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ĂƵƚŽƌşĂ͖ƋƵĞŶŽŚĂƐŝĚŽƉƌĞǀŝĂŵĞŶƚĞƉĂƌĂŶŝŶŐƷŶŐƌĂĚŽŽĐĂůŝĨŝĐĂĐŝſŶƉƌŽĨĞƐŝŽŶĂůLJƋƵĞŚĞĐŽŶƐƵůƚĂĚŽ
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ƚƌĂǀĠƐĚĞůĂƉƌĞƐĞŶƚĞĚĞĐůĂƌĂĐŝſŶĐĞĚŽŵŝƐĚĞƌĞĐŚŽƐĚĞƉƌŽƉŝĞĚĂĚŝŶƚĞůĞĐƚƵĂůĐŽƌƌĞƐƉŽŶĚŝĞŶƚĞƐĂ
ĞƐƚĞ ƚƌĂďĂũŽ͕ Ă ůĂ ƐĐƵĞůĂ WŽůŝƚĠĐŶŝĐĂ EĂĐŝŽŶĂů͕ ƐĞŐƷŶ ůŽ ĞƐƚĂďůĞĐŝĚŽ ƉŽƌ ůĂ >ĞLJ ĚĞ WƌŽƉŝĞĚĂĚ
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ĞƌƚŝĨŝĐŽ ƋƵĞ Ğů ƉƌĞƐĞŶƚĞ ƚƌĂďĂũŽ ĨƵĞ ĚĞƐĂƌƌŽůůĂĚŽ ƉŽƌ :K^,h s/ 'KKz ZE^͕ ďĂũŽ ŵŝ
ƐƵƉĞƌǀŝƐŝſŶ͘

 ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ

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ŵŝŵĂĚƌĞLJŵŝƉĂĚƌĞƉŽƌƐƵƉĂĐŝĞŶĐŝĂLJĐŽŵƉƌĞŶƐŝſŶ͘

ƚŽĚŽƐƋƵŝĞŶĞƐƋƵĞĐŽŶƐƵĞũĞŵƉůŽ͕ĚĞŵŽƐƚƌĂƌŽŶƋƵĞƐĞƉƵĞĚĞĂůĐĂŶnjĂƌĐƵĂůƋƵŝĞƌŵĞƚĂƉƌŽƉƵĞƐƚĂ͘

ƚŽĚŽƐƋƵŝĞŶĞƐĐŽŶĨŝĂƌŽŶĞŶŵş͘ 

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ŵŝĨĂŵŝůŝĂ͕ƉŽƌĞƐƉĞƌĂƌĞůƚŝĞŵƉŽŶĞĐĞƐĂƌŝŽ͘

ƋƵŝĞŶĐŽŶŽĐşĂůĞŶƚƌĂƌĂĞƐƚĂĐĂƌƌĞƌĂ

zŵĞĂĐŽŵƉĂŹĂĚŽĚĞƐĚĞĞŶƚŽŶĐĞƐ͘

ƚŽĚŽƐƋƵŝĞŶĞƐŚĂŶŝŶĨůƵĞŶĐŝĂĚŽĞŶŵŝǀŝĚĂ͕

ŵĞĞŶƐĞŹĂƌŽŶĂŵĂĚƵƌĂƌ

zĞŶƚĞŶĚĞƌĞůĐĂŵŝŶŽĚĞůĂǀŝĚĂ͘

 

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KEdE/K͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ ͙͙s/

1E/&/'hZ^͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙s///

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Z^hDE͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ ͙͘y/

W/dh>Kϭ͘'ĞŶĞƌĂůŝĚĂĚĞƐ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϭ

ϭ͘ϭ͘
ƌƋƵŝƚĞĐƚƵƌĂĚĞůĞĚŝĨŝĐŝŽ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϭ
ϭ͘Ϯ͘
ƋƵŝƉĂŵŝĞŶƚŽĚĞůĞĚŝĨŝĐŝŽ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϭ

W/dh>KϮ͘ĞƐĂƌƌŽůůŽĚĞůĚŝƐĞŹŽĞůĠĐƚƌŝĐŽĚĞůĐĞŶƚƌŽĂƵƚŽŵŽƚƌŝnj͙͙͙͙͙͙͙͙͙͙͙͙͙ϲ

Ϯ͘ϭ͘
/ŶƚƌŽĚƵĐĐŝſŶ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘ϲ
Ϯ͘Ϯ͘
^ŝƐƚĞŵĂĚĞĨƵĞƌnjĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘ϲ
Ϯ͘Ϯ͘ϭ͘
^ƵďƐƵĞůŽϯ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘ϲ
Ϯ͘Ϯ͘Ϯ͘
^ƵďƐƵĞůŽϮ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘ϳ
Ϯ͘Ϯ͘ϯ͘
^ƵďƐƵĞůŽϭ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘ϭϯ
Ϯ͘Ϯ͘ϰ͘
WůĂŶƚĂĂũĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϭϯ
Ϯ͘Ϯ͘ϱ͘
WƌŝŵĞƌĂWůĂŶƚĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϭϱ
Ϯ͘Ϯ͘ϲ͘
^ĞŐƵŶĚĂWůĂŶƚĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘ϭϱ
Ϯ͘Ϯ͘ϳ͘
dĞƌĐĞƌĂWůĂŶƚĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘ϭϱ

W/dh>Kϯ͘^ŝƐƚĞŵĂĚĞŝůƵŵŝŶĂĐŝſŶ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϭϳ

ϯ͘ϭ͘
DĂƌĐŽƚĞſƌŝĐŽ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘ϭϳ
ϯ͘Ϯ͘
ŝƐĞŹŽ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘ ϭϵ
ϯ͘ϯ͘
ĄůĐƵůŽĚĞůƵŵŝŶĂƌŝĂƐ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘Ϯϱ
ϯ͘ϰ͘
ŶĄůŝƐŝƐĚĞůŽƐƌĞƐƵůƚĂĚŽƐ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘Ϯϲ
ϯ͘ϱ͘
ŽŶƚƌŽůĚĞŝůƵŵŝŶĂĐŝſŶ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘Ϯϴ

W/dh>Kϰ͘^ŝƐƚĞŵĂĚĞĂĐŽŵĞƚŝĚĂƐ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϯϯ

ϰ͘ϭ͘
ŝƐƚƌŝďƵĐŝſŶĚĞĚƵĐƚŽƐ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϯϯ
ϰ͘Ϯ͘
dĂďůĞƌŽƐƚŝƉŽĐĞŶƚƌŽĚĞĐĂƌŐĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϯϰ
ϰ͘ϯ͘
ƐƚƵĚŝŽĚĞĐĂƌŐĂLJĚĞŵĂŶĚĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘ϯϱ
ϰ͘ϰ͘
hƐŽĚĞƉƌŽŐƌĂŵĂZ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘ϯϳ

W/dh>Kϱ͘ĄŵĂƌĂĚĞƚƌĂŶƐĨŽƌŵĂĐŝſŶ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϰϬ

ϱ͘ϭ͘
ZĞĚĚĞŵĞĚŝĂƚĞŶƐŝſŶ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘ϰϬ
ϱ͘Ϯ͘
ŝƐĞŹŽĚĞĐƵĂƌƚŽĚĞƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘ϰϯ
ϱ͘ϯ͘
^ŝƐƚĞŵĂĚĞŐĞŶĞƌĂĐŝſŶĚĞĞŵĞƌŐĞŶĐŝĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϱϬ

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 ϱ͘ϰ͘
ĄůĐƵůŽĚĞƐŝƐƚĞŵĂĚĞƉƵĞƐƚĂĂƚŝĞƌƌĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘ϱϮ
ϱ͘ϰ͘ϭ͘
ĞƐĐƌŝƉĐŝſŶĚĞŵĠƚŽĚŽĚĞĐĄůĐƵůŽ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϱϯ
ϱ͘ϰ͘Ϯ͘
ĞƐĂƌƌŽůůŽĚĞĐĄůĐƵůŽ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘ϱϰ
ϱ͘ϱ͘
^ŝƐƚĞŵĂĚĞĚĞƐĐĂƌŐĂƐĂƚŵŽƐĨĠƌŝĐĂƐ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘ϱϲ

W/dh>Kϲ͘WƌĞƐƵƉƵĞƐƚŽĚĞĐŽŶƐƚƌƵĐĐŝſŶ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘ϱϵ

ϲ͘ϭ͘
ĞƐĐƌŝƉĐŝſŶ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘ϱϵ
ϲ͘Ϯ͘
ŽŶĐůƵƐŝŽŶĞƐLJƌĞĐŽŵĞŶĚĂĐŝŽŶĞƐ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘ϲϬ
ϲ͘Ϯ͘ϭ͘
ŽŶĐůƵƐŝŽŶĞƐ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϲϬ
ϲ͘Ϯ͘Ϯ͘
ZĞĐŽŵĞŶĚĂĐŝŽŶĞƐ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϲϬ

/>/K'Z&/͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϲϮ

Z&ZE/^͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘ϲϮ

/Z/KE^>dZKE/^͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘ϲϯ

EyK^͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ ͙͘ϲϰ

 

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&ŝŐƵƌĂϭ͘ĂďŝŶĂĚĞƉŝŶƚƵƌĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϭ

&ŝŐƵƌĂϮ͘ĂďŝŶĂĚĞƉŝŶƚƵƌĂĞdžƉƌĞƐƐ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ Ϯ

&ŝŐƵƌĂϯ͘^ĂůĂĚĞƉƌĞƉĂƌĂĐŝſŶ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ ϰ

&ŝŐƵƌĂϰ͘ĂũĂĚĞŵĞnjĐůĂƐ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϱ

&ŝŐƵƌĂϱ͘ůĞǀĂĚŽƌĞůĞĐƚƌŽŚŝĚƌĄƵůŝĐŽ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϱ

&ŝŐƵƌĂϲ͘EŝǀĞůĞƐĚĞŝůƵŵŝŶĂĐŝſŶŵşŶŝŵĂƐƵŐĞƌŝĚĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϭϵ

&ŝŐƵƌĂϳ͘ŝŵĞŶƐŝŽŶĞƐůƵŵŝŶĂƌŝĂϰdžϱϰt͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙Ϯϭ

&ŝŐƵƌĂϴ͘ƵĂĚƌŽĨŽƚŽŵĠƚƌŝĐŽůƵŵŝŶĂƌŝĂϯdžϭϳt͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘ϮϮ

&ŝŐƵƌĂϵ͘ƵĂĚƌŽĨŽƚŽŵĠƚƌŝĐŽůƵŵŝŶĂƌŝĂĚƵůƵdžϮϲt ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘ϮϮ

&ŝŐƵƌĂϭϬ͘ĂƌĂĐƚĞƌşƐƚŝĐĂƐůƵŵŝŶĂƌŝĂĚƵůƵdžϮϲt͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘Ϯϯ

&ŝŐƵƌĂϭϭ͘ĂƌĂĐƚĞƌşƐƚŝĐĂƐůƵŵŝŶĂƌŝĂƉůĂĨſŶŚĞƌŵĠƚŝĐŽϲϬt͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘Ϯϰ

&ŝŐƵƌĂϭϮ͘ƵĂĚƌŽĨŽƚŽŵĠƚƌŝĐŽůƵŵŝŶĂƌŝĂƉůĂĨſŶŚĞƌŵĠƚŝĐŽϲϬt͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘Ϯϰ

&ŝŐƵƌĂϭϯ͘ĂƌĂĐƚĞƌşƐƚŝĐĂƐůƵŵŝŶĂƌŝĂĚŝĐƌŽŝĐŽϱϬt͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘Ϯϰ

&ŝŐƵƌĂϭϰ͘ƵĂĚƌŽĨŽƚŽŵĠƚƌŝĐŽůƵŵŝŶĂƌŝĂĚŝĐƌŽŝĐŽϱϬt͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘Ϯϱ

&ŝŐƵƌĂϭϱ͘WĂƌƚĞƐĐŽŵƉŽŶĞŶƚĞƐĚĞƵŶŐĂďŝŶĞƚĞĚĞĐŽŶƚƌŽůĚĞŝůƵŵŝŶĂĐŝſŶͲDĂdž͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘͘͘Ϯϵ

&ŝŐƵƌĂϭϲ͘ƐƋƵĞŵĂĚĞŝŶƐƚĂůĂĐŝſŶƚşƉŝĐĂĚĞƵŶƐŝƐƚĞŵĂͲDĂdž ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘ϯϬ

&ŝŐƵƌĂϭϳ͘^ŝƐƚĞŵĂĚĞĐŽŵƵŶŝĐĂĐŝſŶĞŶƚƌĞƚĂďůĞƌŽƐLJďŽƚŽŶĞƌĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘ϯϭ

&ŝŐƵƌĂϭϴ͘ĂŶĚĞũĂĚƵĐƚŽĐůŝƉĐŽŶďĂƐĞƚƌŽƋƵĞůĂĚĂLJƚĂƉĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘ϯϰ

&ŝŐƵƌĂϭϵ͘ŶĐĂďĞnjĂĚŽĞƐƚƵĚŝŽĚĞĐĂƌŐĂLJĚĞŵĂŶĚĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘͘ϯϱ

&ŝŐƵƌĂϮϬ͘^ĞůĞĐĐŝſŶĚĞŵŽĚŽ͞ĐĂşĚĂĚĞǀŽůƚĂũĞ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘͘͟ϯϳ

&ŝŐƵƌĂϮϬ͘^ĞůĞĐĐŝſŶĚĞŵŽĚŽ͞ĐĂşĚĂĚĞǀŽůƚĂũĞ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘͘͟ϯϳ

&ŝŐƵƌĂϮϭ͘^ĞůĞĐĐŝſŶĚĞŵŽĚŽ͞Ž͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘͘͟ϯϴ

&ŝŐƵƌĂϮϮ͘^ĞůĞĐĐŝſŶĚĞ͞ƚŝƉŽĚĞĐŝƌĐƵŝƚŽLJĨĂĐƚŽƌĚĞƉŽƚĞŶĐŝĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘͟ ϯϴ

&ŝŐƵƌĂϮϯ͘^ĞůĞĐĐŝſŶĚĞƉĂƌĄŵĞƚƌŽƐĚĞůĐĂďůĞ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘͘͘͘ϯϴ

&ŝŐƵƌĂϮϰ͘^ĞůĞĐĐŝſŶĚĞůŵŽĚŽĚĞĚŝƐĞŹŽ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘ϯϴ

&ŝŐƵƌĂϮϱ͘^ĞůĞĐĐŝſŶĚĞŐĂůŐĂƐ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘ϯϵ

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&ŝŐƵƌĂϮϲ͘ZĞĚĞƐĞůĠĐƚƌŝĐĂƐĞdžŝƐƚĞŶƚĞƐĐĞƌĐĂŶŽƐĂůƚĂůůĞƌĂƵƚŽŵŽƚƌŝnj͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘ ϰϬ

&ŝŐƵƌĂϮϳ͘ƐƋƵĞŵĂƉƵŶƚĂƐƚĞƌŵŝŶĂůĞƐƉĂƌĂƐŝƐƚĞŵĂĚĞĚŝƐƚƌŝďƵĐŝſŶĚĞϲ͘ϯŬs͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘ϰϮ

&ŝŐƵƌĂϮϴ͘ĞůĚĂĚĞůůĞŐĂĚĂĚĞĐĂďůĞƐ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘ϰϯ

&ŝŐƵƌĂϮϵ͘ĞůĚĂĚĞŵĞĚŝĐŝſŶ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘͘͘ϰϰ

&ŝŐƵƌĂϯϬ͘ĞůĚĂĚĞĚĞƌŝǀĂĐŝſŶĨƵƚƵƌĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘͘͘͘ϰϱ

&ŝŐƵƌĂϯϭ͘ĞůĚĂĚĞƐĞĐĐŝŽŶĂŵŝĞŶƚŽƉƌŝŶĐŝƉĂů͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘ϰϱ

&ŝŐƵƌĂϯϮ͘sŝƐƚĂƐĚĞƚƌĂŶƐĨŽƌŵĂĚŽƌĚĞĚŝƐƚƌŝďƵĐŝſŶ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘ϰϳ

&ŝŐƵƌĂϯϯ͘ŝĂŐƌĂŵĂĚĞĐŽŶĞdžŝſŶLJŶϱ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘͘͘ϰϳ

&ŝŐƵƌĂϯϰ͘ƐƋƵĞŵĂĚĞĨƵŶĐŝŽŶĂŵŝĞŶƚŽĚĞƵŶƌĞůĠƵĐŚŚŽůnj͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘͘͘ ϰϵ

&ŝŐƵƌĂϯϱ͘WĂƌƚĞƐĐŽŵƉŽŶĞŶƚĞƐĚĞƵŶƐŝƐƚĞŵĂĚĞƉĂƌĂƌƌĂLJŽƐ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘ϱϳ

 

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ƵĂĚƌŽϭ͘ĂƉĂĐŝĚĂĚĚĞĐŽƌƌŝĞŶƚĞĚĞĐĂďůĞƚŝƉŽd,,E͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϵ

ƵĂĚƌŽϮ͘ĄůĐƵůŽĚĞĐŽƌƌŝĞŶƚĞLJĐĂůŝďƌĞĚĞĂůŝŵĞŶƚĂĚŽƌĞƐ͕njŽŶĂƐĚĞƉƌĞƉĂƌĂĐŝſŶŵƷůƚŝƉůĞ͙͙͙͙͙͙͙͙ ϭϭ

ƵĂĚƌŽϯ͘ĄůĐƵůŽĚĞĐŽƌƌŝĞŶƚĞLJĐĂůŝďƌĞĚĞĂůŝŵĞŶƚĂĚŽƌĞƐ͕ĐĂďŝŶĂĚĞƉŝŶƚƵƌĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϭϭ

ƵĂĚƌŽϰ͘ĄůĐƵůŽĚĞĐŽƌƌŝĞŶƚĞLJĐĂůŝďƌĞĚĞĂůŝŵĞŶƚĂĚŽƌĞƐ͕ĞůĞǀĂĚŽƌĞƐĚĞĂƵƚŽ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘ϭϮ

ƵĂĚƌŽϱ͘ĄůĐƵůŽĚĞĐŽƌƌŝĞŶƚĞLJĐĂůŝďƌĞĚĞĂůŝŵĞŶƚĂĚŽƌĞƐ͕ĐŽŵƉƌĞƐŽƌLJůĂǀĂĚŽƌĂ͙͙͙͙͙͙͙͙͙͙͙͙͘͘ϭϮ

ƵĂĚƌŽϲ͘ĄůĐƵůŽĚĞĐŽƌƌŝĞŶƚĞLJĐĂůŝďƌĞĚĞĂůŝŵĞŶƚĂĚŽƌĞƐ͕ĞůĞǀĂĚŽƌĞƐĚĞĂƵƚŽ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘ϭϮ

ƵĂĚƌŽϳ͘ƵĂĚƌŽĨŽƚŽŵĠƚƌŝĐŽůƵŵŝŶĂƌŝĂϰdžϱϰt͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϮϬ

ƵĂĚƌŽϴ͘ƵĂĚƌŽĚĞĐĂƌĂĐƚĞƌşƐƚŝĐĂƐůƵŵŝŶĂƌŝĂϯdžϭϳt͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙Ϯϭ

ƵĂĚƌŽϵ͘1ŶĚŝĐĞĚĞůŽĐĂůLJƌĞůĂĐŝſŶĚĞůŽĐĂů͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘Ϯϲ

ƵĂĚƌŽϭϬ͘ŶĞdžŽƐĚĞĐĄůĐƵůŽƐĚĞŝůƵŵŝŶĂĐŝſŶ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙Ϯϳ

ƵĂĚƌŽϭϭ͘dĂďůĞƌŽƐƚƌŝĨĄƐŝĐŽƐƚŝƉŽĐĞŶƚƌŽĚĞĐĂƌŐĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘ϯϱ

ƵĂĚƌŽϭϮ͘/ŶƚĞƌƌƵƉƚŽƌĞƐƚĞƌŵŽŵĂŐŶĠƚŝĐŽƐĞŶĐŚƵĨĂďůĞƐ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘͘ϯϱ

ƵĂĚƌŽϭϯ͘ƵĂĚƌŽĚĞƐĐƌŝƉƚŝǀŽĚĞƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘ϰϬ

ƵĂĚƌŽϭϰ͘>ŝƐƚĂĚĞŵĂƚĞƌŝĂůĞƐƉĂƌĂĞƐƚƌƵĐƚƵƌĂDEϭ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘ ϰϭ

ƵĂĚƌŽϭϱ͘ŝŵĞŶƐŝŽŶĞƐĚĞƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐĚĞĚŝƐƚƌŝďƵĐŝſŶ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘ ϰϲ

 

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ů ƉƌĞƐĞŶƚĞ ƚƌĂďĂũŽ ĞƐ Ğů ĚŝƐĞŹŽ ĚĞ ŝŶƐƚĂůĂĐŝŽŶĞƐ ĞůĠĐƚƌŝĐĂƐ ƉĂƌĂ ƵŶ ƚĂůůĞƌ ĂƵƚŽŵŽƚƌŝnj͕ ƋƵĞ ĂďĂƌĐĂ
ƚŽĚŽƐ ůŽƐ ƐĞƌǀŝĐŝŽƐ ƉŽƐŝďůĞƐ͕ ƐŝƌǀŝĞŶĚŽ ĐŽŵŽ ŐƵşĂ ƉĂƌĂ ůĂ ĐŽŶƐƚƌƵĐĐŝſŶ ĐƵŵƉůŝĞŶĚŽ ĐŽŶ ůĂƐ ŶŽƌŵĂƐ
ŶĂĐŝŽŶĂůĞƐĞŝŶƚĞƌŶĂĐŝŽŶĂůĞƐǀŝŐĞŶƚĞƐƉĂƌĂůĂĐŽŶƐƚƌƵĐĐŝſŶĞůĠĐƚƌŝĐĂ͘

Ŷ Ğů ƉƌŝŵĞƌ ĐĂƉşƚƵůŽ͕ ƐĞ ŵĞŶĐŝŽŶĂƌĄ ůĂ ĞƐƚƌƵĐƚƵƌĂ ĂƌƋƵŝƚĞĐƚſŶŝĐĂ ĞŶ ůĂ ƋƵĞ ŶŽƐ ďĂƐĂƌĞŵŽƐ ƉĂƌĂ Ğů
ĚĞƐĂƌƌŽůůŽĚĞůĚŝƐĞŹŽĚĞƚŽĚŽĞůƐŝƐƚĞŵĂĞůĠĐƚƌŝĐŽ͘

ŶĞůƐĞŐƵŶĚŽĐĂƉşƚƵůŽƐĞĚĞƐĂƌƌŽůůĂƌĄĞůĚŝƐĞŹŽĚĞůƐŝƐƚĞŵĂĞůĠĐƚƌŝĐŽĚĞĨƵĞƌnjĂĚŽŶĚĞƐĞĞdžƉůŝĐĂƌĄůŽƐ
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>ƵĞŐŽ ƐĞ ƉƌŽĐĞĚĞ Ăů ĚŝƐĞŹŽ ĚĞů ƐŝƐƚĞŵĂ ĚĞ ŝůƵŵŝŶĂĐŝſŶ͕ ĐŽŵĞŶnjĂŶĚŽ ĐŽŶ ůĂ ĞdžƉůŝĐĂĐŝſŶ ĚĞů
ƉƌŽĐĞĚŝŵŝĞŶƚŽƵƚŝůŝnjĂĚŽLJůĂƐĞůĞĐĐŝſŶĚĞůĂƐůƵŵŝŶĂƌŝĂƐ͘ĂƌĞŵŽƐƵŶĂďƌĞǀĞĞdžƉůŝĐĂĐŝſŶĚĞůƵƐŽĚĞů
ƉƌŽŐƌĂŵĂĚĞĐĄůĐƵůŽĚĞůƵŵŝŶĂƌŝĂƐ͕ŵĂŶƚĞŶŝĞŶĚŽůĂƵŶŝĨŽƌŵŝĚĂĚůƵŵşŶŝĐĂLJůĂĞƐƚĠƚŝĐĂĚĞůĚŝƐĞŹŽ͘

ŽŶ ůĂƐ ĐĂƌŐĂƐ LJĂ ĞƐƚĂďůĞĐŝĚĂƐ͕ ƐĞ ŚĂ ƌĞĂůŝnjĂĚŽ ƵŶ ĞƐƚƵĚŝŽ ĚĞ ĐĂƌŐĂ LJ ĚĞŵĂŶĚĂ ĚŝŵĞŶƐŝŽŶĂŶĚŽ ůŽƐ
ĂůŝŵĞŶƚĂĚŽƌĞƐ͕ ƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ LJ Ğů ƐŝƐƚĞŵĂ ĚĞ ŐĞŶĞƌĂĐŝſŶ͘ ^Ğ ŽďƐĞƌǀĂƌĄ Ğů ĚŝƐĞŹŽ ĚĞů ĐƵĂƌƚŽ ĚĞ
ƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐLJŐĞŶĞƌĂĚŽƌĞƐďĂƐĂĚŽƐĞŶůĂƐŶŽƌŵĂƐĚĞůĂYY^͘

ŽŶ ƚŽĚŽƐ ůŽƐ ƐŝƐƚĞŵĂƐ ĞůĠĐƚƌŝĐŽƐ ĞdžƉůŝĐĂĚŽƐ͕ ƌĞĂůŝnjĂŵŽƐ ƵŶ ĂŶĄůŝƐŝƐ ĞĐŽŶſŵŝĐŽ ƌĞĨĞƌĞŶĐŝĂů LJ ƐĞ
ĚĞƚĞƌŵŝŶĂƌĄĞůĐŽƐƚŽĚĞĐŽŶƐƚƌƵĐĐŝſŶ͘

&ŝŶĂůŵĞŶƚĞ͕ƐĞĚĞƐĐƌŝďŝƌĄŶůĂƐĐŽŶĐůƵƐŝŽŶĞƐLJƌĞĐŽŵĞŶĚĂĐŝŽŶĞƐƉĞƌƚŝŶĞŶƚĞƐƉĂƌĂĞůĚŝƐĞŹŽƉƌŽƉƵĞƐƚŽ
ĞŶĞůƉƌĞƐĞŶƚĞƉƌŽLJĞĐƚŽ͘

y/

 W/dh>Kϭ

'ĞŶĞƌĂůŝĚĂĚĞƐ

ϭ͘ϭ͘
ƌƋƵŝƚĞĐƚƵƌĂĚĞůĞĚŝĨŝĐŝŽ

ů ĐĞŶƚƌŽ ĂƵƚŽŵŽƚƌŝnj Ă ĚŝƐĞŹĂƌ ƐĞ ĞŶĐƵĞŶƚƌĂ ƵďŝĐĂĚŽ ĞŶ ůĂ ǀ͘ KĐĐŝĚĞŶƚĂů LJ &ůŽƌŝĚĂ Ăů ŶŽƌƚĞ ĚĞ ůĂ ĐŝƵĚĂĚ ĚĞ
YƵŝƚŽ

ůƉƌŽLJĞĐƚŽĂƌƋƵŝƚĞĐƚſŶŝĐŽĚĞůĞĚŝĨŝĐŝŽŚĂƐŝĚŽĐŽŶĐĞďŝĚŽĐŽŶůĂƐŝŐƵŝĞŶƚĞĞƐƚƌƵĐƚƵƌĂ͗

Ͳ
^ƵďƐƵĞůŽϯ;Ϯϳϴϳ͘ϱϰŵϮͿĚŽŶĚĞĨƵŶĐŝŽŶĂƌĄůĂďŽĚĞŐĂĚĞƌĞƉƵĞƐƚŽƐLJƐƵƐƌĞƐƉĞĐƚŝǀĂƐŽĨŝĐŝŶĂƐ͘
Ͳ
^ƵďƐƵĞůŽϮ;ϰϳϳϬ͘ϯϲŵϮͿĚĞƐƚŝŶĂĚŽƉĂƌĂĞůĨƵŶĐŝŽŶĂŵŝĞŶƚŽĚĞƚĂůůĞƌĚĞƌĞƉĂƌĂĐŝſŶLJŵĂŶƚĞŶŝŵŝĞŶƚŽĚĞ
ĂƵƚŽŵſǀŝůĞƐ͘
Ͳ
^ƵďƐƵĞůŽ ϭ ;ϯϴϳϴ͘ϱϭ ŵϮͿ ĚŽŶĚĞ ƐĞ ƵƚŝůŝnjĂƌĄ ĐŽŵŽ ƚĂůůĞƌ ĚĞ ƌĞƉĂƌĂĐŝſŶ LJ ŵĂŶƚĞŶŝŵŝĞŶƚŽ ĚĞ
ĂƵƚŽŵſǀŝůĞƐ͘
Ͳ
WůĂŶƚĂďĂũĂ;ϱϭϬϬ͘ϱϮŵϮͿĞŶĞůĐƵĂůĨƵŶĐŝŽŶĂƌĄĞdžƉŽƐŝĐŝſŶĚĞƌĞƉƵĞƐƚŽƐ͕ƚĂůůĞƌĚĞƌĞƉĂƌĂĐŝſŶĞdžƉƌĞƐƐ͕
ƐŚŽǁ ƌŽŽŵ͕ ƐĂůĂ ĚĞ ĞƐƉĞƌĂ͕ ĄƌĞĂ ĚĞ ůĂǀĂĚŽ ĚĞ ĂƵƚŽƐ͕ ĂůŵĂĐĞŶĂũĞ ĚĞ ĂƵƚŽƐ͕ ĞƐƚĂĐŝŽŶĂŵŝĞŶƚŽƐ
ĐƵďŝĞƌƚŽƐ͘
Ͳ
WƌŝŵĞƌĂƉůĂŶƚĂ;ϰϭϭϲ͘ϴϲŵϮͿĐŽŵƉƌĞŶĚĞƵŶĄƌĞĂĚĞŽĨŝĐŝŶĂƐĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐLJďŽĚĞŐĂĚĞĂůŵĂĐĞŶĂũĞ
ĚĞĂƵƚŽƐ
Ͳ
^ĞŐƵŶĚĂƉůĂŶƚĂ;ϰϭϲϯ͘ϱϳŵϮͿŽĐƵƉĂĚŽĚĞďŽĚĞŐĂĚĞĂůŵĂĐĞŶĂũĞĚĞĂƵƚŽƐ͘
Ͳ
dĞƌĐĞƌĂƉůĂŶƚĂ;ϳϳϯ͘ϲϲŵϮͿĚŽŶĚĞĨƵŶĐŝŽŶĂƌĄŽĨŝĐŝŶĂƐĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐ

ϭ͘Ϯ͘
ƋƵŝƉĂŵŝĞŶƚŽĚĞůĞĚŝĨŝĐŝŽ

WĂƌĂ ƐƵ ĨƵŶĐŝŽŶĂŵŝĞŶƚŽ ĐŽŵŽ ĐĞŶƚƌŽ ĂƵƚŽŵŽƚƌŝnj͕ ĞƐ ŶĞĐĞƐĂƌŝŽ ĐŽŶƚĂƌ ĐŽŶ ĞƋƵŝƉĂŵŝĞŶƚŽ ĞƐƉĞĐŝĂů ĐŽŶ Ğů
ŽďũĞƚŝǀŽĚĞďƌŝŶĚĂƌƵŶƐĞƌǀŝĐŝŽĚĞĐĂůŝĚĂĚ͘WĂƌĂŶƵĞƐƚƌŽĐĂƐŽ͕ƌĞƋƵĞƌŝŵŽƐƚĞŶĞƌƵŶĂĚĞƐĐƌŝƉĐŝſŶƚĠĐŶŝĐĂƉĂƌĂ
ĞĨĞĐƚŽƐĚĞůĚŝƐĞŹŽĚĞůƐŝƐƚĞŵĂĚĞĨƵĞƌnjĂLJůĂƵďŝĐĂĐŝſŶĚĞůŽƐŵŝƐŵŽƐ͘

Ͳ
ĂďŝŶĂĚĞƉŝŶƚƵƌĂĂůŚŽƌŶŽ

&ŝŐƵƌĂϭ͘ͲĂďŝŶĂĚĞƉŝŶƚƵƌĂ

ϭ

DĞĚŝĚĂƐŝŶƚĞƌŝŽƌĞƐϳϬϬdžϰϬϬdžϮϴϬĐŵ

/ůƵŵŝŶĂĐŝſŶƐƵƉĞƌŝŽƌĐŽŶϴƉĂŶƚĂůůĂƐĚĞϰƚƵďŽƐĚĞϯϲǁ͘

'ĞŶĞƌĂĚŽƌĂZ/Zh>K/ZĐŽŶŵŽƚŽƌĚĞŝŵƉƵůƐŝſŶĚĞϭϬǀ͘;ϳ͘ϯϱŬtͿ

džƚƌĂĐƚŽƌĚĞϭϬǀ͘;ϳ͘ϯϱŬtͿ

DŽƚŽƌĚĞdžƚƌĂĐĐŝſŶĞŶĨĂƐĞĚĞƐĞĐĂĚŽƉĂƌĂĚŽĂůĂŚŽƌĂĚĞŚĂĐĞƌĞůƌĞĐŝƌĐƵůŽĚĞĂŝƌĞ͘

WŽƚĞŶĐŝĂƚŽƚĂů͗Ϯϱ͘ϱŬt͕ϯTͬϯϲϬsͬϲϬ,nj͘

Ͳ
ĂďŝŶĂĚĞƉŝŶƚƵƌĂĞdžƉƌĞƐƐ

ŽŶƚĞŵƉůĂůŽƐƐŝŐƵŝĞŶƚĞƐĞƋƵŝƉŽƐ͗

o
ĂďŝŶĂĚĞƉŝŶƚƵƌĂ͗WŽƚĞŶĐŝĂƚŽƚĂůϮϳŬt͕ϯTͬϯϲϬsͬϲϬ,nj͘
o
ŽƌƚŝŶĂĞŶƌŽůůĂďůĞŵŽƚŽƌŝnjĂĚĂ͗dƌĞƐŵŽƚŽƌĞƐĚĞϬ͘ϯŬt͕ϭTͬϮϮϬsͬϲϬ,nj͘
o
ĞŶƚƌĂů ĚĞ ĂƐƉŝƌĂĐŝſŶ ĚĞ ƉŽůǀŽ͗ ŽŶƚĞŵƉůĂ ĚĞ ƵŶ ƐŝƐƚĞŵĂ ĚĞ ĂƐƉŝƌĂĐŝſŶ ĚĞ Ϯ͘Ϯ Ŭt͕
ϯTͬϯϲϬsͬϲϬ ,nj͘ ĚŝĐŝŽŶĂůŵĞŶƚĞ ƌĞƋƵŝĞƌĞ ĚĞ ƵŶ ƚŽŵĂĐŽƌƌŝĞŶƚĞ ϯT Ă ϯϲϬs͕ ĐŽŵŽ ĐĂƉĂĐŝĚĂĚ
ŵĄdžŝŵĂĚĞϯϮ͖ƵŶƚŽŵĂĐŽƌƌŝĞŶƚĞϭTĂϮϮϬsĐŽŶĐĂƉĂĐŝĚĂĚŵĄdžŝŵĂĚĞϭϲ͘
o
>ƵŵŝŶĂƌŝĂƐ ŝŶĨƌĂƌƌŽũĂƐ͗ ^Ğ ĞŶĐŽŶƚƌĂƌĄŶ ĚŽƐ ůƵŵŝŶĂƌŝĂƐ ƐƵƐƉĞŶĚŝĚĂƐ ĞŶ ůĂ ĐĂďŝŶĂ ĚĞ ƉŝŶƚƵƌĂ͕
ĐĂĚĂƵŶĂĐŽŶƐƵŵŝƌĄƵŶĂƉŽƚĞŶĐŝĂĚĞϲŬt͕ϯTͬϯϲϬsͬϲϬ,nj͘

Ϯ

 

&ŝŐƵƌĂϮ͘ͲĂďŝŶĂĚĞƉŝŶƚƵƌĂĞdžƉƌĞƐƐ

Ͳ
^ĂůĂĚĞƉƌĞƉĂƌĂĐŝſŶ

>ĂƐĂůĂĚĞƉƌĞƉĂƌĂĐŝſŶƌĞƋƵŝĞƌĞĚĞƵŶĂĂůŝŵĞŶƚĂĐŝſŶĞůĠĐƚƌŝĐĂƋƵĞƐĂƚŝƐĨĂŐĂĐŽŶůĂƉŽƚĞŶĐŝĂƌĞƋƵĞƌŝĚĂ ƉŽƌĞů
ĞƋƵŝƉĂŵŝĞŶƚŽ͕ϭϮ͘ϱŬt͕ϯTͬϯϲϬsͬϲϬ,nj͘

ĚŝĐŝŽŶĂůŵĞŶƚĞĐŽŶƚĂƌĄĐŽŶƵŶƐŝƐƚĞŵĂĚĞĂƐƉŝƌĂĐŝſŶĚĞƉŽůǀŽ͕ĞƐƚĞĞƋƵŝƉŽƐŝƌǀĞƉĂƌĂůĂĞůŝŵŝŶĂĐŝſŶĚĞƉŽůǀŽ
ĞŶůĂĐĂƌƌŽĐĞƌşĂĂŶƚĞƐĚĞůůĞǀĂƌůŽĂůĂĐĂďŝŶĂĚĞƉŝŶƚƵƌĂ͘ŝĐŚŽĞƋƵŝƉŽŶĞĐĞƐŝƚĂƵŶĂĂůŝŵĞŶƚĂĐŝſŶĚĞϱ͘ϱŬt͕
ϯTͬϯϲϬsͬϲϬ,nj͘

ϯ

 

&ŝŐƵƌĂϯ͘Ͳ^ĂůĂĚĞƉƌĞƉĂƌĂĐŝſŶ

Ͳ
ĂũĂĚĞŵĞnjĐůĂƐ

Ɛ ƵŶ ĞƋƵŝƉŽ ĐƵLJĂ ĨƵŶĐŝſŶ ĞƐ ƌĞĂůŝnjĂƌ ůĂƐ ŵĞnjĐůĂƐ ĚĞ ƉŝŶƚƵƌĂ ƉĂƌĂ ůĂ ƵƚŝůŝnjĂĐŝſŶ ĞŶ ůĂƐ ĐĂďŝŶĂƐ ĚĞ ƉŝŶƚƵƌĂ
ĂŶƚĞƌŝŽƌŵĞŶƚĞŵĞŶĐŝŽŶĂĚĂƐ͘

ƐƚĞĞƋƵŝƉŽŶĞĐĞƐŝƚĂƌĄĚĞƵŶƐƵŵŝŶŝƐƚƌŽĚĞĞŶĞƌŐşĂĚĞϭŬt͕ϯTͬϮϮϬsͬϲϬ,nj͘

ϰ

 

&ŝŐƵƌĂϰ͘ͲĂũĂĚĞŵĞnjĐůĂƐ

Ͳ
ůĞǀĂĚŽƌĞůĞĐƚƌŽŚŝĚƌĄƵůŝĐŽĚĞĚŽƐƉŽƐƚĞƐ͗

ůĞǀĂĚŽƌƉĂƌĂĂƵƚŽƐĚĞϮƉŽƐƚĞƐ͕ďƌĂnjŽƐĂƐŝŵĠƚƌŝĐŽƐƋƵĞƉĞƌŵŝƚĞŶĂďƌŝƌůĂƐƉƵĞƌƚĂƐĚĞůĂƵƚŽĞůĞǀĂĚŽ͕ƚŝĞŵƉŽ
ĚĞĞůĞǀĂĐŝſŶϰϱƐĞŐƵŶĚŽƐ͕ĂůƚƵƌĂŵĄdžŝŵĂĚĞĞůĞǀĂĐŝſŶĚĞϭϵϴϭŵŵ͘

EĞĐĞƐŝƚĂĚĞƵŶĂĂůŝŵĞŶƚĂĐŝſŶϯTͬϯϲϬsͬϲϬ,njƉĂƌĂĞůŵŽƚŽƌĚĞϰ,WƋƵĞƵƚŝůŝnjĂƉĂƌĂĞůĨƵŶĐŝŽŶĂŵŝĞŶƚŽĚĞů
ĞůĞǀĂĚŽƌĞůĞĐƚƌŽŚŝĚƌĄƵůŝĐŽ͘

&ŝŐƵƌĂϱ͘ͲůĞǀĂĚŽƌĞůĞĐƚƌŽŚŝĚƌĄƵůŝĐŽ

 

ϱ



W/dh>KϮ

ĞƐĂƌƌŽůůŽĚĞůĚŝƐĞŹŽĞůĠĐƚƌŝĐŽĚĞůĐĞŶƚƌŽĂƵƚŽŵŽƚƌŝnj

Ϯ͘ϭ͘ /ŶƚƌŽĚƵĐĐŝſŶ

Ŷ ĚĞ ůĂƐ ŝŶƐƚĂůĂĐŝŽŶĞƐ ĞůĠĐƚƌŝĐĂƐ͕ ĐĂďĞ ŵĞŶĐŝŽŶĂƌ Ğů ƐŝƐƚĞŵĂ ĞůĠĐƚƌŝĐŽ ĞŶ ƉƌŝŶĐŝƉĂů LJ Ă ƚƌĂǀĠƐ ĚĞů ŵŝƐŵŽ
ĚĞƐĂƌƌŽůůĂƌůŽƐĐŽŶĐĞƉƚŽƐLJĞůƉƌŽĐĞĚŝŵŝĞŶƚŽƋƵĞƐĞƐŝŐƵŝſƉĂƌĂĐŽŵƉůĞƚĂƌůĂƐŵŝƐŵĂƐ͘

ŽŵŽƉƵĚŝŵŽƐŽďƐĞƌǀĂƌĞŶĞůĐĂƉŝƚƵůŽĂŶƚĞƌŝŽƌ͕ĞůĞĚŝĨŝĐŝŽĐŽŵƉƌĞŶĚĞĚĞǀĂƌŝĂƐĄƌĞĂƐLJƐŽďƌĞƚŽĚŽĚĞĞƋƵŝƉŽƐ
ĐŽŶĚŝĨĞƌĞŶƚĞƐǀŽůƚĂũĞƐ͘WĂƌĂĞůůŽ͕ƐĞŚĂĚŝƐƉƵĞƐƚŽůĂƐŝŐƵŝĞŶƚĞĚŝƐƚƌŝďƵĐŝſŶ͗ĚĞůĂƌĞĚĚĞĚŝƐƚƌŝďƵĐŝſŶĞdžŝƐƚĞŶƚĞ͕
ĚĞƌŝǀĂƌĞŵŽƐůĂƌĞĚŚĂĐŝĂƵŶĂĐĄŵĂƌĂĚĞƚƌĂŶƐĨŽƌŵĂĐŝſŶ͕ƉĂƌĂůĂƉƌŽƚĞĐĐŝſŶ͕ƐĞŐƷŶůĂŶŽƌŵĂĚĞůĂY^ƉĂƌƚĞ
LJ͕ĞƐƚŝƉƵůĂƋƵĞƐƵƉĞƌĂĚŽĞůϭDs͕ƌĞƋƵŝĞƌĞĚĞƵŶƌĞĐŽŶĞĐƚĂĚŽƌĚĞĂĐƵĞƌĚŽĂůĐĄůĐƵůŽLJĞƐƉĞĐŝĨŝĐĂĐŝŽŶĞƐ
ĚĂĚĂƐ ĞŶ ůĂƐ ŶŽƌŵĂƐ ĚĞ ůĂ Y^͘ ƐƚĞ ƌĞĐŽŶĞĐƚĂĚŽƌ ƐĞ ũƵƐƚŝĨŝĐĂ LJĂ ƋƵĞ ĞƐ ƐŝƐƚĞŵĂ ĚĞ ŵĞĚŝĂ ƚĞŶƐŝſŶ
ĐŽŵƉƌĞŶĚĞ ĚĞ ƚƌĞƐ ƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͗ ƵŶ ƚƌĂŶƐĨŽƌŵĂĚŽƌ ĚĞ ϯϬϬ ŬsƐ ϲϬϬϬͬϮϭϬͬϭϮϭs͕ ƉĂƌĂ ƵƐŽ ŐĞŶĞƌĂů ĚĞů
ĞĚŝĨŝĐŝŽ;ĂĞdžĐĞƉĐŝſŶĚĞƚĂůůĞƌĞƐͿ͕ƵŶƚƌĂŶƐĨŽƌŵĂĚŽƌĚĞϯϬϬŬsƐϲϬϬϬͬϮϮϬͬϭϮϳs͕ƉĂƌĂƚŽĚĂůĂŝŶƐƚĂůĂĐŝſŶĚĞ
ƚĂůůĞƌĞƐ ĚĞ ŵĂŶƚĞŶŝŵŝĞŶƚŽ ƋƵĞ ĨƵŶĐŝŽŶĞŶ Ă ϮϮϬs͕ LJ ƵŶ ƚƌĂŶƐĨŽƌŵĂĚŽƌ ĚĞ ϱϬϬ ŬsƐ  ϲϬϬϬͬϯϲϬs͕ ƉĂƌĂ ƵƐŽ
ĞdžĐůƵƐŝǀŽĚĞůŽƐĞƋƵŝƉŽƐĚƚĂůůĞƌĐƵLJŽǀŽůƚĂũĞĚĞŽƉĞƌĂĐŝſŶĞƐϯϲϬs͘

WĂƌĂ Ğů ŝŶŐƌĞƐŽ ĚĞ ůĂ ĞŶĞƌպà ĞůĠĐƚƌŝĐĂ ƐĞ ƚŝĞŶĞ ƵŶĂ ĐĞůĚĂ ĚĞ ůůĞŐĂĚĂ ĚĞ ĐĂďůĞƐ ĚĞ ŵĞĚŝĂ ƚĞŶƐŝſŶ͕ ƵŶĂ ĐĞůĚĂ
ĨƵƚƵƌĂLJƵŶĂĐĞůĚĂĚĞŵĞĚŝĐŝſŶĞŶŵĞĚŝĂƚĞŶƐŝſŶ͕ƐĞĚĞƚĂůůĂƌĄƐƵƐĞƐƉĞĐŝĨŝĐĂĐŝŽŶĞƐĞŶĞůĐĂƉşƚƵůŽƌĞƐƉĞĐƚŝǀŽ͘

WĂƌĂ ůĂ ŝŶƚĞƌĐŽŶĞdžŝſŶĞŶƚƌĞ ƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ ƐĞ ĚŝƐƉŽŶĚƌĄ ĚĞ ƵŶĂĐĞůĚĂ ĚĞ ƉƌŽƚĞĐĐŝſŶ ƉƌŝŶĐŝƉĂů ĚĞŶƚƌŽ ĚĞ ůĂ
ĐĄŵĂƌĂ ĚĞ ƚƌĂŶƐĨŽƌŵĂĐŝſŶ  ũƵŶƚŽ Ă Ġů͕ ƐĞ ƚĞŶĚƌĄ ƵŶĂ ĐĞůĚĂ ĚĞ ƉƌŽƚĞĐĐŝſŶ ĚĞ ŵĞĚŝĂ ƚĞŶƐŝſŶ ƉŽƌ ĐĂĚĂ
ƚƌĂŶƐĨŽƌŵĂĚŽƌ Ă ƵƚŝůŝnjĂƌƐĞ LJ ƐƵƐ ƌĞƐƉĞĐƚŝǀĂƐ ĐĞůĚĂƐ ĚĞ ƉƌŽƚĞĐĐŝſŶ ĞŶ ďĂũĂ ƚĞŶƐŝſŶ ƉĂƌĂ ůĂ ƐĂůŝĚĂ Ă ůĂƐ ĐĂƌŐĂƐ
ĐŽŶƚĞŵƉůĂĚĂƐĞŶĞůĞƐƚƵĚŝŽ͘

dŽŵĂŶĚŽĞŶĐƵĞŶƚĂƋƵĞĞŶĞůƐŝƐƚĞŵĂĞůĠĐƚƌŝĐŽĚĞůƉĂşƐŶŽŐĂƌĂŶƚŝnjĂƵŶƐƵŵŝŶŝƐƚƌŽĚĞĞŶĞƌŐşĂĨŝĚĞĚŝŐŶŽ͕ƉŽƌůŽ
ƋƵĞƐĞƉůĂŶƚĞŽĞůƐŝƐƚĞŵĂĚĞĞŵĞƌŐĞŶĐŝĂƉĂƌĂŐĂƌĂŶƚŝnjĂƌĞůĨƵŶĐŝŽŶĂŵŝĞŶƚŽĐŽŶƚŝŶƵŽĚĞůĞĚŝĨŝĐŝŽ͘

ĞŶƚƌŽĚĞůĂƐŝŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐ͕ƐĞƐƵďĚŝǀŝĚŝſĞŶϱƐŝƐƚĞŵĂƐ͗

ϭ͘
^ŝƐƚĞŵĂĚĞĨƵĞƌnjĂ
Ϯ͘
^ŝƐƚĞŵĂĚĞŝůƵŵŝŶĂĐŝſŶ
ϯ͘
^ŝƐƚĞŵĂĚĞĐŽŶƚƌŽůĚĞŝůƵŵŝŶĂĐŝſŶ
ϰ͘
^ŝƐƚĞŵĂĚĞĂůŝŵĞŶƚĂĚŽƌĞƐ
ϱ͘
^ŝƐƚĞŵĂĚĞŵĞĚŝĂƚĞŶƐŝſŶLJŐĞŶĞƌĂĐŝſŶĚĞĞŵĞƌŐĞŶĐŝĂ͘

Ϯ͘Ϯ͘
^ŝƐƚĞŵĂĚĞĨƵĞƌnjĂ͘
Ϯ͘Ϯ͘ϭ͘
^ƵďƐƵĞůŽϯ͘

ů ƐŝƐƚĞŵĂ ĚĞ ĨƵĞƌnjĂ ĂďĂƌĐĂ ƚŽĚŽƐ ůŽƐ ƚŽŵĂĐŽƌƌŝĞŶƚĞƐ͕ ƐĂůŝĚĂƐ ĞƐƉĞĐŝĂůĞƐ ƉĂƌĂ ĐĂĚĂ ƵŶŽ ĚĞ ůŽƐ ĞƋƵŝƉŽƐ Ă
ƵƚŝůŝnjĂƌƐĞĞŶĞůĐĞŶƚƌŽĂƵƚŽŵŽƚƌŝnj͘

ϲ

WĂƌĂĞůĄƌĞĂĚĞŽĨŝĐŝŶĂƐ͕ĐŽŶĞůŽďũĞƚŝǀŽĚĞĞǀŝƚĂƌĚĂŹŽƐĞŶůŽƐĞƋƵŝƉŽƐĞůĞĐƚƌſŶŝĐŽƐ;ĐŽŵƉƵƚĂĚŽƌĞƐͿLJƉĠƌĚŝĚĂ
ĚĞ ŝŶĨŽƌŵĂĐŝſŶ ĚĞ ůŽƐ ŵŝƐŵŽƐ͕ ƐĞ ƚŝĞŶĞ ƉƌĞǀŝƐƚŽ ƵŶ ƐŝƐƚĞŵĂ ĚĞ ĞŶĞƌպà ƌĞŐƵůĂĚĂ Ă ƚƌĂǀĠƐ ĚĞ hW^
;hŶŝŶƚĞƌƌƵƉƚŝďůĞ ƉŽǁĞƌ ƐƵƉƉůLJ͕ ƐŝƐƚĞŵĂ ĚĞ ĞŶĞƌպà ŝŶŝŶƚĞƌƌƵŵƉŝĚĂͿ͖ ĐŽŶ ĞƐƚĞ ƐŝƐƚĞŵĂ ĞǀŝƚĂ ƋƵĞ ƐƵĨƌĂ
ĨůƵĐƚƵĂĐŝŽŶĞƐĚĞǀŽůƚĂũĞĞŶůŽƐƚŽŵĂĐŽƌƌŝĞŶƚĞƐLJĂďĂƐƚĞĐŝŵŝĞŶƚŽĚĞĞŶĞƌŐşĂĐŽŶƚŝŶƵĂĂƉĞƐĂƌĚĞůŽƐĐŽƌƚĞƐĚĞ
ĞŶĞƌŐşĂŶŽƌŵĂů͕ƐĞŝŶƐƚĂůĂƌĄϭƚŽŵĂĐŽƌƌŝĞŶƚĞƉŽƌĐĂĚĂĞƐƚĂĐŝſŶĚĞƚƌĂďĂũŽ͘

