The URL can be used to link to this page

Home My WebLink AboutAgenda 05_SD-20-35_570 Shelburne St_TPG Architecture#SD‐20‐35 Staff Comments 1 1 of 12 CITY OF SOUTH BURLINGTON DEVELOPMENT REVIEW BOARD SD‐20‐35_570 Shelburne St_TPG Architecture_PP FP.docx DEPARTMENT OF PLANNING & ZONING Report preparation date: October 20, 2020 Plans received: October 1, 2020 570 Shelburne Street Preliminary Plat and Final Plat Application #SD‐20‐35 Meeting date: November 4, 2020 Owner Heathcote Associates, LLP 411 Theodore Fremd Ave, Suite 300 Rye, NY 10580 Applicant TPG Architecture c/o Stonefield Engineering & Design 92 Park Ave Rutherford, NJ 07070 Property Information Tax Parcel 1540‐00570 Commercial 1‐Residential 15 Zoning District Traffic Overlay District, Transit Overlay District, Urban Design Overlay District 9.79 ac Engineer Stonefield Engineering & Design 92 Park Ave Rutherford, NJ 07070 Location Map #SD‐20‐35 Staff Comments 2 2 of 12 PROJECT DESCRIPTION Preliminary and final plat application #SD‐20‐35 of TPG Architecture to amend a previously approved plan for a 101,838 sf shopping center in two (2) buildings. The amendment consists of constructing a detached 3,354 sf financial institution with remote drive‐up ATM and canopy, 570 Shelburne Road. PERMIT HISTORY The sketch plan for this application was heard on September 1, 2020. The Project is located in the Commercial 1‐Residential 15 (C1‐R15) Zoning District. It is also located in the Transit Overlay District, Traffic Overlay District and the Urban Design Overlay District. The most recent site plan approval for the PUD took place in 2017 and was an approval to change the approved uses. COMMENTS Development Review Planner Marla Keene and Director of Planning and Zoning Paul Conner, hereafter referred to as Staff, have reviewed the plans submitted by the applicant and offer the following comments. Numbered items for the Board’s attention are in red. CONTEXT This application is to add an additional principal building. New buildings are required to comply with the standards of the Urban Design Overlay District. The project will also be subject to PUD standards, site plan standards, and Traffic Overlay Standards. A) GENERAL As discussed at sketch and numerous times via phone communication with the applicant, Staff notes the Board may not approve plans showing signage, and that all signage must be removed from plans, including that shown on windows and doors, on detail sheets, and in tables. B) ZONING DISTRICT & DIMENSIONAL REQUIREMENTS Setbacks, Coverages & Lot Dimensions C1‐R15 Zoning District Required Existing Proposed Min. Lot Size 40,000 SF 424,554 sf 424,554 sf Max. Building Height 5 stories 2 stories No change Max. Building Coverage 40% 24.1% 24.9% X Max. Overall Coverage 70% 88.4% 85.7% X Max. Front Setback Coverage 30% 36.0% 36.2% Min. Front Setback, Shelburne Street1 20 ft. 386 ft. 30 ft. Min. Front Setback, Farrell Street 30 ft. 20 ft. No change Min. Front Setback, Interstate 189 50 ft. 56 ft. No change Min. Side Setback2 10 ft. 47 ft. No change Min. Rear Setback 30 ft. N/A N/A 1. Project is in urban design overlay district which has a minimum front setback of 20 ft. If the project #SD‐20‐35 Staff Comments 3 3 of 12 were not in the urban design overlay district, the standard setback in C1‐R15 would be 30 ft. 2. On plan sheet C‐4, Overall Site Plan, the applicant has incorrectly indicated property setbacks. This PUD has three front yards and one side yard. Staff recommends the Board require the applicant to update this plan as a condition of approval.  Zoning compliance X does not meet requirement, see discussion below The applicant is proposing to decrease overall coverage to bring the property closer to compliance, but does not to achieve the maximum allowable of 70%. They are proposing to maintain the existing front setback and front setback coverage nonconformities. Since the existing nonconformity is reduced, and the project otherwise strives to meet the regulations and purpose of the Urban Design Overlay District, Staff recommends the Board allow the proposed coverages and setbacks. The applicant has indicated they are increasing the nonconformity of the front setback. Increasing nonconformity is strictly prohibited by LDR 3.11B. No opportunity for waiver of this standard is available. However, Staff considers the applicant may have calculated their front setback coverage incorrectly. The specific requirement is as follows. Front Setbacks for Non‐Residential Uses. In the case of nonresidential uses, not more than thirty percent (30%) of the area of the required front setback shall be used for driveways and parking and the balance shall be suitably landscaped and maintained in good appearance. Design approaches that that use landscaping elements in the front setback which enhance stormwater infiltration or management are encouraged. No portion of the required front setback shall be used for storage or for any other purpose except as provided in this section. In addition, a continuous strip fifteen (15) feet in width traversed only by driveways and sidewalks shall be maintained between the street right‐of‐way line and the balance of the lot, which strip should be landscaped and maintained in good appearance. This provision shall apply also to yards that abut a right‐of‐way designated for a future street. 1. Staff recommends the Board require the applicant to update their calculation of front setback coverage along Shelburne Street to adhere to the strict definition herein prior to closing the hearing. Commercial 1 Residential 15 District (C1‐R15) The purpose of the C1 district is, in part, to encourage the location of general retail and office uses in a manner that serves as or enhances a compact central business area. Large‐lot retail uses are not permitted. 5.08 Supplemental Standards for All Commercial Districts A. Development according to commercial district regulations and multifamily development at the residential density specified for the applicable district shall be subject to site plan review, as set forth in Article 14, the purpose of which shall be to encourage innovation of design and layout, encourage more efficient use of land for commercial development, promote mixed‐use development and shared parking opportunities, reduce stormwater runoff and maximize infiltration, provide coordinated access to and from commercial developments via public roadways, and maintain service levels on public roadways with a minimum of publicly financed roadway improvements. B. Multiple structures, multiple uses within structures, and multiple uses on a subject site may be allowed, if the Development Review Board determines that the subject site has sufficient frontage, lot size, and lot depth. Area requirements and frontage needs may be met by the consolidation of contiguous lots under separate ownership. Construction of a new public street may serve as the #SD‐20‐35 Staff Comments 4 4 of 12 minimum frontage needs. Where multiple structures are proposed, maximum lot coverage shall be the normal maximum for the applicable district. Staff considers these criteria met. 10.06 Urban Design Overlay District The subject property lies in the Urban Design Overlay District. New construction is subject to the standards of 10.06D. (1) Entries. Buildings on subject properties must have at least one entry facing the primary road in the corridor. Any such entry shall: (a) Be an operable entrance, as defined in these Regulations. The entry facing Shelburne Road appears to enter into a conference room. The definition of Operable Entrance is as follows. Operable entrance. an entrance to a building that is useable and open to the tenants/owners to access that portion of the building that is available for their use. An operable entrance may be to an individual residential or commercial unit, or to some or all of the building. Any such door must be available for entry and exit. 2. Staff recommends the Board ask the applicant to confirm that the proposed entry meets this definition, specifically that the door will be available for entry and exit. Staff recommends the Board include a condition enforcing this criterion. (b) Serve, architecturally, as a principal entry. Front entries shall be a focal point of the front façade and shall be an easily recognizable feature of the building. Possibilities include accenting front entries with features such as awnings, porticos, overhangs, recesses/projections, decorative front doors and side lights, or emphasis through varied color or special materials. This requirement does not preclude additional principal entry doors. Staff considers this criterion met. (c) Shall have a direct, separate walkway to the primary road. This walkway shall be at least eight (8) feet in width and may meander for design purposes, but must serve as a pedestrian‐oriented access. Staff considers this criterion met. (2) Glazing. Windows are key to the overall design of a building and the relationship between its exterior and interior. (a) For all properties in the Urban Overlay District, a minimum of 75% of glazing shall be transparent. Based on the provided elevations, it appears that all glazing is proposed to be transparent. 3. Staff recommends the Board confirm this is the case with the applicant, and if not, require the applicant to demonstrate compliance with this criterion. (b) In non‐residential uses, first story glazing shall have a minimum height of 7 vertical feet. Staff considers this criterion met. (c) N/A #SD‐20‐35 Staff Comments 5 5 of 12 (3) Dimensional Standards Height Minimum (Maximums per underlying zoning district) Glazing Features Setback from ROW All other properties No height minimums First stories shall have a minimum of 40% glazing across the width of the building facade Minimum 20 feet Staff considers this criterion met. (4) Building Stories, Heights, and Rooftop Apparatus. (a) Minimum stories of buildings within the Urban Design Overlay District are defined as per Article 2‐ Definitions and Section 8.06(F)(1) of these Regulations. (b) Section 8.06(G) of these regulations shall apply to rooftop elements of buildings within the Urban Design Overlay District. Pursuant to this criterion, Staff recommends the Board ask the applicant whether there will be any rooftop appurtenances exceeding one foot in height. 8.06G requires such appurtenances to be enclosed by outer building walls or parapets, grouped and screened, or integrated into the building. (5) Landscaping. Projects within the Urban Design Overlay District shall meet minimum landscaping requirements as per Section 13.06 of these Regulations. Projects are also subject to the following supplemental standards: (a) Landscaping which is required elsewhere in these Regulations to serve as a buffer between properties shall not count towards the minimum landscaping budget. No additional buffer is required. Landscaping pursuant to 13.06 is discussed under site plan review standards below. (b) N/A Traffic Overlay District The subject property lies in the Traffic Overlay District Zone 1. Max Overall Traffic Generation (Traffic Budget) = size of lot x max. traffic generation rate = 424,554 x 15/40,000 = 159 trips per PM peak hour. A previous decision allowed the PUD to generate 488 trips. The applicant estimates based on a land use of “Shopping Center” (LUC 820) that the existing property generates 389 trips, and will increase to 402 trips with the proposed financial institution. Staff considers that no additional mitigation is needed. The applicant also prepared a traffic and parking assessment, presumably for the purposes of Act 250, which evaluates traffic impacts to adjoining streets and parking adequacy. It concludes no adverse impacts. Staff directs the Board to that document for additional review of traffic impacts of the project. C) PUD STANDARDS (1) Sufficient water supply and wastewater disposal capacity is available to meet the needs of the project in conformance with applicable State and City requirements, as evidenced by a City #SD‐20‐35 Staff Comments 6 6 of 12 water allocation, City wastewater allocation, and/or Vermont Water and Wastewater Permit from the Department of Environmental Conservation. The applicant has obtained preliminary water and wastewater allocation for the project. Staff considers this criterion to be met. (2) Sufficient grading and erosion controls will be utilized during construction and after construction to prevent soil erosion and runoff from creating unhealthy or dangerous conditions on the subject property and adjacent properties. In making this finding, the DRB may rely on evidence that the project will be covered under the General Permit for Construction issued by the Vermont Department of Environmental Conservation. The project is disturbing less than 1 acre of land and will therefore not be subject to a General Permit for Construction. The applicant has provided an erosion prevention and sediment control plan (Sheet C‐10) and details (Sheet C‐11). Staff considers this criterion met. (3) The project incorporates access, circulation and traffic management strategies sufficient to prevent unreasonable congestion of adjacent roads. In making this finding the DRB may rely on the findings of a traffic study submitted by the applicant, and the findings of any technical review by City staff or consultants. The Board discussed access to the project area from the shared driveway at the sketch plan meeting. The applicant has incorporated that feedback into their revised plans and is now proposing one two‐way access opposite the first drive aisle into the adjoining parking area to the east, and a second one‐way out access opposite another drive aisle approximately 125 feet distant. The applicant has also relocated the dumpster to be within the project area rather than at the perimeter, and has added a two‐way access to the parking area to the south. With the revised configuration, this southern entrance is necessary for large vehicle circulation including trash hauling and fire safety. The first curb cut is in the approximate same location as the previously proposed dumpster location, approximately two curb lengths from the turn. However, since vehicles will no longer stop here, Staff considers the location to be less problematic. Staff considers the Board’s concerns appear to have been addressed. (4) The project’s design respects and will provide suitable protection to wetlands, streams, wildlife habitat as identified in the Open Space Strategy, and any unique natural features on the site. In making this finding the DRB shall utilize the provisions of Article 12 of these Regulations related to wetlands and stream buffers, and may seek comment from the Natural Resources Committee with respect to the project’s impact on natural resources. Staff considers no natural resources will be impacted by the proposed project. The existing area of disturbance is contained entirely within a predominantly paved area. Staff considers this criterion met. (5) The project is designed to be visually compatible with the planned development patterns in the area, as specified in the Comprehensive Plan and the purpose of the zoning district(s) in which it is located. 4. The applicant has provided renderings showing the proposed building from all sides. Staff considers this criterion met for all but the south façade. Staff considers more information is needed to determine whether the southern façade meets this criterion. Staff recommends the Board ask the applicant to demonstrate compliance with this criterion for the southern façade, whether through architecture, landscaping, or both. Other criteria relevant to this discussion are Site Plan Review Criteria 14.06B and C regarding relationship of structure to its surroundings. #SD‐20‐35 Staff Comments 7 7 of 12 (6) Open space areas on the site have been located in such a way as to maximize opportunities for creating contiguous open spaces between adjoining parcels and/or stream buffer areas. Staff considers the proposed project does not affect the overall PUD’s compliance with this criterion. (7) The layout of a subdivision or PUD has been reviewed by the Fire Chief or his designee to insure that adequate fire protection can be provided, with the standards for approval including, but not be limited to, minimum distance between structures, street width, vehicular access from two directions where possible, looping of water lines, water flow and pressure, and number and location of hydrants. All aspects of fire protection systems shall be designed and installed in accordance with applicable codes in all areas served by municipal water. 5. The Fire Chief indicated on 10/26/2020 that they reviewed the plans and asked for four curb locations to be made mountable in order to facilitate fire truck access. Staff recommends the Board ask the applicant to describe those requested changes and incorporate them as conditions of approval. (8) Roads, recreation paths, stormwater facilities, sidewalks, landscaping, utility lines and lighting have been designed in a manner that is compatible with the extension of such services and infrastructure to adjacent properties. Stormwater is discussed below under PUD Criterion #11. The applicant has submitted a photometric lighting plan indicating lights will be either pole mounted 20‐feet above grade or building mounted at 13 feet above grade, both of which are below the maximum allowable height of 30‐feet. The average illumination level is 2.59 footcandles and the maximum average allowed is 3.0. However, it is not clear what the study area was. 6. Staff recommends the Board ask the applicant to clarify whether the area over which lighting levels were averaged is the “lease area” or the entire area for which point by point photometric levels is provided. Staff considers only the “lease area” should be included. 7. The applicant has provided lighting cut sheets showing that the wall sconces are proposed to illuminate up and down. This is prohibited (all lighting must be downcast and shielded). Staff recommends the Board require the applicant to substitute a downcast fixture. Utilities and landscaping are discussed under 14.07B and 14.07D below, respectively. Staff considers the remainder of this criterion met. (9) Roads, utilities, sidewalks, recreation paths, and lighting are designed in a manner that is consistent with City utility and roadway plans and maintenance standards, absent a specific agreement with the applicant related to maintenance that has been approved by the City Council. No changes to public infrastructure are proposed. Staff considers this criterion met. (10) The project is consistent with the goals and objectives of the Comprehensive Plan for the affected district(s). The Goals of the comprehensive plan are 1. Affordable & community Strong. Creating a robust sense of place and opportunity for our residents and visitors. #SD‐20‐35 Staff Comments 8 8 of 12 2. Walkable. Bicycle and pedestrian friendly with safe transportation infrastructure. 3. Green & clean. Emphasizing sustainability for long‐term viability of a clean and green South Burlington. 