Skonsolidowny raport roczny 2013

Transkrypt

NOVITA
RS
skorygowany
KOM ISJA NADZORU FINANSOWEGO
Skonsolidowany raport roczny RS
2013
(rok)
(zgodnie z § 82 ust. 2 Rozporządzenia Ministra Finansów z dnia 19 lutego 2009 r. – Dz. U. Nr 33, poz. 259, z późn. zm.)
dla emitentów papierów wartościowyc h prowadząc yc h działalność wytwórc zą, budowlaną, handlową lub usługową
za rok obrotowy
2013 obejmujący okres od 2013-01-01 do 2013-12-31
zawierając y skonsolidowane sprawozdanie finansowe według MSSF
w walucie zł
data przekazania: 2014-03-20
NOVITA SA
(pełna nazwa emitenta)
Lekki (lek)
NOVITA
(skróc ona nazwa emitenta)
(sektor wg klasyfikac ji GPW w Warszawie)
Zielona Góra
65-722
(kod pocztowy)
(miejsc owość )
ul. Dekoracyjna
3
(ulic a)
(numer)
068 456 12 01
068 456 13 51
(telefon)
(fax)
[email protected]
www.novita.com.pl
(e-mail)
(www)
929-009-40-94
970307115
(NIP)
(REGON)
Kanc elaria Porad Finansowo-Księgowych dr Piotr Rojek sp. z o.o., 40-155 Katowice, Konduktorska 33
(podmiot uprawniony do badania)
w tys. zł
WYBRANE DANE FINANSOWE
2013
I. Przyc hody ze sprzedaży
w tys. EUR
2012
2013
2012
82016
88076
19477
21103
II. Zysk z działalnośc i operacyjnej
8526
7663
2025
1836
III. Zysk przed opodatkowaniem
8177
7448
1942
1785
IV. Zysk netto
6590
6038
1565
1447
-10
0
-2
0
6580
6038
1563
1447
2500000
2500000
2500000
2500000
2,64
2,42
0,63
0,58
IX. Przepływy pieniężne netto z działalności operac yjnej
8512
11381
2021
2727
X. Przepływy pieniężne netto z dziłalnośc i inwestycyjnej
-3454
-3579
-820
-858
XI. Przepływy pieniężne netto z działalności finansowej
-5774
-10960
-1371
-2626
V. Pozostałe dochody c ałkowite
VI. Dochody c alkowite razem
VII. Ilość akc ji w sztukac h
VIII. Zysk na jedną akcję zwykłą
XII. Przepływy pieniężne netto razem
-716
-3158
-170
-757
31.12.2013
31.12.2012
31.12.2013
31.12.2012
XIV. Aktywa obrotowe
21104
18023
5089
4409
XV. Aktywa trwałe
76235
78972
18382
19317
XIII. Stan na dzień
XVI. Aktywa trwałe sklasyfikowane jako przeznaczone do sprzedaży
45
0
11
0
XVII. Aktywa razem
97384
96995
23482
23726
XVIII. Zobowiązania krótkoterminowe
11381
9003
2744
2202
XIX. Zobowiązania długoterminowe
9793
10248
2361
2507
76210
77744
18376
19017
XX. Kapitał własny
Średnie kursy wymiany złotego w stosunku do euro ustalone przez NBP
Kurs na koniec okresu:
- stan na 31.12.2013r - 4,1472
- stan na 31.12.2012r - 4,0882
Średnie kursy w okresie:
- za okres od 01.01.2013r do 31.12.2013r - 4,2110
- za okres od 01.01.2012r do 31.12.2012r - 4,1736
ZAWARTOŚĆ RAPORTU
Plik
Opis
rs13_1.pdf
opinia i raport biegłego rewidenta
rs13_2.pdf
oświadc zenie zarządu
rs13_3.pdf
list prezesa zarządu
Komisja Nadzoru Finansowego
1
NOVITA
RS
rs13_4.pdf
sprawozdanie finansowe
rs13_5.pdf
informacje dodatkowe
rs13_6.pdf
sprawozdanie zarządu
PODPISY WSZYSTKICH CZŁONKÓW ZARZĄDU
Data
Imię i Nazwisko
Stanowisko/Funkcja
2014-03-20
Henryk Kac zmarek
Prezes Zarządu, Dyrektor Generalny
2014-03-20
Józef Wołejko
2014-03-20
Krzysztof Barański
Podpis
Członek Zarządu, Dyrektor ds. Produkc ji i
Rozwoju
Członek Zarządu, Dyrektor ds. Sprzedaży i
Marketingu
PODPIS OSOBY, KTÓREJ POWIERZONO PROWADZENIE KSIĄG RACHUNKOWYCH
Data
Imię i Nazwisko
Stanowisko/Funkcja
2014-03-20
Jan Bogusz
Prokurent, Dyrektor ds.
Ekonomiczno-Finansowyc h, Główny
Księgowy
Podpis
Komisja Nadzoru Finansowego
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d) przedmiot działalno ci
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h) procent posiadanego kapitału
zakładowego
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na walnym zgromadzeniu
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NOVITEX spółka z ograniczon odpowiedzialno ci
65-722 Zielona Góra, Dekoracyjna 3
S d Rejonowy w Zielonej Górze, VIII Wydział Gospodarczy KRS
działalno usługowa
spółka zale na
pełna
09.09.1998r
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SPRAWOZDANIE ZARZĄDU Z DZIAŁALNOŚCI
GRUPY KAPITAŁOWEJ NOVITA
ZA ROK 2013
Zielona Góra, 19-03-2014 r.
SPRAWOZDANIE ZARZĄDU Z DZIAŁALNOŚCI GRUPY KAPITAŁOWEJ NOVITA ZA ROK 2013
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tƐŬųĂĚ'ƌƵƉǇ<ĂƉŝƚĂųŽǁĞũ͕ĚůĂŬƚſƌĞũƐƉŽƌǌČĚǌŽŶŽƐŬŽŶƐŽůŝĚŽǁĂŶĞƐƉƌĂǁŽǌĚĂŶŝĞĨŝŶĂŶƐŽǁĞǌĂ
ƌŽŬŽďƌŽƚŽǁǇϮϬϭϯǁĐŚŽĚǌČ͗
• ũĞĚŶŽƐƚŬĂĚŽŵŝŶƵũČĐĂƚũ͘EKs/d^͘͘ǌƐŝĞĚǌŝďČǁŝĞůŽŶĞũ'ſƌǌĞ͕Ƶů͘ĞŬŽƌĂĐǇũŶĂϯ͖
• ũĞĚŶŽƐƚŬĂ ǁ ϭϬϬй ǌĂůĞǏŶĂ͗ EKs/dy ^ƉſųŬĂ ǌ Ž͘Ž͘ ǌ ƐŝĞĚǌŝďČ ǁ ŝĞůŽŶĞũ 'ſƌǌĞ͕
Ƶů͘ĞŬŽƌĂĐǇũŶĂϯ͘
tǇŶŝŬŝ ĨŝŶĂŶƐŽǁĞ ŽƐŝČŐĂŶĞ ^ƉſųŬħ ŬĐǇũŶČ EKs/d͕ ǌǁĂǏǇǁƐǌǇ ũĞũ ǁŝĞůŬŽƑđ ŽďƌŽƚſǁ͕ ǌĂŬƌĞƐ
ƉƌŽǁĂĚǌŽŶĞũ ĚǌŝĂųĂůŶŽƑĐŝ ŽƌĂǌ ǁǇƐŽŬŽƑđ ŬĂƉŝƚĂųƵ ǁųĂƐŶĞŐŽ͕ Ă ƚĂŬǏĞ ƉŽƐŝĂĚĂŶǇĐŚ ĂŬƚǇǁſǁ ŵĂũČ
ŶĂũďĂƌĚǌŝĞũǌŶĂĐǌČĐǇŝĚĞĐǇĚƵũČĐǇǁƉųǇǁŶĂǁǇŶŝŬŝĨŝŶĂŶƐŽǁĞ'ƌƵƉǇ͕ŶĂƚŽŵŝĂƐƚĚǌŝĂųĂůŶŽƑđ^ƉſųŬŝǌŽ͘Ž͘
EKs/dyŽƌĂǌǁǇŶŝŬŝƉƌǌĞǌŶŝČŶŝĞǁƉųǇǁĂũČǌŶĂĐǌČĐŽŶĂǁǇŶŝŬŝ'ƌƵƉǇ<ĂƉŝƚĂųŽǁĞũĞŵŝƚĞŶƚĂ͘
WƌǌĞĚƐŝħďŝŽƌƐƚǁŽ ƉĂŷƐƚǁŽǁĞ &ĂďƌǇŬĂ ǇǁĂŶſǁ ΗEKs/dΗ ǌŽƐƚĂųŽ ƵƚǁŽƌǌŽŶĞ ϭͲϬϭͲϭϵϳϰ ƌŽŬƵ͕
ŶĂƚŽŵŝĂƐƚƉƌŽĚƵŬĐũħǁǇŬųĂĚǌŝŶƉŽĚųŽŐŽǁǇĐŚŽƌĂǌǁųſŬŶŝŶƚĞĐŚŶŝĐǌŶǇĐŚƌŽǌƉŽĐǌħųŽǁƌŽŬƵϭϵϳϲ͘&ŝƌŵĂ
ǌŽƐƚĂųĂǌůŽŬĂůŝǌŽǁĂŶĂǁŝĞůŽŶĞũ'ſƌǌĞ͕ƉƌǌǇƵůŝĐǇĞŬŽƌĂĐǇũŶĞũϯŝƚƵĚǌŝĂųĂŶŝĞƉƌǌĞƌǁĂŶŝĞĚŽĚǌŝƑ͘t
ƌŽŬƵ ϭϵϵϭ ŶĂƐƚČƉŝųŽ ƉƌǌĞŬƐǌƚĂųĐĞŶŝĞ ĨŝƌŵǇ ǁ ũĞĚŶŽŽƐŽďŽǁČ ƐƉſųŬħ ^ŬĂƌďƵ WĂŷƐƚǁĂ ŝ ĨŝƌŵĂ ƉƌǌǇũħųĂ
ŶĂǌǁħ ^ƉſųŬĂ ŬĐǇũŶĂ EKs/d͕ Ă ǁ ĨŽƌŵŝĞ ƐŬƌſĐŽŶĞũ EKs/d ^͘͘ KĚ ϭϵϵϰ ƌŽŬƵ ĂŬĐũĞ ^ƉſųŬŝ ƐČ
ŶŽƚŽǁĂŶĞ ŶĂ t'Wt͘ KĚ ŬŝůŬƵ ůĂƚ͕ ƉŽ ǌĂƉƌǌĞƐƚĂŶŝƵ ƉƌŽĚƵŬĐũŝ ǁǇŬųĂĚǌŝŶ ƉŽĚųŽŐŽǁǇĐŚ ^ƉſųŬĂ ũĞƐƚ
ũĞĚŶǇŵǌǁŝŽĚČĐǇĐŚƉƌŽĚƵĐĞŶƚſǁǁųſŬŶŝŶƚĞĐŚŶŝĐǌŶǇĐŚ͘tĚŶŝƵϭͲϬϭͲϮϬϭϰƌŽŬƵĨŝƌŵĂŽďĐŚŽĚǌŝųĂϰϬͲ
ůĞĐŝĞƐǁĞŐŽŝƐƚŶŝĞŶŝĂ͘
^ƉſųŬĂ ǌ ŽŐƌĂŶŝĐǌŽŶČ ŽĚƉŽǁŝĞĚǌŝĂůŶŽƑĐŝČ EKs/dy ǌŽƐƚĂųĂ ƵƚǁŽƌǌŽŶĂ ŶĂ ƉŽĚƐƚĂǁŝĞ hŵŽǁǇ
^ƉſųŬŝ ǁ ĨŽƌŵŝĞ ĂŬƚƵ ŶŽƚĂƌŝĂůŶĞŐŽ ǌ ĚŶŝĂ ϵͲϬϵͲϭϵϵϴ ƌŽŬƵ ƐƉŽƌǌČĚǌŽŶĞŐŽ ƉƌǌĞǌ <ĂŶĐĞůĂƌŝħ EŽƚĂƌŝĂůŶČ
ŶŽƚĂƌŝƵƐǌĂ:ƵůŝƚǇ ƵŬŽǁƐŬŝĞũǁŝĞůŽŶĞũ'ſƌǌĞ͕Ƶů͘:ĞĚŶŽƑĐŝϱ͕ZĞƉ͘EƌϲϯϵϮͬϵϴŝǁƉŝƐĂŶĂĚŽƌĞũĞƐƚƌƵ
ŚĂŶĚůŽǁĞŐŽƉƌŽǁĂĚǌŽŶĞŐŽƉƌǌĞǌ^ČĚZĞũŽŶŽǁǇǁŝĞůŽŶĞũ'ſƌǌĞ͕s//tǇĚǌŝĂų'ŽƐƉŽĚĂƌĐǌǇ<ƌĂũŽǁĞŐŽ
ZĞũĞƐƚƌƵ^ČĚŽǁĞŐŽǁĚŶŝƵϲͲϬϮͲϮϬϬϰƌŽŬƵƉŽĚŶƵŵĞƌĞŵϭϴϵϵϳϴ͘<ĂƉŝƚĂųǌĂŬųĂĚŽǁǇŽǁĂƌƚŽƑĐŝϭϮ͘ϵϮϱ
ƚǇƐ͘ǌųũĞƐƚǁϭϬϬйǁųĂƐŶŽƑĐŝČ^ƉſųŬŝŬĐǇũŶĞũEKs/d͘
EKs/d^͘͘ĚŽĚŶŝĂϯϬͲϬϲͲϮϬϬϵƌŽŬƵǁĐŚŽĚǌŝųĂǁƐŬųĂĚ'ƌƵƉǇ<ĂƉŝƚĂųŽǁĞũ>EdyũĂŬŽƐƉſųŬĂ
ǌĂůĞǏŶĂ͘ ĚŶŝĞŵ ϭͲϬϳͲϮϬϬϵ ƌŽŬƵ ƐƉſųŬĂ >Edy ^͘͘ ƵƚƌĂĐŝųĂ ŬŽŶƚƌŽůħ ŶĂĚ ĞŵŝƚĞŶƚĞŵ ǁ ƌŽǌƵŵŝĞŶŝƵ
D^Z Ϯϳ ƉŬƚ͘ ϭϮ ŝ ǁ ǌǁŝČǌŬƵ ǌ ƚǇŵ ƐƚĂųĂ Ɛŝħ ŝ ĚŽ ĚŶŝĂ ƐƉŽƌǌČĚǌĞŶŝĂ ŶŝŶŝĞũƐǌĞŐŽ ƐƉƌĂǁŽǌĚĂŶŝĂ ďǇųĂ
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ĚŽŵŝŶƵũČĐĞũͲƐƉſųŬŝEKs/d^͘͘ŵŝĂųǁĂƌƚŽƑđϱ͘ϬϬϬƚǇƐ͘ǌųŝŽďĞũŵŽǁĂųϮ͘ϱϬϬ͘ϬϬϬƐǌƚƵŬĂŬĐũŝǌǁǇŬųǇĐŚ
ŶĂ ŽŬĂǌŝĐŝĞůĂ Ž ǁĂƌƚŽƑĐŝ ŶŽŵŝŶĂůŶĞũ Ϯ ǌųͬƐǌƚ͘ KŐſůŶĂ ůŝĐǌďĂ ŐųŽƐſǁ ŶĂ ǁĂůŶǇŵ ǌŐƌŽŵĂĚǌĞŶŝƵ
ǁǇŶŝŬĂũČĐǇĐŚǌĞǁƐǌǇƐƚŬŝĐŚǁǇĞŵŝƚŽǁĂŶǇĐŚĂŬĐũŝĞŵŝƚĞŶƚĂŽĚƉŽǁŝĂĚĂůŝĐǌďŝĞĂŬĐũŝŝǁǇŶŽƐŝϮ͘ϱϬϬ͘ϬϬϬ
ŐųŽƐſǁ͘ŬĐũĞŝŵŝĞŶŶĞŽƌĂǌƵƉƌǌǇǁŝůĞũŽǁĂŶĞŶŝĞǁǇƐƚħƉƵũČ͘
EĂũďĂƌĚǌŝĞũǌŶĂĐǌČĐǇŵĂŬĐũŽŶĂƌŝƵƐǌĞŵ^ƉſųŬŝŬĐǇũŶĞũEKs/dďǇųĂƐƉſųŬĂ>Edy^͘͘ǌƐŝĞĚǌŝďČ
ǁ>ƵďůŝŷĐƵ͕ŬƚſƌĂƉŽƐŝĂĚĂųĂŶĂĚǌŝĞŷďŝůĂŶƐŽǁǇϴϭϰ͘ϴϬϴĂŬĐũŝĞŵŝƚĞŶƚĂƐƚĂŶŽǁŝČĐǇĐŚϯϮ͕ϱϵйŬĂƉŝƚĂųƵŝ
ƵƉƌĂǁŶŝĂũČĐǇĐŚĚŽϯϮ͕ϱϵйŐųŽƐſǁŶĂtĂůŶǇŵŐƌŽŵĂĚǌĞŶŝƵŬĐũŽŶĂƌŝƵƐǌǇ͘
t ƌŽŬƵ ƐƉƌĂǁŽǌĚĂǁĐǌǇŵ ŵŝĂųǇ ŵŝĞũƐĐĞ ŶŝǏĞũ ǁǇŵŝĞŶŝŽŶĞ ǌĚĂƌǌĞŶŝĂ ŵĂũČĐĞ ǁƉųǇǁ ůƵď ǌǁŝČǌĂŶĞ ǌ
ĂŬĐũŽŶĂƌŝĂƚĞŵ͗
• t ĚŶŝƵ ϭϴͲϬϯͲϮϬϭϯ ƌŽŬƵ ĂƌǌČĚ ĞŵŝƚĞŶƚĂ ŽƉƵďůŝŬŽǁĂų ƐǁŽũĞ ƐƚĂŶŽǁŝƐŬŽ ŶĂ ƚĞŵĂƚ
ƌĞŬŽŵĞŶĚŽǁĂŶĞũĚǇǁŝĚĞŶĚǇǌǌǇƐŬƵǌĂϮϬϭϮƌŽŬǁŬǁŽĐŝĞϰ͕ϱŵůŶǌų͕ƚŽũĞƐƚǁǁǇƐŽŬŽƑĐŝŽŬŽųŽ
ϭ͕ϴϯǌųŶĂϭĂŬĐũħ;ǌǁǇųČĐǌĞŶŝĞŵĂŬĐũŝǁųĂƐŶǇĐŚͿ͘
• t ĚŶŝƵ ϭϱͲϬϰͲϮϬϭϯ ƌŽŬƵ ZĂĚĂ EĂĚǌŽƌĐǌĂ ĞŵŝƚĞŶƚĂ ǁǇďƌĂųĂ <ĂŶĐĞůĂƌŝħ WŽƌĂĚ &ŝŶĂŶƐŽǁŽ Ͳ
<ƐŝħŐŽǁǇĐŚ Ěƌ WŝŽƚƌ ZŽũĞŬ ^Ɖ͘ ǌ Ž͘Ž͘ ǁ <ĂƚŽǁŝĐĂĐŚ͕ Ƶů͘ <ŽŶĚƵŬƚŽƌƐŬĂ ϯϯ͕ ĚŽ ďĂĚĂŶŝĂ
ƐƉƌĂǁŽǌĚĂŷĨŝŶĂŶƐŽǁǇĐŚEKs/dz^͘͘ŝ'ƌƵƉǇ<ĂƉŝƚĂųŽǁĞũEKs/dǌĂƌŽŬŽďƌĂĐŚƵŶŬŽǁǇϮϬϭϯ͘
• t ĚŶŝƵ ϭϱͲϬϰͲϮϬϭϯ ƌŽŬƵ ZĂĚĂ EĂĚǌŽƌĐǌĂ Ͳ ŶĂ ƉŽƐŝĞĚǌĞŶŝƵ ĚŽƚǇĐǌČĐǇŵ ŽĐĞŶǇ ƌŽĐǌŶĞŐŽ
ƐƉƌĂǁŽǌĚĂŶŝĂ ĨŝŶĂŶƐŽǁĞŐŽ ǌĂ ƌŽŬ ϮϬϭϮ ŝ ƐƉƌĂǁŽǌĚĂŶŝĂ ĂƌǌČĚƵ ǌ ĚǌŝĂųĂůŶŽƑĐŝ ĞŵŝƚĞŶƚĂ ŽƌĂǌ
ĐĂųĞũ 'ƌƵƉǇ <ĂƉŝƚĂųŽǁĞũEKs/d͕ ƉŽǌǇƚǇǁŶŝĞũĞŽĐĞŶŝĂũČĐ ŝǁŶŽƐǌČĐŽŝĐŚǌĂƚǁŝĞƌĚǌĞŶŝĞƉƌǌĞǌ
t Ͳ ŽĐĞŶŝųĂ ƌĞŬŽŵĞŶĚĂĐũħ ĂƌǌČĚƵ ǁ ƐƉƌĂǁŝĞ ǁǇƉųĂƚǇ ĚǇǁŝĚĞŶĚǇ͘ t ƐǁŽŝŵ ƐƚĂŶŽǁŝƐŬƵ
-3-
ZĂĚĂ EĂĚǌŽƌĐǌĂ ƐƚǁŝĞƌĚǌŝųĂ͕ ǏĞ ďĂƌĚǌŽ ĚŽďƌĂ ƐǇƚƵĂĐũĂ ĨŝŶĂŶƐŽǁĂ ĞŵŝƚĞŶƚĂ ŽƌĂǌ ĂŬƚƵĂůŶĂ
ŽďŽǁŝČǌƵũČĐĂƐƚƌĂƚĞŐŝĂƌŽǌǁŽũƵEKs/dz^͘͘ƵŵŽǏůŝǁŝĂǁǇƉųĂƚħǁǇǏƐǌĞũŶŝǏƉƌŽƉŽŶŽǁĂŶĂƉƌǌĞǌ
ĂƌǌČĚĚǇǁŝĚĞŶĚǇ͘
• t ĚŶŝƵ ϮϲͲϬϰͲϮϬϭϯ ƌŽŬƵ ĂƌǌČĚ EKs/dz ^͘͘ ǁ Z Ŷƌ ϭϮͬϭϯ ƉŽĚĂų ŽŐųŽƐǌĞŶŝĞ Ž ǌǁŽųĂŶŝƵ
ǁǇĐǌĂũŶĞŐŽtĂůŶĞŐŽŐƌŽŵĂĚǌĞŶŝĂŬĐũŽŶĂƌŝƵƐǌǇEKs/dz^͘͘ǁĚŶŝƵϭϭͲϬϲͲϮϬϭϯ͘
• ǁǇĐǌĂũŶĞ tĂůŶĞ ŐƌŽŵĂĚǌĞŶŝĞ ŬĐũŽŶĂƌŝƵƐǌǇ EKs/dz ^͘͘ ƉŽĚũħųŽ ƵĐŚǁĂųħ Ž ǁǇƉųĂĐŝĞ
ĚǇǁŝĚĞŶĚǇ ǁ ǁǇƐŽŬŽƑĐŝ ϴ͘ϭϭϮ͘ϵϯϰ͕ϱϬ͘ ǌų͕ ƚũ͘ ϯ͕ϯϬ ǌų ŶĂ ϭ ĂŬĐũħ͘ t ŽƉĂƌĐŝƵ Ž ƚħ ƵĐŚǁĂųħ
ǁǇƉųĂĐŽŶŽ͗
o ǁĚŶŝƵϭϰͲϬϴͲϮϬϭϯƌŽŬƵϭ͕ϴϬǌųŶĂĂŬĐũħ͖
o ǁĚŶŝƵϭϴͲϭϮͲϮϬϭϯƌŽŬƵϭ͕ϱϬǌųŶĂĂŬĐũħ͘
• tĚŶŝƵϲͲϬϵͲϮϬϭϯƌŽŬƵĂƌǌČĚŽƚƌǌǇŵĂųǌĂǁŝĂĚŽŵŝĞŶŝĞƉƌǌĞŬĂǌĂŶĞƉƌǌĞǌĚǁſĐŚĐǌųŽŶŬſǁZĂĚǇ
EĂĚǌŽƌĐǌĞũ͕ǁŬƚſƌǇŵƉŽŝŶĨŽƌŵŽǁĂůŝŽƐƉƌǌĞĚĂǏǇųČĐǌŶŝĞϭ͘ϴϯϬƐǌƚƵŬĂŬĐũŝ^ƉſųŬŝEKs/dƉƌǌĞǌ
ĂŬųĂĚǇ >Edy ^͘͘ ǌ ƐŝĞĚǌŝďČ ǁ >ƵďůŝŷĐƵ͕ ƉŽĚŵŝŽƚ ďůŝƐŬŽ ǌǁŝČǌĂŶǇ ǌ ĐǌųŽŶŬĂŵŝ ZĂĚǇ
EĂĚǌŽƌĐǌĞũĞŵŝƚĞŶƚĂ͘
• t ĚŶŝƵ ϮϲͲϭϭͲϮϬϭϯ ƌŽŬƵ ĞŵŝƚĞŶƚ ǌŽƐƚĂų ƉŽŝŶĨŽƌŵŽǁĂŶǇ ƉƌǌĞǌ :ĂŶƵƐǌĂ WŝĐǌĂŬĂ͕ ĐǌųŽŶŬĂ ZĂĚǇ
EĂĚǌŽƌĐǌĞũ EKs/dz ^͕͘͘ ƉŽƐŝĂĚĂũČĐĞŐŽ ĚŽƐƚħƉ ĚŽ ŝŶĨŽƌŵĂĐũŝ ƉŽƵĨŶǇĐŚ͕ ǏĞ &/EsK ^Ɖ͘ ǌ Ž͘Ž͘
ŬƵƉŝųĂǁƚƌĂŬĐŝĞƐĞƐũŝŶĂ'WtǁtĂƌƐǌĂǁŝĞ^͘͘ŽĚŶŝĞǌŶĂŶǇĐŚƉŽĚŵŝŽƚſǁųČĐǌŶŝĞϰϴ͘ϰϲϱĂŬĐũŝ
EKs/dz^͘͘ƉŽƑƌĞĚŶŝŵŬƵƌƐŝĞϯϰ͕ϵϳǌų͘
• t ĚŶŝƵ ϮϴͲϭϭͲϮϬϭϯ ƌŽŬƵ ĞŵŝƚĞŶƚ ǌŽƐƚĂų ƉŽŝŶĨŽƌŵŽǁĂŶǇ͕ ǏĞ KƚǁĂƌƚǇ &ƵŶĚƵƐǌ ŵĞƌǇƚĂůŶǇ
