Agenda packet — Vallejo City Council, November 12, 2024 (part 1 of 2)

Any supplemental writing related to an agenda item for an open session of a regular meeting that is distributed to all or a majority of all members of the City Council less than 72 hours before the meeting will be posted concurrently on the City’s website at www.cityofvallejo.net/agendas Written material distributed during the meeting, will be available at the meeting if prepared by the City or after the meeting if prepared by someone else. Such materials may be obtained from the City Clerk

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Dial (669) 900-6833
Enter Meeting ID: 914 0075 0676#
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VALLEJO CITY COUNCIL
REGULAR MEETING – 7:00 PM

COUNCIL CHAMBERS
555 Santa Clara Street, Vallejo, California
NOVEMBER 12, 2024

NOTICE: Members of the Public will be able to participate in-person or remotely via Zoom.

City Hall and the Council Chambers will be open to members of the public 30 minutes prior to the start of the meeting.

PUBLIC COMMENT: Members of the Public may provide public comments during the City Council Meeting in person or via ZOOM
(https://ZoomRegular.Cityofvallejo.net), or via phone, by dialing (669) 900-6833.

For additional instructions on how to speak remotely during public comment, please visit, www.cityofvallejo.net/publiccomment
VIEW THE MEETING:

There are four different ways you can view this public meeting:
• In Person
• Watch Vallejo local channel 28
• Stream from the City website: www.cityofvallejo.net/Streaming • Join the Zoom webinar:https://ZoomRegular.Cityofvallejo.net

Vallejo City Council Chambers ADA compliant. Devices for the hearing impaired are available from the City Clerk. Requests for disability related modifications or accommodations, aids or services may be made by a person with a disability to the City Clerk's office no less than 72 hours prior to the meeting as required by Section 202 of the Americans with Disabilities Act of 1990 and the federal rules and regulations adopted in implementation thereof.

1. CALL TO ORDER

2. ROLL CALL

3. PLEDGE OF ALLEGIANCE

4. REPORT OUT OF CLOSED SESSION

5. PRESENTATIONS AND COMMENDATIONS
A. PRESENTATION OF A PROCLAMATION RECOGNIZING SIKH HERITAGE MONTH - NOVEMBER 2024

6. FIRST COMMUNITY FORUM
The Community Forum is an opportunity to address the Council on any matter for which another opportunity to speak is not provided on the agenda, and which is within the jurisdiction of the Council to resolve. Any interested members of the public desiring to communicate with the City Council as part of the First Community Forum may do so in person by signing in to the Public Speaker's kiosk located in the back of the Council Chambers or via ZOOM:(https://ZoomRegular.Cityofvallejo.net), Option to join by phone: Dial (669) 900-6833. Enter Meeting ID: 914 0075 0676#. Press * 9 to digitally raise your hand from the phone. Press *6 to unmute/mute. For additional instructions on how to speak remotely during public comment, please visit, www.cityofvallejo.net/publiccomment. In person speakers will be recognized first. When called upon, each speaker should step to the podium, state his/her name for the record. The conduct of the community forum shall be limited to a maximum of fifteen (15) minutes, with each speaker limited to a maximum of three minutes pursuant to Vallejo Municipal Code Section 2.02.300.

7. PUBLIC COMMENT REGARDING CONSENT CALENDAR ITEMS
Members of the public wishing to address the Council on Consent Calendar items may do so in person by signing in to the Public Speaker's kiosk located in the back of the Council Chambers or via ZOOM:(https://ZoomRegular.Cityofvallejo.net), Option to join by phone: Dial (669) 900-6833. Enter Meeting ID: 914 0075 0676#. Press * 9 to digitally raise your hand from the phone. Press *6 to unmute/mute. For additional instructions on how to speak remotely during public comment, please visit, www.cityofvallejo.net/publiccomment. In person speakers will be recognized first. Each speaker is limited to three minutes pursuant to Vallejo Municipal Code Section 2.02.310. Requests for removal of Consent Items received from the public are subject to approval by a majority vote of the Council. Items removed from the Consent Calendar will be heard immediately after approval of the Consent Calendar and Agenda.

8. CONSENT CALENDAR AND APPROVAL OF AGENDA
A. APPROVAL OF MINUTES
Recommendation: Approval of minutes for the special and regular meetings of October 22

Contact: Dawn G. Abrahamson, MMC, City Clerk (707) 648-4527 [email protected]
B. WAIVE FULL READING AND AUTHORIZING INTRODUCTIONS AND/OR

ADOPTION OF ORDINANCES BY TITLE ONLY
Recommendation: Waive reading and authorize introductions and/or adoption of any and all ordinances on this agenda, if any, by title only. This is a standard procedural action so the City Council does not have to read an ordinance in its entirety.

Contact: Dawn G. Abrahamson, MMC, City Clerk (707) 648-4527 [email protected]
C. CITY TREASURER’S INVESTMENT REPORT
Recommendation:

Accept the City Treasurer’s Investment Report for the quarter ended September 30, 2024.

Contact: Rekha Nayar, Finance Director, (707) 648-4592
[email protected]
D. ADOPT A RESOLUTION AMENDING THE MARINA FUND (#415) BUDGET FOR FISCAL YEAR 2024-2025 TO RECOGNIZE GRANT REVENUE IN THE AMOUNT OF $100,000 FROM THE CALIFORNIA STATE PARKS DIVISION

OF BOATING AND WATERWAYS AND TO APPROPRIATE FUNDS (STEP 2)
Recommendation: Adopt a resolution amending the Marina Fund (#415) budget for fiscal year 2024-2025 to recognize grant revenue in the amount of $100,000 from the California State Parks Division of Boating and Waterways and to appropriate funds.

Contact: Melissa Tigbao, P.E., Public Works Director, 707-648-4433 [email protected]
E. ADOPT A RESOLUTION APPROVING AMENDMENT TO FISCAL YEAR 2024-25 BUDGET APPROPRIATING $219,400 TO FUND ASSISTANCE TO

THE VALLEJO POLICE DEPARTMENT REGARDING CERTAIN

RECRUITING SERVICES UNDER A CONSULTANT AND PROFESSIONAL SERVICES AGREEMENT WITH ALL-STAR TALENT (STEP 2)
Recommendation: Adopt a Resolution to amend the City's Fiscal Year 2024-25 Adopted Budget.

Contact: Stephanie Sifuentes, Human Resources Director, (707) 649-4852 [email protected]
F. ADOPT A RESOLUTION APPROVING THE SECOND AMENDMENT TO THE

CONSULTANT AND PROFESSIONAL SERVICES AGREEMENT WITH
WEST YOST & ASSOCIATES, INC. FOR THE MARE ISLAND

INFRASTRUCTURE ASSESSMENT PROJECT, AUTHORIZING THE CITY

MANAGER TO EXECUTE SAME, AND PROVIDING NOTICE OF INTENT TO AMEND FISCAL YEAR 2024-25 BUDGET IN THE AMOUNT OF $26,365 Recommendation: Adopt A Resolution Approving the Second Amendment to the Consultant and Professional Services Agreement with West Yost & Associates, Inc. for the Mare Island Infrastructure Assessment Project, authorizing the City Manager to execute same, and providing Notice of Intent to amend the Fiscal Year 2024-25 budget in the amount of $26,365.

Contact: Michael Nimon, Economic Development Director (707) 648-4109 [email protected]

9. ACTION CALENDAR
NOTICE: Members of the public wishing to address the Council on Action Calendar Items may do so in person by signing in to the Public Speaker's kiosk located in the back of the Council Chambers or via ZOOM (https://ZoomRegular.Cityofvallejo.net), or via phone, by dialing (669) 900-6833. Enter Meeting ID: 914 0075 0676#. Press *9 to digitally raise your hand from the phone. Press *6 to unmute/mute. For additional instructions on how to speak remotely during public comment, please visit, www.cityofvallejo.net/publiccomment. Each speaker is limited to five minutes pursuant to Vallejo Municipal Code Section 2.02.420 or as approved and announced by the Mayor. In person speakers will be recognized first.

A. ADOPT A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF

VALLEJO APPROVING A CENTRAL SQUARE SOLUTIONS AGREEMENT

WITH CENTRAL SQUARE LLC IN AN AMOUNT NOT TO EXCEED
$2,634,502.00 FOR THE FINANCE ENTERPRISE (FE), COMMUNITY

DEVELOPMENT & LAND MANAGEMENT, CODE

ENFORCEMENT, ANALYTICS NOW (COGNOS), CENTRAL SQUARE
PAYMENTS, AND H.T.E. NAVALINE FINANCE AND UTILITIES SOFTWARE

LICENSES AND IMPLEMENTATION PROFESSIONAL SERVICES COST

AND AUTHORIZING THE CITY MANAGER TO EXECUTE SAME
Recommendation: The City has several enterprise-level software services with Central Square LLC. These services were executed and/or renewed at various times. The Central Square Solutions Agreement will consolidate all existing contracts into one contract co-terming and terminating at the same time in FY 28-2029. Authorize the City Manager to execute the attached multi-year Central Square Solutions Agreement with Central Square LLC for an amount not to exceed $2,634,502 for the 5-year term.

Contact: Naveed Ashraf, Chief Innovation Officer & IT Director (707) 648-5200 [email protected]
B. INTRODUCTION OF AN ORDINANCE AMENDING VALLEJO MUNICIPAL CODE TITLE 18, POLICE OVERSIGHT AND ACCOUNTABILITY

COMMISSION (FIRST READING)
Recommendation: Staff recommends that the City Council conduct the First Reading of the Amended Title 18 and introduce the ordinance with a second reading and adoption to be scheduled for a subsequent meeting.

Contact: Randy J. Risner, Chief Assistant City Attorney [email protected]

10. INFORMATION CALENDAR

11. CITY MANAGER’S REPORT

12. CITY ATTORNEY’S REPORT
A. QUARTERLY REPORT FOR FISCAL YEAR 2024/2025, FIRST QUARTER (JUL - SEP 2024)
Recommendation: This report is for informational purpose only. There is no action required
Contact: Veronica A.F. Nebb, City Attorney
[email protected]

13. COMMUNITY FORUM
NOTICE: Members of the public wishing to address the Council on Information Calendar Items may do so in person by signing in to the Public Speaker's kiosk located in the back of the Council Chambers or via ZOOM (https://ZoomRegular.Cityofvallejo.net), or via phone, by dialing (669) 900-6833. Enter Meeting ID: 914 0075 0676#. Press *9 to digitally raise your hand from the phone. Press *6 to unmute/mute. For additional instructions on how to speak remotely during public comment, please visit, www.cityofvallejo.net/publiccomment. Each speaker is limited to five minutes pursuant to Vallejo Municipal Code Section 2.02.420 or as approved and announced by the Mayor. In person speakers will be recognized first.

14. REPORT OF THE PRESIDING OFFICER AND MEMBERS OF THE CITY COUNCIL

15. ADJOURNMENT

___________________________________________________________________________________________

ADDITIONAL CITY INFORMATION
Members of the public can:

Like us on Facebook and Instagram (@cityofvallejo)
Sign up to receive City Communications via e-mail (www.cityofvallejo.net/subscribe) Sign up for emergency alerts at: alertsolano.com
Dated: Wednesday, November 6, 2024

Robert H. McConnell, Mayor

I, Dawn Abrahamson, City Clerk do hereby certify that I have caused a true copy of the above notice and agenda to be delivered to each of the members of the Vallejo City Council, at the time and in the manner prescribed by law and that this agenda was posted at City Hall, 555 Santa Clara Street, CA at 1:00 p.m., Wednesday, November 6, 2024.

Dated: Wednesday, November 6, 2024

Dawn G. Abrahamson, City Clerk

Special City Council Meeting Minutes
October 22, 2024
Page | 1

VALLEJO CITY COUNCIL

SPECIAL MEETING MINUTES
OCTOBER 22, 2024

COUNCIL CHAMBERS
555 Santa Clara Street, Vallejo, California

1. CALL TO ORDER
The meeting was called to order at 6:00 p.m.

2. ROLL CALL

Present: Mayor McConnell, Vice Mayor Loera-Diaz, Councilmembers Arriola, Bregenzer, Matulac, Palmares, and Verder-Aliga

Absent: None
Staff present: City Manager Murray, City Attorney Nebb, City Clerk Abrahamson and Assistant City Manager Haen
The Council convened into Closed Session in the Council Conference Room at 6:02 p.m.

3. CLOSED SESSION
A. Conference with Legal Counsel - Anticipated Litigation Initiation of Litigation Pursuant to Government Code Section 54956.9(d)(4): 1 Case

4. ADJOURNMENT
The meeting adjourned at 6:55 p.m.
________________________________
ROBERT H. MCCONNELL, MAYOR
ATTEST:
________________________________
DAWN G. ABRAHAMSON

CITY CLERK
Special City Council Meeting Minutes
October 22, 2024
Page | 2

Regular City Council Meeting Minutes
October 22, 2024
Page | 1

VALLEJO CITY COUNCIL

REGULAR MEETING MINUTES
OCTOBER 22, 2024

COUNCIL CHAMBERS
555 Santa Clara Street, Vallejo, California

1. CALL TO ORDER
The meeting was called to order at 7:02 p.m.

2. ROLL CALL

Present: Mayor McConnell, Vice Mayor Loera-Diaz, Councilmembers Arriola, Bregenzer, Matulac, Palmares, and Verder-Aliga

Absent: None
Staff present: City Manager Murray, City Attorney Nebb and City Clerk Abrahamson

3. PLEDGE OF ALLEGIANCE

4. REPORT OUT OF CLOSED SESSION
City Attorney Nebb reported Council provided direction to legal counsel regarding Closed Session Item 3A.

5. PRESENTATIONS AND COMMENDATIONS
Action: a video was shown introducing new employees, Youth Services Coordinator Grace Barksdale introduced the Youth Delegation and Councilmember Arriola read and presented the proclamation.

A. INTRODUCTION OF NEW EMPLOYEES
B. INTRODUCTION OF CITY OF VALLEJO/VALLEJO CITY UNIFIED SCHOOL

DISTRICT YOUTH DELEGATION FOR THE NLC CITY SUMMIT

CONFERENCE
C. PRESENTATION OF A PROCLAMATION RECOGNIZING THE 100TH

ANNIVERSARY OF TOASTMASTERS

6. FIRST COMMUNITY FORUM
Speakers: Bianca Rubio, John Kenney, Jackie Jones, Paul Williams, HelenMarie Gordon, and Robert Toepfer.

7. PUBLIC COMMENT REGARDING CONSENT CALENDAR ITEMS
Speakers: Jose Elumba (Item 8J), Warlito Moises, Delphine Foster, Nestor Aliga, and Kattie Cox (Item 8I)

8. CONSENT CALENDAR AND APPROVAL OF AGENDA
Action: moved by Vice Mayor Loera-Diaz and carried unanimously, unless otherwise noted, approval of the Agenda and the Consent Calendar with the removal of Item 8R making it Item 8.1 and bifurcating the recommended action into two separate motions.

Regular City Council Meeting Minutes
October 22, 2024
Page | 2
A. APPROVAL OF MINUTES
Recommendation: Approve minutes for the special meeting of October 7 and the special and regular meetings of October 8, 2024
Contact: Dawn G. Abrahamson, MMC, City Clerk (707) 648-4527 [email protected]
Action: approved minutes.

B. WAIVE FULL READING AND AUTHORIZING INTRODUCTIONS AND/OR

Contact: Dawn G. Abrahamson, MMC, City Clerk (707) 648-4527 [email protected]
Action: waived reading and authorized introductions and/or adoption of any and all ordinances on this agenda, if any, by title only. This is a standard procedural action so the City Council does not have to read an ordinance in its entirety.

C. PAYMENT OF CLAIMS: AUGUST 2024
Recommendation: Ratify the payment of claims for the period of August 1, 2024, through August 31, 2024.

Contact: Rekha Nayar, Finance Director (707) 648-4592
[email protected]
Action: ratified payments of claims for period of August 1-31, 2024.

D. ACCEPT THE REDWOOD STREET ROAD DIET BETWEEN BROADWAY AND TUOLUMNE STREET PROJECT (PROJECT NO. PW9731)
PERFORMED BY VSS INTERNATIONAL, INC., AS COMPLETE, AND

AUTHORIZE THE CITY CLERK TO FILE A NOTICE OF COMPLETION WITH

THE SOLANO COUNTY RECORDER'S OFFICE
Recommendation: Accept the Redwood Street Road Diet Project Between Broadway and Tuolumne Street Project (Project No. PW9731) performed by VSS International, Inc. as complete, and authorize the City Clerk to file a Notice of Completion with the Solano County Recorder’s Office.

Contact: Melissa Tigbao, P.E., Public Works Director, (707) 648-4433 [email protected]
Action: accepted Redwood Street Road Diet Project Between Broadway and Tuolumne Street Project (Project No. PW9731) performed by VSS International, Inc. as complete, and authorized the City Clerk to file a Notice of Completion with the Solano County Recorder’s Office.

E. ADOPT A RESOLUTION APPROVING A GRANT AGREEMENT WITH THE

CALIFORNIA STATE PARKS DIVISION OF BOATING AND WATERWAYS IN THE AMOUNT OF $100,000, AUTHORIZING THE CITY MANAGER TO

EXECUTE SAME, AND GIVING NOTICE OF INTENT TO AMEND THE
FISCAL YEAR 2024-25 MARINA FUND BUDGET TO RECEIVE AND
EXPEND THE GRANT REVENUE (STEP 1)
Recommendation: Adopt a resolution approving a grant agreement with the Regular City Council Meeting Minutes
October 22, 2024
Page | 3
California State Parks Division of Boating and Waterways in the amount of $100,000 and authorizing the City Manager to execute same, and giving notice of intent to amend the fiscal year 2024-25 Marina Fund Budget to receive and expend the grant revenue (Step 1).

Contact: Melissa Tigbao, P.E., Public Works Director (707) 648-4433 [email protected]
Action: adopted Resolution No. 24-159 N.C.

F. ADOPT A RESOLUTION APPROVING A TELECOMMUNICATIONS LEASE

AGREEMENT WITH THE CALIFORNIA HIGHWAY PATROL, ACTING BY

AND THROUGH THE DEPARTMENT OF GENERAL SERVICES, FOR A
PORTION OF 2100 ASCOT PARKWAY (APN: 0082-010-010) AFTER

FINDING THE PROJECT EXEMPT FROM THE CALIFORNIA

ENVIRONMENTAL QUALITY ACT (CEQA) PURSUANT TO CEQA
GUIDELINES SECTION 15301, AND AUTHORIZING THE CITY MANAGER

TO EXECUTE SAME
Recommendation: Adopt a resolution approving a lease agreement with the California Highway Patrol, acting by and through the Department of General Services, for a portion of 2100 Ascot Parkway (APN: 0082-010-010) after finding the action exempt from the California Environmental Quality Act (CEQA) pursuant to CEQA Guidelines Section 15301, and authorizing the City Manager to execute same.

Contact: Melissa Tigbao, P.E., Public Works Director
[email protected]
Action: adopted Resolution No. 24-160 N.C.

G. ADOPT A RESOLUTION APPROVING A SECOND AMENDMENT TO THE

CONSULTANT AND PROFESSIONAL SERVICES AGREEMENT WITH BOB

HALL AND ASSOCIATES REVISING THE TERM AND INCREASING THE COMPENSATION TO A NEW NOT-TO-EXCEED AMOUNT OF $110,000, AND

AUTHORIZING THE CITY MANAGER TO EXECUTE THE SECOND

AMENDMENT ON BEHALF OF THE CITY
Recommendation: Adopt a Resolution approving a Second Amendment to the Consultant and Professional Services Agreement with Bob Hall and Associates to extend the term to June 30, 2025, and to add $15,500 to the Agreement, for a total not to exceed amount of $110,000, and authorize the City Manager to execute same.

Contact: Stephanie Sifuentes, Human Resources Director, (707) 648-4363 [email protected]
Action: adopted Resolution No. 24-161 N.C.

H. ADOPT A RESOLUTION APPROVING A FIRST AMENDMENT TO THE

NEOGOV ONLINE SERVICES AGREEMENT WITH
GOVERNMENTJOBS.COM, INC. DBA (NEOGOV) SETTING TOTAL

COMPENSATION GOING FORWARD TO A NEW NOT-TO-EXCEED
AMOUNT OF $250,000 AND AUTHORIZING THE CITY MANAGER TO

EXECUTE THE FIRST AMENDMENT ON BEHALF OF THE CITY
Recommendation: Adopt a Resolution approving a First Amendment to the NeoGov Online Services Agreement authorizing the City to spend $250,000 Regular City Council Meeting Minutes
October 22, 2024
Page | 4
going forward for software subscriptions to benefit the Human Resources Department.

Contact: Stephanie Sifuentes, Human Resources Director, (707) 648-4363 [email protected]
Action: adopted Resolution No. 24-162 N.C.

I. ISSUE A PROCLAMATION IN RECOGNITION OF VETERANS DAY - NOVEMBER 11, 2024
Recommendation: Authorize the Vallejo City Council to approve a proclamation recognizing Veterans Day - November 11, 2024
Contact: Erik Rzomp, Executive Assistant to Mayor MConnell (707) 648-4377 [email protected]
Action: authorized the Vallejo City Council to approve a proclamation recognizing Veterans Day - November 11, 2024
J. ISSUE A PROCLAMATION RECOGNIZING THE 120TH ANNIVERSARY OF THE VALLEJO COUNCIL 874 KNIGHTS OF COLUMBUS
Recommendation: Authorize the Vallejo City Council to approve a proclamation recognizing the 120th Anniversary of the Vallejo Council 874 Knights of Columbus
Contact: Erik Rzomp, Executive Assistant to Mayor McConnell (707) 648-4377 [email protected]
Action: authorized the Vallejo City Council to approve a proclamation recognizing the 120th Anniversary of the Vallejo Council 874 Knights of Columbus
K. ADOPT A RESOLUTION APPROVING THE FINAL MAP OF WATERSTONE UNIT 2B FOR THE BORDONI RANCH PROJECT AFTER FINDING THE

ACTION EXEMPT FROM THE CALIFORNIA ENVIRONMENTAL QUALITY

ACT (CEQA) PURSUANT TO PUBLIC RESOURCES CODE SECTION
21080(b)(1) AND CEQA GUIDELINES SECTION 15268(b)(3)
Recommendation: Adopt a resolution approving the Final Map of Waterstone Unit 2B after finding the action exempt from the California Environmental Quality Act (CEQA) pursuant to Public Resources Code Section 21080(b)(1) AND CEQA Guidelines Section 15268(b)(3).

Contact: Melissa Tigbao, P.E., Public Works Director (707) 648-4433 [email protected]
Action: adopted Resolution No. 24-163 N.C.

L. ADOPT A RESOLUTION CERTIFYING THE CITY'S AGREEMENT TO

COMPLY WITH STATE HOUSING LAWS RELATING TO THE SURPLUS

LAND ACT, ADUS AND JADUS, AND DENSITY BONUS LAW AND

AFFIRMING THAT THE CITY IS IN COMPLIANCE WITH SAID HOUSING

LAWS IN ACCORDANCE WITH METROPOLITAN TRANSPORTATION
COMMISSION REQUIREMENTS FOR ONE BAY AREA GRANT 3 FUNDING ELIGIBILITY.

Recommendation: Adopt a resolution certifying the City’s agreement to comply with state housing laws relating to the Surplus Land Act, ADUs and JADUs, and Density Bonus Law and affirming that the City is in compliance with said Regular City Council Meeting Minutes
October 22, 2024
Page | 5
housing laws in accordance with Metropolitan Transportation Commission requirements for One Bay Area Grant 3 funding.

Contact: Kristin Pollot, AICP, Planning & Development Services Director, (707) 648-4326
[email protected]
Action: adopted Resolution No. 24-164 N.C.

M. ADOPT A RESOLUTION APPROVING A CONSULTANT AND

PROFESSIONAL SERVICES AGREEMENT WITH ALL-STAR TALENT,

AUTHORIZE THE CITY MANAGER TO EXECUTE SAME AND PROVIDE
NOTICE OF INTENT TO AMEND FISCAL YEAR 2024-2025 BUDGET TO APPROPRIATE EXPENDITURE OF $219,400 (STEP 1 of 2)
Recommendation: Adopt a Resolution approving the Consultant and Professional Services Agreement with All-Star Talent, authorizing the City Manager to execute same and provide notice of intent to amend the City's Fiscal Year 2024-2025 Adopted Budget to appropriate $219,400
Contact: Stephanie Sifuentes, Human Resources Director, (707) 648-4363 [email protected]
Action: adopted Resolution No. 24-165 N.C.

N. ADOPT A RESOLUTION ACCEPTING REIMBURSEMENTS TOTALING $500,000 FROM THE COUNTY OF SOLANO’S ARPA GRANT REVENUE

FOR FEASIBILITY STUDIES IN THE CITY WATER SYSTEM AND THE

LAKES WATER SYSTEM AND PROVIDING NOTICE OF INTENT TO AMEND THE FISCAL YEAR 2024-2025 CAPITAL FUNDS BUDGET FOR THE CITY

WATER SYSTEM AND THE LAKES WATER SYSTEM
Recommendation:

1. Adopt a resolution accepting American Rescue Plan Act (ARPA) grant reimbursements per the Interagency Contract Between the City of Vallejo and County of Solano for Water System Feasibility Studies.

2. As the first in a two-step process, provide notice of intent to amend the Fiscal Year 24-25 budget to recognize reimbursements in the amount of $250,000 for the City Water System and $250,000 for the Lakes System.

Contact: Beth Schoenberger, Water Director
[email protected]
Action: 1) adopted Resolution No. 24-166 N.C. and 2) as the first in a two-step process, provided notice of intent to amend the Fiscal Year 24-25 budget to recognize reimbursements in the amount of $250,000 for the City Water System and $250,000 for the Lakes System
O. ADOPT A RESOLUTION APPROVING THE GRANTING OF AN EASEMENT

DEED TO PACIFIC GAS AND ELECTRIC COMPANY (PG&E) ON CITY

PROPERTY FOR THE INSTALLATION OF UNDERGROUND ELECTRICAL EQUIPMENT THROUGH A PORTION OF APNS 0147-050-050 AND 0147- 040-060) AND AUTHORIZING THE CITY MANAGER TO EXECUTE SAME Recommendation: Adopt a Resolution approving the granting of an easement to Pacific Gas and Electric Company (PG&E) for the installation of underground Regular City Council Meeting Minutes
October 22, 2024
Page | 6
electrical transmission lines on City property at the Green Valley Water Treatment Plant (APNs 0147-050-050 and 0147-040-060); after finding the action exempt from the California Environmental Quality Act (CEQA) and authorizing the City Manager to execute same.

Contact: Beth Schoenberger, Water Director
[email protected]
Action: adopted Resolution No. 24-167 N.C.

P. ADOPT A RESOLUTION APPROVING THE FIRST AMENDMENT TO

MASTER LEGAL COUNSEL SERVICES AGREEMENT WITH RENNE

PUBLIC LAW GROUP AND AUTHORIZING THE CITY ATTORNEY TO

EXECUTE THE SAME
Recommendation: Adopt a resolution approving the First Amendment to Master Legal Counsel Services Agreement with Renne Public Law Group and authorize the City Attorney to execute the agreement on behalf of the City.

Contact: Randy J. Risner, Assistant City Attorney
[email protected]
Action: adopted Resolution No. 24-168 N.C.

Q. ADOPT A RESOLUTION APPROVING THE FIRST AMENDMENT OF THE

CONSULTANT AND PROFESSIONAL SERVICES AGREEMENT WITH

RENNE PUBLIC LAW GROUP, LLP AND AUTHORIZING THE CITY

ATTORNEY TO EXECUTE THE SAME
Recommendation: Adopt a resolution approving the First Amendment to the Consultant and Professional Services Agreement with Renne Public Law Group LLP and authorize the City Attorney to execute the agreement on behalf of the City.

Contact: Randy J. Risner, Chief Assistant City Attorney [email protected]
Action: adopted Resolution No. 24-169 N.C.

R. ADOPT A RESOLUTION APPROVING NEW SALARY RANGES FOR THE

ASSISTANT CITY MANAGER AND DEPUTY POLICE CHIEF

CLASSIFICATIONS
Recommendation: Adopt a resolution approving new salary ranges for the Assistant City Manager and Deputy Police Chief Classifications.

Contact: Stephanie Sifuentes, Human Resources Director (707) 649-4852 [email protected]
Action: item was removed from the Consent Calendar
Councilmembers provided comment on the item prior to the adoption of the Agenda and the Consent Calendar.

Action: moved by Vice Mayor Loera-Diaz and carried to adopt Resolution No. 24-170 N.C., a resolution approving a new salary range for the Deputy Police Chief (Noes: Arriola)
Action: moved by Vice Mayor Loera-Diaz and carried to adopt Resolution No. 24-171 N.C., a resolution approving a new salary range for the Assistant City Manager (Noes: Arriola, Bregenzer, and Loera-Diaz)
Regular City Council Meeting Minutes
October 22, 2024
Page | 7
S. ADOPT AN UNCODIFIED ORDINANCE ADOPTING AND APPROVING VALLEJO POLICE DEPARTMEMNT POLICY 706, MILITARY EQUIPMENT POLICY, IN COMPLIANCE WITH CALIFORNIA ASSEMBLY BILL NO. 481 (AB 481)
Recommendation: Adopt an uncodified ordinance adopting and approving Vallejo Policy Department Policy 706, Military Equipment Use Policy, in compliance with California Assembly Bill No. 481 (AB 481) Contact: Jason Ta, Interim Chief of Police
[email protected]
Action: adopted Ordinance No. 1874 N.C. (2d)

9. ACTION CALENDAR
A. ADOPT RESOLUTION MAKING APPOINTMENTS TO THE MEASURE P

OVERSIGHT COMMITTEE
Recommendation: Adopt a resolution making appointments for Districts 1, 3 and 6 and one at-large appointment to the Measure P Oversight Committee Contact: Dawn G. Abrahamson, MMC, City Clerk (707) 648-4527 [email protected]
Individual appointments were made by District 1, 3 and 6 councilmembers and Mayor McConnell.

Action: moved by Vice Mayor Loera-Diaz and carried unanimously to adopt Resolution No. 24-172 N.C., making the following appointments to the MPOC:

Mayor McConnell (at-large appointments): Jackie Jones for a term to expire 10/10/26.

Councilmember Verder-Aliga (District 1 appointment): Kanat Tibet for a term to expire 10/10/26.

Vice Mayor Loera-Diaz (District 3 appointment): Regina Briseno for a term to expire 10/10/26.

Councilmember Arriola (District 6 appointment): Paula Marckesano-Jones for a term to expire 10/10/26.

B. ADOPTION OF A RESOLUTION APPROVING THE SECOND AMENDMENT

TO THE CONSULTANT AND PROFESSIONAL SERVICES AGREEMENT

WITH E SOURCE (FORMERLY UTILIWORKS CONSULTING) FOR WATER

CONSULTING SERVICES ON ADVANCED METERING INFRASTRUCTURE, INCREASING THE NOT-TO-EXCEED AMOUNT TO $1,773,066.00,
EXTENDING THE TERM TO DECEMBER 31, 2026 AND AUTHORZING THE

CITY MANAGER TO EXECUTE THE SECOND AMENDMENT ON BEHALF

OF THE CITY
Recommendation: Adopt a resolution authorizing the City Manager to execute the Second Amendment to the Consultant and Professional Services Agreement with E Source Companies, LLC (“E Source”, formerly UtiliWorks Consulting, LLC), for Advanced Metering Infrastructure consulting services, to increase the agreement by $834,666 to a new not-to-exceed amount of $1,773,066, extend the agreement to December 31, 2026, and amend the Regular City Council Meeting Minutes
October 22, 2024
Page | 8
scope of work to include additional services to supplement staff capacity and expertise.

Contact: Beth Schoenberger, Water Director, (707) 648-5439 [email protected]
Water Director Schoenberger provided a project overview, reviewed the project implementation goals, the details of the agreement, additional scope of services, and funding.

Action: moved by Vice Mayor Loera-Diaz and carried unanimously to adopt Resolution No. 24-173 N.C.

C. DISCUSSION AND DIRECTION ON CITY COUNCIL REFERRALS
Recommendation: Receive the scopes of work that City staff developed for four City Council referrals and provide direction to staff on whether or not to implement the referrals.

Contact: Andrew Murray, City Manager (707) 648-4576
[email protected]
City Manager Murray provided background information and reviewed the scopes for the 4 referral requests related to creation of an ad-hoc committee on City Charter, creation of an ad-hoc committee on Municipal Code 2.02 regarding Council meetings, creation of an ad-hoc committee on VPD collaborative reform effort, and sideshow deterrents and penalties.

Speakers: Anne Carr.

Staff responded to questions from Councilmembers. Councilmembers provided comment and direction to staff to implement the four referrals in the following priority order: 1) consideration of increasing fines, penalties, impoundment rules and other deterrents related to sideshows; 2) establish 2 person Council ad-hoc committee on collaborative reform efforts related to the Vallejo Police Department; 3) Council ad-hoc committee to revise VMC Chapter 2.02 related to Council Meetings/Rules/Meeting Procedures; and 4) create Council ad-hoc committee for purposes of reviewing the City Charter.

The meeting recessed at 9:21 p.m. and reconvened at 9:30 p.m.

D. CONSIDERATION OF AND FINDING TO CONTINUE THE STATE OF LOCAL

EMERGENCY RELATING TO PUBLIC SAFETY STAFFING AND UPDATE

ON ACTIONS TAKEN TO DATE
Recommendation: Receive the update and confirm the continued existance of the conditions leading to the declaration of a state of local emergency.

Contact: Jason Ta, Interim Chief of Police (707) 648-4540 [email protected]
Police Captain Knight reviewed the VPD sworn staff count, adjustments for lower staffing, projected staffing and police assistant staffing, shared current staffing numbers, and concluded the presentation discussing options being Regular City Council Meeting Minutes
October 22, 2024
Page | 9
explored to supplement officers.

Speakers: Anne Carr.

Staff responded to questions from Councilmembers. Councilmembers provided comment.

Action: moved by Vice Mayor Loera-Diaz and carried to receive the update and confirmed the continued existence of the conditions leading to the declaration of a state and local emergency (Noes: Bregenzer and Loera-Diaz).

E. ADOPT A RESOLUTION AUTHORIZING THE CITY TO PARTICIPATE IN

THE GREEN EMPOWERMENT ZONE (GEZ) AND DESIGNATING A

COUNCIL MEMBER AND AN ALTERNATE TO REPRESENT THE CITY ON

THE GEZ GOVERNING BOARD FOR A TWO-YEAR TERM
Recommendation: It is recommended that the City Council receive the presentation and adopt a resolution authorizing the City to participate in the Green Empowerment Zone and appoint a Council Member and an alternate to represent the City on the GEZ Governing Board for a two-year term.

Contact: Michael Nimon, Economic Development Director
(707) 648-4109
[email protected]
Economic Development Director Nimon provided an overview of the staff report and outlined the recommendation.

Speakers: Vince May
Staff responded to questions from Councilmembers. Councilmembers provided comment.

Action: moved by Vice Mayor Loera-Diaz and carried unanimously to adopt Resolution No. 24-174 N.C. appointing Councilmember Palmares to represent the City on the GEZ Governing Board and Councilmember Matulac as the alternate.

10. INFORMATION CALENDAR
A. PROVIDE INFORMATION ON PROJECT NO. 9762 MARE ISLAND

CAUSEWAY BRIDGE MAINTENANCE PROJECT
Recommendation: This item is for informational purposes only. There is no staff report or action associated with this item
Contact: Melissa Tigbao, P.E., Public Works Director (707) 648-4433 [email protected]
Assistant Public Works Director/City Engineer Sequeira provided background information, shared the goals of the Program and funding, outlined the scope of work, and next steps.

Regular City Council Meeting Minutes
October 22, 2024
Page | 10
Staff responded to questions from Councilmembers. Councilmembers provided comment.

11. CITY MANAGER’S REPORT – None.

12. CITY ATTORNEY’S REPORT
City Attorney Nebb provided an update on the Tobacco Retail License (TRL) ordinance that will be returning to Council at its November 19 regular meeting.

13. COMMUNITY FORUM
Speakers: Alex Matias and Anne Carr.

14. REPORT OF THE PRESIDING OFFICER AND MEMBERS OF THE CITY COUNCIL Councilmembers reported on various community events and meetings attended.

15. ADJOURNMENT
The meeting adjourned at 11:03 p.m.
________________________________
ROBERT H. MCCONNELL, MAYOR
ATTEST:
________________________________
DAWN G. ABRAHAMSON

CITY CLERK
CONSENT CALENDAR 8.C.

DATE: November 12, 2024
TO: Mayor and Members of the City Council
FROM: Rekha Nayar, Finance Director
SUBJECT: CITY TREASURER’S INVESTMENT REPORT

RECOMMENDATION
Accept the City Treasurer’s Investment Report for the quarter ended September 30, 2024.

REASONS FOR RECOMMENDATION
The City’s Investment Policy requires the City Treasurer to submit quarterly investment reports to the City Council.

BACKGROUND AND DISCUSSION
At the end of each calendar quarter, the City Treasurer is required by the City’s adopted Investment Policy to report on the status of investments to the City Council. The City Treasurer’s Investment Report as of September 30, 2024 is submitted. It is the policy of the City of Vallejo to use the State of California Government Code Sections 53601, 53635, and 53651 provisions for local government investments as guidelines in developing and implementing the City's allowable investment policies and practices.

The report includes all securities managed by the City and its Investment Managers (excluding bond proceeds) and provides information on the values (par, fair, and cost), term, and yield of each security. Please note that because the safe-keeping custodian and the Investment Manager may use different pricing sources to determine the market value of the securities, there can be minor differences in market values shown on the custodian's monthly statement as compared to the Investment Manager's monthly statement.

Fair Value of individual securities has been provided by Chandler Asset Management. The City utilizes Principal Financial as its third-party safekeeping custodian for safekeeping of all investments with the exception of the Local Agency Investment Fund (LAIF). LAIF being a money market fund administered by the State Treasurer has many governmental agency participants, and holds securities through its own administrator.

Condensed investment information as of September 30, 2024, is as follows:

Description Par Value of
Portfolio
Fair Value of
Portfolio
Cost Basis of
Portfolio
Percentage
of Portfolio
City of Vallejo:

U.S. Treasury Securities $128,280,000.00 $126,999,818.25 $126,673,567.82 49.17% Local Agency Investment
Fund
$63,920,965.47 $63,920,965.47 $63,920,965.47 24.75%

Date: November 12, 2024
Subject: CITY TREASURER’S INVESTMENT REPORT

Page 2 ends

Corporate Medium-Term
Notes
$25,565,000.00 $25,523,156.84 $25,204,650.60 9.88%
U.S. Federal Agency
Bonds
$15,890,000.00 $15,722,051.42 $15,870,960.30 6.09%
Money Market Mutual Funds $15,474,117.12 $15,474,117.12 $15,474,117.12 5.99% Asset Backed Securities $4,782,939.72 $4,794,516.62 $4,782,056.92 1.86% Collateralized Mortgage
Obligations
$2,095,466.80 $2,086,980.39 $2,081,495.50 0.81%
Supranational Obligations $1,770,000.00 $1,811,925.08 $1,759,147.80 0.70% Cash $1,958,813.29 $1,958,813.29 $1,958,813.29 0.76%
Total Investments: $259,737,302.40

$258,292,344.48

$257,725,774.82

100.00%

Condensed earnings and return information as of September 30, 2024, is as follows:

Current Quarter Fiscal Year-to-Date
Portfolio Investment Earnings:

City of Vallejo2 $ 2,475,843 $ 2,475,843

Net Change in Portfolio Fair Value Balance3:

City of Vallejo -$ 32,800,424 -$ 32,800,424

Approximate Portfolio Rate-of-Return:

City of Vallejo - Yield to Maturity4 4.11%

BENCHMARK COMPARISON RATE-OF-RETURN5:

Local Agency Investment Fund 4.71% 2-Year U.S. Treasury Note Yield 3.64% 1 In accordance with Government Code Section 53646, the Fair Value of the Local Agency Investment Fund (LAIF) represents the value from the September 30, 2024, LAIF statement and has not been adjusted by the “Amortized Cost Factor” which is used in adjusting the statement balance to the actual “Fair Value” balance. 2 The City records interest income on a cash basis, whereas the attached statement uses the accrual basis. Since the accrual basis includes interest income earned but not received, there is a timing difference in recording the interest income between the City’s books and the attached statement. This difference will be trued up at fiscal year-end. 3 The “Net Change in Portfolio Fair Value Balance” is primarily a measure of the difference in the inflows and outflows of funds held in the LAIF account during the period.

The change is primarily due to the timing of the receipt of property tax revenues, which are received in December and April of each year, and the timing of the City making withdrawals in the ordinary course of business to pay expenses. 4 Yield to Maturity is the interest income the portfolio will earn for the next twelve months expressed as a percentage. Yield to maturity assumes no changes during that twelve month period.
5 These are the performance benchmarks stated in the City’s Investment Policy. LAIF rate of return is as of September 30, 2024.

Date: November 12, 2024
Subject: CITY TREASURER’S INVESTMENT REPORT

Page 3 ends

COMPLIANCE
All investment transactions were executed in accordance with the California Government Code and the City’s and Investment Policies. In accordance with California Government Code section 53646(b)(3), staff believes that the investments and budgeted revenues for the City will provide sufficient cash flow to meet the anticipated cash flow requirements of each entity for the next six months.

Pooled cash and investments book balances are adjusted annually to reflect fair value as required by Generally Accepted Accounting Principles. The term fair value was formerly known as market value and became effective with the mandatory implementation of GASB 31 in fiscal year 1998. The attached investment schedules meet these requirements.

It should be noted that this is an investment portfolio report and does not include bank checking account deposits for the City. The Housing Authority is not required to file a quarterly report because it does not have any reportable investments since it closed it's investment account and transferred all funds to it's bank account which is covered by a general depository agreement, as required by HUD.

FISCAL IMPACT
There is no fiscal impact from this report. The City's portfolio had total investment earnings of $2,475,843 during the three-month period ending September 30, 2024. In addition, the portfolio also had a cumulative fair value versus cost value unrealized, non-cash gain of approximately $ 2,607,474 as of September 30, 2024. Fair value fluctuates from one period to another depending on the changes in interest rates and the supply and demand for bonds at a particular time. Therefore, there is often a difference between the cost value (the value at the time of purchase) and the fair value (the market value of the same security at a certain later period) creating an unrealized gain or loss.

ENVIRONMENTAL REVIEW
This action is exempt from the California Environmental Quality Act (CEQA) because it is not a project which has a potential for resulting in either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment, pursuant to CEQA Guideline section 15378.

ATTACHMENTS

1. Chandler Monthly Statement - Account 262 - 09-30-24

2. City of Vallejo Economic and Account Analysis 09-30-2024

CONTACT
Rekha Nayar, Finance Director, (707) 648-4592
[email protected]

MONTHLY ACCOUNT STATEMENT
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 CHANDLER ASSET MANAGEMENT | chandlerasset.com
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.

Chandler Team:

For questions about your account, please call (800) 317-4747, or contact [email protected]
Custodian:

PORTFOLIO SUMMARY
Portfolio Characteristics
Sector Allocation
Account Summary
Maturity Distribution
Top Issuers
Credit Quality
Average Modified Duration 1.06
Average Coupon 2.59%
Average Purchase YTM 4.11%
Average Market YTM 4.31%
Average Quality AA+
Average Final Maturity 1.20
Average Life 1.09
Beg. Values as of
09/01/2024
End Values as of
09/30/2024
Market Value 256,763,523.62 258,292,344.41
Accrued Interest 630,509.45 616,998.39
Total Market Value 257,394,033.07 258,909,342.81
Income Earned 540,189.05 636,579.36
Cont/WD (6,748,687.12) 72,569.97
Par 258,403,369.13 259,737,302.41
Book Value 257,290,693.62 258,181,107.42
Cost Value 256,380,009.89 257,725,774.82
United States 49.17%
LAIF 24.75%
Wells Fargo & Company 5.18%
Federal Home Loan Banks 2.37%
FNMA 2.33%
FHLMC 1.80%
Allspring Group Holdings LLC 0.81%
Bank of America Corporation 0.57%
*See Footnote
The credit quality is a weighted average calculation of the highest of S&P , Moody’s’ and Fitch CONFIDENTIAL | 3
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Execution Time: 10/17/2024 10:58:57 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 20.0 0.8 Compliant
Max % Issuer (MV) 30.0 0.8 Compliant
Max Maturity (Years) 5.0 3.7 Compliant

ASSET-BACKED SECURITIES (ABS)
Max % (MV) 20.0 1.9 Compliant
Max % Issuer (MV) 5.0 0.4 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant

BANKERS' ACCEPTANCES
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 180 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

COLLATERALIZED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant

COMMERCIAL PAPER
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 270 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 9.9 Compliant
Max % Issuer (MV) 5.0 0.6 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE CD/
TD)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant

STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance
Status Notes
Max % (MV) 50.0 6.1 Compliant
Max % Issuer (MV) 30.0 2.4 Compliant
Max Callables (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 4 Compliant

LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 63.9 Compliant

LOCAL GOVERNMENT INVESTMENT POOL (LGIP)
Max % (MV) 100.0 0.0 Compliant

MONEY MARKET MUTUAL FUNDS
Max % (MV) 10.0 6.0 Compliant
Max % Issuer (MV) 5.0 5.2 Not
Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant

MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV) 10.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV) 10.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

MUTUAL FUNDS
Max % (MV) 10.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant

STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance
Status Notes
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit) 0.0 0.0 Compliant

REPURCHASE AGREEMENTS
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 1.0 0.0 Compliant

SRI PROHIBITED INVESTMENTS
Prohibited Investment - Fossil Fuels 0.0 0.0 Compliant
Prohibited Investments - Alcohol 0.0 0.0 Compliant
Prohibited Investments - Firearms 0.0 0.0 Compliant
Prohibited Investments - Tobacco 0.0 0.0 Compliant

SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 0.7 Compliant
Max % Issuer (MV) 10.0 0.5 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 49.2 Compliant
Max Maturity (Years) 5 4 Compliant
CONFIDENTIAL | 6
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Execution Time: 10/17/2024 10:58:57 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

RECONCILIATION SUMMARY
Accrual Activity Summary
Fair Market Activity Summary
Month to Date Fiscal Year to Date
(01/01/2024)
Beginning Book Value 257,290,693.62 234,733,843.94
Maturities/Calls (60,000,000.00) (211,490,000.00)
Principal Paydowns (536,254.77) (3,900,710.03)
Purchases 157,391,835.70 763,982,608.73
Sales (96,449,318.23) (527,750,707.71)
Change in Cash, Payables, Receivables 200,335.72 94,185.58 Amortization/Accretion 307,738.93 2,709,651.67
Realized Gain (Loss) (23,923.55) (197,764.76)
Ending Book Value 258,181,107.42 258,181,107.42
Month to Date Fiscal Year to Date
(01/01/2024)
Beginning Market Value 256,763,523.62 232,264,699.68
Maturities/Calls (60,000,000.00) (211,490,000.00)
Principal Paydowns (536,254.77) (3,900,710.03)
Purchases 157,391,835.70 763,982,608.73
Sales (96,449,318.23) (527,750,707.71)
Change in Cash, Payables, Receivables 200,335.72 94,185.58 Amortization/Accretion 307,738.93 2,709,651.67
Change in Net Unrealized Gain (Loss) 638,406.99 2,580,381.25 Realized Gain (Loss) (23,923.55) (197,764.76)
Ending Market Value 258,292,344.41 258,292,344.41
Maturities / Calls
Month to Date (60,000,000.00)
Fiscal Year to Date (211,490,000.00)
Principal Paydowns
Month to Date (536,254.77)
Fiscal Year to Date (3,900,710.03)
Purchases
Month to Date 157,391,835.70
Fiscal Year to Date 763,982,608.73
Sales
Month to Date (96,449,318.23)
Fiscal Year to Date (527,750,707.71)
Interest Received
Month to Date 335,044.21
Fiscal Year to Date 4,565,009.76
Purchased / Sold Interest
Month to Date 7,307.27
Fiscal Year to Date 9,279.97
CONFIDENTIAL | 7
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Execution Time: 10/17/2024 10:58:57 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
47788UAC6 JDOT 2021 A3 0.36 09/15/2025 1,312.34 03/02/2021

0.37%
1,312.09
1,312.29

99.81 5.41%
1,309.80

0.21 0.00%
(2.50)
Aaa/NA
AAA

0.96 0.04
44934KAC8 HART 2021-B A3 0.38
01/15/2026 46,056.56 07/20/2021

0.60%
46,046.39
46,054.21

99.71 5.49%
45,922.64

7.78 0.02%
(131.57)
NA/AAA
AAA

1.29 0.06
43815GAC3 HAROT 2021-4 A3 0.88
01/21/2026 84,186.13 11/16/2021

0.89%
84,168.38
84,181.12

98.70 5.24%
83,090.03

20.58 0.03%
(1,091.10)
Aaa/NA
AAA

1.31 0.30
47789QAC4 JDOT 2021-B A3 0.52
03/16/2026 82,722.03 07/13/2021

0.52%
82,714.66
82,720.02

98.83 4.69%
81,752.95

19.12 0.03%
(967.06)
Aaa/NA
AAA

1.46 0.28
44935FAD6 HART 2021-C A3 0.74
05/15/2026 51,736.36 11/09/2021

0.75%
51,724.81
51,732.78

99.08 5.23%
51,259.91

17.02 0.02%
(472.87)
NA/AAA
AAA

1.62 0.20
43815BAC4 HAROT 2022-1 A3 1.88
05/15/2026 229,731.33 02/15/2022

1.89%
229,696.77
229,719.12

98.81 4.89%
226,992.63
191.95

0.09%
(2,726.49)
Aaa/AAA
NA

1.62 0.39
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026 151,923.11 05/10/2022

3.23%
151,915.21
151,919.83

99.33 4.75%
150,902.54

81.28 0.06%
(1,017.29)
Aaa/AAA
NA

1.90 0.44
47787JAC2 JDOT 2022 A3 0.36 09/15/2026 130,022.43 03/10/2022

2.34%
129,993.67
130,010.71

98.85 4.69%
128,527.00
134.07

0.05%
(1,483.70)
Aaa/NA
AAA

1.96 0.49
89238FAD5 TAOT 2022-B A3 2.93
09/15/2026 183,029.89 04/07/2022

3.09%
183,025.61
183,028.42

99.18 4.65%
181,534.45
238.35

0.07%
(1,493.97)
Aaa/AAA
NA

1.96 0.48
362554AC1 GMCAR 2021-4 A3 0.68
09/16/2026 76,621.62 10/13/2021

0.68%
76,619.67
76,620.95

98.52 4.96%
75,489.61

21.71 0.03%
(1,131.34)
Aaa/AAA
NA

1.96 0.34
380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026 79,892.08 01/11/2022

1.27%
79,885.14
79,889.36

98.64 4.79%
78,807.25

41.94 0.03%
(1,082.11)
NA/AAA
AAA

2.13 0.38
362585AC5 GMCAR 2022-2 A3 3.1
02/16/2027 180,496.73 04/05/2022

3.13%
180,459.00
180,479.56

99.15 4.69%
178,970.09
233.14

0.07%
(1,509.48)
Aaa/AAA
NA

2.38 0.54
47800AAC4 JDOT 2022-B A3 3.74
02/16/2027 299,248.06 07/12/2022

3.77%
299,219.49
299,233.68

99.44 4.62%
297,579.22
497.42

0.12%
(1,654.47)
Aaa/NA
AAA

2.38 0.66
02582JJT8 AMXCA 2022-2 A 3.39
05/17/2027 840,000.00 05/17/2022

3.42%
839,814.19
839,944.26

99.28 4.61%
833,952.84
1,265.60

0.32%
(5,991.42)
NA/AAA
AAA

0.62 0.60
58768PAC8 MBART 2022-1 A3 5.21
08/16/2027 785,961.05 11/15/2022

5.27%
785,805.59
785,867.48
100.50

4.50%
789,901.23
1,819.94

0.31%
4,033.75
Aaa/AAA
NA

2.88 0.65
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 180,000.00 07/11/2023

5.47%
179,968.10
179,976.46
101.24

4.43%
182,231.12
164.10

0.07%
2,254.66
NA/AAA
AAA

3.41 1.12
02582JJZ4 AMXCA 2023-1 A 4.87
05/15/2026 375,000.00 06/07/2023

4.87%
374,966.74
374,976.19
101.19

4.14%
379,480.39
811.67

0.15%
4,504.20
NA/AAA
AAA

HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 1,005,000.00 09/07/2023

5.17%
1,004,721.41
1,004,779.66
102.17

4.04%
1,026,812.92
2,304.80

0.40%
22,033.26
NR/AAA
AAA

3.96 1.82
Total ABS 4,782,939.73 3.96%
4,782,056.92
4,782,446.11
100.26

4.49%
4,794,516.61
7,870.66

1.86%
12,070.50
Aaa/AAA
AAA

2.33 0.92
AGENCY
3130AJHU6 FEDERAL HOME LOAN BANKS 0.5
04/14/2025 1,250,000.00 05/28/2020

0.50%
1,249,737.50
1,249,971.26

97.98 4.36%
1,224,725.10
2,899.31

0.47%
(25,246.16)
Aaa/AA+
AA+

0.54 0.52
3135G03U5 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.625 04/22/2025 805,000.00 04/22/2020

0.67%
803,341.70
804,815.44

97.98 4.33%
788,725.74
2,222.14

0.31%
(16,089.70)
Aaa/AA+
AA+

0.56 0.54
3135G04Z3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 06/17/2025 2,020,000.00 06/17/2020

0.54%
2,015,818.60
2,019,406.26

97.43 4.20%
1,968,148.18
2,917.78

0.76%
(51,258.08)
Aaa/AA+
AA+

0.71 0.70
3137EAEU9

FEDERAL HOME LOAN
MORTGAGE CORP 0.375
07/21/2025
1,075,000.00 07/21/2020

0.48%
1,069,646.50
1,074,140.04

97.12 4.04%
1,044,091.97
783.85

0.40%
(30,048.07)
Aaa/AA+
AA+

0.80 0.79
3135G05X7 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.375 08/25/2025 1,700,000.00 08/25/2020

0.47%
1,692,044.00
1,698,569.32

96.87 3.95%
1,646,712.63
637.50

0.64%
(51,856.68)
Aaa/AA+
AA+

0.90 0.88
3137EAEX3

FEDERAL HOME LOAN
MORTGAGE CORP 0.375
09/23/2025
1,560,000.00 09/23/2020

0.44%
1,555,304.40
1,559,080.96

96.53 4.03%
1,505,920.77
130.00

0.58%
(53,160.19)
Aaa/AA+
AA+

0.98 0.96
3135G06G3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 11/07/2025 1,680,000.00 11/09/2020

0.57%
1,673,985.60
1,678,672.27

96.23 4.04%
1,616,609.06
3,360.00

0.63%
(62,063.21)
Aaa/AA+
AA+

1.10 1.07
3130ATUC9 FEDERAL HOME LOAN BANKS 4.5
12/12/2025 1,800,000.00 02/08/2023

4.21%
1,813,572.00
1,805,719.35
100.73

3.86%
1,813,184.19
24,525.00

0.70%
7,464.84
Aaa/AA+
AA+

1.20 1.14
3130AWMN7 FEDERAL HOME LOAN BANKS

4.375 06/09/2028 1,000,000.00 07/26/2023

4.27%
1,004,500.00
1,003,407.25
102.57

3.62%
1,025,681.47
13,611.11

0.40%
22,274.22
Aaa/AA+
AA+

3.69 3.35
3130AWTR1 FEDERAL HOME LOAN BANKS

4.375 09/08/2028 1,000,000.00 09/21/2023

4.70%
985,570.00
988,554.69
102.73

3.62%
1,027,347.45
2,795.14

0.40%
38,792.76
Aaa/AA+
AA+

3.94 3.59
3133EPN50 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 12/15/2028 1,000,000.00 12/28/2023

3.88%
1,016,720.00
1,014,165.43
102.51

3.60%
1,025,130.49
12,513.89

0.40%
10,965.06
Aaa/AA+
AA+

4.21 3.79
3130AVBD3 FEDERAL HOME LOAN BANKS 4.5
03/09/2029 1,000,000.00 04/22/2024

4.71%
990,720.00
991,558.90
103.58

3.62%
1,035,774.37
2,750.00

0.40%
44,215.47
Aaa/AA+
AA+

4.44 4.00
Total Agency 15,890,000.00 1.96%
15,870,960.30
15,888,061.17

99.01 3.96%
15,722,051.42
69,145.71

6.09%
(166,009.74)
Aaa/AA+
AA+

1.72 1.60

HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3137BFE98 FHMS K-041 A2 3.171
10/25/2024 260,466.80 07/01/2021

0.66%
280,184.95
260,466.80

99.66 3.17%
259,593.25
688.28

0.10%
(873.55)
Aaa/AA+
AAA

0.07 0.23
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 1,835,000.00 05/24/2023

4.24%
1,801,310.55
1,810,491.77

99.59 3.93%
1,827,387.14
5,887.29

0.71%
16,895.37
Aaa/AA+
AAA

3.65 3.28
Total Agency
CMBS 2,095,466.80 3.80%
2,081,495.50
2,070,958.57

99.60 3.84%
2,086,980.38
6,575.58

0.81%
16,021.81
Aaa/AA+
AAA

3.21 2.90
CASH
CCYUSD Receivable 3,440.09 --

0.00%
3,440.09
3,440.09

1.00 0.00%
3,440.09

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00
CCYUSD Receivable 43,580.13 --

0.00%
43,580.13
43,580.13

1.00 0.00%
43,580.13

0.00 0.02%

0.00 Aaa/AAA
AAA

0.00 0.00
CCYUSD Receivable 733,143.07 --

0.00%
733,143.07
733,143.07

1.00 0.00%
733,143.07

0.00 0.28%

0.00 Aaa/AAA
AAA

0.00 0.00
90CHECK$1 Checking Deposit Bank Account 1,178,650.00 09/30/2024

0.00%
1,178,650.00
1,178,650.00

1.00 0.00%
1,178,650.00

0.00 0.46%

0.00 NA/NA
NA

0.00 0.00
Total Cash 1,958,813.29 0.00%
1,958,813.29
1,958,813.29

1.00 0.00%
1,958,813.29

0.00 0.76%

0.00 Aaa/AAA
AAA

0.00 0.00

CORPORATE
06367WB85 BANK OF MONTREAL 1.85
05/01/2025 1,150,000.00 03/24/2021

1.16%
1,182,257.50
1,154,568.20

98.41 4.64%
1,131,734.91
8,864.58

0.44%
(22,833.29)
A2/A-
AA-

0.58 0.57
46647PBK1 JPMORGAN CHASE & CO 2.083
04/22/2026 500,000.00 09/16/2021

1.18%
515,945.00
502,470.87

98.40 6.11%
492,021.85
4,599.96

0.19%
(10,449.02)
A1/A-
AA-

1.56 0.54
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 1,245,000.00 --

1.40%
1,231,472.05
1,240,005.12

95.60 3.97%
1,190,273.45
5,408.83

0.46%
(49,731.67)
A2/A+
A

1.62 1.57
89236TJK2 TOYOTA MOTOR CREDIT CORP

1.125 06/18/2026 810,000.00 06/15/2021

1.13%
809,643.60
809,878.01

95.34 3.96%
772,250.20
2,607.19

0.30%
(37,627.81)
A1/A+
A+

1.71 1.66
06051GJD2 BANK OF AMERICA CORP 1.319
06/19/2026 500,000.00 09/16/2021

1.23%
501,675.00
500,319.57

97.54 5.53%
487,683.26
1,868.58

0.19%
(12,636.32)
A1/A-
AA-

1.72 0.70
931142ER0 WALMART INC 1.05 09/17/2026 240,000.00 09/08/2021

1.09%
239,546.40
239,822.14

94.97 3.74%
227,917.83

98.00 0.09%
(11,904.30)
Aa2/AA
AA

1.96 1.91
87612EBM7 TARGET CORP 1.95 01/15/2027 545,000.00 01/19/2022

1.99%
544,073.50
544,573.72

96.06 3.76%
523,524.45
2,243.58

0.20%
(21,049.26)
A2/A
A

2.29 2.20
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 1,000,000.00 --

2.76%
985,444.30
992,908.40

96.04 4.19%
960,381.39
1,905.56

0.37%
(32,527.01)
A2/A-
A

HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 1,095,000.00 03/07/2022

2.30%
1,094,791.95
1,094,898.03

96.79 3.68%
1,059,857.69
1,119.33

0.41%
(35,040.33)
Aa2/AA
A+

2.45 2.35
023135CF1 AMAZON.COM INC 3.3
04/13/2027 750,000.00 04/25/2022

3.34%
748,702.50
749,338.36

98.72 3.83%
740,421.44
11,550.00

0.29%
(8,916.93)
A1/AA
AA-

2.53 2.37
74340XBN0 PROLOGIS LP 2.125 04/15/2027 1,000,000.00 11/09/2022

5.15%
881,290.00
931,850.31

95.35 4.07%
953,487.73
9,798.61

0.37%
21,637.42
A3/A
WR

2.54 2.41
927804GH1 VIRGINIA ELECTRIC AND POWER
CO 3.75 05/15/2027 250,000.00 05/16/2022

3.82%
249,220.00
249,588.02

99.23 4.06%
248,072.38
3,541.67

0.10%
(1,515.64)
A2/BBB+
A

2.62 2.44
14913R3A3 CATERPILLAR FINANCIAL
SERVICES CORP 3.6 08/12/2027 700,000.00 08/22/2022

3.81%
693,301.00
696,140.87

99.38 3.83%
695,633.23
3,430.00

0.27%
(507.65)
A2/A
A+

2.87 2.68
931142EX7 WALMART INC 3.95 09/09/2027 500,000.00 --

3.98%
499,366.20
499,627.57
100.69

3.70%
503,449.83
1,206.94

0.19%
3,822.26
Aa2/AA
AA

2.94 2.67
89115A2M3 TORONTO-DOMINION BANK

5.156 01/10/2028 1,100,000.00 06/28/2023

5.27%
1,094,940.00
1,096,343.35
103.00

4.17%
1,132,980.08
12,761.10

0.44%
36,636.73
A1/A
AA-

3.28 2.96
756109AU8 REALTY INCOME CORP 3.65
01/15/2028 1,000,000.00 04/24/2023

4.71%
955,470.00
968,996.79

98.18 4.25%
981,823.23
7,705.56

0.38%
12,826.44
A3/A-
WR

3.29 3.04
06051GGF0 BANK OF AMERICA CORP 3.824
01/20/2028 1,000,000.00 04/10/2023

5.10%
956,490.00
973,464.89

98.92 4.94%
989,180.34
7,541.78

0.38%
15,715.45
A1/A-
AA-

3.31 2.16
06406RAB3 BANK OF NEW YORK MELLON
CORP 3.442 02/07/2028 1,000,000.00 04/26/2023

4.55%
961,850.00
976,270.20

98.44 4.66%
984,350.30
5,163.00

0.38%
8,080.10
A1/A
AA-

3.36 2.22
74456QBU9 PUBLIC SERVICE ELECTRIC AND
GAS CO 3.7 05/01/2028 1,250,000.00 09/06/2023

5.10%
1,178,487.50
1,194,880.17

98.71 4.09%
1,233,884.56
19,270.83

0.48%
39,004.39
A1/A
WR

3.59 3.27
037833ET3 APPLE INC 4.0 05/10/2028 205,000.00 05/08/2023

4.04%
204,604.35
204,714.79
101.09

3.67%
207,241.91
3,211.67

0.08%
2,527.12
Aaa/AA+
NA

3.61 3.21
02665WEM9 AMERICAN HONDA FINANCE
CORP 5.125 07/07/2028 1,200,000.00 08/17/2023

5.33%
1,189,428.00
1,191,842.59
103.32

4.16%
1,239,789.66
14,350.00

0.48%
47,947.07
A3/A-
A

3.77 3.37
78016HZS2 ROYAL BANK OF CANADA 5.2
08/01/2028 1,000,000.00 09/07/2023

5.53%
986,020.00
989,041.43
103.90

4.09%
1,039,030.56
8,666.67

0.40%
49,989.13
A1/A
AA-

3.84 3.43
24422EXH7 JOHN DEERE CAPITAL CORP 4.5
01/16/2029 1,200,000.00 04/23/2024

5.08%
1,170,792.00
1,173,481.10
101.84

4.03%
1,222,035.08
11,250.00

0.47%
48,553.99
A1/A
A+

4.30 3.84
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 1,200,000.00 01/24/2024

4.64%
1,198,044.00
1,198,305.23
102.54

3.95%
1,230,499.15
9,353.33

0.48%
32,193.92
A1/A+
NA

4.34 3.88
14913UAJ9 CATERPILLAR FINANCIAL
SERVICES CORP 4.85 02/27/2029 450,000.00 05/21/2024

4.84%
450,193.50
450,178.94
103.47

3.98%
465,614.35
2,061.25

0.18%
15,435.41
A2/A
A+

4.41 3.93
61747YFD2 MORGAN STANLEY 5.164
04/20/2029 1,200,000.00 05/30/2024

5.44%
1,188,336.00
1,189,346.33
102.79

4.74%
1,233,432.91
27,713.47

0.48%
44,086.58
A1/A-
A+

HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
89236TMF9 TOYOTA MOTOR CREDIT CORP

5.05 05/16/2029 500,000.00 05/21/2024

5.01%
500,975.00
500,904.78
103.74

4.15%
518,707.49
9,468.75

0.20%
17,802.70
A1/A+
A+

4.62 4.03
91159HJM3 US BANCORP 5.775 06/12/2029 1,100,000.00 06/20/2024

5.26%
1,119,910.00
1,118,511.36
104.80

4.84%
1,152,838.34
19,233.96

0.45%
34,326.97
A3/A
A

4.70 3.27
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,075,000.00 --

4.33%
1,093,949.25
1,093,843.72
103.07

4.03%
1,108,015.85
13,616.67

0.43%
14,172.14
A2/A
A

4.73 4.10
46647PAV8 JPMORGAN CHASE & CO 4.203
07/23/2029 800,000.00 07/26/2024

4.96%
778,432.00
779,380.70

99.63 4.66%
797,023.39
6,351.20

0.31%
17,642.70
A1/A-
AA-

4.81 3.46
Total Corporate 25,565,000.00 4.01%
25,204,650.60
25,305,495.56

99.93 4.26%
25,523,156.83
235,962.07

9.88%
217,661.27
A2/A
A+

3.25 2.74
LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 63,920,965.47 --

4.57%
63,920,965.47
63,920,965.47

1.00 4.57%
63,920,965.47

0.00 24.75%

0.00 NA/NA
NA

0.00 0.00
Total LAIF 63,920,965.47 4.57%
63,920,965.47
63,920,965.47

1.00 4.57%
63,920,965.47

0.00 24.75%

0.00 NA/NA
NA

0.00 0.00

MONEY MARKET
FUND
94975H312 ALLSPRING:TRS+ MM S 168,815.55 --

4.54%
168,815.55
168,815.55

1.00 4.54%
168,815.55

0.00 0.07%

0.00 Aaa/
AAAm
NA

0.00 0.00
94975H312 ALLSPRING:TRS+ MM S 1,917,132.04 --

4.54%
1,917,132.04
1,917,132.04

1.00 4.54%
1,917,132.04

0.00 0.74%

0.00 Aaa/
AAAm
NA

0.00 0.00
85253$413 Wells Fargo Stagecoach Sweep
Account 13,388,169.53 05/31/2024

5.16%
13,388,169.53
13,388,169.53

1.00 5.16%
13,388,169.53

0.00 5.18%

0.00 NA/NA
NA

0.00 0.00
Total Money
Market Fund 15,474,117.12 5.08%
15,474,117.12
15,474,117.12

1.00 5.08%
15,474,117.12

0.00 5.99%

0.00 Aaa/AAA
NA

0.00 0.00

SUPRANATIONAL
45950KDD9 INTERNATIONAL FINANCE CORP

4.5 07/13/2028 520,000.00 07/06/2023

4.53%
519,422.80
519,563.70
103.31

3.56%
537,222.55
5,070.00

0.21%
17,658.85
Aaa/AAA
NA

3.79 3.43
4581X0EN4

INTER-AMERICAN
DEVELOPMENT BANK 4.125
02/15/2029
1,250,000.00 02/15/2024

4.31%
1,239,725.00
1,240,988.23
101.98

3.63%
1,274,702.53
6,588.54

0.49%
33,714.30
Aaa/AAA
NA

HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total
Supranational 1,770,000.00 4.37%
1,759,147.80
1,760,551.93
102.37

3.61%
1,811,925.08
11,658.54

0.70%
51,373.14
Aaa/AAA
NA

4.20 3.80

US TREASURY
912797LC9 UNITED STATES TREASURY
11/07/2024 5,000,000.00 08/21/2024

5.18%
4,945,304.13
4,974,054.52

99.52 4.79%
4,975,858.80

0.00 1.93%
1,804.28
P-1/A-1+
F1+

0.10 0.10
912797ME4 UNITED STATES TREASURY
12/03/2024 15,000,000.00 09/26/2024

4.63%
14,873,718.96
14,881,258.13

99.21 4.63%
14,880,997.20

0.00 5.76%
(260.93)
P-1/A-1+
F1+

0.18 0.17
912797MP9 UNITED STATES TREASURY
12/17/2024 20,000,000.00 --

4.76%
19,753,006.88
19,801,487.05

99.04 4.59%
19,808,141.60

0.00 7.67%
6,654.55
P-1/A-1+
F1+

0.21 0.21
912797MX2 UNITED STATES TREASURY
01/14/2025 20,000,000.00 09/26/2024

4.57%
19,730,588.33
19,740,475.00

98.70 4.59%
19,739,140.60

0.00 7.64%
(1,334.40)
P-1/A-1+
F1+

0.29 0.28
912797MK0 UNITED STATES TREASURY
02/13/2025 20,000,000.00 --

4.65%
19,615,955.76
19,662,504.68

98.36 4.51%
19,671,546.80

0.00 7.62%
9,042.12
P-1/A-1+
F1+

0.37 0.36
91282CAZ4 UNITED STATES TREASURY 0.375
11/30/2025 2,000,000.00 12/28/2020

0.38%
1,999,453.13
1,999,870.66

96.05 3.88%
1,921,015.62
2,520.49

0.74%
(78,855.04)
Aaa/AA+
AA+

1.17 1.14
91282CBC4 UNITED STATES TREASURY 0.375
12/31/2025 2,000,000.00 01/27/2021

0.39%
1,998,125.00
1,999,524.47

95.81 3.85%
1,916,171.88
1,895.38

0.74%
(83,352.59)
Aaa/AA+
AA+

1.25 1.22
91282CBT7 UNITED STATES TREASURY 0.75
03/31/2026 1,500,000.00 03/30/2021

0.91%
1,487,988.28
1,496,408.32

95.64 3.77%
1,434,550.79

30.91 0.56%
(61,857.54)
Aaa/AA+
AA+

1.50 1.46
91282CBW0 UNITED STATES TREASURY 0.75
04/30/2026 1,000,000.00 04/29/2021

0.88%
993,398.44
997,917.58

95.44 3.75%
954,375.00
3,138.59

0.37%
(43,542.58)
Aaa/AA+
AA+

1.58 1.54
91282CCP4 UNITED STATES TREASURY 0.625
07/31/2026 1,000,000.00 08/10/2021

0.82%
990,507.81
996,506.46

94.63 3.68%
946,289.06
1,052.99

0.37%
(50,217.40)
Aaa/AA+
AA+

1.83 1.79
91282CCW9 UNITED STATES TREASURY 0.75
08/31/2026 2,250,000.00 --

0.97%
2,226,699.22
2,240,797.07

94.65 3.67%
2,129,677.74
1,445.10

0.82%
(111,119.33)
Aaa/AA+
AA+

1.92 1.87
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 3,000,000.00 --

1.27%
2,979,511.72
2,991,307.02

94.98 3.65%
2,849,414.07
14,123.64

1.10%
(141,892.95)
Aaa/AA+
AA+

2.08 2.02
912828Z78 UNITED STATES TREASURY 1.5
01/31/2027 500,000.00 03/30/2022

2.45%
478,320.31
489,546.63

95.31 3.62%
476,542.97
1,263.59

0.18%
(13,003.66)
Aaa/AA+
AA+

2.34 2.25
912828V98 UNITED STATES TREASURY 2.25
02/15/2027 1,250,000.00 02/06/2023

3.92%
1,173,095.70
1,204,611.28

96.91 3.62%
1,211,425.78
3,592.05

0.47%
6,814.50
Aaa/AA+
AA+

2.38 2.28
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027 1,250,000.00 09/27/2022

4.25%
1,160,839.84
1,200,623.16

97.43 3.59%
1,217,871.10

85.85 0.47%
17,247.94
Aaa/AA+
AA+

2.50 2.39
91282CEN7 UNITED STATES TREASURY 2.75
04/30/2027 2,500,000.00 --

3.23%
2,445,792.97
2,471,389.12

97.94 3.59%
2,448,535.15
28,770.38

0.95%
(22,853.97)
Aaa/AA+
AA+

HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 1,400,000.00 07/12/2022

3.00%
1,416,296.88
1,409,006.88

99.16 3.57%
1,388,187.50
11,498.64

0.54%
(20,819.38)
Aaa/AA+
AA+

2.75 2.58
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 1,000,000.00 09/08/2022

3.36%
989,101.56
993,618.09

98.76 3.58%
987,617.19
2,676.11

0.38%
(6,000.90)
Aaa/AA+
AA+

2.92 2.75
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 1,000,000.00 10/28/2022

4.19%
996,875.00
998,095.40
101.61

3.56%
1,016,054.69
113.32

0.39%
17,959.29
Aaa/AA+
AA+

3.00 2.80
91282CFU0 UNITED STATES TREASURY 4.125
10/31/2027 1,100,000.00 12/20/2022

3.84%
1,113,750.00
1,108,714.79
101.58

3.58%
1,117,402.34
18,988.45

0.43%
8,687.55
Aaa/AA+
AA+

3.08 2.83
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 1,250,000.00 01/26/2023

3.62%
1,264,355.47
1,259,463.92
100.95

3.56%
1,261,914.06
12,241.00

0.49%
2,450.14
Aaa/AA+
AA+

3.25 3.00
9128283W8 UNITED STATES TREASURY 2.75
02/15/2028 1,250,000.00 03/08/2023

4.37%
1,161,083.98
1,189,276.86

97.38 3.58%
1,217,187.50
4,390.29

0.47%
27,910.64
Aaa/AA+
AA+

3.38 3.17
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 1,750,000.00 06/29/2023

