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tŝŶĐĞŶƚLJtŝƚŽƐ
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tĞĚųƵŐĚĂŶLJĐŚ'ųſǁŶĞŐŽhƌnjħĚƵ^ƚĂƚLJƐƚLJĐnjŶĞŐŽ͕ǁĂƌƚŽƑđĞŬƐƉŽƌͲ
ƚƵƚŽǁĂƌſǁnjWŽůƐŬŝǁ/ƉſųƌŽĐnjƵ ϮϬϭϱƌ͘ďLJųĂǁLJǏƐnjĂ Žϲ͕ϳ ƉƌŽĐ͘ŶŝǏǁ
ĂŶĂůŽŐŝĐnjŶLJŵŽŬƌĞƐŝĞƵďŝĞŐųĞŐŽƌŽŬƵŝŽƐŝČŐŶħųĂϴϳ͕ϮŵůĚĞƵƌŽ͘/ŵƉŽƌƚ
ĚŽWŽůƐŬŝǁnjƌſƐųŽϭ͕ϵƉƌŽĐ͕͘ĚŽƉŽnjŝŽŵƵϴϰ͕ϯŵůĚĞƵƌŽ͘
tLJŶŝŬŝƚĞƉƌnjĞųŽǏLJųLJƐŝħŶĂƉƌnjĞŬƐnjƚĂųĐĞŶŝĞŶŽƚŽǁĂŶĞŐŽǁϮϬϭϰƌ͘ĚĞĨŝĐLJͲ
ƚƵ ŚĂŶĚůŽǁĞŐŽ ŶĂ ƉŽnjŝŽŵŝĞ ŽŬ͘ ϵϳϭ ŵůŶ ĞƵƌŽ ǁ ŶĂĚǁLJǏŬħ Ž ǁĂƌƚŽƑĐŝ
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tĞĚųƵŐĚĂŶLJĐŚ'h^͕ǁĂƌƚŽƑđĞŬƐƉŽƌƚƵƚŽǁĂƌſǁnjWŽůƐŬŝǁ/ƉſųƌŽĐnjƵϮϬϭϱƌ͘ŽƐŝČŐŶħųĂϴϳ͕ϮŵůĚĞƵͲ
ƌŽ͕ ĐnjLJůŝ ďLJųĂ ǁLJǏƐnjĂ Ž ϲ͕ϳ ƉƌŽĐ͘ ŶŝǏ ǁ ĂŶĂůŽŐŝĐnjŶLJŵ ŽŬƌĞƐŝĞ ƵďŝĞŐųĞŐŽ ƌŽŬƵ͘ EĂƚŽŵŝĂƐƚ ŝŵƉŽƌƚ ĚŽ
WŽůƐŬŝǁnjƌſƐųŽϭ͕ϵƉƌŽĐ͕͘ĚŽƉŽnjŝŽŵƵϴϰ͕ϯŵůĚĞƵƌŽ͘tLJŶŝŬŝƚĞƉƌnjĞųŽǏLJųLJƐŝħŶĂƉƌnjĞŬƐnjƚĂųĐĞŶŝĞŶŽͲ
ƚŽǁĂŶĞŐŽ ǁ ϮϬϭϰ ƌ͘ ĚĞĨŝĐLJƚƵ ŚĂŶĚůŽǁĞŐŽ ŶĂ ƉŽnjŝŽŵŝĞ ŽŬ͘ ϵϳϭ ŵůŶ ĞƵƌŽ ǁ ŶĂĚǁLJǏŬħ Ž ǁĂƌƚŽƑĐŝ
ϮϴϳϴŵůŶĞƵƌŽ͘
tŽŬƌĞƐŝĞƐƚLJĐnjĞŷͲĐnjĞƌǁŝĞĐϮϬϭϱƌ͘njĚĞĐLJĚŽǁĂŶŝĞůĞƉƐnjĞǁLJŶŝŬŝŽƐŝČŐŶŝħƚŽǁǁLJŵŝĂŶŝĞnjƌLJŶŬĂŵŝƌŽnjͲ
ǁŝŶŝħƚLJŵŝŐŽƐƉŽĚĂƌĐnjŽ͕ŐĚnjŝĞĞŬƐƉŽƌƚǁnjƌſƐųŽϵƉƌŽĐ͕͘ƉƌnjĞŬƌĂĐnjĂũČĐƉŽnjŝŽŵϳϰ͕ϴŵůĚĞƵƌŽ͕ĂŝŵƉŽƌƚ
Ž ϯ͕ϲ ƉƌŽĐ͕͘ ĚŽ ϱϲ͕ϯ ŵůĚ ĞƵƌŽ͘ t ƌĞnjƵůƚĂĐŝĞŶĂĚǁLJǏŬĂ ŽďƌŽƚſǁ njƚLJŵŝ ŬƌĂũĂŵŝ ƉŽǁŝħŬƐnjLJųĂ ƐŝħŽ ϰ͕Ϯ
ŵůĚĞƵƌŽ͕ĚŽƉŽŶĂĚϭϴ͕ϱŵůĚĞƵƌŽ͘
tnjƌŽƐƚ ĞŬƐƉŽƌƚƵ ĚŽ hŶŝŝ ƵƌŽƉĞũƐŬŝĞũ ďLJų ǁŝħŬƐnjLJ Ž ϭ ƉƵŶŬƚ ƉƌŽĐĞŶƚŽǁLJ ŶŝǏ ǁ ƉŽƌſǁŶĂŶŝƵ ĚŽ ĐĂųĞũ
ŐƌƵƉLJƌLJŶŬſǁƌŽnjǁŝŶŝħƚLJĐŚŝǁLJŶŝſƐųϭϬƉƌŽĐ͘WƌnjLJĐnjLJŵǁnjƌſƐųǁƚLJŵƐĂŵLJŵƚĞŵƉŝĞĚŽŬƌĂũſǁƐƚƌĞĨLJ
ĞƵƌŽŝŶŝĞĐŽƐnjLJďĐŝĞũĚŽƉŽnjŽƐƚĂųLJĐŚƵŶŝũŶLJĐŚ;ŽϭϬ͕ϮƉƌŽĐͿ͘^ƉƌnjĞĚĂǏĚŽEŝĞŵŝĞĐ͕ĐnjLJůŝŶĂŐųſǁŶLJƌLJͲ
ŶĞŬĞŬƐƉŽƌƚŽǁLJWŽůƐŬŝǁLJŶŝŽƐųĂϮϯ͕ϱŵůĚĞƵƌŽŝďLJųĂŽϭϬ͕ϮƉƌŽĐ͘ǁLJǏƐnjĂŶŝǏƉƌnjĞĚƌŽŬŝĞŵ͘WŽŶĂĚƚŽ
ǁƑƌſĚǁĂǏŶŝĞũƐnjLJĐŚŬƌĂũſǁhŶĂũƐnjLJďĐŝĞũǁnjƌſƐųǁLJǁſnjĚŽEŝĚĞƌůĂŶĚſǁ ;ŽϮϭ͕ϮƉƌŽĐ͘Ϳ͕,ŝƐnjƉĂŶŝŝ;Ž
ϭϲ͕ϭƉƌŽĐ͘Ϳ͕njĞĐŚ;ŽϭϯƉƌŽĐ͘Ϳ͕tŝĞůŬŝĞũƌLJƚĂŶŝŝ;ŽϭϮ͕ϳƉƌŽĐ͘Ϳ͕tųŽĐŚ;Žϭϭ͕ϳƉƌŽĐ͘ͿŽƌĂnjŶĂ^ųŽǁĂĐũħ
;Žϵ͕ϳƉƌŽĐ͘Ϳ͘
