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D ͲŵŝųŽƑđƌŽĚnjŝŶLJ
ͲĂŬĐĞƉƚĂĐũĂƐƉŽųĞĐnjŶĂ
< ͲŬƐnjƚĂųƚŽǁĂŶŝĞƐĂŵŽĚnjŝĞůŶĞǁųĂƐŶĞŐŽǏLJĐŝĂ
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WKt/dKt^/t^WZ/K^M
hZE/D/W^z,/EzD/
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tD<ͲŽǁĞũ
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WŽƌĂĚŶŝŬĚůĂŵŝĞƐnjŬĂŷĐſǁ
WŽǁŝĂƚƵ:ĂǁŽƌƐŬŝĞŐŽ
WŽǁŝĂƚŽǁĞĞŶƚƌƵŵWŽŵŽĐLJZŽĚnjŝŶŝĞǁ:ĂǁŽƌnjĞ
ϱϵͲϰϬϬ:ĂǁŽƌ͕Ƶů͘^njƉŝƚĂůŶĂϭϮĂ
D<ͲWKt/dKt^/t^WZ/^WKBE'K
K^MhZE/D/W^z,/EzD/
:<‚ztD<ͲŽǁĞũ<Z/E/͍
WŽƌĂĚŶŝŬĚůĂŵŝĞƐnjŬĂŷĐſǁWŽǁŝĂƚƵ:ĂǁŽƌƐŬŝĞŐŽ
WŽǁŝĂƚŽǁĞĞŶƚƌƵŵWŽŵŽĐLJZŽĚnjŝŶŝĞǁ:ĂǁŽƌnjĞ
:ĂǁŽƌϮϬϭϬ
^W/^dZ_/
t^d%W
Ɛƚƌ͘ϯ
/͘ ĂŬƌĞƐǁŝĂĚŽŵŽƑĐŝnjĂǁĂƌƚLJĐŚǁŝŶĨŽƌŵĂƚŽƌnjĞ͘
Ɛƚƌ͘ϰ
//͘ WƌĂǁĂ ŝ ŽďŽǁŝČnjŬŝ ŽƐŽďLJ nj njĂďƵƌnjĞŶŝĂŵŝ ƉƐLJĐŚŝĐnjŶLJŵŝ
ǁ ǏLJĐŝƵ ĐŽĚnjŝĞŶŶLJŵ ʹ ƉŽĚƐƚĂǁŽǁĞ ŝŶĨŽƌŵĂĐũĞ ĚůĂ ŽƐſď
ĐŚŽƌLJĐŚ͘
Ɛƚƌ͘ϱ
///͘ :ĂŬ ĚŽďƌnjĞ ǁƐƉŝĞƌĂđ ŽƐŽďLJ nj njĂďƵƌnjĞŶŝĂŵŝ ƉƐLJĐŚŝĐnjŶLJŵŝ
ǁǏLJĐŝƵĐŽĚnjŝĞŶŶLJŵŝƚĞƌĂƉŝŝʹƉŽƌĂĚLJĚůĂƌŽĚnjŝŶ͘
Ɛƚƌ͘ϲ
/s͘ :ĂŬ ďƵĚŽǁĂđ ŝ ƌŽnjǁŝũĂđ ƉƌĂǁŝĚųŽǁĞ ŬŽŶƚĂŬƚLJ nj ŽƐŽďĂŵŝ
nj njĂďƵƌnjĞŶŝĂŵŝ ƉƐLJĐŚŝĐnjŶLJŵŝ ʹ ƉŽƌĂĚLJ ĚůĂ ŵŝĞƐnjŬĂŷĐſǁ
WŽǁŝĂƚƵ:ĂǁŽƌƐŬŝĞŐŽ͘
Ɛƚƌ͘ϳ
s͘ 'ĚnjŝĞƵĚĂđƐŝħƉŽƉŽŵŽĐŶĂƚĞƌĞŶŝĞWŽǁŝĂƚƵ:ĂǁŽƌƐŬŝĞŐŽ͍
s/͘ ŽnjƌŽďŝđŐĚLJďůŝƐŬĂŶĂŵŽƐŽďĂŶŝĞĐŚĐĞƐŝħůĞĐnjLJđ͍
Ɛƚƌ͘ϵ
Ɛƚƌ͘ϭϯ
s//͘ŝďůŝŽŐƌĂĮĂ
Ɛƚƌ͘ϭϲ
t^d%W
WƌnjĞĚƐƚĂǁŝĂŵLJ WĂŷƐƚǁƵ ŝŶĨŽƌŵĂƚŽƌ ĚůĂ ŽƐſď nj njĂďƵƌnjĞŶŝĂŵŝ ƉƐLJĐŚŝĐnjŶLJŵŝ ŽƌĂnj ŝĐŚ
ƌŽĚnjŝŶ ŽƉƌĂĐŽǁĂŶLJ ǁ ƌĂŵĂĐŚ ƌĞĂůŝnjĂĐũŝ ƉƌŽũĞŬƚƵ ƉŶ͘ ͣD<ͲWŽǁŝĂƚŽǁĂ ƐŝĞđ ǁƐƉĂƌĐŝĂ
ƐƉŽųĞĐnjŶĞŐŽ ŽƐſď nj njĂďƵƌnjĞŶŝĂŵŝ ƉƐLJĐŚŝĐnjŶLJŵŝ͘͟ ĞůĞŵ ƉƌŽũĞŬƚƵ ũĞƐƚ njĂƉĞǁŶŝĞŶŝĞ
ŬĂǏĚĞŵƵŵŝĞƐnjŬĂŷĐŽǁŝWŽǁŝĂƚƵ:ĂǁŽƌƐŬŝĞŐŽĐŝĞƌƉŝČĐĞŵƵnjƉŽǁŽĚƵnjĂďƵƌnjĞŷƉƐLJĐŚŝĐnjͲ
ŶLJĐŚŽƌĂnjũĞŐŽŶĂũďůŝǏƐnjLJŵŵŽǏůŝǁŽƑĐŝǏLJĐŝĂǁƑƌſĚůƵĚnjŝǁŽůŶLJĐŚŽĚŶŝĞƉƌĂǁĚnjŝǁLJĐŚ͕
ŬƌnjLJǁĚnjČĐLJĐŚƐƚĞƌĞŽƚLJƉſǁŝŽƉŝŶŝŝŽŽƐŽďĂĐŚĐŚŽƌLJĐŚ͘ƉƌnjĞĚĞǁƐnjLJƐƚŬŝŵůƵĚnjŝĐŚĐČͲ
ĐLJĐŚ ǁƐƉŝĞƌĂđ ŽƐŽďLJ ĐŚŽƌĞ ǁ ƌŽnjǁŝČnjLJǁĂŶŝƵ ƉƌŽďůĞŵſǁ ŝ ďĂƌŝĞƌ ũĂŬŝĞ ƉŽũĂǁŝĂũČ Ɛŝħ
ǁŝĐŚǏLJĐŝƵǁnjǁŝČnjŬƵnjĐŚŽƌŽďČ͘
njŝĂųĂŶŝĂŵŝ ǁ ƌĂŵĂĐŚ ƉƌŽũĞŬƚƵ ĐŚĐĞŵLJ njĂĐŚħĐŝđ ŵŝĞƐnjŬĂŷĐſǁ ŶĂƐnjĞŐŽ WŽǁŝĂƚƵ ĚŽ
ƐƚǁŽƌnjĞŶŝĂ ƐƉŽųĞĐnjŶĞũ ƐŝĞĐŝ ǁƐƉĂƌĐŝĂ ŽƐſď nj njĂďƵƌnjĞŶŝĂŵŝ ƉƐLJĐŚŝĐnjŶLJŵŝ ĚnjŝĂųĂũČĐĞũ
njŐŽĚŶŝĞnjŚĂƐųĂŵŝ͗
DŝųŽƑđƌŽĚnjŝŶLJ
ŬĐĞƉƚĂĐũĂƐƉŽųĞĐnjŶĂ
<ƐnjƚĂųƚŽǁĂŶŝĞƐĂŵŽĚnjŝĞůŶŝĞǁųĂƐŶĞŐŽǏLJĐŝĂ
:ĞĚŶLJŵnjŶŝĐŚũĞƐƚŶĂƐnjŝŶĨŽƌŵĂƚŽƌ͕ŬƚſƌLJƉŽƐƚĂƌĂƐŝħǁƉƌŽƐƚLJƐƉŽƐſďƉƌnjĞĚƐƚĂǁŝđƉŽĚͲ
ƐƚĂǁŽǁĞ ŝŶĨŽƌŵĂĐũĞ ƉŽŵĂŐĂũČĐĞ ŽƐŽďŽŵ ĐŚŽƌLJŵ ŽƌĂnj ŝĐŚ ƌŽĚnjŝŶŽŵ ǁ ĐŽĚnjŝĞŶŶLJŵ
ǏLJĐŝƵ Ă ƚĂŬǏĞ ƉŽnjǁŽůŝ ŵŝĞƐnjŬĂŷĐŽŵ WŽǁŝĂƚƵ :ĂǁŽƌƐŬŝĞŐŽ ĚŽǁŝĞĚnjŝĞđ Ɛŝħ ũĂŬ ĚŽďƌnjĞ
ŝƐŬƵƚĞĐnjŶŝĞƉŽŵĂŐĂđŽƐŽďŽŵĐŚŽƌLJŵŝŝĐŚďůŝƐŬŝŵ͘
ϯ
/͘ĂŬƌĞƐǁŝĂĚŽŵŽƑĐŝnjĂǁĂƌƚLJĐŚǁŝŶĨŽƌŵĂƚŽƌnjĞ
ĂďƵƌnjĞŶŝĂƉƐLJĐŚŝĐnjŶĞƐČƚĂŬƐƚĂƌĞũĂŬůƵĚnjŬŽƑđ͘tĐŝČŐƵǁŝĞŬſǁŬƵůƚƵƌĂŝƌĞůŝŐŝĞŬƐnjƚĂųƚŽͲ
ǁĂųLJďĂƌĚnjŽƌſǏŶĞƉŽƐƚĂǁLJƐƉŽųĞĐnjĞŷƐƚǁĂǁŽďĞĐŽƐſďĐŚŽƌLJĐŚ͘tĂŚĂųLJƐŝħŽŶĞŽĚƉĞųͲ
ŶĞũĂŬĐĞƉƚĂĐũŝĚŽĐĂųŬŽǁŝƚĞũŝnjŽůĂĐũŝŝǁLJŬůƵĐnjĞŶŝĂnjǏLJĐŝĂƐƉŽųĞĐnjŶĞŐŽ͘tĐŚǁŝůŝŽďĞĐŶĞũ
ǁǁŝħŬƐnjŽƑĐŝƐƉŽųĞĐnjĞŷƐƚǁƉƌnjĞǁĂǏĂƉŽƐƚĂǁĂƚŽůĞƌĂŶĐũŝŝǁƐƉĂƌĐŝĂĚůĂŽƐſďnjnjĂďƵƌnjĞͲ
ŶŝĂŵŝƉƐLJĐŚŝĐnjŶLJŵŝ͕ĂůĞŶŝĞƐƚĞƚLJƵŬƐnjƚĂųƚŽǁĂŶĞǁƉƌnjĞƐnjųŽƑĐŝƉƌnjĞƐČĚLJŝŽƉŝŶŝĞŶĂƚĞŵĂƚ
njĂďƵƌnjĞŷƉƐLJĐŚŝĐnjŶLJĐŚŶĂĚĂůďĂƌĚnjŽŬŽŵƉůŝŬƵũČǏLJĐŝĞĐŚŽƌLJŵŝŝĐŚƌŽĚnjŝŶŽŵ͘WƌnjLJĐnjLJŶČ
ƚLJĐŚ ƉƌŽďůĞŵſǁ ũĞƐƚ ŶĂĚĂů ƵƚƌǁĂůŽŶLJ ǁ ƑǁŝĂĚŽŵŽƑĐŝ ǁŝĞůƵ ůƵĚnjŝ ŽďƌĂnj ŽƐŽďLJ ĐŚŽƌĞũ
ƵŬƐnjƚĂųƚŽǁĂŶLJŶĂƉŽĚƐƚĂǁŝĞƉŽƉƵůĂƌŶLJĐŚƐƚĞƌĞŽƚLJƉſǁŽƌĂnjƉŽĐŚŽĚnjČĐLJĐŚnjŵĞĚŝſǁ
ƉƌnjĞŬĂnjſǁŶĂƚĞŵĂƚŐƌŽǍŶLJĐŚnjĂĐŚŽǁĂŷŽƐſďĐŚŽƌLJĐŚ͕ŶĂũĐnjħƑĐŝĞũŵŽĐŶŽƵďĂƌǁŝŽŶLJĐŚ
ǁ ĐĞůƵ ǁnjďƵĚnjĞŶŝĂ ǁŝħŬƐnjĞŐŽ njĂŝŶƚĞƌĞƐŽǁĂŶŝĂ ŽĚďŝŽƌĐſǁ͘ t ƚĂŬŝĞũ ƐLJƚƵĂĐũŝ ĐnjųŽǁŝĞŬ