WKdz>/KE ǁ ĚŶŝƵ ϮϱͲϭϭͲϮϬϭϯ ƌŽŬƵ ĚŽŬŽŶĂų ƚƌĂŶƐĂŬĐũŝ ƐƉƌǌĞĚĂǏǇ ĂŬĐũŝ EKs/d ^͕͘͘ ĐŽ
ƐƉŽǁŽĚŽǁĂųŽǌŵŶŝĞũƐǌĞŶŝĞũĞŐŽƵĚǌŝĂųƵǁŽŐſůŶĞũůŝĐǌďŝĞŐųŽƐſǁƉŽŶŝǏĞũϭϱй͘
• t ĚŶŝƵ ϰͲϭϮͲϮϬϭϯ ƌŽŬƵ ĂƌǌČĚ ŽƚƌǌǇŵĂų ǌĂǁŝĂĚŽŵŝĞŶŝĞ ƉƌǌĞŬĂǌĂŶĞ ƉƌǌĞǌ ĐǌųŽŶŬĂ ZĂĚǇ
EĂĚǌŽƌĐǌĞũ ^ƉſųŬŝ Ž ƐƉƌǌĞĚĂǏǇ ǁ ƚƌĂŶƐĂŬĐũŝ ƐĞƐǇũŶĞũ ǌǁǇŬųĞũ ŶĂ ƌǇŶŬƵ ƌĞŐƵůŽǁĂŶǇŵ 'Wt ǁ
tĂƌƐǌĂǁŝĞ^͘͘ǁĚŶŝƵϮϳͲϭϭͲϮϬϭϯƌŽŬƵ͕ǌĂĐĞŶħϯϲ͕ϲϬǌųͲϴ͘ϮϴϮƐǌƚƵŬĂŬĐũŝEKs/dz^͘͘ƉƌǌĞǌ
ĂŬųĂĚǇΗ>EdyΗǁ>ƵďůŝŷĐƵ͕ƉŽĚŵŝŽƚďůŝƐŬŽǌŶŝŵǌǁŝČǌĂŶǇǁƌŽǌƵŵŝĞŶŝƵĂƌƚ͘ϭϲϬƵƐƚ͘ϮƉŬƚϰ
hƐƚĂǁǇ͘
tĞĚųƵŐ ǁŝĞĚǌǇ ĂƌǌČĚƵ EKs/d ^͘͘ ƐƚƌƵŬƚƵƌĂ ĂŬĐũŽŶĂƌŝƵƐǌǇ ƉŽƐŝĂĚĂũČĐǇĐŚ ĐŽ ŶĂũŵŶŝĞũ ϱй ǁ
ŽŐſůŶĞũůŝĐǌďŝĞŐųŽƐſǁũĞĚŶŽƐƚŬŝĚŽŵŝŶƵũČĐĞũŶĂĚǌŝĞŷϯϭͲϭϮͲϮϬϭϯƌŽŬƵƉƌǌĞĚƐƚĂǁŝĂųĂƐŝħŶĂƐƚħƉƵũČĐŽ͗
9[MC\CMELQPCTKWU\[RQUKCFCLæE[EJKYKúEGLIđQUÎYPC9<#
5VCPRQUKCFCPKC
YFPKW
U\V
9[U\E\GIÎNPKGPKG
<CMđCF[.'06':5#
,CPWU\2KE\CM
YTC\\(+08'%15R\QQ
1('2QE\V[NKQP
018+6#5#
2Q\QUVCNK
1IÎđGO
7F\KCđYMCRKVCNG\CMđ
<OKCPC
U\V
<OKCPC
<ĂƉŝƚĂų ǁųĂƐŶǇ 'ƌƵƉǇ ǁ ĚŶŝƵ ϯϭͲϭϮͲϮϬϭϯ ƌŽŬƵ ǁǇŶŽƐŝų ϳϲ͘ϮϭϬ ƚǇƐ͘ ǌų ǁŽďĞĐ ũĞŐŽ ƐƚĂŶƵ
ǁǇŶŽƐǌČĐĞŐŽǁĚŶŝƵϯϭͲϭϮͲϮϬϭϮƌŽŬƵϳϳ͘ϳϰϰƚǇƐ͘ǌų͘
ϰ͘ //Ez/B>EK_/
'ƌƵƉĂ <ĂƉŝƚĂųŽǁĂ EKs/d ƉƌŽǁĂĚǌŝ ƉŽĚƐƚĂǁŽǁČ ĚǌŝĂųĂůŶŽƑđ ŐŽƐƉŽĚĂƌĐǌČ ǁ ŶĂƐƚħƉƵũČĐǇĐŚ
ĚǌŝĞĚǌŝŶĂĐŚ͗
• ƉƌŽĚƵŬĐũĂŝƐƉƌǌĞĚĂǏǁųſŬŶŝŶŝŐųŽǁĂŶǇĐŚǁŽĚČ;ƐƉƵŶůĂĐĞůƵďEKs/dyͿ͖
• ƉƌŽĚƵŬĐũĂŝƐƉƌǌĞĚĂǏǁųſŬŶŝŶŝŐųŽǁĂŶǇĐŚŵĞĐŚĂŶŝĐǌŶŝĞ͖
• ƐƉƌǌĞĚĂǏƚŽǁĂƌſǁŝŵĂƚĞƌŝĂųſǁ͖
• ƐƉƌǌĞĚĂǏƵƐųƵŐŵĂƚĞƌŝĂůŶǇĐŚŝŶŝĞŵĂƚĞƌŝĂůŶǇĐŚ͘
ϱ͘ WZz,Kz
tϮϬϭϯƌŽŬƵƉƌǌǇĐŚŽĚǇǌĞƐƉƌǌĞĚĂǏǇƉƌŽĚƵŬƚſǁ͕ƚŽǁĂƌſǁŝŵĂƚĞƌŝĂųſǁǁǇŶŝŽƐųǇϴϮ͘ϬϭϲƚǇƐ͘ǌųŝ
-4-
ďǇųǇŶŝǏƐǌĞŽϲ͘ϬϲϬƚǇƐ͘ǌųŽĚƉƌǌǇĐŚŽĚſǁǁϮϬϭϮƌŽŬƵ͕ŬƚſƌĞǁǇŶŝŽƐųǇϴϴ͘ϬϳϲƚǇƐ͘EĂƵǌǇƐŬĂŶĞŶŝǏƐǌĞ
ƉƌǌǇĐŚŽĚǇ'ƌƵƉǇŽŐſųĞŵǁϮϬϭϯƌŽŬƵǁƉųǇǁŵŝĂųŽ͗
• ǌĂųĂŵĂŶŝĞ Ɛŝħ ĚǌŝĂųĂůŶŽƑĐŝ ǁ ƐĨĞƌǌĞ ƌĞĂůŝǌĂĐũŝ ǌĂĚĂŷ ďƵĚŽǁŶŝĐƚǁĂ ǌŝĞŵŶĞŐŽ ŶĂ ƐŬƵƚĞŬ
ŬƌǇǌǇƐƵŐŽƐƉŽĚĂƌĐǌĞŐŽŝǌŵŶŝĞũƐǌĞŶŝĂƐŝħƐƉƌǌĞĚĂǏǇǁųſŬŶŝŶƚǇƉƵŐĞŽŶŽŽŬŽųŽϯŵůŶ͘ŵϮƚũ͘
ŽϲŵůŶ͘ǌųǁƉŽƌſǁŶĂŶŝƵĚŽϮϬϭϮƌŽŬƵ͖
• ŽďŶŝǏĞŶŝĞ Ɛŝħ ƉƌǌǇĐŚŽĚſǁ ǌ ƚǇƚƵųƵ ŶĂũŵƵ Ž ŽŬŽųŽ ϭ͕Ϭ ŵůŶ͘ ǌų͕ ĐŽ ǌǁŝČǌĂŶĞ ďǇųŽ ǌ
ƌŽǌǁŝČǌĂŶŝĞŵ ƵŵŽǁǇ ŶĂũŵƵ ŶĂ ϴ͕ϱ ƚǇƐ͘ ŵϮ ƉƌǌĞǌ dZs/Z% ŝ ŽŬƌĞƐŽǁǇŵ ďƌĂŬŝĞŵ
ǁǇĚǌŝĞƌǏĂǁŝĞŶŝĂĐǌħƑĐŝƚǇĐŚƉŽǁŝĞƌǌĐŚŶŝƉƌǌĞǌŶŽǁǇĐŚŶĂũĞŵĐſǁ͖
• ǌŵŶŝĞũƐǌĞŶŝĞŵ ŬǁŽƚǇ ƉƌǌǇĐŚŽĚſǁ Ž ĐĂ Ϯ͕ϭ ŵůŶ͘ ǌų ǌ ƚǇƚƵųƵ ŬŽƌǌǇƐƚĂŶŝĂ ƉƌǌĞǌ dZs/Z% ǌ
ĞŶĞƌŐŝŝĞůĞŬƚƌǇĐǌŶĞũ͕ŐĂǌƵŝǁŽĚǇŝǁǇŶŝŬųǇĐŚǌƚĞŐŽƌĞĨĂŬƚƵƌ͕ŬƚſƌĞũĞĚŶĂŬŶŝĞŵĂũČǁƉųǇǁƵ
ŶĂǁǇŶŝŬŝ'ƌƵƉǇ͘
t ƉŽƐǌĐǌĞŐſůŶǇĐŚ ƐĞŐŵĞŶƚĂĐŚ ƐƉƌǌĞĚĂǏǇ ŽĚŶŽƚŽǁĂŶŽ ŶĂƐƚħƉƵũČĐĞ ǁǇŶŝŬŝ ǁ ƉŽƌſǁŶĂŶŝƵ ĚŽ
ϮϬϭϮƌŽŬƵ͗
• ƉƌǌǇĐŚŽĚǇ ǌĞ ƐƉƌǌĞĚĂǏǇ ǁǇƌŽďſǁ ŐŽƚŽǁǇĐŚ ǁǇŶŝŽƐųǇ ϳϲ͘ϯϮϲ ƚǇƐ͘ ǌų ŝ ǁ ƉŽƌſǁŶĂŶŝƵ ĚŽ ϮϬϭϮ
ƌŽŬƵƉƌǌǇĐŚŽĚǇƚĞďǇųǇŶŝǏƐǌĞŽϮ͘ϲϵϱƚǇƐ͘ǌų͕ƚŽũĞƐƚŽϯ͕ϰй͖
ƵǌǇƐŬĂŶĞ ƉƌǌǇĐŚŽĚǇ ǌĞ ƐƉƌǌĞĚĂǏǇ ǁǇƌŽďſǁ ŽŐſųĞŵ ǁ 'ƌƵƉŝĞ ďǇųǇ ŶŝǏƐǌĞ ǁƐŬƵƚĞŬ ŽŵſǁŝŽŶĞũ
ƐǇƚƵĂĐũŝ ǌĂųĂŵĂŶŝĂ Ɛŝħ ƐƉƌǌĞĚĂǏǇ ǁųſŬŶŝŶ ĚůĂ ďƵĚŽǁŶŝĐƚǁĂ͕ ƐŬƵƚŬŝĞŵ ĐǌĞŐŽ ƉƌǌǇĐŚŽĚǇ ďǇųǇ ǁ
ƚĞũ ŐƌƵƉŝĞ Ž ϲ͕ϭ ŵůŶ͘ ǌų ŶŝǏƐǌĞ ŶŝǏ ǁ ϮϬϭϮ ƌŽŬƵ ŽƌĂǌ ŶŝĞǁǇŬŽŶĂŶŝĂ ƉůĂŶŽǁĂŶǇĐŚ ǌĂĚĂŷ ǁ
ǌĂŬƌĞƐŝĞǁǇƌŽďſǁŬŽŶĨĞŬĐũŽŶŽǁĂŶǇĐŚŽƌĂǌǁǌĂŬƌĞƐŝĞĞŬƐƉŽƌƚƵŶŽǀŝƚĞǆſǁ͘
• ƉƌǌǇĐŚŽĚǇ ǌ ƚǇƚƵųƵ ĐǌǇŶƐǌſǁ ďǇųǇ ŶŝǏƐǌĞ ǁ ƉŽƌſǁŶĂŶŝƵ ĚŽ ϮϬϭϮ ƌŽŬƵ ǌ ƉŽǁŽĚƵ ŽŵſǁŝŽŶĞŐŽ
ǁǇǏĞũŽĚĞũƑĐŝĂdZs/Zz͖
• ƉƌǌǇĐŚŽĚǇ ǌ ƚǇƚƵųƵ ƌĞĨĂŬƚƵƌ ǌǁŝČǌĂŶǇĐŚ ǌ ǁǇŶĂũŵĞŵ ǁǇŶŝŽƐųǇ ϰϵϭ ƚǇƐ͘ ǌų ŝ ǁ ƉŽƌſǁŶĂŶŝƵ ĚŽ
ϮϬϭϮƌŽŬƵďǇųǇŶŝǏƐǌĞŽϭ͘ϵϱϭƚǇƐ͘ǌų͕ƚŽũĞƐƚŽϴϬй͖
• ƉƌǌǇĐŚŽĚǇǌĞƐƉƌǌĞĚĂǏǇƚŽǁĂƌſǁŝŵĂƚĞƌŝĂųſǁǁǇŶŝŽƐųǇϭ͘ϮϵϭƚǇƐ͘ǌųŝǁƉŽƌſǁŶĂŶŝƵĚŽϮϬϭϮ
ƌŽŬƵƉƌǌǇĐŚŽĚǇƚĞďǇųǇŶŝǏƐǌĞŽϯϲϲƚǇƐ͘ǌų͕ƚŽũĞƐƚŽϮϮй͘
t ƉŽƐǌĐǌĞŐſůŶǇĐŚ ƐĞŐŵĞŶƚĂĐŚ ŐĞŽŐƌĂĨŝĐǌŶǇĐŚ ƐƉƌǌĞĚĂǏǇ ǁǇƌŽďſǁ ǁ ϮϬϭϯ ƌŽŬƵ ŽĚŶŽƚŽǁĂŶŽ
ŶĂƐƚħƉƵũČĐĞǁƐŬĂǍŶŝŬŝǁǇŬŽŶĂŶŝĂǁƉŽƌſǁŶĂŶŝƵĚŽϮϬϭϮƌŽŬƵ͗
• ƐƉƌǌĞĚĂǏ ŬƌĂũŽǁĂ ǁǇŶŝŽƐųĂ ϯϭ͘ϴϵϱ ƚǇƐ͘ ǌų ŝ ďǇųĂ ŶŝǏƐǌĂ Ž ϯ͘ϱϵϱ ƚǇƐ͘ ǌų͕ ƚŽ ũĞƐƚ Ž ϭϬ͕ϭй ŽĚ
ƐƉƌǌĞĚĂǏǇǁϮϬϭϮƌŽŬƵ͕ĂũĞũƵĚǌŝĂųǁƐƉƌǌĞĚĂǏǇŽďŶŝǏǇųƐŝħŽϭ͕ϯй͖
ǌĂƐĂĚŶŝĐǌǇ ǁƉųǇǁ ŶĂ ŶŝǏƐǌČ ƐƉƌǌĞĚĂǏ ǁ ƉŽƌſǁŶĂŶŝƵ ĚŽ ϮϬϭϮ ƌŽŬƵ ŵŝĂųŽ ŽŵſǁŝŽŶĞ ƉŽǁǇǏĞũ
ŶŝĞǌƌĞĂůŝǌŽǁĂŶŝĞƐƉƌǌĞĚĂǏǇ ĚůĂ ďƵĚŽǁŶŝĐƚǁĂ ǌǁŝČǌĂŶĞ ǌ ǌĂųĂŵĂŶŝĞŵ Ɛŝħǁ ŬƌĂũƵ ƚĞŐŽŽĚĐŝŶŬĂ
ĚǌŝĂųĂůŶŽƑĐŝ͖
• ĞŬƐƉŽƌƚ ĚŽ ŬƌĂũſǁ h ǁǇŶŝſƐų Ϯϵ͘ϭϰϰ ƚǇƐ͘ ǌų ŝ ũĞƐƚƚŽ ǁĂƌƚŽƑđ ǁǇǏƐǌĂ Ž ϭ͘ϮϲϬ ƚǇƐ͘ ǌų͕ ƚŽ ũĞƐƚ Ž
ϰ͕ϱйǁƉŽƌſǁŶĂŶŝƵĚŽƌŽŬƵϮϬϭϮ͕ĂũĞŐŽƵĚǌŝĂųǁƐƉƌǌĞĚĂǏǇǁǌƌſƐųŽϯ͕ϵй͖
• ĞŬƐƉŽƌƚƉŽǌĂhǁǇŶŝſƐųϭϱ͘ϮϴϳƚǇƐ͘ǌųŝũĞƐƚƚŽǁĂƌƚŽƑđŵŶŝĞũƐǌĂǁƉŽƌſǁŶĂŶŝƵĚŽƌŽŬƵϮϬϭϮŽ
ϯϲϬƚǇƐ͘ǌų͕ƚŽũĞƐƚŽϮ͕ϯй͕ĂũĞŐŽƵĚǌŝĂųǁƐƉƌǌĞĚĂǏǇǁǌƌſƐųŽϬ͕ϵй͖
ŶĂ ǌŶĂĐǌČĐŽ ůĞƉƐǌĞ ǁǇŬŽŶĂŶŝĞ ƐƉƌǌĞĚĂǏǇ ĞŬƐƉŽƌƚŽǁĞũ ǁ ƐƚŽƐƵŶŬƵ ĚŽ ϮϬϭϮ ƌŽŬƵ ŵŝĂųǇ ǁƉųǇǁ
ĚǌŝĂųĂŶŝĂ'ƌƵƉǇŵĂũČĐĞŶĂĐĞůƵƵŐƌƵŶƚŽǁĂŶŝĞũĞũƉŽǌǇĐũŝŶĂƌǇŶŬƵƵŶŝũŶǇŵ͕ĚŽďƌǌĞƉŽƐƚƌǌĞŐĂŶĞũ
ŵĂƌŬŝŽƌĂǌƉƌǌǇǁƌſĐĞŶŝĞƵƚƌĂĐŽŶĞŐŽƉƌǌĞũƑĐŝŽǁŽƉŽǌŝŽŵƵƐƉƌǌĞĚĂǏǇĞŬƐƉŽƌƚŽǁĞũǁǇƌŽďſǁĚŽ
h^͘
t ƌŽŬƵ ϮϬϭϯ 'ƌƵƉĂ ƵǌǇƐŬĂųĂ ƉŽǌŽƐƚĂųĞ ƉƌǌǇĐŚŽĚǇ ǁ ŬǁŽĐŝĞ ϭϰϭ ƚǇƐ͘ ǌų ƐƚĂŶŽǁŝČĐĞ ϲϵ͕ϭй ƚǇĐŚ
ƉƌǌǇĐŚŽĚſǁ ǁ ϮϬϭϮ ƌŽŬƵ͕ ŬƚſƌĞ ǁǇŶŝŽƐųǇ ϮϬϰ ƚǇƐ͘ ǌų͘ EĂ ǌƌſǏŶŝĐŽǁĂŶŝĞ ƚǇĐŚ ƉƌǌǇĐŚŽĚſǁ ŐųſǁŶŝĞ
ǌĂƌǌƵƚŽǁĂųǇ͗ ǁƉųǇǁ ǌ ƚǇƚƵųƵ ǌĂƉųĂƚǇ ǌĂ ƵǌŶĂŶĞ ƉƌǌĞǌ ĚŽƐƚĂǁĐſǁ ƌĞŬůĂŵĂĐũĞ͕ ǁƉųǇǁǇ ǌ ĞŐǌĞŬƵĐũŝ
ŬŽŵŽƌŶŝĐǌǇĐŚǁƉųĂƚǇƵƉƌǌĞĚŶŝŽŽĚƉŝƐĂŶǇĐŚŶĂůĞǏŶŽƑĐŝ͕ǌǁƌŽƚĐųĂǌhƌǌħĚƵĞůŶĞŐŽŽƌĂǌǌǁƌŽƚŬŽƐǌƚſǁ
ƉŽƐƚħƉŽǁĂŷƐČĚŽǁǇĐŚŝĞŐǌĞŬƵĐǇũŶǇĐŚ͘
ďǇĐŝĞŶŝĞĨŝŶĂŶƐŽǁǇĐŚĂŬƚǇǁſǁƚƌǁĂųǇĐŚǁϮϬϭϯƌŽŬƵƐƉƌĂǁŽǌĚĂǁĐǌǇŵ'ƌƵƉĂǌĂŵŬŶħųĂƐƚƌĂƚČ
ǁŬǁŽĐŝĞϲϯƚǇƐ͘ǌų͕ŶĂƚŽŵŝĂƐƚǁϮϬϭϮƌŽŬƵ'ƌƵƉĂŶŝĞǌďǇǁĂųĂŶŝĞĨŝŶĂŶƐŽǁǇĐŚĂŬƚǇǁſǁƚƌǁĂųǇĐŚ͘
WƌǌǇĐŚŽĚǇĨŝŶĂŶƐŽǁĞ'ƌƵƉǇǌĂŵŬŶħųǇƐŝħǌĂϮϬϭϯƌŽŬŬǁŽƚČϭϬϭƚǇƐ͘ǌų͕ǁŽďĞĐϮϯϯƚǇƐ͘ǌųǁϮϬϭϮ
ƌŽŬƵ͘ EĂ ƚħ ƌſǏŶŝĐħ ǌĂƐĂĚŶŝĐǌǇ ǁƉųǇǁ ŵŝĂųĂ ŶŝǏƐǌĂ ŬǁŽƚĂ ƵǌǇƐŬĂŶǇĐŚ ŽĚƐĞƚĞŬ͕ ĐŽ ũĞƐƚ ĞĨĞŬƚĞŵ
ŵŶŝĞũƐǌǇĐŚ ǁƉųǇǁſǁ ǌ ŽƉƌŽĐĞŶƚŽǁĂŶŝĂ ůŽŬĂƚ͕ ũĂŬ ƌſǁŶŝĞǏ ŵŶŝĞũƐǌǇĐŚ ǁƉųǇǁſǁ ǌ ƚǇƚƵųƵ ŽĚƐĞƚĞŬ ŽĚ
-5-
ŬŽŶƚƌĂŚĞŶƚſǁ ǌĂ ƉƌǌĞƚĞƌŵŝŶŽǁĂŶĞ ŶĂůĞǏŶŽƑĐŝ͕ ĐŽ ǌ ŬŽůĞŝ ũĞƐƚ ĞĨĞŬƚĞŵ ƉŽƉƌĂǁŝĞŶŝĂ Ɛŝħ ĚǇƐĐǇƉůŝŶǇ
ƉųĂƚŶŝĐǌĞũŬŽŶƚƌĂŚĞŶƚſǁ'ƌƵƉǇ͘
ϲ͘ <K^dz
<ŽƐǌƚǇ ƐƉƌǌĞĚĂŶǇĐŚ ƉƌŽĚƵŬƚſǁ͕ ƚŽǁĂƌſǁ ŝ ŵĂƚĞƌŝĂųſǁ ǌĂŵŬŶħųǇ Ɛŝħ ŬǁŽƚČ ϲϭ͘ϵϳϮ ƚǇƐ͘ ǌų ŝ ďǇųǇ
ŶŝǏƐǌĞŽϳ͘ϮϱϴƚǇƐ͘ǌų͕ ƚŽ ũĞƐƚŽϭϬ͕ϱйŽĚ ŬŽƐǌƚſǁƉŽŶŝĞƐŝŽŶǇĐŚǁϮϬϭϮ ƌŽŬƵ ǁŬǁŽĐŝĞ ϲϵ͘ϮϯϬƚǇƐ͘ ǌų͘
<ŽƐǌƚǇƐƉƌǌĞĚĂǏǇǁϮϬϭϯƌŽŬƵ ǁǇŶŝŽƐųǇϯ͘ϲϯϳƚǇƐ͘ǌųŝ ďǇųǇ ŶŝǏƐǌĞǁƐƚŽƐƵŶŬƵ ĚŽŝĐŚ ƉŽǌŝŽŵƵǁϮϬϭϮ
ƌŽŬƵ Ž ϯϲϮ ƚǇƐ͘ ǌų͕ ƚŽ ũĞƐƚ Ž ϵ͕ϭй͘ <ŽƐǌƚǇ ŽŐſůŶĞŐŽ ǌĂƌǌČĚƵ ǁǇŶŝŽƐųǇ ϳ͘ϴϲϲ ƚǇƐ͘ ǌų ŝ ďǇųǇ ǁǇǏƐǌĞ ŽĚ
ƉŽŶŝĞƐŝŽŶǇĐŚǁϮϬϭϮƌŽŬƵŽϲϯϰƚǇƐ͘ǌų͕ƚŽũĞƐƚŽϴ͕ϴй͘
<ŽƐǌƚǇŽƉĞƌĂĐǇũŶĞǁĞĚųƵŐƌŽĚǌĂũƵƉŽŶŝĞƐŝŽŶĞǁƌŽŬƵƐƉƌĂǁŽǌĚĂǁĐǌǇŵǁǇŶŝŽƐųǇϳϰ͘ϲϯϮƚǇƐ͘ǌųŝ
ďǇųǇŶŝǏƐǌĞŽϰ͘ϵϳϭƚǇƐ͘ǌų͕ƚŽũĞƐƚŽϲ͕ϮйŽĚƉŽŶŝĞƐŝŽŶǇĐŚǁŬǁŽĐŝĞϳϵ͘ϲϬϯƚǇƐ͘ǌųǁϮϬϭϮƌŽŬƵ͘
EĂũďĂƌĚǌŝĞũ ǌŶĂĐǌČĐĞ ǌŵŶŝĞũƐǌĞŶŝĂ ǁ ƉŽƌſǁŶĂŶŝƵ ĚŽ ϮϬϭϮ ƌŽŬƵ ǁǇƐƚČƉŝųǇ ǁ ŶĂƐƚħƉƵũČĐǇĐŚ
ƌŽĚǌĂũĂĐŚŬŽƐǌƚſǁ͗
• ŬŽƐǌƚǇƐƵƌŽǁĐſǁŝŵĂƚĞƌŝĂųſǁͲƐƉĂĚĞŬǁǇŶŽƐǌČĐǇϯ͘ϬϬϭƚǇƐ͘ǌų͕ƚŽũĞƐƚϲ͕ϰйŽƌĂǌ
• ŬŽƐǌƚǇĞŶĞƌŐŝŝŶĂƉŽƚƌǌĞďǇǁųĂƐŶĞͲǌŵŶŝĞũƐǌĞŶŝĞǁǇŶŽƐǌČĐĞϵϱϱƚǇƐ͘ǌų͕ƚŽũĞƐƚϭϯ͕ϴй͘
tĚǌŝĂųĂŶŝĂĐŚƉƌŽǁĂĚǌŽŶǇĐŚǁ'ƌƵƉŝĞǁϮϬϭϯƌŽŬƵƉŽĚũħƚŽƉƌǌĞĚƐŝħǁǌŝħĐŝĂŶĂƌǌĞĐǌƉŽǌǇƐŬĂŶŝĂ
ƚĂŷƐǌǇĐŚ ǍƌſĚĞų ĚŽƐƚĂǁ͕ ƵǌǇƐŬĂŶŝĞ ŬŽƌǌǇƐƚŶǇĐŚ ǁĂƌƵŶŬſǁ ĚŽƐƚĂǁ ;ƐŬŽŶƚŽͿ ŽƌĂǌ ĞĨĞŬƚǇǁŶĞŐŽ
ǁǇŬŽƌǌǇƐƚĂŶŝĂ ƐƵƌŽǁĐſǁ ŝ ŵĂƚĞƌŝĂųſǁ͘ t ĞĨĞŬĐŝĞ ǁƉƌŽǁĂĚǌŽŶǇĐŚ ǌŵŝĂŶ ƚĞĐŚŶŽůŽŐŝĐǌŶǇĐŚ ŽƌĂǌ
ƵƌƵĐŚŽŵŝĞŶŝĂ ƉƌŽĚƵŬĐũŝ ŶŽǁǇĐŚ ǁǇƌŽďſǁ 'ƌƵƉĂ ƵǌǇƐŬĂųĂ ƉŽƉƌĂǁħ ǁƐŬĂǍŶŝŬĂ ƉŽǌŝŽŵƵ ŬŽƐǌƚſǁ
ǌƵǏǇĐŝĂƐƵƌŽǁĐſǁŽϲ͕ϯйǁƐƚŽƐƵŶŬƵĚŽϮϬϭϮƌŽŬƵ͘
WŽǌŽƐƚĂųĞ ŬŽƐǌƚǇ ŽƉĞƌĂĐǇũŶĞ ǁǇŶŝŽƐųǇ ϵϯ ƚǇƐ͘ ǌų͕ ĐŽ ƐƚĂŶŽǁŝųŽ ŽŬŽųŽ ϲϬй ƚǇĐŚ ŬŽƐǌƚſǁ ǁ ϮϬϭϮ
ƌŽŬƵǁǇŶŽƐǌČĐǇĐŚϭϱϲƚǇƐ͘ǌų͘
BČĐǌŶŝĞ ŬŽƐǌƚǇ ƉŽŶŝĞƐŝŽŶĞ ǁ ϮϬϭϯ ƌŽŬƵ ŶĂ ĚǌŝĂųĂůŶŽƑđ ŽƉĞƌĂĐǇũŶČ 'ƌƵƉǇ ǌĂŵŬŶħųǇ Ɛŝħ ŬǁŽƚČ
ϳϯ͘ϰϳϱƚǇƐ͘ǌų͕ƚŽũĞƐƚŬǁŽƚČŽϲ͘ϵϴϲƚǇƐ͘ǌų͕ĐǌǇůŝŽϴ͕ϳйŶŝǏƐǌČǁƐƚŽƐƵŶŬƵĚŽŬŽƐǌƚſǁƉŽŶŝĞƐŝŽŶǇĐŚǁ
ϮϬϭϮƌŽŬƵǁŬǁŽĐŝĞϴϬ͘ϰϲϭƚǇƐ͘ǌų͘
WŽŶŝĞƐŝŽŶĞ ƉƌǌĞǌ 'ƌƵƉħ ǁ ϮϬϭϯ ƌŽŬƵ ŬŽƐǌƚǇ ĨŝŶĂŶƐŽǁĞ ǁ ŬǁŽĐŝĞ ϰϱϬ ƚǇƐ͘ ǌų ƐƚĂŶŽǁŝųǇ ϭϬϬ͕ϰй
ƚǇĐŚŬŽƐǌƚſǁǌϮϬϭϮƌŽŬƵƉŽŶŝĞƐŝŽŶǇĐŚǁŬǁŽĐŝĞϰϰϴƚǇƐ͘ǌų͘
ϳ͘ tzE/</&/EE^Kt
t ǁǇŶŝŬƵ ƉĞųŶĞũ ŬŽŶƐŽůŝĚĂĐũŝ ƐƉƌĂǁŽǌĚĂŷ ĨŝŶĂŶƐŽǁǇĐŚ ǌĂ ƌŽŬ ϮϬϭϯ͕ ƐƉŽƌǌČĚǌŽŶǇĐŚ ǁŐ D^^&͕
ŬƚſƌČŽďũħƚŽ͗^ƉſųŬħŬĐǇũŶČEKs/dŽƌĂǌ^ƉſųŬħǌŽŐƌĂŶŝĐǌŽŶČŽĚƉŽǁŝĞĚǌŝĂůŶŽƑĐŝČEKs/dyƵǌǇƐŬĂŶŽ
ŶĂƐƚħƉƵũČĐĞǁǇŶŝŬŝĨŝŶĂŶƐŽǁĞ͗
tzE/</&/EE^Kt;ƚǇƐ͘ǌųͿ
ǌŵŝĂŶǇΖϭϯͲΖϭϮ
tǇƐ ǌĐǌĞŐſů Ŷŝ ĞŶŝ Ğ
ϮϬϭϭƌ͘
ϮϬϭϮƌ͘
ϮϬϭϯƌ͘
ǁƌƚŽƑđƚǇƐ͘ǌų
;ϰͲϯͿ
ϭ
Ϯ
ϯ
ϰ
ϱ
WƌǌǇĐŚŽĚǇǌĞƐƉƌǌĞĚĂǏǇƚŽǁĂƌſǁŝƉƌŽĚƵŬƚſǁ
<ŽƐǌƚǇƐƉƌǌĞĚĂŶǇĐŚƉƌŽĚƵŬƚſǁ͕ƚŽǁĂƌſǁŝŵĂƚĞƌŝĂųſǁ
tǇŶŝŬďƌƵƚƚŽǌĞƐƉƌǌĞĚĂǏǇ
tǇŶŝŬŶĂĚǌŝĂųĂůŶŽƑĐŝŽƉĞƌĂĐǇũŶĞũ
/d
tǇŶŝŬďƌƵƚƚŽŐƌƵƉǇŬĂƉŝƚĂųŽǁĞũ
tǇŶŝŬŶĞƚƚŽŐƌƵƉǇŬĂƉŝƚĂųŽǁĞũ
ǇƐŬŶĂϭĂŬĐũħ΀ǌųͬƐǌƚ͘΁
ϵϳϯϴϲ
ϳϳϳϱϬ
ϭϵϲϯϲ
ϳϭϵϯ
ϭϯϰϮϯ
ϲϱϮϰ
ϱϮϯϯ
Ϯ͕Ϭϵ
ϴϴϬϳϲ
ϲϵϮϯϬ
ϭϴϴϰϲ
ϳϲϲϯ
ϭϯϰϭϲ
ϳϰϰϴ
ϲϬϯϴ
Ϯ͕ϰϮ
ϴϮϬϭϲ
ϲϭϵϳϮ
ϮϬϬϰϰ
ϴϱϮϲ
ϭϰϱϵϬ
ϴϭϳϳ
ϲϱϵϬ
Ϯ͕ϲϰ
ͲϲϬϲϬ
ͲϳϮϱϴ
нϭϭϵϴ
нϴϲϯ
нϭϭϳϰ
нϳϮϵ
нϱϱϮ
нϬ͕ϮϮ
ǌŵŝĂŶǇΖϭϯͲΖϭϭ
ǁƐŬĂǍŶŝŬ
ǌŵŝĂŶǇ
;ϰͬϯͿ
;ϰͲϮͿ
ϲ
ϳ
ϵϯ͕ϭй
ϴϵ͕ϱй
ϭϬϲ͕ϰй
ϭϭϭ͕ϯй
ϭϬϴ͕ϴй
ϭϬϵ͕ϴй
ϭϬϵ͕ϭй
ϭϬϵ͕ϭй
ͲϭϱϯϳϬ
Ͳϭϱϳϳϴ
нϰϬϴ
нϭϯϯϯ
нϭϭϲϳ
нϭϲϱϯ
нϭϯϱϳ
нϬ͕ϱϱ
ǁƐŬĂǍŶŝŬ
ǌŵŝĂŶǇ
;ϰͬϮͿ
ϴ
ϴϰ͕Ϯй
ϳϵ͕ϳй
ϭϬϮ͕ϭй
ϭϭϴ͕ϱй
ϭϬϴ͕ϳй
ϭϮϱ͕ϯй
ϭϮϱ͕ϵй
ϭϮϲ͕ϯй
ŶĂůŝǌĂƉƌĞǌĞŶƚŽǁĂŶǇĐŚǁǇǏĞũǁǇŶŝŬſǁũĞĚŶŽǌŶĂĐǌŶŝĞǁǇŬĂǌƵũĞ͕ǏĞǌǁǇũČƚŬŝĞŵƉƌǌǇĐŚŽĚſǁǌĞ
ƐƉƌǌĞĚĂǏǇ 'ƌƵƉĂ ƵǌǇƐŬĂųĂ ŶĂ ŬĂǏĚǇŵ ƉŽǌŝŽŵŝĞ ĚǌŝĂųĂůŶŽƑĐŝ ǌŶĂĐǌČĐŽ ůĞƉƐǌĞ ǁǇŶŝŬŝ ĨŝŶĂŶƐŽǁĞ ŽĚ
ŽƐŝČŐŶŝħƚǇĐŚǁϮϬϭϮƌŽŬƵ͕ũĂŬƌſǁŶŝĞǏŽĚƵǌǇƐŬĂŶǇĐŚǁϮϬϭϭƌŽŬƵ͘
ϴ͘ ^zdh:&/EE^Kt
<ƐǌƚĂųƚŽǁĂŶŝĞ Ɛŝħ ǁǇďƌĂŶǇĐŚ ǁƐŬĂǍŶŝŬſǁ ĞŬŽŶŽŵŝĐǌŶŽ ʹ ĨŝŶĂŶƐŽǁǇĐŚ ǁ ůĂƚĂĐŚ ϮϬϭϭ͕ ϮϬϭϮ ŝ
ϮϬϭϯƉƌǌĞĚƐƚĂǁŝĂƉŽŶŝǏƐǌĂƚĂďĞůĂ͘
-6-
tzZEt^<E/</<KEKD/EKͲ&/EE^Kt
tǇƐ ǌĐǌĞŐſů ŶŝĞŶŝ Ğ
ϮϬϭϭƌ͘
ϮϬϭϮƌ͘
ϮϬϭϯƌ͘
ϭ
Ϯ
ϯ
ϰ
ǁƐ Ŭ͘ǌŵŝ Ă ŶǇ
ΖϭϯͬΖϭϭ
;ϰͬϮͿ
ǁƐ Ŭ͘ǌŵŝĂ ŶǇ
ΖϭϯͬΖϭϮ
;ϰͬϯͿ
ϱ
ϲ
нϮϬ͕ϭϲй
нϮϭ͕ϰϬй
нϮϰ͕ϰϰй
ϭϭϰ͕Ϯй
ϭϮϭ͕Ϯй
ZĞŶƚŽǁŶŽƑđďƌƵƚƚŽƐƉƌǌĞĚĂǏǇ
нϳ͕ϱϯй
нϴ͕ϲϱй
нϭϬ͕ϰϭй
ϭϮϬ͕ϯй
ϭϯϴ͕Ϯй
ZĞŶƚŽǁŶŽƑđŶĞƚƚŽƐƉƌǌĞĚĂǏǇ
нϱ͕ϯϳй
нϲ͕ϴϲй
нϴ͕Ϭϰй
ϭϭϳ͕Ϯй
ϭϰϵ͕ϳй
ZĞŶƚŽǁŶŽƑđŽŐſůŶĂƐƉƌǌĞĚĂǏǇ
нϳ͕ϯϵй
нϴ͕ϳϬй
нϭϬ͕ϰϬй
ϭϭϵ͕ϱй
ϭϰϬ͕ϳй
ZĞŶƚŽǁŶŽƑđŵĂũČƚŬƵ;ZKͿ
нϰ͕ϵϬй
нϲ͕Ϯϯй
нϲ͕ϳϳй
ϭϬϴ͕ϳй
ϭϯϴ͕Ϯй
ZĞŶƚŽǁŶŽƑđŬĂƉŝƚĂųƵǁųĂƐŶĞŐŽ;ZKͿ
нϲ͕ϲϰй
нϳ͕ϳϳй
нϴ͕ϲϱй
ϭϭϭ͕ϯй
ϭϯϬ͕ϯй
ZĞŶƚŽǁŶŽƑđĂŬƚǇǁſǁ;ZK/Ϳ
нϲ͕ϳϰй
нϳ͕ϵϬй
нϴ͕ϳϲй
ϭϭϬ͕ϵй
ϭϯϬ͕Ϭй
ϭϯϰϮϯ
ϭϯϰϭϳ
ϭϰϱϵϬ
ϭϬϴ͕ϳй
ϭϬϴ͕ϳй
ϭϮϳ͕ϰй
tƐŬĂǍŶŝŬŵĂƌǏǇďƌƵƚƚŽǌĞƐƉƌǌĞĚĂǏǇ
/d΀ƚǇƐ͘ǌų΁
tƐŬĂǍŶŝŬƉųǇŶŶŽƑĐŝďŝĞǏČĐĞũ;ĐƵƌƌĞŶƚƌĂƚŝŽͿ
ϭ͕ϰϲ
Ϯ͕ϬϬ
ϭ͕ϴϲ
ϵϯ͕Ϭй
tƐŬĂǍŶŝŬƉųǇŶŶŽƑĐŝƐǌǇďŬŝĞũ;ƋƵŝĐŬƌĂƚŝŽͿ
Ϭ͕ϵϲ
Ϭ͕ϵϵ
Ϭ͕ϴϵ
ϴϵ͕ϵй
ϵϮ͕ϳй
ZŽƚĂĐũĂǌĂƉĂƐſǁǁĚŶŝĂĐŚ
ϯϱ
ϰϬ
ϱϰ
ϭϯϱ͕Ϭй
ϭϱϰ͕ϯй
ǇŬůŝŶŬĂƐĂŶĂůĞǏŶŽƑĐŝŚĂŶĚůŽǁǇĐŚǁĚŶŝĂĐŚ
ϰϬ
ϯϭ
ϰϭ
ϭϯϮ͕ϯй
ϭϬϮ͕ϱй
ϭϳ
ϭϵ͕ϴй
ϭϰ
Ϯϭ͕ϳй
ϴϮ͕ϰй
ϰϮ͕ϰй
^ƚŽƉĂǌĂĚųƵǏĞŶŝĂ
ϯϯ
Ϯϲ͕ϭй
ϭϬϵ͕ϲй
ϴϯ͕ϭй
tƐŬĂǍŶŝŬǌĂĚųƵǏĞŶŝĂ
ϯϱ͕ϰй
Ϯϰ͕ϴй
Ϯϳ͕ϴй
ϭϭϮ͕ϭй
ϳϴ͕ϱй
&ŝŶĂŶƐŽǁĂŶŝĞŵĂũČƚŬƵŬĂƉŝƚĂųĞŵǁųĂƐŶǇŵ
&ŝŶĂŶƐŽǁĂŶŝĞŵĂũČƚŬƵƚƌǁĂųĞŐŽ
ŬĂƉŝƚĂųĞŵǁųĂƐŶǇŵ
ϳϯ͕ϵй
ϴϬ͕Ϯй
ϳϴ͕ϯй
ϵϳ͕ϲй
ϭϬϲ͕Ϭй
ϵϲ͕ϴй
ϵϴ͕ϰй
ϭϬϬ͕Ϭй
ϭϬϭ͕ϲй
ϭϬϯ͕ϯй
ǇŬůƐƉųĂƚǇǌŽďŽǁŝČǌĂŷŚĂŶĚůŽǁǇĐŚǁĚŶŝĂĐŚ
ŶĂůŝǌĂ ƉƌĞǌĞŶƚŽǁĂŶǇĐŚ ƉŽǁǇǏĞũ ǁƐŬĂǍŶŝŬſǁ ǁǇŬĂǌƵũĞ ŝĐŚ ƉŽƉƌĂǁħ ďČĚǍ ƉŽǌŝŽŵ ǌďůŝǏŽŶǇ ǁ
ƉŽƌſǁŶĂŶŝƵĚŽǁĂƌƚŽƑĐŝǌϮϬϭϮƌŽŬƵ͘tǇũČƚŬĂŵŝƐČƚƵǁǇĚųƵǏĞŶŝĞĐǇŬůƵƌŽƚĂĐũŝǌĂƉĂƐſǁ͕ĐǇŬůƵŝŶŬĂƐĂ
ŶĂůĞǏŶŽƑĐŝ ŽƌĂǌ ǁǌƌŽƐƚ ƐƚŽƉǇ ǌĂĚųƵǏĞŶŝĂ ;ǌŽďŽǁŝČǌĂŶŝĂ ŽŐſųĞŵ ͬ ĂŬƚǇǁĂ ŽŐſųĞŵͿ ŝ ǁƐŬĂǍŶŝŬĂ
ǌĂĚųƵǏĞŶŝĂ ;ǌŽďŽǁŝČǌĂŶŝĂ ŽŐſųĞŵ ͬ ŬĂƉŝƚĂų ǁųĂƐŶǇͿ͘ EĂ ƉŽĚŬƌĞƑůĞŶŝĞ ǌĂƐųƵŐƵũĞ ƐǌĐǌĞŐſůŶŝĞ ǁǇƐŽŬĂ
ĚǇŶĂŵŝŬĂǁƐŬĂǍŶŝŬſǁƌĞŶƚŽǁŶŽƑĐŝ͘
ϵ͘ ^zdh:<ZKt
WƌǌĞĐŝħƚŶĞǌĂƚƌƵĚŶŝĞŶŝĞǁ'ƌƵƉŝĞ<ĂƉŝƚĂųŽǁĞũEKs/dǁϮϬϭϯƌŽŬƵǁǇŶŝŽƐųŽϭϵϲŽƐſď͕ǁϮϬϭϮ
ƌŽŬƵʹϮϬϭŽƐſďŝƐƉĂĚųŽŽϱŽƐſď͘
tĞĚųƵŐƐƚĂŶſǁǁŽƐƚĂƚŶŝŵĚŶŝƵƌŽŬƵƐƉƌĂǁŽǌĚĂǁĐǌĞŐŽǌĂƚƌƵĚŶŝĞŶŝĞǁǇŶŽƐŝųŽ͗
• ϭϵϴŽƐſďǁĚŶŝƵϯϭͲϭϮͲϮϬϭϯƌŽŬƵ
• ϭϵϴŽƐſďǁĚŶŝƵϯϭͲϭϮͲϮϬϭϮƌŽŬƵ͘
2T\GEKúVPG\CVTWFPKGPKGYQUQDCEJ
9[U\E\GIÎNPKGPKG
RTCEQYPKE[
RTQFWME[LPK
RTCEQYPKE[
PKGRTQFWME[LPKITWR[
RT\GO[UđQYGL
RTCEQYPKE[
WO[UđQYK
TC\GO
QUQD[
WF\KCđ
QUQD[
WF\KCđ
QUQD[
WF\KCđ
\OKCP[FQ
UVTWM
YUMCļPKM
QUQD[
VWTC
\OKCP[
\OKCP[FQ
UVTWM
YUMCļPKM
QUQD[
VWTC
\OKCP[
ϭϬ͘ zEE/<//'ZKE/D:tWBztE/B>EK_'ZhWz<W/dBKt:EKs/d
KZhz^<EtzE/</<KEKD/EKʹ&/EE^Kt
t ƚŽŬƵ ǌǁǇŬųĞũ ĚǌŝĂųĂůŶŽƑĐŝ ŽƉĞƌĂĐǇũŶĞũ EKs/d ^͘͘ ŶĂƌĂǏŽŶĂ ũĞƐƚ ŶĂ ƌſǏŶĞŐŽ ƚǇƉƵ ƌǇǌǇŬĂ
ŽƉĞƌĂĐǇũŶĞ͕ ƌǇŶŬŽǁĞ ŝ ĨŝŶĂŶƐŽǁĞ͘ ZǇǌǇŬĂ ƚĞ ŵĂũČ ůƵď ŵŽŐČ ŵŝĞđ ǌŶĂĐǌČĐǇ ŝ ŶŝĞŬŽƌǌǇƐƚŶǇ ǁƉųǇǁ ŶĂ
ĚǌŝĂųĂůŶŽƑđ 'ƌƵƉǇ ŽƌĂǌ ũĞũ ƐǇƚƵĂĐũħ ĨŝŶĂŶƐŽǁČ ůƵď ǁǇŶŝŬŝ ĚǌŝĂųĂůŶŽƑĐŝ͘ Ž ŐųſǁŶǇĐŚ ŝŶƐƚƌƵŵĞŶƚſǁ
ĨŝŶĂŶƐŽǁǇĐŚ͕ ǌ ŬƚſƌǇĐŚ ŬŽƌǌǇƐƚĂ 'ƌƵƉĂ ŶĂůĞǏČ͗ ŬƌĞĚǇƚǇ ďĂŶŬŽǁĞ͕ ƑƌŽĚŬŝ ƉŝĞŶŝħǏŶĞ ŝ ůŽŬĂƚǇ
ŬƌſƚŬŽƚĞƌŵŝŶŽǁĞ͘ 'ųſǁŶǇŵ ĐĞůĞŵ ƚǇĐŚ ŝŶƐƚƌƵŵĞŶƚſǁ ĨŝŶĂŶƐŽǁǇĐŚ ũĞƐƚ ƉŽǌǇƐŬĂŶŝĞ ƑƌŽĚŬſǁ
ĨŝŶĂŶƐŽǁǇĐŚŶĂĚǌŝĂųĂůŶŽƑđ'ƌƵƉǇ͘'ƌƵƉĂƉŽƐŝĂĚĂƚĞǏŝŶŶĞŝŶƐƚƌƵŵĞŶƚǇĨŝŶĂŶƐŽǁĞ͕ƚĂŬŝĞũĂŬŶĂůĞǏŶŽƑĐŝŝ
ǌŽďŽǁŝČǌĂŶŝĂ ǌ ƚǇƚƵųƵ ĚŽƐƚĂǁ ŝ ƵƐųƵŐ͕ ŬƚſƌĞ ƉŽǁƐƚĂũČ ďĞǌƉŽƑƌĞĚŶŝŽ ǁ ƚŽŬƵ ƉƌŽǁĂĚǌŽŶĞũ ƉƌǌĞǌ ŶŝČ
ĚǌŝĂųĂůŶŽƑĐŝ͘ ĂƐĂĚČ ƐƚŽƐŽǁĂŶČ ƉƌǌĞǌ ĞŵŝƚĞŶƚĂ ũĞƐƚ ŶŝĞ ƉƌŽǁĂĚǌĞŶŝĞ ŽďƌŽƚƵ ŝŶƐƚƌƵŵĞŶƚĂŵŝ
ĨŝŶĂŶƐŽǁǇŵŝ͕ƚĂŬŝŵŝũĂŬ͗ŝŶƐƚƌƵŵĞŶƚǇƉŽĐŚŽĚŶĞ͕ŽƉĐũĞ͕ŬŽŶƚƌĂŬƚǇƚĞƌŵŝŶŽǁĞĐǌǇƐǁĂƉǇ͘
-7-
WƌŽĐĞĚƵƌǇ ƐƚŽƐŽǁĂŶĞ ǁ 'ƌƵƉŝĞ ŵĂũČ ŶĂ ĐĞůƵ ŝĚĞŶƚǇĨŝŬĂĐũħ ŝ ŽĐĞŶħ ƌǇǌǇŬ͕ ŵŽŶŝƚŽƌŽǁĂŶŝĂ ƚǇĐŚ
ƌǇǌǇŬŽƌĂǌƉƌſďħŽĐĞŶǇƐƚŽƉŶŝĂŶĂƌĂǏĞŶŝĂŶĂƚĞƌǇǌǇŬĂ͘ĞůĂŵŝƉƌŽĐĞƐƵǌĂƌǌČĚǌĂŶŝĂŝǌĂŐƌŽǏĞŶŝĂŵŝƐČ͗
• ŽŐƌĂŶŝĐǌĞŶŝĞǌŵŝĞŶŶŽƑĐŝǁǇŶŝŬƵĨŝŶĂŶƐŽǁĞŐŽďƌƵƚƚŽ͕
• ƵƚƌǌǇŵĂŶŝĞ'ƌƵƉǇǁĚŽďƌĞũŬŽŶĚǇĐũŝĨŝŶĂŶƐŽǁĞũ͕
• ǌŵĂŬƐǇŵĂůŝǌŽǁĂŶŝĞƉƌĂǁĚŽƉŽĚŽďŝĞŷƐƚǁĂƌĞĂůŝǌĂĐũŝǌĂųŽǏĞŷďƵĚǏĞƚŽǁǇĐŚ͘
EĂũŝƐƚŽƚŶŝĞũƐǌǇŵŝǌŝĚĞŶƚǇĨŝŬŽǁĂŶǇŵŝƌǇǌǇŬĂŵŝ͕ŶĂŬƚſƌĞũĞƐƚŶĂƌĂǏŽŶĂ^ƉſųŬĂƐČ͗
ZǇǌǇŬŽǌŵŝĂŶŬƵƌƐſǁǁĂůƵƚ
'ƌƵƉĂǌƌĂĐũŝƌĞĂůŝǌŽǁĂŶŝĂǌŶĂĐǌŶĞũĐǌħƑĐŝŽďƌŽƚƵŶĂƌǇŶŬĂĐŚŵŝħĚǌǇŶĂƌŽĚŽǁǇĐŚũĞƐƚŶĂƌĂǏŽŶĂŶĂ
ƌǇǌǇŬŽ ǌŵŝĂŶ ŬƵƌƐſǁ ǁĂůƵƚŽǁǇĐŚ͘ ZǇǌǇŬŽ ƚĂŬŝĞ ƉŽǁƐƚĂũĞ ǁ ǁǇŶŝŬƵ ĚŽŬŽŶǇǁĂŶŝĂ ƐƉƌǌĞĚĂǏǇ ůƵď
ǌĂŬƵƉſǁ ǁ ǁĂůƵƚĂĐŚ ŽďĐǇĐŚ͕ Ă ŝĐŚ ƐŬƵƚŬŝĞŵ ũĞƐƚ ƉŽǁƐƚĂǁĂŶŝĞ ǌŶĂĐǌŶǇĐŚ ŶŝĞŬŝĞĚǇ ƌſǏŶŝĐ ŬƵƌƐŽǁǇĐŚ͕
ŬƚſƌĞǁŝƐƚŽƚŶǇƐƉŽƐſďŽĚĚǌŝĂųƵũČŶĂǁǇŶŝŬĨŝŶĂŶƐŽǁǇ͘ƵǁĂŐŝŶĂĨĂŬƚ͕ǏĞƉŽŶĂĚϲϴйƉƌǌǇĐŚŽĚſǁǌĞ
ƐƉƌǌĞĚĂǏǇ ƵǌǇƐŬŝǁĂŶĞ ũĞƐƚ ŶĂ ƌǇŶŬĂĐŚ ǌĂŐƌĂŶŝĐǌŶǇĐŚ͕ ŶĂƚŽŵŝĂƐƚ ŽŬŽųŽ ϵϱй ǌĂŬƵƉƵ ƐƵƌŽǁĐſǁ ĚŽ
ƉƌŽĚƵŬĐũŝ ƉŽĐŚŽĚǌŝ ŽĚ ĚŽƐƚĂǁĐſǁ ǌĂŐƌĂŶŝĐǌŶǇĐŚ ůƵď ƉŽůƐŬŝĐŚ͕ ůĞĐǌ ƌŽǌůŝĐǌĂŶǇĐŚ ǁ ǁĂůƵƚĂĐŚ ŽďĐǇĐŚ
ƌſǏŶŝĐĞ ŬƵƌƐŽǁĞ ƉƌĂŬƚǇĐǌŶŝĞ ǌŶŽƐǌČ Ɛŝħ ǁǌĂũĞŵŶŝĞ͘ DŝŶŝŵĂůŝǌŽǁĂŶŝƵ ƌǇǌǇŬĂ ǌŵŝĂŶǇ ŬƵƌƐſǁ ǁĂůƵƚ
ƉŽŵĂŐĂƌſǁŶŝĞǏƚŽ͕ǏĞĞŵŝƚĞŶƚƉŽƐŝĂĚĂůŝŵŝƚǇŬƌĞĚǇƚŽǁĞǁďĂŶŬĂĐŚĨŝŶĂŶƐƵũČĐǇĐŚǁƚƌǌĞĐŚǁĂůƵƚĂĐŚ͗
W>E͕ hZ ŝ h^͘ WŽǌǁĂůĂ ƚŽ ŶĂ ĞůĂƐƚǇĐǌŶĞ ƌĞŐƵůŽǁĂŶŝĞ ǌŽďŽǁŝČǌĂŷ ǁƚĞĚǇ͕ ŐĚǇ ŬƵƌƐǇ ǁǇŵŝĂŶǇ
ŬƐǌƚĂųƚƵũČ Ɛŝħ ŬŽƌǌǇƐƚŶŝĞ ĚůĂ ^ƉſųŬŝ ŽƌĂǌ ŽŐƌĂŶŝĐǌǇđ ƵũĞŵŶǇ ǁƉųǇǁ ƌſǏŶŝĐ ŬƵƌƐŽǁǇĐŚ ŶĂ ǁǇŶŝŬ ĨŝƌŵǇ͘
ŵŝƚĞŶƚŶĂĞƚĂƉŝĞƚǁŽƌǌĞŶŝĂďƵĚǏĞƚƵƐƉŽƌǌČĚǌĂĂŶĂůŝǌħǁƌĂǏůŝǁŽƑĐŝƚĂŬƉƌǌǇĐŚŽĚſǁ͕ũĂŬŝŬŽƐǌƚſǁŝĐŚ
ƵǌǇƐŬĂŶŝĂŶĂǌŵŝĂŶǇŬƵƌƐſǁǁĂůƵƚ͘ZǌĞĐǌǇǁŝƐƚǇǁƉųǇǁƚǇĐŚǌŵŝĂŶŶĂǁǇŶŝŬŝĨŝŶĂŶƐŽǁĞũĞƐƚŶĂďŝĞǏČĐŽ
ĂŶĂůŝǌŽǁĂŶǇŝŽĐĞŶŝĂŶǇƉƌǌĞǌĂƌǌČĚ͘
ZǇǌǇŬŽǌŵŝĂŶĐĞŶƐƵƌŽǁĐſǁ
ǌŝĂųĂůŶŽƑđ ƉƌŽĚƵŬĐǇũŶĂ ĞŵŝƚĞŶƚĂ ũĞƐƚ ƵǌĂůĞǏŶŝŽŶĂ ŽĚ ĐĞŶ ƐƵƌŽǁĐſǁ ŝ ŬŽŵƉŽŶĞŶƚſǁ
ƉŽĐŚŽĚǌČĐǇĐŚ ǌ ŝŵƉŽƌƚƵ͕ Ă ƚĂŬǏĞ ǁ ŵŶŝĞũƐǌĞũ ĐǌħƑĐŝ ŽĚ ĚŽƐƚĂǁĐſǁ ŬƌĂũŽǁǇĐŚ͘ ĞŶǇ ƐƵƌŽǁĐſǁ
ǁųſŬŝĞŶŶŝĐǌǇĐŚ͕ ŬƚſƌĞ ƐƚĂŶŽǁŝČ ǌĂƐĂĚŶŝĐǌČ ŐƌƵƉħ ŵĂƚĞƌŝĂųſǁ ƉƌŽĚƵŬĐǇũŶǇĐŚ ŬƐǌƚĂųƚƵũČ Ɛŝħ ǌŐŽĚŶŝĞ ǌ
ƚĞŶĚĞŶĐũĂŵŝ ŶĂ ƌǇŶŬĂĐŚ ƑǁŝĂƚŽǁǇĐŚ ŝ ŵĂũČ ŝƐƚŽƚŶǇ ǁƉųǇǁ ŶĂ ǁǇƐŽŬŽƑđ ŬŽƐǌƚſǁ ƉƌŽĚƵŬĐũŝ͘ t
ƉŽƉƌǌĞĚŶŝĐŚůĂƚĂĐŚŽďƐĞƌǁŽǁĂŶŽǁǌƌŽƐƚǇĐĞŶƚǇĐŚƐƵƌŽǁĐſǁ͕ŶĂƚŽŵŝĂƐƚǁϮϬϭϯǁǌƌŽƐųǇĐĞŶǇǁųſŬŝĞŶ
ƉŽůŝƉƌŽƉǇůĞŶŽǁǇĐŚ͕ƉŽĚĐǌĂƐŐĚǇƉŽůŝĞƐƚƌǇŝǁŝƐŬŽǌĂƐƚĂŶŝĂųǇ͘tƉųǇǁĐĞŶƐƵƌŽǁĐſǁŽƌĂǌŬŽŵƉŽŶĞŶƚſǁ
ŶĂ ŬŽƐǌƚǇ ƉƌŽĚƵŬĐũŝ ĞŵŝƚĞŶƚĂ ũĞƐƚ ǌŶĂĐǌČĐǇ͕ Ă ǁ ƉƌǌǇƉĂĚŬƵ ǁǌƌŽƐƚƵ ĐĞŶ ǁƉųǇǁĂ ŶĂ ƉŽŐŽƌƐǌĞŶŝĞ
ƌĞŶƚŽǁŶŽƑĐŝƐƉƌǌĞĚĂǏǇ͕ĂƚǇŵƐĂŵǇŵŶĂŽďŶŝǏĞŶŝĞǁǇŶŝŬƵĨŝŶĂŶƐŽǁĞŐŽ͘/ƐƚŽƚŶĞǌŵŝĂŶǇĐĞŶƐƵƌŽǁĐſǁ
ƐČƐǇŐŶĂųĞŵĚŽƉŽĚĞũŵŽǁĂŶŝĂƐŬƵƚĞĐǌŶǇĐŚĚǌŝĂųĂŷǌŵŝĞƌǌĂũČĐǇĐŚĚŽƉŽĚǁǇǏƐǌĞŶŝĂĐĞŶƐƉƌǌĞĚĂǏǇ͘
ZǇǌǇŬŽǌŵŝĂŶƐƚſƉƉƌŽĐĞŶƚŽǁǇĐŚ
ŵŝƚĞŶƚ ũĞƐƚ ƐƚƌŽŶČ Ƶŵſǁ ŬƌĞĚǇƚŽǁǇĐŚ ŽƉĂƌƚǇĐŚ ŶĂ ǌŵŝĞŶŶǇĐŚ ƐƚŽƉĂĐŚ hZ/KZ ůƵď t/KZ н
ŵĂƌǏĂ ďĂŶŬƵ͘ t ǌǁŝČǌŬƵ ǌ ƚǇŵ ŶĂƌĂǏŽŶǇ ũĞƐƚ ŶĂ ƌǇǌǇŬŽ ǌŵŝĂŶ ƐƚſƉ ƉƌŽĐĞŶƚŽǁǇĐŚ͕ ǁ ƉƌǌǇƉĂĚŬƵ
ǌĂĐŝČŐĂŶŝĂ ŶŽǁĞŐŽ ůƵď ƌĞĨŝŶĂŶƐŽǁĂŶŝĂ ŝƐƚŶŝĞũČĐĞŐŽ ǌĂĚųƵǏĞŶŝĂ͘ ĂƌſǁŶŽ ǁųĂƐŶĞ ĚŽƑǁŝĂĚĐǌĞŶŝĂ
ĞŵŝƚĞŶƚĂ͕ ũĂŬ ƚĞǏ ŝƐƚŶŝĞũČĐĂ ƐǇƚƵĂĐũĂ ŶĂ ƌǇŶŬƵ ĨŝŶĂŶƐŽǁǇŵ ŶŝĞ ǁƐŬĂǌƵũČ͕ ďǇ ŝƐƚŶŝĂųǇ ǌǁŝČǌĂŶĞ ǌ ƚǇŵ
ŝƐƚŽƚŶĞ ǌĂŐƌŽǏĞŶŝĂ͘ t ŽĐĞŶŝĞ ĞŵŝƚĞŶƚĂ ŶŝĞ ŵĂ ƉŽƚƌǌĞďǇ ĚŽŬŽŶǇǁĂŶŝĂ ǌĂďĞǌƉŝĞĐǌĞŷ ǁ ŽĚŶŝĞƐŝĞŶŝƵ ĚŽ
ƚĞŐŽ ƌŽĚǌĂũƵ ƌǇǌǇŬĂ͘ WƌǌĞĐŝǁŶŝĞ͕ ĚŽďƌǇ ƐƚĂŶĚŝŶŐ ĨŝŶĂŶƐŽǁǇ ƐƉſųŬŝ ĚŽŵŝŶƵũČĐĞũ ƉŽǌǁĂůĂ ŶĂ
ǁǇŶĞŐŽĐũŽŶŽǁĂŶŝĞ ďĂƌĚǌŽ ŬŽƌǌǇƐƚŶǇĐŚ ǁĂƌƵŶŬſǁ ŬƌĞĚǇƚŽǁĂŶŝĂ͘ WŽǌǁŽůŝųŽ ƚŽ ĞŵŝƚĞŶƚŽǁŝ ŶĂ
ǌĂƉƌǌĞƐƚĂŶŝĞŬŽƌǌǇƐƚĂŶŝĂŽĚ//ƉſųƌŽĐǌĂϮϬϭϯƌŽŬƵǌƵƐųƵŐĨĂŬƚŽƌŝŶŐƵ͘tŽďĞĐĚŽďƌĞũƐǇƚƵĂĐũŝĨŝŶĂŶƐŽǁĞũ
ĞŵŝƚĞŶƚŶŝĞŬŽƌǌǇƐƚĂƌſǁŶŝĞǏǌĨŝŶĂŶƐŽǁĂŶŝĂǌĂŬƵƉſǁůĞĂƐŝŶŐŝĞŵ͘
ZǇǌǇŬŽƵƚƌĂƚǇƉųǇŶŶŽƑĐŝ
:ĞƐƚ ƚŽ ƌǇǌǇŬŽ ƵƚƌĂƚǇ ůƵď ŽŐƌĂŶŝĐǌĞŶŝĂ ǌĚŽůŶŽƑĐŝ ĚŽ ƌĞŐƵůŽǁĂŶŝĂ ďŝĞǏČĐǇĐŚ ǌŽďŽǁŝČǌĂŷ ǁ ƚŽŬƵ
ŶŽƌŵĂůŶĞũĚǌŝĂųĂůŶŽƑĐŝ'ƌƵƉǇ͘ĞǁǌŐůħĚƵŶĂƐƉƌǌǇũĂũČĐĞǌĂĐŝČŐĂŶŝƵŶŽǁǇĐŚŬƌĞĚǇƚſǁǁĂƌƵŶŬŝƌǇŶŬŽǁĞ
ŽƌĂǌ ǁǇƐŽŬĂ ŽĐĞŶĂ ǌĚŽůŶŽƑĐŝ ŬƌĞĚǇƚŽǁĞũ ĞŵŝƚĞŶƚĂ ƉƌǌĞǌ ďĂŶŬŝ ŶŝĞ ŝƐƚŶŝĞũĞ ǌĂŐƌŽǏĞŶŝĞ ƵƚƌĂƚǇ ĚŽƐƚħƉƵ
ĚŽǍƌſĚĞųĨŝŶĂŶƐŽǁĂŶŝĂ͘
ZǇǌǇŬŽŬƌĞĚǇƚŽǁĞ
'ƌƵƉĂŬĂƉŝƚĂųŽǁĂEKs/dƉƌŽǁĂĚǌČĐĚǌŝĂųĂůŶŽƑđŚĂŶĚůŽǁČƌĞĂůŝǌƵũĞƐƉƌǌĞĚĂǏƉƌŽĚƵŬƚſǁŝƵƐųƵŐ
ĚůĂ ƉŽĚŵŝŽƚſǁ ŐŽƐƉŽĚĂƌĐǌǇĐŚ ǌ ŽĚƌŽĐǌŽŶǇŵ ƚĞƌŵŝŶĞŵ ƉųĂƚŶŽƑĐŝ͕ ǁ ǁǇŶŝŬƵ ĐǌĞŐŽ ŵŽǏĞ ƉŽǁƐƚĂđ
ƌǇǌǇŬŽ ŶŝĞŽƚƌǌǇŵĂŶŝĂ ŶĂůĞǏŶŽƑĐŝ ŽĚ ŬŽŶƚƌĂŚĞŶƚſǁ ǌĂ ĚŽƐƚĂƌĐǌŽŶĞ ƉƌŽĚƵŬƚǇ ŝ ƵƐųƵŐŝ͘ t ĐĞůƵ
ǌŵŝŶŝŵĂůŝǌŽǁĂŶŝĂ ƌǇǌǇŬĂ ŬƌĞĚǇƚŽǁĞŐŽ͕ Ă ƚĂŬǏĞ ǁ ĐĞůƵ ƵƚƌǌǇŵǇǁĂŶŝĂ ŵŽǏůŝǁŝĞ ŶĂũŶŝǏƐǌĞŐŽ ŬĂƉŝƚĂųƵ
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ŽďƌŽƚŽǁĞŐŽĞŵŝƚĞŶƚǌĂƌǌČĚǌĂƌǇǌǇŬŝĞŵƉŽƉƌǌĞǌŽďŽǁŝČǌƵũČĐČƉƌŽĐĞĚƵƌħƉƌǌǇǌŶĂǁĂŶŝĂŬŽŶƚƌĂŚĞŶƚŽŵ
ůŝŵŝƚƵŬƌĞĚǇƚƵŬƵƉŝĞĐŬŝĞŐŽŝŽŬƌĞƑůĞŶŝĞĨŽƌŵǇũĞŐŽǌĂďĞǌƉŝĞĐǌĞŶŝĂ͕ĂƐƚĂŶŶĂůĞǏŶŽƑĐŝƉŽĚůĞŐĂĐŝČŐųĞŵƵ
ŵŽŶŝƚŽƌŽǁĂŶŝƵ͘ <ŽŶƚƌĂŚĞŶƚ ŬƵƉƵũČĐǇ ǌ ŽĚƌŽĐǌŽŶǇŵ ƚĞƌŵŝŶĞŵ ƉųĂƚŶŽƑĐŝ ũĞƐƚ ŝŶĚǇǁŝĚƵĂůŶŝĞ ŽĐĞŶŝĂŶǇ
ƉŽĚ ŬČƚĞŵ ƌǇǌǇŬĂ ŬƌĞĚǇƚŽǁĞŐŽ͘ ǌħƑđ ŶĂůĞǏŶŽƑĐŝ ũĞƐƚ ƵďĞǌƉŝĞĐǌĂŶĂ ǁ ƌĂŵĂĐŚ ǌŽƌŐĂŶŝǌŽǁĂŶǇĐŚ
ƉƌŽŐƌĂŵſǁ ƵďĞǌƉŝĞĐǌĞŶŝĂ ŬƌĞĚǇƚƵ ŬƵƉŝĞĐŬŝĞŐŽ͘ t ƉƌǌǇƉĂĚŬƵ ǁǇƐƚČƉŝĞŶŝĂ ŶĂůĞǏŶŽƑĐŝ
ƉƌǌĞƚĞƌŵŝŶŽǁĂŶǇĐŚ ŶĂƐƚħƉƵũĞ͕ ǌŐŽĚŶŝĞ ǌ ŽďŽǁŝČǌƵũČĐǇŵŝ ƉƌŽĐĞĚƵƌĂŵŝ͕ ǁƐƚƌǌǇŵĂŶŝĞ ƐƉƌǌĞĚĂǏǇ ŝ
ƵƌƵĐŚĂŵŝĂŶĞ ƐČ ƉƌŽĐĞĚƵƌǇ ǁŝŶĚǇŬĂĐũŝ͘ ŽĚĂƚŬŽǁŽ ƌǇǌǇŬŽ ŬƌĞĚǇƚŽǁĞ ǁ ƉƌǌǇƉĂĚŬƵ ŶĂůĞǏŶŽƑĐŝ ũĞƐƚ
ŽŐƌĂŶŝĐǌŽŶĞƉŽƉƌǌĞǌĚƵǏČůŝĐǌďħŝĚǇǁĞƌƐǇĨŝŬĂĐũħŬůŝĞŶƚſǁĞŵŝƚĞŶƚĂ͘
ZǇǌǇŬŽŬƌĞĚǇƚŽǁĞ͕ǌǁŝČǌĂŶĞǌĞƑƌŽĚŬĂŵŝƉŝĞŶŝħǏŶǇŵŝŝůŽŬĂƚĂŵŝďĂŶŬŽǁǇŵŝ͕ũĞƐƚƵǁĂǏĂŶĞƉƌǌĞǌ
ĞŵŝƚĞŶƚĂǌĂŶŝƐŬŝĞ͘tƐǌǇƐƚŬŝĞƉŽĚŵŝŽƚǇ͕ǁŬƚſƌǇĐŚEKs/d^͘͘ůŽŬƵũĞǁŽůŶĞƑƌŽĚŬŝƉŝĞŶŝħǏŶĞ͕ĚǌŝĂųĂũČ
ǁ ƐĞŬƚŽƌǌĞ ĨŝŶĂŶƐŽǁǇŵ͘ EĂůĞǏČ ĚŽ ŶŝĐŚ ŽĚĚǌŝĂųǇ ďĂŶŬſǁ ǌĂŐƌĂŶŝĐǌŶǇĐŚ Ž ĚƵǏĞũ ǁŝĂƌǇŐŽĚŶŽƑĐŝ
ŬƌĞĚǇƚŽǁĞũ͘tŬŽŶƐĞŬǁĞŶĐũŝ'ƌƵƉĂŶŝĞũĞƐƚŶĂƌĂǏŽŶĂŶĂǌŶĂĐǌČĐĞƌǇǌǇŬŽŬƌĞĚǇƚŽǁĞ͘
^ǌĐǌĞŐſųŽǁĞ ŝŶĨŽƌŵĂĐũĞ ŶĂ ƚĞŵĂƚ ƌǇǌǇŬĂ ĨŝŶĂŶƐŽǁĞŐŽ ƉƌǌĞĚƐƚĂǁŝŽŶŽ ǁ EKd,
K:_E/:z, K ^<KE^K>/KtE'K ^WZtKE/ &/EE^Kt'K ^WKZKE'K E
/Fϯϭ'ZhE/ϮϬϭϯZK<h͘
'ųſǁŶǇŵŝ ŝŶƐƚƌƵŵĞŶƚĂŵŝ ĨŝŶĂŶƐŽǁǇŵŝ ŵĂũČĐǇŵŝ ǌŵŝŶŝŵĂůŝǌŽǁĂđ ƌǇǌǇŬŽ ĨŝŶĂŶƐŽǁĞ
ǁǇŬŽƌǌǇƐƚǇǁĂŶǇŵŝ ƉƌǌĞĚĞ ǁƐǌǇƐƚŬŝŵ ƉƌǌĞǌ ĞŵŝƚĞŶƚĂ ǁ ϮϬϭϯ ƌŽŬƵ ďǇųǇ͗ ŬƌĞĚǇƚǇ ďĂŶŬŽǁĞ͕ ƑƌŽĚŬŝ
ƉŝĞŶŝħǏŶĞ ŽƌĂǌ ďĂŶŬŽǁĞ ůŽŬĂƚǇ ƚĞƌŵŝŶŽǁĞ͘ t ϮϬϭϯ ƌŽŬƵ ĐŚĂƌĂŬƚĞƌǇǌŽǁĂųĂ 'ƌƵƉħ ĚŽďƌĂ ƉųǇŶŶŽƑđ
ĨŝŶĂŶƐŽǁĂ͘ tƐŬĂǍŶŝŬ ƉųǇŶŶŽƑĐŝ ƐǌǇďŬŝĞũϭ ǁǇŶŝſƐų Ϭ͕ϴϵ ǁŽďĞĐ Ϭ͕ϵϵ ĚůĂ ϮϬϭϮ ƌŽŬƵ͕ ŶĂƚŽŵŝĂƐƚ ǁƐŬĂǍŶŝŬ
ƉųǇŶŶŽƑĐŝďŝĞǏČĐĞũϮĚůĂƌŽŬƵƐƉƌĂǁŽǌĚĂǁĐǌĞŐŽǁǇŶŝſƐųϭ͕ϴϲ͕ĂĚůĂƌŽŬƵϮϬϭϮ͗Ϯ͕ϬϬ͘
t ŽĐĞŶŝĞ ĂƌǌČĚƵ͕ ĐŽ ǌŶĂũĚƵũĞ ƉŽƚǁŝĞƌĚǌĞŶŝĞ ǁĞ ǁƐŬĂǍŶŝŬĂĐŚ͕ ǌĂƌſǁŶŽ ĞŵŝƚĞŶƚ͕ ũĂŬ ŝ ƉŽĚŵŝŽƚ
ǌĂůĞǏŶǇ ŶŝĞ ŵĂũČ ƉƌŽďůĞŵſǁ ǌ ƚĞƌŵŝŶŽǁǇŵ ǁǇǁŝČǌǇǁĂŶŝĞŵ Ɛŝħ ǌ ǌĂĐŝČŐŶŝħƚǇĐŚ ǌŽďŽǁŝČǌĂŷ͕ Ă
ƉƌǌĞũƑĐŝŽǁŽ ǁŽůŶĞ ƑƌŽĚŬŝ 'ƌƵƉĂ ŝŶǁĞƐƚƵũĞ ǁ ďĞǌƉŝĞĐǌŶĞ ŝŶƐƚƌƵŵĞŶƚǇ ĨŝŶĂŶƐŽǁĞ͕ ƚŽ ũĞƐƚ ƚĞƌŵŝŶŽǁĞ
ůŽŬĂƚǇ ďĂŶŬŽǁĞ͘ 'ƌƵƉĂ <ĂƉŝƚĂųŽǁĂ EKs/d ƉŽƐŝĂĚĂ ƌſǁŶŝĞǏ ŝŶŶĞ ŝŶƐƚƌƵŵĞŶƚǇ ĨŝŶĂŶƐŽǁĞ͕ ƚĂŬŝĞ ũĂŬ
ŶĂůĞǏŶŽƑĐŝ ŝ ǌŽďŽǁŝČǌĂŶŝĂ ǌ ƚǇƚƵųƵ ĚŽƐƚĂǁ ŝ ƵƐųƵŐ͕ŬƚſƌĞ ƉŽǁƐƚĂũČ ďĞǌƉŽƑƌĞĚŶŝŽ ǁ ƚŽŬƵ ƉƌŽǁĂĚǌŽŶĞũ
ĚǌŝĂųĂůŶŽƑĐŝ͘ WŽĚƐƚĂǁŽǁǇŵ ĐĞůĞŵ ƚǇĐŚ ŝŶƐƚƌƵŵĞŶƚſǁ ĨŝŶĂŶƐŽǁǇĐŚ ũĞƐƚ ƉŽǌǇƐŬĂŶŝĞ ƑƌŽĚŬſǁ
ĨŝŶĂŶƐŽǁǇĐŚŶĂĚǌŝĂųĂůŶŽƑđĞŵŝƚĞŶƚĂ͘
t ϮϬϭϯ ƌŽŬƵ ĞŵŝƚĞŶƚ ƉŽƐŝĂĚĂų ĚŽƐƚħƉ ĚŽ ŬƌĞĚǇƚſǁ ŽďƌŽƚŽǁǇĐŚ ǁ ŶĂƐƚħƉƵũČĐǇĐŚ ďĂŶŬĂĐŚ͗
ŝƚŝďĂŶŬ ,ĂŶĚůŽǁǇ ŽƌĂǌ ŵĂŶŬ͘ ^ƚĂŶ ǌŽďŽǁŝČǌĂŷ ǌ ƚǇƚƵųƵ ŬƌĞĚǇƚſǁ ǁ ƌĂŵĂĐŚ ƉƌǌǇǌŶĂŶǇĐŚ ůŝŵŝƚſǁ
ǁǇŶŽƐŝų ϱ͘ϱϴϲ ƚǇƐ͘ ǌų͘ ŵŝƚĞŶƚ ǁ ƚƌĂŬĐŝĞ ƌŽŬƵ ŽďƌŽƚŽǁĞŐŽ ƐƉŽƌĂĚǇĐǌŶŝĞ ŬŽƌǌǇƐƚĂų ǌ ŬƌĞĚǇƚſǁ
ŽďƌŽƚŽǁǇĐŚ ŶĂ ĨŝŶĂŶƐŽǁĂŶŝĞ ďŝĞǏČĐĞũ ĚǌŝĂųĂůŶŽƑĐŝ ǁ ǁǇǏĞũ ǁǇŵŝĞŶŝŽŶǇĐŚ ďĂŶŬĂĐŚ ǌ ƵǁĂŐŝ ŶĂ
ŝŶĐǇĚĞŶƚĂůŶĞŶŝĞĚŽƉĂƐŽǁĂŶŝĞǁƉųǇǁſǁŝǁǇĚĂƚŬſǁ͘
WŽĚŵŝŽƚǇ ŶĂůĞǏČĐĞ ĚŽ 'ƌƵƉǇ <ĂƉŝƚĂųŽǁĞũ EKs/d ŶŝĞ ǌĂĐŝČŐĂųǇ ŬƌĞĚǇƚſǁ ƉŽĚ ŚŝƉŽƚĞŬħ͕
ƉƌǌĞǁųĂƐǌĐǌĞŶŝĞĂŬƚǇǁſǁƚƌǁĂųǇĐŚůƵďƉƌǌĞǁųĂƐǌĐǌĞŶŝĞǌŽƌŐĂŶŝǌŽǁĂŶĞũĐǌħƑĐŝƉƌǌĞĚƐŝħďŝŽƌƐƚǁĂ͘