 ŬŽůĞŝ ƐƉƌnjĞĚĂǏ ŶĂ ƉŽnjĂƵŶŝũŶĞ ƌLJŶŬŝ ƌŽnjǁŝŶŝħƚĞ ƐƉĂĚųĂ Ž Ϯ͕ϯ ƉƌŽĐ͕͘ ĚŽ ϱ͕ϲ ŵůĚ ĞƵƌŽ͘ LJųŽ ƚŽ ƉƌnjĞĚĞ
ǁƐnjLJƐƚŬŝŵ ŶĂƐƚħƉƐƚǁĞŵ ƐƉĂĚŬƵ ĞŬƐƉŽƌƚƵ ĚŽ EŽƌǁĞŐŝŝ͕ ŐĚnjŝĞ ǁ ĂŶĂůŝnjŽǁĂŶLJŵ ŽŬƌĞƐŝĞ ŽĚŶŽƚŽǁĂŶŽ
ũĞŐŽnjŵŶŝĞũƐnjĞŶŝĞĂǏŽϮϴ͕ϱƉƌŽĐ͕͘ĚŽŽŬ͘ϭ͕ϮŵůĚĞƵƌŽ͘EŝĞnjĚŽųĂųŽƚĞŐŽƐŬŽŵƉĞŶƐŽǁĂđnjǁŝħŬƐnjĞŶŝĞ
ĞŬƐƉŽƌƚƵŵ͘ŝŶ͘ĚŽ^ƚĂŶſǁũĞĚŶŽĐnjŽŶLJĐŚ;ϭϳ͕ϰƉƌŽĐͿŽƌĂnj<ĂŶĂĚLJ;ŽϭϮ͕ϳƉƌŽĐ͘Ϳ͘
ŬƐƉŽƌƚŶĂƌLJŶŬŝtƐƉſůŶŽƚLJEŝĞƉŽĚůĞŐųLJĐŚWĂŷƐƚǁnjŵŶŝĞũƐnjLJųƐŝħŽϮϰ͕ϴƉƌŽĐ͘;ĚŽϰ͕ϳŵůĚĞƵƌŽͿ͕ǁƚLJŵ
ĚŽZŽƐũŝŽϮϵ͕ϱƉƌŽĐ͘;ĚŽŶŝĞƐƉĞųŶĂϮ͕ϱŵůĚĞƵƌŽͿ͕ĂŶĂhŬƌĂŝŶħŽϭϭ͕ϰƉƌŽĐ͘;ĚŽŽŬ͘ϭ͕ϭŵůĚĞƵƌŽͿ͘
EĂƚŽŵŝĂƐƚƐƉƌnjĞĚĂǏƚŽǁĂƌſǁŶĂƉŽnjŽƐƚĂųĞƌLJŶŬŝƌŽnjǁŝũĂũČĐĞƐŝħǁnjƌŽƐųĂǁƚLJŵĐnjĂƐŝĞŽϭϮ͕ϰƉƌŽĐ͘;ĚŽ
ƉŽŶĂĚϳ͕ϲŵůĚĞƵƌŽͿ͘tƑƌſĚŶŝĐŚĚLJŶĂŵŝĐnjŶŝĞnjǁŝħŬƐnjLJųƐŝħĞŬƐƉŽƌƚĚŽdƵƌĐũŝ;Žϰϭ͕ϲƉƌŽĐ͘Ϳ͕ŚŝŶ;ϭϰ͕ϲ
ƉƌŽĐͿ͕ƌĂďŝŝ^ĂƵĚLJũƐŬŝĞũ;Žϯϱ͕ϲƉƌŽĐ͘ͿŽƌĂnjDĞŬƐLJŬƵ;Žϲϰ͕ϯƉƌŽĐ͘Ϳ͘
t ƉƌnjĞŬƌŽũƵ ƚŽǁĂƌŽǁLJŵ ƐnjLJďĐŝĞũ ŶŝǏ ƉƌnjĞĐŝħƚŶŝĞ njǁŝħŬƐnjLJų Ɛŝħ ĞŬƐƉŽƌƚ ǁLJƌŽďſǁ ĚƌnjĞǁŶŽͲ
ƉĂƉŝĞƌŶŝĐnjLJĐŚ;ŽϭϬ͕ϲƉƌŽĐ͘Ϳ͕ƉƌnjĞŵLJƐųƵůĞŬŬŝĞŐŽ;ŽϭϬƉƌŽĐ͘Ϳ͕ĐĞƌĂŵŝĐnjŶLJĐŚ;Žϳ͕ϭƉƌŽĐ͘ͿŽƌĂnjĚŽŵŝŶƵͲ
ũČĐLJĐŚǁƉŽůƐŬŝĞũǁLJŵŝĂŶŝĞnjnjĂŐƌĂŶŝĐČ͕ǁLJƌŽďſǁƉƌnjĞŵLJƐųƵĞůĞŬƚƌŽŵĂƐnjLJŶŽǁĞŐŽ;Žϴ͕ϮƉƌŽĐ͕͘ĚŽƉŽͲ
ŶĂĚϯϱ͕ϱŵůĚĞƵƌŽͿ͘
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ϲ͕ϯ й ǁ ƐƚŽƐƵŶŬƵ ĚŽ ĂŶĂůŽŐŝĐnjŶĞŐŽ ŽŬƌĞƐƵ ƌŽŬƵ ƉŽƉƌnjĞĚŶŝĞŐŽ͘ ŽĚĂƚŶŝ ďŝůĂŶƐ ǁLJŶŝſƐų ƉƌĂǁŝĞ ϭϮ
ŵůĚ njųŽƚLJĐŚ͕ ƉƌnjLJ ƉŽŶĂĚ ϰ ŵůĚ njųŽƚLJĐŚ ĚĞĨŝĐLJƚƵƉƌnjĞĚƌŽŬŝĞŵ ŶĂĐnjŶLJ ƵĚnjŝĂų ǁƚLJĐŚ ŽƐŝČŐŶŝħĐŝĂĐŚ
ŵŝĂųƐĞŬƚŽƌƌŽůŶLJ͕ŬƚſƌLJnjĂũŵƵũĞƚƌnjĞĐŝČƉŽnjLJĐũħnjϭϯйƵĚnjŝĂųĞŵ͘KĚŶŽƚŽǁĂůŝƑŵLJϲ͕ϰйǁnjƌŽƐƚǁĂƌͲ
ƚŽƑĐŝĞŬƐƉŽƌƚƵĂƌƚLJŬƵųſǁƌŽůŶŽͲƐƉŽǏLJǁĐnjLJĐŚǁŵŝŶŝŽŶLJŵƉſųƌŽĐnjƵ͕ƉƌnjLJǁnjƌŽƑĐŝĞŝŵƉŽƌƚƵũĞĚLJŶŝĞŽ
ϭ͕ϵй͘ƚŽŽnjŶĂĐnjĂϭϳ͕ϳйǁnjƌŽƐƚĚŽĚĂƚŶŝĞŐŽƐĂůĚĂǁLJŵŝĂŶLJƚLJŵŝƉƌŽĚƵŬƚĂŵŝ͘EŽǁĞƌLJŶŬŝnjĚŽďLJͲ
ǁĂŵLJĚůĂƚĞŐŽ͕ǏĞƉŽůƐŬŝĞƉƌŽĚƵŬƚLJŽĚnjŶĂĐnjĂũČƐŝħŶĂũǁLJǏƐnjČ͕ƑǁŝĂƚŽǁČũĂŬŽƑĐŝČʹƉŽǁŝĞĚnjŝĂųŵŝŶŝͲ
ƐƚĞƌDĂƌĞŬ^ĂǁŝĐŬŝ͘
ͲEŝĞ ũĞƐƚ ƉƌĂǁĚČ͕ ǏĞ ŶŝĞ njĂďŝĞŐĂŵLJ Ž ƉŽŵŽĐĚůĂ ƉŽůƐŬŝĐŚ ƐĂĚŽǁŶŝŬſǁʹƐƚǁŝĞƌĚnjŝųŵŝŶŝƐƚĞƌŽĚŶŽͲ
ƐnjČĐƐŝħĚŽƐųſǁWƌĞnjLJĚĞŶƚĂZWŶĚƌnjĞũĂƵĚLJǁLJƉŽǁŝĞĚnjŝĂŶLJĐŚǁŽƐƚĂƚŶŝČƐŽďŽƚħƉŽĚĐnjĂƐǁŝnjLJƚLJǁ
