What is the best scale for implementing anaerobic digestion according to environmental and economic indicators?

Arias Cisterna, Andrea; Feijoo Costa, Gumersindo; Moreira Vilar, María Teresa

doi:10.1016/j.jwpe.2020.101235

What is the best scale for implementing anaerobic digestion according to environmental and economic indicators?

Arias Cisterna, Andrea; Feijoo Costa, Gumersindo; Moreira Vilar, María Teresa

Published: 2020
Publisher: Elsevier
DOI: 10.1016/j.jwpe.2020.101235
Repository: minerva.usc.es
Language: en

Abstract

Wastewater treatment plants (WWTPs) are the most commonly used environmental management systems to ensure that water pollution is properly managed. The costs associated with energy consumption and sludge management are two elements that penalize the operation of WWTPs. Anaerobic digestion (AD) unit showed to be a good alternative that allows the valorization of the organic load into bioenergy. However, not all WWTPs incorporate this technology in the sludge line that is associated with a minimum scale plant in order to ensure steady and profitable operation of the unit. With the decentralized context taking more strength one question arises: Is the AD technology viable in smaller plants? In this study four different sludge lines with different plant sizes were evaluated from an environmental and economic point of view. The sludge lines range between 25,000–1,000,0000 of equivalent inhabitants and the main difference between them is that small WWTP has no AD unit. According to the results, environmental impacts of the AD technology do not depend directly on the size of the plant. It is for this reason that not only medium and large plants bring environmental and economic benefits, but also smaller ones, as long as the necessary premise of biogas valorization into bioenergy is met. AD technology can be improved with the addition of agrowaste that can enhance the organic load in the anaerobic digestor and improve the yield of biogas production and the eco-efficiency, in such a way that the premises of technological, economic and environmental viability are fulfilled

Full text

What is the best scale for implementing anaerobic digestion according to environmental and economic indicators? Andrea Arias, Gumersindo Feijoo, Maria Teresa Moreira Accepted Manuscript How to cite: Journal of Water Process Engineering, Volume 35, June 2020, 101235 Doi: 10.1016/j.jwpe.2020.101235 Copyright information: © 2020 Elsevier Ltd. This manuscript version is made available under the CC-BY-NC-ND 4.0 license (http://creativecommons.org/licenses/by-nc-nd/4.0) tŚĂƚŝƐƚŚĞďĞƐƚƐĐĂůĞĨŽƌŝŵƉůĞŵĞŶƚŝŶŐĂŶĂĞƌŽďŝĐĚŝŐĞƐƚŝŽŶĂĐĐŽƌĚŝŶŐƚŽ ĞŶǀŝƌŽŶŵĞŶƚĂůĂŶĚĞĐŽŶŽŵŝĐŝŶĚŝĐĂƚŽƌƐ ŶĚƌĞĂƌŝĂƐĂΎ'ƵŵĞƌƐŝŶĚŽ&ĞŝũŽŽ ĂDĂƌşĂdĞƌĞƐĂDŽƌĞŝƌĂĂ ĂĞƉĂƌƚŵĞŶƚ ŽĨ ŚĞŵŝĐĂů ŶŐŝŶĞĞƌŝŶŐ Zdh^ ŝŶƐƚŝƚƵƚĞ hŶŝǀĞƌƐŝĚĂĚĞ ĚĞ ^ĂŶƚŝĂŐŽ ĚĞ ŽŵƉŽƐƚĞůĂ ͲϭϱϳϴϮ ^ĂŶƚŝĂŐŽĚĞŽŵƉŽƐƚĞůĂ'ĂůŝĐŝĂ^ƉĂŝŶ ΎŽƌƌĞƐƉŽŶĚŝŶŐĂƵƚŚŽƌͲŵĂŝůĂĂƌŝĂƐĐŝƐƚĞƌŶĂΛƵƐĐĞƐ ,ŝŐŚůŝŐŚƚƐ ŶĂĞƌŽďŝĐĚŝŐĞƐƚŝŽŶ ;Ϳ ĂůůŽǁƐ ƚŽŝŵƉƌŽǀĞƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂůĂŶĚĞĐŽŶŽŵŝĐŝŶĚŝĐĂƚŽƌƐ ŽĨǁĂƐƚĞǁĂƚĞƌ ƚƌĞĂƚŵĞŶƚ dŚĞďŝŽŐĂƐƚƌĂŶƐĨŽƌŵĂƚŝŽŶŝŶƚŽĞŶĞƌŐǇŝƐ ĐƌƵĐŝĂůƚŽĞŶƐƵƌĞƚŚĞƐůƵĚŐĞͲĞŶĞƌŐǇŶĞǆƵƐ dŚĞŝŶĐŽƌƉŽƌĂƚŝŽŶŽĨƚŚĞƵŶŝƚŝƐŶŽƚĐŽƌƌĞůĂƚĞĚǁŝƚŚ ƚŚĞƐŝǌĞŽĨƚŚĞƉůĂŶƚ dŚĞǀŝĂďŝůŝƚǇŽĨĂŶĂĞƌŽďŝĐĚŝŐĞƐƚŝŽŶĐĂŶďĞŐƵĂƌĂŶƚĞĞĚďǇƉƌŽĐĞƐƐŝŶŐŽƚŚĞƌŽƌŐĂŶŝĐǁĂƐƚĞƐ tŚĂƚŝƐƚŚĞďĞƐƚƐĐĂůĞĨŽƌŝŵƉůĞŵĞŶƚŝŶŐĂŶĂĞƌŽďŝĐĚŝŐĞƐƚŝŽŶĂĐĐŽƌĚŝŶŐƚŽ ĞŶǀŝƌŽŶŵĞŶƚĂůĂŶĚĞĐŽŶŽŵŝĐŝŶĚŝĐĂƚŽƌƐ 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tŝƚŚƚŚĞĚĞĐĞŶƚƌĂůŝǌĞĚĐŽŶƚĞǆƚƚĂŬŝŶŐŵŽƌĞƐƚƌĞŶŐƚŚŽŶĞƋƵĞƐƚŝŽŶĂƌŝƐĞƐ/ƐƚŚĞƚĞĐŚŶŽůŽŐǇǀŝĂďůĞŝŶϴ ƐŵĂůůĞƌƉůĂŶƚƐϵ /Ŷ ƚŚŝƐ ƐƚƵĚǇ ĨŽƵƌ ĚŝĨĨĞƌĞŶƚ ƐůƵĚŐĞ ůŝŶĞƐ ǁŝƚŚ ĚŝĨĨĞƌĞŶƚ ƉůĂŶƚ ƐŝǌĞƐ ǁĞƌĞ ĞǀĂůƵĂƚĞĚ ĨƌŽŵ ĂŶϭϬ ĞŶǀŝƌŽŶŵĞŶƚĂůĂŶĚĞĐŽŶŽŵŝĐƉŽŝŶƚŽĨǀŝĞǁdŚĞƐůƵĚŐĞůŝŶĞƐƌĂŶŐĞďĞƚǁĞĞŶϮϱϬϬϬƚŽϭϬϬϬϬϬϬϬŽĨϭϭ ĞƋƵŝǀĂůĞŶƚ ŝŶŚĂďŝƚĂŶƚƐ ĂŶĚ ƚŚĞ ŵĂŝŶ ĚŝĨĨĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƚŚĞŵ ŝƐ ƚŚĂƚ ƐŵĂůů ttdW ŚĂƐ ŶŽ  ƵŶŝƚϭϮ ĐĐŽƌĚŝŶŐƚŽƚŚĞƌĞƐƵůƚƐĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚƐŽĨƚŚĞƚĞĐŚŶŽůŽŐǇĚŽŶŽƚĚĞƉĞŶĚĚŝƌĞĐƚůǇŽŶƚŚĞƐŝǌĞϭϯ ŽĨƚŚĞƉůĂŶƚ/ƚŝƐĨŽƌƚŚŝƐƌĞĂƐŽŶƚŚĂƚŶŽƚŽŶůǇŵĞĚŝƵŵĂŶĚůĂƌŐĞƉůĂŶƚƐďƌŝŶŐĞŶǀŝƌŽŶŵĞŶƚĂůĂŶĚĞĐŽŶŽŵŝĐϭϰ ďĞŶĞĨŝƚƐďƵƚĂůƐŽƐŵĂůůĞƌŽŶĞƐĂƐůŽŶŐĂƐƚŚĞŶĞĐĞƐƐĂƌǇƉƌĞŵŝƐĞŽĨďŝŽŐĂƐǀĂůŽƌŝǌĂƚŝŽŶ ŝŶƚŽ ďŝŽĞŶĞƌŐǇŝƐϭϱ ŵĞƚƚĞĐŚŶŽůŽŐǇĐĂŶďĞŝŵƉƌŽǀĞĚǁŝƚŚƚŚĞĂĚĚŝƚŝŽŶŽĨĂŐƌŽǁĂƐƚĞ ƚŚĂƚĐĂŶĞŶŚĂŶĐĞƚŚĞŽƌŐĂŶŝĐůŽĂĚŝŶϭϲ ƚŚĞĂŶĂĞƌŽďŝĐĚŝŐĞƐƚŽƌĂŶĚŝŵƉƌŽǀĞƚŚĞǇŝĞůĚŽĨďŝŽŐĂƐƉƌŽĚƵĐƚŝŽŶĂŶĚƚŚĞĞĐŽͲĞĨĨŝĐŝĞŶĐǇŝŶƐƵĐŚĂǁĂǇϭϳ ƚŚĂƚƚŚĞƉƌĞŵŝƐĞƐŽĨƚĞĐŚŶŽůŽŐŝĐĂůĞĐŽŶŽŵŝĐĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůǀŝĂďŝůŝƚǇĂƌĞĨƵůĨŝůůĞĚϭϴ <ĞǇǁŽƌĚƐĂŶĂĞƌŽďŝĐĚŝŐĞƐƚŝŽŶ;ͿĞĐŽŶŽŵŝĐĂŶĂůǇƐŝƐ;ͿĞĐŽͲĞĨĨŝĐŝĞŶĐǇĞŶĞƌŐǇƉƌŽĚƵĐƚŝŽŶůŝĨĞĐǇĐůĞϭϵ ĂƐƐĞƐƐŵĞŶƚ;>ͿƐĐĂůĞͲƵƉĂŶĂůǇƐŝƐϮϬ Ϯϭ EŽŵĞŶĐůĂƚƵƌĞ  ŶĂĞƌŽďŝĐŝŐĞƐƚŝŽŶ ŶDZ ŶĂĞƌŽďŝĐDĞŵďƌĂŶĞŝŽƌĞĂĐƚŽƌ  ůŝŵĂƚĞŚĂŶŐĞ K ŚĞŵŝĐĂůKǆǇŐĞŶĞŵĂŶĚ  ĐŽŶŽŵŝĐŶĂůǇƐŝƐ W ƵƚƌŽƉŚŝĐĂƚŝŽŶWŽƚĞŶƚŝĂů ZK/ ŶĞƌŐǇZĞƚƵƌŶŽŶ/ŶǀĞƐƚŵĞŶƚ &d &ƌĞƐŚǁĂƚĞƌĐŽdŽǆŝĐŝƚǇ &h &ƵŶĐƚŝŽŶĂůhŶŝƚ ,d ,ƵŵĂŶdŽǆŝĐŝƚǇ > >ŝĨĞǇĐůĞƐƐĞƐƐŵĞŶƚ >/ >ŝĨĞ ǇĐůĞ/ŶǀĞŶƚŽƌǇ Dd DĂƌŝŶĞĐŽdŽǆŝĐŝƚǇ K KǌŽŶĞĞƉůĞƚŝŽŶ WD& WĂƌƚŝĐƵůĂƚĞDĂƚƚĞƌ&ŽƌŵĂƚŝŽŶ d dĞƌƌĞƐƚƌŝĂůĐŝĚŝĨŝĐĂƚŝŽŶ dd dĞƌƌĞƐƚƌŝĂůĐŽdŽǆŝĐŝƚǇ h^ hƉĨůŽǁŶĂĞƌŽďŝĐ^ůƵĚŐĞůĂŶŬĞƚ t tĂƚĞƌĞƉůĞƚŝŽŶ ttdWƐ tĂƐƚĞtĂƚĞƌdƌĞĂƚŵĞŶƚWůĂŶƚƐ ϭ /ŶƚƌŽĚƵĐƚŝŽŶϭ tĂƐƚĞǁĂƚĞƌ ƚƌĞĂƚŵĞŶƚ ƉůĂŶƚƐ ;ttdWƐͿ ĂƌĞ ĐŽŶƐŝĚĞƌĞĚ ĞƐƐĞŶƚŝĂů ĂĐƚŽƌƐ ĨŽƌ ƚŚĞ ƚƌĞĂƚŵĞŶƚ ŽĨϮ ǁĂƐƚĞǁĂƚĞƌ ƉƌŝŽƌ ƚŽ ŝƚƐ ĚŝƐĐŚĂƌŐĞ ŝŶƚŽ ƚŚĞ ĞŶǀŝƌŽŶŵĞŶƚ ƚŽ ĂǀŽŝĚ ĞŶǀŝƌŽŶŵĞŶƚĂů ƉƌŽďůĞŵƐ ƌĞůĂƚĞĚ ƚŽϯ ĞƵƚƌŽƉŚŝĐĂƚŝŽŶŽƌĂƋƵĂƚŝĐƚŽǆŝĐŝƚǇ ;WĂŶĞƚĂůϮϬϭϱͿ ĞƐƉŝƚĞďĞŝŶŐĂƐƚƌĂƚĞŐǇƚŚĂƚƉƵƌƐƵĞƐĞŶǀŝƌŽŶŵĞŶƚĂůϰ ŽďũĞĐƚŝǀĞƐ ƚŚĞ ŚŝŐŚ ĐŽƐƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ĞŶĞƌŐǇ ĐŽŶƐƵŵƉƚŝŽŶ ĂŶĚ ƐůƵĚŐĞ ŵĂŶĂŐĞŵĞŶƚ ĂƌĞ ƚǁŽϱ ƉĂƌƚŝĐƵůĂƌůǇŝŵƉŽƌƚĂŶƚĞůĞŵĞŶƚƐƚŚĂƚƉĞŶĂůŝǌĞƚŚĞŽƉĞƌĂƚŝŽŶŽĨttdWƐ&ŽƌƚŚŝƐƌĞĂƐŽŶƚŚĞĐŽŶĨŝŐƵƌĂƚŝŽŶϲ ŽĨ ƚŚĞ ŶĞǁ ĨĂĐŝůŝƚŝĞƐ ŝƐ ƵŶĚĞƌŐŽŝŶŐ Ă ƉƌŽĐĞƐƐ ŽĨ ĚǇŶĂŵŝĐ ĐŚĂŶŐĞ ƚŚƌŽƵŐŚ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨϳ ƚĞĐŚŶŽůŽŐŝĞƐ ƚŚĂƚ ĞŶƚĂŝů ůŽǁĞƌ ĞŶǀŝƌŽŶŵĞŶƚĂů ŝŵƉĂĐƚƐ ĂŶĚ ĞĐŽŶŽŵŝĐ ĐŽƐƚƐ ;'ƵĚĞ ϮϬϭϱͿ ,ŽǁĞǀĞƌϴ ŶŽǁĂĚĂǇƐǁĂƐƚĞǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚǁŝƚŚŝŶƚŚĞĨƌĂŵĞǁŽƌŬŽĨƐƵƐƚĂŝŶĂďŝůŝƚǇĂŶĚĐŝƌĐƵůĂƌĞĐŽŶŽŵǇ ŝŵƉůŝĞƐϵ ƚŚĞƐĞĂƌĐŚŽĨƐƵƐƚĂŝŶĂďůĞůŽǁͲĐĂƌďŽŶĂŶĚĞŶĞƌŐǇͲĞĨĨŝĐŝĞŶƚƚĞĐŚŶŽůŽŐŝĞƐ ;'ƵĞƐƚĞƚĂůϮϬϬϵͿϭϬ /ŶƚĞƌŵƐŽĨŽƉĞƌĂƚŝŶŐĐŽƐƚƐƐůƵĚŐĞĚŝƐƉŽƐĂůƵƐƵĂůůǇ ĂĐĐŽƵŶƚƐ ĨŽƌĂďŽƵƚϱϬйŽĨƚŚĞƚŽƚĂůĐŽƐƚƐŽĨĂϭϭ ttdW ;>ŽƌĞŶǌŽͲdŽũĂ Ğƚ Ăů ϮϬϭϲͿ ŝĨĨĞƌĞŶƚ ƐůƵĚŐĞ ƚƌĞĂƚŵĞŶƚ ƚĞĐŚŶŽůŽŐŝĞƐ ŚĂǀĞ ƉƌŽƐ ĂŶĚ ĐŽŶƐϭϮ ;DŽƵŶƚŽƵƌŝƐĞƚĂůϮϬϬϴͿ dŚĞƐŝŵƉůĞƐƚĂůƚĞƌŶĂƚŝǀĞƚŽƚŚĞƐůƵĚŐĞůŝŶĞĐŽŶƐŝƐƚƐŽĨĂƚŚŝĐŬĞŶŝŶŐƵŶŝƚĨŽůůŽǁĞĚϭϯ ďǇŚŽŵŽŐĞŶŝǌĂƚŝŽŶ ĂŶĚĚĞǁĂƚĞƌŝŶŐ ;ZŽĚƌŝŐƵĞǌͲ'ĂƌĐŝĂĞƚĂůϮϬϭϭͿ/ŶƚŚŝƐƐĐŚĞŵĞƐůƵĚŐĞŝƐƚƌĞĂƚĞĚĂƐĂϭϰ ǁĂƐƚĞ ƐŽ ƚŚĞƌĞ ĂƌĞ ŶŽ ĞŶǀŝƌŽŶŵĞŶƚĂů Žƌ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ ĨƌŽŵ ƚŚĞ ǀĂůŽƌŝǌĂƚŝŽŶ ŽĨ ďŝŽŐĂƐ &ƌŽŵ Ăϭϱ ƚŚĞƌŵĂůƚƌĞĂƚŵĞŶƚƉĞƌƐƉĞĐƚŝǀĞĂŶĂůŽŐŽƵƐƚŽǁŚĂƚŚĂƉƉĞŶƐǁŝƚŚƵƌďĂŶƐŽůŝĚǁĂƐƚĞŝŶĐŝŶĞƌĂƚŝŽŶƌĞĚƵĐĞƐϭϲ ƚŚĞĂŵŽƵŶƚŽĨƐůƵĚŐĞĂŶĚƌĞĐŽǀĞƌƐĞŶĞƌŐǇĂŶĚŚĞĂƚ,ŽǁĞǀĞƌƚŚŝƐƉƌŽĐĞƐƐ ƉƌĞƐĞŶƚƐŚŝŐŚŽƉĞƌĂƚŝŶŐĐŽƐƚƐϭϳ ĂŶĚ ƉŽŽƌƉƵďůŝĐĂĐĐĞƉƚĂŶĐĞ ;ƵǇƐĞƚĂůϮϬϬϴͿ KƚŚĞƌŶŽƚĂƐĚĞǀĞůŽƉĞĚƚŚĞƌŵĂůƉƌŽĐĞƐƐĞƐƐƵĐŚĂƐƉǇƌŽůǇƐŝƐϭϴ ŽƌŐĂƐŝĨŝĐĂƚŝŽŶĐĂŶƚƌĂŶƐĨŽƌŵƐůƵĚŐĞŝŶƚŽĚŝĨĨĞƌĞŶƚƐƚƌĞĂŵƐǁŝƚŚƐŝŐŶŝĨŝĐĂŶƚ ĐĂůŽƌŝĨŝĐƉŽƚĞŶƚŝĂůďƵƚĂůƐŽĂŶϭϵ ŝŶĐƌĞĂƐĞŝŶĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚƐĂŶĚĞĐŽŶŽŵŝĐĐŽƐƚƐϮϬ dŚĞŵŽƐƚǁŝĚĞůǇƵƐĞĚĂůƚĞƌŶĂƚŝǀĞ ŝŶƚƌĞĂƚŵĞŶƚƉůĂŶƚƐŝƐĂŶĂĞƌŽďŝĐĚŝŐĞƐƚŝŽŶ;ͿŝŶǁŚŝĐŚďŝŽŐĂƐĐĂŶϮϭ ďĞƚƌĂŶƐĨŽƌŵĞĚŝŶƚŽŐƌĞĞŶĞŶĞƌŐǇĂŶĚƚŚĞƚƌĞĂƚĞĚƌĞƐŝĚƵĂůĨƌĂĐƚŝŽŶĐĂŶďĞƵƐĞĚĂƐĨĞƌƚŝůŝǌĞƌ;<ĂƌĂŐŝĂŶŶŝĚŝƐϮϮ ĂŶĚ WĞƌŬŽƵůŝĚŝƐ ϮϬϬϵͿ ,ŽǁĞǀĞƌ ŶŽƚ Ăůů ttdWƐ ŝŶƚĞŐƌĂƚĞ ƚŚŝƐ ƐůƵĚŐĞ ƚƌĞĂƚŵĞŶƚ ƐĐŚĞŵĞ ǁŚŝĐŚ ŝƐϮϯ ĂƚƚƌŝďƵƚĞĚƚŽƚŚĞŶĞĞĚĨŽƌĂŵŝŶŝŵƵŵƐŝǌĞŽĨƚŚĞƚƌĞĂƚŵĞŶƚƉůĂŶƚŝŶŽƌĚĞƌƚŽĞŶƐƵƌĞƐƚĞĂĚǇ ĂŶĚƉƌŽĨŝƚĂďůĞϭ ŽƉĞƌĂƚŝŽŶŽĨƚŚĞƵŶŝƚ/ŶĂĐŽŶƚĞǆƚŽĨŐƌŽǁŝŶŐƉŽƉƵůĂƚŝŽŶǁŚĞƌĞŶĞǁƚƌĞĂƚŵĞŶƚƉůĂŶƚƐĂƌĞƉůĂŶŶĞĚƚŽϮ ƚƌĞĂƚǁĂƐƚĞǁĂƚĞƌĨƌŽŵŶĞǁůǇĐŽŶƐƚƌƵĐƚĞĚĚǁĞůůŝŶŐƐ ǁŝƚŚůŝŵŝƚĞĚĐĞŶƚƌĂůŝǌĞĚƐĞƌǀŝĐĞƐƚŚĞƌĞŝƐƵŶĚĞŶŝĂďůĞϯ ŝŶƚĞƌĞƐƚŝŶĂƐƐĞƐƐŝŶŐƚŚĞǀŝĂďŝůŝƚǇŽĨƚŚĞ ƚĞĐŚŶŽůŽŐǇ ŝŶĂĐŽŶƚĞǆƚŽĨĚĞĐĞŶƚƌĂůŝǌĞĚƚƌĞĂƚŵĞŶƚϰ /ŶƚŚŝƐǁŽƌŬƚŚĞůŝĨĞĐǇĐůĞĂƐƐĞƐƐŵĞŶƚ;>ͿŵĞƚŚŽĚŽůŽŐǇŚĂƐďĞĞŶƉƌŽƉŽƐĞĚĂƐĂŶŽƉƚŝŽŶƚŚĂƚĂůůŽǁƐϱ ƚŚĞĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚƐŽĨĂƉƌŽĚƵĐƚŽƌƉƌŽĐĞƐƐĨƌŽŵĂŚŽůŝƐƚŝĐƉĞƌƐƉĞĐƚŝǀĞ;/^Kϲ ϭϰϬϰϬϮϬϬϲͿ dŚŝƐƐƚĂŶĚƉŽŝŶƚ ŚĂƐďĞĞŶĂƉƉůŝĞĚƚŽĞǀĂůƵĂƚĞƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂůƉƌŽĨŝůĞŽĨĚŝĨĨĞƌĞŶƚƐůƵĚŐĞϳ ƚƌĞĂƚŵĞŶƚƐĐŚĞŵĞƐ;^ƵŚĂŶĚZŽƵƐƐĞĂƵǆϮϬϬϭͿŝŶĐůƵĚŝŶŐƚŚĞĞĨĨĞĐƚŽĨƉƌĞͲƚƌĞĂƚŵĞŶƚƐǇƐƚĞŵƐƚŽŝŵƉƌŽǀĞϴ ƚŚĞ ďŝŽĚĞŐƌĂĚĂďŝůŝƚǇ ŽĨ ƐůƵĚŐĞ ĂŶĚ ŝŶĐƌĞĂƐĞ ďŝŽŐĂƐ ƉƌŽĚƵĐƚŝŽŶ ;DŝůůƐ Ğƚ Ăů ϮϬϭϰͿ /ƚ ŝƐ ƉĂƌƚŝĐƵůĂƌůǇϵ ŝŶƚĞƌĞƐƚŝŶŐ ƚŽ ĐŽŵďŝŶĞ ƚŚĞ ůŝĨĞ ĐǇĐůĞ ĂƉƉƌŽĂĐŚ ǁŝƚŚ ƚŚĞ ĞĐŽŶŽŵŝĐ Žƌ ĐŽƐƚ ĂŶĂůǇƐŝƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚϭϬ ǁĂƐƚĞǁĂƚĞƌĂŶĚƐůƵĚŐĞƚƌĞĂƚŵĞŶƚƐ ;EĞůƐŽŶϮϬϬϴͿ ŽŶƐŝĚĞƌŝŶŐƚŚĂƚƚŚŝƐƵŶŝƚŚĂƐŝŵƉŽƌƚĂŶƚďĞŶĞĨŝƚƐƚŚĞϭϭ ƋƵĞƐƚŝŽŶĂƌŝƐĞƐĂƐƚŽǁŚǇŝƚŝƐŶŽƚĂ ƵŶŝǀĞƌƐĂůĂŶĚŝŶĚŝƐƉƵƚĂďůĞŽƉƚŝŽŶĨŽƌĂŶǇƚǇƉĞŽĨƚƌĞĂƚŵĞŶƚƉůĂŶƚdŚĞϭϮ ĨĂĐƚ ƚŚĂƚ ŝƚ ŝƐ ŶŽƚ ĂƐ ŝŵƉůĞŵĞŶƚĞĚ ĂƐ ŵŝŐŚƚ ďĞ ĞǆƉĞĐƚĞĚ ŵƵƐƚ ďĞ ũƵƐƚŝĨŝĞĚ ŶŽƚ ŽŶůǇ ŽŶ ƚĞĐŚŶŽůŽŐŝĐĂůϭϯ ŐƌŽƵŶĚƐďƵƚĂůƐŽŽŶƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂůĂŶĚĞĐŽŶŽŵŝĐĂĚǀĂŶƚĂŐĞƐƚŚĂƚƚŚŝƐƵŶŝƚŵĂǇ ŚĂǀĞŝŶĚŝĨĨĞƌĞŶƚϭϰ ƉůĂŶƚƐŝǌĞƐĚĚŝƚŝŽŶĂůůǇŝƚŝƐŝŵƉŽƌƚĂŶƚƚŽĐŽŵƉĂƌĞƚŚĞƐůƵĚŐĞůŝŶĞƐƚŚĂƚĚŽŶŽƚŚĂǀĞĂŶƵŶŝƚǁŝƚŚƚŚĞϭϱ ƐĐŚĞŵĞƐ ƚŚĂƚ ŝŶĐŽƌƉŽƌĂƚĞ ƚŚŝƐ ƚĞĐŚŶŽůŽŐǇ ŝŶ ŽƌĚĞƌ ƚŽ ǀĂůŝĚĂƚĞ Žƌ ĚŝƐĐĂƌĚ ŝƚƐ ŝŵƉůĞŵĞŶƚĂƚŝŽŶϭϲ ŽŶƐĞƋƵĞŶƚůǇŝƚŝƐŝŵƉŽƌƚĂŶƚƚŽĚĞĨŝŶĞƚŚĞƐĐĂůĞŽĨƚŚĞƚƌĞĂƚŵĞŶƚƉůĂŶƚĨƌŽŵǁŚŝĐŚŝƚŝƐĂƉƉƌŽƉƌŝĂƚĞƚŽƐĞƚϭϳ ƵƉ ƚŚĞƚĞĐŚŶŽůŽŐǇĂĐĐŽƌĚŝŶŐƚŽĞŶǀŝƌŽŶŵĞŶƚĂůĂŶĚĞĐŽŶŽŵŝĐ ĐƌŝƚĞƌŝĂ ĂŶĚŝĚĞŶƚŝĨǇƚŚĞďĂƌƌŝĞƌƐĞǆŝƐƚŝŶŐϭϴ ƚŚĂƚŝŵƉĞĚĞĂǁŝĚĞƐƉƌĞĂĚŝŵƉůĞŵĞŶƚĂƚŝŽŶϭϵ Ϯ DĂƚĞƌŝĂůƐĂŶĚŵĞƚŚŽĚƐϮϬ ϮϭDĞƚŚŽĚŽůŽŐǇϮϭ > ŝƐĚĞĨŝŶĞĚĂƐĂŵĞƚŚŽĚŽůŽŐǇĨŽƌĞǀĂůƵĂƚŝŶŐƚŚĞŝŵƉĂĐƚƚŚƌŽƵŐŚŽƵƚƚŚĞƚŽƚĂůůŝĨĞŽĨĂƉƌŽĚƵĐƚϮϮ ŽƌƉƌŽĐĞƐƐ;/^KϭϰϬϰϬϮϬϬϲͿdŚŝƐŵĞƚŚŽĚŽůŽŐǇĐĂŶďĞĚŝǀŝĚĞĚŝŶĨŽƵƌŵĂŝŶƐƚĞƉƐŝͿŐŽĂůĂŶĚƐĐŽƉĞϮϯ ĚĞĨŝŶŝƚŝŽŶŝŝͿůŝĨĞĐǇĐůĞŝŶǀĞŶƚŽƌǇ;>/ͿŝŝŝͿůŝĨĞĐǇĐůĞŝŵƉĂĐƚĂƐƐĞƐƐŵĞŶƚĂŶĚŝǀͿŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ;/^KϭϰϬϰϬϭ ϮϬϬϲͿůůƚŚĞƐĞƐƚĞƉƐǁĞƌĞŝŶĐůƵĚĞĚŝŶƚŚŝƐƐƚƵĚǇϮ ϮϮ'ŽĂůĂŶĚƐĐŽƉĞĚĞĨŝŶŝƚŝŽŶϯ ŶǀŝƌŽŶŵĞŶƚĂů ĂŶĚ ĞĐŽŶŽŵŝĐ ŝŶĚŝĐĂƚŽƌƐ ǁĞƌĞ ĞǀĂůƵĂƚĞĚ ĨŽƌ ƚŚĞ ĚŝĨĨĞƌĞŶƚ ƐůƵĚŐĞ ůŝŶĞƐ ŽĨ ƌĞĂůϰ ttdWƐĂůůŽĨƚŚĞŵůŽĐĂƚĞĚŝŶ^ƉĂŝŶ&ŽƵƌƉůĂŶƚƐŝǌĞƐǁĞƌĞƐĞůĞĐƚĞĚŝͿŽŶĞƐŵĂůů;^ĐĞŶĂƌŝŽϬϮϱϬϬϬϱ ĞƋƵŝǀĂůĞŶƚŝŶŚĂďŝƚĂŶƚƐͿŝŝͿƚǁŽŵĞĚŝƵŵ;^ĐĞŶĂƌŝŽƐϭĂŶĚϮϮϬϬϬϬϬĂŶĚϰϬϬϬϬϬĞƋƵŝǀĂůĞŶƚ ŝŶŚĂďŝƚĂŶƚƐϲ ƌĞƐƉĞĐƚŝǀĞůǇͿĂŶĚĨŝŶĂůůǇŝŝŝͿŽŶĞůĂƌŐĞ;^ĐĞŶĂƌŝŽϯϭϬϬϬϬϬϬĞƋƵŝǀĂůĞŶƚŝŶŚĂďŝƚĂŶƚƐͿdŚĞƉůĂŶƚƐŚĂǀĞϳ ĚŝĨĨĞƌĞŶƚǁĂƐƚĞǁĂƚĞƌƚƌĞĂƚŵĞŶƚĨůŽǁƐĨƌŽŵ ϲϮϱϬŵϯĚĨŽƌ^ϬƚŽϮϭϯϰϭϬŵϯĚĨŽƌ^ϯdŚĞƉůĂŶƚƐĂƌĞŵĂŝŶůǇϴ ďĂƐĞĚŽŶƚŚĞƉƌŽĐĞƐƐŽĨ ĂĐƚŝǀĂƚĞĚƐůƵĚŐĞƚŽƌĞŵŽǀĞŽƌŐĂŶŝĐŵĂƚƚĞƌdŚĞƐŵĂůůƉůĂŶƚĚŽĞƐŶŽƚŚĂǀĞĂϵ ƉƌŝŵĂƌǇƚƌĞĂƚŵĞŶƚďƵƚŽŶůǇĂƉƌĞͲƚƌĞĂƚŵĞŶƚƚŽƌĞŵŽǀĞŐƌĞĂƐĞƐĂŶĚƐŽůŝĚƐǁŚĞƌĞĂƐƚŚĞŵĞĚŝƵŵĂŶĚůĂƌŐĞϭϬ ƉůĂŶƚƐ ŚĂǀĞĂƉƌŝŵĂƌǇƚƌĞĂƚŵĞŶƚƚŽƌĞŵŽǀĞŽƌŐĂŶŝĐŵĂƚƚĞƌĂŶĚƐŽůŝĚƐdŚĞŵĂŝŶĚŝĨĨĞƌĞŶĐĞƐĐŽƌƌĞƐƉŽŶĚϭϭ ƚŽƚŚĞƐůƵĚŐĞůŝŶĞƐĐŚĞŵĞϭϮ dŚĞƐŵĂůůƉůĂŶƚ;^ĐĞŶĂƌŝŽϬͿĐŽŶƐŝƐƚƐŽĨĂƚŚŝĐŬĞŶŝŶŐƵŶŝƚĂŚŽŵŽŐĞŶŝǌĞƌ ĂŶĚĨŝŶĂůůǇĂĨŝůƚƌĂƚŝŽŶϭϯ ƵŶŝƚǁŝƚŚĂĚĞǁĂƚĞƌŝŶŐ ďĂŶĚ ĨŝůƚĞƌdŚŝƐŝƐǁŚǇŝƚŝƐĂďĂƐŝĐƐůƵĚŐĞůŝŶĞǁŝƚŚŽƵƚĂŶƵŶŝƚdŚĞŽƚŚĞƌƉůĂŶƚƐϭϰ ŚĂǀĞĂŶĂŶĂůŽŐŽƵƐĐŽŶĨŝŐƵƌĂƚŝŽŶĞǆĐĞƉƚĨŽƌƚŚĞĨĂĐƚƚŚĂƚƚŚĞǇŝŶĐůƵĚĞ ĂŶƵŶŝƚŽĨĚŝĨĨĞƌĞŶƚƐŝǌĞĐŽƵƉůĞĚϭϱ 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>ŽƌĞŶǌŽͲdŽũĂzsĄǌƋƵĞǌͲZŽǁĞ/ŵŽƌĞƐD:dĞƌŵĞƐͲZŝĨĠDDĂƌşŶͲEĂǀĂƌƌŽDŽƌĞŝƌĂDdϮ &ĞŝũŽŽ'ϮϬϭϲĞŶĐŚŵĂƌŬŝŶŐǁĂƐƚĞǁĂƚĞƌƚƌĞĂƚŵĞŶƚƉůĂŶƚƐƵŶĚĞƌĂŶĞĐŽͲĞĨĨŝĐŝĞŶĐǇ ƉĞƌƐƉĞĐƚŝǀĞϯ ^ĐŝdŽƚĂůŶǀŝƌŽŶϱϲϲʹϱϲϳϰϲϴʹϰϳϵŚƚƚƉƐĚŽŝŽƌŐϭϬϭϬϭϲũƐĐŝƚŽƚĞŶǀϮϬϭϲϬϱϭϭϬϰ >ƵŶĚŝĞ^WĞƚĞƌƐ'DĞĂǀŝƐWϮϬϬϰ>ŝĨĞǇĐůĞƐƐĞƐƐŵĞŶƚĨŽƌ^ƵƐƚĂŝŶĂďůĞDĞƚƌŽƉŽůŝƚĂŶtĂƚĞƌϱ ^ǇƐƚĞŵƐWůĂŶŶŝŶŐŶǀŝƌŽŶ^ĐŝdĞĐŚŶŽůϯϴϯϰϲϱʹϯϰϳϯŚƚƚƉƐĚŽŝŽƌŐϭϬϭϬϮϭĞƐϬϯϰϮϬϲŵϲ DŝůůƐEWĞĂƌĐĞW&ĂƌƌŽǁ:dŚŽƌƉĞZ<ŝƌŬďǇE&ϮϬϭϰŶǀŝƌŽŶŵĞŶƚĂůΘĞĐŽŶŽŵŝĐůŝĨĞĐǇĐůĞϳ ĂƐƐĞƐƐŵĞŶƚŽĨĐƵƌƌĞŶƚΘĨƵƚƵƌĞƐĞǁĂŐĞƐůƵĚŐĞƚŽĞŶĞƌŐǇƚĞĐŚŶŽůŽŐŝĞƐtĂƐƚĞDĂŶĂŐϯϰϭϴϱʹϭϵϱϴ ŚƚƚƉƐĚŽŝŽƌŐϭϬϭϬϭϲũǁĂƐŵĂŶϮϬϭϯϬϴϬϮϰϵ DŽƵŶƚŽƵƌŝƐsŽƵƚƐĂƐdĂƐƐŝŽƐϮϬϬϴWůĂƐŵĂŐĂƐŝĨŝĐĂƚŝŽŶŽĨƐĞǁĂŐĞƐůƵĚŐĞථWƌŽĐĞƐƐĚĞǀĞůŽƉŵĞŶƚϭϬ ĂŶĚĞŶĞƌŐǇŽƉƚŝŵŝǌĂƚŝŽŶϰϵϮϮϲϰʹϮϮϳϭŚƚƚƉƐĚŽŝŽƌŐϭϬϭϬϭϲũĞŶĐŽŶŵĂŶϮϬϬϴϬϭϬϮϱϭϭ EĞůƐŽŶ<>ϮϬϬϴ,ǇďƌŝĚ>ŝĨĞͲǇĐůĞ 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