4.18%
1,708,437.50
1,719,426.66
100.20

3.56%
1,753,554.69
174.28

0.68%
34,128.02
Aaa/AA+
AA+

3.50 3.26
91282CHA2 UNITED STATES TREASURY 3.5
04/30/2028 2,180,000.00 --

3.55%
2,175,314.06
2,176,602.41

99.75 3.57%
2,174,635.15
31,929.89

0.84%
(1,967.26)
Aaa/AA+
AA+

3.58 3.29
91282CHQ7 UNITED STATES TREASURY 4.125
07/31/2028 1,000,000.00 09/28/2023

4.68%
976,250.00
981,196.24
101.94

3.58%
1,019,414.06
6,949.73

0.39%
38,217.82
Aaa/AA+
AA+

3.84 3.50
91282CHX2 UNITED STATES TREASURY 4.375
08/31/2028 1,500,000.00 09/25/2023

4.59%
1,485,644.53
1,488,601.71
102.89

3.58%
1,543,300.79
5,619.82

0.60%
54,699.08
Aaa/AA+
AA+

3.92 3.57
91282CJA0 UNITED STATES TREASURY 4.625
09/30/2028 1,850,000.00 --

4.93%
1,825,767.58
1,830,397.03
103.88

3.57%
1,921,832.02
235.06

0.74%
91,434.99
Aaa/AA+
AA+

4.00 3.64
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 1,000,000.00 11/17/2023

4.49%
939,570.31
950,050.98

98.26 3.58%
982,578.12
11,803.67

0.38%
32,527.14
Aaa/AA+
AA+

4.13 3.78
91282CJN2 UNITED STATES TREASURY 4.375
11/30/2028 1,500,000.00 12/21/2023

3.82%
1,536,855.47
1,531,056.60
103.06

3.58%
1,545,937.50
22,054.30

0.60%
14,880.90
Aaa/AA+
AA+

4.17 3.74
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 1,200,000.00 01/30/2024

3.96%
1,188,609.38
1,190,156.88
100.67

3.58%
1,208,062.50
11,372.28

0.47%
17,905.62
Aaa/AA+
AA+

4.25 3.86
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 1,500,000.00 02/26/2024

4.31%
1,479,199.22
1,481,706.87
101.69

3.58%
1,525,312.50
10,108.70

0.59%
43,605.63
Aaa/AA+
AA+

4.34 3.93
91282CKD2 UNITED STATES TREASURY 4.25
02/28/2029 1,000,000.00 03/25/2024

4.24%
1,000,546.88
1,000,489.46
102.78

3.56%
1,027,773.44
3,639.50

0.40%
27,283.98
Aaa/AA+
AA+

4.41 3.99
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 1,200,000.00 04/08/2024

4.43%
1,183,734.38
1,185,300.96
102.27

3.57%
1,227,234.37
135.99

0.48%
41,933.41
Aaa/AA+
AA+

4.50 4.08
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 1,000,000.00 05/28/2024

4.54%
1,003,476.56
1,003,234.73
104.42

3.57%
1,044,218.75
19,354.62

0.40%
40,984.02
Aaa/AA+
AA+

HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 1,250,000.00 06/26/2024

4.33%
1,259,179.69
1,258,689.83
104.00

3.56%
1,300,000.00
18,903.69

0.50%
41,310.17
Aaa/AA+
AA+

4.67 4.13
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 1,850,000.00 --

3.67%
1,897,115.24
1,896,111.68
102.92

3.57%
1,904,054.69
19,869.90

0.74%
7,943.01
Aaa/AA+
AA+

4.75 4.24
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 1,750,000.00 --

4.02%
1,748,632.81
1,748,738.30
101.90

3.57%
1,783,222.67
11,793.48

0.69%
34,484.36
Aaa/AA+
AA+

4.83 4.34
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 1,500,000.00 09/27/2024

3.55%
1,471,464.84
1,471,480.73

97.92 3.59%
1,468,769.54
4,014.16

0.57%
(2,711.19)
Aaa/AA+
AA+

4.92 4.50
Total US Treasury 128,280,000.00 4.12%
126,673,567.82
127,019,698.20

99.04 4.23%
126,999,818.21
285,785.84

49.17%
(19,880.00)
Aaa/AAA
AAA

1.38 1.28
Total Portfolio 259,737,302.41 4.11%
257,725,774.82
258,181,107.42

68.30 4.31%
258,292,344.41
616,998.39
100.00%
111,236.99
Aa1/AA
AA+

TRANSACTION LEDGER
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 09/03/2024 94975H312 92,814.91 ALLSPRING:TRS+ MM S 1.000 4.88% (92,814.91) 0.00 (92,814.91) 0.00 Purchase 09/03/2024 94975H312 6,637.55 ALLSPRING:TRS+ MM S 1.000 4.88% (6,637.55) 0.00 (6,637.55) 0.00 Purchase 09/09/2024 94975H312 54,250.00 ALLSPRING:TRS+ MM S 1.000 4.85% (54,250.00) 0.00 (54,250.00) 0.00 Purchase 09/11/2024 437076DC3 650,000.00 HOME DEPOT INC 4.75 06/25/2029 103.337 3.96% (671,690.50) (6,518.06) (678,208.56) 0.00 Purchase 09/11/2024 94975H312 478,840.94 ALLSPRING:TRS+ MM S 1.000 4.84% (478,840.94) 0.00 (478,840.94) 0.00 Purchase 09/16/2024 94975H312 247,817.07 ALLSPRING:TRS+ MM S 1.000 4.85% (247,817.07) 0.00 (247,817.07) 0.00 Purchase 09/16/2024 94975H312 2,373.00 ALLSPRING:TRS+ MM S 1.000 4.85% (2,373.00) 0.00 (2,373.00) 0.00 Purchase 09/17/2024 94975H312 1,260.00 ALLSPRING:TRS+ MM S 1.000 4.85% (1,260.00) 0.00 (1,260.00) 0.00 Purchase 09/17/2024 94975H312 27,500,000.00 ALLSPRING:TRS+ MM S 1.000 4.85% (27,500,000.00) 0.00 (27,500,000.00) 0.00 Purchase 09/23/2024 94975H312 15,981.48 ALLSPRING:TRS+ MM S 1.000 4.55% (15,981.48) 0.00 (15,981.48) 0.00 Purchase 09/25/2024 94975H312 309,039.97 ALLSPRING:TRS+ MM S 1.000 4.52% (309,039.97) 0.00 (309,039.97) 0.00 Purchase 09/26/2024 94975H312 32,500,000.00 ALLSPRING:TRS+ MM S 1.000 4.52% (32,500,000.00) 0.00 (32,500,000.00) 0.00 Purchase 09/27/2024 912797MK0 12,500,000.00 UNITED STATES TREASURY 02/13/2025 98.318 4.49% (12,289,810.76) 0.00 (12,289,810.76) 0.00 Purchase 09/27/2024 912797MP9 12,500,000.00 UNITED STATES TREASURY 12/17/2024 98.998 4.56% (12,374,731.25) 0.00 (12,374,731.25) 0.00 Purchase 09/27/2024 912797MX2 20,000,000.00 UNITED STATES TREASURY 01/14/2025 98.653 4.57% (19,730,588.33) 0.00 (19,730,588.33) 0.00 Purchase 09/27/2024 912797ME4 15,000,000.00 UNITED STATES TREASURY 12/03/2024 99.158 4.63% (14,873,718.96) 0.00 (14,873,718.96) 0.00 Purchase 09/30/2024 90CHECK$1 25,854,931.68 Checking Deposit Bank Account 1.000 0.00% (25,854,931.68) 0.00 (25,854,931.68) 0.00 Purchase 09/30/2024 85253$413 8,884,165.71 Wells Fargo Stagecoach Sweep Account 1.000 0.00% (8,884,165.71) 0.00 (8,884,165.71) 0.00 Purchase 09/30/2024 91282CFJ5 1,500,000.00 UNITED STATES TREASURY

3.125 08/31/2029 98.098 3.55% (1,471,464.84) (3,884.67) (1,475,349.51) 0.00 Purchase 09/30/2024 94975H312 31,718.75 ALLSPRING:TRS+ MM S 1.000 4.52% (31,718.75) 0.00 (31,718.75) 0.00 Total Purchase 158,129,831.06 (157,391,835.70) (10,402.73) (157,402,238.43) 0.00 TOTAL
ACQUISITIONS 158,129,831.06 (157,391,835.70) (10,402.73) (157,402,238.43) 0.00 CONFIDENTIAL | 16
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Execution Time: 10/17/2024 10:58:57 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

TRANSACTION LEDGER
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
OTHER
Maturity 09/17/2024 912797LH8 (27,500,000.00) UNITED STATES TREASURY 09/17/2024 100.000 0.00% 27,500,000.00 0.00 27,500,000.00 0.00 Maturity 09/26/2024 912797KM8 (32,500,000.00) UNITED STATES TREASURY 09/26/2024 100.000 0.00% 32,500,000.00 0.00 32,500,000.00 0.00 Total Maturity (60,000,000.00) 60,000,000.00 0.00 60,000,000.00 0.00 Sale 09/09/2024 94975H312 (8,658.75) ALLSPRING:TRS+ MM S 1.000 4.85% 8,658.75 0.00 8,658.75 0.00 Sale 09/11/2024 00440EAS6 (1,150,000.00) CHUBB INA HOLDINGS LLC 3.15 03/15/2025 99.073 0.85% 1,139,339.50 (17,710.00) 1,157,049.50 (23,923.55) Sale 09/27/2024 94975H312 (59,268,849.30) ALLSPRING:TRS+ MM S 1.000 4.52% 59,268,849.30 0.00 59,268,849.30 0.00 Sale 09/30/2024 90CHECK$1 (25,705,512.68) Checking Deposit Bank Account 1.000 0.00% 25,705,512.68 0.00 25,705,512.68 0.00 Sale 09/30/2024 85253$413 (8,961,014.74) Wells Fargo Stagecoach Sweep Account 1.000 0.00% 8,961,014.74 0.00 8,961,014.74 0.00 Sale 09/30/2024 94975H312 (1,365,943.26) ALLSPRING:TRS+ MM S 1.000 4.52% 1,365,943.26 0.00 1,365,943.26 0.00 Total Sale (96,459,978.73) 96,449,318.23 (17,710.00) 96,467,028.23 (23,923.55)

TOTAL OTHER
TRANSACTIONS (156,459,978.73) 156,449,318.23 (17,710.00) 156,467,028.23 (23,923.55) OTHER
Cash Transfer 09/30/2024 CCYUSD 72,569.97 Cash 0.00% 72,569.97 0.00 72,569.97 0.00 Total Cash
Transfer 72,569.97 72,569.97 0.00 72,569.97 0.00
Coupon 09/01/2024 3137BFE98 0.00 FHMS K-041 A2 3.171
10/25/2024 0.47% 1,438.12 0.00 1,438.12 0.00
Coupon 09/01/2024 3137FG6X8 0.00 FHMS K-077 A2 3.85
05/25/2028 4.22% 5,887.29 0.00 5,887.29 0.00
Coupon 09/03/2024 808513BY0 0.00 CHARLES SCHWAB CORP

2.45 03/03/2027 2.76% 12,250.00 0.00 12,250.00 0.00
Coupon 09/08/2024 3130AWTR1 0.00 FEDERAL HOME LOAN
BANKS 4.375 09/08/2028 4.70% 21,875.00 0.00 21,875.00 0.00 Coupon 09/09/2024 931142EX7 0.00 WALMART INC 3.95
09/09/2027 3.98% 9,875.00 0.00 9,875.00 0.00
CONFIDENTIAL | 17
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Execution Time: 10/17/2024 10:58:57 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

TRANSACTION LEDGER
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 09/09/2024 3130AVBD3 0.00 FEDERAL HOME LOAN
BANKS 4.5 03/09/2029 4.71% 22,500.00 0.00 22,500.00 0.00 Coupon 09/15/2024 47788UAC6 0.00 JDOT 2021 A3 0.36
09/15/2025 0.40% 2.61 0.00 2.61 0.00
Coupon 09/15/2024 47789QAC4 0.00 JDOT 2021-B A3 0.52
03/16/2026 0.53% 40.11 0.00 40.11 0.00
Coupon 09/15/2024 44934KAC8 0.00 HART 2021-B A3 0.38
01/15/2026 0.64% 25.75 0.00 25.75 0.00
Coupon 09/15/2024 44935FAD6 0.00 HART 2021-C A3 0.74
05/15/2026 0.77% 38.41 0.00 38.41 0.00
Coupon 09/15/2024 43815BAC4 0.00 HAROT 2022-1 A3 1.88
05/15/2026 1.90% 400.91 0.00 400.91 0.00
Coupon 09/15/2024 084664CZ2 0.00

BERKSHIRE HATHAWAY
FINANCE CORP 2.3
03/15/2027

2.30% 12,592.50 0.00 12,592.50 0.00
Coupon 09/15/2024 47787JAC2 0.00 JDOT 2022 A3 0.36
09/15/2026 2.35% 273.84 0.00 273.84 0.00
Coupon 09/15/2024 89238FAD5 0.00 TAOT 2022-B A3 2.93
09/15/2026 2.95% 488.13 0.00 488.13 0.00
Coupon 09/15/2024 02582JJT8 0.00 AMXCA 2022-2 A 3.39
05/17/2027 3.42% 2,373.00 0.00 2,373.00 0.00
Coupon 09/15/2024 47800AAC4 0.00 JDOT 2022-B A3 3.74
02/16/2027 3.78% 985.49 0.00 985.49 0.00
Coupon 09/15/2024 02582JJZ4 0.00 AMXCA 2023-1 A 4.87
05/15/2026 4.92% 1,521.87 0.00 1,521.87 0.00
Coupon 09/15/2024 161571HT4 0.00 CHAIT 2023-1 A 5.16
09/15/2028 5.23% 4,321.50 0.00 4,321.50 0.00
Coupon 09/15/2024 58768PAC8 0.00 MBART 2022-1 A3 5.21
08/16/2027 5.28% 3,654.23 0.00 3,654.23 0.00
Coupon 09/16/2024 362554AC1 0.00 GMCAR 2021-4 A3 0.68
09/16/2026 0.68% 48.68 0.00 48.68 0.00
Coupon 09/16/2024 380146AC4 0.00 GMCAR 2022-1 A3 1.26
11/16/2026 1.27% 93.18 0.00 93.18 0.00
Coupon 09/16/2024 362585AC5 0.00 GMCAR 2022-2 A3 3.1
02/16/2027 3.14% 503.35 0.00 503.35 0.00
CONFIDENTIAL | 18
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Execution Time: 10/17/2024 10:58:57 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

TRANSACTION LEDGER
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 09/17/2024 931142ER0 0.00 WALMART INC 1.05
09/17/2026 1.09% 1,260.00 0.00 1,260.00 0.00
Coupon 09/21/2024 43815GAC3 0.00 HAROT 2021-4 A3 0.88
01/21/2026 0.90% 71.26 0.00 71.26 0.00
Coupon 09/23/2024 3137EAEX3 0.00

FEDERAL HOME LOAN
MORTGAGE CORP 0.375
09/23/2025

0.44% 2,925.00 0.00 2,925.00 0.00
Coupon 09/25/2024 05602RAD3 0.00 BMWOT 2022-A A3 3.21
08/25/2026 3.24% 451.02 0.00 451.02 0.00
Coupon 09/25/2024 05592XAD2 0.00 BMWOT 2023-A A3 5.47
02/25/2028 5.54% 820.50 0.00 820.50 0.00
Coupon 09/30/2024 91282CBT7 0.00 UNITED STATES TREASURY

0.75 03/31/2026 0.91% 5,625.00 0.00 5,625.00 0.00
Coupon 09/30/2024 91282CGT2 0.00 UNITED STATES TREASURY

3.625 03/31/2028 4.18% 31,718.75 0.00 31,718.75 0.00
Coupon 09/30/2024 91282CFM8 0.00 UNITED STATES TREASURY

4.125 09/30/2027 4.19% 20,625.00 0.00 20,625.00 0.00
Coupon 09/30/2024 91282CEF4 0.00 UNITED STATES TREASURY

2.5 03/31/2027 4.25% 15,625.00 0.00 15,625.00 0.00
Coupon 09/30/2024 91282CKG5 0.00 UNITED STATES TREASURY

4.125 03/31/2029 4.43% 24,750.00 0.00 24,750.00 0.00
Coupon 09/30/2024 91282CJA0 0.00 UNITED STATES TREASURY

4.625 09/30/2028 4.93% 42,781.25 0.00 42,781.25 0.00
Total Coupon 0.00 247,841.75 0.00 247,841.75 0.00
Dividend 09/30/2024 94975H312 0.00 ALLSPRING:TRS+ MM S 4.52% 47,020.22 0.00 47,020.22 0.00 Total Dividend 0.00 47,020.22 0.00 47,020.22 0.00
Management
Fee 09/09/2024 CCYUSD (8,658.75) Cash 0.00% (8,658.75) 0.00 (8,658.75) 0.00 Total
Management
Fee (8,658.75) (8,658.75) 0.00 (8,658.75) 0.00
Principal
Paydown 09/01/2024 3137BFE98 283,760.32 FHMS K-041 A2 3.171 10/25/2024 0.47% 283,760.32 -- 283,760.32 0.00
CONFIDENTIAL | 19
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Execution Time: 10/17/2024 10:58:57 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

TRANSACTION LEDGER
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Principal
Paydown 09/15/2024 47788UAC6 7,392.65 JDOT 2021 A3 0.36 09/15/2025 0.41% 7,392.65 -- 7,392.65 (0.00)
Principal
Paydown 09/15/2024 47789QAC4 9,834.33 JDOT 2021-B A3 0.52 03/16/2026 0.53% 9,834.33 -- 9,834.33 (0.00)
Principal
Paydown 09/15/2024 44934KAC8 35,246.94 HART 2021-B A3 0.38 01/15/2026 0.64% 35,246.94 -- 35,246.94 0.00
Principal
Paydown 09/15/2024 44935FAD6 10,551.07 HART 2021-C A3 0.74 05/15/2026 0.77% 10,551.07 -- 10,551.07 (0.00)
Principal
Paydown 09/15/2024 43815BAC4 26,166.42 HAROT 2022-1 A3 1.88 05/15/2026 1.90% 26,166.42 -- 26,166.42 (0.00)
Principal
Paydown 09/15/2024 47787JAC2 11,618.14 JDOT 2022 A3 0.36 09/15/2026 2.35% 11,618.14 -- 11,618.14 0.00
Principal
Paydown 09/15/2024 89238FAD5 16,886.48 TAOT 2022-B A3 2.93 09/15/2026 2.95% 16,886.48 -- 16,886.48 0.00
Principal
Paydown 09/15/2024 47800AAC4 16,951.14 JDOT 2022-B A3 3.74 02/16/2027 3.78% 16,951.14 -- 16,951.14 (0.00)
Principal
Paydown 09/15/2024 58768PAC8 55,703.53 MBART 2022-1 A3 5.21 08/16/2027 5.28% 55,703.53 -- 55,703.53 0.00
Principal
Paydown 09/16/2024 362554AC1 9,277.44 GMCAR 2021-4 A3 0.68 09/16/2026 0.68% 9,277.44 -- 9,277.44 (0.00)
Principal
Paydown 09/16/2024 380146AC4 8,851.17 GMCAR 2022-1 A3 1.26 11/16/2026 1.27% 8,851.17 -- 8,851.17 (0.00)
Principal
Paydown 09/16/2024 362585AC5 14,347.20 GMCAR 2022-2 A3 3.1 02/16/2027 3.14% 14,347.20 -- 14,347.20 (0.00)
Principal
Paydown 09/21/2024 43815GAC3 12,985.22 HAROT 2021-4 A3 0.88 01/21/2026 0.90% 12,985.22 -- 12,985.22 (0.00)
Principal
Paydown 09/25/2024 05602RAD3 16,682.72 BMWOT 2022-A A3 3.21 08/25/2026 3.24% 16,682.72 -- 16,682.72 0.00
Total Principal
Paydown 536,254.77 536,254.77 -- 536,254.77 (0.01)

INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income

CASH & EQUIVALENTS
85253$413 Wells Fargo Stagecoach
Sweep Account 13,388,169.53
13,465,018.56
8,884,165.71
(8,961,014.74)
13,388,169.53

0.00 0.00

0.00 90CHECK$1 Checking Deposit Bank
Account 1,178,650.00
1,029,231.00
25,854,931.68
(25,705,512.68)
1,178,650.00

0.00 0.00

0.00 912797LC9 UNITED STATES TREASURY
11/07/2024
08/21/2024
08/21/2024
5,000,000.00
4,953,017.65

0.00 0.00
4,974,054.52

0.00 0.00

0.00 0.00
21,036.87

0.00 21,036.87
21,036.87
21,036.87
912797ME4 UNITED STATES TREASURY
12/03/2024
09/26/2024
09/27/2024
15,000,000.00

0.00 14,873,718.96

0.00 14,881,258.13

0.00 0.00

0.00 0.00
7,539.17

0.00 7,539.17
7,539.17
7,539.17
94975H312 ALLSPRING:TRS+ MM S
2,085,947.59
1,488,665.23
61,240,733.67
(60,643,451.31)
2,085,947.59

0.00 9,077.46

0.00 0.00

0.00 9,077.46
9,077.46
CCYUSD Receivable
780,163.29
579,827.57

0.00 0.00
780,163.29

0.00 0.00

0.00 Total Cash & Equivalents 37,432,930.41
21,515,760.01
110,853,550.02
(95,309,978.73)
37,288,243.06

0.00 9,077.46

0.00 9,077.46
28,576.04

0.00 28,576.04
37,653.50 37,653.50

FIXED INCOME
00440EAS6 CHUBB INA HOLDINGS LLC

3.15 03/15/2025
02/24/2021
02/26/2021

0.00 1,163,979.97

0.00 (1,163,263.05)

0.00 16,703.75
17,710.00

0.00 1,006.25

0.00 0.00
749,338.36
9,487.50

0.00 11,550.00
2,062.50

21.48 0.00

21.48 2,083.98
2,083.98
02582JJT8 AMXCA 2022-2 A 3.39
05/17/2027
05/17/2022
05/24/2022
840,000.00
839,936.87

0.00 0.00
839,944.26
1,265.60
2,373.00
1,265.60
2,373.00

7.40 0.00

7.40 2,380.40
2,380.40
02582JJZ4 AMXCA 2023-1 A 4.87
05/15/2026
06/07/2023
06/14/2023
375,000.00
374,974.98

0.00 0.00
374,976.19
811.67
1,521.87
811.67
1,521.87

1.21 0.00

1.21 1,523.08
1,523.08
02665WEM9 AMERICAN HONDA FINANCE
CORP 5.125 07/07/2028
08/17/2023
08/21/2023
1,200,000.00
1,191,664.61

0.00 0.00
1,191,842.59
9,225.00

0.00 14,350.00
5,125.00
177.98

0.00 177.98
5,302.98
5,302.98
037833ET3 APPLE INC 4.0 05/10/2028
05/08/2023
05/10/2023
205,000.00
204,708.30

0.00 0.00
204,714.79
2,528.33

0.00 3,211.67
683.33

6.50 0.00

6.50 689.83
689.83
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028
07/11/2023
07/18/2023
180,000.00
179,975.89

0.00 0.00
179,976.46
164.10
820.50
164.10
820.50

0.57 0.00

0.57 821.07
821.07
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026
05/10/2022
05/18/2022
151,923.11
168,602.03

0.00 (16,682.72)
151,919.83

90.20 451.02

81.28 442.09

0.52 0.00

0.52 442.61
442.61
06051GGF0 BANK OF AMERICA CORP

3.824 01/20/2028
04/10/2023
04/12/2023
1,000,000.00
972,518.34

0.00 0.00
973,464.89
4,355.11

0.00 7,541.78
3,186.67
946.56

0.00 946.56
4,133.22
4,133.22
06051GJD2 BANK OF AMERICA CORP

1.319 06/19/2026
09/16/2021
09/20/2021
500,000.00
500,356.30

0.00 0.00
500,319.57
1,319.00

0.00 1,868.58
549.58

0.00 0.00
1,154,568.20
7,091.67

0.00 8,864.58
1,772.92

0.00 (646.44)
(646.44)
1,126.47
1,126.47
06406RAB3 BANK OF NEW YORK MELLON
CORP 3.442 02/07/2028
04/26/2023
04/28/2023
1,000,000.00
975,441.46

0.00 0.00
976,270.20
2,294.67

0.00 5,163.00
2,868.33
828.75

0.00 828.75
3,697.08
3,697.08
084664CZ2

BERKSHIRE HATHAWAY
FINANCE CORP 2.3
03/15/2027
03/07/2022
03/15/2022
1,095,000.00
1,094,894.61

0.00 0.00
1,094,898.03
11,613.08
12,592.50
1,119.33
2,098.75

3.42 0.00

3.42 2,102.17
2,102.17
14913R3A3

CATERPILLAR FINANCIAL
SERVICES CORP 3.6
08/12/2027
08/22/2022
08/24/2022
700,000.00
696,030.08

0.00 0.00
696,140.87
1,330.00

0.00 3,430.00
2,100.00
110.79

0.00 110.79
2,210.79
2,210.79
14913UAJ9

CATERPILLAR FINANCIAL
SERVICES CORP 4.85
02/27/2029
05/21/2024
05/23/2024
450,000.00
450,182.27

0.00 0.00
450,178.94
242.50

0.00 2,061.25
1,818.75

0.00 (3.33)
(3.33)
1,815.42
1,815.42
161571HT4 CHAIT 2023-1 A 5.16
09/15/2028
09/07/2023
09/15/2023
1,005,000.00
1,004,775.08

0.00 0.00
1,004,779.66
2,304.80
4,321.50
2,304.80
4,321.50

4.57 0.00

4.57 4,326.07
4,326.07
24422EXH7 JOHN DEERE CAPITAL CORP

4.5 01/16/2029
04/23/2024
04/25/2024
1,200,000.00
1,172,973.72

0.00 0.00
1,173,481.10
6,750.00

0.00 11,250.00
4,500.00
507.38

0.00 507.38
5,007.38
5,007.38
3130AJHU6 FEDERAL HOME LOAN BANKS

0.5 04/14/2025
05/28/2020
05/29/2020
1,250,000.00
1,249,966.84

0.00 0.00
1,249,971.26
2,378.47

0.00 2,899.31
520.83

4.42 0.00

4.42 525.26
525.26
3130ATUC9 FEDERAL HOME LOAN BANKS

4.5 12/12/2025
02/08/2023
02/09/2023
1,800,000.00
1,806,111.98

0.00 0.00
1,805,719.35
17,775.00

0.00 24,525.00
6,750.00

4.5 03/09/2029
04/22/2024
04/23/2024
1,000,000.00
991,402.58

0.00 0.00
991,558.90
21,500.00
22,500.00
2,750.00
3,750.00
156.32

0.00 156.32
3,906.32
3,906.32
3130AWMN7 FEDERAL HOME LOAN BANKS

4.375 06/09/2028
07/26/2023
07/27/2023
1,000,000.00
1,003,483.14

0.00 0.00
1,003,407.25
9,965.28

0.00 13,611.11
3,645.83

0.00 (75.89)
(75.89)
3,569.95
3,569.95
3130AWTR1 FEDERAL HOME LOAN BANKS

4.375 09/08/2028
09/21/2023
09/22/2023
1,000,000.00
988,315.92

0.00 0.00
988,554.69
21,024.31
21,875.00
2,795.14
3,645.83
238.78

0.00 238.78
3,884.61
3,884.61
3133EPN50

FEDERAL FARM CREDIT
BANKS FUNDING CORP 4.25
12/15/2028
12/28/2023
12/29/2023
1,000,000.00
1,014,442.10

0.00 0.00
1,014,165.43
8,972.22

0.00 12,513.89
3,541.67

0.00 (276.67)
(276.67)
3,265.00
3,265.00
3135G03U5

FEDERAL NATIONAL

MORTGAGE ASSOCIATION

0.625 04/22/2025
04/22/2020
04/24/2020
805,000.00
804,788.17

0.00 0.00
804,815.44
1,802.86

0.00 2,222.14
419.27

27.27 0.00

27.27 446.55
446.55
3135G04Z3

FEDERAL NATIONAL
MORTGAGE ASSOCIATION 0.5
06/17/2025
06/17/2020
06/19/2020
2,020,000.00
2,019,337.49

0.00 0.00
2,019,406.26
2,076.11

0.00 2,917.78
841.67

68.77 0.00

68.77 910.44
910.44
3135G05X7

FEDERAL NATIONAL

MORTGAGE ASSOCIATION

0.375 08/25/2025
08/25/2020
08/27/2020
1,700,000.00
1,698,438.46

0.00 0.00
1,698,569.32
106.25

0.00 637.50
531.25
130.86

0.00 130.86
662.11
662.11
3135G06G3

FEDERAL NATIONAL
MORTGAGE ASSOCIATION 0.5
11/07/2025
11/09/2020
11/12/2020
1,680,000.00
1,678,573.19

0.00 0.00
1,678,672.27
2,660.00

0.00 3,360.00
700.00

99.08 0.00

99.08 799.08
799.08
3137BFE98 FHMS K-041 A2 3.171
10/25/2024
07/01/2021
07/07/2021
260,466.80
545,272.80

0.00 (283,760.32)
260,466.80
1,438.12
1,438.12
688.28
688.28

FEDERAL HOME LOAN
MORTGAGE CORP 0.375
07/21/2025
07/21/2020
07/23/2020
1,075,000.00
1,074,051.98

0.00 0.00
1,074,140.04
447.92

0.00 783.85
335.94

88.05 0.00

88.05 423.99
423.99
3137EAEX3

FEDERAL HOME LOAN
MORTGAGE CORP 0.375
09/23/2025
09/23/2020
09/25/2020
1,560,000.00
1,559,003.73

0.00 0.00
1,559,080.96
2,567.50
2,925.00
130.00
487.50

77.23 0.00

77.23 564.73
564.73
3137FG6X8 FHMS K-077 A2 3.85
05/25/2028
05/24/2023
05/30/2023
1,835,000.00
1,809,929.65

0.00 0.00
1,810,491.77
5,887.29
5,887.29
5,887.29
5,887.29
562.12

0.00 562.12
6,449.41
6,449.41
362554AC1 GMCAR 2021-4 A3 0.68
09/16/2026
10/13/2021
10/21/2021
76,621.62
85,898.28

0.00 (9,277.44)
76,620.95

24.34 48.68

21.71 46.05

0.11 0.00

0.11 46.16

46.16 362585AC5 GMCAR 2022-2 A3 3.1
02/16/2027
04/05/2022
04/13/2022
180,496.73
194,824.76

0.00 (14,347.20)
180,479.56
251.67
503.35
233.14
484.82

2.00 0.00

2.00 486.82
486.82
380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026
01/11/2022
01/19/2022
79,892.08
88,740.12

0.00 (8,851.17)
79,889.36

46.59 93.18

41.94 88.53

0.42 0.00

0.42 88.95

88.95 437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,075,000.00
422,360.83
671,690.50

0.00 1,093,843.72
3,701.04
(6,518.06)
13,616.67
3,397.56

45.04 (252.66)
(207.62)
3,189.95
3,189.95
43815BAC4 HAROT 2022-1 A3 1.88
05/15/2026
02/15/2022
02/23/2022
229,731.33
255,883.47

0.00 (26,166.42)
229,719.12
213.82
400.91
191.95
379.05

2.08 0.00

2.08 381.13
381.13
43815GAC3 HAROT 2021-4 A3 0.88
01/21/2026
11/16/2021
11/24/2021
84,186.13
97,165.21

0.00 (12,985.22)
84,181.12

23.75 71.26

20.58 68.09

1.14 0.00

1.14 69.22

0.00 (35,246.94)
46,054.21

13.73 25.75

7.78 19.80

2.06 0.00

2.06 21.86

21.86 44935FAD6 HART 2021-C A3 0.74
05/15/2026
11/09/2021
11/17/2021
51,736.36
62,282.90

0.00 (10,551.07)
51,732.78

20.49 38.41

17.02 34.94

0.95 0.00

0.95 35.89

35.89 4581X0EN4

INTER-AMERICAN
DEVELOPMENT BANK 4.125
02/15/2029
02/15/2024
02/20/2024
1,250,000.00
1,240,819.05

0.00 0.00
1,240,988.23
2,291.67

0.00 6,588.54
4,296.88
169.18

0.00 169.18
4,466.06
4,466.06
45950KDD9 INTERNATIONAL FINANCE
CORP 4.5 07/13/2028
07/06/2023
07/13/2023
520,000.00
519,554.23

0.00 0.00
519,563.70
3,120.00

0.00 5,070.00
1,950.00

9.48 0.00

9.48 1,959.48
1,959.48
46647PAV8 JPMORGAN CHASE & CO

4.203 07/23/2029
07/26/2024
07/29/2024
800,000.00
778,935.99

0.00 0.00
779,380.70
3,549.20

0.00 6,351.20
2,802.00
444.70

0.00 444.70
3,246.70
3,246.70
46647PBK1 JPMORGAN CHASE & CO

2.083 04/22/2026
09/16/2021
09/20/2021
500,000.00
502,836.02

0.00 0.00
502,470.87
3,732.04

0.00 4,599.96
867.92

0.00 (365.15)
(365.15)
502.76
502.76
47787JAC2 JDOT 2022 A3 0.36
09/15/2026
03/10/2022
03/16/2022
130,022.43
141,627.26

0.00 (11,618.14)
130,010.71
146.05
273.84
134.07
261.86

1.58 0.00

1.58 263.44
263.44
47788UAC6 JDOT 2021 A3 0.36
09/15/2025
03/02/2021
03/10/2021
1,312.34
8,704.67

0.00 (7,392.65)
1,312.29

1.39 2.61

0.21 1.43

0.27 0.00

0.27 1.70

1.70 47789QAC4 JDOT 2021-B A3 0.52
03/16/2026
07/13/2021
07/21/2021
82,722.03
92,553.98

0.00 (9,834.33)
82,720.02

21.39 40.11

19.12 37.84

0.37 0.00

0.37 38.21

0.00 (16,951.14)
299,233.68
525.59
985.49
497.42
957.31

1.34 0.00

1.34 958.65
958.65
58768PAC8 MBART 2022-1 A3 5.21
08/16/2027
11/15/2022
11/22/2022
785,961.05
841,561.51

0.00 (55,703.53)
785,867.48
1,948.92
3,654.23
1,819.94
3,525.25

9.50 0.00

9.50 3,534.74
3,534.74
61747YFD2 MORGAN STANLEY 5.164
04/20/2029
05/30/2024
05/31/2024
1,200,000.00
1,189,099.91

0.00 0.00
1,189,346.33
22,549.47

0.00 27,713.47
5,164.00
246.42

0.00 246.42
5,410.42
5,410.42
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029
01/24/2024
01/31/2024
1,200,000.00
1,198,273.11

0.00 0.00
1,198,305.23
4,753.33

0.00 9,353.33
4,600.00

32.12 0.00

32.12 4,632.12
4,632.12
74340XBN0 PROLOGIS LP 2.125
04/15/2027
11/09/2022
11/14/2022
1,000,000.00
929,642.43

0.00 0.00
931,850.31
8,027.78

0.00 9,798.61
1,770.83
2,207.87

0.00 2,207.87
3,978.71
3,978.71
74456QBU9 PUBLIC SERVICE ELECTRIC
AND GAS CO 3.7 05/01/2028
09/06/2023
09/08/2023
1,250,000.00
1,193,615.95

0.00 0.00
1,194,880.17
15,416.67

0.00 19,270.83
3,854.17
1,264.22

0.00 1,264.22
5,118.38
5,118.38
756109AU8 REALTY INCOME CORP 3.65
01/15/2028
04/24/2023
04/26/2023
1,000,000.00
968,222.36

0.00 0.00
968,996.79
4,663.89

0.00 7,705.56
3,041.67
774.43

0.00 774.43
3,816.10
3,816.10
78016HZS2 ROYAL BANK OF CANADA 5.2
08/01/2028
09/07/2023
09/11/2023
1,000,000.00
988,806.61

0.00 0.00
989,041.43
4,333.33

0.00 8,666.67
4,333.33
234.83

0.00 234.83
4,568.16
4,568.16
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 1,000,000.00
992,667.46

0.00 0.00
992,908.40
12,113.89
12,250.00
1,905.56
2,041.67
240.94

0.00 0.00
544,573.72
1,357.96

0.00 2,243.58
885.63

15.30 0.00

15.30 900.92
900.92
89115A2M3 TORONTO-DOMINION BANK

5.156 01/10/2028
06/28/2023
06/30/2023
1,100,000.00
1,096,251.63

0.00 0.00
1,096,343.35
8,034.77

0.00 12,761.10
4,726.33

91.72 0.00

91.72 4,818.06
4,818.06
89236TJK2 TOYOTA MOTOR CREDIT
CORP 1.125 06/18/2026
06/15/2021
06/18/2021
810,000.00
809,872.16

0.00 0.00
809,878.01
1,847.81

0.00 2,607.19
759.38

5.86 0.00

5.86 765.23
765.23
89236TMF9 TOYOTA MOTOR CREDIT
CORP 5.05 05/16/2029
05/21/2024
05/23/2024
500,000.00
500,920.86

0.00 0.00
500,904.78
7,364.58

0.00 9,468.75
2,104.17

0.00 (16.08)
(16.08)
2,088.09
2,088.09
89238FAD5 TAOT 2022-B A3 2.93
09/15/2026
04/07/2022
04/13/2022
183,029.89
199,914.69

0.00 (16,886.48)
183,028.42
260.34
488.13
238.35
466.14

0.20 0.00

0.20 466.34
466.34
91159HJM3 US BANCORP 5.775
06/12/2029
06/20/2024
06/21/2024
1,100,000.00
1,118,922.73

0.00 0.00
1,118,511.36
13,940.21

0.00 19,233.96
5,293.75

0.00 (411.36)
(411.36)
4,882.39
4,882.39
912797KM8 UNITED STATES TREASURY
09/26/2024 0.00
32,382,282.47

0.00 (32,500,000.00)

0.00 0.00

0.00 117,717.53

0.00 117,717.53
117,717.53
117,717.53
912797LH8 UNITED STATES TREASURY
09/17/2024 0.00
27,435,911.11

0.00 (27,500,000.00)

0.00 0.00

0.00 64,088.89

0.00 64,088.89
64,088.89
64,088.89
912797MK0 UNITED STATES TREASURY
02/13/2025 20,000,000.00
7,337,010.94
12,289,810.76

0.00 19,662,504.68

0.00 0.00

0.00 0.00
35,682.99

0.00 19,801,487.05

0.00 0.00

0.00 0.00
37,132.98

0.00 37,132.98
37,132.98
37,132.98
912797MX2 UNITED STATES TREASURY
01/14/2025
09/26/2024
09/27/2024
20,000,000.00

0.00 19,730,588.33

0.00 19,740,475.00

0.00 0.00

0.00 0.00
9,886.67

0.00 9,886.67
9,886.67
9,886.67
9128283W8 UNITED STATES TREASURY

2.75 02/15/2028
03/08/2023
03/09/2023
1,250,000.00
1,187,798.22

0.00 0.00
1,189,276.86
1,587.98

0.00 4,390.29
2,802.31
1,478.65

0.00 1,478.65
4,280.96
4,280.96
9128285M8 UNITED STATES TREASURY

3.125 11/15/2028
11/17/2023
11/20/2023
1,000,000.00
949,055.98

0.00 0.00
950,050.98
9,256.11

0.00 11,803.67
2,547.55
995.00

0.00 995.00
3,542.55
3,542.55
912828V98 UNITED STATES TREASURY

2.25 02/15/2027
02/06/2023
02/07/2023
1,250,000.00
1,203,040.74

0.00 0.00
1,204,611.28
1,299.25

0.00 3,592.05
2,292.80
1,570.54

0.00 1,570.54
3,863.34
3,863.34
912828Z78 UNITED STATES TREASURY 1.5
01/31/2027
03/30/2022
03/31/2022
500,000.00
489,178.56

0.00 0.00
489,546.63
652.17

0.00 1,263.59
611.41
368.08

0.00 368.08
979.49
979.49
91282CAZ4 UNITED STATES TREASURY

0.375 11/30/2025
12/28/2020
12/29/2020
2,000,000.00
1,999,861.53

0.00 0.00
1,999,870.66
1,905.74

0.00 2,520.49
614.75

9.13 0.00

9.13 623.88
623.88
91282CBC4 UNITED STATES TREASURY

0.375 12/31/2025
01/27/2021
01/28/2021
2,000,000.00
1,999,493.19

0.00 0.00
1,999,524.47
1,283.97

0.00 1,895.38
611.41

31.28 0.00

31.28 642.70
642.70
91282CBT7 UNITED STATES TREASURY

0.75 03/31/2026
03/30/2021
03/31/2021
1,500,000.00
1,496,210.98

0.00 0.00
1,496,408.32
4,733.61
5,625.00

30.91 922.30
197.34

0.75 04/30/2026
04/29/2021
04/30/2021
1,000,000.00
997,809.12

0.00 0.00
997,917.58
2,527.17

0.00 3,138.59
611.41
108.46

0.00 108.46
719.87
719.87
91282CCP4 UNITED STATES TREASURY

0.625 07/31/2026
08/10/2021
08/11/2021
1,000,000.00
996,349.56

0.00 0.00
996,506.46
543.48

0.00 1,052.99
509.51
156.90

0.00 156.90
666.41
666.41
91282CCW9 UNITED STATES TREASURY

0.75 08/31/2026 2,250,000.00
2,240,402.10

0.00 0.00
2,240,797.07

46.62 8,437.50
1,445.10
9,835.98
394.98

0.00 394.98
10,230.96
10,230.96
91282CDG3 UNITED STATES TREASURY

1.125 10/31/2026 3,000,000.00
2,990,963.88

0.00 0.00
2,991,307.02
11,372.28

0.00 14,123.64
2,751.36
343.14

0.00 343.14
3,094.50
3,094.50
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027
09/27/2022
09/28/2022
1,250,000.00
1,198,997.14

0.00 0.00
1,200,623.16
13,148.91
15,625.00

85.85 2,561.94
1,626.02

0.00 1,626.02
4,187.97
4,187.97
91282CEN7 UNITED STATES TREASURY

2.75 04/30/2027 2,500,000.00
2,470,476.98

0.00 0.00
2,471,389.12
23,165.76

0.00 28,770.38
5,604.62
912.14

0.00 912.14
6,516.76
6,516.76
91282CEW7 UNITED STATES TREASURY

3.25 06/30/2027
07/12/2022
07/13/2022
1,400,000.00
1,409,276.55

0.00 0.00
1,409,006.88
7,789.40

0.00 11,498.64
3,709.24

0.00 (269.67)
(269.67)
3,439.57
3,439.57
91282CFH9 UNITED STATES TREASURY

3.125 08/31/2027
09/08/2022
09/09/2022
1,000,000.00
993,438.15

0.00 0.00
993,618.09

86.33 15,625.00
2,676.11
18,214.78
179.94

0.00 179.94
18,394.72
18,394.72
91282CFJ5 UNITED STATES TREASURY

3.125 08/31/2029
09/27/2024
09/30/2024
1,500,000.00

0.00 1,471,464.84

0.00 1,471,480.73

0.00 (3,884.67)
4,014.16
129.49

15.89 0.00

4.125 09/30/2027
10/28/2022
10/31/2022
1,000,000.00
998,043.18

0.00 0.00
998,095.40
17,356.56
20,625.00
113.32
3,381.77

52.23 0.00

52.23 3,434.00
3,434.00
91282CFU0 UNITED STATES TREASURY

4.125 10/31/2027
12/20/2022
12/21/2022
1,100,000.00
1,108,947.18

0.00 0.00
1,108,714.79
15,289.40

0.00 18,988.45
3,699.05

0.00 (232.39)
(232.39)
3,466.65
3,466.65
91282CGC9 UNITED STATES TREASURY

3.875 12/31/2027
01/26/2023
01/27/2023
1,250,000.00
1,259,703.31

0.00 0.00
1,259,463.92
8,292.29

0.00 12,241.00
3,948.71

0.00 (239.39)
(239.39)
3,709.32
3,709.32
91282CGT2 UNITED STATES TREASURY

3.625 03/31/2028
06/29/2023
06/30/2023
1,750,000.00
1,718,708.42

0.00 0.00
1,719,426.66
26,692.28
31,718.75
174.28
5,200.75
718.25

0.00 718.25
5,918.99
5,918.99
91282CHA2 UNITED STATES TREASURY 3.5
04/30/2028 2,180,000.00
2,176,524.43

0.00 0.00
2,176,602.41
25,709.78

0.00 31,929.89
6,220.11
109.05
(31.06)

77.99 6,298.09
6,298.09
91282CHQ7 UNITED STATES TREASURY

4.125 07/31/2028
09/28/2023
09/29/2023
1,000,000.00
980,793.01

0.00 0.00
981,196.24
3,586.96

0.00 6,949.73
3,362.77
403.23

0.00 403.23
3,766.00
3,766.00
91282CHX2 UNITED STATES TREASURY

4.375 08/31/2028
09/25/2023
09/26/2023
1,500,000.00
1,488,362.58

0.00 0.00
1,488,601.71
181.28
32,812.50
5,619.82
38,251.04
239.13

0.00 239.13
38,490.16
38,490.16
91282CJA0 UNITED STATES TREASURY

4.625 09/30/2028 1,850,000.00
1,829,994.23

0.00 0.00
1,830,397.03
36,001.71
42,781.25
235.06
7,014.60
402.80

0.00 402.80
7,417.40
7,417.40
91282CJN2 UNITED STATES TREASURY

4.375 11/30/2028
12/21/2023
12/22/2023
1,500,000.00
1,531,669.16

0.00 0.00
1,531,056.60
16,675.20

0.00 22,054.30
5,379.10

3.75 12/31/2028
01/30/2024
01/31/2024
1,200,000.00
1,189,966.61

0.00 0.00
1,190,156.88
7,703.80

0.00 11,372.28
3,668.48
190.27

0.00 190.27
3,858.74
3,858.74
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029
02/26/2024
02/27/2024
1,500,000.00
1,481,360.19

0.00 0.00
1,481,706.87
5,217.39

0.00 10,108.70
4,891.30
346.68

0.00 346.68
5,237.98
5,237.98
91282CKD2 UNITED STATES TREASURY

4.25 02/28/2029
03/25/2024
03/26/2024
1,000,000.00
1,000,498.57

0.00 0.00
1,000,489.46
117.40
21,250.00
3,639.50
24,772.10

0.00 (9.11)
(9.11)
24,762.98
24,762.98
91282CKG5 UNITED STATES TREASURY

4.125 03/31/2029
04/08/2024
04/09/2024
1,200,000.00
1,185,032.41

0.00 0.00
1,185,300.96
20,827.87
24,750.00
135.99
4,058.12
268.56

0.00 268.56
4,326.68
4,326.68
91282CKP5 UNITED STATES TREASURY

4.625 04/30/2029
05/28/2024
05/29/2024
1,000,000.00
1,003,292.77

0.00 0.00
1,003,234.73
15,584.24

0.00 19,354.62
3,770.38

0.00 (58.04)
(58.04)
3,712.34
3,712.34
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029
06/26/2024
06/27/2024
1,250,000.00
1,258,842.91

0.00 0.00
1,258,689.83
14,293.03

0.00 18,903.69
4,610.66

0.00 (153.08)
(153.08)
4,457.58
4,457.58
91282CKX8 UNITED STATES TREASURY

4.25 06/30/2029 1,850,000.00
1,896,909.92

0.00 0.00
1,896,111.68
13,460.26

0.00 19,869.90
6,409.65

0.00 (798.24)
(798.24)
5,611.41
5,611.41
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 1,750,000.00
1,748,716.85

0.00 0.00
1,748,738.30
6,086.96

0.00 11,793.48
5,706.52

84.71 (63.26)

21.46 5,727.98
5,727.98
91324PEC2 UNITEDHEALTH GROUP INC

1.15 05/15/2026 1,245,000.00
1,239,752.26

0.00 0.00
1,240,005.12
4,215.71

0.00 0.00
249,588.02
2,760.42

0.00 3,541.67
781.25

12.93 0.00

12.93 794.18
794.18
931142ER0 WALMART INC 1.05
09/17/2026
09/08/2021
09/17/2021
240,000.00
239,814.68

0.00 0.00
239,822.14
1,148.00
1,260.00

98.00 210.00

7.45 0.00

7.45 217.45
217.45
931142EX7 WALMART INC 3.95
09/09/2027 09/09/2022
500,000.00
499,617.15

0.00 0.00
499,627.57
9,436.11
9,875.00
1,206.94
1,645.83

10.41 0.00

10.41 1,656.25
1,656.25
Total Fixed Income 158,383,406.53
171,853,968.14
46,538,285.68
(61,699,517.82)
156,971,898.89
630,509.45
333,274.02
616,998.39
319,762.96
285,882.71
(6,719.82)
279,162.89
598,925.86 598,925.86
LAIF
90LAIF$00 Local Agency Investment
Fund State Pool 63,920,965.47
63,920,965.47

0.00 0.00
63,920,965.47

0.00 0.00

0.00 Total LAIF 63,920,965.47
63,920,965.47

0.00 0.00
63,920,965.47

0.00 0.00

0.00 0.00 0.00
TOTAL PORTFOLIO 259,737,302.41
257,290,693.62
157,391,835.70
(157,009,496.55)
258,181,107.42
630,509.45
342,351.48
616,998.39
328,840.42
314,458.75
(6,719.82)
307,738.93
636,579.36 636,579.36
CONFIDENTIAL | 33
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Execution Time: 10/17/2024 10:58:57 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount OCTOBER 2024
10/01/2024 Dividend 94975H312 0.00 3,440.09 3,440.09
10/01/2024 Dividend 94975H312 0.00 43,580.13 43,580.13
10/14/2024 Coupon 023135CF1 0.00 AMAZON.COM INC 3.3 04/13/2027 12,375.00 12,375.00 10/14/2024 Coupon 3130AJHU6 0.00 FEDERAL HOME LOAN BANKS 0.5 04/14/2025 3,125.00 3,125.00 10/15/2024 Dividend 0.00 243,806.18 243,806.18
10/15/2024 Dividend 0.00 248,818.93 248,818.93
10/15/2024 Dividend 0.00 240,517.96 240,517.96
10/15/2024 Coupon 02582JJT8 0.00 AMXCA 2022-2 A 3.39 05/17/2027 2,373.00 2,373.00 10/15/2024 Coupon 02582JJZ4 0.00 AMXCA 2023-1 A 4.87 05/15/2026 1,521.87 1,521.87 10/15/2024 Coupon 161571HT4 0.00 CHAIT 2023-1 A 5.16 09/15/2028 4,321.50 4,321.50 10/15/2024 Coupon 43815BAC4 0.00 HAROT 2022-1 A3 1.88 05/15/2026 359.91 359.91 10/15/2024 Principal Paydown 43815BAC4 (24,421.82) HAROT 2022-1 A3 1.88 05/15/2026 24,421.82 24,421.82 10/15/2024 Coupon 44934KAC8 0.00 HART 2021-B A3 0.38 01/15/2026 14.58 14.58 10/15/2024 Principal Paydown 44934KAC8 (32,881.05) HART 2021-B A3 0.38 01/15/2026 32,881.05 32,881.05 10/15/2024 Coupon 44935FAD6 0.00 HART 2021-C A3 0.74 05/15/2026 31.90 31.90 10/15/2024 Principal Paydown 44935FAD6 (9,603.92) HART 2021-C A3 0.74 05/15/2026 9,603.92 9,603.92 10/15/2024 Coupon 47788UAC6 0.00 JDOT 2021 A3 0.36 09/15/2025 0.39 0.39 10/15/2024 Principal Paydown 47788UAC6 (1,312.34) JDOT 2021 A3 0.36 09/15/2025 1,312.34 1,312.34 10/15/2024 Coupon 47789QAC4 0.00 JDOT 2021-B A3 0.52 03/16/2026 35.85 35.85 10/15/2024 Principal Paydown 47789QAC4 (8,693.81) JDOT 2021-B A3 0.52 03/16/2026 8,693.81 8,693.81 10/15/2024 Coupon 47787JAC2 0.00 JDOT 2022 A3 0.36 09/15/2026 251.38 251.38 10/15/2024 Principal Paydown 47787JAC2 (12,315.15) JDOT 2022 A3 0.36 09/15/2026 12,315.15 12,315.15 10/15/2024 Coupon 47800AAC4 0.00 JDOT 2022-B A3 3.74 02/16/2027 932.66 932.66 10/15/2024 Principal Paydown 47800AAC4 (16,301.19) JDOT 2022-B A3 3.74 02/16/2027 16,301.19 16,301.19 10/15/2024 Coupon 58768PAC8 0.00 MBART 2022-1 A3 5.21 08/16/2027 3,412.38 3,412.38 10/15/2024 Principal Paydown 58768PAC8 (51,589.49) MBART 2022-1 A3 5.21 08/16/2027 51,589.49 51,589.49 10/15/2024 Coupon 74340XBN0 0.00 PROLOGIS LP 2.125 04/15/2027 10,625.00 10,625.00 10/15/2024 Coupon 89238FAD5 0.00 TAOT 2022-B A3 2.93 09/15/2026 446.90 446.90 10/15/2024 Principal Paydown 89238FAD5 (16,139.22) TAOT 2022-B A3 2.93 09/15/2026 16,139.22 16,139.22 10/21/2024 Coupon 43815GAC3 84,186.13 HAROT 2021-4 A3 0.88 01/21/2026 61.74 61.74 10/21/2024 Principal Paydown 43815GAC3 84,186.13 HAROT 2021-4 A3 0.88 01/21/2026 11,704.61 11,704.61 CONFIDENTIAL | 34
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Execution Time: 10/17/2024 10:58:57 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 10/21/2024 Coupon 61747YFD2 1,200,000.00 MORGAN STANLEY 5.164 04/20/2029 30,984.00 30,984.00 10/22/2024 Coupon 3135G03U5 805,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION

0.625 04/22/2025 2,515.63 2,515.63
10/22/2024 Coupon 46647PBK1 500,000.00 JPMORGAN CHASE & CO 2.083 04/22/2026 5,207.50 5,207.50 10/25/2024 Coupon 05592XAD2 180,000.00 BMWOT 2023-A A3 5.47 02/25/2028 820.50 820.50 10/25/2024 Coupon 05602RAD3 151,923.11 BMWOT 2022-A A3 3.21 08/25/2026 406.39 406.39 10/25/2024 Principal Paydown 05602RAD3 151,923.11 BMWOT 2022-A A3 3.21 08/25/2026 15,352.48 15,352.48 10/25/2024 Principal Paydown 3137BFE98 0.00 FHMS K-041 A2 3.171 10/25/2024 260,466.80 260,466.80 10/25/2024 Coupon 3137FG6X8 1,835,000.00 FHMS K-077 A2 3.85 05/25/2028 5,887.29 5,887.29 10/31/2024 Coupon 91282CBW0 1,000,000.00 UNITED STATES TREASURY 0.75 04/30/2026 3,750.00 3,750.00 10/31/2024 Coupon 91282CDG3 3,000,000.00 UNITED STATES TREASURY 1.125 10/31/2026 16,875.00 16,875.00 10/31/2024 Coupon 91282CEN7 2,500,000.00 UNITED STATES TREASURY 2.75 04/30/2027 34,375.00 34,375.00 10/31/2024 Coupon 91282CFU0 1,100,000.00 UNITED STATES TREASURY 4.125 10/31/2027 22,687.50 22,687.50 10/31/2024 Coupon 91282CHA2 2,180,000.00 UNITED STATES TREASURY 3.5 04/30/2028 38,150.00 38,150.00 10/31/2024 Coupon 91282CKP5 1,000,000.00 UNITED STATES TREASURY 4.625 04/30/2029 23,125.00 23,125.00 October 2024
Total 1,240,945.16 224,672.87 1,465,618.03
NOVEMBER 2024
11/01/2024 Coupon 06367WB85 1,150,000.00 BANK OF MONTREAL 1.85 05/01/2025 10,637.50 10,637.50 11/01/2024 Coupon 74456QBU9 1,250,000.00 PUBLIC SERVICE ELECTRIC AND GAS CO 3.7 05/01/2028 23,125.00 23,125.00
11/07/2024 Coupon 3135G06G3 1,680,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION

0.5 11/07/2025 4,200.00 4,200.00
11/07/2024 Final Maturity 912797LC9 5,000,000.00 UNITED STATES TREASURY 11/07/2024 5,000,000.00 5,000,000.00 11/12/2024 Coupon 037833ET3 205,000.00 APPLE INC 4.0 05/10/2028 4,100.00 4,100.00 11/15/2024 Coupon 02582JJT8 840,000.00 AMXCA 2022-2 A 3.39 05/17/2027 2,373.00 2,373.00 11/15/2024 Coupon 02582JJZ4 375,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,521.88 1,521.88 11/15/2024 Coupon 161571HT4 1,005,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,321.50 4,321.50 11/15/2024 Coupon 43815BAC4 205,309.50 HAROT 2022-1 A3 1.88 05/15/2026 321.65 321.65 11/15/2024 Principal Paydown 43815BAC4 205,309.50 HAROT 2022-1 A3 1.88 05/15/2026 22,963.98 22,963.98 11/15/2024 Coupon 44934KAC8 13,175.51 HART 2021-B A3 0.38 01/15/2026 8.19 8.19 11/15/2024 Effective Maturity 44934KAC8 13,175.51 HART 2021-B A3 0.38 01/15/2026 16,652.90 16,652.90 CONFIDENTIAL | 35
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Execution Time: 10/17/2024 10:58:57 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 11/15/2024 Coupon 44935FAD6 42,132.44 HART 2021-C A3 0.74 05/15/2026 26.51 26.51 11/15/2024 Principal Paydown 44935FAD6 42,132.44 HART 2021-C A3 0.74 05/15/2026 9,197.20 9,197.20 11/15/2024 Coupon 47787JAC2 117,707.28 JDOT 2022 A3 0.36 09/15/2026 218.37 218.37 11/15/2024 Principal Paydown 47787JAC2 117,707.28 JDOT 2022 A3 0.36 09/15/2026 15,467.51 15,467.51 11/15/2024 Coupon 47789QAC4 74,028.22 JDOT 2021-B A3 0.52 03/16/2026 31.25 31.25 11/15/2024 Principal Paydown 47789QAC4 74,028.22 JDOT 2021-B A3 0.52 03/16/2026 12,689.88 12,689.88 11/15/2024 Coupon 47800AAC4 282,946.88 JDOT 2022-B A3 3.74 02/16/2027 881.85 881.85 11/15/2024 Principal Paydown 47800AAC4 282,946.88 JDOT 2022-B A3 3.74 02/16/2027 20,184.64 20,184.64 11/15/2024 Coupon 58768PAC8 734,371.56 MBART 2022-1 A3 5.21 08/16/2027 3,229.57 3,229.57 11/15/2024 Principal Paydown 58768PAC8 734,371.56 MBART 2022-1 A3 5.21 08/16/2027 46,378.88 46,378.88 11/15/2024 Coupon 89238FAD5 166,890.68 TAOT 2022-B A3 2.93 09/15/2026 402.50 402.50 11/15/2024 Principal Paydown 89238FAD5 166,890.68 TAOT 2022-B A3 2.93 09/15/2026 15,827.76 15,827.76 11/15/2024 Coupon 9128285M8 1,000,000.00 UNITED STATES TREASURY 3.125 11/15/2028 15,625.00 15,625.00 11/15/2024 Coupon 91324PEC2 1,245,000.00 UNITEDHEALTH GROUP INC 1.15 05/15/2026 7,158.75 7,158.75 11/15/2024 Coupon 927804GH1 250,000.00 VIRGINIA ELECTRIC AND POWER CO 3.75 05/15/2027 4,687.50 4,687.50
11/18/2024 Coupon 362554AC1 67,059.47 GMCAR 2021-4 A3 0.68 09/16/2026 39.98 39.98 11/18/2024 Principal Paydown 362554AC1 67,059.47 GMCAR 2021-4 A3 0.68 09/16/2026 8,282.01 8,282.01 11/18/2024 Coupon 362585AC5 166,241.08 GMCAR 2022-2 A3 3.1 02/16/2027 425.22 425.22 11/18/2024 Principal Paydown 362585AC5 166,241.08 GMCAR 2022-2 A3 3.1 02/16/2027 14,168.83 14,168.83 11/18/2024 Coupon 380146AC4 70,946.82 GMCAR 2022-1 A3 1.26 11/16/2026 75.95 75.95 11/18/2024 Principal Paydown 380146AC4 70,946.82 GMCAR 2022-1 A3 1.26 11/16/2026 8,020.17 8,020.17 11/18/2024 Coupon 89236TMF9 500,000.00 TOYOTA MOTOR CREDIT CORP 5.05 05/16/2029 12,625.00 12,625.00 11/21/2024 Coupon 43815GAC3 84,186.13 HAROT 2021-4 A3 0.88 01/21/2026 53.15 53.15 11/21/2024 Principal Paydown 43815GAC3 84,186.13 HAROT 2021-4 A3 0.88 01/21/2026 11,427.60 11,427.60 11/25/2024 Coupon 05592XAD2 180,000.00 BMWOT 2023-A A3 5.47 02/25/2028 820.50 820.50 11/25/2024 Coupon 05602RAD3 151,923.11 BMWOT 2022-A A3 3.21 08/25/2026 365.33 365.33 11/25/2024 Principal Paydown 05602RAD3 151,923.11 BMWOT 2022-A A3 3.21 08/25/2026 14,897.40 14,897.40 11/25/2024 Coupon 3137FG6X8 1,835,000.00 FHMS K-077 A2 3.85 05/25/2028 5,887.29 5,887.29 November 2024
Total 5,216,158.75 103,162.44 5,319,321.20
DECEMBER 2024
CONFIDENTIAL | 36
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Execution Time: 10/17/2024 10:58:57 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 12/02/2024 Coupon 91282CAZ4 2,000,000.00 UNITED STATES TREASURY 0.375 11/30/2025 3,750.00 3,750.00 12/02/2024 Coupon 91282CJN2 1,500,000.00 UNITED STATES TREASURY 4.375 11/30/2028 32,812.50 32,812.50 12/02/2024 Coupon 91282CKT7 1,250,000.00 UNITED STATES TREASURY 4.5 05/31/2029 28,125.00 28,125.00 12/03/2024 Final Maturity 912797ME4 15,000,000.00 UNITED STATES TREASURY 12/03/2024 15,000,000.00 15,000,000.00 12/09/2024 Coupon 3130AWMN7 1,000,000.00 FEDERAL HOME LOAN BANKS 4.375 06/09/2028 21,875.00 21,875.00
12/12/2024 Coupon 3130ATUC9 1,800,000.00 FEDERAL HOME LOAN BANKS 4.5 12/12/2025 40,500.00 40,500.00 12/12/2024 Coupon 91159HJM3 1,100,000.00 US BANCORP 5.775 06/12/2029 31,762.50 31,762.50 12/16/2024 Coupon 02582JJT8 840,000.00 AMXCA 2022-2 A 3.39 05/17/2027 2,373.00 2,373.00 12/16/2024 Coupon 02582JJZ4 375,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,521.88 1,521.88 12/16/2024 Coupon 161571HT4 1,005,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,321.50 4,321.50 12/16/2024 Coupon 3133EPN50 1,000,000.00 FEDERAL FARM CREDIT BANKS FUNDING CORP

4.25 12/15/2028 21,250.00 21,250.00
12/16/2024 Coupon 362554AC1 67,059.47 GMCAR 2021-4 A3 0.68 09/16/2026 35.29 35.29 12/16/2024 Principal Paydown 362554AC1 67,059.47 GMCAR 2021-4 A3 0.68 09/16/2026 7,889.51 7,889.51 12/16/2024 Coupon 362585AC5 166,241.08 GMCAR 2022-2 A3 3.1 02/16/2027 388.61 388.61 12/16/2024 Principal Paydown 362585AC5 166,241.08 GMCAR 2022-2 A3 3.1 02/16/2027 13,250.90 13,250.90 12/16/2024 Coupon 380146AC4 70,946.82 GMCAR 2022-1 A3 1.26 11/16/2026 67.53 67.53 12/16/2024 Principal Paydown 380146AC4 70,946.82 GMCAR 2022-1 A3 1.26 11/16/2026 7,603.12 7,603.12 12/16/2024 Coupon 43815BAC4 205,309.50 HAROT 2022-1 A3 1.88 05/15/2026 285.67 285.67 12/16/2024 Principal Paydown 43815BAC4 205,309.50 HAROT 2022-1 A3 1.88 05/15/2026 21,909.12 21,909.12 12/16/2024 Coupon 44935FAD6 42,132.44 HART 2021-C A3 0.74 05/15/2026 20.84 20.84 12/16/2024 Principal Paydown 44935FAD6 42,132.44 HART 2021-C A3 0.74 05/15/2026 8,710.60 8,710.60 12/16/2024 Coupon 47787JAC2 117,707.28 JDOT 2022 A3 0.36 09/15/2026 188.47 188.47 12/16/2024 Principal Paydown 47787JAC2 117,707.28 JDOT 2022 A3 0.36 09/15/2026 11,035.09 11,035.09 12/16/2024 Coupon 47789QAC4 74,028.22 JDOT 2021-B A3 0.52 03/16/2026 25.75 25.75 12/16/2024 Principal Paydown 47789QAC4 74,028.22 JDOT 2021-B A3 0.52 03/16/2026 9,031.56 9,031.56 12/16/2024 Coupon 47800AAC4 282,946.88 JDOT 2022-B A3 3.74 02/16/2027 818.94 818.94 12/16/2024 Principal Paydown 47800AAC4 282,946.88 JDOT 2022-B A3 3.74 02/16/2027 16,026.90 16,026.90 12/16/2024 Coupon 58768PAC8 734,371.56 MBART 2022-1 A3 5.21 08/16/2027 3,028.21 3,028.21 12/16/2024 Principal Paydown 58768PAC8 734,371.56 MBART 2022-1 A3 5.21 08/16/2027 43,708.06 43,708.06 12/16/2024 Coupon 89238FAD5 166,890.68 TAOT 2022-B A3 2.93 09/15/2026 363.86 363.86 CONFIDENTIAL | 37
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Execution Time: 10/17/2024 10:58:57 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 12/16/2024 Principal Paydown 89238FAD5 166,890.68 TAOT 2022-B A3 2.93 09/15/2026 15,065.28 15,065.28 12/17/2024 Coupon 3135G04Z3 2,020,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION

0.5 06/17/2025 5,050.00 5,050.00
12/17/2024 Final Maturity 912797MP9 20,000,000.00 UNITED STATES TREASURY 12/17/2024 20,000,000.00 20,000,000.00 12/18/2024 Coupon 89236TJK2 810,000.00 TOYOTA MOTOR CREDIT CORP 1.125 06/18/2026 4,556.25 4,556.25
12/19/2024 Coupon 06051GJD2 500,000.00 BANK OF AMERICA CORP 1.319 06/19/2026 3,297.50 3,297.50 12/23/2024 Coupon 43815GAC3 84,186.13 HAROT 2021-4 A3 0.88 01/21/2026 44.77 44.77 12/23/2024 Principal Paydown 43815GAC3 84,186.13 HAROT 2021-4 A3 0.88 01/21/2026 10,915.09 10,915.09 12/25/2024 Coupon 05592XAD2 180,000.00 BMWOT 2023-A A3 5.47 02/25/2028 820.50 820.50 12/25/2024 Coupon 05602RAD3 151,923.11 BMWOT 2022-A A3 3.21 08/25/2026 325.48 325.48 12/25/2024 Principal Paydown 05602RAD3 151,923.11 BMWOT 2022-A A3 3.21 08/25/2026 14,114.90 14,114.90 12/25/2024 Coupon 3137FG6X8 1,835,000.00 FHMS K-077 A2 3.85 05/25/2028 5,887.29 5,887.29 12/26/2024 Coupon 437076DC3 1,075,000.00 HOME DEPOT INC 4.75 06/25/2029 25,531.25 25,531.25 12/31/2024 Coupon 91282CBC4 2,000,000.00 UNITED STATES TREASURY 0.375 12/31/2025 3,750.00 3,750.00 12/31/2024 Coupon 91282CEW7 1,400,000.00 UNITED STATES TREASURY 3.25 06/30/2027 22,750.00 22,750.00 12/31/2024 Coupon 91282CGC9 1,250,000.00 UNITED STATES TREASURY 3.875 12/31/2027 24,218.75 24,218.75 12/31/2024 Coupon 91282CJR3 1,200,000.00 UNITED STATES TREASURY 3.75 12/31/2028 22,500.00 22,500.00 12/31/2024 Coupon 91282CKX8 1,850,000.00 UNITED STATES TREASURY 4.25 06/30/2029 39,312.50 39,312.50 December 2024
Total 35,179,260.12 351,558.84 35,530,818.97
JANUARY 2025
01/07/2025 Coupon 02665WEM9 1,200,000.00 AMERICAN HONDA FINANCE CORP 5.125 07/07/2028 30,750.00 30,750.00
01/10/2025 Coupon 89115A2M3 1,100,000.00 TORONTO-DOMINION BANK 5.156 01/10/2028 28,358.00 28,358.00 01/13/2025 Coupon 45950KDD9 520,000.00 INTERNATIONAL FINANCE CORP 4.5 07/13/2028 11,700.00 11,700.00
01/14/2025 Final Maturity 912797MX2 20,000,000.00 UNITED STATES TREASURY 01/14/2025 20,000,000.00 20,000,000.00 01/15/2025 Coupon 02582JJT8 840,000.00 AMXCA 2022-2 A 3.39 05/17/2027 2,373.00 2,373.00 01/15/2025 Coupon 02582JJZ4 375,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,521.88 1,521.88 01/15/2025 Coupon 161571HT4 1,005,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,321.50 4,321.50 01/15/2025 Coupon 43815BAC4 205,309.50 HAROT 2022-1 A3 1.88 05/15/2026 251.35 251.35 01/15/2025 Principal Paydown 43815BAC4 205,309.50 HAROT 2022-1 A3 1.88 05/15/2026 21,403.14 21,403.14 CONFIDENTIAL | 38
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Execution Time: 10/17/2024 10:58:57 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 01/15/2025 Coupon 44935FAD6 42,132.44 HART 2021-C A3 0.74 05/15/2026 15.47 15.47 01/15/2025 Principal Paydown 44935FAD6 42,132.44 HART 2021-C A3 0.74 05/15/2026 8,496.93 8,496.93 01/15/2025 Coupon 47787JAC2 117,707.28 JDOT 2022 A3 0.36 09/15/2026 167.13 167.13 01/15/2025 Principal Paydown 47787JAC2 117,707.28 JDOT 2022 A3 0.36 09/15/2026 12,944.89 12,944.89 01/15/2025 Coupon 47789QAC4 74,028.22 JDOT 2021-B A3 0.52 03/16/2026 21.84 21.84 01/15/2025 Principal Paydown 47789QAC4 74,028.22 JDOT 2021-B A3 0.52 03/16/2026 16,297.47 16,297.47 01/15/2025 Coupon 47800AAC4 282,946.88 JDOT 2022-B A3 3.74 02/16/2027 768.99 768.99 01/15/2025 Principal Paydown 47800AAC4 282,946.88 JDOT 2022-B A3 3.74 02/16/2027 25,085.89 25,085.89 01/15/2025 Coupon 58768PAC8 734,371.56 MBART 2022-1 A3 5.21 08/16/2027 2,838.45 2,838.45 01/15/2025 Principal Paydown 58768PAC8 734,371.56 MBART 2022-1 A3 5.21 08/16/2027 42,692.07 42,692.07 01/15/2025 Coupon 756109AU8 1,000,000.00 REALTY INCOME CORP 3.65 01/15/2028 18,250.00 18,250.00 01/15/2025 Coupon 87612EBM7 545,000.00 TARGET CORP 1.95 01/15/2027 5,313.75 5,313.75 01/15/2025 Coupon 89238FAD5 166,890.68 TAOT 2022-B A3 2.93 09/15/2026 327.07 327.07 01/15/2025 Principal Paydown 89238FAD5 166,890.68 TAOT 2022-B A3 2.93 09/15/2026 14,728.24 14,728.24 01/16/2025 Coupon 24422EXH7 1,200,000.00 JOHN DEERE CAPITAL CORP 4.5 01/16/2029 27,000.00 27,000.00 01/16/2025 Coupon 362554AC1 67,059.47 GMCAR 2021-4 A3 0.68 09/16/2026 30.82 30.82 01/16/2025 Principal Paydown 362554AC1 67,059.47 GMCAR 2021-4 A3 0.68 09/16/2026 7,740.15 7,740.15 01/16/2025 Coupon 362585AC5 166,241.08 GMCAR 2022-2 A3 3.1 02/16/2027 354.38 354.38 01/16/2025 Principal Paydown 362585AC5 166,241.08 GMCAR 2022-2 A3 3.1 02/16/2027 12,902.37 12,902.37 01/16/2025 Coupon 380146AC4 70,946.82 GMCAR 2022-1 A3 1.26 11/16/2026 59.54 59.54 01/16/2025 Principal Paydown 380146AC4 70,946.82 GMCAR 2022-1 A3 1.26 11/16/2026 7,464.97 7,464.97 01/21/2025 Coupon 06051GGF0 1,000,000.00 BANK OF AMERICA CORP 3.824 01/20/2028 19,120.00 19,120.00 01/21/2025 Coupon 3137EAEU9 1,075,000.00 FEDERAL HOME LOAN MORTGAGE CORP 0.375 07/21/2025 2,015.63 2,015.63
01/21/2025 Coupon 43815GAC3 84,186.13 HAROT 2021-4 A3 0.88 01/21/2026 36.77 36.77 01/21/2025 Principal Paydown 43815GAC3 84,186.13 HAROT 2021-4 A3 0.88 01/21/2026 10,665.92 10,665.92 01/23/2025 Coupon 46647PAV8 800,000.00 JPMORGAN CHASE & CO 4.203 07/23/2029 16,812.00 16,812.00 01/27/2025 Coupon 05592XAD2 180,000.00 BMWOT 2023-A A3 5.47 02/25/2028 820.50 820.50 01/27/2025 Coupon 05602RAD3 151,923.11 BMWOT 2022-A A3 3.21 08/25/2026 287.72 287.72 01/27/2025 Principal Paydown 05602RAD3 151,923.11 BMWOT 2022-A A3 3.21 08/25/2026 13,752.28 13,752.28 01/27/2025 Coupon 3137FG6X8 1,835,000.00 FHMS K-077 A2 3.85 05/25/2028 5,887.29 5,887.29 01/31/2025 Coupon 69371RS80 1,200,000.00 PACCAR FINANCIAL CORP 4.6 01/31/2029 27,600.00 27,600.00 CONFIDENTIAL | 39
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Execution Time: 10/17/2024 10:58:57 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 01/31/2025 Coupon 912828Z78 500,000.00 UNITED STATES TREASURY 1.5 01/31/2027 3,750.00 3,750.00 01/31/2025 Coupon 91282CCP4 1,000,000.00 UNITED STATES TREASURY 0.625 07/31/2026 3,125.00 3,125.00 01/31/2025 Coupon 91282CHQ7 1,000,000.00 UNITED STATES TREASURY 4.125 07/31/2028 20,625.00 20,625.00 01/31/2025 Coupon 91282CJW2 1,500,000.00 UNITED STATES TREASURY 4.0 01/31/2029 30,000.00 30,000.00 01/31/2025 Coupon 91282CLC3 1,750,000.00 UNITED STATES TREASURY 4.0 07/31/2029 35,000.00 35,000.00 January 2025 Total 20,194,174.32 299,503.07 20,493,677.40 FEBRUARY 2025
02/03/2025 Coupon 78016HZS2 1,000,000.00 ROYAL BANK OF CANADA 5.2 08/01/2028 26,000.00 26,000.00 02/07/2025 Coupon 06406RAB3 1,000,000.00 BANK OF NEW YORK MELLON CORP 3.442 02/07/2028 17,210.00 17,210.00
02/12/2025 Coupon 14913R3A3 700,000.00 CATERPILLAR FINANCIAL SERVICES CORP 3.6 08/12/2027 12,600.00 12,600.00
02/13/2025 Final Maturity 912797MK0 20,000,000.00 UNITED STATES TREASURY 02/13/2025 20,000,000.00 20,000,000.00 02/17/2025 Coupon 161571HT4 1,005,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,321.50 4,321.50 02/17/2025 Coupon 362554AC1 67,059.47 GMCAR 2021-4 A3 0.68 09/16/2026 26.43 26.43 02/17/2025 Principal Paydown 362554AC1 67,059.47 GMCAR 2021-4 A3 0.68 09/16/2026 7,629.25 7,629.25 02/17/2025 Coupon 362585AC5 166,241.08 GMCAR 2022-2 A3 3.1 02/16/2027 321.05 321.05 02/17/2025 Principal Paydown 362585AC5 166,241.08 GMCAR 2022-2 A3 3.1 02/16/2027 12,656.42 12,656.42 02/17/2025 Coupon 380146AC4 70,946.82 GMCAR 2022-1 A3 1.26 11/16/2026 51.70 51.70 02/17/2025 Principal Paydown 380146AC4 70,946.82 GMCAR 2022-1 A3 1.26 11/16/2026 7,365.75 7,365.75 02/17/2025 Coupon 43815BAC4 205,309.50 HAROT 2022-1 A3 1.88 05/15/2026 217.82 217.82 02/17/2025 Principal Paydown 43815BAC4 205,309.50 HAROT 2022-1 A3 1.88 05/15/2026 21,006.61 21,006.61 02/17/2025 Coupon 44935FAD6 42,132.44 HART 2021-C A3 0.74 05/15/2026 10.23 10.23 02/17/2025 Principal Paydown 44935FAD6 42,132.44 HART 2021-C A3 0.74 05/15/2026 8,331.75 8,331.75 02/17/2025 Coupon 47787JAC2 117,707.28 JDOT 2022 A3 0.36 09/15/2026 142.11 142.11 02/17/2025 Principal Paydown 47787JAC2 117,707.28 JDOT 2022 A3 0.36 09/15/2026 9,792.38 9,792.38 02/17/2025 Coupon 47789QAC4 74,028.22 JDOT 2021-B A3 0.52 03/16/2026 14.78 14.78 02/17/2025 Principal Paydown 47789QAC4 74,028.22 JDOT 2021-B A3 0.52 03/16/2026 14,447.71 14,447.71 02/17/2025 Coupon 47800AAC4 282,946.88 JDOT 2022-B A3 3.74 02/16/2027 690.81 690.81 02/17/2025 Principal Paydown 47800AAC4 282,946.88 JDOT 2022-B A3 3.74 02/16/2027 20,692.67 20,692.67 02/17/2025 Coupon 58768PAC8 734,371.56 MBART 2022-1 A3 5.21 08/16/2027 2,653.09 2,653.09 02/17/2025 Principal Paydown 58768PAC8 734,371.56 MBART 2022-1 A3 5.21 08/16/2027 42,006.28 42,006.28 CONFIDENTIAL | 40
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Execution Time: 10/17/2024 10:58:57 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 02/17/2025 Coupon 89238FAD5 166,890.68 TAOT 2022-B A3 2.93 09/15/2026 291.11 291.11 02/17/2025 Principal Paydown 89238FAD5 166,890.68 TAOT 2022-B A3 2.93 09/15/2026 13,871.01 13,871.01 02/18/2025 Coupon 02582JJT8 840,000.00 AMXCA 2022-2 A 3.39 05/17/2027 2,373.00 2,373.00 02/18/2025 Coupon 02582JJZ4 375,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,521.88 1,521.88 02/18/2025 Coupon 4581X0EN4 1,250,000.00 INTER-AMERICAN DEVELOPMENT BANK 4.125 02/15/2029 25,781.25 25,781.25
02/18/2025 Coupon 9128283W8 1,250,000.00 UNITED STATES TREASURY 2.75 02/15/2028 17,187.50 17,187.50 02/18/2025 Coupon 912828V98 1,250,000.00 UNITED STATES TREASURY 2.25 02/15/2027 14,062.50 14,062.50 02/21/2025 Coupon 43815GAC3 84,186.13 HAROT 2021-4 A3 0.88 01/21/2026 28.95 28.95 02/21/2025 Principal Paydown 43815GAC3 84,186.13 HAROT 2021-4 A3 0.88 01/21/2026 10,438.16 10,438.16 02/25/2025 Coupon 05592XAD2 180,000.00 BMWOT 2023-A A3 5.47 02/25/2028 820.50 820.50 02/25/2025 Coupon 05602RAD3 151,923.11 BMWOT 2022-A A3 3.21 08/25/2026 250.93 250.93 02/25/2025 Principal Paydown 05602RAD3 151,923.11 BMWOT 2022-A A3 3.21 08/25/2026 12,597.70 12,597.70 02/25/2025 Coupon 3135G05X7 1,700,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION

0.375 08/25/2025 3,187.50 3,187.50
02/25/2025 Coupon 3137FG6X8 1,835,000.00 FHMS K-077 A2 3.85 05/25/2028 5,887.29 5,887.29 02/27/2025 Coupon 14913UAJ9 450,000.00 CATERPILLAR FINANCIAL SERVICES CORP 4.85 02/27/2029 10,912.50 10,912.50
02/28/2025 Coupon 91282CCW9 2,250,000.00 UNITED STATES TREASURY 0.75 08/31/2026 8,437.50 8,437.50 02/28/2025 Coupon 91282CFH9 1,000,000.00 UNITED STATES TREASURY 3.125 08/31/2027 15,625.00 15,625.00 02/28/2025 Coupon 91282CFJ5 1,500,000.00 UNITED STATES TREASURY 3.125 08/31/2029 23,437.50 23,437.50 02/28/2025 Coupon 91282CHX2 1,500,000.00 UNITED STATES TREASURY 4.375 08/31/2028 32,812.50 32,812.50 02/28/2025 Coupon 91282CKD2 1,000,000.00 UNITED STATES TREASURY 4.25 02/28/2029 21,250.00 21,250.00 February 2025
Total 20,180,835.70 248,126.92 20,428,962.62
MARCH 2025
03/03/2025 Coupon 808513BY0 1,000,000.00 CHARLES SCHWAB CORP 2.45 03/03/2027 12,250.00 12,250.00 03/10/2025 Coupon 3130AVBD3 1,000,000.00 FEDERAL HOME LOAN BANKS 4.5 03/09/2029 22,500.00 22,500.00 03/10/2025 Coupon 3130AWTR1 1,000,000.00 FEDERAL HOME LOAN BANKS 4.375 09/08/2028 21,875.00 21,875.00
03/10/2025 Coupon 931142EX7 500,000.00 WALMART INC 3.95 09/09/2027 9,875.00 9,875.00 03/17/2025 Coupon 02582JJT8 840,000.00 AMXCA 2022-2 A 3.39 05/17/2027 2,373.00 2,373.00 03/17/2025 Coupon 02582JJZ4 375,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,521.88 1,521.88 CONFIDENTIAL | 41
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Execution Time: 10/17/2024 10:58:57 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 03/17/2025 Coupon 084664CZ2 1,095,000.00 BERKSHIRE HATHAWAY FINANCE CORP 2.3 03/15/2027 12,592.50 12,592.50
03/17/2025 Coupon 161571HT4 1,005,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,321.50 4,321.50 03/17/2025 Coupon 362554AC1 67,059.47 GMCAR 2021-4 A3 0.68 09/16/2026 22.11 22.11 03/17/2025 Principal Paydown 362554AC1 67,059.47 GMCAR 2021-4 A3 0.68 09/16/2026 7,429.33 7,429.33 03/17/2025 Coupon 362585AC5 166,241.08 GMCAR 2022-2 A3 3.1 02/16/2027 288.35 288.35 03/17/2025 Principal Paydown 362585AC5 166,241.08 GMCAR 2022-2 A3 3.1 02/16/2027 11,772.04 11,772.04 03/17/2025 Coupon 380146AC4 70,946.82 GMCAR 2022-1 A3 1.26 11/16/2026 43.97 43.97 03/17/2025 Principal Paydown 380146AC4 70,946.82 GMCAR 2022-1 A3 1.26 11/16/2026 7,147.82 7,147.82 03/17/2025 Coupon 43815BAC4 205,309.50 HAROT 2022-1 A3 1.88 05/15/2026 184.91 184.91 03/17/2025 Principal Paydown 43815BAC4 205,309.50 HAROT 2022-1 A3 1.88 05/15/2026 20,344.05 20,344.05 03/17/2025 Coupon 44935FAD6 42,132.44 HART 2021-C A3 0.74 05/15/2026 5.09 5.09 03/17/2025 Principal Paydown 44935FAD6 42,132.44 HART 2021-C A3 0.74 05/15/2026 8,064.98 8,064.98 03/17/2025 Coupon 47787JAC2 117,707.28 JDOT 2022 A3 0.36 09/15/2026 123.17 123.17 03/17/2025 Principal Paydown 47787JAC2 117,707.28 JDOT 2022 A3 0.36 09/15/2026 8,000.37 8,000.37 03/17/2025 Coupon 47789QAC4 74,028.22 JDOT 2021-B A3 0.52 03/16/2026 8.52 8.52 03/17/2025 Principal Paydown 47789QAC4 74,028.22 JDOT 2021-B A3 0.52 03/16/2026 12,160.57 12,160.57 03/17/2025 Coupon 47800AAC4 282,946.88 JDOT 2022-B A3 3.74 02/16/2027 626.32 626.32 03/17/2025 Principal Paydown 47800AAC4 282,946.88 JDOT 2022-B A3 3.74 02/16/2027 18,204.66 18,204.66 03/17/2025 Coupon 58768PAC8 734,371.56 MBART 2022-1 A3 5.21 08/16/2027 2,470.71 2,470.71 03/17/2025 Principal Paydown 58768PAC8 734,371.56 MBART 2022-1 A3 5.21 08/16/2027 40,585.49 40,585.49 03/17/2025 Coupon 89238FAD5 166,890.68 TAOT 2022-B A3 2.93 09/15/2026 257.24 257.24 03/17/2025 Principal Paydown 89238FAD5 166,890.68 TAOT 2022-B A3 2.93 09/15/2026 13,137.85 13,137.85 03/17/2025 Coupon 931142ER0 240,000.00 WALMART INC 1.05 09/17/2026 1,260.00 1,260.00 03/21/2025 Coupon 43815GAC3 84,186.13 HAROT 2021-4 A3 0.88 01/21/2026 21.29 21.29 03/21/2025 Principal Paydown 43815GAC3 84,186.13 HAROT 2021-4 A3 0.88 01/21/2026 10,118.66 10,118.66 03/24/2025 Coupon 3137EAEX3 1,560,000.00 FEDERAL HOME LOAN MORTGAGE CORP 0.375 09/23/2025 2,925.00 2,925.00
03/25/2025 Coupon 05592XAD2 180,000.00 BMWOT 2023-A A3 5.47 02/25/2028 820.50 820.50 03/25/2025 Principal Paydown 05592XAD2 180,000.00 BMWOT 2023-A A3 5.47 02/25/2028 5,378.74 5,378.74 03/25/2025 Coupon 05602RAD3 151,923.11 BMWOT 2022-A A3 3.21 08/25/2026 217.23 217.23 03/25/2025 Principal Paydown 05602RAD3 151,923.11 BMWOT 2022-A A3 3.21 08/25/2026 12,196.38 12,196.38 CONFIDENTIAL | 42
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Execution Time: 10/17/2024 10:58:57 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 03/25/2025 Coupon 3137FG6X8 1,835,000.00 FHMS K-077 A2 3.85 05/25/2028 5,887.29 5,887.29 03/31/2025 Coupon 91282CBT7 1,500,000.00 UNITED STATES TREASURY 0.75 03/31/2026 5,625.00 5,625.00 03/31/2025 Coupon 91282CEF4 1,250,000.00 UNITED STATES TREASURY 2.5 03/31/2027 15,625.00 15,625.00 03/31/2025 Coupon 91282CFM8 1,000,000.00 UNITED STATES TREASURY 4.125 09/30/2027 20,625.00 20,625.00 03/31/2025 Coupon 91282CGT2 1,750,000.00 UNITED STATES TREASURY 3.625 03/31/2028 31,718.75 31,718.75 03/31/2025 Coupon 91282CJA0 1,850,000.00 UNITED STATES TREASURY 4.625 09/30/2028 42,781.25 42,781.25 03/31/2025 Coupon 91282CKG5 1,200,000.00 UNITED STATES TREASURY 4.125 03/31/2029 24,750.00 24,750.00 March 2025 Total 174,540.95 243,595.59 418,136.54
APRIL 2025
04/14/2025 Coupon 023135CF1 750,000.00 AMAZON.COM INC 3.3 04/13/2027 12,375.00 12,375.00 04/14/2025 Coupon 3130AJHU6 1,250,000.00 FEDERAL HOME LOAN BANKS 0.5 04/14/2025 3,125.00 3,125.00 04/14/2025 Final Maturity 3130AJHU6 1,250,000.00 FEDERAL HOME LOAN BANKS 0.5 04/14/2025 1,250,000.00 1,250,000.00 04/15/2025 Coupon 02582JJT8 840,000.00 AMXCA 2022-2 A 3.39 05/17/2027 2,373.00 2,373.00 04/15/2025 Coupon 02582JJZ4 375,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,521.88 1,521.88 04/15/2025 Coupon 161571HT4 1,005,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,321.50 4,321.50 04/15/2025 Coupon 43815BAC4 205,309.50 HAROT 2022-1 A3 1.88 05/15/2026 153.04 153.04 04/15/2025 Principal Paydown 43815BAC4 205,309.50 HAROT 2022-1 A3 1.88 05/15/2026 20,574.20 20,574.20 04/15/2025 Coupon 44935FAD6 42,132.44 HART 2021-C A3 0.74 05/15/2026 0.12 0.12 04/15/2025 Effective Maturity 44935FAD6 42,132.44 HART 2021-C A3 0.74 05/15/2026 192.70 192.70 04/15/2025 Coupon 47787JAC2 117,707.28 JDOT 2022 A3 0.36 09/15/2026 107.71 107.71 04/15/2025 Principal Paydown 47787JAC2 117,707.28 JDOT 2022 A3 0.36 09/15/2026 10,173.45 10,173.45 04/15/2025 Coupon 47789QAC4 74,028.22 JDOT 2021-B A3 0.52 03/16/2026 3.25 3.25 04/15/2025 Effective Maturity 47789QAC4 74,028.22 JDOT 2021-B A3 0.52 03/16/2026 7,494.45 7,494.45 04/15/2025 Coupon 47800AAC4 282,946.88 JDOT 2022-B A3 3.74 02/16/2027 569.58 569.58 04/15/2025 Principal Paydown 47800AAC4 282,946.88 JDOT 2022-B A3 3.74 02/16/2027 24,357.38 24,357.38 04/15/2025 Coupon 58768PAC8 734,371.56 MBART 2022-1 A3 5.21 08/16/2027 2,294.50 2,294.50 04/15/2025 Principal Paydown 58768PAC8 734,371.56 MBART 2022-1 A3 5.21 08/16/2027 42,176.44 42,176.44 04/15/2025 Coupon 74340XBN0 1,000,000.00 PROLOGIS LP 2.125 04/15/2027 10,625.00 10,625.00 04/15/2025 Coupon 89238FAD5 166,890.68 TAOT 2022-B A3 2.93 09/15/2026 225.16 225.16 04/15/2025 Principal Paydown 89238FAD5 166,890.68 TAOT 2022-B A3 2.93 09/15/2026 13,498.11 13,498.11 04/16/2025 Coupon 362554AC1 67,059.47 GMCAR 2021-4 A3 0.68 09/16/2026 17.90 17.90 04/16/2025 Principal Paydown 362554AC1 67,059.47 GMCAR 2021-4 A3 0.68 09/16/2026 7,639.65 7,639.65 CONFIDENTIAL | 43
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Execution Time: 10/17/2024 10:58:57 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 04/16/2025 Coupon 362585AC5 166,241.08 GMCAR 2022-2 A3 3.1 02/16/2027 257.94 257.94 04/16/2025 Principal Paydown 362585AC5 166,241.08 GMCAR 2022-2 A3 3.1 02/16/2027 12,097.40 12,097.40 04/16/2025 Coupon 380146AC4 70,946.82 GMCAR 2022-1 A3 1.26 11/16/2026 36.46 36.46 04/16/2025 Principal Paydown 380146AC4 70,946.82 GMCAR 2022-1 A3 1.26 11/16/2026 7,386.07 7,386.07 04/21/2025 Coupon 43815GAC3 84,186.13 HAROT 2021-4 A3 0.88 01/21/2026 13.87 13.87 04/21/2025 Principal Paydown 43815GAC3 84,186.13 HAROT 2021-4 A3 0.88 01/21/2026 10,158.35 10,158.35 04/21/2025 Coupon 61747YFD2 1,200,000.00 MORGAN STANLEY 5.164 04/20/2029 30,984.00 30,984.00 04/22/2025 Coupon 3135G03U5 805,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION

0.625 04/22/2025 2,515.63 2,515.63
04/22/2025 Final Maturity 3135G03U5 805,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION

0.625 04/22/2025 805,000.00 805,000.00
04/22/2025 Coupon 46647PBK1 500,000.00 JPMORGAN CHASE & CO 2.083 04/22/2026 5,207.50 5,207.50 04/22/2025 Effective Maturity 46647PBK1 500,000.00 JPMORGAN CHASE & CO 2.083 04/22/2026 500,000.00 500,000.00 04/25/2025 Coupon 05592XAD2 180,000.00 BMWOT 2023-A A3 5.47 02/25/2028 795.98 795.98 04/25/2025 Principal Paydown 05592XAD2 180,000.00 BMWOT 2023-A A3 5.47 02/25/2028 11,396.07 11,396.07 04/25/2025 Coupon 05602RAD3 151,923.11 BMWOT 2022-A A3 3.21 08/25/2026 184.61 184.61 04/25/2025 Principal Paydown 05602RAD3 151,923.11 BMWOT 2022-A A3 3.21 08/25/2026 12,459.75 12,459.75 04/25/2025 Coupon 3137FG6X8 1,835,000.00 FHMS K-077 A2 3.85 05/25/2028 5,887.29 5,887.29 04/30/2025 Coupon 91282CBW0 1,000,000.00 UNITED STATES TREASURY 0.75 04/30/2026 3,750.00 3,750.00 04/30/2025 Coupon 91282CDG3 3,000,000.00 UNITED STATES TREASURY 1.125 10/31/2026 16,875.00 16,875.00 04/30/2025 Coupon 91282CEN7 2,500,000.00 UNITED STATES TREASURY 2.75 04/30/2027 34,375.00 34,375.00 04/30/2025 Coupon 91282CFU0 1,100,000.00 UNITED STATES TREASURY 4.125 10/31/2027 22,687.50 22,687.50 04/30/2025 Coupon 91282CHA2 2,180,000.00 UNITED STATES TREASURY 3.5 04/30/2028 38,150.00 38,150.00 04/30/2025 Coupon 91282CKP5 1,000,000.00 UNITED STATES TREASURY 4.625 04/30/2029 23,125.00 23,125.00 April 2025 Total 2,734,604.03 222,558.42 2,957,162.45
MAY 2025
05/01/2025 Coupon 06367WB85 1,150,000.00 BANK OF MONTREAL 1.85 05/01/2025 10,637.50 10,637.50 05/01/2025 Final Maturity 06367WB85 1,150,000.00 BANK OF MONTREAL 1.85 05/01/2025 1,150,000.00 1,150,000.00 05/01/2025 Coupon 74456QBU9 1,250,000.00 PUBLIC SERVICE ELECTRIC AND GAS CO 3.7 05/01/2028 23,125.00 23,125.00
05/07/2025 Coupon 3135G06G3 1,680,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 05/12/2025 Coupon 037833ET3 205,000.00 APPLE INC 4.0 05/10/2028 4,100.00 4,100.00 05/15/2025 Coupon 02582JJT8 840,000.00 AMXCA 2022-2 A 3.39 05/17/2027 2,373.00 2,373.00 05/15/2025 Final Maturity 02582JJT8 840,000.00 AMXCA 2022-2 A 3.39 05/17/2027 840,000.00 840,000.00 05/15/2025 Coupon 02582JJZ4 375,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,521.88 1,521.88 05/15/2025 Coupon 161571HT4 1,005,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,321.50 4,321.50 05/15/2025 Coupon 43815BAC4 205,309.50 HAROT 2022-1 A3 1.88 05/15/2026 120.80 120.80 05/15/2025 Principal Paydown 43815BAC4 205,309.50 HAROT 2022-1 A3 1.88 05/15/2026 19,788.42 19,788.42 05/15/2025 Coupon 47787JAC2 117,707.28 JDOT 2022 A3 0.36 09/15/2026 88.04 88.04 05/15/2025 Principal Paydown 47787JAC2 117,707.28 JDOT 2022 A3 0.36 09/15/2026 9,337.65 9,337.65 05/15/2025 Coupon 47800AAC4 282,946.88 JDOT 2022-B A3 3.74 02/16/2027 493.66 493.66 05/15/2025 Principal Paydown 47800AAC4 282,946.88 JDOT 2022-B A3 3.74 02/16/2027 21,501.56 21,501.56 05/15/2025 Coupon 58768PAC8 734,371.56 MBART 2022-1 A3 5.21 08/16/2027 2,111.39 2,111.39 05/15/2025 Principal Paydown 58768PAC8 734,371.56 MBART 2022-1 A3 5.21 08/16/2027 40,415.96 40,415.96 05/15/2025 Coupon 89238FAD5 166,890.68 TAOT 2022-B A3 2.93 09/15/2026 192.21 192.21 05/15/2025 Principal Paydown 89238FAD5 166,890.68 TAOT 2022-B A3 2.93 09/15/2026 13,038.28 13,038.28 05/15/2025 Coupon 9128285M8 1,000,000.00 UNITED STATES TREASURY 3.125 11/15/2028 15,625.00 15,625.00 05/15/2025 Coupon 91324PEC2 1,245,000.00 UNITEDHEALTH GROUP INC 1.15 05/15/2026 7,158.75 7,158.75 05/15/2025 Coupon 927804GH1 250,000.00 VIRGINIA ELECTRIC AND POWER CO 3.75 05/15/2027 4,687.50 4,687.50
05/16/2025 Coupon 362554AC1 67,059.47 GMCAR 2021-4 A3 0.68 09/16/2026 13.57 13.57 05/16/2025 Principal Paydown 362554AC1 67,059.47 GMCAR 2021-4 A3 0.68 09/16/2026 7,388.44 7,388.44 05/16/2025 Coupon 362585AC5 166,241.08 GMCAR 2022-2 A3 3.1 02/16/2027 226.69 226.69 05/16/2025 Principal Paydown 362585AC5 166,241.08 GMCAR 2022-2 A3 3.1 02/16/2027 11,566.24 11,566.24 05/16/2025 Coupon 380146AC4 70,946.82 GMCAR 2022-1 A3 1.26 11/16/2026 28.71 28.71 05/16/2025 Principal Paydown 380146AC4 70,946.82 GMCAR 2022-1 A3 1.26 11/16/2026 7,109.44 7,109.44 05/16/2025 Coupon 89236TMF9 500,000.00 TOYOTA MOTOR CREDIT CORP 5.05 05/16/2029 12,625.00 12,625.00 05/21/2025 Coupon 43815GAC3 84,186.13 HAROT 2021-4 A3 0.88 01/21/2026 6.42 6.42 05/21/2025 Effective Maturity 43815GAC3 84,186.13 HAROT 2021-4 A3 0.88 01/21/2026 8,757.74 8,757.74 05/26/2025 Coupon 05592XAD2 180,000.00 BMWOT 2023-A A3 5.47 02/25/2028 744.03 744.03 05/26/2025 Principal Paydown 05592XAD2 180,000.00 BMWOT 2023-A A3 5.47 02/25/2028 10,800.06 10,800.06 05/26/2025 Coupon 05602RAD3 151,923.11 BMWOT 2022-A A3 3.21 08/25/2026 151.28 151.28 05/26/2025 Principal Paydown 05602RAD3 151,923.11 BMWOT 2022-A A3 3.21 08/25/2026 11,596.97 11,596.97 CONFIDENTIAL | 45
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Execution Time: 10/17/2024 10:58:57 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 05/26/2025 Coupon 3137FG6X8 1,835,000.00 FHMS K-077 A2 3.85 05/25/2028 5,887.29 5,887.29 May 2025 Total 2,151,300.76 100,439.22 2,251,739.98
JUNE 2025
06/02/2025 Coupon 91282CAZ4 2,000,000.00 UNITED STATES TREASURY 0.375 11/30/2025 3,750.00 3,750.00 06/02/2025 Coupon 91282CJN2 1,500,000.00 UNITED STATES TREASURY 4.375 11/30/2028 32,812.50 32,812.50 06/02/2025 Coupon 91282CKT7 1,250,000.00 UNITED STATES TREASURY 4.5 05/31/2029 28,125.00 28,125.00 06/09/2025 Coupon 3130AWMN7 1,000,000.00 FEDERAL HOME LOAN BANKS 4.375 06/09/2028 21,875.00 21,875.00
06/12/2025 Coupon 3130ATUC9 1,800,000.00 FEDERAL HOME LOAN BANKS 4.5 12/12/2025 40,500.00 40,500.00 06/12/2025 Coupon 91159HJM3 1,100,000.00 US BANCORP 5.775 06/12/2029 31,762.50 31,762.50 06/16/2025 Coupon 02582JJZ4 375,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,521.88 1,521.88 06/16/2025 Coupon 161571HT4 1,005,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,321.50 4,321.50 06/16/2025 Coupon 3133EPN50 1,000,000.00 FEDERAL FARM CREDIT BANKS FUNDING CORP

4.25 12/15/2028 21,250.00 21,250.00
06/16/2025 Coupon 362554AC1 67,059.47 GMCAR 2021-4 A3 0.68 09/16/2026 9.38 9.38 06/16/2025 Principal Paydown 362554AC1 67,059.47 GMCAR 2021-4 A3 0.68 09/16/2026 7,066.33 7,066.33 06/16/2025 Coupon 362585AC5 166,241.08 GMCAR 2022-2 A3 3.1 02/16/2027 196.81 196.81 06/16/2025 Principal Paydown 362585AC5 166,241.08 GMCAR 2022-2 A3 3.1 02/16/2027 11,326.74 11,326.74 06/16/2025 Coupon 380146AC4 70,946.82 GMCAR 2022-1 A3 1.26 11/16/2026 21.24 21.24 06/16/2025 Principal Paydown 380146AC4 70,946.82 GMCAR 2022-1 A3 1.26 11/16/2026 6,983.74 6,983.74 06/16/2025 Coupon 43815BAC4 205,309.50 HAROT 2022-1 A3 1.88 05/15/2026 89.80 89.80 06/16/2025 Principal Paydown 43815BAC4 205,309.50 HAROT 2022-1 A3 1.88 05/15/2026 19,298.85 19,298.85 06/16/2025 Coupon 47787JAC2 117,707.28 JDOT 2022 A3 0.36 09/15/2026 69.98 69.98 06/16/2025 Principal Paydown 47787JAC2 117,707.28 JDOT 2022 A3 0.36 09/15/2026 7,555.73 7,555.73 06/16/2025 Coupon 47800AAC4 282,946.88 JDOT 2022-B A3 3.74 02/16/2027 426.65 426.65 06/16/2025 Principal Paydown 47800AAC4 282,946.88 JDOT 2022-B A3 3.74 02/16/2027 13,616.18 13,616.18 06/16/2025 Coupon 58768PAC8 734,371.56 MBART 2022-1 A3 5.21 08/16/2027 1,935.92 1,935.92 06/16/2025 Principal Paydown 58768PAC8 734,371.56 MBART 2022-1 A3 5.21 08/16/2027 35,794.20 35,794.20 06/16/2025 Coupon 89238FAD5 166,890.68 TAOT 2022-B A3 2.93 09/15/2026 160.37 160.37 06/16/2025 Principal Paydown 89238FAD5 166,890.68 TAOT 2022-B A3 2.93 09/15/2026 12,804.70 12,804.70 06/17/2025 Coupon 3135G04Z3 2,020,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 06/17/2025 Final Maturity 3135G04Z3 2,020,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION

0.5 06/17/2025 2,020,000.00 2,020,000.00
06/18/2025 Coupon 89236TJK2 810,000.00 TOYOTA MOTOR CREDIT CORP 1.125 06/18/2026 4,556.25 4,556.25
06/19/2025 Coupon 06051GJD2 500,000.00 BANK OF AMERICA CORP 1.319 06/19/2026 3,297.50 3,297.50 06/19/2025 Effective Maturity 06051GJD2 500,000.00 BANK OF AMERICA CORP 1.319 06/19/2026 500,000.00 500,000.00 06/25/2025 Coupon 05592XAD2 180,000.00 BMWOT 2023-A A3 5.47 02/25/2028 694.80 694.80 06/25/2025 Principal Paydown 05592XAD2 180,000.00 BMWOT 2023-A A3 5.47 02/25/2028 10,016.88 10,016.88 06/25/2025 Coupon 05602RAD3 151,923.11 BMWOT 2022-A A3 3.21 08/25/2026 120.26 120.26 06/25/2025 Principal Paydown 05602RAD3 151,923.11 BMWOT 2022-A A3 3.21 08/25/2026 11,063.12 11,063.12 06/25/2025 Coupon 3137FG6X8 1,835,000.00 FHMS K-077 A2 3.85 05/25/2028 5,887.29 5,887.29 06/25/2025 Coupon 437076DC3 1,075,000.00 HOME DEPOT INC 4.75 06/25/2029 25,531.25 25,531.25 06/30/2025 Coupon 91282CBC4 2,000,000.00 UNITED STATES TREASURY 0.375 12/31/2025 3,750.00 3,750.00 06/30/2025 Coupon 91282CEW7 1,400,000.00 UNITED STATES TREASURY 3.25 06/30/2027 22,750.00 22,750.00 06/30/2025 Coupon 91282CGC9 1,250,000.00 UNITED STATES TREASURY 3.875 12/31/2027 24,218.75 24,218.75 06/30/2025 Coupon 91282CJR3 1,200,000.00 UNITED STATES TREASURY 3.75 12/31/2028 22,500.00 22,500.00 06/30/2025 Coupon 91282CKX8 1,850,000.00 UNITED STATES TREASURY 4.25 06/30/2029 39,312.50 39,312.50 June 2025 Total 2,655,526.47 346,497.14 3,002,023.61
JULY 2025
07/07/2025 Coupon 02665WEM9 1,200,000.00 AMERICAN HONDA FINANCE CORP 5.125 07/07/2028 30,750.00 30,750.00
07/10/2025 Coupon 89115A2M3 1,100,000.00 TORONTO-DOMINION BANK 5.156 01/10/2028 28,358.00 28,358.00 07/14/2025 Coupon 45950KDD9 520,000.00 INTERNATIONAL FINANCE CORP 4.5 07/13/2028 11,700.00 11,700.00
07/15/2025 Coupon 02582JJZ4 375,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,521.88 1,521.88 07/15/2025 Coupon 161571HT4 1,005,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,321.50 4,321.50 07/15/2025 Coupon 43815BAC4 205,309.50 HAROT 2022-1 A3 1.88 05/15/2026 59.57 59.57 07/15/2025 Principal Paydown 43815BAC4 205,309.50 HAROT 2022-1 A3 1.88 05/15/2026 18,795.02 18,795.02 07/15/2025 Coupon 47787JAC2 117,707.28 JDOT 2022 A3 0.36 09/15/2026 55.38 55.38 07/15/2025 Principal Paydown 47787JAC2 117,707.28 JDOT 2022 A3 0.36 09/15/2026 8,950.04 8,950.04 07/15/2025 Coupon 47800AAC4 282,946.88 JDOT 2022-B A3 3.74 02/16/2027 384.21 384.21 07/15/2025 Principal Paydown 47800AAC4 282,946.88 JDOT 2022-B A3 3.74 02/16/2027 11,533.43 11,533.43 CONFIDENTIAL | 47
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Execution Time: 10/17/2024 10:58:57 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 07/15/2025 Coupon 58768PAC8 734,371.56 MBART 2022-1 A3 5.21 08/16/2027 1,780.51 1,780.51 07/15/2025 Principal Paydown 58768PAC8 734,371.56 MBART 2022-1 A3 5.21 08/16/2027 34,812.71 34,812.71 07/15/2025 Coupon 756109AU8 1,000,000.00 REALTY INCOME CORP 3.65 01/15/2028 18,250.00 18,250.00 07/15/2025 Coupon 87612EBM7 545,000.00 TARGET CORP 1.95 01/15/2027 5,313.75 5,313.75 07/15/2025 Coupon 89238FAD5 166,890.68 TAOT 2022-B A3 2.93 09/15/2026 129.11 129.11 07/15/2025 Principal Paydown 89238FAD5 166,890.68 TAOT 2022-B A3 2.93 09/15/2026 12,557.61 12,557.61 07/16/2025 Coupon 24422EXH7 1,200,000.00 JOHN DEERE CAPITAL CORP 4.5 01/16/2029 27,000.00 27,000.00 07/16/2025 Coupon 362554AC1 67,059.47 GMCAR 2021-4 A3 0.68 09/16/2026 5.38 5.38 07/16/2025 Principal Paydown 362554AC1 67,059.47 GMCAR 2021-4 A3 0.68 09/16/2026 6,788.61 6,788.61 07/16/2025 Coupon 362585AC5 166,241.08 GMCAR 2022-2 A3 3.1 02/16/2027 167.55 167.55 07/16/2025 Principal Paydown 362585AC5 166,241.08 GMCAR 2022-2 A3 3.1 02/16/2027 11,066.64 11,066.64 07/16/2025 Coupon 380146AC4 70,946.82 GMCAR 2022-1 A3 1.26 11/16/2026 13.91 13.91 07/16/2025 Principal Paydown 380146AC4 70,946.82 GMCAR 2022-1 A3 1.26 11/16/2026 6,855.02 6,855.02 07/21/2025 Coupon 06051GGF0 1,000,000.00 BANK OF AMERICA CORP 3.824 01/20/2028 19,120.00 19,120.00 07/21/2025 Coupon 3137EAEU9 1,075,000.00 FEDERAL HOME LOAN MORTGAGE CORP 0.375 07/21/2025 2,015.63 2,015.63
07/21/2025 Final Maturity 3137EAEU9 1,075,000.00 FEDERAL HOME LOAN MORTGAGE CORP 0.375 07/21/2025 1,075,000.00 1,075,000.00
07/23/2025 Coupon 46647PAV8 800,000.00 JPMORGAN CHASE & CO 4.203 07/23/2029 16,812.00 16,812.00 07/25/2025 Coupon 05592XAD2 180,000.00 BMWOT 2023-A A3 5.47 02/25/2028 649.14 649.14 07/25/2025 Principal Paydown 05592XAD2 180,000.00 BMWOT 2023-A A3 5.47 02/25/2028 9,813.76 9,813.76 07/25/2025 Coupon 05602RAD3 151,923.11 BMWOT 2022-A A3 3.21 08/25/2026 90.66 90.66 07/25/2025 Principal Paydown 05602RAD3 151,923.11 BMWOT 2022-A A3 3.21 08/25/2026 10,777.08 10,777.08 07/25/2025 Coupon 3137FG6X8 1,835,000.00 FHMS K-077 A2 3.85 05/25/2028 5,887.29 5,887.29 07/31/2025 Coupon 69371RS80 1,200,000.00 PACCAR FINANCIAL CORP 4.6 01/31/2029 27,600.00 27,600.00 07/31/2025 Coupon 912828Z78 500,000.00 UNITED STATES TREASURY 1.5 01/31/2027 3,750.00 3,750.00 07/31/2025 Coupon 91282CCP4 1,000,000.00 UNITED STATES TREASURY 0.625 07/31/2026 3,125.00 3,125.00 07/31/2025 Coupon 91282CHQ7 1,000,000.00 UNITED STATES TREASURY 4.125 07/31/2028 20,625.00 20,625.00 07/31/2025 Coupon 91282CJW2 1,500,000.00 UNITED STATES TREASURY 4.0 01/31/2029 30,000.00 30,000.00 07/31/2025 Coupon 91282CLC3 1,750,000.00 UNITED STATES TREASURY 4.0 07/31/2029 35,000.00 35,000.00 July 2025 Total 1,206,949.91 294,485.46 1,501,435.38
AUGUST 2025
CONFIDENTIAL | 48
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Execution Time: 10/17/2024 10:58:57 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 08/01/2025 Coupon 78016HZS2 1,000,000.00 ROYAL BANK OF CANADA 5.2 08/01/2028 26,000.00 26,000.00 08/07/2025 Coupon 06406RAB3 1,000,000.00 BANK OF NEW YORK MELLON CORP 3.442 02/07/2028 17,210.00 17,210.00
08/12/2025 Coupon 14913R3A3 700,000.00 CATERPILLAR FINANCIAL SERVICES CORP 3.6 08/12/2027 12,600.00 12,600.00
08/15/2025 Coupon 02582JJZ4 375,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,521.88 1,521.88 08/15/2025 Coupon 161571HT4 1,005,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,321.50 4,321.50 08/15/2025 Coupon 43815BAC4 205,309.50 HAROT 2022-1 A3 1.88 05/15/2026 30.12 30.12 08/15/2025 Principal Paydown 43815BAC4 205,309.50 HAROT 2022-1 A3 1.88 05/15/2026 18,221.70 18,221.70 08/15/2025 Coupon 4581X0EN4 1,250,000.00 INTER-AMERICAN DEVELOPMENT BANK 4.125 02/15/2029 25,781.25 25,781.25
08/15/2025 Coupon 47787JAC2 117,707.28 JDOT 2022 A3 0.36 09/15/2026 38.07 38.07 08/15/2025 Principal Paydown 47787JAC2 117,707.28 JDOT 2022 A3 0.36 09/15/2026 8,109.35 8,109.35 08/15/2025 Coupon 47800AAC4 282,946.88 JDOT 2022-B A3 3.74 02/16/2027 348.27 348.27 08/15/2025 Principal Paydown 47800AAC4 282,946.88 JDOT 2022-B A3 3.74 02/16/2027 10,822.58 10,822.58 08/15/2025 Coupon 58768PAC8 734,371.56 MBART 2022-1 A3 5.21 08/16/2027 1,629.36 1,629.36 08/15/2025 Principal Paydown 58768PAC8 734,371.56 MBART 2022-1 A3 5.21 08/16/2027 33,838.51 33,838.51 08/15/2025 Coupon 89238FAD5 166,890.68 TAOT 2022-B A3 2.93 09/15/2026 98.44 98.44 08/15/2025 Principal Paydown 89238FAD5 166,890.68 TAOT 2022-B A3 2.93 09/15/2026 12,244.43 12,244.43 08/15/2025 Coupon 9128283W8 1,250,000.00 UNITED STATES TREASURY 2.75 02/15/2028 17,187.50 17,187.50 08/15/2025 Coupon 912828V98 1,250,000.00 UNITED STATES TREASURY 2.25 02/15/2027 14,062.50 14,062.50 08/18/2025 Coupon 362554AC1 67,059.47 GMCAR 2021-4 A3 0.68 09/16/2026 1.53 1.53 08/18/2025 Effective Maturity 362554AC1 67,059.47 GMCAR 2021-4 A3 0.68 09/16/2026 2,705.58 2,705.58 08/18/2025 Coupon 362585AC5 166,241.08 GMCAR 2022-2 A3 3.1 02/16/2027 138.96 138.96 08/18/2025 Principal Paydown 362585AC5 166,241.08 GMCAR 2022-2 A3 3.1 02/16/2027 10,713.27 10,713.27 08/18/2025 Coupon 380146AC4 70,946.82 GMCAR 2022-1 A3 1.26 11/16/2026 6.71 6.71 08/18/2025 Principal Paydown 380146AC4 70,946.82 GMCAR 2022-1 A3 1.26 11/16/2026 6,334.01 6,334.01 08/25/2025 Coupon 05592XAD2 180,000.00 BMWOT 2023-A A3 5.47 02/25/2028 604.41 604.41 08/25/2025 Principal Paydown 05592XAD2 180,000.00 BMWOT 2023-A A3 5.47 02/25/2028 9,527.60 9,527.60 08/25/2025 Coupon 05602RAD3 151,923.11 BMWOT 2022-A A3 3.21 08/25/2026 61.83 61.83 08/25/2025 Principal Paydown 05602RAD3 151,923.11 BMWOT 2022-A A3 3.21 08/25/2026 10,436.30 10,436.30 CONFIDENTIAL | 49
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Execution Time: 10/17/2024 10:58:57 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 08/25/2025 Coupon 3135G05X7 1,700,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION

0.375 08/25/2025 3,187.50 3,187.50
08/25/2025 Final Maturity 3135G05X7 1,700,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION

0.375 08/25/2025 1,700,000.00 1,700,000.00
08/25/2025 Coupon 3137FG6X8 1,835,000.00 FHMS K-077 A2 3.85 05/25/2028 5,887.29 5,887.29 08/27/2025 Coupon 14913UAJ9 450,000.00 CATERPILLAR FINANCIAL SERVICES CORP 4.85 02/27/2029 10,912.50 10,912.50
August 2025 Total 1,822,953.34 141,629.64 1,964,582.98
Grand Total 332,745,772.75 92,757,249.52 2,576,229.62 95,333,479.14 CONFIDENTIAL | 50
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Execution Time: 10/17/2024 10:58:57 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

IMPORTANT DISCLOSURES
Chandler Asset Management, Inc. (“Chandler”) is an SEC registered investment adviser. For additional information about our firm, please see our current disclosures (Form ADV).

To obtain a copy of our current disclosures, you may contact your client service representative by calling the number on the front of this statement or you may visit our website at www.chandlerasset.com.

Information contained in this monthly statement is confidential and is provided for informational purposes only and should not be construed as specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of this statement, but may become outdated or superseded at any time without notice.

Custody: Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified custodian. Chandler does not have any authority to withdraw or deposit funds from/to the custodian account.

Valuation: Prices are provided by IDC, an independent pricing source. In the event IDC does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.

Performance: Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.

Source ice Data Indices, LLC (“ICE”), used with permission. ICE PERMITS USE OF THE ICE INDICES AND RELATED DATA ON AN “AS IS” BASIS; ICE, ITS AFFILIATES AND

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Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.

Ratings: Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.

INVESTMENT REPORT
City of Vallejo | Council Report | As of September 30, 2024 CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:

For questions about your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.

TABLE OF CONTENTS

ECONOMIC UPDATE

ACCOUNT PROFILE
1 ECONOMIC UPDATE
2 ▪
▪
▪
Recent economic data suggests positive but slower growth this year fueled by consumer spending. While the consumer has been resilient, declining savings rates, growing credit card debt, higher delinquencies, and a moderating labor market pose potential headwinds to future economic growth. Inflationary trends are subsiding, but core levels remain above the Fed’s target. The labor market is showing signs of cooling, reflecting an improved balance between supply and demand for workers. Given the cumulative effects of restrictive monetary policy and tighter financial conditions, we believe the economy will gradually soften and the Fed will continue to lower rates at a measured pace through this year with the ability to move more aggressively should the employment data warrant.

The Federal Open Market Committee (FOMC) delivered the first rate cut of the easing cycle with a 50 basis point cut at the September meeting. Although a reduction in the Fed Funds Rate was widely anticipated, the magnitude was somewhat of a surprise, as market participants were split between whether the FOMC would cutby 25 basis points or 50 basis points. Chair Jerome Powell reiterated previous statements acknowledging that monetary policy has shifted into a more balanced approach addressing price stability and full employment in tandem. The Fed released the quarterly Summary of Economic Projections (SEP) which now forecasts a substantially lower median Fed Funds Rate expectation among Fed Governors in 2025 due to lower inflation expectations and a higher projected unemployment rate. We believe the Fed will continue to lower rates at a measured pace through this year with the ability to move more aggressively should the employment data warrant.

The US Treasury yield curve shifted lower in September following the 50 basis points rate cut by the FOMC mid-month. The 2-year Treasury yield fell 28 basis points to 3.64%, the 5-year Treasury dropped 15 basis points to 3.56%, and the 10-year Treasury yield declined 12 basis points to 3.78%. The 2-year and 10-year Treasury yield points on the curve began to normalize to +14 basis points at September month-end versus -2 basis points at August month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -47 basis points. The inversion between 3-month and 10-year Treasuries ended the month of September at -85 basis points.

ECONOMIC UPDATE
3 -400
-200
0 200
400
600
800
1,000MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added 254,000 jobsin September, well above expectations of 150,000. The three-month moving average and six-month moving average payrolls continued to trend weaker to 186,000 and 167,000 respectively. The unemployment rate declined to 4.1% in September, and the labor participation rate remained at 62.7%, remaining below the pre-pandemic level of 63.3%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons declined to 7.7% from 7.9%. Average hourly earnings rose 4.0% year-over-year in September. U.S. labor market data from September surprised to the upside, with strong job growth and a sharper-than-expected drop in unemployment, suggesting the economy may be more resilient than anticipated. The Federal Reserve’s view is that there has been “substantial” progress towards better balance in the labor market between demand and supply for workers.

Source: US Department of Labor Source: US Department of Labor

EMPLOYMENT
4 0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In Thousands (000's)
The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) increased to 8.04 million job openings in August from an upwardly revised 7.71 million in July. Job openings have increased to a ratio of 1.13 jobs for each unemployed individual. The quits rate, an indicator of job availability, declined to 1.9% from downwardly revised 2.0% in July. That is the lowest level since 2020. While the current level of job openings remains elevated from a historical perspective, the trend is decelerating.

Source: US Department of Labor

JOB OPENINGS & LABOR TURNOVER SURVEY
5 0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
YOY (%) Change
In September, the Consumer Price Index (CPI) rose 0.2% month-over-month and 2.4% year-over-year, down from 2.5% in August, but slightly higher than expected. The Core CPI, which excludes volatile food and energy components, rose by 0.3% month-over-month and

3.3% year-over-year, also exceeding consensus forecasts. The Personal Consumption Expenditures (PCE) Index rose 0.1% from the previous month and 2.2% year-over-year in August. The Core PCE deflator (the Fed’s preferred gauge) increased 0.1% month-over-month and 2.7% over the past year, still above the Fed’s 2% inflation target. Much of the lingering inflation has been driven by shelter costs and demand for services, but recent data provide confirmation that inflation is moderating.

Source: US Department of Labor Source: US Department of Commerce

INFLATION
6 -30.0%
-20.0%
-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%
Retail Sales YOY % Change
YOY (%) Change
Retail Sales grew more than expected month-over-monthin August at 0.1% after growth of 1.1% in July. On a year-over-year basis, Retail Sales grew 2.1% in August versus 2.9% in July. Control-group sales, which are used to calculate gross domestic product, rose 0.3% month- over-month in August after last month’s data was revised higher to an increase of 0.4%. E-commerce contributed the most to the increase. The Conference Board’s Consumer Confidence Index for September came in below expectations, contracting to 98.7 after an upward revision to 105.6 in August. The decline reflects recent softening in labor market conditions, and less optimism about the job market and income growth. While the consumer has been resilient, consumption has begun to moderate in the face of declining savings rates, growing credit card debt, higher delinquencies, and a moderating labor market. 0 20
40 60
80 100
120
140
160
Index Level
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)

CONSUMER
7 -25.0%
-20.0%
-15.0%
-10.0%
-5.0%

0.0%

5.0%

10.0%

15.0%
Leading Economic Indicators (LEI)
Recession
YOY (%) Change
-1.00
-0.75
-0.50
-0.25

0.00 0.25

0.50 0.75

1.00 Chicago Fed National Activity Index (CFNAI)
Recession
3 Month Average
The Conference Board’s Leading Economic Index (LEI) remained in negative territory at -0.2% in August, improving from -0.6% in July. The index dropped 5.0% year-over-year. The improvement canbe attributed to a decrease in the yield curve inversion, an increase in building permits, and stock market performance. The Chicago Fed National Activity Index (CFNAI) increased to 0.12 in August from a downwardly revised -0.42 in July, which was above consensus expectations. The three-month moving average fell to -0.17 in August from -0.13 in July, indicating below-trend growth expectations for the economy.

Source: The Conference Board Source: Federal Reserve Bank of Chicago

LEADING INDICATORS OF ECONOMIC ACTIVITY
8 0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts surprised to the upside on a month-over-month basisin August, increasing 9.6% to 1.356 million units versus the previous decline of 6.9% the prior month. Starts were led by the single-family home sector. Total starts were up 3.9% year-over-year. The Freddie Mac average rate for a 30-year fixed mortgage edged down to 6.35% in August from 6.85% in July. According to the Case-Shiller 20-City Home Price Index, housing prices rose 5.9% year-over-year in July, decelerating from 6.5% reported in the previous month. Although the trend is gradually improving, tight inventories and higher mortgage rates continue to impact affordability.

Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change

HOUSING
9 40
45 50
55 60
65 70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services

EXPANDING

CONTRACTING
The Institute for Supply Management (ISM) Manufacturing index contracted at a slower rate of 47.2 in September compared to 47.5 in August. Demand remains subdued and companies are continuing to reduce head counts through layoffs, attrition and hiring freezes. The ISM Services Index increased to 54.9 in September, increasing from 51.7 in August, due stronger production and new orders. A reading over 50 indicates expansion, while a reading under 50 indicates contraction.

Source: Institute for Supply Management

SURVEY BASED MEASURES
10 Components of GDP 9/23 12/23 3/24 6/24

1.7% 2.3% 1.3% 1.9%

1.8% 0.2% 0.6% 1.5%
-0.1% 0.1% -0.6% -0.9%

0.3% 0.0% 0.0% 0.3%

0.6% 0.6% 0.3% 0.3%

4.4% 3.2% 1.6% 3.0%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-40.0%
-30.0%
-20.0%
-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce According to the third estimate, second quarter GDP increased at an annualized rate of 3.0%, unchanged from the prior estimate. Growth continues to be powered by personal consumption expenditures. Gross fixed investment, government consumption expenditures, and inventories also had positive contributions, with a negative offset by net exports. The consensus projection calls for 2.0% growth in the third quarter and 2.6% growth for the full year 2024.

GROSS DOMESTIC PRODUCT (GDP)
11 Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
The Federal Open Market Committee (FOMC) delivered the first rate cut of the easing cycle at the September meeting. Although a reduction in the Fed Funds Rate was widely anticipated, the magnitude was somewhat of a surprise, as market participants were split between whether the FOMC would cut by 25 basis points or 50 basis points. Chair Jerome Powell reiterated previous statements acknowledging that monetary policy has shifted into a more balanced approach addressing price stability and full employment in tandem.

The Fed released the quarterly Summary of Economic Projections (SEP) which now forecasts a substantially lower median Fed Funds Rate expectation among Fed Governors in 2025 to 3.1 – 3.6%. The Fed continues to reduce its holdings of U.S. Treasury securities and agency mortgage-backed securities as per its predefined schedule of $25 billion and $35 billion per month. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by approximately $1.8T to approximately $7.1T.

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Effective Federal Funds Rate
Recession
Yield (%)

FEDERAL RESERVE
12 Source: Bloomberg Source: Bloomberg

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Yield Curve
Sep-24
Jun-24
Sep-23
Yield (%)
At the end of September, the 2-year Treasury yield was 140 basis points lower, and the 10-Year Treasury yield was 79 basis points lower, year-over-year. The 2-year and 10-year Treasury yield pointson the curve began to normalize to +14 basis points at September month-end versus -2 basis points at August month-end. The yield curve inversion which began in July 2022 was historically long. The average historical spread (since 2003) is about +110 basis points. The inversion between 3-month and 10-year Treasuries tightened to -85 basis points in September from -121 basis points in August.

BOND YIELDS
13 ACCOUNT PROFILE
14 OBJECTIVES
The investment objectives for the City of Vallejo, in order of priority, are to provide safety to ensure the preservation of capital in the overall portfolio, provide sufficient liquidity for cash needs, and a market rate of return consistent with the investment program.

The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.

In order to achieve this objective, the portfolio invests in high-quality fixed income securities that comply with the investment policy and all regulations governing the funds. 15 STATEMENT OF COMPLIANCE
City of Vallejo | Account #260 | As of September 30, 2024 Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 20.0 2.1 Compliant
Max % Issuer (MV) 30.0 2.1 Compliant
Max Maturity (Years) 5.0 3.7 Compliant

ASSET-BACKED SECURITIES (ABS)
Max % (MV) 20.0 4.9 Compliant
Max % Issuer (MV) 5.0 1.0 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant

BANKERS' ACCEPTANCES
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 180 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

COLLATERALIZED TIME DEPOSITS (NON-

NEGOTIABLE CD/TD)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant

COMMERCIAL PAPER
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 270 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 26.0 Compliant
Max % Issuer (MV) 5.0 1.5 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
16 STATEMENT OF COMPLIANCE
City of Vallejo | Account #260 | As of September 30, 2024 Rules Name Limit Actual Compliance
Status Notes

FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant

FEDERAL AGENCIES
Max % (MV) 50.0 16.0 Compliant
Max % Issuer (MV) 30.0 6.3 Compliant
Max Callables (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 4 Compliant

LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant

LOCAL GOVERNMENT INVESTMENT POOL (LGIP)
Max % (MV) 100.0 0.0 Compliant

MONEY MARKET MUTUAL FUNDS
Max % (MV) 10.0 0.2 Compliant
Max % Issuer (MV) 5.0 0.2 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant

MORTGAGE -BACKED SECURITIES (NON-AGENCY)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV) 10.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV) 10.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
17 STATEMENT OF COMPLIANCE
City of Vallejo | Account #260 | As of September 30, 2024 Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

MUTUAL FUNDS
Max % (MV) 10.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant

NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit) 0.0 0.0 Compliant

REPURCHASE AGREEMENTS
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 1.0 0.0 Compliant

SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 1.8 Compliant
Max % Issuer (MV) 10.0 1.3 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 48.9 Compliant
Max Maturity (Years) 5 4 Compliant
18 PORTFOLIO CHARACTERISTICS
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 9/30/2024
Portfolio
6/30/2024
Portfolio
Average Maturity (yrs) 1.20 1.01
Average Modified Duration 1.06 0.88
Average Purchase Yield 4.11% 4.40%
Average Market Yield 4.31% 4.93%
Average Quality** AA+ AA+
Total Market Value 258,909,343 291,736,361
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 19 SECTOR DISTRIBUTION
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Sector as a Percentage of Market Value
Sector 09/30/2024 06/30/2024
US Treasury 49.17% 41.50%
LAIF 24.75% 21.71%
Corporate 9.88% 8.77%
Agency 6.09% 6.09%
Money Mkt Fd 5.99% 17.94%
ABS 1.86% 1.88%
Agency CMBS 0.81% 0.87%
Cash 0.76% 0.63%
Supras 0.70% 0.60%
20 DURATION DISTRIBUTION
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Date 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
09/30/2024 46.9% 15.6% 4.8% 6.4% 8.4% 13.9% 4.0% 0.0% 0.0% 06/30/2024 76.2% 0.1% 5.1% 6.5% 8.9% 10.4% 5.4% 0.0% 0.0% 21 QUALITY DISTRIBUTION
Rating 09/30/2024 06/30/2024
AAA 34.0% 29.9%
AA 26.6% 22.2%
A 8.8% 7.9%
BBB 0.1% 0.1%
NR 30.5% 39.9%
Rating 09/30/2024 06/30/2024
AAA 58.8% 50.6%
AA 0.7% 0.6%
A 9.2% 8.2%
NR 31.3% 40.6%
Rating 09/30/2024 06/30/2024
AAA 32.9% 29.5%
AA 28.0% 23.2%
A 4.8% 4.6%
NR 34.2% 42.8%
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 S&P Rating Moody’s Rating Fitch Rating
22 HISTORICAL AVERAGE PURCHASE YIELD
City of Vallejo Cons Portfolio | Account #262 | As of September 30, 2024 Purchase Yield as of
09/30/24 = 4.11%
23 IMPORTANT DISCLOSURES
2024 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.

Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.

Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.

Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “as is” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.

This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.

Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.

Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.

Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively. 24 BENCHMARK DISCLOSURES
Benchmark Disclosure
ICE BofA 1-5 Yr US Treasury & Agency Index The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.

ICE BofA 1-Yr US Treasury Bill Index The ICE BofA US 1-Year Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month- end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, twelve months from the rebalancing date.
25 CONSENT CALENDAR 8.D.

DATE: November 12, 2024
TO: Mayor and Members of the City Council
FROM: Melissa Tigbao, P.E., Public Works Director
SUBJECT: ADOPT A RESOLUTION AMENDING THE MARINA FUND (#415) BUDGET FOR FISCAL YEAR 2024-2025 TO RECOGNIZE GRANT REVENUE IN THE AMOUNT OF $100,000

FROM THE CALIFORNIA STATE PARKS DIVISION OF BOATING AND WATERWAYS AND TO APPROPRIATE FUNDS (STEP 2)

RECOMMENDATION
Adopt a resolution amending the Marina Fund (#415) budget for fiscal year 2024-2025 to recognize grant revenue in the amount of $100,000 from the California State Parks Division of Boating and Waterways and to appropriate funds.

REASONS FOR RECOMMENDATION
The Vallejo Municipal Marina applied for the Surrendered and Abandoned Vessel Exchange (SAVE-24) Grant and was awarded $100,000 to remove abandoned, submerged, sinking, and/or turned-in recreational vessels.

A resolution approving an amendment to the Marina Fund budget is required to recognize revenue and appropriate the grant funding.

BACKGROUND AND DISCUSSION
In 1998, the California State Parks Division of Boating and Waterways created the Abandoned Watercraft Abatement Fund (AWAF), which provides grant monies to public agencies for the purpose of removing, storing, and disposing of abandoned, wrecked, or dismantled recreational vessels or any other partially submerged objects that pose substantial hazards to navigation. In 2010, the agency created the Vessel Turn- In Program (VTIP), which allowed registered owners to "turn-in" unwanted recreational vessels to approved agencies at no cost or penalty to the owner.

In 2016, the AWAF and VTIP grant programs were combined to form the Surrendered and Abandoned Vessel Exchange (SAVE) program. Vallejo Municipal Marina staff must periodically remove vessels that have been abandoned. The Vallejo Municipal Marina attempts to sell abandoned and turned-in vessels through the auction process. Vessels which do not sell at auction are disposed of.

An application for the SAVE 24 grant was submitted by staff in April 2024. In September 2024, notification was received from the California State Parks Division of Boating and Waterways that grant funding in the amount of $100,000 has been awarded to the City.

Approval of the Resolution is the second step in the two-step process to amend the Marina Fund budget for fiscal year 2024-2025 by recognizing revenue up to $100,000 and appropriating funds to the Marina Abandoned Boat Project.

The notice of intent to amend the budget was given at the regular City Council meeting held on October 22, 2024.

FISCAL IMPACT

Date: November 12, 2024
Subject: ADOPT A RESOLUTION AMENDING THE MARINA FUND (#415) BUDGET FOR FISCAL YEAR 2024-2025 TO RECOGNIZE GRANT REVENUE IN THE AMOUNT OF $100,000

FROM THE CALIFORNIA STATE PARKS DIVISION OF BOATING AND WATERWAYS AND TO APPROPRIATE FUNDS (STEP 2)

Page 2 ends

As a requirement of the SAVE-24 grant, the Vallejo Municipal Marina is obligated to contribute 10% ($10,000) of the costs associated with the disposal of abandoned and turned-in recreational vessels. The match will be made with existing Marina Fund budget and can be accomplished in the form of in-lieu contributions associated with the staff time spent securing, moving and removing vessels.

The recommended budget amendment to the Marina Fund is as follows:

Marina Abandoned Boat
Project (PWM08):

Revenues Expenditures
State Grant $100,000
Site Improvements $100,000
TOTALS $100,000 $100,000

There is no impact to the General Fund.

ATTACHMENTS

1. Resolution - Marina Fund Budget Amendment - SAVE.24 Grant_CAO Stamp

CONTACT
Melissa Tigbao, P.E., Public Works Director, 707-648-4433 [email protected]

RESOLUTION NO. 24- _____ N.C.

RESOLUTION OF THE CITY COUNCIL OF THE CITY OF VALLEJO AMENDING THE FISCAL YEAR 2024-25 MARINA FUND (#415) BUDGET TO RECOGNIZE REVENUE IN THE AMOUNT OF $100,000 FROM THE CALIFORNIA STATE PARKS DIVISION OF

BOATING AND WATERWAYS SURRENDERED AND ABANDONED VESSEL EXCHANGE

GRANT AND TO APPROPRIATE FUNDS
WHEREAS, the California State Parks Division of Boating and Waterways created the Surrendered and Abandoned Vessel Exchange (SAVE) grant to assist public agencies with the removal of abandoned and surrendered recreational vessels and marine debris; and WHEREAS, the Vallejo Municipal Marina applied for the SAVE-24 grant and was awarded $100,000; and
WHEREAS, under the terms of the SAVE-24 grant, the Vallejo Municipal Marina is obligated to contribute 10% (up to $10,000) of the costs associated with the disposal of vessels; and WHEREAS, the 10% match will be made with existing Marina Fund budget and in-lieu contributions associated with staff time spent securing, moving, and removing the vessels; and WHEREAS, City Charter Section 703 permits the transfer of unappropriated funds by the City Council upon one week’s written notice of its intention to do so; and WHEREAS, the Notice of Intention to amend the Marina Fund budget and approval to execute grant agreement was given by the City Council on October 22, 2024.

NOW, THEREFORE BE IT RESOLVED that the City Council does hereby approve the amendment of the FY 2024-25 Marina Fund budget (#415) to recognize revenue in the amount of $100,000 from the California State Parks Division of Boating and Waterways and to appropriate funds for the Marina budget as follows:

PWM08 MARINA ABANDONED BOAT PROJECT Revenues Expenditures State Grant
Site Improvements
$100,000
$100,000
Adopted by the City Council of the City of Vallejo at a regular meeting held on November 12, 2024 with the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:

______________________________________

ROBERT MCCONNELL, MAYOR
ATTEST:
______________________________________
DAWN G. ABRAHAMSON, CITY CLERK
CONSENT CALENDAR 8.E.

DATE: November 12, 2024
TO: Mayor and Members of the City Council
FROM: Stephanie Sifuentes, Human Resources Director
SUBJECT: ADOPT A RESOLUTION APPROVING AMENDMENT TO FISCAL YEAR 2024-25 BUDGET APPROPRIATING $219,400 TO FUND ASSISTANCE TO THE VALLEJO

POLICE DEPARTMENT REGARDING CERTAIN RECRUITING SERVICES UNDER A

CONSULTANT AND PROFESSIONAL SERVICES AGREEMENT WITH ALL-STAR TALENT (STEP 2)

RECOMMENDATION
Adopt a Resolution to amend the City's Fiscal Year 2024-25 Adopted Budget.

REASONS FOR RECOMMENDATION
As part of the Recruitment, Retention, and Referral Plan, All-Star Talent was the firm with the highest rated proposal and selected to assist the City with its recruitment efforts for the Vallejo Police Department. The City Council approved the contract at the October 22, 2024, meeting. This is the second step of the required two- step budget amendment process to amend the FY 2024-25 Adopted Budget.

BACKGROUND AND DISCUSSION
On July 25, 2023, the City Council adopted a proclamation declaring a state of local emergency related to public safety staffing. In conjunction, and at the direction of City Council, the previous City Manager had assigned two million dollars at the end of FY 2022-23 to help address recruitment and retention. The Human Resources Department was tasked with (1) conducting a study of surrounding agencies and their recruitment and retention incentives for Police Officers, (2) creating a recruitment and retention plan for City of Vallejo Police Officers, and (3) finding a way to amplify recruitment efforts and identify other means for resolving the staffing crisis in the short-term.

In addition to the Recruitment, Retention, and Referral Plan, the Human Resources Department and Vallejo Police Department collaborated on a Request for Proposal (RFP) process to find a talent marketing and recruitment firm to increase methodologies, exposure, and success of recruitment efforts.

An RFP was issued in September 2023 and six firms responded. Three of the six firms demonstrated they could perform the scope of services required in the RFP and were moved to final review by the committee. Final scoring was completed in February 2024. Based on the ratings from the selection committee, All-Star Talent was the highest rated proposal.

On October 22, 2024, the City Council approved the consultant and professional services agreement with All- Star Talent.

This is the second step of the required two-step budget amendment process to amend the FY 2024-25 Adopted Budget and appropriate expenditures of $219,400.

FISCAL IMPACT

Date: November 12, 2024
Subject: ADOPT A RESOLUTION APPROVING AMENDMENT TO FISCAL YEAR 2024-25 BUDGET APPROPRIATING $219,400 TO FUND ASSISTANCE TO THE VALLEJO

POLICE DEPARTMENT REGARDING CERTAIN RECRUITING SERVICES UNDER A

CONSULTANT AND PROFESSIONAL SERVICES AGREEMENT WITH ALL-STAR TALENT (STEP 2)

Page 2 ends

Approval of this budget amendment will increase the FY 2024-25 General Fund expenditures by $219,400.

ATTACHMENTS

1. Resolution (All-Star Talent) (CC mtg 11.12.2024) CAO Stamp

2. 2024-2025 All Star Talent - CPSA FINAL

CONTACT
Stephanie Sifuentes, Human Resources Director, (707) 649-4852 [email protected]

Approved as to form:

By: for
Veronica Nebb, City Attorney
RESOLUTION NO. 24-

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF VALLEJO TO AMEND THE FISCAL YEAR 2024-25 ADOPTED BUDGET AND
APPROPRIATE $219,400 TO FUND SERVICES WITH ALL-STAR TALENT

RELATED TO VALLEJO POLICE DEPARTMENT STAFFING
WHEREAS, in June 2024, the City Council adopted a budget for Fiscal Year 2024-25; WHEREAS, the City Charter Section 703 requires that available funds not included in the budget may be appropriated by the City Council after giving a one-week notice of intention to do so; and
WHEREAS, on October 22, 2024, the City Council approved the Consultant and Professional Services Agreement with All-Star Talent to provide recruiting and marketing services to the Vallejo Police Department; and
WHEREAS, on October 22, 2024, City Council gave notice of its intention to amend the City’s budget for Fiscal Year 2024-25 to appropriate $219,400 to fund the services to be provided by All-Star Talent.

NOW, THEREFORE BE IT RESOLVED that the City Council of the City of Vallejo, pursuant to Charter Section 703, does hereby approve the amendment of the City’s budget for Fiscal Year 2024-25 to appropriate expenditures of $219.400 to fund the services with All-Star Talent to be provided pursuant to a Consultant and Professional Services Agreement previously approved by the City Council.

Adopted by the City Council of the City of Vallejo at a regular meeting held on , with the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:

ROBERT H. MCCONNELL, MAYOR
ATTEST:

DAWN G. ABRAHAMSON, CITY CLERK
Consultant and Professional Services Agreement (Revised 01.2019) Page 1 of 10

CONSULTANT AND PROFESSIONAL SERVICES AGREEMENT
This Consultant and Professional Services Agreement (“Agreement”) is made at Vallejo, California, dated for reference this day of , 20 , by and between the City of Vallejo, a municipal corporation (“City”), and All-Star Talent, Inc., a California corporation, hereinafter referred to as “Consultant”, who agree as follows:

1. Services. Subject to the terms and conditions set forth in this Agreement, Consultant shall provide the City professional services as specified in Exhibit A, entitled “Scope of Work.”

2. Payment. City shall pay Consultant for services rendered pursuant to this agreement at the times and in the manner set forth in Exhibit B, entitled “Compensation.” The payments specified in Exhibit B shall be the only payments to be made to Consultant for services rendered pursuant to this Agreement.

3. Facilities and Equipment. Consultant shall, at its sole cost and expense, furnish all facilities and equipment which may be required for furnishing services pursuant to this Agreement.

4. Indemnification. Consultant shall indemnify, hold harmless, and defend City, its officers, officials, directors, employees, agents, volunteers and affiliates and each of them from any and all claims, demands, causes of action, damages, costs, expenses, actual attorney’s fees, consultant’s fees, expert fees, losses or liability, in law or in equity, of every kind and nature whatsoever arising out of or in connection with Consultant’s operations, or any subcontractor’s operations, to be performed under this agreement for Consultant’s or subcontractor’s tort negligence including active or passive, or strict negligence, including but not limited to personal injury including, but not limited to bodily injury, emotional injury, sickness or disease, or death to persons and/or damage to property of anyone, including loss of use thereof, caused or alleged to be caused by any act or omission of Consultant, or any subcontractor, or anyone directly or indirectly employed by any of them or anyone for the full period of time allowed by the law, regardless to any limitation by insurance, with the exception of the sole negligence or willful misconduct of the City.

The provisions of this section shall survive the expiration or termination of this Agreement.

5. Insurance Requirements. Consultant agrees to comply with all of the Insurance Requirements set forth in Exhibit C, entitled “Insurance Requirements for Consultant.” Failure to maintain required insurance at all times shall constitute a default and material breach.

Consultant and Professional Services Agreement (Revised 01.2019) Page 2 of 10

6. Accident Reports. Consultant shall immediately report (as soon as feasible, but not more than 24 hours) to the City Risk Manager any accident or other occurrence causing injury to persons or property during the performance of this Agreement. The report shall be made in writing and shall include, at a minimum: (a) the names, addresses, and telephone numbers of the persons involved, (b) the names, addresses, and telephone numbers of any known witnesses, (c) the date, time, and description of the accident or other occurrence.

7. Conflict of Interest. Consultant warrants and represents that to the best of its knowledge, there exists no actual or potential conflict between Consultant’s family, business, real property or financial interests and the services to be provided under this Agreement. Consultant shall comply with the City of Vallejo Conflict of Interest Code and not enter into any contract or agreement during the performance of this Agreement which will create a conflict of interest with its duties to City under this Agreement. In the event of a change in Consultant’s family, business, real property, or financial interests occurs during the term of this Agreement that creates an actual or potential conflict of interest, then Consultant shall disclose such conflict in writing to City. Every individual who performs services on behalf of Consultant pursuant to this Agreement must file a full Statement of Economic Interests (also known as Form 700) with the City Clerk if the work of the individual involves making a governmental decision whether to issue, deny, suspend, or revoke any permit, license, application, certificate, approval, order, or similar authorization or entitlement; authorizes the City to enter into, modify, or renew a contract; grants City approval of specifications for a contract; adopts or approves for the City any policy, standard or guideline; lobbies on behalf of the City, or performs the same or substantially all the same duties for the City that would otherwise be performed by an individual holding a position specified in the City’s Conflict of Interest Code.

8. Independent Contractor. Consultant is an independent contractor.

Neither Consultant nor any of Consultant’s officers, employees, agents, or subcontractors, if any, is an employee of City by virtue of this Agreement or performance of any services pursuant to this Agreement. City shall have the right to control Consultant only insofar as the results of Consultant’s services rendered pursuant to this Agreement; however, City shall not have the right to control the means by which Consultant accomplishes services pursuant to this Agreement.

9. Licences, Permits, Etc. Consultant represents and warrants to City that all consultant services shall be provided by a person or persons duly licensed by the State of California to provide the type of services to be performed under this Agreement and that Consultant has all the permits, qualifications and approvals of whatsoever nature which are legally required for Consultant to practice its profession. Consultant represents and warrants to City that it shall, at its sole cost and expense, keep in effect at all times during the term of this Agreement any licenses, permits, and approvals which are legally required for Consultant to practice its profession.

Consultant and Professional Services Agreement (Revised 01.2019) Page 3 of 10

10. Business License. Consultant, and its subcontractors, has obtained or agrees to apply prior to performing any services under this Agreement to City’s Finance Department for a business license, pay the applicable business license tax and maintain said business license during the term of this Agreement. The failure to obtain such license shall be a material breach of this Agreement and grounds for termination by City. No payments shall be made to Consultant until such business license(s) has been obtained.

11. Standard of Performance. Consultant shall provide products and perform all services required pursuant to this Agreement in accordance with generally accepted professional practices and principles and in a manner consistent with the level of care and skill ordinarily exercised under similar conditions by a member of Consultant’s profession currently practicing in California.

Consultant is responsible for making an independent evaluation and judgment of all conditions affecting performance of the work, including without limitation applicable federal, state, and local laws and regulations, and all other contingencies or considerations.

Consultant’s responsibilities under this section shall not be delegated. Consultant shall be responsible to City for acts, errors, or omissions of Consultant’s subcontractors.

Consultant is responsible for making an independent evaluation and judgment of all conditions affecting performance of the work and shall prepare plans, reports, and/or other work products in such a way that additional costs will not be incurred beyond a project budget approved or amended by the City Manager or his or her designee.

Whenever the scope of work requires or permits review, approval, conditional approval or disapproval by City, it is understood that such review, approval, conditional approval or disapproval is solely for the purposes of administering this Agreement and determining whether the Consultant is entitled to payment for such work, and not be construed as a waiver of any breach or acceptance by the City of any responsibility, professional or otherwise, for the work, and shall not relieve the Consultant of responsibility for complying with the standard of performance or laws, regulations, industry standards, or from liability for damages caused by negligent acts, errors, omissions, noncompliance with industry standards, or the willful misconduct of Consultant.

12. Force Majeure. Neither party shall be considered in default of this Agreement to the extent performances are prevented or delayed by causes or circumstances beyond either party’s reasonable control, such as war, riots, strikes, lockouts, work slowdown or stoppage, acts of God, such as floods or earthquakes, and electrical blackouts or brownouts.

Consultant and Professional Services Agreement (Revised 01.2019) Page 4 of 10 In the event that the Consultant is unable to meet the completion date or schedule of services, Consultant shall immediately inform the City Representative of this in writing. If additional time is required to perform the work, the City Representative may adjust the schedule.

13. Time is of the Essence. Time is of the essence in this Agreement. Any reference to days means calendar days, unless otherwise specifically stated.

14. Personnel. Consultant agrees to assign only competent personnel according to the reasonable and customary standards of training and experience in the relevant field to perform services under this Agreement. Failure to assign such competent personnel shall constitute grounds for termination of this Agreement.

The payment made to Consultant pursuant to this Agreement shall be the full and complete compensation to which Consultant and Consultant’s officers, employees, agents, and subcontractors are entitled for performance of any work under this Agreement. Neither Consultant nor Consultant’s officers or employees are entitled to any salary or wages, or retirement, health, leave or other fringe benefits applicable to employees of the City. The City will not make any federal or state tax withholdings on behalf of Consultant. The City shall not be required to pay any workers’ compensation insurance on behalf of Consultant.

Consultant shall pay, when and as due, any and all taxes incurred as a result of Consultant’s compensation hereunder, including estimated taxes, and shall provide City with proof of such payments upon request.

15. Consultant Not Agent. Except as authorized under this Agreement or as City may authorize in a letter of authorization signed by the City Manager or his or her designee, Consultant shall have no authority, express or implied to act on behalf of City in any capacity whatsoever as an agent. Consultant shall have no authority, express or implied, under this Agreement, to bind City to any obligation whatsoever.

16. Term. The term of this Agreement shall commence on November 13, 2024, and shall continue in full force and effect until December 31, 2025.

Consultant and Professional Services Agreement (Revised 01.2019) Page 5 of 10 If funds to effect such continued payment are not appropriated, Consultant agrees to terminate any services supplied to City of Vallejo under this Agreement, and relieve City of any further obligation therefore.

17. Termination or Abandonment by City. The City has the right, at any time and in its sole discretion, to immediately terminate or abandon any portion or all of the services to be provided under this Agreement by giving notice to Consultant.

Upon receipt of a notice of termination, Consultant shall perform no further work except as specified in the notice. Before the date of termination, Consultant shall deliver to City all City records and documents, all work product, whether completed or not, as of the date of termination and not otherwise previously delivered.

The City shall pay Consultant for services performed in accordance with this Agreement before the date of termination. If this contract provides for payment of a lump sum for all services or by task and termination occurs before completion of the work or any defined task which according to the performance schedule was commenced before the notice of termination, the fee for services performed shall be based on an amount mutually agreed to by City and Consultant for the portion of work completed in conformance with this Agreement before the date of termination. In addition, the City will reimburse Consultant for authorized expenses incurred and not previously reimbursed. The City shall not be liable for any fees or costs associated for the termination or abandonment except for the fees, and reimbursement of authorized expenses, payable pursuant to this section.

18. Products of Consulting Services. The work product, including without limitation, all writings, work sheets, reports, recordings, drawings, files, detailed calculations and other work products, whether complete or incomplete, of Consultant resulting from services rendered pursuant to this Agreement, shall become the property of City. Consultant agrees that all copyrights which arise from creation of the work under this Agreement shall be vested in the City and waives and relinquishes all claims to copyright or other intellectual property rights in favor of the City. City acknowledges that its use of the work product is limited to the purposes contemplated by the scope of work and that the Consultant makes no representation of the suitability of the work product for use in or application to circumstances not contemplated by the scope of work.

Documents submitted to the City in electronic format shall be formatted according to specifications provided by the City, or if not otherwise specified, in Microsoft Word, Excel, PowerPoint or other Microsoft Office Suite (2002) format as appropriate for the particular work product or, if directed by the City Representative in Adobe Acrobat PDF format.

19. Cooperation by City. City shall, to the extent reasonable and practicable, assist and cooperate with Consultant in the performance of Consultant’s services hereunder.

Consultant and Professional Services Agreement (Revised 01.2019) Page 6 of 10

20. Assignment and Subcontracting. Consultant shall not subcontract, assign or transfer voluntarily or involuntarily any of its rights, duties or obligation under this Agreement without the express written consent of the City Manager or his or her designee in each instance. Any attempted or purported assignment of any right, duty or obligation under this Agreement without said consent shall be void and of no effect.

If subcontracting of work is permitted, Consultant shall pay its subcontractor within ten (10) days of receipt of payment by City for work performed by a subcontractor and billed by the Consultant. Use of the term subcontractor in any other provision of this contract shall not be construed to imply authorization for Consultant to use subcontractors for performance of any service under this Agreement.

The City is an intended beneficiary of any work performed by Consultant’s subcontractor for purposes of establishing a duty of care between the subcontractor and City.

Any subcontractor or assignee consented to by City shall be bound by all terms and conditions of this agreement and the same shall be incorporated into and made a part of any assignment or subcontractor agreement.

21. Successors and Assigns. All terms, conditions, and provisions of this Agreement shall apply to and bind the respective heirs, executors, administrators, successors, and assigns of the parties. Nothing in this section is intended to affect the limitation on assignment.

22. Non-Discrimination/Fair Employment Practices.
(a) Consultant shall not, because of race, religious creed, color, sex, national original, ancestry, disability, medical condition, age, marital status or sexual orientation of any person, refuse to hire or employ, or to bar or discharge from employment, or to discriminate in compensation, or in terms, conditions or privileges any person, and every employee will receive equal opportunity for employment and shall be granted equal treatment with respect to compensation, terms, conditions or other privileges of employment, without regard to his race, religious creed, color, sex, national origin, ancestry, or disability, medical condition, age, marital status or sexual orientation.

Consultant warrants and represents it is an equal opportunity employer and agrees it shall not discriminate on the basis of race, religious creed, color, sex, national origin, ancestry, disability, medical condition, age, marital status or sexual orientation in the selection and retention of employees, subcontractors or procurement of materials or equipment.

In all solicitations either by competitive bidding or negotiations made by Consultant for work to be performed under any subcontract, including procurement of Consultant and Professional Services Agreement (Revised 01.2019) Page 7 of 10 materials or equipment, each potential subcontractor or supplier shall be notified by Consultant of Consultant’s obligation under this Agreement relative to nondiscrimination and fair employment practices.

Consultant shall include the above provisions of this section in every subcontract, including procurement of materials or equipment.
(b) Consultant agrees to comply with Title VII of the Civil Rights Act of 1964, as amended, the California Fair Employment Practices Act, the Americans with Disabilities Act of 1990, any other applicable federal and state laws and regulations and City ordinances and regulations hereinafter enacted.

23. Notices. All notices or instruments required to be given or delivered by law or this Agreement shall be in writing and shall be effective upon receipt thereof and shall be by personal service or delivered by depositing the same in any United States Post Office, registered or certified mail, postage prepaid, addressed to:

If to City: Stephanie Sifuentes
Human Resources Director
City of Vallejo, Human Resources Department
555 Santa Clara Street
Vallejo, CA 94590
Email: [email protected]
If to Consultant: Scott Cooper
Director of Business Development
All-Star Talent, Inc.
2368 Culpepper Lane
Lincoln, CA 95648
Email: [email protected]
Any party may change its address for receiving notices by giving written notice of such change to the other party in accordance with this section.

Routine administrative communications shall be made pursuant to section 1 of Exhibit A.

24. Integration Clause. This Agreement, including all Exhibits, contains the entire agreement between the parties and supersedes whatever oral or written understanding they may have had prior to the execution of this Agreement. This Agreement shall not be amended or modified except by a written agreement executed by each of the parties hereto.

25. Severability Clause. Should any provision of this Agreement ever be deemed to be legally void or unenforceable, all remaining provisions shall survive and be enforceable.

Consultant and Professional Services Agreement (Revised 01.2019) Page 8 of 10

26. Law Governing. This Agreement shall in all respects be governed by the law of the State of California without regard to its conflicts of law rules. Litigation arising out of or connected with this Agreement shall be instituted and maintained in the courts of Solano County in the State of California or in the United States District Court, Eastern District of California, Sacramento, California, and the parties consent to jurisdiction over their person and over the subject matter of any such litigation in such courts, and consent to service of process issued by such courts.

27. Waiver. Waiver by either party of any default, breach or condition precedent shall not be construed as a waiver of any other default, breach or condition precedent or any other right hereunder.

28. Ambiguity. The parties acknowledge that this is a negotiated agreement, that they have had the opportunity to have this Agreement reviewed by their respective legal counsel, and that the terms and conditions of this Agreement are not to be construed against any party on the basis of such party’s draftsmanship thereof.

29. Gender. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identifications of the person or persons, firm or firms, corporation or corporations may require.

30. Headings. The section headings contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement.

31. Compliance with Laws. Consultant will comply with all statutes, regulations and ordinances in the performance of all services under this Agreement.

32. Confidentiality of City Information. During the performance of services under this Agreement, Consultant may gain access to and use City information regarding, but not limited to, procedures, policies, training, operational practices, and other vital information (hereafter collectively referred to as “City Information”) which are valuable, special and unique assets of the City. Consultant agrees that it will not use any information obtained as a consequence of the performance of services under this Agreement for any purpose other than fulfillment of Consultant’s scope of work , to protect all City Information and treat it as strictly confidential and proprietary to City, and that it will not at any time, either directly or indirectly, divulge, disclose or communicate in any manner any City Information to any third party, other than its own employees, agents or subcontractors who have a need for the City Information for the performance of services under this Agreement, without the prior written consent of City, or as required by law.

Consultant shall treat all records and work product prepared or maintained by Consultant and Professional Services Agreement (Revised 01.2019) Page 9 of 10 Consultant in the performance of this Agreement as confidential.

A violation by Consultant of this section shall be a material violation of this Agreement and will justify legal and/or equitable relief.

Consultant’s obligations under this section shall survive the completion of services, expiration or termination of this Agreement.

33. News and Information Release. Consultant agrees that it will not issue any news releases in connection with either the award of this Agreement, or any subsequent amendment of or efforts under this Agreement, without first obtaining review and approval of said news releases from City through the City Representative.

34. City Representative. The City Representative specified in Exhibit A, or the representative’s designee, shall administer this Agreement for the City.

35. Counterparts. The parties may execute this Agreement in one or more counterparts, each of which shall be deemed an original, but all of which together shall be deemed one and the same instrument.

36. Facsimile Signature; Electronic Signature. This Agreement shall be binding upon the receipt of facsimile signatures or e-mailed by PDF or otherwise.

Any person transmitting his or her signature by facsimile or electronically shall promptly send an original signature to the other party pursuant to the notice provision of this Agreement. The failure to send an original shall not affect the binding nature of this Agreement.

37. Authority. The person signing this Agreement for Consultant hereby represents and warrants that he/she is fully authorized to sign this Agreement on behalf of Consultant.

38. Exhibits. The following exhibits are attached hereto and incorporated herein by reference:

Exhibit A, entitled “Scope of Work,” including any attachments Exhibit B, entitled “Compensation,” including any attachments Exhibit C, entitled “Insurance Requirements,” including attachments [SIGNATURES ARE ON THE FOLLOWING PAGE]
Consultant and Professional Services Agreement (Revised 01.2019) Page 10 of 10 IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year shown below the name of each of the parties.

ALL-STAR TALENT, INC.,
a California corporation
By:

Scott Cooper
Director of Business Development
DATE:

Vallejo Business License No.
(City Seal)

CITY OF VALLEJO,
a municipal corporation
By:

Andrew Murray
City Manager
DATE:

ATTEST:

By:

Dawn G Abrahamson
City Clerk
APPROVED AS TO CONTENT:

By:

Stephanie Sifuentes
Human Resources Director
APPROVED AS TO FORM:

By:

Veronica A.F. Nebb
City Attorney
APPROVED AS TO INSURANCE:

By:

Armond Sarkis
Risk Manager
Consultant and Professional Services Agreement (Revised 01.2019) Page 1 of 5 Exhibit A – Scope of Work

EXHIBIT A

SCOPE OF WORK

1. Representatives. The City Representative for this Agreement is:

Stephanie Sifuentes
Human Resources Director
City of Vallejo, Human Resources Department
555 Santa Clara Street
Vallejo, CA 94590
Telephone: (707) 648-4363
Facsimile: (707) 648-5292
Email: [email protected]
The Consultant’s Representative for this Agreement is:

Scott Cooper
Director of Business Development
All-Star Talent, Inc.
2368 Culpepper Lane
Lincoln, CA 95648
Telephone: 916-412-9530
Facsimile: [insert facsimile number]
Email: [email protected]
All routine administrative communications between the parties will be between the above named representatives and may be by personal delivery, mail, facsimile transmission, or electronic mail as agreed between the Consultant Representative and City’s Representative.

2. Services to be Provided. The services provided shall be as set forth in Attachment 1 of Exhibit A, attached hereto and incorporated herein by this reference.

3. Time for Performance. Consultant will perform the services according to the schedule contained in Attachment 1 of Exhibit A. If the schedule calls for the services to be performed in phases or discrete increments, Consultant shall not proceed from one phase or increment to the next without written authorization from the City’s Representative. Consultant will complete all services by December 31, 2025.

4. Key Personnel. All of the individuals identified below are necessary for the successful prosecution of the services due to their unique expertise and depth and breadth of experience. There shall be no change in the personnel listed below, Consultant and Professional Services Agreement (Revised 01.2019) Page 2 of 5 Exhibit A – Scope of Work
without written approval of the City Representative. Consultant recognizes that the composition of this team was instrumental in the City’s decision to award the work to Consultant and that compelling reasons for substituting these individuals must be demonstrated for the City’s consent to be granted. Any substitutes shall be persons of comparable or superior expertise and experience. Failure to comply with the provisions of this section shall constitute a material breach of Consultant’s obligations under this Agreement and shall be grounds for termination.

Key personnel are as follows:
•Jason Litchney, Practice Leader
•Pam Hong, Operations Manager
•Sam Koloms, Project Manager
•Sarah Jane Salmon, Marketing Project Manager
•Guiliano Lopez, Project Manager
Consultant and Professional Services Agreement (Revised 01.2019) Page 3 of 5 Exhibit A – Scope of Work
EXHIBIT A – ATTACHMENT 1

SCOPE OF WORK

Consultant and Professional Services Agreement (Revised 01.2019) Page 4 of 5 Exhibit A – Scope of Work

Consultant and Professional Services Agreement (Revised 01.2019) Page 5 of 5 Exhibit A – Scope of Work

Consultant and Professional Services Agreement (Revised 01.2019) Page 1 of 5 Exhibit B - Compensation

EXHIBIT B

COMPENSATION

1. Consultant’s Compensation.

A. Services: City agrees to pay Consultant, at the rate(s) specified below, for those services set forth in Exhibit A of this Agreement and for all authorized reimbursable expenses, for a total not to exceed amount of two hundred nineteen thousand four hundred dollars and no cents ($219,400.00).

Consultant shall notify City in writing no later than thirty (30) days prior to the estimated date when Consultant will have billed City the maximum payment amount permitted under this Agreement, and Consultant shall provide City with an estimate of the additional compensation required to complete the project. Any additional compensation will require an Amendment to this Agreement.

B. Additional Services:

1. Additional Services are those services related to the scope of Services of Consultant as set forth in Exhibit A but not anticipated at the time of execution of this Agreement. Additional Services shall be provided only when a Supplemental Agreement authorizing such Additional Services is approved by the City Manager, or his or her designee. City reserves the right to perform any Additional Services with its own staff or to retain other Consultants to perform said Additional Services.

2. Consultant’s compensation for Additional Services shall be based on the total number of hours spent on Additional Services multiplied by the employees’ appropriate billable hourly rate as established below. City, at its option, may negotiate a fixed fee for some or all Additional Services as the need arises.

Where a fixed fee for Additional Services is established by mutual Agreement between City and Consultant, compensation to Consultant shall not exceed the fixed fee amount.

2. Appropriate Billable Hourly Rates for Services and Additional Services. Consultant’s rates shall be as listed in Attachment 1 of Exhibit B, attached hereto and incorporated herein by this reference.

3. Consultant’s Reimbursable Expenses. Reimbursable Expenses shall be limited to actual reasonable expenditures of Consultant for expenses that are necessary for the proper completion of the Services and shall only be payable if specifically authorized in advance by City.

4. Payments to Consultant.

Consultant and Professional Services Agreement (Revised 01.2019) Page 2 of 5 Exhibit B - Compensation
A. Payments to Consultant shall be made in arrears pursuant to Attachment 1 of Exhibit B within a reasonable time after receipt of an invoice from Consultant, said payments to be made in proportion to the services performed. Consultant may request payment on a monthly basis. Consultant shall be responsible for the cost of supplying all documentation necessary to verify the monthly billings to the satisfaction of City.

B. All invoices submitted by Consultant shall contain the following information:

1. Description of services billed under this invoice

2. Date of Invoice Issuance

3. Sequential Invoice Number

4. City’s Purchase Order Number (if issued)

5. Social Security Number or Taxpayer Identification Number

6. Amount of this Invoice (Itemize all Reimbursable Expenses”)

7. Total Billed to Date
C. Items shall be separated into Services and Reimbursable Expenses.

Billings that do not conform to the format outlined above shall be returned to Consultant for correction. City shall not be responsible for delays in payment to Consultant resulting from Consultant’s failure to comply with the invoice format described above.

D. Request for payment shall be sent to:

Vanessa Garcia
Human Resources Program Manager, Administration
City of Vallejo, Human Resources Department
555 Santa Clara Street
Vallejo, CA 94590
Email: [email protected]

5. Accounting Records of Consultant. Consultant shall maintain for three (3) years after completion of all services hereunder, all records under this Agreement, including, but not limited to, records of Consultant’s direct salary costs for all Services and Additional Services performed under this Agreement and records of Consultant’s Reimbursable Expenses, in accordance with generally accepted accounting practices. Consultant shall keep such records available for audit, inspection and copying by representatives of the City’s Finance Department or other government agencies during regular business hours upon twenty four (24) hours’ notice.

The obligations of Consultant under this section shall survive this Agreement.

Consultant and Professional Services Agreement (Revised 01.2019) Page 3 of 5 Exhibit B - Compensation

6. Taxes. Consultant shall pay, when and as due, any and all taxes incurred as a result of Consultant’s compensation hereunder, including estimated taxes, and shall provide City with proof of such payments upon request.

7. Taxpayer Identification Number. Consultant shall provide City with Consultant’s complete Request for Taxpayer Identification Number and Certification, Form W-9, as issued by the Internal Revenue Service, and any other State or local tax identification number requested by City.

Consultant and Professional Services Agreement (Revised 01.2019) Page 4 of 5 Exhibit B - Compensation
EXHIBIT B – ATTACHMENT 1

PRICING

Consultant and Professional Services Agreement (Revised 01.2019) Page 5 of 5 Exhibit B - Compensation

Consultant and Professional Services Agreement (Revised 01.2019) Page 1 of 4 Exhibit C – Insurance Requirements

EXHIBIT C

INSURANCE REQUIREMENTS
Consultant shall procure and maintain for the duration of this Agreement, including any extensions thereto, insurance against claims for injuries to persons or damages to property which may arise from or in connection with the performance of services hereunder by the Consultant, their agents, representatives, or employees or subcontractors. It shall be a requirement under this Agreement that any available insurance proceeds broader than or in excess of the specified minimum Insurance coverage requirements and/or limits shall be available to the Additional Insured. Furthermore, the requirements for coverage and limits shall be (1) the minimum coverage and limits specified in this Agreement; or (2) the broader coverage and maximum limits of coverage of any Insurance policy or proceeds available to the named Insured; whichever is greater. No representation is made that the minimum Insurance requirements of this agreement are sufficient to cover the obligations of the Consultant under this agreement.

1. Minimum Scope of Insurance. Coverage shall be at least as broad as:

A. Insurance Services Office form number GL 0002 covering Comprehensive General Liability and Insurance Services Office form number GL 0404 covering Broad Form Comprehensive General Liability; or Insurance Services Office Commercial General Liability coverage (occurrence form CG 0001).

B. Insurance Services Office form number CA 0001 covering Automobile Liability, code 1 any auto and endorsement CA 0025.

C. Workers' Compensation insurance as required by the State of California and Employer's Liability Insurance.

D. Professional Liability insurance appropriate to the Consultant’s profession (Errors and Omission).

2. Minimum Limits of Insurance. Consultant shall maintain limits no less than:

A. General Liability: $2,000,000 per occurrence for bodily injury, personal injury, and property damage. If Commercial General Liability Insurance or other form with a general aggregate limit is used, either the general aggregate limit shall apply separately to this project/location or the general aggregate limit shall be twice the required occurrence limit.

B. Automobile Liability: $1,000,000 per accident for bodily injury and property damage.

Consultant and Professional Services Agreement (Revised 01.2019) Page 2 of 4 Exhibit C – Insurance Requirements
C. Workers’ Compensation insurance as required by the State of California, with Statutory Limits, and Employer’s Liability Insurance with limit of no less than $1,000,000 per accident for bodily injury or disease. If Consultant is not subject to California Workers’ Compensation requirements, Consultant shall file a completed Request for Waiver of Workers’ Compensation Insurance Form which may be obtained from the City prior to commencing any activity authorized hereunder.

D. Professional Liability (Errors and Omission): Insurance appropriates to the Consultant’s profession with $1,000,000 combined single limit per occurrence, and annual aggregate.

3. Deductible and Self-Insured Retention (SIR). Any deductibles or self- insured retention must be declared to and approved by the City. At the option of the City, either: the insurer shall reduce or eliminate such deductibles or self- insured retention as respects the City of Vallejo, its officers, officials, employees and volunteers; or the Consultant shall procure a bond guaranteeing payment of losses and related investigations, claim administration and defense expenses. All SIRs must be disclosed to the City’s Risk Manager for approval and shall not reduce the limits of liability. Policies containing any SIR provision shall provide or be endorsed to provide that the SIR may be satisfied by either the named Insured or the City.

4. Other Insurance Provisions.

A. Additional Insured Endorsements: The City of Vallejo, its officers, officials, employees, agents and volunteers are to be covered as Additional Insureds as respects; liability, including defense costs, arising out of activities performed by or on behalf of the Consultant; products and completed operations of the Consultant; premises owned, occupied or used by the Consultant; or automobiles, leased hired or borrowed by the Consultant. Additional Insured endorsements with respect to General Liability, Auto and Umbrella/Excess Insurance shall be attached to the Certificate of Insurance presented to the City.

B. 30 Days’ Notice of Cancellation Endorsements: Each insurance policy required by this clause shall be endorsed to state that coverage shall not be suspended, voided, canceled by either party, reduced in coverage or in limits except after thirty (30) days' prior written notice by certified mail, return receipt requested, has been given to the City.

C. Waiver of Subrogation Rights Endorsement: The workers’ compensation policy required hereunder shall be endorsed to state that the workers' compensation carrier waives its right of subrogation against City, its officers, officials, employees, agents and volunteers, which might arise by reason of payment under such policy in connection with Consultant’s performance under this Consultant and Professional Services Agreement (Revised 01.2019) Page 3 of 4 Exhibit C – Insurance Requirements
Agreement. The waiver of subrogation rights endorsement in favor of the City of Vallejo shall be attached to the Certificate of Insurance.

D. The limits of Insurance required in this agreement may be satisfied by a combination of primary and umbrella or excess Insurance. Any umbrella or excess Insurance shall contain or be endorsed to contain a provision that such coverage shall also apply on a primary and non-contributory basis for the benefit of the City of Vallejo before the City’s own Insurance or self-insurance shall be called upon to protect it as a named insured.

E. The insurance coverage shall contain no special limitations on the scope of protection afforded to the City of Vallejo, its officers, officials, employees, agents or volunteers. For any claims related to this project, the Consultant's insurance coverage shall be primary insurance as respects the City of Vallejo, its officers, officials, employees, agents, and volunteers. Any insurance or self-insurance maintained by the City of Vallejo, its officers, officials, employees, agents, or volunteers shall be excess of the Consultant's insurance and shall not contribute with it.

F. The Consultant's insurance shall apply separately to each insured against whom claim is made or suit is brought, except with respect to the limits of the insurer's liability.

G. Any failure to comply with reporting or other provisions of the policies including breaches of warranties shall not affect coverage provided to the City, its officers, officials, employees, agents, or volunteers.

H. The City reserves the right to modify these requirements, including limits, based on the nature of the risk, prior experience, insurer, coverage, or other special circumstances.

5. Acceptability of Insurers. The insurance is to be issued by companies licensed to do business in the State of California. The insurance is to be placed with insurers with a current A.M. Best's rating of no less than A:VII.

6. Verification of Coverage. Consultant shall furnish the City with certificates of insurance and original endorsements. The certificates and endorsements are to be signed by a person authorized by that insurer to bind coverage on its behalf.

All endorsements are to be received and approved by the City before work commences. The City reserves the right to obtain a full certified copy of any Insurance policy and endorsements. Failure to exercise this right shall not constitute a waiver of right to exercise later. All verification of coverage and other insurance documents shall be mailed to the following address:

Consultant and Professional Services Agreement (Revised 01.2019) Page 4 of 4 Exhibit C – Insurance Requirements
City of Vallejo
Attn: Risk Manager
555 Santa Clara Street
Vallejo, CA 94590

7. Subcontractors. Consultant shall include all subcontractors as insureds under its policies or shall furnish separate certificates and endorsements for each subcontractor. All coverages for subcontractors shall be subject to all of the requirements stated herein.

8. Payment Withhold. City will withhold payments to Consultant if above required insurance or endorsements are canceled, or Consultant otherwise ceases to be insured as required herein.

CONSENT CALENDAR 8.F.

DATE: November 12, 2024
TO: Mayor and Members of the City Council
FROM: Michael Nimon, Economic Development Director
Ivette Iraheta, Economic Development Program Manager
SUBJECT: ADOPT A RESOLUTION APPROVING THE SECOND AMENDMENT TO THE

CONSULTANT AND PROFESSIONAL SERVICES AGREEMENT WITH WEST YOST & ASSOCIATES, INC. FOR THE MARE ISLAND INFRASTRUCTURE ASSESSMENT

PROJECT, AUTHORIZING THE CITY MANAGER TO EXECUTE SAME, AND PROVIDING NOTICE OF INTENT TO AMEND FISCAL YEAR 2024-25 BUDGET IN THE AMOUNT OF $26,365

RECOMMENDATION
Adopt A Resolution Approving the Second Amendment to the Consultant and Professional Services Agreement with West Yost & Associates, Inc. for the Mare Island Infrastructure Assessment Project, authorizing the City Manager to execute same, and providing Notice of Intent to amend the Fiscal Year 2024- 25 budget in the amount of $26,365.

REASONS FOR RECOMMENDATION
After reviewing preliminary results on the various disciplines for the Mare Island Infrastructure Assessment (MIIA) project, staff was made aware of the need to further sewer and sea wall studies on the island. The sea wall assessment was not originally included in the base scope to the extent that it has been deemed necessary. Preliminary information presented to City of Vallejo (City) staff and project partners including the Vallejo Flood and Wastewater District and Mare Island Co. revealed that additional information regarding the impacts that climate change will have on the Mare Island sea wall should be further studied to understand short-term and long-term impacts. This Amendment No. 2 to the West Yost & Associates, Inc. (West Yost) will include additional sea wall assessment scope and will increase the fees and term of the contract to be able to assess and gather the essential information on the island’s sea wall and complete all remaining tasks left for this project. Project partner Mare Island Co. has agreed to cover these additional costs for the additional sea wall assessments; therefore, there is no need for the City to make an allocation to cover this increase to the contract.

BACKGROUND AND DISCUSSION
The development of Mare Island is pivotal for the City of Vallejo (City). Comprised of approximately 5,000 acres, Mare Island is a designated economic opportunity zone and is targeted for the City’s next economic development frontier. However, a lack of data to assess the underground, above ground, and dry utilities has hindered planning and stimulating scalable development activity. As a result, Mare Island has remained largely undeveloped and underutilized since the Navy’s closure in 1996. The goals of the City align with the U.S.

Economic Development Administration (EDA) grant objectives, which is to support strategic investments for economic development, foster job creation, and attract private investment in economically distressed areas of the United States. The Mare Island Infrastructure Assessment (MIIA) project seeks to meet these objectives.

On October 30, 2020 the City submitted a grant application in the amount of $960,000 to the EDA for the MIIA project. On September 7, 2021 the City received notification from EDA that it had been awarded the grant funding for the project for the full amount that was requested. On November 2, 2021, the City Council

Date: November 12, 2024
Subject: ADOPT A RESOLUTION APPROVING THE SECOND AMENDMENT TO THE

CONSULTANT AND PROFESSIONAL SERVICES AGREEMENT WITH WEST YOST & ASSOCIATES, INC. FOR THE MARE ISLAND INFRASTRUCTURE ASSESSMENT

PROJECT, AUTHORIZING THE CITY MANAGER TO EXECUTE SAME, AND PROVIDING NOTICE OF INTENT TO AMEND FISCAL YEAR 2024-25 BUDGET IN THE AMOUNT OF $26,365

Page 2 ends

authorized acceptance of the grant and City staff has been working on project implementation since.

On November 15, 2022 City Council approved the contract with West Yost & Associates, Inc. (West Yost) in the amount of $1,260,000 (Attachment A). The cost of the contract were to be paid out of the EDA grant $960,000 and $300,000 in local share contribution committed by project partner Mare Island Co. The Agreement with West Yost has allowed the City the ability to implement its EDA grant, which commits to completing an island-wide infrastructure assessment on Mare Island, including roads, sanitary sewer, and storm water. The scope includes researching and gathering data across the various disciplines that has been previously produced but not fully analyzed, consolidated, or completed; performing site assessments; evaluating and updating data; and delivering a technical report that will inform the City, District, and Mare Island Co., among others, about the current infrastructure on the island and best development strategies going forward.

Although the West Yost base contract was approved for $1,260,000, West Yost had provided a cost proposal for the project that included additional scope and fees for undertaking a comprehensive MIIA project. Staff negotiated the scope and fees for the optional tasks with West Yost, agreeing to a cost of $555,927. The additional optional tasks focus on all facets of infrastructure, including water, roads, wastewater, storm drains, electric and other utilities, and reflect necessary input from the City/District staff subject matter experts to advance the goals of the overall study. Without this additional funding, the data provided by this project would be limited, which could impact decision making for future development of Mare Island, including timing, location, and extent of development. The additional tasks to complete the MIIA project as intended, comprehensive and area-wide, are summarized in the amendment (Attachment B - Exhibit B). For example, completion of a Geographic Information Systems (GIS) mapping of buildout land use conditions is an optional task that is critical for future land use planning and development. The flow monitoring field work would ensure the system model for the existing conditions is calibrated appropriately, which would provide a greater level of accuracy to the hydraulic model and analysis for the buildout conditions as well. With sea level rise identified as a major concern for the future of Mare Island, additional funding would support stormwater and flood control improvement solutions.

City staff has been in communication with the EDA through the entire grant implementation period, updating the agency on the MIIA project’s progress and its additional funding needs. After taking the original grant to City Council for approval, staff and the project partners continued to coordinate with the EDA to request additional funds for this project. On December 15, 2022, City staff transmitted a letter to EDA, requesting the identified additional funds $555,927 from the agency.

On June 5, 2023, the City received notification from the EDA informing the City that the additional funding request had been conditionally approved. On August 28, 2023, the EDA provided official notice of the Financial Assistance Award Amendment, increasing the original grant by the full requested amount of $555,927.

On September 26, 2023 City Council approved the grant amendment to accept the additional grant funds and to amend the West Yost contract to add the optional tasks scope and increase the contract amount by $555,927 to complete the entirety of the assessment project without financial impact to the City. The grant fully covers the additional costs and the contract was increased to a not to exceed amount of $1,815,927.

Date: November 12, 2024
Subject: ADOPT A RESOLUTION APPROVING THE SECOND AMENDMENT TO THE

CONSULTANT AND PROFESSIONAL SERVICES AGREEMENT WITH WEST YOST & ASSOCIATES, INC. FOR THE MARE ISLAND INFRASTRUCTURE ASSESSMENT

PROJECT, AUTHORIZING THE CITY MANAGER TO EXECUTE SAME, AND PROVIDING NOTICE OF INTENT TO AMEND FISCAL YEAR 2024-25 BUDGET IN THE AMOUNT OF $26,365

Page 3 ends

As the project implementation has proceeded, West Yost has continued to conduct onsite assessment and has again identified that the current scope for the sewer and sea wall disciplines is incomplete. A deeper dive into the condition of the sea wall and additional CCTV camera work on the sewer lines is necessary to ascertain condition and capacity for future development. West Yost provided a cost proposal to address the remaining information gaps totaling $731,650. On October 4, 2024 city staff requested additional funds from EDA to complete the needed sea wall assessment and additional sewer scope through a formal letter request submitted to EDA. In this request, staff explained that the original MIIA scope of work did not include physical condition assessment of the sea wall or the newly identified sewer lines. Through the MIIA work to-date, the importance of the sea wall was prioritized due to its strategic role in protecting the island from future sea level rise. This first sea wall assessment will identify which future sea wall studies are needed and how much they will cost. Such future assessments could include underwater sea wall evaluations to determine whether it is viable to retrofit the existing sea walls to serve as future sea level rise protection, and to inform design alternatives for new sea walls. These assessments will also help to inform decisions on new land uses on Mare Island for both developments currently in the pipeline and planned for the future.

The first phase of development outlined in the Connolly Corridor plan has been submitted to the City and includes retail, restaurants, amphitheater gathering area, offices, a hotel and more. This development is a catalyst in igniting development on the island and sea wall status plays an important part in that development and all development island wide.

Due to the cost of the sea wall and sewer scope, the grant partners have agreed to prioritize the sea wall assessment as first priority.

The project consultant West Yost has identified scope tasks that would address the deficiencies for sea wall assessment as listed on the Attachment C - Exhibit C. The tasks generally include a reconnaissance-level condition assessment of the sea wall. This includes a review of existing documents, field inspection by a structural engineering team, preparation of an inspection report. The report will include a detailed scope and budget for a comprehensive condition assessment and structural evaluation of the sea wall, specifying types of field inspections, materials testing, geotechnical evaluations, and structural analyses to be conducted as part of future investigations. The report will be used by the City for future planning or grant funding applications. This first step in condition assessment of the sea wall is critical to understand and plan for future sea level rise protection for the island.

While the City awaits a response to that second additional funding request from EDA, City staff recommends that the West Yost contract be amended to add the sea wall scope by the fees for this work before the West Yost contract expires. The City has $30,000 remaining from the grant to cover part of the proposed sea wall scope and through the existing contract, leaving $26,365 to be covered by Mare Island Co. and needing the contract to be increased by this amount. Through this Amendment No. 2 to the West Yost professional services agreement, the contract scope will be amended to include additional sea wall assessment, increase fees by the proposed sea wall assessment costs of $26,365 and extend the term of the contract by one year from November 16, 2024 through November 15, 2025.

Should City receive a favorable response from EDA for the additional funds, City staff will return to City Council to seek approval of another Amendment to increase the West Yost contract by an additional amount and request a new term extension to encompass the additional sewer scope,in order to conduct additional Date: November 12, 2024
Subject: ADOPT A RESOLUTION APPROVING THE SECOND AMENDMENT TO THE

CONSULTANT AND PROFESSIONAL SERVICES AGREEMENT WITH WEST YOST & ASSOCIATES, INC. FOR THE MARE ISLAND INFRASTRUCTURE ASSESSMENT

PROJECT, AUTHORIZING THE CITY MANAGER TO EXECUTE SAME, AND PROVIDING NOTICE OF INTENT TO AMEND FISCAL YEAR 2024-25 BUDGET IN THE AMOUNT OF $26,365

Page 4 ends

sewer and any remaining sea wall assessments left to be completed.

FISCAL IMPACT
The increase of $26,365 to the West Yost contract will increase the Mare Island Infrastructure Assessment Project budget by this amount. Project partner Mare Island Co. has committed this amount as a local match contribution to the project.

ENVIRONMENTAL REVIEW
This action is exempt from the California Environmental Quality Act (CEQA) pursuant to CEQA Guidelines Section 15306 (Class 6) because the contract authorizes data collection, research, experimental management, and resource evaluation activities which do not result in a serious or major disturbance to an environmental resource as part of a study leading to an action which a public agency has not yet approved, adopted, or funded.

ATTACHMENTS

1. Resolution Approving Second Amendment_West Yost_CAO Stamp

2. Second Amendment to Consultant and Professional Services Agreement_West Yost_CAO_Stamp

3. Attachment A-3 of Exhibit A (Second Amendment)

4. Attachments B-1, B-2, and B-3 of Exhibit B (Second Amendment)

5. First Amendment to Consultant and Professional Services Agreement_West Yost

6. Consultant and Professional Services Agreement_West Yost

CONTACT
Michael Nimon, Economic Development Director (707) 648-4109 [email protected]

RESOLUTION NO. 24-___

RESOLUTION OF THE CITY COUNCIL OF THE CITY OF VALLEJO APPROVING

THE SECOND AMENDMENT TO THE CONSULTANT AND PROFESSIONAL SERVICES AGREEMENT WITH WEST YOST & ASSOCIATES, INC. FOR THE

MARE ISLAND INFRASTRUCTURE ASSESSMENT PROJECT AND AUTHORIZING

THE CITY MANAGER TO EXECUTE SAME
WHEREAS, on October 28, 2020, the City Council adopted a Resolution authorizing the City of Vallejo (City) staff, in partnership with the Vallejo Flood and Wastewater District (VFWD), to submit a grant application to the United States Department of Commerce Economic Development Administration (EDA) Economic Adjustment Assistance Program for an Infrastructure Study and Assessment on Mare Island; and
WHEREAS, on October 30, 2020, City staff submitted the grant application to EDA requesting funding in the amount of $960,000 for the Mare Island Infrastructure Assessment (MIIA) Project; and
WHEREAS the MIIA Project exemplifies all the facets of smart investment of public funds, and will promote economic and technological development, encourage regional job growth; and serve to strengthen communities in greater Vallejo; and
WHEREAS, on September 7, 2021, the City received a Letter of Award from the EDA approving a grant in the amount of $960,000 for the MIIA Project; and WHEREAS, Mare Island Co. provided $300,000 to the City as a local match, and the City and the VFWD committed staff time at a cost of $240,000 in local match, bringing the MIIA Project budget total to $1,500,000; and
WHEREAS, on June 17, 2022, the City issued a Request for Proposals (RFP) for a comprehensive infrastructure assessment of Mare Island and received three responses; and WHEREAS, West Yost & Associates, Inc. was determined to the top ranked respondent, able to carry out the project within the available budget; and
WHEREAS, on November 15, 2022, Council approved a Consultant and Professional Services Agreement with West Yost & Associates, Inc. to conduct an island-wide infrastructure assessment on Mare Island, including roads, sanitary sewer, and storm water in the amount of $1,260,000 ; and
WHEREAS, on December 15, 2022, City staff transmitted a request to EDA for additional funding in the amount of $555,927 to expand the scope of the MIIA Project; and

WHEREAS, on September 26, 2023, City Council accepted the additional EDA grant increase of $555,927 and approved the First Amendment to the Consultant and Professional Services Agreement with West Yost & Associates, Inc. to increase the not-to-exceed amount of the contract to $1,815,927 as compensation for the expanded scope of services; and WHEREAS, the MIIA project team recommends that West Yost & Associates, Inc. conduct additional sea wall scope assessments deemed necessary to understand the impacts from climate change on the Mare Island sea wall; and
WHEREAS, the Mare Island Co. has committed funds in the amount of $26,365 to cover the cost of this additional work.

NOW, THEREFORE, BE IT RESOLVED that the City Council hereby approves the Second Amendment to Consultant and Professional Services Agreement with West Yost & Associates, Inc. to add additional services and increase compensation by $26,365 for a maximum not-to- exceed amount of $1,842,292 for the Mare Island Infrastructure Assessment Project.

BE IT FURTHER RESOLVED that the City Council hereby authorizes the City Manager to execute the Agreement.

Adopted by the City Council of the City of Vallejo at a regular meeting held on November 12, 2024 with the following vote:

AYES:

NOES: None
ABSENT: None
ABSTAIN: None
______________________________________
ROBERT H. MCCONNELL, MAYOR
ATTEST:
_________________________________________
DAWN G. ABRAHAMSON, CITY CLERK
Second Amendment to Agreement Between City of Vallejo and West Yost & Associates, Inc. Page 1 of 5

SECOND AMENDMENT TO

CONSULTANT AND PROFESSIONAL SERVICES AGREEMENT

BETWEEN THE CITY OF VALLEJO
AND
WEST YOST & ASSOCIATES, INC.

This Second Amendment to the Consultant and Professional Services Agreement by and between the City of Vallejo, a municipal corporation (“City”) and West Yost & Associates, Inc., a California corporation, hereinafter referred to as “Consultant”, is made and entered into on this 13th day of November 2024.

WHEREAS, Consultant entered into a Consultant and Professional Services Agreement with the City on November 16, 2022 (“Agreement”) to implement the Mare Island Infrastructure Assessment Project (“MIIA Project”) in conformity with the U.S. Department of Commerce grant requirements; and
WHEREAS, on September 27, 2023, the parties amended the Agreement to expand the Consultant’s scope of work and increase the maximum not to exceed amount of compensation to $1,815,927 (“First Amendment”); and
WHEREAS, by letter dated November 7, 2023, the City exercised its option to extend the term of the Agreement by one year, to expire on November 15, 2024; and WHEREAS, the parties desire to amend the Agreement to expand the scope of work and to extend the term by one year to allow Consultant to complete the MIIA Project.

NOW THEREFORE, THE PARTIES DO AGREE AS FOLLOWS:

1. Additional Services. Exhibit A “Scope of Work” is hereby amended by adding the additional services set forth in a new Attachment A-3, attached hereto and incorporated by reference.

2. Additional Compensation.
a. The first sentence of Paragraph 1.A “Services” of Exhibit B “Compensation” is amended to read as follows:
“City agrees to pay Consultant, at the rate(s) specified below, for those services set forth in Exhibit A of this Agreement and for all other authorized reimbursable expenses, for a total not to exceed One Million Eight Hundred Forty-Two Thousand Three Hundred and Twenty-Two Dollars and Zero Cents ($1,842,322.00).

Second Amendment to Agreement Between City of Vallejo and West Yost & Associates, Inc. Page 2 of 5 The remainder of Paragraph 1.A “Services” shall remain unchanged. b. Paragraph 2 “Appropriate Billable Hourly Rates for Services and Additional Services” of Exhibit B “Compensation” is amended to read as follows:
“Consultant’s billable hourly rates shall be as listed in Attachments 1 through 3 to Exhibit B, attached hereto and incorporated by this reference.”

3. Revised Term. Section 16 of the Agreement, “Term,” is amended to read as follows:
a. “The term of this Agreement shall commence on November 16th, 2022, and shall continue in full force and effect until November 16, 2025.

If the term of this Agreement extends into fiscal years subsequent to that in which it is approved, such continuation of the Agreement is contingent on the appropriation of funds for such purpose by the City Council of the City of Vallejo. If funds to effect such continued payment are not appropriated, Consultant agrees to terminate any services supplied to City of Vallejo under this Agreement, and relieve City of any further obligation therefore.”

4. Integration. This Second Amendment contains the entire agreement between the parties with respect to its subject matter and supersedes whatever oral or written understanding they may have had prior to the execution of this Second Amendment. This Second Amendment shall not be amended or modified except by a written agreement executed by each of the parties. Except as specifically revised herein, all terms and conditions of the Agreement shall remain in full force and effect, and Consultant shall perform all duties, obligations and conditions required under the Agreement.

5. Inconsistencies. In the event of any conflict or inconsistency between the provisions of this Second Amendment and the Agreement, the provisions of this Second Amendment shall control in all respects.

6. Ambiguities. The parties have each carefully reviewed this Second Amendment and have agreed to each term of this Second Amendment. No ambiguity shall be presumed to be construed against either party.

7. Counterparts. This Second Amendment may be executed by the parties in one or more counterparts all of which collectively shall constitute one document and agreement.

Second Amendment to Agreement Between City of Vallejo and West Yost & Associates, Inc. Page 3 of 5

8. Authority. The person signing this Second Amendment for Consultant hereby represents and warrants that he or she is fully authorized to sign this Second Amendment on behalf of Consultant.
(SIGNATURES ARE ON THE FOLLOWING PAGE)
Second Amendment to Agreement Between City of Vallejo and West Yost & Associates, Inc. Page 4 of 5 IN WITNESS WHEREOF, the parties have entered into this Second Amendment on the day and year first hereinabove appearing.

West Yost & Associates, Inc.
a California Corporation
BY:

Elizabeth Drayer, PE
Vice President
DATE:
(City Seal)

CITY OF VALLEJO,
a municipal corporation
BY:

ANDREW MURRAY
City Manager
DATE:

ATTEST:

DAWN G. ABRAHAMSON
City Clerk
APPROVED AS TO CONTENT:

Michael Nimon
Economic Development Director
APPROVED AS TO FORM:

Veronica A. F. Nebb
City Attorney
APPROVED AS TO INSURANCE:

ARMOND SARKIS
Risk Manager
Second Amendment to Agreement Between City of Vallejo and West Yost & Associates, Inc. Page 5 of 5

EXHIBIT A - SCOPE OF WORK

1. Representatives. The City Representatives for this Agreement are:

Michael Nimon
Economic Development Director
555 Santa Clara Street
Vallejo, CA 94590
(707) 648-4109
The Consultant’s Representative for this Agreement is:

Elizabeth Drayer, PE
Vice President
West Yost Associates, Inc.

Davis, California 95617-2061
All routine administrative communications between the parties will be between the above- named representatives and may be by personal delivery, mail, facsimile transmission, or electronic mail as agreed between the Consultant and City’s Representative.

2. Services to be Provided.

The Statement of Work shall be substantially in the form as shown in Attachments 1 and 2 of Exhibit A, A-1 and A-2, attached hereto and incorporated herein by this reference.

3. Key Personnel. All of the individuals identified below are necessary for the successful prosecution of the services due to their unique expertise and depth and breadth of experience. There shall be no change in the personnel listed below, without written approval of the City Representative. Consultant recognizes that the composition of this team was instrumental in the City’s decision to award the work to Consultant and that compelling reasons for substituting these individuals must be demonstrated for the City’s consent to be granted. Any substitutes shall be persons of comparable or superior expertise and experience. Failure to comply with the provisions of this section shall constitute a material breach of Consultant’s obligations under this Agreement and shall be grounds for termination.

Key personnel are as follows: Same as in base contract.

N
-
M
-
C
-

VALLEJO
-

WORKING DRAFTS
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2022 MIIA

TTACHMENT A
-
3 AMENDMENT
2 –

SCOPE OF SERVICES

The following sections provide a description of the
S
cope of
S
ervices
for Amendment
2 .

Moffat
t & Nic
hol
will
provide

specialty

marine
engineering
services
to perform

a
reconnaissance
-
level condition
assessment

of the Ma
re Island Sea Wall
.

T
his
includes a desktop evaluation of existing
condition
s
, fi
eld
ins
pections, and d
evelopment of an Inspection Report including recommendations for future assessments.

Task

6 .
06 :

Reconnaissance
-
Level
Condition Assessment of Mare Islan
d
Sea Wall

Task
6 .
0 6A
.

Obtain and Review Existing Documents

and
Deskt
op Evaluation of
Existing
Conditions

We understand there are original Navy drawings, drawings of repairs/retrofits for portions of

the
b
ulkhead structure, and a report by a structural engineer that the team has already

obtained. We will
obtain and
review
existing

info
rmation
, consisting of
:



Original construction and/or record drawings from the Navy



Subsequent repair/rehabilitation drawings from the Navy



Prior inspection reports and/or condition assessments



Survey information (bathymetry and topography)



Existing land uses along the waterfront

Task

6 .0
6B

P
r
epare
Base Map

for

Field

Inspection
: Prepare a base map of the project area prior
to the field visit to document observation

locations
.

Task

6.06C

Over
-
Land Assessment
:

Document field observations by walking the extents of the

structure.

V
isually document structure conditions

to inform the general condition, type
,

and
extents of existing walls.

Typically,
the following

is performed during

visual assessments:



Marking extents of different wall types based on materials and structure type



Measuring wall plumbness



Recording observed settlements behind the walls



Measuring thickness remaining on steel sheets for steel sheet pile wall segments



Sounding concrete pile caps and or cladding to determine extent of spalling



Recording cracks, spalls, and other observable damage



Documenting conditions with photographs and videos



Spot
-
checking mudline depths and wall stickup

Task

6.06D

Over
-
Water Assessment
:

Document field observations via an over
-
water inspection
by boat/skiff. In discussions with

Power Engineering Construction, they are willing to provide a inspection skiff for our

structural engineers.

Task

6.06 .

Inspection Report

Findings from
Task 6.06A to 6.06
D
will be documented in an Inspection Report in draft and final

format. The report will include

preparation of a detailed scope and budget for a comprehensive

MIIA Project
–

Amendment
2 Scope of Services

October 23, 20
2 4

Page
2 N
-
M
-
C
-

VALLEJO
-
202
4 MIIA
-

SEA WALL A

SSESSMENT

condition assessment and structural evaluation of the bulkhead to be used in the EDA grant.

Types of field inspections, materials testing, geotechnical evaluations, and structural analyses to

be conducted as part of future
assessments/
investigations will be identified
.

report will be
prepared and include

e
xhibits showing general wall extents and types of structures ;

a
nd
p
hotographs and field measurements of observed conditions .

Task

6.06 F
.

Project
Management

and
Coordination

with Project Team

3 virtual meetings with the project team
.

Project
management of scope, s
chedule,
budget in
coordination with the
Mare Is
land Infrastructure Assessment project.

Task

6.06 Deliverables



Inspection Report (Draft and Final)

Customization Mode Enabled (please exit out of this mode before closing workbook) Principal/Vice
President
Engineering/Sc
ientist/Geologi
st Manager II
Technical
Specialist IV
Senior
Engineer/Scien
tist/Geologist I
Principal
Engineer/Scien
tist/Geologist I
Engineer/Scien
tist/Geologist
II
Associate
Engineer/Scien
tist/Geologist
II
Principal
Engineer/Scien
tist/Geologist
II
Senior
Engineer/Scien
tist/Geologist I
Principal
Engineer/Scien
tist/Geologist
II
Principal
Engineer/Scien
tist/Geologist
II
Engineer/Scien
tist/Geologist
II
Senior GIS
Analyst
Engineering/Sc
ientist/Geologi
st Manager II
Administrative
II
Senior
Engineer/Scien
tist/Geologist
II
Engineering/Sc
ientist/Geologi
st Manager II
Engineer/Scien
tist/Geologist
II
Technical
Analyst II
Administrative
II QC Review
Costs
West Yost Associates P/VP EM/SM/GM II TS IV SE/SS/SG I PE/PS/PG I ESG II AE/AS/AG II PE/PS/PG II SE/SS/SG I PE/PS/PG II PE/PS/PG II ESG II SGISA EM/SM/GM II ADM II SE/SS/SG IIEM/SM/GM II ESG II TA II ADM II P/VP Hours Fee V&A CHA NCE MJA SUBT Sub. Other Total $328 $324 $242 $251 $280 $201 $231 $298 $251 $298 $298 $201 $245 $324 $112 $248 $314 $193 $143 $105 $328 w/ markup Direct Costs PROJECT: Mare Island Infrastructure Assessment - 10.31 Update Elizabeth D Doug M Jill M Anne G Patrick J Josh S Dmitriy S Mike Z Michele M Brenda E Youssif H Kiersten M Joe B Polly B Admin Mei-Hui QAQC Mgr Project Engr Sr Tech Admin 6% Task1 Project Management

1.01Overall Kickoff Meeting 8 2 12 22 6,088 $ 700$ 6,788$

1.02Progress Meetings (9) 18 9 45 2 2 2 4 82 22,057 $ 22,057 $

1.03PM and QAQC 12 40 40 8 100 27,832 $ 27,832 $ Subtotal, Task 1 (hours) 12 66 11 97 0 0 2 2 2 4 0 0 0 0 8 0 0 0 0 0 0 204 Subtotal, Task 1 ($) 3,936$ 21,384$ 2,662$ 24,347$ 462 $ 596$ 502$ 1,192$ 896 $ 55,977 $ 700 $ 56,677$ Task2 Land Uses

2.01Develop LU Estimate - Phase 1 (see Optional Fee Sheet for Buildout - Optional Priority 1) 12 4 16 2 34 9,468 $ 9,468 $

2.02Land Use GIS Layers, TM 6 8 12 6 2 34 8,058 $ 8,058 $ Subtotal, Task 2 (hours) 0 18 4 24 0 0 0 0 0 2 0 12 6 0 2 0 0 0 0 0 0 68 Subtotal, Task 2 ($) 5,832$ 968$ 6,024$ 596 $ 2,412$ 1,470$ 224 $ 17,526 $ 17,526 $ Task3 Water System Evaluation

3.01Kickoff Meeting 2 2 596 $ 596 $

3.02Gather and Review Existing Information 4 8 4 8 16 16 56 14,604 $ 14,604 $

3.03Water Tank Condition Assessment 8 4 12 2,932 $ 32,000$ 19,785 $ 54,892$ 57,824 $

3.04Water Pipeline Condition Assessment Spot-Checks 4 16 20 5,312 $ 150,000$ 159,000$ 164,312 $

3.05Perform Desktop Evaluation, TM 16 6 8 30 60 40 4 2 166 40,964 $ 40,964 $

3.06Update and Calibrate Hydraulic Model, TM 4 2 54 12 60 8 2 142 36,342 $ 3,360$ 39,702$

3.07Hydraulic Model Analyses, TM 4 2 60 12 70 4 2 154 38,844 $ 38,844 $

3.08Decision Point A Workshop 12 6 16 20 4 16 74 19,724 $ 700$ 20,424$

3.09Develop Final Infrastructure Improvements 8 6 8 32 8 40 8 110 28,604 $ 28,604 $

3.101st Draft MIIA Technical Report Chapter 8 4 12 16 4 24 8 32 4 8 120 29,620 $ 29,620 $ Subtotal, Task 3 (hours) 0 60 30 76 0 0 20 4 0 230 60 294 40 28 14 0 0 0 0 0 0 856 Subtotal, Task 3 ($) 19,440$ 7,260$ 19,076$ 4,620 $ 1,192$ 68,540$ 17,880$ 59,094$ 9,800$ 9,072$ 1,568$ 217,542 $ 182,000$ 19,785 $ 213,892 $ 4,060 $ 435,494$ Task4 Sewer System Evaluation

4.01Kickoff Meeting 2 2 462 $ 462 $

4.02Gather and Review Existing Information 8 8 12 8 8 16 60 14,212 $ 10,000$ 10,600$ 24,812 $

4.03Sewer Field Verification and GIS Mapping Update 6 2 24 60 36 128 29,332 $ 450$ 29,782$

4.04Sewer Lift Station Condition Assessment 2 16 60 24 102 23,348 $ 23,348 $

4.05Perform Desktop Evaluation, TM 16 8 40 16 8 4 60 12 2 166 39,468 $ 39,468 $

4.06Estimate Sewer System Flows, TM 10 6 2 32 4 4 2 60 13,890 $ 13,890 $

4.07Decision Point A Workshop, Field Work Plan 8 6 24 8 24 70 16,740 $ 700$ 17,440$

4.08Flow Monitoring Field Work (Optional - Priority 1) 0

4.09CCTV Inspection and Analysis (see Optional Fee sheet for potholing - Priority 2) 4 40 8 60 112 25,780 $ 90,000$ 95,400$ 121,180 $

4.10Develop Hydraulic Model (Optional - Priority 2) 0

4.11Decision Point B Workshop (Optional - Priority 2) 0

4.12Develop Final Infrastructure Improvements 14 6 14 16 32 8 2 40 132 31,036 $ 31,036 $

4.131st Draft MIIA Technical Report Chapter 12 4 24 4 24 24 8 4 40 8 152 34,692 $ 34,692 $ Subtotal, Task 4 (hours) 0 80 34 200 6 80 154 32 14 0 0 324 48 0 12 0 0 0 0 0 0 984 Subtotal, Task 4 ($) 25,920$ 8,228$ 50,200$ 1,680$ 16,080$ 35,574$ 9,536$ 3,514$ 65,124 $ 11,760$ 1,344 $ 228,960 $ 10,000 $ 90,000 $ 106,000$ 1,150 $ 336,110$ Task5 Stormwater System Evaluation

5.01Stormwater Kickoff Meeting 0

5.02Gather and Review Existing Information 4 2 2 8 4 20 4,814 $ 4,814 $

5.03Stormwater Spot-Checks 4 16 20 4,512 $ 4,512 $

5.04LS 15 Condition Assessment 4 16 32 52 11,904 $ 11,904 $

5.05Identify Stormwater and Flood Control Design Criteria and Preferences 24 2 16 2 44 11,996 $ 11,996 $

5.06H/H Model and Stormwater/Flood Control TM (Optional - Priority 2) 0

5.07Decision Point A Workshop (Optional - Priority 2) 0

5.08Develop Final Stormwater and Flood Control System Infrastructure Improvements (Optional - Priority 2) 0

5.09Develop Final Stormwater and Flood Control System Infrastructure Improvements (Optional) 0

5.101st Draft MIIA Technical Report Chapter 8 4 4 16 2 4 4 42 9,828 $ 9,828 $ Subtotal, Task 5 (hours) 0 44 6 8 0 72 36 2 6 0 0 0 0 0 4 0 0 0 0 0 0 178 Subtotal, Task 5 ($) 14,256$ 1,452$ 2,008$ 14,472$ 8,316$ 596$ 1,506$ 448 $ 43,054 $ 43,054 $ Task6 Geotechnical Evaluation (Optional - Priority 2)

6.01Geotechnical Kickoff and PM (Optional - Priority 2) 0

6.02Gather and Review Geotechnical Documents, Workshop (Optional - Priority 2) 0

6.03Geotechnical Report Chapter (Optional - Priority 2) 0 Subtotal, Task 6 (hours) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Subtotal, Task 6 ($)
Task7 Roads Evaluation

7.01Kickoff Meeting and PM 60 12 4 76 19,420 $ 19,420 $

7.02Database Review and Centerline Shape File 1 1 2 8 12 2,615 $ 2,615 $

7.03Perform Automated Pavement Condition Survey 1 1 4 24 30 6,199 $ 22,426$ 23,772$ 29,971 $

7.04Pavement Deflection Testing 1 1 2 24 16 1 45 8,096 $ 32,700$ 34,662$ 42,758 $

7.05GPR Testing and Analysis 1 1 2 2 12 8 1 27 5,264 $ 12,000$ 12,720$ 17,984 $

7.06Pavement Coring (80 cores) 2 4 2 54 54 1 117 20,397 $ 74,690$ 79,171$ 99,568 $

7.07Pavement Analysis and Design 1 1 40 16 120 8 2 188 40,033 $ 1,000$ 1,060$ 41,093 $

7.081st Draft Roads Chapter and Workshop 8 8 40 16 52 1 4 129 30,143 $ 30,143 $ Subtotal, Task 7 (hours) 0 15 0 17 0 0 0 0 0 0 0 0 0 0 0 152 46 298 87 9 0 624 Subtotal, Task 7 ($) 4,860$ 4,267 $ 37,696 $ 14,444$ 57,514$ 12,441$ 945 $ 132,167 $ 142,816 $ 151,385 $ 283,552 $ Task8 Dry Utilities (Optional - Priority 1)

8.01Kickoff Meeting (Optional - Priority 1) 0

8.02Coordination with Utility Companies (Optional - Priority 1) 0

8.031st Draft MIIA Technical Report Chapter (Optional - Priority 1) 0 Subtotal, Task 8 (hours) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Subtotal, Task 8 ($)
Labor

Costs
West Yost Associates P/VP EM/SM/GM II TS IV SE/SS/SG I PE/PS/PG I ESG II AE/AS/AG II PE/PS/PG II SE/SS/SG I PE/PS/PG II PE/PS/PG II ESG II SGISA EM/SM/GM II ADM II SE/SS/SG IIEM/SM/GM II ESG II TA II ADM II P/VP Hours Fee V&A CHA NCE MJA SUBT Sub. Other Total $328 $324 $242 $251 $280 $201 $231 $298 $251 $298 $298 $201 $245 $324 $112 $248 $314 $193 $143 $105 $328 w/ markup Direct Costs PROJECT: Mare Island Infrastructure Assessment - 10.31 Update Elizabeth D Doug M Jill M Anne G Patrick J Josh S Dmitriy S Mike Z Michele M Brenda E Youssif H Kiersten M Joe B Polly B Admin Mei-Hui QAQC Mgr Project Engr Sr Tech Admin 6% Labor
Task9 MIIA Technical Report and Presentations

9.01Compile First Draft Report 1 24 6 24 2 2 1 2 2 2 1 8 75 19,509 $ 19,509 $

9.02Second and Third Draft Report 2 24 4 24 8 2 2 2 2 8 8 4 16 4 110 26,732 $ 26,732 $

9.03Prepare Presentation and Presentation Dry Run 12 2 16 4 8 42 11,564 $ 500$ 530$ 12,094 $

9.04Public Meeting and Presentations (Optional - Priority 1) 0 700$ 700$

9.05Final Report 4 16 2 24 8 4 8 66 16,312 $ 16,312 $ Subtotal, Task 9 (hours) 7 76 14 88 0 18 4 2 1 8 2 8 0 1 24 16 4 16 0 4 0 293 Subtotal, Task 9 ($) 2,296$ 24,624$ 3,388$ 22,088$ 3,618 $ 924$ 596$ 251$ 2,384$ 596$ 1,608$ 324 $ 2,688$ 3,968$ 1,256$ 3,088$ 420 $ 74,117 $ 500 $ 530 $ 700$ 75,347$ Task10 Contingency

10.01Base Fee Contingency for Additional Services requested by City/District 0 12,240 $ 12,240$

10.02Additional Services requested by City/District (Optional - Priority 2) 0 Subtotal, Task 10 (hours) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Subtotal, Task 10 ($) 12,240 $ 12,240$ TOTAL (hours) 19 359 99 510 6 170 216 42 23 244 62 638 94 29 64 168 50 314 87 13 0 3,207 TOTAL ($) 6,232$ 116,316$ 23,958$ 128,010$ 1,680 $ 34,170$ 49,896$ 12,516$ 5,773$ 72,712$ 18,476$ 128,238$ 23,030$ 9,396$ 7,168$ 41,664$ 15,700$ 60,602$ 12,441$ 1,365$ 769,343 $ 182,000$ 10,000$ 142,816$ 20,285$ 90,000$ 471,807$ 18,850$ 1,260,000$

Customization Mode Enabled (please exit out of this mode before closing workbook) Principal/Vi
ce
President
Engineeri
ng/Scienti
st/Geologi
st
Manager
Technical
Specialist
IV
Senior
Engineer/
Scientist/
Geologist I
Principal
Engineer/
Scientist/
Geologist I
Engineer/
Scientist/
Geologist
II
Associate
Engineer/
Scientist/
Geologist
II
Principal
Engineer/Sc
ientist/Geol
ogist II
Senior
Engineer/
Scientist/
Geologist I
Principal
Engineer/
Scientist/
Geologist
II
Principal
Engineer/Sc
ientist/Geol
ogist II
Engineer/
Scientist/
Geologist
II
Senior GIS
Analyst
Administr
ative II
Senior
Engineer/
Scientist/
Geologist
II
Engineeri
ng/Scienti
st/Geologi
st
Manager
Engineer/
Scientist/
Geologist
II
Technical
Analyst II
Administr
ative II
QC
Review
Costs
West Yost Associates
P/VP

EM/SM/GM II
TS IV

SE/SS/SG I

PE/PS/PG I

ESG II

AE/AS/AG II

PE/PS/PG II

SE/SS/SG I

PE/PS/PG II

ESG II
SGISA
ADM II

SE/SS/SG II

EM/SM/GM II

ESG II
TA II
ADM II
P/VP
Hours
Fee
Technology
NCE
DELV
SUBT
Sub.

Other
Total
$338
$334
$242
$259
$288
$201
$231
$307
$259
$307
$307
$201
$252
$115
$248
$314
$193
$143
$105
$338
& Admin
6%
6%
10%
w/ markup
Direct
Costs
PROJECT: Mare Island Infrastructure Assessment Optional Items - April 2023 Update Elizabeth D
Doug M
Jill M
Anne G
Patrick J
Josh S
Dmitriy S
Mike Z
Michele M
Brenda E
Youssif H
Kiersten M
Joe B
Admin
Mei-Hui
QAQC Mgr
Project Engr
Sr Tech
Admin
6%
Task
1 Project Management

1.02 Monthly Meetings: January 2024-March 2024
(Extended Task)
6 16
2 2
2 28
7,838
$

470
$

8,308
$

1.03 PM and QAQC: January 2024-March 2024 (Extended
Task)
4 12
40 8
64 16,640
$

998
$

17,638
$

1.04 Interim Monthly Check-ins with Ivette - 13 meetings (New Task)
22 26
48 14,082
$

845
$

14,927
$

Subtotal, (hours)
4 40
0 82
0 0
2 2
0 2
0 0
0 8
0 0
0 0
0 0
140
Subtotal, ($)
1,352
$

13,360
$

21,238
$

462
$

614
$

920
$

38,560
$

2,314
$

40,874
$

Task
2 Mare Island Land Uses

2.01 Existing/Near-Term Land Use Conditions, GIS Layer
(Additional effort for Base Task)
16 24
40 8
88 21,616
$

1,297
$

22,913
$

2.03 Buildout Land Use Condition (Optional Task)
16 24
8 8
56 15,184
$

911
$

16,095
$

2.04 Buildout Land Use Condition TM and GIS Layer
(Optional Task)
4 16
16 8
2 46
10,942
$

657
$

11,599
$

Subtotal, (hours)
0 36
0 64
0 64
0 0
0 0
0 0
24 2
0 0
0 0
0 0
190
Subtotal, ($)

12,024
$

16,576
$

12,864
$

6,048
$

230
$

47,742
$

2,865
$

50,607
$

Task
3 Water System Evaluation

3.02 Gather and Review Existing Information (Additional effort for Base Task)
8 16
24 8
56 13,656
$

819
$

2,000
$

2,120
$

16,595
$

3.03 Water Tank Seismic Evaluation (Additional effort for Base Task)
0 19,152
$

20,301
$

3.11 Buildout Land Use Analyses - all related tasks
(Optional Task)
4 4
8 16
40 2
74 18,010
$

1,081
$

19,091
$

Subtotal, (hours)
0 12
0 20
0 24
0 0
0 8
16 40
8 2
0 0
0 0
0 0
130
Subtotal, ($)

4,008
$

5,180
$

4,824
$

2,456
$

4,912
$

8,040
$

2,016
$

230
$

31,666
$

1,900
$

21,152
$

22,421
$

55,987
$

Task
4 Sewer System Evaluation

4.02 Gather and Review Existing Information (Additional effort for Base Task)
8 22
24 8
62 15,210
$

913
$

16,123
$

4.09A
CCTV Inspection and Analysis (Re-Allocated Task)
4 12
24 40
9,316
$

559
$

9,954
$

10,949
$

20,824
$

4.09B
Utility Potholing - 10 potholes (Optional Task)
4 8
12 2,644
$

159
$

33,000
$

36,300
$

39,103
$

4.10 Develop Hydraulic Model (Optional Task)
24 40
120
8 192
45,728
$

2,744
$

48,472
$

4.11 Decision Point B Workshop (Optional Task)
8 4
16 4
8 40
10,436
$

626
$

11,062
$

4.14 Buildout Land Use Analyses - all related tasks
(Optional Task)
8 8
40 8
2 66
14,862
$

892
$

15,754
$

Subtotal, (hours)
0 48
4 54
52 212
16 0
8 0
0 8
8 2
0 0
0 0
0 0
412
Subtotal, ($)

16,032
$

968
$

13,986
$

14,976
$

42,612
$

3,696
$

2,072
$

1,608
$

2,016
$

230
$

98,196
$

5,892
$

42,954
$

47,249
$

151,337
$

Task
5 Stormwater System Evaluation

5.06 H/H Model (Optional Task)
24 4
2 60
8 2
100
23,864
$

1,432
$

25,296
$

5.07 Stormwater and Flood Control Decision Point A
Workshop (Optional Task)
12 2
4 16
4 2
40 10,186
$

611
$

10,797
$

5.08 Develop Final Stormwater and Flood Control System
Infrastructure Improvements (Optional Task)
16 2
4 30
8 2
6 68
16,910
$

1,015
$

17,925
$

Subtotal, 4.11 (hours)
0 52
8 10
0 106
12 2
16 0
0 0
0 2
0 0
0 0
0 0
208
Subtotal, 4.11 ($)

17,368
$

1,936
$

2,590
$

21,306
$

2,772
$

614
$

4,144
$

230
$

50,960
$

3,058
$

54,018
$

Task
6 Geotechnical Evaluation

6.01 Kickoff (Optional Task)
0 500
$

530
$

6.02 Gather and Review Geotechnical Documents,
Workshop (Optional Task)
4 4
8 2,372
$

142
$

43,570
$

46,184
$

48,699
$

6.03 Geotechnical Report Chapter (Optional Task)
4 8
12 3,408
$

204
$

7,000
$

7,420
$

11,032
$

6.04 General Support for all other Utilities (New Task) 0 10,000
$

10,600
$

Subtotal, Task 6 (hours)
0 8
0 12
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
20 Subtotal, Task 6 ($)

2,672
$

3,108
$

5,780
$

347
$

61,070
$

64,734
$

70,861
$

Task
7 Roads Evaluation

7.01 Progress Meetings and PM (Extended Task)
2 2
4 882
$

53 $

935
$

7.09 Pavement Condition Survey - Walking (Optional Task) 2 4
8 14
2,412
$

145
$

310
$

329
$

2,885
$

7.10 Pavement Deflection Testing (Optional Task)
2 8
8 18
3,184
$

191
$

7,510
$

7,961
$

11,336
$

7.11 Pavement Coring (Optional Task)
2 8
10 1,640
$

98 $

12,510
$

13,261
$

14,999
$

7.12 Pavement Analysis and Design (Optional Task)
6 4
20 30
6,604
$

396
$

1,070
$

1,134
$

8,134
$

7.08 Roads Chapter (Additional effort for Base Task)
2 2
24 24
8 8
68 13,754
$

825
$

14,579
$

Subtotal, Subtotal, Task 6 ($) (hours)
0 2
0 2
0 0
0 0
0 0
0 0
0 0
38 4
58 32
8 0
144
Subtotal, Subtotal, Task 6 ($) ($)

668
$

518
$

9,424
$

1,256
$

11,194
$

4,576
$

840
$

28,476
$

1,709
$

21,400
$

22,684
$

52,869
$

Task
8 Dry Utility Systems
Kickoff Meeting (Optional Task)
1 2
1 4
1,077
$

65 $

1,142
$

8.01 Coordination with Utility Companies - (Optional Task) 8 40
4 52
13,388
$

803
$

14,191
$

8.02 1st Draft MIIA Technical Report Chapter - (Optional Task)
4 16
8 4
32 7,740
$

464
$

8,204
$

Labor

Costs
West Yost Associates
P/VP

EM/SM/GM II
TS IV

SE/SS/SG I

PE/PS/PG I

ESG II

AE/AS/AG II

PE/PS/PG II

SE/SS/SG I

PE/PS/PG II

ESG II
SGISA
ADM II

SE/SS/SG II

EM/SM/GM II

ESG II
TA II
ADM II
P/VP
Hours
Fee
Technology
NCE
DELV
SUBT
Sub.

4,342
$

14,036
$

3,367
$

460
$

22,205
$

1,332
$

23,537
$

Task
9 MIIA Technical Report and Presentations

9.06 Public Meeting and Presentations (Optional Task)
16 8
16 4
44 11,884
$

713
$

12,597
$

Subtotal, 8.01 (hours)
0 16
8 16
0 0
0 0
0 0
0 0
0 4
0 0
0 0
0 0
44 Subtotal, 8.01 ($)

5,344
$

1,936
$

4,144
$

460
$

11,884
$

713
$

12,597
$

Task
10 Contingency

10.01 Additional Services requested by City/District
(Optional)
0 43,241
$

43,241
$

Subtotal, Task 10 (hours)
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 Subtotal, Task 10 ($)

43,241
$

TOTAL (hours)
4 227
78 273
52 406
30 4
24 10
16 48
40 24
38 4
58 32
8 0
1,376
TOTAL ($)
1,352
$

75,818
$

18,876
$

70,707
$

14,976
$

81,606
$

6,930
$

1,228
$

6,216
$

3,070
$

4,912
$

9,648
$

10,080
$

2,760
$

9,424
$

1,256
$

11,194
$

4,576
$

840
$

335,469
$

20,128
$

21,400
$

82,222
$

42,954
$

157,089
$

43,241
$

555,927
$

Engineer/Scien
tist/Geologist
Manager II
Senior
Engineer/Scien
tist/Geologist
II
QC Review
West Yost Associates

EM/SM/GM II

SE/SS/SG II
P
Hours
Fee
M&N
Sub.

Total
$362
$295
$366
w/ markup
Costs
PROJECT: MIIA - Sea Wall Assessment - October 23, 2024
D. Moore
A. Girtz
6%
Task

6.06 Recon-Level Condition Assessment of Mare Island Sea Wall

6.06A
Obtain and Review Existing Documents, Desktop Eval
0 23,708
$

25,130
$

6.06B
Prepare Base Map for Inspection
0 3,182
$

3,373
$

6.06C
Over-Land Assessment
0 8,618
$

9,135
$

6.06D
Over-Water Assessment
0 4,756
$

5,041
$

6.06E
Inspection Report
0 8,616
$

9,133
$

6.06F
PM and Coordination
2 4
6 1,904
$

2,498
$

2,648
$

4,552
$

Task 6.06 Hours
2 4
0 6
Task 6.06 Fee
724
$

1,180
$

1,904
$

51,378
$

54,461
$

56,365
$

Labor

Attachment B

West Yost and Associates, Inc.

