌĞϭ͗>ŽĐĂƚŝŽŶDĂƉ
&ŝŐƵƌĞϮ͗zĞĂƌŽŶƐƚƌƵĐƚĞĚWƌĞƐƚŝŐĞƐƚĂƚĞƐ
&ŝŐƵƌĞϮ͗zĞĂƌŽŶƐƚƌƵĐƚĞĚ:ĂŵĂŝĐĂǀĞŶƵĞ
&ŝŐƵƌĞϯ͗^ƚƌĞĞƚĂŶĚ>ŝŐŚƚŝŶŐ/ŵƉƌŽǀĞŵĞŶƚƐWƌĞƐƚŝŐĞƐƚĂƚĞƐ
&ŝŐƵƌĞϯ͗^ƚƌĞĞƚĂŶĚ>ŝŐŚƚŝŶŐ/ŵƉƌŽǀĞŵĞŶƚƐ:ĂŵĂŝĐĂǀĞŶƵĞ
&ŝŐƵƌĞϰ͗hƚŝůŝƚLJ/ŵƉƌŽǀĞŵĞŶƚƐWƌĞƐƚŝŐĞƐƚĂƚĞƐ
&ŝŐƵƌĞϰ͗hƚŝůŝƚLJ/ŵƉƌŽǀĞŵĞŶƚƐ:ĂŵĂŝĐĂǀĞŶƵĞ
&ŝŐƵƌĞϱ͗ƐƐĞƐƐĂďůĞWĂƌĐĞůƐWƌĞƐƚŝŐĞƐƚĂƚĞƐ
ϮϬϮϰWĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚۣϬEϭ͘ϭϯϬϴϱϴ WĂŐĞϭ
/͘/EdZKhd/KE
dŚĞWƌĞƐƚŝŐĞƐƚĂƚĞƐŶĞŝŐŚďŽƌŚŽŽĚĂŶĚ:ĂŵĂŝĐĂǀĞŶƵĞĨƌŽŵϴϬƚŚ^ƚƌĞĞƚƚŽϵϬƚŚ^ƚƌĞĞƚĂŶĚŚĂǀĞ
ďĞĞŶŝĚĞŶƚŝĨŝĞĚĂƐĐĂŶĚŝĚĂƚĞƐĨŽƌƌĞŚĂďŝůŝƚĂƚŝŽŶĚƵƌŝŶŐƚŚĞϮϬϮϰĐŽŶƐƚƌƵĐƚŝŽŶƐĞĂƐŽŶĂƐĂƉĂƌƚŽĨ
ƚŚĞŝƚLJŽĨŽƚƚĂŐĞ'ƌŽǀĞΖƐŽŶŐŽŝŶŐƌŽĂĚǁĂLJƌĞŚĂďŝůŝƚĂƚŝŽŶƉƌŽŐƌĂŵ͘dŚĞŝƚLJŽƵŶĐŝůĂƵƚŚŽƌŝnjĞĚ
ƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚŝƐƌĞƉŽƌƚƚŽĚĞƚĞƌŵŝŶĞƚŚĞĨĞĂƐŝďŝůŝƚLJŽĨƌĞŚĂďŝůŝƚĂƚŝŶŐƚŚĞƐĞƐƚƌĞĞƚƐĂƐƉĂƌƚŽĨƚŚĞ
ϮϬϮϰWĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚWƌŽũĞĐƚ͘
dŚĞƉƵƌƉŽƐĞŽĨƚŚŝƐƌĞƉŽƌƚŝƐƚŽĨƵƌƚŚĞƌĞǀĂůƵĂƚĞƚŚĞǁŽƌŬƌĞƋƵŝƌĞĚĨŽƌĂƉŽƚĞŶƚŝĂůƐƚƌĞĞƚ
ƌĞŚĂďŝůŝƚĂƚŝŽŶƉƌŽũĞĐƚ͕ƚŽƉƌŽǀŝĚĞĂŶĞƐƚŝŵĂƚĞŽĨĐŽƐƚ͕ĂŶĚƚŽĞƐƚĂďůŝƐŚĂŵĞƚŚŽĚŽĨĐŽƐƚĂůůŽĐĂƚŝŽŶ
ŽƌĂƐƐĞƐƐŵĞŶƚŝŶŽƌĚĞƌƚŽĚĞƚĞƌŵŝŶĞƚŚĞƉŚLJƐŝĐĂůĂŶĚĞĐŽŶŽŵŝĐĨĞĂƐŝďŝůŝƚLJ͘
dŚĞƉƌŽũĞĐƚůŽĐĂƚŝŽŶƐĂƌĞƐŚŽǁŶŽŶ&ŝŐƵƌĞϭ͘
dŚŝƐĨĞĂƐŝďŝůŝƚLJƌĞƉŽƌƚĞdžĂŵŝŶĞƐƚŚĞĨŽůůŽǁŝŶŐƐƚƌĞĞƚƐĞŐŵĞŶƚƐ͗
WƌĞƐƚŝŐĞƐƚĂƚĞƐϭƐƚĂŶĚϮŶĚĚĚŝƚŝŽŶƐĂŶĚWƌĞƐƚŝŐĞƐƚĂƚĞƐŽŶƚŚĞWĂƌŬ
ϭ͘:ĞŶŶĞƌǀĞŶƵĞ͕ĨƌŽŵϴϬƚŚ^ƚƌĞĞƚƚŽ:ŽĐĞůLJŶǀĞŶƵĞ
Ϯ͘:ŽĐĞůLJŶǀĞŶƵĞ͕ĨƌŽŵϴϬƚŚ^ƚƌĞĞƚƚŽ:ĞŶŶĞƌǀĞŶƵĞ
ϯ͘ϳϵƚŚ^ƚƌĞĞƚ͕ĨƌŽŵ:ŽĐĞůLJŶǀĞŶƵĞƚŽ:ŽĐĞůLJŶǀĞŶƵĞ
:ĂŵĂŝĐĂǀĞŶƵĞ
ϭ͘:ĂŵĂŝĐĂǀĞŶƵĞ͕ĨƌŽŵϴϬƚŚ^ƚƌĞĞƚƚŽϵϬƚŚ^ƚƌĞĞƚ
/ĨƚŚĞŝƚLJĚĞĐŝĚĞƐƚŽƉƌŽĐĞĞĚǁŝƚŚƚŚĞƉƌŽƉŽƐĞĚƐƚƌĞĞƚĂŶĚƵƚŝůŝƚLJŝŵƉƌŽǀĞŵĞŶƚƐĂƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐ
ƌĞƉŽƌƚ͕ŝƚŝƐĂŶƚŝĐŝƉĂƚĞĚĐŽŶƐƚƌƵĐƚŝŽŶǁŽƵůĚďĞŐŝŶŝŶϮϬϮϰĂƐƐŚŽǁŶŝŶƚŚĞĚĞƚĂŝůĞĚƉƌŽũĞĐƚƐĐŚĞĚƵůĞ
ĨŽƵŶĚŽŶƉĂŐĞϭϭ͘
//͘y/^d/E'KE/d/KE^ʹWZ^d/'^dd^
^dZd^
dŚĞƐƚƌĞĞƚƐǁŝƚŚŝŶƚŚŝƐŶĞŝŐŚďŽƌŚŽŽĚĂƌĞƵƌďĂŶͲƌĞƐŝĚĞŶƚŝĂůĂŶĚĂƌĞŐĞŶĞƌĂůůLJϯϮĨĞĞƚǁŝĚĞ;ĨƌŽŵ
ĨĂĐĞŽĨĐƵƌďƚŽĨĂĐĞŽĨĐƵƌďͿǁŝƚŚƐƵƌŵŽƵŶƚĂďůĞĐŽŶĐƌĞƚĞĐƵƌďĂ ŶĚŐƵƚƚĞƌ͘dŚĞƐƚƌĞĞƚƐǁĞƌĞŽƌŝŐŝŶĂůůLJ
ĐŽŶƐƚƌƵĐƚĞĚďĞƚǁĞĞŶϭϵϵϬĂŶĚϭϵϵϱ͘dŚĞƉĂǀĞŵĞŶƚƐĞĐƚŝŽŶƐǁĞƌĞĚĞƐŝŐŶĞĚƚŽďĞĂƉƉƌŽdžŝŵĂƚĞůLJ
ϯͲŝŶĐŚĞƐŽĨďŝƚƵŵŝŶŽƵƐŽǀĞƌϲͲŝŶĐŚĞƐŽĨĂŐŐƌĞŐĂƚĞďĂƐĞ͘ƵĞƚŽĞdžƚĞŶƐŝǀĞƐƵƌĨĂĐĞƌĂǀĞůŝŶŐĂŶĚ
ĚĞƚĞƌŝŽƌĂƚŝŽŶ͕ĂƚŚŝŶŽǀĞƌůĂLJĂĐƌŽƐƐƚŚĞĞŶƚŝƌĞǁŝĚƚŚŽĨƚŚĞƌŽĂĚǁĂƐƉĞƌĨŽƌŵĞĚŝŶƉŝĞĐĞƐďLJƉƵďůŝĐ
ǁŽƌŬƐƐƚĂĨĨŝŶϮϬϭϮĂŶĚϮϬϭϯŽŶ:ĞŶŶĞƌǀĞŶƵĞ͕ϳϵƚŚ^ƚƌĞĞƚ͕ĂŶĚƉĂƌƚŽĨ:ŽĐĞůLJŶǀĞŶƵĞ͘&ŝŐƵƌĞϮ
ĚĞƉŝĐƚƐƚŚĞĂŐĞŽĨƚŚĞƐƚƌĞĞƚƐ͘
'ĞŽƚĞĐŚŶŝĐĂůƚĞƐƚŝŶŐǁĂƐĐŽŵƉůĞƚĞĚŝŶϮϬϭϲƚŽĞǀĂůƵĂƚĞƉĂǀĞŵĞŶƚƐĞĐƚŝŽŶƚŚŝĐŬŶĞƐƐĂŶĚĞǀĂůƵĂƚĞ
ƚŚĞƉĂǀĞŵĞŶƚĐŽŶĚŝƚŝŽŶ͘ŽƌŝŶŐŽĨƚŚĞƉĂǀĞŵĞŶƚǁĂƐƉĞƌĨŽƌŵĞĚƚŽĚĞƚĞƌŵŝŶĞƚŚĞƚŚŝĐŬŶĞƐƐŽĨƚŚĞ
ĞdžŝƐƚŝŶŐƐƚƌĞĞƚƐĞĐƚŝŽŶƐĂŶĚĞǀĂůƵĂƚĞƚŚĞĐŽŶĚŝƚŝŽŶŽĨƚŚĞŝŶͲƉůĂĐĞďŝƚƵŵŝŶŽƵƐ͘dĂďůĞϮ͘ϭďĞůŽǁ
ƐƵŵŵĂƌŝnjĞƐƚŚŽƐĞƌĞƐƵůƚƐ͘
ŽƌĞƐǁĞƌĞƚĂŬĞŶĂƚƚŚƌĞĞůŽĐĂƚŝŽŶƐƚŽĞǀĂůƵĂƚĞƉĂǀĞŵĞŶƚĐŽŶĚŝƚŝŽŶ͘&ƌŽŵƚŚĞĐŽƌĞƐ͕ƚŚĞĂǀĞƌĂŐĞ
ƐĞĐƚŝŽŶǁŝƚŚŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚĐŽŶƐŝƐƚƐŽĨĂƉƉƌŽdžŝŵĂƚĞůLJϰ͘ϱͲŝŶĐŚĞƐŽĨďŝƚƵŵŝŶŽƵƐŽǀĞƌϴͲŝŶĐŚĞƐ
ŽĨďĂƐĞ͘dŚĞƚŚŝĐŬĞƌƚŚĂŶĞdžƉĞĐƚĞĚďŝƚƵŵŝŶŽƵƐŝƐĚƵĞƚŽŵƵůƚŝƉůĞƐĞĂůĐŽĂƚĂƉƉůŝĐĂƚŝŽŶƐĂŶĚƚŚŝŶ
ŽǀĞƌůĂLJƐ͘
ϮϬϮϰWĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚۣϬEϭ͘ϭϯϬϴϱϴ WĂŐĞϮ
dĂďůĞϮ͘ϭʹWƌĞƐƚŝŐĞƐƚĂƚĞƐdžŝƐƚŝŶŐ^ƚƌĞĞƚ^ĞĐƚŝŽŶƐ
EŽ͘ >ŽĐĂƚŝŽŶ
ŝƚƵŵŝŶŽƵƐ
;ŝŶͿ
ŐŐƌĞŐĂƚĞ
ĂƐĞ;ŝŶͿϭ
ŽŶĚŝƚŝŽŶ
Ͳϰ :ĞŶŶĞƌǀĞŶƵĞ ϱ͘ϬϬ E
Ϯ ^ůŝŐŚƚʹŵŽĚĞƌĂƚĞƐƚƌŝƉƉŝŶŐ
Ͳϱ ϳϵ
ƚŚ^ƚƌĞĞƚ ϰ͘ϱϬ ϳ͘ϱϬ ^ĞǀĞƌĞƐƚƌŝƉƉŝŶŐ͕ďƌŽŬĞŶ
Ͳϲ :ŽĐĞůLJŶǀĞŶƵĞ ϰ͘ϬϬ ϴ͘ϱϬ DŽĚĞƌĂƚĞƐƚƌŝƉƉŝŶŐ͕ďƌŽŬĞŶ
ǀĞƌĂŐĞ ϰ͘ϱϬ ϴ͘ϬϬ
ŐŐƌĞŐĂƚĞďĂƐĞĚĞƉƚŚƐĐĂŶďĞĚŝĨĨŝĐƵůƚƚŽŵĞĂƐƵƌĞǁŝƚŚŐƌĂŶƵůĂƌƐƵďŐƌĂĚĞƐ
ŐŐƌĞŐĂƚĞďĂƐĞŶŽƚĐŽŶƐŝƐƚĞŶƚǁŝƚŚŽƚŚĞƌůŽĐĂƚŝŽŶƐ͘^ŽŝůĞŶĐŽƵŶƚĞƌĞĚǁĂƐŐƌĂŶƵůĂƌǁŝƚŚŶŽĐƌƵƐŚĞĚ
ůŝŵĞƐƚŽŶĞƉƌĞƐĞŶƚ͘
ůůŽĨƚŚĞĐŽƌĞƐĚŝƐƉůĂLJĞĚĚĞŐƌĂĚĂƚŝŽŶĚƵĞƚŽƐƚƌŝƉƉŝŶŐ͘^ƚƌŝƉƉŝŶŐŝƐŐĞŶĞƌĂůůLJĚĞƐĐƌŝďĞĚĂƐƚŚĞ
ƐĞƉĂƌĂƚŝŽŶŽĨĂƐƉŚĂůƚĐĞŵĞŶƚĨƌŽŵƚŚĞĂŐŐƌĞŐĂƚĞĚƵĞƚŽŵŽŝƐƚƵƌĞ͕ǁŚŝĐŚĚĞŐƌĂĚĞƐƚŚĞĚƵƌĂďŝůŝƚLJŽĨ
ƚŚĞƉĂǀĞŵĞŶƚ͘^ĞĞƉƉĞŶĚŝdžĂŶĚƉƉĞŶĚŝdžĨŽƌƉŚŽƚŽƐŽĨƐƚƌŝƉƉŝŶŐ͘dǁŽŽĨƚŚĞĐŽƌĞƐǁĞƌĞŶŽƚĞĚ
ĂƐďƌŽŬĞŶ͕ŵĞĂŶŝŶŐƚŚĞƐƚƌŝƉƉŝŶŐǁĂƐƐĞǀĞƌĞĞŶŽƵŐŚƚŚĂƚƚŚĞƚŽƉůĂLJĞƌŽĨďŝƚƵŵŝŶŽƵƐĨĞůůĂƉĂƌƚĂƐ
ƚŚĞĐŽƌĞǁĂƐĞdžƚƌĂĐƚĞĚ͘dŚĞůŽĐĂƚŝŽŶƐŽĨƐƚƌŝƉƉŝŶŐŐĞŶĞƌĂůůLJĐŽŝŶĐŝĚĞĚǁŝƚŚĂƌĞĂƐǁŚĞƌĞWƵďůŝĐ
tŽƌŬƐŚĂƐƉĞƌĨŽƌŵĞĚĞdžƚĞŶƐŝǀĞŵĂŝŶƚĞŶĂŶĐĞǀŝĂƐŬŝŶƉĂƚĐŚŽǀĞƌůĂLJƐĂŶĚƉĂƚĐŚŝŶŐ͕ǁŚĞƌĞĂƐĂƌĞĂƐ
ǁŝƚŚƐůŝŐŚƚƐƚƌŝƉƉŝŶŐŵĂLJŶŽƚďĞǀŝƐŝďůĞĂƚƚŚĞƉĂǀĞŵĞŶƚƐƵƌĨĂĐĞ͘
ǀŝƐƵĂůŝŶƐƉĞĐƚŝŽŶǁĂƐƉĞƌĨŽƌŵĞĚŝŶϮϬϮϯƚŽĞǀĂůƵĂƚĞƉĂǀĞŵĞŶƚƐƵƌĨĂĐĞĐŽŶĚŝƚŝŽŶƐ͘dŚĞƌŽĂĚǁĂLJƐ
ƐŚŽǁĞĚĞdžƚĞŶƐŝǀĞĐƌĂĐŬŝŶŐ͕ƌĂǀĞůŝŶŐ͕ĂŶĚĐŽŶƚŝŶƵŽƵƐƉĂƚĐŚŝŶŐ͘ƉƉĞŶĚŝdžƐŚŽǁƐƚŚĞĞdžƚĞŶƚŽĨƚŚĞ
ƐƵƌĨĂĐĞĚĞŐƌĂĚĂƚŝŽŶĂŶĚĞdžƚĞŶƐŝǀĞƉĂƚĐŚŝŶŐĂůŽŶŐĞĂĐŚŽĨƚŚĞƌŽĂĚǁĂLJƐ͘hŶĚĞƌŶĞĂƚŚƚŚĞƐƵƌĨĂĐĞŽĨ
ƚŚĞƌŽĂĚ͕ƚŚĞĐŽƌĞƐĚŝƐƉůĂLJƐĞǀĞƌĞĚĞŐƌĂĚĂƚŝŽŶŝŶĂůůůĂLJĞƌƐŽĨƚŚĞƉĂǀĞŵĞŶƚ͘/ŶƉƉĞŶĚŝdž͕ƐĞǀĞƌĂů
ŽĨƚŚĞƉĂǀĞŵĞŶƚĐŽƌĞƐƐĞƉĂƌĂƚĞĚĂĨƚĞƌƌĞŵŽǀĂů͘dŚĞŵĂũŽƌŝƚLJŽĨƚŚĞƐĞĐŽƌĞƐĐŽŶƐŝƐƚŽĨĂƚŽƉƚŚŝŶ
ƐĞĐƚŝŽŶĨƌŽŵĂƐĞĂůĐŽĂƚŽƌŽǀĞƌůĂLJ͕ĂŶĚƚŚĞŶĂŶƵŶĚĞƌůLJŝŶŐƐĞĐƚŝŽŶƚŚĂƚŚĂƐƐĞǀĞƌĞůLJĚĞƚĞƌŝŽƌĂƚĞĚ
ƚŽƚŚĞƉŽŝŶƚƚŚĂƚĐŽƌĞŝƐŶŽůŽŶŐĞƌŝŶƚĂĐƚ͘
dŚĞĞdžŝƐƚŝŶŐĐŽŶĐƌĞƚĞĐƵƌďĂŶĚŐƵƚƚĞƌǁŝƚŚŝŶƚŚĞWƌĞƐƚŝŐĞƐƚĂƚĞƐEĞŝŐŚďŽƌŚŽŽĚŝƐŝŶƉŽŽƌĐŽŶĚŝƚŝŽŶ
ĂƐĂǁŚŽůĞ͕ƌĞƋƵŝƌŝŶŐĂƉƉƌŽdžŝŵĂƚĞůLJϯϵйƚŽďĞƌĞŵŽǀĞĚĂŶĚƌĞƉůĂĐĞĚ͘ƵĞƚŽƚŚĞĞdžŝƐƚŝŶŐĐŽŶĚŝƚŝŽŶ͕
ĨƵůůĐƵƌďĂŶĚŐƵƚƚĞƌƌĞƉůĂĐĞŵĞŶƚǁŽƵůĚďĞƌĞĐŽŵŵĞŶĚĞĚ͘ůƚŚŽƵŐŚƚŚĞĐƵƌƌĞŶƚĐŽŶĚŝƚŝŽŶŽĨƚŚĞ
ƌŽĂĚƐƵƌĨĂĐĞŝƐƉŽŽƌ͕ŝƚŚĂƐƐĞƌǀĞĚŝƚƐƵƐĞĨƵůůŝĨĞĐŽŶƐŝĚĞƌŝŶŐŝƚ͛ƐϮϵƚŽϯϰLJĞĂƌƐŽůĚ͘
^E/dZz^tZ
dŚĞƐĂŶŝƚĂƌLJƐĞǁĞƌƐLJƐƚĞŵǁŝƚŚŝŶWƌĞƐƚŝŐĞƐƚĂƚĞƐǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶƚŚĞĞĂƌůLJƚŽŵŝĚͲϭϵϵϬƐ͘dŚĞ
ĞdžŝƐƚŝŶŐƐĂŶŝƚĂƌLJƐĞǁĞƌĐŽŶƐŝƐƚƐŽĨϴͲŝŶĐŚWŽůLJǀŝŶLJůWŝƉĞ;WsͿ͘
^ĂŶŝƚĂƌLJƐĞǁĞƌƐƚƌƵĐƚƵƌĞƐǁĞƌĞŝŶƐƉĞĐƚĞĚŝŶϮϬϭϲĂŶĚĂŐĂŝŶŝŶϮϬϮϯ͘DŝƐĐĞůůĂŶĞŽƵƐƐƚƌƵĐƚƵƌĞƌĞƉĂŝƌƐ
ƐƵĐŚĂƐĂĚũƵƐƚŝŶŐƐƚƌƵĐƚƵƌĞĐĂƐƚŝŶŐƐ͕ĂĚĚŝŶŐďĂƌƌĞůƐĞĐƚŝŽŶƐ͕ĂŶĚƌĞƉůĂĐŝŶŐĂĐŽŶĞƐĞĐƚŝŽŶǁĞƌĞŶŽƚĞĚ
ĚƵƌŝŶŐƚŚĞŝŶƐƉĞĐƚŝŽŶƌĞƉŽƌƚƐ͘
dŚĞĞdžŝƐƚŝŶŐƐĂŶŝƚĂƌLJƐĞǁĞƌǁĂƐƚĞůĞǀŝƐĞĚŝŶϮϬϭϲƚŽĞǀĂůƵĂƚĞƉŝƉĞĐŽŶĚŝƚŝŽŶ͘dŚĞƚĞůĞǀŝƐŝŶŐƌĞƉŽƌƚƐ
ƐŚŽǁƚŚĂƚƚŚĞƉŝƉĞŝƐŐĞŶĞƌĂůůLJŝŶŐŽŽĚĐŽŶĚŝƚŝŽŶ͘dŚĞƚĞůĞǀŝƐŝŶŐĚŝĚŶŽƚŝŶĚŝĐĂƚĞĂŶLJŶĞĞĚƐĨŽƌ
ŵĂŝŶƚĞŶĂŶĐĞĂƚƚŚĞƚŝŵĞ͕ĂŶĚƐŝŶĐĞƐƚƌƵĐƚƵƌĞŝŶƐƉĞĐƚŝŽŶƐĚŝĚŶ͛ƚƌĞǀĞĂůĂŶLJŵĞĂŶŝŶŐĨƵůĐŚĂŶŐĞƐƐŝŶĐĞ
ϮϬϭϲ͕ƚŚĞƉŝƉĞƐǁĞƌĞŶŽƚƌĞͲƚĞůĞǀŝƐĞĚ͘
tdZD/E
dŚĞǁĂƚĞƌŵĂŝŶǁŝƚŚŝŶƚŚĞƉƌŽũĞĐƚĂƌĞĂĐŽŶƐŝƐƚƐƉƌŝŵĂƌŝůLJŽĨϲͲŝŶĐŚĚŝĂŵĞƚĞƌĚƵĐƚŝůĞŝƌŽŶƉŝƉĞ;/WͿ͘
dŚĞǁĂƚĞƌŵĂŝŶǁĂƐĐŽŶƐƚƌƵĐƚĞĚďĞƚǁĞĞŶϭϵϵϬĂŶĚϭϵϵϱ͘
dŚĞǁĂƚĞƌŵĂŝŶŝƐďĞůŝĞǀĞĚƚŽďĞŝŶŐŽŽĚĐŽŶĚŝƚŝŽŶĂŶĚŽŶůLJŶĞĞĚŝŶŐƐŽŵĞŵŝŶŽƌŵĂŝŶƚĞŶĂŶĐĞ͘
WƵďůŝĐtŽƌŬƐŬĞĞƉƐƌĞĐŽƌĚƐŽĨǁĂƚĞƌŵĂŝŶďƌĞĂŬƐĂŶĚĚƵĞƚŽƚŚĞƌĞůĂƚŝǀĞŝŶĨƌĞƋƵĞŶĐLJǁŝƚŚŝŶƚŚĞ
ϮϬϮϰWĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚۣϬEϭ͘ϭϯϬϴϱϴ WĂŐĞϯ
ŶĞŝŐŚďŽƌŚŽŽĚ͕ƌĞƉůĂĐĞŵĞŶƚŝƐŶŽƚǁĂƌƌĂŶƚĞĚĂƚƚŚŝƐƚŝŵĞ͘WƵďůŝĐtŽƌŬƐŚĂƐĨŽƵŶĚĂůůǀĂůǀĞƐƚŽďĞ
ŽƉĞƌĂƚŝŽŶĂů͘dŚƌĞĞǀĂůǀĞƐǁĞƌĞĐŚĞĐŬĞĚĨŽƌĐŽƌƌŽƐŝŽŶŝŶϮϬϭϲĂŶĚŝƚǁĂƐĨŽƵŶĚƚŚĂƚĂůůůŽĐĂƚŝŽŶƐ
ŚĂĚůŝƚƚůĞŝĨĂŶLJĞǀŝĚĞŶĐĞŽĨĐŽƌƌŽƐŝŽŶŽŶƚŚĞƉŝƉĞĂŶĚďŽůƚƐ͘
^dKZD^tZ
dŚĞƐƚŽƌŵƐĞǁĞƌǁŝƚŚŝŶƚŚĞƉƌŽũĞĐƚĂƌĞĂǁĂƐŝŶƐƚĂůůĞĚĚƵƌŝŶŐƚŚĞƐƚƌĞĞƚĐŽŶƐƚƌƵĐƚŝŽŶŝŶƚŚĞϭϵϵϬ͛Ɛ
ĂŶĚĐŽŶƐŝƐƚƐŽĨZWƌĂŶŐŝŶŐŝŶƐŝnjĞĨƌŽŵϭϮƚŽϰϴͲŝŶĐŚ͘
dŚĞĞdžŝƐƚŝŶŐƐƚŽƌŵƐĞǁĞƌǁĂƐƚĞůĞǀŝƐĞĚŝŶϮϬϭϲƚŽĚĞƚĞƌŵŝŶĞƉŝƉĞĐŽŶĚŝƚŝŽŶĂŶĚŶĞĐĞƐƐĂƌLJƌĞƉĂŝƌƐ͘
/ŶĂĚĚŝƚŝŽŶ͕ƐƚŽƌŵƐƚƌƵĐƚƵƌĞƐǁĞƌĞĂůƐŽŝŶƐƉĞĐƚĞĚŝŶϮϬϭϲĂŶĚĂŐĂŝŶŝŶϮϬϮϯ͘^ƚŽƌŵƐĞǁĞƌŵĂŝŶƐĂƌĞ
ŐĞŶĞƌĂůůLJŝŶŐŽŽĚĐŽŶĚŝƚŝŽŶǁŝƚŚŽƵƚŶĞĞĚŝŶŐĂŶLJƌĞƉĂŝƌ͘^ƚƌƵĐƚƵƌĞƐǁĞƌĞŐĞŶĞƌĂůůLJŝŶŐŽŽĚĐŽŶĚŝƚŝŽŶ
ǁŝƚŚƐŽŵĞŵŝƐĐĞůůĂŶĞŽƵƐƐƚƌƵĐƚƵƌĞĐŽƌƌĞĐƚŝŽŶƐŶĞĞĚĞĚ͕ĨĂŝůŝŶŐƌŝƉƌĂƉ͕ĂŶĚƐƚƌƵĐƚƵƌĞƐǁŝƚŚĞdžĐĞƐƐŝǀĞ
ƌŝŶŐƐ͘
///͘y/^d/E'KE/d/KE^ʹ:D/sEh
^dZd^
:ĂŵĂŝĐĂ ǀĞŶƵĞ͕ ďĞƚǁĞĞŶ ϴϬƚŚ ^ƚƌĞĞƚ ĂŶĚ ϵϬƚŚ ^ƚƌĞĞƚ͕ ŝƐ Ă ĨŽƵƌͲůĂŶĞĚŝǀŝĚĞĚƵƌďĂŶƌŽĂĚǁĂLJ
ĐŽŶƐŝƐƚŝŶŐŽĨϲϭϴĐŽŶĐƌĞƚĞĐƵƌďĂŶĚŐƵƚƚĞƌ͕ϭϰͲĨŽŽƚůĂŶĞƐĂŶĚĂŐƌĂƐƐŵĞĚŝĂŶ͘/ŶϭϵϳϮ͕ĂϵϬͲĨŽŽƚ
ǁŝĚĞƐĞĐƚŝŽŶǁĂƐĐŽŶƐƚƌƵĐƚĞĚǁŝƚŚĂϲͲŝŶĐŚĂŐŐƌĞŐĂƚĞďĂƐĞĂŶĚĂϮϰͲĨŽŽƚďŝƚƵŵŝŶŽƵƐŵĂƚŽǀĞƌƚŚĞ
ĞdžŝƐƚŝŶŐƐŽƵƚŚďŽƵŶĚůĂŶĞƐ͕ĐŽŶƐŝƐƚŝŶŐŽĨƚǁŽϭ͘ϱͲŝŶĐŚůŝĨƚƐŽŶƚŚĞǁĞƐƚƐŝĚĞŽĨ:ĂŵĂĐŝĂǀĞŶƵĞ͘/Ŷ
ϭϵϴϭ͕ĂϮϰͲĨŽŽƚďŝƚƵŵŝŶŽƵƐŵĂƚ͕ĐŽŶƐŝƐƚŝŶŐŽĨƚǁŽϭ͘ϱͲŝŶĐŚůŝĨƚƐ͕ǁĂƐĐŽŶƐƚƌƵĐƚĞĚŽŶƚŚĞĞĂƐƚƐŝĚĞ
ĨŽƌƚŚĞŶŽƌƚŚďŽƵŶĚůĂŶĞƐ͘/Ŷϭϵϵϯ͕ƚŚĞĞdžŝƐƚŝŶŐƐŽƵƚŚďŽƵŶĚůĂŶĞƐǁĞƌĞƌĞĐůĂŝŵĞĚĂŶĚƉĂǀĞĚ͕ǁŚŝůĞ
ƚŚĞŶŽƌƚŚďŽƵŶĚůĂŶĞƐƌĞĐĞŝǀĞĚĂϭ͘ϱͲŝŶĐŚďŝƚƵŵŝŶŽƵƐŽǀĞƌůĂLJŽŶƚŚĞĞdžŝƐƚŝŶŐϯͲŝŶĐŚďŝƚƵŵŝŶŽƵƐŵĂƚ͘
ƐƉĂƌƚŽĨƚŚŝƐϭϵϵϯƉƌŽũĞĐƚ͕ƚŚĞŶŽƌƚŚďŽƵŶĚĂŶĚƐŽƵƚŚďŽƵŶĚůĂŶĞƐǁĞƌĞĐŽŶƐƚƌƵĐƚĞĚƚŽĂϮϴͲĨŽŽƚ
;ĨƌŽŵĨĂĐĞŽĨĐƵƌďƚŽĨĂĐĞŽĨĐƵƌďͿƐĞĐƚŝŽŶ͕ǁŝƚŚϲϭϴĐŽŶĐƌĞƚĞĐƵƌďĂŶĚŐƵƚƚĞƌ͕ĂŐƌĂƐƐŵĞĚŝĂŶŝŶ
ďĞƚǁĞĞŶ͕ĂŶĚϱͲĨŽŽƚĐŽŶĐƌĞƚĞƐŝĚĞǁĂůŬŽŶĞĂĐŚƐŝĚĞ͘dŚĞŝŶͲƉůĂĐĞƉĂǀĞŵĞŶƚƐĞĐƚŝŽŶŽĨ:ĂŵĂŝĐĂ
ǀĞŶƵĞǁĂƐĚĞƐŝŐŶĞĚƚŽďĞϰ͘ϱͲŝŶĐŚĞƐŽĨďŝƚƵŵŝŶŽƵƐŽǀĞƌϲͲŝŶĐŚĞƐŽĨĂŐŐƌĞŐĂƚĞďĂƐĞ͘&ŝŐƵƌĞϮ
ĚĞƉŝĐƚƐƚŚĞĂŐĞŽĨƚŚĞƐƚƌĞĞƚƐ͘
ŽƌŝŶŐŽĨƚŚĞƉĂǀĞŵĞŶƚǁĂƐƉĞƌĨŽƌŵĞĚƚŽĚĞƚĞƌŵŝŶĞƚŚĞƚŚŝĐŬŶĞƐƐŽĨƚŚĞĞdžŝƐƚŝŶŐƐƚƌĞĞƚƐĞĐƚŝŽŶĂŶĚ
ĞǀĂůƵĂƚĞ ƉĂǀĞŵĞŶƚ ĐŽŶĚŝƚŝŽŶ͘ dŚĞ ĐŽƌĞ ůŽĐĂƚŝŽŶƐ ĂƌĞ ƐŚŽǁŶ ŽŶ &ŝŐƵƌĞ Ϯ ĂŶĚ ƉŚŽƚŽƐ ŽĨ ƚŚĞ
ƉĂǀĞŵĞŶƚĐŽƌĞƐĐĂŶďĞƐĞĞŶŝŶƉƉĞŶĚŝdž͘&ƌŽŵƚŚĞĐŽƌĞƐ͕ŝƚĐĂŶďĞƐĞĞŶƚŚĂƚƚŚĞĂǀĞƌĂŐĞƐĞĐƚŝŽŶ
ĂůŽŶŐ:ĂŵĂŝĐĂǀĞŶƵĞĐŽŶƐŝƐƚƐŽĨĂƉƉƌŽdžŝŵĂƚĞůLJϱ͘ϱͲŝŶĐŚĞƐŽĨďŝƚƵŵŝŶŽƵƐŽǀĞƌϳͲŝŶĐŚĞƐŽĨďĂƐĞ͕ĂƐ
ƐŚŽǁŶŝŶdĂďůĞϯ͘ϭ͘dŚĞƚŚŝĐŬĞƌƚŚĂŶĞdžƉĞĐƚĞĚďŝƚƵŵŝŶŽƵƐŝƐŝŶƉĂƌƚĚƵĞƚŽŵƵůƚŝƉůĞƐĞĂůĐŽĂƚ
ĂƉƉůŝĐĂƚŝŽŶƐŽƌƚŚŝŶŽǀĞƌůĂLJƐ͘dŚĞĐŽƌĞƐƐŚŽǁƐůŝŐŚƚƚŽƐĞǀĞƌĞƐƚƌŝƉƉŝŶŐŽĐĐƵƌƌŝŶŐŝŶǀĂƌŝŽƵƐĚĞƉƚŚƐ
ŽĨƚŚĞƉĂǀĞŵĞŶƚ͕ĚĞƉĞŶĚŝŶŐŽŶƚŚĞůŽĐĂƚŝŽŶ͘ůůĐŽƌĞƐĨƌŽŵ:ĂŵĂŝĐĂ ǀĞŶƵĞ ĚŝƐƉůĂLJĞĚ ƐŽŵĞ
ĚĞŐƌĂĚĂƚŝŽŶĚƵĞƚŽƐƚƌŝƉƉŝŶŐ͘dŚĞƐƚƌŝƉƉŝŶŐĨŽƵŶĚĚĞŐƌĂĚĞƐƚŚĞƐƚƌĞŶŐƚŚĂŶĚĚƵƌĂďŝůŝƚLJŽĨƚŚĞ
ƉĂǀĞŵĞŶƚ͘
ϮϬϮϰWĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚۣϬEϭ͘ϭϯϬϴϱϴ WĂŐĞϰ
dĂďůĞϯ͘ϭʹ:ĂŵĂŝĐĂǀĞŶƵĞdžŝƐƚŝŶŐ^ƚƌĞĞƚ^ĞĐƚŝŽŶƐ
EŽ͘ >ŽĐĂƚŝŽŶ
ŝƚƵŵŝŶŽƵƐ
;ŝŶͿ
ŐŐƌĞŐĂƚĞ
ĂƐĞ;ŝŶͿϭ
ŽŶĚŝƚŝŽŶ
ͲϮEĞƚǁĞĞŶ,ŝůůƐŝĚĞdƌĂŝů
ĂŶĚϵϬƚŚ^ƚƌĞĞƚϱ͘ϬϬ ϴ͘ϬϬ
DŽĚĞƌĂƚĞƐƚƌŝƉƉŝŶŐƚŚƌŽƵŐŚŽƵƚ
ͲϯEĞƚǁĞĞŶ:ĂƐŵŝŶĞ
ǀĞŶƵĞĂŶĚ,ŝůůƐŝĚĞdƌĂŝůϲ͘ϬϬ ϵ͘ϬϬ
^ůŝŐŚƚƚŽŵŽĚĞƌĂƚĞƐƚƌŝƉƉŝŶŐ
ƚŚƌŽƵŐŚŽƵƚ
ͲϰEĞƚǁĞĞŶϴϬƚŚ^ƚƌĞĞƚ
ĂŶĚ:ĂƐŵŝŶĞǀĞŶƵĞϱ͘ϱϬ ϱ͘ϬϬ
^ůŝŐŚƚƐƚƌŝƉƉŝŶŐŝŶƚŽƉůŝĨƚ͕ŵŽĚĞƌĂƚĞ
ƚŽƐĞǀĞƌĞƐƚƌŝƉƉŝŶŐďĞůŽǁ
Ͳϴ^ĞƚǁĞĞŶϴϬƚŚ^ƚƌĞĞƚ
ĂŶĚ/ǀLJǁŽŽĚǀĞŶƵĞϳ͘ϱϬ ϱ͘ϬϬ
^ůŝŐŚƚƐƚƌŝƉƉŝŶŐŝŶƚŽƉƚǁŽůŝĨƚƐ͕
ŵŽĚĞƌĂƚĞŝŶďŽƚƚŽŵůŝĨƚ
ͲϵEĞƚǁĞĞŶ/ƐůĞǀĞŶƵĞ
ĂŶĚ,ŝůůƐŝĚĞdƌĂŝůϱ͘ϱϬ ϲ͘ϬϬ
^ůŝŐŚƚƐƚƌŝƉƉŝŶŐŝŶƚŽƉůŝĨƚ͕ŵŽĚĞƌĂƚĞ
ŝŶϮŶĚůŝĨƚ͕ƐĞǀĞƌĞŝŶďŽƚƚŽŵůŝĨƚ
ͲϭϬEĞƚǁĞĞŶ,ŝůůƐŝĚĞdƌĂŝů
ĂŶĚϵϬƚŚ^ƚƌĞĞƚϱ͘ϱϬ ϴ͘ϱϬ
DŽĚĞƌĂƚĞƐƚƌŝƉƉŝŶŐƚŚƌŽƵŐŚŽƵƚ
ǀĞƌĂŐĞ ϱ͘ϴϯ ϲ͘ϵϮ
ŐŐƌĞŐĂƚĞďĂƐĞĚĞƉƚŚƐĐĂŶďĞĚŝĨĨŝĐƵůƚƚŽŵĞĂƐƵƌĞǁŝƚŚŐƌĂŶƵůĂƌƐƵďŐƌĂĚĞƐ
ƉƉĞŶĚŝdžĐŽŶƚĂŝŶƐƚŚĞĐŽŵƉůĞƚĞ:ĂŵĂŝĐĂǀĞŶƵĞŐĞŽƚĞĐŚŶŝĐĂůƌĞƉŽƌƚĐŽŵƉůĞƚĞĚŝŶ:ƵůLJϮϬϮϬ͘dŚŝƐ
ƌĞƉŽƌƚĂŶĂůLJnjĞƐƚŚĞƉĂǀĞŵĞŶƚŽĨ:ĂŵĂŝĐĂǀĞŶƵĞĨƌŽŵ/ŶĚŝĂŶŽƵůĞǀĂƌĚƚŽƚŚĞ,ŝŐŚǁĂLJϲϭͬ:ĂŵĂŝĐĂ
ǀĞŶƵĞƌŽƵŶĚĂďŽƵƚƐŽƵƚŚŽĨĂƐƚWŽŝŶƚŽƵŐůĂƐZŽĂĚ͘
ƚŵĂŶLJŽĨƚŚĞĂƉƉƌŽĂĐŚĞƐƚŽƐŝĚĞƐƚƌĞĞƚŝŶƚĞƌƐĞĐƚŝŽŶƐ͕ƐĞǀĞƌĞƌƵƚƚŝŶŐŝƐƉƌĞƐĞŶƚŝŶƚŚĞǁŚĞĞůƉĂƚŚƐ͘
dŚŝƐĐŽŶĚŝƚŝŽŶŝƐďĞůŝĞǀĞĚƚŽďĞůŝŵŝƚĞĚƚŽƚŚĞďŝƚƵŵŝŶŽƵƐƉĂǀĞŵĞŶƚĂŶĚŶŽƚĞdžƚĞŶĚŝŶŐŝŶƚŽƚŚĞ
ƐƵďŐƌĂĚĞ͘dŚĞƌƵƚƚŝŶŐŚĂƐďĞĞŶĂƐŝŐŶŝĨŝĐĂŶƚĐŽŶĐĞƌŶƚŽƉƵďůŝĐǁŽƌŬƐƐƚĂĨĨĂŶĚŚĂƐŝŶƚĞƌĨĞƌĞĚǁŝƚŚ
ĞĨĨĞĐƚŝǀĞƐŶŽǁƌĞŵŽǀĂůĂůŽŶŐƚŚŝƐƌŽĂĚǁĂLJ͘
^E/dZz^tZ
dŚĞϭϴͲŝŶĐŚZWƚƌƵŶŬƐĂŶŝƚĂƌLJƐĞǁĞƌƐLJƐƚĞŵĂůŽŶŐ:ĂŵĂŝĐĂǀĞŶƵĞƌƵŶƐĨƌŽŵ,ŝůůƐŝĚĞdƌĂŝůƚŽϵϬƚŚ
^ƚƌĞĞƚĂŶĚĐŽůůĞĐƚƐĨƌŽŵƚŚĞĂĚũĂĐĞŶƚŶĞŝŐŚďŽƌŚŽŽĚƐǁĞƐƚŽĨ:ĂŵĂŝĐĂǀĞŶƵĞĂŶĚƚŚĞĞŶƚŝƌĞĞŶƚƌĂů
ƌĂǁ͘dŚĞƐĂŶŝƚĂƌLJƐĞǁĞƌŚĂƐďĞĞŶƚĞůĞǀŝƐĞĚŝŶϮϬϮϯƚŽĚĞƚĞƌŵŝŶĞƉŝƉĞĐŽŶĚŝƚŝŽŶĂŶĚŶĞĐĞƐƐĂƌLJ
ƌĞƉĂŝƌƐ͘dŚĞƚĞůĞǀŝƐŝŶŐƌĞƉŽƌƚƐƐŚŽǁƚŚĂƚƚŚĞƉŝƉĞŝƐŐĞŶĞƌĂůůLJŝŶŐŽŽĚĐŽŶĚŝƚŝŽŶĂŶĚŶŽƌĞƉĂŝƌƐĂƌĞ
ŶĞĞĚĞĚ͘
tdZD/E
dŚĞƌĞ ĂƌĞ ƚŚƌĞĞ ůŽĐĂƚŝŽŶƐ ǁŚĞƌĞ ǁĂƚĞƌ ŵĂŝŶ ĐƌŽƐƐĞƐ :ĂŵĂŝĐĂ ǀĞŶƵĞ ƚŽ ĐŽŶŶĞĐƚ ĂĚũĂĐĞŶƚ
ŶĞŝŐŚďŽƌŚŽŽĚƐ͕ŽŶĐĞĂƚϵϬƚŚ^ƚƌĞĞƚ͕ŽŶĐĞĂƚ,ŝůůƐŝĚĞdƌĂŝů͕ĂŶĚŽŶĐĞĂƚ/ǀLJǁŽŽĚǀĞŶƵĞͬ:ĂŶĞƌŽ
ǀĞŶƵĞ͘ dŚĞ ĐƌŽƐƐŝŶŐ Ăƚ ϵϬƚŚ ^ƚƌĞĞƚ ƌƵŶƐ ŶŽƌƚŚ ƵŶĚĞƌ ƚŚĞ ǁĞƐƚ ĐƵƌďůŝŶĞ ĨŽƌ ϲϬϬ ĨĞĞƚ ƚŽ ƚŚĞ
ĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞWŝŶĞƚƌĞĞWŽŶĚƚŽǁŶŚŽƵƐĞƐ͘dŚĞĐƌŽƐƐŝŶŐĂƚ/ǀLJǁŽŽĚǀĞŶƵĞͬ:ĂŶĞƌŽǀĞŶƵĞ
ĂůƐŽƌƵŶƐĂƐŚŽƌƚĚŝƐƚĂŶĐĞƚŽƚŚĞŶŽƌƚŚƚŽϴϬƚŚ^ƚƌĞĞƚŽŶďŽƚŚƐŝĚĞƐŽĨƚŚĞƌŽĂĚǁĂLJ͘dŚĞǁĂƚĞƌŵĂŝŶ
ŽŶƚŚĞǁĞƐƚƐŝĚĞŽĨƚŚĞƌŽĂĚƌƵŶƐƵŶĚĞƌƚŚĞĐƵƌďůŝŶĞĂŶĚƚŚĞǁĂƚĞƌŵĂŝŶŽŶƚŚĞĞĂƐƚƐŝĚĞŽĨƚŚĞ
ƌŽĂĚǁĂLJƌƵŶƐƚŽƚŚĞĞĂƐƚŽĨƚŚĞƐŝĚĞǁĂůŬǁŝƚŚŝŶĂŶĞĂƐĞŵĞŶƚ͘dŚĞǁĂƚĞƌŵĂŝŶŽŶƚŚĞǁĞƐƚƐŝĚĞŽĨ
:ĂŵĂŝĐĂǀĞŶƵĞĂƚϵϬƚŚ^ƚƌĞĞƚŝƐĂϭϲͲŝŶĐŚĚŝĂŵĞƚĞƌ/WĂŶĚƚŚĞĐƌŽƐƐŝŶŐĂƚ,ŝůůƐŝĚĞdƌĂŝůŝƐϮϰͲŝŶĐŚ
/W͘ŽƚŚƐĞĐƚŝŽŶƐǁĞƌĞŝŶƐƚĂůůĞĚŝŶϭϵϳϴŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞtŽŽĚƌŝĚŐĞWĂƌŬĚĞǀĞůŽƉŵĞŶƚŽĨ
ƚŚĞŶĞŝŐŚďŽƌŚŽŽĚƐĞĂƐƚĂŶĚǁĞƐƚŽĨ:ĂŵĂŝĐĂǀĞŶƵĞ͘
dŚĞǁĂƚĞƌŵĂŝŶĨƌŽŵ/ǀLJǁŽŽĚǀĞŶƵĞƚŽϴϬƚŚ^ƚƌĞĞƚŝƐϴ͟/WĂŶĚŝŶƐƚĂůůĞĚŝŶϭϵϳϬŝŶĐŽŶũƵŶĐƚŝŽŶ
ǁŝƚŚƚŚĞdŚŽŵƉƐŽŶ'ƌŽǀĞƐƚĂƚĞƐϭϮƚŚĚĚŝƚŝŽŶƚŽƚŚĞǁĞƐƚŽĨ:ĂŵĂŝĐĂǀĞŶƵĞ͘/ŶϭϵϴϲƚŚŝƐǁĂƚĞƌ
ŵĂŝŶǁĂƐĐŽŶŶĞĐƚĞĚƚŽǁŝƚŚϲͲŝŶĐŚ/WĂŶĚŝŶƐƚĂůůĞĚĂĐƌŽƐƐ:ĂŵĂŝĐĂǀĞŶƵĞŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞ
ϮϬϮϰWĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚۣϬEϭ͘ϭϯϬϴϱϴ WĂŐĞϱ
:ĂŵĂŝĐĂZŝĚŐĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞŶĞŝŐŚďŽƌŚŽŽĚƚŽƚŚĞĞĂƐƚŽĨ:ĂŵĂŝĐĂǀĞŶƵĞ͘
dŚĞǁĂƚĞƌŵĂŝŶƐĂƌĞďĞůŝĞǀĞĚƚŽďĞŝŶŐŽŽĚĐŽŶĚŝƚŝŽŶ͘dŚĞǀĂůǀĞƐǁŝůůďĞŽƉĞƌĂƚĞĚĂŶĚĞǀĂůƵĂƚĞĚďLJ
WƵďůŝĐtŽƌŬƐƉƌŝŽƌƚŽƚŚĞƐƚĂƌƚŽĨƚŚĞƉƌŽũĞĐƚ͘
^dKZD^tZ