>ĂƉŽƚĞŶĐŝĂƚŽƚĂůƌĞƋƵĞƌŝĚĂƉĂƌĂůĂĂůŝŵĞŶƚĂĐŝſŶĚĞůƐŝƐƚĞŵĂĚĞĞŶĞƌŐşĂƌĞŐƵůĂĚĂƐĞƌĄĚĞϰϬŬsƐ͘WŽƌůŽƋƵĞůĂ
ĐĂƉĂĐŝĚĂĚ ĚĞů hW^ ;hŶŝŶƚĞƌƌƵƉƚŝďůĞ ƉŽǁĞƌ ƐƵƉƉůLJ͕ ƐŝƐƚĞŵĂ ĚĞ ĞŶĞƌպà ŝŶŝŶƚĞƌƌƵŵƉŝĚĂͿ ĚĞďĞ ƐĞƌ ĚĞů ŵŝƐŵŽ
ǀĂůŽƌŽƵŶĐŽŶũƵŶƚŽĚĞůŽƐĞƋƵŝƉŽƐƋƵĞƐƵŵĞŶĞůŵŝƐŵŽǀĂůŽƌ͘ůĞƋƵŝƉŽƐĞƌĄƚŝƉŽƚƌŝĨĄƐŝĐŽLJƐƵǀŽůƚĂũĞĚĞƐĂůŝĚĂ
ƐĞƌĄ ĚĞ ϮϮϬͬ ϭϮϳ s LJ ĐƵLJŽ ĨƵŶĐŝŽŶĂŵŝĞŶƚŽ ƐĞƌĄ ĚĞ ƚŝƉŽ ĂƵƚŽŵĄƚŝĐŽ͘ ƐƚĞ ĞƋƵŝƉŽ ƚĞŶĚƌĄ ůĂ ĐĂƉĂĐŝĚĂĚ ĚĞ
ĐŽŵƵŶŝĐĂƌƐĞĂƵŶĂĐĞŶƚƌĂůĚĞŵŽŶŝƚŽƌĞŽĐŽŶƵŶƉƵĞƌƚŽĚĞĐŽŵƵŶŝĐĂĐŝſŶZ^ͲϮϯϮ͘

WĂƌĂƋƵĞĞůƐŝƐƚĞŵĂƚĞŶŐĂƵŶƉĞƌĨĞĐƚŽĨƵŶĐŝŽŶĂŵŝĞŶƚŽ͕ƐĞŶĞĐĞƐŝƚĂĚĞƵŶƚĂďůĞƌŽĚĞďLJͲƉĂƐƐ͘

ů ƚĂďůĞƌŽ ĚĞ ďLJƉĂƐƐ ƉĞƌŵŝƚĞ ƵŶ ƉĂƐŽ ĚŝƌĞĐƚŽ ĚĞ ĞŶĞƌŐşĂ͕ ĚĞƐĚĞ ůĂ ĨƵĞŶƚĞ ;ĞŵƉƌĞƐĂ ĞůĠĐƚƌŝĐĂ ŐĞŶĞƌĂůŵĞŶƚĞͿ
ŚĂĐŝĂůĂĐĂƌŐĂĐƌŝƚŝĐĂŵŝĞŶƚƌĂƐĞůƵƉƐĞƐƌĞƚŝƌĂĚŽƚĞŵƉŽƌĂůŵĞŶƚĞĚĞŽƉĞƌĂĐŝſŶ͘ůƉƌŽƉſƐŝƚŽĚĞŝŶƐƚĂůĂƌƚĂďůĞƌŽƐ
ĚĞďLJƉĂƐƐĞŶĂƉůŝĐĂĐŝŽŶĞƐĚĞƵƉƐ͕ĐŽŶƐŝƐƚĞďĄƐŝĐĂŵĞŶƚĞĞŶƉĞƌŵŝƚŝƌůĂƌĞĂůŝnjĂĐŝſŶĚĞƚĂƌĞĂƐĚĞŵĂŶƚĞŶŝŵŝĞŶƚŽ
LJĂƐĞĂƉƌĞǀĞŶƚŝǀŽŽĐŽƌƌĞĐƚŝǀŽĂůƵƉƐƐŝŶƋƵĞƐĞĚĞďĂƌĞĂůŝnjĂƌƵŶĐŽƌƚĞĚĞĞŶĞƌŐşĂĂůĂĐĂƌŐĂƋƵĞĞƐƚĞĂůŝŵĞŶƚĂ͘

ŽŵŽƐĞŝŶĚŝĐſĞŶĞůĐĂƉşƚƵůŽϭ͕ĞůƐƵďƐƵĞůŽϯĞƐƚĄĐŽŵƉƵĞƐƚŽĚĞƵŶĄƌĞĂĚĞŽĨŝĐŝŶĂƐĚĞďŽĚĞŐĂ͕ƵŶĄƌĞĂĚĞ
ƐĞƌǀŝĐŝŽƐŚŝŐŝĠŶŝĐŽƐLJďŽĚĞŐĂĚĞƌĞƉƵĞƐƚŽƐ͘

WĂƌĂ Ğů ĄƌĞĂ ĚĞ ůĂƐ ŽĨŝĐŝŶĂƐ͕ ƐĞ ƵďŝĐĂƌĄ ƵŶ ƚŽŵĂĐŽƌƌŝĞŶƚĞ ĚĞů ƐŝƐƚĞŵĂ ĚĞ ĨƵĞƌnjĂ ŶŽƌŵĂů LJ ƵŶ ƚŽŵĂĐŽƌƌŝĞŶƚĞ
ƌĞŐƵůĂĚŽ ƉŽƌ ĐĂĚĂ ĞƐƚĂĐŝſŶ ĚĞ ƚƌĂďĂũŽ͘ WŽƌ ůĂ ĚŝƐƉŽƐŝĐŝſŶ ĂƌƋƵŝƚĞĐƚſŶŝĐĂ ĚĞ ůĂƐ ĞƐƚĂĐŝŽŶĞƐ ĚĞ ƚƌĂďĂũŽ͕ ůŽƐ
ƚŽŵĂĐŽƌƌŝĞŶƚĞƐƐĞƌĄŶŝŶƐƚĂůĂĚŽƐĞŶĞůƉŝƐŽĐŽŵŽƐĞƉƵĞĚĞǀĞƌĞŶĞůĂŶĞdžŽϭ͘

WĂƌĂ Ğů ĄƌĞĂ ĚĞ ƐĞƌǀŝĐŝŽƐ ŚŝŐŝĠŶŝĐŽƐ͕ ĐŽŵŽ ŶĞĐĞƐŝĚĂĚ ĞůĠĐƚƌŝĐĂ͕ ƚĞŶĞŵŽƐ ƐĞĐĂĚŽƌĞƐ ĚĞ ŵĂŶŽƐ LJ ƵŶ
ƚŽŵĂĐŽƌƌŝĞŶƚĞƉĂƌĂƵƐŽĚĞůŝŵƉŝĞnjĂ;ŶĞdžŽϭͿ͘

>Ă ďŽĚĞŐĂ ĚĞ ƌĞƉƵĞƐƚŽƐ ŶŽ ƌĞƋƵŝĞƌĞ ĚĞ ƚŽŵĂĐŽƌƌŝĞŶƚĞƐ ĞŶ ĞƐƉĞĐŝĂů͕ ĂƐş ƋƵĞ ƐĞ ƵďŝĐſ ƵŶ ƚŽŵĂĐŽƌƌŝĞŶƚĞ ĚĞ
ĨŽƌŵĂƵŶŝĨŽƌŵĞƉĂƌĂƵƚŝůŝnjĂĐŝſŶĚĞůŝŵƉŝĞnjĂ͘;ŶĞdžŽϮͿ͘

ĚŝĐŝŽŶĂůŵĞŶƚĞ͕ ƐĞ ƚŝĞŶĞ ƉƌĞǀŝƐƚŽ ƵŶ ƐŝƐƚĞŵĂ ĚĞ ĐŝƌĐƵŝƚŽ ĐĞƌƌĂĚŽ ĚĞ ƚĞůĞǀŝƐŝſŶ ĚĞ ŵĂŶĞƌĂ ƋƵĞ ŶĞĐĞƐŝƚĂ
ĂůŝŵĞŶƚĂĐŝſŶƌĞŐƵůĂĚĂƉĂƌĂŵĂŶƚĞŶĞƌƵŶĨƵŶĐŝŽŶĂŵŝĞŶƚŽƉĞƌŵĂŶĞŶƚĞLJĚƵƌĂďŝůŝĚĂĚĚĞůĂĐĄŵĂƌĂ͘;ŶĞdžŽϮͿ

Ϯ͘Ϯ͘Ϯ͘
^ƵďƐƵĞůŽϮ͘

Ŷ Ğů ƐƵďƐƵĞůŽ Ϯ ĞƐ Ğů ĄƌĞĂ ĚĞ ƚĂůůĞƌ ĚĞ ŵĂŶƚĞŶŝŵŝĞŶƚŽ ĂƵƚŽŵŽƚƌŝnj͕ ĚĞŶƚƌŽ ĚĞů ƐŝƐƚĞŵĂ ĞůĠĐƚƌŝĐŽ ĚĞ ĨƵĞƌnjĂ
ƚƌĂďĂũĂŶůŽƐĞƋƵŝƉŽƐďĂũŽǀĂƌŝŽƐǀŽůƚĂũĞƐ͗

Ͳ
ϭϮϳs
Ͳ
ϮϮϬs
Ͳ
ϯϲϬs

 ĐŽŶƚŝŶƵĂĐŝſŶ ĚĞƐĂƌƌŽůůĂƌĞŵŽƐ Ğů ĚŝƐĞŹŽ ĚĞů ƐŝƐƚĞŵĂ ĞůĠĐƚƌŝĐŽ ĚĞ ĨƵĞƌnjĂ ĚĞ ĂĐƵĞƌĚŽ Ă ůĂƐ ĚŝĨĞƌĞŶƚĞƐ ĄƌĞĂƐ
ĚĞĨŝŶŝĚĂƐĂƌƋƵŝƚĞĐƚſŶŝĐĂŵĞŶƚĞ͘;ŶĞdžŽϯͿ

ϳ

ŶĞůĄƌĞĂĚĞƉŝŶƚƵƌĂĞdžƉƌĞƐƐ͕ƐĞĞŶĐƵĞŶƚƌĂƵďŝĐĂĚĂƵŶĂĐĞŶƚƌĂůĚĞĂƐƉŝƌĂĐŝſŶLJƵŶĂĐĂďŝŶĂĚĞƉŝŶƚƵƌĂĞdžƉƌĞƐƐ͘
ŽŵŽŚĂďşĂŵŽƐŵĞŶĐŝŽŶĂĚŽĞŶĞůĐĂƉşƚƵůŽϭ͕ĚĂĂĐŽŶŽĐĞƌůĂƐĞƐƉĞĐŝĨŝĐĂĐŝŽŶĞƐƚĠĐŶŝĐĂƐĚĞĚŝĐŚŽƐĂƉĂƌĂƚŽƐLJ
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ŵĠƚŽĚŽ͘ Ŷ Ğů ĐĂƐŽ ĚĞ ĂƉůŝĐĂƌ Ğů ƉƌŝŵĞƌ ŵĠƚŽĚŽ͕ ƚĞŶĞŵŽƐ Ğů ŝŶĐŽŶǀĞŶŝĞŶƚĞ ĚĞ ŶŽ ƚĞŶĞƌ ƉƌĞǀŝƐƚŽ ůĂ
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sсϯϲϬs

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ƌĞƐƉĞĐƚŝǀĂŵĞŶƚĞ͘ WĂƌĂ Ğů ŶĞƵƚƌŽ͕ ƵƚŝůŝnjĂƌĞŵŽƐ Ğů ŵŝƐŵŽ ĐĂůŝďƌĞ ƋƵĞ ƵƚŝůŝnjĂŵŽƐ ĞŶ ůĂƐ ĨĂƐĞƐ LJ ƉĂƌĂ ůĂ
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ƉĂƌĂĨĂƐĞƐLJŶĞƵƚƌŽ͕LJĂƋƵĞƐĞƚƌĂƚĂĚĞƵŶĞĚŝĨŝĐŝŽĐƵďŝĞƌƚŽƋƵĞŶŽƚƌĂďĂũĂĞŶĂůƚĂƐƚĞŵƉĞƌĂƚƵƌĂƐ͕LJĞů
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DĞĚŝĂŶƚĞƚĂďůĂϭ͕ƐĞĚĞƚĞƌŵŝŶſ͗ƚƌĞƐĐĂďůĞƐηϭϮt'ƉĂƌĂůĂĨĂƐĞ͕ƵŶĐĂďůĞηϭϮt'ƉĂƌĂĞůŶĞƵƚƌŽLJ
ƵŶĐĂďůĞηϭϰt'ƉĂƌĂůĂƚŝĞƌƌĂ͘

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WĂƌĂƐĞƌǀŝĐŝŽƐǀĂƌŝŽƐƐĞĐŽůŽĐĂƌĄƵŶƚŽŵĂĐŽƌƌŝĞŶƚĞƚƌŝĨĄƐŝĐŽĚĞǀŽůƚĂũĞĚĞĨƵŶĐŝŽŶĂŵŝĞŶƚŽϯϲϬs͕ĐŽŶƵŶ
ĐŽŶƐƵŵŽŵĄdžŝŵŽĚĞϮŬt͘ƉůŝĐĂŶĚŽůĂĨŽƌŵƵůĂĂŶƚĞƌŝŽƌ͕ĐŽŶĐůƵŝŵŽƐƋƵĞůĂĂůŝŵĞŶƚĂĐŝſŶƐĞƌĄĚĞƚƌĞƐ
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ϯ͘ϱŬt͘^ƵĂůŝŵĞŶƚĂĚŽƌƐĞƌĄĚĞĚŽƐĐĂďůĞƐηϭϮt'ƉĂƌĂůĂƐĨĂƐĞƐ͕ƵŶĐĂďůĞηϭϰt'ƉĂƌĂůĂƚŝĞƌƌĂ͘

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ĂƵŶǀŽůƚĂũĞĚĞϯϲϬsƚƌŝĨĄƐŝĐŽ͘hƚŝůŝnjĂŶĚŽůĂĞĐƵĂĐŝſŶƉĂƌĂĞůĐĄůĐƵůŽĚĞůĂĐŽƌƌŝĞŶƚĞƉĂƌĂĚĞƚĞƌŵŝŶĂƌĞů
ĂůŝŵĞŶƚĂĚŽƌ͕ŽďƚĞŶĞŵŽƐĐŽŵŽƌĞƐƵůƚĂĚŽ͗

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t'ƉĂƌĂŶĞƵƚƌŽLJϭĐĂďůĞηϭϮt'ƉĂƌĂ
ϭϮ͕ϱ Ϯϲ͕ϰϭ ƚŝĞƌƌĂ

ϯĐĂďůĞƐηϭϮt'ƉĂƌĂĨĂƐĞƐ͕ϭĐĂďůĞηϭϮ
t'ƉĂƌĂŶĞƵƚƌŽLJϭĐĂďůĞηϭϰt'ƉĂƌĂ
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ϯĐĂďůĞƐηϴt'ƉĂƌĂĨĂƐĞƐLJϭĐĂďůĞηϭϬ
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ϮĐĂďůĞƐηϭϮt'ƉĂƌĂĨĂƐĞƐLJϭĐĂďůĞηϭϰ
ϯ͕ϱ ϮϮ͕ϭϬ t'ƉĂƌĂƚŝĞƌƌĂ

ƵĂĚƌŽϮ͘ͲĄůĐƵůŽĚĞĐŽƌƌŝĞŶƚĞLJĐĂůŝďƌĞĚĞĂůŝŵĞŶƚĂĚŽƌĞƐ͕njŽŶĂĚĞƉƌĞƉĂƌĂĐŝſŶŵƷůƚŝƉůĞ

KƚƌĂ ĄƌĞĂ ĚĞ ƚƌĂďĂũŽ ĞƐ Ğů ůĂďŽƌĂƚŽƌŝŽ ĚĞ ƉŝŶƚƵƌĂ͕ ĞŶ ĞůůĂ ĐƵĞŶƚĂ ĐŽŶ ĚŽƐ ĐĂďŝŶĂƐ ĚĞ ƉŝŶƚƵƌĂ ;ŶĞdžŽ ϲͿ LJ ůĂƐ
ĚĞŵĂŶĚĂƐĞůĠĐƚƌŝĐĂƐƐŽŶůĂƐƐŝŐƵŝĞŶƚĞƐ͗

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ϭƐĂůŝĚĂĞůĠĐƚƌŝĐĂƚƌŝĨĄƐŝĐĂĚĞϳ͘ϯϱŬtŵĄdžŝŵŽĂϯϲϬsͬϲϬ,nj͕ƉĂƌĂĐŽŵƉƌĞƐŽƌĚĞĂŝƌĞ͘
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ϭ ƐĂůŝĚĂ ĞůĠĐƚƌŝĐĂ ƚƌŝĨĄƐŝĐĂ ĚĞ ϳ͘ϯϱ Ŭt ŵĄdžŝŵŽ Ă ϯϲϬ sͬϲϬ ,nj͕ ƉĂƌĂ ůĂ ĂůŝŵĞŶƚĂĐŝſŶ ĚĞ ƵŶ ŵŽƚŽƌ ĚĞ
ĞdžƚƌĂĐĐŝſŶĚĞĂŝƌĞ͘
Ͳ
ϭƐĂůŝĚĂĞůĠĐƚƌŝĐĂƚƌŝĨĄƐŝĐĂĚĞϭϱŬtŵĄdžŝŵŽĂϯϲϬsͬϲϬ,nj͕ƉĂƌĂůĄŵƉĂƌĂƐŝŶĨƌĂƌƌŽũĂƐ͘
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ϭƐĂůŝĚĂĞůĠĐƚƌŝĐĂƚƌŝĨĄƐŝĐĂĚĞϮϱ͘ϱŬtŵĄdžŝŵŽĂϯϲϬsͬϲϬ,nj͕ƉĂƌĂůĂĂůŝŵĞŶƚĂĐŝſŶŐĞŶĞƌĂůĚĞůĂĐĂďŝŶĂ͘

ZĞĐƵƌƌŝĞŶĚŽ Ă ůĂƐ ĨŽƌŵƵůĂƐ ĂŶƚĞƌŝŽƌŵĞŶƚĞ ŝŶĚŝĐĂĚĂƐ͕ ŽďƚĞŶĚƌĞŵŽƐ ůŽƐ ƐŝŐƵŝĞŶƚĞƐ ǀĂůŽƌĞƐ ƉĂƌĂ ůŽƐ
ĂůŝŵĞŶƚĂĚŽƌĞƐ͗

WŽƚĞŶĐŝĂ />/DEdKZ
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ϯĐĂďůĞƐηϭϬt'ƉĂƌĂĨĂƐĞƐ͕ϭĐĂďůĞηϭϬ
t'ƉĂƌĂŶĞƵƚƌŽLJϭĐĂďůĞηϭϮt'ƉĂƌĂ
ϳ͕ϯϱ ϭϱ͕ϱϯ ƚŝĞƌƌĂ
ϯĐĂďůĞƐηϭϬt'ƉĂƌĂĨĂƐĞƐ͕ϭĐĂďůĞηϭϬ
t'ƉĂƌĂŶĞƵƚƌŽLJϭĐĂďůĞηϭϮt'ƉĂƌĂ
ϳ͕ϯϱ ϭϱ͕ϱϯ ƚŝĞƌƌĂ
ϯĐĂďůĞƐηϴt'ƉĂƌĂĨĂƐĞƐ͕ϭĐĂďůĞηϴt'
ϭϱ ϯϭ͕ϲϵ ƉĂƌĂŶĞƵƚƌŽLJϭĐĂďůĞηϭϬt'ƉĂƌĂƚŝĞƌƌĂ
ϯĐĂďůĞƐηϲt'ƉĂƌĂĨĂƐĞƐ͕ϭĐĂďůĞηϲt'
Ϯϱ͕ϱ ϱϯ͕ϴϳ ƉĂƌĂŶĞƵƚƌŽLJϭĐĂďůĞηϴt'ƉĂƌĂƚŝĞƌƌĂ


ƵĂĚƌŽϯ͘ͲĄůĐƵůŽĚĞĐŽƌƌŝĞŶƚĞLJĐĂůŝďƌĞĚĞĂůŝŵĞŶƚĂĚŽƌĞƐ͕ĐĂďŝŶĂĚĞƉŝŶƚƵƌĂ
ϭϭ

ĞŶƚƌŽĚĞůƚĂůůĞƌĐŽŶƚĂŵŽƐĐŽŶĞůĞǀĂĚŽƌĞƐĞůĠĐƚƌŝĐŽƐƉĂƌĂĂƵƚŽƐ͕ůŽƐĐƵĂůĞƐƐĞĞŶĐƵĞŶƚƌĂŶĚŝƐƚƌŝďƵŝĚŽƐĞŶƚŽĚŽ
ĞůƚĂůůĞƌĐŽŵŽƐĞƉƵĞĚĞŽďƐĞƌǀĂƌĞŶĞůŶĞdžŽϳ͘

ů ĞůĞǀĂĚŽƌ ƚŝĞŶĞ ƵŶ ŵŽƚŽƌ ĚĞ ϰ ,W ƉĞƌŽ ƉŽƌ ĞĨĞĐƚŽƐ ĚĞ ĂƌƌĂŶƋƵĞ ĚĞů ŵŽƚŽƌ ƐĞ ƚŽŵĂƌĄ ƉĂƌĂ ĐĄůĐƵůŽƐ ƵŶĂ
ƉŽƚĞŶĐŝĂĚĞϯ͘ϱŬt͕ĞůǀŽůƚĂũĞĚĞĨƵŶĐŝŽŶĂŵŝĞŶƚŽĚĞůĞƋƵŝƉŽĞƐϯϲϬsͬϲϬ,nj͘

Ŷ ůĂ ŵŝƐŵĂ ƉůĂŶƚĂ ƐĞ ƉƌŽLJĞĐƚĂƌĄ ƵŶ ĞůĞǀĂĚŽƌ ĚĞ ĂƵƚŽƐ ƋƵĞ ƚƌĂŶƐƉŽƌƚĂ ůŽƐ ĂƵƚŽŵſǀŝůĞƐ ĚĞů ƐƵďƐƵĞůŽ Ϯ Ăů
ƐƵďƐƵĞůŽϭ͘ƐƚĞƚŝƉŽĚĞĞůĞǀĂĚŽƌĐŽŶƐƵŵĞƵŶĂƉŽƚĞŶĐŝĂĚĞϴŬtĂϯϲϬsͬϲϬ,nj͘

ŽŵŽƌĞƐƵůƚĂĚŽĚĞůĐĄůĐƵůŽĚĞĂůŝŵĞŶƚĂĚŽƌĞƐƚĞŶĞŵŽƐ͗

WŽƚĞŶĐŝĂ />/DEdKZ
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ϯĐĂďůĞƐηϭϬt'ƉĂƌĂĨĂƐĞƐ͕ϭĐĂďůĞηϭϬ
t'ƉĂƌĂŶĞƵƚƌŽLJϭĐĂďůĞηϭϮt'ƉĂƌĂ
ϯ͕ϱ ϳ͕ϯϵ ƚŝĞƌƌĂ
ϯĐĂďůĞƐηϴt'ƉĂƌĂĨĂƐĞƐ͕ϭĐĂďůĞηϴt'
ϴ ϭϲ͕ϵϬ ƉĂƌĂŶĞƵƚƌŽLJϭĐĂďůĞηϭϬt'ƉĂƌĂƚŝĞƌƌĂ


ƵĂĚƌŽϰ͘ͲĄůĐƵůŽĚĞĐŽƌƌŝĞŶƚĞLJĐĂůŝďƌĞĚĞĂůŝŵĞŶƚĂĚŽƌĞƐ͕ĞůĞǀĂĚŽƌĞƐĚĞĂƵƚŽ

ĞŶƚƌŽĚĞůŽƐĞƋƵŝƉŽƐƌĞƐƚĂŶƚĞƐƋƵĞƐĞƉƵĞĚĞǀĞƌĞŶĞůŶĞdžŽϳ͕ƐŽŶůŽƐƐŝŐƵŝĞŶƚĞƐ͗

Ͳ
ϭƐĂůŝĚĂĞůĠĐƚƌŝĐĂƚƌŝĨĄƐŝĐĂƉĂƌĂĐŽŵƉƌĞƐŽƌĞŶĐƵĂƌƚŽĚĞĐŽŵƉƌĞƐŽƌ͕ϮϳŬtŵĄdžŝŵŽϯϲϬsͬϲϬ,nj͘
Ͳ
ϭƐĂůŝĚĂĞůĠĐƚƌŝĐĂƚƌŝĨĄƐŝĐĂƉĂƌĂůĂǀĂĚŽƌĂ͕ϮŬtŵĄdžŝŵŽϯϲϬsͬϲϬ,nj͘

ĂůĐƵůĂŵŽƐƐƵƐƌĞƐƉĞĐƚŝǀŽƐĂůŝŵĞŶƚĂĚŽƌĞƐ͕ĐŽŵŽƐĞŝŶĚŝĐĂĂĐŽŶƚŝŶƵĂĐŝſŶůŽƐƌĞƐƵůƚĂĚŽƐ͗

WŽƚĞŶĐŝĂ />/DEdKZ
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ϯĐĂďůĞƐηϲt'ƉĂƌĂĨĂƐĞƐ͕ϭĐĂďůĞηϲt'
Ϯϳ ϱϳ͕Ϭϰ ƉĂƌĂŶĞƵƚƌŽLJϭĐĂďůĞηϴt'ƉĂƌĂƚŝĞƌƌĂ
ϯĐĂďůĞƐηϭϬt'ƉĂƌĂĨĂƐĞƐ͕ϭĐĂďůĞηϭϬ
t'ƉĂƌĂŶĞƵƚƌŽLJϭĐĂďůĞηϭϮt'ƉĂƌĂ
Ϯ ϰ͕Ϯϯ ƚŝĞƌƌĂ


ƵĂĚƌŽϱ͘ͲĄůĐƵůŽĚĞĐŽƌƌŝĞŶƚĞLJĐĂůŝďƌĞĚĞĂůŝŵĞŶƚĂĚŽƌĞƐ͕ĐŽŵƉƌĞƐŽƌLJůĂǀĂĚŽƌĂ

ůƚĂůůĞƌĂƉĞƐĂƌĚĞƐĂƚŝƐĨĂĐĞƌůŽƐƌĞƋƵĞƌŝŵŝĞŶƚŽƐĞůĠĐƚƌŝĐŽƐĚĞůŽƐĞƋƵŝƉŽƐĞƐƉĞĐŝĂůĞƐ͕ĚĞďĞŵŽƐĐŽŶƐŝĚĞƌĂƌĞů
ƵƐŽĚĞŽƚƌŽƐĞůĞŵĞŶƚŽƐƉĞƋƵĞŹŽƐ;ƉŽƌĞũĞŵƉůŽƚĂůĂĚƌŽƐ͕ůĄŵƉĂƌĂƐ͕ĞƋƵŝƉŽƐĂŶĂůŝnjĂĚŽƌĞƐ͕ƐŽůĚĂĚŽƌĂƐ͕ĞƚĐ͘ͿƉŽƌ
ůŽƋƵĞŚĞŵŽƐƵďŝĐĂĚŽƵŶĂĐŽůƵŵŶĂĚĞƐĞƌǀŝĐŝŽƐĐĂĚĂϴ͘ϰŵĂƉƌŽdžŝŵĂĚĂŵĞŶƚĞĐŽŵŽŝŶĚŝĐĂĞŶĞůŶĞdžŽϳ͘

>ĂĐŽůƵŵŶĂĚĞƐĞƌǀŝĐŝŽƐĐŽŶƚŝĞŶĞůŽƐŝŐƵŝĞŶƚĞ͗

ϭϮ

 Ͳ
ϭƐĂůŝĚĂĞůĠĐƚƌŝĐĂƚƌŝĨĄƐŝĐĂĚĞϴŬtŵĄdžŝŵŽϮϮϬsͬϲϬ,nj͘
Ͳ
ϭƐĂůŝĚĂĞůĠĐƚƌŝĐĂďŝĨĄƐŝĐĂĚĞϰŬtŵĄdžŝŵŽϮϮϬsͬϲϬ,nj͘
Ͳ
ϮƐĂůŝĚĂƐĞůĠĐƚƌŝĐĂƐŵŽŶŽĨĄƐŝĐĂƐĚĞϮŬtŵĄdžŝŵŽϭϮϳsͬϲϬ,nj͘

>Ă ĐŽůƵŵŶĂ ĚĞ ƐĞƌǀŝĐŝŽƐ ĚĞďĞ ƐĞƌ ĐŽŶƐƚƌƵŝĚŽ ĚĞ ĂĐĞƌŽ ŝŶŽdžŝĚĂďůĞ͕ ůĂ ƚĂƉĂ ĚĞďĞ ƐĞƌ ŚĞƌŵĠƚŝĐĂ ƉĂƌĂ ƐŽƉŽƌƚĂƌ
ĚĞƌƌĂŵĞĚĞůşƋƵŝĚŽƐƐŝŶƋƵĞĂĨĞĐƚĞĂůƐŝƐƚĞŵĂĞůĠĐƚƌŝĐŽ͘ĞŝŐƵĂůŵĂŶĞƌĂ͕ůĂƐƚŽŵĂƐĞůĠĐƚƌŝĐĂƐƐĞƌĄŶŝŶĚƵƐƚƌŝĂůĞƐ
ĐŽŶƚĂƉĂĂƉƌƵĞďĂĚĞĂŐƵĂ͕ŝŵƉĂĐƚŽƐŵĞĐĄŶŝĐŽƐLJƌĞƐŝƐƚĞŶƚĞƐĂůĨƵĞŐŽĐŽŶŐƌĂĚŽ/Wϰϰ͘ŽŵŽƐĞƉƵĞĚĞǀĞƌĞŶ
ĞůŶĞdžŽϴ͕ƐĞĚĞƚĂůůĂůĂĚŝƐƚƌŝďƵĐŝſŶLJĨŽƌŵĂĚĞůĂĐŽůƵŵŶĂĚĞƐĞƌǀŝĐŝŽƐ͘

ŽŶĐůƵLJĞŶĚŽĐŽŶůĂĚŝƐƚƌŝďƵĐŝſŶĞůĠĐƚƌŝĐĂĚĞůƐƵďƐƵĞůŽϮ͕ĐŽŶƚĂŵŽƐĐŽŶƐĞƌǀŝĐŝŽƐŚŝŐŝĠŶŝĐŽƐĚŽŶĚĞƐĞĂƉůŝĐĂĞů
ŵŝƐŵŽĐƌŝƚĞƌŝŽĚĞůƐƵďƐƵĞůŽϯ͕ƵŶĂƐĂůŝĚĂĞůĠĐƚƌŝĐĂƉĂƌĂƐĞĐĂĚŽƌĂĚĞŵĂŶŽLJĚŽƐƚŽŵĂĐŽƌƌŝĞŶƚĞƐƉĂƌĂƵƐŽĚĞ
ůŝŵƉŝĞnjĂ͘

Ϯ͘Ϯ͘ϯ͘
^ƵďƐƵĞůŽϭ͘

Ŷ Ğů ƐƵďƐƵĞůŽ ϭ ŝŐƵĂůŵĞŶƚĞ ĐŽŶƚĂŵŽƐ ĐŽŶ ƵŶ ĄƌĞĂ ĚĞ ƚĂůůĞƌ͕ ĐŽŶ ůĂ ĚŝĨĞƌĞŶĐŝĂ ƋƵĞ ƚĞŶĞŵŽƐ ĐŽŵŽ ĞƋƵŝƉŽƐ
ĞƐƉĞĐŝĂůĞƐĞůĞǀĂĚŽƌĞƐƉĂƌĂĂƵƚŽƐLJůĂƐĐŽůƵŵŶĂƐĚĞ ƐĞƌǀŝĐŝŽƐ;ƐƵďƐƵĞůŽϮͿ͘>ĂĚŝƐƚƌŝďƵĐŝſŶĚĞůĂƐƐĂůŝĚĂƐƉĂƌĂ
ĞůĞǀĂĚŽƌĞƐLJĐŽůƵŵŶĂƐĚĞƐĞƌǀŝĐŝŽƐƐĞƉƵĞĚĞǀĞƌĞŶĞůŶĞdžŽϵ͘

KƚƌĂĄƌĞĂƋƵĞƐĞĚĞďĞĐŽŶƐŝĚĞƌĂƌƐŽŶůĂƐŽĨŝĐŝŶĂƐĚĞůƚĂůůĞƌ͘ŽŵŽƐĞƉƵĞĚĞŽďƐĞƌǀĂƌĞŶĞůŶĞdžŽϵ͕ĞůĄƌĞĂ
ĐŽŶƐƚĂĚĞĂƉƌŽdžŝŵĂĚĂŵĞŶƚĞϭϱĞƐƚĂĐŝŽŶĞƐĚĞƚƌĂďĂũŽŝŶĐůƵLJĞŶĚŽĞůũĞĨĞĚĞƚĂůůĞƌLJŐĞƌĞŶĐŝĂ͘WŽƌůĂƵďŝĐĂĐŝſŶ
ĂƌƋƵŝƚĞĐƚſŶŝĐĂĚĞůĂƐĞƐƚĂĐŝŽŶĞƐĚĞƚƌĂďĂũŽ͕ƐĞĚŝƐƉƵƐŽƵŶƚŽŵĂĐŽƌƌŝĞŶƚĞŶŽƌŵĂůLJƵŶƚŽŵĂĐŽƌƌŝĞŶƚĞƌĞŐƵůĂĚŽ
ĞŶ ƉĂƌĞĚ Ž ĞŶ ƉŝƐŽ ƐĞŐƷŶ ůĂ ƵďŝĐĂĐŝſŶ ĚĞů ĞƐĐƌŝƚŽƌŝŽ ĚĞ ƚƌĂďĂũŽ͘ ĚŝĐŝŽŶĂůŵĞŶƚĞ͕ ĐƌĞĂŵŽƐ ƵŶ ĐŝƌĐƵŝƚŽ ƉĂƌĂ
ƐĂůŝĚĂƐĚĞƚŽŵĂĐŽƌƌŝĞŶƚĞƐĞdžĐůƵƐŝǀŽƉĂƌĂůŝŵƉŝĞnjĂ͖ƉŽƌůŽƋƵĞ͕ŚĂďƌĄƵŶŽĞŶĐĂĚĂďĂŹŽ͕ƵŶŽƉĂƌĂƉĂƐŝůůŽLJƵŶŽ
ĞŶĐŽĐŝŶĂ͘WŽƌƷůƚŝŵŽ͕ƐĞĚĞũſƵŶĂƐĂůŝĚĂƉĂƌĂƐĞĐĂĚŽƌĚĞŵĂŶŽƐĞŶĐĂĚĂďĂŹŽ͘

&ƵĞƌĂĚĞůĞĚŝĨŝĐŝŽ͕ŶŽƐĞŶĐŽŶƚƌĂŵŽƐĐŽŶĞůĐƵĂƌƚŽĚĞďŽŵďĂƐ͕ĞŶĞůƐĞƉƌŽLJĞĐƚŽĞůƵƐŽĚĞƚƌĞƐďŽŵďĂƐĚĞĂŐƵĂ͗
ĚŽƐďŽŵďĂƐĚĞϱ,WƉĂƌĂĞůƐƵŵŝŶŝƐƚƌŽĚĞĂŐƵĂLJƵŶĂďŽŵďĂĚĞϳ͘ϱ,WƉĂƌĂůĂďŽŵďĂĚĞůƐŝƐƚĞŵĂĚĞĞdžƚŝŶĐŝſŶ
ĚĞŝŶĐĞŶĚŝŽƐ͘

WĂƌĂ Ğů ƚƌĂŶƐƉŽƌƚĞ ĚĞ ůŽƐ ĂůŝŵĞŶƚĂĚŽƌĞƐ͕ ƚĂŶƚŽ ĐŽŵŽ ĞŶ Ğů ƐƵďƐƵĞůŽ Ϯ LJ ƐƵďƐƵĞůŽ ϭ ƐĞ ƵƚŝůŝnjĂƌĄ ĐĂŶĂůĞƚĂ
ŵĞƚĄůŝĐĂƐŽůŝĚĂĚĞĚŝŵĞŶƐŝŽŶĞƐϮϰϬϬdžϴϬϬdžϭϱϬŵŵ;>dždž,Ϳ͕ĐŽŶĞůŽďũĞƚŝǀŽƋƵĞƉƵĞĚĂŶĞŶƚƌĂƌƚŽĚŽƐůŽƐ
ĐĂďůĞƐ ĐŽŶ ƐƵ ƌĞƐƉĞĐƚŝǀĂ ŚŽůŐƵƌĂ ƉĂƌĂ ůĂ ŝŶƐƚĂůĂĐŝſŶ LJ ƉƌŽLJĞĐĐŝſŶ ĨƵƚƵƌĂ Ă ĂŵƉůŝĂĐŝſŶ ĚĞ ŝŶƐƚĂůĂĐŝŽŶĞƐ
ĞůĠĐƚƌŝĐĂƐ͘

Ϯ͘Ϯ͘ϰ͘
WůĂŶƚĂĂũĂ͘

ŶůĂƉůĂŶƚĂďĂũĂ;ŶĞdžŽϭϬͿ͕ƐĞĚŝǀŝĚŝƌĄůĂƐŝŶƐƚĂůĂĐŝŽŶĞƐĞŶůĂƐƐŝŐƵŝĞŶƚĞƐnjŽŶĂƐ͗

Ͳ
ƌĞĂĚĞŵĂŶƚĞŶŝŵŝĞŶƚŽĚĞŐƌƵƉŽƐĞůĞĐƚƌſŐĞŶŽƐ͘
Ͳ
ƌĞĂĚĞƐŚŽǁƌŽŽŵ͘
Ͳ
ƌĞĂĚĞƐĞƌǀŝĐŝŽƚĠĐŶŝĐŽĞdžƉƌĞƐƐ͘
Ͳ
ƌĞĂĚĞƉĂƌƋƵĞĂĚĞƌŽ͘

ƌĞĂĚĞŵĂŶƚĞŶŝŵŝĞŶƚŽĚĞŐƌƵƉŽƐĞůĞĐƚƌſŐĞŶŽƐ͘Ͳ

Ŷ ĞƐƚĂ ĄƌĞĂ ĐŽŶƚĂƌĞŵŽƐ ĐŽŶ ƵŶ ĞƐƉĂĐŝŽ ĚĞ ǀĞŶƚĂ ĚĞ ƌĞƉƵĞƐƚŽƐ͕ ƵŶĂ ƐĂůĂ ĚĞ ĞdžƉŽƐŝĐŝſŶ ĚĞ ƉƌŽĚƵĐƚŽƐ LJ ƵŶ
ƚĂůůĞƌĚĞŵĂŶƚĞŶŝŵŝĞŶƚŽĚĞŐƌƵƉŽƐĞůĞĐƚƌſŐĞŶŽƐ͘
ϭϯ

WĂƌĂ Ğů ĞƐƉĂĐŝŽ ĚĞ ǀĞŶƚĂ ĚĞ ƌĞƉƵĞƐƚŽƐ͕ ĐŽŶƚĂƌĞŵŽƐ ĐŽŶ ƵŶĂ ĞƐƚĂĐŝſŶ ĚĞ ƚƌĂďĂũŽ ;ĐĂũĂͿ͕ ĚŽŶĚĞ ƐĞ ƉŽŶĚƌĄ ƵŶ
ƚŽŵĂĐŽƌƌŝĞŶƚĞ ŶŽƌŵĂů LJ ƵŶ ƚŽŵĂĐŽƌƌŝĞŶƚĞ ĐŽŶ ǀŽůƚĂũĞ ƌĞŐƵůĂĚŽ͘ ĞŶƚƌŽ ĚĞ ĞƐƚĂ njŽŶĂ͕ ƐĞ ĐŽůŽĐĂƌĄ
ƚŽŵĂĐŽƌƌŝĞŶƚĞƐĐŽŶǀŽůƚĂũĞƌĞŐƵůĂĚŽƉĂƌĂƵƐŽĚĞůĂƐĐĄŵĂƌĂƐĚĞƐĞŐƵƌŝĚĂĚƋƵĞƐĞƌĄŶŝŶƐƚĂůĂĚĂƐĐŽŵŽŝŶĚŝĐĂŶ
ůŽƐƉůĂŶŽƐ͘

ŶůĂƐĂůĂĚĞĞdžƉŽƐŝĐŝſŶƐĞƉůĂŶƚĞſƚŽŵĂĐŽƌƌŝĞŶƚĞƐƚĂŶƚŽƉĂƌĂůŝŵƉŝĞnjĂLJƉĂƌĂƵƐŽĚĞĞƋƵŝƉŽƐĚĞďĂũĂĚĞŵĂŶĚĂ
ĚĞƉŽƚĞŶĐŝĂ;ĞƋƵŝƉŽĚĞƐŽŶŝĚŽ͕ƉƵďůŝĐŝĚĂĚůƵŵŝŶŽƐĂ͕ĞƚĐͿ͘

WĂƌĂĞůƚĂůůĞƌĚĞŵĂŶƚĞŶŝŵŝĞŶƚŽ͕ƐĞĚŝƐƚƌŝďƵLJſĐŽůƵŵŶĂƐĚĞƐĞƌǀŝĐŝŽĐŽŶĞůĨŝŶĚĞƚĞŶĞƌĐƵďŝĞƌƚŽůĂĚĞŵĂŶĚĂ
ĞůĠĐƚƌŝĐĂ ĞƐƉĞĐŝĂů ĞŶ ƚŽĚŽĞů ƚĂůůĞƌ͖ ĂĚĞŵĄƐ͕ ƐĞ ƉƌŽLJĞĐƚſ ƵŶĂ ƐĂůŝĚĂĞƐƉĞĐŝĂůƚƌŝĨĄƐŝĐĂ ĚĞ ϳϬ Ŭt͕ ϯϲϬ sͬϲϬ,nj
ƉĂƌĂ ƵŶĂ ĨƵƚƵƌĂ ŝŶƐƚĂůĂĐŝſŶ ĚĞ ĂůŐƷŶ ĞƋƵŝƉŽ ĞƐƉĞĐŝĂů͕ LJ ƵŶĂ ƐĂůŝĚĂ ĞůĠĐƚƌŝĐĂ ĚĞ ϮϬ Ŭt͕ ϮϭϬ sͬϲϬ ,nj ƉĂƌĂ
ĂůŝŵĞŶƚĂĐŝſŶĚĞƵŶĂŐƌƷĂƋƵĞƐĞƌĄƵƚŝůŝnjĂĚŽƉĂƌĂĞůƚƌĂŶƐƉŽƌƚĞĚĞůŽƐĞƋƵŝƉŽƐĂƐĞƌƌĞƉĂƌĂĚŽƐ͘

ƌĞĂĚĞƐŚŽǁƌŽŽŵ

ŶĞůƐŚŽǁƌŽŽŵĐŽŶƚĂƌĞŵŽƐĐŽŶƵŶĂƐĂůĂĚĞĞdžƉŽƐŝĐŝſŶĚĞĂƵƚŽŵſǀŝůĞƐLJƵŶĄƌĞĂĚĞǀĞŶƚĂƐ͘WĂƌĂůĂƐĂůĂĚĞ
ĞdžƉŽƐŝĐŝſŶ ĚĞ ǀĞŚşĐƵůŽƐ͕ ƉůĂŶƚĞĂŵŽƐ ůŽƐ ƚŽŵĂĐŽƌƌŝĞŶƚĞƐ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƵƐŽ ĚĞ ůŝŵƉŝĞnjĂ ĚĞů ůƵŐĂƌ LJ
ƚŽŵĂĐŽƌƌŝĞŶƚĞƐƌĞŐƵůĂĚŽƐƉĂƌĂĞůƵƐŽĚĞůƐŝƐƚĞŵĂĚĞĐŝƌĐƵŝƚŽĐĞƌƌĂĚŽĚĞƚĞůĞǀŝƐŝſŶĚĞůĞĚŝĨŝĐŝŽ͘

Ŷ Ğů ĄƌĞĂ ĚĞ ǀĞŶƚĂƐ ƐĞ ƵďŝĐĂƌŽŶ ƚƌĞƐ ĞƐƚĂĐŝŽŶĞƐ ĚĞ ƚƌĂďĂũŽ ĐŽŶ ƐƵƐ ƌĞƐƉĞĐƚŝǀŽƐ ƚŽŵĂĐŽƌƌŝĞŶƚĞƐ ;ŶŽƌŵĂů LJ
ǀŽůƚĂũĞƌĞŐƵůĂĚŽͿ͕ƵŶĐŝƌĐƵŝƚŽƉĂƌĂůŝŵƉŝĞnjĂLJĐĂĨĞƚĞƌşĂLJƵŶĂƐĂůŝĚĂƉĂƌĂĞůƐĞĐĂĚŽƌĚĞŵĂŶŽƐ͘

ƌĞĂĚĞƐĞƌǀŝĐŝŽƚĠĐŶŝĐŽĞdžƉƌĞƐƐ

ƐƚĄ ĚŝƐƚƌŝďƵŝĚŽ ƉŽƌ ƵŶ ƚĂůůĞƌ ĚĞ ŵĂŶƚĞŶŝŵŝĞŶƚŽ͕ ƐĂůĂ ĚĞ ĞƐƉĞƌĂ ĚĞ ĐůŝĞŶƚĞƐ͕ ĄƌĞĂ ĚĞ ĐĂũĂƐ LJ ƵŶ ĐƵĂƌƚŽ ĚĞ
ƌĞƉƵĞƐƚŽƐ͘

WĂƌĂĞůĞĨĞĐƚŽ͕ƐĞƉůĂŶƚĞſĚŽƐĐŽůƵŵŶĂƐĚĞƐĞƌǀŝĐŝŽƐLJƐĂůŝĚĂƐĞůĠĐƚƌŝĐĂƐƉĂƌĂĐĂĚĂĞůĞǀĂĚŽƌĚĞĂƵƚŽƐĐŽŵŽƐĞ
ŝŶĚŝĐĂĞŶƉůĂŶŽƐ;ŶĞdžŽϭϬͿLJƵŶĂƐĂůŝĚĂĞůĠĐƚƌŝĐĂƉĂƌĂĞůƵƐŽĚĞƵŶĐŽŵƉƌĞƐŽƌĚĞĂŝƌĞ͘

Ŷ ůĂ ƐĂůĂ ĚĞ ĐůŝĞŶƚĞƐ͕ ƐĞ ŚĂ ƉƌŽǀŝƐƚŽ ĚĞ ƚŽŵĂĐŽƌƌŝĞŶƚĞƐ ŶŽƌŵĂůĞƐ ƉĂƌĂ ůŝŵƉŝĞnjĂ LJ ƉĂƌĂ ƵƐŽ ŐĞŶĞƌĂů LJ
ƚŽŵĂĐŽƌƌŝĞŶƚĞƐĚĞǀŽůƚĂũĞƌĞŐƵůĂĚŽƉĂƌĂůĂƐĐĄŵĂƌĂƐĚĞůƐŝƐƚĞŵĂĚĞƐĞŐƵƌŝĚĂĚĚĞůĞĚŝĨŝĐŝŽ͘

ůĄƌĞĂĚĞĐĂũĂƐ͕ƉŽƌƐĞƌƵŶĂĞƐƚĂĐŝſŶĚĞƚƌĂďĂũŽ͕ƐĞĚĞƐŝŐŶĂƌĄƵŶƚŽŵĂĐŽƌƌŝĞŶƚĞŶŽƌŵĂůLJƵŶƚŽŵĂĐŽƌƌŝĞŶƚĞĚĞ
ǀŽůƚĂũĞƌĞŐƵůĂĚŽƉŽƌĐĂĚĂĐĂũĂLJƵŶƚŽŵĂĐŽƌƌŝĞŶƚĞĚĞůŝŵƉŝĞnjĂ͘

ƌĞĂĚĞƉĂƌƋƵĞĂĚĞƌŽ

Ŷ ĞƐƚĞ ĞƐƉĂĐŝŽ͕ ĐŽŶƚĂŵŽƐ ĐŽŶ ĞƐƚĂĐŝŽŶĞƐ ĚĞ ĂƚĞŶĐŝſŶ Ăů ĐůŝĞŶƚĞ ĞŶ ůĂ ĞŶƚƌĂĚĂ LJ ƐĂůŝĚĂ ĚĞ ĂƵƚŽƐ͕ ĂƐş ƋƵĞ ƐĞ
ĐŽůŽĐĂƌĄůŽƐƚŽŵĂĐŽƌƌŝĞŶƚĞƐƌĞƐƉĞĐƚŝǀŽƐƉĂƌĂĞƐĞƚŝƉŽĚĞĞƐƉĂĐŝŽ;ƵŶƚŽŵĂĐŽƌƌŝĞŶƚĞŶŽƌŵĂůLJƵŶƚŽŵĂĐŽƌƌŝĞŶƚĞ
ĚĞ ǀŽůƚĂũĞ ƌĞŐƵůĂĚŽͿ͘ ĚŝĐŝŽŶĂůŵĞŶƚĞ͕ ƐĞ ĐŽŶƚĂƌĄ ĐŽŶ ƚŽŵĂĐŽƌƌŝĞŶƚĞƐ ĚĞ ǀŽůƚĂũĞ ƌĞŐƵůĂĚŽ ƉĂƌĂ Ğů ƐŝƐƚĞŵĂ ĚĞ
ƐĞŐƵƌŝĚĂĚ͕ ĐŽŵŽ ƐĞ ƉƵĞĚĞ ĂƉƌĞĐŝĂƌ ĞŶ ƉůĂŶŽƐ ;ŶĞdžŽ ϭϬͿ͘ WŽƌ ƷůƚŝŵŽ͕ ƐĞ ƉƌŽǀŝƐŝŽŶſ ĚĞ ƚŽŵĂĐŽƌƌŝĞŶƚĞƐ
ƵďŝĐĂĚŽƐĞƐƚƌĂƚĠŐŝĐĂŵĞŶƚĞƉĂƌĂĐƵďƌŝƌĐŽŶƚŽĚŽƐůŽƐĞƐƉĂĐŝŽƐƉĂƌĂĞůƵƐŽĚĞůŝŵƉŝĞnjĂĚĞĂƵƚŽŵſǀŝůĞƐ͕LJĂƋƵĞ
ƉƵĞĚĞŶƌĞĐƵƌƌŝƌĂĞƋƵŝƉŽƐĞůĠĐƚƌŝĐŽƐ;ƉŽƌĞũĞŵƉůŽƉƵůŝĚŽƌĂƐ͕ĂƐƉŝƌĂĚŽƌĂƐ͕ĞƚĐͿ͘

ϭϰ

 Ϯ͘Ϯ͘ϱ͘
WƌŝŵĞƌĂWůĂŶƚĂ͘

ŶůĂƉƌŝŵĞƌĂƉůĂŶƚĂƐĞĞŶĐƵĞŶƚƌĂďŽĚĞŐĂĚĞĂƵƚŽƐLJĄƌĞĂĚĞŽĨŝĐŝŶĂƐĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐĐŽŵŽƉŽĚĞŵŽƐĂƉƌĞĐŝĂƌ
ĞŶĞůŶĞdžŽϭϭ͘

WĂƌĂůĂďŽĚĞŐĂĚĞĂƵƚŽƐƐĞĂƉůŝĐĂĞůŵŝƐŵŽĐƌŝƚĞƌŝŽƵƚŝůŝnjĂĚŽĞŶĞůƉĂƌƋƵĞĂĚĞƌŽĚĞƉůĂŶƚĂďĂũĂ͘>ĂĚŝƐƚƌŝďƵĐŝſŶ
ĞƐƐŝŵĞƚƌşĂĐŽŶĞůŽďũĞƚŝǀŽĚĞĐƵďƌŝƌƚŽĚĂƐůĂƐĄƌĞĂƐĐŽŶĞŶĞƌŐşĂĞůĠĐƚƌŝĐĂĂƚƌĂǀĠƐĚĞůŽƐƚŽŵĂĐŽƌƌŝĞŶƚĞƐ͘

Ŷ ůĂƐ ŽĨŝĐŝŶĂƐ ĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐ͕ ƉŽƌ ĨĂůƚĂ ĚĞ ŝŶĨŽƌŵĂĐŝſŶ ĚĞ ůĂ ĚŝƐƚƌŝďƵĐŝſŶ ĂƌƋƵŝƚĞĐƚſŶŝĐĂ͕ ƐĞ ŝŶƐĞƌƚſ ƵŶ
ƚŽŵĂĐŽƌƌŝĞŶƚĞ ŶŽƌŵĂů LJ ƵŶ ƚŽŵĂĐŽƌƌŝĞŶƚĞ ƌĞŐƵůĂĚŽƉĂƌĂ ůĂƐ ĞƐƚĂĐŝŽŶĞƐ ĚĞ ƚƌĂďĂũŽ ĚĞ ŵĂŶĞƌĂ ĚŝƐƚƌŝďƵŝĚĂ ĞŶ
ƚŽĚŽĞůĞƐƉĂĐŝŽĚĞĚŝĐĂĚŽƉĂƌĂĂƋƵĞůůŽ͘ŶƚŽƚĂůƐĞ ĚŝƐƉƵƐŽƚŽŵĂĐŽƌƌŝĞŶƚĞƐƉĂƌĂϯϮĞƐƚĂĐŝŽŶĞƐĚĞƚƌĂďĂũŽ͘Ɛş
ŵŝƐŵŽ͕ƐĞĂƉůŝĐĂůŽƐŵŝƐŵŽƐĐƌŝƚĞƌŝŽƐĂŶƚĞƌŝŽƌŵĞŶƚĞŵĞŶĐŝŽŶĂĚŽĞŶŽƚƌŽƐŶŝǀĞůĞƐƉĂƌĂůŽƐďĂŹŽƐLJƉĂƐŝůůŽƐ͘

