20 Projects Report Compressed

!

!

!! ! ! ! ! ! ! ! !

!

&

"#$%&'%(!)*$!")'+,-,"! !

*./!"01023!415!#60!)7.631583!91:;!0.!<.=;!! !"#$%&'()*+,*-./#+#01)*#23.*%,"#4,+.)'5,*+*-5.#6")*3&# &

! !

&

!"#$%&'(()&

"#$!%#!&'()*!%+(!&%,-./.0!

*+,-#&.%+/+&$#-01/23&& & 4+.5&6783&9/-,-&:",12;9<"#/&=#+>/%&?<-#1$"5&9/-,-&:",12;9<"#/&=#+>/%&?<-#1$"5&19/+$@.%+/+A& & B+//+<5&6783&:"C&BD#0-C5&9/-.%"C1-&E+//2;9<"#/&=#+>/%&?<-#1$"5&!-/#+&4#"C21/A&& &

1234+!5667!

!

!

!"#$%"$&'()*$%+($&%,-./.0$

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�*%("9#:6'"#,)5*,.#5,*+'3)"#%# AI@'.)&#&)2/#$*,#6*>#".%.)"#-%2#/")#!<6).6),#".%.)#*$$'-'%("#%,)#-6**"'20#.6)# 7)".#%+%'(%7()#>%8"#.*#'2+)".#".%.)J"#.,%2"5*,.%.'*2#".'&/(/"#&*2)89## C5)-'$'-%((84#.6)#,)5*,.#'"#%#0/'3)#.*#AI#.85)"#*$#5,*?)-."#.6%.#".%.)"#%23#-'.')"#-%2#$/23#,'06.# 2*>#.*L# • G,)%.)#?*7"#.6%.#%3+%2-)#%#M/'-1#%23#(%".'20#)-*2*&'-#,)-*+),84#%23##

#

• <)3/-)#6*/")6*(3#.,%2"5*,.%.'*2#-*"."4#.,%$$'-#-*20)".'*24#*'(#3)5)23)2-84#0,))26*/")#

)&'""'*2"4#%23#+/(2),%7'('.8#.*#0%"#5,'-)"9##

:6'"#,)5*,.#6'06('06."#.6)#.,)&)23*/"#*55*,./2'.8#".%.)"#6%+)#.*#$/23#5,*?)-."#.6%.#,)5%',# -,/&7('20#,*%3>%8"#%23#7,'30)"4#5,*+'3)#(*>#-*".#.,%2"5*,.%.'*2#-6*'-)"4#,).,*$'.#".,))."#$*,# "%$)#>%(1'20#%23#7'1'204#%3+%2-)#)2),08#'23)5)23)2-)4#%23#0)2),%((8#5/.#.6*/"%23"#*$# !&),'-%2"#.*#>*,1#3/,'20#.*3%8J"#-,'"'"#%23#0).#".%,.)3#*2#-,)%.'20#%#AB".#-)2./,8#.,%2"5*,.%.'*2# "8".)&9## ?@@?()72$."17)2)&1$(B,$%&$'(42$(D#(."#$)(1$(E,.)(2D1,)(2$C(.,7B24#()72$."17)2)&1$("71E#4)F( $1)(E,.)(*&'*G2C.( G*2.,%,8#.*#>'3)"5,)%3#&'"-*2-)5.'*2"4#2*#!<# 6'06>%8#-*2".,/-.'*29# N/23'20#/23),#.6)#(%,0)".#!<%8Q#5,*0,%&4#-%2#7)#/")3#'2#.6)#&%28#>%8"#%"#

1234+$5667$

$

,$

!"#$%"$&'()*$%+($&%,-./.0$

'23'-%.)3#'2#.6'"#,)5*,.9#R8#")23'20#.6)#7/(1#*$#.,%2"5*,.%.'*2#".'&/(/"#"5)23'20#.6,*/06#C:P4# .6)#!<#6'06>%8"9# C:P#$/23'20#-%2#%("*#7)#/")3#$*,#&%1'20#(*20@*+),3/)#,)5%',"#.*#,*%3"#%23#/2"%$)#7,'30)"4# /50,%3'20#%23#)S5%23'20#5/7('-#.,%2"'.4#'&5,*+'20#'2.),-'.8#,%'(4#&%1'20#".,))."#"%$),4#%23#&*,)9## C&%,.#T,*>.6#!&),'-%#%23#*/,#".%.)#5%,.2),"#'""/)3#.6'"#,)5*,.#'2#5%,.#7)-%/")L# •

•

•

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`,**&V2)>"`,)()%")"VAII]VIAV%&),'-%2"`%0,))`"&%,.`0,*>.6## A#Heintz,

J., Pollin, R. and Garrett-Peltier, H. (2009). How Infrastructure Investments Support the U.S. Economy: Employment, Productivity and Growth. Political Economy Research Institute. University of Massachusetts at Amherst.#

1234+$5667$

$

,,$

!"#$%"$&'()*$%+($&%,-./.0$

.6%2#3*#%#$)>#(%,0)#5,*?)-."a%23#.6)#"&%((),#5,*?)-."#%,)#$%,#()""#('1)(8#.*#)2-*/2.),#3)(%8"4# .6/"#)2"/,'20#.6%.#".'&/(/"#&*2)8#)2.),"#.6)#)-*2*&8#$%".),9### ?@@?(42$(*#-"(.)2)#.(47#2)#(+17#(E1D.(DC(7#."1$%&$'()1(%#+2$%(B17(",D-&4()72$.&)( !.#.6)#"%&)#.'&)4#".%.)"#%("*#2))3#.*#,)"5*23#&*,)#%00,)""'+)(8#.*#,)-*,3@7,)%1'20#.,%2"'.# ,'3),"6'59#<'3),"6'5#>%"#/5#*2#%((#&*3)"#'2#AIIY4#%23#-*2.'2/)3#.*#'2-,)%")#)+)2#%"#0%"*('2)# 5,'-)"#3,*55)39b#!<# 6'06>%8#5,*?)-."9# C'S#*$#.6)#.>)2.8#5,*?)-.#-%.)0*,')"#'2#.6'"#,)5*,.#'((/".,%.)#!<%8"#.*#/50,%3)#%23# )S5%23#%#".%.)J"#5/7('-#.,%2"'.#"8".)&"9#!"#&%28#%"#*2)#*/.#*$#)+),8#$'+)#*$#*/,#.,%2"'.#+)6'-()"# %,)#2*>#*/.#*$#"),+'-)9#cS5%23)3#%23#/50,%3)3#.,%2"'.#"8".)&"#%23#7'-8-()#%23#5)3)".,'%2# ,*/.)"#>*/(3#%((*>#6/23,)3"#*$#.6*/"%23"#&*,)#5)*5()#.*#0).#.*#>*,1#'2#.6)#&*,2'20a%23# 7,'20#.6)*&)#"%$)(8#'2#.'&)#$*,#3'22),9## :1$4-,.&1$( :6'"#,)5*,.#"6*>"#6*>#".%.)"#-%2#.%1)#%3+%2.%0)#*$#.6)#"5)-'%(#*55*,./2'.8#*$$),)3#78#!<'((#%33,)""#,)%(@.'&)#5,*7()&"#*$#0,)%.)".#-*2-),2#.*#.6)#.%S5%8),"9### !#W%2/%,8#AII]#2%.'*2%(#*5'2'*2#"/,+)8#78#.6)#X%.'*2%(#!""*-'%.'*2#*$#<)%(.*,"#$*/23#.6%.# OYI#5),-)2.#7)(')+)#'.J"#&*,)#'&5*,.%2.#.6%.#%#".'&/(/"#5(%2#'2-(/3)#)$$*,."#.*#,)5%',#)S'".'20# 6'06>%8"#%23#7/'(3#5/7('-#.,%2"'.#,%.6),#.6%2#7/'(3#2)>#6'06>%8"9Qd# :6)#!<%8#.*>%,3#)2%7('20#".%.)"#.*#&*+)#7)8*23#.6)',#*/.3%.)34# &'[email protected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b#6..5LVV>>>928.'&)"9-*&VAII]VIbVI]V/"VI].,%2"'.96.&(e`,fB## d#>>>9,)%(.*,9*,0V5,)""`,**&V2)>"`,)()%")"VAII]VIBV"&%,.),`.,%2"5*,.%.'*2##