Professional Services Agreement Amendment No. 1

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dĂƐŬϮ͘ϭ͘ĞǀĞůŽƉ>ĂŶĚhƐĞ
ƐƚŝŵĂƚĞƐĨŽƌƚŚĞƵƚŚŽƌŝǌĞĚ>ĂŶĚhƐĞŽŶĚŝƚŝŽŶ;ƐͿ
tĞƐƚ zŽƐƚ ǁŝůů ĐŽŽƌĚŝŶĂƚĞ ǁŝƚŚ D/ ƚŽ ĚĞǀĞůŽƉ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ ĨŽƌ ĂƵƚŚŽƌŝǌĞĚ ůĂŶĚ ƵƐĞ ĐŽŶĚŝƚŝŽŶƐ͘tĞǁŝůůĐůĂƌŝĨǇǁŚĂƚďƵŝůĚŝŶŐƐĂƌĞĐƵƌƌĞŶƚůǇŽĐĐƵƉŝĞĚŽƌǀĂĐĂŶƚĂŶĚŽďƚĂŝŶƐƵŵŵĂƌŝĞƐŽĨƚŽƚĂů ĚǁĞůůŝŶŐ ƵŶŝƚƐ ĂŶĚ ĂĐƌĞĂŐĞ ŽĨ ĐŽŵŵĞƌĐŝĂůͬŝŶĚƵƐƚƌŝĂůͬŽƚŚĞƌ ůĂŶĚ ƵƐĞƐ͘ dŚĞ ŝƚǇ ŝƐ ƚŽ ƉƌŽǀŝĚĞ ǁĂƚĞƌ ƵƐĞͬďŝůůŝŶŐĚĂƚĂĨŽƌƚŚĞŽĐĐƵƉŝĞĚďƵŝůĚŝŶŐƐĂŶĚƐŝƚĞƐ͘dŚĞŝƐƚ ƌŝĐƚŝƐƚŽƉƌŽǀŝĚĞĂŶǇĚĂƚĂĨŽƌƚŚĞŚŝŐŚͲĨůŽǁ ƐĞǁĞƌĐƵƐƚŽŵĞƌƐ;ŝĨĂŶǇͿ͘
$ttDFKPHQW $
6FRSH RI :RUN

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D//WƌŽũĞĐƚ
KĐƚŽďĞƌϯϭ͕ϮϬϮϮ
WĂŐĞϮ

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:KͲϮϬϮϮD//ͲWK^dtZͲϭϬ͘ϯϭ

tĞ ǁŝůů ŵĂƉ ĂŶĚ ƐƵŵŵĂƌŝǌĞ ƚŚĞ WŚĂƐĞ ϭ ůĂŶĚ ƵƐĞ ŝŶĨŽƌŵĂƚŝŽŶ ĨƌŽŵ D/͕ ŝƚǇ͕ ĂŶĚ ŝƐƚƌŝĐƚ ŝŶƉƵƚ ƚŽ ĞƐƚŝŵĂƚĞ ƚŚĞ ƚŽƚĂů ŶƵŵďĞƌ ŽĨ ĚǁĞůůŝŶŐ ƵŶŝƚƐ͕ ĂĐƌĞĂŐĞƐ͕ ĂŶĚ ĂƉƉƌ ŽǆŝŵĂƚĞ ůŽĐĂƚŝŽŶ;ƐͿ ŽĨ ĐŽŵŵĞƌĐŝĂůͬŝŶĚƵƐƚƌŝĂůͬŽƚŚĞƌůĂŶĚƵƐĞƐ͘
/ĨƚŚĞďƵŝůĚŽƵƚůĂŶĚƵƐĞĞǀĂůƵĂƚŝŽŶŝƐĂƵƚŚŽƌŝǌĞĚ͕ŝƚǁŝůůďĞŝŶĐůƵĚĞĚŝŶƚŚŝƐƚĂƐŬĂŶĚŝŶƚŚĞĞǀĂůƵĂƚŝŽŶƚĂƐŬƐ ďĞůŽǁ͘/ĨƚŚĞďƵŝůĚŽƵƚůĂŶĚƵƐĞĞǀĂůƵĂƚŝŽŶŝƐŶŽƚĂƵƚŚŽƌŝǌĞĚ͕ŝ ƚǁŝůůŶŽƚďĞŝŶĐůƵĚĞĚŝŶƚŚŝƐƚĂƐŬŶŽƌŝŶƚŚĞ ƚĂƐŬƐ ďĞůŽǁ͘ tĞ ƵŶĚĞƌƐƚĂŶĚ Ă DĂƌĞ /ƐůĂŶĚ ^ƉĞĐŝĨŝĐ WůĂŶ ;D/^WͿ ŝƐ ĐƵƌƌĞŶƚůǇ ďĞŝŶŐ ĚĞǀĞůŽƉĞĚ ƚŚĂƚ ǁŝůů ĚĞĨŝŶĞďƵŝůĚŽƵƚĐŽŶĚŝƚŝŽŶƐ͘dŚĞD/^WĐŽƵůĚŝŶĐůƵĚĞƵƉƚŽϭϬ͕ϬϬϬĚǁĞůůŝŶŐƵŶŝƚƐĂŶĚƵƉƚŽϮϬ͕ϬϬϬũŽďƐ͘dŚĞ ĚƌĂĨƚD/^WǁŝůůŶŽƚďĞĂǀĂŝůĂďůĞƵŶƚŝůŽƌĂĨƚĞƌƚŚĞƐƵŵŵĞƌŽĨϮ ϬϮϯ͘/ĨĂƵƚŚŽƌŝǌĞĚ͕ƚŚĞďƵŝůĚŽƵƚĐŽŶĚŝƚŝŽŶ ǁŝůůďĞĂŶĞƐƚŝŵĂƚĞŽĨƚŚĞĨƵƚƵƌĞůĂŶĚƵƐĞ͘dŚŝƐĞƐƚŝŵĂƚĞǁŽƵůĚ ďĞƵƐĞĚĨ ŽƌƚŚ ĞďƵŝůĚŽƵƚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĞǀĂůƵĂƚŝŽŶƐ;ƐƵĐŚĂƐƚŽƚĂůDĂƌĞ/ƐůĂŶĚǁĂƚĞƌĚĞŵĂŶĚĨŽƌƐŝǌŝŶŐƚŚĞƐŽƵƚŚǁĂƚĞƌƐƵƉƉůǇĐƌŽƐƐŝŶŐŵĂŝŶĂŶĚ ĨŽƌĞǀĂůƵĂƚŝŶŐƚŚĞƚŽƚĂůǁĂƐƚĞǁĂƚĞƌĨůŽǁĨƌŽŵDĂƌĞ/ƐůĂŶĚƚŽƚŚĞĞǆŝƐƚŝŶŐDĂƌĞ/ƐůĂŶĚtĂǇƚƌƵŶŬƐĞǁĞƌͿ͘ dĂƐŬϮ͘Ϯ͘WƌĞƉĂƌĞ'/^>ĂǇĞƌƐĂŶĚdD
tĞƐƚzŽƐƚǁŝůůƉƌĞƉĂƌĞĂ'/^ůĂǇĞƌĨŽƌĞĂĐŚĂƵƚŚŽƌŝǌĞĚůĂŶĚƵƐĞ ĂŶĚĂĐŽŶĐŝƐĞƚĞĐŚŶŝĐĂůŵĞŵŽƌĂŶĚƵŵƚŽ ĚŽĐƵŵĞŶƚƚŚĞůĂŶĚƵƐĞƐĂŶĚĂƐƐŽĐŝĂƚĞĚĂƐƐƵŵƉƚŝŽŶƐ͘
dĂƐŬϮĞůŝǀĞƌĂďůĞƐ
x ŽŶĐŝƐĞdĞĐŚŶŝĐĂůDĞŵŽƌĂŶĚƵŵ
x '/^ŵĂƉƐĨŽƌWŚĂƐĞϭůĂŶĚƵƐĞĐŽŶĚŝƚŝŽŶ
x '/^ŵĂƉĨŽƌƵŝůĚŽƵƚůĂŶĚƵƐĞĐŽŶĚŝƚŝŽŶ;KƉƚŝŽŶĂůʹWƌŝŽƌŝƚǇϭͿ
dĂƐŬϯ͘tĂƚĞƌ^ǇƐƚĞŵ
ǀĂůƵĂƚŝŽŶ
dŚĞǁĂƚĞƌƐǇƐƚĞŵĞǀĂůƵĂƚŝŽŶŝƐƉƌĞƐĞŶƚĞĚďĞůŽǁ͘
dĂƐŬϯ͘ϭ͘tĂƚĞƌ^ǇƐƚĞŵ<ŝĐŬŽĨĨDĞĞƚŝŶŐ
ŬŝĐŬŽĨĨŵĞĞƚŝŶŐǁŝůůďĞŚĞůĚĨŽƌƚŚĞǁĂƚĞƌƵƚŝůŝƚǇǁŝƚŚŝƚǇĂŶĚs&tƐƚĂĨĨ;ĂƐƉĂƌƚŽĨƚŚĞŽǀĞƌĂůůŬŝĐŬŽĨĨ ŵĞĞƚŝŶŐͿƚŚĂƚǁŝůůďĞŝŶǀŽůǀĞĚŝŶƚŚĞǁĂƚĞƌƐǇƐƚĞŵǁŽƌŬ͘dŚĞŵĞ ĞƚŝŶŐǁŝůůďĞƵƐĞĚƚŽĞƐƚĂďůŝƐŚƉƌŽũĞĐƚ ŐŽĂůƐ͕ĚŝƐĐƵƐƐĐŽŵŵƵŶŝĐĂƚŝŽŶĂŶĚĐŽŽƌĚŝŶĂƚŝŽŶ͕ĂŶĚĚŝƐĐƵƐƐƐĐŚĞĚƵůĞĂŶĚŵŝůĞƐƚŽŶĞƐ͘ dĂƐŬϯ͘Ϯ͘'ĂƚŚĞƌĂŶĚZĞǀŝĞǁ
ǆŝƐƚŝŶŐ/ŶĨŽƌŵĂƚŝŽŶ

ǆŝƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶǁŝůůďĞŐĂƚŚĞƌĞĚŝŶĐůƵĚŝŶŐƐƚƵĚŝĞƐ͕ŵĂƐƚĞƌƉůĂŶƐ͕'/^ĚĂƚĂ͕ĐŽŶĚŝƚŝŽŶĂƐƐĞƐƐŵĞŶƚĚĂƚĂ͕ ƌĞĐŽƌĚĚƌĂǁŝŶŐĨŽƌƚŚĞŶĞǁŶŽƌƚŚƐƵƉƉůǇŵĂŝŶ͕ĂůůĚĂƚĂĐŽůůĞĐƚĞĚŽŶƚŚĞŽůĚƐŽƵƚŚƐƵƉƉůǇŵĂŝŶ;ĐƵƌƌĞŶƚůǇ ďĞŝŶŐĞǀĂůƵĂƚĞĚďǇƚŚĞŝƚǇͿ͕ƌĞĐŽƌĚĚƌĂǁŝŶŐƐ͕ŵĂŝŶƚĞŶĂŶĐĞƌĞĐŽƌĚƐ͕ĂŶĚĂŶǇŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶƌĞůĞǀĂŶƚ ƚŽƚŚĞWƌŽũĞĐƚ͘dŚĞĂǀĂŝůĂďůĞĚĂƚĂǁŝůůďĞĚŝƐĐƵƐƐĞĚĚƵƌŝŶŐƚŚĞŬŝĐŬŽĨĨŵĞĞƚŝŶŐ͕ĂŶĚĂĂƚĂZĞƋƵĞƐƚ>ŽŐǁŝůů ďĞĚĞǀĞůŽƉĞĚƚŽƚƌĂĐŬĞĂĐŚĚŽĐƵŵĞŶƚ͘
dĂƐŬϯ͘ϮĞůŝǀĞƌĂďůĞ
x ĂƚĂZĞƋƵĞƐƚ>ŽŐ

dĂƐŬϯ͘ϯ͘tĂƚĞƌdĂŶŬŽŶĚŝƚŝŽŶƐƐĞƐƐŵĞŶƚ
tĞƐƚ zŽƐƚ ǁŝůů ƉĞƌĨŽƌŵ Ă ǀŝƐƵĂů ĂƐƐĞƐƐŵĞŶƚ ŽĨ ƚŚĞ ǁĂƚĞƌ ƚĂŶŬ ƚŽĚ Ğ ƚ Ğ ƌ ŵ ŝ Ŷ Ğ Ğ ǆ ŝ Ɛ ƚ ŝ Ŷ Ő Đ Ž Ŷ Ě ŝ ƚ ŝ Ž Ŷ Ă Ŷ Ě ŶĞĐĞƐƐĂƌǇŝŵƉƌŽǀĞŵĞŶƚƐ͘ƐƐĞƐƐŵĞŶƚǁŝůůŝŶĐůƵĚĞ͗

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D//WƌŽũĞĐƚ
KĐƚŽďĞƌϯϭ͕ϮϬϮϮ
WĂŐĞϯ

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:KͲϮϬϮϮD//ͲWK^dtZͲϭϬ͘ϯϭ

x ^ĞŝƐŵŝĐĂƐƐĞƐƐŵĞŶƚ;ďǇD:ͿʹD:ǁŝůůĐŽůůĞĐƚŝŶƉƵƚƐĂŶĚͬŽƌĚĞǀĞůŽƉĂƐƐƵŵƉƚŝŽŶƐĂƌŽƵŶĚ ŐĞŽƚĞĐŚŶŝĐĂůĂŶĚƐƚƌƵĐƚƵƌĂůŝŶĨŽƌŵĂƚŝŽŶ͖ƉĞƌĨŽƌŵƉƐĞƵĚŽͲƐƚĂƚŝĐƐĞŝƐŵŝĐĂŶĂůǇƐŝƐŽĨƚĂŶŬ͖ ƉƌĞƉĂƌĞƐƵŵŵĂƌǇŽĨĂŶĂůǇƐŝƐ͘
x dŽƉͲƐŝĚĞĂŶĚĞǆƚĞƌŝŽƌǀŝƐƵĂůĂƐƐĞƐƐŵĞŶƚ;ŶŽĐŽŶĨŝŶĞĚƐƉĂĐĞĞŶƚƌǇͿ;ďǇsΘͿʹdŚŝƐŝŶĐůƵĚĞƐ ŝŶƐĞƌƚŝŶŐƉŽůĞŵŽƵŶƚĞĚĐĂŵĞƌĂŝŶƚŽĂǀĂŝůĂďůĞĂĐĐĞƐƐƉŽŝŶƚƐŽŶƚŚĞƌŽŽĨ͕ĐŽŶĐƌĞƚĞƐŽƵŶĚŝŶŐ ŽŶƚŚĞĞǆƚĞƌŝŽƌǁĂůůĂŶĚƌŽŽĨ͕ĂŶĚǀŝƐƵĂůĂƐƐĞƐƐŵĞŶƚŽĨĐŽŶĐƌĞƚĞĚĞĨĞĐƚƐ͘ x ŝǀĞŝŶƐƉĞĐƚŝŽŶʹsΘǁŝůůƌĞƚĂŝŶƚŚĞƐĞƌǀŝĐĞƐŽĨĂĚŝǀĞŝŶƐƉĞĐƚŝŽŶĐŽŵƉĂŶǇƚŽĐŽŶĚƵĐƚĂŶ ƵŶĚĞƌǁĂƚĞƌĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĐŽŶĐƌĞƚĞƚĂŶŬ͘
/ŶĨŽƌŵĂƚŝŽŶĨƌŽŵdĂƐŬϯ͘ϯǁŝůůďĞŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞĚĞƐŬƚŽƉĞǀĂůƵĂƚŝŽŶĂŶĚdD͘ dĂƐŬϯ͘ϰtĂƚĞƌWŝƉĞůŝŶĞŽŶĚŝƚŝŽŶƐƐĞƐƐŵĞŶƚ^ƉŽƚͲŚĞĐŬƐ tĞǁŝůůǁŽƌŬǁŝƚŚƚŚĞŝƚǇƚŽŝĚĞŶƚŝĨǇůŽĐĂƚŝŽŶƐĨŽƌǁĂƚĞƌƉŝƉĞůŝŶĞĐŽŶĚŝƚŝŽŶĂƐƐĞƐƐŵĞŶƚĨŝĞůĚƚĞƐƚŝŶŐ͘dŚĞ ŐŽĂůŽĨƚŚŝƐƚĂƐŬŝƐƚŽǀĞƌŝĨǇƚŚĞĐŽŶĚŝƚŝŽŶŽĨƚŚĞĞǆŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞƚŚĂƚǁŝůůƐĞƌǀĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞ WŚĂƐĞ ϭ ĐŽŶĚŝƚŝŽŶƐ ;Ğ͘Ő͕͘ ƉŝƉĞůŝŶĞƐ ŝŶ ŵĂŝŶ ƌŽĂĚǁĂǇƐ ƐƵĐŚ ĂƐ ǌƵĂƌ ǀĞŶƵĞ ĂŶĚ ƚŚŽƐĞ ƚŚĂƚ ƐĞƌǀĞ ƚŚĞ ŽŶŶŽůůǇŽƌƌŝĚŽƌͿ͘tĞǁŝůůƉĞƌĨŽƌŵĞůĞĐƚƌŽŵĂŐŶĞƚŝĐĐƌŽǁŶƚĞƐƚŝŶŐĂƚƚĞŶůŽĐĂƚŝŽŶƐǁŝƚŚŵĞƚĂůůŝĐƉŝƉĞůŝŶĞƐ ǁŚŝĐŚ ǁŝůů ƉƌŽǀŝĚĞ ĂǀĞƌĂŐĞ ƉŝƉĞ ǁĂůů ƚŚŝĐŬŶĞƐƐ ĞƐƚŝŵĂƚĞƐ͘ /ƚ ŝƐ ĂƐƐƵŵĞĚ ƚŚĞ ŝƚǇ ǁŝůů ƉƌŽǀŝĚĞ ůĂďŽƌ͕ ĞƋƵŝƉŵĞŶƚ͕ĂŶĚ ŵĂƚĞƌŝĂůƐ ƚŽ ƉĞƌĨŽƌŵ ƚŚĞ ƉŽƚŚŽůĞ ĞǆĐĂǀĂƚŝŽŶƐ͕ ŵĂƚĞƌŝĂů ĚŝƐƉŽƐĂů͕ ƌĞƐƚŽƌĂƚŝŽŶ͕ ĂŶĚ ĂŶǇ ĞŶǀŝƌŽŶŵĞŶƚĂů ƌĞŵĞĚŝĂƚŝŽŶͬƉĞƌŵŝƚƚŝŶŐ Ăƚ ƚŚĞ ƚĞŶ ůŽĐĂƚŝŽŶƐ͘ dŚĞ tĞƐƚ zŽƐƚ ƚĞĂŵ ǁŝůů ƉƌŽǀŝĚĞ ƚƌĂĨĨŝĐ ĐŽŶƚƌŽů͕ŽďƚĂŝŶĞŶĐƌŽĂĐŚŵĞŶƚƉĞƌŵŝƚƐ͕ĂŶĚƉĞƌĨŽƌŵƚĞƐƚŝŶŐĂŶĚĂŶĂůǇƐŝƐ͘ŽŶĚŝƚŝŽŶŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵƚŚĞ ŝŶƐƉĞĐƚŝŽŶƐǁŝůůďĞĞǆƚƌĂƉŽůĂƚĞĚƚŽŽƚŚĞƌƉŝƉĞƐŝŶƚŚĞƐǇƐƚĞŵďĂƐĞĚŽŶŵĂƚĞƌŝĂů͕ĂŐĞ͕ĞƚĐ͘ /ŶĨŽƌŵĂƚŝŽŶĨƌŽŵdĂƐŬϯ͘ϰǁŝůůďĞŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞĚĞƐŬƚŽƉĞǀĂůƵĂƚŝŽŶĂŶĚdD͘ dĂƐŬϯ͘ϱ͘WĞƌĨŽƌŵĞƐŬƚŽƉ
ǀĂůƵĂƚŝŽŶ
ĚĞƐŬƚŽƉĞǀĂůƵĂƚŝŽŶǁŝůůďĞƉĞƌĨŽƌŵĞĚƚŽĐĂƚĂůŽŐƚŚĞǁĂƚĞƌƐǇƐƚĞŵĂƐƐĞƚƐŝŶĐůƵĚŝŶŐƉŝƉĞƐ͕ǀĂůǀĞƐ͕ŵĞƚĞƌƐ͕ ĂŶĚ ƚŚĞ ƚĂŶŬ ďĂƐĞĚ ŽŶ ĂŐĞ͕ ŵĂƚĞƌŝĂůƐ͕ ƐŝǌĞ͕ ĚĞƉƚŚ ;ƉŝƉĞůŝŶĞƐͿ͕ĂŶĚ ĂŶǇ ĂǀĂŝůĂďůĞ ĐŽŶĚŝƚŝŽŶ ĚĂƚĂ͘ dŚĞ ŝŶĨŽƌŵĂƚŝŽŶǁŝůůďĞƐƵŵŵĂƌŝǌĞĚŝŶ'/^ŵĂƉƉŝŶŐĂŶĚĂŶ
ǆŝƐƚŝŶŐt ĂƚĞƌ^ǇƐƚĞŵdD͕ǁŚŝĐŚǁŝůůŝŶĐůƵĚĞĂ
ƋƵĂŶƚŝĨŝĐĂƚŝŽŶŽĨĚĞŐƌĂĚĂƚŝŽŶŽĨƚŚĞĂƐƐĞƚƐ͕ĂŶĚĂŶĂŶĂůǇƐŝƐŽĨƚŚĞĐŽŶƚŝŶƵĞĚƐĞƌǀŝĐĞĐĂƉĂďŝůŝƚǇ;ƌĞŵĂŝŶŝŶŐ ƵƐĞĨƵůůŝĨĞͿ͘dŚĞĨŽůůŽǁŝŶŐŵĂƉƐǁŝůůďĞƉƌĞƉĂƌĞĚ͗ϭͿŝŶĨƌĂƐƚƌƵ ĐƚƵƌĞĂŐĞŵĂƉ͕ϮͿ/ŶĨƌĂƐƚƌƵĐƚƵƌĞĐŽŶĚŝƚŝŽŶ ŵĂƉ͕ ϯͿ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ ƌĞŵĂŝŶŝŶŐ ůŝĨĞ ŵĂƉ͕ ϰͿ WŝƉĞ ŵĂƚĞƌŝĂů ŵĂƉ͕ ĂŶĚ ϱͿ ZĞĐŽŵŵĞŶĚĞĚ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ ZĞƉůĂĐĞŵĞŶƚ DĂƉ͘ dŚĞ ŽďũĞĐƚŝǀĞ ŽĨ ƚŚĞ ĚĞƐŬƚŽƉ ĞǀĂůƵĂƚŝŽŶ ŝƐ ƚŽ ƉƌŽǀŝĚĞ ƚŚĞ ŝƚǇ ǁŝƚŚ ĂĚĞƋƵĂƚĞ ŝŶĨŽƌŵĂƚŝŽŶƚŽĚĞƚĞƌŵŝŶĞŝĨƚŚĞĞǆŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝƐƐƵŝƚĂďůĞĨƌŽŵĂĐŽŶĚŝƚŝŽŶĂƐƐĞƐƐŵĞŶƚƉĞƌƐƉĞĐƚŝǀĞ ƚŽƐĞƌǀĞƚŚĞWŚĂƐĞϭĐŽŶĚŝƚŝŽŶƐ͘dŚĞĂŵŽƵŶƚŽĨŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌĂƐƐĞƚƐǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďǇƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚŝƐƌĞĂĚŝůǇĂǀĂŝůĂďůĞĂŶĚƌĞĐĞŝǀĞĚĨƌŽŵƚŚĞŝƚǇĂůŽŶŐǁŝƚŚƚŚĞĚĂƚĂĐŽůůĞĐƚĞĚŝŶdĂƐŬƐϯ͘ϯ ĂŶĚϯ͘ϰ͘ƌĂĨƚdDǁŝůůďĞƉƌŽǀŝĚĞĚƚŽƚŚĞŝƚǇĂŶĚs&tĨŽƌƌĞǀŝĞǁĂŶĚĐŽŵŵĞŶƚ͘ dĂƐŬϯ͘ϱĞůŝǀĞƌĂďůĞƐ
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ǆŝƐƚŝŶŐǁĂƚĞƌƐǇƐƚĞŵ'/^ŵĂƉƉŝŶŐ
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ǆŝƐƚŝŶŐǁĂƚĞƌƐǇƐƚĞŵdD

dĂƐŬϯ͘ϲ͘hƉĚĂƚĞĂŶĚĂůŝďƌĂƚĞ,ǇĚƌĂƵůŝĐDŽĚĞů
dŚĞŝƚǇ͛ƐĞǆŝƐƚŝŶŐǁĂƚĞƌƐǇƐƚĞŵŵŽĚĞůǁŝůůďĞƵƐĞĚĂƐƚŚĞƐƚĂƌƚŝŶŐƉŽŝŶƚĨŽƌƚŚŝƐƚĂƐŬ͘dŚĞŶĞƚǁŽƌŬǁŝůůďĞ ďĂƐĞĚ ŽŶ ƚŚĞ ĞǆŝƐƚŝŶŐ ŵŽĚĞů ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĂŶĚ ĂǀĂŝůĂďůĞ ŵĂƉƉŝŶŐ͕ ĂŶĚ ŝŶĐůƵĚĞ ĚŝƐƚƌŝďƵƚŝŽŶ ƐǇƐƚĞŵ ƉŝƉŝŶŐ͕ ĐƌŝƚŝĐĂůǀĂůǀĞƐ͕ĂŶĚƚŚĞƚĂŶŬŽŶŵĂƌĞŝƐůĂŶĚ͕ĂƐǁĞůůĂƐǁĂƚĞƌƐƵƉƉůǇƚƌĂŶƐŵŝƐƐŝŽŶŵĂŝŶƐ;ĐƌŽƐƐŝŶŐƐͿĐƌŽƐƐŝŶŐDĂƌĞ /ƐůĂŶĚ^ƚƌĂŝŐŚƚ͘ŵĞĞƚŝŶŐǁŝůůďĞŚĞůĚǁŝƚŚŝƚǇƐƚĂĨĨƚŽǀĂůŝĚĂƚĞƚŚĞĞǆŝƐƚŝŶŐŵĂƉƉŝŶŐĂŶĚĐŽŶĨŝƌŵƚŚĞŵŽĚĞů

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D//WƌŽũĞĐƚ
KĐƚŽďĞƌϯϭ͕ϮϬϮϮ
WĂŐĞϰ

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:KͲϮϬϮϮD//ͲWK^dtZͲϭϬ͘ϯϭ

ŶĞƚǁŽƌŬƚŽďĞƵƐĞĚĨŽƌĂŶĂůǇƐŝƐ͘dŚĞŵŽĚĞůǁŝůůďĞĚĞǀĞůŽƉĞĚĨŽƌďŽƚŚĞǆƚĞŶĚĞĚͲƉĞƌŝŽĚĂŶĚƐƚĞĂĚǇƐƚĂƚĞ ĂŶĂůǇƐŝƐ͘&ĂĐŝůŝƚǇĞůĞǀĂƚŝŽŶƐǁŝůůďĞďĂƐĞĚŽŶĂƐͲďƵŝůƚĚƌĂǁŝŶŐƐ͖ĂŶĚŽƚŚĞƌŵŽĚĞůũƵŶĐƚŝŽŶĞůĞǀĂƚŝŽŶƐǁŝůůďĞ ďĂƐĞĚŽŶĂǀĂŝůĂďůĞŐƌŽƵŶĚƐƵƌĨĂĐĞĞůĞǀĂƚŝŽŶĚĂƚĂ͘
ǆŝƐƚŝŶŐĚĞŵĂŶĚĚĂƚĂǁŝůůďĞĚĞǀĞůŽƉĞĚĨƌŽŵŝƚǇŵĞƚĞƌ
ĚĂƚĂĂŶĚďĂƐĞĚŽŶŝŶƉƵƚĨƌŽŵƚŚĞŝƚǇ͘
DĂŶǇ ŽĨ ƚŚĞ ƉŝƉĞůŝŶĞƐĂƌĞ ŽůĚ ĂŶĚ ĚĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞŝƌ ĐŽŶĚŝƚŝŽŶ͕Ś Ǉ Ě ƌ Ă Ŷ ƚ ƚ Ğ Ɛ ƚ ŝ Ŷ Ő ŵ Ă Ǉ Ŷ Ž ƚ ď Ğ Ĩ Ğ Ă Ɛ ŝ ď ů Ğ ǁŝƚŚŽƵƚĐĂƵƐŝŶŐƌŝƐŬŽĨĚĂŵĂŐĞƚŽƚŚĞĞǆŝƐƚŝŶŐƐǇƐƚĞŵ͘/ŶƐƚĞĂĚ͕ ǁĞǁŝůůƵƐĞŚǇĚƌĂŶƚƉƌĞƐƐƵƌĞƌĞĐŽƌĚĞƌƐ ;,WZƐͿƚŽŽďƚĂŝŶĨŝĞůĚĚĂƚĂĨŽƌĐĂůŝďƌĂƚŝŽŶ͘tĞƵŶĚĞƌƐƚĂŶĚƚŚĞŝƚǇŚĂƐϭϮ,WZƐƚŚĂƚǁŝůůďĞƵƚŝůŝǌĞĚĨŽƌƚŚŝƐ ĞĨĨŽƌƚ͘tĞƐƚzŽƐƚǁŝůůƉƌŽǀŝĚĞĞŝŐŚƚ,WZƐĨŽƌƐĞǀĞŶĚĂǇƐŽĨŵŽŶŝƚŽƌŝŶŐ͘ĂůŝďƌĂƚŝŽŶŽĨƚŚĞŚǇĚƌĂƵůŝĐŵŽĚĞů ǁŝůůďĞƉĞƌĨŽƌŵĞĚĨŽƌŽŶůǇDĂƌĞ/ƐůĂŶĚƵƐŝŶŐďŽƵŶĚĂƌǇĐŽŶĚŝƚŝŽŶƐĂƚƚŚĞƚǁŽƐƵƉƉůǇŵĂŝŶƐƚŽƚŚĞ/ƐůĂŶĚ͘ &ŝŐƵƌĞƐǁŝůůďĞƉƌĞƉĂƌĞĚƐŚŽǁŝŶŐƵƉĚĂƚĞĚŵŽĚĞůĚĂƚĂĂŶĚĐŚĂƌƚƐ ĐŽŵƉĂƌŝŶŐŵŽĚĞůƌĞƐƵůƚƐƚŽĨŝĞůĚĚĂƚĂ ĂŶĚ^ĚĂƚĂƚŽǀĞƌŝĨǇƚŚĞĐĂůŝďƌĂƚŝŽŶ͘
ŵĞĞƚŝŶŐǁŝůůďĞŚĞůĚƚŽƉƌĞƐĞŶƚƚŚĞƌĞƐƵůƚƐƚŽƚŚĞŝƚǇĂŶĚƚŚĞŝƐƚƌŝĐƚ͘ dĂƐŬϯ͘ϲĞůŝǀĞƌĂďůĞƐ
x ŽŶĐŝƐĞdDŝŶĐůƵĚŝŶŐĐĂůŝďƌĂƚŝŽŶŵĂƉƐͬĨŝŐƵƌĞƐ

dĂƐŬϯ͘ϳ͘,ǇĚƌĂƵůŝĐDŽĚĞůŶĂůǇƐĞƐ

ĂĐŚ>ĂŶĚhƐĞĐŽŶĚŝƚŝŽŶ;WŚĂƐĞϭĂŶĚƵŝůĚŽƵƚŝĨĂƵƚŚŽƌŝǌĞĚͿǁŝůůďĞƵƐĞĚƚŽĚĞǀĞůŽƉĂŵŽĚĞůƐĐĞŶĂƌŝŽƚŽ ĞǀĂůƵĂƚĞĐĂƉĂĐŝƚǇ͕ƉƌĞƐƐƵƌĞ͕ĂŶĚǁĂƚĞƌĂŐĞĚĞƐŝŐŶĐƌŝƚĞƌŝĂĞƐƚĂďůŝƐŚĞĚďǇƚŚĞŝƚǇ͘ĂƐĞĚŽŶƚŚĞƌĞƐƵůƚƐŽĨ ƚŚĞ ĂŶĂůǇƐŝƐ͕ ƌĞĐŽŵŵĞŶĚĞĚ ŝŵƉƌŽǀĞŵĞŶƚƐ ǁŝůů ďĞ ŝĚĞŶƚŝĨŝĞĚ ƚŽ ŵĞĞƚ ĚĞƐŝŐŶ ĐƌŝƚĞƌŝĂ͘ ƌĂĨƚ ƚĞĐŚŶŝĐĂů ŵĞŵŽƌĂŶĚƵŵǁŝůůďĞƉƌŽĚƵĐĞĚƚŽĚŽĐƵŵĞŶƚƚŚĞŵŽĚĞů͕ĂŶĂůǇƐŝƐ͕ĂŶĚƌĞƐƵůƚƐ͘dŚĞdDǁŝůůŝŶĐůƵĚĞŵŽĚĞů ƌĞƐƵůƚĨŝŐƵƌĞƐƚŚĂƚŐƌĂƉŚŝĐĂůůǇƉƌĞƐĞŶƚƚŚĞĞǀĂůƵĂƚŝŽŶƐ͕ĂƐůŝƐƚĞĚďĞůŽǁ͘ x DŽĚĞůEŽĚĞWƌĞƐƐƵƌĞDĂƉƐʹdŚĞƐĞŵĂƉƐƐŚŽǁŵŽĚĞůŶŽĚĞƐ;ůŽĐĂƚŝŽŶƐŝŶƚŚĞĂĐƚƵĂůǁĂƚĞƌ ƐǇƐƚĞŵͿƚŚĂƚůĂĐŬĂĚĞƋƵĂƚĞƉƌĞƐƐƵƌĞ͘
x ǀĂŝůĂďůĞ&ŝƌĞ&ůŽǁDŽĚĞůEŽĚĞDĂƉʹdŚĞƐĞŵĂƉƐƐŚŽǁŵŽĚĞůŶŽĚĞƐƚŚĂƚůĂĐŬĂĚĞƋƵĂƚĞ ĨŝƌĞĨůŽǁ͘
x tĂƚĞƌŐĞEŽĚĞDĂƉʹdŚĞƐĞŵĂƉƐƐŚŽǁƚŚĞǁĂƚĞƌĂŐĞĂƚƚŚĞŵŽĚĞůŶŽĚĞƐ͘dŚĞǁĂƚĞƌĂŐĞ ŝƐŝŶĚŝĐĂƚŝǀĞŽĨǁĂƚĞƌƋƵĂůŝƚǇŝƐƐƵĞƐ͘
x DŽĚĞů>ŝŶŬ&ůŽǁsĞůŽĐŝƚǇDĂƉƐʹdŚĞƐĞŵĂƉƐƐŚŽǁŵŽĚĞůůŝŶŬƐ;ƉŝƉĞƐŝŶƚŚĞĂĐƚƵĂůǁĂƚĞƌ ƐǇƐƚĞŵͿƚŚĂƚǀŝŽůĂƚĞŵŝŶŝŵƵŵŽƌŵĂǆŝŵƵŵǀĞůŽĐŝƚǇƌĞƋƵŝƌĞŵĞŶƚƐ͘ x ĚŝƵƌŶĂůǁĂƚĞƌĚĞŵĂŶĚĐƵƌǀĞĐŚĂƌƚ
x dĂŶŬůĞǀĞůƐŽǀĞƌĚŝƵƌŶĂůĐǇĐůĞĐŚĂƌƚ
x EŽƌƚŚĂŶĚ^ŽƵƚŚ^ƵƉƉůǇdƌĂŶƐŵŝƐƐŝŽŶDĂŝŶĚŝƵƌŶĂůĨůŽǁĐŚĂƌƚƐ x KĨĨͲ/ƐůĂŶĚĞĨŝĐŝĞŶĐŝĞƐZĞƐƵůƚŝŶŐĨƌŽŵDĂƌĞ/ƐůĂŶĚĞǀĞůŽƉŵĞŶƚĨŝŐƵƌĞƐʹƚŚĞƐƉĞĐŝĨŝĐĨŝŐƵƌĞ ƚǇƉĞƐǁŝůůďĞĚĞƚĞƌŵŝŶĞĚŝĨͬǁŚĞŶƚŚĞƐƉĞĐŝĨŝĐĚĞĨŝĐŝĞŶĐŝĞƐĂƌĞŝĚĞŶƚŝĨŝĞĚ͘ dŚĞĨŝŐƵƌĞƐǁŝůůďĞƉƌĞƉĂƌĞĚĨŽƌĞĂĐŚůĂŶĚƵƐĞĐŽŶĚŝƚŝŽŶǁŝƚŚƚŚĞĞǆŝƐƚŝŶŐǁĂƚĞƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘dŚĞŵŽĚĞů ǁŝůůƚŚĞŶďĞƵƐĞĚƚŽŝĚĞŶƚŝĨǇƚŚĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞŶĞĞĚĞĚƚŽŵĞĞƚƚŚĞĚĞƐŝŐŶĐƌŝƚĞƌŝĂĨŽƌĞĂĐŚĂƵƚŚŽƌŝǌĞĚůĂŶĚ ƵƐĞ ĐŽŶĚŝƚŝŽŶ͘ dŚĞ ŶĞĞĚĞĚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ǁŝůů ďĞ ƐŚŽǁŶ ŝŶ ƚǁŽ ĨŝŐƵƌĞƐ͘ dŚĞ ŵŽĚĞů ƌĞƐƵůƚ ŵĂƉƐ ;ůŝƐƚĞĚ ĂďŽǀĞͿǁŝůůĂůƐŽďĞƉƌĞƉĂƌĞĚĨŽƌĞĂĐŚůĂŶĚƵƐĞĐŽŶĚŝƚŝŽŶǁŝƚŚƚŚĞŶĞĞĚĞĚŝŵƉƌŽǀĞŵĞŶƚƐƚŽĂĐŚŝĞǀĞĚĞƐŝŐŶ ĐƌŝƚĞƌŝĂ͘dŚĞƐŝǌŝŶŐŽĨĂŶĞǁƐŽƵƚŚǁĂƚĞƌƐƵƉƉůǇŵĂŝŶǁŝůůďĞŝ ĚĞŶƚŝĨŝĞĚďĂƐĞĚŽŶŶŽƵƉŐƌĂĚĞƐƚŽƚŚĞŶĞǁ ŶŽƌƚŚƐƵƉƉůǇŵĂŝŶ͘

ۯ

ۯ

ۯ
ۯ
D//WƌŽũĞĐƚ
KĐƚŽďĞƌϯϭ͕ϮϬϮϮ
WĂŐĞϱ

EͲDͲͲs>>
:KͲϮϬϮϮD//ͲWK^dtZͲϭϬ͘ϯϭ

ƌĂĨƚdDǁŝůůďĞƉƌŽǀŝĚĞĚƚŽƚŚĞŝƚǇĨŽƌƌĞǀŝĞǁĂŶĚĐŽŵŵĞŶƚ͘ dĂƐŬϯ͘ϳĞůŝǀĞƌĂďůĞƐ
x /ŶĨŽtĂƚĞƌŚǇĚƌĂƵůŝĐŵŽĚĞů
x DŽĚĞůƌĞƐƵůƚĨŝŐƵƌĞƐ
x DŽĚĞůdD

dĂƐŬϯ͘ϴ͘tĂƚĞƌ^ǇƐƚĞŵĞĐŝƐŝŽŶWŽŝŶƚtŽƌŬƐŚŽƉ;/ŶͲWĞƌƐŽŶͿ tĞǁŝůůůĞĂĚĂŶŝŶͲƉĞƌƐŽŶǁŽƌŬƐŚŽƉƚŽƉƌĞƐĞŶƚƚŚĞƌĞƐƵůƚƐŽĨdĂƐŬƐϯ͘ϭƚŚƌŽƵŐŚϯ͘ϳ͕ƌĞǀŝĞǁŶĞĞĚĞĚĚĞĐŝƐŝŽŶƐ ĂŶĚĐŽŶĨŝƌŵŽƌƌĞǀŝƐĞƚŚĞŶĞǆƚƐƚĞƉƐ;dĂƐŬƐϯ͘ϵĂŶĚϯ͘ϭϬͿ͘ƚƚŚŝƐǁŽƌŬƐŚŽƉǁĞǁŝůůĐŽůůĞĐƚŝǀĞůǇ;ŝƚǇ͕s&t͕ D/͕ĂŶĚtĞƐƚzŽƐƚƚĞĂŵͿĚĞĐŝĚĞŝĨƚŚĞĚĞƐŝŐŶĐƌŝƚĞƌŝĂŽƌƌĞĐŽŵŵĞŶĚĞĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞƐŚŽƵůĚďĞƌĞǀŝƐĞĚ͘ dĂƐŬϯ͘ϴĞůŝǀĞƌĂďůĞƐ
x tŽƌŬƐŚŽƉĂŶĚĂƐƐŽĐŝĂƚĞĚŵĂƚĞƌŝĂůƐ͘

dĂƐŬϯ͘ϵ͘ĞǀĞůŽƉ&ŝŶĂůtĂƚĞƌ^ǇƐƚĞŵ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ/ŵƉƌŽǀĞŵĞŶƚƐ ĂƐĞĚŽŶƚŚĞƌĞƐƵůƚƐŽĨƚŚĞƉƌĞǀŝŽƵƐƚĂƐŬƐƚŚĞĨŝŶĂůƐĞƚŽĨtĂƚĞƌ^ǇƐƚĞŵ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ/ŵƉƌŽǀĞŵĞŶƚƐǁŝůů ďĞƉƌĞƉĂƌĞĚĂŶĚŵĂƉƉĞĚĂŶĚƚŚĞŵŽĚĞůƌĞƐƵůƚƐŵĂƉƐĂŶĚĨŝŐƵƌĞƐǁŝůůďĞƵƉĚĂƚĞĚ͘/ƚŝƐĞǆƉĞĐƚĞĚƚŚĂƚŽŶůǇ ŵŝŶŽƌĚĞƐŝŐŶĐƌŝƚĞƌŝĂĂŶĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞĐŚĂŶŐĞƐǁŝůůďĞƌĞƋƵŝƌ ĞĚ͘dŚĞĂƌĞĂƐŽĨDĂƌĞ/ƐůĂŶĚƚŚĂƚǁŝůůďĞ ƐĞƌǀĞĚ ďǇ ĞĂĐŚ ŝŶĚŝǀŝĚƵĂů ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ŝŵƉƌŽǀĞŵĞŶƚ ǁŝůů ďĞ ŝĚĞŶƚŝĨŝĞĚ ƐŽ ƚŚĂƚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĐĂŶ ďĞ ƌĞƉůĂĐĞĚŽƌĐŽŶƐƚƌƵĐƚĞĚǁŚĞŶŶĞĞĚĞĚ͘dŚŝƐǁŝůůĂůůŽǁƚŚĞ/ƐůĂŶĚƌĞĚĞǀĞůŽƉŵĞŶƚƚŽƉƌŽŐƌĞƐƐĂŶĚƚŚĞƌĞďǇ ŚĞůƉ ŐĞŶĞƌĂƚĞ ĨƵŶĚƐ ĨŽƌ Ăůů ƚŚĞ ŶĞĞĚĞĚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ;ǀĞƌƐƵƐ ƚƌǇŝŶŐ ƚŽ ĨƵŶĚ ĂŶĚ ƌĞƉůĂĐĞ Ăůů ƚŚĞ ǁĂƚĞƌ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂƚŽŶĞƚŝŵĞͿ͘
dĂƐŬϯ͘ϵĞůŝǀĞƌĂďůĞƐ
x ZĞǀŝƐĞĚƌĞƐƵůƚĨŝŐƵƌĞƐ

dĂƐŬϯ͘ϭϬtĂƚĞƌ^ǇƐƚĞŵ&ŝƌƐƚƌĂĨƚD//ZĞƉŽƌƚŚĂƉƚĞƌ tĞǁŝůůƐƵŵŵĂƌŝǌĞƚŚĞƌĞƐƵůƚƐƚŚĞŝŶƚŚĞtĂƚĞƌ^ǇƐƚĞŵ&ŝƌƐƚƌĂĨƚŚĂƉƚĞƌ͘^ĞĞdĂƐŬϵĨŽƌƚŚĞƉƌĞƉĂƌĂƚŝŽŶ ŽĨƚŚĞ^ĞĐŽŶĚĂŶĚdŚŝƌĚƌĂĨƚĂŶĚ&ŝŶĂůZĞƉŽƌƚǀĞƌƐŝŽŶƐ͘ dĂƐŬϯ͘ϵĞůŝǀĞƌĂďůĞƐ
x &ŝƌƐƚĚƌĂĨƚǁĂƚĞƌƐǇƐƚĞŵD//ƌĞƉŽƌƚĐŚĂƉƚĞƌ

dĂƐŬϰ͘^ĞǁĞƌ^ǇƐƚĞŵ
ǀĂůƵĂƚŝŽŶ
dŚĞƐĞǁĞƌƐǇƐƚĞŵĞǀĂůƵĂƚŝŽŶŝƐƉƌĞƐĞŶƚĞĚďĞůŽǁ͘
dĂƐŬϰ͘ϭ͘<ŝĐŬŽĨĨDĞĞƚŝŶŐ
ŬŝĐŬŽĨĨŵĞĞƚŝŶŐǁŝůůďĞŚĞůĚĨŽƌƚŚĞƐĞǁĞƌƵƚŝůŝƚǇ;ĂƚƚŚĞƐĂŵĞƚŝŵĞĂƐƚŚĞKǀĞƌĂůůWƌŽũĞĐƚ<ŝĐŬŽĨĨDĞĞƚŝŶŐͿ ǁŝƚŚ ŝƚǇ ĂŶĚ s&t ƐƚĂĨĨ ƚŚĂƚ ǁŝůů ďĞ ŝŶǀŽůǀĞĚ ŝŶƚŚĞƐĞǁĞƌƐǇƐƚĞŵǁŽƌŬ͘dŚĞŵĞĞƚŝŶŐǁŝůůďĞƵƐĞĚƚŽ ĞƐƚĂďůŝƐŚƉƌŽũĞĐƚŐŽĂůƐ͕ĚŝƐĐƵƐƐĐŽŵŵƵŶŝĐĂƚŝŽŶĂŶĚĐŽŽƌĚŝŶĂƚŝŽŶ͕ĂŶĚĚŝƐĐƵƐƐƐĐŚĞĚƵůĞĂŶĚŵŝůĞƐƚŽŶĞƐ͘

ۯ

ۯ

ۯ
ۯ
D//WƌŽũĞĐƚ
KĐƚŽďĞƌϯϭ͕ϮϬϮϮ
WĂŐĞϲ

EͲDͲͲs>>
:KͲϮϬϮϮD//ͲWK^dtZͲϭϬ͘ϯϭ

dĂƐŬϰ͘Ϯ͘'ĂƚŚĞƌĂŶĚZĞǀŝĞǁ
ǆŝƐƚŝŶŐ/ŶĨŽƌŵĂƚŝŽŶ
dŚĞĨŽůůŽǁŝŶŐĚŽĐƵŵĞŶƚƐǁŝůůďĞƌĞǀŝĞǁĞĚ͗
x DĂƌĞ/ƐůĂŶĚ^ĂŶŝƚĂƌǇ^ĞǁĞƌWƵŵƉ^ƚĂƚŝŽŶƐ͕ĞĐĞŵďĞƌϭϭ͕ϮϬϮϬ͕s&t x ƌĂĨƚŽůůĞĐƚŝŽŶ^ǇƐƚĞŵDĂƐƚĞƌWůĂŶĂŶĚĂƐƐŽĐŝĂƚĞĚ/ŶŶŽǀǇǌĞŵŽĚĞů x s&t͛Ɛ'/^^ĞǁĞƌ^ǇƐƚĞŵDĂƉƉŝŶŐ
x DĂƌĞ/ƐůĂŶĚhƚŝůŝƚǇZĞƵƐĞWůĂŶhƉĚĂƚĞ
x DĂƌĞ/ƐůĂŶĚhƚŝůŝƚŝĞƐ͕KƉĞƌĂƚŝŽŶƐ͕ĂŶĚDĂŝŶƚĞŶĂŶĐĞĂŶĚĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶʹ:ƵůǇ ϭϵϵϳ
x DĂƌĞ/ƐůĂŶĚŵĞŶĚĞĚΘZĞƐƚĂƚĞĚ^ƉĞĐŝĨŝĐWůĂŶ͕DĂƐƚĞƌhƚŝůŝƚǇWůĂŶƐʹϮϬϬϯ x KƚŚĞƌƌĞůĞǀĂŶƚĚŽĐƵŵĞŶƚƐƉŽƐƚĞĚŽŶƚŚĞŝƚǇ͛ƐDĂƌĞ/ƐůĂŶĚǁĞďƐŝƚĞ dŚĞŝƚǇĂŶĚs&tĂƌĞƚŽƉƌŽǀŝĚĞĂŶǇŽƚŚĞƌƌĞůĞǀĂŶƚƐĞǁĞƌĚŽĐƵŵĞŶƚƐ͕ƉůĂŶƐ͕ƌĞĐŽƌĚĚƌĂǁŝŶŐƐ͕ĞƚĐ͘ƚŚĂƚ ĂƌĞĂǀĂŝůĂďůĞ͘dŚĞĂǀĂŝůĂďůĞĚĂƚĂǁŝůůďĞƌĞǀŝĞǁĞĚďǇtĞƐƚzŽƐƚĂŶĚĚŝƐĐƵƐƐĞĚĚƵƌŝŶŐƚŚĞŬŝĐŬŽĨĨŵĞĞƚŝŶŐ͘ ĂƚĂZĞƋƵĞƐƚ>ŽŐǁŝůůďĞĚĞǀĞůŽƉĞĚƚŽƚƌĂĐŬĞĂĐŚĚŽĐƵŵĞŶƚ͘ dĂƐŬ ϰ͘Ϯ ŝŶĐůƵĚĞƐ ĐŽŽƌĚŝŶĂƚŝŽŶ ĂŶĚ ŐĂƚŚĞƌŝŶŐ ĞůĞĐƚƌŽŶŝĐ ŵĂƉƉŝŶŐ ĂŶĚ ĚĂƚĂ ĨŝůĞƐ ĨƌŽŵ ŚĂƵĚŚĂƌǇ ĂŶĚ ƐƐŽĐŝĂƚĞƐ͕ǁŚŽƐĞƌǀĞĚĂƐƚŚĞ>ĞŶŶĂƌĞŶŐŝŶĞĞƌĨƌŽŵĂƉƉƌŽǆŝŵĂƚĞů ǇϮϬϬϬͲϮϬϭϵ͘/ƚŝƐĞǆƉĞĐƚĞĚƚŚĂƚƚŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶǁŝůůƉƌŽǀŝĚĞƌĞůŝĂďůĞŵĂƉƉŝŶŐŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚĐĂŶďĞƵƐĞĚŝŶƐƵďƐĞƋƵĞŶƚƚĂƐŬƐ͘ dĂƐŬϰ͘ϮĞůŝǀĞƌĂďůĞ
x ĂƚĂƌĞƋƵĞƐƚůŽŐ

dĂƐŬϰ͘ϯ^ĞǁĞƌ&ŝĞůĚsĞƌŝĨŝĐĂƚŝŽŶĂŶĚ'/^DĂƉƉŝŶŐhƉĚĂƚĞ tĞƐƚ zŽƐƚ ǁŝůů ĚĞǀĞůŽƉ '/^ ŵĂƉƐ ďĂƐĞĚ ŽŶ ĞǆŝƐƚŝŶŐ ŵĂƉƉŝŶŐ ƐŽƵƌĐĞƐ ĂǀĂŝůĂďůĞ͕ ƉƌŝŵĂƌŝůǇ ƚŚĞ D/Z/^ ŵĂƉƉŝŶŐĚĂƚĂ͘ǁĞďͲďĂƐĞĚ'/^ŵĂƉ;tĞďDĂƉͿǁŝůůďĞĐƌĞĂƚĞĚƚŚĂƚ ǁŝůůďĞƵƐĞĚŝŶƚŚĞĨŝĞůĚƚŽǀĞƌŝĨǇ ŵĂŶŚŽůĞůŽĐĂƚŝŽŶĂŶĚƐǇƐƚĞŵĐŽŶĨŝŐƵƌĂƚŝŽŶ͘
&ŝĨƚǇŵĂŝŶƚĞŶĂŶĐĞŚŽůĞƐǁŝůůďĞǀŝƐƵĂůůǇŝŶƐƉĞĐƚĞĚƚŽǀĞƌŝĨǇĐŽ ŶŶĞĐƚŝǀŝƚǇ͕ŝŶǀĞƌƚĞůĞǀĂƚŝŽŶƐ͕ĂƉƉƌŽǆŝŵĂƚĞ ƉŝƉĞƐŝǌĞƐĂŶĚŵĂƚĞƌŝĂůƐ;ĂƐǀŝƐƵĂůŝŶƐƉĞĐƚŝŽŶĂůůŽǁƐͿ͕ĂŶĚĂŶǇǀŝƐŝďůĞĐŽŶĚŝƚŝŽŶŽĨŵĂŶŚŽůĞĂŶĚĐŽŶŶĞĐƚŝŶŐ ƉŝƉĞƐ͘dŚĞtĞďDĂƉǁŝůůďĞƵƉĚĂƚĞĚǁŝƚŚĨŝĞůĚůŽĐĂƚŝŽŶƐ͕ŝŶǀĞƌƚ ĞůĞǀĂƚŝŽŶƐ͕ĂŶĚƉŝƉĞƐŝǌĞƐĂŶĚŵĂƚĞƌŝĂůƐ ďĂƐĞĚŽŶĨŝĞůĚŝŶƐƉĞĐƚŝŽŶƐ͘ŽŶĚŝƚŝŽŶŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵƚŚĞŝŶƐƉĞĐƚŝŽŶƐǁŝůůďĞĞǆƚƌĂƉŽůĂƚĞĚƚŽŽƚŚĞƌĂƌĞĂƐ ŝŶ ƚŚĞ ƐǇƐƚĞŵ ďĂƐĞĚ ŽŶ ŵĂƚĞƌŝĂů͕ ĂŐĞ͕ ĞƚĐ͘ /ƚ ŝƐ ĂƐƐƵŵĞĚ ƚŚĂƚ ƚŚĞ ǀĞƌŝĨŝĐĂƚŝŽŶ ǁŝůů ƉƌŽǀĞ ƚŚĞ ĞǆŝƐƚŝŶŐ ŵĂƉƉŝŶŐŝƐĂĐĐĞƉƚĂďůĞ͘/ĨŶŽƚ͕ǁĞǁŝůůũŽŝŶƚůǇĚĞĐŝĚĞŚŽǁƚŽƉƌŽĐĞĞĚ͘ dŚĞĨŝĞůĚ ǀĞƌŝĨŝĐĂƚŝŽŶ ƉĂƌƚŽĨ ƚŚŝƐ ƚĂƐŬ ǁŝůůƌĞƋƵŝƌĞ ĂϮͲƉĞƌƐŽŶ ĐƌĞǁ͕ĂŶĚ ŝƚ ŝƐĂƐƐƵŵĞĚ s&t ŝƐĂďůĞƚŽ ƉƌŽǀŝĚĞŽŶĞƉĞƌƐŽŶƚŽĂƐƐŝƐƚǁŝƚŚƚŚĞĞǀĂůƵĂƚŝŽŶƐĂŶĚƚŽĂƐƐŝƐƚǁŝƚŚƚƌĂĨĨŝĐĐŽŶƚƌŽů͘tĞĂŶƚŝĐŝƉĂƚĞƚŚŝƐǁŝůů ƌĞƋƵŝƌĞĂďŽƵƚϯĚĂǇƐŽĨs&tƐƚĂĨĨĞĨĨŽƌƚ͘
dĂƐŬϰ͘ϯĞůŝǀĞƌĂďůĞ
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ǆŝƐƚŝŶŐƐĞǁĞƌƐǇƐƚĞŵĨŝĞůĚͲǀĞƌŝĨŝĞĚ'/^ŵĂƉƉŝŶŐ

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D//WƌŽũĞĐƚ
KĐƚŽďĞƌϯϭ͕ϮϬϮϮ
WĂŐĞϳ

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dĂƐŬϰ͘ϰ^ĞǁĞƌ>ŝĨƚ^ƚĂƚŝŽŶŽŶĚŝƚŝŽŶƐƐĞƐƐŵĞŶƚ
tĞƐƚzŽƐƚǁŝůůƉĞƌĨŽƌŵĐŽŶĚŝƚŝŽŶĂƐƐĞƐƐŵĞŶƚĨŽƌĞŝŐŚƚƐĞǁĞƌůŝĨƚƐƚĂƚŝŽŶƐ͘dŚĞƐĞĞǀĂůƵĂƚŝŽŶƐǁŝůůďƵŝůĚŽŶ ƚŚĞƉƌĞǀŝŽƵƐs&tƉƵŵƉƐƚĂƚŝŽŶĞǀĂůƵĂƚŝŽŶƐ͘/ƚŝƐĂƐƐƵŵĞĚƚŚĂƚs&t ŶŐŝŶĞĞƌŝŶŐĂŶĚ&ŝĞůĚKƉĞƌĂƚŝŽŶƐ
^ƚĂĨĨ ŬŶŽǁůĞĚŐĞĂďůĞ ĂďŽƵƚ ƚŚĞ ůŝĨƚ ƐƚĂƚŝŽŶƐ ǁŝůů ĂƚƚĞŶĚ ƐŝƚĞ ǀŝƐŝƚƐ͘ ƵƌŝŶŐ ƚŚĞ ƐŝƚĞ ǀŝƐŝƚ͕ s&t ƐƚĂĨĨ ǁŝůů ƌĞǀŝĞǁ ƚŚĞ ĐŽŶĨŝŐƵƌĂƚŝŽŶ ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů ƉĂƌĂŵĞƚĞƌƐ ŽĨ ƚŚĞ ůŝĨƚ ƐƚĂƚŝŽŶƐ͘ tĞ ǁŝůů ĂůƐŽ ĐŽůůĞĐƚ ƉƵŵƉ ŽƉĞƌĂƚŝŽŶ ĂŶĚ ĐĂƉĂĐŝƚǇ ĚĂƚĂ͘ dŚĞ ŐŽĂů ŽĨ ƚŚŝƐ ƚĂƐŬ ŝƐ ƚŽ ŝĚĞŶƚŝĨǇ ůŝĨƚ ƐƚĂƚŝŽŶƐ ƚŚĂƚ ŵĂǇ ďĞ ƌĞĚƵŶĚĂŶƚ͕ ŽďƐŽůĞƚĞ͕ŽƌďĞǇŽŶĚƚŚĞŝƌƵƐĞĨƵůůŝĨĞ;ƚŽďĞĐŽŶĨŝƌŵĞĚŝŶdĂƐŬϰ͘ϱͿ͘dŚĞƌĞƐƵůƚƐŽĨƚŚĞƐĞĞǀĂůƵĂƚŝŽŶƐǁŝůůďĞ ƵƐĞĚƚŽƉƌĞƉĂƌĞĂŶƵƉĚĂƚĞŽĨƚŚĞ'/^ƐĞǁĞƌƐǇƐƚĞŵŵĂƉƉŝŶŐ͘ŽŶĚ ŝƚŝŽŶĂƐƐĞƐƐŵĞŶƚŝŶĨŽƌŵĂƚŝŽŶǁŝůůďĞ ŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞ
ǆŝƐƚŝŶŐ^ĞǁĞƌ^ǇƐƚĞŵdD;dĂƐŬϰ͘ϱͿ͘
dĂƐŬϰ͘ϱ͘WĞƌĨŽƌŵĞƐŬƚŽƉ
ǀĂůƵĂƚŝŽŶ
ĂƐĞĚŽŶdĂƐŬƐϰ͘ϭƚŚƌŽƵŐŚϰ͘ϰ͕ĂĚĞƐŬƚŽƉĞǀĂůƵĂƚŝŽŶǁŝůůďĞƉĞƌĨŽƌŵĞĚƚŽĚĞǀĞůŽƉĂŶĂƐƐĞƚůŝƐƚŝŶĐůƵĚŝŶŐ ƉŝƉĞƐ͕ŵĂŝŶƚĞŶĂŶĐĞŚŽůĞƐ͕ĂŶĚůŝĨƚƐƚĂƚŝŽŶƐǁŝƚŚĂƚƚƌŝďƵƚĞƐƐƵĐ ŚĂƐĂŐĞ͕ŵĂƚĞƌŝĂůƐ͕ƐŝǌĞ͕ĚĞƉƚŚ;ƉŝƉĞůŝŶĞƐͿ͕ ^ƚĂĨĨŝŶƉƵƚ͕ĂŶĚƚŚĞĐŽŶĚŝƚŝŽŶĚĂƚĂ͘dŚŝƐĞǀĂůƵĂƚŝŽŶǁŝůůďĞƐƵ ŵŵĂƌŝǌĞĚŝŶĂŶ ǆŝƐƚŝŶŐ^ĞǁĞƌ^ǇƐƚĞŵdD͘
dŚĞdDǁŝůůŝŶĐůƵĚĞĚŽĐƵŵĞŶƚĂƚŝŽŶŽĨĞǆŝƐƚŝŶŐŬŶŽǁŶĂƐƐĞƚƐ͕ĂƐƐ ĞƚĐŽŶĚŝƚŝŽŶ͕ĂŶĚƌĞŵĂŝŶŝŶŐƵƐĞĨƵůůŝĨĞ ĞƐƚŝŵĂƚĞ͘ƌĂĨƚdDǁŝůůďĞƉƌŽǀŝĚĞĚƚŽƚŚĞŝƚǇĂŶĚs&tĨŽƌƌĞǀŝĞǁĂŶĚĐŽŵŵĞŶƚ͘dŚĞĨŽůůŽǁŝŶŐĨŝŐƵƌĞƐ ǁŝůůďĞƉƌĞƉĂƌĞĚ͗ϭͿŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŐĞŵĂƉ͕ϮͿ/ŶĨƌĂƐƚƌƵĐƚƵƌĞĐŽŶĚŝƚŝŽŶŵĂƉ͕ϯͿ/ŶĨƌĂƐƚƌƵĐƚƵƌĞƌĞŵĂŝŶŝŶŐ ůŝĨĞŵĂƉ͕ϰͿ^ĞǁĞƌƐŝǌĞŵĂƉ͕ϱͿ^ĞǁĞƌŵĂƚĞƌŝĂůŵĂƉ͕ĂŶĚϲͿZĞĐŽŵŵĞŶĚĞĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞZĞƉůĂĐĞŵĞŶƚ DĂƉ͘ dŚĞ ŽďũĞĐƚŝǀĞ ŽĨ ƚŚĞ ĚĞƐŬƚŽƉ ĞǀĂůƵĂƚŝŽŶ ŝƐ ƚŽ ƉƌŽǀŝĚĞ ƚŚĞ ŝƚǇ ǁŝƚŚ ĂĚĞƋƵĂƚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ĚĞƚĞƌŵŝŶĞŝĨƚŚĞĞǆŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝƐƐƵŝƚĂďůĞĨƌŽŵĂĐŽŶ ĚŝƚŝŽŶĂƐƐĞƐƐŵĞŶƚƉĞƌƐƉĞĐƚŝǀĞƚŽƐĞƌǀĞƚŚĞ WŚĂƐĞϭĂŶĚƵŝůĚŽƵƚĐŽŶĚŝƚŝŽŶƐ͘dŚĞĂŵŽƵŶƚŽĨŝŶĨŽƌŵĂƚŝŽŶƉƌŽ ǀŝĚĞĚĨŽƌĂƐƐĞƚƐǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďǇ ƚŚĞŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚŝƐƌĞĂĚŝůǇĂǀĂŝůĂďůĞĂŶĚƉƌŽǀŝĚĞĚ͘ dĂƐŬϰ͘ϱĞůŝǀĞƌĂďůĞƐ
x
ǆŝƐƚŝŶŐƐĞǁĞƌƐǇƐƚĞŵdD

dĂƐŬϰ͘ϲ͘
ƐƚŝŵĂƚĞ^ĞǁĞƌ^ǇƐƚĞŵ&ůŽǁƐ
tĞ ǁŝůů ĞƐƚŝŵĂƚĞ ƚŚĞ ƐĞǁĞƌ ƐǇƐƚĞŵ ĨůŽǁƐ ĨŽƌ WŚĂƐĞ ϭ ĂŶĚ ;ŝĨ ĂƵƚŚŽƌŝǌĞĚͿ ƵŝůĚŽƵƚ ĐŽŶĚŝƚŝŽŶƐ͘ tĞ ǁŝůů ƉƌĞƉĂƌĞ Ă ĐŽŵƉĂƌŝƐŽŶ ŽĨ ƚŚĞ ĨůŽǁƐ ǁŝƚŚ ƚŚĞ ůŝĨƚ ƐƚĂƚŝŽŶ ĐĂƉĂĐŝƚŝĞƐ ƚŽ ŝĚĞŶƚŝƚǇ ǁŚŝĐŚ ůŝĨƚ ƐƚĂƚŝŽŶƐ ǁŝůů ŚĂǀĞͬůĂĐŬĂĚĞƋƵĂƚĞĐĂƉĂĐŝƚǇĨŽƌĞĂĐŚĂƵƚŚŽƌŝǌĞĚůĂŶĚƵƐĞĐŽŶĚŝƚŝŽŶ͘tĞǁŝůůŝĚĞŶƚŝĨǇǁŚŝĐŚƉƵŵƉƐƚĂƚŝŽŶƐ ĐĂŶƉŽƚĞŶƚŝĂůůǇďĞĞůŝŵŝŶĂƚĞĚďǇĞǆƚĞŶĚŝŶŐŐƌĂǀŝƚǇĨůŽǁƐĞǁĞƌƐ ƚŽƚŚĞŶĞǆƚƉƵŵƉƐƚĂƚŝŽŶŽƌĂƉŽƚĞŶƚŝĂů ŶĞǁ ƉƵŵƉ ƐƚĂƚŝŽŶ͘ &ŽƌƚŚĞƚƌƵŶŬƐĞǁĞƌƐǇƐƚĞŵ͕ǁĞǁŝůůĐĂůĐƵůĂƚĞƚ Ś Ğ ƌ Ă ƚ ŝ Ž Ž Ĩ ƚ Ś Ğ Ĩ ů Ž ǁ Ɛ Ĩ Ž ƌ Ğ Ă Đ Ś ů Ă Ŷ Ě Ƶ Ɛ Ğ ĐŽŶĚŝƚŝŽŶƚŽƚŚĞƐĞǁĞƌĐĂƉĂĐŝƚǇ͘tĞǁŝůůŝŶĐŽƌƉŽƌĂƚĞƚŚĞƌĂƚŝŽ ŝŶƚŽƚŚĞ'/^ŽĨƚŚĞƐĞǁĞƌƐǇƐƚĞŵ͘tĞǁŝůů ƉƌĞƉĂƌĞĂ'/^ŵĂƉƚŚĂƚŝůůƵƐƚƌĂƚĞƐƚŚĞĨůŽǁͬĐĂƉĂĐŝƚǇƌĂƚŝŽƐĨŽƌƚŚĞƐĞǁĞƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘dŚĞƌĞƐƵůƚƐŽĨƚŚĞƐĞ ĞǀĂůƵĂƚŝŽŶƐǁŝůůďĞĚŽĐƵŵĞŶƚĞĚŝŶĂdDĂŶĚŝŶĂŶƵƉĚĂƚĞŽĨƚŚĞ'/^ŵĂƉƉŝŶŐ͘ dĂƐŬϰ͘ϲĞůŝǀĞƌĂďůĞƐ
x ƵŝůĚŽƵƚĨůŽǁĂŶĚƐĞǁĞƌĐĂƉĂĐŝƚǇdD͕ƚĂďůĞƐ͕ĂŶĚ'/^ŵĂƉ
dĂƐŬϰ͘ϳ͘^ĞǁĞƌ^ǇƐƚĞŵĞĐŝƐŝŽŶWŽŝŶƚtŽƌŬƐŚŽƉ;/ŶͲWĞƌƐŽŶͿ tĞǁŝůů>ĞĂĚƚŚĞǁŽƌŬƐŚŽƉƚŽƉƌĞƐĞŶƚƚŚĞƌĞƐƵůƚƐŽĨdĂƐŬƐϰ͘ϭƚ ŚƌŽƵŐŚϰ͘ϲ͕ƌĞǀŝĞǁŶĞĞĚĞĚĚĞĐŝƐŝŽŶƐĂŶĚ ĐŽŶĨŝƌŵ Žƌ ƌĞǀŝƐĞ ƚŚĞ ŶĞǆƚ ƐƚĞƉƐ ;dĂƐŬƐ ϰ͘ϴͲϰ͘ϭϬͿ͘ &Žƌ ƚŚŝƐ ǁŽƌŬƐŚŽƉ ǁĞ ǁŝůů ƌĞǀŝĞǁ ŵĂƉƐ ƉƌĞƉĂƌĞĚ ŝŶ ƉƌĞǀŝŽƵƐƚĂƐŬƐƚŽĚŝƐĐƵƐƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞƚŚĂƚŵƵƐƚďĞƌĞƉůĂĐĞĚďĂƐĞĚĂŐĞͬĐŽŶĚŝƚŝŽŶ ĂŶĚǁŚĂƚŝŶĨƌĂƐƚƌƵĐƚƵƌĞŵĂǇƌĞŵĂŝŶŝŶƐĞƌǀŝĐĞ͘tĞǁŝůůĐŽůůĞĐƚŝǀĞůǇĚĞĐŝĚĞ͗

ۯ

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ۯ
ۯ
D//WƌŽũĞĐƚ
KĐƚŽďĞƌϯϭ͕ϮϬϮϮ
WĂŐĞϴ

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:KͲϮϬϮϮD//ͲWK^dtZͲϭϬ͘ϯϭ

x tŚĂƚƉƵŵƉƐƚĂƚŝŽŶƐĐĂŶƌĞŵĂŝŶŝŶƐĞƌǀŝĐĞĂŶĚǁŚĂƚŝŵƉƌŽǀĞŵĞŶƚƐƚŚĞǇǁŝůůŶĞĞĚ͘tŚĂƚ ĞǆŝƐƚŝŶŐƉƵŵƉƐƚĂƚŝŽŶƐĐĂŶďĞĞůŝŵŝŶĂƚĞĚĂŶĚǁŚĂƚŶĞǁƐĞǁĞƌƐĂƌĞŶĞĞĚĞĚƚŽĞůŝŵŝŶĂƚĞƚŚĞ ƉƵŵƉƐƚĂƚŝŽŶƐ͘
x tŚĂƚƐĞǁĞƌƐĞŐŵĞŶƚƐŵƵƐƚďĞƌĞƉůĂĐĞĚĚƵĞƚŽĐŽŶĚŝƚŝŽŶĚĞĨŝĐŝĞŶĐǇ͘ x tŚĂƚƐĞǁĞƌƐĞŐŵĞŶƚƐǁŝůůďĞĐƵƚŽĨĨĞŶƚŝƌĞůǇĨƌŽŵƚŚĞƐǇƐƚĞŵĂŶĚĂďĂŶĚŽŶĞĚ͘ x &ƌŽŵƚŚĞƐĞǁĞƌƐĞŐŵĞŶƚƐƚŚĂƚŵĂǇƌĞŵĂŝŶ͕ǁĞǁŝůůĚĞĐŝĚĞǁŚĂƚdsŝŶƐƉĞĐƚŝŽŶƐƐŚŽƵůĚďĞ ƉĞƌĨŽƌŵĞĚ͘
x tŚĂƚŶĞǁƚƌƵŶŬƐĞǁĞƌĂůŝŐŶŵĞŶƚ;ƐͿŵĂŬĞƐĞŶƐĞĨŽƌďƵŝůĚŽƵƚŽĨDĂƌĞ/ƐůĂŶĚ͘ tĞǁŝůůĚĞǀĞůŽƉĂdsŝŶƐƉĞĐƚŝŽŶĂŶĚƉŽƚŚŽůŝŶŐĨŝĞůĚǁŽƌŬƉůĂŶ͘ƌĂĨƚWůĂŶǁŝůůďĞƐƵďŵŝƚƚĞĚĨŽƌůŝĞŶƚ ƌĞǀŝĞǁĂŶĚĐŽŵŵĞŶƚ͕ĨŽůůŽǁĞĚďǇƉƌĞƉĂƌĂƚŝŽŶŽĨĂ&ŝŶĂůWůĂŶ͘ dĂƐŬϰ͘ϳĞůŝǀĞƌĂďůĞƐ
x tŽƌŬƐŚŽƉĂŶĚdsĂŶĚƉŽƚŚŽůŝŶŐĨŝĞůĚǁŽƌŬƉůĂŶ

dĂƐŬϰ͘ϴ͘&ůŽǁDŽŶŝƚŽƌŝŶŐ&ŝĞůĚtŽƌŬ;KƉƚŝŽŶĂůʹWƌŝŽƌŝƚǇϮͿ &ůŽǁ ŵŽŶŝƚŽƌŝŶŐ ŝƐ ĂŶ KƉƚŝŽŶĂů ƚĂƐŬ ĂŶĚ ǁŝůů ƐƵƉƉŽƌƚ /Θ/ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶĂŶĚ ĐĂůŝďƌĂƚŝŽŶŽĨ ƚŚĞ ŚǇĚƌĂƵůŝĐ ŵŽĚĞů͘ ĂƐĞĚ ŽŶ ƚŚĞ ƌĞƐƵůƚƐŽĨ dĂƐŬ ϰ͘ϲ ƚŚĞ ƐǇƐƚĞŵ ĐĂŶ ďĞ ƉƌŝŽƌŝƚŝǌĞĚ ďǇ ďĂƐŝŶ ĨŽƌ ŝŶƐƚĂůůĂƚŝŽŶ ŽĨ ĨůŽǁ ŵŽŶŝƚŽƌƐ͘&ůŽǁŵŽŶŝƚŽƌŝŶŐĨŽƌϴǁĞĞŬƐ͕ĂƚĨŽƵƌůŽĐĂƚŝŽŶƐ͕ĂŶĚŽŶĞƌĂŝŶŐĂƵŐĞĂƌĞĐƵƌƌĞŶƚůǇŝŶĐůƵĚĞĚŝŶƚŚŝƐ ƐĐŽƉĞŽĨƐĞƌǀŝĐĞƐ͕ďƵƚƚŚĞĞĨĨŽƌƚĐŽƵůĚďĞƌĞǀŝƐĞĚĚƵƌŝŶŐdĂƐŬϰ͘ϳ͘ ĂƐĞĚŽŶƚŚĞĨůŽǁŵŽŶŝƚŽƌŝŶŐƌĞƐƵůƚƐ͕ŝŶƚŚĞ'/^ŵĂƉƉŝŶŐ͕ǁĞǁŝ ůůŝĚĞŶƚŝƚǇĞĂĐŚƐĞǁĞƌƐĞŐŵĞŶƚĂƐĞŝƚŚĞƌ ĂƐŽƵƌĐĞŽĨŚŝŐŚ/Θ/;ŝŶĐůƵĚŝŶŐĐŽƌƌĞůĂƚŝŽŶǁŝƚŚŚŝŐŚƚŝĚĞƐͿ͕Đ ŽŶǀĞǇƐŚŝŐŚ/Θ/͕ŽƌŝƐŶŽƚƐƵďũĞĐƚƚŽŚŝŐŚ/Θ/ ;ĂƐĞŝƚŚĞƌĂƐŽƵƌĐĞŽƌĨŽƌĐŽŶǀĞǇĂŶĐĞͿ͘
dĂƐŬϰ͘ϳĞůŝǀĞƌĂďůĞƐ
x &ůŽǁŵŽŶŝƚŽƌŝŶŐƉůĂŶ͕/Θ/ĞǀĂůƵĂƚŝŽŶĂŶĚĂƐƐŽĐŝĂƚĞĚĨŝŐƵƌĞƐ
dĂƐŬϰ͘ϴ͘ds/ŶƐƉĞĐƚŝŽŶĂŶĚŶĂůǇƐŝƐ
dŚĞ ds ĂŶĚ ƉŽƚŚŽůŝŶŐ ĨŝĞůĚ ǁŽƌŬ ƉůĂŶ ǁŝůů ďĞ ĞǆĞĐƵƚĞĚ ďǇƚŚĞtĞƐƚ zŽƐƚ ƚĞĂŵ ĂŶĚ ^ƵďƚƌŽŶŝĐƐ ĂŶĚ ŝŶĐůƵĚĞƐ͗
x ĐĐĞƐƐĐŽŽƌĚŝŶĂƚŝŽŶǁŝƚŚϯƌĚƉĂƌƚŝĞƐĨŽƌĂůůĨŝĞůĚǁŽƌŬ͕ĂƐƌĞƋƵŝƌĞĚ x ϭϱ͕ϬϬϬůŝŶĞĂƌĨĞĞƚŽĨƐĞǁĞƌĐůĞĂŶŝŶŐĂŶĚdsŝŶƐƉĞĐƚŝŽŶ;ĞƐƚŝŵĂƚĞĚĂƚΨϲͬůŝŶĞĂƌĨŽŽƚʹǁŚŝĐŚ ǁŝůůǀĂƌǇďĂƐĞĚŽŶƚŽƚĂůůĞŶŐƚŚͿ
x ϭϬƵƚŝůŝƚǇƉŽƚŚŽůĞƐƚŽǀĞƌŝĨǇůŽĐĂƚŝŽŶ͕ĐŽŶĚŝƚŝŽŶ͕ŽƌŵĂƚĞƌŝĂů;ĞƐƚŝŵĂƚĞĚĂƚΨϯ͕ϯϬϬĞĂĐŚͿʹ KƉƚŝŽŶĂůʹWƌŝŽƌŝƚǇϮ
KŶĞŝƐƚƌŝĐƚƐƚĂĨĨǁŝůůďĞĂǀĂŝůĂďůĞƚŽƉƌŽǀŝĚĞĨŝĞůĚƐƵƉƉŽƌƚĨ ŽƌƚŚĞĐůĞĂŶŝŶŐ͕ds͕ĂŶĚƉŽƚŚŽůŝŶŐĞĨĨŽƌƚ͘ tĞŚĂǀĞĂƐƐƵŵĞĚƚŚĞŝƚǇͬŝƐƚƌŝĐƚǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶĞŶǀŝƌŽŶŵĞŶƚĂůĚŝƐƉŽƐĂů͕ƌĞŵĞĚŝĂƚŝŽŶ͕ƚĞƐƚŝŶŐ͕ ŽƌƉĞƌŵŝƚƚŝŶŐͬĂƉƉƌŽǀĂůƐƌĞůĂƚĞĚƚŽĞǆĐĂǀĂƚŝŽŶĂŶĚƐŝƚĞĚŝƐƚƵƌďĂŶĐĞ͘ ZĞƐƵůƚƐŽĨƚŚĞdsŝŶƐƉĞĐƚŝŽŶƐǁŝůůďĞŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞ'/^ŵĂƉƉŝŶŐĂŶĚ ǆŝƐƚŝŶŐ^ĞǁĞƌ^ǇƐƚĞŵdD͘
dĂƐŬϰ͘ϴĞůŝǀĞƌĂďůĞƐ