ŐŽƐƉŽĚĂƌƐƚǁŝĞ ƐĂĚŽǁŶŝĐnjLJŵ͘ Ͳ t ϮϬϭϰ ƌŽŬƵƚĂďƌĂŶǏĂ͕ ƉŽ ǁƉƌŽǁĂĚnjĞŶŝƵ ƌŽƐLJũƐŬŝĞŐŽ ĞŵďĂƌŐĂ ƵnjLJͲ
ƐŬĂųĂǁƐƉĂƌĐŝĞnjĞƑƌŽĚŬſǁŬƌĂũŽǁLJĐŚǁǁLJƐŽŬŽƑĐŝϭϮϬŵůŶnjųŽƚLJĐŚ͕ĂnjĞƑƌŽĚŬſǁƵŶŝũŶLJĐŚǁǁLJƐŽŬŽͲ
ƑĐŝϭϴϬŵůŶnjųŽƚLJĐŚ͘dŽŶĂŶĂƐnjǁŶŝŽƐĞŬ<ŽŵŝƐũĂƵƌŽƉĞũƐŬĂƉƌnjĞĚųƵǏLJųĂǁƐƉĂƌĐŝĞĚůĂƐĞŬƚŽƌĂŽǁŽĐŽͲ
ǁŽͲǁĂƌnjLJǁŶĞŐŽ͕ĂWŽůƐŬĂŽƚƌnjLJŵĂŽŬŽųŽϭͬϯǁƐnjLJƐƚŬŝĐŚƚLJĐŚƑƌŽĚŬſǁʹĚŽĚĂųŵŝŶŝƐƚĞƌ^ĂǁŝĐŬŝ͘
DſǁŝČĐŽƚLJŵƐĞŬƚŽƌnjĞŵŝŶŝƐƚĞƌǁLJƌĂnjŝųƵnjŶĂŶŝĞƉƌnjĞĚƐƚĂǁŝĐŝĞůŽŵǁŝČnjŬƵ^ĂĚŽǁŶŝŬſǁZWŽƌĂnjhŶŝŝ
KǁŽĐŽǁĞũnjĂŝĐŚďĂƌĚnjŽĂŬƚLJǁŶLJƵĚnjŝĂųǁĐŝČŐƵŽƐƚĂƚŶŝĐŚϴůĂƚǁĞǁƐnjLJƐƚŬŝĐŚŵŝƐũĂĐŚƚĂƌŐŽǁLJĐŚŝǁLJͲ
ƐƚĂǁŝĞŶŶŝĐnjLJĐŚŽƌŐĂŶŝnjŽǁĂŶLJĐŚǁƉŽƐnjƵŬŝǁĂŶŝƵŶŽǁLJĐŚƌLJŶŬſǁnjďLJƚƵ͘
hĐnjĞƐƚŶŝĐnjČĐLJǁĚnjŝƐŝĞũƐnjĞũŬŽŶĨĞƌĞŶĐũŝŐųſǁŶLJůĞŬĂƌnjǁĞƚĞƌLJŶĂƌŝŝDĂƌĞŬWŝƌƐnjƚƵŬŽƌĂnjŐųſǁŶLJŝŶƐƉĞŬͲ
ƚŽƌŽĐŚƌŽŶLJƌŽƑůŝŶŝŶĂƐŝĞŶŶŝĐƚǁĂdĂĚĞƵƐnj<ųŽƐƉƌnjĞĚƐƚĂǁŝůŝďůŝǏƐnjĞĚĂŶĞĚŽƚLJĐnjČĐĞƵƐƚĂůĂŶŝĂǁĂƌƵŶͲ
ŬſǁĚŽƐƚħƉƵĚůĂŶĂƐnjLJĐŚƉƌŽĚƵŬƚſǁƌŽůŶŽͲƐƉŽǏLJǁĐnjLJĐŚĚŽŬŽůĞũŶLJĐŚƌLJŶŬſǁnjďLJƚƵ͘
dLJůŬŽǁƉŝĞƌǁƐnjLJŵƉſųƌŽĐnjƵƚĞŐŽƌŽŬƵƵnjŐŽĚŶŝŽŶĞnjŽƐƚĂųLJƑǁŝĂĚĞĐƚǁĂnjĚƌŽǁŝĂŶĂǁLJǁſnjnjWŽůƐŬŝĚŽ
ůŐŝĞƌŝŝ ;ŬŽŶŝĞ͕ƉƌŽĚƵŬƚLJ nj ƵĚnjŝĂųĞŵ ŵŝħƐĂ ĚƌŽďŝŽǁĞŐŽ͕ ǁŽųŽǁĞŐŽ ŝŽǁĐnjĞŐŽ ƉŽĚĚĂŶĞ ŽďƌſďĐĞ ƚĞƌͲ
ŵŝĐnjŶĞũ ǁ ǁLJƐŽŬŝĞũƚĞŵƉĞƌĂƚƵƌnjĞ ŽƌĂnjƉĂƐnjĞĚůĂ ƌLJďͿ͕ njĞƌďĞũĚǏĂŶƵ ;ďLJĚųŽ ŚŽĚŽǁůĂŶĞ ŝƵǏLJƚŬŽǁĞͿ͕
njĂƌŶŽŐſƌLJ;ƉƌŽĚƵŬƚLJŵůĞĐnjŶĞͿ͕ŐŝƉƚƵ;ŵŝħƐŽǁŝĞƉƌnjŽǁĞďͬŬ͕ǁLJƌŽďLJŝƉƌŽĚƵŬƚLJǁŝĞƉƌnjŽǁĞ͕ŵůĞŬŽŝ
ƉƌŽĚƵŬƚLJŵůĞĐnjĂƌƐŬŝĞ͕ŵŝħƐŽĚƌŽďŝŽǁĞŝƉƌŽĚƵŬƚLJŵŝħƐŶĞͿ͕/ŶĚŝŝ;ŵůĞŬŽŝƉƌŽĚƵŬƚLJŵůĞĐnjŶĞŽƌĂnjƉƌŽͲ
ĚƵŬƚLJƌLJďŽųſǁƐƚǁĂͿ͕:ĂƉŽŶŝŝ;ƑǁŝŶŝĞŚŽĚŽǁůĂŶĞŽƌĂnjƉƌŽĚƵŬƚLJǁŽųŽǁĞnjŵŝħƐĂŝŵƉŽƌƚŽǁĂŶĞŐŽͿ͘WŽͲ
ŶĂĚƚŽƵnjŐŽĚŶŝĞŶŝĂƑǁŝĂĚĞĐƚǁnjĚƌŽǁŝĂĚŽƚLJĐnjLJųLJ<ĂnjĂĐŚƐƚĂŶƵ͕<ŝƌŐŝƐƚĂŶƵ͕DĂĐĞĚŽŶŝŝ͕DĂƌŽŬĂ͕DĞŬͲ
ƐLJŬƵ͕ EŽǁĞũĞůĂŶĚŝŝ͕ WĂŶĂŵLJ͕ ^Ğƌďŝŝ͕ ^ŝŶŐĂƉƵƌƵ͕dĂĚǏLJŬŝƐƚĂŶƵ͕dĂũůĂŶĚŝŝ͕ dĂũǁĂŶƵ͕ dƵŶĞnjũŝ͕ dƵƌĐũŝ͕
hŬƌĂŝŶLJŝh^͘tĞĨĞŬĐŝĞŶĂƐnjĞƉƌŽĚƵŬƚLJŽďĞĐŶĞƐČũƵǏŶĂϳϯƌLJŶŬĂĐŚ͕ŶŝĞůŝĐnjČĐĐĂųĞŐŽƌLJŶŬƵhŶŝŝƵͲ
ƌŽƉĞũƐŬŝĞũ͘
EƵŵĞƌϭϳϮ
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KďĞĐŶŝĞƚƌǁĂũČŬŽŶƚƌŽůĞƉŽůƐŬŝĐŚnjĂŬųĂĚſǁƉƌnjĞnjŝŶƐƉĞŬƚŽƌſǁnj/njƌĂĞůĂ͕<ƵďLJŝdƵƌĐũŝ͘ŽŬŽŷĐĂďŝĞǏČͲ