4. Opportunity Oriented. Being a supportive and engaged member of the larger regional and statewide community. The Project is located in the southwest quadrant. Objectives of the southwest quadrant include objective #54, promote higher‐density, mixed use development and redevelopment along Shelburne Road and foster effective transitions to adjacent residential areas. Staff considers the overall PUD supports the comprehensive plan objective #54 of promoting higher‐density mixed use development along Shelburne Road. Staff considers this criterion met. (11) The project’s design incorporates strategies that minimize site disturbance and integrate structures, landscaping, natural hydrologic functions, and other techniques to generate less runoff from developed land and to infiltrate rainfall into underlying soils and groundwater as close as possible to where it hits the ground. The Stormwater section reviewed the plans on 10/27/2020. In general, the design appears to only be addressing the state redevelopment requirements of treating 50% of the water quality volume, while the LDR requires treatment of 100% of water quality volume for the redeveloped area. This project does not appear to be covered by an existing stormwater permit, but will be required to comply with the new permit program for impervious areas over 3 acres. The City stormwater section offers the following significant comments. The Stormwater Section has reviewed the Preliminary & Final Subdivision Plat for Chase‐ Proposed Chase Building with Remote Drive‐Up ATM prepared by Stonefield Engineering and Design, dated September 18, 2020. We would like to offer the following comments: 1. This project is located in the Potash Brook watershed. The watershed is listed as stormwater impaired by the State of Vermont Department of Environmental Conservation (DEC). Potash Brook is listed as a warm water fish habitat according to Vermont Water Quality Standards, Environmental Protection Rule Chapter 29A (incorrectly classified as Cold‐water on page 2, Section 2.4 of applicant’s report). 2. The redeveloped site is larger than a ½ acre which requires the applicant to comply with Article 12.03 of the LDRs. 3. Section 5.3 of the report speaks to the proposed Tier I STP, yet the soil analysis describes a soil group D. Can the applicant demonstrate that the site provides an infiltration rate of at least 0.2 inches/ hour? Soil borings and infiltration tests are required in the location of the proposed STPs. Please refer to the 2017 Vermont Stormwater Management Manual (VSMM) 4.3.3.2 for guidance. 4. The applicant needs to demonstrate treatment of the redevelopment area in accordance with Section 2.4 VSMM by treating 50% of the redevelopment area, reducing existing impervious surface area by 25%, or a combination thereof as described in that section. Report notes that it will be decreased by 3,015 SF which is only a 10% reduction. 5. Applicant is requested to include all sections and details pertaining to the two Bioretention systems. The north arrows in the Stormwater Report don’t align with those in the planset. Does B‐2 have an overflow or outlet structure? Clearly show all curb cuts and overflows with detail. Included specification for bioretention soil. Please check #SD‐20‐35 Staff Comments 9 9 of 12 spacing of plantings within the Bioretention areas. Shrubs and trees appear to be closer than recommended. Is there any reason the plan cannot be drawn at a larger scale? 6. If runoff is delivered to the bioretention practice via a stormpipe, the STP shall be designed offline. Is a flow splitter being proposed? What is acting as a forebay for the Bioretention practice? Please reference the VSMM for guidance. 7. From plan sheet C‐7 Stormwater Management Plan, it appears that flow is being delivered to B‐1 at the same elevation that the yard inlet will discharge flow at, which would cause the B‐1 system to be bypassed. Further detail is necessary. 8. Please include all stormwater related features on Site Plan Sheet C‐5. 9. The applicant is required to submit a Maintenance Plan for all stormwater treatment practices as outlined in LDRs Article 12.03.D(e). It is recommended that the DRB include a condition requiring the applicant to regularly maintain all stormwater treatment and conveyance infrastructure. 10. Were methods considered for treating the impervious surfaces on site that will not be treated? 11. Proposed soil stockpile location will limit access to southern portion of site (including construction of bioretention beds). 8. Staff considers compliance of the project with the City Stormwater Management Standards to be a major outstanding issue precluding issuance of an approval, and recommends the Board continue the hearing in order to allow the applicant work to with the City Stormwater Section to resolve the issues. D) SITE PLAN REVIEW STANDARDS 14.06 General Standards A. Relationship of Proposed Development to the City of South Burlington Comprehensive Plan. Due attention by the applicant should be given to the goals and objectives and the stated land use policies for the City of South Burlington as set forth in the Comprehensive Plan. Compliance with the comprehensive plan is discussed under PUD standard #10 above. Staff considers this criterion to be met. B. Relationship of Proposed Structures to the Site. (1) The site shall be planned to accomplish a desirable transition from structure to site, from structure to structure, and to provide for adequate planting, safe pedestrian movement, and adequate parking areas. See discussion under PUD standard #5 above. (2) Parking: (a) Parking shall be located to the rear or sides of buildings. Any side of a building facing a public street shall be considered a front side of a building for the purposes of this subsection. (b) The Development Review Board may approve parking between a public street and one or more buildings if the Board finds that one or more of the following criteria are met. The Board shall approve only the minimum necessary to overcome the conditions below. #SD‐20‐35 Staff Comments 10 10 of 12 (i) The parking area is necessary to meet minimum requirements of the Americans with Disabilities Act; (ii) – (vii) N/A 9. One parking space is proposed that does not meet this criterion. Staff recommends the Board require the applicant to remove this parking space. C. Relationship of Structures and Site to Adjoining Area. (1) The Development Review Board shall encourage the use of a combination of common materials and architectural characteristics (e.g., rhythm, color, texture, form or detailing), landscaping, buffers, screens and visual interruptions to create attractive transitions between buildings of different architectural styles. (2) Proposed structures shall be related harmoniously to themselves, the terrain and to existing buildings and roads in the vicinity that have a visual relationship to the proposed structures. See discussion under PUD standard #5 above. 14.07 Specific Review Standards A. Access to Abutting Properties. The reservation of land may be required on any lot for provision of access to abutting properties whenever such access is deemed necessary to reduce curb cuts onto an arterial or collector street, to provide additional access for emergency or other purposes, or to improve general access and circulation in the area. Staff considers as a project embedded within a larger lot, no access to abutting properties is needed. B. Utility Services. Electric, telephone and other wire‐served utility lines and service connections shall be underground insofar as feasible and subject to state public utilities regulations. Any utility installations remaining above ground shall be located so as to have a harmonious relation to neighboring properties and to the site. Standards of Section 15.13, Utility Services, shall also be met. Utilities are proposed to be underground. There is a proposed aboveground transformer which is not proposed to be screened. See discussion under 14.07D below. C. Disposal of Wastes. All dumpsters and other facilities to handle solid waste, including compliance with any recycling, composting, or other requirements, shall be accessible, secure and properly screened with opaque fencing to ensure that trash and debris do not escape the enclosure(s). Small receptacles intended for use by households or the public (ie, non‐dumpster, non‐large drum) shall not be required to be fenced or screened. The proposed dumpster location is to be screened with a painted corrugated galvanized steel. Staff considers this criterion met. D. Landscaping and Screening Requirements. See Article 13, Section 13.06 Landscaping, Screening, and Street Trees. Pursuant to Section 13.06(A) of the proposed Land Development Regulations, landscaping and screening shall be required for all uses subject to planned unit development review. The minimum landscape requirement for this project is determined by Table 13‐9 of the South Burlington Land Development Regulations. The applicant estimates the building cost to be $900,000. The required minimum landscape value is #SD‐20‐35 Staff Comments 11 11 of 12 therefore $16,500, as follows. Total Building Construction Cost % of total Construction Cost Required Value $0 ‐ $250,000 3% $7,500 Next $250,000 2% $5,000 Additional Over $500,000 1% $4,140 Total $16,500 The applicant is proposing $17,420 in trees and shrubs, meeting the minimum requirement. The applicant is also proposing to install grasses, whose value does not by default count towards the minimum required landscaping value but Staff supports as an attractive landscaping feature. 24 parking spaces are provided, requiring 4, almost 5 shade trees. Two shade trees are provided, and one existing shade tree is proposed to be retained. The applicant has also classified shadbush serviceberry and witchhazel as trees. Based on correspondence with the City arborist, both serviceberry and witchhazel are small trees/large shrubs with a mature height of around 10‐15 ft. 10. Staff considers these two plans do not count as shade trees, and recommends the Board require the applicant to replace them with shade trees. The applicant is required to provide 10% interior parking lot landscaping. Based on a rough approximation, Staff estimates the applicant has provided 8% interior parking lot landscaping. Staff notes removal of the prohibited parking space will improve the results of this calculation but does not appear to result in compliance. The applicant has stated they are providing 15% interior parking lot landscaping. 11. Staff recommends the Board require the applicant to substantiate their calculation in order to determine if this criterion is met. E. Modification of Standards. Except within the City Center Form Based Code District, where the limitations of a site may cause unusual hardship in complying with any of the standards above and waiver therefrom will not endanger the public health, safety or welfare, the Development Review Board may modify such standards as long as the general objectives of Article 14 and the City's Comprehensive Plan are met. However, in no case shall the DRB permit the location of a new structure less than five (5) feet from any property boundary and in no case shall be the DRB allow land development creating a total site coverage exceeding the allowable limit for the applicable zoning district in the case of new development, or increasing the coverage on sites where the pre‐ existing condition exceeds the applicable limit. Aside from existing conditions to remain, discussed under dimensional standards above, no modification of standards is requested. F. Low Impact Development. The use of low impact site design strategies that minimize site disturbance, and that integrate structures, landscaping, natural hydrologic functions, and various other techniques to minimize runoff from impervious surfaces and to infiltrate precipitation into underlying soils and groundwater as close as is reasonable practicable to where it hits the ground, is required pursuant to the standards contained within Article 12. See discussion of compliance with Article 12 under PUD criterion #11 above. #SD‐20‐35 Staff Comments 12 12 of 12 G. Standards for Roadways, Parking and Circulation. Standards of Section 15.12 Standards for Roadways, Parking, and Circulation shall be met. No new roadways are proposed. Parking dimensional standards are met. Staff considers this criterion met. OTHER Energy Standards Staff notes that all new buildings are subject to the Stretch Energy Code pursuant to Section 3.15: Residential and Commercial Building Energy Standards of the LDRs. Bicycle Parking 12. Four short term bicycle parking spaces are required for this use. The applicant has not provided any. Staff recommends the Board require the applicant to address this deficiency. Staff notes the bicycle racks must meet the requirements of 13.14B(2). 13. For new buildings, the applicant must provide 50% of required short term bike parking spaces as long‐term bike storage, or two spaces, and one clothes locker. Staff recommends the Board require the applicant to demonstrate how they will comply with long‐term bike storage and locker requirements. RECOMMENDATION Staff recommends that the Board work with the applicant to address the issues identified herein. Respectfully submitted, ____________________________________ Marla Keene, Development Review Planner STONEFIELD stonefieldeng.com 92 Park Avenue, Rutherford, NJ 07070 201.340.4468 t. 201.340.4472 f. September 18, 2020 Marla Keene, PE South Burlington Planning & Zoning 575 Dorset Street South Burlington, VT 05403 RE: Preliminary & Final Subdivision Plat (PUD) Proposed Chase Bank with Remote Drive-Up ATM The Gateway 570 Shelburne Street (US Route 7) Map ID: 1540-00570 City of South Burlington, Chittenden County, Vermont Ms. Keene: Stonefield Engineering and Design is pleased to submit an application for Preliminary & Final Subdivision Plat approval for the above referenced development. Please see below / enclosed for the project narrative, responses to feedback received as part of the Sketch Plan Review process, and additional submittal information for the project. Please find below a summary of hard copies to be sent to the City: ITEM DESCRIPTION DATED COPIES PREPARED BY Application for Subdivision Review -- 1 -- Preliminary & Final Subdivision Plat (24” x 36”) 09/18/2020 1 Stonefield Engineering & Design Preliminary & Final Subdivision Plat (11” x 17”) 09/18/2020 1 Stonefield Engineering & Design Please see below for a summary of additional application materials included within electronic submission: ITEM DESCRIPTION DATED PREPARED BY Property Owner Abutters List -- Stonefield Engineering & Design Traffic Assessment Report 09/18/2020 Stonefield Engineering & Design Traffic Generation (Traffic Budget) Memorandum 09/18/2020 Stonefield Engineering & Design Stormwater Management Report 09/18/2020 Stonefield Engineering & Design Landscape Budget (Cost Estimate) 09/18/2020 Stonefield Engineering & Design Architectural Plans (Floor Plans & Elevations) 09/10/2020 TPG Architecture Architectural Plans (Colored Elevations) 09/10/2020 TPG Architecture ALTA/NSPS Land Title Survey (Lease Area) 05/29/2020 Vermont Survey Consultants, LLC ALTA/ACSM Land Title Survey (Full Parcel) 01/26/2006 O’Leary-Burke Civil Associates, PLC \\us.stonefieldeng.com\Shares\Boston\BOS\2020\BOS-200008 TPG Architecture - 570 Shelburne Road, South Burlington, VT\Correspondence\Outgoing\Municipal\2020-09-18_Cover Letter (Preliminary & Final Plat).docx Proposed Chase Bank with Remote Drive-Up ATM City of South Burlington, Chittenden County, Vermont September 18, 2020 Page 2 of 4 Project Narrative: Stonefield Engineering & Design, LLC is pleased to submit documents for Preliminary & Final Subdivision Plat approval on behalf of the Applicant for the redevelopment of an underutilized portion of the existing shopping center parking area located at 570 Shelburne Road (US Route 7), Parcel 1540-00570 in the City of South Burlington, Vermont. The project site commonly known as “The Gateway” is shopping center which consisting of; a two-story commercial building with tenants including Shaw’s, Dollar Tree, H&R Block, ScottTrade, and a nail salon, and a separate single-story commercial building has tenants including Starbucks, Subway, Supercuts, GNC, Five Guys, and Chipotle. The Project is located in the Commercial 1-Residential 15 (C1-R15) Zoning District. It is also located in the Transit Overlay District, Traffic Overlay District and the Urban Design Overlay District. The site has frontage along Shelburne Street (US Route 7) to the west, Interstate I-189 Ramp “C” to the south, and Farrell Street to the north. Access to the site is provided via full-movement driveways along Farrell Street and a signalized driveway along Shelburne Street. Commercial buildings are located to north, single-family residences are located to the north west, Burlington Mall (shopping center) is located to the west, Interstate 189 is located to the south, and multi-family residential buildings are located to the east. US Interstate 189 is immediately to the south while Shelburne Road (US Route 7) is immediately to the west for reference. The redevelopment area (also known as the lease area) is located along the Shelbourne Street frontage to the south of the signalized driveway, the lease area is approximately 32,289 SF (0.74 AC) with the entire property area being 424,554 SF (9.75 AC). The project is proposing to disturb less than an acre (approximately 30,879 square-feet) and will be decreasing the overall impervious surfaces on-site (approximately 3,015 square-feet). The proposed redevelopment consists of a 3,354 SF Chase Bank with a remote drive-up ATM, and 24 parking spaces (inclusive of one ADA space). The project does not propose any new connections to the public right-of-way and will be accessed via internal connections within the shopping center. Additional improvements include new utility services, enhanced landscaping and site lighting, and new stormwater management facilities. The project does not propose any changes to the existing structures, uses, access, and/or parking facilities outside of what has been shown within the enclosed plan-set. Summary of Plan Changes (Since Sketch Plan Review Meeting): The proposed layout has been updated in order to address concerns received from the Board and City Staff, the major changes included rotating the building 90-degrees, re-aligning all proposed access points to align with the existing interior access aisles, and relocating the trash enclosure to be accessed internally to the proposed development (no separate opening). Summary of Additional Checklist Information: The estimated construction costs have been included within the application, and the Applicant is agreeable to providing a detailed cost estimate as a condition of the approval for review and approval by City Staff. The estimated construction schedule is to begin construction Spring of 2021 (March) and be completed / open Fall 2021. The project is not anticipated to generate any soil export and import outside of what is deemed necessary to safely construct the proposed improvements, prior to construction additional information can be provided as deemed necessary by City Staff. Proposed Chase Bank with Remote Drive-Up ATM City of South Burlington, Chittenden County, Vermont September 18, 2020 Page 3 of 4 Requested Waivers: The proposed development is currently seeking (1) variance from the City of South Burlington Zoning Ordinance: 1.Maximum Quantity of Signs: 2 Signs per Individual Building, Proposed: 4 Signs The proposed building proposes one wall sign on each side of the building so that a wall sign faces each frontage as well as the other buildings of the shopping center. The proposed Chase Building will have fewer overall wall signs than the other existing buildings on site. Development Review Board – Sketch Plan Feedback Summary: Please see below for itemized responses to comments provided by the Development Review Planner Marla Keene and Director of Planning and Zoning Paul Conner (referred to as Staff) as part of the Sketch Plan Review: 1. The applicant is proposing to decrease overall coverage to bring the property closer to compliance, but does not to achieve the maximum allowable of 70%. They are proposing to maintain the existing front setback and front setback coverage nonconformities. Since in all cases the existing nonconformity is either unchanged or reduced, and where unchanged it is unchanged because no modifications are being made to the nonconforming portion of the lot, and the project otherwise strives to meet the regulations and purpose of the Urban Design Overlay District, Staff recommends the Board allow the proposed coverages and setbacks. The Applicant is agreement with the above comment and in all cases is either maintaining (no change), or reducing the existing non-conformity associated with the site as a whole. In working with the City Staff the Applicant has looked to incorporate the regulations and purpose of the Urban Design Overlay District. 