WĂƌĂĞůƚƌĂLJĞĐƚŽĚĞůŽƐĐĂďůĞƐLJƚŽŵĂŶĚŽĞŶĐƵĞŶƚĂůĂĂůƚĂĐĂŶƚŝĚĂĚĚĞƚŽŵĂĐŽƌƌŝĞŶƚĞƐƋƵĞƐĞŝŶƐƚĂůĂƌŽŶĞŶĞů
ůƵŐĂƌ͕ƐĞƉƌŽǀĞĞƌĄĚĞƵŶĂĐĂŶĂůĞƚĂŵĞƚĄůŝĐĂƚŝƉŽĚƵĐƚŽĚĞϮϰϬϬdžϰϬϬdžϭϱϬŵŵ;>dždž,ͿƋƵĞƌĞĐŽƌƌĞƌĄƚŽĚŽĞů
ĞƐƉĂĐŝŽĚĞĚŝĐĂĚŽƉĂƌĂůĂƐŽĨŝĐŝŶĂƐ͕ĐŽŵŽƉŽĚĞŵŽƐŽďƐĞƌǀĂƌĞŶĞůŶĞdžŽϭϭ͘ŝĐŚĂƐĚŝŵĞŶƐŝŽŶĞƐĚĞůĂĐĂŶĂůĞƚĂ
ĨƵĞƌŽŶŽďƚĞŶŝĚĂƐŵĞĚŝĂŶƚĞůĂĐĂŶƚŝĚĂĚĚĞĐĂďůĞƐƋƵĞƉĂƐĂƌĄŶƉŽƌĚŝĐŚŽƐĞĐƚŽƌLJƚĞŶŝĞŶĚŽƵŶƉŽƌĐĞŶƚĂũĞ ĚĞ
ƌĞƐĞƌǀĂƉĂƌĂĨƵƚƵƌĂƐŵŽĚŝĨŝĐĂĐŝŽŶĞƐĚĞůĂƐŝŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐ͘

Ϯ͘Ϯ͘ϲ͘
^ĞŐƵŶĚĂWůĂŶƚĂ͘

>ĂƐĞŐƵŶĚĂƉůĂŶƚĂĐŽŶƐƚĂƷŶŝĐĂŵĞŶƚĞĚĞďŽĚĞŐĂĚĞĂůŵĂĐĞŶĂũĞĚĞĂƵƚŽŵſǀŝůĞƐ;ŶĞdžŽϭϮͿ͘^ĞĂƉůŝĐĂůĂŵŝƐŵĂ
ĚŝƐƚƌŝďƵĐŝſŶ ĚĞ ůĂ ƉƌŝŵĞƌĂ ƉůĂŶƚĂ ĞŶ Ğů ĄƌĞĂ ĚĞ ďŽĚĞŐĂƐ͕ ƐĞ ĂŹĂĚŝſ ŵĄƐ ƚŽŵĂĐŽƌƌŝĞŶƚĞƐ ŶŽƌŵĂůĞƐ ƉĂƌĂ
ƐĂƚŝƐĨĂĐĞƌĐŽŶůĂĚĞŵĂŶĚĂĚĞůůƵŐĂƌ͘

Ϯ͘Ϯ͘ϳ͘
dĞƌĐĞƌĂWůĂŶƚĂ͘

>Ă ƚĞƌĐĞƌĂ LJ ƷůƚŝŵĂ ƉůĂŶƚĂ ĐƵĞŶƚĂ ĐŽŶ ŽĨŝĐŝŶĂƐ ĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐ ƉƌŝŶĐŝƉĂůĞƐ͕ ĞŶ ĞůůĂƐ ƐĞ ĐƵĞŶƚĂ ĐŽŶ ƐĂůĂ ĚĞ
ƌĞƵŶŝŽŶĞƐ͕ĐĂĨĞƚĞƌşĂ͕ĐƵĂƌƚŽĚĞŵŽŶŝƚŽƌĞŽ͕ĐĞŶƚƌŽĚĞĐŽŵƉƵƚŽLJĐƵĂƌƚŽĚĞĂƌĐŚŝǀŽ͘;ŶĞdžŽϭϯͿ

WĂƌĂ ůĂ ĐĂĨĞƚĞƌşĂ ƐĞ ŝŶƐƚĂůſ ĐƵĂƚƌŽ ƚŽŵĂĐŽƌƌŝĞŶƚĞƐ ƉĂƌĂ ĞĨĞĐƚŽƐ ĚĞ ůŝŵƉŝĞnjĂ͖ ũƵŶƚŽ Ă ůĂ ĐĂũĂ͕ ƐĞ ŝŶƐƚĂůĂƌĄ ƵŶ
ƚŽŵĂĐŽƌƌŝĞŶƚĞŶŽƌŵĂůLJƵŶŽĚĞǀŽůƚĂũĞƌĞŐƵůĂĚŽƉĂƌĂĞůƵƐŽĚĞĐĂũĂLJĐŽŵƉƵƚĂĚŽƌĂƋƵĞƌĞƋƵŝĞƌĂŶƵƚŝůŝnjĂƌƉĂƌĂ
ĞůƌĞŐŝƐƚƌŽĚĞĐŽŶƐƵŵŽĚĞĂůŝŵĞŶƚŽƐ͘ŶůĂƉĂƌƚĞĚĞůĂĐŽĐŝŶĂ͕ƐĞƉƵƐŽƵŶĂƐĂůŝĚĂĞƐƉĞĐŝĂůĚĞďŝĨĄƐŝĐĂϮϭϬs͕ϰ
ŬtŵĄdžŝŵŽƉĂƌĂƵƐŽĚĞĞƋƵŝƉŽĚĞĐŽĐŝŶĂŝŶĚƵƐƚƌŝĂů͘ hŶĂƐĂůŝĚĂĚĞϭϮϬs͕ϮŬtŵĄdžŝŵŽƉĂƌĂŝŶƐƚĂůĂĐŝſŶĚĞ
ĐĂĨĞƚĞƌĂLJƵŶĐŝƌĐƵŝƚŽĚĞƚŽŵĂĐŽƌƌŝĞŶƚĞƐƉĂƌĂƵƐŽĚĞĞůĞĐƚƌŽĚŽŵĠƐƚŝĐŽƐ;ůŝĐƵĂĚŽƌĂ͕ďĂƚŝĚŽƌĂ͕ƐĂŶĚƵĐŚĞƌĂ͕ĞƚĐͿ͘

ŶĞůĄƌĞĂĚĞďĂŹŽƐƐĞŝŶƐƚĂůĂƌĄƵŶĂƐĂůŝĚĂĚĞϭϮϬsƉĂƌĂƐĞĐĂĚŽƌĂĚĞŵĂŶŽƐĞŶĐĂĚĂďĂŹŽ;ďĂŹŽĚĞŚŽŵďƌĞƐLJ
ďĂŹŽĚĞŵƵũĞƌĞƐͿLJƵŶƚŽŵĂĐŽƌƌŝĞŶƚĞƉĂƌĂƵƐŽĚĞůŝŵƉŝĞnjĂ͘

WĂƌĂ Ğů ĞƐƉĂĐŝŽ ĚĞ ŽĨŝĐŝŶĂƐ ĐŽŶƚĂƌĞŵŽƐ ĐŽŶ ƵŶ ƚŽŵĂĐŽƌƌŝĞŶƚĞ ŶŽƌŵĂů LJ ƵŶŽ ĚĞ ǀŽůƚĂũĞ ƌĞŐƵůĂĚŽ ƉŽƌ ĐĂĚĂ
ĞƐƚĂĐŝſŶĚĞƚƌĂďĂũŽ͘ŶĐĂĚĂŽĨŝĐŝŶĂƐĞĂŹĂĚŝƌĄƵŶƚŽŵĂĐŽƌƌŝĞŶƚĞƉĂƌĂůŝŵƉŝĞnjĂ͘

ŶĞůĄƌĞĂĚĞƌĞĐĞƉĐŝſŶƐĞƉůĂŶƚĞſĚŽƐƚŽŵĂĐŽƌƌŝĞŶƚĞƐŶŽƌŵĂůĞƐLJĚŽƐĚĞǀŽůƚĂũĞƌĞŐƵůĂĚŽƉĂƌĂƵƐŽĚĞĞƋƵŝƉŽƐ
ĞdžƚƌĂƐ;ĨĂdž͕ŝŵƉƌĞƐŽƌĂ͕ĞƚĐͿ͖ĚĞŝŐƵĂůŵĂŶĞƌĂƐĞĂƉůŝĐſĐŽŶůĂŽĨŝĐŝŶĂĚĞŐĞƌĞŶĐŝĂ͘

WĂƌĂ Ğů ĐĞŶƚƌŽ ĚĞ ĐſŵƉƵƚŽ ƐĞ ŝŶƐƚĂůſ ƚƌĞƐ ƚŽŵĂĐŽƌƌŝĞŶƚĞƐ ĚĞ ǀŽůƚĂũĞ ƌĞŐƵůĂĚŽ ĞŶ ƉŝƐŽ ƉĂƌĂ ĐĂĚĂ ƵŶŽ ĚĞ ůŽƐ
ƌĂĐŬƐƋƵĞƐĞŽĐƵƉĂƌĄŶƉĂƌĂĞůƐŝƐƚĞŵĂĚĞĐĂďůĞĂĚŽĞƐƚƌƵĐƚƵƌĂĚŽLJĚĂƚŽƐ͘WĂƌĂĞĨĞĐƚŽƐĚĞŵŽŶŝƚŽƌĞŽůŽĐĂů͕ƐĞ

ϭϱ

ĂŹĂĚŝſ ƚŽŵĂĐŽƌƌŝĞŶƚĞƐ ;ŶŽƌŵĂůĞƐ LJ ĚĞ ǀŽůƚĂũĞ ƌĞŐƵůĂĚŽͿ ƉĂƌĂ ĚŽƐ ĞƐƚĂĐŝŽŶĞƐ ĚĞ ƚƌĂďĂũŽ ĚĞŶƚƌŽ ĚĞů ŵŝƐŵŽ
ĐƵĂƌƚŽ͘

ŶĞůĐƵĂƌƚŽĚĞŵŽŶŝƚŽƌĞŽ͕ƐĞŵĂŶĞũĂƌĄƚŽĚŽƐůŽƐƐŝƐƚĞŵĂƐĞůĠĐƚƌŝĐŽƐLJĞůĞĐƚƌſŶŝĐŽƐĚĞůĞĚŝĨŝĐŝŽ͖ĚĞƚĂůŵĂŶĞƌĂ͕
ĚĞďĞŵŽƐŐĂƌĂŶƚŝnjĂƌƵŶƐƵŵŝŶŝƐƚƌŽĚĞĞŶĞƌŐşĂĨŝĚĞĚŝŐŶŽĚĞŶƚƌŽĚĞůĂŚĂďŝƚĂĐŝſŶ͘^ĞŝŶƐƚĂůĂƌĄƚŽŵĂĐŽƌƌŝĞŶƚĞƐĚĞ
ǀŽůƚĂũĞƌĞŐƵůĂĚŽ͕ƉĂƌĂĐĂĚĂƵŶŽĚĞůŽƐƐŝƐƚĞŵĂƐĂŵŽŶŝƚŽƌĞĂƌƐĞ͗^ŝƐƚĞŵĂĚĞƐŽŶŝĚŽ͕ƐŝƐƚĞŵĂĚĞĚĞƚĞĐĐŝſŶĚĞ
ŝŶĐĞŶĚŝŽƐ͕ ĐŽŶƚƌŽů ĚĞ ĂĐĐĞƐŽƐ͕ ƐŝƐƚĞŵĂ ĚĞ ĂůĂƌŵĂƐ LJ ƐŝƐƚĞŵĂ ĚĞ ĐŝƌĐƵŝƚŽ ĐĞƌƌĂĚŽ ĚĞ ƚĞůĞǀŝƐŝſŶ͘ ^Ğ ĚĞũĂƌĄ
ƉƌĞǀŝƐƚŽ ĚŽƐ ƚŽŵĂĐŽƌƌŝĞŶƚĞƐ ŶŽƌŵĂůĞƐ ƉĂƌĂ ƵƐŽ ŐĞŶĞƌĂů ĐŽŶ Ğů ĨŝŶ ĚĞ ŶŽ ĂĨĞĐƚĂƌ Ğů ƐŝƐƚĞŵĂ ƌĞŐƵůĂĚŽ ĚĞ ůŽƐ
ĞƋƵŝƉŽƐŵŽŶŝƚŽƌĞĂĚŽƐ͘

 

ϭϲ

 W/dh>Kϯ

^ŝƐƚĞŵĂĚĞŝůƵŵŝŶĂĐŝſŶ͘

ϯ͘ϭ͘DĂƌĐŽdĞſƌŝĐŽ͘

hŶ ƐŝƐƚĞŵĂ ĚĞ ŝůƵŵŝŶĂĐŝſŶ ƐĞ ůŽ ƉƵĞĚĞ ĚĞĨŝŶŝƌ ĐŽŵŽ ƵŶĂ ƉŽƌĐŝſŶ ĚĞů ƐŝƐƚĞŵĂ ĞůĠĐƚƌŝĐŽ ƋƵĞ ĂůŝŵĞŶƚĂ ůĂƐ
ůĄŵƉĂƌĂƐŽďĂůĂƐƚƌŽƐũƵŶƚŽĂůŽƐĐŽŶƚƌŽůĞƐĂƐŽĐŝĂĚŽƐƚĂůĞƐĐŽŵŽŝŶƚĞƌƌƵƉƚŽƌĞƐŽĚŝŵŵĞƌƐ͘

ŶƚĞƐ ĚĞ ŝŶŝĐŝĂƌ Ğů ĚĞƐĂƌƌŽůůŽ ĚĞů ĚŝƐĞŹŽ ĚĞ ŝůƵŵŝŶĂĐŝſŶ͕ ĐĂďĞ ĚĞƐƚĂĐĂƌ ƵŶŽƐ ƚĠƌŵŝŶŽƐ ďĄƐŝĐŽƐ ĐŽŶ ůŽƐ ĐƵĂůĞƐ
ƚƌĂďĂũĂƌĞŵŽƐĞŶĞůƚƌĂŶƐĐƵƌƐŽĚĞůĐĂƉşƚƵůŽ͘

/ůƵŵŝŶĂĐŝſŶ͘ͲhŶĂĐŽŶĚŝĐŝſŶĞŶůĂůƵnjŝŶĐŝĚĞƐŽďƌĞƵŶĂƐƵƉĞƌĨŝĐŝĞ͘

/ůƵŵŝŶĂĐŝſŶ ŐĞŶĞƌĂů͘Ͳ /ůƵŵŝŶĂĐŝſŶ ĚŝƐĞŹĂĚĂ ƉĂƌĂ ƉƌŽĚƵĐŝƌ ƵŶ ŶŝǀĞů ƐƵƐƚĂŶĐŝĂůŵĞŶƚĞ ƵŶŝĨŽƌŵĞ ĚĞ ŝůƵŵŝŶĂĐŝſŶ
ĞŶƚŽĚĂƵŶĄƌĞĂ͕ĞdžĐůƵLJĞŶĚŽĐƵĂůƋƵŝĞƌƉƌŽǀŝƐŝſŶƉĂƌĂƌĞƋƵĞƌŝŵŝĞŶƚŽƐĚĞůŽĐĂůĞƐĞƐƉĞĐŝĂůĞƐ͕ƉŽƌĞũĞŵƉůŽ͗ůƵnjĚĞ
ƚĂƌĞĂ͘

ĞƐůƵŵďƌĂŵŝĞŶƚŽ͘Ͳ >Ă ƐĞŶƐĂĐŝſŶ ƉƌŽĚƵĐŝĚĂ ƉŽƌ ďƌŝůůŽƐ ĚĞŶƚƌŽ ĚĞů ĐĂŵƉŽ ǀŝƐƵĂů ƋƵĞ ƐŽŶ ƐƵĨŝĐŝĞŶƚĞŵĞŶƚĞ
ŵĂLJŽƌĞƐ ƋƵĞ ůĂ ůƵŵŝŶĂŶĐŝĂ Ă ůĂ ĐƵĂů ůŽƐ ŽũŽƐ ĞƐƚĄŶ ĂĚĂƉƚĂĚŽƐ ƉĂƌĂ ĐĂƵƐĂƌ ŵŽůĞƐƚŝĂ͕ ƉĠƌĚŝĚĂ ĚĞ ĐŽŶĨŽƌƚ Ž
ƉĞƌĚŝĚĂĞŶĚĞƐĞŵƉĞŹŽǀŝƐƵĂůLJǀŝƐŝďŝůŝĚĂĚ͘

>ĄŵƉĂƌĂ͘ͲdĠƌŵŝŶŽŐĞŶĠƌŝĐŽƉĂƌĂƵŶĂĨƵĞŶƚĞĚĞůƵnjŚĞĐŚĂƉŽƌĞůŚŽŵďƌĞ͘

ĂůĂƐƚƌŽ͘ͲĚŝƐƉŽƐŝƚŝǀŽƵƐĂĚŽĐŽŶůĄŵƉĂƌĂƐĨůƵŽƌĞƐĐĞŶƚĞƐLJĚĞĚĞƐĐĂƌŐĂĞůĠĐƚƌŝĐĂƉĂƌĂƉƌŽƉŽƌĐŝŽŶĂƌĞůǀŽůƚĂũĞLJ
ĐŽƌƌŝĞŶƚĞŶĞĐĞƐĂƌŝŽƐƉĂƌĂĞůĂƌƌĂŶƋƵĞĞůĨƵŶĐŝŽŶĂŵŝĞŶƚŽĚĞůĂůĄŵƉĂƌĂ͘

ĂŶĚĞůĂƐĚĞƉŽƚĞŶĐŝĂ͘Ͳ/ŶƚĞŶƐŝĚĂĚůƵŵŝŶŽƐĂĞdžƉƌĞƐĂĚĂĞŶĐĂŶĚĞůĂƐ͘

ŽĞĨŝĐŝĞŶƚĞĚĞŝůƵŵŝŶĂĐŝſŶ;hͿ͘ͲZĞůĂĐŝſŶĞŶƚƌĞůĂĐĂŶƚŝĚĂĚĚĞĨůƵũŽůƵŵŝŶŽƐŽƌĞĐŝďŝĚŽĞŶĞůƉůĂŶŽĚĞƚƌĂďĂũŽLJ
ůĂĐĂŶƚŝĚĂĚĚĞĨůƵũŽůƵŵŝŶŽƐŽĞŵŝƚŝĚŽƉŽƌůĂƐůĄŵƉĂƌĂƐĚĞůĂůƵŵŝŶĂƌŝĂ͘

>Ƶnj͘ͲƐůĂƉĞƌĐĞƉĐŝſŶǀŝƐƵĂůĚĞĞŶĞƌŐşĂƌĂĚŝĂŶƚĞ͘

&ĂĐƚŽƌ ĚĞ ĚĞƉƌĞĐŝĂĐŝſŶ ĚĞ ůƷŵĞŶĞƐ ĚĞ ůĂ ůĄŵƉĂƌĂ ;>>Ϳ͘Ͳ ů ĨĂĐƚŽƌ ƵƐĂĚŽ ĞŶ ĐĄůĐƵůŽƐ ĚĞ ŝůƵŵŝŶĂĐŝſŶ ƉĂƌĂ
ĐƵĂŶƚŝĨŝĐĂƌůĂƐĂůŝĚĂĚĞĨƵĞŶƚĞƐĚĞůƵnjĂůϳϬйĚĞƐƵǀŝĚĂĞƐƉĞƌĂĚĂĐŽŵŽƵŶƉŽƌĐĞŶƚĂũĞĚĞƐĂůŝĚĂŝŶŝĐŝĂů͘

/ŶƚĞŶƐŝĚĂĚůƵŵŝŶŽƐĂ;/Ϳ͘ͲƐůĂĚĞŶƐŝĚĂĚĚĞůƵnjĚĞŶƚƌŽĚĞƵŶƉĞƋƵĞŹŽĄŶŐƵůŽƐŽůŝĚŽŝƌƌĂĚŝĂĚŽĞŶƵŶĂĚŝƌĞĐĐŝſŶ
ĞƐƉĞĐŝĨŝĐĂ͘>ĂƵŶŝĚĂĚĞŶƋƵĞƐĞŵŝĚĞĞƐůĂĐĂŶĚĞůĂ;ĐĚͿ͘

&ůƵũŽůƵŵŝŶŽƐŽ;ࡏͿ͘ͲĂŶƚŝĚĂĚƚŽƚĂůĚĞůƵnjƋƵĞŝƌƌĂĚŝĂƉŽƌƐĞŐƵŶĚŽƵŶĂĨƵĞŶƚĞĚĞůƵnj͘^ƵƵŶŝĚĂĚĞƐĞůůƵŵĞŶ
;ůŵͿ͘

>ƵŵŝŶĂŶĐŝĂ͘Ͳ>ĂůƵnjƋƵĞĞdžŝƐƚĞĞŶƵŶĂƐƵƉĞƌĨŝĐŝĞƐĞĐŽŶŽĐĞĐŽŵŽďƌŝůůŽ͕ĐůĂƌŝĚĂĚŽƌĞĨůĞũŽ͘ƐƵŶĂŵĞĚŝĚĂĚĞůĂ
ĐĂŶƚŝĚĂĚĚĞĨůƵũŽůƵŵŝŶŽƐŽƉŽƌƵŶŝĚĂĚĚĞĄƌĞĂƌĞĨůĞũĂĚĂĚĞŽƚƌĂŶƐŵŝƚŝĚĂĂƚƌĂǀĠƐĚĞƵŶĂƐƵƉĞƌĨŝĐŝĞ͘^ƵƵŶŝĚĂĚ
ĚĞŵĞĚŝĚĂĞƐůĂĐĂŶĚĞůĂͬƉŝĞƐĐƵĂĚƌĂĚŽƐ;ĐĚͬĨƚ ϮͿ͘

ZĞũŝůůĂƐ͘ͲWĂŶƚĂůůĂƐƵƐĂĚĂƐƉĂƌĂĐƵďƌŝƌƵŶĂĨƵĞŶƚĞĚĞůƵnjĚĞůĂǀŝƐƚĂĞŶĐŝĞƌƚŽƐĄŶŐƵůŽƐ͕ŽƉĂƌĂĂďƐŽƌďĞƌůƵnjŶŽ
ĚĞƐĞĂĚĂ͘>ĂƐƉĂŶƚĂůůĂƐƐŽŶĚŝƐƉƵĞƐƚĂƐĞŶƉĂƚƌŽŶĞƐŐĞŽŵĠƚƌŝĐŽƐ͘

ϭϳ

>ƵŵŝŶĂƌŝĂ͘ͲhŶŝĚĂĚĚĞŝůƵŵŝŶĂĐŝſŶĐŽŵƉůĞƚĂ͘ƐƚŽŝŶĐůƵLJĞ͗ůĄŵƉĂƌĂ͕ƌĞũŝůůĂ͕ďĂƐĞLJĂůŝŵĞŶƚĂĐŝſŶĚĞƉŽƚĞŶĐŝĂ͘

&ĂĐƚŽƌĚĞĚĞƉƌĞĐŝĂĐŝſŶĚĞƐƵĐŝĞĚĂĚĚĞůĂůƵŵŝŶĂƌŝĂ;>Ϳ͘Ͳ&ĂĐƚŽƌƵƚŝůŝnjĂĚŽĞŶŝůƵŵŝŶĂĐŝſŶƉĂƌĂƌĞůĂĐŝŽŶĂƌůĂ
ŝůƵŵŝŶĂĐŝſŶ ŝŶŝĐŝĂů ƉƌŽĚƵĐŝĚĂ ƉŽƌ ůƵŵŝŶĂƌŝĂƐ ŶƵĞǀĂƐ͕ ůŝŵƉŝĂƐ ĐŽŶ ƌĞƐƉĞĐƚŽ Ă ůĂ ŝůƵŵŝŶĂĐŝſŶ ƋƵĞ ƉƌŽĚƵĐŝƌĄŶ
ĚĞďŝĚŽĂůĂĂĐƵŵƵůĂĐŝſŶĚĞƉŽůǀŽĞŶƵŶƉƵŶƚŽƉĂƌƚŝĐƵůĂƌĞŶĞůƚŝĞŵƉŽ͘

/ůƵŵŝŶĂŶĐŝĂ͘ͲƐůĂĐĂŶƚŝĚĂĚĚĞůƵnjƋƵĞƐĞĞƐƚƌĞůůĂĐŽŶƚƌĂƵŶĂƐƵƉĞƌĨŝĐŝĞLJƋƵĞƐĞĐŽŶŽĐĞĐŽŵŽŶŝǀĞůĚĞůƵnj͘

сࡏͬ^͖ƐƵƐƵŶŝĚĂĚĞƐƐŽŶ͗ƉŝĞͲĐĂŶĚĞůĂŽůƵdž

ĨŝĐĂĐŝĂůƵŵŝŶŽƐĂ͘ͲhŶĂŵĞĚŝĚĂĚĞůĂĞĨŝĐŝĞŶĐŝĂĚĞůĂůĄŵƉĂƌĂĞŶƚĠƌŵŝŶŽƐĚĞůĂƐĂůŝĚĂĚĞůƵnjƉŽƌƵŶŝĚĂĚĚĞ
ĞŶƚƌĂĚĂĚĞƉŽƚĞŶĐŝĂĞůĠĐƚƌŝĐĂĞdžƉƌĞƐĂĚĂĞŶůƷŵĞŶĞƐƉŽƌǀĂƚŝŽƐ;ůŵͬǁͿ͘

>ŽƐ ĨĂĐƚŽƌĞƐ ĨƵŶĚĂŵĞŶƚĂůĞƐ ƋƵĞ ƐĞ ĚĞďĞŶ ƚĞŶĞƌ ĞŶ ĐƵĞŶƚĂ Ăů ƌĞĂůŝnjĂƌ Ğů ĚŝƐĞŹŽ ĚĞ ƵŶĂ ŝŶƐƚĂůĂĐŝſŶ ƐŽŶ ůŽƐ
ƐŝŐƵŝĞŶƚĞƐ͗

Ͳ
/ůƵŵŝŶĂŶĐŝĂƐƌĞƋƵĞƌŝĚĂƐ;ŶŝǀĞůĞƐĚĞĨůƵũŽůƵŵŝŶŽƐŽ;ůƵdžͿƋƵĞŝŶĐŝĚĞŶĞŶƵŶĂƐƵƉĞƌĨŝĐŝĞͿ
Ͳ
hŶŝĨŽƌŵŝĚĂĚĚĞůĂƌĞƉĂƌƚŝĐŝſŶĚĞůĂƐŝůƵŵŝŶĂŶĐŝĂƐ͘
Ͳ
>ŝŵŝƚĂĐŝſŶĚĞĚĞƐůƵŵďƌĂŵŝĞŶƚŽ͘
Ͳ
>ŝŵŝƚĂĐŝſŶĚĞůĐŽŶƚƌĂƐƚĞĚĞůƵŵŝŶĂŶĐŝĂƐ͘
Ͳ
ŽůŽƌĚĞůĂůƵnjLJůĂƌĞƉƌŽĚƵĐĐŝſŶĐƌŽŵĄƚŝĐĂ͘
Ͳ
^ĞůĞĐĐŝſŶĚĞůƚŝƉŽĚĞŝůƵŵŝŶĂĐŝſŶ͕ĚĞůĂƐĨƵĞŶƚĞƐĚĞůƵnjLJĚĞůĂƐůƵŵŝŶĂƌŝĂƐ͘

WŽƌ ůŽ ƚĂŶƚŽ ĞƐ ŝŵƉŽƌƚĂŶƚĞ ƚĞŶĞƌ ĞŶ ĐƵĞŶƚĂ ůĂ ĐĂŶƚŝĚĂĚ LJ ĐĂůŝĚĂĚ ĚĞ ůƵnj ŶĞĐĞƐĂƌŝĂ͕ ƐŝĞŵƉƌĞĞŶ ĨƵŶĐŝſŶ ĚĞ ůĂ
ĚĞƉĞŶĚĞŶĐŝĂƋƵĞƐĞǀĂĂŝůƵŵŝŶĂƌLJĚĞůĂĂĐƚŝǀŝĚĂĚƋƵĞĞŶĞůůĂƐĞƌĞĂůŝnjĂƌĄ͘

ŽŵŽĞůĞŵĞŶƚŽƐĚĞƵŶƐŝƐƚĞŵĂĚĞŝůƵŵŝŶĂĐŝſŶƚĞŶĞŵŽƐ͗

Ͳ
&ƵĞŶƚĞĚĞůƵnj͘ͲdŝƉŽĚĞůĄŵƉĂƌĂƵƚŝůŝnjĂĚĂ͕ƋƵĞŶŽƐƉĞƌŵŝƚŝƌĄĐŽŶŽĐĞƌůĂƐŶĞĐĞƐŝĚĂĚĞƐĞůĠĐƚƌŝĐĂƐ͘
Ͳ
>ƵŵŝŶĂƌŝĂ͘Ͳ^ŝƌǀĞƉĂƌĂĂƵŵĞŶƚĂƌĞůĨůƵũŽůƵŵŝŶŽƐŽ͕ĞǀŝƚĂƌĞůĚĞƐůƵŵďƌĂŵŝĞŶƚŽLJǀŝĞŶĞĐŽŶĚŝĐŝŽŶĂĚĂƉŽƌ
ĞůƚŝƉŽĚĞŝůƵŵŝŶĂĐŝſŶLJĨƵĞŶƚĞĚĞůƵnjĞƐĐŽŐŝĚĂ͘
Ͳ
^ŝƐƚĞŵĂĚĞĐŽŶƚƌŽůLJƌĞŐƵůĂĐŝſŶĚĞůĂůƵŵŝŶĂƌŝĂ͘

ůĚŝƐĞŹŽĚĞůƐŝƐƚĞŵĂĚĞŝůƵŵŝŶĂĐŝſŶŚĂƐŝĚŽƉůĂŶƚĞĂĚŽĞŶďĂƐĞĂůŽƐƌĞƋƵĞƌŝŵŝĞŶƚŽƐŐĞŶĞƌĂůĞƐĚĞůĂƐĄƌĞĂƐĚĞ
ůĂĞĚŝĨŝĐĂĐŝſŶ͕ĂƚĞŶĚŝĞŶĚŽůŽƐŶŝǀĞůĞƐŵşŶŝŵŽƐĚĞŝůƵŵŝŶĂĐŝſŶĞŶĐĂĚĂĄƌĞĂĚĞƚƌĂďĂũŽĚĞĂĐƵĞƌĚŽĂůĂƐŶŽƌŵĂƐ
ŝŶƚĞƌŶĂĐŝŽŶĂůĞƐǀŝŐĞŶƚĞƐ͘

WĂƌĂĞůĐƵŵƉůŝŵŝĞŶƚŽĚĞůŵŝƐŵŽ͕ƐĞǀŝŽůĂŶĞĐĞƐŝĚĂĚĚĞĚŝǀŝĚŝƌĞŶĚŝĨĞƌĞŶƚĞƐnjŽŶĂƐƉĂƌĂĂƚĞŶĚĞƌĐŽŶůŽƐŶŝǀĞůĞƐ
ĚĞŝůƵŵŝŶĂĐŝſŶƐƵŐĞƌŝĚŽƐĞŶƚĂďůĂƐ;sĞƌdĂďůĂϮͿ͘

ϭϴ

 

&ŝŐƵƌĂϲ͘ͲEŝǀĞůĞƐĚĞŝůƵŵŝŶĂĐŝſŶŵşŶŝŵĂƐƵŐĞƌŝĚĂ

ĂĚĂnjŽŶĂƐĞŚĂĚŝƐĞŹĂĚŽĐŽŶĞůŽďũĞƚŝǀŽĚĞďƌŝŶĚĂƌƵŶĂďƵĞŶĂĞĨŝĐŝĞŶĐŝĂůƵŵşŶŝĐĂ͕ĐŽŶĨŽƌƚǀŝƐƵĂů͕ĞĨŝĐŝĞŶĐŝĂ
ĞŶĞƌŐĠƚŝĐĂ͕ĐŽŶƐŝĚĞƌĂŶĚŽĞůƚƌĂďĂũŽƋƵĞƐĞǀĂƌĞĂůŝnjĂƌĞŶĐĂĚĂƵŶŽĚĞĞůůŽƐ͘

ϯ͘Ϯ͘ŝƐĞŹŽ͘

^ƵďƐƵĞůŽϯ͘

^ĞŚĂĚŝǀŝĚŝĚŽĞŶĚŽƐnjŽŶĂƐŝŵƉŽƌƚĂŶƚĞƐ;ŶĞdžŽϭϰͿƉĂƌĂĞůƌĞƐƉĞĐƚŝǀŽĐĄůĐƵůŽĚĞůƵŵŝŶĂƌŝĂƐ͗

ϭ͘
ŽŶĂϭ͗ďŽĚĞŐĂ;ŝŵĞŶƐŝŽŶĞƐ͗ϱϴ͘ϰϬdžϮϳ͘ϴϬdžϮ͘ϳϬŵͿ;>dždž,Ϳ
Ϯ͘
ŽŶĂϮ͗ŽĨŝĐŝŶĂƐ;ŝŵĞŶƐŝŽŶĞƐ͗ϴ͘ϲϱdžϱ͘ϭϱdžϮ͘ϳϬŵͿ;>dždž,Ϳ

>ĂƉĂƌƚĞĚĞƐĞƌǀŝĐŝŽƐŚŝŐŝĠŶŝĐŽƐ͕ƉĂƐŝůůŽƐƐĞĚŝƐĞŹſĞŶďĂƐĞĂůŽƐǀĂůŽƌĞƐĚĞŝůƵŵŝŶĂĐŝſŶƐƵŐĞƌŝĚŽĞŶ dĂďůĂϭLJ
ŵĂŶƚĞŶŝĞŶĚŽƵŶĂƐƉĞĐƚŽĞƐƚĠƚŝĐŽƋƵĞĐĂƌĂĐƚĞƌŝnjĂƌĄĂůĞĚŝĨŝĐŝŽĞŶĄƌĞĂƐƉƷďůŝĐĂƐ͘

^ĞůĞĐĐŝſŶĚĞůĂůƵŵŝŶĂƌŝĂ͘

>Ă ůƵŵŝŶĂƌŝĂ ŚĂ ƐŝĚŽ ƐĞůĞĐĐŝŽŶĂĚĂ ĚĞ ĂĐƵĞƌĚŽ Ă ůĂ njŽŶĂ ĚĞ ƚƌĂďĂũŽ͕ Ğů ĂŵďŝĞŶƚĞ ƋƵĞ ƐĞ ǀĂ Ă ŝŶƐƚĂůĂƌ LJ ůĂ
ĐŽŶƚĂŵŝŶĂĐŝſŶƋƵĞǀĂĞdžŝƐƚŝƌ͘

WĂƌĂůĂŽŶĂϭ͕ĂůƐĞƌƵŶĞƐƉĂĐŝŽĚĞĚŝĐĂĚŽĂďŽĚĞŐĂƉŽƌůŽƋƵĞĞůŐƌĂĚŽĚĞĐŽŶƚĂŵŝŶĂĐŝſŶǀĂƐĞƌŵşŶŝŵŽLJĞů
ŵĂŶƚĞŶŝŵŝĞŶƚŽ ĚĞ ůĂƐ ůƵŵŝŶĂƌŝĂƐ ŶŽ ƚŝĞŶĞ ƋƵĞ ƐĞƌ ŵƵLJ ĨƌĞĐƵĞŶƚĞ͘ dŽŵĂŶĚŽ ĞŶ ĐƵĞŶƚĂ Ğů ĄƌĞĂ ƋƵĞ ĞƐƚĄ
ĚĞůŝŵŝƚĂĚĂ͕ůĂĂůƚƵƌĂLJůĂĞĨŝĐŝĞŶĐŝĂĚĞĞŶĞƌŐşĂƐĞĞƐĐŽŐŝſƵŶĂůƵŵŝŶĂƌŝĂĨůƵŽƌĞƐĐĞŶƚĞLJĂƋƵĞƐƵƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ
ƉƌĞƐƚĂŶĂůŽƐƌĞƋƵĞƌŝŵŝĞŶƚŽƐĚĞůĚŝƐĞŹŽ͘

ϭϵ

ĐŽŶƚŝŶƵĂĐŝſŶĚĞƚĂůůĂŵŽƐůĂƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐĚĞůĂůƵŵŝŶĂƌŝĂƐĞůĞĐĐŝŽŶĂĚĂ͘

 

ƵĂĚƌŽϳ͘ͲƵĂĚƌŽĨŽƚŽŵĠƚƌŝĐŽůƵŵŝŶĂƌŝĂϰdžϱϰt

ϮϬ

 

&ŝŐƵƌĂϳ͘ͲŝŵĞŶƐŝŽŶĞƐůƵŵŝŶĂƌŝĂϰdžϱϰt

WĂƌĂ ůĂ njŽŶĂ Ϯ ƐĞ ĂƉůŝĐĂ ůĂ ƐŝŐƵŝĞŶƚĞ ůƵŵŝŶĂƌŝĂ ƉŽƌ ĐƵŵƉůŝƌ ĐŽŶ ůŽƐ ƌĞƋƵŝƐŝƚŽƐ ĚĞ ĞĨŝĐŝĞŶĐŝĂ͕ ĞƐƚĠƚŝĐĂ LJ
ĨƵŶĐŝŽŶĂůŝĚĂĚƉĂƌĂĞůƉƌŽLJĞĐƚŽ͘

ƵĂĚƌŽϴ͘ͲƵĂĚƌŽĚĞĐĂƌĂĐƚĞƌşƐƚŝĐĂƐůƵŵŝŶĂƌŝĂϯdžϭϳt

Ϯϭ

 

&ŝŐƵƌĂϴ͘ͲƵĂĚƌŽĨŽƚŽŵĠƚƌŝĐŽůƵŵŝŶĂƌŝĂϯdžϭϳt

WĂƌĂ ůŽƐ ƐĞƌǀŝĐŝŽƐ ŚŝŐŝĠŶŝĐŽƐ͕ ƉĂƐŝůůŽƐ ŚĂůů ĚĞ ĐĂĚĂ ƉŝƐŽ ƐĞ ĐŽŵďŝŶĂƌĄ ůƵŵŝŶĂƌŝĂƐ ĨůƵŽƌĞƐĐĞŶƚĞƐ ĐŽŶ
ŝŶĐĂŶĚĞƐĐĞŶƚĞƐ;ƐſůŽƉĂƌĂƵƐŽĞƐƚĠƚŝĐŽͿĚĞĂĐƵĞƌĚŽĂůŽƐƉůĂŶŽƐĂĚũƵŶƚŽƐ͘

&ŝŐƵƌĂϵ͘ͲƵĂĚƌŽĨŽƚŽŵĠƚƌŝĐŽůƵŵŝŶĂƌŝĂĚƵůƵdžϮϲt

ϮϮ

 

&ŝŐƵƌĂϭϬ͘ͲĂƌĂĐƚĞƌşƐƚŝĐĂƐůƵŵŝŶĂƌŝĂĚƵůƵdžϮϲt

Ϯϯ

 

&ŝŐƵƌĂϭϭ͘ͲĂƌĂĐƚĞƌşƐƚŝĐĂƐůƵŵŝŶĂƌŝĂƉůĂĨſŶŚĞƌŵĠƚŝĐŽϲϬt

&ŝŐƵƌĂϭϮ͘ͲƵĂĚƌŽĨŽƚŽŵĠƚƌŝĐŽůƵŵŝŶĂƌŝĂƉůĂĨſŶŚĞƌŵĠƚŝĐŽϲϬt

&ŝŐƵƌĂϭϯ͘ͲĂƌĂĐƚĞƌşƐƚŝĐĂƐůƵŵŝŶĂƌŝĂĚŝĐƌŽŝĐŽϱϬt

Ϯϰ



&ŝŐƵƌĂϭϰ͘ͲƵĂĚƌŽĨŽƚŽŵĠƚƌŝĐŽůƵŵŝŶĂƌŝĂĚŝĐƌŽŝĐŽϱϬt

hŶĂǀĞnjĚĞĨŝŶŝĚŽůĂƐůƵŵŝŶĂƌŝĂƐĂƵƚŝůŝnjĂƌƐĞĞŶĞůƉƌŽLJĞĐƚŽ͕ƉƌŽĐĞĚĞƌĞŵŽƐĂƌĞĂůŝnjĂƌĞůĐĄůĐƵůŽĚĞůĂĐĂŶƚŝĚĂĚĚĞ
ůĂƐůƵŵŝŶĂƌŝĂƐLJƐƵƌĞƐƉĞĐƚŝǀĂĚŝƐƚƌŝďƵĐŝſŶ͘

ϯ͘ϯ͘ĄůĐƵůŽĚĞůƵŵŝŶĂƌŝĂƐ͘

dĞŶŝĞŶĚŽůŽƐĚĂƚŽƐŶĞĐĞƐĂƌŝŽƐƉĂƌĂĞůĐĄůĐƵůŽĚĞůƵŵŝŶĂƌŝĂƐ͕ĞdžƉŽŶĚƌĞŵŽƐůŽƐƉĂƐŽƐĂƐĞŐƵŝƌƉĂƌĂĞůĐĄůĐƵůŽĚĞ
ůƵŵŝŶĂƌŝĂƐ͘

ϭ͘
ĞƚĞƌŵŝŶĂƌĞůŶŝǀĞůƌĞƋƵĞƌŝĚŽĚĞŝůƵŵŝŶĂĐŝſŶ;ůƵdžĞƐͿ͘Ͳ^ĞƐĞůĞĐĐŝŽŶĂĚĞƚĂďůĂƉĂƌĂĚŝĨĞƌĞŶƚĞƐĂŵďŝĞŶƚĞƐ
ĂŝůƵŵŝŶĂƌ͘
Ϯ͘
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ϯ͘
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ĞŶ >ƵŵĞŶƐ͕ ƐſůŽ ƵŶĂ ƉĞƋƵĞŹĂ ƉŽƌĐŝſŶ ůůĞŐĂ Ăů ƉůĂŶŽ ĚĞ ƚƌĂďĂũŽ͘ ƐƚĞ ĨĂĐƚŽƌ ƐĞ ǀĞ ĂĨĞĐƚĂĚŽ ƉŽƌ
ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐƚĂůĞƐĐŽŵŽĨŽƌŵĂLJĚŝŵĞŶƐŝŽŶĞƐĚĞůĐƵĂƌƚŽ͕ĐŽůŽƌĚĞƉĂƌĞĚĞƐLJƚĞĐŚŽ͕ƚŝƉŽĚĞƵŶŝĚĂĚLJ
ƌĞĨůĞĐƚŽƌ͘

ĂͿZĞůĂĐŝſŶĚĞ>ŽĐĂů;Z>Ϳ
ͲŝƌĞĐƚĂ͕ƐĞŵŝͲĚŝƌĞĐƚĂLJĚŝĨƵƐĂZ>с;ŶĐŚŽΎ>ĂƌŐŽͿͬůƚŽΎ;ŶĐŚŽн>ĂƌŐŽͿ

Ͳ/ŶĚŝƌĞĐƚĂ͕ƐĞŵŝͲŝŶĚŝƌĞĐƚĂZ>ϭсϯͬϮΎZ>

ŽŶůĂƌĞůĂĐŝſŶĚĞůŽĐĂůƐĞŽďƚŝĞŶĞĞůşŶĚŝĐĞĚĞůŽĐĂů͘

Ϯϱ

 

ƵĂĚƌŽϵ͘Ͳ1ŶĚŝĐĞĚĞůŽĐĂůLJƌĞůĂĐŝſŶĚĞůŽĐĂů

ŽŶĞůşŶĚŝĐĞĚĞ>ŽĐĂůŝŶŐƌĞƐĂŵŽƐĂůĂƐƚĂďůĂƐĚĞ>ƵŵŝŶĂƌŝĂƐĚĞůĨĂďƌŝĐĂŶƚĞƉĂƌĂŽďƚĞŶĞƌĞůĐŽĞĨŝĐŝĞŶƚĞĚĞ
ƵƚŝůŝnjĂĐŝſŶ͘

ϰ͘
ƐƚŝŵĂƌĞů&ĂĐƚŽƌĚĞĞƉƌĞĐŝĂĐŝſŶ;&Ϳ͘ͲdŽŵĂĞŶĐƵĞŶƚĂůĂƌĞĚƵĐĐŝſŶĞŶůĂĞĨŝĐŝĞŶĐŝĂĚĞůĂŝŶƐƚĂůĂĐŝſŶ͕
ĚĞďŝĚŽĂĐĂƌĂĐƚĞƌşƐƚŝĐĂƐƚĂůĞƐĐŽŵŽĂĐƵŵƵůĂĐŝſŶĚĞƉŽůǀŽĞŶůĂƐƉĂŶƚĂůůĂƐLJƉĠƌĚŝĚĂƐĚĞƉƌŽƉŝĞĚĂĚĞƐ
ƌĞĨůĞũĂŶƚĞƐĚĞůĂƐƉĂƌĞĚĞƐLJĞůĐŝĞůŽĚĞďŝĚŽĂƐƵĐŝĞĚĂĚ͘
ϱ͘
ĂůĐƵůŽĚĞůŶƷŵĞƌŽĚĞ>ĄŵƉĂƌĂƐ;EͿ͘

Eс;ΎƌĞĂƉŝƐŽͿͬ;&>ΎhΎ&Ϳ
ŽŶĚĞ͗
͗/ůƵŵŝŶĂĐŝſŶĞŶ>ƵdžĞƐ
&>͗&ůƵũŽ>ƵŵŝŶŽƐŽĞŶ>ƷŵĞŶĞƐƉŽƌ>ĄŵƉĂƌĂ
h͗ŽĞĨŝĐŝĞŶƚĞĚĞhƚŝůŝnjĂĐŝſŶ
&͗&ĂĐƚŽƌĚĞĞƉƌĞĐŝĂĐŝſŶ

ϯ͘ϰ͘ŶĄůŝƐŝƐĚĞůŽƐƌĞƐƵůƚĂĚŽƐ͘

WŽƌĨĂĐŝůŝĚĂĚĚĞĐĄůĐƵůŽĚĞůĂƐĄƌĞĂƐĚĞƚŽĚĂůĂĞĚŝĨŝĐĂĐŝſŶ͕ƐĞƵƚŝůŝnjſƵŶƉƌŽŐƌĂŵĂŐƌĂƚƵŝƚŽĚĞĐĄůĐƵůŽůƵŵşŶŝĐŽ
ůůĂŵĂĚŽZĞůƵdž͕ĞŶĞůĐƵĂůƐĞŝŶŐƌĞƐĂůŽƐƉĂƌĄŵĞƚƌŽƐƉĂƌĂĞůĐĄůĐƵůŽ͗

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ŝŵĞŶƐŝŽŶĞƐĚĞůĄƌĞĂĂĐĂůĐƵůĂƌ͗ůĂƌŐŽ͕ĂŶĐŚŽLJĂůƚƵƌĂ
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EŝǀĞůƷƚŝů͗ĂůƚƵƌĂĚĞŶŝǀĞůƷƚŝů;ĞŶƚŽĚŽƐůŽƐĐĂƐŽƐƉƵƐŝŵŽƐĂϬ͘ϳϱŵͿ͕ĚŝƐƚĂŶĐŝĂĂůĂƉĂƌĞĚ͘
Ͳ
^ĞůĞĐĐŝſŶ ĚĞ ůƵŵŝŶĂƌŝĂ͗ ^ĞůĞĐĐŝŽŶĂŵŽƐ ůĂ ůƵŵŝŶĂƌŝĂ ĚĞ ĂĐƵĞƌĚŽ Ă ůŽƐ ƌĞƋƵĞƌŝŵŝĞŶƚŽƐ ĚĞ ůĂ njŽŶĂ Ă
ĐĂůĐƵůĂƌ͘
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&ĂĐƚŽƌĚĞŵĂŶƚĞŶŝŵŝĞŶƚŽ͗ĚŝĐŚĂǀĂƌŝĂďůĞĚĞƉĞŶĚĞƌĄĚĞůĞƐƉĂĐŝŽĚŽŶĚĞƐĞŝŶƐƚĂůĂƌĄůĂůƵŵŝŶĂƌŝĂ͘
Ͳ
dŝƉŽ ĚĞ ŵŽŶƚĂũĞ͗ ŵŽŶƚĂũĞ ůŝďƌĞ ;ĚŽŶĚĞ ƐĞ ĞƐƉĞĐŝĨŝĐĂƌĄ ůĂ ĂůƚƵƌĂ ĞŶ ůĂ ĐƵĂů ƐĞ ŝŶƐƚĂůĂƌĄ ůĂ ůƵŵŝŶĂƌŝĂͿ͕
ŵŽŶƚĂũĞĞŶƚĞĐŚŽ͕ŵŽŶƚĂũĞĞŶƐƵƐƉĞŶƐŝſŶ͕ŵŽŶƚĂũĞĞŶƐƵĞůŽ͘
Ͳ
/ůƵŵŝŶĂŶĐŝĂ͗>ĂĐĂŶƚŝĚĂĚŵşŶŝŵĂƌĞƋƵĞƌŝĚĂƉŽƌĄƌĞĂĚĞƚƌĂďĂũŽŝŶĚŝĐĂĚŽĞŶƚĂďůĂƐ͘

Ϯϲ

hŶĂ ǀĞnj ĂƉůŝĐĂĚŽ ůŽƐ ƉĂƐŽƐ ƉĂƌĂ Ğů ĐĄůĐƵůŽ ĚĞ ŝůƵŵŝŶĂĐŝſŶ ŽďƚĞŶĞŵŽƐ ƐŝŐƵŝĞŶƚĞƐ ƌĞƐƵůƚĂĚŽƐ ƋƵĞ ƐĞ ƉƵĞĚĞŶ
ǀŝƐƵĂůŝnjĂƌĞŶůŽƐĂŶĞdžŽƐŝŶĚŝĐĂĚŽƐ͗

E͘ŽŶĂ E͘ŶĞdžŽ E͘ŽŶĂ E͘ŶĞdžŽ

^ƵďƐƵĞůŽϯ WůĂŶƚĂĂũĂ
ŽŶĂϭ ϭϱ ŽŶĂϭ Ϯϯ
ŽŶĂϮ ϭϲ ŽŶĂϮ Ϯϰ
^ƵďƐƵĞůŽϮ ŽŶĂϯ Ϯϱ
ŽŶĂϭ ϭϳ ŽŶĂϰ Ϯϲ
ŽŶĂϮ ϭϴ ŽŶĂϱ Ϯϳ
ŽŶĂϯ ϭϵ ŽŶĂϲ Ϯϴ
ŽŶĂϰ ϮϬ WƌŝŵĞƌĂWůĂŶƚĂ
^ƵďƐƵĞůŽϭ ŽŶĂϭ Ϯϵ
ŽŶĂϭ Ϯϭ ŽŶĂϮ ϯϬ
ŽŶĂϮ ϮϮ ŽŶĂϯ ϯϭ
  ^ĞŐƵŶĚĂWůĂŶƚĂ
 ŽŶĂϭ ϯϮ
  ŽŶĂϮ ϯϯ
 

