22.03.10 - Modelo CIBC Adaptado MH - V3 - INCLUDING 3rd Parties Ore Purchases

Scenario With Third Parties Ore Purchases ESTIMATE Compare Compare
2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E TOTAL 43-101 43-101
days 350 350 350 350 350 350 350 350 350 TOTAL AVE PY
TPD (mined) 1,600 1,633 1,642 1,640 1,675 1,446 1,467 1,019 907 4,000 2,207 552
TPD (processed) (includes ore from small miners) 1,718 1,753 1,762 1,760 1,795 1,566 1,587 1,139 1,027 4,336 2,207 552
NSR (comparasion & analysis in row 168) $/t 144 134 131 138 165 140 138 161 143 154 154
Net Revenue (excl. Other) US$mm $70.5 $88.1 $82.9 $80.9 $86.9 $90.6 $77.8 $55.1 $57.7 $619.8 $340.4 $62.0
Total Operating Costs US$mm ($43.4) ($43.6) ($44.3) ($44.6) ($45.3) ($39.5) ($40.1) ($29.1) ($26.3) ($312.8) ($200.2) ($38.0)
Other Operating Costs US$mm ($2.2) ($2.2) ($2.0) ($1.9) ($2.1) ($2.4) ($2.0) ($1.4) ($1.5) ($15.3)
Exploration + selling Expenses (minor) US$mm ($6.7) ($10.4) ($7.4) ($7.4) ($7.4) ($7.4) ($0.4) ($0.4) ($0.4) ($41.3) ($10.7)
Corporate G&A US$mm ($3.4) ($3.9) ($3.9) ($3.9) ($3.9) ($3.9) ($3.9) ($3.9) ($3.9) ($31.6)
Other Revenue /(Costs), net US$mm $0.7 $1.3 $1.2 $1.2 $1.3 $1.4 $1.2 $0.8 $0.9 $9.3
Royalties and Contributions US$mm ($1.2) ($2.0) ($1.6) ($1.5) ($1.7) ($2.1) ($1.5) ($0.9) ($1.1) ($12.4)
EBITDA US$mm $14.3 $27.3 $24.9 $22.7 $27.7 $36.5 $31.1 $20.2 $25.3 $215.7 $129.5 $24.0
Cash Taxes (Corporate Tax, Workers Participation Taxes) US$mm ($0.5) ($1.2) ($7.1) ($2.9) ($2.5) ($6.8) ($9.0) ($3.0) ($1.8) ($34.2) ($31.8) ($8.0)
FCF Impact from NWC US$mm ($0.3) ($0.4) ($0.6) ($0.0) ($2.5) $0.2 $0.0 ($0.3) ($0.3) ($3.8)
Operating Cash Flow US$mm $13.5 $25.7 $17.3 $19.8 $22.8 $29.9 $22.1 $17.0 $23.2 $177.7 $97.7 $16.0
Capex US$mm ($9.7) ($17.2) ($20.6) ($5.0) ($0.6) ($0.5) ($0.5) ($0.5) ($0.5) ($45.4) ($38.5) ($6.8)
Free Cash Flow US$mm $3.9 $8.4 ($3.4) $14.8 $22.2 $29.4 $21.6 $16.5 $22.7 $132.3 $59.2 $9.3
Discount Factor 0.96 0.89 0.82 0.76 0.71 0.65 0.61 0.56
NPV8% $92 MM
Add: Cash (as at December 31, 2021) $2 MM
Less: Debt (as at December 31, 2021) ($27) MM
Corporate NAV $68 MM
Multiple P/NAV - zinc median group (LBS) 0.74 x
Implied valuation as a zinc producer $50 MM
Browfield Exploracion 2022 - 2026 (Blue-sky) $5 Millions per year (added by Matias)
Factor to bring down NSR if want to - currently at: 100% of Base Case
Mine Unit Costs

REAL
Unit Costs by Function 2021 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E
Mining $/t Mined 39.00 43.00 44.00 45.00 45.00 45.00 45.00 45.00 45.00
General Services $/t Mined 16.00 14.64 14.85 14.85 14.83 14.65 14.66 14.73 14.73
Plant Processing $/t Processed 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
Water Treatment Plant (NCD) $/t Processed 1.00 0.71 0.56 0.47 0.48 0.47 0.47 0.47 0.47
66.00 68.35 69.42 70.32 70.31 70.12 70.12 70.20 70.20
Third-Party Ore Purchases $/t Purchased 98.20 93.19 91.28 86.18 86.18 86.18 86.18 86.18
Control - - - - - - - -
Sales Expense - - - - - - - -
Freight $/t of Conc. 36.94 36.94 36.94 36.94 36.94 36.94 36.94 36.94
Ore Mined & Processed

2021 REAL 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E
Bienaventurada t 417,699 473,061 476,807 329,663 405,224 404,367 513,404 356,751 317,443 3,276,721
Chonta t - - 216,962 180,892 101,590 - - - 499,444
Yen t 142,434 98,577 97,952 27,306 - - - - - 223,835
Gladys-Kenia t - - - - - - - - -
Teresita t - - - - - - - - -
Total Ore Mined t 560,133 571,638 574,759 573,931 586,116 505,957 513,404 356,751 317,443 4,000,000
Ore Purchased (Third-Party) t 41,323 42,000 42,000 42,000 42,000 42,000 42,000 42,000 42,000 336,000
Total Ore Processed t 601,456 613,638 616,759 615,931 628,116 547,957 555,404 398,751 359,443 4,336,000
Capex
2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E
Tailings Disposal US$mm - 4.00 - - - - - -
Sustaining US$mm 1.20 3.50 0.50 0.50 0.50 0.50 0.50 0.50
Mine Closure US$mm - - - - - - - -
Total Sustaining Capex US$mm 11.7 1.2 7.5 0.5 0.5 0.5 0.5 0.5 0.5
Development Capex
2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E
Mine Expansion US$mm 16.01 13.13 4.50 0.06 - - - -
Plant Expansion US$mm - - - - - - - -
Teresita Expansion Capex US$mm - - - - - - - -
Total Development Capex US$mm 33.7 16.0 13.1 4.5 0.1 - - - -
OTHER EXPENSES (EXPLORATION)

Exploration Costs 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E
Exploration Development and Infill Drilling Costs 10.0 3.1 2.0 2.0 2.0 2.0 2.0 0.0 0.0 0.0
Brownfield Exploration Costs (Blue-sky) 28.0 3.1 8.0 5.0 5.0 5.0 5.0 0.0 0.0 0.0
Total Exploration Costs 38.0 6.2 10.0 7.0 7.0 7.0 7.0 0.0 0.0 0.0
Selling Expense 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4
Total Other Expenses 6.7 10.4 7.4 7.4 7.4 7.4 0.4 0.4 0.4
Zinc Grades
Bienaventurada % 2.79% 2.85% 3.25% 2.90% 4.65% 2.93% 2.98% 3.72%

Chonta % 2.20% 2.51% 1.88%
Yen % 2.20% 1.82% 1.97% 0.00%
Gladys-Kenia %
Teresita %
Grade Mined % 2.69% 2.68% 2.80% 2.78% 4.10% 2.93% 2.98% 3.72%
Grade - Ore Purchased (Third-Party) % 2.19% 2.19% 2.19% 2.19% 2.19% 2.19% 2.19% 2.19%
Grade Processed % 2.66% 2.64% 2.75% 2.74% 3.95% 2.87% 2.89% 3.54%
Zinc Contained t 16,298 16,306 16,966 17,231 21,642 15,955 11,541 12,726
Lead Grades
Bienaventurada % 3.26% 2.64% 2.77% 2.83% 3.58% 2.90% 2.73% 3.12%

Chonta % 1.59% 1.74%
Yen % 1.52% 1.52% 1.85%
Gladys-Kenia %
Teresita %
Grade - Ore Mined % 2.96% 2.45% 2.28% 2.49% 3.13% 2.90% 2.73% 3.12%
Grade Processed % 2.90% 2.42% 2.27% 2.47% 3.05% 2.84% 2.67% 3.00%
Lead Contained t 17,780 14,951 13,974 15,504 16,708 15,783 10,638 10,797
Copper Grades
Bienaventurada % 0.25% 0.25% 0.27% 0.31% 0.36% 0.25% 0.27% 0.32%

Chonta % 0.12% 0.15% 0.11%
Yen % 0.14% 0.13% 0.19%
Gladys-Kenia %
Teresita %
Grade - Ore Mined % 0.23% 0.23% 0.21% 0.26% 0.31% 0.25% 0.27% 0.32%
Grade Processed % 0.23% 0.22% 0.20% 0.25% 0.29% 0.25% 0.26% 0.30%
Copper Contained t 1,399 1,378 1,257 1,581 1,614 1,373 1,038 1,073
Silver Grades
Bienaventurada oz/t 3.10 3.29 3.14 2.60 1.92 3.18 3.03 2.47
Chonta oz/t - - 3.68 6.95 4.18 - - -
Yen oz/t 0.57 0.66 0.86 - - - - -
Gladys-Kenia oz/t
Teresita oz/t
Grade - Ore Mined oz/t 2.67 2.84 3.23 3.94 2.38 3.18 3.03 2.47
Grade - Ore Purchased (Third-Party) oz/t 5.05 5.05 5.05 5.05 5.05 5.05 5.05 5.05
Grade Processed oz/t 2.83 2.99 3.36 4.01 2.58 3.32 3.25 2.77
Silver Contained oz 1,735,951 1,845,199 2,068,242 2,521,816 1,414,491 1,845,914 1,294,028 995,457
Net Revenue by Payable Metal

2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E
Zinc 33% 33% 32% 31% 33% 31% 37% 31% 32% 33%
Lead 28% 31% 31% 27% 25% 26% 27% 29% 28% 27%
Copper 5% 6% 6% 6% 5% 5% 5% 5% 5% 5%
Silver 34% 30% 32% 36% 36% 39% 31% 35% 35% 34%
Total 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Revenue - Payable Metal

2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E
Zinc $ 23.24 $ 28.11 $ 26.08 $ 26.94 $ 26.62 $ 33.67 $ 24.22 $ 17.52 $ 19.32
Lead $ 21.81 $ 27.01 $ 22.02 $ 20.33 $ 22.44 $ 24.16 $ 22.63 $ 15.25 $ 15.47
Copper $ 4.56 $ 5.14 $ 4.61 $ 4.24 $ 4.23 $ 4.33 $ 3.95 $ 2.99 $ 3.08
Silver $ 20.87 $ 27.80 $ 30.14 $ 29.34 $ 33.56 $ 28.40 $ 27.01 $ 19.36 $ 19.84
Total $ 70.48 $ 88.07 $ 82.86 $ 80.85 $ 86.85 $ 90.56 $ 77.81 $ 55.11 $ 57.72
Sensitivity Analysis
LOM Total FCF - Base Case $132.3 M Zinc Price Lead Price Copper Price Silver Price
LOM Total FCF - adjusted $132.3 M Spot Price today - March 8 2022 $ 4,232 $ 2,491 $ 10,300 $ 26.40
Price used in 43-101 $ 2,559 $ 1,979 $ 8,043 $ 22.07
FCF - LOM Base Case Average per year $16.5 M Price - Base Case Model $ 2,495 $ 2,025 $ 7,880 $ 21.88
FCF - LOM Average per year - adjusted $16.5 M Sensitivity 0% 0% 0% 0%
Adjusted Price in Model $ 2,495 $ 2,025 $ 7,880 $ 21.88
EBITDA - LOM Base Case Average per year $27.0 M
EBITDA - LOM Average per year- adjusted $27.0 M
NPV8% - Base Case $92 M

NPV8% - adjusted $92 M
Corporate NAV- Base Case $68 M

Coporate NAV - Adjusted $68 M
NSR Analysis
2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E TOTAL
NSR Based on 43-101 NSR Factor Formula weighted (Gerardo Acuna LOM) 132 127 133 147 154 144 140 150 140
NSR Matias Kolpa Model 144 134 131 138 165 140 138 161 143
Difference 9% 6% -1% -6% 7% -2% -1% 7% 2%
BIENAVENTURADA
Description Units Total 2021 2022
Production t (000) 3,356,419 193,551 473,061
Ag Grade oz/t 2.89 3.43 3.10
Pb Grade % 3.02 3.64 3.26
Zn Grade % 3.20 2.73 2.79
Cu Grade % 0.28 0.29 0.25
NSR 145.83 155.74 145.21
YEN
Production t (000) 223,835 8,250 98,577
Production Rate tpd 68 270
Ag Grade oz/t 0.64 0.67 0.57
Pb Grade % 1.54 1.44 1.52
Zn Grade % 2.03 2.61 2.20
Cu Grade % 0.14 0.15 0.14
NSR 67.93 76.37 69.22
CHONTA-ESCOPETA
Production t (000) 499,444 - -
Production Rate tpd - -
Ag Grade oz/t 4.97 - -
Pb Grade % 1.59 - -
Zn Grade % 2.25 - -
Cu Grade % 0.13 - -
NSR 137.89 - -
VALORES NSR - PUNTO

Ag US$/oz 15.3
Pb US$/% 14.6
Zn US$/% 16.0
Cu US$/% 22.8
NSR Based on 43-101 NSR Factor Formula weighted (Gerardo Acuna LOM) 132
NSR Matias Kolpa Model 144
Difference 9%
2023 2024 2025 2026 2027
476,807 329,663 405,224 404,367 399,551
3.29 3.14 2.60 1.92 3.18
2.64 2.77 2.83 3.58 2.90
2.85 3.25 2.90 4.65 2.93
0.25 0.27 0.31 0.36 0.25
139.94 146.43 134.37 164.05 143.51
2023 2024 2025 2026 2027

97,952 19,057 - - -
268 52 - - -
0.66 0.86 - - -
1.52 1.85 - - -
1.82 1.97 - - -
0.13 0.19 - - -
64.38 75.85 - - -
2023 2024 2025 2026 2027

- 216,962 180,892 101,590
- 594 496 304
- 3.68 6.95 4.18
- 1.59 1.74 1.33
- 2.20 2.51 1.88
- 0.12 0.15 0.11
- 117.30 174.99 115.77
127 133 147 154 144

134 131 138 165 140
6% -1% -6% 7% -2%
2028 2029
356,751 317,443
3.03 2.47
2.73 3.12
2.98 3.72
0.27 0.32
139.96 149.89
2028 2029
- -
- -
- -
- -
- -
- -
- -
2028 2029
140 150 140

138 161 143
-1% 7% 2%
2022 2023 2024 2025
ByPass 768 m 308 m 0m 0m
Rampa 10,338 m 9,774 m 3,335 m 0m
Chimenea 5,059 m 2,186 m 134 m 50 m
Info diseño kolpa
Total 16,165 m 12,268 m 3,469 m 50 m
2022 2023 2024 2025

ByPass US$ 1,075,200 US$ 400,400 US$ 0 US$ 0
Rampa US$ 13,439,400 US$ 12,706,200 US$ 4,335,500 US$ 0
Chimenea US$ 6,070,800 US$ 2,623,200 US$ 160,800 US$ 60,000
Total US$ 20,585,400 US$ 15,729,800 US$ 4,496,300 US$ 60,000
2022 2023 2024 2025

ByPass 768 m 308 m 0m 0m
Rampa 7,338 m 7,774 m 3,335 m 0m
propuesta diseño Atico
Chimenea 4,500 m 2,186 m 134 m 50 m

Total 12,606 m 10,268 m 3,469 m 50 m
2022 2023 2024 2025

ByPass US$ 1,075,200 US$ 400,400 US$ 0 US$ 0
Rampa US$ 9,539,400 US$ 10,106,200 US$ 4,335,500 US$ 0
Chimenea US$ 5,400,000 US$ 2,623,200 US$ 160,800 US$ 60,000
Total US$ 16,014,600 US$ 13,129,800 US$ 4,496,300 US$ 60,000
US$/m
2026 2027 total ByPass 1,300
0m 0m 1,076 m Rampa 1,400
0m 0m 23,447 m Chimenea 1,200
0m 0m 7,429 m
0m 0m 31,952 m
2026 2027 total

US$ 0 US$ 0 US$ 1,475,600
US$ 0 US$ 0 US$ 30,481,100
US$ 0 US$ 0 US$ 8,914,800
US$ 0 US$ 0 US$ 40,871,500
2026 2027 total

0m 0m 1,076 m
0m 0m 18,447 m
0m 0m 6,870 m
0m 0m 26,393 m
2026 2027 total

US$ 0 US$ 0 US$ 1,475,600
US$ 0 US$ 0 US$ 23,981,100
US$ 0 US$ 0 US$ 8,244,000
US$ 0 US$ 0 US$ 33,700,700
No se considerará inversión en equipos ya que esto se tercerizará y/o se alquilará con cargo al costo operativo.
MINE EQUIPMENT LIST

KOLPA S.A. - Huachocolpa Uno Mine
Description Kolpa Gromin JCV Jv Mining Corimayo Mceisa Eccogesa Emsermul R&D
Jumbos 3 2 4 1
Production Drills 2
Bolters 1
Underground Truck 15t 1
Underground Truck 12t 1 1
Scoops 4 Yd 3 2 2 3 1 1
Scoops 1.5 Yd 1 1 2 2
Scoops 1 Yd 1
Scoops 6.2 Yd 1 1
Scoops 0.8 Yd 2
Scoops 2.5 Yd 2 3 2 1 1 1
Scoops 3.5 Yd 2
Conventional trucks 20t 11
Conventional trucks 22t 2
Dozers 1
Front End Loaders 3
Graders 1
Skid Steer Loader 4
Excavator 1
Backhoe 1
Forklift 1
Total 24 2 1 1 8 23 6 7 4
n cargo al costo operativo.
MINE EQUIPMENT LIST

KOLPA S.A. - Open Cast
Darleth Total Description TRANSTOP NAZARENO

10 Production Drills 2
2 Excavator 2
1 Front End Loaders 2
1 Conventional Trucks 15m3 2 2
2 Total 8 2
12
6
1
2
2
10
2
1 12
2
1
3
1
4
1
1
1
1 77
MENT LIST
Open Cast
COHERSA Total
2
2
2
1 5
1 11
AFTER TAX CASH FLOW SUMMARY
2022 2023 2024 2025