2. The standards pertaining to entries require that at least one entry faces the primary road, serve as a principal entry, and have a direct, separate walkway to the primary road. This walkway shall be at least eight (8) feet in width and may meander for design purposes, but must serve as a pedestrian-oriented access. The proposed walkway does not extend directly from the primary road to the entrance, and instead extends from the portion of the existing sidewalk along the site entry drive. Staff considers a direct sidewalk would better foster accessibility from the street, and once the front setback coverage calculation is updated, would likely be allowable in terms of lot and front setback coverage. Staff recommends the Board advise the applicant to realign the sidewalk so that it extends directly to the sidewalk on Shelburne Street, and to make modifications to the existing hedge and fence to accommodate the change. In accordance with feedback received from the Board the Applicant has maintained the sidewalk connection to the existing cross-walk along Shelburne Street and at the recommendation of City Staff has provided a direct connection extending Shelburne Street. Proposed Chase Bank with Remote Drive-Up ATM City of South Burlington, Chittenden County, Vermont September 18, 2020 Page 4 of 4 3. Since based on this initial estimate the project already exceeds the budget and trips are proposed to increase, a traffic study and mitigation pursuant to 10.02H and Appendix B will be required. Staff recommends the Board direct the applicant to prepare a detailed traffic study, and authorize technical review of the traffic study, to be completed prior to the next application for the project. Please find enclosed as part of the submission a Traffic Generation (Traffic Budget) Memorandum which summarizes the existing development and proposed improvements do not exceed the approved traffic budget associated with the project. 4. The first of these breaks is within two car lengths of the turn, and is for the purpose of dumpster pick up. Staff considers this location to be problematic in terms of access because any trash truck will block the entire southern portion of the shopping center. Staff recommends the Board discuss with the applicant whether they actually need a dumpster for the proposed use, or whether the new building can use totes or share existing dumpsters with the other buildings. If the applicant feels strongly that they need a dumpster, Staff considers it needs to be in a different location. The Applicant in response to feedback received from the Board and City Staff has updated the layout to accommodate both this comment (#4) and the next comment (#5), which included rotating the building 90-degrees, re-aligning all proposed access points to align with the existing interior access aisles, and relocating the trash enclosure to be accessed internally to the proposed development (no separate opening). 5. The second and third curb breaks are for vehicular use and are proposed to be located opposite landscape islands. Staff considers this configuration creates unsafe conditions for drivers and recommends the Board advise the applicant to reconfigure the parking lot to align curb breaks with drive aisles on the opposite side of the driveway. To achieve this, it may be advantageous or even necessary to create one-way circulation, which would have the additional benefit of eliminating hairpin turns into the drive through area. In support of this modification, Staff considers it may be necessary to take a slightly creative approach to meeting the 10% interior parking lot landscaping requirement. Staff recommends the Board discuss this realignment with the applicant, provide direction on circulation patterns, and guidance on whether landscape areas on the perimeter of the project area may count towards interior parking lot landscaping. See above response. ,17(567$7(6+(/%851(52$'865287()$55(//675((7+20($9(18(%$&21675((7/($6('$5($352-(&76,7(,17(567$7(6+(/%851(52$'865287()$55(//675((7+20($9(18(%$&21675((70$3,'0$3,'0$3,'0$3,'0$3,'0$3,'B&/0$3,'B&/0$3,'0$3,'0$3,'0$3,'0$3,'0$3,'0$3,'0$3,'0$3,'0$3,'0$3,'/($6('$5($352-(&76,7(6287+0($'2:'5,9(:(//6675((7($67:22''5,9(&,7<2)6287+%85/,1*721&,7<2)%85/,1*721=?%26721?%26??%2673*$5&+,7(&785(6+(/%851(52$'6287+%85/,1*72197?&$''?3/27?5'3&295':*,668( '$7('(6&5,37,21127$33529(')25&216758&7,2135(/,0,1$5< ),1$/0$-2568%',9,6,213/$7%<7,7/(6&$/(352-(&7,''5$:,1*352326('&+$6(%$1.:,7+5(027('5,9(83$70&+,77(1'(1&2817<9(50217%26 )25081,&,3$/68%0,66,21%-'&,7<2)6287+%85/,1*7216+(/%851(52$'0$3,'5XWKHUIRUG1-÷1HZ<RUN1<÷%RVWRQ0$3ULQFHWRQ1-÷7DPSD)/÷'HWURLW0,ZZZVWRQHILHOGHQJFRP%HDFRQ6WUHHW%RVWRQ0$3KRQH&+$5/(6'2/,923(9(50217/,&(16(1R/,&(16('352)(66,21$/(1*,1((50$3,'6+(/%851(52$'865287(&,7<2)6287+%85/,1*721&+,77(1'(1&2817<9(502173/$1635(3$5('%<$(5,$/0$36&$/( 6285&(*22*/(($57+352,0$*(5<'$7('3/$15()(5(1&(0$7(5,$/6 7+,6 3/$1 6(7 5()(5(1&(6 7+( )2//2:,1* '2&80(176,1&/8',1*%87127/,0,7('72x$/7$$&60 /$1' 7,7/( 6859(< )8// 6,7( %<2 /($5< %85.( &,9,/ $662&,$7(6 3/& '$7('x$/7$1636 /$1' 7,7/( 6859(< /($6( $5($ %<9(50217 6859(< &2168/7$176 //& '$7('x$5&+,7(&785$/3/$16%<73*$5&+,7(&785(//3'$7('x/,0,7(' *(27(&+1,&$/ ,19(67,*$7,21 %<:+,7(6721($662&,$7(6,1&'$7('x$(5,$/ 0$3 )520 *22*/( ($57+ 352 '$7('x/2&$7,21 0$3 )520 86*6 48$'5$1*/( 0$3 0,187(6(5,(6%85/,1*72197'$7('x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÷1HZ<RUN1<÷%RVWRQ0$3ULQFHWRQ1-÷7DPSD)/÷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÷1HZ<RUN1<÷%RVWRQ0$3ULQFHWRQ1-÷7DPSD)/÷'HWURLW0,ZZZVWRQHILHOGHQJFRP%HDFRQ6WUHHW%RVWRQ0$3KRQH&+$5/(6'2/,923(9(50217/,&(16(1R/,&(16('352)(66,21$/(1*,1((5*5$3+,&6&$/(,1)((7 (;,67,1*&21',7,2163/$1&6<0%2/'(6&5,37,2129(5+($'(/(&75,&8102180(17('32,17*8<:,5(87,/,7<32/(3$9('685)$&(52:/,1(3523(57</,1(,5213,3(3,16(7,5213,3(3,1(;,67,1*75(('(&,'8286&$7&+%$6,16(:(50$1+2/(/,*+732/(675((76,*19,1</3,&.(7)(1&(:$7(5/,1(6(:(5/,1( 2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+******************:::::::::::::::::::::::::::::::/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'%%%%*5$66<$5($*5$66<$5($&21&5(7(:$/.&21&5(7(:$/. /$1'6&$3,1*/$1'6&$3,1*&21&5(7(:$/. &5266:$/.&%5,0 3(,1 3(287 352%$%/(/2&$7,212)$%$1'21(':$7(5/,1(0$5.(',17+(),(/'',*6$)(6+(/%851(52$'865287(1252' :,'(%.3* 1 ( %&'()127726&$/(5,&3$9(''5,9(0$,13/$=$(175$1&(81.12:168%685)$&(5($',1*0$5.(',17+(),(/'',*6$)(:(50+0 &,,1 39&,1 &,287 6(:(50+5,0 &,,1 &,,1 &,287 1,7$5<6(:(51(5$/127(12251$0(17$/75((7<3%85,('*$6/,1(672506(:(56((*(1(5$/127(12/$1'6&$3,1*3/$=$6,*1%2//$5'6&5266:$/.672506(:(56((*(1(5$/127(12672500+,1$&&(66,%/(5,0 &%5,0 3(,19 :$7(5/,1($%$1'21('6((*(1(5$/127(126 ::$7(5/,1($%$1'21('6((*(1(5$/127(12',:$7(5/,1(6((*(1(5$/127(1232%',67$1&(725$03&(;,67,1*0$1+2/($1'$662&,$7(''2:1675($03,3,1*725(0$,1$1'%(3527(&7('7+528*+287&216758&7,21(;,67,1*$%$1'21(':$7(56(59,&(72%(5(029('$61(('(',1$&&25'$1&(:,7+/2&$/87,/,7<$87+25,7<(;,67,1*87,/,7<6(59,&($&&(6672%(5(029(',1$&&25'$1&(:,7+/2&$/87,/,7<$87+25,7<(;,67,1*,1/(7$1'$662&,$7('3,3,1*725(0$,1$1'%(3527(&7('7+528*+287&216758&7,21(;,67,1*/,*+732/(725(0$,1$1'%(3527(&7('7+528*+287&216758&7,21/,0,762)(;,67,1*&21&5(7(&85%72%(5(029('/,0,762)(;,67,1*&21&5(7(&85%72%(5(029('$3352;,0$7(/,0,72)(;,67,1*$63+$/772%(5(029('$3352;,0$7(/,0,72)(;,67,1*$63+$/772%(5(029('/,0,72)(;,67,1*&21&5(7(&85%72%(5(029('/,0,72)(;,67,1*&21&5(7(&85%72%(5(029('(;,67,1*81.12:187,/,7<6(59,&(72%(5(029(',1$&&25'$1&(:,7+/2&$/87,/,7<$87+25,7<352326('/,0,72)',6785%$1&(6)$&(;,67,1*6,*16725(0$,1$1'%(3527(&7('7+528*+287&216758&7,21(;,67,1*(/(&75,&6(59,&(0$1+2/(725(0$,1$1'%(3527(&7('7+528*+287&216758&7,21352326('$63+$/75(029$//,0,762)(;,67,1*)(1&($1'6+58%/,1(72%(5(029('(;,67,1*)(1&($1'6+58%/,1(72%(5(029('(;,67,1*75((725(0$,1$1'%(3527(&7('7+528*+287&216758&7,21(;,67,1*6,'(:$/.725(0$,1$1'%(3527(&7('&2175$&7256+$//5(3/$&(5(3$,5$1<6,'(:$/.$5($&203520,6('$63$572)&216758&7,21,1.,1'(;,67,1*67250&211(&7,2172%(3/8**('$70$1+2/((;,67,1*75((6$/21*6+(/%851(52$'725(0$,1$1'%(3527(&7('7+528*+287&216758&7,217<3,&$/',6785%$1&($65(48,5(')2587,/,7<75(1&+,1*5()(57287,/,7<3/$1'(02/,7,21127(6 7+(:25.5()/(&7('217+('(02/,7,213/$1,6723529,'(*(1(5$/ ,1)250$7,21 72:$5'6 7+( (;,67,1* ,7(06 72 %('(02/,6+('$1'255(029('7+(&2175$&725,65(63216,%/(72 5(9,(: 7+( (17,5( 3/$1 6(7 $1' $662&,$7('5(325765()(5(1&( '2&80(176 ,1&/8',1* $// '(02/,7,21$&7,9,7,(6$1',1&,'(17$/7$6.61(&(66$5<72&203/(7(7+(6,7(,03529(0(176 7+(&2175$&725,65(63216,%/(72'(7(50,1(7+(0($16$1'0(7+2'62)'(02/,7,21$&7,9,7,(6 (;3/26,9(66+$//127%(86('81/(66:5,77(1&216(17)520%27+ 7+( 2:1(5 $1' $1< $33/,&$%/( *29(51,1* $*(1&< ,62%7$,1(' %()25( 7+( 67$57 2) $1< (;3/26,9( 352*5$0 7+(&2175$&725,65(63216,%/(722%7$,1$///2&$/67$7($1')('(5$/ 3(50,76 $'',7,21$//< 7+( &2175$&725 :,// %(5(63216,%/( )25 $// 6(,60,& 7(67,1* $6 5(48,5(' $1' $1<'$0$*(6$67+(5(68/72)6$,''(02/,7,2135$&7,&(6 $//'(02/,7,21$&7,9,7,(66+$//%(3(5)250(',1$&&25'$1&(:,7+/2&$/67$7($1')('(5$/&2'(67+(&2175$&725,65(63216,%/( )25 (1685,1* $// 87,/,7,(6 $5( ',6&211(&7(' ,1$&&25'$1&( :,7+ 7+( 87,/,7< $87+25,7< 6 5(48,5(0(17635,25 72 67$57,1* 7+( '(02/,7,21 2) $1< 6758&785( $//(;&$9$7,216 $662&,$7(' :,7+ '(02/,6+(' 6758&785(6 255(029(' 7$1.6 6+$// %( %$&.),//(' :,7+ 68,7$%/( 0$7(5,$/$1'&203$&7('7268332576,7($1'%8,/',1*,03529(0(176$ *(27(&+1,&$/ (1*,1((5 6+28/' %( 35(6(17 '85,1*%$&.),//,1*$&7,9,7,(6722%6(59($1'&(57,)<7+$7%$&.),//0$7(5,$/:$6&203$&7('72$68,7$%/(&21',7,21 '(02/,6+(' '(%5,6 6+$// 127 %( %85,(' 21 6,7( $//:$67('(%5,6*(1(5$7(')520'(02/,7,21$&7,9,7,(66+$//%(',6326(' 2) ,1 $&&25'$1&( :,7+ $// /2&$/ 67$7( $1')('(5$/ 5(48,5(0(176 7+( &2175$&725 ,6 5(63216,%/( 720$,17$,1 $// 5(&25'6 2) 7+( ',6326$/ 72 '(021675$7(&203/,$1&(:,7+7+($%29(5(*8/$7,216=?%26721?%26??%2673*$5&+,7(&785(6+(/%851(52$'6287+%85/,1*72197?&$''?3/27?5'3'(02':*,668( '$7('(6&5,37,21127$33529(')25&216758&7,2135(/,0,1$5< ),1$/0$-2568%',9,6,213/$7%<7,7/(6&$/(352-(&7,''5$:,1*352326('&+$6(%$1.:,7+5(027('5,9(83$70&+,77(1'(1&2817<9(50217%26 )25081,&,3$/68%0,66,21%-'&,7<2)6287+%85/,1*7216+(/%851(52$'0$3,'5XWKHUIRUG1-÷1HZ<RUN1<÷%RVWRQ0$3ULQFHWRQ1-÷7DPSD)/÷'HWURLW0,ZZZVWRQHILHOGHQJFRP%HDFRQ6WUHHW%RVWRQ0$3KRQH&+$5/(6'2/,923(9(50217/,&(16(1R/,&(16('352)(66,21$/(1*,1((5*5$3+,&6&$/(,1)((7 '(02/,7,213/$1&6<0%2/'(6&5,37,21)($785(72%(5(029(''(02/,6+('/2'/,0,72)',6785%$1&(5.QRZZKDW VEHORZ&DOOEHIRUH\RXGLJ$// 6,7( )($785(6 :,7+,1 7+( /,0,7 2)',6785%$1&(,1',&$7('217+,63/$1$5(72%(5(029(''(02/,6+('81/(6627+(5:,6(127(' 7+( &2175$&725 6+$// 127,)<6721(),(/' (1*,1((5,1* '(6,*1 //& ,)6,*1,),&$17 ',6&5(3$1&,(6 $5( ',6&(51('%(7:((17+,63/$1$1'),(/'&21',7,216 $//352326(',03529(0(176)257+('(9(/230(17$5(6+2:1:,7+,17+(3/$16(7$//6,7(&21',7,2161276+2:1:,7+,17+(3/$16(7$5(352326('725(0$,181',6785%('7+528*+287&216758&7,21 **********76$3352;,0$7(352326('/($6($5($6)$&6+(/%851(52$'865287(352326('612:6725$*($5($7<3,&$/&+,327/(),9(*8<6*1&25$1*(7+(25<),71(66683(5&87668%:$<67$%58&.,17(567$7(2))5$03'2//$575((+ 5%/2&.6&2775$'(1$,/6$/216+$: 6683(50$5.(72+2+2+2+2+2+2+2+2+2+ 1 ( $%&'()127726&$/(127726&$/(6 :32%',67$1&(725$03&'2127(17(5%<3$666)3$5.,1*63$&(6$70)7)5217<$5'6(7%$&.)76,'(<$5'6(7%$&.)75($5<$5'6(7%$&.)76,'(<$5'6(7%$&.352326('5(027('5,9(83$70/$1'86($1'=21,1*0$3,'3/$11('81,7'(9(/230(1738'&200(5&,$/5(6,'(17,$/&5352326('86(),1$1&,$/,167,787,213(50,77('86('5,9(7+58%$1.3(50,77('86(=21,1*5(48,5(0(175(48,5('(;,67,1*352326('0,1,080/27$5($6)6)$&12&+$1*(0$;,080%8,/',1*&29(5$*(6)6)6)0$;,080,03(59,286&29(5$*(6)6)6)0,1,080)5217<$5'6(7%$&.)7)712&+$1*(0,1,0806,'(<$5'6(7%$&.)7)712&+$1*(0,1,0805($5<$5'6(7%$&.)71$12&+$1*(0$;,080%8,/',1*+(,*+76725,(66725,(6)712&+$1*(=?%26721?%26??%2673*$5&+,7(&785(6+(/%851(52$'6287+%85/,1*72197?&$''?3/27?5'36,7(':*,668( '$7('(6&5,37,21127$33529(')25&216758&7,2135(/,0,1$5< ),1$/0$-2568%',9,6,213/$7%<7,7/(6&$/(352-(&7,''5$:,1*352326('&+$6(%$1.:,7+5(027('5,9(83$70&+,77(1'(1&2817<9(50217%26 )25081,&,3$/68%0,66,21%-'&,7<2)6287+%85/,1*7216+(/%851(52$'0$3,'5XWKHUIRUG1-÷1HZ<RUN1<÷%RVWRQ0$3ULQFHWRQ1-÷7DPSD)/÷'HWURLW0,ZZZVWRQHILHOGHQJFRP%HDFRQ6WUHHW%RVWRQ0$3KRQH&+$5/(6'2/,923(9(50217/,&(16(1R/,&(16('352)(66,21$/(1*,1((5*5$3+,&6&$/(,1)((7 29(5$//6,7(3/$1&6<0%2/'(6&5,37,21 29(5$//6,7(3/$1127(6 $//352326(',03529(0(176)25352326(''(9(/230(17$5(6+2:1:,7+,17+(3/$16(7$//6,7(&21',7,2161276+2:1$5(352326('725(0$,181',6785%('7+528*+287&216758&7,21 29(5$//6,7(3/$1,6)253(50,77,1*385326(621/<$1'6+$//%(86('$6$5()(5(1&(722/ 612:6725$*($5($66+$//%($33529('%<3523(57<2:1(512612:6+$//%(6725(':,7+,1&+$6(/($6($5($3523(57</,1($3352;,0$7(/($6(/,1(352326('612:6725$*($5($ **762+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+%%%%6+(/%851(52$'865287(1252' :,'(%.3* 1 ( %&'()127726&$/(6 :32%',67$1&(725$03&)7)5217<$5'6(7%$&. '2127(17(5%<3$666)3$5.,1*63$&(6 $70 5 5 5 5 5 5 5 5 5 5352326('',5(&7,21$/$552:67<3,&$/352326('$'$6<0%2/7<3,&$/352326('$'$675,3,1*21&(17(5)25$'$3$5.,1*$5($352326('$'$6,*1$*(21%2//$5'352326('&21&5(7(75$16,7,215$03:,7+)/86+&21&5(7(&85%352326(' '2127(17(5 5 6723 56,*17<3,&$/352326(' 6723 56,*1 6723%$5352326(' [ 75$6+(1&/2685(21&21&5(7(3$'/,0,72)352326('&21&5(7(&85%/,0,72)352326('&21&5(7(&85%/,0,72)352326('&21&5(7(&85%/,0,72)352326('&21&5(7(&85%352326(''5,9(83$70:,7+&+$6(6,*1$785(&$123<352326('+($'$&+(%$5352326('&21&5(7(,6/$1'352326('&21&5(7(6,'(:$/.7<3,&$/352326(':+,7(675,3,1*21&(17(57<3,&$/352326(':+,7(+$,53,1675,3,1*)25$//121$&&(66,%/($'$3$5.,1*63$&(67<3,&$/352326('%8,/',1*29(5+$1*7<3,&$/$3352;,0$7($5($2)$63+$/772%(5(029('$1'5(3/$&('352326('$63+$/75(3$,5675,37<3,&$//,0,72)352326('&21&5(7(6,'(:$/.352326('&21&5(7(3$'$3352;,0$7(352326('/($6($5($6)$&352326('75$16)250(521 [ &21&5(7(3$':,7+)285%2//$5'6352326(' &85%%5($.:,7+5,35$33$'7<3,&$/352326('&21&5(7(&85%7<3,&$/$3352;,0$7(/,0,72)$63+$/772%(5(029('$1'5(3/$&('7<3,&$//,0,72)352326('&21&5(7(6,'(:$/.352326('6723%$5352326(' 6723 56,*1 6723%$5&2175$&7256+$//5(675,3(3$5.,1*63$&(6,1.,1'$65(48,5('352326(')/86+&85%7<3,&$/352326('(;7(1'('&21&5(7(&85%7<3,&$/352326('(;7(1'('&21&5(7(&85%7<3,&$/352326(' &85%%5($.:,7+5,35$33$'7<3,&$/352326('$5($/,*+77<3,&$/352326('$5($/,*+77<3,&$//$1'86($1'=21,1*0$3,'3/$11('81,7'(9(/230(1738'&200(5&,$/5(6,'(17,$/&5352326('86(),1$1&,$/,167,787,213(50,77('86('5,9(7+58%$1.3(50,77('86(=21,1*5(48,5(0(175(48,5('(;,67,1*352326('0,1,080/27$5($6)6)$&12&+$1*(0$;,080%8,/',1*&29(5$*(6)6)6)0$;,080,03(59,286&29(5$*(6)6)6)0,1,080)5217<$5'6(7%$&.)7)712&+$1*(0,1,0806,'(<$5'6(7%$&.)7)712&+$1*(0,1,0805($5<$5'6(7%$&.)71$12&+$1*(0$;,080%8,/',1*+(,*+76725,(66725,(6)712&+$1*(*(1(5$/127(6 7+( &2175$&725 6+$// 9(5,)< $1' )$0,/,$5,=( 7+(06(/9(6:,7+7+((;,67,1*6,7(&21',7,216$1'7+(352326('6&23(2) :25. ,1&/8',1* ',0(16,216 /$<287 (7& 35,25 72,1,7,$7,1* 7+( ,03529(0(176 ,'(17,),(' :,7+,1 7+(6('2&80(1766+28/'$1<',6&5(3$1&<%()281'%(7:((17+((;,67,1* 6,7( &21',7,216 $1' 7+( 352326(' :25. 7+(&2175$&7256+$//127,)<6721(),(/'(1*,1((5,1* '(6,*1//&35,25727+(67$572)&216758&7,21 7+( &2175$&725 6+$// 2%7$,1 $// 1(&(66$5< 3(50,76 $1'(1685( 7+$7 $// 5(48,5(' $33529$/6 +$9( %((1 2%7$,1('35,25727+(67$572)&216758&7,21&23,(62)$//5(48,5('3(50,76 $1' $33529$/6 6+$// %( .(37 21 6,7( $7 $// 7,0(6'85,1*&216758&7,21 $//&2175$&7256:,//727+()8//(67(;7(173(50,77('%</$:,1'(01,)<$1'+2/'+$50/(666721(),(/'(1*,1((5,1* '(6,*1//&$1',7 668%&2168/7$176)520$1'$*$,167$1<'$0$*(6 $1' /,$%,/,7,(6 ,1&/8',1* $77251(< 6 )((6 $5,6,1*2872)&/$,06%<(03/2<((62)7+(&2175$&725,1$'',7,2172 &/$,06 &211(&7(' 72 7+( 352-(&7 $6 $ 5(68/7 2) 127&$55<,1*7+(3523(5,1685$1&()25:25.(56&203(16$7,21/,$%,/,7< ,1685$1&( $1' /,0,76 2) &200(5&,$/ *(1(5$//,$%,/,7<,1685$1&( 7+( &2175$&725 6+$// 127 '(9,$7( )520 7+( 352326(',03529(0(176,'(17,),(':,7+,17+,63/$16(781/(66$33529$/,6 3529,'(' ,1 :5,7,1* %< 6721(),(/' (1*,1((5,1* '(6,*1//& 7+(&2175$&725,65(63216,%/(72'(7(50,1(7+(0($16$1'0(7+2'62)&216758&7,21 7+( &2175$&725 6+$// 127 3(5)250 $1< :25. 25 &$86(',6785%$1&(21$35,9$7(3523(57<127&21752//('%<7+(3(562125(17,7<:+2+$6$87+25,=('7+(:25.:,7+28735,25 :5,77(1 &216(17 )520 7+( 2:1(5 2) 7+( 35,9$7(3523(57< 7+(&2175$&725,65(63216,%/(725(6725($1<'$0$*('2581'(50,1('6758&785(256,7()($785(7+$7,6,'(17,),('725(0$,1217+(3/$16(7$//5(3$,566+$//86(1(:0$7(5,$/672 5(6725( 7+( )($785( 72 ,76 (;,67,1* &21',7,21 $7 7+(&2175$&7256(;3(16( &2175$&725,65(63216,%/(723529,'(7+($335235,$7(6+23'5$:,1*6 352'8&7 '$7$ $1' 27+(5 5(48,5(' 68%0,77$/6)255(9,(:6721(),(/'(1*,1((5,1* '(6,*1//&:,//5(9,(:7+( 68%0,77$/6 ,1 $&&25'$1&( :,7+ 7+( '(6,*1 ,17(17 $65()/(&7(':,7+,17+(3/$16(7 7+( &2175$&725 ,6 5(63216,%/( )25 75$)),& &21752/ ,1$&&25'$1&( :,7+ 0$18$/ 21 81,)250 75$)),& &21752/'(9,&(6/$7(67(',7,21 7+( &2175$&725 ,6 5(48,5(' 72 3(5)250 $// :25. ,1 7+(38%/,& 5,*+72):$< ,1 $&&25'$1&( :,7+ 7+( $335235,$7(*29(51,1* $87+25,7< $1' 6+$// %( 5(63216,%/( )25 7+(352&85(0(172)675((723(1,1*3(50,76 7+( &2175$&725 ,6 5(48,5(' 72 5(7$,1 $1 26+$ &(57,),('6$)(7<,163(&72572%(35(6(17216,7($7$//7,0(6'85,1*&216758&7,21 '(02/,7,21$&7,9,7,(6 6+28/'$1(03/2<((2)6721(),(/'(1*,1((5,1* '(6,*1//&%(35(6(17216,7($7$1<7,0('85,1*&216758&7,21,7'2(61275(/,(9(7+(&2175$&7252)$1<2)7+(5(63216,%,/,7,(6$1'5(48,5(0(176/,67(',17+(127(6:,7+,17+,63/$16(76<0%2/'(6&5,37,21 2))675((73$5.,1*5(48,5(0(176&2'(6(&7,215(48,5('352326(' 120,1,080180%(52)2))675((73$5.,1*63$&(663$&(6(;,67,1*7$%/(3$5.,1*63$&(5(48,5(0(176)7;)7)7'5,9($,6/( )7;)7)7%,17(5,253$5.,1*/27/$1'6&$3,1*5(48,5(0(1760,1,0802),17(5,253$5.,1*/2772%(/$1'6&$3('6)[ 6)6) :,'7+2)$1$,6/(6(59,1*$6,1*/(52:2)'(*5((3$5.,1*63$&(60$<%(5('8&('72)729(5/$<',675,&75(48,5(0(176&2'(6(&7,215(48,5('352326(''35,0$5<52$'(175$1&(5(48,5(0(1760,1,080(175$1&(6)$&,1*7+(35,0$5<52$' (175$1&(&203/,(6'F(175$1&(:$/.:$<5(48,5(0(1760,1,080:,'7+ )7 )7'6758&785(6(7%$&.5(48,5(0(1760,1,0806(7%$&. )7)7=?%26721?%26??%2673*$5&+,7(&785(6+(/%851(52$'6287+%85/,1*72197?&$''?3/27?5'36,7(':*,668( '$7('(6&5,37,21127$33529(')25&216758&7,2135(/,0,1$5< ),1$/0$-2568%',9,6,213/$7%<7,7/(6&$/(352-(&7,''5$:,1*352326('&+$6(%$1.:,7+5(027('5,9(83$70&+,77(1'(1&2817<9(50217%26 )25081,&,3$/68%0,66,21%-'&,7<2)6287+%85/,1*7216+(/%851(52$'0$3,'5XWKHUIRUG1-÷1HZ<RUN1<÷%RVWRQ0$3ULQFHWRQ1-÷7DPSD)/÷'HWURLW0,ZZZVWRQHILHOGHQJFRP%HDFRQ6WUHHW%RVWRQ0$3KRQH&+$5/(6'2/,923(9(50217/,&(16(1R/,&(16('352)(66,21$/(1*,1((5*5$3+,&6&$/(,1)((7 6,7(3/$1&6,*1$*(5(48,5(0(176&2'(6(&7,215(48,5('352326('7$%/(:$//6,*15(48,5(0(1760$;,080$5($2)$//:$//6,*16 2)35,1&,3$/38%/,&)$&$'(0$;,080$5($2)$1,1',9,'8$/:$//6,*1 2))$&$'(2):+,&+,7,6$77$&+('256):+,&+(9(5,660$//(50$;,08048$17,7< 6,*163(5,1',9,'8$/%8,/',1*6)6)6,*16:J:$//6,*15(48,5(0(1760$;,080352-(&7,21 ,1&+(6 ,1&+(6D,1&,'(17$/',5(&7,21$/6,*15(48,5(0(1767+(86(2)/2*262575$'(0$5.621,1&,'(17$/6,*166+$//%(352+,%,7('&203/,(6D,1&,'(17$/',5(&7,21$/6,*15(48,5(0(1760$;,080$5($2),1&,'(17$/6,*1 6)6)D,1&,'(17$/',5(&7,21$/6,*15(48,5(0(1760$;,08048$17,7<2)6,*16$)),;('72%8,/',1* 6,*13(5(175<'225$5($2)6,*1&2175,%87(6720$;,0803(50,77(':$//6,*1$5($6,*13(5'225&203/,(6: :$,9(56$:&87/,1(352326('&85%352326(')/86+&85%352326('%8,/',1*352326('&21&5(7(6(7%$&./,1(352326('%8,/',1*'2256352326('6,*16%2//$5'63523(57</,1($3352;,0$7(/($6(/,1(352326('(;7(1'('&85% 672506(:(56((*(1(5$/127(12672506(:(56((*(1(5$/127(12,1$&&(66,%/('2127(17(5%<3$666)3$5.,1*63$&(6$707)) 5,'*(/,1(5,'*(/,1(* * * * * * )) * * * * 7& %& 7& %& 7& %& 7& %& 7& %& )) * * * * 7& *+ */ 7& *+ */ 7& %& * 7& %& 7& %& * * 7& %& )& * * 7& *+ */ 7& %& 7& *+ */ 7& *+ */ 7& %& 7& %& 7& %& 7& *+ */ 7& *+ */ 7& *+ */ 7& *+ */ 7& *+ */ 7& %& 7& %& * * * 5,'*(/,1(* * * *+ */ * * * * * * *5$',1*127(6 $// 62,/ $1' 0$7(5,$/ 5(029(' )520 7+( 6,7( 6+$// %(',6326('2),1$&&25'$1&(:,7+/2&$/67$7($1')('(5$/5(48,5(0(176 $1< *5281':$7(5 '(:$7(5,1* 35$&7,&(66+$// %( 3(5)250(' 81'(5 7+( 683(59,6,21 2) $ 48$/,),('352)(66,21$/ 7+( &2175$&725 ,6 5(48,5(' 72 2%7$,1 $//1(&(66$5< 3(50,76 )25 7+( ',6&+$5*( 2) '(:$7(5('*5281':$7(5 $// 62,/ ,03257(' 72 7+( 6,7( 6+$// %(&(57,),('&/($1),//&2175$&7256+$//0$,17$,15(&25'62)$//),//0$7(5,$/6%528*+7727+(6,7( 7+(&2175$&725,65(48,5('723529,'(7(0325$5<$1'253(50$1(17 6+25,1* :+(5( 5(48,5(' '85,1* (;&$9$7,21$&7,9,7,(6,1&/8',1*%87127/,0,7('7287,/,7<75(1&+(672(1685(7+(6758&785$/,17(*5,7<2)1($5%<6758&785(6$1'67$%,/,7<2)7+(6855281',1*62,/6 352326('7232)&85%(/(9$7,216$5(*(1(5$//<,1&+(672,1&+(6$%29( (;,67,1**5$'(6 81/(66 27+(5:,6( 127('7+(&2175$&725:,//6833/<$//67$.