dŚĞƐƚŽƌŵƐĞǁĞƌǁŝƚŚŝŶƚŚĞƉƌŽũĞĐƚĂƌĞĂǁĂƐŝŶƐƚĂůůĞĚĚƵƌŝŶŐƚŚĞƐƚƌĞĞƚĐŽŶƐƚƌƵĐƚŝŽŶ͕ƉƌĞĚŽŵŝŶĂŶƚůLJ
ŝŶϭϵϳϬĂŶĚŝŶϭϵϵϯ͕ĂŶĚĐŽŶƐŝƐƚƐŽĨZWƌĂŶŐŝŶŐŝŶƐŝnjĞĨƌŽŵϭϱƚŽϰϴͲŝŶĐŚ͘
dŚĞĞdžŝƐƚŝŶŐƐƚŽƌŵƐĞǁĞƌǁĂƐƚĞůĞǀŝƐĞĚŝŶϮϬϮϯƚŽĚĞƚĞƌŵŝŶĞƉŝƉĞĐŽŶĚŝƚŝŽŶĂŶĚŶĞĐĞƐƐĂƌLJƌĞƉĂŝƌƐ͘
/ŶĂĚĚŝƚŝŽŶ͕ƐƚŽƌŵƐƚƌƵĐƚƵƌĞƐǁĞƌĞĂůƐŽŝŶƐƉĞĐƚĞĚŝŶϮϬϮϯ͘dŚĞƚĞůĞǀŝƐŝŶŐƌĞƉŽƌƚƐƐŚŽǁƚŚĂƚƚŚĞƐƚŽƌŵ
ƐĞǁĞƌŵĂŝŶƐĂƌĞŐĞŶĞƌĂůůLJŝŶĨĂŝƌĐŽŶĚŝƚŝŽŶ͘,ŽǁĞǀĞƌ͕ƐŽŵĞƉƌŽďůĞŵƐĞŶĐŽƵŶƚĞƌĞĚŝŶƚŚĞĞdžŝƐƚŝŶŐ
ƐƚŽƌŵƐĞǁĞƌǁĞƌĞĐƌĂĐŬĞĚŽƌďƌŽŬĞŶƉŝƉĞƐ͘DŽƐƚƐƚƌƵĐƚƵƌĞƐǁĞƌĞŝĚĞŶƚŝĨŝĞĚĂƐŝŶŐŽŽĚĐŽŶĚŝƚŝŽŶ
ǁŝƚŚƐŽŵĞŵŝƐĐĞůůĂŶĞŽƵƐƐƚƌƵĐƚƵƌĞƉĂƚĐŚŝŶŐ͕ůŝŶŝŶŐ͕ĂŶĚŽƚŚĞƌƌĞƉĂŝƌƐŶŽƚĞĚĚƵƌŝŶŐƚŚĞŝŶƐƉĞĐƚŝŽŶƐ͘
/s͘WZKWK^/DWZKsDEd^ʹWZ^d/'^dd^
^dZd^
ƵĞƚŽƚŚĞƚLJƉĞƐŽĨĚŝƐƚƌĞƐƐƉƌĞƐĞŶƚŝŶƚŚĞĞdžŝƐƚŝŶŐƉĂǀĞŵĞŶƚ͕ƚŚĞƐĞǀĞƌĞĚĞƚĞƌŝŽƌĂƚŝŽŶĚƵĞƚŽ
ĂƐƉŚĂůƚƐƚƌŝƉƉŝŶŐ͕ƚŚĞƌĞƐŝĚĞŶƚŝĂůƐƚƌĞĞƚƐǁŝƚŚŝŶƚŚĞWƌĞƐƚŝŐĞƐƚĂƚĞƐŶĞŝŐŚďŽƌŚŽŽĚĂƌĞƉƌŽƉŽƐĞĚƚŽ
ƵŶĚĞƌŐŽĂĨƵůůƉĂǀĞŵĞŶƚƌĞƉůĂĐĞŵĞŶƚǁŝƚŚϯ͘ϱͲŝŶĐŚĞƐŽĨŶĞǁƉĂǀĞŵĞŶƚ͘ŵŝůůͲŽǀĞƌůĂLJŝƐŶŽƚ
ƌĞĐŽŵŵĞŶĚĞĚĂƚƚŚŝƐƚŝŵĞĚƵĞƚŽƚŚĞƉŽƚĞŶƚŝĂůĨŽƌĞdžĐĞƐƐŝǀĞƌĞĨůĞĐƚŝǀĞĐƌĂĐŬŝŶŐĂŶĚĚƵĞƚŽƚŚĞ
ƐĞǀĞƌĞƐƚƌŝƉƉŝŶŐƚŚĂƚǁŽƵůĚďĞƉƌĞƐĞŶƚŝŶƚŚĞƌĞŵĂŝŶŝŶŐƉĂǀĞŵĞŶƚ͘
dŚĞĐŽŶĐƌĞƚĞĐƵƌďĂŶĚŐƵƚƚĞƌŝŶƚŚĞWƌĞƐƚŝŐĞƐƚĂƚĞƐŶĞŝŐŚďŽƌŚŽŽĚŝƐƉƌŽƉŽƐĞĚƚŽƵŶĚĞƌŐŽĨƵůů
ƌĞƉůĂĐĞŵĞŶƚ͘ dŚĞ ĞƐƚŝŵĂƚĞĚ ĐƵƌď ĚĂŵĂŐĞ ĨŽƌ ƚŚĞ ĞŶƚŝƌĞ ŶĞŝŐŚďŽƌŚŽŽĚ ŝƐ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϰϬй͕
ƌĞƐƵůƚŝŶŐŝŶĨƵůůĐƵƌďƌĞƉůĂĐĞŵĞŶƚĂƐƚŚĞƉƌĞĨĞƌƌĞĚŵĞƚŚŽĚ͘ZĞƉůĂĐŝŶŐĂůůŽĨƚŚĞĐƵƌďĂŶĚŐƵƚƚĞƌǁŝůů͗
ϭ͘ZĞƐƵůƚŝŶĂŵŽƌĞĐŽŶƐŝƐƚĞŶƚƉƌŽĚƵĐƚĚƵĞƚŽďĞŝŶŐŵĂĐŚŝŶĞůĂŝĚǀĞƌƐƵƐŚĂŶĚƉŽƵƌĞĚ
Ϯ͘WƌŽĚƵĐĞĂŵŽƌĞƵŶŝĨŽƌŵĨůŽǁͲůŝŶĞĂŶĚŝŵƉƌŽǀĞĚƌĂŝŶĂŐĞĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ
ϯ͘ZĞĚƵĐĞƚŚĞĐŚĂŶĐĞĨŽƌĚŝĨĨĞƌĞŶƚŝĂůƐĞƚƚůĞŵĞŶƚďĞƚǁĞĞŶƉĂŶĞůƐ
ϰ͘ƌĞĂƚĞĂĐŽŶƐŝƐƚĞŶƚƉƌŽĚƵĐƚǁŝƚŚŝŶƚŚĞĞŶƚŝƌĞŶĞŝŐŚďŽƌŚŽŽĚĂƐĂǁŚŽůĞ
dŚĞĞdžŝƐƚŝŶŐϰϭϮĐŽŶĐƌĞƚĞĐƵƌďĂŶĚŐƵƚƚĞƌǁŝůůďĞƌĞƉůĂĐĞĚǁŝƚŚĂϮϴ͟ƐƵƌŵŽƵŶƚĂďůĞĐƵƌďĂŶĚ
ŐƵƚƚĞƌ͘/ŶůŽĐĂƚŝŽŶƐǁŚĞƌĞĐƵƌďŝƐƌĞƉůĂĐĞĚŝŶĨƌŽŶƚŽĨĚƌŝǀĞǁĂLJƐ͕ĞĂĐŚĚƌŝǀĞǁĂLJǁŝůůďĞƉĂƚĐŚĞĚǁŝƚŚ
ŝŶͲŬŝŶĚŵĂƚĞƌŝĂůƐĂƐĂƉĂƌƚŽĨƚŚĞƐƚƌĞĞƚƌĞŚĂďŝůŝƚĂƚŝŽŶƉƌŽĐĞƐƐ͘ZĞƐƚŽƌĂƚŝŽŶďĞŚŝŶĚƌĞƉůĂĐĞĚĐŽŶĐƌĞƚĞ
ĐƵƌďĂŶĚŐƵƚƚĞƌŝƐĂŶƚŝĐŝƉĂƚĞĚƚŽĐŽŶƐŝƐƚŽĨƐĐƌĞĞŶĞĚ>ŽĂŵdŽƉƐŽŝůŽƌƌŽǁǁŝƚŚƐĞĞĚĂŶĚŚLJĚƌŽ
ŵƵůĐŚ͘
dƌĂĨĨŝĐƐŝŐŶƐĂƌĞƉƌŽƉŽƐĞĚƚŽďĞƌĞƉůĂĐĞĚĂƐĂƉĂƌƚŽĨƚŚŝƐƉƌŽũĞĐƚƚŽŵĞĞƚĨĞĚĞƌĂůƌĞƚƌŽƌĞĨůĞĐƚŝǀŝƚLJ
ƌĞƋƵŝƌĞŵĞŶƚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ƐŝŐŶƐǁŝůůďĞĞǀĂůƵĂƚĞĚĨŽƌĐŽŶĨŽƌŵĂŶĐĞƚŽƚŚĞĂĚŽƉƚĞĚŝƚLJƐŝŐŶƉŽůŝĐLJ
ĂŶĚƐŝŐŶƐǁŝůůďĞƌĞŵŽǀĞĚŽƌƐƵƉƉůĞŵĞŶƚĞĚĂƐƌĞƋƵŝƌĞĚ͘
^dZd>/',d/E'
^ŝŶĐĞ ĨƵůů ĐŽŶĐƌĞƚĞ ĐƵƌď ƌĞƉůĂĐĞŵĞŶƚ ŝƐ ƉƌŽƉŽƐĞĚ͕ ƚŚĞ ĞdžŝƐƚŝŶŐĚŝƌĞĐƚͲďƵƌLJ ƐƚƌĞĞƚ ůŝŐŚƚ ǁŝƌĞ ŝƐ
ƉƌŽƉŽƐĞĚƚŽďĞƌĞƉůĂĐĞĚǁŝƚŚŝŶĂĐŽŶĚƵŝƚ͘dŚĞŝƚLJŚĂƐĞdžƉĞƌŝĞŶĐĞĚŝŶĐƌĞĂƐĞĚŵĂŝŶƚĞŶĂŶĐĞĚƵĞƚŽ
ĚĞƚĞƌŝŽƌĂƚŝŽŶŽĨƚŚĞĞdžŝƐƚŝŶŐĚŝƌĞĐƚͲďƵƌLJǁŝƌĞĂŶĚƚŚĞĨƵůůĐƵƌďƌĞŵŽǀĂůƉƌŽĐĞƐƐǁŽƵůĚůŝŬĞůLJĨƵƌƚŚĞƌ
ŝŵƉĂĐƚƚŚĞĞdžŝƐƚŝŶŐǁŝƌŝŶŐĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͘dŚĞŶĞǁǁŝƌĞĂŶĚĐŽŶĚƵŝƚǁŝůůƌĞƋƵŝƌĞƚŚĞŝŶƐƚĂůůĂƚŝŽŶ
ŽĨŚĂŶĚŚŽůĞƐĂƚĞǀĞƌLJƐƚƌĞĞƚůŝŐŚƚƉŽůĞ͘&ĞĞĚƉŽŝŶƚĐĂďŝŶĞƚƐĂ ŶĚĐŽŶƚƌŽůůĞƌƐǁŝůůďĞĞǀĂůƵĂƚĞĚŝŶĞĂĐŚ
ϮϬϮϰWĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚۣϬEϭ͘ϭϯϬϴϱϴ WĂŐĞϲ
ŶĞŝŐŚďŽƌŚŽŽĚĨŽƌƌĞƉůĂĐĞŵĞŶƚĂƐĂƉĂƌƚŽĨƚŚŝƐƉƌŽũĞĐƚ͘
&ŝŐƵƌĞϯĚŝƐƉůĂLJƐƚŚĞƉƌŽƉŽƐĞĚƐƚƌĞĞƚĂŶĚƐƚƌĞĞƚůŝŐŚƚŝŶŐŝŵƉƌŽǀĞŵĞŶƚƐƚŚƌŽƵŐŚŽƵƚƚŚĞWƌĞƐƚŝŐĞ
ƐƚĂƚĞƐŶĞŝŐŚďŽƌŚŽŽĚ͘
^E/dZz^tZ
dŚĞ ƐĂŶŝƚĂƌLJ ƐĞǁĞƌ ŵĂŶŚŽůĞ ĐĂƐƚŝŶŐƐ ǁŝůů ďĞ ƐĂůǀĂŐĞĚ ĂŶĚ ƌĞŝŶƐƚĂůůĞĚ͘ dŚĞ ĞdžŝƐƚŝŶŐ ĐŽŶĐƌĞƚĞ
ĂĚũƵƐƚŝŶŐ ƌŝŶŐƐ ǁŝůů ďĞ ƌĞƉůĂĐĞĚǁŝƚŚ ŶĞǁ ŚŝŐŚͲĚĞŶƐŝƚLJ ƉŽůLJĞƚŚLJůĞŶĞ ;,WͿĂĚũƵƐƚŝŶŐ ƌŝŶŐƐ ƚŽ
ĐŽŶĨŽƌŵƚŽĐƵƌƌĞŶƚŝƚLJƐƚĂŶĚĂƌĚƐĂŶĚĚĞĨĞĐƚŝǀĞĐŽŶĞƐĞĐƚŝŽŶƐǁŝůůďĞƌĞƉůĂĐĞĚǁĞƌĞŶĞĐĞƐƐĂƌLJ͘ůů
ƐĂŶŝƚĂƌLJƉŝƉĞƐǁĞƌĞŝĚĞŶƚŝĨŝĞĚĨƌŽŵƚŚĞƚĞůĞǀŝƐŝŶŐĂƐŝŶŐŽŽĚĐŽŶĚŝƚŝŽŶ͘
&ŝŐƵƌĞϰƐŚŽǁƐƚŚĞůŽĐĂƚŝŽŶƐŽĨƚŚĞƐĞƵƚŝůŝƚLJŝŵƉƌŽǀĞŵĞŶƚƐ͘
tdZD/E
/ƚŝƐƉƌŽƉŽƐĞĚƚŚĂƚďƌŽŬĞŶǀĂůǀĞƚŽƉƐĞĐƚŝŽŶƐďĞƌĞŵŽǀĞĚĂŶĚƌĞƉůĂĐĞĚĂƐĂƉĂƌƚŽĨƚŚŝƐƉƌŽũĞĐƚ͘ƵĞ
ƚŽƚŚĞĂŐĞŽĨƚŚĞǁĂƚĞƌŵĂŝŶĂŶĚŶŽŝŶĚŝĐĂƚĞĚďƌĞĂŬƐĨƌŽŵWƵďůŝĐtŽƌŬƐ͕ŶŽŶĞŽĨƚŚĞǀĂůǀĞƐǁŝůůďĞ
ĚƵŐƵƉĂŶĚĐŚĞĐŬĞĚĨŽƌďŽůƚĐŽƌƌŽƐŝŽŶ͘&ŝŶĂůůLJ͕ŚLJĚƌĂŶƚƐǁŝůůďĞƌĞĐŽŶĚŝƚŝŽŶĞĚďLJƐĂŶĚďůĂƐƚŝŶŐĂŶĚ
ƉĂŝŶƚŝŶŐ͕ĂŶĚĐŽŶĐƌĞƚĞŚLJĚƌĂŶƚĂĐĐĞƐƐƉĂĚƐĂƌĞƉƌŽƉŽƐĞĚƚŽďĞĐŽŶƐƚƌƵĐƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ
ĐƵƌƌĞŶƚŝƚLJƐƚĂŶĚĂƌĚƐ͘
^dKZD^tZ
dŚĞƉƌŽƉŽƐĞĚĚĞƐŝŐŶŝŶĐůƵĚĞƐƌĞƉůĂĐŝŶŐĞdžŝƐƚŝŶŐĂĚũƵƐƚŝŶŐƌŝŶŐƐǁŝƚŚŶĞǁŚŝŐŚͲĚĞŶƐŝƚLJƉŽůLJĞƚŚLJůĞŶĞ
;,WͿĂĚũƵƐƚŝŶŐƌŝŶŐƐƚŽĐŽŶĨŽƌŵƚŽĐƵƌƌĞŶƚŝƚLJƐƚĂŶĚĂƌĚƐŽŶĂůůƐƚƌƵĐƚƵƌĞƐ͘KƚŚĞƌƐƚŽƌŵƐĞǁĞƌ
ƌĞƉĂŝƌƐǁŝůůŝŶĐůƵĚĞĂĚĚŝŶŐϭͲĨŽŽƚƐĞĐƚŝŽŶƐƚŽƐƚƌƵĐƚƵƌĞƐǁŚĞƌĞŶĞĐĞƐƐĂƌLJĂŶĚƌĞƉůĂĐŝŶŐĨĂŝůŝŶŐƌŝƉƌĂƉ͘
džŝƐƚŝŶŐĐĂƐƚŝŶŐƐŝŶŐŽŽĚĐŽŶĚŝƚŝŽŶǁŝůůďĞƐĂůǀĂŐĞĚĂŶĚƌĞŝŶƐƚĂůůĞĚŽŶƚŚĞŶĞǁƌŝŶŐƐǁŚŝůĞďƌŽŬĞŶ
ĐĂƐƚŝŶŐƐǁŝůůďĞƌĞƉůĂĐĞĚ͘DŝƐĐĞůůĂŶĞŽƵƐƐƚƌƵĐƚƵƌĞƉĂƚĐŚŝŶŐĂŶĚŽƚŚĞƌƌĞƉĂŝƌƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƐ
ŶĞĞĚĞĚ͘
&ŝŐƵƌĞϰĚŝƐƉůĂLJƐƚŚĞƵƚŝůŝƚLJŝŵƉƌŽǀĞŵĞŶƚƐƚŚƌŽƵŐŚŽƵƚƚŚĞWƌĞƐƚŝŐĞƐƚĂƚĞƐ͘
^dKZDtdZYh>/dzEYhEd/dz
^ŝƚĞƐƉĞĐŝĨŝĐƐƚŽƌŵǁĂƚĞƌƌĂƚĞĂŶĚǀŽůƵŵĞĐŽŶƚƌŽů͕ŝŶĂĚĚŝƚŝŽŶƚŽƐƚŽƌŵǁĂƚĞƌƋƵĂůŝƚLJĐŽŶƐŝĚĞƌĂƚŝŽŶƐ͕
ǁŝůůŶŽƚŶĞĞĚƚŽďĞĂĚĚƌĞƐƐĞĚǁŝƚŚŝŶƚŚĞϮϬϮϰWĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚƉƌŽũĞĐƚ͘^ŝŶĐĞƚŚĞƐƵŵŽĨƚŚĞ
ŶĞǁŝŵƉĞƌǀŝŽƵƐĂŶĚĨƵůůLJƌĞĐŽŶƐƚƌƵĐƚĞĚŝŵƉĞƌǀŝŽƵƐƐƵƌĨĂĐĞƐǁŝůůŶŽƚĞƋƵĂůŽƌĞdžĐĞĞĚŽŶĞĂĐƌĞ͕ƐƚĂƚĞ
ĂŶĚůŽĐĂůƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƌĞƋƵŝƌĞŵĞŶƚƐĂƌĞƐĂƚŝƐĨŝĞĚǁŝƚŚŝŶƚŚĞƐĐŽƉĞŽĨƚŚŝƐƉƌŽũĞĐƚ͘
s͘WZKWK^/DWZKsDEd^ʹ:D/sEh
^dZd^
^ĞǀĞƌĂůƉĂǀĞŵĞŶƚƌĞŚĂďŝůŝƚĂƚŝŽŶŵĞƚŚŽĚƐǁĞƌĞĞǀĂůƵĂƚĞĚĨŽƌ:ĂŵĂŝĐĂǀĞŶƵĞŝŶĐůƵĚŝŶŐĂ
ƐƚĂďŝůŝnjĞĚĨƵůůĚĞƉƚŚƌĞĐůĂŵĂƚŝŽŶ;^&ZͿ͕ĨƵůůƉĂǀĞŵĞŶƚƌĞƉůĂĐĞŵĞŶƚ͕ĂŶĚŵŝůůͲŽǀĞƌůĂLJ͘ůƚŚŽƵŐŚĂ
^&ZŝƐǁĂƌƌĂŶƚĞĚƚŽŝŵƉƌŽǀĞƚŚĞƐƚƌƵĐƚƵƌĂůĐĂƉĂĐŝƚLJŽĨƚŚĞƌŽĂĚǁĂLJĂŶĚĞĨĨĞĐƚŝǀĞůLJĂĚĚƌĞƐƐƚŚĞ
ĞdžŝƐƚŝŶŐƉĂǀĞŵĞŶƚĚŝƐƚƌĞƐƐĞƐ͕ĚƵĞƚŽďƵĚŐĞƚĂƌLJĐŽŶƐƚƌĂŝŶƚƐ͕ƚŚĞŝŶƚĞŶƚŽĨƚŚŝƐƉƌŽũĞĐƚŚĂƐďĞĞŶ
ƐĐĂůĞĚďĂĐŬƚŽĨŽĐƵƐŽŶƚŚĞƉĂǀĞŵĞŶƚƐƵƌĨĂĐĞŽŶůLJĂŶĚĂĚĚƌĞƐƐƚŚĞĞdžŝƐƚŝŶŐƌƵƚƐĨŽƌƉůŽǁŝŶŐĚƵƌŝŶŐ
ƚŚĞǁŝŶƚĞƌ͘dŚĞƌĞĨŽƌĞ͕:ĂŵĂŝĐĂǀĞŶƵĞŝƐƉƌŽƉŽƐĞĚƚŽƵŶĚĞƌŐŽĂϮͲŝŶĐŚŵŝůůĂŶĚŽǀĞƌůĂLJ͘ƵĞƚŽ
ƚŚĞĚĞƚĞƌŝŽƌĂƚĞĚƚƌĂŶƐǀĞƌƐĞũŽŝŶƚƐĂŶĚƐŽŵĞŽĨŝƐŽůĂƚĞĚĂƌĞĂƐŽĨƐĞǀĞƌĞƐƚƌŝƉƉŝŶŐŶŽƚĞĚŝŶƚŚĞ
ĐŽƌĞƐ͕ŝƚŝƐĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚĂƉƉƌŽdžŝŵĂƚĞůLJϭϱйŽĨƚŚĞƚŽƚĂůƉĂǀĞŵĞŶƚĂƌĞĂŵĂLJƌĞƋƵŝƌĞĨƵůůĚĞƉƚŚ
ƉĂƚĐŚŝŶŐĂĨƚĞƌŵŝůůŝŶŐĂŶĚĂŶŽƚŚĞƌϭϬйŵĂLJƌĞƋƵŝƌĞĂƐŬŝŵƉĂƚĐŚŽǀĞƌũŽŝŶƚƐĂŶĚŽƚŚĞƌŵŝŶŽƌ
ŝƌƌĞŐƵůĂƌŝƚŝĞƐ͘ƐǁŝƚŚĂŶLJŵŝůůͲŽǀĞƌůĂLJ͕ƌĞĨůĞĐƚŝǀĞĐƌĂĐŬŝŶŐƐŚŽƵůĚďĞĞdžƉĞĐƚĞĚǁŝƚŚŝŶƚŚĞĨŝƌƐƚLJĞĂƌ
ϮϬϮϰWĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚۣϬEϭ͘ϭϯϬϴϱϴ WĂŐĞϳ
ĂŶĚƚŚĞƐĞĐƌĂĐŬƐǁŝůůƌĞƋƵŝƌĞŵĂŝŶƚĞŶĂŶĐĞŽǀĞƌƚŝŵĞƚŽƉƌŽůŽŶŐƚŚĞůŝĨĞŽĨƚŚĞŽǀĞƌůĂLJ͘ĂƐĞĚŽŶ
DŶKdŐƵŝĚĂŶĐĞĂŶĚĂŶƚŝĐŝƉĂƚĞĚƚƌĂĨĨŝĐǀŽůƵŵĞƐĂŶĚƐƚƌƵĐƚƵƌĂůĐĂƉĂĐŝƚLJŽĨƚŚĞĞdžŝƐƚŝŶŐƌŽĂĚǁĂLJ͕
ĂϳͲϭϯLJĞĂƌůŝĨĞĞdžƉĞĐƚĂŶĐLJĨŽƌƚŚĞŵŝůůͲŽǀĞƌůĂLJĂƉƉĞĂƌƐƌĞĂƐŽŶĂďůĞ͘
ZĞƉůĂĐĞŵĞŶƚŽĨĐŽŶĐƌĞƚĞĐƵƌďĂŶĚŐƵƚƚĞƌƚŽƚŚĞĞdžƚĞŶƚŽĨƉĂƐƚƉĂǀĞŵĞŶƚŵĂŶĂŐĞŵĞŶƚƉƌŽũĞĐƚƐŝƐ
ŶŽƚƉƌŽƉŽƐĞĚĂůŽŶŐ:ĂŵĂŝĐĂǀĞŶƵĞĚƵĞƚŽƚŚĞŵŝůůͲŽǀĞƌůĂLJŶĂƚƵƌĞŽĨƚŚĞƉƌŽũĞĐƚ͘ZĞƉĂŝƌŝŶŐĂůůƚŚĞ
ĐƌĂĐŬƐ͕ƐĞƚƚůĞŵĞŶƚƐ͕ĂŶĚĚĞĨĞĐƚƐŝƐƚLJƉŝĐĂůůLJƌĞƐĞƌǀĞĚĨŽƌĨƵůůƉĂǀĞŵĞŶƚƌĞƉůĂĐĞŵĞŶƚŽƌ
ƌĞĐŽŶƐƚƌƵĐƚŝŽŶƉƌŽũĞĐƚƐ͘dŚĞĐŽŶĐƌĞƚĞĐƵƌďĂŶĚŐƵƚƚĞƌǁŝůůŽŶůLJďĞƌĞƉůĂĐĞĚŝŶĂƌĞĂƐǁŚĞƌĞ
ƉĞĚĞƐƚƌŝĂŶƌĂŵƉƐǁŝůůďĞƌĞƉůĂĐĞĚƚŽŵĞĞƚĐƵƌƌĞŶƚƐƚĂŶĚĂƌĚƐŽƌǁŚĞƌĞĂĨĨĞĐƚĞĚďLJƵƚŝůŝƚLJ
ƌĞƉĂŝƌƐ͘
/ŶŽƌĚĞƌƚŽĂĐĐŽŵŵŽĚĂƚĞĂĨƵƚƵƌĞƐŝŐŶĂůƐLJƐƚĞŵĂƚϴϬƚŚ^ƚƌĞĞƚ͕ďŽƚŚŶŽƌƚŚĂŶĚƐŽƵƚŚͲďŽƵŶĚ
:ĂŵĂŝĐĂǀĞŶƵĞĂƉƉƌŽĂĐŚĞƐǁŝůůŶĞĞĚŐĞŽŵĞƚƌŝĐŝŵƉƌŽǀĞŵĞŶƚƐƚŽĨĂĐŝůŝƚĂƚĞƚŚƌŽƵŐŚƚƌĂĨĨŝĐ͕Ăƚ
ǁŚŝĐŚƚŝŵĞĂĨƵůůƌĞĐŽŶƐƚƌƵĐƚŝŽŶƐŚŽƵůĚďĞĐŽŽƌĚŝŶĂƚĞĚ͘dŚŽƐĞŝŵƉƌŽǀĞŵĞŶƚƐĂƌĞŶŽƚ
ĐŽŶƚĞŵƉůĂƚĞĚŝŶƚŚŝƐƉƌŽũĞĐƚĂƐƚŚŝƐƉƌŽũĞĐƚŝƐǀŝĞǁĞĚĂƐĂŵĂŝŶƚĞŶĂŶĐĞƉƌŽũĞĐƚŽŶůLJ͘
ZĞƐƚŽƌĂƚŝŽŶŝƐĂŶƚŝĐŝƉĂƚĞĚƚŽĐŽŶƐŝƐƚŽĨƐĐƌĞĞŶĞĚ>ŽĂŵdŽƉƐŽŝůŽƌƌŽǁǁŝƚŚƐĞĞĚĂŶĚŚLJĚƌŽŵƵůĐŚ͘
dƌĂĨĨŝĐƐŝŐŶƐĂƌĞƉƌŽƉŽƐĞĚƚŽďĞƌĞƉůĂĐĞĚĂƐĂƉĂƌƚŽĨƚŚŝƐƉƌŽũĞĐƚƚŽŵĞĞƚĨĞĚĞƌĂůƌĞƚƌŽƌĞĨůĞĐƚŝǀŝƚLJ
ƌĞƋƵŝƌĞŵĞŶƚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ƐŝŐŶƐǁŝůůďĞĞǀĂůƵĂƚĞĚĨŽƌĐŽŶĨŽƌŵĂŶĐĞƚŽƚŚĞĂĚŽƉƚĞĚŝƚLJƐŝŐŶƉŽůŝĐLJ
ĂŶĚƐŝŐŶƐǁŝůůďĞƌĞŵŽǀĞĚŽƌƐƵƉƉůĞŵĞŶƚĞĚĂƐƌĞƋƵŝƌĞĚ͘
&ŝŐƵƌĞϯĚŝƐƉůĂLJƐƚŚĞƐƚƌĞĞƚĂŶĚůŝŐŚƚŝŶŐŝŵƉƌŽǀĞŵĞŶƚƐĂůŽŶŐ:ĂŵĂŝĐĂǀĞŶƵĞ͘
t><tz
ŽƐƚƐŚĂǀĞďĞĞŶŝŶĐůƵĚĞĚŝŶƚŚŝƐƌĞƉŽƌƚƚŽƵƉĚĂƚĞĂůůƉĞĚĞƐƚƌŝĂŶƌĂŵƉƐƚŽƚŚĞĐƵƌƌĞŶƚŵĞƌŝĐĂŶƐ
ǁŝƚŚŝƐĂďŝůŝƚŝĞƐĐƚ;ͿƐƚĂŶĚĂƌĚƐ͘ůůƉĞĚĞƐƚƌŝĂŶƌĂŵƉƐǁŝůůďĞĞǀĂůƵĂƚĞĚĂŶĚƌĞĐŽŶƐƚƌƵĐƚĞĚƚŽ
ĐŽŵƉůŝĂŶƚƉĞĚĞƐƚƌŝĂŶƌĂŵƉƐ͖ƚŚŝƐŵĂLJŝŶĐůƵĚĞƌĞŵŽǀŝŶŐƐŽŵĞƐĞŐŵĞŶƚƐŽĨĞdžŝƐƚŝŶŐƐŝĚĞǁĂůŬƚŽŵĞĞƚ
ƚŚĞƌĞƋƵŝƌĞĚůĂŶĚŝŶŐƐĂŶĚŐƌĂĚĞƐ͘^ĞǀĞƌĂůƉĞĚĞƐƚƌŝĂŶƌĂŵƉƐĂůŽŶŐ:ĂŵĂŝĐĂǀĞŶƵĞŚĂǀĞďĞĞŶ
ƌĞĐĞŶƚůLJ ƌĞĐŽŶƐƚƌƵĐƚĞĚ ŝŶ ƉĂƐƚ ƉĂǀĞŵĞŶƚ ŵĂŶĂŐĞŵĞŶƚ ƉƌŽũĞĐƚƐ ĂŶĚǁŝůůŶŽƚŶĞĞĚƚŽďĞ
ƌĞĐŽŶƐƚƌƵĐƚĞĚĂƐƉĂƌƚŽĨƚŚŝƐƉƌŽũĞĐƚ͘
^dZd>/',d/E'
dŚĞĞdžŝƐƚŝŶŐƐƚƌĞĞƚůŝŐŚƚƐLJƐƚĞŵŚĂƐƌĞĐĞŝǀĞĚƐŽŵĞŵĂŝŶƚĞŶĂŶĐĞŽŶƚŚĞĞĂƐƚƐŝĚĞĨƌŽŵ:ĂƐŵŝŶĞ
ǀĞŶƵĞƚŽϴϬƚŚ^ƚƌĞĞƚĂŶĚǁŝůůŶŽƚŶĞĞĚƌĞƉůĂĐĞŵĞŶƚ͘dŚĞƌĞŵĂŝŶŝŶŐƐƚƌĞĞƚůŝŐŚƚŝŶŐǁŝƌĞŝƐŝŶƉŽŽƌ
ĐŽŶĚŝƚŝŽŶ͕ƌĞƐƵůƚŝŶŐŝŶƐĞǀĞƌĂůďƌĞĂŬƐŝŶƚŚĞůĂƐƚĐŽƵƉůĞŽĨLJĞĂƌƐ͘/ƚŝƐƉƌŽƉŽƐĞĚƚŚĂƚƚŚĞƌĞŵĂŝŶĚĞƌ
ŽĨƚŚĞƐƚƌĞĞƚůŝŐŚƚŝŶŐǁŝƌĞǁŝůůďĞƌĞƉůĂĐĞĚǁŝƚŚƚŚĞƉƌŽũĞĐƚ͘/ŶƚĞƌƐĞĐƚŝŽŶůŝŐŚƚƉŽůĞƐĂƌĞƉƌŽƉŽƐĞĚƚŽ
ďĞƌĞƉůĂĐĞĚƚŽŝŵƉƌŽǀĞůŝŐŚƚŝŶŐĂŶĚƐĂĨĞƚLJ͘dŚĞƌĞŵĂŝŶŝŶŐƐƚƌĞĞƚůŝŐŚƚƐĂƌĞĂůƐŽƉƌŽƉŽƐĞĚƚŽƵŶĚĞƌŐŽ
ůƵŵŝŶĂŝƌĞƌĞƉůĂĐĞŵĞŶƚƐƚŽ>ĨŝdžƚƵƌĞƐƚŽĐŽŶĨŽƌŵƚŽƚŚĞĐƵƌƌĞŶƚŝƚLJƐƚĂŶĚĂƌĚ͘
^E/dZz^tZ
dŚĞ ƐĂŶŝƚĂƌLJ ƐĞǁĞƌ ŵĂŶŚŽůĞ ĐĂƐƚŝŶŐƐ ǁŝůů ďĞ ƐĂůǀĂŐĞĚ ĂŶĚ ƌĞŝŶƐƚĂůůĞĚ͘ dŚĞ ĞdžŝƐƚŝŶŐ ĐŽŶĐƌĞƚĞ
ĂĚũƵƐƚŝŶŐ ƌŝŶŐƐ ǁŝůů ďĞ ƌĞƉůĂĐĞĚ ǁŝƚŚ ŶĞǁ ŚŝŐŚͲĚĞŶƐŝƚLJ ƉŽůLJĞƚŚLJůĞŶĞ ;,WͿ ĂĚũƵƐƚŝŶŐ ƌŝŶŐƐ ƚŽ
ĐŽŶĨŽƌŵƚŽĐƵƌƌĞŶƚŝƚLJƐƚĂŶĚĂƌĚƐ͘
hƚŝůŝƚLJŝŵƉƌŽǀĞŵĞŶƚƐĂƌĞƐŚŽǁŶŝŶ&ŝŐƵƌĞϰ͘
tdZD/E
dŚĞǀĂůǀĞďŽdžĞƐǁŝůůďĞĂĚũƵƐƚĞĚƚŽĨŝŶĂůŐƌĂĚĞƐĂŶĚĂŶLJďƌŽŬĞŶǀĂůǀĞƚŽƉƐĞĐƚŝŽŶƐǁŝůůďĞƌĞŵŽǀĞĚ
ĂŶĚƌĞƉůĂĐĞĚĂƐƉĂƌƚŽĨƚŚŝƐƉƌŽũĞĐƚ͘
ϮϬϮϰWĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚۣϬEϭ͘ϭϯϬϴϱϴ WĂŐĞϴ
^dKZD^tZ
dŚĞŝŶƚĞŶƚŽĨƚŚŝƐƉƌŽũĞĐƚŝƐƚŽƌĞŚĂďŝůŝƚĂƚĞƚŚĞƌŽĂĚǁĂLJĂŶĚŶŽƚĐŚĂŶŐĞĞdžŝƐƚŝŶŐĚƌĂŝŶĂŐĞƉĂƚƚĞƌŶƐ͘
/ŶͲůŝŶĞƌĞƉĂŝƌƐĂƌĞƌĞĐŽŵŵĞŶĚĞĚƚŽĂĚĚƌĞƐƐƐŝŐŶŝĨŝĐĂŶƚĐƌĂĐŬƐ͕ǁŚŝůĞƉŝƉĞƐƚŚĂƚŚĂĚŚŽůĞƐŝŶƚŚĞŵ
ĂƌĞƌĞĐŽŵŵĞŶĚĞĚƚŽďĞƌĞŵŽǀĞĚĂŶĚƌĞƉůĂĐĞĚ͘ĚũƵƐƚŵĞŶƚƌŝŶŐƐĨŽƌŵĂŶŚŽůĞƐǁŝůůďĞƌĞƉůĂĐĞĚ
ǁŝƚŚ,WƌŝŶŐƐ͘^ŝŶĐĞƚŚĞĐƵƌďĂŶĚŐƵƚƚĞƌǁŝůůŶŽƚďĞƌĞƉůĂĐĞĚǁŝƚŚƚŚŝƐƉƌŽũĞĐƚ͕ĐĂƚĐŚďĂƐŝŶƌŝŶŐƐ
ǁŝůůŽŶůLJďĞƌĞƉůĂĐĞĚŝĨƚŚĞLJĂƌĞĨĂŝůŝŶŐ͘dŚĞĞdžŝƐƚŝŶŐĐĂƐƚŝŶŐƐǁŝůůďĞƐĂůǀĂŐĞĚĂŶĚƌĞŝŶƐƚĂůůĞĚƵŶůĞƐƐ
ƚŚĞLJĂƌĞĚĂŵĂŐĞĚŽƌĚŽŶŽƚŵĞĞƚĐƵƌƌĞŶƚŝƚLJƐƚĂŶĚĂƌĚƐ͘DŝƐĐĞůůĂŶĞŽƵƐƐƚƌƵĐƚƵƌĞƉĂƚĐŚŝŶŐĂŶĚ
ŽƚŚĞƌƌĞƉĂŝƌƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƐŶĞĞĚĞĚ͘
WƵďůŝĐtŽƌŬƐƐƚĂĨĨƉƌŽǀŝĚĞĚŝŶƉƵƚŽŶĂƌĞĂƐǁŝƚŚŚŝƐƚŽƌŝĐĚƌĂŝŶĂŐĞĐŽŶĐĞƌŶƐ͘EŽŵĂũŽƌĨůŽŽĚŝŶŐŽƌ
ĚƌĂŝŶĂŐĞŝƐƐƵĞƐǁĞƌĞŶŽƚĞĚ͘
^dKZDtdZYh>/dz
^ŝƚĞƐƉĞĐŝĨŝĐƐƚŽƌŵǁĂƚĞƌƌĂƚĞĂŶĚǀŽůƵŵĞĐŽŶƚƌŽů͕ŝŶĂĚĚŝƚŝŽŶƚŽƐƚŽƌŵǁĂƚĞƌƋƵĂůŝƚLJĐŽŶƐŝĚĞƌĂƚŝŽŶƐ͕
ǁŝůůŶŽƚŶĞĞĚƚŽďĞĂĚĚƌĞƐƐĞĚǁŝƚŚŝŶƚŚĞϮϬϮϰWĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚƉƌŽũĞĐƚ͘^ŝŶĐĞƚŚĞƐƵŵŽĨƚŚĞ
ŶĞǁŝŵƉĞƌǀŝŽƵƐĂŶĚĨƵůůLJƌĞĐŽŶƐƚƌƵĐƚĞĚŝŵƉĞƌǀŝŽƵƐƐƵƌĨĂĐĞƐǁŝůůŶŽƚĞƋƵĂůŽƌĞdžĐĞĞĚŽŶĞĂĐƌĞ͕ƐƚĂƚĞ
ĂŶĚůŽĐĂůƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƌĞƋƵŝƌĞŵĞŶƚƐĂƌĞƐĂƚŝƐĨŝĞĚǁŝƚŚŝŶƚŚĞƐĐŽƉĞŽĨƚŚŝƐƉƌŽũĞĐƚ͘
s/͘WZD/d^E^DEdZYh/Z
dŚĞƚŽƚĂůƐŝƚĞĂƌĞĂĞdžĐĞĞĚƐϭͲĂĐƌĞ͕ďƵƚƚŚĞƵŶĚĞƌůĂLJŝŶŐƐŽŝůƐǁŝůůŶŽƚďĞĚŝƐƚƵƌďĞĚƐŝŶĐĞƚŚĞŐƌĂǀĞů
ƐĞĐƚŝŽŶǁŝůůďĞŬĞƉƚŝŶƉůĂĐĞǁŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨƐĞůĞĐƚǁĂƚĞƌŵĂŝŶ͕ƐĂŶŝƚĂƌLJĂŶĚƐƚŽƌŵƐĞǁĞƌƵƚŝůŝƚLJ
ƌĞƉĂŝƌƐĂŶĚƌĞƉůĂĐĞŵĞŶƚƐ͘dŚĞƌĞĨŽƌĞ͕ĂEW^ŽŶƐƚƌƵĐƚŝŽŶ^ƚŽƌŵǁĂƚĞƌWĞƌŵŝƚǁŝůůŶŽƚďĞƌĞƋƵŝƌĞĚ͘
WĞƌŵĂŶĞŶƚƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĂŶĚǀŽůƵŵĞĐŽŶƚƌŽůĂƌĞĂůƐŽŶŽƚƌĞƋƵŝƌĞĚƐŝŶĐĞƚŚĞƐƵŵŽĨƚŚĞ
ŶĞǁŝŵƉĞƌǀŝŽƵƐĂŶĚĨƵůůLJƌĞĐŽŶƐƚƌƵĐƚĞĚŝŵƉĞƌǀŝŽƵƐƐƵƌĨĂĐĞƐǁŝůůŶŽƚĞƋƵĂůŽƌĞdžĐĞĞĚŽŶĞĂĐƌĞ͘
EŽĂĚĚŝƚŝŽŶĂůĚƌĂŝŶĂŐĞĂŶĚƵƚŝůŝƚLJĞĂƐĞŵĞŶƚƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚŝŶƚŚĞƉƌŽũĞĐƚĂƌĞĂ͕ŚŽǁĞǀĞƌ͕ƚŚŝƐǁŝůů
ďĞĞǀĂůƵĂƚĞĚĚƵƌŝŶŐƚŚĞĨŝŶĂůĚĞƐŝŐŶƉŚĂƐĞŽĨƚŚĞƉƌŽũĞĐƚ͘
s//͘^d/DdK^d^
ŽƐƚĞƐƚŝŵĂƚĞƐĨŽƌƚŚĞŝŵƉƌŽǀĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚĂŶĚĂƌĞŝŶĐůƵĚĞĚŝŶƉƉĞŶĚŝdž͘dŚĞ
ĞƐƚŝŵĂƚĞĚƚŽƚĂůƉƌŽũĞĐƚĐŽƐƚĨŽƌƚŚĞϮϬϮϰWĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚƉƌŽũĞĐƚŝƐΨϯ͕ϮϬϯ͕ϴϮϬ͘ϳϳ͘ůůĐŽƐƚƐ
ĨŽƌŝƚĞŵƐƚŽďĞĐŽŶƐƚƌƵĐƚĞĚĂƌĞďĂƐĞĚŽŶĂŶƚŝĐŝƉĂƚĞĚƵŶŝƚƉƌŝĐĞƐĨŽƌƚŚĞϮϬϮϰĐŽŶƐƚƌƵĐƚŝŽŶƐĞĂƐŽŶ͘
ůůĐŽƐƚƐŝŶĐůƵĚĞĂƚǁĞŶƚLJͲĨŝǀĞ;ϮϱͿƉĞƌĐĞŶƚĂůůŽǁĂŶĐĞĨŽƌŝŶĚŝƌĞĐƚĐŽƐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞƉƌŽũĞĐƚ
;ĞŶŐŝŶĞĞƌŝŶŐ͕ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ͕ĨŝŶĂŶĐŝŶŐ͕ĂŶĚůĞŐĂůͿĂƐǁĞůůĂƐĂƐĞǀĞŶ;ϳͿƉĞƌĐĞŶƚĐŽŶƚŝŶŐĞŶĐLJ͘EŽ
ĐŽƐƚƐĂƌĞŝŶĐůƵĚĞĚĨŽƌĐĂƉŝƚĂůŝnjĞĚŝŶƚĞƌĞƐƚĚƵƌŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶƉĞƌŝŽĚŽƌďĞĨŽƌĞĂƐƐĞƐƐŵĞŶƚƐĂƌĞ
ůĞǀŝĞĚ͘
&ŽůůŽǁŝŶŐŝƐĂŶŽǀĞƌĂůůƐƵŵŵĂƌLJŽĨƚŚĞĞƐƚŝŵĂƚĞĚĐŽƐƚƐ͗
dĂďůĞϳ͘ϭʹƐƚŝŵĂƚĞĚŽƐƚ^ƵŵŵĂƌLJ
>ŽĐĂƚŝŽŶ ƐƚŝŵĂƚĞĚWƌŽũĞĐƚŽƐƚ
ϭ
WƌĞƐƚŝŐĞƐƚĂƚĞƐEĞŝŐŚďŽƌŚŽŽĚ Ψϭ͕ϭϳϬ͕Ϭϭϴ͘Ϯϲ
:ĂŵĂŝĐĂǀĞŶƵĞ ΨϮ͕Ϭϯϯ͕ϴϬϮ͘ϱϭ
dŽƚĂůƐƚŝŵĂƚĞĚWƌŽũĞĐƚŽƐƚ͗ Ψϯ͕ϮϬϯ͕ϴϮϬ͘ϳϳ
ŽƐƚƐƉƌĞƐĞŶƚĞĚŝŶĐůƵĚĞϳйĐŽŶƚŝŶŐĞŶĐLJнϮϱйŝŶĚŝƌĞĐƚĐŽƐƚƐ
ϮϬϮϰWĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚۣϬEϭ͘ϭϯϬϴϱϴ WĂŐĞϵ