UNITS
MINING
TM/ Day days 365 365 365 365
Processed min000 tones 592 592 592 431
Head Grade
Ag oz TM 2.72 3.05 4.11 4.71
Cu % 0.25 0.27 0.23 0.20
Pb % 2.80 2.99 2.70 2.37
Zn % 2.97 3.11 2.98 2.80
Produced Concentrates
Zn TM tones 26,274 27,843 26,743 18,474
Zn % 55.94 55.94 55.86 57.12
Cu-Ag TM tones 3,169 3,550 3,027 1,834
Cu % 23.89 23.02 23.19 22.15
Ag OzTm 197.97 199.34 314.74 226.39
Pb-Ag TM tones 25,474 27,281 24,457 15,629
Pb% % 58.56 58.73 59.43 59.12
Ag OzTm OzTm 32.41 34.41 51.67 86.69
Net Recoveries
Ag % 90.28 91.13 90.13 87.17
Cu % 51.58 51.75 50.46 47.21
Pb % 90.1 90.45 90.8 90.44
Zn % 84.9 84.52 84.64 87.47
Recovered Amount
Ag OzTm 1,453,141 1,646,523 2,191,938 1,769,906
Cu TM 757 817 702 406
Pb TM 14,918 16,022 14,535 9,240
Zn TM 14,949 15,575 14,938 10,552
Revenue
Metal Price
Ag $/ ozTM 22.17 23.6 21.5 21
Cu $/TM 9,442 7,716 7,165 7,848
Pb $/TM 2,150 2,017 1,874 1,874
Zn $/TM 2,961 2,425 2,425 2,425
2022 2023 2024 2025 2026

Concentrate Payable
Zinc
Payable Zinc $/TM 1,408 1,153 1,151 1,177
Treatment Cos$/TM 170 156 156 156
Other penaltie$/TM 4 4 4 5
Concentrate V$/TM 1,234 993 991 1,017
Lead-Silver
Payable Lead $/TM 1,195 1,124 1,057 1,052
Payable Silver $/TM 683 772 1,055 1,729
Treatment Cos$/TM 172 170 170 170
Refining Cost $/TM 44 46 69 117
Other penaltie$/TM 10 10 10 11
Concentrate V$/TM 1,652 1,669 1,863 2,484
Copper-Silver
Payable Coppe$/TM 2,161 1,332 1,246 1,304
Payable Silver $/TM 3,950 3,528 5,075 3,566
Treatment Cos$/TM 145
Refining Cost $/TM 162
Other Penaltie$/TM 250
Concentrate V$/TM 5,554 4,860 6,321 4,869
Total Revenue$ 000 92,203 90,447 91,192 66,536
2022 2023 2024 2025 2026

OPERATING COST
Mining Costs $ 000 25,987 25,740 24,256 17,090
General Servi $ 000 10,681 11,100 11,101 8,329
Plant Cost $ 000 10,929 11,677 11,922 8,833
Selling Costs $ 000 2,423 2,467 2,364 1,584
Exploration Co$ 000 5,084 3,807 1,807
G&A $ 000 3,654 3,654 3,654 2,740
Total Operatin$ 000 58,758 58,445 55,104 38,576
OPERATING COST
Mining Costs $/TM 47.20 46.99 44.10 42.73
General Servi $/TM 19.40 20.18 20.18 20.83
Plant Cost $/TM 18.46 19.72 20.14 20.47
Selling Costs $/TM 4.09 4.17 3.99 3.67
Exploration Co$/TM 8.59 6.43 3.05
G&A $/TM 6.17 6.17 6.17 6.35
Total Operatin$/TM 103.91 103.66 97.64 94.05
Royalties and $ 000 2519 2522 2616 1842

CAPITAL COSTS
Mine Sustaining$ 000 6,329 7,200 7,200 7,200
Plant Sustaining$ 000 2,447 1,000 1,000 1,000
Tailling Dam $ 000 2,425 2,400
Others $ 000 312
Sub-Total $ 000 11,513 8,200 10,600 8,200 -
Closure $ 000 36 16 20 41 10,446
Total $ 000 348 16 20 41 10,446
2022 2023 2024 2025 2026

PRE-TAX CASH FLOW
Net Pre-Cash F $ 000 23712 28586 29033 21554 - 10,446
Cumulative Pre $ 000 23712 52298 81331 102885 92439
Taxes- Income T$ 000 1383 10229 8764 7202

Taxes- (WPS) Ca$ 000 693 1675 1861 1451
After-Tax-Cash $ 000 22329 17664 18594 12491 -11897

Cumulative Afte$ 000 22329 39993 58587 71078 59181
Pre-Tax IRR
Pre-Tax NPV at $ 000 78,244
After-Tax IRR
After-Tax NPV a$ 000 51,664
Project Keys
Financial Model
Monday, March 28, 2022
Disclaimer
The information contained in this confidential financial model (the “Model”) has been prepared on behalf of Compañía Minera Kolpa S.A. (the "Company”),
based on information provided by the Company and published sources, and is being furnished through the Company’s exclusive financial advisor, CIBC World
Markets Inc. and its affiliates “CIBC”) for informational purposes, solely for the exclusive use by interested parties in connection with their consideration of a
possible transaction (the “Transaction”). This Model is confidential and the information contained herein should not be communicated to any third party
without the prior written consent of the Company.

The information contained in this Model does not purport to contain all of the information an interested party may require in order to evaluate the Transaction.
The sole purpose of this Model is to assist interested parties in deciding whether to proceed with further due diligence of the Transaction. By receiving this
Model, the recipient acknowledges that it will conduct its own (and further) independent due diligence and analyses of the Company and its assets (and consult
its own tax, financial, accounting, legal and other advisors) and will be solely responsible for forming its own view of the Transaction. The Company and CIBC
are not providing legal, tax or accounting expertise and the Company and CIBC express no opinion concerning any legal, tax or accounting matters or the
sufficiency of this Model for your purposes.

Neither the Company nor CIBC makes any representation or warranty, express or implied, as to the accuracy or completeness of this Model or as to the
existence, substance or materiality of any information omitted from this Model, and CIBC has not independently verified any of the information upon which this
Model is based. Only those particular representations or warranties of the Company made in a definitive written agreement regarding the Transaction, when, as
and if executed, and subject to such limitations and restrictions as specified therein, shall have any legal effect.

This Model includes certain statements, estimates, targets and projections that reflect assumptions concerning anticipated future performance of certain assets
owned by the Company. Such statements, estimates, targets and projections are based on significant assumptions and subjective judgments concerning
preliminary results from the Company’s anticipated 43-101 report, which is being prepared by an independent third party who is independent of the Company,
and inherently is subject to risks, variability and contingencies, many of which are beyond the independent third party’s and the Company's control. These
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Legend
Blue Inputs / Assumptions
Black Formula
Green Links to Other Sheets
Red Inconsistent Formula
Minera Compañia Kolpa
Model Summary
Active Case: Base Case
NAV Summary
Disc. Rate MATIAS NAV Kolpa NAV

(%) (US$mm) (US$mm)
Mining NAV 8% $92 $201
Add: Cash (est. as at December 31, 2021) $4 $4
Less: Debt (est. as at December 31, 2021) ($24) ($24)
Corporate NAV $72 $182
Active Case: Base Case 2018A 2019A 2020A 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E
Price Deck Consensus
Zinc $/t $2,919 $2,548 $2,269 $2,913 $2,736 $2,574 $2,556 $2,419 $2,419 $2,419 $2,419 $2,419 $2,419 $2,419 $2,419
Lead $/t $2,239 $1,999 $1,826 $2,168 $2,105 $2,041 $2,009 $2,009 $2,009 $2,009 $2,009 $2,009 $2,009 $2,009 $2,009
Copper $/t $6,527 $6,005 $6,186 $9,244 $8,801 $8,310 $8,519 $7,481 $7,481 $7,481 $7,481 $7,481 $7,481 $7,481 $7,481
Silver $/oz $15.70 $16.21 $20.54 $25.32 $24.17 $23.09 $22.39 $21.07 $21.07 $21.07 $21.07 $21.07 $21.07 $21.07 $21.07
Zinc $/lb $1.32 $1.24 $1.17 $1.16 $1.10 $1.10 $1.10 $1.10 $1.10 $1.10 $1.10 $1.10
Lead $/lb $0.98 $0.95 $0.93 $0.91 $0.91 $0.91 $0.91 $0.91 $0.91 $0.91 $0.91 $0.91
Copper $/lb $4.19 $3.99 $3.77 $3.86 $3.39 $3.39 $3.39 $3.39 $3.39 $3.39 $3.39 $3.39
Production
Total Ore Tonnes Mined t 326,005 400,117 455,564 547,798 571,638 574,759 573,931 586,116 505,957 513,404 356,751 317,443 - - -
Add: Third-Party Ore Purchased t 40,521 42,000 42,000 42,000 42,000 42,000 42,000 42,000 42,000 - - -
Total Ore Tonnes Milled and Treated t 326,005 400,117 455,564 588,319 613,638 616,759 615,931 628,116 547,957 555,404 398,751 359,443 - - -
Tonnes Mined (Before Third-Party Purchases) % of Resources 6% 7% 7% 7% 7% 6% 6% 4% 4% 0% 0% 0%

Cumulative Tonnes Mined (Before Third-Party Purchases) % of Resources 6% 13% 20% 26% 33% 39% 45% 49% 52% 52% 52% 52%
Concentrate Production
Zinc kt 16 15 19 23 25 25 26 26 34 24 17 19 - - -
Lead kt 17 23 20 23 27 23 21 24 25 24 16 16 - - -
Copper kt 0 0 3 3 3 3 3 3 3 3 2 2 - - -
Total kt 33 38 43 48 55 51 50 53 63 51 36 38 - - -
Payable Metal Production

Zinc t 10,790 11,761 11,715 12,206 12,811 16,262 11,658 8,432 9,298 - - -
Lead t 12,587 15,199 12,832 12,048 13,311 14,314 13,439 9,058 9,193 - - -
Copper t 493 691 682 607 713 741 661 500 516 - - -
Silver oz 966,880 1,234,392 1,399,963 1,405,078 1,715,614 1,460,944 1,380,638 989,366 1,013,891 - - -
Payable Metal Production (AgEq)

Zinc Moz 1.2 1.3 1.3 1.4 1.5 1.9 1.3 1.0 1.1 - - -
Lead Moz 1.1 1.3 1.1 1.1 1.3 1.4 1.3 0.9 0.9 - - -
Copper Moz 0.2 0.3 0.2 0.2 0.3 0.3 0.2 0.2 0.2 - - -
Silver Moz 1.0 1.2 1.4 1.4 1.7 1.5 1.4 1.0 1.0 - - -
Total Moz 3.5 4.1 4.1 4.1 4.7 5.0 4.2 3.0 3.1 - - -
Total Payable Metal Production (Eq)

Total ZnEq Payable Mlbs 66.4 80.7 80.8 79.4 90.4 95.2 81.3 57.6 60.3 - - -
Total CuEq Payable Mlbs 20.9 25.1 25.0 23.8 29.2 30.8 26.3 18.6 19.5 - - -
Total AgEq Payable Moz 3.5 4.1 4.1 4.1 4.7 5.0 4.2 3.0 3.1 - - -
Cash Costs & AISC
Total Cash Cost US$mm $61.9 $57.8 $57.7 $57.7 $59.7 $55.8 $53.5 $38.7 $36.4 - - -
Total AISC US$mm $82.3 $74.9 $77.8 $70.7 $72.8 $69.4 $59.4 $44.0 $41.9 - $0.1 $0.1
Cash Cost - ZnEq $/lb ZnEq $0.93 $0.72 $0.71 $0.73 $0.66 $0.59 $0.66 $0.67 $0.60 - - -
Cash Cost - CuEq $/lb CuEq $3.0 $2.3 $2.3 $2.4 $2.0 $1.8 $2.0 $2.1 $1.9 - - -
Cash Cost - AgEq $/oz AgEq $17.8 $14.0 $14.1 $14.0 $12.7 $11.3 $12.6 $12.9 $11.6 - - -
AISC - ZnEq $/lb ZnEq $1.24 $0.93 $0.96 $0.89 $0.81 $0.73 $0.73 $0.76 $0.70 - - -
AISC - CuEq $/lb CuEq $3.9 $3.0 $3.1 $3.0 $2.5 $2.3 $2.3 $2.4 $2.1 - - -
AISC - AgEq $/oz AgEq $23.8 $18.1 $19.0 $17.2 $15.5 $14.0 $14.0 $14.7 $13.3 - - -
Free Cash Flow Profile
EBITDA US$mm $7 $7 $11 $14 $27 $25 $23 $28 $36 $31 $20 $25 - - -
Operating Cash Flow US$mm $3 ($5) ($7) $14 $26 $17 $20 $23 $30 $22 $17 $23 ($0) - -
Less: Capex US$mm $26 $19 $7 $10 $17 $21 $5 $1 $1 $1 $1 $1 - $0 $0
Free Cash Flow US$mm ($23) ($24) ($14) $4 $8 ($3) $15 $22 $29 $22 $16 $23 ($0) ($0) ($0)
Concentrate Production (kt) Production and Cash Costs (Moz AgEq; US$/oz Co-Product Cash Costs)
$17.8
Zinc $14.0 $14.1 $14.0 $12.7 $12.6 $12.9
$11.3 $11.6
Lead
Copper
- - -
63 4.7 5.0
4.1 4.1 4.1 0.3 4.2
55 51 50 53 3 51 3.5 0.3 0.2 3.1
43 48 3 0.3 0.2 0.2 1.7 1.5 3.0
38 3 3 3 3 25 3 36 38 0.2 1.2 1.4 1.4 1.4 0.2 0.2
33 3 1.0 1.4 1.0 1.0
0 0 23 27 23 21 24 24 2 2 1.1 1.3 1.1 1.1 1.3 1.3
20 16 0.9 0.9 - - -
17 23 16 1.2 1.3 1.3 1.4 1.5 1.9 1.3 1.0 1.1
23 25 25 26 26 34 24 - - -
16 15 19 17 19 - - - 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E
- - -
2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A 2026A 2027A 2028A 2029A 2030A 2031A 2032A
Zinc Lead Silver Copper Cash Cost - AgEq
EBITDA (US$MM)
Operating Cash Flow (US$MM)
$36
$31
$27 $25 $28 $25
$23 $20 $30
$7 $7 $11 $3 $26 $17 $20 $23 $22 $17 $23
$14 ($5) ($7) $14
($0) - -
- - -
FCF and Capex (US$MM)

Free Cash Flow
Capex
$29
$26 $22 $22 $23
$21 $15 $16
$19 $17
$8
$7 $4
$10
$5
$1 $1 $1 $1 $1 - $0 $0
($3) ($0)
($14)
($23) ($24)
Inputs
December 31 Calendar Year End Inputs
• General
Units
Grams to Ounces 31.103
Tonnes to Pounds 2,204.62
Thousands 1,000
Millions 1,000,000
Tax
Corporate Tax 29.5%
Workers Participation Tax 8.0%
Tax
Discount Date 31-Dec-21
Discount Factor
Discount Rate 8.0%
• Commodity Prices
Live Consensus
Zinc $/t
Lead $/t
Copper $/t
Silver $/oz
Zinc US$/lb
Lead US$/lb
Copper US$/lb
Zinc
Consensus $/t
[] $/t
[] $/t
[] $/t
[] $/t
Lead
Consensus $/t
[] $/t
[] $/t
[] $/t
[] $/t
Copper
Consensus $/t
[] $/t
[] $/t
[] $/t
[] $/t
Silver
Consensus $/oz
[] $/oz
[] $/oz
[] $/oz
[] $/oz
• Commercial Terms
Zinc
Zinc
Percentage Minimum Deduction %
Percentage Payable (as a % of grade) %
Contract Term #1 Weighting %

Contract Term #1
Upper Zn Price Bound Zinc $/t
Lower Zn Price Bound Zinc $/t
Tier 1 Treatment Costs

Tier 1 Base Deduction $/t
Tier 1 Base Rate Deduction $/t
Tier 1 Base Rate %
Tier 1 Variable Rate %

Tier 2 Base Rate %
Contract Term #2
Upper Zn Price Bound Zinc $/t
Lower Zn Price Bound Zinc $/t

Tier 1 Base Rate %

Tier 2 Base Rate %
Silver
Deduction (absolute) oz/t
Penalties
Penalties $/t of concentrate
Lead
Lead
Percentage Minimum Deduction %

Contract Term #1
Upper Pb Price Bound Pb $/t
Lower Pb Price Bound Pb $/t

Tier 1 Base Rate %

Tier 2 Base Rate %
Contract Term #2
Upper Pb Price Bound Pb $/t
Lower Pb Price Bound Pb $/t

Tier 1 Base Rate %

Tier 2 Base Rate %
Silver
Deduction (absolute) oz/t
Tier #1 Weighting %
Tier #2 Weighting %
Tier 1
Factor
Threshold Price $/oz
Variable Price $/oz
Variable Price Factor %
Tier #2
Factor
Variable Price $/oz
Penalties
Copper
Copper Concentrate Threshold Cu % in Copper
Threshold 1
Copper Concentrate Deduction Cu % in Copper
Copper Payable (as a % of grade) %
Threshold 2
Copper Concentrate Deduction %
Copper Payable (as a % of grade) %
Copper - Payable (as a % of grade) %

Silver - Payable (as a % of grade) %
Copper Treatment Costs

Base Treatment Cost $/t
Refining Charge $/t
Silver Refining Charge

Refining Rate %
Penalties
Total Value Sold Factor
Total Value Sold Factor % of Net Concentrate Revenue
Third Party Mineral Purchases

Third-Party Grade
Zinc %
Lead %
Copper %
Silver oz/t
Third-Party Mineral Purchases Rate %

Third-Party Mineral Purchases Deduction $/t
Third-Party Purchase Rate $/t
• Mining Royalties & Contributions
Royalty Tax ("Impuesto Especial a la Mineria") % of Operating Income Based on Schedule

Windfall Tax ("Regalia Mineria") % of Net Revenue (excl. Other) 1.0%
Windfall Tax ("Regalia Mineria") % of Operating Income Based on Schedule
OEFA % of Total Net Revenue (excl. Other) 0.14%
OSINERGMIN % of Total Net Revenue (excl. Other) 0.11%
Peruvian Royalty and Mining Tax Schedule

2021E 2022E 2023E 2024E 2025E 2026E
0.00 0.50 1.50 2.50 3.50 4.50
$2,913 $2,736 $2,574 $2,556 $2,419 $2,419

$2,168 $2,105 $2,041 $2,009 $2,009 $2,009
$9,244 $8,801 $8,310 $8,519 $7,481 $7,481
$25.32 $24.17 $23.09 $22.39 $21.07 $21.07
$1.32 $1.24 $1.17 $1.16 $1.10 $1.10

$0.98 $0.95 $0.93 $0.91 $0.91 $0.91
$4.19 $3.99 $3.77 $3.86 $3.39 $3.39
$2,913 $2,736 $2,574 $2,556 $2,419 $2,419

$2,168 $2,105 $2,041 $2,009 $2,009 $2,009
$9,244 $8,801 $8,310 $8,519 $7,481 $7,481
$25.32 $24.17 $23.09 $22.39 $21.07 $21.07
8.0% 8.0% 8.0% 8.0% 8.0% 8.0%

85.0% 85.0% 85.0% 85.0% 85.0% 85.0%
92.5% 100.0% 100.0% 100.0% 100.0%

7.5% - - - -
$3,125 $3,125 $3,125 $3,125 $3,125
$2,975 $2,975 $2,975 $2,975 $2,975
$156.00 $156.00 $156.00 $156.00 $156.00

$150.00 $150.00 $150.00 $150.00 $150.00
17.5% 17.5% 17.5% 17.5% 17.5%
22.5% 22.5% 22.5% 22.5% 22.5%
17.5% 17.5% 17.5% 17.5% 17.5%
$2,850 $2,850 $2,850 $2,850 $2,850

$2,700 $2,700 $2,700 $2,700 $2,700
$130.00 $130.00 $130.00 $130.00 $130.00

$150.00 $150.00 $150.00 $150.00 $150.00
18.0% 18.0% 18.0% 18.0% 18.0%
24.0% 24.0% 24.0% 24.0% 24.0%
18.0% 18.0% 18.0% 18.0% 18.0%
3.5 3.5 3.5 3.5 3.5 3.5

70% 70% 70% 70% 70% 70%
$4.0 $4.0 $4.5 $4.5 $4.5
3.0% 3.0% 3.0% 3.0% 3.0% 3.0%

95.0% 95.0% 95.0% 95.0% 95.0% 95.0%
92.5% 100.0% 100.0% 100.0% 100.0%

7.5% - - - -
$2,350 $2,350 $2,350 $2,350 $2,350

$2,200 $2,200 $2,200 $2,200 $2,200
$170.00 $170.00 $170.00 $170.00 $170.00

$150.00 $150.00 $150.00 $150.00 $150.00
17.5% 17.5% 17.5% 17.5% 17.5%
22.5% 22.5% 22.5% 22.5% 22.5%
17.5% 17.5% 17.5% 17.5% 17.5%
$2,050 $2,050 $2,050 $2,050 $2,050

$1,900 $1,900 $1,900 $1,900 $1,900
$140.00 $140.00 $140.00 $140.00 $140.00

$150.00 $150.00 $150.00 $150.00 $150.00
18.0% 18.0% 18.0% 18.0% 18.0%
24.0% 24.0% 24.0% 24.0% 24.0%
18.0% 18.0% 18.0% 18.0% 18.0%
1.6075 1.6075 1.6075 1.6075 1.6075 1.6075

95% 95% 95% 95% 95% 95%
70.0% 70.0% 70.0% 70.0% 70.0%

30.0% 30.0% 30.0% 30.0% 30.0%
$1.4 $1.4 $1.4 $1.4 $1.4

$28.0 $28.0 $28.0 $28.0 $28.0
$25.0 $25.0 $25.0 $25.0 $25.0
10% 10% 10% 10% 10%
$1.45 $1.45 $1.45 $1.45 $1.45
$25.0 $25.0 $25.0 $25.0 $25.0
$27.0 $27.0 $27.0 $27.0 $27.0
10% 10% 10% 10% 10%
$10.0 $10.0 $10.5 $10.5 $10.5
20.0% 20.0% 20.0% 20.0% 20.0%
1.1% 1.1% 1.1% 1.1% 1.1%

96.5% 96.5% 96.5% 96.5% 96.5%
1% 1% 1% 1% 1%
96.5% 96.5% 96.5% 96.5% 96.5%
75%
75% 90% 90% 90% 90% 90%
$145.0 $195.0 $195.0 $195.0 $195.0

$319.7 $319.7 $319.7 $319.7 $319.7
50% 50% 50% 50% 50%
$250.0 $250.0 $250.0 $250.0 $250.0
99.5% 99.5% 99.5% 99.5% 99.5% 99.5%

2.19% 2.19% 2.19% 2.19% 2.19%
2.11% 2.11% 2.11% 2.11% 2.11%
0.2% 0.2% 0.2% 0.2% 0.2%
5.05 5.05 5.05 5.05 5.05
45.0% 45.0% 45.0% 45.0% 45.0%

$10.0 $10.0 $10.0 $10.0 $10.0
$98.2 $93.2 $91.3 $86.2 $86.2
Royalty Tax ("Impuesto Especial a la Mineria")
EBIT % Marginal Tax Tax Amount Cumulative

0% 10% 2.00% 0.20% 0.20%
10% 15% 2.40% 0.12% 0.32%
15% 20% 2.80% 0.14% 0.46%
20% 25% 3.20% 0.16% 0.62%
25% 30% 3.60% 0.18% 0.80%
30% 35% 4.00% 0.20% 1.00%
35% 40% 4.40% 0.22% 1.22%
40% 45% 4.80% 0.24% 1.46%
45% 50% 5.20% 0.26% 1.72%
50% 55% 5.60% 0.28% 2.00%
55% 60% 6.00% 0.30% 2.30%
60% 65% 6.40% 0.32% 2.62%
65% 70% 6.80% 0.34% 2.96%
70% 75% 7.20% 0.36% 3.32%
75% 80% 7.60% 0.38% 3.70%
80% 85% 8.00% 0.40% 4.10%
85% 90% 8.40% 0.42% 4.52%
Windfall Tax ("Regalia Mineria")
EBIT % Marginal Tax Tax Amount Cumulative

0% 10% 1.00% 0.10% 0.10%
10% 15% 1.75% 0.09% 0.19%
15% 20% 2.50% 0.13% 0.31%
20% 25% 3.25% 0.16% 0.48%
25% 30% 4.00% 0.20% 0.68%
30% 35% 4.75% 0.24% 0.91%
35% 40% 5.50% 0.28% 1.19%
40% 45% 6.25% 0.31% 1.50%
45% 50% 7.00% 0.35% 1.85%
50% 55% 7.75% 0.39% 2.24%
55% 60% 8.50% 0.43% 2.66%
60% 65% 9.25% 0.46% 3.13%
65% 70% 10.00% 0.50% 3.63%
70% 75% 10.75% 0.54% 4.16%
75% 80% 11.50% 0.58% 4.74%
80% 90% 12.00% 1.20% 5.94%
2027E 2028E 2029E 2030E 2031E 2032E
5.50 6.50 7.50 8.50 9.50 10.50
$2,419 $2,419 $2,419 $2,419 $2,419 $2,419

$2,009 $2,009 $2,009 $2,009 $2,009 $2,009
$7,481 $7,481 $7,481 $7,481 $7,481 $7,481
$21.07 $21.07 $21.07 $21.07 $21.07 $21.07
$1.10 $1.10 $1.10 $1.10 $1.10 $1.10

$0.91 $0.91 $0.91 $0.91 $0.91 $0.91
$3.39 $3.39 $3.39 $3.39 $3.39 $3.39
$2,419 $2,419 $2,419 $2,419 $2,419 $2,419

$2,009 $2,009 $2,009 $2,009 $2,009 $2,009
$7,481 $7,481 $7,481 $7,481 $7,481 $7,481
$21.07 $21.07 $21.07 $21.07 $21.07 $21.07
8.0% 8.0% 8.0% 8.0% 8.0% 8.0%

85.0% 85.0% 85.0% 85.0% 85.0% 85.0%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

- - - - - -
$3,125 $3,125 $3,125 $3,125 $3,125 $3,125
$2,975 $2,975 $2,975 $2,975 $2,975 $2,975
$156.00 $156.00 $156.00 $156.00 $156.00 $156.00

$150.00 $150.00 $150.00 $150.00 $150.00 $150.00
17.5% 17.5% 17.5% 17.5% 17.5% 17.5%
22.5% 22.5% 22.5% 22.5% 22.5% 22.5%
17.5% 17.5% 17.5% 17.5% 17.5% 17.5%
$2,850 $2,850 $2,850 $2,850 $2,850 $2,850

$2,700 $2,700 $2,700 $2,700 $2,700 $2,700
$130.00 $130.00 $130.00 $130.00 $130.00 $130.00

$150.00 $150.00 $150.00 $150.00 $150.00 $150.00
18.0% 18.0% 18.0% 18.0% 18.0% 18.0%
24.0% 24.0% 24.0% 24.0% 24.0% 24.0%
18.0% 18.0% 18.0% 18.0% 18.0% 18.0%
3.5 3.5 3.5 3.5 3.5 3.5

70% 70% 70% 70% 70% 70%
$4.0 $4.0 $4.0 $4.0 $4.0 $4.0
3.0% 3.0% 3.0% 3.0% 3.0% 3.0%

95.0% 95.0% 95.0% 95.0% 95.0% 95.0%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

- - - - - -
$2,350 $2,350 $2,350 $2,350 $2,350 $2,350

$2,200 $2,200 $2,200 $2,200 $2,200 $2,200
$170.00 $170.00 $170.00 $170.00 $170.00 $170.00

$150.00 $150.00 $150.00 $150.00 $150.00 $150.00
17.5% 17.5% 17.5% 17.5% 17.5% 17.5%
22.5% 22.5% 22.5% 22.5% 22.5% 22.5%
17.5% 17.5% 17.5% 17.5% 17.5% 17.5%
$2,050 $2,050 $2,050 $2,050 $2,050 $2,050

$1,900 $1,900 $1,900 $1,900 $1,900 $1,900
$140.00 $140.00 $140.00 $140.00 $140.00 $140.00

$150.00 $150.00 $150.00 $150.00 $150.00 $150.00
18.0% 18.0% 18.0% 18.0% 18.0% 18.0%
24.0% 24.0% 24.0% 24.0% 24.0% 24.0%
18.0% 18.0% 18.0% 18.0% 18.0% 18.0%
1.6075 1.6075 1.6075 1.6075 1.6075 1.6075

95% 95% 95% 95% 95% 95%
70.0% 70.0% 70.0% 70.0% 70.0% 70.0%

30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
$1.4 $1.4 $1.4 $1.4 $1.4 $1.4

$28.0 $28.0 $28.0 $28.0 $28.0 $28.0
$25.0 $25.0 $25.0 $25.0 $25.0 $25.0
10% 10% 10% 10% 10% 10%
$1.45 $1.45 $1.45 $1.45 $1.45 $1.45
$25.0 $25.0 $25.0 $25.0 $25.0 $25.0
$27.0 $27.0 $27.0 $27.0 $27.0 $27.0
10% 10% 10% 10% 10% 10%
$10.0 $10.5 $10.5 $10.5 $10.5 $10.5
20.0% 20.0% 20.0% 20.0% 20.0% 20.0%
1.1% 1.1% 1.1% 1.1% 1.1% 1.1%

96.5% 96.5% 96.5% 96.5% 96.5% 96.5%
1% 1% 1% 1% 1% 1%
96.5% 96.5% 96.5% 96.5% 96.5% 96.5%
90% 90% 90% 90% 90% 90%
$195.0 $195.0 $195.0 $195.0 $195.0 $195.0

$319.7 $319.7 $319.7 $319.7 $319.7 $319.7
50% 50% 50% 50% 50% 50%
$250.0 $250.0 $250.0 $250.0 $250.0 $250.0
99.5% 99.5% 99.5% 99.5% 99.5% 99.5%

2.19% 2.19% 2.19% 0.00% 0.00% 0.00%
2.11% 2.11% 2.11% 0.00% 0.00% 0.00%
0.2% 0.2% 0.2% 0.0% 0.0% 0.0%
5.05 5.05 5.05 0.00 0.00 0.00
45.0% 45.0% 45.0% 45.0% 45.0% 45.0%

$10.0 $10.0 $10.0 $10.0 $10.0 $10.0
$86.2 $86.2 $86.2 ($10.0) ($10.0) ($10.0)
2033E 2034E 2035E
11.50 12.50 13.50
$2,419 $2,419 $2,419

$2,009 $2,009 $2,009
$7,481 $7,481 $7,481
$21.07 $21.07 $21.07
$1.10 $1.10 $1.10

$0.91 $0.91 $0.91
$3.39 $3.39 $3.39
$2,419 $2,419 $2,419

$2,009 $2,009 $2,009
$7,481 $7,481 $7,481
$21.07 $21.07 $21.07
8.0% 8.0% 8.0%

85.0% 85.0% 85.0%
100.0% 100.0% 100.0%

- - -
$3,125 $3,125 $3,125
$2,975 $2,975 $2,975
$156.00 $156.00 $156.00

$150.00 $150.00 $150.00
17.5% 17.5% 17.5%
22.5% 22.5% 22.5%
17.5% 17.5% 17.5%
$2,850 $2,850 $2,850

$2,700 $2,700 $2,700
$130.00 $130.00 $130.00

$150.00 $150.00 $150.00
18.0% 18.0% 18.0%
24.0% 24.0% 24.0%
18.0% 18.0% 18.0%
3.5 3.5 3.5

70% 70% 70%
$4.0 $4.0 $4.0
3.0% 3.0% 3.0%

95.0% 95.0% 95.0%
100.0% 100.0% 100.0%

- - -
$2,350 $2,350 $2,350

$2,200 $2,200 $2,200
$170.00 $170.00 $170.00

$150.00 $150.00 $150.00
17.5% 17.5% 17.5%
22.5% 22.5% 22.5%
17.5% 17.5% 17.5%
$2,050 $2,050 $2,050

$1,900 $1,900 $1,900
$140.00 $140.00 $140.00

$150.00 $150.00 $150.00
18.0% 18.0% 18.0%
24.0% 24.0% 24.0%
18.0% 18.0% 18.0%
1.6075 1.6075 1.6075

95% 95% 95%
70.0% 70.0% 70.0%

30.0% 30.0% 30.0%
$1.4 $1.4 $1.4

$28.0 $28.0 $28.0
$25.0 $25.0 $25.0
10% 10% 10%
$1.45 $1.45 $1.45
$25.0 $25.0 $25.0
$27.0 $27.0 $27.0
10% 10% 10%
$10.5 $10.5 $10.5
20.0% 20.0% 20.0%
1.1% 1.1% 1.1%

96.5% 96.5% 96.5%
1% 1% 1%
96.5% 96.5% 96.5%
90% 90% 90%
$195.0 $195.0 $195.0

$319.7 $319.7 $319.7
50% 50% 50%
$250.0 $250.0 $250.0
99.5% 99.5% 99.5%

0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.0% 0.0% 0.0%
0.00 0.00 0.00
45.0% 45.0% 45.0%

$10.0 $10.0 $10.0
($10.0) ($10.0) ($10.0)
Cash Flow
Production Case (0 = Base Case; 1 = Additional Resources Case) Base Case
December 31 Calendar Year End Inputs 2018A
• Discount Factor
Life of Mine
Discount Period
Discount Factor
Discount Rate % 8%
• Price Deck: Consensus
Zinc $/t $2,919

Lead $/t $2,239
Copper $/t $6,527
Silver $/oz $15.70
• Summary
Total Production
Total Ore Tonnes Mined t 326,005

Third-Party Purchases t
Total Ore Tonnes Milled & Treated t 326,005
Metal Grades
Silver oz/t 3.99
Zinc % 3.04%
Lead % 3.07%
Copper % 0.26%
Total Metal Contained in Ore

Silver oz 1,300,760
Zinc t 9,911
Lead t 10,008
Copper t 848
Concentrate Production
Zinc Concentrate t 16,135
Lead Concentrate t 16,821
Copper Concentrate t 222
Total t 33,178

Zinc t
Lead t
Copper t
Silver oz
Revenue
Net Revenue - Concentrate

Zinc US$mm
Lead US$mm
Copper US$mm
Total US$mm
Net Revenue - Payable Metal

Zinc US$mm
Lead US$mm
Copper US$mm
Silver US$mm
Total US$mm
Net Transmission Costs and Tolls / (Revenue) US$mm -

Other Revenue/(Costs), Net US$mm $1.3
Cash Flow
Net Revenue (excl. Other) US$mm

Total Operating Costs US$mm
Other Operating Costs US$mm
Other Expenses US$mm
Corporate G&A US$mm
Other Revenue /(Costs), net US$mm
Royalties and Contributions US$mm
EBITDA US$mm $6.7
Cash Taxes (Corporate Tax, Workers Participation Taxes) US$mm
FCF Impact from NWC US$mm
Operating Cash Flow US$mm $3.1
Capex US$mm ($25.9)
Free Cash Flow US$mm ($22.8)
Total NAV at 8% US$mm $92
Cost Profile
Ag Co-Product Cash Cost US$/oz Ag

Ag Co-Product AISC US$/oz Ag
• Production Schedule
Production

Bienaventurada t
Chonta t
Yen t
Gladys-Kenia t
Teresita t
Total Ore Mined t
Ore Purchased (Third-Party) t 42,000
Total Ore Processed t
Zinc Grades
Bienaventurada %
Chonta %
Yen %
Gladys-Kenia %
Teresita %
Grade Mined %
Grade - Ore Purchased (Third-Party) % 2.19%
Grade Processed %
Zinc Contained t
Lead Grades
Bienaventurada %
Chonta %
Yen %
Gladys-Kenia %
Teresita %
Grade - Ore Mined %
Grade Processed %
Lead Contained t
Copper Grades
Bienaventurada %
Chonta %
Yen %
Gladys-Kenia %
Teresita %
Grade - Ore Mined %
Grade Processed %
Copper Contained t
Silver Grades
Bienaventurada oz/t
Chonta oz/t
Yen oz/t
Gladys-Kenia oz/t
Teresita oz/t
Grade - Ore Mined oz/t
Grade - Ore Purchased (Third-Party) oz/t 5.05
Grade Processed oz/t
Silver Contained oz
Total Metal Contained
Zinc t
Lead t
Copper t
Silver oz
• Concentrate Production Schedule
Zinc Concentrate
Zinc Recovery % 81.96%

Zinc Grade in Concentrate % 55.86%
Silver Grade in Concentrate oz/t -
Zinc Recovered t 7,254
Zinc Concentrate Produced t 16,135

Silver Contained in Zinc Concentrate oz -
Lead Concentrate
Lead Recovery % 90.13%

