Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
Item 6 PPP 05-12-2021 Administration Committee - Alliant Update
0D\ 3UHVHQWHGE\ $OOLDQW,QVXUDQFH6HUYLFHV 6WDWHRIWKH,QVXUDQFH0DUNHW-XO\5HQHZDO([SHFWDWLRQV ;d,/^/E&KZDd/KE,^EKE^K>/d&ZKDsZ/Kh^/Eh^dZz^KhZ^Ϳ $OOLDQW,QVXUDQFH6HUYLFHV,QF ůůŝĂŶƚŝƐK^ĂŶ͛Ɛ ĐŽŶƚƌĂĐƚĞĚŝŶƐƵƌĂŶĐĞ ďƌŽŬĞƌĂŐĞĨŝƌŵ͘ tĞĂƌĞĂůĞĂĚĞƌŝŶ ƉƵďůŝĐĞŶƚŝƚLJŝŶƐƵƌĂŶĐĞ ďƌŽŬĞƌĂŐĞŶĂƚŝŽŶǁŝĚĞ âƞǑƐĞĻƐ{ŹåķĞƣķƐŤĮ±ÏåÚ ĂØǑǑǑƐåķŤĮŇDžååž ŐƗǑƐküüĞÏåž Ϯ ^ĞƌǀŝĐĞdĞĂŵ ĞŶŶŝƐDƵůƋƵĞĞŶĞLJ͕^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚ ZŽďĞƌƚ>ŽǁĞ͕sŝĐĞWƌĞƐŝĚĞŶƚ ZŝƚĂĂƌĞLJ͕ĐĐŽƵŶƚDĂŶĂŐĞƌ ůŝĐŝĂŽƌƚĞnj͕ƐƐƚ͘ĐĐŽƵŶƚDĂŶĂŐĞƌ Administration CommitteeMay 12, 2021 3UHVHQWDWLRQ2YHUYLHZ ŽŵŵĞƌĐŝĂů/ŶƐƵƌĂŶĐĞ/ŶĚƵƐƚƌLJ WĞƌĨŽƌŵĂŶĐĞ ZĞĨůĞĐƚŝŽŶƐŽŶKs/ ZĞĂƐŽŶƐĨŽƌDĂƌŬĞƚŚĂŶŐĞ ZĞŶĞǁĂůdžƉĞĐƚĂƚŝŽŶƐ YƵĞƐƚŝŽŶƐ ϯ ϰ 3URSHUW\&DVXDOW\,QGXVWU\3HUIRUPDQFH ϱ .H\,QGXVWU\0HWULFV ,QVXUHUV·FRPELQHGUDWLRGHWHULRUDWHGWRIRUQG4WU IURPD\HDUHDUOLHU 3ROLF\KROGHUVXUSOXVGHFOLQHGELOOLRQLQWKHILUVWKDOIIURPDQDOOWLPHKLJKRIELOOLRQDW\HDUHQG 1HWLQFRPHDIWHUWD[HVIHOOWRELOOLRQLQILUVWKDOIIURPELOOLRQLQILUVWKDOI 