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D//WƌŽũĞĐƚ
KĐƚŽďĞƌϯϭ͕ϮϬϮϮ
WĂŐĞϵ

EͲDͲͲs>>
:KͲϮϬϮϮD//ͲWK^dtZͲϭϬ͘ϯϭ

x hƉĚĂƚĞĚ'/^ŵĂƉƉŝŶŐ
x hƉĚĂƚĞĚĞǆŝƐƚŝŶŐƐĞǁĞƌƐǇƐƚĞŵdD

dĂƐŬϰ͘ϭϬ͘ĞǀĞůŽƉ,ǇĚƌĂƵůŝĐDŽĚĞů;KƉƚŝŽŶĂůʹWƌŝŽƌŝƚǇϮͿ /Ĩ ĂƵƚŚŽƌŝǌĞĚ͕ s&t͛Ɛ ŶĞǁ ƐĞǁĞƌ ŚǇĚƌĂƵůŝĐ ŵŽĚĞů ǁŝůů ďĞ ĞǆƚĞŶĚĞĚ ƚŽ ŝŶĐůƵĚĞ ƚŚĞ DĂƌĞ /ƐůĂŶĚ ƐĞǁĞƌ ƐǇƐƚĞŵĨŽƌƵƉƚŽϭϬϬŵŽĚĞůŶŽĚĞƐĂŶĚĂƐƐŽĐŝĂƚĞĚƉŝƉĞƐĂŶĚůŝĨƚƐƚĂƚŝŽŶƐ͘dŚĞŶĞƚǁŽƌŬǁŝůůďĞďĂƐĞĚŽŶƚŚĞ Ă ď Ž ǀ Ğ ƚ Ă Ɛ Ŭ Ɛ Ă Ŷ Ě ǁ ŝ ů ů ŝ Ŷ Đ ů Ƶ Ě Ğ Ɖ ŝ Ɖ Ğ Ɛ ͕ ŵ Ă Ŷ Ś Ž ů Ğ Ɛ ͕ Ă Ŷ Ě ů ŝ Ĩ ƚ Ɛ ƚ Ă ƚ ŝ Ž Ŷ Ɛ͘ dŚĞ ŵŽĚĞů ǁŝůů ďĞ ĚĞǀĞůŽƉĞĚ ĨŽƌ ƚǁŽ ƐĐĞŶĂƌŝŽƐ͗WŚĂƐĞϭĂŶĚƵŝůĚŽƵƚ;ŝĨĂƵƚŚŽƌŝǌĞĚͿůĂŶĚƵƐĞĐŽŶĚŝƚ ŝŽŶƐ͘ĂůŝďƌĂƚŝŽŶǁŝůůďĞƉĞƌĨŽƌŵĞĚƵƐŝŶŐ ĂǀĂŝůĂďůĞ^ĚĂƚĂĂŶĚĨůŽǁŵŽŶŝƚŽƌŝŶŐƌĞƐƵůƚƐ͘
dŚĞŚǇĚƌĂƵůŝĐŵŽĚĞůǁŝůůďĞƵƐĞĚƚŽǀĞƌŝĨǇͬĞǀĂůƵĂƚĞƚŚĞĂĚĞƋƵĂĐǇŽĨƚŚĞƐĞǁĞƌƐǇƐƚĞŵ͘/ŶĨƌĂƐƚƌƵĐƚƵƌĞǁŝůů ďĞ ŝĚĞŶƚŝĨŝĞĚ ƚŽ ĂĚĚƌĞƐƐ ĂŶǇ ĐĂƉĂĐŝƚǇ ĚĞĨŝĐŝĞŶĐŝĞƐ ĂŶĚ ǁŝůů ŵĞĞƚ s&t ƐƚĂŶĚĂƌĚƐ͘ tĞ ǁŝůů ĂƚƚĞŵƉƚ ƚŽ ŵŝŶŝŵŝǌĞƚŚĞŶƵŵďĞƌŽĨƐĞǁĞƌƉƵŵƉƐƚĂƚŝŽŶƐŶĞĞĚĞĚĨŽƌĞĂĐŚůĂŶĚƵƐĞĐŽŶĚŝƚŝŽŶ͘dŚĞĞǀĂůƵĂƚŝŽŶŽĨƐĞǁĞƌ ĐĂƉĂĐŝƚŝĞƐĂŶĚĚĞĨŝĐŝĞŶĐŝĞƐǁŝůůĐŽǀĞƌĂůůŽĨDĂƌĞ/ƐůĂŶĚĂŶĚĞ ǆƚĞŶĚĚŽǁŶƐƚƌĞĂŵĂůŽŶŐƚŚĞDĂƌĞ/ƐůĂŶĚ tĂǇĂŶĚ^ŽŶŽŵĂŽƵůĞǀĂƌĚdƌƵŶŬ^ĞǁĞƌƚŽƚŚĞttdW͘

ǆŝƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶǁŝůůďĞŐĂƚŚĞƌĞĚŝŶĐůƵĚŝŶŐƐƚƵĚŝĞƐ͕ŵĂƐƚĞƌƉůĂŶƐ͕'/^ĚĂƚĂ͕ĐŽŶĚŝƚŝŽŶĂƐƐĞƐƐŵĞŶƚĚĂƚĂ͕ ƌĞĐŽƌĚ ĚƌĂǁŝŶŐƐ͕ ĂŶĚ ĂŶǇ ŽƚŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ ƌĞůĞǀĂŶƚ ƚŽ ƚŚĞ WƌŽũĞĐƚ͘ tĞ ǁŝůů ĐŽŶĚƵĐƚ Ă ƐŝƚĞ ǀŝƐŝƚ ĂŶĚ ĐŽŶĚŝƚŝŽŶĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĞǆŝƐƚŝŶŐƐƚŽƌŵǁĂƚĞƌƉƵŵƉƐƚĂƚŝŽŶ͘dŚĞĂǀĂŝůĂďůĞĚĂƚĂǁŝůůďĞĚŝƐĐƵƐƐĞĚĚƵƌŝŶŐ ƚŚĞŬŝĐŬŽĨĨŵĞĞƚŝŶŐ͕ĂŶĚĂĂƚĂZĞƋƵĞƐƚ>ŽŐǁŝůůďĞĚĞǀĞůŽƉĞĚƚŽƚƌĂĐŬĞĂĐŚĚŽĐƵŵĞŶƚ͘ dĂƐŬϱ͘ϮĞůŝǀĞƌĂďůĞƐ
x ĂƚĂƌĞƋƵĞƐƚůŽŐ

dĂƐŬϱ͘ϯ^ƚŽƌŵǁĂƚĞƌ^ƉŽƚͲŚĞĐŬƐ
dĞŶůŽĐĂƚŝŽŶƐǁŝƚŚŝŶƚŚĞƐƚŽƌŵǁĂƚĞƌƐǇƐƚĞŵ;Ğ͘Ő͕͘ŵĂŝŶƚĞŶĂŶĐĞŚ ŽůĞƐ͕ŽƵƚĨĂůůƐͿǁŝůůďĞǀŝƐƵĂůůǇŝŶƐƉĞĐƚĞĚ ƚŽ ǀĞƌŝĨǇ ƉŝƉĞ ŵĂƚĞƌŝĂů ;ƐƉĞĐŝĨŝĐĂůůǇ ĐŽƌƌƵŐĂƚĞĚ ŵĞƚĂů ƉŝƉĞƐͿ͕ĐƌŽƐƐ ĐŽŶŶĞĐƚŝŽŶƐ ǁŝƚŚ ƚŚĞ ƐĞǁĞƌ ƐǇƐƚĞŵ͕ ĐŽŶŶĞĐƚŝǀŝƚǇ͕ ŝŶǀĞƌƚƐ͕ ĂƉƉƌŽǆŝŵĂƚĞ ƉŝƉĞ ƐŝǌĞƐ ;ĂƐ ǀŝƐƵĂů ŝŶƐƉĞĐƚŝŽŶ ĂůůŽǁƐͿ͕ ĂŶĚ ĂŶǇ ǀŝƐŝďůĞ ĐŽŶĚŝƚŝŽŶ ŽĨ ŵĂŶŚŽůĞ ĂŶĚ ĐŽŶŶĞĐƚŝŶŐ ƉŝƉĞƐ͘ dŚĞ ƐƉŽƚ ĐŚĞĐŬƐ ǁŝůů ďĞ ƉĞƌĨŽƌŵĞĚ ŽŶ ƐƚŽƌŵ ĚƌĂŝŶ ƐǇƐƚĞŵƐ ƚŚĂƚ ĂƌĞ ĞǆƉĞĐƚĞĚ ƚŽ ŚĂǀĞ ĂĚĞƋƵĂƚĞ ĐĂƉĂĐŝƚǇ ĂŶĚ ƌĞŵĂŝŶ ŝŶ ƐĞƌǀŝĐĞ Ăƚ ďƵŝ ůĚŽƵƚ ŽĨ DĂƌĞ /ƐůĂŶĚ ŽŶĚŝƚŝŽŶ ŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵƚŚĞϭϬŝŶƐƉĞĐƚŝŽŶůŽĐĂƚŝŽŶƐǁŝůůďĞĞǆƚƌĂƉŽůĂƚ ĞĚƚŽŽƚŚĞƌĂƌĞĂƐŝŶƚŚĞƐǇƐƚĞŵďĂƐĞĚŽŶ ŵĂƚĞƌŝĂů͕ĂŐĞ͕ĞƚĐ͘
dĂƐŬϱ͘ϰ^ƚŽƌŵǁĂƚĞƌ>ŝĨƚ^ƚĂƚŝŽŶϭϱŽŶĚŝƚŝŽŶƐƐĞƐƐŵĞŶƚ tĞƐƚzŽƐƚǁŝůůƉĞƌĨŽƌŵĐŽŶĚŝƚŝŽŶĂƐƐĞƐƐŵĞŶƚĨŽƌůŝĨƚƐƚĂƚŝŽŶϭϱ͘/ƚŝƐĂƐƐƵŵĞĚƚŚĂƚs&t ŶŐŝŶĞĞƌŝŶŐĂŶĚ
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:KͲϮϬϮϮD//ͲWK^dtZͲϭϬ͘ϯϭ

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dĂƐŬϱ͘ϳĞůŝǀĞƌĂďůĞƐ
x tŽƌŬƐŚŽƉĂŶĚĂƐƐŽĐŝĂƚĞĚŵĂƚĞƌŝĂůƐ͘

dĂƐŬϱ͘ϴ͘ĞǀĞůŽƉ&ŝŶĂů^ƚŽƌŵǁĂƚĞƌĂŶĚ&ůŽŽĚŽŶƚƌŽů^ǇƐƚĞŵ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ/ŵƉƌŽǀĞŵĞŶƚƐ ;KƉƚŝŽŶĂůʹWƌŝŽƌŝƚǇϮͿ
ĂƐĞĚ ŽŶƚŚĞ ƌĞƐƵůƚƐ ŽĨ dĂƐŬ ϱ͘ϳ͕ ƚŚĞ ĨŝŶĂů ƐĞƚ ŽĨ ^ƚŽƌŵǁĂƚĞƌ ĂŶĚ &ůŽŽĚ ŽŶƚƌŽů ^ǇƐƚĞŵ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ /ŵƉƌŽǀĞŵĞŶƚƐ ǁŝůů ďĞ ƉƌĞƉĂƌĞĚ ĂŶĚ ŵĂƉƉĞĚ͘ dŚĞ ĂƌĞĂƐ ŽĨ DĂƌĞ /ƐůĂŶĚ ƚŚĂƚ ǁŝůů ďĞ ƐĞƌǀĞĚ ďǇ ĞĂĐŚ ŝŶĚŝǀŝĚƵĂůŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝŵƉƌŽǀĞŵĞŶƚǁŝůůďĞŝĚĞŶƚŝĨŝĞĚƐŽƚŚĂ ƚŝŶĨƌĂƐƚƌƵĐƚƵƌĞĐĂŶďĞĐŽŶƐƚƌƵĐƚĞĚǁŚĞŶ ŶĞĞĚĞĚ͘dŚŝƐǁŝůůĂůůŽǁƚŚĞ/ƐůĂŶĚƌĞĚĞǀĞůŽƉŵĞŶƚƚŽƉƌŽŐƌĞƐƐĂŶĚƚŚĞƌĞďǇŚĞůƉŐĞŶĞƌĂƚĞĨƵŶĚƐĨŽƌĂůůƚŚĞ ŶĞĞĚĞĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ;ǀĞƌƐƵƐƚƌǇŝŶŐƚŽĨƵŶĚŵŽƐƚŽĨƚŚĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂƚŽŶĞƚŝŵĞͿ͘ dĂƐŬϱ͘ϵ͘^ƚŽƌŵǁĂƚĞƌĂŶĚ&ůŽŽĚŽŶƚƌŽůƌĂĨƚD//ZĞƉŽƌƚŚĂƉƚĞƌ tĞǁŝůůƐƵŵŵĂƌŝǌĞƚŚĞƚĂƐŬƌĞƐƵůƚƐŝŶƚŚĞ^ƚŽƌŵǁĂƚĞƌ^ǇƐƚĞŵ&ŝƌƐƚƌĂĨƚŚĂƉƚĞƌ͘ D//WƌŽũĞĐƚ
KĐƚŽďĞƌϯϭ͕ϮϬϮϮ
WĂŐĞϭϯ

EͲDͲͲs>>
:KͲϮϬϮϮD//ͲWK^dtZͲϭϬ͘ϯϭ

dĂƐŬϱ͘ϵĞůŝǀĞƌĂďůĞƐ
x &ŝƌƐƚĚƌĂĨƚƐƚŽƌŵǁĂƚĞƌƐǇƐƚĞŵD//ƌĞƉŽƌƚĐŚĂƉƚĞƌ͘

dĂƐŬϲ'ĞŽƚĞĐŚŶŝĐĂů
ǀĂůƵĂƚŝŽŶ;KƉƚŝŽŶĂůʹWƌŝŽƌŝƚǇϮͿ
dŚĞ ŐĞŽƚĞĐŚŶŝĐĂů ĞǀĂůƵĂƚŝŽŶ ŝƐ ĂŶ KƉƚŝŽŶĂů ʹ WƌŝŽƌŝƚǇ Ϯ ƚĂƐŬ͘ DĐDŝůůŝĂŶ :ĂĐŽďƐ ƐƐŽĐŝĂƚĞƐ ;D:Ϳ ǁŝůů ƉĞƌĨŽƌŵƚŚĞĨŽůůŽǁŝŶŐƚĂƐŬƐĂƐĂƐƵďĐŽŶƐƵůƚĂŶƚƚŽtĞƐƚzŽƐƚ͘ dĂƐŬϲ͘ϭ͘'ĞŽƚĞĐŚŶŝĐĂů<ŝĐŬŽĨĨDĞĞƚŝŶŐ;KƉƚŝŽŶĂůʹWƌŝŽƌŝƚǇϮͿ ŬŝĐŬŽĨĨŵĞĞƚŝŶŐǁŝůůďĞŚĞůĚĨŽƌƚŚĞŐĞŽƚĞĐŚŶŝĐĂůĞǀĂůƵĂƚŝŽŶ ;ĂƚƚŚ ĞƐĂŵĞƚŝŵĞĂƐƚŚĞKǀĞƌĂůůWƌ ŽũĞĐƚ <ŝĐŬŽĨĨDĞĞƚŝŶŐͿǁŝƚŚŝƚǇĂŶĚs&tƐƚĂĨĨ͘dŚĞŵĞĞƚŝŶŐǁŝůůďĞƵƐĞĚƚŽĞƐƚĂďůŝƐŚƉƌŽũĞĐƚŐŽĂůƐ͕ĚŝƐĐƵƐƐ ĐŽŵŵƵŶŝĐĂƚŝŽŶĂŶĚĐŽŽƌĚŝŶĂƚŝŽŶ͕ĂŶĚĚŝƐĐƵƐƐƐĐŚĞĚƵůĞĂŶĚŵŝůĞƐƚŽŶĞƐ͘ dĂƐŬϲ͘Ϯ'ĂƚŚĞƌĂŶĚZĞǀŝĞǁǀĂŝůĂďůĞ'ĞŽƚĞĐŚŶŝĐĂůŽĐƵŵĞŶƚƐ;KƉƚŝŽŶĂůʹWƌŝŽƌŝƚǇϮͿ D:ǁŝůůŐĂƚŚĞƌĂŶĚƌĞǀŝĞǁƚŚĞĨŽůůŽǁŝŶŐĚŽĐƵŵĞŶƚƐ͘
x 'ĞŽƚĞĐŚŶŝĐĂůƌĞƉŽƌƚƐĨŽƌƉƌŝǀĂƚĞĂŶĚƉƵďůŝĐǁŽƌŬƉƌŽũĞĐƚƐŽŶƚŚĞŝƐůĂŶĚƉƌŽƉĞƌĨƌŽŵD: ĂƌĐŚŝǀĞƐ͕ƐĞƚƚůĞŵĞŶƚŵŽŶŝƚŽƌŝŶŐĚĂƚĂĂŶĚŽƚŚĞƌƌĞůĂƚĞĚƌĞƉŽƌƚƐƐƉĞĐŝĨŝĐƚŽƚŚĞŝƐůĂŶĚŵĂĚĞ ĂǀĂŝůĂďůĞďǇƚŚĞŝƚǇŽĨsĂůůĞũŽĂŶĚƚŚĞsĂůůĞũŽ&ůŽŽĚΘtĂƐƚĞǁĂƚĞƌŝƐƚƌŝĐƚ͘ZĞǀŝĞǁŽĨ ƌĞƉŽƌƚƐǁŝůůďĞůŝŵŝƚĞĚƚŽƚŚĞϱŵŽƐƚƌĞĐĞŶƚƌĞƉŽƌƚƐŝŶƚŚĞůĂƐƚϭϬǇĞĂƌƐ͖ĂŶĚ x WƵďůŝƐŚĞĚĚŽĐƵŵĞŶƚƐĨƌŽŵƚŚĞƐƐŽĐŝĂƚŝŽŶŽĨĂǇƌĞĂ'ŽǀĞƌŶŵĞŶƚƐ͕h͘^͘'ĞŽůŽŐŝĐĂů ^ƵƌǀĞǇ͕h͘^͘^ŽŝůŽŶƐĞƌǀĂƚŝŽŶ^ĞƌǀŝĐĞ͕ĂŶĚƚŚĞĂůŝĨŽƌŶŝĂ'ĞŽůŽŐŝĐĂů^ƵƌǀĞǇ͘ x ,ŝƐƚŽƌŝĐƚŽƉŽŐƌĂƉŚŝĐŵĂƉƐĂŶĚĂĞƌŝĂůŝŵĂŐĞƐ;ůŝŵŝƚĞĚƚŽϯƚŝŵĞƉĞƌŝŽĚƐͿ͘ dĂƐŬϲ͘ϮĞůŝǀĞƌĂďůĞƐ
x
ůĞĐƚƌŽŶŝĐĐŽƉŝĞƐŽĨƚŚĞĐŽůůĞĐƚĞĚĚŽĐƵŵĞŶƚƐĐŽŵƉŝůĞĚŝŶƚŽƚŚĞĨŝŶĂůƌĞƉŽƌƚ͘
dĂƐŬϲ͘ϯƌĂĨƚD//'ĞŽƚĞĐŚŶŝĐĂůZĞƉŽƌƚŚĂƉƚĞƌĂŶĚtŽƌŬƐŚŽƉ;KƉƚŝŽŶĂůʹWƌŝŽƌŝƚǇϮͿ D:ǁŝůůƉƌĞƉĂƌĞĂĨŝŶĂůƌĞƉŽƌƚĐŚĂƉƚĞƌƐƵŵŵĂƌŝǌŝŶŐƚŚĞŐĞŽƚĞĐŚ ŶŝĐĂůĨŝŶĚŝŶŐƐĨƌŽŵƚŚĞĚĞƐŬƚŽƉƐƚƵĚǇ͕ ĐŽŶĐůƵƐŝŽŶŽĨƚŚĞĨŝŶĚŝŶŐƐ͕ĂŶĚĐŽŶĐĞƉƚƵĂůͲůĞǀĞůĚĞƐŝŐŶƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌƉůĂŶŶŝŶŐƚŚĞǁĂƚĞƌ͕ƐĞǁĞƌ͕ ƐƚŽƌŵǁĂƚĞƌ͕ĂŶĚƌŽĂĚŝŵƉƌŽǀĞŵĞŶƚƐ͘dŚĞĐŚĂƉƚĞƌǁŝůůŝŶĐůƵĚĞ͗ x 'ĞŶĞƌĂůĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞƉƌŽũĞĐƚ
x 'ĞŽƚĞĐŚŶŝĐĂůƌĞƐĞĂƌĐŚĨŝŶĚŝŶŐƐ
x 'ĞŽůŽŐŝĐĂŶĚƐĞŝƐŵŝĐƐĞƚƚŝŶŐŽĨƚŚĞƉƌŽũĞĐƚĂƌĞĂ
x ĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞƌĞĨĞƌĞŶĐĞƐƵďƐƵƌĨĂĐĞŝŶǀĞƐƚŝŐĂƚŝŽŶƐ;ůŝŵŝƚĞĚƚŽƚŚĞϱŵŽƐƚƌĞĐĞŶƚƌĞƉŽƌƚƐ ŝŶƚŚĞůĂƐƚϭϬǇĞĂƌƐͿĂŶĚƌĞůĞǀĂŶƚĨŝŶĚŝŶŐƐ
x ŽƌŝŶŐůŽĐĂƚŝŽŶƐŵĂƉ͕ĂŶĚůŽŐƐŽĨƌĞĨĞƌĞŶĐĞďŽƌŝŶŐƐ x ĞƐĐƌŝƉƚŝŽŶŽĨŐƌŽƵŶĚǁĂƚĞƌĐŽŶĚŝƚŝŽŶƐŝŶƌĞĨĞƌĞŶĐĞďŽƌŝŶŐƐ x 'ĞŽůŽŐŝĐŚĂǌĂƌĚƐƐƵĐŚĂƐůŝƋƵĞĨĂĐƚŝŽŶ͕ĨĂƵůƚƌƵƉƚƵƌĞ͕ŐƌŽƵŶĚƐŚĂŬŝŶŐ x ƵƌƌĞŶƚ/ͬƐĞŝƐŵŝĐ^ŽŝůůĂƐƐ
x dĂďůĞƐǁŝƚŚĐŽŶĐĞƉƚƵĂůͲůĞǀĞůĞƐƚŝŵĂƚĞƐŽĨƐĞƚƚůĞŵĞŶƚďĂƐĞĚŽŶĂƉƉůŝĞĚĨŝůůĚĞƉƚŚƐ D//WƌŽũĞĐƚ
KĐƚŽďĞƌϯϭ͕ϮϬϮϮ
WĂŐĞϭϰ

EͲDͲͲs>>
:KͲϮϬϮϮD//ͲWK^dtZͲϭϬ͘ϯϭ

x ƉƉĞŶĚŝĐĞƐƉƌĞƐĞŶƚŝŶŐƚŚĞƌĞĨĞƌĞŶĐĞŝŶĨŽƌŵĂƚŝŽŶ
D:ǁŝůůĐŽŶĚƵĐƚĂǁŽƌŬƐŚŽƉǁŝƚŚŝƚǇĂŶĚŝƐƚƌŝĐƚƐƚĂĨĨƚŽƉƌĞƐĞŶƚƚŚĞĨŝŶĂůĐŚĂƉƚĞƌĂŶĚĂĚĚƌĞƐƐƋƵĞƐƚŝŽŶƐ͘ dĂƐŬϲ͘ϯĞůŝǀĞƌĂďůĞƐ
x &ŝŶĂůŐĞŽƚĞĐŚŶŝĐĂůĐŚĂƉƚĞƌ͘

dĂƐŬϳ͘ZŽĂĚ^ǇƐƚĞŵ
ǀĂůƵĂƚŝŽŶ
dŚĞƌŽĂĚƐǇƐƚĞŵĞǀĂůƵĂƚŝŽŶŝƐƐƵŵŵĂƌŝǌĞĚďĞůŽǁ͘dŚŝƐƚĂƐŬǁŝůůďĞƉĞƌĨŽƌŵĞĚďǇE ĂƐĂƐƵďĐŽŶƐƵůƚĂŶƚ
ƚŽtĞƐƚzŽƐƚ͘
dĂƐŬϳ͘ϭ͘<ŝĐŬŽĨĨDĞĞƚŝŶŐ͕WƌŽŐƌĞƐƐDĞĞƚŝŶŐƐ͕ĂŶĚWƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚ ŬŝĐŬŽĨĨŵĞĞƚŝŶŐǁŝůůďĞŚĞůĚĨŽƌƚŚĞƌŽĂĚƐǇƐƚĞŵ;ĂƚƚŚĞƐĂŵĞƚŝŵĞĂƐƚŚĞKǀĞƌĂůůWƌŽũĞĐƚ<ŝĐŬŽĨĨDĞĞƚŝŶŐͿ͕ ǁŚŝĐŚǁŝůůŝŶĐůƵĚĞƚŚĞtĞƐƚzŽƐƚWƌŽũĞĐƚDĂŶĂŐĞƌ͕E
WƌŽũĞĐƚDĂŶĂŐĞƌ͕ ŝƚǇƐƚĂĨĨ͕ĂŶĚs&tƐƚĂĨĨƚŚĂƚ
ǁŝůů ďĞ ŝŶǀŽůǀĞĚ ŝŶ ƚŚĞ ƌŽĂĚ ƐǇƐƚĞŵ͘ dŚĞ ŵĞĞƚŝŶŐ ǁŝůů ďĞ ƵƐĞĚ ƚ Ž ĞƐƚĂďůŝƐŚ ƉƌŽũĞĐƚ ŐŽĂůƐ͕ ĚŝƐĐƵƐƐ ĐŽŵŵƵŶŝĐĂƚŝŽŶĂŶĚĐŽŽƌĚŝŶĂƚŝŽŶ͕ĂŶĚĚŝƐĐƵƐƐƐĐŚĞĚƵůĞĂŶĚŵŝůĞƐƚ ŽŶĞƐ͘E ǁŝůůĂƚƚĞŶĚŵŽŶƚŚůǇdĞĂŵƐ
ƉƌŽŐƌĞƐƐŵĞĞƚŝŶŐƐǁŝůůďĞŚĞůĚǁŝƚŚƚŚĞŝƚǇ͘
dĂƐŬϳ͘Ϯ͘ĂƚĂďĂƐĞĂŶĚĞŶƚĞƌůŝŶĞ^ŚĂƉĞĨŝůĞZĞǀŝĞǁ
E
ǁŝůůĨŝƌƐƚƌĞǀŝĞǁƚŚĞ^ƚƌĞĞƚ^ĂǀĞƌĚĂƚĂďĂƐĞĂŶĚƚŚĞƌŽĂĚĐĞŶƚĞƌůŝŶĞƐŚĂƉĞĨŝůĞƐ͘ůůĂǀĂŝůĂďůĞĚĂƚĂǁŝůůďĞ ĚŝƐĐƵƐƐĞĚĚƵƌŝŶŐƚŚĞŬŝĐŬŽĨĨŵĞĞƚŝŶŐ͘
dĂƐŬϳ͘ϯ͘WĞƌĨŽƌŵƵƚŽŵĂƚĞĚWĂǀĞŵĞŶƚŽŶĚŝƚŝŽŶ^ƵƌǀĞǇZĞǀŝĞǁ dŚĞŝƚǇŚĂƐƉĂǀĞŵĞŶƚŶĞƚǁŽƌŬĐŽŶĚŝƚŝŽŶĚĂƚĂĨŽƌƚŚĞĞŶƚŝƌĞŶĞƚ ǁŽƌŬ;ƉĞƌĨŽƌŵĞĚϮϬϮϭͬϮϬϮϮͿ͕ĂŶĚĂůů ŝŶƐƉĞĐƚŝŽŶĚĂƚĂǁĂƐƵƉĚĂƚĞĚŝŶŝƚǇ͛Ɛ^ƚƌĞĞƚ^ĂǀĞƌĚĂƚĂďĂƐĞ͘E ǁŝůůƉĞƌĨŽƌŵĨŝĞůĚƌĞǀŝĞǁŽŶůǇƚŽǀĞƌŝĨǇ
ƉĂǀĞŵĞŶƚĐŽŶĚŝƚŝŽŶĨƌŽŵƚŚĞŝƚǇ͛ƐƉƌĞǀŝŽƵƐŝŶƐƉĞĐƚŝŽŶƵƉĚĂƚĞ͘ WĂǀĞŵĞŶƚĐŽŶĚŝƚŝŽŶǁŝůůďĞƵƚŝůŝǌĞĚĨŽƌ ƉůĂŶŶŝŶŐĨŝĞůĚƚĞƐƚŝŶŐŝŶdĂƐŬϳ͘ϰƚŽdĂƐŬϳ͘ϲŝŶďĞůŽǁ͘/ŶĂĚĚŝƚŝŽŶ͕E ǁŝůůƉĞƌĨŽƌŵĂŶĂƵƚŽŵĂƚĞĚƐƵƌǀĞǇ
ǀĞŚŝĐůĞ ĐĂƉƚƵƌĞ ŽĨ ŝŵĂŐĞƌǇ ŽǀĞƌ ƚŚĞ ĞŶƚŝƌĞ DĂƌĞ /ƐůĂŶĚ ƌŽĂĚ ŶĞƚǁŽƌŬ ŝŶĐůƵĚŝŶŐ ĐŽŶĚŝƚŝŽŶ ĚĂƚĂ ƚŚĂƚ ŝƐ ĐŽůůĞĐƚĞĚĂƚƚŚĞƐĂŵĞƚŝŵĞŽĨĐŽŵƉůĞƚŝŶŐŝŵĂŐĞƌǇ͘,ŽǁĞǀĞƌ͕ŶŽĐ ŽŶĚŝƚŝŽŶĚĂƚĂŽƌWĂǀĞŵĞŶƚŽŶĚŝƚŝŽŶ /ŶĚĞǆ;W/ͿĐĂůĐƵůĂƚŝŽŶƐǁŝůůďĞƵƉůŽĂĚĞĚŽƌĐŚĂŶŐĞĚŝŶƚŚĞŝƚ Ǉ͛ƐĚĂƚĂďĂƐĞ͘dŚĞĐŽůůĞĐƚĞĚŝŵĂŐĞƐŽŶƚŚĞ ĞŶƚŝƌĞƐƚƌĞĞƚŶĞƚǁŽƌŬŝŶDĂƌĞ/ƐůĂŶĚǁŝůůďĞƐĂǀĞĚĂƐ'/^ĚĂƚĂďĂƐĞĂŶĚƐƵďŵŝƚƚĞĚƚŽƚŚĞŝƚǇ͘ dĂƐŬϳ͘ϯĞůŝǀĞƌĂďůĞƐ
x ƐĞƚŽĨŝŵĂŐĞƌǇĨŽƌŵĂƚƚĞĚŝŶ'/^ĚĂƚĂďĂƐĞ͘
dĂƐŬϳ͘ϰ͘WĞƌĨŽƌŵWĂǀĞŵĞŶƚĞĨůĞĐƚŝŽŶdĞƐƚŝŶŐ
ĞĨůĞĐƚŝŽŶƚĞƐƚŝŶŐǁŝůůďĞĐŽŶĚƵĐƚĞĚŽŶůǇŽŶĂƌƚĞƌŝĂůƐĂŶĚŵĂũŽƌĐŽůůĞĐƚŽƌƐŽŶDĂƌĞ/ƐůĂŶĚ͕ŝŶĐůƵĚŝŶŐ͗ǌƵĂƌ ǀĞ͕ ŽŶŶŽůůǇ ^ƚ͕ &ůĂŐƐŚŝƉ ƌ͕ ' ^ƚ͕ DĂƌĞ /ƐůĂŶĚ ĂƵƐĞǁĂǇ͕ Eŝŵŝƚǌ ǀĞ͕ ZĂŝůƌŽĂĚ ǀĞŶƵĞ ĂŶĚ tĂůŶƵƚ ǀĞŶƵĞŝĚĞŶƚŝĨŝĞĚĨƌŽŵŝƚǇ͛Ɛ^ƚƌĞĞƚ^ĂǀĞƌĚĂƚĂďĂƐĞ͘ƚŽƚĂůŽĨ ϭϬ͘ϱĐĞŶƚĞƌůŝŶĞŵŝůĞƐŽƌϮϭ͘ϭůĂŶĞŵŝůĞƐŽĨ ƐƚƌĞĞƚƐǁŝůůďĞƚĞƐƚĞĚ͘ƉƉƌŽǆŝŵĂƚĞůǇϭ͕ϭϱϬĚĂƚĂƉŽŝŶƚƐǁŝůůďĞĐŽůůĞĐƚĞĚ͕ĂŶĚŝƚŝƐĞƐƚŝŵĂƚĞĚĨĂůůŝŶŐǁĞŝŐŚƚ ĚĞĨůĞĐƚŽŵĞƚĞƌ;&tͿƚĞƐƚŝŶŐǁŝůůƚĂŬĞĨŝǀĞ;ϱͿĚĂǇƐƚŽĐŽŵƉůĞƚĞ͘ ĚũƵƐƚŵĞŶƚƐǁŝůůďĞŵĂĚĞƚŽƚĞƐƚƐƉĂĐŝŶŐĨŽƌďŽƚŚĐŽƐƚĞĐŽŶŽŵǇĂŶĚĨŽƌĞĨĨŝĐŝĞŶƚĐŽǀĞƌĂŐĞŽĨƉĂǀĞŵĞŶƚƐ ǁŝƚŚ ǀĂƌǇŝŶŐ ƉĂǀĞŵĞŶƚ ĐŽŶĚŝƚŝŽŶƐ ĂŶĚ ĨŝĞůĚ ĐŽŶƐƚƌĂŝŶƚƐ͘ DĂŶƵĂů ŽŶ hŶŝĨŽƌŵ dƌĂĨĨŝĐ ŽŶƚƌŽů ĞǀŝĐĞƐ ;DhdͿůĞǀĞůƚƌĂĨĨŝĐĐŽŶƚƌŽůǁŝůůďĞƉƌŽǀŝĚĞĚ͘
D//WƌŽũĞĐƚ
KĐƚŽďĞƌϯϭ͕ϮϬϮϮ
WĂŐĞϭϱ

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:KͲϮϬϮϮD//ͲWK^dtZͲϭϬ͘ϯϭ

dĂƐŬϳ͘ϰĞůŝǀĞƌĂďůĞƐ
x ĞĨůĞĐƚŝŽŶƚĞƐƚŝŶŐƌĞƐƵůƚƐ͕ůĂǇŽƵƚĨŝŐƵƌĞƐ͕ĂŶĚƐƵŵŵĂƌǇƌĞƉŽƌƚ͘
dĂƐŬϳ͘ϱ͘WĞƌĨŽƌŵ'ƌŽƵŶĚWĞŶĞƚƌĂƚŝŶŐZĂĚĂƌ;'WZͿdĞƐƚŝŶŐĂŶĚŶĂůǇƐŝƐ dŚĞDĂƌĞ /ƐůĂŶĚ ĂƌƚĞƌŝĂůƐĂŶĚ ŵĂũŽƌĐŽůůĞĐƚŽƌ ƐƚƌĞĞƚŶĞƚǁŽƌŬ ǁŝůů ďĞ 'WZ ƐƵƌǀĞǇĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ^dDϰϳϰϴƚŽŝĚĞŶƚŝĨǇƉĂǀĞŵĞŶƚůĂǇĞƌƚǇƉĞƐ͕ůĂǇĞƌƚŚŝĐŬŶĞƐƐĞƐ͕ĂŶĚǀĂƌŝĂďŝůŝƚǇǁŝƚŚŝŶƉĂǀĞŵĞŶƚƐĞĐƚŝŽŶƐ͘ ĂƚĂǁŝůůďĞĂŶĂůǇǌĞĚĨŽůůŽǁŝŶŐ'WZƚĞƐƚŝŶŐ͘/ƚŝƐĞƐƚŝŵĂƚĞĚƚŚĂƚ'WZƚĞƐƚŝŶŐǁŝůůƚĂŬĞŽŶĞĚĂǇƚŽĐŽŵƉůĞƚĞ͘ dĂƐŬϳ͘ϱĞůŝǀĞƌĂďůĞƐ
x 'WZ^ƵŵŵĂƌǇZĞƉŽƌƚ͘

dĂƐŬϳ͘ϲ͘ŽŶĚƵĐƚWĂǀĞŵĞŶƚŽƌŝŶŐ
/ŶŝƚŝĂůĐŽƌŝŶŐǁŝůůďĞĐŽŶĚƵĐƚĞĚĐŽŶĐƵƌƌĞŶƚůǇǁŝƚŚdĂƐŬϳ͘ϱĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨĐĂůŝďƌĂƚŝŶŐƚŚĞ'WZƉƌŽĐĞƐƐ͘ ǇŶĂŵŝĐŽŶĞWĞŶĞƚƌŽŵĞƚĞƌ;WͿƚĞƐƚŝŶŐǁŝůůĂůƐŽďĞƵƐĞĚĨŽƌĐ ĂůŝďƌĂƚŝŽŶƉƵƌƉŽƐĞƐĂŶĚĨŽƌĞƐƚŝŵĂƚŝŶŐ ůĂǇĞƌƐƚƌƵĐƚƵƌĂůƉƌŽƉĞƌƚŝĞƐ͘hƉŽŶƌĞǀŝĞǁŝŶŐĚĂƚĂĨƌŽŵdĂƐŬƐϳ͘ϰĂŶĚϳ͘ϱ͕ĂĚĚŝƚŝŽŶĂůĐŽƌŝŶŐĂŶĚWƚĞƐƚŝŶŐ ǁŝůů ďĞ ĐŽŶĚƵĐƚĞĚ Ăƚ ůŽĐĂƚŝŽŶƐ ĚĞĞŵĞĚ ŝŵƉŽƌƚĂŶƚ ĂŶĚ ŶĞĐĞƐƐĂƌǇ ĨŽƌ ƚŚĞ ĚĞƐŝŐŶ ƉƌŽĐĞƐƐ ĨŽƌ ŵĂƚĞƌŝĂů ƐĂŵƉůŝŶŐ͘dƌĂĨĨŝĐĐŽŶƚƌŽůƵƐŝŶŐDhdŐƵŝĚĞůŝŶĞƐǁŝůůďĞƉƌŽǀŝĚĞĚŽŶůǇŽŶĂƌƚĞƌŝĂůƐĂŶĚĐŽůůĞĐƚŽƌƐ͘ƚŽƚĂů ŽĨƵƉƚŽϱϲĐŽƌĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚŽŶĂƌƚĞƌŝĂůƐĂŶĚŵĂũŽƌĐŽůůĞĐƚŽƌƐŽŶůǇ͕ĨŽƌƵƉƚŽϳĚĂǇƐ;ĂŶKƉƚŝŽŶĂůʹ WƌŝŽƌŝƚǇϭƚĂƐŬŝŶĐůƵĚĞƐϮϰĂĚĚŝƚŝŽŶĂůĐŽƌĞƐ͕ĨŽƌĂŶĂĚĚŝƚŝŽŶĂůϯĚĂǇƐͿ͘^ƚƌĞĞƚƐǁŝƚŚW/ŐƌĞĂƚĞƌƚŚĂŶϳϱĂŶĚ ŐŽŽĚ ƉĂǀĞŵĞŶƚ ƐƚƌƵĐƚƵƌĞ ŝĚĞŶƚŝĨŝĞĚ ĨƌŽŵ ĚĞĨůĞĐƚŝŽŶ ƚĞƐƚŝŶŐ ƌĞƐƵůƚƐ ŵĂǇ ŶŽƚ ŶĞĞĚ ƚŽ ďĞ ŽǀĞƌůĂŝĚ Žƌ ƌĞĐŽŶƐƚƌƵĐƚĞĚ ŝŶ ŶĞǆƚ ĨŝǀĞ ƚŽ ƚĞŶ ǇĞĂƌƐ͕ ĂŶĚ ƚŚĞƌĞĨŽƌĞ ǁŽƵůĚ ŶŽƚ ŚĂǀĞ ƉĂǀĞŵĞŶƚ ĐŽƌĞƐ ĐŽŵƉůĞƚĞĚ͘ WĂǀĞŵĞŶƚĐŽƌŝŶŐĐŽƵůĚďĞĞůŝŵŝŶĂƚĞĚŽŶƚŚŽƐĞƐĞĐƚŝŽŶƐŝŶƚŚŝƐƚĂƐŬ͘ dĂƐŬϳ͘ϲĞůŝǀĞƌĂďůĞƐ
x WĂǀĞŵĞŶƚĐŽƌĞƐƵŵŵĂƌǇƚĂďůĞ

dĂƐŬϳ͘ϳ͘WĂǀĞŵĞŶƚŶĂůǇƐŝƐĂŶĚWĂǀĞŵĞŶƚĞƐŝŐŶ
ĂƚĂ ĨƌŽŵ dĂƐŬƐ ϳ͘Ϯ ƚŽ ϳ͘ϲ ǁŝůů ďĞ ĂŶĂůǇǌĞĚ ĂŶĚ ĞǀĂůƵĂƚĞĚ ĂŶĚ ŽƉƚŝŵĂů ĂŶĚ ĐŽƐƚͲĞĨĨŝĐŝĞŶƚ ĚĞƐŝŐŶƐ ĨŽƌ ĂƌƚĞƌŝĂůƐĂŶĚŵĂũŽƌĐŽůůĞĐƚŽƌƐǁŝůůďĞĚĞǀĞůŽƉĞĚ͘dŚĞƐĞŵĂǇƌĂŶŐĞĨƌŽŵƐŝŵƉůĞƐƵƌĨĂĐĞƚƌĞĂƚŵĞŶƚƐƚŽŵŝůů ĂŶĚ ŽǀĞƌůĂǇƐƚŽŵŽƌĞƌŽďƵƐƚĂŶĚĐŽƐƚͲĞĨĨĞĐƚŝǀĞƌĞĐŽŶƐƚƌƵĐƚŝŽŶ ƐƚƌĂƚĞŐŝĞƐ ƐƵĐŚ ĂƐ ĐŽůĚ ŝŶͲƉůĂĐĞ ƌĞĐǇĐůŝŶŐ ;/ZͿ͕ĨƵůůͲĚĞƉƚŚƌĞĐůĂŵĂƚŝŽŶ;&ZͿ͕ĂŶĚƐƵƌĨĂĐĞƌĞĐŽŶƐƚƌƵĐƚŝŽŶ͘ dĂƐŬϳ͘ϳĞůŝǀĞƌĂďůĞƐ
x WĂǀĞŵĞŶƚ
ǀĂůƵĂƚŝŽŶƐƵŵŵĂƌǇƌĞƉŽƌƚ;&t͕'WZ͕ŽƌŝŶŐĂŶĂůǇƐŝƐͬƌĞƐƵůƚƐ͕ĂŶĚƚƌĞĂƚŵĞŶƚ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĂŶĚĂƐĞƚŽĨƚŽƉͲĚŽǁŶŝŵĂŐĞƌǇ;ŐĞŽͲůŽĐĂƚĞĚͿ͘'/^ŵĂƉͬƐŚĂƉĞĨŝůĞƐƚŽƐŚŽǁƐƚƌĞĞƚ ŝŶǀĞŶƚŽƌǇ͕ƉĂǀĞŵĞŶƚĐŽŶĚŝƚŝŽŶƐĨƌŽŵĞǆŝƐƚŝŶŐ^ƚƌĞĞƚ^ĂǀĞƌĚĂƚĂďĂƐĞ͕ƚŽƉͲĚŽǁŶŝŵĂŐĞƌǇ͕ ƌĞĐŽŵŵĞŶĚĞĚƚƌĞĂƚŵĞŶƚ͕ĞƐƚŝŵĂƚĞĚƚƌĞĂƚŵĞŶƚĐŽƐƚƐ͕ĂŶĚ&tͬ'WZƌĂǁƚĞƐƚŝŶŐƉŽŝŶƚƐŽƌĂǀĞƌĂŐĞ͘
dĂƐŬϳ͘ϴtŽƌŬƐŚŽƉƐĂŶĚD//ZĞƉŽƌƚŚĂƉƚĞƌsĞƌƐŝŽŶƐ
E
ǁŝůůĐŽŶĚƵĐƚĂǁŽƌŬƐŚŽƉǁŝƚŚŝƚǇĂŶĚŝƐƚƌŝĐƚƐƚĂĨĨƚŽƉƌĞ ƐĞŶƚƚŚĞƌĞƐƵůƚƐŽĨƚŚĞƐĞĞǀĂůƵĂƚŝŽŶƐĂŶĚ ĂĚĚƌĞƐƐƋƵĞƐƚŝŽŶƐ͘E
ǁŝůůƉƌĞƉĂƌĞƚŚĞ&ŝƌƐƚƌĂĨƚWĂǀĞŵĞŶƚŚĂƉƚĞƌ͘
dĂƐŬϳ͘ϴĞůŝǀĞƌĂďůĞƐ
D//WƌŽũĞĐƚ
KĐƚŽďĞƌϯϭ͕ϮϬϮϮ
WĂŐĞϭϲ

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x &ŝƌƐƚĚƌĂĨƚƌŽĂĚƐD//ƌĞƉŽƌƚĐŚĂƉƚĞƌ͘

ZŽĂĚƐ
ǀĂůƵĂƚŝŽŶʹ
ŶƚŝƌĞ^ǇƐƚĞŵ;KƉƚŝŽŶĂůʹWƌŝŽƌŝƚǇϮͿ
dĂƐŬƐϳ͘ϮƚŚƌŽƵŐŚϳ͘ϴĂďŽǀĞĐĂŶďĞƐƵƉƉůĞŵĞŶƚĞĚƚŽŝŶĐůƵĚĞƚŚĞ ĞŶƚŝƌĞDĂƌĞ/ƐůĂŶĚƌŽĂĚƐǇƐƚĞŵ͘ ĂĐŚ
ƚĂƐŬ ƐĐŽƉĞ ŽĨ ƐĞƌǀŝĐĞƐ ǁŽƵůĚ ĞǆƚĞŶĚ ƚŽ ƚŚĞ ĞŶƚŝƌĞ ƌŽĂĚ ŶĞƚǁŽƌŬ͖ ƚŚĞ ŽƉƚŝŽŶĂů ĨĞĞ ŝƐ ƉƌŽǀŝĚĞĚ ŝŶ ƚŚĞ KƉƚŝŽŶĂů&ĞĞƐŚĞĞƚ͘
dĂƐŬϴ͘ƌǇhƚŝůŝƚǇ^ǇƐƚĞŵƐ;KƉƚŝŽŶĂůʹWƌŝŽƌŝƚǇϭͿ
dŚĞĚƌǇƵƚŝůŝƚǇƐǇƐƚĞŵƐĞǀĂůƵĂƚŝŽŶŝƐƐƵŵŵĂƌŝǌĞĚďĞůŽǁďǇƐƵďƚĂƐŬ͘ dĂƐŬϴ͘ϭ͘<ŝĐŬŽĨĨDĞĞƚŝŶŐ;KƉƚŝŽŶĂůʹWƌŝŽƌŝƚǇϭͿ
ŬŝĐŬŽĨĨŵĞĞƚŝŶŐǁŝůůďĞŚĞůĚĨŽƌĚƌǇƵƚŝůŝƚŝĞƐ;ĂƚƚŚĞƐĂŵĞƚ ŝŵĞĂƐƚŚĞKǀĞƌĂůůWƌŽũĞĐƚ<ŝĐŬŽĨĨDĞĞƚŝŶŐͿ͘ dŚĞŵĞĞƚŝŶŐǁŝůůďĞƵƐĞĚƚŽĞƐƚĂďůŝƐŚƉƌŽũĞĐƚŐŽĂůƐ͕ĚŝƐĐƵƐƐĐŽŵŵƵŶŝĐĂƚŝŽŶĂŶĚĐŽŽƌĚŝŶĂƚŝŽŶ͕ĂŶĚĚŝƐĐƵƐƐ ƐĐŚĞĚƵůĞĂŶĚŵŝůĞƐƚŽŶĞƐ͘
dĂƐŬϴ͘Ϯ͘ŽŽƌĚŝŶĂƚŝŽŶǁŝƚŚhƚŝůŝƚǇŽŵƉĂŶŝĞƐ;KƉƚŝŽŶĂůʹWƌŝŽƌŝƚǇϭͿ tĞǁŝůůĐŽŶƚĂĐƚĂŶĚĐŽŽƌĚŝŶĂƚĞǁŝƚŚƵƚŝůŝƚǇƉƌŽǀŝĚĞƌƐŝŶĐůƵĚŝŶŐ /ƐůĂŶĚ ŶĞƌŐǇ;ĞůĞĐƚƌŝĐ ĂŶĚ ŐĂƐͿ͕yĨŝŶŝƚǇ͕
dΘd;ĐĂďůĞͬĨŝďĞƌͿƚŽŽďƚĂŝŶĞǆŝƐƚŝŶŐŵĂƉƉŝŶŐ͕ƉůĂŶƐ͕ƐĐŚĞŵĂƚŝĐƐ͕ĂŶĚƌĞƉŽƌƚƐǁŚŝĐŚĚĞƚĂŝůƚŚĞĞǆƚĞŶƚƐŽĨ ĚƌǇƵƚŝůŝƚŝĞƐ͘ĚĂƚĂůŽŐǁŝůůďĞƉƌĞƉĂƌĞĚƚŽĚŽĐƵŵĞŶƚŝŶĨŽƌŵĂƚ ŝŽŶƌĞĐĞŝǀĞĚ͘tĞŚĂǀĞĂůůŽĐĂƚĞĚĂƚŽƚĂůŽĨ ΨϮϬ͕ϬϬϬƚŽǁŽƌŬǁŝƚŚƚŚĞĚƌǇƵƚŝůŝƚǇĐŽŵƉĂŶŝĞƐƚŽĐŽůůĞĐƚĂŶĚĂ ŐŐƌĞŐĂƚĞĞǆŝƐƚŝŶŐĚĂƚĂĂŶĚƐƚƵĚŝĞƐ͘/ƚŝƐ ĂƐƐƵŵĞĚƚŚĂƚƵƉƚŽƚǁŽĂĚĚŝƚŝŽŶĂůƵƚŝůŝƚǇĐŽŶƚĂĐƚƐŵĂǇďĞŶĞĞĚĞĚĂĨƚĞƌƚŚĞŝŶŝƚŝĂůƌĞƋƵĞƐƚ͘tĞƐƚzŽƐƚǁŝůů ŶŽƚƉĞƌĨŽƌŵĂŶǇƚĞĐŚŶŝĐĂůĞǀĂůƵĂƚŝŽŶƐ͕ŵĂƉƉŝŶŐ͕ŽƌĞŶŐŝŶĞĞƌŝŶŐŽŶĚƌǇƵƚŝůŝƚǇƐǇƐƚĞŵƐ͘ dĂƐŬϴ͘ϮĞůŝǀĞƌĂďůĞƐ
x ĂƚĂƌĞƋƵĞƐƚůŽŐ͕ůŝďƌĂƌǇŽĨŝŶĨŽƌŵĂƚŝŽŶ͘

dĂƐŬϴ͘ϯ͘ƌǇhƚŝůŝƚŝĞƐ&ŝƌƐƚƌĂĨƚD//ZĞƉŽƌƚŚĂƉƚĞƌ;KƉƚŝŽŶĂůʹWƌŝŽƌŝƚǇϭͿ tĞǁŝůůƐƵŵŵĂƌŝǌĞƚŚĞƌĞƐƵůƚƐŽĨdĂƐŬϴŝŶƚŚĞ&ŝƌƐƚƌĂĨƚŚĂƉƚĞƌϳ͘ŶǇŝŶĨŽƌŵĂƚŝŽŶĂǀĂŝůĂďůĞŽŶĞǆŝƐƚŝŶŐ ŽƌďƵŝůĚͲŽƵƚĐĂƉĂĐŝƚǇǁŝůůďĞƐƵŵŵĂƌŝǌĞĚŝŶƚŚĞdDďĂƐĞĚŽŶŝŶĨŽƌŵĂƚŝŽŶƌĞĐĞŝǀĞĚĨƌŽŵƵƚŝůŝƚǇĐŽŵƉĂŶŝĞƐ͘ dĂƐŬϴ͘ϯĞůŝǀĞƌĂďůĞƐ
x &ŝƌƐƚĚƌĂĨƚĚƌǇƵƚŝůŝƚŝĞƐD//ƌĞƉŽƌƚĐŚĂƉƚĞƌ͘

dĂƐŬϵ͘D//dĞĐŚŶŝĐĂůZĞƉŽƌƚĂŶĚWƌĞƐĞŶƚĂƚŝŽŶƐ
dĂƐŬϵ͘ϭ͘ŽŵƉůĞƚĞ&ŝƌƐƚƌĂĨƚD//ZĞƉŽƌƚ
dŚĞĨŝƌƐƚĚƌĂĨƚƐŽĨƚŚĞtĂƚĞƌ͕^ĞǁĞƌ͕^ƚŽƌŵǁĂƚĞƌ͕'ĞŽƚĞĐŚŶŝĐĂů͕ZŽĂĚƐ͕ĂŶĚƌǇhƚŝůŝƚǇĐŚĂƉƚĞƌƐǁŝůůŚĂǀĞ ďĞĞŶ ƐƵďŵŝƚƚĞĚ ƵŶĚĞƌ ƚŚĞ ĂďŽǀĞ ƚĂƐŬƐ͘ tĞ ǁŝůů ƉƌĞƉĂƌĞ ĂŶĚ ƐƵďŵŝƚ ƚŚĞ ĨŝƌƐƚ ĚƌĂĨƚƐ ŽĨ ƚŚĞ ǆĞĐƵƚŝǀĞ
^ƵŵŵĂƌǇ͕ŚĂƉƚĞƌϭ;/ŶƚƌŽĚƵĐƚŝŽŶͿ͕ĂŶĚŚĂƉƚĞƌϴ;^ƵŵŵĂƌǇŽĨZĞ ĐŽŵŵĞŶĚĂƚŝŽŶƐͿ͕ǁŚŝĐŚǁŝůůŵĂŬĞĂ ŽŵƉůĞƚĞ&ŝƌƐƚƌĂĨ ƚZĞƉ Žƌƚ͘ĨƚĞƌ ƚŚĞĨŝƌƐƚĚƌĂĨ ƚ͕ĂŶŝŶͲƉĞƌƐŽŶŵĞĞƚŝŶŐǁŝůůďĞŚĞůĚƚŽƌĞĐĞŝǀĞŝƚǇĂŶĚ ŝƐƚƌŝĐƚĐŽŵŵĞŶƚƐ͘
D//WƌŽũĞĐƚ
KĐƚŽďĞƌϯϭ͕ϮϬϮϮ
WĂŐĞϭϳ

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dĂƐŬϵ͘Ϯ͘^ĞĐŽŶĚĂŶĚdŚŝƌĚƌĂĨƚD//ZĞƉŽƌƚ
tĞǁŝůůƉƌĞƉĂƌĞƚŚĞ^ĞĐŽŶĚƌĂĨƚZĞƉŽƌƚďǇĂĚĚƌĞƐƐŝŶŐƚŚĞŝƚǇ͛ƐĂŶĚs&t͛ƐĐŽŵŵĞŶƚƐŽŶƚŚĞ&ŝƌƐƚƌĂĨƚ ZĞƉŽƌƚ͘ tĞ ŚĂǀĞ ĂƐƐƵŵĞĚ ŶŽ ĂĚĚŝƚŝŽŶĂů ƚĞĐŚŶŝĐĂůͬĞŶŐŝŶĞĞƌŝŶŐ ǁŽƌŬ ǁŝůů ďĞ ŶĞĞĚĞĚ ƚŽ ĂĚĚƌĞƐƐ ƚŚĞ ĐŽŵŵĞŶƚƐďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƐĞƌǀŝĐĞƐĚĞƐĐƌŝďĞĚĂďŽǀĞ͘ /ƚŝƐĂƐƐƵŵĞĚƚŚĞŝƚǇĂŶĚŝƐƚƌŝĐƚǁŝůůƉƌŽǀŝĚĞǁƌŝƚƚĞŶĐŽŵŵĞŶ ƚƐŽŶƚŚĞ^ĞĐŽŶĚƌĂĨƚZĞƉŽƌƚǁŚŝĐŚǁŝůů ď Ğ Ƶ Ɖ Ě Ă ƚ Ğ Ě ŝ Ŷ Ă d Ś ŝ ƌ Ě ƌ Ă Ĩ ƚ Z Ğ Ɖ Ž ƌ ƚ ͘ t Ğ Ś Ă ǀ Ğ Ă Ɛ Ɛ Ƶ ŵ Ğ Ě Đ Ž ŵ ŵ Ğ Ŷ ƚ Ɛ Ž Ŷ ƚŚĞ ^ĞĐŽŶĚ ƌĂĨƚ ǁŝůů ďĞ ŵŝŶŽƌ ĞĚŝƚŽƌŝĂůĐŽŵŵĞŶƚƐ͘
dĂƐŬϵ͘ϯ͘WƌĞƉĂƌĞWƌĞƐĞŶƚĂƚŝŽŶĂŶĚWƌĞƐĞŶƚĂƚŝŽŶƌǇZƵŶ ĂƐĞĚŽŶƚŚĞdŚŝƌĚƌĂĨƚZĞƉŽƌƚ͕tĞƐƚzŽƐƚǁŝůůƉƌĞƉĂƌĞĂWŽǁĞƌWŽŝŶƚWƌĞƐĞŶƚĂƚŝŽŶƚŚĂƚƐƵŵŵĂƌŝǌĞƐƚŚĞ ŵĂũŽƌĨŝŶĚŝŶŐƐĂŶĚƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐŽĨƚŚĞƐƚƵĚǇ͘dŚĞWŽǁĞƌWŽŝŶƚĨŝůĞǁŝůůŝŶĐůƵĚĞƐƉĞĂŬĞƌ͛ƐŶŽƚĞƐ͘tĞ ǁŝůůƉĂƌƚŝĐŝƉĂƚĞŝŶĂƉƌĂĐƚŝĐĞ͞ĚƌǇͲƌƵŶ͟ǁŝƚŚŝƚǇƐƚĂĨĨǀŝĂĂǀŝƌƚƵĂůŵĞĞƚŝŶŐ͘dŚŝƐWŽǁĞƌWŽŝŶƚƉƌĞƐĞŶƚĂƚŝŽŶ ǁŝůůďĞƵƐĞĚďǇŝƚǇĂŶĚŝƐƚƌŝĐƚƐƚĂĨĨĨŽƌƚŚĞƉƵďůŝĐŵĞĞƚŝŶŐƐĂŶĚƉƌĞƐĞŶƚĂƚŝŽŶƐƵŶůĞƐƐdĂƐŬϵ͘ϰŝƐĂůƐŽ ĂƵƚŚŽƌŝǌĞĚ͘
dĂƐŬϵ͘ϰ͘WƵďůŝĐDĞĞƚŝŶŐĂŶĚWƌĞƐĞŶƚĂƚŝŽŶƐ;/ŶͲWĞƌƐŽŶͿ;KƉƚŝŽŶĂůdĂƐŬʹWƌŝŽƌŝƚǇϭͿ tĞǁŝůůĂƚƚĞŶĚͬĐŽŶĚƵĐƚƵƉƚŽƚǁŽƉƵďůŝĐŵĞĞƚŝŶŐƐƚŽĐŽŵŵƵŶŝĐĂƚĞŝŶĨŽƌŵĂƚŝŽŶĂŶĚĂŶƐǁĞƌŝƚǇͬŝƐƚƌŝĐƚ ƋƵĞƐƚŝŽŶƐƌĞůĂƚĞĚƚŽƚŚĞdŚŝƌĚƌĂĨƚdĞĐŚŶŝĐĂůZĞƉŽƌƚ͘KŶĞŵĞĞƚ ŝŶŐŝƐĞǆƉĞĐƚĞĚƚŽďĞĂƉƵďůŝĐǁŽƌŬƐŚŽƉ ĨŽƌŵĂƚ͘dŚĞ ŽƚŚĞƌ ŵĞĞƚŝŶŐŝƐ ĞǆƉĞĐƚĞĚƚŽ ďĞĂ ŽƵŶĐŝůͬŽĂƌĚŵĞĞƚŝŶŐ͘dŚĞ ĐŽŶƐƵůƚĂŶƚ ƚĞĂŵ ƚŽ ĂƚƚĞŶĚ ƉƌĞƐĞŶƚĂƚŝŽŶƐǁŝůůŝŶĐůƵĚĞtĞƐƚzŽƐƚWƌŽũĞĐƚDĂŶĂŐĞƌ͖tĞƐƚzŽƐƚĞƉƵƚǇWƌŽũĞĐƚDĂŶĂŐĞƌ͖tĂƚĞƌƐǇƐƚĞŵ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;tĞƐƚzŽƐƚͿ͖ZŽĂĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;E
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ǁŝůůďĞƉƌĞƐĞŶƚĞĚƚŽŝƚǇͬŝƐƚƌŝĐƚƐƚĂĨĨĨŽƌŝŶƉƵƚĂŶĚƌĞǀŝƐŝŽŶ͘ dŚĞ ƉƌĞƐĞŶƚĂƚŝŽŶƐ ĐŽƵůĚ ďĞ Ăƚ ƚŚĞ ŝƚǇ ŽƵŶĐŝůͬs&t ŽĂƌĚ ŵĞĞƚŝ ŶŐƐ Žƌ ŽƚŚĞƌ ǀĞŶƵĞƐ͘ ĨƚĞƌ ƚŚĞ ƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ǁĞǁŝůůŵĞĞƚǁŝƚŚŝƚǇĂŶĚs&tƐƚĂĨĨƚŽĚĞĐŝĚĞ ŝĨĂĚĚŝƚŝŽŶĂůǁŽƌŬŝƐŶĞĞĚĞĚƚŽĂĚĚƌĞƐƐ ĐŽŵŵĞŶƚƐĂŶĚƋƵĞƐƚŝŽŶƐĨƌŽŵƚŚĞŵĞĞƚŝŶŐƐ͘tĞŚĂǀĞĂƐƐƵŵĞĚŶŽĂĚĚŝƚŝŽŶĂůƚĞĐŚŶŝĐĂůͬĞŶŐŝŶĞĞƌŝŶŐǁŽƌŬ ǁŝůůďĞŶĞĞĚĞĚƚŽĂĚĚƌĞƐƐƚŚĞƋƵĞƐƚŝŽŶƐĂŶĚĐŽŵŵĞŶƚƐďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƐĞƌǀŝĐĞƐĚĞƐĐƌŝďĞĚĂďŽǀĞ͘ dĂƐŬϵ͘ϱ͘&ŝŶĂůZĞƉŽƌƚ
tĞǁŝůůƉƌĞƉĂƌĞƚŚĞ&ŝŶĂůZĞƉŽƌƚďǇĂĚĚƌĞƐƐŝŶŐƚŚĞŝƚǇ͛Ɛ͕s&t͛Ɛ͕ĂŶĚƚŚĞƉƵďůŝĐ͛ƐĐŽŵŵĞŶƚƐŽŶƚŚĞdŚŝƌĚ ƌĂĨƚZĞƉŽƌƚĂŶĚƚŚĞƉƵďůŝĐŵĞĞƚŝŶŐƐ͘
WƌŽƉŽƐĞĚKƵƚůŝŶĞŽĨƚŚĞD//dĞĐŚŶŝĐĂůZĞƉŽƌƚ
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ǆĞĐƵƚŝǀĞ^ƵŵŵĂƌǇ
x ŚĂƉƚĞƌϭ͘ KǀĞƌĂůůWƌŽũĞĐƚ/ŶƚƌŽĚƵĐƚŝŽŶ
x ŚĂƉƚĞƌϮ͘ tĂƚĞƌ^ǇƐƚĞŵ
ǀĂůƵĂƚŝŽŶ
x ŚĂƉƚĞƌϯ͘ ^ĞǁĞƌ^ǇƐƚĞŵ
ǀĂůƵĂƚŝŽŶ
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ǀĂůƵĂƚŝŽŶ;ŝĨĂƵƚŚŽƌŝǌĞĚͿ
x ŚĂƉƚĞƌϲ͘ ZŽĂĚ^ǇƐƚĞŵ
ǀĂůƵĂƚŝŽŶ
x ŚĂƉƚĞƌϳ͘ ƌǇhƚŝůŝƚŝĞƐ
ǀĂůƵĂƚŝŽŶƐ;ŝĨĂƵƚŚŽƌŝǌĞĚͿ
x ŚĂƉƚĞƌϴ͘ ^ƵŵŵĂƌǇŽĨZĞĐŽŵŵĞŶĚĂƚŝŽŶƐ

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dŚĞ ĨŽůůŽǁŝŶŐ ƐĞĐƚŝŽŶƐ ƉƌŽǀŝĚĞ Ă ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ƚŚĞ ^ĐŽƉĞ ŽĨ ^Ğ ƌǀŝĐĞƐ ĨŽƌ ŵĞŶĚŵĞŶƚ ϭ͕ ŝŶĐůƵĚŝŶŐ ĚĞůŝǀĞƌĂďůĞƐĨŽƌĞĂĐŚƚĂƐŬ͘dŚŝƐŵĞŶĚŵĞŶƚϭ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐĂŶĚĂƐƐŽĐŝĂƚĞĚĨĞĞŝƐďĂƐĞĚŽŶƚŚĞŽƉƚŝŽŶĂů ƚĂƐŬƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞŽƌŝŐŝŶĂůͬƉƌĞǀŝŽƵƐůǇĂƵƚŚŽƌŝǌĞĚĐŽŶƚƌĂĐƚ ͕D//WƌŽũĞĐƚƉƌŽŐƌĞƐƐƚŽͲĚĂƚĞ;ĂƐŽĨƉƌŝů ϮϬϮϯͿ͕ĂŶĚĚŝƐĐƵƐƐŝŽŶƐǁŝƚŚƚŚĞůŝĞŶƚdĞĂŵ;ŝƚǇ͕s&t͕D/Ϳ͘ dĂƐŬƐĂƌĞĐůĂƐƐŝĨŝĞĚŝŶŽŶĞŽĨƚŚĞĨŽůůŽǁŝŶŐĐĂƚĞŐŽƌŝĞƐ͗ x KƉƚŝŽŶĂůdĂƐŬʹŶKƉƚŝŽŶĂůdĂƐŬƚŚĂƚǁĂƐŝŶĐůƵĚĞĚŝŶƚŚĞŽƌŝŐŝŶĂů͕ŶŽŶͲĐŽŶƚƌĂĐƚĞĚKƉƚŝŽŶĂůdĂƐŬ ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ͖ƐĐŽƉĞŝƐŐĞŶĞƌĂůůǇƚŚĞƐĂŵĞďƵƚŵĂǇŚĂǀĞĐŚĂŶŐĞĚƐůŝŐŚƚůǇĚƵĞƚŽǁŽƌŬƚŽͲĚĂƚĞ ĂŶĚĚĞĐŝƐŝŽŶƐĨƌŽŵƚŚĞůŝĞŶƚdĞĂŵ͘
x
ǆƚĞŶĚĞĚdĂƐŬʹĂƐĞ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐdĂƐŬƚŚĂƚǁŝůůďĞĞǆƚĞŶĚĞĚĚƵĞƚŽƚŚĞĞǆƚĞŶĚĞĚĐŽŶƚƌĂĐƚ ĚƵƌĂƚŝŽŶ;ƚŚƌŽƵŐŚDĂƌĐŚϮϬϮϰͿ͕ĂŶĚͬŽƌĚƵĞƚŽǁŽƌŬĨƌŽŵŽƉƚŝŽŶĂůƚĂƐŬƐǁŚŝĐŚĂĨĨĞĐƚƚŚĞƚĂƐŬ͘ x ĚĚŝƚŝŽŶĂů
ĨĨŽƌƚĨŽƌĂƐĞdĂƐŬʹĚĚŝƚŝŽŶĂůĞĨĨŽƌƚďĞǇŽŶĚƚŚĞĂƐĞ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐǁĂƐƌĞƋƵŝƌĞĚ ƚŽĐŽŵƉůĞƚĞƚŚĞƚĂƐŬĚƵĞƚŽƵŶĞǆƉĞĐƚĞĚĐŝƌĐƵŵƐƚĂŶĐĞƐ͘
x ZĞͲůůŽĐĂƚĞĚdĂƐŬʹdĂƐŬďƵĚŐĞƚǁĂƐƵƐĞĚĨŽƌŽƚŚĞƌǁŽƌŬĂŶĚƌĞƋƵŝƌĞƐƌĞͲĂůůŽĐĂƚŝŽ ŶŽĨĨƵŶĚƐƚŽ ďƌŝŶŐƚŚĞďƵĚŐĞƚďĂĐŬƚŽƚŚĞŽƌŝŐŝŶĂůĂŵŽƵŶƚ͘
x EĞǁdĂƐŬʹEĞǁdĂƐŬƚŚĂƚǁĂƐƌĞƋƵĞƐƚĞĚďǇƚŚĞůŝĞŶƚdĞĂŵŽƌŽƚŚĞƌǁŝƐĞ ƌĞƋƵŝƌĞĚĨŽƌƚŚĞ ƉƌŽũĞĐƚǁŚŝĐŚŶĞĐĞƐƐŝƚĂƚĞĚĂĚĚŝƚŝŽŶĂůĞĨĨŽƌƚďĞǇŽŶĚƚŚĞĂƐĞ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ

ǆƚĞŶĚĞĚdĂƐŬƐ͕ĚĚŝƚŝŽŶĂů
ĨĨŽƌƚdĂƐŬƐ͕ĂŶĚZĞͲůůŽĐĂƚĞĚdĂƐŬƐŚĂǀĞƚŚĞŝƌƌĞůĂƚĞĚĂƐĞ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ ƚĂƐŬŶƵŵďĞƌĂŶĚǁŝůůďĞĂŵĞŶĚĞĚǁŝƚŚƚŚĞĂĚĚŝƚŝŽŶĂůďƵĚŐĞƚƐŚŽǁŶŝŶƚŚĞĨĞĞƐŚĞĞƚ͘KƉƚŝŽŶĂůdĂƐŬƐĂŶĚ EĞǁ dĂƐŬƐ ŚĂǀĞ ŶĞǁ ƚĂƐŬ ŶƵŵďĞƌƐ͕ ŶƵŵďĞƌĞĚ ĂƐ Ă ƐĞƋƵĞŶƚŝĂů ĐŽŶƚŝŶƵĂƚŝŽŶ ŽĨ ĂƐĞ ^ĐŽƉĞ ŽĨ ^ĞƌǀŝĐĞƐ ƚĂƐŬƐ͘
dĂƐŬϭ͘KǀĞƌĂůůWƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚ
WƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚŝƐƌĞƋƵŝƌĞĚĨŽƌƚŚĞKƉƚŝŽŶĂůdĂƐŬƐ͕ĂŶĚĨŽƌŶĞǁƚĂƐŬƐŶŽƚŝŶĐůƵĚĞĚŝŶƚŚĞĂƐĞ^ĐŽƉĞ ŽĨ^ĞƌǀŝĐĞƐ͘
dĂƐŬϭ͘ϬϮ͘DŽŶƚŚůǇWƌŽŐƌĞƐƐDĞĞƚŝŶŐƐ;
ǆƚĞŶĚĞĚdĂƐŬͿ
dŚƌĞĞĂĚĚŝƚŝŽŶĂůŵŽŶƚŚůǇŵĞĞƚŝŶŐƐ;:ĂŶƵĂƌǇϮϬϮϰƚŚƌŽƵŐŚDĂƌĐŚϮϬϮϰͿĚƵĞƚŽĞǆƚĞŶƐŝŽŶŽĨƚŚĞĐŽŶƚƌĂĐƚ͘ dĂƐŬϭ͘Ϭϯ͘WƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚĂŶĚYͬY;
ǆƚĞŶĚĞĚdĂƐŬͿ
ĚĚŝƚŝŽŶĂůƉƌŽũĞĐƚŵĂŶĂŐĞŵĞŶƚĂŶĚYͬYĞĨĨŽƌƚĨŽƌĂůůKƉƚŝŽŶĂůdĂƐŬƐ͕ĂŶĚĞǆƚĞŶƐŝŽŶŽĨƚŚĞĐŽŶƚƌĂĐƚ͘ dĂƐŬϭ͘Ϭϰ͘/ŶƚĞƌŝŵDŽŶƚŚůǇŚĞĐŬͲŝŶƐ;EĞǁdĂƐŬͿ
dŚĞŝƚǇƌĞƋƵĞƐƚĞĚĂŶĂĚĚŝƚŝŽŶĂůŵŽŶƚŚůǇĐŚĞĐŬͲŝŶŵĞĞƚŝŶŐďĞƚǁĞĞŶŵŽŶƚŚůǇƉƌŽŐƌĞƐƐŵĞĞƚŝŶŐƐ͘dŚŝƐŝƐ ĂŶĞǁƚĂƐŬĂŶĚǁĂƐŶŽƚŝŶĐůƵĚĞĚŝŶƚŚĞĂƐĞ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŽƌƚŚĞŽƌŝŐŝŶĂůKƉƚŝŽŶĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ͘ dĂƐŬϭĚĚŝƚŝŽŶĂůĞůŝǀĞƌĂďůĞƐ
x EŽŶĞ;ƐĂŵĞĂƐĂƐĞ^ĐŽƉĞͿ

dĂƐŬϮ͘DĂƌĞ/ƐůĂŶĚ>ĂŶĚhƐĞƐ
dĂƐŬϮ͘Ϭϭ͘ĞǀĞůŽƉͬEĞĂƌͲdĞƌŵ>ĂŶĚhƐĞŽŶĚŝƚŝŽŶ;ĚĚŝƚŝŽŶĂů ĨĨŽƌƚĨŽƌĂƐĞdĂƐŬͿ
ĚĚŝƚŝŽŶĂůĞĨĨŽƌƚǁĂƐƌĞƋƵŝƌĞĚƚŽĚĞǀĞůŽƉƚŚĞůĂŶĚƵƐĞĐŽŶĚŝƚŝŽŶĂŶĚĞƐƚŝŵĂƚĞƐĨŽƌƚŚĞĞǆŝƐƚŝŶŐͬŶĞĂƌͲƚĞƌŵ ůĂŶĚƵƐĞƐĐĞŶĂƌŝŽ͘
ĨĨŽƌƚŝŶĐůƵĚĞĚ͗
$WWDFKPHQW $
D//WƌŽũĞĐƚʹŵĞŶĚŵĞŶƚϭ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ
Ɖƌŝůϭϵ͕ϮϬϮϯ
WĂŐĞϮ