K^d>>Kd/KE
ƐƐĞƐƐŵĞŶƚƐĨŽƌƚŚŝƐƉƌŽũĞĐƚǁŝůůďĞďĂƐĞĚƵƉŽŶƚŚĞΗ/ŶĨƌĂƐƚƌƵĐƚƵƌĞDĂŝŶƚĞŶĂŶĐĞdĂƐŬ&ŽƌĐĞ^ƉĞĐŝĂů
ƐƐĞƐƐŵĞŶƚWŽůŝĐLJĨŽƌWƵďůŝĐ/ŵƉƌŽǀĞŵĞŶƚƐ͕Η;/Dd&ͿĚĂƚĞĚ^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϬϱ͕ƌĞǀŝƐĞĚKĐƚŽďĞƌ
ϯϭ͕ϮϬϮϯ͘ůůďĞŶĞĨŝƚŝŶŐƉƌŽƉĞƌƚŝĞƐĂƌĞƉƌŽƉŽƐĞĚƚŽďĞĂƐƐĞƐƐĞĚ͘
dŚĞĂƐƐĞƐƐŵĞŶƚƉŽůŝĐLJƐƚĂƚĞƐƚŚĂƚŵŝůůͲŽǀĞƌůĂLJƉƌŽũĞĐƚƐĂƌĞĐŽŶƐŝĚĞƌĞĚŵŝŶŽƌŵĂŝŶƚĞŶĂŶĐĞĂŶĚĂƌĞ
ƚŚĞƌĞĨŽƌĞŶŽƚĂƐƐĞƐƐĂďůĞƵŶĚĞƌƚŚĞƉŽůŝĐLJ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞƌĞǁŝůůďĞŶŽĂƐƐĞƐƐŵĞŶƚƐĨŽƌƚŚĞǁŽƌŬ
ƉƌŽƉŽƐĞĚĂůŽŶŐ:ĂŵĂŝĐĂǀĞŶƵĞ͘
ŝƚLJWƌŽƉĞƌƚLJ͗
WĞƌƚŚĞƉŽůŝĐLJ͕ϭϬϬйŽĨƚŚĞƉƌŽũĞĐƚĐŽƐƚƐĂĚũĂĐĞŶƚƚŽŝƚLJͲŽǁŶĞĚƉƌŽƉĞƌƚLJĂƌĞĂƐƐĞƐƐĞĚƚŽƚŚĞ
ƉƌŽƉĞƌƚLJ͘/ŶĂƌĞĂƐǁŚĞƌĞŽƚŚĞƌůĂŶĚƵƐĞƐǁĞƌĞŽƉƉŽƐŝƚĞŝƚLJƉƌŽƉĞƌƚLJ͕ŚĂůĨŽĨƚŚĞƐƚƌĞĞƚǁŝĚƚŚǁĂƐ
ĂƐƐŝŐŶĞĚƚŽƚŚĞŽƚŚĞƌůĂŶĚƵƐĞĂŶĚƚŚĞŽƚŚĞƌŚĂůĨƚŽƚŚĞŝƚLJ͘
ϭ͘ŽƐƚŝŶĐůƵĚĞƐƐƚƌĞĞƚΘƵƚŝůŝƚŝĞƐ͖ŝŶĐůƵĚĞƐϱϬйƌĞĚƵĐƚŝŽŶĨŽƌƉƌŽƉĞƌƚLJŽŶŽŶĞƐŝĚĞŽĨƐƚƌĞĞƚ
ZĞƐŝĚĞŶƚŝĂů>ĂŶĚhƐĞ͗
hƌďĂŶƌĞƐŝĚĞŶƚŝĂůůĂŶĚƵƐĞŝƐĐŽŶƐŝĚĞƌĞĚƚŽƌĞĐĞŝǀĞďĞŶĞĨŝƚŝĨƚŚĞƉƌŽƉĞƌƚLJ͛ƐŵĂŝŶĞŶƚƌĂŶĐĞŚĂƐĚŝƌĞĐƚ
ĂĐĐĞƐƐƚŽƚŚĞƐƚƌĞĞƚďĞŝŶŐŝŵƉƌŽǀĞĚ͘WĞƌƚŚĞhƌďĂŶZĞƐŝĚĞŶƚŝĂůƉŽůŝĐLJ͕ϰϱйŽĨƚŚĞƉƌŽũĞĐƚĐŽƐƚĨŽƌ
ďŽƚŚƐƵƌĨĂĐĞĂŶĚƐƵďƐƵƌĨĂĐĞŝŵƉƌŽǀĞŵĞŶƚƐŝƐĂƐƐŝŐŶĞĚƚŽĞĂĐŚŝŶĚŝǀŝĚƵĂůƌĞƐŝĚĞŶƚŝĂůůŽƚŽŶĂƵŶŝƚ
ďĂƐŝƐ͘dŚĞŝŶƚĞŶƚŽĨƚŚĞŝƚLJΖƐƉŽůŝĐLJŝƐƚŽƚƌĞĂƚĂůůƌĞƐŝĚĞŶƚŝĂůƉƌŽƉĞƌƚŝĞƐĂƐƐŝŵŝůĂƌŝŶĚŝǀŝĚƵĂůƵŶŝƚƐ
ƌĞŐĂƌĚůĞƐƐŽĨůŽƚĨƌŽŶƚĂŐĞ͘dŚĞĂŵŽƵŶƚĂƐƐĞƐƐĞĚŝƐďĂƐĞĚŽŶƚŚĞĐŝƚLJƐƚĂŶĚĂƌĚƐƚƌĞĞƚƐĞĐƚŝŽŶĞǀĞŶŝĨ
ƚŚĞǁŝĚƚŚŝƐŐƌĞĂƚĞƌ͘
dĂďůĞϳ͘ϯʹĞĚƵĐƚŝŽŶƐƚŽZĞƐŝĚĞŶƚŝĂůWƌŽƉĞƌƚLJ
>ŽĐĂƚŝŽŶ ŝƚLJWƌŽƉĞƌƚLJ ^ƚƌĞĞƚtŝĚƚŚ ĂůĐƵůĂƚĞĚƐƐĞƐƐŵĞŶƚĞĚƵĐƚ
WƌĞƐƚŝŐĞƐƚĂƚĞƐEĞŝŐŚďŽƌŚŽŽĚ;ΨϮ͕ϵϴϲ͘ϳϮͿ ΨϬ ;ΨϮ͕ϵϴϲ͘ϳϮͿ
:ĂŵĂŝĐĂǀĞŶƵĞEͬ Eͬ Eͬ
dŽƚĂů͗;ΨϮ͕ϵϴϲ͘ϳϮͿ ΨϬ ;ΨϮ͕ϵϴϲ͘ϳϮͿ
dĂďůĞϳ͘ϮʹŝƚLJWƌŽƉĞƌƚLJƐƐĞƐƐŵĞŶƚ
>ŽĐĂƚŝŽŶ WƌŽƉĞƌƚLJ
&ƌŽŶƚ
&ŽŽƚĂŐĞ
;>&Ϳ
ďƵƚƚŝŶŐ^ƚƌĞĞƚ
ŽƐƚƐ;Ψͬ>&Ϳϭ
ŝƚLJWƌŽƉĞƌƚLJŽƐƚ
;ϭϬϬйͿ
WƌĞƐƚŝŐĞƐƚĂƚĞƐ
EĞŝŐŚďŽƌŚŽŽĚ
dƌĂŝůKƵƚůŽƚ
ϭϬͲϬϮϳͲϮϭͲϯϰͲϬϬϰϬϭϱ͘Ϯ Ψϴϰ͘ϴϱ Ψϭ͕Ϯϴϵ͘ϳϮ
WƌĞƐƚŝŐĞƐƚĂƚĞƐ
EĞŝŐŚďŽƌŚŽŽĚ
dƌĂŝůKƵƚůŽƚ
ϭϬͲϬϮϳͲϮϭͲϰϯͲϬϬϲϮϮϬ͘Ϭ Ψϴϰ͘ϴϱ Ψϭ͕ϲϵϳ͘ϬϬ
WƌĞƐƚŝŐĞ^ƵďƚŽƚĂů͗ ΨϮ͕ϵϴϲ͘ϳϮ
:ĂŵĂŝĐĂǀĞŶƵĞ Eͬ Eͬ Eͬ Eͬ
dŽƚĂůƐ͗ ΨϮ͕ϵϴϲ͘ϳϮ
ϮϬϮϰWĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚۣϬEϭ͘ϭϯϬϴϱϴ WĂŐĞϭϬ
dĂďůĞϳ͘ϰʹƐƚŝŵĂƚĞĚŽƐƚůůŽĐĂƚŝŽŶWĞƌWŽůŝĐLJ
>ŽĐĂƚŝŽŶƐƚŝŵĂƚĞĚWƌŽũĞĐƚ
ŽƐƚ
ĂůĐƵůĂƚĞĚ
ƐƐĞƐƐŵĞŶƚ
ĞĚƵĐƚ
ZĞƐŝĚĞŶƚŝĂů
ĚũƵƐƚĞĚŽƐƚ
ZĞƐŝĚĞŶƚŝĂů
ƐƐĞƐƐĞĚŵŽƵŶƚ
;ϰϱйŽĨdŽƚĂůͿ
WƌĞƐƚŝŐĞƐƚĂƚĞƐ
EĞŝŐŚďŽƌŚŽŽĚΨϭ͕ϭϳϬ͕Ϭϭϴ͘Ϯϲ ;ΨϮ͕ϵϴϲ͘ϳϮͿ Ψϭ͕ϭϲϳ͕Ϭϯϭ͘ϱϱ ΨϱϮϱ͕ϭϲϰ͘ϭϵ
:ĂŵĂŝĐĂǀĞŶƵĞΨϮ͕Ϭϰϰ͕ϱϮϵ͘ϮϲEͬ Eͬ Eͬ
dŽƚĂů͗Ψϯ͕ϮϬϯ͕ϴϮϬ͘ϳϳ ;ΨϮ͕ϵϴϲ͘ϳϮͿ Ψϭ͕ϭϲϳ͕Ϭϯϭ͘ϱϱ ΨϱϮϱ͕ϭϲϰ͘ϭϵ
ĂƐĞĚŽŶƚŚĞƚĂďůĞďĞůŽǁ͕ƚŚĞƚŽƚĂůƐŝŶŐůĞĨĂŵŝůLJƌĞƐŝĚĞŶƚŝĂůĂƐƐĞƐƐŵĞŶƚŝƐΨϲ͕ϲϰϳ͘ϲϱƉĞƌƵŶŝƚŝŶ
ƚŚĞWƌĞƐƚŝŐĞƐƚĂƚĞƐEĞŝŐŚďŽƌŚŽŽĚ͘
dĂďůĞϳ͘ϱʹƐƚŝŵĂƚĞĚŽƐƚWĞƌZĞƐŝĚĞŶƚŝĂůhŶŝƚ
>ŽĐĂƚŝŽŶ
ƐƐĞƐƐĂďůĞ
Z>ϭ
hŶŝƚƐ
ƐƐĞƐƐĞĚŵŽƵŶƚ
;ϰϱйŽĨdŽƚĂůͿ
ƐƐĞƐƐĞĚŽƐƚWĞƌ
Z>hŶŝƚWĞƌWŽůŝĐLJ
^ƉĞĐŝĂůĞŶĞĨŝƚ
ƉƉƌĂŝƐĂů
WƌĞƐƚŝŐĞƐƚĂƚĞƐ
EĞŝŐŚďŽƌŚŽŽĚϳϵ ΨϱϮϱ͕ϭϲϰ͘ϭϵ Ψϲ͕ϲϰϳ͘ϲϱ Ψϳ͕ϱϬϬ
:ĂŵĂŝĐĂǀĞŶƵĞ Eͬ Eͬ Eͬ Eͬ
ϭ͘ZĞƐŝĚĞŶƚŝĂůĂƐƐĞƐƐŵĞŶƚƐĂƌĞĂƉƉŽƌƚŝŽŶĞĚĂŵŽŶŐďĞŶĞĨŝƚĞĚƌĞƐŝĚĞŶƚŝĂůďƵŝůĚĂďůĞůŽƚĞƋƵŝǀĂůĞŶƚƐ;Z>Ϳ͘WĞƌƚŚĞ/Dd&
ƉŽůŝĐLJ͕ĞĂĐŚƐŝŶŐůĞͲĨĂŵŝůLJůŽƚŝƐϭ͘ϬZ>͘
tŚĞŶƚŚĞĐĂůĐƵůĂƚĞĚĂƐƐĞƐƐŵĞŶƚĞdžĐĞĞĚƐƚŚĞƐƉĞĐŝĂůďĞŶĞĨŝƚĂƉƉƌĂŝƐĂůĨŽƌĂŶLJůĂŶĚƵƐĞƚLJƉĞ͕ƚŚĞ
ĂƐƐĞƐƐŵĞŶƚŝƐƉƌŽƉŽƐĞĚƚŽďĞĐĂƉƉĞĚĂƚƚŚĞĂŵŽƵŶƚŽĨƚŚĞƐƉĞĐŝĂůďĞŶĞĨŝƚĂƉƉƌĂŝƐĂů͘/ĨŶĞĞĚĞĚ͕ŝƚLJ
ĨƵŶĚƐǁŝůůĐŽǀĞƌƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞĐĂůĐƵůĂƚĞĚĂƐƐĞƐƐŵĞŶƚĂŶĚƚŚĞďĞŶĞĨŝƚĂƉƉƌĂŝƐĂů͘
^ƵŵŵĂƌLJ͗
dŚĞ/Dd&ƉŽůŝĐLJƚŚĞƌĞĨŽƌĞĂůůŽĐĂƚĞƐĐŽƐƚƐŝŶƚŚĞĨŽůůŽǁŝŶŐŵĂŶŶĞƌ͗
ϭ͘^ĞĞƉƉĞŶĚŝdžĨŽƌ&ƵŶĚƌĞĂŬŽƵƚ
Ϯ͘dŽƚĂůWƌŽũĞĐƚŽƐƚ;ϳйĐŽŶƚŝŶŐĞŶĐLJнϮϱйŝŶĚŝƌĞĐƚͿ
s///͘&/EE/E'
ƐƐĞƐƐŵĞŶƚƐ ĂƌĞ ƉƌŽƉŽƐĞĚ ƚŽ ďĞ ůĞǀŝĞĚ ďĂƐĞĚ ŽŶ ƚŚĞ ŝƚLJΖƐ ĐƵƌƌĞŶƚ ĂƐƐĞƐƐŵĞŶƚ ƉŽůŝĐLJ͘ dŚĞ
ƌĞŵĂŝŶĚĞƌŽĨƚŚĞƉƌŽũĞĐƚǁŽƵůĚďĞĨŝŶĂŶĐĞĚƚŚƌŽƵŐŚĂĐŽŵďŝŶĂƚŝŽŶŽĨŝƚLJĨƵŶĚƐƐƵĐŚĂƐƚŚĞ'ĞŶĞƌĂů
dĂdž>ĞǀLJĂŶĚhƚŝůŝƚLJĂŶĚŶƚĞƌƉƌŝƐĞĨƵŶĚƐĨŽƌŝƚĞŵƐƐƵĐŚĂƐƐƚŽƌŵƐĞǁĞƌŝŵƉƌŽǀĞŵĞŶƚƐ͘&ŝŐƵƌĞϱ
ĚĞƉŝĐƚƐƚŚĞĂƐƐĞƐƐĂďůĞƉĂƌĐĞůƐĨŽƌƚŚĞƉƌŽũĞĐƚ͘
dĂďůĞϳ͘ϲʹ/Dd&ŽƐƚ^ƵŵŵĂƌLJ
>ŽĐĂƚŝŽŶZĞƐŝĚĞŶƚŝĂůƐƐĞƐƐĞĚ
ŵŽƵŶƚ;ϰϱйŽĨdŽƚĂůͿŝƚLJ&ƵŶĚƐϭ ƐƚŝŵĂƚĞĚWƌŽũĞĐƚŽƐƚ
Ϯ
WƌĞƐƚŝŐĞƐƚĂƚĞƐ
EĞŝŐŚďŽƌŚŽŽĚΨϱϮϱ͕ϭϲϰ͘ϭϵ Ψϲϰϰ͕ϴϱϰ͘Ϭϳ Ψϭ͕ϭϳϬ͕Ϭϭϴ͘Ϯϲ
:ĂŵĂŝĐĂǀĞŶƵĞ Eͬ ΨϮ͕Ϭϰϰ͕ϱϮϵ͘Ϯϲ ΨϮ͕Ϭϯϯ͕ϴϬϮ͘ϱϭ
dŽƚĂů͗ ΨϱϮϱ͕ϭϲϰ͘ϭϵ ΨϮ͕ϲϳϴ͕ϲϱϲ͘ϱϴ Ψϯ͕ϮϬϯ͕ϴϮϬ͘ϳϳ
ϮϬϮϰWĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚۣϬEϭ͘ϭϯϬϴϱϴ WĂŐĞϭϭ
/y͘Wh>/,Z/E'
ĞĐĂƵƐĞƚŚĞƉƌŽƉĞƌƚŝĞƐǁŝƚŚŝŶƚŚĞƉƌŽũĞĐƚĂƌĞĂďĞŶĞĨŝƚĨƌŽŵƚŚĞƉƌŽƉŽƐĞĚŝŵƉƌŽǀĞŵĞŶƚƐ͕ĂŶĚƚŚĞ
ƉƌŽũĞĐƚǁŝůůďĞƉĂƌƚŝĂůůLJĨƵŶĚĞĚƚŚƌŽƵŐŚĂƐƐĞƐƐŵĞŶƚ͕ŝƚǁŝůůďĞŶĞĐĞƐƐĂƌLJĨŽƌƚŚĞŝƚLJƚŽŚŽůĚĂƉƵďůŝĐ
ŝŵƉƌŽǀĞŵĞŶƚŚĞĂƌŝŶŐƚŽƌĞĐĞŝǀĞĐŽŵŵĞŶƚŽŶƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚĂŶĚƚŽĚĞƚĞƌŵŝŶĞĨƵƌƚŚĞƌĂĐƚŝŽŶ
ƚŽďĞƚĂŬĞŶ͘
y͘WZK:d^,h>
ĞůŽǁŝƐƚŚĞƉƌŽƉŽƐĞĚƐĐŚĞĚƵůĞĂƐƐƵŵŝŶŐƐƚĂƌƚŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŝŶϮϬϮϰ͗
•ϬϱͬϭϳͬϮϬϮϯ ŽƵŶĐŝůKƌĚĞƌƐ&ĞĂƐŝďŝůŝƚLJZĞƉŽƌƚ
•ϬϭͬϬϯͬϮϬϮϰ ŽƵŶĐŝůtŽƌŬƐŚŽƉ
•ϬϭͬϭϳͬϮϬϮϰ ŽƵŶĐŝůZĞĐĞŝǀĞƐĂŶĚƉƉƌŽǀĞƐ&ĞĂƐŝďŝůŝƚLJZĞƉŽƌƚ
ŽƵŶĐŝů^ĞƚƐĂWƵďůŝĐ/ŵƉƌŽǀĞŵĞŶƚ,ĞĂƌŝŶŐĂƚĞ
ŽƵŶĐŝůKƌĚĞƌƐƚŚĞWƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞWůĂŶƐĂŶĚ^ƉĞĐŝĨŝĐĂƚŝŽŶƐ
•ϬϭͬϯϬͬϮϬϮϰ ,ŽůĚWƌĞƐƚŝŐĞƐƚĂƚĞƐEĞŝŐŚďŽƌŚŽŽĚDĞĞƚŝŶŐ
•ϬϮͬϬϳͬϮϬϮϰ ŽƵŶĐŝů,ŽůĚƐWƵďůŝĐ/ŵƉƌŽǀĞŵĞŶƚ,ĞĂƌŝŶŐ
•ϬϮͬϮϭͬϮϬϮϰ ŽƵŶĐŝůƉƉƌŽǀĞƐWƌĞƐƚŝŐĞƐƚĂƚĞƐWůĂŶƐĂŶĚ^ƉĞĐŝĨŝĐĂƚŝŽŶƐ
•ϬϯͬϬϲͬϮϬϮϰ ŽƵŶĐŝůƉƉƌŽǀĞƐ:ĂŵĂŝĐĂǀĞŶƵĞWůĂŶƐĂŶĚ^ƉĞĐŝĨŝĐĂƚŝŽŶƐ
•ϬϯͬϮϭͬϮϬϮϰ WƌĞƐƚŝŐĞƐƚĂƚĞƐŝĚĂƚĞ
•ϬϰͬϬϯͬϮϬϮϰ WƌĞƐƚŝŐĞƐƚĂƚĞƐŽŶƚƌĂĐƚǁĂƌĚ
•ϬϰͬϬϰͬϮϬϮϰ :ĂŵĂŝĐĂǀĞŶƵĞŝĚĂƚĞ
•ϬϰͬϭϳͬϮϬϮϰ :ĂŵĂŝĐĂǀĞŶƵĞŽŶƚƌĂĐƚǁĂƌĚ
•^ƉƌŝŶŐϮϬϮϰ ĞŐŝŶŽŶƐƚƌƵĐƚŝŽŶ
•^ĞƉƚĞŵďĞƌϮϬϮϰ ŽŵƉůĞƚĞŽŶƐƚƌƵĐƚŝŽŶ
•^ĞƉƚĞŵďĞƌϮϬϮϰ ŽƵŶĐŝů^ĞƚƐƐƐĞƐƐŵĞŶƚ,ĞĂƌŝŶŐĂƚĞ
•KĐƚŽďĞƌϮϬϮϰ ŽƵŶĐŝů,ŽůĚƐƐƐĞƐƐŵĞŶƚ,ĞĂƌŝŶŐ
y/͘KE>h^/KEEZKDDEd/KE^
/ƚŝƐƌĞĐŽŵŵĞŶĚĞĚƚŚĂƚƚŚŝƐƌĞƉŽƌƚďĞƵƐĞĚĂƐĂŐƵŝĚĞĨŽƌƚŚĞůĂLJŽƵƚ͕ĚĞƐŝŐŶ͕ĂŶĚĐŽƐƚĂůůŽĐĂƚŝŽŶĨŽƌ
ƚŚĞƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐƚŽďĞŵĂĚĞĂƐƉĂƌƚŽĨƚŚĞϮϬϮϰWĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚƉƌŽũĞĐƚ͘/ƚŝƐ
ĨƵƌƚŚĞƌƌĞĐŽŵŵĞŶĚĞĚƚŚĂƚƚŚĞŽǁŶĞƌƐŽĨƉƌŽƉĞƌƚŝĞƐǁŝƚŚŝŶƚŚĞƉƌŽũĞĐƚůŝŵŝƚƐďĞŶŽƚŝĨŝĞĚŽĨƚŚĞ
ƉƌŽƉŽƐĞĚŝŵƉƌŽǀĞŵĞŶƚƐŝŶŽƌĚĞƌƚŽƉƌŽǀŝĚĞĐŽŵŵĞŶƚ͘
dŽĚĞƚĞƌŵŝŶĞƉƌŽũĞĐƚĨĞĂƐŝďŝůŝƚLJ͕ĂĐŽŵƉĂƌŝƐŽŶǁĂƐŵĂĚĞďĞƚǁĞĞŶƚŚĞĐŽƐƚƐĞƐƚŝŵĂƚĞĚŚĞƌĞŝŶĂŶĚ
ƚŚĞĐŽƐƚƐĞdžƉĞƌŝĞŶĐĞĚĨŽƌŽƚŚĞƌƐŝŵŝůĂƌƉƌŽũĞĐƚƐǁŝƚŚŝŶƚŚĞŝƚLJ͘dŚĞƐĞĐŽŵƉĂƌŝƐŽŶƐ͕ŽŶĂƉĞƌůŝŶĞĂƌ
ĨŽŽƚĐŽŶƐƚƌƵĐƚŝŽŶĐŽƐƚďĂƐŝƐ;ŶŽŝŶĚŝƌĞĐƚƉƌŽũĞĐƚĐŽƐƚƐͿ͕ĂƌĞƐŚŽǁŶŝŶƚŚĞĨŽůůŽǁŝŶŐƚĂďůĞ͗
ϮϬϮϰWĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚۣϬEϭ͘ϭϯϬϴϱϴ WĂŐĞϭϮ
dĂďůĞϭϭ͘ϭʹŽƐƚWĞƌhŶŝƚŽŵƉĂƌŝƐŽŶ
ϮϬϮϰWĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚWƌŽũĞĐƚ;ƐƚŝŵĂƚĞĚŽƐƚƐƉĞƌ>ŝŶĞĂƌ&ŽŽƚͿ
WƌĞƐƚŝŐĞƐƚĂƚĞƐϭƐƚĂŶĚϮŶĚĚĚŝƚŝŽŶƐĂŶĚWƌĞƐƚŝŐĞƐƚĂƚĞƐŽŶƚŚĞWĂƌŬʹ
WĂǀĞŵĞŶƚZĞƉůĂĐĞŵĞŶƚƌĞĂΘ&ƵůůƵƌďΨϭϮϲ͘ϴϳ
:ĂŵĂŝĐĂǀĞŶƵĞĨƌŽŵϴϬƚŚ^ƚƌĞĞƚƚŽϵϬƚŚ^ƚƌĞĞƚʹDŝůůĂŶĚKǀĞƌůĂLJ ΨϮϳϮ͘ϴϳ
ϮϬϮϯWĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚWƌŽũĞĐƚ;ƐƚŝŵĂƚĞĚŽƐƚƐƉĞƌ>ŝŶĞĂƌ&ŽŽƚͿ
dŚŽŵƉƐŽŶ'ƌŽǀĞϭƐƚ͕ϲƚŚ͕ϳƚŚ͕ĂŶĚϭϬƚŚĚĚŝƚŝŽŶƐʹWĂǀĞŵĞŶƚZĞƉůĂĐĞŵĞŶƚΘ^ƉŽƚ
ƵƌďΨϭϰϳ͘ϴϭͬ>&
&ŝŶĂŶĐŝĂůƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŚĂǀĞďĞĞŶĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶĞƐƚŝŵĂƚĞĚƉƌŽũĞĐƚĐŽƐƚƐĂƐǁĞůůĂƐĂĚŽƉƚĞĚ
ŝƚLJƉŽůŝĐLJ͘&ƵŶĚŝŶŐƐŽƵƌĐĞƐĐŽŶƐŝƐƚŽĨĂƐƐĞƐƐŵĞŶƚƐƚŽďĞŶĞĨŝƚƚĞĚƉƌŽƉĞƌƚŝĞƐĂŶĚƵƐĞŽĨĞdžŝƐƚŝŶŐ
ĚĞƐŝŐŶĂƚĞĚŝƚLJĨƵŶĚƐ͘
ĂƐĞĚŽŶƚŚĞŝŶĨŽƌŵĂƚŝŽŶĐŽŶƚĂŝŶĞĚŚĞƌĞŝŶ͕ŝƚĐĂŶďĞĐŽŶĐůƵĚĞĚƚŚĂƚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƵƚŝůŝƚLJĂŶĚ
ƐƚƌĞĞƚŝŵƉƌŽǀĞŵĞŶƚƐŝƐĨĞĂƐŝďůĞ͘dŚĞĚĞƚĞƌŝŽƌĂƚĞĚĐŽŶĚŝƚŝŽŶŽĨƚŚĞƉĂǀĞŵĞŶƚ͕ƐƚĂďůĞĐŽŶĚŝƚŝŽŶŽĨ
ƚŚĞƐƵďŐƌĂĚĞ͕ĂŶĚĐŽŶĚŝƚŝŽŶŽĨƚŚĞĐŽŶĐƌĞƚĞĐƵƌďĂŶĚŐƵƚƚĞƌƐƵƉƉŽƌƚƐƚŚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶŽĨƚŚĞ
ƉĂǀĞŵĞŶƚ ƌĞƉůĂĐĞŵĞŶƚ ǁŝƚŚ ĨƵůů ĐƵƌď ĂŶĚ ŐƵƚƚĞƌ ƌĞƉůĂĐĞŵĞŶƚ ĨŽƌWƌĞƐƚŝŐĞ ƐƚĂƚĞƐ͘ dŚĞ
ŝŵƉƌŽǀĞŵĞŶƚƐĂƌĞĐŽƐƚĞĨĨĞĐƚŝǀĞĂƐƚŚĞLJƵƚŝůŝnjĞƚŚĞĞdžŝƐƚŝŶŐŐƌĂǀĞůƐĞĐƚŝŽŶĂŶĚŬĞĞƉĞdžŝƐƚŝŶŐĐƵƌď
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WƌĞǀŝŽƵƐƉĂƚĐŚŝŶŐĚƵĞƚŽƐƵƌĨĂĐĞĚĞƚĞƌŝŽƌĂƚŝŽŶĨŽƌŵĂƐƉŚĂůƚƐƚƌŝƉƉŝŶŐ
ƉƉĞŶĚŝdž͗ŽƐƚƐƚŝŵĂƚĞ^ƵŵŵĂƌLJ
ŽƐƚƐƚŝŵĂƚĞ^ƵŵŵĂƌLJ>ŽĐĂƚŝŽŶ&ĞĂƐŝďŝůŝƚLJZĞƉŽƌƚŽŶƐƚƌƵĐƚŝŽŶŽƐƚdŽƚĂůŽƐƚϭĞĚƵĐƚ&Žƌ^ƚƌĞĞƚtŝĚƚŚĞĚƵĐƚ&ŽƌŝƚLJWƌŽƉĞƌƚLJƐƐĞƐƐŵĞŶƚĞĚƵĐƚKƚŚĞƌZĞƐŝĚĞŶƚŝĂůĚũƵƐƚĞĚdŽƚĂůŽƐƚZĞƐŝĚĞŶƚŝĂůƐƐĞƐƐĞĚŵŽƵŶƚŝƚLJ&ƵŶĚƐ^ĂŶŝƚĂƌLJhƚŝůŝƚLJ&ƵŶĚtĂƚĞƌhƚŝůŝƚLJ&ƵŶĚ^ƚŽƌŵǁĂƚĞƌhƚŝůŝƚLJ&ƵŶĚ^ƚƌĞĞƚůŝŐŚƚŶƚĞƌƉƌŝƐĞ&ƵŶĚWůĂLJŐƌŽƵŶĚͬWĂƌŬ^ŚĞůƚĞƌZĞƉůĂĐĞŵĞŶƚͬWƵďůŝĐ>ĂŶĚƐĐĂƉĞ/ŶŝƚŝĂƚŝǀĞdƌĂŝůZĞƉůĂĐĞŵĞŶƚ&ƵŶĚ'ĞŶĞƌĂů>ĞǀLJ^ŝŶŐůĞ&ĂŵŝůLJhŶŝƚƐZ>hŶŝƚƐ^ŝŶŐůĞ&ĂŵŝůLJƐƐĞƐƐĞĚΨͬhŶŝƚ^ŝŶŐůĞ&ĂŵŝůLJƐƐĞƐƐĞĚΨͬhŶŝƚϰϱйŽĨĚũƵƐƚĞĚWƌĞƐƚŝŐĞƐƚĂƚĞƐ^ƚƌĞĞƚƐ Ψϳϭϵ͕ϱϳϲ͘ϬϬ ΨϵϲϮ͕ϰϯϮ͘ϵϬ ΨϬ͘ϬϬ ;ΨϮ͕ϰϱϲ͘ϴϭͿ ΨϬ͘ϬϬ Ψϵϱϵ͕ϵϳϲ͘Ϭϵ Ψϰϯϭ͕ϵϴϵ͘Ϯϰ ΨϱϯϬ͕ϰϰϯ͘ϲϲ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϱϯϬ͕ϰϰϯ͘ϲϲ^ĂŶŝƚĂƌLJ^ĞǁĞƌ ΨϮϬ͕ϯϱϬ͘ϬϬ ΨϮϳ͕Ϯϭϴ͘ϭϯ ΨϬ͘ϬϬ ;Ψϲϵ͘ϰϴͿ ΨϬ͘ϬϬ ΨϮϳ͕ϭϰϴ͘ϲϱ ΨϭϮ͕Ϯϭϲ͘ϴϵ Ψϭϱ͕ϬϬϭ͘Ϯϰ Ψϭϱ͕ϬϬϭ͘Ϯϰ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬtĂƚĞƌDĂŝŶ Ψϭϲ͕ϲϰϬ͘ϬϬ ΨϮϮ͕Ϯϱϲ͘ϬϬ ΨϬ͘ϬϬ ;Ψϱϲ͘ϴϭͿ ΨϬ͘ϬϬ ΨϮϮ͕ϭϵϵ͘ϭϵ Ψϵ͕ϵϴϵ͘ϲϰ ΨϭϮ͕Ϯϲϲ͘ϯϲ ΨϬ͘ϬϬ ΨϭϮ͕Ϯϲϲ͘ϯϲ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬΨϲ͕ϲϰϳ͘ϲϱ Ψϳ͕ϱϬϬ͘ϬϬ^ƚŽƌŵ^ĞǁĞƌ Ψϯϱ͕ϵϳϰ͘ϬϬ Ψϰϴ͕ϭϭϱ͘Ϯϯ ΨϬ͘ϬϬ ;ΨϭϮϮ͘ϴϮͿ ΨϬ͘ϬϬ Ψϰϳ͕ϵϵϮ͘ϰϭ ΨϮϭ͕ϱϵϲ͘ϱϴ ΨϮϲ͕ϱϭϴ͘ϲϱ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϮϲ͕ϱϭϴ͘ϲϱ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ^ƚƌĞĞƚ>ŝŐŚƚŝŶŐ ΨϴϮ͕ϮϰϬ͘ϬϬ ΨϭϬϵ͕ϵϵϲ͘ϬϬ ΨϬ͘ϬϬ ;ΨϮϴϬ͘ϳϵͿ ΨϬ͘ϬϬ ΨϭϬϵ͕ϳϭϱ͘Ϯϭ Ψϰϵ͕ϯϳϭ͘ϴϰ ΨϲϬ͕ϲϮϰ͘ϭϲ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϲϬ͕ϲϮϰ͘ϭϲ^ƵďƚŽƚĂůΨϴϳϰ͕ϳϴϬ͘ϬϬ Ψϭ͕ϭϳϬ͕Ϭϭϴ͘Ϯϲ ΨϬ͘ϬϬ ;ΨϮ͕ϵϴϲ͘ϳϮͿ ΨϬ͘ϬϬ Ψϭ͕ϭϲϳ͕Ϭϯϭ͘ϱϱ ΨϱϮϱ͕ϭϲϰ͘ϭϵ Ψϲϰϰ͕ϴϱϰ͘Ϭϳ Ψϭϱ͕ϬϬϭ͘Ϯϰ ΨϭϮ͕Ϯϲϲ͘ϯϲ ΨϮϲ͕ϱϭϴ͘ϲϱ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ Ψϱϵϭ͕Ϭϲϳ͘ϴϮ:ĂŵĂŝĐĂǀĞŶƵĞ^ƚƌĞĞƚƐ Ψϵϯϳ͕ϬϮϮ͘ϬϬ Ψϭ͕Ϯϱϯ͕Ϯϲϲ͘ϵϯ ΨϬ͘ϬϬ ;Ψϭ͕Ϯϱϯ͕Ϯϲϲ͘ϵϯͿ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ Ψϭ͕Ϯϱϯ͕Ϯϲϲ͘ϵϯ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ Ψϭ͕Ϯϱϯ͕Ϯϲϲ͘ϵϯ^ĂŶŝƚĂƌLJ^ĞǁĞƌ ΨϮϰ͕ϰϴϬ͘ϬϬ ΨϯϮ͕ϳϰϮ͘ϬϬ ΨϬ͘ϬϬ ;ΨϯϮ͕ϳϰϮ͘ϬϬͿ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϯϮ͕ϳϰϮ͘ϬϬ ΨϯϮ͕ϳϰϮ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬtĂƚĞƌDĂŝŶ Ψϯ͕ϭϬϬ͘ϬϬ Ψϰ͕ϭϰϲ͘Ϯϱ ΨϬ͘ϬϬ ;Ψϰ͕ϭϰϲ͘ϮϱͿ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ Ψϰ͕ϭϰϲ͘Ϯϱ ΨϬ͘ϬϬ Ψϰ͕ϭϰϲ͘Ϯϱ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬΨϬ͘ϬϬ ΨϬ͘ϬϬ^ƚŽƌŵ^ĞǁĞƌ Ψϭϳϭ͕ϭϯϯ͘ϬϬ ΨϮϮϴ͕ϴϵϬ͘ϯϵ ΨϬ͘ϬϬ ;ΨϮϮϴ͕ϴϵϬ͘ϯϵͿ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϮϮϴ͕ϴϵϬ͘ϯϵ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϮϮϴ͕ϴϵϬ͘ϯϵ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ^ƚƌĞĞƚ>ŝŐŚƚŝŶŐ Ψϯϴϰ͕ϴϲϱ͘ϬϬ Ψϱϭϰ͕ϳϱϲ͘ϵϰ ΨϬ͘ϬϬ ;Ψϱϭϰ͕ϳϱϲ͘ϵϰͿ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ Ψϱϭϰ͕ϳϱϲ͘ϵϰ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ Ψϱϭϰ͕ϳϱϲ͘ϵϰ^ƵďƚŽƚĂůΨϭ͕ϱϮϬ͕ϲϬϬ͘ϬϬ ΨϮ͕Ϭϯϯ͕ϴϬϮ͘ϱϭ ΨϬ͘ϬϬ ;ΨϮ͕Ϭϯϯ͕ϴϬϮ͘ϱϭͿ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϮ͕Ϭϯϯ͕ϴϬϮ͘ϱϭ ΨϯϮ͕ϳϰϮ͘ϬϬ Ψϰ͕ϭϰϲ͘Ϯϱ ΨϮϮϴ͕ϴϵϬ͘ϯϵ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ Ψϭ͕ϳϲϴ͕ϬϮϯ͘ϴϳdŽƚĂůƐͲWƌŽũĞĐƚ ΨϮ͕ϯϵϱ͕ϯϴϬ͘ϬϬ Ψϯ͕ϮϬϯ͕ϴϮϬ͘ϳϳ ΨϬ͘ϬϬ ;ΨϮ͕Ϭϯϲ͕ϳϴϵ͘ϮϯͿ ΨϬ͘ϬϬ Ψϭ͕ϭϲϳ͕Ϭϯϭ͘ϱϱ ΨϱϮϱ͕ϭϲϰ͘ϭϵ ΨϮ͕ϲϳϴ͕ϲϱϲ͘ϱϴ Ψϰϳ͕ϳϰϯ͘Ϯϰ Ψϭϲ͕ϰϭϮ͘ϲϭ ΨϮϱϱ͕ϰϬϵ͘Ϭϰ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϮ͕ϯϱϵ͕Ϭϵϭ͘ϲϵϭ͘/ŶĐůƵĚĞƐϳйŽŶƚŝŶŐĞŶĐLJнϮϱй/ŶĚŝƌĞĐƚŽƐƚƐϮ͘ĂƉƐƐƐĞƐƐŵĞŶƚĂƚĂŵŽƵŶƚƐĚĞƚĞƌŵŝŶĞĚďLJƐƉĞĐŝĂůďĞŶĞĨŝƚĂƉƉƌĂŝƐĂůϬ͘Ϭ Ϭ͘ϬϮϬϮϰWĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚWƌŽũĞĐƚŝƚLJ&ƵŶĚƐƌĞĂŬŽƵƚ^ƉĞĐŝĂůĞŶĞĨŝƚƉƉƌĂŝƐĂůƐƐĞƐƐŵĞŶƚWŽůŝĐLJĂůĐƵůĂƚŝŽŶϳϵ͘Ϭ ϳϵ͘Ϭ
ƉƉĞŶĚŝdž͗WƌĞůŝŵŝŶĂƌLJƐƐĞƐƐŵĞŶƚZŽůů
WĂƌĐĞů/ KǁŶĞƌEĂŵĞ ĚĚƌĞƐƐ hŶŝƚƐ ΨͬhŶŝƚ dŽƚĂůͬhŶŝƚ