1234+$5667$

$

,,,$

!"#$%"$&'()*$%+($&%,-./.0$$

!"#$%#$&' !"#$%&'(#)*%++,-. ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////' 01#2&.)32(#4&+#2&4)&5)6%&)075%4,284)9,$:)&5);5-:),28)*&,-&)<5+=>#&'2?)),)@A4&)<#2&%-.) 0-,24=5-&,&'52)*.4&#+ ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////A 32(#4&+#2&)&.=#B)C'")3&)C'-4& /////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////A !"#$%&'$"&()*+(,$-./0(01.2%3(40/25$%3(&0."%/&(6.7/8/&/$%3(49%$%3(."2(-.%%$"5$0(0./8(&0.7:%(."2( %&.&/1"% +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++* !"#$%&'$"&();+(<./"&./"(6$2$0.8(."2(%&.&$(=/5=>.?%(&1(%.#$('1"$?(."2(-0$#$"&(69&90$( -0148$'%++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++; 32(#4&+#2&)&.=#B)D=?-,8#),28)!"=,28)6%E>'$)0-,24'&/////////////////////////////////////////////////////////////////////////////////F !"#$%&'$"&()@+(A9--10&(&0."%/&(%$0#/7$(&1('$$&(/"70$.%$2(2$'."2 ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++@ !"#$%&'$"&()B+((!"70$.%$(01.2C4.%$2(&0."%/&(/"(904."(7$"&$0%(4?(/"#$%&/"5(/"($D-0$%%(49%>.?%3( 49%(0.-/2C&0."%/&3(."2(0$%&10/"5(%&0$$&7.0(%$0#/7$(>=$0$(&0.7:%(.0$(/"(-8.7$ +++++++++++++++++++++++++++++++++++++++++++ @ !"#$%&'$"&()E+((F9/82('10$(&0./"%(."2(8.?('10$(&0.7:(#/.(A'.88(A&.0&%(."2(G$>(A&.0&%(H0150.'%B !"#$%&'$"&()I+((A&.0&(49/82/"5("$D&(5$"$0.&/1"(16(=/5=(%-$$2(0./8++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ B !"#$%&'$"&()J+((!"70$.%$(71''9&$0(0./8(%$0#/7$(/"('$&01-18/&."(.0$.% ++++++++++++++++++++++++++++++++++++++++++++++++++++++E !"#$%&'$"&()K+((,$&0./"(&=$(LMN(>10:6107$+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ I 32(#4&+#2&)&.=#B)*%==5-&)G$&'(#)H=&'524)I5-)J#&&'2?)G-5%28//////////////////////////////////////////////////////////////////K !"#$%&'$"&()O+((P0$.&$(%&0$$&%(&=.&(=$8-($#$0?1"$(5$&(.019"2Q(%9--10&(7.0%3(49%$%3(4/:$%(."2( -$2$%&0/."%3(."2($D-."2(%.6$(019&$%(&1(%7=118++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ J !"#$%&'$"&()*R+((!"70$.%$(-$2$%&0/."(."2(4/7?78$(019&$%+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++J !"#$%&'$"&()**+(F9/82(&0./8(%?%&$'%(1"(2/%9%$2(0./8(."2(7.".8(7100/210%(."2(.81"5(9&/8/&?( 7100/210% ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++K 32(#4&+#2&)&.=#B)L,:#)<5++%&'2?),28)C-#'?7&)L5(#+#2&)!,4'#-M)*,I#-),28)L5-#)!II'$'#2&///N !"#$%&'$"&()*;+(H01#/2$('10$(019&/"5(7=1/7$%(."2(2/669%$(01.2(&0.66/7(&=0195=(&=$(%?%&$'++++++++++ O !"#$%&'$"&()*@+((!'-8$'$"&(71"5$%&/1"('.".5$'$"&(-0150.'% ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ O !"#$%&'$"&()*B+(!'-01#$(&0.66/7(%/5".8(1-$0.&/1"%(."2(69"2(-0150.'%(&1(0$297$(%/"58$( 1779-."7?(#$=/78$(&0.#$8 ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ *R !"#$%&'$"&()*E+(!'-01#$(60$/5=&(71""$7&/1"%(.'1"5(&0./"%3(41.&%3(."2(-8."$%(/"(71''$07/.8( .0$.%++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ** !"#$%&'$"&()*I+((,$297$(01.2C0$8.&$2(%$>$0(."2(%&10'>.&$0(1#$0681>%++++++++++++++++++++++++++++++++++++++++++++++ *; 32(#4&+#2&)&.=#B)*&-#2?&7#2)<5++%2'&'#4),28)!27,2$#)&7#)O%,>'&.)5I)P'I#////////////////////////////////// A@ !"#$%&'$"&()*J+(S".48$('/D$2C9%$3('/D$2C/"71'$(71''9"/&/$%("$.0(&0."%/&(%&.&/1"% ++++++++++++++++++ *; I"#$%&'$"&()*K+(F0/"5(71''9"/&/$%(/"&1(71'-8/."7$(>/&=(&=$(T'$0/7."%((>/&=(L/%.4/8/&/$%(T7&*@ !"#$%&'$"&()*O+(U9"2(-8.""/"5(/"('$&01(.0$.%(&=.&(71""$7&%(&0."%-10&.&/1"(&1(8."2(9%$ ++++++++++++ *B !"#$%&'$"&();R+(SD-."2(>/828/6$(=.4/&.&(4?(/"70$.%/"5(>/828/6$(701%%/"5%(/"(.0$.%(>/&=((182( =/5=>.?%+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ *E

