karta charakterystyki

<Zd,Z<dZz^dz</
njŐŽĚŶŝĞnjtŶƌϭϵϬϳͬϮϬϬϲ;Z,Ϳ
WƌĞƉĂƌĂƚĚŽƉƌŽĨĞƐũŽŶĂůŶĞŐŽƐƚŽƐŽǁĂŶŝĂ͕ŝŶĨŽƌŵĂĐũĞŽnjĂƐƚŽƐŽǁĂŶŝƵƉƌĞƉĂƌĂƚƵnjŶĂũĚƵũČƐŝħǁƵůŽƚĐĞŝŶĨŽƌŵĂĐLJũŶĞũ͘
ϭ͘ /Edz&/<:WZWZdh͘/Edz&/<:WZKhEdͬz^dZzhdKZ
EĂnjǁĂƉƌĞƉĂƌĂƚƵ͗
WƌŽĚƵĐĞŶƚ͗
LJƐƚƌLJďƵƚŽƌ͗
dĞůĞĨŽŶLJĂǁĂƌLJũŶĞ͗
,zZKt^,ʹnjŵLJǁĂĐnjĚŽĨĂƌď
&h:/&/>DƵƌŽƉĞEs͕
ƵƌŽƉĂƌŬͲEŽŽƌĚϮϭͲϮϮ͕ͲϵϭϬϬ^ŝŶƚͲEŝŬůĂĂƐ͕ĞůŐŝĂ
ƚĞůнϯϮ;ϯͿϳϲϬϬϮϬϬ͕ĨĂdžнϯϮ;ϯͿϳϳϲϵϭϮϮ
'Z&/<h^Ͳ^LJƐƚĞŵLJ'ƌĂĨŝĐnjŶĞ^Ɖ͘njŽ͘Ž͘
Ƶů͘ĂŶŝƐnjĞǁƐŬĂϮ͕ϬϯͲϮϯϬtĂƌƐnjĂǁĂ
ƚĞů͘ϮϮϱϵϰϬϵϬϬ͕ĨĂdž͘ϮϮϱϵϰϬϵϰϬ
WŽůŝĐũĂ͗ϵϵϳ͕^ƚƌĂǏWŽǏĂƌŶĂ͗ϵϵϴ͕^K^ƚĞů͘ŬŽŵ͗͘ϭϭϮ
нϯϮ;ϯͿϳϲϬϬϮϬϬ;ŝŶĨŽƌŵĂĐũĂƉƌŽĚƵĐĞŶƚĂǁĞůŐŝŝͿ
ŝƵƌŽdĞĐŚŶŝĐnjŶĞ'Z&/<h^͗
ďƚΛŐƌĂĨŝŬƵƐ͘ĐŽŵ͘Ɖů͕ƚĞů͘ϮϮϱϵϰϬϵϬϬ;ϴ͗ϬϬʹϭϲ͗ϬϬ͕ƉŶʹƉƚͿ
Ϯ͘ /Edz&/<:'ZK‚F
<>^z&/<:^h^dE:/>hD/^E/Ez͗
<ůĂƐLJĨŝŬĂĐũĂnjŐŽĚŶŝĞnjĚLJƌĞŬƚLJǁČZĂĚLJϲϳͬϱϰϴͬt'ůƵďĚLJƌĞŬƚLJǁČϭϵϵϵͬϰϱͬt
yŶ͖WƌŽĚƵŬƚƐnjŬŽĚůŝǁLJ
Zϲϱ͗njŝĂųĂƐnjŬŽĚůŝǁŝĞ͖ŵŽǏĞƉŽǁŽĚŽǁĂđƵƐnjŬŽĚnjĞŶŝĞƉųƵĐǁƉƌnjLJƉĂĚŬƵƉŽųŬŶŝħĐŝĂ͘
yŝ͖WƌŽĚƵŬƚĚƌĂǏŶŝČĐLJ
Zϯϳ͗njŝĂųĂĚƌĂǏŶŝČĐŽŶĂĚƌŽŐŝŽĚĚĞĐŚŽǁĞ͘
E͖WƌŽĚƵŬƚŶŝĞďĞnjƉŝĞĐnjŶLJĚůĂƑƌŽĚŽǁŝƐŬĂ
Zϱϭͬϱϯ͗njŝĂųĂƚŽŬƐLJĐnjŶŝĞŶĂŽƌŐĂŶŝnjŵLJǁŽĚŶĞ͖ŵŽǏĞƉŽǁŽĚŽǁĂđĚųƵŐŽƵƚƌnjLJŵƵũČĐĞƐŝħŶŝĞŬŽƌnjLJƐƚŶĞnjŵŝĂŶLJǁ
ƑƌŽĚŽǁŝƐŬƵǁŽĚŶLJŵ͘
ZϭϬ͗WƌŽĚƵŬƚųĂƚǁŽƉĂůŶLJ͘
Zϲϲ͗WŽǁƚĂƌnjĂũČĐĞƐŝħŶĂƌĂǏĞŶŝĞŵŽǏĞƉŽǁŽĚŽǁĂđǁLJƐƵƐnjĂŶŝĞůƵďƉħŬĂŶŝĞƐŬſƌLJ͘
Zϲϳ͗WĂƌLJŵŽŐČǁLJǁŽųLJǁĂđƵĐnjƵĐŝĞƐĞŶŶŽƑĐŝŝnjĂǁƌŽƚLJŐųŽǁLJ͘
^njĐnjĞŐſůŶĞǁƐŬĂnjſǁŬŝŽnjĂŐƌŽǏĞŶŝƵĚůĂĐnjųŽǁŝĞŬĂŝƑƌŽĚŽǁŝƐŬĂ͗
WƌŽĚƵŬƚ ƉŽĚůĞŐĂ ŽďŽǁŝČnjŬŽǁŝ ŽnjŶĂŬŽǁĂŶŝĂ ŶĂ ƉŽĚƐƚĂǁŝĞ ŵĞƚŽĚLJ ŽďůŝĐnjĂŶŝĂ ΗKŐſůŶĞũ ǁLJƚLJĐnjŶĞũ ŬůĂƐLJĨŝŬŽǁĂŶŝĂ
ƉƌĞƉĂƌĂƚſǁǁhΗǁũĞũŽƐƚĂƚŶŝŽǁĂǏŶĞũǁĞƌƐũŝ͘
ųƵǏƐnjLJůƵďƉŽǁƚĂƌnjĂũČĐLJƐŝħŬŽŶƚĂŬƚnjĞƐŬſƌČŵŽǏĞǁLJǁŽųĂđnjĂƉĂůĞŶŝĞƐŬſƌLJǁǁLJŶŝŬƵĚnjŝĂųĂŶŝĂŽĚƚųƵƐnjĐnjĂũČĐĞŐŽ
ƌŽnjƉƵƐnjĐnjĂůŶŝŬĂ͘
^LJƐƚĞŵŬůĂƐLJĨŝŬĂĐũŝ͗
<ůĂƐLJĨŝŬĂĐũĂ ŽĚƉŽǁŝĂĚĂ ĂŬƚƵĂůŶLJŵ ůŝƐƚŽŵ tƐƉſůŶŽƚLJ ƵƌŽƉĞũƐŬŝĞũ͕ ũĞĚŶĂŬ ũĞƐƚ ƵnjƵƉĞųŶŝŽŶĂ ĚĂŶLJŵŝ nj ůŝƚĞƌĂƚƵƌLJ
ĨĂĐŚŽǁĞũŝĚĂŶLJŵŝĨŝƌŵŽǁLJŵŝ͘
>DEdzKEEKtE/
KnjŶĂĐnjĞŶŝĂǁĞĚųƵŐǁLJƚLJĐnjŶLJĐŚt'͗
WƌŽĚƵŬƚnjŽƐƚĂųƐŬůĂƐLJĨŝŬŽǁĂŶLJŝŽnjŶĂĐnjŽŶLJǁŐ͘ŶŽƌŵt'ͬnjĂƌnjČĚnjĞŶŝĂŽƐƵďƐƚĂŶĐũĂĐŚƐnjŬŽĚůŝǁLJĐŚ͘
ĂƚĂƐƉŽƌnjČĚnjĞŶŝĂ͗Ϯϲ͘ϭϬ͘ϮϬϭϭ
tLJĚĂŶŝĞ͗ϭ͘Ϭ
^ƚƌŽŶĂϭnjϭϬ
<Zd,Z<dZz^dz</
,zZKt^,
yŶʹWƌŽĚƵŬƚƐnjŬŽĚůŝǁLJ
EĂƉŝƐŽƐƚƌnjĞŐĂǁĐnjLJŶĂ
ŽƉĂŬŽǁĂŶŝĂĐŚũĞĚŶŽƐƚŬŽǁLJĐŚ͗
EʹWƌŽĚƵŬƚŶŝĞďĞnjƉŝĞĐnjŶLJĚůĂ
ƑƌŽĚŽǁŝƐŬĂ
njĂǁŝĞƌĂ͗ŵŝĞƐnjĂŶŝĂǁħŐůŽǁŽĚŽƌſǁ
^LJŵďŽůĞnjĂŐƌŽǏĞŶŝĂ͗
ZϭϬ͗ WƌŽĚƵŬƚųĂƚǁŽƉĂůŶLJ͘
Zϯϳ͗ njŝĂųĂĚƌĂǏŶŝČĐŽŶĂĚƌŽŐŝŽĚĚĞĐŚŽǁĞ͘
Zϱϭͬϱϯ͗ njŝĂųĂƚŽŬƐLJĐnjŶŝĞŶĂŽƌŐĂŶŝnjŵLJǁŽĚŶĞ͖ŵŽǏĞƉŽǁŽĚŽǁĂđĚųƵŐŽƵƚƌnjLJŵƵũČĐĞƐŝħŶŝĞŬŽƌnjLJƐƚŶĞ
njŵŝĂŶLJǁƑƌŽĚŽǁŝƐŬƵǁŽĚŶLJŵ͘
Zϲϱ͗ njŝĂųĂƐnjŬŽĚůŝǁŝĞ͖ŵŽǏĞƉŽǁŽĚŽǁĂđƵƐnjŬŽĚnjĞŶŝĞƉųƵĐǁƉƌnjLJƉĂĚŬƵƉŽųŬŶŝħĐŝĂ͘
Zϲϲ͗ WŽǁƚĂƌnjĂũČĐĞƐŝħŶĂƌĂǏĞŶŝĞŵŽǏĞƉŽǁŽĚŽǁĂđǁLJƐƵƐnjĂŶŝĞůƵďƉħŬĂŶŝĞƐŬſƌLJ͘
Zϲϳ͗ WĂƌLJŵŽŐČǁLJǁŽųLJǁĂđƵĐnjƵĐŝĞƐĞŶŶŽƑĐŝŝnjĂǁƌŽƚLJŐųŽǁLJ͘
^LJŵďŽůĞďĞnjƉŝĞĐnjĞŷƐƚǁĂ͗
^Ϯϯ͗ EŝĞǁĚLJĐŚĂđŐĂnjƵͬĚLJŵƵͬƉĂƌLJͬƌŽnjƉLJůŽŶĞũĐŝĞĐnjLJ;ƌŽĚnjĂũŽŬƌĞƑůŝƉƌŽĚƵĐĞŶƚͿ͘
^Ϯϰ͗ hŶŝŬĂđnjĂŶŝĞĐnjLJƐnjĐnjĞŶŝĂƐŬſƌLJ͘