ϭϬϬϮϳϮϭϯϰϬϬϰϵ t<ZZZ, ϳϴϰϴ:EEZs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϱϬ DKEZ/,ZDΘWdZ//: ϳϴϮϴ:EEZs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϱϭ ,ZDE:DKE/E'dZh^d ϳϴϭϮ:EEZs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϱϮ K^dZKD:K,EΘ>/^, ϳϳϵϬ:EEZs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϱϯ 'hEZ^KE^dsΘ<>>z ϳϳϳϰ:EEZs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϱϰ ,K&&:KE>ΘDZz>ϳϳϱϮ:EEZs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϱϱ EK,EZ>/^KEΘZ/ ϳϵϵϱ:EEZs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϱϲ ^dtZd<Z/^d/EΘ,Z>^ϳϵϲϳ:EEZs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϱϳ hs^E>/EΘzK>ϳϵϱϯ:EEZs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϮϬ W/ZZ^KddΘKhZdEz ϵϰϴϰϳϵd,^d^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϮϭ hEE>>t/>>/DdΘDZzDKtͲhEE>>ϵϰϳϴϳϵd,^d^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϮϮ h,>d/DKd,z:ΘtED ϵϰϳϲϳϵd,^d^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϮϯ ',ZdE/>Θ:h/d, ϵϱϯϱϳϵd,^d^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϮϰ ZK/E^KE:KΘ<Z/^d/ED>>Kz ϵϱϬϭϳϵd,^d^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϮϱ WhZ>>:ZZKE>'Θ:E/ ϵϰϵϵϳϵd,^d^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϮϲ WdZ^hEΘDZz<z>ϵϰϵϳϳϵd,^d^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϮϳ WZK&ZK<:ZDz^ΘdZ/^d>ϵϰϵϭϳϵd,^d^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϮϴ K>ZzEE/^d>ϵϰϴϵϳϵd,^d^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϮϵ ds/>Zd,KD^:ΘDK>>/D ϵϰϳϳϳϵd,^d^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϯϬ ^>h^^Z:&&ZzDΘ>/^ϵϰϳϱϳϵd,^d^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϯϭ Zh//>hZΘ>'KDϳϳϰϵ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϯϮ >Kh^Kh'>^WΘ>EE>ϳϳϱϳ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϯϯ Z/<^KEWZZzΘd,Z^ϳϳϲϱ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϯϰ '/>>^W/ZzΘ:E/>ϳϳϳϯ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϯϱ ,>DEDZzd,Θd/DKd,z ϳϳϴϭ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϯϳ <KZ&tzE>Θ:E& ϳϳϳϮ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϯϴ hddZDKZZKZdΘZ>zEE ϳϳϴϲ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϯϵ WZz/>>:&&Zz^ΘEEzD Ϭ Ψϲ͕ϲϰϳ͘ϲϱ ΨϬ͘ϬϬ
ϭϬϬϮϳϮϭϯϰϬϬϰϭ ^d/E^KddΘ,d,Z&ZD^dZKE' ϳϵϵϮ:EEZs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϰϮ >Kt>>Z/ZKsΘD/>z ϳϵϳϬ:EEZs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϰϯ ^E/'ZE ϳϵϱϴ:EEZs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϰϰ DzZE'>D ϳϵϯϬ:EEZs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϰϱ <>Z/,D/,>Θ<>>z: ϳϵϭϰ:EEZs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϰϲ >K^^KDZK'Z: ϳϴϵϲ:EEZs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϰϳ W>DZs/Θ:^^/ϳϴϳϴ:EEZs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϰϴ '>KD/,>:Θ>/>/E: ϳϴϲϬ:EEZs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϲϳ :K,E^KEZ/,Z>Θ^KEz>:K,E^KE ϳϳϮϲ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϲϴ sYhK^ZΘZ/^d,'KD ϳϳϰϮ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϲϵ tZZZ: ϳϳϬϭ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϳϬ ^dZE^<zs/ΘZKED ϳϳϭϯ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϳϭ EKDK,DD'ΘDh>hZK ϳϳϮϭ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϳϮ <DDdDh>>Z<s/EΘDz<ϳϳϯϳ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϳϯ sYhK^ZΘZ/^d,'KD Ϭ Ψϲ͕ϲϰϳ͘ϲϱ ΨϬ͘ϬϬ
ϭϬϬϮϳϮϭϯϰϬϬϳϰ WZz/>>:&&Zz^ΘEEzD ϳϳϲϰ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϱϴ ^,Khs>>ZE/>'ΘEEz ϳϵϮϵ:EEZs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϱϵ &KZdhE:K,EDΘD/>/^^D ϳϵϬϵ:EEZs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϲϬ dz>KZ&:K^W,/sΘtED ϳϴϴϭ:EEZs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϲϭ ^h>>/sEE/>ΘD/,>>D ϳϴϲϵ:EEZs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϲϮ :K,E^KE^KddΘ<Z/^dzϳϴϱϱ:EEZs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϲϯ W>>/^ͲZ'h>>K:EWΘZEW>>/^ϳϴϯϯ:EEZs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϲϰ &>,Zdz<z>:Θ^dW,E/D ϳϴϮϭ:EEZs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϲϱ &h^d:/DWΘZ'ED:Z ϳϳϵϳ:EEZs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϯϰϬϬϲϲ W/'EdK:K^W,ΘdZ^>ϳϳϮϬ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϵϭ &Z'h^KE>tZEd:ZΘDZz ϳϴϮϲ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϵϮ KE/E'KZKE>Θ^,/>D ϳϴϰϰ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
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ϭϬϬϮϳϮϭϰϯϬϬϵϯ DKE>DK>>zΘZzE ϳϴϱϮ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϲϯ sZhK^Z'/KKΘ'h>hW^EhEϳϵϵϳ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϲϰ <>/EKt^</ZzEΘD>/^^ϳϵϲϭ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϲϱ sZ^KED/,>ΘD<z>ϳϵϯϯ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϲϲ ,WKZZKtZϮϬϭϳͲϭ>> ϵϲϬϬϳϵd,^d^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϲϳ EKZhDEZtDΘdZ/: ϵϱϴϮϳϵd,^d^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϲϴ <>>ZE/,K>^'Θ<d>zEZZDt>>ϵϱϱϲϳϵd,^d^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϲϵ ^,E/Z/EE>ϵϱϮϴϳϵd,^d^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϳϬ ^hd>^KddDΘ<Z/^dE<ϵϱϭϮϳϵd,^d^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϳϭ t/EDEE>/< ϵϰϵϴϳϵd,^d^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϳϮ s/Zs//,ΘE'>s//,dZ^ϵϱϵϯϳϵd,^d^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϳϯ d>>'ZKZdtDΘ:EW ϵϱϳϳϳϵd,^d^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϳϰ &KzZ/,ZWΘD>E/ ϵϱϲϵϳϵd,^d^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϳϱ :K,E^KEZKE ϵϱϰϯϳϵd,^d^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϴϬ >E's/Ed,KD^WΘ:EE/&Z ϳϳϵϵ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϴϭ <Z>, ϳϴϬϳ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϴϮ ,KZ/,E>z>ΘWD>Z ϳϴϭϱ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϴϯ DhZZzs/^ΘDZz>>E ϳϴϮϯ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϴϰ 'ZD^D/,>Θ:h>/ϳϴϯϭ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϴϱ >>Kt^dZZE:Θ>/E>ϳϴϰϵ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϴϲ 'Zh&DEZ/DΘDz>ϳϴϲϳ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϴϳ <ZzZDZ<WΘZZϳϴϴϱ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϴϴ Z>EE/>DΘWh>^ ϳϵϬϭ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϴϵ >sZ^KEKh'ΘD/>z'ZK,Ks^<z ϳϵϮϵ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϵϬ &/d'Z><>>/ ϳϴϭϴ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
ϭϬϬϮϳϮϭϰϯϬϬϵϰ :hEh>>E:Θ>/^<ϳϴϳϬ:K>zEs^ ϭ Ψϲ͕ϲϰϳ͘ϲϱ Ψϲ͕ϲϰϳ͘ϲϱ
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GEOTECHNICAL EXPLORATION AND FACTUAL ENGINEERING REPORT
Cottage Grove 2017 PM Pavement Cores
Cottage Grove
Minnesota
NTI Project 16.61579.200
Prepared For:
Bolten And Menk, Inc.
Attn.: Michael Boex, P.E.
2035 County Road D East
Suite B
Maplewood, MN 55109
July 14, 2016
Bolten and Menk, Inc.
2035 County Road D East
Suite B
Maplewood, MN 55109
Attn: Mr. Mike Boex, P.E.
Subject: Geotechnical Exploration and Factual Engineering Report
Cottage Grove 2017 PM Pavement Cores
Cottage Grove, Minnesota
NTI Project No. 16.61579.200
Dear Mr. Boex,
In accordance with your request and subsequent authorization, Northern Technologies, LLC. (NTI)
conducted a Geotechnical Exploration for the above referenced project. Our services included coring
the pavement at eleven (11) locations in District B1, District C3, and District F3 within the City of
Cottage Grove, as well as preparation of a factual engineering report. Our work was performed in
general accordance with our proposal dated June 13th, 2016.
Pavement core samples obtained at the site will be held for 60 days at which time they will be
discarded. Please advise us in writing if you wish to have us retain them for a longer period. You will
be assessed an additional fee if samples are retained beyond 60 days.
We appreciate the opportunity to have been of service on this project. If there are any questions
regarding the soils explored or our review and recommendations, please contact us at your
convenience at (763) 433-9175.
Northern Technologies, LLC.
Kyler Bender, P.E. Richard Jett, E.I.T.
Construction Services Manager / Graduate Engineer
Principal Engineer
Cottage Grove 2017 PM Pavement Cores
Cottage Grove, Minnesota
NTI Project No. 16.61579.200
Contents
1.0 INTRODUCTION ................................................................................................................. 1
1.1 Project Description ................................................................................................................................. 1
1.2 Scope of Services .................................................................................................................................... 1
2.0 EXPLORATION PROGRAM RESULTS .................................................................................... 1
2.1 Exploration Scope .................................................................................................................................. 1
2.2 Subsurface Conditions ........................................................................................................................... 2
3.0 CLOSURE ........................................................................................................................... 2
Cottage Grove 2017 PM Pavement Cores
Cottage Grove, Minnesota
NTI Project No. 16.61579.200
Page 1 of 3
1.0 INTRODUCTION
1.1 Project Description
It is our understanding that the project includes the reconstruction of the residential streets located
in District B1, District C3, and District F3 (as outlined in the provided location plan) in Cottage Grove,
Minnesota.
1.2 Scope of Services
NTI’s scope is to core at each approximate location within each district. The cores were advanced
through both the asphalt and aggregate base layers and the approximate thicknesses of each layer
were measured. Locations were marked by Bolten and Menk, Inc. personnel. The purpose of this
report is to present a summary of our geotechnical exploration and provide pavement information
based upon pavement cores obtained at the client-designated locations.
2.0 EXPLORATION PROGRAM RESULTS
2.1 Exploration Scope
Pavement coring occurred on July 8th, 2016 at the approximate locations as presented on the Coring
Location Diagram within Appendix A. A photograph of each core can be found in Appendix B.
Cottage Grove 2017 PM Pavement Cores
Cottage Grove, Minnesota
NTI Project No. 16.61579.200
Page 2 of 3
2.2 Subsurface Conditions
Table 1 provides the measured average thickness of the pavement cores obtained at the project area.
Table 1: Pavement Core Thickness at Project Area
Location Number Thickness of Pavement (in)* Depth of Base (in)
1 4 10.5
2 4 9
3 3 8
4 5 N/A1
5 4.5 7.5
6 4 8.5
7 4 7
8 3 8
9 4 7.5
10 3.5 7
11 3.25 8
* Pavement thicknesses listed within Table 1 may differ from those within Appendix B. Some
cores dissolved during the coring process.
1. Base not consistent with other locations. Soil encountered was granular with no crushed
limestone present.
3.0 CLOSURE
The scope of services for this project does not include either specifically or by implication any
environmental or biological assessment of the site or identification or prevention of pollutants,
hazardous materials or conditions. If the owner is concerned about the potential for such
contamination or pollution, other studies should be undertaken.
Cottage Grove 2017 PM Pavement Cores
Cottage Grove, Minnesota
NTI Project No. 16.61579.200
Page 3 of 3
Northern Technologies, LLC. has endeavored to comply with generally accepted geotechnical
engineering practice common to the local area. Northern Technologies, LLC. makes no other
warranty, expressed or implied.
Northern Technologies, LLC.
Richard Jett, E.I.T.
Graduate Engineer
Kyler Bender, P.E.
Construction Services Manager /
Principal Engineer
I hereby certify that this plan,
specification, or report was prepared by
me or under my direct supervision and
that I am a Duly Licensed Professional
Engineer under the Laws of the State of
Minnesota.
Kyler Bender
Date: 07/13/2016 Reg. No. 50971
Cottage Grove 2017 PM Pavement Cores
Cottage Grove, Minnesota
NTI Project No. 16.61579.200
APPENDIX A
BORING LOCATION DIAGRAM