1234+$5667$

$

,8$

!"#$%"$&'()*$%+($&%,-./.0$$

!",+=>#)=-5Q#$&4 ////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////AR *%++,-.)5I)P'2:4),28)S#45%-$#4 ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////@T

1234+$5667$

$

8$

!"#$%"$&'()*$%+($&%,-./.0$$

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
'$(#)!*#$!&!%,#9&:';&'!&:'4)!& '<=>?@A><@&B8C&4>DEFG&GHEI?J&KGFIL>?J&@GE?J&KP?>?J&EG&GEFO&@GENQ?&E$*2$+$-/'/-&-$2%$:22($02'(/*/2';$+<<$+)$ (#%/'#($/'$*"#$<+*#)*$I7[L!$P2'(/*/2')$+'($9#.%2.-+'0#$1#82.*C\$$ !"/)$/'/*/+*/3#$(/.#0*<4$/'0.#+)#)$#-8<24-#'*$/'$*"#$02')*.&0*/2'$*.+(#);$D"/0"$"+3#$<2)*$23#.$ \AA;AAA$?2=)$'+*/2'+<<4$/'$*"#$<+)*$FV$-2'*")C$

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ G]^,;$@AA\$7*+*&)$2%$*"#$_+*/2'`)$]/:"D+4);$a./(:#)$+'($!.+')/*;$P2'(/*/2')$+'($9#.%2.-+'0#$5I7[L!$ @AA\6$JB#0&*/3#$7&--+.4;$P"+8*#.$KC$,3+/<+=<#$+*$DDDC%"D+C(2*C:23b82+:#$&)#($%2.$8+))#':#.$)#.3/0#$&'(#.$*"#$1+/<$9+))#':#.$7#.3/0#$,0*$5197,6C$ 5

1234+$5667$

$

8$

!"#$%"$&'()*$%+($&%,-./.0$$

.&/#*"0&/( G2.$+$-+8$2&*?@A><@&B7C&*EF<@EF<&M>I>GEO&E&RFLRSET?&@H&?E=>&AH<>T&E=><@&MP@PG>&DGHKO>A?&& !"#$%&'$ $ 9.#)#'*<4;$-+/'*#'+'0#$2%$*"#$%#(#.+d1#)&.%+0/':;$1#)*2.+*/2'$+'($+$1#"+=/);$$ 5K6$Y-/<<$+'($%/<$*2$-+/'*+/'$+$)*+*#$2%$:22($.#8+/.;$+'($$ 5N6$(+*+$02<<#0*/2';$+'+<4)/);$+'($.#82.*/':$*2$#)*+=$2'$ Y)*+*#$/'%2.-+*/2'CZ$$

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ X$7##$I7$P2(#$2%$G#(#.+<$1#:&<+*/2')$5@K$I7P$FF\6C$

$7##$I7$P2(#$2%$G#(#.+<$1#:&<+*/2')$5@K$I7P$FF\5(66C$ $!"#$12+($H'%2.-+*/2'$9.2:.+-$5!1H96;$Yf##8$a2*"$]+'()$2'$*"#$^"##<E$O#*.2$,.#+)$D/*"$*"#$12&:"#)*$ 1/(#)$+'($7*.+*#:/#)$*2$O+>#$2&.$12+()$7-22*"#.Z$5O+.0"$@AAV6C$ www.tripnet.org/UrbanRoadsReportMarch2008.pdf $ 8 9

1234+$5667$

$

5$

!"#$%"$&'()*$%+($&%,-./.0$$

'$(#)!*#$!&!%,#9&-,64/0#&/$0&#;,/$0&,-15'2&!4/$)'!& '<=>?@A><@&BUC&)PDDHG@&@GEG=FN>&@H&A>>@&FE?>I&I>AE##8)$+<-2)*$@AT$2%$)&0"$3#"/0<#)$2&*$2%$)#.3/0#$+*$+'4$:/3#'$*/-#C$7/'0#$ 28#.+*/':$02)*)$#B0##($28#.+*/':$.#3#'&#);$"/:"#.$<#3#<)$2%$)#.3/0#$.#c&/.#$"/:"#.$8&=?@A><@&BVC&&'E?>&GHEIWKE?>I&@GE<@>G?&KT&F<=>?@FXDG>??&KP?SET?J&KP?& GEDFIW@GE?@HGF>@NEG&?>G=FN>&SR>G>&@GENQ?&EG>&F<&DOEN>& !"#$%&'( [#(/0+*#($.+/<$02../(2.)$+.#$828&<+.$D/*"$&)#.)$+'($0+'$8.23/(#$)&=)*+'*/+<$0+8+0/*4$/'$#$2*"#.$>/'()$2%$(#(/0+*#($02../(2.);$*"#4$0+'$+<)2$=#$#B8#')/3#$+'($*/-#U02')&-/':$*2$ +0c&/.#$+'($=&/<(C$7*+*#)$+'($0/*/#)$0+'$-##*$=&.:#2'/':$*.+')/*$(#-+'($c&/0><4$+'($#%%/0/#'*<4$=4$ /'0.#+)/':$*.+')/*$/'$#B/)*/':$*.+')82.*+*/2'$02../(2.);$+'($2'$#B/)*/':$.2+()C$$ $ )#%*+,#-( ( a&)#);$=&)$.+8/(U*.+')/*;$3+'822<;$8+.+U*.+')/*;$+'($2*"#.$*.+')/*$)#.3/0#)$*"+*$(2$'2*$.#c&/.#$'#D$ .+/<$*.+0>)$02&<($c&/0><4$8.23/(#$8&=+:#$/)$

1234+$5667$

$

:$

!"#$%"$&'()*$%+($&%,-./.0$$

FAAT$%#(#.+<$-2'#4;$D/*"$'2$-+*0"$.#c&/.#(C$!"/)$0.#+*#)$+$&'/c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c&#)*)C$_+*/2'+<<4;$*"#$,-#./0+'$9&=$+'($ .+/<$*.+0>$*"/)$D/<<$)&882.*$?2=)$/'$)*##<$-+'&%+0*&./':;$3#"/0<#$#':/'##./':$+'($02')*.&0*/2'C$ .&/#*"0&/(( G2.$/'%2.-+*/2'$+=2&*$)*/-&<&)$%&'(/':$%2.$7-+<<$7*+.*)$+'($_#D$7*+.*);$02'*+0*$1#02''#0*/':$ ,-#./0+$5DDDC.#02''#0*/':+-#./0+C2.:6;$*"#$,-#./0+'$9&=?@A><@&BZC&&)@EG@&KPFOIFX@&L><>GE@FH<&HM&RFLR&?D>>I&GEFO&& !"#$%&'( ( !"#$<#3#<$+'($c&+
1234+$5667$