^ϰϯ͗ ŽƵŐĂƐnjĞŶŝĂƐƚŽƐŽǁĂđƉŝĂƐĞŬ͕ĚǁƵƚůĞŶĞŬǁħŐůĂůƵďƉƌŽƐnjĞŬŐĂƑŶŝĐnjLJ͕ŶŝĞƐƚŽƐŽǁĂđǁŽĚLJ
^ϱϳ͗ hǏLJǁĂđŽĚƉŽǁŝĞĚŶŝĐŚƉŽũĞŵŶŝŬſǁnjĂƉŽďŝĞŐĂũČĐLJĐŚƐŬĂǏĞŶŝƵƑƌŽĚŽǁŝƐŬĂ͘
^ϲϬ͗ WƌŽĚƵŬƚŝŽƉĂŬŽǁĂŶŝĂƵƐƵǁĂđũĂŬŽŽĚƉĂĚŶŝĞďĞnjƉŝĞĐnjŶLJ͘
^ϲϮ͗ tƌĂnjŝĞƉŽųŬŶŝħĐŝĂŶŝĞǁLJǁŽųLJǁĂđǁLJŵŝŽƚſǁ͕ŶŝĞnjǁųŽĐnjŶŝĞnjĂƐŝħŐŶČđƉŽƌĂĚLJůĞŬĂƌnjĂŝƉŽŬĂnjĂđ
ŽƉĂŬŽǁĂŶŝĞůƵďĞƚLJŬŝĞƚħ͘
/ŶŶĞnjĂŐƌŽǏĞŶŝĂ͗
tLJŶŝŬŝŽĐĞŶLJǁųĂƑĐŝǁŽƑĐŝWdŝǀWǀ
ͼWd͗EŝĞŶĂĚĂũČĐLJƐŝħĚŽnjĂƐƚŽƐŽǁĂŶŝĂ͘
ͼǀWǀ͗EŝĞŶĂĚĂũČĐLJƐŝħĚŽnjĂƐƚŽƐŽǁĂŶŝĂ͘
ϯ͘ ^<B//E&KZD:K^<BE/<,
ŚĂƌĂŬƚĞƌLJƐƚLJŬĂĐŚĞŵŝĐnjŶĂ͗ŵŝĞƐnjĂŶŝŶĂŶŝǏĞũǁLJŵŝĞŶŝŽŶLJĐŚƐŬųĂĚŶŝŬſǁnjďĞnjƉŝĞĐnjŶLJŵŝĚŽŵŝĞƐnjŬĂŵŝ͘
^ŬųĂĚŶŝŬƐƚǁĂƌnjĂũČĐLJ
йǁĂŐ͗͘
^͗
Eƌt͗
^LJŵďŽůĞŶŝĞďĞnjƉŝĞĐnjĞŷƐƚǁĂ͗
njĂŐƌŽǏĞŶŝĞ͗
ĞŶnjLJŶĂĐŝħǏŬĂ
ŚLJĚƌŽŽĚƐŝĂƌĐnjŽŶĂ
;ƌŽƉĂŶĂĨƚŽǁĂͿ
ϱϬͲϳϬ
yŶZϲϱ͖EZϱϭͬϱϯ͖ZϭϬͲϲϲͲϲϳ
ͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲ
ϲϰϳϰϮͲϴϮͲϭ ϮϲϱͲϭϴϱͲϰ
&ůĂŵ͘>ŝƋ͘ϯ͕,ϮϮϲ͖ƐƉ͘dŽdž͘ϭ͕,ϯϬϰ͖ƋƵĂƚŝĐ
ŚƌŽŶŝĐϮ͕,ϰϭϭ͖^dKd^ϯ͕,ϯϯϲ
^ŽůǁĞŶƚŶĂĨƚĂ;ƌŽƉĂ
ŶĂĨƚŽǁĂͿ͕
ǁħŐůŽǁŽĚŽƌLJůĞŬŬŝĞ
ĂƌŽŵĂƚLJĐnjŶĞ
ϭϱͲϯϬ
yŶZϲϱ͖yŝZϯϳ͖EZϱϭͬϱϯ͖ZϭϬͲϲϲͲϲϳ
ϲϰϳϰϮͲϵϱͲϲ ϮϲϱͲϭϵϵͲϬ ͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲ
ĂƌĐ͘ϭ͕,ϯϱϬ͖ƐƉ͘dŽdž͘ϭ͕,ϯϬϰ
ĂƚĂƐƉŽƌnjČĚnjĞŶŝĂ͗Ϯϲ͘ϭϬ͘ϮϬϭϭ
tLJĚĂŶŝĞ͗ϭ͘Ϭ
^ƚƌŽŶĂϮnjϭϬ
<Zd,Z<dZz^dz</
,zZKt^,
ϭ͕Ϯ͕ϰͲƚƌŝŵĞƚLJůŽďĞŶnjĞŶ
DĞnjLJƚLJůĞŶ
<ƐLJůĞŶ
/njŽƉƌŽƉLJůŽďĞŶnjĞŶ
ϳͲϭϱ
ϭͲϱ
ϭͲϱ
Ϭ͕ϭͲϭ
ϵϱͲϲϯͲϲ
yŶZϮϬ͖yŝZϯϲͬϯϳͬϯϴ͖EZϱϭͬϱϯ͖ZϭϬ
ͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲ
ϮϬϮͲϰϯϲͲϵ &ůĂŵ͘>ŝƋ͘ϯ͕,ϮϮϲ͖ƋƵĂƚŝĐŚƌŽŶŝĐϮ͕,ϰϭϭ͖
ĐƵƚĞdŽdž͘ϰ͕,ϯϯϮ͖^ŬŝŶ/ƌƌŝƚ͘Ϯ͕,ϯϭϱ͖LJĞ/ƌƌŝƚ͘
Ϯ͕,ϯϭϵ͖^dKd^ϯ͕,ϯϯϱ
ϭϬϴͲϲϳͲϴ
yŝZϯϳ͖EZϱϭͬϱϯ͖ZϭϬ
ͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲ
ϮϬϯͲϲϬϰͲϰ
&ůĂŵ͘>ŝƋ͘ϯ͕,ϮϮϲ͖ƋƵĂƚŝĐŚƌŽŶŝĐϮ͕,ϰϭϭ͖
^dKd^ϯ͕,ϯϯϱ
ϭϯϯϬͲϮϬͲϳ
yŶZϮϬͬϮϭ͖yŝZϯϴ͖ZϭϬ
ͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲ
ϮϭϱͲϱϯϱͲϳ
&ůĂŵ͘>ŝƋ͘ϯ͕,ϮϮϲ͖ĐƵƚĞdŽdž͘ϰ͕,ϯϭϮ͖ĐƵƚĞ
dŽdž͘ϰ͕,ϯϯϮ͖^ŬŝŶ/ƌƌŝƚ͘Ϯ͕,ϯϭϱ
ϵϴͲϴϮͲϴ
yŶZϲϱ͖yŝZϯϳ͖EZϱϭͬϱϯ͖ZϭϬ
ϮϬϮͲϳϬϰͲϱ &ůĂŵ͘>ŝƋ͘ϯ͕,ϮϮϲ͖ƐƉ͘dŽdž͘ϭ͕,ϯϬϰ͖ƋƵĂƚŝĐ
ŚƌŽŶŝĐϮ͕,ϰϭϭ͖^dKd^ϯ͕,ϯϯϱ
WĞųĞŶƚĞŬƐƚnjǁƌŽƚſǁZƉƌnjLJƚŽĐnjŽŶLJnjŽƐƚĂųǁƉƵŶŬĐŝĞϭϲŬĂƌƚLJ͘
ϰ͘ W/Zt^WKDK
>E/K'M>E
tƉƌnjLJƉĂĚŬƵũĂŬŝĐŚŬŽůǁŝĞŬǁČƚƉůŝǁŽƑĐŝůƵďǁLJƐƚČƉŝĞŶŝĂŝƵƚƌnjLJŵLJǁĂŶŝĂƐŝħŽďũĂǁſǁƐŬŽŶƐƵůƚŽǁĂđƐŝħnjůĞŬĂƌnjĞŵ͘
E/ ǁLJǁŽųLJǁĂđ ǁLJŵŝŽƚſǁ ŝ E/ ƉŽĚĂǁĂđ ŶŝĐnjĞŐŽ ĚŽƵƐƚŶŝĞ ŽƐŽďŝĞ ŶŝĞƉƌnjLJƚŽŵŶĞũ͘ WŽŬĂnjĂđ ŬĂƌƚħ ĐŚĂƌĂŬƚĞƌLJƐƚLJŬŝ
ůƵďŽƉĂŬŽǁĂŶŝĞǁLJŬǁĂůŝĨŝŬŽǁĂŶĞŵƵƉĞƌƐŽŶĞůŽǁŝŵĞĚLJĐnjŶĞŵƵƵĚnjŝĞůĂũČĐĞŵƵƉŽŵŽĐLJ͘
tz,E/ WŽƐnjŬŽĚŽǁĂŶĞŐŽƵƐƵŶČđnjŵŝĞũƐĐĂŶĂƌĂǏĞŶŝĂŶĂƑǁŝĞǏĞƉŽǁŝĞƚƌnjĞ͘:ĞƑůŝŬŽŶŝĞĐnjŶĞnjĂƉĞǁŶŝđƉŽŵŽĐůĞŬĂƌƐŬČ͘
E/z^E/Kh
hƐƵŶČđƐŽĐnjĞǁŬŝŬŽŶƚĂŬƚŽǁĞ͘ĂŶŝĞĐnjLJƐnjĐnjŽŶĞŽĐnjLJŶĂƚLJĐŚŵŝĂƐƚƉųƵŬĂđĐŝČŐųLJŵƐƚƌƵŵŝĞŶŝĞŵůĞƚŶŝĞũǁŽĚLJƉƌnjĞnjϭϬ
ͲϭϱŵŝŶƵƚ͘WŽĚĐnjĂƐƉųƵŬĂŶŝĂƚƌnjLJŵĂđƉŽǁŝĞŬŝƐnjĞƌŽŬŽƌŽnjǁĂƌƚĞŝƉŽƌƵƐnjĂđŐĂųŬČŽĐnjŶČ͘EŝĞƐƚŽƐŽǁĂđnjďLJƚƐŝůŶĞŐŽ
ƐƚƌƵŵŝĞŶŝĂ ǁŽĚLJ ĂďLJ ŶŝĞ ƵƐnjŬŽĚnjŝđ ƌŽŐſǁŬŝ͘ t ƌĂnjŝĞ ƵƚƌnjLJŵƵũČĐLJĐŚ ĚŽůĞŐůŝǁŽƑĐŝ ƐŬŽŶƐƵůƚŽǁĂđ Ɛŝħ njůĞŬĂƌnjĞŵ
ŽŬƵůŝƐƚČ͘