(287&85%*5$'(6+((76726721(),(/' (1*,1((5,1* '(6,*1 //& )25 5(9,(: $1'$33529$/35,25723285,1*&85%6 7+(&2175$&725,65(63216,%/(726(7$//352326('87,/,7<&29(56 $1' 5(6(7 $// (;,67,1* 87,/,7< &29(56 :,7+,1 7+(352-(&7/,0,7672352326('*5$'(,1$&&25'$1&(:,7+$1<$33/,&$%/( 081,&,3$/ &2817< 67$7( $1'25 87,/,7<$87+25,7<5(*8/$7,216 0,1,0806/23(5(48,5(0(1767235(9(17321',1*6+$//%($6)2//2:6x&85%*877(5 x&21&5(7(685)$&(6 x$63+$/7685)$&(6 $ 0,1,0806/23(2) 6+$//%(3529,'('$:$<)520 $//%8,/',1*6 7+( &2175$&725 6+$// (1685( 326,7,9( '5$,1$*()5207+(%8,/',1*,6$&+,(9('$1'6+$//127,)<6721(),(/'(1*,1((5,1* '(6,*1//&,)7+,6&21',7,21&$1127%(0(7 )25352-(&76:+(5(%$6(0(176$5(352326('7+('(9(/23(5,65(63216,%/(72'(7(50,1(7+('(37+72*5281':$7(5$77+(/2&$7,21 2) 7+( 352326(' 6758&785( ,) *5281':$7(5 ,6(1&2817(5(' :,7+,1 7+( %$6(0(17 $5($ 63(&,$/&216758&7,21 0(7+2'6 6+$// %( 87,/,=(' $1'5(9,(:('$33529(' %< 7+( &216758&7,21 &2'( 2)),&,$/ ,)680338036$5(87,/,=('$//',6&+$5*(66+$//%(&211(&7('',5(&7/< 72 7+( 38%/,& 67250 6(:(5 6<67(0 :,7+ $33529$/)5207+(*29(51,1*672506(:(56<67(0$87+25,7<$'$127(6 7+( &2175$&725 6+$// 0$,17$,1 $ 0$;,080 6/23( ,1$1< ',5(&7,21 :,7+,1 7+( $'$ 3$5.,1* 63$&(6 $1' $&&(66$,6/(6 7+( &2175$&725 6+$// 3529,'( &203/,$17 6,*1$*( $7 $//$'$3$5.,1*$5($6,1$&&25'$1&(:,7+67$7(*8,'(/,1(6 7+( &2175$&725 6+$// 0$,17$,1 $ 0$;,080 5811,1*6/23($1'$0$;,0802)&52666/23($/21*:$/.:$<6:,7+,17+($&&(66,%/(3$7+2)75$9(/6((7+(6,7(3/$1)257+(/2&$7,21 2) 7+( $&&(66,%/( 3$7+ 7+( &2175$&725 ,65(63216,%/( 72 (1685( 7+( $&&(66,%/( 3$7+ 2) 75$9(/ ,6 ,1&+(6:,'(25*5($7(581/(66,1',&$7('27+(5:,6(:,7+,17+(3/$16(7 7+( &2175$&725 6+$// 0$,17$,1 $ 0$;,080 6/23( ,1$1<',5(&7,21$7$///$1',1*6/$1',1*6,1&/8'(%87$5(127/,0,7('727+(723$1'%277202)$1$&&(66,%/(5$03$7$&&(66,%/(%8,/',1*(175$1&(6$7$1$5($,1)52172)$:$/.83$70$1'$77851,1*63$&(6$/21*7+($&&(66,%/(3$7+ 2) 75$9(/ 7+( /$1',1* $5($ 6+$// +$9( $ 0,1,080&/($5 $5($ 2) ,1&+(6 %< ,1&+(6 81/(66 ,1',&$7('27+(5:,6(:,7+,17+(3/$16(7 7+( &2175$&725 6+$// 0$,17$,1 $ 0$;,080 5811,1*6/23($1'$0$;,080&52666/23(21$1<&85%5$036$/21*7+($&&(66,%/(3$7+2)75$9(/:+(5(3529,'('&85%5$03)/$5(66+$//127+$9($6/23(*5($7(57+$1,)$/$1',1* $5($ ,6 3529,'(' $7 7+( 723 2) 7+( 5$03 )25$/7(5$7,216 $ &85% 5$03 )/$5(6 6+$// 127 +$9( $ 6/23(*5($7(57+$1,)$/$1',1*$5($,61273529,'('$77+(7232)7+(5$03&85%65$0366+$//1275,6(025(7+$1,1&+(6,1(/(9$7,21:,7+287$+$1'5$,/7+(&/($5:,'7+2)$&85%5$036+$//%(12/(667+$1,1&+(6:,'( $&&(66,%/( 5$036 :,7+ $ 5,6( *5($7(5 7+$1 ,1&+(6 6+$//&217$,1 &203/,$17 +$1'5$,/6 21 %27+ 6,'(6 2) 7+( 5$03$1'6+$//1275,6(025(7+$1µ,1(/(9$7,21:,7+287$/$1',1* $5($ ,1 %(7:((1 5$03 5816 /$1',1* $5($6 6+$//$/62%(3529,'('$77+(723$1'%277202)7+(5$03 $ 6/,3 5(6,67$17 685)$&( 6+$// %( &216758&7(' $/21* 7+($&&(66,%/(3$7+$1':,7+,1$'$3$5.,1*$5($6 7+( &2175$&725 6+$// (1685( $ 0$;,080 2) õ ,1&+(69(57,&$/&+$1*(,1/(9(/$/21*7+($&&(66,%/(3$7+:+(5($ &+$1*( ,1 /(9(/ %(7:((1 õ ,1&+(6 $1' ô ,1&+(6 (;,676&2175$&7256+$//(1685(7+$77+(723õ,1&+&+$1*(,1/(9(/ ,6 %(9(/(' :,7+ $ 6/23( 127 67((3(5 7+$1 81,79(57,&$/$1'81,76+25,=217$/6/23( 7+(&2175$&7256+$//(1685(7+$7$1<23(1,1*6*$3625+25,=217$/ 6(3$5$7,21 $/21* 7+( $&&(66,%/( 3$7+ 6+$//127$//2:3$66$*(2)$63+(5(*5($7(57+$1ô,1&+=?%26721?%26??%2673*$5&+,7(&785(6+(/%851(52$'6287+%85/,1*72197?&$''?3/27?5'3*5$'':*,668( '$7('(6&5,37,21127$33529(')25&216758&7,2135(/,0,1$5< ),1$/0$-2568%',9,6,213/$7%<7,7/(6&$/(352-(&7,''5$:,1*352326('&+$6(%$1.:,7+5(027('5,9(83$70&+,77(1'(1&2817<9(50217%26 )25081,&,3$/68%0,66,21%-'&,7<2)6287+%85/,1*7216+(/%851(52$'0$3,'5XWKHUIRUG1-÷1HZ<RUN1<÷%RVWRQ0$3ULQFHWRQ1-÷7DPSD)/÷'HWURLW0,ZZZVWRQHILHOGHQJFRP%HDFRQ6WUHHW%RVWRQ0$3KRQH&+$5/(6'2/,923(9(50217/,&(16(1R/,&(16('352)(66,21$/(1*,1((5*5$3+,&6&$/(,1)((7 *5$',1*3/$1&5,'*(/,1(3523(57</,1(6<0%2/'(6&5,37,21352326('*5$',1*&217285352326('*5$',1*5,'*(/,1(352326('*5$'(63276+27352326('7232)&85%%277202)&85%63276+27352326(')/86+&85%63276+277& %& * )& 7& *+ */ 352326('7232)&85%*5$'(+,*+*5$'(/2:63276+27 672506(:(56((*(1(5$/127(12672506(:(56((*(1(5$/127(12,1$&&(66,%/('2127(17(5%<3$666)3$5.,1*63$&(6$70**7(7&(7&(7&(7&(7&(7&(7&:::::::::::****************7&7&7&7&7&*6$16$16$16$16$16$16$16:)) 5,'*(/,1(5,'*(/,1(12'*5$7( ,19(57287 352326('<$5',1/(75,'*(/,1(352326('%,25(7(17,21$5($%%27720(/(9$7,21352326('%,25(7(17,21$5($%%27720(/(9$7,21352326('/)39&#6/23(352326('/)39&#6/23(352326('&/($1287&211(&7,21,19(57352326('&/($1287&211(&7,217<3,19(57352326('/)39&#6/23(352326('/)39&#6/23(352326('&/($1287&211(&7,21,19(57352326('&/($1287,19(57352326('&/($1287,19(57352326('/)39&#6/23(352326('&/($1287,19(57352326('5(027($70&$123<72',6&+$5*($7*5$'(:,7+,1/$1'6&$3('$5($352326(')/$5('(1'6(&7,21,19(57287352326(')/$5('(1'6(&7,21,19(57287=?%26721?%26??%2673*$5&+,7(&785(6+(/%851(52$'6287+%85/,1*72197?&$''?3/27?5'36750':*,668( '$7('(6&5,37,21127$33529(')25&216758&7,2135(/,0,1$5< ),1$/0$-2568%',9,6,213/$7%<7,7/(6&$/(352-(&7,''5$:,1*352326('&+$6(%$1.:,7+5(027('5,9(83$70&+,77(1'(1&2817<9(50217%26 )25081,&,3$/68%0,66,21%-'&,7<2)6287+%85/,1*7216+(/%851(52$'0$3,'5XWKHUIRUG1-÷1HZ<RUN1<÷%RVWRQ0$3ULQFHWRQ1-÷7DPSD)/÷'HWURLW0,ZZZVWRQHILHOGHQJFRP%HDFRQ6WUHHW%RVWRQ0$3KRQH&+$5/(6'2/,923(9(50217/,&(16(1R/,&(16('352)(66,21$/(1*,1((5*5$3+,&6&$/(,1)((7 67250:$7(50$1$*(0(173/$1& '5$,1$*($1'87,/,7<127(6 7+( &2175$&725 72 3(5)250 $ 7(67 3,7 35,25 72&216758&7,215(&200(1''$<635,25$7/2&$7,2162)(;,67,1* 87,/,7< &5266,1*6 )25 67250:$7(5 ,03529(0(1766+28/'$&21)/,&7(;,677+(&2175$&7256+$//,00(',$7(/<127,)<6721(),(/'(1*,1((5,1* '(6,*1//&,1:5,7,1* &2175$&725 6+$// 67$57 &216758&7,21 2) 67250 /,1(6 $77+(/2:(67,19(57$1':25.83*5$',(17 7+( &2175$&725 ,6 5(48,5(' 72 &$// 7+( $335235,$7($87+25,7< )25 127,&( 2) &216758&7,21(;&$9$7,21 $1'87,/,7< 0$5. 287 35,25 72 7+( 67$57 2) &216758&7,21 ,1$&&25'$1&(:,7+67$7(/$:&2175$&725,65(48,5('72&21),507+(+25,=217$/$1'9(57,&$//2&$7,212)87,/,7,(6,17+(),(/'6+28/'$',6&5(3$1&<(;,67%(7:((17+(),(/'/2&$7,212)$87,/,7<$1'7+(/2&$7,216+2:1217+(3/$16(7 25 6859(< 7+( &2175$&725 6+$// 127,)< 6721(),(/'(1*,1((5,1* '(6,*1//&,00(',$7(/<,1:5,7,1* 7+(&2175$&725,65(63216,%/(720$,17$,1$5(&25'2)7+($6%8,/7 /2&$7,216 2) $// 352326(' 81'(5*5281',1)5$6758&785( 7+( &2175$&725 6+$// 127( $1<',6&5(3$1&,(6 %(7:((1 7+( $6%8,/7 /2&$7,216 $1' 7+(/2&$7,216'(3,&7(':,7+,17+(3/$16(77+,65(&25'6+$//%(3529,'('727+(2:1(5)2//2:,1*&203/(7,212):25.(;&$9$7,2162,/35(3$5$7,21$1''(:$7(5,1*127(6 7+( &2175$&725 ,6 5(48,5(' 72 5(9,(: 7+( 5()(5(1&('*(27(&+1,&$/ '2&80(176 35,25 72 &216758&7,21 7+(6('2&80(1766+$//%(&216,'(5('$3$572)7+(3/$16(7 7+( &2175$&725 ,6 5(48,5(' 72 35(3$5( 68%*5$'( 62,/6%(1($7+ $// 352326(' ,03529(0(176 $1' %$&.),// $//(;&$9$7,216,1$&&25'$1&(:,7+5(&200(1'$7,216%<7+(*(27(&+1,&$/(1*,1((52)5(&25' 7+(&2175$&725,6 5(63216,%/( )25 3529,',1*6+25,1* )25$//(;&$9$7,216$65(48,5('&2175$&7256+$//+$9(7+(6+25,1* '(6,*1 35(3$5(' %< $ 48$/,),(' 352)(66,21$/6+25,1* '(6,*16 6+$// %( 68%0,77(' 72 6721(),(/'(1*,1((5,1* '(6,*1//&$1'7+(2:1(535,25727+(67$572)&216758&7,21 7+(&2175$&725,65(63216,%/()25(1685,1*7+$7$//23(1(;&$9$7,216$5(3(5)250('$1'3527(&7(',1$&&25'$1&(:,7+7+(/$7(6726+$5(*8/$7,216 7+(&2175$&725,65(63216,%/()25$1<'(:$7(5,1*'(6,*1$1' 23(5$7,216 $6 5(48,5(' 72 &216758&7 7+( 352326(',03529(0(176 7+(&2175$&725 6+$//2%7$,1 $1<5(48,5('3(50,76 )25 '(:$7(5,1* 23(5$7,216 $1' *5281':$7(5',6326$/67250:$7(5,1),/75$7,21%03&216758&7,21127(6 35,25727+(67$572)&216758&7,21$1<$5($'(6,*1$7('72%(86(')25$1,1),/75$7,21%03(*%$6,1%,25(7(17,21$5($(7&6+$//%()(1&('2))$1'6+$//127%(87,/,=('$66725$*( )25 &216758&7,21 (48,30(17 25 $6 $ 672&.3,/($5($ )25 &216758&7,21 0$7(5,$/6 12 $&7,9,7< 6+$// %(3(50,77(':,7+,17+(,1),/75$7,21%$6,1$5($81/(665(/$7('72 7+( &216758&7,21 2) 7+( ,1),/75$7,21 %$6,1 ,7 ,6 7+(5(63216,%,/,7< 2) 7+( &2175$&725 72 127,)< $//68%&2175$&72562)%$6,1$5($5(675,&7,216 7+(&2175$&7256+$//0$.((9(5<())257:+(5(35$&7,&$/72 $92,' 68%*5$'( 62,/ &203$&7,21 ,1 7+( $5($6'(6,*1$7('72%(86(')25$1,1),/75$7,21%03 $// (;&$9$7,21 :,7+,1 7+( /,0,76 2) $1< ,1),/75$7,21 %036+$//%(3(5)250(':,7+7+(/,*+7(6735$&7,&$/(;&$9$7,21(48,30(17 $// (;&$9$7,21 (48,30(17 6+$// %( 3/$&('2876,'( 7+( /,0,76 2) 7+( %$6,1 :+(5( )($6,%/( 7+( 86( 2)/,*+7:(,*+758%%(57,5('(48,30(17/(667+$136,$33/,('72 7+(*5281'685)$&(,65(&200(1'(':,7+,17+(%$6,1/,0,76 7+(6(48(1&(2) 6,7( &216758&7,216+$// %( &225',1$7(':,7+ %$6,1 &216758&7,21 72 $'+(5( 72 6(48(1&,1*/,0,7$7,216 '85,1* 7+( ),1$/ *5$',1* 2) $1 ,1),/75$7,21 %$6,1 7+(%277202)7+(%$6,1 6+$//%( '((3/< 7,//(':,7+$527$5<7,//(5 25 ',6& +$552: $1' 7+(1 60227+(' 287 :,7+ $/(9(/,1* '5$: 25 (48,9$/(17 *5$',1* (48,30(17 $//*5$',1* (48,30(17 6+$// %( /2&$7(' 2876,'( 2) 7+( %$6,1%27720:+(5()($6,%/( )2//2:,1*&216758&7,212)$1,1),/75$7,21%$6,16+$//%(,163(&7(' ,1 $&&25'$1&( :,7+ $// /2&$/ $1' 67$7(5(*8/$7,216 ,) ),(/' ,1),/75$7,21 7(67,1* ,6 5(48,5(' 7+(),(/',1),/75$7,215$7(66+$//%('(7(50,1(',1$&&25'$1&(:,7+/2&$/$1'67$7(5(48,5(0(176,)7+(5$7(6$5(/2:(57+$17+(5$7(86(''85,1*'(6,*17+(&2175$&7256+$//127,)< 6721(),(/' (1*,1((5,1* '(6,*1 //& ,1 :5,7,1*,00(',$7(/<72'(7(50,1(7+($335235,$7(&2856(2)$&7,21 7+(&2175$&7256+$//127,)<7+(081,&,3$/,7<72'(7(50,1(,) :,71(66 7(67,1* ,6 5(48,5(' '85,1* ,1),/75$7,21 %$6,1(;&$9$7,21$1'2562,/,1),/75$7,217(67,1*67250:$7(581'(5*5281'%03&216758&7,21127(6 7+( &2175$&725 6+$// ,167$// $1' %$&.),// 7+(81'(5*5281'%03,1$&&25'$1&(:,7+7+(0$18)$&785(5 663(&,),&$7,216 81'(5*5281'%$6,166+$//87,/,=($6721(%$&.),//:,7+$0,1,08092,'5$7,22) 12 &216758&7,21 /2$',1* 29(5 81'(5*5281' %$6,16 ,63(50,77('817,/%$&.),//,6&203/(7(3(57+(0$18)$&785(5 663(&,),&$7,216129(+,&/(66+$//%(67$*('2523(5$7()520$),;('326,7,2129(57+(%$6,15,'*(/,1(3523(57</,1(6<0%2/'(6&5,37,21352326('*5$',1*&217285352326('*5$',1*5,'*(/,1(352326('67250:$7(56758&785(6352326('67250:$7(53,3,1*0+0+ 2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+******************:::::::::::::::::::::::%%%% &%5,0 3(,1 3(287 6+(/%851(52$'865287(1252' :,'(%.3*%&'()6(:(50+5,0 &,,1 &,,1 &,287 672506(:(56((*(1(5$/127(12672506(:(56((*(1(5$/127(12672500+,1$&&(66,%/(5,0 '2127(17(5%<3$666)3$5.,1*63$&(6$70)) 0$7&+/,1(**352326('/)6'5#6/23(352326('&211(&7,21,19(57352326('5(027(5($':$7(50(7(5352326('(/(&75,&6(59,&(&211(&7,210(7(5/2&$7,2172%(&21),50(',1),(/'352326('*$66(59,&(&211(&7,210(7(5/2&$7,2172%(&21),50(',1),(/'12'5,0 (;,19,1 3523,19,1 (;,19287 352326(''2*+286(0$1+2/(352326('81'(5*5281'&21'8,76)25'5,9(7+58$70352326('*$66(59,&(6(59,&(&2175$&7256+$//&225',1$7(),1$//$<287:,7+/2&$/87,/,7<$87+25,7<352326('81'(5*5281'(/(&75,&$/'$7$&21'8,76&2175$&7256+$//&225',1$7(),1$//$<287:,7+/2&$/87,/,7<$87+25,7<352326('&211(&7,2172(;,67,1*81'(5*5281':$7(56(59,&(&2175$&72572&21),50)($6,%,/,7<2)&211(&7,21:,7+3523(5$87+25,7<35,2572&216758&7,21352326('7<3.&233(5:$7(56(59,&(/,1(7(7&(7&(7&(7&(7&(7&(7&352326('&211(&7,2172(;,67,1*87,/,7<32/(&2175$&72572&21),50)($6,%,/,7<2)&211(&7,21$1'75$16)250(55(48,5(0(17:,7+3523(5$87+25,7<35,2572&216758&7,21352326('75$16)250(521&21&5(7(3$':::::::::::****************7&7&7&7&7&352326('7(/('$7$6(59,&(&211(&7,210(7(5/2&$7,2172%(&21),50(',1),(/'*6$16$16$16$16$16$16$1 352326('6$1,7$5<&/($12877<3,&$/612&5723,19 723%27 %27,19 %27723 &/($5$1&( 12(1&$6(0(175(48,5('672506$1,7$5<&5266,1*12&5723,19 723%27 %27,19 %27723 &/($5$1&( 12(1&$6(0(175(48,5('672506$1,7$5<&5266,1*:352326(':$7(59$/9(352326('*$69$/9(*********:::::::0$7&+/,1(********352326('*$66(59,&(/,1(&211(&7,2172(;,67,1**$66(59,&(/,1(:,7+,17+(9(50217*$66<67(06($6(0(17$'-$&(1772,5$03&&2175$&72572&21),50)($6,%,/,7<2)&211(&7,21:,7+3523(5$87+25,7<35,2572&216758&7,21*********'5$,1$*($1'87,/,7<127(6 7+( &2175$&725 ,6 5(48,5(' 72 &$// 7+( $335235,$7($87+25,7< )25 127,&( 2) &216758&7,21(;&$9$7,21 $1'87,/,7< 0$5. 287 35,25 72 7+( 67$57 2) &216758&7,21 ,1$&&25'$1&( :,7+ 67$7( /$: &2175$&725 ,6 5(48,5(' 72&21),507+(+25,=217$/$1'9(57,&$//2&$7,212)87,/,7,(6,17+(),(/'6+28/'$',6&5(3$1&<(;,67%(7:((17+(),(/'/2&$7,212)$87,/,7<$1'7+(/2&$7,216+2:1217+(3/$16(7 25 6859(< 7+( &2175$&725 6+$// 127,)< 6721(),(/'(1*,1((5,1* '(6,*1//&,00(',$7(/<,1:5,7,1* 7+(&2175$&725,65(63216,%/(723527(&7$1'0$,17$,1,123(5$7,21$//87,/,7,(6127'(6,*1$7('72%(5(029(' 7+(&2175$&725,65(63216,%/()255(3$,5,1*$1<'$0$*(72$1<(;,67,1*87,/,7<,'(17,),('725(0$,1:,7+,17+(/,0,762)7+(352326(':25.'85,1*&216758&7,21 $ 0,1,080 +25,=217$/ 6(3$5$7,21 2) )((7 ,6 5(48,5('%(7:((1$1<6$1,7$5<6(:(56(59,&($1'$1<:$7(5/,1(6,)7+,66(3$5$7,21&$1127%(3529,'('$&21&5(7((1&$6(0(176+$//%(87,/,=(')257+(6$1,7$5<6(:(56(59,&($6$33529('%<6721(),(/'(1*,1((5,1* '(6,*1//& $//:$7(5/,1(66+$//%(9(57,&$//<6(3$5$7('$%29(6$1,7$5<6(:(5 /,1(6 %< $ 0,1,080 ',67$1&( 2) ,1&+(6 ,) 7+,66(3$5$7,21 &$1127 %( 3529,'(' $ &21&5(7( (1&$6(0(176+$//%(87,/,=(')257+(6$1,7$5<6(:(56(59,&($6$33529('%<6721(),(/'(1*,1((5,1* '(6,*1//& 7+( &2175$&725 72 3(5)250 $ 7(67 3,7 35,25 72&216758&7,21 5(&200(1' '$<6 35,25$7 /2&$7,216 2)(;,67,1* 87,/,7< &5266,1*6 )25 :$7(5 $1' 6$1,7$5< 6(:(5&211(&7,21 ,03529(0(176 6+28/' $ &21)/,&7 (;,67 7+(&2175$&725 6+$// ,00(',$7(/< 127,)< 6721(),(/'(1*,1((5,1* '(6,*1//&,1:5,7,1* 7+( &2175$&725 ,6 5(63216,%/( )25 &225',1$7,1* *$6(/(&75,& $1' 7(/(&20081,&$7,21 &211(&7,216 :,7+ 7+($335235,$7(*29(51,1*$87+25,7< &2175$&725 6+$// 67$57 &216758&7,21 2) $1< *5$9,7<6(:(5$77+(/2:(67,19(57$1':25.83*5$',(17 7+(&2175$&725,65(63216,%/(720$,17$,1$5(&25'6(72)3/$165()/(&7,1*7+(/2&$7,212)(;,67,1*87,/,7,(67+$7+$9(%((1 &$33(' $%$1'21(' 25 5(/2&$7(' %$6(' 21 7+('(02/,7,215(029$/$&7,9,7,(65(48,5(',17+,63/$16(77+,6'2&80(17 6+$// %( 3529,'(' 72 7+( 2:1(5 )2//2:,1*&203/(7,212):25. 7+(&2175$&725,65(63216,%/(720$,17$,1$5(&25'2)7+($6%8,/7 /2&$7,216 2) $// 352326(' 81'(5*5281',1)5$6758&785( 7+( &2175$&725 6+$// 127( $1<',6&5(3$1&,(6 %(7:((1 7+( $6%8,/7 /2&$7,216 $1' 7+(/2&$7,216'(3,&7(':,7+,17+(3/$16(77+,65(&25'6+$//%(3529,'('727+(2:1(5)2//2:,1*&203/(7,212):25.(;&$9$7,2162,/35(3$5$7,21$1''(:$7(5,1*127(6 7+( &2175$&725 ,6 5(48,5(' 72 5(9,(: 7+( 5()(5(1&('*(27(&+1,&$/ '2&80(176 35,25 72 &216758&7,21 7+(6('2&80(1766+$//%(&216,'(5('$3$572)7+(3/$16(7 7+( &2175$&725 ,6 5(48,5(' 72 35(3$5( 68%*5$'( 62,/6%(1($7+ $// 352326(' ,03529(0(176 $1' %$&.),// $//(;&$9$7,216,1$&&25'$1&(:,7+5(&200(1'$7,216%<7+(*(27(&+1,&$/(1*,1((52)5(&25' 7+( &2175$&725 ,6 5(63216,%/( )25 3529,',1* 6+25,1* )25$// (;&$9$7,216 $6 5(48,5(' &2175$&725 6+$// +$9( 7+(6+25,1* '(6,*1 35(3$5(' %< $ 48$/,),(' 352)(66,21$/6+25,1* '(6,*16 6+$// %( 68%0,77(' 72 6721(),(/'(1*,1((5,1* '(6,*1//&$1'7+(2:1(535,25727+(67$572)&216758&7,21 7+(&2175$&725,65(63216,%/()25(1685,1*7+$7$//23(1(;&$9$7,216$5(3(5)250('$1'3527(&7(',1$&&25'$1&(:,7+7+(/$7(6726+$5(*8/$7,216 7+(&2175$&725,65(63216,%/()25$1<'(:$7(5,1*'(6,*1$1' 23(5$7,216 $6 5(48,5(' 72 &216758&7 7+( 352326(',03529(0(176 7+( &2175$&725 6+$// 2%7$,1 $1< 5(48,5('3(50,76 )25 '(:$7(5,1* 23(5$7,216 $1' *5281':$7(5',6326$/=?%26721?%26??%2673*$5&+,7(&785(6+(/%851(52$'6287+%85/,1*72197?&$''?3/27?5'387,/':*,668( '$7('(6&5,37,21127$33529(')25&216758&7,2135(/,0,1$5< ),1$/0$-2568%',9,6,213/$7%<7,7/(6&$/(352-(&7,''5$:,1*352326('&+$6(%$1.:,7+5(027('5,9(83$70&+,77(1'(1&2817<9(50217%26 )25081,&,3$/68%0,66,21%-'&,7<2)6287+%85/,1*7216+(/%851(52$'0$3,'5XWKHUIRUG1-÷1HZ<RUN1<÷%RVWRQ0$3ULQFHWRQ1-÷7DPSD)/÷'HWURLW0,ZZZVWRQHILHOGHQJFRP%HDFRQ6WUHHW%RVWRQ0$3KRQH&+$5/(6'2/,923(9(50217/,&(16(1R/,&(16('352)(66,21$/(1*,1((587,/,7<3/$1&6<0%2/'(6&5,37,216$1(7&:*352326('6$1,7$5</$7(5$/352326('(/(&75,&$/'$7$&21'8,763523(57</,1(352326(''20(67,&:$7(56(59,&(352326('*$6/,1(352326('9$/9(352326('6$1,7$5<&/($12877352326('75$16)250(521&21&5(7(3$':,7+%2//$5'6 *5$3+,&6&$/(,1)((7 352326('*5$',1*&217285*$66(59,&(&211(&7,21,16(7 2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+******************:::::::::::::::::::::::%%%%6+(/%851(52$'865287(1252' :,'(%.3*%&'()'2127(17(5%<3$666)3$5.,1*63$&(6$70**7(7&(7&(7&(7&(7&(7&(7&:::::::::::****************7&7&7&7&7&*6$16$16$16$16$16$16$16:+ 7<3,&$/, 7<3,&$/- 7<3,&$/. 7<3,&$/ % $ $ & ' ( ) * =?%26721?%26??%2673*$5&+,7(&785(6+(/%851(52$'6287+%85/,1*72197?&$''?3/27?5'3/*+7':*,668( '$7('(6&5,37,21127$33529(')25&216758&7,2135(/,0,1$5< ),1$/0$-2568%',9,6,213/$7%<7,7/(6&$/(352-(&7,''5$:,1*352326('&+$6(%$1.:,7+5(027('5,9(83$70&+,77(1'(1&2817<9(50217%26 )25081,&,3$/68%0,66,21%-'&,7<2)6287+%85/,1*7216+(/%851(52$'0$3,'5XWKHUIRUG1-÷1HZ<RUN1<÷%RVWRQ0$3ULQFHWRQ1-÷7DPSD)/÷'HWURLW0,ZZZVWRQHILHOGHQJFRP%HDFRQ6WUHHW%RVWRQ0$3KRQH&+$5/(6'2/,923(9(50217/,&(16(1R/,&(16('352)(66,21$/(1*,1((5/,*+7,1*3/$1&6<0%2/'(6&5,37,21*5$3+,&6&$/(,1)((7 *5$3+,&6&$/(,1)((7 /,*+7,1*$7*5$'(352326('/,*+7,1*),;785(02817,1*+(,*+7352326('/,*+7,1*,17(16,7<)227&$1'/(6352326('$5($/,*+7352326('%8,/',1*02817('/,*+7$;; ;;/,*+7,1*'(6,*15(48,5(0(176&2'(6(&7,215(48,5('352326('% 32/(6,1$//27+(5$5($61213('(675,$16+$//127(;&((')7,1+(,*+7$1'6+$//87,/,=(81'(5*5281':,5,1*)7% /,*+766285&(6216758&785(66+$//127(;&((')7257+(+(,*+72)7+(6758&785(:+,&+(9(5,6/(66)7$E0$;,080',5(&7*/$5(,//80,1$7,215(48,5(0(170$;,080,//80,1$7,21$7*5281'/(9(/ )&$9(5$*( )&*(1(5$//,*+7,1*127(6 7+(/,*+7,1*/(9(/6'(3,&7(':,7+,17+(3/$16(7$5(&$/&8/$7('87,/,=,1*'$7$2%7$,1(')5207+(/,67('0$18)$&785(5$&78$/,//80,1$7,21/(9(/6$1' 3(5)250$1&( 2) $1< 352326(' /,*+7,1* ),;785( 0$< 9$5< '8( 7281&21752//$%/( 9$5,$%/(6 68&+ $5( :($7+(5 92/7$*( 6833/< /$0372/(5$1&((48,30(176(59,&(/,)($1'27+(59$5,$%/(),(/'&21',7,216 :+(5( $33/,&$%/( 7+( (;,67,1* /,*+7 /(9(/6 '(3,&7(' :,7+,17+(3/$1 6(76+$// %(&216,'(5('$3352;,0$7( 7+((;,67,1*/,*+7/(9(/6 $5(%$6(' 21),(/'2%6(59$7,216$1'7+(0$18)$&785(5 6'$7$2)7+($6680('2502676,0,/$5/,*+7,1*),;785(02'(/ 81/(66127('(/6(:+(5(:,7+,17+,63/$16(77+(/,*+7/266)$&725686(',17+(/,*+7,1*$1$/<6,6$5($6)2//2:6x/,*+7(0,77,1*',2'(6/(' x+,*+35(6685(62',80 x0(7$/+$/,'( 7+( &2175$&725 6+$// 127,)< 6721(),(/' (1*,1((5,1* '(6,*1//& ,1:5,7,1*35,25727+(67$572)&216758&7,212)$1<352326('/,*+7,1*/2&$7,216 7+$7 &21)/,&7 :,7+ (;,67,1* 352326(' '5$,1$*( 87,/,7< 2527+(5,03529(0(176 7+( &2175$&725 ,6 5(63216,%/( 72 35(3$5( $ :,5,1* 3/$1 $1' 3529,'((/(&75,& 6(59,&( 72 $// 352326(' /,*+7,1* ),;785(6 7+( &2175$&725 ,65(48,5('7235(3$5($1$6%8,/73/$12):,5,1*$1'3529,'(&23,(6727+(2:1(5$1'6721(),(/'(1*,1((5,1* '(6,*1//&$70/,*+7,1*127(6 7+( &2175$&725 6+$// &21),50 7+$7 7+( /2&$7,21 2) $1< 352326('%8,/',1*02817('/,*+7,1*),;785(:,//127&21)/,&7:,7+$1<(;,67,1*25 352326(' 6758&785$/ (/(0(17 (* &$123< 6833257 %($06 7+(&2175$&7256+$//127,)<6721(),(/'(1*,1((5,1* '(6,*1//&,1:5,7,1*2)$1<),;785(&21)/,&735,25727+(67$572)&216758&7,21 $//(;,67,1*75((/,0%6:,7+,17+()227$705$',866+2:1,17+(3/$16(76+$//%(75,00('72$0,1,0802))((7$%29(*5$'($//6+58%6:,7+,17+()227$705$',866+$//%(75,00('72$0,1,0802),1&+(6$%29(*5$'($//%586+6+$//%(5(029('7+(&2175$&7256+$//&216,'(5$//)8785(*52:7+$1')8//%/220:+(175,00,1*/$1'6&$3,1*(;,67,1*75((/,0%6 $'-$&(17 72 /,*+7,1* ),;785(6 6+$// %( 75,00(' $6 5(48,5(' 7235(9(17/,*+7,17(5)(5(1&( 35,25 72 %,' &2175$&725 6+$// 9(5,)< (;,67,1* (;7(5,25 /,*+7,1*&21',7,216$)7(5'86.$1'127,)<7+('(9(/23(52:1(5$1'6721(),(/'(1*,1((5,1* '(6,*1 //& 2) '$0$*(' 25 ,123(5$%/( /,*+76¬ 7+(&2175$&725 6+$// 5(3$,5 $// ,123(5$%/( /,*+76 81/(66 27+(5:,6(127(':,7+,17+,63/$16(7 7+( ,//80,1$7,21 /(9(/6 '(3,&7(' :,7+,1 7+( 3/$1 6(7 $5( %$6(' 215(*8/$725< 67$7( 67$1'$5'6 )25 6$)(7< /,*+7,1* $1' 21 &/,(1767$1'$5'6 $///,*+7,1*),;785(681/(6627+(5:,6(127(':,7+,17+,63/$16(7+$9(7+(3+272&(//237,21(1$%/(' (;,67,1*/,*+7,1*),;785(6&21752//('%<2876,'((17,7,(6(*/$1'/25'+$9(%((1(;&/8'(')5207+(/,*+7,1*$1$/<6,65()/(&7(':,7+,17+(3/$16(7 7+( 352326(' /,*+7 /(9(/6 +$9( %((1 '(6,*1(' 72 &203/< :,7+ $//$33/,&$%/( $70 $1' 6$)(7< /,*+7,1* 5(48,5(0(176 ,1'(3(1'(17 2)$1<81&21752//('/,*+7),;785(6127(6 &2175$&725 6+$// &21),50 7+( 352326(' /2&$7,21 2) ),;785(6 7<3( $ :,//127&21)/,&7:,7+7+((;,67,1*'5,9(7+58&$123<6758&785$/%($06&2175$&72572&217$&7(1*,1((5$1'2:1(5,)7+(352326('/2&$7,212)),;785(7<3( $ ,6127)($6,%/( $//(;,67,1*75((/,0%6:,7+,1)227$705$',866+2:1213/$16+$//%(75,00('72$0,1,0802))((7$%29(*5$'($//6+58%672%(75,00('72µ+,*+:,7+,1)227$705$',86$//%586+6+$//%(5(029(')8785(*52:7+$1')8//%/2206+$//%(&216,'(5('(;,67,1*75((/,0%66+$//%(75,00('7235(9(17/,*+7,17(5)(5(1&($61(&(66$5< 7+,6/,*+7,1*'(6,*1,6%$6('217+(%$1. 