Lead Grade in Concentrate % 59.86%
Copper Grade in Concentrate % -
Silver Grade in Concentrate oz/t 66.02
Lead Recovered t 8,252
Lead Concentrate Produced t 16,821

Copper Contained in Lead Concentrate t -
Silver Contained in Lead Concentrate oz 1,110,522
Copper Concentrate
Copper Recovery % 67.98%

Copper Grade in Concentrate % 17.70%
Silver Grade in Concentrate oz/t 266.67
Copper Recovered t 0
Copper Concentrate Produced t 222
Silver Contained in Copper Concentrate oz 59,201
Produced Metal
Zinc t 7,254
Lead t 8,252
Copper t -
Silver oz 1,169,723
• Payable Metal Schedule
• Zinc
Zinc in Concentrate t 16,135

Grade %
Deduction %
Payability %
Payable Zinc t
Silver Recovered in Zinc Concentrate oz -

Silver Grade in Zinc Concentrate oz/t
Deduction oz/t
Payability %
Payable Silver oz
• Lead
Lead in Concentrate t 16,821

Grade %
Deduction %
Payability %
Payable Lead t
Lead Concentrate oz 16,821

Silver Grade in Lead Concentrate oz/t
Deduction oz/t
Payability %
Payable Silver oz
• Copper
Copper Recovered t
Payability %
Payable Copper t
Silver Recovered in Copper Concentrate t

Payability %
Payable Silver oz
• Revenue Schedule
• Zinc Concentrate
Payable Metal Price

Zinc $/t
Silver $/oz
Payable Metal Price Deductions

Contract Term #1
Tier 1 Price Range Deductions
Tier 1 Deduction $/t
Tier 1 Base Rate %
Tier 1 Price Deduction

Zinc Price $/t
Zinc Threshold $/t
Tier 1 Price Deduction $/t

Tier 2 Base Rate %

Zinc Price $/t
Zinc Upper Limit $/t
Zinc Lower Limit $/t
Total Contract Term #1 Deductions
Contract Term #2
Tier 1 Base Rate %

Zinc Price $/t
Zinc Threshold $/t

Tier 2 Base Rate %

Zinc Price $/t
Zinc Upper Limit $/t
Zinc Lower Limit $/t
Total Contract Term #2 Deductions $/t
Contract Term Weightings

Contract Term #1 %
Contract Term #2 %
Contract Term #1 Deductions $/t
Total Contract Term Deductions $/t
Penalties $/t
Net Zinc Concentrate Metal Price $/t

Zn Payable Price $/t
Ag Payable Price $/t
Less: Contract Term Deductions $/t
Less: Penalties $/t
Net Zinc Payable Metal Price $/t
Total Net Revenue from Zinc Concentrate $ mm
Payable Metal
Zinc t
Silver oz
Gross Revenue - Zinc

Zinc US$mm
Silver US$mm
Total Gross Revenue from Zinc US$mm
Gross revenue split - Zinc %

Gross revenue split - Silver %
Total Contract Term Deductions US$mm

Total Penalties US$mm
Total Deductions US$mm
Net Revenue
Net Revenue Factor %
Zinc US$mm
Silver US$mm
Total Net Revenue from Zinc US$mm
• Lead Concentrate
Payable Metal Price

Lead $/t
Copper $/t
Silver $/oz
Payable Lead Metal Price Deductions

Contract Term #1
Base Deduction $/t
Tier 1 Deduction $/t
Tier 1 Base Rate %

Lead Price $/t
Lead Threshold $/t

Tier 2 Base Rate %

Lead Price $/t
Lead Upper Limit $/t
Lead Lower Limit $/t
Total Contract Term #1 Deductions
Contract Term #2
Tier 1 Base Rate %

Lead Price $/t
Lead Threshold $/t

Tier 2 Base Rate %

Lead Price $/t
Lead Upper Limit $/t
Lead Lower Limit $/t
Total Contract Term #2 Deductions $/t

Contract Term #1 %
Contract Term #2 %
Payable Silver Metal Price Deductions

Tier 1 Deductions
Silver Price $/oz
Factor $/t
Variable Price $/oz
Tier 1 Deductions
Payability $/t
Base Factor $/t
Variable Factor $/t
Total Tier 1 Deductions $/t
Tier 2 Deductions
Silver Price $/oz
Factor $/t
Variable Price $/oz
Tier 2 Deductions
Payability oz/t
Base Factor $/t
Variable Factor $/t
Total Tier 2 Deductions $/t

Tier 1 %
Tier 2 %
Tier 1 Deductions $/t
Tier 2 Deductions $/t
Penalties $/t
Net Lead Concentrate Metal Price $/t

Lead Payable Price $/t
Less: Lead Contract Term Deductions $/t
Less: Silver Contract Term Deductions $/t
Less: Penalties $/t
Net Lead Payable Metal Price $/t
Total Net Revenue from Lead Concentrate $ mm
Payable Metal
Lead t
Silver oz
Gross Revenue - Lead

Lead US$mm
Silver US$mm
Total Gross Revenue from Lead US$mm
Gross revenue split - Lead %

Lead Contract Term Deductions US$mm

Silver Contract Term Deductions US$mm
Net Revenue
Lead US$mm
Silver US$mm
Total Net Revenue from Lead US$mm
• Copper Concentrate
Copper Concentrate Payable Price

Copper Price per Copper Concentrate Tonne $/t
Silver Price per Copper Concentrate Tonne $/t
Total Copper Concentrate Payable Price $/t
Payable Metal
Copper t
Silver oz
Copper Treatment Costs

Base Treatment Cost $/t
Additional Refining Charge $/t
Total Treatment Cost $/t
Silver Refining Charge

Refining Rate %
Refining Cost $/t
Penalty $/t
Net Copper Concentrate Metal Price $/t

Copper Payable Price $/t
Less: Copper Treatment Deductions $/t
Less: Silver Refining Cost $/t
Less: Penalties $/t
Net Copper Payable Metal Price $/t
Total Net Revenue from Copper Concentrate $ mm
Gross Revenue - Copper

Copper US$mm
Silver US$mm
Total Gross Revenue from Copper US$mm
Gross revenue split - Copper %

Copper Treatment Deductions US$mm
Silver Refining Cost US$mm
Net Revenue
Copper US$mm
Silver US$mm
Total Net Revenue from Copper US$mm
• Total Revenue
Total Net Revenue (excl. Other Revenue) US$mm $53.8
• Operating Costs Schedule
Total Ore Tonnes Mined t 326,005

Add: Third-Party Purchases t
Total Ore Tonnes Milled & Treated t 326,005

Mine Unit Costs
Unit Costs by Function

Mining $/t Mined
General Services $/t Mined
Plant Processing $/t Processed
Water Treatment Plant (NCD) $/t Processed
Third-Party Ore Purchases $/t Purchased
Sales Expense
Freight $/t of Conc. $36.9
Operating Costs
Mining US$mm
General Services US$mm
Plant Processing US$mm
Water Treatment Plant (NCD) US$mm
Third-Party Ore Purchases US$mm
Total Operating Costs US$mm $44.4
Other Operating Costs
Freight Expense US$mm $2.2
Net Transmission Costs and Tolls / (Revenue)

Transmission Revenue % of Net Revenue (excl. Other)
Transmission Costs and Tolls % of Net Revenue (excl. Other)
Transmission Revenue US$mm

Transmission Costs and Tolls US$mm
Net Transmission Costs and Tolls / (Revenue) US$mm
Total Other Operating Costs US$mm $2.2
Other Expenses
Exploration Costs
Exploration Development and Infill Drilling Costs US$mm
Brownfield Exploration Costs US$mm $2.3
Total Exploration Costs US$mm $2.3
Selling Expense US$mm $0.4
Total Other Expenses US$mm $2.3
Corporate G&A
Administrative US$mm $3.9 $4.4
Other Revenue / (Costs), net
Other Revenue % of Net Revenue (excl. Other)

Other Costs % of Other Revenue
Other Revenue US$mm $6.1
Other Costs US$mm ($4.8)
Other Revenue / (Costs), net US$mm $1.3
• Royalty and Contribution Schedule

Less: Operating Costs US$mm
Less: Freight Costs US$mm
Less: Financial Depreciation US$mm
Operating Profit (EBIT) US$mm
EBIT Margin %
Windfall Tax ("Regalia Mineria") Schedule
By Operating Margin
EBIT Margin Threshold %
Cumulative Rate %
Marginal Rate %
Windfall Tax Rate (based on EBIT) %

Effective Windfall Tax Rate (based on EBIT) %
EBIT US$mm
Effective Windfall Tax Rate (based on EBIT) %
Total Effective Windfall Tax Rate (based on EBIT) US$mm
By Net Revenue
Total Concentrate Net Revenues US$mm
% of Concentrate Net Revenues %
Total Effective Windfall Tax Rate (based on net revenue) US$mm
Total Windfall Tax US$mm $2.1
Royalty Tax ("Impuesto Especial a la Mineria") Schedule
By Operating Margin
EBIT Margin Threshold %
Cumulative Rate %
Marginal Rate %
Royalty Rate %
Effective Royalty Rate %
EBIT US$mm
Effective Royalty Rate %
Total Royalty Tax US$mm $1.7
Contributions
OEFA % of Net Revenue

OSINERGMIN % of Net Revenue
Total OEFA Paid US$mm $0.1

Total OSINERGMIN Paid US$mm $0.1
Total Contributions US$mm $0.2
• Capital Expenditure Schedule
Sustaining Capex
Total
Tailings Disposal US$mm $4.0
Sustaining US$mm $7.7
Mine Closure US$mm $0.3
Total Sustaining Capex US$mm
Development Capex
Total
Mine Expansion US$mm $33.7
Plant Expansion US$mm $0.0
Teresita Expansion Capex US$mm $0.0
Total Development Capex US$mm
Total
Total Sustaining & Development Capex US$mm $55.3 $25.9
• Tax Schedule
Net Revenue US$mm

Less: Other Operating Costs US$mm
Less: Other Expenses US$mm
Less: Corporate G&A US$mm
Add: Other Revenue/(Costs), net US$mm
Less: Depreciation US$mm
Less: Windfall Tax ("Regalia Mineria") Schedule US$mm
Less: Royalty Tax ("Impuesto Especial a la Mineria") Sch US$mm
Less: Contributions US$mm
Taxable Income (Before Workers Participation and Corpor US$mm
Workers Participation Tax
Workers Participation Tax Rate US$mm

Workers Participation Taxes Paid US$mm -
Corporate Tax
Net Revenue US$mm

EBIT US$mm
Corporate Tax Rate US$mm

Corporate Taxes Paid US$mm $0.2
Corporate Tax US$mm

Tax Advance Rate % 1.50%
Corporate Tax Advance US$mm
Balance US$mm
Tax Shield
Initial Balance US$mm
(Uses)/Additions US$mm
Final Balance US$mm
Corporate Cash Tax Payment US$mm
Total Taxes (Corporate and Workers Participation) US$mm $0.2
• Cash Flow Schedule

Less: Other Operating Costs US$mm
Less: Other Expenses US$mm
Less: Corporate G&A US$mm
Add: Other Revenue/(Costs), net US$mm
Less: Windfall Tax ("Regalia Mineria") US$mm
Less: Royalty Tax ("Impuesto Especial a la Mineria") US$mm
Less: Contributions US$mm
EBITDA US$mm $6.7
Less: Taxes Paid US$mm
Add: FCF Impact of NWC US$mm
Operating Cash Flow US$mm $3.1
Less: Capex US$mm ($25.9)
Free Cash Flow US$mm ($22.8)
• NAV
Discounted Free Cash Flows

Total NAV at 8% US$mm $92
• Support
Payable Metal Production - By Metal & Equivalents

Zinc t
Lead t
Copper t
Silver oz
Total Payable Metal Production (Eq)

Total ZnEq Payable t ZnEq
Total CuEq Payable t CuEq
Total AgEq Payable oz AgEq
Post-Expansion
Total ZnEq Payable Mlbs ZnEq 78
Total CuEq Payable Mlbs CuEq 25
Total AgEq Payable Moz AgEq 4
Zinc Equivalent Production
Zinc t ZnEq
Lead t ZnEq
Copper t ZnEq
Silver t ZnEq
Total t ZnEq
Silver Equivalent Production

Zinc oz AgEq
Lead oz AgEq
Copper oz AgEq
Silver oz AgEq
Total oz AgEq 4,033,274
Cash Costs and All-in-Sustaining Costs (AISC)
Gross Revenue
Zinc US$mm
Lead US$mm
Copper US$mm
Silver US$mm
Total US$mm
Cash Cost and AISC Build-up

Total Operating Costs US$mm
Total Other Operating Costs US$mm
Selling Expenses US$mm
Total Treatment & Penalties US$mm
Total Cash Costs US$mm
Windfall Tax ("Regalia Mineria") US$mm
Royalty Tax ("Impuesto Especial a la Mineria") US$mm
Total Contributions US$mm
Exploration Costs US$mm
Total Sustaining Capex US$mm
Corporate G&A US$mm
Total AISC US$mm
Post-Expansion
Zn By-Product Cash Cost $/lb Zn ($0.26)
Zn By-Product AISC $/lb Zn $0.17
Cash Cost - ZnEq $/lb Zn $0.66
Cash Cost - CuEq $/lb Cu $2.07
Cash Cost - AgEq $/oz Ag $12.73
AISC - ZnEq $/lb Zn $0.80

AISC - CuEq $/lb Cu $2.52
AISC - AgEq $/oz Ag $15.44
• Working Capital Schedule
FCF Impact of Net Working Capital US$mm
• Depreciation Schedule
Mine Life Flag
Existing Depreciation
Existing PPE (as at Dec. 2021) US$mm $79.7
Useful Life years 8 years
Depreciation US$mm
New Depreciation
Total Capex US$mm
Useful Life years 10 years
Year Capex
2021 US$mm $9.7
2022 US$mm $17.2
2023 US$mm $20.6
2024 US$mm $5.0
2025 US$mm $0.6
2026 US$mm $0.5
2027 US$mm $0.5
2028 US$mm $0.5
2029 US$mm $0.5
2030 US$mm -
2031 US$mm $0.1
2032 US$mm $0.1
2033 US$mm -
Total Depreciation From Capex US$mm ($37.9)
Total Financial Depreciation US$mm
• Life of Mine Assumptions
• Live Base Case

Bienaventurada t
Chonta t
Yen t
Gladys-Kenia t
Teresita t
Zinc Grades
Bienaventurada %
Chonta %
Yen %
Gladys-Kenia %
Teresita %
Lead Grades
Bienaventurada %
Chonta %
Yen %
Gladys-Kenia %
Teresita %
Copper Grades
Bienaventurada %
Chonta %
Yen %
Gladys-Kenia %
Teresita %
Silver Grades
Bienaventurada oz/t
Chonta oz/t
Yen oz/t
Gladys-Kenia oz/t
Teresita oz/t
Silver in Concentrates
Silver in Lead Concentrate oz/t
Silver in Copper Concentrate oz/t
• Base Case

Bienaventurada t
Chonta t
Yen t
Gladys-Kenia t
Teresita t
Zinc Grades
Bienaventurada %
Chonta %
Yen %
Gladys-Kenia %
Teresita %
Lead Grades
Bienaventurada %
Chonta %
Yen %
Gladys-Kenia %
Teresita %
Copper Grades
Bienaventurada %
Chonta %
Yen %
Gladys-Kenia %
Teresita %
Silver Grades
Bienaventurada oz/t
Chonta oz/t
Yen oz/t
Gladys-Kenia oz/t
Teresita oz/t
• Additional Resources Case

Bienaventurada t
Chonta t
Yen t
Gladys-Kenia t
Teresita t
Zinc Grades
Bienaventurada %
Chonta %
Yen %
Gladys-Kenia %
Teresita %
Lead Grades
Bienaventurada %
Chonta %
Yen %
Gladys-Kenia %
Teresita %
Copper Grades
Bienaventurada %
Chonta %
Yen %
Gladys-Kenia %
Teresita %
Silver Grades
Bienaventurada oz/t
Chonta oz/t
Yen oz/t
Gladys-Kenia oz/t
Teresita oz/t
• Operating and Capex Assumptions
• Live Base Case
Mining Costs
Mining $/t Mined
Exploration Costs
Brownfield Exploration Costs US$mm
Capital Expenditure
Tailings disposal US$mm
Maintenance US$mm
Mine Closure US$mm
Teresita Expansion US$mm
FCF Impact of Working Capital US$mm
• Base Case
Mining Costs
Mining $/t Mined
Exploration Costs
Capital Expenditure
Tailings disposal US$mm
Maintenance US$mm
Mine Closure US$mm
• Additional Resources Case
Mining Costs
Mining $/t Mined
Exploration Costs
Capital Expenditure
Tailings Disposal US$mm
Maintenance US$mm
Mine Closure US$mm

2019A 2020A 2021E 2022E 2023E 2024E
1 1 1 1
0.00 0.50 1.50 2.50
0.00 0.96 0.89 0.82
$2,548 $2,269 $2,913 $2,736 $2,574 $2,556

$1,999 $1,826 $2,168 $2,105 $2,041 $2,009
$6,005 $6,186 $9,244 $8,801 $8,310 $8,519
$16.21 $20.54 $25.32 $24.17 $23.09 $22.39
400,117 455,564 547,798 571,638 574,759 573,931

40,521 42,000 42,000 42,000
400,117 455,564 588,319 613,638 616,759 615,931
3.40 2.26 2.40 2.83 2.99 3.36

2.48% 2.87% 2.71% 2.66% 2.64% 2.75%
3.60% 2.92% 2.60% 2.90% 2.42% 2.27%
0.27% 0.27% 0.23% 0.23% 0.22% 0.20%
1,360,398 1,029,575 1,412,660 1,735,951 1,845,199 2,068,242

9,923 13,075 15,938 16,298 16,306 16,966
14,404 13,302 15,271 17,780 14,951 13,974
1,080 1,230 1,355 1,399 1,378 1,257
14,598 19,467 22,640 24,735 24,637 25,708
22,741 20,255 22,627 27,356 23,026 21,351
398 2,938 2,838 3,020 3,097 2,734
37,737 42,660 48,105 55,112 50,760 49,793
10,790 11,761 11,715 12,206

12,587 15,199 12,832 12,048
493 691 682 607
966,880 1,234,392 1,399,963 1,405,078
$23.2 $28.1 $26.1 $26.9