EͲDͲͲs>>
:KͲϮϬϮϮD//ͲKWd/KE>d^<^ͲϮϬϮϯ͘Ϭϰ

Ͳ ŽƌƌĞƐƉŽŶĚĞŶĐĞ͕ ƐĞǀĞƌĂů ŵĞĞƚŝŶŐƐ͕ ĂŶĚ Ă ƐŝƚĞ ǀŝƐŝƚ ǁŝƚŚ ůĂƌŐĞ ƵƐĞƌƐ ƚŽ ŽďƚĂŝŶ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚŝŽŶƐ;D/ƌǇŽĐŬƐ͕dŽƵƌŽhŶŝǀĞƌƐŝƚǇ͕>ŝŶĚDĂƌŝŶĞͿ Ͳ hƉĚĂƚĞĂŶĚƌĞĐŽŶĐŝůŝĂƚŝŽŶŽĨŵƵůƚŝƉůĞĚĂƚĂƐŽƵƌĐĞƐƚŽŝĚĞŶƚŝĨǇ ĞǆŝƐƚŝŶŐͬŶĞĂƌͲƚĞƌŵďƵŝůĚŝŶŐƐƚĂƚƵƐ ;ŝƚǇ'/^͕DĂƌĞ/ƐůĂŶĚŽŵƉĂŶǇŵĂƉƉŝŶŐͿ
dĂƐŬϮ͘Ϭϯ͘ƵŝůĚŽƵƚ>ĂŶĚhƐĞŽŶĚŝƚŝŽŶ;KƉƚŝŽŶĂůdĂƐŬͿ DĂƌĞ/ƐůĂŶĚ^ƉĞĐŝĨŝĐWůĂŶ;D/^WͿǁĂƐƉƌŽǀŝĚĞĚďǇD/ǁŚŝĐŚĚĞĨŝŶĞƐďƵŝůĚŽƵƚĐŽŶĚŝƚŝŽŶƐ͘dŚĞD/D/^W W& ŵĂƉ ǁŝůů ďĞ ĚŝŐŝƚŝǌĞĚ ŝŶƚŽ '/^ ĂŶĚ ƚŚĞŶ ƵƐĞĚ ƚŽ ĚĞǀĞůŽƉ Ƶƚŝ ůŝƚǇ ĚĞŵĂŶĚƐ͘ dŚĞ ƵƚŝůŝƚǇ ĚĞŵĂŶĚ ŝŶĨŽƌŵĂƚŝŽŶ ǁŝůů ďĞ ƵƐĞĚ ĨŽƌ ƚŚĞ ďƵŝůĚŽƵƚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĞǀĂůƵĂƚŝŽŶƐ ;ƐƵĐŚ ĂƐ ƚŽƚĂů DĂƌĞ /ƐůĂŶĚ ǁĂƚĞƌ ĚĞŵĂŶĚĨŽƌƐŝǌŝŶŐƚŚĞƐŽƵƚŚǁĂƚĞƌƐƵƉƉůǇĐƌŽƐƐŝŶŐŵĂŝŶĂŶĚĨŽƌĞǀĂůƵĂƚŝŶŐƚŚĞƚŽƚĂůǁĂƐƚĞǁĂƚĞƌĨůŽǁĨƌŽŵ DĂƌĞ/ƐůĂŶĚƚŽƚŚĞĞǆŝƐƚŝŶŐDĂƌĞ/ƐůĂŶĚtĂǇƚƌƵŶŬƐĞǁĞƌͿ͘ dĂƐŬϮ͘Ϭϰ͘ƵŝůĚŽƵƚ'/^>ĂǇĞƌƐĂŶĚdD;KƉƚŝŽŶĂůdĂƐŬͿ
tĞƐƚzŽƐƚǁŝůůƉƌĞƉĂƌĞĂ'/^ůĂǇĞƌĨŽƌƚŚĞďƵŝůĚŽƵƚůĂŶĚƵƐĞƐĐĞŶĂƌŝŽĂŶĚŝŶĐůƵĚĞĐŽŶƚĞŶƚŝŶƚŚĞƚĞĐŚŶŝĐĂů ŵĞŵŽƌĂŶĚƵŵƚŽĚŽĐƵŵĞŶƚƚŚĞůĂŶĚƵƐĞƐĂŶĚĂƐƐŽĐŝĂƚĞĚĂƐƐƵŵƉƚŝŽŶƐ͘ dĂƐŬϮĚĚŝƚŝŽŶĂůĞůŝǀĞƌĂďůĞƐ
x dDĐŽŶƚĞŶƚĂŶĚ'/^ŵĂƉĨŽƌƵŝůĚͲŽƵƚůĂŶĚƵƐĞƐĐĞŶĂƌŝŽ dĂƐŬϯ͘tĂƚĞƌ^ǇƐƚĞŵ
ǀĂůƵĂƚŝŽŶ
dĂƐŬϯ͘ϬϮ͘'ĂƚŚĞƌĂŶĚZĞǀŝĞǁ
ǆŝƐƚŝŶŐ/ŶĨŽƌŵĂƚŝŽŶ;ĚĚŝƚŝŽŶĂů
ĨĨŽƌƚĨŽƌĂƐĞdĂƐŬͿ
ĚĚŝƚŝŽŶĂůĞĨĨŽƌƚǁĂƐƌĞƋƵŝƌĞĚƚŽŐĂƚŚĞƌĂŶĚƌĞǀŝĞǁĞǆŝƐƚŝŶŐǁĂƚĞƌƐǇƐƚĞŵŝŶĨŽƌŵĂƚŝŽŶ͘ ĨĨŽƌƚŝŶĐůƵĚĞĚ͗
Ͳ ZĞǀŝĞǁŽĨŵƵůƚŝƉůĞǁĂƚĞƌƐǇƐƚĞŵŵĂƉƉŝŶŐƐŽƵƌĐĞƐŝŶĐůƵĚŝŶŐEĂǀǇ YƵĂĚŵĂƉƐ;ĨƌĞƐŚǁĂƚĞƌĂŶĚ ƐĂůƚǁĂƚĞƌͿ͕D/Z/^ŵĂƉƐ͕'/^ĚĂƚĂďĂƐĞ͕ĂŶĚĂƐͲďƵŝůƚ͛Ɛ͘ Ͳ ZĞĐŽŶĐŝůŝĂƚŝŽŶŽĨŵƵůƚŝƉůĞŵĂƉƉŝŶŐƐŽƵƌĐĞƐŝŶĐůƵĚŝŶŐŵĞĞƚŝŶŐƐǁŝƚŚůŝĞŶƚdĞĂŵƐƚĂĨĨ͕ĂĚĚŝƚŝŽŶĂů ƚŝŵĞĨŽƌĐŽŵƉĂƌŝƐŽŶ͕ĂŶĚĂĚĚŝƚŝŽŶĂůƚŝŵĞĨŽƌ'/^ĂŐŐƌĞŐĂƚŝŽŶĂŶĚƵƉĚĂƚĞƐ͘ Ͳ ƐͲďƵŝůƚƐĂŶĚŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞǁĂƚĞƌƚĂŶŬǁĂƐŶŽƚƌĞĂĚŝůǇĂǀĂ ŝůĂďůĞǁŚŝĐŚƌĞƋƵŝƌĞĚĂĚĚŝƚŝŽŶĂů ĞĨĨŽƌƚŝŶĚĞǀĞůŽƉŝŶŐĂďĂƐŝƐŽĨĂŶĂůǇƐŝƐĨŽƌƚŚĞǁĂƚĞƌƚĂŶŬĐŽŶĚŝƚŝŽŶĂƐƐĞƐƐŵĞŶƚ͘ Ͳ
ǆƚĞŶĚĞĚĚĂƚĂĐŽůůĞĐƚŝŽŶ;ŽŶŐŽŝŶŐƚŚƌŽƵŐŚƉƌŝůϮϬϮϯͿ
dĂƐŬϯ͘ϬϯtĂƚĞƌdĂŶŬ^ĞŝƐŵŝĐ
ǀĂůƵĂƚŝŽŶ;ĚĚŝƚŝŽŶĂů
ĨĨŽƌƚĨŽƌĂƐĞdĂƐŬͿ
dŚĞǁĂƚĞƌƚĂŶŬƐĞŝƐŵŝĐĞǀĂůƵĂƚŝŽŶǁĂƐŽƌŝŐŝŶĂůůǇƐĐŽƉĞĚďĂƐĞĚŽŶĂƐŝŵƉůĞ͕ϮͲƉƐĞƵĚŽͲƐƚĂƚŝĐĂŶĂůǇƐŝƐĂŶĚ ĂŶŽůĚĞƌƚĂŶŬ͘hƉŽŶƉƌŽũĞĐƚŝŶŝƚŝĂƚŝŽŶ͕ƚŚĞŝƚǇƉƌŽǀŝĚĞĚĚĞƚĂŝ ůĞĚƉůĂŶƐĂŶĚĚƌĂǁŝŶŐƐŽŶƚĂŶŬƵƉŐƌĂĚĞƐ ƚŚĂƚŚĂĚďĞĞŶĐŽŵƉůĞƚĞĚƐŽŵĞƚŝŵĞŝŶƚŚĞůĂƚĞϭϵϵϬ͛ƐǁŚŝĐŚŝŶĐůƵĚĞĚĞǆƚĞŶƐŝǀĞĚĞƐŝŐŶĚĞƚĂŝůƐƚŚĂƚŚĂĚƚŽ ďĞĐŽŶǀĞƌƚĞĚĨƌŽŵĂƐƐƵŵĞĚƐŝŵƉůĞϮͲďĞĂŵͲƐƉƌŝŶŐŽƌϮͲ&>ŵŽ ĚĞůĨŽƌƚŚĞŝŶƉƵƚŝŶƚŽĂϯͲ^ƚƌĂŶĚϳ ĂŶĂůǇƐŝƐ ŵŽĚĞů͘ dŚŝƐ ĂŶĂůǇƐŝƐ ŝƐ ŵŽƌĞ ƌŝŐŽƌŽƵƐ ;ǁŝƚŚ ĚĞƚĂŝůƐ ŽĨ ĐŽůƵŵŶƐ͕ ƉƌĞƐƚƌĞƐƐŝŶŐ ǁĂůů͕ ĂŶĚ ƐĞŝƐŵŝĐ ĐŽŶŶĞĐƚŝŽŶƐďĞƚǁĞĞŶƌŽŽĨƐůĂďĂŶĚǁĂůůĂŶĚďĞƚǁĞĞŶŝŶǀĞƌƚƐůĂďĂŶĚǁĂůůͿƚŚĂŶĂϮͲĂŶĂůǇƐŝƐ͘dŚŝƐǁŽƌŬ ĂůƐŽŝŶĐůƵĚĞĚĂĨƵůůƚĂŶŬĞǀĂůƵĂƚŝŽŶ;ǁŚŝĐŚƌĞƐƵůƚĞĚŝŶƐƚƌƵĐƚƵƌĂůĚĞĨŝĐŝĞŶĐŝĞƐͿĂŶĚĂƉĂƌƚŝĂůůǇĨƵůůĞǀĂůƵĂƚŝŽŶ ƚŚĂƚŝĚĞŶƚŝĨŝĞĚƚŚĞŵĂǆŝŵƵŵĚĞƉƚŚƚŽƉƌĞǀĞŶƚƚŚĞƐƚƌƵĐƚƵƌĂůĚĞĨŝĐŝĞŶĐŝĞƐ͘ dĂƐŬϯ͘ϭϭƵŝůĚͲŽƵƚ>ĂŶĚhƐĞŶĂůǇƐŝƐʹĂůůƌĞůĂƚĞĚƚĂƐŬƐ;KƉƚŝŽŶĂůdĂƐŬͿ ĂƐĞ ^ĐŽƉĞ ŽĨ ^ĞƌǀŝĐĞƐ dĂƐŬƐ ϯ͘ϲ ƚŚƌŽƵŐŚ ϯ͘ϵ ǁŝůů ďĞ ƵƉĚĂƚĞĚ ƚŽ ŝŶĐůƵĚĞ ďƵŝůĚͲŽƵƚ ůĂŶĚ ƵƐĞ ƐĐĞŶĂƌŝŽ ĂŶĂůǇƐŝƐ͕ƌĞƐƵůƚƐ͕ĂŶĚƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ͘dŚŝƐŝŶĐůƵĚĞƐĚĞǀĞůŽƉŝŶŐĂŶĚĂŶĂůǇǌŝŶŐĂďƵŝůĚͲŽƵƚƐĐĞŶĂƌŝŽŝŶƚŚĞ ŚǇĚƌĂƵůŝĐŵŽĚĞůĂŶĚĐŽŶƐŝĚĞƌĂƚŝŽŶŝŶƚŚĞĨŝŶĂůǁĂƚĞƌƐǇƐƚĞŵŝŵƉƌŽǀĞŵĞŶƚƐ͘ D//WƌŽũĞĐƚʹŵĞŶĚŵĞŶƚϭ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ
Ɖƌŝůϭϵ͕ϮϬϮϯ
WĂŐĞϯ

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dĂƐŬϯĚĚŝƚŝŽŶĂůĞůŝǀĞƌĂďůĞƐ
x ƵŝůĚͲŽƵƚůĂŶĚƵƐĞƐĐĞŶĂƌŝŽŝŶĨŽƌŵĂƚŝŽŶǁŝůůďĞŝŶĐůƵĚĞĚŝŶƚŚĞŚǇĚƌĂƵůŝĐŵŽĚĞůŝŶŐĂŶĚD//ZĞƉŽƌƚ ŚĂƉƚĞƌ͘ĚĚŝƚŝŽŶĂůƚĂŶŬƐĞŝƐŵŝĐƌĞƉŽƌƚƐĞĐƚŝŽŶƐĨŽƌƚŚĞƚĂŶŬǁŝƚŚϳĨĞĞƚŽĨĨƌĞĞďŽĂƌĚ͘ dĂƐŬϰ͘^ĞǁĞƌ^ǇƐƚĞŵ
ǀĂůƵĂƚŝŽŶ
dĂƐŬϰ͘ϬϮ͘'ĂƚŚĞƌĂŶĚZĞǀŝĞǁ
ǆŝƐƚŝŶŐ/ŶĨŽƌŵĂƚŝŽŶ;ĚĚŝƚŝŽŶĂů
ĨĨŽƌƚĨŽƌĂƐĞdĂƐŬͿ
ĚĚŝƚŝŽŶĂůĞĨĨŽƌƚǁĂƐƌĞƋƵŝƌĞĚƚŽŐĂƚŚĞƌĂŶĚƌĞǀŝĞǁĞǆŝƐƚŝŶŐƐĞǁĞƌƐǇƐƚĞŵŝŶĨŽƌŵĂƚŝŽŶ͘ ĨĨŽƌƚŝŶĐůƵĚĞĚ͗
Ͳ ZĞǀŝĞǁ ŽĨ ŵƵůƚŝƉůĞ ƐĞǁĞƌ ƐǇƐƚĞŵ ŵĂƉƉŝŶŐ ƐŽƵƌĐĞƐ ŝŶĐůƵĚŝŶŐ EĂǀǇY Ƶ Ă Ě ŵ Ă Ɖ Ɛ ͕ D / Z / ^ ŵ Ă Ɖ Ɛ ͕ ŵƵůƚŝƉůĞ'/^ĚĂƚĂďĂƐĞƐ͕ĂŶĚĂƐͲďƵŝůƚƐ͘
Ͳ ZĞĐŽŶĐŝůŝĂƚŝŽŶŽĨŵƵůƚŝƉůĞŵĂƉƉŝŶŐƐŽƵƌĐĞƐŝŶĐůƵĚŝŶŐŵĞĞƚŝŶŐƐǁ ŝƚŚs&tƐƚĂĨĨ͕ĂĚĚŝƚŝŽŶĂůƚŝŵĞ ĨŽƌĐŽŵƉĂƌŝƐŽŶ͕ĂŶĚĂĚĚŝƚŝŽŶĂůƚŝŵĞĨŽƌ'/^ĂŐŐƌĞŐĂƚŝŽŶĂŶĚƵƉĚĂƚĞƐ͘ Ͳ
ǆƚĞŶĚĞĚĚĂƚĂĐŽůůĞĐƚŝŽŶ;ŽŶŐŽŝŶŐƚŚƌŽƵŐŚDĂƌĐŚϮϬϮϯͿ
dĂƐŬϰ͘Ϭϵ͘ds/ŶƐƉĞĐƚŝŽŶĂŶĚŶĂůǇƐŝƐ;ZĞͲůůŽĐĂƚĞĚdĂƐŬͿ /ŶDĂƌĐŚϮϬϮϯ͕ƚŚĞƉƌŽũĞĐƚƚĞĂŵĂŐƌĞĞĚƚŽƵƐĞΨϮϬ͕ϴϮϰŽĨďƵĚŐĞƚ ĨƌŽŵƚŚĞĂƐĞ^ĐŽƉĞds/ŶƐƉĞĐƚŝŽŶ ĂŶĚŶĂůǇƐŝƐdĂƐŬƚŽĐŽŶƚƌĂĐƚĂŶĚƉĞƌĨŽƌŵƐĂŶŝƚĂƌǇƐĞǁĞƌĨůŽǁŵŽŶŝƚŽƌŝŶŐ͘dŚĞƌĞŵĂŝŶĚĞƌŽĨĨƵŶĚŝŶŐĨŽƌ ƚŚĞƐĂŶŝƚĂƌǇƐĞǁĞƌĨůŽǁŵŽŶŝƚŽƌŝŶŐǁĂƐƚĂŬĞŶĨƌŽŵƚŚĞEŽƌƚŚDĂƌĞ/ƐůĂŶĚƐĐŽƉĞĐŚĂŶŐĞƐĂǀŝŶŐƐ;Ψϭϲ͕ϴϮϰ͕ ƐĞĞĞŵĂŝůĨƌŽŵtĞƐƚzŽƐƚϮͬϮϰͿĂŶĚƚŚĞĂƐĞ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ ŽŶƚŝŶŐĞŶĐǇ;ΨϭϮ͕ϮϰϬͿ͕ĨŽƌĂƚŽƚĂůĨůŽǁ ŵŽŶŝƚŽƌŝŶŐĐŽƐƚŽĨΨϰϵ͕ϴϴϴ͘
dŚŝƐdĂƐŬƌĞƐƚŽƌĞƐƚŚĞĨƵůůĨƵŶĚŝŶŐĨŽƌƚŚĞĂƐĞ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐdsdĂƐŬŝŶƚŚĞĂŵŽƵŶƚŽĨΨϮϬ͕ϴϮϰ͘EŽ ĐŚĂŶŐĞƚŽƐĐŽƉĞŽƌĚĞůŝǀĞƌĂďůĞƐ͘
dĂƐŬϰ͘Ϭϵ͘hƚŝůŝƚǇWŽƚŚŽůŝŶŐ;KƉƚŝŽŶĂůdĂƐŬͿ
ϭϬƵƚŝůŝƚǇƉŽƚŚŽůĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚƚŽǀĞƌŝĨǇůŽĐĂƚŝŽŶ͕ĐŽŶĚŝƚŝŽŶ͕ŽƌŵĂƚĞƌŝĂůŽĨƐĂŶŝƚĂƌǇƐĞǁĞƌƉŝƉĞůŝŶĞƐ͘ KŶĞŝƐƚƌŝĐƚƐƚĂĨĨǁŝůůďĞĂǀĂŝůĂďůĞƚŽƉƌŽǀŝĚĞĨŝĞůĚƐƵƉƉŽƌƚĨŽƌƚŚĞƉŽƚŚŽůŝŶŐĞĨĨŽƌƚ͘tĞŚĂǀĞĂƐƐƵŵĞĚƚŚĞ ŝƚǇͬŝƐƚƌŝĐƚǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĞŶǀŝƌŽŶŵĞŶƚĂůĚŝƐƉŽƐĂů͕ƌĞŵĞĚŝĂƚŝŽŶ͕ƚĞƐƚŝŶŐ͕ŽƌƉĞƌŵŝƚƚŝŶŐͬĂƉƉƌŽǀĂůƐ ƌĞůĂƚĞĚƚŽĞǆĐĂǀĂƚŝŽŶĂŶĚƐŝƚĞĚŝƐƚƵƌďĂŶĐĞ͘
dĂƐŬϰ͘ϭϰĞůŝǀĞƌĂďůĞƐ
x WŽƚŚŽůŝŶŐĨŝĞůĚǁŽƌŬƉůĂŶ
x hƉĚĂƚĞĚ'/^ŵĂƉƉŝŶŐĂŶĚ^ĞǁĞƌ^ǇƐƚĞŵdD
dĂƐŬϰ͘ϭϬ͘ĞǀĞůŽƉ,ǇĚƌĂƵůŝĐDŽĚĞů;KƉƚŝŽŶĂůdĂƐŬͿ
s&t͛ƐŶĞǁƐĞǁĞƌŚǇĚƌĂƵůŝĐŵŽĚĞůǁŝůůďĞĞǆƚĞŶĚĞĚƚŽŝŶĐůƵĚĞƚŚĞDĂƌĞ/ƐůĂŶĚƐĞǁĞƌƐǇƐƚĞŵĨŽƌƵƉƚŽ ϭϬϬŵŽĚĞůŶŽĚĞƐĂŶĚĂƐƐŽĐŝĂƚĞĚƉŝƉĞƐĂŶĚůŝĨƚƐƚĂƚŝŽŶƐ͘dŚĞŶĞƚǁŽƌŬǁŝůůďĞďĂƐĞĚŽŶƚŚĞƉƌĞĐĞĚŝŶŐƚĂƐŬƐ ĂŶĚǁŝůůŝŶĐůƵĚĞƉŝƉĞƐ͕ŵĂŝŶƚĞŶĂŶĐĞŚŽůĞƐ͕ĂŶĚůŝĨƚƐƚĂƚŝŽŶƐ͘dŚĞŵŽĚĞůǁŝůůďĞĚĞǀĞůŽƉĞĚĨŽƌƚǁŽƐĐĞŶĂƌŝŽƐ͗ WŚĂƐĞϭĂŶĚƵŝůĚŽƵƚůĂŶĚƵƐĞĐŽŶĚŝƚŝŽŶƐ͘ĂůŝďƌĂƚŝŽŶǁŝůůďĞƉ ĞƌĨŽƌŵĞĚƵƐŝŶŐĂǀĂŝůĂďůĞ^ĚĂƚĂĂŶĚ ĨůŽǁŵŽŶŝƚŽƌŝŶŐƌĞƐƵůƚƐ͘
dŚĞŚǇĚƌĂƵůŝĐŵŽĚĞůǁŝůůďĞƵƐĞĚƚŽǀĞƌŝĨǇͬĞǀĂůƵĂƚĞƚŚĞĂĚĞƋƵĂĐǇŽĨƚŚĞƐĞǁĞƌƐǇƐƚĞŵ͘/ŶĨƌĂƐƚƌƵĐƚƵƌĞǁŝůů ďĞ ŝĚĞŶƚŝĨŝĞĚ ƚŽ ĂĚĚƌĞƐƐ ĂŶǇ ĐĂƉĂĐŝƚǇ ĚĞĨŝĐŝĞŶĐŝĞƐ ĂŶĚ ǁŝůů ŵĞĞƚ s&t ƐƚĂŶĚĂƌĚƐ͘ tĞ ǁŝůů ĂƚƚĞŵƉƚ ƚŽ ŵŝŶŝŵŝǌĞƚŚĞŶƵŵďĞƌŽĨƐĞǁĞƌƉƵŵƉƐƚĂƚŝŽŶƐŶĞĞĚĞĚĨŽƌĞĂĐŚůĂŶĚƵƐĞĐŽŶĚŝƚŝŽŶ͘dŚĞĞǀĂůƵĂƚŝŽŶŽĨƐĞǁĞƌ D//WƌŽũĞĐƚʹŵĞŶĚŵĞŶƚϭ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ
Ɖƌŝůϭϵ͕ϮϬϮϯ
WĂŐĞϰ

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ĐĂƉĂĐŝƚŝĞƐĂŶĚĚĞĨŝĐŝĞŶĐŝĞƐǁŝůůĐŽǀĞƌĂůůŽĨDĂƌĞ/ƐůĂŶĚĂŶĚĞ ǆƚĞŶĚĚŽǁŶƐƚƌĞĂŵĂůŽŶŐƚŚĞDĂƌĞ/ƐůĂŶĚ tĂǇĂŶĚ^ŽŶŽŵĂŽƵůĞǀĂƌĚdƌƵŶŬ^ĞǁĞƌƚŽƚŚĞttdW͘

ĂĐŚ>ĂŶĚhƐĞĐŽŶĚŝƚŝŽŶ;WŚĂƐĞϭĂŶĚƵŝůĚŽƵƚͿǁŝůůďĞƵƐĞĚƚŽ ĞǀĂůƵĂƚĞǁŚĞƚŚĞƌƚŚĞƐǇƐƚĞŵĐĂŶŵĞĞƚ ƚŚĞ ŝƐƚƌŝĐƚ͛Ɛ ĚĞƐŝŐŶ ĐƌŝƚĞƌŝĂ ;Ě͕ͬ ĨƌĞĞďŽĂƌĚ͕ ĨůŽǁ ǀĞůŽĐŝƚǇͿ͘ ĂƐĞĚ ŽŶ ƚŚĞ ƌĞƐƵůƚƐ ŽĨ ƚŚĞ ĂŶĂůǇƐŝƐ͕ ƌĞĐŽŵŵĞŶĚĞĚŝŵƉƌŽǀĞŵĞŶƚƐǁŝůůďĞŝĚĞŶƚŝĨŝĞĚƚŽŵĞĞƚĚĞƐŝŐŶĐƌŝƚĞƌŝĂĨŽƌĞĂĐŚůĂŶĚƵƐĞĐŽŶĚŝƚŝŽŶ͘ƌĂĨƚ ƚĞĐŚŶŝĐĂůŵĞŵŽƌĂŶĚƵŵǁŝůůďĞƉƌŽĚƵĐĞĚƚŽĚŽĐƵŵĞŶƚƚŚĞŵŽĚĞů͕ƚŚ ŝƐĂŶĂůǇƐŝƐ͕ĂŶĚƚŚĞƌĞƐƵůƚƐ͘dŚĞdD ǁŝůůŝŶĐůƵĚĞŵŽĚĞůƌĞƐƵůƚŵĂƉƐƚŚĂƚŐƌĂƉŚŝĐĂůůǇƐŚŽǁƚŚĞĞǀĂůƵĂƚŝŽŶƐ͕ĂƐůŝƐƚĞĚďĞůŽǁ͘ x DŽĚĞůEŽĚĞ&ƌĞĞďŽĂƌĚDĂƉƐʹdŚĞƐĞŵĂƉƐƐŚŽǁŵŽĚĞůŶŽĚĞƐ;ŵĂŝŶƚĞŶĂŶĐĞŚŽůĞƐŝŶƚŚĞ ĂĐƚƵĂůƐĞǁĞƌƐǇƐƚĞŵͿƚŚĂƚůĂĐŬĂĚĞƋƵĂƚĞĨƌĞĞďŽĂƌĚ͘
x DŽĚĞů>ŝŶŬĚͬŵĂƉƐʹdŚĞƐĞŵĂƉƐƐŚŽǁƚŚĞĚͬǀĂůƵĞĨŽƌĞĂĐŚŵŽĚĞůůŝŶŬ;ƐĞǁĞƌ ƐĞŐŵĞŶƚͿ͘
x DŽĚĞů>ŝŶŬ&ůŽǁsĞůŽĐŝƚǇDĂƉƐʹdŚĞƐĞŵĂƉƐƐŚŽǁŵŽĚĞůůŝŶŬƐ;ƐĞǁĞƌƐĞŐŵĞŶƚƐŝŶƚŚĞ ĂĐƚƵĂůƐĞǁĞƌƐǇƐƚĞŵͿƚŚĂƚǀŝŽůĂƚĞŵŝŶŝŵƵŵŽƌŵĂǆŝŵƵŵǀĞůŽĐŝƚǇƌĞƋƵŝƌĞŵĞŶƚƐ͘ x ^ĞǁĞƌĞĨŝĐŝĞŶĐǇDĂƉƐʹdŚĞƐĞŵĂƉƐǁŝůůĚĞƉŝĐƚŝĨƚŚĞƐĞǁĞƌƐĞŐŵĞŶƚƐĂƌĞĚĞĨŝĐŝĞŶƚ ďĞĐĂƵƐĞŽĨŚŝŐŚ/Θ/͕ƐƵďũĞĐƚƚŽďĂĐŬǁĂƚĞƌĨƌŽŵĚŽǁŶƐƚƌĞĂŵƐĞǁĞƌƐ͕ŽƌůĂĐŬĂĚĞƋƵĂƚĞ ĐĂƉĂĐŝƚǇƌĞŐĂƌĚůĞƐƐŽĨ/Θ/ŽƌďĂĐŬǁĂƚĞƌͿ͘dŚĞƐĞŵĂƉƐǁŝůůĂůƐŽƐŚŽǁƚŚĞƉƵŵƉƐƚĂƚŝŽŶƐ͘ x WƵŵƉ^ƚĂƚŝŽŶKƉĞƌĂƚŝŽŶŚĂƌƚƐ;ĨůŽǁĂŶĚŶƵŵďĞƌŽĨƉƵŵƉƐŽƉĞƌĂƚŝŶŐͿ͘ x DĂƌĞ/ƐůĂŶĚ
ĨĨůƵĞŶƚ&ŽƌĐĞDĂŝŶ&ůŽǁŚĂƌƚ͘
x KĨĨ/ƐůĂŶĚĞĨŝĐŝĞŶĐŝĞƐZĞƐƵůƚŝŶŐĨƌŽŵDĂƌĞ/ƐůĂŶĚĞǀĞůŽƉŵĞŶƚĨŝŐƵƌĞƐ;ĨƌĞĞďŽĂƌĚ͕Ě͕ͬ ǀĞůŽĐŝƚǇͿʹƚŚĞƐƉĞĐŝĨŝĐĨŝŐƵƌĞƚǇƉĞƐǁŝůůďĞĚĞƚĞƌŵŝŶĞĚŝĨͬǁŚĞŶƚŚĞƐƉĞĐŝĨŝĐĚĞĨŝĐŝĞŶĐŝĞƐ ĂƌĞŝĚĞŶƚŝĨŝĞĚ͘
dŚĞĨŝŐƵƌĞƐǁŝůůďĞƉƌĞƉĂƌĞĚĨŽƌĞĂĐŚĂƵƚŚŽƌŝǌĞĚůĂŶĚƵƐĞĐŽŶĚŝƚŝŽŶǁŝƚŚƚŚĞĞǆŝƐƚŝŶŐƐĞǁĞƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ dŚĞŵŽĚĞůǁŝůůƚŚĞŶďĞƵƐĞĚƚŽŝĚĞŶƚŝĨǇƚŚĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞŶĞĞĚĞĚƚŽŵĞĞƚƚŚĞĚĞƐŝŐŶĐƌŝƚĞƌŝĂĨŽƌWŚĂƐĞϭ ĂŶĚƵŝůĚŽƵƚ͘dŚĞŶĞĞĚĞĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞĨŽƌĞĂĐŚůĂŶĚƵƐĞĐŽŶĚŝ ƚŝŽŶǁŝůůďĞƐŚŽǁŶŝŶĨŝŐƵƌĞƐ͘dŚĞŵŽĚĞů ƌĞƐƵůƚŵĂƉƐ;ůŝƐƚĞĚĂďŽǀĞͿǁŝůůĂůƐŽďĞƉƌĞƉĂƌĞĚĨŽƌĞĂĐŚĂƵƚŚŽ ƌŝǌĞĚůĂŶĚƵƐĞĐŽŶĚŝƚŝŽŶǁŝƚŚƚŚĞŶĞĞĚĞĚ ŝŵƉƌŽǀĞŵĞŶƚƐƚŽĚŽĐƵŵĞŶƚƚŚĂƚƚŚĞĚĞƐŝŐŶĐƌŝƚĞƌŝĂĂƌĞĂĐŚŝĞǀĞĚ͘ ƌĂĨƚdDǁŝůůďĞƉƌŽǀŝĚĞĚƚŽƚŚĞůŝĞŶƚdĞĂŵĨŽƌƌĞǀŝĞǁĂŶĚĐŽŵŵĞŶƚ͘ dĂƐŬϰ͘ϭϬĞůŝǀĞƌĂďůĞƐ
x /ŶŶŽǀǇǌĞŚǇĚƌĂƵůŝĐŵŽĚĞů͕ŵŽĚĞůƌĞƐƵůƚŵĂƉƐ͕ŵŽĚĞůdD dĂƐŬϰ͘ϭϭ͘^ĞǁĞƌ^ǇƐƚĞŵĞĐŝƐŝŽŶWŽŝŶƚtŽƌŬƐŚŽƉ;KƉƚŝŽŶĂůdĂƐŬͿ ĞĐŝƐŝŽŶWŽŝŶƚtŽƌŬƐŚŽƉŝƐĂŶKƉƚŝŽŶĂůƚĂƐŬĂŶĚǁŽƵůĚďĞŶĞĐĞƐƐĂƌǇŝĨƚŚĞŚǇĚƌĂƵůŝĐŵŽĚĞůŝƐĂĚĚĞĚƚŽ ƚŚĞƐĐŽƉĞŽĨƐĞƌǀŝĐĞƐ͘
tĞǁŝůůůĞĂĚƚŚŝƐǁŽƌŬƐŚŽƉƚŽƉƌĞƐĞŶƚƚŚĞƌĞƐƵůƚƐŽĨdĂƐŬϰ͘ϴƚŚƌŽƵŐŚϰ͘ϭϬĂŶĚĐŽůůĞĐƚŝǀĞůǇĚĞĐŝĚĞ͗ x tŚĂƚĐŽŶĚŝƚŝŽŶĂŶĚĐĂƉĂĐŝƚǇĚĞƐŝŐŶĐƌŝƚĞƌŝĂƐŚŽƵůĚďĞƌĞǀŝƐĞĚƚŽƵƐĞĨŽƌĚĞƚĞƌŵŝŶŝŶŐǁŚĂƚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞĐĂŶƌĞŵĂŝŶŝŶƐĞƌǀŝĐĞ;ĂƌĞĂŶǇĚĞǀŝĂƚŝŽŶƐĨƌŽŵs&t͛ƐƐƚĂŶĚĂƌĚĞŶŐŝŶĞĞƌŝŶŐ ĐƌŝƚĞƌŝĂŶĞĞĚĞĚͿ͘
x tŚĂƚŶĞǁƐĞǁĞƌƐǇƐƚĞŵŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝƐŶĞĞĚĞĚ;Ğ͘Ő͕͘ƉŝƉĞůŝŶĞƐ͕ůŝĨƚƐƚĂƚŝŽŶƐ͕ĞƚĐ͘ͿƚŽƌĞůŝĂďůǇ ƐĞƌǀĞDĂƌĞ/ƐůĂŶĚĨŽƌƚŚĞWŚĂƐĞϭĂŶĚƵŝůĚŽƵƚĐŽŶĚŝƚŝŽŶƐ͘ D//WƌŽũĞĐƚʹŵĞŶĚŵĞŶƚϭ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ
Ɖƌŝůϭϵ͕ϮϬϮϯ
WĂŐĞϱ

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:KͲϮϬϮϮD//ͲKWd/KE>d^<^ͲϮϬϮϯ͘Ϭϰ

dĂƐŬϰ͘ϭϭĞůŝǀĞƌĂďůĞƐ
x tŽƌŬƐŚŽƉĂŶĚĂƐƐŽĐŝĂƚĞĚŵĂƚĞƌŝĂůƐ
dĂƐŬϰ͘ϭϰ͘ƵŝůĚͲŽƵƚ>ĂŶĚhƐĞŶĂůǇƐŝƐʹĂůůƌĞůĂƚĞĚƚĂƐŬƐ;KƉƚŝŽŶĂůdĂƐŬͿ ĂƐĞ ^ĐŽƉĞ ŽĨ ^ĞƌǀŝĐĞƐ dĂƐŬƐ ϰ͘ϲ ƚŚƌŽƵŐŚ ϰ͘ϭϯ ǁŝůů ďĞ ƵƉĚĂƚĞĚ ƚŽ ŝŶĐůƵĚĞ ďƵŝůĚͲŽƵƚ ůĂŶĚ ƵƐĞ ƐĐĞŶĂƌŝŽ ĂŶĂůǇƐŝƐ͕ƌĞƐƵůƚƐ͕ĂŶĚƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ͘dŚŝƐŝŶĐůƵĚĞƐĚĞǀĞůŽƉŝŶŐĂŶĚĂŶĂůǇǌŝŶŐĂďƵŝůĚͲŽƵƚƐĐĞŶĂƌŝŽŝŶƚŚĞ ŚǇĚƌĂƵůŝĐŵŽĚĞůĂŶĚĐŽŶƐŝĚĞƌĂƚŝŽŶŝŶƚŚĞĨŝŶĂůƐĞǁĞƌƐǇƐƚĞŵŝŵƉƌŽǀĞŵĞŶƚƐ͘ dĂƐŬϱ͘^ƚŽƌŵǁĂƚĞƌ^ǇƐƚĞŵ
ǀĂůƵĂƚŝŽŶ
dĂƐŬϱ͘Ϭϲ͘,ǇĚƌĂƵůŝĐͬ,ǇĚƌŽĚǇŶĂŵŝĐDŽĚĞů;KƉƚŝŽŶĂůdĂƐŬͿ dŚŝƐ ŽƉƚŝŽŶĂů ƚĂƐŬ ŝŶĐůƵĚĞƐ ĞǀĂůƵĂƚŝŶŐ ŽƉƚŝŽŶƐ ĨŽƌ ĂĚĚƌĞƐƐŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ĐŽŶĚŝƚŝŽŶƐ ĨŽƌ WŚĂƐĞ ϭ ĂŶĚ ƵŝůĚŽƵƚĨŽƌƐƚŽƌŵǁĂƚĞƌĂŶĚĨůŽŽĚĐŽŶƚƌŽůŽŶDĂƌĞ/ƐůĂŶĚ͘ĂƐĞĚŽŶŽƚŚĞƌǁŽƌŬĨŽƌs&t͕ŝƚĂƉƉĞĂƌƐƚŚĂƚ ƚŚĞĞǆŝƐƚŝŶŐƐƚŽƌŵĚƌĂŝŶƐǇƐƚĞŵŝƐŝŶĂĚĞƋƵĂƚĞĨŽƌďƵŝůĚŽƵƚŽĨDĂƌĞ/ƐůĂŶĚ͕ĞƐƉĞĐŝĂůůǇǁŚĞŶƐĞĂůĞǀĞůƌŝƐĞŝƐ ĐŽŶƐŝĚĞƌĞĚ͘tĞǁŝůůĚĞǀĞůŽƉĂƐŽůƵƚŝŽŶƚŽĂĐŚŝĞǀĞƌĞƋƵŝƌĞĚĚĞƐŝ ŐŶĐƌŝƚĞƌŝĂĂŶĚŝƚǇͬŝƐƚƌŝĐƚƉƌĞĨĞƌĞŶĐĞƐ ƵƐŝŶŐĂĐŽŵďŝŶĂƚŝŽŶŽĨĂƉƉƌŽĂĐŚĞƐŝŶĐůƵĚŝŶŐŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ;ƐĞĂǁĂůůƐ͕ůĞǀĞĞƐ͕ĚĞƚĞŶƚŝŽŶďĂƐŝŶƐ͕ĂŶĚ ƉƵŵƉƐƚĂƚŝŽŶƐͿ͖ĨŝůůƚŽƌĂŝƐĞƚŚĞŝƐůĂŶĚ͖ƌĂŝƐŝŶŐďƵŝůĚŝŶŐƉĂĚƐ ͖ƉƌĞƐƐƵƌŝǌĞĚƐƚŽƌŵĚƌĂŝŶƐ͕ĞƚĐ͘&ŽƌŽŶŶŽůůǇ ŽƌƌŝĚŽƌ͕ĂĚĚŝƚŝŽŶĂůƐƚŽƌŵĚƌĂŝŶƐŝǌŝŶŐǁŝůůďĞƉĞƌĨŽƌŵĞĚ͘ dŚĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞĞǀĂůƵĂƚŝŽŶƐǁŝůůŝŶĐůƵĚĞŚǇĚƌŽůŽŐŝĐĂŶĚŚǇĚƌ ĂƵůŝĐŵŽĚĞůŝŶŐƚŽĞǀĂůƵĂƚĞƚŚĞĚĞƚĞŶƚŝŽŶ ďĂƐŝŶ ĂŶĚ ƉƵŵƉ ƐƚĂƚŝŽŶ ƐǇƐƚĞŵƐ ǁŝƚŚ Ă ǀĂƌŝĂďůĞ ƚŝĚĞ ůĞǀĞů ĚŽǁŶƐƚƌĞĂŵ ďŽƵŶĚĂƌǇ ĐŽŶĚŝƚŝŽŶ͘ tĞ ǁŝůů ĞǀĂůƵĂƚĞƚŚĞƵƐĞŽĨĚŝĨĨĞƌĞŶƚŵŽĚĞůƐŽĨƚǁĂƌĞĨŽƌƚŚĞƐĞŵŽĚĞůĞǀĂůƵĂƚŝŽŶƐ͕ƐƵĐŚĂƐĐŽŶƚŝŶƵĞĚƵƐĞŽĨD/<
hZE;s&t͛ƐĐƵƌƌĞŶƚƐƚŽƌŵǁĂƚĞƌŵŽĚĞůƐŽĨƚǁĂƌĞͿ͕ƵƐĞ ŽĨW^tDD;ĂůŽǁĐŽƐƚ͕ďƵƚƉŽǁĞƌĨƵůƉƌŽŐƌĂŵ ƚŚĂƚ ŝŶĐůƵĚĞƐ ϮͲĚŝŵĞŶƐŝŽŶĂů ŵŽĚĞůŝŶŐͿ͕ ĂŶĚ ƵƐĞ ŽĨ W ^tDD ;Ă ƉƵďůŝĐ ƐĞĐƚŽƌ͕ ĨƌĞĞ ƉƌŽŐƌĂŵͿ͘ dŚĞ
ĞǀĂůƵĂƚŝŽŶŽĨƚŚĞƐĞŽƉƚŝŽŶƐǁŝůůŝŶĐůƵĚĞŝŵƉƌŽǀĞŵĞŶƚƐĐŚĞŵĂƚŝĐƐ;ŝŶĐůƵĚŝŶŐƚƌƵŶŬƐƚŽƌŵĚƌĂŝŶƐͿ͕ƐĞĂůĞǀĞů ƌŝƐĞ ĂŶĚ ǁĂǀĞ ƌƵŶƵƉ ĞƐƚŝŵĂƚĞƐ͕ ĂŶĚ ĂǇ ŵƵĚ ŝƐƐƵĞƐ͘ dŚĞ ƐƚŽƌŵǁĂƚĞƌ ŐƌĂǀŝƚǇ ĨůŽǁ ƐǇƐƚĞŵƐ ǁŝůů ďĞ ĐŽŽƌĚŝŶĂƚĞĚǁŝƚŚƚŚĞŐƌĂǀŝƚǇĨůŽǁƐĞǁĞƌƐǇƐƚĞŵŝŵƉƌŽǀĞŵĞŶƚƐƚŽ ƉƌĞĐůƵĚĞĐŽŶĨůŝĐƚƐ͘ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ĨƌŽŵƚŚĞƉƵŵƉƐƚĂƚŝŽŶĐŽŶĚŝƚŝŽŶĂƐƐĞƐƐŵĞŶƚǁŝůůďĞŝŶĐůƵĚĞĚ͘ dĂƐŬϱ͘ϬϲĞůŝǀĞƌĂďůĞƐ
x ^ƚŽƌŵǁĂƚĞƌĂŶĚĨůŽŽĚĐŽŶƚƌŽůdD͕ŵŽĚĞůĨŝůĞƐ
dĂƐŬϱ͘Ϭϳ͘^ƚŽƌŵǁĂƚĞƌĂŶĚ&ůŽŽĚŽŶƚƌŽůĞĐŝƐŝŽŶWŽŝŶƚtŽƌŬƐŚŽƉ;KƉƚŝŽŶĂůdĂƐŬͿ tĞǁŝůůůĞĂĚĂǁŽƌŬƐŚŽƉƚŽƉƌĞƐĞŶƚƚŚĞƌĞƐƵůƚƐŽĨƚŚĞƉƌĞĐĞĚŝŶŐƚĂƐŬƐ͕ŝŶĐůƵĚŝŶŐŚǇĚƌĂƵůŝĐͬŚǇĚƌŽĚǇŶĂŵŝĐ ŵŽĚĞůŝŶŐ͕ƌĞǀŝĞǁŶĞĞĚĞĚĚĞĐŝƐŝŽŶƐ͕ĂŶĚƐĞůĞĐƚĂƉƌĞĨĞƌƌĞĚĂƉƉƌŽĂĐŚĨŽƌDĂƌĞ/ƐůĂŶĚƐƚŽƌŵǁĂƚĞƌĂŶĚĨůŽŽĚ ĐŽŶƚƌŽů͘tĞǁŝůů ĨŝŶĂůŝǌĞ ƚŚĞ dD ďǇ ĂĚĚƌĞƐƐŝŶŐ ƚŚĞ ůŝĞŶƚ dĞĂŵĐŽŵŵĞŶƚƐ ŽŶ ƚŚĞ ĚƌĂĨƚ dD͘ ĚĚŝƚŝŽŶĂů ŵŽĚĞůŝŶŐĂŶĚƚĞĐŚŶŝĐĂůĞǀĂůƵĂƚŝŽŶƐĂƌĞĂƐƐƵŵĞĚŶŽƚƚŽďĞŶĞĞĚĞĚ͘ dĂƐŬϱ͘ϬϳĞůŝǀĞƌĂďůĞƐ
x tŽƌŬƐŚŽƉĂŶĚĂƐƐŽĐŝĂƚĞĚŵĂƚĞƌŝĂůƐ
dĂƐŬϱ͘Ϭϴ͘ĞǀĞůŽƉ&ŝŶĂů^ƚŽƌŵǁĂƚĞƌĂŶĚ&ůŽŽĚŽŶƚƌŽů^ǇƐƚĞŵ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ/ŵƉƌŽǀĞŵĞŶƚƐ ;KƉƚŝŽŶĂůdĂƐŬͿ
ĂƐĞĚ ŽŶ ƚŚĞ ƌĞƐƵůƚƐ ŽĨ ƉƌĞĐĞĚŝŶŐ ƚĂƐŬƐ͕ ƚŚĞ ĨŝŶĂů ƐĞƚ ŽĨ ^ƚŽƌŵǁĂƚĞƌ ĂŶĚ &ůŽŽĚ ŽŶƚƌŽů ^ǇƐƚĞŵ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ/ŵƉƌŽǀĞŵĞŶƚƐǁŝůůďĞƉƌĞƉĂƌĞĚĂŶĚŵĂƉƉĞĚ͘dŚĞĂƌ ĞĂƐŽĨDĂƌĞ/ƐůĂŶĚƚŚĂƚǁŝůůďĞƐĞƌǀĞĚ ďǇĞĂĐŚŝŶĚŝǀŝĚƵĂůŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝŵƉƌŽǀĞŵĞŶƚǁŝůůďĞŝĚĞŶƚŝĨŝĞĚƐŽƚŚĂƚŝŶĨƌĂƐƚƌƵĐƚƵƌĞĐĂŶďĞĐŽŶƐƚƌƵĐƚĞĚ D//WƌŽũĞĐƚʹŵĞŶĚŵĞŶƚϭ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ
Ɖƌŝůϭϵ͕ϮϬϮϯ
WĂŐĞϲ

EͲDͲͲs>>
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ǁŚĞŶŶĞĞĚĞĚ͘dŚŝƐǁŝůůĂůůŽǁƚŚĞ/ƐůĂŶĚƌĞĚĞǀĞůŽƉŵĞŶƚƚŽƉƌŽŐƌĞ ƐƐĂŶĚƚŚĞƌĞďǇŚĞůƉŐĞŶĞƌĂƚĞĨƵŶĚƐĨŽƌ ĂůůƚŚĞŶĞĞĚĞĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ;ǀĞƌƐƵƐƚƌǇŝŶŐƚŽĨƵŶĚŵŽƐƚŽĨƚŚĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂƚŽŶĞƚŝŵĞͿ͘ dĂƐŬϱ͘ϬϴĞůŝǀĞƌĂďůĞƐ
x &ŝƌƐƚĚƌĂĨƚƐƚŽƌŵǁĂƚĞƌƐǇƐƚĞŵD//ƌĞƉŽƌƚĐŚĂƉƚĞƌ

dĂƐŬϲ'ĞŽƚĞĐŚŶŝĐĂů
ǀĂůƵĂƚŝŽŶ
ĞůǀĞhŶĚĞƌŐƌŽƵŶĚǁŝůůƉĞƌĨŽƌŵƚŚĞĨŽůůŽǁŝŶŐƚĂƐŬƐĂƐĂƐƵďĐŽŶƐƵůƚĂŶƚƚŽtĞƐƚzŽƐƚ͘ dĂƐŬϲ͘Ϭϭ͘<ŝĐŬŽĨĨDĞĞƚŝŶŐ;KƉƚŝŽŶĂůdĂƐŬͿ
ŬŝĐŬŽĨĨŵĞĞƚŝŶŐǁŝůůďĞŚĞůĚĨŽƌƚŚĞŐĞŽƚĞĐŚŶŝĐĂůĞǀĂůƵĂƚŝŽŶ ;ĂƚƚŚĞƐĂŵĞƚŝŵĞĂƐ ŽŶĞŽĨƚŚĞDŽŶƚŚůǇ WƌŽŐƌĞƐƐDĞĞƚŝŶŐƐͿǁŝƚŚƚŚĞůŝĞŶƚdĞĂŵƚŽĞƐƚĂďůŝƐŚƚĂƐŬŐŽĂůƐ͘ dĂƐŬϲ͘ϬϮ'ĂƚŚĞƌĂŶĚZĞǀŝĞǁǀĂŝůĂďůĞ'ĞŽƚĞĐŚŶŝĐĂůŽĐƵŵĞŶƚƐ;KƉƚŝŽŶĂůdĂƐŬͿ ĞůǀĞǁŝůůŐĂƚŚĞƌĂŶĚƌĞǀŝĞǁƚŚĞĨŽůůŽǁŝŶŐĚŽĐƵŵĞŶƚƐ͘ x 'ĞŽƚĞĐŚŶŝĐĂůƌĞƉŽƌƚƐĨŽƌƉƌŝǀĂƚĞĂŶĚƉƵďůŝĐǁŽƌŬƉƌŽũĞĐƚƐŽŶƚŚĞŝƐůĂŶĚƉƌŽƉĞƌĨƌŽŵĞůǀĞ ĂƌĐŚŝǀĞƐ͕ƐĞƚƚůĞŵĞŶƚŵŽŶŝƚŽƌŝŶŐĚĂƚĂĂŶĚŽƚŚĞƌƌĞůĂƚĞĚƌĞƉŽƌƚƐƐƉĞĐŝĨŝĐƚŽƚŚĞŝƐůĂŶĚŵĂĚĞ ĂǀĂŝůĂďůĞďǇƚŚĞŝƚǇĂŶĚs&t͘ZĞǀŝĞǁŽĨƌĞƉŽƌƚƐǁŝůůďĞůŝŵŝƚĞĚƚŽƚŚĞϱŵŽƐƚƌĞĐĞŶƚ ƌĞƉŽƌƚƐŝŶƚŚĞůĂƐƚϭϬǇĞĂƌƐ͖ĂŶĚ
x WƵďůŝƐŚĞĚĚŽĐƵŵĞŶƚƐĨƌŽŵƚŚĞƐƐŽĐŝĂƚŝŽŶŽĨĂǇƌĞĂ'ŽǀĞƌŶŵĞŶƚƐ͕h͘^͘'ĞŽůŽŐŝĐĂů ^ƵƌǀĞǇ͕h͘^͘^ŽŝůŽŶƐĞƌǀĂƚŝŽŶ^ĞƌǀŝĐĞ͕ĂŶĚƚŚĞĂůŝĨŽƌŶŝĂ'ĞŽůŽŐŝĐĂů^ƵƌǀĞǇ͘ x ,ŝƐƚŽƌŝĐƚŽƉŽŐƌĂƉŚŝĐŵĂƉƐĂŶĚĂĞƌŝĂůŝŵĂŐĞƐ;ůŝŵŝƚĞĚƚŽϯƚŝŵĞƉĞƌŝŽĚƐͿ͘ dĂƐŬϲ͘ϬϮĞůŝǀĞƌĂďůĞƐ
x
ůĞĐƚƌŽŶŝĐĐŽƉŝĞƐŽĨƚŚĞĐŽůůĞĐƚĞĚĚŽĐƵŵĞŶƚƐĐŽŵƉŝůĞĚŝŶƚŽƚŚĞĨŝŶĂůƌĞƉŽƌƚ dĂƐŬϲ͘ϬϯƌĂĨƚD//'ĞŽƚĞĐŚŶŝĐĂůZĞƉŽƌƚŚĂƉƚĞƌĂŶĚtŽƌŬƐŚŽƉ;KƉƚŝŽŶĂůdĂƐŬͿ ĞůǀĞ ǁŝůů ƉƌĞƉĂƌĞ Ă ƌĞƉŽƌƚ ĐŚĂƉƚĞƌ ƐƵŵŵĂƌŝǌŝŶŐ ƚŚĞ ŐĞŽƚĞĐŚŶŝĐĂů ĨŝŶĚŝŶŐƐ ĨƌŽŵ ƚŚĞ ĚĞƐŬƚŽƉ ƐƚƵĚǇ͕ ĐŽŶĐůƵƐŝŽŶŽĨƚŚĞĨŝŶĚŝŶŐƐ͕ĂŶĚĐŽŶĐĞƉƚƵĂůͲůĞǀĞůĚĞƐŝŐŶƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌƉůĂŶŶŝŶŐƚŚĞǁĂƚĞƌ͕ƐĞǁĞƌ͕ ƐƚŽƌŵǁĂƚĞƌ͕ĂŶĚƌŽĂĚŝŵƉƌŽǀĞŵĞŶƚƐ͘dŚĞĐŚĂƉƚĞƌǁŝůůŝŶĐůƵĚĞ͗ x 'ĞŶĞƌĂůĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞƉƌŽũĞĐƚ
x 'ĞŽƚĞĐŚŶŝĐĂůƌĞƐĞĂƌĐŚĨŝŶĚŝŶŐƐ
x 'ĞŽůŽŐŝĐĂŶĚƐĞŝƐŵŝĐƐĞƚƚŝŶŐŽĨƚŚĞƉƌŽũĞĐƚĂƌĞĂ
x ĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞƌĞĨĞƌĞŶĐĞƐƵďƐƵƌĨĂĐĞŝŶǀĞƐƚŝŐĂƚŝŽŶƐ;ůŝŵŝƚĞĚƚŽƚŚĞϱŵŽƐƚƌĞĐĞŶƚƌĞƉŽƌƚƐ ŝŶƚŚĞůĂƐƚϭϬǇĞĂƌƐͿĂŶĚƌĞůĞǀĂŶƚĨŝŶĚŝŶŐƐ
x ŽƌŝŶŐůŽĐĂƚŝŽŶƐŵĂƉ͕ĂŶĚůŽŐƐŽĨƌĞĨĞƌĞŶĐĞďŽƌŝŶŐƐ x ĞƐĐƌŝƉƚŝŽŶŽĨŐƌŽƵŶĚǁĂƚĞƌĐŽŶĚŝƚŝŽŶƐŝŶƌĞĨĞƌĞŶĐĞďŽƌŝŶŐƐ x 'ĞŽůŽŐŝĐŚĂǌĂƌĚƐƐƵĐŚĂƐůŝƋƵĞĨĂĐƚŝŽŶ͕ĨĂƵůƚƌƵƉƚƵƌĞ͕ŐƌŽƵŶĚƐŚĂŬŝŶŐ x ƵƌƌĞŶƚ/ͬƐĞŝƐŵŝĐ^ŽŝůůĂƐƐ
x dĂďůĞƐǁŝƚŚĐŽŶĐĞƉƚƵĂůͲůĞǀĞůĞƐƚŝŵĂƚĞƐŽĨƐĞƚƚůĞŵĞŶƚďĂƐĞĚŽŶĂƉƉůŝĞĚĨŝůůĚĞƉƚŚƐ D//WƌŽũĞĐƚʹŵĞŶĚŵĞŶƚϭ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ
Ɖƌŝůϭϵ͕ϮϬϮϯ
WĂŐĞϳ

EͲDͲͲs>>
:KͲϮϬϮϮD//ͲKWd/KE>d^<^ͲϮϬϮϯ͘Ϭϰ

x ƉƉĞŶĚŝĐĞƐƉƌĞƐĞŶƚŝŶŐƚŚĞƌĞĨĞƌĞŶĐĞŝŶĨŽƌŵĂƚŝŽŶ
ĞůǀĞǁŝůůĐŽŶĚƵĐƚĂǁŽƌŬƐŚŽƉǁŝƚŚƚŚĞůŝĞŶƚdĞĂŵƚŽƉƌĞƐĞŶƚƚŚĞĨŝŶĂůĐŚĂƉƚĞƌĂŶĚĂĚĚƌĞƐƐƋƵĞƐƚŝŽŶƐ͘ dĂƐŬϲ͘ϬϯĞůŝǀĞƌĂďůĞƐ
x &ŝƌƐƚĚƌĂĨƚŐĞŽƚĞĐŚŶŝĐĂůD//ƌĞƉŽƌƚĐŚĂƉƚĞƌ
dĂƐŬϲ͘Ϭϰ'ĞŶĞƌĂů'ĞŽƚĞĐŚŶŝĐĂů^ƵƉƉŽƌƚĨŽƌĂůůhƚŝůŝƚŝĞƐ;EĞǁdĂƐŬͿ ĞůǀĞŚĂƐƉƌŽǀŝĚĞĚŐĞŽƚĞĐŚŶŝĐĂůŝŶƉƵƚŽŶƚĂƐŬƐĨŽƌŽƚŚĞƌƵƚŝůŝƚŝĞƐ;ƚŽͲĚĂƚĞ͕ƐƚŽƌŵǁĂƚĞƌĂŶĚƐĂŶŝƚĂƌǇƐĞǁĞƌ ĚĞƐŝŐŶĐƌŝƚĞƌŝĂͿ͕ĂŶĚƉƌŽǀŝĚĞĚŐĞŶĞƌĂůƉƌŽũĞĐƚŐĞŽƚĞĐŚŶŝĐĂůŐƵŝĚĂŶĐĞ͘dŚŝƐŝƐĂŶĞǁƚĂƐŬƚŚĂƚǁŽƵůĚƉƌŽǀŝĚĞ ĨŽƌƚŚĞƐƉĞŶƚĂŶĚĨƵƚƵƌĞĞůǀĞĞĨĨŽƌƚĨŽƌŐĞŶĞƌĂůƉƌŽũĞĐƚŐĞŽƚĞĐŚŶŝĐĂůĂĚǀŝƐŽƌǇĂƐƐŝƐƚĂŶĐĞ͘ dĂƐŬϳ͘ZŽĂĚ^ǇƐƚĞŵ
ǀĂůƵĂƚŝŽŶ
E
ǁŝůůƉĞƌĨŽƌŵƚŚĞĨŽůůŽǁŝŶŐƚĂƐŬƐĂƐĂƐƵďĐŽŶƐƵůƚĂŶƚƚŽtĞƐƚ zŽƐƚ͘ĂƐĞĚŽŶĨĞĞĚďĂĐŬƉƌŽǀŝĚĞĚƚŚĞ ůŝĞŶƚdĞĂŵ͕ƚŚĞƌŽĂĚƐǇƐƚĞŵĞǀĂůƵĂƚŝŽŶǁŝůůďĞĞǆƉĂŶĚĞĚƚŽŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐƚĂƐŬƐ͗ dĂƐŬϳ͘Ϭϭ͘WƌŽŐƌĞƐƐDĞĞƚŝŶŐƐĂŶĚWƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚ;
ǆƚĞŶĚĞĚdĂƐŬͿ
WƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚŝƐƌĞƋƵŝƌĞĚĨŽƌƚŚĞKƉƚŝŽŶĂůdĂƐŬƐ͘ dĂƐŬϳ͘Ϭϵ͘WĞƌĨŽƌŵWĂǀĞŵĞŶƚŽŶĚŝƚŝŽŶ^ƵƌǀĞǇZĞǀŝĞǁͲtĂůŬŝŶŐ;KƉƚŝŽŶĂůdĂƐŬͿ E
ƐŚĂůůƌĞǀŝĞǁƚŚĞŝƚǇƉĂǀĞŵĞŶƚŶĞƚǁŽƌŬĐŽŶĚŝƚŝŽŶĚĂƚĂĂŶĚĂůůŝŶƐƉĞĐƚŝŽŶĚĂƚĂǁŚŝĐŚǁĂƐƵƉĚĂƚĞĚŝŶ ƚŚĞ ŝƚǇ͛Ɛ ^ƚƌĞĞƚ^ĂǀĞƌ ĚĂƚĂďĂƐĞ ŝŶ ϮϬϮϭͬϮϬϮϮ͘ ^ƵďĐŽŶƐƵůƚĂŶƚ ƐŚĂůů ƉĞƌĨŽƌŵ ĨŝĞůĚ ƌĞǀŝĞǁ ŽŶůǇ ƚŽ ǀĞƌŝĨǇ ƉĂǀĞŵĞŶƚĐŽŶĚŝƚŝŽŶĨƌŽŵƚŚĞŝƚǇ͛ƐƉƌĞǀŝŽƵƐŝŶƐƉĞĐƚŝŽŶƵƉĚĂƚĞ͘WĂǀĞŵĞŶƚĐŽŶĚŝƚŝŽŶƐŚĂůůďĞƵƚŝůŝǌĞĚĨŽƌ ƉůĂŶŶŝŶŐĨŝĞůĚƚĞƐƚŝŶŐŝŶdĂƐŬϳ͘ϯƚŽƚĂƐŬϳ͘ϱ͘/ŶĂĚĚŝƚŝŽŶ͕E ƐŚĂůůƉĞƌĨŽƌŵĂǁĂůŬŝŶŐƐƵƌǀĞǇŽŶƚŚĞƐĞĐƚŝŽŶƐ
ůŝƐƚĞĚďĞůŽǁŝŶĐůƵĚŝŶŐĐŽŶĚŝƚŝŽŶĚĂƚĂƚŚĂƚŝƐĐŽůůĞĐƚĞĚĂƚƚŚĞƐĂŵĞƚŝŵĞŽĨĐĂƉƚƵƌŝŶŐƉŚŽƚŽƐ͘,ŽǁĞǀĞƌ͕ŶŽ ĐŽŶĚŝƚŝŽŶĚĂƚĂŽƌWĂǀĞŵĞŶƚŽŶĚŝƚŝŽŶ/ŶĚĞǆ;W/ͿĐĂůĐƵůĂƚŝŽŶƐƐŚĂůůďĞƵƉůŽĂĚĞĚŽƌĐŚĂŶŐĞĚŝŶƚŚĞŝƚǇ͛Ɛ ĚĂƚĂďĂƐĞ͘dŚĞĐŽůůĞĐƚĞĚƉŚŽƚŽƐŽŶƚŚĞĞŶƚŝƌĞƐƚƌĞĞƚŶĞƚǁŽƌŬŝŶDĂƌĞ/ƐůĂŶĚƐŚĂůůďĞƐĂǀĞĚĂƐ'/^ĚĂƚĂďĂƐĞ ĂŶĚƐƵďŵŝƚƚĞĚƚŽƚŚĞŝƚǇ͘
^ƚƌĞĞƚEĂŵĞ ĞŐŝŶŶŝŶŐ>ŽĐĂƚŝŽŶ
ŶĚ>ŽĐĂƚŝŽŶ
hŚƵƌƵƌ :ŽŚŶƐŽŶǀĞ ůĂŬĞǀĞ
:ŽŚŶƐŽŶǀĞ hŚƵƌƵƌ ǌƵĂƌƌŝǀĞ
ůĂŬĞǀĞ hŚƵƌƵƌ ǌƵĂƌƌŝǀĞ
'ĂƌĚŶĞƌǀĞ ůĂŬĞǀĞ ǌƵĂƌƌŝǀĞ
ǌƵĂƌǀĞ ŽƌƌĞĂƚ ^ŽƵƚŚ
ŶĚ
dǇůĞƌZĚ ǌƵĂƌǀĞ DĞŐŝŶŶŝƐƐZĚ
ZŝďĞŝƌŽZĚ DĞŐŝŶŶŝƐƐZĚ ŚĂƌůƚŽŶZĚ
tĞǇƌĂƵĐŚZĚ ZŝďĞŝƌŽZĚ ZŝďĞŝƌŽZĚ
DĞŐŝŶŶŝƐƐZĚ dǇůĞƌZĚ tĞǇƌĂƵĐŚZĚ
ŚĂƌůƚŽŶZĚ tĞǇƌĂƵĐŚZĚ ZŝďĞŝƌŽZĚ
'ƌŝĚůĞǇ^ƚ ZŝďĞŝƌŽZĚ tĞǇƌĂƵĐŚZĚ

dĂƐŬϳ͘ϬϵĞůŝǀĞƌĂďůĞƐ
x ^ĞƚŽĨƉŚŽƚŽƐĨŽƌŵĂƚƚĞĚŝŶ'/^ĚĂƚĂďĂƐĞ
D//WƌŽũĞĐƚʹŵĞŶĚŵĞŶƚϭ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ
Ɖƌŝůϭϵ͕ϮϬϮϯ
WĂŐĞϴ

EͲDͲͲs>>
:KͲϮϬϮϮD//ͲKWd/KE>d^<^ͲϮϬϮϯ͘Ϭϰ

dĂƐŬϳ͘ϭϬ͘WĞƌĨŽƌŵWĂǀĞŵĞŶƚĞĨůĞĐƚŝŽŶdĞƐƚŝŶŐ;KƉƚŝŽŶĂůdĂƐŬͿ ĞĨůĞĐƚŝŽŶƚĞƐƚŝŶŐǁŝůůďĞĐŽŶĚƵĐƚĞĚŽŶůǇŽŶƚŚĞĨŽůůŽǁŝŶŐƐĞĐƚŝŽŶƐ͕ĂƐƌĞƋƵĞƐƚĞĚďǇƚŚĞŝƚǇĂŶĚD/͗ ͻ ĂŐůĞǇ^ƚƌĞĞƚĨƌŽŵZĂŝůƌŽĂĚƚŽEŝŵŝƚǌ;ĂƉƉƌŽǆ͘ϱϬϬ͛Ϳ ͻ ϳƚŚ^ƚƌĞĞƚĨƌŽŵZĂŝůƌŽĂĚƚŽEŝŵŝƚǌ;ĂƉƉƌŽǆ͘ϮϱϬ͛Ϳ͘
ͻ ϰƚŚ^ƚƌĞĞƚĨƌŽŵZĂŝůƌŽĂĚƚŽŽĂů^ŚĞĚƐ;ĂƉƉƌŽǆ͘ϲϱϬ͛ ͻ ^ƚƌĞĞƚĨƌŽŵǌƵĂƌƚŽƚŚĞtĂƚĞƌĨƌŽŶƚǀĞ;ĂƉƉƌŽǆ͘ϭ͕ϲϱϬ͛Ϳ ͻ WŝŶƚĂĚŽ^ƚƌĞĞƚĨƌŽŵǌƵĂƌƚŽtĂƚĞƌĨƌŽŶƚǀĞ;ĂƉƉƌŽǆ͘Ϯ͕ϬϬϬ͛ͿƵƐĞ͘ ͻ /^ƚƌĞĞƚ;ĨƌŽŵǌƵĂƌƚŽƵŝůĚŝŶŐϱϬϱͿ
ͻ E͘WŝĞƌ^ƚƌĞĞƚ;ĨƌŽŵZĂŝůƌŽĂĚƚŽWŝĞƌͿ

dŚĞƐĐŽƉĞŽĨǁŽƌŬĨƌŽŵƚŚĞŽƌŝŐŝŶĂůdĂƐŬĂƉƉůŝĞƐ͘

dĂƐŬϳ͘ϭϬĞůŝǀĞƌĂďůĞƐ
x ĚĚŝƚŝŽŶĂůĚĞĨůĞĐƚŝŽŶƚĞƐƚŝŶŐƌĞƐƵůƚƐŝŶĐůƵĚĞĚŝŶĨŝŐƵƌĞƐĂŶĚƐƵŵŵĂƌǇƌĞƉŽƌƚ dĂƐŬϳ͘ϭϭ͘ŽŶĚƵĐƚWĂǀĞŵĞŶƚŽƌŝŶŐ;KƉƚŝŽŶĂůdĂƐŬͿ
E
ƐŚĂůůĐŽŶĚƵĐƚĐŽƌŝŶŐŽŶƚŚĞƐĞĐƚŝŽŶƐĂďŽǀĞ;ƐĞĞdĂƐŬϳ͘ϯͿ͘ ǇŶĂŵŝĐŽŶĞWĞŶĞƚƌŽŵĞƚĞƌ;WͿ ƚĞƐƚŝŶŐƐŚĂůůĂůƐŽďĞƵƐĞĚĨŽƌĐĂůŝďƌĂƚŝŽŶƉƵƌƉŽƐĞƐĂŶĚĨŽƌĞƐƚ ŝŵĂƚŝŶŐůĂǇĞƌƐƚƌƵĐƚƵƌĂůƉƌŽƉĞƌƚŝĞƐ͘ ƚŽƚĂůŽĨƵƉƚŽϭϰĐŽƌĞƐƐŚĂůůďĞƉĞƌĨŽƌŵĞĚ͕ĨŽƌƵƉƚŽŽŶĞĂŶĚĂŚĂůĨ;ϭ͘ϱͿĚĂǇƐ͘ dĂƐŬϳ͘ϭϭĞůŝǀĞƌĂďůĞƐ
x ĚĚŝƚŝŽŶĂůĐŽƌŝŶŐƌĞƐƵůƚƐŝŶĐůƵĚĞĚŝŶƉĂǀĞŵĞŶƚĐŽƌĞƐƵŵŵĂƌǇƚĂďůĞ dĂƐŬϳ͘ϭϮ͘WĂǀĞŵĞŶƚŶĂůǇƐŝƐĂŶĚWĂǀĞŵĞŶƚĞƐŝŐŶ;KƉƚŝŽŶĂůdĂƐŬͿ ĂƚĂĨƌŽŵĂďŽǀĞdĂƐŬƐǁŝůůďĞĂŶĂůǇǌĞĚĂŶĚĞǀĂůƵĂƚĞĚĂŶĚŽƉƚŝŵĂůĂŶĚĐŽƐƚͲĞĨĨŝĐŝĞŶƚĚĞƐŝŐŶƐĨŽƌĂƌƚĞƌŝĂůƐ ĂŶĚ ŵĂũŽƌ ĐŽůůĞĐƚŽƌƐ ǁŝůů ďĞ ĚĞǀĞůŽƉĞĚ͘ dŚĞƐĞ ŵĂǇ ƌĂŶŐĞ ĨƌŽŵ ƐŝŵƉůĞ ƐƵƌĨĂĐĞ ƚƌĞĂƚŵĞŶƚƐ ƚŽ ŵŝůů ĂŶĚ ŽǀĞƌůĂǇƐƚŽŵŽƌĞƌŽďƵƐƚĂŶĚĐŽƐƚͲĞĨĨĞĐƚŝǀĞƌĞĐŽŶƐƚƌƵĐƚŝŽŶƐƚƌĂƚĞŐŝĞƐƐƵĐŚĂƐĐŽůĚŝŶͲƉůĂĐĞƌĞĐǇĐůŝŶŐ;/ZͿ͕ ĨƵůůͲĚĞƉƚŚƌĞĐůĂŵĂƚŝŽŶ;&ZͿ͕ĂŶĚƐƵƌĨĂĐĞƌĞĐŽŶƐƚƌƵĐƚŝŽŶ͘ dĂƐŬϳ͘ϭϮĚĚŝƚŝŽŶĂůĞůŝǀĞƌĂďůĞƐ
x ĚĚŝƚŝŽŶĂůĂƌĞĂƐŝŶĐůƵĚĞĚŝŶWĂǀĞŵĞŶƚ
ǀĂůƵĂƚŝŽŶƐƵŵŵĂƌǇƌĞƉŽƌƚ
dĂƐŬϳ͘ϬϴZŽĂĚƐD//ZĞƉŽƌƚŚĂƉƚĞƌ;ĚĚŝƚŝŽŶĂů
ĨĨŽƌƚĨŽƌĂƐĞdĂƐŬͿ
ĚĚŝƚŝŽŶĂůƌŽĂĚǁĂǇƐĞǀĂůƵĂƚĞĚŝŶƚŚĞKƉƚŝŽŶĂůdĂƐŬƐǁŝůůďĞŝŶĐůƵĚĞĚŝŶƚŚĞĚƌĂĨƚĂŶĚĨŝŶĂůǀĞƌƐŝŽŶƐŽĨƚŚĞ ƌĞƉŽƌƚ͘
dŚĞƐĐŽƉĞŽĨǁŽƌŬĨƌŽŵƚŚĞŽƌŝŐŝŶĂůdĂƐŬĂƉƉůŝĞƐ͘
dĂƐŬϳ͘ϬϴĚĚŝƚŝŽŶĂůĞůŝǀĞƌĂďůĞƐ
x ĚĚŝƚŝŽŶĂůĂƌĞĂƐŝŶĐůƵĚĞĚŝŶƌŽĂĚƐD//ƌĞƉŽƌƚĐŚĂƉƚĞƌ D//WƌŽũĞĐƚʹŵĞŶĚŵĞŶƚϭ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ
Ɖƌŝůϭϵ͕ϮϬϮϯ
WĂŐĞϵ