$

;$

!"#$%"$&'()*$%+($&%,-./.0$$

c&/0><4$D/*"$+((/*/2'+<$%&'(/':C$!"#)#$%&'()$0+'$8.23/(#$?2=)$/'$)4)*#-)$28#.+*/2');$#':/'##./':$ +'($02')*.&0*/2'$2%$'#D$2.$.#%&.=/)"#($.2<;$+'($%2.$02')*.&0*/2'$2%$.+/<.2+($ /'%.+)*.&0*&.#;$#)8#0/+<<4$/'$-2.#$.&.+<$)*+*#)$/'$'##($2%$/'*.+U)*+*#$8+))#':#.$.+/<$)#.3/0#CFA$$ H'$+((/*/2';$)*+*#)$0+'$8.23/(#$+((/*/2'+<$%&'(/':$%2.$jP+8/*+<$+'($[#=*$7#.3/0#$M.+'*)$*2$*"#$ _+*/2'+<$1+/<.2+($9+))#':#.$P2.82.+*/2'k$+'($%2.$)*+*#$/'*#.0/*4$.+/<$02../(2.$/'3#)*-#'*)$ +&*"2./e#($/'$9&=$*2$8.#8+.#$+$0+)#$%2.$,11,$%&'(/':$%2.$8+))#':#.$.+/<$%.2-$ =2*"$*"#$iV$=/<
DDDC%.+C(2*C:23b&)b02'*#'*bQ$%2.$/'%2.-+*/2'$2'$)*+*#$8+))#':#.$.+/<;$+'($

•

DDDC%.+C(2*C:23b&)b02'*#'*b@FAX$%2.$/'%2.-+*/2'$2'$#B/)*/':$Y]/:"U78##($1+/<$1#c&#)*$ %2.$JB8.#))/2')$2%$H'*#.#)*ZC$!"#$]/:"$78##($1+/<$%&'()$&'(#.$*"#$,11,$"+3#$+$)8#'(/':$ (#+(
'<=>?@A><@&B[C&&'E?>&NHAAP@>G&GEFO&?>G=FN>&F<&A>@GHDHOF@E<&EG>E?& !"#$%&'( _2'U0/*4$0#'*#.$&.=+'$+.#+)$5Y#(:#$0/*/#)Z6;$+'($/'0.#+)/':<4$(#')#$)&=&.=+'$+.#+)$D/*"/'$ -#*.282U2%%/0#Z$02--#.0/+<$2%%/0#$0#'*#.)CFF$ !"#)#$+.#+)$+.#$#B8#./#'0/':$+$"/:"$(#:.##$2%$02':#)*/2'$+'($+.#$&'/c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b!m$ AQbAUNX@KUF6$h&'#$@AAQC$ 11 $12=#.*$9&#'*#);$=)($>,?%+$"?$@-(3,42A$@$B"-'3(+()0,9($C.,*($%"$@-(3,42D0$>,30%$&.E.3E0F$!"#$a.22>/':)$ H')*/*&*/2';$$5G#=.&+.4$@AA\6C$,3+/<+=<#$+*E$ DDDC=.22>/':)C#(&b)8##0"#)b@AA\bA@FQ-#*.282
1234+$5667$

$

<$

!"#$%"$&'()*$%+($&%,-./.0$$

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b02--&'/*4U=+)#($8<+''/':;$/'0<&(/':$/'*#:.+*#($*.+')82.*+*/2'$ +'($<+'($(#3#<28-#'*$8<+''/':C$ )#%*+,#-( 7#0*/2'$QAQ$2%$!/*<#$@K$2%$*"#$I7$P2(#$2%$G#(#.+<$1#:&<+*/2')$.#c&/.#)$*"+*$)*+*#)$)#*U+)/(#$+$ -,),-.-$2%$@T$2%$+<<$%#(#.+<$"/:"D+4$%&'()$+882.*/2'#($*2$+$)*+*#$%2.$)*+*#$8<+''/':$+'($.#)#+.0"$ 57916;$2%$D"/0"$+*$<#+)*$@QT$-&)*$=#$%2.$.#)#+.0"C$]2D#3#.;$*"#.#$/)$'2$-2H,-.-$)#*U+)/(#$%2.$ )&0"$+0*/3/*/#)C$7/'0#$791$%&'();$+)$D#<<$+)$7!9$%&'();$0+'$=#$&)#($*2$%&'($*"#$)+<+./#)$2%$)*+*#$ *.+')82.*+*/2'$+:#'0/#)$+'($-#*.282
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $@K$I7P$FKK5=65@6$+<<2D)$7!9$%&'()$*2$=#$&)#($%2.$Y0+8/*+<$02)*)$%2.$*.+')/*$8.2?#0*)$#
1234+$5667$

$

G$

!"#$%"$&'()*$%+($&%,-./.0$$

'$(#)!*#$!&!%,#9&)-,,+4!&/2!'(#&+,!'+$)&:+4&6#!!'$6&/4+-$0& '<=>?@A><@&B]C&&2G>E@>&?@G>>@?&@RE@&R>OD&>=>GTH<>&L>@&EGHP?J&KFQ>?&EI>?@GFEXDE&GHP@>?&@H&?NRHHO& !"#$%&'( G2.$4#+.);$)*.##*)$/'$0/*/#)$+'($*2D'$0#'*#.)$"+3#$=##'$(#)/:'#($8./-+./<4$*2$)#.3#$-2*2./)*$ 02'3#'/#'0#C$O/'/-&-$)*.##*$+'($.2+(D+4$(#)/:'$)8##()$D#.#$.#c&/.#($#3#'$/'$*"#$-2)*$ 02':#)*#($+'($(#')#<4$828&<+*#($+.#+)C$O+'4$0/*/#)$+'($*2D')$'2D$.#02:'/e#$*"#$'##($*2$.#U (#)/:'$*"#/.$0#'*#.)$*2$#'+=<#$02-%2.*+=<#$-23#-#'*$+<2':$+'($+0.2))$02-8<#*#$)*.##*)$=4$%22*;$ =/040<#;$+'($8&=#)$8#(#)*./+'$*.+3#<;$#)8#0/+<<4$%2.$0"/<(.#'$D+<>/':$2.$=/040)o$+)$D#<<$+)$*.+%%/0$0+<-/':o$.2+()/(#$/-8.23#-#'*)$%2.$*.+')/*o$+'($ /'*#.)#0*/2'$/-8.23#-#'*)$%2.$'2'U-2*2./e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`*$(./3#C$_2'U-2*2./e#($*.+')82.*+*/2'$5=/040/':6$/)$*"#$8./-+.4$-2(#$2%$*.+')82.*+*/2'$D/*"/'$-+'4$'#/:"=2."22();$8.23/(#)$0./*/0+<$ 02''#0*/3/*4$+'($+00#))$*2$*.+')/*$)*+*/2');$+'($/)$+'$/'0.#+)/':$)"+.#$2%$02--&*#.$*.+3#+=<#$8&=
1234+$5667$