njnjĂďƵƌnjĞŶŝĂŵŝƉƐLJĐŚŝĐnjŶLJŵŝƉƌnjĞƐƚĂũĞďLJđƉŽƐƚƌnjĞŐĂŶLJũĂŬŽŬŽůĞŐĂnjĚnjŝĞĐŝŷƐƚǁĂ͕ƐČƐŝĂĚ
nj ĚŽŵƵ ŽďŽŬ͕ ĚnjŝĞĐŬŽ njŶĂũŽŵLJĐŚ͕ ůĞĐnj ũĂŬŽ ĐnjųŽǁŝĞŬ ďƵĚnjČĐLJ ŶŝĞƵnjĂƐĂĚŶŝŽŶLJ ƐƚƌĂĐŚ͘
EŝĐĚnjŝǁŶĞŐŽ͕ǏĞǁŝĞůĞŽƐſďĚŽǁŝĂĚƵũČĐƐŝħŽĐŚŽƌŽďŝĞƐǁŽũĞũůƵďŽƐŽďLJďůŝƐŬŝĞũĐnjƵũĞ
ǁƐƚLJĚŝnjĂŬųŽƉŽƚĂŶŝĞƉƌŽǁĂĚnjČĐĞŶŝĞũĞĚŶŽŬƌŽƚŶŝĞĚŽnjĂƉƌnjĞĐnjĞŶŝĂŝƐƚŶŝĞŶŝƵƉƌŽďůĞŵƵ
njĚƌŽǁŽƚŶĞŐŽƉƌnjĞnjƐĂŵĞŐŽĐŚŽƌĞŐŽŝũĞŐŽŶĂũďůŝǏƐnjLJĐŚ͘ĂĐŚŽǁĂŶŝĞƚĂŬŝĞũĞƐƚĐĂųŬŽǁŝͲ
ĐŝĞŶĂƚƵƌĂůŶĞ͕ƉŽŶŝĞǁĂǏǁŝħŬƐnjŽƑđnjŶĂƐŽĚĐnjƵǁĂƐƚƌĂĐŚƉƌnjĞĚĐnjLJŵƑŶŽǁLJŵĐnjĞŐŽŶŝĞ
ƉŽƚƌĂĮŵLJnjƌŽnjƵŵŝĞđĂůďŽnjŵŝĞŶŝđ͘ůĂƚĞŐŽŶĂũǁĂǏŶŝĞũƐnjĞĚůĂũĂŬŽƑĐŝǏLJĐŝĂĐŚŽƌĞŐŽũĞƐƚ
ĂŬĐĞƉƚĂĐũĂŽƌĂnjǁųĂƑĐŝǁĞǁƐƉĂƌĐŝĞƵĚnjŝĞůĂŶĞŵƵƉƌnjĞnjďůŝƐŬŝĐŚŝƐƉŽųĞĐnjŶŽƑđůŽŬĂůŶČ͕ĚŽ
ŬƚſƌĞũŶĂůĞǏLJ͘tƚLJŵĐĞůƵŶĂůĞǏLJnjĂƉĞǁŶŝđ͗
• ĐŚŽƌĞŵƵŵŽǏůŝǁŽƑđƵnjLJƐŬĂŶŝĂǁŝĞĚnjLJŽƉƌnjLJƐųƵŐƵũČĐLJĐŚŵƵƉƌĂǁĂĐŚŽƌĂnjƐƉŽƐŽďŝĞ
ǁũĂŬŝƉŽǁŝŶŝĞŶďLJđƚƌĂŬƚŽǁĂŶLJƉƌnjĞnjŽƐŽďLJnjĚƌŽǁĞ͕
• ĐnjųŽŶŬŽŵƌŽĚnjŝŶLJŵŽǏůŝǁŽƑđĚŽǁŝĞĚnjĞŶŝĂƐŝħ͕ũĂŬĚŽďƌnjĞǁƐƉŝĞƌĂđĐŚŽƌĞŐŽǁƚƌĂŬĐŝĞ
ƚĞƌĂƉŝŝŝǏLJĐŝƵĐŽĚnjŝĞŶŶLJŵŽƌĂnjũĂŬƉŽŵſĐŽƐŽďŝĞďůŝƐŬŝĞũ͕ŬƚſƌĂŽĚŵĂǁŝĂƉŽĚũħĐŝĂ
ůƵďŬŽŶƚLJŶƵŽǁĂŶŝĂůĞĐnjĞŶŝĂ͕
• ĐnjųŽŶŬŽŵƐƉŽųĞĐnjŶŽƑĐŝůŽŬĂůŶĞũ͕ǁŬƚſƌĞũĨƵŶŬĐũŽŶƵũĞĐŚŽƌLJ͕ŝŶĨŽƌŵĂĐũŝũĂŬďƵĚŽǁĂđ
ĚŽďƌĞƌĞůĂĐũĞnjŽƐŽďČĐŚŽƌČŽƌĂnjũĂŬƉŽƐƚħƉŽǁĂđ͕ŐĚLJďůŝƐŬĂŽƐŽďĂƉƌnjĞƌLJǁĂůĞĐnjĞŶŝĞ
ůƵďŽĚŵĂǁŝĂũĞŐŽƉŽĚũħĐŝĂ͕
• ƐƉŽųĞĐnjŶŽƑĐŝůŽŬĂůŶĞũƌnjĞƚĞůŶĞũŝŶĨŽƌŵĂĐũŝŽƉŽĚŵŝŽƚĂĐŚƵĚnjŝĞůĂũČĐLJĐŚƉŽŵŽĐLJŽƐŽďŝĞ
ĐŚŽƌĞũŽƌĂnjũĞũďůŝƐŬŝŵ
t ŬŽůĞũŶLJĐŚ ƌŽnjĚnjŝĂųĂĐŚ ƚĞũ ƉƵďůŝŬĂĐũŝ njŶĂũĚnjŝĞƐnj ŝŶĨŽƌŵĂĐũĞ ŶĂ ƚĞŵĂƚ ƉŽǁLJǏƐnjLJĐŚ
njĂŐĂĚŶŝĞŷ͘
ϰ
//͘ WƌĂǁĂŝŽďŽǁŝČnjŬŝŽƐŽďLJnjnjĂďƵƌnjĞŶŝĂŵŝƉƐLJĐŚŝĐnjŶLJŵŝ
ǁǏLJĐŝƵĐŽĚnjŝĞŶŶLJŵʹƉŽĚƐƚĂǁŽǁĞŝŶĨŽƌŵĂĐũĞĚůĂ
ŽƐſďĐŚŽƌLJĐŚ
ϭ͘ dĞŬƐƚ͕ŬƚſƌLJnjĂĐŚǁŝůħƉƌnjĞĐnjLJƚĂƐnjǁLJũĂƑŶŝŝũĂŬŝĞŵĂƐnjƉƌĂǁĂŝŽďŽǁŝČnjŬŝŽŬƌĞƑůŽŶĞ
ǁƉŽůƐŬŝŵƉƌĂǁŝĞ͘EŝĞƐƚĞƚLJƉƌĂǁŽƌĞŐƵůƵũĞďĂƌĚnjŽĚƵǏŽƐƉƌĂǁǁdǁŽŝŵǏLJĐŝƵ͕ǁŝħĐ
ŶŝĞŵŽǏůŝǁĞũĞƐƚŽƉŝƐĂŶŝĞǁƐnjLJƐƚŬŝĐŚƐLJƚƵĂĐũŝǁũĂŬŝĐŚŵŽǏĞƐnjƐŝħnjŶĂůĞǍđ͘:ĞƑůŝƉŽŶŝǏĞũ
ŶŝĞnjŶĂũĚnjŝĞƐnjŽĚƉŽǁŝĞĚnjŝŶĂƐǁŽũĞƉLJƚĂŶŝĞƐŬŽŶƚĂŬƚƵũƐŝħnjƉƌĂǁŶŝŬŝĞŵ͘<ĂǏĚLJŵŝĞƐnjͲ
ŬĂŶŝĞĐWŽǁŝĂƚƵ:ĂǁŽƌƐŬŝĞŐŽŵŽǏĞnjĂĚĂƌŵŽƐŬŽƌnjLJƐƚĂđnjƉŽŵŽĐLJƉƌĂǁŶŝŬĂǁWŽǁŝĂƚŽͲ
ǁLJŵĞŶƚƌƵŵWŽŵŽĐLJZŽĚnjŝŶŝĞǁ:ĂǁŽƌnjĞ͘
Ϯ͘ WĂŵŝħƚĂũŽƚLJŵ͕ǏĞŽƐŽďĂĐŚŽƌĂŵĂƚĂŬŝĞƐĂŵĞƉƌĂǁĂŝŽďŽǁŝČnjŬŝũĂŬƉŽnjŽƐƚĂůŝŽďLJǁĂƚĞůĞ
WŽůƐŬŝ͘WƌĂǁĂŝŽďŽǁŝČnjŬŝŽďLJǁĂƚĞůĂŽŬƌĞƑůĂũČ<ŽŶƐƚLJƚƵĐũĂZnjĞĐnjƉŽƐƉŽůŝƚĞũWŽůƐŬŝĞũŽƌĂnj
ƵƐƚĂǁLJ͘hƐƚĂǁũĞƐƚďĂƌĚnjŽĚƵǏŽ͘tǏLJĐŝƵĐŽĚnjŝĞŶŶLJŵŶĂũďĂƌĚnjŝĞũƉƌnjLJĚĂƚŶĞƐČ<ŽĚĞŬƐ
LJǁŝůŶLJ ŽƌĂnj <ŽĚĞŬƐ WŽƐƚħƉŽǁĂŶŝĂ ĚŵŝŶŝƐƚƌĂĐLJũŶĞŐŽ͕ ƉŽŶŝĞǁĂǏ ŵŽŐČ ŝ ƉŽŵſĐ
ǁǁŝĞůƵƐƉƌĂǁĂĐŚĚŽƚLJĐnjČĐLJĐŚdǁŽũĞŐŽǏLJĐŝĂ͘
ϯ͘ WĂŵŝħƚĂũ͕ ǏĞ ƐƉƌĂǁLJ njĂųĂƚǁŝĂŶĞ ǁ ƵƌnjħĚĂĐŚ ƚĂŬŝĐŚ ũĂŬ͗ hƌnjČĚ DŝĂƐƚĂ͕ hƌnjČĚ 'ŵŝŶLJ͕
^ƚĂƌŽƐƚǁŽWŽǁŝĂƚŽǁĞůƵďhƌnjČĚ^ŬĂƌďŽǁLJƐČďĂƌĚnjŽĐnjħƐƚŽƚƌƵĚŶĞŝƐŬŽŵƉůŝŬŽǁĂŶĞ͘
ħĚnjŝĞƐnjƉŽƚƌnjĞďŽǁĂđƉŽŵŽĐLJǁŝĐŚnjĂųĂƚǁŝĞŶŝƵ͘:ĞƑůŝĐnjĞŐŽƑŶŝĞƌŽnjƵŵŝĞƐnjĂůďŽŶŝĞ
ǁŝĞƐnj ũĂŬ ĐŽƑ njƌŽďŝđ njĂǁƐnjĞ ƉLJƚĂũ Ž ƚŽ ƵƌnjħĚŶŝŬĂ͕ ŬƚſƌLJ njĂųĂƚǁŝĂ dǁŽũČ ƐƉƌĂǁħ͘ :ĞŐŽ
ŽďŽǁŝČnjŬŝĞŵũĞƐƚƵĚnjŝĞůĞŶŝĞŝǁLJũĂƑŶŝĞŷŝƉŽŵŽĐLJ͕ĂďLJƑĚŽďƌnjĞnjĂųĂƚǁŝųƐǁŽũČƐƉƌĂǁħ͘
KďŽǁŝČnjĞŬƚĞŶǁLJŶŝŬĂnjƵƐƚĂǁLJ<ŽĚĞŬƐWŽƐƚħƉŽǁĂŶŝĂĚŵŝŶŝƐƚƌĂĐLJũŶĞŐŽ͘
ϰ͘ t ďĂŶŬĂĐŚ ŝ ƐŬůĞƉĂĐŚ ŵĂƐnj ƉƌĂǁŽ ĚŽ ǁLJũĂƑŶŝĞŶŝĂ ŝ ƌnjĞĐnjLJ͕ ŬƚſƌLJĐŚ ŶŝĞ ƌŽnjƵŵŝĞƐnj͘
WƌĂǁŽƚŽǁLJŶŝŬĂŶŝĞnj<ŽĚĞŬƐƵWŽƐƚħƉŽǁĂŶŝĂĚŵŝŶŝƐƚƌĂĐLJũŶĞŐŽ͕ůĞĐnjƚĞŐŽ͕ǏĞũĞƐƚĞƑ
<ŽŶƐƵŵĞŶƚĞŵ͘ <ŽŶƐƵŵĞŶƚ ƚŽ ƉƌĂǁŶĂ ŶĂnjǁĂ ŽƐŽďLJ͕ ŬƚſƌĂ njĂǁĂƌųĂ ƵŵŽǁħ nj ũĂŬČƑ
ĮƌŵČ͕ ŬƚſƌĂ ĐŽƑ ĚůĂ ƚĞũ ŽƐŽďLJ ƌŽďŝ͕ ĐŽƑ ƚĞũ ŽƐŽďŝĞ ƐƉƌnjĞĚĂũĞ ůƵď ƉŽǏLJĐnjĂ ƚĞũ ŽƐŽďŝĞ
ƉŝĞŶŝČĚnjĞ͘ :ĞƑůŝ ŵĂƐnj ƉƌŽďůĞŵ nj ĮƌŵČ͕ ŬƚſƌĂ ŵŝĂųĂ ĐŽƑ ĚůĂ ŝĞďŝĞ njƌŽďŝđ͕ ƉŽǏLJĐnjLJųĂ