t'ƌƵƉŝĞŶŝĞũĞƐƚƐƚŽƐŽǁĂŶĂƌĂĐŚƵŶŬŽǁŽƑđǌĂďĞǌƉŝĞĐǌĞŷ͘
t ƌŽŬƵ ƐƉƌĂǁŽǌĚĂǁĐǌǇŵ ŶŝĞ ǁǇƐƚČƉŝųǇ ĐǌǇŶŶŝŬŝ ŝ ǌĚĂƌǌĞŶŝĂ ŶŝĞƚǇƉŽǁĞ ŵĂũČĐĞ ǁƉųǇǁ ŶĂ
ŽƐŝČŐŶŝħƚǇǁǇŶŝŬ͘
ϭϭ͘ WK^d%WKtE/^Kt/D/E/^dZz:E
t ƌŽŬƵ ƐƉƌĂǁŽǌĚĂǁĐǌǇŵ ǌĂƌſǁŶŽ EKs/d ^͕͘͘ ũĂŬ ŝ EKs/dy ^Ɖ͘ ǌ Ž͘Ž͘ ŶŝĞ ďǇųĂ ƐƚƌŽŶČ
ƉŽƐƚħƉŽǁĂŷ ƚŽĐǌČĐǇĐŚ Ɛŝħ ƉƌǌĞĚ ƐČĚĞŵ͕ ŽƌŐĂŶĞŵ ǁųĂƑĐŝǁǇŵ ĚůĂ ƉŽƐƚħƉŽǁĂŶŝĂ ĂƌďŝƚƌĂǏŽǁĞŐŽ ůƵď
ŽƌŐĂŶĞŵ ĂĚŵŝŶŝƐƚƌĂĐũŝ ƉƵďůŝĐǌŶĞũ͕ ǁ ƚǇŵ ƉŽƐƚħƉŽǁĂŷ ĚŽƚǇĐǌČĐǇĐŚ ǌŽďŽǁŝČǌĂŷ ĂůďŽ ǁŝĞƌǌǇƚĞůŶŽƑĐŝ
ĞŵŝƚĞŶƚĂ ůƵď ũĞĚŶŽƐƚŬŝ ŽĚ ŶŝĞŐŽ ǌĂůĞǏŶĞũ͕ ŬƚſƌǇĐŚ ǁĂƌƚŽƑđ ƐƚĂŶŽǁŝ ĐŽ ŶĂũŵŶŝĞũ ϭϬ й ŬĂƉŝƚĂųſǁ
ǁųĂƐŶǇĐŚ ĞŵŝƚĞŶƚĂ͕ ũĂŬ ƌſǁŶŝĞǏ ĚǁƵ ůƵď ǁŝħĐĞũ ƉŽƐƚħƉŽǁĂŷ ĚŽƚǇĐǌČĐǇĐŚ ǌŽďŽǁŝČǌĂŷ ŽƌĂǌ
ǁŝĞƌǌǇƚĞůŶŽƑĐŝ͕ ŬƚſƌǇĐŚ ųČĐǌŶĂ ǁĂƌƚŽƑđ ƐƚĂŶŽǁŝ ŽĚƉŽǁŝĞĚŶŝŽ ĐŽ ŶĂũŵŶŝĞũ ϭϬ й ŬĂƉŝƚĂųſǁ ǁųĂƐŶǇĐŚ
ĞŵŝƚĞŶƚĂ͘
ϭϮ͘ </ZhE<//WZ^W<dztzZKtK:hKZ/BE/K'ZE/:Zzz<K
tĂƌƚŽƑđƉŽŶŝĞƐŝŽŶǇĐŚƉƌǌĞǌ'ƌƵƉħŶĂŬųĂĚſǁŝŶǁĞƐƚǇĐǇũŶǇĐŚǁƌŽŬƵϮϬϭϯǁǇŶŝŽƐųĂϯ͘ϯϭϱƚǇƐ͘ǌų͕
ŶĂƚŽŵŝĂƐƚǁƌŽŬƵϮϬϭϮǌĂŵŬŶħųĂƐŝħŬǁŽƚČϯ͘ϰϬϰƚǇƐ͘ǌų͘
1
2
wskaźnik płynności szybkiej = (aktywa obrotowe – zapasy) / zobowiązania bieżące
wskaźnik płynności bieżącej (current ratio) = aktywa obrotowe / zobowiązania bieżące
-9-
WŽŶŝĞƐŝŽŶĞ ǁ ϮϬϭϯ ƌŽŬƵ ŶĂŬųĂĚǇ ŝŶǁĞƐƚǇĐǇũŶĞ ŵŝĂųǇ ĐŚĂƌĂŬƚĞƌ ŐųſǁŶŝĞ ŽĚƚǁŽƌǌĞŶŝŽǁŽ Ͳ
ŵŽĚĞƌŶŝǌĂĐǇũŶǇ ǁ ĐǌħƑĐŝ ĚŽƚǇĐǌČĐĞũ ƉŽĚƐƚĂǁŽǁǇĐŚ ŵĂƐǌǇŶ ŝ ƵƌǌČĚǌĞŷ ƉƌŽĚƵŬĐǇũŶǇĐŚ͕ Ă ǁ ĐǌħƑĐŝ
ĚŽƚǇĐǌČĐĞũ ǌĂŐŽƐƉŽĚĂƌŽǁĂŶŝĂ ŶŝĞƌƵĐŚŽŵŽƑĐŝ ƉƌǌĞǁŝĚǌŝĂŶǇĐŚ ĚŽ ǁǇŶĂũŵƵ ĐŚĂƌĂŬƚĞƌ ĂĚĂƉƚĂĐǇũŶǇ͕
ƚǁŽƌǌČĐǇǌĂƉůĂŶŽǁĂŶČŝŶĨƌĂƐƚƌƵŬƚƵƌħĐĞůƵũČĐČǁƵŵŽǁǇǁŝĞůŽůĞƚŶŝĞ͘
/ŶǁĞƐƚǇĐũĞ'ƌƵƉǇǁƌŽŬƵϮϬϭϯďǇųǇĨŝŶĂŶƐŽǁĂŶĞǌĞƑƌŽĚŬſǁǁųĂƐŶǇĐŚ͘tƌŽŬƵďŝĞǏČĐǇŵĂƌǌČĚ
ƉƌǌǇũČųƉƌŽŐƌĂŵŝŶǁĞƐƚǇĐǇũŶǇǁǌĂŬƌĞƐŝĞƉŽǌǁĂůĂũČĐǇŵƐĨŝŶĂŶƐŽǁĂđũĞŐŽƌĞĂůŝǌĂĐũħƑƌŽĚŬĂŵŝǁųĂƐŶǇŵŝ͘
WŽĚĞũŵŽǁĂŶĞ ǁ ϮϬϭϯ ƌŽŬƵ ĚǌŝĂųĂŶŝĂ ďŝĞǏČĐĞ͕ ƐųƵǏČĐĞ ƌŽǌǁŽũŽǁŝ 'ƌƵƉǇ ŽĚƉŽǁŝĂĚĂųǇ ƐƚƌĂƚĞŐŝŝ
ƌŽǌǁŽũƵĞŵŝƚĞŶƚĂŽƉƌĂĐŽǁĂŶĞũƉƌǌĞǌĂƌǌČĚ͕ĂǌƌĞĂůŝǌŽǁĂŶĞĚǌŝĂųĂŶŝĂŽĚƉŽǁŝĂĚĂųǇƚĞũũĞũĐǌħƑĐŝ͕ŬƚſƌĂ
ǌŶĂůĂǌųĂƐǁſũǁǇƌĂǌǁƉůĂŶŝĞĞŬŽŶŽŵŝĐǌŶŽͲĨŝŶĂŶƐŽǁǇŵ͘ŽĚǌŝĂųĂŷƚǇĐŚǌĂůŝĐǌǇđŶĂůĞǏǇ͗
• ƵĚŽǁĂŶŝĞ ŶŽǁĞũ ŽĨĞƌƚǇ ƌǇŶŬŽǁĞũ ƉƌŽĚƵŬƚƵ ƉŽǁƐƚĂųĞũ ǁ ƌĂŵĂĐŚ ŵŽǏůŝǁŽƑĐŝ ũĂŬŝĞ ƐƚǁĂƌǌĂ
ŽďĞĐŶĂ ǁ ƐƉſųĐĞ ƚĞĐŚŶŽůŽŐŝĂ ǁǇƌŽďſǁ ŶŝĞƚŬĂŶǇĐŚ ƚŽ ũĞƐƚ ƚĞĐŚŶŽůŽŐŝĂ ƐƉƵŶůĂĐĞ ŝ ƚĞĐŚŶŽůŽŐŝĂ
ŝŐųŽǁĂŶŝĂŵĞĐŚĂŶŝĐǌŶĞŐŽ͘
• <ŽŶƚǇŶƵŽǁĂŶŝĞǌĂĚĂŷǌŵŝĞƌǌĂũČĐǇĐŚĚŽƉŽƉƌĂǁǇĞĨĞŬƚǇǁŶŽƑĐŝǌĂŐŽƐƉŽĚĂƌŽǁĂŶŝĂǌǁĂůŶŝĂŶǇĐŚ
ůŽŬĂůŝďŝƵƌŽǁǇĐŚŝƉƌŽĚƵŬĐǇũŶǇĐŚ͘
• WŽǁƐƚĂŶŝĞƐĞŐŵĞŶƚƵƉƌŽĚƵŬƚſǁŬŽŶĨĞŬĐũŽŶŽǁĂŶǇĐŚ͕ŶĂĐŽǌųŽǏǇųŽƐŝħ͗
• ǌĂŬŽŷĐǌĞŶŝĞďƵĚŽǁǇŽĚĚǌŝĂųƵŬŽŶĨĞŬĐũŝ͕ǁĐŚŽĚǌČĐĞŐŽǁƐŬųĂĚǁǇĚǌŝĂųƵǁųſŬŶŝŶ͕
• ŽƉƌĂĐŽǁĂŶŝĞ ŽĨĞƌƚǇ ƌǇŶŬŽǁĞũ ǁǇƌŽďſǁ ŐųſǁŶŝĞ ƉŽĚ ǁųĂƐŶČ ŵĂƌŬČ WŽůĂ ŽƌĂǌ ŽďĐǇŵŝ
ŵĂƌŬĂŵŝ͕
• ƵƚǁŽƌǌĞŶŝĞ ŶŽǁĞũ ƐƚƌƵŬƚƵƌǇ ŽƌŐĂŶŝǌĂĐǇũŶĞũ ƐųƵǏČĐĞũ ƐƉƌǌĞĚĂǏǇ ǁǇƌŽďſǁ
ŬŽŶĨĞŬĐũŽŶŽǁĂŶǇĐŚ͘
'ƌƵƉĂ ǌĂŬƚƵĂůŝǌŽǁĂųĂ ǁ ϮϬϭϯ ƌŽŬƵ ŬŽŶĐĞƉĐũħ ĚĂůƐǌĞŐŽ ƌŽǌǁŽũƵ ŽƉƌĂĐŽǁĂŶČ ƉƌǌĞǌ ǁųĂƐŶĞ͕
ǌĂĂŶŐĂǏŽǁĂŶĞ ƐųƵǏďǇ͕ ƌĞĂůŝǌĂĐũĂ ŬƚſƌĞũ ǌŶĂĐǌŶŝĞ ǌǁŝħŬƐǌǇ ƉŽƚĞŶĐũĂų ǁǇƚǁſƌĐǌǇ ǁ ǌĂŬƌĞƐŝĞ ǁŽĚŶĞŐŽ
ŝŐųŽǁĂŶŝĂ͕ ǁŶŝĞƐŝĞ ŝŶŶŽǁĂĐǇũŶŽƑđ ƚĞĐŚŶŝĐǌŶŽͲƚĞĐŚŶŽůŽŐŝĐǌŶČ ŝ ŶŽǁČ ũĂŬŽƑđ ƉƌŽĚƵŬƚſǁ͕ Ă ĞŵŝƚĞŶƚ
ǌǇƐŬĂŶŽǁĞƌǇŶŬŝǌďǇƚƵŝǌǇƐŬĂŶĂŬŽŶŬƵƌĞŶĐǇũŶŽƑĐŝ͘ZĞĂůŝǌĂĐũĂǌĂĚĂŶŝĂƵǌĂůĞǏŶŝŽŶĂũĞƐƚŽĚĚĞĐǇǌũŝZĂĚǇ
EĂĚǌŽƌĐǌĞũ͘
ϭϯ͘ /^dKdEtzZE/WK//>E^h
t ĚŶŝƵ ϯϬͲϬϭͲϮϬϭϰ ƌŽŬƵ ĞŵŝƚĞŶƚ ǌŽƐƚĂų ƉŽŝŶĨŽƌŵŽǁĂŶǇ͕ ǏĞ KƚǁĂƌƚǇ &ƵŶĚƵƐǌ ŵĞƌǇƚĂůŶǇ
WKdz>/KEǁĚŶŝƵϮϰͲϬϭͲϮϬϭϰƌŽŬƵĚŽŬŽŶĂųƚƌĂŶƐĂŬĐũŝƐƉƌǌĞĚĂǏǇĂŬĐũŝEKs/d^͕͘͘ĐŽƐƉŽǁŽĚŽǁĂųŽ
ǌŵŶŝĞũƐǌĞŶŝĞũĞŐŽƵĚǌŝĂųƵǁŽŐſůŶĞũůŝĐǌďŝĞŐųŽƐſǁƉŽŶŝǏĞũϭϰй͘
t ĚŶŝƵ ϯϭͲϬϭͲϮϬϭϰ ƌŽŬƵ ĞŵŝƚĞŶƚ ǌŽƐƚĂų ƉŽŝŶĨŽƌŵŽǁĂŶǇ͕ ǏĞ KƚǁĂƌƚǇ &ƵŶĚƵƐǌ ŵĞƌǇƚĂůŶǇ
WKdz>/KEǁĚŶŝƵϯϬͲϬϭͲϮϬϭϰƌŽŬƵĚŽŬŽŶĂųƚƌĂŶƐĂŬĐũŝƐƉƌǌĞĚĂǏǇĂŬĐũŝEKs/d^͕͘͘ĐŽƐƉŽǁŽĚŽǁĂųŽ
ǌŵŶŝĞũƐǌĞŶŝĞũĞŐŽƵĚǌŝĂųƵǁŽŐſůŶĞũůŝĐǌďŝĞŐųŽƐſǁƉŽŶŝǏĞũϭϮй͘
t ĚŶŝƵ ϯͲϬϯͲϮϬϭϰ ƌŽŬƵ ZĂĚĂ EĂĚǌŽƌĐǌĂ EKs/d ^͘͘ ŶĂ ƐǁŽŝŵ ƉŽƐŝĞĚǌĞŶŝƵ ǌĂƚǁŝĞƌĚǌŝųĂ ƉůĂŶ
ĞŬŽŶŽŵŝĐǌŶŽͲĨŝŶĂŶƐŽǁǇĞŵŝƚĞŶƚĂŶĂƌŽŬϮϬϭϰ͘
WŽǌĂŬŽŷĐǌĞŶŝƵƌŽŬƵƐƉƌĂǁŽǌĚĂǁĐǌĞŐŽĚŽĚŶŝĂƐƉŽƌǌČĚǌĞŶŝĂŶŝŶŝĞũƐǌĞŐŽƐƉƌĂǁŽǌĚĂŶŝĂŶŝĞŵŝĂųǇ
ŵŝĞũƐĐĂŝŶŶĞŝƐƚŽƚŶĞǁǇĚĂƌǌĞŶŝĂ͘
ϭϰ͘ /E&KZD:KWKt/E/,KZ'E/z:Ez,>h<W/dBKtz,^WMB</
KD/Eh::/EEzD/WKD/KdD/
^ƉſųŬČĚŽŵŝŶƵũČĐČǁ'ƌƵƉŝĞ<ĂƉŝƚĂųŽǁĞũEKs/d͕ƐŬųĂĚĂũČĐĞũƐŝħǌĚǁſĐŚƉŽĚŵŝŽƚſǁũĞƐƚ^ƉſųŬĂ
ŬĐǇũŶĂEKs/dǌƐŝĞĚǌŝďČǁŝĞůŽŶĞũ'ſƌǌĞ͕Ƶů͘ĞŬŽƌĂĐǇũŶĂϯ͘tĚŶŝƵϯϭͲϭϮͲϮϬϭϯƌŽŬƵŬĂƉŝƚĂųĂŬĐǇũŶǇ
EKs/dz ^͘͘ ŵŝĂų ǁĂƌƚŽƑđ ϱ͘ϬϬϬ ƚǇƐ͘ ǌų ŝ ŽďĞũŵŽǁĂų Ϯ͘ϱϬϬ͘ϬϬϬ ƐǌƚƵŬ ĂŬĐũŝ ǌǁǇŬųǇĐŚ ŶĂ ŽŬĂǌŝĐŝĞůĂ Ž
ǁĂƌƚŽƑĐŝŶŽŵŝŶĂůŶĞũϮǌųͬƐǌƚ͘
WŽŶĂĚƚŽǁƐŬųĂĚ'ƌƵƉǇǁĞĚųƵŐƐƚĂŶƵŶĂĚǌŝĞŷϯϭͲϭϮͲϮϬϭϯƌŽŬƵǁĐŚŽĚǌŝųĂ^ƉſųŬĂǌŽŐƌĂŶŝĐǌŽŶČ
ŽĚƉŽǁŝĞĚǌŝĂůŶŽƑĐŝČEKs/dy;ǌƐŝĞĚǌŝďČǁŝĞůŽŶĞũ'ſƌǌĞ͕Ƶů͘ĞŬŽƌĂĐǇũŶĂϯͿ͕ŬƚſƌĞũŬĂƉŝƚĂųǌĂŬųĂĚŽǁǇ
ŽǁĂƌƚŽƑĐŝϭϮ͘ϵϮϱƚǇƐ͘ǌųũĞƐƚǁϭϬϬйǁųĂƐŶŽƑĐŝČĞŵŝƚĞŶƚĂ͘
^ŬŽŶƐŽůŝĚŽǁĂŶĞƐƉƌĂǁŽǌĚĂŶŝĞĨŝŶĂŶƐŽǁĞǌĂƌŽŬŽďƌŽƚŽǁǇϮϬϭϯŽďĞũŵƵũĞŽďĂǁǇǏĞũǁǇŵŝĞŶŝŽŶĞ
ƉŽĚŵŝŽƚǇ͘
^ƉſųŬĂ ŬĐǇũŶĂ EKs/d ĚŽ ĚŶŝĂ ϯϬͲϬϲͲϮϬϬϵ ƌŽŬƵ ǁĐŚŽĚǌŝųĂ ǁ ƐŬųĂĚ 'ƌƵƉǇ <ĂƉŝƚĂųŽǁĞũ >Edy
ũĂŬŽ ƐƉſųŬĂ ǌĂůĞǏŶĂ͘ ĚŶŝĞŵ ϭͲϬϳͲϮϬϬϵ ƌŽŬƵ ƐƉſųŬĂ >Edy ^͘͘ ƵƚƌĂĐŝųĂ ŬŽŶƚƌŽůħ ŶĂĚ ĞŵŝƚĞŶƚĞŵ ǁ
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ƌŽǌƵŵŝĞŶŝƵ D^Z Ϯϳ ƉŬƚ ϭϮ ŝ ǁ ǌǁŝČǌŬƵ ǌ ƚǇŵ ƐƚĂųĂ Ɛŝħ ǌŶĂĐǌČĐǇŵ ŝŶǁĞƐƚŽƌĞŵ͕ ŬƚſƌǇŵ ďǇųĂ ĚŽ ĚŶŝĂ
ŽƉƌĂĐŽǁĂŶŝĂŶŝŶŝĞũƐǌĞŐŽƐƉƌĂǁŽǌĚĂŶŝĂ͘
KďĞĐŶŝĞ ŵĂ ŵŝĞũƐĐĞ ƐŝůŶĂ ǌĂůĞǏŶŽƑđ ŬĂƉŝƚĂųŽǁĂ ĞŵŝƚĞŶƚĂ ŽĚ ĂŬųĂĚſǁ >Edy ^͕͘͘ ŬƚſƌǇ
ƉŽƐŝĂĚĂųǁĚŶŝƵďŝůĂŶƐŽǁǇŵϯϮ͕ϱϵй;ϴϭϰ͘ϴϬϴƐǌƚ͘ͿĂŬĐũŝEKs/dz^͘͘
WŽŶŝǏĞũƉƌǌĞĚƐƚĂǁŝŽŶŽƚƌĂŶƐĂŬĐũĞĞŵŝƚĞŶƚĂǌƉŽĚŵŝŽƚĞŵǌĂůĞǏŶǇŵ͗
dZE^<:D/dEdWKD/KdD>EzD;ƚǇƐ͘ǌųͿ
ϮϬϭϭƌ͘
ϭ
Ϯ
ϮϬϭϮƌ͘
ϮϬϭϯƌ͘
ϯ
ĂŬƵƉƵƐųƵŐ
ϰϱϴ
^ƉƌǌĞĚĂǏŶĂŬųĂĚſǁǁŽďĐǇŵƑƌŽĚŬƵƚƌǁĂųǇŵ
^ƉƌǌĞĚĂǏƵƐųƵŐ
;ϰͲϯͿ
ϰ
;ϰͲϮͿ
ϲ
ϳ
ϱ
ϱϮϴ
ϱϱϮ
нϮϰ
ǁƐŬĂǍŶŝŬ
ǌŵŝĂŶǇ
;ϰͬϯͿ
ǁƐŬĂǍŶŝŬ
ǌŵŝĂŶǇ
;ϰͬϮͿ
ϴ
ϭϬϰ͕ϱй
нϵϰ
ϭϮϬ͕ϱй
Ϭ
Ϭ
ϳϭϴ
нϳϭϴ
Ͳ
нϳϭϴ
Ͳ
ϭϮϭ
ϵϵ
ϮϬϱ
нϭϬϲ
ϮϬϳ͕ϭй
нϴϰ
ϭϲϵ͕ϰй
ϲ
Ϭ
Ϭ
нϬ
Ͳ
Ͳϲ
Ϭ͕Ϭй
KĚƐĞƚŬŝŽĚŽƚƌǌǇŵĂŶĞũƉŽǏǇĐǌŬŝ
WŽŶŝǏĞũƉƌǌĞĚƐƚĂǁŝŽŶĞƐČŶĂůĞǏŶŽƑĐŝƉŽĚŵŝŽƚƵǌĂůĞǏŶĞŐŽEKs/dy^Ɖ͘ǌŽ͘Ž͘ŽĚĞŵŝƚĞŶƚĂ͗
E>EK_/KWKD/Kdh>E'K;ƚǇƐ͘ǌųͿ
^ƚĂ ŶŶĂ
ϯϭͲϭϮͲϮϬϭϭƌ͘
^ƚĂ ŶŶĂ
ϯϭͲϭϮͲϮϬϭϮƌ͘
ϭ
Ϯ
ϯ
EĂůĞǏŶŽƑĐŝǌƚǇƚƵųƵƐƉƌǌĞĚĂǏǇƵƐųƵŐ
ƚǇƚƵųƵƐƉƌǌĞĚĂǏǇŶĂŬųĂĚſǁǁŽďĐǇŵƑƌŽĚŬƵƚƌǁĂųǇŵ
^ƚĂ ŶŶĂ
ϯϭͲϭϮͲϮϬϭϯƌ͘
ϰ
;ϰͲϯͿ
ǁƐŬĂǍŶŝŬ
ǌŵŝĂŶǇ
;ϰͬϯͿ
;ϰͲϮͿ
ϱ
ϲ
ϳ
ǁƐŬĂǍŶŝŬ
ǌŵŝĂŶǇ
;ϰͬϮͿ
ϴ
ϯϬ
ϭ
Ϭ
Ͳϭ
Ͳ
ͲϯϬ
Ϭ͕Ϭй
Ϭ
Ϭ
ϴϯϭ
нϴϯϭ
Ͳ
нϴϯϭ
Ͳ
WŽŶŝǏĞũƉƌǌĞĚƐƚĂǁŝŽŶŽǌĞƐƚĂǁŝĞŶŝĞƚƌĂŶƐĂŬĐũŝƉŽŵŝħĚǌǇĞŵŝƚĞŶƚĞŵŝǌŶĂĐǌČĐǇŵŝŶǁĞƐƚŽƌĞŵ͗
dZE^<:D/dEdEzD/Et^dKZD>Edy^͘͘;ƚǇƐ͘ǌųͿ
ϮϬϭϭƌ͘
ϭ
Ϯ
ĂŬƵƉƉƌŽĚƵŬƚſǁƉƌǌĞǌǌŶĂĐǌČĐĞŐŽŝŶǁĞƐƚŽƌĂ
ĂŬƵƉƉƌŽĚƵŬƚſǁŽĚǌŶĂĐǌČĐĞŐŽŝŶǁĞƐƚŽƌĂ
ϮϬϭϮƌ͘
ϮϬϭϯƌ͘
ϯ
ϰ
;ϰͲϯͿ
ǁƐŬĂǍŶŝŬ
ǌŵŝĂŶǇ
;ϰͬϯͿ
;ϰͲϮͿ
ǁƐŬĂǍŶŝŬ
ǌŵŝĂŶǇ
;ϰͬϮͿ
ϱ
ϲ
ϳ
ϴ
Ϭ
Ϭ
Ϭ
нϬ
Ͳ
нϬ
Ͳ
ϲϳ
Ϭ
ϭ
нϭ
Ͳ
Ͳϲϲ
ϭ͕ϱй
tĚŶŝƵϯϭͲϭϮͲϮϬϭϯƌŽŬƵǌĞǌŶĂĐǌČĐǇŵŝŶǁĞƐƚŽƌĞŵŶĂůĞǏŶŽƑĐŝŝǌŽďŽǁŝČǌĂŶŝĂŶŝĞǁǇƐƚČƉŝųǇ͘
ϭϱ͘ K_t/E/K^dK^KtE/h^Bh<KZWKZz:E'K
ĂƌǌČĚ 'ƌƵƉǇ <ĂƉŝƚĂųŽǁĞũ EKs/d ŽƑǁŝĂĚĐǌĂ͕ ǏĞ ǁ ϮϬϭϯ ƌŽŬƵ 'ƌƵƉĂ ƐƚŽƐŽǁĂųĂ ǌĂƐĂĚǇ ųĂĚƵ
ŬŽƌƉŽƌĂĐǇũŶĞŐŽ ;ĂŶŐ͘ ĐŽƌƉŽƌĂƚĞ ŐŽǀĞƌŶĂŶĐĞͿ ƐƚĂŶŽǁŝČĐĞ ĂųČĐǌŶŝŬ ĚŽ hĐŚǁĂųǇ ZĂĚǇ 'ŝĞųĚǇ Eƌ
ϮϬͬϭϮϴϳͬϮϬϭϭ ǌ ĚŶŝĂ ϭϵͲϭϬͲϮϬϭϭ ƌŽŬƵ ǌ ƉſǍŶŝĞũƐǌǇŵŝ ǌŵŝĂŶĂŵŝ ǌĂǁĂƌƚǇŵŝ ǁ ŽƉƌĂĐŽǁĂŶŝƵ ͣŽďƌĞ
WƌĂŬƚǇŬŝ ^ƉſųĞŬ EŽƚŽǁĂŶǇĐŚ ŶĂ 'Wt͟ ;W^E͕ ĂƐĂĚǇ BĂĚƵ <ŽƌƉŽƌĂĐǇũŶĞŐŽͿ͕ ŬƚſƌĞ ǌŽƐƚĂųǇ
ŽƉƵďůŝŬŽǁĂŶĞƐĞƌǁŝƐŝĞƉƌŽǁĂĚǌŽŶǇŵ'ŝĞųĚħWĂƉŝĞƌſǁtĂƌƚŽƑĐŝŽǁǇĐŚǁtĂƌƐǌĂǁŝĞ^͘͘ƉŽĚĂĚƌĞƐĞŵ
ŝŶƚĞƌŶĞƚŽǁǇŵŚƚƚƉ͗ͬͬĐŽƌƉͲŐŽǀ͘ŐƉǁ͘Ɖů͘tǇǏĞũƉŽĚĂŶǇǌďŝſƌĂƐĂĚBĂĚƵ<ŽƌƉŽƌĂĐǇũŶĞŐŽǌĂǁŝĞƌĂƌſǁŶŝĞǏ
ͣZĞŬŽŵĞŶĚĂĐũĞ ĚŽƚǇĐǌČĐĞ ĚŽďƌǇĐŚ ƉƌĂŬƚǇŬ ƐƉſųĞŬ ŐŝĞųĚŽǁǇĐŚ͟ ŽƉŝƐƵũČĐČ ƚĞ ǌĂƐĂĚǇ ĚŽďƌǇĐŚ ƉƌĂŬƚǇŬ͕
ŶĂŬƚſƌǇĐŚƐƚŽƐŽǁĂŶŝĞŵŝƚĞŶƚŵŽǏĞƐŝħĚŽďƌŽǁŽůŶŝĞǌĚĞĐǇĚŽǁĂđ͘
:ĞĚŶŽĐǌĞƑŶŝĞŶĂĚŵŝĞŶŝđŶĂůĞǏǇ͕ǏĞƵĐŚǁĂųČŶƌϭϵͬϭϯϬϳͬϮϬϭϮZĂĚǇ'ŝĞųĚǇǌĚŶŝĂϮϭͲϭϭͲϮϬϭϮƌŽŬƵ
ǁƐƉƌĂǁŝĞƵĐŚǁĂůĞŶŝĂǌŵŝĂŶͣŽďƌǇĐŚWƌĂŬƚǇŬ^ƉſųĞŬEŽƚŽǁĂŶǇĐŚŶĂ'Wt͟ZĂĚĂ'ŝĞųĚǇǁƉƌŽǁĂĚǌŝųĂ
ǌŵŝĂŶǇ ĚŽĂƐĂĚBĂĚƵŬŽƌƉŽƌĂĐǇũŶĞŐŽ ƉƌǌǇũŵƵũČĐ ũĞĚŶŽĐǌĞƑŶŝĞƚĞŬƐƚũĞĚŶŽůŝƚǇ ƚǇĐŚǏĞ ǌĂƐĂĚĚŽƐƚħƉŶǇ
ƉŽĚǁǇǏĞũƉŽĚĂŶǇŵĂĚƌĞƐĞŵŝŶƚĞƌŶĞƚŽǁǇŵ͘
DĂũČĐ ŶĂ ƵǁĂĚǌĞ ũĂŬ ŶĂũǁŝħŬƐǌČ ƉƌǌĞũƌǌǇƐƚŽƑđ 'ƌƵƉǇ͕ ƉƌǌǇĐǌǇŶŝĂũČĐČ Ɛŝħ ŵŝħĚǌǇ ŝŶŶǇŵŝ ĚŽ
ƚǁŽƌǌĞŶŝĂǁĂƌƚŽƑĐŝĚůĂĂŬĐũŽŶĂƌŝƵƐǌǇ͕ĂƌǌČĚ'ƌƵƉǇ<ĂƉŝƚĂųŽǁĞũEKs/dĚŽŬųĂĚĂǁƐǌĞůŬŝĐŚƐƚĂƌĂŷ͕ĂďǇ
ƐƚŽƐŽǁĂđ ǁƐǌǇƐƚŬŝĞ ǌĂƐĂĚǇ ųĂĚƵ ŬŽƌƉŽƌĂĐǇũŶĞŐŽ͕ ŬƚſƌĞ ŶŝĞ ƐƚǁĂƌǌĂũČ ŶĂĚŵŝĞƌŶǇĐŚ ŽďĐŝČǏĞŷ ĚůĂ
ĞŵŝƚĞŶƚĂ͕ĐŚǇďĂ͕ǏĞƐČŽŶĞƌſǁŶŽǁĂǏŽŶĞŬŽƌǌǇƑĐŝĂŵŝǁǇŶŝŬĂũČĐǇŵŝǌƉŽƚƌǌĞďƌǇŶŬƵ͘ƵǁǌŐůħĚŶŝĞŶŝĞŵ
ƉŽǁǇǏƐǌĞŐŽEKs/d^͘͘ƐƚŽƐŽǁĂųĂǁϮϬϭϯƌŽŬƵǌĚĞĐǇĚŽǁĂŶČǁŝħŬƐǌŽƑđǌĂƐĂĚŽŬƌĞƑůŽŶǇĐŚǁŽďƌǇĐŚ
WƌĂŬƚǇŬĂĐŚ^ƉſųĞŬEŽƚŽǁĂŶǇĐŚŶĂ'Wt͘
WĞųŶĂŝŶĨŽƌŵĂĐũĂŽƐƚŽƐŽǁĂŶŝƵǌĂƐĂĚųĂĚƵŬŽƌƉŽƌĂĐǇũŶĞŐŽ͕ǁƚǇŵŽŽĚƐƚħƉƐƚǁĂĐŚŽĚƐƚŽƐŽǁĂŶŝĂ
ĂƐĂĚ BĂĚƵ <ŽƌƉŽƌĂĐǇũŶĞŐŽ ůƵď ZĞŬŽŵĞŶĚĂĐũŝ͕ Ž ŬƚſƌǇĐŚ ŵŽǁĂ ǁ ĐǌħƑĐŝ / W^E ǌĂŵŝĞƐǌĐǌŽŶĂ ũĞƐƚ ǁ
ZWKZ/ KdzzD ^dK^KtE/ ^ Bh <KZWKZz:E'K t EKs/d ^͘͘ t ϮϬϭϯ
ZK<h͕ƐƚĂŶŽǁŝČĐǇŵBE/<EZϭďħĚČĐǇŝŶƚĞŐƌĂůŶČĐǌħƑĐŝČŶŝŶŝĞũƐǌĞŐŽƐƉƌĂǁŽǌĚĂŶŝĂ͘
- 11 -
ϭϲ͘ /E&KZD:K'BMtEz,/Et^dz:,<Z:Ktz,/'ZE/Ez,;WW/Zz
tZdK_/Kt͕/E^dZhDEdz&/EE^Kt͕tZdK_/E/DdZ/>E͕
E/Zh,KDK_/Ϳ
t ƌŽŬƵ ƐƉƌĂǁŽǌĚĂǁĐǌǇŵ EKs/d ͘^͕͘͘ ũĂŬ ƌſǁŶŝĞǏ EKs/dy ^Ɖ͘ ǌ Ž͘Ž͘ ŶŝĞ ĚŽŬŽŶǇǁĂųǇ
ǌŶĂĐǌČĐǇĐŚ ŝŶǁĞƐƚǇĐũŝ ǁ ƉĂƉŝĞƌǇ ǁĂƌƚŽƑĐŝŽǁĞ͕ ŝŶƐƚƌƵŵĞŶƚǇ ĨŝŶĂŶƐŽǁĞ͕ ǁĂƌƚŽƑĐŝ ŶŝĞŵĂƚĞƌŝĂůŶĞ
ŝŶŝĞƌƵĐŚŽŵŽƑĐŝ͘
ϭϳ͘ /E&KZD:K/^dKdEz,dZE^<:,tZdz,WZ^WMB</'ZhWz
<W/dBKt:EKs/dEtZhE<,/EEz,E/ZzE<Kt
tƐǌǇƐƚŬŝĞ ƚƌĂŶƐĂŬĐũĞ ƐƉſųĞŬ ǌ 'ƌƵƉǇ <ĂƉŝƚĂųŽǁĞũ EKs/d ďǇųǇ ƌĞĂůŝǌŽǁĂŶĞ ŶĂ ǁĂƌƵŶŬĂĐŚ
ƌǇŶŬŽǁǇĐŚ͘
ϭϴ͘ /E&KZD:KhDKt,Kdzz,<ZzdMt/WKz</'E/%dz,/
tzWKt//Ez,tZK<hKZKdKtzD
tŽŬƌĞƐŝĞƐƉƌĂǁŽǌĚĂǁĐǌǇŵĞŵŝƚĞŶƚƉŽƐŝĂĚĂųĚŽƐƚħƉĚŽŬƌĞĚǇƚſǁŽďƌŽƚŽǁǇĐŚǁŶĂƐƚħƉƵũČĐǇĐŚ
ďĂŶŬĂĐŚ͗ ŝƚŝďĂŶŬ ,ĂŶĚůŽǁǇ ŽƌĂǌ ŵĂŶŬ ĂŶŬ͘ ^ƚĂŶ ǌŽďŽǁŝČǌĂŷ ǌ ƚǇƚƵųƵ ŬƌĞĚǇƚſǁ ǁ ƌĂŵĂĐŚ
ƉƌǌǇǌŶĂŶǇĐŚůŝŵŝƚſǁǁǇŶŽƐŝųϱ͘ϱϴϲƚǇƐ͘ǌų͘
t ĚŶŝƵ ϯϭͲϬϳͲϮϬϭϯ ƌŽŬƵ ĂƌǌČĚ ǌĂǁĂƌų ǌ ĂŶŬŝĞŵ ,ĂŶĚůŽǁǇŵ ǁ tĂƌƐǌĂǁŝĞ ^ƉſųŬČ ŬĐǇũŶČ
ƵŵŽǁħŽŬƌĞĚǇƚǁŝĞůŽǁĂůƵƚŽǁǇǁ ƌĂĐŚƵŶŬƵ ďŝĞǏČĐǇŵ͘>ŝŵŝƚŬƌĞĚǇƚƵǁǇŶŽƐŝ ƐǌĞƑđŵŝůŝŽŶſǁ ǌųŽƚǇĐŚ ŝ
ŵŽǏĞ ďǇđ ǁǇŬŽƌǌǇƐƚǇǁĂŶǇ ǁ W>E͕ hZ ŝ h^͘ KƐƚĂƚĞĐǌŶĂ ƐƉųĂƚĂ ŬƌĞĚǇƚƵ ǁŝŶŶĂ ŶĂƐƚČƉŝđ ĚŽ ĚŶŝĂ
ϱͲϬϴͲϮϬϭϱƌŽŬƵ͘
tĚŶŝƵϮͲϬϵͲϮϬϭϯƌŽŬƵĂƌǌČĚǌĂǁĂƌųǌKĚĚǌŝĂųĞŵ<ŽƌƉŽƌĂĐǇũŶǇŵŵĂŶŬƵ^͘͘ǁŝĞůŽŶĞũ'ſƌǌĞ
ƵŵŽǁħ Ž ŬƌĞĚǇƚ ǁŝĞůŽǁĂůƵƚŽǁǇ ǁ ƌĂĐŚƵŶŬƵ ďŝĞǏČĐǇŵ͘ >ŝŵŝƚ ŬƌĞĚǇƚƵ ǁǇŶŽƐŝ ĐǌƚĞƌǇ ŵŝůŝŽŶǇ ǌųŽƚǇĐŚ ŝ
ŵŽǏĞ ďǇđ ǁǇŬŽƌǌǇƐƚǇǁĂŶǇ ǁ W>E͕ hZ ŝ h^͘ hŵŽǁĂ ǌŽƐƚĂųĂ ǌĂǁĂƌƚĂ ŶĂ ŽŬƌĞƐ ũĞĚŶĞŐŽ ƌŽŬƵ͘
ZſǁŶŽĐǌĞƑŶŝĞ ǌ ĚŶŝĞŵ ϯϭͲϬϴͲϮϬϭϯ ƌŽŬƵ ǁǇŐĂƐųĂ hŵŽǁĂ Ž ŬƌĞĚǇƚ ďŝĞǏČĐǇ ǁ /E' ĂŶŬƵ _ůČƐŬŝŵ ^͘͘
KĚĚǌŝĂųǁǌħƐƚŽĐŚŽǁŝĞ͘
tƌŽŬƵƐƉƌĂǁŽǌĚĂǁĐǌǇŵŶŝĞŵŝĂųǇŵŝĞũƐĐĂŶĂƌƵƐǌĞŶŝĂƵŵſǁĚŽƚǇĐǌČĐǇĐŚŬƌĞĚǇƚſǁŝƉŽǏǇĐǌĞŬ͘
ŽĚĂƚŬŽǁĞŝŶĨŽƌŵĂĐũĞŽǌĂĐŝČŐŶŝħƚǇĐŚŽƌĂǌƐƉųĂĐŽŶǇĐŚǁƌŽŬƵŽďƌŽƚŽǁǇŵĚŽƚǇĐǌČĐĞŬƌĞĚǇƚſǁŝ
ƉŽǏǇĐǌĞŬ ǌŽƐƚĂųǇ ǌǁĂƌƚĞ ǁ /E&KZD:/ Kd<Kt: K ^<KE^K>/KtE'K ^WZtKE/
&/EE^Kt'K͘
ϭϵ͘ /E&KZD:KWKz<,h/>KEz,tZK<hKZKdKtzD
'ƌƵƉĂ<ĂƉŝƚĂųŽǁĂEKs/dŶŝĞƵĚǌŝĞůĂųĂƉŽǏǇĐǌĞŬǁϮϬϭϯƌŽŬƵ͘
ϮϬ͘ /E&KZD:KWKZ%E/,/'tZE:,h/>KEz,/KdZzDEz,tZK<h
KZKdKtzD
'ƌƵƉĂ<ĂƉŝƚĂųŽǁĂEKs/dŶŝĞƵĚǌŝĞůŝųĂŐǁĂƌĂŶĐũŝĂŶŝƉŽƌħĐǌĞŷǁϮϬϭϯƌŽŬƵ
Ϯϭ͘ KW/^tz<KZz^dE/tWBztMtD/^:/K,t/>/^WKZE/^WZtKE/
/B>EK_/
^ƉſųŬŝǁĐŚŽĚǌČĐĞǁƐŬųĂĚ'ƌƵƉǇ<ĂƉŝƚĂųŽǁĞũEKs/d͕ƚŽũĞƐƚEKs/d^͘͘ŽƌĂǌEKs/dy^Ɖ͘ǌŽ͘Ž͘
ŶŝĞƉƌǌĞƉƌŽǁĂĚǌĂųǇǁϮϬϭϯƌŽŬƵĞŵŝƐũŝĂŬĐũŝ͘
ϮϮ͘ K:_E/E/ZME/WKD/%ztzE/<D/&/EE^KtzD/tz<EzD/t
^WZtKE/hZKEzD͕t_E/:Wh>/<KtEzD/WZK'EKD/tzE/<Mt
'ƌƵƉĂ <ĂƉŝƚĂųŽǁĂ EKs/d ǁ ƌŽŬƵ ƐƉƌĂǁŽǌĚĂǁĐǌǇŵ͕ ũĂŬ ƌſǁŶŝĞǏ ǁ ƌŽŬƵ ϮϬϭϮ ŶŝĞ ƉƵďůŝŬŽǁĂųĂ
ƉƌŽŐŶŽǌǁǇŶŝŬſǁĚŽƚǇĐǌČĐǇĐŚϮϬϭϯƌŽŬƵ͕ǌĂƌſǁŶŽƐǁŽŝĐŚ͕ũĂŬƌſǁŶŝĞǏƉŽĚŵŝŽƚſǁũČƚǁŽƌǌČĐǇĐŚ͘:ĂŬŽ
ǌĂƐĂĚħ ʹ ŶŝĞǌĂůĞǏŶŝĞ ŽĚ ƉƵďůŝŬŽǁĂŶǇĐŚ ƌĂƉŽƌƚſǁ ŽŬƌĞƐŽǁǇĐŚ͗ ŬǁĂƌƚĂůŶǇĐŚ͕ ƉſųƌŽĐǌŶǇĐŚ ŝ ƌŽĐǌŶǇĐŚ
ĞŵŝƚĞŶƚ ƉƌǌǇũČų ǁ ϮϬϭϯ ƌŽŬƵ ƉƵďůŝŬŽǁĂŶŝĞ ĐŽŵŝĞƐŝħĐǌŶǇĐŚ ƌĂƉŽƌƚſǁ ďŝĞǏČĐǇĐŚ ǌĂǁŝĞƌĂũČĐǇĐŚ
ŝŶĨŽƌŵĂĐũħŽŽƐŝČŐŶŝħƚǇĐŚƉƌǌĞǌŶŝĞŐŽƉƌǌǇĐŚŽĚĂĐŚǌĞƐƉƌǌĞĚĂǏǇŽƌĂǌǁǇŶŝŬĂĐŚĨŝŶĂŶƐŽǁǇĐŚǌĂŬĂǏĚǇ
ŵŝĞƐŝČĐŽƌĂǌŶĂƌĂƐƚĂũČĐŽŽĚƉŽĐǌČƚŬƵƌŽŬƵ͘
- 12 -
Ϯϯ͘ KEzEE/<Mt/E/dzWKtz,ZFD:z,tWBztEtzE/<
/B>EK_/ZK<KZKdKtz
tƌŽŬƵƐƉƌĂǁŽǌĚĂǁĐǌǇŵŶŝĞǁǇƐƚČƉŝųǇĐǌǇŶŶŝŬŝŝŶŝĞƚǇƉŽǁĞ͕ǌĚĂƌǌĞŶŝĂŵĂũČĐĞǁƉųǇǁŶĂǁǇŶŝŬǌ
ĚǌŝĂųĂůŶŽƑĐŝ'ƌƵƉǇǌĂƌŽŬŽďƌŽƚŽǁǇ͘
Ϯϰ͘ ,Z<dZz^dz<tE%dZEz,/ttE%dZEz,zEE/<Mt/^dKdEz,>
ZKtK:h'ZhWz
tǇŵŝĞŶŝŽŶĞŝŽƉŝƐĂŶĞǁƉ͘ϭϬĐǌǇŶŶŝŬŝǌĞǁŶħƚƌǌŶĞƐƚĂŶŽǁŝČŐųſǁŶĞƌǇǌǇŬĂǁĚǌŝĂųĂůŶŽƑĐŝ'ƌƵƉǇŝ
ƐČŶĂũŝƐƚŽƚŶŝĞũƐǌĞĚůĂƌŽǌǁŽũƵ'ƌƵƉǇ͘ĚĞĐǇĚŽǁĂŶĂŝĐŚǁŝħŬƐǌŽƑđĐŚĂƌĂŬƚĞƌǇǌƵũĞƐŝħƉŽǁƚĂƌǌĂůŶŽƑĐŝČŝ
ďħĚČŽŶĞŽĚĚǌŝĂųǇǁĂđŶĂǁǇŶŝŬŝĚǌŝĂųĂůŶŽƑĐŝ'ƌƵƉǇǁďŝĞǏČĐǇŵƌŽŬƵ͘
ĂƌǌČĚ ŶŝĞ ǁǇŬůƵĐǌĂ ƉŽĚĞũŵŽǁĂŶŝĂ ĚǌŝĂųĂŷ ĚŽƌĂǍŶǇĐŚ ǌĂůĞǏŶǇĐŚ ŽĚ ĂŬƚƵĂůŶĞũ ƐǇƚƵĂĐũŝ
ŵĂŬƌŽĞŬŽŶŽŵŝĐǌŶĞũ͕ǌŵŝĂŶǁƉƌĂǁŝĞŽƌĂǌƐǇƚƵĂĐũŝĨŝŶĂŶƐŽǁĞũ'ƌƵƉǇ͘
Ϯϱ͘ D/EztWK^dtKtz,^,ZE/
WŽůŝƚǇŬĂ 'ƌƵƉǇ <ĂƉŝƚĂųŽǁĞũ EKs/d ŽƉĂƌƚĂ ũĞƐƚ ŶĂ ŶŽǁŽĐǌĞƐŶǇĐŚ ŝ ƐƚĂďŝůŶǇĐŚ ǌĂƐĂĚĂĐŚ
ǌĂƌǌČĚǌĂŶŝĂ͕ ŬƚſƌĞ ǌŽƐƚĂųǇ ǁǇƉƌĂĐŽǁĂŶĞ͕ ǁĚƌŽǏŽŶĞ ŽƌĂǌ ƵĚŽƐŬŽŶĂůŽŶĞ ǁ ƉŽƉƌǌĞĚŶŝĐŚ ůĂƚĂĐŚ͘
t ϮϬϭϯ ƌŽŬƵ ŶŝĞ ŶĂƐƚČƉŝųǇ ǌŵŝĂŶǇ ǌĂƐĂĚ ǌĂƌǌČĚǌĂŶŝĂ ǁ ƐƉſųŬĂĐŚ ǌ 'ƌƵƉǇ <ĂƉŝƚĂųŽǁĞũ EKs/d͕ ĐŽ
ũĞĚŶĂŬ ŶŝĞ ǁǇŬůƵĐǌĂ ĞǁĞŶƚƵĂůŶǇĐŚ ŝĐŚ ǌŵŝĂŶ ǁ ƉƌǌǇƐǌųŽƑĐŝ͕ ŐĚǇǏ ĚŽƐŬŽŶĂůĞŶŝĞ ǌĂƐĂĚ ŝ ƉƌŽĐĞĚƵƌ
ǌĂƌǌČĚǌĂŶŝĂũĞƐƚƉƌŽĐĞƐĞŵĐŝČŐųǇŵ͘
Ϯϲ͘ t^></hDKtztZdD/%zD/dEdDK^KD/Z:zD/͕
WZt/h:Z<KDWE^d%tWZzW<h/,Zz'E:/>htK>E/E/
:DKtE'K^dEKt/^<tE:WZzzEz>h'z/,KtKBE/>h
tK>E/E/E^d%Wh:WKtKhWKBE/D/dEdWZWZ:%/
ŵŝƚĞŶƚ ŶŝĞ ǌĂǁŝĞƌĂų ǁ ϮϬϭϯ ƌŽŬƵ Ƶŵſǁ ǌ ŽƐŽďĂŵŝ ǌĂƌǌČĚǌĂũČĐǇŵŝ͕ ƉƌǌĞǁŝĚƵũČĐǇĐŚ
ƌĞŬŽŵƉĞŶƐĂƚħ ǁ ƉƌǌǇƉĂĚŬƵ ŝĐŚ ƌĞǌǇŐŶĂĐũŝ ůƵď ǌǁŽůŶŝĞŶŝĂ ǌ ǌĂũŵŽǁĂŶĞŐŽ ƐƚĂŶŽǁŝƐŬĂ ďĞǌ ǁĂǏŶĞũ
ƉƌǌǇĐǌǇŶǇ ůƵď ŐĚǇ ŝĐŚ ŽĚǁŽųĂŶŝĞ ůƵď ǌǁŽůŶŝĞŶŝĞ ŶĂƐƚħƉƵũĞ ǌ ƉŽǁŽĚƵ ƉŽųČĐǌĞŶŝĂ ĞŵŝƚĞŶƚĂ ƉƌǌĞǌ
ƉƌǌĞũħĐŝĞ͘
Ϯϳ͘ tZdK_tzE'ZKF͕E'ZM>h<KZz_/͕tdzDtzE/<:z,
WZK'ZDMtDKdztz:Ez,>hWZD/Ktz,KWZdz,E<W/d>^WMB</
KD/Eh::͕tdzDWZK'ZDMtKWZdz,EK>/':,WZtD
W/Zt^F^dt͕D/EEz,͕tZZEd,^h^<ZzWz:Ez,͕tzWBKEz,͕
E>Ez,>hWKdE:>E/E>Ez,KZ%E/>K^MZ:z,/
EKZh:z,
^ǌĐǌĞŐſųŽǁĞ ŝŶĨŽƌŵĂĐũĞ ŶĂ ƚĞŵĂƚ ǁĂƌƚŽƑĐŝ ǁǇŶĂŐƌŽĚǌĞŷ͕ ŶĂŐƌſĚ ůƵď ŬŽƌǌǇƑĐŝ ŽƐſď
ǌĂƌǌČĚǌĂũČĐǇĐŚ ŽƌĂǌ ŶĂĚǌŽƌƵũČĐǇĐŚ ǌŽƐƚĂųĂ ƉŽĚĂŶĂ ǁ /E&KZD:/ Kd<Kt: K
^<KE^K>/KtE'K^WZtKE/&/EE^Kt'K͘
WŽǌĂǁǇŶĂŐƌŽĚǌĞŶŝĂŵŝŝŶŶĞƐƉŽƑƌſĚǁǁ͘ƚǇƚƵųǇǁƌŽŬƵƐƉƌĂǁŽǌĚĂǁĐǌǇŵŶŝĞǁǇƐƚČƉŝųǇ͘
Ϯϴ͘ ^dt/E/^dEhWK^/E/<:/D/dEdWZK^KzZ:/
EKZh:KZKEEz,'ZhW/<W/dBKt:EKs/dhDKt,͕ttzE/<h
<dMZz,DK'tWZz^BK_/E^dW/D/EztWZKWKZ:,WK^/Ez,<:/
WZKdz,^Ktz,<:KEZ/h^z>h/EEz,hDKt,tZdz,
WKD/%z<:KEZ/h^D/
ŐŽĚŶŝĞ ǌ ŝŶĨŽƌŵĂĐũĂŵŝ ƉŽƐŝĂĚĂŶǇŵŝ ƉƌǌĞǌ ĂƌǌČĚ ƐƚĂŶ ƉŽƐŝĂĚĂŶǇĐŚ ĂŬĐũŝ EKs/d ^͘͘ ƉƌǌĞǌ
ǌųŽŶŬſǁĂƌǌČĚƵŽƌĂǌZĂĚǇEĂĚǌŽƌĐǌĞũŶĂĚǌŝĞŷϯϭͲϭϮͲϮϬϭϯƌŽŬƵƉƌǌĞĚƐƚĂǁŝĂƐŝħŶĂƐƚħƉƵũČĐŽ͗
ĂƐƚħƉĐĂƉƌǌĞǁŽĚŶŝĐǌČĐĞŐŽZĂĚǇ
EĂĚǌŽƌĐǌĞũ
;ƌĂǌĞŵǌ&/EsK^Ɖ͘ǌŽ͘Ž͘Ϳ
:ĂŶƵƐǌWŝĐǌĂŬ
ϳϴϯ͘ϰϲϱƐǌƚ͘
WƌĞǌĞƐĂƌǌČĚƵ
,ĞŶƌǇŬ<ĂĐǌŵĂƌĞŬ
ϭ͘ϬϬϬƐǌƚ͘
tĞĚųƵŐ ƐƚĂŶƵ ǁ ĚŶŝƵ ϯϭͲϭϮͲϮϬϭϯ ƌŽŬƵ ƐƚƌƵŬƚƵƌĂ ĂŬĐũŽŶĂƌŝĂƚƵ ĞŵŝƚĞŶƚĂ ďǇųĂ ƐŝůŶŝĞ
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ƐŬŽŶĐĞŶƚƌŽǁĂŶĂ͘/ůŽƑđĂŬĐũŝǁǁŽůŶǇŵŽďƌŽĐŝĞǁǇŶŽƐŝųĂϭϵ͕ϳϭй͕ĐŽƐƚĂŶŽǁŝųŽǁƐŬĂǍŶŝŬǁǇǏƐǌǇŽϬ͕ϰϰ
ƉƉ͘ ǁ ƉŽƌſǁŶĂŶŝƵ ĚŽ ƐƚĂŶƵ ǁ ĚŶŝƵ ϯϭͲϭϮͲϮϬϭϮ ƌŽŬƵ͘ ŬĐũĞ ǌŶĂũĚƵũČĐĞ Ɛŝħ ǁ ǁŽůŶǇŵ ŽďƌŽĐŝĞ ďǇųǇ
ƌŽǌƉƌŽƐǌŽŶĞǁƑƌſĚĂŬĐũŽŶĂƌŝƵƐǌǇ͕ŬƚſƌǇĐŚƐŬųĂĚŝŝůŽƑđƐČĞŵŝƚĞŶƚŽǁŝŶŝĞǌŶĂŶĞ͘
tĞĚųƵŐ ŝŶĨŽƌŵĂĐũŝ ĚŽƐƚħƉŶǇĐŚ ĂƌǌČĚŽǁŝ 'ƌƵƉǇ ĐǌųŽŶŬŽǁŝĞ ZĂĚǇ EĂĚǌŽƌĐǌĞũ ŽƌĂǌ ĂƌǌČĚƵ
ĞŵŝƚĞŶƚĂ͕ ƉŽǌĂ ŽƐŽďĂŵŝ ǁǇŵŝĞŶŝŽŶǇŵŝ ǁǇǏĞũ͕ ŶŝĞ ƉŽƐŝĂĚĂůŝ ǁ ĚŶŝƵ ϯϭͲϭϮͲϮϬϭϯ ƌŽŬƵ ŽƌĂǌ ĚŽ ĚŶŝĂ
ƐƉŽƌǌČĚǌĞŶŝĂŶŝŶŝĞũƐǌĞŐŽƐƉƌĂǁŽǌĚĂŶŝĂĂŬĐũŝEKs/dz^͘͘
ŬĐũĞƵƉƌǌǇǁŝůĞũŽǁĂŶĞŽƌĂǌƉƌĂĐŽǁŶŝĐǌĞŶŝĞǁǇƐƚħƉƵũČ͘
Ž ĚŶŝĂ ƐƉŽƌǌČĚǌĞŶŝĂ ŶŝŶŝĞũƐǌĞŐŽ ƐƉƌĂǁŽǌĚĂŶŝĂ 'ƌƵƉŝĞ <ĂƉŝƚĂųŽǁĞũ EKs/d ŶŝĞ ďǇųǇ ǌŶĂŶĞ
ƵŵŽǁǇ͕ ǁ ǁǇŶŝŬƵ ŬƚſƌǇĐŚ ŵŝĂųǇďǇ ǁ ƉƌǌǇƐǌųŽƑĐŝ ŶĂƐƚČƉŝđ ǌŵŝĂŶǇ ǁ ƉƌŽƉŽƌĐũĂĐŚ ƉŽƐŝĂĚĂŶǇĐŚ ĂŬĐũŝ
ƉƌǌĞǌĚŽƚǇĐŚĐǌĂƐŽǁǇĐŚĂŬĐũŽŶĂƌŝƵƐǌǇ͘WŽŶĂĚƚŽ'ƌƵƉŝĞ<ĂƉŝƚĂųŽǁĞũEKs/dŶŝĞďǇųǇǌŶĂŶĞǏĂĚŶĞŝŶŶĞ
ƵŵŽǁǇǌŶĂĐǌČĐĞĚůĂĚǌŝĂųĂůŶŽƑĐŝĞŵŝƚĞŶƚĂǌĂǁĂƌƚĞƉŽŵŝħĚǌǇĂŬĐũŽŶĂƌŝƵƐǌĂŵŝ͘
Ϯϵ͘ /E&KZD:K^z^dD/<KEdZK>/WZK'ZDMt<:/WZKtE/z,
tƌŽŬƵƐƉƌĂǁŽǌĚĂǁĐǌǇŵŶŝĞĨƵŶŬĐũŽŶŽǁĂųǁ'ƌƵƉŝĞƉƌŽŐƌĂŵĂŬĐũŝƉƌĂĐŽǁŶŝĐǌǇĐŚ͘
ϯϬ͘ hDKtzWKD/KdDhWZtE/KEzDKF^WZtKF&/EE^Ktz,
Ă ƌŽŬ ŽďƌŽƚŽǁǇ ϮϬϭϯ ƉŽĚŵŝŽƚĞŵ ƵƉƌĂǁŶŝŽŶǇŵ ĚŽ ďĂĚĂŶŝĂ ƐƉƌĂǁŽǌĚĂŷ ĨŝŶĂŶƐŽǁǇĐŚ ďǇųĂ
<ĂŶĐĞůĂƌŝĂ WŽƌĂĚ &ŝŶĂŶƐŽǁŽ ʹ <ƐŝħŐŽǁǇĐŚ Ěƌ WŝŽƚƌ ZŽũĞŬ ^Ɖ͘ ǌ Ž͘Ž͘ ǌ ƐŝĞĚǌŝďČ ǁ <ĂƚŽǁŝĐĂĐŚ͕
Ƶů͘ <ŽŶĚƵŬƚŽƌƐŬĂ ϯϯ͘ /ŶĨŽƌŵĂĐũĞ ŶĂ ƚĞŵĂƚ Ƶŵſǁ Ž ĚŽŬŽŶĂŶŝĞ ďĂĚĂŷ ƐƉƌĂǁŽǌĚĂŷ ĨŝŶĂŶƐŽǁǇĐŚ
ǌĂǁĂƌƚǇĐŚǁϮϬϭϯƌŽŬƵƉŽĚĂŶŽƉŽŶŝǏĞũ͗
• ŶŝĂ ϰͲϬϳͲϮϬϭϯ ƌŽŬƵ ǁ <ĂƚŽǁŝĐĂĐŚ ǌŽƐƚĂųĂ ǌĂǁĂƌƚĂ hDKt K K<KEE/ E/
:EK^d<Kt'K ^WZtKE/ &/EE^Kt'K EKs/d ^͘͘ ^WKZKE'K t'
^dEMt E /F ϯϭͲϭϮͲϮϬϭϯ ZK<h KZ WZ'>h :EK^d<Kt'K
^WZtKE/&/EE^Kt'KEKs/d^͘͘^WKZKE'Kt'^dEMtE/F
ϯϬͲϬϲͲϮϬϭϯZK<hƉŽŵŝħĚǌǇEKs/d^͘͘ŝ<ĂŶĐĞůĂƌŝČWŽƌĂĚ&ŝŶĂŶƐŽǁŽʹ<ƐŝħŐŽǁǇĐŚĚƌ
WŝŽƚƌZŽũĞŬ^Ɖ͘ǌŽ͘Ž͘ǌƐŝĞĚǌŝďČǁ<ĂƚŽǁŝĐĂĐŚ͕Ƶů͘<ŽŶĚƵŬƚŽƌƐŬĂϯϯŽƉŝĞǁĂũČĐĂŶĂŬǁŽƚħ
ϮϬ͘ϬϬϬǌųŶĞƚƚŽнsdϮϯй;ďƌƵƚƚŽсϮϰ͘ϲϬϬǌųͿ͘
• ŶŝĂ ϰͲϬϳͲϮϬϭϯ ƌŽŬƵ ǁ <ĂƚŽǁŝĐĂĐŚ ǌŽƐƚĂųĂ ǌĂǁĂƌƚĂ hDKt K K<KEE/ E/
^<KE^K>/KtE'K ^WZtKE/ &/EE^Kt'K 'ZhWz <W/dBKt: EKs/d
^WKZKE'K t' ^dEMt E /F ϯϭͲϭϮͲϮϬϭϯ ZK<h KZ WZ'>h
^͘͘^WKZKE'Kt'^dEMtE/FϯϬͲϬϲͲϮϬϭϯZK<hƉŽŵŝħĚǌǇEKs/d^͘͘ŝ
<ĂŶĐĞůĂƌŝČ WŽƌĂĚ &ŝŶĂŶƐŽǁŽ ʹ <ƐŝħŐŽǁǇĐŚ Ěƌ WŝŽƚƌ ZŽũĞŬ ^Ɖ͘ ǌ Ž͘Ž͘ ǌ ƐŝĞĚǌŝďČ ǁ
<ĂƚŽǁŝĐĂĐŚ͕Ƶů͘<ŽŶĚƵŬƚŽƌƐŬĂϯϯŽƉŝĞǁĂũČĐĂŶĂŬǁŽƚħϲ͘ϱϬϬǌųŶĞƚƚŽнsdϮϯй;ďƌƵƚƚŽс
ϳ͘ϵϵϱǌųͿ͘
Ă ƌŽŬ ŽďƌŽƚŽǁǇ ϮϬϭϮ ƉŽĚŵŝŽƚĞŵ ƵƉƌĂǁŶŝŽŶǇŵ ĚŽ ďĂĚĂŶŝĂ ƐƉƌĂǁŽǌĚĂŷ ĨŝŶĂŶƐŽǁǇĐŚ ďǇųĂ
ƌſǁŶŝĞǏ<ĂŶĐĞůĂƌŝĂWŽƌĂĚ&ŝŶĂŶƐŽǁŽʹ<ƐŝħŐŽǁǇĐŚĚƌWŝŽƚƌZŽũĞŬ^Ɖ͘ǌŽ͘Ž͘ǌƐŝĞĚǌŝďČǁ<ĂƚŽǁŝĐĂĐŚ͕Ƶů͘
&ůŽƌŝĂŶĂ ϭϱ͘ /ŶĨŽƌŵĂĐũĞ ŶĂ ƚĞŵĂƚ Ƶŵſǁ Ž ĚŽŬŽŶĂŶŝĞ ďĂĚĂŷ ƐƉƌĂǁŽǌĚĂŷ ĨŝŶĂŶƐŽǁǇĐŚ ǌĂǁĂƌƚǇĐŚ ǁ
ϮϬϭϮƌŽŬƵƉŽĚĂŶŽƉŽŶŝǏĞũ͗
• ŶŝĂ ϮϬͲϬϲͲϮϬϭϮ ƌŽŬƵ ǁ <ĂƚŽǁŝĐĂĐŚ ǌŽƐƚĂųĂ ǌĂǁĂƌƚĂ hDKt K K<KEE/ E/
:EK^d<Kt'K ^WZtKE/ &/EE^Kt'K EKs/d ^͘͘ ^WKZKE'K t'
^dEMt E /F ϯϭͲϭϮͲϮϬϭϮ ZK<h KZ WZ'>h :EK^d<Kt'K
^WZtKE/&/EE^Kt'KEKs/d^͘͘^WKZKE'Kt'^dEMtE/F
ϯϬͲϬϲͲϮϬϭϮZK<hƉŽŵŝħĚǌǇEKs/d^͘͘ŝ<ĂŶĐĞůĂƌŝČWŽƌĂĚ&ŝŶĂŶƐŽǁŽʹ<ƐŝħŐŽǁǇĐŚĚƌ
WŝŽƚƌZŽũĞŬ^Ɖ͘ǌŽ͘Ž͘ǌƐŝĞĚǌŝďČǁ<ĂƚŽǁŝĐĂĐŚ͕Ƶů͘&ůŽƌŝĂŶĂϭϱŽƉŝĞǁĂũČĐĂŶĂŬǁŽƚħϮϬ͘ϬϬϬ
ǌųŶĞƚƚŽнsdϮϯй;ďƌƵƚƚŽсϮϰ͘ϲϬϬǌųͿ͘
• ŶŝĂ ϮϬͲϬϲͲϮϬϭϮ ƌŽŬƵ ǁ <ĂƚŽǁŝĐĂĐŚ ǌŽƐƚĂųĂ ǌĂǁĂƌƚĂ hDKt K K<KEE/ E/
^WKZKE'K t' ^dEMt E /F ϯϭͲϭϮͲϮϬϭϮ ZK<h KZ WZ'>h
^͘͘^WKZKE'Kt'^dEMtE/FϯϬͲϬϲͲϮϬϭϮZK<hƉŽŵŝħĚǌǇEKs/d^͘͘ŝ
<ĂŶĐĞůĂƌŝČ WŽƌĂĚ &ŝŶĂŶƐŽǁŽ ʹ <ƐŝħŐŽǁǇĐŚ Ěƌ WŝŽƚƌ ZŽũĞŬ ^Ɖ͘ ǌ Ž͘Ž͘ ǌ ƐŝĞĚǌŝďČ ǁ
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<ĂƚŽǁŝĐĂĐŚ͕ Ƶů͘ &ůŽƌŝĂŶĂ ϭϱ ŽƉŝĞǁĂũČĐĂ ŶĂ ŬǁŽƚħ ϲ͘ϱϬϬ ǌų ŶĞƚƚŽ н sd Ϯϯй ;ďƌƵƚƚŽ с
ϳ͘ϵϵϱǌųͿ͘
ϯϭ͘ ,Z<dZz^dz<^dZh<dhZz<dztMt/W^ztMt^<KE^K>/KtE'K/>E^h͕t
dzDWhE<dht/E/WBzEEK_/'ZhWz<W/dBKt:D/dEd
tŐ ƐƉƌĂǁŽǌĚĂŶŝĂ ĨŝŶĂŶƐŽǁĞŐŽ 'ƌƵƉǇ <ĂƉŝƚĂųŽǁĞũ EKs/d ŶĂ ĚǌŝĞŷ ϯϭͲϭϮͲϮϬϭϯ ƌŽŬƵ ƐƵŵĂ
ďŝůĂŶƐŽǁĂǁǇŶŝŽƐųĂϵϳ͘ϯϴϰƚǇƐ͘ǌųŝďǇųĂǁǇǏƐǌĂŽϯϴϵƚǇƐ͘ǌų͕ƚŽũĞƐƚŽϬ͕ϰйŽĚƐƵŵǇďŝůĂŶƐŽǁĞũǌĚŶŝĂ
ϯϭͲϭϮͲϮϬϭϮƌŽŬƵǁǇŶŽƐǌČĐĞũϵϲ͘ϵϵϱƚǇƐ͘ǌų͘
tƐŬĂǍŶŝŬƐƚƌƵŬƚƵƌǇĂŬƚǇǁſǁ;ůŝĐǌŽŶǇũĂŬŽƐƚŽƐƵŶĞŬĂŬƚǇǁſǁƚƌǁĂųǇĐŚĚŽĂŬƚǇǁſǁŽďƌŽƚŽǁǇĐŚͿ
ƵŬƐǌƚĂųƚŽǁĂųƐŝħŶĂŶŝǏƐǌǇŵƉŽǌŝŽŵŝĞŝǁǇŶŝſƐųŶĂĚǌŝĞŷϯϭͲϭϮͲϮϬϭϯƌŽŬƵϯ͕ϲϬ͕ĂŶĂŬŽŶŝĞĐƌŽŬƵϮϬϭϮ͗
ϰ͕ϯϴ͘ŬƚǇǁĂƚƌǁĂųĞŵŝĂųǇŶŝǏƐǌǇƵĚǌŝĂų͕ŬƚſƌǇǁǇŶŝſƐųϳϴ͕ϯй͕ǁƉŽƌſǁŶĂŶŝƵĚŽƐƚĂŶƵŶĂĚǌŝĞŷϯϭͲϭϮͲ
ϮϬϭϮ ƌŽŬƵ͕ ŬƚſƌǇ ǁǇŶŝſƐų ϴϭ͕ϰй͘ :ĞƐƚ ƚŽ ŐųſǁŶŝĞ ĞĨĞŬƚ ǁǇǏƐǌĞŐŽ Ž ϯ͘Ϭϴϭ ƚǇƐ͘ ǌų ƐƚĂŶƵ ĂŬƚǇǁſǁ
ŽďƌŽƚŽǁǇĐŚ ǁ ϮϬϭϯ ƌŽŬƵ͘ ŬƚǇǁĂ ŽďƌŽƚŽǁĞ 'ƌƵƉǇ ƐƚĂŶŽǁŝųǇ ǁ ŽŵĂǁŝĂŶǇŵ ŽŬƌĞƐŝĞ Ϯϭ͕ϳй ƐƵŵǇ
ĂŬƚǇǁſǁ͕ ŐĚǇ ŶĂ ŬŽŶŝĞĐϮϬϭϮ ƌŽŬƵƐƚĂŶŽǁŝųǇϭϴ͕ϲйƐƵŵǇĂŬƚǇǁſǁ͘t ĂŬƚǇǁĂĐŚŽďƌŽƚŽǁǇĐŚ ŐųſǁŶĞ
ǌŵŝĂŶǇ ƐƚƌƵŬƚƵƌĂůŶĞ ŵŝĂųǇ ŵŝĞũƐĐĞ ǁ ƉŽƐƚĂĐŝ ǌǁŝħŬƐǌĞŶŝĂ ƵĚǌŝĂųƵ ǌĂƉĂƐſǁ ǌ ϵ͕ϰй ǁ ϮϬϭϮ ƌŽŬƵ ĚŽ
ϭϭ͕ϯй͘ WŽŶĂĚƚŽ ŵŝĂų ŵŝĞũƐĐĞ ǁǌƌŽƐƚ ƵĚǌŝĂųƵ ŶĂůĞǏŶŽƑĐŝ ǌ ƚǇƚƵųƵ ĚŽƐƚĂǁ ŝ ƵƐųƵŐ ŽƌĂǌ ƉŽǌŽƐƚĂųǇĐŚ
ŶĂůĞǏŶŽƑĐŝ ǌ ϳ͕ϴй ĚŽ ϵ͕ϴ͘ hĚǌŝĂų ƑƌŽĚŬſǁ ƉŝĞŶŝħǏŶǇĐŚ ŝ ĞŬǁŝǁĂůĞŶƚſǁ ƌſǁŶŝĞǏ ƵůĞŐų ǌŶĂĐǌŶĞŵƵ
ŽďŶŝǏĞŶŝƵ͗ ǌ ϭ͕ϯй ǁ ƌŽŬƵ ϮϬϭϮ ĚŽ Ϭ͕ϱй ǁ ƌŽŬƵ ƐƉƌĂǁŽǌĚĂǁĐǌǇŵ͘ WŽǁǇǏƐǌĞ ǌŵŝĂŶǇ ƐƚƌƵŬƚƵƌĂůŶĞ ǁ
ŬŽƌĞůĂĐũŝ ǌ ǁǌƌŽƐƚĞŵ ǌŽďŽǁŝČǌĂŷ ďŝĞǏČĐǇĐŚ ǁƉųǇŶħųǇ ŶĂ ŶŝĞǌŶĂĐǌŶĞ ŽďŶŝǏĞŶŝĞ ǁƐŬĂǍŶŝŬſǁ ƉųǇŶŶŽƑĐŝ
ĨŝŶĂŶƐŽǁĞũĞŵŝƚĞŶƚĂ͕ŬƚſƌĞũĞĚŶĂŬŶĂĚĂůƵƚƌǌǇŵĂųǇƐŝħŶĂƉŽǌŝŽŵĂĐŚƵǌŶĂǁĂŶǇĐŚǌĂŽƉƚǇŵĂůŶĞ͘
WŽ ƐƚƌŽŶŝĞ ƉĂƐǇǁſǁ ƌſǁŶŝĞǏ ŵŝĂųǇ ŵŝĞũƐĐĞ ŝƐƚŽƚŶĞ ǌŵŝĂŶǇ ƐƚƌƵŬƚƵƌĂůŶĞ ǁ ǌĂŬƌĞƐŝĞ ŐųſǁŶǇĐŚ
ƐŬųĂĚŽǁǇĐŚ͕ ƚŽ ǌŶĂĐǌǇ͗ ŬĂƉŝƚĂųſǁ ǁųĂƐŶǇĐŚ ŽƌĂǌ ǌŽďŽǁŝČǌĂŷ ŽŐſųĞŵ͘ hĚǌŝĂų ŬĂƉŝƚĂųſǁ ǁųĂƐŶǇĐŚ
ǁǇŶŝſƐųϳϴ͕ϯй͕ŶĂƚŽŵŝĂƐƚǌŽďŽǁŝČǌĂŶŝĂŽŐſųĞŵƐƚĂŶŽǁŝųǇϮϭ͕ϳйƉĂƐǇǁſǁ;ǁϮϬϭϮƌŽŬƵŽĚƉŽǁŝĞĚŶŝŽ͗