ƵĂĚƌŽϭϬ͘ͲŶĞdžŽƐĚĞĐĄůĐƵůŽƐĚĞŝůƵŵŝŶĂĐŝſŶ

ĞůŽƐƌĞƐƵůƚĂĚŽƐŽďƚĞŶŝĚŽƐ͕ƉŽĚĞŵŽƐĐŽŶĐůƵŝƌůŽƐŝŐƵŝĞŶƚĞ͗

Ͳ
ŶƚŽĚŽƐůŽƐĐĂƐŽƐ͕ĞůŶŝǀĞůĚĞŝůƵŵŝŶĂĐŝſŶƉŽƌĐĂĚĂĄƌĞĂƐĞĞŶĐƵĞŶƚƌĂĚĞŶƚƌŽĚĞůŽƐƌĞƋƵĞƌŝŵŝĞŶƚŽƐ
ŵşŶŝŵŽƐ͘
Ͳ
Ŷ ĚĞƚĞƌŵŝŶĂĚĂƐ ĄƌĞĂƐ Ğů ŶŝǀĞů ĚĞ ŝůƵŵŝŶĂĐŝſŶ ĞƐ ƐƵƉĞƌŝŽƌ Ăů ƌĞƋƵĞƌŝĚŽ ƉŽƌ ŵŽƚŝǀŽ ĚĞ ĞdžŝƐƚĞŶĐŝĂ ĚĞ
ŵƵĞďůĞƐŽĞƋƵŝƉŽƐĂůƚŽƐƋƵĞŽďƐƚƌƵLJĞŶůĂŝůƵŵŝŶĂĐŝſŶŶŽƌŵĂů͘
Ͳ
>ĂĂůƚƵƌĂĚĞŵŽŶƚĂũĞĚĞůĂƐůƵŵŝŶĂƌŝĂƐĚĞƉĞŶĚĞƌĄĚĞůĂĂůƚƵƌĂƉŝƐŽͲƚĞĐŚŽĚĞĐĂĚĂƉůĂŶƚĂLJƐŝĞŶůĂnjŽŶĂ
ĐĂůĐƵůĂĚĂĞdžŝƐƚŝƌĄĐŝĞůŽĨĂůƐŽƌĂƐŽŽůŽƐĂ͘
Ͳ
WŽƌ ĨĂĐŝůŝĚĂĚ ĚĞ ĂĚƋƵŝƐŝĐŝſŶ ĚĞ ŵĂƚĞƌŝĂůĞƐ ƐĞ ŚĂ ƚƌĂƚĂĚŽ ĚĞ ƌĞĚƵĐŝƌ Ğů ƵƐŽ ĚĞ ĚŝĨĞƌĞŶƚĞƐ  ƚŝƉŽƐ ĚĞ
ůƵŵŝŶĂƌŝĂƐ͘
Ͳ
dŽĚĂƐůĂƐůƵŵŝŶĂƌŝĂƐƐŽŶĂĚĞĐƵĂĚĂƐƉĂƌĂĞůĨƵŶĐŝŽŶĂŵŝĞŶƚŽĞŶĐĂĚĂĄƌĞĂĚĞůĞĚŝĨŝĐŝŽ͘
Ͳ
WĂƌĂǀŝƐƵĂůŝnjĂƌĞůĚŝƐĞŹŽĚĞůƐŝƐƚĞŵĂĚĞŝůƵŵŝŶĂĐŝſŶƐĞƉƵĞĚĞǀĞƌĞŶůŽƐƐŝŐƵŝĞŶƚĞƐĂŶĞdžŽƐ͗
o
^ƵďƐƵĞůŽϯ͗ŶĞdžŽϯϰ͕ϯϱ
o
^ƵďƐƵĞůŽϮ͗ŶĞdžŽϯϲ
o
^ƵďƐƵĞůŽϭ͗ŶĞdžŽϯϳ
o
WůĂŶƚĂĂũĂ͗ŶĞdžŽϯϴ͕ϯϵ
o
WƌŝŵĞƌĂWůĂŶƚĂ͗ŶĞdžŽϰϬ
o
^ĞŐƵŶĚĂWůĂŶƚĂ͗ŶĞdžŽϰϭ
o
dĞƌĐĞƌĂWůĂŶƚĂ͗ŶĞdžŽϰϮ

 

Ϯϳ

 ϯ͘ϱ͘ŽŶƚƌŽůĚĞŝůƵŵŝŶĂĐŝſŶ͘

WĂƌĂƚĞŶĞƌƵŶƵƐŽſƉƚŝŵŽLJƌĞĚƵĐĐŝſŶĚĞĚĞƐƉĞƌĚŝĐŝŽĚĞĞŶĞƌŐşĂĞŶĞůƐŝƐƚĞŵĂĚĞŝůƵŵŝŶĂĐŝſŶ͕ƐĞŚĂĚŝƐĞŹĂĚŽ
ƵŶƐŝƐƚĞŵĂĚĞĐŽŶƚƌŽůĚĞŝůƵŵŝŶĂĐŝſŶ͘

ůŽďũĞƚŽďĄƐŝĐŽĚĞůŽƐƚĂďůĞƌŽƐĚĞĐŽŶƚƌŽůĚĞůƵĐĞƐĞƐĞůĐŽŶƚƌŽůĚĞůĞŶĐĞŶĚŝĚŽLJĂƉĂŐĂĚŽĂƵƚŽŵĄƚŝĐŽ ĚĞůĂƐ
ůƵĐĞƐ ĚĞ ƚŽĚŽ Ğů ĞĚŝĨŝĐŝŽ͕ ƚĂŶƚŽ ŝŶƚĞƌŝŽƌ ĐŽŵŽ ĞdžƚĞƌŝŽƌ͕ ĞŶ ďĂƐĞ Ă ƵŶĂ ƉƌŽŐƌĂŵĂĐŝſŶ ƌĞĂůŝnjĂĚĂ ĚĞƐĚĞ ƵŶ
ĐŽŵƉƵƚĂĚŽƌĐŽŶĞůƐŽĨƚǁĂƌĞĞƐƉĞĐşĨŝĐŽĚĞůƐŝƐƚĞŵĂ͘ƐƚĞĞƐƋƵĞŵĂďƵƐĐĂĨĂĐŝůŝƚĂƌůĂŽƉĞƌĂĐŝſŶĚĞůĞĚŝĨŝĐŝŽ͕ŶŽ
ƌĞƋƵĞƌŝƌĚĞƵŶƉĞƌƐŽŶĂůƉĂƌĂĞƐƚĂƚĂƌĞĂĚşĂĂĚşĂ͕LJĞǀŝĚĞŶƚĞŵĞŶƚĞůŽŐƌĂƌƵŶĂŚŽƌƌŽĚĞĞŶĞƌŐşĂĚĞƐĚĞĞůƉƵŶƚŽ
ĚĞ ǀŝƐƚĂ ĚĞ ĞǀŝƚĂƌ Ğů ŽůǀŝĚŽ ĚĞ ůƵĐĞƐ ĞŶĐĞŶĚŝĚĂƐ LJ ĂĐƚŝǀĂƌůĂƐ ƐŽůŽ ĐƵĂŶĚŽ ƐĞ ƚĞŶŐĂ Ğů ŚŽƌĂƌŝŽ ĂĚĞĐƵĂĚŽ ĚĞ
ƚƌĂďĂũŽ͘

WĂƌĂĞƐƚĞĨŝŶ͕ƐĞŚĂďƵƐĐĂĚŽƵŶĞƋƵŝƉŽƋƵĞĐƵŵƉůĂĐŽŶůĂĨĂĐŝůŝĚĂĚĚĞŝŶƚĞƌĐŽŶĞdžŝſŶLJĞdžƉĂŶƐŝſŶĚĞůƐŝƐƚĞŵĂ͕LJ
ĐŽŶŽƉĐŝſŶĂŵŽŶŝƚŽƌĞŽƌĞŵŽƚŽĚĞƐĚĞƵŶĐƵĂƌƚŽĚĞĐŽŶƚƌŽů͘

ƐƚĞĞƋƵŝƉŽĞƐĚĞůĂŵĂƌĐĂ>ĞǀŝƚŽŶLJƐƵůşŶĞĂĚĞĐŽŶƚƌŽůĚĞŝůƵŵŝŶĂĐŝſŶŝŶĚƵƐƚƌŝĂůͲDy͘

͎YƵĠǀĞŶƚĂũĂƐƚƌĂĞƵƚŝůŝnjĂƌƵŶĐŽŶƚƌŽůĚĞŝůƵŵŝŶĂĐŝſŶ͍

>ŽƐ ĐŽƐƚŽƐ ĚĞ ĞŶĞƌպà ƐĞ ŝŶĐƌĞŵĞŶƚĂŶ ĐŽŶ ƌĂƉŝĚĞnj͕ŵƵĐŚŽŵĄƐ ƋƵĞ ĞŶŽƚƌĂƐĠƉŽĐĂƐ͖ ůŽ ƋƵĞŽĐĂƐŝŽŶĂ ƋƵĞ ůĂ
ƌĞĚƵĐĐŝſŶĞŶĞůĐŽŶƐƵŵŽĚĞĞŶĞƌŐşĂƉŽƌƉĂƌƚĞĚĞůĂƐĞŵƉƌĞƐĂƐĐŽŶƐƚŝƚƵLJĂƵŶĂǀĞŶƚĂũĂĐŽŵƉĞƚŝƚŝǀĂĐĂĚĂŵĄƐ
ƉŽĚĞƌŽƐĂ͘

DĄƐĚĞůϯϴйĚĞůŝŵƉŽƌƚĞĚĞůƌĞĐŝďŽĚĞůƵnjĚĞƵŶŶĞŐŽĐŝŽŶŽƌŵĂůĞƐƚĄƌĞůĂĐŝŽŶĂĚŽĐŽŶůĂŝůƵŵŝŶĂĐŝſŶ͕ŚĞĐŚŽ
ƋƵĞ ĐŽůŽĐĂ Ă ůŽƐ ĐŽŶƚƌŽůĞƐ ĚĞ ŝůƵŵŝŶĂĐŝſŶ ĂŚŽƌƌĂĚŽƌĞƐ ĚĞ ĞŶĞƌպà ũƵƐƚŽ ĞŶ Ğů ĐĞŶƚƌŽ ĚĞ ĐƵĂůƋƵŝĞƌ ŐĞƐƚŝſŶ
ĚŝƌŝŐŝĚĂĂƌĞĚƵĐŝƌůŽƐŐĂƐƚŽƐĞŶĞƐƚĞƌƵďƌŽ͘

͎ſŵŽĨƵŶĐŝŽŶĂĞůƐŝƐƚĞŵĂĚĞŝůƵŵŝŶĂĐŝſŶͲDĂdž͍

ů ĐŝƌĐƵŝƚŽ ͲDy ĞŵƉůĞĂĚŽ ĞŶ ůĂƐ ƚĂƌũĞƚĂƐ ĚĞ ƌĞůĞǀĂĚŽƌĞƐ ͲDy ĞƐƚĄŶĚĂƌ͕ ŽĨƌĞĐĞ ƵŶĂ ĐŽŶĞdžŝſŶ ĐĂƉĂnj ĚĞ
ƐĞĐĐŝŽŶĂƌ͕ĞŶĐŽŶĚŝĐŝŽŶĞƐĚĞĐĂƌŐĂƉůĞŶĂ͕ĞŶĞůĐƌƵĐĞĚĞƉƵŶƚŽĐĞƌŽĐŽŶǀĞƌĚĂĚĞƌĂĐŽƌƌŝĞŶƚĞĐĞƌŽ͘ůƌĞƐƵůƚĂĚŽ
ĞƐƵŶŝŶƚĞƌƌƵƉƚŽƌĚĞĞŶƚƌĞŚŝĞƌƌŽƌĞĂůĐŽŶĐĞƌŽĨƵŐĂƐĚĞĐŽƌƌŝĞŶƚĞƋƵĞĞůŝŵŝŶĂƉŽƌĐŽŵƉůĞƚŽůĂĐŽƌƌŽƐŝſŶƉŽƌ
ĂƌĐŽĞŶůŽƐĐŽŶƚĂĐƚŽƐ͘ƐƚŽĞdžƚŝĞŶĚĞůĂǀŝĚĂĞůĠĐƚƌŝĐĂĚĞƐĞƌǀŝĐŝŽĚĞůƌĞůĞǀĂĚŽƌĞƐƚĄŶĚĂƌͲDyƉĂƌĂĂĐŽƉůĂƌƐĞĂ
ůĂǀŝĚĂŵĞĐĄŶŝĐĂĚĞϭϬ͕ϬϬϬ͕ϬϬϬĐŝĐůŽƐĚĞƐĞĐĐŝŽŶĂŵŝĞŶƚŽ͘

ĚŝĐŝŽŶĂůŝŶĐůƵLJĞƵŶƌĞůŽũĂƐƚƌŽŶſŵŝĐŽ;dͿŝŶƚĞŐƌĂĚŽĞŶƐƵDſĚƵůŽĚĞŽŶƚƌŽůĚĞů^ŝƐƚĞŵĂĚĞZĞůĞǀĂĚŽƌĞƐ͘ů
ƌĞůŽũ ĂƐƚƌŽŶſŵŝĐŽ ƉĞƌŵŝƚĞ ůĂ ůŽĐĂůŝnjĂĐŝſŶ ĚĞů ƐŝƐƚĞŵĂ ƉĂƌĂ ƋƵĞ ƐĞ ƉƌŽŐƌĂŵĞ ĐŽŶ ĨĂĐŝůŝĚĂĚ ĐŽŶ Ğů ŝŶŐƌĞƐŽ ĚĞ
ŝŶĨŽƌŵĂĐŝſŶĚĞƐƵƵďŝĐĂĐŝſŶ͘>ŽƐĞǀĞŶƚŽƐĚĞůƌĞůŽũĂƐƚƌŽŶſŵŝĐŽƉƵĞĚĞŶĂĐƚŝǀĂƌƐĞƉŽƌŚŽƌĂĚĞů̺ÎƉŽƌĐĂŵďŝŽ
ĚĞ ŚŽƌĂƌŝŽ LJĂ ƐĞĂ ĚĞƐĚĞ ůĂ ƐĂůŝĚĂ Ž ůĂ ƉƵĞƐƚĂ ĚĞů ƐŽů͕ ůŽ ƋƵĞ ĞůŝŵŝŶĂ ůĂ ŶĞĐĞƐŝĚĂĚ ĚĞ ĨŽƚŽĐĞůĚĂƐ ƋƵĞ
ƐŝŵƉůĞŵĞŶƚĞĞũĞĐƵƚĂŶƚĂƌĞĂƐƌƵƚŝŶĂƌŝĂƐĚĞĂũƵƐƚĞĚĞůĐƌĞƉƷƐĐƵůŽĂůĂůďĂ͘

>ĞǀŝƚŽŶŵĂdžŝŵŝnjĂůĂĨůĞdžŝďŝůŝĚĂĚLJůĂĐŽŶǀĞŶŝĞŶĐŝĂ ĚĞůĂƉƌŽŐƌĂŵĂĐŝſŶŐƌĂĐŝĂƐĂůƚĞĐůĂĚŽŶƵŵĠƌŝĐŽƋƵĞŝŶĐůƵLJĞ
ƵŶ ƉĂŶĞů ĚĞ ƉĂŶƚĂůůĂ ďƌŝůůĂŶƚĞ ĚĞ ĐƌŝƐƚĂů ůşƋƵŝĚŽ ;>Ϳ ĐŽŶ ŝŶƐƚƌƵĐĐŝŽŶĞƐ ĨĄĐŝůĞƐ ĞŶ ƉĂŶƚĂůůĂ ƉƌĞƐĞŶƚĂĚĂƐ ĞŶ
ŝĚŝŽŵĂ ŝŶŐůĠƐ LJ ŶŽ ĞŶ ĐſĚŝŐŽƐ ŝŶĨŽƌŵĄƚŝĐŽƐ͘ EƵĞƐƚƌŽ ƐŽĨƚǁĂƌĞ sŝƐƵĂů WƌŽŐƌĂŵŵĞƌ ďĂƐĂĚŽ ĞŶ ĐŽŵƉƵƚĂĚŽƌĂ͕
ŐƌĂƚƵŝƚŽLJĨĄĐŝůĚĞƵƐĂƌ͕ƚĂŵďŝĠŶůĞƉĞƌŵŝƚĞƉƌŽŐƌĂŵĂƌƚŽĚŽƐƐƵƐƉĂŶĞůĞƐĚĞƌĞůĞǀĂĚŽƌĞƐĞŶƵŶĂĐŽŵƉƵƚĂĚŽƌĂ
ƉŽƌƚĄƚŝůLJ͕ƉŽƐƚĞƌŝŽƌŵĞŶƚĞ͕ƚƌĂŶƐĨĞƌŝƌůĂƉƌŽŐƌĂŵĂĐŝſŶĂĐĂĚĂƉĂŶĞůĚĞƌĞůĞǀĂĚŽƌĞƐ͘
Ϯϴ

dŽĚŽƐůŽƐŐĂďŝŶĞƚĞƐĚĞƌĞůĞǀĂĚŽƌĞƐŽĨƌĞĐĞŶĞƐƉĂĐŝŽƐƵĨŝĐŝĞŶƚĞƉĂƌĂĐŽŶĞdžŝſŶ͕ĂƐşĐŽŵŽƐſůŝĚĂƐƚĞƌŵŝŶĂůĞƐƋƵĞ
ĨĂĐŝůŝƚĂŶĞůĐĂďůĞĂĚŽ͘>ĂƐƚĂƌũĞƚĂƐŵŽĚƵůĂƌĞƐĚĞƌĞůĞǀĂĚŽƌĞƐĞŶůĂƐƵŶŝĚĂĚĞƐͲDyǀŝĞŶĞŶĐŽŶƵŶƐŽůŽĐŝƌĐƵŝƚŽ
ĞŶĐĂĚĂƚĂƌũĞƚĂƉĂƌĂƵŶŝŶƚĞƌĐĂŵďŝŽĐſŵŽĚŽƋƵĞƐŝŵƉůŝĨŝĐĂĞůŵĂŶƚĞŶŝŵŝĞŶƚŽ͘




&ŝŐƵƌĂϭϱ͘ͲWĂƌƚĞƐĐŽŵƉŽŶĞŶƚĞƐĚĞƵŶŐĂďŝŶĞƚĞĚĞĐŽŶƚƌŽůĚĞŝůƵŵŝŶĂĐŝſŶͲDĂdžϮ

ĂƌĂĐƚĞƌşƐƚŝĐĂƐ͗
Ͳ
WƌŽŐƌĂŵĂĐŝſŶƐĞŶĐŝůůĂŵĞĚŝĂŶƚĞůĂƉĂŶƚĂůůĂ>ŐƵŝĂĚĂƉŽƌĂƐŝƐƚĞŶƚĞƐŽĞůƐŽĨƚǁĂƌĞŝŶĨŽƌŵĄƚŝĐŽsŝƐƵĂů
WƌŽŐƌĂŵŵĞƌ ĚĞ >ĞǀŝƚŽŶ ;ŐƌĂƚƵŝƚŽͿ ƉŽƌ ŵĞĚŝŽ ĚĞů ƉƵĞƌƚŽ h^͕ ƚĂƌũĞƚĂ ĚĞ dWͬ/W ŽƉĐŝŽŶĂů Ž
ƚƌĂŶƐĨĞƌĞŶĐŝĂŽƉĐŝŽŶĂůĚĞůĂƚĂƌũĞƚĂĚĞŵſĚĞŵ͘
Ͳ
ZĞůŽũĂƐƚƌŽŶſŵŝĐŽŝŶƚĞŐƌĂĚŽ͘
Ͳ
ĂƉĂĐŝĚĂĚĚĞĐŽŶĞdžŝſŶĞŶƌĞĚƉĂƌĂĨĄĐŝůĐŽŶƚƌŽůĐĞŶƚƌĂůŝnjĂĚŽĚĞŝůƵŵŝŶĂĐŝſŶ͕ŝŶĐůƵLJĞŶĚŽƉƌŽŐƌĂŵĂĐŝſŶ
LJƐƵƉĞƌǀŝƐŝſŶ͘
Ͳ
ZĞůĞǀĂĚŽƌĞƐƌĞĞŵƉůĂnjĂďůĞƐĞŶĨŽƌŵĂŝŶĚŝǀŝĚƵĂůĐůĂƐŝĨŝĐĂĚŽƐƉĂƌĂƚŽĚĂƐůĂƐĨƵĞŶƚĞƐĚĞůƵĐĞƐLJĐĂƌŐĂƐĚĞ
ŵŽƚŽƌĞƐƋƵĞƐŝŵƉůŝĨŝĐĂŶĞůŵĂŶƚĞŶŝŵŝĞŶƚŽLJůĂĞdžƉĂŶƐŝſŶ͘
Ͳ
ZĞůĞǀĂĚŽƌĞƐ ĚĞ ƵŶŽ LJ ĚŽƐ ƉŽůŽƐ ƋƵĞ ƐĞ ĂũƵƐƚĂŶ ĞŶ ůĂ ŵŝƐŵĂ ƵďŝĐĂĐŝſŶ͕ ůŽ ƋƵĞ ďƌŝŶĚĂ ĐĂƉĂĐŝĚĂĚ ĚĞ
ŐĂďŝŶĞƚĞĐŽŶƐƚĂŶƚĞƐŝŶŝŵƉŽƌƚĂƌĞůƚŝƉŽĚĞƌĞůĞǀĂĚŽƌ͘
Ͳ
ŽŵƉĂƚŝďůĞ ĐŽŶ ƐĞŶƐŽƌĞƐ ĚĞ ŽĐƵƉĂĐŝſŶ͕ ĨŽƚŽĐĞůĚĂƐ ĚŝƐĐƌĞƚĂƐ LJ ĂŶĂůſŐŝĐĂƐ͕ ĞƐƚĂĐŝŽŶĞƐ ĚĞ ĞŶƚƌĂĚĂƐ
ĚŝŐŝƚĂůĞƐͲDy͕ŝŶƚĞƌƌƵƉƚŽƌĞƐĚĞďĂũŽǀŽůƚĂũĞ͘

 
Ϯ
'ƵşĂĐŽŵĞƌĐŝĂůͲDĂdžĚĞ>ĞǀŝƚŽŶ͘ŹŽϮϬϬϲWĄŐ͘ϳ
Ϯϵ

 Ͳ
ŽŶĞĐƚŝǀŝĚĂĚ ŶĂƚŝǀĂ >ƵŵĂͲEĞƚΡ ;Z^ϰϴϱͿ LJ Dy ƋƵĞ ƉĞƌŵŝƚĞ ƋƵĞ ŵƷůƚŝƉůĞƐ ƉĂŶĞůĞƐ ĚĞ ƌĞůĞǀĂĚŽƌĞƐ
ĐŽŵƉĂƌƚĂŶŝŶĨŽƌŵĂĐŝſŶĚĞůĐŽŶƚƌŽůĚĞŝůƵŵŝŶĂĐŝſŶƐŽďƌĞƵŶĂƌĞĚĚĞůşŶĞĂĚĞĚĂƚŽƐĐŽŶĐŽŶƚƌŽůĞƐĚĞ
ŝůƵŵŝŶĂĐŝſŶLJŐĂďŝŶĞƚĞƐĚĞĂƚĞŶƵĂĐŝſŶ͘
Ͳ
^ſůŽƌĞƋƵŝĞƌĞĐĂďůĞĂĚŽƉĂƌĂĂůŝŵĞŶƚĂĐŝſŶLJĐĂƌŐĂ͘EŽƐĞƌĞƋƵŝĞƌĞŶŝŶŐƷŶŽƚƌŽĐĂďůĞĂĚŽŽĞŶƐĂŵďůĂĚŽ͘
Ͳ
^ĞůŽƐŐĂďŝŶĞƚĞƐƐĞĞŶĐƵĞŶƚƌĂĞŶĞůŵĞƌĐĂĚŽĚĞϰ͕ϴ͕ϮϰLJϰϴĞƐƉĂĐŝŽƐ͘
Ͳ
>ŽƐĐŝƌĐƵŝƚŽƐƋƵĞĂůŝŵĞŶƚĞŶƚŝĞŶĞƋƵĞƐĞƌĚĞŚĂƐƚĂϭϬƉĂƌĂĐŝƌĐƵŝƚŽƐĚĞϭϮϬsLJϮϬƉĂƌĂůŽƐĐŝƌĐƵŝƚŽƐ
ĚĞϮϮϬs͘



&ŝŐƵƌĂϭϲ͘ͲƐƋƵĞŵĂĚĞŝŶƐƚĂůĂĐŝſŶƚşƉŝĐĂĚĞƵŶƐŝƐƚĞŵĂͲDĂdžϯ


hŶĂ ǀĞnj ŝŶĚŝĐĂĚŽ ůĂƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ LJ ĨƵŶĐŝŽŶĂŵŝĞŶƚŽ ĚĞů ƐŝƐƚĞŵĂ ĚĞ ĐŽŶƚƌŽů ĚĞ ŝůƵŵŝŶĂĐŝſŶ͕ ĞdžƉůŝĐĂƌĞŵŽƐ
ĐŽŵŽƐĞƌĞĂůŝnjſĞůƐŝƐƚĞŵĂĚĞĐŽŶƚƌŽůĚĞŝůƵŵŝŶĂĐŝſŶĞŶĞůĞĚŝĨŝĐŝŽ͘
^Ğ ŝŶƐƚĂůſ ƵŶ ƚĂďůĞƌŽ ĚĞ ĐŽŶƚƌŽů ĚĞ ŝůƵŵŝŶĂĐŝſŶ ƉŽƌ ĐĂĚĂ ƚĂďůĞƌŽ ƚŝƉŽ ĐĞŶƚƌŽ ĚĞ ĐĂƌŐĂ ĚŽŶĚĞ ƐĞ ĚĞƌŝǀĂŶ ůŽƐ
ĐŝƌĐƵŝƚŽƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƐĞŚĂŶŝĚĞŶƚŝĨŝĐĂĚŽůŽƐƚĂďůĞƌŽƐƚŝƉŽĐĞŶƚƌŽĚĞĐĂƌŐĂĐŽŵŽƐĞƉƵĞĚĞǀĞƌĞŶůŽƐĂŶĞdžŽƐ
ĐŽƌƌĞƐƉŽŶĚŝĞŶƚĞƐ Ăů ƐŝƐƚĞŵĂ ĚĞ ŝůƵŵŝŶĂĐŝſŶ LJ Ğů ŶĞdžŽ ϰϯ͕ ƋƵĞ ĐŽƌƌĞƐƉŽŶĚĞ Ăů ĚŝĂŐƌĂŵĂ ǀĞƌƚŝĐĂů ĚĞ
ĨƵŶĐŝŽŶĂŵŝĞŶƚŽĚĞůĂŝŶƚĞƌĐŽŶĞdžŝſŶĚĞůƐŝƐƚĞŵĂĚĞĐŽŶƚƌŽůĚĞŝůƵŵŝŶĂĐŝſŶ͘

ĂĚĂĞůĞŵĞŶƚŽƋƵĞƐĞŝŶĐůƵLJĞĞŶĞůƐŝƐƚĞŵĂĞƐƚĄŝĚĞŶƚŝĨŝĐĂĚŽĞŶĞůŶĞdžŽϰϯ͕ůĂƵďŝĐĂĐŝſŶĂƌƋƵŝƚĞĐƚſŶŝĐĂĚĞůŽƐ
ŵŝƐŵŽƐ͘

 
ϯ
'ƵşĂĐŽŵĞƌĐŝĂůͲDĂdžĚĞ>ĞǀŝƚŽŶ͘ŹŽϮϬϬϲWĄŐ͘ϴ
ϯϬ

ŶůĂƉĂƌƚĞĚĞƐƵďƐƵĞůŽϯ͕ƐĞƚĞŶĚƌĄŶƚƌĞƐŐĂďŝŶĞƚĞƐĚĞĐŽŶƚƌŽůĚĞŝůƵŵŝŶĂĐŝſŶ͕ĚŽŶĚĞƐĞŵĂŶƚĞŶĚƌĄĞůƐŝƐƚĞŵĂ
ŵĂĞƐƚƌŽʹĞƐĐůĂǀŽ͕ƵŶƚĂďůĞƌŽƐĞƌĄĞůŵĂĞƐƚƌŽLJůŽƐĚŽƐƌĞƐƚĂŶƚĞƐƐĞƌĄŶůŽƐĞƐĐůĂǀŽƐĐŽŵŽŝŶĚŝĐĂĞůŶĞdžŽϯϰ͘
>ĂŝŶƚĞƌĐŽŶĞdžŝſŶĞŶƚƌĞƐŐĂďŝŶĞƚĞƐƐĞƌĄĚĞĐĂďůĞhdWĂƚĞŐŽƌşĂϲƉŽƌĞĨĞĐƚŽĚĞůĂĚŝƐƚĂŶĐŝĂLJĞǀŝƚĂƌůĂƉĠƌĚŝĚĂ
ĚĞƐĞŹĂů͘ŽŶĞůƵƐŽĚĞůĐĂďůĞhdWĂƚĞŐŽƌşĂϲ͕ƐĞƉƵĞĚĞƚĞŶĞƌƵŶĂĚŝƐƚĂŶĐŝĂŵĄdžŝŵĂĞŶƚƌĞŐĂďŝŶĞƚĞƐĚĞϭϬϬϬ
ƉŝĞƐ͕;ϯϬϱŵĞƚƌŽƐĂƉƌŽdžŝŵĂĚĂŵĞŶƚĞͿ͘

WĂƌĂ Ğů ĐĂďůĞĂĚŽ ĞŶƚƌĞ ůŽƐ ƚĞĐůĂĚŽƐ ĚĞ ĐŽŶƚƌŽů ĚĞ ŝůƵŵŝŶĂĐŝſŶ ŚĂĐŝĂ Ğů ŐĂďŝŶĞƚĞ͕ ƐĞƌĄ ĐŽŶ ƵŶ ƐŝƐƚĞŵĂ ĚĞ
ĐŽŶĞĐƚŝǀŝĚĂĚ >ƵŵĂͲŶĞƚ ;ƋƵĞ ĐŽŶƐŝƐƚĞĞŶ ƵŶ ĐĂďůĞ ĞůĚĞŶ EΣ ϭϱϬϮ ZͿ͘ ƐƚĂ ĐŽŶĞĐƚŝǀŝĚĂĚ ƚĂŵďŝĠŶ ĂƉůŝĐĂĞŶƚƌĞ
ŐĂďŝŶĞƚĞƐƋƵĞƐĞĞŶĐƵĞŶƚƌĞŶĂƵŶĂĚŝƐƚĂŶĐŝĂŶŽŵĂLJŽƌĂϲϬŵĞƚƌŽƐ͘


&ŝŐƵƌĂϭϳ͘Ͳ^ŝƐƚĞŵĂĚĞĐŽŵƵŶŝĐĂĐŝſŶĞŶƚƌĞƚĂďůĞƌŽƐLJďŽƚŽŶĞƌĂϰ

,ĞŵŽƐĚŝƐƉƵĞƐƚŽƵŶĂďŽƚŽŶĞƌĂĚĞϭϬďŽƚŽŶĞƐ;LJĂƐĞĂƉĂƌĂĞŶĐĞŶĚŝĚŽ͕ĂƉĂŐĂĚŽ͕LJŽƉĐŝſŶƉĂƌĂƉƌŽŐƌĂŵĂĐŝſŶ
ĚĞĚŝĨĞƌĞŶƚĞƐĞƐĐĞŶĂƐͿĞŶůŽƐƚĂďůĞƌŽƐĚĞĐŽŶƚƌŽůĚĞŝůƵŵŝŶĂĐŝſŶĚĞůŽƐƚƌĞƐƐƵďƐƵĞůŽƐĞŶůĂƉĂƌƚĞĚĞůŚĂůůĚĞůĂƐ
ĞƐĐĂůĞƌĂƐ͘ ƐƚŽ ƐĞƌǀŝƌĄ ƉĂƌĂ ůĂ ŵŽĚŝĨŝĐĂĐŝſŶ ĚĞ ůŽƐ ĞƐĐĞŶĂƌŝŽƐ ůƵŵşŶŝĐŽƐ ĚĞ ĨŽƌŵĂ ŵĂŶƵĂů ĞŶ ĐĂƐŽ ĚĞ
ĞŵĞƌŐĞŶĐŝĂƐ͕ƉƌŽůŽŶŐĂĐŝſŶĚĞŚŽƌĂƌŝŽƐĚĞƚƌĂďĂũŽ͕ĂƉĂŐĂĚŽƉŽƌĚşĂƐĨĞƌŝĂĚŽƐ͕ĞƚĐ͘


 
ϰ
ƐƉĞĐŝĨŝĐĂĐŝſŶĚĞƉƌŽĚƵĐƚŽƐͲDĂdžĚĞ>ĞǀŝƚŽŶ͘ŹŽϮϬϬϰ
ϯϭ

WĂƌĂ ůŽƐ ŽƚƌŽƐ ƉŝƐŽƐ ŶŽ ƐĞ ŝŶƐƚĂůĂƌĄ ĚŝĐŚĂƐ ďŽƚŽŶĞƌĂƐ LJĂ ƋƵĞ ůĂ ƵďŝĐĂĐŝſŶ ĚĞ ůŽƐ ƚĂďůĞƌŽƐ ĚĞ ĐŽŶƚƌŽů ĚĞ
ŝůƵŵŝŶĂĐŝſŶ ĞƐƚĄ ĞdžƉƵĞƐƚĂƐ Ă ĐŝƌĐƵůĂĐŝſŶ ƉĞƌƐŽŶĂƐ ĂũĞŶĂƐ Ăů ĞƐƚĂďůĞĐŝŵŝĞŶƚŽ͕ ƉŽƌ ůŽ ƋƵĞ ƉƌŽĚƵĐŝƌşĂ ŵĂůĂ
ŵĂŶŝƉƵůĂĐŝſŶĚĞůƐŝƐƚĞŵĂ͘

ĂďĞ ƚĂŵďŝĠŶ ƐĞŹĂůĂƌ ƋƵĞ ƐŽůŽ ƐĞ ƉƵĞĚĞ ĞŶůĂnjĂƌ ŵĄdžŝŵŽ ƚƌĞƐ ďŽƚŽŶĞƌĂƐ ĚĞ ĐŽŶƚƌŽů ƐĞŐƵŝĚŽƐ͕ ĂƉůŝĐĂŶĚŽ Ğů
ƐŝƐƚĞŵĂ>ƵŵĂͲŶĞƚ͕ĐŽŵŽŝŶĚŝĐĂĞůĂŶĞdžŽϰϯ͘
KƚƌŽĂƐƉĞĐƚŽĂĐŽŶƐŝĚĞƌĂƌ͕ĞƐůĂŝŶƚĞƌĐŽŶĞdžŝſŶĚĞůŽƐŐĂďŝŶĞƚĞƐ͕ƐĞůŽĚĞďĞƌĞĂůŝnjĂƌĚĞĨŽƌŵĂůŝŶĞĂůŵĂƐŶŽƐĞ
ƉƵĞĚĞĚĞĨŽƌŵĂƌĂŵĂů͘

WĂƌĂĞůƐƵďƐƵĞůŽϮ͕ƐĞƌĞƉŝƚĞĞůŵŝƐŵŽĐƌŝƚĞƌŝŽ͕ĐŽŶůĂƐĂůǀĞĚĂĚĚĞƋƵĞůůĞǀĂĐŽŶƐŝŐŽůĂŝŶƚĞƌĐŽŶĞdžŝſŶŝŶŝĐŝĂĚĂĞŶ
ĞůƐƵďƐƵĞůŽϯ͘

dŽĚŽƐ ůŽƐ ƚĂďůĞƌŽƐ ĚĞ ĐŽŶƚƌŽů ŝŶƚĞƌĐŽŶĞĐƚĂĚŽƐ ƐĞƌĄŶ ŵŽŶŝƚŽƌĞĂĚŽƐ ĚĞƐĚĞ ƵŶ ĐƵĂƌƚŽ ĚĞ ŵŽŶŝƚŽƌĞŽ ƉƌŝŶĐŝƉĂů
ƵďŝĐĂĚŽĞŶĞůWŝƐŽϯ͘ĞƐĚĞĂůůş͕ŵĞĚŝĂŶƚĞƵŶƐŽĨƚǁĂƌĞĚŝƐĞŹĂĚŽƉĂƌĂĚŝĐŚŽƐĞƋƵŝƉŽƐ͕ƐĞƉŽĚƌĄŵŽŶŝƚŽƌĞĂƌĞů
ĨƵŶĐŝŽŶĂŵŝĞŶƚŽ͕ƌĞĂůŝnjĂƌĐĂŵďŝŽƐĞŶůĂĐŽŶĨŝŐƵƌĂĐŝſŶĚĞůĂƐĞƐĐĞŶĂƐĚĞůĐŽŶƚƌŽůĚĞŝůƵŵŝŶĂĐŝſŶ͘

ůƐŝƐƚĞŵĂĚĞĐŽŶƚƌŽůĐŽŶƐƚĂƌĄĚĞĐƵĂƚƌŽƚĂďůĞƌŽƐDĂƐƚĞƌ;ŵĂĞƐƚƌŽƐͿĚŝǀŝĚŝĚŽƐĞŶĞůƐŝŐƵŝĞŶƚĞŽƌĚĞŶ͗
Ͳ
hŶƚĂďůĞƌŽDĂƐƚĞƌƉƌŝŶĐŝƉĂů;d>ʹϭϰͿƵďŝĐĂĚŽĞŶĞůƉŝƐŽϮ͘ƐƚĞƚĂďůĞƌŽƚĞŶĚƌĄĞůĐŽŶƚƌŽůĚĞƚŽĚŽƐůŽƐ
ƚĂďůĞƌŽƐĚĞůĂƉůĂŶƚĂďĂũĂ͕ƉŝƐŽϭLJϮ͘
Ͳ
hŶƚĂďůĞƌŽDĂƐƚĞƌϭ;d>ʹϲͿƉĂƌĂĞůĐŽŶƚƌŽůĚĞů^ƵďƐƵĞůŽϭ͘
Ͳ
hŶƚĂďůĞƌŽDĂƐƚĞƌϮ;d>ʹϰͿƉĂƌĂĞůĐŽŶƚƌŽůĚĞů^ƵďƐƵĞůŽϮ͘
Ͳ
hŶƚĂďůĞƌŽDĂƐƚĞƌϯ;d>ʹϮͿƉĂƌĂĞůĐŽŶƚƌŽůĚĞůĂƐůƵŵŝŶĂƌŝĂƐĚĞů^ƵďƐƵĞůŽϯ͘

ůƚĂďůĞƌŽDĂƐƚĞƌƉƌŝŶĐŝƉĂůƐĞƌĄĂĚŝĐŝŽŶĂůŵĞŶƚĞĞůĞŶĐĂƌŐĂĚŽĞŶůĂĐŽŵƵŶŝĐĂĐŝſŶĐŽŶĞůĐĞŶƚƌŽĚĞŵŽŶŝƚŽƌĞŽ
ƵďŝĐĂĚŽĞŶĞůWŝƐŽϯ͘

WĂƌĂůĂƉƌŽŐƌĂŵĂĐŝſŶĚĞůŽƐĐŝƌĐƵŝƚŽƐƐĞůŽƌĞĂůŝnjĂƌĄĚĞĨŽƌŵĂĂůƚĞƌŶĂĚĂĐŽŶĞůŽďũĞƚŝǀŽĚĞƉƌŽůŽŶŐĂƌůĂǀŝĚĂĚĞ
ůĂƐůƵŵŝŶĂƌŝĂƐ͕ƌĞĚƵĐĐŝſŶĚĞĐŽŶƐƵŵŽĚĞĞŶĞƌŐşĂ͘ŶĐĂĚĂnjŽŶĂĚĞĚĞŝůƵŵŝŶĂĐŝſŶƋƵĞƐĞĞƐƚĠĐŽŶĞĐƚĂŶĚŽĂƵŶ
ƚĂďůĞƌŽĚĞĐŽŶƚƌŽů͕ƚĞŶĚƌĄƋƵĞĨƵŶĐŝŽŶĂƌĞŶĐĂĚĂĐŝƌĐƵŝƚŽĞŶĚşĂƐĂůƚĞƌŶĂĚŽƐ͘ 

ϯϮ

 W/dh>Kϰ
^ŝƐƚĞŵĂĚĞĂĐŽŵĞƚŝĚĂƐ͘

ϰ͘ϭ͘ŝƐƚƌŝďƵĐŝſŶĚĞĚƵĐƚŽƐ͘
hŶĂ ǀĞnj ƵďŝĐĂĚĂ ƚŽĚĂ ůĂ ŝŶĨŽƌŵĂĐŝſŶ ƐŽďƌĞ ůĂƐ ĐĂƌŐĂƐ ĞůĠĐƚƌŝĐĂƐ ĐŽƌƌĞƐƉŽŶĚŝĞŶƚĞƐ Ă ŝůƵŵŝŶĂĐŝſŶ LJ ĨƵĞƌnjĂ͕
ƉŽĚƌĞŵŽƐ ĚĞƚĞƌŵŝŶĂƌLJ ĚĞƚĂůůĂƌ ůŽƐ ƉĂƌĄŵĞƚƌŽƐ ƋƵĞ ƐĞ ƚŽŵĂƌŽŶĞŶ ĐƵĞŶƚĂ ƉĂƌĂ ůĂ ƵďŝĐĂĐŝſŶ ĚĞ ůŽƐ ƚĂďůĞƌŽƐ
ƚŝƉŽĐĞŶƚƌŽĚĞĐĂƌŐĂ͕ĞůĞƐƚƵĚŝŽĚĞĐĂƌŐĂLJĚĞŵĂŶĚĂĚĞůŽƐŵŝƐŵŽƐLJĞůĐĄůĐƵůŽĚĞůŽƐĂůŝŵĞŶƚĂĚŽƌĞƐŚĂĐŝĂůŽƐ
ƚĂďůĞƌŽƐĚĞĚŝƐƚƌŝďƵĐŝſŶƉƌŝŶĐŝƉĂůƉĂƌĂůŽƐĚŝĨĞƌĞŶƚĞƐƚŝƉŽƐĚĞĐĂƌŐĂLJǀŽůƚĂũĞĂƉůŝĐĂĚŽĞŶĞůƐŝƐƚĞŵĂĞůĠĐƚƌŝĐŽ
ĚĞůĞĚŝĨŝĐŝŽ͘

WŽƌ ůĂ ŐƌĂŶ ĄƌĞĂ ĚĞů ĞĚŝĨŝĐŝŽ͕ ĞƐ ĚŝĨşĐŝů ŵĂŶƚĞŶĞƌ ƵŶ ƐŽůŽ ƚĂďůĞƌŽ ƉĂƌĂ ƚŽĚŽ ƵŶ ƉŝƐŽ ĐŽŶƐŝĚĞƌĂŶĚŽ ůĂ ĐĂƌŐĂ
ĞdžĐĞƐŝǀĂƋƵĞƚĞŶĚƌşĂƋƵĞƐŽƉŽƌƚĂƌLJĞůĂůŝŵĞŶƚĂĚŽƌƉƌŝŶĐŝƉĂůLJůŽƐƐĞĐƵŶĚĂƌŝŽƐƉĂƌĂůĂƐĐĂƌŐĂƐ͘

WŽƌĞƐĂƌĂnjſŶ͕ƐĞŚĂĚŝǀŝĚŝĚŽĞŶĚŽƐƉĂƌƚĞƐĞůƐŝƐƚĞŵĂĚĞĐĞŶƚƌŽƐĚĞĐĂƌŐĂ͕ůĂůşŶĞĂĚĞĚŝǀŝƐŝſŶĞƐůĂũƵŶƚĂĚĞůĂ
ĞƐƚƌƵĐƚƵƌĂĚĞůĞĚŝĨŝĐŝŽ;ũĞƐ/ʹ:Ϳ͘
ůĄƌĞĂϭƐĞƌĄĚĞƐĚĞĞůũĞ͟͞ŚĂƐƚĂĞůĞũĞ͞/͕͟ĞůĄƌĞĂĚŽƐƐĞƌĄĚĞƐĚĞĞůĞũĞ͞:͟ŚĂƐƚĂĞů͞Z͘͟

WĂƌĂĞůƉĂƐŽǀĞƌƚŝĐĂůĚĞůĂƐĂĐŽŵĞƚŝĚĂƐŚĂĐŝĂůŽƐƚĂďůĞƌŽƐĚĞĚŝƐƚƌŝďƵĐŝſŶƉƌŝŶĐŝƉĂůƐĞůŽƌĞĂůŝnjĂƌĄŵĞĚŝĂŶƚĞƵŶŽƐ
ĚƵĐƚŽƐ ƋƵĞ ƐĞ ƵďŝĐĂƌĂŶ ũƵŶƚŽ Ă ůĂƐ ŐƌĂĚĂƐ ĚĞů ĞĚŝĨŝĐŝŽ ĚĞ ĞƐĂ ŵĂŶĞƌĂ ĞƐƚĄŶ ĐĞŶƚƌĂůŝnjĂĚĂƐ ƉĂƌĂ ůĂ ůůĞŐĂĚĂ ĚĞ
ƚŽĚŽƐůŽƐƚĂďůĞƌŽƐƚŝƉŽĐĞŶƚƌŽĚĞĐĂƌŐĂ͘

^ĞŚĂŶĚŝƐƉƵĞƐƚŽĐƵĂƚƌŽĚƵĐƚŽƐĞŶƚŽĚŽĞůĞĚŝĨŝĐŝŽ ĐŽŶĞůĨŝŶĚĞĐĂƉƚĂƌƚŽĚĂƐůĂƐĂĐŽŵĞƚŝĚĂƐĚĞůŽƐƚĂďůĞƌŽƐĂ
ŝŶƐƚĂůĂƌĞŶĞůůƵŐĂƌ͘>ŽƐŝĚĞŶƚŝĨŝĐĂƌĞŵŽƐĞŶůŽƐĂŶĞdžŽƐĐŽŵŽůŽƐƵĐƚŽƐ͕͕͕͘

ůĚƵĐƚŽƐĞĞŶĐƵĞŶƚƌĂƵďŝĐĂĚŽĞŶůŽƐĞũĞƐ͞ϯ͕͟ĞƐƚĞĚƵĐƚŽƐĞƌǀŝƌĄƉĂƌĂĞůƉĂƐŽĚĞůĂƐĂĐŽŵĞƚŝĚĂƐƋƵĞǀŝĞŶĞŶ
ĚĞƐĚĞ Ğů WŝƐŽ ϯ ŚĂƐƚĂ ůĂ WůĂŶƚĂ ĂũĂ ĚŽŶĚĞ ƚĞƌŵŝŶĂ Ğů ĚƵĐƚŽ͕ ƐĞ ƚƌĂŶƐƉŽƌƚĂƌĄ ƉŽƌ ĐĂŶĂůĞƚĂ ŵĞƚĄůŝĐĂ ĚĞ
ĚŝŵĞŶƐŝŽŶĞƐLJƚƌĂLJĞĐƚŽŝŶĚŝĐĂĚŽĞŶůŽƐĂŶĞdžŽƐƐŝŐƵŝĞŶƚĞƐ͘^ƵƐĚŝŵĞŶƐŝŽŶĞƐƐĞƌĄŶĚĞϬ͘ϲdžϮŵĞƚƌŽƐ͘

ůĚƵĐƚŽ͕ĞůĐƵĂůƐĞĞŶĐƵĞŶƚƌĂĞŶƚƌĞůŽƐĞũĞƐ͞ϵ͟LJ͞ϵ͟ũƵŶƚŽĂůĂƐĞƐĐĂůĞƌĂƐĚĞĞǀĂĐƵĂĐŝſŶ͕ƐĞƚŝĞŶĞƉƌĞǀŝƐƚŽ
ƋƵĞƚĞŶŐĂĚŝŵĞŶƐŝŽŶĞƐĚĞϭ͘ϱϬdžϮ͘ϯϱŵĞƚƌŽƐ͘ƐĂƐĚŝŵĞŶƐŝŽŶĞƐƐĞŚĂŶĚĞƚĞƌŵŝŶĂĚŽƉĂƌĂĞůƉĂƐŽĚĞƚŽĚĂƐůĂƐ
ŝŶƐƚĂůĂĐŝŽŶĞƐ ĞůĠĐƚƌŝĐĂƐ LJ ƚĞŶŐĂŶ ƵŶĂ ŚŽůŐƵƌĂ ƉĂƌĂ ƐƵ ƌĞƐƉĞĐƚŝǀĂ ŝŶƐƚĂůĂĐŝſŶ LJ ĨƵƚƵƌŽ ŵĂŶƚĞŶŝŵŝĞŶƚŽ͕ ĞŶ
ĞƐƉĞĐŝĂůůĂƐĂĐŽŵĞƚŝĚĂƐLJĂƋƵĞŽĐƵƉĂƌĄŶĞůŵĂLJŽƌƉŽƌĐĞŶƚĂũĞĚĞůŽƐĚƵĐƚŽƐ͘
ůĚƵĐƚŽ͕ĂƚƌĂǀĞƐĂƌĄĚĞƐĚĞĞůWŝƐŽϯŚĂƐƚĂĞů^ƵďƐƵĞůŽϯ͘^ĞƌĞĐŽůĞĐƚĂƌĄƚŽĚĂƐůĂƐĂĐŽŵĞƚŝĚĂƐŚĂƐƚĂůůĞŐĂƌĂůŽƐ
ƚĂďůĞƌŽƐĚĞĚŝƐƚƌŝďƵĐŝſŶƉƌŝŶĐŝƉĂů;dWͿ͘sĞƌŶĞdžŽϰϱ͘

ůĚƵĐƚŽĞƐƚĄĂƐŝŐŶĂĚŽĞŶĞŶƚƌĞůŽƐĞũĞƐ͞,Ϯ͛͟LJ͞/Ϯ͕͛͟ƐƵƐĚŝŵĞŶƐŝŽŶĞƐƐŽŶĚĞϭdžϭ͘ϱϲŵĞƚƌŽƐLJƐƵƌĞĐŽƌƌŝĚŽ
ǀĂ ĚĞƐĚĞ Ğů WŝƐŽ ϯ ŚĂƐƚĂ ůĂ WůĂŶƚĂ ĂũĂ͘ WĂƌĂ ƋƵĞ ůĂƐ ĂĐŽŵĞƚŝĚĂƐ ůůĞŐƵĞŶ ŚĂƐƚĂ ůŽƐ ƚĂďůĞƌŽƐ ƉƌŝŶĐŝƉĂůĞƐ͕
ĚĞƐĞŵďŽĐĂƌĄĂůĚƵĐƚŽŵĞĚŝĂŶƚĞĐĂŶĂůĞƚĂŵĞƚĄůŝĐĂƋƵĞƐĞŽďƐĞƌǀĂĞŶĞůŶĞdžŽϰϳ͘

&ŝŶĂůŵĞŶƚĞ͕ƚĞŶĞŵŽƐĞůĚƵĐƚŽƋƵĞƐĞƵďŝĐĂĞŶƚƌĞůŽƐĞũĞƐ͞<ϵ͟LJ͞>ϵ͘͟ƐƚĞĚƵĐƚŽƚĞŶĚƌĄĚŝŵĞŶƐŝŽŶĞƐĚĞϭ͘ϵϬ
džϭ͘ϮϬŵĞƚƌŽƐ͘^ƵƌĞĐŽƌƌŝĚŽƐĞƌĄĚĞƐĚĞĞůWŝƐŽϯŚĂƐƚĂĞů^ƵďƐƵĞůŽϮ͕ĚĞƐĚĞĂŚşƐĞĚŝƌŝŐŝƌĄŶůĂƐĂĐŽŵĞƚŝĚĂƐǀşĂ
ĐĂŶĂůĞƚĂŵĞƚĄůŝĐĂŚĂƐƚĂĞůĚƵĐƚŽƉĂƌĂƉŽĚĞƌůůĞŐĂƌĂů^ƵďƐƵĞůŽϯLJƉŽƐƚĞƌŝŽƌŵĞŶƚĞĐŽŶĞĐƚĂƌƐĞĂůŽƐƚĂďůĞƌŽƐ
ĚĞĚŝƐƚƌŝďƵĐŝſŶƉƌŝŶĐŝƉĂůĐŽƌƌĞƐƉŽŶĚŝĞŶƚĞƐ͘sĞƌŶĞdžŽϰϱ͘
ϯϯ