6LJQVSRLQWWRDKHDOWK\\HWYHU\XQVHWWOHGLQVXUDQFHPDUNHW8QNQRZQVRI&29,'ZHDWKHUH[WUHPHVVHDOHYHOULVHZLOGILUHVFDWDVWURSKLFORVVHVVRFLDO LQIODWLRQDQGXSXQWLOYHU\UHFHQWO\ZHDNLQYHVWPHQWHDUQLQJV ^ŽƵƌĐĞ͗͘D͘ĞƐƚ͕/^K͕sĞƌŝƐŬ͕WƌŽƉĞƌƚLJĂƐƵĂůƚLJ/ŶƐƵƌĞƌƐƐƐŽĐŝĂƚŝŽŶŽĨŵĞƌŝĐĂ;W/Ϳ ϲ 3ROLF\KROGHU6XUSOXV&DSDFLW\4²+ ^ŽƵƌĐĞƐ͗/^K͕͘D͘ĞƐƚ͖ZŝƐŬĂŶĚhŶĐĞƌƚĂŝŶƚLJDĂŶĂŐĞŵĞŶƚ ĞŶƚĞƌ͕hŶŝǀĞƌƐŝƚLJŽĨ^ŽƵƚŚĂƌŽůŝŶĂ͘ ;ΨŝůůŝŽŶƐͿ 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 &ŝŶĂŶĐŝĂů ƌŝƐŝƐ ;Ͳϭϲ͘ϮйͿ ƌŽƉĚƵĞƚŽŶĞĂƌͲƌĞĐŽƌĚ ϮϬϭϭdůŽƐƐĞƐ ;Ͳϰ͘ϵйͿ WŽůŝĐLJŚŽůĚĞƌ^ƵƌƉůƵƐŝƐƚŚĞŝŶĚƵƐƚƌLJ͛ƐĨŝŶĂŶĐŝĂůĐƵƐŚŝŽŶĂŐĂŝŶƐƚůĂƌŐĞůŽƐƐĞƐ͕ĂŶĚƉĞƌŝŽĚƐŽĨĞĐŽŶŽŵŝĐ ƐƚƌĞƐƐͬŵĂƌŬĞƚǀŽůĂƚŝůŝƚLJ͘/ƚŝƐĂůƐŽĂƐŽƵƌĐĞŽĨĐĂƉŝƚĂůƚŽƵŶĚĞƌǁƌŝƚĞŶĞǁƌŝƐŬƐ͘ dŚĞWͬŝŶƐƵƌĂŶĐĞŝŶĚƵƐƚƌLJĞŶƚĞƌĞĚ ƚŚĞKs/ͲϭϵƉĂŶĚĞŵŝĐĨƌŽŵĂ ƉŽƐŝƚŝŽŶƐƚƌĞŶŐƚŚĂŶĚǁĂƐĂďůĞƚŽ ǁŝƚŚƐƚĂŶĚƚŚĞϵ͘ϬйƐƵƌƉůƵƐĚĞĐůŝŶĞŝŶ YϭϮϬϮϬ 3&,QVXUDQFH,QGXVWU\&RPELQHG5DWLR²+ ΎdžĐůƵĚĞƐDŽƌƚŐĂŐĞΘ&ŝŶĂŶĐŝĂů'ƵĂƌĂŶƚLJŝŶƐƵƌĞƌƐϮϬϬϴͲͲϮϬϭϰ͘ Ύ&ŝƌƐƚ,ĂůĨϮϬϮϬ͘ ^ŽƵƌĐĞƐ͗͘D͘ĞƐƚ͕/^K;ϮϬϭϰͲϮϬϭϵͿ͘ ƐZĞĐĞŶƚůLJĂƐϮϬϬϭ͕ /ŶƐƵƌĞƌƐWĂŝĚKƵƚEĞĂƌůLJ Ψϭ͘ϭϲĨŽƌǀĞƌLJΨϭŝŶ ĂƌŶĞĚWƌĞŵŝƵŵƐ ZĞůĂƚŝǀĞůLJ >Žǁd >ŽƐƐĞƐ͕ ZĞƐĞƌǀĞ ZĞůĞĂƐĞƐ ,ĞĂǀLJhƐĞŽĨ ZĞŝŶƐƵƌĂŶĐĞ >ŽǁĞƌĞĚEĞƚ>ŽƐƐĞƐ ZĞůĂƚŝǀĞůLJ >Žǁd >ŽƐƐĞƐ͕ ZĞƐĞƌǀĞ ZĞůĞĂƐĞƐ ,ŝŐŚĞƌd >ŽƐƐĞƐ͕ ^ŚƌŝŶŬŝŶŐ ZĞƐĞƌǀĞ ZĞůĞĂƐĞƐ͕ dŽůůŽĨ^ŽĨƚ DĂƌŬĞƚ ^ĂŶĚLJ /ŵƉĂĐƚƐ >ŽǁĞƌ d >ŽƐƐĞƐ ĞƐƚ ŽŵďŝŶĞĚ ZĂƚŝŽ^ŝŶĐĞ ϭϵϰϵ;ϴϳ͘ϲͿ ǀŐ͘d >ŽƐƐĞƐ͕ DŽƌĞ ZĞƐĞƌǀĞ ZĞůĞĂƐĞƐLJĐůŝĐĂů ĞƚĞƌŝŽƌĂƚŝŽŶ ^ŚĂƌƉůLJŚŝŐŚĞƌ dƐĂƌĞ ĚƌŝǀŝŶŐůĂƌŐĞ ƵŶĚĞƌǁƌŝƚŝŶŐ ůŽƐƐĞƐĂŶĚ ƉƌŝĐŝŶŐ ƉƌĞƐƐƵƌĞ WƌĞͲKs/ϮϬϮϬ ŽŵďŝŶĞĚZĂƚŝŽƐƚ͘ ϵϵ͘ϭ;͘D͘ĞƐƚͿ &29,'KDV KDGQRGLVFHUQDEOHQHW LPSDFWRQSUH&29,'H[SHFWDWLRQVIRUXQGHUWKHFRPELQHGUDWLRWKRXJK4 ϳ &29,'DQGWKH,PSDFWRIWKH1DWXUDO:RUOGRQ,QVXUDQFH ϴ ,PSDFWRIWKH3DQGHPLF ϵ ϭϬ 9LUDO2XWEUHDNV$UH1RW$Q,QVXUDEOH5LVN Ύ^ŽƵƌĐĞƐ͗W/ƵƐŝŶŐƉƵďůŝƐŚĞĚƌĞƉŽƌƚƐ͕ŝŶĐůƵĚŝŶŐ/D&͕tŽƌůĚĂŶŬ͕>ĞĂƌŶďŽŶĚƐ͘ĐŽŵ͖W/ĂĚũƵƐƚŵĞŶƚƚŽϮϬϮϬh^ &ŽƌZĞĨĞƌĞŶĐĞ ϮϬϬϱ<ĂƚƌŝŶĂ ΨϱϴŝůůŝŽŶ ϮϬϬϭϵͬϭϭ ΨϰϴŝůůŝŽŶ ;ŝŶƐƵƌĞĚůŽƐƐĞƐͿ WĂŶĚĞŵŝĐƐĂƌĞ ĨƌĞƋƵĞŶƚ͕ƐĞǀĞƌĞ͕ ĂŶĚǁŝĚĞƐƉƌĞĂĚ ;ϳƉĂŶĚĞŵŝĐƐ ǁŝƚŚŵƵůƚŝͲ ďŝůůŝŽŶΨĞĐŽŶŽŵŝĐ ůŽƐƐĞƐŝŶũƵƐƚƚŚĞ ůĂƐƚϭϴLJĞĂƌƐͿ ĐŽŶŽŵŝĐ>ŽƐƐĞƐĨƌŽŵWĂŶĚĞŵŝĐƐ ϭϭ 3URSHUW\,QVXUDQFH8SGDWH 6HSDUDWH%LOOLRQ'ROODU/RVV(YHQWVLQ ^ŽƵƌĐĞ͗EKEĂƚŝŽŶĂůĞŶƚĞƌƐĨŽƌŶǀŝƌŽŶŵĞŶƚĂů/ŶĨŽƌŵĂƚŝŽŶ ϭϯ +XUULFDQH6HDVRQ 7KHH[WUHPHO\DFWLYH$WODQWLFKXUULFDQHVHDVRQFORVHGZLWKDUHFRUGEUHDNLQJQDPHGVWRUPVDQGWKDWPDGHODQGIDOOLQWKHFRQWLQHQWDO8QLWHG6WDWHV ([SHFWDWLRQVIRUUHPDLQKLJK 86,QIODWLRQ$GMXVWHG&DW/RVVHV ^ŽƵƌĐĞƐ͗WƌŽƉĞƌƚLJůĂŝŵƐ^ĞƌǀŝĐĞ͕ĂsĞƌŝƐŬŶĂůLJƚŝĐƐďƵƐŝŶĞƐƐ͖/ŶƐƵƌĂŶĐĞ/ŶĨŽƌŵĂƚŝŽŶ/ŶƐƚŝƚƵƚĞ͘ ϰϬ ϯϳ ϳϵ ϭϬϰ ϲϳ ϭϵϴϬƐ͗Ψϱ ϭϵϵϬƐ͗Ψϭϱ ϮϬϬϬƐ͗ΨϮϱ ϮϬϭϬƐ͗Ψϯϴ ΨϬ ΨϭϬ ΨϮϬ ΨϯϬ ΨϰϬ ΨϱϬ ΨϲϬ ΨϳϬ ΨϴϬ ΨϵϬ ΨϭϬϬ ϴϬ ϴϭ ϴϮ ϴϯ ϴϰ ϴϱ ϴϲ ϴϳ ϴϴ ϴϵ ϵϬ ϵϭ ϵϮ ϵϯ ϵϰ ϵϱ ϵϲ ϵϳ ϵϴ ϵϵ ϬϬ Ϭϭ ϬϮ Ϭϯ Ϭϰ Ϭϱ Ϭϲ Ϭϳ Ϭϴ Ϭϵ ϭϬ ϭϭϭϮϭϯϭϰϭϱϭϲϭϳϭϴϭϵϮϬ ŝ ů ů ŝ Ž Ŷ Ɛ ͕ Ϯ Ϭ ϭ ϴ Ψ ǀĞƌĂŐĞĨŽƌ ĞĐĂĚĞ ,,ƵƌƌŝĐĂŶĞ ŶĚƌĞǁ td <ĂƚƌŝŶĂ͕ZŝƚĂ͕ tŝůŵĂ $YHUDJH,QVXUHG/RVVIRU/DVW'HFDGHLV%6WDUWHGZLWK RIIEDGO\ZLWK%%IURP:LQHU6WRUP8UL7[)UHH]H ,ĂƌǀĞLJ͕/ƌŵĂ͕ DĂƌŝĂ ϯϲ ϭϳ ϯϬEĂŵĞĚ ^ƚŽƌŵƐ͕ tŝůĚĨŝƌĞƐ͕ZŝŽƚƐ ϭϱ :LOGILUHV 7KHVHDVRQZDVDUHFRUGVHWWLQJRQHIRUWKHVWDWHRI&DOLIRUQLDDQGWKH8QLWHG6WDWHVDVDZKROH1,)&UHSRUWHGWKDWDVRI1RYWKHUHZHUHZLOGILUHVWKDWKDGEXUQHGDFUHVLQ7KLVLVDSSUR[LPDWHO\PLOOLRQPRUHDFUHVEXUQHGWKDQWKH\HDUDYHUDJHDQGDOPRVWGRXEOHWKHDFUHDJHEXUQHGLQWKHVHDVRQ ϭϲ :LOGILUHV 5HFRUGEUHDNLQJZLOGILUHVDUHRFFXUULQJPRUHRIWHQ(LJKWRIWKHODUJHVWILUHVLQ&DOLIRUQLDKLVWRU\KDYHEXUQHGLQWKHSDVWGHFDGH2Q6HSWWKHPDVVLYH$XJXVW&RPSOH[EHFDPHWKHODUJHVWILUHLQWKHVWDWH VKLVWRU\ 7DNHQWRJHWKHUWKH\GZDUIWKHELJJHVWILUHVIURPWKHGHFDGHEHIRUH ^ŽƵƌĐĞ͗>ŽƐŶŐĞůĞƐdŝŵĞƐ ϭϳ :LOGILUHV ϭϴ (DUWKTXDNHV 7KH (FRQRPLF LPSDFW RI D &DOLIRUQLD(DUWKTXDNH ZLOO EH GHYDVWDWLQJ 1RWWREHRYHUORRNHG(DUWKTXDNHVDUHLQHYLWDEOHDQGFDQKDSSHQDWDQ\WLPH ϭϵ $JLQJ,QIUDVWUXFWXUH ϮϬ &DVXDOW\,QVXUDQFH 8SGDWH Ϯϭ /DUJH3XEOLF(QWLW\9HUGLFWV6HWWOHPHQWV >ŽƐƐzĞĂƌ ĞƐĐƌŝƉƚŝŽŶ dŽƚĂůWĂŝĚ ϮϬϭϴ ^ĞdžƵĂůďƵƐĞ;ůĂƐƐĐƚŝŽŶͿ ΨϱϬϬ͕ϬϬϬ͕ϬϬϬ ϮϬϭϳ ^ĞdžƵĂůďƵƐĞ;ůĂƐƐĐƚŝŽŶͿ ΨϮϭϱ͕ϬϬϬ͕ϬϬϬ ϮϬϭϱ DĞƚŚĂŶĞ'ĂƐ>ĞĂŬ ΨϭϮϬ͕ϬϬϬ͕ϬϬϬ ϮϬϭϱ ƵƐ^ŚĞůƚĞƌŽůůĂƉƐĞ;^ŝŶŐůĞWůĂŝŶƚŝĨĨͿ Ψϭϭϱ͕ϬϬϬ͕ϬϬϬ ϮϬϭϰ ŚŝůĚďƵƐĞͬ&ŽƐƚĞƌĂƌĞ Ψϭϭϯ͕ϰϬϬ͕ϬϬϬ ϮϬϭϭ WŽůŝĐĞ^ŚŽŽƚŝŶŐͬtƌŽŶŐĨƵůĞĂƚŚ Ψϵϳ͕ϬϬϬ͕ϬϬϬ ϮϬϭϰ ĂŶŐĞƌŽƵƐŽŶĚŝƚŝŽŶͬ>ĂŶĚƐůŝĚĞ Ψϳϭ͕ϱϬϬ͕ϬϬϬ ϮϬϭϲ sĞŚŝĐůĞĐĐŝĚĞŶƚͬ&ŝƌĞŵďƵůĂŶĐĞ Ψϲϱ͕ϳϱϬ͕ϬϬϬ ϮϬϭϲ tƌŽŶŐĨƵůĞĂƚŚ ΨϲϬ͕ϬϬϬ͕ϬϬϬ ϮϬϭϱ ^ƚƌŝƉ^ĞĂƌĐŚ;ůĂƐƐĐƚŝŽŶͿ Ψϱϯ͕ϬϬϬ͕ϬϬϬ ϮϬϭϮ ĂŶŐĞƌŽƵƐŽŶĚŝƚŝŽŶͬƌŝĚŐĞ&ŝƌĞ ΨϱϬ͕ϬϬϬ͕ϬϬϬ ϮϬϭϳ sĞŚŝĐůĞĐĐŝĚĞŶƚͬDŽƚŽƌĐLJĐůĞǀƐƵƚŽ Ψϰϲ͕ϬϬϬ͕ϬϬϬ ϮϬϭϱ sĞŚŝĐůĞĐĐŝĚĞŶƚͬ^ŚĞƌƌŝĨĨsĞŚŝĐůĞ ΨϰϮ͕ϬϬϬ͕ϬϬϬ ϮϬϭϭ tƌŽŶŐĨƵůŽŶǀŝĐƚŝŽŶ ΨϰϬ͕ϬϬϬ͕ϬϬϬ ϮϬϭϰ ĂŶŐĞƌŽƵƐŽŶĚŝƚŝŽŶͬsĞŚŝĐůĞĐĐŝĚĞŶƚ ΨϯϮ͕ϱϬϬ͕ϬϬϬ ϮϬϭϱ ^ĞdžƵĂůďƵƐĞ Ψϯϭ͕ϬϬϬ͕ϬϬϬ ϮϬϭϲ ĂŶŐĞƌŽƵƐŽŶĚŝƚŝŽŶͬsĞŚŝĐůĞĐĐŝĚĞŶƚ ΨϯϬ͕ϬϬϬ͕ϬϬϬ ^ŽĐŝĂů/ŶĨůĂƚŝŽŶ ƌŽƐŝŽŶŽĨdŽƌƚ/ŵŵƵŶŝƚŝĞƐ ^ĞdžƵĂůďƵƐĞĂŶĚDŽůĞƐƚĂƚŝŽŶ WŽůŝĐĞ>ŝĂďŝůŝƚLJ >ŝƚŝŐĂƚŝŽŶ,ĞůůŚŽůĞƐ EƵĐůĞĂƌsĞƌĚŝĐƚƐ ^ŽĐŝĂůhŶƌĞƐƚ dŚĞ/ŵƉĂĐƚŽĨƚŚĞ:ƵĚŝĐŝĂů^LJƐƚĞŵŽŶ/ŶƐƵƌĂŶĐĞ .H\,VVXHIRUUG 3DUW\/LDELOLW\ ͞^ŽĐŝĂůŝŶĨůĂƚŝŽŶ͟ƌĞĨĞƌƐƚŽƚŚĞĂůĂƌŵŝŶŐŝŶĐƌĞĂƐĞŝŶƚŚĞĨƌĞƋƵĞŶĐLJŽĨƐĞǀĞƌĞĐůĂŝŵƐĚƵĞƚŽ͗ )IJIRHERXķĞžƒŹƣžƒSJFYWMRIWWERHMRWXMXYXMSRW 1MXMKEXMSRJMRERGMRK 9FMUYMX]SJSGMEP2IHMEƳ 3I[WSJPEVKIZIVHMGXWXVEZIPWVIWIXXMRKXLII\TIGXEXMSRSJ[LEXEVIEWSREFPIZIVHMGXQMKLXFI ϱ ͲϰϬй ͲϮϬй Ϭй ϮϬй ϰϬй ϲϬй ϴϬй ϭϬϬй ϭϮϬй ϭϰϬй ϮϬϬϳ ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ džĐĞƐƐĂƐƵĂůƚLJƵŵƵůĂƚŝǀĞ^ĞǀĞƌŝƚLJǀ͘ZĂƚĞ ^ŽƵƌĐĞ͗ŚƵďď/ŶƐƵƌĂŶĐĞ &ƌĞƋƵĞŶĐLJ ^ĞǀĞƌŝƚLJ ZĂƚĞ 5HVXOW« ϲ dŚĞŶĞǁƚƌĞŶĚͬ ƉŚƌĂƐĞŝƐĂ ͞ĨƌĞƋƵĞŶĐLJŽĨ ƐĞǀĞƌŝƚLJ͙͘͘͟ 5HDFWLRQ« ^ŝŐŶŝĨŝĐĂŶƚ ƌĞĚƵĐƚŝŽŶŝŶ ŵĂƌŬĞƚĐĂƉĂĐŝƚLJ ƚŚƌŽƵŐŚŝŶĚŝǀŝĚƵĂů ĞĨĨŽƌƚƐďLJŝŶƐƵƌĞƌƐ ƚŽ͞ĚĞͲƌŝƐŬ͟ƚŚĞŝƌ ƉŽƌƚĨŽůŝŽƐ ϳ Ϯϱ &\EHU$WWDFNVRQ0XQLFLSDOLWLHV Ϯϲ 7KH5DQVRPZDUH(SLGHPLF 5DQVRPZDUHVXUJHGLQUHFHQW\HDUVDQGWKHUHLVQRIRUHVHHDEOHVORZGRZQ$OOLQGXVWU\VHJPHQWVZHUHLPSDFWHG0DQXIDFWXULQJDQG SURIHVVLRQDOVHUYLFHVZHUHSDUWLFXODUO\KDUGKLWIROORZHGFORVHO\E\KHDOWKFDUH HGXFDWLRQDQGJRYHUQPHQWHQWLWLHV Ϯϳ 2&6DQ,QVXUDQFH3URJUDP