ϴϬ͕Ϯйŝϭϵ͕ϴйͿ͘dǇŵƐĂŵǇŵǁƐŬĂǍŶŝŬƐƚƌƵŬƚƵƌǇƉĂƐǇǁſǁ;ůŝĐǌŽŶǇũĂŬŽƐƚŽƐƵŶĞŬŬĂƉŝƚĂųſǁǁųĂƐŶǇĐŚĚŽ
ŬĂƉŝƚĂųſǁ ŽďĐǇĐŚͿ ǁǇŶŝſƐų ϯ͕ϲϬ͘ t ϮϬϭϮ ƌŽŬƵ ǁƐŬĂǍŶŝŬ ƚĞŶ ŵŝĂų ǁĂƌƚŽƑđ ϰ͕Ϭϰ͘ KǌŶĂĐǌĂ ƚŽ͕ ǏĞ ŶĂĚĂů
ĚŽŵŝŶƵũČĐǇŵǍƌſĚųĞŵĨŝŶĂŶƐŽǁĂŶŝĂĚǌŝĂųĂůŶŽƑĐŝ'ƌƵƉǇ<ĂƉŝƚĂųŽǁĞũEKs/dǌĂƌſǁŶŽǁƌŽŬƵϮϬϭϯ͕ũĂŬŝ
ǁϮϬϭϮďǇųǇŬĂƉŝƚĂųǇǁųĂƐŶĞ͘
t ƐƚƌƵŬƚƵƌǌĞ ǌŽďŽǁŝČǌĂŷ ǌĂƐǌųǇ ĚĂůĞũ ŽƉŝƐĂŶĞ ǌŵŝĂŶǇ͘ ŽďŽǁŝČǌĂŶŝĂ ĚųƵŐŽƚĞƌŵŝŶŽǁĞ͕ ŬƚſƌǇĐŚ
ŐųſǁŶČ ƐŬųĂĚŽǁČ ďǇųǇ ƌĞǌĞƌǁǇ͕ ƐƚĂŶŽǁŝųǇ ǁ ĚŶŝƵ ϯϭͲϭϮͲϮϬϭϯ ƌŽŬƵ ϰϲ͕ϯй ǌŽďŽǁŝČǌĂŷ ŽŐſųĞŵ͕ ǁŽďĞĐ
ŝĐŚ ƵĚǌŝĂųƵ ǁǇŶŽƐǌČĐĞŐŽ ϱϯ͕Ϯй ǁ ĚŶŝƵ ϯϭͲϭϮͲϮϬϭϮ ƌŽŬƵ͘ ^ƉĂĚĞŬ ƚĞŶ ďǇų ƐŬƵƚŬŝĞŵ ǁǌƌŽƐƚƵ
ŽϮ͘ϯϳϴƚǇƐ͘ǌų͕ƚŽũĞƐƚŽϮϲ͕ϰйƐƚĂŶƵǌŽďŽǁŝČǌĂŷŬƌſƚŬŽƚĞƌŵŝŶŽǁǇĐŚ͘ŽďŽǁŝČǌĂŶŝĂŬƌſƚŬŽƚĞƌŵŝŶŽǁĞ
ŶĂĚǌŝĞŷϯϭͲϭϮͲϮϬϭϯƌŽŬƵŵŝĂųǇƵĚǌŝĂųǁƉĂƐǇǁĂĐŚǁǇŶŽƐǌČĐǇϭϭ͕ϳйǁŽďĞĐƵĚǌŝĂųƵǁǇŶŽƐǌČĐĞŐŽϵ͕Ϯй
ƌŽŬ ǁĐǌĞƑŶŝĞũ͘ ^ƉĂĚĞŬ͕ ǁǇŶŽƐǌČĐǇ ϲϱϰ ƚǇƐ͘ ǌų͕ ƚŽ ũĞƐƚ Ž ϭϮ͕ϱй ŽĚŶŽƚŽǁĂŶŽ ǁ ǌĂŬƌĞƐŝĞ ǌŽďŽǁŝČǌĂŷ ǌ
ƚǇƚƵųƵ ĚŽƐƚĂǁ ŝ ƵƐųƵŐ ŽƌĂǌ ƉŽǌŽƐƚĂųǇĐŚ ǌŽďŽǁŝČǌĂŷ͘ ƌƵŐŝŵ ĐǌǇŶŶŝŬŝĞŵ ƌǌƵƚƵũČĐǇŵ ŶĂ ǌŵŝĂŶǇ
ƐƚƌƵŬƚƵƌĂůŶĞ ďǇų ǌŶĂĐǌŶǇ ǁǌƌŽƐƚ ǌĂĚųƵǏĞŶŝĂ ǌ ƚǇƚƵųƵ ŬƌĞĚǇƚſǁ͕ ŬƚſƌĞ ǁǌƌŽƐųŽ Ž Ϯ͘ϱϲϰ ƚǇƐ͘ ǌų͘ hĚǌŝĂų
ǌŽďŽǁŝČǌĂŷǌƚĞŐŽƚǇƚƵųƵǁǌƌſƐųǌϯ͕ϭйǁϮϬϭϮƌŽŬƵĚŽϱ͕ϳй͘
^ƚƌƵŬƚƵƌħ ĂŬƚǇǁſǁ ŝ ƉĂƐǇǁſǁ ŽƌĂǌ ǌŵŝĂŶǇ ƐƚƌƵŬƚƵƌĂůŶĞ ƐŬŽŶƐŽůŝĚŽǁĂŶĞŐŽ ďŝůĂŶƐƵ ǌĂǁĂƌƚŽ ǁ
ƉŽŶŝǏƐǌĞũƚĂďĞůŝ͗
- 15 -
^dZh<dhZ/>E^h'ZhWz<W/dBKt:EKs/d
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ŬƚǇǁĂŽďƌŽƚŽǁĞ͕ǌƚĞŐŽ͗
ǌĂƉĂƐǇ
ŶĂůĞǏŶŽƑĐŝǌƚǇƚƵųƵĚŽƐƚĂǁŝƵƐųƵŐŽƌĂǌƉŽǌŽƐƚĂųĞŶĂůĞǏŶŽƑĐŝ
ƑƌŽĚŬŝƉŝĞŶŝħǏŶĞŝĞŬǁŝǁĂůĞŶƚǇ
ŶĂůĞǏŶŽƑĐŝǌƚǇƚ͘ďŝĞǏČĐĞŐŽƉŽĚĂƚŬƵĚŽĐŚŽĚŽǁĞŐŽŽĚŽƐ͘ƉƌĂǁŶǇĐŚ
ƉŽǌŽƐƚĂųĞĂŬƚǇǁĂŽďƌŽƚŽǁĞ
ƉŽǌŽƐƚĂųĞĂŬƚǇǁĂƚƌǁĂųĞƐŬůĂƐǇĨŝŬŽǁĂŶĞũĂŬŽƉƌǌĞǌŶĂĐǌŽŶĞĚŽƐƉƌǌĞĚĂǏǇ
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ĚųƵŐŽƚĞƌŵŝŶŽǁĞƌŽǌůŝĐǌĞŶŝĂŵŝħĚǌǇŽŬƌĞƐŽǁĞ
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ŽďŽǁŝČǌĂŶŝĂŽŐſųĞŵ͕ǁƚǇŵ͗
ϮϳϵϭϮ
Ϯϲ͕ϭй
ϭϵϮϱϭ
ϭϵ͕ϴй
Ϯϭϭϳϰ
Ϯϭ͕ϳй
нϭϵϮϯ
ϭϭϬ͕Ϭй
нϭ͕ϵй
Ͳϲϳϯϴ
ϳϱ͕ϵй
Ͳϰ͕ϰй
ǌŽďŽǁŝČǌĂŶŝĂĚųƵŐŽƚĞƌŵŝŶŽǁĞ͕ǁƚǇŵ͗
ϭϬϱϵϵ
ϵ͕ϵй
ϭϬϮϰϴ
ϭϬ͕ϲй
ϵϳϵϯ
ϭϬ͕Ϭй
Ͳϰϱϱ
ϵϱ͕ϲй
ͲϬ͕ϲй
ͲϴϬϲ
ϵϮ͕ϰй
нϬ͕ϭй
ŬƌĞĚǇƚǇ͕ƉŽǏǇĐǌŬŝŝǌŽďŽǁŝČǌĂŶŝĂǌƚǇƚ͘ůĞĂƐŝŶŐƵĨŝŶĂŶƐŽǁĞŐŽ
ϱϬϬϬ
hĚǌŝĂų
ǁƐ ƵŵŝĞ
ďŝůĂŶƐŽǁĞũ
ǁƐŬĂǍŶŝŬ
ǌŵŝĂŶǇ
;ϲͬϰͿ
ƚǇƐ ͘ǌų
^ƵŵĂďŝůĂŶƐŽǁĂ
hĚǌŝĂų
ǁƐ ƵŵŝĞ
ďŝůĂ ŶƐ ŽǁĞũ
ǁĂƌƚŽƑđ
ŶĞƚƚŽ
ƚǇƐ͘ǌų
;ϲͲϰͿ
ϴ
hĚǌŝĂų
ǁƐ ƵŵŝĞ
ďŝůĂ ŶƐŽǁĞũ
Ϭ
Ϭ͕Ϭй
Ϭ
Ϭ͕Ϭй
Ϭ
Ϭ͕Ϭй
Ϭ͕Ϭ
Ͳ
Ϭ͕Ϭй
Ϭ͕Ϭ
Ͳ
Ϭ͕Ϭй
ƌĞǌĞƌǁǇƌĂǌĞŵ
ϭϬϱϵϵ
ϵ͕ϵй
ϭϬϮϰϴ
ϭϬ͕ϲй
ϵϳϵϯ
ϭϬ͕Ϭй
Ͳϰϱϱ
ϵϱ͕ϲй
ͲϬ͕ϲй
ͲϴϬϲ
ϵϮ͕ϰй
нϬ͕ϭй
ǌŽďŽǁŝČǌĂŶŝĂŬƌſƚŬŽƚĞƌŵŝŶŽǁĞ͕ǁƚǇŵ͗
ϭϳϯϭϯ
ϭϲ͕Ϯй
ϵϬϬϯ
ϵ͕Ϯй
ϭϭϯϴϭ
ϭϭ͕ϳй
нϮϯϳϴ
ϭϮϲ͕ϰй
нϮ͕ϱй
ͲϱϵϯϮ
ϲϱ͕ϳй
Ͳϰ͕ϱй
ǌƚǇƚƵųƵĚŽƐƚĂǁŝƵƐųƵŐŽƌĂǌƉŽǌŽƐƚĂųĞǌŽďŽǁŝČǌĂŶŝĂ
ϵϰϳϳ
ϴ͕ϴй
ϱϮϮϱ
ϱ͕ϰй
ϰϱϳϭ
ϰ͕ϳй
Ͳϲϱϰ
ϴϳ͕ϱй
ͲϬ͕ϳй
ͲϰϵϬϲ
ϰϴ͕Ϯй
Ͳϰ͕ϭй
ŬƌĞĚǇƚǇ͕ƉŽǏǇĐǌŬŝŝǌŽďŽǁŝČǌĂŶŝĂǌƚǇƚ͘ůĞĂƐŝŶŐƵĨŝŶĂŶƐŽǁĞŐŽ
ϲϱϳϵ
ϲ͕Ϯй
ϯϬϮϮ
ϯ͕ϭй
ϱϱϴϲ
ϱ͕ϳй
нϮϱϲϰ
ϭϴϰ͕ϴй
нϮ͕ϲй
Ͳϵϵϯ
ϴϰ͕ϵй
ͲϬ͕ϱй
Ϭ
Ϭ͕Ϭй
ϯϳ
Ϭ͕Ϭй
ϭϴϱ
Ϭ͕Ϯй
нϭϰϴ
ϱϬϬ͕Ϭй
нϬ͕Ϯй
нϭϴϱ
Ͳ
нϬ͕Ϯй
ϭϮϱϳ
ϭ͕Ϯй
ϳϭϵ
Ϭ͕ϳй
ϭϬϯϵ
ϭ͕ϭй
нϯϮϬ
ϭϰϰ͕ϱй
нϬ͕ϰй
ͲϮϭϴ
ϴϮ͕ϳй
ͲϬ͕ϭй
Ϭ
Ϭ͕Ϭй
Ϭ
Ϭ͕Ϭй
Ϭ
Ϭ͕Ϭй
Ϭ͕Ϭ
ǌŽďŽǁŝČǌĂŶŝĂǌƚǇƚ͘ďŝĞǏČĐĞŐŽƉŽĚĂƚŬƵĚŽĐŚŽĚŽǁĞŐŽŽĚŽƐ͘ƉƌĂǁŶǇĐŚ
ƌĞǌĞƌǁǇƌĂǌĞŵ
Ϭ͕Ϭй tĞĨĞŬĐŝĞƉŽǁǇǏƐǌǇĐŚǌŵŝĂŶƐƚƌƵŬƚƵƌĂůŶǇĐŚǁƐŬĂǍŶŝŬŝƉųǇŶŶŽƑĐŝƵůĞŐųǇŶŝĞǌŶĂĐǌŶĞŵƵŽďŶŝǏĞŶŝƵ͕
ũĞĚŶĂŬǏĞŝĐŚƉŽǌŝŽŵǇƐČŶĂĚĂůǌďůŝǏŽŶĞĚŽǁĂƌƚŽƑĐŝƵǌŶĂǁĂŶǇĐŚǌĂŽƉƚǇŵĂůŶĞ͘
ƉŽǌŽƐƚĂųĞƉĂƐǇǁĂ
Ͳ
Ϭ͕Ϭй
Ϭ͕Ϭ
Ͳ
t^<E/</WBzEEK_/'ZhWz<W/dBKt:EKs/d
tǇƐǌĐǌĞŐſůŶŝĞŶŝĞ
ϮϬϭϭƌ͘
ϭ
Ϯ
tƐŬĂǍŶŝŬƉųǇŶŶŽƑĐŝďŝĞǏČĐĞũ;ĐƵƌƌĞŶƚƌĂƚŝŽͿ
ϮϬϭϮƌ͘
ϯ
ϭ͕ϰϲ
ǌŵŝ Ă ŶĂ
ΖϭϯͲΖϭϮ
;ϰͲϯͿ
ϮϬϭϯƌ͘
ϰ
Ϯ͕ϬϬ
ϭ͕ϴϲ
ǌŵŝ Ă ŶĂ
ΖϭϯͲΖϭϭ
;ϰͲϮͿ
ϱ
ϲ
ͲϬ͕ϭϰ
нϬ͕ϰϬ
^ƚĂŶ ƑƌŽĚŬſǁ ƉŝĞŶŝħǏŶǇĐŚ ŝ ĞŬǁŝǁĂůĞŶƚſǁ 'ƌƵƉǇ <ĂƉŝƚĂųŽǁĞũ EKs/d ŶĂ ŬŽŶŝĞĐ ŐƌƵĚŶŝĂ ϮϬϭϯ
ƌŽŬƵǁǇŶŝſƐųϱϬϱƚǇƐ͘ǌųŝďǇųŶŝǏƐǌǇŽĚƐƚĂŶƵǁĚŶŝƵϯϭͲϭϮͲϮϬϭϮƌŽŬƵŽϳϭϵƚǇƐ͘ǌų͘
ĨĞŬƚǇǁŶĞǌĂƌǌČĚǌĂŶŝĞ ĨŝŶĂŶƐŽǁĞ 'ƌƵƉǇ<ĂƉŝƚĂųŽǁĞũ EKs/d ƵǁǌŐůħĚŶŝĂ ǌĂƌſǁŶŽ ƌǇǌǇŬŽ͕ ũĂŬ ŝ
ũĞũ ǁǇŶŝŬŝ ĨŝŶĂŶƐŽǁĞ͘ ZǇǌǇŬŽ ĨŝŶĂŶƐŽǁĞ ǁŝČǏĞ Ɛŝħ ǌ ŶŝĞŽĐǌĞŬŝǁĂŶǇŵŝ ǌŵŝĂŶĂŵŝ ƉƌǌĞƉųǇǁſǁ
ƉŝĞŶŝħǏŶǇĐŚ͕ŬƚſƌĞǁǇŶŝŬĂũČƉƌǌĞĚĞǁƐǌǇƐƚŬŝŵǌĚǌŝĂųĂůŶŽƑĐŝŽƉĞƌĂĐǇũŶĞũŽƌĂǌĨŝŶĂŶƐŽǁĞũ͘
^ǌĞƌƐǌĞŽŵſǁŝĞŶŝĞƌǇǌǇŬ͕ŶĂŬƚſƌĞŶĂƌĂǏŽŶĂũĞƐƚ'ƌƵƉĂǁƚŽŬƵƐǁĞũĚǌŝĂųĂůŶŽƑĐŝǌĂǁĂƌƚŽǁƉ͘ϭϬ
zEE/</ / 'ZKE/ D: tWBzt E /B>EK_ 'ZhWz <W/dBKt: EKs/d KZ
hz^<EtzE/</<KEKD/EKʹ&/EE^Kt͘
t ŽĐĞŶŝĞ ĂƌǌČĚƵ 'ƌƵƉǇ <ĂƉŝƚĂųŽǁĞũ EKs/d ŐŽƐƉŽĚĂƌŽǁĂŶŝĞ ŵĂũČƚŬŝĞŵ ƌǌĞĐǌŽǁǇŵ ŽƌĂǌ
ǌĂƐŽďĂŵŝ ĨŝŶĂŶƐŽǁǇŵŝ ǁ ƚƌƵĚŶǇĐŚ ŝ ŽďĐŝČǏŽŶǇĐŚ ƌǇǌǇŬŝĞŵ ǁĂƌƵŶŬĂĐŚ ŵĂŬƌŽĞŬŽŶŽŵŝĐǌŶǇĐŚ ǁ ϮϬϭϯ
ƌŽŬƵ͕ ďǇųŽ ƉƌĂǁŝĚųŽǁĞ ŝ ĞĨĞŬƚǇǁŶĞ͘ tƐǌǇƐƚŬŝĞ ƉƌǌĞĚƐŝħǁǌŝħƚĞ ĚǌŝĂųĂŶŝĂ ƉŽǌǁŽůŝųǇ ǁǇǁŝČǌǇǁĂđ Ɛŝħ ǌĞ
ǌŽďŽǁŝČǌĂŷ͕ ũĂŬ ƌſǁŶŝĞǏ ŶŝĞ ǌǁŝħŬƐǌĂđ ǌŶĂĐǌČĐŽ ŝĐŚ ƉŽǌŝŽŵƵ͘ ǌŝħŬŝ ƚĞŵƵ ŵŽǏŶĂ ďǇųŽ ƵǌǇƐŬĂđ
ŬŽƌǌǇƐƚŶĞ ŝ ůĞƉƐǌĞ ŶŝǏ ƵǌǇƐŬĂŶĞ ǁ ϮϬϭϮ ƌŽŬƵ ǁǇŶŝŬŝ ĨŝŶĂŶƐŽǁĞ͕ Ă ƉŽŶĂĚƚŽ ƵƚƌǌǇŵĂđ ƉųǇŶŶŽƑđ
ĨŝŶĂŶƐŽǁČ͘
tƐŬĂǍŶŝŬƉųǇŶŶŽƑĐŝƐǌǇďŬŝĞũ;ƋƵŝĐŬƌĂƚŝŽͿ
Ϭ͕ϵϲ
Ϭ͕ϵϵ
Ϭ͕ϴϵ
ͲϬ͕ϭϬ
ͲϬ͕Ϭϳ
ϯϮ͘ tE/:^ZE/D:tWBztE/B>EK_KZtzE/</&/EE^Kt
'ZhWz<W/dBKt:D/dEdtZK<hKZKdKtzD
KƉŝƐ ǁĂǏŶŝĞũƐǌǇĐŚ ǌĚĂƌǌĞŷ ŵĂũČĐǇĐŚ ǁƉųǇǁ ŶĂ ĚǌŝĂųĂůŶŽƑđ ŽƌĂǌ ǁǇŶŝŬŝ ĨŝŶĂŶƐŽǁĞ 'ƌƵƉǇ
<ĂƉŝƚĂųŽǁĞũ ĞŵŝƚĞŶƚĂ ǁ ƌŽŬƵ ŽďƌŽƚŽǁǇŵ ǌĂǁĂƌƚǇ ũĞƐƚ ǁ ƉƵŶŬƚĂĐŚ͗ ϯ͘ <:KEZ/d / <W/dBz͕
ϭϯ͘ /^dKdE tzZE/ WK / />E^h͕ ϭϴ͘ /E&KZD: K hDKt, Kdzz,
<ZzdMt / WKz< /'E/%dz, / tzWKt//Ez, t ZK<h KZKdKtzD ŽƌĂǌ
Ϯϱ͘D/EztWK^dtKtz,^,ZE/ŶŝŶŝĞũƐǌĞŐŽŽƉƌĂĐŽǁĂŶŝĂ͘
ϯϯ͘ KW/^^dZh<dhZz'BMtEz,>K<d<W/dBKtz,>h'BMtEz,/Et^dz:/
<W/dBKtz,
t ĚŶŝƵ ϯϭͲϭϮͲϮϬϭϯ ƌŽŬƵ ĞŵŝƚĞŶƚ ƉŽƐŝĂĚĂų ůŽŬĂƚħ ŬƌſƚŬŽƚĞƌŵŝŶŽǁČ ǁ ũĞĚŶǇŵ ǌ ďĂŶŬſǁ
ĚǌŝĂųĂũČĐǇĐŚŶĂƚĞƌŶŝĞWŽůƐŬŝǁŬǁŽĐŝĞϯϲƚǇƐ͘ǌų͘
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t ƌŽŬƵ ƐƉƌĂǁŽǌĚĂǁĐǌǇŵ 'ƌƵƉĂ ŶŝĞ ĚŽŬŽŶǇǁĂųĂ ŝŶǁĞƐƚǇĐũŝ ŬĂƉŝƚĂųŽǁǇĐŚ ŽƌĂǌ ŶŝĞ ĚŽŬŽŶǇǁĂųĂ
ŽďƌŽƚƵ ǌųŽǏŽŶǇŵŝ ŝŶƐƚƌƵŵĞŶƚĂŵŝ ĨŝŶĂŶƐŽǁǇŵŝ͕ ƚĂŬŝŵŝ ũĂŬ͗ ŝŶƐƚƌƵŵĞŶƚǇ ƉŽĐŚŽĚŶĞ͕ ŽƉĐũĞ͕ ŬŽŶƚƌĂŬƚǇ
ƚĞƌŵŝŶŽǁĞĐǌǇƐǁĂƉǇ͘
ϯϰ͘ KW/^/^dKdEz,WKz:/WK/>E^Ktz,
t 'ƌƵƉŝĞ <ĂƉŝƚĂųŽǁĞũ EKs/d ǁŐ ƐƚĂŶƵ ŶĂ ĚǌŝĞŷ ϯϭͲϭϮͲϮϬϭϯ ƌŽŬƵ ǁǇƐƚČƉŝųǇ ŶŝǏĞũ ǁǇŵŝĞŶŝŽŶĞ
ŝƐƚŽƚŶĞƉŽǌǇĐũĞƉŽǌĂďŝůĂŶƐŽǁĞ͗
• ĂŬƚǇǁĂĂŬųĂĚŽǁĞŐŽ&ƵŶĚƵƐǌƵ_ǁŝĂĚĐǌĞŷ^ŽĐũĂůŶǇĐŚǁŬǁŽĐŝĞϮϮϵƚǇƐ͘ǌų͘
ϯϱ͘ ,Z<dZz^dz<WK>/dz</t<Z^/</ZhE<MtZKtK:h'ZhWz<W/dBKt:
D/dEd
tǇŶŝŬŝ ĚǌŝĂųĂůŶŽƑĐŝ 'ƌƵƉǇ͕ Ă ƚĂŬǏĞ ũĞũ ƐǇƚƵĂĐũĂ ĨŝŶĂŶƐŽǁĂ ŽƌĂǌ ƉĞƌƐƉĞŬƚǇǁǇ ƌŽǌǁŽũƵ ǌĂůĞǏČ ŽĚ
ĐǌǇŶŶŝŬſǁ͕ ŶĂ ŬƚſƌĞ ǁƉųǇǁ ǁǇǁŝĞƌĂũČ ǌĂƌſǁŶŽ ƐƚĂŶ ƉŽůƐŬŝĞũ ŐŽƐƉŽĚĂƌŬŝ͕ ũĂŬ ŝ ƑǁŝĂƚŽǁĂ ŝ ĞƵƌŽƉĞũƐŬĂ
ƐǇƚƵĂĐũĂ ĞŬŽŶŽŵŝĐǌŶĂ͕ ũĂŬ ƌſǁŶŝĞǏ ƐǇƚƵĂĐũĂ ƉŽůŝƚǇĐǌŶĂ͘ WŽǁǇǏƐǌĞ ĐǌǇŶŶŝŬŝ ŽďĞũŵƵũČ ŵŝħĚǌǇ ŝŶŶǇŵŝ͗
ǁǌƌŽƐƚ ůƵď ƐƉĂĚĞŬ ƉƌŽĚƵŬƚƵ ŬƌĂũŽǁĞŐŽ ďƌƵƚƚŽ͕ ƉƌŽĚƵŬĐũŝ ƉƌǌĞŵǇƐųŽǁĞũ͕ ŝŶĨůĂĐũŝ͕ ďĞǌƌŽďŽĐŝĂ͕ ƉųĂĐǇ
ŵŝŶŝŵĂůŶĞũŽƌĂǌƌŽǌǁſũƐĞŬƚŽƌĂƵƐųƵŐŝƉƌǌĞŵǇƐųƵ͕ĂƉŽŶĂĚƚŽƐǇƚƵĂĐũĂƉŽůŝƚǇĐǌŶĂǁŬƌĂũĂĐŚ͕ĚŽŬƚſƌǇĐŚ
'ƌƵƉĂƐƉƌǌĞĚĂũĞƐǁŽũĞƉƌŽĚƵŬƚǇ͘tƐǌĞůŬŝĞƉƌǌǇƐǌųĞŶŝĞŬŽƌǌǇƐƚŶĞǌŵŝĂŶǇũĞĚŶĞŐŽůƵďŬŝůŬƵǌƉŽǁǇǏƐǌǇĐŚ
ĐǌǇŶŶŝŬſǁ͕ ǁ ƐǌĐǌĞŐſůŶŽƑĐŝ ƉŽŐŽƌƐǌĞŶŝĞ ƐƚĂŶƵ ƉŽůƐŬŝĞũ ŐŽƐƉŽĚĂƌŬŝ ŽƌĂǌ ƉŽŐŽƌƐǌĞŶŝĞ ǌĞǁŶħƚƌǌŶĞũ
ƐǇƚƵĂĐũŝ ƉŽůŝƚǇĐǌŶĞũ͕ ŵŽŐČ ŵŝĞđ ŶĞŐĂƚǇǁŶǇ ǁƉųǇǁ ŶĂ ǁǇŶŝŬŝ ŝ ƐǇƚƵĂĐũħ ĨŝŶĂŶƐŽǁČ ^ƉſųŬŝ ŬĐǇũŶĞũ
EKs/d͕ĂƚǇŵƐĂŵǇŵŶĂǁǇŶŝŬŝ'ƌƵƉǇ<ĂƉŝƚĂųŽǁĞũ͘
^ǌĞƌǌĞũ ƉƌŽŐƌĂŵ ƌŽǌǁŽũƵƉƌǌĞĚƐƚĂǁŝŽŶǇ ũĞƐƚǁ ƉƵŶŬƚĂĐŚ͗ϭϬ͘ zEE/<// 'ZKE/ D:
tWBztE/B>EK_'ZhWz<W/dBKt:EKs/dKZhz^<EtzE/</<KEKD/EKʹ
&/EE^Kt ŽƌĂǌ ϭϮ͘ </ZhE</ / WZ^W<dztz ZKtK:h KZ /BE/ K'ZE/:
Zzz<K͘
'ƌƵƉħ<ĂƉŝƚĂųŽǁČEKs/dƵƚǁŽƌǌŽŶŽĚůĂƵŵŽǏůŝǁŝĞŶŝĂƐƉƌĂǁŶĞŐŽŝĞĨĞŬƚǇǁŶĞŐŽĚǌŝĂųĂŶŝĂŽƌĂǌ
ƐƚĂųĞŐŽ ƌŽǌǁŽũƵ ƉŽĚŵŝŽƚƵ ĚŽŵŝŶƵũČĐĞŐŽ Ͳ EKs/dz ^͘͘ ^ƉſųŬĂ ǌĂůĞǏŶĂ Ͳ EKs/dy ^Ɖ͘ ǌ Ž͘Ž͘ ĚǌŝħŬŝ
ǁǇŬŽƌǌǇƐƚĂŶŝƵ ďħĚČĐǇĐŚ ǁ ũĞũ ƉŽƐŝĂĚĂŶŝƵ ĂŬƚǇǁſǁ ǁƐƉŽŵĂŐĂ ƌĞĂůŝǌĂĐũħ ƉƌǌĞĚƐŝħǁǌŝħđ ƉŽĚŵŝŽƚƵ
ĚŽŵŝŶƵũČĐĞŐŽ͘
ŶĂĐǌČĐĂ ƉŽƉƌĂǁĂ ǁǇŶŝŬſǁ ĨŝŶĂŶƐŽǁǇĐŚ 'ƌƵƉǇ ǁ ϮϬϭϯ ƌŽŬƵ ǁ ƉŽƌſǁŶĂŶŝƵ ĚŽ ϮϬϭϮ ƌŽŬƵ͕ ũĂŬ
ƌſǁŶŝĞǏ ĚŽ ϮϬϭϭ ƌŽŬƵ ƑǁŝĂĚĐǌǇ Ž ƐųƵƐǌŶŽƑĐŝ ƐƚƌĂƚĞŐŝŝ ĂƌǌČĚƵ͕ ŬƚſƌǇ ƉŽĚĞũŵƵũĞ ŝ ďħĚǌŝĞ ƉŽĚĞũŵŽǁĂų
ǁĐǌĞƑŶŝĞũŽŵſǁŝŽŶĞŬƌŽŬŝǌǁŝČǌĂŶĞǌǁǇďŽƌĞŵŬŝĞƌƵŶŬſǁĚǌŝĂųĂŶŝĂ͕ƐǌĐǌĞŐſůŶŝĞŶĂƌǇŶŬƵŬƌĂũŽǁǇŵŝ
ĞƵƌŽƉĞũƐŬŝŵ͘ ĂŬŽŷĐǌŽŶĞ ŝŶǁĞƐƚǇĐũĞ ƵŵŽǏůŝǁŝĂũČ ǁǇƚǁĂƌǌĂŶŝĞ ǁŝħŬƐǌĞũ ŐĂŵǇ ƉƌŽĚƵŬƚſǁ ŶĂ ƌǇŶĞŬ
ŬƌĂũŽǁǇ͕ ƉƌǌĞǌ ĐŽ 'ƌƵƉĂ <ĂƉŝƚĂųŽǁĂ ǁ ǁŝħŬƐǌǇŵ ƐƚŽƉŶŝƵ ƵŶŝĞǌĂůĞǏŶŝĂ Ɛŝħ ŽĚ ĐŝČŐůĞ ŶŝĞŬŽƌǌǇƐƚŶĞŐŽ
ŽĚĚǌŝĂųǇǁĂŶŝĂ ŶĂ ǁĂƌƚŽƑđ ƐƉƌǌĞĚĂǏǇ ŬƐǌƚĂųƚŽǁĂŶŝĂ Ɛŝħ ŬƵƌƐſǁ ǁĂůƵƚ͘ dǇŵ ƐĂŵǇŵ ŐųſǁŶǇŵ ĐĞůĞŵ
'ƌƵƉǇ<ĂƉŝƚĂųŽǁĞũEKs/dǁϮϬϭϰƌŽŬƵďħĚǌŝĞŽƐŝČŐŶŝħĐŝĞǁǇŶŝŬſǁůĞƉƐǌǇĐŚŽĚǁǇŶŝŬſǁƵǌǇƐŬĂŶǇĐŚ
ǁƌŽŬƵƐƉƌĂǁŽǌĚĂǁĐǌǇŵ͘
ϯϲ͘ WKW/^zK^MZ:z,
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BE/<EZϭ
ϯϳ͘ ZWKZdKdzz^dK^KtE/^Bh<KZWKZz:E'KtEKs/d^͘͘tϮϬϭϯ
ZK<h
ŐŽĚŶŝĞǌΑϵϭƵƐƚ͘ϱƉŬƚϰƌŽǌƉŽƌǌČĚǌĞŶŝĂDŝŶŝƐƚƌĂ&ŝŶĂŶƐſǁǌĚŶŝĂϭϵͲϬϮͲϮϬϬϵƌŽŬƵǁƐƉƌĂǁŝĞ
ŝŶĨŽƌŵĂĐũŝ ďŝĞǏČĐǇĐŚ ŝ ŽŬƌĞƐŽǁǇĐŚ ƉƌǌĞŬĂǌǇǁĂŶǇĐŚ ƉƌǌĞǌ ĞŵŝƚĞŶƚſǁ ƉĂƉŝĞƌſǁ ǁĂƌƚŽƑĐŝŽǁǇĐŚ ŽƌĂǌ
ǁĂƌƵŶŬſǁƵǌŶĂǁĂŶŝĂǌĂƌſǁŶŽǁĂǏŶĞŝŶĨŽƌŵĂĐũŝǁǇŵĂŐĂŶǇĐŚƉƌǌĞƉŝƐĂŵŝƉƌĂǁĂƉĂŷƐƚǁĂŶŝĞďħĚČĐĞŐŽ
ƉĂŷƐƚǁĞŵĐǌųŽŶŬŽǁƐŬŝŵ͕ŶĂƉŽĚƐƚĂǁŝĞƉĂƌŽŬƵϮϵƵƐƚ͘ϱZĞŐƵůĂŵŝŶƵ'ŝĞųĚǇWĂƉŝĞƌſǁtĂƌƚŽƑĐŝŽǁǇĐŚ
ǁ tĂƌƐǌĂǁŝĞ ^͘͘ ƉƌǌǇũħƚĞŐŽ ŶĂ ŵŽĐǇ ƵĐŚǁĂųǇ Ŷƌ ϭϯͬϭϭϳϭͬϮϬϬϳ ZĂĚǇ EĂĚǌŽƌĐǌĞũ 'ŝĞųĚǇ WĂƉŝĞƌſǁ
tĂƌƚŽƑĐŝŽǁǇĐŚ ǁ tĂƌƐǌĂǁŝĞ ^͘͘ ǌ ĚŶŝĂ ϰ ůŝƉĐĂ ϮϬϬϳ ƌŽŬƵ͕ ĂƌǌČĚ EKs/dz ^͘͘ ƉƌǌĞĚƐƚĂǁŝĂ ƌĂƉŽƌƚ Ž
ƐƚŽƐŽǁĂŶŝƵ ƉƌǌĞǌ ^ƉſųŬħ ǁ ϮϬϭϯ ƌŽŬƵ ǌĂƐĂĚ ųĂĚƵ ŬŽƌƉŽƌĂĐǇũŶĞŐŽ ǌĂǁĂƌƚǇĐŚ ǁ ĚŽŬƵŵĞŶĐŝĞ ͣŽďƌĞ
WƌĂŬƚǇŬŝ^ƉſųĞŬEŽƚŽǁĂŶǇĐŚŶĂ'Wt͟ƐƚĂŶŽǁŝČĐǇŵǌĂųČĐǌŶŝŬĚŽƵĐŚǁĂųǇŶƌϭϮͬϭϭϳϬͬϮϬϬϳZĂĚǇ'ŝĞųĚǇ
ǌĚŶŝĂϰůŝƉĐĂϮϬϬϳƌŽŬƵ͕ǌƉſǍŶŝĞũƐǌǇŵŝǌŵŝĂŶĂŵŝ͘
dĞŬƐƚǌďŝŽƌƵǌĂƐĂĚũĞƐƚƉƵďůŝĐǌŶŝĞĚŽƐƚħƉŶǇŶĂƐƚƌŽŶŝĞŝŶƚĞƌŶĞƚŽǁĞũ'Wt͗ǁǁǁ͘ĐŽƌƉͲŐŽǀ͘ŐƉǁ͘Ɖů
EŝŶŝĞũƐǌǇ ƌĂƉŽƌƚ ǌĂųČĐǌŽŶǇ ũĞƐƚ ĚŽ ^WZtKE/ Zh EKs/d ^͘͘ /B>EK_/ t
ϮϬϭϯZK<hŝƐƚĂŶŽǁŝũĞŐŽŝŶƚĞŐƌĂůŶČĐǌħƑđ͘
/͘ tƐŬĂǌĂŶŝĞ ǌĂƐĂĚ ųĂĚƵ ŬŽƌƉŽƌĂĐǇũŶĞŐŽ͕ ŬƚſƌĞ ŶŝĞ ďǇųǇ ƉƌǌĞǌ ĞŵŝƚĞŶƚĂ ƐƚŽƐŽǁĂŶĞ ǁƌĂǌ ǌĞ
ǁƐŬĂǌĂŶŝĞŵ ũĂŬŝĞ ďǇųǇ ŽŬŽůŝĐǌŶŽƑĐŝ ŝ ƉƌǌǇĐǌǇŶǇ ŝĐŚ ŶŝĞ ǌĂƐƚŽƐŽǁĂŶŝĂ ŽƌĂǌ ǁ ũĂŬŝ ƐƉŽƐſď ^ƉſųŬĂ
ǌĂŵŝĞƌǌĂƵƐƵŶČđ ĞǁĞŶƚƵĂůŶĞƐŬƵƚŬŝ ŶŝĞǌĂƐƚŽƐŽǁĂŶŝĂ ĚĂŶĞũ ǌĂƐĂĚǇŝũĂŬŝĞ ŬƌŽŬŝǌĂŵŝĞƌǌĂ ƉŽĚũČđ ďǇ
ǌŵŶŝĞũƐǌǇđƌǇǌǇŬŽŶŝĞǌĂƐƚŽƐŽǁĂŶŝĂĚĂŶĞũǌĂƐĂĚǇǁƉƌǌǇƐǌųŽƑĐŝ
ͲǁĐǌħƑĐŝ/͗
ϭͿ ƌĞŬŽŵĞŶĚĂĐũĂ ĚŽƚǇĐǌČĐĂ ǌƌſǁŶŽǁĂǏŽŶĞŐŽ ƵĚǌŝĂųƵ ŬŽďŝĞƚ ŝ ŵħǏĐǌǇǌŶ ǁ ǁǇŬŽŶǇǁĂŶŝƵ