ĐĞŐŽƌŽŬƵƉůĂŶŽǁĂŶĞƐČŬŽŶƚƌŽůĞƉƌnjĞnjŽĚƉŽǁŝĞĚŶŝĞƐųƵǏďLJǁĞƚĞƌLJŶĂƌLJũŶĞƚĂŬŝĐŚƉĂŷƐƚǁũĂŬ͗hŬƌĂͲ
ŝŶĂ͕ƌĂďŝĂ^ĂƵĚLJũƐŬĂ͕ŚŝŶLJ͕DĞŬƐLJŬ͕DĂůĞnjũĂ͕^ŝŶŐĂƉƵƌŝZĞƉƵďůŝŬĂWŽųƵĚŶŝŽǁĞũĨƌLJŬŝ͘
WŽĚŽďŶŝĞũĂŬ'ųſǁŶLJ/ŶƐƉĞŬƚŽƌĂƚtĞƚĞƌLJŶĂƌŝŝƌſǁŶŝĞǏWĂŷƐƚǁŽǁĂ/ŶƐƉĞŬĐũĂKĐŚƌŽŶLJZŽƑůŝŶŝEĂƐŝĞŶͲ
ŶŝĐƚǁĂďĂƌĚnjŽĂŬƚLJǁŶŝĞƵĐnjĞƐƚŶŝĐnjLJǁƉŽnjLJƐŬŝǁĂŶŝƵĚŽƐƚħƉƵĚŽŶŽǁLJĐŚƌLJŶŬſǁnjďLJƚƵ͕ǁƚLJŵĚŽƌLJŶͲ
ŬſǁnjĂŵŬŶŝħƚLJĐŚnjƉƌŽĐĞĚƵƌČĂŶĂůŝnjLJƌLJnjLJŬĂĚůĂŽǁŽĐſǁƑǁŝĞǏLJĐŚ͕ŐųſǁŶŝĞũĂďųĞŬŝŐƌƵƐnjĞŬ͘
:ĂŬŽƌLJŶŬŝƉĞƌƐƉĞŬƚLJǁŝĐnjŶĞĚůĂũĂďųĞŬŶĂůĞǏLJǁLJŵŝĞŶŝđŚŝŷƐŬČ ZĞƉƵďůŝŬČ >ƵĚŽǁČ͕ tŝĞƚŶĂŵ͕ ŚŝŷͲ
ƐŬČ ZĞƉƵďůŝŬħ ;dĂũǁĂŶͿ ǁ ŽĚŶŝĞƐŝĞŶŝƵ͕ ĚŽ ŬƚſƌLJĐŚ ƉƌŽĐĞĚƵƌLJ ĂŶĂůŝnjLJ ƌLJnjLJŬĂ ;WZͿ ƐČ ŶĂ ĞƚĂƉŝĞ njĂͲ
ĂǁĂŶƐŽǁĂŶLJŵ͘tŶĂũďůŝǏƐnjLJŵĐnjĂƐŝĞ;ǁƌnjĞƐŝĞŷďƌ͘ͿǁŝnjLJƚħǁWŽůƐĐĞnjųŽǏČĞŬƐƉĞƌĐŝnjŚŝŷƐŬŝĞũZĞƉƵďůŝͲ
Ŭŝ>ƵĚŽǁĞũŝtŝĞƚŶĂŵƵǁƌĂŵĂĐŚƚƌǁĂũČĐĞũƉƌŽĐĞĚƵƌLJĂŶĂůŝnjLJƌLJnjLJŬĂĚůĂƉŽůƐŬŝĐŚũĂďųĞŬ͘
W/KZŝE ǁ ϮϬϭϰ ƌ͘ njųŽǏLJų ǁŶŝŽƐŬŝ Ž ƉƌnjĞƉƌŽǁĂĚnjĞŶŝĞ ĂŶĂůŝnjLJ ƌLJnjLJŬĂ ĚůĂ ĞŬƐƉŽƌƚƵ ƉŽůƐŬŝĐŚ ũĂďųĞŬ ĚŽ͗
ƌĂnjLJůŝŝ͕<ŽƐƚĂƌLJŬŝ͕<ŽůƵŵďŝŝŽƌĂnjdĂũůĂŶĚŝŝ;ϮϬϭϱƌ͘Ϳ͘WŽůƐŬĂũĞƐƚũĞĚŶLJŵnjϳŬƌĂũſǁhŶŝŝƵƌŽƉĞũƐŬŝĞũ͕
ŬƚſƌLJƵďŝĞŐĂƐŝħŽƵĚŽƐƚħƉŶŝĞŶŝĞƌLJŶŬƵh^ĚůĂũĂďųĞŬŝŐƌƵƐnjĞŬ͘ZſǁŶŝĞǏ͕ũĞƐƚũĞĚŶLJŵnjϳŬƌĂũſǁ͕ŬƚſͲ
ƌĞ ƐČ ǁ ƚƌĂŬĐŝĞ ƉƌnjLJŐŽƚŽǁLJǁĂŶŝĂ ǁŶŝŽƐŬƵ Ž ƉƌnjĞƉƌŽǁĂĚnjĞŶŝĞ ĂŶĂůŝnjLJ ƌLJnjLJŬĂ ĚůĂ ũĂďųĞŬ ŝ ŐƌƵƐnjĞŬ ĚŽ
DĞŬƐLJŬƵ͘
^njĞĨŽǁŝĞŽďLJĚǁƵŝŶƐƉĞŬĐũŝƉŽĚŬƌĞƑůŝůŝƚĞǏ͕ǏĞŶŝĞŵĂǏĂĚŶLJĐŚƉƌŽďůĞŵſǁnjũĂŬŽƑĐŝČƉŽůƐŬŝĐŚƉƌŽĚƵŬͲ
ƚſǁĞŬƐƉŽƌƚŽǁĂŶLJĐŚŶĂnjĂŐƌĂŶŝĐnjŶĞƌLJŶŬŝ͕ĂŽƐƚĂƚŶŝĞnjĂƐƚƌnjĞǏĞŶŝĂŬŝĞƌŽǁĂŶĞnjĞƐƚƌŽŶLJ&ĞĚĞƌĂĐũŝZŽͲ
ƐLJũƐŬŝĞũŶŝĞŵĂũČŶĂũŵŶŝĞũƐnjĞŐŽƵnjĂƐĂĚŶŝĞŶŝĂ͘
ǁǁǁ͘ŵŝŶƌŽů͘ŐŽǀ͘Ɖů
^ƚƌ͘ϰ
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W>KKtKBE/<K^dKtE'KZ&ZEhD
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WƌĂŬƚLJĐnjŶŝĞŶĂƚĞƌĞŶŝĞĐĂųĞŐŽŬƌĂũƵŵĂŵLJĚŽĐnjLJŶŝĞŶŝĂnjƐƵƐnjČ͘tĚǁƵŶĂƐƚƵǁŽũĞǁſĚnjƚǁĂĐŚĚnjŝĂͲ
ųĂũČŬŽŵŝƐũĞƉŽǁŽųĂŶĞƉƌnjĞnjǁŽũĞǁŽĚſǁĚŽƐnjĂĐŽǁĂŶŝƐƚƌĂƚ͘:ĞƐƚŝĐŚŽďĞĐŶŝĞϴϬϵͲƉŽǁŝĞĚnjŝĂųƉŽĚͲ
ĐnjĂƐĚnjŝƐŝĞũƐnjĞũŬŽŶĨĞƌĞŶĐũŝƉƌĂƐŽǁĞũŵŝŶŝƐƚĞƌƌŽůŶŝĐƚǁĂŝƌŽnjǁŽũƵǁƐŝDĂƌĞŬ^ĂǁŝĐŬŝ͘