ĂďĞ ĚĞƐƚĂĐĂƌ ƋƵĞ ĞŶ ůĂ ƵďŝĐĂĐŝſŶ ĂƌƋƵŝƚĞĐƚſŶŝĐĂ ĚĞ ůŽƐ ƚĂďůĞƌŽƐ ĚĞ ĚŝƐƚƌŝďƵĐŝſŶ ƉƌŝŶĐŝƉĂů ĞƐ ĞŶ Ğů ŶŝǀĞů ĚĞů
ƐƵďƐƵĞůŽ ϯ ;EͲ ϭϭ͘ϱϬͿũƵŶƚŽ Ăů ĞĚŝĨŝĐŝŽ ;ŶĞdžŽ ϰϰͿ͘ WĂƌĂ ůůĞŐĂƌ ƚŽĚĂƐ ůĂƐ ĂĐŽŵĞƚŝĚĂƐ Ăů ĐƵĂƌƚŽ ĚĞ ůŽƐ ƚĂďůĞƌŽƐ
ƉƌŝŶĐŝƉĂůĞƐ ƐĞ ŚĂ ĚŝƐĞŹĂĚŽ ƵŶ ƌĞĐŽƌƌŝĚŽ ĚĞ ĐĂŶĂůĞƚĂƐ ŵĞƚĄůŝĐĂƐ ĚĞ ϴϬϬ dž ϭϱϬ dž ϮϰϬϬ ŵŵ ;>dždžWͿ ĐŽŵŽ ƐĞ
ƉƵĞĚĞǀĞƌĞŶĞůĂŶĞdžŽĂŶƚĞƌŝŽƌŵĞŶƚĞŵĞŶĐŝŽŶĂĚŽ͘>ĂĚŝŵĞŶƐŝſŶĚĞůĂĐĂŶĂůĞƚĂĞƐůĂŵĄƐŐƌĂŶĚĞĚŝƐƉŽŶŝďůĞĞŶ
Ğů ŵĞƌĐĂĚŽ LJ ĞƐƚĄ ƉĞŶƐĂĚĂ ĞŶ ůĂ ĐĂŶƚŝĚĂĚ ĚĞ ĐĂďůĞƐ ƋƵĞ ƐĞ ƚƌĂŶƐƉŽƌƚĂƌĄŶ ŚĂƐƚĂ ůůĞŐĂƌ Ă ůŽƐ ƚĂďůĞƌŽƐ ĚĞ
ĚŝƐƚƌŝďƵĐŝſŶƉƌŝŶĐŝƉĂů͘

Ŷ Ğů ƉŝƐŽ ϯ͕ ƐĞ ƚŽŵĂ ůĂ ŵŝƐŵĂ ĐĂŶĂůĞƚĂ ƋƵĞ ƐĞ ŽĐƵƉĂ ƉĂƌĂ ůĂƐ Ğů ƉĂƐŽ ĚĞ ůĂƐ ŝŶƐƚĂůĂĐŝŽŶĞƐ ĚĞ ĨƵĞƌnjĂ LJ ĚĞ
ŝůƵŵŝŶĂĐŝſŶƐĞƉĂƐĂƌĄůĂƐĂĐŽŵĞƚŝĚĂƐĐŽŵŽŵƵĞƐƚƌĂĞŶĞůŶĞdžŽϰϵ͘

ůƌĞĐŽƌƌŝĚŽĚĞůĂƐĐĂŶĂůĞƚĂƐƐŽŶũƵŶƚŽĂůĂƐĐŽůƵŵŶĂƐƉŽƌĞĨĞĐƚŽĚĞƐƵũĞĐŝſŶLJƐŽƉŽƌƚĞĚĞůĂƐŵŝƐŵĂƐ͕LJƐƵƐ
ƐŽƉŽƌƚĞƐƐĞƌĄŶƵďŝĐĂĚŽƐĐĂĚĂŵĞƚƌŽƉĂƌĂƋƵĞůĂĐĂŶĂůĞƚĂƌĞƐŝƐƚĂƚĂŶƚŽĞůƉĞƐŽĚĞůŽƐĐĂďůĞƐĐĂůĐƵůĂĚŽƐLJůŽƐ
ƉƌŽLJĞĐƚĂĚŽƐĂĨƵƚƵƌŽLJĞůƉĞƐŽŵŝƐŵŽĚĞůĂĐĂŶĂůĞƚĂ͘

^ĞŚĂŽƉƚĂĚŽƉŽƌƵƚŝůŝnjĂƌƵŶĂĐĂŶĂůĞƚĂƚŝƉŽĚƵĐƚŽĐůŝƉĐŽŶďĂƐĞƚƌŽƋƵĞůĂĚĂƉĂƌĂƋƵĞĞdžŝƐƚĂĐŝƌĐƵůĂĐŝſŶĚĞĂŝƌĞ
ĞŶůŽƐĐĂďůĞƐLJŶŽĞdžŝƐƚĂƐŽďƌĞĐĂůĞŶƚĂŵŝĞŶƚŽĚĞůŽƐŵŝƐŵŽƐLJĂĨĞĐƚĞĞůĂŝƐůĂŵŝĞŶƚŽ͘>ĂĐĂŶĂůĞƚĂŵĞƚĄůŝĐĂĞƐƚĄ
ĨĂďƌŝĐĂĚŽ Ă ƉĂƌƚŝƌ ĚĞ ůĄŵŝŶĂ ĚĞ ĂĐĞƌŽ ƉƌĞŐĂůǀĂŶŝnjĂĚŽ ^dD ϱϵϯ 'ƌ ϲϬ ŵĞĚŝĂŶƚĞ ƉƌŽĐĞƐŽƐ ĚĞ ƚƌŽƋƵĞůĂĚŽ LJ
ĚŽďůĂĚŽ͘



&ŝŐƵƌĂϭϴ͘ͲĂŶĚĞũĂĚƵĐƚŽĐůŝƉĐŽŶďĂƐĞƚƌŽƋƵĞůĂĚĂLJƚĂƉĂ

>ĂĞdžŝƐƚĞŶĐŝĂĞŶĞůŵĞƌĐĂĚŽĚĞůŽƐƚŝƉŽƐĚĞĐĂŶĂůĞƚĂ͕ƐĞĞƐĐŽŐŝſůĂƚŝƉŽĚƵĐƚŽĐůŝƉĐŽŶďĂƐĞƚƌŽƋƵĞůĂĚĂƉŽƌůĂƐ
ƌĂnjŽŶĞƐĂŶƚĞƌŝŽƌŵĞŶƚĞŵĞŶĐŝŽŶĂĚĂƐLJŶŽůĂĐĂŶĂůĞƚĂ ƚŝƉŽĞƐĐĂůĞƌŝůůĂƉŽƌŵŽƚŝǀŽƐĚĞůĂůƚŽşŶĚŝĐĞĚĞƐƵĐŝĞĚĂĚ
ƋƵĞ ǀĂ ĞdžŝƐƚŝƌ ĞŶ Ğů ŵĞĚŝŽ ĚŽŶĚĞ ƐĞ ŝŶƐƚĂůĂƌĄŶ ĚŝĐŚĂƐ ĐĂŶĂůĞƚĂƐ͘ WŽƌ ƚĂů ŵŽƚŝǀŽ LJ ĞǀŝƚĂƌ Ƌ  ƐĞ ĞŶƐƵĐŝĞŶ LJ
ĚĞƚĞƌŝŽƌĞŶ ůŽƐ ĐĂďůĞƐ ƐĞ ĚŝƐƉŽŶĞ ĚĞ ƵŶĂ ĐĂŶĂůĞƚĂ ĐĞƌƌĂĚĂ ĐŽŶ ƚĂƉĂ LJ ďĂƐĞ ƚƌŽƋƵĞůĂĚĂ ƉĂƌĂ ůĂ ĐŝƌĐƵůĂĐŝſŶ ĚĞ
ĂŝƌĞ͘

ϰ͘Ϯ͘dĂďůĞƌŽƐƚŝƉŽĐĞŶƚƌŽĚĞĐĂƌŐĂ͘
>ŽƐ ƚĂďůĞƌŽƐ ƚŝƉŽ ĐĞŶƚƌŽ ĚĞ ĐĂƌŐĂ ĞƐƚĂƌĄŶ ƵďŝĐĂĚŽƐ ũƵŶƚŽ Ă ůŽƐ ĚƵĐƚŽƐ ƉĂƌĂ ŝŶƐƚĂůĂĐŝŽŶĞƐ ĞůĠĐƚƌŝĐĂƐ ƋƵĞ
ŚĂďşĂŵŽƐ ŵĞŶĐŝŽŶĂĚŽ ĂŶƚĞƌŝŽƌŵĞŶƚĞ͘ Ŷ ĐĂĚĂ ƉŝƐŽ ĞƐƚĄ ĂƐŝŐŶĂĚŽ ƐƵ ĐƵĂƌƚŽ ĚĞ ƚĂďůĞƌŽƐ ĚŽŶĚĞ ƌĞƐƚƌŝŶŐĞ Ğů
ĂĐĐĞƐŽĂůĚƵĐƚŽĞůĠĐƚƌŝĐŽĂƉĞƌƐŽŶĂůĐĂƉĂĐŝƚĂĚŽŽĚĞŵĂŶƚĞŶŝŵŝĞŶƚŽ͘
ϯϰ


>ŽƐ ƚŝƉŽƐ ĚĞ ƚĂďůĞƌŽƐ ƐĞ ŚĂŶ ƵƚŝůŝnjĂĚŽ Ğů ĐſĚŝŐŽ ĞŶ ďĂƐĞ Ă ůŽƐ ĐĂƚĄůŽŐŽƐ ĞdžŝƐƚĞŶƚĞƐ ĚĞ ůĂ ŵĂƌĐĂ ^ƋƵĂƌĞͲ
ĐŽŶƐŝĚĞƌĂŶĚŽ ůĂ ĐŽƌƌŝĞŶƚĞ ŵĄdžŝŵĂ ƋƵĞ ƉƵĞĚĞ ƐŽƉŽƌƚĂƌ ůĂƐ ďĂƌƌĂƐ ĚĞ ĐĂĚĂ ĐĞŶƚƌŽ ĚĞ ĐĂƌŐĂ LJ ůŽƐ ĞƐƉĂĐŝŽƐ
ĚŝƐƉŽŶŝďůĞƐ ĞŶ Ğů ŵŝƐŵŽ͘ Ŷ Ğů ĐĂƐŽ ĚĞ ŶŽ ĐƵŵƉůŝƌ ĐŽŶ ůĂƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ĚĞ ĞƐƉĂĐŝŽƐ ƉĂƌĂ ďƌĞĂŬĞƌƐ Ž ůĂ
ĐŽƌƌŝĞŶƚĞŵĄdžŝŵĂƋƵĞƐŽƉŽƌƚĂ͕ƐĞƉƌŽĐĞĚĞƌĄĂƵƚŝůŝnjĂƌƵŶƚĂďůĞƌŽĞƐƉĞĐŝĂůƋƵĞƚĞŶĚƌĄƋƵĞĐŽŶƐƚƌƵŝƌƐĞĞŶďĂƐĞĂ
ůĂƐĞƐƉĞĐŝĨŝĐĂĐŝŽŶĞƐƐŽůŝĐŝƚĂĚĂƐ͘




ƵĂĚƌŽϭϭ͘ͲdĂďůĞƌŽƐƚƌŝĨĄƐŝĐŽƐƚŝƉŽĐĞŶƚƌŽĚĞĐĂƌŐĂ

WĂƌĂƉŽĚĞƌƌĞĂůŝnjĂƌĞůĐĄůĐƵůŽĚĞůĂƐĂĐŽŵĞƚŝĚĂƐƉĂƌĂĐĂĚĂƚĂďůĞƌŽ͕ƐĞƚŝĞŶĞƋƵĞƌĞĂůŝnjĂƌĞůĞƐƚƵĚŝŽĚĞĐĂƌŐĂLJ
ĚĞŵĂŶĚĂƌĞƐƉĞĐƚŝǀŽ͘WĂƌĂĞůůŽƐĞŚĂĚŝǀŝĚŽůĂƐĐĂƌŐĂƐĚĞĨŽƌŵĂƋƵĞƐĞĂƐŝŐŶĞŶůŽƐƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐƋƵĞǀĂŶĂ
ƌĞĂůŝnjĂƌĞůƐƵŵŝŶŝƐƚƌŽĚĞĞŶĞƌŐşĂ͕ƉŽƌĞůǀŽůƚĂũĞĚĞƐĂůŝĚĂĞŶďĂũĂƚĞŶƐŝſŶ͘




ƵĂĚƌŽϭϮ͘Ͳ/ŶƚĞƌƌƵƉƚŽƌĞƐƚĞƌŵŽŵĂŐŶĠƚŝĐŽƐĞŶĐŚƵĨĂďůĞƐ

ĞŶƚƌŽĚĞůŽƐĐĞŶƚƌŽƐĚĞĐĂƌŐĂ͕ƐĞŝŶƐƚĂůĂƌĄŶŝŶƚĞƌƌƵƉƚŽƌĞƐƚĞƌŵŽŵĂŐŶĠƚŝĐŽƐĂƵƚŽŵĄƚŝĐŽƐĞŶĐŚƵĨĂďůĞƐĂůŽƐ
ĐĞŶƚƌŽƐĚĞĐĂƌŐĂƚŝƉŽYK>ƋƵĞƐĞƉƵĞĚĞĂƉƌĞĐŝĂƌĞŶůŽƐĐƵĂĚƌŽƐĂŶƚĞƌŝŽƌĞƐ͘

ϰ͘ϯ͘ƐƚƵĚŝŽĚĞĐĂƌŐĂLJĚĞŵĂŶĚĂ͘
ŽŵŽ ŚĂďşĂŵŽƐ ŵĞŶĐŝŽŶĂĚŽ ĞŶ Ğů ĐĂƉşƚƵůŽ Ϯ͕ Ğů ƐŝƐƚĞŵĂ ĞůĠĐƚƌŝĐŽ ŐĞŶĞƌĂů ƚŝĞŶĞ ϯ ƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ ƉĂƌĂ
ƐĂƚŝƐĨĂĐĞƌĐŽŶůĂĚĞŵĂŶĚĂĞůĠĐƚƌŝĐĂ͘
ůĞƐƚƵĚŝŽĚĞĐĂƌŐĂLJĚĞŵĂŶĚĂƐĞůŽƌĞĂůŝnjſĞŶďĂƐĞĂůŽƐƉƌŽĐĞĚŝŵŝĞŶƚŽƐŝŶĚŝĐĂĚŽƐĞŶůĂƐŶŽƌŵĂƐĚĞůĂY^
ƉĂƌƚĞ͘


ϯϱ

 

&ŝŐƵƌĂϭϵ͘ͲŶĐĂďĞnjĂĚŽĞƐƚƵĚŝŽĚĞĐĂƌŐĂLJĚĞŵĂŶĚĂ

ůĞƐƚƵĚŝŽĚĞĐĂƌŐĂĚĞĐĂĚĂĐĞŶƚƌŽĚĞĐĂƌŐĂƐĞĚŝǀŝĚĞĞŶůĂƐƐŝŐƵŝĞŶƚĞƐĐŽůƵŵŶĂƐ͗
ϭ͘
EƷŵĞƌŽĚĞĐŝƌĐƵŝƚŽ͘ͲƐƚĂĐŽůƵŵŶĂŝŶĚŝĐĂĞůŶƷŵĞƌŽĚĞĐŝƌĐƵŝƚŽLJůĂĐĂŶƚŝĚĂĚĚĞĞƐƉĂĐŝŽƐƋƵĞŽĐƵƉĂƌĄ
ĞŶĞůĐĞŶƚƌŽĚĞĐĂƌŐĂ͘
Ϯ͘
ĞƐĐƌŝƉĐŝſŶ͘Ͳ/ŶĚŝĐĂĞůŶŽŵďƌĞĂƋƵŝĞŶƉĞƌƚĞŶĞĐĞĞƐĞĞƋƵŝƉŽ͘
ϯ͘
ĂŶƚŝĚĂĚ͘ͲƐůĂĐĂŶƚŝĚĂĚĚĞůŽƐĞůĞŵĞŶƚŽƐƋƵĞƐĞŝŶƐƚĂůĂŶĞŶĞƐĞĐŝƌĐƵŝƚŽ͘
ϰ͘
WŽƚĞŶĐŝĂŶŽŵŝŶĂů͘ͲƐůĂƉŽƚĞŶĐŝĂŶŽŵŝŶĂůĚĞĐĂĚĂĞůĞŵĞŶƚŽĞŶĞůĐŝƌĐƵŝƚŽ͘
ϱ͘
dĞŶƐŝſŶ͘ͲƐĞůǀŽůƚĂũĞĞŶĞůĐƵĂůǀĂĂƐĞƌĂůŝŵĞŶƚĂĚŽ͘
ϲ͘
&ĂĐƚŽƌ ĚĞ ĨƌĞĐƵĞŶĐŝĂ ƵŶŝƚĂƌŝĂ͘Ͳ ĚĞƚĞƌŵŝŶĂ ůĂ ŝŶĐŝĚĞŶĐŝĂ ĞŶ ƉŽƌĐĞŶƚĂũĞ ĚĞ ůĂ ĐĂƌŐĂ ĐŽƌƌĞƐƉŽŶĚŝĞŶƚĞ Ăů
ĐŽŶƐƵŵŝĚŽƌ ĐŽŵĞƌĐŝĂů Ž ŝŶĚƵƐƚƌŝĂů ĚĞ ŵĄdžŝŵĂƐ ƉŽƐŝďŝůŝĚĂĚĞƐ ƐŽďƌĞ ĂƋƵĞů ƋƵĞ ƚŝĞŶĞ ĐŽŶĚŝĐŝŽŶĞƐ
ƉƌŽŵĞĚŝŽ LJ ƋƵĞ ƐĞ ĂĚŽƉƚĂ ĐŽŵŽ ƌĞƉƌĞƐĞŶƚĂƚŝǀŽ ĚĞů ŐƌƵƉŽ ƉĂƌĂ ƉƌŽƉſƐŝƚŽƐ ĚĞ ĞƐƚŝŵĂĐŝſŶ ĚĞ ůĂ
ĚĞŵĂŶĚĂĚĞĚŝƐĞŹŽ͘^ĞƌĄĚĞƚĞƌŵŝŶĂĚŽƉĂƌĂĐĂĚĂƵŶĂĚĞůĂƐĐĂƌŐĂƐŝŶƐƚĂůĂĚĂƐĞŶĨƵŶĐŝſŶĚĞůŶƷŵĞƌŽ
ĚĞ ƵƐƵĂƌŝŽƐ ƋƵĞ ƐĞ ĐŽŶƐŝĚĞƌĂ ƋƵĞ ĚŝƐƉŽŶĞŶ ĚĞů ĞƋƵŝƉŽ ĐŽƌƌĞƐƉŽŶĚŝĞŶƚĞ ĚĞŶƚƌŽ ĚĞů ŐƌƵƉŽ ĚĞ
ĐŽŶƐƵŵŝĚŽƌĞƐ͖ ǀĂůĞ ĚĞĐŝƌ͕ ƋƵĞ ĂƋƵĞůůŽƐ ĞƋƵŝƉŽƐ ĚĞ ůŽƐ ĐƵĂůĞƐ ĚŝƐƉŽŶĚƌĄŶ ůĂ ŵĂLJŽƌ ƉĂƌƚĞ ĚĞ ůŽƐ
ƵƐƵĂƌŝŽƐĐŽŵĞƌĐŝĂůĞƐŽŝŶĚƵƐƚƌŝĂůĞƐƚĞŶĚƌĄŶƵŶĨĂĐƚŽƌĐƵLJĂŵĂŐŶŝƚƵĚƐĞƵďŝĐĂƌĄĞŶĞůƌĂŶŐŽƐƵƉĞƌŝŽƌLJ
ĂƋƵĞůůŽƐĐƵLJĂƵƚŝůŝnjĂĐŝſŶƐĞĂůŝŵŝƚĂĚĂƚĞŶĚƌĄŶƵŶĨĂĐƚŽƌĚĞŵĂŐŶŝƚƵĚŵĞĚŝĂLJďĂũĂ͘
ϳ͘
ĂƌŐĂŝŶƐƚĂůĂĚĂƌĞƉƌĞƐĞŶƚĂƚŝǀĂ͘ͲƐůĂƉŽƚĞŶĐŝĂƚŽƚĂůŝŶƐƚĂůĂĚĂĞŶĞůĐŝƌĐƵŝƚŽŵƵůƚŝƉůŝĐĂĚŽƉŽƌĞůĨĂĐƚŽƌ
ĚĞĨƌĞĐƵĞŶĐŝĂƵŶŝƚĂƌŝĂ͘
ϴ͘
&ĂĐƚŽƌĚĞƐŝŵƵůƚĂŶĞŝĚĂĚ͘ͲƐůĂŝŶĐŝĚĞŶĐŝĂĚĞůĂĐĂƌŐĂĐŽŶƐŝĚĞƌĂĚĂĞŶůĂĚĞŵĂŶĚĂĐŽŝŶĐŝĚĞŶƚĞĚƵƌĂŶƚĞ
ĞůƉĞƌşŽĚŽĚĞŵĄdžŝŵĂƐŽůŝĐŝƚĂĐŝſŶ͘^ĞƌĄĞƐƚĂďůĞĐŝĚŽĞŶĨƵŶĐŝſŶĚĞůĂĨŽƌŵĂĚĞƵƚŝůŝnjĂĐŝſŶĚĞĂƉĂƌĂƚŽƐ͕
ĂƌƚĞĨĂĐƚŽƐ͕ĞƋƵŝƉŽƐ͕ŵĂƋƵŝŶĂƌŝĂƐ͕ĞƚĐ͘ƉĂƌĂƵŶĂĂƉůŝĐĂĐŝſŶĚĞƚĞƌŵŝŶĂĚĂ͘
ϵ͘
ĞŵĂŶĚĂ ŵĄdžŝŵĂ ƵŶŝƚĂƌŝĂ͘Ͳ Ɛ ůĂ ĚĞŵĂŶĚĂ ŵĄdžŝŵĂ ĚĞů ĐŝƌĐƵŝƚŽ͕ ĞƐƚĂ ƐĞ ĞdžƉƌĞƐĂ ƐĞ ŽďƚŝĞŶĞ ĚĞ ůĂ
ŵƵůƚŝƉůŝĐĂĐŝſŶĚĞůĂĐĂƌŐĂŝŶƐƚĂůĂĚĂƌĞƉƌĞƐĞŶƚĂƚŝǀĂLJĞůĨĂĐƚŽƌĚĞƐŝŵƵůƚĂŶĞŝĚĂĚ͘
ϭϬ͘
ŽƌƌŝĞŶƚĞ͘ͲƐůĂĐŽƌƌŝĞŶƚĞƚŽƚĂůĚĞůĐŝƌĐƵŝƚŽ͘ƐƚĂƐĞĚĞƚĞƌŵŝŶĂĐŽŶĞůǀĂůŽƌĚĞƉŽƚĞŶĐŝĂĚĞůĂĚĞŵĂŶĚĂ
ŵĄdžŝŵĂƵŶŝƚĂƌŝĂLJĞůǀŽůƚĂũĞĚĞƵƐŽĚĞůĐŝƌĐƵŝƚŽ͘
ϭϭ͘
WƌŽƚĞĐĐŝſŶ ĚĞů ĐŝƌĐƵŝƚŽ͘Ͳ >Ă ƉƌŽƚĞĐĐŝſŶ ĚĞů ĐŝƌĐƵŝƚŽ ƐĞ ŽďƚŝĞŶĞ ĚĞ ůĂ ĐŽƌƌŝĞŶƚĞ ƚŽƚĂů ĚĞů ĐŝƌĐƵŝƚŽ
ŝŶĐƌĞŵĞŶƚĂĚŽƵŶϮϱйĂĚŝĐŝŽŶĂů͘
ϭϮ͘
ƋƵŝůŝďƌŝŽĚĞĨĂƐĞƐ͘ͲƋƵşƐĞŝŶĚŝĐĂƌĄĂƋƵĞĨĂƐĞĚĞůĐĞŶƚƌŽĚĞĐĂƌŐĂƐĞƌĄŝŶƐƚĂůĂĚŽĞůĐŝƌĐƵŝƚŽĐĂůĐƵůĂĚŽ͘
ϭϯ͕ϭϰLJϭϱ͘^ĞŝŶĚŝĐĂƌĄĞůǀĂůŽƌĚĞůĂĐŽƌƌŝĞŶƚĞƋƵĞƐĞŝŶƐƚĂůĂƌĄĞŶĐĂĚĂĨĂƐĞĞŶĨƵŶĐŝſŶĚĞůĂƐĞůĞĐĐŝſŶĚĞůĂ
ĐŽůƵŵŶĂϭϮ͕ƋƵĞĞƋƵŝůŝďƌĂƌĄůĂƐĨĂƐĞƐ͘

ůďĂůĂŶĐĞĚĞĨĂƐĞƐƉĞƌŵŝƚĞĚŝƐŵŝŶƵŝƌůĂƐƉĠƌĚŝĚĂƐƚĠĐŶŝĐĂƐĞŶĞůƐŝƐƚĞŵĂĂƵŶĐŽƐƚŽƌĞůĂƚŝǀĂŵĞŶƚĞďĂũŽĚĂĚŽ
ƉŽƌ ůŽƐ ĐĂŵďŝŽƐ ĨşƐŝĐŽƐ ƋƵĞ ƐĞ ĚĞďĞŶ ƌĞĂůŝnjĂƌ ĞŶ Ğů ƐŝƐƚĞŵĂ͘ ĂĚĂ ĐĂŵďŝŽ ƌĞĂůŝnjĂĚŽ ĞŶ ƵŶĂ ĐĂƌŐĂ Ž ƵŶ
ƚƌĂŶƐĨŽƌŵĂĚŽƌ ŝŶĐƵƌƌĞ ĞŶ ƵŶ ĐŽƐƚŽ ĚŝƌĞĐƚŽ ĚĂĚŽ ƉŽƌ ůĂ ĐŽŶƚƌĂƚĂĐŝſŶ ĚĞ ƉĞƌƐŽŶĂů͕ Ğ ŝŶĚŝƌĞĐƚŽ ƉŽƌ ůŽƐ ĐŽƐƚŽƐ
ĂƐŽĐŝĂĚŽƐĂůĐŽƌƚĞĚĞůƐĞƌǀŝĐŝŽŶĞĐĞƐĂƌŝŽƉĂƌĂƌĞĂůŝnjĂƌĞůĐĂŵďŝŽLJĞůĐƵĂůƉƵĞĚĞĞƐƚĂƌůŝŵŝƚĂĚŽƉŽƌůĂƌĞŐƵůĂĐŝſŶ
ĞdžŝƐƚĞŶƚĞ͘ WŽƌ ƚĂů ƌĂnjſŶ͕ ĂƵŶƋƵĞ Ğů ƉƌŽďůĞŵĂ ĞƐ ƉůĂŶƚĞĂĚŽ ŶŽƌŵĂůŵĞŶƚĞ ƉĂƌĂ ĚŝƐŵŝŶƵŝƌ ƉĠƌĚŝĚĂƐ
ĞdžĐůƵƐŝǀĂŵĞŶƚĞ͕ĞƐĐŽŶǀĞŶŝĞŶƚĞƵŶĂĨŽƌŵƵůĂĐŝſŶŵƵůƚŝͲŽďũĞƚŝǀŽƋƵĞƉĞƌŵŝƚĞĚŝƐŵŝŶƵŝƌůĂƐƉĠƌĚŝĚĂƐƚĠĐŶŝĐĂƐĂƐş
ĐŽŵŽůŽƐŐĂƐƚŽƐĂƐŽĐŝĂĚŽƐĂůŽƐĐĂŵďŝŽƐƋƵĞĚĞďĞŶƐĞƌĞĨĞĐƚƵĂĚŽƐĞŶĞůƐŝƐƚĞŵĂ͘


ϯϲ

Ŷ Ğů ĐĂƐŽ ĚĞ ĞdžŝƐƚŝƌ ĚĞƐďĂůĂŶĐĞŽ ĚĞ ĨĂƐĞƐ͕ ůĂ ĐĂƉĂĐŝĚĂĚ ĚĞů ĞƋƵŝƉŽ ƵƐĂĚŽ ƐĞ ǀĞƌĄ ĂĨĞĐƚĂĚĂ͕ ƉƌŽĚƵĐŝƌĄ
ƐŽďƌĞĐĂůĞŶƚĂŵŝĞŶƚŽLJĞƐƚŽƉƌŽĚƵĐŝƌĄƉĠƌĚŝĚĂƐƉŽƌĐĂůŽƌ;ďĂũĂŶĚŽůĂĐĂƉĂĐŝĚĂĚͿ͘

>ŽƐ ĚĞƐďĂůĂŶĐĞƐ ŵƵLJ ĨƵĞƌƚĞƐ͕ ƉƌŽĚƵĐŝƌĄŶ ƉŽƌ ĞũĞŵƉůŽ ǀĂƌŝĂĐŝŽŶĞƐ ĞŶ Ğů ǀŽůƚĂũĞ͘ ƵĂŶĚŽ ƐĞ ƚŝĞŶĞ ŝŶƐƚĂůĂĚŽ
ĐĂƌŐĂƐ ƚƌŝĨĄƐŝĐĂƐ ŶŽ ŚĂLJ ƉƌŽďůĞŵĂƐ͕ ƉĞƌŽ ĐƵĂŶĚŽ ƐĞ ƚŝĞŶĞ ĐĂƌŐĂƐ ŵŽŶŽĨĄƐŝĐĂƐ͕ ĞdžŝƐƚĞ ĐŽŵƉůŝĐĂĐŝŽŶĞƐ͘
ƵĂŶĚŽůĂĐŽŶĞdžŝſŶĞƐĚĞůƚĂĞƐŵĄƐĚŝĨşĐŝůƋƵĞĞdžŝƐƚĂŶĚĞƐďĂůĂŶĐĞƐ;ĂŵĞŶŽƐƋƵĞŚĂLJĂŶĨĂůůĂƐĞŶĞůƐŝƐƚĞŵĂͿ͕
ůŽƐĚĞƐďĂůĂŶĐĞƐƐĞƉƌĞƐĞŶƚĂŶĨƌĞĐƵĞŶƚĞŵĞŶƚĞĞŶƐŝƐƚĞŵĂƐĞƐƚƌĞůůĂLJĐŽŶĐĂƌŐĂƐŵŽŶŽĨĄƐŝĐĂƐ͘

 ĐŽŶƚŝŶƵĂĐŝſŶ͕ ŵŽƐƚƌĂƌĞŵŽƐ ƵŶ ƌĞƐƵŵĞŶ ĚĞ ůŽƐ ƚĂďůĞƌŽƐ ƋƵĞ ĞƐƚĄŶ ŝŶĐůƵŝĚŽƐ ƉŽƌ ĐĂĚĂ ƚƌĂŶƐĨŽƌŵĂĚŽƌ͘ WĂƌĂ
ĨĂĐŝůŝĚĂĚƐĞŚĂĚŝǀŝĚŝĚŽůŽƐƚĂďůĞƌŽƐƉŽƌĐĂĚĂƉŝƐŽLJƐĞĞŶĐŽŶƚƌĂƌĄƚŽĚŽƐůŽƐƌĞƐƵůƚĂĚŽƐĐĂůĐƵůĂĚŽƐ͘;ŶĞdžŽƐϲϱ͕
ϲϲ͕ϲϳͿ͘

WĂƌĂ Ğů ĐĄůĐƵůŽ ĚĞ ůĂƐ ĂĐŽŵĞƚŝĚĂƐ ƉŽƌ ĐĂĚĂ ƐƵďƚĂďůĞƌŽ ƐĞ ůŽ ƌĞĂůŝnjſ ĞŶ ďĂƐĞ Ă ůĂ ĐĂƌŐĂ ĐĂůĐƵůĂĚĂ ;ĐŽůƵŵŶĂ Ϯ
ƚĂďůĂϰ͕ϱLJϲͿ͖ůĂĚŝƐƚĂŶĐŝĂƋƵĞĞdžŝƐƚĞĞŶƚƌĞĞůĐĞŶƚƌŽĚĞĐĂƌŐĂLJĞůƚĂďůĞƌŽĚĞĚŝƐƚƌŝďƵĐŝſŶƉƌŝŶĐŝƉĂů;ĐŽůƵŵŶĂϰͿ͕
ĞůǀŽůƚĂũĞƋƵĞĨƵŶĐŝŽŶĂƌĄĞůĐĞŶƚƌŽĚĞĐĂƌŐĂLJůĂĐĂşĚĂĚĞǀŽůƚĂũĞ͘WĂƌĂĞƐƚĞĐĄůĐƵůŽ͕ƐĞŚĂƉƌĞǀŝƐƚŽƵŶĂĐĂşĚĂĚĞ
ǀŽůƚĂũĞŵĄdžŝŵŽĚĞůϮй͕ƉĂƌĂĞƐƚŽŝŶƚĞƌĨŝĞƌĞůĂĚŝƐƚĂŶĐŝĂĚĞůĂĂĐŽŵĞƚŝĚĂLJůĂĐĂƌŐĂĐĂůĐƵůĂĚĂƉŽƌƚĂďůĞƌŽ͘

/ŶĚŝĐĂƌĞŵŽƐƵŶŽƐĞũĞŵƉůŽƐĚĞĞƐƚƵĚŝŽĚĞĐĂƌŐĂLJĚĞŵĂŶĚĂĚĞĐĂĚĂƐƵďƚĂďůĞƌŽ͘;sĞƌĂŶĞdžŽƐϲϴ͕ϲϵ͕ϳϬ͕ϳϭ͕ϳϮ͕
ϳϯ͕ϳϰ͕ϳϱ͕ϳϲ͕ϳϳͿ͘

WĂƌĂĨĂĐŝůŝƚĂƌĞůĐĄůĐƵůŽĚĞůŽƐĐĂďůĞƐƉĂƌĂůĂƐĂĐŽŵĞƚŝĚĂƐLJƐƵƌĞƐƉĞĐƚŝǀĂĐĂşĚĂĚĞǀŽůƚĂũĞ͕ƐĞƵƚŝůŝnjſƵŶƐŽĨƚǁĂƌĞ
ĞdžĐůƵƐŝǀŽ ƉĂƌĂ Ğů ĐĄůĐƵůŽ ĚĞ ĐĂşĚĂ ĚĞ ǀŽůƚĂũĞ͘ ^Ƶ ŶŽŵďƌĞ ĞƐ Z ;ůĞĐƚƌŝĐĂů ĞƐŝŐŶĞƌ͛Ɛ ZĞĨĞƌĞŶĐĞͿ͕ ƐĞ ƉƵĞĚĞ
ĞŶĐŽŶƚƌĂƌĚŝƐƉŽŶŝďůĞĚĞĨŽƌŵĂŐƌĂƚƵŝƚĂĞŶĞůŝŶƚĞƌŶĞƚ͘

ϰ͘ϰ͘hƐŽĚĞƉƌŽŐƌĂŵĂZ͘

ſŵŽƵƚŝůŝnjĂƌĞůƉƌŽŐƌĂŵĂZƉĂƌĂĞůĐĄůĐƵůŽĚĞĐĂşĚĂĚĞǀŽůƚĂũĞ͘

ϭ͘
hŶĂǀĞnjĂďŝĞƌƚŽĞůƉƌŽŐƌĂŵĂ͕ƐĞůĞĐĐŝŽŶĂƌĞůŵŽĚŽĐĂşĚĂĚĞǀŽůƚĂũĞ͘ϱ

&ŝŐƵƌĂϮϬ͘Ͳ^ĞůĞĐĐŝſŶĚĞŵŽĚŽ͞ĐĂşĚĂĚĞǀŽůƚĂũĞ͟

 
ϱ
&ĄƚŝŵĂDŽƌĂ͘ƐĐƵĞůĂWŽůŝƚĠĐŶŝĐĂEĂĐŝŽŶĂů͘ƐĐƵĞůĂĚĞ&ŽƌŵĂĐŝſŶĚĞdĞĐŶſůŽŐŽƐ͘dĞƐŝƐ͞ƐƚƵĚŝŽĚĞĨĂĐƚŝďŝůŝĚĂĚƉĂƌĂůĂ
ŝŶĐŽƌƉŽƌĂĐŝſŶĚĞƵŶƐŝƐƚĞŵĂƐŽůĂƌĨŽƚŽǀŽůƚĂŝĐŽĞŶĞůĚŝĨŝĐŝŽZdsĐƵĂĚŽƌ͘͟WĄŐ͘ϱϲʹϱϴ͘
ϯϳ

 Ϯ͘
^ĞůĞĐĐŝŽŶĂƌĞůŵŽĚŽĚĞŽ͕ĞƐƚĂďůĞĐĞƌĞůǀŽůƚĂũĞĚĞůĂŝŶƐƚĂůĂĐŝſŶLJůĂĐŽƌƌŝĞŶƚĞƋƵĞǀĂĐŝƌĐƵůĂƌƉŽƌ
ĞůĐŽŶĚƵĐƚŽƌŽůĂƉŽƚĞŶĐŝĂƋƵĞƐĞĐĂůĐƵůŽĞŶĞůĞƐƚƵĚŝŽĚĞĐĂƌŐĂƉƌĞǀŝŽ͘

&ŝŐƵƌĂϮϭ͘Ͳ^ĞůĞĐĐŝſŶĚĞŵŽĚŽ͞Ž͟

ϯ͘
^ĞůĞĐĐŝŽŶĂƌ Ğů ƚŝƉŽ ĚĞ ŵĂƚĞƌŝĂů ĚĞ ůĂ ƚƵďĞƌşĂ Ă ĚŽŶĚĞ ƐĞ ƚƌĂŶƐƉŽƌƚĂƌĄ ůĂ ĂĐŽŵĞƚŝĚĂ͕ ƉĂƌĂ ĞƐƚĞ ĐĂƐŽ͕
ƵƚŝůŝnjĂŵŽƐDd͘ĐŽŶƚŝŶƵĂĐŝſŶƐĞůĞĐĐŝŽŶĂŵŽƐĞůƚŝƉŽĚĞĐŝƌĐƵŝƚŽĐŽŵŽƚƌŝĨĄƐŝĐŽĞŶĞƐƚƌĞůůĂLJĞůĨĂĐƚŽƌ
ĚĞƉŽƚĞŶĐŝĂĚĞϬ͘ϵ͘

&ŝŐƵƌĂϮϮ͘Ͳ^ĞůĞĐĐŝſŶĚĞ͞ƚŝƉŽĚĞĐŝƌĐƵŝƚŽLJĨĂĐƚŽƌĚĞƉŽƚĞŶĐŝĂ͟

ϰ͘
^ĞůĞĐĐŝŽŶĂƌůŽƐƉĂƌĄŵĞƚƌŽƐĚĞůĐĂďůĞ͕ƐĞĐŽŶƐŝĚĞƌĂƌĄŶůŽƐǀĂůŽƌĞƐ͗ƚĞŵƉĞƌĂƚƵƌĂϲϬΣ͕ŵĂƚĞƌŝĂůĐŽďƌĞLJ
ĞůŶƷŵĞƌŽĚĞĐŽŶĚƵĐƚŽƌĞƐƌĞƋƵĞƌŝĚŽƉŽƌĨĂƐĞ͘

&ŝŐƵƌĂϮϯ͘Ͳ^ĞůĞĐĐŝſŶĚĞƉĂƌĄŵĞƚƌŽƐĚĞůĐĂďůĞ

ϱ͘
^ĞůĞĐĐŝŽŶĂƌĞůŵŽĚŽĚĞĚŝƐĞŹŽƉĂƌĂĐĂşĚĂĚĞǀŽůƚĂũĞLJƐĞŝŶŐƌĞƐĂůĂĚŝƐƚĂŶĐŝĂĚĞůĐŽŶĚƵĐƚŽƌĞŶŵĞƚƌŽƐ͘

&ŝŐƵƌĂϮϰ͘Ͳ^ĞůĞĐĐŝſŶĚĞůŵŽĚŽĚĞĚŝƐĞŹŽ

ϲ͘
^ĞůĞĐĐŝŽŶĂƌ ůĂ ŐĂůŐĂ ĚĞ ĐŽŶĚƵĐƚŽƌ ĚĞ ƚĂů ĨŽƌŵĂ ƋƵĞ ůĂ ƉĂŶƚĂůůĂ ĚĞ ƌĞƐƵůƚĂĚŽƐ ŝŶĚŝƋƵĞ ƵŶĂ ĐĂşĚĂ ĚĞ
ǀŽůƚĂũĞŝŶĨĞƌŝŽƌĂůůşŵŝƚĞĞƐƚĂďůĞĐŝĚŽĂŶƚĞƌŝŽƌŵĞŶƚĞ͘

ŶĞƐƚĞĐĂƐŽƚĞŶĞŵŽƐĐŽŵŽĚĂƚŽƐĨŝũŽƐůĂůŽŶŐŝƚƵĚĚĞůĐŽŶĚƵĐƚŽƌĚĞĂĐƵĞƌĚŽĂůĂĚŝƐƚĂŶĐŝĂŝŶĚŝĐĂĚĂƐĞŶ
ůĂƐdĂďůĂƐϱ͕ϲLJϳ͕LJůĂŐĂůŐĂĚĞůŵŝƐŵŽ͕ĐŽŵŽƌĞƐƵůƚĂĚŽƚĞŶĞŵŽƐůĂĐĂşĚĂĚĞǀŽůƚĂũĞĞŶƉŽƌĐĞŶƚĂũĞLJĞŶ
ǀŽůƚŝŽƐĞŶƚƌĞĞdžƚƌĞŵŽƐĚĞůĐŽŶĚƵĐƚŽƌ͘

ϯϴ

 
>ĂŐĂůŐĂĚĞůĐŽŶĚƵĐƚŽƌƐĞŝƌĄĐĂŵďŝĂŶĚŽĂůĞĂƚŽƌŝĂŵĞŶƚĞŚĂƐƚĂƋƵĞůĂĐĂşĚĂĚĞƚĞŶƐŝſŶĠƐƚĞĚĞŶƚƌŽĚĞů
ůşŵŝƚĞƉĞƌŵŝƚŝĚŽ͘ĚŝĐŝŽŶĂůŵĞŶƚĞ͕ŚĂLJƋƵĞƚŽŵĂƌĞŶĐƵĞŶƚĂƋƵĞĞůƉƌŽŐƌĂŵĂŶŽĐŽŶƐŝĚĞƌĂůĂĐĂƉĂĐŝĚĂĚ
ĚĞĐŽƌƌŝĞŶƚĞĚĞůŽƐĐŽŶĚƵĐƚŽƌĞƐ͕ƉŽƌůŽƋƵĞƐĞĚĞďĞƌĞǀŝƐĂƌůĂdĂďůĂϭ͘




&ŝŐƵƌĂϮϱ͘Ͳ^ĞůĞĐĐŝſŶĚĞŐĂůŐĂƐ

ůƉƌŽŐƌĂŵĂZ͕ƉĂƌĂĞůĐĄůĐƵůŽĚĞĐĂşĚĂĚĞƚĞŶƐŝſŶŶŽƚŽŵĂĞŶĐƵĞŶƚĂĞůƚŝƉŽĚĞĂŝƐůĂŵŝĞŶƚŽĚĞůŽƐ
ĐŽŶĚƵĐƚŽƌĞƐĞůĞŐŝĚŽƐ͘

ŶĞůĐĂƐŽĚĞůĐĄůĐƵůŽĚĞůĂƐƉƌŽƚĞĐĐŝŽŶĞƐ;ĐŽůƵŵŶĂϱͿĚĞůŽƐƚĂďůĞƌŽƐƐĞŚĂƵƚŝůŝnjĂĚŽůĂƐŝŐƵŝĞŶƚĞĞĐƵĂĐŝſŶ͗

/dKd>сW;ŬsͿͬ;яϯΎsͿ

ŽŶĚĞůĂƉŽƚĞŶĐŝĂ;WͿƐĞƚŽŵĂƌĄĚĞůĂĚĞŵĂŶĚĂƵŶŝƚĂƌŝĂĚĞůĞƐƚƵĚŝŽĚĞĐĂƌŐĂŝŶĚŝĐĂĚŽĞŶůĂĐŽůƵŵŶĂϯĚĞůĂƐ
ƚĂďůĂƐ ϰ͕ ϱ LJ ϲ͘ Ŷ ůĂ ĐŽůƵŵŶĂ ϲ ƐĞ ƵďŝĐĂƌĄ ůĂƐ ƉƌŽƚĞĐĐŝŽŶĞƐ ĞƐƚĂŶĚĂƌŝnjĂĚĂƐ ďĂƐĄŶĚŽŶŽƐ ĞŶ ůĂ ĐŽƌƌŝĞŶƚĞ
ĐĂůĐƵůĂĚĂ͘

 

ϯϵ

 W/dh>Kϱ

ĄŵĂƌĂĚĞƚƌĂŶƐĨŽƌŵĂĐŝſŶ͘

ϱ͘ϭ͘
ZĞĚĚĞŵĞĚŝĂƚĞŶƐŝſŶ͘

ŽŵŽƉƵĚŝŵŽƐŽďƐĞƌǀĂƌĞŶĞůĐĂƉŝƚƵůŽĂŶƚĞƌŝŽƌ͕ĐĂƉĂĐŝĚĂĚĞƐĚĞůŽƐƚƌĞƐƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐƐŽŶůŽƐƐŝŐƵŝĞŶƚĞƐ͗

sŽůƚĂũĞĚĞ
ĂƉĂĐŝĚĂĚ
EŽŵďƌĞ EŽŵĞŶĐůĂƚƵƌĂ ĨƵŶĐŝŽŶĂŵŝĞŶƚŽ hƐŽ
;ŬsͿ
;sͿ
dƌĂŶƐĨŽƌŵĂĚŽƌ WĂƌĂĂůŝŵĞŶƚĂĐŝſŶĚĞůĂŝůƵŵŝŶĂĐŝſŶ͕ƐŝƐƚĞŵĂĚĞ
ϭ dͲϭ ϯϬϬ ϲϬϬϬͬϮϭϬͬϭϮϭ ĨƵĞƌnjĂŶŽƌŵĂůLJƌĞŐƵůĂĚŽƉĂƌĂŽĨŝĐŝŶĂƐ
dƌĂŶƐĨŽƌŵĂĚŽƌ WĂƌĂĂůŝŵĞŶƚĂĐŝſŶĚĞĞƋƵŝƉŽƐĚĞƚĂůůĞƌĞƐƋƵĞ
Ϯ dͲϮ ϯϬϬ ϲϬϬϬͬϮϮϬͬϭϮϳ ŽĐƵƉĞŶĞůǀŽůƚĂũĞĂϮϮϬs
dƌĂŶƐĨŽƌŵĂĚŽƌ ůŝŵĞŶƚĂĐŝſŶĚĞĞƋƵŝƉŽƐĞƐƉĞĐŝĂůĞƐĚĞƚĂůůĞƌĞƐ
ϯ dͲϯ ϱϬϬ ϲϬϬϬͬϯϲϬͬϮϭϬ ĐƵLJŽǀŽůƚĂũĞĚĞĨƵŶĐŝŽŶĂŵŝĞŶƚŽĞƐϯϲϬs


ƵĂĚƌŽϭϯ͘ͲƵĂĚƌŽĚĞƐĐƌŝƉƚŝǀŽĚĞƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ

hŶĂǀĞnjĐĂůĐƵůĂĚŽůĂĐĂƉĂĐŝĚĂĚLJůĂƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐĚĞůŽƐƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͕ƚĞŶĞŵŽƐƋƵĞĚŝƐĞŹĂƌůĂĂĐŽŵĞƚŝĚĂ
ĚĞ ŵĞĚŝĂ ƚĞŶƐŝſŶ͖ ƉĂƌĂ ĞůůŽ ƚĞŶĞŵŽƐ ƋƵĞ ĐŽŶŽĐĞƌ Ğů ǀŽůƚĂũĞ ĚĞ ůĂƐ ƌĞĚĞƐ ĚĞ ŵĞĚŝĂ ƚĞŶƐŝſŶ ĞdžŝƐƚĞŶƚĞ ĞŶ Ğů
ůƵŐĂƌ͘

&ŝŐƵƌĂϮϲ͘ͲZĞĚĞƐĞůĠĐƚƌŝĐĂƐĞdžŝƐƚĞŶƚĞƐĐĞƌĐĂŶŽƐĂůƚĂůůĞƌĂƵƚŽŵŽƚƌŝnj

ϰϬ

ŽŵŽƉŽĚĞŵŽƐĂƉƌĞĐŝĂƌĞŶůĂĨĂĐƚŝďŝůŝĚĂĚĞůĠĐƚƌŝĐĂƚĞŶĞŵŽƐũƵŶƚŽĂůƚĞƌƌĞŶŽĚŽŶĚĞƐĞĐŽŶƐƚƌƵŝƌĄĞůĞĚŝĨŝĐŝŽ͕
ƵŶĂƚŽƌƌĞĚĞƚƌĂŶƐĨŽƌŵĂĐŝſŶ͕ĞŶĞůĐƵĂůƐĞƉŽĚƌşĂƉƌĞƐĐŝŶĚŝƌĚĞůŵŝƐŵŽLJĚĞƌŝǀĂƌĚĞĞƐĂƌĞĚĞdžŝƐƚĞŶƚĞŚĂĐŝĂ
ŶƵĞƐƚƌĂĐĄŵĂƌĂĚĞƚƌĂŶƐĨŽƌŵĂĐŝſŶ͘

WĂƌĂĞƐƚŽ͕ĚĞďĞŵŽƐĚĞƌŝǀĂƌĐŽŶƵŶƌĞĐŽŶĞĐƚĂĚŽƌĂůƚĞŶĞƌƵŶĂĚĞŵĂŶĚĂŵĂLJŽƌĂϭDs͘ůƌĞĐŽŶĞĐƚĂĚŽƌƐĞƌĄ
ŝŶƐƚĂůĂĚŽĞŶĞůƉŽƐƚĞĚŽŶĚĞƐĞĞŶĐƵĞŶƚƌĂƐŝƚƵĂĚŽĞůƚƌĂŶƐĨŽƌŵĂĚŽƌƉƌŽǀŝƐŝŽŶĂů͕ĐŽŵŽƉŽĚĞŵŽƐĂƉƌĞĐŝĂƌĞŶĞů
ŶĞdžŽϱϭ͕ůĂƵďŝĐĂĐŝſŶĚĞůĂƚŽƌƌĞĚĞƚƌĂŶƐĨŽƌŵĂĐŝſŶLJƐƵůĂĚĞƌŝǀĂĐŝſŶĚĞŵĞĚŝĂƚĞŶƐŝſŶƋƵĞƐĞĚŝƌŝŐŝƌĄŚĂĐŝĂůĂ
ĐĄŵĂƌĂĚĞƚƌĂŶƐĨŽƌŵĂĐŝſŶƵďŝĐĂĚĂĞŶĞůŶŝǀĞůĚĞůƐƵďƐƵĞůŽϯ͘

>ĂĞƐƚƌƵĐƚƵƌĂĚŽŶĚĞƐĞŝŶƐƚĂůĂƌĄĞůƌĞĐŽŶĞĐƚĂĚŽƌLJůĂƐƉƵŶƚĂƐƚĞƌŵŝŶĂůĞƐƋƵĞƐĞĚŝƌŝŐŝƌĄŶĞƐƚĄŶŽƌŵĂůŝnjĂĚŽLJůĂ
ĞƐƚƌƵĐƚƵƌĂƐĞ ůŽ ĚĞŶŽŵŝŶĂ ĞŶ ůĂƐ ŶŽƌŵĂƐ ĚĞ ůĂY^ ƉĂƌƚĞ ď ĐŽŵŽ DEϭ͘ ƐƚĂ ĞƐƚƌƵĐƚƵƌĂ ĐŽŵƉŽŶĞ ĚĞ ůŽƐ
ƐŝŐƵŝĞŶƚĞƐĞůĞŵĞŶƚŽƐ͘

ƵĂĚƌŽϭϰ͘Ͳ>ŝƐƚĂĚĞŵĂƚĞƌŝĂůĞƐƉĂƌĂĞƐƚƌƵĐƚƵƌĂDEϭϲ

DĞĚŝĂŶƚĞƵŶĂƐƉƵŶƚĂƐƚĞƌŵŝŶĂůĞƐƉĂƌĂĐĂďůĞEΣϮt'͕ƐĞƌĞĂůŝnjĂƌĄƵŶĂďĂũĂŶƚĞƉŽƌĞůƉŽƐƚĞŵĞĚŝĂŶƚĞƚƵďĞƌşĂ
ŵĞƚĄůŝĐĂŐĂůǀĂŶŝnjĂĚĂŚĂƐƚĂůůĞŐĂƌĂƵŶƉŽnjŽĞůĠĐƚƌŝĐŽĂƉƚŽƉĂƌĂŵĞĚŝĂƚĞŶƐŝſŶĐƵLJĂƐĚŝŵĞŶƐŝŽŶĞƐƐŽŶĚĞϭϬϬdž
ϭϬϬ dž ϭϲϬ Đŵ ;>dždž,Ϳ ĞŶ Ğů ĐƵĂů ƐĞ ƉƵĞĚĞ ĚŝƌŝŐŝƌ ƚŽĚĂ ůĂ ĂĐŽŵĞƚŝĚĂ ǀşĂ ƐƵďƚĞƌƌĄŶĞĂ ŚĂƐƚĂ ůĂ ĐĄŵĂƌĂ ĚĞ
ƚƌĂŶƐĨŽƌŵĂĐŝſŶ͘

 
ϲ
ŵƉƌĞƐĂůĠĐƚƌŝĐĂYƵŝƚŽ^͘͘EŽƌŵĂƐƉĂƌĂƐŝƐƚĞŵĂĚĞĚŝƐƚƌŝďƵĐŝſŶʹWĂƌƚĞ͘ĂƉ͘ƐƚƌƵĐƚƵƌĂƐƚŝƉŽ͖^ĞĐĐŝſŶϯϬͲϭϰ,ŽũĂϭ
ϰϭ