ŝƉŝĞŶŝČĚnjĞůƵďƐƉƌnjĞĚĂųĂŝĐŽƑ͕ƚŽďĞnjƉųĂƚŶĞũƉŽŵŽĐLJƵĚnjŝĞůŝŝWŽǁŝĂƚŽǁLJZnjĞĐnjŶŝŬ
WƌĂǁ<ŽŶƐƵŵĞŶƚĂ͘:ĞƐƚƚŽƐƉĞĐũĂůŶLJƵƌnjħĚŶŝŬǁ^ƚĂƌŽƐƚǁŝĞWŽǁŝĂƚŽǁLJŵǁ:ĂǁŽƌnjĞ͘
ϱ͘ WĂŵŝħƚĂũ͕ ǏĞ ƉŽĚƉŝƐĂŶŝĞ ũĂŬŝĞŐŽƑ ĚŽŬƵŵĞŶƚƵ ƚŽ ďĂƌĚnjŽ ƉŽǁĂǏŶĂ ƐƉƌĂǁĂ͘ ĂŶŝŵ ĐŽƑ
ƉŽĚƉŝƐnjĞƐnjnjĂǁƐnjĞǁĐnjĞƑŶŝĞũƐƚĂƌĂŶŶŝĞƉƌnjĞĐnjLJƚĂũƚĞŬƐƚ͘:ĞƑůŝŐŽŶŝĞƌŽnjƵŵŝĞƐnjƉŽƉƌŽƑ
ŽǁLJũĂƑŶŝĞŶŝĞ͘:ĞƑůŝŬƚŽƑĐŚĐĞǏĞďLJƑĐŽƑƉŽĚƉŝƐĂųƚŽŵƵƐŝŝǁLJũĂƑŶŝđĚůĂĐnjĞŐŽŵĂƐnjƚŽ
njƌŽďŝđŽƌĂnjĐŽƐŝħƐƚĂŶŝĞƉŽƚLJŵũĂŬƉŽĚƉŝƐnjĞƐnjĚĂŶLJĚŽŬƵŵĞŶƚ͘WŽĚƉŝƐƵũČĐĚŽŬƵŵĞŶƚ͕
ŬƚſƌĞŐŽ ŶŝĞ ƌŽnjƵŵŝĞƐnj͕ ŵŽǏĞƐnj ƐƉŽǁŽĚŽǁĂđ ďĂƌĚnjŽ ŶŝĞƉƌnjLJũĞŵŶĞ ĚůĂ ƐŝĞďŝĞ ƐŬƵƚŬŝ͘
tƉŽůƐŬŝŵƉƌĂǁŝĞƉŽĚƉŝƐĂŶŝĞũĂŬŝĞŐŽƑĚŽŬƵŵĞŶƚƵŽnjŶĂĐnjĂ͕ǏĞnjŐĂĚnjĂƐnjƐŝħnjƚLJŵĐŽ
ũĞƐƚǁŶŝŵŶĂƉŝƐĂŶĞŝǁLJŬŽŶĂƐnjƚŽĚŽĐnjĞŐŽŝħƚĂŬŝĚŽŬƵŵĞŶƚnjŽďŽǁŝČnjƵũĞ͘:ĞƑůŝƉŽ
ƉŽĚƉŝƐĂŶŝƵĚŽŬƵŵĞŶƚƵŽŬĂǏĞƐŝħ͕ǏĞƚĂŬŶŝĞũĞƐƚ͕ďŽǍůĞnjƌŽnjƵŵŝĂųĞƑƚƌĞƑđĚŽŬƵŵĞŶƚƵ
ŶŝĞ ĐnjĞŬĂũ ƚLJůŬŽ ŽĚ ƌĂnjƵ ƵĚĂũ Ɛŝħ ĚŽ ƉƌĂǁŶŝŬĂ ƉŽ ƉŽŵŽĐ͘ :ĞƐƚ ƚŽ ďĂƌĚnjŽ ǁĂǏŶĞ͕ ĂďLJ
ǁƚĂŬŝĞũƐLJƚƵĂĐũŝƉŽƐnjƵŬĂđƉŽŵŽĐLJƵƉƌĂǁŶŝŬĂ͕ƉŽŶŝĞǁĂǏƚLJůŬŽǁŶŝĞŬƚſƌLJĐŚƉƌnjLJƉĂĚŬĂĐŚ
ŝƚLJůŬŽƉƌnjĞnjƉĞǁŝĞŶĐnjĂƐŵŽǏĞƐnjƐƉŽǁŽĚŽǁĂđ͕ǏĞĚŽŬƵŵĞŶƚƉŽĚƉŝƐĂŶLJƉƌnjĞnjŝĞďŝĞ
ƐƚĂŶŝĞƐŝħŶŝĞǁĂǏŶLJŝŶŝĞǁLJǁŽųĂǏĂĚŶLJĐŚŶŝĞŬŽƌnjLJƐƚŶLJĐŚĚůĂŝĞďŝĞƐŬƵƚŬſǁ͘
ϱ
///͘ :ĂŬĚŽďƌnjĞǁƐƉŝĞƌĂđŽƐŽďLJnjnjĂďƵƌnjĞŶŝĂŵŝƉƐLJĐŚŝĐnjŶLJŵŝ
ǁǏLJĐŝƵĐŽĚnjŝĞŶŶLJŵŝƚĞƌĂƉŝŝʹƉŽƌĂĚLJĚůĂƌŽĚnjŝŶ
KƉŝĞŬƵŶĚŽďƌnjĞǁƐƉŝĞƌĂũČĐLJŽƐŽďħĐŚŽƌČ͗
ϭ͘ EĂƉŝĞƌǁƐnjLJŵŵŝĞũƐĐƵƐƚĂǁŝĂŽƐŽďħĐŚŽƌČ͘tŝĞũĞĚŶĂŬ͕ǏĞŵĂƉƌĂǁŽƉŽǁŝĞĚnjŝĞđũĞũ
ͣŶŝĞ͟ĂƚĂŬǏĞĐnjƵđĚŽŶŝĞũŶĞŐĂƚLJǁŶĞĞŵŽĐũĞ͕ƚĂŬŝĞũĂŬnjųŽƑđ͘
Ϯ͘ WŽƚƌĂĮnjďƵĚŽǁĂđnjŶŝČƌĞůĂĐũĞŽƉĂƌƚĞŶĂnjĂƵĨĂŶŝƵ͕ƑǁŝĂĚŽŵŽƑĐŝǁųĂƐŶLJĐŚŽŐƌĂŶŝĐnjĞŷ
ŽƌĂnjŽĚƉŽǁŝĞĚnjŝĂůŶŽƑĐŝnjĂƐŝĞďŝĞŶĂǁnjĂũĞŵ͘
ϯ͘ :ĞƐƚƚƌŽƐŬůŝǁLJ͕ĂůĞŶŝĞŶĂĚŽƉŝĞŬƵŷĐnjLJ͘
ϰ͘ :ĞƐƚĚůĂĐŚŽƌĞŐŽǍƌſĚųĞŵƐŝųLJƉŽƚƌnjĞďŶĞũŵƵĚŽnjŵŝĞƌnjĞŶŝĂƐŝħnjũĞŐŽĐŚŽƌŽďČŽƌĂnj
ďĂƌŝĞƌĂŵŝũĂŬŝĞƐƚĂǁŝĂŽŶĂǁũĞŐŽĐŽĚnjŝĞŶŶLJŵǏLJĐŝƵ͘
ϱ͘ njŝħŬŝ ƐƚĂųĞũ ǁƐƉſųƉƌĂĐLJ njĞ ƐƉĞĐũĂůŝƐƚĂŵŝ ǁŝĞ ũĂŬ ƉŽŵĂŐĂđ ĐŚŽƌĞŵƵ ǁ ƌſǏŶLJĐŚ
ƐLJƚƵĂĐũĂĐŚǏLJĐŝŽǁLJĐŚ͕ĂǁƐnjĐnjĞŐſůŶŽƑĐŝŬŝĞĚLJƵĚnjŝĞůŝđŵƵƉŽŵŽĐLJĂŬŝĞĚLJƉŽnjǁŽůŝđ
ŵƵŶĂƐĂŵŽĚnjŝĞůŶĞĚnjŝĂųĂŶŝĞ͘
ϲ͘ ĂǁƐnjĞĚŽƐƚĂƌĐnjĂĐŚŽƌĞŵƵƉŽƚƌnjĞďŶĞŝŶĨŽƌŵĂĐũĞ͕ďLJŵſŐųŽŶƵĐnjĞƐƚŶŝĐnjLJđǁƉŽĚĞũͲ
ŵŽǁĂŶŝƵĚĞĐLJnjũŝĚŽƚLJĐnjČĐLJĐŚũĞŐŽǏLJĐŝĂ͘
ůĂƚĞŐŽ͕ũĞƑůŝĐŚĐĞƐnjĚŽďƌnjĞǁƐƉŝĞƌĂđďůŝƐŬČŝĐŚŽƌČŽƐŽďħƉƌnjĞĚĞǁƐnjLJƐƚŬŝŵƉĂŵŝħƚĂũ͕ǏĞ͗
• <ĂǏĚLJ ĐŚŽƌLJ ũĞƐƚ ǁ ƐƚĂŶŝĞ͕ ǁ ĐŚŽđďLJ ŶŝĞǁŝĞůŬŝŵ ŽŐƌĂŶŝĐnjŽŶLJŵ njĂŬƌĞƐŝĞ njĂĚďĂđ
ŽƐŝĞďŝĞŝƐǁŽũĞƉŽƚƌnjĞďLJ͕ũĞƑůŝƉŽƑǁŝħĐŝŵƵƐŝħŽĚƉŽǁŝĞĚŶŝČŝůŽƑđĐnjĂƐƵŝƵǁĂŐŝ͘
• EŝŐĚLJ ŶŝĞ ŽŐƌĂŶŝĐnjĂũ ĂŬƚLJǁŶŽƑĐŝ ŝ ǁŽůŝ ŽƐŽďLJ ĐŚŽƌĞũ ƚLJůŬŽ ĚůĂƚĞŐŽ͕ ǏĞ ũĞũ ďŝĞƌŶŽƑđ
ƵųĂƚǁŝŝŽƉŝĞŬħŶĂĚŶŝČ͘
• tƐƉŝĞƌĂŶŝĞ ŽƐŽďLJ ĐŚŽƌĞũ ǁLJŵĂŐĂ ǁLJƐŝųŬƵ ŝ ĐnjĂƐƵ ũĂŬŝĞ ŵƵƐŝƐnj ŵƵ ƉŽƑǁŝħĐŝđ͕
ĂůĞǁǏĂĚŶLJŵƉƌnjLJƉĂĚŬƵŶŝĞĚĂũĞĐŝƚŽƉƌĂǁĂƚŽǁLJǁŽųLJǁĂŶŝĂǁŶŝŵƉŽĐnjƵĐŝĂǁŝŶLJ
njĂƚŽ͕ǏĞƉŽƚƌnjĞďƵũĞdǁŽũĞũƉŽŵŽĐLJ͘
• njħƐƚŽƌŽnjŵĂǁŝĂũnjĐŚŽƌLJŵ͕ƉŽŶŝĞǁĂǏũĂŬŬĂǏĚLJĐnjųŽǁŝĞŬƉŽƚƌnjĞďƵũĞŽŶŵŽǏůŝǁŽƑĐŝ
ǁLJŵŝĂŶLJŵLJƑůŝŝĞŵŽĐũŝ͘ZŽnjŵŽǁĂnjĐŚŽƌLJŵŶŝĞŵŽǏĞŽŐƌĂŶŝĐnjĂđƐŝħĚŽǁLJĚĂǁĂŶŝĂ
ŵƵƉŽůĞĐĞŷŽƌĂnjƉƌnjĞŬĂnjLJǁĂŶŝĂnjĂŬĂnjſǁŝŶĂŬĂnjſǁ͘
• ĂǁƐnjĞƵǁĂǏŶŝĞƐųƵĐŚĂũ͕ĐŽĐŚŽƌLJŵĂŝĚŽƉŽǁŝĞĚnjĞŶŝĂĂƉƌnjĞĚĞǁƐnjLJƐƚŬŝŵŶŝŐĚLJŶŝĞ
njĂŬųĂĚĂũ͕ǏĞůĞƉŝĞũŽĚŶŝĞŐŽnjŶĂƐnjũĞŐŽƉŽƚƌnjĞďLJ͘
• EŝĞƉŽnjǁĂůĂũ͕ďLJŽďĐĞŽƐŽďLJƚƌĂŬƚŽǁĂųLJĐŚŽƌĞŐŽďĞnjŶĂůĞǏLJƚĞŐŽƐnjĂĐƵŶŬƵ͘
• ČĚǍ ĚůĂ ĐŚŽƌĞŐŽ ƚƌŽƐŬůŝǁLJŵ ƉƌnjLJũĂĐŝĞůĞŵ Ă ƉƌnjĞĚĞ ǁƐnjLJƐƚŬŝŵ ǍƌſĚųĞŵ ƐŝųLJ
ǁƚƌƵĚŶLJĐŚĚůĂŶŝĞŐŽĐŚǁŝůĂĐŚ͘
• ĂǁƐnjĞŐĚLJƚŽŵŽǏůŝǁĞnjĂƉĞǁŶŝũĐŚŽƌĞŵƵŵŽǏůŝǁŽƑđƉŽĚĞũŵŽǁĂŶŝĂƐĂŵŽĚnjŝĞůŶLJĐŚ
ĚĞĐLJnjũŝ͘ /ŶƚĞƌǁĞŶŝƵũ ũĞĚLJŶŝĞ ǁ ƐLJƚƵĂĐũĂĐŚ ŐĚLJ ĚĞĐLJnjũĂ ĐŚŽƌĞŐŽ ŵŽǏĞ ŐŽ ŶĂƌĂnjŝđ ŶĂ
ŬŽŶƐĞŬǁĞŶĐũĞ͕ŬƚſƌLJĐŚŶŝĞũĞƐƚŽŶǁƐƚĂŶŝĞƉƌnjĞǁŝĚnjŝĞđŝnjƌŽnjƵŵŝĞđ͘