$

I$

!"#$%"$&'()*$%+($&%,-./.0$$

)#%*+,#-$ JB8+'($*"#$#B/)*/':$,0*/3#$!.+')82.*+*/2'$74)*#-$8/<2*$8.2:.+-$+&*"2./e#($&'(#.$7,GJ!J,USI$ 5iFAA$-/</':$+'($D+<>/':$%+0//':$5DDDC=/>#D+<>C2.:b6;$1+/<)U*2U!.+/<)$P2')#.3+'04$ 5DDDC.+/<*.+/<)C2.:6$a/>#)$a#<2':$5DDDC+0*/3#*.+')82.*+*/2'C2.:6;$*"#$!"&'(#."#+($,<#)$5DDDC,-#./0+a/>#)C2.:6;$+'($*"#$9#(#)*./+'$ +'($a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bbDDDC#'"+'0#-#'*)C2.:bC$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 14

$@K$I7P$FKK5(65@6C$$J
1234+$5667$

$

J$

!"#$%"$&'()*$%+($&%,-./.0$$

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e+);$)-+<<#.$=<20>$)/e#);$*D2UD+4$)*.##*);$.2+(b=/>#$ 8+*"$02''#0*/2')$+'($2*"#.$'#*D2.>$/-8.23#-#'*)$(/%%&)#$*.+%%/0$*".2&:"2&*$*"#$.2+($)4)*#-;$ (/3#.*$*.+%%/0$2%%$-+?2.$02<<#0*2.$+'($+.*#./+<$.2+(D+4);$+'($/-8.23#$23#.+<<$)4)*#-$0+8+0/*4C$ JB0#<<#'*$'2'U-2*2./e#($+00#))$5)+%#;$02-%2.*+=<#$+'($(/.#0*6$*2$"/:"$c&+U.#<+*#(6$*.+3#<$2%%$.2+()C$$ !"#$0.#+*/2'$2%$"/:"Uc&+/':Z6$0+'$/*)#<%$.#(&0#$*"#$'&-=#.$+'($ <#':*"$2%$-2*2./e#($*./8)C$H-8.23#($'#*D2.>$02''#0*/3/*4$+'($0.#+*/2'$2%$"/:"$c&+/':$=#)*$8.+0*/0#)$0+'$=#$%2&'($+*$ DDDC88)C2.:C$$ '<=>?@A><@&B8UC&&'ADO>A><@&NH?@FH<&AE<EL>A><@&DGHLGEA?& !"#$%&'( ( 7#0&./':$28#.+*/2'+<$02'*.2<$23#.$*"#$"/:"D+4$)4)*#-$/)$+'$#))#'*/+<$02-82'#'*$2%$+$-2.#$ #%%#0*/3#$*.+')82.*+*/2'$)4)*#-C$!"/)$-#+')$8./0/':$+)$D#<<$+)$+$3+./#*4$2%$(#-+'($-+'+:#-#'*$ +'($+00#))$-+'+:#-#'*$8.2:.+-)C$]2D#3#.;$-2)*$.2+(D+4$0+8+0/*4$/)$'2*$8./0#(;$+'($ 02')*.&0*/2'$+'($-+/'*#'+'0#$02)*)$+.#$)&=)/(/e#(;$.2+(D+4)$+.#$23#.&)#(;$#)8#0/+<<4$(&./':$ "2&.)$2%$8#+>$(#-+'(C$!"/)$.#(&0#)$)4)*#-$#%%/0/#'04$+'($*".2&:"8&*$0+8+0/*4;$D"/<#$.#c&/./':$ 02')*+'*$.2+(D+4$#B8+')/2')$*2$-##*$(#-+'($&'02')*.+/'#($=4$-+.>#*$)/:'+<)C$H'$)"2.*;$D#$<+0>$ 28#.+*/2'+<$02'*.2<$23#.$*"#$)4)*#-C$ $

1234+$5667$

$

7$

!"#$%"$&'()*$%+($&%,-./.0$$

)#%*+,#-( 7#0*/2')$FF@F$+'($F\AN$2%$7,GJ!J,USIFQ$#)*+=?@A><@&B8VC&'ADGH=>&@GEMMFN&?FL<EO&HD>GE@FHIPN>&?F&HNNPDERFNO>&@GE=>O&& !"#$%&'( ( JB/)*/':$.2+(D+4$0+8+0/*4$/)$/'#%%/0/#'*<4$&)#(;$#)8#0/+<<4$(&./':$8#+>$"2&.$*.+3#<$*/-#);$D/*"$ -2.#$*"+'$VAT$2%$*.+3#<$.#8.#)#'*#($=4$)/':<#$200&8+'04$3#"/0<#)$57Lg)6C$H'$+((/*/2';$(#%#0*/3#;$ 822.<4$-+/'*+/'#($+'($=+(<4$*/-#($*.+%%/0$)/:'+<)$0+&)#$)/:'/%/0+'*;$&''#0#))+.4$*.+%%/0$(#<+4)$+'($ #B0#))$%&#<$02')&-8*/2'C$!"/)$0<2:)$.2+($)4)*#-)$D/*"$.#(&'(+'*$3#"/0<#$0+8+0/*4$+'($/'0.#+)#)$ =2*"$*"#$8&=/':$-+'+:#-#'*$+'($=.2>#.+:#;$)"&**<#$)#.3/0#);$:&+.+'*##(U ./(#U"2-#$8.2:.+-)$+'($*#<#UD2.>$)&882.*$8.2:.+-)C$,<)2;$#B8+'($02--&*#.$0"2/0#$*+B$=#'#%/*$ *2$i@AAb-2'*"$*2$#c&+/':$=#'#%/*C$!"/)$D/<<$ /'0.#+)#$*.+')/*$./(#.)"/8$D"/<#$0.#+*/':$?2=)$%2.$=&)$+'($*.+')/*$28#.+*2.)$+'($.#<+*#($ *.+')/*$)#.3/0#)C$ $ I8:.+(#$+<<$*.+%%/0$)/:'+<)$2'$*"#$%#(#.+
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $!"#$7+%#;$,002&'*+=<#;$G<#B/=<#;$J%%/0/#'*$!.+')82.*+*/2'$Jc&/*4$,0*d,$S#:+04$%2.$I)#.)$59S$FAWUQW;$ ,&:&)*$FA;$@AAQ6C$ 15

1234+$5667$

$

86$

!"#$%"$&'()*$%+($&%,-./.0$$

K6 &8$*2$i@NA$.#(&0*/2'$/'$*.+')82.*+*/2'$%&#<$02)*)$8#.$"2&)#"2<(C$h2=)$/'0<&(#$#<#0*./0+<$ #':/'##.);$)4)*#-$#':/'##.)$+'($)4)*#-)$28#.+*/2'CF\$ .&/#*"0&/( $ G2.$/'%2.-+*/2'$+=2&*$#%%2.*)$*2$/')*.&-#'*$)*+*#$.2+()$)4)*#-)$*2$/-8.23#$*.+%%/0$28#.+*/2')$ &)/':$)*/-&<&)$%&'(/':$02'*+0*$H'*#<?@A><@&B8YC&'ADGH=>&MG>FLR@&NH<<>N@FH?&F<&NHAA>GNFEO&EG>E?& !"#$%&'( ( L&.$*.+')82.*+*/2'$)4)*#-)$"+3#$:.2D'$/'$)/<2)$D/*"$)C$!"/)$ )/:'/%/0+'*<4$/'0.#+)#)$*"#$02)*$+'($*/-#$2%$%.#/:"*$*.+3#<;$.#(&0/':$8.2(&0*/3/*4$+'($:<2=+<$2&.$ '+*/2'+<$#02'2-/0$02-8#*/*/3#'#))C$a2**2-$);$)+3#$%&#<;$.#(&0#$#-/))/2')$+'($/-8.23#$#'%2.0#-#'*C$,'$#B+-8<#$/)$D#/:"U/'U -2*/2'$*#0"'2<2:4$*"+*$+<<2D)$0.#(#'*/+<#($3#"/0<#)$*2$+32/($*/-#U02')&-/':$)*28)$+*$D#/:"$ )*+*/2')$D"/<#$.#(&0/':$=+0>U&8$=2**<#'#0>)$+'($/(#<4$*2$=#$'2'U02-8
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

$Institute of Traffic Engineers, National Traffic Signal Report Card: Technical Report (2007). Available at www.ite.org/REPORTCARD/technical_report%20final.pdf. 17 $FW*"$,''&+<$7*+*#$2%$S2:/)*/0)$.#82.*;$P2&'0/<$2%$7&88<4$P"+/'$O+'+:#-#'*$9.2%#))/2'+<);$@AAVC$$ 18 $G2.$)8#0/%/0;$#
1234+$5667$

$

88$

!"#$%"$&'()*$%+($&%,-./.0$$

'<=>?@A><@&B8ZC&&4>IPN>&GHEIWG>OE@>I&?>S>G&EG&H=>GMOHS?&& !"#$%&'( L3#.$XAA$02--&'/*/#)$D/*"$-2.#$*"+'$NA$-/<);$*2$"2<($*"#)#$23#.%<2D)$(&./':$23#.%<2D$8#./2();$#)8#0/+<<4$D"#'$(2/':$YK1Z$D2.>$2'$.2+($ )4)*#-)$*"+*$02'*./=&*#$*2$)&0"$23#.%<2D)C$a2*"$K1$%&'(/':$+'($P<#+'$^+*#.$7*+*#$1#32<3/':$ G&'()$+.#$8.23/(#($&'(#.$*"#$)*/-&<&)$8.2:.+-C$7/'0#$-+'4$)#D#.$)4)*#-)$+.#$=&/<*$/'$.2+($ ./:"*)U2%UD+4;$*"#)#$%&'()$02&<($=#$02-=/'#($*2$+((.#))$.2+($.#02')*.&0*/2'$+'($P7L$ .#-#(/+*/2'$)/-&<*+'#2&)<4C$ $ .&/#*"0&/( ( G2.$/'%2.-+*/2'$2'$*"#$&)#$2%$)*/-&<&)$%&'()$%2.$P7L$+'($.2+($/-8.23#-#'*$8.2:.+-)$02'*+0*$*"#$ <20+<$[#8+.*-#'*$2%$9&=)$2.$*"#$,-#./0+'$9&=)$,))20/+*/2'$5DDDC+8D+C'#*6C$

'$(#)!*#$!&!%,#9&)!4#$6!.#$&2+**-$'!'#)&/$0&#$./$2#&!.#&_-/5'!%&+:&5':#& '<=>?@A><@&B8[C&#<EKO>&AFX>IWP?>J&AFX>IWF&NHAAP?&<>EG&@GE/':;$2.$*"#4$+.#$)&..2&'(#($=4$<2DU(#')/*4;$0+.U2./#'*#($(#3#<28-#'*$*"+*$(2#)$ '2*$8.23/(#$*"#$-/B$2%$.#)/(#'*/+<;$02--#.0/+<$+'($.#*+/<$&)#)$*"+*$-+>#$*.+')/*$02'3#'/#'*$+'($ +%%2.(+=<#C$^"#.#$+%%2.(+=<#$"2&)/':$(2#)$#B/)*$D/*"/'$#+)4$+00#))$*2$*.+')/*$)*+*/2')$*"#$ 02'*/'&#($#B/)*#'0#$2%$)&0"$"2&)/':$/)$*".#+*#'#(C$,002.(/':$*2$*"#$_+*/2'+<$]2&)/':$!.&)*;$ 8&=
1234+$5667$

$

85$

!"#$%"$&'()*$%+($&%,-./.0$$

)#%*+,#-( 5F6$9.2*#0*$+'($.#"+=/#b8#(#)*./+'$+00#))$*2$#B/)*/':$*.+')/*$)*+*/2');$/'0<&(/':$8.23/(/':$ +-#'/*/#)$+'($)#.3/0#)$)&0"$+)$)"#<*#.);$=/040<#$%+0/?@A><@&B8\C&1GF?&F<@H&NHADOFE&SF@R&@R>&/A>GFNE?&/N@&& !"#$%&'( ( !"#$,-#./0+')$D/*"$[/)+=//':$#B/)*/':$%+0/$2%$+3+/<+=<#$28#.+*/':$.#3#'&#)C$$ $ )#%*+,#-( ( G&'($8+.+U*.+')/*$28#.+*/':$02)*)$D/*"$)*/-&<&)$%&'()$*2$8&*$)#.3/0#$8.23/(#.)$=+0>$*2$D2.>;$ +<<2D$8#28<#$D/*"$(/)+=/
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 21

$N@$I7P$F@FAF$(%$0(KC$7##$+<)2$7#0*/2'$QAN$2%$*"#$1#"+=/
1234+$5667$

$

8:$

!"#$%"$&'()*$%+($&%,-./.0$$

.&/#*"0&/( G2.$-2.#$/'%2.-+*/2';$)##$)#0*/2'$FA$2%$*"#$,[,$,00#))/=/?@A><@&B8]C&:P@GH&EG>E?&@RE@&NH<<>N@?&@GE&& !"#$%&'( ( S+'($(#3#<28-#'*$+'($*.+')82.*+*/2'$8<+''/':$+'($(#3#<28-#'*$/)$'2*$022.(/'+*#($+0.2))$ ?&./)(/0*/2')$2.$+:#'0/#)$/'$-2)*$&.=+'/e#($+.#+)C$!"/)$.#)&<*)$/'$02-8#*/*/2'$=#*D##'$ ?&./)(/0*/2')$%2.$*+B+=<#$<+'($(#3#<28-#'*$D"/<#$#B+0#.=+*/':$)8.+D<$+'($/'0.#+)/':$+/.$+'($ D+*#.$82<<&*/2'C$,)$&'022.(/'+*#($(#3#<28-#'*$)8.#+()$+0.2))$*"#$<+'()0+8#;$8&=.&8*04C$ $ )#%*+,#-( ( !.+/'$+'($#':+:#$O#*.2828<+'$50+<<#($*"#$&'/%/#($^2.>$9.2:.+-6$+'($2=
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