ͲnjĞďƌĂŶLJĐŚ͕ĐnjČƐƚŬŽǁLJĐŚƐnjĂĐƵŶŬſǁǁLJŶŝŬĂ͕ǏĞŶĂũǁŝħĐĞũƉŽƐnjŬŽĚŽǁĂŶLJĐŚŐŽƐƉŽĚĂƌƐƚǁnjŶĂũĚƵũĞ
Ɛŝħǁ ǁŽũĞǁſĚnjƚǁŝĞ ŬƵũĂǁƐŬŽͲƉŽŵŽƌƐŬŝŵ ϰϭ͕ϲ ƚLJƐŝħĐLJ͕ ǁ ǁŽũĞǁſĚnjƚǁŝĞ ŵĂnjŽǁŝĞĐŬŝŵ ďůŝƐŬŽ ϯϬ
ƚLJƐŝħĐLJ ŝ ƉŽŶĂĚ ϳ ƚLJƐŝħĐLJ ǁ ǁŽũĞǁſĚnjƚǁŝĞ ƉŽĚůĂƐŬŝŵ ͲƉŽŝŶĨŽƌŵŽǁĂųŵŝŶŝƐƚĞƌ͕ŬƚſƌLJũĞĚŶŽĐnjĞƑŶŝĞ
ƉŽĚŬƌĞƑůŝų͕ǏĞƐČƚŽĚĂŶĞĐnjČƐƚŬŽǁĞ͕ĂƉĞųŶŝĞũƐnjĂŝŶĨŽƌŵĂĐũĂďħĚnjŝĞƉŽϮϬƐŝĞƌƉŶŝĂ͘
DŝŶŝƐƚĞƌ ^ĂǁŝĐŬŝ njĂƉŽǁŝĞĚnjŝĂų ƚĂŬǏĞ ĚŽĚĂƚŬŽǁČ ƉŽŵŽĐ͕ ƉŽŶĂĚ ƐƚĂŶĚĂƌĚŽǁĞ ǁĂƌƵŶŬŝ͕ ƉŽƐnjŬŽĚŽǁĂͲ
ŶLJŵƌŽůŶŝŬŽŵ͘
ͲħĚnjŝĞŵLJƐŝħƐƚĂƌĂůŝƵƌƵĐŚŽŵŝđƉŽŵŽĐƐŽĐũĂůŶČ͕ǁƉŽƐƚĂĐŝĚŽƉųĂƚĚŽŚĞŬƚĂƌĂ͘ħĚnjŝĞŽŶĂƉƌnjLJƐųƵŐŝͲ
ǁĂųĂƚLJŵƌŽůŶŝŬŽŵ͕ŬƚſƌLJĐŚŐŽƐƉŽĚĂƌƐƚǁĂŽĚŶŽƚŽǁĂųLJƐƚƌĂƚLJƉŽǁLJǏĞũϯϬйƑƌĞĚŶŝĞũƉƌŽĚƵŬĐũŝnjƚƌnjĞĐŚ
ŽƐƚĂƚŶŝĐŚůĂƚ͘ŽĚĂƚŬŽǁŽǁLJƐƚħƉƵũĞŵLJĚŽ<ŽŵŝƐũŝƵƌŽƉĞũƐŬŝĞũnjƉƌŽŐƌĂŵĞŵǁƐƉƌĂǁŝĞƉŽŵŽĐLJĚůĂ
ƉƌŽĚƵĐĞŶƚſǁďLJĚųĂŵůĞĐnjŶĞŐŽŝǁŽųŽǁŝŶLJnjĞǁnjŐůħĚƵŶĂƵďLJƚŬŝƉĂƐnjͲƉŽŝŶĨŽƌŵŽǁĂųDĂƌĞŬ^ĂǁŝĐŬŝ͘
^njĞĨ ƌĞƐŽƌƚƵ ƌŽůŶŝĐƚǁĂ ƉƌnjLJƉŽŵŶŝĂų͕ ǏĞ njŵŝĞŶŝŽŶĂ njŽƐƚĂųĂ ƵƐƚĂǁĂ Ž ƵďĞnjƉŝĞĐnjĞŶŝƵ ƵƉƌĂǁ ŝ njǁŝĞƌnjČƚ
ŐŽƐƉŽĚĂƌƐŬŝĐŚ ƉŽƉƌnjĞnj njǁŝħŬƐnjĞŶŝĞĚŽƉųĂƚ nj ďƵĚǏĞƚƵƉĂŷƐƚǁĂ ĚŽ ƐŬųĂĚĞŬ ƵďĞnjƉŝĞĐnjĞŶŝŽǁLJĐŚ njϱϬй
ĚŽ ϲϱй͘ WŽŶĂĚƚŽ ǁ ƉĂƌůĂŵĞŶĐŝĞ njŐųŽƐnjŽŶLJ njŽƐƚĂŶŝĞ ƉƌŽũĞŬƚ ƉŽǁƌŽƚƵ ĚŽ ƵďĞnjƉŝĞĐnjĞŷ ƉĂŬŝĞƚŽǁLJĐŚ͘
DŝŶŝƐƚĞƌnjĂƉŽǁŝĞĚnjŝĂųƌſǁŶŝĞǏ͕ǏĞƉƌnjĞĚųŽǏLJƌnjČĚŽǁŝƉƌŽƉŽnjLJĐũħƌŽnjƉŽĐnjħĐŝĂŽĚƉƌnjLJƐnjųĞŐŽƌŽŬƵƌĞĂůŝͲ
njĂĐũŝŶĂƌŽĚŽǁĞŐŽWƌŽŐƌĂŵƵDĂųĞũŝ_ƌĞĚŶŝĞũZĞƚĞŶĐũŝ͘
^njĞĨ ƌĞƐŽƌƚƵ ƌŽůŶŝĐƚǁĂ ŽƌĂnj ǁŝĐĞƉƌĞŵŝĞƌ͕ ŵŝŶŝƐƚĞƌ ŐŽƐƉŽĚĂƌŬŝ :ĂŶƵƐnj WŝĞĐŚŽĐŝŷƐŬŝ njĂĂƉĞůŽǁĂůŝ ĚŽ
ƉƌĞnjLJĚĞŶƚĂŶĚƌnjĞũĂƵĚLJŽƌĞnjLJŐŶĂĐũħnjƌĞĨĞƌĞŶĚƵŵŝƉƌnjĞnjŶĂĐnjĞŶŝĞnjĂŽƐnjĐnjħĚnjŽŶLJĐŚǁƚĞŶƐƉŽͲ
ƐſďϭϬϬͲϭϯϬŵŝůŝŽŶſǁnjųŽƚLJĐŚŶĂƉŽŵŽĐƐƵƐnjŽǁČƌŽůŶŝŬŽŵ͘
Ͳ ƉĞůƵũħ Ž ƚŽ͕ ǏĞďLJ ŶŝĞ ŵĂƌŶŽƚƌĂǁŝđ ƉŝĞŶŝħĚnjLJ ŶĂ ŐƌLJ ƉŽůŝƚLJĐnjŶĞ͕ ƚLJůŬŽ ƌnjĞĐnjLJǁŝƑĐŝĞ ǁƐƉŝĞƌĂđ ƚLJĐŚ͕
ŬƚſƌnjLJĐŝħǏŬŽƉƌĂĐƵũČͶĚŽĚĂųŵŝŶŝƐƚĞƌ^ĂǁŝĐŬŝ͘
tŝĐĞƉƌĞŵŝĞƌWŝĞĐŚŽĐŝŷƐŬŝƉŽĚŬƌĞƑůŝų͕ǏĞƐƚƌĂƚLJǁŐŽƐƉŽĚĂƌƐƚǁĂĐŚƌŽůŶLJĐŚƉƌnjĞŬųĂĚĂũČƐŝħŶĂƐƚƌĂƚLJǁ
ĐĂųĞũŐŽƐƉŽĚĂƌĐĞͲKďŶŝǏĞŶŝĞnjĚŽůŶŽƑĐŝŝŶǁĞƐƚLJĐLJũŶĞũŐŽƐƉŽĚĂƌƐƚǁƌŽůŶLJĐŚƚŽnjŵŶŝĞũƐnjŽŶĞnjĂŬƵƉLJŵĂͲ