EͲDͲͲs>>
:KͲϮϬϮϮD//ͲKWd/KE>d^<^ͲϮϬϮϯ͘Ϭϰ

dĂƐŬϴ͘ƌǇhƚŝůŝƚǇ^ǇƐƚĞŵƐ
dĂƐŬϴ͘Ϭϭ͘<ŝĐŬŽĨĨDĞĞƚŝŶŐ;KƉƚŝŽŶĂůdĂƐŬͿ
ŬŝĐŬŽĨĨ ŵĞĞƚŝŶŐ ǁŝůů ďĞ ŚĞůĚ ĨŽƌ ƚŚĞ ĚƌǇ ƵƚŝůŝƚŝĞƐ ;Ăƚ ƚŚĞ ƐĂŵĞ ƚŝŵĞ ĂƐ ŽŶĞ ŽĨ ƚŚĞ DŽŶƚŚůǇ WƌŽŐƌĞƐƐ DĞĞƚŝŶŐƐͿǁŝƚŚƚŚĞůŝĞŶƚdĞĂŵƚŽĞƐƚĂďůŝƐŚƚĂƐŬŐŽĂůƐ͘ dĂƐŬϴ͘ϬϮ͘ŽŽƌĚŝŶĂƚŝŽŶǁŝƚŚhƚŝůŝƚǇŽŵƉĂŶŝĞƐ;KƉƚŝŽŶĂůdĂƐŬͿ tĞǁŝůůĐŽŶƚĂĐƚĂŶĚĐŽŽƌĚŝŶĂƚĞǁŝƚŚƵƚŝůŝƚǇƉƌŽǀŝĚĞƌƐ ŝŶĐůƵĚŝŶŐ /ƐůĂŶĚ ŶĞƌŐ Ǉ; Ğů ĞĐƚƌŝĐ ĂŶĚŐĂƐͿ͕ yĨŝŶŝƚ Ǉ͕
dΘd;ĐĂďůĞͬĨŝďĞƌͿƚŽŽďƚĂŝŶĞǆŝƐƚŝŶŐŵĂƉƉŝŶŐ͕ƉůĂŶƐ͕ƐĐŚĞŵĂƚŝĐƐ͕ĂŶĚƌĞƉŽƌƚƐǁŚŝĐŚĚĞƚĂŝůƚŚĞĞǆƚĞŶƚƐŽĨ ĚƌǇƵƚŝůŝƚŝĞƐ͘ĚĂƚĂůŽŐǁŝůůďĞƉƌĞƉĂƌĞĚƚŽĚŽĐƵŵĞŶƚŝŶĨŽƌŵĂƚ ŝŽŶƌĞĐĞŝǀĞĚ͘/ƚŝƐĂƐƐƵŵĞĚƚŚĂƚƵƉƚŽƚǁŽ ĂĚĚŝƚŝŽŶĂůƵƚŝůŝƚǇĐŽŶƚĂĐƚƐŵĂǇďĞŶĞĞĚĞĚĂĨƚĞƌƚŚĞŝŶŝƚŝĂůƌĞƋƵĞƐƚ͘tĞƐƚzŽƐƚǁŝůůŶŽƚƉĞƌĨŽƌŵĂŶǇƚĞĐŚŶŝĐĂů ĞǀĂůƵĂƚŝŽŶƐ͕ŵĂƉƉŝŶŐ͕ŽƌĞŶŐŝŶĞĞƌŝŶŐŽŶĚƌǇƵƚŝůŝƚǇƐǇƐƚĞŵƐ͘ dĂƐŬϴ͘ϬϮĞůŝǀĞƌĂďůĞƐ
x ĂƚĂƌĞƋƵĞƐƚůŽŐ͕ůŝďƌĂƌǇŽĨŝŶĨŽƌŵĂƚŝŽŶ
dĂƐŬϴ͘Ϭϯ͘ƌǇhƚŝůŝƚŝĞƐ&ŝƌƐƚƌĂĨƚD//ZĞƉŽƌƚŚĂƉƚĞƌ;KƉƚŝŽŶĂůdĂƐŬͿ tĞǁŝůůƐƵŵŵĂƌŝǌĞƚŚĞƌĞƐƵůƚƐŽĨdĂƐŬϴŝŶƚŚĞ&ŝƌƐƚƌĂĨƚŚĂƉƚĞƌϳ͘ŶǇŝŶĨŽƌŵĂƚŝŽŶĂǀĂŝůĂďůĞŽŶĞǆŝƐƚŝŶŐ ŽƌďƵŝůĚͲŽƵƚĐĂƉĂĐŝƚǇǁŝůůďĞƐƵŵŵĂƌŝǌĞĚŝŶƚŚĞdDďĂƐĞĚŽŶŝŶĨŽƌŵĂƚŝŽŶƌĞĐĞŝǀĞĚĨƌŽŵƵƚŝůŝƚǇĐŽŵƉĂŶŝĞƐ͘ dĂƐŬϴ͘ϬϯĞůŝǀĞƌĂďůĞƐ
x &ŝƌƐƚĚƌĂĨƚĚƌǇƵƚŝůŝƚŝĞƐD//ƌĞƉŽƌƚĐŚĂƉƚĞƌ

dĂƐŬϵ͘D//dĞĐŚŶŝĐĂůZĞƉŽƌƚĂŶĚWƌĞƐĞŶƚĂƚŝŽŶƐ
dĂƐŬϵ͘Ϭϲ͘WƵďůŝĐDĞĞƚŝŶŐĂŶĚWƌĞƐĞŶƚĂƚŝŽŶƐ;/ŶͲWĞƌƐŽŶͿ;KƉƚŝŽŶĂůdĂƐŬͿ tĞǁŝůůĂƚƚĞŶĚͬĐŽŶĚƵĐƚƵƉƚŽƚǁŽƉƵďůŝĐŵĞĞƚŝŶŐƐƚŽĐŽŵŵƵŶŝĐĂƚĞŝŶĨŽƌŵĂƚŝŽŶĂŶĚĂŶƐǁĞƌůŝĞŶƚdĞĂŵ ƋƵĞƐƚŝŽŶƐƌĞůĂƚĞĚƚŽƚŚĞdŚŝƌĚƌĂĨƚdĞĐŚŶŝĐĂůZĞƉŽƌƚ͘KŶĞŵĞĞƚ ŝŶŐŝƐĞǆƉĞĐƚĞĚƚŽďĞĂƉƵďůŝĐǁŽƌŬƐŚŽƉ ĨŽƌŵĂƚ͘dŚĞ ŽƚŚĞƌ ŵĞĞƚŝŶŐ ŝƐ ĞǆƉĞĐƚĞĚ ƚŽ ďĞĂ ŽƵŶĐŝůͬŽĂƌĚŵĞĞƚŝŶŐ͘dŚĞĐŽŶƐƵůƚĂŶƚ ƚĞĂŵƚŽ ĂƚƚĞŶĚ ƉƌĞƐĞŶƚĂƚŝŽŶƐǁŝůůŝŶĐůƵĚĞtĞƐƚzŽƐƚWƌŽũĞĐƚDĂŶĂŐĞƌ͖tĞƐƚzŽƐƚĞƉƵƚǇWƌŽũĞĐƚDĂŶĂŐĞƌ͖tĂƚĞƌƐǇƐƚĞŵ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;tĞƐƚzŽƐƚͿ͖ ZŽĂĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ;E
Ϳ͖ ĂŶĚ 'ĞŽƚĞĐŚŶŝĐĂů ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ;ĞůǀĞͿ͘ ĚƌǇ ƌƵŶǁŝůůďĞƉƌĞƐĞŶƚĞĚƚŽƚŚĞůŝĞŶƚdĞĂŵĨŽƌŝŶƉƵƚĂŶĚƌĞǀŝƐŝŽŶ͘ dŚĞ ƉƌĞƐĞŶƚĂƚŝŽŶƐ ĐŽƵůĚ ďĞ Ăƚ ƚŚĞ ŝƚǇ ŽƵŶĐŝůͬs&t ŽĂƌĚ ŵĞĞƚŝ ŶŐƐ Žƌ ŽƚŚĞƌ ǀĞŶƵĞƐ͘ ĨƚĞƌ ƚŚĞ ƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ǁĞǁŝůůŵĞĞƚǁŝƚŚŝƚǇĂŶĚs&tƐƚĂĨĨƚŽĚĞĐŝĚĞ ŝĨĂĚĚŝƚŝŽŶĂůǁŽƌŬŝƐŶĞĞĚĞĚƚŽĂĚĚƌĞƐƐ ĐŽŵŵĞŶƚƐĂŶĚƋƵĞƐƚŝŽŶƐĨƌŽŵƚŚĞŵĞĞƚŝŶŐƐ͘tĞŚĂǀĞĂƐƐƵŵĞĚŶŽĂĚĚŝƚŝŽŶĂůƚĞĐŚŶŝĐĂůͬĞŶŐŝŶĞĞƌŝŶŐǁŽƌŬ ǁŝůůďĞŶĞĞĚĞĚƚŽĂĚĚƌĞƐƐƚŚĞƋƵĞƐƚŝŽŶƐĂŶĚĐŽŵŵĞŶƚƐďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƐĞƌǀŝĐĞƐĚĞƐĐƌŝďĞĚĂďŽǀĞ͘ dĂƐŬϭϬ͘ŽŶƚŝŶŐĞŶĐǇ
ŽŶƚŝŶŐĞŶĐǇĨŽƌĂĚĚŝƚŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵĞƐƚĞĚďǇŝƚǇ͘dŚŝƐƚĂƐŬďƵĚŐĞƚǁĂƐĐĂůĐƵůĂƚĞĚďĂƐĞĚŽŶďƌŝŶŐŝŶŐ ƚŚĞKƉƚŝŽŶĂůdĂƐŬƚŽƚĂůĨĞĞƚŽƚŚĞĂŵŽƵŶƚŝŶƚŚĞŽƌŝŐŝŶĂůĐŽŶƚƌĂĐƚ;Ψϱϱϱ͕ϵϮϳͿ͘
ĞĂƐĞĞǆŝƚŽƵƚŽĨƚŚŝƐŵŽĚĞďĞĨŽƌĞĐůŽƐŝŶŐǁŽƌŬďŽŽŬͿ
WƌŝŶĐŝƉĂůͬsŝĐĞ
WƌĞƐŝĚĞŶƚ

ŶŐŝŶĞĞƌŝŶŐͬ^Đ
ŝĞŶƚŝƐƚͬ'ĞŽůŽŐŝ
ƐƚDĂŶĂŐĞƌ//
dĞĐŚŶŝĐĂů
^ƉĞĐŝĂůŝƐƚ/s
^ĞŶŝŽƌ

ŶŐŝŶĞĞƌͬ^ĐŝĞŶ
ƚŝƐƚͬ'ĞŽůŽŐŝƐƚ/
WƌŝŶĐŝƉĂů

ŶŐŝŶĞĞƌͬ^ĐŝĞŶ
ƚŝƐƚͬ'ĞŽůŽŐŝƐƚ/

ŶŐŝŶĞĞƌͬ^ĐŝĞŶ
ƚŝƐƚͬ'ĞŽůŽŐŝƐƚ
//
ƐƐŽĐŝĂƚĞ

ŶŐŝŶĞĞƌͬ^ĐŝĞŶ
ƚŝƐƚͬ'ĞŽůŽŐŝƐƚ
//
WƌŝŶĐŝƉĂů

ŶŐŝŶĞĞƌͬ^ĐŝĞŶ
ƚŝƐƚͬ'ĞŽůŽŐŝƐƚ
//
^ĞŶŝŽƌ

ŶŐŝŶĞĞƌͬ^ĐŝĞŶ
ƚŝƐƚͬ'ĞŽůŽŐŝƐƚ/
WƌŝŶĐŝƉĂů

ŶŐŝŶĞĞƌͬ^ĐŝĞŶ
ƚŝƐƚͬ'ĞŽůŽŐŝƐƚ
//
WƌŝŶĐŝƉĂů

ŶŐŝŶĞĞƌͬ^ĐŝĞŶ
ƚŝƐƚͬ'ĞŽůŽŐŝƐƚ
//

ŶŐŝŶĞĞƌͬ^ĐŝĞŶ
ƚŝƐƚͬ'ĞŽůŽŐŝƐƚ
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ŶĂůǇƐƚ

ŶŐŝŶĞĞƌŝŶŐͬ^Đ
ŝĞŶƚŝƐƚͬ'ĞŽůŽŐŝ
ƐƚDĂŶĂŐĞƌ//
ĚŵŝŶŝƐƚƌĂƚŝǀĞ
//
^ĞŶŝŽƌ

ŶŐŝŶĞĞƌͬ^ĐŝĞŶ
ƚŝƐƚͬ'ĞŽůŽŐŝƐƚ
//

ŶŐŝŶĞĞƌŝŶŐͬ^Đ
ŝĞŶƚŝƐƚͬ'ĞŽůŽŐŝ
ƐƚDĂŶĂŐĞƌ//

ŶŐŝŶĞĞƌͬ^ĐŝĞŶ
ƚŝƐƚͬ'ĞŽůŽŐŝƐƚ
//
dĞĐŚŶŝĐĂů
ŶĂůǇƐƚ//
ĚŵŝŶŝƐƚƌĂƚŝǀĞ
// YZĞǀŝĞǁ
ŽƐƚƐ
tĞƐƚzŽƐƚƐƐŽĐŝĂƚĞƐ WͬsW
Dͬ^Dͬ'D// d^/s ^
ͬ^^ͬ^'/ W
ͬW^ͬW'/
^'//
ͬ^ͬ'// W
ͬW^ͬW'// ^
ͬ^^ͬ^'/ W
ͬW^ͬW'// W
ͬW^ͬW'//
^'// ^'/^
Dͬ^Dͬ'D// D// ^
ͬ^^ͬ^'//
Dͬ^Dͬ'D//
^'// d// D// WͬsW ,ŽƵƌƐ &ĞĞ sΘ , E
D: ^hd ^Ƶď͘ KƚŚĞƌ dŽƚĂů
ΨϯϮϴ ΨϯϮϰ ΨϮϰϮ ΨϮϱϭ ΨϮϴϬ ΨϮϬϭ ΨϮϯϭ ΨϮϵϴ ΨϮϱϭ ΨϮϵϴ ΨϮϵϴ ΨϮϬϭ ΨϮϰϱ ΨϯϮϰ ΨϭϭϮ ΨϮϰϴ Ψϯϭϰ Ψϭϵϯ Ψϭϰϯ ΨϭϬϱ ΨϯϮϴ ǁͬŵĂƌŬƵƉ ŝƌĞĐƚ ŽƐƚƐ WZK:
d͗DĂƌĞ/ƐůĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞƐƐĞƐƐŵĞŶƚͲϭϬ͘ϯϭhƉĚĂƚĞ ůŝǌĂďĞƚŚ ŽƵŐD :ŝůůD ŶŶĞ' WĂƚƌŝĐŬ: :ŽƐŚ^ ŵŝƚƌŝǇ^ DŝŬĞ DŝĐŚĞůĞD ƌĞŶĚĂ zŽƵƐƐŝĨ, <ŝĞƌƐƚĞŶD :ŽĞ WŽůůǇ ĚŵŝŶ DĞŝͲ,Ƶŝ YYDŐƌ WƌŽũĞĐƚ ŶŐƌ ^ƌdĞĐŚ ĚŵŝŶ ϲй
dĂƐŬ ϭ WƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚ
ϭ͘Ϭϭ KǀĞƌĂůů<ŝĐŬŽĨĨDĞĞƚŝŶŐ ϴϮ ϭ Ϯ ϮϮ ϲ͕ϬϴϴΨ ϳϬϬ Ψ ϲ͕ϳϴϴΨ ϭ͘ϬϮ WƌŽŐƌĞƐƐDĞĞƚŝŶŐƐ;ϵͿ ϭϴ ϵ ϰϱ Ϯ Ϯ Ϯ ϰ ϴϮ ϮϮ͕ϬϱϳΨ ϮϮ͕Ϭϱϳ Ψ ϭ͘Ϭϯ WDĂŶĚYY ϭϮ ϰϬ ϰϬ ϴ ϭϬϬ Ϯϳ͕ϴϯϮΨ Ϯϳ͕ϴϯϮ Ψ ^ƵďƚŽƚĂů͕dĂƐŬϭ;ŚŽƵƌƐͿ ϭ Ϯ ϲ ϲ ϭ ϭ ϵ ϳ ϬϬϮϮϮϰϬϬϬϬϴϬϬϬϬϬϬ Ϯ Ϭ ϰ ^ƵďƚŽƚĂů͕dĂƐŬϭ;ΨͿ ϯ͕ϵϯϲΨ Ϯϭ͕ϯϴϰ Ψ Ϯ͕ϲϲϮ Ψ Ϯϰ͕ϯϰϳ Ψ ϰϲϮ Ψ ϱϵϲ Ψ ϱϬϮ Ψ ϭ͕ϭϵϮΨ ϴϵϲ Ψ ϱϱ͕ϵϳϳ Ψ ϳϬϬ Ψ ϱϲ͕ϲϳϳΨ dĂƐŬ Ϯ >ĂŶĚhƐĞƐ
Ϯ͘Ϭϭ ĞǀĞůŽƉ>h
ƐƚŝŵĂƚĞͲWŚĂƐĞϭ;ƐĞĞKƉƚŝŽŶĂů&ĞĞ^ŚĞĞƚĨŽƌƵŝůĚŽƵƚͲKƉƚŝŽŶĂůWƌŝŽƌŝƚǇϭͿ ϭϮ ϰ ϭϲ Ϯ ϯϰ ϵ͕ϰϲϴΨ ϵ͕ϰϲϴ Ψ Ϯ͘ϬϮ >ĂŶĚhƐĞ'/^>ĂǇĞƌƐ͕dD ϲϴ ϭϮ ϲ Ϯ ϯϰ ϴ͕ϬϱϴΨ ϴ͕Ϭϱϴ Ψ ^ƵďƚŽƚĂů͕dĂƐŬϮ;ŚŽƵƌƐͿ Ϭ ϭ ϴ ϰ Ϯ ϰ ϬϬϬϬϬϮϬ ϭ Ϯ ϲϬϮϬϬϬϬϬϬ ϲ ϴ ^ƵďƚŽƚĂů͕dĂƐŬϮ;ΨͿ ϱ͕ϴϯϮ Ψ ϵϲϴ Ψ ϲ͕ϬϮϰΨ ϱϵϲ Ψ Ϯ͕ϰϭϮ Ψ ϭ͕ϰϳϬ Ψ ϮϮϰ Ψ ϭϳ͕ϱϮϲ Ψ ϭϳ͕ϱϮϲ Ψ dĂƐŬ ϯ tĂƚĞƌ^ǇƐƚĞŵ
ǀĂůƵĂƚŝŽŶ
ϯ͘Ϭϭ <ŝĐŬŽĨĨDĞĞƚŝŶŐ Ϯ Ϯϱ ϵ ϲ Ψ ϱϵϲ Ψ ϯ͘ϬϮ 'ĂƚŚĞƌĂŶĚZĞǀŝĞǁ
ǆŝƐƚŝŶŐ/ŶĨŽƌŵĂƚŝŽŶ ϰϴϰ ϴϭ ϲ ϭ ϲ ϱϲ ϭϰ͕ϲϬϰΨ ϭϰ͕ϲϬϰ Ψ ϯ͘Ϭϯ tĂƚĞƌdĂŶŬŽŶĚŝƚŝŽŶƐƐĞƐƐŵĞŶƚ ϴϰ ϭϮ Ϯ͕ϵϯϮΨ ϱϰ͕ϴϵϮΨ ϱϳ͕ϴϮϰ Ψ ϯ͘Ϭϰ tĂƚĞƌWŝƉĞůŝŶĞŽŶĚŝƚŝŽŶƐƐĞƐƐŵĞŶƚ^ƉŽƚͲŚĞĐŬƐ ϰϭ ϲ ϮϬ ϱ͕ϯϭϮΨ ϭϱϵ͕ϬϬϬΨ ϭϲϰ͕ϯϭϮ Ψ ϯ͘Ϭϱ WĞƌĨŽƌŵĞƐŬƚŽƉ
ǀĂůƵĂƚŝŽŶ͕dD ϭϲ ϲ ϴ ϯϬ ϲϬ ϰϬ ϰ Ϯ ϭϲϲ ϰϬ͕ϵϲϰΨ ϰϬ͕ϵϲϰ Ψ ϯ͘Ϭϲ hƉĚĂƚĞĂŶĚĂůŝďƌĂƚĞ,ǇĚƌĂƵůŝĐDŽĚĞů͕dD ϰϮ ϱϰ ϭϮ ϲϬ ϴ Ϯ ϭϰϮ ϯϲ͕ϯϰϮΨ ϯ͕ϯϲϬ Ψ ϯϵ͕ϳϬϮ Ψ ϯ͘Ϭϳ ,ǇĚƌĂƵůŝĐDŽĚĞůŶĂůǇƐĞƐ͕dD ϰϮ ϲϬ ϭϮ ϳϬ ϰ Ϯ ϭϱϰ ϯϴ͕ϴϰϰΨ ϯϴ͕ϴϰϰ Ψ ϯ͘Ϭϴ ĞĐŝƐŝŽŶWŽŝŶƚtŽƌŬƐŚŽƉ ϭϮ ϲ ϭϲ ϮϬ ϰ ϭϲ ϳϰ ϭϵ͕ϳϮϰΨ ϳϬϬ Ψ ϮϬ͕ϰϮϰΨ ϯ͘Ϭϵ ĞǀĞůŽƉ&ŝŶĂů/ŶĨƌĂƐƚƌƵĐƚƵƌĞ/ŵƉƌŽǀĞŵĞŶƚƐ ϴϲϴ ϯϮ ϴ ϰϬ ϴ ϭϭϬ Ϯϴ͕ϲϬϰΨ Ϯϴ͕ϲϬϰ Ψ ϯ͘ϭϬ ϭƐƚƌĂĨƚD//dĞĐŚŶŝĐĂůZĞƉŽƌƚŚĂƉƚĞƌ ϴ ϰ ϭ Ϯ ϭ ϲ ϰϮ ϰ ϴ ϯ Ϯϰ ϴ ϭϮϬ Ϯϵ͕ϲϮϬΨ Ϯϵ͕ϲϮϬ Ψ ^ƵďƚŽƚĂů͕dĂƐŬϯ;ŚŽƵƌƐͿ Ϭ ϲ Ϭϯ Ϭϳ ϲ Ϭ Ϭ Ϯ Ϭ ϰ ϬϮ ϯ Ϭ ϲ Ϭ Ϯ ϵ ϰ ϰ ϬϮ ϴϭ ϰ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ ϴ ϱ ϲ ^ƵďƚŽƚĂů͕dĂƐŬϯ;ΨͿ ϭϵ͕ϰϰϬΨ ϳ͕ϮϲϬ Ψ ϭϵ͕Ϭϳϲ Ψ ϰ͕ϲϮϬ Ψ ϭ͕ϭϵϮ Ψ ϲϴ͕ϱϰϬ Ψ ϭϳ͕ϴϴϬ Ψ ϱϵ͕Ϭϵϰ Ψ ϵ͕ϴϬϬ Ψ ϵ͕ϬϳϮ Ψ ϭ͕ϱϲϴ Ψ Ϯϭϳ͕ϱϰϮ Ψ ϭϴϮ͕ϬϬϬ Ψ ϭϵ͕ϳϴϱ Ψ Ϯϭϯ͕ϴϵϮΨ ϰ͕ϬϲϬ Ψ ϰϯϱ͕ϰϵϰΨ dĂƐŬ ϰ ^ĞǁĞƌ^ǇƐƚĞŵ
ǀĂůƵĂƚŝŽŶ
ϰ͘Ϭϭ <ŝĐŬŽĨĨDĞĞƚŝŶŐ Ϯ Ϯϰ ϲ Ϯ Ψ ϰϲϮ Ψ ϰ͘ϬϮ 'ĂƚŚĞƌĂŶĚZĞǀŝĞǁ
ǆŝƐƚŝŶŐ/ŶĨŽƌŵĂƚŝŽŶ ϴϴ ϭ Ϯ ϴϴ ϭ ϲ ϲϬ ϭϰ͕ϮϭϮΨ ϭϬ͕ϲϬϬΨ Ϯϰ͕ϴϭϮ Ψ ϰ͘Ϭϯ ^ĞǁĞƌ&ŝĞůĚsĞƌŝĨŝĐĂƚŝŽŶĂŶĚ'/^DĂƉƉŝŶŐhƉĚĂƚĞ ϲϮ Ϯ ϰ ϲϬ ϯϲ ϭϮϴ Ϯϵ͕ϯϯϮΨ ϰϱϬ Ψ Ϯϵ͕ϳϴϮΨ ϰ͘Ϭϰ ^ĞǁĞƌ>ŝĨƚ^ƚĂƚŝŽŶŽŶĚŝƚŝŽŶƐƐĞƐƐŵĞŶƚ Ϯϭ ϲ ϲ Ϭ Ϯ ϰ ϭϬϮ Ϯϯ͕ϯϰϴΨ Ϯϯ͕ϯϰϴ Ψ ϰ͘Ϭϱ WĞƌĨŽƌŵĞƐŬƚŽƉ
ǀĂůƵĂƚŝŽŶ͕dD ϭϲ ϴ ϰϬ ϭϲ ϴ ϰ ϲϬ ϭϮ Ϯ ϭϲϲ ϯϵ͕ϰϲϴΨ ϯϵ͕ϰϲϴ Ψ ϰ͘Ϭϲ
ƐƚŝŵĂƚĞ^ĞǁĞƌ^ǇƐƚĞŵ&ůŽǁƐ͕dD ϭϬ ϲ Ϯ ϯϮ ϰ ϰ Ϯ ϲϬ ϭϯ͕ϴϵϬΨ ϭϯ͕ϴϵϬ Ψ ϰ͘Ϭϳ ĞĐŝƐŝŽŶWŽŝŶƚtŽƌŬƐŚŽƉ͕&ŝĞůĚtŽƌŬWůĂŶ ϴϲ Ϯ ϰ ϴ Ϯ ϰ ϳϬ ϭϲ͕ϳϰϬΨ ϳϬϬ Ψ ϭϳ͕ϰϰϬΨ ϰ͘Ϭϴ &ůŽǁDŽŶŝƚŽƌŝŶŐ&ŝĞůĚtŽƌŬ;KƉƚŝŽŶĂůͲWƌŝŽƌŝƚǇϭͿ Ϭ ϰ͘Ϭϵ ds/ŶƐƉĞĐƚŝŽŶĂŶĚŶĂůǇƐŝƐ;ƐĞĞKƉƚŝŽŶĂů&ĞĞƐŚĞĞƚĨŽƌƉŽƚŚŽůŝŶŐͲWƌŝŽƌŝƚǇϮͿ ϰϰ Ϭ ϴ ϲ Ϭ ϭϭϮ Ϯϱ͕ϳϴϬΨ ϵϱ͕ϰϬϬΨ ϭϮϭ͕ϭϴϬ Ψ
ϰ͘ϭϬ ĞǀĞůŽƉ,ǇĚƌĂƵůŝĐDŽĚĞů;KƉƚŝŽŶĂůͲWƌŝŽƌŝƚǇϮͿ Ϭ ϰ͘ϭϭ ĞĐŝƐŝŽŶWŽŝŶƚtŽƌŬƐŚŽƉ;KƉƚŝŽŶĂůͲWƌŝŽƌŝƚǇϮͿ Ϭ ϰ͘ϭϮ ĞǀĞůŽƉ&ŝŶĂů/ŶĨƌĂƐƚƌƵĐƚƵƌĞ/ŵƉƌŽǀĞŵĞŶƚƐ ϭϰ ϲ ϭϰ ϭϲ ϯϮ ϴ Ϯ ϰϬ ϭϯϮ ϯϭ͕ϬϯϲΨ ϯϭ͕Ϭϯϲ Ψ ϰ͘ϭϯ ϭƐƚƌĂĨƚD//dĞĐŚŶŝĐĂůZĞƉŽƌƚŚĂƉƚĞƌ ϭϮ ϰ Ϯϰ ϰ Ϯϰ Ϯϰ ϴ ϰ ϰϬ ϴ ϭϱϮ ϯϰ͕ϲϵϮΨ ϯϰ͕ϲϵϮ Ψ ^ƵďƚŽƚĂů͕dĂƐŬϰ;ŚŽƵƌƐͿ Ϭ ϴϬ ϯϰ ϮϬϬ ϲ ϴϬ ϭϱϰ ϯϮ ϭϰ Ϭ Ϭ ϯϮϰ ϰϴ Ϭ ϭϮ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ ϵϴϰ ^ƵďƚŽƚĂů͕dĂƐŬϰ;ΨͿ Ϯϱ͕ϵϮϬΨ ϴ͕ϮϮϴ Ψ ϱϬ͕ϮϬϬ Ψ ϭ͕ϲϴϬ Ψ ϭϲ͕ϬϴϬ Ψ ϯϱ͕ϱϳϰ Ψ ϵ͕ϱϯϲ Ψ ϯ͕ϱϭϰ Ψ ϲϱ͕ϭϮϰ Ψ ϭϭ͕ϳϲϬ Ψ ϭ͕ϯϰϰ Ψ ϮϮϴ͕ϵϲϬ Ψ ϭϬ͕ϬϬϬ Ψ ϵϬ͕ϬϬϬ Ψ ϭϬϲ͕ϬϬϬ Ψ ϭ͕ϭϱϬ Ψ ϯϯϲ͕ϭϭϬΨ dĂƐŬ ϱ ^ƚŽƌŵǁĂƚĞƌ^ǇƐƚĞŵ
ǀĂůƵĂƚŝŽŶ
ϱ͘Ϭϭ ^ƚŽƌŵǁĂƚĞƌ<ŝĐŬŽĨĨDĞĞƚŝŶŐ Ϭ ϱ͘ϬϮ 'ĂƚŚĞƌĂŶĚZĞǀŝĞǁ
ǆŝƐƚŝŶŐ/ŶĨŽƌŵĂƚŝŽŶ ϰϮϮ ϴϰ ϮϬ ϰ͕ϴϭϰΨ ϰ͕ϴϭϰ Ψ ϱ͘Ϭϯ ^ƚŽƌŵǁĂƚĞƌ^ƉŽƚͲŚĞĐŬƐ ϰϭ ϲ ϮϬ ϰ͕ϱϭϮΨ ϰ͕ϱϭϮ Ψ ϱ͘Ϭϰ >^ϭϱŽŶĚŝƚŝŽŶƐƐĞƐƐŵĞŶƚ ϰϭ ϲ ϯ Ϯ ϱϮ ϭϭ͕ϵϬϰΨ ϭϭ͕ϵϬϰ Ψ ϱ͘Ϭϱ /ĚĞŶƚŝĨǇ^ƚŽƌŵǁĂƚĞƌĂŶĚ&ůŽŽĚŽŶƚƌŽůĞƐŝŐŶƌŝƚĞƌŝĂĂŶĚWƌĞĨĞƌĞŶĐĞƐ Ϯϰ Ϯ ϭϲ Ϯ ϰϰ ϭϭ͕ϵϵϲΨ ϭϭ͕ϵϵϲ Ψ ϱ͘Ϭϲ ,ͬ,DŽĚĞůĂŶĚ^ƚŽƌŵǁĂƚĞƌͬ&ůŽŽĚŽŶƚƌŽůdD;KƉƚŝŽŶĂůͲWƌŝŽƌŝƚǇ ϮͿ Ϭ ϱ͘Ϭϳ ĞĐŝƐŝŽŶWŽŝŶƚtŽƌŬƐŚŽƉ;KƉƚŝŽŶĂůͲWƌŝŽƌŝƚǇϮͿ Ϭ ϱ͘Ϭϴ ĞǀĞůŽƉ&ŝŶĂů^ƚŽƌŵǁĂƚĞƌĂŶĚ&ůŽŽĚŽŶƚƌŽů^ǇƐƚĞŵ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ/ŵƉƌŽǀĞŵĞŶƚƐ;KƉƚŝŽŶĂůͲWƌŝŽƌŝƚǇϮͿ Ϭ ϱ͘Ϭϵ ĞǀĞůŽƉ&ŝŶĂů^ƚŽƌŵǁĂƚĞƌĂŶĚ&ůŽŽĚŽŶƚƌŽů^ǇƐƚĞŵ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ/ŵƉƌŽǀĞŵĞŶƚƐ;KƉƚŝŽŶĂůͿ Ϭ ϱ͘ϭϬ ϭƐƚƌĂĨƚD//dĞĐŚŶŝĐĂůZĞƉŽƌƚŚĂƉƚĞƌ ϴϰϰ ϭ ϲ Ϯϰ ϰ ϰϮ ϵ͕ϴϮϴΨ ϵ͕ϴϮϴ Ψ ^ƵďƚŽƚĂů͕dĂƐŬϱ;ŚŽƵƌƐͿ Ϭ ϰ ϰ ϲϴϬ ϳ Ϯ ϯ ϲ ϮϲϬϬϬϬϬϰϬϬϬϬϬϬ ϭ ϳ ϴ ^ƵďƚŽƚĂů͕dĂƐŬϱ;ΨͿ ϭϰ͕ϮϱϲΨ ϭ͕ϰϱϮ Ψ Ϯ͕ϬϬϴ Ψ ϭϰ͕ϰϳϮ Ψ ϴ͕ϯϭϲ Ψ ϱϵϲ Ψ ϭ͕ϱϬϲΨ ϰϰϴ Ψ ϰϯ͕Ϭϱϰ Ψ ϰϯ͕Ϭϱϰ Ψ dĂƐŬ ϲ 'ĞŽƚĞĐŚŶŝĐĂů
ǀĂůƵĂƚŝŽŶ;KƉƚŝŽŶĂůͲWƌŝŽƌŝƚǇϮͿ
ϲ͘Ϭϭ 'ĞŽƚĞĐŚŶŝĐĂů<ŝĐŬŽĨĨĂŶĚWD;KƉƚŝŽŶĂůͲWƌŝŽƌŝƚǇϮͿ Ϭ ϲ͘ϬϮ 'ĂƚŚĞƌĂŶĚZĞǀŝĞǁ'ĞŽƚĞĐŚŶŝĐĂůŽĐƵŵĞŶƚƐ͕tŽƌŬƐŚŽƉ;KƉƚŝŽŶĂůͲWƌŝŽƌŝƚǇϮͿ Ϭ ϲ͘Ϭϯ 'ĞŽƚĞĐŚŶŝĐĂůZĞƉŽƌƚŚĂƉƚĞƌ;KƉƚŝŽŶĂůͲWƌŝŽƌŝƚǇϮͿ Ϭ ^ƵďƚŽƚĂů͕dĂƐŬϲ;ŚŽƵƌƐͿ ϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬ Ϭ
^ƵďƚŽƚĂů͕dĂƐŬϲ;ΨͿ dĂƐŬ ϳ ZŽĂĚƐ
ǀĂůƵĂƚŝŽŶ
ϳ͘Ϭϭ <ŝĐŬŽĨĨDĞĞƚŝŶŐĂŶĚWD ϲϬ ϭϮ ϰ ϳϲ ϭϵ͕ϰϮϬ Ψ ϭϵ͕ϰϮϬ Ψ ϳ͘ϬϮ ĂƚĂďĂƐĞZĞǀŝĞǁĂŶĚĞŶƚĞƌůŝŶĞ^ŚĂƉĞ&ŝůĞ ϭϭ Ϯ ϴ ϭϮ Ϯ͕ϲϭϱ Ψ Ϯ͕ϲϭϱ Ψ ϳ͘Ϭϯ WĞƌĨŽƌŵƵƚŽŵĂƚĞĚWĂǀĞŵĞŶƚŽŶĚŝƚŝŽŶ^ƵƌǀĞǇ ϭϭ ϰϮ ϰ ϯ Ϭ ϲ ͕ ϭ ϵ ϵ Ψ Ϯϯ͕ϳϳϮΨ Ϯϵ͕ϵϳϭ Ψ ϳ͘Ϭϰ WĂǀĞŵĞŶƚĞĨůĞĐƚŝŽŶdĞƐƚŝŶŐ ϭϭ Ϯ Ϯϰ ϭϲ ϭ ϰϱ ϴ͕Ϭϵϲ Ψ ϯϰ͕ϲϲϮΨ ϰϮ͕ϳϱϴ Ψ ϳ͘Ϭϱ 'WZdĞƐƚŝŶŐĂŶĚŶĂůǇƐŝƐ ϭϭ ϮϮ ϭ Ϯ ϴϭ Ϯ ϳ ϱ ͕ Ϯ ϲ ϰ Ψ ϭϮ͕ϳϮϬΨ ϭϳ͕ϵϴϰ Ψ ϳ͘Ϭϲ WĂǀĞŵĞŶƚŽƌŝŶŐ;ϴϬĐŽƌĞƐͿ Ϯϰ Ϯ ϱϰ ϱϰ ϭ ϭϭϳ ϮϬ͕ϯϵϳ Ψ ϳϵ͕ϭϳϭΨ ϵϵ͕ϱϲϴ Ψ ϳ͘Ϭϳ WĂǀĞŵĞŶƚŶĂůǇƐŝƐĂŶĚĞƐŝŐŶ ϭϭ ϰϬ ϭϲ ϭϮϬ ϴ Ϯ ϭϴϴ ϰϬ͕Ϭϯϯ Ψ ϭ͕ϬϲϬΨ ϰϭ͕Ϭϵϯ Ψ ϳ͘Ϭϴ ϭƐƚƌĂĨƚZŽĂĚƐŚĂƉƚĞƌĂŶĚtŽƌŬƐŚŽƉ ϴϴ ϰϬ ϭϲ ϱϮ ϭ ϰ ϭϮϵ ϯϬ͕ϭϰϯ Ψ ϯϬ͕ϭϰϯ Ψ ^ƵďƚŽƚĂů͕dĂƐŬϳ;ŚŽƵƌƐͿ Ϭ ϭ ϱ Ϭ ϭ ϳ ϬϬϬϬϬϬϬϬϬϬϬ ϭ ϱ Ϯ ϰ ϲ Ϯ ϵ ϴ ϴ ϳ ϵϬ ϲ Ϯ ϰ ^ƵďƚŽƚĂů͕dĂƐŬϳ;ΨͿ ϰ͕ϴϲϬ Ψ ϰ͕Ϯϲϳ Ψ ϯϳ͕ϲϵϲΨ ϭϰ͕ϰϰϰ Ψ ϱϳ͕ϱϭϰ Ψ ϭϮ͕ϰϰϭ Ψ ϵϰϱ Ψ ϭϯϮ͕ϭϲϳ Ψ ϭϰϮ͕ϴϭϲ Ψ ϭϱϭ͕ϯϴϱ Ψ Ϯϴϯ͕ϱϱϮ Ψ dĂƐŬ ϴ ƌǇhƚŝůŝƚŝĞƐ;KƉƚŝŽŶĂůͲWƌŝŽƌŝƚǇϭͿ
ϴ͘Ϭϭ <ŝĐŬŽĨĨDĞĞƚŝŶŐ;KƉƚŝŽŶĂůͲWƌŝŽƌŝƚǇϭͿ Ϭ ϴ͘ϬϮ ŽŽƌĚŝŶĂƚŝŽŶǁŝƚŚhƚŝůŝƚǇŽŵƉĂŶŝĞƐ;KƉƚŝŽŶĂůͲWƌŝŽƌŝƚǇϭͿ Ϭ ϴ͘Ϭϯ ϭƐƚƌĂĨƚD//dĞĐŚŶŝĐĂůZĞƉŽƌƚŚĂƉƚĞƌ;KƉƚŝŽŶĂůͲWƌŝŽƌŝƚǇϭͿ Ϭ ^ƵďƚŽƚĂů͕dĂƐŬϴ;ŚŽƵƌƐͿ ϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬ Ϭ
^ƵďƚŽƚĂů͕dĂƐŬϴ;ΨͿ >ĂďŽƌ
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tĞƐƚzŽƐƚƐƐŽĐŝĂƚĞƐ WͬsW
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^'// d// D// WͬsW ,ŽƵƌƐ &ĞĞ sΘ , E
D: ^hd ^Ƶď͘ KƚŚĞƌ dŽƚĂů
ΨϯϮϴ ΨϯϮϰ ΨϮϰϮ ΨϮϱϭ ΨϮϴϬ ΨϮϬϭ ΨϮϯϭ ΨϮϵϴ ΨϮϱϭ ΨϮϵϴ ΨϮϵϴ ΨϮϬϭ ΨϮϰϱ ΨϯϮϰ ΨϭϭϮ ΨϮϰϴ Ψϯϭϰ Ψϭϵϯ Ψϭϰϯ ΨϭϬϱ ΨϯϮϴ ǁͬŵĂƌŬƵƉ ŝƌĞĐƚ ŽƐƚƐ WZK:
d͗DĂƌĞ/ƐůĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞƐƐĞƐƐŵĞŶƚͲϭϬ͘ϯϭhƉĚĂƚĞ ůŝǌĂďĞƚŚ ŽƵŐD :ŝůůD ŶŶĞ' WĂƚƌŝĐŬ: :ŽƐŚ^ ŵŝƚƌŝǇ^ DŝŬĞ DŝĐŚĞůĞD ƌĞŶĚĂ zŽƵƐƐŝĨ, <ŝĞƌƐƚĞŶD :ŽĞ WŽůůǇ ĚŵŝŶ DĞŝͲ,Ƶŝ YYDŐƌ WƌŽũĞĐƚ ŶŐƌ ^ƌdĞĐŚ ĚŵŝŶ ϲй
>ĂďŽƌ
dĂƐŬ ϵ D//dĞĐŚŶŝĐĂůZĞƉŽƌƚĂŶĚWƌĞƐĞŶƚĂƚŝŽŶƐ
ϵ͘Ϭϭ ŽŵƉŝůĞ&ŝƌƐƚƌĂĨƚZĞƉŽƌƚ ϭ Ϯ ϰ ϲ Ϯ ϰ ϮϮ ϭϮϮϮ ϭϴ ϳϱ ϭϵ͕ϱϬϵΨ ϭϵ͕ϱϬϵ Ψ ϵ͘ϬϮ ^ĞĐŽŶĚĂŶĚdŚŝƌĚƌĂĨƚZĞƉŽƌƚ Ϯ Ϯ ϰ ϰ Ϯ ϰ ϴϮϮ Ϯ Ϯ ϴϴϰ ϭ ϲ ϰ ϭ ϭ Ϭ Ϯ ϲ ͕ ϳ ϯ Ϯ Ψ Ϯϲ͕ϳϯϮ Ψ ϵ͘Ϭϯ WƌĞƉĂƌĞWƌĞƐĞŶƚĂƚŝŽŶĂŶĚWƌĞƐĞŶƚĂƚŝŽŶƌǇZƵŶ ϭϮ Ϯ ϭϲ ϰ ϴ ϰϮ ϭϭ͕ϱϲϰΨ ϱϯϬΨ ϭϮ͕Ϭϵϰ Ψ ϵ͘Ϭϰ WƵďůŝĐDĞĞƚŝŶŐĂŶĚWƌĞƐĞŶƚĂƚŝŽŶƐ;KƉƚŝŽŶĂůͲWƌŝŽƌŝƚǇϭͿ Ϭ ϳϬϬ Ψ ϳϬϬΨ ϵ͘Ϭϱ &ŝŶĂůZĞƉŽƌƚ ϰϭ ϲϮϮ ϰ ϴ ϰϴ ϲϲ ϭϲ͕ϯϭϮΨ ϭϲ͕ϯϭϮΨ ^ƵďƚŽƚĂů͕dĂƐŬϵ;ŚŽƵƌƐͿ ϳ ϳ ϲϭ ϰϴ ϴ Ϭ ϭ ϴ ϰ Ϯ ϭ ϴ Ϯ ϴ Ϭ ϭ Ϯ ϰϭ ϲ ϰ ϭ ϲ Ϭ ϰ Ϭ Ϯ ϵϯ ^ƵďƚŽƚĂů͕dĂƐŬϵ;ΨͿ Ϯ͕ϮϵϲΨ Ϯϰ͕ϲϮϰΨ ϯ͕ϯϴϴΨ ϮϮ͕ϬϴϴΨ ϯ͕ϲϭϴΨ ϵϮϰΨ ϱϵϲΨ ϮϱϭΨ Ϯ͕ϯϴϰΨ ϱϵϲΨ ϭ͕ϲϬϴΨ ϯϮϰΨ Ϯ͕ϲϴϴΨ ϯ͕ϵϲϴΨ ϭ͕ϮϱϲΨ ϯ͕ϬϴϴΨ ϰϮϬΨ ϳϰ͕ϭϭϳΨ ϱϬϬΨ ϱϯϬΨ ϳϬϬ Ψ ϳϱ͕ϯϰϳΨ dĂƐŬ ϭϬ ŽŶƚŝŶŐĞŶĐǇ
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Attachment A
West Yost and Associates, Inc.

Professional Services Agreement
(Base Contract)

Nov 17, 2022 1:20 PM, 1035902479
Contract and Routing Form
Contract Number: n/a
Requisition Number: n/a
Date Originated:

Finance Department ∙ 555 Santa Clara Street ∙ Vallejo ∙ CA ∙ 94590 ∙ 707.648.4592 Department: City Manager's Office, Economic Development Division Staff Contact: Ivette iraheta, [email protected] Contract Type: Other: PSA
Vendor: West Yost & Associates, Inc.

Contract Not to Exceed Amount: 1247760.00
Contract Start Date: Nov 16, 2022 End Date: Nov 15, 2023 Option to Extend: One year
Authority to Contract: City Manager
Other Comments:

Will include insurance upon receiving it from consultant.

Attachments are uploaded for review here: https://bit.ly/vContracts Approved Pre-Requisition Form
I have uploaded additional files.No
DocuSign Envelope ID: 8E3AC3D7-F746-455D-965E-7B9123C94741 23-ED089
Contract and Routing Form
Signature Page
Department Initial Date Comment
Originating Department/Division
Risk Manager
Finance Department
City Attorney
City Manager
City Clerk
Return executed contract to: Ivette iraheta
DocuSign Envelope ID: 8E3AC3D7-F746-455D-965E-7B9123C94741

West Yost & Associates, Inc. Consultant and Professional Services Agreement Page 1 of 11

CONSULTANT AND PROFESSIONAL SERVICES AGREEMENT
This Consultant and Professional Services Agreement ("Agreement") is made at Vallejo, California, dated for reference this 16th day of November, 2022, by and between the C ity of Vallejo, a municipal corporation (" City"), and West Yost & Associates, Inc., a California corporation, hereinafter referred to as “Consultant”, who agree as follows:

1. Services. Subject to the terms and conditions set forth in this A greement, Consultant shall provide the C ity professional services as specified in Exhibit A, entitled “Scope of Work.”

2. Payment. In the manner set forth in Exhibit B, entitled “Compensation.” The payments specified in Exhibit B shall be the only payments to be made to Consultant for services rendered pursuant to this Agreement.

3. Facilities and Equipment. Consultant shall, at its sole cost and expense, furnish all facilities and equipment which may be required for furnishing services pursuant to this Agreement.

4. Indemnification. Consultant shall indemnify, hold harmless , and defend City, Vallejo Flood and Wastewater District, their officers, officials, directors, employees, agents, volunteers and affiliates and each of them from any and all claims, demands, causes of action, damages, costs, expenses, actual attorney’s fees, consultant’s fees, expert fees, losses or liability, in law or in equity, of every kind and nature whatsoever to the extent arising out of or in connection with Consultant’s operations, or any subcontractor’s operations, to be performed under this agreement for Consultant’s or subcontractor’s tort negligence including active or passive, or strict negligence, including but not limited to personal injury including, but not limited to bodily injury, emotional injury, sickness or disease, or death to persons and/or damage to property of anyon e, including loss of use thereof, caused or alleged to be caused by any act or omission of Consultant, or any subcontractor, or anyone directly or indirectly employed by any of them or anyone for the full period of time allowed by the law, regardless to an y limitation by insurance, with the exception of the sole negligence or willful misconduct of the City.

The provisions of this section shall survive the expiration or termination of this Agreement.

DocuSign Envelope ID: 8E3AC3D7-F746-455D-965E-7B9123C94741 West Yost & Associates, Inc. Consultant and Professional Services Agreement Page 2 of 11

5. Insurance Requirements. Consultant agrees to comply wi th all of the Insurance Requirements set forth in Exhibit C, entitled “Insurance Requirements for Consultant.” Failure to maintain required insurance at all times shall constitute a default and material breach.

6. Accident Reports. Consultant shall immediately report (as soon as feasible, but not more than 24 hours) to the City Risk Manager any accident or other occurrence causing injury to persons or property during the performance of this Agreement. The report shall be made in writing and s hall include, at a minimum: (a) the names, addresses, and telephone numbers of the persons involved, (b) the names, addresses, and telephone numbers of any known witnesses, (c) the date, time, and description of the accident or other occurrence.

7. Conflict of Interest. Consultant warrants and represents that to the best of its knowledge, there exists no actual or potential conflict between Consultant’s family, business, real property or financial interests and the services to be provided under this Agreement. Consultant shall comply with the City of Vallejo Conflict of Interest Code and not enter into any contract or agreement during the performance of this Agreement which will create a conflict of interest with its duties to City under this Agreement. In the event of a change in Consultant’s family, business, real property, or financial interests occurs during the term of this Agreement that creates an actual or potential conflict of interest, then Consultant shall disclose such conflict in writing to Ci ty. Every individual who performs services on behalf of Consultant pursuant to this Agreement must file a full Statement of Economic Interests (also known as Form 700) with the City Clerk if the work of the individual involves making a governmental decisi on whether to issue, deny, suspend, or revoke any permit, license, application, certificate, approval, order, or similar authorization or entitlement; authorizes the City to enter into, modify, or renew a contract; grants City approval of specifications fo r a contract; adopts or approves for the City any policy, standard or guideline; lobbies on behalf of the City, or performs the same or substantially all the same duties for the City that would otherwise be performed by an individual holding a position spe cified in the City’s Conflict of Interest Code.

8. Independent Contractor. Consultant is an independent contractor .

Neither Consultant nor any of Consultant’s officers, employees, agents, or subcontractors, if any, is an employee of C ity by virtue of this Agreement or performance of any services pursuant to this Agreement. City shall have the right to control Consultant only insofar as the results of Consultant’s services rendered pursuant to this A greement; however, C ity shall not have the right to contro l the means by which Consultant accomplishes services pursuant to this Agreement.

West Yost & Associates, Inc. Consultant and Professional Services Agreement Page 3 of 11 whatsoever nature whic h are legally required for Consultant to practice its profession. Consultant represents and warrants to City that it shall, at its sole cost and expense, keep in effect at all times during the term of this A greement any licenses, permits, and approvals wh ich are legally required for Consultant to practice its profession.

10. Business License. Consultant, and its subcontractors, has obtained or agrees to apply prior to performing any services under this Agreement to City’s Finance Department for a business li cense, pay the applicable business license tax and maintain said business license during the term of this Agreement. The failure to obtain such license shall be a material breach of this Agreement and grounds for termination by City. No payments shall be made to Consultant until such business license(s) has been obtained.

11. Standard of Performance. Consultant shall provide products and perform all services required pursuant to this A greement in accordance with generally accepted professional practices and principles and in a manner consistent with the level of care and skill ordinarily exercised under similar conditions by a member of Consultant’s profession currently practicing in California.

Consultant’s responsibilities under this section shall not be delegated. Consultant shall be responsible to City for acts, errors, or omissions of Consultant’s subcontractors.

Whenever the sco pe of work requires or permits review, approval, conditional approval or disapproval by City, it is understood that such review, approval, conditional approval or disapproval is solely for the purposes of administering this Agreement and determining whether the Consultant is entitled to payment for such work, and not be construed as a waiver of any breach or acceptance by the City of any responsibility, professional or otherwise, for the work, and shall not relieve the Consultant of responsibility for complying with the standard of performance or laws, regulations, industry standards, or from liability for damages caused by negligent acts, errors, omissions, noncompliance with industry standards, or the willful misconduct of Consultant.

DocuSign Envelope ID: 8E3AC3D7-F746-455D-965E-7B9123C94741 West Yost & Associates, Inc. Consultant and Professional Services Agreement Page 4 of 11

12. Force Majeure. Neither party shall be considered in default of this Agreement to the extent performances are prevented or delayed by cause s or circumstances beyond either party’s reasonable control, such as war, riots, strikes, lockouts, work slowdown or stoppage, acts of God, such as floods or earthquakes, and electrical blackouts or brownouts.

In the event that the Consultant is unable to meet the completion date or schedule of services, Consultant shall immediately inform the City Representative of this in writing. If additional time is required to perform the work , the City Representative may adjust the schedule.

13. Time is of the Essence. Time is of the essence in this Agreement. Any reference to days means calendar days, unless otherwise specifically stated.

The payment made to Consultant pursuant to this Agreement shall be the full and complete compensation to which Consultant and Consultant’s officers, employees, agents, and subcontracto rs are entitled for performance of any work under this Agreement. Neither Consultant nor Consultant’s officers or employees are entitled to any salary or wages, or retirement, health, leave or other fringe benefits applicable to employees of the City. The City will not make any federal or state tax withholdings on behalf of Consultant. The City shall not be required to pay any workers' compensation insurance on behalf of Consultant.

15. Consultant Not Agent. Except as authorized under this Agreement or as City may authorize in a letter of authorization signed by the City Manager or his or her designee , Consultant shall have no authority, express or implied to act on behalf of City in any capacity whatsoever as an agent. Consultant shall have no authority, express or implied, under this Agreement, to bind City to any obligation whatsoever.

16. Term. The term of this Agreement shall commence on November 16th, 2022 and shall continue in full force and effect until November 15, 2023.

City shall, at its discretion, have the right to extend the term of this Agreement, in intervals of one year, by written notice to Consultant. The total duration of this Agreement, including the exercise of any options under this section, shall not DocuSign Envelope ID: 8E3AC3D7-F746-455D-965E-7B9123C94741 West Yost & Associates, Inc. Consultant and Professional Services Agreement Page 5 of 11 exceed two (2) years.

If funds to effect such continued payment are not appropriated, Consultant agrees to terminate any services supplied to City of Vallejo under this Agreement, and relieve City of any further obligation therefore.

The City shall pay Consultant for services performed in accordance with this Agreement before the date of termination. If this contract provides for payment of a lump sum for all services or by task and termination occurs before completion of the work or any defined task which according to the performance schedule was commenced before the notice of termination, the fee for services performed shall be based on an amount mutually agreed to by City and Consultant for the portion of work c ompleted in conformance with this Agreement before the date of termination. In addition, the City will reimburse Consultant for authorized expenses incurred and not previously reimbursed. The City shall not be liable for any fees or costs associated for t he termination or abandonment except for the fees, and reimbursement of authorized expenses, payable pursuant to this section.

18. Products of Consulting Services. The work product, including without limitation, all writings, work sheets, reports , recordings, drawings, files, detailed calculations and other work products, whether complete or incomplete, of Consultant resulting from services rendered pursuant to thi s A greement, shall become the property of C ity. Consultant agrees that all copyrights which arise from creation of the work under this Agreement shall be vested in the City and waives and relinquishes all claims to copyright or other intellectual property rights in favor of the City. City acknowledges that its use of the work product is limited to the purposes contemplated by the scope of work and that the Consultant makes no representation of the suitability of the work product for use in or application to circumstances not contemplated by the scope of work.

Documents submitted to the City in electronic format shall be formatted according to specifications provided by the City, or if not otherwise specified, in Microsoft Word, Excel, PowerPoint or other Microsoft Office Suite (200 2) format as appropriate for the particular work product or, if directed by the City Representative in Adobe Acrobat PDF format.

DocuSign Envelope ID: 8E3AC3D7-F746-455D-965E-7B9123C94741 West Yost & Associates, Inc. Consultant and Professional Services Agreement Page 6 of 11

19. Cooperation by City. City shall, to the extent reasonable and practicable, assist and cooperate with Consultant in the performance of Consultant’s services hereunder.

The City is an intended beneficiary of any work performed by Consultant’s subcontractor for purposes of establishing a duty of care between the subcontractor and City.

22. Non-Discrimination/Fair Employment Practices.
(a) Consultant shall not, because of race, religious creed, color, sex, national original, ancestry, disability, medical condition, age, marital status or sexual orientation of any person, refuse to hire or employ, or to bar or discharge from employment, or to discrimina te in compensation, or in terms, conditions or privileges any person, and every employee will receive equal opportunity for employment and shall be granted equal treatment with respect to compensation, terms, conditions or other privileges of employment, w ithout regard to his race, religious creed, color, sex, national origin, ancestry, or disability, medical condition, age, marital status or sexual orientation.

Consultant warrants and represents it is an equal opportunity employer and agrees it shall not discriminate on the basis of race, religious creed, color, sex, national origin, ancestry , disability, medical condition, age, marital status or sexual DocuSign Envelope ID: 8E3AC3D7-F746-455D-965E-7B9123C94741 West Yost & Associates, Inc. Consultant and Professional Services Agreement Page 7 of 11 orientation in the selection and retention of employees, subcontractors or procurement of materials or equipment.

In all solicitations either by competitive bidding or negotiations made by Consultant for work to be performed under any subcontract, including procurement of materials or equipment, each potential subcontractor or supplier shall be notified by Consultant of Consultant’s obligation under this Agreement relative to nondiscrimination and fair employment practices.

If to City:

Gillian Hayes
Assistant City Manager
555 Santa Clara Street
Vallejo, CA 94590
If to Consultant:

Douglas T. Moore, PE
West Yost & Associates, Inc.
2020 Research Park Drive, Suite 100
Davis, CA 95618
Any party may change its address for receiving notices by giving written notice of such change to the other party in accordance with this section.

Routine administrative communications shall be made pursuant to section 1 of Exhibit A.

24. Integration Clause. This Agreement, including all Exhibits, contains the entire agreement between the parties and supersedes whatever oral or written understanding they may have had prior to the execution of this Agreement. This DocuSign Envelope ID: 8E3AC3D7-F746-455D-965E-7B9123C94741 West Yost & Associates, Inc. Consultant and Professional Services Agreement Page 8 of 11 Agreement shall not be amended or modified exc ept by a written agreement executed by each of the parties hereto.

25. Severability Clause. Should any provision of this A greement ever be deemed to be legally void or unenforceable, all remaining provisions shall survive and be enforceable.

26. Law Governing. This Agreement shall in all respects be governed by the law of the State of California without regard to its conflicts of law rules. Litigation arising out of or connected with this Agreement shall be instituted and maintained in the court s of Solano County in the State of California or in the United States District Court, Eastern District of California, Sacramento, California, and the parties consent to jurisdiction over their person and over the subject matter of any such litigation in such courts, and consent to service of process issued by such courts.

27. Waiver. Waiver by either party of any default, breach or condition precedent shall not be construed as a waiver of any other default, breach or condition precedent or any other right hereunder.

28. Ambiguity. The parties acknowledge that this is a negotiated a greement, that they have had the opportunity to have this Agreement reviewed by their respective legal counsel, and that the terms and conditions of this Agreement are not to be constr ued against any party on the basis of such party's draftsmanship thereof.

30. Headings. The section headings contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement.

31. Compliance with Laws. Consultant will comply with all statutes, regulations and ordinances in the performance of all services under this Agreement.

32. Confidentiality of City Information. During the performance of services under this Agreement, Consultant may gain access to and use City information regarding, but not limited to, procedures, policies, training, operational practices, and other vital information (hereafter collectively referred to as "City Information") which are valuable, special and unique assets of the City. Consultant agrees that it will not use any information obtained as a consequence of the performance of services under this Agreement for any purpose other than fulfillment of Consultant’s scope of work , to protect all City Information and treat it as strictly confidential and proprietary to City, and that it will not at any time, either directly or DocuSign Envelope ID: 8E3AC3D7-F746-455D-965E-7B9123C94741 West Yost & Associates, Inc. Consultant and Professional Services Agreement Page 9 of 11 indirectly, divulge, disclose or communicate in any manner any City Information to any third party, other than its own employees, agents or subcontractors who have a need for the City I nformation for the performance of services under this Agreement, without the prior written consent of City, or as required by law.

Consultant shall treat all records and work product prepared or maintained by Consultant in the performance of this Agreement as confidential.

A violation by Consultant of this section shall be a material violation of this Agreement and will justify legal and/or equitable relief.

Consultant’s obligations under this section shall survive the completion of services, expiration or termination of this Agreement.

34. City Representative. The City Representative specified in Exhibit A, or the representative's designee, shall administer this Agreement for the City.

35. Counterparts. The parties may execute this A greement in one or more counterparts, each of which shall be deemed an original, but all of which together shall be deemed one and the same instrument.

36. Facsimile Signature ; Electronic Signature . This Agreement shall be binding upon the receipt of facsimile signatures or e-mailed by PDF or otherwise.

Any person transmitting his or her signature by facsimile or electronically shall promptly send an original signature to the other part y pursuant to the notice provision of this Agreement . The failure to send an original shall not affect the binding nature of this Agreement.

37. Authority. The person signing this Agreement for Consultant hereby represents and warrants that he/she is fully authorized to sign this Agreement on behalf of Consultant.

38. Exhibits. The following exhibits are attached h ereto and incorporated herein by reference:

Exhibit A, entitled “Scope of Work,” including any attachments Exhibit B, entitled “Compensation,” including any attachments Exhibit C, entitled “Insurance Requirements,” including attachments DocuSign Envelope ID: 8E3AC3D7-F746-455D-965E-7B9123C94741 West Yost & Associates, Inc. Consultant and Professional Services Agreement Page 10 of 11 [SIGNATURES ON FOLLOWING PAGE]
DocuSign Envelope ID: 8E3AC3D7-F746-455D-965E-7B9123C94741 West Yost & Associates, Inc. Consultant and Professional Services Agreement Page 11 of 11 IN WITNESS WHEREOF, the parties have executed this A greement on the day and year shown below the name of each of the parties.

Name
dba West Yost & Associates, Inc.

By:

Elizabeth Drayer, PE
Vice President
DATE:

(City Seal)

CITY OF VALLEJO,
a municipal corporation
By:

Mike Malone
City Manager
DATE:

ATTEST:

By:

Dawn Abrahamson
City Clerk
APPROVED AS TO FORM:

Veronica A.F. Nebb
City Attorney
APPROVED AS TO INSURANCE:

Armond Sarkis
Risk Manager
DocuSign Envelope ID: 8E3AC3D7-F746-455D-965E-7B9123C94741 12/1/2022
Terrance
Davis acting
City Manager
12/23/2022

Consultant and Professional Services Agreement (Revised 01.2019) Page 1 of 3 Exhibit B - Compensation

EXHIBIT B

COMPENSATION

1. Consultant’s Compensation.

A. Services: City agrees to pay Consultant, at the rate(s) specified below, for those services set forth in Exhibit A of this Agreement and for all authorized reimbursable expenses, for a total not to exceed One Million Two Hundred Sixty Thousand Dollars [$1,260,000].

B. Additional Services:

1. Additional Services are those services related to the scope of Services of Consultant as set forth in Exhibit A but not anticipated at the time of execution of this A greement. Additional Services shall be provided only when a Supplemental Agreement authorizing such Additional Services is approved by the City Manager, or his or her designee . C ity reserves the right to perform any Additional Services with its own staff or to retain other Consultants to perform said Additional Services.

2. Consultant’s compensation for Additional Services shall be based on the total number of hours spent on Additional Services multiplied by the employees' appropriate billable hourly rate as established below. C ity, at its option, may negotiate a fixed fee for some or all Additional Services as the need arises. Where a fixed fee for Additional Services is established by mutual Agreement between City and Consultant, compensation to Consultant shall not exceed the fixed fee amount.

2. Appropriate Billable Hourly Rates for Services and Additional Services.

Consultant’s billable hourly rates shall be as listed in Attachment 1 to Exhibit B, attached hereto and incorporated herein by this reference.

3. Consultant’s Reimbursable Expenses. Reimbursable Expenses shall be limited to actual reasonable expenditures of Consultant for expenses that are necessary for the prop er completion of the Services and shall only be payable if specifically authorized in advance by City.

DocuSign Envelope ID: 8E3AC3D7-F746-455D-965E-7B9123C94741

Consultant and Professional Services Agreement (Revised 01.2019) Page 2 of 3 Exhibit B - Compensation

4. Payments to Consultant.

A. Payments to Consultant shall be made within a reasonable time after receipt of Consultant’s invoice, said payments to be made in proportion to services performed. Consultant may request payment on a monthly basis. Consultant shall be responsible for the cost of supplying all d ocumentation necessary to verify the monthly billings to the satisfaction of City.

B. All invoices submitted by Consultant shall contain the following information:

1. Description of services billed under this invoice

2. Date of Invoice Issuance

3. Sequential Invoice Number

4. City’s Purchase Order Number (if issued)

5. Social Security Number or Taxpayer Identification Number

6. Amount of this Invoice (Itemize all Reimbursable Expenses”)

7. Total Billed to Date

C. Items shall be separated into Services and Reimbursable Expenses.

Billings that do not conform to the format outlined above shall be returned to Consultant for correction. C ity shall not be responsible for delays in payment to Consultant resulting from Consultant’s failure to comply with the invoice format described above.

D. Request for payment shall be sent to:

Ivette Iraheta
Economic Development Program Manager
Economic Development
555 Santa Clara Street
Vallejo, CA 94590

5. Accounting Records of Consultant. Consultant shall maintain for three (3) years after completion of all services hereunder, all records under this Agreement, including, but not limited to, records of Consultant’s direct salary costs for all Services and A dditional Services performed under this Agreement and records of Consultant’s Reimbursable Expenses, in accordance with generally accepted accounting practices. Consultant shall keep such records available for audit, inspection and copying by representatives of the City’s Finance Department or other government agencies during regular business hours upon twenty four (24) hours’ notice.

The obligations of Consultant under this section shall survive this Agreement.

6. Taxes. Consultant shall pay, when and as due, any and all taxes incurred DocuSign Envelope ID: 8E3AC3D7-F746-455D-965E-7B9123C94741 Consultant and Professional Services Agreement (Revised 01.2019) Page 3 of 3 Exhibit B - Compensation
as a result of Consultant’s compensation hereunder, including estimated taxes, and shall provide City with proof of such payments upon request.

7. Taxpayer Identification Number. Consultant shall pro vide City with Consultant’s complete Request for Taxpayer Identification Number and Certification, Form W-9, as issued by the Internal Revenue Service, and any other State or local tax identification number requested by City.

DocuSign Envelope ID: 8E3AC3D7-F746-455D-965E-7B9123C94741

Consultant and Professional Services Agreement (Revised 01.2019) Page 1 of 3 Exhibit C – Insurance Requirements

EXHIBIT C

INSURANCE REQUIREMENTS

Consultant shall procure and maintain for the duration of this Agreement, including any extensions thereto, insurance against claims for injuries to persons or damages to property which may arise from or in connection with the performance of services hereunder by the Consultant, their agents, representatives, or employees or subcontractors.

1. Minimum Scope of Insurance. Coverage shall be at least as broad as:

A. Insurance Services Office form number GL 0002 covering Comprehensive General Liability and Insurance Services Office form n umber GL 0404 covering Broad Form Comprehensive General Liability; or Insurance Services Office Commercial General Liability coverage (occurrence form CG 0001).

B. Insurance Services Office form number CA 0001 covering Automobile Liability, code 1 any auto and endorsement CA 0025.

C. Workers' Compensation insurance as required by the State of California and Employer's Liability Insurance.

D. Professional Liability insurance appropriate to the Consultant’s profession (Errors and Omission).

2. Minimum Limits of In surance. Consultant shall maintain limits no less than:

A. General Liability: $ 2,000,000 per occurrence for bodily injury, personal injury, and property damage. If Commercial General Liability Insurance or other form with a general aggregate limit is used, either the general aggregate limit shall apply separately to this project/location or the general aggregate limit shall be twice the required occurrence limit.

B. Automobile Liability: $1,000,000 per accident for bodily injury and property damage.

C. Workers’ Compensation and Employer's Liability: $1,000,000 per accident for bodily injury or disease. If Consultant is not subject to Californi a Workers’ Compensation requirements, Consultant shall file a completed certificate of exemption form which may be obtained from the City prior to commencing any activity authorized hereunder.

DocuSign Envelope ID: 8E3AC3D7-F746-455D-965E-7B9123C94741

Consultant and Professional Services Agreement (Revised 01.2019) Page 2 of 3 Exhibit C – Insurance Requirements
D. Professional Liability (Errors and Omission): $1,000,000 comb ined single limit per occurrence, and annual aggregate.

3. Deductible and Self-Insured Retention. Any deductibles or self -insured retention must be declared to and approved by the City. At the option of the City, either: the insurer shall reduce or elim inate such deductibles or self -insured retention as respects the City of Vallejo , its officers, officials, employees , and volunteers; or the Consultant shall procure a bond guaranteeing payment of losses and related investigations, claim administration and defense expenses.

4. Other Insurance Provisions. The general liability and automobile liability policies, as can be provided, are to contain, or be endorsed to contain, the following provisions:

A. The City of Vallejo , its officers, officials, employees, Vallejo Flood and Wastewater District, agents and volunteers are to be covered as additional insureds as respects; liability, including defense costs, arising out of activities performed by or on behalf of the Consultant; products and completed operations of the Consultant; premises owned, occupied or used by the Consultant; or automobiles owned, leased hired or borrowed by the Consultant. The coverage shall contain no special limitations on the scope of protection aff orded to the City of Vallejo, its officers, officials, employees, agents or volunteers. The insurance is to be issued by companies licensed to do business in the State of California.

B. For any claims related to this project, the Consultant's insurance coverage shall be primary insurance as respects the City of Vallejo , its officers, officials, employees, Vallejo Flood and Wastewater District, agents, and volunteers. Any insurance or self-insurance maintained by the City of Vallejo, its officers, officials, employees, agents, or volunteers shall be excess of the Consultant's insurance and shall not contribute with it.

C. Any failure to comply with reporting or other provisions of the policies including breaches of warranties shall not affect coverage provided to the City, its officers, officials, employees, Vallejo Flood and Wastewater District, agents, or volunteers.

D. The Consultant's insurance shall apply separately to each insured against whom claim is made or suit is brought, except with respe ct to the limits of the insurer's liability.

E. Each insurance policy required by this clause shall be endorsed to state that coverage shall not be suspended, voided, canceled by either party, reduced in coverage or in limits except after thirty (30) days' p rior written notice by certified mail, return receipt requested, has been given to the City.

DocuSign Envelope ID: 8E3AC3D7-F746-455D-965E-7B9123C94741

Consultant and Professional Services Agreement (Revised 01.2019) Page 3 of 3 Exhibit C – Insurance Requirements
F. The w orkers’ compensation and employer’s liability policy required hereunder shall be endorsed to state that the workers' compensation carrier waives its right of subrogation against City, its officers, officials, employees, Vallejo Flood and Wastewater District, agents and volunteers, which might arise by reason of payment under such policy in connection with Consultant’s performance under this Agreement.

5. Acceptability of Insurers. Insurance is to be placed with insurers with a current A.M. Best's rating of no less than A:VII.

6. Verification of Coverage. Consultant shall furnish the City with certificates of insurance and original endorsements effecting general and automobile liability insurance coverage required by this clause. The certificates and endorsements are to be signed by a person authorized by that insurer to bind coverage on its behalf. All endorsements are to be received and approved by the City before work commences.

7. Subcontractors. Consultant shall include all sub contractors as insureds under its policies or shall furnish separate certificates and endorsements for each subcontractor. All coverages for sub contractors shall be subject to all of the requirements stated herein.

8. Payment Withhold . City will withhold payments to Consultant if the certificates of insurance and endorsements required in Paragraph F, above, are canceled or Consultant otherwise ceases to be insured as required herein.

DocuSign Envelope ID: 8E3AC3D7-F746-455D-965E-7B9123C94741

SCOPE OF SERVICES
The following sections provide a detailed description of the Scope of Services including deliverables for each task. Scope of services are presented by utility. Each utility team will have their own schedule, meetings (except for the kickoff meeting), and interim deliverables. We have also included a separate project management task for the coordination and management of the overall project.

TASK 1. Overall Project Management
Project management tasks are summarized below.

Task 1.1. Overall Project Kickoff Meeting (In-Person)
An overall kickoff meeting will be held with City, VFWD, Mare Island Company (MIC), and West Yost team staff to initiate the Project, establish overall project goals, discuss communication and coordination between utility teams, and discuss schedule and milestones. This meeting will include specific discussions related to each utility. This meeting will be in-person at the City Hall.

Task 1.2. Progress Meetings
Progress meetings will be held every month, the first starting 1-month after the Kickoff Meeting. These meetings will be virtual meetings and will be attended by the West Yost Project Manager, West Yost Deputy Project Manager, West Yost leads, West Yost Project Advisor, MIC representative(s), and City and VFWD staff. During the meetings we will provide updates on progress and schedule, discuss any coordination items between utility teams and the City or VFWD (e.g., field work), and discuss any unforeseen issues that may arise.

Task 1.3. General Project Management and QA/QC
General Project Management and QA/QC activities will be implemented to keep the Project on schedule, provide quality assurance and control, and facilitate communication to the City and VFWD. This includes development of a QA/QC Plan at the start of the Project, development of a MS Project schedule, and progress and schedule updates. Meetings will be held virtually unless specifically noted.

Task 1 Deliverable
 Meeting agendas and summaries with action items (typical for all meetings), QA/QC Plan, Project schedule (updated minimum monthly)
Task 2. Mare Island Land Uses
The utility evaluations will be based on one or two land use conditions:
 Phase 1) Existing conditions and known near-term developments (e.g., Connolly Corridor)  Buildout of Mare Island (Optional – Priority 1)
Task 2.1. Develop Land Use Estimates for the Authorized Land Use Condition(s) West Yost will coordinate with MIC to develop information and assumptions for authorized land use conditions. We will clarify what buildings are currently occupied or vacant and obtain summaries of total dwelling units and acreage of commercial/industrial/other land uses. The City is to provide water use/billing data for the occupied buildings and sites. The District is to provide any data for the high-flow sewer customers (if any).

Exhibit A
Scope of Work
DocuSign Envelope ID: 8E3AC3D7-F746-455D-965E-7B9123C94741 MIIA Project
October 31, 2022

Page 2 ends

Vallejo City CouncilNovember 12, 2024

Vallejo City Council
November 12, 2024