$See www.sacregionblueprint.org/sacregionblueprint/home.cfm $ $7##$a.&0#$f+*e$+'($12=#.*$9&#'*#);$1(-"$%"$L3(0,*()%MN/(4%$=E2-2A$O)9(0%$,)$P")QMR(3-$L3"0'(3,%S;$!"#$ a.22>/':)$H')*/*&*/2';$h+'&+.4$F@;$@AAWC$,3+/<+=<#$+*$ www.brookings.edu/papers/2009/0112_prosperity_memo.aspx. $ 22 23

1234+$5667$

$

8;$

!"#$%"$&'()*$%+($&%,-./.0$$

'<=>?@A><@&B7^CÞ&REKF@E@&KT&FE?F&NGH??FE?&SF@R&& HOI&RFLRSET?& !"#$%&'( H'%.+)*.&0*&.#$(#3#<28-#'*;$#)8#0/+<<4$"/:"D+4);$/)$+$8./-+.4$0+&)#$2%$#02)4)*#-$%.+:-#'*+*/2';$ 2=)*.&0*/2'$2%$"4(.2<2:/0$%<2D);$+'($D/<($D+)$02')*.&0*#($=#%2.#$D/<(
1234+$5667$

$

8<$

!"#$%"$&'()*$%+($&%,-./.0$$

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`3*&%JV("%ZLQKK\KKK[7%

%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% JO%?&&F%"((+F22".'7$(.(&79.73$2')//#((&&24#0&$2JKKV2KJ_Ia_KV2?&',&(.,6b)4b!,.*$+),(.(#)*__KJ_Ia_KV__

')0),7+14%Z+.;&%Ic[%%

1234+$5667$

$

89$

!"#$%"$&'()*$%+($&%,-./.0$$

456789:759';Q=''45HA7?87'AB?CRE?87C'9A?58@9'@5'JAE?5'H7597A8'EO'@56789@5F'@5'7S>A788'EJ8N?O8D'EJ8' A?>@CR9A?58@9D'?5C'A789BA@5F'89A779H?A'87A6@H7'NM7A7'9A?HK8'?A7'@5'>I?H7 !"&%C#$(,#'(%)4%^)03/A#.%C&+.,(/&*(%)4%!,.*$+),(.(#)*%H#00%A3#01%("&%d%?(,&&(%!,.*$#(H.6\%.% "#;"%+&,4),/.*'&%(,.*$#(%0#*:%(",)3;"%("&%'&*(,.0%'),&%)4%("&%C#$(,#'(%)4%^)03/A#.\%')**&'(#*;% W*#)*%?(.(#)*%.*1%P&),;&()H*7%^)$(F%LQI%/#00#)*7%!"#$%+,)5&'(%H#00%,&1&$#;*%.*1%,&')*$(,3'(%.% /.5),%&.$(2H&$(%.,(&,#.0%,).1H.6%$&,9#*;%("&%1)H*()H*%.,&.7%!"&%*&H%,).1H.6%H#00%+,)9#1&% #/+,)9&1%(,.*$#(%.*1%9&"#'30.,%/)A#0#(6\%,&13'&%')*;&$(#)*%.*1%.#,%+)003(#)*\%.*1%#/+,)9&% (,.*$+),(.(#)*%$.4&(67%!"&%,&')*$(,3'(#)*%)4%d%?(,&&(%H#00%$(,&*;("&*%("&%&')*)/#'%9#(.0#(6%)4%("&% '#(6e$%1)H*()H*%'),&7% 456789:759';T=''UJ@IC':BA7'9A?@58'?5C'I?O':BA7'9A?HK' T#**&$)(.%H#00%A36%*&H%Y#;"(%>.#0%!,.*$#(%9&"#'0&$%()%&*.A0&%]_'.,%(,.#*$%)*%("&%N#.H.(".%0#;"(%,.#0% A&(H&&*%("&%T.00%)4%=/&,#'.\%=#,+),(%.*1%1)H*()H*%T+0$%ZLMK%/#00#)*[7% T.$$.'"3$&(($%H#00%1)3A0&%(,.':%("&%f#('"A3,;%.*1%N.9&,"#00%')//3(&,%,.#0%0#*&$%4),%.11#(#)*.0% '.+.'#(6%.*1%4.$(&,\%/),&%,&0#.A0&%$&,9#'&%ZL]c%/#00#)*[7% 456789:759';V=''-9?A9'EJ@IC@5F'57S9'F757A?9@B5'BG'M@FM'8>77C'A?@I T)$(%$(.(&$%.,&%H#.(#*;%4),%CD!%;3#1.*'&%)*%")H%()%.++06%4),%N#;"%?+&&1%>.#0%ZN?>[%43*1$% 3*1&,%("&%1&1#'.(&1%N?>%+))0%#*%("&%=>>=7%?&9&,.0%$(.(&$%)*%("&%&-#$(#*;%X),("&.$(%^),,#1),%.,&% 1&1#'.(#*;%?!@%43*1$%()%3+;,.1#*;%$(.(#)*$%(".(%H#00%A&%3$&1%A6%.*6%43,("&,%#/+,)9&/&*(%()%("&% (,.#*$%.*1%,3*_(#/&$%)*%(".(%'),,#1),7%U-./+0&$F%% •

T.,60.*1%H#00%&-+.*1%("&%,.#0%+0.(4),/%.(%("&%G8S%ZG.0(#/),&%=#,+),([%=/(,.:%$(.(#)*% ZL]%/#00#)*[7%%

•

@&**$609.*#.%H#00%,&*)9.(&%("&%U0#g.A&("()H*%=/(,.:%$(.(#)*%#*%Y.*'.$(&,%^)7%% ZLa%/#00#)*[7%

456789:759';W=''45HA7?87'HB::J97A'A?@I'87A6@H7'@5':79AB>BI@9?5'?A7?8 X.(#)*.0%&-./+0&F%T.$$.'"3$&(($%H#00%A3#01%.%*&H%')//3(&,%,.#0%$(.(#)*%.(%f)3,%^),*&,$%)*%("&% f.#,/)3*(%Y#*&%ZLJI%/#00#)*[7% 456789:759';X=''(79A?@5'9M7'1),'NBAKGBAH7 !"&%d%?(7%!,.*$#(H.6%#*%8.$"#*;()*\%C^\%#*%S*9&$(/&*(%hO%#$%.*%&-'&00&*(%&-./+0&%)4%")H%.%CD!% '.*%,&(,.#*%#($%$(.44%()%(.':0&%*&H%'".00&*;&$%.*1%3$&%(,.*$+),(.(#)*%#*9&$(/&*($%()%.11%9.03&%()% .*%.,&.7%% !"&%C#$(,#'(%)4%^)03/A#.%".$%)*&%)4%("&%0.,;&$(%^&*(,.0%G3$#*&$$%C#$(,#'($%Z^GC[%#*%("&%*.(#)*\%H#("% .'(#9#(#&$%(".(%#*'031&%)44#'&$\%()3,#$(%9&*3&$\%0.,;&%#*$(#(3(#)*$\%3*#9&,$#(#&$\%&*(&,(.#*/&*(\%.*1% /#-&1%')//&,'#.0%.,&.$7%i&(\%("&,&%#$%*)%$#*;0&%"#;"%+&,4),/.*'&%(,.*$#(%0#*:%()%$&,9&%("&%H),:&,$\% $")++&,$\%')*9&*(#)*%.((&*1&&$%.*1%)("&,%9#$#(),$%H")%(,.9&0%()%),%(",)3;"%("&%^GCR$%&.$(_H&$(% 1#/&*$#)*7%!"&%,&*.#$$.*'&%)4%1)H*()H*%8.$"#*;()*%".$%',&.(&1%.%+,&$$#*;%*&&1%()%/)9&%/),&% +&)+0&%#*\%)3(\%.*1%(",)3;"%("&%^GC\%H"#0&%+,&$&,9#*;%.*1%#4%+)$$#A0&%.11#*;%9.03&%()%("&%.,&.7%!"&% 1&*$&%')*'&*(,.(#)*%)4%A3#01#*;$%.*1%.'(#9#(6%/&.*(%(".(%*)%H#1&*#*;$%H)301%A&%+)$$#A0&7%!"&%