ƚĞƌŝĂųſǁďƵĚŽǁůĂŶLJĐŚ͕ŵĂƐnjLJŶŝƵƌnjČĚnjĞŷŶŝĞnjďħĚŶLJĐŚǁƉƌŽǁĂĚnjĞŶŝƵŐŽƐƉŽĚĂƌƐƚǁĂ͘
ǁǁǁ͘ƉƐů͘ŽƌŐ͘Ɖů
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ŚĐĞŵLJ ƉƌnjĞŬŽŶĂđ ƉŽůƐŬŝĐŚ ƉƌnjĞĚƐŝħďŝŽƌĐſǁ͕ ǏĞ ǁĂƌƚŽ ŬŽƌnjLJƐƚĂđ nj ŵĞĚŝĂĐũŝ ŝ ĂƌďŝƚƌĂǏƵ͕ ũĂŬŽ
ƐƉŽƐŽďſǁ ƵŵŽǏůŝǁŝĂũČĐLJĐŚ ƐnjLJďŬŝĞ͕ ƐŬƵƚĞĐnjŶĞ ŝ ƉƌŽĨĞƐũŽŶĂůŶĞ njĂŬŽŷĐnjĞŶŝĞ ƐƉŽƌƵ͕ ŝ ĐŽ ǁĂǏŶĞ ǁ
ƐƉŽƐſď ƉŽnjĂƐČĚŽǁLJ͘ >ŝĐnjħ͕ ǏĞ ƵƌƵĐŚŽŵŝŽŶLJ ƉƌnjĞnj ƌĞƐŽƌƚ ŐŽƐƉŽĚĂƌŬŝ ƉŽƌƚĂů ďħĚnjŝĞ ƐƚĂŶŽǁŝų
ĚŽƐŬŽŶĂųĞ ǍƌſĚųŽ ƉƌĂŬƚLJĐnjŶLJĐŚ ŝŶĨŽƌŵĂĐũŝ ŶĂ ƚĞŶ ƚĞŵĂƚ Ͳ ŵſǁŝǁŝĐĞƉƌĞŵŝĞƌ͕ ŵŝŶŝƐƚĞƌ ŐŽƐƉŽĚĂƌŬŝ
:ĂŶƵƐnjWŝĞĐŚŽĐŝŷƐŬŝ͘
DŝŶŝƐƚĞƌƐƚǁŽ'ŽƐƉŽĚĂƌŬŝƵƌƵĐŚŽŵŝųŽƉŽƌƚĂůŝŶƚĞƌŶĞƚŽǁLJĚŽƚLJĐnjČĐLJƚĞŵĂƚLJŬŝŵĞĚŝĂĐũŝŝĂƌďŝƚƌĂǏƵ͘:ĞƐƚ
ŽŶĚŽƐƚħƉŶLJƉŽĚĂĚƌĞƐĞŵǁǁǁ͘ŵĞĚŝĂĐũĞŐŽƐƉŽĚĂƌĐnjĞ͘ŐŽǀ͘ƉůŽƌĂnjǁǁǁ͘ĐĂŝŵ͘ŐŽǀ͘Ɖů͘
tĂƌƚŽ njǁƌſĐŝđ ƵǁĂŐħ͕ ǏĞ ŵĞĚŝĂĐũĂ ǁ WŽůƐĐĞ ǁĐŝČǏ ũĞƐƚ ŶŝĞĚŽĐĞŶŝĂŶLJŵ͕ ŵŝŵŽ͕ ǏĞ ƐƚŽƉŶŝŽǁŽ ĐŽƌĂnj
ďĂƌĚnjŝĞũƌŽnjǁŝũĂũČĐLJŵƐŝħ͕ƐƉŽƐŽďĞŵƌŽnjǁŝČnjĂŶŝĂƐƉŽƌſǁƉƌnjĞnjƐŬŽŶĨůŝŬƚŽǁĂŶĞƐƚƌŽŶLJ͘ĞůĞŵƉŽƌƚĂůƵ
ũĞƐƚ ƵƉŽǁƐnjĞĐŚŶŝĂŶŝĞ ĚnjŝĂųĂůŶŽƑĐŝ ƑǁŝĂĚĐnjŽŶĞũ ƉƌnjĞnj ƌĞŐŝŽŶĂůŶĞ ĞŶƚƌĂ ƌďŝƚƌĂǏƵ ŝ DĞĚŝĂĐũŝ ;DͿ͘
ZŽůČ ĐĞŶƚƌſǁ ũĞƐƚ ƑǁŝĂĚĐnjĞŶŝĞ ƵƐųƵŐ ŵĞĚŝĂĐũŝ ŝ ĂƌďŝƚƌĂǏƵ ǁ ƌŽnjǁŝČnjLJǁĂŶŝƵ ŬŽŶŬƌĞƚŶLJĐŚ ƐƉŽƌſǁ
ŐŽƐƉŽĚĂƌĐnjLJĐŚ͕ĂĐŽnjĂƚLJŵŝĚnjŝĞŽďŶŝǏĞŶŝĞŬŽƐnjƚſǁŝƐŬƌſĐĞŶŝĞĐnjĂƐƵŝĐŚƌŽnjƐƚƌnjLJŐĂŶŝĂ͘
EĂ ƉŽƌƚĂůƵ njŶĂũĚƵũČ Ɛŝħ ŝŶĨŽƌŵĂĐũĞ ŶĂ ƚĞŵĂƚ ĐĞŶƚƌſǁ͕ ŵ͘ŝŶ͗͘ ĚĂŶĞ ŬŽŶƚĂŬƚŽǁĞ͕ ůŝƐƚLJ ĚŽƐƚħƉŶLJĐŚ
ŵĞĚŝĂƚŽƌſǁ ŝ ƌĞŐƵůĂŵŝŶLJ ŝĐŚ ĚnjŝĂųĂŶŝĂ͘ ^Č ƚĂŵ ƌſǁŶŝĞǏ ƉƵďůŝŬŽǁĂŶĞ ŝŶĨŽƌŵĂĐũĞ Ž ƐnjŬŽůĞŶŝĂĐŚ ŽƌĂnj
ŽƌŐĂŶŝnjŽǁĂŶLJĐŚ ƉƌnjĞnj ŶŝĞ ŬŽŶĨĞƌĞŶĐũĂĐŚ ŝ ƐĞŵŝŶĂƌŝĂĐŚ͘ WŽŶĂĚƚŽ ǁ ĐĞůƵ ƉƌnjLJďůŝǏĞŶŝĂ ƉƌnjĞďŝĞŐƵ
ƉƌŽĐĞƐƵ ŵĞĚŝĂĐũŝ ŶĂ ƉŽƌƚĂůƵ ƉƵďůŝŬŽǁĂŶĞ ƐČ ƉƌnjLJŬųĂĚLJ ŬŽŶŬƌĞƚŶLJĐŚ ƐƉŽƌſǁ ;ƐƚƵĚŝĂ ƉƌnjLJƉĂĚŬƵͿ
ƌŽnjǁŝČnjĂŶLJĐŚ ƉƌnjLJ njĂƐƚŽƐŽǁĂŶŝƵ ŵĞĚŝĂĐũŝ͘ ŶĂũĚČ Ɛŝħ ŶĂ Ŷŝŵ ƌſǁŶŝĞǏ ǁnjŽƌĐĞ Ƶŵſǁ nj ŬůĂƵnjƵůČ
ŵĞĚŝĂĐLJũŶČ͕ŬƚſƌĞďħĚČŵŽŐųLJďLJđǁLJŬŽƌnjLJƐƚLJǁĂŶĞƉƌnjĞnjƉƌnjĞĚƐŝħďŝŽƌĐſǁ͘
WƌnjLJŐŽƚŽǁĂŶLJ ƉŽƌƚĂů ŝ ƉƌŽŵŽĐũĂ ĚnjŝĂųĂůŶŽƑĐŝ ƉŽĚĞũŵŽǁĂŶLJĐŚ ƉƌnjĞnj D ƐƚĂŶŽǁŝ ƵnjƵƉĞųŶŝĞŶŝĞ