Cottage Grove 2017 PM Pavement Cores
Cottage Grove, Minnesota
NTI Project No. 16.61579.200
Cottage Grove 2017 PM Pavement Cores
Cottage Grove, Minnesota
NTI Project No. 16.61579.200
APPENDIX B
CORE PHOTOGRAPHS
Cottage Grove 2017 PM Pavement Cores
Cottage Grove, Minnesota
NTI Project No. 16.61579.200
Cottage Grove 2017 PM Pavement Cores
Cottage Grove, Minnesota
NTI Project No. 16.61579.200
Cottage Grove 2017 PM Pavement Cores
Cottage Grove, Minnesota
NTI Project No. 16.61579.200
Cottage Grove 2017 PM Pavement Cores
Cottage Grove, Minnesota
NTI Project No. 16.61579.200
Cottage Grove 2017 PM Pavement Cores
Cottage Grove, Minnesota
NTI Project No. 16.61579.200
Cottage Grove 2017 PM Pavement Cores
Cottage Grove, Minnesota
NTI Project No. 16.61579.200
Cottage Grove 2017 PM Pavement Cores
Cottage Grove, Minnesota
NTI Project No. 16.61579.200
Cottage Grove 2017 PM Pavement Cores
Cottage Grove, Minnesota
NTI Project No. 16.61579.200
Cottage Grove 2017 PM Pavement Cores
Cottage Grove, Minnesota
NTI Project No. 16.61579.200
Cottage Grove 2017 PM Pavement Cores
Cottage Grove, Minnesota
NTI Project No. 16.61579.200
Cottage Grove 2017 PM Pavement Cores
Cottage Grove, Minnesota
NTI Project No. 16.61579.200
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ZĞƉŽƌƚ
CONSULTANTS
·ENVIRONMENTAL
·GEOTECHNICAL
·MATERIALS
·FORENSICS
www.amengtest.com
REPORT OF GEOTECHNICAL
EXPLORATION
Jamaica Avenue Improvements
Between Highway 61 and Indian Blvd
Cottage Grove, Minnesota
AET Report No. 28-20309
Date:
July 2, 2020
Prepared for:
Bolton & Menk, Inc.
2035 County Road D East
Maplewood, Mn 55109
Page i
550 Cleveland Avenue North |Saint Paul, MN 55114
Phone (651) 659-9001 |(800) 972-6364 |Fax (651) 659-1379 | www.amengtest.com | AA/EEO
This document shall not be reproduced, except in full, without written approval from American Engineering Testing, Inc.
CONSULTANTS
•ENVIRONMENTAL
•GEOTECHNICAL
•MATERIALS
•FORENSICS
July 2, 2020
Bolton & Menk, Inc.
2035 County Road D East
Maplewood, Mn 55109
Attn: Mike Boex, PE
Michael.boex@bolton-menk.com
RE: Geotechnical Exploration Data Report
Jamaica Avenue Improvements
Cottage Grove, Minnesota
AET Project No. 28-20309
Dear Mr. Boex:
American Engineering Testing, Inc. (AET) is pleased to present the results of our subsurface
exploration program for the referenced project in Cottage Grove, Minnesota. These services were
performed according to our proposal to you dated May 6, 2020.
We are submitting one electronic copy of the report to you. Paper copies can be provided upon
request. Please contact me if you have any questions about the report.
Sincerely,
American Engineering Testing, Inc.
Jacob O. Michalowski, P.E.
Senior Engineer
Phone: (651) 283-2481
jmichalowski@amengtest.com
Jacobbbbbbbbbbbbb O.Michalowski,P.E
Report of Geotechnical Exploration
Jamaica Avenue Improvements - Cottage Grove, MN AMERICAN
July 2, 2020 ENGINEERING
AET Report No. 28-20309 TESTING, INC.
Copyright 2020 American Engineering Testing, Inc.
All Rights Reserved
Unauthorized use or copying of this document is strictly prohibited by anyone other than the client for the specific project.
Page ii
SIGNATURE PAGE
Prepared for: Prepared by:
Bolton & Menk, Inc. American Engineering Testing, Inc.
2035 County Road D East 550 Cleveland Avenue North
Maplewood, Mn 55109 St. Paul, Minnesota 55114
(651) 659-9001/www.amengtest.com
Attn: Mike Boex, PE
Michael.boex@bolton-menk.com
Authored by: Reviewed by:
Thomas Evans, P.E. Jacob O. Michalowski, P.E.
Engineer II Senior Engineer
Jacobbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb OMichhhahhhhhlowski P E
y
Report of Geotechnical Exploration
Jamaica Avenue Improvements - Cottage Grove, MN AMERICAN
July 2, 2020 ENGINEERING
AET Report No. 28-20309 TESTING, INC.
Page iii
TABLE OF CONTENTS
Transmittal Letter............................................................................................................................. i
Signature Page ................................................................................................................................ ii
TABLE OF CONTENTS ............................................................................................................... iii
1.0 INTRODUCTION.................................................................................................................... 1
2.0 SCOPE OF SERVICES............................................................................................................ 1
3.0 PROJECT INFORMATION..................................................................................................... 1
4.0 SUBSURFACE EXPLORATION AND TESTING ................................................................ 1
4.1 Ground Penetrating Radar ..................................................................................................... 2
4.2 Falling Weight Deflectometer............................................................................................... 2
4.3 Field Exploration Program .................................................................................................... 3
4.4 Laboratory Testing ................................................................................................................ 3
5.0 SITE CONDITIONS................................................................................................................. 4
5.1 GPR Data ............................................................................................................................... 4
5.2 Pavement Section .................................................................................................................. 4
5.3 Subgrade Soils ....................................................................................................................... 6
5.4 FWD Results.......................................................................................................................... 6
5.5 Groundwater .......................................................................................................................... 6
6.0 ASTM STANDARDS .............................................................................................................. 7
7.0 CONCLUDING COMMENTS ................................................................................................ 7
APPENDIX A – Geotechnical Field Exploration and Testing
Boring Log Notes
Unified Soil Classification System
AASHTO Soil Classification System
Figure 1 – Testing Location Map
Pavement Core Logs
Subsurface Boring Logs
Gradation Curves
APPENDIX B – Falling Weight Deflectometer Testing
Figure 2 – Effective Subgrade R-Value Map
APPENDIX C – Ground Penetrating Radar Testing
Jamaica Avenue Northbound Plot
Jamaica Avenue Southbound Plot
APPENDIX D – Geotechnical Report Limitations and Guidelines for Use
Report of Geotechnical Exploration
Jamaica Avenue Improvements - Cottage Grove, MN AMERICAN
July 2, 2020 ENGINEERING
AET Report No. 28-20309 TESTING, INC.
Page 1 of 7
1.0 INTRODUCTION
The City of Cottage Grove (the City) and Bolton & Menk, Inc. (BMI) are proposing improvements
to a segment of Jamaica Avenue in Cottage Grove, Minnesota. To assist planning and design, you
have authorized American Engineering Testing, Inc. (AET) to conduct a subsurface exploration
program at the site and conduct soil laboratory testing, This report presents the results of the above
services, an
2.0 SCOPE OF SERVICES
AET's services were performed according to our proposal to you dated May 6, 2020. The
authorized scope consists of:
x Obtaining eleven 4-inch pavement cores.
x Drilling and sampling eleven standard penetration test (SPT) borings to depths of 6 feet at
the pavement core locations.
x Conducting a Ground Penetrating Radar (GPR) survey in both directions of travel and both
lanes.
x Performing Falling Weight Deflectometer (FWD) testing at 1/10th mile increments in each
direction and both right lanes.
x Conducting soil laboratory testing.
x Preparation of this report.
These services are intended for geotechnical purposes. The scope is not intended to explore for the
presence or extent of environmental contamination.
3.0 PROJECT INFORMATION
We understand the City and BMI are proposing improvements to a 2.1-mile section of Jamaica
Avenue from Highway 61 to Indian Blvd in Cottage Grove, Minnesota. The bituminous-surfaced
road is a 4-lane divided road. The annual average daily traffic (AADT) along the road reportedly
varies from 6,400 vehicles per day in the northern sections to 21,900 vehicles per day near
Highway 61. The traffic data was obtained from the MnDOT Traffic Mapping Application.
4.0 SUBSURFACE EXPLORATION AND TESTING
The subsurface exploration program conducted for the project consisted of ground penetrating
radar (GPR) testing, falling weight deflectometer (FWD) testing, eleven standard penetration test
(SPT) borings, and eleven pavement cores.
Report of Geotechnical Exploration
Jamaica Avenue Improvements - Cottage Grove, MN AMERICAN
July 2, 2020 ENGINEERING
AET Report No. 28-20309 TESTING, INC.
4.1 Ground Penetrating Radar
The pavement thickness testing program conducted for the project consisted of a high speed (air
coupled) GPR antenna collecting pavement thickness dataDWDUDWHRIIRXUVFDQVSHUIRRW. The
data was collected using a 2 GHz antenna, which allows material layer measurements at depths
of up to approximately 18 inches with a resolution less than about ½-inch. The data collected
is linked to GPS and allows us to plot the data on a graph. The GPR test data and
details of the methods used appear in Appendix C.
The GPR data was collected on May 18, 2020. Scans of the pavement were collected according to
SIR-30 processor settings established by GSSI RoadScan system, in both the northbound and
southbound directions of the right and left lanes. A calibration file, required for data post-
processing, was collected at the beginning of the testing day.
GPR interface identification was accomplished using RADAN 7.0, a proprietary software package
included with the GSSI RoadScan system. The software includes tools to aid in delineating
pavement layer transitions, and it automatically calculates their depths from the pavement surface
using the calibration file(s) collected prior to testing. The identified layers were compared to the
soil boring and pavement core data collected at specific locations to validate the accuracy of the
layer thicknesses.
Depending on pavement age and condition, the presence of moisture, ambient electromagnetic
interference, and pavement structure, total depths of asphalt and aggregate base are not always
explicitly clear. Where gaps in clear identification of pavement and base layer thicknesses are
encountered, the results are reported as a percent of the picking rate of the layer interface. A
picking rate of 100 percent indicates the layer interfaces were visible in 100 percent of the scanned
points.
4.2 Falling Weight Deflectometer
The pavement deflection testing program conducted for the project consisted of falling weight
deflectometer (FWD) testing at approximately 0.1-mile interval spacing in the right lanes of both
northbound and southbound directions. The FWD testing was performed on May 19, 2020 using
a Dynatest 8000FWD.