1234+$5667$

$

8:$

!"#$%"$&'()*$%+($&%,-./.0$$

1&$#;*%)4%("&%d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• ?#1&H.0:%')*$(,3'(#)*%+,);,./%ZLQ7MJQ%/#00#)*[\%% • @,#),#(6%@&1&$(,#.*%^),,#1),$%#/+,)9&/&*(%ZLQ7MJQ%/#00#)*[\%% • S/+,)9&/&*($%4),%+&1&$(,#.*%.''&$$%.*1%$.4&(6%.(%')*(,)00&1%',)$$#*;$%.*1%#*(&,$&'(#)*$% ZLQKK\KKK[\%.*1%% • ?.4&%>)3(&$%()%?'"))0%ZLJ7QO%/#00#)*[% 456789:759';<<='UJ@IC'9A?@I'8O897:8'B5'C@8J87C'A?@I'?5C'H?5?I'HBAA@CBA8'?5C'?IB5F'J9@I@9O'HBAA@CBA8 ?#*'&%IVaM\%"3*1,&1$%)4%')//3*#(#&$%".9&%A3#0(%I]\V]Q%/#0&$%)4%(,.#0$%.0)*;%1#$3$&1%,.#0% '),,#1),$7%>.#0_(,.#0$%".9&%A&&*%A3#0(%#*%&9&,6%$(.(&%#*%("&%Y)H&,%Oa%Z$&&F% "((+F22HHH7(,.#00#*:7')/29#&H*.(#)*.0/.+7.$+-[7%% % X.(#)*.0%&-./+0&$%)4%=>>=%?!@%/)*&6%(".(%'.*%A&%3$&1%4),%&-+.*1#*;%,.#0_(,.#0$F%% % • 8.$"#*;()*\%C^F%>")1&%S$0.*1%=9&*3&%T&(,)%@&1&$(,#.*%G,#1;&F%@&1&$(,#.*%A,#1;&%H)301% ')**&'(%("&%T&(,)+)0#(.*%G,.*'"%!,.#0%()%("&%>")1&%S$0.*1%=9&*3&%T&(,)%$(.(#)*% ZL]7Q%/#00#)*[7%% •

G)$()*\%T=F%T#*3(&/.*%G#:&%!,.#0F%L]%/#00#)*% %

!"#$%&'$"&(&)*$+(A2B$(C=''7&-"1(2"3(,/$-1D&(A=#$'$"&(52%-$/E(<2?$/(2"3(A=/$(5??-:-$"& 456789:759';./+$%H#00%',&.(&%.*%#/+,)9&1%')**&'(#)*%()%A,)H*4#&01% 1&9&0)+/&*(%$#(&$%ZLIJ\KKK\KKK[7%% 456789:759';I7:759'HB5F789@B5':?5?F7:759'>ABFA?:8 @&**$609.*#.F%Y&"#;"%.*1%X),("./+()*%!,.*$+),(.(#)*%=3("),#(6%ZY=X!=[%H#00%#*$(.00%,&.0_(#/&% +.$$&*;&,%#*4),/.(#)*%.*1%.3()/.(&1%A3$%0)'.(),%$6$(&/$%ZLJ%/#00#)*[7%

1234+$5667$

$

8;$

!"#$%"$&'()*$%+($&%,-./.0$$

456789:759';AB67'9A?GG@H'8@F5?I'B>7A?9@B58' @&**$609.*#.F%@"#0.1&0+"#.%H#00%#*$(.00%')/+3(&,#g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aI\%ca\%cM\%.*1%cK7%f),%("&% ^,&$'&*(%^),,#1),%()%/.-#/#g&%#($%+)(&*(#.0\%+3A0#'%43*1#*;%#$%,&<3#,&17%!)%1.(&\%("&% ^)//)*H&.0("%)4%E#,;#*#.%".$%+,)9#1&1%LOQ%/#00#)*%()%("&%+,)5&'(7% 456789:759';I@?5H7'N@9M'9M7'#:7A@H?58''N@9M'1@8?E@I@9@78'#H9 ^.0#4),*#.F%^#(6%)4%=0./&1.F%=''&$$#A0&%=C=%?#;*.0$%j%^)3*(1)H*$%ZLI\J]I\KKK[7% 456789:759';I?55@5F'@5':79AB'?A7?8'9M?9'HB557H98'9A?58>BA9?9@B5'9B'I?5C'J87 ^)//3*#(#&$%.,)3*1%("&%')3*(,6%".9&%')/+0&(&1%/&(,)+)0#(.*%9#$#)*#*;%+,)'&$$&$F%")H%/3'"% .,&%H&%;)#*;%()%;,)H\%H"&,&%.,&%H&%;)#*;%()%;,)H\%.*1%")H%H#00%H&%$&,9&%(".(%;,)H("%H#("% (,.*$+),(.(#)*k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g.(#)*$7JM%% %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% JQ%"((+F22&H),:7+"#0.7;)92+"#0.;)92*&H$2+,&0&.$&7.$+k#1lOVQ%% JM%f),%/),&%#*4),/.(#)*F%"((+F22HHH74"H.71)(7;)92&*9#,)*/&*(2&')$6$(&/$2*'7"(/%%

1234+$5667$

$

87$

!"#$%"$&'()*$%+($&%,-./.0$$

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f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b+,#'#*;29.03&b+,#'#*;% ! S*(&00#;&*(%!,.*$+),(.(#)*%=$$)'#.(#)*%)4%=/&,#'.F%HHH7#($.7),;% % <&/$"1&D$"-"1(C=''7"-&-$%(2"3(5"D2":-"1(F729-&)(=?(G-?$+(( ( ! >&')**&'(#*;%=/&,#'.F%HHH7,&')**&'(#*;./&,#'.7),;% ! X.(#)*.0%=$$)'#.(#)*%)4%^0&.*%=#,%=;&*'#&$%.(%HHH7O'0&.*.#,7),;% % %

1234+$5667$

$

56$