E/z^E/^<MZz EĂƚLJĐŚŵŝĂƐƚ njĚũČđ njĂŶŝĞĐnjLJƐnjĐnjŽŶČ ŽĚnjŝĞǏ͘ ĂŶŝĞĐnjLJƐnjĐnjŽŶČ ƐŬſƌħ ĚŽŬųĂĚŶŝĞ ƵŵLJđ ďŝĞǏČĐČ ǁŽĚČ nj ŵLJĚųĞŵ͕
ĂŶĂƐƚħƉŶŝĞĚŽŬųĂĚŶŝĞƐƉųƵŬĂđǁŽĚČ͖ũĞƑůŝũĞƐƚƉŽƚƌnjĞďĂnjĂƐƚŽƐŽǁĂđŬƌĞŵĐnjLJƐnjĐnjČĐLJ͘
WKB<E/%/ EŝĞƉƌŽǁŽŬŽǁĂđǁLJŵŝŽƚſǁ͘ĂƉĞǁŶŝđƉŽŵŽĐůĞŬĂƌƐŬČ͘
ϱ͘ WK^d%WKtE/tWZzW<hWK‚Zh
_ZK</'_E/͗
KϮ͕ƉŝĂƐĞŬůƵďƉƌŽƐnjĞŬŐĂƑŶŝĐnjLJ͘EŝĞƐƚŽƐŽǁĂđǁŽĚLJ͊
ĂƚĂƐƉŽƌnjČĚnjĞŶŝĂ͗Ϯϲ͘ϭϬ͘ϮϬϭϭ
tLJĚĂŶŝĞ͗ϭ͘Ϭ
^ƚƌŽŶĂϯnjϭϬ
<Zd,Z<dZz^dz</
,zZKt^,
_ZK<h'_E/E/WZzdEt'>%MtW/F^dt͗
tŽĚĂƉĞųŶLJŵƐƚƌƵŵŝĞŶŝĞŵ
E/W/EWZKh<dzZK<BhdZD/E'K͗
WƌŽĚƵŬƚLJƌŽnjŬųĂĚƵƚĞƌŵŝĐnjŶĞŐŽŵŽŐČnjĂǁŝĞƌĂđŶĂƐƚħƉƵũČĐĞŵĂƚĞƌŝĂųLJ͗ƚůĞŶĞŬǁħŐůĂ͕ĚǁƵƚůĞŶĞŬǁħŐůĂ͘
^W:>EtzWK^‚E/K,ZKEE͗
EŝĞƐČŬŽŶŝĞĐnjŶĞ
ϲ͘ WK^d%WKtE/tWZzW<hE/D/ZKE'KhtK>E/E/K_ZKKt/^<
/Ezt/h>E_ZK</K^dZK‚EK_/͗
ĂƉĞǁŶŝđŽĚƉŽǁŝĞĚŶŝČǁĞŶƚLJůĂĐũħƐƚƌĞĨLJnjĂŐƌŽǏĞŶŝĂ͘EŽƐŝđƵďƌĂŶŝĞŽĐŚƌŽŶŶĞ͘
WŽƐƚħƉŽǁĂđǁĞĚųƵŐnjĂůĞĐĞŷnjĂǁĂƌƚLJĐŚǁƉƵŶŬĐŝĞϳŝϴ͘
_ZK</K^dZK‚EK_/t<Z^/K,ZKEz_ZKKt/^<͗
EŝĞĚŽƉƵƐnjĐnjĂđĚŽƉƌnjĞĚŽƐƚĂǁĂŶŝĂƐŝħƉƌŽĚƵŬƚƵĚŽŬĂŶĂůŝnjĂĐũŝ͕ǁſĚƉŽǁŝĞƌnjĐŚŶŝŽǁLJĐŚŝǁſĚŐƌƵŶƚŽǁLJĐŚ͘
DdKzKz^E/ͬh^htE/͗
ĞďƌĂđ njĂ ƉŽŵŽĐČ ŵĂƚĞƌŝĂųƵ ǁŝČǏČĐĞŐŽ ĐŝĞĐnjĞ ;ƉŝĂƐĞŬ͕ njŝĞŵŝĂ ŽŬƌnjĞŵŬŽǁĂ͕ ŵĂƚĞƌŝĂų ǁŝČǏČĐLJ ŬǁĂƐLJ͕ ŵĂƚĞƌŝĂų
ǁŝČǏČĐLJ ƵŶŝǁĞƌƐĂůŶLJ͕ ƚƌŽĐŝŶLJͿ͘ DĂƚĞƌŝĂų ƐŬĂǏŽŶLJ ƵƐƵŶČđ ũĂŬŽ ŽĚƉĂĚ ǁŐ ƉƵŶŬƚƵ ϭϯ͘ ĂĚďĂđ Ž ǁLJƐƚĂƌĐnjĂũČĐĞ
ƉƌnjĞǁŝĞƚƌnjĞŶŝĞ͘EŝĞnjŵLJǁĂđǁŽĚČĂŶŝǁŽĚŶLJŵŝƑƌŽĚŬĂŵŝŵLJũČĐLJŵŝ͘
ϳ͘ WK^d%WKtE/WZWZdD/:'KD'zEKtE/
WK^d%WKtE/
WŽĚĐnjĂƐ ƐƚŽƐŽǁĂŶŝĂ ŝ ƉƌnjĞĐŚŽǁLJǁĂŶŝĂ ƉƌŽĚƵŬƚƵ ƉƌnjĞƐƚƌnjĞŐĂđ ŽŐſůŶŝĞ ŽďŽǁŝČnjƵũČĐLJĐŚ ƉƌnjĞƉŝƐſǁ ĚŽƚLJĐnjČĐLJĐŚ
ďĞnjƉŝĞĐnjĞŷƐƚǁĂŝŚŝŐŝĞŶLJƉƌĂĐLJ;ƉĂƚƌnjƉ͘ϭϱͿ͘^ƚŽƐŽǁĂđnjŐŽĚŶŝĞnjƉƌnjĞnjŶĂĐnjĞŶŝĞŵ͕ƉƌnjĞƐƚƌnjĞŐĂđnjĂůĞĐĞŷnjĂǁĂƌƚLJĐŚ
ǁŝŶƐƚƌƵŬĐũĂĐŚ ƐƚĂŶŽǁŝƐŬŽǁLJĐŚ͘ hŶŝŬĂđ ŬŽŶƚĂŬƚƵ nj ŽĐnjĂŵŝ ŝ ƐŬſƌČ ŽƌĂnj ǁĚLJĐŚĂŶŝĂ ƉĂƌ͘ ĂďƌƵĚnjŽŶČ͕ ŶĂƐČĐnjŽŶČ
ŽĚnjŝĞǏŶĂƚLJĐŚŵŝĂƐƚnjĚũČđ͘WŽĚĐnjĂƐƉƌĂĐLJŶŝĞũĞƑđŝŶŝĞƉŝđ͘WŽƵǏLJĐŝƵƵŵLJđƌħĐĞ͘€ƌſĚųĂnjĂƉųŽŶƵƚƌnjLJŵĂđnjĚĂůĞŬĂͲ
ŶŝĞƉĂůŝđƚLJƚŽŶŝƵ͘
D'zEKtE/
WƌnjĞĐŚŽǁLJǁĂđ ǁ ŽƌLJŐŝŶĂůŶLJĐŚ ŽƉĂŬŽǁĂŶŝĂĐŚ͕ ǁ ƐƵĐŚLJŵ ŝ ĐŚųŽĚŶLJŵ ŵŝĞũƐĐƵ͘ ŚƌŽŶŝđ ƉƌnjĞĚ ĚnjŝĂųĂŶŝĞŵ ŵƌŽnjƵ
ŝǁLJƐŽŬŝĐŚ ƚĞŵƉĞƌĂƚƵƌ͘ WƌnjĞƐƚƌnjĞŐĂđ njĂůĞĐĞŷ ƉƌnjĞĚƐƚĂǁŝŽŶLJĐŚ ŶĂ ĞƚLJŬŝĞĐŝĞ ŝ ǁ ŝŶƐƚƌƵŬĐũŝ ƐƚŽƐŽǁĂŶŝĂ͘ KƚǁĂƌƚĞ
ƉŽũĞŵŶŝŬŝŶĂůĞǏLJŽƐƚƌŽǏŶŝĞnjĂŵŬŶČđŝƚƌnjLJŵĂđǁƉŽnjLJĐũŝƉŝŽŶŽǁĞũǁĐĞůƵƵŶŝŬŶŝħĐŝĂǁLJĐŝĞŬƵ͘WƌnjĞĚƐŝħǁnjŝČđƑƌŽĚŬŝ
ƉƌnjĞĐŝǁŬŽŶĂųĂĚŽǁĂŶŝŽŵĞůĞŬƚƌŽƐƚĂƚLJĐnjŶLJŵ͘
<ůĂƐĂƐŬųĂĚŽǁĂŶŝĂ͗ϯ
ϴ͘ <KEdZK>EZ‚E//_ZK</K,KZEz/Ezt/h>E:
>E/t<Z^/_ZK<Mtd,E/Ez,
^ƚŽƐŽǁĂŶĞ ƑƌŽĚŬŝ ŽĐŚƌŽŶLJ ŽƐŽďŝƐƚĞũ ƉŽǁŝŶŶLJ ƐƉĞųŶŝĂđ ǁLJŵŽŐŝ ZŽnjƉŽƌnjČĚnjĞŶŝĂ DŝŶŝƐƚƌĂ 'ŽƐƉŽĚĂƌŬŝ nj ĚŶŝĂ Ϯϭ
ŐƌƵĚŶŝĂϮϬϬϱƌ͘tƐƉƌĂǁŝĞnjĂƐĂĚŶŝĐnjLJĐŚǁLJŵĂŐĂŷĚůĂƑƌŽĚŬſǁŽĐŚƌŽŶLJŝŶĚLJǁŝĚƵĂůŶĞũ;nj͘h͘EƌϮϱϵ͕ƉŽnj͘ϮϭϳϯͿ͘
ĂƉĞǁŶŝđ ŽĚƉŽǁŝĞĚŶŝČ ǁĞŶƚLJůĂĐũħ ŽŐſůŶČ ŝ ŵŝĞũƐĐŽǁČ͘ ĂƉĞǁŶŝđ ǁĂƌƵŶŬŝ ŶŝĞnjďħĚŶĞ ĚŽ ƉƌĂǁŝĚųŽǁĞŐŽ͕
ĂƚĂƐƉŽƌnjČĚnjĞŶŝĂ͗Ϯϲ͘ϭϬ͘ϮϬϭϭ
tLJĚĂŶŝĞ͗ϭ͘Ϭ
^ƚƌŽŶĂϰnjϭϬ
<Zd,Z<dZz^dz</
,zZKt^,
ŵĂŐĂnjLJŶŽǁĂŶŝĂ͕ƚƌĂŶƐƉŽƌƚŽǁĂŶŝĂŝƐƚŽƐŽǁĂŶŝĂƉƌĞƉĂƌĂƚſǁĐŚĞŵŝĐnjŶLJĐŚ͘
WZDdZz<KEdZK>/EZ‚E/