&ŝŐƵƌĂϮϳ͘ͲƐƋƵĞŵĂƉƵŶƚĂƐƚĞƌŵŝŶĂůĞƐƉĂƌĂƐŝƐƚĞŵĂĚĞĚŝƐƚƌŝďƵĐŝſŶĚĞϲ͘ϯŬsϳ

>ĂĐĂŶĂůŝnjĂĐŝſŶƐƵďƚĞƌƌĄŶĞĂƐĞŚĂƌĄĞŶƵŶĚƵĐƚŽĚĞϰǀşĂƐ;^ͲϰͿĞŶĞůĐƵĂůƐĞƉĂƐĂƌĄƵŶĐĂďůĞηϮt'ƚŝƉŽ
y>W ƉĂƌĂ ϭϱ Ŭs͘ ƐƚĞ ƚŝƉŽ ĚĞ ĐĂďůĞ ĞƐ ĂƉƚŽ ƉĂƌĂ ůĂ ŝŶƐƚĂůĂĐŝſŶ ƐƵďƚĞƌƌĄŶĞĂ Ăů ƉŽƐĞĞƌ ůĂƐ ƐŝŐƵŝĞŶƚĞƐ
ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ͗

Ͳ
DĂƚĞƌŝĂůĂŝƐůĂŶƚĞ͗WŽůŝĞƚŝůĞŶŽƌĞƚŝĐƵůĂĚŽƌĞƚĂƌĚĂŶƚĞĞdžƚƌĂůŝŵƉŝŽ;y>WͿ͕ŶŝǀĞůĚĞĂŝƐůĂĐŝſŶϭϬϬйƐĞŐƷŶ
/^ϵϯͲϲϯϵ͘
Ͳ
ŽŶĚƵĐƚŽƌĚĞĐŽďƌĞďůĂŶĚŽ͕ĨŽƌŵĂĐŝſŶĐŽŶĐĠŶƚƌŝĐĂĐŽŵƉĂĐƚĂĚĂ͕ƐĞŐƷŶ^dDĐůĂƐĞ͘
Ͳ
dĞŵƉĞƌĂƚƵƌĂĚĞŽƉĞƌĂĐŝſŶĞƐĚĞϵϬΣ͕ĚĞƐŽďƌĞĐĂƌŐĂϭϯϬΣLJĚĞĐŽƌƚŽĐŝƌĐƵŝƚŽĚĞϮϱϬΣ͘
Ͳ
WĂŶƚĂůůĂ ĞůĞĐƚƌŽƐƚĄƚŝĐĂ ĐŽŵƉƵĞƐƚĂ ĚĞ ĂůĂŵďƌĞƐ ĂƉůŝĐĂĚŽƐ ŚĞůŝĐŽŝĚĂůŵĞŶƚĞ ƐŽďƌĞ Ğů ƐĞŵŝĐŽŶĚƵĐƚŽƌ
ĞdžƚĞƌŝŽƌ͘
Ͳ
ƵďŝĞƌƚĂ ĞdžƚĞƌŝŽƌ ĚĞ ƉŽůŝĐůŽƌƵƌŽ ĚĞ ǀŝŶŝůŽ ;WsͿ ĐŽůŽƌ ŶĞŐƌŽ͕ ĞdžƚƌƵŝĚŽ ƐŽďƌĞ ůĂ ƉĂŶƚĂůůĂ ŵĞƚĄůŝĐĂ ĚĞ
ĐŽďƌĞ͕ƉƌŽƚĞŐĞĂůĐŽŶĚƵĐƚŽƌĚĞůŵĞĚŝŽĞdžƚĞƌŶŽ͕ƌĞƚĂƌĚĂŶƚĞĂůĂůůĂŵĂ͕ƌĞƐŝƐƚĞŶƚĞĂůĂƉĞŶĞƚƌĂĐŝſŶĚĞ
ŚƵŵĞĚĂĚ LJ ĂŐƌĞƐŝſŶ ĚĞ ƵŶĂ ŐĂŵĂ ĚĞ ĂŐĞŶƚĞƐ ƋƵşŵŝĐŽƐ ĚĞ ƵƐŽ ŝŶĚƵƐƚƌŝĂů͕ ĄĐŝĚŽƐ͕ ĄůĐĂůŝƐ͕ ƐĞŐƷŶ /
^ϵϯͲϲϯϵ͘

ŽŵŽ ƐĞ ƉŽĚƌĄ ŽďƐĞƌǀĂƌ ĞŶ Ğů ŶĞdžŽ ϱϭ ĚĞů ƌĞĐŽƌƌŝĚŽ ĚĞ ůĂ ĐĂŶĂůŝnjĂĐŝſŶ͕ ŚĂLJ ƋƵĞ ƚŽŵĂƌ ĞŶ ĐƵĞŶƚĂ ƋƵĞ ůŽƐ
ƉŽnjŽƐƐĞĞŶĐƵĞŶƚƌĂŶĂĚŝĨĞƌĞŶƚĞŶŝǀĞů͕ƉŽƌůŽƋƵĞůĂĐĂŶĂůŝnjĂĐŝſŶƉƌŽƉŝĂŵĞŶƚĞĚŝĐŚĂǀĂŝŶĐůŝŶĂĚĂŚĂƐƚĂůůĞŐĂƌĞů
 
ϳ
ŵƉƌĞƐĂůĠĐƚƌŝĐĂYƵŝƚŽ^͘͘EŽƌŵĂƐƉĂƌĂƐŝƐƚĞŵĂĚĞĚŝƐƚƌŝďƵĐŝſŶʹWĂƌƚĞ͘ĂƉ͘ƐƚƌƵĐƚƵƌĂƐƚŝƉŽ͖^ĞĐĐŝſŶϯϬͲϭϰ,ŽũĂϮ
ϰϮ

ŶŝǀĞů ĚĞů ƐŝŐƵŝĞŶƚĞ ƉŽnjŽ͘ Ŷ Ğů ĐĂƐŽ ĚĞ ŶŽ ĐƵŵƉůŝƌ ĐŽŶ ůĂ ƉƌŽĨƵŶĚŝĚĂĚ ŵşŶŝŵĂ ƌĞƋƵĞƌŝĚĂ ƉĂƌĂ ůşŶĞĂƐ
ƐƵďƚĞƌƌĄŶĞĂƐĚĞŵĞĚŝĂƚĞŶƐŝſŶ͕ĞůƉŽnjŽƐĞůŽƌĞĂůŝnjĂƌĄŵĄƐƉƌŽĨƵŶĚŽƉĂƌĂƐƵƉůŝƌĞƐĂĨĂůƚĂ͘

ϱ͘Ϯ͘
ŝƐĞŹŽĚĞůĐƵĂƌƚŽĚĞƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͘

ĞŶƚƌŽ ĚĞů ĐƵĂƌƚŽ ĚĞ ƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ ;Ž ĐĄŵĂƌĂ ĚĞ ƚƌĂŶƐĨŽƌŵĂĐŝſŶͿ ƚĞŶĞŵŽƐ ƋƵĞ ƚŽŵĂƌ ĞŶ ĐƵĞŶƚĂ ƋƵĞ ůĂ
ĞŶƚƌĂĚĂ ĚĞ ůĂ ƌĞĚ ĚĞ ŵĞĚŝĂ ƚĞŶƐŝſŶ ƐĞ ůŽ ƌĞĂůŝnjĂƌĄ ĞŶ ƵŶĂ ĐĞůĚĂ ĚĞ ůůĞŐĂĚĂ ĚĞ ĐĂďůĞƐ ĚŽŶĚĞ ŝŶŐƌĞƐĂƌĄŶ ůŽƐ
ĐĂďůĞƐ ĚĞ ůĂ ĐĂŶĂůŝnjĂĐŝſŶ ĚĞ ŵĞĚŝĂ ƚĞŶƐŝſŶ͘ >Ă ĐĞůĚĂ ƐĞƌĄ ƚŝƉŽ /D͘ >ĂƐ ĞƐƉĞĐŝĨŝĐĂĐŝŽŶĞƐ LJ ĚŝŵĞŶƐŝŽŶĞƐ ƐĞ
ŵƵĞƐƚƌĂŶĂĐŽŶƚŝŶƵĂĐŝſŶ͘

Ͳ
dĞŶƐŝſŶŶŽŵŝŶĂů͗ϯϲŬs
Ͳ
ŽƌƌŝĞŶƚĞŶŽŵŝŶĂů͗ϰϬϬʹϲϯϬ
Ͳ
ŽƌƌŝĞŶƚĞĚĞƌƵƉƚƵƌĂ͗ϭϲŬ
Ͳ
sŝĚĂŵĞĐĄŶŝĐĂ͗ϭϬϬϬŽƉĞƌĂĐŝŽŶĞƐƐĞŐƷŶ/Ϯϲϱ͖ǀŝĚĂĞůĠĐƚƌŝĐĂ͗ϭϬϬĂƉĞƌƚƵƌĂƐĂ/Ŷ͕&WсϬ͘ϳ
Ͳ
ŝŵĞŶƐŝŽŶĞƐ͗ϳϱϬdžϭϮϬϬdžϮϮϱϬŵŵ;>dždž,Ϳ͕ƉĞƐŽ͗ϯϯϬ<Ő͘

&ŝŐƵƌĂϮϴ͘ͲĞůĚĂĚĞůůĞŐĂĚĂĚĞĐĂďůĞƐ

:ƵŶƚŽ Ă ůĂ ĐĞůĚĂ ĚĞ ůůĞŐĂĚĂ ĚĞ ĐĂďůĞƐ͕ ƐĞ ŝŶƐƚĂůĂƌĄ ůĂ ĐĞůĚĂ ĚĞ ŵĞĚŝĐŝſŶ͘ ĞŶƚƌŽ ĚĞ ůĂ ĐĞůĚĂ ĚĞ ŵĞĚŝĐŝſŶ ƐĞ
ĞŶĐŽŶƚƌĂƌĄŶ ƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ ĚĞ ĐŽƌƌŝĞŶƚĞ LJ ƉŽƚĞŶĐŝĂ ĐŽŶ ůŽƐ ĐƵĂůĞƐ ƉƵĞĚĂŶ ƌĞĂůŝnjĂƌ ůĂ ŵĞĚŝĐŝſŶ ĚĞ ĞŶĞƌŐşĂ
ĐŽŶƐƵŵŝĚĂƚĂŶƚŽĞŶƉŽƚĞŶĐŝĂĂĐƚŝǀĂLJƉŽƚĞŶĐŝĂƌĞĂĐƚŝǀĂ͘>ĂĐĞůĚĂƐĞƌĄƚŝƉŽ'Ͳ͕ůĂƐĞƐƉĞĐŝĨŝĐĂĐŝŽŶĞƐƚĠĐŶŝĐĂƐ
ƐŽŶůĂƐƐŝŐƵŝĞŶƚĞƐ͗

Ͳ
dĞŶƐŝſŶŶŽŵŝŶĂů͗ϯϲŬs
Ͳ
ŽƌƌŝĞŶƚĞŶŽŵŝŶĂů͗ϰϬϬʹϲϯϬ
Ͳ
ŽƌƌŝĞŶƚĞĚĞƌƵƉƚƵƌĂ͗ϭϲŬ
Ͳ
ŝŵĞŶƐŝŽŶĞƐ͗ϳϱϬdžϭϮϬϬdžϮϮϱϬŵŵ;>dždž,Ϳ͕ƉĞƐŽ͗ϱϬϬ<Ő͘
Ͳ
dƌĂƐĨŽƌŵĂĚŽƌĞƐĚĞƉŽƚĞŶĐŝĂůϲϯϬϬsͬϭϭϬsLJƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐĚĞĐŽƌƌŝĞŶƚĞϭϬϬͬϱ͕ĐůĂƐĞϬ͘Ϯ

ϰϯ

 

&ŝŐƵƌĂϮϵ͘ͲĞůĚĂĚĞŵĞĚŝĐŝſŶ

:ƵŶƚŽ Ă ůĂ ĐĞůĚĂ ĚĞ ůůĞŐĂĚĂ ĚĞ ŵĞĚŝĐŝſŶ͕ ƐĞ ŝŶƐƚĂůĂƌĄ ůĂ ĐĞůĚĂ ĨƵƚƵƌĂ͘ ƐƚĂ ĐĞůĚĂ ƐĞƌǀŝƌĄ ƉĂƌĂ ƉƌŽLJĞĐĐŝſŶ ĚĞ
ĂůŐƵŶĂŝŶƐƚĂůĂĐŝſŶĞůĠĐƚƌŝĐĂƋƵĞƌĞƋƵŝĞƌĂĂůŝŵĞŶƚĂĐŝſŶĚĞƐĚĞŵĞĚŝĂƚĞŶƐŝſŶ͘>ĂĐĞůĚĂĚĞƐĞĐĐŝŽŶĂŵŝĞŶƚŽƐĞƌĄ
ƚŝƉŽYDLJƐƵƐĞƐƉĞĐŝĨŝĐĂĐŝŽŶĞƐƐŽŶůĂƐƐŝŐƵŝĞŶƚĞƐ͗

Ͳ
dĞŶƐŝſŶŶŽŵŝŶĂů͗ϯϲŬs
Ͳ
ŽƌƌŝĞŶƚĞŶŽŵŝŶĂů͗ϰϬϬʹϲϯϬ
Ͳ
ŽƌƌŝĞŶƚĞĚĞƌƵƉƚƵƌĂ͗ϭϲŬ
Ͳ
sŝĚĂŵĞĐĄŶŝĐĂ͗ϭϬϬϬŽƉĞƌĂĐŝŽŶĞƐƐĞŐƷŶ/Ϯϲϱ͖ǀŝĚĂĞůĠĐƚƌŝĐĂ͗ϭϬϬĂƉĞƌƚƵƌĂƐĂ/Ŷ͕&WсϬ͘ϳ
Ͳ
ŝŵĞŶƐŝŽŶĞƐ͗ϭϬϬϬdžϭϮϬϬdžϮϮϱϬŵŵ;>dždž,Ϳ͕ƉĞƐŽ͗ϯϯϬ<Ő͘

ϰϰ

 

&ŝŐƵƌĂϯϬ͘ͲĞůĚĂĚĞĚĞƌŝǀĂĐŝſŶĨƵƚƵƌĂ

ĞƐƉƵĠƐ ƵďŝĐĂƌ ůĂ ĐĞůĚĂ ĨƵƚƵƌĂ͕ ƚĞŶĞŵŽƐ ůĂ ĐĞůĚĂ ĚĞ ƐĞĐĐŝŽŶĂŵŝĞŶƚŽ ƉƌŝŶĐŝƉĂů͕ Ğů ĐƵĂů ƐĞƌĄ ůĂ ƉƌŽƚĞĐĐŝſŶ
ƉƌŝŶĐŝƉĂů ĚĞ ůŽƐ ƚƌĞƐ ƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͘ ƐƚĂ ĐĞůĚĂ ƐĞƌĄ ƚŝƉŽ DϭͲ͘ >ĂƐ ĞƐƉĞĐŝĨŝĐĂĐŝŽŶĞƐ LJ ĚŝŵĞŶƐŝŽŶĞƐ ƐĞ
ŵƵĞƐƚƌĂŶĂĐŽŶƚŝŶƵĂĐŝſŶ͘

Ͳ
dĞŶƐŝſŶŶŽŵŝŶĂů͗ϯϲŬs
Ͳ
ŽƌƌŝĞŶƚĞŶŽŵŝŶĂů͗ϰϬϬʹϲϯϬ
Ͳ
ŽƌƌŝĞŶƚĞĚĞƌƵƉƚƵƌĂ͗ϭϲŬ
Ͳ
sŝĚĂ ŵĞĐĄŶŝĐĂ͗ ϭϬ ϬϬϬ ŽƉĞƌĂĐŝŽŶĞƐ ƐĞŐƷŶ / ϱϲ͖ ǀŝĚĂ ĞůĠĐƚƌŝĐĂ͗ ϰϬ ĂƉĞƌƚƵƌĂƐ Ă ϭϲ Ŭ͕ ϭϬ ϬϬϬ
ĂƉĞƌƚƵƌĂƐĂ/Ŷ͕&WсϬ͘ϳ
Ͳ
ŝŵĞŶƐŝŽŶĞƐ͗ϭϬϬϬdžϭϮϬϬdžϮϮϱϬŵŵ;>dždž,Ϳ͕ƉĞƐŽ͗ϲϬϬ<Ő͘

&ŝŐƵƌĂϯϭ͘ͲĞůĚĂĚĞƐĞĐĐŝŽŶĂŵŝĞŶƚŽƉƌŝŶĐŝƉĂů

ϰϱ

ĐŽŶƚŝŶƵĂĐŝſŶƚĞŶĚƌĞŵŽƐůĂƐĐĞůĚĂƐĚĞƉƌŽƚĞĐĐŝſŶƉĂƌĂĐĂĚĂƚƌĂƐĨŽƌŵĂĚŽƌ͕ĞƐƚĂƐĐĞůĚĂƐƐĞƌĄŶĚĞƚŝƉŽYDLJůĂ
ĐĂƉĂĐŝĚĂĚĚĞůƐĞĐĐŝŽŶĂĚŽƌƐĞĚĂƌĄĞŶďĂƐĞĂůŽĐĂůĐƵůĂĚŽůĂĐŽƌƌŝĞŶƚĞĞŶŵĞĚŝĂƚĞŶƐŝſŶĐŽŶůĂĞĐƵĂĐŝſŶďĄƐŝĐĂ
ĚĞƉŽƚĞŶĐŝĂ͕ĚĞƐƉĞũĂŵŽƐůĂŝŶĐſŐŶŝƚĂƋƵĞĞŶŶƵĞƐƚƌŽĐĂƐŽĞƐůĂĐŽƌƌŝĞŶƚĞ͗

/dKd>сW;ŬsͿͬ;яϯΎsͿ

>ŽƐƌĞƐƵůƚĂĚŽƐƐĞƉƵĞĚĞŶĂƉƌĞĐŝĂƌĞŶĞůŶĞdžŽϱϰ͘ŶĐĂĚĂƵŶĂĚĞůĂƐĐĞůĚĂƐ͕ĞƐƚĄĞƐƉĞĐŝĨŝĐĂĚĂůĂĐĂƉĂĐŝĚĂĚĚĞů
ĨƵƐŝďůĞLJĞůƚŝƉŽĂƉŽLJĂĚŽĞŶůĂƚĂďůĂĞŶĐŽŶƚƌĂĚĂĞŶůĂƐŶŽƌŵĂƐĚĞůĂŵƉƌĞƐĂůĠĐƚƌŝĐĂYƵŝƚŽ^͘͘

ů ĨƌĞŶƚĞ ĚĞ ůĂƐ ĐĞůĚĂƐ ĚĞ ƐĞĐĐŝŽŶĂŵŝĞŶƚŽ ĞŶ ŵĞĚŝĂ ƚĞŶƐŝſŶ͕ ƚĞŶĞŵŽƐ Ă ůĂƐ ĐĞůĚĂƐ ƉĂƌĂ ůĂ ƵďŝĐĂĐŝſŶ ĚĞ ůŽƐ
ƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͘>ĂĚŝƐƚƌŝďƵĐŝſŶĚĞůŽƐƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐƐĞƉƵĞĚĞǀĞƌĞŶĞůŶĞdžŽϱϭ͕ϱϮLJϱϯ͘

>ĂƐ ĚŝŵĞŶƐŝŽŶĞƐ ĚĞ ůŽƐ ƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ ƐŽŶ ĂĐŽƌĚĞ Ă ůĂ ĐĂƉĂĐŝĚĂĚ ĚĞ ůŽƐ ŵŝƐŵŽƐ͕ ĞƐƚŽ ƐĞ ǀĞƌŝĨŝĐĂ ůĂƐ ĚĞ
ĂĐƵĞƌĚŽĂůĂŝŶĨŽƌŵĂĐŝſŶĚĞůĨĂďƌŝĐĂŶƚĞĚĞƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͘;sĞƌdĂďůĂϴͿ

ƵĂĚƌŽϭϱ͘ͲŝŵĞŶƐŝŽŶĞƐĚĞƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐĚĞĚŝƐƚƌŝďƵĐŝſŶϴ

>ĂƐĐĞůĚĂƐƉĂƌĂůŽƐƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐƐŽŶƉĂƌĂĐƵďƌŝƌůĂƐůŽƐďƵƐŚŝŶŐƐĚĞĞŶƚƌĂĚĂĚĞůŽƐŵŝƐŵŽƐLJĞǀŝƚĂƌƋƵĞƐĞĂ
ƉĞůŝŐƌŽĐƵĂůƋƵŝĞƌƚŝƉŽĚĞŵĂŶƚĞŶŝŵŝĞŶƚŽŽŵĂŶŝŽďƌĂĚĞŶƚƌŽĚĞůĂĐĄŵĂƌĂĚĞƚƌĂŶƐĨŽƌŵĂĐŝſŶ͘

>ŽƐ ƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ ĚĞďĞŶ ĐƵŵƉůŝƌ ĐŽŶ ůĂƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ƚĠĐŶŝĐĂƐ ƋƵĞ ĞdžŝŐĞ ůĂƐ ŶŽƌŵĂƐ ĚĞ ůĂ ŵƉƌĞƐĂ
ůĠĐƚƌŝĐĂYƵŝƚŽ^͕͘͘ĞŶůĂƉĂƌƚĞ͞Đ͟ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐĚĞůŽƐƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐĚĞĚŝƐƚƌŝďƵĐŝſŶƉĂƌĂƌĞĚĞƐĚĞϲŬs͘

dŽĚŽƐůŽƐƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐƐĞƌĄŶĚĞƚŝƉŽĐŽŶǀĞŶĐŝŽŶĂůLJƐƵĐŽŶĞdžŝſŶĚĞLJŶϱ͘

>ĂƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐLJƉĂƌƚĞƐĐŽŵƉŽŶĞŶƚĞƐĚĞůƚƌĂŶƐĨŽƌŵĂĚŽƌƐĞŵƵĞƐƚƌĂĂĐŽŶƚŝŶƵĂĐŝſŶ͗
 
ϴ
ĂƚĄůŽŐŽĚĞƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐĚĞĚŝƐƚƌŝďƵĐŝſŶhdZE^͘͘WĄŐ͘ϵ
ϰϲ

ϵ


&ŝŐƵƌĂϯϮ͘ͲsŝƐƚĂƐĚĞƚƌĂŶƐĨŽƌŵĂĚŽƌĚĞĚŝƐƚƌŝďƵĐŝſŶ

&ŝŐƵƌĂϯϯ͘ͲŝĂŐƌĂŵĂĚĞĐŽŶĞdžŝſŶLJŶϱ

 
ϵ
ĂƚĄůŽŐŽĚĞƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐĚĞĚŝƐƚƌŝďƵĐŝſŶhdZE^͘͘WĄŐ͘ϵ
ϰϳ

ϭϬ


WĂƌĂŶƵĞƐƚƌŽĐĂƐŽĞůƚƌĂŶƐĨŽƌŵĂĚŽƌĐŽŶǀĞŶĐŝŽŶĂůǀĞŶĚƌĄƐŝŶƚĂŶƋƵĞĚĞĞdžƉĂŶƐŝſŶ͘ŶĞůĐĂƐŽĚĞƵƐĂƌƚĂŶƋƵĞ
ĚĞ ĞdžƉĂŶƐŝſŶ͕ ƐĞ ĚĞďĞƌĄ ŝŶĐůƵŝƌ ƵŶ ƐŝƐƚĞŵĂ ĚĞ ƐŽďƌĞƉƌĞƐŝſŶ ĚĞů ƚƌĂŶƐĨŽƌŵĂĚŽƌ͘ WĂƌĂ ĞůůŽ ƐĞ ƵƚŝůŝnjĂ Ğů ƌĞůĠ
ƵĐŚŚŽůnj͘

͎YƵĠĞƐĞůƌĞůĠƵĐŚŚŽůnj͍

ƐƵŶĚŝƐƉŽƐŝƚŝǀŽĚĞƉƌŽƚĞĐĐŝſŶƋƵĞƉƌŽƚĞŐĞĂůƚƌĂŶƐĨŽƌŵĂĚŽƌĐŽŶƚƌĂƚŽĚŽĞĨĞĐƚŽƉƌŽĚƵĐŝĚŽĞŶĞůŝŶƚĞƌŝŽƌĚĞůĂ
ĐƵďĂĚĞůŵŝƐŵŽ͘^ĞďĂƐĂĞŶĞůŚĞĐŚŽĚĞƋƵĞůĂƐŝƌƌĞŐƵůĂƌŝĚĂĚĞƐĞŶĞůĨƵŶĐŝŽŶĂŵŝĞŶƚŽĚĞůŽƐƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ
ĚĂŶ ůƵŐĂƌ Ă ĐĂůĞŶƚĂŵŝĞŶƚŽƐ ůŽĐĂůĞƐ ĞŶ ůŽƐ ĂƌƌŽůůĂŵŝĞŶƚŽƐ LJ ĐŽŶƐŝŐƵŝĞŶƚĞŵĞŶƚĞ Ă ůĂ ƉƌŽĚƵĐĐŝſŶ ĚĞ ŐĂƐĞƐ ĚĞ
ĂĐĞŝƚĞĐƵLJĂĐĂŶƚŝĚĂĚLJƌĂƉŝĚĞnjĞŶƐƵĚĞƐĂƌƌŽůůŽĐƌĞĐĞŶƐĞŶƐŝďůĞŵĞŶƚĞĂŵĞĚŝĚĂƋƵĞƐĞĞdžƚŝĞŶĚĞůĂĂǀĞƌşĂ͘

>ŽƐŐĂƐĞƐƋƵĞƉƵĞĚĞŶƉƌŽĚƵĐŝƌƐĞĞŶĞůŝŶƚĞƌŝŽƌĚĞůĂĐƵďĂƐƵďĞŶƉŽƌĞůĐĂŹŽĞŶĞůĐƵĂůĞƐƚĄŝŶƐƚĂůĂĚŽ ĞůƌĞůĠ
ƵĐŚŚŽůnjƋƵĞĚĂŶĚŽĂƚƌĂƉĂĚŽĞŶĞƐƚĞ͘

>ĂĚŝƐƉŽƐŝĐŝſŶĞƐƋƵĞŵĄƚŝĐĂĚĞůƌĞůĠĂƉĂƌĞĐĞĞŶĞůƐŝŐƵŝĞŶƚĞĞƐƋƵĞŵĂ͗

 
ϭϬ
ŵƉƌĞƐĂůĠĐƚƌŝĐĂYƵŝƚŽ^͘͘EŽƌŵĂƐƉĂƌĂƐŝƐƚĞŵĂĚĞĚŝƐƚƌŝďƵĐŝſŶʹWĂƌƚĞ͘ĂƉ͘WĄŐ͘Ϯϰ
ϰϴ

 

&ŝŐƵƌĂϯϰ͘ͲƐƋƵĞŵĂĚĞĨƵŶĐŝŽŶĂŵŝĞŶƚŽĚĞƵŶƌĞůĠƵĐŚŚŽůnj

>ĂĐĂũĂĚĞůƌĞůĠĞƐƚĄůůĞŶĂĚĞĂĐĞŝƚĞĐŽŶƚĞŶŝĞŶĚŽĠƐƚĞůŽƐĨůŽƚĂĚŽƌĞƐĂϭLJĂϮŵſǀŝůĞƐ͘ƵĂŶĚŽƉŽƌĐĂƵƐĂĚĞƵŶ
ĚĞĨĞĐƚŽƐĞƉƌŽĚƵĐĞŶƉĞƋƵĞŹĂƐďƵƌďƵũĂƐĚĞŐĂƐ͕ĠƐƚŽƐƐĞĞůĞǀĂŶĞŶůĂĐƵďĂŚĂĐŝĂĞůƚĂŶƋƵĞĚĞĞdžƉĂŶƐŝſŶLJƐŽŶ
ĐĂƉƚĂĚĂƐƉŽƌĞůƌĞůĠLJĂůŵĂĐĞŶĂĚŽƐĞŶůĂĐĂũĂĐƵLJŽŶŝǀĞůĚĞĂĐĞŝƚĞďĂũĂƉƌŽŐƌĞƐŝǀĂŵĞŶƚĞ͘ůĨůŽƚĂĚŽƌƐƵƉĞƌŝŽƌƐĞ
ŝŶĐůŝŶĂLJĐƵĂŶĚŽůĂĐĂŶƚŝĚĂĚĚĞŐĂƐĞƐĞƐƐƵĨŝĐŝĞŶƚĞ͕ĐŝĞƌƌĂůŽƐĐŽŶƚĂĐƚŽƐ;ĐϭͿƋƵĞĂůŝŵĞŶƚĂĞůĐŝƌĐƵŝƚŽĚĞĂůĂƌŵĂ͘

ŶĞůĐĂƐŽĚĞŶŽƚŽŵĂƌŵĞĚŝĚĂƐĞŶƚƌĞůĂĂƉĂƌŝĐŝſŶĚĞƵŶĂĂůĂƌŵĂŽƋƵĞƉŽƌůĂŝŵƉŽƌƚĂŶĐŝĂĚĞůĚĞĨĞĐƚŽŚĂLJĂ
ƵŶĂ ĨŽƌŵĂĐŝſŶ ƚƵŵƵůƚƵŽƐĂ ĚĞ ŐĂƐ͕ ĐĂĞ Ğů ĨůŽƚĂŶƚĞ ĂϮ ĐĞƌƌĄŶĚŽƐĞ ĐϮ LJ ƉƌŽĚƵĐŝĠŶĚŽƐĞ Ğů ĚĞƐĞŶŐĂŶĐŚĞ ĚĞů
ƚƌĂŶƐĨŽƌŵĂĚŽƌ͘ Ŷ ĐĂƐŽ ĚĞ ĚĞƚĞƌŝŽƌŽ ĚĞ ŐƌĂŶ ŵĂŐŶŝƚƵĚ ƋƵĞ ĚĠ ůƵŐĂƌ Ă ƵŶ ĂƌĐŽ ĞŶ Ğů ŝŶƚĞƌŝŽƌ ĚĞ ůĂ ĐƵďĂ͕ ƐĞ
ƉƌŽĚƵĐŝƌĄ ƵŶ ĨůƵũŽ ǀŝŽůĞŶƚŽ ĚĞ ĂĐĞŝƚĞ ŚĂĐŝĂ Ğů ƚĂŶƋƵĞ ĚĞ ĞdžƉĂŶƐŝſŶ ƋƵĞ ĐĞƌƌĂƌĄ Ğů ĐŽŶƚĂĐƚŽ ĐϮ ƐĂĐĂŶĚŽ Ğů
ƚƌĂŶƐĨŽƌŵĂĚŽƌ ĚĞ ƐĞƌǀŝĐŝŽ ĞŶ ĂĐĐŝſŶ ƌĄƉŝĚĂ ĚĞ ŵĂŶĞƌĂ ƚĂů ĚĞ ƋƵĞ Ğů ƚƌĂŶƐĨŽƌŵĂĚŽƌ ŶŽ ƐĞ ĂǀĞƌşĞ ƉŽƌ ůĂ
ƐŽďƌĞĐĂƌŐĂ͘

ůƌĞůĠƚĂŵďŝĠŶĂĐƚƷĂĐƵĂŶĚŽĞůŶŝǀĞůĚĞĂĐĞŝƚĞĚĞƐĐŝĞŶĚĞƉŽƌĚĞďĂũŽĚĞƵŶůşŵŝƚĞĚĞƚĞƌŵŝŶĂĚŽ͘^ŽďƌĞůĂƚĂƉĂ
ĚĞů ƌĞůĠ ƐĞ ĞŶĐƵĞŶƚƌĂ ƵŶ ŐƌŝĨŽ ďϭ ƋƵĞ ƉĞƌŵŝƚĞ ůĂ ƐĂůŝĚĂ ĚĞ ůŽƐ ŐĂƐĞƐ ĂĐƵŵƵůĂĚŽƐ ĞŶ ůĂ ĐĂũĂ͘ KƚƌŽ ŐƌŝĨŽ ďϮ͕
ƉĞƌŵŝƚĞĐŽŵƉƌŽďĂƌƋƵĞůŽƐĐŽŶƚĂĐƚŽƐĨůŽƚĂĚŽƌĞƐLJĐŽŶĞdžŝŽŶĞƐƐĞŚĂůůĂŶĞŶďƵĞŶĞƐƚĂĚŽ͘

ůƌĞůĠĚĞƚĞĐƚĂĐŽƌƚŽĐŝƌĐƵŝƚŽƐĞŶƚƌĞĞƐƉŝƌĂƐ͕ĞŶƚƌĞĂƌƌŽůůĂŵŝĞŶƚŽLJŶƷĐůĞŽLJĞŶƚƌĞĂƌƌŽůůĂŵŝĞŶƚŽƐ͕ŝŶƚĞƌƌƵƉĐŝſŶ
ĚĞ ƵŶĂ ĨĂƐĞ͕ ƐŽďƌĞĐĂƌŐĂƐ ĞdžĐĞƐŝǀĂƐ͕ ƉĠƌĚŝĚĂƐ ĚĞ ĂĐĞŝƚĞ͕ ĞƚĐ͘ >Ă ŐƌĂŶ ǀĞŶƚĂũĂ ĚĞ ĞƐƚĞ ƌĞůĠ ĞƐ ƐƵ ĞůĞǀĂĚĂ
ƐĞŶƐŝďŝůŝĚĂĚ ƉĂƌĂ ĂĚǀĞƌƚŝƌĚĞƚĞƌŝŽƌŽƐ Ž ĨĂůůĂƐ ŝŶĐŝƉŝĞŶƚĞƐ ĐƵĂŶĚŽ ůŽƐ ŵĄƐ ƐĞŶƐŝďůĞƐ ƐŝƐƚĞŵĂƐ ĚĞ ƉƌŽƚĞĐĐŝſŶŶŽ
ƐĞƌşĂŶĐĂƉĂĐĞƐĚĞĚĞƚĞĐƚĂƌůĂƐ͘

ůĐŽůŽƌĚĞůŽƐŐĂƐĞƐƉƵĞĚĞďƌŝŶĚĂƌƚĂŵďŝĠŶŝĚĞĂĚĞůĂŶĂƚƵƌĂůĞnjĂĚĞůĚĞƐƉĞƌĨĞĐƚŽ͕ŽďƚĞŶŝĠŶĚŽƐĞĚĞĂĐƵĞƌĚŽĂ
ĞůůŽ͗

Ͳ
'ĂƐĞƐĚĞĐŽůŽƌďůĂŶĐŽƉƌŽǀŝĞŶĞŶĚĞůĂĚĞƐƚƌƵĐĐŝſŶĚĞůƉĂƉĞů͘
Ͳ
'ĂƐĞƐĂŵĂƌŝůůŽƐĚĞůĂĚĞƐƚƌƵĐĐŝſŶĚĞƉŝĞnjĂƐĚĞŵĂĚĞƌĂ͘
Ͳ
,ƵŵŽƐŶĞŐƌŽƐŽŐƌŝƐĞƐƉƌŽǀŝĞŶĞŶĚĞůĂĚĞƐĐŽŵƉŽƐŝĐŝſŶĚĞůĂĐĞŝƚĞ͘
Ͳ
'ĂƐĞƐƌŽũŽƐĚĞůĂŝƐůĂŵŝĞŶƚŽĚĞůŽƐďŽďŝŶĂĚŽƐ͘

hŶĂ ŵŝƌŝůůĂ ĞŶ Ğů ƌĞůĠ ƉĞƌŵŝƚĞ ŽďƐĞƌǀĂƌ ůŽƐ ŐĂƐĞƐ ĚĞďŝĠŶĚŽƐĞ ŽďƐĞƌǀĂƌ Ğů ĐŽůŽƌ ĚĞ ůŽƐ ŵŝƐŵŽƐ Ă ůŽƐ ƉŽĐŽƐ
ŵŝŶƵƚŽƐĚĞĂƉĂƌĞĐŝĚĂůĂĂǀĞƌşĂ͕ĚĂĚŽƋƵĞůƵĞŐŽĚĞƐĂƉĂƌĞĐĞ͘

ϰϵ

ůůĂĚŽĚĞƌĞĐŚŽĚĞůŽƐƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͕ƐĞŝŶƐƚĂůĂƌĄŶůĂƐĐĞůĚĂƐĚĞƉƌŽƚĞĐĐŝſŶƉĂƌĂďĂũĂƚĞŶƐŝſŶĚĞĐĂĚĂƵŶŽ
ĚĞůŽƐƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͘ŶĞůŵŝƐŵŽŽƌĚĞŶĚĞůŽƐƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͘

>ĂƐĐĞůĚĂƐĚĞďĂũĂƚĞŶƐŝſŶĐŽŶƚĞŶĚƌĄŶůĂƐƉƌŽƚĞĐĐŝŽŶĞƐĚĞĐĂƉĂĐŝĚĂĚĚĞĐŽƌƌŝĞŶƚĞŶŽƌŵĂůŝnjĂĚĂƐƚŽŵĂŶĚŽ ĞŶ
ĐƵĞŶƚĂĞůĞƐƚƵĚŝŽĚĞĐĂƌŐĂĚĞĐĂĚĂƵŶŽĚĞůŽƐƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ;dĂďůĂϱ͕ϲLJϳͿ͘

>ĂƐƉƌŽƚĞĐĐŝŽŶĞƐĚĞďĂũĂƚĞŶƐŝſŶƚĞŶĚƌĄŶůĂƐƐŝŐƵŝĞŶƚĞƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ͗

Ͳ
DĂƌĐŽĚĞϲϬϬs
Ͳ
ZĞŐƵůĂďůĞĚĞϲϯϬĂϭϲϬϬ͘ƐƚŽƉĞƌŵŝƚŝƌĄƋƵĞƐŽƉŽƌƚĞůŽƐĂƌƌĂŶƋƵĞƐĚĞůŽƐĞƋƵŝƉŽƐĞƐƉĞĐŝĂůĞƐƋƵĞƐĞ
ƵƚŝůŝnjĂƌĄŶĞŶĞůƚĂůůĞƌ͘
Ͳ
ŽƌƌŝĞŶƚĞĚĞƌƵƉƚƵƌĂĚĞϱϬŬ͘
Ͳ
hŶĂƵŶŝĚĂĚĚĞƉƌŽƚĞĐĐŝſŶĞůĞĐƚƌſŶŝĐĂƋƵĞƉĞƌŵŝƚĂĐŽŵƵŶŝĐĂĐŝſŶŵŽĚďƵƐ͘

ĞƐĚĞůĂƐƉƌŽƚĞĐĐŝŽŶĞƐĞŶďĂũĂƚĞŶƐŝſŶƐĞĚŝƌŝŐŝƌĄůĂƐĂĐŽŵĞƚŝĚĂƐĚĞĐĂĚĂĐĞůĚĂĂůƐŝŐƵŝĞŶƚĞĐƵĂƌƚŽ͕ĚŽŶĚĞƐĞ
ĞŶĐƵĞŶƚƌĂŶ ůŽƐ ƚĂďůĞƌŽƐ ĚĞ ĚŝƐƚƌŝďƵĐŝſŶ ƉƌŝŶĐŝƉĂů͘ ůůş ƐĞ ƵďŝĐĂƌĂŶ ůŽƐ ƚĂďůĞƌŽƐ ĚĞ ĚŝƐƚƌŝďƵĐŝſŶ ƉƌŝŶĐŝƉĂů͕ ůŽƐ
ĐƵĂůĞƐƐŽŶ͗

Ͳ
dĂďůĞƌŽĚĞĚŝƐƚƌŝďƵĐŝſŶƉƌŝŶĐŝƉĂůŐĞŶĞƌĂů;dWͲ'ͿĞŶĚŽŶĚĞƐĞĂůŝŵĞŶƚĂƌĄĂƚŽĚŽƐůŽƐƚĂďůĞƌŽƐĚĞƵƐŽ
ŐĞŶĞƌĂůĚĞůĂƐŝŶƐƚĂůĂĐŝŽŶĞƐ;ƚŽŵĂĐŽƌƌŝĞŶƚĞƐŶŽƌŵĂůĞƐ͕ƐŝƐƚĞŵĂĚĞŝůƵŵŝŶĂĐŝſŶ͕ĂƐĐĞŶƐŽƌĞƐ͕ďŽŵďĂƐĚĞ
ĂŐƵĂͿ͘ůĂǀĞnj͕ƐĞĚĞƌŝǀĂƌĄƵŶƚĂďůĞƌŽĚĞĚŝƐƚƌŝďƵĐŝſŶƉƌŝŶĐŝƉĂůƉĂƌĂůŽƐƚĂďůĞƌŽƐƌĞŐƵůĂĚŽƐ;dWͲZͿ͘
Ͳ
dĂďůĞƌŽĚĞĚŝƐƚƌŝďƵĐŝſŶƉƌŝŶĐŝƉĂůƚĂůůĞƌϭ;dWͲdϭͿƐĞĂůŝŵĞŶƚĂƌĄŶĂƚŽĚŽƐůŽƐƚĂďůĞƌŽƐƉĞƌƚĞŶĞĐŝĞŶƚĞƐĂů
ĄƌĞĂĚĞƚĂůůĞƌƋƵĞĨƵŶĐŝŽŶĞŶĂǀŽůƚĂũĞƐĚĞϮϮϬLJϭϮϳs͘
Ͳ
dĂďůĞƌŽĚĞĚŝƐƚƌŝďƵĐŝſŶƉƌŝŶĐŝƉĂůƚĂůůĞƌϮ;dWͲdϮͿƐĞĂůŝŵĞŶƚĂƌĄŶĂƚŽĚŽƐůŽƐƚĂďůĞƌŽƐƉĞƌƚĞŶĞĐŝĞŶƚĞƐĂů
ĄƌĞĂĚĞƚĂůůĞƌƋƵĞĨƵŶĐŝŽŶĞŶĂǀŽůƚĂũĞƐĚĞϯϲϬs͘

ĞŶƚƌŽĚĞůŵŝƐŵŽĐƵĂƌƚŽƐĞŚĂĚĞƐŝŐŶĂĚŽƵŶĞƐƉĂĐŝŽ ƉĂƌĂĞůhW^;hŶŝŶƚĞƌƌƵƉƚŝďůĞƉŽǁĞƌƐƵƉƉůLJ͕^ƵŵŝŶŝƐƚƌŽ
ŝŶŝŶƚĞƌƌƵŵƉŝĚŽĚĞĞŶĞƌŐşĂͿƋƵĞƐĞĐŽŶĞĐƚĂƌĄĂůƚĂďůĞƌŽĚĞĚŝƐƚƌŝďƵĐŝſŶĚĞƉƌŝŶĐŝƉĂůƌĞŐƵůĂĚŽ;dWͲZͿ͘

>ŽƐ ƚĂďůĞƌŽƐ dWͲ' LJ dWͲdϭ ƐĞ ŝŶƚĞƌĐŽŶĞĐƚĂƌĄŶ Ă ƚƌĂǀĠƐ ĚĞ ƵŶ ŝŶƚĞƌƌƵƉƚŽƌ ŵŽƚŽƌŝnjĂĚŽ ƋƵĞ ƐĞƌǀŝƌĄ ƉĂƌĂ
ĂůŝŵĞŶƚĂƌůĂƐďĂƌƌĂƐĚĞƵŶƚĂďůĞƌŽƉŽƌŵĞĚŝŽĚĞůŐĞŶĞƌĂĚŽƌŽƚƌĂŶƐĨŽƌŵĂĚŽƌ͘ĂďĞƐĞŹĂůĂƌ͕ƋƵĞŶŽƐĞƉŽĚƌşĂ
ĂůŝŵĞŶƚĂƌĂůĂĐĂƌŐĂƐĚĞŽƚƌŽƐƚĂďůĞƌŽƐĞŶƐƵƚŽƚĂůŝĚĂĚƉŽƌŵŽƚŝǀŽĚĞůĂƐĐĂƌŐĂƐĚĞůƚĂďůĞƌŽdWͲdϭ͕ĐŽŶƐƵŵĞŶ
ŵĄƐ ĐŽƌƌŝĞŶƚĞ ĞŶ Ğů ŵŽŵĞŶƚŽ ĚĞů ĂƌƌĂŶƋƵĞ͘ >ĂƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ĚĞů ŝŶƚĞƌƌƵƉƚŽƌ ƐĞƌĄŶ ƐŝŵŝůĂƌĞƐ Ă ůĂƐ
ƉƌŽƚĞĐĐŝŽŶĞƐƉƌŝŶĐŝƉĂůĞƐĚĞďĂũĂƚĞŶƐŝſŶƋƵĞƐĂůĞŶĚĞĐĂĚĂƚƌĂŶƐĨŽƌŵĂĚŽƌ͘

ϱ͘ϯ͘
^ŝƐƚĞŵĂĚĞŐĞŶĞƌĂĐŝſŶĚĞĞŵĞƌŐĞŶĐŝĂ

ůƐƵŵŝŶŝƐƚƌŽĚĞĞŶĞƌŐşĂĚĞůĂĐŝƵĚĂĚLJĞŶƚŽĚŽĞůĐƵĂĚŽƌĞƐĚĞĐĂƌĄĐƚĞƌŝŶĞƐƚĂďůĞ͕LJĂƋƵĞĞdžŝƐƚĞŶĠƉŽĐĂƐĚĞ
ĞƐƚŝĂũĞƋƵĞŽĐĂƐŝŽŶĂŶůŽƐƌĂĐŝŽŶĂŵŝĞŶƚŽƐĚĞĞŶĞƌŐşĂ͘WŽƌĞƐƚĂƌĂnjſŶ͕ŶŽƐǀĞŵŽƐŽďůŝŐĂĚŽƐĂŝŶƐƚĂůĂƌƵŶƐŝƐƚĞŵĂ
ĚĞ ŐĞŶĞƌĂĐŝſŶ ĚĞ ĞŵĞƌŐĞŶĐŝĂ ĐŽŶ Ğů ŽďũĞƚŝǀŽ ĚĞ ƌĞĚƵĐŝƌ ůĂƐ ƉĠƌĚŝĚĂƐ ĞĐŽŶſŵŝĐĂƐ ƋƵĞ ƉƵĞĚĂŶ ŽĐĂƐŝŽŶĂƌ ůŽƐ
ƌĂĐŝŽŶĂŵŝĞŶƚŽƐĚĞĞŶĞƌŐşĂ͘

WĂƌĂ ĞƐƚŽ͕ ƐĞ ŚĂ ĚŝƐƚƌŝďƵŝĚŽ ƵŶ ŐĞŶĞƌĂĚŽƌ ƉŽƌ ĐĂĚĂ ƚĂďůĞƌŽ ĚĞ ĚŝƐƚƌŝďƵĐŝſŶ ƉƌŝŶĐŝƉĂů ƋƵĞ ĞƐ ĂůŝŵĞŶƚĂĚŽ
ĚŝƌĞĐƚĂŵĞŶƚĞ ƉŽƌ ĞůƚƌĂŶƐĨŽƌŵĂĚŽƌ͘ ^Ğ ĚĞƐƚŝŶĂƌĄ ƵŶ ĐƵĂƌƚŽĞdžĐůƵƐŝǀŽ ƉĂƌĂ ůŽƐ ŐĞŶĞƌĂĚŽƌĞƐ ƋƵĞ ƐĞƌĄũƵŶƚŽ Ăů
ĐƵĂƌƚŽĚĞůŽƐƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͘ŶĞůŵŝƐŵŽĐƵĂƌƚŽĚĞůŽƐŐĞŶĞƌĂĚŽƌĞƐƐĞĚŝƐƉŽŶĚƌĄŶƐƵƐƌĞƐƉĞĐƚŝǀŽƐƚĂďůĞƌŽƐ
ĚĞƚƌĂŶƐĨĞƌĞŶĐŝĂĂƵƚŽŵĄƚŝĐĂĐŽŵŽƐĞƉƵĞĚĞŽďƐĞƌǀĂƌĞŶĞůŶĞdžŽϱϭLJůĂƐĐĂŶĂůŝnjĂĐŝŽŶĞƐĚĞĐŽŶĞdžŝſŶĞŶƚƌĞůŽƐ
ƚĂďůĞƌŽƐĚĞƚƌĂŶƐĨĞƌĞŶĐŝĂĂƵƚŽŵĄƚŝĐĂLJůĂƐĐĞůĚĂƐĚĞďĂũĂƚĞŶƐŝſŶƐĞƉƵĞĚĞŶǀĞƌĞŶĞůŶĞdžŽϱϮLJϱϯ͘

ϱϬ

WĂƌĂůĂĐĂƉĂĐŝĚĂĚĚĞůŽƐŐĞŶĞƌĂĚŽƌĞƐƐĞŚĂƌĞĂůŝnjĂĚŽƵŶĂĐĂƉĂĐŝĚĂĚƉŽƌĞdžĐĞƐŽ͕ĂůƚĞŶĞƌĐĂƌŐĂƐŵŽƚƌŝĐĞƐ͕ĞƐƚŽ
ŽĐĂƐŝŽŶĂ ƋƵĞ ĚĞŵĂŶĚĞ ŵĄƐ ĐŽƌƌŝĞŶƚĞ ĞŶ Ğů ŵŽŵĞŶƚŽ ĚĞů ĂƌƌĂŶƋƵĞ͕ ƉĞƌŽ Ğů ĨĂĐƚŽƌ ĚĞ ƐŝŵƵůƚĂŶĞŝĚĂĚ ĚĞů
ĞŶĐĞŶĚŝĚŽĚĞůĂƐŵĂƋƵŝŶĂƐŶŽƐĞĂĐĞƌĐĂĂůĂƵŶŝĚĂĚ͕ƉŽƌůŽƋƵĞůĂĐĂƉĂĐŝĚĂĚĚĞůŐĞŶĞƌĂĚŽƌƐĞĂƵŵĞŶƚſƵŶϱϬй
ĂĚŝĐŝŽŶĂůĂůĂĐĂƉĂĐŝĚĂĚĚĞůƚƌĂŶƐĨŽƌŵĂĚŽƌ͘

>ĂƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐĚĞůŽƐŐĞŶĞƌĂĚŽƌĞƐƐŽŶ͗

'ĞŶĞƌĂĚŽƌĚĞϰϱϬŬsĞĨĞĐƚŝǀŽƐĂϮϴϬϬŵ͘Ɛ͘Ŷ͘ŵWůĂŶƚĂĞůĠĐƚƌŝĐĂŝŵƉƵůƐĂĚĂƉŽƌŵŽƚŽƌĚŝĞƐĞů͕ĐŽŶƵŶĨĂĐƚŽƌĚĞ
ƉŽƚĞŶĐŝĂ ĚĞ Ϭ͕ϴϬ͕ ǀŽůƚĂũĞ ĚĞ ƐĂůŝĚĂ ϮϭϬͬϭϮϭs͕ ϯ ĨĂƐĞƐ Ă ϰ ŚŝůŽƐ͕ ϲϬ ,nj͕ ůĂƐ ĐĂƉĂĐŝĚĂĚĞƐ ĂŶƚĞƌŝŽƌĞƐ ĚĞďĞŶ ƐĞƌ
ĞĨĞĐƚŝǀĂƐ Ă ϮϴϬϬŵ͘Ɛ͘Ŷ͘ŵ LJ Ă ƵŶ ŵĄdžŝŵŽ ĚĞ ϯϱΣ ĚĞ ƚĞŵƉĞƌĂƚƵƌĂ ĂŵďŝĞŶƚĞ͘ ů ŵŽƚŽƌ ĚŝĞƐĞů ƵƐĂƌĄ ƵŶ
ĐŽŵďƵƐƚŝďůĞĐŽŶƵŶƉŽĚĞƌĐĂůŽƌşĨŝĐŽŶŽŝŶĨĞƌŝŽƌĂϭϬϬϬϬĂůͬ͘<Ő͕ĚĞďĞƌĄƐĞƌƌĞĨƌŝŐĞƌĂĚŽƉŽƌŵĞĚŝŽĚĞĂŐƵĂ͕Ğů
ĂĐŽƉůĂŵŝĞŶƚŽƐĞƌĄĚŝƌĞĐƚŽĞŶƚƌĞĞůŵŽƚŽƌLJĞůŐĞŶĞƌĂĚŽƌ͕ĚĞůƚŝƉŽĂůŝŶĞĂŵŝĞŶƚŽƉĞƌŵĂŶĞŶƚĞ͘>ĂƌĞŐƵůĂĐŝſŶĚĞ
ĨƌĞĐƵĞŶĐŝĂĚĞďĞƌĄƐĞƌĂũƵƐƚĂďůĞĞŶϬйLJϬ͘ϱйĚĞůǀŽůƚĂũĞŶŽŵŝŶĂůLJĚĞůĂƌĞŐƵůĂĐŝſŶĚĞůǀŽůƚĂũĞĚĞǀĂĐşŽĂƉůĞŶĂ
ĐĂƌŐĂŶŽĞdžĐĞĚĞƌĄĚĞůϭй͘>ĂƵŶŝĚĂĚĚŝĞƐĞůĞůĠĐƚƌŝĐĂĚĞďĞƌĄŽƉĞƌĂƌĂƉůĞŶĂĐĂƌŐĂĞŶƵŶƚŝĞŵƉŽŶŽŵĂLJŽƌĚĞϱ
ƐĞŐƵŶĚŽƐĂƉĂƌƚŝƌĚĞůŵŽŵĞŶƚŽĞŶƋƵĞĨĂůůĂůĂĞŶĞƌŐşĂĞůĠĐƚƌŝĐĂĚĞůƐƵŵŝŶŝƐƚƌŽŶŽƌŵĂů͘