$35.2 $43.7 $37.8 $35.7
$12.0 $16.3 $19.0 $18.3
$70.5 $88.1 $82.9 $80.9
$23.2 $28.1 $26.1 $26.9

$21.8 $27.0 $22.0 $20.3
$4.6 $5.1 $4.6 $4.2
$20.9 $27.8 $30.1 $29.3
$70.5 $88.1 $82.9 $80.9
- - $0.1 $0.1 $0.1 $0.1

$1.1 $0.8 $0.7 $1.3 $1.2 $1.2
$70.5 $88.1 $82.9 $80.9

($43.4) ($43.6) ($44.3) ($44.6)
($2.2) ($2.2) ($2.0) ($1.9)
($6.7) ($10.4) ($7.4) ($7.4)
($3.4) ($3.9) ($3.9) ($3.9)
$0.7 $1.3 $1.2 $1.2
($1.2) ($2.0) ($1.6) ($1.5)
$7.4 $10.5 $14.3 $27.3 $24.9 $22.7
($0.5) ($1.2) ($7.1) ($2.9)
($0.3) ($0.4) ($0.6) ($0.0)
($5.2) ($7.3) $13.5 $25.7 $17.3 $19.8
($19.3) ($7.1) ($9.7) ($17.2) ($20.6) ($5.0)
($24.5) ($14.4) $3.9 $8.4 ($3.4) $14.8
$17.85 $13.95 $14.12 $14.05

$23.76 $18.09 $19.03 $17.19
404,320 473,061 476,807 329,663

12,700 - - 216,962
130,778 98,577 97,952 27,306
- - -
- - - -
547,798 571,638 574,759 573,931
40,521 42,000 42,000 42,000
588,319 613,638 616,759 615,931
2.98% 2.79% 2.85% 3.25%

3.70% - - 2.20%
1.84% 2.20% 1.82% 1.97%
- 2.72% 2.72% 2.72%
- - - -
2.72% 2.69% 2.68% 2.80%
2.50% 2.19% 2.19% 2.19%
2.71% 2.66% 2.64% 2.75%
15,938 16,298 16,306 16,966

3.00% 3.26% 2.64% 2.77%
2.00% - - 1.59%
1.34% 1.52% 1.52% 1.85%
- 6.69% 6.69% 6.69%
- - - -
2.58% 2.96% 2.45% 2.28%
2.80% 2.11% 2.11% 2.11%
2.60% 2.90% 2.42% 2.27%
15,271 17,780 14,951 13,974
0.26% 0.25% 0.25% 0.27%

0.30% - - 0.12%
0.11% 0.14% 0.13% 0.19%
- 0.35% 0.35% 0.35%
- - - -
0.23% 0.23% 0.23% 0.21%
0.30% 0.16% 0.16% 0.16%
0.23% 0.23% 0.22% 0.20%
1,355 1,399 1,378 1,257
2.54 3.10 3.29 3.14

2.70 - - 3.68
0.58 0.57 0.66 0.86
- 7.68 7.68 7.68
- - - -
2.08 2.67 2.84 3.23
6.80 5.05 5.05 5.05
2.40 2.83 2.99 3.36
1,412,660 1,735,951 1,845,199 2,068,242

15,938 16,298 16,306 16,966
15,271 17,780 14,951 13,974
1,355 1,399 1,378 1,257
1,412,660 1,735,951 1,845,199 2,068,242
81.40% 84.84% 83.45% 84.90% 84.52% 84.64%

55.56% 56.88% 56.07% 55.94% 55.94% 55.86%
- - 1.83 1.65 1.65 1.65
7,943 10,900 12,630 13,837 13,782 14,360
14,598 19,467 22,640 24,735 24,637 25,708

- - 41,431 40,814 40,651 42,418
94.53% 91.50% 89.46% 90.10% 90.45% 90.80%

59.97% 60.15% 58.63% 58.56% 58.73% 59.43%
- - 1.24% 1.24% 1.24% 1.24%
51.74 29.26 30.87 28.64 33.54 36.42
13,623 12,119 13,263 16,020 13,523 12,689
22,741 20,255 22,627 27,356 23,026 21,351

- - 281 340 286 266
1,176,619 592,661 698,495 783,473 772,295 777,566
63.32% 56.23% 48.69% 51.58% 51.75% 50.46%

23.31% 23.76% 23.32% 23.89% 23.02% 23.19%
131.36 111.27 143.18 182.10 239.05 270.80
95 693 657 721 713 634

398 2,938 2,838 3,020 3,097 2,734
52,281 326,911 406,345 549,884 740,314 740,433
7,943 10,900 12,630 13,837 13,782 14,360

13,623 12,119 13,263 16,020 13,523 12,689
95 693 938 1,062 999 900
1,228,901 919,573 1,146,272 1,374,170 1,553,260 1,560,417
14,598 19,467 22,640 24,735 24,637 25,708

56.1% 55.9% 55.9% 55.9%
8.0% 8.0% 8.0% 8.0%
85.0% 85.0% 85.0% 85.0%
10,790 11,761 11,715 12,206
- - 41,431 40,814 40,651 42,418

1.83 1.65 1.65 1.65
3.50 3.50 3.50 3.50
70.0% 70.0% 70.0% 70.0%
- - - -
22,741 20,255 22,627 27,356 23,026 21,351

58.6% 58.6% 58.7% 59.4%
3.0% 3.0% 3.0% 3.0%
95.0% 95.0% 95.0% 95.0%
12,587 15,199 12,832 12,048
22,741 20,255 22,627 27,356 23,026 21,351

30.87 28.64 33.54 36.42
1.6075 1.61 1.61 1.61
95.0% 95.0% 95.0% 95.0%
662,122 739,496 733,680 738,688
657
75.0%
493 691 682 607
406,345 549,884 740,314 740,433

75.0% 90.0% 90.0% 90.0%
304,759 494,896 666,283 666,390
14,598 19,467 22,640 24,735 24,637 25,708
$1,366.5 $1,300.8 $1,223.9 $1,213.6

- - - -
$156.0 $156.0 $156.0

$150.0 $150.0 $150.0
17.5% 17.5% 17.5%
22.5% 22.5% 22.5%
$2,735.8 $2,574.0 $2,555.9

$3,125.0 $3,125.0 $3,125.0
- - -
17.5% 17.5% 17.5%
$2,735.8 $2,574.0 $2,555.9

$3,125.0 $3,125.0 $3,125.0
$2,975.0 $2,975.0 $2,975.0
- - -
$156.0 $156.0 $156.0
$130.0 $130.0 $130.0

$150.0 $150.0 $150.0
18.0% 18.0% 18.0%
24.0% 24.0% 24.0%
$2,735.8 $2,574.0 $2,555.9

$2,850.0 $2,850.0 $2,850.0
- - -
18.0% 18.0% 18.0%
$2,735.8 $2,574.0 $2,555.9

$2,850.0 $2,850.0 $2,850.0
$2,700.0 $2,700.0 $2,700.0
$6.4 - -
$136.4 $130.0 $130.0
92.5% 100.0% 100.0%

7.5% - -
$156.0 $156.0 $156.0
$136.4 $130.0 $130.0
$320.92 $154.5 $156.0 $156.0
$18.3 $4.0 $4.0 $4.5
$1,367 $1,300.8 $1,223.9 $1,213.6

- - - -
($320.9) ($154.5) ($156.0) ($156.0)
($18.3) ($4.0) ($4.0) ($4.5)
$1,027.3 $1,142.3 $1,063.9 $1,053.1
$23.2 $28.1 $26.1 $26.9
10,790 11,761 11,715 12,206

- - - -
$31.4 $32.2 $30.2 $31.2

- - - -
$31.4 $32.2 $30.2 $31.2
100.0% 100.0% 100.0% 100.0%

- - - -
($3.8) ($3.8) ($4.0)

($0.1) ($0.1) ($0.1)
($3.9) ($3.9) ($4.1)
99.5% 99.5% 99.5% 99.5%

$23.4 $28.3 $26.2 $27.1
- - - -
$23.2 $28.1 $26.1 $26.9
22,741 20,255 22,627 27,356 23,026 21,351
$1,178.3 $1,169.5 $1,137.3 $1,133.4

- - - -
$731.7 $653.3 $735.6 $774.7
$170.0 $170.0 $170.0
$150.0 $150.0 $150.0
17.5% 17.5% 17.5%
22.5% 22.5% 22.5%
$2,105.0 $2,040.8 $2,008.6

$2,350.0 $2,350.0 $2,350.0
- - -
17.5% 17.5% 17.5%
$2,105.0 $2,040.8 $2,008.6

$2,350.0 $2,350.0 $2,350.0
$2,200.0 $2,200.0 $2,200.0
- - -
$170.0 $170.0 $170.0
$140.0 $140.0 $140.0

$150.0 $150.0 $150.0
18.0% 18.0% 18.0%
24.0% 24.0% 24.0%
$2,105.0 $2,040.8 $2,008.6

$2,050.0 $2,050.0 $2,050.0
$40.2 - -
18.0% 18.0% 18.0%
$2,105.0 $2,040.8 $2,008.6

$2,050.0 $2,050.0 $2,050.0
$1,900.0 $1,900.0 $1,900.0
- $25.3 $19.5
$180.2 $165.3 $159.5
92.5% 100.0% 100.0%

7.5% - -
$170.0 $170.0 $170.0
$180.2 $165.3 $159.5
$246.8 $170.8 $170.0 $170.0
$24.2 $23.1 $22.4

1.4 1.4 1.4
$28.0 $28.0 $28.0
$25.0 $25.0 $25.0
10.0% 10.0% 10.0%
$27.0 $31.9 $34.6

$1.4 $1.4 $1.4
- - -
$37.8 $44.6 $48.4
$24.2 $23.1 $22.4

$1.5 $1.5 $1.5
$25.0 $25.0 $25.0
$27.0 $27.0 $27.0
10.0% 10.0% 10.0%
$27.0 $31.9 $34.6

1.5 1.5 1.5
- - -
$39.2 $46.2 $50.2
70.0% 70.0% 70.0%

30.0% 30.0% 30.0%
$37.8 $44.6 $48.4
$39.2 $46.2 $50.2
$60.3 $38.3 $45.1 $49.0
$54.2 $10.0 $10.0 $10.5
$1,178.3 $1,169.5 $1,137.3 $1,133.4

$731.7 $653.3 $735.6 $774.7
($246.8) ($170.8) ($170.0) ($170.0)
($60.3) ($38.3) ($45.1) ($49.0)
($54.2) ($10.0) ($10.0) ($10.5)
$1,548.8 $1,603.8 $1,647.9 $1,678.7
$35.2 $43.7 $37.8 $35.7
12,587 15,199 12,832 12,048

662,122 739,496 733,680 738,688
$27.3 $32.0 $26.2 $24.2

$16.8 $17.9 $16.9 $16.5
$44.1 $49.9 $43.1 $40.7
61.9% 64.2% 60.7% 59.4%

38.1% 35.8% 39.3% 40.6%
($4.7) ($3.9) ($3.6)

($1.0) ($1.0) ($1.0)
($0.3) ($0.2) ($0.2)
99.5% 99.5% 99.5% 99.5%

$21.9 $27.1 $22.1 $20.4
$13.5 $16.7 $15.8 $15.4
$35.2 $43.7 $37.8 $35.7
398 2,938 2,838 3,020 3,097 2,734
$1,605.7 $2,014.5 $1,829.8 $1,890.3

$2,631.3 $3,960.7 $4,967.2 $5,457.3
$4,237.0 $5,975.2 $6,797.0 $7,347.6
493 691 682 607

304,759 494,896 666,283 666,390
$145.0 $195.0 $195.0

$73.2 $70.4 $70.9
$218.2 $265.4 $265.9
50.0% 50.0% 50.0%

$81.9 $107.6 $121.9
$250.0 $250.0 $250.0
$2,014.5 $1,829.8 $1,890.3

$3,960.7 $4,967.2 $5,457.3
($218.2) ($265.4) ($265.9)
($81.9) ($107.6) ($121.9)
($250.0) ($250.0) ($250.0)
$5,425.1 $6,174.0 $6,709.8
$12.0 $16.3 $19.0 $18.3
$4.6 $6.1 $5.7 $5.2

$7.5 $12.0 $15.4 $14.9
$12.0 $18.0 $21.0 $20.1
33.7% 26.9% 25.7%

66.3% 73.1% 74.3%
($0.7) ($0.8) ($0.7)
($0.2) ($0.3) ($0.3)
($0.8) ($0.8) ($0.7)
99.5% 99.5% 99.5% 99.5%

$4.6 $5.2 $4.6 $4.3
$7.5 $11.2 $14.5 $14.1
$12.0 $16.3 $19.0 $18.3
$63.5 $55.8 $70.5 $88.1 $82.9 $80.9
400,117 455,564 547,798 571,638 574,759 573,931

40,521 42,000 42,000 42,000
400,117 455,564 588,319 613,638 616,759 615,931
14,598 19,467 22,640 24,735 24,637 25,708

22,741 20,255 22,627 27,356 23,026 21,351
398 2,938 2,838 3,020 3,097 2,734
$43.00 $44.00 $45.00

$14.64 $14.85 $14.85
$10.00 $10.00 $10.00
$0.71 $0.56 $0.47
$98.20 $93.19 $91.28
$36.9 $36.9 $36.9
$25.3 $24.6 $25.3 $25.8

$8.5 $8.4 $8.5 $8.5
$6.0 $6.1 $6.2 $6.2
$0.6 $0.4 $0.3 $0.3
$3.0 $4.1 $3.9 $3.8
$50.5 $48.3 $43.4 $43.6 $44.3 $44.6
$2.6 $2.6 $2.0 $2.0 $1.9 $1.8
0.1% 0.1% 0.1%

0.2% 0.2% 0.2%
($0.1) ($0.1) ($0.1) ($0.0)

$0.2 $0.2 $0.1 $0.1
$0.1 $0.1 $0.1 $0.1
$2.6 $2.6 $2.2 $2.2 $2.0 $1.9
$3.1 $2.0 $2.0 $2.0

$6.4 $0.9 $3.1 $8.0 $5.0 $5.0
$6.4 $0.9 $6.2 $10.0 $7.0 $7.0
$0.4 $0.4 $0.4 $0.4
$6.4 $0.9 $6.7 $10.4 $7.4 $7.4
$4.5 $3.0 $3.4 $3.9 $3.9 $3.9
6.0% 6.0% 6.0%

75.0% 75.0% 75.0%
$5.9 $3.7 $4.3 $5.3 $5.0 $4.9
($4.7) ($2.9) ($3.7) ($4.0) ($3.7) ($3.6)
$1.1 $0.8 $0.7 $1.3 $1.2 $1.2
$70.5 $88.1 $82.9 $80.9

($43.4) ($43.6) ($44.3) ($44.6)
($2.0) ($2.0) ($1.9) ($1.8)
($10.0) ($11.8) ($13.7) ($15.0)
$15.1 $30.6 $23.0 $19.4
21.4% 34.7% 27.8% 24.0%
30.0% 25.0% 20.0%

0.68% 0.48% 0.31%
4.75% 4.00% 3.25%
0.90% 0.59% 0.44%

2.59% 2.11% 1.84%
$30.6 $23.0 $19.4

2.59% 2.11% 1.84%
$0.8 $0.5 $0.4
$88.1 $82.9 $80.9

1.0% 1.0% 1.0%
$0.9 $0.8 $0.8
$0.6 $0.8 $0.7 $0.9 $0.8 $0.8
30.0% 25.0% 20.0%

0.80% 0.62% 0.46%
4.00% 3.60% 3.20%
0.99% 0.72% 0.59%

2.85% 2.59% 2.45%
$30.6 $23.0 $19.4

2.8% 2.6% 2.5%
$0.0 $0.1 $0.3 $0.9 $0.6 $0.5
0.14% 0.14% 0.14%

0.11% 0.11% 0.11%
$0.1 $0.1 $0.1 $0.1 $0.1 $0.1

$0.1 $0.1 $0.1 $0.1 $0.1 $0.1
$0.2 $0.2 $0.2 $0.2 $0.2 $0.2
- - $4.0 -
- $1.2 $3.5 $0.5
- - - -
$9.7 $1.2 $7.5 $0.5
- $16.0 $13.1 $4.5

- - -
- - - -
- $16.0 $13.1 $4.5
$19.3 $7.1 $9.7 $17.2 $20.6 $5.0
$70.5 $88.1 $82.9 $80.9

($43.4) ($43.6) ($44.3) ($44.6)
($2.2) ($2.2) ($2.0) ($1.9)
($6.7) ($10.4) ($7.4) ($7.4)
($3.4) ($3.9) ($3.9) ($3.9)
$0.7 $1.3 $1.2 $1.2
($10.0) ($11.8) ($13.7) ($15.0)
($0.7) ($0.9) ($0.8) ($0.8)
($0.3) ($0.9) ($0.6) ($0.5)
($0.2) ($0.2) ($0.2) ($0.2)
$4.4 $15.5 $11.2 $7.7
8.0% 8.0% 8.0%

$0.8 - - $1.2 $0.9 $0.6
$70.5 $88.1 $82.9 $80.9

$4.4 $15.5 $11.2 $7.7
29.5% 29.5% 29.5%

$0.8 $1.5 $4.6 $3.3 $2.3
$2.2 $4.6 $3.3 $2.3

1.50% 3.06% 5.18% 3.99%
$1.0 $2.7 $4.3 $3.2
($0.5) $1.1 $1.9 ($1.0)
$3.9 - -
($3.9) - -
$3.9 - - -
- - $6.2 $2.2
$1.7 $1.5 $0.5 $1.2 $7.1 $2.9

$70.5 $88.1 $82.9 $80.9
($43.4) ($43.6) ($44.3) ($44.6)
($2.2) ($2.2) ($2.0) ($1.9)
($6.7) ($10.4) ($7.4) ($7.4)
($3.4) ($3.9) ($3.9) ($3.9)
$0.7 $1.3 $1.2 $1.2
($0.7) ($0.9) ($0.8) ($0.8)
($0.3) ($0.9) ($0.6) ($0.5)
($0.2) ($0.2) ($0.2) ($0.2)
$7.4 $10.5 $14.3 $27.3 $24.9 $22.7
($0.5) ($1.2) ($7.1) ($2.9)
($0.3) ($0.4) ($0.6) ($0.0)
($5.2) ($7.3) $13.5 $25.7 $17.3 $19.8
($19.3) ($7.1) ($9.7) ($17.2) ($20.6) ($5.0)
($24.5) ($14.4) $3.9 $8.4 ($3.4) $14.8
- $8.1 ($3.0) $12.2
10,790 11,761 11,715 12,206