ͲǁŐZŽnjƉŽƌnjČĚnjĞŶŝĂDƉŝW^njĚŶ͘ϮϵůŝƐƚŽƉĂĚĂϮϬϬϮ͗nj͘h͘EƌϮϭϳ͕ƉŽnj͘ϭϴϯϯnjƉſǍŶŝĞũƐnjLJŵŝnjŵŝĂŶĂŵŝ͘
Ͳ ZŽnjƉŽƌnjČĚnjĞŶŝĞDŝŶŝƐƚƌĂĚƌŽǁŝĂ nj ĚŶŝĂ ϮϬ ŬǁŝĞƚŶŝĂ ϮϬϬϱǁ ƐƉƌĂǁŝĞ ďĂĚĂŷ ŝƉŽŵŝĂƌſǁ ĐnjLJŶŶŝŬſǁ ƐnjŬŽĚůŝǁLJĐŚ
ĚůĂnjĚƌŽǁŝĂǁƑƌŽĚŽǁŝƐŬƵƉƌĂĐLJ;nj͘h͘Eƌϳϯ͕ƉŽnj͘ϲϰϱͿ͘
ĂůĞĐĂŶĞ ďĂĚĂŶŝĂ ǁƐƚħƉŶĞ ŝ ŽŬƌĞƐŽǁĞ ƉƌĂĐŽǁŶŝŬſǁ ŶĂůĞǏLJ ƉƌnjĞƉƌŽǁĂĚnjĂđ njŐŽĚŶŝĞ nj ZŽnjƉŽƌnjČĚnjĞŶŝĞŵ DŝŶŝƐƚƌĂ
ĚƌŽǁŝĂ ŝ KƉŝĞŬŝ ^ƉŽųĞĐnjŶĞũ nj ĚŶŝĂ ϯϬ ŵĂũĂ ϭϵϵϲ ƌ͘ t ƐƉƌĂǁŝĞ ƉƌnjĞƉƌŽǁĂĚnjĂŶŝĂ ďĂĚĂŷ ůĞŬĂƌƐŬŝĐŚ ƉƌĂĐŽǁŶŝŬſǁ͕
njĂŬƌĞƐƵ ƉƌŽĨŝůĂŬƚLJĐnjŶĞũ ŽƉŝĞŬŝ njĚƌŽǁŽƚŶĞũ ŶĂĚ ƉƌĂĐŽǁŶŝŬĂŵŝ ŽƌĂnj ŽƌnjĞĐnjĞŷ ůĞŬĂƌƐŬŝĐŚ ǁLJĚĂŶLJĐŚ ĚŽ ĐĞůſǁ
ƉƌnjĞǁŝĚnjŝĂŶLJĐŚǁ<ŽĚĞŬƐŝĞWƌĂĐLJ;nj͘h͘Eƌϲϵͬϭϵϵϲ͘ƉŽnj͘ϯϯϮ͕njĞnjŵŝĂŶĂŵŝnj͘h͘EƌϯϳͬϮϬϬϭƌ͘WŽnj͘ϰϱϭͿ
E:tz‚^KWh^>E^d%‚E/t_ZKKt/^<hWZz͗
E^
E^,
E^W
^ŬųĂĚŶŝŬ͗
^͗
ϯ
ϯ
΀ŵŐͬŵ ΁
΀ŵŐͬŵ ΁
΀ŵŐͬŵϯ΁
ĞŶnjLJŶĂĐŝħǏŬĂŚLJĚƌŽŽĚƐŝĂƌĐnjŽŶĂ;ƌŽƉĂ
ϲϰϳϰϮͲϴϮͲϭ
ϯϬϬ
ϵϬϬ
ͲͲͲ
ŶĂĨƚŽǁĂͿ
<ƐLJůĞŶ
ϭϯϯϬͲϮϬͲϳ
ϭϬϬ
ͲͲͲ
ͲͲͲ
>E/,/'/E/͗
hŶŝŬĂđǁĚLJĐŚĂŶŝĂƉĂƌ͘hŶŝŬĂđŬŽŶƚĂŬƚƵƉƌŽĚƵŬƚƵnjĞƐŬſƌČ͕ŽĐnjĂŵŝ͘EŝĞũĞƑđ͕ŶŝĞƉŝđ͕ŶŝĞƉĂůŝđƚLJƚŽŶŝƵƉŽĚĐnjĂƐƉƌĂĐLJ͘
EĂƚLJĐŚŵŝĂƐƚnjĚũČđnjĂŶŝĞĐnjLJƐnjĐnjŽŶČ͕ŶĂƐŝČŬŶŝħƚČŽĚnjŝĞǏŝƵƐƵŶČđǁďĞnjƉŝĞĐnjŶĞŵŝĞũƐĐĞnjĚĂůĂŽĚǍƌſĚĞųĐŝĞƉųĂŝǍƌſĚĞų
njĂƉųŽŶƵ͖ ƵƉƌĂđ ƉƌnjĞĚ ƉŽŶŽǁŶLJŵ ƵǏLJĐŝĞŵ͘ <ĂǏĚŽƌĂnjŽǁŽ ƉŽ ƉƌnjĞƌǁĂŶŝƵ ůƵď njĂŬŽŷĐnjĞŶŝƵ ƉƌĂĐLJ͕ ƉƌnjĞĚ ũĞĚnjĞŶŝĞŵ͕
ƉŝĐŝĞŵ͕ ƉĂůĞŶŝĞŵ ůƵď ŬŽƌnjLJƐƚĂŶŝĞŵ nj ƚŽĂůĞƚLJ ŵLJđ ƌħĐĞ ǁŽĚČ njŵLJĚųĞŵ͘ dƌnjLJŵĂđ nj ĚĂůĂ ŽĚ ƑƌŽĚŬſǁ ƐƉŽǏLJǁĐnjLJĐŚ͕
ŶĂƉŽũſǁŝƉĂƐnj͘
_ZK</K,KZEz/Ezt/h>E:͗
<ŽŶŝĞĐnjŶŽƑđ njĂƐƚŽƐŽǁĂŶŝĂ ŝ ĚŽďſƌ ŽĚƉŽǁŝĞĚŶŝĐŚ ƑƌŽĚŬſǁ ŽĐŚƌŽŶLJ ŝŶĚLJǁŝĚƵĂůŶĞũ ƉŽǁŝŶŶLJ ƵǁnjŐůħĚŶŝĂđ ƌŽĚnjĂũ
njĂŐƌŽǏĞŶŝĂ ƐƚǁĂƌnjĂŶĞŐŽ ƉƌnjĞnj ƉƌŽĚƵŬƚ͕ ǁĂƌƵŶŬſǁ ǁ ŵŝĞũƐĐƵ ƉƌĂĐLJ ŽƌĂnj ƐƉŽƐſď ƉŽƐƚħƉŽǁĂŶŝĂ njƉƌŽĚƵŬƚĞŵ͘
^ƚŽƐŽǁĂŶĞƑƌŽĚŬŝŽĐŚƌŽŶLJŝŶĚLJǁŝĚƵĂůŶĞũƉŽǁŝŶŶLJƐƉĞųŶŝĂđǁLJŵĂŐĂŶŝĂŽŬƌĞƑůŽŶĞǁŶŽƌŵĂĐŚŝƉƌnjĞƉŝƐĂĐŚ͘
ƌſŐŽĚĚĞĐŚŽǁLJĐŚ
WƌnjLJ ĚŽďƌĞũ ǁĞŶƚLJůĂĐũŝ ŽĐŚƌŽŶĂ ĚƌƵŬ ŽĚĚĞĐŚŽǁLJĐŚ ŶŝĞ ŬŽŶŝĞĐnjŶĂ͖ ǁ ƉƌnjLJƉĂĚŬƵ ŶŝĞĚŽƐƚĂƚĞĐnjŶĞũ
ǁĞŶƚLJůĂĐũŝ͕ ĚųƵǏƐnjĞŐŽ ŶĂƌĂǏĞŶŝĂ ůƵď ŶĂƌĂǏĞŶŝĂ ŶĂ ƐƚħǏĞŶŝĂ ƉƌnjĞŬƌĂĐnjĂũČĐĞ ĚŽƉƵƐnjĐnjĂůŶĞ ǁĂƌƚŽƑĐŝ
ƐƚŽƐŽǁĂđnjĂƚǁŝĞƌĚnjŽŶLJƌĞƐƉŝƌĂƚŽƌ͘
KĐŚƌŽŶLJ ĚƌſŐ ŽĚĚĞĐŚŽǁLJĐŚ ƉŽǁŝŶŶLJ ƐƉĞųŶŝĂđ ǁLJŵĂŐĂŶŝĂ WE WEͲE ϭϰϯϴϳ͗ϮϬϬϲ͕ WEͲE ϭϰϯ͗ ϮϬϬϰ
ŝWEͲEϭϰϯϴϳ͗ϮϬϬϲ͘
ZČŬ
t ƉƌnjLJƉĂĚŬƵ ŵŽǏůŝǁŽƑĐŝ ŬŽŶƚĂŬƚƵ njĞ ƐŬſƌČ͕ ŶƉ͘ ƉŽĚĐnjĂƐ ĐnjLJŶŶŽƑĐŝ ŽĐnjLJƐnjĐnjĂŶŝĂ ƐƚŽƐŽǁĂđ ƌħŬĂǁŝĐĞ
ŽĐŚƌŽŶŶĞ͕ƐƉĞųŶŝĂũČĐĞǁLJŵĂŐĂŶŝĂWEͲEϯϳϰͲϭ͕Ϯ͕ϯ͗ϮϬϬϱ͘
 ƉŽǁŽĚƵ ďƌĂŬƵ ďĂĚĂŷ ŶŝĞ ŵŽǏŶĂ ƉŽĚĂđ ǏĂĚŶĞŐŽ njĂůĞĐĞŶŝĂ ĚŽƚLJĐnjČĐĞŐŽ ŵĂƚĞƌŝĂųƵ ĚůĂ ƌħŬĂǁŝĐ
ĚŽŽĐŚƌŽŶLJƉƌnjĞĚƉƌĞƉĂƌĂƚĞŵ͘tLJďſƌŽĚƉŽǁŝĞĚŶŝĐŚƌħŬĂǁŝĐŶŝĞnjĂůĞǏLJƚLJůŬŽŽĚŵĂƚĞƌŝĂųƵ͕ůĞĐnjƚĂŬǏĞ
ŽĚ ŝŶŶLJĐŚ ĐĞĐŚ ũĂŬŽƑĐŝŽǁLJĐŚ ŝ njŵŝĞŶŝĂ Ɛŝħ ǁ njĂůĞǏŶŽƑĐŝ ŽĚƉƌŽĚƵĐĞŶƚĂ͘ WŽŶŝĞǁĂǏ ƉƌŽĚƵŬƚ ũĞƐƚ
ƉƌĞƉĂƌĂƚĞŵ ƐŬųĂĚĂũČĐLJŵ Ɛŝħ nj ŬŝůŬƵ ƐƵďƐƚĂŶĐũŝ͕ ƚŽŽĚƉŽƌŶŽƑĐŝ ŵĂƚĞƌŝĂųſǁ͕ nj ŬƚſƌLJĐŚ ǁLJŬŽŶĂŶŽ
ƌħŬĂǁŝĐĞŶŝĞŵŽǏŶĂǁĐnjĞƑŶŝĞũǁLJůŝĐnjLJđ͘ůĂƚĞŐŽƚĞǏŵƵƐŝďLJđŽŶĂƐƉƌĂǁĚnjŽŶĂƉƌnjĞĚnjĂƐƚŽƐŽǁĂŶŝĞŵ͘
EĂůĞǏLJ ƐƚŽƐŽǁĂđ ƌħŬĂǁŝĐĞ ƚLJůŬŽ ƌĞŶŽŵŽǁĂŶLJĐŚ ƉƌŽĚƵĐĞŶƚſǁ͘ :ĞƑůŝ ǁLJƐƚČƉŝČ ũĂŬŝĞŬŽůǁŝĞŬ ŽnjŶĂŬŝ
njƵǏLJĐŝĂ ƌħŬĂǁŝĐ͕ ŝĐŚ ƉƌnjĞĚnjŝƵƌĂǁŝĞŶŝĞ͕ ƌŽnjĞƌǁĂŶŝĞ ůƵď njŵŝĂŶLJ ǁ ǁLJŐůČĚnjŝĞ ;ŬŽůŽƌnjĞ͕ ĞůĂƐƚLJĐnjŶŽƑĐŝ͕
ŬƐnjƚĂųĐŝĞͿŶĂůĞǏLJũĞŶĂƚLJĐŚŵŝĂƐƚnjŵŝĞŶŝđ͘WŽƉƌĂĐLJnjĂůĞĐĂƐŝħƐƚŽƐŽǁĂŶŝĞŬƌĞŵſǁŶĂǁŝůǏĂũČĐLJĐŚ͘
ĂůĞĐĂŶĂƐŝħƵǏLJǁĂđƌħŬĂǁŝĐǁLJŬŽŶĂŶLJĐŚnjŵĂƚĞƌŝĂųſǁ͗ŐƵŵĂŶŝƚƌLJůŽǁĂ;ŐƌƵďŽƑđхϬ͕ϯϴŵŵ͕ĐnjĂƐ
ƉƌnjĞũƑĐŝĂхϰϴϬŵŝŶͿ͘EŝĞŶĂĚĂũČƐŝħƌħŬĂǁŝĐĞnjŶĂƐƚħƉƵũČĐLJĐŚŵĂƚĞƌŝĂųſǁ͗<ĂƵĐnjƵŬŶĂƚƵƌĂůŶLJ;ůĂƚĞŬƐͿ͘
ĂƚĂƐƉŽƌnjČĚnjĞŶŝĂ͗Ϯϲ͘ϭϬ͘ϮϬϭϭ
tLJĚĂŶŝĞ͗ϭ͘Ϭ
^ƚƌŽŶĂϱnjϭϬ
<Zd,Z<dZz^dz</
,zZKt^,
KĐnjƵ
^ƚŽƐŽǁĂđ ŽĐŚƌŽŶLJ ŽĐnjƵ ;ŶƉ͘ ŐŽŐůĞͿ ĐŚƌŽŶŝČĐĞ ƉƌnjĞĚ ƌŽnjƉƌLJƐŬĂŵŝ ĐŝĞĐnjLJ͕ ƐnjĐnjĞŐſůŶŝĞ ƉŽĚĐnjĂƐ ŽƉĞƌĂĐũŝ
ĐnjLJƐnjĐnjĞŶŝĂŝĚŽnjŽǁĂŶŝĂ͘KĐŚƌŽŶLJŽĐnjƵƉŽǁŝŶŶLJƐƉĞųŶŝĂđǁLJŵĂŐĂŶŝĂWEͲEϭϲϲ͗ϮϬϬϱ
ĂůĞĐĂŶĞǁLJƉŽƐĂǏĞŶŝĞŵŝĞũƐĐĂƉƌĂĐLJǁǁŽĚŶLJŶĂƚƌLJƐŬĚŽƉųƵŬĂŶŝĂŽĐnjƵ͘
^ŬſƌLJ
hďƌĂŶŝĞ ƌŽďŽĐnjĞ͘ KĐŚƌŽŶLJ ƐŬſƌLJ ƉŽǁŝŶŶLJ ƐƉĞųŶŝĂđ ǁLJŵĂŐĂŶŝĂ WEͲE /^K ϮϬϯϰϱ͗ϮϬϬϳ͖ WEͲE /^K
ϮϬϯϰϱ͗ϮϬϬϳͬ͗ϮϬϬϳ
ϵ͘ tB_/tK_/&/z<K,D/E
WŽƐƚĂđĨŝnjLJĐnjŶĂ͗
ĂƌǁĂ͗
ĂƉĂĐŚ͗
WƵŶŬƚnjĂƉųŽŶƵ͗
WƵŶŬƚǁƌnjĞŶŝĂͬnjĂŬƌĞƐǁƌnjĞŶŝĂ͗
EŝĞďĞnjƉŝĞĐnjĞŷƐƚǁŽǁLJďƵĐŚƵ͗
ĐŝĞĐnj
ǏſųƚĂ
ĐŚĂƌĂŬƚĞƌLJƐƚLJĐnjŶLJ
ϰϮ°
ͲͲͲ
WƌŽĚƵŬƚŶŝĞŐƌŽnjŝǁLJďƵĐŚĞŵ͕ĂůĞŵŽǏůŝǁĞũĞƐƚ
ƉŽǁƐƚĂǁĂŶŝĞƉĂƌͬŵŝĞƐnjĂŶĞŬnjƉŽǁŝĞƚƌnjĞŵ
ŐƌŽǏČĐLJĐŚǁLJďƵĐŚĞŵ
Ϭ͕ϴϭϯŐͬĐŵϯ
ĞŵƵůŐƵũČĐLJ
ͲͲͲ
ͲͲͲ
ϵϲ͕ϴϭй
'ħƐƚŽƑđ;ϮϬ°Ϳ͗
ZŽnjƉƵƐnjĐnjĂůŶŽƑđǁǁŽĚnjŝĞ͗
tĂƌƚŽƑđƉ,;ϮϬ°Ϳ͗
WƌħǏŶŽƑđƉĂƌ;ϮϬ°Ϳ͗
ĂǁĂƌƚŽƑđ>K;sKͿ͗
ϭϬ͘
^d/>EK_/Z<dztEK_
^d/>EK_͗
tŶŽƌŵĂůŶLJĐŚǁĂƌƵŶŬĂĐŚŵĂŐĂnjLJŶŽǁĂŶŝĂŝƉŽƐƚħƉŽǁĂŶŝĂƉƌŽĚƵŬƚũĞƐƚĐŚĞŵŝĐnjŶŝĞƐƚĂďŝůŶLJ͘
DdZ/Bz͕<dMZz,E>‚zhE/<͗
ŶŝĞƐČnjŶĂŶĞ
E/W/EWZKh<dzZK<Bh͗
důĞŶĞŬǁħŐůĂ͕ĚǁƵƚůĞŶĞŬǁħŐůĂ͘
ϭϭ͘
/E&KZD:dK<^z<K>K'/E
dK<^zEK_K^dZ͗
^ŽůǁĞŶƚŶĂĨƚĂ;ƌŽƉĂŶĂĨƚŽǁĂͿ͕ǁħŐůŽǁŽĚŽƌLJůĞŬŬŝĞĂƌŽŵĂƚLJĐnjŶĞ͗^ϲϰϳϰϮͲϵϱͲϲ
>ϱϬ;ƐnjĐnjƵƌ͕ĚŽƵƐƚŶŝĞͿхϲϴϬϬŵŐͬŬŐ
>ϱϬ;ŬƌſůŝŬ͕ƐŬſƌĂͿхϯϰϬϬŵŐͬŬŐ
>ϱϬ;ƐnjĐnjƵƌ͕ŝŶŚĂůĂĐũĂͿхϭϬ͕ϮŵŐͬůͬϰŚ
ϭ͕Ϯ͕ϰͲƚƌŝŵĞƚŚLJůďĞŶnjĞŶĞ͗^ϵϱͲϲϯͲϲ
>ϱϬ;ƐnjĐnjƵƌ͕ĚŽƵƐƚŶŝĞͿсϱϬϬϬŵŐͬŬŐ
ĂƚĂƐƉŽƌnjČĚnjĞŶŝĂ͗Ϯϲ͘ϭϬ͘ϮϬϭϭ
tLJĚĂŶŝĞ͗ϭ͘Ϭ
^ƚƌŽŶĂϲnjϭϬ
<Zd,Z<dZz^dz</
,zZKt^,
ŝnjŽƉƌŽƉLJůŽďĞŶnjĞŶ͗^ϵϴͲϴϮͲϴ
>ϱϬ;ƐnjĐnjƵƌ͕ĚŽƵƐƚŶŝĞͿсϭϰϬϬŵŐͬŬŐ
>ϱϬ;ŬƌſůŝŬ͕ƐŬſƌĂͿсϭϮϯϬϬŵŐͬŬŐ
>ϱϬ;ŵLJƐnj͕ŝŶŚĂůĂĐũĂͿсϮϰ͕ϳŵŐͬůͬϰŚ
W/ZtKdE/BE/Z‚E/͗
<ŽŶƚĂŬƚnjĞƐŬſƌČ͗ďƌĂŬĚnjŝĂųĂŶŝĂĚƌĂǏŶŝČĐĞŐŽ
<ŽŶƚĂŬƚnjŽĐnjĂŵŝ͗ďƌĂŬĚnjŝĂųĂŶŝĂĚƌĂǏŶŝČĐĞŐŽ
hĐnjƵůĂŶŝĞ͗ǏĂĚŶĞĚnjŝĂųĂŶŝĞƵĐnjƵůĂũČĐĞŶŝĞũĞƐƚnjŶĂŶĞ͘
Kd<Ktt^<Mt</dK<^z<K>K'/E͗
WƌŽĚƵŬƚ ǁLJŬĂnjƵũĞ ŶĂƐƚħƉƵũČĐĞ njĂŐƌŽǏĞŶŝĂ ǁ ŽƉĂƌĐŝƵ Ž ŵĞƚŽĚħ ŽďůŝĐnjĞŷ ǁĞĚųƵŐ ŽŐſůŶLJĐŚ ǁLJƚLJĐnjŶLJĐŚ ŬůĂƐLJĨŝŬĂĐũŝ
tƐƉſůŶŽƚLJƵƌŽƉĞũƐŬŝĞũĚŽƚLJĐnjČĐLJĐŚƌĞĐĞƉƚƵƌ͕ǁĞƌƐũĂŽƐƚĂƚŶŝĂ͗
^ƵďƐƚĂŶĐũĂĚƌĂǏŶŝČĐĂ͘njŝĂųĂƐnjŬŽĚůŝǁŝĞ͖ŵŽǏĞƉŽǁŽĚŽǁĂđƵƐnjŬŽĚnjĞŶŝĞƉųƵĐǁƉƌnjLJƉĂĚŬƵƉŽųŬŶŝħĐŝĂ͘
ϭϮ͘
/E&KZD:<K>K'/E
t^<Mt</K'M>E͗
<ůĂƐĂ ƐnjŬŽĚůŝǁŽƑĐŝ ĚůĂ ǁŽĚLJ Ϯ ;ƐĂŵŽŽŬƌĞƑůĞŶŝĞͿ͗ ƐnjŬŽĚůŝǁLJ ĚůĂ ǁŽĚLJ͘ EŝĞ ĚŽƉƵƑĐŝđ ĚŽ ƉƌnjĞĚŽƐƚĂŶŝĂ Ɛŝħ ǁ ƐƚĂŶŝĞ
ŶŝĞƌŽnjĐŝĞŷĐnjŽŶLJŵůƵďǁĚƵǏLJĐŚŝůŽƑĐŝĂĐŚĚŽǁſĚŐƌƵŶƚŽǁLJĐŚ͕ǁſĚƉŽǁŝĞƌnjĐŚŶŝŽǁLJĐŚďČĚǍĚŽŬĂŶĂůŝnjĂĐũŝ͘
^njŬŽĚůŝǁLJĚůĂǁŽĚLJƉŝƚŶĞũŶĂǁĞƚƉƌnjLJƉƌnjĞĚŽƐƚĂŶŝƵƐŝħŵŝŶŝŵĂůŶLJĐŚŝůŽƑĐŝĚŽƉŽĚųŽǏĂ͘