ϲ
/s͘ :ĂŬ ďƵĚŽǁĂđ ŝ ƌŽnjǁŝũĂđ ƉƌĂǁŝĚųŽǁĞ ŬŽŶƚĂŬƚLJ
njŽƐŽďĂŵŝnjnjĂďƵƌnjĞŶŝĂŵŝƉƐLJĐŚŝĐnjŶLJŵŝʹƉŽƌĂĚLJ
ĚůĂŵŝĞƐnjŬĂŷĐſǁWŽǁŝĂƚƵ:ĂǁŽƌƐŬŝĞŐŽ͘
:ĂŬŽƑđ ǏLJĐŝĂ ŽƐŽďLJ ĐŚŽƌĞũ njĂůĞǏLJ ŽĚ ƵŵŝĞũħƚŶŽƑĐŝ ŵČĚƌĞŐŽ ǁƐƉĂƌĐŝĂ ŐŽ ƉƌnjĞnj ŽƐŽďLJ
ŶĂũďůŝǏƐnjĞ͕ĂůĞƉƌnjĞĚĞǁƐnjLJƐƚŬŝŵŽĚƚĞŐŽũĂŬǁLJŐůČĚĂũČũĞŐŽŬŽŶƚĂŬƚLJŝƌĞůĂĐũĞnjƉŽnjŽƐƚĂͲ
ųLJŵŝĐnjųŽŶŬĂŵŝƐƉŽųĞĐnjŶŽƑĐŝůŽŬĂůŶĞũ͕ǁŬƚſƌĞũŵŝĞƐnjŬĂ͘
ůĂƚĞŐŽŬĂǏĚLJŵŝĞƐnjŬĂŶŝĞĐWŽǁŝĂƚƵ:ĂǁŽƌƐŬŝĞŐŽƉŽǁŝŶŝĞŶƉĂŵŝħƚĂđ͕ǏĞ͗
ϭ͘ >ƵĚnjŝĞĐŝĞƌƉŝČĐLJŶĂnjĂďƵƌnjĞŶŝĂƉƐLJĐŚŝĐnjŶĞŵŽŐČƌŽďŝđǁƐnjLJƐƚŬŽƚĂŬũĂŬŝŶŶŝůƵĚnjŝĞ͕
ĂůĞĐnjħƐƚŽƉŽƚƌnjĞďƵũČŶĂƚŽǁŝħĐĞũĐnjĂƐƵ͕ƵǁĂŐŝĂƉƌnjĞĚĞǁƐnjLJƐƚŬŝŵƉŽŵŽĐLJŽƐſďnjĞ
ƐǁŽũĞŐŽŽƚŽĐnjĞŶŝĂ͘
Ϯ͘ tŝħŬƐnjŽƑđŽƐſďĐŝĞƌƉŝČĐLJĐŚŶĂnjĂďƵƌnjĞŶŝĂƉƐLJĐŚŝĂƚƌLJĐnjŶĞŶŝĞũĞƐƚĂŐƌĞƐLJǁŶĂ͘
ϯ͘ :ĞĚŶČ nj ŐųſǁŶLJĐŚ ƉƌnjĞƐnjŬſĚ͕ ũĂŬŝĞ ŶĂƉŽƚLJŬĂũČ ŽƐŽďLJ nj njĂďƵƌnjĞŶŝĂŵŝ ƉƐLJĐŚŝĐnjŶLJŵŝ
ǁƐǁŽŝŵǏLJĐŝƵũĞƐƚŶĞŐĂƚLJǁŶĞŶĂƐƚĂǁŝĞŶŝĞĚŽŶŝĐŚŽƐſďnjĚƌŽǁLJĐŚnjŝĐŚŽƚŽĐnjĞŶŝĂ͘
ϰ͘ ^ƚƌĞƐ ƉŽĚŽďŶŝĞ ũĂŬ Ƶ ůƵĚnjŝ njĚƌŽǁLJĐŚ ďĂƌĚnjŽ ǍůĞ ǁƉųLJǁĂ ŶĂ njĂĐŚŽǁĂŶŝĞ ŽƐŽďLJ
njnjĂďƵƌnjĞŶŝĂŵŝƉƐLJĐŚŝĐnjŶLJŵŝ͘ůĂƚĞŐŽǁŬŽŶƚĂŬƚĂĐŚnjŶŝČďĂƌĚnjŽǁĂǏŶĞũĞƐƚŽŐƌĂŶŝͲ
ĐnjĞŶŝĞĚŽŵŝŶŝŵƵŵŶĂƉŝħĐŝĂŵŽŐČĐĞŐŽƚŽǁĂƌnjLJƐnjLJđĚĂŶĞũƐLJƚƵĂĐũŝ͘
ϱ͘
<ĂǏĚĂ ŽƐŽďĂ nj njĂďƵƌnjĞŶŝĂŵŝ ƉƐLJĐŚŝĐnjŶLJŵŝ ŵĂ ŝŶŶČ ŽƐŽďŽǁŽƑđ ŝ ǁ ŝŶŶLJ ƐƉŽƐſď
ƌĂĚnjŝƐŽďŝĞnjƐǁŽũČĐŚŽƌŽďČ͘ĂǁƐnjĞƉLJƚĂũũČŽũĞũƉŽƚƌnjĞďLJŝŽĐnjĞŬŝǁĂŶŝĂ͕ĐŽƉŽnjǁŽůŝ
ũĞũƉŽĐnjƵđƐŝħƐǁŽďŽĚŶŝĞǁƚǁŽŝŵƚŽǁĂƌnjLJƐƚǁŝĞ͘ĂǁƐnjĞŐĚLJũĞƐƚƚŽŵŽǏůŝǁĞƐƚĂƌĂũ
ƐŝħƐnjĂŶŽǁĂđũĞũƉŽƚƌnjĞďLJŝŽĐnjĞŬŝǁĂŶŝĂ͘
ϲ͘
tƐLJƚƵĂĐũŝŵŽŐČĐĞũƉƌŽǁĂĚnjŝđĚŽŬŽŶŇŝŬƚƵnjĂĐŚŽǁĂũƐƉŽŬſũŝƵĚnjŝĞůǁƐƉĂƌĐŝĂŽƐŽďŝĞ
ĐŚŽƌĞũǁƚĂŬŝƐĂŵƐƉŽƐſď͕ũĂŬǁƉƌnjLJƉĂĚŬƵŬĂǏĚĞũŝŶŶĞũŽƐŽďLJ͘<ŽŶŝĞĐnjŶŝĞũĞĚŶĂŬ
njĂƉLJƚĂũ͕ũĂŬŵŽǏĞƐnjũĞũƉŽŵſĐĂũĞƑůŝŶŝĞďħĚnjŝĞũĞũĐŚĐŝĂųĂƵƉĞǁŶŝũƐŝħ͕ĐnjLJĚŽďƌnjĞ
ƌŽnjƵŵŝĞŽŶĂƐLJƚƵĂĐũħǁũĂŬŝĞũƐŝħnjŶĂũĚƵũĞ͘
ϳ͘
tƌŽnjŵŽǁŝĞnjŽƐŽďČnjnjĂďƵƌnjĞŶŝĂŵŝƉƐLJĐŚŝĐnjŶLJŵŝũĂƐŶŽĨŽƌŵƵųƵũƐŬŝĞƌŽǁĂŶĞĚŽŶŝĞũ
njĚĂŶŝĂ͕ ƵǏLJǁĂũ ƉƌŽƐƚLJĐŚ Ɛųſǁ͘ ^njĐnjĞŐſůŶŝĞ ǁĂǏŶĞ ũĞƐƚ͕ ĂďLJ ǁ ŵŝĂƌħ ŵŽǏůŝǁŽƑĐŝ
ŶŝĞ ƵǏLJǁĂđ ƉŽũħđ ĂďƐƚƌĂŬĐLJũŶLJĐŚ ůƵď ƐƉĞĐũĂůŝƐƚLJĐnjŶLJĐŚ͕ ŬƚſƌĞ ŵŽŐČ ďLJđ ĚůĂ ŶŝĞũ
ŶŝĞnjƌŽnjƵŵŝĂųĞ͘
ϴ͘ :ĞǏĞůŝ ǁ ƌŽnjŵŽǁŝĞ nj ŽƐŽďČ ĐŚŽƌČ ƉŽƚƌnjĞďŶĞ ũĞƐƚ ŽŵſǁŝĞŶŝĞ ũĂŬŝĞŐŽƑ njųŽǏŽŶĞŐŽ
njĂŐĂĚŶŝĞŶŝĂƉŽĚnjŝĞůũĞŶĂŵŶŝĞũƐnjĞųĂƚǁŝĞũƐnjĞĚŽǁLJũĂƑŶŝĞŶŝĂŝnjƌŽnjƵŵŝĞŶŝĂĐnjħƑĐŝ͘
ϵ͘ EŝĞƚƌĂŬƚƵũŽƐſďnjnjĂďƵƌnjĞŶŝĂŵŝƉƐLJĐŚŝĐnjŶLJŵŝǁƐƉŽƐſďƉƌŽƚĞŬĐũŽŶĂůŶLJ͘ǁųĂƐnjĐnjĂ
ǁƉƌnjLJƉĂĚŬƵŐĚLJŵĂƐnjĚŽĐnjLJŶŝĞŶŝĂnjŽƐŽďČĚŽƌŽƐųČ͘
ϭϬ͘KƐŽďŽŵnjnjĂďƵƌnjĞŶŝĂŵŝƉƐLJĐŚŝĐnjŶLJŵŝnjĚĂƌnjĂƐŝħŵſǁŝđƌnjĞĐnjLJ͕ŬƚſƌĞŝĐŚnjĚĂŶŝĞŵ͕
ƌŽnjŵſǁĐĂ ĐŚĐĞ ƵƐųLJƐnjĞđ͘ ůĂƚĞŐŽ ƐƚĂƌĂũ Ɛŝħ ĨŽƌŵƵųŽǁĂđ ƉLJƚĂŶŝĂ ƐŬŝĞƌŽǁĂŶĞ ĚŽ
ϳ
ŽƐŽďLJ nj njĂďƵƌnjĞŶŝĂŵŝ ƉƐLJĐŚŝĐnjŶLJŵŝ ǁ ŶĞƵƚƌĂůŶLJ ƐƉŽƐſď͕ ĂďLJ ƵnjLJƐŬĂđ ĚŽŬųĂĚŶĞ
ŝŶĨŽƌŵĂĐũĞ͘ ĂǁƐnjĞ ƐƉƌĂǁĚnjĂũ ƵnjLJƐŬĂŶĞ ǁ ƚĞŶ ƐƉŽƐſď ŽĚƉŽǁŝĞĚnjŝ͕ ƉŽǁƚĂƌnjĂũČĐ
ŽŬƌĞƑůŽŶĞƉLJƚĂŶŝĞǁŝŶŶLJƐƉŽƐſď͘
ϭϭ͘KƐŽďLJnjnjĂďƵƌnjĞŶŝĂŵŝƉƐLJĐŚŝĐnjŶLJŵŝǁǁŝĞůƵƉƌnjLJƉĂĚŬĂĐŚŵĂũČƉƌŽďůĞŵnjƉŽĚĞũŵŽͲ
ǁĂŶŝĞŵĚĞĐLJnjũŝ͘tƚĂŬŝĞũƐLJƚƵĂĐũŝƐƚĂƌĂũƐŝħďLJđƐƉŽŬŽũŶLJŝĐŝĞƌƉůŝǁLJĂƉƌnjĞĚĞǁƐnjLJƐƚͲ
Ŭŝŵ;ũĞƑůŝƚŽŵŽǏůŝǁĞͿŬŽŶŝĞĐnjŶŝĞĚĂũŽƐŽďŝĞ͕njŬƚſƌČŵĂƐnjŬŽŶƚĂŬƚ͕ŽĚƉŽǁŝĞĚŶŝČŝůŽƑđ
ĐnjĂƐƵŶĂƉŽĚũħĐŝĞĚĞĐLJnjũŝ͘
ϭϮ͘tŝĞůĞ ŽƐſď nj njĂďƵƌnjĞŶŝĂŵŝ ƉƐLJĐŚŝĐnjŶLJŵŝ ũĞƐƚ ƉƌnjLJnjǁLJĐnjĂũŽŶĂ ĚŽ ĚnjŝĂųĂŶŝĂ ǁĞĚųƵŐ
ƵƐƚĂůŽŶĞŐŽƐƚĂųĞŐŽƉŽƌnjČĚŬƵ͘ŵŝĂŶĂŽƚŽĐnjĞŶŝĂůƵďƵƐƚĂůŽŶĞŐŽƉŽƌnjČĚŬƵǁLJǁŽųƵũĞ
ƵŶŝĐŚůħŬŝƵƚƌĂƚħƉŽĐnjƵĐŝĂďĞnjƉŝĞĐnjĞŷƐƚǁĂ͕ŬƚſƌLJĐŚƉƌnjĞnjǁLJĐŝħǏĞŶŝĞǁLJŵĂŐĂĐnjĂƐĂͲ
ŵŝďĂƌĚnjŽĚųƵŐŝĞŐŽĐnjĂƐƵ͘:ĞƑůŝƚŽŵŽǏůŝǁĞƐƚĂƌĂũƐŝħƵƐnjĂŶŽǁĂđƚĞƉŽƚƌnjĞďLJŽƐŽďLJ
ĐŚŽƌĞũ ŝ ŶŝĞ njŵƵƐnjĂũ ũĞũ ĚŽ ŐǁĂųƚŽǁŶLJĐŚ njŵŝĂŶ ƉƌnjLJũħƚĞŐŽ ƉƌnjĞnj ŶŝČ ƉŽƌnjČĚŬƵ
ĚnjŝĂųĂŶŝĂ͘
ϴ