After seating drops, data for four impulse loads (two at 6,000 lbs. and two at 9,000 lbs. nominal
load) were collected at each test point. The FWD test results and details of the methods used appear
in Appendix B.
Page 2 of 7
Report of Geotechnical Exploration
Jamaica Avenue Improvements - Cottage Grove, MN AMERICAN
July 2, 2020 ENGINEERING
AET Report No. 28-20309 TESTING, INC.
Page 3 of 7
The deflection data was analyzed using MnDOT methods for determining the in-place (effective)
subgrade and pavement strength, as well as allowable axle loads for a roadway (MnDOT
Investigation 183 revised in 1983). The MnDOT methods use the Hogg Model for estimating the
subgrade modulus. The effective GE of a pavement system is estimated from the deflection
relationship equation, derived from MnDOT Investigations 183 and 195. Our methodology uses
MnDOT’s Investigation 183 for calculation of an estimated load capacity in late spring and
required overlay to estimate the structure for future assumed traffic loading.
4.3 Field Exploration Program
After preliminary review of the GPR data, AET selected eleven soil boring and pavement core
locations. Before drilling, we contacted Gopher State One Call to locate public underground
utilities. The pavement cores and soil borings were performed on June 3, 2020.
Pavement core logs are provided in Appendix A. These logs include a photograph of the extracted
core, as well as total recovered core height, lift thicknesses (where visible), and comments on
pavement condition.
Subsurface boring logs and details of the methods used appear in Appendix A. The boring logs
contain information concerning soil layering, soil classification, geologic description, and
moisture condition. Relative density or consistency is also noted for the natural soils, which is
based on the standard penetration resistance (N-value).
Borings B-2 through B-6 were performed in the northbound right lane, and borings B-7 through
B-10 were performed in the southbound right lane. Boring B-1 was performed in the northbound
right turn lane to E Point Douglas Road, and boring B-11 was performed in the southbound right
turn lane to E Point Douglas Road. The locations of the pavement cores and soil borings are
illustrated on the Figure 1 – Testing Locations Map preceding the pavement core logs and
subsurface boring logs in Appendix A. The soil boring locations were recorded in the field by AET
personnel using a GPS unit. The elevations at the boring locations were not recorded.
4.4 Laboratory Testing
The laboratory test program included four sieve analyses. The water content and the percent
passing the #200 sieve results appear on the individual boring logs adjacent to the samples upon
which they were performed. The full sieve analysis test results are shown on the Gradation Curves
sheet in Appendix A following the boring logs.
Report of Geotechnical Exploration
Jamaica Avenue Improvements - Cottage Grove, MN AMERICAN
July 2, 2020 ENGINEERING
AET Report No. 28-20309 TESTING, INC.
Page 4 of 7
5.0 SITE CONDITIONS
5.1 GPR Data
The GPR data shows clear interfaces between the bituminous pavement and possible aggregate
base layer and between the possible aggregate base layer and underlying material both with a
picking rate of 100%. The pavement cores and soil borings were used to aid in the interpretation
of the GPR layer interfaces.
The GPR plots are included in Appendix C to illustrate the thickness of the identified bituminous
and base layers within both the right and left lanes of northbound and southbound. The values
presented in Tables 1 and 2 below were determined using 25-foot interval averages. The 15th
percentile represents the value at which 85% of the section has a pavement layer thickness that is
greater than identified. This is the value we generally recommend using for pavement design
purposes.
Table 1 - GPR Thickness Summary NB Lanes
Layer
NB Left Lane NB Right Lane
Average CV 15th Min. Average CV 15th Min.
BP 5.6 11% 5.0 4.5 5.5 15% 4.7 4.2
Base 5.7 24% 4.3 2.4 7.3 24% 5.4 3.5
BP + Base 11.3 12% 10.0 7.1 12.8 16% 10.5 8.4
Note: BP – Bituminous Pavement. CV – coefficient of variation (Std Dev/Average). 15
th –15th percentile thickness value.
Table 2 - GPR Thickness Summary SB Lanes
Layer
SB Left Lane SB Right Lane
Average CV 15th Min. Average CV 15th Min.
BP 5.5 14% 4.8 4.2 5.6 15% 4.8 4.3
Base 5.2 23% 4.0 2.4 6.1 23% 4.7 1.8
BP + Base 10.7 12% 9.4 7.4 11.7 12% 10.3 7.7
Note: BP – Bituminous Pavement. CV – coefficient of variation (Std Dev/Average). 15
th –15th percentile thickness value.
5.2 Pavement Section
The pavement encountered at the core and soil boring locations consists of bituminous over a
possible aggregate base layer. Table 3 below presents the bituminous and aggregate base thickness
found at the pavement core/boring locations.
Report of Geotechnical Exploration
Jamaica Avenue Improvements - Cottage Grove, MN AMERICAN
July 2, 2020 ENGINEERING
AET Report No. 28-20309 TESTING, INC.
Page 5 of 7
Table 3 - Pavement Thickness Summary
Pavement
Core
Extracted Core
Bituminous
Thickness (in)A
Downhole
Bituminous
Thickness (in) B.
Approximate
Base
Thickness (in)C.
Approximate Total
Thickness (in)B.
B-1 7.6 7¾ 3 10¾
B-2 4.9 5 8 13
B-3 6.1 6 9 15
B-4 5.3 5½ 5 10½
B-5 5.7 6 11 17
B-6 5.2 5½ 5 10½
B-7 4.4 5 5 10
B-8 5.6 7½ 5 12½
B-9 5.0 5½ 6 11½
B-10 5.6 5½ 8½ 14
B-11 2.9 7¼ 4 11¼
Notes:A. Average of three measurements of the core measured to the nearest 0.1-inch.
B. From borings and rounded to the nearest ¼-inch.
C. From borings and rounded to the nearest ½-inch.
The core lift thicknesses reported on the core logs are from the top down at one location along the
core. The noted lift thicknesses were interpreted by AET. In summary, the bituminous thickness
encountered at the soil boring and pavement core locations varies from 5 to 7¾ inches. The
possible aggregate base material varies from about 3 inches to 11 inches and consists mostly of
gravelly silty sand (A-1-b) and sand (A-1-b).
Bituminous condition was also evaluated based on the pavement cores obtained at the site.
Photographs of the pavement cores are provided on the pavement core logs in Appendix A. The
pavement cores indicate slight to severe stripping. The core from boring B-11 crumbled during
coring operations and was not fully recovered. Additionally, a possible chip seal was observed at
the surface of all eleven cores.
Stripping occurs when water or water vapor gets between the asphalt film and the aggregates,
thereby breaking the adhesive bond between the aggregate and asphalt binder. This will “strip” the
asphalt from the aggregate, eventually leading to pavement failure. When stripping within the
pavement becomes excessive, severe pavement deformation and fatigue cracking will occur, and
then traffic loadings will result in local failures such as alligator cracking, potholes, and excessive
rutting in the wheel paths.
Report of Geotechnical Exploration
Jamaica Avenue Improvements - Cottage Grove, MN AMERICAN
July 2, 2020 ENGINEERING
AET Report No. 28-20309 TESTING, INC.
Page 6 of 7
5.3 Subgrade Soils
The subgrade soils encountered in the borings below the possible aggregate base course consist
mostly of additional fill soils consisting of sand with silt (A-2-4), silty sand (A-2-4), and sand (A-
3). The fill soils extended to depths of between 1 foot and to the final drilling depths of 6 feet.
Below the fill, medium dense to very dense sand (A-3) alluvial soils were encountered and
extended to the final drilling depths of 6 feet.
5.4 FWD Results
Figure 1 in Appendix A illustrates the locations of the FWD tests. Figure 2 in Appendix B shows
the effective subgrade R-value from each of the FWD tests. All FWD tests were performed in the
right lanes. Table 4 below provides a summary of the FWD testing that was analyzed using
MnDOT TONN 2010 software. The results show that the upper 3 to 4 feet of the existing subgrade
has good soil support.
Table 4. FWD Test Results.
Roadway From To Lane Effective R Effective GE
Avg CV 15th Avg CV 15th
Jamaica Ave Roundabout
East Point
Douglas Rd NB 32.9 NA NA 31.9 NA NA
Jamaica Ave East Point Douglas
Rd 90th St NB 55.4 NA NA 33.0 NA NA
Jamaica Ave 90th St Hillside Trl NB 26.3 16% 21.7 26.2 7% 23.5
Jamaica Ave Hillside Trl 80th St NB 40.3 15% 35.0 33.0 7% 30.4
Jamaica Ave 80th St 75th St NB 36.9 28% 23.7 31.1 11% 25.7
Jamaica Ave 75th St Indian Blvd NB 33.6 11% 30.5 30.9 8% 27.4
Jamaica Ave Indian Blvd 75th St SB 44.7 16% 36.9 29.5 8% 26.2
Jamaica Ave 75th St 80th St SB 30.0 13% 24.8 24.6 9% 22.0
Jamaica Ave 80th St Hillside Trl SB 36.9 9% 34.0 30.5 6% 27.9
Jamaica Ave Hillside Trl 90th St SB 31.8 9% 28.6 30.6 6% 28.9
Jamaica Ave 90th St
East Point
Douglas Rd SB 41.6 16% 35.5 30.6 10% 27.4
Jamaica Ave East Point Douglas
Rd Roundabout SB 37.9 NA NA 37.0 NA NA
Note: CV – coefficient of variation (Std Dev/Average). 15
th –15th percentile thickness value.
5.5 Groundwater
Groundwater was not observed in our soil borings during the geotechnical exploration. Due to the
relatively high permeability of most of the soils encountered, it is our opinion that the measured
water levels should provide an accurate indication or lack thereof the groundwater level at the time
Report of Geotechnical Exploration
Jamaica Avenue Improvements - Cottage Grove, MN AMERICAN
July 2, 2020 ENGINEERING
AET Report No. 28-20309 TESTING, INC.
Page 7 of 7
of drilling. Groundwater levels do not remain constant; they fluctuate due to varying seasonal and
annual rainfall and snow melt amounts, as well as other factors.
6.0 ASTM STANDARDS
When we refer to an ASTM Standard in this report, we mean that our services were performed in
general accordance with that standard. Compliance with any other standards referenced within the
specified standard is neither inferred nor implied.
7.0 CONCLUDING COMMENTS
Within the limitations of scope, budget, and schedule, we have endeavored to provide our services
according to generally accepted geotechnical engineering practices at this time and location. Other
than this, no warranty, either express or implied, is intended.
Appendix A
Geotechnical Field Exploration and Testing
Boring Log Notes
Unified Soil Classification System
AASHTO Soil Classification System
7HVWLQJ/RFDWLRQV
Pavement Core Reports
Subsurface Boring Logs
Gradation Curves
Appendix A
Geotechnical Field Exploration and Testing
AET Project 28-20309
Appendix A - Page 1 of 2 AMERICAN ENGINEERING TESTING, INC.
A.1 FIELD EXPLORATION
The subsurface conditions at the site were explored by drilling and sampling eleven Standard Penetration Test (SPT) borings and
eleven pavement cores. The locations of the borings appear on the Boring Location Maps, preceding the Subsurface Boring Logs
in this appendix.
A.2 SAMPLING METHODS
A.2.1 Split-Spoon Samples (SS) - Calibrated to N60 Values
Standard penetration (split-spoon) samples were collected in general accordance with ASTM: D1586 with one primary
modification. The ASTM test method consists of driving a 2-inch O.D. split-barrel sampler into the in-situ soil with a 140-pound
hammer dropped from a height of 30 inches. The sampler is driven a total of 18 inches into the soil. After an initial set of 6 inches,
the number of hammer blows to drive the sampler the final 12 inches is known as the standard penetration resistance or N-value.
Our method uses a modified hammer weight, which is determined by measuring the system energy using a Pile Driving Analyzer
(PDA) and an instrumented rod.
In the past, standard penetration N-value tests were performed using a rope and cathead for the lift and drop system. The energy
transferred to the split-spoon sampler was typically limited to about 60% of its potential energy due to the friction inherent in this
system. This converted energy then provides what is known as an N60 blow count.
The most recent drill rigs incorporate an automatic hammer lift and drop system, which has higher energy efficiency and
subsequently results in lower N-values than the traditional N60 values. By using the PDA energy measurement equipment, we can
determine actual energy generated by the drop hammer. With the various hammer systems available, we have found highly
variable energies ranging from 55% to over 100%. Therefore, the intent of AET’s hammer calibrations is to vary the hammer
weight such that hammer energies lie within about 60% to 65% of the theoretical energy of a 140-pound weight falling 30 inches.
The current ASTM procedure acknowledges the wide variation in N-values, stating that N-values of 100% or more have been
observed. Although we have not yet determined the statistical measurement uncertainty of our calibrated method to date, we can
state that the accuracy deviation of the N-values using this method is significantly better than the standard ASTM Method.
A.2.2 Disturbed Samples (DS)/Spin-up Samples (SU)
Sample types described as “DS” or “SU” on the boring logs are disturbed samples, which are taken from the flights of the auger.
Because the auger disturbs the samples, possible soil layering and contact depths should be considered approximate.
A.2.3 Sampling Limitations
Unless observed in a sample, contacts between soil layers are estimated based on the spacing of samples and the action of drilling
tools. Cobbles, boulders, and other large objects generally cannot be recovered from test borings, and they may be present in the
ground even if they are not noted on the boring logs.
Determining the thickness of “topsoil” layers is usually limited, due to variations in topsoil definition, sample recovery, and other
factors. Visual-manual description often relies on color for determination, and transitioning changes can account for significant
variation in thickness judgment. Accordingly, the topsoil thickness presented on the logs should not be the sole basis for
calculating topsoil stripping depths and volumes. If more accurate information is needed relating to thickness and topsoil quality
definition, alternate methods of sample retrieval and testing should be employed.
A.3 CLASSIFICATION METHODS
Soil descriptions shown on the boring logs are based on the Unified Soil Classification (USC) system. The USC system is described
in ASTM: D2487 and D2488. Where laboratory classification tests (sieve analysis or Atterberg Limits) have been performed,
accurate classifications per ASTM: D2487 are possible. Otherwise, soil descriptions shown on the boring logs are visual-manual
judgments. Charts are attached which provide information on the USC system, the descriptive terminology, and the symbols used
on the boring logs. A chart explaining the USC system is attached in Appendix A.
Visual-manual judgment of the AASHTO Soil Group is also noted as a part of the soil description. A chart presenting details of the
AASHTO Soil Classification System is also attached.
Appendix A
Geotechnical Field Exploration and Testing
AET Project 28-20309
Appendix A - Page 2 of 2 AMERICAN ENGINEERING TESTING, INC.
A.4 WATER LEVEL MEASUREMENTS
The ground water level measurements are shown at the bottom of the boring logs. The following information appears under “Water
Level Measurements” on the logs:
Date and Time of measurement
Sampled Depth: lowest depth of soil sampling at the time of measurement
Casing Depth: depth to bottom of casing or hollow-stem auger at time of measurement
Cave-in Depth: depth at which measuring tape stops in the borehole
Water Level: depth in the borehole where free water is encountered
Drilling Fluid Level: same as Water Level, except that the liquid in the borehole is drilling fluid
The true location of the water table at the boring locations may be different than the water levels measured in the boreholes. This is
possible because there are several factors that can affect the water level measurements in the borehole. Some of these factors include:
permeability of each soil layer in profile, presence of perched water, amount of time between water level readings, presence of
drilling fluid, weather conditions, and use of borehole casing.
A.5 LABORATORY TEST METHODS
A.5.1 Sieve Analysis of Soils (thru #200 Sieve)
Conducted per AET Procedure 01-LAB-040, which is performed in general conformance with ASTM: D6913, Method A.
A.6 TEST STANDARD LIMITATIONS
Field and laboratory testing is done in general conformance with the described procedures. Compliance with any other standards
referenced within the specified standard is neither inferred nor implied.
A.7 SAMPLE STORAGE
Unless notified to do otherwise, we routinely retain representative samples of the soils recovered from the borings for a period of 30
days.
01REP052C (7/11) AMERICAN ENGINEERING TESTING, INC.
BORING LOG NOTES
DRILLING AND SAMPLING SYMBOLS TEST SYMBOLS
Symbol Definition Symbol Definition
AR: Sample of material obtained from cuttings blown out
the top of the borehole during air rotary procedure.
B, H, N: Size of flush-joint casing
CAS: Pipe casing, number indicates nominal diameter in
inches
COT: Clean-out tube
DC: Drive casing; number indicates diameter in inches
DM: Drilling mud or bentonite slurry
DR: Driller (initials)
DS: Disturbed sample from auger flights
DP: Direct push drilling; a 2.125 inch OD outer casing
with an inner 1½ inch ID plastic tube is driven
continuously into the ground.
FA: Flight auger; number indicates outside diameter in
inches
HA: Hand auger; number indicates outside diameter
HSA: Hollow stem auger; number indicates inside diameter
in inches
LG: Field logger (initials)
MC: Column used to describe moisture condition of
samples and for the ground water level symbols
N (BPF): Standard penetration resistance (N-value) in blows per
foot (see notes)
NQ: NQ wireline core barrel
PQ: PQ wireline core barrel
RDA: Rotary drilling with compressed air and roller or drag
bit.
RDF: Rotary drilling with drilling fluid and roller or drag bit
REC: In split-spoon (see notes), direct push and thin-walled
tube sampling, the recovered length (in inches) of
sample. In rock coring, the length of core recovered
(expressed as percent of the total core run). Zero
indicates no sample recovered.
SS: Standard split-spoon sampler (steel; 1.5" is inside
diameter; 2" outside diameter); unless indicated
otherwise
SU Spin-up sample from hollow stem auger
TW: Thin-walled tube; number indicates inside diameter in
inches
WASH: Sample of material obtained by screening returning
rotary drilling fluid or by which has collected inside
the borehole after “falling”through drilling fluid
WH: Sampler advanced by static weight of drill rod and
hammer
WR: Sampler advanced by static weight of drill rod
94mm: 94 millimeter wireline core barrel
▼: Water level directly measured in boring
V: Estimated water level based solely on sample appearance
CONS: One-dimensional consolidation test
DEN: Dry density, pcf
DST: Direct shear test
E: Pressuremeter Modulus, tsf
HYD: Hydrometer analysis
LL: Liquid Limit, %
LP: Pressuremeter Limit Pressure, tsf
OC: Organic Content, %
PERM: Coefficient of permeability (K) test; F - Field;
L - Laboratory
PL: Plastic Limit, %
qp: Pocket Penetrometer strength, tsf (approximate)
qc: Static cone bearing pressure, tsf
qu: Unconfined compressive strength, psf
R: Electrical Resistivity, ohm-cms
RQD: Rock Quality Designation of Rock Core, in percent
(aggregate length of core pieces 4" or more in length
as a percent of total core run)
SA: Sieve analysis
TRX: Triaxial compression test
VSR: Vane shear strength, remolded (field), psf
VSU: Vane shear strength, undisturbed (field), psf
WC: Water content, as percent of dry weight
%-200: Percent of material finer than #200 sieve
STANDARD PENETRATION TEST NOTES
(Calibrated Hammer Weight)
The standard penetration test consists of driving a split-spoon
sampler with a drop hammer (calibrated weight varies to provide
N60 values) and counting the number of blows applied in each of
three 6" increments of penetration. If the sampler is driven less
than 18" (usually in highly resistant material), permitted in
ASTM: D1586, the blows for each complete 6" increment and for
each partial increment is on the boring log. For partial increments,
the number of blows is shown to the nearest 0.1' below the slash.
The length of sample recovered, as shown on the “REC” column,
may be greater than the distance indicated in the N column. The
disparity is because the N-value is recorded below the initial 6"
set (unless partial penetration defined in ASTM: D1586 is
encountered) whereas the length of sample recovered is for the
entire sampler drive (which may even extend more than 18").
01CLS021 (07/08)AMERICAN ENGINEERING TESTING, INC.
UNIFIED SOIL CLASSIFICATION SYSTEM
ASTM Designations: D 2487, D2488
AMERICAN
ENGINEERING
TESTING, INC.
Criteria for Assigning Group Symbols and Group Names Using Laboratory TestsA
Soil Classification Notes
ABased on the material passing the 3-in
(75-mm) sieve.
BIf field sample contained cobbles or
boulders, or both, add “with cobbles or
boulders, or both” to group name.
CGravels with 5 to 12% fines require dual
symbols:
GW-GM well-graded gravel with silt
GW-GC well-graded gravel with clay
GP-GM poorly graded gravel with silt
GP-GC poorly graded gravel with clay
DSands with 5 to 12% fines require dual
symbols:
SW-SM well-graded sand with silt
SW-SC well-graded sand with clay
SP-SM poorly graded sand with silt
SP-SC poorly graded sand with clay
(D30)2
ECu = D60 /D10, Cc =
D10 x D60
FIf soil contains >15% sand, add “with
sand” to group name.
GIf fines classify as CL-ML, use dual
symbol GC-GM, or SC-SM.
HIf fines are organic, add “with organic
fines” to group name.
IIf soil contains >15% gravel, add “with
gravel” to group name.
JIf Atterberg limits plot is hatched area,
soil is a CL-ML silty clay.
KIf soil contains 15 to 29% plus No. 200
add “with sand” or “with gravel”,
whichever is predominant.
LIf soil contains >30% plus No. 200,
predominantly sand, add “sandy” to
group name.
MIf soil contains >30% plus No. 200,
predominantly gravel, add “gravelly”
to group name.
NPl>4 and plots on or above “A” line.
OPl<4 or plots below “A” line.
PPl plots on or above “A” line.
QPl plots below “A” line.
RFiber Content description shown below.
Group
Symbol
Group NameB
Coarse-Grained
Soils More
than 50%
retained on
No. 200 sieve
Gravels More
than 50% coarse
fraction retained
on No. 4 sieve
Clean Gravels
Less than 5%
finesC
Cu>4 and 1<Cc<3E GW Well graded gravelF
Cu<4 and/or 1>Cc>3E GP Poorly graded gravelF
Gravels with
Fines more
than 12% fines C
Fines classify as ML or MH GM Silty gravelF.G.H
Fines classify as CL or CH GC Clayey gravelF.G.H
Sands 50% or
more of coarse
fraction passes
No. 4 sieve
Clean Sands
Less than 5%
finesD
Cu>6 and 1<Cc<3E SW Well-graded sandI
Cu<6 and/or 1>Cc>3
E SP Poorly-graded sandI
Sands with
Fines more
than 12% fines D
Fines classify as ML or MH SM Silty sandG.H.I
Fines classify as CL or CH SC Clayey sandG.H.I
Fine-Grained
Soils 50% or
more passes
the No. 200
sieve
(see Plasticity
Chart below)
Silts and Clays
Liquid limit less
than 50
inorganic PI>7 and plots on or above
“A” lineJ
CL Lean clayK.L.M
PI<4 or plots below
“A” lineJ
ML SiltK.L.M
organic Liquid limit–oven dried <0.75
Liquid limit –not dried
OL Organic clayK.L.M.N
Organic siltK.L.M.O
Silts and Clays
Liquid limit 50
or more
inorganic PI plots on or above “A” line CH Fat clayK.L.M
PI plots below “A” line MH Elastic siltK.L.M
organic Liquid limit–oven dried <0.75
Liquid limit –not dried
OH Organic clayK.L.M.P
Organic siltK.L.M.Q
Highly organic
soil
Primarily organic matter, dark
in color, and organic in odor
PT PeatR
3 2 ½1 ¾4 10 20 40 60 140 200
100
80
60
40
20
0
0
20
40
60
80
100
81
Sieve NumberScreen Opening (in.)
50 10 5 1.0 0.10.5
PARTICLE SIZE IN MILLIMETERS
SIEVE ANALYSIS
PERCENT PASSINGPERCENT RETAINEDD60 = 15mm
D30 = 2.5mm
D10 = 0.075mm
Cu = = = 200D60
D10
15
0.075 Cc = = = 5.6(D30)
D10 x D60
2.5
0.075 x 15
2 2
CL-ML
For classification of fine-grained soils and
fine-grained fraction of coarse-grained soils.
Equation of "A"-line
Horizontal at PI = 4 to LL = 25.5.
then PI = 0.73 (LL-20)
Equation of "U"-line
Vertical at LL = 16 to PI = 7.
then PI = 0.9 (LL-8)"A" LI
NE
"U" LINECL OR OLCHOR OH10 20 30 40 50 60 70 80 90 100 110 0 0
10
20
30
40
50
60
16
7
4PLASTICITY INDEX (PI)LIQUID LIMIT (LL)
Plasticity Chart
ADDITIONAL TERMINOLOGY NOTES USED BY AET FOR SOIL IDENTIFICATION AND DESCRIPTION
Grain Size
Term Particle Size
Boulders Over 12"
Cobbles 3" to 12"
Gravel #4 sieve to 3"
Sand #200 to #4 sieve
Fines (silt & clay) Pass #200 sieve
Gravel Percentages
Term Percent
A Little Gravel 3% -14%
With Gravel 15% -29%
Gravelly 30% -50%
Consistency of Plastic Soils
Term N-Value, BPF
Very Soft less than 2
Soft 2 -4
Firm 5 -8
Stiff 9 -15
Very Stiff 16 -30
Hard Greater than 30
Relative Density of Non-Plastic Soils
Term N-Value, BPF
Very Loose 0 - 4
Loose 5 - 10
Medium Dense 11 - 30
Dense 31 - 50
Very Dense Greater than 50
Moisture/Frost Condition
(MC Column)
D (Dry): Absence of moisture, dusty, dry to
touch.
M (Moist): Damp, although free water not
visible. Soil may still have a high
water content (over “optimum”).
W (Wet/ Free water visible, intended to
Waterbearing): describe non-plastic soils.
Waterbearing usually relates to
sands and sand with silt.
F (Frozen): Soil frozen
Layering Notes
Laminations: Layers less than
½" thick of
differing material
or color.
Lenses: Pockets or layers
greater than ½"
thick of differing
material or color.
Peat Description
Fiber Content
Term (Visual Estimate)
Fibric Peat: Greater than 67%
Hemic Peat: 33 –67%
Sapric Peat: Less than 33%
Organic Description (if no lab tests)
Soils are described as organic, if soil is not peat
and is judged to have sufficient organic fines
content to influence the Liquid Limit properties.
Slightly organic used for borderline cases.
Root Inclusions
With roots: Judged to have sufficient quantity
of roots to influence the soil
properties.
Trace roots: Small roots present, but not judged
to be in sufficient quantity to
significantly affect soil properties.
ML OR OL
MH OR OH
A-7
A-7-5
A-7-6
Sieve Analysis, Percent passing:
No. 10 (2.00 mm) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 max. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . .
No. 40 (0.425 mm) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 max. 50 max. 51 min. . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . .
No. 200 (0.075 mm) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 max. 25 max. 10 max. 35 max. 35 max.35 max. 35 max. 36 min. 36 min. 36 min.36 min.
Characteristics of Fraction Passing No. 40 (0.425 mm)
Liquid limit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 max. 41 min. 40 max. 41 min. 40 max. 41 min. 40 max.41 min.
Plasticity index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .N.P. 10 max. 10 max. 11 min. 11 min. 10 max. 10 max. 11 min.11 min.
General Ratings as Subgrade . . . . . . . . . . . . . . . . . . . . .
Definitions of Gravel, Sand and Silt-Clay
01CLS022 (07/11)AMERICAN ENGINEERING TESTING, INC.
The term "silty" is applied to fine material having plasticity index of 10 or less
and the term "clayey" is applied to fine material having plasticity index of 11 or
greater.
AMERICAN ASSOCIATION OF STATE HIGHWAY AND TRANSPORTATION OFFICIALS
AASHTO SOIL CLASSIFICATION SYSTEM
Classification of Soils and Soil-Aggregate Mixtures
GRAVEL - Material passing sieve with 3-in. square openings and retained on
the No. 10 sieve.
COARSE SAND - Material passing the No. 10 sieve and retained on the No.
40 sieve.
FINE SAND - Material passing the No. 40 sieve and retained on the No. 200
sieve.
COMBINED SILT AND CLAY - Material passing the No. 200 sieve
Excellent to Good
Group A-8 soils are organic clays or peat with organic content >5%.
BOULDERS (retained on 3-in. sieve) should be excluded from the portion of
the sample to which the classificaiton is applied, but the percentage of such
material, if any, in the sample should be recorded.
(35% or less passing No. 200 sieve)(More than 35% passing No. 200 sieve)
General Classification
A-4 A-5
The terms "gravel", "coarse sand", "fine sand" and "silt-clay", as
determinable from the minimum test data required in this
classification arrangement and as used in subsequent word
descriptions are defined as follows:
Granular Materials Silt-Clay Materials
A-1 A-2
A-2-6 A-2-7
. . . .
6 max.
Fine
Sand Silty or Clayey Gravel and Sand Silty Soils Clayey Soils
Plasticity index of A-7-5 subgroup is equal to or less than LL minus 30. Plasticity index of A-7-6 subgroup is greater than LL minus 30.
A-3 A-2-4 A-2-5
Stone Fragments,
Gravel and Sand
Fair to Poor
A-6
The placing of A-3 before A-2 is necessary in the "left to right elimination process" and does not indicate superiority of A-3 over A-2.
Usual Types of Significant Constituent Materials
A-1-a A-1-bGroup Classification
-10
0
10
20
30
40
50
100
90
80
70
60
50
40
30
20
15
35
0
2
4
6
8 1012 1416 18 203040 506070
80
1020304050607080100140180
LIQUID LIMIT
PLAS
TI
CI
T
Y I
N
D
E
X
PERCENT PASSING NO. 200 SIEVEPARTIAL GROUP INDEXGROUP INDEX CHART
Group Index (GI) = (F-35) [0.2+0.005 (LL-40) ] + 0.01 (F-15)
(PI-10) where F = % Passing No. 200 sieve, LL = Liquid
Limit, and PI = Plasticity Index.
When working with A-2-6 and A-2-7 subgroups
the Partial Group Index (PGI) is determined from the
PI only.
When the combined Partial Group Indices are
negative, the Group Index should be reported as zero.A-2-6 and A-2-782% Passing No. 200 sieve
LL = 38
PI = 21
PGI = 8.9 for LL
PGI = 7.4 for PI
GI = 16
Then:Example:
10
20
30
40
50
60
70
80
90
100 0 10 20 30 40 50 60 70
Sub-
G
r
o
u
p
A-7-5
Sub-G
roupA-7
-6
A-7A-5
A-4 A-6 PI = LL - 30PLASTICITY INDEX (PI)
Liquid Limit and Plasticity Index Ranges for the
A-4, A-5, A-6 and A-7 SubgroupsLiquid Limit
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Testing Locations
AET Project No. 28-20309
Jamaica Avenue Improvements
Cottage Grove, Minnesota0800400
Feet
±
File: 28-20309P-1.mxd Date: 06/26/2020
AMERICAN
ENGINEERING
TESTING, INC
Figure 1Map Reference:
Date: 06/26/2020
Geotechnical Data Report
Legend
@A Boring
!FWD Testing
550 Cleveland Avenue North | Saint Paul, MN 55114
Phone (651) 659-9001 | (800) 972-6364 | Fax (651) 659-1379 | www.amengtest.com | AA/EEO
This document shall not be reproduced, except in full, without written approval from American Engineering Testing, Inc.
CONSULTANTS
·ENVIRONMENTAL
·GEOTECHNICAL
·MATERIALS
·FORENSICSPAVEMENT CORE LOG
Jamaica Avenue Improvements – Cottage Grove, Minnesota
AET Project Number: 28-20309
Core: B-1
Date Cored: June 2, 2020
Description:
Core Diameter:4”
Total Core Height:7.”
Lift 1: 2.2”
Lift 2: 1.6”
Lift 3: 1.5”
Lift 4: 2.5”
Comments:
Possible chip seal at the surface.
Core contains slight stripping
throughout. Lift 4 contains slight
to moderate stripping.