ĨƵŶŬĐũŝ ǌĂƌǌČĚƵ ŝ ŶĂĚǌŽƌƵ ;ǌĂƐĂĚĂ Ŷƌ ϵͿ͖ ƵǌĂƐĂĚŶŝŽŶĞ ũĞƐƚ͕ ĂďǇ ĚĞĐǇĚƵũČĐǇŵ ŬƌǇƚĞƌŝƵŵ ǁǇďŽƌƵ ďǇųĂ
ǁŝĞĚǌĂ͕ ĚŽƑǁŝĂĚĐǌĞŶŝĞ͕ ŬŽŵƉĞƚĞŶĐũĞ ŝ ƵŵŝĞũħƚŶŽƑĐŝ ƉŽƚƌǌĞďŶĞ ĚŽ ƉĞųŶŝĞŶŝĂ ŽŬƌĞƑůŽŶǇĐŚ ĨƵŶŬĐũŝ ǁ
^ƉſųĐĞ͕ĐŽƉŽǌǁŽůŝŶĂǁǇďſƌĐǌųŽŶŬſǁŽƌŐĂŶſǁǌĂƉĞǁŶŝĂũČĐǇĐŚĞĨĞŬƚǇǁŶĞŝƐƉƌĂǁŶĞĨƵŶŬĐũŽŶŽǁĂŶŝĞ
^ƉſųŬŝŽƌĂǌƌĞĂůŝǌĂĐũħƉƌǌǇũħƚǇĐŚĚůĂŶŝĞũƉůĂŶſǁ͕
ϮͿƌĞŬŽŵĞŶĚĂĐũĂĚŽƚǇĐǌČĐĂǌĂƉĞǁŶŝĞŶŝĂĂŬĐũŽŶĂƌŝƵƐǌŽŵŵŽǏůŝǁŽƑĐŝǁǇŬŽŶǇǁĂŶŝĂŽƐŽďŝƑĐŝĞůƵď
ƉƌǌĞǌ ƉĞųŶŽŵŽĐŶŝŬĂ ƉƌĂǁĂ ŐųŽƐƵ ǁ ƚŽŬƵ ǁĂůŶĞŐŽ ǌŐƌŽŵĂĚǌĞŶŝĂ͕ ƉŽǌĂ ŵŝĞũƐĐĞŵ ŽĚďǇǁĂŶŝĂ ǁĂůŶĞŐŽ
ǌŐƌŽŵĂĚǌĞŶŝĂ͕ ƉƌǌǇ ǁǇŬŽƌǌǇƐƚĂŶŝƵ ƑƌŽĚŬſǁ ŬŽŵƵŶŝŬĂĐũŝ ĞůĞŬƚƌŽŶŝĐǌŶĞũ ;ǌĂƐĂĚĂ Ŷƌ ϭϮͿ͖ ǁ ŽĐĞŶŝĞ
ĂƌǌČĚƵ͕ ǁĞĚųƵŐ ĚŽƑǁŝĂĚĐǌĞŷ ^ƉſųŬŝ͕ ǁ ŽŬƌĞƐŝĞ ŽƐƚĂƚŶŝĐŚ ŬŝůŬƵ ůĂƚ ǁ ǁĂůŶǇĐŚ ǌŐƌŽŵĂĚǌĞŶŝĂĐŚ
ƵĐǌĞƐƚŶŝĐǌČ ǌĂǁƐǌĞ ŽƐŽďŝƑĐŝĞ ǁƐǌǇƐĐǇ ǌŶĂĐǌČĐǇ ĂŬĐũŽŶĂƌŝƵƐǌĞ ŽƌĂǌ ĂŬĐũŽŶĂƌŝƵƐǌĞ ƉŽƐŝĂĚĂũČĐǇ ƉŽŶŝǏĞũ
Ϭ͕ϱй ŽŐſůŶĞũ ůŝĐǌďǇ ŐųŽƐſǁ ŶĂ t͘ EŝĞǁŝĞůŬŝĞ ǌĂŝŶƚĞƌĞƐŽǁĂŶŝĞ ĂŬĐũŽŶĂƌŝƵƐǌǇ ƵĐǌĞƐƚŶŝĐƚǁĞŵ ǁ
ǁĂůŶǇĐŚ ǌŐƌŽŵĂĚǌĞŶŝĂĐŚ Ă ƚĂŬǏĞ ǁǇƐŽŬŝ ŬŽƐǌƚ ǌǁŝČǌĂŶǇ ǌĞ ƐƚŽƐŽǁĂŶŝĞŵ ƚĞũ ƌĞŬŽŵĞŶĚĂĐũŝ ŶŝĞ
ƵǌĂƐĂĚŶŝĂũĞũƐƚŽƐŽǁĂŶŝĂ͕ŽĐǌǇŵ^ƉſųŬĂƉŽĚĂǁĂųĂǁƐǇƐƚĞŵŝĞ/ǁƌĂƉŽƌĐŝĞďŝĞǏČĐǇŵǌĚŶŝĂϮϰͲ
ϬϱͲϮϬϭϯƌŽŬƵ
t ƉŽǌŽƐƚĂųǇŵ ǌĂŬƌĞƐŝĞ ĂƌǌČĚ ƉŽĚƚƌǌǇŵƵũĞ ƐǁŽũĞ ƐƚĂŶŽǁŝƐŬŽ ǁ ǌĂŬƌĞƐŝĞ ƐƚŽƐŽǁĂŶŝĂ ǁ
EKs// ^͘͘ ǌĂƐĂĚ ŽŬƌĞƑůŽŶǇĐŚ ǁ ŽďƌǇĐŚ ƉƌĂŬƚǇŬĂĐŚ ƐƉſųĞŬ ŶŽƚŽǁĂŶǇĐŚ ŶĂ 'Wt͕ ƉŽĚĂŶĞ ĚŽ
ƉƵďůŝĐǌŶĞũǁŝĂĚŽŵŽƑĐŝǁĚŶŝƵϵͲϬϲͲϮϬϬϴƌŽŬƵ;ƌď͘ϮϰͬϴͿ͕ǁŬƚſƌǇŵƉŽŝŶĨŽƌŵŽǁĂųŽǌĂƐĂĚĂĐŚ͕ŬƚſƌǇĐŚ
^ƉſųŬĂŶŝĞƐƚŽƐƵũĞĂůďŽƐƚŽƐƵũĞǁŽŐƌĂŶŝĐǌŽŶǇŵǌĂŬƌĞƐŝĞ͘
tƵǌĂƐĂĚŶŝĞŶŝƵŶŝĞƐƚŽƐŽǁĂŶŝĂǌĂƐĂĚǁǁǁ͘ǌĂŬƌĞƐŝĞ^ƉſųŬĂƉŽĚĂųĂ͕ǏĞ͗
ͲǁĐǌħƑĐŝ//͗
ϭͿ ŶŝĞ ǌĂŵŝĞƐǌĐǌĂ ŶĂ ƐǁŽũĞũ ƐƚƌŽŶŝĞ ŝŶƚĞƌŶĞƚŽǁĞũ ƌŽĐǌŶĞŐŽ ƐƉƌĂǁŽǌĚĂŶŝĂ ZĂĚǇ EĂĚǌŽƌĐǌĞũ ǁ
ǌĂŬƌĞƐŝĞ ŽĐĞŶǇ ƐǇƐƚĞŵƵ ŬŽŶƚƌŽůŝ ǁĞǁŶħƚƌǌŶĞũ ŝ ƐǇƐƚĞŵƵ ǌĂƌǌČĚǌĂŶŝĂ ƌǇǌǇŬŝĞŵ ŝƐƚŽƚŶǇŵ ĚůĂ ƐƉſųŬŝ
;ǌĂƐĂĚĂ Ŷƌ ϭ Ɖ͘ϲͿ͕ ŐĚǇǏ ǌĂƐĂĚǇ ƚĞ ŶŝĞ ǌŽƐƚĂųǇ ǁĚƌŽǏŽŶĞ Ă ƚĂŬǏĞ ǌĂƉŝƐƵ ƉƌǌĞďŝĞŐƵ ŽďƌĂĚ ǁĂůŶĞŐŽ
ǌŐƌŽŵĂĚǌĞŶŝĂǁĨŽƌŵŝĞĂƵĚŝŽůƵďǀŝĚĞŽ;ǌĂƐĂĚĂŶƌϭƉ͘ϵĂͿ͕ĐŽƵǌĂƐĂĚŶŝŽŶŽǁĐǌħƑĐŝ/ƉŬƚϮͿ͕
ϮͿ ŶŝĞ ǌĂŵŝĞƐǌĐǌĂ ŶĂ ƐǁŽũĞũ ƐƚƌŽŶŝĞ ŝŶƚĞƌŶĞƚŽǁĞũ ǁ ũħǌǇŬƵ ĂŶŐŝĞůƐŬŝŵ ŝŶĨŽƌŵĂĐũŝ ǌĂǁĂƌƚǇĐŚ ǁ
ĐǌħƑĐŝ // ƉŬƚ ϭ ĂƐĂĚ ųĂĚƵ ŬŽƌƉŽƌĂĐǇũŶĞŐŽ͕ ǌĞ ǁǌŐůħĚƵ ŶĂ ǁǇųČĐǌŶŝĞ ŬƌĂũŽǁǇ ƐŬųĂĚ ĂŬĐũŽŶĂƌŝƵƐǌǇ
ǁŝħŬƐǌŽƑĐŝŽǁǇĐŚ;ǌĂƐĂĚĂŶƌϮͿ͕
ͲǁĐǌħƑĐŝ///͗
ϭͿ ZĂĚĂ EĂĚǌŽƌĐǌĂ ŶŝĞ ƐƉŽƌǌČĚǌĂ ƌŽĐǌŶĞŐŽ ƐƉƌĂǁŽǌĚĂŶŝĂ ǁ ǌĂŬƌĞƐŝĞ ŽĐĞŶǇ ƐǇƐƚĞŵƵ ŬŽŶƚƌŽůŝ
ǁĞǁŶħƚƌǌŶĞũŝƐǇƐƚĞŵƵǌĂƌǌČĚǌĂŶŝĂƌǇǌǇŬŝĞŵŝƐƚŽƚŶǇŵĚůĂ^ƉſųŬŝ͕ǌĞǁǌŐůħĚƵŶĂƚŽ͕ǏĞƐǇƐƚĞŵǇƚĞŶŝĞ
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ǌŽƐƚĂųǇũĞƐǌĐǌĞǁĚƌŽǏŽŶĞ;ǌĂƐĂĚĂŶƌϭƉ͘ϭͿ͕
ϮͿ ǁ ǌĂŬƌĞƐŝĞ ǁǇŵŽŐƵ ŶŝĞǌĂůĞǏŶŽƑĐŝ ƉƌǌǇŶĂũŵŶŝĞũ ĚǁſĐŚ ĐǌųŽŶŬſǁ ZĂĚǇ EĂĚǌŽƌĐǌĞũ ^ƉſųŬĂ
ƉŽŝŶĨŽƌŵŽǁĂųĂ͕ǏĞǁǇďŽƌƵĐǌųŽŶŬſǁZĂĚǇEĂĚǌŽƌĐǌĞũĚŽŬŽŶƵũĞtĂůŶĞŐƌŽŵĂĚǌĞŶŝĞŝ^ƉſųŬĂŶŝĞŵĂ
ƉŽĚƐƚĂǁĚŽŽŐƌĂŶŝĐǌĂŶŝĂƉƌĂǁĂĂŬĐũŽŶĂƌŝƵƐǌǇǁƚǇŵǌĂŬƌĞƐŝĞ;ǌĂƐĂĚĂŶƌϲͿ͖
ũĞĚŶŽĐǌĞƑŶŝĞ ĂƌǌČĚ ŝŶĨŽƌŵƵũĞ͕ ǏĞ ǌŐŽĚŶŝĞ ǌĞ ǌųŽǏŽŶǇŵŝ ƉƌǌĞǌ ǌųŽŶŬſǁ ZĂĚǇ EĂĚǌŽƌĐǌĞũ
ŽƑǁŝĂĚĐǌĞŶŝĂŵŝ ŽƌĂǌ ŶĂ ƉŽĚƐƚ͘ ŝŶĨŽƌŵĂĐũŝ ƉƵďůŝĐǌŶĞũ͕ ĚŽ ϯϭͲϭϬͲϮϬϭϯ ƌŽŬƵ ǁƐǌǇƐĐǇ ĐǌųŽŶŬŽǁŝĞ ZĂĚǇ
EĂĚǌŽƌĐǌĞũďǇůŝƉŽǁŝČǌĂŶŝǌĂŬĐũŽŶĂƌŝƵƐǌĂŵŝĚǇƐƉŽŶƵũČĐǇŵŝŶŝĞŵŶŝĞũŶŝǏϱйŽŐſůŶĞũůŝĐǌďǇŐųŽƐſǁŶĂ
ǁĂůŶǇŵǌŐƌŽŵĂĚǌĞŶŝƵ͕ĂŽĚϭͲϭϭͲϮϬϭϯƌŽŬƵŶŝĞǌĂůĞǏŶǇũĞƐƚũĞĚĞŶĐǌųŽŶĞŬZĂĚǇEĂĚǌŽƌĐǌĞũ͕
ͲǁĐǌħƑĐŝ/s͗
ϭͿŽŽďĞĐŶŽƑĐŝŵĞĚŝſǁŶĂǌŐƌŽŵĂĚǌĞŶŝƵĚĞĐǇĚƵũČĂŬĐũŽŶĂƌŝƵƐǌĞǁǁǇŶŝŬƵŐųŽƐŽǁĂŶŝĂ;ĂƐĂĚĂŶƌ
ϭͿͲǁϮϬϭϯƌŽŬƵŵĞĚŝĂŶŝĞǌŐųŽƐŝųǇĐŚħĐŝŽďĞĐŶŽƑĐŝŶĂtĂůŶǇŵŐƌŽŵĂĚǌĞŶŝƵ^ƉſųŬŝ͕
ϮͿŶŝĞǌĂƉĞǁŶŝĂĂŬĐũŽŶĂƌŝƵƐǌŽŵŵŽǏůŝǁŽƑđƵĚǌŝĂųƵǁǁĂůŶǇŵǌŐƌŽŵĂĚǌĞŶŝƵƉƌǌǇǁǇŬŽƌǌǇƐƚĂŶŝƵ
ƑƌŽĚŬſǁŬŽŵƵŶŝŬĂĐũŝĞůĞŬƚƌŽŶŝĐǌŶĞũ;ĂƐĂĚĂŶƌϭϬͿ͕ĐŽƵǌĂƐĂĚŶŝŽŶŽǁĐǌħƑĐŝ/ƉŬƚϮͿ͘
//͘KƉŝƐƐƉŽƐŽďƵĚǌŝĂųĂŶŝĂtĂůŶĞŐŽŐƌŽŵĂĚǌĞŶŝĂŬĐũŽŶĂƌŝƵƐǌǇ͕ũĞŐŽǌĂƐĂĚŶŝĐǌǇĐŚƵƉƌĂǁŶŝĞŷ
ŽƌĂǌƉƌĂǁĂŬĐũŽŶĂƌŝƵƐǌǇŝƐƉŽƐŽďƵŝĐŚǁǇŬŽŶǇǁĂŶŝĂ
^ǌĐǌĞŐſųŽǁǇƐƉŽƐſďĚǌŝĂųĂŶŝĂtĂůŶĞŐŽŐƌŽŵĂĚǌĞŶŝĂŬĐũŽŶĂƌŝƵƐǌǇEKs/dz^͕͘͘ǌǁĂŶĞŐŽĚĂůĞũ
ͣt͕͟ ƌĞŐƵůƵũĞ <ŽĚĞŬƐ ƐƉſųĞŬ ŚĂŶĚůŽǁǇĐŚ ŽƌĂǌ ĚŽŬƵŵĞŶƚǇ ǁĞǁŶħƚƌǌŶĞ ^ƉſųŬŝ͗ ƐƚĂƚƵƚ ŝ ZĞŐƵůĂŵŝŶ
t͕ŬƚſƌĞƐČĚŽƐƚħƉŶĞŶĂƐƚƌŽŶŝĞŝŶƚĞƌŶĞƚŽǁĞũǁǁǁ͘ŶŽǀŝƚĂ͘ĐŽŵ͘Ɖů͕ǁǌĂŬųĂĚĐĞZĞůĂĐũĞ/ŶǁĞƐƚŽƌƐŬŝĞ͘
t ŽĚďǇǁĂ Ɛŝħ ǁ ƐŝĞĚǌŝďŝĞ ^ƉſųŬŝ͕ ǁ ŝĞůŽŶĞũ 'ſƌǌĞ ůƵď͕ ǌŐŽĚŶŝĞ ǌĞ ƐƚĂƚƵƚĞŵ͕ ŵŽǏĞ Ɛŝħ ŽĚďǇđ ǁ
tĂƌƐǌĂǁŝĞ͘
ǁǇĐǌĂũŶĞ tĂůŶĞ ŐƌŽŵĂĚǌĞŶŝĞ ŬĐũŽŶĂƌŝƵƐǌǇ ŽĚďǇǁĂ Ɛŝħ ĐŽƌŽĐǌŶŝĞ͕ ŶĂũƉſǍŶŝĞũ ĚŽ ŬŽŷĐĂ
ĐǌĞƌǁĐĂ͘
EĂĚǌǁǇĐǌĂũŶĞ tĂůŶĞ ŐƌŽŵĂĚǌĞŶŝĞ ŬĐũŽŶĂƌŝƵƐǌǇ ǌǁŽųƵũĞ Ɛŝħ ǁ ƉƌǌǇƉĂĚŬĂĐŚ ŽŬƌĞƑůŽŶǇĐŚ ǁ
<ŽĚĞŬƐŝĞƐƉſųĞŬŚĂŶĚůŽǁǇĐŚ͘
tǌǁŽųƵũĞĂƌǌČĚ^ƉſųŬŝ͘ZĂĚĂEĂĚǌŽƌĐǌĂ^ƉſųŬŝŵŽǏĞǌǁŽųĂđǁǇĐǌĂũŶĞtĂůŶĞŐƌŽŵĂĚǌĞŶŝĞ
ũĞǏĞůŝĂƌǌČĚŶŝĞǌǁŽųĂŐŽǁǁǇǏĞũŽŬƌĞƑůŽŶǇŵƚĞƌŵŝŶŝĞŽƌĂǌEĂĚǌǁǇĐǌĂũŶĞtĂůŶĞŐƌŽŵĂĚǌĞŶŝĞ͕ũĞǏĞůŝ
ǌǁŽųĂŶŝĞŐŽƵǌŶĂǌĂǁƐŬĂǌĂŶĞ͘ŬĐũŽŶĂƌŝƵƐǌĞƌĞƉƌĞǌĞŶƚƵũČĐǇĐŽŶĂũŵŶŝĞũƉŽųŽǁħŬĂƉŝƚĂųƵǌĂŬųĂĚŽǁĞŐŽ
ůƵď ĐŽ ŶĂũŵŶŝĞũ ƉŽųŽǁħ ŽŐſųƵ ŐųŽƐſǁ ǁ ^ƉſųĐĞ ŵŽŐČ ǌǁŽųĂđ EĂĚǌǁǇĐǌĂũŶĞ tĂůŶĞ ŐƌŽŵĂĚǌĞŶŝĞ͘
ŬĐũŽŶĂƌŝƵƐǌĞǁǇǌŶĂĐǌĂũČƉƌǌĞǁŽĚŶŝĐǌČĐĞŐŽƚĞŐŽŐƌŽŵĂĚǌĞŶŝĂ͘
ǁŽųĂŶŝĞ t ŶĂƐƚħƉƵũĞ ƉƌǌĞǌ ŽŐųŽƐǌĞŶŝĞ ĚŽŬŽŶǇǁĂŶĞ ŶĂ ƐƚƌŽŶŝĞ ŝŶƚĞƌŶĞƚŽǁĞũ ^ƉſųŬŝ ŽƌĂǌ ǁ
ƐƉŽƐſď ŽŬƌĞƑůŽŶǇ ĚůĂ ƉƌǌĞŬĂǌǇǁĂŶŝĂ ŝŶĨŽƌŵĂĐũŝ ďŝĞǏČĐǇĐŚ ǌŐŽĚŶŝĞ ǌ ƉƌǌĞƉŝƐĂŵŝ Ž ŽĨĞƌĐŝĞ ƉƵďůŝĐǌŶĞũ ŝ
ǁĂƌƵŶŬĂĐŚ ǁƉƌŽǁĂĚǌĂŶŝĂ ŝŶƐƚƌƵŵĞŶƚſǁ ĨŝŶĂŶƐŽǁǇĐŚ ĚŽ ǌŽƌŐĂŶŝǌŽǁĂŶĞŐŽ ƐǇƐƚĞŵƵ ŽďƌŽƚƵ ŽƌĂǌ Ž
ƐƉſųŬĂĐŚƉƵďůŝĐǌŶǇĐŚ͘WŽǁǇǏƐǌĞĐǌǇŶŶŽƑĐŝĚŽŬŽŶǇǁĂŶĞƐČĐŽŶĂũŵŶŝĞũŶĂϮϲĚŶŝƉƌǌĞĚƚĞƌŵŝŶĞŵt͘
tƉŽĚĞũŵƵũĞƵĐŚǁĂųǇǁƐƉƌĂǁĂĐŚǌĂƐƚƌǌĞǏŽŶǇĐŚĚŽũĞŐŽŬŽŵƉĞƚĞŶĐũŝŽŬƌĞƑůŽŶǇĐŚǁ<ŽĚĞŬƐŝĞ
ƐƉſųĞŬŚĂŶĚůŽǁǇĐŚŽƌĂǌ^ƚĂƚƵĐŝĞ͘
ŐŽĚŶŝĞ ǌĞ ^ƚĂƚƵƚĞŵ ŶĂďǇĐŝĞůƵď ǌďǇĐŝĞ ŶŝĞƌƵĐŚŽŵŽƑĐŝ͕ ƵǏǇƚŬŽǁĂŶŝĂǁŝĞĐǌǇƐƚĞŐŽ ůƵď ƵĚǌŝĂųƵǁ
ŶŝĞƌƵĐŚŽŵŽƑĐŝŶŝĞǁǇŵĂŐĂƵĐŚǁĂųǇt͘
ǌĂƐƚƌǌĞǏĞŶŝĞŵ ƉƌǌǇƉĂĚŬſǁ ŽŬƌĞƑůŽŶǇĐŚ ǁ <ŽĚĞŬƐŝĞ ƐƉſųĞŬ ŚĂŶĚůŽǁǇĐŚ ŽƌĂǌ ǁ ^ƚĂƚƵĐŝĞ͕
ƵĐŚǁĂųǇ ǌĂƉĂĚĂũČ ďĞǌǁǌŐůħĚŶČ ǁŝħŬƐǌŽƑĐŝČ ŐųŽƐſǁ͘ ŐŽĚŶŝĞ ǌĞ ^ƚĂƚƵƚĞŵ͕ ƵĐŚǁĂųħ Ž ǌĚũħĐŝƵ ďČĚǍ
ǌĂŶŝĞĐŚĂŶŝƵ ƌŽǌƉĂƚƌǇǁĂŶŝĂ ƐƉƌĂǁǇ ƵŵŝĞƐǌĐǌŽŶĞũ ǁ ƉŽƌǌČĚŬƵ ŽďƌĂĚ ŶĂ ǁŶŝŽƐĞŬ ĂŬĐũŽŶĂƌŝƵƐǌǇ͕ t
ƉŽĚĞũŵƵũĞ ǁŝħŬƐǌŽƑĐŝČ ϳϱ й ŐųŽƐſǁ ŽĚĚĂŶǇĐŚ͕ ƉŽ ƵƉƌǌĞĚŶŝŽ ǁǇƌĂǏŽŶĞũ ǌŐŽĚǌŝĞ ƉƌǌĞǌ ǁƐǌǇƐƚŬŝĐŚ
ŽďĞĐŶǇĐŚĂŬĐũŽŶĂƌŝƵƐǌǇ͕ŬƚſƌǌǇǌŐųŽƐŝůŝƚĂŬŝǁŶŝŽƐĞŬ͘
hĐŚǁĂųǇtƐČƵŵŝĞƐǌĐǌĂŶĞǁƉƌŽƚŽŬŽůĞƐƉŽƌǌČĚǌŽŶǇŵƉƌǌĞǌŶŽƚĂƌŝƵƐǌĂ͕ŵŽŐČďǇđǌĂƐŬĂƌǏĂŶĞ
ĚŽ^ČĚƵǁƚƌǇďŝĞŝŶĂǁĂƌƵŶŬĂĐŚŽŬƌĞƑůŽŶǇĐŚǁ<ŽĚĞŬƐŝĞƐƉſųĞŬŚĂŶĚůŽǁǇĐŚ͘
ǌĂƐƚƌǌĞǏĞŶŝĞŵƉƌǌǇƉĂĚŬſǁŽŬƌĞƑůŽŶǇĐŚǁ<ŽĚĞŬƐŝĞƐƉſųĞŬŚĂŶĚůŽǁǇĐŚŐųŽƐŽǁĂŶŝĞũĞƐƚũĂǁŶĞ͘
'ųŽƐŽǁĂŶŝĞ ŽĚďǇǁĂ Ɛŝħ ƉƌǌǇ ƉŽŵŽĐǇ ŬŽŵƉƵƚĞƌŽǁĞŐŽ ƐǇƐƚĞŵƵ ŽĚĚĂǁĂŶŝĂ ŝ ŽďůŝĐǌĂŶŝĂ ŐųŽƐſǁ͕
ǌĂƉĞǁŶŝĂũČĐĞŐŽ ŽĚĚĂǁĂŶŝĞ ŐųŽƐſǁ ǁ ŝůŽƑĐŝ ŽĚƉŽǁŝĂĚĂũČĐĞũ ůŝĐǌďŝĞ ƉŽƐŝĂĚĂŶǇĐŚ ĂŬĐũŝ͕ ũĂŬ ƌſǁŶŝĞǏ
ĞůŝŵŝŶƵũČĐĞŐŽʹǁƉƌǌǇƉĂĚŬƵŐųŽƐŽǁĂŶŝĂƚĂũŶĞŐŽʹŵŽǏůŝǁŽƑđŝĚĞŶƚǇĨŝŬĂĐũŝƐƉŽƐŽďƵŽĚĚĂǁĂŶŝĂŐųŽƐſǁ
ƉƌǌĞǌ ƉŽƐǌĐǌĞŐſůŶǇĐŚ ĂŬĐũŽŶĂƌŝƵƐǌǇ͘ ŬĐũŽŶĂƌŝƵƐǌ ŵŽǏĞ ŐųŽƐŽǁĂđ ŽĚŵŝĞŶŶŝĞ ǌ ŬĂǏĚĞũ ǌ ƉŽƐŝĂĚĂŶǇĐŚ
ĂŬĐũŝ͘ t ƌĂǌŝĞ ŬŽŶŝĞĐǌŶŽƑĐŝ ŐųŽƐŽǁĂŶŝĞ ŵŽǏĞ ŽĚďǇđ Ɛŝħ ďĞǌ ƉŽŵŽĐǇ ŬŽŵƉƵƚĞƌŽǁĞŐŽ ƐǇƐƚĞŵƵ
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ŽĚĚĂǁĂŶŝĂŐųŽƐſǁ͘
ƵĐǌĞƐƚŶŝĐƚǁĞŵĂŬĐũŽŶĂƌŝƵƐǌǇǁtǁŝČǏČƐŝħǁƐǌĐǌĞŐſůŶŽƑĐŝŶĂƐƚħƉƵũČĐĞƵƉƌĂǁŶŝĞŶŝĂ͗
ϭͿ ĂŬĐũŽŶĂƌŝƵƐǌĞ ƌĞƉƌĞǌĞŶƚƵũČĐǇ ĐŽ ŶĂũŵŶŝĞũ ƉŽųŽǁħ ŬĂƉŝƚĂųƵ ǌĂŬųĂĚŽǁĞŐŽ ůƵď ĐŽ ŶĂũŵŶŝĞũ
ƉŽųŽǁħ ŽŐſųƵ ŐųŽƐſǁ ǁ ^ƉſųĐĞ ŵŽŐČ ǌǁŽųĂđ ŶĂĚǌǁǇĐǌĂũŶĞ ǁĂůŶĞ ǌŐƌŽŵĂĚǌĞŶŝĞ ŝ ǁǇǌŶĂĐǌĂũČ
ƉƌǌĞǁŽĚŶŝĐǌČĐĞŐŽƚĞŐŽǌŐƌŽŵĂĚǌĞŶŝĂ͕
ϮͿĂŬĐũŽŶĂƌŝƵƐǌĞƌĞƉƌĞǌĞŶƚƵũČĐǇĐŽŶĂũŵŶŝĞũũĞĚŶČĚǁƵĚǌŝĞƐƚČŬĂƉŝƚĂųƵǌĂŬųĂĚŽǁĞŐŽŵŽŐČǏČĚĂđ
ǌǁŽųĂŶŝĂEtŝƵŵŝĞƐǌĐǌĞŶŝĂŽŬƌĞƑůŽŶǇĐŚƐƉƌĂǁǁƉŽƌǌČĚŬƵŽďƌĂĚƚĞŐŽt͕
ϯͿĂŬĐũŽŶĂƌŝƵƐǌĞƌĞƉƌĞǌĞŶƚƵũČĐǇĐŽŶĂũŵŶŝĞũũĞĚŶČĚǁƵĚǌŝĞƐƚČŬĂƉŝƚĂųƵǌĂŬųĂĚŽǁĞŐŽŵŽŐČǏČĚĂđ
ƵŵŝĞƐǌĐǌĞŶŝĂŽŬƌĞƑůŽŶǇĐŚƐƉƌĂǁǁƉŽƌǌČĚŬƵŽďƌĂĚŶĂũďůŝǏƐǌĞŐŽt͕ĂƚĂŬǏĞǌŐųĂƐǌĂđƉƌŽũĞŬƚǇƵĐŚǁĂų
ĚŽƚǇĐǌČĐĞ ƐƉƌĂǁ ǁƉƌŽǁĂĚǌŽŶǇĐŚ ĚŽ ƉŽƌǌČĚŬƵ ŽďƌĂĚ ǌŐƌŽŵĂĚǌĞŶŝĂ ůƵď ƐƉƌĂǁ͕ ŬƚſƌĞ ŵĂũČ ǌŽƐƚĂđ
ǁƉƌŽǁĂĚǌŽŶĞ͕
ϰͿ ŬĂǏĚǇ ĂŬĐũŽŶĂƌŝƵƐǌ ŵŽǏĞ ƉŽĚĐǌĂƐ t ǌŐųĂƐǌĂđ ƉƌŽũĞŬƚǇ ƵĐŚǁĂų ĚŽƚǇĐǌČĐĞ ƐƉƌĂǁ
ǁƉƌŽǁĂĚǌŽŶǇĐŚĚŽƉŽƌǌČĚŬƵŽďƌĂĚ͕
ϱͿ ƉƌĂǁŽ ǏČĚĂŶŝĂ ǁǇĚĂŶŝĂ ŽĚƉŝƐƵ ǁŶŝŽƐŬſǁ ǁ ƐƉƌĂǁĂĐŚ ŽďũħƚǇĐŚ ƉŽƌǌČĚŬŝĞŵ ŽďƌĂĚ ŽƌĂǌ
ƉƌǌĞƐųĂŶŝĂƉŽĐǌƚČĞůĞŬƚƌŽŶŝĐǌŶČůŝƐƚǇĂŬĐũŽŶĂƌŝƵƐǌǇƵƉƌĂǁŶŝŽŶǇĐŚĚŽƵĐǌĞƐƚŶŝĐƚǁĂǁt͕
ϲͿƉƌĂǁŽƉƌǌĞŐůČĚĂŶŝĂŬƐŝħŐŝƉƌŽƚŽŬŽųſǁǌt͕ǏČĚĂŶŝĂǁǇĚĂŶŝĂƉŽƑǁŝĂĚĐǌŽŶǇĐŚƉƌǌĞǌĂƌǌČĚ
^ƉſųŬŝŽĚƉŝƐſǁƵĐŚǁĂų͕
ϳͿƉƌĂǁŽǏČĚĂŶŝĂƚĂũŶĞŐŽŐųŽƐŽǁĂŶŝĂ͕
ϴͿƉƌĂǁŽǌĂƐŬĂƌǏĞŶŝĂƵĐŚǁĂųtǁƉƌǌǇƉĂĚŬĂĐŚŽŬƌĞƑůŽŶǇĐŚǁ<ŽĚĞŬƐŝĞƐƉſųĞŬŚĂŶĚůŽǁǇĐŚ͕
ϵͿ ƉƌĂǁŽ ǏČĚĂŶŝĂ ƵĚǌŝĞůĞŶŝĂ ƉƌǌĞǌ ĂƌǌČĚ ^ƉſųŬŝ ŝŶĨŽƌŵĂĐũŝ ĚŽƚǇĐǌČĐǇĐŚ ^ƉſųŬŝ͕ ũĞǏĞůŝ ũĞƐƚ ƚŽ
ƵǌĂƐĂĚŶŝŽŶĞ ĚůĂ ŽĐĞŶǇ ƐƉƌĂǁǇ ŽďũħƚĞũ ƉŽƌǌČĚŬŝĞŵ ŽďƌĂĚ ǁ ƉƌǌǇƉĂĚŬĂĐŚ ŝ ǌ ǌĂƐƚƌǌĞǏĞŶŝĞŵ ǁǇũČƚŬſǁ
ŽŬƌĞƑůŽŶǇĐŚǁ<ŽĚĞŬƐŝĞƐƉſųĞŬŚĂŶĚůŽǁǇĐŚ͕
ϭϬͿƉƌĂǁŽĚŽŐųŽƐƵ;ĂŬĐũĂĚĂũĞƉƌĂǁŽĚŽũĞĚŶĞŐŽŐųŽƐƵŶĂtͿŝŐųŽƐŽǁĂŶŝĂŽĚŵŝĞŶŶŝĞǌŬĂǏĚĞũ
ǌƉŽƐŝĂĚĂŶǇĐŚĂŬĐũŝ͕
ϭϭͿ ĂŬĐũŽŶĂƌŝƵƐǌĞ ŵŽŐČ ƵĐǌĞƐƚŶŝĐǌǇđ ǁ ǁĂůŶǇŵ ǌŐƌŽŵĂĚǌĞŶŝƵ ŽƌĂǌ ǁǇŬŽŶǇǁĂđ ƉƌĂǁŽ ŐųŽƐƵ
ŽƐŽďŝƑĐŝĞůƵďƉƌǌĞǌƉĞųŶŽŵŽĐŶŝŬſǁ͘
///͘ ^ŬųĂĚ ŽƐŽďŽǁǇ ŝ ǌĂƐĂĚǇ ĚǌŝĂųĂŶŝĂ ŽƌŐĂŶſǁ ǌĂƌǌČĚǌĂũČĐǇĐŚ ŝ ŶĂĚǌŽƌĐǌǇĐŚ ƐƉſųŬŝ ŽƌĂǌ ŝĐŚ
ŬŽŵŝƚĞƚſǁ
ĂƌǌČĚ ^ƉſųŬŝ ĚǌŝĂųĂ ǁ ŽƉĂƌĐŝƵ Ž ƉƌǌĞƉŝƐǇ <ŽĚĞŬƐƵ ƐƉſųĞŬ ŚĂŶĚůŽǁǇĐŚ͕ ^ƚĂƚƵƚƵ ^ƉſųŬŝ ŽƌĂǌ
ZĞŐƵůĂŵŝŶƵ ĂƌǌČĚƵ͕ ŬƚſƌĞ ƐČ ĚŽƐƚħƉŶĞ ŶĂ ƐƚƌŽŶŝĞ ŝŶƚĞƌŶĞƚŽǁĞũ ǁǁǁ͘ŶŽǀŝƚĂ͘ĐŽŵ͘Ɖů͕ ǁ ǌĂŬųĂĚĐĞ
ZĞůĂĐũĞ /ŶǁĞƐƚŽƌƐŬŝĞ͕ ƚĂŬǏĞ ǁ ǌĂŬƌĞƐŝĞ ƉŽĚĞũŵŽǁĂŶŝĂ ĚĞĐǇǌũŝ Ž ĞŵŝƐũŝ ůƵď ǁǇŬƵƉŝĞ ĂŬĐũŝ͘ ŐŽĚŶŝĞ ǌĞ
ƐƚĂƚƵƚĞŵĂƌǌČĚƐŬųĂĚĂƐŝħǌĐŽŶĂũŵŶŝĞũĚǁſĐŚŽƐſďŝũĞƐƚǁǇďŝĞƌĂŶǇŶĂƚƌǌǇůĞƚŶŝČ͕ǁƐƉſůŶČŬĂĚĞŶĐũħ͘
>ŝĐǌďħĐǌųŽŶŬſǁǁǇďŝĞƌĂŶǇĐŚŶĂŬĂĚĞŶĐũħŽŬƌĞƑůĂƵĐŚǁĂųĂZĂĚǇEĂĚǌŽƌĐǌĞũ͘ZĂĚĂEĂĚǌŽƌĐǌĂƉŽǁŽųƵũĞ
WƌĞǌĞƐĂĂƌǌČĚƵ͕ĂŶĂũĞŐŽǁŶŝŽƐĞŬƉŽǌŽƐƚĂųǇĐŚǌųŽŶŬſǁĂƌǌČĚƵ͕ŶĂƚƌǌǇůĞƚŶŝČ͕ǁƐƉſůŶČŬĂĚĞŶĐũħ͘t
ƌŽŬƵ ϮϬϭϯ ǁ ƐŬųĂĚ ƚƌǌǇŽƐŽďŽǁĞŐŽ ĂƌǌČĚƵ ǁĐŚŽĚǌŝůŝ͗ ,ĞŶƌǇŬ <ĂĐǌŵĂƌĞŬ ʹ WƌĞǌĞƐ ĂƌǌČĚƵ͕ :ſǌĞĨ
tŽųĞũŬŽʹǌųŽŶĞŬĂƌǌČĚƵŝ<ƌǌǇƐǌƚŽĨĂƌĂŷƐŬŝͲǌųŽŶĞŬĂƌǌČĚƵ͘
WƌĞǌĞƐ͕ǌųŽŶĞŬ ĂƌǌČĚƵ ůƵď ĐĂųǇ ĂƌǌČĚ ^ƉſųŬŝŵŽŐČ ďǇđŽĚǁŽųĂŶŝ ƉƌǌĞǌZĂĚħEĂĚǌŽƌĐǌČ ƉƌǌĞĚ
ƵƉųǇǁĞŵŬĂĚĞŶĐũŝ͘
ĂƌǌČĚǌĂƌǌČĚǌĂ^ƉſųŬČŝƌĞƉƌĞǌĞŶƚƵũĞũČŶĂǌĞǁŶČƚƌǌ͘tƐǌĞůŬŝĞƐƉƌĂǁǇǌǁŝČǌĂŶĞǌƉƌŽǁĂĚǌĞŶŝĞŵ
^ƉſųŬŝ ŶŝĞ ǌĂƐƚƌǌĞǏŽŶĞ ŶĂ ŵŽĐǇ ƉƌǌĞƉŝƐſǁ ƉƌĂǁĂ ůƵď ^ƚĂƚƵƚƵ ^ƉſųŬŝ ĚŽ ŬŽŵƉĞƚĞŶĐũŝ t ůƵď ZĂĚǇ
EĂĚǌŽƌĐǌĞũŶĂůĞǏČĚŽǌĂŬƌĞƐƵĚǌŝĂųĂŶŝĂĂƌǌČĚƵ͘
^ƉŽƐſď ƌĞƉƌĞǌĞŶƚĂĐũŝ ^ƉſųŬŝ ŽŬƌĞƑůĂ ^ƚĂƚƵƚ͕ ǌŐŽĚŶŝĞ ǌ ŬƚſƌǇŵ ĚŽ ƐŬųĂĚĂŶŝĂ ŽƑǁŝĂĚĐǌĞŷ ǁŽůŝ ŝ