s͘ 'ĚnjŝĞƵĚĂđƐŝħƉŽƉŽŵŽĐŶĂƚĞƌĞŶŝĞ
WŽǁŝĂƚƵ:ĂǁŽƌƐŬŝĞŐŽ͍
ĂǁĂƌƚĞǁƉŽƉƌnjĞĚŶŝĐŚƉƵŶŬƚĂĐŚƉŽƌĂĚLJĚůĂƌŽĚnjŝŶŽƌĂnjŝŶŶLJĐŚŽƐſďŬŽŶƚĂŬƚƵũČĐLJĐŚƐŝħ
njŽƐŽďĂŵŝĐŚŽƌLJŵŝǁǏLJĐŝƵƉƌLJǁĂƚŶLJŵŝnjĂǁŽĚŽǁLJŵŵĂũČĐŚĂƌĂŬƚĞƌnjďLJƚŽŐſůŶLJ͕ĂďLJ
ƉŽŵſĐǁŬĂǏĚLJŵŝŶĚLJǁŝĚƵĂůŶLJŵƉƌnjLJƉĂĚŬƵ͘ůĂƚĞŐŽƚĞǏƉŽŶŝǏĞũƉƌnjĞĚƐƚĂǁŝŽŶŽƉŽĚͲ
ƐƚĂǁŽǁĞŝŶĨŽƌŵĂĐũĞŽĚnjŝĂųĂũČĐLJĐŚŝŶƐƚLJƚƵĐũĂĐŚƵĚnjŝĞůĂũČĐLJĐŚǁƐƉĂƌĐŝĂŽƐŽďŝĞĐŚŽƌĞũ
ŽƌĂnjũĞũďůŝƐŬŝŵnjĂŵŝĞƐnjŬƵũČĐLJŵWŽǁŝĂƚ:ĂǁŽƌƐŬŝ͘ŽŬųĂĚŶĞĂĚƌĞƐLJŽƌĂnjŶƵŵĞƌLJƚĞůĞĨŽͲ
ŶſǁƚLJĐŚŝŶƐƚLJƚƵĐũŝnjŶĂũĚnjŝĞƐnjǁƚĂďĞůŝŶĂŬŽŷĐƵŝŶĨŽƌŵĂƚŽƌĂ͘
ϭ͘ WŽǁŝĂƚŽǁĞĞŶƚƌƵŵWŽŵŽĐLJZŽĚnjŝŶŝĞǁ:ĂǁŽƌnjĞ
^ŝĞĚnjŝďĂ WŽǁŝĂƚŽǁĞ ĞŶƚƌƵŵ WŽŵŽĐLJ ZŽĚnjŝŶŝĞ ǁ :ĂǁŽƌnjĞ njŶĂũĚƵũĞ Ɛŝħ ƉƌnjLJ ƵůŝĐLJ
^njƉŝƚĂůŶĞũϭϮĂ͘
:ĞĚŶLJŵ nj ƉƌŝŽƌLJƚĞƚŽǁLJĐŚ njĂĚĂŷ ƌĞĂůŝnjŽǁĂŶLJĐŚ ǁ WŽǁŝĂƚŽǁLJŵ ĞŶƚƌƵŵ WŽŵŽĐLJ
ZŽĚnjŝŶŝĞ ǁ :ĂǁŽƌnjĞ ũĞƐƚ ƵĚnjŝĞůĂŶŝĞ ŽƐŽďŽŵ ŶŝĞƉĞųŶŽƐƉƌĂǁŶLJŵ ǁƐnjĞĐŚƐƚƌŽŶŶĞŐŽ
ǁƐƉĂƌĐŝĂŝĐŚŝŶƚĞŐƌĂĐũŝnjĞƑƌŽĚŽǁŝƐŬŝĞŵƐƉŽųĞĐnjŶLJŵ͘
WŽǁŝĂƚŽǁĞ ĞŶƚƌƵŵ WŽŵŽĐLJ ZŽĚnjŝŶŝĞ ǁ :ĂǁŽƌnjĞ ƌĞĂůŝnjƵũĞ ƚŽ njĂĚĂŶŝĞ ƵĚnjŝĞůĂũČĐ
ďĞnjƉųĂƚŶLJĐŚŝŶĨŽƌŵĂĐũŝŽƉƌnjLJƐųƵŐƵũČĐLJĐŚƉƌĂǁĂĐŚŝƵƉƌĂǁŶŝĞŶŝĂĐŚŽƐſďŶŝĞƉĞųŶŽͲ
ƐƉƌĂǁŶLJĐŚ ŽƌĂnj ƵĚnjŝĞůĂũČĐ ŽƐŽďŽŵ ŶŝĞƉĞųŶŽƐƉƌĂǁŶLJŵ ĚŽĮŶĂŶƐŽǁĂŶŝĂ ĚŽ ƐƉƌnjħƚƵ
ŝ ƑƌŽĚŬſǁ ƉŽŵŽĐŶŝĐnjLJĐŚ njĞ ƑƌŽĚŬſǁ ƉŽĐŚŽĚnjČĐLJĐŚ nj WĂŷƐƚǁŽǁĞŐŽ &ƵŶĚƵƐnjƵ
ZĞŚĂďŝůŝƚĂĐũŝ KƐſď EŝĞƉĞųŶŽƐƉƌĂǁŶLJĐŚ͘ WŽŶĂĚƚŽ ĞŶƚƌƵŵ njĂƉĞǁŶŝĂ ďĞnjƉųĂƚŶĞ
ĚŽƌĂĚnjƚǁŽƐƉĞĐũĂůŝƐƚLJĐnjŶĞ͕ǁƌĂŵĂĐŚŬƚſƌĞŐŽŵŽǏŶĂƐŬŽƌnjLJƐƚĂđnjƉŽƌĂĚƉƐLJĐŚŽůŽŐĂ
ŝƉƌĂǁŶŝŬĂ͘
Ϯ͘ KƑƌŽĚĞŬ tƐƉĂƌĐŝĂ ĚůĂ KƐſď nj njĂďƵƌnjĞŶŝĂŵŝ ƉƐLJĐŚŝĐnjŶLJŵŝ ǁ :ĂǁŽƌnjĞ ƉƌnjLJ
WŽǁŝĂƚŽǁLJŵĞŶƚƌƵŵWŽŵŽĐLJZŽĚnjŝŶŝĞǁ:ĂǁŽƌnjĞ
^ŝĞĚnjŝďĂKƑƌŽĚŬĂtƐƉĂƌĐŝĂĚůĂKƐſďnjnjĂďƵƌnjĞŶŝĂŵŝƉƐLJĐŚŝĐnjŶLJŵŝnjŶĂũĚƵũĞƐŝħƉƌnjLJ
Ƶů͘^ƚĂƌŽũĂǁŽƌƐŬŝĞũϳ͘
KƑƌŽĚĞŬũĞƐƚƉůĂĐſǁŬČĚnjŝĞŶŶĞŐŽƉŽďLJƚƵƉƌnjĞnjŶĂĐnjŽŶČĚůĂŽƐſďĚŽƌŽƐųLJĐŚĐŝĞƌƉŝČͲ
ĐLJĐŚ ŶĂ njĂďƵƌnjĞŶŝĂ ƉƐLJĐŚŝĐnjŶĞ͕ njĂŵŝĞƐnjŬƵũČĐLJĐŚ ŶĂ ƚĞƌĞŶŝĞ WŽǁŝĂƚƵ :ĂǁŽƌƐŬŝĞŐŽ͕
ŬƚſƌĞŶŝĞǁLJŵĂŐĂũČůĞĐnjĞŶŝĂƐnjƉŝƚĂůŶĞŐŽ͕ůĞĐnjƌſǏŶLJĐŚĨŽƌŵƉŽŵŽĐLJ͕ŽƉŝĞŬŝŝǁƐƉĂƌĐŝĂ
ǁǏLJĐŝƵĐŽĚnjŝĞŶŶLJŵŽƌĂnjƌŽĚnjŝŶŶLJŵ͘ĂũħĐŝĂŽĚďLJǁĂũČƐŝħŽĚƉŽŶŝĞĚnjŝĂųŬƵĚŽƉŝČƚŬƵ͕
ǁŐŽĚnjŝŶĂĐŚ ŽĚ ϳ͘ϯϬ ĚŽ ϭϱ͘ϯϬ͘ tĂƌƵŶŬŝĞŵƉƌnjLJũħĐŝĂ ĚŽ KƑƌŽĚŬĂ ũĞƐƚ ƉŽƐŝĂĚĂŶŝĞ
ƉƌnjĞnj ŽƐŽďħ ĐŚŽƌČ ƐŬŝĞƌŽǁĂŶŝĂ ŽĚ ůĞŬĂƌnjĂ ƉƐLJĐŚŝĂƚƌLJ ŽƌĂnj ƉƌnjĞƉƌŽǁĂĚnjĞŶŝĞ ƉƌnjĞnj
ƉƌĂĐŽǁŶŝŬĂ ƐŽĐũĂůŶĞŐŽ WWZ ǁ :ĂǁŽƌnjĞ ǁLJǁŝĂĚƵ ƑƌŽĚŽǁŝƐŬŽǁĞŐŽ͕ ƐųƵǏČĐĞŐŽ
ĚŝĂŐŶŽnjŝĞũĞũƐLJƚƵĂĐũŝƌŽĚnjŝŶŶĞũŽƌĂnjǁĂƌƵŶŬſǁƐŽĐũĂůŶŽͲďLJƚŽǁLJĐŚ͘
njŝĂųĂůŶŽƑđKƑƌŽĚŬĂtƐƉĂƌĐŝĂƐŬŽŶĐĞŶƚƌŽǁĂŶĂũĞƐƚŶĂƉŽĚƚƌnjLJŵLJǁĂŶŝƵŝƌŽnjǁŝũĂŶŝƵ
ƵƵĐnjĞƐƚŶŝŬĂƵŵŝĞũħƚŶŽƑĐŝĚŽƐĂŵŽĚnjŝĞůŶĞŐŽŝƑǁŝĂĚŽŵĞŐŽǏLJĐŝĂ͘tƐnjĐnjĞŐſůŶŽƑĐŝ
ϵ
ĐŚŽĚnjŝ Ž ƵĚnjŝĞůĂŶŝĞ ŵƵ ƉŽŵŽĐLJ ǁ ƐƉƌĂǁĂĐŚ njǁŝČnjĂŶLJĐŚ nj ũĞŐŽ ŬŽŶƚĂŬƚĂŵŝ
nj ŝŶƐƚLJƚƵĐũĂŵŝ ƉƵďůŝĐnjŶLJŵŝ͕ ĚďĂųŽƑĐŝČ Ž njĚƌŽǁŝĞ͕ ŐŽƐƉŽĚĂƌŽǁĂŶŝĞŵ ƑƌŽĚŬĂŵŝ
ĮŶĂŶƐŽǁLJŵŝ͕ƐƉŽƐŽďĞŵƐƉħĚnjĂŶŝĂĐnjĂƐƵǁŽůŶĞŐŽŽƌĂnjĞĚƵŬĂĐũČ͘
tKƑƌŽĚŬƵtƐƉĂƌĐŝĂƉƌŽǁĂĚnjŽŶĞƐČnjĂũħĐŝĂƚĞƌĂƉĞƵƚLJĐnjŶĞnjnjĂŬƌĞƐƵ͗
• dĞƌĂƉŝŝnjĂũħĐŝŽǁĞũ
• ƌƚĞƚĞƌĂƉŝŝ;ƚǁſƌĐnjŽƑđƉůĂƐƚLJĐnjŶĂͿ
• ZħŬŽĚnjŝĞůŶŝĐƚǁĂ
• ^ƚŽůĂƌƐƚǁĂ
• ƌŐŽƚĞƌĂƉŝŝ;ƚĞƌĂƉŝĂƉƌĂĐČͿ
• ĂũħđƌƵĐŚŽǁLJĐŚ
• dĞƌĂƉŝŝƉŽƉƌnjĞnjǁųČĐnjĂŶŝĞǁǏLJĐŝĞŬƵůƚƵƌĂůŶŽͲŽƑǁŝĂƚŽǁĞ
• ŝďůŝŽƚĞƌĂƉŝŝ
• ĂũħđŬŽŵƉƵƚĞƌŽǁLJĐŚ
• ĂũħđƌĞůĂŬƐĂĐLJũŶLJĐŚ
• WƐLJĐŚŽĞĚƵŬĂĐũŝŝƚƌĞŶŝŶŐƵĨĂƌŵĂŬŽůŽŐŝĐnjŶĞŐŽ
• ĂũħđŝŶĚLJǁŝĚƵĂůŶLJĐŚŝŐƌƵƉŽǁLJĐŚnjƉƐLJĐŚŽůŽŐŝĞŵ
• ĂũħđůŽŐŽƉĞĚLJĐnjŶLJĐŚ
• KƌĂnjƚƌĞŶŝŶŐƵƵŵŝĞũħƚŶŽƑĐŝƐƉŽųĞĐnjŶLJĐŚ͘
• WƌĂĐLJƐŽĐũĂůŶĞũ
tƉůĂĐſǁĐĞƐČnjĂƚƌƵĚŶŝĞŶŝƐČƐƉĞĐũĂůŝƑĐŝ;ŝŶƐƚƌƵŬƚŽƌnjLJƚĞƌĂƉŝŝnjĂũħĐŝŽǁĞũ͕ƚĞƌĂƉĞƵĐŝ͕
ƉƐLJĐŚŽůŽŐ͕ůŽŐŽƉĞĚĂŽƌĂnjƉƌĂĐŽǁŶŝŬƐŽĐũĂůŶLJͿ͕ŬƚſƌnjLJƉŽƐŝĂĚĂũČǁŝĞĚnjħŝĚŽƑǁŝĂĚĐnjĞͲ