tnjďŝŽƌŶŝŬĂĐŚǁŽĚŶLJĐŚƚƌƵũČĐLJƚĂŬǏĞĚůĂƌLJďŝƉůĂŶŬƚŽŶƵ͘dƌƵũČĐLJĚůĂŽƌŐĂŶŝnjŵſǁǁŽĚŶLJĐŚ
hǁĂŐĂ͗dƌƵũČĐLJĚůĂƌLJď͊
tLJŶŝŬŝŽĐĞŶLJǁųĂƑĐŝǁŽƑĐŝWdŝǀWǀ
ͼWd͗EŝĞŶĂĚĂũČĐLJƐŝħĚŽnjĂƐƚŽƐŽǁĂŶŝĂ͘
ͼǀWǀ͗EŝĞŶĂĚĂũČĐLJƐŝħĚŽnjĂƐƚŽƐŽǁĂŶŝĂ͘
ϭϯ͘
WK^d%WKtE/KWD/
<>^z&/<:KWMt͗
ϬϳϬϬϬϬ
KĚƉĂĚLJ nj ƉƌŽĚƵŬĐũŝ͕ ƉƌnjLJŐŽƚŽǁĂŶŝĂ͕ ŽďƌŽƚƵ ŝ ƐƚŽƐŽǁĂŶŝĂ ƉƌŽĚƵŬƚſǁ ƉƌnjĞŵLJƐųƵ ĐŚĞŵŝŝ
ŽƌŐĂŶŝĐnjŶĞũ
ϬϳϬϲϬϬ
KĚƉĂĚLJnjƉƌŽĚƵŬĐũŝ͕ƉƌnjLJŐŽƚŽǁĂŶŝĂ͕ŽďƌŽƚƵŝƐƚŽƐŽǁĂŶŝĂƚųƵƐnjĐnjſǁ͕ŶĂƚųƵƐƚĞŬ͕ŵLJĚĞų͕
ĚĞƚĞƌŐĞŶƚſǁ͕ƑƌŽĚŬſǁĚĞnjLJŶĨĞŬƵũČĐLJĐŚŝŬŽƐŵĞƚLJŬſǁ͘
ϬϳϬϲϬϰΎ
/ŶŶĞƌŽnjƉƵƐnjĐnjĂůŶŝŬŝŽƌŐĂŶŝĐnjŶĞ͕ƌŽnjƚǁŽƌLJnjƉƌnjĞŵLJǁĂŶŝĂŝĐŝĞĐnjĞŵĂĐŝĞƌnjLJƐƚĞ
EŝĞŵŽǏĞƉŽĚůĞŐĂđŽďƌſďĐĞǁƐƉſůŶŝĞnjŽĚƉĂĚŬĂŵŝĚŽŵŽǁLJŵŝ͘EŝĞĚŽƉƵƑĐŝđĚŽƉƌnjĞĚŽƐƚĂŶŝĂƐŝħĚŽŬĂŶĂůŝnjĂĐũŝ͘
WK^d%WKtE/KWKtzDWZKh<dD͗
KĚnjLJƐŬůƵďƵŶŝĞƐnjŬŽĚůŝǁŝĂŶŝĞŽĚƉĂĚŽǁĞŐŽƉƌŽĚƵŬƚƵƉƌnjĞƉƌŽǁĂĚnjĂđnjŐŽĚŶŝĞnjŽďŽǁŝČnjƵũČĐLJŵŝƉƌnjĞƉŝƐĂŵŝ;hƐƚĂǁĂ
nj ĚŶŝĂ Ϯϳ ŬǁŝĞƚŶŝĂ ϮϬϬϭƌ͘ Ž ŽĚƉĂĚĂĐŚ͕ nj͘h͘ Eƌ ϲϮ͕ ƉŽnj͘ ϲϮϴ ǁƌĂnj nj ƉſǍŶŝĞũƐnjLJŵŝ njŵŝĂŶĂŵŝͿ͘ ^ƉŽƐſď
ƵŶŝĞƐnjŬŽĚůŝǁŝĂŶŝĂŽĚƉĂĚſǁƵnjŐŽĚŶŝđnjǁųĂƑĐŝǁLJŵƚĞƌĞŶŽǁŽtLJĚnjŝĂųĞŵKĐŚƌŽŶLJ_ƌŽĚŽǁŝƐŬĂ͘
WK^d%WKtE/KWKtzD/KW<KtE/D/͗
KĚnjLJƐŬ ;ƌĞĐLJŬůŝŶŐͿ ůƵď ƵŶŝĞƐnjŬŽĚůŝǁŝĂŶŝĞ ŽĚƉĂĚſǁ ŽƉĂŬŽǁĂŶŝŽǁLJĐŚ ƉƌnjĞƉƌŽǁĂĚnjĂđ njŐŽĚŶŝĞ nj ŽďŽǁŝČnjƵũČĐLJŵŝ
ƉƌnjĞƉŝƐĂŵŝ ;hƐƚĂǁĂ nj ĚŶŝĂ ϭϭ ŵĂũĂ ϮϬϬϭƌ͘ Ž ŽƉĂŬŽǁĂŶŝĂĐŚ ŝ ŽĚƉĂĚĂĐŚ ŽƉĂŬŽǁĂŶŝŽǁLJĐŚ nj͘h͘ Eƌ ϲϯ͕ ƉŽnj͘ ϲϯϴ
ǁƌĂnjnjƉſǍŶŝĞũƐnjLJŵŝnjŵŝĂŶĂŵŝͿ͘
ĂƚĂƐƉŽƌnjČĚnjĞŶŝĂ͗Ϯϲ͘ϭϬ͘ϮϬϭϭ
tLJĚĂŶŝĞ͗ϭ͘Ϭ
^ƚƌŽŶĂϳnjϭϬ
<Zd,Z<dZz^dz</
,zZKt^,
ZŽnjƉŽƌnjČĚnjĞŶŝĞ DŝŶŝƐƚƌĂ _ƌŽĚŽǁŝƐŬĂ nj ĚŶŝĂ Ϯϳ ǁƌnjĞƑŶŝĂ ϮϬϬϭ ǁ ƐƉƌĂǁŝĞ ŬĂƚĂůŽŐƵ ŽĚƉĂĚſǁ ;nj͘h͘ϮϬϬϭ Eƌ ϭϭϮ͕
ƉŽnj͘ϭϮϬϲͿ
ht'͗ dLJůŬŽ ŽƉĂŬŽǁĂŶŝĂ ĐĂųŬŽǁŝĐŝĞ ŽƉƌſǏŶŝŽŶĞ ŵŽŐČ ďLJđ ƉƌnjĞnjŶĂĐnjŽŶĞ ĚŽ ƌĞĐLJŬůŝŶŐƵ͊ hŶŝĞƐnjŬŽĚůŝǁŝĂŶŝĞ
ŽĚƉĂĚſǁ ŶĂůĞǏLJ ƉƌnjĞƉƌŽǁĂĚnjĂđ ǁ ƉƌŽĨĞƐũŽŶĂůŶLJĐŚ͕ ƵƉƌĂǁŶŝŽŶLJĐŚ ƐƉĂůĂƌŶŝĂĐŚ ůƵď njĂŬųĂĚĂĐŚ
ƵnjĚĂƚŶŝĂŶŝĂͬƵŶŝĞƐnjŬŽĚůŝǁŝĂŶŝĂŽĚƉĂĚſǁ͘
ϭϰ͘
/E&KZD:KdZE^WKZ/
WƌĞƉĂƌĂƚ ũĞƐƚ ŬůĂƐLJĨŝŬŽǁĂŶLJ ǁ ŵLJƑů ƉƌnjĞƉŝƐſǁ ZͬZ/͕ ''s^ͬ''s͕ /KͲd/ͬ/dͲ'Z ũĂŬŽ ƐƵďƐƚĂŶĐũĂ
ŶŝĞďĞnjƉŝĞĐnjŶĂ͘
EƵŵĞƌhE͗
ϭϵϵϯ
DĂƚĞƌŝĂųnjĂƉĂůŶLJ͕ĐŝĞŬųLJ͕/͘E͘K͘
EĂnjǁĂ͗
;ĂůŬŝůĐϯďĞnjŶnjĞŶƵ͕ĐLJŵĞŶͲƉŽĚƐƚĂǁŶŝŬƚĞƌƉĞŶƚLJŶLJͿ
'ƌƵƉĂƉĂŬŽǁĂŶŝĂ͗
//
EƵŵĞƌƌŽnjƉŽnjŶĂǁĐnjLJnjĂŐƌŽǏĞŶŝĂ͗
ϯ
<ůĂƐĂ͗
ϯϬ
EĂůĞƉŬĂ͗
ϯ
KnjŶĂŬŽǁĂŶŝĞ͗
<ŽĚŽŐƌĂŶŝĐnjĞŷƉƌnjĞǁŽnjƵƉƌnjĞnj
ƚƵŶĞůĞ͗
ͬ
ϭϱ͘
/E&KZD:KdzWZW/^MtWZtEz,
<>^z&/<:WZKh<dh͗
KĐĞŶĂĞnjƉŝĞĐnjĞŷƐƚǁĂŚĞŵŝĐnjŶĞŐŽŶŝĞnjŽƐƚĂųĂƉƌnjĞƉƌŽǁĂĚnjŽŶĂ͘
WZW/^zWZtE͗
ƒ hƐƚĂǁĂ nj ĚŶŝĂ ϭϭ ƐƚLJĐnjŶŝĂ ϮϬϬϭ ƌ͘ Ž ƐƵďƐƚĂŶĐũĂĐŚ ŝ ƉƌĞƉĂƌĂƚĂĐŚ ĐŚĞŵŝĐnjŶLJĐŚ ;nj͘h͘ Eƌ ϭϭ nj ϮϬϬϭ ƌ͘ WŽnj͘ ϴϰ
njƉſǍŶŝĞũƐnjLJŵŝnjŵŝĂŶĂŵŝͿ
ƒ ZŽnjƉŽƌnjČĚnjĞŶŝĞ DŝŶŝƐƚƌĂ ĚƌŽǁŝĂ nj ĚŶŝĂ Ϯ ǁƌnjĞƑŶŝĂ ϮϬϬϯ ƌ͘ t ƐƉƌĂǁŝĞ ŬƌLJƚĞƌŝſǁ ŝ ƐƉŽƐŽďƵ ŬůĂƐLJĨŝŬĂĐũŝ
ƐƵďƐƚĂŶĐũŝ ŝ ƉƌĞƉĂƌĂƚſǁ ĐŚĞŵŝĐnjŶLJĐŚ ;nj͘h͘ Eƌ ϭϳϭ͕ ƉŽnj͘ ϭϲϲϲ njĞ njŵŝĂŶĂŵŝ nj͘h͘ϮϬϬϰ Eƌ Ϯϰϯ͕ ƉŽnj͘ ϮϰϰϬ
ŽƌĂnjnj͘h͘ϮϬϬϳEƌϭϳϰ͕ƉŽnj͘ϭϮϮϮͿ
ƒ ZŽnjƉŽƌnjČĚnjĞŶŝĞ DŝŶŝƐƚƌĂ ĚƌŽǁŝĂ nj ĚŶŝĂ ϭϯ ůŝƐƚŽƉĂĚĂ ϮϬϬϳƌ͘ t ƐƉƌĂǁŝĞ ŬĂƌƚLJ ĐŚĂƌĂŬƚĞƌLJƐƚLJŬŝ ;nj͘h͘ϮϬϬϳ͕