6&855(1732/,&<)25(;7(5,25$706 $///,*+7672+$9(3+272&(//237,21(1$%/(' 7+( &2175$&725 ,6 5(63216,%/( 72 35(3$5( $ :,5,1* 3/$1 $1' 3529,'((/(&75,& 6(59,&( 72 $// 352326(' /,*+7,1* ),;785(6 7+( &2175$&725 ,65(48,5('7235(3$5($1$6%8,/73/$12):,5,1*$1'3529,'(&23,(6727+(2:1(5$1'6721(),(/'(1*,1((5,1* '(6,*1//& 7+(,//80,1$7,21/(9(/66+2:1$5(0($685('$7*5$'(352326('&$123<02817('/,*+7352326('/80,1$,5(6&+('8/(0$18)$&785(5//)',675,%87,216(&85,7</,*+7,1*48$17,7</$%(/6<0%2/,(6),/($ ,9 (92/9(&203$&7($&/$5($/,*+7:$776.*(&855(17($&/B'$)BBBBBBB,(6% ,9 (92/9(&203$&7($&/$5($/,*+7:$776.*(&855(17($&/B&$)BBBBBBB,(6' ,9 (92/9(&203$&7($&/$5($/,*+7:$776.*(&855(17($&/B%$)BBBBBBB9,(6, /$17(55$:6&21&(/,*+7:$776.($721:5,5:/('::7/819,(6. 9 /80,1$7,21',5281'6(5,(6/('&$123</,*+7:$776.*(&855(17',5B5',5:6';;,(6 9 (92/9(/('(&5$5(&(66('&$123</,*+7:$776.*(&855(17(&5$B$)BBBBBB9,(6- ;725&52667285/(':$//02817('/,*+7:$776.&223(5 ;725%:,(6*& ,9 (92/9(&203$&7($&/$5($/,*+7:$776.*(&855(17($&/B%$)BBBBBBB9,(6( ,,, (92/9(&203$&7($&/$5($/,*+7:$776.*(&855(17($&/B%$:BBBBBBB9,(6) ,,, (92/9(&203$&7($&/$5($/,*+7:$776.*(&855(17($&/B$$:BBBBBBB9,(6+,,(92/9(&203$&7($&/$5($/,*+7:$776.*(&855(17($&/B$$1BBBBBBB9:,7+(/6($&$%/%/&.,(6 2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+******************:::::::::::::::::::::::%%%%6+(/%851(52$'865287(1252' :,'(%.3*%&'()'2127(17(5%<3$666)3$5.,1*63$&(6$70**7(7&(7&(7&(7&(7&(7&(7&:::::::::::****************7&7&7&7&7&*6$16$16$16$16$16$16$16:+ 7<3,&$/, 7<3,&$/- 7<3,&$/. 7<3,&$/ $705$',86 $705$',86 $705$',86 $705$',86% $ $ & ' ( ) * 352326('&$/&8/$7,21$5($6<0%2/'(6&5,37,21352326('/,*+7,1*),;785(02817,1*+(,*+7352326('/,*+7,1*,17(16,7<)227&$1'/(6352326('$5($/,*+7352326('%8,/',1*02817('/,*+7=?%26721?%26??%2673*$5&+,7(&785(6+(/%851(52$'6287+%85/,1*72197?&$''?3/27?5'3/*+7':*,668( '$7('(6&5,37,21127$33529(')25&216758&7,2135(/,0,1$5< ),1$/0$-2568%',9,6,213/$7%<7,7/(6&$/(352-(&7,''5$:,1*352326('&+$6(%$1.:,7+5(027('5,9(83$70&+,77(1'(1&2817<9(50217%26 )25081,&,3$/68%0,66,21%-'&,7<2)6287+%85/,1*7216+(/%851(52$'0$3,'5XWKHUIRUG1-÷1HZ<RUN1<÷%RVWRQ0$3ULQFHWRQ1-÷7DPSD)/÷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x/,*+7(0,77,1*',2'(6/(' x+,*+35(6685(62',80 x0(7$/+$/,'( 7+( &2175$&725 6+$// 127,)< 6721(),(/' (1*,1((5,1* '(6,*1//& ,1:5,7,1*35,25727+(67$572)&216758&7,212)$1<352326('/,*+7,1*/2&$7,216 7+$7 &21)/,&7 :,7+ (;,67,1* 352326(' '5$,1$*( 87,/,7< 2527+(5,03529(0(176 7+( &2175$&725 ,6 5(63216,%/( 72 35(3$5( $ :,5,1* 3/$1 $1' 3529,'((/(&75,& 6(59,&( 72 $// 352326(' /,*+7,1* ),;785(6 7+( &2175$&725 ,65(48,5('7235(3$5($1$6%8,/73/$12):,5,1*$1'3529,'(&23,(6727+(2:1(5$1'6721(),(/'(1*,1((5,1* '(6,*1//&$70/,*+7,1*127(6 7+( &2175$&725 6+$// &21),50 7+$7 7+( /2&$7,21 2) $1< 352326('%8,/',1*02817('/,*+7,1*),;785(:,//127&21)/,&7:,7+$1<(;,67,1*25 352326(' 6758&785$/ (/(0(17 (* &$123< 6833257 %($06 7+(&2175$&7256+$//127,)<6721(),(/'(1*,1((5,1* '(6,*1//&,1:5,7,1*2)$1<),;785(&21)/,&735,25727+(67$572)&216758&7,21 $//(;,67,1*75((/,0%6:,7+,17+()227$705$',866+2:1,17+(3/$16(76+$//%(75,00('72$0,1,0802))((7$%29(*5$'($//6+58%6:,7+,17+()227$705$',866+$//%(75,00('72$0,1,0802),1&+(6$%29(*5$'($//%586+6+$//%(5(029('7+(&2175$&7256+$//&216,'(5$//)8785(*52:7+$1')8//%/220:+(175,00,1*/$1'6&$3,1*(;,67,1*75((/,0%6 $'-$&(17 72 /,*+7,1* ),;785(6 6+$// %( 75,00(' $6 5(48,5(' 7235(9(17/,*+7,17(5)(5(1&( 35,25 72 %,' &2175$&725 6+$// 9(5,)< (;,67,1* (;7(5,25 /,*+7,1*&21',7,216$)7(5'86.$1'127,)<7+('(9(/23(52:1(5$1'6721(),(/'(1*,1((5,1* '(6,*1 //& 2) '$0$*(' 25 ,123(5$%/( /,*+76¬ 7+(&2175$&725 6+$// 5(3$,5 $// ,123(5$%/( /,*+76 81/(66 27+(5:,6(127(':,7+,17+,63/$16(7 7+( ,//80,1$7,21 /(9(/6 '(3,&7(' :,7+,1 7+( 3/$1 6(7 $5( %$6(' 215(*8/$725< 67$7( 67$1'$5'6 )25 6$)(7< /,*+7,1* $1' 21 &/,(1767$1'$5'6 $///,*+7,1*),;785(681/(6627+(5:,6(127(':,7+,17+,63/$16(7+$9(7+(3+272&(//237,21(1$%/(' (;,67,1*/,*+7,1*),;785(6&21752//('%<2876,'((17,7,(6(*/$1'/25'+$9(%((1(;&/8'(')5207+(/,*+7,1*$1$/<6,65()/(&7(':,7+,17+(3/$16(7 7+( 352326(' /,*+7 /(9(/6 +$9( %((1 '(6,*1(' 72 &203/< :,7+ $//$33/,&$%/( $70 $1' 6$)(7< /,*+7,1* 5(48,5(0(176 ,1'(3(1'(17 2)$1<81&21752//('/,*+7),;785(6127(6 $//(;,67,1*75((/,0%6:,7+,1)227$705$',866+2:1213/$16+$//%(75,00('72$0,1,0802))((7$%29(*5$'($//6+58%672%(75,00('72µ+,*+:,7+,1)227$705$',86$//%586+6+$//%(5(029(')8785(*52:7+$1')8//%/2206+$//%(&216,'(5('(;,67,1*75((/,0%66+$//%(75,00('7235(9(17/,*+7,17(5)(5(1&($61(&(66$5< 7+,6/,*+7,1*'(6,*1,6%$6('217+(%$1. 6&855(1732/,&<)25(;7(5,25$706 $///,*+7672+$9(3+272&(//237,21(1$%/(' 7+( &2175$&725 ,6 5(63216,%/( 72 35(3$5( $ :,5,1* 3/$1 $1' 3529,'((/(&75,& 6(59,&( 72 $// 352326(' /,*+7,1* ),;785(6 7+( &2175$&725 ,65(48,5('7235(3$5($1$6%8,/73/$12):,5,1*$1'3529,'(&23,(6727+(2:1(5$1'6721(),(/'(1*,1((5,1* '(6,*1//& 7+(,//80,1$7,21/(9(/66+2:1$5(0($685('$7*5$'(352326('&$123<02817('/,*+7*& ,9 (92/9(&203$&7($&/$5($/,*+7:$776.*(&855(17($&/B%$)BBBBBBB9,(6( ,,, (92/9(&203$&7($&/$5($/,*+7:$776.*(&855(17($&/B%$:BBBBBBB9,(6) ,,, (92/9(&203$&7($&/$5($/,*+7:$776.*(&855(17($&/B$$:BBBBBBB9,(6+,,(92/9(&203$&7($&/$5($/,*+7:$776.*(&855(17($&/B$$1BBBBBBB9:,7+(/6($&$%/%/&.,(6/,*+7,1*'(6,*15(48,5(0(176&2'(6(&7,215(48,5('352326('% 32/(6,1$//27+(5$5($61213('(675,$16+$//127(;&((')7,1+(,*+7$1'6+$//87,/,=(81'(5*5281':,5,1*)7% /,*+766285&(6216758&785(66+$//127(;&((')7257+(+(,*+72)7+(6758&785(:+,&+(9(5,6/(66)7$E0$;,080',5(&7*/$5(,//80,1$7,215(48,5(0(170$;,080,//80,1$7,21$7*5281'/(9(/ )&$9(5$*( )& 6)3$5.,1*63$&(62+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+******************:::::::::::::::::::::::/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'/2'%%%% &%5,0 3(,1 3(287 6+(/%851(52$'865287(1252' :,'(%.3*%&'()6(:(50+5,0 &,,1 &,,1 &,287 672506(:(56((*(1(5$/127(12672506(:(56((*(1(5$/127(12672500+,1$&&(66,%/(5,0 352326('/,0,72)',6785%$1&(6)$&)) 5,'*(/,1(5,'*(/,1(5,'*(/,1(**7(7&(7&(7&(7&(7&(7&(7&:::::::::::****************7&7&7&7&7&*6$16$16$16$16$16$16$16:%,$% ( / * 5 $ ' ( $ 1 ' ( / ' 5, ' * ( 6 2, / 6 9H'9 ( 5 * ( 1 1 ( 6 & / $ <6)6)6)6)6)6)6)6)6)6)6)6)6)6)6)6)6)6)6)352326('+$<%$/(67<3,&$/352326('6,/7)(1&(7<3,&$/6)6)6)6)6)6)6)6)6)6)352326('62,/672&.3,/(352326('67$%,/,=('&216758&7,21(175$1&( 352326(',1/(7),/7(5&2175$&72572,167$//&216758&7,21)(1&,1*$5281'7+(3(5,0(7(52)7+(%,25(7(17,21%$6,1725(675,&772/,*+7:(,*+7(48,30(1721/<723527(&7$5($6)52062,/&203$&7,21&2175$&72572,167$//&216758&7,21)(1&,1*$5281'7+(3(5,0(7(52)7+(%,25(7(17,21%$6,1725(675,&772/,*+7:(,*+7(48,30(1721/<723527(&7$5($6)52062,/&203$&7,2173)73)352326('75((3527(&7,21)(1&(7<3,&$/73)73)73)73)73)73)73)73)73)73)73)73)352326('75((3527(&7,21)(1&(7<3,&$/=?%26721?%26??%2673*$5&+,7(&785(6+(/%851(52$'6287+%85/,1*72197?&$''?3/27?5'36(6&':*,668( '$7('(6&5,37,21127$33529(')25&216758&7,2135(/,0,1$5< ),1$/0$-2568%',9,6,213/$7%<7,7/(6&$/(352-(&7,''5$:,1*352326('&+$6(%$1.:,7+5(027('5,9(83$70&+,77(1'(1&2817<9(50217%26 )25081,&,3$/68%0,66,21%-'&,7<2)6287+%85/,1*7216+(/%851(52$'0$3,'5XWKHUIRUG1-÷1HZ<RUN1<÷%RVWRQ0$3ULQFHWRQ1-÷7DPSD)/÷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÷1HZ<RUN1<÷%RVWRQ0$3ULQFHWRQ1-÷7DPSD)/÷'HWURLW0,ZZZVWRQHILHOGHQJFRP%HDFRQ6WUHHW%RVWRQ0$3KRQH&+$5/(6'2/,923(9(50217/,&(16(1R/,&(16('352)(66,21$/(1*,1((562,/(526,21 6(',0(17&21752/'(7$,/6& 2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+******************:::::::::::::::::::::::%%%% &%5,0 3(,1 3(287 6+(/%851(52$'865287(1252' :,'(%.3*%&'()6(:(50+5,0 &,,1 &,,1 &,287 672506(:(56((*(1(5$/127(12672506(:(56((*(1(5$/127(12672500+,1$&&(66,%/(5,0 '2127(17(5%<3$666)3$5.,1*63$&(6$70**7(7&(7&(7&(7&(7&(7&(7&:::::::::::****************7&7&7&7&7&*6$16$16$16$16$16$16$16:+ 0(//0%506,6,566 2((&(7&(6&&$1++0+00$$&&&(6(6,%6,%//(6666,%%/(( (7777(7&&&&&&&&&&&((&&&&7(77((&(&((((&(&&((&77&&&&&&&&&&&&&&&&&&(&&&&&&&(((((((((((((((((77777777777777777777&7777777777777777777777777777(7777777777777771$$$1$11$$$$$$$111111111$11$$111$111111111111111&&7&:::::::::::::::::::::::::::::::::::::::::::9,%'(16&+/,7,/(*/$,/(:,+$09,5&+$/$79,%'(1$0(08/9,%'(1&+$/$79,%0$3,/(:,&255(6&+/,7,/(*/$&+$/$76&+/,73(1+$0,/(:,9,%0$3&+$/$7,/(*/$&+$/$76&+/,73(1+$0,/(:,6&+/,7&+$/$76&+/,7,/(:,,/(*/$3(1+$0,/((&56&+/,7,/(:,9,%'(13(1+$0,/(:,&255(&+$/$73(1+$0,/(:,3(1+$09,%0$36&+/,79,%0$3,/(*/$3(1+$06&+/,7,/(:,6&+/,73(1+$0&+$/$73(1+$0$0(08/9,%'(1$&(58%,/(*/$&255(48(%,&/$1'6&$3,1*127(6 7+( &2175$&725 6+$// 5(6725( $// ',6785%(' *5$66 $1'/$1'6&$3(' $5($6 72 0$7&+ (;,67,1* &21',7,216 81/(66,1',&$7('27+(5:,6(:,7+,17+(3/$16(7 7+( &2175$&725 6+$// 5(6725( $// ',6785%(' /$:1 $5($6:,7+$0,1,080,1&+/$<(52)72362,/$1'6((' 7+(&2175$&7256+$//5(6725(08/&+$5($6:,7+$0,1,080,1&+/$<(52)08/&+ 7+( 0$;,080 6/23( $//2:$%/( ,1 /$1'6&$3( 5(6725$7,21$5($6 6+$// %( )((7 +25,=217$/ 72 )227 9(57,&$/ 6/23(81/(66,1',&$7('27+(5:,6(:,7+,17+(3/$16(7 7+(&2175$&725,65(48,5('72/2&$7($//635,1./(5+($'6,1 $5($ 2) /$1'6&$3,1* ',6785%$1&( 35,25 72&216758&7,21 7+( &2175$&725 6+$// 5(/2&$7( 635,1./(5+($'6 $1' /,1(6 ,1 $&&25'$1&( :,7+ 2:1(5 6 ',5(&7,21:,7+,1$5($62)',6785%$1&( 7+( &2175$&725 6+$// (1685( 7+$7 $// ',6785%('/$1'6&$3(' $5($6 $5( *5$'(' 72 0((7 )/86+ $7 7+((/(9$7,212):$/.:$<6$1'7232)&85%(/(9$7,216(;&(3781/(66,1',&$7('27+(5:,6(:,7+,17+(3/$16(712$%5837&+$1*(6 ,1 *5$'( $5( 3(50,77(' ,1 ',6785%(' /$1'6&$3,1*$5($6=?%26721?%26??%2673*$5&+,7(&785(6+(/%851(52$'6287+%85/,1*72197?&$''?3/27?5'3/$1'':*,668( '$7('(6&5,37,21127$33529(')25&216758&7,2135(/,0,1$5< ),1$/0$-2568%',9,6,213/$7%<7,7/(6&$/(352-(&7,''5$:,1*352326('&+$6(%$1.:,7+5(027('5,9(83$70&+,77(1'(1&2817<9(50217%26 )25081,&,3$/68%0,66,21%-'&,7<2)6287+%85/,1*7216+(/%851(52$'0$3,'5XWKHUIRUG1-÷1HZ<RUN1<÷%RVWRQ0$3ULQFHWRQ1-÷7DPSD)/÷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µµ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¶)$67,*,$7$·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÷1HZ<RUN1<÷%RVWRQ0$3ULQFHWRQ1-÷7DPSD)/÷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´75((3527(&7,21)(1&('(7$,/µ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x75(1&+,1*:+(175(1&+,1*2&&856$5281'75((6725(0$,17+(75((522766+$//127%(&87%877+(75(1&+6+$//%(7811(/('81'(525$5281'7+(52276%<&$5()8/+$1'',**,1*$1':,7+287,1-85<727+(522761252276/,0%625:22'6$5(72+$9($1<3$,17250$7(5,$/$33/,('72$1<685)$&(x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´75((:(//'(7$,/µx/2:(5,1**5$'(6(;,67,1*75((6/2&$7(',1$5($6:+(5(7+(1(:),1,6+('*5$'(,672%(/2:(5('6+$//+$9(5(*5$',1*:25.'21(%<+$1'727+(,1',&$7('(/(9$7,2112*5($7(57+$16,;,1&+(6µ522766+$//%(&87&/($1/<7+5((,1&+(6%(/2:),1,6+('*5$'(81'(57+(',5(&7,212)$/,&(16('$5%25,67:+(5(&87(;&((',1*,1&+(6,65(48,5('$'5</$,'5(7$,1,1*:$//6+$//%(&216758&7(',)$33/,&$%/(7+(5(7$,1,1*:$//,167$//$7,216+$//%(,1$&&25'$1&(:,7+7+(3529,'('´75((5(7$,1,1*:$//'(7$,/µ62,/35(3$5$7,21$1'08/&+127(6/$1'6&$3(&2175$&7256+$//2%7$,1$62,/7(672)7+(,16,7872362,/%<$&(57,),('62,//$%25$725<35,25723/$17,1*/$1'6&$3(&2175$&7256+$//$//2:)25$7:2:((.7851$5281'7,0()52068%0,77$/2)6$03/(72127,),&$7,212)5(68/76%$6('2162,/7(675(68/76$'-8677+(5$7(62)/,0($1')(57,/,=(57+$76+$//%(0,;(',1727+(7236,;,1&+(6µ2)72362,/7+(/,0($1')(57,/,=(55$7(63529,'(':,7+,17+(´6(('63(&,),&$7,21µ25´62'63(&,),&$7,21µ,6$3352;,0$7($1')25%,'',1*385326(621/<,)$'',7,21$/$0(1'0(176$5(1(&(66$5<$'-8677+(72362,/$6)2//2:6x02',)<+($9<&/$<256,/762,/6025(7+$1&/$<256,/7%<$'',1*&203267('3,1(%$5.8372%<92/80(25*<3680x02',)<(;75(0(/<6$1'<62,/6025(7+$1%<$'',1*25*$1,&0$77(5$1'25'5<6+5(''('&/$</2$083722)7+(727$/0,; 72362,/ 6+$// %( )(57,/( )5,$%/( 1$785$/ 72362,/ 2) /2$0,1* &+$5$&7(5 :,7+287 $'0,;785( 2) 68%62,/0$7(5,$/2%7$,1(')520$:(//'5$,1('$5$%/(6,7()5(()520$//&/$</8036&2$56(6$1'66721(63/$1765227667,&.6$1'27+(5)25(,*10$7(5,$/*5($7(57+$121(,1&+µ72362,/6+$//+$9($3+5$1*(2)$1'6+$//127&217$,1/(667+$125*$1,&0$77(5%<:(,*+72%7$,172362,/21/<)520/2&$/6285&(625)520$5($6+$9,1*6,0,/$562,/&+$5$&7(5,67,&6727+$7)281'$77+(352-(&76,7(&2175$&7256+$//3529,'($6,;,1&+'((3/$<(52)72362,/,1$//3/$17,1*$5($672362,/6+$//%(635($'29(5$35(3$5('685)$&(,1$81,)250/$<(572$&+,(9(7+('(6,5('&203$&7('7+,&.1(667+(635($',1*2)72362,/6+$//127%(&21'8&7('81'(508''<25)52=(162,/&21',7,216 81/(66 27+(5:,6( 127(' ,1 7+( &2175$&7 7+( /$1'6&$3( &2175$&725 6+$// %( 5(63216,%/( )25 7+(,167$//$7,212)72362,/$1'7+((67$%/,6+0(172)),1(*5$',1*:,7+,17+(',6785%('$5($2)7+(6,7(/$1'6&$3(&2175$&7256+$//9(5,)<7+$77+(68%*5$'((/(9$7,210((767+(),1,6+('*5$'((/(9$7,21/(667+(5(48,5('72362,/,1$&&25'$1&(:,7+7+($33529('25),1$/*5$',1*3/$1$///$:1$1'3/$17,1*$5($66+$//%(*5$'('72$60227+(9(1$1'81,)2503/$1(:,7+12$%5837&+$1*(2)685)$&( $6 '(3,&7(':,7+,1 7+($33529('25 ),1$/&216758&7,216(7 81/(6627+(5:,6(',5(&7('%<7+(352-(&7/$1'6&$3('(6,*1(525081,&,3$/2)),&,$/7+(&2175$&7256+$//%(5(63216,%/()253523(5685)$&($1'68%685)$&(3/$17%(''5$,1$*(35,25727+(,167$//$7,212)3/$17,1*6,)3225'5$,1$*(&21',7,216(;,67&255(&7,9($&7,216+$//%(7$.(135,2572,167$//$7,21$//3/$17,1*$1'/$:1$5($66+$//%(*5$'('$1'0$,17$,1('72$//2:$)5(()/2:2)685)$&(:$7(5'28%/(6+5(''('+$5':22'08/&+25$33529('(48$/6+$//%(86('$6$7+5((,1&+723'5(66,1*,1$//6+58%3/$17,1*%('6$1'$5281'$//75((63/$17('%</$1'6&$3(&2175$&725*5281'&29(53(5(11,$/$1'$118$/3/$17,1*%('66+$//%(08/&+(':,7+$7:2,1&+µ723'5(66,1*6,1*/(75((6256+58%66+$//%(08/&+('72$92,'&217$&7:,7+7581.253/$1767(008/&+6+$//%(2)68)),&,(17&+$5$&7(5$612772%(($6,/<',63/$&('%<:,1'25:$7(55812)):+(1(9(53266,%/(7+(62,/35(3$5$7,21$5($6+$//%(&211(&7(')5203/$17,1*723/$17,1*62,/6+$//%(/226(1(':,7+$%$&.+2(2527+(5/$5*(&2$56(7,/,1*(48,30(1781/(667+(62,/,6)52=(125(;&(66,9(/<:(77,/,1*7+$7352'8&(6/$5*(&2$56(&+81.62)62,/,635()(5$%/(727,/,1*7+$75(68/76,1),1(*5$,1681,)250,17(;785($)7(57+($5($,6/226(1(',76+$//127%('5,9(129(5%<$1<9(+,&/( $33/< 35((0(5*(17 :((' &21752/ 72 $// 3/$17 %('6 35,25 7208/&+,1* (1685( &203$7,%,/,7< %(7:((1352'8&7$1'3/$170$7(5,$/C$//3/$17,1*62,/6+$//%($0(1'(':,7+7+()2//2:,1*0<&5275((6$9(5 $ '5< *5$18/$5 0<&255+,=$/ )81*, ,12&8/$17 7+$7 ,6 0,;(' ,1 7+( %$&.),// :+(13/$17,1*75((6$1'6+58%6,7&217$,166325(62)%27+(&720<&255+,=$/$1'9$0<&255+,=$/)81*,9$0%(1(),&,$/ 5+,=263+(5( %$&7(5,$ 7(55$625% 683(5$%625%(17 +<'52*(/ 72 5('8&( :$7(5 /($&+,1* $1'6(/(&7('25*$1,&0,&52%,$/1875,(176x',5(&7,216)2586(86(2=3(5($&+)227',$0(7(52)7+(5227%$//252=3(5,1&+&$/,3(50,;,1727+(%$&.),//:+(175$163/$17,1*75((6$1'6+58%60,;352'8&7,1$5,1*6+$3('92/80(2)62,/$5281'7+(833(5 3257,21 2) 7+( 5227 %$// (;7(1',1* )520 7+( 62,/ 685)$&( 72 $ '(37+ 2) $%287 ,1&+(6 $1'(;7(1',1*287)5207+(5227%$//$%287,1&+(6,1727+(%$&.),//$33/<:$7(57262,/6$785$7,21x0<&25 75(( 6$9(5 ,6 ())(&7,9( )25 $// 75(( $1' 6+58% 63(&,(6(;&(37 5+2'2'(1'5216 $=$/($6 $1'02817$,1/$85(/:+,&+5(48,5((5,&2,'0<&255+,=$(x62,/3+7+()81*,,17+,6352'8&7:(5(&+26(1%$6('217+(,5$%,/,7<726859,9($1'&2/21,=(3/$1752276,1$3+5$1*(2)72x)81*,&,'(67+(86(2)&(57$,1)81*,&,'(6&$1+$9($'(75,0(17$/())(&7217+(,12&8/$7,21352*5$062,/$33/,&$7,212)$1<)81*,&,'(,61275(&200(1'(')257:2:((.6$)7(5$33/,&$7,21x27+(5 3(67,&,'(6 +(5%,&,'(6 $1' ,16(&7,&,'(6 '2 127 1250$//< ,17(5)(5( :,7+ 0<&255+,=$/ )81*$/'(9(/230(17%870$<,1+,%,77+(*52:7+2)620(75(($1'6+58%63(&,(6,)12786('3523(5/<+($/7+<67$570$&527$%6x)(57,/,=(57$%/(76$5(3/$&(',17+(833(5,1&+(62)%$&.),//62,/:+(13/$17,1*75((6$1'6+58%6x7$%/(76 $5( )2508/$7(' )25 /21*7(50 5(/($6( %< 6/2: %,2'(*5$'$7,21 $1' /$67 83 72 <($56$)7(53/$17,1*7$%/(76&217$,113.)(57,/,=(5$6:(//$6$0,1,0802)6(9(13(5&(17+80,&$&,'%<:(,*+7 0,&52%,$/ 1875,(176 '(5,9(' )520 6($ .(/3 3527(,1 %<352'8&76 $1' <8&&$ 6&+,',*(5$ $1' $&203/(0(172)%(1(),&,$/5+,=263+(5(%$&7(5,$7+(67$1'$5'*5$07$%/(7,663(&,),('+(5(',5(&7,216)2586()253/$17,1*%$//(' %85/$33('% %75((6$1'6+58%60($685(7+(7+,&.1(662)7+(7581.$1'86($%2877$%/(7*3(5+$/),1&+3/$&(7+(7$%/(76',5(&7/<1(;7727+(5227%$//(9(1/<',675,%87('$5281',763(5,0(7(5$7$'(37+2)$%287,1&+(63/$1748$/,7<$1'+$1'/,1*127(6$//3/$170$7(5,$/6+$//&21)250727+($0(5,&$167$1'$5')251856(5<672&.$16,=25/$7(675(9,6,21$638%/,6+('%<7+($0(5,&$11856(5<$1'/$1'6&$3($662&,$7,21 ,1 $// &$6(6 %27$1,&$/ 1$0(6 /,67(' :,7+,1 7+( $33529(' 25),1$/ 3/$17 /,67 6+$// 7$.( 35(&('(1&( 29(5&200211$0(6$//3/$1766+$//%(2)6(/(&7('63(&,0(148$/,7<(;&(37,21$//<+($9<7,*+7/<.1,76275$,1('25)$925(',17+(,5'(9(/230(17$1'$33($5$1&($672%(683(5,25,1)250180%(52)%5$1&+(6&203$&71(66$1'6<00(75<$//3/$1766+$//+$9($1250$/+$%,7256281'+($/7+<9,*252863/$176:,7+:(//'(9(/23('52276<67(03/$1766+$//%()5((2)',6($6(,16(&73(676(**625/$59$(3/$1766+$//127%(3581('%()25('(/,9(5<75((6:,7+$%5$6,212)7+(%$5.6816&$/'6',6),*85,1*.127625)5(6+&8762)/,0%629(521($1'21()2857+,1&+(6:+,&++$9(127&203/(7(/<&$//286('6+$//%(5(-(&7('$//3/$1766+$//%(7<3,&$/2)7+(,563(&,(6259$5,(7<$1'6+$//+$9($1250$/+$%,72)*52:7+$1'%(/(*,%/<7$**(':,7+7+(3523(51$0($1'6,=(7+(52276<67(02)($&+3/$176+$//%(:(//3529,'(':,7+),%528652276$//3$5766+$//%(6281'+($/7+<9,*25286:(//%5$1&+('$1''(16(/<)2/,$7(':+(1,1/($)$//3/$176'(6,*1$7('%$//$1'%85/$3% %0867%(029(':,7+7+(52276<67(0$662/,'81,76:,7+%$//62)($57+ ),50/< :5$33(' :,7+ %85/$3 7+( ',$0(7(5 $1' '(37+ 2) 7+( %$//6 2) ($57+ 0867 %( 68)),&,(17 72(1&203$667+(),%52865227)((',1*6<67(061(&(66$5<)257+(+($/7+<'(9(/230(172)7+(3/$17123/$176+$// %( $&&(37(' :+(1 7+( %$// 2) ($57+ 6855281',1* ,76 52276+$6 %((1 %$'/< &5$&.(' 25 %52.(135(3$5$725<7225'85,1*7+(352&(662)3/$17,1*7+(%$//66+$//5(0$,1,17$&7'85,1*$//23(5$7,216$//3/$1767+$7&$1127%(3/$17('$721&(0867%(+((/(',1%<6(77,1*,17+(*5281'$1'&29(5,1*7+(%$//6:,7+62,/2508/&+$1'7+(1:$7(5,1*+(03%85/$3$1'7:,1(,635()(5$%/(7275($7(',)75($7('%85/$3,686('$//7:,1(,672%(&87)520$5281'7+(7581.$1'$//%85/$3,672%(5(029('3/$17675$163257('727+(352-(&7,123(19(+,&/(66+$//%(&29(5(':,7+7$5362527+(568,7$%/(&29(566(&85(/< )$67(1(' 72 7+( %2'< 2) 7+( 9(+,&/( 72 35(9(17 ,1-85<72 7+( 3/$176 &/26(' 9(+,&/(6 6+$// %($'(48$7(/<9(17,/$7('7235(9(1729(5+($7,1*2)7+(3/$176(9,'(1&(2),1$'(48$7(3527(&7,21)2//2:,1*',**,1* &$5(/(661(66 :+,/( ,1 75$16,7 25 ,03523(5 +$1'/,1* 25 6725$*( 6+$// %( &$86( )25 5(-(&7,21 2)3/$170$7(5,$/$//3/$1766+$//%(.(3702,67)5(6+$1'3527(&7('68&+3527(&7,216+$//(1&203$667+((17,5(3(5,2''85,1*:+,&+7+(3/$176$5(,175$16,7%(,1*+$1'/('25$5(,17(0325$5<6725$*($//3/$170$7(5,$/6+$//%(,167$//(',1$&&25'$1&(:,7+7+(&255(6321',1*/$1'6&$3(3/$1$1'3/$17,1*'(7$,/6/$1'6&$3(&2175$&7256+$//0$.(%(67())25772,167$//3/$17,1*6217+(6$0('$<$6'(/,9(5<,)3/$176$5(1273/$17(',00(',$7(/<216,7(3523(5&$5(6+$//%(7$.(1723/$&(7+(3/$17,1*6,13$57,$/6+$'(:+(13266,%/( 7+( 5227 %$// 6+$// %( .(37 02,67 $7 $// 7,0( $1' &29(5(' :,7+ 02,67(1(' 08/&+ 25 $*(':22'&+,363523(5,55,*$7,216+$//%(6833/,('62$672127$//2:7+(5227%$//72'5<2873/$17,1*66+$//%(817,('$1'3523(563$&,1*6+$//%($//277(')25$,5&,5&8/$7,21$1'7235(9(17',6($6(:,/7,1*$1'/($)/2663/$1767+$75(0$,1813/$17(')25$3(5,2'2)7,0(*5($7(57+$17+5(('$<66+$//%(+($/(',1:,7+72362,/2508/&+$1':$7(5('$65(48,5('7235(6(59(522702,6785(123/$170$7(5,$/6+$//%(3/$17(',108''<25)52=(162,/3/$176:,7+,1-85('5227625%5$1&+(66+$//%(3581('35,25723/$17,1*87,/,=,1*&/($16+$53722/621/<',6($6('25,1-85('3/$1766+$//%(5(029(',)52&.2527+(581'(5*5281'2%6758&7,21,6(1&2817(5('7+(/$1'6&$3('(6,*1(55(6(59(67+(5,*+7725(/2&$7(25(1/$5*(3/$17,1*3,7625'(/(7(3/$170$7(5,$/)5207+(&2175$&7,)3/$176$5(352326(':,7+,16,*+775,$1*/(675((66+$//%(/,0%('$1'0$,17$,1('72$+(,*+72)(,*+7)((7 $%29(*5$'($1'6+58%6*5281'&29(53(5(11,$/6$1'$118$/66+$//%(0$,17$,1('72$+(,*+712772(;&((' 7:2 )((7 $%29( *5$'( 81/(66 27+(5:,6( 127(' 25 63(&,),(' %< 7+( *29(51,1* 081,&,3$/,7< 25$*(1&<,167$//$7,216+$//2&&85'85,1*7+()2//2:,1*6($62163/$1760$5&+'(&(0%(5/$:160$5&+-81(256(37(0%(5'(&(0%(57+()2//2:,1*75((6$5(686&(37,%/(7275$163/$176+2&.$1'6+$//127%(3/$17(''85,1*7+()$//6($62167$57,1*6(37(0%(5$%,(6&21&2/25 &251869$5,(7,(6 2675<$9,5*,1,$1$$&(5%8(5*(5,$180 &5$7$(*869$5,(7,(6 3,1861,*5$$&(5)5((0$1,, &835(662&<3$5,6/(</$1',, 3/$7$1869$5,(7,(6$&(558%580 )$*869$5,(7,(6 3238/869$5,(7,(6$&(56$&&+$5,180 +$/(6,$9$5,(7,(6 3581869$5,(7,(6%(78/$9$5,(7,(6 ,/(;;)267(5,, 3<5869$5,(7,(6&$53,1869$5,(7,(6 ,/(;1(//,(67(9(16 48(5&869$5,(7,(612743$/8675,6&('586'(2'$5$ ,/(;23$&$ 6$/,;:((3,1*9$5,(7,(6&(/7,69$5,(7,(6 -81,3(5869,5*,1,$1$ 625%869$5,(7,(6&(5&,',3+<//809$5,(7,(6 .2(/5(87(5,$3$1,&8/$7$ 7$;2',809$5,(7,(6&(5&,6&$1$'(16,6 /,48,'$0%$59$5,(7,(6 7$;8;%5(3$1'(16&251869$5,(7,(6 /,5,2'(1'5219$5,(7,(6 7,/,$720(1726$9$5,(7,(6&5$7$(*869$5,(7,(6 0$/86,1/($) 8/0863$59,)2/,$9$5,(7,(61<66$6</9$7,&$ =(/.29$9$5,(7,(6,)$352326('3/$17,681$77$,1$%/(25217+()$//',**,1*+$=$5'/,67$1(48,9$/(1763(&,(62)7+(6$0(6,=(0$<%(5(48(67(')2568%67,787,212)7+(25,*,1$/3/$17$//68%67,787,2166+$//%($33529('%<7+(352-(&7/$1'6&$3('(6,*1(525081,&,3$/2)),&,$/35,257225'(5,1*$1',167$//$7,21'85,1*7+(&2856(2)&216758&7,213/$17,167$//$7,21(;&(66$1':$67(0$7(5,$/66+$//%(&217,18286/<$1'352037/<5(029('$77+((1'2)($&+:25.'