12,587 15,199 12,832 12,048
493 691 682 607
966,880 1,234,392 1,399,963 1,405,078
30,129 36,584 36,648 36,006

9,494 11,372 11,352 10,803
3,465,661 4,141,392 4,085,727 4,109,927
66.4 80.7 80.8 79.4

20.9 25.1 25.0 23.8
3.5 4.1 4.1 4.1
10,790 11,761 11,715 12,206
9,370 11,695 10,174 9,468
1,564 2,224 2,202 2,022
8,406 10,904 12,557 12,310
30,129 36,584 36,648 36,006
1,241,160 1,331,412 1,306,016 1,393,295

1,077,754 1,323,871 1,134,300 1,080,732
179,867 251,717 245,448 230,822
966,880 1,234,392 1,399,963 1,405,078
3,465,661 4,141,392 4,085,727 4,109,927
31.4 32.2 30.2 31.2

27.3 32.0 26.2 24.2
4.6 6.1 5.7 5.2
24.2 29.8 32.3 31.5
87.5 100.1 94.3 92.0
$43.4 $43.6 $44.3 $44.6

$2.2 $2.2 $2.0 $1.9
$0.4 $0.4 $0.4 $0.4
$15.9 $11.6 $11.1 $10.8
$61.9 $57.8 $57.7 $57.7
$0.7 $0.9 $0.8 $0.8
$0.3 $0.9 $0.6 $0.5
$0.2 $0.2 $0.2 $0.2
$6.2 $10.0 $7.0 $7.0
$9.7 $1.2 $7.5 $0.5
$3.4 $3.9 $3.9 $3.9
$82.3 $74.9 $77.8 $70.7
$0.24 ($0.39) ($0.25) ($0.12)

$1.10 $0.27 $0.53 $0.37
$0.93 $0.72 $0.71 $0.73
$2.95 $2.31 $2.30 $2.42
$17.85 $13.95 $14.12 $14.05
$1.24 $0.93 $0.96 $0.89

$3.93 $2.99 $3.11 $2.97
$23.76 $18.09 $19.03 $17.19
($0.25) ($0.44) ($0.57) ($0.01)
1 1 1 1
$9.5 $10.0 $10.0 $10.0
$9.7 $17.2 $20.6 $5.0
$0.5 $1.0 $1.0 $1.0

- $0.9 $1.7 $1.7
- - $1.0 $2.1
- - - $0.2
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
$0.5 $1.8 $3.7 $5.0
$10.0 $11.8 $13.7 $15.0
476,807 329,663
- 216,962
97,952 27,306
- -
- -
2.85% 3.25%
- 2.20%
1.82% 1.97%
2.72% 2.72%
- -
2.64% 2.77%
- 1.59%
1.52% 1.85%
6.69% 6.69%
- -
0.25% 0.27%
- 0.12%
0.13% 0.19%
0.35% 0.35%
- -
3.29 3.14
- 3.68
0.66 0.86
7.68 7.68
- -
33.54 36.42
239.05 270.80
476,807 329,663
- 216,962
97,952 27,306
- -
2.85% 3.25%
- 2.20%
1.82% 1.97%
2.72% 2.72%
- -
2.64% 2.77%
- 1.59%
1.52% 1.85%
6.69% 6.69%
- -
0.25% 0.27%
- 0.12%
0.13% 0.19%
0.35% 0.35%
- -
3.29 3.14
- 3.68
0.66 0.86
7.68 7.68
- -
33.54 36.42
239.05 270.80
413,280 413,280
- 114,240
144,000 -
235,200 336,000
- -
3.10% 3.05%
- 4.03%
1.69% -
3.07% 3.07%
- -
2.79% 2.57%
- 2.95%
1.34% -
7.40% 7.40%
- -
0.25% 0.22%
- 0.23%
0.11% -
0.39% 0.39%
- -
2.33 2.73
- 3.34
0.56 -
8.67 8.67
- -
34.90 39.55
265.27 325.26
$44.00 $45.00
$12.85 $10.85
$10.00 $10.00
$0.56 $0.47
$2.00 $2.00
- -
$4.00 -
$3.50 $0.50
- - - -
- -
- -
($0.57) ($0.01)
$44.00 $45.00
$12.85 $10.85
$10.00 $10.00
$0.56 $0.47
$2.00 $2.00
- -
$4.00 -
$3.50 $0.50
-
- -
($0.57) ($0.01)
$39.16 $38.79
$11.90 $10.92
$7.38 $7.08
$0.52 $0.48
$7.03 $7.11
$3.00 $3.00
$4.00 -
$7.00 $7.00
- $0.04 $0.02 $0.02
- $3.43
($0.68) ($0.73)
2025E 2026E 2027E 2028E 2029E 2030E
1 1 1 1 1 -
3.50 4.50 5.50 6.50 7.50 8.50
0.76 0.71 0.65 0.61 0.56 0.52
$2,419 $2,419 $2,419 $2,419 $2,419 $2,419

$2,009 $2,009 $2,009 $2,009 $2,009 $2,009
$7,481 $7,481 $7,481 $7,481 $7,481 $7,481
$21.07 $21.07 $21.07 $21.07 $21.07 $21.07
586,116 505,957 513,404 356,751 317,443 -

42,000 42,000 42,000 42,000 42,000 -
628,116 547,957 555,404 398,751 359,443 -
4.01 2.58 3.32 3.25 2.77 -

2.74% 3.95% 2.87% 2.89% 3.54% -
2.47% 3.05% 2.84% 2.67% 3.00% -
0.25% 0.29% 0.25% 0.26% 0.30% -
2,521,816 1,414,491 1,845,914 1,294,028 995,457 -

17,231 21,642 15,955 11,541 12,726 -
15,504 16,708 15,783 10,638 10,797 -
1,581 1,614 1,373 1,038 1,073 -
26,387 34,248 24,108 17,438 19,228 -
23,718 25,356 24,062 16,218 16,460 -
3,370 3,499 2,989 2,260 2,334 -
53,475 63,103 51,159 35,916 38,023 -
12,811 16,262 11,658 8,432 9,298 -

13,311 14,314 13,439 9,058 9,193 -
713 741 661 500 516 -
1,715,614 1,460,944 1,380,638 989,366 1,013,891 -
$26.6 $33.7 $24.2 $17.5 $19.3 -

$39.8 $41.3 $35.5 $23.9 $24.3 -
$20.4 $15.6 $18.0 $13.6 $14.1 -
$86.9 $90.6 $77.8 $55.1 $57.7 -
$26.6 $33.7 $24.2 $17.5 $19.3 -

$22.4 $24.2 $22.6 $15.2 $15.5 -
$4.2 $4.3 $3.9 $3.0 $3.1 -
$33.6 $28.4 $27.0 $19.4 $19.8 -
$86.9 $90.6 $77.8 $55.1 $57.7 -
$0.1 $0.1 $0.1 $0.1 $0.1 -

$1.3 $1.4 $1.2 $0.8 $0.9 -
$86.9 $90.6 $77.8 $55.1 $57.7 -

($45.3) ($39.5) ($40.1) ($29.1) ($26.3) -
($2.1) ($2.4) ($2.0) ($1.4) ($1.5) -
($7.4) ($7.4) ($0.4) ($0.4) ($0.4) -
($3.9) ($3.9) ($3.9) ($3.9) ($3.9) -
$1.3 $1.4 $1.2 $0.8 $0.9 -
($1.7) ($2.1) ($1.5) ($0.9) ($1.1) -
$27.7 $36.5 $31.1 $20.2 $25.3 -
($2.5) ($6.8) ($9.0) ($3.0) ($1.8) -
($2.5) $0.2 $0.0 ($0.3) ($0.3) ($0.3)
$22.8 $29.9 $22.1 $17.0 $23.2 ($0.3)
($0.6) ($0.5) ($0.5) ($0.5) ($0.5) -
$22.2 $29.4 $21.6 $16.5 $22.7 ($0.3)
$12.67 $11.26 $12.63 $12.90 $11.59 -

$15.47 $14.00 $14.03 $14.69 $13.35 -
405,224 404,367 513,404 356,751 317,443 -

180,892 101,590 - - - -
- - - - - -
- - - - - -
- - - - - -
586,116 505,957 513,404 356,751 317,443 -
42,000 42,000 42,000 42,000 42,000 -
628,116 547,957 555,404 398,751 359,443 -
2.90% 4.65% 2.93% 2.98% 3.72% -

2.51% 0.02 - - - -
- - - - - -
2.72% - - - - -
- - - - - -
2.78% 4.10% 2.93% 2.98% 3.72% -
2.19% 2.19% 2.19% 2.19% 2.19% -
2.74% 3.95% 2.87% 2.89% 3.54% -
17,231 21,642 15,955 11,541 12,726 -

2.83% 3.58% 2.90% 2.73% 3.12% -
1.74% 0.01 - - - -
- - - - - -
6.69% - - - - -
- - - - - -
2.49% 3.13% 2.90% 2.73% 3.12% -
2.11% 2.11% 2.11% 2.11% 2.11% -
2.47% 3.05% 2.84% 2.67% 3.00% -
15,504 16,708 15,783 10,638 10,797 -
0.31% 0.36% 0.25% 0.27% 0.32% -

0.15% 0.00 - - - -
- - - - - -
0.35% - - - - -
- - - - - -
0.26% 0.31% 0.25% 0.27% 0.32% -
0.16% 0.16% 0.16% 0.16% 0.16% -
0.25% 0.29% 0.25% 0.26% 0.30% -
1,581 1,614 1,373 1,038 1,073 -
2.60 1.92 3.18 3.03 2.47 -

6.95 4.18 - - - -
- - - - - -
7.68 - - - - -
- - - - - -
3.94 2.38 3.18 3.03 2.47 -
5.05 5.05 5.05 5.05 5.05 -
4.01 2.58 3.32 3.25 2.77 -
2,521,816 1,414,491 1,845,914 1,294,028 995,457 -

17,231 21,642 15,955 11,541 12,726 -
15,504 16,708 15,783 10,638 10,797 -
1,581 1,614 1,373 1,038 1,073 -
2,521,816 1,414,491 1,845,914 1,294,028 995,457 -
87.47% 88.40% 85.96% 85.96% 85.96% 85.96%

57.12% 55.86% 56.89% 56.89% 56.89% 56.89%
1.65 1.65 1.65 1.65 1.65 1.65
15,072 19,131 13,715 9,921 10,939 -
26,387 34,248 24,108 17,438 19,228 -

43,538 56,510 39,778 28,773 31,727 -
90.44% 90.22% 89.72% 89.72% 89.72% 89.72%

59.12% 59.45% 58.85% 58.85% 58.85% 58.85%
1.24% 1.24% 1.24% 1.24% 1.24% 1.24%
39.68 36.53 29.22 29.22 29.22 29.22
14,022 15,074 14,161 9,544 9,687 -
23,718 25,356 24,062 16,218 16,460 -

295 315 299 202 205 -
941,243 926,299 703,178 473,944 481,014 -
47.21% 48.08% 50.32% 50.32% 50.32% 50.32%

22.15% 22.18% 23.12% 23.12% 23.12% 23.12%
270.80 184.50 266.22 266.22 266.22 266.22
747 776 691 523 540 -

3,370 3,499 2,989 2,260 2,334 -
912,704 645,512 795,713 601,659 621,485 -
15,072 19,131 13,715 9,921 10,939 -

14,022 15,074 14,161 9,544 9,687 -
1,042 1,091 990 724 744 -
1,897,485 1,628,321 1,538,669 1,104,375 1,134,227 -
26,387 34,248 24,108 17,438 19,228 -

57.1% 55.9% 56.9% 56.9% 56.9% 56.9%
8.0% 8.0% 8.0% 8.0% 8.0% 8.0%
85.0% 85.0% 85.0% 85.0% 85.0% 85.0%
12,811 16,262 11,658 8,432 9,298 -
43,538 56,510 39,778 28,773 31,727 -

1.65 1.65 1.65 1.65 1.65 1.65
3.50 3.50 3.50 3.50 3.50 3.5
70.0% 70.0% 70.0% 70.0% 70.0% 70.0%
- - - - - -
23,718 25,356 24,062 16,218 16,460 -

59.1% 59.5% 58.9% 58.9% 58.9% 58.9%
3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
95.0% 95.0% 95.0% 95.0% 95.0% 95.0%
13,311 14,314 13,439 9,058 9,193 -
23,718 25,356 24,062 16,218 16,460 -

39.68 36.53 29.22 29.22 29.22 29.22
1.61 1.61 1.61 1.61 1.61 1.6
95.0% 95.0% 95.0% 95.0% 95.0% 95.0%
894,180 879,984 664,497 447,873 454,554 -
713 741 661 500 516 -
912,704 645,512 795,713 601,659 621,485 -

90.0% 90.0% 90.0% 90.0% 90.0% 90.0%
821,433 580,961 716,142 541,493 559,337 -
26,387 34,248 24,108 17,438 19,228 -
$1,174.5 $1,148.6 $1,169.8 $1,169.8 $1,169.8 $1,169.8

- - - - - -
$156.0 $156.0 $156.0 $156.0 $156.0 $156.0

$150.0 $150.0 $150.0 $150.0 $150.0 $150.0
17.5% 17.5% 17.5% 17.5% 17.5% 17.5%
22.5% 22.5% 22.5% 22.5% 22.5% 22.5%
$2,419.1 $2,419.1 $2,419.1 $2,419.1 $2,419.1 $2,419.1

$3,125.0 $3,125.0 $3,125.0 $3,125.0 $3,125.0 $3,125.0
- - - - - -
17.5% 17.5% 17.5% 17.5% 17.5% 17.5%
$2,419.1 $2,419.1 $2,419.1 $2,419.1 $2,419.1 $2,419.1

$3,125.0 $3,125.0 $3,125.0 $3,125.0 $3,125.0 $3,125.0
$2,975.0 $2,975.0 $2,975.0 $2,975.0 $2,975.0 $2,975.0
- - - - - -
$156.0 $156.0 $156.0 $156.0 $156.0 $156.0
$130.0 $130.0 $130.0 $130.0 $130.0 $130.0

$150.0 $150.0 $150.0 $150.0 $150.0 $150.0
18.0% 18.0% 18.0% 18.0% 18.0% 18.0%
24.0% 24.0% 24.0% 24.0% 24.0% 24.0%
$2,419.1 $2,419.1 $2,419.1 $2,419.1 $2,419.1 $2,419.1

$2,850.0 $2,850.0 $2,850.0 $2,850.0 $2,850.0 $2,850.0
- - - - - -
18.0% 18.0% 18.0% 18.0% 18.0% 18.0%
$2,419.1 $2,419.1 $2,419.1 $2,419.1 $2,419.1 $2,419.1

$2,850.0 $2,850.0 $2,850.0 $2,850.0 $2,850.0 $2,850.0
$2,700.0 $2,700.0 $2,700.0 $2,700.0 $2,700.0 $2,850.0
- - - - - -
$130.0 $130.0 $130.0 $130.0 $130.0 $130.0
100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

- - - - - -
$156.0 $156.0 $156.0 $156.0 $156.0 $156.0
$130.0 $130.0 $130.0 $130.0 $130.0 $130.0
$156.0 $156.0 $156.0 $156.0 $156.0 $156.0
$4.5 $4.5 $4.0 $4.0 $4.0 $4.0
$1,174.5 $1,148.6 $1,169.8 $1,169.8 $1,169.8 $1,169.8

- - - - - -
($156.0) ($156.0) ($156.0) ($156.0) ($156.0) ($156.0)
($4.5) ($4.5) ($4.0) ($4.0) ($4.0) ($4.0)
$1,014.0 $988.1 $1,009.8 $1,009.8 $1,009.8 $1,009.8
$26.6 $33.7 $24.2 $17.5 $19.3 -
12,811 16,262 11,658 8,432 9,298 -

- - - - - -
$31.0 $39.3 $28.2 $20.4 $22.5 -

- - - - - -
$31.0 $39.3 $28.2 $20.4 $22.5 -
100.0% 100.0% 100.0% 100.0% 100.0% -

- - - - - -
($4.1) ($5.3) ($3.8) ($2.7) ($3.0) -

($0.1) ($0.2) ($0.1) ($0.1) ($0.1) -
($4.2) ($5.5) ($3.9) ($2.8) ($3.1) -
99.5% 99.5% 99.5% 99.5% 99.5% 99.5%

$26.8 $33.8 $24.3 $17.6 $19.4 -
- - - - - -
$26.6 $33.7 $24.2 $17.5 $19.3 -
23,718 25,356 24,062 16,218 16,460 -
$1,127.2 $1,133.8 $1,121.8 $1,121.8 $1,121.8 $1,121.8

- - - - - -
$794.4 $731.3 $581.9 $581.9 $581.9 $581.9
$170.0 $170.0 $170.0 $170.0 $170.0 $170.0
$150.0 $150.0 $150.0 $150.0 $150.0 $150.0
17.5% 17.5% 17.5% 17.5% 17.5% 17.5%
22.5% 22.5% 22.5% 22.5% 22.5% 22.5%
$2,008.5 $2,008.5 $2,008.5 $2,008.5 $2,008.5 $2,008.5

$2,350.0 $2,350.0 $2,350.0 $2,350.0 $2,350.0 $2,350.0
- - - - - -
17.5% 17.5% 17.5% 17.5% 17.5% 17.5%
$2,008.5 $2,008.5 $2,008.5 $2,008.5 $2,008.5 $2,008.5

$2,350.0 $2,350.0 $2,350.0 $2,350.0 $2,350.0 $2,350.0
$2,200.0 $2,200.0 $2,200.0 $2,200.0 $2,200.0 $2,200.0
- - - - - -
$170.0 $170.0 $170.0 $170.0 $170.0 $170.0
$140.0 $140.0 $140.0 $140.0 $140.0 $140.0

$150.0 $150.0 $150.0 $150.0 $150.0 $150.0
18.0% 18.0% 18.0% 18.0% 18.0% 18.0%
24.0% 24.0% 24.0% 24.0% 24.0% 24.0%
$2,008.5 $2,008.5 $2,008.5 $2,008.5 $2,008.5 $2,008.5

$2,050.0 $2,050.0 $2,050.0 $2,050.0 $2,050.0 $2,050.0
- - - - - -
18.0% 18.0% 18.0% 18.0% 18.0% 18.0%
$2,008.5 $2,008.5 $2,008.5 $2,008.5 $2,008.5 $2,008.5