DŽƚŽƌŝĞƐĞů͗^ĞƌĄĞŶĨƌŝĂĚŽƉŽƌĂŐƵĂ͕ƚŝƉŽĞƐƚĂĐŝŽŶĂƌŝŽ͕ĚŝƐĞŹĂĚŽƉĂƌĂƐĞƌǀŝĐŝŽĐŽŶƚŝŶƵŽƉĞƐĂĚŽ͕ĞƐƉĞĐŝĂůƉĂƌĂ
ůĂŐĞŶĞƌĂĐŝſŶĚĞĞŶĞƌŐşĂĞůĠĐƚƌŝĐĂ͘ŽŶƚĂƌĄĐŽŵŽŵşŶŝŵŽĐŽŶ͗

Ͳ
^ŝƐƚĞŵĂĚĞĞŶĨƌŝĂŵŝĞŶƚŽ͘
Ͳ
sĞŶƚŝůĂĚŽƌĚĞĞdžƉƵůƐŝſŶĚĞďĂŶĚĂƐLJƉŽůĞĂƐ͘
Ͳ
ŽŵďĂĚĞĐŝƌĐƵůĂĐŝſŶĚĞůĂŐƵĂĚĞĞŶĨƌŝĂŵŝĞŶƚŽ͘
Ͳ
dĞƌŵŽƐƚĂƚŽ͘
Ͳ
/ŶĚŝĐĂĚŽƌĚĞƚĞŵƉĞƌĂƚƵƌĂ͘
Ͳ
ŝƐƉŽƐŝƚŝǀŽĚĞƉĂƌŽĂƵƚŽŵĄƚŝĐŽĞŶĐĂƐŽĚĞĂůƚĂƚĞŵƉĞƌĂƚƵƌĂ͘
Ͳ
^ŝƐƚĞŵĂĚĞůƵďƌŝĐĂĐŝſŶ͗ĨŝůƚƌŽ͕ƚĞƌŵſŵĞƚƌŽ͕ŵĂŶſŵĞƚƌŽ͕ĚŝƐƉŽƐŝƚŝǀŽĚĞƉĂƌĂĚĂĂƵƚŽŵĄƚŝĐŽĞŶĐĂƐŽĚĞ
ďĂũĂƉƌĞƐŝſŶ͘
Ͳ
^ŝƐƚĞŵĂĚĞĂƌƌĂŶƋƵĞ͗DŽƚŽƌĞůĠĐƚƌŝĐŽĚĞĂƌƌĂŶƋƵĞ͕ďĂƚĞƌşĂƐŐĞŶĞƌĂĚŽƌĞůĠĐƚƌŝĐŽĚĞĐĂƌŐĂĚĞďĂƚĞƌşĂƐ͕
ƌĞŐƵůĂĚŽƌĂƵƚŽŵĄƚŝĐŽƉĂƌĂĐĂƌŐĂĚĞďĂƚĞƌşĂƐ͕ŝŶƚĞƌƌƵƉƚŽƌĚĞĂƌƌĂŶƋƵĞLJƉĂƌŽ͕ĂŵƉĞƌşŵĞƚƌŽŝŶĚŝĐĂĚŽƌ
ĚĞĐĂƌŐĂLJĚĞƐĐĂƌŐĂĚĞďĂƚĞƌşĂƐ͘
Ͳ
ĐĐĞƐŽƌŝŽƐǀĂƌŝŽƐ͗ŽŶƚĂĚŽƌĚĞŚŽƌĂƐ͕ĐŽŶƚƌŽůĚĞĂĐĞůĞƌĂĚŽƌ͕ĨŝůƚƌŽĚĞĂŝƌĞĞŶďĂŹŽĚĞĂĐĞŝƚĞ͕ƐŽƉŽƌƚĞƐ
ƉĂƌĂĞůŵŽŶƚĂũĞ͕ĚŝƐƉŽƐŝƚŝǀŽĚĞƉĂƌŽĂƵƚŽŵĄƚŝĐŽĞŶĐĂƐŽĚĞƐŽďƌĞǀĞůŽĐŝĚĂĚ͘
Ͳ
'ĞŶĞƌĂĚŽƌ͗ ^ĞƌĄ ĚĞ ƚŝƉŽ ĂƵƚŽ ĞdžĐŝƚĂĚŽ LJ ĂƵƚŽƌƌĞŐƵůĂĚŽ ĐŽŶ ƵŶĂ ƌĞŐƵůĂĐŝſŶ ĚĞ ǀŽůƚĂũĞ ĚĞ нͬͲ ϱй ĚĞ
ǀĂĐşŽ Ă ƉůĞŶĂ ĐĂƌŐĂ͕ ĐŽŶ ƚĂďůĞƌŽ ĚĞ ĐŽŶƚƌŽů ŝŶƚĞŐƌĂů͕ ŵŽŶƚĂĚŽ ƐŽďƌĞ ƐŽƉŽƌƚĞƐ ĂŵŽƌƚŝŐƵĂĚŽƌĞƐ LJ
ĐŽŶĞĐƚĂĚŽĂůŐĞŶĞƌĂĚŽƌ͕ůĂĞdžĐŝƚĂƚƌŝnjƐĞƌĄĚŝƌĞĐƚĂŵĞŶƚĞĂĐŽƉůĂĚĂĞŝŶƚĞŐƌĂůĂůŐĞŶĞƌĂĚŽƌ͘ĚĞďĞƌĄĞƐƚĂƌ
ĐŽŶƐƚƌƵŝĚŽĚĞĂĐƵĞƌĚŽĂůĂƐŶŽƌŵĂƐEDLJ^͘ůƚĂďůĞƌŽĚĞĐŽŶƚƌŽůĚĞůŐĞŶĞƌĂĚŽƌĚĞďĞƌĄĐŽŶƚĂƌ
ĐŽŶůŽƐƐŝŐƵŝĞŶƚĞƐĂĐĐĞƐŽƌŝŽƐ͗
o
ŵƉĞƌşŵĞƚƌŽƐLJsŽůƚşŵĞƚƌŽƐ͘
o
&ƌĞĐƵĞŶĐşŵĞƚƌŽ͘
o
ZĞŐƵůĂĚŽƌĚĞǀŽůƚĂũĞ͘
o
/ŶƚĞƌƌƵƉƚŽƌƚĞƌŵŽŵĂŐŶĠƚŝĐŽƉƌŝŶĐŝƉĂů͘

>ĂƐ ƉƌŽƚĞĐĐŝŽŶĞƐ ĚĞů ƚĂďůĞƌŽ ĚĞ ƚƌĂŶƐĨĞƌĞŶĐŝĂ ĂƵƚŽŵĄƚŝĐĂ ƐĞ ĐĂůĐƵůĂƌŽŶ ĞŶ ďĂƐĞ Ă ůĂ ĐĂƉĂĐŝĚĂĚ ĚĞ ůŽƐ
ŐĞŶĞƌĂĚŽƌĞƐ͕ĚĞŝŐƵĂůĨŽƌŵĂůĂƐĂĐŽŵĞƚŝĚĂƐƋƵĞƐĞĚŝƌŝŐĞŶĂůŽƐƚĂďůĞƌŽƐĚĞĚŝƐƚƌŝďƵĐŝſŶƉƌŝŶĐŝƉĂů͘

ϱϭ

>ĂƐ ĚŝŵĞŶƐŝŽŶĞƐ ĚĞ ůŽƐ ŐĞŶĞƌĂĚŽƌĞƐ ƐĞ ƚŽŵĂƌĄŶ ĞŶ ďĂƐĞ Ă ůĂ ĐĂƉĂĐŝĚĂĚ LJ ůŽƐ ĚĂƚŽƐ ĚĞ ĨĂďƌŝĐĂŶƚĞƐ͘ >ŽƐ
ƌĞƐƵůƚĂĚŽƐƐĞǀĞŶĞŶůŽƐƉůĂŶŽƐĚĞŽďƌĂĐŝǀŝů;ŶĞdžŽϱϮͿ͘

WĂƌĂ ůĂ ŽďƌĂ Đŝǀŝů ĚĞ ůĂ ĐĄŵĂƌĂ ĚĞ ƚƌĂŶƐĨŽƌŵĂĐŝſŶ͕ ĐƵĂƌƚŽ ĚĞ ŐĞŶĞƌĂĚŽƌĞƐ LJ ƚĂďůĞƌŽƐ ĚĞ ĚŝƐƚƌŝďƵĐŝſŶ ƐĞ ŚĂ
ĚŝƐĞŹĂĚŽ ĞŶ ďĂƐĞ Ă ůĂƐ ĚŝŵĞŶƐŝŽŶĞƐ ƉƌŽƉŽƌĐŝŽŶĂĚĂƐ ƉŽƌ ůŽƐ ĨĂďƌŝĐĂŶƚĞƐ LJ ƉŽƌ ĐĄůĐƵůŽƐ ĚĞ ůĂ ĐĂŶƚŝĚĂĚ ĚĞ
ĞůĞŵĞŶƚŽƐĂƵƚŝůŝnjĂƌ͘WĂƌĂĞůĐĂƐŽĚĞůŽƐŐĞŶĞƌĂĚŽƌĞƐƐĞŚĂĐƌĞĂĚŽƵŶĂďĂƐĞĚĞĐŽŶĐƌĞƚŽĐŽŶƵŶĂĂůƚƵƌĂĚĞϬ͘ϭ
ŵĚĞƐĚĞĞůŶŝǀĞůĚĞůĐƵĂƌƚŽLJϬ͘ϴŵĚĞƉƌŽĨƵŶĚŝĚĂĚƉĂƌĂƐŽƉŽƌƚĂƌĞůƉĞƐŽĚĞůŽƐŐĞŶĞƌĂĚŽƌĞƐ͘ůƌĞĚĞĚŽƌĚĞůĂƐ
ďĂƐĞƐĚĞĐŽŶĐƌĞƚŽ;ƚĂŶƚŽƉĂƌĂŐĞŶĞƌĂĚŽƌĞƐLJƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐͿƐĞƉŽŶĚƌĄƵŶĐĂŶĂůĚĞƌŝƉŝŽůĂǀĂĚŽĚĞϬ͘ϮŵĚĞ
ĂŶĐŚŽƉŽƌϬ͘ϯŵĚĞƉƌŽĨƵŶĚŝĚĂĚ͘

^ĞƚŽŵĂƌĄĞůŵŝƐŵŽĐƌŝƚĞƌŝŽƋƵĞƐĞƵƚŝůŝnjſƉĂƌĂůĂďĂƐĞĚĞůŽƐŐĞŶĞƌĂĚŽƌĞƐĞŶůŽƐƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͘

WĂƌĂ ůĂ ďĂƐĞ ĚĞ ůĂƐ ĐĞůĚĂƐ ĚĞ ŵĞĚŝĂ LJ ďĂũĂ ƚĞŶƐŝſŶ͕ ƚĂďůĞƌŽƐ ĚĞ ĚŝƐƚƌŝďƵĐŝſŶ LJ ƚĂďůĞƌŽƐ ĚĞ ƚƌĂŶƐĨĞƌĞŶĐŝĂ
ĂƵƚŽŵĄƚŝĐĂ ƐĞ ŚĂ ĚŝƐƉƵĞƐƚŽ ƵŶĂ ďĂƐĞ ŚƵĞĐĂ ĞŶ Ğů ĐƵĂů ƐĞ ƵƚŝůŝnjĂƌĄ ƉĂƌĂ Ğů ƉĂƐŽ ĚĞ ĐĂďůĞƐ ĞŶ ůŽƐ ĚŝĨĞƌĞŶƚĞƐ
ƚĂďůĞƌŽƐLJƉĂƌĂĞůĞǀĂƌůĞƐĚĞůŶŝǀĞůĚĞůƐƵĞůŽĚĞůŽƐĐƵĂƌƚŽƐLJĞǀŝƚĂƌĞůĚĂŹŽƉŽƌůĂĂŐƵĂƐůůƵǀŝĂ͘

WĂƌĂ ůĂƐ ĐĞůĚĂƐ ĚĞ ŵĞĚŝĂ LJ ďĂũĂ ƚĞŶƐŝſŶ LJ ůŽƐ ƚĂďůĞƌŽƐ ĚĞ ƚƌĂŶƐĨĞƌĞŶĐŝĂ ĂƵƚŽŵĄƚŝĐĂ ƐĞ ĐŽŶƐƚƌƵŝƌĄ ƵŶĂ ďĂƐĞ
ŚƵĞĐĂĚĞϬ͘ϮŵĚĞĂůƚƵƌĂLJϬ͘ϮŵĚĞĞƐƉĞƐŽƌ͘

ŶĞůĐĂƐŽĚĞůŽƐƚĂďůĞƌŽƐĚĞĚŝƐƚƌŝďƵĐŝſŶƉƌŝŶĐŝƉĂů͕ůĂƐďĂƐĞƐƐĞƌĄŶĚĞϬ͘ϰŵĚĞĂůƚƵƌĂƉŽƌϬ͘ϮŵĚĞĞƐƉĞƐŽƌ͘
WĂƌĂ ůŽƐ ĚŽƐ ĐĂƐŽƐ ůĂ ďĂƐĞ ĚĞďĞ ƐĞƌ ĐŽŶƐƚƌƵŝĚĂ ĐŽŶ ďůŽƋƵĞ Ž ůĂĚƌŝůůŽ ƋƵĞ ĐƵŵƉůĂ ĐŽŶ ůĂƐ ĚŝŵĞŶƐŝŽŶĞƐ
ĞdžƉƌĞƐĂĚĂƐĂŶƚĞƌŝŽƌŵĞŶƚĞ͘

>ĂƐĐĂŶĂůŝnjĂĐŝŽŶĞƐƋƵĞƐĞƌǀŝƌĄŶƉĂƌĂĞůƉĂƐŽĚĞůŽƐĐĂďůĞƐŚĂĐŝĂůŽƐĚŝƐƚŝŶƚŽƐĞůĞŵĞŶƚŽƐĚĞŶƚƌŽĚĞůĐƵĂƌƚŽĚĞ
ƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͕ ŐĞŶĞƌĂĚŽƌĞƐ LJ ƚĂďůĞƌŽƐ ƐĞƌĄŶ ĚĞ Ϭ͘ϰ ŵ ĚĞ ĂŶĐŚŽ LJ Ϭ͘ϲ ŵ ĚĞ ƉƌŽĨƵŶĚŝĚĂĚ͘ >Ă ĐĂŶĂůŝnjĂĐŝſŶ
ƉƌŝŶĐŝƉĂůĞŶĞůĐƵĂƌƚŽĚĞƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐLJĞŶĞůĐƵĂƌƚŽĚĞƚĂďůĞƌŽƐĚĞĚŝƐƚƌŝďƵĐŝſŶƉƌŝŶĐŝƉĂůƐĞƌĄĚĞϬ͘ϲŵĚĞ
ĂŶĐŚŽLJϬ͘ϲĚĞƉƌŽĨƵŶĚŝĚĂĚ͘dŽĚŽƐĞƐƚŽƐĚĞƚĂůůĞƐƐĞƉƵĞĚĞŶǀŝƐƵĂůŝnjĂƌĞŶĞůŶĞdžŽϱϮ͘

ůƌĞƐƵŵĞŶĚĞƚŽĚŽĞůƐŝƐƚĞŵĂĞůĠĐƚƌŝĐŽƐĞƉƵĞĚĞǀŝƐƵĂůŝnjĂƌĞŶĞůŶĞdžŽϱϰĚŽŶĚĞƐĞĞƐƉĞĐŝĨŝĐĂĐĂĚĂĞůĞŵĞŶƚŽ
ĂƵƚŝůŝnjĂƌƐĞƉĂƌĂĞůĨƵŶĐŝŽŶĂŵŝĞŶƚŽĚĞůŵŝƐŵŽ͘

ϱ͘ϰ͘
ĄůĐƵůŽĚĞƐŝƐƚĞŵĂĚĞƉƵĞƐƚĂĂƚŝĞƌƌĂ͘

WĂƌĂĞůĐĄůĐƵůŽĚĞůĂƐŵĂůůĂƐĚĞƉƵĞƐƚĂĂƚŝĞƌƌĂƐĞŚĂŶƐĞŐƵŝĚŽůŽƐůŝŶĞĂŵŝĞŶƚŽƐĚĞůĂƐƐŝŐƵŝĞŶƚĞƐŶŽƌŵĂƐ͗

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sϬϭϰϭ͗ĞĂƌƚŚŝŶŐ^LJƐƚĞŵƐŝŶ͘͘
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E^/ͬ/^d͘ϴϬͲϭϵϴϲ͗/'ƵŝĚĞĨŽƌƐĂĨĞƚLJŝŶ͘͘^ƵďƐƚĂƚŝŽŶ'ƌŽƵŶĚŝŶŐ͘

WƌĞŵŝƐĂƐĂĚŽƉƚĂĚĂƐ͘

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WĂƌĂĞůƐŝƐƚĞŵĂƐĞĂĚŽƉƚĂƌĄƵŶĂŵĂůůĂĚĞĐŽŶĚƵĐƚŽƌĞƐĚĞĐŽďƌĞĚĞƐŶƵĚŽ͘
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WĂƌĂĞůĐĄůĐƵůŽĚĞůĂŵĂůůĂŵĞŶĐŝŽŶĂĚĂĞŶĂ͕ƐĞĂĚŽƉƚŽƵŶĂĐŽƌƌŝĞŶƚĞĚĞĐŽƌƚŽĐŝƌĐƵŝƚŽĂƚŝĞƌƌĂĚĞфϭŬ͘
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ůǀĂůŽƌĚĞĨĂůůĂĂƚŝĞƌƌĂĞŶŵĞĚŝĂƚĞŶƐŝſŶ;ϮϮ<sͿ͕ŶŽƐĞŚĂĂĚŽƉƚĂĚŽƉĂƌĂĞůĚŝƐĞŹŽ͕ĚĞďŝĚŽĂƋƵĞĞů
ĐĞŶƚƌŽ ĚĞ ĞƐƚƌĞůůĂ ĚĞů ƚƌĂŶƐĨŽƌŵĂĚŽƌ ƌĞĚƵĐƚŽƌ͕ ƐĞ ĞŶĐŽŶƚƌĂƌĂ ƌşŐŝĚĂŵĞŶƚĞ ĐŽŶĞĐƚĂĚŽ Ă ůĂ ŵĂůůĂ ĚĞů
ĚŝĨŝĐŝŽ͕ ƉŽƌ ůŽ ƋƵĞ ĂŶƚĞ ƵŶĂ ĨĂůůĂ͕ ůĂ ĐŝƌĐƵůĂĐŝſŶ ĚĞ ĐŽƌƌŝĞŶƚĞ ƐĞ ƌĞĂůŝnjĂƌĂ ĞŶ ĨŽƌŵĂ ŐĂůǀĄŶŝĐĂ LJ ŶŽ Ă
ƚƌĂǀĠƐĚĞƚŝĞƌƌĂ͘
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ĞĂĐƵĞƌĚŽĂůƚŝƉŽĚĞƐƵĞůŽƉƌĞĚŽŵŝŶĂŶƚĞĞŶůĂnjŽŶĂ͕ĂƌĐŝůůĂƐĐŽŵƉĂĐƚĂƐLJĂƌĞŶĂĂƌĐŝůůŽƐĂƐĞĂĚŽƉƚŽƵŶ
ǀĂůŽƌĚĞƌĞƐŝƐƚŝǀŝĚĂĚĚĞůƐƵĞůŽĚĞϭϬϬŽŚŵͬŵ͘
ϱϮ

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^ĞĂĚŽƉƚĂĞůĐƌŝƚĞƌŝŽĚĞǀŝŶĐƵůĂƌƚŽĚĂƐůĂƐŵĂůůĂƐĚĞƉƵĞƐƚĂĂƚŝĞƌƌĂ͘
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>ŽƐĞƋƵŝƉŽƐĞůĠĐƚƌŝĐŽƐĚĞůĚŝĨŝĐŝŽƐĞĚĞďĞƌĄŶĐŽŶĞĐƚĂƌƌşŐŝĚĂŵĞŶƚĞĂůĂŵĂůůĂ͘

ϱ͘ϰ͘ϭ͘
ĞƐĐƌŝƉĐŝſŶĚĞůŵĠƚŽĚŽĚĞĐĄůĐƵůŽ͘

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^ŽůŝĐŝƚĂĐŝŽŶĞƐƚĠƌŵŝĐĂƐĚĞůĐŽŶĚƵĐƚŽƌƉĂƌĂĞůĐĄůĐƵůŽĚĞůĂƐĞĐĐŝſŶĚĞůĐŽŶĚƵĐƚŽƌ͘^ĞĂƉůŝĐĂƌĂůĂĨŽƌŵƵůĂ
ƐŝŐƵŝĞŶƚĞ͘

ͳͲͲͲ ൈ  ‫ܫ‬௦  ൈ  ξ‫ݐ‬

ܵ௠௜௡ ሺ݉݉ଶ ሻ ൌ 
ܿ ൈ ݃
ටሺͻǤ͸Ͷ ൈ  ߩ ൈ ܽ ൈ Ž‘‰ሺͳ ൅ ܽ ൈ ൫ܶ௚ െ ܶଵ ൯ሻ

 ŽŶĚĞ͗

 ‫ܫ‬௦ ;ŬͿсsĂůŽƌĞĨŝĐĂnjĚĞůĂĐŽƌƌŝĞŶƚĞĚĞĐŽƌƚŽĐŝƌĐƵŝƚŽƉƌŽŵĞĚŝŽĚƵƌĂŶƚĞĞůƚŝĞŵƉŽƚ

ƚсƵƌĂĐŝſŶĚĞůĐŽƌƚŽĐŝƌĐƵŝƚŽ

 Đ;ĐĂůͬŐdžΣͿсĂůŽƌĞƐƉĞĐŝĨŝĐŽĚĞůĐŽďƌĞ

 Ő;ŐͬĐŵϯ͘ͿсWĞƐŽĞƐƉĞĐŝĨŝĐŽĚĞůĐŽďƌĞ

 ʌ;ёdžŵŵϮͬŵͿсZĞƐŝƐƚŝǀŝĚĂĚĚĞůĐŽďƌĞĂƚĞŵƉĞƌĂƚƵƌĂdϭ

 dŐсdĞŵƉĞƌĂƚƵƌĂĨŝŶĂůĚĞůĐŽŶĚƵĐƚŽƌ;ƐĞĂĚŽƉƚĂdŐсϮϬϬΣͿ

 dϭсdĞŵƉĞƌĂƚƵƌĂŝŶŝĐŝĂůĚĞůĐŽŶĚƵĐƚŽƌ;ƐĞĂĚŽƉƚĂdϭсϰϬΣͿ

 ĂсϬ͘ϬϬϰ

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ĄůĐƵůŽĚĞůĂƌĞƐŝƐƚĞŶĐŝĂĚĞůĂŵĂůůĂ͘

߫ ʹ ൈ  ‫ܮ‬௠ ‫ܮ‬௠  െ  ‫ܭ‬ଶ

ܴ௠ ൌ ͲǤ͵ͳͺ ൈ   ൈ ሺʹǤ͵Ͳ͵ ൈ  Ž‘‰ ൅  ‫ܭ‬ଵ  ൈ  ሻ
‫ܮ‬௠ ඥ‫׎‬௖  ൈ ͲǤ͹ ξ‫ܣ‬

ZŵсZĞƐŝƐƚŝǀŝĚĂĚĚĞůĂŵĂůůĂĞŶ;ŽŚŵͿ

 ʎсZĞƐŝƐƚŝǀŝĚĂĚŵĞĚŝĂĚĞůƚĞƌƌĞŶŽ;ёdžŵƚ͘Ϳ

 >ŵсůŽŶŐŝƚƵĚƚŽƚĂůĚĞůŽƐĐŽŶĚƵĐƚŽƌĞƐĞŶƚĞƌƌĂĚŽƐ;ŵƚ͘Ϳ

 TĐсŝĄŵĞƚƌŽĚĞůĐŽŶĚƵĐƚŽƌĚĞůĂŵĂůůĂ;ŵƚ͘Ϳ

 ŚсWƌŽĨƵŶĚŝĚĂĚĚĞŝŵƉůĂŶƚĂĐŝſŶ͕ƐĞĂĚŽƉƚĂŚсϬ͘ϴŵƚ͘

 сƌĞĂĚĞůĂŵĂůůĂ;ŵϮ͘Ϳ

 <ϭLJ<ϮсŽĞĨŝĐŝĞŶƚĞƐŽďƚĞŶŝĚŽƐĞŶůŽƐŐƌĄĨŝĐŽƐƋƵĞƉĞƌƚĞŶĞĐĞŶĂůĂŶŽƌŵĂ/
ϱϯ

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&ſƌŵƵůĂƉĂƌĂĐĂůĐƵůĂƌůĂƌĞƐŝƐƚĞŶĐŝĂĚĞƵŶĐĂďůĞŚŽƌŝnjŽŶƚĂů

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ܴ ൌ  ൈ  Ž 
͵ǤͳͶ‫ܮ‬ ݀

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ŝƐƚƌŝďƵĐŝſŶĚĞůĂƐĐŽƌƌŝĞŶƚĞƐ͘

 DĂůůĂĞŶĞƐƚƵĚŝŽ͗

‫ܫ‬௦  ൈ  ்ܴ
‫ܫ‬௠ ൌ 
ܴ௠

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dĞŶƐŝſŶĚĞƉĂƐŽ͘

 
ͲǤͳ͸ ൈ ߫ ൈ  ‫ܫ‬௠
ܷ௣ ൌ ሺܸሻ
‫ܮ‬௠  ൈ ݄

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dĞŶƐŝſŶĚĞĐŽŶƚĂĐƚŽ͘

 
ͲǤ͹ ൈ ߫ ൈ  ‫ܫ‬௠
ܷ௖ ൌ ሺܸሻ
‫ܮ‬௠

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'ƌĂĚŝĞŶƚĞĞŶůĂƉĞƌŝĨĞƌŝĂŝŶĨĞƌŝŽƌĚĞůĂŵĂůůĂ

 
Ͷ ൈ ߫ ൈ  ‫ܫ‬௠
ܷ௚ ൌ ሺܸȀ݉‫ݐ‬ሻ
‫ܦ‬ଶ

ϱ͘ϰ͘Ϯ͘
ĞƐĂƌƌŽůůŽĚĞůĐĄůĐƵůŽ

^ĞĐĂůĐƵůĂƌĄĞůǀĂůŽƌĚĞůĂƌĞƐŝƐƚĞŶĐŝĂĚĞůĂDĂůůĂ͕ĂĚŽƉƚĂŶĚŽƵŶĂůŽŶŐŝƚƵĚĚĞĐĂďůĞĞŶƚĞƌƌĂĚŽĚĞϭϭϬŵĞƚƌŽƐ
ƉŽƌĐĂĚĂƵŶĂĚĞůĂƐŵĂůůĂƐ͘

ůĄƌĞĂĞƋƵŝǀĂůĞŶƚĞĂĚŽƉƚĂĚĂĞƐĚĞϰϴŵϸ

Ͳ
ĄůĐƵůŽĚĞůĐŽŶĚƵĐƚŽĚĞůĂŵĂůůĂ

ϱϰ

 ͳͲͲͲ ൈ ʹǤͷ ൈ  ξͲǤ͵
ܵ௠௜௡ ሺ݉݉ଶ ሻ ൌ 
ටሺͻǤ͸Ͷ ൈ  ͲǤͲͻʹͷ ൈ ͺǤͻ
ͲǤͲͳͻ ൈ ͲǤͲͲͶ ൈ Ž‘‰ሺͳ ൅ ͲǤͲͲͶ ൈ ͳ͸Ͳሻ

ܵ௠௜௡ ሺ݉݉ଶ ሻ ൌ ͷͻǤͳͶ݉݉ଶ

^ĞĂĚŽƉƚĂƵŶĂƐĞĐĐŝſŶĚĞƚƌĂďĂũŽĚĞ^сϲϳ͘ϯϱ;ŵŵϸͿƉŽƌƌĂnjŽŶĞƐŵĞĐĄŶŝĐĂƐƉĂƌĂĞůŵŽŶƚĂũĞ͘

Ͳ
ZĞƐŝƐƚĞŶĐŝĂĚĞůĂŵĂůůĂ


ͳͲͲ ʹ ൈ ͳͳͲ ʹͷͲ െ ͶǤͶ
ܴ௠ ൌ ͲǤ͵ͳͺ ൈ   ൈ ሺʹǤ͵Ͳ͵ ൈ  Ž‘‰ ൅ ͳǤͲͺ ൈ  ሻ
ͳͳͲ ξͲǤͲͳʹ͸ ൈ ͲǤ͹ ξͶͺ

 Zŵсϭ͘ϮϮ;ёͿфϱ;ёͿsĂůŽƌĂĐĞƉƚĂďůĞƉĂƌĂƵŶĂŵĂůůĂ

Ͳ
ŽƌƌŝĞŶƚĞĚĞĨĂůůĂ

ʹǤͷ ൈ ͲǤ͵
‫ܫ‬௠ ൌ   ൌ ͲǤ͸ʹሺ݇‫ܣ‬ሻ
ͳǤʹʹ

Ͳ
ĄůĐƵůŽĚĞůĂƚĞŶƐŝſŶĚĞƉĂƐŽ

ƉůŝĐĂƌĞŵŽƐĞůǀĂůŽƌĚĞĐŽƌƌŝĞŶƚĞƋƵĞĚƌĞŶĂůĂŵĂůůĂĞŶĞƐƚƵĚŝŽсϬ͘ϲϮ;ŬͿ


ͲǤͳ͸ ൈ ͳͲͲͲ ൈ ͸ʹͲ
ܷ௣ ൌ ൌ ͳͳ͵ሺܸሻ
ͳͳͲ ൈ ͲǤͺ

ƐƚĞǀĂůŽƌĚĞďĞƐĞƌŵĞŶŽƌĂůŵĄdžŝŵŽĂĚŵŝƐŝďůĞƋƵĞƐĞĐĂůĐƵůĂĐŽŶůĂƐŝŐƵŝĞŶƚĞĨſƌŵƵůĂ͗

ͲǤͳͷ͹
‫଻ܿܧ‬଴ ൌ ͳͲͲ ൅ ͳǤͷ ൈ ͳͲͲ ൈ ሺܸሻ
ξ‫ݐ‬

^ŝĞŶĚŽƚ͗ůƚŝĞŵƉŽƉƌŽďĂďůĞĚĞĂĐƚƵĂĐŝſŶĚĞůĂƐƉƌŽƚĞĐĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞƐŝƐƚĞŵĂ͘

ƐƚĞƚŝĞŵƉŽĞƐĐŽŶƚĞŵƉůĂƚŝǀŽƉĂƌĂƉƌŽƚĞĐĐŝŽŶĞƐĚŝƌĞĐƚĂƐŽŝŶĚŝƌĞĐƚĂƐ͕LJƚĂŵďŝĠŶƉĂƌĂĨƵƐŝďůĞƐE,͘

ͲǤͳͷ͹
‫଻ܿܧ‬଴ ൌ ͳͲͲ ൅ ͳǤͷ ൈ ͳͲͲ ൈ ൌ ͷ͹Ͳሺܸሻ
ξͲǤͳ

ƐĚĞĐŝƌhƉфĐϭϭϯ͕ǀĞƌŝĨŝĐĂĞůĐĄůĐƵůŽ
ϱϱ

 Ͳ
ĄůĐƵůŽĚĞƚĞŶƐŝſŶĚĞĐŽŶƚĂĐƚŽ͘

ͲǤ͹ ൈ ͳͲͲ ൈ ͸ʹͲ

ܷ௖ ൌ ሺܸሻ
ͳͳͲ

ܷ௖ ൌ ͵ͻͶǤͷሺܸሻ

ƐƚĞǀĂůŽƌĚĞďĞƐĞƌŵĞŶŽƌĂůŵĄdžŝŵŽĂĚŵŝƐŝďůĞ͕ƋƵĞƐĞĐĂůĐƵůĂĐŽŶůĂƐŝŐƵŝĞŶƚĞĨſƌŵƵůĂĚĞůĂEŽƌŵĂ
/ϴϬ͗

ͲǤͳͷ͹
‫ܧ‬௣ ൌ ͳͲͲͲ ൅ ͸ ൈ ߫ ൈ  ൌ ͹ͻͶሺܸሻ
ξ‫ݐ‬

 ĞĞƐƚĂŵĂŶĞƌĂhƉфƉϳϬ͕ƐĞǀĞƌŝĨŝĐĂůĂŚŝƉſƚĞƐŝƐĚĞĐĄůĐƵůŽ͘

Ͳ
'ƌĂĚŝĞŶƚĞĞŶůĂƉĞƌŝĨĞƌŝĂŝŶĨĞƌŝŽƌĚĞůĂŵĂůůĂ

Ͷ ൈ ͳͲͲ ൈ ͸ʹͲ
ܷ௚ ൌ  ൌ ͷͲǤ͸ሺܸሻ
͹Ͳଶ

hŐфhƉ͕ƐĞǀĞƌŝĨŝĐĂůĂŚŝƉſƚĞƐŝƐĚĞĐĄůĐƵůŽ͘

EŽƚĂƐŐĞŶĞƌĂůĞƐ͗

Ͳ
>ŽƐ ǀĂůŽƌĞƐ ŽďƚĞŶŝĚŽƐ ĞŶ ůŽƐ ĚŝĨĞƌĞŶƚĞƐ ĐĄůĐƵůŽƐ͕ ƐĂƚŝƐĨĂĐĞŶ ůŽƐ ƌĂŶŐŽƐ ƉĞƌŵŝƚŝĚŽƐ ƉĂƌĂ ĞƐƚĞ ƚŝƉŽ ĚĞ
ŵĂůůĂƐĚĞƉƵĞƐƚĂĂƚŝĞƌƌĂ͘
Ͳ
ƉĂƌĂŽďƚĞŶĞƌůŽƐǀĂůŽƌĞƐŵĄdžŝŵŽƐ͕ƐĞƵƚŝůŝnjŽƵŶƚŝĞŵƉŽĚĞĂĐƚƵĂĐŝſŶĚĞůĂƐƉƌŽƚĞĐĐŝŽŶĞƐĚĞϬ͘ϭƐĞŐ

>ŽƐĚŝƐĞŹŽƐĚĞůĂƐŵĂůůĂƐĚĞƉƵĞƐƚĂĂƚŝĞƌƌĂƐĞƉƵĞĚĞŶǀĞƌĞŶĞůŶĞdžŽϱϭ͘

ϱ͘ϱ͘
^ŝƐƚĞŵĂĚĞĚĞƐĐĂƌŐĂƐĂƚŵŽƐĨĠƌŝĐĂƐ͘

WĂƌĂ ƉƌŽƚĞŐĞƌ ůŽƐ ĞƋƵŝƉŽƐ LJ Ğů ĞĚŝĨŝĐŝŽ ĚĞ ůĂƐ ĚĞƐĐĂƌŐĂƐ ĂƚŵŽƐĨĠƌŝĐĂƐ͕ ƐĞ ŚĂ ƉƌŽǀŝƐƚŽ ĚĞ ƵŶ ƐŝƐƚĞŵĂ ĚĞ
ƉĂƌĂƌƌĂLJŽƐƋƵĞƉƌŽƚĞũĂĂƚŽĚŽĞůĞĚŝĨŝĐŝŽĚĞƚŽĚŽƚŝƉŽĚĞĚĞƐĐĂƌŐĂƐĂƚŵŽƐĨĠƌŝĐĂƐƐŝŶĂĨĞĐƚĂƌĂůŽƐĞƋƵŝƉŽƐƋƵĞ
ƐĞƵƚŝůŝĐĞŶĞŶĞůůƵŐĂƌ͘

WĂƌĂůĂŝŶƐƚĂůĂĐŝſŶĚĞƵŶƉĂƌĂƌƌĂLJŽƐŚĂĐĞĨĂůƚĂƐĞůĞĐĐŝŽŶĂƌĐŽƌƌĞĐƚĂŵĞŶƚĞƚŽĚŽĞůŵĂƚĞƌŝĂůƋƵĞůŽĐŽŵƉŽŶĞ͘ů
ĞƐƋƵĞŵĂƋƵĞƐĞŵƵĞƐƚƌĂĞƐƵŶĂŐƵşĂĚĞůŽƐƉƵŶƚŽƐĂƚĞŶĞƌĞŶĐƵĞŶƚĂƉĂƌĂĂĚƋƵŝƌŝƌĞůƉĂƌĂƌƌĂLJŽƐLJƚŽĚŽƐůŽƐ
ĂĐĐĞƐŽƌŝŽƐƉĂƌĂƐƵŝŶƐƚĂůĂĐŝſŶ͘

ϭ͘
ĂďĞnjĂůƉŽƌƚĂĚŽƌ
Ϯ͘
WŝĞnjĂĚĞĂĚĂƉƚĂĐŝſŶ
ϯ͘
DĄƐƚŝů
ϰ͘
WƌŽƚĞĐĐŝſŶŵĄƐƚŝůĂŶƚĞŶĂ
ϱ͘
ŶĐůĂũĞŵĄƐƚŝů
ϲ͘
ŽŶĚƵĐƚŽƌďĂũĂŶƚĞ

ϱϲ

 ϳ͘
^ŽƉŽƌƚĞƐĚĞĐĂďůĞ
ϴ͘
ŽŶƚĂĚŽƌ ĚĞ ĚĞƐĐĂƌŐĂƐ͘Ͳ /ŶĚŝĐĂ ůŽƐ ŝŵƉĂĐƚŽƐ ĚĞ ƌĂLJŽ ƌĞĐŝďŝĚŽƐ ƉŽƌ ůĂ ŝŶƐƚĂůĂĐŝſŶ ĚĞ ƉƌŽƚĞĐĐŝſŶ͘
ZĞĐŽŵĞŶĚĂĚŽƉŽƌůĂŶŽƌŵĂhEϮϭϭϴϲϭϵϵϲ͘
ϵ͘
:ƵŶƚĂ ĚĞ ĐŽŶƚƌŽů LJ ŵĂŶŐƵŝƚŽƐ ĚĞ ƵŶŝſŶ͘Ͳ >Ă ũƵŶƚĂ ĚĞ ĐŽŶƚƌŽů ũƵŶƚŽ ĐŽŶ ůŽƐ ŵĂŶŐƵŝƚŽƐ ƉĞƌŵŝƚĞ
ĚĞƐĐŽŶĞĐƚĂƌůĂƚŽŵĂĚĞƚŝĞƌƌĂĐŽŶĞůĨŝŶĚĞĞĨĞĐƚƵĂƌůĂŵĞĚŝĚĂĚĞůĂƌĞƐŝƐƚĞŶĐŝĂ͘
ϭϬ͘
dƵďŽ ĚĞ ƉƌŽƚĞĐĐŝſŶ͘Ͳ dƵďŽ ĚĞ ƉůĄƐƚŝĐŽ Ws ĚĞ Ϯ͘͟ WĂƌĂ ĞǀŝƚĂƌ ůŽƐ ĐŚŽƋƵĞƐ ŵĞĐĄŶŝĐŽƐ ĐŽŶƚƌĂ Ğů
ĐŽŶĚƵĐƚŽƌĚĞůďĂũĂŶƚĞ͘

>ŽƐĐŽŶĚƵĐƚŽƌĞƐƉŽĚƌĄŶƐĞƌƉůĞƚŝŶĂ͕ƚƌĞŶnjĂƉůĂŶĂ͕ĐĂďůĞƚƌĞŶnjĂĚŽŽƌĞĚŽŶĚŽ͕LJůĂƐĞĐĐŝſŶŵşŶŝŵĂŚĂĚĞƐĞƌĚĞ
ϱϬŵŵϮ͘

ůƉĂƌĂƌƌĂLJŽƐƚĞŶĚƌĄƐŽůŽƵŶĂďĂũĂŶƚĞ͘

ůƚƌĂnjĂĚŽĚĞƐĚĞƐĞƌůŽŵĄƐƌĞĐƚŝůşŶĞŽƉŽƐŝďůĞƵƚŝůŝnjĂŶĚŽĞůĐĂŵŝŶŽŵĄƐĐŽƌƚŽƉŽƐŝďůĞ͕ĞǀŝƚĂŶĚŽĂĐŽĚĂŵŝĞŶƚŽƐ
ďƌƵƐĐŽƐŽƌĞŵŽŶƚĞƐ͘>ŽƐƌĂĚŝŽƐĚĞĐƵƌǀĂƚƵƌĂŶŽƐĞƌĄŶŝŶĨĞƌŝŽƌĞƐĂϮϬĐŵ͘ůďĂũĂŶƚĞĚĞďĞƐĞƌĞůĞŐŝĚŽĚĞĨŽƌŵĂ
ƋƵĞĞǀŝƚĞĞůĐƌƵĐĞŽƉƌŽdžŝŵŝĚĂĚĚĞůşŶĞĂƐĞůĠĐƚƌŝĐĂƐŽĚĞƐĞŹĂů͘

ƵĂŶĚŽ ŶŽ ƐĞĂ ƉŽƐŝďůĞ ĞǀŝƚĂƌ Ğů ĐƌƵĐĞ͕ ůĂ ůşŶĞĂ ĚĞďĞ ƵďŝĐĂƌƐĞ ĞŶ Ğů ŝŶƚĞƌŝŽƌ ĚĞ ƵŶ ďůŝŶĚĂũĞ ĂŝƐůĂŶƚĞ ƋƵĞ ƐĞ
ƉƌŽůŽŶŐƵĞ ϭŵ Ă ĐĂĚĂ ƉĂƌƚĞ ĚĞů ĐƌƵĐĞ͘ ^Ğ ĚĞďĞ ĞǀŝƚĂƌ Ğů ĐŽŶƚŽƌŶŽ ĚĞ ĐŽƌŶŝƐĂƐ Ž ĞůĞǀĂĐŝŽŶĞƐ͘ ^Ğ ĂĚŵŝƚĞ ƵŶĂ
ƐƵďŝĚĂĚĞƵŶŵĄdžŝŵŽĚĞϰϬĐŵƉĂƌĂĨƌĂŶƋƵĞĂƌƵŶĂĞůĞǀĂĐŝſŶĐŽŶƵŶĂƉĞŶĚŝĞŶƚĞŵĞŶŽƌŽŝŐƵĂůĂϰϱΣ͘

&ŝŐƵƌĂϯϱ͘ͲWĂƌƚĞƐĐŽŵƉŽŶĞŶƚĞƐĚĞƵŶƐŝƐƚĞŵĂĚĞƉĂƌĂƌƌĂLJŽƐ

ϱϳ

Ŷ Ğů ĚŝĨŝĐŝŽ ƐĞ ŝŶƐƚĂůĂƌĄ ƵŶ ƉĂƌĂƌƌĂLJŽƐ ĚĞ ƚŝƉŽ ŝŽŶŝnjĂŶƚĞ ĐŽŶ ƌĂĚŝŽ ĚĞ ĐŽďĞƌƚƵƌĂ  ŵşŶŝŵŽ ĚĞ ϭϬϬ ŵ͕ ĐŽŶ ůĂ
ƌĞƐƉĞĐƚŝǀĂďĂƐĞŽƚƌşƉŽĚĞLJŵĄƐƚŝůĚĞϴŵĞƚƌŽƐ͕ĂƐşĐŽŵŽĞůĐĂďůĞĚĞĐŽďƌĞĂŝƐůĂĚŽĚĞĐĂůŝďƌĞϰͬϬt'Ϯϳ<s
ƋƵĞ ƐĞƌǀŝƌĄ ƉĂƌĂ ƌĞĂůŝnjĂƌ ůĂ ďĂũĂŶƚĞ ĚŝƌĞĐƚĂŵĞŶƚĞ Ă ĐŽŶĞĐƚĂƌƐĞ ŵĞĚŝĂŶƚĞ ƉƵŶƚŽƐ ĚĞ ƐƵĞůĚĂ ĞdžŽƚĠƌŵŝĐĂ ƚŝƉŽ
ĂĚǁĞůĚĐŽŶƐƵĞůĞĐƚƌŽĚŽĚĞƉƵĞƐƚĂĂƚŝĞƌƌĂ͘

ůƉĂƌĂƌƌĂLJŽƐŶŽƉŽĚƌĄƚĞŶĞƌĞůĞŵĞŶƚŽƐĂĐƚŝǀŽƐŽƌĂĚŝŽĂĐƚŝǀŽƐ͕LJŶŽƉŽĚƌĄƐĞƌĚĞůƚŝƉŽĂƉĂƌƚĂͲƌĂLJŽƐ͘

ůĞƋƵŝƉŽĚĞůƉĂƌĂƌƌĂLJŽƐƐĞĐŽůŽĐĂƌĄĂϮŵĞƚƌŽƐŵĄƐĂůƚŽĚĞĐƵĂůƋƵŝĞƌĞůĞŵĞŶƚŽŽĞƋƵŝƉŽƋƵĞĞdžŝƐƚĂĞŶůĂƉĂƌƚĞ
ŵĄƐĂůƚĂĚĞůĞĚŝĨŝĐŝŽ͕ƐŽďƌĞůĂĐƵďŝĞƌƚĂĚĞůĐƵĂƌƚŽĚĞŵĂƋƵŝŶĂƐĚĞůŽƐĂƐĐĞŶƐŽƌĞƐ͕ƵƚŝůŝnjĂŶĚŽƵŶĂďĂƐĞĞŶĨŽƌŵĂ
ĚĞƚƌşƉŽĚĞLJƵŶĂŵĄƐƚŝůĐŽŶƐƚŝƚƵŝĚŽƉŽƌƵŶƚƵďŽĚĞĂĐĞƌŽĚĞϮ͟ĐŽŶƐƵƐƌĞƐƉĞĐƚŝǀŽƐƚĞŶƐŽƌĞƐ͘

WĂƌĂůĂƐƵƉƌĞƐŝſŶĚĞƚƌĂŶƐŝĞŶƚĞƐ͕ƐĞŚĂĐŽŶƐŝĚĞƌĂĚŽds^^ƚƌŝĨĄƐŝĐŽƐĚĞϮϮϬsŶŽŵŝŶĂů͕ĐŽŶƵŶĂĐĂƉĂĐŝĚĂĚĚĞ
ĐŽƌƌŝĞŶƚĞŵĄdžŝŵĂĚĞĨĂůůĂĚĞϮϰϬŬĐŽŶƉƌŽƚĞĐĐŝſŶ͕ůŽƐŵŝƐŵŽƐƋƵĞƐĞƌĄŶŵŽŶƚĂĚŽƐĞŶůĂƐĂůŝĚĂĚĞƚŽĚŽƐLJ
ĐĂĚĂƵŶŽĚĞůŽƐƚĂďůĞƌŽƐƉƌŝŶĐŝƉĂůĞƐĚĞĚŝƐƚƌŝďƵĐŝſŶ͘

ŶĞůŶĞdžŽϱϱ͕ƐĞƉƵĞĚĞŽďƐĞƌǀĂƌůĂƵďŝĐĂĐŝſŶĚĞůƉĂƌĂƌƌĂLJŽƐLJůĂƐƵďĂũĂŶƚĞ͕ĚĞƚĂůĨŽƌŵĂƋƵĞƐĞĐƵŵƉůĂĐŽŶ
ůĂĐŽďĞƌƚƵƌĂĚĞƚŽĚŽĞůĞĚŝĨŝĐŝŽĞŶĞůĐĂƐŽĚĞĐĂşĚĂĚĞĚĞƐĐĂƌŐĂƐĂƚŵŽƐĨĠƌŝĐĂƐLJůĂƐŶŽƌŵĂƐƉĂƌĂƋƵĞĞdžŝƐƚĂƵŶĂ
ĚĞƐĐĂƌŐĂƐĞŐƵƌĂƐŝŶĂĨĞĐƚĂƌĂŽƚƌŽƐĞƋƵŝƉŽƐ͘

WŽƌ ĞƐƚĂ ƌĂnjſŶ͕ ƐĞ ƚŝĞŶĞ ƵŶĂ ŵĂůůĂ ĚĞ ƚŝĞƌƌĂ ĞdžĐůƵƐŝǀĂ ƉĂƌĂ Ğů ƉĂƌĂƌƌĂLJŽƐLJ ƐĞƉĂƌĂĚŽ ĚĞ ůĂŵĂůůĂ ĚĞ ƉƵĞƐƚĂ Ă
ƚŝĞƌƌĂĚĞůĂĐĄŵĂƌĂĚĞƚƌĂŶƐĨŽƌŵĂĐŝſŶLJĞůƐŝƐƚĞŵĂĚĞhW^͘

 

ϱϴ

 W/dh>Kϲ

WƌĞƐƵƉƵĞƐƚŽĚĞĐŽŶƐƚƌƵĐĐŝſŶ

ϲ͘ϭ͘
ĞƐĐƌŝƉĐŝſŶ͘

ŶůŽƐĐĂƉşƚƵůŽƐĂŶƚĞƌŝŽƌĞƐƐĞŚĂĚĞƐĂƌƌŽůůĂĚŽĞůĚŝƐĞŹŽĐƵŵƉůŝĞŶĚŽĐŽŶůŽƐƌĞƋƵĞƌŝŵŝĞŶƚŽƐĚĞůĞĚŝĨŝĐŝŽƚĂŶƚŽ
ĞŶŶŽƌŵĂƐĐŽŵŽĞŶĚŝƐƚƌŝďƵĐŝſŶŽƉƚŝŵĂĚĞůĂĂůŝŵĞŶƚĂĐŝſŶĚĞůĂĞŶĞƌŐşĂĞůĠĐƚƌŝĐĂ͘ŚŽƌĂƚĞŶĞŵŽƐĚĞƐŐůŽƐĂĚŽ
ƵŶĂ ůŝƐƚĂ ĚĞ ŵĂƚĞƌŝĂůĞƐ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ůĂ ĐŽŶƐƚƌƵĐĐŝſŶ ĚĞů ŵŝƐŵŽ͘ Ğ ůĂ ůŝƐƚĂ ĚĞ ŵĂƚĞƌŝĂůĞƐ ƐĞ ƚŽŵĂƌĄ ƉĂƌĂ
ƌĞĂůŝnjĂƌ ƵŶ ƉƌĞƐƵƉƵĞƐƚŽ ƌĞĨĞƌĞŶĐŝĂů ĚĞ ĐŽŶƐƚƌƵĐĐŝſŶ ĐŽŶ Ğů ĨŝŶ ĚĞ ƚĞŶĞƌ ƵŶĂ ďĂƐĞ ĚĞů ĐŽƐƚŽ ĚĞ ƚŽĚĂ ůĂ
ŝŶƐƚĂůĂĐŝſŶƉĂƌĂƋƵĞƐĞĂĂŶĂůŝnjĂĚŽůĂƐĞƚĂƉĂƐĂĐŽŶƐƚƌƵŝƌƐĞŽůĂĐŽŶƐƚƌƵĐĐŝſŶƚŽƚĂůĚĞĐŽŶƐƚƌƵĐĐŝſŶ͘

WĂƌĂĐĂůĐƵůĂƌĞůĐŽƐƚŽƵŶŝƚĂƌŝŽĚĞƵŶĞůĞŵĞŶƚŽƐĞƚŽŵĂǀĂƌŝŽƐĂƐƉĞĐƚŽƐƋƵĞƐĞƚŝĞŶĞŶƋƵĞƚŽŵĂƌĞŶĐƵĞŶƚĂĞŶ
ĞůǀĂůŽƌĨŝŶĂů͘