ĚnjŝĂųĂŷ ůĞŐŝƐůĂĐLJũŶLJĐŚ ƉŽĚĞũŵŽǁĂŶLJĐŚ ŶĂ ƌnjĞĐnj njǁŝħŬƐnjĞŶŝĂ ǁLJŬŽƌnjLJƐƚĂŶŝĂ ŵĞĚŝĂĐũŝ ŝ ĂƌďŝƚƌĂǏƵ ƉƌnjLJ
ƌŽnjǁŝČnjLJǁĂŶŝƵ ƐƉŽƌſǁ ŐŽƐƉŽĚĂƌĐnjLJĐŚ͘ t ůŝƉĐƵ ^Ğũŵ ƉƌnjLJũČų ƵƐƚĂǁħ ĚŽƚLJĐnjČĐČ ǁƐƉŝĞƌĂŶŝĂ
ƉŽůƵďŽǁŶLJĐŚ ŵĞƚŽĚ ƌŽnjǁŝČnjLJǁĂŶŝĂ ƐƉŽƌſǁ͘ t ƉŝĞƌǁƐnjLJŵ ŽŬƌĞƐŝĞ ƌĞĂůŝnjĂĐũŝ ƉƌŽũĞŬƚƵ ƚǁŽƌnjĞŶŝĂ
ĞŶƚƌſǁ͕ ǁ ƌĂŵĂĐŚ ƉŝůŽƚĂǏƵ ĚnjŝĂųĂůŶŽƑđ ƌŽnjƉŽĐnjħųŽ ϲ ĞŶƚƌſǁ͘ WŽǁƐƚĂųLJ ŽŶĞ ĚnjŝħŬŝ ǁƐƉſųƉƌĂĐLJ
DŝŶŝƐƚĞƌƐƚǁĂ'ŽƐƉŽĚĂƌŬŝnjƉĂƌƚŶĞƌĂŵŝƉŽnjĂƌnjČĚŽǁLJŵŝǁLJďƌĂŶLJŵŝǁŽƚǁĂƌƚLJŵŬŽŶŬƵƌƐŝĞ͘
Ͳ>ƵďĞůƐŬŝĞD;ǁ>ƵďůŝŶŝĞͿͲ<ĂƚŽůŝĐŬŝhŶŝǁĞƌƐLJƚĞƚ>ƵďĞůƐŬŝ͕
ͲDĂųŽƉŽůƐŬŝĞD;ǁ<ƌĂŬŽǁŝĞͿͲ<ƌĂŬŽǁƐŬĂ/njďĂWƌnjĞŵLJƐųŽǁŽͲ,ĂŶĚůŽǁĂ͕
ͲDĂnjŽǁŝĞĐŬŝĞD;ǁtĂƌƐnjĂǁŝĞͿͲ<ŽŶĨĞĚĞƌĂĐũĂ>ĞǁŝĂƚĂŶ͕
ͲWŽĚůĂƐŬŝĞD;ǁŝĂųLJŵƐƚŽŬƵͿͲŝĂųŽƐƚŽĐŬĂ/njďĂWƌnjĞŵLJƐųŽǁŽͲ,ĂŶĚůŽǁĂ͕
Ͳ_ůČƐŬŝĞD;ǁ<ĂƚŽǁŝĐĂĐŚͿͲ&ƵŶĚĂĐũĂhŶŝǁĞƌƐLJƚĞƚƵ_ůČƐŬŝĞŐŽ&ĂĐƵůƚĂƐ/ƵƌŝĚŝĐĂ͕
ͲtŝĞůŬŽƉŽůƐŬŝĞD;ǁWŽnjŶĂŶŝƵͿͲWŽnjŶĂŷƐŬĂ/njďĂWƌnjĞŵLJƐųŽǁŽͲ,ĂŶĚůŽǁĂ͘
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WƌĂĐŽĚĂǁĐLJǁůŝƉĐƵnjŐųŽƐŝůŝĚŽƵƌnjħĚſǁƉƌĂĐLJƉŽŶĂĚϭϭϳƚLJƐ͘ŽĨĞƌƚnjĂƚƌƵĚŶŝĞŶŝĂ͘dŽƌĞŬŽƌĚ͊dĂŬĚŽͲ
ďƌĞŐŽǁLJŶŝŬƵǁůŝƉĐƵŶŝĞďLJųŽŽĚϮϬϬϭƌ͕͘ĐnjLJůŝŽĚŬČĚDŝŶŝƐƚĞƌƐƚǁŽWƌĂĐLJŝWŽůŝƚLJŬŝ^ƉŽųĞĐnjŶĞũƉƌŽͲ
ǁĂĚnjŝƚĂŬŝĞƐƚĂƚLJƐƚLJŬŝ͘
tƵƌnjħĚĂĐŚƉƌĂĐLJŶĂŬŽŶŝĞĐůŝƉĐĂnjĂƌĞũĞƐƚƌŽǁĂŶLJĐŚďLJųŽϭϱϴϳƚLJƐ͘ŽƐſďͲǁLJŶŝŬĂnjƐnjĂĐƵŶŬſǁƌĞƐŽƌƚƵ
ƉƌĂĐLJ͘ͲdŽŶĂũůĞƉƐnjLJǁLJŶŝŬŽĚϳůĂƚ͘tĐŝČŐƵŵŝĞƐŝČĐĂůŝĐnjďĂďĞnjƌŽďŽƚŶLJĐŚƐƉĂĚųĂŽƉŽŶĂĚϯϱ͕ϭƚLJƐ͘ŝ
ďLJųƚŽŶĂũƐŝůŶŝĞũƐnjLJƐƉĂĚĞŬŶĂƉƌnjĞƐƚƌnjĞŶŝŽƐƚĂƚŶŝĐŚϱůĂƚͲƉŽǁŝĞĚnjŝĂųtųĂĚLJƐųĂǁ<ŽƐŝŶŝĂŬͲ<ĂŵLJƐnj͕ŵŝŶŝͲ
ƐƚĞƌƉƌĂĐLJŝƉŽůŝƚLJŬŝƐƉŽųĞĐnjŶĞũ͘^LJƚƵĂĐũĂƉŽƉƌĂǁŝųĂƐŝħǁĞǁƐnjLJƐƚŬŝĐŚǁŽũĞǁſĚnjƚǁĂĐŚͲŶĂũďĂƌĚnjŝĞũŶĂ
_ůČƐŬƵ͕ŽůŶLJŵ_ůČƐŬƵŝǁtŝĞůŬŽƉŽůƐĐĞ͘
ͲĞnjƌŽďŽĐŝĞƐƉĂĚĂŶŝĞƉƌnjĞƌǁĂŶŝĞŽĚϱŵŝĞƐŝħĐLJ͘tůŝƉĐƵǁƵƌnjħĚĂĐŚƉƌĂĐLJnjĂƌĞũĞƐƚƌŽǁĂŶLJĐŚďLJųŽŽ
ďůŝƐŬŽϯϬϬƚLJƐ͘ŵŶŝĞũŽƐſďŶŝǏƉƌnjĞĚƌŽŬŝĞŵ͘tĐŝČŐƵŽƐƚĂƚŶŝĐŚĚǁſĐŚůĂƚůŝĐnjďĂďĞnjƌŽďŽƚŶLJĐŚƐƉĂĚųĂ
ũƵǏŽƉŽŶĂĚƉſųŵŝůŝŽŶĂŝǁĐŝČǏďħĚnjŝĞƐŝħnjŵŶŝĞũƐnjĂđŶĂĐŽǁƐŬĂnjƵũĞůŝƉĐŽǁLJƌĞŬŽƌĚŽĨĞƌƚƉƌĂĐLJͲƉŽͲ
ǁŝĞĚnjŝĂųŵŝŶŝƐƚĞƌ<ŽƐŝŶŝĂŬͲ<ĂŵLJƐnj͘
WƌĂĐŽĚĂǁĐLJǁůŝƉĐƵnjŐųŽƐŝůŝĚŽƵƌnjħĚſǁƉƌĂĐLJϭϭϳƚLJƐ͘ŽĨĞƌƚnjĂƚƌƵĚŶŝĞŶŝĂŝĂŬƚLJǁŝnjĂĐũŝnjĂǁŽĚŽǁĞũ͘dŽŽ