$2,050.0 $2,050.0 $2,050.0 $2,050.0 $2,050.0 $2,050.0
$1,900.0 $1,900.0 $1,900.0 $1,900.0 $1,900.0 $1,900.0
$19.5 $19.5 $19.5 $19.5 $19.5 $19.5
$159.5 $159.5 $159.5 $159.5 $159.5 $159.5
100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

- - - - - -
$170.0 $170.0 $170.0 $170.0 $170.0 $170.0
$159.5 $159.5 $159.5 $159.5 $159.5 $159.5
$170.0 $170.0 $170.0 $170.0 $170.0 $170.0
$21.1 $21.1 $21.1 $21.1 $21.1 $21.1

1.4 1.4 1.4 1.4 1.4 1.4
$28.0 $28.0 $28.0 $28.0 $28.0 $28.0
$25.0 $25.0 $25.0 $25.0 $25.0 $25.0
10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
$37.7 $34.7 $27.6 $27.6 $27.6 $27.6

$1.4 $1.4 $1.4 $1.4 $1.4 $1.4
- - - - - -
$52.8 $48.6 $38.7 $38.7 $38.7 $38.7
$21.1 $21.1 $21.1 $21.1 $21.1 $21.1

$1.5 $1.5 $1.5 $1.5 $1.5 $1.5
$25.0 $25.0 $25.0 $25.0 $25.0 $25.0
$27.0 $27.0 $27.0 $27.0 $27.0 $27.0
10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
$37.7 $34.7 $27.6 $27.6 $27.6 $27.6

1.5 1.5 1.5 1.5 1.5 1.5
- - - - - -
$54.7 $50.3 $40.0 $40.0 $40.0 $40.0
70.0% 70.0% 70.0% 70.0% 70.0% 70.0%

30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
$52.8 $48.6 $38.7 $38.7 $38.7 $38.7
$54.7 $50.3 $40.0 $40.0 $40.0 $40.0
$53.3 $49.1 $39.1 $39.1 $39.1 $39.1
$10.5 $10.5 $10.0 $10.5 $10.5 $10.5
$1,127.2 $1,133.8 $1,121.8 $1,121.8 $1,121.8 $1,121.8

$794.4 $731.3 $581.9 $581.9 $581.9 $581.9
($170.0) ($170.0) ($170.0) ($170.0) ($170.0) ($170.0)
($53.3) ($49.1) ($39.1) ($39.1) ($39.1) ($39.1)
($10.5) ($10.5) ($10.0) ($10.5) ($10.5) ($10.5)
$1,687.8 $1,635.5 $1,484.6 $1,484.1 $1,484.1 $1,484.1
$39.8 $41.3 $35.5 $23.9 $24.3 -
13,311 14,314 13,439 9,058 9,193 -

894,180 879,984 664,497 447,873 454,554 -
$26.7 $28.7 $27.0 $18.2 $18.5 -

$18.8 $18.5 $14.0 $9.4 $9.6 -
$45.6 $47.3 $41.0 $27.6 $28.0 -
58.7% 60.8% 65.8% 65.8% 65.8% -

41.3% 39.2% 34.2% 34.2% 34.2% -
($4.0) ($4.3) ($4.1) ($2.8) ($2.8) -

($1.3) ($1.2) ($0.9) ($0.6) ($0.6) -
($0.2) ($0.3) ($0.2) ($0.2) ($0.2) -
99.5% 99.5% 99.5% 99.5% 99.5% 99.5%

$22.6 $24.3 $22.7 $15.3 $15.6 -
$17.5 $17.2 $13.0 $8.7 $8.9 -
$39.8 $41.3 $35.5 $23.9 $24.3 -
3,370 3,499 2,989 2,260 2,334 -
$1,582.3 $1,584.6 $1,654.9 $1,654.9 $1,654.9 $1,654.9

$5,135.5 $3,499.0 $5,048.8 $5,048.8 $5,048.8 $5,048.8
$6,717.9 $5,083.6 $6,703.7 $6,703.7 $6,703.7 $6,703.7
713 741 661 500 516 -

821,433 580,961 716,142 541,493 559,337 -
$195.0 $195.0 $195.0 $195.0 $195.0 $195.0

$67.6 $67.7 $70.7 $70.7 $70.7 $70.7
$262.6 $262.7 $265.7 $265.7 $265.7 $265.7
50.0% 50.0% 50.0% 50.0% 50.0% 50.0%

$121.9 $83.0 $119.8 $119.8 $119.8 $119.8
$250.0 $250.0 $250.0 $250.0 $250.0 $250.0
$1,582.3 $1,584.6 $1,654.9 $1,654.9 $1,654.9 $1,654.9

$5,135.5 $3,499.0 $5,048.8 $5,048.8 $5,048.8 $5,048.8
($262.6) ($262.7) ($265.7) ($265.7) ($265.7) ($265.7)
($121.9) ($83.0) ($119.8) ($119.8) ($119.8) ($119.8)
($250.0) ($250.0) ($250.0) ($250.0) ($250.0) ($250.0)
$6,083.4 $4,487.8 $6,068.2 $6,068.2 $6,068.2 $6,068.2
$20.4 $15.6 $18.0 $13.6 $14.1 -
$5.3 $5.5 $4.9 $3.7 $3.9 -

$17.3 $12.2 $15.1 $11.4 $11.8 -
$22.6 $17.8 $20.0 $15.2 $15.6 -
23.6% 31.2% 24.7% 24.7% 24.7% -

76.4% 68.8% 75.3% 75.3% 75.3% -
($0.9) ($0.9) ($0.8) ($0.6) ($0.6) -
($0.4) ($0.3) ($0.4) ($0.3) ($0.3) -
($0.8) ($0.9) ($0.7) ($0.6) ($0.6) -
99.5% 99.5% 99.5% 99.5% 99.5% 99.5%

$4.2 $4.4 $4.0 $3.0 $3.1 -
$16.3 $11.3 $14.2 $10.7 $11.1 -
$20.4 $15.6 $18.0 $13.6 $14.1 -
$86.9 $90.6 $77.8 $55.1 $57.7 -
586,116 505,957 513,404 356,751 317,443 -

42,000 42,000 42,000 42,000 42,000 -
628,116 547,957 555,404 398,751 359,443 -
26,387 34,248 24,108 17,438 19,228 -

23,718 25,356 24,062 16,218 16,460 -
3,370 3,499 2,989 2,260 2,334 -
$45.00 $45.00 $45.00 $45.00 $45.00 $45.00

$14.83 $14.65 $14.66 $14.73 $14.73 $10.73
$10.00 $10.00 $10.00 $10.00 $10.00 $10.00
$0.48 $0.47 $0.47 $0.47 $0.47 $0.47
$86.18 $86.18 $86.18 $86.18 $86.18 ($10.00)
$36.9 $36.9 $36.9 $36.9 $36.9 -
$26.4 $22.8 $23.1 $16.1 $14.3 -

$8.7 $7.4 $7.5 $5.3 $4.7 -
$6.3 $5.5 $5.6 $4.0 $3.6 -
$0.3 $0.3 $0.3 $0.2 $0.2 -
$3.6 $3.6 $3.6 $3.6 $3.6 -
$45.3 $39.5 $40.1 $29.1 $26.3 -
$2.0 $2.3 $1.9 $1.3 $1.4 -
0.1% 0.1% 0.1% 0.1% 0.1% 0.1%

0.2% 0.2% 0.2% 0.2% 0.2% 0.2%
($0.1) ($0.1) ($0.1) ($0.0) ($0.0) -

$0.1 $0.2 $0.1 $0.1 $0.1 -
$0.1 $0.1 $0.1 $0.1 $0.1 -
$2.1 $2.4 $2.0 $1.4 $1.5 -
$2.0 $2.0 - - - -
$5.0 $5.0 - - - -
$7.0 $7.0 - - - -
$0.4 $0.4 $0.4 $0.4 $0.4 -
$7.4 $7.4 $0.4 $0.4 $0.4 -
$3.9 $3.9 $3.9 $3.9 $3.9 -
6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

75.0% 75.0% 75.0% 75.0% 75.0% 75.0%
$5.2 $5.4 $4.7 $3.3 $3.5 -
($3.9) ($4.1) ($3.5) ($2.5) ($2.6) -
$1.3 $1.4 $1.2 $0.8 $0.9 -
$86.9 $90.6 $77.8 $55.1 $57.7 -

($45.3) ($39.5) ($40.1) ($29.1) ($26.3) -
($2.0) ($2.3) ($1.9) ($1.3) ($1.4) -
($15.2) ($15.3) ($15.3) ($15.4) ($15.4) -
$24.4 $33.4 $20.5 $9.3 $14.5 -
28.1% 36.9% 26.4% 16.9% 25.2% -
25.0% 35.0% 25.0% 15.0% 25.0% -

0.48% 0.91% 0.48% 0.19% 0.48% -
4.00% 5.50% 4.00% 2.50% 4.00% 1.00%
0.60% 1.02% 0.53% 0.23% 0.48% -

2.13% 2.75% 2.01% 1.39% 1.91% -
$24.4 $33.4 $20.5 $9.3 $14.5 -

2.13% 2.75% 2.01% 1.39% 1.91% -
$0.5 $0.9 $0.4 $0.1 $0.3 -
$86.9 $90.6 $77.8 $55.1 $57.7 -

1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
$0.9 $0.9 $0.8 $0.6 $0.6 -
$0.9 $0.9 $0.8 $0.6 $0.6 -
25.0% 35.0% 25.0% 15.0% 25.0% -

0.62% 1.00% 0.62% 0.32% 0.62% -
3.60% 4.40% 3.60% 2.80% 3.60% 2.00%
0.73% 1.08% 0.67% 0.37% 0.63% -

2.60% 2.94% 2.54% 2.21% 2.49% -
$24.4 $33.4 $20.5 $9.3 $14.5 -

2.6% 2.9% 2.5% 2.2% 2.5% -
$0.6 $1.0 $0.5 $0.2 $0.4 -
0.14% 0.14% 0.14% 0.14% 0.14% 0.14%

0.11% 0.11% 0.11% 0.11% 0.11% 0.11%
$0.1 $0.1 $0.1 $0.1 $0.1 -

$0.1 $0.1 $0.1 $0.1 $0.1 -
$0.2 $0.2 $0.2 $0.1 $0.1 -
- - - - - -
$0.5 $0.5 $0.5 $0.5 $0.5 -
- - - - - -
$0.5 $0.5 $0.5 $0.5 $0.5 -
$0.1 - - - - -
- - - - - -
- - - - - -
$0.1 - - - - -
$0.6 $0.5 $0.5 $0.5 $0.5 -
$86.9 $90.6 $77.8 $55.1 $57.7 -

($45.3) ($39.5) ($40.1) ($29.1) ($26.3) -
($2.1) ($2.4) ($2.0) ($1.4) ($1.5) -
($7.4) ($7.4) ($0.4) ($0.4) ($0.4) -
($3.9) ($3.9) ($3.9) ($3.9) ($3.9) -
$1.3 $1.4 $1.2 $0.8 $0.9 -
($15.2) ($15.3) ($15.3) ($15.4) ($15.4) -
($0.9) ($0.9) ($0.8) ($0.6) ($0.6) -
($0.6) ($1.0) ($0.5) ($0.2) ($0.4) -
($0.2) ($0.2) ($0.2) ($0.1) ($0.1) -
$12.5 $21.2 $15.7 $4.8 $9.9 -
8.0% 8.0% 8.0% 8.0% 8.0% 8.0%

$1.0 $1.7 $1.3 $0.4 $0.8 -
$86.9 $90.6 $77.8 $55.1 $57.7 -

$12.5 $21.2 $15.7 $4.8 $9.9 -
29.5% 29.5% 29.5% 29.5% 29.5% 29.5%

$3.7 $6.2 $4.6 $1.4 $2.9 -
$3.7 $6.2 $4.6 $1.4 $2.9 -

2.81% 4.25% 6.90% 5.97% 2.57% 5.05%
$2.4 $3.8 $5.4 $3.3 $2.9 -
($1.0) $1.2 $2.4 ($0.7) ($1.9) -
- - - - - -
- - - - - -
- - - - - -
$1.5 $5.1 $7.8 $2.6 $1.0 -
$2.5 $6.8 $9.0 $3.0 $1.8 -

$86.9 $90.6 $77.8 $55.1 $57.7 -
($45.3) ($39.5) ($40.1) ($29.1) ($26.3) -
($2.1) ($2.4) ($2.0) ($1.4) ($1.5) -
($7.4) ($7.4) ($0.4) ($0.4) ($0.4) -
($3.9) ($3.9) ($3.9) ($3.9) ($3.9) -
$1.3 $1.4 $1.2 $0.8 $0.9 -
($0.9) ($0.9) ($0.8) ($0.6) ($0.6) -
($0.6) ($1.0) ($0.5) ($0.2) ($0.4) -
($0.2) ($0.2) ($0.2) ($0.1) ($0.1) -
$27.7 $36.5 $31.1 $20.2 $25.3 -
($2.5) ($6.8) ($9.0) ($3.0) ($1.8) -
($2.5) $0.2 $0.0 ($0.3) ($0.3) ($0.3)
$22.8 $29.9 $22.1 $17.0 $23.2 ($0.3)
($0.6) ($0.5) ($0.5) ($0.5) ($0.5) -
$22.2 $29.4 $21.6 $16.5 $22.7 ($0.3)
$17.0 $20.8 $14.1 $10.0 $12.8 ($0.1)
12,811 16,262 11,658 8,432 9,298 -

13,311 14,314 13,439 9,058 9,193 -
713 741 661 500 516 -
1,715,614 1,460,944 1,380,638 989,366 1,013,891 -
41,012 43,163 36,887 26,117 27,360 -

13,261 13,957 11,927 8,445 8,847 -
4,708,193 4,955,218 4,234,660 2,998,275 3,140,920 -
90.4 95.2 81.3 57.6 60.3 -

29.2 30.8 26.3 18.6 19.5 -
4.7 5.0 4.2 3.0 3.1 -
12,811 16,262 11,658 8,432 9,298 -
11,051 11,884 11,158 7,520 7,633 -
2,205 2,292 2,045 1,546 1,597 -
14,944 12,726 12,026 8,618 8,832 -
41,012 43,163 36,887 26,117 27,360 -
1,470,761 1,866,842 1,338,335 968,055 1,067,445 -

1,268,724 1,364,335 1,280,948 863,363 876,243 -
253,094 263,096 234,738 177,491 183,340 -
1,715,614 1,460,944 1,380,638 989,366 1,013,891 -
4,708,193 4,955,218 4,234,660 2,998,275 3,140,920 -
31.0 39.3 28.2 20.4 22.5 -

26.7 28.7 27.0 18.2 18.5 -
5.3 5.5 4.9 3.7 3.9 -
36.2 30.8 29.1 20.8 21.4 -
99.2 104.4 89.2 63.2 66.2 -
$45.3 $39.5 $40.1 $29.1 $26.3 -

$2.1 $2.4 $2.0 $1.4 $1.5 -
$0.4 $0.4 $0.4 $0.4 $0.4 -
$11.9 $13.4 $11.0 $7.8 $8.2 -
$59.7 $55.8 $53.5 $38.7 $36.4 -
$0.9 $0.9 $0.8 $0.6 $0.6 -
$0.6 $1.0 $0.5 $0.2 $0.4 -
$0.2 $0.2 $0.2 $0.1 $0.1 -
$7.0 $7.0 - - - -
$0.5 $0.5 $0.5 $0.5 $0.5 -
$3.9 $3.9 $3.9 $3.9 $3.9 -
$72.8 $69.4 $59.4 $44.0 $41.9 -
($0.30) ($0.26) ($0.29) ($0.22) ($0.36) -

$0.16 $0.12 ($0.06) $0.07 ($0.09) -
$0.66 $0.59 $0.66 $0.67 $0.60 -
$2.04 $1.81 $2.03 $2.08 $1.87 -
$12.67 $11.26 $12.63 $12.90 $11.59 -
$0.81 $0.73 $0.73 $0.76 $0.70 -

$2.49 $2.25 $2.26 $2.36 $2.15 -
$15.47 $14.00 $14.03 $14.69 $13.35 -
($2.45) $0.21 $0.03 ($0.28) ($0.28) ($0.28)
1 1 1 1 1 -
$10.0 $10.0 $10.0 $10.0 $10.0 -
$0.6 $0.5 $0.5 $0.5 $0.5 -
$1.0 $1.0 $1.0 $1.0 $1.0 -

$1.7 $1.7 $1.7 $1.7 $1.7 -
$2.1 $2.1 $2.1 $2.1 $2.1 -
$0.5 $0.5 $0.5 $0.5 $0.5 -
$0.0 $0.1 $0.1 $0.1 $0.1 -
- $0.0 $0.1 $0.1 $0.1 -
- - $0.0 $0.1 $0.1 -
- - - $0.0 $0.1 -
- - - - $0.0 -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
$5.3 $5.3 $5.4 $5.4 $5.5 -
$15.2 $15.3 $15.3 $15.4 $15.4 -
405,224 404,367 513,404 356,751 317,443 -

180,892 101,590 - - - -
- - - - - -
- - - - - -
- - - - - -
2.90% 4.65% 2.93% 2.98% 3.72% -

2.51% 1.88% - - - -
- - - - - -
2.72% - - - - -
- - - - - -
2.83% 3.58% 2.90% 2.73% 3.12% -

1.74% 1.33% - - - -
- - - - - -
6.69% - - - - -
- - - - - -
0.31% 0.36% 0.25% 0.27% 0.32% -

0.15% 0.11% - - - -
- - - - - -
0.35% - - - - -
- - - - - -
2.60 1.92 3.18 3.03 2.47 -

6.95 4.18 - - - -
- - - - - -
7.68 - - - - -
- - - - - -
39.68 36.53 29.22 29.22 29.22 29.22

270.80 184.50 266.22 266.22 266.22 266.22
405,224 404,367 513,404 356,751 317,443

180,892 101,590 - - - -
- - - - -
- - - - -
- - - - - -
2.90% 4.65% 2.93% 2.98% 3.72% -

2.51% 1.88% - - - -
- - - - - -
2.72% - - - - -
- - - - - -
2.83% 3.58% 2.90% 2.73% 3.12% -

1.74% 1.33% - - - -
- - - - - -
6.69% - - - - -
- - - - - -
0.31% 0.36% 0.25% 0.27% 0.32% -