ƉŽĚƉŝƐǇǁĂŶŝĂǁŝŵŝĞŶŝƵ^ƉſųŬŝǁǇŵĂŐĂŶĞũĞƐƚǁƐƉſųĚǌŝĂųĂŶŝĞ͗ĂͿWƌĞǌĞƐĂŝǌųŽŶŬĂĂƌǌČĚƵ͕ďͿĚǁſĐŚ
ǌųŽŶŬſǁĂƌǌČĚƵ͕ĐͿũĞĚŶĞŐŽǌųŽŶŬĂĂƌǌČĚƵųČĐǌŶŝĞǌƉƌŽŬƵƌĞŶƚĞŵ͘
WŽƐŝĞĚǌĞŶŝĂ ĂƌǌČĚƵ ǌǁŽųǇǁĂŶĞ ƐČ ǁ ŵŝĂƌħ ƉŽƚƌǌĞď͕ ŶŝĞ ƌǌĂĚǌŝĞũ ũĞĚŶĂŬ ŶŝǏ ƌĂǌ ǁ ŵŝĞƐŝČĐƵ͘
ǁŽųƵũĞ ũĞ WƌĞǌĞƐ ĂƌǌČĚƵ͕ Ă ǁ ƌĂǌŝĞ ũĞŐŽ ŶŝĞŽďĞĐŶŽƑĐŝ ǌųŽŶĞŬ ĂƌǌČĚƵ͕ ǌ ǁųĂƐŶĞũ ŝŶŝĐũĂƚǇǁǇ ůƵď ŶĂ
ǁŶŝŽƐĞŬĐŚŽĐŝĂǏďǇũĞĚŶĞŐŽǌųŽŶŬĂĂƌǌČĚƵ͘
DĂũČŽŶĞĨŽƌŵħũĞĚŶŽĐǌĞƐŶĞŐŽǌŐƌŽŵĂĚǌĞŶŝĂǌųŽŶŬſǁĂƌǌČĚƵǁũĞĚŶǇŵŵŝĞũƐĐƵ͘
WŽƐŝĞĚǌĞŶŝĂ ĂƌǌČĚƵ ƐČ ƉƌŽƚŽŬŽųŽǁĂŶĞ͘ ĞĐǇǌũĞ ĂƌǌČĚƵ ŵĂũČ ĨŽƌŵħ ƵĐŚǁĂų͕ ŬƚſƌĞ ǌĂƉĂĚĂũČ
ǌǁǇŬųČǁŝħŬƐǌŽƑĐŝČŐųŽƐſǁŽďĞĐŶǇĐŚ͘hĐŚǁĂųǇĂƌǌČĚƵƉŽĚĞũŵŽǁĂŶĞƐČǁŐųŽƐŽǁĂŶŝƵũĂǁŶǇŵ͘ĂƌǌČĚ
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ƉŽĚĞũŵƵũĞ ƵĐŚǁĂųǇ ǁ ŐųŽƐŽǁĂŶŝƵ ƚĂũŶǇŵ͗ ǁ ƉƌǌǇƉĂĚŬĂĐŚ ƉƌǌĞǁŝĚǌŝĂŶǇĐŚ ƉƌǌĞǌ ƉƌĂǁŽ͕ ǁ ƐƉƌĂǁĂĐŚ
ŽƐŽďŽǁǇĐŚ ůƵď ŶĂ ǁŶŝŽƐĞŬ ŬƚſƌĞŐŽŬŽůǁŝĞŬ ǌųŽŶŬĂ ĂƌǌČĚƵ͘ t ƌĂǌŝĞ ƌſǁŶŽƑĐŝ ŐųŽƐſǁ ĚĞĐǇĚƵũĞ ŐųŽƐ
ƉƌǌĞǁŽĚŶŝĐǌČĐĞŐŽ ƉŽƐŝĞĚǌĞŶŝĂ͘ WŽĚĞũŵŽǁĂŶŝĞ ƵĐŚǁĂų ŶĂƐƚħƉƵũĞ ƉƌǌĞǌ ďĞǌƉŽƑƌĞĚŶŝĞ ŐųŽƐŽǁĂŶŝĞ ŶĂ
ƉŽƐŝĞĚǌĞŶŝƵ͘
tƉƌǌǇƉĂĚŬƵĂƌǌČĚƵϮͲŽƐŽďŽǁĞŐŽǁǇŵĂŐĂŶĂũĞƐƚŽďĞĐŶŽƑđĐĂųĞŐŽĂƌǌČĚƵŽƌĂǌĚŽƉƵƐǌĐǌĂƐŝħ
ŵŽǏůŝǁŽƑđ ŽĚďǇĐŝĂ ƉŽƐŝĞĚǌĞŶŝĂ ŝ ƉŽĚĞũŵŽǁĂŶŝĂ ƵĐŚǁĂų ƉƌǌǇ ƉŽŵŽĐǇ ƑƌŽĚŬſǁ ďĞǌƉŽƑƌĞĚŶŝĞŐŽ
ŬŽŵƵŶŝŬŽǁĂŶŝĂƐŝħŶĂŽĚůĞŐųŽƑđǁĨŽƌŵŝĞƵĚŽŬƵŵĞŶƚŽǁĂŶĞũ͘
ZĂĚĂ EĂĚǌŽƌĐǌĂ ^ƉſųŬŝ ĚǌŝĂųĂ ǁ ŽƉĂƌĐŝƵ Ž ƉƌǌĞƉŝƐǇ <ŽĚĞŬƐƵ ƐƉſųĞŬ ŚĂŶĚůŽǁǇĐŚ͕ ^ƚĂƚƵƚƵ ^ƉſųŬŝ
ŽƌĂǌ ZĞŐƵůĂŵŝŶƵ ZĂĚǇ EĂĚǌŽƌĐǌĞũ͕ ŬƚſƌĞ ƐČ ĚŽƐƚħƉŶĞ ŶĂ ƐƚƌŽŶŝĞ ŝŶƚĞƌŶĞƚŽǁĞũ ǁǁǁ͘ŶŽǀŝƚĂ͘ĐŽŵ͘Ɖů͕ ǁ
ǌĂŬųĂĚĐĞ ZĞůĂĐũĞ /ŶǁĞƐƚŽƌƐŬŝĞ͘ ZĂĚĂ EĂĚǌŽƌĐǌĂ ƐŬųĂĚĂ Ɛŝħ ǌ ĐŽ ŶĂũŵŶŝĞũ ƉŝħĐŝƵ ŽƐſď ŝ ũĞƐƚ ǁǇďŝĞƌĂŶĂ
ƉƌǌĞǌ ŐƌŽŵĂĚǌĞŶŝĞ ŶĂ ƚƌǌǇůĞƚŶŝČ͕ ǁƐƉſůŶČ ŬĂĚĞŶĐũħ͘ >ŝĐǌďħ ĐǌųŽŶŬſǁ ZĂĚǇ ǁǇďŝĞƌĂŶǇĐŚ ŶĂ ŬĂĚĞŶĐũħ
ŽŬƌĞƑůĂtĂůŶĞŐƌŽŵĂĚǌĞŶŝĞ͘
tϮϬϭϯƌŽŬƵǁƐŬųĂĚZĂĚǇEĂĚǌŽƌĐǌĞũyŬĂĚĞŶĐũŝ;ŽĚϮϵͲϬϲͲϮϬϭϮƌŽŬƵͿǁĐŚŽĚǌŝůŝ͗
WƌǌĞǁŽĚŶŝĐǌČĐǇ ʹ DŝĐŚĂų >ĞƐŬŝ͕ ͲĐĂ WƌǌĞǁŽĚŶŝĐǌČĐĞŐŽ ʹ :ĂŶƵƐǌ WŝĐǌĂŬ͕ ǌųŽŶŬŽǁŝĞ͗ tŽũĐŝĞĐŚ
,ŽĨĨŵĂŶŶ͕DŝĐŚĂųDƌſǌŝ<ĂƌŽůWŝĐǌĂŬ͘
ǌųŽŶŬſǁZĂĚǇEĂĚǌŽƌĐǌĞũŽĚǁŽųƵũĞǌƉĞųŶŝŽŶĞũĨƵŶŬĐũŝtĂůŶĞŐƌŽŵĂĚǌĞŶŝĞ͘ZĂĚĂEĂĚǌŽƌĐǌĂ
ǁǇďŝĞƌĂ ǌĞ ƐǁĞŐŽ ŐƌŽŶĂ WƌǌĞǁŽĚŶŝĐǌČĐĞŐŽ ZĂĚǇ EĂĚǌŽƌĐǌĞũ ŝ ũĞŐŽ ĂƐƚħƉĐħ͕ Ă ǁ ŵŝĂƌħ ƉŽƚƌǌĞďǇ
^ĞŬƌĞƚĂƌǌĂZĂĚǇEĂĚǌŽƌĐǌĞũ͘
ZĂĚĂ EĂĚǌŽƌĐǌĂ ƐƉƌĂǁƵũĞ ƐƚĂųǇ ŶĂĚǌſƌ ŶĂĚ ĚǌŝĂųĂůŶŽƑĐŝČ ^ƉſųŬŝ ǁĞ ǁƐǌǇƐƚŬŝĐŚ ĚǌŝĞĚǌŝŶĂĐŚ ũĞũ
ĚǌŝĂųĂůŶŽƑĐŝ͘
ŐŽĚŶŝĞǌĞ^ƚĂƚƵƚĞŵĚŽŬŽŵƉĞƚĞŶĐũŝZĂĚǇEĂĚǌŽƌĐǌĞũŶĂůĞǏǇǁƐǌĐǌĞŐſůŶŽƑĐŝ͗
ĂŬĐĞƉƚŽǁĂŶŝĞ ŽƉƌĂĐŽǁĂŶǇĐŚ ƉƌǌĞǌ ĂƌǌČĚ ƌŽĐǌŶǇĐŚ ƉůĂŶſǁ ĨŝŶĂŶƐŽǁǇĐŚ ^ƉſųŬŝ ŽƌĂǌ ƌŽĐǌŶǇĐŚ ŝ
ƚƌǌǇůĞƚŶŝĐŚƉůĂŶſǁŝŶǁĞƐƚǇĐǇũŶǇĐŚ͕
ǁǇƌĂǏĂŶŝĞ ǌŐŽĚǇ ŶĂ ĚŽŬŽŶĂŶŝĞ ƚƌĂŶƐĂŬĐũŝ ŶŝĞ ŽďũħƚĞũ ǌĂƚǁŝĞƌĚǌŽŶǇŵ ŶĂ ĚĂŶǇ ƌŽŬ ďƵĚǏĞƚĞŵ͕
ŽďĞũŵƵũČĐĞũ ǌďǇĐŝĞ ůƵď ŶĂďǇĐŝĞ ŵŝĞŶŝĂ͕ ĂŬĐũŝ ŽƌĂǌ ƉƌĂǁ ŵĂũČƚŬŽǁǇĐŚ͕ ũĞǏĞůŝ ǁĂƌƚŽƑđ ũĞĚŶĞũ ƚƌĂŶƐĂŬĐũŝ
ƉƌǌĞŬƌĂĐǌĂϭϱй;ƉŝħƚŶĂƑĐŝĞƉƌŽĐĞŶƚͿǁĂƌƚŽƑĐŝĂŬƚǇǁſǁŶĞƚƚŽ^ƉſųŬŝǁŐŽƐƚĂƚŶŝĞŐŽďŝůĂŶƐƵ͕
ǌĂǁŝĞƌĂŶŝĞǁŝŵŝĞŶŝƵ^ƉſųŬŝǌǌųŽŶŬĂŵŝĂƌǌČĚƵƵŵſǁ͕ĐŽĚŽŬƚſƌǇĐŚǌĂǁĂƌĐŝĂƵƉƌĂǁŶŝŽŶĂũĞƐƚ
ZĂĚĂ EĂĚǌŽƌĐǌĂ͕ ǁ ƚǇŵ Ƶŵſǁ Ž ƉƌĂĐħ͕ ƵŵŽǁǇ Ž ǌĂƌǌČĚǌĂŶŝĞ ůƵď ŝŶŶǇĐŚ Ƶŵſǁ Ž ƉŽĚŽďŶǇŵ
ĐŚĂƌĂŬƚĞƌǌĞǌƚǇŵ͕ǏĞĚŽǌųŽǏĞŶŝĂǁƚǇŵǌĂŬƌĞƐŝĞŽƑǁŝĂĚĐǌĞŶŝĂǁŽůŝZĂĚĂEĂĚǌŽƌĐǌĂĚĞůĞŐƵũĞ͕ƐƉŽƑƌſĚ
ĐǌųŽŶŬſǁZĂĚǇEĂĚǌŽƌĐǌĞũ͕ƐǁŽũĞŐŽƉƌǌĞĚƐƚĂǁŝĐŝĞůĂ͕
ǌĂƚǁŝĞƌĚǌĂŶŝĞZĞŐƵůĂŵŝŶƵĂƌǌČĚƵ͕
ǁǇďſƌ ďŝĞŐųĞŐŽ ƌĞǁŝĚĞŶƚĂ ďĂĚĂũČĐĞŐŽ ƐƉƌĂǁŽǌĚĂŶŝĂ ĨŝŶĂŶƐŽǁĞŐŽ ^ƉſųŬŝ ǌĂ ĚĂŶǇ ƌŽŬ
ŽďƌĂĐŚƵŶŬŽǁǇ͕
ǁǇŬŽŶǇǁĂŶŝĞǌĂĚĂŷŬŽŵŝƚĞƚƵĂƵĚǇƚƵ͘
WŽƐŝĞĚǌĞŶŝĂZĂĚǇEĂĚǌŽƌĐǌĞũǌǁŽųǇǁĂŶĞƐČƉƌǌĞǌWƌǌĞǁŽĚŶŝĐǌČĐĞŐŽZĂĚǇEĂĚǌŽƌĐǌĞũ͕ĂǁƌĂǌŝĞ
ũĞŐŽŶŝĞŽďĞĐŶŽƑĐŝƉƌǌĞǌĂƐƚħƉĐħ͕ǌǁųĂƐŶĞũŝŶŝĐũĂƚǇǁǇ͕ĂƚĂŬǏĞŶĂƉŝƐĞŵŶǇǁŶŝŽƐĞŬĂƌǌČĚƵ^ƉſųŬŝůƵď
ŶĂƉŝƐĞŵŶǇǁŶŝŽƐĞŬĐŽŶĂũŵŶŝĞũϭͬϯĐǌųŽŶŬſǁZĂĚǇ͘WŽƐŝĞĚǌĞŶŝĂǌǁŽųǇǁĂŶĞƐČǁŵŝĂƌħƉŽƚƌǌĞď͕ŶŝĞ
ƌǌĂĚǌŝĞũ ũĞĚŶĂŬ ŶŝǏ ƌĂǌ ŶĂ ŬǁĂƌƚĂų͘ DĂũČ ŽŶĞ ĨŽƌŵħ ũĞĚŶŽĐǌĞƐŶĞŐŽ ǌŐƌŽŵĂĚǌĞŶŝĂ ǌųŽŶŬſǁ ZĂĚǇ ǁ
ũĞĚŶǇŵŵŝĞũƐĐƵ͘WŽƐŝĞĚǌĞŶŝĂZĂĚǇƐČƉƌŽƚŽŬŽųŽǁĂŶĞ͘
ZĂĚĂ EĂĚǌŽƌĐǌĂ ƉŽĚĞũŵƵũĞ ĚĞĐǇǌũĞ ǁ ĨŽƌŵŝĞ ƵĐŚǁĂų͕ ŬƚſƌĞ ǌĂƉĂĚĂũČ ďĞǌǁǌŐůħĚŶČ ǁŝħŬƐǌŽƑĐŝČ
ŐųŽƐſǁ͕ ƉƌǌǇ ŽďĞĐŶŽƑĐŝ ĐŽ ŶĂũŵŶŝĞũ ƉŽųŽǁǇ ũĞũ ǌųŽŶŬſǁ͘ t ƉƌǌǇƉĂĚŬƵ ƌſǁŶĞũ ŝůŽƑĐŝ ŐųŽƐſǁ Ž
ƌĞǌƵůƚĂĐŝĞŐųŽƐŽǁĂŶŝĂĚĞĐǇĚƵũĞŐųŽƐWƌǌĞǁŽĚŶŝĐǌČĐĞŐŽ͘
hĐŚǁĂųǇ ZĂĚǇ EĂĚǌŽƌĐǌĞũ ƉŽĚĞũŵŽǁĂŶĞ ƐČ ǁ ŐųŽƐŽǁĂŶŝƵ ũĂǁŶǇŵ͘ ZĂĚĂ EĂĚǌŽƌĐǌĂ ƉŽĚĞũŵƵũĞ
ƵĐŚǁĂųǇ ǁ ŐųŽƐŽǁĂŶŝƵ ƚĂũŶǇŵ͗ ǁ ƉƌǌǇƉĂĚŬĂĐŚ ƉƌǌĞǁŝĚǌŝĂŶǇĐŚ ƉƌǌĞǌ ƉƌĂǁŽ͕ ǁ ƐƉƌĂǁĂĐŚ ŽƐŽďŽǁǇĐŚ
ůƵďŶĂǁŶŝŽƐĞŬŬƚſƌĞŐŽŬŽůǁŝĞŬǌųŽŶŬĂZĂĚǇEĂĚǌŽƌĐǌĞũ͘
WŽĚũħĐŝĞƵĐŚǁĂųǇƉƌǌĞǌZĂĚħŶĂƐƚħƉƵũĞ͗
ƉƌǌĞǌďĞǌƉŽƑƌĞĚŶŝĞŐųŽƐŽǁĂŶŝĞŶĂƉŽƐŝĞĚǌĞŶŝƵ͕
ƉƌǌĞǌ ŐųŽƐŽǁĂŶŝĞ ŶĂ ƉŝƑŵŝĞ ǌĂ ƉŽƑƌĞĚŶŝĐƚǁĞŵ ŝŶŶĞŐŽ ǌųŽŶŬĂ ZĂĚǇ ŽďĞĐŶĞŐŽ ŶĂ ƉŽƐŝĞĚǌĞŶŝƵ͕
ƉƌǌǇĐǌǇŵŶŝĞŵŽǏĞŽŶŽĚŽƚǇĐǌǇđƐƉƌĂǁǁƉƌŽǁĂĚǌĂŶǇĐŚĚŽƉŽƌǌČĚŬƵŽďƌĂĚŶĂƉŽƐŝĞĚǌĞŶŝƵZĂĚǇ͕
ƉƌǌǇǁǇŬŽƌǌǇƐƚĂŶŝƵƑƌŽĚŬſǁďĞǌƉŽƑƌĞĚŶŝĞŐŽŬŽŵƵŶŝŬŽǁĂŶŝĂƐŝħŶĂŽĚůĞŐųŽƑđ͖
- 21 -
ƵĐŚǁĂųĂ ƉŽĚũħƚĂ ǁ ƚƌǇďŝĞ ƉŝƐĞŵŶǇŵ ůƵď ƉƌǌǇ ǁǇŬŽƌǌǇƐƚĂŶŝƵ ƑƌŽĚŬſǁ ďĞǌƉŽƑƌĞĚŶŝĞŐŽ
ŬŽŵƵŶŝŬŽǁĂŶŝĂƐŝħŶĂŽĚůĞŐųŽƑđũĞƐƚǁĂǏŶĂ͕ũĞǏĞůŝǁƐǌǇƐĐǇǌųŽŶŬŽǁŝĞZĂĚǇǌŽƐƚĂůŝƉŽŝŶĨŽƌŵŽǁĂŶŝŽ
ƚƌĞƑĐŝƉƌŽũĞŬƚƵƵĐŚǁĂųǇ͘
WŽŶŝĞǁĂǏ ƐŬųĂĚ ZĂĚǇ EĂĚǌŽƌĐǌĞũ ũĞƐƚ ƉŝħĐŝŽŽƐŽďŽǁǇ ƚŽ ũĞƐƚ ŵŝŶŝŵĂůŶǇ ǁǇŵĂŐĂŶǇ ƉƌǌĞǌ ƉƌĂǁŽ͕
ǌĂĚĂŶŝĂŬŽŵŝƚĞƚƵĂƵĚǇƚƵǁǇŬŽŶǇǁĂŶĞƐČƉƌǌĞǌĐĂųČZĂĚħEĂĚǌŽƌĐǌČ͘
/s͘ KƉŝƐ ŐųſǁŶǇĐŚ ĐĞĐŚ ƐƚŽƐŽǁĂŶǇĐŚ ǁ ^ƉſųĐĞ ƐǇƐƚĞŵſǁ ŬŽŶƚƌŽůŝ ǁĞǁŶħƚƌǌŶĞũ ŝ ǌĂƌǌČĚǌĂŶŝĞ
ƌǇǌǇŬŝĞŵǁŽĚŶŝĞƐŝĞŶŝƵĚŽƉƌŽĐĞƐƵƐƉŽƌǌČĚǌĂŶŝĂƐƉƌĂǁŽǌĚĂŷĨŝŶĂŶƐŽǁǇĐŚ͘
ĂƌǌČĚ^ƉſųŬŝũĞƐƚŽĚƉŽǁŝĞĚǌŝĂůŶǇǌĂƐǇƐƚĞŵŬŽŶƚƌŽůŝǁĞǁŶħƚƌǌŶĞũǁ^ƉſųĐĞŝũĞŐŽƐŬƵƚĞĐǌŶŽƑđǁ
ƉƌŽĐĞƐŝĞƐƉŽƌǌČĚǌĂŶŝĂƐƉƌĂǁŽǌĚĂŷĨŝŶĂŶƐŽǁǇĐŚŝŽŬƌĞƐŽǁǇĐŚ͕ŬƚſƌĞƐČƉƌǌǇŐŽƚŽǁǇǁĂŶĞŝƉƵďůŝŬŽǁĂŶĞ
ǌŐŽĚŶŝĞ ǌ ǌĂƐĂĚĂŵŝ ƌŽǌƉŽƌǌČĚǌĞŶŝĂ DŝŶŝƐƚƌĂ &ŝŶĂŶƐſǁ ǌ ĚŶŝĂ ϭϵͲϬϮͲϮϬϬϵ ƌŽŬƵ ǁ ƐƉƌĂǁŝĞ ŝŶĨŽƌŵĂĐũŝ
ďŝĞǏČĐǇĐŚ ŝ ŽŬƌĞƐŽǁǇĐŚ ƉƌǌĞŬĂǌǇǁĂŶǇĐŚ ƉƌǌĞǌ ĞŵŝƚĞŶƚſǁ ƉĂƉŝĞƌſǁ ǁĂƌƚŽƑĐŝŽǁǇĐŚ ŽƌĂǌ ǁĂƌƵŶŬſǁ
ƵǌŶĂǁĂŶŝĂǌĂƌſǁŶŽǁĂǏŶĞŝŶĨŽƌŵĂĐũŝǁǇŵĂŐĂŶǇĐŚƉƌǌĞƉŝƐĂŵŝƉƌĂǁĂƉĂŷƐƚǁĂŶŝĞďħĚČĐĞŐŽƉĂŷƐƚǁĞŵ
ĐǌųŽŶŬŽǁƐŬŝŵ͘
ĂųŽǏĞŶŝĞŵ ĞĨĞŬƚǇǁŶĞŐŽ ƐǇƐƚĞŵƵ ŬŽŶƚƌŽůŝ ǁĞǁŶħƚƌǌŶĞũ ǁ ƐƉƌĂǁŽǌĚĂǁĐǌŽƑĐŝ ĨŝŶĂŶƐŽǁĞũ ũĞƐƚ
ǌĂƉĞǁŶŝĞŶŝĞ ĂĚĞŬǁĂƚŶŽƑĐŝ ŝ ƉŽƉƌĂǁŶŽƑĐŝ ŝŶĨŽƌŵĂĐũŝ ĨŝŶĂŶƐŽǁǇĐŚ ǌĂǁĂƌƚǇĐŚ ǁ ƐƉƌĂǁŽǌĚĂŶŝĂĐŚ
ĨŝŶĂŶƐŽǁǇĐŚŝƌĂƉŽƌƚĂĐŚŽŬƌĞƐŽǁǇĐŚ͘
t ƉƌŽĐĞƐŝĞ ƐƉŽƌǌČĚǌĂŶŝĂ ƐƉƌĂǁŽǌĚĂŷ ĨŝŶĂŶƐŽǁǇĐŚ ^ƉſųŬŝ ũĞĚŶǇŵ ǌ ƉŽĚƐƚĂǁŽǁǇĐŚ ĞůĞŵĞŶƚſǁ
ŬŽŶƚƌŽůŝ ũĞƐƚ ǁĞƌǇĨŝŬĂĐũĂ ƐƉƌĂǁŽǌĚĂŶŝĂ ĨŝŶĂŶƐŽǁĞŐŽ ƉƌǌĞǌ ŶŝĞǌĂůĞǏŶĞŐŽ ĂƵĚǇƚŽƌĂ͕ ĚŽ ŬƚſƌĞŐŽ ǌĂĚĂŷ
ŶĂůĞǏǇ ǁ ƐǌĐǌĞŐſůŶŽƑĐŝ͗ ƉƌǌĞŐůČĚ ƉſųƌŽĐǌŶĞŐŽ ŝ ďĂĚĂŶŝĞ ƌŽĐǌŶĞŐŽ ƐƉƌĂǁŽǌĚĂŶŝĂ ĨŝŶĂŶƐŽǁĞŐŽ ʹ
ũĞĚŶŽƐƚŬŽǁĞŐŽŝƐŬŽŶƐŽůŝĚŽǁĂŶĞŐŽ͘tǇďŽƌƵŶŝĞǌĂůĞǏŶĞŐŽĂƵĚǇƚŽƌĂĚŽŬŽŶƵũĞZĂĚĂEĂĚǌŽƌĐǌĂ͘
^ƉƌĂǁŽǌĚĂŶŝĂ ĨŝŶĂŶƐŽǁĞ ƉŽ ǌĂŬŽŷĐǌĞŶŝƵ ďĂĚĂŶŝĂ ƉƌǌĞǌ ĂƵĚǇƚŽƌĂ ƉƌǌĞƐǇųĂŶĞ ƐČ ǌųŽŶŬŽŵ ZĂĚǇ
EĂĚǌŽƌĐǌĞũ͕ŬƚſƌĂĚŽŬŽŶƵũĞŝĐŚŽĐĞŶǇǁǌĂŬƌĞƐŝĞǌŐŽĚŶŽƑĐŝǌŬƐŝħŐĂŵŝŝĚŽŬƵŵĞŶƚĂŵŝŽƌĂǌǌĞƐƚĂŶĞŵ
ĨĂŬƚǇĐǌŶǇŵ͘
&ŽƌŵĂůŶŽͲƉƌĂǁŶĞ ƉŽĚƐƚĂǁǇ ĨƵŶŬĐũŽŶŽǁĂŶŝĂ ŬŽŶƚƌŽůŝ ǁĞǁŶħƚƌǌŶĞũ ǁ ^ƉſųĐĞ ƚǁŽƌǌǇ ƌĞŐƵůĂŵŝŶ
ŽƌŐĂŶŝǌĂĐǇũŶǇŽŬƌĞƑůĂũČĐǇƉŽĚǌŝĂųŽďŽǁŝČǌŬſǁŝŽĚƉŽǁŝĞĚǌŝĂůŶŽƑĐŝǁ^ƉſųĐĞ͘
ŽŬƵŵĞŶƚǇ ƉŽĚĚĂǁĂŶĞ ƐČ ŬŽŶƚƌŽůŝ ŵĞƌǇƚŽƌǇĐǌŶĞũ͕ ĨŽƌŵĂůŶĞũ ŝ ƌĂĐŚƵŶŬŽǁĞũ͘ <ŽŶƚƌŽůĂ
ŵĞƌǇƚŽƌǇĐǌŶĂ ĚŽŬŽŶǇǁĂŶĂ ũĞƐƚ ƉƌǌĞǌ ŽƐŽďǇ ŶĂ ƐƚĂŶŽǁŝƐŬĂĐŚ ƐƉĞĐũĂůŝƐƚǇĐǌŶǇĐŚ ŝ ŬŝĞƌŽǁŶŝĐǌǇĐŚ͘
<ŽŶƚƌŽůĂĨŽƌŵĂůŶĂŝƌĂĐŚƵŶŬŽǁĂƐƉƌĂǁŽǁĂŶĂũĞƐƚƉƌǌĞǌƐųƵǏďħĨŝŶĂŶƐŽǁŽͲŬƐŝħŐŽǁČ͘
Ă ƉƌǌǇŐŽƚŽǁĂŶŝĞ ƐƉƌĂǁŽǌĚĂŷ ĨŝŶĂŶƐŽǁǇĐŚ ŽĚƉŽǁŝĞĚǌŝĂůŶǇ ũĞƐƚ ƉŝŽŶĞŬŽŶŽŵŝĐǌŶŽʹ ĨŝŶĂŶƐŽǁǇ
ŬŝĞƌŽǁĂŶǇƉƌǌĞǌǇƌĞŬƚŽƌĂĚƐ͘ŬŽŶŽŵŝĐǌŶŽʹ&ŝŶĂŶƐŽǁǇĐŚ͕'ųſǁŶĞŐŽ<ƐŝħŐŽǁĞŐŽ͘
ĂŶĞĨŝŶĂŶƐŽǁĞďħĚČĐĞƉŽĚƐƚĂǁČƐƉƌĂǁŽǌĚĂŷĨŝŶĂŶƐŽǁǇĐŚŝƌĂƉŽƌƚſǁŽŬƌĞƐŽǁǇĐŚƉŽĐŚŽĚǌČǌĞ
ƐƚŽƐŽǁĂŶĞũ ƉƌǌĞǌ ^ƉſųŬħ ŵŝĞƐŝħĐǌŶĞũ ƐƉƌĂǁŽǌĚĂǁĐǌŽƑĐŝ ĨŝŶĂŶƐŽǁĞũ ŝ ŽƉĞƌĂĐǇũŶĞũ͘ <ŝĞƌŽǁŶŝĐƚǁŽ
ƑƌĞĚŶŝĞŐŽ ŝ ǁǇǏƐǌĞŐŽ ƐǌĐǌĞďůĂ͕ ƉƌǌǇ ƵĚǌŝĂůĞ ƉŝŽŶƵ ĨŝŶĂŶƐŽǁĞŐŽ͕ ƉŽ ǌĂŵŬŶŝħĐŝƵ ŬƐŝħŐŽǁǇŵ ŬĂǏĚĞŐŽ
ŵŝĞƐŝČĐĂ ŬĂůĞŶĚĂƌǌŽǁĞŐŽ ǁƐƉſůŶŝĞ ĂŶĂůŝǌƵũĞ ǁǇŶŝŬŝ ĨŝŶĂŶƐŽǁĞ ^ƉſųŬŝ ŝ ƉŽƐǌĐǌĞŐſůŶǇĐŚ ŬŽƐǌƚſǁ
ƌŽĚǌĂũŽǁǇĐŚ ƉŽƌſǁŶƵũČĐũĞ ĚŽ ǌĂųŽǏĞŷďƵĚǏĞƚŽǁǇĐŚ͘ǁĞŶƚƵĂůŶĞ ďųħĚǇŬŽƌǇŐŽǁĂŶĞƐČ ŶĂ ďŝĞǏČĐŽǁ
ŬƐŝħŐĂĐŚƌĂĐŚƵŶŬŽǁǇĐŚ͘
WƌǌǇŐŽƚŽǁĂŶŝĞ ƐƉƌĂǁŽǌĚĂŷ ĨŝŶĂŶƐŽǁǇĐŚ ŝ ƌĂƉŽƌƚſǁ ŽŬƌĞƐŽǁǇĐŚ ƌŽǌƉŽĐǌǇŶĂ Ɛŝħ ƉŽ ĂŬĐĞƉƚĂĐũŝ
ǁǇŶŝŬſǁ ǌĂŬŽŷĐǌŽŶĞŐŽ ŽŬƌĞƐƵ ƉƌǌĞǌ ǇƌĞŬƚŽƌĂ ĚƐ͘ ŬŽŶŽŵŝĐǌŶŽ ʹ &ŝŶĂŶƐŽǁǇĐŚ͕ 'ųſǁŶĞŐŽ
<ƐŝħŐŽǁĞŐŽ͘
tƉƌŽĐĞƐƐǌĐǌĞŐſųŽǁĞŐŽďƵĚǏĞƚŽǁĂŶŝĂ͕ŽďĞũŵƵũČĐĞŐŽǁƐǌǇƐƚŬŝĞŽďƐǌĂƌǇĨƵŶŬĐũŽŶŽǁĂŶŝĂ^ƉſųŬŝ͕
ǌĂĂŶŐĂǏŽǁĂŶĞũĞƐƚŬŝĞƌŽǁŶŝĐƚǁŽƑƌĞĚŶŝĞŐŽŝǁǇǏƐǌĞŐŽƐǌĐǌĞďůĂ͘dĂŬƉƌǌǇŐŽƚŽǁĂŶǇƉůĂŶĞŬŽŶŽŵŝĐǌŶŽʹ
ĨŝŶĂŶƐŽǁǇŶĂĚĂŶǇƌŽŬƉƌǌǇũŵŽǁĂŶǇũĞƐƚƉƌǌĞǌĂƌǌČĚ^ƉſųŬŝŝǌĂƚǁŝĞƌĚǌĂŶǇƉƌǌĞǌZĂĚħEĂĚǌŽƌĐǌČ͘
t ƚƌĂŬĐŝĞ ƌŽŬƵ ĂƌǌČĚ ĂŶĂůŝǌƵũĞ͕ ŽĐĞŶŝĂ ŝ ŶĂĚǌŽƌƵũĞ ƵǌǇƐŬĂŶĞ ǁǇŶŝŬŝ ĨŝŶĂŶƐŽǁĞ ǁ ƐƚŽƐƵŶŬƵ ĚŽ
ƉƌǌǇũħƚǇĐŚǌĂųŽǏĞŷƉůĂŶƵďƵĚǏĞƚƵ͕ŽƉƌĂĐŽǁĂŶǇĐŚǌŐŽĚŶŝĞǌƉƌǌǇũħƚČƉŽůŝƚǇŬČƌĂĐŚƵŶŬŽǁŽƑĐŝ^ƉſųŬŝ͘
s͘KƉŝƐǌĂƐĂĚǌŵŝĂŶǇƐƚĂƚƵƚƵ
ŵŝĂŶǇ ƐƚĂƚƵƚƵ ĚŽŬŽŶƵũĞ tĂůŶĞ ŐƌŽŵĂĚǌĞŶŝĞ ŶĂ ǁŶŝŽƐĞŬ ĂƌǌČĚƵ ƉƌǌĞĚųŽǏŽŶǇ ųČĐǌŶŝĞ ǌ
ƉŝƐĞŵŶČ ŽƉŝŶŝČ ZĂĚǇ EĂĚǌŽƌĐǌĞũ͘ tŶŝŽƐĞŬ ĂŬĐũŽŶĂƌŝƵƐǌǇ ǁ ƚĞũ ƐƉƌĂǁŝĞ ƉŽǁŝŶŝĞŶ ďǇđ ǌĂŽƉŝŶŝŽǁĂŶǇ
ƉƌǌĞǌĂƌǌČĚŝZĂĚħEĂĚǌŽƌĐǌČ͘
tϮϬϭϯƌŽŬƵŶŝĞŶĂƐƚČƉŝųĂǌŵŝĂŶĂƐƚĂƚƵƚƵ͘
s/͘ tƐŬĂǌĂŶŝĞ ĂŬĐũŽŶĂƌŝƵƐǌǇ ƉŽƐŝĂĚĂũČĐǇĐŚ ďĞǌƉŽƑƌĞĚŶŝŽ ůƵď ƉŽƑƌĞĚŶŝŽ ǌŶĂĐǌŶĞ ƉĂŬŝĞƚǇ ĂŬĐũŝ
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ŶĂĚǌŝĞŷϯϭͲϭϮͲϮϬϭϯƌŽŬƵ
/ŵŝħŝŶĂǌǁŝƐŬŽ
;ĨŝƌŵĂͿ
>ŝĐǌďĂĂŬĐũŝ
WƌŽĐĞŶƚŽǁǇ
ƵĚǌŝĂųǁŬĂƉŝƚĂůĞ
ǌĂŬųĂĚŽǁǇŵ
>ŝĐǌďĂŐųŽƐſǁ
WƌŽĐĞŶƚŽǁǇ
ƵĚǌŝĂųǁŽŐſůŶĞũ
ůŝĐǌďŝĞŐųŽƐſǁŶĂ
t
ĂŬųĂĚǇ
ͣ>ĞŶƚĞǆ͟
ϴϭϰ͘ϴϬϴ
ϯϮ͕ϱϵ
ϴϭϰ͘ϴϬϴ
ϯϮ͕ϱϵ
:ĂŶƵƐǌ
WŝĐǌĂŬ
ϳϴϯ͘ϰϲϱ
ϯϭ͕ϯϰ
ϳϴϯ͘ϰϲϱ
ϯϭ͕ϯϰ
K&
ͣWŽĐǌƚǇůŝŽŶ͟
ϯϲϳ͘ϱϲϴ
ϭϰ͕ϳϬ
ϯϲϳ͘ϱϲϴ
ϭϰ͕ϳϬ
ŬĐũĞ ^ƉſųŬŝ ŝ ǁǇŶŝŬĂũČĐĞ ǌ ŶŝĐŚ ƉƌĂǁĂ ŶŝĞ ĚĂũČ ƐƉĞĐũĂůŶǇĐŚ ƵƉƌĂǁŶŝĞŷ ŬŽŶƚƌŽůŶǇĐŚ ŝ ŶŝĞ
ƉŽĚůĞŐĂũČŽŐƌĂŶŝĐǌĞŶŝŽŵǁǇŵŝĞŶŝŽŶǇŵǁΑϵϭƵƐƚ͘ϱƉŬƚϰůŝƚ͘ĞͿ͕ĨͿ͕ŐͿƌŽǌƉŽƌǌČĚǌĞŶŝĂDŝŶŝƐƚƌĂ&ŝŶĂŶƐſǁ
ǌĚŶŝĂϭϵͲϬϮͲϮϬϬϵƌŽŬƵǁƐƉƌĂǁŝĞŝŶĨŽƌŵĂĐũŝďŝĞǏČĐǇĐŚŝŽŬƌĞƐŽǁǇĐŚƉƌǌĞŬĂǌǇǁĂŶǇĐŚƉƌǌĞǌĞŵŝƚĞŶƚſǁ
ƉĂƉŝĞƌſǁ ǁĂƌƚŽƑĐŝŽǁǇĐŚ ŽƌĂǌ ǁĂƌƵŶŬſǁ ƵǌŶĂǁĂŶŝĂ ǌĂ ƌſǁŶŽǁĂǏŶĞ ŝŶĨŽƌŵĂĐũŝ ǁǇŵĂŐĂŶǇĐŚ
ƉƌǌĞƉŝƐĂŵŝƉƌĂǁĂƉĂŷƐƚǁĂŶŝĞďħĚČĐĞŐŽƉĂŷƐƚǁĞŵĐǌųŽŶŬŽǁƐŬŝŵ͘
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Skonsolidowny raport roczny 2013

Transkrypt

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Raport bieżący nr 9/2013 Data sporządzenia: 12 czerwca 2013

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