ŶŝĞǁƉƌĂĐLJnjŽƐŽďĂŵŝĐŝĞƌƉŝČĐLJŵŝŶĂnjĂďƵƌnjĞŶŝĂƉƐLJĐŚŝĐnjŶĞ͕ĐŽƉŽnjǁĂůĂŶĂƵĚnjŝĞͲ
ůĞŶŝĞĐŚŽƌĞŵƵŝũĞŐŽŶĂũďůŝǏƐnjLJŵƉŽŵŽĐLJǁƌŽnjǁŝČnjLJǁĂŶŝƵƉƌŽďůĞŵſǁnjǁŝČnjĂŶLJĐŚ
njĨƵŶŬĐũŽŶŽǁĂŶŝĞŵĐŚŽƌĞŐŽǁƑƌŽĚŽǁŝƐŬƵƌŽĚnjŝŶŶLJŵŽƌĂnjũĞŐŽŬŽŶƚĂŬƚĂŵŝnjŝŶƐƚLJƚƵͲ
ĐũĂŵŝƉƵďůŝĐnjŶLJŵŝ͘
ϯ͘ tĂƌƐnjƚĂƚLJ dĞƌĂƉŝŝ ĂũħĐŝŽǁĞũ ƉƌŽǁĂĚnjŽŶĞ ƉƌnjĞnj dŽǁĂƌnjLJƐƚǁŽ WƌnjLJũĂĐŝſų njŝĞĐŝ
<ŽųŽ ƉƌnjLJ ^ƉĞĐũĂůŶLJŵ KƑƌŽĚŬƵ ^njŬŽůŶŽͲtLJĐŚŽǁĂǁĐnjLJŵ ǁ :ĂǁŽƌnjĞ ƉƌnjLJ ƵůŝĐLJ
WĂĚĞƌĞǁƐŬŝĞŐŽϲ͘
tĂƌƐnjƚĂƚLJdĞƌĂƉŝŝĂũħĐŝŽǁĞũƚŽŵŝĞũƐĐĞŐĚnjŝĞƐƚǁŽƌnjŽŶŽŽƐŽďŽŵŶŝĞƉĞųŶŽƐƉƌĂǁͲ
ŶLJŵŶŝĞnjĚŽůŶLJŵĚŽƉŽĚũħĐŝĂƉƌĂĐLJŵŽǏůŝǁŽƑđƌĞŚĂďŝůŝƚĂĐũŝƐƉŽųĞĐnjŶĞũŝnjĂǁŽĚŽǁĞ͘
hĐnjĞƐƚŶŝĐƚǁŽ ǁ ǁĂƌƐnjƚĂƚĂĐŚ ƌŽnjǁŝũĂ ƵŵŝĞũħƚŶŽƑĐŝ ǁLJŬŽŶLJǁĂŶŝĂ ĐnjLJŶŶŽƑĐŝ ǏLJĐŝĂ
ĐŽĚnjŝĞŶŶĞŐŽŽƌĂnjnjĂƌĂĚŶŽƑĐŝŽƐŽďŝƐƚĞũũĂŬƌſǁŶŝĞǏƉƐLJĐŚŽĮnjLJĐnjŶLJĐŚƐƉƌĂǁŶŽƑĐŝŽƌĂnj
ƉŽĚƐƚĂǁŽǁLJĐŚ ŝ ƐƉĞĐũĂůŝƐƚLJĐnjŶLJĐŚ ƵŵŝĞũħƚŶŽƑĐŝ njĂǁŽĚŽǁLJĐŚ͕ ƵŵŽǏůŝǁŝĂũČĐLJĐŚ
ƉŽĚũħĐŝĞƉƌĂĐLJĂůďŽƐnjŬŽůĞŶŝĂnjĂǁŽĚŽǁĞŐŽ͘
ϭϬ
td ũĞƐƚ ƉůĂĐſǁŬĂ ƉƌnjĞnjŶĂĐnjŽŶČ ĚůĂ ŽƐſď ŶŝĞƉĞųŶŽƐƉƌĂǁŶLJĐŚ͕ ǁ ƐƚŽƐƵŶŬƵ͕ ĚŽ
ŬƚſƌLJĐŚŽƌnjĞĐnjŽŶŽĐĂųŬŽǁŝƚČŶŝĞnjĚŽůŶŽƑđĚŽƉƌĂĐLJĂǁŽƌnjĞĐnjĞŶŝƵŽƐƚŽƉŶŝƵŶŝĞƉĞųͲ
ŶŽƐƉƌĂǁŶŽƑĐŝǁƐŬĂnjĂŶŽƵĐnjĞƐƚŶŝĐƚǁŽǁƚĞƌĂƉŝŝnjĂũħĐŝŽǁĞũ͘
ϰ͘ WŽƌĂĚŶŝĂnjĚƌŽǁŝĂƉƐLJĐŚŝĐnjŶĞŐŽ
EĂ ƚĞƌĞŶŝĞ WŽǁŝĂƚƵ :ĂǁŽƌƐŬŝĞŐŽ ĚnjŝĂųĂũČ ĚǁŝĞ ƉŽƌĂĚŶŝĞ njĚƌŽǁŝĂ ƉƐLJĐŚŝĐnjŶĞŐŽ
;ŽďŝĞǁ:ĂǁŽƌnjĞͿ͗
ϭ͘ WŽƌĂĚŶŝĂĚƌŽǁŝĂWƐLJĐŚŝĐnjŶĞŐŽǁEK<KZD͕ƉƌnjLJƵů͘ŵŽǁƐŬŝĞŐŽϵ͕
Ϯ͘ WŽƌĂĚŶŝĂĚƌŽǁŝĂWƐLJĐŚŝĐnjŶĞŐŽǁWƌnjLJĐŚŽĚŶŝZĞũŽŶŽǁĞũƉƌnjLJƵů͘WŝųƐƵĚƐŬŝĞŐŽϭϬ
WŽƌĂĚŶŝĞƉƌnjLJũŵƵũČǁƐnjLJƐƚŬŝĞŽƐŽďLJǁLJŵĂŐĂũČĐĞŽƉŝĞŬŝƉƐLJĐŚŝĂƚƌLJĐnjŶĞũďĞnjƐŬŝĞƌŽͲ
ǁĂŶŝĂŽĚůĞŬĂƌnjĂƉŝĞƌǁƐnjĞŐŽŬŽŶƚĂŬƚƵ͘tŽďƵƉŽƌĂĚŶŝĂĐŚŵŽǏŶĂƐŬŽƌnjLJƐƚĂđnjƉŽŵŽͲ
ĐLJ ƉƐLJĐŚŽůŽŐĂ ŽƌĂnj ƉŽƌĂĚŶŝ ƵnjĂůĞǏŶŝĞŷ ;ĂůŬŽŚŽů͕ ŶĂƌŬŽƚLJŬŝ͕ ůĞŬŽŵĂŶŝĂ͕ ŚĂnjĂƌĚͿ͕
ǁ ŬƚſƌLJĐŚ njĂũħĐŝĂ ƐČ ƉƌŽǁĂĚnjŽŶĞ ǁ ĨŽƌŵŝĞ ŐƌƵƉŽǁĞũ ŝ ŝŶĚLJǁŝĚƵĂůŶĞũ͘ /ŶĨŽƌŵĂĐũĞ
ƐnjĐnjĞŐſųŽǁĞĚŽƚLJĐnjČĐĞĚĂŶLJĐŚůĞŬĂƌnjLJƉƌĂĐƵũČĐLJĐŚǁƉŽƌĂĚŶŝŽƌĂnjĚŶŝŝŐŽĚnjŝŶŝĐŚ
ƉƌĂĐLJ ƵnjLJƐŬĂƐnj ƚĞůĞĨŽŶŝĐnjŶŝĞ͕ ŬŽƌnjLJƐƚĂũČĐ nj ŶƵŵĞƌſǁ njĂŵŝĞƐnjĐnjŽŶLJĐŚ ǁ ƚĂďĞůŝ ŶĂ
ŬŽŷĐƵŶŝŶŝĞũƐnjĞŐŽŝŶĨŽƌŵĂƚŽƌĂ͘
ϱ͘ WŽƌĂĚŶŝĂZŽĚnjŝŶŶĂƉƌnjLJDŝĞũƐŬŝŵKƑƌŽĚŬƵWŽŵŽĐLJ^ƉŽųĞĐnjŶĞũǁ:ĂǁŽƌnjĞ
WŽƌĂĚŶŝĂ ũĞƐƚ ƉůĂĐſǁŬČ ƉƌŽǁĂĚnjŽŶĂ ƉƌnjĞnj DŝĞũƐŬŝ KƑƌŽĚĞŬ WŽŵŽĐLJ ^ƉŽųĞĐnjŶĞũ
ǁ :ĂǁŽƌnjĞ͘ WƌnjĞnjŶĂĐnjŽŶĂ ũĞƐƚ ĚůĂ ŽƐſď nj ƚĞƌĞŶƵ ŵŝĂƐƚĂ :ĂǁŽƌ͕ ŬƚſƌĞ ǁLJŵĂŐĂũČ
ƉŽŵŽĐLJ ŝ ǁƐƉĂƌĐŝĂ ƉƐLJĐŚŽůŽŐŝĐnjŶĞŐŽ͘ t WŽƌĂĚŶŝ ƌŽĚnjŝŶŶĞũ ƵƐųƵŐŝ ƑǁŝĂĚĐnjŽŶĞ ƐČ
ƉƌnjĞnjƉƐLJĐŚŽůŽŐſǁ͕ƉĞĚĂŐŽŐĂ͕ƚĞƌĂƉĞƵƚħƵnjĂůĞǏŶŝĞŷŽƌĂnjƉƌĂǁŶŝŬĂ͘WůĂĐſǁŬĂƵĚnjŝĞůĂ
ƉŽŵŽĐLJŶĂnjĂƐĂĚnjŝĞĚŽďƌŽǁŽůŶŽƑĐŝŝŶŝĞŽĚƉųĂƚŶŝĞ͘WŽƌĂĚŶŝĂũĞƐƚŽƚǁĂƌƚĂĐŽĚnjŝĞŶŶŝĞ
ŽĚƉŽŶŝĞĚnjŝĂųŬƵĚŽƉŝČƚŬƵ͘ƉŽŵŽĐLJƉůĂĐſǁŬŝŵŽŐČƚĂŬǏĞŬŽƌnjLJƐƚĂđŽĮĂƌLJƉƌnjĞŵŽĐLJ
ĚŽŵŽǁĞũŽƌĂnjŽƐŽďLJŝƌŽĚnjŝŶLJǁƚƌƵĚŶĞũŬƌLJnjLJƐŽǁĞũƐLJƚƵĂĐũŝǁLJŵĂŐĂũČĐĞǁƐƉĂƌĐŝĂ
ƉƐLJĐŚŽůŽŐŝĐnjŶĞŐŽŝƉƌĂǁŶĞŐŽ͘
ϲ͘ tŽũĞǁſĚnjŬŝ^njƉŝƚĂůWƐLJĐŚŝĂƚƌLJĐnjŶLJǁųŽƚŽƌLJŝ
DŝĞƐnjŬĂŷĐLJWŽǁŝĂƚƵ:ĂǁŽƌƐŬŝĞŐŽŬŽƌnjLJƐƚĂđŵŽŐČnjƉŽŵŽĐLJtŽũĞǁſĚnjŬŝĞŐŽ^njƉŝƚĂůĂ
WƐLJĐŚŝĂƚƌLJĐnjŶĞŐŽǁųŽƚŽƌLJŝ͘:ĞŐŽnjĂĚĂŶŝĞŵũĞƐƚƚĞƌĂƉŝĂŝůĞĐnjĞŶŝĞĐŚŽƌLJĐŚƉƐLJĐŚŝĐnjͲ
ŶŝĞƵŬŝĞƌƵŶŬŽǁĂŶĞŶĂƐnjLJďŬŝĞƵƐƚČƉŝĞŶŝĞnjĂďƵƌnjĞŷŝƉŽǁƌſƚƉĂĐũĞŶƚĂĚŽƐĂŵŽĚnjŝĞůͲ
ŶĞŐŽ ŝ ĂŬƚLJǁŶĞŐŽ ǏLJĐŝĂ͘ :ĞŐŽ ĨƵŶŬĐũŽŶŽǁĂŶŝĞ ŽƉŝĞƌĂ Ɛŝħ ŶĂ ŵŽĚĞůƵ ƐƉŽųĞĐnjŶLJŵ͕
ĐŽŽnjŶĂĐnjĂ͕ŝǏǏLJĐŝĞƉŽĚŽƉŝĞĐnjŶLJĐŚnjďůŝǏŽŶĞũĞƐƚĚŽĚŽŵŽǁĞŐŽŝƌŽĚnjŝŶŶĞŐŽ͘
ϭϭ
^njƉŝƚĂůŶLJŽĚĚnjŝĂųƉƐLJĐŚŝĂƚƌLJĐnjŶLJƌĞĂůŝnjƵũĞƉƌŽĐĞƐůĞĐnjĞŶŝĂƉŽƉƌnjĞnj͗
• ĚŝĂŐŶŽƐƚLJŬħŝŽƉŝĞŬħƉƐLJĐŚŽůŽŐĂ
• ĚŝĂŐŶŽƐƚLJŬħŝůĞĐnjĞŶŝĞnjďƵƌnjĞŷƉƐLJĐŚŝĐnjŶLJĐŚ
• ŬŽŶƐƵůƚĂĐũĞǁnjĂŬƌĞƐŝĞŝŶŶLJĐŚƐƉĞĐũĂůŶŽƑĐŝ
• ůĞĐnjĞŶŝĞŶĂƐƚĂǁŝŽŶĞŶĂƐnjLJďŬŝƉŽǁƌſƚƉĂĐũĞŶƚĂĚŽũĞŐŽƑƌŽĚŽǁŝƐŬĂ͘
tƉƌĂĐLJnjĐŚŽƌLJŵ͕ƐƚŽƐŽǁĂŶĞƐČƌſǏŶĞĨŽƌŵLJƚĞƌĂƉŝŝ͕ŵŝħĚnjLJŝŶŶLJŵŝƚĂŬŝĞũĂŬ͗