$<$//'(%5,60$7(5,$/6$1'722/66+$//%(3523(5/<6725('672&.3,/('25',6326('2)$1'$//3$9('$5($66+$//%(&/($1('7+(/$1'6&$3(&2175$&7256+$//',6326(2)$//58%%,6+$1'(;&(6662,/$7+,6(;3(16(72$12))6,7(/2&$7,21$6$33529('%<7+(/2&$/081,&,3$/,7<$'$<0$,17(1$1&(3(5,2'6+$//%(*,1,00(',$7(/<$)7(5$//3/$176+$9(%((16$7,6)$&725,/<,167$//('0$,17(1$1&(6+$//,1&/8'(%87127%(/,0,7('725(3/$&,1*08/&+7+$7+$6%((1',63/$&('%<(526,212527+(5 0($165(3$,5,1*$1' 5(6+$3,1* :$7(5 5,1*6 25 6$8&(56 0$,17$,1,1* 67$.(6 $1' *8<6 ,) 25,*,1$//<5(48,5(':$7(5,1*:+(11(('('25',5(&7(':((',1*3581,1*635$<,1*)(57,/,=,1*02:,1*7+(/$:1$1'3(5)250,1*$1<27+(5:25.5(48,5('72.((37+(3/$176,1$+($/7+<&21',7,2102:$//*5$66$5($6$75(*8/$5,17(59$/672.((37+(*5$66+(,*+7)520(;&((',1*7+5((,1&+(602:,1*6+$//%(3(5)250('21/<:+(1*5$66,6'5<02:(5%/$'(6+$//%(6(7725(029(12025(7+$121(7+,5'2)7+(*5$66/(1*7+:+(17+($028172)*5$66,6+($9<,76+$//%(5(029('7235(9(17'(6758&7,212)7+(81'(5/<,1*785)02:*5$66$5($6,168&+$0$11(5$67235(9(17&/,33,1*6)520%/2:,1*213$9('$5($6$1'6,'(:$/.6&/($183$)7(502:,1*6+$//,1&/8'(6:((3,1*25%/2:,1*2)3$9('$5($6$1'6,'(:$/.672&/($57+(0)52002:,1*'(%5,6*5$66('$5($6'$0$*(''85,1*7+(352&(662)7+(:25.6+$//%(7+(5(63216,%,/,7<2)7+(&2175$&725:+26+$//5(6725(7+(',6785%('$5($672$&21',7,216$7,6)$&725<727+(352-(&7/$1'6&$3('(6,*1(5081,&,3$/2)),&,$/ 25 2:1(52:1(5 6 5(35(6(17$7,9( 7+,6 0$< ,1&/8'( ),//,1* 72 *5$'( )(57,/,=,1* 6((',1* $1'08/&+,1* 6+28/' 7+( 2:1(5 5(48,5( 0$,17(1$1&( %(<21' 7+( 67$1'$5' '$< 0$,17(1$1&( 3(5,2' $ 6(3$5$7(&2175$&76+$//%((67$%/,6+('/$1'6&$3(&2175$&7256+$//:$7(51(:3/$17,1*6)5207,0(2),167$//$1'7+528*+2875(48,5(''$<0$,17(1$1&(3(5,2'817,/3/$176$5((67$%/,6+(',)216,7(:$7(5,6127$9$,/$%/($77+(352-(&7/2&$7,217+(/$1'6&$3(&2175$&7256+$//)851,6+,7%<0($1625$:$7(5,1*758&.2527+(5$&&(37$%/(0$11(57+(48$17,7<2):$7(5$33/,('$721(7,0(6+$//%(68)),&,(17723(1(75$7(7+(62,/72$0,1,0802)(,*+7,1&+(6,16+58%%('6$1'6,;,1&+(6,1785)$5($6$7$5$7(:+,&+:,//35(9(176$785$7,212)7+(62,/,)$1$8720$7,&,55,*$7,216<67(0+$6%((1,167$//(',7&$1%(86(')25:$7(5,1*3/$170$7(5,$/+2:(9(5)$,/85( 2) 7+( 6<67(0 '2(6 127 (/,0,1$7( 7+( /$1'6&$3( &2175$&725 6 5(63216,%,/,7< 2) 3/$17 +($/7+ $1'(67$%/,6+0(173/$170$7(5,$/*8$5$17((127(67+(/$1'6&$3(&2175$&7256+$//*8$5$17(($//3/$170$7(5,$/)25$3(5,2'2)21(<($5<5)520$33529$/2) /$1'6&$3( ,167$//$7,21 %< 7+( 352-(&7 /$1'6&$3( '(6,*1(5 081,&,3$/ 2)),&,$/ 25 2:1(52:1(5 65(35(6(17$7,9(7+(/$1'6&$3(&2175$&7256+$//5(029($1'5(3/$&('<,1*'($'25'()(&7,9(3/$170$7(5,$/$7+,6(;3(16(7+(/$1'6&$3(&2175$&7256+$//$/62%(5(63216,%/()25$1<'$0$*(6&$86('%<+,6&203$1< 623(5$7,216$//5(3/$&(0(173/$1766+$//%(2)7+(6$0(63(&,(6$1'6,=($663(&,),('217+($33529('25),1$/3/$17/,675(3/$&(0(176 5(68/7,1* )520 5(029$/ /266 25 '$0$*( '8( 72 2&&83$1&< 2) 7+( 352-(&7 ,1 $1< 3$579$1'$/,60 3+<6,&$/ '$0$*( %< $1,0$/6 9(+,&/(6 (7& $1' /266(6 '8( 72 &857$,/0(17 2) :$7(5 %< /2&$/$87+25,7,(66+$//%($33529('$1'3$,')25%<7+(2:1(57+(&2175$&7256+$//,16758&77+(2:1(5$6727+(3523(5&$5($1'0$,17(1$1&(2)$//3/$17,1*6/$:16(('2562'127(66(('0,;785(6+$//%()5(6+&/($11(:&5236(('62'6+$//%(67521*/<5227('81,)250,17+,&.1(66$1')5((2):(('6',6($6($1'3(6766(('2562'6+$//%(385&+$6(')520$5(&2*1,=('',675,%8725$1'6+$//%(&20326('2)7+(0,;25%/(1':,7+,17+(3529,'('´6(('63(&,),&$7,21µ25´62'63(&,),&$7,21µ5()(5(1&(/$1'6&$3(3/$1)25$5($672%(6(('('25/$,':,7+62' 6((',1* 6+$// 127 %( 3(5)250(' ,1 :,1'< :($7+(5 ,) 7+( 6($621 2) 7+( 352-(&7 &203/(7,21 352+,%,763(50$1(17 67$%,/,=$7,21 7(0325$5< 67$%,/,=$7,21 6+$// %( 3529,'(' ,1 $&&25'$1&( :,7+ 7+( ´7(0325$5<6((',1*63(&,),&$7,21µ3527(&71(:/$:1$5($6$*$,16775(63$66,1*:+,/(7+(6((',6*(50,1$7,1*)851,6+$1',167$//)(1&(66,*16%$55,(56 25 $1< 27+(5 1(&(66$5< 7(0325$5< 3527(&7,9( '(9,&(6 '$0$*( 5(68/7,1* )520 75(63$66 (526,21:$6+2876(77/(0(172527+(5&$86(66+$//%(5(3$,5('%<7+(/$1'6&$3(&2175$&725$7+,6(;3(16(5(029($//)(1&(66,*16%$55,(562527+(57(0325$5<3527(&7,9('(9,&(621&(/$:1+$6%((1(67$%/,6+('127(6 )25&217$,1(5*52:175((686(),1*(562560$//+$1'722/67238//7+(522762872)7+(287(5/$<(52)3277,1*62,/7+(1&872538//$3$57$1<52276&,5&/,1*7+(3(5,0(7(52)7+(&217$,1(5 7+2528*+/<62$.7+(75((5227%$//$1'$'-$&(1735(3$5('62,/6(9(5$/7,0(6'85,1*7+(),5670217+$)7(53/$17,1*$1'5(*8/$5/<7+528*+2877+()2//2:,1*7:26800(56 62,/$0(1'0(176x02',)<+($9<&/$<256,/762,/6025(7+$1&/$<256,/7%<$'',1*&203267('3,1(%$5.8372%<92/80(25*<3680x02',)<(;75(0(/<6$1'<62,/'6025(7+$16$1'%<$'',1*25*$1,&0$77(5$1'25'5<6+5(''('&/$</2$083722)7+(727$/0,;$92,'385&+$6,1*75((6:,7+7:2/($'(56255(029(21($73/$17,1*27+(5:,6('21273581(75(($73/$17,1*(;&(37)2563(&,),&6758&785$/&255(&7,2166(75227%$//)/86+72*5$'(256(9(5$/,1&+(6+,*+(5,13225/<'5$,1,1*62,/6&87%$1'62):,5(%$6.(7$1')2/'$:$<)5207232)5227%$//%8,/783($57+6$8&(5%$&.),//62,/x3$5762,/$0(1'0(17%$6('2162,/7(67x3$5761$7,9(72362,/7$0362,/62/,'/<$5281'%$6(2)5227%$//6(75227%$//21),503$',1%277202)+2/('212767$.(25:5$37581.'28%/(6+5(''('+$5':22'08/&+'21273/$&(08/&+,1&217$&7:,7+75((7581.+2/(6+$//%(7,0(67+(:,'7+2)7+(5227%$//523(6$77+(7232)%$//6+$//%(&87$1'5(029(')2/'%$&.7232)%85/$3$//121%,2'(*5$'$%/(0$7(5,$/6+$//%(5(029('81',6785%('68%*5$'(',*:,'(6+$//2:+2/(:,7+7$3(5('6,'(6(9(5*5((175((3/$17,1*'(7$,/127726&$/(5()(5(1&(6$5&+,7(&785$/*5$3+,&67$1'$5'6&23<5,*+7'((3(57+$15227%$//'(&,'828675((3/$17,1*'(7$,/5()(5(1&(6$5&+,7(&785$/*5$3+,&67$1'$5'6&23<5,*+7127726&$/(127(6)25&217$,1(5*52:175((686(),1*(562560$//+$1'722/67238//7+(522762872)7+(287(5/$<(52)3277,1*62,/7+(1&872538//$3$57$1<52276&,5&/,1*7+(3(5,0(7(52)7+(&217$,1(57+2528*+/<62$.7+(75((5227%$//$1'$'-$&(1735(3$5('62,/6(9(5$/7,0(6'85,1*7+(),5670217+$)7(53/$17,1*$1'5(*8/$5/<7+528*+2877+()2//2:,1*7:26800(5662,/$0(1'0(176x02',)<+($9<&/$<256,/762,/6025(7+$1&/$<256,/7%<$'',1*&203267('3,1(%$5.8372%<92/80(25*<3680x02',)<(;75(0(/<6$1'<62,/6025(7+$16$1'%<$'',1*25*$1,&0$77(5$1'25'5<6+5(''('&/$</2$083722)7+(727$/0,;'212767$.(25:5$37581.+2/(6+$//%(7,0(67+(:,'7+2)7+(5227%$//'28%/(6+5(''('+$5':22'08/&+'21273/$&(08/&+,1&217$&7:,7+75((7581.523(6$77232)%$//6+$//%(&87$1'5(029(')2/'%$&.7232)%85/$3$//121%,2'(*5$'$%/(0$7(5,$/6+$//%(5(029('81',6785%('68%*5$'(',*:,'(6+$//2:+2/(:,7+7$3(5('6,'(6$92,'385&+$6,1*75((6:,7+7:2/($'(56255(029(21($73/$17,1*27+(5:,6('21273581(75(($73/$17,1*(;&(37)2563(&,),&6758&785$/&255(&7,2166(75227%$//)/86+72*5$'(256(9(5$/,1&+(6+,*+(5,13225/<'5$,1,1*62,/6&87%$1'62):,5(%$6.(7$1')2/'$:$<)5207232)5227%$//%8,/783($57+6$8&(5%$&.),//62,/x3$5762,/$0(1'0(17%$6('2162,/7(67x3$5761$7,9(72362,/'((3(57+$15227%$//7$0362,/62/,'/<$5281'%$6(2)5227%$//6(75227%$//21),503$',1%277202)+2/(63$&,1*&+$57$52:$63$&,1*'3/$17('21&(17(56((63$&,1*&+$572&2&2&2&2&2&2&2&2&'''127726&$/(127(6 7+2528*+/<62$.7+(*5281'&29(55227%$//$1'$'-$&(1735(3$5('62,/6(9(5$/7,0(6'85,1*7+(),5670217+$)7(53/$17,1*$1'5(*8/$5/<7+528*+2877+()2//2:,1*7:26800(56 62,/$0(1'0(176x02',)<+($9<&/$<256,/762,/'6025(7+$1&/$<256,/7%<$'',1*&203267('3,1(%$5.8372%<92/80(25*<3680x02',)<(;75(0(/<6$1'<62,/'6025(7+$16$1'%<$'',1*25*$1,&0$77(5$1'25'5<6+5(''('&/$</2$083722)7+(727$/0,;$//*5281'&29(5$5($66+$//%(75($7(':,7+$35((0(5*(173(50$18)$&785(5 663(&,),&$7,216'28%/(6+5(''('+$5':22'08/&+'21273/$&(08/&+$*$,1677+(%$6(2)7+(3/$17*(17/<38//52276$:$<)52072362,/0$66:,7+),1*(56%$&.),//62,/x3$5762,/$0(1'0(17%$6('2162,/7(67x3$5761$7,9(72362,/81',6785%('68%*5$'(*5281'&29(53(5(11,$/$118$/3/$17,1*'(7$,/127726&$/(72127(6 )257+(&217$,1(5*52:16+58%686(),1*(562560$//+$1'722/7238//7+(522762872)7+(287(5/$<(52)3277,1*62,/7+(1&872538//$3$57$1<52276&,5&/,1*7+(3(5,0(7(52)7+(&217$,1(5 7+2528*+/< 62$. 7+( 6+58% 5227 %$// $1' $'-$&(17 35(3$5(' 62,/ 6(9(5$/ 7,0(6 '85,1* 7+( ),567 0217+ $)7(5 3/$17,1* $1' 5(*8/$5/< 7+528*+287 7+()2//2:,1*7:26800(56x02',)<+($9<&/$<256,/762,/6025(7+$1&/$<256,/7%<$'',1*&203267('3,1(%$5.8372%<92/80(25*<3680x02',)<(;75(0(/<6$1'<62,/6025(7+$16$1'%<$'',1*25*$1,&0$77(5$1'25'5<6+5(''('&/$</2$083722)7+(727$/523(6$77+(7232)%$//6+$//%(&87$1'5(029(')2/'%$&.7232)%85/$3$//121%,2'(*5$'$%/(0$7(5,$/6+$//%(5(029('3/$17,1*+2/(6+$//%(72'((3)25/$5*(56+58%5227%$//60$.('(37+0,1'((3(57+$1%$//%$//('$1'%85/$33('3/$1762,/685)$&(528*+(1('72%,1':,7+%$&.),//62,/7232)6+58%5227%$//6+$//%(6(7)/86+:,7+),1,6+('*5$'('28%/(6+5(''('+$5':22'08/&+'21273/$&(08/&+$*$,1677+(%$6(2)7+(3/$17&217$,1(5*52:13/$17:,7+5227638//('2872)%$//%$&.),//62,/x3$5762,/$0(1'0(17%$6('2162,/7(67x3$5761$7,9(72362,/81',6785%('68%*5$'('(&,'8286$1'(9(5*5((16+58%3/$17,1*'(7$,/127726&$/(5()(5(1&(6$5&+,7(&785$/*5$3+,&67$1'$5'6&23<5,*+7 $&&(66,%/(3$5.,1*67$//0$5.,1*6 0,1,080 0,1,080 0,1,080127726&$/($'$$&&(66,%/(3$5.,1*6,*1$1'9$1$&&(66,%/(6833/(0(17$/6,*16((6,7(3/$1)25(;$&7/2&$7,21:,'($=85(%/8(675,3,1*$763$&,1*:,'($=85(%/8(3$,17675,3(3$,17('$=85(%/8(+$1',&$33('6<0%2/:;+123$5.,1*6,*16((6,7(3/$1)25(;$&7/2&$7,21127( 3$5.,1* 67$// 0$5.,1*6$5(72%(0($685(')520&(17(5 2) 0$5.,1* 72&(17(52)0$5.,1*&21&5(7(3$'6,*13267'(7$,/127726&$/(8&+$11(/087&'67$1'$5'6,*16,=(6+$3($1'&2/2566((6,*1&+$5767236,*155(':+,7( [ *5281'087&'180%(57(;7&2/25/(*(1' %$&.*5281'6,=(2)6,*1:,'7+;+(,*+77<3(2)02817127( $//6,*166+$//%(,1$&&25'$1&(:,7+7+()('(5$/+,*+:$<$'0,1,675$7,21)+:$0$18$/2181,)25075$)),&&21752/'(9,&(6087&'(;&(37$6127(' $//6,*166+$//%(02817('$6721272%6758&77+(6+$3(2)67235$1'<,(/'56,*166,*1'$7$7$%/(127726&$/('2127(17(555(':+,7([ *5281'3$5.,1*67$//0$5.,1*66((6,7(3/$16((6,7(3/$1127726&$/(:,'(:+,7(675,3(&85%25('*(2)3$9(0(176((6,7(3/$16723%$5 $552:'(7$,/6127726&$/(3$,17(':+,7(/,1(3$,17(':+,7(/(77(5,1*3$,17(':+,7(6<0%2/$&&(66,%/((175$1&(/$1',1*'(7$,/127(6 0$;,0806/23(21/$1',1*6+$//%(,1$//',5(&7,216 ',0(16,2166+2:1+(5($5(7+(0,1,080',0(16,2165(48,5(')25$1$'$&203/,$17/$1',1*$77+($&&(66,%/((175$1&(5()(5726,7(3/$1)256,7(63(&,),&',0(16,2167+$70$<63(&,)<$/$5*(5/$1',1*$5($ &2175$&7256+$//&217$&77+((1*,1((5%()25(&216758&7,21,)7+($&&(66,%/((175$1&(216,7('2(61270$7&+7+(6&(1$5,26+2:1$%29(127726&$/(0,1,080$&&(66,%/((175$1&('28%/('225$3352$&+/$1',1*$5($/$1',1*:,'7+720$7&+:,'7+2)$&&(66,%/((175<127726&$/(&21&5(7(&85%'(7$,/127(6 &21&5(7(6+$//%(36,$7'$<6$,5(175$,1(' 75$169(56((;3$16,21-2,1766+$//%(3529,'('$7)227,17(59$/6:,7+35(02/'('%,780,1286-2,17),//(55(&(66(')520685)$&( +$/)'(37+&2175$&7,21-2,1766+$//%(3529,'('$7)227,17(59$/6 &85%'(37+6+$//%(0$,17$,1('$7'(35(66('25)/86+&85%('$5($66((3/$1(;3$16,21-2,17:+(5($%877,1*&21&5(7(6,'(:$/.*5$'(2)6,'(:$/.25$'-$&(17/$1'6&$3($5($6+$//0((77232)&85%35()250('-2,17),//(56+$//%(,167$//('%(7:((1&85%$1'121%,780,12863$9(0(1725121%,780,1286%$6(&2856($33529('&203$&7('68%*5$'()8//'(37+3$9(0(176(('(7$,/5 +277$56($/)/86+&85%',0(16,216$%& )/86+&85%'(7$,/127726&$/((/(9$7,216(&7,21$$&%0$;,080&85%%(/2:3$9(0(17$$)/86+7232)&85%),1$/3$9(0(17*5$'(6((3/$17232)3$9(0(17$$)/86+&85%6((127(5$030$;,0806/23(5$030$;,0806/23(/$1',1*0$;,0806/23(/$1',1*0$;,0806/23(/$1',1*0$;,0806/23(75$16,7,215$03'(7$,/127726&$/(127(6 &52666/23(215$036+$//127(;&((' $)/86+&85%6+$//+$9($0,1,080:,'7+2)6((3/$1)25(;$&7:,'7+ 5$036+$//+$9($0$;,0805,6(2):,7+287$+$1'5$,/;;;;;;;;;3/$1 %(7:((1&2175$&7,21-2,176 %(7:((1(;3$16,21-2,176:,'7+6((3/$1;*5,':;::(/'(':,5(0(6+5(,1)25&('&21&5(7(:$/.:$<'(7$,/127726&$/(127(6 0$;,080&52666/23(6+$//%(3(5)227(;3$16,21-2,1766+$//%(3529,'('$7 ,17(59$/6:,7+35(02/'('%,780,1286-2,17),//(55(&(66(')5207+(685)$&( '((3%<:,'(722/('&2175$&7,21-2,1766+$//%(3529,'('$7 ,17(59$/6 (;3$16,21-2,16+$//%(3529,'(':+(5($'-$&(1772$%8,/',1*:,'7+6((3/$16(&7,21),1,6+('*5$'(6+$//%()/86+:,7+$%877,1*6,'(:$/.0((7*5$'($73(5,0(7(52)6,'(:$/.$33529('&203$&7('68%*5$'(7+,&.$,5(175$,1('&21&5(7(36,$7'$<67+,&.$33529('&/($1&586+('6721( 5(6(59('3$5.,1*$&&(66,%/(3$5.,1*6,*1'(7$,/127726&$/(36,&21&5(7()227,1*9(50217$&&(66,%/(3$5.,1*6,*1;5*5((1/(77(56:+,7(%$&.*5281'$=85(%/8(:+,7(6<0%2/%$&.),//:,7+68,7$%/(0$7(5,$/$1'&203$&77+2528*+/<72:$:$<=21(&20081,7<6(59,&(68%6(48(172))(16(60,1$1'252))(16(8372'$<63(1$/7<679$1$&&(66,%/(9$1$&&(66,%/(6,*153:+(5(,1',&$7('213/$166833/(0(17$/6,*1$*($65(48,5('%</2&$/-85,6',&7,212567$7(0,1127(6 $//(;326('3$,17('685)$&(66+$//%(&2$7(':,7+0$77+(:66392&*/266&/($5:,7+0,1,0800,/6'5<),/07+,&.1(66')73(50$77+(:6$33/,&$7,21663(&,),&$7,216 (0%(''('3257,212)32676+$//%(35,0('$1'3$,17(')25&25526,213527(&7,21;5(&7$1*8/$578%(:,7+$/80,1803/$7(67((/3,3(),//(':,7+&21&5(7( 3$,17('75$)),&<(//2:0,1127726&$/(127(6 &21&5(7(6+$//%(36,$7'$<6$,5(175$,1(' (;3$16,21 -2,176 :,7+ :$7(5 6($/ 6+$// %( 3529,'(' $7 )227,17(59$/6 :,7+ 35(02/'(' %,780,1286 -2,17 ),//(5 5(&(66(' )520685)$&(/21*,78',1$/5(%$572%(&87$7(;3$16,21-2,176 '((3$1':,'(722/('&2175$&7,21-2,1766+$//%(3529,'('$70,'32,17%(7:((1(;3$16,21-2,17625)2270$;35()250('-2,17),//(56+$//%(,167$//('%(7:((1&85%$1'121%,780,12863$9(0(1725121%,780,1286%$6(&2856($,5(175$,1('36,&21&5(7($7'$<60$;,0805(9($/(;7(1'('&21&5(7(&85%'(7$,/5$',86%$56$721&(17(5&/($5+277$56($/6((3/$1%$56723 %27720&217,18286$33529('&203$&7('68%*5$'(&21&5(7()281'$7,216((127()8//'(37+3$9(0(176(('(7$,/0,1,0800,1,080$&&(66,%/((175$1&(+,1*($3352$&+/$1',1*$5($$&&(66,%/((175$1&(/$1',1*'(7$,/127(6 0$;,0806/23(21/$1',1*6+$//%(,1$//',5(&7,216 ',0(16,2166+2:1+(5($5(7+(0,1,080',0(16,2165(48,5(')25$1$'$&203/,$17/$1',1*$77+($&&(66,%/((175$1&(5()(5726,7(3/$1)256,7(63(&,),&',0(16,2167+$70$<63(&,)<$/$5*(5/$1',1*$5($ &2175$&7256+$//&217$&77+((1*,1((5%()25(&216758&7,21,)7+($&&(66,%/((175$1&(216,7('2(61270$7&+7+(6&(1$5,26+2:1$%29(127726&$/('$1*8/$56721(127726&$/(&85%%5($.:,7+5,35$33$''5$,1$*('(7$,/$33529('68%*5$'()8//'(37+$63+$/76(('(7$,//$1'6&$3('$5($ 3/$19,(: &85%%5($.;;;;;;;;$33529('),/7(5)$%5,&0,129(5/$3,16+((76 &52666(&7,21=?%26721?%26??%2673*$5&+,7(&785(6+(/%851(52$'6287+%85/,1*72197?&$''?3/27?5'3'(7/':*,668( '$7('(6&5,37,21127$33529(')25&216758&7,2135(/,0,1$5< ),1$/0$-2568%',9,6,213/$7%<7,7/(6&$/(352-(&7,''5$:,1*352326('&+$6(%$1.:,7+5(027('5,9(83$70&+,77(1'(1&2817<9(50217%26 )25081,&,3$/68%0,66,21%-'&,7<2)6287+%85/,1*7216+(/%851(52$'0$3,'5XWKHUIRUG1-÷1HZ<RUN1<÷%RVWRQ0$3ULQFHWRQ1-÷7DPSD)/÷'HWURLW0,ZZZVWRQHILHOGHQJFRP%HDFRQ6WUHHW%RVWRQ0$3KRQH&+$5/(6'2/,923(9(50217/,&(16(1R/,&(16('352)(66,21$/(1*,1((5&216758&7,21'(7$,/6&$66+2:1 (;,67,1*$63+$/71(:$63+$/7)8//'(37+$63+$/73$9(0(17'(7$,/127726&$/($33529('&203$&7('68%*5$'(0,//('$63+$/7.(<'((3;:,'(+277$56($/6$:&87$1'+277$56($/7+,&.+0$685)$&(&2856(7+,&.+0$%$6(&2856(7+,&.$33529(''(16(*5$'('$**5(*$7(127(+0$0,;$1''(16(*5$'('$**5(*$7(6+$//&21)2507267$7('(3$570(172)75$163257$7,2163(&,),&$7,216;;;;;;;;;;*5,':;::(/'(':,5(0(6+5(,1)25&('127726&$/(127(6(;3$16,21-2,176:,7+:$7(56($/6+$//%(3529,'('$7 ,17(59$/6:,7+35(02/'('%,780,1286-2,17),//(55(&(66(')5207+(685)$&(/21*,78',1$/5(%$572%(&87$7(;3$16,21-2,176 '((3%<:,'(722/('&2175$&7,21-2,1766+$//%(3529,'('$70,'32,17%(7:((1(;3$16,21-2,17625 ,17(59$/60$; &21&5(7(6+$//5(&(,9(%5220),1,6+ $//(;326('&251(5672+$9(&+$0)(5:,'7+6((3/$16(&7,21),1,6+('*5$'(6+$//%()/86+:,7+$%877,1*3$9(0(170((7*5$'($73(5,0(7(52)&21&5(7(0$7$33529('&203$&7('68%*5$'(7+,&.$,5(175$,1('&21&5(7(36,$7'$<67+,&.$33529('&/($1&586+('6721(&21&5(7(0$7&21&5(7(127726&$/(127(6(;3$16,21-2,176:,7+:$7(56($/6+$//%(3529,'('$7 ,17(59$/6:,7+35(02/'('%,780,1286-2,17),//(55(&(66(')5207+(685)$&( '((3%<:,'(722/('&2175$&7,21-2,1766+$//%(3529,'('$70,'32,17%(7:((1(;3$16,21-2,17625 ,17(59$/60$; &21&5(7(6+$//5(&(,9(%5220),1,6+ $//(;326('&251(5672+$9(&+$0)(5:,'7+6((3/$16(&7,21),1,6+('*5$'(6+$//%()/86+:,7+$%877,1*3$9(0(170((7*5$'($73(5,0(7(52)&21&5(7(0$7$33529('&203$&7('68%*5$'(7+,&.$,5(175$,1('&21&5(7(36,$7'$<67+,&.$33529('&/($1&586+('6721($'$3$5.,1*63$&(127726&$/(&21&5(7(72$63+$/775$16,7,21'(7$,/$63+$/7 &21&5(7($33529(''(16(*5$'('$**5(*$7(+277$56($/)/2:127726&$/(+$5'6&$3(&/($1287'(7$,/62)76&$3(3,3(6,=( &/$66$65(48,5('3(5'5$,1$*(3/$1352326('(;,67,1*3$9(0(17),1,6+('*5$'(7$33('%5$662539&:$7(57,*+7&/($12873/8*/$%(/('67250256(:(5$6$335235,$7(:<(),77,1*6(7&$67,1*$66(0%/<,1[36,&21&5(7(3$'2586(&+5,67<9$/9(%2;:,7+&$67,521/,'7$33('%5$662539&:$7(57,*+7&/($12873/8*/$%(/('67250256(:(5$6$335235,$7(3,3(6,=( &/$66$65(48,5('3(5'5$,1$*(3/$1&+5,67<9$/9(%2;:,7+&$67,521/,'(;7(16,21$65(48,5('3/8*:<($7(1'2)/,1(127(6 $// 3,3( 6<67(0 ,167$//$7,216 6+$// 0((7 $//$33/,&$%/(67$1'$5'6$1'63(&,),&$7,216 $// +'3( 3,3( 6<67(06 6+$// %( ,167$//(' ,1$&&25'$1&( :,7+ $670 ' 67$1'$5'35$&7,&( )25 81'(5*5281' ,167$//$7,21 2)7+(5023/$67,& 3,3( )25 6(:(56 $1' 27+(5*5$9,7<)/2:$33/,&$7,216/$7(67(',7,21 $// 5&3 3,3( 6<67(06 6+$// %( ,167$//(' ,1$&&25'$1&( :,7+ $670 & 67$1'$5'63(&,),&$7,21 )25 5(,1)25&(' &21&5(7(&8/9(5767250'5$,1$1'6(:(53,3(/$7(67(',7,21 )25 121 +'3( 25 5&3 3,3( ,167$//$7,216&2175$&725 6+$// ,167$// 3,3( ,1$&&25'$1&( :,7+ $// $33/,&$%/( 67$1'$5'6$1'63(&,),&$7,216 :+(5( 7+( 75(1&+ %27720 ,6 8167$%/(&2175$&725 6+$// 3529,'( 68,7$%/( %$&.),//0$7(5,$/ $6 5(48,5(' %< (1*,1((5 25 3(5*(27(&+5(&200(1'$7,216 0,1,080&29(5,175$)),&$5($6,68372',$0(7(53,3($1')25',$0(7(53,3(72 %27720 2) )/(;,%/( 3$9(0(17 25 723 2)5,*,'3$9(0(17 &2175$&725 6+$// ,167$// 68,7$%/( 0$7(5,$/)25 ,1,7,$/ $1' ),1$/ %$&.),// %$&.),//&203$&7,21 6+28/' 0((7 $// $33/,&$%/(67$1'$5'6$1'63(&,),&$7,216 3/863,3(',$0(7(5352326('(;,67,1*3$9(0(17352326(')8//'(37+$63+$/772362,/(;,67,1**5$'(0,10,1$33529('&203$&7('68%*5$'(68,7$%/()281'$7,21%('',1*$33529('&/($1&586+('6721(,1,7,$/%$&.),//0$7(5,$/),1$/%$&.),//0$7(5,$/3523672503,3(6725075(1&+'(7$,/127726&$/(352326('87,/,7</,1(7+,&.$33529('&/($1&586+('6721(:$7(5$1'6(:(56(59,&(21/< 3/8687,/,7<',$0(7(56((127(87,/,7<75(1&+'(7$,/127726&$/(352326('(;,67,1*3$9(0(17352326(')8//'(37+$63+$/7127(0,1,0803,3(&29(56+$//%($6)2//2:x(/(&75,&6(59,&(3(5$33/,&$%/(87,/,7<$87+25,7<x*$66(59,&(3(5$33/,&$%/(87,/,7<$87+25,7<x6(:(56(59,&(0,1,080x:$7(56(59,&(0,1,08072362,/(;,67,1**5$'(:$51,1*7$3(:,7+0(7$//,&/2&$725675,372%(,167$//(':,7+(/(&75,&&21'8,721/<%$&.),//:,7+68,7$%/((;&$9$7('0$7(5,$/0$7(5,$/72%(&203$&7('7+2528*+/<&203$&7,21$1'0$7(5,$/6+$//0((7$//$33/,&$%/(5(*8/$7,216726758&785((;,67,1*)281'$7,21&86+,21:$7(5&211(&7,21'(7$,/127726&$/((;,67,1*:$7(50$,1&25325$7,2167230,1,080&29(50$;,080&85%/,1(0,1,080(;,67,1*52$':$<9$/9(%2;:,7+0$5.(':$7(56(59,&(6((87,/,7<3/$1)25/2&$7,21*5281'.(<&85%6723$1''5$,17<3(.&233(5:$7(578%,1*0,1,080&29(5&586+('6721()25'5$,1$*(9$/9(%2;(;7(16,217<3,&$/*5$7(&29(572362,/7+(%$&.),//0$7(5,$/6+$//%(&586+('6721(2527+(5*5$18/$50$7(5,$/0((7,1*7+(5(48,5(0(1762)&/$66,,0$7(5,$/$6'(),1(',1$670'25$6'(7(50,1('%</2&$/67$1'$5'6 6,7((1*,1((5%('',1* %$&.),//)25685)$&('5$,1$*(,1/(766+$//%(3/$&(' &203$&7('81,)250/<,1$&&25'$1&(:,7+$670'1<23/$67,1/,1('5$,1'(7$,/127726&$/(',$3352;'5$,1$5($ 64,1$3352;:(,*+7 /%67 '''5$,1672:$7(5:$<68&7,/(,5212 127 3 2 //8 7 (6$/32/<1;)/2: ',$0(7(535(&$670$1+2/('2*+286(6(:(50$1+2/('(7$,/127726&$/(35(&$675(,1)25&('&21&5(7(6758&785(720((70,1,080+/2$',1*6,'(9,(:7239,(:0,10,1,0802)2)&/($16721(35(&$676(&7,2166+$//%(-2,1('86,1*$*$6.(7$1'&(0(17*528772352'8&($ /($.)5(( -2,17352326('3,3(6((87,/,7<3/$13285(',13/$&(36,&21&5(7(%27720723529,'(326,7,9(6/23(72287/(73,3(0$1+2/(/$''(5581*66(('(7$,/127(6 6758&785(72%(&216758&7('2)5(,1)25&('35(&$67&21&5(7( )5$0($1'&29(572%(&$67,521$1'68332570,1,080+/2$',1* $//-2,17672%(:$7(57,*+7 68%*5$'(%(1($7+6758&785(6+$//%(/(9(/('$1'&203$&7('$61(&(66$5<35,2572,167$//,1*6758&785(7+(5,06+$//%(5$,6('72),1$/*5$'(86,1*)5207235(&$675,1*6$1'25%5,&.',$23(1,1*6(:(50$1+2/(&29(572%(/$%(/(''(),1('3(5/2&$/&20081,7<67$1'$5'6$1'5(*8/$7,216 (;,67,1*3,3(1216+5,1.*52877239,(:&87$:$<'2*+286(3,3(23(1,1*3285(',13/$&(36,&21&5(7(%$6(72(;7(1'0,1%(<21'0$1+2/(:$//0,10,10,13285(',13/$&(36,&21&5(7(%$6(72(;7(1'0,1%(<21'0$1+2/(:$//3285(',13/$&(36,&21&5(7(%27720723529,'(326,7,9(6/23(72287/(73,3((;,67,1*3,3(352326('3,3(35(&$676758&785(1216+5,1.*5287)/2:0,1%$56#&&($&+:$<6(735(&$676758&785(21%/2&.625%(1&+(635,25723285,1*%$6(,167$//$7,21 (;&$9$7(/2&$7,21)250$1+2/($5281'$1'81'(5(;,67,1*3,3( ,167$//&/($16721(%('$7%277202)(;&$9$7,21 6(7'2*+286(5,6(5:,7+'2*+286(23(1,1*29(5(;,67,1*3,3(&+(&.,1*/(9(/$1'/2&$7,215,6(572%(6(721%/2&.625%(1&+(635,25723285,1*%$6( 32855(,1)25&('&21&5(7(0$1+2/(%$6( 3285&21&5(7()/225$61(&(66$5<725$,6(%2772072287/(7,19(57(/(9$7,21 5(029((;,67,1*3,3(:,7+,17+(0$1+2/(*(1(5$/127(6 0$1+2/(672%(&216758&7('2)35(&$67&21&5(7( :+(17+('(37+2)$0$1+2/((;&(('6)((7$60($685(')5207232)&29(572,19(577+(:$//62)%5,&.&21&5(7(25&21&5(7(%/2&.%(/2:$'(37+2))((76+$//%(,1&+(67+,&.7+(29(5$//+25,=217$/',0(16,2166+$//%(,1&5($6(',1&+(6$1'7+('(37+2)7+()281'$7,21,1&5($6('72,1&+(6:+(152&.,6(1&2817(5('7+(+25,=217$/',0(16,21$1''(37+2)7+()281'$7,216+$//127%(,1&5($6('7+(7+,&.1(662)35(&$67&21&5(7(0$1+2/(:$//6'2(6127+$9(72%(,1&5($6(',)7+('(37+2)7+(0$1+2/((;&(('6)((7 &$67,1*62)35(&$670$1+2/(66+$//%($'-867('72*5$'(:,7+&2856(62)%5,&.25&21&5(7(%/2&.