550 Cleveland Avenue North | Saint Paul, MN 55114
Phone (651) 659-9001 | (800) 972-6364 | Fax (651) 659-1379 | www.amengtest.com | AA/EEO
This document shall not be reproduced, except in full, without written approval from American Engineering Testing, Inc.
CONSULTANTS
·ENVIRONMENTAL
·GEOTECHNICAL
·MATERIALS
·FORENSICSPAVEMENT CORE LOG
Jamaica Avenue Improvements – Cottage Grove, Minnesota
AET Project Number: 28-20309
Core: B-2
Date Cored: June 2, 2020
Description:
Core Diameter: 4”
Total Core Height: 4.9”
Lift 1: 1.9”
Lift 2: 3.0”
Comments:
Possible chip seal at the surface.
Core contains moderate stripping
throughout.
550 Cleveland Avenue North | Saint Paul, MN 55114
Phone (651) 659-9001 | (800) 972-6364 | Fax (651) 659-1379 | www.amengtest.com | AA/EEO
This document shall not be reproduced, except in full, without written approval from American Engineering Testing, Inc.
CONSULTANTS
·ENVIRONMENTAL
·GEOTECHNICAL
·MATERIALS
·FORENSICSPAVEMENT CORE LOG
Jamaica Avenue Improvements – Cottage Grove, Minnesota
AET Project Number: 28-20309
Core: B-3
Date Cored: June 2, 2020
Description:
Core Diameter: 4”
Total Core Height: 6.1”
Lift 1: 1.3”
Lift 2: 1.2”
Lift 3: 1.5”
Lift 4: 2.1”
Comments:
Possible chip seal at the surface.
Core has slight to moderate
stripping throughout.
550 Cleveland Avenue North | Saint Paul, MN 55114
Phone (651) 659-9001 | (800) 972-6364 | Fax (651) 659-1379 | www.amengtest.com | AA/EEO
This document shall not be reproduced, except in full, without written approval from American Engineering Testing, Inc.
CONSULTANTS
·ENVIRONMENTAL
·GEOTECHNICAL
·MATERIALS
·FORENSICSPAVEMENT CORE LOG
Jamaica Avenue Improvements – Cottage Grove, Minnesota
AET Project Number: 28-20309
Core: B-4
Date Cored: June 2, 2020
Description:
Core Diameter: 4”
Total Core Height: 5.3”
Lift 1: 2.0”
Lift 2: 1.5”
Lift 3: 1.8”
Comments:
Possible chip seal at the surface.
Lift 1 contains slight stripping.
Lifts 2 and 3 contain moderate
to severe stripping.
550 Cleveland Avenue North | Saint Paul, MN 55114
Phone (651) 659-9001 | (800) 972-6364 | Fax (651) 659-1379 | www.amengtest.com | AA/EEO
This document shall not be reproduced, except in full, without written approval from American Engineering Testing, Inc.
CONSULTANTS
·ENVIRONMENTAL
·GEOTECHNICAL
·MATERIALS
·FORENSICSPAVEMENT CORE LOG
Jamaica Avenue Improvements – Cottage Grove, Minnesota
AET Project Number: 28-20309
Core: B-5
Date Cored: June 2, 2020
Description:
Core Diameter: 4”
Total Core Height: 5.7”
Lift 1: 2.2”
Lift 2: 1.9”
Lift 3: 1.6”
Comments:
Possible chip seal at the surface.
Lifts 1 and 2 contains slight stripping.
Lift 3 contains moderate stripping.
550 Cleveland Avenue North | Saint Paul, MN 55114
Phone (651) 659-9001 | (800) 972-6364 | Fax (651) 659-1379 | www.amengtest.com | AA/EEO
This document shall not be reproduced, except in full, without written approval from American Engineering Testing, Inc.
CONSULTANTS
·ENVIRONMENTAL
·GEOTECHNICAL
·MATERIALS
·FORENSICSPAVEMENT CORE LOG
Jamaica Avenue Improvements – Cottage Grove, Minnesota
AET Project Number: 28-20309
Core: B-6
Date Cored: June 2, 2020
Description:
Core Diameter: 4”
Total Core Height: 5.2”
Lift 1: 1.7”
Lift 2: 1.2”
Lift 3: 2.3”
Comments:
Possible chip seal at the surface.
Lift 1 contains moderate to severe
stripping. Bottom of lift 1 contained
large voids. Lifts 2 and 3 contains
slight to moderate stripping.
550 Cleveland Avenue North | Saint Paul, MN 55114
Phone (651) 659-9001 | (800) 972-6364 | Fax (651) 659-1379 | www.amengtest.com | AA/EEO
This document shall not be reproduced, except in full, without written approval from American Engineering Testing, Inc.
CONSULTANTS
·ENVIRONMENTAL
·GEOTECHNICAL
·MATERIALS
·FORENSICSPAVEMENT CORE LOG
Jamaica Avenue Improvements – Cottage Grove, Minnesota
AET Project Number: 28-20309
Core: B-7
Date Cored: June 2, 2020
Description:
Core Diameter: 4”
Total Core Height: 4.4”
Lift 1: 1.8”
Lift 2: 1.3”
Lift 3: 1.3”
Comments:
Possible chip seal at the surface.
Core generally has slight to
moderate stripping throughout.
550 Cleveland Avenue North | Saint Paul, MN 55114
Phone (651) 659-9001 | (800) 972-6364 | Fax (651) 659-1379 | www.amengtest.com | AA/EEO
This document shall not be reproduced, except in full, without written approval from American Engineering Testing, Inc.
CONSULTANTS
·ENVIRONMENTAL
·GEOTECHNICAL
·MATERIALS
·FORENSICSPAVEMENT CORE LOG
Jamaica Avenue Improvements – Cottage Grove, Minnesota
AET Project Number: 28-20309
Core: B-8
Date Cored: June 2, 2020
Description:
Core Diameter: 4”
Total Core Height: 5.6”
Lift 1: 2.0”
Lift 2: 1.6”
Lift 3: 2.0”
Downhole Bituminous Thickness:
7”
Comments:
Possible chip seal at the surface.
Lifts 1 and 2 contain slight stripping.
Lift 3 contains moderate stripping.
%RWWRPRIFRUHQRWUHFRYHUHG
550 Cleveland Avenue North | Saint Paul, MN 55114
Phone (651) 659-9001 | (800) 972-6364 | Fax (651) 659-1379 | www.amengtest.com | AA/EEO
This document shall not be reproduced, except in full, without written approval from American Engineering Testing, Inc.
CONSULTANTS
·ENVIRONMENTAL
·GEOTECHNICAL
·MATERIALS
·FORENSICSPAVEMENT CORE LOG
Jamaica Avenue Improvements – Cottage Grove, Minnesota
AET Project Number: 28-20309
Core: B-9
Date Cored: June 2, 2020
Description:
Core Diameter:4”
Total Core Height:5.”
Lift 1: 1.6”
Lift 2: 1.7”
Lift 3: 1.8”
Comments:
Possible chip seal at the surface.
Lift 1 contains slight stripping.
Lift 2 contains moderate stripping.
Lift 3 contains severe stripping
and large voids.
550 Cleveland Avenue North | Saint Paul, MN 55114
Phone (651) 659-9001 | (800) 972-6364 | Fax (651) 659-1379 | www.amengtest.com | AA/EEO
This document shall not be reproduced, except in full, without written approval from American Engineering Testing, Inc.
CONSULTANTS
·ENVIRONMENTAL
·GEOTECHNICAL
·MATERIALS
·FORENSICSPAVEMENT CORE LOG
Jamaica Avenue Improvements – Cottage Grove, Minnesota
AET Project Number: 28-20309
Core: B-10
Date Cored:June 2, 2020
Description:
Core Diameter:4”
Total Core Height:5.”
Lift 1: 2.1”
Lift 2: 2.1”
Lift 3: 1.3”
Comments:
Possible chip seal at the surface.
Core contains moderate stripping
throughout.
550 Cleveland Avenue North | Saint Paul, MN 55114
Phone (651) 659-9001 | (800) 972-6364 | Fax (651) 659-1379 | www.amengtest.com | AA/EEO
This document shall not be reproduced, except in full, without written approval from American Engineering Testing, Inc.
CONSULTANTS
·ENVIRONMENTAL
·GEOTECHNICAL
·MATERIALS
·FORENSICSPAVEMENT CORE LOG
Jamaica Avenue Improvements – Cottage Grove, Minnesota
AET Project Number: 28-20309
Core: B-11
Date Cored:June 2, 2020
Description:
Core Diameter:4”
Total Core Height:”
Bituminous Downhole
Thickness: 7”
Comments:
Possible chip seal at the surface.
Core contains severe stripping
throughout. Core crumbled during
coring operations.
12
20
20
FILL
COARSE
ALLUVIUM
7.75" Bituminous pavement
3" FILL, mostly sand, a little gravel, dark brown
(A-1-b) (possible aggregate base)
FILL, mixture of sand and silty sand, light
brown (A-2-4)
SAND, a little gravel, fine to medium grained,
light brown, moist, medium dense (SP) (A-3)
END OF BORING
Northbound Right Turn Lane to E Point Douglas
Road
44
33
17
CORE
SS
SS
SS
2
M
M
M
WATER LEVEL MEASUREMENTS
None
DR:
10:20
LG:1C
TIME
DRILLING METHOD
SD
6/2/20
3.25" HSA
BORINGCOMPLETED:
DATE
6.0
NOTE: REFER TO
THE ATTACHED
SHEETS FOR AN
EXPLANATION OF
TERMINOLOGY ON
THIS LOGRig:
4.0
SS
0-4'
WATERLEVEL
SURFACE ELEVATION:
0.0
CAVE-INDEPTHCASINGDEPTHSAMPLEDDEPTH
6/2/20
DEPTH:
DRILLINGFLUID LEVEL
FIELD & LABORATORY TESTS
MATERIAL DESCRIPTION
1
2
3
4
5
6
N %-#200MC
AET JOB NO:
PROJECT:
RECIN.
AMERICAN
ENGINEERING
TESTING, INC.
DEPTHINFEET PLWC
LOG OF BORING NO.
GEOLOGY
LATITUDE:
B-1 (p. 1 of 1)
SAMPLETYPE
LONGITUDE:
01-DHR-060
LL
03/2011
DENDEN
44.816568° -92.932841°
SUBSURFACE BORING LOG
28-20309
Jamaica Avenue Improvements; Cottage Grove, MN
AET_CORP W-LAT-LONG 28-20309.GPJ AET+CPT+WELL_20181012_JG.GDT 7/2/20
20
24
14
FILL5" Bituminous pavement
8" FILL, mostly sand, a little gravel, dark brown
(A-1-b)
FILL, mostly sand, a little gravel, brown (A-3)
END OF BORING
Northbound Right Lane
38
21
7
CORE
SS
SS
SS
9
M
M
M
WATER LEVEL MEASUREMENTS
None
DR:
10:47
LG:1C
TIME
DRILLING METHOD
SD
6/2/20
3.25" HSA
BORINGCOMPLETED:
DATE
6.0
NOTE: REFER TO
THE ATTACHED
SHEETS FOR AN
EXPLANATION OF
TERMINOLOGY ON
THIS LOGRig:
4.0
SS
0-4'
WATERLEVEL
SURFACE ELEVATION:
0.0
CAVE-INDEPTHCASINGDEPTHSAMPLEDDEPTH
6/2/20
DEPTH:
DRILLINGFLUID LEVEL
FIELD & LABORATORY TESTS
MATERIAL DESCRIPTION
1
2
3
4
5
6
N %-#200MC
AET JOB NO:
PROJECT:
RECIN.
AMERICAN
ENGINEERING
TESTING, INC.
DEPTHINFEET PLWC
LOG OF BORING NO.
GEOLOGY
LATITUDE:
B-2 (p. 1 of 1)
SAMPLETYPE
LONGITUDE:
01-DHR-060
LL
03/2011
DENDEN
44.820932° -92.928463°
SUBSURFACE BORING LOG
28-20309
Jamaica Avenue Improvements; Cottage Grove, MN
AET_CORP W-LAT-LONG 28-20309.GPJ AET+CPT+WELL_20181012_JG.GDT 7/2/20
18
18
24
FILL
COARSE
ALLUVIUM
6" Bituminous pavement
9" FILL, mostly gravelly silty sand, dark brown
(A-1-b) (possible aggregate base)
FILL, mostly silty sand, a little gravel, brown
(A-2-4)
SAND, fine grained, light brown, moist, dense to
medium dense (SP) (A-3)
END OF BORING
Northbound Right Lane
42
36
22
CORE
SS
SS
SS
M
M
M
WATER LEVEL MEASUREMENTS
None
DR:
11:06
LG:1C
TIME
DRILLING METHOD
SD
6/2/20
3.25" HSA
BORINGCOMPLETED:
DATE
6.0
NOTE: REFER TO
THE ATTACHED
SHEETS FOR AN
EXPLANATION OF
TERMINOLOGY ON
THIS LOGRig:
4.0
SS
0-4'
WATERLEVEL
SURFACE ELEVATION:
0.0
CAVE-INDEPTHCASINGDEPTHSAMPLEDDEPTH
6/2/20
DEPTH:
DRILLINGFLUID LEVEL
FIELD & LABORATORY TESTS
MATERIAL DESCRIPTION
1
2
3
4
5
6
N %-#200MC
AET JOB NO:
PROJECT:
RECIN.
AMERICAN
ENGINEERING
TESTING, INC.
DEPTHINFEET PLWC
LOG OF BORING NO.
GEOLOGY
LATITUDE:
B-3 (p. 1 of 1)
SAMPLETYPE
LONGITUDE:
01-DHR-060
LL
03/2011
DENDEN
44.824840° -92.925149°
SUBSURFACE BORING LOG
28-20309
Jamaica Avenue Improvements; Cottage Grove, MN
AET_CORP W-LAT-LONG 28-20309.GPJ AET+CPT+WELL_20181012_JG.GDT 7/2/20
14
24
24
FILL
COARSE
ALLUVIUM
5.5" Bituminous pavement
5" FILL, mostly gravelly silty sand, brown
(A-1-b) (possible aggregate base)
FILL, mostly silty sand, a little gravel, brown
(A-2-4)
SAND, a little gravel, fine to medium grained,
light brown, moist, medium dense (SP) (A-3)
END OF BORING
Northbound Right Lane
33
30
26
CORE
SS
SS
SS
M
M
M
WATER LEVEL MEASUREMENTS
None
DR:
11:28
LG:1C
TIME
DRILLING METHOD
SD
6/2/20
3.25" HSA
BORINGCOMPLETED:
DATE
6.0
NOTE: REFER TO
THE ATTACHED
SHEETS FOR AN
EXPLANATION OF
TERMINOLOGY ON
THIS LOGRig:
4.0
SS
0-4'
WATERLEVEL
SURFACE ELEVATION:
0.0
CAVE-INDEPTHCASINGDEPTHSAMPLEDDEPTH
6/2/20
DEPTH:
DRILLINGFLUID LEVEL
FIELD & LABORATORY TESTS
MATERIAL DESCRIPTION
1
2
3
4
5
6
N %-#200MC
AET JOB NO:
PROJECT:
RECIN.
AMERICAN
ENGINEERING
TESTING, INC.
DEPTHINFEET PLWC
LOG OF BORING NO.
GEOLOGY
LATITUDE:
B-4 (p. 1 of 1)
SAMPLETYPE
LONGITUDE:
01-DHR-060
LL
03/2011
DENDEN
44.830737° -92.923838°
SUBSURFACE BORING LOG
28-20309
Jamaica Avenue Improvements; Cottage Grove, MN
AET_CORP W-LAT-LONG 28-20309.GPJ AET+CPT+WELL_20181012_JG.GDT 7/2/20
14
24
24
FILL6" Bituminous pavement
11" FILL, mostly gravelly sand with silt, dark
brown (A-1-b) (possible aggregate base)
FILL, mostly silty sand, a little gravel, brown
(A-2-4)
END OF BORING
Northbound Right Lane
33
58
74
CORE
SS
SS
SS
6
M
M
M
WATER LEVEL MEASUREMENTS
None
DR:
11:56
LG:1C
TIME
DRILLING METHOD
SD
6/2/20
3.25" HSA
BORINGCOMPLETED:
DATE
6.0
NOTE: REFER TO
THE ATTACHED
SHEETS FOR AN
EXPLANATION OF
TERMINOLOGY ON
THIS LOGRig:
4.0
SS
0-4'
WATERLEVEL
SURFACE ELEVATION:
0.0
CAVE-INDEPTHCASINGDEPTHSAMPLEDDEPTH
6/2/20
DEPTH:
DRILLINGFLUID LEVEL
FIELD & LABORATORY TESTS
MATERIAL DESCRIPTION
1
2
3
4
5
6
N %-#200MC
AET JOB NO:
PROJECT:
RECIN.
AMERICAN
ENGINEERING
TESTING, INC.
DEPTHINFEET PLWC
LOG OF BORING NO.
GEOLOGY
LATITUDE:
B-5 (p. 1 of 1)
SAMPLETYPE
LONGITUDE:
01-DHR-060
LL
03/2011
DENDEN
44.836755° -92.923860°
SUBSURFACE BORING LOG
28-20309
Jamaica Avenue Improvements; Cottage Grove, MN
AET_CORP W-LAT-LONG 28-20309.GPJ AET+CPT+WELL_20181012_JG.GDT 7/2/20
12
24
24
FILL
COARSE
ALLUVIUM
OR FILL
5.5" Bituminous pavement
5" FILL, mostly sand, a little gravel, brown
(A-1-b) (possible aggregate base)
SAND, fine to medium grained, light brown,
moist, dense to medium dense (SP) (A-3)
(possible fill)
END OF BORING
Northbound Right Lane
38
45
21
CORE
SS
SS
SS
5
M
M
M
WATER LEVEL MEASUREMENTS
None
DR:
1:05
LG:41
TIME
DRILLING METHOD
SD
6/2/20
3.25" HSA
BORINGCOMPLETED:
DATE
6.0
NOTE: REFER TO
THE ATTACHED
SHEETS FOR AN
EXPLANATION OF
TERMINOLOGY ON
THIS LOGRig:
4.0
SS
0-4'
WATERLEVEL
SURFACE ELEVATION:
0.0
CAVE-INDEPTHCASINGDEPTHSAMPLEDDEPTH
6/2/20
DEPTH:
DRILLINGFLUID LEVEL
FIELD & LABORATORY TESTS
MATERIAL DESCRIPTION
1
2
3
4
5
6
N %-#200MC
AET JOB NO:
PROJECT:
RECIN.
AMERICAN
ENGINEERING
TESTING, INC.
DEPTHINFEET PLWC
LOG OF BORING NO.
GEOLOGY
LATITUDE:
B-6 (p. 1 of 1)
SAMPLETYPE
LONGITUDE:
01-DHR-060
LL
03/2011
DENDEN
44.842500° -92.923866°
SUBSURFACE BORING LOG
28-20309
Jamaica Avenue Improvements; Cottage Grove, MN
AET_CORP W-LAT-LONG 28-20309.GPJ AET+CPT+WELL_20181012_JG.GDT 7/2/20
20
24
3
FILL
COARSE
ALLUVIUM
OR FILL
5" Bituminous pavement
5" FILL, mostly sand, a little gravel, brown
(A-1-b) (possible aggregate base)
FILL, mostly sand, a little gravel, brown (A-3)
SAND, a little gravel, fine grained, light brown,
moist, loose to medium dense (SP) (A-3)
(possible fill)
END OF BORING
Southbound Right Lane
40
40
42
CORE
SS
SS
SS
M
M
M
WATER LEVEL MEASUREMENTS
None
DR:
1:33
LG:41
TIME
DRILLING METHOD
SD
6/2/20
3.25" HSA
BORINGCOMPLETED:
DATE
6.0
NOTE: REFER TO
THE ATTACHED
SHEETS FOR AN
EXPLANATION OF
TERMINOLOGY ON
THIS LOGRig:
4.0
SS
0-4'
WATERLEVEL
SURFACE ELEVATION:
0.0
CAVE-INDEPTHCASINGDEPTHSAMPLEDDEPTH
6/2/20
DEPTH:
DRILLINGFLUID LEVEL
FIELD & LABORATORY TESTS
MATERIAL DESCRIPTION
1
2
3
4
5
6
N %-#200MC
AET JOB NO:
PROJECT:
RECIN.
AMERICAN
ENGINEERING
TESTING, INC.
DEPTHINFEET PLWC
LOG OF BORING NO.
GEOLOGY
LATITUDE:
B-7 (p. 1 of 1)
SAMPLETYPE
LONGITUDE:
01-DHR-060
LL
03/2011
DENDEN
44.839348° -92.924089°
SUBSURFACE BORING LOG
28-20309
Jamaica Avenue Improvements; Cottage Grove, MN
AET_CORP W-LAT-LONG 28-20309.GPJ AET+CPT+WELL_20181012_JG.GDT 7/2/20
18
24
24
FILL
COARSE
ALLUVIUM
OR FILL
7.5" Bituminous pavement
5" FILL, mostly gravelly silty sand, dark brown
(A-1-b) (possible aggregate base)
FILL, mostly silty sand, a little gravel, brown
(A-2-4)
FILL, mixture of sand and silty sand, a little
gravel, brown (A-2-4)
SAND, a little gravel, fine grained, light brown,
moist, very dense (SP) (A-3) (possible fill)
END OF BORING
Southbound Right Lane
32
48
74
CORE
SS
SS
SS
M
M
M
WATER LEVEL MEASUREMENTS
None
DR:
1:58
LG:41
TIME
DRILLING METHOD
SD
6/2/20
3.25" HSA
BORINGCOMPLETED:
DATE
6.0
NOTE: REFER TO
THE ATTACHED
SHEETS FOR AN
EXPLANATION OF
TERMINOLOGY ON
THIS LOGRig:
4.0
SS
0-4'
WATERLEVEL
SURFACE ELEVATION:
0.0
CAVE-INDEPTHCASINGDEPTHSAMPLEDDEPTH
6/2/20
DEPTH:
DRILLINGFLUID LEVEL
FIELD & LABORATORY TESTS
MATERIAL DESCRIPTION
1
2
3
4
5
6
N %-#200MC
AET JOB NO:
PROJECT:
RECIN.
AMERICAN
ENGINEERING
TESTING, INC.
DEPTHINFEET PLWC
LOG OF BORING NO.
GEOLOGY
LATITUDE:
B-8 (p. 1 of 1)
SAMPLETYPE
LONGITUDE:
01-DHR-060
LL
03/2011
DENDEN
44.832661° -92.924036°
SUBSURFACE BORING LOG
28-20309
Jamaica Avenue Improvements; Cottage Grove, MN
AET_CORP W-LAT-LONG 28-20309.GPJ AET+CPT+WELL_20181012_JG.GDT 7/2/20
12
21
16
FILL
COARSE
ALLUVIUM
5.5" Bituminous pavement
6" FILL, mostly gravelly silty sand, dark brown
(A-1-b)
FILL, mostly silty sand, a little gravel, brown
(A-2-4)
SAND, a little gravel, fine to medium grained,
light brown, moist, dense to medium dense (SP)
(A-3)
END OF BORING
Southbound Right Lane
26
48
18
CORE
SS
SS
SS
M
M
M
WATER LEVEL MEASUREMENTS
None
DR:
2:23
LG:41
TIME
DRILLING METHOD
SD
6/2/20
3.25" HSA
BORINGCOMPLETED:
DATE
6.0
NOTE: REFER TO
THE ATTACHED
SHEETS FOR AN
EXPLANATION OF
TERMINOLOGY ON
THIS LOGRig:
4.0
SS
0-4'
WATERLEVEL
SURFACE ELEVATION:
0.0
CAVE-INDEPTHCASINGDEPTHSAMPLEDDEPTH
6/2/20
DEPTH:
DRILLINGFLUID LEVEL
FIELD & LABORATORY TESTS
MATERIAL DESCRIPTION
1
2
3
4
5
6
N %-#200MC
AET JOB NO:
PROJECT:
RECIN.
AMERICAN
ENGINEERING
TESTING, INC.
DEPTHINFEET PLWC
LOG OF BORING NO.
GEOLOGY
LATITUDE:
B-9 (p. 1 of 1)
SAMPLETYPE
LONGITUDE:
01-DHR-060
LL
03/2011
DENDEN
44.827981° -92.924220°
SUBSURFACE BORING LOG
28-20309
Jamaica Avenue Improvements; Cottage Grove, MN
AET_CORP W-LAT-LONG 28-20309.GPJ AET+CPT+WELL_20181012_JG.GDT 7/2/20
10
24
24
FILL
COARSE
ALLUVIUM
5.5" Bituminous pavement
8.5" FILL, mostly gravelly silty sand, dark
brown (A-1-b) (possible aggregate base)
FILL, mostly sand with silt, light brown (A-2-4)
SAND, a little gravel, fine grained light brown,
moist, medium dense (SP) (A-3)
END OF BORING
Southbound Right Lane
30
21
17
CORE
SS
SS
SS
M
M
M
WATER LEVEL MEASUREMENTS
None
DR:
2:43
LG:41
TIME
DRILLING METHOD
SD
6/2/20
3.25" HSA
BORINGCOMPLETED:
DATE
6.0
NOTE: REFER TO
THE ATTACHED
SHEETS FOR AN
EXPLANATION OF
TERMINOLOGY ON
THIS LOGRig:
4.0
SS
0-4'
WATERLEVEL
SURFACE ELEVATION:
0.0
CAVE-INDEPTHCASINGDEPTHSAMPLEDDEPTH
6/2/20
DEPTH:
DRILLINGFLUID LEVEL
FIELD & LABORATORY TESTS
MATERIAL DESCRIPTION
1
2
3
4
5
6
N %-#200MC
AET JOB NO:
PROJECT:
RECIN.
AMERICAN
ENGINEERING
TESTING, INC.
DEPTHINFEET PLWC
LOG OF BORING NO.
GEOLOGY
LATITUDE:
B-10 (p. 1 of 1)
SAMPLETYPE
LONGITUDE:
01-DHR-060
LL
03/2011
DENDEN
44.822520° -92.927134°
SUBSURFACE BORING LOG
28-20309
Jamaica Avenue Improvements; Cottage Grove, MN
AET_CORP W-LAT-LONG 28-20309.GPJ AET+CPT+WELL_20181012_JG.GDT 7/2/20
18
24
24
FILL
COARSE
ALLUVIUM
7.25" Bituminous pavement
4" FILL, mostly gravelly silty sand, dark brown
(A-1-b) (possible aggregate base)
FILL, mostly silty sand, a little gravel, brown
(A-2-4)
SAND, a little gravel, fine to medium grained,
light brown to brown, moist, dense to medium
dense (SP) (A-3) (possible fill)
END OF BORING
Southbound Right Turn Lane to E Point Douglas
Road
33
36
17
CORE
SS
SS
SS
M
M
M
WATER LEVEL MEASUREMENTS
None
DR:
3:10
LG:41
TIME
DRILLING METHOD
SD
6/2/20
3.25" HSA
BORINGCOMPLETED:
DATE
6.0
NOTE: REFER TO
THE ATTACHED
SHEETS FOR AN
EXPLANATION OF
TERMINOLOGY ON
THIS LOGRig:
4.0
SS
0-4'
WATERLEVEL
SURFACE ELEVATION:
0.0
CAVE-INDEPTHCASINGDEPTHSAMPLEDDEPTH
6/2/20
DEPTH:
DRILLINGFLUID LEVEL
FIELD & LABORATORY TESTS
MATERIAL DESCRIPTION
1
2
3
4
5
6
N %-#200MC
AET JOB NO:
PROJECT:
RECIN.
AMERICAN
ENGINEERING
TESTING, INC.
DEPTHINFEET PLWC
LOG OF BORING NO.
GEOLOGY
LATITUDE:
B-11 (p. 1 of 1)
SAMPLETYPE
LONGITUDE:
01-DHR-060
LL
03/2011
DENDEN
44.818452° -92.931318°
SUBSURFACE BORING LOG
28-20309
Jamaica Avenue Improvements; Cottage Grove, MN
AET_CORP W-LAT-LONG 28-20309.GPJ AET+CPT+WELL_20181012_JG.GDT 7/2/20
0
5
10
15
20
25
30
35
40
45
50
55
60
65
70
75
80
85
90
95
100
0.0010.010.1110100
3/4 30
medium
D10
coarse
4 14081.5 6 200100
GRAIN SIZE IN MILLIMETERS
Specimen Identification
Specimen Identification
MC% LL PL PI Cc
SILT OR CLAY
GRADATION CURVES
22.5
6.1
31.5
1.4
%Sand %Silt %Clay
75.4
84.7
62.1
93.8
%Gravel
SAND
40
fine
D30
1
D60
U.S. SIEVE NUMBERS
20161410
U.S. SIEVE OPENING IN INCHES HYDROMETER
8.4
6.3
16.5
2.7
0.89
1.14
0.62
0.82
23
B-1
B-2
B-5
B-6
0.8'
1.5'
1.0'
3.0'
0.8'
1.5'
1.0'
3.0'
B-1
B-2
B-5
B-6
1/2
P
E
R
C
E
N
T
F
I
N
E
R
B
Y
W
E
I
G
H
T
3
Sand with gravel, dark brown (A-1-b)
Sand, a little gravel, brown (A-3)
Gravelly sand with silt, dark brown (A-1-b)
Sand, light brown (A-3)
3/8
19.00
12.50
19.00
12.50
2.14
0.56
2.68
0.41
0.699
0.240
0.518
0.227
Classification Cu
D100
6 70504
GRAVEL
fineCOBBLES coarse
0.2563
0.0897
0.1623
0.1534
2.1
9.3
6.4
4.8
6/2/20
Jamaica Avenue Improvements; Cottage Grove,
MN
PROJECT AET JOB NO.
DATE
28-20309
AMERICAN
ENGINEERING
TESTING, INC.
Appendix B
Falling Weight Deflectometer Field Exploration and Testing
Figure 2 – Effective Subgrade R-Value Map
Appendix B
Falling Weight Deflectometer Field Exploration and Testing
AET Project No. 28-20309
Appendix B - Page 1 of 3 AMERICAN ENGINEERING TESTING, INC.
B.1 PAVEMENT TESTING
The pavement structural conditions at the site were evaluated nondestructively using Falling Weight Deflectometer
(FWD). The description of the equipment precedes the Deflection Data and Analysis Results in this appendix.
B.2 EQUIPMENT DESCRIPTION
B.2.1 Dynatest 8000 FWD Test System
The FWD owned by AET is a Dynatest 8000 FWD Test System that consists of a Dynatest 8002 trailer and a third
generation control and data acquisition unit developed in 2003, called the Dynatest Compact15, featuring fifteen (15)
deflection channels. The new generation FWD, including a Compact15 System and a standard PC with the FwdWin
Field Program constitutes the newest, most sophisticated Dynatest FWD Test System, which fulfills or exceeds all
requirements to meet ASTM-4694 Standards. Figure B1 provides a view of this equipment.
Figure B1 Dynatest 8002 FWD Test System
The FWD imposes a dynamic impulse load onto the pavement surface through a load plate. Total pulse is an
approximately half sine shape with a total duration typically between 25 to 30 ms. The FWD is capable of applying
a variety of loads to the pavement ranging from 1,500 lbf (7 kN) to 27,000 ibf (120 kN) by dropping a variable weight
mass from different heights to a standard, 11.8-inch (300-mm) diameter rigid plate.
The drop weights and the buffers are constructed so that the falling weight buffer subassembly may be quickly and
conveniently changed between falling masses of 440 lbm (200 kg) for highways and 770 lbm (350 kg) for airports.
With the 440 lbm (200 kg) package for highways three drop heights are used with the target load of 6,000 lbf (27 kN)
at drop height 1, 9,000 lbf (40 kN) at drop height 2, and 12,000 lbf at drop height 3 (53 kN). The drop sequence
consists of two seating drops from drop height 3 and 2 repeat measurements at drop height 1 and 1 measurement at
drop height 2 for flexible pavements and 2 repeat measurements at drop height 2 and 1 measurement at drop height 3
for rigid pavements. The data from the seating drops is not stored.