0.15% 0.11% - - - -
- - - - - -
0.35% - - - - -
- - - - - -
2.60 1.92 3.18 3.03 2.47 -

6.95 4.18 - - - -
- - - - - -
7.68 - - - - -
- - - - - -
39.68 36.53 29.22 29.22 29.22 29.22

270.80 184.50 266.22 266.22 266.22 266.22
359,520 549,360 705,600 705,600 705,600 705,600

117,600 - - - - -
- - - - - -
403,200 336,000 - - - -
- - 179,760 179,760 179,760 179,760
2.92% 2.93% 2.93% 2.93% 2.93% 2.93%

4.03% - - - - -
- - - - - -
3.07% 3.07% - - - -
- - 7.25% 7.25% 7.25% 7.25%
2.80% 3.01% 3.01% 3.01% 3.01% 3.01%

2.95% - - - - -
- - - - - -
7.40% 7.40% - - - -
- - 5.21% 5.21% 5.21% 5.21%
0.25% 0.21% 0.21% 0.21% 0.21% 0.21%

0.23% - - - - -
- - - - - -
0.39% 0.39% - - - -
- - 0.09% 0.09% 0.09% 0.09%
2.81 2.73 2.73 2.73 2.73 2.73

3.34 - - - - -
- - - - - -
8.67 8.67 - - - -
- - 2.47 2.47 2.47 2.47
50.26 41.90 25.14 25.14 25.14 25.14

175.53 248.59 294.82 294.82 294.82 294.82
$45.00 $45.00 $45.00 $45.00 $45.00 $45.00

$10.83 $10.65 $10.66 $10.73 $10.73 $10.73
$10.00 $10.00 $10.00 $10.00 $10.00 $10.00
$0.48 $0.47 $0.47 $0.47 $0.47 $0.47
$2.00 $2.00 - - - -
- - - - - -
- - - - - -
$0.50 $0.50 $0.50 $0.50 $0.50 -
- - - - - -
- - - - - -
- - - - - -
($2.45) $0.21 $0.03 ($0.28) ($0.28) ($0.28)
$45.00 $45.00 $45.00 $45.00 $45.00 $45.00

$10.83 $10.65 $10.66 $10.73 $10.73 $10.73
$10.00 $10.00 $10.00 $10.00 $10.00 $10.00
$0.48 $0.47 $0.47 $0.47 $0.47 $0.47
$2.00 $2.00 - - -
- - - - - -
- - - -
$0.50 $0.50 $0.50 $0.50 $0.50
- - - - - -
($2.45) $0.21 $0.03 ($0.28) ($0.28) ($0.28)
$48.59 $48.17 $40.93 $40.93 $40.93 $40.93

$10.71 $10.65 $10.65 $10.72 $10.72 $10.72
$6.95 $6.91 $6.92 $6.91 $6.91 $6.91
$0.47 $0.47 $0.47 $0.47 $0.47 $0.47
$11.94 $11.56 $7.03 $7.11 - -

$4.50 $4.50 - - - -
- $4.00 - $4.00 - -
$7.00 $7.00 $7.00 $7.00 $7.00 $7.00
$0.04 $1.86 $3.68 $3.71 $2.70 $2.45
$3.43 $3.43 - - - -
($3.37) ($0.82) ($0.23) ($0.28) ($0.28) ($0.28)

2031E 2032E 2033E 2034E 2035E
- - - - -
9.50 10.50 11.50 12.50 13.50
0.48 0.45 0.41 0.38 0.35
$2,419 $2,419 $2,419 $2,419 $2,419

$2,009 $2,009 $2,009 $2,009 $2,009
$7,481 $7,481 $7,481 $7,481 $7,481
$21.07 $21.07 $21.07 $21.07 $21.07
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
($0.1) ($0.1) - - -
($0.1) ($0.1) - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
85.96% 85.96% - - -
56.89% 56.89% - - -
1.65 1.65 - - -
- - - - -
- - - - -
- - - - -
89.72% 89.72% - - -
58.85% 58.85% - - -
1.24% 1.24% - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
50.32% 50.32% - - -
23.12% 23.12% - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
56.9% 56.9% - - -
8.0% 8.0% - - -
85.0% 85.0% - - -
- - - - -
- - - - -
1.65 1.65 - - -
3.5 3.5 - - -
70.0% 70.0% - - -
- - - - -
- - - - -
58.9% 58.9% - - -
3.0% 3.0% - - -
95.0% 95.0% - - -
- - - - -
- - - - -
- - - - -
1.6 1.6 - - -
95.0% 95.0% - - -
- - - - -
- - - - -
- - - - -
90.0% 90.0% - - -
- - - - -
- - - - -
$1,169.8 $1,169.8 ($193.5) ($193.5) ($193.5)

- - - - -
$156.0 $156.0 $156.0 $156.0 $156.0

$150.0 $150.0 $150.0 $150.0 $150.0
17.5% 17.5% 17.5% 17.5% 17.5%
22.5% 22.5% 22.5% 22.5% 22.5%
$2,419.1 $2,419.1 $2,419.1 $2,419.1 $2,419.1

$3,125.0 $3,125.0 $3,125.0 $3,125.0 $3,125.0
- - - - -
17.5% 17.5% 17.5% 17.5% 17.5%
$2,419.1 $2,419.1 $2,419.1 $2,419.1 $2,419.1

$3,125.0 $3,125.0 $3,125.0 $3,125.0 $3,125.0
$2,975.0 $2,975.0 $2,975.0 $2,975.0 $2,975.0
- - - - -
$156.0 $156.0 $156.0 $156.0 $156.0
$130.0 $130.0 $130.0 $130.0 $130.0

$150.0 $150.0 $150.0 $150.0 $150.0
18.0% 18.0% 18.0% 18.0% 18.0%
24.0% 24.0% 24.0% 24.0% 24.0%
$2,419.1 $2,419.1 $2,419.1 $2,419.1 $2,419.1

$2,850.0 $2,850.0 $2,850.0 $2,850.0 $2,850.0
- - - - -
18.0% 18.0% 18.0% 18.0% 18.0%
$2,419.1 $2,419.1 $2,419.1 $2,419.1 $2,419.1

$2,850.0 $2,850.0 $2,850.0 $2,850.0 $2,850.0
$2,850.0 $2,850.0 $2,850.0 $2,850.0 $2,850.0
- - - - -
$130.0 $130.0 $130.0 $130.0 $130.0
100.0% 100.0% 100.0% 100.0% 100.0%

- - - - -
$156.0 $156.0 $156.0 $156.0 $156.0
$130.0 $130.0 $130.0 $130.0 $130.0
$156.0 $156.0 $156.0 $156.0 $156.0
$4.0 $4.0 $4.0 $4.0 $4.0
$1,169.8 $1,169.8 ($193.5) ($193.5) ($193.5)

- - - - -
($156.0) ($156.0) ($156.0) ($156.0) ($156.0)
($4.0) ($4.0) ($4.0) ($4.0) ($4.0)
$1,009.8 $1,009.8 ($353.5) ($353.5) ($353.5)
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
99.5% 99.5% 99.5% 99.5% 99.5%

- - - - -
- - - - -
- - - - -
- - - - -
$1,121.8 $1,121.8 ($60.3) ($60.3) ($60.3)

- - - - -
($33.9) ($33.9) ($33.9) ($33.9) ($33.9)
$170.0 $170.0 $170.0 $170.0 $170.0
$150.0 $150.0 $150.0 $150.0 $150.0
17.5% 17.5% 17.5% 17.5% 17.5%
22.5% 22.5% 22.5% 22.5% 22.5%
$2,008.5 $2,008.5 $2,008.5 $2,008.5 $2,008.5

$2,350.0 $2,350.0 $2,350.0 $2,350.0 $2,350.0
- - - - -
17.5% 17.5% 17.5% 17.5% 17.5%
$2,008.5 $2,008.5 $2,008.5 $2,008.5 $2,008.5

$2,350.0 $2,350.0 $2,350.0 $2,350.0 $2,350.0
$2,200.0 $2,200.0 $2,200.0 $2,200.0 $2,200.0
- - - - -
$170.0 $170.0 $170.0 $170.0 $170.0
$140.0 $140.0 $140.0 $140.0 $140.0

$150.0 $150.0 $150.0 $150.0 $150.0
18.0% 18.0% 18.0% 18.0% 18.0%
24.0% 24.0% 24.0% 24.0% 24.0%
$2,008.5 $2,008.5 $2,008.5 $2,008.5 $2,008.5

$2,050.0 $2,050.0 - - -
- - $509.0 $509.0 $509.0
18.0% 18.0% 18.0% 18.0% 18.0%
$2,008.5 $2,008.5 $2,008.5 $2,008.5 $2,008.5

$2,050.0 $2,050.0 $2,050.0 $2,050.0 $2,050.0
$1,900.0 $1,900.0 $1,900.0 $1,900.0 $1,900.0
$19.5 $19.5 $19.5 $19.5 $19.5
$159.5 $159.5 $668.6 $668.6 $668.6
100.0% 100.0% 100.0% 100.0% 100.0%

- - - - -
$170.0 $170.0 $170.0 $170.0 $170.0
$159.5 $159.5 $668.6 $668.6 $668.6
$170.0 $170.0 $170.0 $170.0 $170.0
$21.1 $21.1 $21.1 $21.1 $21.1

1.4 1.4 1.4 1.4 1.4
$28.0 $28.0 $28.0 $28.0 $28.0
$25.0 $25.0 $25.0 $25.0 $25.0
10.0% 10.0% 10.0% 10.0% 10.0%
($1.6) ($1.6) ($1.6) ($1.6) ($1.6)

$1.4 $1.4 $1.4 $1.4 $1.4
- - - - -
($2.3) ($2.3) ($2.3) ($2.3) ($2.3)
$21.1 $21.1 $21.1 $21.1 $21.1

$1.5 $1.5 $1.5 $1.5 $1.5
$25.0 $25.0 $25.0 $25.0 $25.0
$27.0 $27.0 $27.0 $27.0 $27.0
10.0% 10.0% 10.0% 10.0% 10.0%
($1.6) ($1.6) ($1.6) ($1.6) ($1.6)

1.5 1.5 1.5 1.5 1.5
- - - - -
($2.3) ($2.3) ($2.3) ($2.3) ($2.3)
70.0% 70.0% 70.0% 70.0% 70.0%

30.0% 30.0% 30.0% 30.0% 30.0%
($2.3) ($2.3) ($2.3) ($2.3) ($2.3)
($2.3) ($2.3) ($2.3) ($2.3) ($2.3)
($2.3) ($2.3) ($2.3) ($2.3) ($2.3)
$10.5 $10.5 $10.5 $10.5 $10.5
$1,121.8 $1,121.8 ($60.3) ($60.3) ($60.3)

($33.9) ($33.9) ($33.9) ($33.9) ($33.9)
($170.0) ($170.0) ($170.0) ($170.0) ($170.0)
$2.3 $2.3 $2.3 $2.3 $2.3
($10.5) ($10.5) ($10.5) ($10.5) ($10.5)
$909.7 $909.7 ($272.3) ($272.3) ($272.3)
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
99.5% 99.5% 99.5% 99.5% 99.5%

- - - - -
- - - - -
- - - - -
- - - - -
$1,654.9 $1,654.9 ($82.3) ($82.3) ($82.3)

- - - - -
$1,654.9 $1,654.9 ($82.3) ($82.3) ($82.3)
- - - - -
- - - - -
$195.0 $195.0 $195.0 $195.0 $195.0

$70.7 $70.7 ($3.5) ($3.5) ($3.5)
$265.7 $265.7 $191.5 $191.5 $191.5
50.0% 50.0% 50.0% 50.0% 50.0%

- - - - -
$250.0 $250.0 $250.0 $250.0 $250.0
$1,654.9 $1,654.9 ($82.3) ($82.3) ($82.3)

- - - - -
($265.7) ($265.7) ($191.5) ($191.5) ($191.5)
- - - - -
($250.0) ($250.0) ($250.0) ($250.0) ($250.0)
$1,139.2 $1,139.2 ($523.8) ($523.8) ($523.8)
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
99.5% 99.5% 99.5% 99.5% 99.5%

- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
($10.00) ($10.00) ($10.00) ($10.00) ($10.00)
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
0.1% 0.1% - - -
0.2% 0.2% - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
6.0% 6.0% 6.0% 6.0% 6.0%

75.0% 75.0% 75.0% 75.0% 75.0%
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
1.00% 1.00% 1.00% 1.00% 1.00%
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
1.0% 1.0% 1.0% 1.0% 1.0%
- - - - -
- - - - -
- - - - -
- - - - -
2.00% 2.00% 2.00% 2.00% 2.00%
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
0.14% 0.14% 0.14% 0.14% 0.14%

0.11% 0.11% 0.11% 0.11% 0.11%
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
$0.13 $0.13 – – –
$0.1 $0.1 - - -
- - - - -
- - - - -
- - - - -
- - - - -
$0.1 $0.1 - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
8.0% 8.0% 8.0% 8.0% 8.0%

- - - - -
- - - - -
- - - - -
29.5% 29.5% 29.5% 29.5% 29.5%

- - - - -
- - - - -
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
($0.1) ($0.1) - - -
($0.1) ($0.1) - - -
($0.1) ($0.1) - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
$0.1 $0.1 - - -
- - - - -
$0.1 $0.1 - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
$0.1 $0.1 - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
885,000 843,000 - - -
- - - - -
- - - - -
- - - - -
- - - - -
2.93% 2.93% - - -
- - - - -
- - - - -
- - - - -
- - - - -
3.01% 3.01% - - -
- - - - -
- - - - -
- - - - -
- - - - -
0.21% 0.21% - - -
- - - - -
- - - - -
- - - - -
- - - - -
2.73 2.73 - - -
- - - - -
- - - - -
- - - - -
- - - - -
29.22 29.22 - - -
266.22 266.22 - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
$0.13 $0.13 - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
$0.13 $0.13 - - -
- - - - -
- - - - -
$38.01 $34.06 - - -
$10.73 $10.73 - - -
$6.92 $6.92 - - -
$0.47 $0.47 - - -
- - - - -
- - - - -
$5.52 $5.27 - - -
$5.25 $1.75 - - -
$2.45 $1.94 $0.13 $0.13 $0.13
- - - - -
($0.28) ($0.28) - - -
Reserves & Resources
Reserves & Resources - Preliminary Figures from NI 43-101 Report
Grade
Category Tonnage Ag Pb Zn
(oz/t) (%) (%)
Total Resources¹
Measured 2,398,097 3.04 3.14% 3.31%

Indicated 2,411,269 2.67 2.70% 2.95%
Total Measured & Indicated 4,809,366 2.85 2.92% 3.13%
Inferred² 3,857,034 3.62 3.97% 3.24%

Total Resources 8,666,400 3.20 3.39% 3.18%
¹Inclusive of All Reserves
Additional Resources (Company Estimates)
Grade
Tonnage Ag Pb Zn
(oz/t) (%) (%)
Teresita² 720,720 2.50 5.37% 7.87%
Gladys 972,335 8.70 7.35% 3.07%
²Teresita is an underground mine previously owned by Compañía de Minas Buenaventura, which Kolpa purchased in 2016. The Company is getting all the available information to certify Teresita
Contained
Cu Ag Pb Zn Cu
(%) (oz) (t) (t) (t)
0.28% 7,290,215 75,300 79,377 6,715

0.23% 6,438,088 65,104 71,132 5,546
0.25% 13,728,303 140,405 150,509 12,261
0.24% 13,962,463 153,124 124,968 9,257

0.25% 27,690,766 293,529 275,477 21,517
Contained
Cu Ag Pb Zn Cu
(%) (oz) (t) (t) (t)
0.00% 1,801,800 38,705 56,723 -
0.39% 8,463,286 71,480 29,871 3,766
the available information to certify Teresita’s resource base.

22.03.10 - Modelo CIBC Adaptado MH - V3 - INCLUDING 3rd Parties Ore Purchases

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Scenario With Third Parties Ore Purchases ESTIMATE Compare Compare

Mine Unit Costs

Ore Mined & Processed

OTHER EXPENSES (EXPLORATION)

Bienaventurada % 2.79% 2.85% 3.25% 2.90% 4.65% 2.93% 2.98% 3.72%

Bienaventurada % 3.26% 2.64% 2.77% 2.83% 3.58% 2.90% 2.73% 3.12%

Bienaventurada % 0.25% 0.25% 0.27% 0.31% 0.36% 0.25% 0.27% 0.32%

Net Revenue by Payable Metal

Net Revenue - Payable Metal

NPV8% - Base Case $92 M

Corporate NAV- Base Case $68 M

VALORES NSR - PUNTO

2023 2024 2025 2026 2027

2023 2024 2025 2026 2027

127 133 147 154 144

140 150 140

Total 16,165 m 12,268 m 3,469 m 50 m

2022 2023 2024 2025

2022 2023 2024 2025

Chimenea 4,500 m 2,186 m 134 m 50 m

2022 2023 2024 2025

2026 2027 total

2026 2027 total

2026 2027 total

MINE EQUIPMENT LIST

MINE EQUIPMENT LIST

Darleth Total Description TRANSTOP NAZARENO

2022 2023 2024 2025

2022 2023 2024 2025 2026

Total Revenue$ 000 92,203 90,447 91,192 66,536

2022 2023 2024 2025 2026

Royalties and $ 000 2519 2522 2616 1842

2022 2023 2024 2025 2026

Taxes- Income T$ 000 1383 10229 8764 7202

After-Tax-Cash $ 000 22329 17664 18594 12491 -11897

Disc. Rate MATIAS NAV Kolpa NAV

Price Deck Consensus

Tonnes Mined (Before Third-Party Purchases) % of Resources 6% 7% 7% 7% 7% 6% 6% 4% 4% 0% 0% 0%

Payable Metal Production

Payable Metal Production (AgEq)

Total Payable Metal Production (Eq)

Cash Costs & AISC

FCF and Capex (US$MM)

December 31 Calendar Year End Inputs

Contract Term #1 Weighting %

Tier 1 Treatment Costs

Tier 2 Treatment Costs

Tier 1 Treatment Costs

Tier 2 Treatment Costs

Contract Term #1 Weighting %

Tier 1 Treatment Costs

Tier 2 Treatment Costs

Tier 1 Treatment Costs

Tier 2 Treatment Costs

Copper Concentrate Threshold Cu % in Copper

Copper - Payable (as a % of grade) %

Copper Treatment Costs

Silver Refining Charge