• ĨĂƌŵĂŬŽƚĞƌĂƉŝĂ;ůĞŬŝͿ
• ƉƐLJĐŚŽƚĞƌĂƉŝĂŐƌƵƉŽǁĂŝŝŶĚLJǁŝĚƵĂůŶĂ
• ŵƵnjLJŬŽƚĞƌĂƉŝĂ
• ƉƐLJĐŚŽƌLJƐƵŶĞŬ
• ƉƐLJĐŚŽĞĚƵŬĂĐũĂƉĂĐũĞŶƚſǁŝŝĐŚƌŽĚnjŝŶ
• ƚĞƌĂƉŝĂnjĂũħĐŝŽǁĂ
• ƚĞƌĂƉŝĂƌƵĐŚŽǁĂ
• njĂũħĐŝĂƌĞůĂŬƐƵũČĐĞ
• ŽĚĚnjŝĂųLJǁĂŶŝĂƐŽĐũĂůŶĞ
ϭϮ
s/͘ŽnjƌŽďŝđŐĚLJďůŝƐŬĂŶĂŵŽƐŽďĂŶŝĞĐŚĐĞ
ƐŝħůĞĐnjLJđ͍
tǁŝħŬƐnjŽƑĐŝƉƌnjLJƉĂĚŬſǁŽƐŽďĂĐŝĞƌƉŝČĐĂŶĂnjĂďƵƌnjĞŶŝĂƉƐLJĐŚŝĐnjŶĞƌŽnjƵŵŝĞƉŽƚƌnjĞͲ
ďħůĞĐnjĞŶŝĂƐǁŽũĞũĐŚŽƌŽďLJ͘tnjǁŝČnjŬƵnjƚLJŵƌĞŐƵůĂƌŶŝĞŽĚǁŝĞĚnjĂůĞŬĂƌnjĂŽƌĂnjƉƌnjLJũŵƵͲ
ũĞƉƌnjLJƉŝƐĂŶĞƉƌnjĞnjŶŝĞŐŽůĞŬŝ͘EŝĞƐƚĞƚLJnjĚĂƌnjĂũČƐŝħƚĞǏƐLJƚƵĂĐũĞ͕ŐĚLJŽƐŽďĂĐŚŽƌĂŶŝĞ
ĐŚĐĞƉŽĚũČđĚĞĐLJnjũŝŽůĞĐnjĞŶŝƵ͘tƚĂŬŝĞũƐLJƚƵĂĐũŝŶĂũǁĂǏŶŝĞũƐnjĞũĞƐƚ͕ĂďLJŽƐŽďLJnjŽƚŽͲ
ĐnjĞŶŝĂĐŚŽƌĞŐŽŶŝĞnjĂƉƌnjĞƐƚĂųLJĚnjŝĂųĂŷnjŵŝĞƌnjĂũČĐLJĐŚĚŽƉƌnjĞŬŽŶĂŶŝĂŐŽĚŽnjŵŝĂŶLJƚĞũ
ĚĞĐLJnjũŝ͘ t ƉŝĞƌǁƐnjĞũ ŬŽůĞũŶŽƑĐŝ ŶĂůĞǏLJ ƉŽŝŶĨŽƌŵŽǁĂđ ĐŚŽƌĞŐŽ Ž ĚŽƐƚƌnjĞǏĞŶŝƵ Ƶ ŶŝĞŐŽ
ŽďũĂǁſǁĐŚŽƌŽďLJŝƉŽƚƌnjĞďŝĞŝĐŚŬŽŶƐƵůƚĂĐũŝnjůĞŬĂƌnjĞŵ͘EŝĞƐƚĞƚLJĚŽƑđĐnjħƐƚŽƉŝĞƌǁƐnjĞƉƌſͲ
ďLJƉƌnjĞŬŽŶĂŶŝĂĐŚŽƌĞŐŽĚŽƐŬŽƌnjLJƐƚĂŶŝĂnjƉŽŵŽĐLJůĞŬĂƌnjĂŬŽŷĐnjČƐŝħŶŝĞƉŽǁŽĚnjĞŶŝĞŵ͘
t ƚĂŬŝĞũ ƐLJƚƵĂĐũŝ ŶŝĞ ǁŽůŶŽ Ɛŝħ ƉŽĚĚĂǁĂđ ŝ ǁĂƌƚŽ ƐŬŽƌnjLJƐƚĂđ nj ƉŽŵŽĐLJ ƐƉĞĐũĂůŝƐƚſǁ͕
ŬƚſƌnjLJ ĚŽƌĂĚnjČ ũĂŬ ĚŽďƌnjĞ njĂƉůĂŶŽǁĂđ ŝ njƌĞĂůŝnjŽǁĂđ ĚnjŝĂųĂŶŝĂ ŵĂũČĐĞ ŶĂ ĐĞůƵ ƉƌnjĞŬŽͲ
ŶĂŶŝĞĐŚŽƌĞŐŽĚŽnjŵŝĂŶLJĚĞĐLJnjũŝǁƐƉƌĂǁŝĞůĞĐnjĞŶŝĂ͘tĂǏŶĞũĞƐƚďLJĐnjųŽŶŬŽǁŝĞƌŽĚnjŝŶLJ
ĐŚŽƌĞŐŽŽƌĂnjũĞŐŽnjŶĂũŽŵŝnjĚĂǁĂůŝƐŽďŝĞƐƉƌĂǁħ͕ǏĞĚĞĐLJnjũĂŽƉŽĚũħĐŝƵůĞĐnjĞŶŝĂƉƌnjĞnj
ŽƐŽďħĐŚŽƌČƚŽĐnjħƐƚŽĚųƵŐŽƚƌǁĂųLJƉƌŽĐĞƐ͘
EŝĞƐƚĞƚLJǁLJƐŝųŬŝƌŽĚnjŝŶLJŝnjŶĂũŽŵLJĐŚnjŵŝĞƌnjĂũČĐĞĚŽƉŽĚũħĐŝĂƉƌnjĞnjĐŚŽƌĞŐŽůĞĐnjĞŶŝĂ
ĐnjĂƐĂŵŝŬŽŷĐnjČƐŝħŶŝĞƉŽǁŽĚnjĞŶŝĞŵ͘tƚĞĚLJŬŽŶŝĞĐnjŶĞũĞƐƚƐŬŽŶƐƵůƚŽǁĂŶŝĞnjůĞŬĂƌnjĞŵ
ŽƌĂnjƉƌĂǁŶŝŬŝĞŵĐnjLJŵŽǏůŝǁĞũĞƐƚƉŽĚũħĐŝĞůĞĐnjĞŶŝĂǁďƌĞǁǁŽůŝĐŚŽƌĞŐŽ͘<ŽŶƐƵůƚĂĐũĂ
ƚĂŬĂ ũĞƐƚ ƉŽƚƌnjĞďŶĂ͕ ƉŽŶŝĞǁĂǏ ƉŽůƐŬŝĞ ƉƌĂǁŽ ƉŽnjǁĂůĂ ŶĂ ůĞĐnjĞŶŝĞ ǁďƌĞǁ ǁŽůŝ ŽƐŽďLJ
ĐŚŽƌĞũũĞĚLJŶŝĞŽƐſďĐŚŽƌLJĐŚƉƐLJĐŚŝĐnjŶŝĞ͕ĂŝƚŽƚLJůŬŽǁďĂƌĚnjŽƑĐŝƑůĞŽŬƌĞƑůŽŶLJĐŚǁƉƌnjĞͲ
ƉŝƐĂĐŚƉƌĂǁŶLJĐŚƉƌnjLJƉĂĚŬĂĐŚ͘KnjŶĂĐnjĂƚŽ͕ǏĞũĞƑůŝũĂŬĂƑŽƐŽďĂŶŝĞũĞƐƚĐŚŽƌĂƉƐLJĐŚŝĐnjŶŝĞ
ƚLJůŬŽǁLJŬĂnjƵũĞŽďũĂǁLJŝŶŶĞŐŽnjĂďƵƌnjĞŶŝĂƉƐLJĐŚŝĐnjŶĞŐŽŶŝĞďħĚnjŝĞŵŽǏůŝǁŽƑĐŝƉŽĚũħĐŝĂ
ŬƌŽŬſǁƉƌĂǁŶLJĐŚǁĐĞůƵŽďũħĐŝĂũĞũůĞĐnjĞŶŝĞŵǁďƌĞǁũĞũǁŽůŝ͘EĂůĞǏLJƉƌnjLJƚLJŵƉĂŵŝħͲ
ƚĂđ͕ǏĞƐƚǁŝĞƌĚnjĞŶŝĂĐnjLJĚĂŶĂŽƐŽďĂĐŝĞƌƉŝŶĂĐŚŽƌŽďħƉƐLJĐŚŝĐnjŶČůƵďŝŶŶĞnjĂďƵƌnjĞŶŝĞ
ƉƐLJĐŚŝĐnjŶĞ ŵŽǏĞ ĚŽŬŽŶĂđ ǁLJųČĐnjŶŝĞ ůĞŬĂƌnj ƐƉĞĐũĂůŝƐƚĂ͕ ĚůĂƚĞŐŽ ŶĂũůĞƉŝĞũ ƉƌnjĞĚ ǁŝnjLJƚČ
ƵƉƌĂǁŶŝŬĂƐŬŽƌnjLJƐƚĂđǁƉŝĞƌǁƐnjĞũŬŽůĞũŶŽƑĐŝnjŬŽŶƐƵůƚĂĐũŝnjůĞŬĂƌnjĞŵƉƐLJĐŚŝĂƚƌČ͘
WƌŽĐĞĚƵƌħŬŝĞƌŽǁĂŶŝĂŽƐŽďLJĐŚŽƌĞũƉƐLJĐŚŝĐnjŶŝĞŶĂůĞĐnjĞŶŝĞǁďƌĞǁũĞũǁŽůŝƌĞŐƵůƵũĞ
ƵƐƚĂǁĂnjĚŶŝĂϭϵƐŝĞƌƉŶŝĂϭϵϵϰƌ͘ŽŽĐŚƌŽŶŝĞnjĚƌŽǁŝĂƉƐLJĐŚŝĐnjŶĞŐŽǁĂƌƚLJŬƵůĞϮϵŝŶĂͲ
ƐƚħƉŶLJĐŚ͘KƉŽƚƌnjĞďŝĞƐŬŝĞƌŽǁĂŶŝĂĐŚŽƌĞŐŽŶĂůĞĐnjĞŶŝĞǁƐnjƉŝƚĂůƵƉƐLJĐŚŝĂƚƌLJĐnjŶLJŵďĞnj
ũĞŐŽnjŐŽĚLJŽƌnjĞŬĂƐČĚƌŽĚnjŝŶŶLJǁųĂƑĐŝǁLJĚůĂŵŝĞũƐĐĂnjĂŵŝĞƐnjŬĂŶŝĂĐŚŽƌĞŐŽ͘ůĂŽƐŽďLJ
ĐŚŽƌĞũŵŝĞƐnjŬĂũČĐĞũŶĂƚĞƌĞŶŝĞWŽǁŝĂƚƵ:ĂǁŽƌƐŬŝĞŐŽďħĚnjŝĞƚŽnjĂnjǁLJĐnjĂũ^ČĚZĞũŽŶŽǁLJ
ǁ:ĂǁŽƌnjĞ///tLJĚnjŝĂųZŽĚnjŝŶŶLJŝEŝĞůĞƚŶŝĐŚ͘tLJũČƚŬŝĞŵƐČŵŝĞƐnjŬĂŷĐLJ'ŵŝŶLJŽůŬſǁ͕
ĚůĂ ŬƚſƌLJĐŚ ǁųĂƑĐŝǁLJŵ ǁ ƚĞŐŽ ƌŽĚnjĂũƵ ƐƉƌĂǁĂĐŚ ďħĚnjŝĞ ^ČĚ ZĞũŽŶŽǁLJ ǁ <ĂŵŝĞŶŶĞũ
'ſƌnjĞ///tLJĚnjŝĂųZŽĚnjŝŶŶLJŝEŝĞůĞƚŶŝĐŚ͘WƌŽĐĞĚƵƌħƐČĚŽǁČnjŵŝĞƌnjĂũČĐČĚŽƐŬŝĞƌŽǁĂŶŝĂ
ĐŚŽƌĞŐŽ ŶĂ ůĞĐnjĞŶŝĞ ďĞnj ũĞŐŽ njŐŽĚLJ ƌŽnjƉŽĐnjLJŶĂ Ɛŝħ ŶĂ ƉŽĚƐƚĂǁŝĞ ǁŶŝŽƐŬƵ njųŽǏŽŶĞŐŽ
ƉƌnjĞnj ũĞŐŽ ŵĂųǏŽŶŬĂ͕ ƌŽĚnjŝĐĂ͕ ĚnjŝĞĐŬŽ͕ ǁŶƵŬĂ ůƵď ƌŽĚnjĞŷƐƚǁŽ͘ tŶŝŽƐĞŬ njųŽǏLJđ ŵŽǏĞ
ƚĂŬǏĞŽƑƌŽĚĞŬƉŽŵŽĐLJƐƉŽųĞĐnjŶĞũǁƉƌnjLJƉĂĚŬƵŐĚLJŽƐŽďĂĐŚŽƌĂŬŽƌnjLJƐƚĂnjƑǁŝĂĚĐnjĞŷ
ƉŽŵŽĐLJƐƉŽųĞĐnjŶĞũ͘tĞǁŶŝŽƐŬƵǁŶŝŽƐŬŽĚĂǁĐĂŵƵƐŝǁLJŬĂnjĂđ͕ǏĞ͗
ϭϯ