$65(48,5(',1&+(60$;,080 $6$1$/7(51$7(727+(67$1'$5'0$1+2/()5$0($1'&29(5$,1&+',$0(7(5)5$0(:,7+,1&+)/$1*(0$<%()851,6+(':,7+$//27+(5',0(16,216$1':(,*+765(0$,1,1*7+(6$0( 7+(,19(576+$//%(&216758&7(',17:267$*(6 &232/0<(532/<3523</(1(3/$67,&/$''(5581*672%()851,6+(',135(&$670$1+2/(6$1',1/(76 67$1'$5'0$1+2/()5$0($1'&29(56+2:1,1&'6+$//%('(6,*1(')257+(758&./,9(/2$'+6758&.:+((//2$'$6$'237(')251-'27%5,'*(6,)7+($$6+72/5)'%5,'*('(6,*163(&,),&$7,216$5(86('7+(17+('(6,*16+$//&21)250727+($$6+72/5)'+/9(+,&8/$5/,9(/2$',1*257+(1-'273(50,79(+,&/(:+,&+(9(5*29(516=?%26721?%26??%2673*$5&+,7(&785(6+(/%851(52$'6287+%85/,1*72197?&$''?3/27?5'3'(7/':*,668( '$7('(6&5,37,21127$33529(')25&216758&7,2135(/,0,1$5< ),1$/0$-2568%',9,6,213/$7%<7,7/(6&$/(352-(&7,''5$:,1*352326('&+$6(%$1.:,7+5(027('5,9(83$70&+,77(1'(1&2817<9(50217%26 )25081,&,3$/68%0,66,21%-'&,7<2)6287+%85/,1*7216+(/%851(52$'0$3,'5XWKHUIRUG1-÷1HZ<RUN1<÷%RVWRQ0$3ULQFHWRQ1-÷7DPSD)/÷'HWURLW0,ZZZVWRQHILHOGHQJFRP%HDFRQ6WUHHW%RVWRQ0$3KRQH&+$5/(6'2/,923(9(50217/,&(16(1R/,&(16('352)(66,21$/(1*,1((5&216758&7,21'(7$,/6&$66+2:1 0,1)5267'(37+ 5(,1)25&('&21&5(7(6/$%21&203$&7('*5$18/$5%$6(5()(572&,9,/(1*,1((5,1*'5$:,1*65(,1)25&('&21&5(7()281'$7,21$1')227,1*5()(5726758&785$/(1*,1((5,1*'5$:,1*6120&085()(5726758&785$/(1*,1((5,1*'5$:,1*60)'6721(9(1((5&23,1*::$6+(32;<6(72167$,1/(6667((/3,16&2035(66,%/(),//(572&21&5(7(&85%5()(572&,9,/(1*,1((5,1*'5$:,1*667((/$1*/(3/$7($65(4')25&$67(502817,1*$//(;326('67((/&20321(1766+$//%(+27',33('*$/9$1,=('35,0('$1'3$,17(' 6735,0('/[[67((/$1*/(*$7()5$0(3$,17720$7&+(,)6678&&2%$55(/+,1*(:(/'('72(0%(''('$1*/($1'%2/7('72*$7()5$0(+27',33('*$/967((//[[(0%(''(',1&08&2856,1*5(%$5:(/'('72(0%(''('$1*/(+25,=)/$1*(723 %27720&87(0%(''('$1*/(+25,=/(*72+2/'%$&.)5200$6215<(,)625678&&2),1,6+*5287&08&25(662/,'$%29($1'%(/2:(0%(''('$1*/( 0,1)5267'(37+%$55(/+,1*(:(/'('72(0%(''('67((/+,1*(6833257$1*/(*$7(+$5':$5(5()(572'225+$5':$5(6&+('8/(/[[67((/$1*/(*$7()5$0(35,0($1'3$,17(37 &2558*$7('*$/9$1,=('67((/'(&.,1*35,0('$1'3$,17('(379$5,(6 9$5,(6 3,7&+3(5)767/$1*/($65(4')25&$67(502817,1*&21&5(7(&85%5()(5726,7(3/$1 6,=((1&/2685(72$&&2002'$7(',6326$/(48,30(17$1'&225',1$7(:,7+&0802'8/(9(5,)<5(48,5(0(176:,7+7+($87+25,7<+$9,1*-85,6',&7,21$1'7+(:$67(',6326$/6(59,&(3529,'(5&21&5(7(6/$%$//(;326('67((/&20321(1766+$//%(+27',33('*$/9$1,=('35,0('$1'3$,17(' :+(5(7+(*(1(5$/6,7(3$9,1*,6$63+$/7(;7(1'&21&5(7(6/$%,172&217$,1(552//287$5($75$6+(1&/2685('(7$,/127726&$/('5,9(83,6/$1'3/$16,*1$785(&$123<'(7$,/127726&$/()521775$)),&)/2:$70)52173,3(2))6(7&21&5(7(),//('67((/3,3(%2//$5'Z&29(520,7%$&.6,'(%2//$5'6:+(1127$'-$&(1772$87275$)),&/$1(7<3ȭ$70 $1&+25%2/765()(572$706+23'5$:,1*6)256,=($1'326,7,210$,17$,1&21&5(7(&29(5726/$%23(1,1*3(5$&, 0,1,6/$1'$3352$&+/(1*7+ 0,1,6/$1''(3$5785(/(1*7+ 7<3,6/$1' +:7<3(,6/$1'+,*+:,1'5(*,21621/<6,*1$785(&$123<$3352$&+/(*:,7+,17(51$/%$6(3/$7($1'&2/80165()(5726+23'5$:,1*6)25)1'&211(&7,21'(7$,/681'(5*5281'&21'8,7678%%('83)25&$123<32:(5$1'6(&85,7<)250('23(1,1*)25&$123<%$6(3/$7(),//(':,7+&21&5(7()2//2:,1*&$123<,167$//$7,21&,5&8/$5,6/$1'(1'620,7:+(1127%(7:((1$87275$)),&/$1(67<3&20326,7((1&/2685()22735,172)$9$,/$%/($70V),(/'$33/<6($/$17:$7(57,*+7$5281'%$6(',$81'(5*5281'&21'8,7Z38//:,5(672'$7$50)25'$7$ 6(&85,7<81'(5*5281'&21'8,7Z38//:,5(6)25$70'$7$ 6(&85,7<81'(5*5281'&21'8,772(/(&50)2532:(581'(5*5281'&21'8,7Z38//:,5()25$7032:(5&21&5(7(,6/$1'6,*1$785(&$123<522)5()(5726+23'5$:,1*6$/,*1)$&(2))$57+(67$70352-(&7,21:)$&(2)%2//$5'0,1,0806(59,&(&/($5$1&($5($5()(5720$18)$&785(5 6,167$//$7,210$18$/'((3)250('&21&5(7(23(1,1*)25(/(&75,&$/6(&85,7<'$7$&211(&7,2165(,1)&21&5(7(6/$%'5,9($,6/(%(7:((1,6/$1'6 *(1(5$/127(6&20326,7()22735,172)$9$,/$%/($70(1&/2685(6$1' 6,*1$785(&$123< 6+2:19(5,)<(;$&702'(/6)25352-(&7:,7+7+(2:1(5$1'6,*1$*(9(1'25$1'&225',1$7('(7$,/6$65(48,5('6,*1$785(&$123<6+$//%(3529,'('%<2:1(5 66,*1$*(9(1'25$1',167$//('%<7+(*&21&($70,66(7*&,672),//$1<(;326(':,5,1*75(1&+:$7(57,*+76($/5(48,5('(;3$16,21%2/76$5(12772%(3/$&(':,7+,12)$&21'8,725-81&7,21%2;81/(667+((;3$16,21+($'2)7+($1&+25%2/7,6%(/2:7+(/(9(/2)7+(&21'8,725-81&7,21%2;:,7+,17+(&21&5(7((/(&75,&$/&2175$&7250867%(216,7(:+(1:+(1$70,66(7'(',&$7('$&,5&8,75(48,5(')25($&+$70'5,9(83,6/$1'$70%2//$5''(7$,/127726&$/( 29(5$///(1*7+2)67((/3,3( 3/$67,&%2//$5'&29(51202'67((/3,3(120,1$/2'67((/3,3(3/8*:(/'72*(7+(5Z'5,//('+2/(6 ),//%27+3,3(6Z&21&5(7(&21&,6/$1'5()(572&,9,/(1*':*672),1,6+3$9(0(17&2035(66,%/(),//(5',$0&21&3,(5'5,9(83$70&21&5(7(,6/$1''(7$,/127726&$/('5,9(83+($'$&+(%$5'(7$,/127726&$/(127726&$/(:$//6,*1'(7$,/127726&$/(+($'$&+(%$5$1'$70'(7$,/6=?%26721?%26??%2673*$5&+,7(&785(6+(/%851(52$'6287+%85/,1*72197?&$''?3/27?5'3'(7/':*,668( '$7('(6&5,37,21127$33529(')25&216758&7,2135(/,0,1$5< ),1$/0$-2568%',9,6,213/$7%<7,7/(6&$/(352-(&7,''5$:,1*352326('&+$6(%$1.:,7+5(027('5,9(83$70&+,77(1'(1&2817<9(50217%26 )25081,&,3$/68%0,66,21%-'&,7<2)6287+%85/,1*7216+(/%851(52$'0$3,'5XWKHUIRUG1-÷1HZ<RUN1<÷%RVWRQ0$3ULQFHWRQ1-÷7DPSD)/÷'HWURLW0,ZZZVWRQHILHOGHQJFRP%HDFRQ6WUHHW%RVWRQ0$3KRQH&+$5/(6'2/,923(9(50217/,&(16(1R/,&(16('352)(66,21$/(1*,1((5&216758&7,21'(7$,/6&$66+2:1 $6680('32/(',$0(7(5)281'$7,21',$0(7(5 )281'$7,21'(37+5(,1)25&,1*7,(6$7&&9(57,&$/5(,1)25&(0(17%$56 /,*+732/( 02817,1*+(,*+7)281'$7,21'(37+ 02817,1*+(,*+7 0,1&/($5&29(5)25$//5(%$5/,*+732/(,167$//$7,21'(7$,/127726&$/(127(6 0,1,08062,/%($5,1*35(6685(2)36)62,/)5,&7,21$1*/(2)'(*5((6$1'62,/'5<81,7:(,*+72)3&)6+$//%(&21),50(',17+(),(/'%<$48$/,),('352)(66,21$/ &$67,13/$&(&21&5(7(6+$//%(&2162/,'$7('86,1*9,%5$725 $//5(%$572%(1(:*5$'(67((/ 35(&$673,(56$&&(37$%/(8321:5,77(1$33529$/2)6+23'5$:,1*%<(1*,1((5 &21&5(7(72%(,167$//('$0,1,0802)'$<635,2572,167$//,1*/,*+732/(3285('&21&5(7(0,;5(48,5('722%7$,12)'(6,*1675(1*7+35,2572,167$//,1*/,*+732/( &21&5(7(6+$//+$9($0$;,0806/8032):,7+,172/(5$1&( 32/(6+$//%(5$7(')2503++,*+(57+$10$;,080:,1'63((')7$%29(*5281')257+($5($%$6('21$16,$6&( 328572%(7(50,1$7('$7$)250 :25.6+$//&21)25072$&,%(6735$&7,&(6)25$335235,$7(7(03(5$785($1':($7+(5&21',7,216 &2175$&725727(0325$5,/<6833257$'-$&(1762,/$1'6758&785(6'85,1*(;&$9$7,21,)5(48,5('02817,1*$50%</,*+7,1*0$18)$&785(56((3/$1)25180%(5$1'25,(17$7,212)),;785(6+$1'+2/(:,7+&29(5/,*+732/(%</,*+7,1*0$18)$&785(56((127((/(&75,&&21'8,7678%830,1,080$1&+25%2/76$1'%$6(3/$7(%</,*+7,1*0$18)$&785(5&+$0)(5+,*+675(1*7+1216+5,1.*52877,(6$7&&5(,1)25&(0(177,(663$&,1*29(5/$39(57,&$/5(,1)25&(0(17%$56(48$//<63$&('&$67,13/$&(&21&5(7(5281'3,(5)281'$7,2136,$,5(175$,1('&21&5(7($7'$<6&203$&7('68,7$%/(%$&.),//72237,080'5<352&725'(16,7<,1/,)762)/(667+$12)81&203$&7('62,/)281'$7,21',$0(7(5/,*+71,1**5281'52'$1'$//(/(&75,&$/&20321(17672&203/<:,7+1$7,21$/(/(&75,&&2'(/$1'6&$3,1*&85%25('*(2)3$9(0(17127726&$/(&$123</,*+7),;785( . 63(&,),&$7,21127726&$/(&$123</,*+7),;785( - 63(&,),&$7,21127726&$/(:$//6&21&(/,*+7),;785( + 63(&,),&$7,21127726&$/($5($/,*+76+,(/'63(&,),&$7,21127726&$/($5($/,*+7),;785( $ % & ' ( ) * 127726&$/(:$//02817('/,*+7),;785( , 63(&,),&$7,2163(&,),&$7,21=?%26721?%26??%2673*$5&+,7(&785(6+(/%851(52$'6287+%85/,1*72197?&$''?3/27?5'3'(7/':*,668( '$7('(6&5,37,21127$33529(')25&216758&7,2135(/,0,1$5< ),1$/0$-2568%',9,6,213/$7%<7,7/(6&$/(352-(&7,''5$:,1*352326('&+$6(%$1.:,7+5(027('5,9(83$70&+,77(1'(1&2817<9(50217%26 )25081,&,3$/68%0,66,21%-'&,7<2)6287+%85/,1*7216+(/%851(52$'0$3,'5XWKHUIRUG1-÷1HZ<RUN1<÷%RVWRQ0$3ULQFHWRQ1-÷7DPSD)/÷'HWURLW0,ZZZVWRQHILHOGHQJFRP%HDFRQ6WUHHW%RVWRQ0$3KRQH&+$5/(6'2/,923(9(50217/,&(16(1R/,&(16('352)(66,21$/(1*,1((5&216758&7,21'(7$,/6&$66+2:1 2'-5"3'-9"16'-11"3'-0 1/2"6'-3 1/2"16'-8"77'-2"2'-5"3'-9"26'-10 1/2"2'-0 1/2"10'-0 1/2"42'-8 1/2"10'-0 1/2"2'-0 1/2"10'-3 1/2"3'-0 1/2"3'-7 1/2"6'-3 1/2"78'-10 1/2"12'-4"3'-6"21'-3"43'-0"3'-4"2'-0"3'-7 1/2"3'-0 1/2"3'-7 1/2"18'-2"A-1.00PROPOSED PLANJPMORGAN CHASE BANK 570 Shelburn Rd1520363-0009/10/2020PROJECTSEALSCALEPROJECT NO.DATEDRAWINGIN CONSIDERATION OF RECEIVING DRAWINGS FROM TPG ARCHITECTURE LLP INAN ELECTRONIC FORM, THE RECIPIENT AGREES, TO THE FULLEST EXTENTPERMITTED BY LAW, TO HOLD HARMLESS AND INDEMNIFY TPG ARCHITECTURELLP FROM AND AGAINST ALL CLAIMS, LIABILITIES, LOSSES, DAMAGES, ANDCOSTS, INCLUDING BUT NOT LIMITED TO ATTORNEY'S FEES, ARISING OUT OF,OR IN ANY WAY CONNECTED WITH THE USE, RE-USE, MIS-USE, MODIFICATION,OR MISINTERPRETATION OF THE MACHINE-READABLE INFORMATION PROVIDEDBY TPG ARCHITECTURE LLP UNDER THIS AGREEMENT.TPG ARCHITECTURE, LLP132 WEST 31ST STREET, 5TH FLOOR, NEW YORK, NY 10001212.768.0800 | TPGARCHITECTURE.COM31 PENN PLAZADOB PAGENYC DOB NO.CAD FILE NO.DWG NO.GATEWAYSouth Burlington, VTNOT FOR CONSTRUCTION1PROPOSED PLANSCALE: 1/4"=1'-0" T.O. PARAPET21'-6"1WEST ELEVATION (SHELBURNE ROAD)SCALE: 1/4"=1'-0"2SOUTH ELEVATION (PARKING & DRIVE UP ATM)SCALE: 1/4"=1'-0"A-2.00EXTERIOR ELEVATIONSJPMORGAN CHASE BANK 570 Shelburn Rd1520363-0009/10/2020PROJECTSEALSCALEPROJECT NO.DATEDRAWINGIN CONSIDERATION OF RECEIVING DRAWINGS FROM TPG ARCHITECTURE LLP INAN ELECTRONIC FORM, THE RECIPIENT AGREES, TO THE FULLEST EXTENTPERMITTED BY LAW, TO HOLD HARMLESS AND INDEMNIFY TPG ARCHITECTURELLP FROM AND AGAINST ALL CLAIMS, LIABILITIES, LOSSES, DAMAGES, ANDCOSTS, INCLUDING BUT NOT LIMITED TO ATTORNEY'S FEES, ARISING OUT OF,OR IN ANY WAY CONNECTED WITH THE USE, RE-USE, MIS-USE, MODIFICATION,OR MISINTERPRETATION OF THE MACHINE-READABLE INFORMATION PROVIDEDBY TPG ARCHITECTURE LLP UNDER THIS AGREEMENT.TPG ARCHITECTURE, LLP132 WEST 31ST STREET, 5TH FLOOR, NEW YORK, NY 10001212.768.0800 | TPGARCHITECTURE.COM31 PENN PLAZADOB PAGENYC DOB NO.CAD FILE NO.DWG NO.GATEWAYSouth Burlington, VTNOT FOR CONSTRUCTION 1EAST ELEVATION (GATEWAY SHARED PARKING)SCALE: 1/4"=1'-0"2NORTH ELEVATION (GATEWAY ENTRANCE DRIVE)SCALE: 1/4"=1'-0"A-3.00EXTERIOR ELEVATIONSJPMORGAN CHASE BANK 570 Shelburn Rd1520363-0009/10/2020PROJECTSEALSCALEPROJECT NO.DATEDRAWINGIN CONSIDERATION OF RECEIVING DRAWINGS FROM TPG ARCHITECTURE LLP INAN ELECTRONIC FORM, THE RECIPIENT AGREES, TO THE FULLEST EXTENTPERMITTED BY LAW, TO HOLD HARMLESS AND INDEMNIFY TPG ARCHITECTURELLP FROM AND AGAINST ALL CLAIMS, LIABILITIES, LOSSES, DAMAGES, ANDCOSTS, INCLUDING BUT NOT LIMITED TO ATTORNEY'S FEES, ARISING OUT OF,OR IN ANY WAY CONNECTED WITH THE USE, RE-USE, MIS-USE, MODIFICATION,OR MISINTERPRETATION OF THE MACHINE-READABLE INFORMATION PROVIDEDBY TPG ARCHITECTURE LLP UNDER THIS AGREEMENT.TPG ARCHITECTURE, LLP132 WEST 31ST STREET, 5TH FLOOR, NEW YORK, NY 10001212.768.0800 | TPGARCHITECTURE.COM31 PENN PLAZADOB PAGENYC DOB NO.CAD FILE NO.DWG NO.GATEWAYSouth Burlington, VTNOT FOR CONSTRUCTION STONEFIELD stonefieldeng.com 1 Beacon Street, Floor 15, Boston, MA 02108 617.203.2076 t. September 18, 2020 City of South Burlington Development Review Board 575 Dorset Street South Burlington, VT 05403 RE: Traffic & Parking Assessment Report Proposed Chase Bank with Drive-Up ATM Kiosk 570 Shelburne Street Map ID: 1540-00570 City of South Burlington, Chittenden County, Vermont SE&D Job No. BOS-200008 Dear Board Members: Stonefield Engineering and Design, LLC (“Stonefield”) has prepared this analysis to examine the Traffic Budget of the Gateway Shopping Center with the addition of the proposed Chase Bank with detached drive-up ATM kiosk. The Gateway Shopping Center is located along Shelburne Street (U.S. Route 7) in the City of South Burlington, Chittenden County, Vermont. The Gateway Shopping Center is comprised of a supermarket and various retail, service, and restaurant establishments. Under the proposed development program, a 3,354-square-foot Chase Bank with a drive-up ATM lane would be constructed on a portion of the parking lot at the southeast corner of the Gateway Shopping Center’s main signalized access point along Shelburne Street. The Gateway Shopping Center is located within the City of South Burlington’s Traffic Overlay District, which was established to provide a performance-based approach to traffic and access management associated with development of properties in high traffic areas. An analysis of the property’s projected trip generation and Traffic Budget are provided herein. Trip Generation and Traffic Budget Trip generation projections for the Gateway Shopping Center in its existing condition and with the proposed Chase Bank were prepared utilizing the ITE Trip Generation Manual, 10th Edition. Trip generation rates associated with Land Use 820 “Shopping Center” were cited for the Gateway Shopping Center. Please note that the ITE’s description of Land Use 820 states that “Shopping centers, including neighborhood centers, community centers, regional centers, and super regional centers, were surveyed for this land use. Some of these centers contained non-merchandising facilities, such as office buildings, movie theaters, restaurants, post offices, banks, health clubs, and recreational facilities.” Per the South Burlington Land Development Regulations guidelines for evaluating the Traffic Budget, “The peak hour shall be the PM Peak Hour of Adjacent Street Traffic, one hour between 4 and 6 p.m.” Table 1 provides the weekday PM Peak Hour of Adjacent Street Traffic volumes. Proposed Chase Bank with Drive-Up ATM Kiosk South Burlington, Vermont September 18, 2020 Page 2 of 2 TABLE 1 – PROJECTED TRIP GENERATION Weekday Evening Peak Hour Enter Exit Total Existing Shopping Center 102,054 SF ITE Land Use 820 187 202 389 Proposed Shopping Center 105,408 SF ITE Land Use 820 193 209 402 Net +6 +7 +13 As shown in Table 1, the Gateway Shopping Center with the proposed addition of a 3,354-square-foot Chase Bank is projected to generate 402 PM peak hour trip ends, which represents a net increase of 13 trip ends. Per the February 1, 2005 Decision to approve Final Plat Application #SD-04-91, the property’s assigned Traffic Budget is 488 PM peak hour trip ends. Therefore, the proposed development is calculated to operate below the assigned Traffic Budget. Please do not hesitate to contact our office if there are any questions. Best regards, Andrew J. Villari, PE Joshua H. Kline, PE Stonefield Engineering and Design, LLC Stonefield Engineering and Design, LLC cc: Hernan Graziano – TPG Architecture, LLP Z:\Boston\BOS\2020\BOS-200008 TPG Architecture - 570 Shelburne Road, South Burlington, VT\Calculations & Reports\Traffic\Reports\2020-09 Trip Gen Memo\2020-09 Trip Gen Memo.docx STONEFIELD stonefieldeng.com 1 Beacon Street, Floor 15, Boston, MA 02108 617.203.2076 t. September 18, 2020 City of South Burlington Development Review Board 575 Dorset Street South Burlington, VT 05403 RE: Traffic & Parking Assessment Report Proposed Chase Bank with Drive-Up ATM Kiosk 570 Shelburne Street Map ID: 1540-00570 City of South Burlington, Chittenden County, Vermont SE&D Job No. BOS-200008 Dear Board Members: Stonefield Engineering and Design, LLC (“Stonefield”) has prepared this analysis to examine the traffic and parking characteristics of the proposed Chase Bank with detached drive-up ATM kiosk on the adjacent roadway network. The subject property is located along Shelburne Street (U.S. Route 7) in the City of South Burlington, Chittenden County, Vermont. The existing site contains the Gateway Shopping Center, which is comprised of a supermarket and various retail, service, and restaurant establishments. The proposed development would be constructed on a portion of the parking lot serving the existing shopping center. Specifically, at the southeast corner of the main signalized access point along Shelburne Street, which is referred to herein as the “leased area.” The leased area has approximately 200 feet of frontage along Shelburne Street. Access to the Gateway Shopping Center is presently provided via one (1) signalized, full-movement driveway along Shelburne Street and three (3) full-movement driveways along Farrell Street, one of which provides access to the rear of the main building and is intended for commercial deliveries. Under the proposed development program, a 3,354- square-foot Chase Bank with a drive-up ATM kiosk would be constructed within the leased area. Existing access to the shopping center would be maintained. Existing Conditions The subject property is located along Shelburne Street (U.S. Route 7) in the City of South Burlington, Chittenden County, Vermont. The leased area within the subject property has approximately 200 feet of frontage along Shelburne Street. Land uses in the area are predominantly commercial and residential. Shelburne Street (U.S. Route 7) is a Class 1 Town Highway with a general north-south orientation and is maintained by the City of Burlington along the site frontage. Along the site frontage, the roadway generally provides two (2) lanes in each direction, with additional turning lanes provided at key intersections, and has a posted speed limit of 25 mph. Along the site frontage, curb, sidewalk, and shoulders are provided along both sides of the roadway, and on-street parking is not regulated along both sides of the roadway. Shelburne Street provides north-south mobility throughout Vermont and interstate connection for predominantly commercial and residential uses along its length. Shelburne Street intersects with the subject Gateway Shopping Center driveway and the Shelburne Road Plaza driveway on the westerly side of the roadway to form a signalized, four (4)-leg intersection. The northbound and southbound approaches of Shelburne Street each provide one (1) exclusive left-turn lane, two (2) exclusive through lanes, and one (1) channelized right-turn lane. The eastbound driveway approach provides one (1) exclusive left-turn lane, one (1) exclusive through lane, and one (1) channelized right-turn lane, and the westbound Proposed Chase Bank with Drive-Up ATM Kiosk South Burlington, Vermont September 18, 2020 Page 2 of 4 driveway approach provides one (1) exclusive left-turn lane and one (1) shared through/right-turn lane. Crosswalk and pedestrian signals are provided across the south leg of the intersection. Trip Generation Trip generation projections for the Gateway Shopping Center in its existing condition and with the proposed Chase Bank were prepared utilizing the ITE Trip Generation Manual, 10th Edition. Trip generation rates associated with Land Use 820 “Shopping Center” were cited for the Gateway Shopping Center. Please note that the ITE’s description of Land Use 820 states that “Shopping centers, including neighborhood centers, community centers, regional centers, and super regional centers, were surveyed for this land use. Some of these centers contained non-merchandising facilities, such as office buildings, movie theaters, restaurants, post offices, banks, health clubs, and recreational facilities.” Table 1 provides the weekday morning, weekday evening, and Saturday midday peak hour trip generation volumes. TABLE 1 – PROJECTED TRIP GENERATION Weekday Morning Weekday Evening Saturday Midday Peak Hour Peak Hour Peak Hour Enter Exit Total Enter Exit Total Enter Exit Total Existing Shopping Center 102,054 SF ITE Land Use 820 59 37 96 187 202 389 239 220 459 Proposed Shopping Center 105,408 SF ITE Land Use 820 61 38 99 193 209 402 246 228 474 Net +2 +1 +3 +6 +7 +13 +7 +8 +15 As shown in Table 1, the addition of the proposed 3,354-square-foot Chase Bank to the existing Gateway Shopping Center is projected to generate a maximum of 15 additional trips during the Saturday midday peak hour. As stated within Chapter 10 of ITE’s Trip Generation Handbook, 3rd Edition, there are instances when the total number of trips generated by a site is different from the amount of new traffic added to the street system by the generator. Shopping Centers are specifically located on or adjacent to busy streets to attract motorists already on the roadway. Therefore, the proposed site would be expected to attract a portion of its trips from the traffic passing the site on the way from an origin to an ultimate destination. These trips do not add new traffic to the adjacent roadway system and are referred to as “pass-by” trips. Based upon the published ITE data for Land Use 820 “Shopping Center” 34% of the site-generated traffic during the weekday evening peak hour and 26% during the Saturday midday peak hour is comprised of pass-by traffic. Please note that ITE does not publish pass-by data for Land Use 820 “Shopping Center” during the weekday morning peak hours. Therefore, the 26% pass-by rate for the Saturday midday peak hour was utilized to provide a conservative estimate of the weekday morning peak hour pass-by traffic. Table 2 provides the weekday morning, weekday evening, and Saturday midday trip generation