ϮϮйǁŝħĐĞũŶŝǏƉƌnjĞĚƌŽŬŝĞŵŝŶĂũǁŝħĐĞũŽĚϮϬϬϭƌ͕͘ĐnjLJůŝŽĚŬČĚƌĞƐŽƌƚƉƌĂĐLJƉƌŽǁĂĚnjŝƐƚĂƚLJƐƚLJŬŝ͘EĂũͲ
ǁŝħĐĞũƉƌĂĐŽǁŶŝŬſǁƐnjƵŬĂũČĨŝƌŵLJŶĂ_ůČƐŬƵŝDĂnjŽǁƐnjƵ;ƉŽϭϰƚLJƐ͘ͿŝǁtŝĞůŬŽƉŽůƐĐĞ;ϭϮƚLJƐ͘Ϳ͘
ͲtŝĚĂđ͕ǏĞƌŽnjƉŽĐnjħƚĂƌŽŬƚĞŵƵƌĞĨŽƌŵĂƵƌnjħĚſǁƉƌĂĐLJƉƌnjLJŶŽƐŝĞĨĞŬƚLJ͘WƌĂĐŽǁŶŝĐLJƵƌnjħĚſǁĐŽƌĂnj
ƐŬƵƚĞĐnjŶŝĞnjĚŽďLJǁĂũČŶŽǁĞŽĨĞƌƚLJƉƌĂĐLJ͘dĞƌĂnjǁĂǏŶĞ͕ǏĞďLJďLJųLJŽŶĞũĂŬŶĂũůĞƉƐnjĞũũĂŬŽƑĐŝŝƉŽnjǁĂůĂųLJ
WŽůĂŬŽŵnjĂƉĞǁŶŝđůĞƉƐnjĞǏLJĐŝĞƐǁŽŝŵƌŽĚnjŝŶŽŵͲƉŽǁŝĞĚnjŝĂųŵŝŶŝƐƚĞƌ<ŽƐŝŶŝĂŬͲ<ĂŵLJƐnj͘
^ƚŽƉĂďĞnjƌŽďŽĐŝĂƌĞũĞƐƚƌŽǁĂŶĞŐŽǁůŝƉĐƵƐƉĂĚųĂĚŽϭϬ͕ϭй͘dŽŶĂũůĞƉƐnjLJǁLJŶŝŬŽĚϳůĂƚ͘tƉŽƌſǁŶĂŶŝƵ
ĚŽĐnjĞƌǁĐĂƐƚŽƉĂďĞnjƌŽďŽĐŝĂnjŵŶŝĞũƐnjLJųĂƐŝħŽϬ͕ϮƉŬƚ͘ƉƌŽĐ͘:ĞƐnjĐnjĞƌŽŬƚĞŵƵǁLJŶŽƐŝųĂϭϭ͕ϴй͘^LJƚƵͲ
ĂĐũĂ ƉŽƉƌĂǁŝųĂ Ɛŝħ ǁĞ ǁƐnjLJƐƚŬŝĐŚ ǁŽũĞǁſĚnjƚǁĂĐŚ͘ EĂũƐŝůŶŝĞũ ǁ ŽƉŽůƐŬŝŵ͕ ƉŽŵŽƌƐŬŝŵ ŝ njĂĐŚŽĚŶŝŽƉŽͲ
ŵŽƌƐŬŝŵͲŽϬ͕ϰƉŬƚƉƌŽĐ͘EĂũŶŝǏƐnjĂƐƚŽƉĂďĞnjƌŽďŽĐŝĂďLJųĂǁtŝĞůŬŽƉŽůƐĐĞͲϲ͕ϲй͘
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ϭϱ͘ŶŶĂtŽůĞŶĚĞƌ
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ϯ͘ŶĚƌnjĞũ'ƌŽƐƐ
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ϱ͘ŶĚƌnjĞũ'ƌĂďŽǁƐŬŝ
ϲ͘WŝŽƚƌĞƉƚĂ
ϳ͘ǁĂ<ŝĞƌŬŽǁƐŬĂ
ϴ͘ďŝŐŶŝĞǁ'ſƌnjLJŷƐŬŝ
ϵ͘ŶŶĂWĂƐƚƵƐnjŬĂ
ϭϬ͘WŝŽƚƌ<ǁŝĂƚŬŽǁƐŬŝ
ϭϭ͘DĂųŐŽƌnjĂƚĂ:ĂŶŬŽǁƐŬĂ
ϭϮ͘ŶĚƌnjĞũKǁĐnjĂƌnj
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ϭϰ͘:ſnjĞĨWŽĚLJŵĂ
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Ϯϯ͘ŽƌLJƐ<ƌnjLJǁŬĂ
Ϯϰ͘DĂƌŝŽůĂZLJďŬĂ
Ϯϱ͘ŶĚƌnjĞũtĂƐŝĞůĞǁƐŬŝ
Ϯϲ͘ZŽŵĂŶ'ŽųħďŝĞǁƐŬŝ
EĂũďůŝǏƐnjĞŬŽŶǁĞŶĐũĞǁLJďŽƌĐnjĞ͗
_ǁŝħƚŽŬƌnjLJƐŬĂͶϭϲ͘Ϭϴ͘ϮϬϭϱƌ͘
WŽĚŬĂƌƉĂĐŬĂͶϭϳ͘Ϭϴ͘ϮϬϭϱƌ͘
tŶŝĞĚnjŝĞůħϭϲƐŝĞƌƉŶŝĂǁ<ŝĞůĐĂĐŚŽĚďħĚnjŝĞƐŝħƉŽƐŝĞĚnjĞŶŝĞ_ǁŝħƚŽŬƌnjLJƐŬŝĞŐŽWƌĞnjLJĚŝƵŵĂƌnjČĚƵtŽͲ
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ĚnjĞŶŝĞůŝƐƚĚŽƉƌnjĞĚųŽǏĞŶŝĂtŽũĞǁſĚnjŬŝĞũ<ŽŶǁĞŶĐũŝtLJďŽƌĐnjĞũ͘
njŝĞŷ ƉſǍŶŝĞũ͕ ϭϳ ƐŝĞƌƉŶŝĂ <ŽŶǁĞŶĐũĂ tLJďŽƌĐnjĂ W^> ǁŽũĞǁſĚnjƚǁĂ ƉŽĚŬĂƌƉĂĐŬŝĞŐŽ njĂƚǁŝĞƌĚnjŝ ůŝƐƚLJ
ŬĂŶĚLJĚĂƚſǁĚŽ^ĞũŵƵŝ^ĞŶĂƚƵ͘
ũĂŶƵƐnjΛƉŝĞĐŚŽĐŝŶƐŬŝ͘Ɖů͕ƉŝĞĐŚŽĐŝŶƐŬŝ͘ďůŽŐ͘ŽŶĞƚ͘Ɖů͕ƉŝĞĐŚŽĐŝŶƐŬŝ͘Ɖů