ŽǀĞƌĂŐĞĨŽƌĚĂŵĂŐĞƐƚŽƚŚŝƌĚ ƉĂƌƚŝĞƐĂƌŝƐŝŶŐŽƵƚŽĨŝƐƚƌŝĐƚ ŶĞŐůŝŐĞŶĐĞŽƌƐƚĂƚƵƚŽƌLJŽďůŝŐĂƚŝŽŶƐ͘ /ŶĐůƵĚĞƐ͗ à 'ĞŶĞƌĂů>ŝĂďŝůŝƚLJ à ƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚLJ à DĂƌŝŶĞ>ŝĂďŝůŝƚLJ à LJďĞƌ>ŝĂďŝůŝƚLJ à WŽůůƵƚŝŽŶ>ŝĂďŝůŝƚLJ à tŽƌŬĞƌƐŽŵƉĞŶƐĂƚŝŽŶ à WƵďůŝĐŶƚŝƚLJƌƌŽƌƐĂŶĚKŵŝƐƐŝŽŶƐ ΨϰϬDD>ŝŵŝƚ͕ΨϳϱϬ͕ϬϬϬƌĞƚĞŶƚŝŽŶ /LDELOLW\ :RUNHUV&RPS Ϯϴ 3URSHUW\,QVXUDQFH ŽǀĞƌĂŐĞĨŽƌŝƐƚƌŝĐƚƐ͛ƉƌŽƉĞƌƚLJ ĂƌŝƐŝŶŐ ĨƌŽŵ͞ĂůůƌŝƐŬ͟ƉĞƌŝůƐ͘/ŶĐůƵĚĞƐ͗ à ŽŝůĞƌĂŶĚDĂĐŚŝŶĞƌLJ à &ůŽŽĚ à ĂƌƚŚƋƵĂŬĞ à dĞƌƌŽƌŝƐŵ à ,Ƶůů à KƚŚĞƌDŝƐĐ͘ à ΨϴϬϬ͕ϬϬϬ͕ϬϬϬŝŶ>ŝŵŝƚƐ à sĂƌŝŽƵƐ^ƵďůŝŵŝƚƐ à ΨϱϬϬ͕ϬϬϬĚĞĚƵĐƚŝďůĞ͕ŐĞŶĞƌĂůůLJ KKǀĞƌǀŝĞǁŽĨK^ĂŶ͛Ɛ/ŶƐƵƌĂŶĐĞWƌŽŐƌĂŵ ůůĐŽǀĞƌĂŐĞƉƌŽǀŝĚĞĚŽŶĂŶ͞KĐĐƵƌƌĞŶĐĞ͟ĂƐŝƐ ϮϮϬϮϭZĞŶĞǁĂůdžƉĞĐƚĂƚŝŽŶƐ $WH[SLULQJ OLPLWVDQGGHGXFWLEOHVWUXFWXUH« *HQHUDOO\FRQVHUYDWLYHQXPEHUVDUHGHOLYHUHGDWWKLVSRLQWLQWLPHEXWWKHVHPD\QRWEHFRQVHUYDWLYHHQRXJKLQWKHFXUUHQWHQYLURQPHQW Ϯϵ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ŝƐƚŽƌŝĐĂůZĂƚĞƐʹ ϮϬϬϬƚŽϮϬϮϭ ϯϬ WĞƌ,ƵŶĚƌĞĚŽůůĂƌƐŽĨ sĂůƵĞͬWĂLJƌŽůů ZĞĚс'ĞŶĞƌĂů>ŝĂďŝůŝƚLJ 'ƌĞĞŶсtŽƌŬĞƌƐŽŵƉ͘ ůƵĞсWƌŽƉĞƌƚLJ ϯϭ 4XHVWLRQV 0D\ 7KDQN\RX 3OHDVHFRQWDFWXVLI\RXZRXOGOLNHDFRS\RIWKLVSUHVHQWDWLRQ