ŶƌϮϭϱ͕ƉŽnj͘ϭϱϴϴͿ͘
ƒ hƐƚĂǁĂnjĚŶŝĂϮϵůŝƉĐĂϮϬϬϱŽƉƌnjĞĐŝǁĚnjŝĂųĂŶŝƵŶĂƌŬŽŵĂŶŝŝ;nj͘h͘Eƌϭϳϵ͕ƉŽnj͘ϭϰϴϱnjƉŽǍŶŝĞũƐnjLJŵŝnjŵŝĂŶĂŵŝͿ͘
ƒ ZŽnjƉŽƌnjČĚnjĞŶŝĞ ;tͿ Ŷƌ ϮϳϯͬϮϬϬ WĂƌůĂŵĞŶƚƵ ƵƌŽƉĞũƐŬŝĞŐŽ ŝ ZĂĚLJ njĚŶŝĂ ϭϭ ůƵƚĞŐŽ ϮϬϬϰ ƌ͘ ǁƐƉƌĂǁŝĞ
ƉƌĞŬƵƌƐŽƌſǁŶĂƌŬŽƚLJŬŽǁLJĐŚ͘
ƒ ZŽnjƉŽƌnjČĚnjĞŶŝĞ ZĂĚLJ ;tͿ Ŷƌ ϭϭϭͬϮϬϬϱ nj ĚŶŝĂ ϮϮ ŐƌƵĚŶŝĂ ϮϬϬϰ ŽŬƌĞƑůĂũČĐĞ njĂƐĂĚLJ ŶĂĚnjŽƌŽǁĂŶŝĂ ŚĂŶĚůƵ
ƉƌĞŬƵƌƐŽƌĂŵŝŶĂƌŬŽƚLJŬſǁƉŽŵŝħĚnjLJǁƐƉſůŶŽƚČĂŬƌĂũĂŵŝƚƌnjĞĐŝŵŝ͘
ĂƚĂƐƉŽƌnjČĚnjĞŶŝĂ͗Ϯϲ͘ϭϬ͘ϮϬϭϭ
tLJĚĂŶŝĞ͗ϭ͘Ϭ
^ƚƌŽŶĂϴnjϭϬ
<Zd,Z<dZz^dz</
,zZKt^,
ZŽnjƉŽƌnjČĚnjĞŶŝĞ DŝŶŝƐƚƌĂ ĚƌŽǁŝĂ nj ĚŶŝĂ ϭϮ ƐƚLJĐnjŶŝĂ ϮϬϬϱ ǁ ƐƉƌĂǁŝĞ ƐƉŽƐŽďƵ ĚŽŬŽŶLJǁĂŶŝĂ ŽĐĞŶLJ ƌLJnjLJŬĂ
ĚůĂnjĚƌŽǁŝĂĐnjųŽǁŝĞŬĂŝĚůĂƑƌŽĚŽǁŝƐŬĂƐƚǁĂƌnjĂŶĞŐŽƉƌnjĞnjƐƵďƐƚĂŶĐũĞŶŽǁĞ;nj͘h͘Eƌϭϲ͕ƉŽnj͘ϭϯϴͿ͘
ƒ ZŽnjƉŽƌnjČĚnjĞŶŝĞDŝŶŝƐƚƌĂ _ƌŽĚŽǁŝƐŬĂ nj ĚŶŝĂ Ϯϳ ǁƌnjĞƑŶŝĂ ϮϬϬϭ ƌ͘ ǁ ƐƉƌĂǁŝĞ ŬĂƚĂůŽŐƵ ŽĚƉĂĚſǁ ;nj͘h͘Eƌ ϭϭϮ͕
ƉŽnj͘ϭϮϬϲͿ͘
ƒ ZŽnjƉŽƌnjČĚnjĞŶŝĞ DŝŶŝƐƚƌĂ 'ŽƐƉŽĚĂƌŬŝ ŝ WƌĂĐLJ nj ĚŶŝĂ ϱ ůŝƉĐĂ ϮϬϬϰ ƌ͘ ǁ ƐƉƌĂǁŝĞ ŽŐƌĂŶŝĐnjĞŷ͕ njĂŬĂnjſǁ
ůƵďǁĂƌƵŶŬſǁƉƌŽĚƵŬĐũŝ͕ŽďƌŽƚƵůƵďƐƚŽƐŽǁĂŶŝĂƐƵďƐƚĂŶĐũŝŶŝĞďĞnjƉŝĞĐnjŶLJĐŚŝƉƌĞƉĂƌĂƚſǁŶŝĞďĞnjƉŝĞĐnjŶLJĐŚŽƌĂnj
njĂǁŝĞƌĂũČĐLJĐŚũĞƉƌŽĚƵŬƚſǁ;nj͘h͘ϮϬϬϰ͕Eƌϭϲϴ͕ƉŽnj͘ϭϳϲϮͿnjƉſǍŶŝĞũƐnjLJŵŝnjŵŝĂŶĂŵŝ͘
ƒ hƐƚĂǁĂ nj ĚŶŝĂ ϭϯ ǁƌnjĞƑŶŝĂ ϮϬϬϮƌ͘ Ž ƉƌŽĚƵŬƚĂĐŚ ďŝŽďſũĐnjLJĐŚ ;nj͘h͘ ϮϬϬϮ Eƌ͘ϭϳϱ͕ ƉŽnj͘ϭϰϯϯͿ njƉſǍŶŝĞũƐnjLJŵŝ
njŵŝĂŶĂŵŝ͘
ƒ ZŽnjƉŽƌnjČĚnjĞŶŝĞ ;tͿ Ŷƌ ϲϰϴͬϮϬϬϰ WĂƌůĂŵĞŶƚƵ ƵƌŽƉĞũƐŬŝĞŐŽ ŝ ZĂĚLJ nj ĚŶŝĂ ϯϭ ŵĂƌĐĂ ϮϬϬϰ ǁƐƉƌĂǁŝĞ
ĚĞƚĞƌŐĞŶƚſǁ͘
ƒ ZŽnjƉŽƌnjČĚnjĞŶŝĞ;tͿŶƌϭϵϬϳͬϮϬϬϲWĂƌůĂŵĞŶƚƵƵƌŽƉĞũƐŬŝĞŐŽŝZĂĚLJnjĚŶŝĂϭϴŐƌƵĚŶŝĂϮϬϬϲǁƐ͘Z,͘
ƒ ZŽnjƉŽƌnjČĚnjĞŶŝĞ WĂƌůĂŵĞŶƚƵ ƵƌŽƉĞũƐŬŝĞŐŽ ŝ ZĂĚLJ ;tͿ Eƌ ϭϮϳϮͬϮϬϬϴ nj ĚŶŝĂ ϭϲ ŐƌƵĚŶŝĂ ϮϬϬϴƌ͘ ǁƐƉƌĂǁŝĞ
ŬůĂƐLJĨŝŬĂĐũŝ͕ŽnjŶĂŬŽǁĂŶŝĂŝƉĂŬŽǁĂŶŝĂƐƵďƐƚĂŶĐũŝŝŵŝĞƐnjĂŶŝŶ͕njŵŝĞŶŝĂũČĐĞŝƵĐŚLJůĂũČĐĞĚLJƌĞŬƚLJǁLJϲϳͬϱϰϴͬt'
ŝϭϵϵϵͬϰϱͬt ŽƌĂnj njŵŝĞŶŝĂũČĐĞ ƌŽnjƉŽƌnjČĚnjĞŶŝĞ ;tͿ Ŷƌ ϭϵϬϳͬϮϬϬϲ ;njŝĞŶŶŝŬ hƌnjħĚŽǁLJ hŶŝŝ ƵƌŽƉĞũƐŬŝĞũ
>ϯϯϱͬϭnjĚŶ͘ϯϭ͘ϭϮ͘ϮϬϬϴͿ͘
ƒ ZŽnjƉŽƌnjČĚnjĞŶŝĞ DŝŶŝƐƚƌĂ ĚƌŽǁŝĂ nj ĚŶŝĂ ϱ ŵĂƌĐĂ ϮϬϬϵ ƌ͘ ǁ ƐƉƌĂǁŝĞ ŽnjŶĂŬŽǁĂŶŝĂ ŽƉĂŬŽǁĂŷ ƐƵďƐƚĂŶĐũŝ
ŶŝĞďĞnjƉŝĞĐnjŶLJĐŚ ŝ ƉƌĞƉĂƌĂƚſǁ ŶŝĞďĞnjƉŝĞĐnjŶLJĐŚ ŽƌĂnj ŶŝĞŬƚſƌLJĐŚ ƉƌĞƉĂƌĂƚſǁ ĐŚĞŵŝĐnjŶLJĐŚ ;nj͘h͘ ϮϬϬϵ͕ Eƌϱϯ͕
ƉŽnj͘ϰϯϵͿ͘
ƒ ZŽnjƉŽƌnjČĚnjĞŶŝĞ WĂƌůĂŵĞŶƚƵ ƵƌŽƉĞũƐŬŝĞŐŽ ŝ ZĂĚLJ ;tͿ EZ ϭϮϳϮͬϮϬϬϴ nj ĚŶŝĂ ϭϲ ŐƌƵĚŶŝĂ ϮϬϬϴ ƌ͘ ǁ ƐƉƌĂǁŝĞ
ŬůĂƐLJĨŝŬĂĐũŝ͕ŽnjŶĂŬŽǁĂŶŝĂŝƉĂŬŽǁĂŶŝĂƐƵďƐƚĂŶĐũŝŝŵŝĞƐnjĂŶŝŶ͕njŵŝĞŶŝĂũČĐĞŝƵĐŚLJůĂũČĐĞĚLJƌĞŬƚLJǁLJϲϳͬϱϰϴͬt'ŝ
ϭϵϵϵͬϰϱͬtŽƌĂnjnjŵŝĞŶŝĂũČĐĞƌŽnjƉŽƌnjČĚnjĞŶŝĞ;tͿŶƌϭϵϬϳͬϮϬϬϲ
;WĂƚƌnjƚĂŬǏĞƉͲƚLJ͗ϴ͕ϭϮŝϭϯͿ
ƒ
ϭϲ͘
/EE/&KZD:
EŝŶŝĞũƐnjĂŬĂƌƚĂnjŽƐƚĂųĂƐƉŽƌnjČĚnjŽŶĂǁŽƉĂƌĐŝƵŽĚĂŶĞĐŚĂƌĂŬƚĞƌLJnjƵũČĐĞƉƌŽĚƵŬƚnjĂǁĂƌƚĞǁƉƌnjĞŬĂnjĂŶĞũƉƌnjĞnj
ƉƌŽĚƵĐĞŶƚĂ ŬĂƌĐŝĞ ĐŚĂƌĂŬƚĞƌLJƐƚLJŬŝ nj ĚŶŝĂ ϭϰ͘Ϭϳ͘ϮϬϭϭƌ͕͘ ĂŬƚƵĂůŶĞ ƉƌnjĞƉŝƐLJ ƉƌĂǁĂ ŽƌĂnj ƉŽƐŝĂĚĂŶČ ŶĂ ĚnjŝĞŷ
ƉƌnjLJƚŽĐnjŽŶLJǁĚŽŬƵŵĞŶƚĂĐũŝǁŝĞĚnjħ͘
WBEd<^dtZKdMtZŝ,WhE<dhϯ͗
,ϮϮϲ
BĂƚǁŽƉĂůŶĂĐŝĞĐnjŝƉĂƌLJ͘
,ϯϬϰ
WŽųŬŶŝħĐŝĞŝĚŽƐƚĂŶŝĞƐŝħƉƌnjĞnjĚƌŽŐŝŽĚĚĞĐŚŽǁĞŵŽǏĞŐƌŽnjŝđƑŵŝĞƌĐŝČ͘