volumes associated with the proposed development in terms of newly generated and pass-by trips. Proposed Chase Bank with Drive-Up ATM Kiosk South Burlington, Vermont September 18, 2020 Page 3 of 4 TABLE 2 – PROJECTED TRIP GENERATION – NEW & PASS-BY Weekday Morning Weekday Evening Saturday Midday Peak Hour Peak Hour Peak Hour Enter Exit Total Enter Exit Total Enter Exit Total "New" Trips 2 1 3 4 5 9 6 7 13 "Pass-By" Trips 0 0 0 2 2 4 1 1 2 Total 2 1 3 6 7 13 7 8 15 As shown in Table 2, the proposed development is expected to generate 13 total new trips during the critical Saturday midday peak hour. Based on Transportation Impact Analysis for Site Development, published by ITE, a trip increase of less than 100 vehicle trips would likely not change the level of service of the adjacent roadway system or appreciably increase the volume-to-capacity ratio of an intersection approach. As such, the proposed development is not anticipated to significantly impact the operations of the adjacent roadway network. Site Circulation/Parking Supply A review was conducted of the proposed Chase Bank using the Site Plan prepared by Stonefield, dated September 18, 2020. In completing this review, particular attention was focused on the site access, circulation, and parking supply. Existing access to the shopping, provided via one (1) signalized, full-movement driveway along Shelburne Street and three (3) full-movement driveways along Farrell Street, will be maintained upon redevelopment. The 3,354-square-foot Chase Bank development will be constructed within the shopping center and located at the southeast corner of Shelburne Street and the existing shopping center driveway. Parking spaces will be provided along the southerly and easterly façades of the building and separated by 24-foot, two-way drive aisles to facilitate efficient vehicular circulation. To the south of the parking field, a drive-up ATM kiosk will be installed and accessed by a one-way drive-through lane with adequate throat length to support the anticipated demand. The City of South Burlington Ordinance does not provide a minimum off-street parking requirement pertaining to the proposed development. Under the proposed development program, 24 parking stalls, inclusive of two (2) ADA accessible parking stalls, would be provided to support the bank development within the shopping center. The spaces would be 9 feet wide by 18 feet deep in accordance with City of South Burlington Ordinance and industry standards. The parking supply was evaluated with respect to data published within the ITE’s Parking Generation, 5th Edition, for Land Use 912 “Drive-In Bank.” The 85th percentile parking demand rates during the peak weekday period and peak Saturday period for Land Use 912 “Drive-In Bank” are 6.0 vehicles per 1,000-square-feet and 4.77 vehicles per 1,000-square-feet, respectively. For the 3,354-square-foot bank, this equates to a weekday peak demand of 20 vehicles and a Saturday peak demand of 16 vehicles. As such, the proposed parking supply of 24 spaces would be sufficient to support the parking demand of the development. It is important to note that the proposed development is located within 300 feet (1-minute walk) from the Shelburne Road at Home Avenue/Farrell Street bus stops which service the Blue Line bus route as well as the 46, 76, and 86 Green Mountain Transit (GMT) bus routes. These bus routes provide service throughout Chittenden County as well as to the capital city of Montpelier, and provide connection to the Downtown Transit Center, where transfers are available for several other GMT bus routes. The public transportation options available in the general vicinity of the subject site are summarized on Table 3. Proposed Chase Bank with Drive-Up ATM Kiosk South Burlington, Vermont September 18, 2020 Page 4 of 4 TABLE 3 – PUBLIC TRANSPORTATION OPTIONS Travel Mode Proximity to Site Destination(s) GMT Blue Line 300 feet Essex Downtown Burlington Shelburne GMT Route 46 – 116 Commuter 300 feet Middlebury Hinesburg South Burlington Burlington GMT Route 76 300 feet Middlebury Burlington GMT Route 86 300 feet Burlington Montpelier These available transportation options within walking distance of the proposed development could potentially reduce vehicular travel by patrons and employees to and from the subject property, thus reducing the parking demand of the proposed development. Based on published ITE parking demand rates and nearby transit options available for the site’s patrons, the proposed parking supply of 24 spaces would be sufficient to support the expected parking demand of the proposed development. Conclusions This report was prepared to examine the traffic and parking characteristics of the proposed Chase Bank with drive-up ATM kiosk. The analysis findings, which have been based on industry standard guidelines, indicate that the proposed development would not have a significant impact on the traffic operations of the adjacent roadway network. The site driveways and on-site layout have been designed to provide for effective access to and from the subject property. The site’s proximity to GMT bus stops may contribute to a reduction in automobile use to access the site. Based on industry data and local characteristics of the site and surrounding area, the parking supply would be sufficient to support this project. Please do not hesitate to contact our office if there are any questions. Best regards, Andrew J. Villari, PE Joshua H. Kline, PE Stonefield Engineering and Design, LLC Stonefield Engineering and Design, LLC cc: Hernan Graziano – TPG Architecture, LLP Z:\Boston\BOS\2020\BOS-200008 TPG Architecture - 570 Shelburne Road, South Burlington, VT\Calculations & Reports\Traffic\Reports\2020-07\2020-07 TAR.docx Landscape Cost Estimate Proposed Chase Bank Facility 570 Shelbourne Road City of South Burlington MAPID: 1540-00570 Trees Code Botanical Common Size Container Quantity Unit Cost Total Remarks ACE RUB ACER RUBRUM `OCTOBER GLORY` OCTOBER GLORY RED MAPLE 2.5" - 3" CB&B 2 400.00$ 800.00$ QUE BIC QUERCUS BICOLOR SWAMP WHITE OAK 2.5" - 3" CB&B 1 500.00$ 500.00$ Flowering Trees Code Botanical Common Size Container Quantity Unit Cost Total Remarks AME MUL AMELANCHIER CANADENSIS SHADBLOW SERVICEBERRY MULTITRUNK 4` - 5` HT. B&B 3 300.00$ 900.00$ HAM VIR HAMAMELIS VIRGINIANA COMMON WITCH HAZEL 4` - 5` HT. B&B 1 400.00$ 400.00$ Shrubs Code Botanical Common Size Container Quantity Unit Cost Total Remarks COR RE5 CORNUS SERICEA RED TWIG DOGWOOD 3 GAL. POT 23 80.00$ 1,840.00$ ILE ECR ILEX CRENATA COLUMNAR JAPANESE HOLLY 5 GAL. POT 11 90.00$ 990.00$ ILE WI3 ILEX VERTICILLATA WINTERBERRY 3 GAL. POT 32 80.00$ 2,560.00$ VIB MAP VIBURNUM ACERIFOLIUM MAPLELEAF VIBURNUM 7 GAL. POT 15 100.00$ 1,500.00$ VIB DEN VIBURNUM DENTATUM `ARROWWOOD` ARROWWOOD VIBURNUM 7 GAL. POT 10 100.00$ 1,000.00$ Evergreen Shrubs Code Botanical Common Size Container Quantity Unit Cost Total Remarks ILE GLA ILEX GLABRA INKBERRY HOLLY 3 GAL. POT 77 90.00$ 6,930.00$ Shrub Areas Code Botanical Common Size Container Quantity Unit Cost Total Remarks CHA LAT CHASMANTHIUM LATIFOLIUM WOOD OATS 1 GAL. POT 112 25.00$ 2,800.00$ 36" o.c. PEN HAM PENNISETUM ALOPECUROIDES `HAMELN` HAMELN FOUNTAIN GRASS 1 GAL. POT 170 25.00$ 4,250.00$ 30" o.c. SCH LIT SCHIZACHYRIUM SCOPARIUM LITTLE BLUESTEM GRASS 1 GAL. POT 232 25.00$ 5,800.00$ 30" o.c. Landscape Materials Code Botanical Common Size Container Quantity Unit Cost Total Remarks Mulch - BROWN HARDWOOD MULCH 1 YARD 25 20.00$ 500.00$ TOTAL:30,770.00$ Date: 07/21/2020 STONEFIELD engineering & design %%%%1 : 1 ( 6 : 6 ( GRASSY AREAGRASSY AREACONCRETE WALKCONCRETE WALK/$1'6&$3,1*/$1'6&$3,1*CONCRETE WALK CROSSWALK&%5,0 3(,1 3(287 352%$%/(/2&$7,212)$%$1'21(':$7(5/,1(0$5.(',17+(),(/'',*6$)(a6+(/%851(52$'a865287(1252' :,'(%.3* 1 ( $%&'()(NOT TO SCALE)(NOT TO SCALE)2+(2+(2+(2+(OVERHEAD ELECTRICPAVED DRIVE - MAIN PLAZA ENTRANCEPARCEL MAP ID 1540-00570+($7+&27($662&,$7(6/3%.3*-8/<%.3*-8/<81.12:168%685)$&(5($',1*0$5.(',17+(),(/'',*6$)(6(:(50+5,0 &,,1 39&,1 &,287 6(:(50+5,0 &,,1 &,,1 &,287 SANITARY SEWER(SEE GENERAL NOTE NO. 4)251$0(17$/75((7<3*$6*$6*$6*$6*$6BURIED GAS LINESTORM SEWER(SEE GENERAL NOTE NO. 4)/$1'6&$3,1*CROSSWALKSTORM SEWER(SEE GENERAL NOTE NO. 4)PORTION OF PARCEL MAP ID 1540-00570352326('&+$6(/($6(3$5&(/%.3*-8/<%.3*-8/<$5($ $&5(6:::&%5,0 3(,19 6" WATER LINE ABANDONED(SEE GENERAL NOTE NO. 4) :::6 :8" WATER LINE ABANDONED(SEE GENERAL NOTE NO. 4)PARKING - LEASE PARCEL = 60 SPACESADA ACCESSIBLE PARKING = 1 SPACE8" DI WATER LINE(SEE GENERAL NOTE NO. 4)::::POBPARCEL MAP ID 1540-00570+($7+&27($662&,$7(6/3%.3*-8/<%.3*-8/<',67$1&(725$03&PARCEL MAP ID 1540-00570+($7+&27($662&,$7(6/3%.3*-8/<%.3*-8/< $723&2136$727$/67$7,21&/26('75$9(56(6859(<6&$/(,1)((7 5(9352-126+((72)'$7(0$<'5$:1%<5+3$*(1279$/,'%<'$7(817,/6($/('5(9&23<5,*+79(502176859(<&2168/7$176//&$//5,*+765(6(59('7+,6'2&80(1725$1<3$577+(5(2)0$<127%(5(352'8&('2587,/,=(',1$1<)250:,7+28735,25:5,77(13(50,66,21)5209(502176859(<&2168/7$176//&'(6&5,37,216&$/( )7$/7$1636/$1'7,7/(6859(<ALTA/ NSPS LAND TITLE SURVEY CERTIFICATION726721(),(/'(1*,1((5,1* '(6,*17+,6,672&(57,)<7+$77+,60$3253/$7$1'7+(6859(<21:+,&+,7,6%$6(':(5(0$'(,1$&&25'$1&(:,7+7+(0,1,08067$1'$5''(7$,/5(48,5(0(176)25$/7$1636/$1'7,7/(6859(<6-2,17/<(67$%/,6+('$1'$'237('%<$/7$$1'1636$1',1&/8'(6,7(06DE$1'2)7$%/($7+(5(2)7+(),(/':25.:$6&203/(7(',10$<2)'$7( 0$<1$0( 5$<021'3$*(97/6(1&52$&+0(17127(6 12(1&52$&+0(176,03$&7,1*7+(/($6(3$5&(/'(3,&7('+(5(21:(5(2%6(59(',17+(),(/''85,1*7+(&2856(2)7+,66859(<*(1(5$/127(6 %($5,1*6$6'(3,&7('217+,63/$7$5(:,7+5(63(&7727+(9(5021767$7(3/$1(&225',1$7(6<67(0*5,'1257+$1'$5(%$6('21*362%6(59$7,21(/(9$7,216$1'&217285'$7$'(3,&7('+(5(21$5(:,7+5(63(&7721$9''$780$1'%$6('8321$12%6(59$7,212)1*6',6.3,'$% 81/(6627+(5:,6(127('$//3523(57<25%281'$5<&251(56(67$%/,6+('255((67$%/,6+('%<9(502176859(<&2168/7$176//&+$9(%((102180(17(':,7+$;/21*,5213,13$,17('5(':,7+$<(//2:&$36&5,%('96&//&971+ 68%685)$&(3,3,1*$1'87,/,7,(6$6'(3,&7('+(5(21,1&/8',1*%87127/,0,7('72:$7(5/,1(66$1,7$5< 672506(:(56%85,('(/(&75,&$/$1'*$6/,1(6$5(%$6('8321/,0,7('685)$&((9,'(1&(',*6$)(0$5.,1*6$1'7+(3/$165()(5(1&('+(5(216((5()(5(1&('3/$1612 127+(,5/2&$7,216+(5(216+28/'%(9,(:('$6$3352;,0$7(7+($&78$//2&$7,21$1'&21',7,212)7+(6(87,/,7,(6&$121/<%(9(5,),('%<(;&$9$7,21 $77+(7,0(2)7+,66859(<7+(5(:$6122%6(59$%/((9,'(1&(2)7+()2//2:,1*21251($57+(68%-(&73523(57<35,9$7(52$':$<68123(1('675((76&(0(7(5,(625%85,$/*5281'6($57+:25.%8,/',1*&216758&7,21255(&(17%8,/',1*$'',7,216&+$1*(6,17+(675((75,*+72):$</,1(6(,7+(5&203/(7('2)352326('5(&(17675((7256,'(:$/.&216758&7,21255(3$,562)7+(68%-(&73523(57<%(,1*86('$6$62/,':$67('8036803256$1,7$5</$1'),//7+(5($5(12321'6/$.(6635,1*6255,9(56%25'(5,1*21255811,1*7+528*+7+(68%-(&73523(57<7+(5($5(12:(7/$1'6/2&$7('217+(3523(57<($6(0(176&29(1$176&21',7,216 5(675,&7,216BASED UPON KENSINGTON VANGUARD NATIONAL LAND SERVICES TITLE # 537635-X-VT-SS-MK (DATED MAY 28, 2020) 6&+('8/(%,7(05()(5(1&(,60$'(727+(48,7&/$,02)3$5.,1*5,*+76$1''5$,1$*(5,*+76%<'((''$7(''(&(0%(5$1'5(&25'(',1%.$73*2)7+(/$1'5(&25'6,16287+%85/,1*721977+(6(5,*+76,03$&77+(3$5(1775$&7%87$5(127%(/,(9('72,03$&77+(/($6(3$5&(/'(3,&7('+(5(21 6&+('8/(%,7(05()(5(1&(,60$'(727+(48,7&/$,02)'5$,1$*(5,*+76%<'((''$7(''(&(0%(5$1'5(&25'(',1%.$73*2)7+(/$1'5(&25'6,16287+%85/,1*721977+(6('5$,1$*(5,*+76$5(/2&$7('$/21*7+(($67(5/</,1(2)7+(3$5(1775$&7$1''2127,03$&77+(/($6(3$5&(/'(3,&7('+(5(21 6&+('8/(%,7(05()(5(1&(,60$'(727+(48,7&/$,02)$&200215,*+72):$<%<'((''$7(''(&(0%(5$1'5(&25'(',1%.$73*2)7+(/$1'5(&25'6,16287+%85/,1*721977+,65,*+72):$<,6/2&$7('1257+(5/<2)7+(/($6(3$5&(/$/21*)$55(//675((72'(//3$5.:$<62&$//('$1''2(6127,03$&77+(/($6(3$5&(/'(3,&7('+(5(21 6&+('8/(%,7(06859(<3/$75()(5(1&('$66859(<127(12+(5(21 6&+('8/(%,7(05()(5(1&(,60$'(727+('(('2)($6(0(17)253,3(/,1(6'$7('0$<$1'5(&25'(',1%.$73*2)7+(/$1'5(&25'6,16287+%85/,1*721977+,6($6(0(17,6/2&$7('$3352;,0$7(/< 6287+(5/<2)$1''2(6127,03$&77+(/($6(3$5&(/'(3,&7('+(5(21 6&+('8/(%,7(05()(5(1&(,60$'(727+((/(&75,&$/$1'7(/(&20081,&$7,21($6(0(17&219(<('%<'((''$7(')(%58$5<$1'5(&25'(',1%.$73*2)7+(/$1'5(&25'6,16287+%85/,1*721977+,6($6(0(17,6/2&$7('$/21*7+(($67(5/</,1(2)7+(3$5(1775$&7$1''2(6127,03$&77+(/($6(3$5&(/'(3,&7('+(5(21 &+$6(/($6(3$5&(//(*$/'(6&5,37,21$66859(<('$3257,212)+($7+&27($662&,$7(6/33523(57<%(,1*$3257,212)7+(/$1'62)+($7+&27($662&,$7(6/3/2&$7('($67(5/<2)6+(/%851(52$'865287(12,17+(&,7<2)6287+%85/,1*7219(50217+(5(,1$)7(55()(55('72$6&+$6(/($6(3$5&(/$1''(6&5,%('$6)2//2:6%(*,11,1*$7$´,5213,172%(6(7/2&$7(',17+(($67(5/</,1(2)6+(/%851(52$'865287(12:+,&+3,10$5.6$1257+:(67(5/<&251(52)27+(5/$1'62)+($7+&27($662&,$7(6/3$1':+,&+3,1$/620$5.67+(6287+:(67(5/<&251(52)7+(+(5(,1'(6&5,%('&+$6(/($6(3$5&(/6$,'32,172)%(*,11,1*,6)857+(5'(6&5,%('$6%(,1*/2&$7('21$%($5,1*2)1257+ ´($67$7$',67$1&(2)21(+81'5('(,*+7<7:2$1'6,;7<(,*+7+81'5('7+6)((7)520$´;´&21&5(7(02180(17(;,67,1*/2&$7('$7251($57+(,17(56(&7,212)7+(6$,'6+(/%851(52$'$1',17(567$7(5$03³&´,17+(&,7<2)6287+%85/,1*721&+,77(1'(1&2817<67$7(2)9(502177+(1&(1257+ ´($67$/21*7+(($67(5/</,1(2)6+(/%851(52$'$',67$1&(2)7:2+81'5('7+5(($1'(,*+7+81'5('7+6)((772$´,5213,172%(6(7/2&$7(',17+(($67(5/</,1(2)7+(6$,'6+(/%851(52$':+,&+3,10$5.6$6287+:(67(5/<&251(52)27+(5/$1'62)+($7+&27($662&,$7(6/3$1':+,&+3,10$5.67+(1257+:(67(5/<&251(52)7+(+(5(,1'(6&5,%('&+$6(/($6(3$5&(/7+(1&($/21*$6287+(5/<:(67(5/<$1'7+(11257+(5/</,1(2)27+(5/$1'62)+($7+&27($662&,$7(6/37+()2//2:,1*7+5((&2856(6 6287+ ´($67$1'3$57,$//<$/21*$&21&5(7(&85%$',67$1&(2)21(+81'5('),)7<1,1($1'=(52+81'5('7+6)((772$´,5213,172%(6(7/2&$7(',1$3$9(''5,9(:$<:+,&+3,10$5.6$1,1&251(52)7+(6$,'+($7+&27($662&,$7(6/3$1':+,&+3,1$/620$5.67+(1257+($67(5/<&251(52)7+(+(5(,1'(6&5,%('&+$6(/($6(3$5&(/6287+ ´:(67*(1(5$//<3$5$//(/72$1'($67(5/<2)$&21&5(7(&85%$',67$1&(2)7:2+81'5('7+5(($1'(,*+7+81'5('7+6)((772$´,5213,172%(6(7/2&$7(',1$3$9(''5,9(:$<:+,&+3,10$5.6$1,1&251(52)7+(6$,'+($7+&27($662&,$7(6/3$1':+,&+3,1$/620$5.67+(6287+($67(5/<&251(52)7+(+(5(,1'(6&5,%('&+$6(/($6(3$5&(/ 1257+ ´:(67$1'&5266,1*7:23$5.,1*/27,6/$1'6$',67$1&(2)21(+81'5('),)7<1,1($1'=(52+81'5('7+6)((7727+(,5213,1$77+(32,17253/$&(2)%(*,11,1*7+($%29('(6&5,%('3$5&(/&+$6(/($6(3$5&(/$3257,212)+($7+&27($662&,$7(6/33523(57<($67(5/<2)6+(/%851(52$'865287(12&,7<2)6287+%85/,1*721&+,77(1'(1&2817<67$7(2)9(50217&217$,16$727$/2)=(52$1'6(9(17<)285+81'5('7+6$&5(6 72%(7+(6$0(025(25/(66N352-(&7352-(&7/2&$7,210$3127726&$/(72%(6(7)/86+,5213,1(;,67,1*$%29(;&21&5(7(02180(1729(5+($'(/(&75,&8102180(17('32,17*8<:,5(87,/,7<32/(3$9('685)$&(52:/,1(3523(57</,1(,5213,3(3,16(7,5213,3(3,1(;,67,1*3//6/(*(1'75(('(&,'8286&$7&+%$6,16(:(50$1+2/(/,*+732/(675((76,*19,1</3,&.(7)(1&(:$7(5/,1(6(:(5/,1(5()(5(1&('6859(<6 3/$16 5()(5(1&(,60$'(72$6859(<35(3$5('%<9(502176859(<&2168/7$176//&(17,7/('6,7(3/$1 %281'$5<6859(<352326('&+$6(/($6(3$5&(/$3257,212)+($7+&27($662&,$7(6//33523(57<($67(5/<2)6+(/%851(52$'865287(126287+%85/,1*721&+,77(1'(1&2817<9(50217'$7('0$<:,7+,7 6/$7(675(9,6,21$'$7('0$< 5()(5(1&(,60$'(72$6859(<35(3$5('%<2 /($5<%85.(&,9,/$662&,$7(63/&(17,7/('$/7$$&60/$1'7,7/(6859(<+($7+&27($662&,$7(6//38657(6+(/%851(52$'6287+%85/,1*7219(50217'$7(')(%58$5< 5()(5(1&(,60$'(72$6859(<35(3$5('%<1257+/$1'6859(<2563&(17,7/('$/7$$&60/$1'7,7/(6859(<35(3$5(')25+($7+&27($662&,$7(6/36+(/%851(52$'6287+%85/,1*7219(50217'$7('$35,/ 5()(5(1&(,60$'(72$6859(<35(3$5('%</$0285(8;6721( 2 /($5<(17,7/('/$1'62)+($7+&27($662&,$7(63523(57<3/$7'$7('-81( 5()(5(1&(,60$'(72$6859(<35(3$5('%<2 /($5<%85.(&,9,/$662&,$7(63/&(17,7/('5(&25''5$:,1*7+(*$7(:$<5287(6287+%85/,1*72197'$7('2&72%(5:,7+,7 6/$7(675(9,6,21'$7(' 5()(5(1&(,60$'(72$6859(<35(3$5('%<2 /($5<%85.(&,9,/$662&,$7(63/&(17,7/('6,7(3/$1)25&216758&7,217+(*$7(:$<5287(6287+%85/,1*72197'$7('2&72%(5:,7+,7 6/$7(675(9,6,21'$7(' 5()(5(1&(,60$'(727+(3/$16)257+(67$7(2)9(50217+,*+:$<352-(&7%85/,1*7210'$7(''(&(0%(5$1'),/(':,7+7+(&,7<2)6287+%85/,1*721976((*(1(5$/127(1272%(6(7)/86+,5213,16((*(1(5$/127(1272%(6(7)/86+,5213,16((*(1(5$/127(1272%(6(7)/86+,5213,16((*(1(5$/127(12(;,67,1*$%29(,5213,13$,17('<(//2:7+,625,*,1$/,1.210</$5:$635(3$5(',1$&&25'$1&(:,7+96$6:,)767+$'/(<67)$55(//67:(//6676287+%85/,1*721&+,77(1'(1&2817<67$7(2)9(50217$3257,212)+($7+&27($662&,$7(6//33523(57<($67(5/<2)6+(/%851(52$'865287(125()(5(1&(''(('6 5()(5(1&(,60$'(727+('((''$7('-8/<$1'5(&25'(',1%.$73*2)7+(/$1'5(&25'6,16287+%85/,1*721973$5(173$5&(/6285&('((' 5()(5(1&(,60$'(727+('((''$7('-8/<$1'5(&25'(',1%.$73*2)7+(/$1'5(&25'6,16287+%85/,1*721973$5(173$5&(/6285&('((' 5()(5(1&(,60$'(727+('((''(&(0%(5$1'5(&25'(',1%.$73*2)7+(/$1'5(&25'6,16287+%85/,1*72197%281'$5</,1($'-8670(175+3$$''('6&+('8/(%,7(06 575 Dorset Street South Burlington, VT 05403 tel 802.846.4106 fax 802.846.4101 www.sburl.com TO: South Burlington Development Review Board FROM: Marla Keene, Development Review Planner SUBJECT: SD‐20‐35 570 Shelburne Street Preliminary & Final Plat Application, supplemental memo DATE: November 4, 2020 Development Review Board meeting TPG Architecture has submitted preliminary and final plat application #SD‐20‐35 to amend a previously approved plan for a 101,838 sf shopping center in two (2) buildings. The amendment consists of constructing a detached 3,354 sf financial institution with remove drive‐up ATM and canopy, 570 Shelburne Road. As noted in the staff comments for the 11/4/2020 hearing, there are several topics to be addressed prior to being eligible for approval, including significant stormwater management design issues. In addition to the topics outlined in those staff comments, Staff and the applicant have received comments from the South Burlington Water Department in the form of markups to the provided plans. Staff recommends the Board incorporate these comments as conditions of approval. 1. Unless water service is sized for additional flows (ex. fire sprinkler) consider downsizing line size to typical ¾” or 1”. 2. Maintain minimum 5’ horizontal separation distance between gas and water lines 3. Meter size and remote reader location to be determined by SBWD 4. Install curb box with stainless steel rod inside gate valve box top section with cover 5. Private water main location to be confirmed in the field. 6. remove water connection detail and replace with CWD details and specifications for water connection 7. See CWD Specifications for tapping saddle (3/4"‐2") requirements. 8. All water lines and appurtenances shall be installed in accordance with the Champlain Water District Specifications and Details for the Installation of Water Lines and Appurtenances, current edition, henceforth CWD Specifications.” 9. Service lines on SBWD owned or managed water mains shall be copper from the corporation to the curb stop. Beyond the curb stop HDPE CTS is allowed for 1 ½” and 2” service lines. Approved backflow devices based on the degree of hazard are required for all service connections. 10. The South Burlington Water Department shall be notified in advance to inspect all main line taps at least 48 hours in advance. #SD‐20‐16 2 11. Tracer wire and termination box specifications are required for plastic pipe if said pipe material is permitted. 12. No connection or taps shall be located within 3 pipe diameters of any other fitting or pipe joint. Example: If tapping a 12” water line the tapping saddle must be a minimum of 36” away from the nearest joint in the 12” water line. 13. Connections will only be permitted between the hours of 7:00am and 3:00pm on regular Champlain Water District business days, except Fridays. All connections must be completed by 3:00pm; connections that cannot be completed by 3:00pm may be suspended and completed the following business day. A suspended tap may entail back filling the excavation until the following day. SBWD personnel have the authority to suspend connections that they deem cannot be completed within the time period stated above. 14. No water lines shall be installed after November 15 or before April 1 without prior approval of the SBWD. The SBWD may restrict work before November 15 and after April 1 during adverse weather conditions. CWD does not allow excavating for water mains during the winter months except by special permission. Respectfully submitted, ____________________________________ Marla Keene, Development Review Planner