The FWD is equipped with a load cell to measure the applied forces and nine geophones or deflectors to measure
deflections up to 100 mils (2.5 mm). The load cell is capable of accurately measuring the force that is applied
perpendicular to the loading plate with a resolution of 0.15 psi (1 kPa) or better. The force is expressed in terms of
pressure, as a function of loading plate size.
Nine deflectors at the offsets listed in the following table in the Long Term Performance Program (LTPP)
configuration are capable of measuring electronically discrete deflections per test, together with nine (9) separate
deflection measuring channels for recording of the data. One (1) of the deflectors measures the deflection of the
pavement surface through the center of the loading plate, while seven (7) deflectors are capable of being positioned
behind the loading plate along the housing bar, up to a distance of 5 ft (2.5 m) from the center of the loading plate and
one (1) being positioned in front of the loading plate along the bar.
Deflector D9 D1 D2 D3 D4 D5 D6 D7 D8
Offset (in.)-12 0 8 12 18 24 36 48 60
Appendix B
Falling Weight Deflectometer Field Exploration and Testing
AET Project No. 28-20309
Appendix B - Page 2 of 3 AMERICAN ENGINEERING TESTING, INC.
Field testing is performed in accordance with the standard ASTM procedures as described in ASTM D 4695-96,
“Standard Guide for General Pavement Deflection Measurements” and the calibration of our equipment is verified
each year at the Long Term Pavement Performance Calibration Center in Maplewood, MN.
B.2.2 Linear Distance and Spatial Reference System
Distance measuring instrument (DMI) is a trailer mounted two phase encoder system. When DMI is connected to the
Compact15 it provides for automatic display and recording distance information in both English and metric units with
a 1 foot (0.3 meters) resolution and four percent accuracy when calibrated using the provided procedure in the Field
Program.
Spatial reference system is a Trimble ProXH Global Positioning System (GPS) that consists of fully integrated
receiver, antenna and battery unit with Trimble’s new H-Star™ technology to provide subfoot (30 cm) post-processed
accuracy. The External Patch antenna isadded to the ProXH receiver for the position of the loading plate. TheExternal
Patch antenna can be conveniently elevated with the optional baseball cap to prevent any signal blockage.
B.2.3 Air and Pavement Temperature Measuring System
A temperature monitoring probe, for automatic recording of air temperature, is an electronic (integrated circuit)
sensing element in a stainless steel probe. The probe mounts on the FWD unit in a special holder with air circulation
and connects to the Compact15. A non-contact Infra-Red (IR) Temperature Transmitter, for automatic recording of
pavement surface temperature only, features an integrated IR-detector and digital electronics in a weather proof
enclosure. The IR transmitter mounts on the FWD unit in a special holder with air circulation and connects to the
Compact15. Both probe and IR transmitter have a resolution of 0.9 ºF (0.5 ºC) and accuracy within ± 1.8ºF (1 ºC) in
the 0 to 158 ºF (-18 to +70ºC) range when calibrated using the provided procedure.
B.2.4 Camera Monitoring System
A battery operated independent DC-1908E multi-functional digital camera with a SD card is used for easy positioning
of the loading plate or recording of the pavement surface condition at the testing locations.
B.3 SAMPLING METHODS
At the project level, the testing interval is set at 0.1 mi. (maximum) or 10 locations per uniform section in the Outside
Wheel Path (OWP) = 2.5 ft ± 0.25 ft (0.76 m ± 0.08 m) for nominal 12 ft (3.7 m) wide lanes. Where a divided roadbed
exists, surveys will be taken in both directions if the project will include improvements in both directions. If there is
more than one lane in one direction the surveys will be taken in the outer driving lane versus the passing lane of the
highway. FWD tests are performed at a constant lateral offset down the test section.
B.4 QUALITY CONTROL (QC) AND QUALITY ASSURANCE (QA)
In addition to the annual reference calibration,the relative calibration of the FWD deflection sensors is conducted
monthly but not to exceed 6 weeks during the months in which the FWD unit is continually testing. The DMI is also
calibrated monthly by driving the vehicle over a known distance to calculate the distance scale factor. The accuracy
of the FWD air temperature and infra-red (IR) sensors are checked on a monthly basis or more frequently if the FWD
operator observes “suspicious” temperature readings.
Some care in the placement of the load plate and sensors is taken by the survey crew, especially where the highway
surface is rutted or cracked, to ensure that the load plate lays on a flat surface and that the load plate and all geophones
lie on the same side of any visible cracks. Liberal use of comments placed in the FWD data file at the time of data
collection is required. Comments pertaining to proximity to reference markers, bridge abutments, patches, cracks, etc.,
are all important documentation for the individual evaluating the data.
Scheduled preventive maintenance ensures proper equipment operation and helps identify potential problems that can
be corrected to avoid poor qualityor missing data that results if the equipment malfunctions while on site. The routine
and major maintenance procedures established by the LTPP are adopted and any maintenance has been done at the
end of the day after the testing is complete and become part of the routine performed at the end of each test/travel day
and on days when no other work is scheduled.
Appendix B
Falling Weight Deflectometer Field Exploration and Testing
AET Project No. 28-20309
Appendix B - Page 3 of 3 AMERICAN ENGINEERING TESTING, INC.
B.5 DATA ANALYSIS METHODS
B.5.1 Inputs
The two-way AADT and HCADT are required to calculate the ESALs. The state average truck percent and truck type
distribution are used when HCADT is not provided. The as-built pavement information (layer type, thickness, and
construction year) are required and if not provided, GPR and/or coring and boring is needed.
B.5.2 Adjustments
Temperature adjustment to the deflections measured on bituminous pavements is determined from the temperature
predicted at the middle depth of the pavement using the LTPP BELLS3 model that uses the pavement surface
temperature and previous day mean air temperature. The predicted middle depth temperature and the standard
temperature of 80 degrees Fahrenheit are used to calculate the temperature adjustment factor for deflection data
analysis. Seasonal adjustment developed by Mn/DOT is also used.
B.5.3 Methods
For bituminous pavements, the deflection data were analyzed using the Mn/DOT method for determining the in-place
(effective) subgrade and pavement strength, as well as allowable axle loads for a roadway (Investigation 603) revised
in 1983 and automated with spreadsheet format in 2008. The Mn/DOT method uses Hogg Model for estimating the
subgrade modulus and the Effective GE Equation (Investigation 603) for estimating the effective GE of pavements.
The Mn/DOT method also uses the TONN method for estimating Spring Load Capacity and Required Overlay, as
described in the Mn/DOT publication “Estimated Spring Load-Carrying Capacity”.
For gravel roads, the deflection data were analyzed using the American Association of State Highway and
Transportation Officials’ (AASHTO) method for determining the in-place (effective) subgrade and pavement strength,
as well as allowable axle loads for a roadway as in the AASHTO Guide for Design of Pavement Structures, 1993.
For concrete pavements, the deflection data were analyzed using the FAA methods for determining the modulus of
subgrade reaction (k-value), effective elastic modulus of concrete slabs, load transfer efficiency (LTE) on approach
and leave slabs of a joint, slab support conditions (void analysis) and impulse stiffness modulus ratio (durability
analysis) as in the FAA AC 150/5370-11A, Use of Nondestructive Testing Devices in the Evaluation of Airport
Pavement, 2004.
B.6 TEST LIMITATIONS
B.6.1 Test Methods
The data derived through the testing program have been used to develop our opinions about the pavement conditions
at your site. However, because no testing program can reveal totally what is in the subsurface, conditions between test
locations and at other times, may differ from conditions described in this report. The testing we conducted identified
pavement conditions only at those points where we measured pavement surface temperature, deflections, and observed
pavement surface conditions. Depending on the sampling methods and sampling frequency, every location may not
be tested, and some anomalies which are present in the pavement may not be noted on the testing results. If conditions
encountered during construction differ from those indicated by our testing, it may be necessary to alter our conclusions
and recommendations, or to modify construction procedures, and the cost of construction may be affected.
B.6.2 Test Standards
Pavement testing is done in general conformance with the described procedures. Compliance with any other standards
referenced within the specified standard is neither inferred nor implied.
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AET Project No. 28-20309
Jamaica Avenue Improvements
Cottage Grove, Minnesota0800400
Feet
±
File: 28-20309P-1.mxd Date: 06/26/2020
AMERICAN
ENGINEERING
TESTING, INC
Figure 2Map Reference:
Date: 06/26/2020
Geotechnical Data Report
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Appendix C
AET Project No. 28-20309
Ground Penetrating Radar Field Exploration and Testing
GPR Plots
Appendix C
Ground Penetrating Radar Field Exploration and Testing
AET Project No. 28-20309
Appendix C - Page 1 of 3 AMERICAN ENGINEERING TESTING, INC.
C.1 FIELD EXPLORATION
The pavement structural conditions at the site were evaluated nondestructively using Ground Penetrating Radar
(GPR). The description of the equipment precedes the GPR Data and Analysis Results in this appendix.
C.2 EQUIPMENT DESCRIPTION
C.2.1 GSSI GPR Test System
The GPR test system owned by AET is a GSSI Roadscan System that consists of a bumper-mounted, 2 GHz air-
coupled antenna and a SIR-20 control and data acquisition processor, featuring dual channels. The GPR processor,
including a SIR-20 data acquisition system, wheel-mounted DMI (Distance Measuring Instrument), and a tough book
with the SIR-20 Field Program constitutes the newest, most sophisticated GSSI Test System, which fulfills or exceeds
all requirements to meet ASTM-4748, ASTM D-6087 Standards. Figure C1 provides a view of this equipment.
Figure C1 GSSI 2 GHz air-coupled GPR Test System
The GPR antenna emits a high frequency electromagnetic wave into the material under investigation. The reflected
energy caused by changes in the electromagnetic properties within the material is detected by a receiver antenna and
recorded for subsequent analysis. The 2 GHz air-coupled GPR is capable of collecting radar waveforms at more than
100 signals per second, allows for data to be collected at driving speeds along the longitudinal dimension of the
pavements or bridge decks with the antennas fixed at the rear or in front of the vehicle.
The antenna used for Roadscan is the Horn antenna Model 4105 (2 GHz). The 2 GHz antenna is the current antenna
of choice for road survey because it combines excellent resolution with reasonable depth penetration (18-24 inches in
pavement materials). The data collection is performed at normal driving speeds (45-55 mph), requiring no lane
closures nor causing traffic congestion. At this peed the 2 GHz antenna is capable of collecting data at 1-foot interval
(1 scan/foot).
The data were collected at a rate of about 1 vertical scans per foot. Each vertical scan consisted of 512 samples and
the record length in time of each scan was 12 nanoseconds. Filters used during acquisition were 300 MHz high pass
and 5,000 MHz low pass.
In a GPR test, the antenna is moved continuouslyacross the test surface and the control unit collects data at a specified
distance increment. In this way, the data collection rate is independent of the scan rate. Alternatively, scanning can
be performed at a constant rate of time, regardless of the scan distance. Single point scans can be performed as well.
Data is reviewed on-screen and in the field to identify reflections and ensure proper data collection parameters.
Field testing is performed in accordance with the standard ASTM procedures as described in ASTM D 4695-96,
“Standard Guide for General Pavement Deflection Measurements”.
C.2.2 System Calibrations
Horn antenna processing is used to get the velocity of the radar energy in the material by comparing the reflection
strengths (amplitudes) from a pavement layer interface with a perfect reflector (a metal plate). The calibration scan is
obtained with the horn antenna placed over a metal plate at the same elevation as a scan obtained over pavement.
Appendix C
Ground Penetrating Radar Field Exploration and Testing
AET Project No. 28-20309
Appendix C - Page 2 of 3 AMERICAN ENGINEERING TESTING, INC.
The same setting for data collection is used for metal plate calibration. Fifteen seconds are need for jumping up and
down on the vehicle’s bumper to collect the full range of motion for the vehicle’s shocks. The filename of raw
calibration file is recorded.
Survey wheel is calibrated by laying out a long distance (> 50 feet) with tape measure.
C.2.3 Linear Distance and Spatial Reference System
Distance measuring instrument (DMI) is a trailer mounted two phase encoder system. When DMI is connected to the
SIR-20 it provides for automatic display and recording distance information in both English and metric units with a 1
foot (0.3 meters) resolution and four percent accuracy when calibrated using provided procedure in the Field Program.
Spatial reference system is a Trimble ProXH Global Positioning System (GPS) that consists of fully integrated
receiver, antenna and battery unit with Trimble’s new H-Star™ technology to provide subfoot (30 cm) post processed
accuracy. The External Patch antenna isadded to the ProXH receiver for the position of the loading plate. TheExternal
Patch antenna can be conveniently elevated with the optional baseball cap to prevent any signal blockage.
C.2.4 Camera Monitoring System
A battery operated independent DC-1908E multi-functional digital camera with a SD card is used for easy positioning
of the loading plate or of the pavement surface condition at the testing locations.
C.3 SAMPLING METHODS
At the project level, the testing interval is set at 12 scans per foot in the Outside Wheel Path (OWP) = 2.5 ft ± 0.25 ft
(0.76 m ± 0.08 m) for nominal 12 ft (3.7 m) wide lanes at a survey speed of approximately 10 mph. Where a divided
roadbed exists, surveys will be taken in both directions if the project will include improvements in both directions. If
there is more than one lane in one direction the surveys will be taken in the outer driving lane (truck lane) versus the
passing lane of the highway. GPR tests are performed at a constant lateral offset down the test section. When GPR
tests are performed on bridge decks, multiple survey lines are followed transversely at 2-foot spacing between survey
lines.
At the network level, GPR tests on one scan per foot are set to be able to collect data on pavements at driving speeds,
without statistically compromising the quality of the data collected. If GPR tests are for the in situ characterization of
material GPR data will be collected at two scan per foot at slower driving speeds.
C.4 QUALITY CONTROL (QC) AND QUALITY ASSURANCE (QA)
Beside the daily metal plate calibration the DMI is also calibrated monthly by driving the vehicle over a known
distance to calculate the distance scale factor. The GPR will be monitored in real time in the data collection vehicle
to minimize data errors. The GPR units will be identified with a unique number and that number will accompany all
data reported from that unit as required in the QC/QA plan.
Scheduled preventive maintenance ensures proper equipment operation and helps identify potential problems that can
be corrected to avoid poor qualityor missing data that results if the equipment malfunctions while on site. The routine
and major maintenance procedures established by the LTPP are adopted and any maintenance has been done at the
end of the day after the testing is complete and become part of the routine performed at the end of each test/travel day
and on days when no other work is scheduled.
To insure quality data, the GPR assessments only took place on dry pavement surfaces, and data was collected in each
wheel path.
C.5 DATA ANALYSIS METHODS
C.5.1 Data Editing
Field acquisition is seldom so routine that no errors, omissions or data redundancy occur. Data editing encompasses
issues such as data re-organization, data file merging, data header or background information updates, repositioning
and inclusion of elevation information with the data.
C.5.2 Basic Processing
Appendix C
Ground Penetrating Radar Field Exploration and Testing
AET Project No. 28-20309
Appendix C - Page 3 of 3 AMERICAN ENGINEERING TESTING, INC.
Basic data processing addresses some of the fundamental manipulations applied to data to make a more acceptable
product for initial interpretation and data evaluation. In most instances this type of processing is already applied in
real-time to generate the real-time display. The advantage of post survey processing is that the basic processing can
be done more systematically and non-causal operators to remove or enhance certain features can be applied.
The Reflection Picking procedure is used to eliminate unwanted noise, detects significant reflections, and records the
corresponding time and depth. It uses antenna calibration file data to calculate the radar signal velocity within the
pavement.
C.5.3 Advance Processing
Advanced data processing addresses the types of processing which require a certain amount of operator bias to be
applied and which will result in data which are significantly different from the raw information which were input to
the processing.
C.5.4 Data Interpretation
The EZ Tracker Layer Interpretation procedure uses the output from the first step to map structural layers and calculate
the corresponding velocities and depths.
C.6 TEST LIMITATIONS
C.6.1 Test Methods
The data derived through the testing program have been used to develop our opinions about the pavement conditions
at your site. However, because no testing program can reveal totally what is in the subsurface, conditions between test
locations and at other times, may differ from conditions described in this report. The testing we conducted identified
pavement conditions only at those points where we measured pavement thicknesses and observed pavement surface
conditions. Depending on the sampling methods and sampling frequency, every location may not be tested, and some
anomalies which are present in the pavement may not be noted on the testing results. If conditions encountered during
construction differ from those indicated by our testing, it may be necessary to alter our conclusions and
recommendations, or to modify construction procedures, and the cost of construction may be affected.
B.6.2 Test Standards
Pavement testing is done in general conformance with the described procedures. Compliance with any other standards
referenced within the specified standard is neither inferred nor implied.
C.7 SUPPORTING TEST METHODS
C.7.1 Falling Weight Deflectometer (FWD)
If the pavement layer moduli and subgrade soil strength are desired the deflection data are collected using a Dynatest
8000 FWD Test System that consists of a Dynatest 8002 trailer and a third generation control and data acquisition unit
developed in 2003, called the Dynatest Compact15, featuring fifteen (15) deflection channels. The new generation
FWD, including a Compact15 System and a standard PC with the FwdWin field Program constitutes the newest, most
sophisticated Dynatest FWD Test System, which fulfills or exceeds all requirements to meet ASTM-4694, ASTM D-
4695 Standards. The system provides continuous data at pre-set spacing.
C.7.2 Soil Boring/Coring Field Exploration
If both pavement thicknesses and subgrade soil types and conditions are desired the shallow coring/boring and
sampling is used. The limited number of coring/boring is necessary to verify the GPR layer thickness data.
C.7.3 Pavement Surface Condition Survey
The type and severity of pavement distress influence the deflection response for a pavement. Therefore, GPR
operators record any distress located from about 1 ft (0.3 m) in front of vehicle to about 30 ft (9 m) ahead. This
information is recorded in the FWD file using the comment line in the field program immediately following the test.
American Engineering Testing, Inc.550 Cleveland Avenue NorthSt. Paul, Minnesota 55114Phone: (651) 659-9001Fax: (651) 659-1379Units: inchesProject: Date:7/1/20AET Job No.:28-20309Test Date:5/22/20Average CV 15th Min. Average CV 15th Min.Road: Section/Grid:S01BP6.4 16% 5.2 4.6 6.8 20% 5.2 4.6From: To:90th StBase4.9 25% 3.8 2.9 7.2 22% 5.4 4.2BP + Base11.3 7% 10.5 9.9 14.0 14% 11.4 9.5GENERAL INFORMATION: GROUND PENETRATING RADARSUMMARY STATISTICSJamaica Avenue Improvements~80' N of US 10/61 WB Exit RampJamaica AvenueNB Inside Lane NB Outside LaneLayer-18.0-16.0-14.0-12.0-10.0-8.0-6.0-4.0-2.00.00.00 0.05 0.10 0.15 0.20 0.25Depth (in)GPR Distance (mi) Ground Penetrating Radar Pavement Thickness SurveyNB BP InsideNB BP OutsideNB Base InsideNB Base Outside90th St SBͲ1E.Pt.DouglasRd.90thSt
American Engineering Testing, Inc.550 Cleveland Avenue NorthSt. Paul, Minnesota 55114Phone: (651) 659-9001Fax: (651) 659-1379Units: inchesProject: Date:7/1/20AET Job No.:28-20309Test Date:5/22/20Average CV 15th Min. Average CV 15th Min.Road: Section/Grid:S02BP5.6 7% 5.3 4.6 5.0 10% 4.6 4.2From: To:80th StBase6.3 22% 4.9 3.2 6.9 22% 5.2 3.7BP + Base11.9 11% 10.6 9.0 12.0 14% 9.9 8.4GENERAL INFORMATION: GROUND PENETRATING RADARSUMMARY STATISTICSJamaica Avenue Improvements90th StJamaica AvenueNB Inside Lane NB Outside LaneLayer-18.0-16.0-14.0-12.0-10.0-8.0-6.0-4.0-2.00.00.00 0.20 0.40 0.60 0.80 1.00Depth (in)GPR Distance (mi) Ground Penetrating Radar Pavement Thickness SurveyNB BP InsideNB BP OutsideNB Base InsideNB Base Outside80th stBͲ4BͲ3BͲ2JaneroAve.SIsleAve.SJasmine AveSHillsideTr.S90thSt80thSt
American Engineering Testing, Inc.550 Cleveland Avenue NorthSt. Paul, Minnesota 55114Phone: (651) 659-9001Fax: (651) 659-1379Units: inchesProject: Date:7/1/20AET Job No.:28-20309Test Date:5/22/20Average CV 15th Min. Average CV 15th Min.Road: Section/Grid:S03BP5.2 8% 4.8 4.5 5.7 8% 5.2 4.9From: To:~350' S of 70th StreetBase5.3 22% 4.2 2.4 7.7 25% 5.7 3.5BP + Base10.6 11% 9.3 7.1 13.4 16% 11.1 8.4GENERAL INFORMATION: GROUND PENETRATING RADARSUMMARY STATISTICSJamaica Avenue Improvements80th StJamaica AvenueNB Inside Lane NB Outside LaneLayer-18.0-16.0-14.0-12.0-10.0-8.0-6.0-4.0-2.00.00.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0Depth (in)GPR Distance (mi) Ground Penetrating Radar Pavement Thickness SurveyNB BP InsideNB BP OutsideNB Base InsideNB Base OutsideBͲ5BͲ6IndianBlvd.S75thSt.S80thSt.S
American Engineering Testing, Inc.550 Cleveland Avenue NorthSt. Paul, Minnesota 55114Phone: (651) 659-9001Fax: (651) 659-1379Units: inchesProject: Date:7/1/20AET Job No.:28-20309Test Date:5/22/20Average CV 15th Min. Average CV 15th Min.Road: Section/Grid:S01BP6.8 12% 5.9 5.3 6.8 13% 5.9 5.3From: To:90th StBase4.5 24% 3.4 2.4 4.4 30% 3.3 1.8BP +Base11.3 8% 10.5 8.4 11.2 9% 10.2 9.5GENERAL INFORMATION: GROUND PENETRATING RADARSUMMARY STATISTICSJamaica Avenue Improvements~80' N of US 10/61 WB On RampJamaica AvenueSB Inside Lane SB Outside LaneLayer-18.0-16.0-14.0-12.0-10.0-8.0-6.0-4.0-2.00.00.00 0.05 0.10 0.15 0.20 0.25Depth (in)GPR Distance (mi) Ground Penetrating Radar Pavement Thickness SurveySB BP InsideSB BP OutsideSB Base InsideSB Base OutsideBͲ11E.Pt.DouglasRd.90thSt
American Engineering Testing, Inc.550 Cleveland Avenue NorthSt. Paul, Minnesota 55114Phone: (651) 659-9001Fax: (651) 659-1379Units: inchesProject: Date:7/1/20AET Job No.:28-20309Test Date:5/22/20Average CV 15th Min. Average CV 15th Min.Road: Section/Grid:S02BP5.5 11% 5.0 4.5 5.5 13% 5.0 4.4From: To:80th StBase5.3 25% 3.9 2.5 6.6 18% 5.5 3.0BP +Base10.9 13% 9.3 7.6 12.2 11% 10.9 7.7GENERAL INFORMATION: GROUND PENETRATING RADARSUMMARY STATISTICSJamaica Avenue Improvements90th StJamaica AvenueSB Inside Lane SB Outside LaneLayer-18.0-16.0-14.0-12.0-10.0-8.0-6.0-4.0-2.00.00.0 0.2 0.4 0.6 0.8 1.0Depth (in)GPR Distance (mi) Ground Penetrating Radar Pavement Thickness SurveySB BP InsideSB BP OutsideSB Base InsideSB Base OutsideBͲ8BͲ9BͲ10JaneroAve.SIsleAve.SJasmine AveSHillsideTr.S90thSt80thSt
American Engineering Testing, Inc.550 Cleveland Avenue NorthSt. Paul, Minnesota 55114Phone: (651) 659-9001Fax: (651) 659-1379Units: inchesProject: Date:7/1/20AET Job No.:28-20309Test Date:5/22/20Average CV 15th Min. Average CV 15th Min.Road: Section/Grid:S03BP5.2 13% 4.7 4.2 5.3 13% 4.7 4.3From: To:~350' S of 70th StreetBase5.2 20% 4.2 2.5 5.9 20% 4.8 3.2BP +Base10.4 11% 9.3 7.4 11.2 12% 9.9 8.4GENERAL INFORMATION: GROUND PENETRATING RADARSUMMARY STATISTICSJamaica Avenue Improvements80th StJamaica AvenueSB Inside Lane SB Outside LaneLayer-18.0-16.0-14.0-12.0-10.0-8.0-6.0-4.0-2.00.00.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0Depth (in)GPR Distance (mi) Ground Penetrating Radar Pavement Thickness SurveySB BP InsideSB BP OutsideSB Base InsideSB Base OutsideBͲ7IndianBlvd.S75thSt.S80th St.
Report of Geotechnical Exploration
Jamaica Avenue Improvements - Cottage Grove, MN AMERICAN
July 2, 2020 ENGINEERING
AET Report No. 28-20309 TESTING, INC.
Appendix D
Geotechnical Report Limitations and Guidelines for Use
Appendix D
Geotechnical Report Limitations and Guidelines for Use
AET Project. 28-20309
Appendix D – Page 1 of 2 AMERICAN ENGINEERING TESTING, INC
D.1 REFERENCE
This appendix provides information to help you manage your risks relating to subsurface problems which are caused by
construction delays, cost overruns, claims, and disputes. This information was developed and provided by ASFE1, of which, we
are a member firm.
D.2 RISK MANAGEMENT INFORMATION
D.2.1 Geotechnical Services are Performed for Specific Purposes, Persons, and Projects
Geotechnical engineers structure their services to meet the specific needs of their clients. A geotechnical engineering study
conducted for a civil engineer may not fulfill the needs of a construction contractor or even another civil engineer. Because each
geotechnical engineering study is unique, each geotechnical engineering report is unique, prepared solely for the client. No one
except you should rely on your geotechnical engineering report without first conferring with the geotechnical engineer who
prepared it. And no one, not even you, should apply the report for any purpose or project except the one originally contemplated.
D.2.2 Read the Full Report
Serious problems have occurred because those relying on a geotechnical engineering report did not read it all. Do not rely on an
executive summary. Do not read selected elements only.
D.2.3 A Geotechnical Engineering Report is Based on A Unique Set of Project-Specific Factors
Geotechnical engineers consider a few unique, project-specific factors when establishing the scope of a study. Typically factors
include: the client’s goals, objectives, and risk management preferences; the general nature of the structure involved, its size, and
configuration; the location of the structure on the site; and other planned or existing site improvements, such as access roads,
parking lots, and underground utilities. Unless the geotechnical engineer who conducted the study specifically indicates otherwise,
do not rely on a geotechnical engineering report that was:
not prepared for you,
not prepared for your project,
not prepared for the specific site explored, or
completed before important project changes were made.
Typical changes that can erode the reliability of an existing geotechnical engineering report include those that affect:
the function of the proposed structure, as when it’s changed from a parking garage to an office building, or from a light
industrial plant to a refrigerated warehouse,
elevation, configuration, location, orientation, or weight of the proposed structure,
composition of the design team, or
project ownership.
As a rule, always inform your geotechnical engineer of project changes, even minor ones, and request an assessment of their
impact. Geotechnical engineers cannot accept responsibility or liability for problems that occur because their reports do not
consider developments of which they were not informed.
D.2.4 Subsurface Conditions Can Change
A geotechnical engineering report is based on conditions that existed at the time the study was performed. Do not rely on a
geotechnical engineering report whose adequacy may have been affected by: the passage of time; by man-made events, such as
construction on or adjacent to the site; or by natural events, such as floods, earthquakes, or groundwater fluctuations. Always
contact the geotechnical engineer before applying the report to determine if it is still reliable. A minor amount of additional testing
or analysis could prevent major problems.
1 Geoprofessional Business Association, 1300 Piccard Drive, LL14, Rockville, MD 20850
Telephone: 301/565-2733: www.geoprofessional.org
Appendix D
Geotechnical Report Limitations and Guidelines for Use
AET Project. 28-20309
Appendix D – Page 2 of 2 AMERICAN ENGINEERING TESTING, INC
D.2.5 Most Geotechnical Findings Are Professional Opinions
Site exploration identified subsurface conditions only at those points where subsurface tests are conducted or samples are taken.
Geotechnical engineers review field and laboratory data and then apply their professional judgment to render an opinion about
subsurface conditions throughout the site. Actual subsurface conditions may differ, sometimes significantly, from those indicated
in your report. Retaining the geotechnical engineer who developed your report to provide construction observation is the most
effective method of managing the risks associated with unanticipated conditions.
D.2.6 A Report’s Recommendations Are Not Final
Do not over rely on the construction recommendations included in your report. Those recommendations are not final, because
geotechnical engineers develop them principally from judgment and opinion. Geotechnical engineers can finalize their
recommendations only by observing actual subsurface conditions revealed during construction. The geotechnical engineer who
developed your report cannot assume responsibility or liability for the report’s recommendations if that engineer does not perform
construction observation.
D.2.7 A Geotechnical Engineering Report Is Subject to Misinterpretation
Other design team members’ misinterpretation of geotechnical engineering reports has resulted in costly problems. Lower that risk
by having your geotechnical engineer confer with appropriate members of the design team after submitting the report. Also retain
your geotechnical engineer to review pertinent elements of the design team’s plans and specifications. Contractors can also
misinterpret a geotechnical engineering report. Reduce that risk by having your geotechnical engineer participate in prebid and
preconstruction conferences, and by providing construction observation.
D.2.8 Do Not Redraw the Engineer’s Logs
Geotechnical engineers prepare final boring and testing logs based upon their interpretation of field logs and laboratory data. To
prevent errors or omissions, the logs included in a geotechnical engineering report should never be redrawn for inclusion in
architectural or other design drawings. Only photographic or electronic reproduction is acceptable but recognizes that separating
logs from the report can elevate risk.
D.2.9 Give Contractors a Complete Report and Guidance
Some owners and design professionals mistakenly believe they can make contractors liable for unanticipated subsurface conditions
by limiting what they provide for bid preparation. To help prevent costly problems, give contractors the complete geotechnical
engineering report, but preface it with a clearly written letter of transmittal. In the letter, advise contractors that the report was not
prepared for purposes of bid development and that the report’s accuracy is limited; encourage them to confer with the geotechnical
engineer who prepared the report (a modest fee may be required) and/or to conduct additional study to obtain the specific types of
information they need or prefer. A prebid conference can also be valuable. Be sure contractors have sufficient time to perform
additional study. Only then might you be able to give contractors the best information available to you, while requiring them to at
least share some of the financial responsibilities stemming from unanticipated conditions.
D.2.10 Read Responsibility Provisions Closely
Some clients, design professionals, and contractors do not recognize that geotechnical engineering is far less exact than other
engineering disciplines. This lack of understanding has created unrealistic expectations that have led to disappointments, claims,
and disputes. To help reduce the risk of such outcomes, geotechnical engineers commonly include a variety of explanatory
provisions in their report. Sometimes labeled “limitations” many of these provisions indicate where geotechnical engineers’
responsibilities begin and end, to help others recognize their own responsibilities and risks. Read these provisions closely. Ask
questions. Your geotechnical engineer should respond fully and frankly.
D.2.11 Geoenvironmental Concerns Are Not Covered
The equipment, techniques, and personnel used to perform a geoenvironmental study differ significantly from those used toperform
a geotechnical study. For that reason, a geotechnical engineering report does not usually relate any geoenvironmental findings,
conclusions, or recommendations; e.g., about the likelihood of encountering underground storage tanks or regulated contaminants.
Unanticipated environmental problems have led to numerous project failures. If you have not yet obtained your own
geoenvironmental information, ask your geotechnical consultant for risk management guidance. Do not rely on an environmental
report prepared for someone else.
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2024 Pavement Management Project
City of Cottage Grove, MN
Figure 1: Location Plan
January 2024
LEGEND
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PRESTIGE ESTATES
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