,ϯϭϮ
njŝĂųĂƐnjŬŽĚůŝǁŝĞǁŬŽŶƚĂŬĐŝĞnjĞƐŬſƌČ͘
,ϯϭϱ
njŝĂųĂĚƌĂǏŶŝČĐŽŶĂƐŬſƌħ͘
,ϯϭϵ
njŝĂųĂĚƌĂǏŶŝČĐŽŶĂŽĐnjLJ͘
,ϯϯϮ
njŝĂųĂƐnjŬŽĚůŝǁŝĞǁŶĂƐƚħƉƐƚǁŝĞǁĚLJĐŚĂŶŝĂ͘
,ϯϯϱ
DŽǏĞƉŽǁŽĚŽǁĂđƉŽĚƌĂǏŶŝĞŶŝĞĚƌſŐŽĚĚĞĐŚŽǁLJĐŚ͘
,ϯϯϲ
DŽǏĞǁLJǁŽųLJǁĂđƵĐnjƵĐŝĞƐĞŶŶŽƑĐŝůƵďnjĂǁƌŽƚLJŐųŽǁLJ͘
,ϯϱϬ
DŽǏĞƉŽǁŽĚŽǁĂđƌĂŬĂ͘
,ϰϭϭ
njŝĂųĂƚŽŬƐLJĐnjŶŝĞŶĂŽƌŐĂŶŝnjŵLJǁŽĚŶĞ͕ƉŽǁŽĚƵũČĐĚųƵŐŽƚƌǁĂųĞƐŬƵƚŬŝ͘
ZϭϬ
WƌŽĚƵŬƚųĂƚǁŽƉĂůŶLJ͘
ZϮϬ
njŝĂųĂƐnjŬŽĚůŝǁŝĞƉƌnjĞnjĚƌŽŐŝŽĚĚĞĐŚŽǁĞ͘
ZϮϬͬϮϭ
njŝĂųĂƐnjŬŽĚůŝǁŝĞƉƌnjĞnjĚƌŽŐŝŽĚĚĞĐŚŽǁĞŝǁŬŽŶƚĂŬĐŝĞnjĞƐŬſƌČ͘
Zϯϲͬϯϳͬϯϴ njŝĂųĂĚƌĂǏŶŝČĐŽŶĂŽĐnjLJ͕ĚƌŽŐŝŽĚĚĞĐŚŽǁĞŝƐŬſƌħ͘
Zϯϳ
njŝĂųĂĚƌĂǏŶŝČĐŽŶĂĚƌŽŐŝŽĚĚĞĐŚŽǁĞ͘
Zϯϴ
njŝĂųĂĚƌĂǏŶŝČĐŽŶĂƐŬſƌħ͘
Zϱϭͬϱϯ
njŝĂųĂƚŽŬƐLJĐnjŶŝĞŶĂŽƌŐĂŶŝnjŵLJǁŽĚŶĞ͖ŵŽǏĞƉŽǁŽĚŽǁĂđĚųƵŐŽƵƚƌnjLJŵƵũČĐĞƐŝħŶŝĞŬŽƌnjLJƐƚŶĞ
njŵŝĂŶLJǁƑƌŽĚŽǁŝƐŬƵǁŽĚŶLJŵ͘
Zϲϱ
njŝĂųĂƐnjŬŽĚůŝǁŝĞ͖ŵŽǏĞƉŽǁŽĚŽǁĂđƵƐnjŬŽĚnjĞŶŝĞƉųƵĐǁƉƌnjLJƉĂĚŬƵƉŽųŬŶŝħĐŝĂ͘
ĂƚĂƐƉŽƌnjČĚnjĞŶŝĂ͗Ϯϲ͘ϭϬ͘ϮϬϭϭ
tLJĚĂŶŝĞ͗ϭ͘Ϭ
^ƚƌŽŶĂϵnjϭϬ
<Zd,Z<dZz^dz</
,zZKt^,
Zϲϲ
Zϲϳ
WŽǁƚĂƌnjĂũČĐĞƐŝħŶĂƌĂǏĞŶŝĞŵŽǏĞƉŽǁŽĚŽǁĂđǁLJƐƵƐnjĂŶŝĞůƵďƉħŬĂŶŝĞƐŬſƌLJ͘
WĂƌLJŵŽŐČǁLJǁŽųLJǁĂđƵĐnjƵĐŝĞƐĞŶŶŽƑĐŝŝnjĂǁƌŽƚLJŐųŽǁLJ͘
ht'͗
hǏLJƚŬŽǁŶŝŬƉŽŶŽƐŝŽĚƉŽǁŝĞĚnjŝĂůŶŽƑđnjĂƉŽĚũħĐŝĞǁƐnjĞůŬŝĐŚŬƌŽŬſǁŵĂũČĐLJĐŚŶĂĐĞůƵƐƉĞųŶŝĞŶŝĞǁLJŵŽŐſǁƉƌĂǁĂ
ŬƌĂũŽǁĞŐŽ͘ /ŶĨŽƌŵĂĐũĞ njĂǁĂƌƚĞ ǁ ƉŽǁLJǏƐnjĞũ ŬĂƌĐŝĞ ƐƚĂŶŽǁŝČ ŽƉŝƐ ǁLJŵŽŐſǁ ďĞnjƉŝĞĐnjĞŷƐƚǁĂ ƵǏLJƚŬŽǁĂŶŝĂ
ƐƵďƐƚĂŶĐũŝ͘ hǏLJƚŬŽǁŶŝŬ ƉŽŶŽƐŝ ĐĂųŬŽǁŝƚČ ŽĚƉŽǁŝĞĚnjŝĂůŶŽƑđ njĂ ŽŬƌĞƑůĞŶŝĞ ƉƌnjLJĚĂƚŶŽƑĐŝ ƉƌŽĚƵŬƚƵ ĚŽ ŬŽŶŬƌĞƚŶLJĐŚ
ĐĞůſǁ͘ ĂǁĂƌƚĞ ǁ ŶŝŶŝĞũƐnjĞũ ŬĂƌĐŝĞ ĚĂŶĞ ŶŝĞ ƐƚĂŶŽǁŝČ ŽĐĞŶLJ ďĞnjƉŝĞĐnjĞŷƐƚǁĂ ŵŝĞũƐĐĂ ƉƌĂĐLJ ƵǏLJƚŬŽǁŶŝŬĂ͘ <ĂƌƚĂ
ĐŚĂƌĂŬƚĞƌLJƐƚLJŬŝŶŝĞŵŽǏĞďLJđƚƌĂŬƚŽǁĂŶĂũĂŬŽŐǁĂƌĂŶĐũĂǁųĂƑĐŝǁŽƑĐŝƐƵďƐƚĂŶĐũŝ͘
ƒ EŝŶŝĞũƐnjĂŬĂƌƚĂĐŚĂƌĂŬƚĞƌLJƐƚLJŬŝƐƵďƐƚĂŶĐũŝŶŝĞďĞnjƉŝĞĐnjŶĞũũĞƐƚďĞnjƉŽƑƌĞĚŶŝŽƉƌnjĞŬĂnjLJǁĂŶĂƵǏLJƚŬŽǁŶŝŬŽǁŝ͕ďĞnj
njĂƉĞǁŶŝĞŷ ůƵď ŐǁĂƌĂŶĐũŝ ĐŽ ĚŽ ŬŽŵƉůĞƚŶŽƑĐŝ ďČĚǍ ƐnjĐnjĞŐſųŽǁŽƑĐŝ ŽĚŶŽƑŶŝĞ ĚŽ ǁƐnjLJƐƚŬŝĐŚ ŝŶĨŽƌŵĂĐũŝ ůƵď
njĂůĞĐĞŷǁŶŝĞũnjĂǁĂƌƚLJĐŚ͘
ƒ EŝŶŝĞũƐnjĂ ŬĂƌƚĂ ŶŝĞ ũĞƐƚ ǏĂĚŶČ ƉŽĚƐƚĂǁČ njŽďŽǁŝČnjƵũČĐČ ĚŽ ũĂŬŝĞũŬŽůǁŝĞŬ ŽĚƉŽǁŝĞĚnjŝĂůŶŽƑĐŝ ũĂŬŝĞŐŽŬŽůǁŝĞŬ
ƌŽĚnjĂũƵ njĞ ƐƚƌŽŶLJ ĚŽƐƚĂǁĐLJ͘ WƌnjĞĚƐŝħďŝŽƌƐƚǁŽ ŶŝĞ ďħĚnjŝĞ ŽĚƉŽǁŝĞĚnjŝĂůŶĞ njĂ ũĂŬŝĞŬŽůǁŝĞŬ njĞũƑĐŝĞ ƑŵŝĞƌƚĞůŶĞ͕
ĐŚŽƌŽďħ ůƵď ƵƐnjĐnjĞƌďĞŬ ŶĂ njĚƌŽǁŝƵ ũĂŬŝĞũŬŽůǁŝĞŬ ŶĂƚƵƌLJ͕ ďħĚČĐLJ ŶĂƐƚħƉƐƚǁĞŵ njĂƐƚŽƐŽǁĂŶŝĂ ůƵď
ŶŝĞǁųĂƑĐŝǁĞŐŽ ǁLJŬŽƌnjLJƐƚĂŶŝĂ ŬĂƌƚLJ ĐŚĂƌĂŬƚĞƌLJƐƚLJŬŝ ƐƵďƐƚĂŶĐũŝ ŶŝĞďĞnjƉŝĞĐnjŶĞũ ůƵď ŵĂƚĞƌŝĂųƵ͕ ŬƚſƌĞŐŽ ŬĂƌƚĂ
ĚŽƚLJĐnjLJ͘
ƒ /ŶĨŽƌŵĂĐũĞnjĂǁĂƌƚĞǁŶŝŶŝĞũƐnjĞũŬĂƌĐŝĞƉƌnjĞĚƐƚĂǁŝĂũČĂŬƚƵĂůŶLJƐƚĂŶŶĂƐnjĞũǁŝĞĚnjLJŝĚŽƑǁŝĂĚĐnjĞŷĚŽƚLJĐnjČĐLJĐŚ
ďĞnjƉŝĞĐnjŶĞŐŽƐƚŽƐŽǁĂŶŝĂǁLJƌŽďƵ͘
ƒ ĂŶĞnjĂǁĂƌƚĞǁ<ĂƌĐŝĞŶĂůĞǏLJƚƌĂŬƚŽǁĂđǁLJųČĐnjŶŝĞũĂŬŽƉŽŵŽĐĚůĂďĞnjƉŝĞĐnjŶĞŐŽƉŽƐƚħƉŽǁĂŶŝĂǁƚƌĂŶƐƉŽƌĐŝĞ͕
ĚLJƐƚƌLJďƵĐũŝ͕ƐƚŽƐŽǁĂŶŝƵŝƉƌnjĞĐŚŽǁLJǁĂŶŝƵ͘<ĂƌƚĂĐŚĂƌĂŬƚĞƌLJƐƚLJŬŝŶŝĞũĞƐƚƑǁŝĂĚĞĐƚǁĞŵũĂŬŽƑĐŝƉƌŽĚƵŬƚƵ͘
d^WKZE/͗
d<dh>/:/͗
tzE/͗
D/Ez͗
Ϯϲ͘ϭϬ͘ϮϬϭϭ
ͲͲ
ϭ͘Ϭ
ͲͲ
<ZddhE/t‚E/ŝ^d%Wh:t^z^d</::WKZE/tZ^:
ĂƚĂƐƉŽƌnjČĚnjĞŶŝĂ͗Ϯϲ͘ϭϬ͘ϮϬϭϭ
tLJĚĂŶŝĞ͗ϭ͘Ϭ
^ƚƌŽŶĂϭϬnjϭϬ