• njĂĐŚŽǁĂŶŝĞ ŽƐŽďLJ ĐŚŽƌĞũ ŵŽǏĞ ƐƉŽǁŽĚŽǁĂđ njŶĂĐnjŶĞ ƉŽŐŽƌƐnjĞŶŝĞ ƐƚĂŶƵ ũĞũ
njĚƌŽǁŝĂƉƐLJĐŚŝĐnjŶĞŐŽ
ůƵď
• ŽƐŽďĂ ĐŚŽƌĂ ũĞƐƚ ŶŝĞnjĚŽůŶĂ ĚŽ ƐĂŵŽĚnjŝĞůŶĞŐŽ njĂƐƉŽŬĂũĂŶŝĂ ƐǁŽŝĐŚ ƉŽĚƐƚĂǁŽǁLJĐŚ
ƉŽƚƌnjĞďĂůĞĐnjĞŶŝĞƐnjƉŝƚĂůŶŝĞƉƌnjLJŶŝĞƐŝĞƉŽƉƌĂǁħũĞũƐƚĂŶƵnjĚƌŽǁŝĂ͘
KƉŝƐĂŶĂ ƉŽǁLJǏĞũ ƉƌŽĐĞĚƵƌĂ ƐŬŝĞƌŽǁĂŶŝĂ ŽƐŽďLJ ĐŚŽƌĞũ ďĞnj ũĞũ njŐŽĚLJ ŶĂ ůĞĐnjĞŶŝĞ
ǁƐnjƉŝƚĂůƵƉƐLJĐŚŝĂƚƌLJĐnjŶLJŵǁLJŵĂŐĂĐnjĂƐƵ͕ĂĐnjĂƐĂŵŝŵŽǏĞnjĂŝƐƚŶŝĞđƐLJƚƵĂĐũĂŐĚLJŽƐŽͲ
ďĂ ĐŚŽƌĂ ƉƐLJĐŚŝĐnjŶŝĞ ƉŽǁŝŶŶĂ njŶĂůĞǍđ Ɛŝħ ƐnjƉŝƚĂůƵ ƉƐLJĐŚŝĂƚƌLJĐnjŶLJŵ ďĂƌĚnjŽ ƐnjLJďŬŽ͕
ƉŽŶŝĞǁĂǏũĞũnjĂĐŚŽǁĂŶŝĞďĞnjƉŽƑƌĞĚŶŝŽnjĂŐƌĂǏĂũĞũǏLJĐŝƵůƵďǏLJĐŝƵŝŶŶLJĐŚŽƐſď͘^ƉŽƐſď
ƉŽƐƚħƉŽǁĂŶŝĂǁƚĂŬŝŵƉƌnjLJƉĂĚŬƵŽŬƌĞƑůĂũČĂƌƚ͘ϮϯŝŶĂƐƚħƉŶĞƵƐƚĂǁLJnjĚŶŝĂϭϵƐŝĞƌƉͲ
ŶŝĂϭϵϵϰƌ͘ŽŽĐŚƌŽŶŝĞnjĚƌŽǁŝĂƉƐLJĐŚŝĐnjŶĞŐŽ͘ŐŽĚŶŝĞnjƚLJŵŝƉƌnjĞƉŝƐĂŵŝƌŽĚnjŝŶĂďČĚǍ
ũĂŬĂŬŽůǁŝĞŬŽƐŽďĂ͕ŬƚſƌĂũĞƐƚƑǁŝĂĚŬŝĞŵnjĂĐŚŽǁĂŷĐŚŽƌĞŐŽƑǁŝĂĚĐnjČĐLJĐŚŽŶŝĞďĞnjƉŝĞͲ
ĐnjĞŷƐƚǁŝĞũĂŬŝĞŵŽǏĞĚůĂƐŝĞďŝĞůƵďŝŶŶLJĐŚŽƐſďƐƉŽǁŽĚŽǁĂđ͕ŵŽǏĞnjĂǁŝĂĚŽŵŝđƉŽŐŽͲ
ƚŽǁŝĞƌĂƚƵŶŬŽǁĞďČĚǍƉŽůŝĐũħŝŽĐnjĞŬŝǁĂđŽĚƚLJĐŚƐųƵǏďŶĂƚLJĐŚŵŝĂƐƚŽǁĞŐŽƉƌnjĞǁŝĞnjŝĞͲ
ŶŝĂ ĐŚŽƌĞŐŽ ĚŽ ƐnjƉŝƚĂůĂ ƉƐLJĐŚŝĂƚƌLJĐnjŶĞŐŽ͕ ŐĚnjŝĞ ůĞŬĂƌnjĞ ƐƉĞĐũĂůŝƑĐŝ ƉŽĚĞũŵƵũČ ĚĞĐLJnjũħ
ĐŽĚŽĚĂůƐnjĞŐŽƉŽƐƚħƉŽǁĂŶŝĂǁƐƚŽƐƵŶŬƵĚŽŽƐŽďLJĐŚŽƌĞũ͘EĂůĞǏLJƉƌnjLJƚLJŵƉĂŵŝħƚĂđ͕
ǏĞŽďĂǁĂƉƌnjĞĚŶŝĞďĞnjƉŝĞĐnjĞŷƐƚǁĞŵƉŽǁŽĚŽǁĂŶLJŵƉƌnjĞnjĐŚŽƌĞŐŽŵƵƐŝŵŝĞđŽƉĂƌĐŝĞ
ǁŬŽŶŬƌĞƚŶLJĐŚĨĂŬƚĂĐŚůƵďǁƐƉŽƐŽďŝĞnjĂĐŚŽǁĂŶŝĂĐŚŽƌĞŐŽ͕ƉŽŶŝĞǁĂǏǁƉƌnjĞĐŝǁŶLJŵ
ƉƌnjLJƉĂĚŬƵƉŽůŝĐũĂŶƚůƵďůĞŬĂƌnjƉŽŐŽƚŽǁŝĂƌĂƚƵŶŬŽǁĞŐŽŵŽŐČŽĚŵſǁŝđƉƌnjĞǁŝĞnjŝĞŶŝĂ
ŽƐŽďLJĐŚŽƌĞũďĞnjũĞũnjŐŽĚLJĚŽƐnjƉŝƚĂůĂƉƐLJĐŚŝĂƚƌLJĐnjŶĞŐŽ͘
ϭϰ
Z^z/E^dzdh:/EdZE/WKt/dh
:tKZ^</'Kh/>:z,WKDKz
K^KKDhZE/D/W^z,/EzD/
KZ/,ZK/EKD
EĂnjǁĂŝŶƐƚLJƚƵĐũŝ
ĚƌĞƐ
WŽǁŝĂƚŽǁĞĞŶƚƌƵŵWŽŵŽĐLJ
ZŽĚnjŝŶŝĞǁ:ĂǁŽƌnjĞ
hů͘^njƉŝƚĂůŶĂϭϮĂ
ϱϵͲϰϬϬ:ĂǁŽƌ
KƑƌŽĚĞŬtƐƉĂƌĐŝĂĚůĂKƐſď
njĂďƵƌnjĞŶŝĂŵŝWƐLJĐŚŝĐnjŶLJŵŝ
ǁ:ĂǁŽƌnjĞ
hů͘^ƚĂƌŽũĂǁŽƌƐŬĂϳ
ϱϵͲϰϬϬ:ĂǁŽƌ
EƵŵĞƌƚĞůĞĨŽŶƵ
ϳϲͲϴϳϭͲϭϰͲϭϭ
ϳϲͲϳϮϵͲϰϬͲϲϲ
WŽƌĂĚŶŝĂĚƌŽǁŝĂWƐLJĐŚŝĐnjŶĞŐŽ hů͘ŵŽǁƐŬŝĞŐŽϵ
<KZD
ϱϵͲϰϬϬ:ĂǁŽƌ
ϳϲͲϴϳϭͲϭϯͲϬϮ
WŽƌĂĚŶŝĂĚƌŽǁŝĂWƐLJĐŚŝĐnjŶĞŐŽ hů͘WŝųƐƵĚƐŬŝĞŐŽϭϬ
ϱϵͲϰϬϬ:ĂǁŽƌ
ϳϲͲϴϰϬͲϮϯͲϮϳ
^njƉŝƚĂůƉƐLJĐŚŝĂƚƌLJĐnjŶLJ
ǁųŽƚŽƌLJŝ
hů͘^njƉŝƚĂůŶĂϵ
ϱϵͲϱϬϬųŽƚŽƌLJũĂ
ϳϲͲϴϳϳͲϵϯͲϬϬ
WŽƌĂĚŶŝĂZŽĚnjŝŶŶĂǁ:ĂǁŽƌnjĞ
hů͘DŽŶŝƵƐnjŬŝϲ
ϱϵͲϰϬϬ:ĂǁŽƌ
ϳϲͲϴϳϬͲϮϬͲϭϰ
DŝĞũƐŬŝKƑƌŽĚĞŬWŽŵŽĐLJ
^ƉŽųĞĐnjŶĞũǁ:ĂǁŽƌnjĞ
hů͘>ĞŐŶŝĐŬĂϭϮ
ϱϵͲϰϬϬ:ĂǁŽƌ
ϳϲͲϴϳϬͲϯϯͲϴϳ
ϳϲͲϴϳϬͲϮϵͲϲϮ
DŝĞũƐŬŽͲ'ŵŝŶŶLJKƑƌŽĚĞŬ
WŽŵŽĐLJ^ƉŽųĞĐnjŶĞũǁŽůŬŽǁŝĞ
hů͘<ŽůĞũŽǁĂϭϬ
ϱϵͲϰϮϬŽůŬſǁ
ϳϱͲϳϰϭͲϰϰͲϴϬ
'ŵŝŶŶLJKƑƌŽĚĞŬWŽŵŽĐLJ
^ƉŽųĞĐnjŶĞũǁDƑĐŝǁŽũŽǁŝĞ
ϱϵͲϰϬϳDƑĐŝǁŽũſǁϰϯ
'ŵŝŶŶLJKƑƌŽĚĞŬWŽŵŽĐLJ
^ƉŽųĞĐnjŶĞũǁDħĐŝŶĐĞ
ϱϵͲϰϮϰDħĐŝŶŬĂϭϭ
'ŵŝŶŶLJKƑƌŽĚĞŬWŽŵŽĐLJ
^ƉŽųĞĐnjŶĞũǁWĂƐnjŽǁŝĐĂĐŚ
ϱϵͲϰϭϭWĂƐnjŽǁŝĐĞϭϯϳ
'ŵŝŶŶLJKƑƌŽĚĞŬWŽŵŽĐLJ
^ƉŽųĞĐnjŶĞũǁtČĚƌŽǏĞtŝĞůŬŝĞ
ϱϵͲϰϯϬtČĚƌŽǏĞtŝĞůŬŝĞϲϰ
ϳϲͲϴϳϮͲϴϱͲϯϬ
ϳϲͲϴϳϭͲϴϬͲϵϳ
ϳϲͲϴϳϬͲϭϭͲϮϯ
ϳϲͲϴϴϳͲϰϯͲϮϯ
ŽŵWŽŵŽĐLJ^ƉŽųĞĐnjŶĞũ
hů͘WůĂĐƐĞŶŝŽƌĂϯ
ǁ:ĂǁŽƌnjĞnjĮůŝĂŵŝǁDŝĞƌĐnjLJĐĂĐŚ ϱϵͲϰϬϬ:ĂǁŽƌ
ŝǁŽůŬŽǁŝĞ
ϳϲͲϳϮϵͲϬϳͲϭϬ
tĂƌƐnjƚĂƚLJdĞƌĂƉŝŝĂũħĐŝŽǁĞũ
ǁ:ĂǁŽƌnjĞ
ϳϲͲϴϳϭͲϬϱͲϳϴ
hů͘WĂĚĞƌĞǁƐŬŝĞŐŽϲ
ϱϵͲϰϬϬ:ĂǁŽƌ
ϭϱ
ŝďůŝŽŐƌĂĮĂ
ϭ͘ hƐƚĂǁĂnjĚŶŝĂϭϵƐŝĞƌƉŶŝĂϭϵϵϰƌ͘ŽŽĐŚƌŽŶŝĞnjĚƌŽǁŝĂƉƐLJĐŚŝĐnjŶĞŐŽ;nj͘h͘njϭϵϵϰƌ͘
EƌϭϭϭWŽnj͘ϱϯϱnjƉſǍŶ͘njŵͿ͕
Ϯ͘ WƌĂŬƚLJĐnjŶLJ ƉŽƌĂĚŶŝŬ ƐĂǀŽŝƌ ʹ ǀŝǀƌĞ ǁŽďĞĐ ŽƐſď ŶŝĞƉĞųŶŽƐƉƌĂǁŶLJĐŚ͕
ƉƵďůŝŬĂĐũĂ hŶŝƚĞĚ ^ƉŝŶĂů ƐƐŽĐŝĂƟŽŶ͕ ƚųƵŵĂĐnjĞŶŝĞ ǁLJŬŽŶĂŶĞ ŶĂ njůĞĐĞŶŝĞ
DŝŶŝƐƚĞƌƐƚǁĂ WƌĂĐLJ ŝ WŽůŝƚLJŬŝ ^ƉŽųĞĐnjŶĞũ ŝƵƌĂ WĞųŶŽŵŽĐŶŝŬĂ ZnjČĚƵ ĚƐ͘ KƐſď
EŝĞƉĞųŶŽƐƉƌĂǁŶLJĐŚ͕
ϯ͘ ŽďƌĞǁƐƉŝĞƌĂŶŝĞ͕ƉƵďůŝŬĂĐũĂŽƌŐĂŶŝnjĂĐũŝDE͕ƚųƵŵĂĐnjĞŶŝĞǁLJŬŽŶĂŶĞŶĂnjůĞĐĞŶŝĞ
WŽůƐŬŝĞŐŽ^ƚŽǁĂƌnjLJƐnjĞŶŝĂŶĂZnjĞĐnjKƐſďnjhƉŽƑůĞĚnjĞŶŝĞŵhŵLJƐųŽǁLJŵ͘
ϭϲ
WŽǁŝĂƚŽǁĞĞŶƚƌƵŵWŽŵŽĐLJZŽĚnjŝŶŝĞǁ:ĂǁŽƌnjĞ
:ĂǁŽƌϮϬϭϬ