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DĂƚĞƌŝĂů͘ͲƐĞůĐŽƐƚŽĚĞůŵĂƚĞƌŝĂů͘^ĞƚŽŵĂƌĄĞůƉƌĞĐŝŽƋƵĞƐĞĞŶĐƵĞŶƚƌĂĞŶĚŝƐƉŽŶŝďůĞĞŶĞůŵĞƌĐĂĚŽ͘
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DĂŶŽĚĞŽďƌĂ͘Ͳ^ĞĐŽŶƐŝĚĞƌĂƌĄĞůĐŽƐƚŽĚĞůĂŝŶƐƚĂůĂĐŝſŶĚĞůŵŝƐŵŽ͘ƐƚĞǀĂůŽƌƐĞŽďƚŝĞŶĞĐŽŶĞůϯϬй
ĚĞůǀĂůŽƌĚĞůŵĂƚĞƌŝĂů͘
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,ĞƌƌĂŵŝĞŶƚĂ͘Ͳ Ɛ Ğů ĐŽƐƚŽ ĐŽŶƐŝĚĞƌĂĚŽ ĚĞů ĚĞƐŐĂƐƚĞ Ž ƵƐŽ ĚĞ ůĂƐ ŚĞƌƌĂŵŝĞŶƚĂƐ ĚĞ ƚƌĂďĂũŽ ƉĂƌĂ ůĂ
ŝŶƐƚĂůĂĐŝſŶĚĞůŽƐĞƋƵŝƉŽƐ͘ƐƚĞǀĂůŽƌĞƐĞůϭйĚĞůǀĂůŽƌĚĞůŵĂƚĞƌŝĂů͘
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dƌĂŶƐƉŽƌƚĞ͘ͲƐĞůǀĂůŽƌĂƉĂŐĂƌƉŽƌĞůƚƌĂŶƐƉŽƌƚĞĚĞĐĂĚĂĞůĞŵĞŶƚŽĂƵƚŝůŝnjĂƌĞŶůĂĐŽŶƐƚƌƵĐĐŝſŶĚĞůĂƐ
ŝŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐ͘ƐƚĞǀĂůŽƌĞƐĞůϭйĚĞůǀĂůŽƌĚĞůŵĂƚĞƌŝĂů͘
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ŽƐƚŽŝŶĚŝƌĞĐƚŽ͘Ͳ^ŽŶůŽƐǀĂůŽƌĞƐŶŽĐŽŶƐŝĚĞƌĂĚŽƐĞŶůĂĞũĞĐƵĐŝſŶĚĞůƉƌŽLJĞĐƚŽ;ŐĂƐƚŽƐĂĚŵŝŶŝƐƚƌĂƚŝǀŽƐ͕
ĚŝƌĞĐĐŝſŶ ƚĠĐŶŝĐĂ͕ ŐĂƐƚŽƐ ƉŽƌ ƉĞƌĚŝĚĂ Ž ĚĂŹŽ ĚĞů ŵĂƚĞƌŝĂů͕ ŚĞƌƌĂŵŝĞŶƚĂ͕ ĞƚĐͿ͘ ƐƚĞ ǀĂůŽƌ ƐĞ ŽďƚŝĞŶĞ
ƐĂĐĂŶĚŽĞůϭϬйĚĞůĂƐƵŵĂĚĞůŽƐĐƵĂƚƌŽǀĂůŽƌĞƐĂŶƚĞƌŝŽƌĞƐ͘

;DĂƚĞƌŝĂůнDĂŶŽĚĞŽďƌĂн,ĞƌƌĂŵŝĞŶƚĂнdƌĂŶƐƉŽƌƚĞͿdžϭϬй

ů ǀĂůŽƌ ƵŶŝƚĂƌŝŽ ƐĞƌĄ ůĂ ƐƵŵĂ ĚĞ ƚŽĚŽƐ ůŽƐ ǀĂůŽƌĞƐ ŵĞŶĐŝŽŶĂĚŽƐ ĂŶƚĞƌŝŽƌŵĞŶƚĞ͘ WĂƌĂ ƐĂĐĂƌ Ğů ǀĂůŽƌ ƚŽƚĂů͕ ƐĞ
ŵƵůƚŝƉůŝĐĂƌĄĞůǀĂůŽƌƵŶŝƚĂƌŝŽƉŽƌůĂĐĂŶƚŝĚĂĚƌĞƋƵĞƌŝĚĂƉĂƌĂůĂĐŽŶƐƚƌƵĐĐŝſŶ͘

WĂƌĂĞůƌĞƐƵŵĞŶĨŝŶĂů͕ƐĞŚĂĐŽůŽĐĂĚŽůŽƐǀĂůŽƌĞƐƚŽƚĂůĞƐĚĞĐĂĚĂĨĂĐƚŽƌƋƵĞƐĞƵƚŝůŝnjĂƉĂƌĂĚĞƚĞƌŵŝŶĂƌĞůĐŽƐƚŽ
ƵŶŝƚĂƌŝŽ͘zĞůǀĂůŽƌƚŽƚĂůƉƌŽƉŝĂŵĞŶƚĞĚŝĐŚŽ͘

^ĞƉƵĞĚĞŽďƐĞƌǀĂƌĞŶůŽƐŶĞdžŽƐϱϲ͕ϱϳ͕ϱϴ͕ϱϵ͕ϲϬ͕ϲϭ͕ϲϮ͕ϲϯLJϲϰ͘

 

ϱϵ

ϲ͘Ϯ͘
ŽŶĐůƵƐŝŽŶĞƐLJƌĞĐŽŵĞŶĚĂĐŝŽŶĞƐĚĞůƉƌŽLJĞĐƚŽ͘
ϲ͘Ϯ͘ϭ͘
ŽŶĐůƵƐŝŽŶĞƐ͘

ŽŶůĂƌĞĂůŝnjĂĐŝſŶĚĞĞƐƚĞƉƌŽLJĞĐƚŽƐĞƉƵĞĚĞĐŽŶĐůƵŝƌůŽƐŝŐƵŝĞŶƚĞ͗

ϭ͘
hŶ ĚŝƐĞŹŽ ĚĞ ŝŶƐƚĂůĂĐŝŽŶĞƐ ĞůĠĐƚƌŝĐĂƐ ĚĞďĞ ƉƌŽƉŽƌĐŝŽŶĂƌ ůĂ ŝŶĨŽƌŵĂĐŝſŶ ŶĞĐĞƐĂƌŝĂ ƉĂƌĂ ĞǀĂůƵĂƌ ůŽƐ
ƌĞƋƵŝƐŝƚŽƐ ƋƵĞ ƐĞ ŶĞĐĞƐŝƚĂŶ ƉĂƌĂ ůůĞǀĂƌ Ă ĐĂďŽ ƐƵ ŝŵƉůĞŵĞŶƚĂĐŝſŶ Ž ŵŽĚŝĨŝĐĂĐŝŽŶĞƐ ĚĞ ĂĐƵĞƌĚŽ Ă ůĂ
ĚŝƐƉŽŶŝďŝůŝĚĂĚĞĐŽŶſŵŝĐĂĚĞůĐůŝĞŶƚĞ͘
Ϯ͘
ĂĚĂ ƐŝƐƚĞŵĂ ĞůĠĐƚƌŝĐŽ ĚĞďĞ ĐŽŶƚĞŶĞƌ ůŽƐ ĚŝƐĞŹŽƐ ĚĞ ƉůĂŶŽƐ ĚŽŶĚĞ ƐĞ ŝŶĚŝƋƵĞ ůĂ ƵďŝĐĂĐŝſŶ LJ
ĚŝƐƚƌŝďƵĐŝſŶ ĚĞ ůŽƐ ĚŝƐƚŝŶƚŽƐ ĞůĞŵĞŶƚŽƐ ƋƵĞ ĐŽŶƐƚŝƚƵLJĞŶ ůĂ ŝŶƐƚĂůĂĐŝſŶ ĞůĠĐƚƌŝĐĂ͘ hŶĂ ůŝƐƚĂ ĚĞ
ĞƐƉĞĐŝĨŝĐĂĐŝŽŶĞƐƚĠĐŶŝĐĂƐĚĞůŽƐĞƋƵŝƉŽƐƋƵĞƐĞĐŽŶƐŝĚĞƌĂƌŽŶĞŶĞůĚŝƐĞŹŽLJƵŶƉƌĞƐƵƉƵĞƐƚŽƌĞĨĞƌĞŶĐŝĂů
ĚĞĐŽŶƐƚƌƵĐĐŝſŶ͕ƉĂƌĂůĂĞǀĂůƵĂĐŝſŶĚĞƐƵŝŵƉůĞŵĞŶƚĂĐŝſŶ͘
ϯ͘
^Ğ ĚĞďĞ ƚŽŵĂƌ ĞŶ ĐƵĞŶƚĂ ůĂ ĚŝƐƉŽŶŝďŝůŝĚĂĚ ůŽƐ ĞƋƵŝƉŽƐ ƉůĂŶƚĞĂĚŽƐ ĞŶ Ğů ĚŝƐĞŹŽ ĚĞŶƚƌŽ ĚĞů ŵĞƌĐĂĚŽ
ŶĂĐŝŽŶĂů͕LJĂƋƵĞƐĞďƵƐĐĂůĂŽƉƚŝŵŝnjĂĐŝſŶĚĞƌĞĐƵƌƐŽƐƚĂŶƚŽĞŶĞƌŐĠƚŝĐŽƐĐŽŵŽĞĐŽŶſŵŝĐŽƐ͘ŶĞůĐĂƐŽ
ĚĞŶŽĞdžŝƐƚŝƌĞŶĞůŵĞƌĐĂĚŽƵŶĞƋƵŝƉŽĐŽŶůĂƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐƉĞĚŝĚĂƐ͕ƐĞĚĞďĞƌĞĂůŝnjĂƌƵŶĂĞǀĂůƵĂĐŝſŶ
ĚĞ ĐŽƐƚŽƐ ĐŽŶ ƌĞƐƉĞĐƚŽ Ă ůĂ ŝŵƉŽƌƚĂĐŝſŶ ĚĞ ůŽƐ ŵŝƐŵŽƐ Ž ůĂ ƐƵƐƚŝƚƵĐŝſŶ ƉŽƌ ƵŶ ĞƋƵŝƉŽ ĚĞ ƐŝŵŝůĂƌĞƐ
ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐĚŝƐƉŽŶŝďůĞĞŶĞůƉĂşƐ͘
ϰ͘
>ĂŝŶƐĞƌĐŝſŶĚĞƐŝƐƚĞŵĂƐĚĞĐŽŶƚƌŽůĚĞŝůƵŵŝŶĂĐŝſŶƐŽŶƵŶĂĂƉůŝĐĂĐŝſŶĂůĂĂƵƚŽŵĂƚŝnjĂĐŝſŶŝŶĚƵƐƚƌŝĂůLJ
ƵŶ ĂƉŽƌƚĞ ƉĂƌĂ Ğů ĂŚŽƌƌŽĚĞ ĞŶĞƌŐşĂ͕ LJĂ ƋƵĞƐĞ ƉƵĞĚĞ ĂĚŵŝŶŝƐƚƌĂƌLJ ƐƵƉĞƌǀŝƐĂƌ Ğů ƵƐŽ ĚĞĞŶĞƌպà ĚĞ
ƚŽĚŽĞůĞĚŝĨŝĐŝŽ͕ůůĞǀĂŶĚŽĂƐşƵŶĂŚŽƌƌŽƐƵƐƚĂŶĐŝĂůĂŵĞĚŝĂŶŽƉůĂnjŽ͘
ϱ͘
ů ƐŝƐƚĞŵĂ ĚĞ ŝůƵŵŝŶĂĐŝſŶ ĚĞ ĞŵĞƌŐĞŶĐŝĂ ƚŝĞŶĞ ĐŽŵŽ ŽďũĞƚŝǀŽ ĚĂƌ ůĂ ŝůƵŵŝŶĂĐŝſŶ ŶĞĐĞƐĂƌŝĂ ĞŶ ůĂƐ
ƐĂůŝĚĂƐ LJ ƌƵƚĂƐ  ĚĞ ĞƐĐĂƉĞ ĚĞů ĞĚŝĨŝĐŝŽ ƉĂƌĂ ĨĂĐŝůŝƚĂƌ ůĂ ĞǀĂĐƵĂĐŝſŶ ĚĞů ĞĚŝĨŝĐŝŽ ĞŶ ƐŝƚƵĂĐŝŽŶĞƐ ĚĞ
ĞŵĞƌŐĞŶĐŝĂ;ŝŶĐĞŶĚŝŽƐ͕ƚĞƌƌĞŵŽƚŽ͕ĞdžƉůŽƐŝſŶ͕ĞƚĐͿ͘
ϲ͘
hŶƐŝƐƚĞŵĂĚĞŐĞŶĞƌĂĐŝſŶĚĞĞŵĞƌŐĞŶĐŝĂŶŽƐďƌŝŶĚĂƌĄƐƵŵŝŶŝƐƚƌŽĚĞĞŶĞƌŐşĂƚĞŵƉŽƌĂůĐƵĂŶĚŽĞdžŝƐƚĂ
ĐŽƌƚĞƐĚĞĞŶĞƌŐşĂ͕ďƌŝŶĚĂŶĚŽƵŶĂĞƐƚĂďŝůŝĚĂĚĞŶůĂƐŽƉĞƌĂĐŝŽŶĞƐĚĞůƚĂůůĞƌ͘
ϳ͘
ůĐĄůĐƵůŽĚĞůĂĐĂƉĂĐŝĚĂĚĚĞůŐĞŶĞƌĂĚŽƌƐĞůŽƌĞĂůŝnjſĞŶďĂƐĞĂůĂĐĂƉĂĐŝĚĂĚĚĞůƚƌĂŶƐĨŽƌŵĂĚŽƌŵĄƐĞů
ĨĂĐƚŽƌĚĞƉĠƌĚŝĚĂƐƉŽƌĂůƚƵƌĂLJĞůĨĂĐƚŽƌĚĞĂƌƌĂŶƋƵĞĚĞĐĂƌŐĂƐĞƐƉĞĐŝĂůĞƐ;ĞŶĞůĐĂƐŽĚĞƋƵĞƐĞƚĞŶŐĂ
ŵŽƚŽƌĞƐĐŽŵŽĐĂƌŐĂĚĞůŐĞŶĞƌĂĚŽƌͿ͘
ϴ͘
^ĞŚĂĚŝƐƉƵĞƐƚŽƵŶďĂŶĐŽĚĞĐĂƉĂĐŝƚŽƌĞƐĞŶůŽƐƚĂďůĞƌŽƐĚĞƚĂůůĞƌĞƐƉĂƌĂĐŽƌƌĞŐŝƌĞůĨĂĐƚŽƌĚĞƉŽƚĞŶĐŝĂ
ĚĞ ůĂ ŝŶƐƚĂůĂĐŝſŶ͘ >Ă ĐĂƉĂĐŝĚĂĚ ĚĞů ďĂŶĐŽ ĚĞ ďĂƚĞƌşĂƐ ƐĞ ƌĞĂůŝnjſ ĞŶ ďĂƐĞ Ă ůĂƐ ĐĂƉĂĐŝĚĂĚĞƐ ĚĞů
ĨĂďƌŝĐĂŶƚĞ͘

 

ϲϬ

ϲ͘Ϯ͘Ϯ͘
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dŽĚĂƐůĂƐŝŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐƐĞĚĞďĞŶƌĞĂůŝnjĂƌĞŶƚƵďĞƌşĂŵĞƚĄůŝĐĂDd͕ƉĂƌĂƉĂƌĞĚĞƐLJƚĞĐŚŽƐLJ
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ŶĞdžŽϰ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞĨƵĞƌnjĂ͕ĐĂďŝŶĂƉŝŶƚƵƌĂĞdžƉƌĞƐƐ͕ƐƵďƐƵĞůŽϮ͙͙͙͙͙͙͙WůĂŶŽϰͬϭϯ

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ŶĞdžŽϭϭ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞĨƵĞƌnjĂ͕ƉƌŝŵĞƌĂƉůĂŶƚĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙WůĂŶŽϭϭͬϭϯ

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ŶĞdžŽϭϲ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƐƵďƐƵĞůŽϯ͕njŽŶĂϮ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙Ϯ

ŶĞdžŽϭϳ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƐƵďƐƵĞůŽϮ͕njŽŶĂϭ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϯ

ŶĞdžŽϭϴ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƐƵďƐƵĞůŽϮ͕njŽŶĂϮ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϰ

ŶĞdžŽϭϵ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƐƵďƐƵĞůŽϮ͕njŽŶĂϯ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϱ

ŶĞdžŽϮϬ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƐƵďƐƵĞůŽϮ͕njŽŶĂϰ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϲ

ŶĞdžŽϮϭ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƐƵďƐƵĞůŽϭ͕njŽŶĂϭ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϳ

ŶĞdžŽϮϮ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƐƵďƐƵĞůŽϭ͕njŽŶĂϮ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϴ

ŶĞdžŽϮϯ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƉůĂŶƚĂďĂũĂ͕njŽŶĂϭ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘ϵ

ŶĞdžŽϮϰ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƉůĂŶƚĂďĂũĂ͕njŽŶĂϮ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘ϭϬ

ϲϰ

ŶĞdžŽϮϱ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƉůĂŶƚĂďĂũĂ͕njŽŶĂϯ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘ϭϭ

ŶĞdžŽϮϲ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƉůĂŶƚĂďĂũĂ͕njŽŶĂϰ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘ϭϮ

ŶĞdžŽϮϳ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƉůĂŶƚĂďĂũĂ͕njŽŶĂϱ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘ϭϯ

ŶĞdžŽϮϴ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƉůĂŶƚĂďĂũĂ͕njŽŶĂϲ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘ϭϰ

ŶĞdžŽϮϵ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƉƌŝŵĞƌĂƉůĂŶƚĂ͕njŽŶĂϭ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘ϭϱ

ŶĞdžŽϯϬ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƉƌŝŵĞƌĂƉůĂŶƚĂ͕njŽŶĂϮ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘ϭϲ

ŶĞdžŽϯϭ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƉƌŝŵĞƌĂƉůĂŶƚĂ͕njŽŶĂϯ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘ϭϳ

ŶĞdžŽϯϮ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƐĞŐƵŶĚĂƉůĂŶƚĂ͕njŽŶĂϭ͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϭϴ

ŶĞdžŽϯϯ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƐĞŐƵŶĚĂƉůĂŶƚĂ͕njŽŶĂϮ͙͙͙͙͙͙͙͙͙͙͙͙͙͙ϭϵ

ŶĞdžŽϯϰ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƐƵďƐƵĞůŽϯ͕njŽŶĂϭ͙͙͙͙͙͙͙͙͙͙͙͙͘͘WůĂŶŽϮͬϭϬ

ŶĞdžŽϯϱ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƐƵďƐƵĞůŽϯ͕njŽŶĂϮ͙͙͙͙͙͙͙͙͙͙͙͙͘͘WůĂŶŽϯͬϭϬ

ŶĞdžŽϯϲ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƐƵďƐƵĞůŽϮ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙WůĂŶŽϰͬϭϬ

ŶĞdžŽϯϳ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƐƵďƐƵĞůŽϭ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙WůĂŶŽϱͬϭϬ

ŶĞdžŽϯϴ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƉůĂŶƚĂďĂũĂ͕njŽŶĂϭ͕ϮLJϯ͙͙͙͙͙͙͙͙͙͘WůĂŶŽϲͬϭϬ

ŶĞdžŽϯϵ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƉůĂŶƚĂďĂũĂ͕njŽŶĂϰ͕ϱLJϲ͙͙͙͙͙͙͙͙͙͘WůĂŶŽϳͬϭϬ

ŶĞdžŽϰϬ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƉƌŝŵĞƌĂƉůĂŶƚĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘WůĂŶŽϴͬϭϬ

ŶĞdžŽϰϭ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƐĞŐƵŶĚĂƉůĂŶƚĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘WůĂŶŽϵͬϭϬ

ŶĞdžŽϰϮ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŝůƵŵŝŶĂĐŝſŶ͕ƚĞƌĐĞƌĂƉůĂŶƚĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘WůĂŶŽϭϬͬϭϬ

ŶĞdžŽϰϯ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞĐŽŶƚƌŽůĚĞŝůƵŵŝŶĂĐŝſŶ͕ĚŝĂŐƌĂŵĂǀĞƌƚŝĐĂůŐĞŶĞƌĂů͙͙WůĂŶŽϭͬϭ

ŶĞdžŽϰϰ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞĂĐŽŵĞƚŝĚĂƐ͕ƐƵďƐƵĞůŽϯ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘WůĂŶŽϭͬϳ

ŶĞdžŽϰϱ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞĂĐŽŵĞƚŝĚĂƐ͕ƐƵďƐƵĞůŽϮ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘WůĂŶŽϮͬϳ

ŶĞdžŽϰϲ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞĂĐŽŵĞƚŝĚĂƐ͕ƐƵďƐƵĞůŽϭ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘WůĂŶŽϯͬϳ

ŶĞdžŽϰϳ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞĂĐŽŵĞƚŝĚĂƐ͕ƉůĂŶƚĂďĂũĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙WůĂŶŽϰͬϳ

ŶĞdžŽϰϴ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞĂĐŽŵĞƚŝĚĂƐ͕ƉƌŝŵĞƌĂƉůĂŶƚĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘WůĂŶŽϱͬϳ

ŶĞdžŽϰϵ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞĂĐŽŵĞƚŝĚĂƐ͕ƐĞŐƵŶĚĂƉůĂŶƚĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘WůĂŶŽϲͬϳ

ϲϱ

ŶĞdžŽϱϬ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞĂĐŽŵĞƚŝĚĂƐ͕ƚĞƌĐĞƌĂƉůĂŶƚĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙WůĂŶŽϳͬϳ

ŶĞdžŽϱϭ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŵĞĚŝĂƚĞŶƐŝſŶ͕ŝŵƉůĂŶƚĂĐŝſŶŐĞŶĞƌĂů͙͙͙͙͙͙͙͙͙͘WůĂŶŽϭͬϰ

ŶĞdžŽϱϮ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŵĞĚŝĂƚĞŶƐŝſŶ͕ŽďƌĂĐŝǀŝů͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘WůĂŶŽϮͬϰ

ŶĞdžŽϱϯ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŵĞĚŝĂƚĞŶƐŝſŶ͕ŽďƌĂĞůĠĐƚƌŝĐĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙WůĂŶŽϯͬϰ

ŶĞdžŽϱϰ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞŵĞĚŝĂƚĞŶƐŝſŶ͕ĚŝĂŐƌĂŵĂĞůĠĐƚƌŝĐŽƵŶŝĨŝůĂƌ͙͙͙͙͙͙͘WůĂŶŽϰͬϰ

ŶĞdžŽϱϱ͘/ŶƐƚĂůĂĐŝŽŶĞƐĞůĠĐƚƌŝĐĂƐĚĞƉĂƌĂƌƌĂLJŽƐ͕ǀŝƐƚĂůĂƚĞƌĂů͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘WůĂŶŽϭͬϭ

ŶĞdžŽϱϲ͘WƌĞƐƵƉƵĞƐƚŽƌĞĨĞƌĞŶĐŝĂůĚĞĐŽŶƐƚƌƵĐĐŝſŶ͕ƌĞƐƵŵĞŶŐĞŶĞƌĂů͙͙͙͙͙͙͙͙͙͙͙͙͘,ŽũĂϭͬϵ

ŶĞdžŽϱϳ͘WƌĞƐƵƉƵĞƐƚŽƌĞĨĞƌĞŶĐŝĂůĚĞĐŽŶƐƚƌƵĐĐŝſŶ͕ƐŝƐƚĞŵĂĞůĠĐƚƌŝĐŽĚĞĂĐŽŵĞƚŝĚĂƐ͙͙͙͘,ŽũĂϮͬϵ

ŶĞdžŽϱϴ͘WƌĞƐƵƉƵĞƐƚŽƌĞĨĞƌĞŶĐŝĂůĚĞĐŽŶƐƚƌƵĐĐŝſŶ͕ĐĞŶƚƌŽĚĞƚƌĂŶƐĨŽƌŵĂĐŝſŶ͙͙͙͙͙͙͙͘,ŽũĂϯͬϵ

ŶĞdžŽϱϵ͘WƌĞƐƵƉƵĞƐƚŽƌĞĨĞƌĞŶĐŝĂůĚĞĐŽŶƐƚƌƵĐĐŝſŶ͕ƐŝƐƚĞŵĂĞůĠĐƚƌŝĐŽĚĞŐĞŶĞƌĂĐŝſŶ͙͙͙͘͘,ŽũĂϰͬϵ

ŶĞdžŽϲϬ͘WƌĞƐƵƉƵĞƐƚŽƌĞĨĞƌĞŶĐŝĂůĚĞĐŽŶƐƚƌƵĐĐŝſŶ͕ƐŝƐƚĞŵĂĞůĠĐƚƌŝĐŽĚĞĨƵĞƌnjĂ͙͙͙͙͙͙͘,ŽũĂϱͬϵ

ŶĞdžŽϲϭ͘WƌĞƐƵƉƵĞƐƚŽƌĞĨĞƌĞŶĐŝĂůĚĞĐŽŶƐƚƌƵĐĐŝſŶ͕ƐŝƐƚĞŵĂĞůĠĐƚƌŝĐŽĚĞŝůƵŵŝŶĂĐŝſŶ͙͙͙͘,ŽũĂϲͬϵ

ŶĞdžŽϲϮ͘WƌĞƐƵƉƵĞƐƚŽƌĞĨĞƌĞŶĐŝĂůĚĞĐŽŶƐƚƌƵĐĐŝſŶ͕ƵŶŝĚĂĚĚĞƉŽƚĞŶĐŝĂŝŶŝŶƚĞƌƌƵŵƉŝĚĂ͙͘ ,ŽũĂϳͬϵ

ŶĞdžŽϲϯ͘WƌĞƐƵƉƵĞƐƚŽƌĞĨĞƌĞŶĐŝĂůĚĞĐŽŶƐƚƌƵĐĐŝſŶ͕ƐŝƐƚĞŵĂĚĞĐŽŶƚƌŽůLJŵŽŶŝƚŽƌĞŽ͙͙͙͙,ŽũĂϴͬϵ

ŶĞdžŽϲϰ͘WƌĞƐƵƉƵĞƐƚŽƌĞĨĞƌĞŶĐŝĂůĚĞĐŽŶƐƚƌƵĐĐŝſŶ͕ƐŝƐƚĞŵĂĚĞƉĂƌĂƌƌĂLJŽƐ͙͙͙͙͙͙͙͙͙͘,ŽũĂϵͬϵ

ŶĞdžŽϲϱ͘ƐƚƵĚŝŽĚĞĐĂƌŐĂLJĚĞŵĂŶĚĂ͕ĐĄŵĂƌĂĚĞƚƌĂŶƐĨŽƌŵĂĐŝſŶϭ͙͙͙͙͙͙͙͙͙͙͙͙͘͘,ŽũĂϭͬϭϯ

ŶĞdžŽϲϲ͘ƐƚƵĚŝŽĚĞĐĂƌŐĂLJĚĞŵĂŶĚĂ͕ĐĄŵĂƌĂĚĞƚƌĂŶƐĨŽƌŵĂĐŝſŶϮ͙͙͙͙͙͙͙͙͙͙͙͙͘͘,ŽũĂϮͬϭϯ

ŶĞdžŽϲϳ͘ƐƚƵĚŝŽĚĞĐĂƌŐĂLJĚĞŵĂŶĚĂ͕ĐĄŵĂƌĂĚĞƚƌĂŶƐĨŽƌŵĂĐŝſŶϯ͙͙͙͙͙͙͙͙͙͙͙͙͘͘,ŽũĂϯͬϭϯ

ŶĞdžŽϲϴ͘ƐƚƵĚŝŽĚĞĐĂƌŐĂLJĚĞŵĂŶĚĂ͕ƐƵďƚĂďůĞƌŽƌĞŐƵůĂĚŽŽĨŝĐŝŶĂƐƉŝƐŽϯ͙͙͙͙͙͙͙͙͘ ,ŽũĂϰͬϭϯ

ŶĞdžŽϲϵ͘ƐƚƵĚŝŽĚĞĐĂƌŐĂLJĚĞŵĂŶĚĂ͕ƐƵďƚĂďůĞƌŽŽĨŝĐŝŶĂƐƉŝƐŽϯ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘,ŽũĂϱͬϭϯ

ŶĞdžŽϳϬ͘ƐƚƵĚŝŽĚĞĐĂƌŐĂLJĚĞŵĂŶĚĂ͕ƐƵďƚĂďůĞƌŽƉŝƐŽϭͲϮ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘,ŽũĂϲͬϭϯ

ŶĞdžŽϳϭ͘ƐƚƵĚŝŽĚĞĐĂƌŐĂLJĚĞŵĂŶĚĂ͕ƐƵďƚĂďůĞƌŽƐŝǀĂƐĂ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘,ŽũĂϳͬϭϯ

ŶĞdžŽϳϮ͘ƐƚƵĚŝŽĚĞĐĂƌŐĂLJĚĞŵĂŶĚĂ͕ƐƵďƚĂďůĞƌŽŝůƵŵŝŶĂĐŝſŶĞdžƚĞƌŝŽƌϮ͙͙͙͙͙͙͙͙͙͘͘,ŽũĂϴͬϭϯ

ŶĞdžŽϳϯ͘ƐƚƵĚŝŽĚĞĐĂƌŐĂLJĚĞŵĂŶĚĂ͕ƐƵďƚĂďůĞƌŽďŽŵďĂƐ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘,ŽũĂϵͬϭϯ

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Objeto : Anexo 16
Instalación : Subsuelo 3 - Zona 2
Nº del proyecto : 001
Fecha :

Espacio 1
Resumen, Espacio 1
Síntesis de los resultados, Subsuelo 3 Zona 2

N
[m]
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0

0 1 2 3 4 5 6 7 8
[m]

200 300 500 750 1000

Iluminancia [lx]

General
Algorítmia de cálculo utilizada Porción indirecta media
Altura de la superficie de valoración 0.75 m
Altura del nivel de luminarias 2.70 m
Factor de mantenimiento 0.80

Flujo luminoso total de todas las lámparas 38400 lm

Rendimiento global 496 W
Rendim. total por superficie (44.55 m²) 11.13 W/m² (2.59 W/m²/100lx)

Iluminancias
Iluminancia media Em 429 lx
Iluminancia mínima Emin 294 lx
Iluminancia máxima Emax 502 lx:
Uniformidad g1 Emin/Em 1:1.46 (0.69)
Uniformidad g2 Emin/Emax 1:1.71 (0.59)

Tipo Cant. Producto

Cooper Lighting
2 8 Nº de artículo : CFSH414Z
Nombre de la lum. : CROMPTON - COMBIFORM SHALLOW
Equipamiento : 4 x T16 TRIPH 14 W / 1200 lm

-please put your own address here-

area 2 sub. 3 cant. real.rdf

Objeto : Anexo 17
Instalación : Subsuelo 2 - Zona 1
Nº del proyecto : 001
Fecha :

Espacio 1
Resumen, Espacio 1
Síntesis de los resultados, Subsuelo 2 Zona 1

0 10 20 30 40 50 60
[m]

200 300 500 750 1000

Iluminancia [lx]

General
Algorítmia de cálculo utilizada Porción indirecta media
Altura de la superficie de valoración 0.75 m
Altura del nivel de luminarias 2.30 m
Factor de mantenimiento 0.67

Flujo luminoso total de todas las lámparas 640800 lm

Rendimiento global 8280 W
Rendim. total por superficie (753.50 m²) 10.99 W/m² (1.83 W/m²/100lx)

Iluminancias
Iluminancia media Em 599 lx
Iluminancia mínima Emin 163 lx
Iluminancia máxima Emax 1500 lx:
Uniformidad g1 Emin/Em 1:3.68 (0.27)
Uniformidad g2 Emin/Emax 1:9.18 (0.11)

Tipo Cant. Producto

Cooper Lighting
1 36 Nº de artículo : LIN454Z
Nombre de la lum. : CROMPTON - LINERGY
Equipamiento : 4 x T16 TRIPH 54 W / 4450 lm

-please put your own address here-

area 1 sub 2.rdf

Objeto : Anexo 18
Instalación : Subsuelo 2 - Zona 2
Nº del proyecto : 001
Fecha :

Espacio 1
Resumen, Espacio 1
Síntesis de los resultados, Subsuelo 2 Zona 2

0 5 10 15 20 25 30 35 40 45 50 55
[m]

200 300 500 750 1000

Iluminancia [lx]

General
Algorítmia de cálculo utilizada Porción indirecta media
Altura de la superficie de valoración 0.75 m
Altura del nivel de luminarias 3.90 m
Factor de mantenimiento 0.67

Flujo luminoso total de todas las lámparas 284800 lm

Rendimiento global 3680 W
Rendim. total por superficie (322.90 m²) 11.40 W/m² (2.10 W/m²/100lx)

Iluminancias
Iluminancia media Em 543 lx
Iluminancia mínima Emin 383 lx
Iluminancia máxima Emax 726 lx:
Uniformidad g1 Emin/Em 1:1.42 (0.71)
Uniformidad g2 Emin/Emax 1:1.89 (0.53)

Tipo Cant. Producto

Cooper Lighting
1 16 Nº de artículo : LIN454Z
Nombre de la lum. : CROMPTON - LINERGY
Equipamiento : 4 x T16 TRIPH 54 W / 4450 lm

-please put your own address here-

area 2 sub. 2.rdf

Objeto : Anexo 19
Instalación : Subsuelo 2 - Zona 3
Nº del proyecto : 001
Fecha :

Espacio 1
Resumen, Espacio 1
Síntesis de los resultados, Subsuelo 2 Zona 3

0 10 20 30 40 50 60
[m]

200 300 500 750 1000

Iluminancia [lx]

General
Algorítmia de cálculo utilizada Porción indirecta media
Altura de la superficie de valoración 0.75 m
Altura del nivel de luminarias 3.70 m
Factor de mantenimiento 0.67

Flujo luminoso total de todas las lámparas 640800 lm

Rendimiento global 8280 W
Rendim. total por superficie (753.50 m²) 10.99 W/m² (1.87 W/m²/100lx)

Iluminancias
Iluminancia media Em 586 lx
Iluminancia mínima Emin 367 lx
Iluminancia máxima Emax 735 lx:
Uniformidad g1 Emin/Em 1:1.6 (0.63)
Uniformidad g2 Emin/Emax 1:2 (0.5)

Tipo Cant. Producto

Cooper Lighting
1 36 Nº de artículo : LIN454Z
Nombre de la lum. : CROMPTON - LINERGY
Equipamiento : 4 x T16 TRIPH 54 W / 4450 lm

-please put your own address here-

area 3 sub. 2.rdf

Objeto : Anexo 20
Instalación : Subsuelo 2 - Zona 4
Nº del proyecto : 001
Fecha :

Espacio 1
Resumen, Espacio 1
Síntesis de los resultados, Subsuelo 2 Zona 4

[m] N
11
10
9
8
7
6
5
4
3
2
1
0
0.0 2.5 5.0 7.5 10.0 12.5 15.0 17.5 20.0 22.5 25.0
[m]

200 300 500 750 1000

Iluminancia [lx]

General
Algorítmia de cálculo utilizada Porción indirecta media
Altura de la superficie de valoración 0.75 m
Altura del nivel de luminarias 3.90 m
Factor de mantenimiento 0.67

Flujo luminoso total de todas las lámparas 284800 lm

Rendimiento global 3680 W
Rendim. total por superficie (301.40 m²) 12.21 W/m² (2.00 W/m²/100lx)

Iluminancias
Iluminancia media Em 611 lx
Iluminancia mínima Emin 357 lx
Iluminancia máxima Emax 799 lx:
Uniformidad g1 Emin/Em 1:1.71 (0.58)
Uniformidad g2 Emin/Emax 1:2.24 (0.45)

Tipo Cant. Producto

Cooper Lighting
1 16 Nº de artículo : LIN454Z
Nombre de la lum. : CROMPTON - LINERGY
Equipamiento : 4 x T16 TRIPH 54 W / 4450 lm

-please put your own address here-

area 4 sub. 2.rdf

Objeto : Anexo 21
Instalación : Subsuelo 1 - Zona 1
Nº del proyecto : 001
Fecha :

Espacio 1
Resumen, Espacio 1
Síntesis de los resultados, Subsuelo 1 Zona 1

0 10 20 30 40 50 60 70 80 90 100 110
[m]

500 750 1000 1500 2000

Iluminancia [lx]

General
Algorítmia de cálculo utilizada Porción indirecta media
Altura de la superficie de valoración 0.75 m
Altura del nivel de luminarias 8.40 m
Factor de mantenimiento 0.67

Flujo luminoso total de todas las lámparas 2990400 lm

Rendimiento global 38640 W
Rendim. total por superficie (1696.58 m²) 22.78 W/m² (2.29 W/m²/100lx)

Iluminancias
Iluminancia media Em 993 lx
Iluminancia mínima Emin 515 lx
Iluminancia máxima Emax 1230 lx:
Uniformidad g1 Emin/Em 1:1.93 (0.52)
Uniformidad g2 Emin/Emax 1:2.38 (0.42)

Tipo Cant. Producto

Cooper Lighting
1 168 Nº de artículo : LIN454Z
Nombre de la lum. : CROMPTON - LINERGY
Equipamiento : 4 x T16 TRIPH 54 W / 4450 lm

-please put your own address here-

area 1 sub. 1.rdf

Objeto : Anexo 22
Instalación : Subsuelo 1 - Zona 2
Nº del proyecto : 001
Fecha :

Espacio 1
Resumen, Espacio 1
Síntesis de los resultados, Subsuelo 1 Zona 2

0 10 20 30 40 50 60 70 80 90 100
[m]

300 500 750 1000 1500

Iluminancia [lx]

General
Algorítmia de cálculo utilizada Porción indirecta media
Altura de la superficie de valoración 0.75 m
Altura del nivel de luminarias 3.90 m
Factor de mantenimiento 0.67

Flujo luminoso total de todas las lámparas 996800 lm

Rendimiento global 12880 W
Rendim. total por superficie (1033.00 m²) 12.47 W/m² (1.99 W/m²/100lx)

Iluminancias
Iluminancia media Em 627 lx
Iluminancia mínima Emin 438 lx
Iluminancia máxima Emax 759 lx:
Uniformidad g1 Emin/Em 1:1.43 (0.7)
Uniformidad g2 Emin/Emax 1:1.73 (0.58)

Tipo Cant. Producto

Cooper Lighting
1 56 Nº de artículo : LIN454Z
Nombre de la lum. : CROMPTON - LINERGY
Equipamiento : 4 x T16 TRIPH 54 W / 4450 lm

-please put your own address here-

area 2 sub. 1.rdf

Objeto : Anexo 23
Instalación : Planta Baja - Zona 1
Nº del proyecto : 001
Fecha :

Espacio 1
Resumen, Espacio 1
Síntesis de los resultados, Planta Baja Zona 1
N
[m]
35

30

25

20

15

10

0
0 2 4 6 8 10
[m]

750 1000 1500 2000 3000

Iluminancia [lx]

General
Algorítmia de cálculo utilizada Porción indirecta media
Altura de la superficie de valoración 0.75 m
Altura del nivel de luminarias 2.70 m
Factor de mantenimiento 0.67

Flujo luminoso total de todas las lámparas 925600 lm

Rendimiento global 11960 W
Rendim. total por superficie (468.00 m²) 25.56 W/m² (1.80 W/m²/100lx)

Iluminancias
Iluminancia media Em 1420 lx
Iluminancia mínima Emin 1140 lx
Iluminancia máxima Emax 1720 lx:
Uniformidad g1 Emin/Em 1:1.24 (0.81)
Uniformidad g2 Emin/Emax 1:1.5 (0.67)

Tipo Cant. Producto

Cooper Lighting
1 52 Nº de artículo : LIN454Z
Nombre de la lum. : CROMPTON - LINERGY
Equipamiento : 4 x T16 TRIPH 54 W / 4450 lm

-please put your own address here-

ZONA 1 PB OP. 2.rdf

Objeto : Anexo 24
Instalación : Planta Baja - Zona 2
Nº del proyecto : 001
Fecha :

Espacio 1
Resumen, Espacio 1
Síntesis de los resultados, Planta Baja Zona 2

N
[m]
9
8
7
6
5
4
3
2
1
0
0 2 4 6 8 10 12 14
[m]

200 300 500 750 1000

Iluminancia [lx]

General
Algorítmia de cálculo utilizada Porción indirecta media
Altura de la superficie de valoración 0.75 m
Altura del nivel de luminarias 3.00 m
Factor de mantenimiento 0.67

Flujo luminoso total de todas las lámparas 179200 lm

Rendimiento global 2492 W
Rendim. total por superficie (148.20 m²) 16.82 W/m² (3.46 W/m²/100lx)

Iluminancias
Iluminancia media Em 487 lx
Iluminancia mínima Emin 364 lx
Iluminancia máxima Emax 543 lx:
Uniformidad g1 Emin/Em 1:1.34 (0.75)
Uniformidad g2 Emin/Emax 1:1.49 (0.67)

Tipo Cant. Producto

Cooper Lighting
3 28 Nº de artículo : SHF242Z
Nombre de la lum. : CROMPTON - SOLSTAR
Equipamiento : 2 x TC-T 42 W / 3200 lm

-please put your own address here-

ZONA 2 PB.rdf
Objeto : Anexo 25
Instalación : Planta Baja - Zona 3
Nº del proyecto : 001
Fecha :

Espacio 1
Resumen, Espacio 1
Síntesis de los resultados, Planta Baja Zona 3
N
[m]
11
10
9
8
7
6
5
4
3
2
1
0
0 2 4 6 8 10 12 14
[m]

150 200 300 500 750

Iluminancia [lx]

General
Algorítmia de cálculo utilizada Porción indirecta media
Altura de la superficie de valoración 0.75 m
Altura del nivel de luminarias 2.70 m
Factor de mantenimiento 0.67

Flujo luminoso total de todas las lámparas 142400 lm

Rendimiento global 2016 W
Rendim. total por superficie (180.12 m²) 11.19 W/m² (3.63 W/m²/100lx)

Iluminancias
Iluminancia media Em 308 lx
Iluminancia mínima Emin 171 lx
Iluminancia máxima Emax 389 lx:
Uniformidad g1 Emin/Em 1:1.8 (0.55)
Uniformidad g2 Emin/Emax 1:2.27 (0.44)

Tipo Cant. Producto

Cooper Lighting
2 16 Nº de artículo : CVX254ZT
Nombre de la lum. : CROMPTON - CHEVIN PLUS
Equipamiento : 2 x T16 TRIPH 54 W / 4450 lm

-please put your own address here-

ZONA 3 PB OP. 1.rdf

Objeto : Anexo 26
Instalación : Planta Baja - Zona 4
Nº del proyecto : 001
Fecha :

Espacio 1
Resumen, Espacio 1
Síntesis de los resultados, Planta Baja Zona 4

[m] N
11
10
9
8
7
6
5
4
3
2
1
0
0 2 4 6 8 10 12 14
[m]

500 750 1000 1500 2000

Iluminancia [lx]

General
Algorítmia de cálculo utilizada Porción indirecta media
Altura de la superficie de valoración 0.75 m
Altura del nivel de luminarias 2.70 m
Factor de mantenimiento 0.67

Flujo luminoso total de todas las lámparas 213600 lm

Rendimiento global 2760 W
Rendim. total por superficie (163.35 m²) 16.90 W/m² (1.84 W/m²/100lx)

Iluminancias
Iluminancia media Em 920 lx
Iluminancia mínima Emin 510 lx
Iluminancia máxima Emax 1520 lx:
Uniformidad g1 Emin/Em 1:1.8 (0.55)
Uniformidad g2 Emin/Emax 1:2.99 (0.33)

Tipo Cant. Producto

Cooper Lighting
1 12 Nº de artículo : LIN454Z
Nombre de la lum. : CROMPTON - LINERGY
Equipamiento : 4 x T16 TRIPH 54 W / 4450 lm

-please put your own address here-

zona 4 Pb.rdf
Objeto : Anexo 27
Instalación : Planta Baja - Zona 5
Nº del proyecto : 001
Fecha :

Espacio 1
Resumen, Espacio 1
Síntesis de los resultados, Planta Baja Zona 5

0 5 10 15 20 25 30 35 40 45 50 55 60
[m]

150 200 300 500 750

Iluminancia [lx]

General
Algorítmia de cálculo utilizada Porción indirecta media
Altura de la superficie de valoración 0.75 m
Altura del nivel de luminarias 2.70 m
Factor de mantenimiento 0.67

Flujo luminoso total de todas las lámparas 284800 lm

Rendimiento global 3680 W
Rendim. total por superficie (675.36 m²) 5.45 W/m² (1.81 W/m²/100lx)

Iluminancias
Iluminancia media Em 301 lx
Iluminancia mínima Emin 29 lx
Iluminancia máxima Emax 1000 lx:
Uniformidad g1 Emin/Em 1:10.3 (0.1)
Uniformidad g2 Emin/Emax 1:34.5 (0.03)

Tipo Cant. Producto

Cooper Lighting
1 16 Nº de artículo : LIN454Z
Nombre de la lum. : CROMPTON - LINERGY
Equipamiento : 4 x T16 TRIPH 54 W / 4450 lm

-please put your own address here-

zona 5 pb.rdf
Objeto : Anexo 28
Instalación : Planta Baja - Anexo 28
Nº del proyecto : 001
Fecha :

Espacio 1
Resumen, Espacio 1
Síntesis de los resultados, Planta Baja Zona 6

[m] N
11
10
9
8
7
6
5
4
3
2
1
0
0.0 1.5 3.0 4.5 6.0
[m]

500 750 1000 1500 2000

Iluminancia [lx]

General
Algorítmia de cálculo utilizada Porción indirecta media
Altura de la superficie de valoración 0.75 m
Altura del nivel de luminarias 2.70 m
Factor de mantenimiento 0.67

Flujo luminoso total de todas las lámparas 106800 lm

Rendimiento global 1380 W
Rendim. total por superficie (69.30 m²) 19.91 W/m² (1.89 W/m²/100lx)

Iluminancias
Iluminancia media Em 1050 lx
Iluminancia mínima Emin 753 lx
Iluminancia máxima Emax 1470 lx:
Uniformidad g1 Emin/Em 1:1.4 (0.72)
Uniformidad g2 Emin/Emax 1:1.95 (0.51)

Tipo Cant. Producto

Cooper Lighting
1 6 Nº de artículo : LIN454Z
Nombre de la lum. : CROMPTON - LINERGY
Equipamiento : 4 x T16 TRIPH 54 W / 4450 lm

-please put your own address here-

zona 6 pb.rdf
Objeto : Anexo 29
Instalación : Piso 1 Zona 1
Nº del proyecto : 001
Fecha :

Espacio 1
Resumen, Espacio 1
Síntesis de los resultados, Piso 1 Zona 1

0 10 20 30 40 50 60 70 80
[m]

150 200 300 500 750

Iluminancia [lx]

General
Algorítmia de cálculo utilizada Porción indirecta media
Altura de la superficie de valoración 0.75 m
Altura del nivel de luminarias 2.70 m
Factor de mantenimiento 0.67

Flujo luminoso total de todas las lámparas 195800 lm

Rendimiento global 2530 W
Rendim. total por superficie (444.00 m²) 5.70 W/m² (1.79 W/m²/100lx)

Iluminancias
Iluminancia media Em 318 lx
Iluminancia mínima Emin 23 lx
Iluminancia máxima Emax 1330 lx:
Uniformidad g1 Emin/Em 1:13.8 (0.07)
Uniformidad g2 Emin/Emax 1:58 (0.02)

Tipo Cant. Producto

Cooper Lighting
1 11 Nº de artículo : LIN454Z
Nombre de la lum. : CROMPTON - LINERGY
Equipamiento : 4 x T16 TRIPH 54 W / 4450 lm

-please put your own address here-

ZONA 1 P2.rdf
Objeto : Anexo 30
Instalación : Piso 1 - Zona 2
Nº del proyecto : 001
Fecha :

Espacio 1
Resumen, Espacio 1
Síntesis de los resultados, Piso 1 Zona 2

0 5 10 15 20 25 30 35 40 45 50
[m]

200 300 500 750 1000

Iluminancia [lx]

General
Algorítmia de cálculo utilizada Porción indirecta media
Altura de la superficie de valoración 0.75 m
Altura del nivel de luminarias 2.70 m
Factor de mantenimiento 0.80

Flujo luminoso total de todas las lámparas 249200 lm

Rendimiento global 3220 W
Rendim. total por superficie (244.80 m²) 13.15 W/m² (3.23 W/m²/100lx)

Iluminancias
Iluminancia media Em 407 lx
Iluminancia mínima Emin 331 lx
Iluminancia máxima Emax 503 lx:
Uniformidad g1 Emin/Em 1:1.23 (0.81)
Uniformidad g2 Emin/Emax 1:1.52 (0.66)

Tipo Cant. Producto

Cooper Lighting
1 28 Nº de artículo : WAVP254Z
Nombre de la lum. : CROMPTON - WAVEFORM T5
Equipamiento : 2 x T16 TRIPH 54 W / 4450 lm

-please put your own address here-

ZONA 2 P1.rdf
Objeto : Anexo 31
Instalación : Piso 1 - Zona 3
Nº del proyecto : 001
Fecha :

Espacio 1
Resumen, Espacio 1
Síntesis de los resultados, Piso 1 Zona 3

0 10 20 30 40 50 60 70 80
[m]

150 200 300 500 750

Iluminancia [lx]

General
Algorítmia de cálculo utilizada Porción indirecta media
Altura de la superficie de valoración 0.75 m
Altura del nivel de luminarias 2.70 m
Factor de mantenimiento 0.67

Flujo luminoso total de todas las lámparas 391600 lm

Rendimiento global 5060 W
Rendim. total por superficie (918.50 m²) 5.51 W/m² (1.78 W/m²/100lx)

Iluminancias
Iluminancia media Em 309 lx
Iluminancia mínima Emin 31 lx
Iluminancia máxima Emax 1050 lx:
Uniformidad g1 Emin/Em 1:9.94 (0.1)
Uniformidad g2 Emin/Emax 1:33.7 (0.03)

Tipo Cant. Producto

Cooper Lighting
1 22 Nº de artículo : LIN454Z
Nombre de la lum. : CROMPTON - LINERGY
Equipamiento : 4 x T16 TRIPH 54 W / 4450 lm

-please put your own address here-

ZONA 3 P1.rdf
Objeto : Anexo 32
Instalación : Piso 2 - Zona 1
Nº del proyecto : 001
Fecha :

Espacio 1
Resumen, Espacio 1
Síntesis de los resultados, Piso 2 Zona 1

0 10 20 30 40 50 60 70 80
[m]

150 200 300 500 750

Iluminancia [lx]

General
Algorítmia de cálculo utilizada Porción indirecta media
Altura de la superficie de valoración 0.75 m
Altura del nivel de luminarias 2.70 m
Factor de mantenimiento 0.67

Flujo luminoso total de todas las lámparas 195800 lm

Rendimiento global 2530 W
Rendim. total por superficie (444.00 m²) 5.70 W/m² (1.79 W/m²/100lx)

Iluminancias
Iluminancia media Em 318 lx
Iluminancia mínima Emin 23 lx
Iluminancia máxima Emax 1330 lx:
Uniformidad g1 Emin/Em 1:13.8 (0.07)
Uniformidad g2 Emin/Emax 1:58 (0.02)

Tipo Cant. Producto

Cooper Lighting
1 11 Nº de artículo : LIN454Z
Nombre de la lum. : CROMPTON - LINERGY
Equipamiento : 4 x T16 TRIPH 54 W / 4450 lm

-please put your own address here-

ZONA 1 P2.rdf
Objeto : Anexo 33
Instalación : Piso 2 - Zona 2
Nº del proyecto : 001
Fecha :

Espacio 1
Resumen, Espacio 1
Síntesis de los resultados, Piso 2 Zona 2

0 10 20 30 40 50 60 70 80
[m]

150 200 300 500 750

Iluminancia [lx]

General
Algorítmia de cálculo utilizada Porción indirecta media
Altura de la superficie de valoración 0.75 m
Altura del nivel de luminarias 2.70 m
Factor de mantenimiento 0.67

Flujo luminoso total de todas las lámparas 587400 lm

Rendimiento global 7590 W
Rendim. total por superficie (1386.10 m²) 5.48 W/m² (1.77 W/m²/100lx)

Iluminancias
Iluminancia media Em 309 lx
Iluminancia mínima Emin 30 lx
Iluminancia máxima Emax 1340 lx:
Uniformidad g1 Emin/Em 1:10.2 (0.1)
Uniformidad g2 Emin/Emax 1:44.2 (0.02)

Tipo Cant. Producto

Cooper Lighting
1 33 Nº de artículo : LIN454Z
Nombre de la lum. : CROMPTON - LINERGY
Equipamiento : 4 x T16 TRIPH 54 W / 4450 lm

-please put your own address here-

ZONA 2 P2.rdf
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